Datos Ejercicio Clase Sábado

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Premisas12345678.00PREMISAS1234567892001200220032004200520062007200820092010201120122013201420152016201720182019

HIPTESIS MACROECONMICAS

Dlar a fin de ao6.837.507.848.068.088.037.677.077.077.046.966.966.966.967.16Dlar medio del ao6.607.177.677.958.078.067.857.377.077.067.006.966.966.967.06Dlar fecha del Estudio5.375.375.377.507.507.507.508.038.038.038.037.047.047.047.04IPC Base para estudio70.64
mauvaldez: mauvaldez:Julio 9970.6470.6480.18
mauvaldez: mauvaldez:Octubre 200380.1880.1880.1892.70
mauvaldez: mauvaldez:Diciembre 200692.7092.7092.70124.49124.49124.49124.49IPC a fin de ao (base 2007)75.5877.4380.4884.2088.3392.70103.57115.84116.15124.49133.08139.13148.14155.55163.32IPC medio del ao (base 2007)75.4176.5178.9682.3486.2790.5298.14109.71116.00120.32128.79136.11143.64151.84159.44Inflacin semestral2.42%2.44%5.70%5.76%0.13%3.53%3.39%2.25%3.19%2.47%2.47%Inflacin anual0.92%2.45%3.94%4.62%4.91%4.95%11.73%11.85%0.27%7.18%6.90%4.55%6.48%5.00%5.00%Devaluacin-4.48%-7.82%0.00%-0.42%-1.14%0.00%0.00%0.00%2.94%UFV a fin de ao1.085931.144291.193261.288351.468971.537541.564511.718391.800781.899932.008512.10894Variacin5.37%4.28%7.97%14.02%4.67%1.75%9.84%4.79%5.51%5.71%5.00%UFV promedio ao1.062831.114921.168611.240811.378661.503261.551031.641451.759591.850361.954222.05873Variacin4.90%4.82%6.18%11.11%9.04%3.18%5.83%7.20%5.16%5.61%5.35%Inflacin USA2.70%1.50%1.60%1.74%1.50%2.00%2.00%HIPTESIS OPERACIONALES

IVA13.00%13.00%13.00%13.00%13.00%13.00%13.00%13.00%13.00%13.00%13.00%13.00%13.00%13.00%13.00%IT3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%SIRESE + Otros1.95%1.95%1.95%1.00%1.00%1.00%1.00%0.95%0.95%0.95%0.95%0.95%0.95%0.95%0.95%Cuota CNDC aplicable a la compra de electric.0.70%0.70%0.74%
Paola Dorado: Paola Dorado:tasa usada en el modelo tarifario0.74%0.74%0.74%IUE25.00%25.00%25.00%25.00%25.00%25.00%25.00%25.00%25.00%25.00%25.00%25.00%25.00%25.00%25.00%Tasa de Deuda CP7.00%7.00%7.00%7.00%7.00%7.00%6.35%3.50%7.00%7.00%7.00%7.00%Tasa de Deuda Largo plazo5.00%5.00%5.00%5.00%5.00%5.00%6.72%6.72%0.00%0.00%0.00%5.76%5.76%5.76%5.76%Tasa de Deuda Bonos UFV11.50%11.50%11.50%11.50%11.50%6.05%6.05%6.05%6.05%6.05%6.05%6.05%6.05%Tasa de Deuda Bonos USD4.00%4.00%4.00%4.00%4.00%4.00%Tasa de Deuda Bonos Bs5.76%5.76%5.76%5.76%Dotacin reserva legal5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%Reparto de dividendos95.00%95.00%95.00%95.00%95.00%95.00%95.00%95.00%95.00%95.00%95.00%95.00%95.00%95.00%95.00%Saldo mnimo efectivo200.00200.00200.00200.00200.001,000.0011,505.0030,000.0030,000.0030,000.0039,184.3241,888.9844,538.5245,895.3149,116.41Incremento reserva por indemnizacin5.00%5.00%5.00%5.00%5.00%5.00%5.00%20.13%18.44%-54.93%-0.46%7.56%7.56%7.56%7.56%Depreciacin sobre AFB5.33%5.72%6.16%6.49%3.50%3.50%3.50%3.61%3.61%3.51%3.47%2.65%2.65%2.65%2.65%Cobro cuentas por cobrar gestin corriente85.00%85.00%85.00%85.00%96.00%96.00%96.00%99.45%102.22%102.27%98.26%98.62%98.62%98.62%98.62%Cobro cuentas por cobrar gestin anterior14.00%14.00%14.00%14.00%1.24%2.00%2.00%2.00%Dotacin dudoso cobro como % de CxC0.20%0.20%0.20%0.20%4.00%4.00%4.00%4.00%-2.44%-2.27%0.24%0.24%0.24%0.24%0.24%

HIPTESIS TARIFA

Compras1,000,6261,028,3811,059,6301,119,4611,156,5421,232,0091,320,1791,284,4261,293,9011,391,7651,462,1321,537,5741,609,4971,684,7851,763,595Variacin0.60%2.77%3.04%5.65%3.31%6.53%4.68%-2.71%0.74%7.56%5.06%5.16%4.68%4.68%4.68%Ventas tarifa898,662913,975934,882982,7221,011,2511,086,7311,138,0301,154,3491,162,8021,245,3401,313,9881,382,3851,447,0261,514,6891,585,516Variacin-0.02%0.78%2.28%5.06%2.83%7.46%2.34%1.43%0.73%7.10%5.51%5.21%4.68%4.68%4.68%Consumo propio2,3912,3181,5478789799441,0551,1211,1921,2671,3471,4311,5221,6181,719Prdidas elctricas90,450111,179122,335135,532144,715144,766181,094128,956129,908145,158146,798153,757160,950168,479176,360Prdidas elctricas (%)9.04%10.81%11.55%12.11%12.51%11.75%13.72%10.04%10.04%10.04%10.04%10.00%10.00%10.00%10.00%Check0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0Demanda mxima218.30225.31222.32229.18241.24253.48263.10261.17241.26261.13270.96284.939298.267312.219326.824Factor de carga52.33%52.10%54.41%55.76%54.73%55.48%55.96%56.14%61.22%60.84%61.60%61.60%61.60%61.60%61.60%Nmero de clientes301,903319,765330,436345,847360,123376,319392,173407,967426,171447,209468,901489,245511,713535,213559,791Crecimiento del n de clientes4.13%4.50%4.21%4.03%4.46%4.94%4.85%4.34%4.59%4.59%4.59%Factor de Coincidentalidad95.18%93.24%93.60%89.15%91.23%91.68%91.70%91.70%91.70%91.70%91.70%Demanda Mxima Coincidental229.62236.35246.26232.84220.09239.42248.47261.289273.511286.305299.698Prdidas reales11.40%11.40%11.10%11.10%11.10%11.10%11.10%11.10%Compras de energa con prdidas reales1,000,6261,028,3811,059,6301,119,4611,156,5421,232,0091,289,6341,304,1421,313,7621,402,2571,479,5661,556,5991,629,4121,705,6321,785,417Demanda Mxima Coincidental con prdidas reales236.41223.47241.22251.43264.52276.90289.85303.41

HIPTESIS DE MERCADO

Compras1,000,6261,028,3811,059,6301,119,4611,156,5421,232,0091,289,6321,296,9321,302,3651,391,7841,476,5681,537,5741,609,4971,684,7851,763,595Variacin0.60%2.77%3.04%5.65%3.31%6.53%4.68%0.57%0.42%6.87%6.09%4.13%4.68%4.68%4.68%Ventas898,662913,975934,882982,7221,011,2511,086,7311,138,0301,154,9711,162,9761,245,3111,327,5841,382,3851,447,0261,514,6891,585,516Variacin con el estudio tarifario-0.02%0.78%2.28%5.06%2.83%7.46%2.34%1.49%0.69%7.08%6.61%0.00%0.00%0.00%0.00%Consumo propio2,3912,3181,5478789799441,0559969699389531,0741,0001,0001,000Prdidas elctricas90,450111,179122,335135,532144,715144,766150,547140,966138,420145,535148,031154,115161,471169,096177,079Prdidas elctricas (%)9.04%10.81%11.55%12.11%12.51%11.75%11.67%10.87%10.63%10.46%10.03%10.02%10.03%10.04%10.04%Check0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0Demanda mxima218.30225.31222.32229.18241.24253.48263.10261.17241.26261.13272.39276.50289.43302.97317.15Factor de carga52.33%52.10%54.41%55.76%54.73%55.48%55.96%56.69%61.62%60.84%60.84%
Paola Dorado: Paola Dorado:dato a sep 201163.48%63.48%63.48%63.48%Nmero de clientes301,903319,765330,436345,847360,123376,319392,173407,967426,171447,209466,872489,245511,713535,213559,791Crecimiento del n de clientes4.13%4.50%4.21%4.03%4.46%4.94%4.40%4.79%4.59%4.59%4.59%Factor de Coincidentalidad95.18%93.24%93.60%89.15%91.23%91.68%91.74%
Paola Dorado: Paola Dorado:dato a sep 201191.68%91.68%91.68%91.68%Demanda Mxima Coincidental229.62236.35246.26232.84220.09239.42250.89264.62277.88277.77290.77Prdidas reales9.04%10.81%11.55%12.11%12.51%11.75%13.72%10.87%10.63%10.46%10.03%11.10%10.03%10.04%10.04%Compras de energa con prdidas reales1,000,6261,028,3811,059,6301,119,4611,156,5421,232,0091,289,6341,296,9321,302,3651,391,7841,476,5681,556,1971,609,4971,684,8481,763,580Demanda Mxima Coincidental con prdidas reales246.26232.84220.09239.42254.16264.62277.88277.77290.77Ajuste margen primer ao del perodo tarifario (sobre la compra de potencia)Ajuste gastos del primer ao perodo tarifarioHIPTESIS COSTO DE LA ENERGA

Costo unitario de la energa88.1788.1788.1788.1795.0095.0095.8070.4480.6985.17120.70120.70121.48122.08122.69Costo unitario de la potencia62.3762.3762.3762.3775.0075.0075.0081.3681.3679.3778.2678.2679.7880.9883.86Compra de Energa88,227.9190,675.1593,430.4598,705.92109,871.49117,040.86123,549.8991,356.91105,085.55118,539.25178,214.31185,577195,516205,685216,383Compra de Potencia163,394.86168,641.75166,403.78171,538.40217,116.00228,130.20221,634.00227,318.65214,868.23228,037.04235,620.90248,518266,037269,928292,610Cuota CNDC2,426.032,896.853,2253,4293,5343,782Compra Total42,698.0737,031.7934,830.0535,618.0039,127.8041,552.22345,183.89318,675.57319,953.78349,002.33416,732.06437,321464,982479,147512,775Costo compra a prdidas reales345,184.08318,675.57319,953.78349,002.33419,801.10439,569464,982479,155512,7734.7%5.8%3.0%7.0%

345,183.89318,675.57319,953.78349,002.33416,732.06

HIPTESIS COSTOS DE DISTRIBUCIN

Costos aprobados Estudio TarifarioDemanda mxima anual (KW)261,133270,681284,939298,267312,219326,824Lineas en KM4,9595,154.85,362.35,585.35,820.56,043.5crecimiento lineas %4.03%4.16%4.21%3.83%Clientes447,209468,907489,245511,713535,213559,791

Costo unitario Operacin y Mantenimiento5557776.9828.3169.2959.295103.76%108.77%113.65%118.78%123.98%Costo unitario Administracin10101011111111.41013.94115.54715.547103.66%109.12%114.22%119.56%125.16%Costo unitario Consumidor7776665.6656.8606.7956.795104.79%109.31%114.29%119.51%124.93%Factor reduccin costos reconocidos0.00.00.00.00.0Gastos Operacionales (Bs Constantes)63,48965,46766,04473,56877,23980,97584,187102,687105,926116,242121,045129,236134,932140,721146,360CO&M13,78614,22914,04019,20220,21221,23722,04326,06226,90947,34849,12851,49853,81256,24058,700Administracin25,96826,80226,44631,37933,03134,70636,02343,69345,01024,37125,26226,59227,83629,13830,501Consumidor23,73524,43725,55822,98723,99625,03226,12132,93234,00744,52446,65451,14653,28455,34357,1590.00.00.00.0Costos ejecucin real10.280%12.787%6.983%4.718%6.054%2.016%4.407%4.290%4.008%Gastos Operacionales (Bs Corrientes)75,82878,58883,10281,59086,25189,92794,534106,623114,068119,450126,682129,236134,932140,721146,360CO&M20,91521,42221,56725,89128,86831,94533,42742,98147,12249,67453,26951,49853,81256,24058,7000.00.00.00.00.00%0%0%0%Administracin29,39937,07040,24730,56232,37525,87327,45626,60728,12128,77629,44426,59227,83629,13830,5010.00.00.00.00.0Consumidor25,51420,09621,28825,13825,00732,10933,65037,03538,82441,00043,96851,14653,28455,34357,1590.00.00.00.00.0Gastos Operacionales (Bs corrientes)10,3119,8109,84510,26110,66511,16112,91314,17314,86816,53318,09718,56819,38720,21820,724Indicadores de CostoCO&M8.07.98.19.410.010.510.613.716.315.916.316.116.216.216.4Administracin11.213.715.111.111.28.58.78.59.79.29.09.39.49.39.5Consumidor7.05.45.56.25.97.37.37.77.87.88.07.97.97.98.0

Proyeccin Indicadores de costoComp. Bs.Comp. USDCtteCO&M0.400.400.2010.010.613.7116.2815.8516.3016.116.216.216.4Administracin0.800.100.1010.38.78.499.719.189.019.39.49.39.5Consumidor0.800.100.106.57.37.717.767.828.027.97.97.98.0

Variacion % margen bruto0.00%0.00%0.00%0.00%Margen entre variacion de margen bruto y costos operativos0.50%0.50%0.50%0.50%Variacin % costos operativos requerida-0.50%-0.50%-0.50%-0.50%objetivo0.00.00.00.0chek(0)(0)(0)(0)costos operacionales ao anterior126,682129,236134,932140,721demanda maxima potencia276289303317Reduccin de Gastos0(0)002%2%2%2%Ajuste por primer ao perodo tarifario0.0%0.0%0.0%0.0%

Indicador de costo eficiente: Inflacin + 1/2 Mercado10.49%0.64%10.96%9.43%7.13%8.81%7.34%7.34%Costo eficiente104,454105,118116,642127,639135,709140,628144,835151,048Costo mas eficiente104,454105,118116,642126,682129,236134,932140,721146,3600000000

HIPTESIS DE INDEXACION Y ACTUALIZACION DE AF

Depreciacin TC109.81%104.53%102.81%100.25%99.38%95.52%92.18%100.00%99.58%98.86%100.00%100.00%100.00%102.94%Inflacin (Factor)102.45%103.94%104.62%104.90%104.95%111.73%111.85%100.27%107.18%106.90%104.55%106.48%105.00%105.00%Diferencial(0.03)(0.10)(0.06)Factor de Ajuste Proyeccin Activos Fijos0.981.001.001.001.001.001.00Factor de Ajuste Activos Fijos iniciales1.021.021.001.001.031.021.021.031.021.04Factor de Ajuste Activos Fijos iniciales acumulado1.071.051.031.031.031.131.111.091.061.041

CUADRO RESUMEN20082009201020112012201320142015ENERGIA VENDIDA (MWH)1,154,9711,162,9761,245,3111,327,5841,382,3851,447,0261,514,6891,585,516CONSUMOS PROPIOS9969699389531,0741,0001,0001,000COMPRAS (MWH)1,296,9321,302,3651,391,7841,476,5681,556,1971,609,4971,684,8481,763,580PRDIDAS (MWH)140,966138,420145,535148,031172,738161,471169,159177,063PRDIDAS %00000000DEMANDA MAXIMA (MW)261241261272276289303317DEMANDA COINCIDENTAL (MW)233220239254265278278291VENTAS (MILES DE BS.)575,790591,397626,379708,010702,131742,517769,299817,029CLIENTES407,967426,171447,209466,872489,245511,713535,213559,791INVERSIONES (MILES BS)61,74048,71548,14343,59099,2200.00.00.0

Participacin Costo Personal40%40%40%40%Resto Costos60%60%60%60%Incremento Salarial sobre inflacin1%1%1%1%Porcin incremento Ventas a Costos20%20%20%20%

(-) GASTOS OPERACIONALES10,311.239,809.699,844.5010,261.0010,665.3111,160.7994,534.25106,622.71114,068.03119,449.75126,254.51129,236.09138,122.31145,580.91153,442.28(Variacin gastos operacionales %)-4.86%0.35%4.23%3.94%4.65%747.02%6.98%4.72%5.70%2.36%6.88%5.40%5.40% Operacin y mantenimiento2,814.052,064.442,494.603,255.003,569.563,965.3033,427.4842,980.6047,122.4749,674.2252,901.6251,498.2155,039.2158,011.3361,143.94 Comercializacin3,735.533,722.222,715.273,845.004,003.383,984.1333,650.4437,035.1238,824.3341,000.0044,222.0026,592.2428,420.7129,955.4331,573.02 Gastos generales3,761.654,023.034,634.633,161.003,092.373,211.3627,456.3326,606.9928,121.2328,775.5329,130.8951,145.6454,662.3957,614.1660,725.32Variacin del margen-13.5%4.6%4.6%4.6%21. Proyeccin Porcentajes2 Porcentaje Margen Bruto

Tarifa(EXPRESADO EN BS 2010)2001200220032004200520062007Prom. 4 aos2008200920102011Prom. 4 aos2012201320142015Prom. 4 aos

Clientes319,765.00336,022.00351,687.00360,123.00376,319.00392,173.00370,075.50407,967.00426,171.00447,209.00465,416.00436,690.75489,245511,713535,213559,791523,991Demanda Mxima Anual225.31222.32229.79234.90239.65243.61236.99261.17241.26261.13271.50258.76285298312327306Total Ventas de Energa [MWh]917,368.00937,788.00983,051.001,010,848.001,086,299.001,140,460.001,055,164.501,143,635.721,181,258.721,245,339.581,300,317.351,217,637.841,382,3851,447,0261,514,6891,585,5161,482,404Proyeccin de Inversiones US$2,500,000.005,155,525.004,894,653.005,053,628.004,400,951.507,864,434.806,767,900.723,619,369.283,486,887.805,434,648.155,670,4475,930,8536,203,2176,488,0896,073,152Intangible (estudio tarifario) US$133,300.00133,300.00133,300.00133,300.00200,000.00
Paola Dorado: Paola Dorado:del estudio tarifarioPeriodos Eficiencia0.501.502.503.500.501.502.503.50Eficiencia sobre VAD0.442%0.442%0.442%0.442%0.442%0.442%0.442%0.442%

AFB inicial942,342,435.00992,887,177.001,062,420,295.001,124,528,775.001,190,686,672.001,092,630,729.751,133,587,866.191,175,571,032.821,207,561,106.051,214,716,669.281,182,859,168.591,410,075,6251,449,995,5751,491,748,7791,535,419,4271,471,809,852Inversin AF20,672,847.0040,901,832.0031,779,198.0034,019,066.0034,255,897.0035,238,998.2561,601,494.1552,142,261.9327,427,166.3925,989,515.0641,790,109.3839,919,95041,753,20543,670,64845,676,14742,754,987AFB Final915,983,030.00963,015,282.001,033,789,009.001,094,199,493.001,158,547,841.001,224,942,569.001,127,869,728.001,195,189,360.341,227,713,294.751,234,988,272.441,240,706,184.351,224,649,277.971,449,995,5751,491,748,7791,535,419,4271,581,095,5741,514,564,839Intangibles1,044,240.261,027,099.671,010,240.44993,657.941,018,809.581,408,0001,408,0001,408,0001,408,0001,408,000Depreciacin Acumulada(303,810,533.00)(350,749,912.00)(401,808,308.00)(456,499,218.00)(513,733,775.00)(573,706,867.00)(486,437,042.00)(559,894,264.88)(593,087,862.45)(625,855,847.41)(657,725,949.49)(609,140,981.06)(783,692,593)(835,173,119)(888,148,563)(942,687,575)(862,425,463)Amortizacin Acumulada(261,060.07)(513,549.84)(757,680.33)(993,657.94)(631,487.04)(352,000)(704,000)(1,056,000)(1,408,000)(880,000)Efecto diferencial devaluacin - inflacin0.00.00.00.00.0AFN612,172,497.00612,265,370.00631,980,701.00637,700,275.00644,814,066.00651,235,702.00641,432,686.00636,078,275.65635,138,982.13609,384,985.14582,980,234.85615,895,619.44667,358,982657,279,660647,622,865638,407,999652,667,376Capital de Trabajo1,211,265.003,622,737.003,623,550.003,715,946.003,797,952.003,875,574.003,753,255.5056,562,225.9658,372,432.1659,964,044.0861,374,821.4659,068,380.9266,253,270.9368,947,448.9971,551,566.6973,954,582.4670,176,717Pasivo de Largo Plazo(311,147,715.00)(238,002,968.00)(212,052,829.00)(187,184,717.00)(161,560,146.00)(134,328,433.00)(173,781,531.25)(152,425,151.36)(139,794,242.41)(139,794,242.41)(139,794,242.41)(142,951,969.65)122,802,54062,317,7070.00.046,280,062Tasa de Retorno0.090.090.090.090.090.090.090.100.100.100.100.1010.10%10.10%10.10%10.10%0.10Patrimonio Afecto del Ao302,236,047.00377,885,139.00423,551,422.00454,231,504.00487,051,872.00520,782,843.00471,404,410.25540,215,350.25553,717,171.88529,554,786.80504,560,813.90532,012,030.71610,809,713663,909,403719,174,431712,362,581676,564,032Patrimonio Afecto del Ao anterior560,850,073610,809,713663,909,403719,174,431Patrimonio Afecto Promedio302,236,047.00340,060,593.00400,718,280.50438,891,463.00470,641,688.00503,917,357.50453,542,197.25520,248,135.62546,966,261.06541,635,979.34517,057,800.35531,477,044.10585,829,893637,359,558691,541,917715,768,506657,624,968UTILIDAD SOBRE PATRIMONIO27,503,480.2830,945,513.9636,647,532.0041,067,676.0044,753,386.0048,432,334.0042,725,232.0052,545,061.7055,243,592.3754,705,233.9152,222,837.8453,679,181.4559,168,81964,373,31569,845,73472,292,61966,420,122

DEPRECIACIONES35,147,566.0038,624,268.0041,063,833.0043,266,038.0044,276,506.0045,410,014.0043,504,097.7541,794,717.1642,640,706.1942,755,732.0842,391,570.6942,395,681.5350,051,24651,480,52652,975,44454,539,01352,261,557

GASTOS FINANCIEROS28,574,954.0027,476,391.0013,544,414.0011,296,763.009,195,678.007,360,363.0010,349,304.5013,316,627.6212,776,976.3912,786,329.6212,795,682.8412,918,904.127,559,0365,328,8191,793,8600.03,670,429

AMORTIZACION INTAGIBLES352,000352,000352,000352,000352,000

compra432,020,174449,285,664466,536,050483,136,924457,744,703CO&M17,872,854.0019,557,634.0018,789,775.0019,364,541.0019,901,156.0020,414,011.0019,617,370.7526,061,593.1226,908,985.1827,800,653.0928,726,459.8027,374,422.8051,498,21453,811,66956,239,52258,700,28555,062,422Administracin31,330,268.0036,117,764.0032,006,069.0032,710,880.0033,368,646.0033,962,761.0033,012,089.0043,692,757.2745,009,933.5746,612,555.8948,120,927.8845,859,043.6526,592,23927,836,14829,138,25130,501,27028,516,977Consumidor20,730,190.0021,287,728.0023,380,948.0024,459,122.0025,556,505.0026,679,015.0025,018,897.5032,932,302.5834,006,974.1135,053,826.0036,067,179.4134,515,070.5351,145,63553,284,33855,342,89457,158,81154,232,920Otros ingresos afectos(6,209,718.00)(8,208,096.00)(6,306,918.00)(6,369,987.00)(6,433,687.00)(6,498,024.00)(6,402,154.00)(11,687,198.07)(11,907,216.83)(12,120,949.62)(12,327,140.68)(12,010,626.30)(10,554,380)(10,761,228)(10,980,232)(11,211,456)(10,876,824)COSTOS DE DISTRIBUCIN63,723,594.0068,755,030.0067,869,874.0070,164,556.0072,392,620.0074,557,763.0071,246,203.2590,999,454.9094,018,676.0397,346,085.35100,587,426.4295,737,910.67118,681,707124,170,927129,740,434135,148,910126,935,495

0.00.00.00.00.0INGRESOS VAD REQUERIDO154,949,594.28165,801,202.96159,125,653.00165,795,033.00170,618,190.00175,760,474.00167,824,837.50198,655,861.37204,679,950.98207,593,380.96207,997,517.78204,731,677.78235,812,808245,705,587254,707,471262,332,541249,639,602ERROR:#DIV/0!INGRESO TOTAL667,832,983694,991,251721,243,521745,469,465707,384,305Clc. Cap trabajo66,253,272.1166,253,272.1168,947,544.7771,551,936.6473,955,304.07VAD UNITARIO ANUAL170.58169.80168.16165.46168.501.37MARGEN BRUTO UNITARIO 159.05157.89157.89157.89157.89201.01
Mauricio Valdez: Mauricio Valdez:Tarifa media del 2011168.50168.50168.50168.50168.50MARGEN BRUTO UNITARIO INDEXADO183.08185.07187.82197.35178.95185.56192.84200.19Factor de correccin0.01166.71235.65249.60258.19variacion MODELO0.30Crecimiento resultante del estudio tarifario 6.343%Var Tarifa media2.290%Devaluacin0.050.030.00(0.01)(0.04)1.020.010.010.01(0.01)1.02Ajuste variacin VAD-4.28%Inflacin0.040.050.050.050.121.050.090.070.070.051.0521%Diferencial devaluacin - inflacin0.01(0.02)(0.05)(0.06)(0.16)(0.03)(0.08)(0.06)(0.06)(0.06)(0.03)Ponderacin 60%0.98(0.02)(0.03)(0.05)(0.06)0.98Factor para ajuste del AFN0.02

ACTIVOSBase de datos aprobada ltimo estudio 1,410,075,625Factor de actualizacin1.093Base de datos actualizada al la nueva fecha base1,541,172,272

depreciacin acumulada aprobada(783,692,593)Factor de actualizacin1.093Depreciacion acumulada actualizad(856,553,559)

inversiones 2012- 2015171,019,949Factor de actualizacin1.093inversiones 2012- 2015 actualizadas186,919,907

depreciacion inversiones(209,046,228)Factor de actualizacin1.093depreciacion inversiones(228,481,540)

Capital de trabajoGastos Operacin y mantenimientoGastos AdministrativosGastos consumidoresAmortizacin intangibleGastos financierosinteresesDepreciacin anualUtilidad(-) otros ingresosTotal ingreso requeridoCosto comprar energiaTOTAL INGRESO

Capital de trabajoValor en la tarifaPAC nuevo estudio tarifario890,078,419Ajuste cap trab.?

Tarifas aplicadas:Energa vendida1,382,384.881,447,025.66Ingreso702,130,570.58841,844,512.00IT, SIRESE34,353,455.0037,655,246.00Compra de energa1,537,573.751,609,497.05Pago compra437,320,957.45463,203,508.00VAD230,456,158.13340,985,758.00Tarifa media de compra284.423287.794Tarifa de venta483.062555.753Tarifa VAD c/ IT y SR166.709235.646

1.2%15.0%41.4%

0.50%39.000%3.250%

Graficas

EST. RESULTADOSVALORES EN MILES BOLIVIANOS

ESTADO DE RESULT.2006200720082009201020112012201320142015

INGRESOS BRUTOS70,189.75581,660.00591,086.82605,800.12639,917.30722,813.97713,944.81754,563.13781,590.41828,737.55(Variacin ingresos brutos %)ERROR:#REF!1.62%2.49%5.63%12.95%Ventas de energa68,366.04565,859.00575,790.34591,396.83626,379.41708,009.61702,130.57742,517.34769,299.48817,029.15Otros ingresos1,823.7115,801.0015,296.4814,403.2913,537.8914,804.3611,814.2412,045.7812,290.9311,708.400.13(-) DEDUCCIONES3,033.2725,484.0427,472.1727,425.1129,255.7732,133.9633,138.2134,996.5536,238.6637,591.95

(=) INGRESOS NETOS67,156.48556,175.96563,614.65578,375.01610,661.53690,680.01680,806.61719,566.58745,351.75791,145.60

(-) COSTE DE ENERGA41,552.22345,183.89318,672.64319,953.78349,001.64409,084.34437,320.96464,982.13479,147.05512,775.29(variacin coste de energa %)ERROR:#REF!730.72%-7.68%0.40%9.08%17.22%Compra de Energia41,552.22345,183.89318,672.64319,953.78349,001.64409,084.34437,320.96464,982.13479,147.05512,775.29

(=) MARGEN BRUTO25,604.26210,992.07244,942.01258,421.23261,659.89281,595.67243,485.65254,584.44266,204.70278,370.31(Variacin Margen Bruto %)ERROR:#REF!16.09%5.50%1.25%7.62%

(-) GASTOS OPERACIONALES11,160.7994,534.25106,622.71114,068.03119,449.75126,681.68129,236.09134,932.16140,720.67146,360.37(Variacin gastos operacionales %)ERROR:#REF!12.79%6.98%4.72%6.05% Operacin y mantenimiento3,965.3033,427.4842,980.6047,122.4749,674.2253,269.4951,498.2153,811.6756,239.5258,700.29 Comercializacin3,984.1333,650.4437,035.1238,824.3341,000.0043,968.3226,592.2427,836.1529,138.2530,501.27 Gastos generales3,211.3627,456.3326,606.9928,121.2328,775.5329,443.8751,145.6453,284.3455,342.8957,158.81

(-) Depreciaciones5,069.2839,686.0048,082.2154,078.4055,607.3059,471.4250,051.2551,480.5352,975.4454,539.01(-) Amortizaciones803.23270.41270.41358.78358.78352.00352.00352.00352.00(-) Impuesto a las Transacciones Financieras228.96210.6282.1059.8354.65250.00250.00250.00250.00

(=) RESULTADO OPERACIONAL9,374.1975,739.6389,756.0689,922.2986,184.2395,029.1463,596.3267,569.7671,906.5976,868.93(variacin resultado op %) ERROR:#REF!707.96%18.51%0.19%-4.16%10.26%

EBITDA14,443.47116,457.82138,319.30144,353.20142,210.14154,913.99114,249.56119,652.29125,484.04132,009.94-1.48%8.93%RESULTADO FINANCIERO(6,426.15)(38,496.00)(55,851.91)(33,420.07)(26,807.40)(52,900.22)(7,559.04)(5,328.82)(1,793.86)0.0RESULTADO NO OPERACIONAL685.7530,994.4750,554.3721,225.005,331.1037,751.0721,265.2147,261.6550,732.830.0

(=) BENEFICIO ANTES DE IMPUESTOS3,633.7968,238.1084,458.5277,727.2264,707.9379,879.9977,302.49109,502.60120,845.5676,868.93

(-) IMPUESTO SOBRE BENEFICIOS0.00.0(5,875.30)(3,183.49)(1,204.25)(3,000.00)0.0 Impuesto sobre la renta977.15(22,457.00)(5,875.30)(3,183.49)(1,204.25)(3,000.00)0.04,738.766,763.680.0 Impuestos prepagados(977.15)22,457.00

(=) BENEFICIO DESPUS DE IMPUESTOS3,633.7968,238.1078,583.2274,543.7363,503.6876,879.9977,302.49109,502.60120,845.5676,868.9315.16%-5.14%-14.81%21.06%Check EF histricos(0.42)0.00.00.00.09,461.55

INGRESOS VAD (miles de Bs)23,670.55200,936.43236,042.13250,123.66254,691.40273,082.05298,459.12VENTA DE ENERGIA (MWh)1,086,730.711,138,030.271,154,970.531,162,976.151,245,311.281,327,583.981,382,384.88VAD UNITARIO (Bs/MWh)21.78176.57204.37215.07204.52205.70215.90VARIACION % VAD UNITARIOERROR:#REF!710.62%15.75%5.24%-4.91%0.58%4.96%

Crecimiento Margen Bruto10.32%724.05%16.09%5.50%1.25%
ELECTROPAZ: ELECTROPAZ:Corresponde a al subida de la potencia en la gestin 2010.7.62%-13.53%
ELECTROPAZ: ELECTROPAZ:Baja la tarifa por efecto de los prestamos en bonos.
ELECTROPAZ: ELECTROPAZ:Baja la tarifa por efecto de los prestamos en bonos.Crecimiento Gastos Operativos4.65%747.02%12.79%6.98%4.72%6.05%2.02%Crecimiento EBITDA15.14%706.30%18.77%4.36%-1.48%8.93%-26.25%78,583.2278,583.2278,583.2278,583.2278,583.22

RETORNO SOBRE LA BASE TARIFARIA2006200720082009201020112012

ACTIVO FIJO BRUTOSaldo Inicial131,205.780.01,218,938.631,446,307.521,549,025.731,617,502.591,810,587.58Saldo Final135,921.211,218,938.631,446,307.521,549,025.731,617,502.591,810,587.581,960,985.33Promedio133,563.50609,469.321,332,623.081,497,666.631,583,264.161,714,045.091,885,786.45

DEPRECIACIN ACUMULADASaldo Inicial54,204.33(508,648.00)545,482.52669,928.60742,603.05805,389.92940,028.05Saldo Final58,668.09545,482.52669,928.60742,603.05805,389.92940,028.051,044,813.71Promedio56,436.2118,417.26607,705.56706,265.83773,996.49872,708.99992,420.88

ACTIVO FIJO NETOSaldo Inicial77,001.45508,648.00673,456.11776,378.92806,422.68812,112.67870,559.53Saldo Final77,253.12673,456.11776,378.92806,422.68812,112.67870,559.53916,171.62Promedio77,127.29591,052.06724,917.52791,400.80809,267.68841,336.10893,365.57

Activo fijo neto promedio77,127.29591,052.06724,917.52791,400.80809,267.68841,336.10893,365.57Saldo de efectivo (1/12 ingresos)6,432.6153,273.5653,986.0855,399.9158,492.4866,157.0965,211.36Pasivo de largo plazo promedio(30,342.37)(138,520.16)(262,496.86)(286,219.89)(330,513.28)(382,522.17)(408,174.95)

BASE DE TARIFAS53,217.53505,805.46516,406.73560,580.82537,246.88524,971.02550,401.99

INGRESOS NETOS67,156.48556,175.96563,614.65578,375.01610,661.53690,680.01680,806.61

Energa Comprada(41,552.22)(345,183.89)(318,672.64)(319,953.78)(349,001.64)(409,084.34)(437,320.96)Gastos Explotacin(11,160.79)(94,534.25)(106,622.71)(114,068.03)(119,449.75)(126,681.68)(129,236.09)Depreciacin y Amortizacin(5,069.28)(40,489.23)(48,352.62)(54,348.81)(55,966.08)(59,830.20)(50,403.25)Gasto Financiero(6,426.15)(38,496.00)(55,851.91)(33,420.07)(26,807.40)(52,900.22)(7,559.04)

TOTAL GASTOS OPERATIVOS(64,208.44)(518,703.37)(529,499.88)(521,790.69)(551,224.87)(648,496.44)(624,519.33)

RETORNO 2,948.0437,472.5934,114.7756,584.3259,436.6642,183.5756,287.28

TASA DE RETORNO5.54%7.41%6.61%10.09%11.06%8.04%10.23%0.07

VALORES EN MILES BOLIVIANOS2006200720082009201020112012

VENTAS DE ENERGAMargen por venta de energa232,931.27243,823.22255,224.47267,158.85Compra de energa437,320.96464,982.13479,147.05512,775.29Deducciones (IT + SR)31,878.3433,711.9934,927.9737,095.00Ventas de energa final68,366.04565,859.31575,790.34591,396.83626,379.41708,009.61702,130.57742,517.34769,299.48817,029.15

OTROS INGRESOSOtros ingresos10,554.3810,761.2310,980.2311,211.46Deducciones (IT)1,259.861,284.551,310.70496.95Otros ingresos final1,823.7115,801.0215,296.4814,403.2913,537.8914,804.3611,814.2412,045.7812,290.9311,708.40

Resultado no operacionalUFV media del ao actual1.761.851.952.06UFV media ao anterior1.641.761.851.95Tangible e intangible (ajuste)62,654.0947,261.6550,732.830.0Patrimonio41,388.880.00.00.011,160.7994,534.25106,622.71114,068.03119,449.75126,681.6821,265.2147,261.6550,732.830.0

IUEImpuesto total19,325.6227,375.6530,211.3919,217.23IT pagado21,418.3422,636.8923,447.7124,862.13Depreciacin final5,069.2839,686.0548,082.2154,078.4055,607.3059,471.420.04,738.766,763.680.0

1.00

BALANCEVALORES EN MILES DE BOLIVIANOSBALANCECONCEPTOS2006200720082009201020112012

ACTIVO CIRCULANTE27,755.78210,833.09226,977.09226,893.95241,500.96290,214.97211,807.65222,252.39 Caja y bancos5,384.0212,918.4311,144.4327,945.6059,510.9585,952.32(1,491.77) Cuentas por cobrar16,589.16137,947.21141,682.69126,251.84109,580.24124,053.15133,837.05143,129.24152,664.30162,756.50 Provisin para cuentas dudosas(604.15)(5,090.60)(5,055.93)(3,086.22)(2,492.23)(2,760.42)(3,077.61)(3,416.83) Otros Circulantes6,386.7565,058.0579,205.9075,782.7374,902.0082,969.9282,539.9882,539.98

ACTIVO FIJO77,541.36684,535.61783,482.09813,863.06818,067.57876,555.80938,683.72926,317.51 Activo fijo bruto135,921.211,218,938.631,446,307.521,549,025.731,617,502.591,810,587.581,960,985.332,000,451.64 Depreciacin acumulada(58,668.09)(545,482.52)(669,928.60)(742,603.05)(805,389.92)(940,028.05)(1,044,813.71)(1,096,646.23) Obras en construccin0.05,122.023,107.784,110.193,113.203,908.2118,694.5418,694.54 Otros activos no corrientes288.245,957.483,995.393,330.192,841.702,088.063,817.563,817.56

TOTAL ACTIVO105,297.14895,368.701,010,459.171,040,757.011,059,568.531,166,770.771,150,491.371,148,569.90446418449433526543PASIVO CIRCULANTE16,048.19149,766.62185,435.94177,649.47148,154.80165,447.59155,364.66 Impuestos pendientes2,164.2031,173.9238,194.4937,644.6236,164.0850,646.7149,284.39 Prstamos a corto plazo3,244.0241,763.0023,580.0018,450.007,000.000.00.0 Deudas por Energa y transporte89,876.76 Otros Circulantes10,639.9776,829.7090,334.8381,316.73104,990.72114,800.8816,203.51 Dividendos por Pagar0.033,326.6240,238.120.00.00.0

PASIVO A LARGO PLAZO36,412.62288,214.57330,871.90349,583.87397,439.04426,237.44451,487.50 Prstamos a largo plazo31,738.47245,301.84279,691.89292,747.89368,278.67396,765.67419,584.22 Reserva para indemnizaciones4,121.0036,032.4443,285.1651,266.3023,107.6023,000.6224,738.58 Otros553.156,880.297,894.855,569.686,052.776,471.157,164.70

PATRIMONIO52,836.54457,387.53494,151.35513,523.96513,975.00575,085.95575,085.95 Capital social39,406.65192,692.00192,692.00192,692.00192,692.00192,691.90192,691.90Ajuste de Capital153,832.23204,982.76224,465.70232,229.60276,789.16276,789.16Utilidadas Retenida7,736.9528,143.750.00.00.00.00.0 Reserva legal2,059.1514,481.4517,893.3721,822.5325,549.7228,724.9028,724.90 Utilidad neta de la gestin3,633.7968,238.1078,583.2274,543.7363,503.6876,879.9976,879.99

TOTAL PASIVO105,297.35895,368.721,010,459.191,040,757.301,059,568.841,166,770.981,181,938.11

CHECK(0)(0)(0)(0)(0)(0)(31,447)

2006200720082009201020112012Fondos Propios52,836.54457,387.53494,151.35513,523.96513,975.00575,085.95575,085.95Deuda34,982.49287,064.84303,271.89311,197.89375,278.67396,765.67419,584.22Ratio Deuda/Fondos Propios = 1.051.281.942.143.325.971.462.86Variaciones Circulante87.39(47,774.11)12,566.6613,367.1011,605.892,726.41(18,769.69)VALORES EN MILES BOLIVIANOS2006200720082009201020112012

CUENTAS POR COBRARCuentas por cobrar inicial145,271.00137,947.21141,682.69126,251.84109,580.24124,053.15133,837.05143,129.24152,664.30Incremento668,574.71679,410.14696,321.98735,537.13830,820.66820,626.22867,313.94898,379.78952,571.89Recuperos anteriores675,898.50675,674.66711,752.83752,208.73816,347.75810,842.32858,021.75888,844.73942,479.69Cuentas por cobrar final16,589.16137,947.21141,682.69126,251.84
elmvazquez: elmvazquez:Dato Presupuesto109,580.24124,053.15133,837.05143,129.24152,664.30162,756.50dias60

PROVISIN DUDOSAS Provisin dudosas inicial(5,238.00)(5,090.60)(5,055.93)(3,086.22)(2,492.23)(2,760.42)(3,077.61)(3,416.83)(3,778.64)Dotacin cuentas dudosas147.4034.671,969.71593.99(268.19)(317.19)(339.22)(361.81)(385.73)Provisin final(604.15)(5,090.60)(5,055.93)(3,086.22)(2,492.23)(2,760.42)(3,077.61)(3,416.83)(3,778.64)(4,164.38)dias58

ACTIVO FIJO BRUTOAFB inicial1,218,938.631,446,307.521,549,025.731,617,502.591,810,587.58Ajuste por UFVs al AFB e Inversin165,628.7254,003.4320,333.51149,494.5751,177.97Inversin38,136.0061,740.1748,714.7848,143.3543,590.4299,219.78AFB final135,921.211,218,938.631,446,307.521,549,025.731,617,502.591,810,587.581,960,985.33

DEPRECIACION ACUMULADAAm. Acumulada Inicial(508,648.00)545,482.52669,928.60742,603.05805,389.92940,028.05Dot. Anual39,686.0048,082.2154,078.4055,607.3059,471.4250,051.25Ajuste a la UFV1,014,444.5276,363.8718,596.057,179.5775,166.7154,734.41Am. Acumulada Final58,668.09545,482.52669,928.60742,603.05805,389.92940,028.051,044,813.71

RESERVAS POR INDEMNIZACIONReserva indemnizaciones inicial35,729.0036,032.4443,285.1651,266.3023,107.6023,000.62Actualizacion reserva303.447,252.727,981.14(28,158.70)(106.98)1,737.96Reserva indemnizaciones final4,121.0036,032.4443,285.1651,266.3023,107.6023,000.6224,738.58

DIVIDENDOS POR PAGARSaldo Inicial0.00.033,326.6240,238.120.00.0Pago Dividendos por Pagar0.0(23,765.41)(40,238.13)0.00.0Traspaso de Utiliddaes Retenidas0.033,326.6230,676.910.010.00.0Saldo Final2,059.150.033,326.6240,238.120.00.00.0

UTILIDADES RETENIDASSaldo Inicial59,802.0028,143.750.00.00.00.0Resultado ao anterior31,505.0068,238.1078,583.2274,543.7363,503.6876,879.99Dividendos Distribuidos(61,704.00)(59,643.75)(34,415.92)(70,816.53)(60,328.49)(73,035.99)Ajuste de Reservas Patrimoniales0.0
ELECTROPAZ: ELECTROPAZ:Pasa a la cuenta por pagar.0.0Traspaso a Dividendos por Pagar(33,326.62)(30,676.91)(0.01)0.00.0Reserva Legal(1,459.00)(3,411.92)(3,929.16)(3,727.19)(3,175.18)(3,844.00)Saldo final7,736.9528,143.750.00.00.00.00.0Diferencia0.25(0.44)9,561.23(0.00)0.01(0.00)

RESERVA LEGALSaldo Inicial13,022.0014,481.4517,893.3721,822.5325,549.7228,724.90Movimiento1,459.453,411.923,929.163,727.193,175.183,844.00Saldo Final2,059.1514,481.4517,893.3721,822.5325,549.7228,724.9032,568.90

MOVIMIENTO DE LA DEUDA20112012

Deuda inicial193,844.98280,909.70287,064.84303,271.89311,197.89375,278.67396,765.67Deuda Largo Plazo (BSCH)3,444.9853,713.0026,423.000.00.00.00.0Otras deudas largo0.00.00.00.00.00.00.0Bonos en UFVs190,400.00190,400.00190,400.00190,400.00190,400.00190,400.00190,400.00Bonos en UFVs Bolivianos x mil227,196.70245,301.84279,691.89292,747.89297,882.98327,181.73Bonos en USD0.00.00.010,000.0010,000.00Bonos en USD en Bolivianos x mil0.00.00.00.00.070,395.7069,583.95Deuda Corto Plazo 0.00.015,340.0023,580.0018,450.007,000.000.0

Vencimientos(9,074.01)(27,290.00)(41,763.00)(14,130.00)(18,450.00)(7,000.00)(335,024.98)Deuda Largo Plazo (BSCH)(1,311.01)(27,290.00)(26,423.00)0.00.00.00.0Otras deudas largo(5,760.00)0.00.00.00.00.00.0Bonos en UFVs0.00.00.00.0(190,400.00)Bonos en Bolivianos x mil0.00.00.00.00.00.0(335,024.98)Bonos en USD0.00.00.00.00.00.00.0Bonos en USD en Bolivianos x mil0.00.00.00.00.0Deuda Corto Plazo(2,003.00)0.0(15,340.00)(14,130.00)(18,450.00)(7,000.00)0.0

Nuevas disposiciones0.9933,445.1457,970.0522,056.0082,530.7928,487.00357,843.53Deuda Largo Plazo (BSCH)0.00.00.00.00.00.00.0Otras deudas largo0.00.00.00.0350,000.00Actualizacin Bonos UFVs0.018,105.1434,390.0513,056.005,135.0929,298.757,843.53Actualizacin Bonos USD0.00.00.00.0(304.30)(811.75)0.0Bonos en UFVs0.00.00.00.00.0Bonos en Bolivianos x mil0.00.00.0Bonos en USD0.00.010,000.000.00.0Bonos en USD en Bolivianos x mil0.00.00.00.070,700.000.00.0Otras deudas largo plazo0.00.00.00.00.00.00.0Deuda Corto Plazo0.9915,340.0023,580.009,000.007,000.000.00.0Flujo excedente por encima del mnimo(11,450.00)0.000.0Deuda finalERROR:#REF!287,064.84303,271.89311,197.89375,278.67396,765.67419,584.22Deuda Largo Plazo (BSCH)2,133.9826,423.000.00.00.00.00.0Otras deudas largo0.00.00.00.00.00.0350,000.00Bonos en UFV190,400.00190,400.00190,400.00190,400.000.0Bonos en UFV en Bs x milERROR:#REF!245,301.84279,691.89292,747.89297,882.98327,181.730.27Bonos en USD0.00.010,000.0010,000.0010,000.00Bonos en USD en Bolivianos x mil0.00.00.00.070,395.7069,583.9569,583.95Deuda Corto Plazo(2,002.01)15,340.0023,580.0018,450.007,000.000.00.0(39,283.86)41.060.038.38Costo Financiero(6,426.15)(39,283.86)(55,851.91)(33,420.34)(26,807.43)(52,952.29)(39,478.06)Deuda Largo Plazo (BSCH)(3,958.73)(2,820.57)Actualizacin Deuda emisin de Bonos(18,105.00)(34,390.05)(13,056.00)(5,135.09)(29,298.75)(29,558.63)Actualizacin Intereses emision de Bonos(223.21)(428.97)(188.49)(54.58)(366.39)(242.00)Actualizacin Deuda emisin de Bonos USD0.0(0.00)(2,447.42)Actualizacin Intereses emision de Bonos USD0.00.00.0Otras deudas0.00.00.00.0(208.93)0.0Bonos en UFV(15,321.00)(16,189.28)(18,626.05)(20,957.74)(23,078.22)(7,230.01)Bonos en USD0.00.0Deuda Corto Plazo(328.91)(1,858.88)(701.11)0.00.0Comisiones bancarias(1,347.00)(2,250.70)0.0Ingresos Financieros227.66309.0841.0952.0750.00

Resultados extraordinariosAjuste UFV Activo Bruto165,628.7254,003.4320,333.51149,494.5751,177.97Ajuste UFV Depreciacin Acumulada(76,363.87)(18,596.05)(7,179.57)(75,166.71)(54,734.41)Ajuste UFV Patrimonio(51,150.53)(19,482.94)(7,763.90)(44,559.56)0.0Diferencia de CambioTotal resultado extraordinario38,114.3215,924.445,390.0429,768.30(3,556.44)Deuda en UFV0.920.940.790.820.00Deuda en US$0.00.00.190.180.170.670.680.770.740.79

RESULTADOS ACUMULADOS Bs x mil2006200720082009201020112012Saldos al inicio64,247.8191,307.0896,382.30103,213.6974,543.7363,503.6876,879.99Actualizacin patrimonio(397.57)0.00.00.00.00.00.0Saldos al inicio reexpresados63,850.2491,307.0896,382.30103,213.6974,543.7363,503.6876,879.99Reserva legal utilidad ao anterior(1,722.49)(1,458.97)(3,411.93)(3,929.16)(3,727.19)(3,175.18)(3,844.00)Distribucin result acumulados(33,984.00)(28,143.75)(24,630.47)0.00.00.0Distribucin utilidades gest. Anterior(27,720.37)(40,196.15)(74,654.06)(70,816.54)(60,328.50)(73,035.99)Saldo antes de utilidades ejercicio62,127.7528,143.7524,630.470.00.00.00.0Utilidad del ejercicio29,179.3368,238.5578,583.2274,543.7363,503.6876,879.9977,302.49Saldo al cierre del ejercicio91,307.0896,382.30103,213.6974,543.7363,503.6876,879.9977,302.49Pago total anual de dividendos0.0(61,704.37)(68,339.90)(99,284.53)(70,816.54)(60,328.50)(73,035.99)

Dividendos incluidos en "Otros Circulantes"0.00.00.00.00.00.00.0Pago dividendos de "Otros circulantes"0.00.00.00.00.00.0Saldo mnimo de tesorera10,605.0010,650.0010,863.0011,080.2611,301.87Condicionante caja: 1=suficiente; 0=insuf.1.001.001.001.001.00Otros Circulantes2006200720082009201020112012

Compra de energa por pagar37,760.3042,643.9860,253.3974,596.7782,494.3589,876.76

Otros pasivos Circulantes39,069.4047,690.8521,063.3430,393.9532,306.5316,203.51compra de energa (dias)75otros circulantes (dias)939346

DEUDA LARGO PLAZO PARA TARIFAS2006200720082009201020112012BONO EPZ 1TOTAL327,181.73PagadoReconocido a tarifas72%Valor a fin del ao235,570.84BONO EPZ 2TOTAL70,395.7069,583.95Reconocido a tarifas0%0%Valor a fin del ao0.00.0BONO EPZ 3TOTAL350,000,000.00Reconocido a tarifasValor a fin del ao235,570.84
Mauricio: Mauricio:Segn prospectos de emisin de bonos EPZ 1 y EPZ 3Tasa de intersCosto financiero annual

FLUJOVALORES EN MILES DE BOLIVIANOSFLUJO DE CAJACONCEPTOS20032004200520062007200820092010201120122013

Saldo inicial disponible1,5002,3233,8031,35543,23412,91811,14427,94659,51185,952-1,492

EBITDA7,51912,72212,54414,443116,458138,319144,353142,210154,914114,250119,652(-) Inversiones(2,503)(1,750)(4,822)(4,715)(38,136)(59,726)(49,717)(47,146)(44,385)(114,006)0(+/-) Variaciones Circulante3,410(2,622)(5,380)(518)(26,694)12,56713,36711,6062,726(18,770)0(+/-) Extraordinario473(1,286)49868630,9946,5652,117(1,263)4,98324,82247,262FLUJO OPERATIVO8,8997,0642,8409,89682,62297,725110,120105,406118,2386,295166,914(-) Resultado Financiero(3,429)(3,417)(3,704)(6,426)(39,284)(21,672)(20,446)(22,036)(24,468)(31,835)(250)(-) Dividendos Distribuidos0.00.00.00.0(61,704)(59,643)(67,743)(111,055)(60,329)(76,880)(105,605)FLUJO DESPUS DE INVERSIONISTAS5,4703,647(864)3,470(18,366)16,40921,931(27,685)33,441(102,419)61,059(-) Pago vencimientos LP0000(27,290)(26,423)000(335,025)0(-) Pago vencimientos CP00000(15,340)(14,130)(18,450)(7,000)00FLUJO DESPUS DE DEUDA5,4703,647(864)3,470(45,656)(25,354)7,801(46,135)26,441(437,444)61,059(+) Nuevas disposiciones LP000000070,7000350,0000(+) Nuevas disposiciones CP000015,34023,5809,0007,000000FLUJO FINAL DE EFECTIVO5,4703,647(864)3,470(30,316)(1,774)16,80131,56526,441(87,444)61,059

Saldo final disponible6,9715,9702,9394,82512,91811,14427,94659,51185,952(1,492)59,567Check(0)(0)(0)070,61059,567Saldo Mnimo(18,183.000)(5,130.000)(11,450.000)(7,000.000)(59,643)(67,743)(111,055)(60,329)

12,91912,91912,91912,919

138,319138,319138,319138,319(55,596)(55,596)(55,596)(55,596)20,74220,74220,74220,742(8,687)(8,687)(8,687)(8,687)94,77994,77994,77994,779(21,672)(21,672)(21,672)(21,672)(59,644)(59,644)(59,644)(59,644)13,46213,46213,46213,462(24,637)(24,637)(24,637)(24,637)(14,180)(14,180)(14,180)(14,180)(25,355)(25,355)(25,355)(25,355)000023,58023,58023,58023,580(1,775)(1,775)(1,775)(1,775)

11,14411,14411,14411,144

Saldo mnimo de efectivo (Una factura de Generadoras)41,889(17,678)


Mauricio Valdez: Mauricio Valdez:Segn ART 32 de la Ley de Electricidad

5.2.1 ER Acum Bs

7%6%2,0122.00MILES DE Bs2007200820092010201120122013 ppto2012 ppto2012 REV21.00Presupuesto1 - INGRESOS OPERACIONALES581,660.33591,086.82605,800.12639,917.30722,813.97772,788.23819,299.316.91%781,403.80778,201.79778,201,786.23REV 2 1.1 - Ventas de Energa570,743.54580,933.85596,637.81631,849.13713,772.16761,466.58808,654.636.68%0.99773,689.91768,467.121.06494 1.1.1 Aporte Tarifa Dignidad(4,884.23)(5,143.51)(5,240.98)(5,469.72)(5,762.55)(5,809.74)(5,992.32)0.82%-0.01(6,308.49)(6,204.12)-0.76% 1.2 - Otros Ingresos15,801.0215,296.4814,403.2913,537.8914,804.3617,131.3916,637.0015.72%0.0214,022.3915,938.792 - (-) DEDUCIONES25,484.0427,472.1727,425.1129,255.7732,133.96
Paola Dorado: Paola Dorado:incluye aporte tarifa dignidad

34,082.14
Paola Dorado: Paola Dorado:incluye aporte tarifa dignidad

36,008.96
Paola Dorado: Paola Dorado:incluye aporte tarifa dignidad

6.06%34,056.83
Paola Dorado: Paola Dorado:incluye aporte tarifa dignidad

34,377.59
Paola Dorado: Paola Dorado:incluye aporte tarifa dignidad

2.1 - Impuestos/Tasas S/ Ventas20,541.6321,285.2921,438.4622,887.5825,141.0226,848.2128,443.736.79%26,780.2726,997.2526,997,250.79 2.2 - Aportes SIRESE4,942.416,186.885,986.656,368.196,992.947,233.937,565.233.45%7,276.557,380.337,380,334.413 - (=) INGRESOS NETOS556,176.29563,614.65578,375.01610,661.53690,680.01738,706.09783,290.356.95%747,346.98743,824.204 - (-) COSTO DE VENTAS345,183.89318,672.64319,953.78349,001.64409,084.34429,516.06447,501.004.99%438,411.79437,972.21437,972,205.99 4.1 - Compra de Energa345,183.89318,672.64319,953.78349,001.64409,084.34429,516.06447,501.004.99%438,411.79437,972.215 - (=) MARGEN BRUTO210,992.40244,942.01258,421.23261,659.89281,595.67309,190.04335,789.359.80%308,935.19305,852.006 - (-) GASTOS DE OPERACIN94,534.25106,622.71114,068.03119,449.75126,681.68135,837.61149,172.387.23%143,321.04137,013.33135,913,334.76 6.1 - Operacin y Mantenimiento Distribucin33,427.4842,980.6047,122.4749,674.2253,269.4955,970.8860,136.885.07%0.4260,011.3858,251.39 6.2 - Gastos de Comercializacin33,650.4437,035.1238,824.3341,000.0043,968.3248,495.5755,250.9910.30%0.3550,214.2647,172.42 6.3 - Gastos Generales27,456.3326,606.9928,121.2328,775.5329,443.8731,371.1633,784.516.55%0.2333,095.4031,589.53(=) EBITDA116,458.15138,319.30144,353.20142,210.14154,913.99173,352.43186,616.9711.90%165,614.14168,838.66 7 - Depreciaciones39,686.0548,082.2154,078.4055,607.3059,471.4263,948.5672,378.527.53%0.9967,783.0266,396.0966,796,645.09 8 - Amortizacion Estudio Tarifario803.23270.41270.41358.78358.78379.94379.945.90%0.01358.96400.56 10 - Impuesto a transac. Financieras
Electropaz: Electropaz:ITF+Pat+imp inmuebles228.96210.6282.1059.8354.65271.3257.60396.46%297.3241.4241,419.2111 - (=) RESULTADO DE OPERACIN75,739.9189,756.0689,922.2986,184.2395,029.14108,752.61113,800.9114.44%97,174.84102,000.6012 - (+) RESULTADO FINANCIERO (38,496.08)(55,851.91)(33,420.07)(26,807.40)(52,900.22)(39,428.06)(25,628.45)-25.47%(54,307.81)(36,980.64)-36,980,635.03 11.1 - (+) INGRESOS FINANCIEROS788.23227.66309.0841.0952.0788.3814.4069.73%-0.0048.0036.40 11.2 - (-) GASTOS FINANCIEROS (39,284.31)(56,079.57)(33,729.15)(26,848.49)(52,952.29)(39,516.44)(25,642.85)-25.37%1.00(54,355.81)(37,017.04)12 - (+) OTROS INGRESOS Y GASTOS30,994.6950,554.3721,225.005,331.1037,751.071,516.3826,749.73-95.98%40,768.4022,061.6122,061,607.81 12.1 - (+) OTROS INGRESOS31,688.1955,495.5021,711.808,141.7538,053.7124,109.5025,890.58-36.64%1.0141,074.0022,238.47 12.2 - (-) OTROS GASTOS(693.50)(4,941.13)(486.80)(2,810.65)(302.64)(22,593.12)859.157365.34%-0.01(305.60)(176.86)13 - (=) RESULTADO ANTES IU68,238.5284,458.5277,727.2264,707.9379,879.9970,840.93114,922.19-11.32%83,635.4387,081.57 13.1 - (-) Impuesto sobre la Renta(5,875.30)(3,183.49)(1,204.25)(3,000.00)(3,000.00)(3,000.00)(3,000.00)(3,000.00)-3,000,000.00 13.2 - (-) Iimpuestos Prepagados0.000.000.000.000.000.000.000.0014 - (=) RESULTADO NETO DEL PERIODO68,238.5278,583.2274,543.7363,503.68076,879.9967,840.93111,922.19-11.76%80,635.4384,081.5785,181.57

VAD200,936.43236,042.13250,123.66254,691.40273,082.05298,459.12325,703.76301,322.60296,615.71

-22,148.630.0(29,558.63)-29,558.63(242.00)-242.00

(24,557.18)-7,230.01

50.0050.00

-54,307.81-36,980.640.00

EERR auditados

Ventas residenciales333,361,392761,466,576Venta comer. E indust312,428,123Contratos esp38,015,587Al publico48,186,534Area Rural29,474,940Ingreso 3os17,131,390Descuento tar dign.-14,803,508Recup tarifa dignidad8,993,772Aporte tar dignidad5,704,190778,492,420

Energ761,466,576Otros17,131,390Desc TD-5,809,736TOTAL772,788,230IT26,848,206Sirese0.950%7,233,932ITF271,31734,353,45534,353,4550

70,8410.0

5.3.1 BG Bs

Miles de Bs200720082009201020112012 Prev Cierre2013 PresupuestoACTIVO ACTIVOBIENES DE USO678,578.13779,486.70810,532.87815,225.87874,467.74934,866.161,016,982.56Activo Fijo BrutoActivo Fijo Bruto1,218,938.631,446,307.521,549,025.731,617,502.591,810,587.581,960,985.332,186,638.22Menos:Depreciacin AcumuladaDepreciacin Acumulada-545,482.52-669,928.60-742,603.05-805,389.92-940,028.05-1,044,813.71-1,177,927.16Obras en ConstruccinObras en Construccin5,122.023,107.784,110.193,113.203,908.2118,694.548,271.50TOTAL BIENES DE USOACTIVO CORRIENTE210,265.65226,881.74225,737.97240,838.33289,825.83283,676.47294,363.42Caja y BancosCaja y Bancos12,919.7311,144.3427,945.5259,510.8985,952.5369,117.8971,304.69Cuentas por CobrarCuentas por Cobrar137,947.21141,682.69126,251.84109,580.24124,053.15135,396.56148,176.48Menos: Prev. Para Ctas. DudosasPrevisin para Ctas Dudosas-5,090.60-5,055.93-3,086.22-2,492.23-2,760.42-3,173.91-3,805.30Materiales y SuministrosMateriales y Suministros40,731.2746,321.4640,154.2839,117.6243,094.5842,883.3738,795.04Menos: Prev. Para ObsolecenciaReserva para Obsolescencia0.000.000.000.000.000.000.00Gastos PrepagadosGastos prepagados23,758.0432,789.1834,472.5535,121.8139,485.9939,452.5639,892.51TOTAL ACTIVO CORRIENTEEMPRESAS RELACIONADAS568.7495.261,155.90662.57389.35204.05212.00IBERDROLAIBERDROLA0.7014.506.9935.9015.422.855.00ELFEOELFEO547.9526.371,095.63583.37360.34191.42197.00CADEBCADE20.0954.3953.2843.3013.599.7810.00TOTAL EMPRESAS RELACIONADASEDESER0.000.000.000.000.000.00Otras InversionesOTROS ACTIVOS5,957.483,995.393,330.192,841.702,088.063,817.561,895.45Gastos pre pagadosInversiones658.10656.09656.09656.06656.00656.09656.09TOTAL OTROS ACTIVOSGastos Prepagados5,299.383,339.302,674.102,185.641,432.063,161.481,239.36Depsito en garanta IFC0.000.000.000.000.000.00TOTAL ACTIVOTOTAL ACTIVO895,370.001,010,459.091,040,756.931,059,568.4701,166,770.981,222,564.241,313,453.42PATRIMONIO457,387.85494,151.25513,523.86513,974.90575,085.95593,563.46672,740.28PATRIMONIOCapital Social192,691.90192,691.90192,691.90192,691.90192,691.90192,691.90192,691.90Capital SocialAjuste de Capital148,960.03196,857.86215,041.64222,193.69263,000.46285,199.15312,118.15Ajuste de CapitalUtilidades Retenidas28,143.750.000.000.000.000.000.00Ajuste de Reservas Patrimonilales78,899.55Ajuste de Reservas Patrimoniales4,872.208,124.909,424.0610,035.9113,788.7015,262.5718,909.72Utilidades AcumuladasReserva Legal14,481.4517,893.3721,822.5325,549.7228,724.9032,568.9037,098.32Reserva LegalUtilidad (prdida) Neta de la Gestin68,238.5278,583.2274,543.7363,503.6876,879.9967,840.93111,922.19Utilidad Neta de la gestinPASIVO CORRIENTE138,286.92172,915.49170,092.62138,770.190155,131.84145,673.68140,137.80TOTAL PATRIMONIOImpuestos por Pagar31,173.9238,194.4937,644.6236,164.0850,646.7149,284.3950,284.39IBERDROLAPrstamos a Corto Plazo41,762.9623,580.0018,450.007,000.000.000.000.00ELFEOCuentas por Pagar56,553.1170,014.4567,044.9081,417.0891,107.3480,913.9073,036.28CADEBDividendos por Pagar0.0033,326.6240,238.120.000.000.000.00EDESERReserva para Agui. y Prima3,641.524,170.173,528.814,804.335,264.695,324.286,317.12TOTAL EMPRESAS RELACIONADASAdelanto clientes P.Construc.181.08180.34183.05271.22183.780.00500.00Impuestos Por PagarOtras Previsiones4,746.583,276.792,504.943,643.513,541.604,084.425,000.00Vctos. Ctes de Ptmos a largo plazoIngresos Diferidos227.75172.63498.185,469.974,387.726,066.705,000.00Cuentas por PagarPASIVO A LARGO PLAZO288,214.57330,871.90349,583.60397,438.770426,237.44451,487.50490,822.41Dividendos Por PagarPrstamos a Largo Plazo0.000.000.000.000.000.00Anticipo de Clientes para construccinBonos245,301.84279,691.89292,747.62368,278.40396,765.67419,584.22449,584.22Reserva para Aguinaldo, Prima y BonoReserva P. Indemnizaciones36,032.4443,285.1651,266.3023,107.6023,000.6224,738.5833,515.42Otras Provisiones y PrevisionesApor. de Clien. P Construccin208.17191.88191.88191.0781.09178.8181.56Ingresos DiferidosOtras Provisiones y Reservas2,105.052,741.130.000.000.000.000.00TOTAL PASIVO CORRIENTEDepsitos de Consumidores4,567.074,961.845,377.805,861.706,390.066,985.897,641.22Prstamos BancariosIngresos Diferidos0.000.000.000.000.000.000.00Deuda por Emisin de Bonos UFVReserva P. Contingencia0.000.000.000.000.000.000.00Deuda por Emisin de Bonos USDEMPRESAS RELACIONADAS11,480.6612,520.457,556.859,384.61010,315.759,690.989,752.94Deuda por Emisin de Bonos en BsIBERDROLA2,454.402,262.400.000.002,227.201,060.571,000.00Reserva para indemnizacionesCADE4,530.715,228.095,248.536,518.425,381.465,937.506,021.80Aporte de Clientes para ConstruccinEDESER4,495.555,029.962,308.322,866.192,707.092,692.912,731.14Depsito de ClientesELFEO0.000.000.000.000.000.00TOTAL PASIVO A LARGO PLAZOTOTAL PASIVO895,370.001,010,459.091,040,756.931,059,568.471,166,770.981,200,415.611,313,453.430.000.000.00.00.0(22,148.63)0.00TOTAL PASIVO Y PATRIMONIOCruce Utilidad0.00.00.00.00.00.00.0

Inversiones61,740.1748,714.7848,143.3543,590.4299,219.78121,600.20Dividendos Pagados Gest. Anterior-59,643.75-34,415.92-70,816.53-60,328.49-73,035.99-64,448.89Pago Dividendos Acum Gest. Ant.-23,765.41-40,238.1360,328,492.46(59,574.39)