Financial Statements - Entel

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EMPRESA NACIONAL DE TELECOMUNICACIONES S.A. & SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor Translation Purposes OnlyThe above figures include services that have been provided and not invoiced:Th. CLP $50,470,479 and Th. CLP $44,869,587 for the consumer segment and Th.CLP $32,256,040 and Th. CLP $28,807,896 for the all other segments for the respective periods.9. ACCOUNTS RECEIVABLE WITH RELATED ENTITIESThe transactions and balances with retail (individuals) and legal entities related to theaforementioned controlling companies, together with benefits received by directors and keymembers of the Entel Group are detailed below.As mentioned in Note 1 a) to these financial statements, the controlling shareholder of Entel ChileS.A. is Inversiones Altel Ltda. (Tax ID 76.242.520-3), which owns 54.76% of stock in circulation.Almendral S.A. (Tax ID 94.270.000-8) directly and indirectly controls 99.99% of Altel Ltda.Almendral S.A. is controlled by a group of shareholders who signed a joint interest agreement onJanuary 25, 2005. The agreement was signed by the Matte, Fernández León, Hurtado Vicuña,Consorcio, Izquierdo and Gianoli groups.a) Accounts receivableTax IDCOMPANYCountry oforiginNature ofrelationshipCurrencyCURRENT12/31/2012 12/31/2011Th. CLP$ Th. CLP$78.549.280-3 Envases Roble Alto S.A. Chile Shared director CLP - 21,56179.818.600-0 CMPC Papeles S.A. Chile Shared director CLP - -79.943.600-0 Propa S.A. Chile Shared director CLP - 3,17584.552.500-5 Portuaria CMPC S.A. Chile Shared director CLP - 4,59786.359.300-K Sociedad Recuperadora de Papel S.A. Chile Shared director CLP - 9,17586.457.100-K Sociedad Estacionamientos Américo Vespucio Ltda Chile Shared director CLP - 5188.566.900-K Empresa Distribuidora de Papeles y Cartones S.A. Chile Shared director CLP - 2,91189.201.400-0 Envases Impresos S.A. Chile Shared director CLP - 3,96589.696.400-3 Empresa de Residuos Resiter S.A. Chile Shared director CLP - 9,25790.940.000-7 Inmobiliaria e Inversiones Varco S.A. Chile Shared director CLP - 5991.440.000-7 Forestal Mininco S.A. Chile Shared director CLP 78,282 100,81191.656.000-1 Industrias Forestales S.A. Chile Shared director CLP - 10,66992.177.000-6 Le Grand Chic S.A. Chile Shared director CLP - 1,34093.658.000-9 Chilena de Moldeados S.A. Chile Shared director CLP - 1,15995.304.000-K CMPC Maderas S.A. Chile Shared director CLP 81,511 63,57896.529.310-8 CMPC Tissue S.A. Chile Shared director CLP 30,725 40,46796.532.330-9 CMPC Celulosa S.A. Chile Shared director CLP 94,548 71,29496.656.410-5 BICE Vida Compañía de Seguros S.A. Chile Shared director CLP - 7,86796.757.710-3 CMPC Productos de Papel S.A. Chile Shared director CLP - 10796.768.750-2 Servicios Compartidos CMPC S.A. Chile Shared director CLP 94,488 259,03396.778.980-1 Soc. Administradora Plaza Central S.A. Chile Shared director CLP - 2,88096.853.150-6 Papeles Cordillera S.A. Chile Shared director CLP - 10,04796.889.540-0 Dorin Ltda. Chile Shared director CLP - 59997.080.000-K Banco BICE Chile Shared director CLP - 46,26896.731.890-6 Cartulinas CMPC S.A. Chile Shared director CLP - 50,91199.513.410-1 SMB Factoring S.A. Chile Shared director CLP - 1999.544.240-K Inmobiliaria Suecia S.A. Chile Shared director CLP - 1099.563.840-1 Las Garzas S.A. Chile Shared director CLP - 942Total379,554 722,752As of 2012, transactions and balances for related companies are only reported if the value oftransactions proportionally exceeds Th. CLP $150,000 over the year.–24–
EMPRESA NACIONAL DE TELECOMUNICACIONES S.A. & SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor Translation Purposes Onlyb) Transactions:Companies for which transactions have been made with Chile as country of origin.Tax IDCOMPANYNature ofDescription ofrelationship transaction ValueTh. CLP$12/31/2012 12/31/2011Effect on income(charge/credit)ValueTh. CLP$Effect on income(charge/credit)91.440.000-7 Forestal Mininco S.A. Shared director Services provided 237,660 237,660 229,372 229,37295.304.000-K CMPC Maderas S.A. Shared director Services provided 220,416 220,416 213,342 213,34296.529.310-8 CMPC Tissue S.A. Shared director Services provided 235,565 235,565 222,790 222,79096.532.330-9 CMPC Celulosa S.A. Shared director Services provided 294,802 294,802 294,478 294,47896.768.750-2 Servicios Compartidos CMPC S.A. Shared director Services provided 1,077,943 1,077,943 1,098,524 1,098,524Telecommunications services provided to related companies correspond to standard servicescovered by the Entel Group’s business activities (mobile and wireline telephony services, Internet,data services and call center).c) Remuneration and Benefits Received by Directors and Group ExecutivesThe parent company is managed by a board of directors with nine members whose remunerationsfor 2012 and 2011 were Th. CLP $401,142 and Th. CLP $400,759 respectively.For the same periods, remuneration of top-level staff was Th. CLP $4,665,752 andTh. CLP $7,297,889. These values include annual bonus payments of Th. CLP $1,197,200 andTh. CLP $4,098,366 for each of the periods.There were 23 executives in each period.10. INVENTORYInventory is primarily composed of mobile telephone handsets and accessories. These are valuedaccording to the accounting criteria described in Note 3 d) and the breakdown is as follows.12/31/2012 12/31/2011Th. CLP$Th. CLP$Handsets and accessories for mobile services 65,025,959 62,166,064Merchandise 384,242 308,000Work in progress 472,577 583,440Other Inventory 475,096 34,296Total 66,357,874 63,091,800At the close of each period there were no duties on any of the items that compose up inventories.For mobile handsets, according to the contract changes described in Note 22, which took effect fromOctober 1 2012, the cost of equipment is directly recorded under income when contracts are signed.During the periods covered by these financial statements, allocations of Th. CLP $159,183,667 andTh. CLP $101,624,554 were recorded under income for sales costs and to supplies and equipments.- 25 -
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