Financial Statements - Entel

EMPRESA NACIONAL DE TELECOMUNICACIONES S.A. & SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor Transalation Purposes Onlyobligations in the national currency index of UF 2,246,000 and Th.CLP $11,300,000, withboth rates fluctuating between 2.95% and 5.58%.c) Derivatives at Fair Value with Change in Income – This item includes foreign exchangefutures contracts (FR), with a purchase obligation of USD $650 million and EUR €3 millionfor Th.CLP $327,521,655.The item also includes CCS contracts due in June 2013 for the substitution of obligations ofUSD $86.6 million for obligations in the national currency index of UF 2,246,000 andTh.CLP $11,300,000, with both rates fluctuating between 2.95% and 5.58%.To calculate the market value of derivative instruments, flows are discounted in line with variablesquoted on active markets (interest rates). This means the market values determined are classifiedunder the second level of the IFRS 7 hierarchy.The schedule of expiry dates for the total balance of Other Financial Liabilities and Trade and OtherAccounts Payable is provided in the following table for the close of each accounting period. Theinformation is presented comparing accounting values (fair value or amortized cost, whereapplicable), with nominal values (projected flows at nominal value).- 38 -