Estados Financieros, (Inglés, Español) - Túnel San Cristóbal

The Company has not set any provision for first category income tax because it has accumulated tax losses in the amount of
ThCh$ 20,781,727 at December 31, 2011 and ThCh$ 14,745,147 at December 31, 2010. A deferred tax valuation provision
at the date of the statement of financial situation is not considered necessary because the deferred tax assets will probably be
fully realized.
The movements of deferred taxes for 2011 and 2010 are the following:
Deferred taxes Assets Liabilities
ThCh$ ThCh$
Balance at January 1, 2010 1.809.718 1.469.877
Increase (decrease) 677.226 403.908
Balance at December 31, 2010 2.486.944 1.873.785
Increase (decrease) 1.078.847 (550.418)
Balance at December 31, 2011 3.565.791 1.323.367
The structure of tax expense is expressed in the following chart at year-end:
Effect on results 12/31/2011 12/31/2010
ThCh$ ThCh$
Deferred tax for temporary differences 1,629,264 273,318
35% single tax over rejected expenses - (1,201)
Balance at December 31, 2011 1,629,264 272,117
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