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

• Whenever authorization is given to operate with
derivative instruments, the effectiveness of the derivatives
contracted as hedge instruments must be qua notified. This
effectiveness shall be within the limits defined by IAS 39.
Any ineffective part of the fair value of the hedge derivatives
shall be considered for limiting the risk.
• Hedges must comply with the effectiveness provided for
in IAS No. 39 between 80% and 125%), and this will be
measured at least on a quarterly basis. If the effectiveness
measured is outside the specified range, the hedge must be
discontinued.
• There must be a file in place for every hedge relationship,
with specific details of the contents: Element hedged, hedge
instrument, description of hedge element with the risk
characteristics being hedged, identification of the nature
of the risk hedged, risk management objective and hedge
strategy, and indicating the methodology and periodicity of
the measurement of the effectiveness of the derivative.
b) Trade debtors and other accounts receivable
This group mainly includes the transactions for vehicle flow
for which invoices to users have not been issued and the
VAT receivable from the MOP for the services of operation,
maintenance and conservation, under the Bidding Terms and
Conditions. Any eventual interest is only documented per
past-due periods. The Excel documents to the clients of the
Company are issued by Sociedad Concesionaria Vespucio
Norte Express S.A., pursuant to the Joint Commercial
Management Agreement entered into by both companies,
which is presented as accounts receivable from related
companies.
c) Bad debt
Bad debt is estimated by applying a model designed based
on the Company’s historical experience and that of similar
companies in the market. The model distinguishes the
type of user (with a tag device or violators), the age of the
sale document and the type of collection activity being
implemented for the account at period-end. Each instance
of the collection process has an associated proportion of
uncollectibility applied to all the documents in that instance.
Additionally, the provision includes all of the documents
issued to one same user as per the taxpayer number with the
proportion of uncollectibility corresponding to the oldest
document, even though there may be some with a more
recent date of issue that have not become past-due yet. This
provision is presented in net in the accounts receivable from
related companies refer to in the preceding letter.
d) Investments in short-term financial instruments
Any cash surpluses originated are invested, according to the
restrictions to which the Company is subject pursuant to longterm
financing contracts, where “Permitted Investments” is
understood as any of the following investments over a period
of time equal to or less than 6 months:
(i) Fixed income securities or instruments issued by any
one of the Creditors (Banks that participate in the long-term
syndicated credit);
(ii) Contracts for the purchase of financial instruments with a
repurchase clause entered into with any one of the Creditors
over instruments issued by the Banco Central de Chile; and
(iii) Others agreed between the majority of the Creditors and
the Company.
e) Financial assets
The Company’s financial assets, other than Cash, are
classified into the following:
• Fair value investments with an effect on results: These
consider investments in financial instruments acquired
for sale in the short term, measured at fair value and its
variations are recorded in income statement account (e.g.
mutual fund quotas).
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