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

• Held-to-maturity investments: These consider investments
with pre-established cash flows and defined maturity,
where the Company has the intent and ability to hold them
to maturity. They are valued at amortized cost. (e.g. time
deposits).
• Loans and accounts receivable: These consider nonderivative
financial assets that imply fixed or determinable
payments, are not negotiated in an active market (e.g.
accounts receivable from clients)
• Financial assets available for sale: These consider financial
assets not classified in any of the other categories; they are
measured at fair value.
f) Financial liabilities
The Company’s non-current financial liabilities have been
generated mainly to cover the financing of the construction
of the State-owned public works, and consist of a syndicated
bank credit in the amount of UF 1,886,379.31 of principal,
and subordinated debt with the stockholders in the principal
amount of UF 747,937.23 at the date of these financial
statements.
4.2 Financial Risk Management
Financial risk management means ensuring the availability
of the funds, so that the Company is able to meet its
financial obligations, as well as to prevent any impairment
in its equity due to variations in interest rates, exchange rates
for operations in foreign currencies or other indexed units,
and in any other financial variables in the market that could
affect this Concession-holding Company.
The risk of the various variables specified is measured on
a regular basis using the methodologies normally used in
the market. The decisions that the circumstances render
advisable are made on the basis of the conclusions reached
through the use of these measurements.
a) Interest rate risk
It consists of the variations as may be experienced by
the interest rates, and that could affect the value of the
Company’s future cash flows. This kind of risk is evidenced
in this company primarily in its obligations contracted at
variable interest rates, the most significant figure of which is
given by the subordinated debt with the Stockholders. No
hedging has been contracted for this obligation; whereas
for the syndicated credit an interest rate swap contract was
entered into with BBVA. This contract contemplates the
following relevant conditions:
• Contracted amount: Initial UF 1,710,000, which is
modified in relation to the amortizations of the capital in the
hedge contract and on the basis of the hedge rates, which
start at 90% until year 2012 and then drop to 70% from year
2013 through 2023, and finally to 60% from 2024 through
2028.
• Rate payable by the Swap provider: TAB UF 180
• Rate payable by the Company: Rate of interest more
margin staggered according to the following table:
Annual periods Rate of interest agreed Spread Total rate payable
2009 a 2012 3,5924% 2,00% 5,5924%
2013 a 2016 3,6377% 2,25% 5,8877%
2017 a 2020 3,6830% 2,50% 6,1830%
2021 a 2024 3,7736% 3,00% 6,7736%
2025 a 2028 3,8642% 3,50% 7,3642%
• Method of fulfillment: Compensation in domestic currency
(pesos).
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