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

) Exchange rate risk
Its consists of the variability that the Company’s cash flows
may experience, when collection and/or payments that
need to be made in a currency other than the Chilean peso
are involved. For the case of accounts receivable, there are
no currencies or indexation units other than the functional
currency. In contrast, for accounts payable, both the Bond
issue debt and the subordinated debt with the stockholders
are denominated to Unidades de Fomento (UF) and,
therefore, they are subject to variations in inflation, which is
the variable that modifies the value of the UF.
and as per what is provided in the Contract, the tariffs
collected from the users of the highway are also indexed
annually, according to the variation in the Consumer Price
Index (CPI) and, therefore, this variability is hedged in that
way, although with a twelve-month time lag.
There are no other significant liabilities denominated to
foreign currency implying any exchange rate risks.
c) Credit risk
The Company is exposed to credit risk because of the nature
of the free flow system used in the operation of the tunnel,
where the users use the service and pay later. The total
credit to clients is similar to that reflected by the other urban
toll roads in their financial statements.
d) Liquidity risk
This risk implies the need to discharge payment commitments
in investments, normal operating expenses and debt service.
The Company’s financing structure includes mechanisms
for mitigating this risk. It considers the project’s ability to
generate its own income from operations as the primary
source of liquidity. If this is not enough, there is a structure
of reserve accounts and a support contract with the Sponsors
that ensures the compliance with such obligations, such
as the debt service reserve account (which consists of the
equivalent to one semesters’ worth of debt service) and
Major Maintenance reserve account (which provides funds
on the basis of the extraordinary maintenance budget).
Additionally, the Sponsors have entered into a support
contract with the financiers through which it is ascertained
that any deficit as may occur will in the concession-holding
company will be financed with contributions of subordinated
debt or of capital.
4.3 Classes of financial instruments in effect
Class of Financial Instrument 12/31/2011 12/31/2010
Assets
ThCh$
ThCh$
Valuation of Swap Contract at market price - 625,712
Total Assets from Financial Instruments - 625,712
Liabilities
Sort-term promissory notes, financing of additional works MOP - -
Long-term promissory notes, Sort-term portion, syndicated credit, includes accrued interest 520,659 759,170
Valuation o Swap Contract at market price (net of deferred tax) 661,917 -
Long-term promissory notes syndicated credit includes accrued interest 41,632,333 40,033,023
Subordinated debt with stockholders, includes accrued interest 21,832,915 19,712,705
Total liabilities for financial instruments 64,647,824 60,504,898
160