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

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) 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
5. TRADE DEBTORS AND OTHER ACCOUNTS RECEIVABLE, CURRENT The composition, age analysis and provision for bad debt of the balances that comprise this item at December 31, 2011 and December 31, 2010 are the following: At December 31, 2011: Item Currency Balance per item Trade debtors ThCh$ Up to 90 days ThCh$ Provision for accrued income Ch$ not indexed 334,711 334,711 Other accounts receivable Accounts receivable from MOP Ch$ not indexed 99,481 99,481 Accounts receivable from employees Ch$ not indexed 7,124 7,124 Other accounts receivable Ch$ not indexed 369,629 369,629 Subtotal other accounts receivable 476,234 476,234 Total trade debtors & other receivables At December 31, 2010 Item Currency Trade debtors Provision for accrued income Ch$ not indexed 318,728 318,728 Other accounts receivable Accounts receivable from MOP Ch$ not indexed 1,837,121 1,837,121 Accounts receivable from employees Ch$ not indexed 2,386 2,386 Other accounts receivable Ch$ not indexed 132,369 132,369 Funds to render Ch$ not indexed 260 260 Subtotal other accounts receivable 1,972,136 1,972,136 Total trade debtors & other receivables Aging of the Balances From 90 to 180 days ThCh$ From 181 to 365 days ThCh$ 810,945 810,945 - - The fair values of trade debtors and other accounts receivable are the same values expressed in the previous tables, as they represent the amounts of cash expected to be collected for those concepts. - Balance per item ThCh$ Up to 90 days ThCh$ Aging of the Balances From 90 to 180 days ThCh$ 2,290,864 2,290,864 - - - - - - - - - - - - From 181 to 365 days ThCh$ - - - - - - - - - - - - 161
Page 1 and 2:
ESTADOS FINANCIEROS Financial State
Page 3 and 4:
INFORME DE LOS AUDITORES INDEPENDIE
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SOCIEDAD CONCESIONARIA TÚNEL SAN C
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SOCIEDAD CONCESIONARIA TUNEL SAN CR
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Índice 1. INFORMACIÓN GENERAL 2.
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SOCIEDAD CONCESIONARIA TÚNEL SAN C
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Las siguientes nuevas normas e inte
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La IFRIC (ó CINIIF - Comité de In
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i) Activos financieros Las inversio
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En cada cierre contable se revisan
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El detalle por cada concepto de efe
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• Cada vez que se autorice a oper
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) Riesgo de tipo de cambio Consiste
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Riesgo de crédito Los deudores com
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7. ACTIVO INTANGIBLE DISTINTO DE LA
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8. PROPIEDADES, PLANTA Y EQUIPO Las
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9. DETERIORO DEL VALOR DE LOS ACTIV
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4) Prohibición de gravar, enajenar
Page 37 and 38: 13. PASIVOS NO CORRIENTES El detall
Page 39 and 40: Los ajustes que dieron origen a la
Page 41 and 42: 18. BENEFICIOS A LOS EMPLEADOS La S
Page 43 and 44: c) Detalle de activos y pasivos por
Page 45 and 46: 20. OTROS PASIVOS FINANCIEROS CORRI
Page 47 and 48: c) Detalle de instrumentos financie
Page 49 and 50: La Sociedad no ha constituido provi
Page 51 and 52: 22. GANANCIA POR ACCIÓN El benefic
Page 53 and 54: En cuanto a las disposiciones espec
Page 55 and 56: 5. Obligaciones del concesionario a
Page 57 and 58: El MOP autorizó la puesta en servi
Page 59 and 60: Etapa 2: Consideró la operación d
Page 61 and 62: 1. Las obras de este proyecto se in
Page 63 and 64: 11. Al 31 de diciembre de 2011 el M
Page 65 and 66: 12. FINANCIAL STATEMENTS ENGLISH CO
Page 67 and 68: FINANCIAL POSITION STATEMENT AT DEC
Page 69 and 70: SOCIEDAD CONCESIONARIA TÚNEL SAN C
Page 71 and 72: SOCIEDAD CONCESIONARIA TÚNEL SAN C
Page 73 and 74: Table of Contents 9. DETERIORATION
Page 75 and 76: 2. BASES OF PRESENTATION AND ACCOUN
Page 77 and 78: 2.2 Main accounting criteria applie
Page 79 and 80: f) Depreciation The main useful lif
Page 81 and 82: • There must be a file in place f
Page 83 and 84: s) Financing costs The costs from l
Page 85 and 86: 4. FINANCIAL INSTRUMENTS 4.1 Polici
Page 87: • Held-to-maturity investments: T
Page 91 and 92: The balances and transactions with
Page 93 and 94: c) Movement of intangible assets ot
Page 95 and 96: The concept “Other increases (dec
Page 97 and 98: 2.- Matter: Complaint filed for the
Page 99 and 100: 12) Agreement of Subordination in C
Page 101 and 102: 14. NET EQUITY The Company’s capi
Page 103 and 104: 16. OPERATING INCOME AND OPERATING
Page 105 and 106: ) Detail of indexation units:  
Page 107 and 108: Details of financial liabilities in
Page 109 and 110: ) Non-current financial liabilities
Page 111 and 112: d) Effect on results Financial cost
Page 113 and 114: i) Reconciliation of the accounting
Page 115 and 116: 23. BUSINESS SEGMENTS The Company d
Page 117 and 118: The works executed are stipulated i
Page 119 and 120: i) The Successful Bidder or the Con
Page 121 and 122: As a result of the new works, the t
Page 123 and 124: • Performance of the project work
Page 125 and 126: 6. The Resolution establishes and i
Page 127: The entire calculation procedure wi
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Estados Financieros, (Inglés, Español) - Túnel San Cristóbal

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