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Excedente de Libre Disposición
Mercadería
Compradores
Pago
Originadores
Pago
Flujos
Futuros y
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Cobrar
Fiduciario
Patrimonio
Fideicometido
Bonos
US$25 MM
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COMPRADORES
Flujo de Cobranza Total
Patrimonio Fideicometido
Excedente de Libre Disposición 1 :
Flujo Total - Asignación Cuentas Recolectoras
Ctas. Centralizadoras
Ctas. Recolectoras
Cta.Reser.Com. IFC
Ctas.Fon.Cuota Bonos
Cta.Reser.-Garantía
Asignación Ctas. Recolectoras = 6x Cuota
Cta.Reser.-Aceleración
Asignación Ctas. Recolectoras
Cta.Reser.-Covenants
Asignación Ctas Recolectoras – Asignación Reserva Comisión IFC
= Excedente Disponible Fondo Cuota Bonos
Exced.Disp.Fdo.Cta.Bonos – Asig.Fdo.Cta Bonos
= Excedente Disponible para Reserva Garantia
Exced.Disp.Res.Gtia – Asig.Res.Gtia
= Excedente Disponible para Aceleración
Exced.Disp.Aceler – Asig. Aceleración
= Excedente Disponible para Covenants
Exced.Disp.Cov – Asig. Covenants
= Excedente Libre Disposición 2
ORIGINADORES
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Evolución de las Ventas Totales Anuales de los Originadores
en miles de Dólares
2001 2002 2003 2004
Sociedad Agrícola Drokasa S.A. Uvas 3,258 8,320 10,048 7,484
Espárragos 10,933 20,942 24,426 29,218
Total 14,191 29,262 34,474 34,820
Drokasa Perú S.A. (1) a Terceros 51,283 54,426 58,567 64,281
Farmindustria S.A. a Afiliadas 18,828 19,739 21,647 23,310
Maquila a Terceros 411 598 477 501
Maquila a Pharmalab 961 1,897 3,487 3,809
Total 20,200 22,233 25,611 27,620
Pharmalab S.A. a Afiliadas 2,631 4,544 7,282 9,466
a terceros 6,046 3,710 0 0
Total 8,677 8,254 7,282 9,015
Ventas Originadores (2) 71,931 87,995 93,519 99,603
Ventas Base (3) 71,520 87,398 93,041 99,101
Nota:
Información de los años 2001, 2002, 2003 y 2004 obtenida de los balances auditados.
(1) La información de Drokasa ha sido ajustada para eliminar las ventas de licores, negocio que fue escindido en Junio del 2004.
(2) Venta Originadores es igual a las ventas de Agrokasa más Drokasa, Farmindustria Maquila a Terceros y ventas de Pharmalab a Terceros.
(3) Ventas Base es igual a Ventas Originadores menos Farmindustria Maquila a Terceros.
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Flujo Anual Esperado del Patrimonio Fideicometido
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Año 1 Año 2 Año 3 Año 4 Año 5 Año 6
Ventas 112,508 115,638 118,016 120,935 124,819 128,803
Asignación Cuentas Recolectoras 31,275 31,275 31,275 31,275 31,275 31,275
Exc. de Libre Disposición 81,233 84,363 86,741 89,660 93,544 97,528
Asignación Cuentas Recolectoras 31,275 31,275 31,275 31,275 31,275 31,275
Gastos de Operación 86 86 86 86 86 86
Flujo de Operación 31,190 31,190 31,190 31,190 31,190 31,190
Asignación de Reserva Comisión IFC 216 184 149 111 71 27
Excedente Disponible para Asignación Cuota Bono 30,974 31,006 31,041 31,078 31,119 31,163
Asignación Cuota Bono 5,213 5,213 5,213 5,213 5,213 5,213
Excedente para Cuenta de Reserva Garantía 25,761 25,794 25,828 25,866 25,906 25,950
Asignación Reserva - Garantía 0 0 0 0 0 0
Excedente para Aceleración 25,761 25,794 25,828 25,866 25,906 25,950
Asignación Reserva - Aceleración 0 0 0 0 0 0
Excedente para Covenants 25,761 25,794 25,828 25,866 25,906 25,950
Asignación Reserva - Covenants 0 0 0 0 0 0
Exc. de Libre Disposición 25,761 25,794 25,828 25,866 25,906 25,950
Indices de Cobertura de Cuota
Asignación Cuentas Recolectoras / Cuota Bono 6.00x 6.00x 6.00x 6.00x 6.00x 6.00x
Flujo de Operación / Cuota Bono 5.98x 5.98x 5.98x 5.98x 5.98x 5.98x
Excedente Disponible para Asignación Cuota Bono / Cuota Bono 5.94x 5.95x 5.96x 5.96x 5.97x 5.98x
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8.2.1 Drokasa Perú S.A.
a) Introducción
"0//(/+(///(+
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C(+G(L/O G((=C/G(LC
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E v o l u c ió n d e l P B I G lo b a l y P B I S e c t o r C o m e r c io
2 0 .0 %
1 4 .0 %
8 .0 %
Var. %
2 .0 %
-4 .0 %
1990
1992
1994
1996
1998
2000
2002
Ene-Ago'04
- 1 0 .0 %
A ñ o
P B I S e c t o r C o m e r c i o
P B I G lo b a l
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2'CA
Ventas en miles de
US$
70,000
65,000
60,000
55,000
50,000
45,000
Evolución de Ventas de Drokasa
40,000
2000 2001 2002 2003 2004
Años
Se incluyen las ventas de la UNE de Licores (escindida en M ayo de 2004)
Químicos y
Agroquímicos
10%
M ercaderia y
Accesorios
28%
Distribución de Ventas por UNE 2004
Perfumería y
Cosméticos
2%
Licores y
Alimentos
3%
Farmacia
57%
Total: US$ 66.5 MM
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29,000
27,000
25,000
23,000
21,000
19,000
17,000
15,000
Evolución de Ventas de Farmindustria
2000 2001 2002 2003 2004
Populares
11%
Distribución de Ventas por UNE y Línea 2004
Genericos
15%
Perfumería
2%
Maquila a
Pharmalab
10%
Maquila a
Terceros
6%
Años
D88
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Mauricio Dominguez
Gerente General
Milagros Gonzales
Auditora General
Fabiola Ferrer
Jefe de Seguros
Jorge Aguayo
Gerente Comercial
Farmacia
Jorge Guardia
Gerente de Marketing
Farmacia
Miguel Angel Saavedra
Gerente de Desarrollo de Negocios
Farmacia
Lilly Vásquez
Gerente de Planta
José Luna
Sub-Gerente de Soporte de
Marketing y Administración
Eduardo Linares
Gerente de Logística y Distribución
Max Bromberg
Gerente de Finanzas
Luis Zamora
Gerente de Recursos Humanos
Agustín Gamarra
Gerente de Sistemas
Lucila Villanueva
Sub-Gerente Legal
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8.2.4 Sociedad Agrícola Drokasa S.A. - Agrokasa
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a) Introducción
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Exportaciones Agrícolas Peruanas
(Miles de US$ FOB)
Rank.
2004
Rank.
2003
Razón
Var.
2001 2002 2003 2004
Social %
1 1 CAMPOSOL / SOL PRODUCE 19,546 24,465 45,856 62,020 35.25%
2 2 PERALES HUANCARUNA 40,145 42,101 37,697 51,938 37.78%
3 3 SOCIEDAD AGRICOLA VIRU 13,290 19,166 31,736 38,407 21.02%
4 4 ALICORP 21,114 24,007 27,194 35,878 31.93%
5 8 COMERCIO & CIA 15,343 15,725 17,037 27,966 64.15%
6 9 CIA INTERNACIONAL DEL CAFÉ 14,505 15,557 14,537 26,762 84.10%
7 10 PROCESADORA DEL SUR 8,513 13,979 12,942 25,443 96.59%
8 5 SOCIEDAD AGRICOLA DROKASA 10,056 18,198 22,382 25,046 11.90%
9 7 DANPER TRUJILLO 12,184 13,911 17,788 24,472 37.58%
10 6 AGRO INDUSTRIAS BACKUS 23,351 21,492 18,770 18,723 -0.25%
SUB-TOTAL 178,048 208,601 245,939 336,656 36.89%
TOTAL SECTOR 644,548 769,429 n/d n/d n/d
EXPORTACIONES TOTALES 6,956,240 7,582,310 8,863,269 12,370,097 39.57%
Fuente: Sunat Fuente: - Aduanas Sunat - Aduanas
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31 de diciembre de 2003 31 de diciembre de 2004
Directa Indirecta Total Directa Indirecta Total
Drokasa Perú S.A. 97.22% 2.78% 100.00% 97.22% 2.78% 100.00%
Farmindustria S.A. 99.99% 0.01% 100.00% 99.99% 0.01% 100.00%
Agrokasa 34.42% 65.58% 100.00% 34.42% 65.58% 100.00%
Pharmalab 99.50% 0.50% 100.00% 99.50% 0.50% 100.00%
Nota: se entiende por participación indirecta a aquella que mantiene Corporación Drokasa S.A. a través de alguna de sus
empresas subsidiarias.
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