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Consolidado 3/31/2008 6/30/2008 9/30/2008

Activo total $ 30,177,014.00 $ 29,013,321.00 $ 29,573,757.00


Activo Corriente $ 22,548,181.00 $ 24,300,833.00 $ 24,799,220.00
Activo no Corriente $ 1,955,208.00 $ 2,229,661.00 $ 2,316,722.00
Pasivo total $ 14,508,655.00 $ 15,675,432.00 $ 15,884,052.00
Pasivo Corriente $ 7,829,900.00 $ 8,304,414.00 $ 6,614,881.00
Utilid reten (perd acum) $ 6,243,350.00 $ 6,965,647.00 $ 7,314,030.00
EBITDA $ $ 3,835,423,988.90 $ 3,999,326,988.50 $ 4,068,758,147.90
EDITDAAjustado $ 3,835,423.99 $ 3,999,326.99 $ 4,068,758.15
0.001
Ingresos netos $ 3,481,367.00 $ 7,862,452.00 $ 12,585,558.00
Beta
X1 1.2 0.4877 0.5513 0.6149
X2 1.4 0.2069 0.2401 0.2473
X3 3.3 0.1271 0.1378 0.1376
X4 0.6 1.5541 1.5502 1.5613
X5 1 0.1154 0.2710 0.4256

Z Score 2.3422 2.6538 2.9004

ROE 26.08% 26.02% 25.24%


Tasa interés 7.52% 7.64% 8.29%

Dummy 0 0 0

Prob. Impago 22.32% 9.25% -1.10%


Z Score 2.3422 2.6538 2.9004
Dummy 0 0 0

Dummy Z score
0 2.3422
0 2.6538
0 2.9004
0 2.7802
0 2.1510
0 2.3640
0 2.5057
0 2.7612
0 2.3422
0 2.5345
0 2.6263
0 2.7186
0 2.3736
0 2.5071
0 2.5995
0 2.6202
0 2.1989
0 2.2091
0 2.3192
0 2.4301
1 2.0098
1 1.6838
1 1.3011
0 0.8732
0 0.6733
1 0.9295
1 0.9098
1 0.7733
1 0.6639
1 0.7286
1 1.3949
1 0.7707
1 0.7766
0 1.1199
1 1.0536
1 2.0813
1 2.0429
1 1.8832
1 2.3564
12/31/2008 3/31/2009 6/30/2009 9/30/2009 12/31/2009
$ 33,069,246.00 $ 29,961,823.00 $ 30,338,130.00 $ 31,323,207.00 $ 33,456,784.00
$ 27,902,254.00 $ 25,259,518.00 $ 25,725,568.00 $ 26,771,548.00 $ 28,411,072.00
$ 2,715,707.00 $ 2,271,753.00 $ 2,193,367.00 $ 2,161,201.00 $ 2,606,585.00
$ 19,316,753.00 $ 18,392,238.00 $ 18,033,205.00 $ 18,587,761.00 $ 20,315,736.00
$ 8,755,554.00 $ 9,168,317.00 $ 8,592,986.00 $ 9,339,465.00 $ 6,543,362.00
$ 7,508,715.00 $ 5,305,641.00 $ 6,178,106.00 $ 6,657,803.00 $ 7,146,088.00
$ 3,314,688,000.00 $ 2,975,205,000.00 $ 2,779,406,000.00 $ 2,764,153,000.00 $ 3,207,702,000.00
$ 3,314,688.00 $ 2,975,205.00 $ 2,779,406.00 $ 2,764,153.00 $ 3,207,702.00

$ 18,850,496.00 $ 3,202,022.00 $ 7,371,495.00 $ 12,055,805.00 $ 17,476,489.00

0.5790 0.5371 0.5647 0.5565 0.6536


0.2271 0.1771 0.2036 0.2126 0.2136
0.1002 0.0993 0.0916 0.0882 0.0959
1.4445 1.3734 1.4266 1.4403 1.3985
0.5700 0.1069 0.2430 0.3849 0.5224

2.7802 2.1510 2.3640 2.5057 2.7612

15.16% 13.29% 10.57% 11.11% 14.11%


8.10% 7.40% 5.42% 4.63% 4.62%

0 0 0 0 0

3.95% 30.35% 21.41% 15.46% 4.74%


2.7802 2.1510 2.3640 2.5057 2.7612
0 0 0 0 0

Constante 1.206055
Beta -0.419613

z 1.9

y 0.4088
3/31/2010 6/30/2010 9/30/2010 12/31/2010 3/31/2011
$ 33,387,436.00 $ 34,053,119.00 $ 36,443,156.00 $ 38,876,720.00 $ 39,540,979.00
$ 29,018,887.00 $ 29,778,349.00 $ 32,094,455.00 $ 33,865,972.00 $ 35,347,483.00
$ 1,961,576.00 $ 1,869,345.00 $ 1,949,006.00 $ 2,627,346.00 $ 1,815,526.00
$ 20,604,646.00 $ 20,815,963.00 $ 22,909,878.00 $ 24,320,973.00 $ 24,625,146.00
$ 6,940,252.00 $ 6,908,388.00 $ 7,953,608.00 $ 8,322,203.00 $ 8,956,727.00
$ 6,774,953.00 $ 7,400,308.00 $ 7,894,899.00 $ 8,657,851.00 $ 8,906,393.00
$ 3,155,733,000.00 $ 3,289,308,000.00 $ 3,475,145,000.00 $ 3,267,295,000.00 $ 3,504,552,000.00
$ 3,155,733.00 $ 3,289,308.00 $ 3,475,145.00 $ 3,267,295.00 $ 3,504,552.00

$ 3,593,446.00 $ 8,419,608.00 $ 13,587,630.00 $ 19,652,309.00 $ 4,098,427.00

0.6613 0.6716 0.6624 0.6570 0.6674


0.2029 0.2173 0.2166 0.2227 0.2252
0.0945 0.0966 0.0954 0.0840 0.0886
1.4084 1.4306 1.4009 1.3925 1.4354
0.1076 0.2472 0.3728 0.5055 0.1037

2.3422 2.5345 2.6263 2.7186 2.3736

15.28% 13.90% 13.96% 14.45% 14.26%


4.63% 4.64% 4.63% 4.39% 4.35%

0 0 0 0 0

22.32% 14.25% 10.40% 6.53% 21.00%


2.3422 2.5345 2.6263 2.7186 2.3736
0 0 0 0 0
6/30/2011 9/30/2011 12/31/2011 3/31/2012 6/30/2012
$ 40,509,191.00 $ 41,826,288.00 $ 43,607,537.00 $ 47,464,045.00 $ 51,953,799.00
$ 36,394,148.00 $ 37,639,712.00 $ 38,432,010.00 $ 40,111,601.00 $ 42,110,625.00
$ 1,708,269.00 $ 1,774,737.00 $ 2,778,229.00 $ 5,117,208.00 $ 7,607,938.00
$ 25,155,588.00 $ 25,949,864.00 $ 27,684,823.00 $ 30,913,184.00 $ 35,109,223.00
$ 9,899,241.00 $ 10,630,387.00 $ 11,584,101.00 $ 11,453,653.00 $ 12,819,241.00
$ 9,388,311.00 $ 9,833,363.00 $ 9,962,265.00 $ 11,175,106.00 $ 11,746,059.00
$ 3,597,663,000.00 $ 3,291,728,000.00 $ 3,006,923,000.00 $ 3,483,341,000.00 $ 3,774,839,000.00
$ 3,597,663.00 $ 3,291,728.00 $ 3,006,923.00 $ 3,483,341.00 $ 3,774,839.00

$ 9,588,035.00 $ 15,287,133.00 $ 21,853,279.00 $ 5,887,728.00 $ 13,331,507.00

0.6540 0.6457 0.6157 0.6038 0.5638


0.2318 0.2351 0.2285 0.2354 0.2261
0.0888 0.0787 0.0690 0.0734 0.0727
1.4468 1.4505 1.3882 1.2976 1.1994
0.2367 0.3655 0.5011 0.1240 0.2566

2.5071 2.5995 2.6202 2.1989 2.2091

13.85% 12.85% 12.15% 14.25% 14.25%


4.41% 4.26% 4.39% 4.43% 4.40%

0 0 0 0 0

15.40% 11.53% 10.66% 28.34% 27.91%


2.5071 2.5995 2.6202 2.1989 2.2091
0 0 0 0 0
$ 10,000,000.00
9/30/2012 12/31/2012 3/31/2013 6/30/2013 9/30/2013
$ 54,360,288.00 $ 53,581,215.00 $ 54,428,411.00 $ 54,711,683.00 $ 47,458,963.00
$ 43,346,680.00 $ 43,191,784.00 $ 45,634,888.00 $ 54,614,836.00 $ 46,860,391.00
$ 8,778,372.00 $ 8,154,195.00 $ 6,558,287.00 $ 1,861,611.00 $ 1,363,336.00
$ 37,107,389.00 $ 36,599,351.00 $ 37,422,362.00 $ 36,145,092.00 $ 32,307,989.00
$ 12,426,548.00 $ 14,139,270.00 $ 15,052,255.00 $ 35,607,564.00 $ 35,120,288.00
$ 12,293,961.00 $ 12,089,034.00 $ 12,215,223.00 $ 2,028,335.00 $ 1,287,444.00
$ 4,027,576,000.00 $ 3,555,139,000.00 $ 3,767,577,000.00 $ 3,766,377,000.00 $ 2,765,980.00
$ 4,027,576.00 $ 3,555,139.00 $ 3,767,577.00 $ 3,766,377.00 $ 2,765.98

$ 20,363,610.00 $ 28,749,403.00 $ 3,330,525.00 $ 4,444,866.00 $ 4,547,840.00

0.5688 0.5422 0.5619 0.3474 0.2474


0.2262 0.2256 0.2244 0.0371 0.0271
0.0741 0.0664 0.0692 0.0688 0.0001
1.1681 1.1801 1.2195 1.5110 1.4504
0.3746 0.5366 0.0612 0.0812 0.0958

2.3192 2.4301 2.0098 1.6838 1.3011

13.74% 11.25% 3.75% 1.77% 0.99%


4.33% 4.34% 4.16% 3.82% 3.82%

0 0 1 1 1

23.29% 18.63% 36.27% 49.95% 66.01%


2.3192 2.4301 2.0098 1.6838 1.3011
0 0 1 1 1
12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014
$ 52,998,925.00 $ 46,817,643.00 $ 55,747,560.00 $ 55,738,155.00 $ 49,314,933.00
$ 44,483,933.00 $ 44,334,549.00 $ 54,276,500.00 $ 54,297,083.00 $ 47,680,860.00
$ 11,279,756.00 $ 11,247,858.00 $ 12,235,824.00 $ 12,205,836.00 $ 10,398,837.00
$ 43,298,224.00 $ 44,159,009.00 $ 47,685,481.00 $ 47,784,310.00 $ 45,259,579.00
$ 41,128,581.00 $ 42,107,193.00 $ 45,740,932.00 $ 45,842,099.00 $ 45,255,119.00
$ 4,976,681.00 $ 345,000.00 $ 1,239,087.00 $ 1,567,823.00 $ 678,934.00
$ 3,567,812.00 $ 1,324,789.00 $ 443,856,000.00 $ 890,761.00 $ 427,701,000.00
$ 3,567.81 $ 1,324.79 $ 443,856.00 $ 890.76 $ 427,701.00

$ 2,602,366.00 $ 158,932.00 $ 301,088.00 $ 364,427.00 $ 1,689,306.00

0.0633 0.0476 0.1531 0.1517 0.0492


0.0939 0.0074 0.0222 0.0281 0.0138
0.0001 0.0000 0.0080 0.0000 0.0087
1.0274 1.0040 1.1382 1.1363 1.0535
0.0491 0.0034 0.0054 0.0065 0.0343

0.8732 0.6733 0.9295 0.9098 0.7733

3.54% 3.75% 0.00% 0.00% 0.00%


3.45% 3.36% 3.29% 2.88% 2.93%

0 0 1 1 1

83.97% 92.35% 81.60% 82.43% 88.16%


0.8732 0.6733 0.9295 0.9098 0.7733
0 0 1 1 1
3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016
$ 47,228,806.00 $ 53,508,643.00 $ 34,425,070.00 $ 23,679,537.00 $ 24,137,997.00
$ 46,745,898.00 $ 48,818,267.00 $ 23,727,083.00 $ 17,230,759.00 $ 18,452,716.00
$ 12,247,672.00 $ 12,455,140.00 $ 13,462,751.00 $ 9,213,542.00 $ 8,450,045.00
$ 47,356,353.00 $ 47,752,768.00 $ 20,466,156.00 $ 19,020,244.00 $ 19,824,984.00
$ 45,454,749.00 $ 45,810,901.00 $ 18,408,888.00 $ 18,409,190.00 $ 19,117,841.00
$ 565,320.00 $ 1,234,908.00 $ 987,065.00 $ 345,290.00 $ 290,654.00
$ 291,833,637.67 $ 200,287,267.72 $ 4,871,805,851.20 $ 1,807,067,000.00 $ 1,669,108,000.00
$ 291,833.64 $ 200,287.27 $ 4,871,805.85 $ 1,807,067.00 $ 1,669,108.00

$ 81,443.00 $ 167,274.00 $ 232,470.00 $ 346,100.00 $ 147,638.00

0.0273 0.0562 0.1545 -0.0498 -0.0276


0.0120 0.0231 0.0287 0.0146 0.0120
0.0062 0.0037 0.1415 0.0763 0.0691
0.9871 1.0223 1.1593 0.9059 0.9308
0.0017 0.0031 0.0068 0.0146 0.0061

0.6639 0.7286 1.3949 0.7707 0.7766

0.00% 0.00% 0.00% 0.00% 0.00%


2.99% 3.10% 3.27% 3.21% 3.58%

1 1 1 1 1

92.75% 90.03% 62.07% 88.27% 88.02%


0.6639 0.7286 1.3949 0.7707 0.7766
1 1 1 1 1
6/30/2016 9/30/2016 12/31/2016 3/31/2017 6/30/2017
$ 23,613,165.00 $ 23,170,735.00 $ 18,702,451.00 $ 18,704,058.00 $ 18,657,651.00
$ 18,375,607.00 $ 18,003,968.00 $ 16,422,193.00 $ 16,415,023.00 $ 16,395,071.00
$ 8,002,322.00 $ 7,931,531.00 $ 5,045,022.00 $ 5,053,799.00 $ 5,027,344.00
$ 18,710,879.00 $ 18,881,536.00 $ 14,292,552.00 $ 14,645,821.00 $ 14,739,335.00
$ 16,146,055.00 $ 16,119,424.00 $ 10,601,709.00 $ 10,983,437.00 $ 10,818,577.00
$ 445,878.00 $ 234,908.00 $ 123,867.00 $ 678,343.00 $ 345,210.00
$ 2,665,407,000.00 $ 2,387,283,000.00 $ 5,457,027,000.00 $ 5,463,063,000.00 $ 4,647,045,000.00
$ 2,665,407.00 $ 2,387,283.00 $ 5,457,027.00 $ 5,463,063.00 $ 4,647,045.00

$ 434,605.00 $ 688,992.00 $ 866,389.00 $ 136,243.00 $ 173,054.00

0.0944 0.0813 0.3112 0.2904 0.2989


0.0189 0.0101 0.0066 0.0363 0.0185
0.1129 0.1030 0.2918 0.2921 0.2491
0.9821 0.9535 1.1490 1.1208 1.1123
0.0184 0.0297 0.0463 0.0073 0.0093

1.1199 1.0536 2.0813 2.0429 1.8832

7.80% 0.00% 0.50% 1.30% 4.30%


3.97% 4.41% 5.40% 6.39% 6.84%

0 1 1 1 1

73.61% 76.39% 33.27% 34.88% 41.59%


1.1199 1.0536 2.0813 2.0429 1.8832
0 1 1 1 1
9/30/2017
$ 18,895,125.00
$ 16,745,579.00
$ 4,914,310.00
$ 11,057,304.00
$ 9,088,860.00
$ 214,678.00
$ 5,332,237,000.00
$ 5,332,237.00

$ 271,124.00

0.4052
0.0114
0.2822
1.5144
0.0143

2.3564

5.90%
7.09%

21.73%
2.3564
1
Consolidado 3/31/2008 6/30/2008 9/30/2008 12/31/2008 3/31/2009 6/30/2009
ROE Rent Pat (pat prom)% 26.08 26.02 25.24 15.16 13.29 10.57
Tasa 7.5 7.6 8.3 8.1 7.4 5.4
0.26081252 0.26016144 0.25244901 0.15160386 0.13286265 0.1056944
0.0752 0.0764 0.08293333 0.08096667 0.074 0.0542
9/30/2009 12/31/2009 3/31/2010 6/30/2010 9/30/2010 12/31/2010 3/31/2011 6/30/2011
11.11 14.11 15.28 13.90 13.96 14.45 14.26 13.85
4.6 4.6 4.6 4.6 4.6 4.4 4.4 4.4
0.11107947 0.14105054 0.15276868 0.13895133 0.13960688 0.14447418 0.14259465 0.1384831
0.04626667 0.04616667 0.04633333 0.04643333 0.0463 0.0439 0.0435 0.0441
9/30/2011 12/31/2011 3/31/2012 6/30/2012 9/30/2012 12/31/2012 3/31/2013 6/30/2013
12.85 12.15 14.25 14.25 13.74 11.25 3.75 1.77
4.3 4.4 4.4 4.4 4.3 4.3 4.2 3.8
0.12848777 0.12148213 0.14245001 0.14245289 0.13741995 0.11250088 0.0375 0.01767
0.04256667 0.04393333 0.04426667 0.044 0.04333333 0.0434 0.04163333 0.03816667
9/30/2013 12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015
0.99 3.54 3.75 0.00 0.00 0.00 0.00 0.00
3.8 3.5 3.4 3.3 2.9 2.9 3.0 3.1
0.00987 0.0354 0.0375 0 0 0 0 0
0.0382 0.03453333 0.03363333 0.0329 0.02883333 0.0293 0.0299 0.031
9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 6/30/2017
0.00 0.00 0.00 7.80 0.00 0.50 1.30 4.30
3.3 3.2 3.6 4.0 4.4 5.4 6.4 6.8
0 0 0 0.078 0 0.005 0.013 0.043
0.0327 0.03213333 0.0358 0.0397 0.0441 0.05396667 0.06393333 0.06843333
9/30/2017
5.90
7.1
0.059
0.07093333