Saram S.A.

Balance General al 31 de diciembre

(Expresado en miles de U$S)
Año: 2015 2016 2017 2018
ACTIVO
Cajas y Bancos 283.77 296.00 448.20 519.68
Inversiones de CP 112.81 15.00
Ctas. Y préstamos por cobrar 702.30 703.00 793.47 819.65
Inventarios 2,861.71 4,382.00 3,570.61 3,688.44
Deudores varios - - - -
Gastos pagados por anticipado - 439.00 41.32 39.05
Otros - 379.00 379.00 379.00
Total Activo Circulante 3,960.59 6,214.00 5,232.60 5,445.82
Activo Fijo Bruto 5,674.06 6,318.51 6,537.16 6,743.78
Depreciación Acumulada -1,482.00 -1,945.51 -2,404.68 -2,838.59
Activo Fijo Neto 4,192.06 4,373.00 4,132.48 3,905.19
Ctas cobrar afiliadas - - - -
Inversiones - 1.00 - -
Otros Activos 242.27 235.00 235.00 235.00
Total Activo Fijo 4,434.33 4,609.00 4,367.48 4,140.19
TOTAL ACTIVOS 8,394.92 10,823.00 9,600.08 9,586.01

PASIVO
Deuda a CP con instituciones financieras - 1,482.00 217.60 217.60
Proveedores - 949.00 1,190.20 1,229.48
Impuestos por pagar - 86.00 79.32 83.25
Cuentas y gastos por pagar 3,150.10 1,526.00 1,536.24 1,586.93
Certificados de inversión CP - - - -
Dividendos por pagar - - - -
Otros - 46.00 - -
Total Pasivo Circulante 3,150.10 4,089.00 3,023.36 3,117.26
Deuda a LP con instituciones financieras 1,164.38 2,176.00 1,958.40 1,740.80
Certificados de inversión LP - -
Cuentas por pagar afiliadas - 171.00 171.00 171.00
Otros pasivos - -
Total Pasivo Largo Plazo 1,164.38 2,347.00 2,129.40 1,911.80
TOTAL PASIVO 4,314.48 6,436.00 5,152.76 5,029.06
Capital Social 3,000.00 3,150.00 3,150.00 3,150.00
Reserva Legal 198.63 221.00 245.03 275.06
Revaluación de activos - 316.00 316.00 316.00
Utilidad de ejercicios anteriores 505.30 417.00 417.00 417.00
Utilidad del Ejercicio 376.51 283.00 319.29 398.89
Otros - - - -
Total Patrimonio 4,080.44 4,387.00 4,447.32 4,556.95
TOTAL PASIVO Y PATRIMONIO 8,394.92 10,823.00 9,600.08 9,586.01

Saram S.A.
Balance General al 31 de diciembre
(Expresado en miles de U$S)
Año: 2015 2016 2017 2018
Ventas Netas 18,096.18 21,847.00 22,611.65 23,403.05
Costo de Ventas 15,657.46 19,203.00 19,836.70 20,491.31
Utilidad Bruta 2,438.72 2,644.00 2,774.95 2,911.74
Gastos de Administración 713.50 627.00 639.54 652.33
Gastos de Venta 700.95 1,533.00 1,563.66 1,594.93
Gastos Financieros 134.30 158.00 142.59 128.33
Utilidad de Operación 889.97 326.00 429.16 536.15
Otros productos - - - -
Otros Gastos 330.56 - - -
Utilidad Antes de Impuestos 559.41 326.00 429.16 536.15
Impuestos sobre la renta 143.74 20.00 85.83 107.23
Utilidad Neta 415.67 306.00 343.33 428.92
Reserva Legal 39.16 23.00 24.03 30.02
Utilidad Distribuible 376.51 283.00 319.30 398.90
Utilidad Distribuida 283.00 319.29

2015 2016 2017 2018

UAII 484.00 571.75 664.48
Diferencia CT -2,796.51 1,180.16 -119.32
Depreciación 463.51 459.17 433.91
Inversiones AF -644.45 -218.65 -206.62
Amortizaciones diferidos - - -
CASH OPERATIVO -2493.45 1992.43 772.45

Impuesto Hipotético -96.8 -114.35 -132.90

FREE CASH FLOW -2590.25 1878.08 639.55

Impuesto Real (imp sobre la renta) 20.00 85.83 107.23

CAPITAL CASH FLOW -2513.45 1906.60 665.22

Amortización Deuda 2,493.62 -1,482.00 -217.60

Interés (gastos financieros) -158.00 -142.59 -128.33
CFAcc -177.83 282.01 319.29

Año: 2015 2016 2017 2018

Total Activo Circulante 3,960.59 6,214.00 5,232.60 5,445.82
Total Pasivo Circulante 3,150.10 2,607.00 2,805.76 2,899.66
Capital de Trabajo 810.49 3,607.00 2,426.84 2,546.16
Variación CT 2,796.51 -1,180.16 119.32

Año: 2015 2016 2017 2018

Activo Fijo Bruto 5,674.06 6,318.51 6,537.16 6,743.78
Variación AF 644.45 218.65 206.62

Año: 2015 2016 2017 2018

Deuda a CP con instituc - 1,482.00 217.60 217.60
Deuda a LP con instituci 1,164.38 2,176.00 1,958.40 1,740.80
TOTAL DEUDA 1,164.38 3,658.00 2,176.00 1,958.40
Amortización 2,493.62 -1,482.00 -217.60

Datos
Rf 3.50%
ßu ßu = ßL * {E/ E+D(1-T)} + ßd * {D(1-T)/D(1-T) + E} 1
ßd ßd = Cd - Rf / RM - Rf
ßL ßL = ßU + (ßU - ßd) * { d(1-T)/E}
RM 12%
Kd 6.5528%
Tasa Impuesto 20%
Reserva Legal 7%

Año: 2015 2016 2017 2018

Rf 3.50% 3.50% 3.50%
ßU 1 1 1
ßD 0.359151 0.3591507 0.3591507
ßL 1.4274860706 1.250845556749 1.2203296976
RM 12% 12% 12%
Kd 6.5528% 6.5528% 6.5528%
Tasa Impuesto 20% 20% 20%

Ke 0.156336 0.141321872324 0.1387280243

CASH FLOW PA

2017 2018
1 2
Deuda
Equity
D+E
Kd
Ke (rentatabilidad exigida) 0.141321872324 0.1387280243

Ke 0.141321872324 0.1387280243

Cfacc 282.01 319.29

Cfacc Descontado 247.090682163 246.23245729
 3593.24
3437.49 3155.48
3011.85

6949.17
6384.58 6102.5718086
5594.02

3011.85 3155.48
5594.02 6102.57

5918.987 5594.02
Valor Presente suma total 3116.238 3011.85

FREE C

2017 2018
1 2
Deuda 2,176.00 1,958.40
Equity 3011.85 3155.48
D+E 5,187.85 5,113.88
Kd 0.05242225 0.05242225
Ke 0.141321872324 0.1387280243
NUEVA EQUITY 5594.02 6102.57
NUEVA D + E nueva 7,770.02 8,060.97

WACC 0.104033685886 0.105677

WACC NUEVO PERPETUIDAD 0.11642548 0.11776018

FCF 1878.08 639.55

FCF Descontado 1701.107515114 523.14370526

FCF 1878.08 639.55

FCF Descontado NUEVO 1,682.2260 511.8939

5654.29
 6991.95 5113.8734847
6333.097960804

9832.40
10,674.5963 8,796.516
9561.405143899

6333.097960804 5113.8734847

Valor Presente 6297.5486469 6333.097960804

Deuda - 3,658.00 3,658.00

Caja (caja disponible) + 296.00 296.00

Valor Empresa 2,935.55 2,971.10

CAPITAL

2017 2018
1 2
Deuda 2,176.00 1,958.40
Equity 3011.85 3155.48
D+E 5,187.85 5,113.88
Kd 0.065528 0.065528
Ke 0.141321872324 0.1387280243
NUEVO EQUITY 5594.02 6102.57
NUEVO D + E nuevo 7,770.02 8,060.97

WACCBT 0.109531 0.1106954469

WACCBT NUEVO 0.120096 0.120944

CFC 1906.60 665.22

FCF Descontado 1718.384175601 539.23157518

CFC 1906.60 665.22

FCF Descontado Nuevo 1,702.1760 529.4163

5679.96
7020.48 5113.88
 6327.43

9,847.6601
10691.75 8,785.1478
9545.39

6327.43 5113.88

Valor Presente 6316.628 6327.433256806

Deuda - 3,658.00 3,658.00

Caja + 296.00 296.00

Valor Empresa 2954.628 2,965.43

2019 2020 2021 2022 2023 2024

163.73 214.22 91.41 138.38 185.20 232.92

846.70 874.64 903.51 933.32 964.12 995.94

4,233.50 4,373.21 4,517.53 4,666.60 4,820.60 4,979.68
- - - - - -
36.90 34.87 32.96 31.14 29.43 27.81
379.00 379.00 379.00 379.00 379.00 379.00
5,659.83 5,875.94 5,924.41 6,148.44 6,378.35 6,615.35
6,939.04 7,123.56 7,297.94 7,462.72 7,618.44 7,765.59
-3,248.63 -3,636.13 -4,002.31 -4,348.35 -4,675.36 -4,984.38
3,690.41 3,487.43 3,295.63 3,114.37 2,943.08 2,781.21
- - - - - -
- - - - - -
235.00 235.00 235.00 235.00 235.00 235.00
3,925.41 3,722.43 3,530.63 3,349.37 3,178.08 3,016.21
9,585.24 9,598.37 9,455.04 9,497.81 9,556.43 9,631.56

217.60 217.60 217.60 217.60 217.60 217.60

1,270.05 1,311.96 1,355.26 1,399.98 1,446.18 1,493.90
87.35 91.64 96.12 100.79 105.68 110.77
1,639.29 1,693.39 1,749.29 1,807.00 1,866.64 1,928.25
- - - - - -
- - - - - -
- - - - - -
3,214.29 3,314.59 3,418.27 3,525.37 3,636.10 3,750.52
1,523.20 1,305.60 1,088.00 870.40 652.80 435.20
- -
171.00 171.00
- -
1,694.20 1,476.60 1,088.00 870.40 652.80 435.20
4,908.49 4,791.19 4,506.27 4,395.77 4,288.90 4,185.72
3,150.00 3,150.00 3,150.00 3,150.00 3,150.00 3,150.00
311.37 354.26 404.07 461.12 525.75 598.35
316.00 316.00 316.00 316.00 316.00 316.00
417.00 417.00 417.00 417.00 417.00 417.00
482.38 569.92 661.70 757.92 858.78 964.49
- - - - - -
4,676.75 4,807.18 4,948.77 5,102.04 5,267.53 5,445.84
9,585.24 9,598.37 9,455.04 9,497.81 9,556.43 9,631.56
2019 2020 2021 2022 2023 2024
24,222.16 25,069.93 25,947.38 26,855.54 27,795.49 28,768.33
21,167.52 21,866.05 22,587.63 23,333.02 24,103.01 24,898.41
3,054.64 3,203.88 3,359.75 3,522.52 3,692.48 3,869.92
665.38 678.68 692.26 706.10 720.23 734.63
1,626.83 1,659.37 1,692.56 1,726.41 1,760.94 1,796.15
114.07 99.81 85.55 71.29 57.04 42.78
648.36 766.02 889.38 1,018.72 1,154.27 1,296.36
- - - - - -
- - - - - -
648.36 766.02 889.38 1,018.72 1,154.27 1,296.36
129.67 153.20 177.88 203.74 230.85 259.27
518.69 612.82 711.50 814.98 923.42 1,037.09
36.31 42.90 49.81 57.05 64.64 72.60
482.38 569.92 661.70 757.93 858.78 964.49
398.89 482.38 569.92 661.70 757.92 858.78

2019 2020 2021 2022 2023 2024

762.43 865.83 974.93 1090.01 1211.31 1339.14
-116.98 -115.81 55.21 -116.93 -119.18 -122.58
410.04 387.50 366.18 346.04 327.01 309.02
-195.26 -184.52 -174.38 -164.78 -155.72 -147.15
- - - - - -
860.23 953.00 1221.94 1154.34 1263.42 1378.43

-152.486 -173.17 -194.986 -218.00 -242.26 -267.83

707.74 779.83 1026.95 936.34 1021.16 1110.60

129.67 153.20 177.88 203.74 230.85 259.27

730.56 799.80 1044.06 950.60 1032.57 1119.16

-217.60 -217.60 -217.60 -217.60 -217.60 -217.60

-114.07 -99.81 -85.55 -71.29 -57.04 -42.78
398.89 482.39 740.91 661.71 757.93 858.78

2019 2020 2021 2022 2023 2024

5,659.83 5,875.94 5,924.41 6,148.44 6,378.35 6,615.35
2,996.69 3,096.99 3,200.67 3,307.77 3,418.50 3,532.92
2,663.14 2,778.95 2,723.74 2,840.67 2,959.85 3,082.43
116.98 115.81 -55.21 116.93 119.18 122.58

2019 2020 2021 2022 2023 2024

6,939.04 7,123.56 7,297.94 7,462.72 7,618.44 7,765.59
195.26 184.52 174.38 164.78 155.72 147.15

2019 2020 2021 2022 2023 2024

 217.60 217.60 217.60 217.60 217.60 217.60
1,523.20 1,305.60 1,088.00 870.40 652.80 435.20
1,740.80 1,523.20 1,305.60 1,088.00 870.40 652.80
-217.60 -217.60 -217.60 -217.60 -217.60 -217.60

2019 2020 2021 2022 2023 2024

3.50% 3.50% 3.50% 3.50% 3.50% 3.50%
1 1 1 1 1 1
0.3591507 0.3591507 0.3591507 0.3591507 0.3591507 0.3591507
1.190831746224 1.162447281568 1.1352566954746 1.1093278827136 1.084714502732 1.0614555584505
12% 12% 12% 12% 12% 12%
6.5528% 6.5528% 6.5528% 6.5528% 6.5528% 6.5528%
20% 20% 20% 20% 20% 20%

0.136220698429 0.133808018933 0.131497 0.1292928700307 0.1272007327322 0.1252237224683

CASH FLOW PARA EL ACCIONISTA

2019 2020 2021 2022 2023 2024

3 4 5 6 7 8

0.136220698429 0.133808018933 0.1314968191153 0.1292928700307 0.1272007327322 0.1252237224683

0.136220698429 0.133808018933 0.1314968191153 0.1292928700307 0.1272007327322 0.1252237224683

398.89 482.39 740.91 661.71 757.93 858.78

271.9349695053 291.9041028738 399.48342941853 319.0275443041 327.80853774222 334.17263643963

2567.41
3039.62 2281.69
3358.32 2696.61
 3714.73 2973.82
3765.42 3283.03 9574.14
3719.93 3321.04 9266.59 8508.6584069219
3273.95 8882.60 8220.8857196718
8606.54 7865.6263183799
8088.72 7606.328336927
7533.01 7134.116359961
6629.879538699

3273.95 3321.04 3283.03 2973.82 2696.61 2281.69

6629.88 7134.12 7606.33 7865.63 8220.89 8508.66

FREE CASH FLOW

2019 2020 2021 2022 2023 2024

3 4 5 6 7 8
1,740.80 1,523.20 1,305.60 1,088.00 870.40 652.80
3273.95 3321.04 3283.03 2973.82 2696.61 2281.69
5,014.75 4,844.24 4,588.63 4,061.82 3,567.01 2,934.49
0.0524222476 0.0524222476 0.0524222476 0.0524222476 0.0524222476 0.0524222476
0.136220698429 0.133808018933 0.1314968191153 0.1292928700307 0.1272007327322 0.1252237224683
6629.88 7134.12 7606.33 7865.63 8220.89 8508.66
8,370.68 8,657.32 8,911.93 8,953.63 9,091.29 9,161.46

0.107131221088 0.108217435809 0.1089977639354 0.1087023085968 0.1089537345529 0.1090284647272

0.11879364 0.11948871 0.11991237 0.11995194 0.12004144 0.12003625

707.74 779.83 1026.95 936.34 1021.16 1110.60

521.5295277161 517.0139379412 612.20608001858 504.13045915506 495.10686646665 485.30739250397

707.74 779.83 1026.95 936.34 1021.16 1110.60

505.3895 496.5046 582.9493 474.5001 461.8004 448.4374

3254.43
3955.65 2934.4903644098
4503.35 3567.0093721309
5088.77 4061.8183413277
5368.46 4588.622724783 11881.42
5551.97 4844.226910095 11,629.2225 10,608.0645
5014.736107469 11319.19 10382.850189003
 11,133.80576 10,106.85176
10,721.50983 9941.6758
10,284.8927 9,577.14870
9192.841610896

5014.736107469 4844.226910095 4588.622724783 4061.8183413277 3567.0093721309 2934.4903644098

9,516.6633 9561.405143899

3,658.00 3,658.00
296.00 296.00

6,154.6633 6,199.41

CAPITAL CASH FLOW

2019 2020 2021 2022 2023 2024

3 4 5 6 7 8
1,740.80 1,523.20 1,305.60 1,088.00 870.40 652.80
3273.95 3321.04 3283.03 2973.82 2696.61 2281.69
5,014.75 4,844.24 4,588.63 4,061.82 3,567.01 2,934.49
0.065528 0.065528 0.065528 0.065528 0.065528 0.065528
0.136220698429 0.133808018933 0.1314968191153 0.1292928700307 0.1272007327322 0.1252237224683
6629.88 7134.12 7606.33 7865.63 8220.89 8508.66
8,370.68 8,657.32 8,911.93 8,953.63 9,091.29 9,161.46

0.111680636288 0.112338290913 0.112726684051 0.1122127638123 0.1121516752936 0.1119438995202

0.121519 0.121795 0.121832 0.121544 0.121296 0.120970

730.56 799.80 1044.06 950.60 1032.57 1119.16

531.7601236978 522.4369069876 612.04442015006 502.1928919704 490.64949967915 478.88272144553

730.56 799.80 1044.06 950.60 1032.57 1119.16

517.8880 505.0427 587.6053 477.6380 463.3158 448.8901

3262.99
3967.06 2934.49
4517.62 3567.02
5105.89 4061.83
5388.43 4588.63 11884.8572
5574.79 4844.23 11,634.8665 10602.2965
5014.74 11326.8653 10,376.2653
11,143.4058 10099.3458
 10733.02 9,933.2185
10298.28 9567.72
9,182.440053

5014.74 4844.2 4588.6278036731 4061.8286003253 3567.0176136996 2934.4946148776

9,573.1978 9,545.3878

3,658.00 3,658.00
296.00 296.00

6,211.1978 6,183.3878
 2025 2026

284.58 518.05

1,028.80 1,062.75
5,144.01 5,313.76
- -
26.28 24.84
379.00 379.00
6,862.67 7,298.40
7,904.65 8,036.06
-5,276.41 -5,552.37
2,628.24 2,483.69
- -
- -
235.00 235.00
2,863.24 2,718.69
9,725.91 10,017.09

217.60 217.60
1,543.20 1,594.13
116.10 121.65
1,991.87 2,057.61
- -
- -
- -
3,868.77 3,990.99
217.60
1.00 2.00
-
-
218.60 2.00
4,087.37 3,992.99
3,150.00 3,150.00
679.28 781.47
316.00 316.00
417.00 417.00
1,075.26 1,357.63
1.00 2.00
5,638.54 6,024.10
9,725.91 10,017.09
2025 2026
29,775.22 30,817.35
25,720.06 26,568.82
4,055.16 4,248.53
749.32 764.31
1,832.08 1,868.72
28.52 14.26
1,445.24 1,601.24
- 248.37
- 24.84
1,445.24 1,824.77
289.05 364.95
1,156.19 1,459.82
80.93 102.19
1,075.26 1,357.63
964.49 1,075.26

2025 2026
1473.76 1839.03 UAII= utilidad antes de impuestos + gastos financieros (interes)
-129.07 -313.51 Signo cambiado
292.03 275.96
-139.06 -131.41 Signo cambiado
- -
1497.66 1670.07

-294.75 -367.81 Imp Hip= Tx * UAII

1202.91 1302.26

289.05 364.95
1208.61 1305.12 Capital Cash Flow= Cash opertativo - Impuesto real

-217.60 -217.60
-28.52 -14.26 signo cambiado
962.49 1073.26

2025 2026
6,862.67 7,298.40
3,651.17 3,773.39 Pasivo Circ.= Total pasivo circ - deuda CP con instit. Fin,
3,211.50 3,525.01 CT= Activo circ. - Pasivo circ.
129.07 313.51

2025 2026
7,904.65 8,036.06
139.06 131.41

2025 2026
 217.60 217.60
217.60 0.00
435.20 217.60 Deuda
-217.60 -217.60

2025 2026
3.50% 3.50%
1 1
0.3591507 0.3591507
1.039570188788 1.018518790549
12% 12%
6.5528% 6.5528%
20% 20%

0.123363466047 0.121574097197

2025 2026 PERPETUIDAD

9 10 n

0.123363466047 0.121574097197 0.12157409719663

0.123363466047 0.121574097197 0.12157409719663

962.49 1073.26 8828.03

337.841942071 340.741661531 2802.75

1073.26
1919.41 956.9229555877
1708.630388651

1073.26
 9790.52 8828.03
8715.364285848

1708.630388651 956.9229555877 EQUITY

8715.364285848 8828.03 NUEVO EQUITY

2025 2026 PERPETUIDAD

9 10 n
435.20 217.60
1708.63 956.92
2,143.83 1,174.52
0.0524222476 0.0524222476
0.123363466047 0.121574097197
8715.36 8828.03
9,150.56 9,045.63

0.108962318255 0.108762561755
0.11998951 0.11991059 0.11991059

1202.91 1302.26
474.2215751605 463.7815875254

1202.91 1302.26 10,860.2915

433.8173 419.6290 3499.5157728183

1302.26
2377.43 1174.520176744
2143.831343598

1302.26
12,063.1995 10,860.2915
10770.81474607
2143.831343598 1174.520176744

2025 2026 PERPETUIDAD

9 10 n
435.20 217.60
1708.63 956.92
2,143.83 1,174.52
0.065528 0.065528
0.123363466047 0.121574097197
8715.36 8828.03
9,150.56 9,045.63

0.111622762182 0.111190586049
0.120613 0.120226 0.120226

1208.61 1305.12
466.3041750069 454.7418358177

1208.61 1305.12 10855.57

433.6965 419.3672 3,488.162

1305.12
2383.13 1174.52
2143.83

1305.1200
12,064.1782 10855.5682
10,765.6972
2143.833385188 1174.523989301
s financieros (interes)

con instit. Fin,