CÁLCULO DE LOS DIVIDENDOS PARA CADA PERIODO

2003 2004 2005 2006 2007 2008 2009

FLUJO DE CAJA NETO -26,581,191 76,851,517 79,755,321 99,994,886 115,400,343 130,601,292
AMORTIZACIÓN DE DIFERIDOS -1,719,200 -1,375,360 -1,375,360 -1,375,360 -1,375,360 -1,375,360 0
OTRAS OBLIGACIONES FINANCIERAS -18,000,000 -18,000,000 -18,000,000 -18,000,000 -18,000,000 -18,000,000 0
VALOR DE LOS DIVIDENDOS 19,719,200 -7,205,831 96,226,877 99,130,681 119,370,246 134,775,703 130,601,292

SEGÚN EL RESULTADO, PARA TODOS LOS AÑOS, EXCEPTO PARA EL AÑO 2004, SE REPARTIRÍA EL VALOR DE LOS DIVIDENDOS QUE SE
CALCULADOS ASÍ: DIVIDENDOS= FLUJO DE CAJA NETO-AMORTIZACIÓN DE DIFERIDOS - OTRAS OBLIGACIONES FINANCIERAS
PARÁMETROS DE VALORACIÓN
Estructura de Ingresos
2004 2005 2006 2007
Inflación Esperada 7% 7% 7% 7%
Capacidad Máxima de Producción [Ton] 16,000 16,000 16,000 16,000
Tasa Impositiva 38.5% 38.5% 38.5% 38.5%
Producción
Producción Carbón Grande[Toneladas] 10,400 10,400 10,400 10,400
Producción Carbón Polvo[Toneladas] 3,200 3,200 3,200 3,200
Producción Cenizo [Toneladas] 1,400 1,400 1,400 1,400
Precio Venta/Tonelada
Carbón Grande [$/tonelada] 125,000 133,750 143,113 153,130
Carbón Polvo [$/tonelada] 110,000 117,700 125,939 134,755
Cenizo [$/tonelada] 140,000 149,800 160,286 171,506
Costo Extracción/Tonelada
Carbón Grande [$/tonelada] 80,000 85,600 91,592 98,003
Carbón Polvo [$/tonelada] 80,000 85,600 91,592 98,003
Cenizo [$/tonelada] 80,000 85,600 91,592 98,003

INGRESOS 1,848,000,000 1,977,360,000 2,115,775,200 2,263,879,464

Carbón Grande 1,300,000,000 1,391,000,000 1,488,370,000 1,592,555,900
Carbón Polvo 352,000,000 376,640,000 403,004,800 431,215,136
Cenizo 196,000,000 209,720,000 224,400,400 240,108,428
COSTOS VARIABLE EXTRACCIÓN 1,200,000,000 1,284,000,000 1,373,880,000 1,470,051,600
Carbón Grande 832,000,000 890,240,000 952,556,800 1,019,235,776
Carbón Polvo 256,000,000 273,920,000 293,094,400 313,611,008
Cenizo 112,000,000 119,840,000 128,228,800 137,204,816

Políticas
Días de cartera 45 45 45 45
Días de Inventario de P en P 60 60 60 60
Días de inventario Producto terminado 30 30 30 30
Días de Otros inventarios 10 10 10 10
Días de Proveedores 60 60 60 60

Valor Inmueble 75,000,000

Depreciación Acumulada Inmueble 30,000,000
Valor Neto Inmueble 45,000,000
Valorización Inmueble 100,000,000
% Comision Vtas 9.70%
Tasa Disminución Otros deudores -20.00%
 2008 2009
7% 7%
16,000 16,000
38.5% 38.5%

10,400 10,400
3,200 3,200
1,400 1,400

163,850 175,319
144,188 154,281
183,511 196,357

104,864 112,204
104,864 112,204
104,864 112,204

2,422,351,026 2,591,915,598
1,704,034,813 1,823,317,250
461,400,196 493,698,209
256,916,018 274,900,139
1,572,955,212 1,683,062,077
1,090,582,280 1,166,923,040
335,563,779 359,053,243
146,809,153 157,085,794

45 45
60 60
30 30
10 10
60 60
Estado de Resultados
2001 2002 2003 2004
Ingresos Operacionales 1,366,579,000 832,715,000 988,000,000 1,848,000,000
Costo Mercancía Vendida 1,102,673,000 1,101,675,000 688,447,184 1,171,149,439
Costos Fijos (Producción - operaciòn) 0 0 94,993,712 101,643,272
Costos variables 593,453,472 1,069,506,167
Inventario Inicial MP 0
Costo Materia Prima 640,000,000 1,200,000,000
Inventario Inicial Producto en proceso 82,073,000 106,666,667
Inventario Final Producto en proceso 106,666,667 197,260,274
Costo 1 0 0 615,406,333 1,109,406,393
Inventario Inicial Producto terminado 29,331,000 51,283,861
Inventario Final Producto terminado 51,283,861 91,184,087
Depreciación -17,079,000 -17,079,000
Amortización de diferidos -1,719,200 -1,375,360
UTILIDAD BRUTA 263,906,000 -268,960,000 280,754,616 658,396,201
Gastos Operacionales de admon 252,190,000 206,241,000 185,430,812 198,410,969
Comisión de Venta 239,984,000 132,356,000 95,860,602 179,302,017
UTILIDAD OPERACIONAL -228,268,000 -607,557,000 -536,798 280,683,216
Ingresos Financieros 148,000 11,019,000 0 0
Ingresos No Operacionales 20,641,000 24,329,000 0 0
Gastos No Operacionales 0 121,296,000 0 0
Intereses 63,597,000 18,773,000 18,773,000 20,838,976
U.A.I y Ajustes -271,076,000 -712,278,000 -19,309,798 259,844,240
Ajustes(Corrección Monetaria) -53,587,000 -41,507,000 -25,230,450 -8,351,515
U.A.I -324,663,000 -753,785,000 -44,540,248 251,492,724
Impuestos 20,821,000 18,281,000 33,421,800 96,824,699
UTILIDAD NETA -345,484,000 -772,066,000 -77,962,048 154,668,025
 2005 2006 2007 2008 2009
1,977,360,000 2,115,775,200 2,263,879,464 2,422,351,026 2,591,915,598
1,365,734,844 1,468,168,635 1,570,940,439 1,680,906,270 1,798,569,709
108,758,301 116,371,382 124,517,379 133,233,595 142,559,947
1,256,976,543 1,351,797,253 1,446,423,060 1,547,672,675 1,656,009,762

1,284,000,000 1,373,880,000 1,470,051,600 1,572,955,212 1,683,062,077

197,260,274 211,068,493 225,843,288 241,652,318 258,567,980
211,068,493 225,843,288 241,652,318 258,567,980 276,667,739
1,270,191,781 1,359,105,205 1,454,242,570 1,556,039,550 1,664,962,318
91,184,087 104,399,324 111,707,277 119,526,787 127,893,662
104,399,324 111,707,277 119,526,787 127,893,662 136,846,218
-17,079,000 -17,079,000 -17,079,000 -17,079,000 -17,079,000
-1,375,360 -1,375,360 -1,375,360 -1,375,360 0
593,170,796 629,152,205 674,484,665 722,990,397 776,266,890
212,299,737 227,160,718 243,061,969 260,076,306 278,281,648
191,853,158 205,282,879 219,652,680 235,028,368 251,480,354
189,017,901 196,708,608 211,770,016 227,885,722 246,504,888
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
17,134,269 13,429,562 9,724,856 6,020,149 2,315,442
171,883,632 183,279,046 202,045,160 221,865,574 244,189,446
-5,408,473 -13,484,593 -22,707,829 -32,794,971 -43,793,967
166,475,158 169,794,452 179,337,331 189,070,602 200,395,479
64,092,936 65,370,864 69,044,873 72,792,182 77,152,259
102,382,222 104,423,588 110,292,459 116,278,420 123,243,220
Balance General
2001 2002 2003
TOTAL ACTIVOS CORRIENTES 338,711,000 279,070,000 170,674,969
Disponible 5,845,000 9,232,000 -144,945,740
Inversiones 5,364,000 0 0
Deudores - Clientes 164,161,000 100,000,000 123,500,000
Deudores - Otros 94,660,000 22,232,000 17,785,600
Inventarios 68,681,000 147,606,000 174,335,109
Productos en proceso 68,681,000 82,073,000 106,666,667
Producto Terminado 0 36,202,000 51,283,861
Producto Otros 0 29,331,000 16,384,581
Ajuste Inventarios
TOTAL ACTIVO FIJO 333,331,000 338,001,000 365,182,070
Propiedades, Planta y Equipo 333,331,000 432,527,000 485,227,000
A. Inflación - Activos Fijos 30,276,890
Depreciación Acumulada 0 -94,526,000 -141,605,000
A. Inflación - Depreciación -8,716,820
TOTAL OTROS ACTIVOS 80,362,000 408,596,000 406,876,800
Intangibles 0 0 0
Diferidos 80,362,000 8,596,000 6,876,800
Valorizaciones 0 400,000,000 400,000,000

TOTAL ACTIVOS 752,404,000 1,025,667,000 942,733,839

PASIVOS

TOTAL PASIVO CORRIENTE 42,500,000 0 0

Préstamos 0 0 0
Otras obligaciones 42,500,000 0 0
Proveedores 0 0
TOTAL PASIVO Y REESTRUCTURACIONES 150,832,000 327,231,000 305,469,367
Otras obligaciones financieras 0 0 108,000,000
Proveedores 90,654,000 267,000,000 114,741,197
Cuentas por pagar 60,178,000 60,231,000 64,447,170
Impuestos, gravámenes y tasas 0 0 18,281,000
Obligaciones laborales 0 0 0
Pasivos estimados y provisiones 0 0 0
Diferidos 0 0 0

TOTAL PASIVOS 193,332,000 327,231,000 305,469,367

PATRIMONIO

TOTAL PATRIMONIO 559,072,000 668,436,000 637,264,472

Capital Social 657,403,000 1,000,000,000 1,000,000,000
Superavit de capital 105,941,000 200,000,000 200,000,000
Reservas 4,337,000 4,337,000 4,337,000
Revalorización del Patrimonio 431,921,000 491,138,000 491,138,000
Dividendos o participaciones 0 0 0
Resultado del ejercicio -345,632,000 -786,510,000 -77,962,048
Resultados ejercicios anteriores -294,898,000 -640,529,000 -1,427,039,000
Superavit por valorizaciones 0 400,000,000 400,000,000
Ajustes por Inflación 0 0 46,790,520

TOTAL PASIVO Y PATRIMONIO 752,404,000 995,667,000 942,733,839

 2004 2005 2006 2007 2008 2009
403,271,270 548,871,535 695,490,944 869,200,126 1,065,817,598 1,285,695,277
-171,526,931 -94,675,414 -14,920,093 85,074,793 200,475,137 331,076,429
0 0 0 0 0 0
227,835,616 243,784,110 260,848,997 279,108,427 298,646,017 319,551,238
14,228,480 11,382,784 9,106,227 7,284,982 5,827,985 4,662,388
332,734,105 388,380,056 440,455,812 497,731,924 560,868,459 630,405,222
197,260,274 211,068,493 225,843,288 241,652,318 258,567,980 276,667,739
91,184,087 104,399,324 111,707,277 119,526,787 127,893,662 136,846,218
32,086,286 37,417,393 40,223,798 43,039,464 46,052,227 49,275,882
12,203,458 35,494,845 62,681,449 93,513,356 128,354,590 167,615,382
372,156,610 377,935,620 382,519,100 385,907,050 388,099,470 389,096,360
485,227,000 485,227,000 485,227,000 485,227,000 485,227,000 485,227,000
64,242,780 98,208,670 132,174,560 166,140,450 200,106,340 234,072,230
-158,684,000 -175,763,000 -192,842,000 -209,921,000 -227,000,000 -244,079,000
-18,629,170 -29,737,050 -42,040,460 -55,539,400 -70,233,870 -86,123,870
305,501,440 304,126,080 302,750,720 301,375,360 300,000,000 300,000,000
0 0 0 0 0 0
5,501,440 4,126,080 2,750,720 1,375,360 0 0
300,000,000 300,000,000 300,000,000 300,000,000 300,000,000 300,000,000

1,080,929,320 1,230,933,235 1,380,760,764 1,556,482,536 1,753,917,068 1,974,791,637

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
344,388,310 340,452,132 323,522,395 314,945,023 309,193,507 305,694,208
90,000,000 72,000,000 54,000,000 36,000,000 18,000,000 0
197,260,274 211,068,493 225,843,288 241,652,318 258,567,980 276,667,739
51,557,736 41,246,189 32,996,951 26,397,561 21,118,049 16,894,439
5,570,300 16,137,450 10,682,156 10,895,144 11,507,479 12,132,030
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0

344,388,310 340,452,132 323,522,395 314,945,023 309,193,507 305,694,208

736,541,010 890,481,104 1,057,238,369 1,241,537,514 1,444,723,560 1,669,097,429

1,000,000,000 1,000,000,000 1,000,000,000 1,000,000,000 1,000,000,000 1,000,000,000
200,000,000 200,000,000 200,000,000 200,000,000 200,000,000 200,000,000
4,337,000 4,337,000 4,337,000 4,337,000 4,337,000 4,337,000
491,138,000 491,138,000 491,138,000 491,138,000 491,138,000 491,138,000
 154,668,025 102,382,222 104,423,588 110,292,459 116,278,420 123,243,220
-1,505,001,048 -1,350,333,023 -1,247,950,800 -1,143,527,212 -1,033,234,753 -916,956,333
300,000,000 300,000,000 300,000,000 300,000,000 300,000,000 300,000,000
91,399,033 142,956,904 205,290,581 279,297,267 366,204,893 467,335,542

1,080,929,320 1,230,933,235 1,380,760,764 1,556,482,536 1,753,917,068 1,974,791,637

 DIFERENCIAS
2004 2005 2006 2007 2008 2009
232,596,301 145,600,265 146,619,408 173,709,183 196,617,471 219,877,679
-26,581,191 76,851,517 79,755,321 99,994,886 115,400,343 130,601,292
0 0 0 0 0 0
104,335,616 15,948,493 17,064,888 18,259,430 19,537,590 20,905,221
-3,557,120 -2,845,696 -2,276,557 -1,821,245 -1,456,996 -1,165,597
158,398,996 55,645,951 52,075,756 57,276,112 63,136,534 69,536,763
90,593,607 13,808,219 14,774,795 15,809,030 16,915,662 18,099,759
39,900,226 13,215,237 7,307,953 7,819,509 8,366,875 8,952,556
15,701,705 5,331,107 2,806,405 2,815,666 3,012,762 3,223,656
12,203,458 23,291,387 27,186,604 30,831,907 34,841,235 39,260,792
6,974,540 5,779,010 4,583,480 3,387,950 2,192,420 996,890
0 0 0 0 0 0
33,965,890 33,965,890 33,965,890 33,965,890 33,965,890 33,965,890
-17,079,000 -17,079,000 -17,079,000 -17,079,000 -17,079,000 -17,079,000
-9,912,350 -11,107,880 -12,303,410 -13,498,940 -14,694,470 -15,890,000
### -1,375,360 -1,375,360 -1,375,360 -1,375,360 0
0 0 0 0 0 0
-1,375,360 -1,375,360 -1,375,360 -1,375,360 -1,375,360 0
### 0 0 0 0 0
0 0 0 0 0 0
138,195,481 150,003,915 149,827,528 175,721,773 197,434,531 220,874,569

0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
38,918,943 -3,936,178 -16,929,737 -8,577,372 -5,751,515 -3,499,300
-18,000,000 -18,000,000 -18,000,000 -18,000,000 -18,000,000 -18,000,000
82,519,077 13,808,219 14,774,795 15,809,030 16,915,662 18,099,759
-12,889,434 -10,311,547 -8,249,238 -6,599,390 -5,279,512 -4,223,610
-12,710,700 10,567,150 -5,455,294 212,988 612,335 624,552
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
38,918,943 -3,936,178 -16,929,737 -8,577,372 -5,751,515 -3,499,300
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
99,276,538 153,940,093 166,757,265 184,299,145 203,186,046 224,373,869
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
 0 0 0 0 0 0
232,630,073 -52,285,803 2,041,366 5,868,871 5,985,962 6,964,799
-77,962,048 154,668,025 102,382,222 104,423,588 110,292,459 116,278,420
### 0 0 0 0 0
44,608,513 51,557,871 62,333,677 74,006,686 86,907,626 101,130,649
0 0 0 0 0 0
138,195,481 150,003,915 149,827,528 175,721,773 197,434,531 220,874,569
Flujo de Caja

2004 2005 2006 2007 2008

Utilidad Operativa 280,683,216 189,017,901 196,708,608 211,770,016 227,885,722
Depreciación 17,079,000 17,079,000 17,079,000 17,079,000 17,079,000
Amortización de diferidos 1,375,360 1,375,360 1,375,360 1,375,360 1,375,360
Impuestos 109,535,399 53,525,786 70,826,158 68,831,885 72,179,847
EBITDA 189,602,177 153,946,475 144,336,810 161,392,491 174,160,235
Otros Ingresos-Egresos 0 0 0 0 0
Capital de trabajo -168,012,078 -34,494,838 -27,179,246 -28,894,605 -30,917,227
Cambios Activos
corrientes 3,557,120 2,845,696 2,276,557 1,821,245 1,456,996
Fijos 0 0 0 0 0
Cambios Pasivos 0 0 0 0 0
Otras obligaciones financier -18,000,000 -18,000,000 -18,000,000 -18,000,000 -18,000,000
Cuentas por pagar -12,889,434 -10,311,547 -8,249,238 -6,599,390 -5,279,512
Obligaciones laborales 0 0 0 0 0
Pasivos estimados y provisi 0 0 0 0 0
Diferidos 0 0 0 0 0
Intereses -20,838,976 -17,134,269 -13,429,562 -9,724,856 -6,020,149
FLUJO NETO -26,581,191 76,851,517 79,755,321 99,994,886 115,400,343
Saldo inicial -144,945,740 ### -94,675,414 -14,920,093 85,074,793
SALDO FINAL CAJA -171,526,931 -94,675,414 -14,920,093 85,074,793 200,475,137

Capital de trabajo 192,418,993 81,077,612 81,552,453 90,558,419 100,599,697

Dato Balance -171,526,931 -94,675,414 -14,920,093 85,074,793 200,475,137
0 0 0 0 0
 2009 2004 2005 2006 2007
246,504,888 EBITDA 189,602,177 153,946,475 144,336,810 161,392,491
17,079,000 CAJA -171,526,931 -94,675,414 -14,920,093 85,074,793
0
76,527,708
187,056,180
Caja - EBITDA
0
-33,081,433 400,000,000

1,165,597
0
0
300,000,000
-18,000,000
-4,223,610
0
0
0 200,000,000
-2,315,442
130,601,292
200,475,137
331,076,429 EBITDA
100,000,000
$

CAJA
111,603,018
331,076,429
0
0
2004 2005 2006 2007 2008 2009

-100,000,000

-200,000,000

Años
 2008 2009
174,160,235 187,056,180
200,475,137 331,076,429

EBITDA
CAJA

7 2008 2009
 Evaluación de Valor Agregado (EVA)

2003 2004 2005 2006 2007

Utilidad Operativa -536,798 280,683,216 189,017,901 196,708,608 211,770,016

Impuestos 33,421,800 96,824,699 64,092,936 65,370,864 69,044,873
Disponible -144,945,740 -171,526,931 -94,675,414 -14,920,093 85,074,793
Cartera 141,285,600 242,064,096 255,166,894 269,955,224 286,393,409
Inventario 174,335,109 332,734,105 388,380,056 440,455,812 497,731,924
proveedores 114,741,197 197,260,274 211,068,493 225,843,288 241,652,318
CAPITAL DE TRABAJO 55,933,772 206,010,996 337,803,042 469,647,656 627,547,809
TOTAL ACTIVOS 765,182,070 672,156,610 677,935,620 682,519,100 685,907,050
Inversiones 0 0 0 0 0
Diferidos 6,876,800 5,501,440 4,126,080 2,750,720 1,375,360
impuestos por pagar 18,281,000 5,570,300 16,137,450 10,682,156 10,895,144
Capital de trabajo neto 44,529,572 205,942,136 325,791,672 461,716,220 618,028,025
Activos fijos netos 365,182,070 372,156,610 377,935,620 382,519,100 385,907,050
Intangibles 0 0 0 0 0
Valorizaciones 400,000,000 300,000,000 300,000,000 300,000,000 300,000,000
Activos de operación 809,711,642 878,098,746 1,003,727,292 1,144,235,320 1,303,935,075

Costo Patrimonio (18%) 18%

Costo Pasivo 13.68% 13.68% 13.68% 13.68% 13.68%
ROIC 34.66% 21.53% 19.60% 18.51%
COSTO DE CAPITAL 16.62% 16.81% 16.99% 17.13%
18.04% 4.72% 2.61% 1.38%
EVA
 2008 2009

227,885,722 246,504,888
72,792,182 77,152,259
200,475,137 331,076,429
304,474,002 324,213,626
560,868,459 630,405,222
258,567,980 276,667,739
807,249,618 1,009,027,538
688,099,470 689,096,360
0 0
0 0
11,507,479 12,132,030
795,742,139 996,895,508
388,099,470 389,096,360
0 0
300,000,000 300,000,000
1,483,841,609 1,685,991,868

13.68% 13.68%
17.48% 16.61%
17.24% 17.33%
0.24% -0.72%
 Valoración
2004 2005 2006 2007 2008 2009
Valor en libros
Valor de Liquidación

WACC 0.00%
WACC Deflactado -6.54%
Costo Pasivos
Costo Patrimonio
Estructura
% Pasivos
% Patrimonio

FCL #REF! #REF! #REF! #REF! #REF! #REF!

Valor Empresa

EVA 372156610 377935620 382519100 385907050 388099470 389096360

Valor Empresa
 TABLAS DE AMORTIZACIÓN

Monto 108,000,000
Plazo (años) 6 La DTF es 7,80%
Interés 13% Nominal
DTF 7.80% 7.58%
Interés[DTF+%] 20.58%
Capitalización
Intereses TV Interes trimestral 5.15%
Amortización TV

Período Saldo Amortización Interés Cuota

0 108,000,000
1 103,500,000 4,500,000 5,557,060 10,057,060
2 99,000,000 4,500,000 5,325,516 9,825,516
3 94,500,000 4,500,000 5,093,972 9,593,972
4 90,000,000 4,500,000 4,862,428 9,362,428
5 85,500,000 4,500,000 4,630,884 9,130,884
6 81,000,000 4,500,000 4,399,339 8,899,339
7 76,500,000 4,500,000 4,167,795 8,667,795
8 72,000,000 4,500,000 3,936,251 8,436,251
9 67,500,000 4,500,000 3,704,707 8,204,707
10 63,000,000 4,500,000 3,473,163 7,973,163
11 58,500,000 4,500,000 3,241,619 7,741,619
12 54,000,000 4,500,000 3,010,074 7,510,074
13 49,500,000 4,500,000 2,778,530 7,278,530
14 45,000,000 4,500,000 2,546,986 7,046,986
15 40,500,000 4,500,000 2,315,442 6,815,442
16 36,000,000 4,500,000 2,083,898 6,583,898
17 31,500,000 4,500,000 1,852,353 6,352,353
18 27,000,000 4,500,000 1,620,809 6,120,809
19 22,500,000 4,500,000 1,389,265 5,889,265
20 18,000,000 4,500,000 1,157,721 5,657,721
21 13,500,000 4,500,000 926,177 5,426,177
22 9,000,000 4,500,000 694,633 5,194,633
23 4,500,000 4,500,000 463,088 4,963,088
24 0 4,500,000 231,544 4,731,544
AJUSTES POR INFLACIÓN

2004 2005 2006 2007 2008 2009

Propiedad Planta equipo 33,965,890 33,965,890 33,965,890 33,965,890 33,965,890 33,965,890
Inventarios 12,203,458 23,291,387 27,186,604 30,831,907 34,841,235 39,260,792
Depreciacion 9,912,350 11,107,880 12,303,410 13,498,940 14,694,470 15,890,000
Patrimonio 44,608,513 51,557,871 62,333,677 74,006,686 86,907,626 101,130,649

Corrección Monetaria -8,351,515 -5,408,473 -13,484,593 -22,707,829 -32,794,971 -43,793,967

-8,351,515 2,943,042 -8,076,120 -9,223,236 -10,087,142 -10,998,996