2.4 sta&os 'iaci"ros (alac" $ lu *o &"

R,-! / AA!+ !RA

Al 31 &" &ici"mbr" &" 2008 $ &" 2007
+i'ras " -,/
Var
Rubro 2 2
(%)

 Activo 16.4
291 250
Corriente %
Otros 83.8
93 50.6
 Activos %
Total 27.8
384 300
Activo %
Pasivo -
27.9 53 47.3
corriente
%
Otros 292.5
52.3 13.3
pasivos %
Total 21.0
80.2 66.3
pasivos %
a
  14.0
ac!"!la 217 191
%
Capital 0.0
30.3 30.3
social %
Otros 320.0
56.1 13.4
r!#ros %
Patrimoi 304 234 2#.7
o !"to %
as vo $
27.8
Patrimoi 384 300 %
 

a*a)


 

l
 

ap a
e
tra#
tra#a
ao
"o 
&
e rec

a

 

2.4 sta&os 'iaci"ros (alac" $ lu *

R,-! / AA
AA!+
!+ !
Al 31 &" &ici
&ici"mbr"
"mbr" &" 2008 $ &" 2007
+i'ras " -,/

Rubro 2.008 2.007 r(%

-
'entas netas 197 265 25.
7%
Costo e 31.
-65 -50
ventas 0%

-tili&a& bruta 132 21 38.
8%
*astos e 32.
( (
ventas 1%

Otros )astos -20 -18 .

operativos
-
+e)al,as
( ( 48.
"ineras
1%
otal )astos .
-33 -32
operativos

-tili&a& &" 
 184 4.
op"raci5 #%
-
n)resos
1.042 ( 92.
/inanc.  C
9%
Provision .
( (
cierre e "ina
-
 Apoo a
-945 ( 17.
Co"!niaes
1%
-
 Aporte
-828 ( 45.
vol!ntario
0%
-
Otros )astos -807 ( 75.
7%
-
otal otros
o tros
( 7.681 135.6
in)r&)astos
%
-tili&a& 
at"s &"  1#1 4#.
PTR %
 

-
Particip.
( -15 47.
tra#a$aores
6%
-
"p!esto a la
-27 -51 47.
renta
6%

-tili&a& !"ta  12 0.
%
 

  &" +a*a) +ot.

  R A
 

"sti5
"mpr"sa
rial

*estin e
operaciones

n
co"er 

*esti
n e
)astos

n
/inanci

*estin
apoo
social

*esti
n e
)astos
 

2. Variabl"s com"rcial"s $ op"rativas >

+ot.
!A/; ,-PR
VAR;, !V
VAR !V
,
, / PR;/
R;/-++
!RA
!iv"l &" pro&ucci5 -i&a& 

Parm"tros op"rativos
Pro&ucci5 aual &ao 1500000
mi"ral
Pro&ucci5 aual &ao 4500000
mi<"st.
 18000000
Total r"s"rvas su9"ri&as

 Aos 12.0
Vi&a util "stima&a

+ostos &" op"raci5

U& 2900.00
abor 

U& 1900.00
,umiistros $ mat"rial"s

U& 3200.00
:uipos &" mia&o

U& 1400.00
A&miistraci5

U& 0.860
;tros

U& 10260.00
Total costos op"rativos

U 22000000
Total costo &" capital

+osto uitario &" U&-,a 1.47

iv"rsi5
 

U& 2.44
/"pr"ciaci5 "stima&a
 

A ! -,A
!  RA+;! ,TR 
2=1
10 20 40 80

3000000 6000000 12000000 24000000

9000000 18000000 36000000 72000000

36
3600
000
000
000
0 72
7200
000
000
000
0 14
144
400
000
000
000
0 28
288
800
000
000
000
0

12.0 12.0 12.0 12.0

2600.00 2200.00 1700.00 1100.00

1850.00 1750.00 1600.00 1400.00

3150.00 3100.00 3050.00 3000.00

0.900 0.600 0.400 0.300

0.760 0.700 0.660 0.620

9260.00 8350.00 7410.00 6420.00

39
3900
000
000
000
0 70
7000
000
000
000
0 13
130
000
000
000
000
0 25
250
000
000
000
000
0

1.30 1.17 1.08 1.04

 

2.17 1.94 1.81 1.74

 

!A/; ,-PR+A ! -,A

PR;/
R;/-
-++;! 440?000
0?000 T
T&@
&@aa  VAR;, RAT;
!RA

R"laci5 st"ril  i"ral -i&a& .1=1 .2=1

Parm"tros op"rativos
  &,a 40.00 40.00
Pro&uccio &iaria mi"ral
  &
&a
ao
o 12
120
000
000
000
00 12
120
000
000
000
00
Pro&uccio aual mi"ral
Pro&uccio aual mi < &a
&ao
o 24
240
000
000
000
00 36
360
000
000
000
00
"st
   14
144
400
000
000
000
0 14
144
400
000
000
000
0
Total r"s"rvas su9"ri&as
  Aos 12.0 12.0
Vi&a util "stima&a

Parm"tros "co5micos

+ostos &" op"raci5

  U& 1300.00 1700.00
abor 
  U& 1000.00 1500.00
,umiistros $ mat"rial"s
  U& 2100.00 3050.00
:uipos &" mia&o
  U& 0.330 0.400
A&miistraci5
  U& 0.470 0.660
;tros
  U& 5200.00 7310.00
Total costos op"rativos

  U 95
950
000
000
000
00 13
130
000
000
000
000
0
Total costo &" capital
+osto uitario &" U&- 1.19 1.08
iv"rsi5 ,a
  U& 1.32 1.81
/"pr"ciaci5 "stima&a
 

 
, ,TR

.4=1 .8= 1

40.00 40.00

12000
1200000
000
0 12000
1200000
000
0

60000
6000000
000
0 10800
1080000
0000
00

144000000
144000000 144000000
144000000

12.0 12.0

2600.00 4640.00

2300.00 4100.00

6100.00 11820.00

0.640 0.900

1100.00 2050.00

12
1274
740.
0.00
00 23
2351
510.
0.00
00

210000000
210000000 370000000
370000000

1.05 1.03

2.92 5.14
 

R,-TA/;, +;!;+;, 

T;TA +;,T;
VARA, -!/A/ A!-A
valor &" v"tas
n)resos por U 131793403
3.1 ventas

+e)alias 2% e U 2635868

3.2 'tas:

n)reso neto U 129157535

3.3

costos &" op"raci5

inao el "ineral &
&
-i
-in
n 6
608
084
47
750
50
4.1 ':

inao el esteril &

&
-
-st
st 24
247
724
247
700
00
4.2 ':

rata"iento planta &

&
-
-in
in 26
260
001
015
500
00
4.3 ':

Costos inirectos &Ao 2327500

4.4 ;:

ransp. terr. conc. &- 2363597

4. ': Conc

Prov. cierre e &Ao 5320000

4.6 "ina ;:

4.7  Apoo co"!nitario

;: &Ao 2992500

eprec & a"orti &Ao 13965000

4.8 ;:

otal costo U 83779547

4.# operativo

mar9" ;p"rativo "to

ar)en operativo U&- 45377989
.1 neto in

Particip. Utiliaes U&- 3630239

.2 8%: in
 

"p!esto a la renta U&- 12524325

.3 30%: in

Utilia neta U&- 29223425

.4 in
 

  A!A,, / +;,T;,

+osto. -it. Por +osto -it. Por +osto -it. Por

Param. Ti T+u

39637.00 3532.7

0.793 70.7

38844.00 3462.1

1830.00 1830.00 163.1

1430.00 7436.00 662.7

7820.00 7820.00 697.0

0.700 0.700 62.4

18500.00 0.711 63.4

1600.00 1600.00 142.6

0.900 0.900 80.2

4200.00 4200.00 374.3

25197.00 2245.7

13648.00 1216.4

1092.00 97.3
 

3767.00 335.7

8789.00 783.3
 

+;,T;, PR,-P-,TA/;,?
PR,-P-,TA/;,? RA,  B,T
,-P-
,-P-,
,T;
T;,
, = 
!A
!A/;
/; / +
+;
;R
R A +
+
;
; A
A
R
R
T/
VARA, -!/A/ PR,-P-,T; ;PRA+. RA

n)reso neto U 126183649 129157535

3.3

Costo operativo U 77930097 91229847

4.# total

ar)en U 48253552 37927689

.1 operativo neto

Utilia neta U 31075288 24425431

.4

+osto uitario por Ti

n)reso neto U&- 36.05 38.84
3.3 in

otal costo U&- 22.27 27.44

4.# operativo in

ar)en U&- 13.79 11.41

.1 operativo neto in

Utilia neta U&- 8.88 7.35

.4 in

+osto uitario por T+u

n)reso neto U&- 2612.50 3462.07
3.3 C!;

otal costo U&- 1613.46 2445.41

4.# operativo C!;

ar)en U&- 999.04 1016.65

.1 operativo neto C!;

Utilia neta U&- 643.38 654.72

.4 C!;
 

  R+;,
  ;  10?000

AC; A!T (2007)

136133545

78342194

57791352

37217631

48.62

27.98

20.64

13.29

3001.18

1727.12

1274.06

820.49
 

A!A
,-

PR,-P-,T; A!-A
VARA, -!/A/ +to. -it. +to. -it. +to. -it.
A!-A pParam. (Ti) (T+u)

3.1  n)resos por ventas   U   128758826 36788 2665.8

+e)alias 2% e
3.2   U   2575177 0.736 53.3
'tas:

3.3 9r"so "to -,D 126?183?64# 36?02 2?612.

inao el "ineral

4.1
':
  &-in   5775000 1?60   1650
1 119.6

inao el esteril

4.2   &-st   22568000 1?240   6448
6 467.2
':
rata"iento  planta
4.3 &-in   26250000 7?00   7500
7 543.5
':

4.4  Costos inirectos ;:   &Ao 1?70?000   0.500 0.500 36.2

ransp. terr. conc.

4.5   &-Conc   2337097 1?000   0.668 48.4
':
Prov. cierre  e "ina
4.6 &Ao 4?0?000   1300 1300 94.2
;:
 Apoo co"!nitario
4.7   &Ao 2?40?000   0.700 0.700 50.7
;:

4.8  eprec & a"orti ;:   &Ao 12?20?000   3500 3500 253.6

4.9
Total costo   U 77?#30?0#7 22?266 1?613.
op"rativo

ar)en operativo
5.1   U&-in 48?23?2 13?787 ###.0
neto
Particip. Utiliaes
5.2   U&-in 3?860?284 1?103 7#.#
8%:
"p!esto a  la renta
5.3 U&-in 13?317?#80 3?80 27.7
30%:

5.4 -tili&a& "ta   U&-in 31?07?288 8?87# 643.4

 

,, / +;,T;, / -!A ;PRA+E!

P-,T;, = !A/; / +;R A +;
ART;  10?000 T/

;PRA+E! RA ;PRA+E! ;PTFA/A

+to. -it. +to. -it. +to. -it. +to. -it. +to. -it. +to. -it.
A!-A pParam. (Ti) (T+u) A!-A pParam. (Ti) (T+u)

131793403 39637 3532.7 179271464 51220 3711.6

2635868 0.793 70.7 3585429 1024 74. 2

12#?17?3 38?844 3?462.1 17?686?03 0?1#6 3?637.4

6?084?70   1830 1830 163.1 ?77?000   1650 1650 119.6

32?17?000   1430 9677 862.5 22?68?000   1240 6448 467.2

26?001?00   7820 7820 697.0 26?20?000   7500 7500 543.5

2?327?00   0.700 0.700 62.4 1?70?000   0.500 0.500 36. 2

2?363?#7   18500 0.711 63.4 2?337?0#7   15000 0.668 48. 4

?320?000   1600 1600 142.6 4?0?000   1300 1300 94. 2

2?##2?00   0.900 0.900 80.2 2?40?000   0.700 0.700 50. 7

13?#6?000   4200 4200 374.3 12?20?000   3500 3500 253.6

#1?22#?847 27?438 2?44.4 77?#30?0#7 22?266 1?613.

37?#27?68# 11?407 1?016.7 #7?7?#38 27?#30 2?023.#

3?034?21 0.#13 81.3 7?820?47 2?234 161.#

10?468?042 3?148 280.6 26?#80?63# 7?70# 8.6

24?42?431 7?346 64.7 62?#4?824 17?#87 1?303.4

 

4.3 Alisis a +orto PlaGo $ a ar9o Pl

+;PARA+;! / PR
PR;+T; ;R
;R
+;!+PT;
&"1-,D) 2 3 4 

Pro$"cto ;ri9ial
n)resos por ventas 385.4 372.8 363.5 350.5 350.5

+e)alias 3%: -11.6 -11.2 -10.9 -10.5 -10.5

Costos e
-83.7 -82.7 -81.7 -80.7 -79.9
operacin
eprec.  a"orti. -27.2 -27.5 -27.9 -28.3 -28.7

P.<a# e "p +enta -102.5 -98.0 -94.7 -90.0 -90.2

-tili&a& "ta 160.4 13.3 148.2 140.8 141.1

-tili&a& acumula&a 160.4 313.7 461.8 602.7 743.8

;p"raci5 r"al
n)resos por ventas 315.4 345.9 378.4 389.9

+e)alias 3%: -9.5 -10.4 -11.4 -11.7

Costos e
-87.5 -85.7 -93.7 -88.7
operacin
eprec.  a"orti. -27.2 -27.5 -27.9 -28.3

P.<a# e "p +enta -74.6 -86.7 -95.7 -101.8

-tili&a& "ta 116.7 13.6 14#.7 1#.3
-tili&a& acumula&a 116.7 22.3 401.# 61.2

+umplimi"to
-tili&a& "ta 72.8% 88.4% 101.0% 113.1%
-tili&a& acumula&a 72.8% 80.4% 87.0% #3.1%
 

  Go

  !A
!A +;! A ;PR
RA+
A+E! RA
RA (
(
 mil"
mil"ss
6 7 8 # 10 11 12

350.5 350.5 341.6 341.6 341.6 341.6 313.0

-10.5 -10.5 -10.2 -10.2 -10.2 -10.2 -9.4

-79.1 -78.3 -77.7 -77.1 -76.5 -75.9 -75.3

-35.5 -35.5 -35.5 -35.5 -35.5 -6.2 -6.3

-87.9 -88.2 -85.1 -85.3 -85.5 -97.2 -86.6

137.4 137.# 133.1 133.4 133.8 12.0 13.4

881.2 1?01#.2 1?12.2 1?28.7 1?41#. 1?71. 1?707.0