Financing ESCOs
Knowledge for the Promotion & Establishment of an ESCO
Industry in Jamaica
Agreement No. C0037-12
Based on Final Report of the consultancy that Fundación Chile contracted
from Gerens S.A., as part of the program “Promotion of Market Opportunities
for Clean Energies” (hereinafter the “Program”), co-financed by IDB-MIF
(ATN/ME-9862 CH).
Ana María Ruz – January 23th, 2013
Contents




Introduction
Energy Efficiency and Energy Renewable projects
Public / Private Financing options
Testing the feasibility of project financing
Introduction
Transferring the knowledge of program “Promotion of Market
Opportunities for Clean Energies” co-financed by IDB-MIF (ATN/ME-9862
CH).
Because of the existence of a gap between the formulation of EE and/or
NCRE projects from the technical point of view and the evaluation needed
for presenting them to finance agencies for their financing
Fundación Chile contracted Gerens to make the exercise of :
Taking Energy Efficiency and Energy Renewable projects (Energy
Audits developed by Chilean ESCOs)
Analyze Public and Private Financing options
Testing the real feasibility of project financing
Contents




Introduction
Energy Efficiency and Energy Renewable projects
Public Financing options
Testing the feasibility of project financing
EE and ER projects
Regional Projects
Metropolitan Region Projects
35 projects from different economic sectors, like the wine
production sector, fruit production sector, fisheries sector,
hotel sector, paper manufacturing sector, among others
“Promotion of Market Opportunities for Clean Energies” cofinanced by IDB-MIF (ATN/ME-9862 CH) 2007 – 2011.
EE and ER projects
EE and ER projects
EE and ER projects
General observations on the review of the studies or energy
audits






Clearly a learning curve was experienced in the preparation of the studies and Reports
presented to FCH. (It is reflected in the length of the studies, where privileging their quantity
gives way to privileging their quality and where there was increasingly better topic structuring).
Despite these advances, from a non-technical viewpoint, the little utilization of energy use
statistics (e.g. energy use per production unit, per worker, per plant or property size, etc.) is
conspicuous, such that the consultants began to develop a database so that in the future
benchmarking could be done between companies, markets or economic sectors.
Less frequently, the presentation of the results is “unfriendly” for decision making.
Weak financial evaluation of the investment measures proposed, which is reflected by the
lack of financial indicators (for example, only the VPN is calculated and other indicators like the
IRR or payback are not reported) and/or calculation details.
Weak or nonexistent description of the companies’ commercial and financial information,
such as product, market, economic sector, equity, number of workers, etc.
This observation, which is important for the Program’s objectives, partly shows that the ESCOs
are more interested in performing the audit and receiving the income from their assistance,
than in financing the map of detected opportunities which is what ii occurs in the classic ESCO
model and which is being implemented in Chile as a Program product.
Contents




Introduction
Energy Efficiency and Energy Renewable projects
Public Financing options
Testing the feasibility of project financing
Public Financing options
EE line of financing was operating and/or
available through the BICE and Itau Banks
(during its almost two years of operations no
financing operation was processed).
Public Financing options
General observations about the projects for their financing from
third parties


In general, the size of the projects is small, considering the
transaction costs associated with the risk analysis performed by
the bank or other third party potential financers such as
investment funds.
Some recommended investment measures are “substitutes”
and not “complements”, which reduces even more the project’s
size.
Contents




Introduction
Energy Efficiency and Energy Renewable projects
Public Financing options
Testing the feasibility of project financing
Public Financing options
Conclusions Project selection stage for presentation for third
party financing




Heterogeneity of beneficiary companies (size, sector, location, etc.), implies very
dissimilar EE/NCRE interests.
The hierarchical level of the technical counterparts makes decision-making difficult
inside the companies “promising projects”. In many cases the people responsible for
a company’s energy area are very interested in carrying out projects, but, they can
not the authorization for searching third party financing.
The fact that in Chile subsidies, for EE and potential NCRE audits, as well as for
conceptual or basic engineering and/or investments, are limited to once per
company, unlike what happens in countries like Canada and the U.S., has the
following implications:
•
•
Incentives can be provided for the preparation of a very general map of EE opportunities, for which
the beneficiary companies must invest additional resources to pinpoint their potential savings for each
one of the energy sources that are used or alternatively, they can forget about the subject.
Also, incentives can be provided for these studies to be carried out by ESCOs that have expertise in
some energy areas, producing very strong results, but that do not have so much expertise in others,
generating weaker results and so eventually they do not coincide with the best company opportunity.
Testing the feasibility of project financing
Note: Figures in Ch$, 1USD = 472 Ch$
Testing the feasibility of project financing
Projects that were presented to financing entities belong to the following companies:
Cecinas La Española S.A.:
Company operating since 1975, whose business consists of the production
and commercialization of sausages and hamburgers. In 1980 it began
operating the SOFRIA brand and its main sales channels focus on the big
distributors, wholesalers and institutions. The company currently
produces a line of breaded, shaped, sliced and cubed sausages.
Contador Frutos S.A.:
A family company founded in 1968 and located in Region IV (Coquimbo).
Its business focuses on the production and export of fruits to international
markets. Its main exported product is table grapes (97% of its business)
and includes the varieties Crimson, Sugraone and Red Globe.
Exportadora Río Blanco Ltda.:
A company founded in 1981 and like the above company, its business is
based on the production and export of fresh table grapes. It has fields in
Region III to Region VII with its own installations and plants. To date 60%
of its production is its own and it expects to reach 75% in the future.
Testing the feasibility of project financing
The financial analysis focused on results indicators and the debt used by the bank
for the credit analysis to decide on the project financing for the companies.
Namely:
• EBITDA (Earnings before interests, taxes, depreciations and amortizations). It is
a result indicator and corresponds to the generation capacity of a company’s
operating cash and is calculated as Operational Result plus Depreciations.
• EBITDA margin/Sales: Result indicator that shows the cash operating margin of
every peso sold by the company.
• Interest coverage ratio: Debt indicator that is mathematically calculated as times
EBITDA/interest. This ratio measures the number of times that the operational
utility (EBITDA) covers the interest.
• Leverage: Debt indicator that is expressed as times Debt finance/Equity. The
leverage measures the company’s level in relation to its equity.
EBITDA and EBITDA margin /Sales
(2007-2009, M$ dic-09)
120.000
100.000
8,00%
1,87% EBITDA/Ventas promedio
(2007-2009)
5,68%
6,00%
80.000
105.921
60.000
3,83%
4,00%
68.375
40.000
2,00%
20.000
0,00%
0
2007
-20.000
-40.000
-60.000
-80.000
2008
2009
-2,00%
-62.811
-3,91%
-4,00%
-6,00%
It had negative results in 2007. 2008 - 2009 recovered “blue” results, although with very low
margins compared to its historical average.
The new commercial policy allows to forecast an EBITDA of about MCh$ 200 for the current
fiscal year, with a two digit margin,
EBITDA associated with the implementation of the EE project (MCh$ 90)
Financing Debt Indicators
Leverage
Debt finance/Equity
Interest coverage
Times EBITDA / Interest
4,00
0,45
3,00
0,40
0,41
0,35
2,00
2,86
0,30
1,36
1,00
0,20
0,00
2007
-1,00
-2,00
-3,00
0,25
2008
2009
0,15
0,10
-2,72
0,05
0,07
0,01
2007
2008
0,00
2009
Very narrow interest coverage, since the 1.36 index means that for every peso that the
company must pay in interest, it generates 1.36 pesos of operating cash, that is, it has only
0.36 pesos to repay its debt.
Historically has not had any third party financial debt (almost no leverage in 2007 and 2008).
In 2009, however, as a result of investments the company lease backed its plant /for about
MCh$ 600), which increased its leverage by 0.4 times its equity.
700.000
Debt Long and short term
2007-2009, M$ dic-09)
598.700
600.000
500.000
400.000
490.566
300.000
200.000
100.000
98.190
8.692
108.134
2007
2008
2009
0
Deuda Corto Plazo
Deuda Largo Plazo
They have space for financing EE investment with Long term debt
To summarize, the above analysis deals with a company in a recovery
and growth phase, and if its sales forecast is fulfilled, and it recovers the
margins and savings from the EE Project, then it is a solvent company.
Given its debt indicators, it is capable of increasing its debt without
compromising its solvency. Because of the above, bank financing of
MMCh$260 was requested to carry out the EE investment.
The financing was requested in UF, at 8 years with one grace period.
UF : unit of account used in Chile, 1 UF = 22.800 Ch$
Cecinas La Española is not in its client portfolio
There was knowledge of the products’ commercial brand or trade name, but not of the
company, although they are executives in the agribusiness and foods sector. In fact, their
client portfolio includes competitors of Cecinas La Española and, therefore, they were
very familiar with its market
A review of the company’s operational and financial information (debt indicators),
showed that despite the low level of debt relative to its patrimony (leverage of 0.4), the
low level of operating cash generation or EBITDA during recent years (MMCh$ 106 in
2008 and MMCh$ 68 in 2009) and consequently its low covered interests, an additional
debt of MMCh$ 260 like the one being requested, following the close to MMCh$ 600
debt undertaken in 2009, greatly compromised its debt service capability.
This diagnosis not only was done at the time the Gerens consultants made their
presentation together with the company’s financial advisor, but also in light of the
EBITDA’s growth outlook for this year (estimated at MMCh$ 200) and the marginal
EBIDTA associated with the materialization of the EE Project (estimated originally in a
pre-engineering study at MMCh$ 400 annually).
Relative to the EE project’s savings, they were surprised by its size (about 30% of the total
operating costs) and asked for more information about its validity and certification. These
questions were answered with information about the FCH-MIF Program. These costs were
re-estimated, amounting to around MMCh$ 90
In light of the above information, the Bank BICE executives noted that the only way that
the credit application would pass the credit risk analysis stage, to be presented
potentially to the bank’s credit committee, would be if the company’s partners or owners
had different collateral other than the company´s assets (e.g., real estate) and/or
financial (e.g., fixed-time deposits), in accordance with the bank’s risk policy.
So, the conclusion is that Bank BICE, despite not having an entity that validates and/or
certifies EE Project results, not only omitted the company’s outlook with and without the
EE, from its preliminary credit risk analysis, but it also rejected the collateral that the
economic unit has and that are not security for or mortgaged by the leaseback operation
(e.g., machines, production lines, among others).
The conclusion of this application is that Bank BICE is only willing to initiate the
company’s risk evaluation if and only if satisfactory off-company and off-project
guarantees are provided.
Cecinas La Española is part of its client portfolio
Carried out the 2009 leaseback operation and it also provides working capital financing
via factoring
Banco de Chile knows more about the company´s history and its debt behavior than
Banco BICE, and more importantly, because it is the owner of the assets associated with
the leaseback operation. Given that the banking business is not implementing properties
under guarantee, it is more willing to award financing for projects that will improve
results, when backed by the economic unit’s assets
When presenting the project information, the executives expressed their concerns:
o What kind of investments is involved in the EE project? Do they cover changes in the already
existing production processes or the incorporation of new fixed assets? The reply was that for
this particular case, they cover the second alternative.
o What assurance is there that the resources requested are actually used in the EE
investment project and who certifies that the associated savings estimated by the audit are
actually achieved. In reply, they were told about the objectives and scope of the FCH-MIF
Program, and of FCH’s aim of becoming a technical agency and independent certifier.
Based on the above, the executives expressed interest in analyzing the project
financing, as a function of the company´s low debt level with regard to their equity
and in the leasing mode. This last point is highly important, because since it is a rental
with a commitment to buy, the bank, strictly speaking, is the owner of the assets and,
therefore, if a default in the payment occurs, its execution is simpler than the
alternative of assets that are used as security and/or are mortgaged. This mechanism
also ensures better implementation of the EE project, and, therefore, a greater
EBITDA
The Banco de Chile people asked for sales information (last two months) and Financial
Results for this year (pre-balance as of June), in order to perform the risk analysis after
which it will be decided if it goes on to the approval committee.
It is not known if the operation was finally carried out since at this time the company’s
General Manager could not be contacted.
EBITDA and EBITDA margin /Sales
(2002-2009, M$ dic-09: 2010-2012, M$ corrientes)
2.500.000
25,0%
12,4%
EBITDA/Ventas
promedio
(20022008)
•
2.000.000
19,4%
17,0%
16,2%
20,0%
15,0%
1.500.000
13,8%
13,7%
1.000.000
1.415.776
1.163.821 1.455.108
500.000
10,0%
1.882.235
7,2%
740.798
8,7%
1.485.060
1.401.700
7,4%
6,2%
5,0%
614.940
483.080
547.050
0
0,0%
2002
-500.000
15,0%
2003
2004
2005
2006
2007
2008
2009
2010
2011
-1.066.456
-1.000.000
2012
-5,0%
-10,0%
-12,4%
-1.500.000
-15,0%
In 2009 it experienced very negative results, as a result of:
a) water supply cuts (because of supply water way break out)
b) low calibers because of the advanced age of its orchards and
c) The drop in demand from Europe associated with financial crisis
Debt Indicators
Leverage
Times Debt finance/Equity

20,00
18,00
Interest coverage
Times EBITDA / Interest
Leverage por sobre el nivel histórico, requiere
recuperar capital de trabajo.
18,56
5,00
4,00
16,00
3,00
14,00
4,42
2,00
12,00
10,00
3,19
2,65
2,74
1,00
0,91
8,00
1,28
0,58
2002
6,00
7,53
2003
2004
2005
2006
2007
2008
2009
-1,77
-1,00
4,00
2,00
2,54
-2,00
2,75
1,83
1,32
0,00
-3,00
2004
•
2005
2006
2007
2008
2009
the resources needed to cover the 2009 losses and
even more the investments made to renew its
orchards. This debt is backed by a mortgage on the
owners’ farms, assets that are not in the analysis of
the company’s results. If those are included, the
leverage indicator will be a little less than 3 times,
which in any case is still extremely high
•
Company’s delicate financial situation.
Over the last two years the cash
generation has note even been able to
cover the interest on its debt, which
came to about Ch$ 13,200 million at
the end of 2009
Debt composition
(M$ dic-09)
About half of the MM$ 13,200 of debt expires in less than a year (short term), and
consists mainly of loans to exporters (SAPs), that finance its operation’s working
Assets Waranties
•
Total debt=MM$ 9.746,2 Waranty Debt= MM$ 7.893,8 on detail:
MM$ 1.708,6
Fundo Recoleta 144 Ha.
Plantadas con uva de mesa.
MM$ 2.654,7
Fundo Camarico,
Plantaciones de uva de mesa
(Parcela Nº 3 San Ramón),
Plantaciones de Chirimoyas y
limones.
MM$ 3.175,4
Campo las Totoras,
Plantaciones uva de
mesa
MM$ 355,1
San Julián
28
In summary, A very financially stressed company, that needs short term debt
restructuring and new working capital, so that it can go ahead with its recovery plan.
The EE project does not contribute much to its EBITDA generation, since the annual
estimated savings are only MM$ 32.
Nevertheless, it asked for financing of MM$60 including MM$6 for working capital),
from two banks, in dollars and at 12 years.
Contador Frutos is part of its client portfolio
The executive explained that he had just come from a meeting with the company’s principal
partner and given its fragile financial situation, they were not in a position to increase their
creditor exposure (before revealing the amount of the EE project’s investment)
During the presentation of the company’s Prospectus and its EE project, it was revealed that
Banco BICE is leading a syndicate operation (that is, trying to include the participation
of all the creditor banks with or without collateral) for financial restructuring, which
means moving its short term debt to long term, subject to compliance over time with a series of
financial indicators (covenants), that these consultants do not know
Given the restructuring operation scenario, the manager noted that the EE project’s credit
application (MMCh$ 60) was less compared to the operation that it is leading and that, given the
expected impact on the EBITDA, they were willing to incorporate the financing into the business
closure with the other creditor banks
Banco BICE continued negotiating the restructuring of liabilities with the other creditor banks,
which we believe is more in answer to the conditions or covenants, than whether or not it is
approved. So, given the size of the . operation syndicated by the banks, which we estimate to be
around MCh$ 7,000 (MMUS$ 14), there should not be any bigger problems in adding the EE
project’s requirements.
Note:The non-compliance of the covenants established in debt contracts, with no agreement between the parts, means the
demand for immediate payment of the respective debts
Contador Frutos is part of its client portfolio
It is not among the banks that have on- or off-balance collateral. That is,
it has short term debts for working capital granted on just the signature
of its legal representatives.
The answer to the project’s presentation is that they are not willing to
increase their exposure in the company aside from the syndicated
restructuring that Banco BICE is designing and negotiating.
EBITDA and EBITDA margin /Sales
(2006-2009, MM$ dic-09: 2010, MM$ corrientes)
12.000
16,00%
11,48% EBITDA/Ventas promedio
(2006-2009)
14,02%
10.000
10.048
13,11%
11,88% 12,00%
9.516
8.000
14,00%
9,67%
10,00%
9,10%
6.000
6.366
8,00%
5.827
4.387
4.000
6,00%
4,00%
2.000
2,00%
0
0,00%
2006
2007
2008
2009
2010*
2008- 2009, affected by financial crisis on Korean and english markets.
EBITDA 2010 projected on historical average
*: Al 31 de Marzo de 2010.
Debt Indicators
Leverage
Times Debt finance/Equity
Interest coverage
Times EBITDA / Interest
0,80
18,00
16,00
0,71
17,03
14,00
0,70
0,66
0,70
0,60
14,15
0,51
12,00
0,50
0,50
10,00
0,40
8,00
7,83
6,00
7,39
0,30
0,20
4,00
0,10
2,00
0,00
0,00
2006
2007
2008
2009
2006
2007
2008
2009
2010*
The debt indicators reveal the company’s excellent financial position, with covered
interest more than 7 times higher in the last two years of the international crisis and
credit and leverage 1 time lower.
*: Al 31 de Marzo de 2010.
Debt Composition
(2006-2009, MM$ dic-09; 2010 MM$ Corrientes)
Deuda Corto Plazo
Deuda Largo Plazo
35.000
28.990
30.000
26.046
25.000
20.000
17.503
15.000
114
25.059
5.042
4.144
21.004
20.915
2008
2009
3.656
18.019
55
25.333
10.000
17.389
17.964
2006
2007
5.000
0
2010*
88% of its total debt, close to MMCh$ 29,000 as of March 2010, is concentrated in short term,
typical seasonality of a fruit export company whose production occurs over a period of a few
months with sales throughout the year. So, these debts are SAPs (Structural Adjustment Programs)
that finance the company’s working capital..
*: Al 31 de Marzo de 2010.
Exportadora Río Blanco has the best production and debts of the 3 cases
analyzed.
A credit of MMCh$90 was asked, including MMCh$20 for working capital, in
dollars at 5 years.
The financing required for the EE project (MMCh$ 90) would be arranged
immediately.
•Banco BICE stated that once the approval was reported, those responsible for
the company’s financing would negotiate the interest rate for this potential
operation.
•Meanwhile, Banco de Chile commented that the amount of the EE Project
investment was much less than the company’s cash generation capacity and that
they thought it would be financed internally (operating cash and/or corporate
debt).
After Banco BICE and Banco de Chile announced their willingness to finance
the EE project without collateral guarantees but as part of the financing
lines that the company has, those responsible for its implementation
reported that the project is in the itemized engineering and supplier
quotations stage, which it will finance with the company’s own resources.
Testing the feasibility of project financing
Conclusions testing of EE project financing


First, the credit instruments for facilitating the implementation of EE projects
designed by the Chilean public sector had no result, unlike the NCRE financing line,
which is bigger and more attractive to banks.
This financing problem, among others, is associated with the following elements
and/or variables:
•
•
•
Information asymmetries between engineering companies and beneficiary companies of measures
and investments in EE and/or NCRE, associated with the quality certification of the proposals and
the measurement and verification of the energy savings. As noted above, this certification,
measurement and validation, is one of the variables that could facilitate bank financing.
ESCO companies’ lack of capital that prevents them from financing the investments. If it is already
difficult for the beneficiary companies of the EE projects to obtain financing on their own cash flows,
it is even harder for the ESCOs, that in Chile are in the infant industry stage and that are evolving from
a core business of providing engineering services to being EE project investors and implementers.
Due to the regulatory system, in Chile the bank only loans against collateral from the companies
and/or against the equity of its owners, and does not finance projects and new companies with no
history.
The above was clearly demonstrated in the case of the company Cecinas La Española with BICE Bank
and it is one of the limits to developing the ESCOs industry in Chile, particularly in this transition stage
of changing its business model, since for logical reasons they do not have the collateral outside the
projects themselves to finance all or part of their portfolio of projects.
Testing the feasibility of project financing
Conclusions testing of EE project financing

According to a high level management executive in the energy projects
area of one of the banks registered to operate CORFO’s EE line,
• the main causes of not using it is because of the low investment amount of
the projects relative to the transaction costs associated with its risk analysis
and the legalization of contracts (about US$ 300,000),
• the companies’ lack of collateral and/or the reticence of their owners to
guarantee credits with guarantees that are exogenous to the company and the
project.

As a result of this work, no line of financing could be obtained from the
bank to implement EE projects.
ANEXOS
Financiamiento Proyecto EE
Cecinas La Española
Agosto 2010
Balance General
M$ dic-2009
En M$
ACTIVOS
ACTIVOS CIRCULANTES
DISPONIBLE
VALORES NEGOCIABLES
DEUDORES POR VENTA
DEUDORES VARIOS
DOCUMENTOS POR COBRAR
DOCUM. CTAS. POR COBRAR EE.RR.
IMPUESTOS POR RECUPERAR
EXISTENCIAS
TOTAL ACTIVOS CIRCULANTES
ACTIVOS FIJOS
TERRENO
CONSTRUCCIONES Y OBRAS INFRAESTRUCTURA
MAQUINARIAS Y EQUIPOS
OTROS ACTIVOS FIJOS
DEPRECIACION ACUMULADA
TOTAL ACTIVOS FIJOS
OTROS ACTIVOS
INVERSION EMPRESAS RELACIONADAS
INTANGIBLES
OTROS
TOTAL OTROS ACTIVOS
TOTAL ACTIVOS
2007
2008
2009
22.658
0
167.160
0
119.633
195.558
10.959
142.061
4.543
0
149.604
0
190.914
176.547
7.937
205.133
81.267
3.327
562.742
8.059
0
175.217
15.837
313.970
658.029
734.678
1.160.420
311.237
553.808
1.110.290
118.521
-1.043.940
1.049.915
286.289
509.417
1.087.973
160.240
-981.396
1.062.523
282.125
809.042
1.187.056
0
-928.400
1.349.824
17.328
137.875
0
155.203
1.863.147
15.939
135.152
0
151.091
1.948.292
15.707
45.362
2.421
63.490
2.573.734
Balance General
M$ dic-2009
En M$
PASIVOS
PASIVOS CIRCULANTES
OBLIG.BCO. E INST.FINAN. C/P
CUENTAS POR PAGAR
ACREEDORES VARIOS
PROVISIONES
RETENCIONES
IMPUESTO A LA RENTA
OTROS PASIVOS CIRCULANTES
TOTAL PASIVOS CIRCULANTES
PASIVOS LARGO PLAZO
OBLIG.BANCO E INST. FINANCIERA
TOTAL PASIVOS LARGO PLAZO
PATRIMONIO
CAPITAL PAGADO
RESERVA REVALORIZACION CAPITAL
UTILIDAD/PERDIDA ACUMULADA
UTILIDAD DEL EJERCICIO
TOTAL PATRIMONIO
TOTAL PASIVOS
2007
2008
2009
98.190
134.109
26.093
143.219
0
0
22.484
424.095
8.692
264.272
167.338
26.287
0
0
19.039
485.629
108.134
465.313
13.221
0
36.365
3.187
0
626.221
0
0
0
0
490.566
490.566
759.271
700.018
48.745
-68.982
1.439.052
1.863.147
698.411
737.891
-18.615
44.976
1.462.663
1.948.292
688.252
727.158
25.978
15.559
1.456.947
2.573.734
Estado de Resultados
M$ dic-2009
En M$
ESTADO DE RESULTADOS Al 31 de Diciembre de 2009
INGRESO DE EXPLOTACION
INGRESOS DE EXPLOTACION
COSTOS DE EXPLOTACION
MARGEN DE EXPLOTACION
GASTOS DE ADMINISTRACION Y VENTAS
GASTOS DE ADMINISTRACION Y VENTAS
RESULTADO OPERACIONAL
EBITDA
RESULTADO NO OPERACIONAL
OTROS INGRESOS FUERA EXPLOTACION
GASTOS FINANCIEROS
CORRECCIÓN MONETARIA
RESULTADO NO OPERACIONAL
RESULTADO ANTES DE IMPUESTOS
IMPUESTO RENTA
UTILIDAD (PERDIDA) DEL EJERCICIO
2007
2008
2009
1.607.497
-1.069.295
538.202
1.863.391
-1.321.124
542.267
1.785.614
-1.292.393
493.221
-601.013
-62.811
-62.811
-436.346
105.921
105.921
-424.846
68.375
68.375
39.664
-23.123
-22.712
-6.171
3.937
-37.001
-27.881
-60.944
317
-50.095
150
-49.628
-68.982
0
-68.982
44.976
0
44.976
18.746
-3.187
15.559
42
Financiamiento Proyecto EE
Cecinas La Española
Agosto 2010
ANEXOS
Financiamiento Proyecto EE
Contador Frutos
Mayo 2010
Balance General
M$ dic-2009
BALANCE GENERAL al 31 de diciembre 2009 M$
ACTIVOS
2002
2003
2004
2005
2006
2007
2008
2009
253.568
0
28.976
0
0
382.370
0
61.728
1.003.511
0
0
3.331.687
530.700
0
231
939
635.870
0
0
2.011.868
326.201
0
0
963
0
1.344.703
0
0
2.664.063
522.255
0
22.365
0
0
163.084
0
1.825.495
0
665.869
0
0
3.135.202
614.387
0
3.214
0
726.455
0
54.529
324.466
48.295
814.328
0
2.593.937
494.514
0
521.408
233.409
0
58.225
0
764.446
95.561
103.122
2.357.908
0
1.559.334
562.817
0
586.169
390.281
0
554.239
379.133
257.152
80.125
822.556
1.518.983
290.151
3.481.944
636.461
212.538
0
53.330
0
198.777
0
357.830
183.213
4.117.083
486.125
0
1.036.122
453.060
0
401.074
453.827
1.570.810
5.120.635
3.003.879
4.997.485
6.407.251
5.811.341
6.477.864
8.286.612
9.257.920
921.999
2.370.001
3.602.767
0
1.497.625
0
0
896.729
2.433.711
3.557.311
0
1.485.571
0
0
940.387
2.640.429
3.761.807
0
1.649.273
0
0
939.447
2.855.166
4.018.306
0
2.048.507
0
0
869.017
3.571.493
4.321.579
0
1.967.013
0
328.925
1.951.883
3.458.182
4.543.277
0
2.104.912
0
344.717
1.370.798
2.710.134
4.246.508
377.997
1.132.158
1.027.608
1.071.278
1.357.090
9.428.997
0
0
2.102.751
0
335.459
8.392.392
8.373.322
8.991.896
9.861.426
11.058.027
12.402.971
11.936.481
13.224.297
-1.885.495
-2.135.572
-2.716.004
-3.278.300
-3.879.171
-4.274.820
-4.658.509
-5.342.279
6.506.896
6.237.749
6.275.892
6.583.125
7.178.857
8.128.151
7.277.972
7.882.018
0
73.409
0
0
0
0
434.781
-273
0
77.432
0
0
0
0
422.864
-349
0
77.166
0
0
0
0
439.866
-751
507.917
499.947
516.280
0
290.096
0
0
0
0
465.416
-1.946
0
753.566
180.419
585.189
4.813
-507.786
0
0
494.110
-3.588
0
753.157
402.525
29.727
50.312
-42.022
0
0
618.255
-5.287
0
1.053.510
221.472
31.542
7.453
0
3.719.752
54.448
842.994
0
535.043
5.412.704
397.650
31.227
6.541
0
0
0
661.047
-9.114
0
1.087.351
12.135.448
9.741.575
11.789.657
13.743.943
13.743.355
15.659.525
20.977.288
18.227.289
Activo Circulante
Disponible
Depósitos a plazo
Valores Negociables (Neto)
Deudores por ventas (neto)
Documentos por cobrar (neto)
Deudores Varios
Documentos y ctas. por cobrar e. relacionadas
Existencias
Impuestos por recuperar
Impuestos diferidos
Gastos pagados por anticipado
Otros activos circulantes
Producto en Proceso
Total activo circulante
Activo Fijo
Terrenos
Construcciones y Obras de Infraestructura
Plantaciones
Plantaciones en Proceso
Maquinarias y Equipos
Obras en Construcción
Otros Activos Fijos
Subtotal
Depreciación acumulada
Total activo fijo neto
Otros Activos
Inversión en empresas relacionadas
Inversión en otras sociedades
Menor Valor de inversiones
Mayor Valor de inversiones (Menos)
Documentos y ctas. por cobrar e. relacionadas
Impuestos Diferidos
Intangibles
Amortización Acumulada (Menos)
Otros
Total otros activos
45
Total Activos
Balance General
M$ dic-2009
BALANCE GENERAL al 31 de diciembre 2009 M$
PASIVOS Y PATRIMONIO
2002
2003
2004
2005
2006
2007
2008
2009
Obligaciones con Bancos e Ins. Financieras a C/P
Obligaciones con Bancos e Ins. Financieras L/P Porción C/P
Cuentas por pagar
Documentos por pagar
Acreedores varios
Documentos y ctas. por pagar e. relacionadas
Provisiones
Retenciones
Impuestos por pagar
Ingresos percibidos por adelantado
Impuestos diferidos
1.972.435
1.636.624
5.182.217
3.412.431
263.112
169.935
3.679.450
546.471
734.277
678.780
0
0
176.308
60.870
6.286.461
0
941.052
1.854.840
28.157
41.709
198.788
62.730
6.677.591
2.638
679.375
654.472
0
0
267.117
0
32.062
3.937.612
0
2.722.443
0
0
0
216.213
0
27.181
0
0
2.319.805
163.357
685.476
590.920
18.161
0
792.440
64.772
61.773
3.170.805
0
2.718.440
0
0
0
264.736
0
13.830
0
0
1.230.863
0
166.337
0
1.217.615
13.591
2.697.847
0
Total pasivo circulante
7.479.538
5.251.051
6.167.811
6.903.449
5.865.794
6.042.494
10.644.942
10.979.041
3.472.395
1.790.405
2.006.549
0
1.652.361
1.709.012
0
1.991.606
0
0
0
2.811.090
0
1.574.556
0
0
0
4.217.772
0
0
0
0
0
3.041.542
1.078.511
0
0
0
0
5.932.323
0
0
2.579.736
88.876
109.343
6.532.640
0
3.692
0
0
0
5.262.800
12.742.338
3.658.910
8.909.961
3.700.618
9.868.429
4.385.647
11.289.096
4.217.772
10.083.565
4.120.053
10.162.547
8.710.277
19.355.219
6.536.332
17.515.373
Capital Pagado
Revalorización de Capital Propio
Otras Reservas
Utilidades retenidas
Reserva Futuros Dividendos
Utilidades o Perdidas Acumuladas
Utilidad o Perdida del ejercicio
-710.671
-565.766
865.938
1.968.996
55.343
1.496.659
1.592.169
52.911
1.431.324
1.513.205
52.964
1.189.309
0
52.434
1.230.288
0
103.781
1.397.380
1.055.290
485.852
558.439
514.392
-557.212
310.485
-40.938
2.229.991
660.768
1.688.145
-1.969.116
0
-189.645
-381.161
Total patrimonio
-606.890
831.614
1.921.228
2.454.848
3.659.790
5.496.979
1.622.069
711.916
12.135.448
9.741.575
11.789.657
13.743.943
13.743.355
15.659.525
20.977.288
18.227.289
Pasivo Circulante
Pasivo Largo Plazo
Obligaciones con Bancos e Instituciones Financieras
Acreedores varios Largo Plazo
Cuentas por pagar
Documentos y ctas. por pagar e. relacionadas
Impuestos Diferidos
Otros Pasivos
Total pasivo largo plazo
Patrimonio
Total Pasivos y Patrimonio
46
Estado de Resultados
M$ dic-2009
47
Proyección Estado de Resultados
(M$ Corrientes)
Proyección Estado de Resultados
2009
2010
2011
2012
8.577.930
-7.355.694
-578.200
6.285.825
-4.978.050
-657.300
9.898.810
-7.661.680
-659.850
10.184.795
-8.049.610
-666.075
644.035
650.475
1.577.280
1.469.110
Gastos de ventas y administración
-2.288.692
-760.725
-752.070
-733.485
Resultado operacional
EBITDA
-1.644.656
-1.066.456
-110.250
547.050
825.210
1.485.060
735.625
1.401.700
Ingresos de la explotación
Costos de la explotación
Depreciaciones
Resultado Bruto
Garantías
BANCOS
Plazo
Garantías
Julio 2010 en gestión bullet a 8 años
Renovación anual
En Enero del 2010 se incorpora al
largo plazo
En Agosto 2010 se reestructura a 8
años con 2 de gracia
Campo Las Totoras
Al 27-05-2010
CORTO USD
Rabobank
Corpbanca
Santander
Bice
Renovación anual
Bci
Renovación anual
Itau
Renovación anual
Chile
SUBTOTAL
LARGO USD
Bullet vcto año 2012 gestionando su
renovación por 6 años
Rabobank
Vcto año 2015. En Mayo 2010 se
renovó deuda a la compañía Los
Aromos S.A.
Corpbanca
6 años. Vcto año 2017
Santander
SUBTOTAL
Campo Recoleta
Campo San Ramón
Parcela N°2
Campos Camarico y San
Ramón Parcela N°3
A sola firma
A sola firma
Campo Las Totoras
Campo San Julian de Los
Aromos S.A.
Campo Recoleta
0
2.000.000
3.600.000
500.000
1.000.000
9.600.000
4.000.000
0
3.228.571
7.228.571
16.828.571
TOTAL USD
CORTO $
Vcto. año 2014
Bci
Internacional Vcto Febrero 2010
Vcto Octubre 2010
Corpbanca
TOTAL $
2.000.000
500.000
Campos Camarico y San
Ramón Parcela N°3
Crédito
749.514.605
0
90.525.435
840.040.040
Financiamiento Proyecto EE
Contador Frutos
Mayo 2010
ANEXOS
Financiamiento Proyecto EE
Exportadora Río Blanco Ltda.
Julio 2010
Balance General
MM$ dic-2009; 2010 MM$ Corrientes
Al 31 de Diciembre del 2009 en MM$; 2010 MM$ Corrientes
52
Activos
Circulante:
Disponible
Valores Negociables
Deudores por venta
Deudores varios
Cuentas por cobrar a productores
Cuentas por cobrar a empresas relacionadas
Documentos por cobrar
Existencias
Impuestos por recuperar
Gastos pagados por anticipado
Impuestos diferidos
Otros Activos Circulantes
Total Activo Circulante
Fijo:
Terrenos
Construcciones y obras de infraestructura
Maquinarias y equipos
Activos en leasing
Muebles y útiles
Depreciación acumulada
Total Activo Fijo Neto
Otros:
Inversión en empresas relacionadas
Intangibles
Impuestos diferidos
Cuentas por cobrar a empresas relacionadas
Otros
Total Otros Activos
TOTAL ACTIVOS
2006
2007
2008
2009
2010
1.283
2
9.124
641
20.294
2.457
18
7.142
1.764
71
487
8
43.291
364
2
8.471
411
18.809
3.416
0
8.090
2.583
103
369
5
42.622
453
2
10.528
586
19.149
7.144
0
8.425
1.716
120
491
0
48.612
1.009
2
6.328
249
19.210
10.033
0
6.763
2.215
121
343
0
46.273
3.009
2
26.428
665
25.091
10.662
0
5.081
3.336
84
343
0
74.701
1.293
14.830
1.663
0
961
-3.784
14.963
1.654
17.397
2.525
0
970
-3.599
18.947
1.601
18.696
2.592
150
954
-4.475
19.518
1.601
21.160
3.005
101
932
-5.301
21.498
0
27.870
0
0
0
-5.651
22.219
3.225
180
18
3.328
101
6.852
65.106
2.922
193
9
4.834
56
8.014
69.582
187
170
0
7.772
31
8.159
76.289
2.114
158
11
7.441
0
9.723
77.493
1.425
154
11
7.696
0
9.285
106.204
Balance General
MM$ dic-2009; 2010 MM$ Corrientes
Al 31 de Diciembre del 2009 en MM$; 2010 MM$ Corrientes
Pasivos
Circulante:
Obligaciones con bancos e instituciones financieras
Obligaciones por leasing
Cuentas corrientes productores
Cuentas por pagar
Anticipo de clientes
Documentos por pagar
Cuentas por pagar a empresas relacionadas
Provisiones y retenciones
Impuesto a la renta
Impuestos diferidos
Total Pasivo Circulante
Largo Plazo:
Obligaciones con bancos
Obligaciones por leasing
Impuestos diferidos
Total Pasivo Largo Plazo
Patrimonio:
Capital pagado
Reserva revalorización
Resultados acumulados
Resultado del ejercicio
Total Patrimonio
TOTAL PASIVOS Y PATRIMONIO
53
2006
2007
2008
2009
2010
17.329
60
3.283
4.053
1.015
3.967
18
444
423
93
30.686
17.905
59
3.438
5.239
1.356
3.724
171
747
0
78
32.718
20.957
47
5.165
2.760
602
3.048
31
712
348
0
33.670
20.884
31
5.052
4.613
643
2.001
23
940
0
51
34.238
25.302
31
25.477
6.438
0
114
299
414
0
55
491
546
5.042
0
714
5.756
4.082
63
951
5.096
3.602
54
951
4.608
1.319
3.923
21.377
7.387
34.006
65.106
1.319
5.834
24.376
4.790
36.319
69.582
1.200
7.932
22.481
5.250
36.863
76.289
1.200
7.282
26.052
3.626
38.160
77.493
1.200
7.470
28.953
3.879
41.503
106.204
1.614
505
675
0
51
60.094
Estado de Resultados
MM$ dic-2009; 2010 MM$ Corrientes
ESTADO DE RESULTADOS
2006
2007
2008
2009
2010
71.653
-57.424
14.229
-4.180
10.048
72.560
-58.987
13.573
-4.057
9.516
65.818
-55.579
10.239
-3.872
6.366
64.001
-54.019
9.982
-4.155
5.827
36.916
-31.486
5.430
-1.043
4.387
121
-996
433
-590
-70
-704
892
0
-914
163
-312
488
-672
-32
-962
-2.362
0
-3.689
228
-2.653
760
-813
-31
-1.182
143
4.071
522
187
1.929
691
-788
-18
-1.285
836
-3.333
-1.782
18
-700
114
-118
-2
-349
528
0
-508
Resultado antes de impuesto a la renta
Impuesto a la renta e Impuesto Directo
9.134
-1.748
5.827
-1.037
6.888
-1.638
4.045
-419
3.879
0
Resultado del ejercicio
7.387
4.790
5.250
3.626
3.879
Al 31 de Diciembre del 2009 en MM$; 2010 MM$ Corrientes
Resultado Operacional
Ingresos de Explotación
Costos de Explotación
Margen de Explotación
Gastos de Administración y ventas
Resultado Operacional
Resultado no operacional
Ingresos financieros
Resultado inversión empresas relacionadas
Otros ingresos
Gastos financieros
Otros egresos
Depreciación y amortización del ejercicio
Corrección monetaria
Diferencia tipo de cambio
Resultado no operacional
54
Financiamiento Proyecto EE
Exportadora Río Blanco Ltda.
Julio 2010