Antonio Guerrero (安東尼) MA0N0245
Panama Stock Market

General Structure
The Panama Stock Exchange is the first organized
market for public trading of securities in the Republic of
Panama. As such, the Stock Exchange is a self-regulating
securities market organization, authorized and supervised
by the National Securities Commission of Panama (CNV).
 The stock exchange members, who each hold a Stock
Exchange Seat, are corporations engaged in stock market
operations as Brokerage houses. Each is duly authorized
by the CNV, and hence subject to its regulation and
oversight. In addition, the members that operate a Stock
Exchange Seat have to be duly authorized by the BVP
and agree to observe its rules as a self regulatory
organization.

Shareholders

The Panama Stock Exchange is a publicly held corporation whose
shares are traded on the BVP itself. In its character as an issuer, the
BVP is subject to the same rules and regulations regarding disclosure,
dissemination and the updating of relevant financial and corporate
information due investors and shareholders as mandated by the CNV
and the Stock Exchange itself.

The BVP as a corporation that concentrates ultimate operational
control in its shareholders, acting in the General Shareholders
Meeting.

At 31 December 2004 the BVP had 60 registered shareholders.
Seatholders at the BVP held 43% of the shares of the BVP.

The National Stock Products (Baisa), and the
Panama Stock Exchange (BVP), are the two
brokerage firms in the country. The first
started to negotiate tariff quotas agreed by
Panama and the World Trade Organization
(WTO) in 1997 and agreed on the Free
Trade Agreement (FTA) signed by the
country in recent years.
Cochez and Company, profits
increased 60%.
Cochez, currently has over 80 years in
the market for building materials,
finishes and hardware store in Panama.
 The company has a network of 16
branches throughout the country, has
launched an aggressive expansion
program and currently is building two
branches.


The most important market Cochez focuses
on the capital, which represents 70% of its
sales, the remaining 30% is generated by
branches within the country and none of its
customers generates more than 1% of sales.

Its main competitors include companies in
the group Comasa Melo, Doit Center, House
Goli and Novey, although the latter since
1984 is under the administrative control of
Cochez.

By June 30 2011, the Company common
shares Held 8.000 Issued and outstanding,
Whose book value is $ 800,000, an
Accumulated Surplus of $ 3.8 billion and
earnings taxes amounted to $ 3.5 million.

As for the results of operations, sales increased $ 8.5
million, compared to June 2010, from $ 68,800,000 to $
77,300,000, reflecting a growth of 12%.

The cost of sales, meanwhile, increased $ 6.9 million, up
12% compared to 2010, reaching $ 61.5 million.

The operation of the company was favored by more than
100% in the other income line, which increased $ 2.3
million, primarily for services provided to related
companies.
Expenses

Total operating expenses grew 19% from $
12.9 million in June 2010 to $ 15.3 million to
June this year.

The operating efficiency of the company
(general and administrative expenses from
gross profit) was 0.97, while for June 2010
was 0.91.

For 2011 the company expects that operations
have a variation range between 10% and 15%.

Regarding current assets loa, these showed an increase
of $ 3.7 million, from $ 30.4 million on December 31,
2010 to $ 34.2 million to June this year thanks to the line
of receivables, which rose $ 3, 9 million.

Overall, total assets rose by $ 9.2 million, from $ 75
million to $ 84.2 million, primarily due to an increase of $
2.5 million in inter-company accounts and $ 2.8 million
in property, improvements , rolling equipment and
furniture and equipment.

Current liabilities remained unchanged, standing at $
20.9 million. However, total liabilities recorded a final
increase of $ 6 million due to the account payable to
shareholders, which increased $ 5.8 million in the period
of analysis.

For capital, increased from $ 3.2 million
in equity, which rose from $ 1.4 million to
$ 4.6 million due to retained earnings,
which rose from $ 618,032 to $ 3.8.