Activo

Activo Corriente 2005 Vertical (%) 2006 Vertical (%)disponible 81,600 2.7 126,317 3.5 inversiones negociables 50,569 1.7 106,961 3.0 deudor 81,051 2.7 99,434 2.8 inventarios 463,869 15.2 543,743 15.1 diferidos 18,970 0.6 30,507 0.8 Total Activo Corriente 696,059 22.9 906,962 25.1

Activo no corrientesdeudor 32,493 1.1 47,353 1.3 inversiones permanentes 226,054 7.4 198,371 5.5 propiedad planta y equipo 1,377,829 45.3 1,640,086 45.4 intangible 8,139 0.3 5,809 0.2 diferidos 82,432 2.7 93,246 2.6 otros activos 198 0.0 242 0.0 valorizaciones 619,870 20.4 716,613 19.9 Total Activo No Corriente 2,347,015 77.1 2,701,720 74.9

Total Activo 3,043,074 3,608,682

Pasivo

Pasivo Corriente 2005 2006obligaciones financieras 17,699 1.7 171,941 12.4 proveedores 413,144 39.8 486,091 35.1 cuentas por pagar 118,765 11.4 187,595 13.5 Impuestos gravamenes 35,790 3.4 42,336 3.1 obligaciones laborales 36,803 3.5 38,340 2.8 pasivo estimado 25,269 2.4 39,953 2.9 diferidos - - - - bonos 300,000 28.9 - - otros pasivos 4,561 0.4 12,522 0.9 Total Pasivos Corrientes 952,031 91.7 978,778 70.7

Pasivo no corrienteobligaciones financieras 53,365 5.1 270,645 19.5 impuestos gravamenes - - obligaciones laborales 327 0.0 527 0.0 pasivo pensional 11,860 1.1 10,593 0.8 bonos - - 105,000 7.6 diferidos 20,150 1.9 19,731 1.4 otros - - - -

85,702 8.3 406,496 29.3 Total Pasivo 1,037,733 1,385,274

Intereses minoritarios 1,367 0.0 1,479 0.0 Patrimonio 2,003,974 65.9 2,221,929 61.6

3,043,074 100.0 3,608,682 100.0

Capital de trabajo - 255,972 - 71,816

2005 2006 2007 2008 2009 2010 2011 -

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

Total Activos Corrientes VS Total Pasivos Corrientes

2007 Vertical (%) 2008 Vertical (%) 54.8 219,186 3.6 73.5 185,031 3.0 111.5 345,404 5.6 222.9 221,033 3.6 22.7 304,486 5.0 206.2 258,180 4.2 17.2 922,540 15.0 69.7 948,918 15.3 60.8 75,078 1.2 146.1 61,483 1.0 30.3 1,866,694 30.4 105.8 1,674,645 27.0

45.7 65,018 1.1 37.3 58,376 0.9 - 12.2 200,063 3.3 0.9 179,485 2.9 19.0 2,026,659 33.0 23.6 2,322,813 37.4 - 28.6 820,491 13.3 14,024.5 799,038 12.9 13.1 157,389 2.6 68.8 203,609 3.3 22.2 285 0.0 17.8 285 0.0 15.6 1,012,757 16.5 41.3 970,105 15.6 15.1 4,282,662 69.6 58.5 4,533,711 73.0

1.2 6,149,356 70.4 6,208,356

2007 2008 871.5 40,069 1.5 - 76.7 476,527 17.8 17.7 805,604 30.5 65.7 904,289 33.7 58.0 255,572 9.7 36.2 280,231 10.4 18.3 71,113 2.7 68.0 59,869 2.2 4.2 52,539 2.0 37.0 47,490 1.8 58.1 60,437 2.3 51.3 50,910 1.9

- - - - - - 100.0 70,000 2.7 - - - 174.5 13,779 0.5 10.0 13,925 0.5 2.8 1,369,113 51.9 39.9 1,833,241 68.3

407.2 955,290 36.2 253.0 547,507 20.4 - - - - - - 61.2 366 0.0 - 30.6 510 0.0 - 10.7 14,207 0.5 34.1 13,817 0.5 - 255,000 9.7 142.9 255,000 9.5 - 2.1 46,014 1.7 133.2 15,130 0.6 - - - - 18,689 0.7 374.3 1,270,877 48.1 212.6 850,653 31.7 33.5 2,639,990 90.6 2,683,894

124,105 2.0 135,142 2.2 3,385,261 55.1 3,389,320 54.6 6,149,356 100.0 6,208,356 100.0

497,581 - 158,596

2005 2006 2007 2008 2009 2010 2011 -

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

Total Activos Corrientes VS Total Pasivos Corrientes

2009 Vertical (%) 2010 Vertical (%)- 15.6 396,110 6.3 114.1 516,325 7.8 - 36.0 246,464 3.9 11.5 280,733 4.2 - 15.2 230,824 3.6 - 10.6 341,541 5.1 2.9 806,283 12.7 - 15.0 840,909 12.7 - 18.1 29,560 0.5 - 51.9 41,747 0.6 - 10.3 1,709,241 27.0 2.1 2,021,255 30.4

- 10.2 59,441 0.9 1.8 51,745 0.8 - 10.3 124,835 2.0 - 30.4 62,702 0.9 14.6 2,161,374 34.2 - 7.0 2,149,780 32.4 - 2.6 1,021,607 16.2 27.9 1,004,993 15.1 29.4 211,039 3.3 3.6 231,268 3.5 - 285 0.0 - 285 0.0 - 4.2 1,037,229 16.4 6.9 1,118,480 16.8 5.9 4,615,810 73.0 1.8 4,619,253 69.6

1.0 6,325,051 1.9 6,640,508

2009 2010 1,089.3 231,946 3.7 - 51.3 357,325 16.1 12.2 972,810 15.4 7.6 1,089,877 49.0 9.6 179,137 2.8 - 36.1 273,897 12.3 - 15.8 88,118 1.4 47.2 61,850 2.8 - 9.6 37,094 0.6 - 21.9 50,841 2.3 - 15.8 34,690 0.5 - 31.9 42,522 1.9 - - - - - - - - - - 30,350 1.4 1.1 15,397 0.2 10.6 18,330 0.8 33.9 1,559,192 24.7 - 14.9 1,924,992 86.5

- 42.7 283,664 4.5 - 48.2 - - - - - - - 39.3 732 0.0 43.5 575 0.0 - 2.7 14,085 0.2 1.9 16,844 0.8 - 255,000 4.0 - 224,650 10.1 - 67.1 8,355 0.1 - 44.8 15,168 0.7 - 41,731 0.7 - 42,795 1.9 - 33.1 603,567 9.5 - 29.0 300,032 13.5 1.7 2,162,759 - 19.4 2,225,024

3,465 0.1 2,576 0.0 4,158,827 65.8 4,412,848 66.5 6,325,051 100.0 6,640,448 100.0

150,049 96,263

2011 Vertical (%) 30.3 1,487,540 15.2 188.1 13.9 786,142 8.0 180.0 48.0 327,700 3.3 - 4.1 4.3 994,501 10.1 18.3 41.2 51,401 0.5 23.1 18.3 3,647,284 37.2 80.4

- 12.9 37,401 0.4 - 27.7 - 49.8 84,154 0.9 34.2 - 0.5 2,265,785 23.1 5.4 - 1.6 2,099,133 21.4 108.9 9.6 343,459 3.5 48.5 - 285 0.0 - 7.8 1,330,894 13.6 19.0 0.1 6,161,111 62.8 33.4

5.0 9,808,395 47.7

2011 54.1 73,030 2.9 - 79.6 12.0 1,443,809 56.4 32.5 52.9 351,462 13.7 28.3 - 29.8 116,406 4.5 88.2 37.1 84,575 3.3 66.4 22.6 44,182 1.7 3.9 - 311 0.0 - - - - - 19.0 23,388 0.9 27.6 23.5 2,137,163 83.4 11.0

- 100.0 - - - 96,965 3.8 - - 21.4 558 0.0 - 3.0 19.6 17,720 0.7 5.2 - 11.9 224,650 8.8 - 81.5 21,980 0.9 44.9 - 62,118 2.4 - - 50.3 423,991 16.6 41.3 2.9 2,561,154 15.1

9,517 0.1 7,237,724 73.8 9,808,395 100.0

1,510,121

1.000732921.18254535 1.05 0.1%

18% 5.0% 2.90%