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Page 1: En operaciones la primera ruta concesionada de Antofagastaautopistasdeantofagasta.cl/pdf/Memoria_Ingles_12.pdf · 2017. 1. 2. · Desarrollo de Empresas Las Américas Emergente and
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// CONTENTSIntroduction

Letter from the Chair

Company Profile

Incorporation Documents

Board of Directors and Management

Material Facts

4

6 -7

10

11

14

15

En operaciones la primera ruta concesionada de AntofagastaACTIVIDADES. Presidente Piñera encabezó el acto de inauguración junto a autoridades regionales y posteriormente participó en un diálogo con dirigentes y líderes sociales

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// INTRODUCTION2012 saw the provisional start-up of the first Highway Concession in the region of Antofagasta. The work undertaken

and completed by our Company enabled the full operation of Ruta 1, a divided highway that links the city of

Antofagasta and the port of Mejillones with the highest international safety and service quality standards.

Construction and improvement work continues on the other roads that make up the region’s highway system, thus

materializing a project that will help improve connectivity, logistics and efficiency in the region that hosts the country’s

largest mining production.

The following paragraphs contain the third Corporate Annual Report of Sociedad Concesionaria Autopistas de

Antofagasta S.A.

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One of the greatest satisfactions an organization can have is the realization that its efforts have come to fruition,

especially if these fruits are certain to add value to the organization itself while contributing to the growth of its

associates, its customers and the country as a whole. That is exactly the feeling all of us at Sociedad Concesionaria

Autopistas de Antofagasta have after achieving the first major milestone, which is the entry into operation of Ruta 1,

the region’s first high-standard divided highway that links the cities of Antofagasta and Mejillones.

During 2012 we completed a number of steps related to the construction and operation of the highway network that

allowed us to meet the goals set in the original schedule well ahead of the deadlines initially committed.

I would like to begin this account with a review of Ruta 1, which we commissioned in a shorter period than the

one established in the bidding documents. This allowed us to begin the full operation of the dual carriage highway

between Antofagasta and Mejillones, providing world-class service to the more than 30,000 users than travel

between both cities each day. As soon as authorization for provisional commissioning was received from the Ministry

of Public Works on December 15, 2012, the Troncal and Aeropuerto toll plazas began collecting the toll for this

45-kilometer road.

At the same time, I would like to highlight the many safety elements this highway has introduced in the region: SOS

phones every 2.5 kilometers that provide road and emergency assistance, free service areas, frontage roads and

safety elements that contribute to the efficient transportation of both freight and passengers.

An intensive informational campaign was launched through different media and social networks that not only aimed

to inform the public about the entry into service and the main advantages of this road but also to educate them

on how to use it. The campaign underscored the technical features as well as the fact that a highway concession

protects and cares about each and every one of its users.

// LETTER FROM THE CHAIR

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As far as construction is concerned, roadwork continued on routes 5, 26 and 400, upgrading them to divided

highways, adding third lanes and repairing the areas where the surface course had already reached the end of its

useful life. As of December 31, construction of these roads was 73% complete, that is, seven months ahead of the

planned schedule.

I would also like to emphasize that, as part of our efforts to deliver a world-class service, we have improved our

contact with our customers not only in terms of offering enhanced safety and efficiency, but also by keeping them

informed about our company, conditions on the road, and other significant information that may affect their trip.

Along this line, we have developed great informational synergy by implementing our Website and adding news and

contact forms to it, creating a corporate Twitter account that receives queries and posts replies, and setting up a

central line connected to our control center that provides further road information by means of variable-message

signs and SOS phones.

I would like to conclude this message by drawing attention to the fact that we have fulfilled our objective of making

Autopistas de Antofagasta a company that effectively contributes to and is an integral part of the region. We hope

to continue our contribution to its development by providing safety and logistic efficiency in order to promote the

region’s economy and to continually improve the quality of life of its inhabitants.

Aldemar Miranda

Chairman of the Board of Directors

Sociedad Concesionaria Autopistas de Antofagasta

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At Sociedad Concesionaria Autopistas de Antofagasta S.A. we strive to deliver safety and quality on the roads we

operate. We promote the creation of opportunities for the personal and professional growth of our employees. We

meet our shareholders’ expectations of profitability and have great respect for the environment and the community

where we conduct our business.

// OUR MISSION

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To be recognized as an industry benchmark in the operation of intercity highways in the Southern Cone.

// OUR VISION

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// CORPORATE NAME:

// BUSINESS NAME:

// LEGAL DOMICILE:

// TAX ID NO.:

// COMPANY TYPE:

// OFFICES IN ANTOFAGASTA:

// EXTERNAL AUDITORS:

// WEB SITE:

// PURPOSE OF THE COMPANY:

Sociedad Concesionaria Autopistas de Antofagasta S.A.

Autopistas de Antofagasta

Ruta 1 km 14700 sector La Portada – Antofagasta.

76.099.978 - 4

Closely held corporation registered with the Special Register of Reporting Entities of the Securities and Insurance

Supervisor (SVS) under No. 238.

Ruta 1 km 14700 sector La Portada – Antofagasta.

KPMG Auditores Consultores Ltda

http://www.autopistasdeantofagasta.cl/

The purpose of the company is to design, build, maintain, operate, and exploit the public work referred to as

“Concesión Vial Autopistas de la Región de Antofagasta” under a concession contract, and to provide and exploit

provision and operation of the services agreed upon under the concession contract for the development of the said

work as well as all the activities required for proper execution of the project.

// COMPANY PROFILE

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// INCORPORATION DOCUMENTS

// Ownership and control of the Concession Holding Company

// Subscribed shares

// 30,000 // 100%

// Interest

Sociedad Concesionaria Autopistas de Antofagasta S.A. was incorporated by means of a public deed dated June 1,

2010, executed at Santiago Notary Public’s Office of Mr. Raúl Iván Perry Pefaur, the abstract of which was registered on

page 27,287 under No. 18,725 of the Commercial Register kept by the Santiago Real Estate Registrar corresponding

to 2010 and published in the Official Gazette issue No. 39,678 of June 5, 2010.

The duration of the concession will be 245 months effective 180 days after publication in the Official Gazette of the

executive order awarding the concession contract, which took place on April 7, 2010.

As of 31 de December de 2012, the property and control structure of Sociedad Concesionaria Autopistas de

Antofagasta is as follows:

The Concession Holding Company’s equity capital amounts to CLP 30 billion divided into 30,000 registered shares.

Antofagasta Inversora S.A.29,999 99.99%

Total

Skanska Infraestructure Investment Chile S.A. 1 0.01%

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Skanska, the parent company of Skanska Infrastructure Investment Chile S.A., is one of the world’s largest

construction and services groups, with operations in Europe, the United States and Latin America.

Its solid international reputation and a tradition of over 130 years have brought Skanska to a position of undisputed

leadership in construction services, development of commercial and residential projects, and infrastructure

development through public-private partnerships.

Skanska focuses its efforts on developing innovative solutions, working in close collaboration with its customers and

combining its international expertise with national coverage, acting like a local company of global strength.

// About Skanska:

// Ownership and control of the Antofagasta Inversora S.A.

// 30,090,000 // 100%

The Concession Holding Company’s equity capital amounts to CLP 30 billion divided into 30,000 registered shares.

15,045,00015,045,000

50%

Total

Inversiones Infraestructura Dos S.A.

50%

// Subscribed shares // Interest

Skanska Infraestructure Investment Chile S.A.

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Established in 1992, Las Américas AFI S.A. is part of the Empresas Penta group. It includes four funds: Fondo de

Inversión Inmobiliaria Las Américas Raíces, Fondo de Inversión Inmobiliaria Las Américas Fundación, Fondo de

Desarrollo de Empresas Las Américas Emergente and Fondo de Inversión Las Américas Infraestructura, which,

combined, represent assets for USD 120 million.

Las Américas Fondo de Inversión pursues the creation of value through investment in different companies, focusing

on the real estate market and the infrastructure concession industry, among other economic sectors.

// About Las Américas Fondo de Inversión

// Skanka’s main statistics are:

4,000 60,000

CUSTOMERS

EMPLOYEES

17,000 12,000BILLION DOLLARS ANNUALLY

PROJECTS UNDER DEVELOPMENT IN 18 COUNTRIES

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Sociedad Concesionaria Autopistas de Antofagasta S.A. is managed by a Board of Directors that consists of six (6)

members who remain in office for a period of one (1) year, after which they may be reelected.

The current Board of Directors was elected on occasion of the Extraordinary General Shareholders’ Meeting held on

February 5, 2013.

The company’s Board of Directors is composed of:

Aldemar Miranda (Chairman)

William Horwitz

Olle Tronsén

Horacio Peña Novoa

Francisco Soublette De Saint Luc

Jorge Leyton Torres

Nick Doherty

Anders Alderud

Martín Carlevaro

Cristóbal Rodríguez Ugarte

Miguel Ángel Ovalle Garretón

Jorge Castro Orrego

// Board of Directors and Management

// Regular Directors

// Marcelo Alejandro Consolo Chief Executive Officer

// Claudio Ruiz Chief Financial Officer

// Emilio OrtizChief Operations Officer

// Alternate Directors

As of December 31, 2012, the senior management of Sociedad Concesionaria Autopistas de Antofagasta is composed

of:

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// January 9, 2012: Claudio Ruiz is appointed new Chief Financial Officer.

// December 3, 2012: Ruta 1 enters into provisional operation between the cities of Antofagasta and Mejillones, and

the Company is authorized to begin collecting a toll to all the vehicles using the Troncal and Aeropuerto toll plazas

beginning on December 15, 2012.

// December 31, 2011: The Autopistas de Antofagasta project is 73% complete.

During 2012, Sociedad Concesionaria Autopistas de Antofagasta reported 5 Material Facts to the Securities and

Insurance Supervisor (SVS) in compliance with the current regulation.

These facts related to the Regular Shareholders’ Meeting, changes in management and the authorization for the

provisional operation of Ruta 1.

Also, as of December 31, 2012, the company’s staff totals 65 employees.

// Milestones

// Material Facts:

320 42

OFFICERS AND MAIN EXECUTIVES

PROFESSIONALS

WORKERS

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// FINANCIAL INFORMATION AND REPORTS

Pursuant to General Standard No. 284 of the Securities and Insurance Supervisor (SVS), the undersigned become

liable for the accuracy of all the information contained in this Annual Report of Sociedad Concesionaria Autopistas de

Antofagasta S.A.

// Statement of Responsibilities

// Aldemar MirandaChairman

// Olle TronsenDirector

// Cristóbal Rodríguez UgarteDirector

// Jorge Leyton TorresDirector

// Willian HorwitzDirector

// Marcelo Alejandro ConsoloChief Executive Officer

// Francisco Soublette de Saint LucDirector

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Financial Statements as of December 31, 2012 and 2011and the years ended on those dates

(Including the External Auditors’ Report)

SOCIEDAD CONCESIONARIAAUTOPISTAS DE ANTOFAGASTA S.A.

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External Auditors’ Report

Statement of Financial Position

Statement of Comprehensive Income by Item

Statements of Cash Flow

Statement of Changes in Equity

Notes to Financial Statements

Thousands of CLP: Figures expressed in thousands of Chilean pesos

TABLE OF CONTENTS

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Report on the financial statements

We have audited the accompanying financial statements of Sociedad Concesionaria Autopistas de Antofagasta SA., which comprise the

consolidated statements of financial position as of December 31, 2012 and 2011, and the related statements of comprehensive income,

changes in stockholders’ equity and cash flows for the years then ended, and the related notes to the financial statements.

Management’s responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with

International Financial Reporting Standards; this includes the design, implementation, and maintenance of internal control relevant to the

preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with

auditing standards generally accepted in Chile. Those standards require that we plan and perform the audit to obtain reasonable assurance

about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The

procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial

statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s

preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances,

but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such

opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting

estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

To the Directors and Shareholders of

Sociedad Concesionaria Autopistas de Antofagasta S.A.

EXTERNAL AUDITORS’ REPORT

KPMG Auditores Consultores Ltda. sociedad de responsabilidad limitada chilena y una firma miembro de la red de firmas miembro independientes de KPMG afiliadas a KPMG International Cooperative (“KPMG International”), una entidad suiza. Todos los derechos reservados.

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Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sociedad

Concesionaria Autopistas de Antofagasta S.A. and its subsidiary as of December 31, 2012 and 2011, and the results of their operations

and their cash flows for the years then ended in accordance with International Financial Reporting Standards.

Benedicto Vásquez Córdova

Santiago, February 27, 2013

KPMG Ltda.

KPMG Auditores Consultores Ltda. sociedad de responsabilidad limitada chilena y una firma miembro de la red de firmas miembro independientes de KPMG afiliadas a KPMG International Cooperative (“KPMG International”), una entidad suiza. Todos los derechos reservados.

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Cash and cash equivalent

Other financial assets, current

Trade and other receivables, current

Accounts receivable from related entities, current

Other non-financial assets, current

Deferred tax assets

Accounts receivable from related entities, non-current

Intangible assets other than goodwill

Property, plant and equipment

5

6

8

9

7

17

9

10

11

761,859

158,945

6,456,907

4,127,438

2,510,601

4,913,887

-

131,043,372

427,219

5,138

8,149,188

1,429,017

11,601,270

2,113,641

2,135,688

843,674

61,099,539

86,374

Assets

NON-CURRENT ASSETS

Thousands of CLP

Thousands of CLP

20112012

CURRENT ASSETS

Total current assets

Total assets

Total non-current assets

23,298,25414,015,75

150,400,228

136,384,478

87,463,529

64,165,275

Statement of Financial Position as of December 31, 2012 and 2011

SOCIEDAD CONCESIONARIA AUTOPISTAS DE ANTOFAGASTA S.A.

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Other financial liabilities, current

Trade and other accounts payable

Accounts payable to related entities, current

Employee benefit provisions, current

Other non-financial liabilities, current

Share capital

Other reserves

Profit (loss)

Other financial liabilities, non-current

Accounts payable to related entities, non-current

Other long-term provisions

12

13

9

15

16

12

9

19

33,447

305,567

6,076,599

26,236

3,272

111,203,447

5,213,488

1,936

30,000,000

(8,143,010)

5,679,246

1,063,466

344,157

4,276,782

8,916

1,426,167

59,509,350

-

-

30,000,000

(10,384,378)

1,219,069

Liabilities and Shareholders’ Equity

NON-CURRENT LIABILITIES

20112012 Nota

CURRENT LIABILITIES

SHAREHOLDERS’ EQUITY

Total current liabilities

Total non-current liabilities

Total equity

Total equity and liabilities

7,119,4886,445,121

116,418,871

27,536,23

150,400,22

59,509,350

20,834,691

87,463,529

Statement of Financial Position, cont’d as of December 31, 2012 and 2011

SOCIEDAD CONCESIONARIA AUTOPISTAS DE ANTOFAGASTA S.A.

Thousands of CLP

Thousands of CLP

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Nota

1,590,810 946,432

2,869,367

4,460,177

4,460,177

4,460,177

955,200

955,200

-

- -

-

955,200

8,768

Income from ordinary activities

Other income

Employee benefit expense

Depreciation and amortization expense

Other expenses, by nature

Financial income

Financial costs

Exchange differences

Income from indexation

Profit (loss) from continuing operations

Profit (loss) from discontinued operations

Net income attributable to shareholders of Autopistas de Antofagasta S.A.

Net income attributable to non-controlling interests

Income before taxes

Income Tax Expense

Net profit

20

10 & 11

20

266,675 -

69,422,238 48,268,059

(541,247) (328,164)

(96,674) (13,411)

(61,196,722) (45,473,677)

108,328 85,319

(5.552,685) (939,137)

(819,103) (618,969)

- (33,588)

20112012

Statement of Comprehensive Income by Item corresponding to years ending on December 31, 2012 and 2011

SOCIEDAD CONCESIONARIA AUTOPISTAS DE ANTOFAGASTA S.A.

Thousands of CLP

Thousands of CLP

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Net profit

Other comprehensive income components before taxes

Cash flow hedges

Net gain (loss) on cash flow hedges before taxes

Other comprehensive income before taxes, cash flow hedges

Income tax expense related to cash flow hedges of other comprehensive income

Total income tax expense related to components of other comprehensive income

Equity attributable to shareholders

Net income attributable to non-controlling interests

Other comprehensive income

Total comprehensive income

Comprehensive income attributable to:

4,460,177

-

-

2,801,710

2,801,710

(560,342)

(560,342)

2,241,368

6,701,545

6,701,545

-

(10,384,378)

(9,429,178)

(9,429,178)

-

2,126,921

2,126,921

955,200

-

(12,511,299)

(12,511,299)

Statement of comprehensive income

Income tax expense related to components of other comprehensive income

20112012 Nota

Total Current Liabilities

Total comprehensive income

7,119,488 6,445,121

6,701,545 (9,429,178)

Statement of Comprehensive Income by Item, cont’d corresponding to years ending on December 31, 2012 and 2011

SOCIEDAD CONCESIONARIA AUTOPISTAS DE ANTOFAGASTA S.A.

Thousands of CLP

Thousands of CLP

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Net cash provided by (used in) operating activitiesClasses of cash receipts from operating activities

Classes of cash payments

Cash receipts from sales of goods and rendering of servicesOther cash receipts from operating activities

Purchase of property, plant and equipmentPurchase of intangible assetsOther cash receipts (payments)

Proceeds from long-term borrowingsLoans to related entitiesRepayment of bank borrowings

Net cash flows from (used in) operating activities

Net cash flows from (used in) investing activities

Cash flows from (used in) financing activities

Cash flows from (used in) investing activities

Net cash flows from (used in) financing activities

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash payments to suppliers for goods and servicesPayments to and on behalf of employees

Interest paidInterest received

Net cash flows from (used in) operations

266,6752,810,745

(1,235,288)(541,247)

(309,870)(60,025,042)

7,990,243

53,061,3935,213,488

(1,030,019)

(48,119)(41,038,826)(6,431,692)

46,855,165-

(2,783,578)

(5,552,685)108,328

756,7215,138

(779,541)784.679

(4,143,472)

(52,344,669)

57,244,862

1,300,885

-4,421,950

(572,459)(328,164)

(939,137)85,319

2,667,509

(47,518,637)

44,071,587

3,521,327

20112012

Cash and cash equivalents at end of period 5,138761,859

Statements of Cash Flow corresponding to years ending on December 31, 2012 and 2011

SOCIEDAD CONCESIONARIA AUTOPISTAS DE ANTOFAGASTA S.A.

Thousands of CLP

Thousands of CLP

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Statement of Changes in Equity as of December 31, 2012 and 2011

SOCIEDAD CONCESIONARIA AUTOPISTAS DE ANTOFAGASTA S.A.

Initial balance as of 01.01.2012

Changes in equity

Total comprehensive income

Other comprehensive income

Dividends

Increase (decrease) in exchange differences on translation

Equity reserve (Swap)

Total changes in equity

Balance as of 12.31.2012

30,000,000

-

-

(10,384,378)

-

-

2,241,368

1,219,069

4,460,177

-

-

-

20,834,691

4,460,177

-

-

2,241,368

20,834,691

4,460,177

-

-

2,241,368

-

-

-

-

-

30,000,000

2,241,368

(8,143,010)

4,460,177

5,679,246

6,701,545

27,536,236

-

-

6,701,545

27,536,236

Share capitalThousands of

Other reservesThousands of

Cumulative Profit (Loss)

Thousands of

Equity attributable to

owners of parentThousands of

Non-controlling interest

Thousands of

Changes in net total equity

Thousands of

CLP CLP CLP CLP CLPCLP

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Share capitalThousands of

Other reservesThousands of

Cumulative Profit (Loss)

Thousands of

Equity attributable to

owners of parentThousands of

Non-controlling interest

Thousands of

Changes in net total equity

Thousands of

Statement of Changes in Equity, cont’d as of December 31, 2012 and 2011

SOCIEDAD CONCESIONARIA AUTOPISTAS DE ANTOFAGASTA S.A.

Initial balance as of 01.01.2011

Changes in equity

Total comprehensive income

Other comprehensive income

Dividends

Increase (decrease) in exchange differences on translation

Equity reserve (Swap)

Total changes in equity

Final Balance as of 12.31.2011

30,000,000

-

-

-

-

-

-

-

-

-

-

-

-

(10,384,378)

263,869

955,200

-

-

-

-

30,263,869

955,200

-

-

-

(10,384,378)

30,263,869

955,200

-

-

-

(10,384,378)

-

-

-

-

-

30,000,000

(10,384,378)

(10,384,378)

955,200

1,219,069

(9,429,178)

20,834,691

-

-

(9,429,178)

20,834,691

CLP CLP CLP CLP CLPCLP

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SOCIEDAD CONCESIONARIA AUTOPISTAS DE ANTOFAGASTA S.A.

Note 1 Company Profile

Note 2 Summary of Significant Accounting Policies

2.1 Financial Statements under IFRS

2.2 Presentation of the Financial Statements

2.3 Newly Issued Accounting Standards

2.4 Functional and Presentation Currency

2.5 Transactions in Foreign Currency and Adjustment Units

2.6 Impairment Loss of Financial Assets

2.7 Financial Assets

2.8 Derivative Financial Instruments and Hedging

2.9 Third Party Transactions

2.10 Intangible Assets Other Than Goodwill

2.11 Cash and Cash Equivalent

2.12 Cash Flow Statement

2.13 Share capital

2.14 Trade and other accounts payable

2.15 Income Tax and Deferred Taxes

2.16 Property, Plant and Equipment

2.17 Finance Lease

2.18 Provisions

2.19 Classification of Balances as Current or Non-Current

2.20 Income Recognition

2.21 Construction Margin

32

33

33

33

34

35

35

36

36 - 37

38

39

39

39

40

40

40

41

42

42

42

43

43

43

TABLE OF CONTENTS

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43

44

46 - 47

48

49

50

51

52 - 56

57 - 59

60 - 61

62 - 67

68

69 - 70

71

72

72 - 73

74

74 - 75

75

76

77 - 78

78

78

2.22 Dividend Policy

Note 3 Financial Risk Management

Note 4 Management Estimates

Note 5 Cash and Cash Equivalent

Note 6 Other Financial Assets, Current

Note 7 Other Non-Financial Assets, current

Note 8 Trade and other receivables

Note 9 Notes and Accounts Receivable from and Payable to Related Entities

Note 10 Intangible Assets

Note 11 Property, plant and equipment

Note 12 Other Financial Liabilities

Note 13 Trade and other accounts payable

Note 14 Hedging Instrument

Note 15 Employee Benefit Provisions

Note 16 Other Non-Financial Liabilities, current

Note 17 Income Taxes

Note 18 Balances in Foreign Currency

Note 19 Shareholders’ Equity

Note 20 Income and Expense

Nota 21 Contingencias

Note 22 Characteristics of the Concession Contract

Note 23 Environment

Note 24 Subsequent Events

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Notes to Statement of Financial Position as of December 31, 2012 and 2011

NOTE 1 COMPANY PROFILE

Sociedad Concesionaria Autopistas de Antofagasta S.A. is a closely held corporation incorporated by means of a

public deed dated June 1, 2010, executed at Santiago Notary Public’s Office of Mr Raúl Iván Perry Pefaur, the abstract

of which was published in the Official Gazette issue No. 39,678 of June 5, 2010, and registered on page 27,287

under No. 18,725 of the Commercial Register kept by the Santiago Real Estate Registrar corresponding to 2010.

The shareholders of the Company are Antofagasta Inversora S.A. (99.99687%) and Skanska Infrastructure Investment

Chile S.A. (0.0033%).

The Company’s tax ID number is 76.099.978-4

The Company is domiciled at calle local, Ruta 1 s/n, Km 14.700 Sector la Portada, Antofagasta.

As of December 31, 2012 and 2011, the staff of the Company totals 66 and 12 employees, respectively.

The purpose of the Company is to design, build, maintain, and operate the public work referred to as “Concesión Vial

Autopistas de la Región de Antofagasta” under a concession contract, as well as to provide and operate the services

agreed upon under the concession contract for the development of the said work and all the necessary activities for

proper execution of the project.

On December 21, 2010, the Company was registered with the Special Register of Reporting Entities of the Securities

and Insurance Supervisor (SVS) under No. 238, as a result of which it is under the control and supervision of the said

regulator.

The concession will have a duration of 245 months, from April 2010 to October 2030.

On December 3, 2012, the General Public Works Director’s Office authorized the provisional start-up on Ruta 1 in the

concession and toll collection from December 15, 2012.

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NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Financial Statements under IFRS

2.2 Presentation of the Financial Statements

Notes to Statement of Financial Position as of December 31, 2012 and 2011

The Financial Statements of Sociedad Concesionaria Autopistas de Antofagasta S.A. as of December 31, 2012

and 2011 have been prepared in accordance with International Financial Reporting Standards (IFRS). The Board of

Directors authorized these financial statements for publication on February 27, 2013.

Following is a description of the main accounting policies observed while preparing these financial statements.

The financial statements subject matter hereof correspond to the period ended on December 31, 2012 and 2011,

and have been prepared in accordance with International Financial Reporting Standards (IFRS).

In addition, the financial statements have been prepared based on the original acquisition cost, with the exception

of financial derivatives, which are valued at fair value, while financial liabilities and accounts payable are valued at

amortized cost.

Financial statements as of December 31, 2012 are compared to the financial statements corresponding to the period

ended on December 31, 2011.

In compliance with IFRS, preparation of financial statements requires the use of certain critical accounting estimates

to quantify some assets, liabilities, revenues, and expenses.

Preparation also requires the Management to make judgments, estimates, and assumptions while applying the

Company’s accounting policies. The areas requiring a higher degree of judgment or complexity or the areas in which

assumptions or estimates are critical for financial statements are described under Note 4 “Management Accounting

Criteria and Estimates.”

Pursuant to provisions under Official Memorandum No. 1879 of the SVS, the Company will present its financial

statements according to the following classification:

• Classified Statement of Financial Position

• Statement of Comprehensive Income by Item

• Statements of Cash Flow under the Direct Method

• Statement of Changes in Net Equity

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2.3 Newly Issued Accounting Standards

As of the date of issue of these financial statements, the following pronouncements and amendments to existing

accounting standards are effective:

Adoption of the aforementioned standards, interpretations, and amendments is not expected to have a material impact

on the financial statements of Sociedad Concesionaria Autopistas de Antofagasta S.A. during the implementation

period.

Amendments to IAS 1: Presentation of financial statements.

IFRS 10: Consolidated financial statements.

Annual periods beginning on or after July 1, 2012.

Annual periods beginning on or after July 1, 2013.

Annual periods beginning on or after July 1, 2013.

Annual periods beginning on or after July 1, 2013.

Annual periods beginning on or after July 1, 2013.

Annual periods beginning on or after July 1, 2013.

Annual periods beginning on or after July 1, 2013.

Annual periods beginning on or after July 1, 2013.

Annual periods beginning on or after July 1, 2013.

Annual periods beginning on or after January 1, 2012.

Annual periods beginning on or after July 1, 2014.

Annual periods beginning on or after July 1, 2015.

Amendment to IAS 12: Income taxes. Deferred tax: recovery of underlying assets.

IFRS 11: Joint arrangements.

IFRS 12: Disclosure of interests in other entities.

IFRS 13: Fair value measurement

Amendments to IAS 19: Employee benefits.

Amendments to IFRS 7: Disclosures-offsetting financial assets and financial liabilities.

Amendments to IAS 27: Separate financial statements.

Amendments to IAS 28: Investments in associates and joint ventures.

Amendments to IAS 32: Financial instruments: Presentation.

IFRS 9: Financial instruments: classification and measurement.

(a) Accounting pronouncements effective on or after January 1, 2012:

(b) Accounting pronouncements effective on or after January 1, 2013:

Standards, interpretations and amendments

Standards, interpretations and amendments

Mandatory application to:

Mandatory application to

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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Currency 2012 2011

Items included in these financial statements are measured using the currency of the primary economic environment

in which the entity operates (“the functional currency”). The functional and the presentation currency of Sociedad

Concesionaria de Autopistas de Antofagasta S.A., is the Chilean peso. All the information is expressed in thousands of

pesos (ThCLP) and rounded to the nearest unit.

Transactions in foreign currency and adjustment units are translated into the functional currency at closing exchange

rates on the transaction date. Foreign exchange gains and losses resulting from the settlement of such transactions and

from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies

are posted in the statement of comprehensive income, except when deferred in equity as qualifying cash flow or net

investment hedges, if any.

The assets and liabilities denominated in foreign currency and Unidades de Fomento (Chilean non-physical, indexed

monetary unit) are presented based on the following exchange rates and closing rates, respectively.

Unidad de Fomento (UF)

US Dollar (USD)

22,840.75

479.96

22,294.03

519.20

2.4 Functional and Presentation Currency

2.5 Transactions in Foreign Currency and Adjustment Units

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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Assets that are subject to amortization are assessed for impairment only when there are events or changes in

circumstances that indicate that their net carrying amount may not be recoverable. An impairment loss is recognized

for the amount by which the asset’s carrying amount exceeds its recoverable amount. Recoverable amount equals

the higher of fair value less costs to sell and value in use. To assess impairment loss, assets are grouped into CGUs,

i.e. the lowest level at which separate cash flows may be identified.

The Company classifies its financial assets as: Financial assets at fair value through profit or loss, loans and

receivables, financial assets held to maturity, and available-for-sale financial assets. The classification depends on

the purpose for which the financial assets were acquired. The Management determines the classification of its

financial assets at initial recognition.

Financial assets recognized at fair value in income are financial assets held for trading. A financial asset is classified

in this category if acquired principally to be sold in the short term.

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in

an active market. They are included in current assets, except for maturities greater than twelve (12) months after the

balance sheet date. These are classified as non-current assets. Loans and receivables comprise trade receivables

and other receivables. These items are initially recorded at fair value plus any transaction cost directly attributable to

them. Subsequently, they are measured at amortized cost using the effective interest method less impairment loss.

(a) Financial Assets at Fair Value through Profit or Loss

(b) Loans and Receivables

2.6 Impairment Loss of Financial Assets

2.7 Financial Assets

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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Financial assets and liabilities are initially recognized at fair value. In the case of financial assets and liabilities

not carried at fair value through profit or loss, the fair value is adjusted according to the transaction cost directly

attributable to acquisition or issue of the financial asset or liability.

Subsequent valuation will depend on the category under which the asset or liability has been classified.

Available-for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at

fair value (charged to equity and net income, respectively). Loans and receivables, as well as financial assets held to

maturity are carried at amortized cost using the effective interest method.

Gains and losses from change in the fair value of financial assets at fair value through profit or loss are posted in the

income statement under ‘Other Cash Receipts from Operating Activities and Other Cash Payments from Operating

Activities’ in the period in which those changes in the fair value occurred.

Financial assets are written off when the rights to receive cash flow from the investments have expired or have been

transferred and the Company has substantially transferred all risks and rewards of ownership.

The Company assesses at the end of each reporting period whether there is objective evidence that a financial asset

or group of financial assets is impaired.

(c) Recognition and Measurement of Financial Assets

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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Derivatives are initially recognized at fair value on the date a contract is entered into and are subsequently revalued at

their fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated

as a hedging instrument, and if so, the nature of the item being hedged.

The Company keeps hedging for a specific risk associated with a recognized liability or a highly likely expected

transaction (cash flow hedge) since it hedges the Company’s exposure to the variation of cash flows related to the

interest rate risk.

The Company hedges the variable interest rate risk of its UF-denominated non-revolving credit facility by means of an

interest rate swap. This swap exchanges variable rate payments related to the non-revolving credit facility for fixed rate

payments in UF. Accordingly, the Company is hedged against interest rate change risk.

Consequently, the purpose of this derivative is to hedge the cash flows corresponding to payments of the UF-

denominated non-revolving credit facility, the accounting treatment of which is cash flow hedging.

In this type of hedge, the portion of the gain or loss from the hedge instrument determined as effective hedging will

be posted directly under net equity, while the ineffective portion of the gain or loss will be posted under income for the

period.

In this sense, at the inception of the transaction, the Company documents the relationship between the hedging

instrument and the hedged item, as well as the strategy for undertaking the hedging transaction and whether the

derivatives that are used in hedging transactions are highly effective both at hedge inception and on an ongoing basis.

To date, effectiveness has been assessed at 100%.

Pursuant to the aforementioned procedures, Sociedad Concesionaria Autopistas de Antofagasta S.A. classifies fair

value measurements in the following levels:

2.8 Derivative Financial Instruments and Hedging

Fair value obtained by direct reference to quoted prices with no adjustment whatsoever.

Fair value obtained by using valuation models used in the market and based on prices, different from those referred

to under level 1, which are not directly or indirectly observable as of date of measurement (adjusted prices).

Fair price obtained by means of internally developed models or methodologies using non-observable information or

where no sufficiently liquid data is available.

Level 1:

Level 2:

Level 3:

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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Pursuant to International Accounting Standard (IAS) No. 24, the Company discloses balances and transactions with

third parties in its notes to financial statements. Pursuant to International Accounting Standard (IAS) No. 24, the

Company discloses balances and transactions with third parties in its notes to financial statements.

Cash and cash equivalent consist of positive balance in cash and bank accounts.

Pursuant to provisions under IFRIC 12 “Service Concession Arrangements,” the Company has applied the intangible

model. Under this model, the operator is entitled to charge a price to users or a public service. This right is not

unconditional but depends on users’ actual use of the service. Accordingly, the Company undertakes the demand

risk.

In this case, valuation of the asset under concession will be based on IAS 38 “Intangible Assets.”

The duration of the concession will be 245 months and the increasing amortization method will be applied by the

Company to intangible assets as per IFRIC 12.

For amortization purposes, the provisions under International Accounting Standard 38 “Intangible Assets” are

observed. IAS 38 provides the use of a systematic methodology capable of reflecting increased or lower use of

the asset. The Company uses the increasing amortization method based on traffic forecasts related to use of the

highway and considering the terms of termination or expiration of the concession contract provided under the bidding

documents.

2.9 Third Party Transactions

2.11 Cash and Cash Equivalent

2.10 Intangible Assets Other Than Goodwill

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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The concepts referred to below are taken into consideration while preparing cash flow statements:

The Company’s subscribed and paid-up equity share capital is divided into ordinary shares that have been paid in

Chilean pesos and are classified as net equity.

Vendor payments and other accounts payable are initially recognized at their fair value net of costs directly attributable

to them and subsequently carried at amortized cost.

2.12 Cash Flow Statement

2.13 Share capital

2.14 Trade and other accounts payable

(a) Cash Flow: Incoming and outgoing cash flow or other equivalent resources, including short-term investments

with high liquidity subject to very low risk of impairment, such as: Cash on hand, time deposits and other highly

liquid, short-term investments and minimum risk of impairment loss. Highly liquid investments are those that may

be redeemed in less than three months.

(b) Operating Activities: The main revenue-producing activities conducted by the Company, as well as other

activities that may not be classified as investment or financing activities.

(c) Investment Activities: The acquisition, sale or disposal by other means of non-current assets and other

investments not included in cash and cash equivalents.

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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The income tax provision is determined by applying the tax rate to the net taxable income of the period, after deducting

the tax credits allowable for tax purposes, plus variations from deferred tax assets and liabilities.

As of 31.12.12 and 2011, the Company presents no significant taxation issues, as a result of which no current

income tax obligation has been recognized.

Deferred taxes are calculated based using the liability method, providing for temporary differences between the

carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation

purposes. However, deferred taxes arising from the initial recognition of an asset or liability in a transaction other than

a business combination which at the time of the transaction does not affect the accounting result or the tax profit or

loss are not recognized. Deferred taxes are determined using the tax rates enacted or to be enacted on the date or

the balance sheet (based on the applicable law in force) which are expected to be applied when the corresponding

deferred tax asset is realized or the deferred tax liability is liquidated.

Deferred tax liabilities are recognized insofar as it is probable that there will be future taxable income to offset timing

differences.

On July 31, 2010, the National Congress passed Law 20,455 whereby temporary adjustments to the first category

tax rate were introduced. This new regulation consists of raising the first category tax rate applied to income obtained

during fiscal years 2011 and 2012 to 20% and 18.5% respectively, and subsequently return to the 17% rate after

2013. Subsequently, on September 27, 2012, Law 20,630, known as ‘tax reform,’ was promulgated. This law

provides a permanent rise of the first category tax to 20% effective from 2012 fiscal year. The effect of these changes

in tax expenses was recognized in the statement of comprehensive income under income tax expense during the

current and subsequent periods.

2.15 Income Tax and Deferred Taxes

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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2.16 Property, Plant and Equipment

2.18 Provisions

2.17 Finance Lease

The Company valuates its property, plant and equipment through the cost model. To those ends, after being

recognized as assets, property, plant and equipment assets are accounted at their cost less any accumulated

depreciation and any accumulated impairment losses.

Depreciation of property, plant and equipment is calculated based on the straight-line method over the

estimated life span of the respective fixed assets considering the estimated residual value of the assets.

When an asset has major components with varying useful life spans, they are depreciated separately. Fixed

asset useful life span and residual value estimates are reviewed and adjusted, if necessary, at each financial

statement closing date.

Provisions are calculated at the present value of the disbursement expected to be needed to settle the

obligation using the Company’s best estimate. The discount rate used to determine the present value reflects

current market assessments on the date of the statement of financial position, the time value of money, as well

as the specific risk related to a particular liability. The increase in the provision due to the passage of time is

recognized as an interest expense.

As required in the bidding documents and based on maintenance cycles and schedules, the Company keeps

provisions for large maintenance activities. These provisions are recorded according to traffic and maintenance

cycles, and are deducted at a market discount rate.

• It has a current obligation, either legal or implicit, as a result of past events;

• An outflow of funds is likely to be necessary in the future to settle the obligation; and

• The amount can be estimated reliably.

Provisions are recognized by the Company when:

Leases under which substantially all the risks and rewards inherent to ownership are transferred are classified

as finance leases. All other leases are classified as operating leases.

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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2.19 Classification of Balances as Current or Non-Current

2.20 Income Recognition

2.21 Construction Margin

2.22 Dividend Policy

In the statement of financial position balances are classified according to their maturity date as current if

maturing within twelve months or as non-current if maturing after twelve months.

Pursuant to IAS 18, cash receipts from operating activities associated to toll collection as provided under the

concession contract are recognized in the accounting period during which services were provided.

The Company analyzed and estimated the disbursements related to construction according to provisions

under IFRIC 12. Accordingly, it materially recognizes the effects of the costs it would have incurred during the

construction period if the Company had engaged a third party to complete the construction.

Pursuant to Law 18,046, unless otherwise agreed unanimously by the majority of the shares issued during the

Shareholders’ Meeting, when profits are generated, at least 30% of such profit must be allocated to dividend

distribution. Profit must be generated during the operation of the concession road for dividends to be distributed.

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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NOTE 3 FINANCIAL RISK MANAGEMENT

MARKET RISK ANALYSIS

In the Company’s case, the market risk is primarily related to demand, which in turn is directly related to the evolution

of the mining industry in the Antofagasta region and GDP growth.

The largest risks involved in operating a highway under concession stem from traffic flow. Since the concession

contract requires a single activity, restricting such risk is difficult.

The natural disaster and force majeure risk is controlled by means of insurance policies against destructive events

of nature, terrorism, etc.

In order to mitigate the risk of claims and legal actions against the Company as a result of the construction agreement,

the Company holds insurance policies aimed to defend, indemnify and keep the Company harmless from any claims

and actions that may be filed against it.

Traffic projections may not be consistent with actual demand and the level of uncertainty regarding those projections

increases along with the country’s economic environment. To minimize these risks, traffic projections were estimated

by external consultants with wide international experience in the sector. In addition, the Company makes its own

traffic estimates based on the data available and the country’s growth expectations.

At present there are no alternative highways or means of transport that might significantly affect the traffic flow in

the highway operated by the Concession

• Market Risk

• Natural Disaster and Force Majeure Risk

• Claim and Legal Action Risks

• Traffic Estimates

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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The risk of variation in the construction cost price has been mitigated by means of engaging Skanska Chile S.A.,

the Chilean subsidiary of an international Company with vast construction experience in similar work. The contract

executed on August 11, 2010 is a fixed-price lump sump construction contract under which the main risks of

variation of work volume, as well as a portion of the costs related to changes in services which the contract allocates

to the Concession and other construction related costs have been transferred to Skanska Chile S.A.

On September 24, 2012 and according to the guidelines provided under clause 13.3.c in the construction contract,

the Concession and the contractor executed a first work variation order to cover for increased service relocation work

already executed and in progress to such date.

This risk refers to the possibility of sustaining loss as a result of adverse changes in interest rates that may affect the

value of instruments, contracts and other operations conducted by the Company.

The Company’s exposure to interest rate variations originate in variable rate financial obligations.

To mitigate this risk, the Company took an Interest Rate Swap over 80% of the notional amount of the original debt.

The purpose of this swap is to reduce exposure to cash flows variation resulting from variations in the interest rate

affecting the Company’s UF-denominated non-revolving credit facility.

Accordingly, interest rate variations related to the 80% of the hedged notional amount will be inversely offset by the

Interest Rate Swap.

The liquidity risk represents the possibility that adverse markets situations prevent the Company from fulfilling its

contractual obligations in a timely and appropriate manner.

The Company deals with the liquidity risk by properly managing its assets and liabilities and by streamlining daily

cash surplus so as to ensure fulfillment of its obligations in due time.

No credit risks exist as toll transactions are conducted manually and in cash.

• Construction Cost Risk

• Interest Rate Risk

• Liquidity Risk

• Credit Risk

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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NOTE 4 MANAGEMENT ESTIMATES

The process of preparing financial statements requires the management to make estimates and judgments that affect

the carrying values presented in these financial statements and related notes. The estimates and assumptions made

by the Company are based on historical experience, changes in the industry, and information provided by qualified

external sources of information. Nevertheless, final results may differ from estimates under certain conditions and, in

some cases, they may even vary significantly.

The main estimates made by the management are as follows:

Depreciation of plant and equipment is calculated according to the useful life span estimated by the Management

for each of these assets. This estimate may change significantly as a consequence of technology innovations. The

Management will increase the depreciation charge when the current useful life spans are shorter than the life spans

estimated previously or it will depreciate or write-down technically obsolete or non-strategic assets that have been

abandoned or sold. In addition, pursuant to IAS 36, the Company evaluates the recoverable value of property, plant,

and equipment at each balance sheet close or earlier if there is any indication of impairment. If the evaluation finds

that the fair value is lower than the net book value, an impairment loss will be posted as an operating item in the

income statement.

The traffic flow forecast related to use of the highway was used to calculate amortization of intangible assets based

on the income method.

The assumptions for derivative financial instruments are based on market rates quoted and adjusted to the specific

characteristics of the instrument.

(i) Useful Life Span and Impairment Testing of Assets

(iii) Amortization of Intangible Assets

(ii) Fair Value of Derivatives or Other Financial Instrument Contracts (Hedging)

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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Traffic flow forecasts and maintenance cycles are used as the basis for calculation of large maintenance provisions,

which are estimated according to the future projection of the relevant maintenance activities. Provisions are later

discounted at current market discount rates.

(iv) Large Maintenance Provisions

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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NOTE 5 CASH AND CASH EQUIVALENT

The breakdown of other cash and cash equivalent as of December 31, 2012 and 2011 is as follows:

Cash balance consists of funds pending settlement allocated to minor expenses and cash for toll registers. Its book

value is equal to its fair value.

Balances with banks consist of money deposited in bank checking accounts, the book value of which is equal to its

fair value.

Cash on hand and cash at bank balances are subject to no restrictions.

The cash and cash equivalent breakdown is as follows:

Cash on hand (a)

Balances with banks (b)

Total 761,859 5,138

36,399

725,460

63

5,075

2012 2011Thousands of Thousands of

CLP CLP

(a) Cash

(b) Banks

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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The breakdown of other current financial assets as of December 31, 2012 and 2011 is as follows:

The other current financial assets correspond to mutual fund investments as shown below:

NOTE 6 OTHER FINANCIAL ASSETS, CURRENT

99,96158,984

8,061,96687,222

Financial Assets at Fair Value through Profit or Loss, mandatorily

measured at fair value

Banco Santander Mutual Funds

BanChile Mutual Funds

Total current

Total current

158,945

158,945

158,945

8,149,188

8,149,188

8,149,188

2012

2012

2011

2011

ThCLP

ThCLP

ThCLP

ThCLP

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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NOTE 7 OTHER NON-FINANCIAL ASSETS, CURRENT

The breakdown of other current non-financial assets as of December 31, 2012 and 2011 is as follows:

Tax credit value added tax

Prepaid insurance contracts

Advanced payments to vendors

Other

Total 2,510,601 2,113,641

2,378,710

89,575

42,016

300

2,113,641

-

-

-

Notes to Statement of Financial Position as of December 31, 2012 and 2011

2012 2011ThCLP ThCLP

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NOTE 8 TRADE AND OTHER RECEIVABLES

Trade and other receivables as of December 31, 2012 and 2011 are as follows:

(*) Designating Value Added Tax (VAT) of construction expenses and expenses recovered from changes to services charged to MOP pursuant to bidding documents.

Balances in this line item are not subject to interests.

Trade Receivables (*)

Other Receivables

Concession System Management - MOP (*)

Chilean Peso

Total

Total

Total

6,456,907

6,456,907

6,456,907

1,429,017

1,424,369

1,429,017

6,456,907

-

6,456,907

6,456,907

1,424,369

1,429,017

1,424,369

4,648

(a) Breakdown of Major Trade Receivables

(b) Summary of Trade and Other Receivables by Currency Type

Notes to Statement of Financial Position as of December 31, 2012 and 2011

2012

2012

2012

2011

2011

2011

CurrentThCLP

CurrentThCLP

CurrentThCLP

CurrentThCLP

CurrentThCLP

CurrentThCLP

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(*) Designating advanced payments and payments for progress in the construction of the road concession project made to the construction Company.

79.875.160-3

79.875.160-3

Pesos

Pesos

Skanska Chile S.A.(*)

Skanska Chile S.A.(*)

Related through parent Company

Related through parent Company

Total

Totales

Chile

Chile

4,127,438

4.127.438

11,601,270

11.601.270

-

-

843.674

843.674

2012

2011

Related Entity Tax ID

Related Entity Tax ID

Related Entity Name

Related Entity Name

Relationship

Relationship

Currency

Currency

Related Entity’s Country of Incorporation

Related Entity’s Country of Incorporation

CurrentThCLP

CurrentThCLP

Non-currentThCLP

Non-currentThCLP

(a) Accounts Receivable from Related Entities

The breakdown of accounts receivable from related entities as of December 31, 2012 and 2011 is as follows:

NOTE 9 NOTES AND ACCOUNTS RECEIVABLE FROM AND PAYABLE TO RELATED ENTITIES

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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76.082.899-8

76.050.732-6

79.875.160-3

76.082.899-8

76.126.422-2

76.168.897-9

Pesos

Pesos

Pesos

Pesos

Pesos

Pesos

Skanska Infrastructure Investment Chile S.A.(1)

Skanska Infrastructure Investment Chile S.A. (2)

Inversiones Infraestructura Dos S.A.

Fondo de Inversión Privado Infraestructura

Skanska Chile S.A. (3)

Fondo de Inversión Público Infraestructura Global

Parent Company shareholder

Parent Company shareholder

Fund managed by parent Company shareholder

Fund managed by parent Company shareholder

Parent Company shareholder

Related through parent Company

Total

Total

Chile

Chile

Chile

Chile

Chile

Chile

68,750

57,102

5,950,747

2,606,744

868,914

1,737,830

75,356

37,164

4,164,262

-

-

-

Current

Non-current

Related Entity Tax ID

Related Entity Tax ID

Related Entity Name

Related Entity Name

Relationship

Relationship

Currency

Currency

Related Entity’s Country of Incorporation

Related Entity’s Country of Incorporation

(b) Accounts payable to related entities, current

6.076.599

5,213,488

4.276.782

-

(1) As of December 31, 2012 and 2011, corresponding to account payable for administration and technical advisory service fees.(2) Corresponding to Subordinated Debt contributions pursuant to financing contract clauses.(3) Designating payments for progress in the construction of the concession project made to the construction Company.

Notes to Statement of Financial Position as of December 31, 2012 and 2011

2012ThCLP

2011ThCLP

2012ThCLP

2011ThCLP

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79.875.160-3

79.875.160-3

76.082.899-0

76.082.899-0

76.082.899-8

79.875.160-3

79.875.160-3

76.082.899-0

76.082.899-0

N/A

N/A

N/A

Skanska Chile S.A.

Skanska Chile S.A.

Skanska Infrastructure Investment (Chile) S.A.

Skanska Infrastructure Investment (Chile) S.A.

Skanska Infrastructure Investment (Chile) S.A.

Skanska Chile S.A.

Skanska Chile S.A.

Skanska Infrastructure Investment (Chile) S.A.

Skanska Infrastructure Investment (Chile) S.A.

Skanska ID AB

Skanska ID AB

Skanska ID AB

Fondo de Inversión Privado Infraestructura

Fondo de Inversión Público Infraestructura

Global

Fund managed by parent

Loan

Loan

Technical assistance 113,670 -Inversiones Infraestructura Dos S.A.

76.126.422-2

76.168.897-9

76.050.732-6

Related through parent Company

Related through parent Company

Parent Company shareholder

Parent Company shareholder

Parent Company shareholder

Related through parent Company

Related through parent Company

Parent Company shareholder

Parent Company shareholder

Related through parent Company

Related through parent Company Related through parent Company

Credit to advances for construction of road concession project

Payment statements of construction of road concession project

Technical assistance

Service provision

Loan

Credit to advances for construction of road concession project

Payment statements of construction of road concession project

Technical assistance

Service provision

Repayment of loan

Loan interests

Loan exchange rate difference

Company shareholder

Fund managed by parent

Company shareholder

Parent Company shareholder

8,317,506

52,137,169

113,670

137,695

2,606,744

6,653,540

34,152,227

109,449

250,474

3,173,781

13,341

33,588

-

-

-

-

-

-

-

-

-

-

-

-

868,914

1,737,830

-

-

2012

2011

Tax ID No. Name Relationship Transaction Description

(c) Transactions with Related Entities

Notes to Statement of Financial Position as of December 31, 2012 and 2011

AmountThCLP

Impact on P&L

(charge)/credit

Tax ID No. Name Relationship Transaction Description AmountThCLP

Impact on P&L

(charge)/credit

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Sociedad Concesionaria Autopistas de Antofagasta S.A. is managed by a Board of Director that consists of six (6)

members who remain in office for a period of one (1) year after which they may be reelected.

The Board of Directors was elected on occasion of the General Regular Shareholders’ Meeting held on April 18, 2012.

As of December 31, 2012 and 2011, senior management compensations amounted to CLP 112.15 million and

CLP 66.236 million, respectively.

As of December 31, 2012, the Board has not incurred in any advisory services expenses.

No guarantees have been established in favor of the Directors.

The members of the Board receive no compensation for their duties.

• Accounts receivable and payable: No outstanding receivable and payable balances exist between the Company

and its Directors and Senior Officers.

• Other transactions: No other transactions exist between the Company and its Directors and Senior Officers.

(d) Board of Directors and Senior Officers

(e) Compensation of the Senior Management of Sociedad Concesionaria Autopistas de Antofagasta S.A.

(i) Accounts Receivable and Payable and Other Transactions

(ii) Board of Director Compensation

(iii) Guarantees established by the Company in favor of Directors

(iv) Advisory Services Expenses by the Board

(i) Compensations paid to Senior Officers.

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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The Company keeps an annual bonus plan to reward its senior officers for fulfillment of objectives and individual and

business performance. The bonuses paid to officers consist of a certain number of monthly gross compensations.

No guarantees have been established by the Company in favor of the Senior Management.

(ii) Incentive plans for senior officers and managers

(iii) Guarantees established by the Company in favor of the Senior Management

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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The Company recognizes one intangible asset originating in a service concession contract executed with the Ministry

of Public Works (MOP), whereby the Company (the Concession Holder), shall build and maintain the work subject

matter of the Bidding Documents. The pre-existing infrastructure that shall be handed over to the Concession Holder

corresponds the road section consisting of Ruta 5 from dm 1,357,000.000 to dm 1,461,000.000, Ruta 1, from dm

10,240.000 to dm 65,500.000, Ruta B400 from dm 0.000 to dm 36,400.000, and Ruta 26 from dm 800.000 to dm

1,2,930.000.

Pursuant to IFRIC 12, the Company has applied the intangible model. Under this model, the operator is entitled to

charge a price to users or a public service. This right is not unconditional but depends on users’ actual use of the

service. Accordingly, the Company undertakes the demand risk.

To the Company’s best knowledge, the road concession project meets the requirements to be considered an

intangible asset.

An intangible asset is defined as an identifiable non-monetary asset without physical substance.

Valuation of the asset under concession will be based on the original acquisition cost, as provided under IAS 38

“Intangible Assets.”

The duration of the concession will be 245 months, expiring in October 2030. As per IFRIC 12, the Company will apply

the increasing amortization method to intangible assets. As of the date of these financial statements 212 months

remain to be amortized.

NOTE 10 INTANGIBLE ASSETS

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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The Company has classified the following items as intangible assets:

Rights of concession under construction

Rights of concession under operation

Accumulated amortization

Total 131,043,372 61,099,539

81,278,053

49,837,999

(72,680)

61,099,539

-

-

Item

The infrastructure of the road under construction and under operation will consist of

The service concession contracts that will fall under the scope of IFRIC 12 share the following characteristics:

• Upgrading the standard of the main roads of the II Region of Antofagasta and Mejillones, widening Ruta 5 to

make it a divided highway between Uribe and Carmen Alto, repaving Ruta B400 as undivided highway and

adding third lanes on Ruta 26, in addition to improving safety conditions by the introduction of grade separation

structures and interchanges, controlled intersections, frontage roads, lighting, signs and signals, pedestrian

overpasses, landscaping, bus stops, improvement of drainage and sewage systems, implementation of control

elements, and other works that will help mitigate the main deficiencies of these roads.

• The service contract contractually binds the Company to provide services to the public on behalf of the Chilean

Ministry of Public Works (“MOP”), a public sector entity.

• The Company is not a mere agent acting on behalf of MOP, but rather takes part in managing the infrastructure

and services related to the subject matter of the contract.

• The contract or Bidding Documents establish the initial prices the Company shall obtain and regulates all price

revisions during the term of the service contract.

• The concession is for a defined term.

• Upon expiry of the contract, the Company shall surrender the infrastructure to MOP in the conditions specified.

• Ruta 1 Toll Plaza, Airport Toll Plaza, Ruta 5 Toll Plaza, Ruta 1 Traffic Control System, Ruta 5 Traffic Control System,

Ruta 5 Weigh Station System.

Infrastructure under construction

Infrastructure under operation

Notes to Statement of Financial Position as of December 31, 2012 and 2011

2012ThCLP

2011ThCLP

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Therefore, and in broad terms, IFRIC 12 applies to public service concession contracts granted to a private operator if:

On December 3, 2012, the General Public Works Director’s Office authorized the provisional start-up on Ruta 1 in the

concession and toll collection starting on December 15, 2012.

The amounts associated to construction of Ruta 1, which started operating n December 2012, are shown in the table

below:

Statements of payment for construction of Ruta 1

Indirect construction costs

Additions

Amortization expense

Total

Total

49,837,999

61,099,539131,043,372

44,124,115

5,713,884

Item

Opening balance

ThCLP

61,099,539

70,016,513

(72,680)

13,457,318

47,642,221

-

The Company uses the increasing amortization method based on traffic forecasts related to use of the highway and

considering the terms of termination or expiration of the concession contract provided under the bidding documents.

Changes in intangible assets as of December 31, 2012 and 2011 are as follows:

(a) The grantor controls or regulates which services the operator is required to provide with the infrastructure, to

whom and at what price; and

(b) The grantor controls, by means of ownership, the right of use or other manners, any significant residual interest in

the infrastructure at the expiry of the contract.

Changes in Intangible Assets

Notes to Statement of Financial Position as of December 31, 2012 and 2011

2012ThCLP

2011ThCLP

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NOTE 11 PROPERTY, PLANT AND EQUIPMENT

The breakdown of property, plant and equipment as of December 31, 2012 and 2011 is as follows:

Plant and Equipment

Information Technologies Equipment

Fixed Installations and Accessories

Motor Vehicles

Work in progress

Plant and Equipment

Information Technologies Equipment

Fixed Installations and Accessories

Motor Vehicles

Total

Total

464,625

99,785

(37,406)

(13,411)

427,219

86,374

98,587

6,289

1,315

321,641

36,793

28,200

5,905

1,144

64,536

(12,096)

(2,188)

(419)

(22,703)

(3,911)

(363)

(36)

(9,101)

86,491

4,101

896

298,938

36,793

24,289

5,542

1,108

55,435

2012

2011

Properties, plant and equipment by type

Properties, plant and equipment by type

Notes to Statement of Financial Position as of December 31, 2012 and 2011

Gross value2012

ThCLP

Gross value2012

ThCLP

Accumulated depreciation

2012ThCLP

Accumulated depreciation

2012ThCLP

Net value2012

ThCLP

Net value2012

ThCLP

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Changes in property, plant and equipment is as follows:

The Company has implemented procedures aimed at detecting potential asset impairment loss in its property, plant

and equipment.

Opening balance

Additions

Depreciation expense

Total 427,219 86,374

86,374

364,839

(23,994)

3,471

96,314

(13,411)

Item

Notes to Statement of Financial Position as of December 31, 2012 and 2011

2012ThCLP

2011ThCLP

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NOTA 12 OTHER FINANCIAL LIABILITIES

Other current and non-current financial liabilities as of December 31, 2012 and 2011 are as follows:

(a) The breakdown of leasing obligations as of December 31, 2012 and 2011 is as follows:

Obligations to banks (b)

Leasing obligations (a)

Obligations to banks (b)

Leasing obligations (a)

Banco Chile

Total current

Total non-current

33,447

111,203,447

1,063,466

59,509,350

-

33,447

111,181,925

21,522

22-04-2014 Monthly UF 1,48%33,447 21,52219,969 28,226

1,043,497

19,969

59,481,124

28,226

Current

Current Non-current

Non-current

Bank

Notes to Statement of Financial Position as of December 31, 2012 and 2011

2012ThCLP

2012ThCLP

2012ThCLP

2011ThCLP

2011ThCLP

2011ThCLP

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(b) Short- and long-term obligations to banks as of December 31 2012 are as follows:

Bank Current capital amountThCLP

Non-current capital amountThCLP

Date granted Maturity date Amortization Currency Interest

Santander Santiago

Santander Santiago

Santander Santiago

Santander Santiago

Santander Santiago

Santander Santiago

Santander Santiago

Santander Santiago

Santander Santiago

Santander Santiago

Santander Santiago

Santander Santiago

Santander Santiago

Santander Santiago

Santander Santiago

Santander Santiago

Santander Santiago

Santander Santiago

Santander Santiago

Santander Santiago

Corpbanca

Corpbanca

Corpbanca

Corpbanca

Corpbanca

Corpbanca

Corpbanca

Corpbanca

Corpbanca

Corpbanca

Corpbanca

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

570,090

918,747

1,800,922

2,349,535

2,078,074

1,056,697

1,309,745

1,708,222

4,989,402

1,153,168

2,549,033

1,961,114

1,517,715

1,814,644

1,391,573

1,555,364

2,384,300

1,628,865

1,173,070

666,189

570,090

918,747

1,800,922

2,349,535

2,078,074

1,056,697

1,309,745

1,708,222

4,989,402

1,153,168

2,549,033

22-12-2010

25-04-2011

23-05-2011

22-06-2011

22-08-2011

22-09-2011

24-10-2011

22-11-2011

22-12-2011

22-02-2012

22-03-2012

23-04-2012

22-05-2012

22-06-2012

23-07-2012

22-08-2012

24-09-2012

22-10-2012

22-11-2012

24-12-2012

22-12-2010

25-04-2011

23-05-2011

22-06-2011

22-08-2011

22-09-2011

24-10-2011

22-11-2011

22-12-2011

22-02-2012

22-03-2012

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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Bank

Corpbanca

Corpbanca

Corpbanca

Corpbanca

Corpbanca

Corpbanca

Corpbanca

Corpbanca

Corpbanca

Banco BCI

Banco BCI

Banco BCI

Banco BCI

Banco BCI

Banco BCI

Banco BCI

Banco BCI

Banco BCI

Banco BCI

Banco BCI

Banco BCI

Banco BCI

Banco BCI

Banco BCI

Banco BCI

Banco BCI

Banco BCI

Banco BCI

Banco BCI

Banco BBVA

Banco BBVA

Banco BBVA

Banco BBVA

Banco BBVA

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,961,114

1,517,715

1,814,644

1,391,573

1,555,364

2,384,300

1,628,865

1,173,070

666,189

570,090

918,747

1,800,922

2,349,535

2,078,074

1,056,697

1,309,745

1,708,222

4,989,402

1,153,168

2,549,033

1,961,114

1,517,715

1,814,644

1,391,573

1,555,364

2,384,300

1,628,865

1,173,070

666,188

285,045

473,294

927,748

1,210,367

1,070,523

23-04-2012

22-05-2012

22-06-2012

23-07-2012

22-08-2012

24-09-2012

22-10-2012

22-11-2012

24-12-2012

22-12-2010

25-04-2011

23-05-2011

22-06-2011

22-08-2011

22-09-2011

24-10-2011

22-11-2011

22-12-2011

22-02-2012

22-03-2012

23-04-2012

22-05-2012

22-06-2012

23-07-2012

22-08-2012

24-09-2012

22-10-2012

22-11-2012

24-12-2012

22-12-2010

25-04-2011

23-05-2011

22-06-2011

22-08-2011

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

Notes to Statement of Financial Position as of December 31, 2012 and 2011

Current capital amountThCLP

Non-current capital amountThCLP

Date granted Maturity date Amortization Currency Interest

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Bank

Banco BBVA

Banco BBVA

Banco BBVA

Banco BBVA

Banco BBVA

Banco BBVA

Banco BBVA

Banco BBVA

Banco BBVA

Banco BBVA

Banco BBVA

Banco BBVA

Banco BBVA

Banco BBVA

Banco BBVA

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

544,359

674,717

854,111

2,463,215

560,573

1,254,672

980,557

758,857

907,322

695,786

777,682

1,192,150

814,433

586,535

333,094

183,274

(2,822,777)

(256,481)

10,178,762

16,127

22-09-2011

24-10-2011

22-11-2011

22-12-2011

22-02-2012

22-03-2012

23-04-2012

22-05-2012

22-06-2012

23-07-2012

22-08-2012

24-09-2012

22-10-2012

22-11-2012

24-12-2012

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

22-06-2026

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

Semi-annual (*)

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

2.97%

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

UF

Subtotal - 103,883,020

Interests and adjustments

Adjustments per long-term loans at

amortized cost

Anticipated expense per long-term

loans at amortized cost

Derivative instruments (Swap)

Swap interests payable

Subtotal 111,181,925

(*) Amortization shall be semi-annual once construction of the concession road is finalized.

Notes to Statement of Financial Position as of December 31, 2012 and 2011

Current capital amountThCLP

Non-current capital amountThCLP

Date granted Maturity date Amortization Currency Interest

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Banco Monto Capital Corriente

M$

Monto Capital No Corriente

M$

Fecha Otorgamiento

Fecha Vencimiento

Amortización Moneda Interés

Santander Santiago Santander Santiago Santander Santiago Santander Santiago Santander Santiago Santander Santiago Santander Santiago Santander Santiago Santander Santiago Santander Santiago Corpbanca Corpbanca Corpbanca Corpbanca Corpbanca Corpbanca Corpbanca Corpbanca Corpbanca Banco BCI Banco BCI Banco BCI Banco BCI Banco BCI Banco BCI Banco BCI Banco BCI Banco BCI Banco BBVA Banco BBVA Banco BBVA Banco BBVA Banco BBVA Banco BBVA Banco BBVA Banco BBVA Banco BBVA

1.043.497- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

535,361 872,167

1,718,309 2,249,329 1,998,777 1,017,846 1,266,070 1,659,097 4,865,741

535,361 872,167

1,718,307 2,249,329 1,998,777 1,017,846 1,266,070 1,659,097 4,865,741

267,681 449,298 885,190

1,158,745 1,029,673

524,345 652,218 829,548

2,402,165 267,681 449,298 885,190

1,158,745 1,029,673

524,345 652,217 829,548

2,402,165

22-12-201122-12-2010 25-03-2011 23-05-2011 22-06-2011 22-06-2011 22-09-2011 24-10-2011 22-11-2011 22-12-2011 22-12-2010 25-03-2011 23-05-2011 22-06-2011 22-06-2011 22-09-2011 24-10-2011 22-11-2011 22-12-2011 22-12-2010 25-03-2011 23-05-2011 22-06-2011 22-06-2011 22-09-2011 24-10-2011 22-11-2011 22-12-2011 22-12-2010 25-03-2011 23-05-2011 22-06-2011 22-06-2011 22-09-2011 24-10-2011 22-11-2011 22-12-2011

22-06-201222-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026 22-06-2026

3 times per yearSemi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)Semi-annual (*)

0,50%2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92% 2,92%

PesosUF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF

Subtotal

Total

-

-

1,043,497

1,043,497

48,763,117

59,481,124

515,401

(1,358,689)

(959,254)

12,511,299

9,250

Interests and adjustments

Adjustments per long-term loans at amortized cost

Anticipated expense per long-term loans at amortized cost

Derivative instruments (Swap)

Swap interests payable

(*) Amortization shall be semi-annual once construction of the concession road is finalized.

(b) Short- and long-term obligations to banks as of December 31, 2011 are as follows:

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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Coincidental with the execution of the aforementioned borrowings, and as specified in Note 21, the following

guarantees were granted:

(i) Two commercial pledges over rights;

(ii) Securities pledge and stock pledge;

(iii) Commercial monetary pledge; and

(iv) Special concession pledge.

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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NOTE 13 TRADE AND OTHER ACCOUNTS PAYABLE

Trade and other accounts payable as of December 31, 2012 and 2011 break down into the following items and

amounts:

Other accounts payable are as follows:

The breakdown of trade and other accounts payable according to type of currency is as follows:

Balances in this line item are not subject to interests.

Accounts payable to commercial creditors

Other accounts payable

Miscellaneous personnel-related payables

Electric power supply

Professional fees payable

Invoices payable

Chilean Peso

Total

Total

Total

305,567

139,604

305,567

344,157

289,987

344,157

165,936

139,604

20,889

61,935

377

56,403

305,567

54,170

289,987

5,286

40,224

4,369

240,108

344,157

2012CurrentThCLP

2012CurrentThCLP

2012CurrentThCLP

2011CurrentThCLP

2011CurrentThCLP

2011CurrentThCLP

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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The Company has relied on UF-denominated financing for the construction and operation of the of Autopistas de

Antofagasta concession by opening a non-revolving Credit Facility for up to UF 5.4 million based on a variable

actual ICP rate. Therefore, the payment flow for the obligation during the generation period (stage 1 of the project:

construction) and later during the debt amortization period (stage 2 of the project: operation) are uncertain.

The Company holds an Interest Rate Swap, the purpose of which is to reduce exposure to the variation of future cash

flows resulting from variations in the interest rate affecting the Company’s UF-denominated revolving credit facility.

The amount under this swap is UF 4.32 million, equivalent to 80% of the UF 5.4 million hedged capital.

In this type of hedge, the portion of the gain or loss from the hedge instrument determined as effective hedging is

posted directly under net equity, while the ineffective portion of the gain or loss will be posted under income for the

period.

On December 16, 2010, the Company took an Interest Rate Swap to hedge the exposure of its UF-denominated

obligations.

NOTE 14 HEDGING INSTRUMENT

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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Therefore, holding of this derivative instrument causes the Company to implicitly maintain the following positions:

• UF-denominated liabilities: Obligations to bank.

• UF-denominated assets: Active portion of the Interest Rate Swap.

• UF-denominated liabilities: Passive portion of the Interest Rate Swap.

To that end, the Company has begun operations with derivative instruments of the fixed Interest Rate Swap ICP-CLF

type, which, together, constitute an instrument whose nominal flows are identical to the cash flow scheme of the

hedged item.

The hedged item corresponds to a portion of the debt, i.e., 80% of the notional amount of the debt, subject to a real

ICP rate, without considering the spread.

The hedged cash flows in the disbursement section are structured so that after one year, they will account for 80%

of the notional amount considered in the original debt.

The Company reports the Interest Rate Swap on a monthly basis. It retrieves the information on UF curves directly

from Bloomberg and compares them against the valuation made by participating banks. Since these values are

observed in the market, the fair value hierarchy is Level 1.

The effects of variation of these instruments are posted under Other reserves in the Statement of Changes in Equity.

Counterpart

Inception date

Maturity date

Maximum CLF withdrawal

Variable interest rate

Fixed interest rate

Santander

22-12-2010

22-6-2026

1.440.000

ICP rate

3,37%

Corpbanca

22-12-2010

22-6-2026

1.440.000

ICP rate

3,37%

BBVA

22-12-2010

22-6-2026

720.000

ICP rate

3,37%

BCI

22-12-2010

22-6-2026

720.000

ICP rate

3,37%

Type of operation IRS_1 IRS_2 IRS_3 IRS_4

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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NOTE 15 EMPLOYEE BENEFIT PROVISIONS

(a) Employee benefit provisions as of December 31, 2012 and 2011 are as follows:

(b) Changes in provisions during 2012 are as follows:

Annual leave provision

Opening balance as of January 1, 2012

Opening balance as of June 1, 2011

Increase in provisions

Increase in provisions

Total provisions

Total provision, closing balance

Total provision, closing balance

26,236

26,236

8,916

8,916

26,236

8,916

2,532

17,320

6,384

8,916

Changes in provisions

Changes in provisions

2012ThCLP

2012ThCLP

2011ThCLP

2011ThCLP

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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NOTE 16 OTHER NON-FINANCIAL LIABILITIES, CURRENT

NOTE 17 INCOME TAXES

Other non-financial current liabilities as of December 31, 2012 and 2011 are as follows:

Description as of June 30, 2010 and December 31, 2020

Single Tax payable

Tax debit value added tax

Total 3,272 1,426,167

3,272-

1,769

1,424,398

As of December 31, 2012 and 2011, no provisions have been established for first category income taxes, as a

negative tax loss carryforward of CLP 16.914 billion and CLP 1.9205 billion, respectively, was posted.

As of December 31, 2012 and 2011, accumulated net balances for the temporary differences resulted in deferred

taxes which break down as follows:

(a) General

(b) Deferred Taxes

Notes to Statement of Financial Position as of December 31, 2012 and 2011

2011ThCLP

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Provision-related deferred taxes

Deferred taxes related to leasing obligations

Deferred taxes related to tax losses

Deferred taxes related to swap obligation

Deferred taxes related to property, plant and

equipment

Deferred taxes related to intangibles assets

for road concession project

Total

Net total

5,431,832

4,913,887

517,946 2,465,553

2,135,688-

329,865

-

5,247

8,030

3,382,803

2,035,752

1,650

8,916

326,494

2,128,493

-

-

-

-

-

-

-

-

- -17,937 10,540

- -500,009 319,325

2012 2011

Deferred tax assets, opening balance

Deferred tax liabilities, opening balance

Deferred tax asset increase

Deferred tax liabilities increase

Deferred tax asset, closing balance

Deferred tax liabilities, closing balance

5,431,832

517,946

2,465,553

329,865

2,465,553

2,966,279

329,865

188,081

-

2,465,553

-

329,865

Changes in Deferred tax assets

Changes in deferred tax liabilities

Notes to Statement of Financial Position as of December 31, 2012 and 2011

AssetsThCLP

2012ThCLP

2012ThCLP

2011ThCLP

2011ThCLP

AssetsThCLP

LiabilitiesThCLP

LiabilitiesThCLP

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NOTE 18 BALANCES IN FOREIGN CURRENCY

NOTE 19 SHAREHOLDERS’ EQUITY

As of December 31, 2012 and 2011, the Company has no balances in foreign currency.

Shareholders’ equity amounts to CLP 30 billion divided into 30,000 registered, non-par value shares of one single

series. As of December 31, 2012, all shares have been subscribed and paid in full.

The Company has subscribed 30,000 no-par value shares of one single series, the situation of which as of December

31, 2012 as follows:

Pursuant to Law 18,046, unless otherwise agreed unanimously by the majority of the shares issued during the

Shareholders’ Meeting, when profits are generated, at least 30% of such profit must be allocated to dividend

distribution. Profit must be generated during the operation of the concession road for dividends to be distributed.

(a) Subscribed and paid up capital

(b) Dividend Policy

30,000 30,000

30,000,000 30,000,000

Subscribed capitalThCLP

Paid-up capitalThCLP

No. of shares subscribed No. of paid-up shares

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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As of December 31, 2012, the Company has recognized revenues from tolls amounting to CLP 266.675 million

starting on December 15, 2012, date on which the Concession was authorized to start toll collection on Ruta 1 of

the highway.

As of December 31, 2012 and 2011, the Company has recognized revenues for a total of CLP 69.422238 million

and CLP 48.268059 million over the capitalized construction cost, based on a 2% margin over said cost, which is

presented in the statement of comprehensive income by item.

As of December 31, 2012 and 2011, the Company has recognized total expenses for CLP 61.196722 million and

CLP 45.473677 million, which were re-classified as intangible assets since they are part of other expenses directly

related to construction of the highway.

(a) Income from Ordinary Activities

(b) Other Income

(c) Expenses

(c) As of December 31, 2012, the breakdown of shareholders is as follows:

Antofagasta Inversora S.A.

Skanska Infrastructure Investment Chile S.A.

Total 30,000 100,000

29,999

1

99,997

0,003

Subscribed shares

Interest%

NOTE 20 INCOME AND EXPENSE

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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NOTE 21 CONTINGENCIES

Pursuant to the bidding documents, the Company established a UF 400,000 construction guarantee insurance policy

to secure fulfillment of obligations during construction of the public work referred to as “Concesión Vial Autopistas

de la Región de Antofagasta”. The aforementioned guarantee was established by the Company and structured

according to the obligations set forth in the construction contract.

In addition, ten (10) performance bonds totaling UF 100,000 were issued in favor of the Ministry of Public Works to

secure “Provisional Commissioning” of Ruta 1.

On December 16, 2010, the Company executed a contract for the opening of a non- revolving credit facility for a total

of UF 5.4 million with a syndicate of Chilean banks consisting of Banco Santander- Chile; Corpbanca; Banco Bilbao

Vizcaya Argentaria Chile y Banco de Crédito e Inversiones, to finance the “Concesión vial Autopistas de la Región de

Antofagasta” public work.

On December 16, 2010, the Company executed a contract for the opening of a revolving credit facility for up to UF

4.289 million with Banco Santander-Chile, to finance the VAT payable by the Concession holder during the period

preceding the final commissioning of the public work individualized under letter a) above.

Coincidental with the execution of the loans mentioned under letters (a) and (b) above, the following guarantees were

granted: /i/ Two commercial pledges over rights; /ii/ a security pledge and commercial stock pledge; /iii/ commercial

monetary pledge; /iv/ special concession pledge, and /v/ commercial pledge over rights and subordinated debt

prohibitions.

The Company complies with all provisions set forth by Executive order No. 900 Public Work Concessions Law of

October 31, 1996 and its regulation (Decree law No. 956 of October 6, 1997).

(a) Direct Guarantees

(b) Direct Guarantees, cont’d

(c) Other Contingencies

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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NOTE 22 CHARACTERISTICS OF THE CONCESSION CONTRACT

Concesión Vial Autopistas de la Región de Antofagasta is a concession tendered by the Ministry of Public Works

as part of the Public Work Concession plan. Awarding of the contract to Skanska Inversora en Infraestructura S.A.

(currently Antofagasta Inversora S.A.) was published in the Official Gazette’s issue of April 7, 2010.

Pursuant to the provisions of the Bidding documents, a Company with a single purpose was incorporated under the

name Sociedad Concesionaria de Autopistas de Antofagasta S.A. to execute the works and operate the concession

of the road. The Company performs the general management of the works and their operation by means of its

own organization, supported by consulting and advisory firms and contractors to supplement the tasks of design,

construction work execution, maintenance and operations.

The concession will have a duration of 245 months, starting on April 7, 2010.

The concession consists of upgrading the standard of the main roads of the II Region of Antofagasta, which include

widening of Ruta 1 to make it a divided highway between the city of Antofagasta and the southern access to the

port of Mejillones, and the same work on Ruta 5 between Uribe and Carmen Alto, paving of Ruta B400 as undivided

highway and adding a third lane on Ruta 26, in addition to improving safety and security conditions by the introduction

of grade separation structures and interchanges, controlled intersections, frontage roads, lighting, signs and signals,

pedestrian overpasses, landscaping, bus stops, improvement of drainage and sewage systems, implementation of

control elements, and other works that will help mitigate the main deficiencies of these roads.

The start up of operations will begin with the authorization for the provisional commissioning of the works by the

Ministry of Public Works: Depending on each route and based on the completion deadlines established under the

construction contract, start dates are as follows:

The concession holder is entitled to operate the work along the concession period referred to above and to charge

the toll rates agreed upon to all users of highway.

The toll rates are established in the bidding documents and the award, specifying a maximum toll rate subject to

adjustment as per CPI variation, plus a fixed annual increment.

• Ruta 1: December 3, 2012.

• Ruta 5: September 1, 2013.

• Ruta 26: October 1, 2013.

• Ruta B400: Concurrently with the provisional commissioning on October 1, 2013.

Notes to Statement of Financial Position as of December 31, 2012 and 2011

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The concession holder’s obligations include the construction, maintenance, and operation of the highway as per the

terms and conditions set forth in the concession contract for the different stages and activities.

Additionally, and in compliance with the concession contract, on July 5, 2010 the concession holder paid UF 252,000

for expropriations. In addition, on January 1, 2012, the Company paid the last of three (3) annual installments for

UF 23,000 for administration and control purposes during the construction stage. During the construction stage, the

amount payable for administration and control will be UF 69,000 per annum. Assets included in the concession must

be surrendered upon the expiration of the concession term. Maintenance for the purposes of correct operation shall

be performed by the concession holding Company and will be planned in accordance with the estimated traffic.

The concession shall become extinguished upon the expiration of the term specified in the agreement; by mutual

agreement between the Ministry of Public Works and the concession holder; or for a gross breach of the concession

holder’s obligations and those stipulated in the bidding documents.

On December 3, 2012, the General Public Works Director’s Office authorized the provisional start-up on Ruta 1 in the

concession and toll collection starting on December 15, 2012.

During the concession period, the Company has not introduced any changes to the agreements with the Ministry of

Public Works.

NOTE 23 ENVIRONMENT

NOTE 24 SUBSEQUENT EVENTS

As of December 31, 2012 and 2011 the Company has complied in full with the requirements set forth in the bidding

documents regarding environmental matters.

No subsequent events have occurred between the closing date and the date these financial statements are issued

that could materially affect the interpretation thereof.

Notes to Statement of Financial Position as of December 31, 2012 and 2011


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