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CORPORACION ACEROS AREQUIPA S.A.

Y SUBSIDIARIASESTADOS FINANCIEROS | CONSOLIDADA | ANUAL AL 31 DE DICIEMBRE


CUENTA 2008
Activos 0
Activos Corrientes 0

Efectivo y Equivalentes al Efectivo 143,674

Cuentas por Cobrar Comerciales (neto) 60,196


Otras Cuentas por Cobrar (neto) 43,716
Cuentas por Cobrar a Entidades
27,292
Relacionadas

Inventarios 1,190,732

Activos por Impuestos a las Ganancias

Otros Activos no financieros


Activos no Corrientes o Grupos de Activos
para su Disposición Clasificados como
Mantenidos para la Venta
Gastos Contratados por Anticipado 6,335
Total Activos Corrientes 1,471,945
Activos No Corrientes 1,328,271

Otras Inversiones Financieras 65,028

Inversiones Contabilizadas Aplicando el


Método de la Participación
Otras Cuentas por Cobrar
Propiedades, Planta y Equipo (neto) 502,669

Activos intangibles distintos de la plusvalia 2,173

Activos por impuestos diferidos 98,456


Otros Activos no financieros 62,500
Existencias (neto) 111,925
Total Activos No Corrientes 842,751

TOTAL DE ACTIVOS 2,314,696


Total Activos Corrientes 1,471,945
Total Activos No Corrientes 842,751
TOTAL DE ACTIVOS 2,314,696
Total Pasivos Corrientes 1,246,260
Total Pasivos No Corrientes 153,303
Total Pasivos 1,399,563
Total Patrimonio 915,133
TOTAL PASIVO Y PATRIMONIO 2,314,696

0
0
0
0
0
0
0
0
ADA | ANUAL AL 31 DE DICIEMBRE DEL 2012 ( EN MILES DE NUEVOS SOLES )
2009 2010 2011 2012 CUENTA
0 0 0 0 Pasivos y Patrimonio
0 0 0 0 Pasivos Corrientes
Otros Pasivos Financieros/ Obligaciones
126,261 149,286 173,809 194,961
financieras
68,544 86,435 91,484 165,113 Cuentas por Pagar Comerciales
77,230 83,063 67,674 67,819 Otras Cuentas por Pagar
Cuentas por Pagar a Entidades
20,159 29,382 35,163 34,980
Relacionadas

762,234 982,860 1,132,159 900,408 Pasivos por Impuestos a las Ganancias

Impuesto a la Renta y Participaciones


0 0 0 9,400
Corrientes
8,017 7,318 7,570 1,836 Otras Cuentas por Pagar

0 0 1,000 0

1,062,445 1,338,344 1,508,859 1,374,517 Total Pasivos Corrientes


936,184 1,189,058 1,335,050 1,179,556 Pasivos No Corrientes
Otros Pasivos Financieros/ Obligaciones
0 0 0 0
financieras

88,930 111,965 121,299 128,951 Cuentas por Pagar Comerciales

31,754 31,091 Pasivos por impuestos diferidos


606,571 621,140 911,880 1,175,637

268 4,371 17,470 55,799

50,843 0 0 0
9,440 9,425 27,355 31,622

756,052 746,901 1,109,758 1,423,100 Total Pasivos No Corrientes


Total Pasivos
Patrimonio
Capital Emitido
Primas de Emisión
Acciones de Inversión
Acciones Propias en Cartera
Otras Reservas de Capital/ Reserva
Legal
Resultados Acumulados
Otras Reservas de Patrimonio
Resultados no Realizados
Total Patrimonio
1,818,497 2,085,245 2,618,617 2,797,617 TOTAL PASIVO Y PATRIMONIO
1,062,445 1,338,344 1,508,859 1,374,517
756,052 746,901 1,109,758 1,423,100
1,818,497 2,085,245 2,618,617 2,797,617
849,733 907,764 883,213 981,662
102,194 173,092 411,703 452,998
951,927 1,080,856 1,294,916 1,434,660
866,570 1,004,389 1,323,701 1,362,957
1,818,497 2,085,245 2,618,617 2,797,617

0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
2008 2009 2010 2011 2012
0 0 0 0
0 0 0 0

939,508 623,181 600,489 596,194 670,284

140,129 189,591 253,039 192,803 204,334


35,896 38,248 73,017 99,575

31,795 1,065 15,988 17,017 7,469

0 0 4,182 -

93,710

41,118

1,246,260 849,733 907,764 883,213 981,662


306,752 226,552 307,275 287,019 311,378

108,323 102,194 161,599 324,174 348,968

0 0 999 139

44,980 0 11,493 86,530 103,891

153,303 102,194 173,092 411,703 452,998


1,399,563 951,927 1,080,856 1,294,916 1,434,660
0 0 0 0 }
512,451 589,168 589,168 640,705 897,023
0 0 0 0
106,803 125,690 125,690 136,685 191,367
-25,365 -25,353 -25,352 -25,352

75,974 127,119 127,433 91,849 110,280

168,845 41,226 182,449 479,249 188,298


38,517 8,732 5,002 565 1,341
12,543
915,133 866,570 1,004,389 1,323,701 1,362,957
2,314,696 1,818,497 2,085,245 2,618,617 2,797,617

74.87% 76.20% 70.51% 71.08% 71.04%


CORPORACION ACEROS AREQUIPA S.A. Y
ESTADOS FINANCIEROS | CONSOLIDADA |
SUBSIDIARIAS
ANUAL AL 31 DE DICIEMBRE DEL 2012 ( EN
MILES DE NUEVOS SOLES )
CUENTA 2008 2009 2010 2011 2012
Ingresos de actividades ordinarias 21 0 0 0
Ventas Netas de Bienes 2,164,564 1,659,643 1,946,443 2,064,760 2,165,900
Prestación de Servicios 0 0 0
Total de Ingresos de Actividades Ordinarias 2,164,564 1,659,643 1,946,443 2,064,760 2,165,900
Costo de Ventas 23 -1,528,990 -1,573,542 -1,541,346 -1,600,103 -1,888,201
Ganancia (Pérdida) Bruta 0 635,574 86,101 405,097 464,657 277,699
Gastos de Ventas y Distribución 24 -55,184 -82,660 -101,398 -113,440 -150,724
Gastos de Administración 25 -54,405 -63,161 -85,731 -84,761 -75,312
Ganancia (Pérdida) de la baja en Activos 0 0
0 -1,108 0 0
Financieros medidos al Costo Amortizado
Otros Ingresos Operativos 30 6,537 9,258 6,600 6,242 44,369
Otros Gastos Operativos 30 -275,649 0 0 -8,671 -8,267

Ganancia (Pérdida) por actividades de operación 0 255,765 -50,462 224,568 264,027 87,765

Ingresos Financieros 31 144,683 998 2,126 3,107 4,852


Gastos Financieros 31 -211,482 -58,714 -40,091 -35,617 -35,799
Diferencias de Cambio neto 3 61,996 15,301 27,012 42,177

Participación en los Resultados Netos de


Asociadas y Negocios Conjuntos -1,134 12,562
12 7,629 11,954 8,873
Contabilizados por el Método de la
Participación

Ganancias (Pérdidas) que surgen de la


Diferencia entre el Valor Libro Anterior y el 0 0
0 -112 0 0
Valor Justo de Activos Financieros
Reclasificados Medidos a Valor Razonable

Resultado antes de Impuesto a las Ganancias 0 196,483 -47,316 214,466 270,483 107,868

Participación de los trabajadores -19,031


Gasto por Impuesto a las Ganancias 19 -52,669 6,311 -64,973 -71,193 -48,775
Ganancia (Pérdida) Neta del Ejercicio 0 124,783 -41,005 149,493 199,290 59,093
1 COSTO DE LA DEUDA
Item Miles de S/. 2012 2011 2010 2009
Gastos financieros 35,596 34,367 32,484 50,763
Deuda financiera LP (corriente) 670,284 596,194 600,489 623,181
Deuda financiera a LP 348,968 324,174 161,599 102,194
Deuda financiera total 1,019,252 920,368 762,088 725,375
Costo promedio de la deuda 3.67% 4.09% 4.37% 5.73%

2 COSTO DE CAPITAL

Reapalancar Betas
Deuda (000) S/. 1,019,252
MKT cap (000) S/. 1,290,879
D/E 78.96%
Tasa imponible 37.00%
Beta desapalancada 0.91

Beta re apalancada 1.36

Cash/Total activos 6.97%

Beta reapalancada corregida por cash 1.47

Item
Tasa libre de riesgo 2.92%
Beta re apalancado 1.47
Prima por riesgo 4.20% Jan-14
Riesgo país 2.13% Jan-14
Costo de capital 11.21%

Peso de deuda y capital Miles S/.


Deuda 1,019,252
Capital 1,290,879
Peso deuda 44%
Peso capital 56%

3 Item
Deuda/Deuda + Capital 44.1%
Capital/Deuda+Capital 55.9%
Tasa imponible 37%
Costo de la deuda 3.67%
Costo de capital 11.2%
WACC 7.28%

4 WACC para valor terminal


Tasa Libre de Riesgo 2.92%
Beta 1.00
Prima por riesgo 4.20%
Riesgo país 2.13%

Costo de capital 9.2%

WACC
Deuda/Deuda+Capital 44.1%
Capital/Deuda+Capital 55.9%
Costo de la deuda 3.7%
Costo de capital 9.2%
Tasa imponible 37%
WACC para valor terminal 6.19%
2008
34,698
939,508 344,797
108,323 98,892
1,047,831 443,689
4.65%

Market cap
Tipo de acción Nro acciones Cotización Valor S/.
Acciones comunes 897,023,614 1.23 1,103,339,045
Acciones de inversión 191,367,261 0.98 187,539,916
Total 1,088,390,875 1,290,878,961
Información a dic.12
CUADRO 37 INDICADORES DE RIESGO PARA PAÍSES EMERGENTES: Índice de Bonos de Mercados Emergentes (EMBIG) 1/
DIFERENCIAL DE RENDIMIENTOS CONTRA BONOS DEL TESORO DE ESTADOS UNIDOS DE AMÉRICA (EUA) 2/ (En puntos básicos) 3/
RISK INDICATORS FOR EMERGING COUNTRIES: Emerging Market Bond Index (EMBIG) 1/ Stripped Spread 2/ (In basis points) 3/

Diferencial de rendimientos del índice de bonos de mercados emergentes (EMBIG) / Emerging Market Bond LATIN EMBIG EMBIG Países
Index (EMBIG) Stripped Spread Países Emergentes /
Fecha
Latinoamericanos Emerging
Perú Argentina Brasil Chile Colombia Ecuador México Venezuela / Latin Countries Countries

1998
Dic. 655 715 1207 673 1577 753 1453 955 1147

1999
Ene. 701 828 1456 643 1905 769 1434 1066 1204
Feb. 706 771 1321 609 2095 710 1411 1002 1136
Mar. 590 705 1196 559 2316 606 1327 908 1082
Abr. 522 623 904 471 1692 538 983 742 948
May. 553 674 950 532 1635 570 881 767 950
Jun. 624 749 986 187 666 2047 583 943 820 958
Jul. 597 867 1049 185 685 2402 638 1007 896 994
Ago. 684 841 1123 192 693 3106 650 1124 936 1041
Set. 637 703 1016 187 647 4082 580 1037 842 987
Oct. 607 654 940 159 576 3959 545 936 788 952
Nov. 550 634 798 156 539 3260 472 854 707 859
Dic. 469 579 688 146 456 3312 383 916 637 793

2000
Ene. 446 558 692 150 442 3673 395 866 633 772
Feb. 450 561 702 161 469 4043 376 872 634 763
Mar. 446 535 653 173 522 3088 316 831 585 702
Abr. 522 590 747 200 649 3372 390 947 663 720
May. 599 686 816 184 802 4024 423 1042 737 735
Jun. 542 667 721 220 718 4414 396 887 681 684
Jul. 546 642 705 225 701 3796 349 843 651 656
Ago. 498 684 680 184 683 2513 328 810 641 636
Set. 596 682 694 192 718 1297 323 780 627 643
Oct. 714 761 744 216 756 1301 354 844 681 702
Nov. 746 860 794 228 794 1353 360 884 728 738
Dic. 719 803 772 228 767 1451 389 948 719 749

2001
Ene. 659 702 718 211 726 1322 384 887 663 692
Feb. 652 707 701 189 643 1246 401 844 657 685
Mar. 636 848 759 190 630 1326 405 864 712 727
Abr. 762 986 805 176 629 1475 375 851 753 752
May 763 1007 835 179 596 1366 339 826 752 731
Jun. 663 956 836 178 576 1303 314 827 747 709
Jul. 643 1410 937 177 563 1388 338 895 926 842
Ago. 626 1502 944 183 534 1470 343 907 955 848
Set. 649 687 689 218 587 1486 393 954 1018 892
Oct. 665 1828 1163 227 598 1539 400 1032 1112 955
Nov. 591 2768 1002 203 558 1410 364 1052 1202 979
Dic. 649 1 452 939 183 531 1 488 343 0 910 943 842

2002
Ene. 481 5338 844 175 541 1145 303 1148 874 708
Feb. 478 4272 842 168 582 1152 281 1163 779 650
Mar. 415 4760 732 136 540 1089 248 943 702 582
Abr. 435 4837 755 125 544 1001 243 894 699 573
May. 506 5378 939 140 545 1115 258 877 776 612
Jun. 567 6258 1368 169 572 1312 302 1059 954 715
Jul. 720 6847 1766 202 690 1390 343 1189 1112 805
Ago. 816 6707 2001 212 874 1744 379 1092 1202 859
Set. 806 6286 1954 200 986 1779 403 1094 1205 869
Oct. 814 6338 2057 228 941 2001 386 1101 1201 860
Nov. 672 6083 1711 198 746 1787 347 1027 1072 771
Dic. 620 6181 1540 168 653 1795 312 1037 1002 725

2003
Ene. 570 5983 1334 168 630 1600 310 1335 942 686
Feb. 563 6235 1308 164 683 1525 323 1364 949 680
Mar. 510 6560 1097 166 630 1450 299 1334 844 641
Abr. 427 5365 902 141 530 1225 259 1270 732 573
May. 414 5142 785 126 469 1109 229 1141 663 522
Jun. 460 4635 752 129 458 1105 232 985 644 502
Jul. 482 4748 776 121 462 1172 236 920 655 510
Ago. 422 5022 774 118 451 1162 234 833 651 502
Set. 353 4995 666 108 429 1106 211 803 468 0
Oct. 317 5272 621 97 447 1031 212 772 598 455
Nov. 309 5918 565 87 469 942 203 716 576 446
Dic. 318 5578 483 86 439 840 207 607 535 415

2004
Ene. 302 5394 431 88 387 724 193 598 496 388
Feb. 361 5521 544 93 433 746 194 664 550 425
Mar. 357 4859 552 93 402 724 187 679 537 422
Abr. 351 4565 590 86 380 763 180 638 539 418
May. 484 4749 723 98 529 921 219 686 628 503
Jun. 449 4914 664 86 487 886 216 625 599 480
Jul. 435 4947 611 85 454 922 207 612 575 465
Ago. 385 5159 556 73 424 836 193 563 538 439
Set. 337 5360 485 72 398 802 186 508 499 413
Oct. 351 5235 467 78 401 731 187 463 485 401
Nov. 304 5030 435 73 361 722 175 425 452 374
Dic. 257 4826 394 68 347 711 177 411 423 353

2005
Ene. 266 4 824 416 63 359 682 179 438 439 361
Feb. 262 4 901 400 61 358 638 166 451 425 346
Mar. 264 4 869 419 66 371 633 173 431 432 350
Abr. 285 5 342 451 71 410 738 195 470 465 378
May. 267 5 799 432 70 376 835 191 494 462 374
Jun 243 2 796 418 66 339 819 183 476 392 330
Jul. 233 425 404 59 322 759 171 438 323 285
Ago. 206 419 396 55 304 714 163 417 312 274
Set. 198 396 370 56 261 682 151 355 289 254
Oct. 218 392 368 61 278 683 157 325 289 252
Nov. 203 381 346 74 253 651 137 304 269 237
Dic. 246 459 281 78 226 616 142 291 254 223

2006
Ene. 236 458 278 76 213 610 137 275 248 220
Feb. 184 382 237 71 174 549 128 238 217 197
Mar. 220 349 227 71 168 538 138 215 212 192
Abr. 219 332 232 77 173 492 143 187 207 189
May. 197 343 243 77 188 469 143 189 211 193
Jun. 207 383 259 82 231 503 163 223 234 218
Jul. 194 362 237 84 228 487 136 210 215 207
Ago. 173 325 217 87 196 477 129 202 200 192
Set. 172 332 228 85 206 565 134 229 212 201
Oct. 148 302 217 82 181 560 130 224 202 192
Nov. 147 292 219 79 189 528 132 228 202 193
Dic. 131 250 205 87 182 724 124 206 192 183

2007
Ene. 123 203 190 81 165 904 119 207 183 173
Feb. 127 207 183 80 163 746 122 210 180 173
Mar. 132 220 186 86 171 695 127 221 187 182
Abr. 118 235 155 82 142 611 109 218 167 164
May. 110 278 148 80 131 625 98 242 165 161
Jun. 104 290 147 80 108 630 99 285 168 160
Jul. 129 355 169 90 136 714 118 335 203 189
Ago. 169 461 201 108 186 702 141 443 249 232
Set. 310 852 380 242 359 1318 266 914 243 228
Oct. 139 371 169 117 161 599 126 403 220 208
Nov. 175 397 211 134 196 617 158 497 264 247
Dic. 175 394 215 153 188 606 166 529 270 251
2008
Ene.
Feb. 196
209 443
477 242
256 165
169 241
249 635
639 188
190 528
556 298
311 280
290
Mar. 221 529 276 169 263 669 193 624 335 314
Abr. 182 556 243 172 216 602 170 631 314 295
May. 154 553 204 159 179 562 154 640 290 274
Jun. 160 562 194 166 181 567 162 581 283 274
Jul. 198 627 231 181 217 665 198 623 323 310
Ago. 195 668 235 173 222 700 199 681 345 321
Set. 258 799 292 189 273 888 243 827 413 384
Oct. 500 1488 493 307 533 1987 436 1439 696 661
Nov. 485 1790 470 353 551 3753 459 1528 739 713
Dic. 524 1829 479 351 538 4241 463 1789 777 759
2009
Ene. 460 1574 429 383 502 3901 422 1706 718 691
Feb. 419 1645 427 371 478 3633 433 1745 711 678
Mar. 409 1863 433 319 483 3534 449 1595 704 676
Abr. 360 1786 382 303 417 3417 370 1378 624 584
May. 292 #N/A #N/A 249 #N/A #N/A #N/A #N/A #N/A 490
Jun. 258 1139 279 172 298 2727 272 1173 484 437
Jul. 274 1039 268 163 297 1264 262 1209 452 420
Ago. 240 900 253 135 261 1131 237 1037 408 376
Set. 225 821 240 143 249 1020 238 939 386 352
Oct. 197 709 227 138 220 853 224 950 365 322
Nov. 191 726 220 130 215 822 211 1062 369 326
Dic. 179 720 202 111 208 820 202 1125 361 310
2010
Ene. 180 712 206 108 211 758 195 933 355 301
Feb. 200 790 221 132 235 811 204 985 376 320
Mar. 158 705 187 128 189 822 169 913 331 276
Abr. 144 630 177 111 173 816 161 851 310 255
May. 201 766 224 140 231 899 211 1096 383 324
Jun. 207 805 235 154 223 965 208 1225 401 342
Jul. 186 765 222 138 198 1015 200 1188 388 330
Ago. 157 714 204 133 166 1036 179 1140 362 304
Set. 168 704 208 133 176 1036 199 1222 373 309
Oct. 156 614 184 133 158 1016 183 1133 345 287
Nov. 151 547 177 124 152 998 166 1149 346 283
Dic. 157 521 178 116 161 928 163 1132 350 283
2011
Mar. 157 566 174 114 155 781 157 1148 364 297
Jun. 192 605 174 136 145 799 167 1207 388 314
Set. 237 874 244 172 215 880 238 1382 470 408
Dic. 217 927 222 161 188 842 220 1261 454 415

2012
Ene. 219 851 222 164 197 805 229 1207 460 421
Feb. 200 822 204 158 176 790 208 1037 415 379
Mar. 166 823 179 150 149 803 190 911 372 337
Abr. 164 967 186 159 147 805 190 984 392 354
May. 180 1089 212 168 173 850 211 1072 425 382
Jun. 188 1129 219 177 173 890 220 1145 444 395
Jul. 163 1090 202 168 151 857 188 1108 416 360
Ago. 133 1039 170 142 129 805 169 1013 375 320
Set. 124 924 161 138 127 753 167 971 360 301
Oct. 108 893 146 127 111 766 155 948 353 288
Nov. 123 1195 152 137 123 815 168 940 367 295
Dic. 117 1035 145 122 116 827 161 796 333 273

2013
Ene. 110 1058 143 115 113 728 154 754 320 260
Feb. 127 1114 162 133 131 704 170 728 330 278
Mar. 140 1207 180 145 142 700 177 771 346 291
Abr. 133 1223 177 144 132 678 169 815 347 294
May. 133 1174 178 137 135 638 168 828 347 285
Jun. 180 1204 234 177 180 643 213 994 414 345
Jul. 175 1138 232 169 169 644 201 967 404 338
Aug. 191 1068 243 171 183 631 206 956 408 351
Set. 182 1064 234 173 181 646 202 956 404 350
Oct. 173 928 227 162 172 568 200 1036 401 338
Nov. 182 823 246 164 182 530 209 1157 418 348
Dic. 177 804 246 159 178 532 193 1156 408 340

2014
Ene.1-21 167 876 248 150 172 556 189 1171 408 335
Nota: Var. %
Anual 51.8 -17.2 72.9 30.4 52.9 -23.6 22.7 55.4 27.3 28.8
Acumulada -5.9 8.9 0.9 -5.8 -3.1 4.5 -1.8 1.3 -0.1 -1.5
Mensual -5.9 8.9 0.9 -5.8 -3.1 4.5 -1.8 1.3 -0.1 -1.5

1/ La información de este cuadro se ha actualizado en la Nota Semanal N° 3 (24 de enero de 2014). Corresponde a datos promedio del mes.
2/ Índice elaborado por el J.P. Morgan que refleja los retornos del portafolio de deuda según sea el caso, es decir, de cada país, de los países latinoamericanos y de los países e
gentes en conjunto. Considera como deuda, eurobonos, bonos Brady y en menor medida deudas locales y préstamos. Estos indicadores son promedio para cada período y s
disminución se asocia con una reducción del riesgo país percibido por los inversionistas. Se mide en puntos básicos y corresponde al diferencial de rendimientos con respecto
bono del Tesoro de EUA de similar duración de la deuda en cuestión.
3/ Cien puntos básicos equivalen a uno por ciento.

Fuente: Bloomberg y Reuters.


Elaboración: Gerencia de Información y Análisis Económico - Subgerencia de Economía Internacional.
DE AMÉRICA (EUA) 2/ (En puntos básicos) 3/
1/ Stripped Spread 2/ (In basis points) 3/

Tasa de Interés / Interest Rate


Tesoro de EUA Tesoro de EUA Tesoro de EUA 30 Date
5 años / USA 10 años / USA años / USA
Treasury 5 years Treasury 10 years Treasury 30 years

1998
4.6 5.1 Dic.

1999
4.7 5.1 Jan.
5.0 5.4 Feb.
5.2 5.6 Mar.
5.2 5.5 Apr.
5.5 5.8 May.
5.9 6.0 Jun.
5.8 6.0 Jul.
5.9 6.1 Aug.
5.9 6.1 Sep.
6.1 6.3 Oct.
6.0 6.1 Nov.
6.3 6.4 Dic.

2000
6.7 6.7 Jan.
6.4 6.1 Feb.
6.2 6.0 Mar.
6.0 5.8 Apr.
6.5 6.2 May.
6.2 6.0 Jun.
6.0 5.8 Jul.
5.7 5.7 Aug.
5.8 5.9 Sep.
5.6 5.7 Oct.
5.6 5.7 Nov.
5.1 5.0 5.4 Dic.

2001
0.0 5.2 5.6 Jan.
0.0 5.2 5.5 Feb.
0.0 4.9 5.4 Mar.
0.0 5.2 5.8 Apr.
0.0 5.5 5.9 May.
0.0 5.1 5.6 Jun.
4.7 5.2 5.6 Jul.
4.5 4.9 5.5 Ago.
3.9 4.7 5.6 Set.
3.8 4.6 5.3 Oct.
4.4 5.0 5.4 Nov.
4.5 5.1 5.5 Dec.

2002
4.3 5.0 5.4 Jan.
4.2 4.9 5.4 Feb.
4.7 5.3 5.7 Mar.
4.5 5.2 5.7 Apr.
4.5 5.1 5.6 May.
4.2 4.9 5.5 Jun.
3.7 4.6 5.4 Jul.
3.3 4.2 5.1 Aug.
2.9 3.9 4.8 Sep.
2.9 3.9 4.9 Oct.
3.0 4.0 5.0 Nov.
3.0 4.0 4.9 Dec.

2003
3.0 4.0 4.9 Jan.
3.1 5.3 5.7 Feb.
2.8 3.8 4.8 Mar.
2.9 3.9 4.9 Apr.
2.5 3.5 4.5 May.
2.2 3.3 4.4 Jun.
2.8 3.9 4.9 Jul.
3.3 4.4 5.3 Aug.
3.2 4.3 5.1 Sep.
3.2 4.3 5.2 Oct.
3.3 4.3 5.1 Nov.
3.3 4.3 5.1 Dec.

2004
3.1 4.1 5.0 Jan.
3.0 4.1 4.9 Feb.
2.8 3.8 4.7 Mar.
3.4 4.3 5.1 Apr.
3.8 4.7 5.4 May.
3.9 4.7 5.4 Jun.
3.7 4.5 5.2 Jul.
3.5 4.3 5.1 Aug.
3.4 4.1 4.9 Sep.
3.3 4.1 4.9 Oct.
3.5 4.2 4.9 Nov.
3.6 4.2 4.9 Dec.

2005
3.7 4.2 4.7 Jan.
3.9 4.3 4.7 Feb.
4.3 4.6 4.8 Mar.
3.9 4.2 4.6 Apr.
3.8 4.1 4.4 May.
3.7 5.0 5.5 Jun. 7/
4.1 4.2 4.4 Jul.
4.1 4.2 4.4 Aug.
4.1 4.3 4.5 Sep.
4.5 4.6 4.8 Oct.
4.3 4.4 4.7 Nov.
4.3 4.3 4.5 Dec.

2006
4.3 4.4 4.6 Jan.
4.1 4.2 4.5 Feb.
4.4 4.5 4.7 Mar.
4.4 4.5 4.7 Apr.
4.4 4.4 4.6 May.
4.4 4.4 4.6 Jun.
4.6 4.6 4.6 Jul.
4.7 4.8 4.8 Aug.
5.0 5.1 5.1 Sep.
5.0 5.1 5.2 Oct.
5.1 5.1 5.2 Nov.
5.0 5.0 5.1 Dec.

2007
4.7 4.8 4.8 Jan.
4.7 4.7 4.8 Feb.
4.5 4.6 4.7 Mar.
4.6 4.7 4.9 Apr.
4.7 4.7 4.9 May.
5.0 5.1 5.2 Jun.
4.9 5.0 5.1 July.
4.4 4.7 4.9 Aug.
4.2 4.5 4.8 Sep.
4.2 4.5 4.8 Oct .
3.6 4.1 4.5 Nov.
3.5 4.1 4.5 Dec.
2008
3.0
2.8 3.7
3.7 4.3
4.5 Jan.
Feb.
2.5 3.5 4.4 Mar.
2.8 3.7 4.4 Apr.
3.1 3.9 4.6 May.
3.5 4.1 4.7 Jun.
3.3 4.0 4.6 Jul.
3.1 3.9 4.5 Aug.
2.9 3.7 4.3 Sep.
2.7 3.8 4.2 Oct.
2.3 3.5 4.0 Nov.
1.5 2.4 2.8 Dec.
2009
1.6 2.5 3.1 Jan.
1.9 2.9 3.6 Feb.
1.8 2.8 3.6 Mar.
1.8 2.9 3.7 Apr.
2.1 3.3 4.2 May.
2.7 3.7 4.5 Jun.
2.4 3.5 4.4 Jul.
2.6 3.6 4.4 Aug.
2.4 3.4 4.2 Sep.
2.3 3.4 4.2 Oct.
2.2 3.4 4.3 Nov.
2.3 3.6 4.5 Dec.
2010
2.5 3.7 4.6 Jan.
2.4 3.7 4.6 Feb.
2.4 3.7 4.6 Mar.
2.6 3.8 4.7 Apr.
2.2 3.4 4.3 May.
2.0 3.2 4.1 Jun.
1.8 3.0 4.0 Jul.
1.5 2.7 3.8 Aug.
1.4 2.6 3.8 Sep.
1.2 2.5 3.9 Oct.
1.3 2.7 4.2 Nov.
1.9 3.3 4.4 Dec.
2011
2.1 3.4 4.5 Mar.
1.6 3.0 4.2 Jun.
0.9 2.0 3.2 Sep.
0.9 2.0 3.0 Dec.

2012
0.8 1.9 3.0 Jan.
0.8 2.0 3.1 Feb.
1.0 2.2 3.3 Mar.
0.9 2.0 3.2 Apr.
0.8 1.8 2.9 May.
0.7 1.6 2.7 Jun.
0.6 1.5 2.6 Jul.
0.7 1.7 2.8 Aug.
0.7 1.7 2.9 Sep.
0.7 1.7 2.9 Oct.
0.7 1.6 2.8 Nov.
0.7 1.7 2.9 Dec.

2013
0.8 1.9 3.1 Jan.
0.8 2.0 3.2 Feb.
0.8 1.9 3.2 Mar.
0.7 1.7 2.9 Apr.
0.8 1.9 3.1 May.
1.2 2.3 3.4 Jun.
1.4 2.6 3.6 Jul.
1.5 2.7 3.8 Aug.
1.6 2.8 3.8 Sep.
1.4 2.6 3.7 Oct.
1.4 2.7 3.8 Nov.
1.6 2.9 3.9 Dec.

2014
1.7 2.9 3.8 Jan.1-21
Note: % chg.
111.2 54.4 24.8 Year-to-Year
6.3 0.5 -1.3 Cumulative
6.3 0.5 -1.3 Monthly

país, de los países latinoamericanos y de los países emer-


Estos indicadores son promedio para cada período y su
orresponde al diferencial de rendimientos con respecto al
Rm

Updated on 4­Jan­10
Customixed Geometric risk premium estimator
What is your riskfree rate? LT Estimates of risk premiums from 1
Enter your starting year 1929 are provided at the bottom of this ta

Value of stocks in starting year: 143.81115515
Value of T.Bills in starting year: 103.08
Value of T.bonds in starting year: 100.83547086
Estimate of risk premium based on your inputs: 4.22%

Annual Returns on Investments in Compounded Value of $ 100
Year S&P 500 3-month T.Bill 10-year T. Bond Stocks T.Bills
1928 43.81% 3.08% 0.84% $ 143.81 $ 103.08
1929 -8.30% 3.16% 4.20% $ 131.88 $ 106.34
1930 -25.12% 4.55% 4.54% $ 98.75 $ 111.18
1931 -43.84% 2.31% -2.56% $ 55.46 $ 113.74
1932 -8.64% 1.07% 8.79% $ 50.66 $ 114.96
1933 49.98% 0.96% 1.86% $ 75.99 $ 116.06
1934 -1.19% 0.32% 7.96% $ 75.09 $ 116.44
1935 46.74% 0.18% 4.47% $ 110.18 $ 116.64
1936 31.94% 0.17% 5.02% $ 145.38 $ 116.84
1937 -35.34% 0.30% 1.38% $ 94.00 $ 117.19
1938 29.28% 0.08% 4.21% $ 121.53 $ 117.29
1939 -1.10% 0.04% 4.41% $ 120.20 $ 117.33
1940 -10.67% 0.03% 5.40% $ 107.37 $ 117.36
1941 -12.77% 0.08% -2.02% $ 93.66 $ 117.46
1942 19.17% 0.34% 2.29% $ 111.61 $ 117.85
1943 25.06% 0.38% 2.49% $ 139.59 $ 118.30
1944 19.03% 0.38% 2.58% $ 166.15 $ 118.75
1945 35.82% 0.38% 3.80% $ 225.67 $ 119.20
1946 -8.43% 0.38% 3.13% $ 206.65 $ 119.65
1947 5.20% 0.57% 0.92% $ 217.39 $ 120.33
1948 5.70% 1.02% 1.95% $ 229.79 $ 121.56
1949 18.30% 1.10% 4.66% $ 271.85 $ 122.90
1950 30.81% 1.17% 0.43% $ 355.60 $ 124.34
1951 23.68% 1.48% -0.30% $ 439.80 $ 126.18
1952 18.15% 1.67% 2.27% $ 519.62 $ 128.29
1953 -1.21% 1.89% 4.14% $ 513.35 $ 130.72
1954 52.56% 0.96% 3.29% $ 783.18 $ 131.98
1955 32.60% 1.66% -1.34% $ 1,038.47 $ 134.17

Page 22
Rm

1956 7.44% 2.56% -2.26% $ 1,115.73 $ 137.60


1957 -10.46% 3.23% 6.80% $ 999.05 $ 142.04
1958 43.72% 1.78% -2.10% $ 1,435.84 $ 144.57
1959 12.06% 3.26% -2.65% $ 1,608.95 $ 149.27
1960 0.34% 3.05% 11.64% $ 1,614.37 $ 153.82
1961 26.64% 2.27% 2.06% $ 2,044.40 $ 157.30
1962 -8.81% 2.78% 5.69% $ 1,864.26 $ 161.67
1963 22.61% 3.11% 1.68% $ 2,285.80 $ 166.70
1964 16.42% 3.51% 3.73% $ 2,661.02 $ 172.54
1965 12.40% 3.90% 0.72% $ 2,990.97 $ 179.28
1966 -9.97% 4.84% 2.91% $ 2,692.74 $ 187.95
1967 23.80% 4.33% -1.58% $ 3,333.69 $ 196.10
1968 10.81% 5.26% 3.27% $ 3,694.23 $ 206.41
1969 -8.24% 6.56% -5.01% $ 3,389.77 $ 219.96
1970 3.56% 6.69% 16.75% $ 3,510.49 $ 234.66
1971 14.22% 4.54% 9.79% $ 4,009.72 $ 245.32
1972 18.76% 3.95% 2.82% $ 4,761.76 $ 255.01
1973 -14.31% 6.73% 3.66% $ 4,080.44 $ 272.16
1974 -25.90% 7.78% 1.99% $ 3,023.54 $ 293.33
1975 37.00% 5.99% 3.61% $ 4,142.10 $ 310.90
1976 23.83% 4.97% 15.98% $ 5,129.20 $ 326.35
1977 -6.98% 5.13% 1.29% $ 4,771.20 $ 343.09
1978 6.51% 6.93% -0.78% $ 5,081.77 $ 366.87
1979 18.52% 9.94% 0.67% $ 6,022.89 $ 403.33
1980 31.74% 11.22% -2.99% $ 7,934.26 $ 448.58
1981 -4.70% 14.30% 8.20% $ 7,561.16 $ 512.73
1982 20.42% 11.01% 32.81% $ 9,105.08 $ 569.18
1983 22.34% 8.45% 3.20% $ 11,138.90 $ 617.26
1984 6.15% 9.61% 13.73% $ 11,823.51 $ 676.60
1985 31.24% 7.49% 25.71% $ 15,516.60 $ 727.26
1986 18.49% 6.04% 24.28% $ 18,386.33 $ 771.15
1987 5.81% 5.72% -4.96% $ 19,455.08 $ 815.27
1988 16.54% 6.45% 8.22% $ 22,672.40 $ 867.86
1989 31.48% 8.11% 17.69% $ 29,808.58 $ 938.24
1990 -3.06% 7.55% 6.24% $ 28,895.11 $ 1,009.08
1991 30.23% 5.61% 15.00% $ 37,631.51 $ 1,065.69
1992 7.49% 3.41% 9.36% $ 40,451.51 $ 1,101.98
1993 9.97% 2.98% 14.21% $ 44,483.33 $ 1,134.84
1994 1.33% 3.99% -8.04% $ 45,073.14 $ 1,180.07
1995 37.20% 5.52% 23.48% $ 61,838.19 $ 1,245.15
1996 22.68% 5.02% 1.43% $ 75,863.69 $ 1,307.68

Page 23
Rm

1997 33.10% 5.05% 9.94% $ 100,977.34 $ 1,373.76


1998 28.34% 4.73% 14.92% $ 129,592.25 $ 1,438.70
1999 20.89% 4.51% -8.25% $ 156,658.05 $ 1,503.58
2000 -9.03% 5.76% 16.66% $ 142,508.98 $ 1,590.23
2001 -11.85% 3.67% 5.57% $ 125,622.01 $ 1,648.63
2002 -21.97% 1.66% 15.12% $ 98,027.82 $ 1,675.96
2003 28.36% 1.03% 0.38% $ 125,824.39 $ 1,693.22
2004 10.74% 1.23% 4.49% $ 139,341.42 $ 1,714.00
2005 4.83% 3.01% 2.87% $ 146,077.85 $ 1,765.59
2006 15.61% 4.68% 1.96% $ 168,884.34 $ 1,848.18
2007 5.48% 4.64% 10.21% $ 178,147.20 $ 1,933.98
2008 -36.55% 1.59% 20.10% $ 113,030.22 $ 1,964.64
2009 25.94% 0.14% -11.12% $ 142,344.87 $ 1,967.29
2010 14.82% 0.13% 8.46% $ 163,441.94 $ 1,969.84
2011 2.10% 0.03% 16.04% $ 166,871.56 $ 1,970.44
2012 15.89% 0.05% 2.97% $ 193,388.43 $ 1,971.42
2013 32.15% 0.07% -9.10% $ 255,553.31 $ 1,972.72
Risk Premium
Arithmetic Average Stocks ­ T.Bills
1928­2012 11.26% 3.61% 5.38% 7.65%
1964­2012 10.87% 5.21% 7.30% 5.65%
2004­2012 6.54% 1.72% 6.22% 4.82%
Risk Premium
Geometric Average Stocks ­ T.Bills
1928­2012 9.31% 3.57% 5.11% 5.74%
1964­2012 9.48% 5.17% 6.91% 4.31%
2004­2012 4.89% 1.70% 5.87% 3.19%

Page 24
Rm

ates of risk premiums from 1928, over the last 40 years and over the last 10 years
ovided at the bottom of this table.

d Value of $ 100
T.Bonds Stocks - Bills Stocks - BondHistorical risk premium
$ 100.84 40.73% 42.98%
$ 105.07 -11.46% -12.50%
$ 109.85 -29.67% -29.66%
$ 107.03 -46.15% -41.28%
$ 116.44 -9.71% -17.43%
$ 118.60 49.02% 48.13%
$ 128.05 -1.51% -9.15%
$ 133.78 46.57% 42.27%
$ 140.49 31.77% 26.93%
$ 142.43 -35.64% -36.72%
$ 148.43 29.21% 25.07%
$ 154.98 -1.14% -5.51%
$ 163.35 -10.70% -16.08%
$ 160.04 -12.85% -10.75%
$ 163.72 18.84% 16.88%
$ 167.79 24.68% 22.57%
$ 172.12 18.65% 16.45%
$ 178.67 35.44% 32.02%
$ 184.26 -8.81% -11.56%
$ 185.95 4.63% 4.28%
$ 189.58 4.68% 3.75%
$ 198.42 17.20% 13.64%
$ 199.27 29.63% 30.38%
$ 198.68 22.20% 23.97%
$ 203.19 16.48% 15.88%
$ 211.61 -3.10% -5.35%
$ 218.57 51.60% 49.27%
$ 215.65 30.94% 33.93%

Page 25
Rm

$ 210.79 4.88% 9.70%


$ 225.11 -13.69% -17.25%
$ 220.39 41.94% 45.82%
$ 214.56 8.80% 14.70%
$ 239.53 -2.71% -11.30% 6.11%
$ 244.46 24.37% 24.58% 6.62%
$ 258.38 -11.59% -14.51% 5.97%
$ 262.74 19.50% 20.93% 6.36%
$ 272.53 12.91% 12.69% 6.53%
$ 274.49 8.50% 11.68% 6.66%
$ 282.47 -14.81% -12.88% 6.11%
$ 278.01 19.47% 25.38% 6.57%
$ 287.11 5.55% 7.54% 6.60%
$ 272.71 -14.80% -3.23% 6.33%
$ 318.41 -3.12% -13.19% 5.90%
$ 349.57 9.68% 4.43% 5.87%
$ 359.42 14.80% 15.94% 6.08%
$ 372.57 -21.03% -17.97% 5.50%
$ 379.98 -33.68% -27.89% 4.64%
$ 393.68 31.01% 33.39% 5.17%
$ 456.61 18.86% 7.85% 5.22%
$ 462.50 -12.11% -8.27% 4.93%
$ 458.90 -0.42% 7.29% 4.97%
$ 461.98 8.58% 17.85% 5.21%
$ 448.17 20.52% 34.72% 5.73%
$ 484.91 -19.00% -12.90% 5.37%
$ 644.04 9.41% -12.40% 5.10%
$ 664.65 13.89% 19.14% 5.34%
$ 755.92 -3.47% -7.59% 5.12%
$ 950.29 23.75% 5.52% 5.13%
$ 1,181.06 12.46% -5.79% 4.97%
$ 1,122.47 0.09% 10.77% 5.07%
$ 1,214.78 10.09% 8.31% 5.12%
$ 1,429.72 23.37% 13.78% 5.24%
$ 1,518.87 -10.61% -9.30% 5.00%
$ 1,746.77 24.62% 15.23% 5.14%
$ 1,910.30 4.09% -1.87% 5.03%
$ 2,181.77 6.98% -4.24% 4.90%
$ 2,006.43 -2.66% 9.36% 4.97%
$ 2,477.55 31.68% 13.71% 5.08%
$ 2,512.94 17.66% 21.25% 5.30%

Page 26
Rm

$ 2,762.71 28.05% 23.16% 5.53%


$ 3,174.95 23.61% 13.42% 5.63%
$ 2,912.88 16.38% 29.14% 5.96%
$ 3,398.03 -14.79% -25.69% 5.51%
$ 3,587.37 -15.52% -17.42% 5.17%
$ 4,129.65 -23.62% -37.08% 4.53%
$ 4,145.15 27.33% 27.98% 4.82%
$ 4,331.30 9.52% 6.25% 4.84%
$ 4,455.50 1.82% 1.97% 4.80%
$ 4,542.87 10.94% 13.65% 4.91%
$ 5,006.69 0.84% -4.73% 4.79%
$ 6,013.10 -38.14% -56.65% 3.88%
$ 5,344.65 25.80% 37.05% 4.29%
$ 5,796.96 14.69% 6.36% 4.31%
$ 6,726.52 2.07% -13.94% 4.10%
$ 6,926.40 15.84% 12.92% 4.20%
$ 6,295.79 32.08% 41.25% 4.62%
Risk Premium Standard Error
Stocks ­ T.BonStocks ­ T.Bills Stocks ­ T.Bonds
5.88% 2.19% 2.32%
3.57% 2.39% 2.67%
0.32% 5.70% 8.09%

Stocks ­ T.Bonds
4.20%
2.57%
­0.98%

Page 27
Estimating Country Risk 

Enter the current risk premium for a mature equity market


Do you want to adjust the country default spread for the additional volatility of the equity market to get to a country premium?
If yes, enter the multiplier to use on the default spread (See worksheet for volatility numbers for selected emerging markets)

Country Region  Local Currency Rating Rating­based Default Spread


Peru Central and South America Baa2 1.90%

Rating Default spread in basis points


A1 70
A2 85
A3 120
Aa1 40
Aa2 50
Aa3 60
Aaa 0
B1 450
B2 550
B3 650
Ba1 250
Ba2 300
Ba3 360
Baa1 160
Baa2 190
Baa3 220
Caa1 750
Caa2 900
Caa3 1000
NR NA
Estimating Country Risk Premiums

5.00% Updated January 1, 2014


Yes
1.5

Total Equity Risk Premium Country Risk PremiumCDS Default SpreadTotal Equity Risk PremiumCountry Risk PremiumHas to be sorted in ascending or


7.85% 2.85% 1.88% 7.13% 2.13%
as to be sorted in ascending order
Date updated: 5-Jan-14 Aswath Damodaran
http://www.damodaran.com
Industry Name Number of firms Beta D/E Ratio Tax rate Unlevered beta Cash/Firm value
Steel 37 1.19 45.91% 14.13% 0.85 6.31%
Unlevered beta corrected for cash
0.91
Anexo 2: Modelo de Proyecci

PRODUCCIÓN Y VENTA DE BARRAS DE CONSTRUCCIÓN, 2000 - 2012


(Toneladas)
Barras de Construcción Inversión bruta Inversión bruta
Inversión Total Tasa de
Año Producción fija privada (mill. fija pública (mill.
Venta Tn (mill. S/. de 1994) Crecimiento
Tn S/. de 1994) S/. de 1994)
1996 305,471 353,247 20,130 4,627 24,757

1997 301,962 384,430 23,348 4,994 28,342 14%


1998 342,411 375,739 22,789 5,114 27,903 -2%
1999 295,675 345,784 19,315 5,642 24,957 -11%
2000 327,201 324,873 18,979 4,750 23,729 -5%
2001 321,129 297,637 18,096 3,685 21,781 -8%
2002 334,346 323,467 18,132 3,536 21,668 -1%
2003 367,410 360,578 19,272 3,673 22,946 6%
2004 386,067 371,970 20,831 3,896 24,727 8%
2005 406,560 423,819 23,332 4,434 27,766 12%
2006 429,760 463,029 28,013 5,351 33,364 20%
2007 536,144 569,779 34,547 6,362 40,910 23%
2008 616,194 568,875 43,483 8,503 51,986 27%
2009 684,789 805,016 36,918 10,307 47,225 -9%
2010 826,875 1,041,054 45,067 13,121 58,187 23%
2011 836,905 1,044,262 50,346 10,786 61,132 5%
2012 955,586 1,241,049 57,202 13,040 70,242 15%
Fuente: Empresas Productoras de Barras de Construcción.
Fuente: INEI

Estimación de Demanda - Mercado del Acero

2013 1,219,162 59,662 15,400 75,062 7%


2014 1,331,631 63,420 17,787 81,207 8%

2015 1,456,959 67,606 20,384 87,990 8%


2016 1,585,110 76,372 18,489 94,860 8%
2017 1,714,778 81,919 19,832 101,751 7%
2018 1,844,507 87,424 21,165 108,589 7%
2019 1,972,713 92,824 22,472 115,296 6%
2020 2,097,712 98,052 23,737 121,789 6%
2021 2,217,754 103,041 24,945 127,986 5%
2022 2,317,463 107,162 25,943 133,105 4%
0.81 0.19
50,871 12,316 63,187

Estimación de Modelo de Regresión Lineal Univariado


Formulación del modelo: Ln(Venta de Barras de Construcc (tn)) = a + b*(ln(Inversión Total valores constantes))

--> Ln(Venta de Barras de Construcc (tn)) = 1.43 + 1.12*(ln(Inversión Total valores constantes))
Modelo de Proyección de Ventas - Corporación Aceros Arequipa S.A.

Logaritmos

Ln(Invers.
Ln(Vtas)
Total ctes) Estimación Ventas Tn Barras de Construcció
12.77 10.12 Ventas Aceros Arequipa Tn
Barras de Perfiles y
Construcc Barras lisas
12.86 10.25
12.84 10.24 2013 731,497 168,401
12.75 10.12 2014 798,979 176,821
12.69 10.07 2015 874,175 185,662
12.60 9.99 2016 951,066 194,946
12.69 9.98 2017 1,028,867 204,693
12.80 10.04 2018 1,106,704 212,881
12.83 10.12 2019 1,183,628 221,396
12.96 10.23 2020 1,258,627 230,252
13.05 10.42 2021 1,330,653 239,462
13.25 10.62 2022 1,390,478 249,040
13.25 10.86 Elaboración propia
13.60 10.76
13.86 10.97 Evolución de precios promedio
13.86 11.02 Año Ventas en Tn Tasa Crec
14.03 11.16 2009 730
2010 847 16.03%
2011 793 -6.38%
2012 925 16.65%
Elaboración propia
1,065,467 208,355
14.01 11.23 0.78 0.15
14.10 11.30 Crec Ipu Crec Ip Composición de ventas por producto - Corporación Aceros Arequ
Miles de S/. 2012 %
14.19 11.38 18% 4%
14.28 11.46 16% 6% Barras de Constr 1,605,498 74%
14.35 11.53 15% 7% Perfiles y Barras 408,622 19%
14.43 11.60 Fuente: MMM 2014-2016 Revisado Planchas, Bobina 151,780 7%
14.49 11.66 Total 2,165,900 100%
14.56 11.71 Elaboración propia
14.61 11.76
14.66 11.80
Coeficientes:
Intercepción 1.4260
Ln(Invers. To 1.1213
n Barras de Construcción - Aceros Arequipa
Ventas Aceros Arequipa Tn
Planchas, Crec Perfiles y
Total Tasa Crec. Barras lisas/
Bobinas Planchas

69,154 969,053
72,612 1,048,412 8.19% 5.00%
76,242 1,136,080 8.36% 5.00%
80,054 1,226,066 7.92% 5.00%
84,057 1,317,617 7.47% 5.00%
87,419 1,407,004 6.78% 4.00%
90,916 1,495,940 6.32% 4.00%
94,553 1,583,432 5.85% 4.00%
98,335 1,668,449 5.37% 4.00%
102,268 1,741,786 4.40% 4.00%

S/. S/. Por Tn USD. Por Tn


1,660 2,274 789.6
1,941 2,292 818.4
2,065 2,604 964.5
2,166 2,342 918.3

85,561 1,359,384
0.06
oducto - Corporación Aceros Arequipa
Participación
2011 %
de Mercado
1,498,324 73% 60%
315,158 15% 60%
251,278 12% 25%
2,064,760 100%
Anexo 2: Modelo de Proyección de Ventas - Corporación Aceros Arequipa S.A.

Resumen
Estadísticas de la regresión
Coeficiente de correlación múltiple 0.97
Coeficiente de determinación R^2 0.94
R^2 ajustado 0.94
Error típico 0.12
Observaciones 17.00

ANÁLISIS DE VARIANZA
Grados de Suma de Promedio de Valor crítico de
F
libertad cuadrados los cuadrados F
Regresión 1 3.2295 3.2295 232.8541 0.0000
Residuos 15 0.2080 0.0139
Total 16 3.4375

Coeficientes Error típico Estadístico t Probabilidad Inferior 95%

Intercepción 1.4260 0.7655 1.8629 0.0822 -0.2056


Ln(Invers. Total ctes) 1.1213 0.0735 15.2596 0.0000 0.9647

Análisis de los residuales


Observación
Pronóstico Ln(Vtas)Residuos
1 12.7699 0.0050
2 12.9216 -0.0621
3 12.9041 -0.0674
4 12.7790 -0.0254
5 12.7224 -0.0312
6 12.6263 -0.0227
7 12.6205 0.0664
8 12.6847 0.1107
9 12.7686 0.0580
10 12.8986 0.0585
11 13.1045 -0.0589
12 13.3331 -0.0801
13 13.6018 -0.3504
14 13.4941 0.1045
15 13.7281 0.1276
16 13.7835 0.0753
17 13.9393 0.0922
Aceros Arequipa S.A.

Superior 95% Inferior 95.0% Superior 95.0%

3.0576 -0.2056 3.0576


1.2779 0.9647 1.2779
Universidad del Pacífico
Corporación Aceros Arequipa

Inputs generales
TC 2.80
Tasa de impuesto imponible 37%
WACC 7% =+WACC!C47
Precio (USD por Tn) 918
Participación de mercado* 60%
Increm. Anual en Part. Mercado 0.0%
Tasa de crecimiento (g) 4%
(*) En barras de construcción, 78% del total de ventas.

BASE HISTÓRICA -37.1% -4.7% -6.0%


62% -23% 17% 6%
En miles de S/. 2007 2008 2009 2010 2011
Ventas - EBIT
Ventas 1,336,6242,164,564 1,659,643 1,946,443 2,064,760
Crec. Ventas 62% -23% 17% 6%
Var. Ventas 827,940 -504,921 286,800 118,317
EBIT 187,496 255,765 -50,462 224,568 264,027
Crec. EBIT 36% -120% -545% 18%
EBIT/ Vtas 14% 12% -3% 12% 13%
CAPEX (incl. Intang., no inc. bajas) 133,329 83,824 79,891 75,129
Depreciación/ Amortización 54,838 60,204 68,693 20,133
Depreciación acumulada 265,806 320,631 380,821 449,457 486,057
Depreciación del ejercicio 54,825 60,190 68,636 36,600
Amortización acumulada 16,383 16,396 16,410 16,467
Amortización del ejercicio 13 14 57 -16,467
Capital de trabajo 569,450 1,156,347 709,632 881,783 1,048,031
Incremento en capital de trabajo 586,897 -446,715 172,151 166,248
Activo corriente (excluyendo e 671,048 1,328,271 936,184 1,189,058 1,335,050
Pasivo corriente (excl parte c 101,598 171,924 226,552 307,275 287,019

FREE CASHFLOW TO THE FIRM (FCFF)


En miles de S/. 2007 2008 2009 2010 2011

EBIT*(1-t) 161,132 -31,791 141,478 166,337


+ Depreciación y amortización 54,838 60,204 68,693 20,133
- Capex -133,329 -83,824 -79,891 -75,129
- Incremento de KT -586,897 446,715 -172,151 -166,248
Free cashflow to the firm -504,256 391,304 -41,871 -54,907

Análisis de principales ratios de Inversión/ Ventas


En miles de S/. 2007 2008 2009 2010 2011
Inversión en KT -586,897 446,715 -172,151 -166,248
Inversión en KT (como % de ventas) -27% 27% -9% -8%
Inversión (CAPEX-Deprec, KT) -665,388 423,095 -183,349 -221,244
% Ventas -30.74% 25.49% -9.42% -10.72%

ROE 14% -5% 16% 17%


Dividendos 16,000 - 11,379 31,000
Utilidades 124,783 -41,005 149,493 199,290
Tasa de reinversión 87.2% 100.0% 92.4% 84.4%
Tasa de crecim. Potencial (g)
112.6% PROYECCIÓN
5%
2012 Prom/ Máx En miles de S/. Indic. Objet. 2013
Ventas (miles de S/.) 2,490,853
2,165,900 2,115,330 Barras de construcción
5% Mercado (Tn) 1,219,162
101,140 Participación de mercado 60%
87,765 175,896 Aceros Arequipa (Tn) 731,497
-67% Perfiles y Barras lisas (Tn) 168,401
4% 12.79% Planchas, Bobinas (Tn) 69,154
159,748 Precio (USD por Tn - prom) 918
26,609 TC 2.8
512,666 CAPEX (Neto deprec., KT) -5.99% -149,270
26,609 0

-
868,178
-179,853
1,179,556
311,378

FREE CASHFLOW TO THE FIRM (FCFF)


2012 En miles de S/. Indic. Objet. 2013

55,292 EBIT*(1-t) 12.79% 200,663


26,609
-159,748 - Inversión Neta (CAPEX/ KT) -149,270
179,853
102,006 Free cashflow to the firm FCFF 51,393
WACC 7.28%

2012 Promedio VP FCFF 481,268


179,853 6,803
8% Valor terminal (año 0) Miles de S/.
46,714 WACC 6.2%
2.16% -5.99% Valor terminal 2,173,216

4% VALOR PATRIMONIAL
21,295 VP FCFF 481,268
59,093 V. Terminal 2,173,216
64.0% Cash 194,961
7.97% Activos para venta -
Deuda -1,047,831
Valor patrimonial 1,801,614

Nro acciones 1,088,390,875

Valor por acción 1.655

ANÁLISIS DE SENSIBILIDAD
Precio Acción Precio promedio de
1.655 800 830
0.00%
Increm. Anual

0.50%
Part. Mcdo

1.00%
1.50%
2.00%
2.50%

Precio Acción Precio promedio de


1.655 800 830
7.28%
8.78%
WACC

10.28%
11.78%
13.28%
14.78%
2014 2015 2016 2017 2018 2019 2020 2021
2,694,838 2,920,180 3,151,480 3,386,802 3,616,564 3,845,164 4,070,053 4,288,582

1,331,631 1,456,959 1,585,110 1,714,778 1,844,507 1,972,713 2,097,712 2,217,754


60% 60% 60% 60% 60% 60% 60% 60%
798,979 874,175 951,066 1,028,867 1,106,704 1,183,628 1,258,627 1,330,653
176,821 185,662 194,946 204,693 212,881 221,396 230,252 239,462
72,612 76,242 80,054 84,057 87,419 90,916 94,553 98,335
918 918 918 918 918 918 918 918
2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8
-161,494 -174,998 -188,859 -202,961 -216,730 -230,430 -243,907 -257,002
0 0 0 0 0 0 0 0

2014 2015 2016 2017 2018 2019 2020 2021

217,096 235,250 253,883 272,841 291,350 309,766 327,883 345,488

-161,494 -174,998 -188,859 -202,961 -216,730 -230,430 -243,907 -257,002

55,602 60,252 65,024 69,879 74,620 79,337 83,977 88,486


Precio promedio de Productos US$
860 890 920 950 980

Precio promedio de Productos US$


860 890 920 950 980
2022
4,477,087

2,317,463
60%
1,390,478
249,040
102,268
918
2.8
-268,299
0

2022

360,674

-268,299

92,375
Precio C Vol C Precio I Vol I
1/8/2008 2.63 39,751 1/8/2008 2.16 204,544
1/10/2008 2.62 350,453 1/9/2008 2.13 29,012
1/11/2008 2.62 43,281 1/10/2008 2.13 29,038
1/14/2008 2.56 61,180 1/11/2008 2.11 92,329
1/15/2008 2.41 238,525 1/14/2008 2.08 158,423
1/16/2008 2.34 1,061 1/15/2008 1.98 301,434 Prec
1/18/2008 2.36 87,247 1/16/2008 1.96 489,263
3
1/21/2008 2.36 24,610 1/17/2008 1.9 326,944
1/22/2008 2.34 39,377 1/18/2008 1.89 594,485
2.5
1/23/2008 2.34 20,870 1/21/2008 1.75 702,697
2
1/24/2008 2.34 51,190 1/22/2008 1.78 947,843
1/25/2008 2.29 217,923 1/23/2008 1.68 210,938
1.5
1/29/2008 2.29 21,506 1/24/2008 1.73 157,500
1/30/2008 2.26 139,589 1/25/2008 1.72 1
551,351
1/31/2008 2.29 188,424 1/28/2008 1.68 58,206
0.5
2/1/2008 2.26 255,151 1/29/2008 1.68 292,813
2/4/2008 2.29 39,656 1/30/2008 1.64 1,002,915
0
2/5/2008 2.18 59,065 1/31/2008 1.65 1,106,134
1/8/2008 1/8/2009 1/8/2010
2/6/2008 2.22 2,363 2/1/2008 1.73 1,473,481
2/7/2008 2.21 12,994 2/4/2008 1.75 466,360
2/8/2008 2.23 2,559 2/5/2008 1.68 258,580
2/11/2008 2.18 62,948 2/6/2008 1.69 764,522
2/12/2008 2.23 9,844 2/7/2008 1.68 442,952
2/14/2008 2.23 18,631 2/8/2008 1.7 538,659
2/19/2008 2.23 20,279 2/11/2008 1.7 353,125
2/21/2008 2.23 9,844 2/12/2008 1.73 917,653
2/25/2008 2.21 6,103 2/13/2008 1.73 126,253
2/26/2008 2.23 8,757 2/14/2008 1.72 387,957
2/27/2008 2.29 87,824 2/15/2008 1.7 64,185
2/28/2008 2.29 797,595 2/18/2008 1.7 211,721
2/29/2008 2.29 297,046 2/19/2008 1.7 523,440
3/3/2008 2.29 98,442 2/20/2008 1.69 132,230
3/4/2008 2.29 9,844 2/21/2008 1.75 982,877
3/6/2008 2.29 27,761 2/22/2008 1.75 330,456
3/7/2008 2.29 31,021 2/25/2008 1.75 516,169
3/10/2008 2.36 480,987 2/26/2008 1.79 1,728,709
3/11/2008 2.44 53,159 2/27/2008 1.83 446,858
3/12/2008 2.46 32,324 2/28/2008 1.86 812,614
3/13/2008 2.44 11,419 2/29/2008 1.83 91,839
3/14/2008 2.40 1,969 3/3/2008 1.83 335,425
3/17/2008 2.39 21,716 3/4/2008 1.8 104,584
3/19/2008 2.39 35,325 3/5/2008 1.83 174,742
3/25/2008 2.36 196,884 3/6/2008 1.83 217,610
3/26/2008 2.31 124,037 3/7/2008 1.83 381,724
4/1/2008 2.13 1,331 3/10/2008 1.93 555,560
4/2/2008 2.23 6,340 3/11/2008 2 421,909
4/3/2008 2.26 2,492,009 3/12/2008 1.98 274,479
4/4/2008 2.31 54,680 3/13/2008 1.93 349,588
4/7/2008 2.30 121,178 3/14/2008 1.91 159,786
4/8/2008 2.31 92,535 3/17/2008 1.88 34,192
4/9/2008 2.29 44,496 3/18/2008 1.88 350,915
4/10/2008 2.29 70,878 3/19/2008 1.88 363,264
4/11/2008 2.29 19,688 3/24/2008 1.88 30,967
4/14/2008 2.26 8,903 3/25/2008 1.84 322,455
4/15/2008 2.26 3,938 3/26/2008 1.83 174,464
4/16/2008 2.28 131,375 3/27/2008 1.88 61,639
4/17/2008 2.29 5,316 3/28/2008 1.85 251,431
4/18/2008 2.32 82,691 3/31/2008 1.85 217,828
4/21/2008 2.41 351,928 4/1/2008 1.85 252,857
4/22/2008 2.39 29,533 4/2/2008 1.85 309,151
4/23/2008 2.38 25,989 4/3/2008 1.93 991,896
4/24/2008 2.41 66,371 4/4/2008 1.98 573,621
4/25/2008 2.41 263,283 4/7/2008 1.97 198,082
4/28/2008 2.44 14,176 4/8/2008 1.93 314,250
5/6/2008 2.34 50,205 4/9/2008 1.93 48,658
5/7/2008 2.34 9,450 4/10/2008 1.9 148,633
5/8/2008 2.39 417,000 4/11/2008 1.88 329,261
5/9/2008 2.41 10,523 4/14/2008 1.83 17,785
5/12/2008 2.46 40,666 4/15/2008 1.85 213,046
5/13/2008 2.47 61,034 4/16/2008 1.93 882,595
5/14/2008 2.49 402,113 4/17/2008 1.93 210,440
5/19/2008 2.50 29,879 4/18/2008 2.02 1,304,589
5/20/2008 2.50 4,922 4/21/2008 2.11 806,015
5/21/2008 2.54 196,884 4/22/2008 2.08 298,443
5/22/2008 2.51 119,262 4/23/2008 2.08 380,746
5/23/2008 2.49 97,245 4/24/2008 2.15 358,691
5/26/2008 2.49 101,606 4/25/2008 2.16 1,350,337
5/28/2008 2.64 48,394 4/28/2008 2.18 439,899
5/29/2008 2.62 35,144 4/29/2008 2.15 325,989
5/30/2008 2.64 221,900 4/30/2008 2.13 573,387
6/2/2008 2.69 79,283 5/2/2008 2.12 61,726
6/3/2008 2.72 40,361 5/5/2008 2.12 124,068
6/4/2008 2.69 41,598 5/6/2008 2.08 381,972
6/5/2008 2.72 13,250 5/7/2008 2.06 702,128
6/6/2008 2.74 18,420 5/8/2008 2.08 921,427
6/9/2008 2.69 43,114 5/9/2008 2.14 465,068
6/10/2008 2.69 26,540 5/12/2008 2.17 215,367
6/12/2008 2.72 11,813 5/13/2008 2.16 388,434
6/13/2008 2.67 32,598 5/14/2008 2.16 225,339
6/16/2008 2.69 19,688 5/19/2008 2.17 187,609
6/17/2008 2.72 50,489 5/20/2008 2.16 182,126
6/18/2008 2.74 486,301 5/21/2008 2.16 109,185
6/19/2008 2.69 62,176 5/22/2008 2.13 234,119
6/20/2008 2.77 13,782 5/23/2008 2.11 271,547
6/23/2008 2.79 3,749 5/26/2008 2.11 379,392
6/24/2008 2.84 35,669 5/27/2008 2.13 322,497
6/25/2008 2.87 23,530 5/28/2008 2.22 678,837
6/26/2008 2.88 82,484 5/29/2008 2.21 388,918
6/27/2008 2.82 35,439 5/30/2008 2.21 937,716
6/30/2008 2.82 9,647 6/2/2008 2.31 443,608
7/1/2008 2.82 35,833 6/3/2008 2.34 745,733
7/3/2008 2.77 10,238 6/4/2008 2.32 219,061
7/4/2008 2.76 4,922 6/5/2008 2.37 319,745
7/7/2008 2.77 12,797 6/6/2008 2.37 386,239
7/8/2008 2.69 23,232 6/9/2008 2.36 151,907
7/9/2008 2.69 9,844 6/10/2008 2.29 273,109
7/10/2008 2.74 32,092 6/11/2008 2.33 191,438
7/14/2008 2.84 32,092 6/12/2008 2.31 156,346
7/15/2008 2.84 108,599 6/13/2008 2.33 416,007
7/17/2008 2.84 88,637 6/16/2008 2.35 433,247
7/21/2008 2.82 415,371 6/17/2008 2.38 545,085
7/23/2008 2.77 37,408 6/18/2008 2.39 661,038
7/24/2008 2.74 24,355 6/19/2008 2.4 407,927
7/31/2008 2.74 303,356 6/20/2008 2.45 584,959
8/1/2008 2.74 8,491 6/23/2008 2.48 419,214
8/4/2008 2.74 26,591 6/24/2008 2.52 638,897
8/5/2008 2.71 13,719 6/25/2008 2.55 421,041
8/6/2008 2.71 115,671 6/26/2008 2.55 481,991
8/7/2008 2.71 12,251 6/27/2008 2.53 532,781
8/8/2008 2.62 3,545 6/30/2008 2.56 115,366
8/13/2008 2.61 13,296 7/1/2008 2.56 118,599
8/14/2008 2.57 7,977 7/2/2008 2.51 168,907
8/15/2008 2.43 71,012 7/3/2008 2.46 212,532
8/18/2008 2.45 92,182 7/4/2008 2.46 132,027
8/19/2008 2.48 38,532 7/7/2008 2.44 167,139
8/20/2008 2.57 68,968 7/8/2008 2.44 234,434
8/21/2008 2.65 54,875 7/9/2008 2.46 703,810
8/22/2008 2.59 39,000 7/10/2008 2.46 209,967
8/25/2008 2.65 95,728 7/11/2008 2.47 93,189
8/26/2008 2.79 104,973 7/14/2008 2.54 770,130
8/27/2008 2.81 79,727 7/15/2008 2.54 390,217
8/28/2008 2.80 194,786 7/16/2008 2.51 402,789
8/29/2008 2.83 19,500 7/17/2008 2.6 1,322,598
9/1/2008 2.93 97,770 7/18/2008 2.53 1,147,788
9/2/2008 3.04 151,523 7/21/2008 2.49 1,463,788
9/3/2008 3.04 8,231 7/22/2008 2.47 297,382
9/4/2008 2.88 34,692 7/23/2008 2.45 268,874
9/5/2008 2.80 14,060 7/24/2008 2.45 136,744
9/8/2008 2.76 10,867 7/25/2008 2.46 584,687
9/9/2008 2.71 3,545 7/30/2008 2.49 162,957
9/10/2008 2.71 10,636 7/31/2008 2.57 974,522
9/11/2008 2.74 9,927 8/1/2008 2.62 247,184
9/12/2008 2.85 45,691 8/4/2008 2.6 61,934
9/15/2008 2.74 71,413 8/5/2008 2.57 77,361
9/16/2008 2.68 88,210 8/6/2008 2.54 307,820
9/17/2008 2.57 10,636 8/7/2008 2.54 4,875
9/18/2008 2.48 20,271 8/8/2008 2.46 218,729
9/19/2008 2.68 267,683 8/11/2008 2.36 107,330
9/22/2008 2.74 8,864 8/12/2008 2.28 520,421
9/23/2008 2.64 46,978 8/13/2008 2.34 514,233
9/24/2008 2.62 53,785 8/14/2008 2.34 333,745
9/25/2008 2.62 21,805 8/15/2008 2.34 80,653
9/26/2008 2.62 5,939 8/18/2008 2.34 367,320
9/29/2008 2.57 8,864 8/19/2008 2.37 411,124
9/30/2008 2.59 212,108 8/20/2008 2.39 215,584
10/2/2008 2.57 54,290 8/21/2008 2.43 859,291
10/3/2008 2.54 207,600 8/22/2008 2.39 172,018
10/6/2008 2.26 28,364 8/25/2008 2.45 669,359
10/7/2008 2.09 198,546 8/26/2008 2.57 630,564
10/9/2008 2.09 2,659 8/27/2008 2.57 249,113
10/13/2008 2.20 19,963 8/28/2008 2.57 627,361
10/14/2008 2.26 92,732 8/29/2008 2.57 275,466
10/15/2008 2.17 106,283 9/1/2008 2.61 284,795
10/16/2008 2.00 339,789 9/2/2008 2.63 661,028
10/17/2008 2.03 7,091 9/3/2008 2.62 47,390
10/20/2008 2.09 17,727 9/4/2008 2.51 400,092
10/21/2008 2.03 262,101 9/5/2008 2.43 278,308
10/23/2008 1.95 13,099 9/8/2008 2.4 142,976
10/27/2008 1.68 105,508 9/9/2008 2.37 276,035
10/28/2008 1.58 95,708 9/10/2008 2.31 293,499
10/29/2008 1.66 45,382 9/11/2008 2.35 211,869
10/31/2008 1.75 145,061 9/12/2008 2.43 223,850
11/3/2008 1.95 61,159 9/15/2008 2.38 113,831
11/4/2008 2.06 93,921 9/16/2008 2.34 193,429
11/5/2008 1.97 31,592 9/17/2008 2.26 469,781
11/10/2008 1.97 14,714 9/18/2008 2.17 299,843
11/12/2008 1.75 95,728 9/19/2008 2.4 693,323
11/14/2008 1.69 55,664 9/22/2008 2.44 589,573
11/17/2008 1.69 3,545 9/23/2008 2.4 234,502
11/18/2008 1.69 13,296 9/24/2008 2.32 291,614
11/25/2008 1.61 23,932 9/25/2008 2.37 331,087
12/3/2008 1.55 1,773 9/26/2008 2.37 341,286
12/5/2008 1.25 67,146 9/29/2008 2.26 426,230
12/9/2008 1.25 154,964 9/30/2008 2.31 562,254
12/10/2008 1.30 117,001 10/1/2008 2.31 226,906
12/11/2008 1.30 83,496 10/2/2008 2.2 193,342
12/12/2008 1.24 33,542 10/3/2008 2.23 274,154
12/15/2008 1.24 55,049 10/6/2008 1.97 148,206
12/16/2008 1.27 21,273 10/7/2008 1.91 314,593
12/17/2008 1.27 16,841 10/9/2008 1.69 839,595
12/18/2008 1.18 2,659 10/10/2008 1.44 514,426
12/19/2008 1.18 426,705 10/13/2008 1.66 410,332
12/22/2008 1.24 3,545 10/14/2008 1.91 893,761
12/23/2008 1.24 17,727 10/15/2008 1.86 249,367
12/24/2008 1.24 10/16/2008 1.74 691,593
12/29/2008 1.24 12,055 10/17/2008 1.81 340,277
12/30/2008 1.30 8,864 10/20/2008 1.86 285,738
1/5/2009 1.30 1,773 10/21/2008 1.81 290,063
1/6/2009 1.27 24,818 10/22/2008 1.69 120,630
1/12/2009 1.24 21,273 10/23/2008 1.61 327,664
1/13/2009 1.21 56,728 10/24/2008 1.58 432,045
1/15/2009 1.20 32,485 10/27/2008 1.52 417,936
1/21/2009 1.13 20,051 10/28/2008 1.41 568,630
1/27/2009 1.04 126,300 10/29/2008 1.52 389,758
1/28/2009 1.02 4,432 10/30/2008 1.58 345,083
1/30/2009 1.02 158,089 10/31/2008 1.64 338,476
2/3/2009 1.02 1,274,062 11/3/2008 1.88 593,116
2/4/2009 1.02 55,644 11/4/2008 1.88 372,567
2/12/2009 0.97 15,955 11/5/2008 1.81 201,514
2/13/2009 0.97 70,909 11/6/2008 1.69 185,247
2/16/2009 0.96 3,014 11/7/2008 1.69 437,509
2/18/2009 0.93 102,819 11/10/2008 1.72 312,458
2/19/2009 0.90 2,753 11/11/2008 1.64 105,634
2/20/2009 0.79 10,636 11/12/2008 1.58 76,874
3/2/2009 0.76 3,545 11/13/2008 1.5 101,252
3/5/2009 0.76 35,455 11/14/2008 1.41 528,002
3/9/2009 0.76 125,864 11/17/2008 1.42 146,288
3/10/2009 0.80 34,923 11/18/2008 1.42 440,557
3/12/2009 0.79 19,507 11/19/2008 1.41 60,281
3/13/2009 0.77 10,814 11/24/2008 1.41 219,392
3/16/2009 0.79 514,756 11/25/2008 1.35 269,615
3/17/2009 0.79 17,727 11/26/2008 1.33 599,305
3/18/2009 0.79 88,282 11/27/2008 1.29 426,652
3/19/2009 0.82 13,544 11/28/2008 1.24 316,145
3/20/2009 0.78 32,441 12/1/2008 1.16 180,363
3/23/2009 0.82 39,638 12/2/2008 1.16 336,559
3/24/2009 0.85 242,156 12/3/2008 1.11 764,815
3/25/2009 0.87 127,770 12/5/2008 1.09 307,286
3/26/2009 0.86 1,157,382 12/9/2008 1.12 510,868
3/30/2009 0.86 42,546 12/10/2008 1.18 1,044,328
4/2/2009 0.87 324,411 12/11/2008 1.21 651,575
4/3/2009 0.93 457,359 12/12/2008 1.18 380,225
4/6/2009 0.93 127,151 12/15/2008 1.16 136,715
4/7/2009 0.89 62,046 12/16/2008 1.18 166,877
4/14/2009 0.96 10,234 12/17/2008 1.15 141,428
4/15/2009 0.91 13,889 12/18/2008 1.11 308,731
4/16/2009 0.89 5,478 12/19/2008 1.13 296,909
4/17/2009 0.85 397,965 12/22/2008 1.11 244,671
4/20/2009 0.85 34,480 12/23/2008 1.11 664,742
4/22/2009 0.85 55,487 12/24/2008 1.09 10,604
4/23/2009 0.82 21,273 12/29/2008 1.05 482,103
4/24/2009 0.82 17,727 12/30/2008 1.05 118,852
4/29/2009 0.85 3,545 12/31/2008 1.03 870,625
5/4/2009 0.85 79,773 1/5/2009 1.05 124,081
5/5/2009 0.90 282,042 1/6/2009 1.07 195,008
5/6/2009 0.90 16,419 1/7/2009 1.04 267,178
5/7/2009 0.96 92,010 1/8/2009 1.04 45,827
5/8/2009 1.00 169,486 1/9/2009 1 636,806
5/11/2009 1.05 104,822 1/12/2009 0.99 116,940
5/12/2009 1.12 34,331 1/13/2009 0.98 71,724
5/13/2009 1.13 68,080 1/14/2009 0.96 298,754
5/14/2009 1.16 260,945 1/15/2009 0.95 247,704
5/15/2009 1.24 22,235 1/16/2009 0.94 601,233
5/18/2009 1.18 23,046 1/19/2009 0.95 164,713
5/19/2009 1.16 17,727 1/20/2009 0.92 519,394
5/20/2009 1.18 199,500 1/21/2009 0.93 229,230
5/22/2009 1.18 967,063 1/22/2009 0.91 318,927
5/25/2009 1.18 14,038 1/23/2009 0.87 610,594
5/26/2009 1.26 213,244 1/26/2009 0.85 91,420
5/27/2009 1.24 236,093 1/27/2009 0.82 279,013
5/28/2009 1.24 17,727 1/28/2009 0.85 732,823
5/29/2009 1.35 47,332 1/29/2009 0.86 115,215
6/1/2009 1.47 87,219 1/30/2009 0.87 317,808
6/2/2009 1.39 13,085 2/2/2009 0.82 129,123
6/3/2009 1.30 45,979 2/4/2009 0.82 118,212
6/4/2009 1.32 48,750 2/6/2009 0.82 177,126
6/5/2009 1.30 36,642 2/9/2009 0.8 15,143
6/8/2009 1.31 55,765 2/10/2009 0.73 1,229,647
6/10/2009 1.27 5,318 2/11/2009 0.73 57,021
6/11/2009 1.21 15,559 2/12/2009 0.71 489,501
6/12/2009 1.18 24,029 2/13/2009 0.73 3,545
6/15/2009 1.18 5,354 2/16/2009 0.73 176,648
6/16/2009 1.16 14,258 2/17/2009 0.72 71,838
6/17/2009 1.16 13,969 2/18/2009 0.69 310,170
6/18/2009 1.13 62,372 2/19/2009 0.65 276,519
6/19/2009 1.13 53,182 2/20/2009 0.61 329,507
6/22/2009 1.10 39,926 2/23/2009 0.6 69,840
6/24/2009 1.10 45,792 2/24/2009 0.59 58,215
6/25/2009 1.19 4,432 2/25/2009 0.59 17,726
6/26/2009 1.16 3,545 2/26/2009 0.63 513,796
7/2/2009 1.14 8,279 2/27/2009 0.62 189,437
7/6/2009 1.13 6,205 3/2/2009 0.6 27,830
7/9/2009 1.13 3,792 3/3/2009 0.6 72,542
7/15/2009 1.21 2,659 3/4/2009 0.61 120,589
7/23/2009 1.31 2,398 3/5/2009 0.6 5,949
7/31/2009 1.28 19,504 3/6/2009 0.61 35,943
8/3/2009 1.35 54,546 3/9/2009 0.63 459,015
8/4/2009 1.38 139,083 3/10/2009 0.66 804,369
8/6/2009 1.36 56,973 3/11/2009 0.65 230,008
8/7/2009 1.36 31,973 3/12/2009 0.63 492,201
8/11/2009 1.36 148,741 3/13/2009 0.63 176,605
8/12/2009 1.38 255,426 3/16/2009 0.66 719,052
8/14/2009 1.36 127,893 3/17/2009 0.63 79,797
8/17/2009 1.36 38,368 3/18/2009 0.65 907,826
8/20/2009 1.29 71,545 3/19/2009 0.67 301,341
8/21/2009 1.31 8,120 3/20/2009 0.66 159,370
8/25/2009 1.31 289,541 3/23/2009 0.69 233,697
8/27/2009 1.26 12,673 3/24/2009 0.68 2,955,354
8/28/2009 1.25 188,642 3/25/2009 0.7 700,463
8/31/2009 1.25 24,608 3/26/2009 0.68 2,499,063
9/1/2009 1.25 1,599 3/27/2009 0.71 324,237
9/2/2009 1.16 212,793 3/30/2009 0.68 283,042
9/7/2009 1.25 15,347 3/31/2009 0.71 278,570
9/8/2009 1.25 18,509 4/1/2009 0.69 447,856
9/11/2009 1.25 9,592 4/2/2009 0.72 1,290,846
9/14/2009 1.22 2,462 4/3/2009 0.77 719,185
9/15/2009 1.25 21,448 4/6/2009 0.77 1,397,138
9/16/2009 1.28 10,932 4/7/2009 0.73 815,593
9/17/2009 1.28 27,177 4/8/2009 0.73 444,860
9/18/2009 1.29 65,579 4/13/2009 0.75 409,433
9/22/2009 1.34 54,354 4/14/2009 0.76 1,056,747
9/24/2009 1.34 23,432 4/15/2009 0.72 181,980
9/25/2009 1.34 107,662 4/16/2009 0.71 1,158,458
9/28/2009 1.34 163,589 4/17/2009 0.69 129,366
9/29/2009 1.34 108,218 4/20/2009 0.66 191,631
9/30/2009 1.34 40,900 4/21/2009 0.67 691,206
10/1/2009 1.33 14,388 4/22/2009 0.67 408,637
10/5/2009 1.31 95,919 4/23/2009 0.64 155,719
10/6/2009 1.33 47,960 4/24/2009 0.65 326,533
10/7/2009 1.33 371,688 4/27/2009 0.67 366,554
10/9/2009 1.34 58,345 4/28/2009 0.65 138,753
10/12/2009 1.34 110,068 4/29/2009 0.66 421,648
10/13/2009 1.38 15,987 4/30/2009 0.68 992,793
10/14/2009 1.38 48,678 5/4/2009 0.69 1,055,483
10/15/2009 1.39 173,392 5/5/2009 0.74 1,002,364
10/16/2009 1.36 213,805 5/6/2009 0.77 1,610,421
10/19/2009 1.36 1,599 5/7/2009 0.81 1,938,223
10/20/2009 1.31 197,194 5/8/2009 0.86 672,619
10/21/2009 1.34 25,949 5/11/2009 0.95 519,754
10/23/2009 1.34 3,997 5/12/2009 0.96 1,017,977
10/29/2009 1.34 19,425 5/13/2009 0.98 1,355,450
10/30/2009 1.34 39,966 5/14/2009 1.03 762,986
11/5/2009 1.31 498,869 5/15/2009 1.05 1,130,184
11/9/2009 1.31 44,675 5/18/2009 1.07 543,899
11/11/2009 1.21 131,090 5/19/2009 1.08 398,846
11/12/2009 1.21 547,913 5/20/2009 1.1 331,746
11/13/2009 1.28 611,311 5/21/2009 1.07 322,092
11/16/2009 1.27 243,795 5/22/2009 1.06 437,091
11/17/2009 1.25 22,372 5/25/2009 1.08 395,581
11/18/2009 1.25 15,827 5/26/2009 1.18 333,166
11/19/2009 1.24 232,961 5/27/2009 1.18 328,117
11/20/2009 1.24 11,191 5/28/2009 1.18 187,700
11/23/2009 1.22 220,615 5/29/2009 1.24 162,263
11/24/2009 1.19 137,032 6/1/2009 1.31 318,615
11/26/2009 1.19 15,612 6/2/2009 1.27 1,004,342
11/27/2009 1.19 5,583 6/3/2009 1.18 721,644
11/30/2009 1.20 23,980 6/4/2009 1.22 477,458
12/1/2009 1.24 35,023 6/5/2009 1.22 197,697
12/2/2009 1.24 15,987 6/8/2009 1.23 150,989
12/3/2009 1.22 48,847 6/9/2009 1.23 117,716
12/4/2009 1.22 31,791 6/10/2009 1.19 173,976
12/9/2009 1.20 15,987 6/11/2009 1.17 91,799
12/10/2009 1.20 84,205 6/12/2009 1.11 383,844
12/11/2009 1.18 524,796 6/15/2009 1.07 532,114
12/14/2009 1.19 289,248 6/16/2009 1.03 252,453
12/15/2009 1.20 8,839 6/17/2009 1.03 312,790
12/17/2009 1.20 8,665 6/18/2009 1.03 499,963
12/18/2009 1.22 406,827 6/19/2009 1.04 49,429
12/21/2009 1.26 233,674 6/22/2009 1.01 197,692
12/24/2009 1.24 111,906 6/23/2009 1.01 26,031
12/29/2009 1.28 276,597 6/24/2009 1.02 69,674
12/30/2009 1.25 3,197 6/25/2009 1.03 433,220
12/31/2009 1.26 15,987 6/26/2009 1.03 129,399
1/4/2010 1.27 3,197 6/30/2009 1.06 225,522
1/5/2010 1.28 150,901 7/1/2009 1.11 110,301
1/6/2010 1.31 227,969 7/2/2009 1.07 73,580
1/7/2010 1.34 354,447 7/3/2009 1.07 32,917
1/8/2010 1.38 218,537 7/6/2009 1.07 55,151
1/11/2010 1.39 218,936 7/7/2009 1.05 118,438
1/12/2010 1.38 9,183 7/8/2009 1 124,730
1/13/2010 1.38 8,160 7/9/2009 1.07 872,583
1/14/2010 1.38 22,648 7/10/2009 1.05 33,325
1/15/2010 1.33 43,643 7/13/2009 1.08 130,690
1/18/2010 1.33 632,220 7/14/2009 1.09 83,498
1/19/2010 1.33 326,281 7/15/2009 1.1 238,343
1/20/2010 1.36 39,966 7/16/2009 1.07 277,597
1/21/2010 1.34 7,299 7/17/2009 1.06 275,159
1/22/2010 1.34 27,513 7/20/2009 1.07 456,583
1/26/2010 1.34 206,227 7/21/2009 1.09 182,845
1/27/2010 1.30 26,857 7/22/2009 1.11 470,888
1/28/2010 1.30 297,031 7/23/2009 1.15 352,969
2/1/2010 1.28 47,960 7/24/2009 1.16 133,139
2/2/2010 1.29 101,420 7/30/2009 1.14 299,269
2/3/2010 1.29 71,940 7/31/2009 1.22 229,975
2/4/2010 1.23 73,489 8/3/2009 1.26 449,813
2/5/2010 1.23 86,222 8/4/2009 1.29 256,952
2/8/2010 1.24 110,087 8/5/2009 1.28 799
2/9/2010 1.24 87,982 8/6/2009 1.25 143,080
2/15/2010 1.24 10,551 8/7/2009 1.24 28,776
2/16/2010 1.28 29,599 8/10/2009 1.24 51,101
2/17/2010 1.34 407,815 8/11/2009 1.26 946,762
2/18/2010 1.38 664,060 8/12/2009 1.26 162,398
2/19/2010 1.39 5,595 8/13/2009 1.28 215,502
2/22/2010 1.38 103,913 8/14/2009 1.25 234,037
2/23/2010 1.34 1,358,859 8/17/2009 1.25 361,706
2/24/2010 1.33 303,106 8/18/2009 1.25 37,489
2/25/2010 1.29 47,960 8/19/2009 1.24 184,202
2/26/2010 1.28 22,701 8/20/2009 1.19 352,694
3/1/2010 1.27 377,387 8/21/2009 1.19 246,472
3/2/2010 1.26 13,589 8/24/2009 1.16 287,829
3/4/2010 1.26 148,835 8/25/2009 1.16 233,414
3/5/2010 1.31 23,980 8/26/2009 1.15 54,836
3/8/2010 1.31 34,950 8/27/2009 1.16 590,410
3/9/2010 1.31 80,772 8/28/2009 1.18 201,348
3/10/2010 1.31 15,987 8/31/2009 1.14 250,711
3/11/2010 1.31 127,413 9/1/2009 1.11 194,614
3/15/2010 1.31 183,862 9/2/2009 1.09 102,957
3/16/2010 1.33 326,914 9/3/2009 1.13 56,939
3/17/2010 1.33 55,953 9/4/2009 1.12 30,854
3/18/2010 1.34 49,314 9/7/2009 1.12 136,455
3/22/2010 1.36 51,157 9/8/2009 1.1 159,546
3/23/2010 1.36 119,899 9/9/2009 1.09 151,719
3/24/2010 1.38 18,848 9/10/2009 1.09 36,382
3/25/2010 1.41 15,987 9/11/2009 1.11 391,156
3/26/2010 1.44 7,817 9/14/2009 1.12 217,258
3/29/2010 1.44 14,767 9/15/2009 1.16 176,633
3/30/2010 1.45 47,960 9/16/2009 1.16 114,504
4/6/2010 1.56 109,446 9/17/2009 1.19 353,009
4/7/2010 1.63 99,401 9/18/2009 1.19 224,090
4/8/2010 1.63 197,337 9/21/2009 1.2 359,393
4/9/2010 1.60 10,391 9/22/2009 1.25 446,200
4/12/2010 1.63 237,209 9/23/2009 1.28 378,900
4/13/2010 1.65 125,194 9/24/2009 1.25 67,374
4/14/2010 1.69 259,497 9/25/2009 1.25 286,788
4/15/2010 1.71 3,837 9/28/2009 1.28 495,448
4/16/2010 1.69 39,966 9/29/2009 1.27 567,437
4/19/2010 1.72 1,279 9/30/2009 1.28 526,318
4/20/2010 1.80 36,045 10/1/2009 1.23 903,325
4/21/2010 1.88 204,505 10/2/2009 1.23 230,862
4/22/2010 1.94 238,862 10/5/2009 1.24 108,864
4/23/2010 1.94 111,267 10/6/2009 1.26 348,060
4/27/2010 1.89 10,060 10/7/2009 1.25 471,198
4/30/2010 1.92 38,190 10/9/2009 1.25 180,273
5/3/2010 1.94 309,308 10/12/2009 1.26 209,236
5/4/2010 1.91 17,585 10/13/2009 1.26 419,018
5/5/2010 1.86 59,150 10/14/2009 1.29 203,655
5/6/2010 1.80 103,962 10/15/2009 1.28 147,455
5/7/2010 1.75 21,582 10/16/2009 1.24 482,312
5/10/2010 1.81 54,354 10/19/2009 1.23 262,581
5/11/2010 1.85 162,783 10/20/2009 1.22 156,988
5/17/2010 1.78 52,960 10/21/2009 1.22 141,572
5/18/2010 1.78 47,960 10/22/2009 1.22 111,943
5/19/2010 1.73 43,244 10/23/2009 1.21 80,676
5/20/2010 1.66 9,592 10/26/2009 1.15 194,224
5/21/2010 1.65 151,073 10/27/2009 1.14 719,727
5/24/2010 1.66 59,182 10/28/2009 1.11 274,912
5/25/2010 1.65 71,470 10/29/2009 1.15 279,070
5/26/2010 1.68 7,993 10/30/2009 1.09 753,673
5/27/2010 1.69 10,040 11/2/2009 1.09 197,877
5/31/2010 1.71 194,956 11/3/2009 1.06 200,919
6/1/2010 1.71 111,906 11/4/2009 1.08 141,761
6/2/2010 1.71 97,745 11/5/2009 1.1 210,236
6/3/2010 1.71 169,781 11/6/2009 1.08 372,046
6/4/2010 1.69 166,260 11/9/2009 1.09 262,660
6/7/2010 1.68 194,685 11/10/2009 1.08 146,404
6/8/2010 1.71 277,367 11/11/2009 1.08 106,571
6/9/2010 1.73 24,806 11/12/2009 1.08 166,873
6/10/2010 1.74 3,197 11/13/2009 1.08 62,484
6/16/2010 1.73 37,568 11/16/2009 1.09 169,240
6/17/2010 1.73 15,987 11/17/2009 1.07 149,945
6/21/2010 1.75 7,993 11/18/2009 1.08 151,685
6/22/2010 1.81 121,565 11/19/2009 1.08 308,065
6/23/2010 1.81 23,181 11/20/2009 1.09 5,595
6/24/2010 1.82 31,973 11/23/2009 1.09 16,866
6/25/2010 1.83 88,726 11/24/2009 1.08 233,871
6/28/2010 1.85 97,699 11/25/2009 1.06 366,166
6/30/2010 1.81 54,813 11/26/2009 1.06 296,932
7/1/2010 1.79 33,971 11/27/2009 1.06 395,711
7/2/2010 1.75 7,993 11/30/2009 1.04 67,559
7/6/2010 1.75 89,782 12/1/2009 1.06 50,038
7/7/2010 1.75 7,482 12/2/2009 1.05 169,199
7/8/2010 1.75 303,745 12/3/2009 1.02 322,250
7/9/2010 1.75 593,276 12/4/2009 1 175,184
7/14/2010 1.76 179,443 12/7/2009 1 51,987
7/22/2010 1.76 3,997 12/9/2009 0.99 104,985
7/26/2010 1.76 58,831 12/10/2009 1.01 56,103
7/27/2010 1.78 2,879,761 12/11/2009 1.01 104,645
7/30/2010 1.78 73,219 12/14/2009 1.05 195,647
8/3/2010 1.81 127,893 12/15/2009 1.08 704,259
8/4/2010 1.88 11,854 12/16/2009 1.08 68,503
8/5/2010 1.86 7,993 12/17/2009 1.08 279,612
8/11/2010 1.81 97,838 12/18/2009 1.13 780,721
8/12/2010 1.81 31,973 12/21/2009 1.12 72,622
8/13/2010 1.81 165,568 12/22/2009 1.1 262,052
8/16/2010 1.81 13,763 12/23/2009 1.1 58,591
8/18/2010 1.81 55,953 12/24/2009 1.09 130,257
8/19/2010 1.81 15,987 12/28/2009 1.09 52,414
8/20/2010 1.81 31,973 12/29/2009 1.13 286,870
8/25/2010 1.81 135,355 12/30/2009 1.13 152,387
8/26/2010 1.81 44,043 12/31/2009 1.16 89,402
9/1/2010 1.81 7,993 1/4/2010 1.18 127,447
9/2/2010 1.81 33,572 1/5/2010 1.2 187,454
9/3/2010 1.78 27,177 1/6/2010 1.22 559,091
9/6/2010 1.81 270,640 1/7/2010 1.25 462,193
9/7/2010 1.81 115,922 1/8/2010 1.29 209,720
9/8/2010 1.81 32,772 1/11/2010 1.3 280,163
9/10/2010 1.81 163,063 1/12/2010 1.3 270,488
9/13/2010 1.75 884,857 1/13/2010 1.29 129,554
9/14/2010 1.74 59,302 1/14/2010 1.28 114,066
9/15/2010 1.79 62,933 1/15/2010 1.23 175,953
9/17/2010 1.79 132,401 1/18/2010 1.24 83,383
9/20/2010 1.80 142,118 1/19/2010 1.24 242,852
9/21/2010 1.81 102,313 1/20/2010 1.28 862,860
9/22/2010 1.82 19,619 1/21/2010 1.24 185,013
9/23/2010 1.79 36,095 1/22/2010 1.26 57,907
9/24/2010 1.83 9,461 1/25/2010 1.25 151,001
9/27/2010 1.95 195,257 1/26/2010 1.25 262,584
9/28/2010 1.97 159,226 1/27/2010 1.22 337,552
9/29/2010 1.95 11,191 1/28/2010 1.21 167,380
9/30/2010 1.96 60,485 1/29/2010 1.23 116,077
10/1/2010 2.00 108,672 2/1/2010 1.22 124,352
10/4/2010 2.05 1,918 2/2/2010 1.21 257,691
10/5/2010 2.10 4,855 2/3/2010 1.21 88,885
10/6/2010 2.07 35,170 2/4/2010 1.18 201,703
10/12/2010 2.03 6,395 2/5/2010 1.16 241,396
10/13/2010 2.16 103,814 2/8/2010 1.15 209,135
10/14/2010 2.16 8,633 2/9/2010 1.15 682,677
10/15/2010 2.14 119,771 2/10/2010 1.17 298,070
10/18/2010 2.10 53,683 2/11/2010 1.18 351,363
10/19/2010 2.00 46,531 2/12/2010 1.18 188,853
10/20/2010 2.03 43,164 2/15/2010 1.19 32,069
10/22/2010 2.04 5,883 2/16/2010 1.22 230,957
10/25/2010 2.04 294,415 2/17/2010 1.24 219,926
10/27/2010 2.03 19,184 2/18/2010 1.26 579,801
10/29/2010 2.00 34,059 2/19/2010 1.25 147,428
11/3/2010 2.00 9,845 2/22/2010 1.24 224,348
11/4/2010 2.06 152,024 2/23/2010 1.22 162,667
11/8/2010 2.04 34,691 2/24/2010 1.22 233,212
11/9/2010 2.09 110,307 2/25/2010 1.2 91,124
11/10/2010 2.10 233,396 2/26/2010 1.19 216,420
11/11/2010 2.10 71,104 3/1/2010 1.19 125,626
11/12/2010 2.06 286,671 3/2/2010 1.19 288,398
11/15/2010 2.05 87,926 3/3/2010 1.2 25,579
11/16/2010 1.97 65,545 3/4/2010 1.21 101,088
11/17/2010 2.00 63,382 3/5/2010 1.23 135,373
11/18/2010 2.03 21,742 3/8/2010 1.24 41,317
11/22/2010 2.01 11,990 3/9/2010 1.25 93,749
11/23/2010 2.03 31,078 3/10/2010 1.25 31,973
11/24/2010 2.03 60,269 3/11/2010 1.24 13,934
11/25/2010 2.05 86,088 3/12/2010 1.24 228,880
11/26/2010 2.07 3,517 3/15/2010 1.24 36,812
11/29/2010 2.07 153,832 3/16/2010 1.26 1,027,251
11/30/2010 2.13 137,376 3/17/2010 1.26 116,395
12/3/2010 2.16 4,008 3/18/2010 1.26 222,074
12/7/2010 2.16 187,994 3/19/2010 1.28 532,537
12/9/2010 2.17 764,159 3/22/2010 1.28 193,900
12/10/2010 2.19 23,150 3/23/2010 1.29 121,042
12/13/2010 2.21 237,370 3/24/2010 1.31 568,625
12/14/2010 2.22 127,893 3/25/2010 1.34 381,424
12/15/2010 2.23 347,863 3/26/2010 1.34 401,952
12/22/2010 2.24 28,840 3/29/2010 1.36 262,449
12/23/2010 2.21 95,040 3/30/2010 1.36 239,859
12/24/2010 2.19 203,030 3/31/2010 1.37 170,270
12/28/2010 2.16 120,110 4/5/2010 1.37 109,921
12/29/2010 2.10 431,638 4/6/2010 1.44 1,205,478
12/30/2010 2.10 514,768 4/7/2010 1.5 1,034,740
12/31/2010 2.10 159,866 4/8/2010 1.47 880,410
1/3/2011 2.15 230,207 4/9/2010 1.47 112,984
1/4/2011 2.17 18,992 4/12/2010 1.5 200,977
1/5/2011 2.22 103,193 4/13/2010 1.49 663,258
1/6/2011 2.25 220,607 4/14/2010 1.54 1,041,964
1/7/2011 2.25 15,053 4/15/2010 1.56 222,261
1/10/2011 2.20 60,047 4/16/2010 1.54 247,827
1/12/2011 2.25 69,799 4/19/2010 1.53 317,275
1/13/2011 2.22 69,813 4/20/2010 1.63 437,302
1/14/2011 2.22 292,283 4/21/2010 1.66 242,982
1/18/2011 2.25 220,300 4/22/2010 1.68 981,666
1/19/2011 2.25 33,572 4/23/2010 1.67 568,424
1/21/2011 2.28 7,993 4/26/2010 1.66 166,913
1/24/2011 2.31 285,680 4/27/2010 1.63 95,504
1/25/2011 2.35 65,545 4/28/2010 1.62 32,325
1/26/2011 2.38 47,960 4/29/2010 1.62 233,270
1/27/2011 2.41 52,967 4/30/2010 1.61 760,574
1/28/2011 2.44 135,886 5/3/2010 1.63 284,476
1/31/2011 2.50 69,118 5/4/2010 1.59 675,133
2/1/2011 2.53 12,965 5/5/2010 1.58 52,244
2/2/2011 2.54 237,241 5/6/2010 1.53 63,946
2/3/2011 2.56 47,960 5/7/2010 1.5 233,164
2/4/2011 2.56 198,681 5/10/2010 1.56 214,725
2/8/2011 2.56 239,799 5/11/2010 1.56 259,534
2/9/2011 2.56 1,902 5/12/2010 1.56 159,183
2/10/2011 2.55 51,157 5/13/2010 1.56 70,507
2/15/2011 2.50 1,599 5/14/2010 1.52 306,143
2/16/2011 2.50 21,149 5/17/2010 1.48 190,726
2/17/2011 2.56 208,981 5/18/2010 1.46 114,194
2/22/2011 2.53 2,430 5/20/2010 1.38 654,641
2/23/2011 2.53 70,045 5/21/2010 1.44 294,633
2/25/2011 2.56 216,908 5/24/2010 1.47 79,102
2/28/2011 2.56 354,004 5/25/2010 1.41 315,351
3/3/2011 2.52 59,950 5/26/2010 1.44 388,368
3/8/2011 2.50 15,987 5/27/2010 1.46 258,035
3/9/2011 2.49 320,531 5/28/2010 1.44 132,864
3/10/2011 2.44 7,386 5/31/2010 1.45 148,859
3/11/2011 2.44 397,473 6/1/2010 1.43 244,707
3/14/2011 2.38 3,037 6/2/2010 1.42 122,157
3/15/2011 2.31 6,395 6/3/2010 1.43 39,159
3/18/2011 2.25 9,592 6/4/2010 1.4 165,330
3/22/2011 2.38 12,230 6/7/2010 1.38 212,900
3/23/2011 2.50 11,990 6/8/2010 1.39 27,379
3/24/2011 2.38 55,953 6/9/2010 1.41 161,388
3/25/2011 2.38 49,584 6/10/2010 1.42 159,866
3/28/2011 2.25 299,173 6/11/2010 1.42 31,973
3/30/2011 2.31 3,997 6/14/2010 1.45 200,024
4/4/2011 2.24 31,174 6/15/2010 1.48 418,087
4/5/2011 2.22 32,673 6/16/2010 1.48 236,018
4/6/2011 2.25 86,328 6/17/2010 1.48 28,344
4/12/2011 2.06 79,933 6/18/2010 1.5 530,927
4/15/2011 1.94 164,662 6/21/2010 1.52 29,096
4/18/2011 1.88 4,796 6/22/2010 1.54 143,224
4/19/2011 1.76 31,973 6/23/2010 1.53 156,402
4/20/2011 1.70 115,103 6/24/2010 1.53 63,946
4/25/2011 1.62 143,783 6/25/2010 1.53 464,302
4/26/2011 1.50 148,675 6/28/2010 1.53 113,303
4/27/2011 1.48 63,836 6/30/2010 1.52 92,657
4/28/2011 1.55 271,375 7/1/2010 1.5 51,637
4/29/2011 1.60 57,552 7/2/2010 1.5 432,435
5/2/2011 1.63 239,799 7/6/2010 1.5 70,179
5/3/2011 1.63 39,966 7/7/2010 1.5 60,205
5/4/2011 1.75 55,953 7/8/2010 1.47 265,166
5/5/2011 1.80 33,572 7/9/2010 1.47 143,879
5/6/2011 2.00 289,357 7/12/2010 1.47 37,568
5/9/2011 1.99 257,832 7/13/2010 1.47 110,538
5/10/2011 1.99 4,593 7/14/2010 1.47 125,584
5/11/2011 1.94 79,981 7/16/2010 1.49 71,620
5/12/2011 2.03 15,187 7/19/2010 1.48 95,886
5/13/2011 2.05 22,621 7/20/2010 1.44 208,316
5/17/2011 2.00 2,529 7/21/2010 1.44 521,276
5/18/2011 2.06 835,898 7/22/2010 1.47 185,468
5/19/2011 2.06 176,652 7/23/2010 1.5 266,375
5/25/2011 2.05 535,236 7/26/2010 1.5 457,515
5/26/2011 2.10 213,945 7/27/2010 1.55 514,113
5/31/2011 2.06 2,320 7/30/2010 1.58 742,396
6/1/2011 1.94 162,264 8/2/2010 1.58 94,697
6/2/2011 2.06 32,757 8/3/2010 1.61 283,253
6/3/2011 2.05 4,801 8/4/2010 1.61 403,231
6/6/2011 1.88 1,918 8/5/2010 1.6 218,123
6/7/2011 1.88 150,192 8/6/2010 1.58 129,069
6/8/2011 1.91 157,628 8/9/2010 1.58 94,241
6/9/2011 1.94 54,890 8/10/2010 1.58 158,401
6/10/2011 1.93 54,354 8/11/2010 1.56 535,474
6/13/2011 1.94 7,194 8/12/2010 1.56 285,651
6/15/2011 1.85 47,960 8/13/2010 1.56 399,979
6/16/2011 1.85 38,368 8/16/2010 1.54 414,447
6/17/2011 1.85 19,184 8/17/2010 1.55 334,914
6/24/2011 1.69 231,805 8/18/2010 1.56 238,793
6/27/2011 1.69 31,973 8/20/2010 1.56 212,168
6/28/2011 1.60 428,440 8/23/2010 1.56 105,495
6/30/2011 1.57 98,797 8/24/2010 1.53 247,201
7/1/2011 1.63 260,545 8/25/2010 1.52 274,522
7/4/2011 1.63 168,935 8/26/2010 1.51 222,861
7/5/2011 1.65 447,624 8/27/2010 1.49 314,984
7/6/2011 1.69 45,578 8/31/2010 1.49 457,728
7/7/2011 1.75 297,350 9/1/2010 1.52 486,393
7/11/2011 1.75 32,341 9/2/2010 1.54 517,542
7/18/2011 1.87 309,823 9/3/2010 1.55 271,116
7/19/2011 1.94 117,605 9/6/2010 1.56 665,286
7/20/2011 1.94 157,855 9/7/2010 1.56 618,670
7/21/2011 1.94 293,597 9/8/2010 1.58 330,040
7/22/2011 1.94 4,050 9/9/2010 1.58 123,333
7/25/2011 1.90 24,991 9/10/2010 1.6 504,877
7/26/2011 1.97 26,461 9/13/2010 1.61 542,185
8/1/2011 1.97 21,456 9/14/2010 1.63 246,173
8/2/2011 1.97 13,966 9/15/2010 1.65 293,833
8/3/2011 1.97 44,102 9/16/2010 1.66 144,995
8/4/2011 1.84 54,278 9/17/2010 1.66 899,571
8/8/2011 1.70 61,008 9/20/2010 1.66 1,269,849
8/9/2011 1.77 19,846 9/21/2010 1.68 645,059
8/10/2011 1.73 34,105 9/22/2010 1.69 673,313
8/11/2011 1.83 179,120 9/23/2010 1.66 393,813
8/12/2011 1.87 17,376 9/24/2010 1.71 1,881,942
8/16/2011 1.87 14,701 9/27/2010 1.81 777,901
8/18/2011 1.84 112,138 9/28/2010 1.83 781,749
8/25/2011 1.84 77,772 9/29/2010 1.83 585,929
8/26/2011 1.87 106,164 9/30/2010 1.86 688,011
8/31/2011 1.90 156,887 10/1/2010 1.87 417,037
9/2/2011 1.90 88,204 10/4/2010 1.91 471,802
9/6/2011 1.89 158,489 10/5/2010 1.96 814,988
9/7/2011 1.89 5,508 10/6/2010 1.95 261,238
9/8/2011 1.89 22,051 10/7/2010 1.95 1,340,301
9/9/2011 1.88 30,570 10/11/2010 1.93 586,372
9/14/2011 1.88 10,290 10/12/2010 1.93 407,546
9/16/2011 1.90 51,452 10/13/2010 2.03 698,280
9/26/2011 1.84 39,456 10/14/2010 2.03 262,375
9/28/2011 1.80 182,547 10/15/2010 2.01 392,738
10/3/2011 1.80 198,459 10/18/2010 1.97 604,453
10/6/2011 1.63 3,553 10/19/2010 1.9 726,133
10/10/2011 1.70 99,845 10/20/2010 1.97 352,867
10/11/2011 1.73 490,888 10/21/2010 1.94 465,849
10/12/2011 1.79 73,177 10/22/2010 1.93 406,679
10/14/2011 1.84 73,172 10/25/2010 1.97 954,012
10/17/2011 1.84 360,101 10/26/2010 1.99 578,148
10/18/2011 1.87 147,006 10/27/2010 1.98 134,879
10/21/2011 1.90 29,401 10/28/2010 1.98 122,074
10/27/2011 1.90 29,401 10/29/2010 1.96 812,713
11/4/2011 1.77 24,037 11/2/2010 1.95 399,979
11/7/2011 1.77 14,701 11/3/2010 1.96 505,951
11/8/2011 1.77 24,991 11/4/2010 2.02 2,065,246
11/9/2011 1.67 389,567 11/5/2010 2.02 552,455
11/11/2011 1.73 100,699 11/8/2010 2.03 90,834
11/17/2011 1.70 44,102 11/9/2010 2.06 423,638
11/21/2011 1.63 300,118 11/10/2010 2.08 526,352
11/22/2011 1.63 33,929 11/11/2010 2.09 507,198
11/25/2011 1.63 17,641 11/12/2010 2.06 1,094,125
11/30/2011 1.73 29,401 11/15/2010 2.03 401,693
12/2/2011 1.77 73,503 11/16/2010 1.98 694,428
12/7/2011 1.70 44,102 11/17/2010 1.98 146,076
12/9/2011 1.67 59,721 11/18/2010 2.01 136,895
12/13/2011 1.62 7,350 11/19/2010 2.01 4,157
12/14/2011 1.62 5,533 11/22/2010 2 187,847
12/16/2011 1.62 4,939 11/23/2010 2 443,503
12/19/2011 1.58 7,350 11/24/2010 2.01 1,725,493
12/20/2011 1.60 66,153 11/25/2010 2.03 336,789
12/27/2011 1.60 3,124 11/26/2010 2.03 206,647
12/28/2011 1.57 88,204 11/29/2010 2.03 509,213
1/5/2012 1.58 10,304 11/30/2010 2.08 498,615
1/10/2012 1.60 23,233 12/1/2010 2.08 141,803
1/11/2012 1.56 2,940 12/2/2010 2.08 567,178
1/12/2012 1.56 35,803 12/3/2010 2.1 350,669
1/17/2012 1.56 62,947 12/6/2010 2.1 675,291
1/18/2012 1.56 35,282 12/7/2010 2.13 670,525
1/19/2012 1.56 54,275 12/9/2010 2.13 422,517
1/20/2012 1.56 6,321 12/10/2010 2.13 559,530
1/23/2012 1.56 372,551 12/13/2010 2.13 349,798
1/24/2012 1.63 14,701 12/14/2010 2.13 494,390
1/26/2012 1.65 74,419 12/15/2010 2.12 598,905
1/27/2012 1.73 217,136 12/16/2010 2.07 2,147,994
1/30/2012 1.73 116,206 12/17/2010 2.08 297,905
1/31/2012 1.73 60,273 12/20/2010 2.08 228,632
2/1/2012 1.73 347,217 12/21/2010 2.08 179,440
2/2/2012 1.74 97,471 12/22/2010 2.09 470,671
2/3/2012 1.76 91,952 12/23/2010 2.1 105,185
2/6/2012 1.77 35,282 12/24/2010 2.08 203,829
2/7/2012 1.73 2,940 12/27/2010 2.08 348,715
2/8/2012 1.73 159,811 12/28/2010 2.06 342,146
2/10/2012 1.70 20,581 12/29/2010 2.06 533,057
2/13/2012 1.68 14,701 12/30/2010 2.06 495,435
2/14/2012 1.67 5,999 12/31/2010 2.06 231,805
2/15/2012 1.68 168,682 1/3/2011 2.11 569,816
2/17/2012 1.68 188,212 1/4/2011 2.13 929,230
2/21/2012 1.77 80,446 1/5/2011 2.16 3,336,652
2/27/2012 1.73 28,769 1/6/2011 2.19 526,016
2/28/2012 1.77 9,128 1/7/2011 2.19 1,367,997
2/29/2012 1.75 779,133 1/10/2011 2.15 382,765
3/1/2012 1.77 132,306 1/11/2011 2.15 199,103
3/2/2012 1.80 166,438 1/12/2011 2.19 506,116
3/5/2012 1.80 10,511 1/13/2011 2.13 1,859,658
3/6/2012 1.79 3,675 1/14/2011 2.1 1,157,556
3/7/2012 1.79 12,496 1/17/2011 2.1 90,596
3/8/2012 1.80 169,057 1/18/2011 2.13 283,034
3/9/2012 1.82 88,204 1/19/2011 2.2 1,284,354
3/12/2012 1.87 51,041 1/20/2011 2.15 387,214
3/13/2012 1.84 48,749 1/21/2011 2.16 177,419
3/14/2012 1.87 51,041 1/24/2011 2.14 916,009
3/15/2012 1.87 18,523 1/25/2011 2.14 674,886
3/16/2012 1.86 575,350 1/26/2011 2.14 309,502
3/20/2012 1.84 60,897 1/27/2011 2.19 1,561,566
3/21/2012 1.84 4,410 1/28/2011 2.2 838,498
3/22/2012 1.80 29,342 1/31/2011 2.25 458,735
3/23/2012 1.86 52,199 2/1/2011 2.24 626,262
3/26/2012 1.91 45,928 2/2/2011 2.25 1,232,049
3/27/2012 1.91 138,333 2/3/2011 2.3 1,338,058
3/28/2012 1.90 196,497 2/4/2011 2.3 594,471
3/30/2012 1.92 1,069,000 2/7/2011 2.31 166,580
4/2/2012 1.96 368,734 2/8/2011 2.3 293,098
4/3/2012 2.02 426,723 2/9/2011 2.25 127,448
4/4/2012 1.97 606,056 2/10/2011 2.25 85,551
4/9/2012 1.93 64,226 2/11/2011 2.25 72,741
4/10/2012 1.90 3,330 2/14/2011 2.28 122,275
4/11/2012 1.91 79,429 2/15/2011 2.22 52,727
4/12/2012 1.91 14,374 2/16/2011 2.22 342,954
4/13/2012 1.90 5,880 2/17/2011 2.24 66,344
4/17/2012 1.90 112,230 2/18/2011 2.29 264,274
4/19/2012 1.87 14,701 2/21/2011 2.29 205,576
4/26/2012 1.87 141,158 2/22/2011 2.25 45,613
4/27/2012 1.87 230,065 2/23/2011 2.22 271,387
5/3/2012 1.86 14,949 2/24/2011 2.21 195,308
5/4/2012 1.84 2,940 2/25/2011 2.28 428,725
5/9/2012 1.82 367,736 2/28/2011 2.25 336,054
5/10/2012 1.82 79,258 3/1/2011 2.25 145,305
5/11/2012 1.84 14,701 3/2/2011 2.25 798,300
5/15/2012 1.78 41,162 3/3/2011 2.22 146,125
5/17/2012 1.71 264,611 3/4/2011 2.24 146,937
5/18/2012 1.71 5,880 3/7/2011 2.23 192,961
5/21/2012 1.70 95,554 3/8/2011 2.23 44,332
5/22/2012 1.75 14,701 3/9/2011 2.2 228,135
5/24/2012 1.75 28,513 3/10/2011 2.13 203,823
5/25/2012 1.75 46,520 3/11/2011 2.16 602,742
5/28/2012 1.75 35,267 3/14/2011 2.14 129,317
5/29/2012 1.80 41,321 3/15/2011 2.1 469,842
6/6/2012 1.87 9,555 3/16/2011 2.09 96,140
6/7/2012 1.82 7,993 3/17/2011 2.03 699,899
6/11/2012 1.82 11,433 3/18/2011 1.99 1,457,658
6/13/2012 1.81 58,667 3/21/2011 2.02 599,369
6/14/2012 1.76 7,825 3/22/2011 2.09 186,173
6/20/2012 1.76 10,500 3/23/2011 2.08 571,440
6/22/2012 1.76 6,090 3/24/2011 2.13 355,391
6/25/2012 1.76 109,016 3/25/2011 2.13 555,502
6/26/2012 1.76 7,350 3/28/2011 1.94 770,313
6/28/2012 1.73 7,350 3/29/2011 1.98 301,878
7/2/2012 1.76 10,841 3/30/2011 2.02 141,216
7/3/2012 1.79 8,400 3/31/2011 2.03 315,893
7/12/2012 1.77 17,518 4/1/2011 1.98 100,012
7/16/2012 1.73 33,653 4/4/2011 1.9 481,183
7/19/2012 1.71 70,665 4/5/2011 1.9 264,992
7/20/2012 1.69 47,250 4/6/2011 1.94 33,573
7/23/2012 1.65 48,216 4/7/2011 1.85 1,062,922
7/27/2012 1.65 168,000 4/8/2011 1.83 1,112,895
8/6/2012 1.67 3,360 4/11/2011 1.78 770,569
8/10/2012 1.57 71,941 4/12/2011 1.72 1,373,772
8/14/2012 1.48 831,458 4/13/2011 1.53 1,027,790
8/16/2012 1.48 5,145 4/14/2011 1.53 1,147,677
8/17/2012 1.48 44,100 4/15/2011 1.67 2,632,135
8/21/2012 1.48 5,355 4/18/2011 1.62 106,116
8/23/2012 1.48 21,000 4/19/2011 1.56 144,074
8/27/2012 1.48 47,250 4/20/2011 1.54 678,164
8/29/2012 1.46 58,191 4/25/2011 1.44 233,068
8/31/2012 1.46 21,000 4/26/2011 1.34 975,751
9/4/2012 1.43 534,030 4/27/2011 1.34 1,872,419
9/6/2012 1.38 315,000 4/28/2011 1.43 914,997
9/7/2012 1.40 399,445 4/29/2011 1.49 2,116,593
9/11/2012 1.40 26,429 5/2/2011 1.5 225,719
9/12/2012 1.43 21,000 5/3/2011 1.49 271,070
9/13/2012 1.43 54,811 5/4/2011 1.62 2,365,520
9/14/2012 1.48 141,735 5/5/2011 1.63 961,638
9/18/2012 1.48 3,150 5/6/2011 1.8 1,489,678
9/20/2012 1.43 94,506 5/9/2011 1.76 778,192
9/21/2012 1.43 3,997 5/10/2011 1.75 1,205,537
9/25/2012 1.43 6,361 5/11/2011 1.7 1,065,929
9/26/2012 1.42 35,102 5/12/2011 1.8 373,574
9/28/2012 1.42 6,127,822 5/13/2011 1.85 689,575
10/4/2012 1.42 24,502 5/16/2011 1.9 548,896
10/5/2012 1.42 57,750 5/17/2011 1.89 217,597
10/19/2012 1.41 2,820 5/18/2011 1.91 431,105
10/23/2012 1.38 42,567 5/19/2011 1.9 254,396
10/25/2012 1.33 15,161 5/20/2011 1.88 105,515
10/30/2012 1.33 15,750 5/23/2011
3.50 1.83 426,373
10/31/2012 1.29 5,250 5/24/2011 1.87 261,526
3.00
11/7/2012 1.24 5,250 5/25/2011 1.88 469,526
11/8/2012 1.24 8,400 5/26/2011
2.50 1.91 574,724
11/14/2012 1.14 4,200 5/27/2011 1.88 395,059
2.00
11/15/2012 1.09 33,790 5/30/2011 1.75 482,079
11/16/2012 1.08 9,324,821 1.50
5/31/2011 1.75 395,940
11/21/2012 1.08 80,002 6/1/2011
1.00 1.6 499,231
11/22/2012 1.08 167,812 6/2/2011 1.81 1,558,930
11/23/2012 1.08 1,964,738 0.50
6/3/2011 1.75 588,613
11/26/2012 1.08 4,935 6/6/2011
- 1.49 973,762
11/28/2012 1.13 68,250 6/7/20111/8/2008 6/8/2008 1.62 4/8/2009995,919
11/8/2008 9/8/2009 2/8/2010 7/8/2010 12/8/2010 5/8/2011 10/8

12/17/2012 1.13 216,737 6/8/2011 1.71 681,126


12/18/2012 1.13 23,821 6/9/2011 1.73 515,379
12/19/2012 1.15 15,750 6/10/2011 1.71 140,762
12/20/2012 1.14 568,750 6/13/2011 1.71 68,221
12/26/2012 1.15 52,500 6/14/2011 1.74 304,388
12/27/2012 1.14 343,350 6/15/2011 1.68 123,920
12/28/2012 1.17 148,050 6/16/2011 1.68 552,656
12/28/2013 1.66 6/17/2011 1.65 506,041
12/28/2013 2.01 6/20/2011 1.65 128,212
12/28/2013 1.34 6/21/2011 1.56 252,494
6/22/2011 1.56 306,460
6/23/2011 1.53 175,549
6/24/2011 1.53 106,699
6/27/2011 1.55 225,011
6/28/2011 1.47 263,572
6/30/2011 1.48 323,089
7/1/2011 1.51 115,759
7/4/2011 1.53 147,636
7/5/2011 1.53 652,029
7/6/2011 1.55 125,269
7/7/2011 1.6 577,455
7/8/2011 1.6 316,947
7/11/2011 1.59 96,047
7/12/2011 1.61 67,244
7/13/2011 1.61 130,739
7/14/2011 1.6 263,218
7/15/2011 1.63 169,692
7/18/2011 1.73 423,563
7/19/2011 1.8 1,419,008
7/20/2011 1.84 740,362
7/21/2011 1.84 1,190,616
7/22/2011 1.86 556,287
7/25/2011 1.86 146,959
7/26/2011 1.88 151,177
7/27/2011 1.87 698,183
8/1/2011 1.87 102,552
8/2/2011 1.84 47,529
8/3/2011 1.83 313,043
8/4/2011 1.67 218,687
8/5/2011 1.67 202,040
8/8/2011 1.5 588,525
8/9/2011 1.56 690,527
8/10/2011 1.52 173,248
8/11/2011 1.6 595,161
8/12/2011 1.63 145,654
8/15/2011 1.63 410,958
8/16/2011 1.63 75,253
8/17/2011 1.6 568,391
8/18/2011 1.58 234,928
8/19/2011 1.56 82,446
8/23/2011 1.56 69,946
8/24/2011 1.56 65,012
8/25/2011 1.56 153,911
8/26/2011 1.6 517,155
8/29/2011 1.61 154,677
8/31/2011 1.67 392,138
9/1/2011 1.7 183,709
9/2/2011 1.68 55,479
9/5/2011 1.63 27,922
9/6/2011 1.63 236,857
9/7/2011 1.65 93,318
9/8/2011 1.64 71,751
9/9/2011 1.61 7,466
9/13/2011 1.6 55,332
9/14/2011 1.63 326,907
9/15/2011 1.65 60,449
9/16/2011 1.67 152,356
9/19/2011 1.65 111,676
9/20/2011 1.65 134,756
9/21/2011 1.65 81,378
9/22/2011 1.5 145,442
9/23/2011 1.46 184,287
9/26/2011 1.45 66,788
9/27/2011 1.46 412,927
9/28/2011 1.44 51,024
9/29/2011 1.43 174,239
9/30/2011 1.41 113,240
10/3/2011 1.36 43,949
10/4/2011 1.29 609,860
10/5/2011 1.29 994,259
10/6/2011 1.29 429,320
10/7/2011 1.29 16,831
10/10/2011 1.33 38,222
10/11/2011 1.34 250,341
10/12/2011 1.39 334,464
10/13/2011 1.41 255,859
10/14/2011 1.46 208,096
10/17/2011 1.44 64,108
10/18/2011 1.5 111,171
10/19/2011 1.46 62,098
10/20/2011 1.44 359,523
10/21/2011 1.46 295,769
10/24/2011 1.54 235,113
10/25/2011 1.54 120,545
10/27/2011 1.58 540,097
10/28/2011 1.56 275,221
10/31/2011 1.54 4,410
11/2/2011 1.48 43,310
11/3/2011 1.48 19,934
11/4/2011 1.41 592,346
11/7/2011 1.41 40,280
11/8/2011 1.38 530,190
11/9/2011 1.33 222,160
11/10/2011 1.36 67,173
11/11/2011 1.41 747,945
11/14/2011 1.4 37,506
11/15/2011 1.37 46,307
11/16/2011 1.37 37,288
11/17/2011 1.36 59,685
11/18/2011 1.39 27,931
11/21/2011 1.36 10,992
11/22/2011 1.36 651,348
11/23/2011 1.36 240,704
11/25/2011 1.36 48,780
11/28/2011 1.37 200,111
11/29/2011 1.37 45,057
11/30/2011 1.41 460,247
12/1/2011 1.43 259,866
12/2/2011 1.5 182,520
12/5/2011 1.5 65,019
12/6/2011 1.5 136,582
12/9/2011 1.47 310,598
12/12/2011 1.47 16,715
12/13/2011 1.43 106,674
12/16/2011 1.38 392,433
12/19/2011 1.35 114,284
12/20/2011 1.39 101,686
12/26/2011 1.33 233,253
12/27/2011 1.31 136,444
12/28/2011 1.29 347,498
12/29/2011 1.29 328,481
12/30/2011 1.29 472,700
1/2/2012 1.29 5,907
1/3/2012 1.3 53,291
1/4/2012 1.31 8,376
1/5/2012 1.33 559,038
1/6/2012 1.33 982,814
1/9/2012 1.31 50,453
1/10/2012 1.36 119,947
1/11/2012 1.35 60,696
1/12/2012 1.36 666,396
1/13/2012 1.37 49,446
1/16/2012 1.38 119,087
1/17/2012 1.38 81,883
1/18/2012 1.41 266,625
1/19/2012 1.43 393,554
1/20/2012 1.43 206,140
1/23/2012 1.44 665,498
1/24/2012 1.46 195,880
1/25/2012 1.46 476,189
1/26/2012 1.5 315,915
1/27/2012 1.56 1,168,694
1/30/2012 1.56 209,468
1/31/2012 1.56 898,805
2/1/2012 1.61 660,374
2/2/2012 1.61 576,162
2/3/2012 1.63 539,862
2/6/2012 1.63 160,110
2/7/2012 1.63 161,336
2/8/2012 1.63 160,568
2/9/2012 1.6 136,006
2/10/2012 1.58 453,976
2/13/2012 1.57 222,491
2/14/2012 1.55 576,404
2/15/2012 1.57 300,913
2/16/2012 1.58 202,807
2/17/2012 1.58 128,411
2/20/2012 1.58 183,315
2/21/2012 1.65 435,090
2/22/2012 1.65 156,754
2/23/2012 1.65 266,053
2/24/2012 1.65 64,844
2/27/2012 1.63 91,850
2/28/2012 1.65 36,215
2/29/2012 1.61 175,190
3/1/2012 1.65 384,779
3/2/2012 1.66 635,688
3/5/2012 1.62 70,010
3/6/2012 1.61 81,514
3/7/2012 1.61 196,866
3/8/2012 1.65 180,583
3/9/2012 1.68 382,669
3/12/2012 1.71 110,359
3/13/2012 1.75 671,465
3/14/2012 1.75 261,793
3/15/2012 1.74 73,949
3/16/2012 1.73 114,787
3/19/2012 1.76 17,398
3/20/2012 1.75 245,558
3/21/2012 1.76 105,725
3/22/2012 1.73 19,112
3/23/2012 1.78 1,215,960
3/26/2012 1.83 695,744
3/27/2012 1.84 769,362
3/28/2012 1.85 369,727
3/29/2012 1.84 391,191
3/30/2012 1.86 674,371
4/2/2012 1.93 334,927
4/3/2012 1.94 752,124
4/4/2012 1.89 431,437
4/9/2012 1.86 69,852
4/10/2012 1.83 199,421
4/11/2012 1.84 337,740
4/12/2012 1.84 366,923
4/13/2012 1.84 96,219
4/16/2012 1.84 59,398
4/17/2012 1.84 455,333
4/18/2012 1.84 19,919
4/19/2012 1.79 547,768
4/20/2012 1.79 130,021
4/23/2012 1.79 32,293
4/24/2012 1.79 444,987
4/25/2012 1.78 164,391
4/26/2012 1.79 42,038
4/27/2012 1.78 388,348
4/30/2012 1.77 37,537
5/2/2012 1.71 181,850
5/3/2012 1.71 711,794
5/4/2012 1.71 43,818
5/7/2012 1.7 657,378
5/8/2012 1.65 491,108
5/9/2012 1.67 577,754
5/10/2012 1.71 31,311
5/11/2012 1.7 207,999
5/15/2012 1.65 420,636
5/16/2012 1.6 990,914
5/17/2012 1.53 668,347
5/18/2012 1.47 356,795
5/21/2012 1.54 355,233
5/22/2012 1.54 142,636
5/23/2012 1.51 62,319
5/24/2012 1.56 191,903
5/25/2012 1.56 64,014
5/28/2012 1.56 75,447
5/29/2012 1.6 306,355
5/30/2012 1.58 334,922
5/31/2012 1.58 358,831
6/1/2012 1.56 383,569
6/4/2012 1.52 250,802
6/5/2012 1.54 98,760
6/6/2012 1.56 1,030,251
6/7/2012 1.6 298,993
6/8/2012 1.62 850,437
6/11/2012 1.64 452,100
6/12/2012 1.63 373,730
6/13/2012 1.64 105,286
6/14/2012 1.63 441,504
6/15/2012 1.63 115,559
6/18/2012 1.6 151,908
6/19/2012 1.62 138,016
6/20/2012 1.62 235,011
6/21/2012 1.61 222,048
6/22/2012 1.61 9,450
6/26/2012 1.6 25,062
6/27/2012 1.6 14,730
6/28/2012 1.59 87,882
7/2/2012 1.62 230,668
7/3/2012 1.63 579,075
7/4/2012 1.61 48,130
7/5/2012 1.61 25,106
7/6/2012 1.6 182,015
7/9/2012 1.6 111,210
7/10/2012 1.59 582,139
7/11/2012 1.56 183,014
7/12/2012 1.53 67,582
7/13/2012 1.55 191,493
7/16/2012 1.52 712,629
7/17/2012 1.52 104,236
7/18/2012 1.53 297,399
7/19/2012 1.51 258,693
7/20/2012 1.48 346,587
7/23/2012 1.43 317,573
7/24/2012 1.38 198,975
7/25/2012 1.34 254,012
7/26/2012 1.36 135,497
7/27/2012 1.36 91,845
7/30/2012 1.31 100,618
7/31/2012 1.3 55,054
8/1/2012 1.3 218,821
8/2/2012 1.31 507,585
8/3/2012 1.32 239,374
8/6/2012 1.31 99,093
8/7/2012 1.31 143,777
8/8/2012 1.28 119,333
8/9/2012 1.26 64,372
8/10/2012 1.25 228,082
8/13/2012 1.22 186,442
8/14/2012 1.23 41,110
8/15/2012 1.24 167,816
8/16/2012 1.26 205,232
8/17/2012 1.26 61,419
8/20/2012 1.26 5,463
8/21/2012 1.27 102,722
8/22/2012 1.25 110,517
8/23/2012 1.25 198,899
8/28/2012 1.22 46,908
8/29/2012 1.2 89,250
8/31/2012 1.22 67,052
9/3/2012 1.24 106,308
9/4/2012 1.2 250,931
9/5/2012 1.19 648,299
9/6/2012 1.19 530,658
9/7/2012 1.19 255,654
9/10/2012 1.2 106,868
9/11/2012 1.21 101,071
9/12/2012 1.23 108,798
9/13/2012 1.25 270,540
9/14/2012 1.26 336,890
9/17/2012 1.26 134,083
9/18/2012 1.23 232,021
9/19/2012 1.24 295,746
9/20/2012 1.24 213,150
9/21/2012 1.26 226,167
9/24/2012 1.25 237,227
9/25/2012 1.24 120,180
9/26/2012 1.23 616,623
9/27/2012 1.23 250,075
9/28/2012 1.22 111,695
10/3/2012 1.2 113,400
10/4/2012 1.2 286,796
10/5/2012 1.19 166,976
10/9/2012 1.16 66,380
10/10/2012 1.16 355,691
10/11/2012 1.16 540,656
10/12/2012 1.16 239,033
10/15/2012 1.16 52,185
10/16/2012 1.16 120,843
10/17/2012 1.15 347,359
10/18/2012 1.14 425,956
10/19/2012 1.16 769,776
10/22/2012 1.15 516,852
10/23/2012 1.13 598,866
10/24/2012 1.14 252,000
10/25/2012 1.13 1,178,301
10/26/2012 1.11 139,488
10/29/2012 1.1 251,229
10/30/2012 1.1 20,778
10/31/2012 1.07 372,291
11/2/2012 1.07 290,560
11/5/2012 1.07 396,762
11/6/2012 1.02 175,946
11/7/2012 1.01 769,364
11/8/2012 1 192,082
11/9/2012 0.97 122,705
11/12/2012 0.9 864,025
11/13/2012 0.9 570,739
11/14/2012 0.82 2,503,492
11/15/2012 0.81 263,733
11/16/2012 0.81 231,576
11/19/2012 0.82 440,938
11/20/2012 0.8 487,950
11/21/2012 0.8 347,491
11/22/2012 0.8 330,448
11/23/2012 0.82 1,244,220
11/26/2012 0.81 258,143
11/27/2012 0.85 392,685
11/28/2012 0.9 3,520,315
11/29/2012 0.88 2,004,461
11/30/2012 0.9 3,493,446
12/3/2012 0.9 160,787
12/4/2012 0.89 169,650
12/5/2012 0.89 247,750
12/6/2012 0.89 167,662
12/7/2012 0.86 222,980
12/10/2012 0.86 149,350
12/11/2012 0.89 1,140,581
12/12/2012 0.9 649,520
12/13/2012 0.91 785,441
12/14/2012 0.93 159,443
12/17/2012 0.94 1,523,482
12/18/2012 0.95 761,261
12/19/2012 0.95 44,226
12/20/2012 0.95 61,839
12/21/2012 0.95 10,500
12/24/2012 0.95 48,611
12/26/2012 0.94 22,572
12/27/2012 0.94 388,457
12/28/2012 0.93 227,758
12/31/2012 0.93 62,733
Precio I

1/8/2009 1/8/2010 1/8/2011 1/8/2012


3.50

3.00

2.50

2.01 2.00
1.66
1.50
1.24 1.34
1.00

0.50

-
/8/2010 7/8/2010 12/8/2010 5/8/2011 10/8/2011 3/8/2012 8/8/2012 1/8/2013 6/8/2013 11/8/2013
Item Miles de S/. 2008 2009 2010 2011 2012
Gastos financieros 34,698 50,763 32,484 34,367 35,596
Deuda financiera LP (corri 939,508 623,181 600,489 596,194 670,284
Deuda financiera a LP 108,323 102,194 161,599 324,174 348,968
Deuda financiera total 1,047,831 725,375 762,088 920,368 1,019,252
Costo promedio de la deu 4.65% 5.73% 4.37% 4.09% 3.67%

Indicador %
Base 100.0
Part. Trabajadores -10.0
UDPT 90.0
IR (30%) -27.0
UDPTI 63.0

Tasa efectiva teórica 37.0