Independent auditors’ report
Consolidated balance sheets
Consolidated statements of income
Consolidated statements of changes
in stockholders’ equity
Consolidated statement of cash flows
Notes to consolidated financial statement
Consolidated Financial Statements
| Common stock | Net stock issuance premium | Additional paid-in capital |
Retained earnings |
Translation effects of foreign operations |
Valuation of financial instruments | Controlling interest | Non-controlling interest | Total Stockholders' equity | ||||||||||
| Balances at the beginning of 2010, as previously reported | $ | 6,605,928 | $ | 2,160,658 | $ | 39,900 | $ | 41,243,391 | $ | 1,068,710 | $ | (345,525) | $ | 50,773,062 | $ | 8,924,192 | $ | 59,697,254 |
| Effect from adoption of new accounting standards (Note 3.a) | - | - | - | 96,932 | - | - | 96,932 | 6,888 | 103,820 | |||||||||
| Balances at the beginning of 2010 (as adjusted) | $ | 6,605,928 | $ | 2,160,658 | $ | 39,900 | $ | 41,340,323 | $ | 1,068,710 | $ | (345,525) | $ | 50,869,994 | $ | 8,931,080 | $ | 59,801,074 |
| Repurchase of stock | (8,082) | - | - | (968,132) | - | - | (976,214) | - | (976,214) | |||||||||
| Spin-off effects | (2,315,497) | (772,280) | - | (20,492,160) | - | 6,498,987 | (17,080,950) | (1,828,834) | (18,909,784) |
|||||||||
| Correction effect (Note 2.b) | - | - | - | 349,533 | - | - | 349,533 | - | 349,533 | |||||||||
| Decrease in non-controlling interest due to stock purchase | - | - | - | 15,057 | - | - | 15,057 | (15,582) | (525) | |||||||||
| Dividends paid | - | - | - | (1,524,609) | - | - | (1,524,609) | (133,158) | (1,657,767) | |||||||||
| Balances before comprehensive income | 4,282,349 | 1,388,378 | 39,900 | 18,720,012 | 1,068,710 | 6,153,462 | 31,652,811 | 6,953,506 | 38,606,317 | |||||||||
| Consolidated net income for the year (as adjusted) | - | - | - | 6,742,721 | - | - | 6,742,721 | 515,916 | 7,258,637 | |||||||||
| Translation effect of foreign operations | - | - | - | - | (462,811) | - | (462,811) | (43,904) | (506,715) | |||||||||
| Valuation of derivative financial instruments | - | - | - | - | - | (6,217,585) | (6,217,585) | (349,847) | (6,567,432) | |||||||||
| Comprehensive income | - | - | - | 6,742,721 | (462,811) | (6,217,585) | 62,325 | 122,165 | 184,490 | |||||||||
| Consolidated balances as of December 31, 2010 (as adjusted) | 4,282,349 | 1,388,378 | 39,900 | 25,462,733 | 605,899 | (64,123) | 31,715,136 | 7,075,671 | 38,790,807 | |||||||||
| Repurchase of stock | (4,335) | - | - | (350,228) | - | - | (354,563) | - | (354,563) | |||||||||
| Decrease in non-controlling interest due to stock purchase | - | - | 132,156 | (111,737) | - | - | 20,419 | (356,495) | (336,076) | |||||||||
| Dividends paid | - | - | - | (1,148,647) | - | - | (1,148,647) | (122,174) | (1,270,821) | |||||||||
| Balances before comprehensive income | 4,278,014 | 1,388,378 | 172,056 | 23,852,121 | 605,899 | (64,123) | 30,232,345 | 6,597,002 | 36,829,347 | |||||||||
| Consolidated net income for the year | - | - | - | 4,580,108 | - | - | 4,580,108 | 654,450 | 5,234,558 | |||||||||
| Translation effect of foreign operations | - | - | - | - | 53,703 | - | 53,703 | 18,882 | 72,585 | |||||||||
| Valuation of derivative financial instruments | - | - | - | - | - | 103,848 | 103,848 | 30,096 | 133,944 | |||||||||
| Comprehensive income | - | - | - | 4,580,108 | 53,703 | 103,848 | 4,737,659 | 703,428 | 5,441,087 | |||||||||
| Consolidated balances as of December 31, 2011 | $ | 4,278,014 | $ | 1,388,378 | $ | 172,056 | $ | 28,432,229 | $ | 659,602 | $ | 39,725 | $ | 34,970,004 | $ | 7,300,430 | $ | 42,270,434 |