M.J. Semino: fisco se llevó utilidad...
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Las dos preguntas claves que se hacen los inversores
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El truco para ahorrar cientos de dólares en pasajes y visitar dos destinos al precio de uno
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<td colspan="10" align="center" bgcolor="#004080">
<p align="center"><b><font size="1" face="Verdana" color="#FFFFFF">CIFRAS
Y RATIOS DE BALANCE NO CONSOLIDADO</font></b>
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<td align="center" bgcolor="#F2F7F9" width="105" height="25"><b></b></td>
<td align="center" bgcolor="#F2F7F9" colspan="2" height="25">
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">2002</font></font></font></font></b></div>
</td>
<td align="center" bgcolor="#F2F7F9" colspan="4" height="25">
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">2001</font></font></font></font><font size="1"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1"></font></font></font></b></div>
</td>
<td align="center" bgcolor="#F2F7F9" height="25" width="84"> </td>
<td align="center" bgcolor="#F2F7F9" height="25" width="90"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">2002</font></font></font></font></b></td>
<td align="center" bgcolor="#F2F7F9" height="25" width="91"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">2001</font></font></font></font></b></td>
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<td align="center" bgcolor="#E0EAF1" height="10" width="105">
<div align="left"><font size="1" face="Verdana">Activo corr.:</font></div>
</td>
<td align="center" bgcolor="#E0EAF1" height="10" colspan="2">
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">20.121.574</font></div>
</td>
<td align="center" bgcolor="#E0EAF1" height="10" colspan="4">
<div align="center"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">25.200.888</font></font></div>
</td>
<td align="center" bgcolor="#E0EAF1" height="10" width="84"><font size="1" face="Verdana">Ingr.
operat. </font></td>
<td align="center" bgcolor="#E0EAF1" height="10" width="90"><font size="1" face="Verdana">17.416.063</font></td>
<td align="center" bgcolor="#E0EAF1" height="10" width="91"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">10.385.969</font></td>
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<td align="center" bgcolor="#F2F7F9" height="19" width="105" >
<div align="left"><font size="1" face="Verdana">Pasivo corr.:</font></div>
</td>
<td align="center" bgcolor="#F2F7F9" height="19" colspan="2" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">14.155.745</font></div>
</td>
<td align="center" bgcolor="#F2F7F9" height="19" colspan="4" >
<div align="center"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">17.053.724</font></font></div>
</td>
<td align="center" bgcolor="#F2F7F9" height="19" width="84" ><font size="1" face="Verdana">Costos:</font></td>
<td align="center" bgcolor="#F2F7F9" height="19" width="90" ><font size="1" face="Verdana, Arial, Helvetica, sans-serif">13.686.823</font></td>
<td align="center" bgcolor="#F2F7F9" height="19" width="91" >
<p><font size="1" face="Verdana, Arial, Helvetica, sans-serif">9.187.195</font></p>
</td>
</tr>
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<td align="center" bgcolor="#E0EAF1" width="105">
<div align="left"><font size="1" face="Verdana">Ind. liquidez</font></div>
</td>
<td align="center" bgcolor="#E0EAF1" colspan="2">
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">1.42</font></div>
</td>
<td align="center" bgcolor="#E0EAF1" colspan="4">
<div align="center"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">1.47</font></font></div>
</td>
<td align="center" bgcolor="#E0EAF1" width="84"><font size="1" face="Verdana">Gastos:</font></td>
<td align="center" bgcolor="#E0EAF1" width="90"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">1.487.000</font></td>
<td align="center" bgcolor="#E0EAF1" width="91"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">1.812.000</font></td>
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<td align="center" bgcolor="#F2F7F9" height="23" width="105">
<div align="left"><font size="1" face="Verdana">Liquidez seca</font></div>
</td>
<td align="center" bgcolor="#F2F7F9" height="23" colspan="2">
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">0.87</font></div>
</td>
<td align="center" bgcolor="#F2F7F9" height="23" colspan="4">
<div align="center"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">1.10</font></font></div>
</td>
<td align="center" bgcolor="#F2F7F9" height="23" width="84"><font size="1" face="Verdana">Otros
saldos: </font></td>
<td align="center" bgcolor="#F2F7F9" height="23" width="90"><font size="1" face="Verdana">-,-</font></td>
<td align="center" bgcolor="#F2F7F9" height="23" width="91"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">465.465</font></td>
</tr>
<tr>
<td align="center" bgcolor="#E0EAF1" width="105" height="16">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">Capital
int. </font></font></font></font></div>
</td>
<td align="center" bgcolor="#E0EAF1" colspan="2" height="16">
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">12.000.000</font></div>
</td>
<td align="center" bgcolor="#E0EAF1" colspan="4" height="16">
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">12.000.000</font></div>
</td>
<td align="center" bgcolor="#E0EAF1" width="84" height="16"><font size="1" face="Verdana">Res./período:</font></td>
<td align="center" bgcolor="#E0EAF1" width="90" height="16"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">32.524</font></td>
<td align="center" bgcolor="#E0EAF1" width="91" height="16"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(1.049.104)</font></td>
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<td align="center" bgcolor="#F2F7F9" width="105" height="20">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Patrimonio</font></div>
</td>
<td align="center" bgcolor="#F2F7F9" colspan="2" height="20">
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">46.557.965</font></div>
</td>
<td align="center" bgcolor="#F2F7F9" colspan="4" height="20">
<div align="center"><font size="1"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">49.538.519</font><font size="1"></font></font></div>
</td>
<td align="center" bgcolor="#F2F7F9" height="20" width="84"><font size="1" face="Verdana">S/patrimonio:</font></td>
<td align="center" bgcolor="#F2F7F9" height="20" width="90"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">0.07%</font></td>
<td align="center" bgcolor="#F2F7F9" height="20" width="91"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(2.0%)</font></td>
</tr>
<tr>
<td align="center" bgcolor="#E0EAF1" height="19" width="105">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">Ind.
Endeudam. </font></font></font></font></div>
</td>
<td align="center" bgcolor="#E0EAF1" height="19" colspan="2">
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">35%</font></div>
</td>
<td align="center" bgcolor="#E0EAF1" height="19" colspan="4">
<div align="center"><font size="1"><font size="1"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">41%</font><font size="1"></font></font></font></div>
</td>
<td align="center" bgcolor="#E0EAF1" height="19" width="84"><font size="1" face="Verdana">S/capital:</font></td>
<td align="center" bgcolor="#E0EAF1" height="19" width="90"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">0.3%</font></td>
<td align="center" bgcolor="#E0EAF1" height="19" width="91"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(8.3%)</font></td>
</tr>
<tr>
<td align="center" bgcolor="#F2F7F9" height="18" width="105">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif">Valor
Libros: </font></font></font></font></div>
</td>
<td align="center" bgcolor="#F2F7F9" height="18" colspan="2">
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1">$
3.87 </font></font></div>
</td>
<td align="center" bgcolor="#F2F7F9" height="18" colspan="4">
<div align="center"><font size="1"><font size="1"><font face="Verdana, Arial, Helvetica, sans-serif"><font size="1"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1">$
4.12 </font></font></font></font></font></font></font></font></div>
</td>
<td align="center" bgcolor="#F2F7F9" height="18" width="84"><font size="1" face="Verdana">Res.
no asign:</font></td>
<td align="center" bgcolor="#F2F7F9" height="18" width="90"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">-,-</font></td>
<td align="center" bgcolor="#F2F7F9" height="18" width="91"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">-,-</font></td>
</tr>
</table>
<table border="0" width="581" bordercolorlight="#E0EAF1" bordercolordark="#E0EAF1" cellspacing="2" cellpadding="1">
<tr>
<td colspan="7" align="center" bgcolor="#004080" height="18">
<p align="center"><b><font size="1" face="Verdana" color="#FFFFFF">ESTADO
DE RESULTADOS CONSOLIDADOS</font></b>
</td>
</tr>
<tr>
<td align="center" bgcolor="#E0EAF1" height="11" colspan="2">
<div align="left"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">En
pesos</font></b></div>
</td>
<td align="center" bgcolor="#E0EAF1" height="11" width="117"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">21.08.02</font></b></td>
<td align="center" bgcolor="#E0EAF1" height="11" width="75"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">31.08.01</font></b></td>
</tr>
<tr>
<td align="center" bgcolor="#F2F7F9" colspan="2" height="20">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Ventas
netas </font></div>
</td>
<td align="center" bgcolor="#F2F7F9" height="20" width="117"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">17.416.063</font></td>
<td align="center" bgcolor="#F2F7F9" height="20" width="75"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">10.385.969</font></td>
</tr>
<tr>
<td align="center" bgcolor="#E0EAF1" colspan="2" height="22">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">costo
de ventas</font></div>
</td>
<td align="center" bgcolor="#E0EAF1" height="22" width="117"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(13.686.823)</font></td>
<td align="center" bgcolor="#E0EAF1" height="22" width="75"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(9.187.195)</font></td>
</tr>
<tr>
<td align="center" bgcolor="#F2F7F9" height="24" colspan="2">
<div align="left"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Ganancia
bruta </font></b></div>
</td>
<td align="center" bgcolor="#F2F7F9" height="24" width="117"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">3.729.240</font></b></td>
<td align="center" bgcolor="#F2F7F9" height="24" width="75"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">1.198.774</font></b></td>
</tr>
<tr>
<td align="center" bgcolor="#E0EAF1" colspan="2" height="17">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Gastos
de comercialización</font></div>
</td>
<td align="center" bgcolor="#E0EAF1" height="17" width="117"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(847.905)</font></td>
<td align="center" bgcolor="#E0EAF1" height="17" width="75"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(1.004.687)</font></td>
</tr>
<tr>
<td align="center" bgcolor="#F2F7F9" height="25" colspan="2">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Gastos
de administración</font></div>
</td>
<td align="center" bgcolor="#F2F7F9" height="25" width="117"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(639.586)</font></td>
<td align="center" bgcolor="#F2F7F9" height="25" width="75"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(808.565)</font></td>
</tr>
<tr>
<td align="center" bgcolor="#E0EAF1" height="17" colspan="2">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Otros
ingresos y egresos</font></div>
</td>
<td align="center" bgcolor="#E0EAF1" height="17" width="117"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(10.641)</font></td>
<td align="center" bgcolor="#E0EAF1" height="17" width="75"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(304.288)</font></td>
</tr>
<tr>
<td align="center" bgcolor="#F2F7F9" colspan="2" height="2">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Resultadods
financieros y por tenencia </font></div>
</td>
<td align="center" bgcolor="#F2F7F9" height="2" width="117"> </td>
<td align="center" bgcolor="#F2F7F9" height="2" width="75"> </td>
</tr>
<tr>
<td align="center" bgcolor="#E0EAF1" height="15" colspan="2">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Generados
por activos</font></div>
</td>
<td align="center" bgcolor="#E0EAF1" height="15" width="117"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(3.232.775)</font></td>
<td align="center" bgcolor="#E0EAF1" height="15" width="75"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(212.125)</font></td>
</tr>
<tr>
<td align="center" bgcolor="#F2F7F9" colspan="2" height="15">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Generados
por pasivos</font></div>
</td>
<td align="center" bgcolor="#F2F7F9" height="15" width="117"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">1.501.461</font></td>
<td align="center" bgcolor="#F2F7F9" height="15" width="75"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(383.493)</font></td>
</tr>
<tr>
<td align="center" bgcolor="#E0EAF1" height="11" colspan="2">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Participación
de terc. en soc. controladas</font></div>
</td>
<td align="center" bgcolor="#E0EAF1" height="11" width="117"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(2.270)</font></td>
<td align="center" bgcolor="#E0EAF1" height="11" width="75"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(185)</font></td>
</tr>
<tr>
<td align="center" bgcolor="#F2F7F9" colspan="2" height="2">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Ganancia
/ (pérdida) ordinaria (antes de imp. a las Ganancias)</font></div>
</td>
<td align="center" bgcolor="#F2F7F9" height="2" width="117"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">497.524</font></td>
<td align="center" bgcolor="#F2F7F9" height="2" width="75"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(1.514.569)</font></td>
</tr>
<tr>
<td align="center" bgcolor="#E0EAF1" height="11" colspan="2">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Ganancia
extraordinaria </font></div>
</td>
<td align="center" bgcolor="#E0EAF1" height="11" width="117"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">-,-</font></td>
<td align="center" bgcolor="#E0EAF1" height="11" width="75"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">465.465</font></td>
</tr>
<tr>
<td align="center" bgcolor="#F2F7F9" colspan="2" height="15">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Impuesto
a las Ganancias</font></div>
</td>
<td align="center" bgcolor="#F2F7F9" height="15" width="117"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(465.000)</font></td>
<td align="center" bgcolor="#F2F7F9" height="15" width="75"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">-,-</font></td>
</tr>
<tr>
<td align="center" bgcolor="#E0EAF1" height="11" colspan="2">
<div align="left"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Ganancia
/ (pérdida) final del período</font></b></div>
</td>
<td align="center" bgcolor="#E0EAF1" height="11" width="117"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">32.524</font></b></td>
<td align="center" bgcolor="#E0EAF1" height="11" width="75"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(1.049.104)</font></b></td>
</tr>
</table>
<table border="0" width="587">
<tr>
<td colspan="6" height="20" bgcolor="#004080" >
<p align="center"><font size="1" face="Verdana" color="#FFFFFF"><b>ESTRUCTURA
PATRIMONIAL COMPARATIVA</b></font>
</td>
</tr>
<tr valign="middle" bgcolor="#E0EAF1">
<td width="134" height="24" >
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b><b>En
pesos<b><b></b></b></b></b></font></div>
</td>
<td align="right" height="24" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b><b>30.08.02</b></b></font></div>
</td>
<td align="right" height="24" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b><b>30.08.01</b></b></font></div>
</td>
<td align="right" height="24" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b><b>30.08.00</b></b></font></div>
</td>
<td align="right" height="24" width="90" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b><b>30.08.99</b></b></font></div>
</td>
<td align="right" height="24" width="82" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b><b>30.08.98</b></b></font></div>
</td>
</tr>
<tr>
<td width="134" bgcolor="#F2F7F9" height="23">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Activo
corriente </font></div>
</td>
<td align="right" height="19" bgcolor="#F2F7F9" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">19.924.806</font></div>
</td>
<td align="right" height="19" bgcolor="#F2F7F9" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">23.930.868</font></div>
</td>
<td align="right" height="19" bgcolor="#F2F7F9" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">24.439.728</font></div>
</td>
<td align="right" height="19" bgcolor="#F2F7F9" width="90" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">22.694.605</font></div>
</td>
<td align="right" height="19" bgcolor="#F2F7F9" width="82" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">24.286.521</font></div>
</td>
</tr>
<tr bgcolor="#E0EAF1">
<td width="134" height="23">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Activo
no corriente</font></div>
</td>
<td align="right" height="19" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">43.647.694</font></div>
</td>
<td align="right" height="19" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">46.816.110</font></div>
</td>
<td align="right" height="19" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">47.446.627</font></div>
</td>
<td align="right" height="19" width="90" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">47.876.428</font></div>
</td>
<td align="right" height="19" width="82" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">47.140.636</font></div>
</td>
</tr>
<tr>
<td width="134" height="19" bgcolor="#F2F7F9">
<div align="left"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Total
</font></b></div>
</td>
<td align="right" height="19" width="85" bgcolor="#F2F7F9" >
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">63.572.500</font></b></div>
</td>
<td align="right" height="19" width="85" bgcolor="#F2F7F9" >
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">70.746.978</font></b></div>
</td>
<td align="right" height="19" width="85" bgcolor="#F2F7F9" >
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">71.886.355</font></b></div>
</td>
<td align="right" height="19" width="90" bgcolor="#F2F7F9" >
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">70.571.033</font></b></div>
</td>
<td align="right" height="19" width="82" bgcolor="#F2F7F9" >
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">71.427.157</font></b></div>
</td>
</tr>
<tr bgcolor="#E0EAF1">
<td width="134" height="23" bgcolor="#E0EAF1">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Pasivo
corriente </font></div>
</td>
<td align="right" height="19" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">14.166.698</font></div>
</td>
<td align="right" height="19" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">17.104.686</font></div>
</td>
<td align="right" height="19" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">17.630.839</font></div>
</td>
<td align="right" height="19" width="90" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">16.276.159</font></div>
</td>
<td align="right" height="19" width="82" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">14.691.358</font></div>
</td>
</tr>
<tr>
<td width="134" bgcolor="#F2F7F9" height="23">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Pasivo
no corriente</font></div>
</td>
<td align="right" height="19" bgcolor="#F2F7F9" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">2.022.265</font></div>
</td>
<td align="right" height="19" bgcolor="#F2F7F9" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">3.314.695</font></div>
</td>
<td align="right" height="19" bgcolor="#F2F7F9" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">3.166.814</font></div>
</td>
<td align="right" height="19" bgcolor="#F2F7F9" width="90" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">2.951.259</font></div>
</td>
<td align="right" height="19" bgcolor="#F2F7F9" width="82" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">2.605.437</font></div>
</td>
</tr>
<tr bgcolor="#E0EAF1">
<td width="134" height="23" bgcolor="#E0EAF1">
<div align="left"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Subtotal</font></b></div>
</td>
<td align="right" height="19" width="85" >
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">16.188.963</font></b></div>
</td>
<td align="right" height="19" width="85" >
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">20.419.381</font></b></div>
</td>
<td align="right" height="19" width="85" bgcolor="#E0EAF1" >
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">20.797.653</font></b></div>
</td>
<td align="right" height="19" width="90" >
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">19.227.418</font></b></div>
</td>
<td align="right" height="19" width="82" >
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">17.296.795</font></b></div>
</td>
</tr>
<tr>
<td width="134" bgcolor="#F2F7F9" height="23">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Part.
de terc. en sociedades controladas</font></div>
</td>
<td align="right" height="19" bgcolor="#F2F7F9" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">825.572</font></div>
</td>
<td align="right" height="19" bgcolor="#F2F7F9" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">789.078</font></div>
</td>
<td align="right" height="19" bgcolor="#F2F7F9" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">786.590</font></div>
</td>
<td align="right" height="19" bgcolor="#F2F7F9" width="90" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">715.544</font></div>
</td>
<td align="right" height="19" bgcolor="#F2F7F9" width="82" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">551.760</font></div>
</td>
</tr>
<tr bgcolor="#E0EAF1">
<td width="134" height="19">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Patrimonio
neto </font></div>
</td>
<td align="right" height="19" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">46.557.965</font></div>
</td>
<td align="right" height="19" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">49.538.519</font></div>
</td>
<td align="right" height="19" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">50.302.112</font></div>
</td>
<td align="right" height="19" width="90" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">50.628.071</font></div>
</td>
<td align="right" height="19" width="82" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">53.578.602</font></div>
</td>
</tr>
<tr>
<td width="134" height="19" bgcolor="#F2F7F9">
<div align="left"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Total
</font></b></div>
</td>
<td align="right" height="19" width="85" bgcolor="#F2F7F9" >
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">63.572.500</font></b></div>
</td>
<td align="right" height="19" width="85" bgcolor="#F2F7F9" >
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">70.746.978</font></b></div>
</td>
<td align="right" height="19" width="85" bgcolor="#F2F7F9" >
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">71.886.355</font></b></div>
</td>
<td align="right" height="19" width="90" bgcolor="#F2F7F9" >
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">70.571.033</font></b></div>
</td>
<td align="right" height="19" width="82" bgcolor="#F2F7F9" >
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif">71.427.157</font></b></div>
</td>
</tr>
</table>
<table border="0" width="588">
<tr>
<td colspan="6" height="22" bgcolor="#004080" >
<p align="center"><font size="1" face="Verdana" color="#FFFFFF"><b>ESTRUCTURA
DE RESULTADOS COMPARATIVA</b></font>
</td>
</tr>
<tr valign="middle" bgcolor="#E0EAF1">
<td width="134" height="24" >
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b><b>En
pesos<b><b></b></b></b></b></font></div>
</td>
<td align="right" height="24" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b><b>30.08.02</b></b></font></div>
</td>
<td align="right" height="24" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b><b>30.08.01</b></b></font></div>
</td>
<td align="right" height="24" width="85" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b><b>30.08.00</b></b></font></div>
</td>
<td align="right" height="24" width="90" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b><b>30.08.99</b></b></font></div>
</td>
<td align="right" height="24" width="82" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><b><b>30.08.98</b></b></font></div>
</td>
</tr>
<tr>
<td width="218" bgcolor="#E0EAF1" height="23">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Ganancia
(pérdida) operativa</font></div>
</td>
<td align="right" height="23" bgcolor="#E0EAF1" width="73" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">2.241.749</font></div>
</td>
<td align="right" height="23" bgcolor="#E0EAF1" width="73" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(614.478)</font></div>
</td>
<td align="right" height="23" bgcolor="#E0EAF1" width="73" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(222.659)</font></div>
</td>
<td align="right" height="23" bgcolor="#E0EAF1" width="73" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(708.464)</font></div>
</td>
<td align="right" height="23" bgcolor="#E0EAF1" width="73" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">1.778.148</font></div>
</td>
</tr>
<tr>
<td width="218" height="15" bgcolor="#F2F7F9">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Otros
(egresos) ingresos</font></div>
</td>
<td align="right" height="15" bgcolor="#F2F7F9" width="73" >
<div align="center"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(10.641)</font></div>
</td>
<td align="right" height="15" bgcolor="#F2




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