SanCor: las variables le juegan en contra
EL RASTRO: Estaba la directiva de SanCor en tren de poder renegociar la deuda, en condiciones que la puedan desahogar. Esto, más otras condiciones que nombra, del contexto, resultan las variables que la tienen oprimida. Por lo demás, considera que en futuro mediato se podrían alcanzar resultados positivos. Le decimos: si no hay crédito, en la Bolsa se puede hallar (y casi sin costo).
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Una nueva modalidad de pago para billeteras virtuales le compite al QR
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Inflación: el Gobierno espera que siga bajando, aunque reconoce ajustes pendientes en precios relativos
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<td colspan="10" align="center">
<p align="center"><b><font size="1" face="Verdana" color="#FFFFFF">CIFRAS
Y RATIOS DE BALANCE NO CONSOLIDADO</font></b> </td>
</tr>
<tr>
<td align="center" bgcolor="#F2F7F9" width="105" height="23"><b></b></td>
<td align="center" bgcolor="#F2F7F9" colspan="2" height="23">
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1">2004</font></font></b></div></td>
<td align="center" bgcolor="#F2F7F9" colspan="4" height="23">
<div align="center"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1">2003</font></font></b></div></td>
<td align="center" bgcolor="#F2F7F9" height="23" width="84"> </td>
<td align="center" bgcolor="#F2F7F9" height="23" width="90"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1">2004</font></font></b></td>
<td align="center" bgcolor="#F2F7F9" height="23" width="91"><b><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><font size="1">2003</font></font></b></td>
</tr>
<tr>
<td align="center" bgcolor="#E0EAF1" height="17">
<div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Activo
corr.:</font></div></td>
<td align="center" bgcolor="#E0EAF1" height="17" colspan="2"> <font size="1" face="Verdana, Arial, Helvetica, sans-serif">331.849.142</font></td>
<td align="center" bgcolor="#E0EAF1" height="17" colspan="4"> <font face="Verdana, Arial, Helvetica, sans-serif" size="1">295.303.263</font></td>
<td align="center" bgcolor="#E0EAF1" height="17"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Ingr.
operat. </font></td>
<td align="center" bgcolor="#E0EAF1" height="17"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">782.472.018</font></td>
<td align="center" bgcolor="#E0EAF1" height="17"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">721.692.649</font></td>
</tr>
<tr>
<td align="center" bgcolor="#F2F7F9" height="19" > <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Pasivo
corr.:</font></div></td>
<td align="center" bgcolor="#F2F7F9" height="19" colspan="2" > <font size="1" face="Verdana, Arial, Helvetica, sans-serif">705.054.378</font></td>
<td align="center" bgcolor="#F2F7F9" height="19" colspan="4" > <font face="Verdana, Arial, Helvetica, sans-serif" size="1">653.179.572</font></td>
<td align="center" bgcolor="#F2F7F9" height="19" ><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Costos:</font></td>
<td align="center" bgcolor="#F2F7F9" height="19" ><font size="1" face="Verdana, Arial, Helvetica, sans-serif">645.914.588</font></td>
<td align="center" bgcolor="#F2F7F9" height="19" > <font size="1" face="Verdana, Arial, Helvetica, sans-serif">570.143.243</font></td>
</tr>
<tr>
<td align="center" bgcolor="#E0EAF1"> <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Ind.
liquidez</font></div></td>
<td align="center" bgcolor="#E0EAF1" colspan="2"> <font face="Verdana, Arial, Helvetica, sans-serif" size="1">0.47</font></td>
<td align="center" bgcolor="#E0EAF1" colspan="4"> <font face="Verdana, Arial, Helvetica, sans-serif" size="1">0.45</font></td>
<td align="center" bgcolor="#E0EAF1"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Gastos:</font></td>
<td align="center" bgcolor="#E0EAF1"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">128.797.000</font></td>
<td align="center" bgcolor="#E0EAF1"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">168.966.000</font></td>
</tr>
<tr>
<td align="center" bgcolor="#F2F7F9" height="21"> <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Liquidez
seca</font></div></td>
<td align="center" bgcolor="#F2F7F9" height="21" colspan="2"> <font size="1" face="Verdana, Arial, Helvetica, sans-serif">0.32</font></td>
<td align="center" bgcolor="#F2F7F9" height="21" colspan="4"> <font size="1" face="Verdana, Arial, Helvetica, sans-serif">0.30</font></td>
<td align="center" bgcolor="#F2F7F9" height="21"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Otros
saldos:</font></td>
<td align="center" bgcolor="#F2F7F9" height="21"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(6.500.155)</font></td>
<td align="center" bgcolor="#F2F7F9" height="21"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(13.423.829)</font></td>
</tr>
<tr>
<td align="center" bgcolor="#E0EAF1" height="21"> <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Capital
Int: </font></div></td>
<td align="center" bgcolor="#E0EAF1" colspan="2" height="21"> <font size="1" face="Verdana, Arial, Helvetica, sans-serif">239.823.662</font></td>
<td align="center" bgcolor="#E0EAF1" colspan="4" height="21"> <font size="1" face="Verdana, Arial, Helvetica, sans-serif">215.204.915</font></td>
<td align="center" bgcolor="#E0EAF1" height="21"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Res./período:</font></td>
<td align="center" bgcolor="#E0EAF1" height="21"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(79.727.795)</font></td>
<td align="center" bgcolor="#E0EAF1" height="21"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">40.522.237</font></td>
</tr>
<tr>
<td align="center" bgcolor="#F2F7F9" height="23"> <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Patrimonio</font></div></td>
<td align="center" bgcolor="#F2F7F9" colspan="2" height="23"> <font size="1" face="Verdana, Arial, Helvetica, sans-serif">102.651.572</font></td>
<td align="center" bgcolor="#F2F7F9" colspan="4" height="23"> <font size="1" face="Verdana, Arial, Helvetica, sans-serif">197.713.517</font></td>
<td align="center" bgcolor="#F2F7F9" height="23"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">S/patrimonio:</font></td>
<td align="center" bgcolor="#F2F7F9" height="23"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(78%)</font></td>
<td align="center" bgcolor="#F2F7F9" height="23"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">20.5%</font></td>
</tr>
<tr>
<td align="center" bgcolor="#E0EAF1" height="19"> <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Ind.
Endeudam. </font></div></td>
<td align="center" bgcolor="#E0EAF1" height="19" colspan="2"> <font size="1" face="Verdana, Arial, Helvetica, sans-serif">849%</font></td>
<td align="center" bgcolor="#E0EAF1" height="19" colspan="4"> <font face="Verdana, Arial, Helvetica, sans-serif" size="1">393%</font></td>
<td align="center" bgcolor="#E0EAF1" height="19"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">S/capital:</font></td>
<td align="center" bgcolor="#E0EAF1" height="19"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(33%)</font></td>
<td align="center" bgcolor="#E0EAF1" height="19"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">16%</font></td>
</tr>
<tr>
<td align="center" bgcolor="#F2F7F9" height="18"> <div align="left"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Valor
Libro: </font></div></td>
<td align="center" bgcolor="#F2F7F9" height="18" colspan="2"> <font size="1" face="Verdana, Arial, Helvetica, sans-serif">$
0.42</font></td>
<td align="center" bgcolor="#F2F7F9" height="18" colspan="4"> <font size="1" face="Verdana, Arial, Helvetica, sans-serif">$
0.78</font></td>
<td align="center" bgcolor="#F2F7F9" height="18"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">Res.
no asign:</font></td>
<td align="center" bgcolor="#F2F7F9" height="18"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(447.665.296)</font></td>
<td align="center" bgcolor="#F2F7F9" height="18"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">-,-</font></td>
</tr>
</table>
<p> </p>
<table width="887" height="479">
<col width="446" style="mso-width-source:userset;mso-width-alt:16310;width:335pt">
<col width="80" span="5" style="width:60pt">
<tr bgcolor="#004080" style="height:12.75pt" height="17">
<td height="17" colspan="5" style="height:12.75pt;width:335pt"><div align="center"><b><font size="1" face="Verdana" color="#FFFFFF">
ESTADO DE RESULTADOS COMPARATIVOS</font></b></div></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td width="447" height="17" style="height:12.75pt;width:335pt"><font size="1" face="Verdana"><b>En
pesos</b></font></td>
<td colspan="2" align="right" class="xl25" style="width:60pt" x:num="1.2937962962962963"><div align="center"><font size="1" face="Verdana"><b>31.03.04</b></font></div></td>
<td colspan="2" align="right" class="xl25" style="width:60pt" x:num="1.2937962962962963"><div align="center"><font size="1" face="Verdana"><b>31.03.03</b></font></div></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt" x:str="Activo corriente "><strong><font size="1" face="Verdana">Rubros</font></strong></td>
<td width="80" align="right" class="xl24" x:num="13078"><div align="center"><strong><font size="1" face="Verdana">Rubros
deexplotación</font></strong></div></td>
<td width="80" align="right" class="xl24" x:num="13078"><div align="center"><strong><font size="1" face="Verdana">Operaciones
con no asociados</font></strong></div></td>
<td width="80" align="right" class="xl24" x:num="13078"><div align="center"><strong><font size="1" face="Verdana">Totales</font></strong></div></td>
<td width="80" align="right" class="xl24" x:num="13078"><div align="center"><strong><font size="1" face="Verdana">Totales</font></strong></div></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="34" style="height:12.75pt" x:str="Activo no corriente "><font size="1" face="Verdana">Venas</font></td>
<td align="right" class="xl24" x:num="571220"> </td>
<td align="right" class="xl24" x:num="571220"> </td>
<td align="right" class="xl24" x:num="571220"> </td>
<td align="right" class="xl24" x:num="571220"> </td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Ventas
brutas </font></td>
<td align="right" class="xl24" x:num="554208"><font size="1" face="Verdana">835.955.013</font></td>
<td align="right" class="xl24" x:num="554208"><font size="1" face="Verdana">1.068.887</font></td>
<td align="right" class="xl24" x:num="554208"><font size="1" face="Verdana">337.023.900</font></td>
<td align="right" class="xl24" x:num="554208"><font size="1" face="Verdana">-,-</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt" x:str="Pasivo corriente "><font size="1" face="Verdana">Menos:</font></td>
<td align="right" class="xl24" x:num="87271"> </td>
<td align="right" class="xl24" x:num="87271"> </td>
<td align="right" class="xl24" x:num="87271"> </td>
<td align="right" class="xl24" x:num="87271"> </td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Intereses
implícitos en ventas</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">11.087.163</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">14.074</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">11.101.237</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">-,-</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Bonificaciones</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">42.395.832</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">12.169</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">42.408.001</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">-,-</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">ventas
netas </font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">782.472.018</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">1.042.644</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">783.514.662</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">721.692.945</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Costo
de ventas</font></td>
<td align="right" class="xl24" x:num="554208"><font size="1" face="Verdana">645.914.588</font></td>
<td align="right" class="xl24" x:num="554208"><font size="1" face="Verdana">822.826</font></td>
<td align="right" class="xl24" x:num="554208"><font size="1" face="Verdana">646.737.514</font></td>
<td align="right" class="xl24" x:num="554208"><font size="1" face="Verdana">570.143.243</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Resultado
bruto </font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">136.557.430</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">219.718</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">135.777.148</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">151.549.702</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Menos
(mas):</font></td>
<td align="right" class="xl24" x:num="233242"> </td>
<td align="right" class="xl24" x:num="233242"> </td>
<td align="right" class="xl24" x:num="233242"> </td>
<td align="right" class="xl24" x:num="233242"> </td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Gastos
de comercialización</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">115.692.430</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">152.187</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">115.844.617</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">120.130.681</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="19" style="height:12.75pt"><font size="1" face="Verdana">Gastos
de administración</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">13.105.410</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">16.536</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">13.122.046</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">12.280.259</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Resultados
financieros y por tenencia</font></td>
<td align="right" class="xl24" x:num="233242"> </td>
<td align="right" class="xl24" x:num="233242"> </td>
<td align="right" class="xl24" x:num="233242"> </td>
<td align="right" class="xl24" x:num="233242"> </td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Generados
por activos</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">2.138.974</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">29.314</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">2.158.238</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">46.726.521</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Generados
por pasivos</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">63.467.508</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">85.429</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">63.552.937</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">(99.055.194)</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Otros
gastos </font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">11.685.844</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">12.720</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">11.678.564</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">10.196.742</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Resultado
operativo </font></td>
<td align="right" class="xl24" x:num="554208"><font size="1" face="Verdana">(89.512.736)</font></td>
<td align="right" class="xl24" x:num="554208"><font size="1" face="Verdana">(78.588)</font></td>
<td align="right" class="xl24" x:num="554208"><font size="1" face="Verdana">(59.589.304)</font></td>
<td align="right" class="xl24" x:num="554208"><font size="1" face="Verdana">61.300.693</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Resultado
de inversiones permanentes</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">-,-</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">-,-</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">(6.500.155)</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">(13.423.829)</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Otros
egresos neto</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">-,-</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">-,-</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">(2.880.467)</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">(7.354.627)</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Resultado
ordinario </font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">-,-</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">-,-</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">(78.959.928)</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">40.522.237</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Resultados
extraordinarios </font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">-,-</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">-,-</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">(757.868)</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">-,-</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Resultado
neto del período</font></td>
<td align="right" class="xl24" x:num="554208"><font size="1" face="Verdana">-,-</font></td>
<td align="right" class="xl24" x:num="554208"><font size="1" face="Verdana">-,-</font></td>
<td align="right" class="xl24" x:num="554208"><font size="1" face="Verdana">(79.727.795)</font></td>
<td align="right" class="xl24" x:num="554208"><font size="1" face="Verdana">40.522.237</font></td>
</tr>
</table>
<table width="861" height="194">
<col width="446" style="mso-width-source:userset;mso-width-alt:16310;width:335pt">
<col width="80" span="5" style="width:60pt">
<tr bgcolor="#004080" style="height:12.75pt" height="17">
<td height="17" colspan="6" style="height:12.75pt;width:335pt"><div align="center"><b><font size="1" face="Verdana" color="#FFFFFF">
ESTRUCTURA PATRIMONIAL COMPARATIVA</font></b></div></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt;width:335pt"><font size="1" face="Verdana"><b>En
pesos</b></font></td>
<td align="right" class="xl25" style="width:60pt" x:num="1.2937962962962963"><font size="1" face="Verdana"><b>31.03.04</b></font></td>
<td align="right" class="xl25" style="width:60pt" x:num="1.2937962962962963"><font size="1" face="Verdana"><b>31.03.03</b></font></td>
<td align="right" class="xl25" style="width:60pt" x:num="1.2937962962962963"><font size="1" face="Verdana"><b>31.03.02</b></font></td>
<td align="right" class="xl25" style="width:60pt" x:num="1.2937962962962963"><font size="1" face="Verdana"><b>31.03.01</b></font></td>
<td align="right" class="xl25" style="width:60pt" x:num="1.2937615740740742"><font size="1" face="Verdana"><b>31.03.00</b></font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td width="447" height="17" style="height:12.75pt" x:str="Activo corriente "><font size="1" face="Verdana">Activo
corriente </font></td>
<td width="80" align="right" class="xl24" x:num="13078"><font size="1" face="Verdana">331.849.142</font></td>
<td width="80" align="right" class="xl24" x:num="16903"><font size="1" face="Verdana">339.983.020</font></td>
<td width="82" align="right" class="xl24" x:num="23838"><font size="1" face="Verdana">497.086.703</font></td>
<td width="80" align="right" class="xl24" x:num="39867"><font size="1" face="Verdana">536.575.985</font></td>
<td height="17" style="height:12.75pt" x:str="Activo no corriente "><div align="right"><font size="1" face="Verdana">605.468.093</font></div></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt" x:str="Pasivo corriente "><font size="1" face="Verdana">Activo
no corriente</font></td>
<td align="right" class="xl24" x:num="87271"><font size="1" face="Verdana">626.863.385</font></td>
<td align="right" class="xl24" x:num="75621"><font size="1" face="Verdana">706.062.747</font></td>
<td align="right" class="xl24" x:num="88696"><font size="1" face="Verdana">919.299.398</font></td>
<td align="right" class="xl24" x:num="116189"><font size="1" face="Verdana">797.245.126</font></td>
<td align="right" class="xl24" x:num="116189"><font size="1" face="Verdana">799.903.761</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt" x:str="Pasivo no corriente "><strong><font size="1" face="Verdana">Total</font></strong></td>
<td align="right" class="xl24" x:num="145471"><strong><font size="1" face="Verdana">958.712.527</font></strong></td>
<td align="right" class="xl24" x:num="186014"><strong><font size="1" face="Verdana">1.046.045.767</font></strong></td>
<td align="right" class="xl24" x:num="279502"><strong><font size="1" face="Verdana">1.416.386.101</font></strong></td>
<td align="right" class="xl24" x:num="364133"><strong><font size="1" face="Verdana">1.333.821.111</font></strong></td>
<td align="right" class="xl24" x:num="364133"><strong><font size="1" face="Verdana">1.405.372.854</font></strong></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Pasivo
corriente</font></td>
<td align="right" class="xl24" x:num="233242"><font size="1" face="Verdana">705.064.378</font></td>
<td align="right" class="xl24" x:num="261635"><font size="1" face="Verdana">680.643.752</font></td>
<td align="right" class="xl24" x:num="368108"><font size="1" face="Verdana">678.483.779</font></td>
<td align="right" class="xl24" x:num="480322"><font size="1" face="Verdana">440.468.226</font></td>
<td align="right" class="xl24" x:num="480322"><font size="1" face="Verdana">378.497.263</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Pasivo
no corriente</font></td>
<td align="right" class="xl24" x:num="351056"><font size="1" face="Verdana">150.996.577</font></td>
<td align="right" class="xl24" x:num="350636"><font size="1" face="Verdana">128.405.164</font></td>
<td align="right" class="xl24" x:num="127827"><font size="1" face="Verdana">513.092.056</font></td>
<td align="right" class="xl24" x:num="224007"><font size="1" face="Verdana">299.513.937</font></td>
<td align="right" class="xl24" x:num="224007"><font size="1" face="Verdana">394.298.186</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Subtotal</font></td>
<td align="right" class="xl24" x:num="554208"><font size="1" face="Verdana">856.060.955</font></td>
<td align="right" class="xl24" x:num="612271"><font size="1" face="Verdana">809.048.916</font></td>
<td align="right" class="xl24" x:num="496025"><font size="1" face="Verdana">1.191.575.835</font></td>
<td align="right" class="xl24" x:num="704329"><font size="1" face="Verdana">739.982.163</font></td>
<td align="right" class="xl24" x:num="704329"><font size="1" face="Verdana">772.795.449</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Patrimonio
neto </font></td>
<td align="right" class="xl24" x:num="554208"><font size="1" face="Verdana">102.851.572</font></td>
<td align="right" class="xl24" x:num="612271"><font size="1" face="Verdana">236.996.851</font></td>
<td align="right" class="xl24" x:num="496025"><font size="1" face="Verdana">224.810.286</font></td>
<td align="right" class="xl24" x:num="704329"><font size="1" face="Verdana">593.838.948</font></td>
<td align="right" class="xl24" x:num="704329"><font size="1" face="Verdana">632.577.405</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt" x:str="Pasivo no corriente "><strong><font size="1" face="Verdana">Total</font></strong></td>
<td align="right" class="xl24" x:num="145471"><strong><font size="1" face="Verdana">958.712.527</font></strong></td>
<td align="right" class="xl24" x:num="186014"><strong><font size="1" face="Verdana">1.046.045.767</font></strong></td>
<td align="right" class="xl24" x:num="279502"><strong><font size="1" face="Verdana">1.416.386.101</font></strong></td>
<td align="right" class="xl24" x:num="364133"><strong><font size="1" face="Verdana">1.333.821.111</font></strong></td>
<td align="right" class="xl24" x:num="364133"><strong><font size="1" face="Verdana">1.405.372.854</font></strong></td>
</tr>
</table>
<p><br>
</p>
<table width="861" height="161">
<col width="446" style="mso-width-source:userset;mso-width-alt:16310;width:335pt">
<col width="80" span="2" style="width:60pt">
<tr bgcolor="#004080" style="height:12.75pt" height="17">
<td height="22" colspan="6" style="height:12.75pt;width:335pt"> <div align="center"><b><font size="1" face="Verdana" color="#FFFFFF">
ESTRUCTURA DE RESULTADOS COMPARATIVA</font></b></div></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td width="445" height="17" style="height:12.75pt;width:335pt"><font size="1" face="Verdana"><b>En
pesos</b></font></td>
<td width="78" align="right" class="xl25" style="width:60pt" x:num="1.2937962962962963"><font size="1" face="Verdana"><b>31.03.04</b></font></td>
<td width="78" align="right" class="xl25" style="width:60pt" x:num="1.2937962962962963"><font size="1" face="Verdana"><b>31.03.03</b></font></td>
<td width="83" align="right" class="xl25" style="width:60pt" x:num="1.2937962962962963"><font size="1" face="Verdana"><b>31.03.02</b></font></td>
<td width="77" align="right" class="xl25" style="width:60pt" x:num="1.2937962962962963"><font size="1" face="Verdana"><b>31.03.01</b></font></td>
<td width="78" align="right" class="xl25" style="width:60pt" x:num="1.2937615740740742"><font size="1" face="Verdana"><b>31.03.00</b></font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Resultado
operativo ordinario</font></td>
<td align="right" class="xl23" x:num="747232"><font size="1" face="Verdana">(3.868.079)</font></td>
<td align="right" class="xl23" x:num="747232"><font size="1" face="Verdana">8.942.020</font></td>
<td align="right" class="xl23" x:num="747232"><font size="1" face="Verdana">6.719.032</font></td>
<td align="right" class="xl23" x:num="747232"><font size="1" face="Verdana">54.301.029</font></td>
<td align="right" class="xl23" x:num="628357"><font size="1" face="Verdana">39.046.107</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Resultados
financieros y por tenencia</font></td>
<td align="right" class="xl23" x:num="-2459878"><font size="1" face="Verdana">(65.721.225)</font></td>
<td align="right" class="xl23" x:num="-2459878"><font size="1" face="Verdana">52.358.673</font></td>
<td align="right" class="xl23" x:num="-2459878"><font size="1" face="Verdana">(329.796.878)</font></td>
<td align="right" class="xl23" x:num="-2459878"><font size="1" face="Verdana">(60.982.133)</font></td>
<td align="right" class="xl23" x:num="-2170656"><font size="1" face="Verdana">(50.420.579)</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Otros
ingresos y egresos</font></td>
<td align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(9.380.622)</font></td>
<td align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(20.778.456)</font></td>
<td align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(32.761.328)</font></td>
<td align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(3.262.837)</font></td>
<td align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">10.671.487</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Resultados
extraordinarios </font></td>
<td align="right" class="xl23" x:num="21776995"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(757.869)</font></td>
<td align="right" class="xl23" x:num="21776995"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">-,-</font></td>
<td align="right" class="xl23" x:num="21776995"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">-,-</font></td>
<td align="right" class="xl23" x:num="21776995"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">-,-</font></td>
<td align="right" class="xl23" x:num="18308422"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">-,-</font></td>
</tr>
<tr bgcolor="#E0EAF1" style="height:12.75pt" height="17">
<td height="17" style="height:12.75pt"><font size="1" face="Verdana">Fondo
promoción cooperativa</font></td>
<td align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">-,-</font></td>
<td align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">-,-</font></td>
<td align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">(3.978.082)</font></td>
<td align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-se
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