RESUMENEJECUTIVO ADBlickOlivosNews12

27deOctubrede2015

OPERACIONES

GerenciaenFinca:SecontratóalIng.FedericoStanziola,nuevogerentegeneraldefinca.

Producción,Campaña15-16:Lacampañaacabadeiniciar.Lasvariedadesmástempranasyapresentan los botones florales. Comparado con años anteriores hay gran cantidad debrindillas,loqueanticipaunaltopotencialproductivo.

Producción, Cosecha 2015: La cosecha pasada cerró con un rendimiento de 1.855 Kg/hasobreunpresupuesto4.000Kg.

Mejoras e inversión:A la vistade los rendimientosobtenidos los últimos años, sedecidiópriorizar lassiguientes inversionesen infraestructuraparariego,quepordistintosmotivoshabían sido postergadas hasta el momento. El diagnóstico de Tomás Massanes (asesoragronómico externo) es que los bajos rendimientos se deben, más allá de los efectosclimáticosinformados,principalmenteadeficienciasenlacapacidadderiego.

• Toma de agua en el río: Se encararon las siguientesmejoras para incrementar lacapacidaddeaguadisponibleenel canal:Profundizarel Fosodeextracciónde lasbombas, reja filtrante de sólidos que puedan dañar las bombas, deflectores decaudalparalasbombas,bombaderepuestoencasoderotura.

• Impermeabilizacióndelcanal:Secompletó la impermeabilizacióndel75%restantedelcanal(3kmdecanal).Senosha“pre-aprobado”unalíneadecréditoflexiblequepermitiráfinanciarlaa5añosalamitaddelatasadeBNA.

• Automatismo del riego y Controlador: Se terminó de reparar 1/3 el sistema detelecomando de las válvulas de riego y se comprará computadoras de riego paracontrolarlasmismas(yaseinstaló1de3).Estasdosmejoraspermitiránincrementarlafrecuenciasderiegoyasegurarqueencadaturnoseriegueelcaudaldeseado.

Reunión CREA: El miércoles 14 de Octubre la finca ADBlick Olivos fue la anfitriona de lareunión mensual CREA. Beneficiándonos de la asesoría de un grupo de productoresolivícolasdepunta.Elhechomásdestacadoeslaconfirmacióndelpotencialproductivodela finca, por parte del grupo CREA. Cuando esté el informe final de la visita, locompartiremos.

Mercado

Mercado Internacional: registró un alza a partir de Julio, logrando nuevos máximoshistóricosen4.250€/ton,consecuenciademenorproducciónenlaCuencaMediterráneaydepreciacióndel€sobreelU$D.

Mercado Local: A nivel local, el incremento del precio llegó tarde para reflejarse en elmercadolocal,agravadoporBrasilencontraccióneconómicaconunRealdevaluadosobreelAR$.

Comercialización: El precio de venta de la cosecha 2015, fue de 0,30USD/kg de aceitunacontraunpresupuestode0,46USD/kg.

Comunicaciónainversores:

Encuentroanualenlafinca:Loinvitamosaparticipardelencuentroanualparainversoresenlafinca, lamismaseráeldíaSábado09/05/2016.Porlafecha(iniciodecosecha),seráunaexcelente oportunidad de experimentar el período de cosecha y la vendimia mendocina.InvitamosaquienesyahayanvenidoavolveryaquienestodavíanoconocenSuFinca.Quepuedanasistir,disfrutardeunabuenacomida,hospitalidaddeMendozaysuinversión.

ADMINISTRACIÓNyCONTROL

Asambleasextraordinarias:El28demayoenlaasambleaextraordinaria,seresolvióaprobarlos estados contables, las gestiones del Fiduciario y del Operador, la desvinculación deloperador por mutuo acuerdo y a partir del 31 de mayo de 2015, llevar una operacióndirectaporpartedelfideicomisoconunórganoconsultivoasesorformadoporinversores.

Mutuo:Secontinuóconlasuscripcionesdepréstamosprivadovíamutuos

Informedegestión:Sepresentael informedegestiónacumuladoa julio2015.Lacosechatuvo un impacto negativo en ingresos del 74. Pese a que los ingresos por la cosecha nofueronlosesperados,elnegocioproyectalogrardisminuirelimpactodesuscostosun12%esteañoconuncuadroderesultadoUSD83.593mejorrespectoalPlandeNegocio.

TablerodeControl:SepresentaunaanálisispormenorizadoentotalesdeUSDyenUSD/Ha,delaevoluciónbianualdeloscostoseingresos2014y2015

OPERACIONES

Gerenciageneralenfinca

En la asamblea de mayo último, se aprobó la prescindencia del rol del operador y laoperacióndirectaenfinca.Enlíneaconestadecisiónyluegodeunaexhaustivabúsqueda,seincorporócomogerentegeneraldeoperacionesenfincaaFedericoStanziola.

Federico,esIngenieroIndustrialconmasterdeNegociosdelSanAndrésycursosenelIAE.Tiene amplia trayectoria en SectorBebidas/Agroindustrial de prestigiosas empresas, comoQuilmes entre otras, con experiencia gerencial iniciadaen procesos industriales y ampliada a otras gerenciaspara gestionar áreas claves y marcas líderesimplementandomejorasenelnegocioylosresultados.Asu vez en los últimos años, ya radicado definitivamenteenMendoza, ayudó a los grupos Liberman y Cartelloneen distintos proyectos. Federico es proactivo, ejecutivo,convisióndenegociopriorizael trabajoenequipoyderelacionesinterpersonales.Con50años,espadrededoshijosyresideenLujándeCuyo,Mendoza.

Producción:

Campaña2015-2016

Lacampaña15-16acabadeempezar.Estásiendounañocon altas precipitaciones y todavía hay riesgo de algunaheladatardías.

Ya inició el período de floración en algunas variedades,comosevenlosbotonesfloraresenlafoto(derecha).

Las plantas tienen gran cantidad de brindillas. Lasbrindillas son las ramas que crecierondurante el 2014 ydonde se alojan las flores de este año, que una vezfecundadasserán lasaceitunasdeesteaño.Esdecirqueel primer indicador para una buena campaña estápresente. Lo fundamental ahora es asegurar abundantedisponibilidadderiego,paramaximizarelpotencialproductivodelasplantas.

Cosecha2015

Como se anticipó anteriormente, la cosecha 2015 se vioafectada por un evento de granizo ocurrido a fines dediciembre 2014. La misma resultó en un promedio de1.855Kg/ha,muypordebajodeloprevistoenelplandenegociospresentadoenMayo2014(de4.000Kg/ha).

A continuación se presenta el mismo cuadro que sepresentó en la asamblea extraordinario de Mayo 2015,pero con los rendimientos reales cuartel por cuartel (endicha asamblea el operador presentó los rendimientosestimadosalmomento).

Aceitunavolteadaporelgranizo

Estacampañasecaracterizóengeneralporpoconiveldegrasaenlaaceituna.Enunprimermomento se evaluó si no se cortó el riego a tiempo, acción que permite incrementar laconcentracióndel aceite en la aceituna, incrementando la eficiencia industrial y pudiendoincrementar el precio de venta de esta manera. Pero en la reunión CREA de Julio, unapreocupación común de todos los productores miembros fue el bajo tener graso de suproducción. La conclusiónde investigadoresdel INTACuyano, fueque sehuboun veranoconpicosde calorextremosque interrumpieronelprocesode lipogénesis (produccióndegrasa).

Mejoraseinversión

A la vista de los rendimientos obtenidos, muy por debajo de lo esperado inclusoconsiderando losdañosporelgranizo,sesolicitóunestudiominuciosoaTomasMassanes(asesor agronómico externo) respecto a la falta de evolución en los rendimientos delproyecto. El principal diagnóstico fue un sistemático déficit hídrico (en cantidad y enfrecuenciaderiego).Porestemotivosedecidióponerelriegocomoprioridadnúmerouno.Pormotivoseconómicosy financieros,enelpasado sedecidiópostergaralgunasdeestasinversiones.Estapostergaciónsedebióenpartea laesperadecambiosmacroeconómicosque hagan más económico en USD o Kg de aceituna, y quizás por haber minimizado elimpactodeéstosahorroenelpotencialproductivoydesarrollodelafinca.Algunasdeestasnuevasinversionesqueseestánpriorizandofueron:

• Toma de agua del río: Como semencionó varias veces ya, hace 2 años se trasladó latomadeaguadelríoTunuyán6kmmáscercadelafinca.Duranteelañopasadohuboaltatasa de rotura de las bombas de agua en la nueva locación, con el consiguiente costo yreducciónenelaguadisponibleparariego.Porestemotivoseencaróunaseriedemejoraspropuestasporelproveedordelasmismas(FradinAgua).

1. Profundizacióndelfosodeextracción:Sehizomásprofundoelhuecodondetomaagualasbombas.Estoincrementaladisponibilidaddeaguaenlosperíodosdecorta,mejora la eficiencias de las bombas y reduce la cantidad de piedras que puedandañarlasbombas.

2. Bomba de repuesto: Se solicitóalproveedorque “alquile” una bomba de repuesto paraquetengamosenelcampo,paraqueencasode alguna rotura, se la pueda reemplazarrápidamente a un bajo costo de inversión.Esto está solicitado, pendiente de cotizar,perosepretendetenerlodisponibleafinesdeNoviembre.Encasoqueestonoprospere,seevalúacomprarunabomba“muleto”.

Kg/cuartel Kg/ha Kg/cuartel Kg/ha Nominal %

ADO$II/AR callejones arauco/nevadillo 3,2$$$$$$$$$$$$$$$ 15.854$$$$$$$$$ 5.019$$$$$$$$$$$ 8.845$$$$$$$$$$$ 2.800$$$$$$$$$$$ 7.009@$$$$$$$$$$$ @44%ADO$II/AR 21 arauco 7,5$$$$$$$$$$$$$$$ 39.000$$$$$$$$$ 5.200$$$$$$$$$$$ 10.966$$$$$$$$$ 1.462$$$$$$$$$$$ 28.034@$$$$$$$$$ @72%ADO$II/AR 22 picual 31,8$$$$$$$$$$$$$ 12.974$$$$$$$$$ 408$$$$$$$$$$$$$$ 37.593$$$$$$$$$ 1.183$$$$$$$$$$$ 24.619$$$$$$$$$ 190%ADO$II/AR 24 arbequina 14,3$$$$$$$$$$$$$ 54.100$$$$$$$$$ 3.783$$$$$$$$$$$ 19.230$$$$$$$$$ 1.345$$$$$$$$$$$ 34.870@$$$$$$$$$ @64%ADO$II/AR 25 arauco 13,3$$$$$$$$$$$$$ 49.000$$$$$$$$$ 3.695$$$$$$$$$$$ 8.845$$$$$$$$$$$ 667$$$$$$$$$$$$$$ 40.155@$$$$$$$$$ @82%ADO$II/AR 26 arbe$/$picual 21,0$$$$$$$$$$$$$ 174.930$$$$$$$ 8.333$$$$$$$$$$$ 94.682$$$$$$$$$ 4.510$$$$$$$$$$$ 80.249@$$$$$$$$$ @46%ADO$II/AR 27 arbequina 25,0$$$$$$$$$$$$$ 171.000$$$$$$$ 6.840$$$$$$$$$$$ 64.111$$$$$$$$$ 2.564$$$$$$$$$$$ 106.889@$$$$$$$ @63%ADO$II/AR 28 arbequina 26,0$$$$$$$$$$$$$ 144.000$$$$$$$ 5.529$$$$$$$$$$$ 30.798$$$$$$$$$ 1.183$$$$$$$$$$$ 113.203@$$$$$$$ @79%ADO$II/AR 29 picual 13,5$$$$$$$$$$$$$ 13.265$$$$$$$$$ 980$$$$$$$$$$$$$$ 24.820$$$$$$$$$ 1.833$$$$$$$$$$$ 11.555$$$$$$$$$ 87%ADO$II/AR 30 picual 13,5$$$$$$$$$$$$$ 13.219$$$$$$$$$ 980$$$$$$$$$$$$$$ 13.846$$$$$$$$$ 1.026$$$$$$$$$$$ 626$$$$$$$$$$$$$$ 5%SUBTOTAL 169,166666666666 687.3426666666 4.06566666666666 313.7346666666 1.855,59666666 373.608?6666666 ?54%

PROYECTO CUARTEL VARIEDAD 6SUPERFICIEHa6

Presupuesto AvanceDesvíos6con6ajuste6por6

Sup.6Cosechada

HuecodeextracciónEn

3. Rejafiltrante:Seinstalóunarejadegranporte,que“filtre”laspiedrasquepudierandañar las bombas (principal causade roturasdelacampañapasada).

4. Deflectores: De un estudio realizado esteinvierno, surgió que las bombas compitenentresígenerandocavitaciónen lasbombas.Estacavitaciónquitaeficienciaalasmismasysedebeaqueelflujodeaguaquegeneraunadeellas se superpone conel de laotra. Paraevitar este fenómeno, se colocarán unosdeflectoresqueaíslenunadeotra.

• Impermeabilización del canal. Se completó la impermeabilización del canal, pendientedel invierno pasado, para que la pérdida en él sea cero. Se contrató “llave en mano” laimpermeabilizaciónde3.000Metros,esdecirseimpermeabilizóel75%restantedelcanal.

Financiación:Un tema importante a destacar es que se está tramitandoun crédito por elcual,estaobrapodríaresultar100%financiadaa5añosconunatasadelamitaddelBNA.

• Automatismo del riego: Se está trabajando para recuperar el funcionamiento delautomatismo de válvulas en la plantación “pre-existente”. El sistema de control de lasválvulas a campo en esta plantación está presentando algunos inconvenientes. Ya estáresueltounatercerapartedelasuperficie.

• Controladorde riego:Se instalóunodetrescontroladoresderiego(computadora)quepermitirávariasmejorasenlaeficienciaderiego.Permitirácontrolarelriegoporcaudal(nosolo por tiempo como es actualmente), variar las frecuencias y caudales en las distintaspartes del campo (lo que representaría una gran mejora agronómica) y dar alarmas sihubieradistintosproblemasenelsistemaacampo.

ReuniónCREA

ElMiércoles14deOctubre,fuimosanfitrionesdelGrupoCREAOlivícolaSanJuan.CREAesel“ConsorcioRegionaldeExperimentaciónAgropecuaria”,unmovimientodeconocimientoy experimentación que inició en 1957. ADBlickOlivos pertenece hace 2 años al ConsorcioOlivícoladeSanJuandondetodos losmesesunmiembrodelgruporecibeensucampoalgrupoysediscutenlasproblemáticasengeneraldelsectoryenparticularlasdelanfitrión.

Está pendiente el informe por parte de la coordinadora de la reunión. Pero uno de losaspectosadestacarquesurgiódelareuniónesquevieroncongranoptimismolasmejorasqueseestánimplementandoenelriegoeincrementodeaguadisponible.Yplantaronqueconestasmejoras,convalidanelpotencialproductivodelaplantación.

MERCADOYCOMERCIALIZACIÓN

• MercadoInternacional:Seregistróuna disparada del precio medido en€, parte por la depreciación ante elUSD,yporcaídaen laproducciónenla cuenca del Mediterráneo engeneral. Esto se vio reflejado en elprecio justo después de iniciada lazafraennuestrohemisferio.

• Mercado Local: en el mercadolocal se cerró una campaña conmuyaltos rendimientos en general. Esteexceso de oferta y necesidad deliquidezporpartede losproductoresdepreció el precio domestico, endiscordancia con la tendencia delmercadomundial.Estefactorlocal,seagravó con la pérdida de poderadquisitivo del Real sobre el AR$(Brasil es el principal cliente delmercadoargentino).

• Comercialización:LacomercializacióndeADBlickOlivoscerróunpreciomediodeventade0,30USD/KgdeaceitunacontraunpresupuestodelPlandenegociosde0,46USD/Kg.Sevendióun2%delaproduccióncomoaceitea3.200USD/Tn.

Elpreciodeventalogradosevioafectadoengranparteporunbajoniveldetenorgrasodelaaceitunaproducida.

Comunicaciónainversores:Encuentroanualenlafinca

Losinvitamosaparticipardelencuentroanualparainversoresenlafinca, lamismaseráeldíaSábado09/05/2016.Porlafecha(iniciodecosecha),seráunaexcelenteoportunidaddeexperimentar el período de cosecha y le período de vendimia mendocina. Invitamos aquienes ya hayan venido a volver y a quienes todavía no conocen Su Finca. Que puedanasistir,disfrutardeunabuenacomida,hospitalidaddeMendozaysuinversión.

ADMINISTRACIÓNyCONTROL

AsambleaExtraordinaria

• El28demayoúltimotuvolugarunanuevaasambleaextraordinariadeADBlickOlivosIIyLareduccióSA.Seaprobótodalaordendeldía,enelsiguientelinkencontrarálaminutadelamisma.

http://www.adblickagro.com/pdf/Olivos/Asamblea%20Olivos%20II%2028-5-15.pdf

Conclusiones: Con un 63,81% de quorum (28,43% presente y 35,38% apoderado) seaprobaron los puntos de la orden de día. Habiendo aprobado los estados contables, lasgestionesdelFiduciarioydelOperador.Se aprobó también la desvinculación del operador a partir del 31 de mayo de 2015.Derivandoenunaoperacióndirectaporpartedelfideicomisoyadquiriendoelpersonalylamaquinariaqueacutalmentetieneeloperadorparapoderoperarelcampo.

EncuantoaLaReducciónSA,tambiénseaprobaronlosestadoscontablesylasgestióndelDirectorio.

Mutuo

Se ha continuado con la suscripción de fondos mediante Mutuo privado. El estado desuscripciónyaportesdelmismoes:

InformedeGestión

Duranteelsegundotrimestredel2015,seconcluyólacosecha,peseaquelosingresosporlacosechanofueronlosesperados,elnegociosefinancioconsolicituddemutuos,elcualseincorpora según la necesidad de caja, con el fin de generar elmenor costo por interés alproyecto.Lacosechatuvounimpactonegativoeningresosdel74%.Elmayorimpactoestadadoenlaproducción, la cual no logró los rindes esperados debido a dificultades climáticas queafectaron la finca (-59%). En cuanto al precio, si bien hemos estado debajo del plan, selograronacuerdoscomercialesconclientesqueaumentaronelvalor(-35%).

Análisisdecontribuciónmarginal:

Comoseaprecia,lacontribuciónmarginalresultó197.500USDpordebajodeloprevisto.Seestátrabajandoenlare-modelizacióndelnegocioparapresentarafindeañounnuevoplande negocio ajustado a la nueva realidad y poder a partir de febrero tener reuniones dedetalleparalaasambleaqueseráafinesdeabril,dondeseemitiránaccionesparapagarladeudademutuosyreponerelcapitaldetrabajo.

Ronda Solicitud Suscripcion AportesPendiente2de2aporte2(sobre2solicitud)

1 480.000USD))))))) 470.076USD))))))))) 470.443USD))))))))) 9.557USD)))))))))))))2 220.000USD))))))) 227.485USD))))))))) 227.488USD))))))))) 7.4880USD)))))))))))))3 300.000USD))))))) 290.445USD))))))))) 272.439USD))))))))) 27.561USD)))))))))))4 600.000USD))))))) 575.127USD))))))))) 570.378USD))))))))) 29.622USD)))))))))))5 400.000USD))))))) 79.821USD))))))))))) 74.572USD))))))))))) 325.428USD)))))))))

TOTAL 2.000.000USD222 1.642.955USD22222 1.615.320USD22222 384.680USD222222222

Enelmientrastanto,lareestructuracióndelaoperaciónenelcampo,estáenfocandotodosuesfuerzoenminimizarloscostosoperativos.

(1)Totalrealanual:muestralosvaloresrealesaJulio`15yestimaciónajustadaaDic`15.

(2)Realacumulado:muestravaloresrealesaJulio’15.

Tablero de control: A continuación se presenta un tablero de control con el detalle de laestructura de costos e ingresos, comparando lo ejecutadode lo planificado en Totales deUSDyenUSD/Ha.

Comoseapreciaenelcuadro,secerróelaño2014conunahorrodeUSD236.505.

La cosecha2015 resultó323Tndeaceitunamenor (-59%)yel elpreciodeventaUSD/Tnmenor(-35%).Consecuentemente,elingresodel2015sevióreducidoenUSD259.875.

Seproyectareducirlosgastosopertivosyterminarelaño2015conunahorroencostosdeUSD83.593.

Laconsecuenciadeestasvariables, resultaríaenuncuadroderesultadoacumulado2014-2015,320.000USDmejordelpresupuestoalcierrede2015.

TablerodeControlporHectáreaUSD(USD/Ha)

ADBlick(Olivos(IIPlan%de%Negocios

SUPERFICIE(EN(PRODUCCION 164SUPERFICIE(NO(PRODUCTIVA 242SUPERFICIE(TOTAL(PLANTADA 406Producción%Kg 497%%%%%%%%%%%%%%%%%%%%%%%%Precio%US$/Kg 0,36USD%%%%%%%%%%%%%%%%%Ingreso(USD 179USD(((((((((((((((((Costo%de%cosecha 93%%%%%%%%%%%%%%%%%%%%%%%%%%

Costo%cosecha%Manual% 30%%%%%%%%%%%%%%%%%%%%%%%%%%Costo%cosecha%Mecani 63%%%%%%%%%%%%%%%%%%%%%%%%%%Costo%Total%Cosecha%por%Kg.

Costo%Directos%de%cosecha 2%%%%%%%%%%%%%%%%%%%%%%%%%%%%Flete%y%Log.%Interna J%%%%%%%%%%%%%%%%%%%%%%%%%Gasto%Comercialización 2%%%%%%%%%%%%%%%%%%%%%%%%%%%%Otros J%%%%%%%%%%%%%%%%%%%%%%%%%Costo%Comercializacion%por%Kg.

Contribución(Marginal 84USD(((((((((((((((((((

Costos(Fijos(producciónLabores%Manuales 903%%%%%%%%%%%%%%%%%%%%%%%%Labores%Mecanica 755%%%%%%%%%%%%%%%%%%%%%%%%Labores%tercerizadasInsumos%y%Agroqui 669%%%%%%%%%%%%%%%%%%%%%%%%Mantenimientos J%%%%%%%%%%%%%%%%%%%%%%%%%Energia%y%tasa%irrigacion 120%%%%%%%%%%%%%%%%%%%%%%%%Otros%varios%mendoza J%%%%%%%%%%%%%%%%%%%%%%%%%Gerencia%Mendoza%(SJC) 59%%%%%%%%%%%%%%%%%%%%%%%%%%Asesoría%Agronómica J%%%%%%%%%%%%%%%%%%%%%%%%%

Subtotal 2.506USD((((((((((((((

Costo(fijo(Adm(por(ha(productiva

Admi%y%Fiduciario%% 335%%%%%%%%%%%%%%%%%%%%%%%%Viajes 17%%%%%%%%%%%%%%%%%%%%%%%%%%Viajes%CAMPO J%%%%%%%%%%%%%%%%%%%%%%%%%Acounting 17%%%%%%%%%%%%%%%%%%%%%%%%%%Otros 7%%%%%%%%%%%%%%%%%%%%%%%%%%%%

Subtotal 377USD(((((((((((((((((

EBITDA 2.799TUSD((((((((((((((

2014Real

164242406

683%%%%%%%%%%%%%%%%%%%%0,43USD%%%%%%%%%%%%%294USD(((((((((((((121%%%%%%%%%%%%%%%%%%%%98%%%%%%%%%%%%%%%%%%%%%%23%%%%%%%%%%%%%%%%%%%%%%

4%%%%%%%%%%%%%%%%%%%%%%%%4%%%%%%%%%%%%%%%%%%%%%%%%

J%%%%%%%%%%%%%%%%%%%%%J%%%%%%%%%%%%%%%%%%%%%

168USD(((((((((((((

707%%%%%%%%%%%%%%%%%%%%575%%%%%%%%%%%%%%%%%%%%

386%%%%%%%%%%%%%%%%%%%%J%%%%%%%%%%%%%%%%%%%%%104%%%%%%%%%%%%%%%%%%%%J%%%%%%%%%%%%%%%%%%%%%71%%%%%%%%%%%%%%%%%%%%%%49%%%%%%%%%%%%%%%%%%%%%%

1.892USD((((((((((

420%%%%%%%%%%%%%%%%%%%%14%%%%%%%%%%%%%%%%%%%%%%J%%%%%%%%%%%%%%%%%%%%%32%%%%%%%%%%%%%%%%%%%%%%27%%%%%%%%%%%%%%%%%%%%%%493USD(((((((((((((

2.217TUSD((((((((( (

2014B%/%(W)% B%/%(W)Real%vs%PN Real%vs%PN%%

186%%%%%%%%%%%%%%%%%%%%%%%% 37%

115USD((((((((((((((((( 64%28%%%%%%%%%%%%%%%%%%%%%%%%%% 30%69%%%%%%%%%%%%%%%%%%%%%%%%%% 230%

40J%%%%%%%%%%%%%%%%%%%%%%%%%% J64%

2%%%%%%%%%%%%%%%%%%%%%%%%%%%% 95%4%%%%%%%%%%%%%%%%%%%%%%%%%%%%2J%%%%%%%%%%%%%%%%%%%%%%%%%%% % J100%

J%%%%%%%%%%%%%%%%%%%%%%%%%

85USD((((((((((((((((((( 101%

195J%%%%%%%%%%%%%%%%%%%%%%%% J22%181J%%%%%%%%%%%%%%%%%%%%%%%% J24%

283J%%%%%%%%%%%%%%%%%%%%%%%% J42%J%%%%%%%%%%%%%%%%%%%%%%%%%17J%%%%%%%%%%%%%%%%%%%%%%%%%% J14%J%%%%%%%%%%%%%%%%%%%%%%%%%12%%%%%%%%%%%%%%%%%%%%%%%%%% 21%49%%%%%%%%%%%%%%%%%%%%%%%%%%614TUSD(((((((((((((((( ( T25%

85%%%%%%%%%%%%%%%%%%%%%%%%%% 25%3J%%%%%%%%%%%%%%%%%%%%%%%%%%% % J16%

J%%%%%%%%%%%%%%%%%%%%%%%%%15%%%%%%%%%%%%%%%%%%%%%%%%%% 87%19%%%%%%%%%%%%%%%%%%%%%%%%%% 259%116USD((((((((((((((((( 31%

583USD((((((((((((((((( T21%

2014Plan%de%Negocios

406

1.895%%%%%%%%%%%%%%%%%%0,46USD%%%%%%%%%%%%%870USD((((((((((((((295%%%%%%%%%%%%%%%%%%%%%276%%%%%%%%%%%%%%%%%%%%%19%%%%%%%%%%%%%%%%%%%%%%%

0,156%%%%%%%%%%%%%%%%%%11%%%%%%%%%%%%%%%%%%%%%%%J%%%%%%%%%%%%%%%%%%%%%%11%%%%%%%%%%%%%%%%%%%%%%%J%%%%%%%%%%%%%%%%%%%%%%

0,006%%%%%%%%%%%%%%%%%%564USD((((((((((((((

422%%%%%%%%%%%%%%%%%%%%%701%%%%%%%%%%%%%%%%%%%%%J%%%%%%%%%%%%%%%%%%%%%%574%%%%%%%%%%%%%%%%%%%%%J%%%%%%%%%%%%%%%%%%%%%%134%%%%%%%%%%%%%%%%%%%%%J%%%%%%%%%%%%%%%%%%%%%%59%%%%%%%%%%%%%%%%%%%%%%%J%%%%%%%%%%%%%%%%%%%%%%

1.889USD(((((((((((

335%%%%%%%%%%%%%%%%%%%%%17%%%%%%%%%%%%%%%%%%%%%%%J%%%%%%%%%%%%%%%%%%%%%%17%%%%%%%%%%%%%%%%%%%%%%%7%%%%%%%%%%%%%%%%%%%%%%%%%

377USD((((((((((((((

1.702TUSD(((((((((((

2015(T(TOTALReal Proyección% B%/%(W) B%/%(W)

Semestral Anual Proyeccion%vs%PN Real%vs%PN%%169,1

773%%%%%%%%%%%%%%%%%%%% 773%%%%%%%%%%%%%%%%%%%%%% 1.123J%%%%%%%%%%%%%%%%%%% J59%0,30USD%%%%%%%%%%%%% 0,30 0,16JUSD%%%%%%%%%%%%%% J35%230USD((((((((((((( 230 640TUSD((((((((((((((( T74%143%%%%%%%%%%%%%%%%%%%% 143 152J%%%%%%%%%%%%%%%%%%%%%% J52%100%%%%%%%%%%%%%%%%%%%% 100 177J%%%%%%%%%%%%%%%%%%%%%% J64%

43%%%%%%%%%%%%%%%%%%%%%% 43 24%%%%%%%%%%%%%%%%%%%%%%%% N/A

0,185%%%%%%%%%%%%%%%%% 0,185%%%%%%%%%%%%%%%%%%% 0,029%%%%%%%%%%%%%%%%%%% 19%

10%%%%%%%%%%%%%%%%%%%%%% 10 1J%%%%%%%%%%%%%%%%%%%%%%%%%% J11%10%%%%%%%%%%%%%%%%%%%%%% 10 10%%%%%%%%%%%%%%%%%%%%%%%%J%%%%%%%%%%%%%%%%%%%%% 0 11J%%%%%%%%%%%%%%%%%%%%%%%% J100%

J%%%%%%%%%%%%%%%%%%%%% 0 J%%%%%%%%%%%%%%%%%%%%%%0,012%%%%%%%%%%%%%%%%% 0,012%%%%%%%%%%%%%%%%%%% 0,007%%%%%%%%%%%%%%%%%%% 118%

77USD((((((((((((((( 77USD((((((((((((((((( 486TUSD((((((((((((((( T86%

269%%%%%%%%%%%%%%%%%%%% 557%%%%%%%%%%%%%%%%%%%%%% 136%%%%%%%%%%%%%%%%%%%%%% 32%138%%%%%%%%%%%%%%%%%%%% 230%%%%%%%%%%%%%%%%%%%%%% 471J%%%%%%%%%%%%%%%%%%%%%% J67%J%%%%%%%%%%%%%%%%%%%%% 115%%%%%%%%%%%%%%%%%%%%%% 115%%%%%%%%%%%%%%%%%%%%%%22%%%%%%%%%%%%%%%%%%%%%% 114%%%%%%%%%%%%%%%%%%%%%% 460J%%%%%%%%%%%%%%%%%%%%%% J80%J%%%%%%%%%%%%%%%%%%%%% J%%%%%%%%%%%%%%%%%%%%%% J%%%%%%%%%%%%%%%%%%%%%%31%%%%%%%%%%%%%%%%%%%%%% 81%%%%%%%%%%%%%%%%%%%%%%%% 53J%%%%%%%%%%%%%%%%%%%%%%%% J39%J%%%%%%%%%%%%%%%%%%%%% J%%%%%%%%%%%%%%%%%%%%%% J%%%%%%%%%%%%%%%%%%%%%%J%%%%%%%%%%%%%%%%%%%%% J%%%%%%%%%%%%%%%%%%%%%% 59J%%%%%%%%%%%%%%%%%%%%%%%% J100%J%%%%%%%%%%%%%%%%%%%%% 24%%%%%%%%%%%%%%%%%%%%%%%% 24%%%%%%%%%%%%%%%%%%%%%%%% N/A461USD((((((((((((( 1.121USD(((((((((((( 768TUSD((((((((((((((( T41%

167%%%%%%%%%%%%%%%%%%%% 334 1J%%%%%%%%%%%%%%%%%%%%%%%%%% 0%13%%%%%%%%%%%%%%%%%%%%%% 28 11%%%%%%%%%%%%%%%%%%%%%%%% 63%J%%%%%%%%%%%%%%%%%%%%% 11 11%%%%%%%%%%%%%%%%%%%%%%%%16%%%%%%%%%%%%%%%%%%%%%% 40 23%%%%%%%%%%%%%%%%%%%%%%%% 133%17%%%%%%%%%%%%%%%%%%%%%% 38 31%%%%%%%%%%%%%%%%%%%%%%%% 415%214USD((((((((((((( 452USD((((((((((((((( 75USD((((((((((((((((( 20%

0598TUSD((((((((((((( 1.496TUSD(((((((((((( 206USD((((((((((((((( T12%

2015(T(TOTALPlan%de%Negocios

570

2.393%%%%%%%%%%%%%%%%%%%0,44USD%%%%%%%%%%%%%%%

1.049USD((((((((((((389USD%%%%%%%%%%%%%%%%306USD%%%%%%%%%%%%%%%%%%82USD%%%%%%%%%%%%%%%%%%%%

0,162USD%%%%%%%%%%%%%%%%%

13USD%%%%%%%%%%%%%%%%%%JUSD%%%%%%%%%%%%%%%%%%%%

13USD%%%%%%%%%%%%%%%%%%%%%

JUSD%%%%%%%%%%%%%%%%%%%%

0,006USD%%%%%%%%%%%%%%%%%

648USD(((((((((((((((

1.324USD%%%%%%%%%%%%%1.456USD%%%%%%%%%%%%%JUSD%%%%%%%%%%%%%%%%

1.243USD%%%%%%%%%%%%%JUSD%%%%%%%%%%%%%%%%254USD%%%%%%%%%%%%%%%%JUSD%%%%%%%%%%%%%%%%118USD%%%%%%%%%%%%%%%%JUSD%%%%%%%%%%%%%%%%

4.395USD((((((((((((

670USD%%%%%%%%%%%%%%%%34USD%%%%%%%%%%%%%%%%%%JUSD%%%%%%%%%%%%%%%%34USD%%%%%%%%%%%%%%%%%%15USD%%%%%%%%%%%%%%%%%%754USD(((((((((((((((

4.501TUSD((((((((((((

Acumulado(2014(T(2015(T(TOTALReal Proyección% B%/%(W) B%/%(W)

Semestral Anual Proyeccion%vs%PN Real%vs%PN%%169,1

1.456%%%%%%%%%%%%%%%%%% 1.456%%%%%%%%%%%%%%%%%%% 937J%%%%%%%%%%%%%%%% J39%0,36USD%%%%%%%%%%%%% 0,36USD%%%%%%%%%%%%%% 0,08JUSD%%%%%%%% J18%524USD(((((((((((((( 524(((((((((((((((((((((( 525T(((((((((((((((( T50%264USD%%%%%%%%%%%%%% 264%%%%%%%%%%%%%%%%%%%%%% 124J%%%%%%%%%%%%%%%% J32%198USD%%%%%%%%%%%%%%%%% 198USD%%%%%%%%%%%%%%%%% 108JUSD%%%%%%%%%%%% J35%

66USD%%%%%%%%%%%%%%%%%%% 66USD%%%%%%%%%%%%%%%%%%% 16JUSD%%%%%%%%%%%%%% J20%

0,182USD%%%%%%%%%%%%%%%% 0,182USD%%%%%%%%%%%%%%%% 0,019USD%%%%%%%%%% % 12%

14USD%%%%%%%%%%%%%%%% 14USD%%%%%%%%%%%%%%%%% 1USD%%%%%%%%%%%%%% 6%14USD%%%%%%%%%%%%%%%%%%%% 14USD%%%%%%%%%%%%%%%%%%%% 14USD%%%%%%%%%%%%%%%

JUSD%%%%%%%%%%%%%%%%%%% JUSD%%%%%%%%%%%%%%%%%%% 13JUSD%%%%%%%%%%%%%% % J100%

JUSD%%%%%%%%%%%%%%%%%%% JUSD%%%%%%%%%%%%%%%%%%% JUSD%%%%%%%%%%%%%%

0,012USD%%%%%%%%%%%%%%%% 0USD%%%%%%%%%%%%%%%%%%%%%% 0USD%%%%%%%%%%%%%%%% 118%

246USD(((((((((((((( 246USD((((((((((((((( 402TUSD((((((((( T62%

976USD%%%%%%%%%%%%%% 1.264USD%%%%%%%%%%%% 60JUSD%%%%%%%%%%%% J5%713USD%%%%%%%%%%%%%% 804USD%%%%%%%%%%%%%%% 651JUSD%%%%%%%% % J45%JUSD%%%%%%%%%%%%%%% 115USD%%%%%%%%%%%%%%%408USD%%%%%%%%%%%%%% 500USD%%%%%%%%%%%%%%% 743JUSD%%%%%%%% % J60%JUSD%%%%%%%%%%%%%%% JUSD%%%%%%%%%%%%%%%% JUSD%%%%%%%%%%135USD%%%%%%%%%%%%%% 185USD%%%%%%%%%%%%%%% 69JUSD%%%%%%%%%%%% J27%JUSD%%%%%%%%%%%%%%% JUSD%%%%%%%%%%%%%%%% JUSD%%%%%%%%%%71USD%%%%%%%%%%%%%%%% 71USD%%%%%%%%%%%%%%%%% 47JUSD%%%%%%%%%%%% J40%49USD%%%%%%%%%%%%%%%% 73USD%%%%%%%%%%%%%%%%% 73USD%%%%%%%%%%%% #DIV/0!

2.353USD((((((((((( 3.013USD(((((((((((( 1.382TUSD(((((( T31%

587USD%%%%%%%%%%%%%% 754USD%%%%%%%%%%%%%%% 84USD%%%%%%%%%%%% 13%28USD%%%%%%%%%%%%%%%% 43USD%%%%%%%%%%%%%%%%% 8USD%%%%%%%%%%%%%% 24%JUSD%%%%%%%%%%%%%%% 11USD%%%%%%%%%%%%%%%%% 11USD%%%%%%%%%%%% N/A49USD%%%%%%%%%%%%%%%% 72USD%%%%%%%%%%%%%%%%% 38USD%%%%%%%%%%%% 110%44USD%%%%%%%%%%%%%%%% 65USD%%%%%%%%%%%%%%%%% 50USD%%%%%%%%%%%% 337%707USD(((((((((((((( 945USD((((((((((((((( 192USD((((((((( 25%

2.814TUSD((((((((((( 3.713TUSD(((((((((((( 788USD((((((((( T18%

Acumulado(2014(T(2015(T(TOTAL

Costo(total(por(HA 2.883USD(((((((((((((( 2.385USD(((((((((( 498TUSD(((((((((((((((( ( T17% 2.266USD((((((((((( 1.573USD(((((((((((( 692TUSD((((((((((((((( T31% 5.149USD(((((((((((( 3.958USD(((((((((((( 1.190TUSD(((((( T23%

TablerodeControltotalesenUSD

ADBlick(Olivos(IIPlan%de%Negocios

SUPERFICIE(EN(PRODUCCION 164SUPERFICIE(NO(PRODUCTIVA 242SUPERFICIE(TOTAL(PLANTADA 406Producción%Kg 201.884%%%%%%%%%%%%%%%%%Precio%US$/Kg 0,36USD%%%%%%%%%%%%%%%%%Ingreso(USD 72.729USD((((((((((((Costo%de%cosecha 37.832USD%%%%%%%%%%%%

Costo%cosecha%Manual% 12.113USD%%%%%%%%%%%%%%%%%%

Costo%cosecha%Mecani 25.719%%%%%%%%%%%%%%%%%%%%% %

Costo%Total%Cosecha%por%Kg. 0,19USD%%%%%%%%%%%%%%%%%%%%%

Costo%Directos%de%cosecha 830USD%%%%%%%%%%%%%%%%%%Flete%y%Log.%Interna

Gasto%Comercialización 830USD%%%%%%%%%%%%%%%%%%%%%

Otros QUSD%%%%%%%%%%%%%%%%%%%%%%

Costo%Comercializacion%por%Kg. 0,004USD%%%%%%%%%%%%%%%%%%%

Contribución(Marginal 34.067USD((((((((((((0,17

Costos(Fijos(producciónLabores%Manuales 366.418USD%%%%%%%%%%Labores%Mecanica 306.611USD%%%%%%%%%%Labores%tercerizadasInsumos%y%Agroqui 271.679USD%%%%%%%%%%MantenimientosEnergia%y%tasa%irrigacion 48.874USD%%%%%%%%%%%%Otros%varios%mendozaGerencia%Mendoza%(SJC) 24.000USD%%%%%%%%%%%%Asesoría%Agronómica

Subtotal 1.017.582USD(((((((

Costo(fijo(Adm(por(ha(productiva

Admi%y%Fiduciario%% 135.995USD%%%%%%%%%%Viajes 7.000USD%%%%%%%%%%%%%%%Viajes%CAMPOAcounting 7.000USD%%%%%%%%%%%%%%%Otros 3.000USD%%%%%%%%%%%%%%%

Subtotal 152.995USD((((((((((

EBITDA 1.136.510TUSD(((((( (

2014Real

164242406277.222%%%%%%%%%%%%%

0,43USD%%%%%%%%%%%%%119.300USD((((((49.284USD%%%%%%%%39.959USD%%%%%%%%%%%%%%

9.325USD%%%%%%%%%%%%%%%

0,18USD%%%%%%%%%%%%%%%%%

1.621USD%%%%%%%%%%1.621USD%%%%%%%%%%%%%%%

QUSD%%%%%%%%%%%%%%%%%%

0,006USD%%%%%%%%%%%%%%%

68.395USD((((((((0,25

287.135USD%%%%%%233.321USD%%%%%%

156.797USD%%%%%%

42.136USD%%%%%%%%

29.004USD%%%%%%%%19.800USD%%%%%%%%

768.193USD((((((

170.499USD%%%%%%5.872USD%%%%%%%%%%

13.058USD%%%%%%%%10.778USD%%%%%%%%

200.207USD((((((

900.005TUSD((((((

2014B%/%(W)% B%/%(W)Real%vs%PN Real%vs%PN%%

75.338%%%%%%%%%%%%%%%%%%% 37%0,07USD%%%%%%%%%%%%%%%%% 19%

46.571USD(((((((((((( 64%11.452USD%%%%%%%%%%%% 30%27.846USD%%%%%%%%%%%%%%%%%% 230%

16.394QUSD%%%%%%%%%%%%%%%%%% Q64%

0,01QUSD%%%%%%%%%%%%%%%%%%%%% Q5%

791USD%%%%%%%%%%%%%%%%%% 95%1.621USD%%%%%%%%%%%%%%%%%%%

830QUSD%%%%%%%%%%%%%%%%%%%%% Q100%

QUSD%%%%%%%%%%%%%%%%%%%%%%

0,002USD%%%%%%%%%%%%%%%%%%% 42%

34.328USD(((((((((((( 101%

79.283QUSD%%%%%%%%%%%% Q22%73.290QUSD%%%%%%%%%%%% Q24%

114.882QUSD%%%%%%%%%% Q42%QUSD%%%%%%%%%%%%%%%%%%

6.738QUSD%%%%%%%%%%%%%%% Q14%QUSD%%%%%%%%%%%%%%%%%%

5.004USD%%%%%%%%%%%%%%% 21%19.800USD%%%%%%%%%%%%

249.389TUSD((((((((( ( T25%

34.504USD%%%%%%%%%%%% 25%1.128QUSD%%%%%%%%%%%%%%% Q16%

6.058USD%%%%%%%%%%%%%%% 87%7.778USD%%%%%%%%%%%%%%% 259%

47.212USD(((((((((((( 31%

236.505USD(((((((((( T21%

2014Plan%de%Negocios

164

769.474%%%%%%%%%%%%%%0,46USD%%%%%%%%%%%%%

353.189USD((((((119.900USD%%%%%%%

112.192USD%%%%%%%%%%%% %

7.708USD%%%%%%%%%%%%%%%%

0,156USD%%%%%%%%%%%%%%%%

4.411USD%%%%%%%%%%%

4.411USD%%%%%%%%%%%%%%%%

QUSD%%%%%%%%%%%%%%%%%%%%%%

0,006USD%%%%%%%%%%%%%%%%

228.878USD((((((

171.136USD%%%%%%%284.428USD%%%%%%%

233.073USD%%%%%%%

54.203USD%%%%%%%%%

24.000USD%%%%%%%%%

766.840USD((((((

135.995USD%%%%%%%7.000USD%%%%%%%%%%%

7.000USD%%%%%%%%%%%3.000USD%%%%%%%%%%%

152.995USD((((((

690.957TUSD((((((

2015(T(TOTALReal Proyección% B%/%(W) B%/%(W)

Semestral Anual Proyeccion%vs%PN Real%vs%PN%%169,1

313.734%%%%%%%%%%%%% 313.734%%%%%%%%%%%%%%% 455.740Q%%%%%%%%%%%%%%% Q59%0,30USD%%%%%%%%%%%%% 0,30%%%%%%%%%%%%%%%%%%%%% 0,16QUSD%%%%%%%%%%%%%% Q35%

93.314USD(((((((( 93.314((((((((((((((((( 259.875TUSD(((((( ( T74%58.040USD%%%%%%%% 58.040%%%%%%%%%%%%%%%%% 61.860QUSD%%%%%%%%%% Q52%40.506USD%%%%%%%%%%%%%% 40.506%%%%%%%%%%%%%%%%%%%% 71.686QUSD%%%%%%%%%%%%%% % Q64%

17.534USD%%%%%%%%%%%%%% 17.534%%%%%%%%%%%%%%%%%%%% 9.826USD%%%%%%%%%%%%%%%% 127%

0,185USD%%%%%%%%%%%%%%% 0,185USD%%%%%%%%%%%%%%%% 0,03USD%%%%%%%%%%%%%%%%%% 19%

3.915USD%%%%%%%%%% 3.915%%%%%%%%%%%%%%%%%%% 496QUSD%%%%%%%%%%%%%%% Q11%3.915USD%%%%%%%%%%%%%%% 3.915%%%%%%%%%%%%%%%%%%%%% 3.915USD%%%%%%%%%%%%%%%%

Q%%%%%%%%%%%%%%%%%%%%%%% % 4.411QUSD%%%%%%%%%%%%%%% % Q100%

QUSD%%%%%%%%%%%%%%%%%% Q%%%%%%%%%%%%%%%%%%%%%%% % QUSD%%%%%%%%%%%%%%%%%%%

0,012USD%%%%%%%%%%%%%%% 0,012USD%%%%%%%%%%%%%%%% 0,007USD%%%%%%%%%%%%%%%% 118%

31.359USD(((((((( 31.359USD((((((((( 197.519TUSD(((((( ( T86%

109.275USD%%%%%% 226.218USD%%%%%%% 55.082%%%%%%%%%%%%%%%%% 32%56.025USD%%%%%%%% 93.257USD%%%%%%%%%% 191.171Q%%%%%%%%%%%%%%% Q67%

QUSD%%%%%%%%%%%%%% 46.809USD%%%%%%%%%%9.047USD%%%%%%%%%% 46.264USD%%%%%%%%%% 186.809Q%%%%%%%%%%%%%%% Q80%

Q%%%%%%%%%%%%%%%%%%%%%%12.779USD%%%%%%%% 32.851USD%%%%%%%%%% 21.352Q%%%%%%%%%%%%%%%% % Q39%

Q%%%%%%%%%%%%%%%%%%%%%%QUSD%%%%%%%%%%%%%% QUSD%%%%%%%%%%%%%%%% 24.000Q%%%%%%%%%%%%%%%% % Q100%

9.780USD%%%%%%%%%%%% 9.780%%%%%%%%%%%%%%%%%%% #DIV/0!187.126USD(((((( 455.179USD((((((( 311.661T(((((((((((((( T41%

Q%%%%%%%%%%%%%%%%%%%%%%T((((((((((((((((((((((

67.729USD%%%%%%%% 135.741USD%%%%%%% 254Q%%%%%%%%%%%%%%%%%%%%%% 0%5.431USD%%%%%%%%%% 11.431USD%%%%%%%%%% 4.431%%%%%%%%%%%%%%%%%%% 63%

4.575USD%%%%%%%%%%%% 4.575%%%%%%%%%%%%%%%%%%%6.634USD%%%%%%%%%% 16.342USD%%%%%%%%%% 9.342%%%%%%%%%%%%%%%%%%% 133%7.097USD%%%%%%%%%% 15.455USD%%%%%%%%%% 12.455%%%%%%%%%%%%%%%%% 415%

86.891USD(((((((( 183.544USD((((((( 30.549((((((((((((((((( 20%Q%%%%%%%%%%%%%%%%%%%%%%

242.658TUSD(((((( 607.364TUSD(((((( ( 83.593USD((((((((( T12%

2015(T(TOTALPlan%de%Negocios

328

971.358%%%%%%%%%%%%%0,44USD%%%%%%%%%%%%%

425.918USD((((((157.732USD%%%%%%124.305USD%%%%%%%%%%

33.427USD%%%%%%%%%%%%

0,162USD%%%%%%%%%%%%%%%

5.241USD%%%%%%%%%%QUSD%%%%%%%%%%%%%%%%%%

5.241USD%%%%%%%%%%%%%%%

QUSD%%%%%%%%%%%%%%%%%%

0,005USD%%%%%%%%%%%%%%%

262.944USD((((((

537.554USD%%%%%%591.039USD%%%%%%

QUSD%%%%%%%%%%%%%%504.752USD%%%%%%

QUSD%%%%%%%%%%%%%%103.077USD%%%%%%

QUSD%%%%%%%%%%%%%%48.000USD%%%%%%%%

QUSD%%%%%%%%%%%%%%1.784.422USD((

271.990USD%%%%%%14.000USD%%%%%%%%

QUSD%%%%%%%%%%%%%%14.000USD%%%%%%%%6.000USD%%%%%%%%%%

305.990USD((((((

1.827.468TUSD((

Acumulado(2014(T(2015(T(TOTALReal Proyección% B%/%(W) B%/%(W)

Semestral Anual Proyeccion%vs%PN Real%vs%PN%%169,1

590.956%%%%%%%%%%%%%% 590.956%%%%%%%%%%%%%% 380.402Q%%%%%%%%%%%%%%% Q39%0,36USD%%%%%%%%%%%%% 0,36USD%%%%%%%%%%%%% 0,08QUSD%%%%%%%%%%%%%% Q18%

212.614USD(((((( 212.614((((((((((((( 213.304T(((((((((((((( T50%107.324USD%%%%%% 107.324%%%%%%%%%%%%%% 50.408Q%%%%%%%%%%%%%%%% % Q32%

80.465USD%%%%%%%%%%%% 80.465USD%%%%%%%%%%%% 43.840QUSD%%%%%%%%%%%%% Q35%

26.859USD%%%%%%%%%%%% 26.859USD%%%%%%%%%%%% 6.568QUSD%%%%%%%%%%%%%% % Q20%

0,182USD%%%%%%%%%%%%%%% 0,182USD%%%%%%%%%%%%%%% 0,019USD%%%%%%%%%%%%%%%% 12%

5.536USD%%%%%%%%%%% 5.536USD%%%%%%%%%%% 295USD%%%%%%%%%%%%%%% 6%5.536USD%%%%%%%%%%%%%%% 5.536USD%%%%%%%%%%%%%%% 5.536USD%%%%%%%%%%%%%%%%

QUSD%%%%%%%%%%%%%%%%%% QUSD%%%%%%%%%%%%%%%%%% 5.241QUSD%%%%%%%%%%%%%%% % Q100%

QUSD%%%%%%%%%%%%%%%%%% QUSD%%%%%%%%%%%%%%%%%% QUSD%%%%%%%%%%%%%%%%%%%

0,009USD%%%%%%%%%%%%%%% 0USD%%%%%%%%%%%%%%%%%%%%% 0USD%%%%%%%%%%%%%%%%%%%%%% 86%

99.754USD(((((((( 99.754USD(((((((( 163.190TUSD(((((( ( T62%

396.410USD%%%%%% 513.353USD%%%%%% 24.201QUSD%%%%%%%%%% Q5%289.346USD%%%%%% 326.578USD%%%%%% 264.461QUSD%%%%%%% Q45%

QUSD%%%%%%%%%%%%%%% 46.809USD%%%%%%%%165.844USD%%%%%% 203.061USD%%%%%% 301.691QUSD%%%%%%% Q60%

QUSD%%%%%%%%%%%%%%% QUSD%%%%%%%%%%%%%%% QUSD%%%%%%%%%%%%%%%%54.915USD%%%%%%%% 74.987USD%%%%%%%% 28.090QUSD%%%%%%%%%% Q27%

QUSD%%%%%%%%%%%%%%% QUSD%%%%%%%%%%%%%%% QUSD%%%%%%%%%%%%%%%%29.004USD%%%%%%%% 29.004USD%%%%%%%% 18.996QUSD%%%%%%%%%% Q40%19.800USD%%%%%%%% 29.580USD%%%%%%%% 29.580USD%%%%%%%%%% #DIV/0!

955.319USD(((((( 1.223.372USD(( 561.050TUSD(((((( ( T31%

238.228USD%%%%%% 306.240USD%%%%%% 34.250USD%%%%%%%%%% 13%11.303USD%%%%%%%% 17.303USD%%%%%%%% 3.303USD%%%%%%%%%%%% 24%

QUSD%%%%%%%%%%%%%%% 4.575USD%%%%%%%%%%% 4.575USD%%%%%%%%%%%% N/A19.692USD%%%%%%%% 29.400USD%%%%%%%% 15.400USD%%%%%%%%%% 110%17.875USD%%%%%%%% 26.233USD%%%%%%%% 20.233USD%%%%%%%%%% 337%

287.098USD(((((( 383.751USD(((((( 77.761USD((((((((( 25%Q%%%%%%%%%%%%%%%%%%%%%%

1.142.663TUSD(( 1.507.369TUSD(( 320.099USD((((((( T18%

Acumulado(2014(T(2015(T(TOTAL