Spreadsheet: richard_shapiro__32125__TRAssumptions&SIRESERatesCase
Sheet: NewCaseP&L

Transredes S.A., 10/05/01 Rates
Profit & Loss Statement (US$ Thousands)
 |  | 2000 | 2001 | 2002 | 2003 | 2004 | 2005
 | Gas | 22092 | 32977.73924277139 | 48745.87584249612 | 50954.00375658411 | 52366.31436552821 | 62281.15811794402
 | Liquids | 14662 | 30062.85035899393 | 42819.45929806915 | 47318.44969160616 | 53277.1626648206 | 61970.11895037879
 | Other | 332 | 522.0522 | 522.0522 | 522.0522 | 522.0522 | 522.0522
 | Total Revenues | 37086 | 63562.64180176533 | 92087.38734056527 | 98794.50564819027 | 106165.5292303488 | 124773.3292683228
 | Operating & Administrative | -28312 | -28781 | -29333.088 | -28888.01553996 | -28442.90030252731 | -27478.4614387133
 | Transaction Tax/SireseFee | -1633 | -2952.904919000096 | -4258.532394012001 | -4565.957338061044 | -4903.710750303329 | -5754.29457584112
 | Other Expenses Regulated | -3533 | -600 | -600 | -600 | -600 | -600
 | Total Expenses | -33478 | -32333.9049190001 | -34191.620394012 | -34053.97287802104 | -33946.61105283065 | -33832.75601455442
 | Depreciacion & Amortization | -19734 | -22522.04578705491 | -23769.71136419777 | -26108.70572268965 | -29168.57305217361 | -26017.0161703173
 | OPERATIONAL INCOME | -16126 | 8706.691095710325 | 34126.0555823555 | 38631.82704747959 | 43050.34512534457 | 64923.55708345112
 | Interest Expense (***) | -9418 | -13115.58285247605 | -16862.80134501425 | -19636.66665449439 | -23289.89808987216 | -24873.40919157834
 | INCOME/(LOSS) BEFORE DEFERRED | -25544 | -4408.891756765723 | 17263.25423734126 | 18995.1603929852 | 19760.44703547241 | 40050.14789187277
 | Deferred Revenue/(20Yr Amort) | 26723 | 8577.808989660036 | -8057.641783444096 | -7642.095135322663 | -7353.161514151438 | -7926.50969065503
 | NET INCOME REGULATED BEF. TX. | 1179 | 4168.917232894313 | 9205.612453897162 | 11353.06525766254 | 12407.28552132097 | 32123.63820121774
 | Income Tax - Regulated Income |  | -1042.229308223578 | -2301.40311347429 | -2838.266314415634 | -3101.821380330243 | -8030.909550304435
 | NET INCOME REGULATED AFTER TX. | 1179 | 3126.687924670735 | 6904.209340422871 | 8514.798943246902 | 9305.46414099073 | 24092.7286509133
 | SubNIAT from Equity Inv. Co | -2442 | -4709.680787558794 | 1712.901999727133 | 2625.745108039288 | 5142.058284615796 | 19029.20690955588
 | SubDebt Interest from Equity Inv. Co | 9266 | 6744.208552694101 | 6999.318771652592 | 7278.456889900495 | 7297.637122349299 | 7278.456889900495
 | Income From Services to Other Co |  | 1519.68 | 1635.130179 | 1674.7003293318 | 1715.228077301629 | 1757.836967645255
 | Interest Income on Bank Balance | 885 | 1276.196207484553 | 1137.953309859325 | 1523.649213158807 | 2179.851777819878 | 2918.563279860091
 | Interest on Def.Acc & Capex Add (at 7%) | 14729 | 7062.248000000001 | 0 | 0 | 0 | 0
 | Currency Gain/(Loss) | 3451
 | Other Income/(Expense) Not Regulated | 4773 | 0 | 0 | 0 | 0 | 0
 | Other Expenses | -56898.644 | -1410 | -2536.862 | -1464.3740604 | -1492.55191266168 | -1522.512039821019
 | NET INCOME-NOT REGULATED BEF TX | -26236.644 | 10482.65197261986 | 8948.442260239051 | 11638.17748003039 | 14842.22334942492 | 29461.5520071407
 | Income Tax - Income Not Regulated |  | -1792.982 | 225.4329552499998 | -52.58156723294996 | -55.6690411599875 | -58.83123195605913
 | NET INCOME-NOT REGULATED AFT TX | -18630.644 | 8689.669972619862 | 9173.875215489052 | 11585.59591279744 | 14786.55430826493 | 29402.72077518464
 | NET INCOME BEFORE TAX | -25057.644 | 14651.56920551418 | 18154.05471413621 | 22991.24273769293 | 27249.5088707459 | 61585.19020835844
 | Income Tax | 7606 | -2835.211308223579 | -2075.970158224291 | -2890.847881648584 | -3157.490421490231 | -8089.740782260495
 | NET INCOME AFTER TAX | -17451.644 | 11816.3578972906 | 16078.08455591192 | 20100.39485604434 | 24092.01844925567 | 53495.44942609795
 | [NAME] of Year | 84241 | 70847 | 76298.42385958512 | 69062.32140390978 | 68991.8934678293 | 65108.78650432339
 | Transfer to Legal Reserve | 4810 | -590.8178948645299 | -803.9042277955961 | -1005.019742802217 | -1204.600922462783 | -2674.772471304897
 | Dividends Paid | 0 | -5774.116142840936 | -22510.28278379166 | -19165.8030493226 | -26770.52449029881 | -51423.89479058269