2015 2016 2017 2018

INGRESOS 103,901,217 145,738,359 156,137,621 162,864,210

COSTOS DE SERVICIO - 52,138,819 - 75,492,662 - 97,569,702 - 101,145,621
UTILIDAD BRUTA 51,762,398 70,245,697 58,567,919 61,718,589
G.ADMINISTRACIÓN - 21,356,266 - 22,820,820 - 23,237,024 - 25,473,246
G.VENTAS - 8,033,786 - 8,394,098 - 8,121,421 - 8,245,992
OTROS INGRESOS 3,475,870 1,661,047 804,040 3,436,429
OTROS GASTOS - 3,229,511 - 991,477 - 727,116 - 1,859,695
UTILIDAD OPERATIVA 22,618,705 39,700,349 27,286,398 29,576,085
GASTOS FINANCIEROS - 1,480,490 - 9,637,794 - 9,497,661 - 9,190,986
INGRESOS FINANCIEROS 14,024 72,682 133,797 309,502
DIFERENCIA EN CAMBIO NETA - 212,134 - 440,542 - 452,257 - 69,694
UTILIDAD ANTES DE IR 20,940,105 29,694,695 17,470,277 20,624,907
IR - 7,197,834 - 9,326,234 - 5,108,327 - 8,451,362
UTILIDAD NETA 13,742,271 20,368,461 12,361,950 12,173,545
 2015 2016 2017 2018 PROMEDIO
100.0% 100.0% 100.0% 100.0%
-50.2% -51.8% -62.5% -62.1%
49.8% 48.2% 37.5% 37.9%
-20.6% -15.7% -14.9% -15.6%
-7.7% -5.8% -5.2% -5.1%
3.3% 1.1% 0.5% 2.1%
-3.1% -0.7% -0.5% -1.1%
21.8% 27.2% 17.5% 18.2% 21.2%
-1.4% -6.6% -6.1% -5.6%
0.0% 0.0% 0.1% 0.2%
-0.2% -0.3% -0.3% 0.0%
20.2% 20.4% 11.2% 12.7%
-6.9% -6.4% -3.3% -5.2%
13.2% 14.0% 7.9% 7.5%

IMPUESTO RENTA
-34.4% -31.4% -29.2% -41.0% -34.0%
 2015 2016
EFECTIVO 3,303,667 18,503,841
FONDOS RESTRINGIDOS 11,295,983 25,189,575
CUENTAS POR COBRAR COMERCIALES 6,310,224 7,357,586
CUENTAS POR COBRAR A PARTES RELACIONADAS 20,960,498 21,714,230
OTRAS CUENTAS POR COBRAR 4,238,431 7,023,115
SUMINISTROS 7,378,011 7,008,743
GASTOS PAGADOS POR ANTICIPADO 1,765,754 1,604,065
TOTAL ACTIVOS CORRIENTES 55,252,568 88,401,155

INVERSIONES
OTRAS CUENTAS POR COBRAR 22,376 50,784
INSTALACIONES, MAQUINARIA Y UNIDADES DE TRANSPORTE 55,496,472 147,672,757
ACTIVOS INTANGIBLES 299,973 450,452
TOTAL ACTIVOS NO CORRIENTES 55,818,821 148,173,993

TOTAL ACTIVOS 111,071,389 236,575,148

OBLIGACIONES FINANCIERAS 13,769,508 20,637,633

CUENTAS POR PAGAR COMERCIALES 13,031,642 11,193,709
ANTICIPOS DE CLIENTES 4,292,213 3,990,271
CUENTAS POR PAGAR A PARTES RELACIONADAS 2,561,510 73,882
OTRAS CUENTAS POR PAGAR 4,838,600 7,606,590
TOTAL PASIVO CORRIENTE 38,493,473 43,502,085

OBLIGACIONES FINANCIERAS 31,681,635 138,756,029

PASIVO POR IR DIFERIDO 2,661,754 3,362,126
TOTAL PASIVO NO CORRIENTE 34,343,389 142,118,155

TOTAL PASIVO 72,836,862 185,620,240

CAPITAL EMITIDO 16,933,556 16,933,556

OTRAS RESERVAS DE CAPITAL 2,335,995 3,252,090
RESULTADOS ACUMULADOS 18,964,976 30,769,262
TOTAL PATRIMONIO 38,234,527 50,954,908

TOTAL PASIVO Y PATRIMONIO 111,071,389 236,575,148

- -
 2017 2018
25,550,833 21,900,160
16,474,726 13,233,265
8,845,617 8,385,422
18,699,700 17,289,084
2,598,254 2,340,905
6,421,120 6,959,616
399,853 616,143
78,990,103 70,724,595

132 -
47,967 37,000
171,248,414 158,032,026
2,314,190 3,970,287
173,610,703 162,039,313

252,600,806 232,763,908

23,618,051 18,691,952
13,085,562 5,453,838
5,738,374 7,029,343
4,252,074 2,683,501
9,762,338 10,453,859
56,456,399 44,312,493

129,784,603 118,064,203
3,772,232 4,206,095
133,556,835 122,270,298

190,013,234 166,582,791

16,933,556 16,933,556
3,252,090 3,252,090
42,401,926 45,995,471
62,587,572 66,181,117

252,600,806 232,763,908

- -
 N° ACCIONES CAPITAL
SALDO AL 31 DICIEMBRE 2014 50,000,000 16,933,556
UTILIDAD NETA 2014
DISTRIBUCIÓN DE DIVIDENDOS 2014
SALDO AL 31 DICIEMBRE 2015 50,000,000 16,933,556
UTILIDAD NETA 2015
DISTRIBUCIÓN DE DIVIDENDOS 2015
SALDO AL 31 DICIEMBRE 2016 50,000,000 16,933,556
UTILIDAD NETA 2016
DISTRIBUCIÓN DE DIVIDENDOS 2016
SALDOS AL 31 DICIEMBRE 2017 50,000,000 16,933,556
UTILIDAD NETA 2017
DISTRIBUCIÓN DE DIVIDENDOS 2017
SALDO AL 31 DICIEMBRE 2018 50,000,000 16,933,556
OTRAS RESERVAS DE CAPITAL RESULTADOS ACUMULADOS TOTAL PATRIMONIO
2,335,995 12,924,843 32,194,394
13,742,271 13,742,271
- 7,702,138 - 7,702,138
2,335,995 18,964,976 38,234,527
20,368,461 20,368,461
- 8,564,175 - 8,564,175
3,252,090 30,769,262 50,954,908
12,361,950 12,361,950
- 8,880,000 - 8,880,000
3,252,090 42,401,926 62,587,572
12,173,545 12,173,545
- 8,580,000 - 8,580,000
3,252,090 45,995,471 66,181,117
 2015 2016

UTILIDAD NETA 13,742,271 20,368,461

DEPRECIACIÓN Y AMORTIZACIÓN 2,637,633 11,625,790

GANANCIA ENAJENACIÓN ACTIVO FIJO 2,224,233 176,425
GASTO POR INTERESES
IR DIFERIDO 1,377,195 700,372
DESVALORIZAICÓN DE SUMINISTRO 499,559 75,909

CUENTAS POR COBRAR COMERCIALES - 3,342,428 - 1,043,630

OTRAS CUENTAS POR COBRAR - 2,063,793 - 2,924,948
CUENTAS POR COBRAR PARTES RELACIOANDAS
SUMINISTROS 1,455,074 442,583
GASTOS PAGADOS POR ANTICIPADO - 2,088,532 161,689
CUENTAS POR PAGAR A PARTES RELACIONADAS 3,222,752 - 2,487,628
ANTICIPOS A CLIENTES
CUENTAS POR PAGAR COMERCIALES 1,186,591 - 1,837,933
OTRAS CUENTAS POR PAGAR 676,258 2,466,048
PAGO POR IR CORRIENTE
FLUJO DE EFECTIVO OPERACIONAL 19,526,813 27,723,138

PRESTAMOS OTORGADOS RELACIONADAS

PRESTAMOS COBRADOS RELACIONADAS - 2,108,311 - 753,732
PAGO POR COMPRA ACTIVO FIJO - 22,211,232 - 104,064,238
PAGO POR COMPRA INTANGIBLE - 14,359 - 110,976
COBRO POR VENTA DE ACTIVO FIJO 110,169 5,135
PAGO POR COMPRA ACCIONES
FLUJO DE EFECTIVO INVERSIONES - 24,223,733 - 104,923,811

PAGO DIVIDENDOS - 6,623,829 - 7,648,080

PAGO INTERESES
PRESTAMOS RECIBIDO POR ENTIDADES FINANCIERAS 72,289,261 165,481,344
PRESTAMOS PAGADOS A ENTIDADES FINANCIERAS - 54,687,017 - 51,538,825
FLUJO DE EFECTIVO FINANCIERO 10,978,415 106,294,439

DISMINUCIÓN NETA DE EFECTIVO 6,281,495 29,093,766

SALDO INICIAL 8,318,155 14,599,650
SALDO FINAL 14,599,650 43,693,416

3,303,667 18,503,841
11,295,983 25,189,575
14,599,650 43,693,416
 2017 2018

12,361,950 12,173,545 DEPRECIACIÓN Y AMORTIZACIÓN

2015 2016
21,720,765 20,611,667 2,637,633 11,625,790
3,157 - 110,268
8,282,287 7,627,183
- 2,919,863 433,863
106,697 31,158

- 1,488,031 460,195
4,427,678 8,878,708
- 368,460
- 469,074 - 328,508
1,204,211 - 216,290
6,418,851 - 1,568,573
1,748,103 1,290,969
- 1,423,298 - 7,631,724
3,694,678 - 132,829
- 651,226 - 8,599,014
53,016,885 32,551,622

- 44,334,352 - 42,417,789
49,348,882 59,996,865
- 20,580,801 - 19,346,742
- 1,895,327 - 1,468,706
- 638,700
- 132 -
- 17,461,730 - 2,597,672

- 8,880,000 - 8,580,000
- 6,950,548 - 6,802,833
469,445 3,432,143
- 21,861,909 - 24,895,394
- 37,223,012 - 36,846,084

- 1,667,857 - 6,892,134
43,693,416 42,025,559
42,025,559 35,133,425

25,550,833 21,900,160
16,474,726 13,233,265
42,025,559 35,133,425
ECIACIÓN Y AMORTIZACIÓN
2017 2018
21,720,765 20,611,672
 RATIOS DE LIQUIDEZ
2015 2016
ACTIVO CORRIENTE/PASIVO CORRIENTE 1.44 2.03

EFECTIVO + FONDOS RESTRINGIDOS/PASIVO CORRIENTE 0.38 1.00

CAPITA DE TRABAJO 16,759,095 44,899,070

RATIOS DE APALANCAMIENTO
2015 2016
PASIVO/ACTIVO 65.58% 78.46%

PASIVO/PATRIMONIO 191% 364%

RATIOS DE GESTION
2015 2016
PERIODO COBRO DIAS 95.8 72.8

PERIODO PAGO DIAS 109.2 54.5

RATIOS DE RENTABILIDAD
2015 2016
ROE 35.9% 40.0%

ROA 20.4% 16.8%

ATIOS DE LIQUIDEZ
2017 2018
1.40 1.60

0.74 0.79

22,533,704 26,412,102

S DE APALANCAMIENTO
2017 2018
75.22% 71.57%

304% 252%

RATIOS DE GESTION
2017 2018
64.4 57.5

64.9 29.4

IOS DE RENTABILIDAD
2017 2018
19.8% 18.4%

10.8% 12.7%
 2015 2016
SERVICIO TURISTICO PASAJERO SUR ORIENTE (CUZCO - MAPI) 77,934,192 79,537,085
SERIVIO TURISTICO PASAJERO SUR (CUZCO - PUNO - AREQUIPA) 3,713,376 3,708,960
SERVICIO TREN LOCAL (CUZCO -HIDROELECTRICA) 4,819,740 5,058,871
86,467,308 88,304,916
2.1%

SERVICIO DE TRANSPORTE DE CARGA MINERA (CERRO VERDE - LAS

BAMBAS) 11,624,718 51,337,060
SERVICIO DE CARGA COMERCIAL 5,452,713 5,770,217
17,077,431 57,107,277
234.4%

EQUIPAJE ECOMIENDAS 356,478 326,166

-8.5%
0.4% 0.4%

TOTAL INGRESOS 103,901,217 145,738,359

40.3%
 2017 2018 2015 2016 2017 2018 PROMEDIO 2015
82,060,710 85,677,296 90.1% 90.1% 92.2% 88.6% 90.2%
3,986,746 7,300,324 4.3% 4.2% 4.5% 7.5% 5.1%
2,992,160 3,750,147 5.6% 5.7% 3.4% 3.9% 4.6%
89,039,616 96,727,767 83.2%
0.8% 8.6%

63,093,468 61,268,444 68.1% 89.9% 95.3% 94.0% 86.8%

3,081,635 3,905,255 31.9% 10.1% 4.7% 6.0% 13.2%
66,175,103 65,173,699 16.4%
15.9% -1.5%

922,902 962,744 0.3%

183.0% 4.3%
1.0% 1.0%

156,137,621 162,864,210
7.1% 4.3%
2016 2017 2018 PROMEDIO

60.6% 57.0% 59.4% 65.1%

39.2% 42.4% 40.0% 34.5%

0.2% 0.6% 0.6% 0.4%

 2015
I. SERVICIO TURISTICO PASAJERO Y TREN LOCAL 86,467,308

PESO POR SERVI

VOYAGER EXPEDITION 40.0%
360 VISTADOME 42.4%
FIRST CLASS HIRAM BINGHAM 12.0%
BELMOND ANDEAN EXPLORER
LOCAL 5.6%
100.0%

TARIFA
EXPEDITION 47
VISTADOME 64
HIRAM BINGHAM 338
BELMOND ANDEAN EXPLORER 2,309
LOCAL 3

2015
II.SERVICIO DE CARGA 17,077,431

SERVICIO DE TRANSPORTE DE CARGA MINERA (CERRO VERDE - LAS

BAMBAS- PETRO PERÚ - REPSOL) 11,624,718
SERVICIO DE CARGA COMERCIAL 5,452,713

TONELADAS 1,144,561

TARIFA POR TONELADA 14.92

17,076,850

2015
III.EQUIPAJE ECOMIENDAS 356,478
PARTICIPACIÓN DE TRANSPORTE TURISTA 0.4%

I+II+III INGRESOS TOTALES

2019
158,071,599
 2016 2017 2018
88,304,916 89,039,616 96,727,767 PROMEDIO INGRESOS POR SERVICIO

PESO POR SERVICIO

40.0% 41.0% 40.0% 40% 38,691,107
44.3% 42.6% 41.1% 43% 39,777,348
10.0% 10.0% 10.0% 11% 9,672,777
3.0% 5.0% 4% 4,836,388
5.7% 3.4% 3.9% 5% 3,750,147
100.0% 100.0% 100.0%

VAGONES ASIENTOS DIAS FRECUENCIA CAPACIDAD INSTALADA

32 52 365 2 1,214,720
43 51 365 1 800,445
2 40 365 2 58,400
4 28 55 1 6,160
38 55 365 2 1,525,700
3,605,425

2016 2017 2018

57,107,277 66,175,103 65,173,699 PROMEDIO 2019

51,337,060 63,093,468 61,268,444

5,770,217 3,081,635 3,905,255

3,000,618 3,572,966 3,481,814

162.2% 19.1% -2.6% 59.6% -7.0%
19.03 18.52 18.72 17.80
57,101,761 66,171,330 65,169,113

2016 2017 2018 PROMEDIO

326,166 922,902 962,744
 0.4% 1.0% 1.0% 0.7%

INGRESOS TOTALES
2020 2021 2022 2023 2024
159,481,446 165,017,162 170,274,050 176,386,141 182,757,529
 SUPUESTO
TARIFA PASAJEROS 2018 2019 2020 2021

47 823,215 3.5% 3.5% 3.5%

64 621,521 2.5% 2.5% 2.5%
338 28,618 3.5% 3.5% 3.5%
2,309 2,095 6.0% 6.0% 7.0%
3 1,250,049 1.0% 1.0% 1.0%
2,725,497 3.3% 3.3% 3.5%

USO DE CAPACIDAD
67.8%
77.6%
49.0%
34.0%
81.9%
75.6%

SUPUESTO CRECIMIENTO TONELADAS

2020 2021 2022 2023 2024 2025

-3.0% 4.0% 4.0% 5.0% 5.0% 5.5%

INGRESOS EQUIPAJES ENCOMIENDAS

2019 2020 2021 2022 2023 2024
 701,552.84 723,474.89 746,522.17 766,997.28 788,573.08 810,904.24

2025 2026 2027 2028

189,807,203 197,189,526 205,009,704 213,216,935
 SUPUESTO CRECIMIENTO PASAJEROS
2022 2023 2024 2025 2026 2027 2028

3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%

2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
7.0% 8.0% 8.0% 9.0% 9.0% 10.0% 10.0%
1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
3.2% 3.4% 3.4% 3.6% 3.6% 3.8% 3.8%

2026 2027 2028 2019 2020 2021

5.5% 5.5% 5.5% 3,238,087 3,140,944 3,266,582

DAS
2025 2026 2027 2028
834,536.55 859,083.92 885,203.69 912,459.31
 PASAJEROS
2019 2020 2021 2022 2023 2024

852,028 881,849 912,713 940,095 968,297 997,346

637,059 652,986 669,310 682,696 696,350 710,277
29,619 30,656 31,729 32,681 33,661 34,671
2,220 2,353 2,518 2,694 2,910 3,143
1,262,549 1,275,175 1,287,927 1,300,806 1,313,814 1,326,952
2,783,476 2,843,019 2,904,197 2,958,972 3,015,033 3,072,390

TONELADAS
2022 2023 2024 2025 2026 2027 2028

3,397,245 3,567,108 3,745,463 3,951,464 4,168,794 4,398,078 4,639,972

ROS
2025 2026 2027 2028 2019

1,027,267 1,058,085 1,089,827 1,122,522 40,045,296

724,483 738,973 753,752 768,827 40,771,782
35,711 36,783 37,886 39,023 10,011,324
3,426 3,734 4,107 4,518 5,126,572
1,340,222 1,353,624 1,367,160 1,380,832 3,787,648
3,131,108 3,191,198 3,252,733 3,315,722 99,742,621

2019

EXP 40.1%
VIS 40.9%
HBI 10.0%
AEP 5.1%
LOCAL 3.8%
100.0%

INGRESOS = (TARIFA * TONELADA)

2019 2020 2021 2022 2023

57,627,425 55,898,602 58,134,547 60,459,928 63,482,925

 INGRESO = (TARIFA* PASAJEROS)
2020 2021 2022 2023 2024 2025

41,446,881 42,897,522 44,184,447 45,509,981 46,875,280 48,281,539

41,791,076 42,835,853 43,692,570 44,566,422 45,457,750 46,366,905
10,361,720 10,724,380 11,046,112 11,377,495 11,718,820 12,070,385
5,434,166 5,814,558 6,221,577 6,719,303 7,256,847 7,909,963
3,825,525 3,863,780 3,902,418 3,941,442 3,980,857 4,020,665
102,859,368 106,136,093 109,047,124 112,114,643 115,289,554 118,649,457

PESO EN EL INGRESO
2020 2021 2022 2023 2024 2025

40.3% 40.4% 40.5% 40.6% 40.7% 40.7%

40.6% 40.4% 40.1% 39.8% 39.4% 39.1%
10.1% 10.1% 10.1% 10.1% 10.2% 10.2%
5.3% 5.5% 5.7% 6.0% 6.3% 6.7%
3.7% 3.6% 3.6% 3.5% 3.5% 3.4%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

ESOS = (TARIFA * TONELADA)

2024 2025 2026 2027 2028

66,657,071 70,323,210 74,190,986 78,271,491 82,576,423

 2026 2027 2028

49,729,985 51,221,884 52,758,541

47,294,243 48,240,128 49,204,931
12,432,496 12,805,471 13,189,635
8,621,860 9,484,046 10,432,450
4,060,872 4,101,481 4,142,495
122,139,456 125,853,010 129,728,053

2026 2027 2028

40.7% 40.7% 40.7%

38.7% 38.3% 37.9%
10.2% 10.2% 10.2%
7.1% 7.5% 8.0%
3.3% 3.3% 3.2%
100.0% 100.0% 100.0%
 2015
INGRESOS 103,901,217

2015
DERECHO DE ACCESO VIA FERREA A PARTE RELACIONADA (CARGA Y PASAJEROS) 16,322,369
CONBUSTIBLE Y MANTENIMIENTO 10,771,879
GASTO PERSONAL 8,324,584
DEPRECIACIÓN Y AMORTIZACIÓN 2,265,042
SERVICIO CATERING 8,616,967
OTROS COSTOS 4,105,674
SERVICIO CAMIONES TRANSPORTE CERRO VERDE 1,215,407
ALQUILER DE VAGONES, COCHES Y LOCOMOTORAS A PARTE RELACIONADA 516,897
52,138,819
 2016 2017 2018
145,738,359 156,137,621 162,864,210

2016 2017 2018 2015 2016

21,815,370 25,690,052 28,361,678 15.7% 15.0%
12,688,655 15,595,695 18,278,984 10.4% 8.7%
12,507,590 14,514,193 14,774,257 8.0% 8.6%
10,631,087 20,602,273 19,555,134 2.2% 7.3%
8,269,259 9,831,232 10,517,392 8.3% 5.7%
4,762,721 7,551,126 6,686,473 4.0% 3.3%
4,315,339 3,268,274 2,456,309 1.2% 3.0%
502,641 516,857 515,394 0.5% 0.3%
75,492,662 97,569,702 101,145,621
44.8% 29.2% 3.7%
 2017 2018 PROMEDIO 2015 2016 2017 2018
16.5% 17.4% 16.1%
10.0% 11.2% 10.1%
9.3% 9.1% 8.7%
13.2% 12.0% 8.7%
6.3% 6.5% 6.7%
4.8% 4.1% 4.0%
2.1% 1.5% 1.9%
0.3% 0.3% 0.4%
50.2% 51.8% 62.5% 62.1%
PROMEDIO 2015 2016 2017 2018 PROMEDIO
31.3% 28.9% 26.3% 28.0% 28.6%
20.7% 16.8% 16.0% 18.1% 17.9%
16.0% 16.6% 14.9% 14.6% 15.5%
4.3% 14.1% 21.1% 19.3% 14.7%
16.5% 11.0% 10.1% 10.4% 12.0%
7.9% 6.3% 7.7% 6.6% 7.1%
2.3% 5.7% 3.3% 2.4% 3.5%
1.0% 0.7% 0.5% 0.5% 0.7%
56.6%
 2015 2016 2017
INGRESOS 103,901,217 145,738,359 156,137,621

2015 2016 2017

SERVICIOS GERENCIALES (FEE BELMOND) 9,614,320 12,037,214 12,882,022
GASTOS PERSONAL 1,377,908 3,200,978 3,609,857
SERVICIOS DE TERCEROS 3,686,581 2,625,995 3,564,019
OTROS GASTOS ADMINISTRATIVOS 6,315,955 3,984,552 2,081,594
DEPRECIACIÓN Y AMORTIZACIÓN 361,502 972,081 1,099,532
21,356,266 22,820,820 23,237,024
6.9% 1.8%
 2018
162,864,210

2018 2015 2016 2017 2018 PROMEDIO

13,212,226 9.3% 8.3% 8.3% 8.1% 8.5%
5,169,673 1.3% 2.2% 2.3% 3.2% 2.3%
3,996,952 3.5% 1.8% 2.3% 2.5% 2.5%
2,055,767 6.1% 2.7% 1.3% 1.3% 2.9%
1,038,628 0.3% 0.7% 0.7% 0.6% 0.6%
25,473,246
9.6%
2015 2016 2017 2018

20.6% 15.7% 14.9% 15.6%

 2015 2016 2017
INGRESOS 103,901,217 145,738,359 156,137,621

2015 2016 2017

SERVICIOS DE PUBLICIDAD 2,578,482 2,613,553 1,886,108
CARGAS DE PERSONAL 2,212,996 1,633,424 1,496,059
SUMINISTROS Y SERVICIOS DE LIMPIEZA 855,256 1,065,969 1,035,412
ALQUILER DE EDIFICIOS Y BIENES DIVERSOS 357,809 463,726 564,183
SERVICIOS DE GERENCIAMIENTO 179,160 410,398 481,783
HONORARIOS DIVERSOS 427,008 544,470 474,620
GASTOS DE TELECOMUNICACIONES 344,106 315,705 333,955
DEPRECIACIÓN 11,089 22,622 18,960
OTROS GASTOS DE VENTAS 1,067,880 1,324,231 1,830,341
8,033,786 8,394,098 8,121,421
 2018
162,864,210

2018
2,105,355
1,688,701
1,081,196
636,229
517,544
477,192
380,597
17,910
1,341,268
8,245,992
EBIT (% INGRESOS) 18.2% 21.2%
2018 2019
INGRESOS 162,864,210 158,071,599
EBIT 29,576,085 33,450,361
TAX RATE 41.0% 34.0%
EBIT (1-t) 17,456,845 22,077,481

INVERSION NETA (CAPEX - DEPRECIACIÓN) - 203,781 246,654

VAR WK - 5,844,433 - 5,625,849

FCFF 11,408,631 16,698,286

46%

VALOR PRESENTE FCFF

WACC 8.5%
VALOR PRESENTE FCFF 153,083,413

VALOR TERMINAL EN EL AÑO 10

WACC VALOR TERMINAL 7.4%
g 4.67%
VALOR TERMINAL EN EL AÑO 10 1,081,846,616

VALOR PATRIMONIAL
VALOR PRESENTE FCFF 153,083,413 24.2%
VALOR PRESENTE VALOR TERMINAL 479,632,819 75.8%
VALOR PRESENTE TOTAL 632,716,232
EFECTIVO 21,900,160
FONDOS RESTRINGIDOS 13,233,265
DEUDA - 136,756,155
VALOR PATRIMONIAL 531,093,502

VALOR POR ACCIÓN

N° ACCIONES 50,000,000
VALOR POR ACCIÓN US$ 10.62
 21.2% 21.2% 21.2% 21.2% 21.2% 21.2%
2020 2021 2022 2023 2024 2025
159,481,446 165,017,162 170,274,050 176,386,141 182,757,529 189,807,203
33,748,706 34,920,148 36,032,585 37,325,997 38,674,280 40,166,098
34.0% 34.0% 34.0% 34.0% 34.0% 34.0%
22,274,391 23,047,551 23,781,768 24,635,429 25,525,305 26,509,916

- 72,558 - 284,899 - 270,549 - 314,562 - 327,907 - 362,815

- 139,106 - 546,193 - 518,682 - 603,063 - 628,647 - 695,571

22,062,727 22,216,459 22,992,537 23,717,804 24,568,751 25,451,530

32% 1% 3% 3% 4% 4%
 21.2% 21.2% 21.2%
2026 2027 2028
197,189,526 205,009,704 213,216,935
41,728,310 43,383,179 45,119,954
34.0% 34.0% 34.0%
27,540,988 28,633,213 29,779,497

- 379,935 - 402,470 - 422,389

- 728,393 - 771,595 - 809,784

26,432,660 27,459,149 28,547,324

4% 4% 4%
 2015 2016 2017
CAPEX 22,225,591 104,175,214 22,476,128

INGRESOS 103,901,217 145,738,359 156,137,621

VAR INGRESOS 41,837,142 10,399,262
CAPEX/VAR INGRESO 2.49 2.16

DEPRECIACIÓN Y AMORTIZACIÓN 2,637,633 11,625,790 21,720,765

DEPRECIACIÓN /VAR INGRESO 0.28 2.09

+ DEPRECCIACIÓN - CAPEX - 2.21 - 0.07

INVERSION NETA - 19,587,958 - 92,549,424 - 755,363

INVERSION NETA/VAR INGRESO - 2.21 - 0.07
 2018
20,815,448 PROMEDIO

162,864,210
6,726,589
3.09 2.63

20,611,667
3.06 2.58

- 0.03 - 0.05

- 203,781
- 0.03 - 0.05
 ACTIVOS CORRIENTES (MENOS EFECTIVO - FONDOS RESTRINGIDOS)
PASIVOS CORRIENTE (MENOS DEUDAS)
CAPITAL DE TRABAJO

VAR WK

ACTIVO CTE. COMO DIAS DE VENTA

PASIVO CTE. COMO DIAS DE EGRESOS

INGRESOS

CS CONBUSTIBLE Y MANTENIMIENTO
CS SERVICIO CATERING
CS OTROS COSTOS
CS SERVICIO CAMIONES TRANSPORTE CERRO VERDE
CS ALQUILER DE VAGONES, COCHES Y LOCOMOTORAS A PARTE RELACIONADA
CS DERECHO DE ACCESO VIA FERREA A PARTE RELACIONADA (CARGA Y PASAJEROS)
ADM SERVICIOS DE TERCEROS
ADM OTROS GASTOS ADMINISTRATIVOS
MKT SERVICIOS DE PUBLICIDAD
MKT SUMINISTROS Y SERVICIOS DE LIMPIEZA
MKT HONORARIOS DIVERSOS
MKT GASTOS DE TELECOMUNICACIONES
MKT OTROS GASTOS DE VENTAS
TOTAL EGRESOS QUE OTORGAN CREDITO
 2015 2016 2017 2018 PROMEDIO
40,652,918 44,707,739 36,964,544 35,591,170
24,723,965 22,864,452 32,838,348 25,620,541
15,928,953 21,843,287 4,126,196 9,970,629

5,914,334 - 17,717,091 5,844,433

143 112 86 80 105

159 129 163 120 142

103,901,217 145,738,359 156,137,621 162,864,210

2015 2016 2017 2018

10,771,879 12,688,655 15,595,695 18,278,984
8,616,967 8,269,259 9,831,232 10,517,392
4,105,674 4,762,721 7,551,126 6,686,473
1,215,407 4,315,339 3,268,274 2,456,309
516,897 502,641 516,857 515,394
16,322,369 21,815,370 25,690,052 28,361,678
3,686,581 2,625,995 3,564,019 3,996,952
6,315,955 3,984,552 2,081,594 2,055,767
2,578,482 2,613,553 1,886,108 2,105,355
855,256 1,065,969 1,035,412 1,081,196
427,008 544,470 474,620 477,192
344,106 315,705 333,955 380,597
1,067,880 1,324,231 1,830,341 1,341,268
56,824,461 64,828,460 73,659,285 78,254,557

54.7% 44.5% 47.2% 48.0% 48.6%

 2019 2020 2021 2022 2023 2024
45,576,324 45,982,821 47,578,918 49,094,621 50,856,903 52,693,947
29,979,846 30,247,237 31,297,141 32,294,162 33,453,380 34,661,778
15,596,478 15,735,584 16,281,777 16,800,459 17,403,522 18,032,169

5,625,849 139,106 546,193 518,682 603,063 628,647

 2025 2026 2027 2028
54,726,559 56,855,082 59,109,851 61,476,218
35,998,818 37,398,949 38,882,123 40,438,706
18,727,740 19,456,133 20,227,728 21,037,512

695,571 728,393 771,595 809,784

DEUDA FINANCIERA (CPLZ-LPLZ) 136,756,155
PATRIMONIO 66,181,117
D/E 207%
TAX RATE 41.0%
BETA TOTAL DESAPALANCADO 1.3
BETA TOTAL APALANCADO 2.9

KE US$ NOMINAL
TASA LIBRE DE RIESGO 2.69%
BETA TOTAL APALANCADO 2.9
PRIMA POR RIESGO 4.66%
RIESGO PAIS 1.65%
KE 17.79%

WACC
DEUDA/DEUDA+CAPITAL 67.4%
CAPITAL/DEUDA+CAPITAL 32.6%
TAX RATE 41.0%
KD 6.7%
KE 18%
WACC 8.5%

KE US$ NOMINAL VALOR TERMINAL

TASA LIBRE DE RIESGO 2.7%
BETA TOTAL APALANCADO VALOR TERMINAL 2.2
PRIMA POR RIESGO 4.7%
RIESGO PAIS 1.6%
KE VALOR TERMINAL 14.6%

WACC VALOR TERMINAL

DEUDA/DEUDA+CAPITAL 67.4%
CAPITAL/DEUDA+CAPITAL 32.6%
TAX RATE 41.0%
KD 6.7%
KE VALOR TERMINAL 14.6%
WACC VALOR TERMINAL 7.4%
 2015 2016 2017 2018
GASTOS FINANCIEROS 1,480,490 9,637,794 9,497,661 9,190,986
DEUDA FINANCIERA (CPLZ-LPLZ) 45,451,143 159,393,662 153,402,654 136,756,155

KD MEDIO 3.3% 6.0% 6.2% 6.7%

Date updated: 5-Jan-19
Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data? Total Beta (beta for completely undiversified investor)
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each industry: http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/varia
Induistry Name Number of firms Average Unlevered Beta
Advertising 91 1.39
Aerospace/Defense 82 1.14
Air Transport 87 0.57
Apparel 898 0.72
Auto & Truck 81 1.28
Auto Parts 453 1.16
Bank (Money Center) 463 0.42
Banks (Regional) 82 0.35
Beverage (Alcoholic) 114 1.05
Beverage (Soft) 35 0.53
Broadcasting 59 0.78
Brokerage & Investment Banking 392 0.51
Building Materials 213 0.82
Business & Consumer Services 240 1.18
Cable TV 32 1.06
Chemical (Basic) 605 0.96
Chemical (Diversified) 35 0.86
Chemical (Specialty) 505 1.03
Coal & Related Energy 108 1.13
Computer Services 449 1.06
Computers/Peripherals 209 1.53
Construction Supplies 518 0.96
Diversified 229 0.47
Drugs (Biotechnology) 179 1.45
Drugs (Pharmaceutical) 626 1.14
Education 100 1.32
Electrical Equipment 574 1.06
Electronics (Consumer & Office) 92 1.15
Electronics (General) 812 1.49
Engineering/Construction 797 0.89
Entertainment 286 1.40
Environmental & Waste Services 117 1.06
Farming/Agriculture 284 0.63
Financial Svcs. (Non-bank & Insurance) 559 0.42
Food Processing 829 0.73
Food Wholesalers 82 0.67
Furn/Home Furnishings 218 1.11
Green & Renewable Energy 90 0.68
Healthcare Products 198 1.34
Healthcare Support Services 134 1.04
Heathcare Information and Technology 83 1.80
Homebuilding 34 0.76
Hospitals/Healthcare Facilities 107 0.78
Hotel/Gaming 396 0.82
Household Products 257 0.98
Information Services 70 1.19
Insurance (General) 140 0.47
Insurance (Life) 71 0.72
Insurance (Prop/Cas.) 138 0.44
Investments & Asset Management 334 0.21
Machinery 723 1.14
Metals & Mining 311 1.10
Office Equipment & Services 72 0.80
Oil/Gas (Integrated) 24 0.96
Oil/Gas (Production and Exploration) 133 1.32
Oil/Gas Distribution 84 0.86
Oilfield Svcs/Equip. 236 1.10
Packaging & Container 278 0.67
Paper/Forest Products 194 0.69
Power 360 0.52
Precious Metals 89 1.21
Publishing & Newspapers 170 1.14
R.E.I.T. 203 0.33
Real Estate (Development) 701 0.69
Real Estate (General/Diversified) 262 0.79
Real Estate (Operations & Services) 297 0.63
Recreation 133 0.82
Reinsurance 30 0.96
Restaurant/Dining 126 1.01
Retail (Automotive) 87 0.72
Retail (Building Supply) 23 1.14
Retail (Distributors) 575 0.62
Retail (General) 136 0.90
Retail (Grocery and Food) 64 0.73
Retail (Online) 60 1.46
Retail (Special Lines) 163 1.00
Rubber& Tires 74 0.70
Semiconductor 399 1.73
Semiconductor Equip 183 1.66
Shipbuilding & Marine 231 0.69
Shoe 60 0.91
Software (Entertainment) 40 1.78
Software (Internet) 30 0.85
Software (System & Application) 335 1.46
Steel 508 0.89
Telecom (Wireless) 60 0.76
Telecom. Equipment 296 1.45
Telecom. Services 128 0.81
Tobacco 27 0.83
Transportation 176 0.87
Transportation (Railroads) 11 1.30
Trucking 100 0.72
Utility (General) 10 0.41
Utility (Water) 66 0.82
Total Market 21855 0.84
Total Market (without financials) 19676 0.93
edu
d investor)

w_Home_Page/data.html
datasets/indname.xls
w_Home_Page/datafile/variable.htm
Average Levered Beta Average correlation with the market
1.40 15.47%
1.18 17.42%
0.99 21.61%
0.82 14.64%
1.47 21.64%
1.22 17.92%
0.67 19.84%
0.80 18.02%
1.01 19.94%
0.58 11.93%
0.86 16.65%
1.10 19.75%
0.96 16.75%
1.21 16.32%
1.07 17.63%
1.06 17.52%
1.01 18.44%
1.17 17.77%
1.30 18.46%
1.15 17.91%
1.52 24.05%
1.14 17.55%
0.82 18.92%
1.43 19.64%
1.17 18.79%
1.34 18.74%
1.27 18.97%
1.53 21.36%
1.49 22.46%
1.26 17.81%
1.43 17.75%
1.25 16.22%
0.84 14.47%
0.78 14.91%
0.82 14.48%
0.90 14.39%
1.06 18.40%
1.06 16.49%
1.34 20.87%
1.14 19.29%
1.78 21.23%
0.98 17.70%
0.85 14.85%
0.94 16.05%
0.99 15.12%
1.19 17.45%
0.52 12.83%
0.91 23.87%
0.47 14.64%
0.87 14.31%
1.24 18.77%
1.42 20.04%
0.84 14.78%
1.19 25.99%
1.62 17.90%
1.27 20.51%
1.40 17.76%
0.80 14.43%
0.97 15.25%
0.85 17.57%
1.44 14.72%
1.06 16.37%
0.44 15.67%
1.21 19.63%
1.09 20.32%
0.86 16.78%
0.98 17.24%
0.96 21.67%
1.10 16.44%
1.05 18.04%
1.24 15.39%
0.94 14.21%
1.13 21.16%
0.83 15.90%
1.33 18.88%
1.18 18.42%
0.87 19.79%
1.71 26.75%
1.84 28.04%
1.07 18.77%
0.98 16.94%
1.79 20.72%
0.88 16.72%
1.41 18.04%
1.21 16.85%
0.99 19.73%
1.45 20.28%
0.99 16.19%
0.82 13.98%
1.11 20.04%
1.45 27.11%
0.94 16.30%
1.12 22.64%
1.11 20.48%
1.11 18.02%
1.14 18.14%
Emerging Markets

Total Unlevered Beta Total Levered Beta

8.97 9.02
6.53 6.76
2.66 4.57
4.95 5.59
5.90 6.80
6.47 6.80
2.11 3.38
1.97 4.47
5.29 5.05
4.45 4.90
4.71 5.18
2.58 5.56
4.88 5.72
7.21 7.44
6.00 6.06
5.46 6.06
4.68 5.48
5.82 6.61
6.15 7.03
5.94 6.40
6.38 6.33
5.47 6.51
2.47 4.32
7.37 7.29
6.05 6.21
7.05 7.15
5.60 6.69
5.39 7.17
6.62 6.64
4.99 7.06
7.91 8.06
6.51 7.69
4.37 5.79
2.84 5.21
5.01 5.65
4.66 6.24
6.03 5.74
4.12 6.45
6.44 6.43
5.38 5.93
8.47 8.37
4.31 5.54
5.25 5.74
5.12 5.85
6.48 6.55
6.80 6.81
3.63 4.02
3.02 3.79
2.99 3.24
1.47 6.11
6.07 6.61
5.49 7.07
5.40 5.66
3.68 4.57
7.35 9.07
4.17 6.20
6.18 7.87
4.67 5.53
4.49 6.35
2.93 4.84
8.21 9.79
6.98 6.46
2.09 2.81
3.49 6.14
3.91 5.38
3.73 5.14
4.76 5.69
4.43 4.45
6.17 6.66
3.98 5.81
7.43 8.07
4.39 6.58
4.24 5.34
4.61 5.24
7.71 7.03
5.41 6.41
3.56 4.39
6.48 6.39
5.91 6.55
3.67 5.72
5.38 5.78
8.61 8.66
5.09 5.29
8.11 7.81
5.27 7.16
3.87 5.03
7.17 7.16
4.99 6.10
5.96 5.89
4.35 5.53
4.80 5.35
4.40 5.77
1.80 4.95
4.00 5.40
4.65 6.16
5.15 6.31
 https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextVie

Date 1 Mo 2 Mo 3 Mo 6 Mo 1 Yr 2 Yr
2/1/2018 1.29 N/A 1.44 1.61 1.83 1.92
3/1/2018 1.29 N/A 1.41 1.59 1.81 1.94
4/1/2018 1.28 N/A 1.41 1.6 1.82 1.96
5/1/2018 1.27 N/A 1.39 1.58 1.8 1.96
8/1/2018 1.3 N/A 1.45 1.6 1.79 1.96
9/1/2018 1.27 N/A 1.44 1.6 1.78 1.98
10/1/2018 1.31 N/A 1.42 1.59 1.78 1.98
11/1/2018 1.32 N/A 1.43 1.58 1.77 1.98
12/1/2018 1.31 N/A 1.43 1.59 1.78 1.99
01/16/18 1.33 N/A 1.45 1.63 1.79 2.03
01/17/18 1.31 N/A 1.44 1.63 1.79 2.05
01/18/18 1.29 N/A 1.45 1.63 1.79 2.05
01/19/18 1.28 N/A 1.44 1.62 1.79 2.06
01/22/18 1.27 N/A 1.44 1.65 1.79 2.08
01/23/18 1.26 N/A 1.44 1.63 1.78 2.06
01/24/18 1.25 N/A 1.43 1.63 1.79 2.08
01/25/18 1.23 N/A 1.42 1.64 1.8 2.08
01/26/18 1.24 N/A 1.41 1.64 1.8 2.13
01/29/18 1.28 N/A 1.44 1.66 1.8 2.11
01/30/18 1.49 N/A 1.44 1.66 1.88 2.13
01/31/18 1.43 N/A 1.46 1.66 1.9 2.14
1/2/2018 1.41 N/A 1.48 1.64 1.89 2.16
2/2/2018 1.4 N/A 1.48 1.65 1.88 2.15
5/2/2018 1.4 N/A 1.51 1.67 1.85 2.08
6/2/2018 1.48 N/A 1.52 1.69 1.87 2.1
7/2/2018 1.36 N/A 1.55 1.73 1.91 2.15
8/2/2018 1.32 N/A 1.55 1.73 1.91 2.13
9/2/2018 1.31 N/A 1.55 1.73 1.89 2.05
12/2/2018 1.35 N/A 1.62 1.82 1.93 2.09
02/13/18 1.34 N/A 1.59 1.8 1.95 2.1
02/14/18 1.32 N/A 1.58 1.81 1.98 2.17
02/15/18 1.3 N/A 1.58 1.82 1.99 2.19
02/16/18 1.35 N/A 1.62 1.83 2 2.21
02/20/18 1.39 N/A 1.66 1.87 2.01 2.25
02/21/18 1.4 N/A 1.64 1.85 2.03 2.26
02/22/18 1.34 N/A 1.63 1.84 2.02 2.25
02/23/18 1.38 N/A 1.64 1.85 2.02 2.25
02/26/18 1.39 N/A 1.66 1.87 2.03 2.22
02/27/18 1.49 N/A 1.66 1.87 2.08 2.27
02/28/18 1.5 N/A 1.65 1.86 2.07 2.25
1/3/2018 1.5 N/A 1.63 1.85 2.05 2.22
2/3/2018 1.5 N/A 1.65 1.86 2.06 2.25
5/3/2018 1.53 N/A 1.7 1.86 2.06 2.24
6/3/2018 1.56 N/A 1.68 1.87 2.06 2.25
7/3/2018 1.57 N/A 1.68 1.87 2.05 2.25
8/3/2018 1.57 N/A 1.67 1.89 2.05 2.25
9/3/2018 1.57 N/A 1.67 1.89 2.03 2.27
12/3/2018 1.6 N/A 1.71 1.89 2.05 2.27
03/13/18 1.64 N/A 1.73 1.9 2.03 2.26
03/14/18 1.71 N/A 1.76 1.94 2.05 2.26
03/15/18 1.7 N/A 1.77 1.95 2.07 2.29
03/16/18 1.71 N/A 1.78 1.96 2.08 2.31
03/19/18 1.7 N/A 1.8 1.99 2.08 2.31
03/20/18 1.76 N/A 1.81 1.97 2.08 2.34
03/21/18 1.71 N/A 1.74 1.95 2.06 2.31
03/22/18 1.67 N/A 1.72 1.95 2.05 2.29
03/23/18 1.69 N/A 1.74 1.92 2.04 2.28
03/26/18 1.71 N/A 1.79 1.94 2.06 2.33
03/27/18 1.69 N/A 1.77 1.93 2.1 2.26
03/28/18 1.65 N/A 1.73 1.95 2.12 2.28
03/29/18 1.63 N/A 1.73 1.93 2.09 2.27
2/4/2018 1.68 N/A 1.77 1.92 2.08 2.25
3/4/2018 1.7 N/A 1.75 1.92 2.09 2.28
4/4/2018 1.67 N/A 1.71 1.9 2.07 2.28
5/4/2018 1.67 N/A 1.72 1.93 2.07 2.3
6/4/2018 1.68 N/A 1.73 1.91 2.06 2.27
9/4/2018 1.67 N/A 1.76 1.93 2.08 2.29
10/4/2018 1.63 N/A 1.74 1.93 2.09 2.32
11/4/2018 1.64 N/A 1.73 1.95 2.09 2.32
12/4/2018 1.65 N/A 1.75 1.95 2.11 2.34
04/13/18 1.64 N/A 1.76 1.97 2.12 2.37
04/16/18 1.64 N/A 1.79 1.98 2.12 2.39
04/17/18 1.68 N/A 1.8 2.02 2.16 2.41
04/18/18 1.67 N/A 1.81 2.01 2.17 2.42
04/19/18 1.67 N/A 1.82 2.01 2.21 2.44
04/20/18 1.65 N/A 1.81 2.01 2.22 2.46
04/23/18 1.69 N/A 1.87 2.04 2.25 2.49
04/24/18 1.7 N/A 1.87 2.05 2.25 2.48
04/25/18 1.65 N/A 1.85 2.03 2.26 2.49
04/26/18 1.62 N/A 1.82 2.02 2.25 2.49
04/27/18 1.62 N/A 1.82 2.02 2.24 2.49
04/30/18 1.65 N/A 1.87 2.04 2.24 2.49
1/5/2018 1.68 N/A 1.85 2.05 2.26 2.5
2/5/2018 1.69 N/A 1.84 2.03 2.24 2.49
3/5/2018 1.68 N/A 1.84 2.02 2.24 2.49
4/5/2018 1.67 N/A 1.84 2.03 2.24 2.51
7/5/2018 1.69 N/A 1.86 2.05 2.25 2.49
8/5/2018 1.69 N/A 1.87 2.05 2.26 2.51
9/5/2018 1.68 N/A 1.88 2.05 2.27 2.54
10/5/2018 1.69 N/A 1.9 2.05 2.27 2.54
11/5/2018 1.68 N/A 1.92 2.06 2.28 2.54
05/14/18 1.7 N/A 1.93 2.09 2.28 2.55
05/15/18 1.69 N/A 1.92 2.09 2.31 2.58
05/16/18 1.69 N/A 1.92 2.09 2.32 2.58
05/17/18 1.7 N/A 1.92 2.1 2.32 2.57
05/18/18 1.68 N/A 1.91 2.09 2.32 2.55
05/21/18 1.71 N/A 1.93 2.14 2.35 2.58
05/22/18 1.73 N/A 1.93 2.13 2.34 2.59
05/23/18 1.76 N/A 1.92 2.11 2.29 2.53
05/24/18 1.74 N/A 1.91 2.09 2.28 2.5
05/25/18 1.7 N/A 1.9 2.07 2.27 2.48
05/29/18 1.77 N/A 1.93 2.06 2.17 2.32
05/30/18 1.77 N/A 1.94 2.08 2.23 2.42
05/31/18 1.76 N/A 1.93 2.08 2.23 2.4
1/6/2018 1.74 N/A 1.92 2.1 2.28 2.47
4/6/2018 1.77 N/A 1.94 2.13 2.3 2.52
5/6/2018 1.82 N/A 1.94 2.13 2.32 2.49
6/6/2018 1.81 N/A 1.95 2.13 2.32 2.52
7/6/2018 1.78 N/A 1.94 2.12 2.31 2.5
8/6/2018 1.78 N/A 1.93 2.12 2.3 2.5
11/6/2018 1.82 N/A 1.94 2.11 2.32 2.52
12/6/2018 1.81 N/A 1.92 2.1 2.31 2.54
06/13/18 1.82 N/A 1.94 2.09 2.35 2.59
06/14/18 1.81 N/A 1.94 2.07 2.35 2.59
06/15/18 1.82 N/A 1.94 2.07 2.35 2.55
06/18/18 1.84 N/A 1.94 2.13 2.35 2.56
06/19/18 1.85 N/A 1.94 2.13 2.34 2.54
06/20/18 1.85 N/A 1.94 2.14 2.36 2.56
06/21/18 1.85 N/A 1.94 2.12 2.34 2.56
06/22/18 1.83 N/A 1.93 2.11 2.33 2.56
06/25/18 1.8 N/A 1.93 2.13 2.34 2.54
06/26/18 1.79 N/A 1.93 2.14 2.33 2.53
06/27/18 1.79 N/A 1.93 2.1 2.33 2.52
06/28/18 1.76 N/A 1.93 2.11 2.33 2.52
06/29/18 1.77 N/A 1.93 2.11 2.33 2.52
2/7/2018 1.9 N/A 1.98 2.14 2.34 2.57
3/7/2018 1.91 N/A 1.98 2.12 2.33 2.53
5/7/2018 1.87 N/A 1.96 2.11 2.32 2.55
6/7/2018 1.86 N/A 1.97 2.13 2.34 2.53
9/7/2018 1.87 N/A 1.98 2.15 2.34 2.57
10/7/2018 1.88 N/A 1.99 2.15 2.36 2.59
11/7/2018 1.89 N/A 1.97 2.14 2.36 2.58
12/7/2018 1.89 N/A 1.98 2.17 2.39 2.6
07/13/18 1.87 N/A 1.98 2.16 2.37 2.59
07/16/18 1.9 N/A 2.01 2.19 2.39 2.59
07/17/18 1.93 N/A 2.02 2.19 2.39 2.62
07/18/18 1.9 N/A 2 2.17 2.43 2.6
07/19/18 1.89 N/A 2 2.16 2.4 2.6
07/20/18 1.86 N/A 1.99 2.16 2.41 2.6
07/23/18 1.88 N/A 1.99 2.19 2.42 2.64
07/24/18 1.92 N/A 2.02 2.19 2.42 2.63
07/25/18 1.9 N/A 2.01 2.2 2.42 2.66
07/26/18 1.89 N/A 1.99 2.19 2.41 2.69
07/27/18 1.9 N/A 2 2.2 2.43 2.67
07/30/18 1.91 N/A 2.04 2.21 2.43 2.66
07/31/18 1.94 N/A 2.03 2.21 2.44 2.67
1/8/2018 1.93 N/A 2.03 2.22 2.45 2.67
2/8/2018 1.89 N/A 2.02 2.22 2.45 2.66
3/8/2018 1.9 N/A 2.01 2.23 2.43 2.63
6/8/2018 1.92 N/A 2.05 2.23 2.44 2.64
7/8/2018 1.96 N/A 2.06 2.23 2.45 2.68
8/8/2018 1.93 N/A 2.06 2.24 2.44 2.68
9/8/2018 1.91 N/A 2.06 2.25 2.44 2.64
10/8/2018 1.92 N/A 2.05 2.23 2.42 2.61
08/13/18 1.93 N/A 2.06 2.22 2.42 2.61
08/14/18 1.96 N/A 2.08 2.25 2.44 2.63
08/15/18 1.96 N/A 2.07 2.23 2.45 2.61
08/16/18 1.96 N/A 2.07 2.24 2.45 2.63
08/17/18 1.95 N/A 2.05 2.24 2.44 2.61
08/20/18 1.93 N/A 2.06 2.25 2.43 2.6
08/21/18 1.94 N/A 2.08 2.25 2.45 2.61
08/22/18 1.95 N/A 2.09 2.24 2.43 2.6
08/23/18 1.94 N/A 2.08 2.23 2.43 2.61
08/24/18 1.95 N/A 2.09 2.25 2.44 2.63
08/27/18 1.96 N/A 2.12 2.25 2.47 2.67
08/28/18 1.96 N/A 2.13 2.28 2.47 2.67
08/29/18 1.97 N/A 2.13 2.28 2.48 2.67
08/30/18 1.97 N/A 2.11 2.28 2.47 2.64
08/31/18 1.95 N/A 2.11 2.28 2.46 2.62
4/9/2018 2 N/A 2.13 2.29 2.49 2.66
5/9/2018 2 N/A 2.14 2.3 2.49 2.66
6/9/2018 1.98 N/A 2.13 2.3 2.5 2.64
7/9/2018 1.98 N/A 2.14 2.3 2.53 2.71
10/9/2018 1.98 N/A 2.14 2.32 2.54 2.73
11/9/2018 2.02 N/A 2.15 2.31 2.55 2.76
12/9/2018 2.01 N/A 2.16 2.33 2.56 2.74
09/13/18 2.01 N/A 2.15 2.33 2.55 2.76
09/14/18 2.02 N/A 2.16 2.33 2.56 2.78
09/17/18 2.02 N/A 2.16 2.35 2.57 2.78
09/18/18 2.05 N/A 2.17 2.36 2.58 2.81
09/19/18 2.03 N/A 2.16 2.36 2.58 2.81
09/20/18 2.03 N/A 2.17 2.37 2.58 2.81
09/21/18 2.05 N/A 2.18 2.38 2.58 2.81
09/24/18 2.07 N/A 2.22 2.38 2.6 2.83
09/25/18 2.12 N/A 2.21 2.38 2.59 2.83
09/26/18 2.11 N/A 2.2 2.37 2.58 2.83
09/27/18 2.1 N/A 2.18 2.37 2.58 2.83
09/28/18 2.12 N/A 2.19 2.36 2.59 2.81
1/10/2018 2.13 N/A 2.23 2.4 2.6 2.82
2/10/2018 2.14 N/A 2.23 2.41 2.61 2.82
3/10/2018 2.15 N/A 2.23 2.41 2.62 2.85
4/10/2018 2.16 N/A 2.22 2.42 2.63 2.87
5/10/2018 2.15 N/A 2.23 2.41 2.64 2.88
9/10/2018 2.17 N/A 2.25 2.46 2.65 2.88
10/10/2018 2.18 N/A 2.27 2.45 2.67 2.88
11/10/2018 2.14 N/A 2.27 2.44 2.66 2.85
12/10/2018 2.14 N/A 2.28 2.44 2.66 2.85
10/15/18 2.17 N/A 2.31 2.47 2.67 2.85
10/16/18 2.19 2.22 2.3 2.46 2.66 2.87
10/17/18 2.2 2.23 2.31 2.47 2.66 2.89
10/18/18 2.19 2.23 2.32 2.47 2.67 2.87
10/19/18 2.19 2.23 2.31 2.48 2.67 2.92
10/22/18 2.18 2.25 2.34 2.49 2.68 2.92
10/23/18 2.21 2.23 2.33 2.48 2.67 2.89
10/24/18 2.2 2.23 2.34 2.47 2.64 2.84
10/25/18 2.19 2.24 2.34 2.47 2.66 2.86
10/26/18 2.16 2.21 2.33 2.47 2.63 2.81
10/29/18 2.17 2.21 2.34 2.49 2.64 2.81
10/30/18 2.21 2.26 2.33 2.48 2.66 2.84
10/31/18 2.2 2.26 2.34 2.49 2.69 2.87
1/11/2018 2.21 2.28 2.32 2.49 2.67 2.84
2/11/2018 2.19 2.28 2.33 2.5 2.7 2.91
5/11/2018 2.2 2.29 2.36 2.51 2.71 2.91
6/11/2018 2.23 2.29 2.35 2.52 2.72 2.93
7/11/2018 2.23 2.29 2.37 2.51 2.74 2.96
8/11/2018 2.21 2.29 2.35 2.52 2.74 2.98
9/11/2018 2.21 2.3 2.36 2.52 2.73 2.94
11/13/18 2.24 2.32 2.38 2.53 2.72 2.89
11/14/18 2.24 2.33 2.38 2.52 2.71 2.86
11/15/18 2.2 2.32 2.37 2.51 2.7 2.86
11/16/18 2.21 2.31 2.36 2.5 2.68 2.81
11/19/18 2.23 2.32 2.38 2.52 2.66 2.79
11/20/18 2.23 2.35 2.39 2.51 2.67 2.79
11/21/18 2.25 2.34 2.41 2.52 2.67 2.81
11/23/18 2.25 2.35 2.41 2.52 2.67 2.81
11/26/18 2.24 2.35 2.41 2.54 2.7 2.84
11/27/18 2.31 2.37 2.41 2.53 2.7 2.83
11/28/18 2.31 2.37 2.4 2.53 2.69 2.81
11/29/18 2.31 2.34 2.37 2.52 2.69 2.81
11/30/18 2.31 2.33 2.37 2.52 2.7 2.8
3/12/2018 2.3 2.35 2.38 2.56 2.72 2.83
4/12/2018 2.37 2.42 2.42 2.58 2.71 2.8
6/12/2018 2.36 2.42 2.41 2.56 2.7 2.75
7/12/2018 2.32 2.4 2.4 2.54 2.68 2.72
10/12/2018 2.32 2.39 2.41 2.54 2.69 2.72
11/12/2018 2.28 2.36 2.41 2.55 2.7 2.78
12/12/2018 2.3 2.38 2.43 2.56 2.7 2.77
12/13/18 2.36 2.4 2.43 2.56 2.69 2.75
12/14/18 2.36 2.41 2.42 2.56 2.68 2.73
12/17/18 2.36 2.39 2.4 2.54 2.66 2.7
12/18/18 2.35 2.39 2.39 2.53 2.64 2.65
12/19/18 2.35 2.39 2.4 2.54 2.62 2.63
12/20/18 2.42 2.42 2.39 2.55 2.64 2.67
12/21/18 2.41 2.42 2.39 2.54 2.62 2.63
12/24/18 2.42 2.43 2.45 2.52 2.61 2.55
12/26/18 2.41 2.43 2.44 2.54 2.61 2.61
12/27/18 2.43 2.46 2.41 2.49 2.58 2.56
12/28/18 2.39 2.47 2.4 2.48 2.57 2.52
12/31/18 2.44 2.45 2.45 2.56 2.63 2.48
/interest-rates/Pages/TextView.aspx?data=yieldYear&year=2018

3 Yr 5 Yr 7 Yr 10 Yr 20 Yr 30 Yr
2.01 2.25 2.38 2.46 2.64 2.81
2.02 2.25 2.37 2.44 2.62 2.78
2.05 2.27 2.38 2.46 2.62 2.79
2.06 2.29 2.4 2.47 2.64 2.81
2.07 2.29 2.41 2.49 2.65 2.81
2.09 2.33 2.46 2.55 2.72 2.88
2.08 2.32 2.47 2.55 2.73 2.88
2.09 2.32 2.46 2.54 2.72 2.91
2.12 2.35 2.48 2.55 2.71 2.85
2.12 2.36 2.48 2.54 2.69 2.83
2.15 2.39 2.51 2.57 2.71 2.84
2.17 2.43 2.55 2.62 2.77 2.9
2.2 2.45 2.57 2.64 2.78 2.91
2.21 2.46 2.59 2.66 2.79 2.93
2.18 2.43 2.55 2.63 2.77 2.9
2.2 2.43 2.57 2.65 2.8 2.93
2.2 2.41 2.55 2.63 2.76 2.89
2.24 2.47 2.6 2.66 2.79 2.91
2.26 2.49 2.63 2.7 2.82 2.94
2.27 2.51 2.65 2.73 2.86 2.98
2.29 2.52 2.66 2.72 2.83 2.95
2.33 2.56 2.72 2.78 2.9 3.01
2.33 2.58 2.76 2.84 2.97 3.08
2.25 2.5 2.68 2.77 2.92 3.04
2.3 2.52 2.7 2.79 2.94 3.06
2.33 2.57 2.75 2.84 3.01 3.12
2.32 2.57 2.76 2.85 3.03 3.14
2.26 2.52 2.72 2.83 3.02 3.14
2.3 2.56 2.77 2.86 3.02 3.14
2.3 2.54 2.74 2.83 2.99 3.11
2.4 2.65 2.84 2.91 3.07 3.18
2.4 2.65 2.83 2.9 3.04 3.15
2.38 2.63 2.81 2.87 3.02 3.13
2.4 2.65 2.81 2.88 3.04 3.15
2.44 2.69 2.86 2.94 3.11 3.22
2.42 2.66 2.84 2.92 3.09 3.21
2.39 2.62 2.79 2.88 3.04 3.16
2.37 2.6 2.77 2.86 3.03 3.15
2.43 2.67 2.83 2.9 3.06 3.17
2.42 2.65 2.8 2.87 3.02 3.13
2.36 2.58 2.74 2.81 2.97 3.09
 2.4 2.63 2.79 2.86 3.02 3.14
2.41 2.65 2.81 2.88 3.04 3.16
2.42 2.65 2.81 2.88 3.03 3.14
2.42 2.65 2.81 2.89 3.04 3.15
2.42 2.63 2.79 2.86 3.01 3.13
2.45 2.65 2.82 2.9 3.04 3.16
2.43 2.64 2.79 2.87 3 3.13
2.41 2.62 2.77 2.84 2.98 3.1
2.41 2.61 2.75 2.81 2.94 3.05
2.42 2.62 2.76 2.82 2.94 3.05
2.44 2.65 2.78 2.85 2.96 3.08
2.45 2.65 2.78 2.85 2.97 3.09
2.49 2.69 2.82 2.89 3.01 3.12
2.46 2.69 2.82 2.89 3.01 3.12
2.43 2.63 2.76 2.83 2.94 3.06
2.41 2.61 2.74 2.82 2.94 3.06
2.44 2.64 2.78 2.85 2.96 3.08
2.39 2.58 2.7 2.78 2.9 3.03
2.41 2.59 2.72 2.77 2.89 3.01
2.39 2.56 2.68 2.74 2.85 2.97
2.37 2.55 2.67 2.73 2.85 2.97
2.41 2.6 2.73 2.79 2.9 3.02
2.42 2.61 2.73 2.79 2.91 3.03
2.45 2.64 2.76 2.83 2.95 3.07
2.4 2.58 2.7 2.77 2.89 3.01
2.43 2.6 2.72 2.78 2.89 3.02
2.45 2.62 2.74 2.8 2.89 3.02
2.45 2.62 2.72 2.79 2.87 2.99
2.49 2.67 2.78 2.83 2.92 3.05
2.51 2.67 2.77 2.82 2.91 3.03
2.52 2.69 2.78 2.83 2.91 3.03
2.52 2.68 2.77 2.82 2.89 3
2.57 2.73 2.83 2.87 2.95 3.06
2.58 2.77 2.87 2.92 3.01 3.11
2.62 2.8 2.91 2.96 3.04 3.14
2.64 2.83 2.94 2.98 3.05 3.15
2.63 2.83 2.95 3 3.08 3.18
2.64 2.84 2.97 3.03 3.12 3.21
2.63 2.82 2.95 3 3.08 3.18
2.62 2.8 2.92 2.96 3.03 3.13
2.62 2.79 2.91 2.95 3.01 3.11
2.66 2.82 2.93 2.97 3.03 3.13
2.64 2.8 2.92 2.97 3.04 3.14
2.62 2.78 2.9 2.94 3.02 3.12
2.63 2.78 2.9 2.95 3.02 3.12
2.64 2.78 2.9 2.95 3.02 3.12
2.66 2.81 2.93 2.97 3.04 3.13
2.68 2.84 2.96 3 3.07 3.16
2.69 2.83 2.94 2.97 3.04 3.12
2.69 2.84 2.94 2.97 3.03 3.1
2.7 2.85 2.96 3 3.06 3.13
2.75 2.92 3.04 3.08 3.14 3.2
2.76 2.94 3.05 3.09 3.16 3.21
2.75 2.94 3.07 3.11 3.19 3.25
2.71 2.9 3.02 3.06 3.14 3.2
2.73 2.9 3.02 3.06 3.13 3.2
2.73 2.9 3.02 3.06 3.14 3.21
2.67 2.83 2.95 3.01 3.09 3.17
2.65 2.82 2.93 2.98 3.06 3.13
2.6 2.76 2.88 2.93 3.01 3.09
2.43 2.58 2.71 2.77 2.87 2.96
2.53 2.67 2.79 2.84 2.93 3.01
2.54 2.68 2.78 2.83 2.91 3
2.61 2.74 2.85 2.89 2.96 3.04
2.64 2.78 2.89 2.94 3 3.08
2.62 2.76 2.87 2.92 2.99 3.07
2.65 2.81 2.93 2.97 3.05 3.13
2.63 2.77 2.88 2.93 3 3.08
2.63 2.77 2.88 2.93 3 3.08
2.66 2.8 2.91 2.96 3.02 3.1
2.67 2.81 2.91 2.96 3.02 3.09
2.71 2.85 2.95 2.98 3.04 3.1
2.69 2.81 2.9 2.94 2.99 3.05
2.68 2.81 2.89 2.93 2.98 3.05
2.67 2.8 2.89 2.92 2.98 3.05
2.64 2.77 2.84 2.89 2.95 3.02
2.67 2.8 2.89 2.93 2.99 3.06
2.65 2.77 2.86 2.9 2.97 3.04
2.65 2.77 2.86 2.9 2.97 3.04
2.63 2.75 2.83 2.87 2.95 3.02
2.63 2.75 2.84 2.88 2.95 3.03
2.59 2.71 2.79 2.83 2.9 2.97
2.6 2.73 2.81 2.84 2.91 2.97
2.63 2.73 2.81 2.85 2.91 2.98
2.65 2.75 2.83 2.87 2.92 2.99
2.63 2.72 2.79 2.83 2.89 2.96
2.65 2.74 2.8 2.84 2.88 2.95
2.64 2.71 2.78 2.82 2.87 2.94
2.66 2.75 2.82 2.86 2.9 2.96
2.69 2.77 2.83 2.87 2.91 2.97
2.67 2.74 2.82 2.85 2.89 2.95
2.68 2.75 2.83 2.85 2.89 2.95
2.66 2.73 2.8 2.83 2.87 2.94
2.67 2.75 2.82 2.85 2.9 2.96
2.69 2.76 2.83 2.86 2.91 2.97
2.69 2.77 2.84 2.88 2.93 2.99
2.67 2.74 2.81 2.84 2.9 2.96
2.68 2.77 2.85 2.89 2.96 3.03
2.72 2.83 2.92 2.96 3.04 3.1
2.74 2.83 2.91 2.95 3.02 3.08
2.74 2.82 2.9 2.94 3 3.06
2.78 2.86 2.95 2.98 3.05 3.1
2.76 2.84 2.92 2.96 3.03 3.09
2.77 2.85 2.94 2.98 3.05 3.11
2.77 2.85 2.92 2.96 3.03 3.08
2.78 2.87 2.96 3 3.07 3.13
2.76 2.85 2.93 2.98 3.06 3.12
2.74 2.82 2.91 2.95 3.03 3.09
2.73 2.8 2.89 2.94 3.02 3.08
2.76 2.84 2.92 2.98 3.06 3.12
2.77 2.83 2.92 2.96 3.05 3.12
2.74 2.8 2.89 2.93 3.01 3.08
2.68 2.75 2.82 2.87 2.96 3.03
2.68 2.75 2.82 2.88 2.97 3.05
2.71 2.77 2.84 2.89 2.98 3.06
2.68 2.73 2.81 2.86 2.95 3.03
2.7 2.75 2.82 2.87 2.95 3.03
2.68 2.75 2.82 2.87 2.95 3.03
2.65 2.7 2.77 2.82 2.91 2.99
2.67 2.73 2.8 2.85 2.93 3
2.65 2.7 2.77 2.82 2.91 2.99
2.66 2.72 2.78 2.82 2.9 2.97
2.68 2.72 2.78 2.82 2.89 2.97
2.7 2.74 2.81 2.85 2.92 3
2.73 2.77 2.84 2.88 2.96 3.03
2.75 2.78 2.85 2.89 2.96 3.02
2.72 2.75 2.82 2.86 2.93 3
2.7 2.74 2.81 2.86 2.95 3.02
2.73 2.78 2.85 2.9 2.99 3.07
2.72 2.77 2.85 2.9 3 3.08
2.71 2.76 2.83 2.88 2.98 3.06
2.78 2.82 2.89 2.94 3.03 3.11
2.78 2.83 2.89 2.94 3.02 3.09
2.83 2.87 2.94 2.98 3.06 3.13
2.82 2.87 2.93 2.97 3.04 3.11
2.83 2.87 2.93 2.97 3.04 3.11
2.85 2.9 2.96 2.99 3.07 3.13
2.85 2.89 2.96 2.99 3.07 3.13
2.88 2.94 3.01 3.05 3.14 3.2
2.89 2.96 3.04 3.08 3.16 3.23
2.89 2.96 3.03 3.07 3.15 3.21
2.89 2.95 3.03 3.07 3.14 3.2
2.89 2.96 3.04 3.08 3.15 3.21
2.91 2.99 3.06 3.1 3.17 3.23
2.89 2.96 3.02 3.06 3.14 3.19
2.89 2.96 3.02 3.06 3.13 3.19
2.88 2.94 3.01 3.05 3.13 3.19
2.9 2.96 3.04 3.09 3.18 3.24
2.88 2.94 3.01 3.05 3.14 3.2
2.94 3.02 3.1 3.15 3.24 3.3
2.97 3.05 3.14 3.19 3.29 3.35
2.99 3.07 3.18 3.23 3.34 3.4
2.98 3.05 3.15 3.21 3.3 3.37
2.97 3.05 3.15 3.22 3.33 3.39
2.94 3 3.09 3.14 3.25 3.32
2.93 3 3.09 3.15 3.25 3.32
2.94 3.01 3.1 3.16 3.27 3.34
2.95 3.02 3.1 3.16 3.26 3.32
2.97 3.04 3.13 3.19 3.29 3.35
2.95 3.03 3.11 3.17 3.28 3.36
2.99 3.05 3.14 3.2 3.31 3.38
2.99 3.05 3.13 3.2 3.31 3.38
2.95 3.01 3.1 3.17 3.29 3.37
2.89 2.94 3.02 3.1 3.24 3.33
2.92 2.98 3.07 3.14 3.27 3.35
2.85 2.91 3 3.08 3.23 3.32
2.86 2.91 3 3.08 3.23 3.33
2.9 2.94 3.03 3.12 3.26 3.36
2.93 2.98 3.07 3.15 3.3 3.39
2.91 2.96 3.06 3.14 3.29 3.38
2.98 3.04 3.13 3.22 3.37 3.46
2.99 3.03 3.12 3.2 3.34 3.43
3.01 3.05 3.14 3.22 3.35 3.43
3.03 3.07 3.15 3.22 3.35 3.43
3.05 3.09 3.17 3.24 3.36 3.43
3.01 3.05 3.13 3.19 3.32 3.4
2.95 2.99 3.07 3.14 3.28 3.36
2.92 2.95 3.04 3.12 3.26 3.35
2.91 2.94 3.02 3.11 3.27 3.36
2.85 2.9 2.99 3.08 3.23 3.33
2.82 2.87 2.97 3.06 3.22 3.32
2.83 2.88 2.97 3.06 3.22 3.31
2.84 2.89 2.98 3.06 3.22 3.31
2.83 2.88 2.97 3.05 3.21 3.31
2.86 2.9 2.98 3.07 3.22 3.32
2.86 2.89 2.98 3.06 3.22 3.32
2.84 2.87 2.97 3.06 3.23 3.34
2.83 2.85 2.94 3.03 3.21 3.33
2.83 2.84 2.92 3.01 3.19 3.3
2.84 2.83 2.9 2.98 3.15 3.27
2.81 2.79 2.84 2.91 3.05 3.16
2.76 2.75 2.8 2.87 3.01 3.14
2.72 2.7 2.77 2.85 3.01 3.14
2.73 2.71 2.77 2.85 3 3.13
2.78 2.75 2.81 2.89 3.02 3.13
2.78 2.77 2.84 2.91 3.04 3.15
2.76 2.75 2.83 2.91 3.05 3.16
2.72 2.73 2.81 2.89 3.03 3.14
2.68 2.69 2.77 2.86 3 3.11
2.64 2.65 2.74 2.82 2.96 3.07
2.61 2.62 2.69 2.77 2.89 3
2.65 2.65 2.72 2.79 2.92 3.02
2.61 2.64 2.72 2.79 2.92 3.03
2.56 2.58 2.66 2.74 2.88 3
2.6 2.67 2.74 2.81 2.94 3.06
2.55 2.6 2.68 2.77 2.92 3.05
2.5 2.56 2.63 2.72 2.89 3.04
2.46 2.51 2.59 2.69 2.87 3.02
 PRIMA POR RIESGO

Date updated: 31-Dec-14

Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data? Historical returns: Stocks, T.Bonds & T.Bills with premiu
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each industry: http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/va
Customized Geometric risk premium estimator
What is your riskfree rate? LT
Enter your starting year 1981

Value of stocks in starting year:

Value of T.Bills in starting year:
Value of T.bonds in starting year:
Estimate of risk premium based on your inputs:

Annual Returns on Investments in

S&P 500
(includes
Year dividends) 3-month T.Bill
1928 43.81% 3.08%
1929 -8.30% 3.16%
1930 -25.12% 4.55%
1931 -43.84% 2.31%
1932 -8.64% 1.07%
1933 49.98% 0.96%
1934 -1.19% 0.32%
1935 46.74% 0.18%
1936 31.94% 0.17%
1937 -35.34% 0.30%
1938 29.28% 0.08%
1939 -1.10% 0.04%
1940 -10.67% 0.03%
1941 -12.77% 0.08%
1942 19.17% 0.34%
1943 25.06% 0.38%
1944 19.03% 0.38%
1945 35.82% 0.38%
1946 -8.43% 0.38%
1947 5.20% 0.57%

Page 75
 PRIMA POR RIESGO

1948 5.70% 1.02%

1949 18.30% 1.10%
1950 30.81% 1.17%
1951 23.68% 1.48%
1952 18.15% 1.67%
1953 -1.21% 1.89%
1954 52.56% 0.96%
1955 32.60% 1.66%
1956 7.44% 2.56%
1957 -10.46% 3.23%
1958 43.72% 1.78%
1959 12.06% 3.25%
1960 0.34% 3.05%
1961 26.64% 2.27%
1962 -8.81% 2.78%
1963 22.61% 3.11%
1964 16.42% 3.51%
1965 12.40% 3.90%
1966 -9.97% 4.84%
1967 23.80% 4.33%
1968 10.81% 5.26%
1969 -8.24% 6.56%
1970 3.56% 6.69%
1971 14.22% 4.54%
1972 18.76% 3.95%
1973 -14.31% 6.72%
1974 -25.90% 7.78%
1975 37.00% 5.99%
1976 23.83% 4.97%
1977 -6.98% 5.13%
1978 6.51% 6.93%
1979 18.52% 9.94%
1980 31.74% 11.22%
1981 -4.70% 14.30%
1982 20.42% 11.01%
1983 22.34% 8.45%
1984 6.15% 9.61%
1985 31.24% 7.49%
1986 18.49% 6.04%
1987 5.81% 5.72%
1988 16.54% 6.45%

Page 76
 PRIMA POR RIESGO

1989 31.48% 8.11%

1990 -3.06% 7.55%
1991 30.23% 5.61%
1992 7.49% 3.41%
1993 9.97% 2.98%
1994 1.33% 3.99%
1995 37.20% 5.52%
1996 22.68% 5.02%
1997 33.10% 5.05%
1998 28.34% 4.73%
1999 20.89% 4.51%
2000 -9.03% 5.76%
2001 -11.85% 3.67%
2002 -21.97% 1.66%
2003 28.36% 1.03%
2004 10.74% 1.23%
2005 4.83% 3.01%
2006 15.61% 4.68%
2007 5.48% 4.64%
2008 -36.55% 1.59%
2009 25.94% 0.14%
2010 14.82% 0.13%
2011 2.10% 0.03%
2012 15.89% 0.05%
2013 32.15% 0.07%
2014 13.52% 0.05%
2015 1.38% 0.21%
2016 11.77% 0.51%
2017 21.61% 1.39%
2018 -4.23% 2.37%

Arithmetic Average
1928-2018 11.36% 3.43%
1969-2018 11.10% 4.76%
2009-2018 13.49% 0.49%

Geometric Average
1928-2018 9.49% 3.38%
1969-2018 9.73% 4.71%
2009-2018 12.98% 0.49%

Page 77
 PRIMA POR RIESGO

modar@stern.nyu.edu
tocks, T.Bonds & T.Bills with premiums
com
u/~adamodar/New_Home_Page/data.html
u/~adamodar/pc/datasets/indname.xls
u/~adamodar/New_Home_Page/datafile/variable.htm

$ 7,934.26
$ 448.58
$ 448.17
3.12%

urns on Investments in Compounded Value of $ 100

Return on 10-year T.
Bond Stocks
0.84% $ 143.81
4.20% $ 131.88
4.54% $ 98.75
-2.56% $ 55.46
8.79% $ 50.66
1.86% $ 75.99
7.96% $ 75.09
4.47% $ 110.18
5.02% $ 145.38
1.38% $ 94.00
4.21% $ 121.53
4.41% $ 120.20
5.40% $ 107.37
-2.02% $ 93.66
2.29% $ 111.61
2.49% $ 139.59
2.58% $ 166.15
3.80% $ 225.67
3.13% $ 206.65
0.92% $ 217.39

Page 78
 PRIMA POR RIESGO

1.95% $ 229.79
4.66% $ 271.85
0.43% $ 355.60
-0.30% $ 439.80
2.27% $ 519.62
4.14% $ 513.35
3.29% $ 783.18
-1.34% $ 1,038.47
-2.26% $ 1,115.73
6.80% $ 999.05
-2.10% $ 1,435.84
-2.65% $ 1,608.95
11.64% $ 1,614.37
2.06% $ 2,044.40
5.69% $ 1,864.26
1.68% $ 2,285.80
3.73% $ 2,661.02
0.72% $ 2,990.97
2.91% $ 2,692.74
-1.58% $ 3,333.69
3.27% $ 3,694.23
-5.01% $ 3,389.77
16.75% $ 3,510.49
9.79% $ 4,009.72
2.82% $ 4,761.76
3.66% $ 4,080.44
1.99% $ 3,023.54
3.61% $ 4,142.10
15.98% $ 5,129.20
1.29% $ 4,771.20
-0.78% $ 5,081.77
0.67% $ 6,022.89
-2.99% $ 7,934.26
8.20% $ 7,561.16
32.81% $ 9,105.08
3.20% $ 11,138.90
13.73% $ 11,823.51
25.71% $ 15,516.60
24.28% $ 18,386.33
-4.96% $ 19,455.08
8.22% $ 22,672.40

Page 79
 PRIMA POR RIESGO

17.69% $ 29,808.58
6.24% $ 28,895.11
15.00% $ 37,631.51
9.36% $ 40,451.51
14.21% $ 44,483.33
-8.04% $ 45,073.14
23.48% $ 61,838.19
1.43% $ 75,863.69
9.94% $ 100,977.34
14.92% $ 129,592.25
-8.25% $ 156,658.05
16.66% $ 142,508.98
5.57% $ 125,622.01
15.12% $ 98,027.82
0.38% $ 125,824.39
4.49% $ 139,341.42
2.87% $ 146,077.85
1.96% $ 168,884.34
10.21% $ 178,147.20
20.10% $ 113,030.22
-11.12% $ 142,344.87
8.46% $ 163,441.94
16.04% $ 166,871.56
2.97% $ 193,388.43
-9.10% $ 255,553.31
10.75% $ 290,115.42
1.28% $ 294,115.79
0.69% $ 328,742.28
2.80% $ 399,768.64
-0.02% $ 382,850.00

5.10%
7.10%
2.28%

4.83%
6.69%
1.97%

Page 80
 PRIMA POR RIESGO

US companies

able.htm

Estimates of risk premiums from 1928, over the last 50 years and over the last 10 years
are provided at the bottom of this table.

Compounded Value of $ 100

T.Bills
$ 103.08
$ 106.34
$ 111.18
$ 113.74
$ 114.96
$ 116.06
$ 116.44
$ 116.64
$ 116.84
$ 117.19
$ 117.29
$ 117.33
$ 117.36
$ 117.46
$ 117.85
$ 118.30
$ 118.75
$ 119.20
$ 119.65
$ 120.33

Page 81
 PRIMA POR RIESGO

$ 121.56
$ 122.90
$ 124.34
$ 126.18
$ 128.29
$ 130.72
$ 131.98
$ 134.17
$ 137.60
$ 142.04
$ 144.57
$ 149.27
$ 153.82
$ 157.30
$ 161.67
$ 166.70
$ 172.54
$ 179.28
$ 187.95
$ 196.10
$ 206.41
$ 219.96
$ 234.66
$ 245.32
$ 255.01
$ 272.16
$ 293.33
$ 310.90
$ 326.35
$ 343.09
$ 366.87
$ 403.33
$ 448.58
$ 512.73
$ 569.18
$ 617.26
$ 676.60
$ 727.26
$ 771.15
$ 815.27
$ 867.86

Page 82
 PRIMA POR RIESGO

$ 938.24
$ 1,009.08
$ 1,065.69
$ 1,101.98
$ 1,134.84
$ 1,180.07
$ 1,245.15
$ 1,307.68
$ 1,373.76
$ 1,438.70
$ 1,503.58
$ 1,590.23
$ 1,648.63
$ 1,675.96
$ 1,693.22
$ 1,714.00
$ 1,765.59
$ 1,848.18
$ 1,933.98
$ 1,964.64
$ 1,967.29
$ 1,969.84
$ 1,970.44
$ 1,971.42
$ 1,972.72
$ 1,973.77
$ 1,977.91
$ 1,988.00
$ 2,015.63
$ 2,063.40
Risk Premium
Stocks - T.Bills
7.93%
6.34%
13.00%
Risk Premium
Stocks - T.Bills
6.11%
5.01%
12.48%

Page 83
 PRIMA POR RIESGO

Historical risk
T.Bonds Stocks - Bills Stocks - Bonds premium Inflation Rate
$ 100.84 40.73% 42.98%
$ 105.07 -11.46% -12.50%
$ 109.85 -29.67% -29.66%
$ 107.03 -46.15% -41.28%
$ 116.44 -9.71% -17.43%
$ 118.60 49.02% 48.13%
$ 128.05 -1.51% -9.15%
$ 133.78 46.57% 42.27%
$ 140.49 31.77% 26.93%
$ 142.43 -35.64% -36.72%
$ 148.43 29.21% 25.07%
$ 154.98 -1.14% -5.51%
$ 163.35 -10.70% -16.08%
$ 160.04 -12.85% -10.75%
$ 163.72 18.84% 16.88%
$ 167.79 24.68% 22.57%
$ 172.12 18.65% 16.45%
$ 178.67 35.44% 32.02%
$ 184.26 -8.81% -11.56%
$ 185.95 4.63% 4.28%

Page 84
 PRIMA POR RIESGO

$ 189.58 4.68% 3.75%

$ 198.42 17.20% 13.64%
$ 199.27 29.63% 30.38%
$ 198.68 22.20% 23.97%
$ 203.19 16.48% 15.88%
$ 211.61 -3.10% -5.35%
$ 218.57 51.60% 49.27%
$ 215.65 30.94% 33.93%
$ 210.79 4.88% 9.70%
$ 225.11 -13.69% -17.25%
$ 220.39 41.94% 45.82%
$ 214.56 8.80% 14.70%
$ 239.53 -2.71% -11.30% 6.11%
$ 244.46 24.37% 24.58% 6.62%
$ 258.38 -11.59% -14.51% 5.97%
$ 262.74 19.50% 20.93% 6.36%
$ 272.53 12.91% 12.69% 6.53%
$ 274.49 8.50% 11.68% 6.66%
$ 282.47 -14.81% -12.88% 6.11%
$ 278.01 19.47% 25.38% 6.57%
$ 287.11 5.55% 7.54% 6.60%
$ 272.71 -14.80% -3.23% 6.33%
$ 318.41 -3.12% -13.19% 5.90%
$ 349.57 9.68% 4.43% 5.87%
$ 359.42 14.80% 15.94% 6.08%
$ 372.57 -21.03% -17.97% 5.50%
$ 379.98 -33.68% -27.89% 4.64%
$ 393.68 31.01% 33.39% 5.17%
$ 456.61 18.86% 7.85% 5.22%
$ 462.50 -12.11% -8.27% 4.93%
$ 458.90 -0.42% 7.29% 4.97%
$ 461.98 8.58% 17.85% 5.21%
$ 448.17 20.52% 34.72% 5.73%
$ 484.91 -19.00% -12.90% 5.37%
$ 644.04 9.41% -12.40% 5.10%
$ 664.65 13.89% 19.14% 5.34%
$ 755.92 -3.47% -7.59% 5.12%
$ 950.29 23.75% 5.52% 5.13%
$ 1,181.06 12.46% -5.79% 4.97%
$ 1,122.47 0.09% 10.77% 5.07%
$ 1,214.78 10.09% 8.31% 5.12%

Page 85
 PRIMA POR RIESGO

$ 1,429.72 23.37% 13.78% 5.24%

$ 1,518.87 -10.61% -9.30% 5.00%
$ 1,746.77 24.62% 15.23% 5.14%
$ 1,910.30 4.09% -1.87% 5.03%
$ 2,181.77 6.98% -4.24% 4.90%
$ 2,006.43 -2.66% 9.36% 4.97%
$ 2,477.55 31.68% 13.71% 5.08%
$ 2,512.94 17.66% 21.25% 5.30%
$ 2,762.71 28.05% 23.16% 5.53%
$ 3,174.95 23.61% 13.42% 5.63%
$ 2,912.88 16.38% 29.14% 5.96%
$ 3,398.03 -14.79% -25.69% 5.51%
$ 3,587.37 -15.52% -17.42% 5.17%
$ 4,129.65 -23.62% -37.08% 4.53%
$ 4,145.15 27.33% 27.98% 4.82%
$ 4,331.30 9.52% 6.25% 4.84%
$ 4,455.50 1.82% 1.97% 4.80%
$ 4,542.87 10.94% 13.65% 4.91%
$ 5,006.69 0.84% -4.73% 4.79%
$ 6,013.10 -38.14% -56.65% 3.88%
$ 5,344.65 25.80% 37.05% 4.29%
$ 5,796.96 14.69% 6.36% 4.31%
$ 6,726.52 2.07% -13.94% 4.10%
$ 6,926.40 15.84% 12.92% 4.20%
$ 6,295.79 32.08% 41.25% 4.62%
$ 6,972.34 13.47% 2.78% 4.60%
$ 7,061.89 1.17% 0.09% 4.54%
$ 7,110.65 11.26% 11.08% 4.62%
$ 7,309.87 20.22% 18.80% 4.77%
$ 7,308.65 -6.60% -4.22% 4.66%
Standard Error
Stocks - T.Bonds Stocks - T.Bills Stocks - T.Bonds
6.26% 2.09% 2.22%
4.00% 2.38% 2.71%
11.22% 3.71% 5.50%

Stocks - T.Bonds
4.66%
3.04%
11.00%

Page 86
 PRIMA POR RIESGO

Real Returns on Investments in

S&P 500
(includes 3-month T. Bill !0-year
dividends)2 (Real) T.Bonds
43.81% 3.08% 0.84%
-8.30% 3.16% 4.20%
-25.12% 4.55% 4.54%
-43.84% 2.31% -2.56%
-8.64% 1.07% 8.79%
49.98% 0.96% 1.86%
-1.19% 0.32% 7.96%
46.74% 0.17% 4.47%
31.94% 0.17% 5.02%
-35.34% 0.30% 1.38%
29.28% 0.08% 4.21%
-1.10% 0.04% 4.41%
-10.67% 0.03% 5.40%
-12.77% 0.08% -2.02%
19.17% 0.34% 2.29%
25.06% 0.38% 2.49%
19.03% 0.38% 2.58%
35.82% 0.38% 3.80%
-8.43% 0.38% 3.13%
5.20% 0.57% 0.92%

Page 87
 PRIMA POR RIESGO

5.70% 1.02% 1.95%

18.30% 1.10% 4.66%
30.81% 1.17% 0.43%
23.68% 1.48% -0.30%
18.15% 1.67% 2.27%
-1.21% 1.89% 4.14%
52.56% 0.96% 3.29%
32.60% 1.66% -1.34%
7.44% 2.55% -2.26%
-10.46% 3.23% 6.80%
43.72% 1.78% -2.10%
12.06% 3.26% -2.65%
0.34% 3.05% 11.64%
26.64% 2.27% 2.06%
-8.81% 2.78% 5.69%
22.61% 3.11% 1.68%
16.42% 3.51% 3.73%
12.40% 3.90% 0.72%
-9.97% 4.84% 2.91%
23.80% 4.33% -1.58%
10.81% 5.26% 3.27%
-8.24% 6.56% -5.01%
3.56% 6.69% 16.75%
14.22% 4.54% 9.79%
18.76% 3.95% 2.82%
-14.31% 6.73% 3.66%
-25.90% 7.78% 1.99%
37.00% 5.99% 3.61%
23.83% 4.97% 15.98%
-6.98% 5.13% 1.29%
6.51% 6.93% -0.78%
18.52% 9.94% 0.67%
31.74% 11.22% -2.99%
-4.70% 14.30% 8.20%
20.42% 11.01% 32.81%
22.34% 8.45% 3.20%
6.15% 9.61% 13.73%
31.24% 7.49% 25.71%
18.49% 6.03% 24.28%
5.81% 5.72% -4.96%
16.54% 6.45% 8.22%

Page 88
 PRIMA POR RIESGO

31.48% 8.11% 17.69%

-3.06% 7.55% 6.24%
30.23% 5.61% 15.00%
7.49% 3.40% 9.36%
9.97% 2.98% 14.21%
1.33% 3.98% -8.04%
37.20% 5.52% 23.48%
22.68% 5.02% 1.43%
33.10% 5.05% 9.94%
28.34% 4.73% 14.92%
20.89% 4.51% -8.25%
-9.03% 5.76% 16.66%
-11.85% 3.67% 5.57%
-21.97% 1.66% 15.12%
28.36% 1.03% 0.38%
10.74% 1.23% 4.49%
4.83% 3.01% 2.87%
15.61% 4.68% 1.96%
5.48% 4.64% 10.21%
-36.55% 1.58% 20.10%
25.94% 0.13% -11.12%
14.82% 0.13% 8.46%
2.10% 0.03% 16.04%
15.89% 0.05% 2.97%
32.15% 0.07% -9.10%
13.52% 0.05% 10.75%
1.38% 0.21% 1.28%
11.77% 0.51% 0.69%
21.61% 1.39% 2.80%
-4.23% 2.37% -0.02%

Page 89
 CUADRO 35 INDICADORES DE RIESGO PARA PAÍSES EMERGENTES: Indice de Bonos de Mercados Emergentes (EMBIG) 1/ 2/ 3/
RISK INDICATORS FOR EMERGING COUNTRIES: Emerging Market Bond Index (EMBIG) 1/ Stripped Spread 2/ (In basis points) 3/

Diferencial de rendimientos del índice de bonos de mercados emergentes (EMBIG) / Emerging Market Bond
Index (EMBIG) Stripped Spread

LATIN EMBIG Países

EMBIG
Latinoamericanos
Países Emergentes
/ Latin Countries
/ Emerging Countries
Perú Argentina Brasil Chile Colombia Ecuador México Venezuela

2017 145 412 264 130 194 621 256 2845 429 325 2017
Dic. 136 356 232 118 174 470 242 4749 419 313 Dec.

2018 148 549 265 133 184 642 273 5188 471 360 2018
Ene. 122 365 217 110 159 451 235 4893 410 298 Jan.
Feb. 132 400 227 117 173 492 233 4760 419 308 Feb.
Mar. 147 412 233 123 179 546 246 4308 423 319 Mar.
Abr. 145 409 234 124 173 594 245 4237 422 322 Apr.
May. 158 470 260 136 190 687 269 4464 458 352 May.
Jun. 163 529 319 142 200 715 293 4711 486 377 Jun.
Jul. 150 571 288 137 180 651 268 4986 470 365 Jul.
Ago. 149 668 300 139 182 680 279 5364 493 383 Aug.
Set. 140 668 313 133 177 690 269 6091 497 385 Sep.
Oct. 143 658 263 129 180 671 269 5807 492 378 Oct.
Nov. 157 656 258 146 202 746 327 6028 528 405 Nov.
Dic. 165 778 268 160 215 775 346 6601 553 425 Dec.

2019 129 1337 237 137 185 706 319 9804 484 358 2019
Ene. 152 701 249 148 201 710 328 5738 518 400 Jan.
Feb. 139 679 236 136 191 653 319 4986 493 373 Feb.
Mar. 136 748 242 133 188 613 309 5191 488 371 Mar.
Abr. 122 839 244 128 177 552 295 5391 486 364 Apr.
May. 135 925 251 132 190 575 309 5548 505 377 May.
Jun. 129 883 242 137 190 590 333 6012 510 374 Jun.
Jul. 116 790 213 129 172 578 327 11010 509 354 Jul.
Ago. 127 1568 233 136 187 706 347 11526 528 372 Aug.
Set. 116 2170 228 131 176 646 319 13342 494 346 Sep.
Oct. 127 2099 235 136 179 766 309 19515 460 335 Oct.
Nov. 127 2336 230 146 182 992 317 15692 427 318 Nov.
Dic 1-10 126 2305 235 150 185 1095 320 13702 394 307 Dec 1-10

Nota: Var. Note: bp chg.

Anual -38 1,527 -34 -10 -30 320 -25 7,101 -159 -118 Year-to-Year
Acumulado -38 1,527 -34 -10 -30 320 -25 7,101 -159 -118 Cumulative
Mensual 0 -31 5 5 3 103 3 -1,989 -34 -11 Monthly

1/ La información de este cuadro se ha actualizado en la Nota Semanal N° 38 (12 de diciembre de 2019). Corresponde a datos promedio del mes.
2/ Índice elaborado por el J.P. Morgan que refleja los retornos del portafolio de deuda según sea el caso, es decir, de cada país, de los países latinoamericanos y de los países
emergentes en conjunto. Considera como deuda, eurobonos, bonos Brady y en menor medida deudas locales y préstamos. Estos indicadores son promedio para cada período y su
disminución se asocia con una reducción del riesgo país percibido por los inversionistas. Se mide en puntos básicos y corresponde al diferencial de rendimientos con respecto al
bono del Tesoro de EUA de similar duración de la deuda en cuestión.
3/ Cien puntos básicos equivalen a uno porcentual.

Fuente: Reuters.
Elaboración: Gerencia de Información y Análisis Económico - Subgerencia de Estadísticas Macroeconómicas
 REAL
PBI MINERIA 3.40%
PBI SERVICIOS 3.60%
INFLACIÓN NOMINAL
2% 5.5%
2% 5.7%
PROMEDIO 5.6%
g 4.7%