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INDUSTRIAS PEÑOLES, S. A. DE C. V. Y SUBSIDIARIAS
NOTAS A LOS ESTADOS FINANCIEROS CONSOLIDADOS
Al 31 de diciembre de 2003 y 2002
(En miles de pesos de poder adquisitivo del 31 de diciembre de 2003)
1. ACTIVIDAD DE LA EMPRESA Y EVENTOS RELEVANTES
Industrias Peñoles, S. A. de C. V. (Grupo Peñoles), es una empresa tenedora de acciones y la principal actividad que desarrollan sus subsidiarias es la exploración, extracción y venta de concentrados y minerales, producción y venta de metales no ferrosos.
El 30 de enero de 2003, la Administración de Grupo Peñoles, decidió suspender a partir del 1° de marzo de 2003, las operaciones productivas de la unidad minera el Monte, perteneciente a la subsidiaria Compañía Fresnillo, S.A. de C.V., en virtud de los bajos precios del mercado
del zinc y al agotamiento natural de reservas económicas después de más de 50 años de operación rentable. Como consecuencia de lo
anterior, al 31 de diciembre de 2002 se incorporaron a los estados financieros los ajustes a los activos fijos para reflejar su valor estimado
de realización por un monto de $83,936 y los pasivos por indemnizaciones al personal y gastos ecológicos para restauración del sitio por
$18,399.
A partir del 15 de septiembre de 2003 se suspendieron las operaciones en Compañía Minera Las Torres, S.A. de C.V., debido al agotamiento
de sus reservas económicamente explotables después de más de 27 años de operación rentable. En los últimos años se han incorporado
a los estados financieros ajustes a los activos fijos para reflejar su valor estimado de realización por un monto de $99,407. En el presente
ejercicio se ajustó el pasivo por indemnizaciones al personal y la provisión para gastos ecológicos para restauración del sitio por $39,677.
2. BASES DE CONSOLIDACIÓN
Los estados financieros consolidados incluyen los de Industrias Peñoles, S. A. de C. V. y los de sus subsidiarias en las cuales tiene control de
la administración y posee más del 50% de participación accionaria ordinaria. En Bal-Ondeo, S. de R.L. de C.V. y subsidiarias (antes Aguas,
Servicios e Inversiones de México, S. de R.L. de C.V. y subsidiarias) donde Industrias Peñoles posee el 50% de las acciones, la consolidación se
realiza de conformidad con el método de consolidación proporcional como lo señala la Norma Internacional de Contabilidad “Información
Financiera sobre los Intereses en Negocios Conjuntos” (NIC-31).
Los estados financieros consolidados del Grupo incluyen proporcionalmente en un “50%” los activos, pasivos, ingresos y gastos de BalOndeo, S. de R.L. de C.V. y subsidiarias (antes Aguas, Servicios e Inversiones de México, S. de R.L. de C.V. y subsidiarias), incorporándolos
línea por línea con las partidas similares de sus estados financieros consolidados. Un resumen de la información consolidada proporcionalmente es la siguiente:
2003
2002
Activo circulante
$
121,931
$ 190,196
Activo fijo
$
461,975
$ 362,298
Pasivo circulante
$
589,802
$ 543,356
Pasivo a largo plazo
$
60,493
$
74
Ingresos
$
135,543
$
28,569
Costos y gastos
$
123,278
$
22,525
Peñoles 2003
Estados Financieros y Notas
55
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B) PROGRAMA DE PROTECCIÓN EN DIVISASSe establecen periódicamente operaciones de venta a futuro de dólares (forward), venta de opciones de compra de dólares (calls)
y compra de opciones de venta de dólares (puts), como parte del programa para maximizar los ingresos derivados de las ventas
de dólares americanos y hacer frente a los compromisos contraídos en moneda nacional.
Al 31 de diciembre de 2003, se tenían establecidas las siguientes operaciones derivadas que cubren parte de los ingresos futuros
en 2004, denominados en dólares americanos:
Tipo de operación
Monto en US$
T.C.
forward (1)
MXP/USD
Ventas forward
Compras forward
174,800,000
25,000,000
11.42
11.53
Opciones sobre dólares
americanos
Tipo de opción
Monto en US$
T.C.
forward (1)
MXP/USD
Compra de put
Venta de call
9,500,000
9,500,000
11.00
11.78
(1) El tipo de cambio de las ventas forward y el tipo de cambio de ejercicio de las opciones son tipos de cambio promedio ponderado de varias operaciones.
C) PROGRAMA DE PROTECCIÓN DE ENERGÉTICOS-
Se establecen periódicamente operaciones de swaps y de opciones de gas natural para controlar los costos derivados del consumo del mismo.
Al 31 de diciembre de 2003, se tenían establecidas las siguientes operaciones de gas natural:
Tipo de operación
Volumen
Compra Swap (1)
Venta Call (1)
Compra de call
Venta de put
Precio
1,440,000 Mmbtu
1,440,000 Mmbtu
840,000 Mmbtu
1,092,000 Mmbtu
4.40 US$/Mmbtu
6.00 US$/Mmbtu
4.75 US$/Mmbtu
4.75 US$/Mmbtu
(1) A finales del año 2003, algunas subsidiarias del Grupo Peñoles se incorporaron a la cobertura voluntaria ofrecida por PEMEX.
Los derivados son valuados utilizando las metodologías y enfoques (por ejemplo, Black y Scholes, flujo de efectivo descontado, etc.)
aplicables a cada tipo de instrumento financiero derivado en lo particular.
15. CAPITAL CONTABLE
El capital social al 31 de diciembre de 2003 y 2002, está representado por acciones ordinarias, nominativas sin expresión de valor
nominal e integrado por acciones de la clase uno representativa del capital mínimo fijo y por acciones de la clase dos, representativa
de la parte variable del capital social, como sigue:
68 Estados Financieros y Notas
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