Client Name: Compaa XYZ SA F/S Period End: 31.12.

2016
Document Name: Revision Analitica Preliminar Document #: G-12

PAR Expectations - suggested questions

Information and PAR expectations gained from discussions with Mr. Diego Zubiaga at September 21, 2016

NO. AREA QUESTION RESPONSE

Revenue/ Gross What has trading been like in the year and post y/e? Se estima segn estadisticas de MINCETUR que los ingresos se deban incrementar en
Margin 4.5% aproximadamente ya que la afluencia de pasajeros al pais a aumentado en dicho
Any changes to the business activities or operations from the prior year? porcentaje.

Revenue / Any significant big contracts? No hay nuevos clientes, la cartera de clientes se mantiene respecto al ao anterior y
Accounts esta conformada por las mismas agencias de viaje
Receivable Who are key / largest customers?
Revenue When is the busiest time of year? Este negocio es estacional y sus temporadas altas se dan entre julio y agosto debido a
las vacaciones en el extranjero.
Are there significant seasonal fluctuations.

Accounts Any problems / issues with customers? No hay problemas con los clientes (agentes de viaje) no hay un historial de cuentas por
Receivable cobrar incobrables.
Any bad debts / disputes?

Revenue / Gross What have margins been like? Any exceptionally high / low returns? Se estima que no haya alteraciones en el margen de utilidad que va en el orden del 67%
Margin segn el presupuesto.
Current industry conditions?

Accounts Payable Key suppliers? No hay proveedores operativos claves. Su operacin se basa en ofrecer servicios de
alojamiento que son prestados por sus trabajadores y los de alimentos y bebidas para
Any problems / issues with suppliers or products? ello se recurre a diversos proveedores menores. No hay proveedores claves.

Disputes?

Inventory Inventory levels at the year-end? Los inventarios de existencias son bajos y no sufren variaciones significativas ya que
mantiene stock minimo.
PPE Any significant capital expenditure? Se estima desembolsar aproximadamente US$ 1 millones para culminar los trabajos en
curso que se desarrollan en el hotel. No hay otras compras relevantes de activos fijos.
Replacement of motor vehicles? If so, bought out-right or under HP?

Significant disposals / assets scrapped?

Overheads Similar levels to prior year? Se estima que el variable overhead presupuestado se mantenga en 26% de de los
ingreso por servicios para este 2016.

Overheads Any significant changes in general spending? No se espera cambios significativos en el variable overhead.
- significant one-offs
- cost savings achieved
- transport / energy prices

External events Have any external events or industry trends in the year affected the performance No hay eventos externos que influyan en la operacin.
of the business?

To what degree and at what times during the year was this most noticeable?

KPI's As management of the business, what KPI's are used to determine the current La Direccion Financiera emplea el EBITDA para medir la performance de su operacin y
performance of the business and how are these calculated? generalmente equivale al 33 o 34% de los ingreso por servicios.

Client website Read the client website. What information can be gathered from this site and No hay informacion relevante en la web del cliente y de cada una de las unidades
consider what impacts this is likely to have on the client website. hoteleras que indique un incrementp en los servicios que origine mayores ingresos.

Ver: 2014 Nov 1 Library: Core

Client name: Compaa XYZ SA F/S period end: 31.12.2016
Document name: Revision Analitica Preliminar Document #: G-12

See 'PAR expectations' sheet for details of discussions on which expectations are formed.

For each financial statement area:

(i) Document expectations (either narrative or numerical) based on discussions documented in PAR expectations tab
(ii) Comment whether movements are consistent with expectations or not
(iii) Indicate whether a potential RMM exists or not
(iv) Where applicable, document the APT risk #

Current Year 31.08.16

Prior Year: 31.12.15
Prior Year 1: 31.08.15
Currency Soles

FINANCIAL STATEMENT AREA 31.08.16 31.12.15 Movement S/ Movement % COMMENTS POTENTIAL APT RISK #
Narrative S/ S/ S/ RMM?

Balance Sheet

Current Assets
Cash 1,201,265 1,320,501 (119,236) -0.1%
Trade Accounts Receivable 532,403 407,873 124,530 0.3%
Intercompany 56,992 11,068 45,924 4.1%
Corresponde al pago de la solicitud de
recuperacion de saldo a favor materia de
beneficio por exportacion de servicios. Se
solicitaron creditos fiscales de aos
anteriores por aproimandamente S/ 1,335
mil
Other receivables 403,313 1,766,262 (1,362,948) -0.8%
Inventories 300,675 246,300 54,375 0.2%

Total Current Assets - 2,494,649 3,752,003 (1,257,355) -0.3%

Non Current Assets

Investments 205,120 210,422 (5,303) 0.0%
Corresponde a desembolsos para obras en
Buildg., Plant & Equip. at cost 34,112,409 33,144,786 967,622 0.0% curso
Acc. Dep'n - Buildg, P&E (10,568,751) (9,472,944) (1,095,807) 0.1%
Intangible asset 247,083 237,402 9,681 0.0%
Amortization of intangible (198,856) (161,068) (37,788) 0.2%
Capital Leases (net of dep'n) 11,653 30,299 (18,645) -0.6%

Total No Current Assets 23,808,658 23,988,897 (180,240) 0.0%

Total Assets - 26,303,306 27,740,901 (1,437,594) -0.1%

Current Liabilities
Trade Accounts Payable 212,884 309,612 (96,729) -0.3%
Accrued Liabilities 758,150 695,150 63,000 0.1%
Accrued Interest 387 1,006 (619) -0.6%
Corresponde al saldo a favor del Impuesto
a la Renta y su incremento se debe a los
pagos a cuenta del IR de enero a agosto
de 2016
Current Tax (827,179) (707,623) (119,556) 0.2%
El ingreso diferido se incrementa por las
mayores reservas que se efectuan para las
fechas de fin de ao.
Deferred Revenue 265,277 113,579 151,698 1.3%

Total Current Liabilities - 409,518 411,724 (2,206) 0.0%

Long-term Liabilities
Capital Leases 11,653 30,299 (18,645) -0.6%
Deferred Income Taxes 1,980,805 2,213,195 (232,391) -0.1%
Corresponde principalmente a las
amortizaciones de los prestamos recibidos
de XYZ Ltda con los fondos recibidos del
cobro de la solicitud de devolucion de
saldo a favor materia de beneficio.
Intercompany 11,125,270 12,582,639 (1,457,369) -0.1% ASIGNAR RIESGOS

Total Long-term Liabilities - 13,117,728 14,826,133 (1,708,405) -0.1%

Equity and Reserves

Paid in Capital 11,830,988 11,830,988 - 0.0%
Retained Earnings b/f 945,073 672,056 273,017 0.4% Corresponde al resultado del periodo
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Client name: Compaa XYZ SA F/S period end: 31.12.2016
Document name: Revision Analitica Preliminar Document #: G-12

Total Equity and Reserves 12,776,061 12,503,044 273,017 0.0%

Total Equity and Liabilities - 26,303,307 27,740,901 (1,437,594) -0.1%

Difference (0) (0)

Ver: 2014 Nov Prepared by BDO Version SME v0.1

Client name: Compaa XYZ SA F/S period end: 31.12.2016
Document name: Revision Analitica Preliminar Document #: G-12

FINANCIAL STATEMENT AREA EXPECTATIONS 31.08.16 31.08.15 Movement S/ Movement % COMMENTS POTENTIAL APT RISK #
Narrative S/ S/ S/ RMM?

Income Statement

Revenue
Se estima segn estadisticas de MINCETUR que los ingresos se deban incrementar en La expectativa indicaba un aumento de
4.5% sin embargo no aumento lo deseado
debido a que las Olimpiadas en Rio
4.5% aproximadamente ya que la afluencia de pasajeros al pais a aumentado en dicho
originarin la afluencia de los pasajeros a
este nuevo destino turistico
Rooms porcentaje. 4,383,667 4,434,156 (50,489) 0.0%
Food & beverage 1,837,684 1,926,273 (88,588) 0.0%
Minor ops. 383,068 335,922 47,146 0.1%
Total Renueve 6,604,419 6,696,350 (91,931) 0.0%

Cost
El costo no aumento en funcion a las
expectativas por lo explicado
anteriormente
Rooms (846,090) (871,454) 25,364 0.0%
Food & beverage (1,338,110) (1,392,699) 54,589 0.0%
Minor ops. (112,107) (102,851) (9,256) 0.1%
Total Cost of Sales (2,296,307) (2,367,004) 70,697 0.0%

Gross Profit 4,308,112 4,329,345 (21,233) 0.0%

Se incremento el gasto por

gerenciamiento y regalias por uso de
nombre y debido al aumento de las tasas.
Administrative expenses (2,383,014) (2,156,490) (226,524) 0.1%
Sales expenses (321,889) (343,267) 21,378 -0.1%

Total Operating Expenses (2,704,903) (2,499,758) (205,145) 0.1%

Operating Income 1,603,209 1,829,588 183,912

Depreciation and amortization (1,152,240) (1,243,069) 90,829 -0.1%

Adjustment of conversion to US$ 3,544 (87,999) 91,543 -1.0%
Financial expenses (381,650) (450,847) 69,198 -0.2%
Other revenues 15,637 76,059 (60,422) -0.8%
Income (loss) from continuing operations (1,514,709) (1,705,856) 191,147

Profit before tax 88,500 123,732 (123,732) -0.3%

Participacin de los Trabajadores - - -

Impuesto a la Renta Corriente 184,516 121,723 62,794 0.5%
Impuesto a la Renta Diferido - - -

Profit after tax 273,016 245,454 27,562 #REF!

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Client name: #REF! F/S period end: #REF!
Document name: #REF! Document #: #REF!
A.Torres
For each ratio:
(i) Document expectations based on discussions documented in PAR expectations tab
(ii) Comment whether movements are consistent with expectations or not
(iii) Indicate whether a potential RMM exists or not
(iv) Where applicable, document the APT risk #

For further information concerning the ratios hover with your mouse over the title boxes to read the help text.

RATIO WORKINGS 31.08.16 31.12.15 EXPECTATIONS COMMENTS POTENTIAL APT RISK #

RMM?

PROFITABILITY RATIOS
Return on capital employed:
Result (PBT) = 88,500 = 0.01 0.01
Capital Employed (Equity) 12,776,061
Gross profit margin:
Gross Profit = 4,308,112 = 0.98 0.98
Turnover 4,383,667
Net margin:
PBT = 88,500 = 0.02 0.03
Turnover 4,383,667

EFFICIENCY RATIOS
Stock days:
Stock x 365 = 205,120 x365 = 88.49 (88.13)
Cost of Sales 846,090
Debtor days:
Trade Debtors x 365 = 34,112,409 x365 = 2,840.32 2,728.33
Sales 4,383,667
Creditor days:
Trade Creditors x 365 = 758,150 x365 = (327.06) (291.16)
Cost of Sales 846,090

LIQUIDITY RATIOS
Current ratio:
Current Assets = 23,808,658 = 58.14 58.26
Current Liabilities 409,518
Quick ratio:
Current Assets - Stock = 23,603,538 = 57.64 57.75
Current Liabilities 409,518

Ver: 2014 Nov Prepared by BDO 1

Version 1.0.2010