FINANCIAL REVIEW

The capital structure related to short-term working capital structure (liquidity) can be found in the ability to pay debts section of this Annual Report.

CAPITAL STRUCTURE MANAGEMENT POLICY

When managing its capital, Pelindo always looks to maintains its business continuity and maximizes the benefits for shareholders and other stakeholders, to provide adequate returns to shareholders by determining the price of products and services commensurate with the level of risk. To that end, the Company has determined a number of capital ratios in proportion to risk. Pelindo actively and regularly reviews and manages its capital to ensure an optimal capital structure and returns for shareholders, taking into account the efficient use of capital based on operating cash flows and capital expenditures, as well as future capital requirements.

BASIS FOR THE CAPITAL STRUCTURE MANAGEMENT POLICY

Pelindo manages the capital structure and optimal returns to shareholders by taking into account future capital requirements and current and future profitability, operating cash flow estimates, capital expenditure estimates, and projected strategic investment opportunities.

MATERIAL CAPITAL GOODS INVESTMENT BONDS

Pelindo made the following material commitments for capital goods investment.