Financiamiento en tiempos adversos

Ante la coyuntura económica mundial y el precio bajo de los minerales, los gerentes de finanzas de las empresas mineras despliegan su expertise y conocimiento del mercado financiero, e implementan diversas estrategias para acceder a financiamientos con el fin de viabilizar sus proyectos.

En la V mesa redonda “Financiamiento en el Sector Minero”, organizada por el Pad – Escuela de Dirección de la Universidad de Piura y Horizonte Minero, revista internacional de minería y energía, se dieron a conocer los desafíos y recomendaciones para mantener la salud financiera de las empresas.

 

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La desaceleración económica y la coyuntura de precios bajos de los minerales forma parte del entorno en el cual las empresas mineras continúan implementando medidas para reducir costos e inversiones y así seguir operando.
Las gerencias de Finanzas han implementado diversas estrategias para hacer frente a la disminución de los ingresos y la volatilidad de los flujos de caja. Decisiones conservadores, marcadas por los directorios, han delineado el acceso a los instrumentos financieros sofisticados que el mercado provee.
En el caso de Sociedad Minera El Brocal, según Nelly Taboada Saavedra, gerente de Finanzas de la compañía, ha optado por el uso intensivo del Factoring para extender términos de pago a proveedores, el que se creó hace seis años.
“En el campo de las coberturas, están apareciendo algunas herramientas más sofisticadas. No tenemos mucha experiencia en ejercer esas opciones, pero estamos interesados en seguir aprendiendo y seguir explorando las ofertas que aparecen”, remarcó.
Reconoció que la implementación de las opciones sofisticadas del sistema financiero está delineada por el directorio, que es conservador. “El directorio marca la pauta de qué productos y qué riesgos se toma en la empresa, porque los productos financieros están asociados a los riesgos que se deben tomar cuando se decide por uno de ellos. Nos balanceamos entre el directorio y la gerencia”, agregó.

CREATIVIDAD FINANCIERA

La creatividad también se pone de manifiesto para financiarse en estos tiempos adversos. Para Nelly Taboada Saavedra, los gerentes financieros están siendo creativos y analizando opciones. “El mercado financiero está ofreciendo algunos productos interesantes y están apareciendo algunos instrumentos que nos permiten acceder a financiamientos”, menciona.

Antes de levantar capital para El Brocal, afirmó, evaluaron las herramientas que ofrece el mercado. Pero a la vez, se preguntaron ¿ahora cómo explico a los auditores y accionistas? Y el desafío fue cómo reconocer los resultados en los estados financieros y discutir el tema con los auditores. “Cuando hicimos un préstamo sintético, resultó beneficioso que los creadores del producto ya habían informado sobre el producto a los auditores y a la Sunat, que son actores que influencian. Los bancos deberían sensibilizar sobre el producto que ofrecen al sector”, remarcó.

En opinión de José Elejalde Noya, Gerente de Administración, Finanzas y Comercialización de Compañía Minera Poderosa, el mercado financiero ha evolucionado considerablemente por la oferta que hay. “Banqueros y traders se han vuelto creativos y ofrecen productos diversos. Hay alternativas en el mercado que se ajustan a la estrategia de la empresa”, indicó.
Sin embargo, manifestó que el grado de aversión al riesgo depende de lo que disponga la empresa. “Es un tema de flujo de caja y cómo queremos manejarlo, cómo nos vamos a manejar con coberturas. Si hiciste un presupuesto a “x” por el precio del oro, como hicimos nosotros, y luego tomas coberturas a “x” + “y”, tienes la tranquilidad de estar obteniendo un mayor ingreso sobre ese presupuesto, estás asegurando tu flujo. Y si al final el precio sube más, es bueno también porque no coberturaste el 100% de tu producción, es sano dejar una parte libre al mercado”, manifestó.

Dentro de esta sofisticación financiera, indicó que actualmente hay una mayor regulación. “ Al momento de buscar líneas para obtener estos instrumentos tenemos que enviar mayor información y firmar un ISDA que establece el marco de referencia para los contratos, esto para cada entidad con la que se hagan operaciones”, aseveró.

Carlos Gálvez Pinillos, Vicepresidente de Finanzas y Administración y Director de Compañía de Minas Buenaventura, manifestó que para acceder a las opciones del mercado financiero no hay que olvidarse de “la clara doctrina que siempre se tiene que tener en cuenta: uno debe financiar a corto plazo solo aquello que es un negocio a corto plazo y comprar recursos permanentes dependiendo del tipo de inversión u operación que se hará”.
Respecto al papel de Sunat y la Superintendencia de Banca y Seguros, en el mercado financiero, dijo que a veces norman más allá de lo que saben y restringen más allá de lo que deben, lo que muchas veces impide a las empresas mineras utilizar los mecanismos sofisticados que no necesariamente son de hoy. “Tengo 45 años en la actividad y las operaciones de coberturas lo hacíamos desde ese entonces. Lo que pasa es que no habían marcos regulatorios que han puesto restricciones a lo que no debe. Recuerdo que teníamos a INDECON para hacer nuestras operaciones de coberturas, durante el Gobierno militar.

Hoy, indicó Carlos Gálvez Pinillos, hay personas que se han metido a normar sobre la aplicación de las coberturas sin saber lo que hacen.

RESTRICCIONES EN EL MERCADO

“De haber tenido la posibilidad de entrar a un mercado de cobertura, cuyos riesgos lo asumen las empresas, donde simplemente se manejaba como una operación convencional ingresos y egresos, con resultados tributarios, de repente, la Sunat empezó a calificar si era una venta de fuente nacional o extranjera y en base a eso pretendieron hacer una legislación discriminatoria desde el punto de vista tributario”, aseveró.
Y luego, agregó, alguien escuchó que las normas internacionales de contabilidad tenían el Índice de Eficacia de un instrumento financiero derivado, sin entender que el Índice de Eficacia es para fines de forma de contabilizar la contabilidad financiera y no para reconocer un resultado positivo o negativo, y con eso comenzaron las restricciones. “Al día de hoy, ni en la Sunat, ni en el Tribunal Fiscal, ni en ninguna parte del Perú desde el punto de vista de la legislación, hay alguien que tenga claro qué pasó en la secuencia histórica de las operaciones de coberturas”, remarcó.

Según Carlos Gálvez, antes se podía hacer ventas a futuro o generar un instrumento financiero derivado, cualquiera de los dos era aceptado. Pero, hoy, cuando se trata de un instrumento financiero derivado empieza la interpretación del Índice de Eficacia de instrumentos financieros.

“El cuestionamiento de la Sunat es que si una empresa comenzó con un instrumento financiamiento derivado, luego no lo puede convertir a una venta a futuro. No acepta el cambio. Tal situación, indica, lleva a restringir el uso de instrumentos que provee el mercado para las operaciones financieras”, mencionó. Por ejemplo, dijo, el offshore es un buen instrumento impositivo, pero actualmente no está bien visto por la connotación que le han dado. Y también por las restricciones al uso convencional como instrumento. “Hay que tener claro que uno no debe hacer precio de transferencia con un offshore, porque eso sí sería una manera de evadir impuestos porque es un manejo ilegal”, acotó.

Para tomar nota…

  • Para reducir costos, siempre el marco va a ser el límite de la seguridad y control ambiental. Es muy retador reducir costos en minería.
  • El nivel de sofisticación de las herramientas financieras está limitado por el nivel de sofisticación del regulador.
  • El Brocal ha desarrollado y promovido a la empresa contratista comunal Huaraucaca, dentro de un  proceso compartido. Es uno de los mejores ejemplos de valor compartido que tiene el sector. Se  promueve desarrollo y empleo local.
  • Tenemos que educar a la Sunat, porque tienen diversos criterios de evaluación. No hay consistencia, y es lo que impide a las empresas mineras utilizar ciertos instrumentos financieros que ofrece el mercado.
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