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Financial Policies


Over time, the Company’s investment policy has focused on maintaining all production assets in optimal operating conditions. Therefore, each year it invests a fraction of the book basis depreciation of its property, plant and equipment incurred during the prior year. It also makes investments in property, plant and equipment and concessions in order to boost its production capacity in order to comply with its strategic development plan. These investments are financed using corporate resources, by selling assets or with long-term loans from financial institutions. Investments in working capital are funded with corporate resources or short-term bank financing. The Company has covenants with these banks to maintain a debt over EBITDA coverage ratio no greater than 4 times and a ratio of equity to assets equal to or greater than 40%, in accordance with the lending agreement signed in November 2017.


The current dividend policy of Camanchaca S.A. approved by the Board of the company is as follows:

a) The Company shall distribute definitive annual dividends after the approval of the balance sheet of each fiscal year by the Annual general Meeting, in an amount that will be at least equal to 30% of the net profits susceptible of being distributed as shown in the relevant balance sheet.

b) The Company will not distribute interim dividends unless so decreed by the Board for a particular distribution.

c) The terms indicated in “a” and “b” above may be modified by the Board in the future.

To date, the Company has no restrictions involving limitations on dividend payments. However, the debt rescheduling and financing commitment agreement signed on November 27, 2017, with DNB Bank ASA, Cooperative Rabobank U.A., and Banco Santander Chile S.A., set forth that if the Company does not comply with the financial covenants established in that agreement, it may not distribute dividends in excess of 30% of distributable net income for the year, determined based on the respective balance sheet.

Historical dividend payment
YearDividend per share (US$)Total dividend (Th US$)Dividend approval dateDividend Payment date