COMPLEMENTARY ESSENTIAL FACT
CLÍNICA LAS CONDES S.A.
Registration in the Securities Registry No. 433
Santiago, December 16, 2022
Mrs. Solange Berstein Jáuregui
President
Financial Market Commission
Dear Madam President:
In compliance with the provisions of Articles 9 and 10 of Law No. 18,045 on the Securities Market, in General Rule No. 30 of this Commission, as well as in Official Letter Ord. N° 94972 of this Commission, the undersigned, duly authorized for this purpose, on behalf of CLÍNICA LAS CONDES S.A. (the “Company”), informed you as an essential fact complementary to the one reported on December 14, 2022, the following:
1. Any amounts involved and effects on assets, liabilities and/or results of the Company.
Regarding the amounts involved in this project and effects on the balance sheet, the following is indicated:
– The project considers an investment in infrastructure that will be 100% financed by the Finis Terrae University (the “University”). Therefore, it does not commit financial resources of the Company. The amount of this investment is not yet determined, since the University must carry out the respective technical visits to project the specific requirements to enable furniture, modules and infrastructure required to fulfill the purpose of the agreement.
– Based on the above, the Society will deliver to the University, as a loan and for a period of 10 years, an area of approximately 4,000 square meters, located on the 6th and 7th floors of the North Tower of the Green Building, enclosures that for more than 5 years have been unused. The term of the loan of 10 years corresponds to the estimate of the depreciation of the investment that the University will make in the aforementioned campuses.
– In terms of assets, the net book value of depreciation of the North Tower Green Building corresponds to:
Net Book Value As of 11/30/2022 | mt2 Total $ Book value $ x mt2
Building A 133,064 106,912,366,050 803,466
Floor 6 and 7 4,000 3,213,862,985
The values of the 6th and 7th floors indicated above, correspond in terms of net book value of depreciation to MM$ 3,213. There is no major impact on the valuation of assets, nor on liabilities, since it does not imply new financing or movement of accounts in results, since the operational costs of maintaining these spaces are sunk in the results of the Company, and it is the University that assumes the maintenance of the property.
2. Any other background that is necessary for a better understanding of the operation.
As an additional background, it should be noted that the Society’s model is based on configuring a powerful model of academia, which is not a business model. An example of this are the large institutions worldwide, such as Mayo Clinic, which has a very high prestige and the importance that this institution gives to the academy as a method of training its future professionals. The Society has analyzed having its own university and efforts have been made in that regard. For example, the case between Clínica Alemana and the Universidad del Desarrollo which, despite existing, materially is not so because the university is not installed in the clinic’s premises.
In the case of the strategic alliance between the Society and the University, a higher-level agreement is being made, with an intangible value in prestige, brand valuation, impossible to quantify because there is no parameter to value an alliance like this that implies attracting university education within the Clinic for the training of its future professionals. This matter has been duly reported to the Board. In this way, giving on loan physical spaces for the use of the University has no comparison with the benefits that the Clinic will report from it.
Yours sincerely yours,
Ignacio Tapia Hortuvia
General Manager
CLÍNICA LAS CONDES S.A.
Link to file in CMFChile: https://www.cmfchile.cl/sitio/aplic/serdoc/ver_sgd.php?s567=3436b0b9d46ec74264f871f4ebf64716VFdwQmVVMXFSWGxOUkZFelQxUkZNRTVSUFQwPQ==&secuencia=-1&t=1682376108
