A N N U A L R E P O R T G R U P O S E C U R I T Y ... - Banco Security

Note 8 - Other Current Assets
As of December 31, 2008, the balance of ThCh$6,449,185 (ThCh$3,298,906 in 2007) is composed mainly of instruments with sellback
agreements of ThCh$6,447,172 (ThCh$3,259,359 in 2007) and other assets of ThCh$2,013 (ThCh$39,547 in 2007).
2008 2007
Final value
ThCh$
Market value
ThCh$
Maturity
date
Final value
ThCh$
Market value
ThCh$
Maturity
date
Valores Security S.A
Corredores de Bolsa 6,450,180 6,447,172 January 2, 2009 3,259,358 3,259,358 January 2, 2009
Note 9 - Investments in Related Companies
a) Investments in related companies as of December 31, 2008 and 2007 are detailed as follows:
Participation
percentage
Shareholders’ equity in
companies
Accrued income
Book value of the investment
2008 2007 2008 2007 2008 2007 2008 2007
Banco Security 99.94 99.94 184,798,797 182,225,953 14,331,468 29,657,854 184,687,917 182,116,617
Inversiones Seguros Security Limitada 99.99 99.99 57,832,709 88,629,999 5,664,990 10,207,434 57,832,689 80,261,543
Factoring Security S.A. 99.99 99.99 24,407,203 23,384,806 4,802,152 5,450,861 24,406,730 23,384,338
Asesorías Security S.A. 99.78 99.80 1,218,599 1,147,312 71,132 198,176 1,215,940 1,144,808
Inmobiliaria Security S.A. 99.99 99.99 4,121,385 3,766,353 650,428 603,276 4,121,344 3,766,316
Inversiones Invest Security Ltda. 99.90 99.90 5,024,232 3,983,846 542,340 428,515 5,020,735 3,981,073
Securitizadora Security S.A. 99.98 50.96 2,728,154 3,130,173 (288,033) 252,508 2,727,608 1,595,137
Total 25,774,477 46,798,624 280,012,963 296,249,832
b) In January 2007, Grupo Security S.A. together with the Ultramar Group carried out a business merger of Travel Security S.A. and
Tajamar S.A., their indirect and direct subsidiaries, respectively, both companies in the travel agent line of business. According to Technical
Bulletin No. 72, that operation implied making a determination of the fair value of these companies, which determined the fair value of
the combined company’s assets and liabilities. As of December 31, 2007, the values of the combined company’s assets and liabilities did
not differ significantly from their book values.