PA - Banco Security

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Suspension of revenue recognition on an accrual basis Before IFRS, revenue recognition for interest and indexation adjustments considered the suspension of the revenue accrual based on the following criteria: a) As of the date when a past-due loan, portion or installment is 90 days in arrears and as long as not all past-due amounts are paid or renegotiated. b) Suspension of the revenue accrual for loans that are classified in the categories D1 and D2, as of the date of the classification and as long as they are not reclassified to a category of lower risk as C4. As of the adoption date of IFRS, the Bank suspended the revenue recognition and indexation adjustments in income accounts, when the debtor does not pay his obligation on the agreed date; this is, as of the first day of default. For the loans that have been classified during the year in the C4 category, the accrual is suspended as of the date when one year has gone by and until they are not reclassified in a category with a lower risk. In addition, as of the IFRS adoption date, income is no longer recognized on an accrual basis in the income statement, for those loans included in the impaired portfolio that comply with any of the situations mentioned next: Loans subject to suspension Individual evaluation: The debtors classified in the categories D1 and D2 Individual evaluation: The debtors classified in the categories C3 and C4 Group evaluation: Credits with actual guarantees lower than 80% Suspended Suspended based on inclusion in the impaired portfolio Suspended for having been included for three months in the impaired portfolio When the credit or one of its installments has six months of arrears in its payment. However, in the case of loans subject to individual evaluation, it is possible to maintain the revenue recognition for the accrual of interests and indexation of the loans when these are paid normally and correspond to obligations whose cash flows are independent, such as the financing of projects. iii) Loan Write-offs The charge-offs of loans and accounts receivable are performed based on due, past due and outstanding installments. The deadline for the charge-offs is considered from the beginning of the default, i.e., a loan shell be writer off when the default period of an installment or portion of a credit of an operation reaches the period to write-off as indicated in No. 2.21 of note 2. Before the adoption of IFRS, the deadline established by the SBIF to perform the write-offs of the expired and past-due installments of the loans and accounts receivable was when the loans were in the past-due portfolio. The past-due portfolio included loans or installments of loans that were in default in the payment of principal or interests for 90 days or more. iv) Investments in companies The investments in companies in which the Bank has no significant influence, with an ownership interest participation lower than 20% have been recorded at historical cost, considering as deemed cost of these investment the accounting value they presented as of December 31, 2007, and recognizing the dividends as received.
135 PAGE 3.2 Reconciliation between Chilean Generally Accepted Accounting Principles (Chile GAAP) and IFRS The reconciliations presented below show the calculation of the impact of the transition to IFRS in Grupo Security. Details of the impact of the transition, as shown by the reconciliation, are as follows: a) Summary of Consolidated Equity as of January 1, 2009 IFRS ADJUSTMENTS TO EQUITY Equity 01.01.2009 ThCLP$ Total Equity under Chile GAAP 250,248,380 Adjustments first time adoption IFRS Investment Factoring Security (123,770) Investment Inmobiliaria Security (410,336) Investment Inversiones Insurance Security (87,055) Investment Inversiones Invest Securitó (327,654) Investment Banco Security (11,110,572) Investment Asesorías Security (27,967) Revaluation goodwill 1,327,060 Recognition minimum dividend (difference) (4,227,179) Adjustment difference in amortization of effective discount rate related to bond issuances (410,069) Non-controlling interest 1,727,510 Subtotal (13,670,032) Total Equity under IFRS 236,578,348
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A N N U A L R E P O R T 2 0 1 0
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PAGE PAGE PAGE financial summary 14
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Grupo Security Summarized Unconsoli
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02 principal financial indicators n
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DEAR SHAREHOLDERS I have the pleasu
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oard and management 04
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04board and management SENIOR MANAG
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05 recognitions 17 COMPANIES WITH B
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06 activities 19 ENCUENTRO JUVENTUD
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06 activities 21 A SCHOOL FOR VILLA
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2003 Inversiones Seguros Security i
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ECONOMIC CONTEXT EXTERNAL ENVIRONME
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CHILE: GDP GROWTH (%) 7 6 5 4 3 2 1
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09strategic pillars
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09strategic pillars security, where
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09 strategic pillars RISK MANAGEMEN
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10business areas
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10 business areas 39 PAGE
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FINANCING BANKING INDUSTRY Banking
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The following graph shows the evolu
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EARNINGS AND ROE OF BANCO SECURITY
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RISK Banco Security has been charac
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10business areas I N V E S T M E N
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10 business areas 53 Administradora
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10 business areas 55 SECURITIZADORA
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INSURANCE INSURANCE INDUSTRY The Ch
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Compañía de Seguros Generales Pen
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10business areas S E R V I C E S
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It is important to recall that the
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INVESTMENT POLICY The bylaws of Gru
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The individual financial liabilitie
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BANK CREDITORS As of December 31, 2
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ASSOCIATED RISKS Local Financial Ri
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company information 12
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12company information In accordance
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12 company information 81 • Revis
Page 85 and 86: 12 company information 83 In Seguro
Page 87 and 88: 12 company information 85 STOCK MAR
Page 89 and 90: 12 company information 87 SOCIEDAD
Page 91 and 92: 12 company information 89 INMOBILIA
Page 93 and 94: Regulatory Framework Grupo Security
Page 95 and 96: financial statements 13
Page 97: financial statements 13 C o n s o l
Page 100 and 101: Consolidated Statement of Financial
Page 102 and 103: Consolidated statement of comprehen
Page 104 and 105: CONSOLIDATED STATEMENTS OF CASH FLO
Page 106 and 107: CONSOLIDATED STATEMENT OF CHANGES I
Page 108 and 109: The following companies are include
Page 110 and 111: ) Description of Grupo Security’s
Page 112 and 113: - Fair value option As indicated in
Page 114 and 115: Disclosure of the Adoption of new a
Page 116 and 117: For financial assets, the amortized
Page 118 and 119: The recoverable amount is the highe
Page 120 and 121: Vida Security maintains current der
Page 122 and 123: f) Structured fixed income notes Vi
Page 124 and 125: CategorY Estimated range of loss Lo
Page 126 and 127: The main components of the cost of
Page 128 and 129: 2.30 Foreign currency and indexatio
Page 130 and 131: The most significant areas of estim
Page 132 and 133: i. Pension insurances reserves This
Page 134 and 135: 3.1 Main changes in the accounting
Page 138 and 139: ) Summary of Consolidated Equity as
Page 140 and 141: 3.3 Main adjustments made a) Invest
Page 142 and 143: NotE 5 - Income taxes Deferred tax
Page 144 and 145: Inmobiliaria Security S.A. measures
Page 146 and 147: NotE 8 - Investments in Associates
Page 148 and 149: NotE 9 - Property, Plant and Equipm
Page 150 and 151: ) The amortization of intangible as
Page 152 and 153: NotE 13 - Other Financial Assets, C
Page 154 and 155: NotE 16 - Other Non-Financial Asset
Page 156 and 157: Detail of bank obligations as of De
Page 158 and 159: Detail of bank obligations as of Ja
Page 160 and 161: Detail of the bonds at December 31,
Page 162 and 163: NotE 19 - Other Non-Financial Liabi
Page 164 and 165: NotE 23 - Other Financial Liabiliti
Page 166 and 167: Note 24 - Non-Current Liabilities A
Page 168 and 169: ) Cost of Sales The items includes
Page 170 and 171: NotE 26 - Administrative expenses T
Page 172 and 173: BALANCE 31.12.2010 31.12.2009 01.01
Page 174 and 175: Up to 1 year From 1 to 3 years From
Page 176 and 177: The management of Grupo Security S.
Page 178 and 179: c) Statement of Financial Position
Page 180 and 181: e) Statement of Financial Position
Page 182 and 183: 2) Risk Management Structure Banco
Page 184 and 185: 4º Credit Management Basically, th
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In the case of the Bank’s impaire
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These are the details of guarantees
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Loans that are classified individua
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Such limitations allow the Bank to
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Banco Security and its Subsidiaries
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Market risk trading ledger 31.12.20
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Regulatory Liquidity Mismatching as
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Regulatory Liquidity Mismatching as
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currency swaps). These derivatives
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Participants in the Credit Risk Com
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7) Regulatory Capital Requirement I
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6) Summary of the Policy for Invest
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d) Dividends The policy agreed by t
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The following table shows financial
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Valores Security S.A. Corredores de
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• The Board of Directors agreed t
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Note 37 - Subsequent Events On Janu
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MANAGEMENT’S ANALYSIS OF CONSOLID
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2.2 Factoring Industry Factoring ha
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5. Risk Factors 5.1 Dependence on d
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6 PERFORMANCE INDECATORS OF THE CON
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$ Pesos Chilenos MM$ Millones de Pe
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BANCO SECURITY AND SUBSIDIARIES Typ
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Banco Security and Subsidiaries Con
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Banco Security and Subsidiaries Con
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Valores Security S.A. Corredores de
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Administradora General de Fondos Se
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Factoring Security S.A. Type of ent
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Asesorias Security S.A. AND SUBSIDI
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Securitizadora Security S.A. Type o
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Global Asset Advisors Type of entit
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Inversiones Seguros Security Ltda A
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Seguros Vida Security Previsión S.
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Compañía de Seguros Generales Pen
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Servicios Security S.A. AND SUBSIDI
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Corredores de Seguros Security Ltda
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Europ Assistance Chile s.A. Type of
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Cooper Gay Chile S.A. Corredores de
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Inmobiliaria Security S.A. AND SUBS
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INVERSIONES INVEST SECURITY LTDA. A
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Travel Security S.A. AND SUBSIDIARI
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Global Security Gestión y Servicio
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Mandatos Security Ltda. Type of ent
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GROUP OWNERSHIP STRUCTURE The follo
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D E C L A R A T I O N O F R E S P O
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ADDRESSES OF COMPANIES OF GRUPO SEC
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Santa Elena Branch Santa Elena 2400
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Santiago Nueva York 33, Office 1402
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“THIS PAPER COMES FROM FORESTS MA
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