PA - Banco Security

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) Summary of Consolidated Equity as of December 31, 2009 ADJUSTMENTS TO EQUITY IFRS Equity 31.12.2009 ThCLP$ Total Equity under Chile GAAP 294,558,780 Adjustments first time adoption IFRS Revaluation goodwill 2,309,928 Recognition difference minimum dividend (6,458,481) Adjustment difference in amortization of effective discount rate related to bond issuance (631,178) Non-controlling interest 1,859,966 Price level restatement 7,312,459 Deferred tax discount bond issuance 80,645 Amortization and depreciations (4,985) Difference investment income under IFRS (4,675,606) Other expenses, (calculation equity method investment in related parties (1,404,765) Other income or expenses 64,353 Subtotal (1,547,664) Total Equity under IFRS 293,011,116 c) Reconciliation of the Consolidated Net Income for the period ended December 31, 2009 ADJUSTMENT TO INCOME IFRS 31.12.2009 ThCLP$ Total Net Income under Chile GAAP 30,076,361 Adjustments to income first time adoption IFRS Price level restatement 4,183,417 Deferred taxes (1,721) Indexation unit items at effective interest rate (68,679) Other expenses, (calculation VP EE.RR) (1,404,765) Amortization at bond issuance discound at effective interest rate (70,064) Difference impairment goodwill 982,868 Amortizations and depreciations (4,985) Difference investment income under IFRS (3,702,052) Other minor expenses (4,609) Non-controlling interest 723,451 Subtotal adjustments 632,861 Total net income under IFRS 30,709,222
137 <strong>PA</strong>GE d) Reconciliation of the Statement of Cash Flow for the period ended December 31, 2009 ADJUSTMENTS CASH FLOWS UNDER IFRS CASH FLOWS 31.12.2009 ThCLP$ Total Cash Flows under Chile GAAP 26,882,040 - Adjustment for first time adoption of IFRS Adjustments to income 12,924,615 Difference investment income under IFRS 13,445,107 Amortizations and depreciations 2,685,509 Price level restatement (5,077,197) Other 110,426,426 Subtotal adjustments 134,404,461 Total Cash Flows under IFRS 161,286,500 e) Reconciliation of the Statement of Cash Flow for the period ended January 01, 2009 ADJUSTMENTS CASH FLOWS UNDER IFRS CASH FLOWS 01.01.2009 ThCLP$ Total Cash Flows under Chile GAAP 26,882,040 Adjustment for first time adoption of IFRS Adjustments to income 27,352,624 Difference investment income under IFRS (1,282,000) Amortizations and depreciations 2,575,840 Deferred taxes 3,057,000 Fluctuation in current bonds 118,265,096 Others 19,914,344 Subtotal adjustments 169,882,904 Total Cash Flows under IFRS 196,764,944 The next pay as explain the main adjustments to equity caused by the adoption of IFRS and differences between the previous accounting principles (i.e. Chile GAAP) and IFRS applied for Grupo <strong>Security</strong> at the closing of the financial statements.
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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
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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 136 and 137: Suspension of revenue recognition o
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
Page 186 and 187: 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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PA - Banco Security

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