PA - Banco Security

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BALANCE 31.12.2010 31.12.2009 01.01.2009 ThCLP$ ThCLP$ ThCLP$ Non-current assets Other non-financial assets, non-current 16,213,201 14,769,656 15,110,241 USD 1,808,682 226,635 2,764,509 EURO - 2,164 94,470 UF - 43,150 55,450 Chilean Peso 13,869,863 14,115,521 11,676,982 Other 534,656 382,187 518,830 Investments in associates accounted for usisng the equity method 11,432,063 11,430,661 10,330,467 USD - - - EURO - - - UF - - - Chilean Peso 11,432,063 11,430,661 10,330,467 Other - - - Intangibles assets other than goodwill 23,077,589 17,364,878 14,031,034 USD - - - EURO - - - UF - - - Chilean Peso 23,077,589 17,364,878 14,031,034 Other - - - Goodwill 42,870,500 43,568,222 45,021,299 USD - - - EURO - - - UF - - - Chilean Peso 42,870,500 43,568,222 45,021,299 Other - - - Property, plant and equipment 44,314,311 43,829,488 46,762,970 USD - - - EURO - - - UF - - - Chilean Peso 44,314,311 43,829,488 46,762,970 Other - - - Investment property 13,240,035 - - USD - - - EURO - - - UF - - - Chilean Peso 13,240,035 - - Other - Deferred tax assets 54,177,694 51,257,225 44,019,954 USD - - - EURO - - - UF - - - Chilean Peso 54,177,694 51,257,225 44,019,954 Other - - - Total non-current assets 205,325,393 182,220,130 175,275,965 USD 1,808,681 226,635 2,764,509 EURO - 2,164 94,470 UF - 43,150 55,450 Chilean Peso 202,982,056 181,565,995 171,842,706 Other 534,656 382,187 518,830
171 <strong>PA</strong>GE Up to 90 days 91 days to 1 year 1 year or greater ADJUSTMENTS TOTAL BALANCE BALANCE BALANCE BALANCE BALANCE BALANCE BALANCE BALANCE BALANCE BALANCE BALANCE BALANCE BALANCE BALANCE BALANCE 31.12.2010 31.12.2009 01.01.2009 31.12.2010 31.12.2009 01.01.2009 31.12.2010 31.12.2009 01.01.2009 31.12.2010 31.12.2009 01.01.2009 31.12.2010 31.12.2009 01.01.2009 ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ ThCLP$ Current liabilities Other current financial liabilities, current 1,761,952,094 1,890,181,276 1,657,421,159 600,817,364 727,412,112 779,613,954 408,193,159 480,412,575 574,102,779 (26,874,051) (8,362,901) (4,589,373) 2,744,088,566 3,089,643,062 3,006,548,518 USD 431,754,645 354,174,614 518,676,038 60,532,958 37,446,622 104,473,583 571 59,146 0 - - - 492,288,174 391,680,382 623,149,622 EURO 21,677,017 15,446,495 46,013,260 371,799 184,805 9,718,989 0 0 0 (1) - - 22,048,815 15,631,300 55,732,250 UF 55,887,610 89,980,576 217,877,663 213,514,762 333,084,634 314,571,269 392,025,485 423,091,021 478,119,340 - - - 661,427,857 846,156,230 1,010,568,272 Chilean Peso 1,252,016,971 1,418,346,920 858,630,236 325,538,778 354,878,741 348,681,510 14,837,469 51,656,370 87,165,068 (26,874,050) (8,362,901) (4,589,373) 1,565,519,168 1,816,519,129 1,289,887,440 Other 615,851 12,232,671 16,223,961 859,067 1,817,310 2,168,602 1,329,634 5,606,039 8,818,371 - - - 2,804,552 19,656,021 27,210,934 Trade and other payables 2,607,564 3,902,334 5,141,283 711,728,059 691,439,863 714,890,809 - - - 177,081 (376,836) - 714,512,704 694,965,361 720,032,092 USD - - - - - - - - - - - - - - - EURO - - - - - - - - - - - - - - - UF - - - 706,426,501 686,620,290 711,478,956 - - - - - - 706,426,501 686,620,290 711,478,956 Chilean Peso 2,607,564 3,902,334 5,141,283 5,301,558 4,547,316 3,411,853 - - - 177,081 (376,836) - 8,086,203 8,072,814 8,553,136 Other - - - - 272,257 - - - - - - - - 272,257 - Accounts payable to related entities, current 178,437 8,559,183 945,375 320,242 - 7,725,240 - - - (498,680) (8,559,183) (8,670,614) - - - USD - - - - - - - - - - - - - - - EURO - - - - - - - - - - - - - - - UF - - - - - - - - - - - - - - - Chilean Peso 178,437 8,559,183 945,375 320,242 - 7,725,240 - - - (498,680) (8,559,183) (8,670,614) - - - Other - - - - - - - - - - - - - - - Other short term provisions 54,632,844 41,615,451 35,106,462 8,958,891 5,760,445 2,363,472 - - - (10,106,976) (6,908,460) (4,299,432) 53,484,759 40,467,436 33,170,502 USD - - - - - - - - - - - - - - - EURO - - - - - - - - - - - - - - - UF - - - - - - - - - - - - - - - Chilean Peso 54,632,844 41,615,451 35,106,462 8,958,891 5,760,445 2,363,472 - - - (10,106,976) (6,908,460) (4,299,432) 53,484,759 40,467,436 33,170,502 Other - - - - - - - - - - - - - - - Current tax liabilities 297,210 48,232 94,276 7,469,539 8,191,430 416,553 - - - - - - 7,766,749 8,239,662 510,829 USD - - - - - - - - - - - - - - - EURO - - - - - - - - - - - - - - - UF - - - - - - - - - - - - - - - Chilean Peso 297,210 48,232 94,276 7,469,539 8,191,430 416,553 - - - - - - 7,766,749 8,239,662 510,829 Other - - - - - - - - - - - - - - - Employee benefits provisions, current 2,299,423 1,756,128 1,698,857 987,940 984,058 981,749 - - - - - - 3,287,363 2,740,186 2,680,606 USD - - - - - - - - - - - - - - - EURO - - - - - - - - - - - - - - - UF - - - - - - - - - - - - - - - Chilean Peso 2,299,423 1,756,128 1,698,857 987,940 984,058 981,749 - - - - - - 3,287,363 2,740,186 2,680,606 Other - - - - - - - - - - - - - - - Other current non-financial liabilities, current 48,277,524 63,519,966 54,126,129 11,681,617 8,967,428 5,950,431 - - - (636,628) - 10 59,322,513 72,487,394 60,076,570 USD 6,082,739 17,837,657 9,721,702 - - - - - - - - - 6,082,739 17,837,657 9,721,702 EURO 1,544,982 6,457,157 6,133,792 - - - - - - (1) - - 1,544,981 6,457,157 6,133,792 UF 270,808 106,293 9,094,379 - - - - - - - - - 270,808 106,293 9,094,379 Chilean Peso 40,245,182 39,058,112 28,823,936 11,681,617 8,967,428 5,950,431 - - - (636,627) - 10 51,290,172 48,025,540 34,774,377 Other 133,813 60,747 352,320 - - - - - - - - - 133,813 60,747 352,320 Total current liabilities 1,870,245,096 2,009,582,570 1,754,533,540 1,341,963,652 1,442,755,336 1,511,942,207 408,193,159 480,412,575 574,102,779 (37,939,254) (24,207,380) (17,559,409) 3,582,462,654 3,908,543,100 3,823,019,117 USD 437,837,384 372,012,271 528,397,740 60,532,958 37,446,622 104,473,582 571 59,146 0 - - - 498,370,913 409,518,039 632,871,323 EURO 23,221,999 21,903,652 52,147,052 371,799 184,805 9,718,989 0 0 0 (2) - - 23,593,796 22,088,457 61,866,041 UF 56,158,418 90,086,869 226,972,042 919,941,263 1,019,704,924 1,026,050,225 392,025,485 423,091,021 478,119,340 - - - 1,368,125,166 1,532,882,813 1,731,141,607 Chilean Peso 1,352,277,631 1,513,286,359 930,440,424 360,258,565 383,329,417 369,530,808 14,837,469 51,656,370 87,165,068 (37,939,252) (24,207,380) (17,559,409) 1,689,434,414 1,924,064,766 1,369,576,891 Other 749,664 12,293,418 16,576,282 859,067 2,089,567 2,168,602 1,329,634 5,606,039 8,818,371 - - - 2,938,365 19,989,025 27,563,255
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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
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12 company information 85 STOCK MAR
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12 company information 87 SOCIEDAD
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12 company information 89 INMOBILIA
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Regulatory Framework Grupo Security
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financial statements 13
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financial statements 13 C o n s o l
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Consolidated Statement of Financial
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Consolidated statement of comprehen
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CONSOLIDATED STATEMENTS OF CASH FLO
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CONSOLIDATED STATEMENT OF CHANGES I
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The following companies are include
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) Description of Grupo Security’s
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- Fair value option As indicated in
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Disclosure of the Adoption of new a
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For financial assets, the amortized
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The recoverable amount is the highe
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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 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 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
Page 188 and 189: These are the details of guarantees
Page 190 and 191: Loans that are classified individua
Page 192 and 193: Such limitations allow the Bank to
Page 194 and 195: Banco Security and its Subsidiaries
Page 196 and 197: Market risk trading ledger 31.12.20
Page 198 and 199: Regulatory Liquidity Mismatching as
Page 200 and 201: Regulatory Liquidity Mismatching as
Page 202 and 203: currency swaps). These derivatives
Page 204 and 205: Participants in the Credit Risk Com
Page 206 and 207: 7) Regulatory Capital Requirement I
Page 208 and 209: 6) Summary of the Policy for Invest
Page 210 and 211: d) Dividends The policy agreed by t
Page 212 and 213: The following table shows financial
Page 214 and 215: Valores Security S.A. Corredores de
Page 216 and 217: • The Board of Directors agreed t
Page 218 and 219: Note 37 - Subsequent Events On Janu
Page 220 and 221: 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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