PA - Banco Security

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Up to 1 year From 1 to 3 years From 3 to 5 years Greater than 5 years 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$ Non-current liabilities Other financial liabilities non-current CG 2,727,948 1,448,276 5,491,363 4,788,434 4,089,031 10,815,001 6,235,084 5,576,051 163,308,066 176,991,083 173,964,557 182,133,509 190,742,549 185,077,916 USD - - - - - - - - - - - - - - - EURO - - - - - - - - - - - - - - - UF 2,519,079 2,727,948 1,448,276 5,491,363 4,788,434 4,089,031 10,815,001 6,235,084 5,576,051 163,308,066 176,991,083 173,964,557 182,133,509 190,742,549 185,077,916 Chilean Peso - - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - - Non-current liabilities 53,925,394 38,862,118 37,107,443 1,884,220 2,357,462 2,063,843 - - - - - (1) 55,809,614 41,219,580 39,171,285 USD 209,697 13,454,086 325,208 - - - - - - - - (1) 209,697 13,454,086 325,207 EURO - - - - - - - - - - - - - - - UF - - - 87,028 567,380 819,262 - - - - - - 87,028 567,380 819,262 Chilean Peso 53,715,697 25,408,032 36,782,235 1,797,192 1,790,082 1,244,581 - - - - - - 55,512,889 27,198,114 38,026,816 Other - - - - - - - - - - - - - - - Accounts companies - - - - - - - - - - - - - - - USD - - - - - - - - - - - - - - - EURO - - - - - - - - - - - - - - - UF - - - - - - - - - - - - - - - Chilean Peso - - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - - Other long-term provisions - - - - - - - - - - - - - - - USD - - - - - - - - - - - - - - - EURO - - - - - - - - - - - - - - - UF - - - - - - - - - - - - - - - Chilean Peso - - - - - - - - - - - - - - - Other - - - - - - - - - - - - - - - Deferred tax liabilities 34,663,392 34,126,200 32,043,814 11,819,599 8,906,497 8,082,214 - - - 13,391 6,903 46,496,382 43,039,600 40,126,028 USD - - - - - - - - - - - - - - - EURO - - - - - - - - - - - - - - UF - - - - - - - - - - - - - - - Chilean Peso 34,663,392 34,126,200 32,043,814 11,819,599 8,906,497 8,082,214 - - - 13,391 6,903 - 46,496,382 43,039,600 40,126,028 Other - - - - - - - - - Total non-current liabilities 91,107,865 75,716,266 70,599,533 19,195,182 16,052,393 14,235,088 10,815,001 6,235,084 5,576,051 163,321,457 176,997,986 173,964,556 284,439,505 275,001,729 264,375,229 USD 209,697 13,454,086 325,208 - - - - - - - - (1) 209,697 13,454,086 325,207 EURO - - - - - - - - - - - - - - - UF 2,519,079 2,727,948 1,448,276 5,578,391 5,355,814 4,908,293 10,815,001 6,235,084 5,576,051 163,308,066 176,991,083 173,964,557 182,220,536 191,309,929 185,897,178 Chilean Peso 88,379,089 59,534,232 68,826,049 13,616,791 10,696,579 9,326,795 - - - 13,391 6,903 - 102,009,271 70,237,714 78,152,844 Other - - - - - - - - - - - - - - -
173 PAGE Note 29 – Earnings per Share The following chart details the earnings or loss per share generated during the reported period: Earnings per share Basic earning per share BALANCE 31.12.2010 31.12.2009 CH$ CH$ Basic earning (loss) per share in continued operations 16,020 11,759 Basic earning (loss) per share in discontinued operations 0,000 0,000 Basic earning (loss) per share 16,020 11,759 Note 30 – Business Segment Grupo Security S.A. is the Parent Company of diversified conglomerate of companies with presence in the main sectors of the domestic financial industry. The conglomerate is organized in 4 main business areas. Each area has subsidiaries and divisions that share common business objectives. These areas are financing, insurances, investments and asset management, and complementary services. In the business area of financing is included Banco Security and Factoring Security are included in the financial baseness they provide financing services to companies and individuals. The subsidiaries Vida Security and Compañía de Seguros Generales Penta Security encompass the insurance baseness they operate in the life and general insurance industry, respectively. Additionally, Corredora de Seguros Security and Corredora de Reaseguros CooperGay (which also emcompass Grupo Security S.A ‘s Insurance Business Area) operate in the insurance and reinsurance brokerage industry, and Europ Assistance operates in the area of Assistance. In the investments business area, Valores Security Corredores de Bolsa, Administradora General de Fondos Security, Asesorías Security and Securitizadora Security, complement Grupo Security S.A ‘s offering of financial services, developing and providing specialized financial products and customized services in the area of investments asset management. In the complementary services business area Grupo Security S.A has real state operations with Inmobiliaria Security and a travel agency Travel Security, as well as other services focused mainly in providing an additional support to the companies of Grupo Security. Accordingly, the subsidiary Invest Security provides a series of services. Such as Accounting, Business Risk and Controllership, Corporate Culture, Corporate Studies and Technology Services that provide technological development and support requested by all companies of Grupo Security. Grupo Security discloses segment information as provided for in IFRS 8, Operating Segments, which stipulates the reporting standards for operating segments and related disclosures.
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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
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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 172 and 173: BALANCE 31.12.2010 31.12.2009 01.01
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
Page 222 and 223: 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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