PA - Banco Security

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Banco Security and Subsidiaries Consolidated Statements of Changes in Equity For the year ended december 31, 2010 and 2009 (Except earnings per share balance in millions of Chilean pesos - MCh$) Paid-in capital Reserves Attributable to Bank owners Retained earnings Valuation adjustments Prior years Income (loss) for the year Mandatory dividend provision Total Noncontrolling interest Total MCh$ MCh$ MCh$ MCh$ MCh$ MCh$ MCh$ MCh$ MCh$ Balances at December 31, 2008 138,196 22,224 (12,255) 8,461 24,346 (7,304) 173,668 66 173,734 Reclassification of prior year net income - - - 24,346 (24,346) - - - - Dividends paid - - - (7,720) - - (7,720) - (7,720) Provision minimum dividends - - - - - 7,304 7,304 - 7,304 Other changes in equity - - - (508) - - (508) - (508) Share issuance 11 - - - - - 11 - 11 Investments available for sale - - 9,850 - - - 9,850 - 9,850 Cash flow hedges - - (944) - - - (944) - (944) Net income for the year - - - - 23,040 - 23,040 (1) 23,039 Provision for minimum dividends - - - - - (6,912) (6,912) - (6,912) Balances at December 31, 2009 138,207 22,224 (3,349) 24,579 23,040 (6,912) 197,789 65 197,854 Reclassification of prior year net income - - - 23,040 (23,040) - - - - Dividends paid - - - (23,040) - - (23,040) - (23,040) Provision minimum dividends - - - - - 6,912 6,912 - 6,912 Other changes in equity - - - (1,120) - - (1,120) 2 (1,118) Investments available for sale - - 2,332 - - - 2,332 - 2,332 Cash flow hedges - - (91) - - - (91) - (91) Net income for the year - - - - 33,706 - 33,706 4 33,710 Provision for minimum dividends 2010 - - - - - (10,112) (10,112) - (10,112) Balances at December 31, 2010 138,207 22,224 (1,108) 23,459 33,706 (10,112) 206,376 71 206,447
233 PAGE Banco Security and Subsidiaries Consolidated Statements of Cash Flow For the year ended december 31, 2010 and 2009 (In millions of Chilean pesos - MCh$) diciembeR 31, 2010 MCH$ diciembeR 31, 2009 MCH$ CASH FLOWS FROM OPERATING ACTIVITIES: Consolidated income before income tax 38,896 27,835 Debits (credits) to income that do not represent cash flows Provision for loan losses 17,658 14,819 Depreciation and amortization 2,702 2,435 Other provisions 3,036 2,768 Changes in deferred tax assets and liabilities 591 (1,818) Valuation investments trading book (565) 2,816 Valuation financial derivative trading contracts (13,806) 11,682 Income from investment in other companies (154) (205) Income from sale of assets received in lieu of payment (243) (321) Net income from commissions (24,723) (21,598) Net interest income (56,360) (51,692) Other charges and credits that do not represent cash flows (24,920) (16,079) Changes in operating assets and liabilities: (Increase) decrease in interbank loans 301,113 (219,075) Net (increase) decrease in loans and accounts receivable from customers (102,083) 68,447 (Increase) decrease in investments 214,206 (145,296) (Increase) decrease in leased assets 2,491 172 Sale of assets awarded in lieu of payment 761 2,172 Increase (decrease) in deposits and other on demand obligations 29,623 34,445 Increase (decrease) in repurchase and resale agreements (361,387) 311,891 Increase (decrease) in deposits and other time deposits 47,090 (31,315) Net change in letters of credit (11,928) (9,305) Net change in current bonds (68,474) 64,502 (Increase) decrease in other assets and liabilities (35,841) (11,343) Refunded tax 17 3,281 Interest and other adjustments received 138,239 181,685 Interest andother adjustments paid (89,729) (124,203) Commissions received 29,531 25,247 Commissions paid (4,808) (3,649) Net cash flows provided by (used in) operating activities 30,933 118,298 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (2,187) (608) Acquisition of intangible assets (7,101) (4,564) Sale of property, plant and equipment - - Net cash flows provided by (used in) investing activities (9,288) (5,172) CASH FLOWS FROM FINANCING ACTIVITIES Increase (decrease) in obligations with national banks (3,498) (563) Increase (decrease) in obligations with foreign banks 27,199 (156,818) Change in obligations with Chilean Central Bank - Net change in subordinated bonds 1,656 139 Increase (decrease) in other financial obligations (14,771) 9,094 Proceeds from share issuance - 11 Dividends paid (23,040) (7,720) Net cash flows provided by (used in) financing activities (12,454) (155,857) TOTAL NET CASH FLOWS PROVIDED BY (USED IN) THE PERIOD 9,191 (42,731) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 127,082 169,812 NON-CONTROLLING INTEREST (4) 1 CASH AND CASH EQUIVALENT AT END OF THE YEAR 136,269 127,082
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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
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CategorY Estimated range of loss Lo
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The main components of the cost of
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2.30 Foreign currency and indexatio
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The most significant areas of estim
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i. Pension insurances reserves This
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3.1 Main changes in the accounting
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Suspension of revenue recognition o
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) Summary of Consolidated Equity as
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3.3 Main adjustments made a) Invest
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NotE 5 - Income taxes Deferred tax
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Inmobiliaria Security S.A. measures
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NotE 8 - Investments in Associates
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NotE 9 - Property, Plant and Equipm
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) The amortization of intangible as
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NotE 13 - Other Financial Assets, C
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NotE 16 - Other Non-Financial Asset
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Detail of bank obligations as of De
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Detail of bank obligations as of Ja
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Detail of the bonds at December 31,
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NotE 19 - Other Non-Financial Liabi
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NotE 23 - Other Financial Liabiliti
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Note 24 - Non-Current Liabilities A
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) Cost of Sales The items includes
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NotE 26 - Administrative expenses T
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BALANCE 31.12.2010 31.12.2009 01.01
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Up to 1 year From 1 to 3 years From
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The management of Grupo Security S.
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c) Statement of Financial Position
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e) Statement of Financial Position
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2) Risk Management Structure Banco
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Page 188 and 189: These are the details of guarantees
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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
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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
Page 224 and 225: 5. Risk Factors 5.1 Dependence on d
Page 226 and 227: 6 PERFORMANCE INDECATORS OF THE CON
Page 228 and 229: $ Pesos Chilenos MM$ Millones de Pe
Page 230 and 231: BANCO SECURITY AND SUBSIDIARIES Typ
Page 232 and 233: Banco Security and Subsidiaries Con
Page 236 and 237: Valores Security S.A. Corredores de
Page 238 and 239: Administradora General de Fondos Se
Page 240 and 241: Factoring Security S.A. Type of ent
Page 242 and 243: Asesorias Security S.A. AND SUBSIDI
Page 244 and 245: Securitizadora Security S.A. Type o
Page 246 and 247: Global Asset Advisors Type of entit
Page 248 and 249: Inversiones Seguros Security Ltda A
Page 250 and 251: Seguros Vida Security Previsión S.
Page 252 and 253: Compañía de Seguros Generales Pen
Page 254 and 255: Servicios Security S.A. AND SUBSIDI
Page 256 and 257: Corredores de Seguros Security Ltda
Page 258 and 259: Europ Assistance Chile s.A. Type of
Page 260 and 261: Cooper Gay Chile S.A. Corredores de
Page 262 and 263: Inmobiliaria Security S.A. AND SUBS
Page 264 and 265: INVERSIONES INVEST SECURITY LTDA. A
Page 266 and 267: Travel Security S.A. AND SUBSIDIARI
Page 268 and 269: Global Security Gestión y Servicio
Page 270 and 271: Mandatos Security Ltda. Type of ent
Page 272 and 273: GROUP OWNERSHIP STRUCTURE The follo
Page 274 and 275: D E C L A R A T I O N O F R E S P O
Page 276 and 277: ADDRESSES OF COMPANIES OF GRUPO SEC
Page 278 and 279: Santa Elena Branch Santa Elena 2400
Page 280 and 281: Santiago Nueva York 33, Office 1402
Page 282: “THIS PAPER COMES FROM FORESTS MA
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