PA - Banco Security

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Asesorias Security S.A. AND SUBSIDIARIES Type of entity Closely-held corporation. Registration in securities register Asesorías Security S.A. is not registered in the Securities Register. Objects To provide financial, economic, business, accounting, legal, debt and business restructuring advisory services and make studies of all kinds related to these services; make permanent investments and rentals of all kinds of corporeal or incorporeal movable assets; acquire, conserve, sell, dispose of and negotiate in any way and form all kinds of shares, bonds, debentures, securities and receive their returns, make investments to form, integrate, participate and represent all kinds of Chilean or foreign firms or companies that exploit a business similar to the above and are of interest to the company. General information The company was constituted as a closely-held corporation by public deed dated August 30, 1996. During 2002, there was a restructuring of the businesses of Merchant Security S.A. and its subsidiaries Securitizadora Security GMAC-RFC S.A. and Asesorías Security. Asesorías Security assumed all the advisory business in international investments and it was decided to discontinue the financial advisory services provided by Merchant Security, which implied the closure of activities and compliance with ongoing obligations and mandates which were completed late in 2002. In addition, Merchant Security S.A. acquired all the shares in its subsidiary Asesorías Security not already held by it, thus becoming the holder of 100% of its share capital and producing a merger through absorption. Its name was then changed from Merchant Security S.A. to Asesorías Security S.A. In November 2005 Asesorías Security S.A. sold its holding in Securitizadora Security GMAC-RFC S.A. to Grupo Security S.A. Paid capital and equity The paid capital as of December 31, 2010 is Ch$1,031 million and the equity Ch$1,146 million. Investment as proportion of assets of Grupo Security S.A. The total assets of Asesorías Security S.A. represent 2.3% of the consolidated assets of Grupo Security. Commercial relations with subsidiaries, associates and parent Asesorías Security provides international investment advice to Grupo Security, Administradora General de Fondos and Vida Security. It also became placement agent for the mutual funds managed by Administradora General de Fondos Security and distributor of the products of Valores Security. In the future, there is the possibility of extending the offer of these services to customers of the parent’s subsidiaries and associate companies. Board of directors Chairman Francisco Silva S. Tax No.: 4.103.061-5 Directors Renato Peñafiel M. Tax No.: 6.350.390-8 President Carlos Budge C. Tax No.: 7.011.490-9
241 PAGE Summarized Financial Statements as of December 31, 2010 and 2009 Classified Statement of Financial Position Assets 2010 2009 Ch$ millions Ch$ millions Current assets 95,539.3 62,125.2 Non-current assets 77.5 75.3 Total assets 95,616.8 62,200.5 Liabilities Current liabilities 94,457.5 61,051.0 Non-current liabilities 13.2 13.1 Equity attributable to owners of the controller 1,138.4 1,132.5 Non-controller participations 7.6 3.9 Total liabilities and equity 95,616.8 62,200.5 Statement of results by function Earnings (loss) gross 1,189.6 1,332.1 Non-operating earnings (loss) (1,219.4) (1,373.0) Earnings (loss) before taxes (29.8) (40.9) Charge for income tax 43.0 (15.0) Earnings (loss) 13.2 (55.9) Earnings (loss) attributable to the owners 13.2 (49.9) Earnings (loss) attributable to non-controller participations 0.0 (6.0) Cash Flows Net cash flow from operating activities (718.3) 396.4 Net cash flow from investment activities (12.2) 43.5 Net cash flow from financing activities 0.0 0.0 Net increase in cash flow (730.4) 439.9 Effects of changes in exchange rate on cash flows 15.3 16.4 Net increase in cash and cash equivalents (715.1) 456.3 Statement of changes in equity Paid capital 1,030.7 1,030.7 Share premium Other reserves Accumulated earnings (losses) 107.7 101.7 Equity attributable to owners of the controller 1,138.4 1,132.5 Non-controller participations 7.6 3.9 Total equity 1,146.0 1,136.4
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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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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
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
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 234 and 235: 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 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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PA - Banco Security

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