PA - Banco Security

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STOCK MARKET INDICATORS AND TRADING The following table shows the market indicators of Grupo Security at the close of each from 2002 to 2010. EN $ NOMINALES 2002 2003 2004 2005 2006 2007 2008 2009 2010 Price (without adjustment for dividends) 107 125 118 139,96 194 106 147,1 227 Earnings per Share Ch$ 8.5 7.6 9.9 12.2 14.5 8.1 11.8 16.0 Price/Earnings 13.7 12.5 16.4 11.9 11.5 13.3 13.1 12.5 14.2 Price/Book Value 1.1 1.7 1.6 1.4 1.5 1.8 0.9 1.3 1.9 Market Presence 43.6% 49.0% 99.6% 99.6% 100.0% 81.6% 77.2% 96.4% Number of Shares (millions) 1,655 2,040 2,040 2,201 2,201 2,201 2,550 2,550 Market Value ($USD millions) 295 456 468 576 861 371 741 1,236 Book value (Ch$ millions) 95,944 105,223 160,771 174,274 209,649 239,955 246,793 287,748 300,641 FUENTE: GRUPO SECURITY Y ECONOMÁTICA The following shows the number of Grupo Security shares traded, the total amount and the average price during recent years: Volumes Traded Security Share EN $ NOMINALES No. of Shares Volume Traded Average Price per Share Period (thousands) (thousands of Ch$) (Ch$) 2007 177,941 $ 32,364,408 $ 186 I Quarter 08 18,055 $ 3,251,214 $ 182 II Quarter 08 31,116 $ 5,410,401 $ 174 III Quarter 08 46,765 $ 7,290,704 $ 157 IV Quarter 08 56,889 $ 6,499,341 $ 113 2008 152,825 $ 22,451,660 $ 152 I Quarter 09 26,122 $ 2,854,089 $ 108 II Quarter 09 109,920 $ 14,255,941 $ 131 III Quarter 09 23,227 $ 3,589,219 $ 155 IV Quarter 09 26,973 $ 3,984,831 $ 148 2009 186,241 $ 24,684,080 $ 134 I Quarter 10 24,772 $ 3,702,203 $ 144 II Quarter 10 36,048 $ 5,706,216 $ 152 III Quarter 10 74,402 $ 16,619,891 $ 203 IV Quarter 10 64,999 $ 14,997,764 $ 225 2010 200,221 $ 41,026,075 $ 198 Source: Santiago Stock Exchange, Valparaiso Stock Exchange & Chilean Electronic Exchange TRADING IN GRUPO SECURITY SHARES The following shows the detail of share transactions of the majority shareholders, directors and senior management of Grupo Security, as informed by DCV.
12 company information 87 SOCIEDAD COMERCIAL DE SERVICIOS E INVERSIONES LTDA. Relacionado a Gustavo Pavez Rodriguez, Accionista Mayoritario de Grupo Security. No. shares Share Transaction Date traded price Investment Ch$ Initial No. of shares Closing No. of shares Purchase 20-may-09 33,077,908 $115.0 $3,803,959,420 331,125,102 364,203,010 Purchase 26-nov-09 108,000 $148.0 $15,984,000 364,203,010 364,311,010 Transfer from custody 14-may-10 488,894 - - 364,311,010 364,799,904 Transfer of securities due to division of society Transfer of securities due to division of society 07-oct-10 -246,462,880 - - 364,799,904 118,337,024 08-oct-10 -266,518 - - 118,337,024 118,070,506 INVERSIONES CENTINELA LTDA. Relacionado a Gustavo Pavez Rodriguez, Accionistas Mayoritario de Grupo Security. No. shares Share Investment Initial No. of Closing No. of Transaction Date traded price Ch$ shares shares Transfer from custody 07-oct-10 246,462,880 - - 0 246,462,880 Transfer from custody 08-oct-10 266,518 - - 246,462,880 246,729,398 INMOBILIARIA VILLUCO LTDA. Relacionado a Horacio Pavez García, Director de Grupo Security. Transaction Date No. shares Share Investment Initial No. of Closing No. of traded price Ch$ shares shares Purchase 29-abr-09 22,497,889 $115.0 $2,587,257,235 225,214,236 247,712,125 Purchase 30-jun-09 77,966 $145.0 $11,305,070 247,712,125 247,790,091 Purchase 02-sep-09 637,149 $160.0 $101,943,840 247,790,091 248,427,240 Purchase 26-nov-09 76,500 $148.0 $11,322,000 248,427,240 248,503,740 Purchase 14-may-10 333,501 $155.0 $51,692,655 248,503,740 248,837,241 INMOBILIARIA MATYCO LTDA. Relacionado a Naoshi Matsumoto Takahashi, Director de Grupo Security. PAGE Transaction Date No. shares traded Share price Investment Ch$ Initial No. of shares Closing No. of shares Purchase 11-mar-09 3,300,000 $120.0 $396,000,000 219,571,442 222,871,442 Purchase 26-may-09 22,263,854 $115.0 $2,560,343,210 222,871,442 245,135,296 Purchase 30-jun-09 77,156 $145.0 $11,187,620 245,135,296 245,212,452 Purchase 02-sep-09 887,548 $160.0 $142,007,680 245,212,452 246,100,000 Purchase 24-nov-09 75,000 $148.0 $11,100,000 246,100,000 246,175,000 Transfer from custody 14-may-10 330,375 - - 246,175,000 246,505,375
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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
Page 37 and 38: 09 strategic pillars RISK MANAGEMEN
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Page 41: 10 business areas 39 PAGE
Page 44 and 45: FINANCING BANKING INDUSTRY Banking
Page 46 and 47: The following graph shows the evolu
Page 48 and 49: EARNINGS AND ROE OF BANCO SECURITY
Page 50 and 51: RISK Banco Security has been charac
Page 53 and 54: 10business areas I N V E S T M E N
Page 55 and 56: 10 business areas 53 Administradora
Page 57: 10 business areas 55 SECURITIZADORA
Page 60 and 61: INSURANCE INSURANCE INDUSTRY The Ch
Page 62 and 63: Compañía de Seguros Generales Pen
Page 65 and 66: 10business areas S E R V I C E S
Page 67: It is important to recall that the
Page 70 and 71: INVESTMENT POLICY The bylaws of Gru
Page 72 and 73: The individual financial liabilitie
Page 74 and 75: BANK CREDITORS As of December 31, 2
Page 76 and 77: ASSOCIATED RISKS Local Financial Ri
Page 79 and 80: company information 12
Page 81 and 82: 12company information In accordance
Page 83 and 84: 12 company information 81 • Revis
Page 85 and 86: 12 company information 83 In Seguro
Page 87: 12 company information 85 STOCK MAR
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
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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
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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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