annual report grupo security - Banco Security

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N O T E S T O T H E F I N A N C I A L S T A T E M E N T S( i n t h o u s a n d s o f c o n s t a n t c h i l e a n p e s o s - T h C h $ )1 . I N C O R P O R A T I O N O F T H E C O M P A N YThe investment company Security Holdings S.A. (the Company) was formed by public deed on February 8, 1991, with the corporatepurpose of carrying out investments and performing consulting work in Chile.On January 30, 1995, the Company was registered in the Securities Register under No. 0499 and thus became subject to the control ofthe Superintendency of Securities and Insurance (the “Superintendency”).The direct subsidiary Securitizadora Security GMAC-RFC S.A., registered in the Securities Register under No.640, has been consolidated.2 . S U M M A R Y O F S I G N I F I C A N T A C C O U N T I N G P O L I C I E Sa . R e p o r t i n g p e r i o d sThese consolidated financial statements cover the years ended December 31, 2007 and 2006, respectively.b . B a s i s o f p r e p a r a t i o nThese consolidated financial statements have been prepared in accordance with accounting principles generally accepted in Chile, andwith standards and instructions issued by the Superintendency of Securities and Insurance, which prevail over the principles in the eventof any discrepancy, except for the investments in certain direct or indirect subsidiaries (see Note 2d) which, as expressly authorized bythe Superintendency, are reported on a single line in the balance sheet under the equity method of accounting or at their equity value,as applicable, and, therefore, are not consolidated line-by-line. This treatment does not modify the net income for the year or theshareholders’ equity.c . B a s i s o f p r e s e n t a t i o nFor comparison purposes, all 2006 amounts have been price-level restated for a 7.4% variation in the Chilean Consumer Price Index (CPI),since the prior year.d . P r i n c i p l e s o f c o n s o l i d a t i o nThe consolidated financial statements include the assets, liabilities, results and cash flows of the Parent Company and its subsidiaries. Allsignificant inter-company balances and transactions have been eliminated in the consolidated financial statements, and recognition hasbeen given to minority interest.
annual report 2007grupo securitypage 111Due to the dissimilarity of their lines of business, the financial statements of the direct subsidiary Banco Security and its subsidiaries, andthe indirect subsidiary Seguros Vida Security Previsión S.A. have not been consolidated.Considering the importance to Grupo Security S.A. of its ownership of these companies, Note 11 includes their summarized financialstatements.All consolidated companies are in normal operations.Ownership percentage20072006Taxpayer Nº.CompanyDIRECT%INDIRECT%TOTAL%TOTAL%96.655.860-1 Factoring Security S.A. 99.9980 - 99.9980 99.998078.769.870-0 Inversiones Seguros Security Limitada y Filiales 99.9995 - 99.9995 99.999596.803.620-3 Asesorías Security S.A. y Filiales 99.7818 - 99.7818 99.781896.786.270-3 Inmobiliaria Security S.A. y Filiales 99.9999 - 99.9999 99.999977.461.880-5 Inversiones Invest Security Limitada y Filiales 99.9000 - 99.9000 99.900096.847.360-3 Securitizadora Security S.A. 50.9600 - 50.9600 50.9600e . P r i c e - l e v e l r e s t a t e m e n tIn order to report the effects of change in the purchasing power of the currency during the year, non-monetary assets and liabilities,shareholders’ equity and income accounts have been restated according to Consumer Price Index (CPI) for variations of 7.4% in 2007(2.1% in 2006).f . B a s i s o f t r a n s l a t i o nAssets and liabilities in US dollars and UF (index-linked units of account) have been translated into Chilean pesos using the year-endexchange rates, as follows:2007Ch$2006Ch$Unidad de Fomento (UF - inflation index-linked unit of account) 19,622.66 18,336.38Dollar observed exchange rate (US$) 496.89 532.39g . T i m e d e p o s i t sEstas inversiones se presentan al valor de la inversión, más los intereses y reajustes devengados al cierre de cada ejercicio.Time deposits are valued at investment value plus indexation and interest accrued at each year-end.
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Security produced a 148% real incre
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B O A R D O F D I R E C T O R SC H
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SUPERBRANDSSuperbrands placed Grupo
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FUNDACION CHILEUNIDO SEMINARFUNDACI
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1981Banco Urquijo de Chile is forme
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economic and financial environment
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A R E A S O F B U S I N E S SThe fo
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F I N A N C I N GGrupo Security par
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B A N C O S E C U R I T YThe missio
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• PRIVATE BANKINGThis is focused
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I N V E S T M E N T SGrupo Security
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MUTUAL FUNDS SECURITYSHORT-TERM FIX
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I N S U R A N C ET H E I N S U R A
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In terms of investment income, life
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2.45%54.9432.71%2.04%44.1901.63%1.5
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S E R V I C E SIn order to provide
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T R A V E L S E C U R I T Y S . A .
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investment and financing policies
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Page 74 and 75: D I V I D E N D S P A I DThe follow
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D E C L A R A T I O N O F L I A B I
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A D D R E S S E S O F C O M PA N I
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