annual report grupo security - Banco Security

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v . I n t a n g i b l e sThe trademark rights of the indirect subsidiary Travel Security S.A. are price-level restated and are amortized over a maximum periodof 20 years and the rights acquired in the purchase of the portfolio of clients of different insurance brokers by the direct subsidiaryInversiones Seguros Security Ltda., are 100% amortized at December 31, 2007.w . R e c o v e r a b l e t a x e sThis comprises the monthly provisional payments made to the Treasury (PPM), plus training credits and other recoverable taxes, whichare price-level restated at each year-end. It also includes the VAT credit that can be used in subsequent years.x . B o n d s p a y a b l eThese are bonds issued by the Company shown in liabilities at their par value and the value obtained in the placement of bonds. Thedifference between the face value and the proceeds is deferred and amortized over the average repayment term. The placement valueof the bonds are included in “Others” of total Other Assets.y . A c c o u n t s p a y a b l eThese are mainly liabilities contracted by the indirect subsidiary Travel Security S.A. for the purchase of air fares.z. Income taxes and deferred taxesIncome taxes are based on the net taxable income calculated for tax purposes. Deferred taxes assignable to items that have a differenttreatment for book and tax purposes are recorded as set out in Technical Bulletin No.60 of the Chilean Institute of Accountants and itssupplements.a a . C a p i t a l l e a s e sThe capital leases operations of direct subsidiary Factoring Security S.A. consist of lease contracts including a clause whereby the lesseecan exercise an option to purchase the leased asset on the date of termination of the contract. These operations are valued in accordancewith accounting principles generally accepted in Chile and are included in current and long-term assets. Amounts receivable are net ofunearned interest, of value-added tax and of accruals for losses on contracts.a b . D e r i v a t i v e c o n t r a c t sThe Asesorías Security S.A. direct subsidiary holds derivative contracts considered as investment contracts.
annual report 2007grupo securitypage 115Forward currency operations are stated at fair value as stipulated in Technical Bulletin 57 of the Chilean Institute of Accountants and areclassified in “Other current liabilities”.a c . O p e r a t i n g r e v e n u e sThe Parent Company recognizes its operating revenues in accordance with Technical Bulletin No.70 issued by the Chilean Institute ofAccounting.¡The private investment funds of Inmobiliaria Security S.A., which are investees, accrue their sales margin pro rata, considering thepercentage of the project’s expected return, with a maximum of the percentage of fine on account of waiving established in eachrepurchase agreement, the progress of the construction and the amount paid by the client. As a result, it is not feasible to accrue anamount higher than the fine established in each repurchase agreement with a maximum of the amount paid by each client.The direct subsidiary Securitizadora Security GMAC RFC S.A. recognizes as revenue income generated by the transfer of assets securitizedto the corresponding equities, in addition to other operating income proper to the company’s business activity.The direct subsidiary Factoring Security S.A. records as assets the par value of acquired documents (checks, notes, etc.). Also, thiscompany records in a complementary account the price difference, which is recognized as income in accordance with the maturity dateof the document. Income from price difference as a result of a longer term, commissions and other operating income is recognized inaccordance with the received amounts.The indirect subsidiary Corredora de Seguros Security Limitada’s revenue relates to commissions earned on documented policies and paidto the Company and the other consolidation subsidiaries.a d . V a c a t i o n sEmployee vacation costs are recognized on an accrual basis.a e . S o f t w a r eSoftware has been acquired as packages recorded at cost plus price-level restatement; it is amortized over 4 years in accordance withCircular No.1,819 of the Superintendency of Securities and Insurance.a f . C a s h e q u i v a l e n t sIn accordance with Technical Bulletin No.50 of the Chilean Institute of Accountants, the Company has considered as cash equivalents allinvestments (mutla fund units, time deposits and resale agreements) made as part of the normal management of cash surpluses, withmaturities of less than 90 days (Note 24).
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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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