annual report grupo security - Banco Security

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a s e s o r í a s s e c u r i t y s . a . A N D S U B S I D I A R I E St y p e o f c o m p a n yClosely-held corporation.i n s c r i p t i o n i n t h e s e c u r i t i e s r e g i s t e rAsesorías Security S.A. is not inscribed in the Securities Register.o b j e c t sThe objects of the company are to provide financial, economic, business, accounting, legal, debt and business restructuring advisoryservices and make studies of all kinds related to these services; make permanent investments and rentals of all kinds of corporeal orincorporel 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 orcompanies that exploit a business similar to the above and are of interest to the company.g e n e r a l i n f o r m a t i o nThe company was constituted as a closely-held corporation by public deed dated August 30, 1996. During 2002, there was a restructuringof the businesses of Merchant Security S.A. and its subsidiaries Securitizadora Security GMAC-RFC S.A. and Asesorías Security. AsesoríasSecurity assumed all the advisory business in international investments and it was decided to discontinue the financial advisory servicesprovided by Merchant Security, which implied the closure of activities and compliance with ongoing obligations and mandates whichwere 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 theholder 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.p a i d c a p i t a l a n d e q u i t yThe company’s capital and reserves as of December 31, 2007 were Ch$871 million and its equity was Ch$1,053 million.i n v e s t m e n t a s p r o p o r t i o n o f t h e a s s e t s o f g r u p o s e c u r i t y s . a .Asesorías Security S.A. represents 0.31% of the assets of Grupo Security.t r a d i n g r e l a t i o n s w i t h s u b s i d i a r y a n d a s s o c i a t e c o m p a n i e s a n d t h e p a r e n tAsesorías Security in 2007 provided internarional investment advice to Grupo Security, Administradora General de Fondos and VidaSecurity.It also became placement agent for the mutual funds managed by Administradora General de Fondos Security and distributor of theproducts of Valores Security.In the future, there is the possibility of extending the offer of these services to customers of the parent’s subsidiaries and associatecompanies.
annual report 2007grupo securitypage 153b o a r d o f d i r e c t o r sCHAIRMAN · Francisco Silva S. TAX Nº: 4.103.061-5Directors · Carlos Budge C. TAX Nº: 7.011.490-9· Renato Peñafiel M. TAX Nº: 6.350.390-8PRESIDENT · Carlos Budge C. TAX Nº: 7.011.490-9s u m m a r i z e d f i n a n c i a l s t a t e m e n t s · D e c e m b e r 3 1 , 2 0 0 7 a n d 2 0 0 6BALANCE SHEET2007Ch$ MILLIONS2006Ch$ MILLIONSASSETSCurrent 1,607.2 1,042.5Fixed assets 29.6 31.6Other assets 33.5Total ASSETS 1,636.8 1,107.6LIABILITIESCurrent 580.0 84.6Long-Term LiabilitiesMinority interest 3.2 0.6Capital & reserves 871.2 914.8NET INCOME FOR THE YEAR 182.4 107.5TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY 1,636.8 1,107.6STATEMENT OF INCOME2007Ch$ MILLIONS2007Ch$ MILLIONS2006Ch$ MILLIONSOperating income 458.5 11.2Non-operating loss (249.2) 117.6Income before taxes 209.3 128.8Minority interest (1.8) 0.0Income tax (25.2) (21.3)NET INCOME FOR THE YEAR 182.4 107.5CASH FLOW2006Ch$ MILLIONSNet cash flow from operating activities 971.0 95.6Net cash flow from investment activities 23.4 (39.8)Net cash flow from financing activities (151.2)Net total cash flow the year 843.2 55.8Effect of inflation (36.2) (0.8)Net change in cash & cash equivalents 807.0 54.9
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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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I n f o r m a t i o n o n t h e c o
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The human team making up Grupo Secu
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D I R E C T O R S ’ A L L O W A N
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D I V I D E N D S P A I DThe follow
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The following shows the volume of G
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M A T E R I A L I N F O R M A T I O
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financial statementsunconsolidatedc
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I N D E P E N D E N T A U D I T O R
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