annual report grupo security - Banco Security

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STATEMENTS OF INCOMEFOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006 · IN THOUSANDS OF CONSTANT CHILEAN PESOS · ThCh$2007 2006ADMINISTRATIVE AND SELLING EXPENSES (4,421,091) (3,689,574)OPERATING INCOME (4,421,091) (3,689,574)NON-OPERATING CHARGE (INCOME):Interest income 622,627 493,497Equity in income of related companies 42,973,943 38,106,065Other income 537,987 119,965Equity in losses of related companies - (398,128)Amortization of goodwill (2,289,523) (1,971,093)Gastos financieros (4,200,239) (3,252,622)Interest expense (676,747) (192,433)Price-level restatement (844,741) (591,441)Exchange differences (558) 5,121Non-operating income 36,122,749 32,318,931INCOME BEFORE INCOME TAXES 31,701,658 28,629,357INCOME TAX 316,178 96,332NET INCOME FOR THE YEAR 32,017,836 28,725,689The accompanying notes are an integral part of these financial statements.
annual report 2007grupo securitypage 85STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006 · IN THOUSANDS OF CONSTANT CHILEAN PESOS · ThCh$2007 2006CASH FLOWS FROM OPERATING ACTIVITIESNet income for the year 32,017,836 28,725,689Charges (credits) to income that do not represent cash flows· Depreciation for the year 275,976 196,038· Amortization of intangible assets 860,903 331,639· Write-offs and provisions 336,878 15,713· Equity in income of related companies (42,973,943) (38,106,065)· Equity in losses of related companies - 398,128· Amortization of goodwill 2,289,523 1,971,093· Price-level restatement 844,741 591,441· Exchange differences 558 (5,121)Changes in assets affecting cash flows (decrease)· Other assets (1,932,095) (3,124,297)Changes in liabilities affecting cash flows (decrease)· Other accounts payable related to non-operating result 2,176,336 -Net cash (used in) provided by operating activities (6,103,287) (9,005,742)CASH FLOWS FROM FINANCING ACTIVITIES· Placement and payment for shares - 20,733,941· Proceeds from loans 14,460,541 5,283,646· Bonds payable 28,173,105 37,535,512· Payment of dividends (15,296,950) (11,582,983)· Repayment of loans (20,406,016) (6,221,369)· Payment of bonds (18,215,616) (6,302,195)Net cash provided by (used in) financing activities (11,284,936) 39,446,552CASH FLOWS FROM INVESTING ACTIVITIES· Other investment income 22,635,739 41,126,811· Permanent investments (769,134) (49,420,442)· Purchase of fixed assets (30,146) (587,429)· Other investment outlays - (24,820,676)Net cash used in investing activities 21,836,459 (33,701,736)TOTAL NET CASH PROVIDED DURING THE YEAR 4,448,236 (3,260,926)EFFECT OF INFLATION ON CASH AND CASH EQUIVALENTS 580,248 239,899NET INCREASE IN CASH AND CASH EQUIVALENTS 5,028,484 (3,021,027)CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 2,182,243 5,203,270CASH AND CASH EQUIVALENTS AT END OF YEAR 7,210,727 2,182,243The accompanying notes are an integral part of these financial statements.
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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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Page 46 and 47: MUTUAL FUNDS SECURITYSHORT-TERM FIX
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