financial performance for fiscal year 2007 grupo financiero improsa

M E M O R I A A N U A L 2 0 0 7

ANNUAL REPORT

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Grupo Financiero Improsa Mission, Vision and Values 

Grupo Financiero Improsa – Brief History 

Message from the Chairman and General Manager 

Board of Directors 

Management Team 

Internal Auditing 

Subsidiaries: 

Banco Improsa, S.A. 

Improsa Servicios Internacionales, S.A. 

Improsa Sociedad Administradora de Fondos de Inversión (SAFI), S.A. 

Improsa Capital, S.A. 

Improseguros, S.A. 

Improsa Valores Puesto de Bolsa, S.A. 

Grupo Financiero Improsa Products and Services 

Funding and Correspondent Banks 

Social Responsibility and Philanthropy 

Grupo Financiero Improsa Finances for 2007 

Grupo Financiero Improsa Audited Financial Statements 

ANNUAL MEMORIA REPORT ANUAL 2007 / / GRUPO FINANCIERO IMPROSA

Mission 

We are a dynamic team committed to providing our customers with 

excellence in financial solutions. 

Vision 

To be a competitive, profitable, sound and integrated financial group with 

the majority of its products and services available to the Central American 

region 

Values 

�� 

ANNUAL MEMORIA REPORT ANUAL 2007 / / GRUPO FINANCIERO IMPROSA 

Mission, Vision and Values 

07

ANNUAL REPORT 2007 / GRUPO FINANCIERO IMPROSA 

08 

Brief History 

1986 

• Financiera Improsa is 

founded. 

Brief History 

Grupo Financiero Improsa 

• 

1997 

• Banco Improsa is listed 

on the Costa Rican Stock 

Exchange, becoming a 

publicly traded company. 

1995 1999 

Financiera Improsa 

becomes Banco Improsa. 

• First Internet banking 

service goes into 

operation in Costa Rica: 

Improb@nk. 

2000 

• Grupo Financiero 

Improsa is founded. 

• First two bank branches 

open in Rohrmoser and 

Escazú. 

Probanco (FMO, BCIE, 

• Darby Overseas 

Investment Co.) becomes 

strategic partner. 

2001 

• Grupo Financiero 

Improsa expands its 

services by creating the 

following subsidiaries: 

Arrendadora Improsa, 

Improsa Sociedad 

Administradora de 

Fondos de Inversión 

(SAFI), Improsa Capital 

and Improseguros.

2002 

• Two new branches are 

inaugurated in downtown 

San José and Curridabat. 

• Arrendadora Improsa 

acquires selected 

assets and liabilities 

(partial acquisition) of 

PLG Capital Partners, 

establishing its 

presence in Central 

America. 

2004 

• Banco Improsa acquires 

selected assets and 

liabilities of Banco Bantec 

CQ. 

• A new subsidiary, 

ImproActiva, commences 

operations. 

2003 2005 

• 12 points of sale or kiosks are opened 

around the country offering 

ImproActiva services: personal loans 

and credit cards. 

Banco Improsa purchases and 

• remodels building for its headquarters 

in Barrio Tournón. 

Authorization for public offering of US 

• $10 million in term bonds to be placed 

on the Panama Stock Exchange. The 

issue is rated SCR AA+ by the 

Sociedad Calificadora de Riesgos 

Centroamericana S.A. rating 

committee. 

ANNUAL REPORT 2007 / GRUPO FINANCIERO IMPROSA 

2006 

• Banco Improsa headquarters 

in Barrio Tournón are 

inaugurated. 

• Improsa Valores Puesto de 

Bolsa kicks off operations. 

• Arrendadora Improsa 

becomes Improsa Servicios 

Internacionales, expanding 

its regional services to 

include leasing, consumer 

credit and international 

factoring. 

2007 

• Banco Improsa inaugurates its first 

SME advisory and support centers 

in Alajuela and the Escalante 

neighborhood. 

Improsa SAFI launches the first 

• real estate development fund in 

Costa Rica. 

A new subsidiary, Improsa 

• Sociedad Administradora de 

Fondos de Inversión – Panamá, is 

created. 

Brief History 09

MEMORIA ANNUAL REPORT ANUAL 2007 / GRUPO FINANCIERO IMPROSA 

Letter from the Chairman of the Board and General Manager 

With this letter and the Grupo Financiero Improsa’s audited financial statements, the 

Board of Directors hereby renders an account to its shareholders of its activities in 

2007. A rendering of accounts is, above all, a responsibility to those who have 

entrusted us with the company’s management, as well as being the ideal way to 

provide a clear, transparent and complete report of our company’s most significant 

achievements. 

The strategies, policies and actions taken by the Group and its different subsidiaries 

have led Improsa to transcend the traditional role played by other financial entities 

and take on in every sense a challenge that goes beyond that of the usual practices of 

this industry: the challenge of providing superior quality service that generates bigger 

and better opportunities for our customers' economic and social development, and, 

consequently, also generates benefits for our shareholders, investors and associates. 

The results we are presenting are irrefutable evidence of how the organization has 

been able to blend together excellence, efficiency, dynamism, integrity and knowledge 

– Improsa’s values, which are imbued in each of our associates. 

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Letter from the Chairman and General Manager 

Jorge Monge Agüero 

Chairman Grupo Financiero Improsa 

Before going on to our results, we would like to briefly mention the Costa Rican 

economic environment during 2007 and how it impacted the Group. This was a year 

in which the real and monetary economies presented different fronts. On the real side, 

there was strong production growth, major inflows of direct foreign investment and 

even a fiscal surplus. On the monetary side, however, we suffered double-digit 

inflation, an exchange policy that undermined confidence, and negative real colon 

interest rates. 

The economy grew at 6.8%, slightly less than in 2006. By sectors, the most 

outstanding performance was in construction, which expanded by 18.2% - and this is 

precisely one of the sectors in which Grupo Financiero Improsa has consolidated 

successful strategies. Almost as strong was the 11.7% expansion of financial services 

and insurance. The outlook for the country continued to attract heavy foreign direct 

investment, which reached US $1,885 million, or 7.2% of the gross domestic product 

(GDP).

Thus the government was able to close the year with a fiscal surplus of 0.65% of the 

GDP, a result we have not seen since the middle of last century and which has 

contributed to improving Costa Rica’s economy and society. 

Despite this, there were also some serious challenges in 2007. 

The change in the exchange system from mini-devaluations to a flexible band type – 

in order to meet monetary policy inflation goals – came up against a shaky 

international scene. The world’s largest economy had been growing slowly, and has 

now headed into recession as oil and grain prices have risen sharply, making for a 

strong imported inflationary component. 

Consequently, inflation climbed to almost four percentage points over the Banco 

Central de Costa Rica's target (a real 11.8% versus the monetary program’s 8.0%), 

pushing the central bank itself to lower interest rates in order to control speculative 

capital inflows. In an attempt to float the exchange rate and regain control of 

monetary policy, the Central Bank of Costa Rica decided in November 2007 to lower 

the exchange band floor. This generated expectations of more colon appreciations, 

which led to an accumulated dollar reserve of more than $4 million. The impact of the 

colon appreciation was felt throughout the Costa Rican banking system. 

Likewise in 2007 a difference of opinion between the banking system and the tax 

office forced all the banks in the country to create extra reserves while the 

technical/legal discrepancy is resolved through the respective legal channels. 

We'd now like to briefly mention the achievements of each of the Group’s subsidiaries 

in 2007 – achievements all the more laudable for having been reached in a period 

when results were squeezed by the abovementioned pressures. 

Banco Improsa achieved significant commercial growth. Its credit portfolio expanded 

by 38.5%, while current accounts, at-sight savings and investment certificates rose by 

46%. The company’s service commissions also rose by 47% as a result of an integrated 

customer service strategy together with a major expansion of services such as the 

trading table, larger and more innovative trusts, a new “smart” account, and programs 

for non-resident foreigners. 

After 15 months of design and planning, Banco Improsa’s Customer Relationship 

Management Project was set in motion in January 2007, the main goal being to 

develop a new way of doing business, changing the bank's focus from one of 

product-oriented banking to relationship-oriented banking. In addition, as part of this 

business transformation, in 2007 the SME Advisory and Support Centers were created 

as a specialized channel for integrated assistance and support to small and medium 

enterprises in Costa Rica, offering a broad range of financial and essential business 

administration products and services. The sites chosen for opening the first centers 

were San José and Alajuela, given their large business parks and strong economic 

activity. 

For its part, Improsa Servicios Internacionales, our leading subsidiary in 

regionalization, has distinguished itself as a highly capable leasing and financial 

service company with a clear goal of regional financial integration. Its results at 

December 2007 are the result of successful strategy implementation and greater 

consolidation in the countries where we maintain offices. 

These efforts were reflected in a strong 45% growth of net dollar profits over the 

previous year and a 28.65% expansion of leasing contract placement. This translates 

into an annual placement of more than $60 million in leasing and $8 million in 

factoring – the latter after having been offered for only one year. 

Another of Improsa Servicios Internacionales’s major achievements has been the 


start-up of a new Group subsidiary in Panama, Improsa Sociedad Administradora de 

Fondos de Inversión Panamá, authorized by the Panamanian National Securities 

Commission; the subsidiary has become the first enterprise of this type to make public 

securities offerings in that country. 

On another front, ImproActiva, the subsidiary specializing in micro- and small 

consumer credit, was able to maintain its leadership in the market, reaching 37,500 

customers since starting operations in October 2004. Of these, some 28,500 continue 

in its portfolio, thanks to the implementation of successful customer loyalty and 

retention strategies. ImproActiva’s coverage extends over all 7 provinces, with 40 

points of sale, or “kiosks,” and its network of business partners financing their sales 

with our products has expanded to 32. It should be noted that this commercial 

expansion has been supported accordingly by improved systems, infrastructure and 

operating procedures. 

Another subsidiary with achievements to report is that of investment banking and real 

estate structuring, Improsa Capital, which surpassed its goals and expectations, 

especially in its contribution to the Group’s profits and the creation of synergies with 

the other subsidiaries. In 2007 Improsa Capital was able to consolidate and 

successfully conclude its participation in several large-scale projects, taking strategic 

advantage of the rapidly growing real estate and tourism sectors in this country. 

2007 was also a fruitful year full of changes for Improsa Sociedad Administradora de 

Fondos de Inversión (SAFI). In the first place, Improsa SAFI’s total managed assets hit 

US $124.5 million. In addition, it became the first management company to obtain 

authorization for making a public offering of five real estate development funds; it 

then opened two of them in order to build the Multipark office and business complex 

in Guachipelín, Escazú, and to purchase the Hotel Boutique Cala Luna in Langosta 

Beach, Guanacaste, for converting into a prestigious hotel and residential complex. 

Improsa SAFI also created the Los Crestones Real Estate Investment Fund, which 

kicked off in November 2007. Another fund, the Gibraltar Real Estate Investment 

Fund, continued as Costa Rica’s largest with assets of more than US $96 million, 

representing a market share of 14.9% of all real estate fund assets. 

For Improsa Valores – a recent creation – 2007 was a year of consolidation as it gained 

a recognized position among Costa Rican stock brokerages and enjoyed excellent 

financial results: a net profit of 84.41 million colones, an overall equity of 707.43 

million colones, managed assets of US $105 million in local and international custody, 

and a average return on equity of 14.62%. 


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More than 20 years 

growing up together 

with our clients

Marianela Ortuño Pinto 

General Manager, Grupo Financiero Improsa 

The brokerage house provides a characteristically personalized and professional 

service where the buying and selling of securities is integrated with specialized 

advisory in structuring and managing investment portfolios and complemented by 

integral risk management. Over the course of the year Improsa Valores became the 

primary channel for placing Grupo Financiero Improsa’s stock market products. 

Improseguros, for its part, continued in its privileged position as one of the top 10 

authorized insurance brokers rated ‘A’ by the National Insurance Institute (INS), 

attesting to and confirming the safe, reliable nature of its transactions. The company 

generated 4,108 million colones in premiums, a 40% increase over 2006 - a highly 

satisfactory achievement. 

During 2007 Improseguros worked on designing a business model geared towards 

creating superior customer service as a differentiating competitive factor. 

The excellent results of the Group’s seven subsidiaries reflect a year of intense effort 

by an outstanding team - the Improsa family - working throughout Central America 


and Panama. Today our valued Guatemalan, Honduran, Salvadoran, Nicaraguan and 

Panamanian colleagues are fully incorporated into our organizational culture, and 

together we are working unwaveringly toward consolidating Improsa’s presence in 

the regional market. 

On behalf of the Board of Directors, managers and other employees of Grupo 

Financiero Improsa we are pleased to present this report of the main results and 

achievements for 2007. With the satisfaction of a job well done, we would like to 

express our gratitude to our shareholders for the trust you have deposited in us. 


Chairman 


General Manager 


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14 

Directors 



Chairman of the Board 

Mauricio Bruce Jiménez 

Treasurer of the Board 


Left to right: Jorge Monge, Carlos Montoya, Jorge Amador, Mauricio Bruce, Víctor Watkins, Manuel Ortuño, Robert Woodbridge. 

Alejandro Santa-Cruz 

Member of the Board 

Robert Woodbridge A. 

Vice Chairman of the Board 

Carlos Montoya Dobles 


José Miguel Fuster 


Manuel Ortuño Pinto 

Secretary of the Board 

Jorge Amador Sánchez 


Víctor Watkins Parra 

Controller of the Board

Directors 


Jorge Monge Agüero Chairman of the Board 

Industrial Engineering from the University of Costa Rica, Masters in Public 

Administration from Harvard University 

Member of Grupo Financiero Improsa since 1997 

Other relevant positions: Former President of the Costa Rican Banking Association, 

member of the boards of directors of Avon de Costa Rica and Coyol Free Zone, former 

Minister of National Planning and Economic Policy, former Vice Minister of Industry, 

Energy and Mines 

Robert Woodbridge Alvarado Vice Chairman of the Board 

Vocational degree in Business Administration from Northwood College of Business 

Administration, U.S.A. Entrepreneurial training at Holderbank (Holcim) Management 

and Consulting, Switzerland 

Other relevant positions: Founding member of Grupo Financiero Improsa, founding 

member and Vice President of ILG Logistics, Director of Apl/Improsa, founding 

member and President of Intertec Trading Company, founding member and Director 

of Grupo Holcim Costa Rica, founding member and Director of Improinmobiliaria, 

President of Improsa Sociedad Administradora de Fondos de Inversion, Director of 

Campaña Osa Para Su Conservación, Coordinator of Grupo de Apoyo Empresarial 

Obras del Espíritu Santo, President of the Fundación Fernando Ortuño Sobrado 

Manuel Ortuño Pinto Secretary of the Board 

Master’s in Business Administration 

General Manager of Improinmobiliaria S.A., Octagonal S.A. and La Nela S.A. 

Other relevant positions: Director of ILG Logistics and Intertec 

Mauricio Bruce Jiménez Treasurer of the Board 

Master’s in Business Administration, INCAE 

Other relevant positions: Founding member and Executive Vice President of ILG 

Logistics, founding member of Grupo Financiero Improsa 

Carlos Montoya Dobles Member of the Board 

Master’s in Business Administration with honors, INCAE 

Other relevant positions: Regional Director of Purchasing and Logistics for Grupo 

Incesa Standard Director of Grupo Financiero Improsa and ILG Logistics since they 

were founded 


Jorge Alberto Amador Sánchez Member of the Board 

Graduate studies in Business Administration, Faculty of Economics, University of 

Costa Rica MBA credits and doctoral candidate at California Western University 

Graduate of the Allen Action Management Program 


Other relevant positions in the past: Country Manager (Honduras), IBM World Trade 

Corporation; President of MAI International Corporation; Executive Vice President of 

CODESA; Director of Corporación Banex S.A.; member of the Florida Ice & Farm Co. 

Surveillance Committee: Director of Hoteles Aurola S.A.; and significant 

international business experience 

Alejandro Santa-Cruz Member of the Board 

Master’s in Business Administration with emphasis in International Finance, McGill 

University Graduate degree in Business Administration, Baylor University Chartered 

Financial Analyst (CFA) 


Other relevant positions: Founding member of LatAm Partners LLC, a company 

dedicated to investment in Latin America, since March 2005; founding member of 

MexDAM, S. de R.L de C.V. and AxeFin, SOFOM E.N.R., Mexican financial entities; 

Vice President for the financial sector investment group Darby Overseas Investments, 

Ltd., from January 2000 to March 2005; analyst for financial institutions Bear 

Stearns & Co. and Duff & Phelps Credit Rating Co.; Manager of Banca Internacional, 

Scotiabank México (September 1994—March 1997) 

José Miguel Fuster Member of the Board 

Master’s in Business Administration from Vanderbilt University and Bachelor’s 

Degree in International Relations from Georgetown University 


Other relevant positions: Senior Vice President of Private Equity Group in Darby 

Overseas Investment, Ltd. (Darby), a member of Franklin Templeton Investments 

Group; Vice President and Team Leader for Strategic Partnerships and Headquarters 

for Latin America and the Caribbean, Visa International; Director and Leader of 

Barclays’ Syndicated Finance Group in Latin America 

Víctor Watkins Parra Controller of the Board 

Master’s in Business Administration from INCAE; Commercial Engineering Degree 

and Bachelor’s Degree in Economics from Universidad de Chile 


Other relevant positions: General Manager, Banco BCT, S.A. (1998-2003); Assistant 

General Manager, Banco BCT, S.A. (1986-1998); Credit and Operations Manager, 

Banco BCT, S.A. (1984-1986); General and Finance Manager, Coopemontecillos R.L. 

(1978-1982); Controller, Holcim de Costa Rica (1976-1978); professor at the 

University of Costa Rica; Director of the Costa Rican Banking Association; Director 

of the Costa Rican Chamber of Commerce 


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Graduate degree in Business Administration 

Other relevant positions: Founding member of Grupo Financiera Improsa; founding 

member of ILG Logistics; founding member and Director of Improinmobiliaria 

Franco Naranjo Jiménez 

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General Manager, Grupo Financiero Improsa 

General Manager, Banco Improsa 

Economist with a post-graduate degree in Economics from the Pontificia 

Universidad Católica de Chile 


Other relevant positions: Member of the Board of Directors of the Chamber of 

Private Banks and Financial Institutions; former President of the Finance Manager 

Advisory Committee of the Costa Rican Banking Association; former President of 

Banprocesos 

Félix Alpízar Lobo 

Assistant General Manager, Banco Improsa 

Master’s in Business Administration from INCAE 


More than 20 years of financial sector experience 

Jorge Calvo Zeledón 

Trust Manager, Banco Improsa 

Banking Administration, INCAE 


More than 36 years of financial and banking experience 

Jaime Ubilla Carro 

General Manager, Improsa Sociedad 

Administradora de Fondos de Inversión 

Economist, Master’s in Business Administration, Instituto Tecnológico de Costa Rica 


Other relevant positions: Professor of Finance at the Instituto Tecnológico de Costa 

Rica; stockbroker 

More than 15 years of stock market experience 

Rashid F. Alice Chacón 

General Manager, Improsa Capital 

Master’s in Business Administration 


Other relevant positions: Director of the Comité de Inversionistas Inmobiliaria 

Ebbalar; Director of Grupo Vargas Matamoros; Director of the Condominio 

Meridiano Management Board; Director of the Plaza San Carlos Management Board; 

Director of the Jardines del Tempisque Project; Director of the Multipark Project 

Monserrat Buján Boza 

General Manager, Improseguros 

Business administration professional with emphasis in banking and finance 

Member of Grupo Financiero Improsa since 2007 

More than 15 years of private banking experience 

Executive Director of Fundación FUNDEX (AID-Costa Rica); Finance Manager of 

export company Pórtico S.A.; experience in real estate project development and 

management; responsible for opening the Central American market for Grupo 

Español Konecta Consulting; currently member of the Board of Directors for the 

Costa Rican Association for Development Organizations (ACORDE) 

Sergio Molina Bonilla 

LGraduate degree in Business Administration 


Other relevant positions: Member of the Leasing Committee and the Costa Rican 

Banking Association; Vice Chairman of the Board of Directors for the Costa 

Rica-Nicaragua Business Chamber; more than 20 years of management experience 

in the private financial sector 

Julio César Bonifacino Gutiérrez 

Graduate degree in Business Administration, CPA 


Other relevant positions: Director of the Costa Rican Association of Young 

Entrepreneurs; 30 years of experience in the financial sector working in banks such 

as Citibank NA with activities in Uruguay, Mexico, Panama and the United Kingdom 

in treasury, investment, and consumer banking 

Anthony Hidalgo Pérez 

Regional General Manager, 

Improsa Servicios Internacionales 

General Manager, ImproActiva 

General Manager, Improsa Valores Puesto de Bolsa 

Graduate degree in Business Administration 


Other relevant positions: Director of the National Chamber of Investment Funds; 

Chairman of the Board of Directors for the Instituto de Capacitación Bursátil 

(INDECAB); President of the Costa Rican Association of Stockbrokers (ACAB); 17 

years of stock market experience

CORPORATE AREA TEAMS 


Viveca Arias Lamicq 

Manager of Human Resources 

Jorge Muñoz Quirós 

Corporate Internal Auditor 

Mónica Volio Orozco 

Marketing Director 

Randall Chavarría Soto 

Information Technology Director 


Sara Trigueros Muñoz 

Administrative Director 

Guido Rojas Alvarado 

Project Director 

Corporate Area Teams 

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The world around internal auditing is changing, and upper management expects 

auditing to add value to the organization. This must include, within its traditional 

tasks, an assessment of operating risks that to some extent mitigates the new 

internal control risks to which organizations are currently subjected. 

Internal Auditing must support organizations with technological tools. For this 

reason, in 2007 Grupo Financiero Improsa’s Internal Auditing office was given the 

opportunity to incorporate a technological tool that would expand the scope of its 

daily tasks and provide better information support, with greater security, availability 

and reliability. 

Upper management’s concern was not only to acquire the tool but also to initiate 

ongoing training and study of modern auditing techniques, setting aside the 

traditional role of auditing to convert it into a division with a critical business view, 

able to cooperate in controlling associated risks by using information technology. 

18 

INTERNAL AUDITING 

Internal Auditing as Added Value for Upper Management 

Internal Auditing 

Internal Auditing’s primary goals are to properly safeguard assets, maintain data 

integrity, and independently support, in an effective and efficient manner, the 

processes involved in achieving the business goals, providing reliable and relevant 

information. 

“One of the prime goals of the GFI is to support its processes in a technological 

environment aimed at relationship banking. Based on this goal, upper management 

and Internal Auditing seek to reinforce the Group, strengthening its business with 

internal auditing that provides added value and aids in detecting and mitigating 

information technology risks in an integrated manner." 

Jorge Muñoz

Excellence 

in financial solutions

MEMORIA ANNUAL ANUAL REPORT 2007 / / GRUPO FINANCIERO IMPROSA 

Banco Improsa was markedly dynamic in 2007, with overall assets growing by 

29.8% for the period. This surge comes from the positioning achieved in the 

different commercial and personal segments. 

On the commercial side, small and medium enterprises continued to be highly 

strategic for the Bank. The SME Advisory and Support Centers (CAAP) were 

created as a very innovative initiative for providing assistance to this Costa 

Rican segment, for which they will serve as a specialized support and integrated 

assistance channel. Said centers offer an extensive array of products and 

services in both finance and other areas essential to normal business activities; 

this has been achieved through partnerships with specialized consulting firms 

in various fields. 

The areas chosen for opening the first CAAP are San José and Alajuela, by 

virtue of their large business community and strong economic activity. 

Together, the 21,310 enterprises in San José and 8,176 in Alajuela represent 

62.8% of all SMEs in Costa Rica. 

20 

BANCO IMPROSA 

Franco Naranjo Jiménez 


Banco Improsa 

Moreover, in 2007 Banco Improsa signed a partnership with the Corporación 

Interamericana de Inversiones (CII) by which it was named Costa Rican 

representative for the Finpyme Program. The program is based on the 

application of a methodology and technological tool for identifying and 

evaluating small and medium enterprises for the purpose of improving their 

competitive profile and access to funding sources. Its goal is to introduce a 

diagnostic mechanism for SMEs that will open the door to bank financing for 

many of them. By using business diagnostics it will be possible to determine the 

factors that contribute to or detract from: (i) job and wealth creation; (ii) 

efficient management and production processes; and (iii) consolidation of 

business projects that encourage economic development.

Centro de Apoyo y Asesoría PYME, Barrio Escalante C.R. 

Finally, as part of the support network for small and medium enterprises, Banco 

Improsa signed a cooperation agreement in 2007 with the Costa Rican Ministry of 

Economy, Industry and Commerce aimed at strengthening the Bank’s coordination 

and support for this important sector. 

The Bank’s personal financing activity was also particularly strong, especially with 

respect to housing credit. The Bank also achieved a prominent position with 

respect to young Costa Rican entrepreneurs and financing for non-resident 

foreigners. 

In October 2007 Banco Improsa signed a US $10 million loan agreement with the 

Corporación Interamericana de Inversiones for primary residence financing in 

Costa Rica. The program has enjoyed an enthusiastic response and has contributed 

to the Bank’s consolidation in this sector. 

In 2007 new funding agreements with signed with several top tier banks and 

prestigious financial cooperation institutions for approximately $68 million. Of 

note among these were loans of US $7.5 million from the Netherlands 

Development Finance Company (FMO), US $10 million from the German 


Investment and Development Company (DEG), US $15 million from the Central 

American Bank for Economic Integration (CABEI) – for a total of US $45 million, 

and US $5 million from the Inter-American Development Bank (IDB) through the 

Trade Facility Program agreement aimed at helping the Costa Rican export and 

import sector. 

One of our biggest achievements was the avid public response to our new at-sight 

savings account, “Cuenta Inteligente,” or ‘Smart Account’. This account offers 

holders a very competitive interest rate on their savings while making it easy for 

them to use their money at the same time. 

One of the main results Banco Improsa has obtained is the array of financial 

services supplementary to financial intermediation, which have contributed 

¢1,705.5 million to its earnings. 

Banco Improsa 21


At December 2007, Banco Improsa had a 51% market share of all trust managed 

portfolios in the country, making it the market leader. 

The Bank also opened its FOREX department in 2007 so that its customers could 

buy and sell hard currencies such as the euro, yen and pound sterling in order to 

facilitate foreign trade. 

All of this was achieved thanks to the strong drive and commitment of its Board 

of Directors and management. The guiding principle has been to provide 

outstanding integrated financial solutions to our target segments through highly 

personalized, superior service leading to solid relations with each of our 

customers. 

After 15 months of design, planning and development, in January 2007 Banco 

Improsa put into motion its Project Chirripó, which consists of a support platform 

for its commercial banking based on an analytical CRM[1] philosophy. The main 

goal is to develop a new way of doing business, changing from product-oriented 

banking to customer-oriented relationship banking. 

22 

BANCO IMPROSA 

Félix Alpízar Lobo 

Subgerente General 

Banco Improsa 

With the support and endorsement of Grupo Financiero Improsa’s Board of 

Directors and general manager, the following goals were set: 

�� 

customers; 

�� 

long-term relationships with selected customers; 

�� 

�� 

�� 

culture and business strategy. 

1 Por sus siglas en inglés CRM (customer relationship management), 

se refiere a la gestión relacional de clientes.

IMPROSA SERVICIOS INTERNACIONALES 

Sergio Molina Bonilla 

Country General Manager 

Improsa Servicios Internacionales has distinguished itself as being a leasing and 

financial services company with strong performance capacity and a clear vision of 

regional financial integration. The results at December 2007 are the product of 

successful strategy implementation and greater consolidation in the countries where 

it has offices. 

The goal is to position Improsa Servicios Internacionales S.A. (known as Grupo Improsa 

outside Costa Rica) as one of the top firms in financial leasing, operative leasing, 

factoring and a range of specialized financial services custom-tailored to our 

customers. 

In 2007 the firm maintained a clear, growing hegemony characterized by the capacity, 

ability and knowledge necessary for tailoring products to meet its customers’ needs, 

according to each country’s possibilities. 

Having consolidated its services in Central America and Panama, and with a view to 

extending them to the Dominican Republic, Improsa Servicios Internacionales today 

has a team of highly trained professionals with an unequivocal vision of customer 

service. This has enabled it to meet its targets for 2007. 

The strengthening of its human resources became a major factor for its success in 


developing the three fundamental axes of Improsa Servicios Internacionales’ activities: 

leasing of productive assets, fully guaranteed throughout the region; consolidation of 

a Central American factoring network; and deployment of a consumer credit unit. 

The excellent results obtained in 2007 were seen in a major jump in net dollar profits 

of 45% over the previous year, while the placement of leasing contracts rose by 

28.65%. This translates into more than $60 million in leasing assets per year – and $8 

million in factoring, after only one year. 

Another of Improsa Servicios Internacionales’s achievements was its successful 

launching of Improsa Sociedad Administradora de Fondos de Inversión in Panama, 

which was authorized by the Panamanian National Securities Commission to offer real 

estate funds, making it the first organization of its kind to make public securities 

offerings in Panama. 

With these results, there can be no doubt that the goals set for 2007 have been met, 

committing its team of Grupo Improsa collaborators even more to continue exerting 

themselves in offering superior quality service consistent with the needs and 

expectations of its reason for being - “the customers of the entire region." 


23


24 


Thousands of $ 



70.000 

60.000 

50.000 

40.000 

30.000 

20.000 

10.000 

8.000 

7.000 

6.000 

5.000 

4.000 

3.000 

2.000 

1.000 

0 

0 

2.000 

1.500 

1.000 

500 

0 

9.341 

223 

2003 

DIC - 02 

151 

2003 

1.090 

DIC - 03 

36.846 

2004 

457 

2004 

1.964 

Graphic # 1 


PLACEMENT BY YEAR 

37.190 

46.852 

60.276 

2005 2006 2007 

Graphic # 2 


EQUITY 

DIC - 04 DIC - 05 DIC - 06 DIC - 07 

Graphic # 3 


NET PROFIT AT DECEMBER 31 

904 

2.682 

1.211 

5.754 

1.756 

2005 2006 2007 

7.091

IMPROSA SAFI 

Jaime Ubilla Carro 


Improsa Sociedad Administradora de Fondos de Inversión (SAFI) experienced major 

growth in 2007 with the launch of Los Crestones Investment Fund, its second real 

estate investment fund, and authorization for the first five real estate development 

funds in Costa Rica, two of which have gone into operation. Thus SAFI has 

diversified its offer for the Costa Rican Stock Exchange, maintaining as well the 

excellent performance for over 7 years of the Gibraltar Investment Fund. 

As 2007 drew to a close, Improsa SAFI had 678 investors, of which 473 had shares 

in the Gibraltar Investment Fund, 136 in the Los Crestones Investment Fund, 51 in 

the Improsa Real Estate Development Fund, and 18 in the new Improsa II Real Estate 

Development Fund. Together they represent 13% of all real estate investment fund 

and real estate development fund investors in Costa Rica. 

Improsa SAFI’s total managed assets grew by US $45.5 million, a 57.62% increase 

over the previous year. In addition, Improsa SAFI contributed to real estate and real 


estate development growth with 27.5% of Costa Rican investment funds in 2007. 

For the investment fund industry in general, Improsa SAFI managed 6.13% of total 

assets and 4.58% of net assets. 

As a result of its performance, Improsa SAFI recorded a net profit of ¢157.5 million, 

an 82.85% increase over the previous year, while its return on equity reached 

31.66%. 

Improsa SAFI 

25


The Gibraltar Fund 

The Gibraltar Fund is still the largest real estate fund in the Costa Rican market by 

total managed assets, with US $96.2 million in total managed assets, or 14.89% of 

total real estate fund managed assets in Costa Rica. The investment fund acquired 

the Centro Comercial Paco building, the Oficentro Mediterráneo building, two lots 

adjacent to the Oficentro Torre La Sabana building, and the Centro Comercial 

Boulevard building. Said acquisitions came to US $15.9 million. 

Development Funds 

On March 8, 2007 Costa Rica’s SUGEVAL (Superintendencia General de Valores, the 

securities regulatory body) authorized listing of the Improsa Real Estate 

Development Fund, making it the first fund of its type to be created in the country 

and in Central America. Over the course of the year, Improsa SAFI obtained 

SUGEVAL’s authorization for the prospectuses of four additional real estate 

development funds. 

These funds are limited public offerings, with investors being allowed to buy shares 

of a portfolio consisting of real estate development projects, for the purpose of 

earning returns on real estate development, completion and later sale or lease. 

The first project of the Improsa Real Estate Development Fund is the Oficentro and 

Centro Comercial Multipark complex being built in Guachipelín, Escazú, which will 

have more than 21,000 square meters of office lease area in four buildings, and 

more than 1,300 square meters of commercial lease area distributed into 16 

locales. 

26 

Improsa SAFI 

In addition, in November 2007 the Improsa II Real Estate Development Fund was 

introduced, which will be used to expand the Hotel Boutique Cala Luna into a sale 

complex of 110 apartments and 10 villas. Hotel Cala Luna is located in one of most 

rapidly appreciating areas in Playa Langosta, Guanacaste, and currently has 20 

rooms and 21 villas available. 

New Real Estate 

Investment Fund 

On November 29, 2007, Improsa SAFI announced to the financial system the 

successful placement of US $8 million in share certificates in the new Los Crestones 

Development Fund. The fund’s first acquisition was the Oficentro La Virgen building 

on December 4, 2007. Located in the Pavas industrial zone, the building has 25 

tenants and a purchase price of US $5,675,000. 

On December 11, 2007, the Oficentro Tamarindo Business Center in Tamarindo, 

Santa Cruz Canton, Guanacaste Province, was acquired for a purchase price of US 

$1,650,000. 

Then, on December 20, 2007, the fund purchased the second floor of the Meridiano 

building, one of the most prestigious pieces of real estate in Escazú. The floor has a 

lease area of 2.039.99 square meters, where the offices of Ernst & Young S.A. are 

located. The transaction carried a purchase price of US $6,200,000. 

11.32% 

9.28% 

2.09% 

77.30% 

Graphic # 4 

Improsa SAFI 

Total managed investment 

fund assets at the 2007 close 

Gibraltar Fund 

Los Crestones Fund 

Multipark Development Fund 

Cala Luna Development Fund 

“2007 was a year of great achievements that helped 

strengthen Improsa SAFI’s portfolio of investment 

funds and confirm its leadership in the market.” 

Jaime Ubilla

Improsa Capital has enjoyed a year replete with success. 2007 was a year of 

consolidation of the firm’s strategic areas – such as marketing, engineering and 

financing – as well as projects representing the start of a high growth phase. 

In addition, the structuring of the prospectus for the country’s first real estate 

development fund provided the market with a tool for increasing real estate investment 

as well as investors’ equity, creating greater confidence and dynamism in the sector. 

Our strategic partners, such as architect and consulting firms, real estate brokers, 

construction firms and developers in general, have made it possible for the company to 

expand its range of products, services and integrated project planning and development 

solutions. 

Daily internal strengthening is possible due to training programs and the development 

and implementation of new systems and processes that will provide ever greater benefits 

for our customers. 


IMPROSA CAPITAL 

Rashid Alice Chacón 


2007 ended with financial and performance indicators far above what was expected, 

and a cycle of consolidation has begun that will enable us to boost even more the 

confidence our customers have deposited in us from the start. The specialized knowledge 

of Improsa Capital’s professional team has been one of its major strengths, helping us to 

obtain results exceeding those of the previous year by 156%. 

“Improsa Capital is a team of professionals with passion for what they do and values such 

as transparency, loyalty, commitment and knowledge – a team that goes far beyond its 

professional duties.” 

Rashid Alice 

Improsa Capital 

27


Improsa Capital Projects in 2007 

28 

Improsa Capital 

Meridiano Building 

Office Condominium 

Located 300 meters south of Multiplaza in Escazú, this is considered the “highest 

quality, most prestigious and intelligent condominium in the country" by industry 

experts, who also give it an A+ building rating. The building has 9 floors and two 

basement levels, plus an exceptional lobby that gives the feel of an international court 

to its condominiums and customers. 

Saint Jude School 

Educational Center 

Construction was completed on the new Saint Jude School installations in Santa Ana, 

which have a capacity for 750 students. The new installations will be ready for the 2008 

school year. 

SOLARIUM 

Logistics Center 

Solarium is a project being developed on a 100-hectare property located across from the 

Daniel Oduber International Airport in Liberia. Construction of the first stage, the 

logistics center, has already been completed and consists of 36 commercial locales and 

18 large, 18 medium-sized, 60 small and 68 mini warehouses. In addition, construction 

has already started on the Hotel Hilton Garden; soon to begin is construction of an office 

building and a village with commercial locales, lofts and offices.

IMPROSEGUROS 

Monserrat Buján Boza 


At December 2007 Improseguros continued to rank among the top ten insurance 

brokerages authorized by the Costa Rican National Insurance Institute (INS), 

which also awarded it an “A” rating, attesting to and confirming the company’s 

record of safe, reliable transactions. 

The company’s total production for the period was ¢4,108 million in premiums, 

more than a 40% increase over 2006 – considered highly satisfactory given the 

market average for this same period. 

Likewise, at December 2007 Improseguros managed a portfolio of over 5,000 

customers with insurance policies distributed as shown in Table #1. 

Thousands of colones 

4.000.000 

3.500.000 

3.000.000 

2.500.000 

2.000.000 

1.500.000 

1.000.000 

500.000 

_- 


2005 

2006 

Graphic # 5 

Improseguros 

Annual Premiums 

2007 

Improseguros 

29


In 2007 Improseguros worked on designing a business model where the 

emphasis was on superior customer service, since this is a differentiating factor 

in the market. Within this strategic guideline, the company initiated a plan for 

reviewing and adjusting processes needed for confronting the imminent 

opening of the Costa Rican insurance market. 

30 

Improseguros 

Cuadro # 1 

Improseguros 

Portfolio composition by insurance type, december 2007 

Type Premiuns (thousands of ¢) Number of policies % (insurance/ 

premium) 

Car 1.567.777 4.215 38% 

Workers Compensation 1.014.459 576 25% 

Fire 707.845 1.146 17% 

Other 228.388 210 6% 

Medical Expenses 146.754 508 4% 

Life 130.585 119 3% 

Contractor 127.577 42 3% 

Freight 116.622 128 3% 

Electronic Equipment 52.395 123 1% 

Theft 15.779 121 0% 

Unemployment 366 1 0% 

TOTAL 4.108.547 7.189 100% 

6% 

17% 

4% 

Car 

Workers Comp 

Fire 

3% 

3% 

3% 

Graphic # 6 

Improseguros 

Portfolio distribution by insurance type 

1% 

Medical Expenses 

Life 

Other 

25% 

Contractor 

Freight 

38% 

Electronic Equipment 

“All our 2007 results make us feel not only proud and satisfied with our efforts, 

but also prepared to face the new challenges awaiting us around the corner in 

the insurance sector.” 

Monserrat Buján

IMPROACTIVA 

Julio Bonifacino Gutiérrez 


ImproActiva continued to improve its performance in mass consumer finance in 

2007, maintaining its leadership on the basis of three key variables: response time, 

ease and personalized attention. 

National coverage expanded in 2007 to 40 points of sale or kiosks covering every 

province, in order to provide greater access and better customer service. The sharp 

growth is also the product of 32 new partnerships negotiated with established 

merchants, by which ImproActiva finances customer purchases at each enterprise; 

of these partnerships, one in particular with an appliance retailer has had excellent 

results. 

The start-up of activities in Guatemala in 2006 has been consolidated under the 

same principles, reaching figures in the black sooner than expected. 

Growth has been a constant at ImproActiva. In 2007 the company reached 28,670 

customers, surpassing the target set out in its strategic plan. This was a very 

important achievement for a staff team that by the end of the year included 265 

people – a team that has shown its ability to simultaneously manage the year’s 

ambitious growth targets and long-term business development projects. 


Placement for the year was 88% higher than for the previous year. Investment in 

technology included a telecommunications platform which, by using IP technology, 

provides tools for increasing the performance capacity and productivity of all 

customer contact centers. Likewise, as of August a project was initiated to optimize 

credit decision processes in order to improve portfolio quality and help maintain 

leadership in key aspects such as response time and ease. 

“All actions undertaken by ImproActiva actions are founded on principles and values 

we share on a daily basis. We are a team focused on a well-defined strategy 

adaptable to market needs. We listen to our customers and believe in continuous 

improvement.” 

Julio Bonifacino 

ImproActiva 

31


For Improsa Valores Puesto de Bolsa, 2007 was a year of consolidation in the Costa 

Rican stock exchange, with excellent results for such a recently formed company. 

Improsa Valores started operations in February 2006 with a goal of generating value 

for shareholders, customers and employees alike, and under the concept of 

personalized service and integrated investment risk management has made great 

strides in its operation and profits in addition to strengthening its presence in the 

Costa Rican stock exchange. 

Improsa Valores offers its customers the service of buying and selling of securities, 

supplementing this with specialized and personalized consulting in the structuring 

and managing of investment portfolios and integrated investment risk 

management. With the brokerage house's current sales and operating structure it 

has been able to provide this service effectively and efficiently – as reflected in its 

results. 

Marketing efforts that were initially aimed at handling the investment needs of 

Grupo Financiero Improsa’s existing customers were extended to attract new 

customers to the Group, and this has led to a steady rise in the number of customers 

32 

IMPROSA VALORES PUESTO DE BOLSA 

Anthony Hidalgo Pérez 


Improsa Valores Puesto de Bolsa 

and volume of managed and custodied assets at the brokerage. At the 2007 close 

the total volume of managed assets in both local and international custody reached 

US $104.99 million. In the international market alone the volume of managed assets 

reached US $11.8 million. 

Improsa Valores distinguished itself in 2007 with its leadership and efficacy in Grupo 

Financiero Improsa’s funding operations on the local stock exchange. It was thus 

able to place products for a total of US $43 million, primarily in real estate and 

development funds and Grupo Financiero Improsa preferred stock. This aggressive 

placement has led to more participation of Grupo Financiero Improsa instruments 

on the secondary market, and this has led in turn to higher returns from secondary 

market transactions.

Millions of colones 


100.00 

80.00 

60.00 

40.00 

20.00 

0.00 

(20.00) 

800.00 

700.00 

600.00 

500.00 

400.00 

300.00 

200.00 

100.00 

0.00 

(16.42) 

28.57 

84.41 

September 2006 December 2006 December 2007 

275.99 

Graphic # 7 


Net profit (loss) 

Graphic # 8 


Equity 

322.24 

707.43 


September 2006 December 2006 December 2007 September 2006 December 2006 December 2007 



120.00 

100.00 

80.00 

60.00 

40.00 

20.00 

0.00 

700.00 

600.00 

500.00 

400.00 

300.00 

200.00 

100.00 

0.00 

55.84 

75.08 

89.17 

104.99 

March 2007 June 2007 September 2007 December 2007 

114.74 

Graphic # 9 


Assets in custody 

Graphic # 10 


Total income 

233.78 

662.76 

“Durante sus dos años de gestión, Improsa Valores se consolidó como el 

canal más importante de comercialización de los productos bursátiles del 

Grupo Financiero Improsa, tanto al mercado costarricense como a los 

demás paises de la región” 

Anthony Hidalgo 


33

MEMORIA ANNUAL REPORT ANUAL 2007 / GRUPO GRUPO FINANCIERO FINANCIERO IMPROSA 

IMPROSA 

34 

INVESTMENT OPTIONS 

Term Investment Certificates 

Checking and Demand Investment Accounts 

Real Estate Investment Fund 

Real Estate Development Fund 

Investment Portfolio Management 

Securities Consulting 

CREDIT FACILITIES 

Revolving Credit Lines for Working Capital 

Letters of Credit (Import/Export) 

Bid and Performance Bonds 

Invoice Discounting 

Inventory Pledging 

Mortgage, Car or Consumer Loans 

TRUST FUNDS 

Guarantee Trusts 

Testamentary or Equity Trusts 

Life Insurance Trusts 

Investment and Securities Management Trusts 

Education Trusts 

LEASING 

INSURANCE 

OTHER SERVICES 

Products and Services 

Services and Consulting for Small and Medium Enterprises 

International Transfers 

Foreign Currency Buying and Selling (FOREX) 

Payment of Public Utilities 

Internet Banking 

GRUPO FINANCIERO IMPROSA 

PRODUCTS AND SERVICES

FUNDING AND 

CORRESPONDENT BANKS 

FINANCIAL COOPERATION 

BANKS 

Central American Bank for Economic Integration (CABEI) 

German Investment and Development Company (DEG) 

Netherlands Development Finance Company (FMO) 

Inter-American Investment Corporation (IIC) 

Multilateral Investment Fund (MIF-IDB) 

Andean Development Corporation (CAF) 

MAJOR CORRESPONDENT 

BANKS 

Wachovia 

Citibank 

American Express Bank 

Scotiabank 

Dresdner Bank 

BNP Paribas 

BAC Florida Bank 

Banco Sabadell 

BICSA 

Eastern National Bank 

International Bank of Miami 

Bancoldex 

Bancomext 

Corporación de Occidente 


MAJOR NATIONAL 

BANKS 

Banco Nacional de Costa Rica 

Banco de Costa Rica 

Banco Popular y de Desarrollo Comunal 

Banco Crédito Agrícola de Cartago 

Banco Cuscatlán 

Scotiabank 

Banco General de Panamá 

Banco del Bajio 

Bladex 

Cobank 

Unicredit 

RBTT Bank Limited 

Bancentro 

Funding and Correspondent Banks 35


36 

SOCIAL RESPONSIBILITY 

Supporting Children and Saving the Environment 

Edificio multi-propósito de la Asociación Obras del Espíritu Santo, Barrio Cristo Rey, C.R. 

Social Responsibility and Philanthropy 

The Fernando Ortuño Sobrado Foundation, dedicated 

to carrying out charitable educational activities for 

at-risk children, adolescents and youths identified as 

victims of abuse and neglect, continued its work 

throughout 2007. 

Thanks to its contribution, the Asociación Obras del 

Espíritu Santo was able to complete construction of 

a multi-use shelter in Barrio Cristo Rey in San José. 

The 24-hour open-door shelter is home to a large 

number of children. 

In 2007 the Foundation initiated its educational 

scholarship program, whose goal is to provide 

economic assistance to students from low-income 

families, giving them an opportunity for formal schooling and thus helping them 

enter the labor market. 

On another front the Grupo Financiero Improsa contributed a significant donation 

to the Tropical Science Center’s Climate Change Friendly Project. The donation 

guarantees the growth and maintenance of 1,776 trees for three years, the time 

needed for the species to acquire the necessary nutrients for survival, so that the 

trees can mature and contribute to air purification

In 2007 Grupo Financiero Improsa continued, through Improsa 

Servicios Internacionales, its process of Central American 

expansion with specialized products; Banco Improsa, for its part, 

increased its productive assets from ¢136 million to ¢178 million, 

pushing the Group’s assets up by 34.4% to a total of ¢231,581.5 

million. Each subsidiary contributed significantly in terms of 

growth and new business. 

The following graph shows the Grupo Financiero Improsa’s 

growth from its beginnings in 2000. 

The growth was financed by both public deposits and financial 

institution funds. It should be noted that the greatest boost was 

from other financial obligations (37%), reflecting the confidence 

of banks and development institutions, which heavily escalated 

their credits to the Group. 

The growth and consolidation of the various subsidiaries of 

Grupo Financiero Improsa have been accompanied by major 

equity contributions over the years, as can be seen in the 

following graph. 




FINANCIAL PERFORMANCE FOR FISCAL YEAR 2007 


Balance Sheet 

3.139 

2000 

3.671 

5.059 

Graphic # 11 


Total assets 

Graphic # 12 


6.339 

10.043 

12.441 

19.472 

Equity 

26.864 

2001 2002 2003 2004 2005 2006 2007 

Financial Performance 37


FINANCIAL PERFORMANCE FOR FISCAL YEAR 2007 


38 Financial Performance 

Income Statement 

In 2007, Grupo Financiero Improsa’s financial earnings rose by 

52.2%, going from ¢20,907.4 million in 2006 to ¢31,816.4 million 

in 2007. The net financial margin, for its part, increased to 

¢8,849.6 million after net accounting estimates of ¢1,709.2 

million were made to improve coverage and maintain a 

conservative credit position. 

Of note was a significant gain in, and high level of, net operating 

income, which rose from ¢4,391.2 million in 2006 to ¢6,281.2 

million in 2007, a 43% increase. In addition, it should be pointed 

out that this represented 19.7% of the Group’s total financial 

income. 

With these financial results, Grupo Financiero Improsa was able to 

generate a net profit of ¢3,468.8 million. It should be mentioned 

that this profit was affected by the colon revaluation resulting 

from implementation by the Banco Central de Costa Rica of the 

exchange band system in October 2006 and a later band 

expansion in November 2007. 


The following graph shows the upward trend of net profits over 

the last few years and the effect of colon revaluation. 

Finally, the contribution of each subsidiary has been essential 

for Grupo Financiero Improsa to obtain a return on equity 

(ROE) of 14.9%. 

4.000 

3.000 

2.000 

1.000 

0 

92 

2000 

528 

732 

Graphic # 13 


1.068 

1.769 

2.643 

Net profit 

3.221 

3.469 

2001 2002 2003 2004 2005 2006 2007

Audited Financial 

Statements

MEMORIA ANUAL 2007 / GRUPO FINANCIERO IMPROSA 

Estados Financieros 

41



43


44 

Estados Financieros



45


46 

Estados Financieros



47


48 

Estados Financieros

financial performance for fiscal year 2007 grupo financiero improsa

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