financial performance for fiscal year 2007 grupo financiero improsa

MEMORIA ANNUAL REPORT ANUAL 2007 / GRUPO FINANCIERO IMPROSA
FINANCIAL PERFORMANCE FOR FISCAL YEAR 2007
GRUPO FINANCIERO IMPROSA
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.
Millions of colones
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
Grupo Financiero Improsa
1.068
1.769
2.643
Net profit
3.221
3.469
2001 2002 2003 2004 2005 2006 2007