S.A.C.I. Falabella - Estados Financieros Proforma IFRS

Transcription

S.A.C.I. Falabella and Subsidiaries
Consolidated Financial Statements
December 31, 2012
(Translation of financial statements originally issued in
Spanish—See Note 2.1.)
(Translation of financial statements originally issued in Spanish – see Note 2.1)
(Translation of financial statements originally issued in Spanish – see Note 2.1)
ThCh$ - Thousand Chilean pesos
Contents
Page
Consolidated Classified Statement of Financial Position ........................................................................................ 6
Consolidated Statement of Comprehensive Income by Function ............................................................................ 8
Consolidated Statement of Changes in Equity ..................................................................................................... 10
Consolidated Statements of Cash Flows (Direct Method) ……..……….. ............................................................. .12
Notes to the Consolidated Classified Financial Statements ……………………………..……..…….. ..................... .13
Note 1 – Company Information .............................................................................................................................. 12
Note 2 – Summary of Significant Accounting Policies............................................................................................ 13
2.1. Basis of preparation of the financial statements.............................................................................................. 13
2.2. Presentation currency and functional currency ............................................................................................... 13
2.3. Period covered by the financial statements..................................................................................................... 14
2.4. Basis of consolidation of the financial statements ........................................................................................... 14
2.5. Conversion of foreign subsidiaries .................................................................................................................. 23
2.6. Foreign currency conversion ........................................................................................................................... 23
2.7. Financial information by operating segment.................................................................................................... 23
2.8. Investments in Associates............................................................................................................................... 26
2.9. Property, plant and equipment ........................................................................................................................ 26
2.10. Investment properties.................................................................................................................................... 27
2.11. Goodwill ........................................................................................................................................................ 28
2.12. Other intangible assets ................................................................................................................................. 28
2.13. Impairment of non-current assets ................................................................................................................. 29
2.14. Inventories .................................................................................................................................................... 29
2.15. Assets classified as held for sale and discontinued operations .................................................................... 29
2.16. Financial instruments .................................................................................................................................... 29
2.16.1. Financial assets ......................................................................................................................................... 30
2.16.2. Financial liabilities ...................................................................................................................................... 31
2.16.3. Financial derivatives and hedge instruments ............................................................................................. 31
2.16.4. Offsetting of financial instruments .............................................................................................................. 31
2.17. Leases .......................................................................................................................................................... 31
2.18. Provisions ..................................................................................................................................................... 32
2.19. Minimum dividend ......................................................................................................................................... 32
2.20. Defined employee benefits plans .................................................................................................................. 32
2.21. Share-based compensation plans ................................................................................................................. 32
2.22. Revenue recognition ..................................................................................................................................... 33
2.23. Cost of sales ................................................................................................................................................. 33
2.24. Income taxes ................................................................................................................................................. 33
2.25. Deferred income............................................................................................................................................ 34
2.26. Use of estimates, judgment and key assumptions ........................................................................................ 34
2.27 New accounting pronouncements (IFRS and Interpretations of the IFRS Interpretations Committee) .......... 36
Note 3 – Cash and Cash Equivalents .................................................................................................................... 40
Note 4 – Other Current Financial Assets ............................................................................................................... 42
Note 5 – Other Current Non-financial Assets ......................................................................................................... 43
Note 6 – Consolidated Trade Accounts Receivable ............................................................................................... 44
Note 7 – Accounts Receivable from and Payable to Related Entities .................................................................... 62
Note 8 – Inventories ............................................................................................................................................... 65
Note 9 – Current Tax Assets and Liabilities for Non-banking Business and Banking Services ............................. 66
Note 10 – Current and Deferred Income Taxes ..................................................................................................... 67
Note 11 – Investments in Associates ..................................................................................................................... 73
Note 12 – Intangible Assets ................................................................................................................................... 76
Note 13 – Goodwill ................................................................................................................................................. 81
Note 14 – Property, Plant and Equipment .............................................................................................................. 83
Note 15 – Investment Properties............................................................................................................................ 93
Note 16 – Other Non-financial Non-current Assets ................................................................................................ 95
Note 17 – Other Assets - Banking Services ........................................................................................................... 96
Note 18 – Other Current and Non-current Financial Liabilities ............................................................................... 97
Note 19 – Current and Non-current Trade and Other Accounts Payable ............................................................. 116
Note 20 – Current and Non-current Non-banking and Banking Services Provisions ........................................... 117
Note 21 – Current and Non-current Employee Benefits Provisions ..................................................................... 120
Note 22 – Other Current and Non-current Non-financial Liabilities ...................................................................... 123
Note 23 – Deposits and Other Time Deposits Banking Services ......................................................................... 124
Note 24 – Obligations with Banks - Banking Services ......................................................................................... 125
Note 25 – Debt Instruments Issued - Banking Services ....................................................................................... 128
Note 26 - Other Bank Liabilities ........................................................................................................................... 130
Note 27 - Revenue from Continuing Operations ................................................................................................. 131
Note 28 – Cost of Continuing Operations ............................................................................................................ 133
Note 29 – Administrative Expenses ..................................................................................................................... 135
Note 30 – Finance Costs and Indexation Units .................................................................................................... 136
Note 31 – Other Profits (Losses).......................................................................................................................... 137
Note 32 – Earnings per Share.............................................................................................................................. 138
Note 33 – Financial Instruments and Financial Risk Management ...................................................................... 139
Note 34 – Capital ................................................................................................................................................. 159
Note 35 – Financial Information by Segment ....................................................................................................... 162
Note 36 – Contingencies, Lawsuits and Other ..................................................................................................... 167
Note 37 – Guarantees Committed and Obtained from Third Parties ................................................................... 169
Note 38 – Environment ........................................................................................................................................ 170
Note 39 – Main Financial Covenants ................................................................................................................... 172
Note 40 – Events Occurred After the Balance Sheet Date .................................................................................. 185
Consolidated Classified Statement of Financial Position
(Translation of consolidated financial statements originally issued in Spanish – see Note 2.1)
Note
No.
Assets
Non-banking Businesses (Presentation)
Current assets
Cash and cash equivalents
Other financial assets
Other non-financial assets
Trade and other accounts receivable
Accounts receivable from related companies
Inventory
Tax assets
Dec-31-12
ThCh$
196,947,322
27,114,616
55,467,152
1,206,369,024
1,731,157
762,392,640
45,250,886
123,038,609
39,476,178
46,221,971
1,162,050,456
906,386
675,769,150
37,717,088
2,295,272,797
2,085,179,838
4,902,070
-
4,902,070
-
2,300,174,867
2,085,179,838
1,263,823
21,285,678
177,875,284
152,885
135,636,671
164,472,911
260,273,967
1,483,181,464
1,745,895,892
48,292,370
105,757
21,065,938
222,367,279
375,638
110,061,027
157,605,013
260,273,967
1,360,179,417
1,601,517,448
41,542,775
Total Non-current Assets
4,038,330,945
3,775,094,259
Total Assets – Non-banking Business
6,338,505,812
5,860,274,097
213,614,465
8,345,725
277,278,831
1,993,650
1,712,831,227
11,408,395
1,900,837
12,028,323
34,932,237
1,747,961
11,552,465
13,079,745
178,105,226
7,848,591
163,871,354
17,022,941
15,996,505
1,467,337,177
1,903,868
2,018,986
10,994,416
27,339,685
4,046,574
8,765,431
12,286,433
Total Bank Services Assets
2,300,713,861
1,917,537,187
Total Assets
8,639,219,673
7,777,811,284
Total of current assets different from those assets or disposal groups classified as held for
sale or as held for distribution to owners
Non-current Assets classified as held for sale
3
4
5
6
7
8
9
Dec-31-11
ThCh$
2.15
Non-current assets or disposal groups classified as held for sale or as held for distribution
to owners
Total Current Assets
Non-current Assets
Other non-financial assets
Accounts receivable
Investments accounted for using the equity method
Intangible assets other than goodwill
Goodwill
Property, plant and equipment
Investment properties
Deferred tax assets
Banking Services Assets (Presentation)
Cash and bank deposits
Transactions with settlement in progress
Financial assets held for trading
Financial derivative contracts
Due from banks
Loans and accounts receivable from clients
Investment instruments available for sale
Investments in companies
Intangibles
Current taxes
Deferred taxes
Other assets
16
6
7
11
12
13
14
15
10
3
3
3
6
6
11
12
14
9
10
17
The accompanying notes 1 to 40 form an integral part of these consolidated financial statements.
5
Consolidated Classified Statement of Financial Position
Note
No.
Net Equity and Liabilities
Non-banking Business (Presentation)
Current Liabilities
Other financial liabilities
Trade and other accounts payable
Accounts payable to related parties
Other current provisions
Current tax liabilities
Employee benefits provisions
Other non-financial liabilities
18
19
7
20
9
21
22
Total Current Liabilities
Non-current Liabilities
Other liabilities
Other long-term provisions
Deferred tax liabilities
Employee benefits provision
Total Non-current Liabilities
18
19
20
10
21
22
Total Non-banking Business Liabilities
Banking Services Liabilities (Presentation)
Deposits and other demand liabilities
Transactions with settlement in progress
Repurchase agreements
Time deposits and other term deposits
Financial derivative contracts
Due to banks
Debt instruments issued
Other financial obligations
Current taxes
Deferred taxes
Provisions
Other liabilities
Total Banking Services Liabilities
3
3
23
24
25
25
9
10
20
26
Total Liabilities
Net Equity
Issued capital
Retained earnings
Share premium
Other reserves
Equity attributable to owners of the parent
34
34
34
Dec-31-12
ThCh$
Dec-31-11
ThCh$
554,711,146
763,710,346
2,738,135
5,335,294
15,236,455
78,450,109
102,548,855
435,741,245
683,089,986
2,507,453
6,938,534
26,891,577
70,601,929
99,399,209
1,522,730,340
1,325,169,933
1,448,357,171
1,291,587
642,123
246,097,658
13,613,418
21,737,428
1,344,398,152
4,410,861
556,284
208,849,854
11,690,576
20,692,940
1,731,739,385
1,590,598,667
3,254,469,725
2,915,768,600
123,394,143
5,203,546
1,198,011,919
2,801,133
15,702,165
310,170,091
207,040,530
1,991,446
4,994,054
4,154,988
36,912,888
99,254,859
6,288,617
3,799,092
834,014,060
14,218,180
81,290,305
268,120,441
218,974,382
708,633
5,057,612
2,490,277
28,933,751
1,910,376,903
1,563,150,209
5,164,846,628
4,478,918,809
529,966,655
2,396,861,551
59,607,170
(101,165,604)
527,253,518
2,179,075,464
26,572,387
(13,924,990)
2,885,269,772
2,718,976,379
589,103,273
579,916,096
Total Equity
3,474,373,045
3,298,892,475
Total Equity and Liabilities
8,639,219,673
7,777,811,284
Non-controlling interests
6
Consolidated Statement of Comprehensive Income
(Translation of a consolidated financial statements issued in Spanish – see Note 2.1)
Note
No.
Statement of Income
Revenue from continuing operations
Cost of sales
Gross Profit
Distribution costs
Administrative expenses
Other expenses, by function
Other gains (losses)
Financial income
Financial costs
Equity interest in profits (losses) of associates and joint ventures
accounted for using the equity method
Foreign currency translation
Income in indexation units
Profit (Loss), before Taxes
Income tax expense
Profit (loss) from Non-banking Business
Banking Services (Presentation)
Interest and indexation income
Interest and indexation expenses
Net Income from Interest and Indexation
Fee income
Fee expenses
Net Fee Income
Net income from financial operations
Net exchange gains (losses)
Other operating income
Provision for loan losses
Total Operating Income, net
Employee remunerations and expenses
Depreciation and amortization
Other operating expenses
Total Operating Expenses
Operating Income
Income from investments in companies
Income before Income Taxes
Income tax
Profit (Loss) from Banking Services
Profit (Loss)
Profit (loss), Attributable to:
Owners of the parent
Profit (Loss)
Earnings per share
Basic earnings per share
Basic earnings (loss) per share from continuing operations
Basic Earnings (Loss) per Share
Diluted Earnings per Share
From continuing operations
Diluted Earnings (Loss) per Share
27
28
29
31
30
11
For the year
ended
Dec-31-12
ThCh$
For the year
ended
Dec-31-11
ThCh$
5,491,439,750 4,810,689,220
(3,691,316,361) (3,180,724,494)
1,800,123,389 1,629,964,726
(80,002,405)
(65,469,673)
(1,061,983,069)
(890,096,254)
(94,572,049)
(87,764,743)
4,914,693
16,674,443
7,522,051
7,025,502
(78,827,346)
(68,759,577)
20,085,694
12,588,030
(148,831)
(23,374,981)
493,737,146
(127,197,160)
366,539,986
(3,311,277)
(32,358,245)
518,492,932
(99,278,206)
419,214,726
334,894,575
(107,448,450)
227,446,125
70,107,380
(16,332,823)
53,774,557
8,614,731
1,505,204
11,153,324
(101,120,929)
201,373,012
(60,502,307)
(65,632,477)
(10,546,391)
(6,706,473)
(143,387,648)
57,985,364
363,445
58,348,809
(15,536,037)
42,812,772
409,352,758
262,922,114
(84,365,326)
178,556,788
60,967,545
(12,209,606)
48,757,939
11,199,446
(2,645,503)
9,509,811
(58,889,701)
186,488,780
(50,095,372)
(61,060,470)
(8,049,068)
(4,445,928)
(123,650,838)
62,837,942
498,997
63,336,939
(14,879,248)
48,457,691
467,672,417
32
371,060,080
38,292,678
409,352,758
423,046,166
44,626,251
467,672,417
32
0.1536
0.1536
0.1759
0.1759
32
0.1521
0.1521
0.1732
0.1732
30
10
27
28
27
28
28
29
29
29
29
11
10
The accompanying notes 1 to 40 form an integral part of these consolidated financial statements
7
Consolidated Statement of Comprehensive Income
Statement of Comprehensive Income
For the year
ended as of
Dec-31-12
For the year
ended as of
Dec-31-11
ThCh$
ThCh$
409,352,758
467,672,417
Profits (losses) on foreign currency translation, before taxes
(15,775,694)
67,432,367
Other comprehensive income, before taxes, foreign currency
translation
(15,775,694)
67,432,367
-
-
(2,883,532)
75,658
Profit (loss)
Components of other comprehensive income, before taxes
Foreign currency translation
Profits (losses) on new measurement of financial assets available
for sale, before taxes
Other comprehensive income before taxes, financial assets
available for sale
Cash flow hedges
Profits (losses) on cash flow hedges, before taxes
Other comprehensive income, before taxes, cash flow hedges
(2,883,532)
75,658
Other components of other comprehensive income, before
taxes
Income taxes related to components of other comprehensive
income
Income taxes related to cash flow hedges on other comprehensive
income
(18,659,226)
67,508,025
576,706
(15,132)
576,706
(15,132)
Other comprehensive income
(18,082,520)
67,492,893
Total comprehensive income
391,270,238
535,165,310
355,956,517
479,911,188
35,313,721
55,254,122
391,270,238
535,165,310
Sum of income taxes related to components of other
comprehensive income
Comprehensive income attributable to:
Owners of the parent
Total Comprehensive Income
8
Statement of Changes in Net Equity
a)
The Statement of Changes in Equity for the year ended as of December 31, 2012 is as follows:
Issued
capital
Beginning balance at 01/01/2012
Changes in equity
527,253,518
Share Premium
26,572,387
Foreign
currency
translation
reserve
(39,627,043)
Cash flow
hedge
reserve
Other
miscellaneous
reserves
(2,219,397)
27,921,450
Equity
attributable to
owners of the
parent
(13,924,990) 2,179,075,464 2,718,976,379
Other
reserves
Retained
earnings
(losses)
Noncontrolling
interest
579,916,096
Total equity
3,298,892,475
Comprehensive income
Profit (loss)
371,060,080
Equity issuance
2,713,137
(12,700,186)
(2,403,377)
(15,103,563)
(12,700,186)
(2,403,377)
(15,103,563)
Ending Balance at 12/31/2012
b)
38,292,678
409.352.758
(2,978,957)
(18.082.520)
355,956,517
35,313,721
391.270.238
35,747,920
16,317,353
52,065,273
(114,506,471)
(114,506,471)
(9,981,357)
(124,487,828)
(38,767,522)
(110,904,573)
371,060,080
33,034,783
Dividends
Increase (decrease) due to transfers and other
changes
Total changes in equity
371,060,080
(15,103,563)
(72,137,051)
(72,137,051)
(87,240,614)
2,713,137
33,034,783
(12,700,186)
(2,403,377)
(72,137,051)
217,786,087
166,293,393
(32,462,540)
9,187,177
529,966,655
59,607,170
(52,327,229)
(4,622,774)
(44,215,601) (101,165,604) 2,396,861,551
2,885,269,772
589,103,273
(143,367,113)
175,480,570
3,474,373,045
For the year ended as of December 31, 2011 the Statement of Changes in Equity is detailed as follows:
Issued
capital
Beginning Balance at 01/01/2011
Changes in equity
526,798,286
Share Premium
20,984,541
Foreign
currency
translation
reserve
(96,381,358)
Cash flow
hedge
reserve
(2,330,104)
Other
miscellaneous
reserves
25,140,110
Other
reserves
Retained
earnings
(losses)
(73,571,352)
1,903,236,665
Equity
attributable
to owners of
the parent
2,377,448,140
423,046,166
Noncontrolling
interest
Total equity
518,282,040
2,895,730,180
423,046,166
44,626,251
467.672.417
56,865,022
10,627,871
67.492.893
479,911,188
55,254,122
535.165.310
Profit (loss)
Equity issuance
455,232
56,754,315
110,707
56,865,022
56,754,315
110,707
56,865,022
Dividends
Increase (decrease) due to transfers and other
changes
Total changes in equity
Ending Balance at 12/31/2011
423,046,166
5,587,846
2,781,340
2,781,340
6,043,078
6,043,078
(92,472,359)
(92,472,359)
(92,472,359)
(54,735,008)
(51,953,668)
6,379,934
(45.573.734)
455,232
5,587,846
56,754,315
110,707
2,781,340
59,646,362
275,838,799
341,528,239
61,634,056
403,162,295
527,253,518
26,572,387
(39,627,043)
(2,219,397)
27,921,450
(13,924,990)
2,179,075,464
2,718,976,379
579,916,096
3,298,892,475
9
Consolidated Statement of Cash Flows (Direct Method)
SVS Statement of Cash Flows, Direct Method
Statement of cash flows
Cash flows provided by (used in) operating activities
Classes of proceeds from operating activities
Proceeds from sale of goods and providing services
Classes of payments
Payment to suppliers for supplying goods and services
Payments to and on account of employees
Income taxes refunded (paid)
Other cash inflows (outflows)
Subtotal net cash flows provided by (used in) Non-banking Business operating activities
Consolidated net income (loss) for the period
Charges (credits) to income that do not involve cash movements:
Credit risk provision
Other charges (credits) that do not involve significant cash flow movements
Net change in interest, indexations and fees accrued on assets and liabilities
Changes in assets and liabilities that affect operating cash flow:
Net (increase) decrease in owed from banks
Net increase in loans and accounts receivable from clients
Net (increase) decrease in instruments held for trading
Increase in deposits and other demand obligations
Increase in deposits and other term deposits
Other
Subtotal net cash flows provided by (used in) Banking Services operating activities
Net cash flows provided by operating activities
Cash flows provided by (used in) investing activities
Cash flows used in the purchase of non-controlling interests
Loans to related entities
Proceeds from disposal of property, plant and equipment
Additions to property, plant and equipment
Additions to intangible assets
Proceeds from other long-term assets
Additions to other long-term assets
Cash advances and loans to third parties
Dividends received
Interest received
Subtotal net cash flows used in investing activities in the Non-banking Business
Dec-31-12
ThCh$
Dec-31-11
ThCh$
5,187,561,152
4,150,443,775
(3,624,499,851)
(568,464,970)
(114,321,814)
(93,875,176)
786,399,341
(2,939,088,018)
(464,757,638)
(122,835,535)
(91,889,142)
531,873,442
42,812,772
48,457,691
10,293,952
117,997,667
10,727,282
2,489,491
8,048,565
81,226,816
29,662,748
203,261
16,002,266
(274,737,433)
(59,686,166)
116,164,286
230,141,569
(66,299,659)
145,906,027
932,305,368
(16,002,266)
(423,945,628)
2,537,181
70,981,277
243,229,736
(72,732,557)
(28,333,176)
503,540,266
(103,204,568)
(466,547)
9,135,076
(310,361,483)
(17,866,976)
49,267
(190,444,058)
(1,441)
4,359,044
6,028,122
14,503,099
(588,270,465)
(8,853,264)
17,594,070
(203,916,146)
(10,355,416)
793,533
(102,625,452)
(1,554)
2,673,753
5,604,269
21,594,993
(277,491,214)
10
Consolidated Statement of Cash Flows (Direct Method)
Net (Increase) decrease in investment securities available for sale
Additions to property, plant and equipment
Disposal of property, plant and equipment
Investments in associates
Other
Subtotal net cash flows provided by (used in) Banking Services investing activities
Net cash flows provided by (used in) investing activities
Cash flows provided by (used in) financing activities
Proceeds from issuance of shares
Proceeds from long-term loans
Proceeds from short-term loans
Total proceeds from loans
Loan from related parties
Loan payments
Payment of financial lease liabilities
Dividends paid
Interest paid
Subtotal net cash flows provided by (used in) Non-banking Business financing activities
Issuance of letters of credit
Redemption of letters of credit
Bonds issuance
Payments of bonds
Other long-term loans
Other
Subtotal net cash flows provided by (used in) Banking Services financing activities
Net cash flows used in financing activities
Net increase in cash and cash equivalents, before the effect of changes in the exchange rate
Effects of changes in the exchange rate on cash and cash equivalents
Effects of changes in the exchange rate on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
1,772,802
(17,934,162)
1,051,052
(1,234,438)
(11,644,995)
(27,989,741)
(1,410,204)
(14,364,051)
5,712
(2,045)
(3,602,555)
(19,373,143)
(616,260,206)
(296,864,357)
35,747,921
249,973,752
1,204,790,676
1,454,764,428
(1,352,354,106)
(10,165,046)
(191,410,123)
(47,867,088)
(10,662,913)
(121,946,927)
6,043,079
186,546,119
894,281,635
1,080,827,754
263,856
(1,040,610,089)
(13,044,365)
(233,744,406)
(44,440,625)
(6,121,065)
(250,825,861)
(6,772,097)
59,750,971
(13,006,459)
7,538,220
(76,192,073)
(28,681,438)
(150,628,365)
165,416,797
12,857,541
105,101,202
47,958,798
8,406,934
174,324,475
(76,501,386)
130,174,523
(4,047,831)
161,368,966
407,923,302
569,292,268
15,013,005
145,187,528
262,735,774
407,923,302
11
Notes to the Consolidated Financial Statements
Note 1 – Company Information
S.A.C.I. Falabella (the ―Parent Company‖) is a Publicly Traded Company established in Santiago, Chile on
March 19, 1937 in accordance with Law No. 18,046. Its formation was legally authorized by Supreme Decree
No. 1,424 of April 14, 1937. The Company is registered in the Securities Registry under No. 582 and is
subject to the supervision of the Superintendency of Securities and Insurance of Chile (―SVS‖). Its main
offices and legal domicile are located at Rosas 1665, Santiago, Chile.
The subsidiaries registered in the Securities Registry of the SVS and the Registry of the Chilean
Superintendency of Banks and Financial Institutions (―SBIF‖) are detailed as follows:
SUBSIDIARIES
TAXPAYER ID
Sodimac S.A.
Plaza S.A.
Banco Falabella
Promotora CMR Falabella S.A.
96.792.430 – K
76.017.019 – 4
96.509.660 – 4
90.743.000 – 6
REGISTRATION No.
850
1,028
051
1092
S.A.C.I. Falabella and its subsidiaries (hereinafter the ―Company‖ or ―the Group‖) have operations in Chile,
Argentina, Peru and Colombia.
The Company‘s business is composed of the sale of a varied array of products including retail sale of clothing,
accessories, home products, electronics, beauty products and others. It addition it sells retail and wholesale
construction and home improvement products, hardware, tools, kitchen accessories, bathroom, gardening and
decoration as well as food products in Supermarkets. It also operates in the real estate segment through
constructions, administration, management, operation, leasing and subleasing stores and malls, and is
renowned for providing an integral supply of goods and services in world class malls, participating with the
main commercial operators present in the countries where it operates. In addition it participates in other
businesses that support its main business such as financial services (CMR, insurance broker and bank), and
in textile manufacturing (Mavesa, Italmod).
As of December 31, 2012 and as of December 31, 2011, the group has the following number of employees:
COUNTRY
Chile
Peru
Argentina
Colombia
TOTAL
Main Executives
12.31.2012
54,559
23,918
5,195
12,614
96,286
2,857
12.31.2011
49,232
20,260
4,994
10,079
84,565
2,519
12
Note 2 – Summary of Significant Accounting Policies
2.1. Basis of preparation of the financial statements
These consolidated financial statements of S.A.C.I. Falabella and subsidiaries comprise the consolidated
classified statements of financial position, statements of comprehensive income by function, statements of
changes in net equity and cash flows prepared using the direct method for the years ended as of December
31, 2012 and 2011, and their corresponding notes which have been prepared and presented in accordance
with International Financial Reporting Standards (―IFRS‖), considering the requirements for additional
information from the Superintendency of Securities and Insurance of Chile (―SVS‖) which do not contradict
IFRS.
For the convenience of the reader, these financial statements and their accompanying notes have been
translated from Spanish to English.
The consolidated financial statements have been prepared on the basis of historical cost, except for certain
financial instruments, employee benefits obligations and share-based payment obligations, which are
measured at fair value.
The preparation of these consolidated financial statements in accordance with IFRS requires the use of
estimates and critical assumptions that affect the reported amounts of certain assets and liabilities, as well as
certain income and expenses. It also requires that management exercise judgment in the process of applying
the Company‘s accounting policies. Subsection 2.26 discloses the areas that imply a greater degree of
judgment or complexity or the areas where the assumptions and estimates are significant for the Consolidated
Financial Statements.
The Company uses a mixed presentation criteria, separating the balances of the companies with a banking
line of business from the rest of the consolidated. The companies of the Falabella Group with a banking line of
business which were included in this separation are: Banco Falabella Chile, Banco Falabella Peru and Banco
Falabella Colombia.
The consolidated financial statements of S.A.C.I. Falabella for the year ended December 31, 2011 were
approved by its Board of Directors during a meeting held on March 6, 2012 and subsequently presented for
the consideration of the General Shareholders‘ Meeting held on April 24, 2012 which finally approved them.
Certain items of the financial statements from the previous year have been reclassified for the purpose of
assuring the comparability with the current year presentation. Reclassifications of the statement of financial
position and statement of income are not significant.
2.2. Presentation currency and functional currency
The Consolidated Financial Statements are presented in Chilean pesos, which is the functional currency of the
parent company S.A.C.I. Falabella and the Group‘s presentation currency. Chilean pesos are rounded to the
closest thousand pesos.
Each of the Group‘s entities has determined its own functional currency in accordance with the requirements of
IAS 21 ―The Effects of Changes in Foreign Exchange Exchange Rates‖ and the items included in the financial
statements of each entity are measured using that functional currency.
13
2.3. Period covered by the financial statements
The consolidated financial statements comprise the statements of financial position, the statement of
comprehensive income, the statements of cash flows and the statements of changes in equity for the years
ended as of December 31, 2012 and 2011.
2.4. Basis of consolidation of the financial statements
The consolidated financial statements comprise the financial statements of the parent company and its
subsidiaries, including all its assets, liabilities, income, expenses and cash flows after performing the
adjustments and eliminations related to transactions between the companies that form part of the
consolidation. The consolidated financial statements also include special purpose entities created in asset
securitization processes, for which the Company has not transferred all the risks of associated assets and
liabilities.
Subsidiaries are all companies over which the parent company has control, whether directly or indirectly, over
their financial and operating policies, in accordance with International Accounting Standard (IAS) 27
―Consolidated and Separate Financial Statements‖. According to this standard, control is presumed when
there is ownership of more than 50% of the voting rights of the decision making organizations of an entity. The
non-controlling interest represents the portion of net assets and net income or losses that are not property of
the Group, which is presented separately in the statement of comprehensive income and in shareholders‘
equity in the consolidated statement of financial position.
The acquisition of subsidiaries is recorded in accordance with IFRS 3 ―Business Combinations‖ using the
acquisition method. This method requires recognition of identifiable assets (including intangible assets not
previously recognized and goodwill) and business liabilities acquired at fair value on the date of acquisition.
The non-controlling interest is recognized by the share of the minority shareholders in the fair values of
recognized assets and liabilities.
The excess of the acquisition cost over the fair value of the Company‘s share in the net identifiable assets
acquired, is recognized as Goodwill. If the cost of acquisition is lower than the fair value of the net assets of
the acquired subsidiary, the difference is recognized directly in the statement of income.
The Company has not consolidated the financial statements of Aventura Plaza S.A. which is located in Peru
where it directly and indirectly owns 60% interest (49% effective participation on 2012 and 47% on 2011),
since it does not have control in accordance with IAS 27. The investment in Aventura Plaza has been
recorded using the equity method in accordance with IAS 28 ―Investments in Associates‖.
Included in consolidation are the subsidiaries of subsidiaries in which the group has control, even when the
final consolidated level represents less than 50% participation.
The financial statements of subsidiaries have been prepared on the same date as the parent company and
uniform accounting policies have been applied, considering the specific nature of each line of business.
14
Subsidiaries included in the consolidation are detailed as follows:
PERCENTAGE OF INTEREST
NAME OF
SUBSIDIARY
TAXPAYER
ID
12-31-12
12-31-12
12-31-12
12-31-11
DIRECT
INDIRECT
TOTAL
TOTAL
%
%
%
%
COUNTRY
OF ORIGIN
FUNCTIONAL
CURRENCY
99.500.360-0
HOMETRADING S.A.
86.079
13.921
100.000
100.000
CHILE
CLP
76.020.391-2
INVERSIONES FALABELLA LTDA.
99.978
0.022
100.000
100.000
CHILE
CLP
99.593.960-6
DESARROLLOS INMOBILIARIOS S. p A.
-
100.000
100.000
100.000
CHILE
CLP
76.020.385-8
INVERSIONES PARMIN S. p A.
100.000
-
100.000
100.000
CHILE
CLP
0-E
FALABELLA SUCURSAL URUGUAY S.A.
100.000
-
100.000
100.000
CLP
0-E
FALLBROOKS PROPERTIES LTD
-
99.999
99.999
99.999
URUGUAY
I.V.
Británicas
99.556.170-0
SOCIEDAD DE RENTAS FALABELLA S.A.
-
100.000
100.000
100.000
CHILE
CLP
76.882.330-8
NUEVOS DESARROLLOS S.A. (EX-PLAZA ALAMEDA S.A.)
-
45.940
45.940
45.940
CHILE
CLP
99.555.550-6
PLAZA ANTOFAGASTA S.A.
-
59.278
59.278
59.278
CHILE
CLP
76.882.090-2
PLAZA CORDILLERA S.A.
-
45.940
45.940
45.940
CHILE
CLP
96.653.660-8
PLAZA DEL TRÉBOL S.A.
-
59.278
59.278
59.278
CHILE
CLP
96.795.700-3
PLAZA LA SERENA S.A.
-
59.278
59.278
59.278
CHILE
CLP
96.653.650-0
PLAZA OESTE S.A.
-
59.278
59.278
59.278
CHILE
CLP
76.017.019-4
PLAZA S.A.
-
59.278
59.278
59.278
CHILE
CLP
76.882.200-K PLAZA SAN BERNARDO S.A.
-
45.940
45.940
45.940
CHILE
CLP
76.034.238-6
PLAZA S. p A.
-
59.278
59.278
59.278
CHILE
CLP
96.791.560-2
PLAZA TOBALABA S.A.
-
59.278
59.278
59.278
CHILE
CLP
76.677.940-9
PLAZA VALPARAÍSO S.A.
-
45.940
45.940
45.940
CHILE
CLP
96.538.230-5
PLAZA VESPUCIO S.A.
-
59.278
59.278
59.278
CHILE
CLP
76.099.956-3
SERVICIOS GENERALES CATEDRAL LTDA.
-
88.000
88.000
88.000
CHILE
CLP
79.990.670-8
-
59.278
59.278
59.278
CHILE
CLP
76.883.720-1
ADMINISTRADORA PLAZA VESPUCIO S.A.
DESARROLLOS E INVERSIONES INTERNACIONALES
S.A.
-
59.278
59.278
59.278
CHILE
CLP
99.564.380-4
DESARROLLOS URBANOS S.A.
-
45.940
45.940
45.940
CHILE
CLP
76.299.850-5
INVERSIONES PLAZA LTDA. (EX INV. ALCALÁ)
-
59.000
59.000
59.000
CHILE
CLP
76.044.159-7
AUTOPLAZA S.A.
-
59.000
59.000
59.000
CHILE
CLP
76.020.487-0
AGRÍCOLA Y COMERCIAL RÍO CHAMIZA S.A.
-
45.940
45.940
45.940
CHILE
CLP
96.792.430-K SODIMAC S.A.
-
100.000
100.000
100.000
CHILE
CLP
99.556.180-8
-
100.000
100.000
100.000
CHILE
CLP
SODIMAC TRES S.A.
CLP
15
NAME OF
SUBSIDIARY
TAXPAYER
ID
12-31-12
12-31-12
12-31-12
12-31-11
DIRECT
INDIRECT
TOTAL
TOTAL
%
%
%
%
COUNTRY
OF ORIGIN
FUNCTIONAL
CURRENCY
96.678.300-1
A.T.C. LTDA.
-
100.000
100.000
100.000
CHILE
CLP
79.530.610-2
COMERCIALIZADORA E IMPORTADORA IMPOMAC LTDA.
-
100.000
100.000
100.000
CHILE
CLP
96.681.010-6
TRAINEEMAC S.A.
-
100.000
100.000
100.000
CHILE
CLP
76.054.094-3
INVERSIONES SODMIN S. p A.
-
100.000
100.000
100.000
CHILE
CLP
76.054.151-6
TRAINEEMAC NUEVA S.A.
-
100.000
100.000
100.000
CHILE
CLP
78.582.500-4
HOME LET S.A.
-
100.000
100.000
100.000
CHILE
CLP
96.520.050-9
HOMECENTER S.A.
-
100.000
100.000
100.000
CHILE
CLP
76.821.330-5
IMPERIAL S.A.
-
60.000
60.000
60.000
CHILE
CLP
0-E
CENTRO HOGAR SODIMAC ARGENTINA S.A.
-
100.000
100.000
100.000
ARGENTINA
ARS
79.553.230-7
SOC. DE CRÉDITOS COMERCIALES LTDA.
-
100.000
100.000
100.000
CHILE
CLP
96.665.150-4
SODILOG S.A.
-
100.000
100.000
100.000
CHILE
CLP
78.611.350-4
SERVICIOS DE COBRANZA CYSER LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.007.327-K INVERSIONES VENSER DOS LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.033.206-2
INVERSIONES Y PRESTACIONES VENSER UNO LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.033.208-9
INVERSIONES Y PRESTACIONES VENSER DOS LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.033.211-9
INVERSIONES Y PRESTACIONES VENSER TRES LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.222.370-8
SERVICIOS GENERALES BASCUÑÁN LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.015.722-8
ALAMEDA LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.644.120-3
APORTA LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.046.439-2
APYSER RETAIL S. p A.
-
100.000
100.000
100.000
CHILE
CLP
76.665.890-3
CALE LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.661.890-1
CERRILLOS LTDA.
-
88.000
88.000
88.000
CHILE
CLP
76.662.120-1
CERRO COLORADO LTDA.
-
88.000
88.000
88.000
CHILE
CLP
76.910.520-4
COLINA LTDA.
-
88.000
88.000
88.000
CHILE
CLP
96.579.870-6
ECOCYCSA LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.033.452-9
EL BOSQUE LTDA.
-
88.000
88.000
88.000
CHILE
CLP
76.014.726-5
ESTACIÓN CENTRAL LTDA.
-
88.000
88.000
88.000
CHILE
CLP
76.009.382-3
MANQUEHUE LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.811.460-9
MELIPILLA LTDA.
-
100.000
100.000
100.000
CHILE
CLP
16
NAME OF
SUBSIDIARY
TAXPAYER
ID
12-31-12
12-31-12
12-31-12
12-31-11
DIRECT
INDIRECT
TOTAL
TOTAL
%
%
%
%
COUNTRY
OF ORIGIN
FUNCTIONAL
CURRENCY
76.012.536-9
MULTIBRANDS LTDA.
-
100..000
100..000
100..000
CHILE
CLP
76.973.030-3
PUNTA ARENAS LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.033.294-1
SAN BERNARDO LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.033.466-9
SAN FERNANDO LTDA.
-
88.000
88.000
88.000
CHILE
CLP
76.767.330-2
ANTOFAGASTA CENTRO LTDA.
-
88.000
88.000
88.000
CHILE
CLP
76.553.390-2
FONTOVA LTDA.
-
88.000
88.000
88.000
CHILE
CLP
76.557.960-0
LA CALERA LTDA.
-
88.000
88.000
88.000
CHILE
CLP
76.318.540-0
LA DEHESA LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.662.280-1
LA FLORIDA LTDA.
-
88.000
88.000
88.000
CHILE
CLP
76.429.990-6
NATANIEL LTDA.
-
88.000
88.000
88.000
CHILE
CLP
76.383.840-4
PRESERTEL LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.035.886-K SERTEL LTDA.
-
100.000
100.000
100.000
CHILE
CLP
78.406.360-7
-
100.000
100.000
100.000
CHILE
CLP
78.526.990-K OESTE LTDA.
-
100.000
100.000
100.000
CHILE
CLP
96.811.120-5
PASEO CENTRO LTDA.
-
100.000
100.000
100.000
CHILE
CLP
78.839.160-9
PROSECHIL LTDA.
-
100.000
100.000
100.000
CHILE
CLP
89.627.600-K PROSEGEN LTDA.
-
100.000
100.000
100.000
CHILE
CLP
78.334.680-K PROSENOR LTDA.
-
100.000
100.000
100.000
CHILE
CLP
77.565.820-7
PROSER LTDA.
-
100.000
100.000
100.000
CHILE
CLP
78.636.190-7
PROSEVAL LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.662.220-8
PLAZA PUENTE ALTO LTDA.
-
88.000
88.000
88.000
CHILE
CLP
76.429.790-3
PUENTE ALTO 37 LTDA.
-
88.000
88.000
88.000
CHILE
CLP
76.291.110-8
PUENTE LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.583.290-K PUERTO ANTOFAGASTA LTDA.
-
88.000
88.000
88.000
CHILE
CLP
77.880.500-6
SEGEÁNGELES LTDA.
-
100.000
100.000
100.000
CHILE
CLP
78.625.160-5
SEGEBOL LTDA.
-
100.000
100.000
100.000
CHILE
CLP
77.039.380-9
SEGECOP LTDA.
-
100.000
100.000
100.000
CHILE
CLP
77.462.160-1
SEGECUR LTDA.
-
100.000
100.000
100.000
CHILE
CLP
77.962.250-9
SEGEHUECHURABA LTDA.
-
100.000
100.000
100.000
CHILE
CLP
PROALTO LTDA.
17
NAME OF
SUBSIDIARY
TAXPAYER
ID
12-31-12
12-31-12
12-31-12
12-31-11
DIRECT
INDIRECT
TOTAL
TOTAL
%
%
%
%
COUNTRY
OF ORIGIN
FUNCTIONAL
CURRENCY
77.423.730-5
SEGEI LTDA.
-
100.000
100.000
100.000
CHILE
CLP
77.598.800-2
SEGEMONTT LTDA.
-
100.000
100.000
100.000
CHILE
CLP
78.991.740-K SEGENAN LTDA.
-
100.000
100.000
100.000
CHILE
CLP
78.151.550-7
SEGEPRO LTDA.
-
100.000
100.000
100.000
CHILE
CLP
77.622.370-0
SEGEQUIL LTDA.
-
100.000
100.000
100.000
CHILE
CLP
79.731.890-6
SEGEQUINTA LTDA.
-
100.000
100.000
100.000
CHILE
CLP
78.150.440-8
SEGESEXTA LTDA.
-
100.000
100.000
100.000
CHILE
CLP
78.665.660-5
SEGESORNO LTDA.
-
100.000
100.000
100.000
CHILE
CLP
78.904.400-7
SEGETALCA LTDA.
-
100.000
100.000
100.000
CHILE
CLP
77.212.050-8
SEGEVALPO LTDA.
-
100.000
100.000
100.000
CHILE
CLP
77.152.390-0
TOBALABA LTDA.
-
100.000
100.000
100.000
CHILE
CLP
78.738.460-9
TRADIS LTDA.
-
100.000
100.000
100.000
CHILE
CLP
78.919.640-0
TRADISUR LTDA.
-
100.000
100.000
100.000
CHILE
CLP
78.745.900-5
TRASCIENDE LTDA.
-
100.000
100.000
100.000
CHILE
CLP
78.015.390-3
VESPUCIO LTDA.
-
100.000
100.000
100.000
CHILE
CLP
77.166.470-9
SERENA LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.042.509-5
INVERSIONES Y PRESTACIONES VENSER SEIS LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.046.445-7
CONFECCIONES INDUSTRIALES S. p A.
-
100.000
100.000
100.000
CHILE
CLP
96.573.100-8
MAVESA LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.039.672-9
DINALSA S. p A.
-
100.000
100.000
100.000
CHILE
CLP
78.627.210-6
HIPERMERCADOS TOTTUS S.A.
-
88.000
88.000
88.000
CHILE
CLP
78.722.910-7
TOTTUS S.A.
-
88.000
88.000
88.000
CHILE
CLP
76.046.433-3
FALABELLA INVERSIONES FINANCIERAS S.A.
-
100.000
100.000
100.000
CHILE
CLP
90.743.000-6
PROMOTORA CMR FALABELLA S.A.
-
100.000
100.000
100.000
CHILE
CLP
77.612.410-9
ADESA LTDA.
-
100.000
100.000
100.000
CHILE
CLP
79.598.260-4
-
100.000
100.000
100.000
CHILE
CLP
-
100.000
100.000
100.000
CHILE
CLP
77.235.510-6
ADMINISTRADORA CMR FALABELLA LTDA.
SERVICIOS DE EVALUACIÓN DE CRÉDITOS EVALCO
LTDA.
SERVICIOS DE EVALUACIONES Y COBRANZAS
SEVALCO LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.027.815-7
SERVICIOS Y ASISTENCIA LIMITADA
-
100.000
100.000
100.000
CHILE
CLP
96.827.010-9
18
NAME OF
SUBSIDIARY
TAXPAYER
ID
12-31-12
12-31-12
12-31-12
12-31-11
DIRECT
INDIRECT
TOTAL
TOTAL
%
%
%
%
COUNTRY
OF ORIGIN
FUNCTIONAL
CURRENCY
76.027.825-4
PROMOCIONES Y PUBLICIDAD LIMITADA
-
100.000
100.000
100.000
CHILE
CLP
78.566.830-8
SOC. DE COBRANZAS LEGALES LEXICOM LTDA.
-
100.000
100.000
100.000
CHILE
CLP
96.847.200-3
FASPRO LTDA.
-
100.000
100.000
100.000
CHILE
CLP
77.099.010-6
SEGUROS FALABELLA CORREDORES LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.512.060-8
SOLUCIONES CREDITICIAS CMR LTDA.
-
100.000
100.000
100.000
CHILE
CLP
78.997.060-2
VIAJES FALABELLA LTDA.
-
100.000
100.000
100.000
CHILE
CLP
77.261.280-K FALABELLA RETAIL S.A.
-
100.000
100.000
100.000
CHILE
CLP
76.000.935-0
PROMOTORA CHILENA DE CAFÉ COLOMBIA S.A.
-
65.000
65.000
65.000
CHILE
CLP
96.951.230-0
INMOBILIARIA MALL CALAMA S.A.
-
100.000
100.000
100.000
CHILE
CLP
77.132.070-8
SOUTH AMÉRICA TEXTILES S. p A.
-
100.000
100.000
100.000
CLP
0-E
SHEARVAN CORPORATE S.A.
-
100.000
100.000
100.000
CHILE
I.V.
Británicas
USD
77.072.750-2
-
100.000
100.000
100.000
CHILE
CLP
-
100.000
100.000
100.000
CHILE
CLP
96.647.930-2
COMERCIAL MONSE LTDA.
NUEVA FALABELLA INVERSIONES INTERNACIONALES
S.p.A (EX INVERSIONES SERVA 2 S.A.)
INVERSIONES INVERFAL PERU S.p.A. (EX INVERFAL
S.A.)
-
100.000
100.000
100.000
CHILE
CLP
76.023.147-9
NUEVA INVERFIN S. p A.
-
100.000
100.000
100.000
CHILE
CLP
76.007.317-2
INVERCOL S. p A.
-
100.000
100.000
100.000
CHILE
CLP
0-E
INVERSORA FALKEN S.A.
-
100.000
100.000
100.000
URUGUAY
CLP
0-E
TEVER CORP.
-
100.000
100.000
100.000
URUGUAY
CLP
0-E
INVERSIONES FALABELLA ARGENTINA S.A.
-
99.999
99.999
99.999
ARGENTINA
ARS
0-E
FALABELLA S.A.
-
99.999
99.999
99.999
ARGENTINA
ARS
0-E
CMR ARGENTINA S.A.
-
99.999
99.999
99.999
ARGENTINA
ARS
0-E
VIAJES FALABELLA S.A.
-
99.999
99.999
99.999
ARGENTINA
ARS
0-E
CLAMIJU S.A.
-
99.999
99.999
99.999
ARGENTINA
ARS
0-E
CENTRO LOGÍSTICO APLICADO S.A.
-
99.999
99.999
99.999
ARGENTINA
ARS
0-E
GARCÍA HERMANOS Y CIA. S.A.
-
99.850
99.850
99.850
ARGENTINA
ARS
0-E
SERVICIOS DE PERSONAL LOGÍSTICO S.A.
-
100.000
100.000
100.000
ARGENTINA
ARS
0-E
INVERSIONES FALABELLA DE COLOMBIA S.A.
-
100.000
100.000
100.000
COLOMBIA
COL
0-E
FALABELLA COLOMBIA S.A.
-
65.000
65.000
65.000
COLOMBIA
COL
0-E
AGENCIA DE SEGUROS FALABELLA PRO LTDA.
-
65.000
65.000
65.000
COLOMBIA
COL
76.042.371-8
19
NAME OF
SUBSIDIARY
TAXPAYER
ID
12-31-12
12-31-12
12-31-12
12-31-11
DIRECT
INDIRECT
TOTAL
TOTAL
%
%
%
%
COUNTRY
OF ORIGIN
FUNCTIONAL
CURRENCY
0-E
AGENCIA DE VIAJES Y TURISMO FALABELLA LTDA.
-
65.000
65.000
65.000
COLOMBIA
COL
0-E
ABC DE SERVICIOS S.A.
-
65.000
65.000
65.000
COLOMBIA
COL
0-E
FALABELLA PERU S.A.A.
-
94,183
94,183
87,861
PERU
PEN
0-E
SAGA FALABELLA S.A.
-
89,002
89,002
83,028
PERU
PEN
0-E
HIPERMERCADOS TOTTUS S.A.
-
94.183
94.183
87.861
PERU
PEN
0-E
SODIMAC PERU S.A.
-
94.183
94.183
87.861
PERU
PEN
0-E
OPEN PLAZA S.A.C.
-
94.183
94.183
87.861
PERU
PEN
0-E
VIAJES FALABELLA S.A.
-
89.002
89.002
83.028
PERU
PEN
0-E
PATRIMONIO AUTÓNOMO S.A.
-
92.818
92.818
86.588
PERU
PEN
0-E
FALABELLA CORREDORA DE SEGUROS S.A.C.
-
94.183
94.183
87.861
PERU
PEN
0-E
FALABELLA SERVICIOS GENERALES S.A.C.
-
94.089
94.089
87.861
PERU
PEN
0-E
FALACUATRO S.A.C.
-
94.188
94.188
87.861
PERU
PEN
0-E
INMOBILIARIA KAINOS S.A.C.
-
94.183
94.183
87.861
PERU
PEN
0-E
LOGÍSTICA Y DISTRIBUCIÓN S.A.C.
-
94.183
94.183
87.861
PERU
PEN
0-E
INVERSIONES CORPORATIVAS BETA S.A.
-
94.183
94.183
87.861
PERU
PEN
0-E
INVERSIONES CORPORATIVAS GAMMA S.A.
-
94.183
94.183
87.861
PERU
PEN
76.075.082-4
HIPERPUENTE LTDA.
-
88.000
88.000
88.000
CHILE
CLP
76.080.519-K QUILLOTA LTDA
-
88.000
88.000
88.000
CHILE
CLP
96.509.660-4
BANCO FALABELLA S.A.
-
100.000
100.000
100.000
CHILE
CLP
0-E
BANCO FALABELLA PERU S.A.
-
92.817
92.817
86.587
PERU
PEN
0-E
BANCO FALABELLA S.A. (COLOMBIA)
-
65.000
65.000
65.000
COLOMBIA
COL
76.099.954-7
SERVICIOS GENERALES PADRE HURTADO LTDA.
-
88.000
88.000
88.000
CHILE
CLP
0-E
SALÓN MOTOR PLAZA S.A.
-
59.278
59.278
59.278
PERU
PEN
76.011.659-9
BANCO FALABELLA CORREDORES DE SEGUROS LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.112.525-7
SERVICIOS GENERALES PEÑALOLÉN LIMITADA
-
88.000
88.000
88.000
CHILE
CLP
76.112.533-8
SERVICIOS GENERALES SAN FELIPE LIMITADA
-
88.000
88.000
88.000
CHILE
CLP
76.112.537-0
SERVICIOS GENERALES VIÑA DEL MAR LIMITADA
-
88.000
88.000
88.000
CHILE
CLP
76.112.543-5
SERVICIOS GENERALES TALCA DOS LIMITADA
-
88.000
88.000
88.000
CHILE
CLP
76.112.548-6
SERVICIOS GENERALES LLOLLEO LIMITADA
-
88.000
88.000
88.000
CHILE
CLP
20
NAME OF
SUBSIDIARY
TAXPAYER
ID
12-31-12
12-31-12
12-31-12
12-31-11
DIRECT
INDIRECT
TOTAL
TOTAL
%
%
%
%
COUNTRY
OF ORIGIN
FUNCTIONAL
CURRENCY
76.113.257-1
SERVICIOS GENERALES CORDILLERA LIMITADA
-
100.000
100.000
100.000
CHILE
CLP
0-E
SERVICIOS INFORMÁTICOS FALABELLA S.A. (PERU)
-
92.817
92.817
86.587
PERU
PEN
76.141.045-8
INVERSIONES INVERFAL COLOMBIA S. p A.
-
100.000
100.000
100.000
CHILE
CLP
76.141.046-6
INVERSIONES INVERFAL ARGENTINA S. p A.
-
100.000
100.000
100.000
CHILE
CLP
76.153.987-6
ADMYSER S. p A.
-
100.000
100.000
100.000
CHILE
CLP
CAPYSER S. p A.
SEGUNDA INVERSIONES Y PRESTACIONES VENSER
76.153.405-K UNO LTDA.
76.153.863-2 DOS LTDA.
76.153.864-0 TRES LTDA.
TERCERA INVERSIONES Y PRESTACIONES VENSER
76.153.572-2 UNO LTDA.
TERCERA INVERSIONES Y PRESTACIONES VENSER
76.153.865-9 DOS LTDA.
-
100.000
100.000
100.000
CHILE
CLP
-
100.000
100.000
100.000
CHILE
CLP
-
100.000
100.000
100.000
CHILE
CLP
-
100.000
100.000
100.000
CHILE
CLP
-
100.000
100.000
100.000
CHILE
CLP
-
100.000
100.000
100.000
CHILE
CLP
0-E
CENTRO COMERCIAL EL CASTILLO CARTEGENA S.A.S.
-
41.495
41.495
41.495
COLOMBIA
COL
0-E
MALL PLAZA COLOMBIA S.A.S.
-
59.278
59.278
59.278
COLOMBIA
COL
76.142.721-0
GIFT CORP. S. p A.
-
100.000
100.000
100.000
CHILE
CLP
76.149.373-6
DESRE S. p A.
-
100.000
100.000
100.000
CHILE
CLP
76.149.308-6
INVERSIONES DESRE S. p A.
-
100.000
100.000
100.000
CHILE
CLP
76.154.299-0
-
88.000
88.000
88.000
CHILE
CLP
76.154.491-8
SERVICIOS GENERALES RANCAGUA LTDA.
SERVICIOS GENERALES SANTA MARTA DE
HUECHURABA LTDA.
-
88.000
88.000
88.000
CHILE
CLP
76.159.664-0
INVERSIONES DESHO S. p A.
-
100.000
100.000
100.000
CHILE
CLP
76.159.684-5
DESHO S. p A.
-
100.000
100.000
100.000
CHILE
CLP
76.166.215-5
SERVICIOS GENERALES CALAMA CENTRO LTDA.
-
88.000
88.000
88.000
CHILE
CLP
0-E
COMPAÑÍA SAN JUAN S.A.C.
-
94.183
94.183
87.861
PERU
PEN
76.166.208-2
SERVICIOS GENERALES CALAMA MALL LTDA.
-
88.000
88.000
88.000
CHILE
CLP
76.169.826-5
SERVICIOS GENERALES COSTANERA LTDA
-
100.000
100.000
100.000
CHILE
CLP
0-E
NUEVA INVERFAL ARGENTINA S. p A.
-
100.000
100.000
100.000
CHILE
CLP
0-E
FALABELLA MOVIL S. p A.
-
100.000
100.000
100.000
CHILE
CLP
76.167.965-1
SERVICIOS LOGISTICOS SODILOG LTDA.
-
100.000
100.000
100.000
CHILE
CLP
76.201.304-5
RENTAS HOTELERAS S. p A.
-
100.000
100.000
-
CHILE
CLP
0-E
CONTAC CENTER FALABELLA S.A.C.
-
92.818
92.818
-
PERU
PEN
76.153.976-0
21
TAXPAYER
ID
NAME OF
SUBSIDIARY
12-31-12
12-31-12
12-31-12
12-31-11
DIRECT
INDIRECT
TOTAL
TOTAL
%
%
%
%
COUNTRY
OF ORIGIN
FUNCTIONAL
CURRENCY
0-E
OPEN PLAZA PUCALLPA S.A.C.
-
94.184
94.184
-
PERU
PEN
76.212.895-0
SERVICIOS GENERALES BIO-BIO MALL LTDA.
-
88.000
88.000
-
CHILE
CLP
76.232.164-5
SERVICIOS GENERALES VICUÑA MACKENNA LTDA.
-
88.000
88.000
-
CHILE
CLP
76.232.178-5
SERVICIOS GENERALES MP TOBALABA LTDA.
-
88.000
88.000
-
CHILE
CLP
76.232.172-6
SERVICIOS GENERALES VITACURA LTDA.
-
88.000
88.000
-
CHILE
CLP
76.232.689-2
SERVICIOS GENERALES MAIPÚ LTDA.
-
100.000
100.000
-
CHILE
CLP
76.240.391-9
SERVICIOS GENERALES CHILLÁN LTDA.
-
88.000
88.000
-
CHILE
CLP
76.233.398-8
SERVICIOS GENERALES MP LOS ÁNGELES LTDA.
-
88.000
88.000
-
CHILE
CLP
76.254.205-6
SERVICIOS GENERALES RANCAGUA CENTRO LTDA.
-
88.000
88.000
-
CHILE
CLP
22
2.5. Conversion of foreign subsidiaries
As of the reporting date, the assets and liabilities of foreign subsidiaries with a functional currency other than
the Chilean peso are converted to the presentation currency of S.A.C.I. Falabella (the Chilean peso) at the
exchange rate as of the date of the statement of financial position and the statement of income is converted at
the average exchange rates of each month. Foreign currency translation arising from the conversion is
recorded as Other Reserves as a separate component of equity. At the time of disposal of the foreign entity,
the accumulated deferred amount recognized in equity in relation to this foreign operation in particular shall be
recognized in the statement of income. Any goodwill arising from the acquisition of a foreign operation and
any adjustment to fair value in the carrying values of assets and liabilities that arise from the acquisition are
treated as assets and liabilities of the foreign operation in the functional currency of this entity and are
converted to Chilean pesos at the closing date exchange rate.
2.6. Foreign currency conversion
Foreign currency is any currency other than the functional currency of an entity. Transactions in foreign
currencies are initially recorded at the exchange rate of the entity‘s functional currency as of the transaction
date. Monetary assets and liabilities denominated in foreign currency are converted at the exchange rate of
the functional currency as of their settlement date or closing date of the statement of financial position. All
these conversion differences are taken to net income or losses with the exception of differences in liabilities in
foreign currency that provide hedges for the net investment in a foreign entity and/or assets and liabilities in
foreign currency that are an integral part of the investment in foreign subsidiaries. These are recorded directly
in equity in the Other Reserves account until disposal of the net investment, time at which they are recognized
in net income or losses.
The exchange rates of foreign currencies and the Unidad de Fomento (an inflation-indexed, Chilean-peso
monetary unit set daily in advance on the basis of the previous month‘s inflation rate) in respect to the Chilean
peso as of December 31, 2012 and 2011 are detailed as follows:
Dec 2012
Dec 2011
US Dollar
479.96
519.20
Peruvian Nuevo Sol
188.15
193.27
97.70
120.74
634.45
672.97
0.27
0.27
22,840.75
22,294.03
Argentinean Peso
Euros
Colombian Peso
Unidad de Fomento
2.7. Financial information by operating segment
Segment information is presented in accordance with IFRS 8 ―Operating Segments‖, in a consistent manner
with the internal reports that are regularly reviewed by the Group‘s management for use in decision making
regarding the allocation of resources and evaluation of the performance of each of the operating segments.
Income attributed to geographic regions is based on the location of the respective businesses. Information on
assets, liabilities and income by segments is presented below. Note 35 presents the IFRS 8 information
requirements in detail.
23
Segment Information
Non-banking business
Department
stores Chile
Home
improvement &
building
materials Chile
Supermarkets
Chile
CMR
Promoter
Chile
Real estate
Chile
Department
stores Peru
Home
improvement &
building materials
Peru
Supermarkets
Peru
Other
businesses &
eliminations
Peru
Department
stores
Argentina
CMR
Argentina
Other
businesses &
eliminations
Argentina
Department
stores
Colombia
Other
businesses &
eliminations
Colombia
Other
businesses &
eliminations
Chile,
anulaciones
intersegmentos
Total non-banking
business
Total income from ordinary activities
1,144,163,132
1,591,852,055
463,579,949
302,305,385
218,911,068
446,419,338
247,050,588
415,519,507
12,399,645
391,418,666
44,538,987
(4,178,494)
284,961,871
13,747,275
(81,249,221)
5,491,439,750
Total operating costs
(818,004,689)
(1,133,748,192)
(354,395,749)
(181,944,111)
(47,699,696)
(317,434,624)
(184,771,848)
(317,442,308)
12,266,837
(234,092,717)
(22,426,464)
(93,459)
(205,156,084)
(1,688,955)
115,315,698
(3,691,316,361)
6,404,928
2,355,894
5,851
1,603,912
2,802,282
153,517
262,026
386,277
(131,941)
94,326
421,671
(118,732)
(6,717,959)
7,522,051
(4,630,430)
(11,320,299)
(865,593)
(1,904,528)
(42,650,629)
(4,472,079)
(1,873,275)
(4,473,385)
(4,585,607)
(6,927,105)
(6,680)
(4,184,091)
(146,932)
(14,161,694)
(102,202,327)
1,774,498
(8,964,405)
(859,742)
(300,616)
(39,848,347)
(4,318,562)
(1,611,249)
(4,087,109)
(4,717,548)
(6,832,779)
(6,680)
(3,762,420)
(265,664)
(20,879,653)
(94,680,276)
(14,510,127)
(25,057,960)
(12,528,378)
(24,301,915)
(9,432,015)
(4,953,484)
(10,898,379)
(2,493,284)
(6,532,681)
(189,728)
(171,916)
(7,940,859)
(235,653)
(13,837,518)
(133,083,,897)
Income before taxes
35,633,075
102,836,098
56,923
73,019,912
115,090,770
36,216,836
14,868,540
15,400,005
14,501,513
6,863,403
5,122,257
(1,383,613)
6,912,551
20,248,584
48,350,291
493,737,146
Total income tax income (expense)
(7,612,406)
(19,002,215)
728,641
(12,471,545)
(48,972,912)
(12,270,987)
(4,621,251)
(5,076,944)
(4,121,344)
458,417
(1,703,366)
(3,121)
(283,073)
(1,477,054)
(10,768,001)
(127,197,160)
Total profit (loss) for the reported
segment
27,912,187
82,296,788
785,564
60,548,367
64,789,376
23,945,850
10,247,289
10,323,061
8,779,973
7,321,820
3,418,891
(10,183,890)
6,629,478
13,081,738
18,350,816
328,247,308
882,452
2,537
(520)
1,734,104
16,954,520
512,601
20,085,694
46,637,657
3,776,636
2,648,484
4,932,273
6,163,865
13,420,177
4,912,662
1,128,229
29,540,286
1,206,369,024
80,024,503
53,408,863
36,311,126
4,917
69,921,153
52,154,531
4,333
3,707,695
762,392,640
89,256,391
39,672,384
123,214,361
106,838,174
91,612,078
1,075,344
Non-banking finance expenses
Total segment interest income, net
Total segment depreciation and
amortization
Total share of the entity in income of
associates and joint ventures
Current trade and other accounts
receivable
Inventory
24,743,583
137,915,769
4,055,357
144,792,337
290,076,446
31,986,736
106,617,753
161,171,860
Non-current rights receivable
301,282
71,371,141
814,793,240
158,516,143
14,741,006
333,417
597,557,825
Total segment assets
2,583,021
1,731,032,987
452,124,837
721,244,111
136,621,106
1,056,817,462
41,090,959
91,154,554
130,661,142
190,754,845
111,502,446
198,360
5,303,833
49,988,584
1,016,075
679,053
256,108,411
19,047,466
567,724
123,154,277
26,765,513
33,935,640
30,038,405
56,604,453
181,968,091
741,411,679
115,676,671
55,367,712
176,380,026
121,357,875
(11,125,799)
177,520,530
98,829,770
61,340,615
334,894,575
Banking interest and indexation expenses
(63,653,074)
(29,438,644)
(14,356,732)
(107,448,450)
Banking fee income
18,536,168
25,752,530
25,818,682
70,107,380
Banking fee expenses
(6,406,372)
(3,298,674)
(6,627,777)
(16,332,823)
123,200,912
91,844,982
66,174,788
281,220,682
Total segment depreciation and amortization
(4,697,199)
(3,595,090)
(2,254,102)
(10,546,391)
Income before taxes
19,411,709
26,379,535
12,557,565
58,348,809
(2,289,673)
(8,123,491)
(5,122,873)
(15,536,037)
Total profit (loss) for the reported segment
17,122,036
18,256,044
7,434,692
42,812,772
Total share of the entity in income of associates and
joint ventures accounted for using the equity method
103,907,301
Instruments held for trading (banks)
264,032,310
177,875,284
42,777,024
1,483,181,464
Loans and accounts receivable from clients (banks)
(1,488,103)
1,745,895,892
78,810,705
286,963,029
6,338,505,812
73,261,756
5,821,435
135,636,671
125,990,882
554,711,146
64,578,485
763,710,346
273,853,348
1,448,357,171
215,633,671
40,272,186
(186)
36,938,475
10,087,617
20,919,104
7,080,564
5,087,946
68,857,571
45,558,013
28,485,950
48,538,295
3,108,394
40,644,179
20,916,337
765,229,089
34,077,985
15,402,828
34,499,635
45,817,390
25,366,598
3,556,047
1,153,564,856
148,104,512
61,064,736
127,704,912
(74,282,195)
101,733,084
104,046,886
(6,458,723)
104,367,246
(560,238)
(64,303,554)
3,254,469,725
(238,542,400)
(14,241,641)
(5,578,075)
(33,173,645)
(7,233,342)
(16,414,348)
(741,082)
(144,862)
(17,240,522)
(776,667)
(128,806,681)
(611,333,920)
586,519
2,414,291
43,930,323
2,109,522
27,961,008
Total segment liabilities
308,383,101
446,332,847
103,360,576
Disbursement of non-monetary
segment assets, total segments
(45,078,880)
(72,229,746)
(31,132,029)
40,625,153
Operating cash flows of segments
187,050,384
50,526,076
23,677,261
232,286,272
163,106,606
4,626,189
1,733,578
21,004,438
2,634,865
40,220,709
(3,704,943)
1,806,117
19,068,531
9,966,277
32,396,981
786,399,341
Segment investment cash flows
(77,139,292)
(68,609,878)
(30,909,276)
(4,753,905)
(332,681,652)
20,544,461
3,261,764
(25,751,683)
(57,847,396)
(18,653,700)
(807,685)
488,163
(16,922,295)
(880,338)
22,392,247
(588,270,465)
Segment financing cash flows
(91,547,171)
26,985,114
12,942,844
(229,688,555)
202,594,010
(24,928,110)
(5,930,594)
1,461,714
53,278,897
(11,916,391)
2,855,071
(2,276,182)
(2,122,335)
678,435
(54,333,674)
(121,946,927)
363,445
Cash and bank deposits (banks)
94,812,680
363,445
14,894,484
213,614,465
13,246,521
277,278,831
1,040,205,488
404,559,570
268,066,169
1,712,831,227
18,683,072
8,522,589
7,726,576
34,932,237
1,473,894,036
519,811,895
307,007,930
2,300,713,861
Total share of associates and joint ventures
1,900,837
1,900,837
825,109,097
256,534,256
116,368,566
1,198,011,919
1,341,619,342
325,124,537
243,633,024
1,910,376,903
Disbursement of non-monetary segment assets, total
segments
(8,633,737)
(4,934,915)
(5,204,920)
(18,773,572)
Segment operating cash flows
97,030,818
84,734,784
(35,859,575)
145,906,027
Segment investing cash flows
(8,625,720)
(2,920,662)
(16,443,359)
(27,989,741)
(20,188,298)
(67,661,028)
59,167,888
(28,681,438)
Other non-current financial liabilities
Total banking
business
174,724,190
Deposits and other time deposits (banks)
Banking
business
Colombia
Banking interest and indexation income
(3,711,137)
16,351,008
2,514,100,990
Total share of associates and joint
ventures accounted for using the
equity method
Other current financial liabilities
141,137
Banking
business Peru
December 31, 2012
December 31, 2012
Non-banking finance income
Banking
business Chile
Information segments
Banking business
24
Department
Stores Chile
Home
improvement
& building
materials
Chile
Total income from ordinary activities
1,073,627,343
1,393,722,623
Costos de Explotación
(767,683,299)
7,284,023
Home
improvement &
building materials
Peru
Other
Businesses &
eliminations
Colombia
Other
Businesses &
eliminations
Chile,
anulaciones
intersegmentos
Total non-banking
business
228,934,581
10,291,163
(64,022,806)
4,810,689,220
(161,003,832)
(816,658)
111,098,163
(3,180,724,494)
622,632
(409,396)
(10,664,595)
7,025,502
(3,151)
(3,047,424)
(77,672)
(14,576,261)
(101,117,822)
(3,151)
(2,424,792)
(487,068)
(25,240,856)
(94,092,320)
(180,243)
(268,526)
(7,115,484)
(162,149)
(11,670,641)
(121,731,945)
9,431,408
931,936
(352,835)
9,788,908
12,851,159
54,502,720
518,492,932
(2,841,575)
(304,560)
(244,900)
(20,170)
(2,899,283)
(712,693)
(9,437,886)
(99,278,206)
5,948,252
5,672,736
9,126,848
687,036
(8,719,630)
6,889,625
7,506,594
18,434,335
374,588,475
6,443
907,325
10,721,040
445,483
12,588,030
Other
Businesses &
eliminations
Peru
Real estate
Chile
394,707,487
280,457,096
202,265,433
384,097,836
193,196,255
319,304,029
11,754,819
356,056,874
31,000,697
(4,704,211)
(992,146,820)
(305,082,519)
(139,656,297)
(44,492,102)
(269,972,208)
(142,784,922)
(245,715,151)
11,216,811
(218,374,657)
(15,504,096)
193,093
4,118,987
103,328
3,370,216
2,101,200
100,839
63,249
355,698
(76,814)
56,136
(5,361,831)
(7,864,033)
(445,817)
(1,080,898)
(46,512,364)
(3,911,637)
(1,541,978)
(3,379,918)
(4,911,036)
(8,403,802)
1,922,192
(3,745,046)
(342,489)
2,289,318
(44,411,164)
(3,810,798)
(1,478,729)
(3,024,221)
(4,987,850)
(8,347,666)
(14,078,562)
(24,336,388)
(10,592,863)
(22,309,050)
(7,548,396)
(4,803,494)
(9,082,653)
(3,184,258)
(6,399,238)
Income before taxes
43,761,743
106,447,760
(115,826)
116,971,210
95,545,474
38,071,685
11,552,404
8,883,630
10,221,557
(8,223,478)
(20,618,996)
94,140
(21,821,059)
(13,388,593)
(12,269,580)
(3,654,195)
(2,935,378)
segment
35,483,886
84,287,433
(21,686)
95,150,151
80,442,582
25,802,105
7,898,209
483,166
24,573
Department
stores Peru
Supermarkets
Peru
Department
stores
Argentina
Other
Businesses &
eliminations
Argentina
CMR
Promoter
Chile
Supermarkets
Chile
CMR
Argentina
Department
stores
Colombia
Banking business
accounted for using the equity
method
receivable
Inventory
16,184,162
119,777,131
2,840,117
148,811,115
221,734,342
27,939,015
391,867
795,316,294
1,876,608
3,563,628
7,582,206
11,430,491
74,940,637
41,522,476
28,399,337
5,126
85,692,414
11,077,799
165
560,427,446
87,524,273
40,129,150
106,877,632
2,257,086,179
251,677,300
103,860,715
188,055,550
55,507,948
18,651,148
579,759
356
36,132,328
94,453,725
131,413,714
64,375,042
333,417
421,325,288
601,675,762
117,601,158
1,080,110,361
3,055,937
1,584,631,002
equity method
3,783,192
204,392,824
33,155,764
104,212,744
118,367,519
166,847
3,568,393
1,179,746
43,258,358
1,162,050,456
42,465,072
1,417
4,258,199
675,769,150
(2,026,424)
222,367,279
5,475,110
81,921,032
35,529,747
262.922.114
(52,327,221)
(23,942,310)
(8,095,795)
(84.365.326)
Banking fee income
15,379,334
22,133,026
23,455,185
60.967.545
(5,518,255)
(1,972,967)
(4,718,384)
(12.209.606)
103,005,193
78,138,781
46,170,753
227.314.727
(3,972,904)
(2,979,573)
(1,096,,591)
(8.049,068)
Income before taxes
29,896,452
26,441,800
6,998,687
63.336.939
(4,468,685)
(8,202,424)
(2,208,139)
(14.879.248)
25,427,767
18,239,376
4,790,548
48.457.691
8,914,452
4,843,956
27.339.685
1,226,543,287
434,534,029
256,459,871
1.917.537.187
(1,488,103)
1,601,517,448
201,024,442
130,179,337
(27,679,402)
154,607,417
44,657,586
280,584,457
5,860,274,097
49,388,602
5,308,834
110,061,027
122,024,728
435,741,245
82,382,195
683,089,986
331,811,367
1,344,398,152
7,711,832
18,074,209
17,254,051
23,646,179
61,755,547
4,584,907
110,356,563
176,340,162
46,507,830
25,945,387
43,975,864
41,776,366
21,375,257
37,680,500
3,623,766
37,286,050
28,507,783
202,152,005
570,650,901
23,158,874
20,563,662
41,455,280
51,023,836
30,331,003
9,993,342
791,898,975
937,660,341
148,095,327
58,608,168
113,735,899
(48,247,227)
121,678,202
115,289,860
(17,306,426)
88,382,788
(8,697,024)
(110,100,355)
2,915,768,600
(142,443,733)
(9,141,828)
(6,707,532)
(24,006,098)
(11,568,822)
(11,092,151)
(243,397)
(68,428)
(11,078,766)
(461,019)
(36,903,521)
78,436,616
159,670,078
469,405,518
231,252,129
383,973,396
(1,065,127,031)
15,932,743
(25,025,287)
(83,419)
15,278,779
(4,830,417)
2,338,127
31,530,371
(6,536,235)
35,203,466
2,018,986
2.018.986
585,574,183
171,404,424
77,035,453
834.014.060
1,100,051,238
252,646,558
210,452,413
1.563.150.209
segments
(5,610,882)
(4,937,796)
(4,491,266)
(15.039.944)
(342,514,329)
44,203,882
20,272,986
(92,810,044)
(28,333,176)
152,577,010
531,873,442
(5,600,974)
(6,146,245)
(7,625,924)
(19,373,143)
64,678,447
6,307,687
103,338,341
174,324,475
28,054,416
163.871.354
13,581,277
1,360,179,417
38,088,508
2,097,865
1.467.337.177
33,407,540
17,215,960
178.105.226
237,014,466
612,199
63,740,512
8,110,934
329,305,466
81,719,312
2,468,578
82,304,172
901,017,245
761,039
53,275,803
87,690,120
498.997
161,773,489
634,947
18,374,549
498,997
53,297,237
5,900,431
Other non-current financial liabilities
Total Banking
business
145,471,335
Banking
business
Colombia
amortization
Banking
business Peru
December 31, 2011
December 31, 2011
Banking
business Chile
287,034,092
352,640,086
85,095,895
(21,879,444)
(52,396,385)
(14,523,205)
(19,750,629)
120,997,342
19,166,614
108,126,906
(45,770,732)
(14,218,268)
9,474,028
(168,544,075)
(22,664,692)
(11,512,432)
(23,678,790)
5,367,913
(16,042,191)
(209,564)
5,752,315
(10,997,225)
(8,429,784)
(84,144,623)
(277,491,214)
(87,396,578)
(70,638,908)
(3,316,194)
(84,615,432)
(4,275,643)
20,121,280
508,955
13,065,598
(5,816,874)
2,120,240
26,528,354
(5,788,846)
7,795,918
6,672,230
(65,789,961)
(250,825,861)
25
Notes to the Consolidated Classified Financial Statements
2.8. Investments in Associates
Associates are all entities over which the Company exercises significant influence but not control, which is
generally accompanied by a participation of between 20% and 50% of the voting rights, as stated in IAS 28
―Investment in Associates‖. Investments in associates are accounted for using the equity method and are
initially recognized at cost. Investments in associates are presented in the statement of financial position
together with goodwill identified in the acquisition of the associate, net of any accumulated impairment loss.
Under the equity method, the investment in associate is recorded in the statement of financial position at cost
plus the Company´s share in the increase or decrease in the equity of the associate. The statement of income
reflects the Company‘s participation in the income of the associate. When there has been a change
recognized directly in the associate‘s equity, the Company recognizes its participation in that change and
discloses it in the statement of changes in equity. The accounting policies of associates agree with those used
by the Company.
2.9. Property, plant and equipment
Property, plant and equipment items are recorded at cost and are presented net of accumulated depreciation
and impairment, except for land which is not depreciated.
Cost includes the acquisition price and all costs directly related to the location of the asset in the place and
under the conditions necessary for it to be able to operate in the manner foreseen by management, in addition
to the initial estimate for the dismantling, withdrawal or partial or total removal of the asset, as well as
reconditioning of the place where they are located, when the Company is obligated to do it. For construction in
progress, the cost includes expenses of directly related employees and others of an operating nature
attributable to the construction, as well as finance expenses related to external financing accrued during the
construction period. The interest rate used to capitalize finance expenses is that corresponding to specific
financing or, when not available, the Company‘s average financing rate.
Costs of extensions, modernization or improvements that represent an increase in productivity, capacity or
efficiency and therefore an extension of the useful lives of the assets are capitalized as higher cost of the
corresponding assets. Periodic maintenance, conservation and repair expenses are imputed to income as
expenses for the year in which they are incurred. A property, plant and equipment element is written off at the
time of its disposal or when no future economic benefits are expected from its use or disposal. Any net income
or loss that arises from the write off of the asset (calculated as the difference between the net disposal value or
the book value of the asset) is included in the statement of income in the year in which the asset is written off.
Depreciation begins when the assets are available for use, i.e. when they are at the location and under the
conditions necessary to be able to operate in the manner foreseen by management. Depreciation is
calculated using the straight-line method over the estimated useful economic lives of the assets, up to their
residual amount. Estimated economic useful lives by category are as follows:
26
Category
Land
Buildings
Exterior work
Furniture and supplies
Fixed installations and accessories
Machinery and equipment
Vehicles
Range
50 to 80 years
20 years
3 to 10 years
10 to 35 years
2 to 20 years
5 to 7 years
Assets located on leased properties, buildings and installations, are depreciated over the term of the lease
agreement or the estimated useful economic lives of the corresponding category, whichever is less.
Residual values of assets, their useful lives and depreciation methods are reviewed as of each statement of
financial position date and adjusted if applicable as a retrospective change in estimate.
2.10. Investment properties
Investment properties are real estate (land and buildings) that are held by the Group to obtain economic
benefits derived from their rental or to obtain capital appreciation by merely holding them. Investment
properties and investment properties under construction are recorded at cost and presented net of their
accumulated depreciation and accumulated impairment, except for land which is not subject to depreciation.
The Group has shopping centers in which it has its own stores and stores leased to third parties. In these
cases, only the portion leased to third parties is considered investment properties. The Company‘s own stores
are recognized as property, plant and equipment in the statement of financial position.
The acquisition cost and all other costs associated to investment properties, as well as the effects of
depreciation and the treatment of asset write-offs are recorded in the same manner as the property, plant and
equipment, described in point 2.9
The estimated economic useful lives for the main elements of investment properties are detailed as follows:
Category
Land
Buildings
Exterior work – Finishes
Facilities
Machinery and equipment
Range
80 years
20 - 30 years
20 years
5 - 8 years
Residual values of assets, their useful lives and depreciation methods are reviewed as of each statement of
financial position date and adjusted prospectively if applicable as a change in estimate.
27
2.11. Goodwill
At date of transition to IFRS, the Company took the option of not restate any pre-transition business
combinations, in line with that required by IFRS 1.
After the adoption, goodwill represents the excess of the sum of:
i)
The value of the consideration transferred for the acquisition of an investment in a subsidiary or an
associate
ii) The amount of any non-controlling interest on the companies acquired.
Over the fair value of the net identifiable assets as of the date of acquisition.
After initial recognition, goodwill is measured at cost less any accumulated impairment loss.
Goodwill related to acquisition of subsidiaries is included in Goodwill and subject to annual impairment testing.
For impairment testing purposes, Goodwill is allocated to the cash generating units (or groups of cash
generating units, or ―CGUs‖) that are expected to benefit from the synergies of a business combination.
Goodwill related to acquisition of interests in Associates is presented together with the respective investment
under ―Investments accounted for using the equity method‖ in the statement of financial position, and is subject
to impairment testing together with the value of the investment in the Associate in case there be indicators of a
potential loss of value.
The Company tests Goodwill impairment annually in accordance with IFRS, finding no impairment during the
years 2012 and 2011.
2.12. Other intangible assets
Intangible assets acquired separately are measured at acquisition cost. The cost of intangible assets acquired
in a business combination is their fair value as of the date of acquisition. After initial recognition, intangible
assets are recorded at cost less any accumulated amortization and any accumulated impairment loss, if
applicable. Intangible assets generated internally are software developed for the Company‘s use. Costs
associated to software development are capitalized when the completion of their development is considered
possible, management has the intention and the capacity to use the intangible asset in question, or to sell it,
disbursements attributable to the asset can be valued and it has been determined that the intangible asset will
generate future economic benefits. Research costs are taken directly to income.
Useful lives of intangible assets are evaluated as finite or indefinite. Intangible assets with finite lives are
amortized using the straight-line method over their estimated useful economic lives and their impairment is
evaluated whenever there is an indication that the intangible asset might be impaired. The amortization period
and method of an intangible asset with finite life are reviewed as of each closing date. Changes resulting from
these evaluations are treated prospectively as changes in accounting estimates.
Intangible assets with indefinite useful lives are not amortized and their impairment is evaluated annually. The
useful life of an intangible asset with indefinite useful life is reviewed annually. Currently since commercial
trademarks do not expire, can be used and there is intention to use them in an indefinite manner, the
28
Company has determined to allocate an indefinite useful life to them. If applicable, the change in evaluation of
useful lives from indefinite to definite is made on a prospective basis.
The Company annually tests impairment of intangibles with indefinite useful lives as required by IFRS, and has
not identified any impairment whatsoever.
The estimated useful lives for each category of intangible asset are detailed as follows:
Category
Commercial trademarks (acquired in business combinations)
Internally developed software
Patents, registered trademarks and other rights
Information programs
Other intangible assets
Range
Indefinite
4 - 6 years
5 - 10 years
4 - 10 years
5 - 10 years
2.13. Impairment of non-current assets
As of each reporting date the Company evaluates whether there are any indicators that an asset might be
impaired. If such indicators exist, or the impairment is identified as a product of annual testing of impairment of
goodwill and intangible assets with indefinite useful lives, the Company estimates the recoverable amount of
the asset. When the book value of an asset exceeds its recoverable amount, the asset is considered impaired
and is decreased to its recoverable value. The recoverable amount is the fair value of an asset less selling
costs or value in use, whichever is greater.
2.14. Inventories
Inventories are recorded at cost or net realizable value, whichever is less. Costs include the purchase price
plus additional costs necessary to bring each product to its current location and condition, net of trade
discounts and other types of discounts. The net realizable value is the estimated selling price during the
ordinary course of business, less estimated costs required to complete the sale. The net realizable value is
also measured in terms of obsolescence based on the particular characteristics of each inventory item. Cost is
determined using the weighted average method.
2.15. Assets classified as held for sale and discontinued operations
Non-current assets whose book value will be recovered through a sale transaction rather than through
continuing use are classified as held for sale and discontinued operations. This condition is regarded only
when the sale is highly probable and the asset is immediatly available for sale in its present condition.
These assets are measured at the lower of carrying amount and fair value less cost to sell.
On December 31, 2012 the total of assets presented under this heading are related to the subsidiary Plaza
which meet he criteria above.
2.16. Financial instruments
The Group recognizes financial assets and liabilities at the time it assumes the obligations or acquires the
contractual rights to them.
29
2.16.1. Financial assets
2.16.1.1. Recognition, measurement and derecognition of financial assets
Financial assets within the scope of IAS 39 ―Financial Instruments: Recognition and Measurement‖, are
classified upon initial recognition as financial assets at fair value through profit and loss, loans and
accounts receivable, investments held to maturity or investments available for sale. Where allowed and
appropriate, this designation is reevaluated as of each financial year-end. When financial instruments
are initially recognized, they are measured at fair value and costs or gains directly attributable to the
transaction are recognized directly in income. Financial assets are subsequently measured at their fair
value, except for loans and accounts receivable and investments classified as held to maturity, which are
measured at amortized cost using the effective rate method.
The adjustment of assets recorded at fair value is recorded in income, except for investments available
for sale whose mark-to-market is recognized as a separate component of equity, net of applicable
deferred taxes.
Financial assets are derecognized in the accounting when the rights to receive cash flows derived from
them have expired or have been transferred and the Group has substantially transferred all risks and
benefits derived from their ownership.
2.16.1.2. Cash and cash equivalents
Cash equivalents comprise cash, banks, short-term deposits with original maturity of three months or less
and other money-market securities, easily convertible in cash which are subject to insignificant risk of
changes in their value.
Operating activities: are activities that constitute the main source of ordinary income and expenses of
businesses in subsidiaries, as well as activities that cannot be classified as from investing or financing.
Movements of operating activities are determined using the direct method.
Investing activities: involve acquisition, sale or disposal by other means of non-current assets and other
investments not included in cash and cash equivalents.
Financing activities: activities that produce changes in the size and composition of net shareholders‘
equity and liabilities of a financial nature.
2.16.1.3. Assets pledged as guarantee subject to sale or a new pledge
The statement of financial position includes balances of financial assets, loans, accounts receivable and
cash equivalents that cover debt obligations maintained by the company on securitized portfolios. The
Company cannot freely dispose of these balances since they are restricted to the payment of related
obligations.
2.16.1.4. Impairment of financial assets
As of each balance sheet date, the company assesses whether a financial asset or group of financial
assets is impaired. The main financial assets subject to impairment due to contractual non-compliance of
the counterpart are assets recorded at amortized cost (loans and accounts receivable).
If there is objective evidence that an impairment loss has been incurred on loans and accounts
30
receivable recorded at amortized cost, the amount of the loss is measured as the difference between the
book value of the asset and the present value of future estimated cash flows (excluding expected future
credit losses that have not been incurred) discounted at the original effective interest rate of the financial
asset (i.e. the effective interest rate computed upon initial recognition). The carrying amount of the asset
is reduced though the use of a reserve account. Loans receivables are written off when they are
between 150 and 180 days overdue.
The Company evaluates whether there is objective evidence of impairment individually for financial
assets that are individually significant or collectively for financial assets that are not individually
significant. If in a subsequent period, the amount of the impairment loss decreases and the decrease
can be objectively related to an event that occurs after recognition of income, the previously recognized
impairment loss is reversed. Any subsequent reversal of an impairment loss is recognized in income, to
the extent that the carrying amount of the asset does not exceed its amortized cost as of the reversal
date.
2.16.2. Financial liabilities
2.16.2.1. Recognition, measurement and derecognition of financial liabilities
All obligations and loans with the public and with financial institutions are initially recognized at fair value,
net of costs incurred in the transaction. After initial recognition, obligations and loans that accrue interest
are subsequently measured at amortized cost, recognizing in income any higher or lower placement
value on the term of the respective date using the effective interest rate method, unless they are
designated items hedged in a fair value hedge.
Ths subsidiary Promotora CMR Falabella S.A. under the bank loans balance certain financial operations
involving the transfer of receivables known as confirming contracts, which consist of obtaining advance
bank financing backed by the receivables, with financial costs at market interest rates, consequently
being classified under financial liabilities.
Financial liabilities are derecognized in the accounting when the obligations specified in the contracts are
settled, expired or are condoned.
2.16.3. Financial derivatives and hedge instruments
The Company uses derivative financial instruments such as currency forward contracts and currency swaps to
hedge its risks associated to fluctuations in interest rates and exchange rates. Those derivative financial
instruments are initially recognized at fair value on the date on which the derivative contract is signed and are
subsequently remeasured at fair value in an ongoing manner. Any gain or loss during the year arising from
changes in the fair value of derivatives that do not qualify for hedge accounting is recorded directly to the
statement of income.
2.16.4. Offsetting of financial instruments
Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of
financial position if, and only if, as of the closing date of the statement of financial position there is a legal right
to receive or pay the net value, and there is the intention of settling on a net basis or to realize the assets and
settle the liabilities in a simultaneous manner.
2.17. Leases
Financial leases which transfer to the Company substantially all the risks and benefits inherent to ownership of
31
the leased itemy, are capitalized at inception of the contract at the fair value of the asset, or the present value
of minimum lease payments, whichever is lower. Financial lease assets are depreciated over the estimated
economic lives of the asset or the term of the agreement if lower if there is no reasonable certainty that the
Company will obtain ownership at the end of the lease term, and are presented under property, plant and
equipment in the statement of financial position.
Operating leases are those in which the lessor substantially retains all the risks and benefits inherent to
ownership of the leased asset. Operating lease payments are recognized as expenses in the statement of
income over the term of the contract, on a straight line bassis over the term of the lease contract. Contingent
rents are expensed in the period in which the payment is probable.
The Company has undertaken certain sales transactions with leaseback agreements, which qualify as financial
leases. Profits or losses derived from the initial sale of the assets are deferred over the term of the lease.
2.18. Provisions
Provisions are recognized when the Company has a present (legal or constructive) obligation as a result of a
past event, it is probable that an outflow of resources will be required to settle the obligation and the amount of
the obligation can be reliably estimated.
Provisions are discounted at the present value if it is estimated that the discount effect is significant.
2.19. Minimum dividend
According to article 79 of Law 18,046, public companies in Chile must annually distribute at least 30% of their
net income for each year to their shareholders. By virtue of the Company‘s legal obligation, an equivalent
liability has been recorded which also includes the portion of the minimum dividend of subsidiaries that are
public companies in which there is a non-controlling interest. This liability is recorded in current trade and
other accounts payable as of December of each year and the movement for the year is recorded in the
statement of changes in equity in the ―Increase (decrease) due to transfers and other changes‖ line.
2.20. Defined employee benefits plans
The Company provides certain short-term benefits to its employees in addition to remunerations, such as
bonuses, vacations and holiday bonuses. In addition, the Company operates certain defined benefits plans
with some of its employees. The cost of providing benefits under defined benefits plans is determined
separately for each plan using the projected credit unit method, in accordance with IAS 19 ―Employee
Benefits‖. Employee benefits liabilities represent the present value of obligations under the plans, which are
discounted using the interest rates of government bonds denominated in the currency in which the benefits will
be paid with similar terms to the duration of the respective obligations.
2.21. Share-based compensation plans
The Company has implemented certain compensation plans for its executives involving the granting of
purchase options on the shares of the parent company. The cost of these transactions is measured in
reference to the fair value of the options on the date on which they were granted. The fair value is determined
using an appropriate option valuation model, in accordance with IFRS 2 ―Share-based Payment‖.
The cost of benefits granted that will be settled through the providing of share options is recognized with a
credit to other reserves in equity during the period in which the performance and/or conditions of service are
32
vested, ending on the date in which the relevant employees are fully entitled to exercise the option. The
charge or credit to the comprehensive statements of income is recorded in ‗administrative expenses‘ in the
entity where the executive provides the related services.
2.22. Revenue recognition
Revenue is recognized to the extent that it is probable that economic benefits will flow to the Company and the
amounts involved can be reliably measured. Revenue is measured at the fair value of the comsideration
received, excluding discounts, deductions and other sales taxes. The following specific recognition criteria
must also be fulfilled before recognizing revenue:
Sale of goods
Revenue from sale of goods is recognized when the significant risks and benefits of ownership of the goods
has been transferred to the purchaser, which generally occurs at the time of physical delivery of the goods.
Services provided (includes fees from bank services)
Revenue is recognized in accordance with the stage of completion method. When the results of contracts
cannot be reliably measured, revenue is recognized only to the extent that expenses incurred are recoverable.
Interest income
Interest income related to the Financial Retail business is recognized to the extent that interest is accrued
using the effective interest rate method.
The Company stops recognizing interest income when it considers that its recoverability is improbable, which
generally occurs when it is 90 days overdue.
Lease income
Lease income is recognized in function of accrual criteria, except for the minimum lease payments arising from
investment property‘s lease, which are recognized using the straight-line method over the term of the lease
agreement.
2.23. Cost of sales
Cost of sales includes the acquisition cost of the products sold and other costs incurred to leave inventory at
the locations and in the conditions necessary for their sale. These costs mainly include the acquisition costs
net of the discounts obtained, non-recoverable import expenses and duties, insurance and transportation of
products to the distribution centers.
Cost of sales also includes interest expenses and impairment losses on the receivable loans portfolio related
to our Financial Retail business and the depreciation cost of the Group‘s investment properties.
For bank subsidiaries costs include interest and indexation expenses and fees expenses in addition to credit
risk provisions, which are presented on separate lines in the bank services section of the statement of
comprehensive income.
2.24. Income taxes
2.24.1. Income taxes
Tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax
authorities of each country. Tax rates and tax laws used to compute the amount are those enacted as of
33
the date of the statement of financial position. Income tax related to items recognized directly in income
is recognized in equity and not in the statement of income.
2.24.2. Deferred taxes
Deferred tax is presented using the liability metho as of the date of the statement of financial position,
considering the differences between the tax base of assets and liabilities and their carrying amounts for
the purpose of financial reporting. Deferred tax assets are recognized on all deductible temporary
differences, including tax losses to the extent that it is probable that there will be taxable net income
against which deductible temporary differences and the unused tax credits and tax loss carry forwards
can be recovered.
The carrying amount of deferred tax assets is reviewed as of the date of the statement of financial
position and reduced to the extent that it is no longer probable that there will be sufficient taxable net
income available to allow the use of all or part of the deferred tax asset. Deferred taxes related to items
recorded directly in shareholders‘ equity is recognized in equity and not in the statement of income.
Deferred tax assets and deferred tax liabilities are presented net in the statement of financial position if
there is a legally enforceable right to offset tax assets against tax liabilities and the deferred tax is related
to the same tax entity and the same tax authority.
2.25. Deferred income
The Company records deferred income on various transactions for which it receives cash, but for which the
conditions for revenue recognition described in sub section 2.22 above have not been fulfilled, such as
advance payment of services in the process of being provided, sales of products for which dispatch has not
occurred, gift cards and cash received at the beginning in the issuance of lease agreements on the Group‘s
investment properties. In addition, the portion of the sale associated to the subsequent delivery of products in
customer loyalty programs is recognized as deferred income. Deferred income from customer loyalty
programs is recognized at the market value of the benefits provided to customers, adjusted by their historical
expiration experience. Deferred income is presented under ―Other non-financial liabilities‖ in the statement of
financial position.
2.26. Use of estimates, judgment and key assumptions
Key assumptions in respect to the future and other key sources of uncertainty in estimates as of the date of the
statement of financial position, which have a significant risk of causing a material adjustment to the carrying
value of assets and liabilities are discussed below:
Useful lives and residual values of intangibles, property, plant and equipment and investment
properties
Determination of the useful lives and residual values of the components of intangibles with defined useful
lives, property, plant and equipment and investment properties involve judgment and assumptions that
might be affected should circumstances change. Management reviews these assumptions periodically and
adjusts them on a prospective basis if a change is identified.
Impairment of goodwill and intangibles with indefinite useful lives
The Company annually determines whether goodwill and intangible assets with indefinite useful lives are
impaired. This test requires an estimate of the ‗value in use‘ of cash generating units to which goodwill and
intangibles with indefinite useful lives are associated. The value in use estimate requires that management
34
make an estimate of future expected cash flows of the cash generating unit (or group of CGUs) and in
addition chose an appropriate discount rate to calculate the present value of these cash flows.
Deferred tax assets
Deferred tax assets are recognized for all temporary deductible differences between the financial and tax
base of assets and liabilities and for unused tax losses to the extent that it is probable that there will be
taxable net income against which the losses can be used and whether there are sufficient taxable
temporary differences that can absorb them. The use if significant judgment is required on the part of
management to determine the value of deferred tax assets that can be recognized, on the basis of the
probable timeliness and level of projected taxable net income.
Employee benefits
The cost of employee benefits that qualify as defined benefit plans in accordance with IAS 19 ―Employee
Benefits‖ is determined using actuarial valuations. The actuarial valuation involves assumptions regarding
discount rates, future salary increases, employee turnover rates and mortality rates, among other things.
Due to the long-term nature of these plans, those estimates are subject to a significant amount of
uncertainty.
Fair value of assets and liabilities
In certain cases IFRS require that assets and liabilities be recorded at fair value. Fair value is the amount
at which an asset can be purchased or sold or the amount at which a liability can be incurred or liquidated
in a current transaction between duly informed parties under arm‘s length conditions, other than a forced
liquidation. The basis for measurement of assets and liabilities at their fair value is their current prices in
active markets. In their absence, the Company estimates those values on the basis of the best information
available, including the use of models or other valuation techniques.
Share-based payments
The Company determines the fair value of share options provided to their executives. That value is
estimated as of the date of granting using a binomial prices model, taking into consideration the terms and
conditions under which the instruments were granted.
Loan provisions
The Company records provisions on its doubtful collection loans in accordance with the requirements of
IAS 39. The provision is calculated on the basis of estimates of losses incurred derived from the incapacity
of clients to make contractual payments on the loans granted. The estimate of losses incurred is
calculated using historical statistics on payment and default behavior, adjusted by the circumstances of the
markets where the Group operates, if applicable. The cash flows expected to be received are discounted
at the present value at the original rate.
Customer loyalty programs
The Company has loyalty programs for the use of its credit card, through which ―points‖ are given which
can be exchanged for products in a certain period of time. Points granted in sales transactions are
recorded as a separate component of the sale, equivalent to the recording of the sale of products pending
dispatch, in accordance with IFRIC 13 ―Customer Loyalty Programmes‖. The market value of the points
granted is recorded as deferred income, adjusted by the estimated rate of non-exchange due to expiration
of the benefit. The estimated rate of non-exchange is determined using historical data on expiration of
unused points.
Although these estimates have been performed in function of the best available information on the date of
35
issuance of these consolidated financial statements, it is possible that events that might take place in the
future could force their modification (upward or downward) in the next periods, which would be carried out
prospectively, recognizing the effects of changes in estimate in the corresponding future consolidated
financial statements.
2.27 New accounting pronouncements (IFRS and Interpretations of the IFRS Interpretations
Committee)
IFRS improvements and amendments, as well as the interpretations that have been published in the period
are detailed below. As of the date of these financial statements, these standards are not in force yet:
New Standards
IFRS 9
IFRS 10
IFRS 11
IFRS 12
IFRS 13
Financial Instruments: Classification and Measurement
Joint Agreements
Disclosure of Interest in Other Entities
Fair value Measurement
Mandatory date of
application
January 1, 2015
January 1, 2013
January 1, 2013
January 1, 2013
January 1, 2013
IFRS 9 “Financial Instruments”
This Standard introduces new requirements for the classification and measurement of financial assets, early
application is allowed. Requires that all financial assets be classified wholly on the basis of the entity‘s
business model for management of financial assets and the characteristics of the contractual cash flows of the
financial assets. Financial assets under this standard are measured either at amortized cost or fair value.
Only financial assets that are classified as measured at amortized cost must be tested for impairment. Their
application is effective for annual periods beginning on or after January 1, 2015, early adoption is allowed.
The Company has evaluated the impact from the application of the mentioned standard, concluding that it will
not significantly affect the financial statements.
IFRS 10 “Consolidated Financial Statements” / IAS 27 “Separate Financial Statements”
This Standard will replace the portion of IAS 27 Separate and Consolidated Financial Statements which deals
with accounting for consolidated financial statements. In addition includes matters treated in SIC 12 Special
Purpose Entities. IFRS 10 establishes a single control model that applies to all entities (including special
purpose entities or structured entities). The changes introduced by IFRS 10 will significantly require
management to exercise professional judgment in the determination of which entity is controlled and which
must be consolidated, compared to the requirements of IAS 27.
IFRS 11 “Joint Agreements”/ IAS 28 “Investments in Associates and Joint Ventures”
IFRS 11 replaces IAS 31 Participation in Joint Ventures and SIC 13 Joint Control Entities – Non-monetary
Contributions of Participants. IFRS 11 uses certain of the terms that were used in IAS 31, but with different
meanings. While IAS 31 identifies 3 forms of joint ventures, IFRS 11 only speaks of 2 forms of joint
agreements (joint ventures and joint operations). IFRS 11 uses the control principle of the new IFRS 10 to
identify control; therefore the determination as to whether there is joint control might change. In addition IFRS
36
11 removes the option of accounting for entities under joint control using proportional consolidation. In its
place, the agreements that comply with the definition of entities under joint control must be accounted for using
the equity method. For ―joint operations‖, which include jointly controlled assets and joint operations, an entity
recognizes its assets, liabilities, income and expenses should they exist.
IFRS 12 “Disclosure of Share in Other Entities”
IFRS 12 is a consolidated standard on disclosures regarding the entity‘s share in subsidiaries, joint control
agreements, associates and other structured entities. Disclosures are oriented to describing the nature and
risks associated to the shares in other entities, as well as their effects on the financial position, income and
cash flows.
IFRS 13 “Fair Value Measurement”
IFRS 13 establishes a single guideline on the manner of measuring fair value. The standard changes the
definition of fair value – Fair Value: the price that could be received when an asset is sold or the price that
might be paid when settling a liability in a regular transaction between market participants on the valuation
date (exit price). It also incorporates certain new disclosures.
Improvements and Amendments
IFRS 7
IFRS 10
Financial Instruments: Information to be Disclosed
IFRS 11
IFRS 12
Joint Agreements
Disclosure of Interest in Other Entities
IAS 1
IAS 16
IAS 19
IAS 27
Pressentation of Financial Statements
Property, Plant and Equipment
Employee Benefits
Separate Financial Statements
IAS 28
IAS 32
Investments in Associates and Joint Ventures
Financial Instruments: Presentation
IAS 34
Interim Financial Reporting
Date of mandatory
application
January 1, 2013
January 1, 2013
January 1, 2014
January 1, 2013
January 1, 2013
January 1, 2014
January 1, 2013
January 1, 2013
January 1, 2013
January 1, 2013
January 1, 2014
January 1, 2013
January 1, 2013
January 1, 2014
January 1, 2013
IFRS 7 “Financial Instruments: Disclosures”
The modification of IFRS 7 was issued in December 2011 and requires that entities disclose in their financial
37
reporting the effects or possible effects of financial instrument offsetting agreements on the financial position of
the entity. The standard is applicable as of January 1, 2013. The Company considers that this standard will
IAS 1 “Presentation of Financial Statements”
“Annual Improvements 2009–2011 Cycle”, issued in May 2012, modified, eliminated and added certain
paragraphs in order to clarify the difference between voluntary additional comparative information and the
minimum comparative information required. In general, the minimum comparative period required is the
previous period. An entity must include comparative information in the notes related to the financial
statements when the entity voluntarily provides comparative information beyond the minimum comparative
period required. The additional comparative period does not need to contain a full set of financial statements.
In addition, beginning balances of the statement of financial position (known as the third balance sheet) must
be presented under the following circumstances: when the entity changes its accounting policies; when
retroactive re-expressions or reclassifications are carried out that have a material effect on the statement of
financial position. The beginning balance of the statement of financial position would be at the beginning of
the previous period. However, unlike voluntary comparative information, the related notes are not obligated to
accompany the third balance sheet.
IAS 16 “Property, Plant and Equipment”
“Annual Improvements 2009–2011 Cycle”, Issued in May 2012, clarifies that spare parts and auxiliary
equipment that complies with the definition of property, plant and equipment are not inventory. An entity shall
apply this modification retrospectively in accordance with IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors for Annual Periods Commencing as of January 1, 2013. Early application is allowed, and
must be disclosed.
IAS 19 “Employee Benefits”
On June 16, 2011, the IASB published modifications to IAS 19, Employee Benefits, which change the
accounting for defined benefits plans and termination benefits. The modifications require recognition of the
changes in the obligation for defined benefits and in plan assets, when these occur, eliminating the corridor
focus and accelerating recognition of past service costs. Changes in the defined benefits obligation and plan
assets are separated into three service cost components, net interest on net defined benefits liabilities (assets)
and remeasurement of net defined benefits liabilities (assets). Modifications are effective for annual periods
commencing on or after January 1, 2013, early application is allowed. Retrospective application is required
with certain exceptions.
IAS 27 “Separate Financial Statements”
In May 2011 the IASB published IAS 27 revised with the modified title—Separate Financial Statements. This
is a consequence of the issuance of IFRS 10 Consolidated Financial Statements, leaving IAS 27 regulating
only the concept of separate financial statements. The Company considers that this standard will not
significantly affect the financial statements.
38
IAS 34 “Interim Financial Information”
“Annual Improvements 2009–2011 Cycle”, issued in May 2012, clarifies the requirements of IAS 34 related to
the operating segment information of total assets and liabilities for each of the operating segments in order to
increase coherence with the requirements of IFRS 8 Operating Segments. The Company considers that this
standard will not significantly affect the financial statements.
39
Note 3 – Cash and Cash Equivalents
Consolidated cash and cash equivalents are detailed as follows:
a)
b)
Total consolidated cash and cash equivalents
Cash and cash equivalents – Non-banking Business
Cash and cash equivalents - Bank Services
Dec-31-12
ThCh$
569,292,267
196,947,322
372,344,945
Dec-31-11
ThCh$
407,923,303
123,038,609
284,884,694
a) Information on cash and cash equivalents – Non-banking Business:
Classes of cash equivalents
Cash
Bank balances
Time deposits
Money market securities
Total
Dec-31-12
ThCh$
45,477,564
92,953,444
49,929,895
8,586,419
196,947,322
Dec-31-11
ThCh$
34,490,845
74,488,043
4,689,763
9,369,958
123,038,609
Information on cash and cash equivalents by currency – Non-banking Business:
Currency
Chilean pesos
US dollars
Euros
Argentinean pesos
Peruvian new soles
Colombian pesos
Total
Dec-31-12
ThCh$
136,965,891
8,866,826
573,178
12,481,399
16,891,045
21,168,983
196,947,322
Dec-31-11
ThCh$
73,458,932
11,975,873
479,084
1,748,101
24,216,636
11,159,983
123,038,609
b) Information on cash and cash equivalents for Banking Services
Classes of cash and cash equivalents
Cash
Bank balances
Time deposits
Money market securities(1)
Transactions with settlement in process, net (2)
Total
Dec-31-12
ThCh$
98,332,983
82,509,437
32,772,045
155,588,301
3,142,179
372,344,945
Dec-31-11
ThCh$
55,812,962
101,011,807
21,280,457
105,219,494
1,559,974
284,884,694
40
Information on cash and cash equivalents by currency for Banking Services
Currency
Chilean pesos
US dollars
Peruvian new soles
Colombian pesos
Total
Dec-31-12
ThCh$
261,322,183
11,501,925
84,626,353
14,894,484
372,344,945
Dec-31-11
ThCh$
190,830,674
19,815,542
66,127,544
8,110,934
284,884,694
Corresponds mainly to deposits and funds managed by third parties maturing in less than 90 days. The
difference of Th$121,690,530 produced with the balance sheet line ―instruments held for trading‖ corresponds
to financial instruments of Banco Falabella Chile, maturing in more than 90 days.
(1)
(2) Presents
net difference between asset and liability operations.
41
Note 4 – Other Current Financial Assets
a) This caption includes the following current financial assets of the Non-banking Business.
Non-banking Business
Detail of Other current financial assets
Dec-31-12
ThCh$
Shares
Derivative instruments (non-hedge)
Mutual funds
Restricted funds
Collections in transit
Reserve for collections in transit (1)
Other current financial assets
Hedge assets
Total
346
492,607
7,222,749
6,910,686
25,565,686
(20,748,539)
19,443,535
7,671,081
27,114,616
Dec-31-11
ThCh$
346
2,007,559
4,920,017
3,675,438
21,516,116
32,119,476
7,356,702
39,476,178
The Company takes positions in derivative financial instruments with counterparts that have a minimum level
of risk rating and which are subject to credit analysis before entering into any operation. Those analyses are
required on the basis of internal procedures established by the Company.
The types of derivative instruments entered into by the Company contain valuation inputs that are observable
in the market.
Instruments used correspond to currency swaps and currency forward contracts. The Company has valuation
models which are applied to determine the market value of the derivatives. The valuation methodology used
includes price models using present value calculations. Those models require market financial data for their
calculation and are obtained through public and private access information platforms. The information
required for the calculation mainly includes spot and forward exchange rates and interest rate curves.
(1)
In April 2012, the subsidiary Promotora CMR Falabella S.A. noticed that Cuentas Punto Com S.A., a
company controlled by CB Capitales S.A., unduly appropriated ThCh$ 20,748,539 in payments received in
the Internet website ―miscuentas.com‖.
Considering the financial situation of the controlling group of Cuentas Punto Com S.A., and consistent with
the policies and practices that are regular for the Group, the Board of CMR Promotora Falabella S.A.
decided to record a reserve for the 100% of the unduly appropriated collections in transit. It should be
noted that clients of Promotora CMR Falabella S.A., were never affected by the described situation, since
the payments made by them through the service organization Cuentas Punto Com S.A., were credited in a
timely manner by CMR in their accounts.
42
Note 5 – Other Current Non-financial Assets
Other current non-financial assets for the Non-banking Business are detailed as follows:
Detail of other current
non-financial assets
Dec-31-2012
Current
ThCh$
Dec-31-11
Current
ThCh$
Advertising Contracts
Prepaid rent
VAT
Software maintenance contract
Prepaid Insurance
Rental guarantees
Other
2,393,706
3,120,587
34,458,363
1,957,967
7,828,867
324,658
5,383,004
3,246,323
3,400,700
27,461,644
1,835,396
3,704,672
375,183
6,198,053
Other Current Non-financial Assets
55,467,152
46,221,971
43
Note 6 – Consolidated Trade Accounts Receivable
The Company‘s net trade accounts receivable are detailed as follows:
Dec-31-12
ThCh$
a) Non-banking Business
Current trade and other accounts receivable
Non-current receivables
b) Banking Services
Due from banks
Total
Dec-31-11
ThCh$
1,206,369,024
177,875,284
1,162,050,456
222,367,279
1,712,831,227
15,996,505
1,467,337,177
3,097,075,535
2,867,751,417
a) Current trade and other accounts receivable and non-current receivables are detailed as follows:
Current
Non-current
Trade accounts receivable
Allowance for doubtful accounts
Subtotal Trade Accounts Receivable, net
Notes receivable
Subtotal Notes Receivable, net
Miscellaneous receivables
Subtotal Miscellaneous Receivables, net
Financial accounts receivable
Subtotal Financial Accounts Receivable, net
Dec-31-12
ThCh$
181,067,685
(5,983,335)
175,084,350
63,508,471
(6,989,711)
56,518,760
55,618,877
(1,784,452)
53,834,425
963,035,447
(42,103,958)
920,931,489
Dec-31-11
ThCh$
159,703,859
(7,009,432)
152,694,427
55,458,725
(7,365,369)
48,093,356
44,023,221
(1,219,653)
42,803,568
953,115,108
(34,656,003)
918,459,105
Dec-31-12
ThCh$
8,490,909
8,490,909
1,767,868
(590,411)
1,177,457
3,377,563
3,377,563
172,661,663
(7,832,308)
164,829,355
Dec-31-11
ThCh$
5,232,802
5,232,802
4,904,149
(1,037,386)
3,866,763
1,910,005
1,910,005
219,740,301
(8,382,592)
211,357,709
Total Trade and Other Accounts Receivable
1,206,369,024
1,162,050,456
177,875,284
222,367,279
44
Due to the financial retail line of business, there are no real guarantees associated to accounts receivable,
except for car loans which have an associated pledge.
Renegotiations are part of the credit strategy and allow for the regularization of debts, mainly for clients that
are overdue due to a circumstantial event and who express a desire to pay, which is guaranteed through the
requirement of a payment on the account prior to the regularization. As of December 31, 2012 the percentage
of renegotiated loans is 5.41% and 3.34% as of December 31, 2011 of the total financial accounts receivable.
The composition of Loans and accounts receivable and Due from banks for Banking Services is detailed as
follows:
BankingServices
Subtotal Loans and Accounts Receivable Clients, net
Due from banks
Total Financial Accounts Receivable
Dec-31-12
ThCh$
1,803,750,711
(90,919,484)
1,712,831,227
1,712,831,227
Dec-31-11
ThCh$
1,535,806,408
(68,469,231)
1,467,337,177
15,996,505
1,483,333,682
The main types of guarantees in the Banking Business are: mortgages, CORFO for university student loans,
state guaranteed university student loans (CRUGE), FOGAPE for commercial bank loans (micro
entrepreneurs) and public offer instruments on financial operations.
45
b) Current financial accounts receivable and their allowances by category within current trade and other accounts receivable are detailed as follows:
Current financial accounts receivable (net)
Consumer loans
Credit card receivables
Total Current Financial A/R (net)
Assets before allowances
Dec-31-12
Dec-31-11
ThCh$
ThCh$
5,081,489
15,216,608
957,953,958
937,898,500
963,035,447
953,115,108
Allowances established
Dec-31-12
Dec-31-11
ThCh$
ThCh$
(530,109)
(828,274)
(41,573,849) (33,827,729)
(42,103,958)
(34,656,003)
Total, net
Dec-31-12
Dec-31-11
ThCh$
ThCh$
4,551,380
14,388,334
916,380,109
904,070,771
920,931,489
918,459,105
c) Non-current financial accounts receivable and their allowances by category, within non-current rights receivable are detailed as follows:
Non-current financial A/R (net)
Total Non-current Financial A/R (net)
Dec-31-12
Dec-31-11
ThCh$
ThCh$
Dec-31-12
Dec-31-11
ThCh$
ThCh$
Total, net
Dec-31-12
Dec-31-11
ThCh$
ThCh$
172,661,663
219,740,301
(7,832,308)
(8,382,592)
164,829,355
211,357,709
172,661,663
219,740,301
(7,832,308)
(8,382,592)
164,829,355
211,357,709
46
d) Loans and accounts receivable and their allowances by category, within loans and accounts receivable from clients and due to banks for bank services are
detailed as follows:
Bank Services
Loans and accounts receivable
from clients
Commercial loans
Housing loans
Consumer loans
Dec-31-12
Dec-31-11
ThCh$
ThCh$
83,159,887
89,868,433
336,308,735
278,564,383
755,476,384
649,653,456
628,805,705
533,716,641
Dec-31-12
Dec-31-11
ThCh$
ThCh$
(270.688)
(355,587)
(1.672.809)
(1,531,944)
(44.145.392) (30,787,994)
(44.830.595) (35,793,706)
Total, net
Dec-31-12
Dec-31-11
ThCh$
ThCh$
82,889,199
89,512,846
334,635,926
277,032,439
711,330,992
618,865,462
583,975,110
497,922,935
Total Loans and A/R from Clients
1,803,750,711
(90.919.484)
1,712,831,227
1,551,802,913
(68,469,231)
1,483,333,682
e) Maturity Analysis
As of each year-end the aging analysis of trade and other current accounts receivable and non-current receivables is detailed as follows:
Dec-31-11
Dec-31-12
Neither overdue
Total
nor impaired
1,444,088,170
1,201,981,401
1,449,528,483
1,197,243,002
Overdue
‹30 days
141,877,115
140,564,742
30-60 days
38,664,704
43,092,775
60-90 days
18,612,056
20,215,108
90-120 days
12,538,198
14,396,057
>120 days
30,414,696
34,016,799
47
As of each year-end, the analysis of loans and accounts receivable and owed from banks to clients by age for Banking Services is detailed as follows:
Banking Services
Dec-31-11
Dec-31-12
Neither overdue
Total
nor impaired
1,551,802,913
1,427,477,208
1,803,750,711
1,668,331,025
Overdue
‹ 30 days
33,079,211
18,645,037
30-60 days
18,706,863
21,303,433
60-90 days
18,084,657
20,305,704
90-120 days
47,338,350
67,293,790
>120 days
7,116,624
7,871,722
The group uses models (for example Behavior Scoring) to classify the risk of each client. Depending on the actions taken on the portfolio, different scoring
groups are used. In addition there are ongoing reviews of the client portfolio in respect to behavior situations (i.e. returned checks and delinquency).
48
(Translation of a report originally issued in Spanish – see Note 2.1)
f)
Credit risk policies, allowances and write-offs
f.1)
Financial accounts receivable credit policies
The policies presented below are those that the Company considers most adequate and wewre
designed to ensure sustainable development of the business. That is why they are flexile in order to be
able to modify them in case of different financial market dynamics scenarios that might occur.
The information presented below corresponds to the business of credit cards issued by CMR
Promotora S.A. Chile, CMR Argentina and Patrimonio Autónomo Peru.
f.1.1) CMR Falabella Card
Through this single product the Company grants clients a line of credit that can be used in the following
ways:
a. As a means of payment of goods and services at stores and affiliated entities and automatic
payment of accounts.
In this mode the holder of a CMR Falabella card and the additionals authorized by him/her can
make purchases, pay for services or enter into automatic payment of accounts at the
commercial establishments affiliated by CMR, such as Falabella, Sodimac, Tottus, Copec, Mc
Donalds, Fasa, Cruz Verde, etc. Clients that have a CMR Falabella Visa card have the same
previously mentioned ways to use the card, and are able to access a broader commercial
network, considering that the affiliation of stores is carried out by Transbank or Visa
International.
b. To draw cash advances.
In this mode the client can use his/her CMR Falabella card to take cash advances at cashiers in
commercial establishments especially enabled for that purpose, in the network of Red F and
Redbank ATM and through electronic transfers where the money is deposited directly to the
account indicated by the client. This mode has certain limitations to the amounts depending on
the places the cash is dispensed and based on the risk models applied to the clients.
The types of cards are the following:
i) CMR Falabella card Agreed Installments: In this system, for each operation the client chooses
the number of installments in which they wish to pay from 1 to 48 months. Purchase terms in
months are related to the type of asset acquired or the type of service paid. It is thus for
example that for clothing, supermarket and fuel purchases terms do not exceed 12 months.
When dealing with goods rated as ―durable‖, the terms can reach up to 48 months. In payment
of accounts for basic services, insurance charges and contributions to charitable institutions
charged as an automatic payment of accounts, there is no payment by installments and 100% of
49
these amounts must be paid in the month. There is also a deferred payment mode that consists
in beginning to pay on the month after the next or following, which the client can request directly
at the cashiers of enabled stores where they are using their CMR Falabella card. In this type of
card, the interest rate applied is that current at the time of the purchase, which is informed to the
client in the CMR Falabella Internet site and in all the CMR offices. This rate is fixed for the
entire term agreed for the payment. Likewise, the interest rate, number of installments value of
the installment and the date of the first payment are recorded in the voucher signed by the client
and in the control copy provided to the client.
ii) CMR Falabella card and CMR Falabella Visa Saldo Refundido (revolving): In this system, the
client can purchase with or without installments and upon at the due date can choose to pay the
total for the month or a minimum. This is the mode commonly used by international brand name
cards operating in Chile and the world.
In Chile the general conditions to be a client are: to be a Chilean citizen or foreigner with final
residency, be more than 18 years old, with a stable domicile, minimum income (which can vary but is
always higher than the minimum legal salary) and with no record of returned documents or default.
People interested in obtaining a CMR Falabella credit card must fill out a credit request and take it to
the Company‘ offices for processing. This request is processed at the CMR offices with an evaluation
structure and go through different stages such as verification of information, credit check, application of
the ―application score‖ model (mathematical model based on the available variables of the requester of
the card, which provides a risk score and credit limit based on income). Finally on the basis of all the
previously mentioned information the credit evaluators approve, reject or ask for more information from
the requester.
The client, holder of the CMR Falabella credit card is assigned an initial limit which is distributed among
the aforementioned manners of use, based on the income and risks of each client. The limits assigned
are reported monthly in the statement of account. The Company does not distinguish, for credit
granting purposes, between the commercial facilities where the CMR Falabella credit card will be used.
Regarding increasing the limits, to the extent that the client fulfills his/her payment commitments and
demonstrates good external behavior, the initial limit granted can be increased at the client‘s request at
any CMR Falabella office in the country or through the Call Center or Internet channels. The limit can
also be increased through an offer made by the Company to the client, who can accept or reject it at
will. The specific parameters for assigning and increasing limits are reserved Company information, but
the Company tries to maintain a balance between the usage needs of the clients and their real payment
possibilities, which are given by their income and their compliance information in the financial market.
The individual financial evaluation to determine the increase in the limit of each client uses a ―behavior
score‖, mathematical model that on the basis of the client‘s variables and fundamental analysis of their
internal behavior with the Company, assigns a score that is considered by the evaluator that increases
the limit.
50
In addition to the mentioned modes of use, clients holders of the CMR Falabella credit card, can access
the ―super advance‖ product which is offered monthly to the portfolio of clients with good internal and
external credit behavior. Installments on this loan are charged against the limit assigned to purchases
and are 100% payable in the minimum monthly payment.
Monthly on the billing date the Company sends a statement of account to the address specified by the
client, which reflects all the movements of the card, the amounts used, amounts available in the
different use modes, and the amount payable in the next due dates. The statements of account are
also available in the CMR Internet site, where the client through the use of passwords provided can
access the statement of account and all information on interest rates, promotions, etc. The days of the
month that the clients can choose to pay are on the 5th, 10th, 15th, 20th, 25th and 30th of the month. The
places enabled to receive payment of the statements of account are cashiers at CMR Falabella,
cashiers at Falabella stores, cashiers at Sodimac, cashiers at Tottus, in addition to electronic means in
Internet payment portals.
The cards remain operational as long as the client‘s payment of the account is not overdue. Operation
authorizations are handled by a centralized computer system that verifies that the payment of the
account is up to date, as well as that the amount of the operation is within the authorized limit.
The Company also has a Call Center service where the client can make all types of inquiries regarding
his/her account or the modes of use and where in addition clients can report the loss or misplacement
of their card. The latter service is available 24 hours a day, 7 days a week 365 days a year.
In Argentina the general conditions to become a client are: must be a citizen of the country or foreigner
with final residency, be more than 21 years old and less than 75 years old, have minimum income
(2,500 Argentinean pesos, net) and no checks returned or default. Employment seniority of more than
1 year is required.
Regarding increased credit limits, to the extent that the client fulfills his/her payment commitments and
demonstrates good external behavior, the initial limit can be increased if: the client has had the card
more than 6 months, the account situation is at zero, there has been no refinancing during the last year,
with no renegotiations in the last 6 months and no negative affectations in the financial system.
The individual financial evaluation to determine the increase in credit limit for each client is performed
using ―behavior score‖, a mathematical model which on the basis of the client‘s variables and
fundamental analysis of their internal behavior with the Company, assigns a score that is considered by
the evaluator that increases the limit.
In addition to the mentioned usage modes, clients holders of the CMR Falabella credit card, can access
the ―super advance‖ product, which is offered monthly to the portfolio of clients with good internal and
external credit behavior.
The cards are kept operative as long as the client is up to date on card payments. Operation
authorizations are handled by a centralized computer system that verifies that the payment of the
51
account is up to date, and that the amount of the operation is within the authorized limit.
In Peru the general conditions to be a client are: minimum age of 22 and maximum of 68, minimum
income (480 Soles) and no negative information in risk centers. Employment seniority of 6 months is
required.
The individual financial evaluation to determine the increase in the credit limit of each client is carried
out using the ―behavior score‖, mathematical model which on the basis of the client‘s variables and
fundamental analysis of their internal behavior with the Company, assigns a score that is considered by
the evaluator that increases the limit.
In addition to the mentioned usage modes, clients holders of the CMR Falabella credit card, can access
the ―super advance‖ product, which is offered monthly to the portfolio of clients with good internal and
external credit behavior.
f.1.2) Renegotiations
Corresponds to the change in the debt structure for accounts that are 1 day overdue and up to before
write-off (at 6 months overdue). After 6 months delay, when the account is written-off, no renegotiations
are performed.
To perform these operations the following conditions must be met:
i)
ii)
Accounts up to 14 days overdue: do not require obligatory payment on account.
Accounts from 15 days to 6 months overdue: require mandatory payment on account of the total
debt.
In cases i) and ii), to perform a second operation of this type, it is necessary to have effectively paid
anadditional amount to what has been effectively paid in the previous operation.
There is no minimum period between operations of this type, nor a maximum number of renegotiations,
because the mandatory payments on account constitute a risk limitation.
Renegotiations as part of the business policy, allow partial recovery of credit by requiring a percentage
of payment of the total debt. Clients with riskier credit behavior remain however with their account
blocked to new transactions at least for six months, until the successive payment of obligations is
proven.
f.1.3) Refinancing
We denominate refinancing as the change in structure of the debt for accounts that are up to date.
They do not require mandatory payment on account and to carry out the second operation of the same
type requires that a percentage of the previous operation has been effectively paid. There is no time
limitation between refinancing or maximum number.
52
f.1.4) Allowances
The Company records an allowance for doubtful accounts on loans based on the requirements of IAS
39. The provision is calculated based on the estimate of losses incurred derived from the incapacity of
clients to make contractual payments on loans granted. The estimate of losses incurred is calculated
using historical payment and default historical statistics, adjusted by the circumstances of the market
where the Company operates, if applicable.
In accordance with the above, the Company uses set factors for each annual period, which can be
modified at the beginning of each new year or in an interim manner if fluctuations are relevant. The
Company makes a mobile monthly calculation, in order to monitor changes in market circumstances
that determine an advanced adjustment of the calculation factors of the provision by tranche.
53
The allowances are calculated using IFRS methodology since 2009, and consist in applying certain
factors on loans distributed by days of delay. The factors were determined in accordance with the
history of write-offs and their recoveries.
According to what has been requested by the Superintendency of Securities and Insurance, the
Company has prepared a table showing the average loss of the renegotiated and not renegotiated
portfolio in a separate manner as follows:
Promotora CMR
Overdue
Up to date
1 to 30 days
31 to 60 days
61 a 90 days
91 to 120 days
121 to 150 days
151 to 180 days
Portfolio Dec-12
% of average loss
Non-renegotiated
0.60%
4.47%
16.43%
34.77%
65.14%
77.76%
99.48%
Renegotiated
4.75%
12.22%
20.86%
32.94%
56.12%
67.35%
91.70%
Portfolio Dec-12
average loss %
Non-renegotiated
0.31%
1.93%
14.92%
36.87%
65.17%
92.83%
100.00%
Renegotiated
6.00%
12.50%
26.08%
36.94%
51.57%
71.37%
84.30%
Portfolio Dec-12
average loss %
Non-renegotiated
2.89%
3.35%
25.54%
60.00%
60.00%
100.00%
100.00%
Renegotiated
11.56%
20.14%
25.00%
60.00%
60.00%
100.00%
100.00%
CMR Argentina
Overdue
Up to date
1 to 30 days
31 to 60 days
61 to 90 days
91 to 120 days
121 to 150 days
151 to 180 days
Patrimonio Autonomo Peru
Overdue
Up to date
1 to 30 days
31 to 60 days
61 to 90 days
91 to 120 days
121 to 150 days
151 to 180 days
54
As of September 2011, the provision model of the consolidated portfolio calculates the provision factors
separately, both for the renegotiated portfolio and for the non-renegotiated portfolio. The consolidated
renegotiated portfolio represents 5.41% of the total portfolio as of December 2012, which corresponds
to ThCh$61.482.569.f.1.5) Write-offs
Loans receivable are written off between 150 to 180 days overdue after the due date.
Recovery of write-offs goes through different collections actions that are entrusted to specialized
collection companies, which occupy means such as telephone, letters, collectors in the field, and
judicial processes.
For collection purposes there is no distinction between the securitized and non-securitized portfolio,
considering that CMR Falabella is the administrator of the securitized portfolio.
f.1.6)
Provision, write-offs and recoveries ratio (consolidated)
Promotora CMR and Soluciones Crediticias
Dec-12
ThCh$
Total non-renegotiated portfolio provision
Total renegotiated portfolio provision
Total write-offs for the period
Total recoveries for the period
Dec-11
ThCh$
38,892,823
8,079,371
97,852,062
24,439,735
34,498,973
6,135,399
60,622,353
27,515,949
CMR Argentina
Dec-12
ThCh$
Dec-11
ThCh$
2,436,572
395,488
4,410,886
790,424
2,063,172
139,198
1,710,355
689,031
Dec-12
ThCh$
Dec-11
ThCh$
123,460
8,554
27,892
-
196,979
4,872
1,517
-
55
f.1.7) Average ranges and terms
Average operation ranges and terms are detailed as follows:
Range of terms
Purchases
Cash advances
Renegotiations (renegotiations for CMR)
Refinancing
Average term
Chile
3.8
23.3
14.9
24.8
1 to 36
1 to 48
1 to 36
1 to 36
Average term
Argentina
7.89
17.87
14.84
-
f.1.8) Total refinanced amounts receivable
Promotora CMR
Dec-12
ThCh$
Total amount of refinanced receivables
13,174,178
% of refinanced receivables on non-renegotiated portfolio
1.39%
No. of refinanced receivables
12,241
% refinanced receivables over non-renegotiated receivables
0.57%
CMR Argentina
Dec-12
ThCh$
-
% refinanced receivables over portfolio non-renegotiated
0.00%
-
0.00%
Dec-12
ThCh$
41,042
% refinanced receivables over non-renegotiated portfolio
1.23%
41
0.75%
56
f.2) Stratification of portfolio
f.2.1) Stratification of total portfolio
As of December 31, 2012
No. of clients
non-renegotiated
Overdue
portfolio
Up to date
1 to 30 days
31 to 60 days
61 to 90 days
91 to 120 days
121 to 150 days
151 to 180 days
Total
1,864,958
149,376
45,782
27,337
20,436
18,719
16,551
2,143,159
Gross nonrenegotiated
portfolio
ThCh$
821,599,397
68,980,644
22,038,805
13,988,562
10,198,224
9,695,612
8,460,262
954,961,506
No. clients
renegotiated
portfolio
portfolio
ThCh$
97,716,827
13,737,500
2,007,259
963,608
627,904
455,752
374,061
115,882,911
No. clients
renegotiated
portfolio
portfolio
ThCh$
3,030,914
291,014
14,340
16,868
8,921
2,980
5,086
3,370,123
No. clients
renegotiated
portfolio
59,749
16,832
7,917
4,515
2,894
2,464
2,017
96,388
Gross
renegotiated
portfolio
ThCh$
35,887,263
11,045,703
5,343,752
2,714,235
1,671,732
1,436,151
1,211,278
59,310,114
Total gross
portfolio
ThCh$
857,486,660
80,026,347
27,382,557
16,702,797
11,869,956
11,131,763
9,671,540
1,014,271,620
Gross
renegotiated
portfolio
ThCh$
1,051,518
465,360
213,101
153,455
107,823
91,032
49,124
2,131,413
Total gross
portfolio
ThCh$
98,768,345
14,202,860
2,220,360
1,117,063
735,727
546,784
423,185
118,014,324
Gross
renegotiated
portfolio
ThCh$
29,148
5,673
4,456
156
836
773
41,042
Total gross
portfolio
ThCh$
3,060,062
296,687
18,796
17,024
9,757
3,753
5,086
3,411,165
CMR Argentina
Overdue
Up to date
1 to 30 days
31 to 60 days
61 to 90 days
91 to 120 days
121 to 150 days
151 to 180 days
Total
No. of clients
non-renegotiated
portfolio
1,129,729
58,957
9,957
4,050
2,473
1,780
1,558
1,208,504
4,125
1,545
715
459
333
246
151
7,574
Overdue
Up to date
1 to 30 days
31 to 60 days
61 to 90 days
91 to 120 days
121 to 150 days
151 to 180 days
Total
No. of clients
non-renegotiated
portfolio
4,907
510
32
13
10
10
4
5,486
28
7
3
1
1
1
41
57
f.2.2) Stratification of securitized portfolio
Overdue
Up to date
1 to 30 days
31 to 60 days
61 to 90 days
91 to 120 days
121 to 150 days
151 to 180 days
Total
No. of clients
nonrenegotiated
portfolio
247,138
16,685
3,315
1,422
851
691
523
270,625
portfolio
ThCh$
130,600,931
10,646,778
2,265,633
1,192,193
817,052
713,267
498,638
146,734,492
No. clients
renegotiated
portfolio
Gross
renegotiated
portfolio
ThCh$
5,476
1,372
496
206
140
105
93
7,888
Total
portfolio
ThCh$
4,505,809
1,236,219
488,302
198,349
140,146
117,465
106,758
6,793,048
135,106,740
11,882,997
2,753,935
1,390,542
957,198
830,732
605,396
153,527,540
CMR Argentina
Overdue
Up to date
1 to 30 days
31 to 60 days
61 to 90 days
91 to 120 days
121 to 150 days
151 to 180 days
Total
No. of clients
nonrenegotiated
portfolio
232,348
35,637
5,452
2,368
1,360
1,019
833
279,017
portfolio
ThCh$
No. clients
renegotiated
portfolio
23,346,040
3,417,673
515,159
225,972
106,186
68,256
46,538
27,725,824
Gross
renegotiated
portfolio
ThCh$
-
Total
portfolio
ThCh$
-
23,346,040
3,417,673
515,159
225,972
106,186
68,256
46,538
27,725,824
Overdue
Up to date
1 to 30 days
31 to 60 days
61 to 90 days
91 to 120 days
121 to 150 days
151 to 180 days
Total
No, of clients
nonrenegotiated
portfolio
4,907
510
32
13
10
10
4
5,486
portfolio
ThCh$
3,030,914
291,014
14,340
16,868
8,921
2,980
5,086
3,370,123
No, clients
renegotiated
portfolio
28
7
3
1
1
1
41
Gross
renegotiated
portfolio
ThCh$
29,148
5,673
4,456
156
836
773
41,042
Total
portfolio
ThCh$
3,060,062
296,687
18,796
17,024
9,757
3,753
5,086
3,411,165
58
f.3) Number of cards
Promotora CMR
Total No. of cards issued to holders
Total No. of cards with balance
Monthly Average No. of renegotiations
Dec-12
3,621,306
2,236,673
8,032
CMR Argentina
Dec-12
1,067,150
529,600
744
Dec-12
5,527
5,527
3
f.4) Risk indexes
Risk index Dec-12
% Reserve/Nonrenegotiated portfolio
4.07%
%
Reserve/Renegotiated
portfolio
13.62%
% Reserve/Portfolio
Total
4.63%
2.10%
%
portfolio
18.56%
% Reserve/Portfolio
Total
2.40%
3.70%
%
portfolio
20.84%
% Reserve/Portfolio
Total
3.91%
CMR Argentina
Risk index Dec-12
Risk index Dec-12
59
Risk index Dec-12
% Write-off/Total Portfolio
9.65%
CMR Argentina
Risk index Dec-12
3.74%
Risk index Dec-12
0.82%
f.5)
Financial accounts receivable that are not overdue correspond to clients from different socioeconomic
segments that are up to date in their credit obligations. This portfolio has a 99% chance of recovery,
and therefore the associated risk is significantly low. The Company establishes an allowance for
doubtful accounts for clients that are up to date, which represents the probability of default and
statistical impairment of this portfolio.
g)
Changes in the Allowance for doubtful accounts
The following table shows the annual evolution of the Company‘s uncollectibles portfolio impairment of the
Non-banking Business:
Changes in alloance for doubtfiul accountsTrade and other accounts receivable
Balance as of January 1, 2012
Expense for the period
Separate impairment
Group impairment
Current
Non-current
Current
Non-current
ThCh$
ThCh$
ThCh$
ThCh$
Total
ThCh$
15,594,454
1,037,386
34,656,003
8,382,592
59,670,435
6,550,333
-
17,625,025
3,221,784
27,397,142
Amount used (less)
( 5,397,330)
-
( 10,171,036)
( 3,772,068)
(19,340,434)
Reversal of unused amounts
( 1,899,501)
( 446,975)
-
-
( 2,346,476)
Conversion adjustment
( 90,458)
-
( 6,034)
-
( 96,492)
Balances as of December 31, 2012
14,757,498
590,411
42,103,958
7,832,308
65,284,175
16,879,254
637,793
25,674,078
6,854,653
50,045,778
7,179,591
399,593
20,096,630
3,750,402
31,426,216
( 8,030,939)
-
( 10,958,349)
( 2,180,198)
( 21,169,486)
( 455,285)
-
( 278,005)
( 42,265)
( 775,555)
21,833
-
121,649
-
143,482
15,594,454
1,037,386
34,656,003
8,382,592
59,670,435
Amount used (less)
Balance as of December 31, 2011
60
The following table shows the annual evolution of the impairment allowances of the uncollectibles portfolio for
bank services:
Bank services:
Changes in alloance for doubtfiul accountstrade and
other accounts receivable
Amount used (less)
Group
impairment
ThCh$
68,469,231
116,057,628
( 125,935)
( 93,481,440)
90,919,484
41,730,577
Amount used (less)
81,226,815
( 674,710)
( 53,813,451)
68,469,231
The Company is not exposed to risks associated to credit concentrations. This situation is explained mainly by
atomization of the client portfolio of S.A.C.I. Falabella and its subsidiaries as of December 31, 2012 and 2011.
The Company has certain financial assets as guarantee of compliance with banking and non-banking
obligations with the public, in such a manner that the group‘s associated cash flows must be destined only to
liquidating the respective obligations as of December 31, 2012. This amount is ThCh$184,664,529 and as of
December 31, 2011 the amount is ThCh$209,317,833.
h) Estimate of uncollectible trade accounts receivable, notes receivable and miscellaneous receivables.
The Company establishes allowances on overdue debts depending on the type of debt whether they are
documented or not, with a range that varies from 30 days of default for undocumented up to 120 days of
default for documented.
The estimation of uncollectibles is calculated grouping receivables and in addition there is an individual
analysis of important cases or when there is knowledge of additional risks
61
Note 7 – Accounts Receivable from and Payable to Related Entities
a)
Company
Taxpayer No.
Notes and accounts receivable
Company
Name
Country of
Origin
Nature of
Relationship
82995700-0
0-E
76177760-2
76762740-8
96955560-3
DERCOCENTER S.A.
SODIMAC COLOMBIA S.A.
MEGEVE CONSULTING S.A.
SOC. COMERCIALIZADORA DE REPUESTOS S.A.
HALDEMAN MINING COMPANY S.A.
CHILE
COLOMBIA
CHILE
CHILE
CHILE
RELATED DIRECTOR
ASSOCIATE
RELATED DIRECTOR
RELATED DIRECTOR
RELATED DIRECTOR
93061000-3
79757460-0
77693700-2
79952350-7
96545450-0
96812780 -2
0-E
INDUSTRIA AUTOMOTRIZ FRANCOMECANICA S.A.
AGRICOLA ANCALI LTDA.
INVERSIONES E INMOBILIARIA MONTE DE ASIS LTDA.
RED TELEVISIVA MEGAVISIÓN S.A.
DERCOMAQ S.A.
FRIOPAC S.A.
OTHER COMPANIES
TOTAL
CHILE
CHILE
CHILE
CHILE
CHILE
CHILE
CHILE
RELATED DIRECTOR
RELATED DIRECTOR
RELATED DIRECTOR
RELATED DIRECTOR
RELATED DIRECTOR
RELATED DIRECTOR
RELATED DIRECTOR
Current
Dec-31-12
Dec-31-11
ThCh$
ThCh$
114,256
200.462
1,244,655
477.379
27,842
23,579
21,445
7,367
12,385
10,654
47,255
136,334
18,528
74,224
1,731,157
1,074
15,787
64.814
15.685
9.216
114,602
906,386
Non-current
Dec-31-12
Dec-31-11
ThCh$
ThCh$
-
152.885
152,885
Type of
Currency
CLP
COL
375.638
375,638
CLP
CLP
CLP
As of December 31, 2012, the Company has evaluated the recoverability of accounts receivable from related companies. As a product of this evaluation no probability
of non-compliance has been identified and therefore no allowance for doubtful accounts has been recorded.
b)
Company
Taxpayer No.
94141000-6
0-E
96577470-K
95946000-0
96812780 -2
78318330-7
78057000-8
0-E
Notes and accounts payable
Company
Name
DERCO S.A.
AVENTURA PLAZA S.A.
ITALMOD S.A.
SOCIEDAD INMOBILIARIA SAN BERNARDO S.A.
FRÍOPAC S.A.
TRICOLOR S.A.
SOTRASER S.A.
OTHER COMPANIES
TOTAL
Country of
Origin
CHILE
PERU
CHILE
CHILE
CHILE
CHILE
CHILE
CHILE
Nature of
Relationship
RELATED DIRECTOR
ASSOCIATE
ASSOCIATE
RELATED DIRECTOR
RELATED DIRECTOR
RELATED DIRECTOR
RELATED DIRECTOR
RELATED DIRECTOR
Current
Dec-31-12
Dec-31-11
ThCh$
ThCh$
1,383,636
1,007,650
331,223
371,155
395,858
242,794
142,783
134,449
6,084
581,901
165,460
62,748
313,091
106,757
2,738,135
2,507,454
Non-current
Currency
Dec-31-11
ThCh$
ThCh$
-
Type of
Currency
-
CLP
PEN
CLP
CLP
CLP
CLP
CLP
CLP
-
-
62
The effects of transactions with non-consolidated related entities in the period ended as of December 31, 2012 and December 31, 2011 are detailed as follows:
Taxpayer No.
Company
Relationship
Country
Type of transaction
0-E
0-E
78264630-3
96550660-8
94141000-6
94141000-6
94141000-6
94141000-6
82995700-0
AVENTURA PLAZA S.A.
AVENTURA PLAZA S.A.
COMERCIAL E INVERSIONES NEVADA LTDA.
CONSTRUCTORA SANTA MARIA S.A.
DERCO S.A.
DERCO S.A.
DERCO S.A.
DERCO S.A.
DERCOCENTER S.A.
ASSOCIATE
ASSOCIATE
RELATED DIRECTOR
COMMON SHAREHOLDERS
COMMON SHAREHOLDERS
COMMON SHAREHOLDERS
COMMON SHAREHOLDERS
COMMON SHAREHOLDERS
COMMON SHAREHOLDERS
PERU
PERU
CHILE
CHILE
CHILE
CHILE
CHILE
CHILE
CHILE
96545450-0
DERCOMAQ S.A.
COMMON SHAREHOLDERS
CHILE
96545450-0
96545450-0
96955560-3
DERCOMAQ S.A.
DERCOMAQ S.A.
HALDEMAN MINING COMPANY S.A.
INMOBILIARIA E INVERSIONES SANTA CLARA
LTDA.
SOCIEDAD DE RENTAS COMERCIALES
INMOBILIARIA PRODECO S.A.
INVERSIONES E INMOBILIARIA MONTE DE ASIS
LTDA.
INVERSIONES E INMOBILIARIA SAN FRANCISCO
DE EL MONTE LTDA.
ITALMOD S.A.
ITALMOD S.A.
ITALMOD S.A.
SOCIEDAD INMOBILIARIA SAN BERNARDO S.A.
SOTRASER S.A.
SOTRASER S.A.
SOTRASER S.A.
TRICOLOR S.A.
TRICOLOR S.A.
TRICOLOR S.A.
COMMON SHAREHOLDERS
COMMON SHAREHOLDERS
RELATED DIRECTOR
CHILE
CHILE
CHILE
RENT AND COMMON EXPENSES
SALE OF PRODUCTS
SALE OF PRODUCTS
PRODUCT PURCHASES
TRANSPORTATION SERVICES
SALE OF PRODUCTS
MAINTENANCE
MACHINERY/EQUIPMENTS
SALE OF PRODUCTS
CRANE RENTAL
SALE OF PRODUCTS
RELATED DIRECTOR
CHILE
COMMON OWNERS
COMMON SHAREHOLDERS
78391700-9
77072500-3
86899700-1
77693700-2
77693970-6
96577470-K
96577470-K
96577470-K
95946000-0
0-E
0-E
78057000-8
78057000-8
78057000-8
78318330-7
78318330-7
78318330-7
Dec-31-12
Effect on
Amount
income ThCh$
ThCh$
(Charge)/Credit
4,865,545
(4,175,322)
322,301
310,065
8,365
7,029
188,727
158,594
10,874,406
230,642
193,816
32,699
27,478
148,670
124,933
678,819
572,015
3,830,682
134,501
215,949
350,206
8,659,641
244,724
41,670
122,172
613,308
Dec-31-11
Effect on income
ThCh$
(Charge)/Credit
(3,263,391)
134,501
180,573
294,291
205,650
35,017
102,666
517,426
Amount
ThCh$
3,202,870
(2,690,596)
3,041,100
(2,551,657)
33,412
51,224
28,078
43,045
36,568
103,833
2,684
30,729
(87,255)
2,255
3,630,201
(3,050,589)
3,162,713
(2,657,742)
CHILE
CHILE
2,144,999
-
(1,946,210)
-
1,261,915
277,874
(1,162,565)
(245,552)
COMMON OWNERS
CHILE
1,969,936
(1,691,519)
2,191,884
(1,749,632)
COMMON OWNERS
CHILE
863,885
(739,147)
916,940
(722,548)
ASSOCIATE
ASSOCIATE
ASSOCIATE
COMMON SHAREHOLDERS
ASSOCIATE
ASSOCIATE
RELATED DIRECTOR
RELATED DIRECTOR
RELATED DIRECTOR
RELATED DIRECTOR
RELATED DIRECTOR
RELATED DIRECTOR
CHILE
CHILE
CHILE
CHILE
COLOMBIA
COLOMBIA
CHILE
CHILE
CHILE
CHILE
CHILE
CHILE
PRODUCT PURCHASES
PROMOTIONS
COMPUTER SERVICES
SALE OF PRODUCTS
PRODUCT PURCHASES
SALE OF PRODUCTS
PRODUCT PURCHASES
PROMOTIONS
910,954
595,610
39,878
1,482,027
2,022,093
1,361,649
1,019,970
1,140,021
66,092
-
500,514
34,100
(1,268,198)
2,022,093
1,361,649
(957,832)
58,196
-
1,811,693
384,254
152,293
1,374,248
917,559
763,220
4,006,992
815,262
118,901
6,845,608
842,522
140,022
322,902
129,007
(1,236,669)
917,559
763,220
(683,805)
115,351
708,002
117,665
63
d) Key management personnel:
Key employees are defined as those persons that have authority and responsibility to plan, direct and control
the entity‘s activities, whether directly or indirectly, including any member (whether or not an executive) of the
management council or equivalent governance body of the entity. The Company has determined that key
management employees are Directors and those in the Private Payroll. The following table shows
compensation received by key management employees by category:
Dec-31-12
Dec-31-11
ThCh$
2,950,044
ThCh$
2,279,283
Directors‘ fees
311,604
289,393
Stock options
333,021
351,243
Remuneration received by management
64
Note 8 – Inventories
Inventories are detailed as follows:
Description
Raw materials
Dec-31-12
Dec-31-11
ThCh$
ThCh$
2,015,697
1,313,713
Products for sale
645,365,471
579,188,173
Work in progress
1,202,918
914,290
Materials, containers and spare parts
2,730,029
2,238,033
Merchandise in transit
111,078,525
92,114,941
Total Inventory
762,392,640
675,769,150
During the period ended as of December 31, 2012, the Company recognized ThCh$ 3,678,045,989 in
inventory as cost of sales (ThCh$ 3,234,702,936 as of December 31, 2011).
In addition, by concept of shortage, net realizable value and obsolescence, provisions of ThCh$ 40,684,252
were recognized in income during 2012 (ThCh$ 32,274,099 during 2011).
The company has no guaranteed inventory that as of December 31, 2012 and 2011.
65
Note 9 – Current Tax Assets and Liabilities for Non-banking Business and Banking Services
Current tax assets, Non-banking Business
Prepaid monthly tax installments (income tax net balance)
Additional prepaid monthly tax installments
Tax credits for absorption of past taxable income
Recoverable taxes
Property taxes and Austral Law, Arica
Other taxes receivable
Total
Dec-31-12
ThCh$
16,977,095
3,471,688
891,807
20,108,575
3,519,091
282,630
45,250,886
Dec-31-11
ThCh$
12,169,359
2,966,913
384,455
18,679,114
3,357,110
160,137
37,717,088
Dec-31-12
ThCh$
1,747,961
1,747,961
Dec-31-11
ThCh$
4,046,574
4,046,574
Dec-31-12
ThCh$
9,657,945
2,902
4,718,563
345,156
511,889
15,236,455
Dec-31-11
ThCh$
20,837,607
8,269
5,576,888
410,104
58,709
26,891,577
Dec-31-12
ThCh$
1,991,446
1,991,446
Dec-31-11
ThCh$
708,633
708,633
Current tax assets - Banking Services
Prepaid monthly tax installments (income tax net balance)
Total
Current tax liabilities - Non-banking Business
Current income tax provision net of prepaid monthly tax installments paid
35% tax deductible expenses provision (non deductible expenses)
Prepaid monthly tax installments payable
Stamp tax
Other taxes payable
Total
Current tax liabilities - Banking Services
Current income tax provision net of prepaid monthly tax installments paid
Total
66
Note 10 – Current and Deferred Income Taxes
a) Income tax expense/income as of December 31, 2012 and 2011 for Non-banking Business and Banking
Services are composed as follows:
Income tax
Current tax expense (tax provision)
Tax expense adjustment (previous year)
Tax benefit from tax losses
Other charges or credits to the account
Total current tax expenses, net
Deferred tax expense (income) related to temporary
differences
Tax expense (benefit) from tax losses
Deferred tax expense (income) related to changes in
the tax rate or new rates (1)
Other deferred tax expense (income)
Total deferred tax expense (income), net
Total
Jan-01-12
Dec-31-12
ThCh$
101,897,724
1,601,096
(2,426,241)
(1,247,678)
99,824,901
Jan-01-11
Dec-31-11
ThCh$
108,819,582
(338,122)
(1,421,393)
(88,788)
106,971,279
(5,390,135)
567,785
(7,258,095)
965,579
30,171,727
2,022,882
27,372,259
127,197,160
50,766
(1,451,323)
(7,693,073)
99,278,206
Jan-01-12
Dec-31-12
ThCh$
18,493,342
(63,804)
18,429,538
Jan-01-11
Dec-31-11
ThCh$
14,495,512
(209,032)
14,286,480
(2,621,537)
592,768
(271,964)
(2,893,501)
15,536,037
592,768
14,879,248
Banking Services
Income tax
Current tax expense (tax provision)
Tax expense adjustment (previous year)
Total current tax expenses, net
Deferred tax expense (income) related to temporary
differences
Deferred tax expense (income) related to changes in
the tax rate or new rates (1)
Total deferred tax expense (income), net
Total
67
The Law No. 20,630 published in the Chilean Diario Oficial (Official Newspaper) on September 27,
2012, which improves tax legislation and finances the educational reform, established modifications to
article 20 of the Income Tax Law establishing in a permanent manner the first category income tax at 20%
for taxable income in 2012 and subsequent years. IAS No. 12 states that deferred tax assets and liabilities
must be measured using the fiscal rates that are expected to be applied in the period in which the asset is
realized or the liability is settled, based on the rates (and fiscal laws) that at the end of the period, have
been approved and practically finished the approval process.
(1)
The income tax expense in the statement of income accumulated as of December 2012 is
ThCh$127,197,160 for the non-banking area, whereas for the banking services it reached
ThCh$15,536,037, jointly amounting to ThCh$ 142,733,197, both amounts reflected in the current and
deferred income taxes note. The effect on income tax expense for the non-banking area, affected by the
Tax Reform is ThCh$ 30,171,727 related mainly to deferred taxes on adoption amounts when
implementing IFRS. The Tax Reform effect for the banking area corresponds to income of ThCh$ 271,964
which in net terms between the banking and non-banking area reflects and expense of ThCh$ 29,899,763.
68
b) The reconciliation of the income tax expense or income at the statutory rate in respect to the effective rate
as of December 31, 2012 and 2011 is detailed as follows:
Income before taxes at
As of
December 31, 2012
As of
December 31, 2011
ThCh$
%
ThCh$
INCOME BEFORE TAXES AT THE LEGAL TAX RATE IN CHILE
Effect of the tax rate of other jurisdictions (effect of local rate vs
Chile rate)
98,747,429
20.00
12,367,059
2.50
12,633,903
2.44
Effect of non-taxable income on the tax rate
(4,017,139)
(0.81)
(2,517,606)
(0.49)
the legal tax rate in Chile
Effect of non-deductible expenses on the tax rate
Effect of the use of tax losses
Effect of new evaluation of unrecognized deferred tax assets
Effect of tax provisioned in deficit (excess) in a previous period
103,698,586
%
20.00
3,431,848
0.70
4,520,300
0.87
(2,426,241)
(0.49)
(1,421,393)
(0.27)
42,277
0.01
150,231
0.03
1,601,096
0.32
(338,121)
(0.07)
Tax price-level restatement (net)
(4,377,533)
(0.89)
(10,220,387)
(1.97)
Other increases (decreases)
21,828,364
4.42
(7,227,307)
(1.39)
TOTAL ADJUSTMENTS TO THE LEGAL TAX RATE
28,449,731
5.76
(4,420,380)
(0.85)
127,197,160
25.76
99,278,206
19.15
INCOME TAX EXPENSE FOR THE YEAR
EFFECTIVE TAX RATE
25.76
19.15
Banking Services
Income before taxes at
the legal tax rate in Chile
INCOME BEFORE TAXES AT THE LEGAL TAX RATE IN CHILE
Effect of the tax rate of other jurisdictions (effect of local rate vs
Chile rate)
As of
December 31, 2012
As of
December 31, 2011
ThCh$
%
ThCh$
%
11,669,762
20.00
12,667,388
20.00
575,148
0.99
67,280
0.11
(72,689)
(0.12)
(99,799)
(0.16)
1,460,455
2.50
1,202,692
1.90
(63,803)
(0.11)
(209,031)
(0.33)
Other increases
1,967,164
3.37
1,250,718
1.97
TOTAL ADJUSTMENTS TO THE LEGAL TAX RATE
3,866,275
6.63
2,211,860
3.49
15,536,037
26.63
14,879,248
23.49
Effect of non-taxable income on the tax rate
Effect of non-deductible expenses on the tax rate
Effect of tax provisioned in excess in a previous period
INCOME TAX EXPENSE FOR THE YEAR
EFFECTIVE TAX RATE
26.63
23.49
69
c) Deferred tax balances by category of difference with the tax books are detailed as follows:
Concepts - Statement of Financial Position
Leased assets
Amortization of intangibles
Property, plant and equipment valuation difference
Inventory valuation differences
Capitalized prepaid expenses
Termination benefits
Deferred income
Tax loss carry forward
Obsolescence provision
Realization provision
Vacation accrual
Other provisions
Derivative instruments
Recoverable insurance claims
Other
Total
Net balance
Deferred asset
Deferred liability
Deferred asset
Deferred liability
ThCh$
ThCh$
ThCh$
ThCh$
1,417,532
262,801
1,303,199
3,360,197
1,890,656
7,063,122
22,038,980
14,944,876
1,818,411
4,217,870
5,178,138
12,645,199
76,140,981
4,245,386
19,573,010
244,107,265
4,122
772,073
1,115,058
1,559,499
2,569,856
273,946,269
197,805,288
952,179
226,603
1,180,498
3,245,015
1,220,732
6,282,718
22,606,765
12,137,679
976,173
3,177,801
4,185,051
6,742,871
62,934,085
1,131,698
19,379,644
207,536,464
1,239
1,026,093
1,115,270
2,412
48,344
230,241,164
167,307,079
70
Banking Services
Concepts - Statement of Financial Position
Deferred asset
Deferred liability
Deferred asset
ThCh$
ThCh$
ThCh$
Deferred liability
ThCh$
Amortization of intangibles
Property, plant and equipment valuation difference
-
1,304,104
3,829,452
-
1,195,175
3,544,295
Capitalized prepaid expenses
-
24,132
-
36,388
10,531,189
552,861
1,422,853
21,124
12,528,027
6,558,411
811,928
5,969,616
6,914,608
483,468
2,309,874
17,253
9,725,203
3,707,819
1,241,526
6,017,384
Vacation accrual
Other accruals
Other
Total
Net balance
71
d) Reconciliation of balance sheet amounts and deferred tax details
Net balance according to tables presented above
Deferred tax assets
Total
Dec-31-12
48,292,370
246,097,658
197,805,288
Dec-31-11
41,542,775
208,849,854
167,307,079
Dec-31-12
11,552,465
4,994,054
6,558,411
Dec-31-11
8,765,431
5,057,612
3,707,819
Banking Services
Net balance according to tables presented above
Deferred tax assets
Total
72
Note 11 – Investments in Associates
a) Investments in associates Non-banking Business
Information regarding the Company‘s direct and indirect investments in Associates in the Non-banking Business as of December 31, 2012 and December 31,
2011, and income recognized as of December 2012 and 2011 are detailed as follows:
Company
Country of
origin
Functional
currency
Sodimac Colombia S.A.
Aventura Plaza S.A. (1)
Italmod S.A.
Inmobiliaria Cervantes S.A.
Total
Colombia
Peru
Chile
Chile
COL
PEN
CLP
CLP
12/31/2012
Participation
percentage
%
49.00%
60.00%
50.00%
33.70%
12/31/2011
Participation
percentage
%
49.00%
60.00%
50.00%
33.70%
12/31/2012
Carrying
amount
ThCh$
73,261,756
56,259,021
5,821,435
294,459
135,636,671
12/31/2011
Carrying
amount
ThCh$
49,388,602
55,068,665
5,308,834
294,926
110,061,027
12/31/2012
Income for
the period
ThCh$
16,954,520
2,604,181
512,601
14,392
20,085,694
12/31/2011
Income for
the period
ThCh$
10,721,040
1,407,512
445,483
13,995
12,588,030
The Company directly or indirectly has 60% interest in Aventura Plaza S.A. (49% effective interest). This company has been recorded as an associate using the equity method and not as a
subsidiary, since the Company does not have control over its operating and financial activities by agreement between its shareholders.
(1)
b) Investments in Associates - Banking Business
Information regarding the Company‘s direct and indirect investments in associates in the Banking Business as of December 31, 2012 and December 31,
2011, and income recognized as of December 2012 and 2011 is detailed as follows:
Company
Unibanca S.A.
Total
Country of
origin
Functional
currency
Peru
PEN
12/31/2012
Participation
percentage
%
20.19%
12/31/2011
Participation
percentage
%
20.19%
12/31/2012
Carrying
amount
ThCh$
1,900,837
1,900,837
12/31/2011
Carrying
amount
ThCh$
2,018,986
2,018,986
12/31/2012
Income for
the period
ThCh$
363,445
363,445
12/31/2011
Income for
the period
ThCh$
498,997
498,997
73
c) Summarized information on associates:
Summarized financial information on associates as of December 31, 2012 and as of December 31, 2011, and information about results as of December,
2012 and 2011 is detailed as follows:
Associate
Aventura Plaza S.A.
Unibanca S.A.
Italmod S.A.
Total
Associate
Aventura Plaza S.A.
Unibanca S.A.
Italmod S.A.
Total
Information as of December 31, 2012
Total Assets
Total Assets
Total Liabilities
Current
Non-current
Current
ThCh$
ThCh$
ThCh$
164,885,820
265,135,079
154,585,966
12,876,005
179,298,998
11,819,482
9,310,588
4,203,666
4,099,975
10,845,054
4,067,135
2,779,566
13,055
439,937
17,853
197,930,522
453,144,815
173,302,842
Total Liabilities
Non-current
ThCh$
136,583,255
86,590,486
489,754
223,663,495
Goodwill
Total Assets
Total Assets
Total Liabilities
Current
Non-current
Current
ThCh$
ThCh$
ThCh$
135,759,158
203,559,105
154,013,273
10,888,586
155,941,821
6,862,845
6,975,450
4,243,230
1,219,245
11,273,431
3,657,298
3,744,892
91,788
437,149
92,412
164,988,413
367,838,603
165,932,667
Total Liabilities
Non-current
ThCh$
95,174,034
68,186,454
568,170
163,928,658
Goodwill
ThCh$
5,224,434
147,817
5,372,251
ThCh$
5,224,434
147,817
5,372,251
Revenues
Income for
the year
ThCh$
ThCh$
619,131,579
34,601,061
17,000,433
4,340,302
4,575,516
1,800,035
21,060,725
1,025,202
52,843
42,706
661,821,096
41,809,306
Revenues
Income for
the year
ThCh$
ThCh$
524,714,099
21,879,673
15,808,411
2,345,853
2,815,760
2,471,383
16,875,380
890,966
51,058
41,528
560,264,708
27,629,403
74
d) Movements of investments in associates for the period ended as of December 31, 2012 are detailed
as follows:
Change in investments in associates
Beginning balance as of December 31, 2011
Share in profit (loss) of investments in associates for 2012
Dividends received from investments in associates for 2012
Investment contributions
Conversion adjustment and other reserves
Total changes in associated entities
Ending balance in investments in associates using the
equity method as of December 31, 2012
Non-banking
Business
ThCh$
Banking
Business
ThCh$
Total
Consolidated
ThCh$
110,061,027
20,085,694
(4,021,958)
9,511,908
25,575,644
2,018,986
363,445
(481,594)
(118,149)
112,080,013
20,449,139
(4,021,958)
9,030,314
25,457,495
135,636,671
1,900,837
137,537,508
Movements of investments in associates for the year ended as of December 31, 2011 are detailed as
follows:
Change in investments in associates
Beginning balance as of December 31, 2010
Share in profit (loss) of investments in associates for 2011
Dividends received from investments in associates for 2011
Investment contributions
Conversion adjustment and other reserves
Total changes in associated entities
Ending balance in investments in associates using the equity
method as of December 31, 2011
Non-banking
Business
ThCh$
Banking
Business
ThCh$
Total
Consolidated
ThCh$
80,967,256
12,588,030
(2,763,158)
8,853,264
10,415,635
29,093,771
1,543,659
498,997
(23,670)
475,327
82,510,915
13,087,027
(2,763,158)
8,853,264
10,391,965
29,569,098
110,061,027
2,018,986
112,080,013
There are no significant restrictions for distribution of dividends and cancellation of debts on the part of
associates, due to regulatory issues or related to their debt commitment.
75
Note 12 – Intangible Assets
Intangible assets other than goodwill – Non-banking
a) Intangible assets in the Non-banking Business are detailed as follows:
Intangible assets, net
Intangible assets with defined useful lives, net
Intangible assets with indefinite useful lives
Total Intangibles, Net
Dec-31--12
ThCh$
51,592,009
112,880,902
Dec-31-11
ThCh$
44,724,111
112,880,902
164,472,911
157,605,013
a.1) Intangible assets in the Non-banking Business are detailed as follows:
Dec-31-12
ThCh$
Internal software development
Licenses and software programs
Patents, registered trademarks and other rights
Other identifiable intangible assets
Commercial brands (indefinite useful lives)
Subtotal
Accumulated amortization (less)
Total, net
37,961,478
59,317,101
3,225,353
4,966,638
112,880,902
218,351,472
(53,878,561)
164,472,911
Dec-31-11
ThCh$
28,143,550
50,614,919
3,846,937
4,136,003
112,880,902
199,621,771
(42,016,758)
157,605,013
a.2) Intangible assets with indefinite useful lives are detailed as follows:
Individually significant identifiable
intangible assets
Sodimac commercial brand
Imperial commercial brand
Total
Remaining
amortization
period
Indefinite
Indefinite
Dec-31-12
ThCh$
Dec-31-11
ThCh$
110,641,102
2,239,800
110,641,102
2,239,800
112,880,902
112,880,902
76
a.3) Movements of non-banking intangible assets other than goodwill as of December 2012 are detailed
as follows:
Gross balance
Balance as of Dec-31-11
Additions due to internal development
Additions due to purchases
Reclassification
Amortization
Internal
software
development
ThCh$
28,143,550
9,817,928
37,961,478
Internal
software
development
Licenses
Patents,
and
registered
information trademarks and
programs
other rights
ThCh$
ThCh$
50,614,919
3,846,397
7,757,120
706,666
1,374,432
(1,374,432)
(429,370)
46,722
59,317,101
3,225,353
Other
identifiable
intangible
assets
ThCh$
4,136,003
782,837
47,798
4,966,638
Commercial
brands
(indefinite
useful lives)
ThCh$
112,880,902
112,880,902
Licenses
Patents,
and
registered
programs
other rights
ThCh$
ThCh$
34,140,878
1,669,438
6,516,906
483,331
848,316
(848,316)
(227,961)
29,937
41,278,139
1,334,390
Other
identifiable
intangible
assets
ThCh$
1,795,190
1,059,288
19,029
2,873,507
Commercial
brands
(indefinite
useful lives)
ThCh$
Amortization for the year
Reclassification
ThCh$
4,411,252
3,981,273
8,392,525
Net carrying amount as of Dec-31-2011
23,732,298
16,474,041
2,176,959
29,568,953
18,038,962
1,890,963
Total
ThCh$
199,621,771
9,817,928
9,246,623
(334,850)
218,351,472
Total
-
ThCh$
42,016,758
12,040,798
(178,995)
53,878,561
2,340,813
112,880,902
157,605,013
2,093,131
112,880,902
164,472,911
77
a.4) Movements of non-banking intangible assets other than goodwill as of December 2011 are detailed
as follows:
Gross balance
Withdrawals
Amortization
Impairment
Withdrawals
Licenses
Patents,
Internal
and
registered
software
development programs
other rights
ThCh$
ThCh$
ThCh$
24,737,534
37,814,432
3,549,782
10,506,167
12,681,396
252,024
(7,067,271)
(514,272)
(32,880)
633,363
44,591
28,143,550
50,614,919
3,846,397
Other
identifiable
intangible
assets
ThCh$
2,633,997
1,362,657
139,349
4,136,003
Commercial
brands
(indefinite
useful lives)
ThCh$
112,880,902
112,880,902
Licenses
Patents,
Internal
and
registered
software
development programs
other rights
ThCh$
ThCh$
ThCh$
2,338,670
27,515,210
1,240,622
2,772,394
5,700,696
418,261
715,574
(699,812)
(189,498)
398,896
10,555
4,411,252
34,140,878
1,669,438
Other
identifiable
intangible
assets
ThCh$
868,221
882,248
44,721
1,795,190
Commercial
brands
(indefinite
useful lives)
ThCh$
Total
ThCh$
181,616,647
10,506,167
14,296,077
(7,581,543)
784,423
199,621,771
-
Total
ThCh$
31,962,723
9,773,599
715,574
(889,310)
454,172
42,016,758
22,398,864
10,299,222
2,309,160
1,765,776
112,880,902
149,653,924
23,732,298
16,474,041
2,176,959
2,340,813
112,880,902
157,605,013
78
b) Intangibles – Banking Services:
b.1) Bank-services intangible assets are detailed a follows:
Banking Services
Internal software development
Licenses and information programs
Subtotal
Accumulated amortization (less)
Total, net
Dec-31-12
ThCh$
24,218,403
6,040,288
Dec-31-11
ThCh$
20,402,814
4,784,090
30,258,691
25,186,904
(18,230,368)
(14,192,488)
12,028,323
10,994,416
b.2) The Banking Services intangible assets movements as of December 2012 correspond to:
Banking Services
Gross balance
Amortization
Internal software
development
Licenses and
information
programs
Total
ThCh$
20,402,814
3,971,353
(155,764)
ThCh$
4,784,090
1,321,448
(65,250)
ThCh$
25,186,904
3,971,353
1,321,448
(221,014)
24,218,403
6,040,288
30,258,691
Internal software
development
Licenses and
information
programs
Total
ThCh$
11,813,688
3,315,549
(80,190)
ThCh$
2,378,800
839,463
(36,942)
ThCh$
14,192,488
4,155,012
(117,132)
15,049,047
3,181,321
18,230,368
8,589,126
9,169,356
2,405,290
2,858,967
10,994,416
12,028,323
79
b.3) The Banking Services movements of intangible assets as of December 2011 are detailed as
follows:
Banking Services
Gross balance
Withdrawals
Amortization
Withdrawals
Reclassifications
Internal software
development
ThCh$
15,621,234
4,146,830
(101,078)
735,828
20,402,814
Licenses and
information
programs
ThCh$
3,141,623
1,620,567
(308,033)
329,933
4,784,090
Total
ThCh$
18,762,857
4,146,830
1,620,567
(409,111)
1,065,761
25,186,904
Internal software
development
ThCh$
8,560,462
2,886,228
(8,450)
375,448
11,813,688
Licenses and
information
programs
ThCh$
1,418,615
399,159
212,214
348,812
2,378,800
Total
ThCh$
9,979,077
3,285,387
(8,450)
212,214
724,260
14,192,488
7,060,772
8,589,126
1,723,008
2,405,290
8,783,780
10,994,416
c) Other information on intangibles:
c.1) As of December 31, 2012 there are no identifiable intangible assets in use that are fully amortized.
c.2) Amortization of intangibles are presented in the statement of comprehensive income as part of
administrative expenses.
c.3) The Company performs annual impairment tests on intangible assets with indefinite useful lives,
which did not result in adjustments to values recognized by the Company.
80
Note 13 – Goodwill
Goodwill is detailed as follows:
Sodimac S.A.
Imperial S.A.
Hipermercados Tottus S.A.
Inverfal S.A. (Peru)
Plaza Oeste S.A.
Plaza Del Trébol S.A.
Clamijú S.A.
Plaza Tobalaba S.A.
Plaza La Serena S.A.
Mall Calama S.A.
Inmobiliaria Las Condes S.A. – Sociedad de Rentas Falabella
Total Goodwill
Dec-31-12
ThCh$
205,688,300
13,836,495
14,575,143
5,354,756
10,770,845
3,946,308
309,135
1,558,544
418,818
357,777
3,457,846
260,273,967
Dec-31-11
ThCh$
205,688,300
13,836,495
14,575,143
5,354,756
10,770,845
3,946,308
309,135
1,558,544
418,818
357,777
3,457,846
260,273,967
Goodwill is reviewed annually to determine whether there are impairment indicators or more frequently if
events or changes in circumstances indicate that the carrying amount could be impaired.
Goodwill impairment is determined through evaluating the recoverable amount of the cash generating units (or
group of cash generating units) to which goodwill is related.
When the recoverable amount of the cash generating units (or cash generating groups) is less than the
carrying amount of the cash generating units (or group of cash generating units) to which the goodwill has
been allocated, an impairment loss is recognized. Impairment losses related to goodwill cannot be reversed in
future periods.
Impairment of intangible assets with indefinite useful lives is tested annually at an individual or cash generating
unit level, as applicable.
The Company tests impairment of goodwill with indefinite useful life annually and these tests have not implied
adjustments to the recognized values.
Goodwill by segments as of December 31, 2012 and as of December 31, 2011 is detailed as follows:
Segment
Home improvement
Real estate
Supermarkets
Peru
Argentina
Total Goodwill by Segment
Dec-31-12
ThCh$
219,524,795
20,510,138
14,575,143
5,354,756
309,135
260,273,967
Dec-31-11
ThCh$
219,524,795
20,510,138
14,575,143
5,354,756
309,135
260,273,967
81
The company carried out the impairment test on goodwill considering the mentioned accounting policy (Note
2.11)
The methodology used was of value in use, based on the future cash flows or earnings that are generated by
the assets associated with goodwill.
The main parameters and indicators used to assess the impairment are:




Growth in sales and operating margins
Administrative and selling expenses due to the growth in sales
Investments in investment properties and property, plant and equipment
The discount rates applied in assessing December 2012 ranging from 9% to 10.5%
As a result of the applied test no impairment was determined on goodwill in the Consolidated financial
statements.
82
Note 14 – Property, Plant and Equipment
a) The composition by class of Non-banking Business property, plant and equipment is detailed as follows:
Non-banking Business:
Dec-31-12
Dec-31-11
Gross
Accumulated
Net
Gross
Accumulated
Net
Description
value
depreciation
value
Value
depreciation
value
ThCh$
333,458,074
-
ThCh$
333,458,074
ThCh$
317,578,223
ThCh$
Land
-
ThCh$
317,578,223
ThCh$
Buildings
556,546,717
(53,805,059)
502,741,658
513,230,852
(42,408,612)
470,822,240
Plant and equipment
211,629,771
(113,994,329)
97,635,442
186,368,914
(99,106,516)
87,262,398
Information technology equipment
23,576,736
(13,751,548)
9,825,188
22,123,976
(13,965,867)
8,158,109
517,468,977
(147,883,116)
369,585,861
428,357,677
(108,535,691)
319,821,986
Motor vehicles
Leasehold improvements
Construction in progress
Other property, plant and
equipment(1)
Total Property, Plant and Equipment
(1)
3,284,251
(1,959,552)
1,324,699
2,970,493
(1,631,155)
1,339,338
49,376,980
(20,808,732)
28,568,248
43,226,877
(14,703,143)
28,523,734
59,453,925
-
59,453,925
52,895,234
-
52,895,234
139,657,739
(59,069,370)
80,588,369
125,920,361
(52,142,206)
73,778,155
1,894,453,170
(411,271,706)
1,483,181,464
1,692,672,607
(332,493,190)
1,360,179,417
Mainly related to furniture and tools
83
b) The composition by class of property, plant and equipment for Banking Services is detailed as follows:
Banking Services:
Dec-31-12
Dec-31-11
Gross
Accumulated
Net
Gross
Accumulated
Net
Description
value
depreciation
value
Value
depreciation
value
Plant and Equipment
ThCh$
11,176,741
ThCh$
(2,985,061)
ThCh$
8,191,680
ThCh$
7,763,472
ThCh$
(2,283,670)
ThCh$
5,479,802
14,613,267
(8,787,630)
5,825,637
12,728,201
(7,497,516)
5,230,685
5,562,744
(2,355,838)
3,206,906
5,896,494
(2,381,178)
3,515,316
74,307
(68,153)
6,154
74,641
(61,104)
13,537
Leasehold improvements
15,087,897
(2,529,489)
12,558,408
14,047,526
(5,637,826)
8,409,700
Construction in progress
9,565,283
(4,548,946)
5,016,337
8,411,788
(3,934,606)
4,477,182
Motor vehicles
Other property, plant and
equipment(1)
Total Property, Plant and Equipment
(1)
127,115
-
127,115
213,463
-
213,463
56,207,354
(21,275,117)
34,932,237
49,135,585
(21,795,900)
27,339,685
Mainly related to furniture and tools
84
c) Movements of the non-banking business for the period ended as of December 31, 2012 are detailed as follows:
Cost
Land
Buildings
Plant and
equipment
Information
technology
equipment
ThCh$
ThCh$
Fixed
installations
and
accessories
ThCh$
Motor
vehicles
Leasehold
improvements
Construction
in progress
ThCh$
Other property,
plant and
equipment
ThCh$
ThCh$
ThCh$
ThCh$
Balance as of Jan-01-12
Additions
Other reclassifications
Disposals
Withdrawals
Reclassification of concept and
capitalization
317,578,223
10,167,085
7,808,495
(104,939)
-
513,230,852
42,977,424
9,577,796
(626,342)
(2,197,619)
186,368,914
30,201,398
1,199,983
(453,011)
(12,272,781)
22,123,976
4,693,017
627,131
(2,992)
(2,967,069)
428,357,677
68,085,288
20,816,567
(96,968)
(4,466,979)
2,970,493
403,120
(19,460)
(56,936)
43,226,877
4,669,925
404,097
(869,107)
52,895,234
81,888,859
(44,776,825)
(8,688,458)
(361,849)
125,920,361
16,999,349
4,102,802
(795,693)
(4,359,138)
1,692,672,607
260,085,465
(259,414)
(10,768,403)
(27,551,478)
(1,990,790)
1,259,972
(7,675,366)
7,655,747
(1,070,479)
56,913
(954,240)
13,276,592
(8,503,200)
(12,966)
1,507,707
437,481
(24,837,780)
3,334,744
1,080,849
(3,290,791)
(19,725,607)
333,458,074
556,546,717
211,629,771
23,576,736
517,468,977
3,284,251
49,376,980
59,453,925
139,657,739
1,894,453,170
Other property,
plant and
equipment
Property, plant
and equipment
Depreciation
Land
ThCh$
Buildings
Plant and
Equipment
Information
technology
equipment
ThCh$
ThCh$
ThCh$
Fixed
installations
and
accessories
ThCh$
Motor
vehicles
Leasehold
improvements
Construction
in progress
ThCh$
ThCh$
Property, plant
and equipment
ThCh$
ThCh$
ThCh$
ThCh$
Depreciation for the period
Other reclassifications
Disposals
Withdrawals
-
42,408,612
12,388,420
120,139
(34,326)
(157,098)
(920,688)
99,106,516
25,846,527
71,657
(389,115)
(10,420,679)
(220,577)
13,965,867
3,299,596
(161,107)
(2,514)
(2,722,341)
(627,953)
108,535,691
44,461,390
(161,424)
(67,176)
(3,282,690)
(1,602,675)
1,631,155
396,202
(3,082)
(51,891)
(12,832)
14,703,143
6,901,962
(414,413)
(381,960)
-
52,142,206
12,660,623
139,142
(640,657)
(3,914,507)
(1,317,437)
332,493,190
105,954,720
5,325
(1,133,788)
(20,963,619)
(5,084,122)
ThCh$
Depreciation as of Dec-31-12
-
53,805,059
113,994,329
13,751,548
147,883,116
1,959,552
20,808,732
-
59,069,370
411,271,706
Net balance as of Jan-01-12
317,578,223
470,822,240
87,262,398
8,158,109
319,821,986
1,339,338
28,523,734
52,895,234
73,778,155
1,360,179,417
Net balance as of Dec-31-12
333,458,074
502,741,658
97,635,442
9,825,188
369,585,861
1,324,699
28,568,248
59,453,925
80,588,369
1,483,181,464
85
d)
Movements of the Non-banking Business for the period ended as of December 31, 2011 are detailed as follows:
Cost
Additions
Disposals
Withdrawals
capitalization
ThCh$
299,482,725
13,967,414
(6,220,347)
-
ThCh$
479,734,116
18,326,631
(133,682)
(2,121,175)
ThCh$
155,489,147
30,943,145
(10,242)
(5,346,967)
ThCh$
17,544,183
2,920,278
(380,427)
Fixed
installations
and
accessories
ThCh$
372,904,135
44,589,535
(568,327)
(1,360,090)
-
(283,093)
2,659,550
176,652
(5,845,432)
Land
Buildings
Information
technology
equipment
Plant and
equipment
Leasehold
improvements
Construction
in progress
Other property,
plant and
equipment
Property, plant
and equipment
ThCh$
2,785,544
478,118
(13,957)
(295,003)
ThCh$
3,844,500
813,859
(11,852)
(1,051,550)
ThCh$
40,864,497
52,100,658
(9,777,662)
(127,010)
ThCh$
110,684,143
7,730,230
(40,095)
(899,797)
ThCh$
1,483,332,990
171,869,868
(16,776,164)
(11,582,019)
-
35,663,635
(32,897,798)
526,486
-
10,348,431
17,708,055
2,634,281
1,863,290
18,637,856
15,791
3,968,285
2,732,549
7,919,394
65,827,932
317,578,223
513,230,852
186,368,914
22,123,976
428,357,677
2,970,493
43,226,877
52,895,234
125,920,361
1,692,672,607
Other property,
plant and
equipment
Property, plant
and equipment
-
ThCh$
38,952,545
9,549,249
(32,288)
(478,011)
ThCh$
226,230,915
98,310,575
(186,947)
(4,824,769)
-
-
Disposals
Withdrawals
capitalization
-
ThCh$
26,970,358
15,694,979
(3,578)
(1,090,952)
ThCh$
78,062,011
24,200,042
(93,447)
(4,350,841)
ThCh$
10,171,996
3,023,913
(1,207)
(333,200)
Fixed
installations
and
accessories
ThCh$
68,390,542
37,817,137
(32,512)
1,816,768
-
(419,381)
-
-
(3,193,837)
-
1,257,186
1,288,751
1,104,365
3,737,593
-
42,408,612
99,106,516
13,965,867
108,535,691
299,482,725
452,763,758
77,427,136
7,372,187
304,513,593
317,578,223
470,822,240
87,262,398
8,158,109
319,821,986
Depreciation
Motor
vehicles
Land
Buildings
ThCh$
Information
technology
equipment
Plant and
equipment
Motor
vehicles
Leasehold
improvements
Construction
in progress
ThCh$
1,531,207
385,835
(12,570)
(286,212)
ThCh$
2,152,256
7,639,420
(11,345)
(102,321)
ThCh$
-
3,613,218
-
12,895
1,411,915
-
4,150,711
12,963,416
1,631,155
14,703,143
-
52,142,206
332,493,190
1,254,337
1,692,244
40,864,497
71,731,598
1,257,102,075
1,339,338
28,523,734
52,895,234
73,778,155
1,360,179,417
86
e) Banking Services movements for the period ended as of December 31, 2012 are detailed as follows:
Banking Services
Additions
Disposals
Withdrawals
ThCh$
7,763,472
3,881,657
(429,744)
(1,631)
(37,013)
Information
technology
equipment
ThCh$
12,728,201
2,559,355
(469,428)
(204,861)
11,176,741
14,613,267
5,562,744
Fixed
installations and
accessories
ThCh$
2,381,178
482,081
(194,017)
(253,868)
(59,536)
Cost
Plant and
equipment
Disposals
Withdrawals
ThCh$
2,283,670
1,046,175
(324,379)
(1,100)
(19,305)
Information
technology
equipment
ThCh$
7,497,516
1,766,384
(351,822)
(124,448)
Depreciation al Dec-31-12
2,985,061
8,787,630
5,479,802
8,191,680
Depreciation
Plant and
equipment
Fixed
installations and
accessories
ThCh$
5,896,494
983,301
(654,329)
(509,373)
(153,349)
ThCh$
74,641
(334)
ThCh$
14,047,526
6,403,505
(5,369,646)
6,512
Other property,
plant and
equipment
ThCh$
8,411,788
1,697,004
(470,503)
(73,006)
74,307
15,087,897
9,565,283
Motor
vehicles
Leasehold
improvements
ThCh$
61,104
6,721
328
ThCh$
5,637,826
2,257,694
(5,369,646)
3,615
Other property,
plant and
equipment
ThCh$
3,934,606
832,324
(181,903)
(36,081)
2,355,838
68,153
2,529,489
5,230,685
3,515,316
13,537
5,825,637
3,206,906
6,154
Motor
vehicles
ThCh$
213,463
2,999,129
(3,093,391)
7,914
Property,
plant and
equipment
ThCh$
49,135,585
18,523,951
(10,487,041)
(511,004)
(454,137)
127,115
56,207,354
Construction
in progress
-
Property,
plant and
equipment
ThCh$
21,795,900
6,391,379
(6,421,767)
(254,968)
(235,427)
4,548,946
-
21,275,117
8,409,700
4,477,182
213,463
27,339,685
12,558,408
5,016,337
127,115
34,932,237
Leasehold
improvements
Construction
in progress
ThCh$
87
f)
Banking Services movements for the period ended as of December 31, 2011 are detailed as follows:
Banking Services
Cost
Additions
Disposals
Withdrawals
reclassification
Information
technology
equipment
Plant and
equipment
Fixed
installations and
accessories
Motor
vehicles
Leasehold
improvements
Other property,
plant and
equipment
Construction
in progress
Property,
plant and
equipment
ThCh$
6,017,615
2,134,067
(251,766)
(239,225)
ThCh$
9,265,582
3,181,823
(103,428)
ThCh$
4,545,610
753,537
(155,979)
ThCh$
62,635
48,584
-
ThCh$
10,209,835
4,729,115
(209,119)
-
ThCh$
5,931,538
1,789,336
(43,422)
ThCh$
140,160
2,727,385
(2,703,122)
-
ThCh$
36,172,975
15,363,847
(3,164,007)
(542,054)
-
(420,337)
(14,145)
-
-
434,482
-
-
102,781
804,561
767,471
(36,578)
(682,305)
299,854
49,040
1,304,824
7,763,472
12,728,201
5,896,494
74,641
14,047,526
8,411,788
213,463
49,135,585
Information
technology equipment
Fixed
installations and
accessories
Other property,
plant and
equipment
Construction
in progress
ThCh$
1,804,896
777,824
(251,076)
(157,258)
109,284
ThCh$
5,620,573
1,284,080
(103,317)
696,180
ThCh$
1,689,634
471,244
(94,383)
314,683
ThCh$
25,680
15,988
19,436
ThCh$
5,375,938
1,318,220
(209,119)
(847,213)
ThCh$
2,917,910
896,325
2,283,670
7,497,516
2,381,178
61,104
4,212,719
3,645,009
2,855,976
5,479,802
5,230,685
3,515,316
Depreciation
Disposals
Withdrawals
Plant and
equipment
Motor
vehicles
Leasehold
improvements
ThCh$
Property,
plant and
equipment
(42,886)
163,257
-
ThCh$
17,434,631
4,763,681
(460,195)
(397,844)
455,627
5,637,826
3,934,606
-
21,795,900
36,955
4,833,897
3,013,628
140,160
18,738,344
13,537
8,409,700
4,477,182
213,463
27,339,685
88
Property, plant and equipment that have been fully depreciated and are still used by the Company are not significant.
g)
During the year ended December 31, 2012 the Company has capitalized interest in the amount of ThCh$2,450,050. The average financing interest rate
applied for capitalization was 6.63% and during the year ended December 31, 2011 the Company has capitalized interest in the amount of ThCh$1,142,286.
The average financing interest rate applied for capitalization was 5.12%. The group has assets pledged as security for an amount of ThCh$67,430,768 to
December 31, 2012 which are part of Property, Plant and Equipment.
The Group has entered into financial leases to develop its activities. Assets under financial leases included as part of property, plant and equipment balances
in the Non-banking Business, are detailed as follows:
Description
Buildings
Plant and equipment
Other property, plant and equipment
Total assets under financial lease
Gross
value
66,093,021
8,026,480
3,693,956
50,099,331
37,939,493
165,852,281
Dec-31-12
Accumulated
depreciation
(6,117,840)
(5,407,358)
(2,832,302)
(20,250,420)
(18,111,441)
(52,719,361)
Net
value
59,975,181
2,619,122
861,654
29,848,911
19,828,052
113,132,920
Gross
value
68,417,578
9,224,281
4,075,968
53,095,990
39,813,848
174,627,665
Dec-31-11
Accumulated
depreciation
(5,205,489)
(5,500,298)
(2,546,296)
(17,401,710)
(15,137,417)
(45,791,210)
Net
value
63,212,089
3,723,983
1,529,672
35,694,280
24,676,431
128,836,455
The following table details the minimum payments associated to financial lease contracts and their present value, presented in the statement of financial
position as loans accruing interest:
Dec-31-12
Up to one year
More than one up to five years
More than five years
Total
Minimum
payments
ThCh$
22,053,961
62,610,592
23,871,094
108,535,647
Interest
ThCh$
(5,962,282)
(13,962,628)
(3,787,329)
(23,712,239)
Dec-31-11
Present
value
ThCh$
16,091,679
48,647,964
20,083,765
84,823,408
Minimum
payments
ThCh$
22,873,057
77,010,049
34,013,666
133,896,772
Interest
ThCh$
(7,363,346)
(17,450,655)
(5,799,837)
(30,613,838)
Present
value
ThCh$
15,509,711
59,559,394
28,213,829
103,282,934
89
h)
In addition, as of December 2012 the Company has performed sales transactions with leaseback. These
transactions are detailed as follows:
Purchaser
Seller
Assets involved
Lease nominal
value
Purchase
price
Lease
term
ThCh$
ThCh$
BANCO CONTINENTAL (PERU)
SODIMAC PERU S.A.
FACILITIES / PLANT AND EQUIPMENT
8,184,634
12/31/14
8,184,634
SODIMAC PERU S.A.
4,027,438
02/09/14
4,027,438
BANCO CONTINENTAL (PERÙ)
SODIMAC PERU S.A.
12,560,838
12/28/18
12,560,838
SCOTIABANK (PERU)
MALLS PERU S.A.
5,600,467
05/22/19
5,600,467
SAGA FALABELLA S.A. (PERU)
BUILDINGS
BUILDINGS / FACILITIES / EQUIPMENT /
FURNITURE AND SUPPLIES
2,747,575
02/09/14
2,747,575
FACILITIES
2,490,047
09/01/15
2,490,047
FACILITIES
6,902,975
02/01/15
6,902,975
FACILITIES
4,519,343
02/01/14
4,519,343
FACILITIES
2,483,681
01/01/15
2,483,681
BUILDINGS
2,765,180
01/01/19
2,765,180
FACILITIES / BUILDINGS
3,492,892
07/01/15
3,492,892
BUILDINGS
3,322,010
02/01/20
3,322,010
FACILITIES
3,785,327
09/01/15
3,785,327
BUILDINGS
2,299,883
12/01/21
2,299,883
BUILDINGS
1,982,191
06/01/17
1,982,191
9,071,707
02/27/18
9,071,707
1,170,635
02/27/18
1,170,635
920,317
02/27/18
920,317
BUILDINGS
2,485,530
10/05/17
2,485,530
6,819,683
10/05/17
6,819,683
BUILDINGS
1,933,197
10/14/16
1,933,197
AMERICA LEASING
BANCO DE CRÉDITO (PERU)
SCOTIABANK (PERU)
BANCO SANTANDER CENTRAL
HISPANO (PERU)
HISPANO (PERÙ)
HISPANO (PERU)
SCOTIABANK (PERU)
SCOTIABANK (PERU)
BANCO INTERAMERICANO DE
FINANZAS (BIF) PERU
TOTAL
HIPERMERCADOS TOTTUS
S.A.
S.A.
S.A.
S.A.
S.A.
S.A.
S.A.
S.A.
S.A.
S.A.
S.A.
S.A.
S.A.
S.A.
S.A.
S.A.
89,565,550
89,565,550
There are no significant clauses in the current leasing contracts, because they operate under the normal
terms for these types of contracts.
For sale leaseback transactions, no effects were generated because selling prices are equivalent to the book
values of assets involved.
90
i)
Group as lessee – operating lease
The Company leases certain assets under operating lease agreements to develop its activities. Obligations on
minimum lease payments under operating lease contracts not cancelable as of December 31, 2012 and 2011
are detailed as follows:
Dec-31-12
Minimum
payments
ThCh$
Dec-31-11
Minimum
payments
ThCh$
Up to one year
From 1 year up to 5 years
58,171,210
207,240,190
348,405,456
50,812,490
199,999,154
330,513,079
Total
613,816,856
581,324,723
The Company does not have individually significant operating lease contracts or contracts that impose
restrictions on the distribution of dividends, incurring in other lease contracts or incurring debt.
Lease installments and operating subleases recognized as expenses in each period are detailed as follows:
Concepts
j)
Dec-31-12
ThCh$
Dec-30-11
ThCh$
Minimum third party lease expense
54,437,961
40,746,366
Variable third party lease expense
Total Lease Expense
22,250,779
76,688,740
17,580,577
58,326,943
Group as lessor – Operating lease
The Company leases its investment properties as part of its operations. As of December 31, 2012, the
Company has the following rights receivable under non-cancellable leases:
Up to one year
From one year up to five years
Total
Dec-31-12
Minimum
payments
receivable
ThCh$
100,080,628
299,389,804
351,396,982
750,867,414
Dec-31-11
Minimum
payments
receivable
ThCh$
91,462,765
261,189,441
321,302,612
673,954,818
91
The Company leases to third parties under local operating leases that form part of their investment properties.
The lease agreements establish their term, lease installments and their calculation, the characteristics of the
leased assets and other obligations related to the promotion, services and correct operation of various stores.
Fixed and variable lease income from investment properties are as follows:
Lease charged to
third parties
Fixed income
Variable income
Total
Dec-31-12
ThCh$
124,867,665
9,440,907
134,308,572
Dec-31-11
ThCh$
111,770,891
8,263,824
120,034,715
Lease Income for an amount of ThCh$134,308,572 at December 2012 (ThCh$120,034,715 at December
2011) are for lease income charged to third parties for all the real estate Falabella companies, by contrast in
note 35 financial reporting segment, revenue of Chile real estate segment corresponds to the total revenue
charged from third and related parties of real state in Chile.
92
Note 15 – Investment Properties
a) Movements in the Group‘s investment properties as of December 2012 are detailed as follows:
Cost
Beginning balance as of Jan-01-12
Additions
Write offs
Final balance as of Dec-31-12
1,640,297,582
165,785,581
(5,807,033)
(534,925)
1,799,741,205
Depreciation
Depreciation for the year
38,780,134
15,088,379
(23,200)
53,845,313
1,601,517,448
1,745,895,892
b) Movements in the Group‘s investment properties as of December 2011 are detailed as follows:
Cost
Additions
Write offs
1,531,657,659
106,333,655
(102,458)
2,408,726
1,640,297,582
Depreciation
Depreciation for the year
25,041,012
13,645,646
93,476
38,780,134
1,506,616,647
1,601,517,448
In Note 28 c) is included details of the Investment Property Costs, including depreciation of theses assets
separately.
93
Investment properties include shopping centers, works in progress and available land that will be destined to
future malls.
Investment properties are depreciated using the straight-line method based on estimated useful lives.
Depreciation of the Company‘s investment properties in 2012 and 2011 are recorded in the cost of sales line in
the statement of comprehensive income.
During the year ended Diciember 31, 2012, the Company has capitalized interest in the amount of
ThCh$6,684,156. The average financing interest rate applied for capitalization was 5.14% and during the –
year ended December 31, 2011, the Company has capitalized interest in the amount of ThCh$5,657,344.The
average financing interest rate applied for capitalization was 4.0%.
The estimated market value of investment properties as of December 31, 2012 and December 31, 2011 is
ThCh$2,216,807,395 and ThCh$1,651,639,596- respectively.
There are no maintenance expenses for investment properties that do not generate revenue. This category
only comprises land in the amount of ThCh$71,939,199 as of December 31, 2012. There are no restrictions
on real estate investments, collection of income derived from the same or resources obtained from their
disposal by other means.
94
Note 16 – Other Non-financial Non-current Assets
This category includes the following non-financial non-current assets of the Non-banking Business:
Detail of other non-financial non-current assets
Dec-31-12
Dec-31-11
ThCh$
ThCh$
Guarantees
1,597,972
1,504,162
Prepaid rent
12,268,788
12,309,380
7,027,924
7,205,049
Rights receivable
151,018
37,357
Prepaid expenses
239,976
9,990
21,285,678
21,065,938
Non-current receivable taxes
Other non-financial non-current assets
95
Note 17 – Other Assets - Banking Services
Other assets in Banking Services are classified as follows:
Banking Services
Other Assets
Advances to suppliers
Guarantee deposits
Accrued fees receivable
Payments in advance for evaluation of information
Deferred expenses
Affiliates fees
Receivable items remote channels
Accounts and invoices receivable(1)
Investment in line of business auxiliary company
Assets acquired in auctions
Other(2)
Dec-31-12
ThCh$
112,429
367,630
1,826,315
280,000
207,434
212,904
1,687,101
5,216,060
81,539
980,237
2,108,096
13,079,745
Dec-31-11
ThCh$
1,578,781
293,927
1,637,122
184,693
211,191
849,770
535,036
3,515,080
83,648
1,264,926
2,132,259
12,286,433
Mainly related to ―pending transactions‖ for daily transactions, accounts receivable for using Automated
Teller Machine, bills for renting spaces branches and others.
(1)
Mainly related to use license Redbanc, Core banking project, subscriptions, advertising contracts,
procurement fraud, stationary and others
(2)
96
Note 18 – Other Current and Non-current Financial Liabilities
a) Other current and non-current financial liabilities for the Non-banking Business are detailed as follows:
Dec-31-12
Current
ThCh$
416,667,261
112,516,785
16,091,679
9,435,421
554,711,146
Bank loans
Obligations with the public (bonds)
Financial lease obligations
Total
Dec-31-11
Non-current
Current
ThCh$
ThCh$
597,788,050
780,983,304
68,731,729
854,088
1,448,357,171
Non-current
ThCh$
318,733,484
101,352,888
15,509,711
145,162
435,741,245
485,955,023
763,512,783
87,773,223
7,157,123
1,344,398,152
Dec-31-12
b) Bank loans as of December 2012 are detailed as follow:
Creditor Name
Description of the
currency or
indexation
according to
contract conditions
(ISO 4217)
Amount of Class of Liabilities Exposed to Liquidity Risk with Expiration
Up to 1
month
1 to 3
months
3 to 12
months
Total
Current
1 to 5
years
5 or
more years
Type of
amortization
Total Noncurrent
Effective
rate
Amount of
the nominal
value of
obligations
payable
according to
contract
conditions
Nominal rate of
the obligation to
be paid
according to
contract
conditions
BANCO SANTANDER - SANTIAGO (CHILE)
CLP
-
25,102,000
-
25.102.000
-
-
-
Al Vencimiento
6.12
25,000,000
6.12
BANCO ESTADO (CHILE)
USD
-
25,272,388
-
25.272.388
-
-
-
Al Vencimiento
0.90
25,272,388
0.90
CLP
32,817,264
-
-
32.817.264
-
-
-
Al Vencimiento
5.04
32,817,264
5.04
CLP
19,645,613
-
-
19.645.613
-
-
-
Al Vencimiento
5.84
19,500,000
5.84
CLP
4,678,272
-
-
4.678.272
-
-
-
Al Vencimiento
5.76
4,650,000
5.76
97
Creditor Name
Description of the
currency or
indexation
according to
contract conditions
(ISO 4217)
Up to 1
month
1 to 3
months
3 to 12
months
Total
Current
1 to 5
years
5 or
more years
Type of
amortization
Total Noncurrent
Effective
rate
Amount of
the nominal
value of
obligations
payable
according to
contract
conditions
Nominal rate of
the obligation to
be paid
according to
contract
conditions
CLP
3,018,240
-
-
3.018.240
-
-
-
Al Vencimiento
5.76
3,000,000
5.76
CLP
10,060,800
-
-
10.060.800
-
-
-
Al Vencimiento
5.76
10,000,000
5.76
CLP
10,039,120
-
-
10.039.120
-
-
-
Al Vencimiento
5.87
10,000,000
5.87
CLP
7,394,688
-
-
7.394.688
-
-
-
Al Vencimiento
5.76
7,350,000
5.76
BANCO BBVA CHILE
CLP
2,994
-
-
2.994
2,386,978
-
2,386,978
Al Vencimiento
6.45
2,386,978
6.45
BANCO BBVA CHILE
CLP
9,265
-
-
9,265
7,387,643
-
7,387,643
Al Vencimiento
6.45
7,387,643
6.45
BANCO BBVA CHILE
CLP
9,143
-
-
9,143
7,289,854
-
7,289,854
Al Vencimiento
6.45
7,289,854
6.45
BANCO BBVA CHILE
CLP
6,461
-
-
6,461
5,151,584
-
5,151,584
Al Vencimiento
6.45
5,151,584
6.45
BANCO BBVA CHILE
CLP
3,491
-
-
3,491
2,783,941
-
2,783,941
Al Vencimiento
6.45
2,783,941
6.45
BANCO DE CHILE
CLP
1,202,757
-
-
1,202,757
-
-
-
Al Vencimiento
6.49
1,181,039
6.49
BANCO DE CHILE
CLP
6,136,442
-
-
6,136,442
-
-
-
Al Vencimiento
6.49
6,025,641
6.49
BANCO DE CHILE
CLP
1,218,152
-
-
1,218,152
-
-
-
Al Vencimiento
6.49
1,196,157
6.49
BANCO DE CHILE
CLP
4,257,837
-
-
4,257,837
-
-
-
Al Vencimiento
6.49
4,180,956
6.49
BANCO DE CHILE
CLP
1,148,235
-
-
1,148,235
-
-
-
Al Vencimiento
6.49
1,127,502
6.49
BANCO DE CHILE
CLP
6,404,344
-
-
6,404,344
-
-
-
Al Vencimiento
6.49
6,288,705
6.49
BANCO DE CHILE
CLP
102,748
-
-
102,748
7,591,049
-
7,591,049
Al Vencimiento
6.41
7,591,049
6.41
BANCO DE CHILE
CLP
57,921
-
-
57,921
4,631,484
-
4,631,484
Al Vencimiento
6.43
4,631,484
6.43
BANCO DE CHILE
CLP
84,372
-
-
84,372
7,035,895
-
7,035,895
Al Vencimiento
6.44
7,035,895
6.44
BANCO DE CHILE
CLP
63,932
-
-
63,932
5,741,572
-
5,741,572
Al Vencimiento
6.47
5,741,572
6.47
SCOTIABANK SUD AMERICANO (CHILE)
CLP
-
47,170
-
47,170
4,573,664
-
4,573,664
Al Vencimiento
6.63
4,573,664
6.63
CLP
-
75,758
-
75,758
7,345,621
-
7,345,621
Al Vencimiento
6.63
7,345,621
6.63
CLP
-
74,198
-
74,198
7,194,383
-
7,194,383
Al Vencimiento
6.63
7,194,383
6.63
CLP
-
60,708
-
60,708
5,886,332
-
5,886,332
Al Vencimiento
6.63
5,886,332
6.63
BANCO DE CHILE
CLP
94,408
-
-
94,408
9,550,633
-
9,550,633
Al Vencimiento
6.59
9,550,633
6.59
BANCO DE CHILE
CLP
81,262
-
-
81,262
8,220,720
-
8,220,720
Al Vencimiento
6.59
8,220,721
6.59
BANCO DE CHILE
CLP
69,081
-
-
69,081
6,988,458
-
6,988,458
Al Vencimiento
6.59
6,988,458
6.59
BANCO DE CHILE
CLP
2,374
-
-
2,374
240,189
-
240,189
Al Vencimiento
6.59
240,189
6.59
BANCO BBVA CHILE
CLP
5,594
-
-
5,594
7,916,456
-
7,916,456
Al Vencimiento
6.36
7,916,456
6.36
98
Creditor Name
Description of the
currency or
indexation
according to
contract conditions
(ISO 4217)
Up to 1
month
1 to 3
months
3 to 12
months
Total
Current
1 to 5
years
5 or
more years
Type of
amortization
Total Noncurrent
Effective
rate
Amount of
the nominal
value of
obligations
payable
according to
contract
conditions
Nominal rate of
the obligation to
be paid
according to
contract
conditions
BANCO BBVA CHILE
CLP
5,834
-
-
5,834
8,256,424
-
8,256,424
Al Vencimiento
6.36
8,256,424
6.36
BANCO BBVA CHILE
CLP
2,704
-
-
2,704
3,827,120
-
3,827,120
Al Vencimiento
6.36
3,827,120
6.36
BANCO DE CRÉDITO E INVERSIONES (CHILE)
CLP
7,700,738
-
-
7,700,738
-
-
-
Al Vencimiento
6.43
7,633,969
6.43
CLP
7,961,729
-
-
7,961,729
-
-
-
Al Vencimiento
6.43
7,896,839
6.43
CLP
4,501,973
-
-
4,501,973
-
-
-
Al Vencimiento
6.44
4,469,191
6.44
BANCO DE CHILE
USD
-
25,273,452
-
25,273,452
-
-
-
Al Vencimiento
5.99
25,273,452
5.99
USD
5,686,180
-
-
5,686,180
-
-
-
Al Vencimiento
1.03
5,686,180
1.03
CLP
365
-
-
365
-
-
-
Al Vencimiento
0.42
365
0.42
CLP
81
-
-
81
-
-
-
Al Vencimiento
0.80
81
0.80
BANCO DE CHILE
CLP
2,000
-
-
2,000
-
-
-
Al Vencimiento
0.52
2,000
0.52
UF
-
-
3,649,838
3,649,838
13,911,596
15,741,892
29,653,488
Semestral
3.39
39,396,905
3.15
CORPBANCA (CHILE)
UF
-
-
2,201,480
2,201,480
8,343,996
9,447,302
17,791,298
Semestral
3.71
23,638,143
3.45
CITIBANK N,A, (CHILE)
UF
-
-
2,673,435
2,673,435
10,411,452
11,801,468
22,212,920
Semestral
3.94
29,547,670
3.64
BANCO BBVA CHILE
UF
-
-
3,149,506
3,149,506
12,037,503
9,097,440
21,134,943
Semestral
3.87
29,875,986
3.53
CORPBANCA (CHILE)
CLP
-
-
2,732,602
2,732,602
25,000,000
24,625,000
49,625,000
Anual
7.51
50,000,000
7.10
BANCO AV VILLAS (COLOMBIA)
COP
55,043
-
-
55,043
6,828,012
-
6,828,012
Al Vencimiento
7.72
6,828,012
7.46
BANCO DE BOGOTÁ (COLOMBIA)
COP
195,792
-
-
195,792
20,275,454
-
20,275,454
Al Vencimiento
7.83
20,275,454
7.56
BANCO DE CRÉDITO (COLOMBIA)
COP
283,246
-
-
283,246
8,100,000
-
8,100,000
Al Vencimiento
8.09
8,100,000
7.80
BANCOLOMBIA
COP
52,438
-
-
52,438
5,421,687
-
5,421,687
Al Vencimiento
7.89
5,421,687
7.62
USD
-
10,049,846
-
10,049,846
-
-
-
Al Vencimiento
0.99
10,049,846
0.99
USD
-
-
41,321
41,321
6,724,769
-
6,724,769
Al Vencimiento
2.96
6,724,769
2.90
USD
-
-
11,995
11,995
1,682,394
-
1,682,394
Al Vencimiento
2.96
1,682,394
2.90
USD
-
-
8,484
8,484
1,682,394
-
1,682,394
Al Vencimiento
2.96
1,682,394
2.90
USD
-
-
21,105
21,105
6,729,576
-
6,729,576
Al Vencimiento
2.96
6,729,576
2.90
BBVA BANCO FRANCÉS S,A, (ARGENTINA)
ARS
-
-
1,291,131
1,291,131
-
-
-
Semestral
18.12
1,301,364
17.00
STANDARD BANK (ARGENTINA)
BANCO DE LA PROVINCIA DE BUENOS AIRES
(ARGENTINA)
BANCO DE LA CIUDAD DE BUENOS AIRES
(ARGENTINA)
ARS
-
-
277,370
277,370
278,726
-
278,726
Semestral
17.02
558,453
16.60
ARS
5,720
-
644,467
650,187
-
-
-
Anual
16.70
644,820
16.50
ARS
2,374,674
-
-
2,374,674
-
-
-
Mensual
17.19
2,374,674
17.19
99
Creditor Name
(ARGENTINA)
Description of the
currency or
indexation
according to
contract conditions
(ISO 4217)
Up to 1
month
1 to 3
months
3 to 12
months
Total
Current
1 to 5
years
5 or
more years
Type of
amortization
Total Noncurrent
Effective
rate
Amount of
the nominal
value of
obligations
payable
according to
contract
conditions
Nominal rate of
the obligation to
be paid
according to
contract
conditions
ARS
3,010,731
-
-
3,010,731
-
-
-
Mensual
21.97
2,929,950
21.97
BANCO DE GALICIA Y BUENOS AIRES S,A,
(ARGENTINA)
ARS
6,733,029
-
-
6,733,029
-
-
-
Mensual
17.52
6,663,037
17.52
ARS
2,608,601
-
-
2,608,601
-
-
-
Mensual
17.62
2,569,417
17.62
ARS
7,265,477
-
-
7,265,477
-
-
-
Mensual
20.85
7,179,544
20.85
BANCO ITAU BUEN AYRE S,A, (ARGENTINA)
ARS
2,998,068
-
-
2,998,068
-
-
-
Mensual
29.00
2,928,146
29.00
BANCO COMAFI (ARGENTINA)
ARS
4,294
-
-
4,294
-
-
-
Mensual
15.90
2,604
15.90
BANCO PATAGONIA S,A, (ARGENTINA)
ARS
9,382,709
-
-
9,382,709
-
-
-
Mensual
17.89
9,262,355
17.89
HSBC BANK ARGENTINA S,A,
ARS
2,953,444
-
-
2,953,444
-
-
-
Mensual
23.76
2,931,000
21.50
ARS
-
-
1,109,092
1,109,092
1,115,287
1,115,287
Semestral
20.20
3,908,000
23.30
ARS
17,563
-
1,935,959
1,953,522
-
-
-
Al Vencimiento
21.39
1,954,000
19.50
ARS
22,304
2,931,000
-
2,953,304
-
-
-
Al Vencimiento
26.19
2,931,000
25.25
ARS
124,827
-
943,464
1,068,291
2,440,760
2,440,760
Trimestral
29.63
3,419,500
22.80
ARS
1,966,457
-
-
1,966,457
-
-
-
Al Vencimiento
19.45
1,954,000
17.90
ARS
42,580
2,931,000
-
2,973,580
-
-
-
Al Vencimiento
28.16
2,931,000
25.25
ARS
3,426,024
-
-
3,426,024
-
-
-
Al Vencimiento
21.41
2,931,000
19.50
ARS
1,771,493
-
-
1,771,493
-
-
-
Al Vencimiento
23.77
1,758,600
21.50
USD
-
-
5,140
5,140
721,026
-
721,026
Al Vencimiento
2.76
721,026
2.76
USD
-
-
3,900
3,900
721,026
-
721,026
Al Vencimiento
2.71
721,026
2.71
USD
-
-
9,045
9,045
2,884,104
-
2,884,104
Al Vencimiento
2.91
2,884,104
2.91
ARS
-
277,273
-
277,273
278,833
-
278,833
Semestral
22.92
558,453
22.92
ARS
14,012
-
-
14,012
3,663,750
-
3,663,750
Anual
15.87
3,663,750
15.01
ARS
91,834
-
-
91,834
-
-
-
Mensual
20.95
91,834
20.95
ARS
10,475
-
-
10,475
-
-
-
Mensual
17.50
10,475
17.50
UF
-
-
43,607
43,607
-
26,120,289
26,120,289
Al Vencimiento
4.01
26,266,863
3.84
CORPBANCA (CHILE)
UF
496,901
-
-
496,901
26,152,659
-
26,152,659
Al Vencimiento
3.80
26,152,659
3.80
UF
-
562,053
-
562,053
45,494,737
-
45,494,737
Al Vencimiento
3.74
45,681,500
3.51
UF
-
502,995
-
502,995
45,328,963
-
45,328,963
Al Vencimiento
3.92
45,681,500
3.73
BANCO DE CHILE
CLP
-
-
177,326
177,326
11,216,408
-
11,216,408
Al Vencimiento
6.39
11,266,467
6.23
100
Creditor Name
Description of the
currency or
indexation
according to
contract conditions
(ISO 4217)
Up to 1
month
1 to 3
months
3 to 12
months
Total
Current
1 to 5
years
5 or
more years
Type of
amortization
Total Noncurrent
Effective
rate
Amount of
the nominal
value of
obligations
payable
according to
contract
conditions
Nominal rate of
the obligation to
be paid
according to
contract
conditions
BANCO DE CHILE
CLP
-
-
166,827
166,827
10,831,119
-
10,831,119
Al Vencimiento
6.23
10,831,197
6.23
BANCO DE CHILE
CLP
-
-
167,960
167,960
10,904,636
-
10,904,636
Al Vencimiento
6.23
10,904,714
6.23
BANCO DE CHILE
CLP
-
-
169,120
169,120
10,979,975
-
10,979,975
Al Vencimiento
6.23
10,980,054
6.23
BANCO DE CHILE
UF
-
213,128
-
213,128
21,552,368
-
21,552,368
Al Vencimiento
3.91
21,774,841
3.60
BANCO BOGOTÁ (COLOMBIA)
COP
-
-
-
-
-
25,126,894
25,126,894
Al Vencimiento
10.16
25,126,894
8.78
LLOYDS TSB BANK S,A, (COLOMBIA)
COP
-
-
261,042
261,042
-
-
-
Al Vencimiento
8.57
261,042
8.57
HSBC BANK USA ( CHILE )
USD
-
51,447
-
51,447
-
-
-
Al Vencimiento
1.00
50,321
0.96
BANCO DE CHILE
EUR
337,528
139,968
-
477,496
-
-
-
Al Vencimiento
1.74
477,024
1.07
BANCO DE CHILE
USD
5,831,754
1,728,314
-
7,560,068
-
-
-
Al Vencimiento
2.09
7,556,183
1.08
USD
4,886,377
954,328
-
5,840,705
-
-
-
Al Vencimiento
1.71
5,837,820
1.01
USD
160,595
120,391
-
280,986
-
-
-
Al Vencimiento
1.46
280,679
0.95
CLP
25,152,000
-
-
25,152,000
-
-
-
Al Vencimiento
6.36
25,000,000
5.76
CLP
25,136,000
-
-
25,136,000
-
-
-
Al Vencimiento
6.36
25,000,000
5.76
CLP
10,027,200
-
-
10,027,200
-
-
-
Al Vencimiento
6.36
10,000,000
5.76
BANCO BBVA CHILE
CLP
1,251,072
-
-
1,251,072
-
-
-
Mensual
6.18
1,250,000
6.18
CLP
5,005,717
-
-
5,005,717
-
-
-
Mensual
5.39
5,000,000
5.30
BANCO BBVA CHILE
CLP
-
-
55,943
55,943
7,950,069
-
7,950,069
Al Vencimiento
7.72
8,000,000
7.35
BANCO BBVA CHILE
EUR
324,111
-
-
324,111
-
-
-
Al Vencimiento
1.48
323,873
0.87
BANCO BBVA CHILE
USD
260,104
-
-
260,104
-
-
-
Al Vencimiento
1.94
260,030
0.95
BANCO BBVA CHILE
USD
-
107,180
-
107,180
-
-
-
Al Vencimiento
1.98
107,160
1.07
BANCO DE CHILE
USD
480,030
-
-
480,030
-
-
-
Al Vencimiento
1.89
479,570
1.08
BANCO DE CHILE
USD
-
78,104
-
78,104
-
-
-
Al Vencimiento
1.85
78,068
1.20
CORPBANCA (CHILE)
USD
57,147
-
-
57,147
-
-
-
Al Vencimiento
2.06
57,120
0.95
BANCO SECURITY (CHILE)
USD
3,908
-
-
3,908
-
-
-
Al Vencimiento
1.92
3,902
1.31
CLP
47,925
-
-
47,925
-
-
-
Al Vencimiento
7.20
47,925
6.60
CLP
317
-
-
317
-
-
-
Al Vencimiento
7.00
317
7.00
CLP
263
-
-
263
-
-
-
Al Vencimiento
5.88
263
5.88
PEN
-
755,010
-
755,010
-
-
-
Anual
4.20
752,600
4.20
101
Creditor Name
Description of the
currency or
indexation
according to
contract conditions
(ISO 4217)
Up to 1
month
1 to 3
months
3 to 12
months
Total
Current
1 to 5
years
5 or
more years
Type of
amortization
Total Noncurrent
Effective
rate
Amount of
the nominal
value of
obligations
payable
according to
contract
conditions
Nominal rate of
the obligation to
be paid
according to
contract
conditions
PEN
-
1,884,297
-
1,884,297
-
-
-
Anual
4.20
1,881,500
4.20
SCOTIABANK (PERU)
USD
-
2,812,654
-
2,812,654
-
-
-
Anual
1.41
2,811,230
1.41
PEN
23,656
47,312
212,906
283,874
1,238,941
31,348
1,270,289
Anual
6.32
1,878,301
6.13
PEN
28,007
56,013
252,060
336,080
1,611,349
2,040,689
3,652,038
Anual
7.17
4,382,578
6.93
PEN
-
942,148
-
942,148
-
-
-
Mensual
4.12
940,750
4.20
SCOTIABANK (PERU)
PEN
-
-
715,776
715,776
8,792,568
-
8,792,568
Mensual
6.79
10,724,550
7.00
SCOTIABANK (PERU)
PEN
-
-
195,523
195,523
2,005,843
-
2,005,843
Mensual
7.70
2,369,107
7.98
PEN
-
8,663,669
-
8,663,669
-
-
-
Mensual
4.20
8,654,900
4.20
SCOTIABANK (PERU)
USD
-
9,000,492
-
9,000,492
-
-
-
Mensual
1.41
8,995,935
1.41
SCOTIABANK (PERU)
USD
-
4,125,226
-
4,125,226
-
-
-
Al Vencimiento
1.41
4,123,137
1.41
PEN
-
2,070,360
-
2,070,360
-
-
-
Al Vencimiento
4.20
2,069,650
4.20
PEN
-
5,803,636
-
5,803,636
-
-
-
Al Vencimiento
4.20
5,795,020
4.20
BANCO INTERAMERICANO DE FINANZAS
(BIF) PERU
PEN
55,467
-
-
55,467
-
-
-
Al Vencimiento
5.34
55,467
5.34
USD
4,771
-
-
4,771
-
-
-
Al Vencimiento
5.15
4,771
5.15
PEN
67,864
97,403
438,938
604,205
2,820,057
3,510,352
6,330,409
Mensual
7.17
7,686,116
7.17
PEN
21,506
37,181
170,308
228,995
995,470
-
995,470
Mensual
6.32
1,502,566
6.32
Total Préstamos Bancarios
PEN
49,036
88,345
397,639
535,020
2,549,214
568,655
3,117,869
Mensual
7.25
4,058,019
7.25
259,596,505
132,936,447
24,134,309
416,667,261
469,676,721
128,111,329
597,788,050
In the tables presented above, when the nominal rate is equal to the effective rate, it means that there were no costs or income directly associated to the
transaction that will affect the original rate of the instrument,
102
The confirming contracts held by the subsidiary Promotora CMR consist of the transfer of credits nearing their maturity date by CMR creditors to banking entities.
As a result of these transfers, CMR becomes a debtor of credit transfer banking entities. The documents provided as underlying assets to the bank are simple
credits owed by Promotora CMR Falabella S.A., corresponding to goods sold and services provided by the company to CMR clients, who paid using the CMR
credit card. The credits acquired by the banks are reflected in liquidations via sales receipts. The total volume of credits transferred to banks via confirming
contracts during the year 2012 was Th$ 120,000,000 and for the year 2011 it was Th$ 115,000,000.
The risk associated with these operations is similar to that of bank credits. CMR has adequate capital indexes and continually monitors these. The confirming
contracts as well as the rest of the CMR financing form part of this continuous monitoring of the capital structure.
103
Dec-31-12
c) Obligations with the public (bonds) as of December 2012 are detailed as follows:
Creditor Name
Description of the
currency or
indexation
according to
contract conditions
(ISO 4217)
Up to 1
month
1 to 3
months
3 a 12
months
Total
Current
1 to 5
years
5 or more
years
Nominal rate of
the obligation
payable
according to
contract
conditions
6.29
90,000,000
5.00
5.68
5,644,500
5.56
5,375,714 Quarterly
6,036,478 Quarterly
6.50
9,407,500
6.34
7.83
9,407,500
7.56
6,371,342 Quarterly
9,583,656 Quarterly
7.28
9,407,500
7.09
5.94
11,289,000
5.81
6,585,250 Quarterly
- Annual
5.52
7,526,000
5.41
4.09
9,407,500
4.09
21,159,970 At expiration
45,204,949 Biannual
7.28
32,170,000
7.00
3.70
45,681,500
3.00
4.00
68,522,250
3.85
3.99
45,681,500
3.85
3.41
22,840,750
3.00
3.90
57,101,875
3.50
3.92
68,522,250
3.90
4.72
68,522,250
4.50
22,592,259 Biannual
57,606,386 Biannual
3.74
22,840,750
3.50
5.29
79,068,675
4.50
89,057,494 Biannual
15,380,240 Biannual
4.55
90,364,200
4.25
6.13
31,000,000
5.30
34,111,595 Biannual
76,548,602 Biannual
3.25
67,773,150
2.80
4.38
79,068,675
CLP
368,166
26,557,753
-
26,925,919
61,968,091
-
MISCELLANEOUS CREDITORS
PEN
8,657
295,265
910,660
1,214,582
949,182
-
PEN
25,209
334,609
1,001,769
1,361,587
5,375,714
-
PEN
52,514
335,298
1,004,868
1,392,680
5,364,962
671,516
PEN
431,875
(1,363)
1,001,816
1,432,328
5,364,963
1,006,379
PEN
61,860
281,135
841,772
1,184,767
4,509,956
5,073,700
PEN
54,454
187,431
561,216
803,101
3,010,400
3,574,850
PEN
-
-
9,427,826
9,427,826
-
-
CLP
4,917,808
-
3,999,044
8,916,852
21,159,970
-
UF
-
-
274,057
274,057
45,204,949
-
UF
-
-
497,844
497,844
-
66,852,843
UF
-
-
331,535
331,535
-
44,621,541
UF
-
-
98,188
98,188
22,515,508
-
UF
-
-
267,668
267,668
-
53,713,045
UF
-
-
229,470
229,470
-
67,920,882
UF
-
-
517,222
517,222
-
66,828,277
UF
-
-
72,669
72,669
15,044,695
7,547,564
UF
-
-
4,909,946
4,909,946
23,521,854
34,084,532
UF
-
-
1,676,058
1,676,058
-
89,057,494
CLP
-
5,456,552
5,088,759
10,545,311
15,380,240
-
UF
-
11,756,320
11,322,001
23,078,321
34,111,595
-
UF
-
679,400
679,400
-
76,548,602
ARS
1,837,384
2,138,081
5,187,086
-
-
ARS
1,491,790
5,423,471
4,577,107
11,492,368
-
9.249.717
53,443,952
49,823,116
112,516,785
263,482,079
1,211,621
4.00
Type of
amortization
Total Noncurrent
Total Obligations with the Public
Effective
rate
Amount of the
nominal value
of the
obligation
payable
according to
contract
conditions
949,182 Quarterly
-
Monthly
23.37
15,656,776
16.00
-
-
Monthly
18.78
16,624,923
17.00
517,501,225
780,983,304
104
d) Financial lease obligations as of December 2012 are detailed as follows:
Dec-31-12
Creditor Name
SODIMAC PERU S.A.
Description of the
currency or
indexation
according to
contract conditions
(ISO 4217)
PEN
Amount of Class of Liabilities Exposed to Liquidity Risk with Expiry
Up to 1
month
1 to 3
months
109,716
3 a 12
months
219,432
987,443
Total
Current
1,316,591
1 to 5
years
1,463,050
5 or
more years
Total Noncurrent
-
Type of
amortization
Effective
rate
Amount of
the nominal
value of the
obligation
payable
according to
contract
conditions
Nominal rate of
the obligation
payable
according to
contract
conditions
1,463,050
Annual
7.37
8,184,634
7.11
Annual
6.15
8,184,634
5.97
SODIMAC PERU S.A.
PEN
75.703
151.406
681,328
908,437
157,340
-
157,340
SODIMAC PERU S.A.
PEN
147.416
294.832
1,326,745
1,768,993
7,088,088
1,772,023
8,860,111
Annual
7.69
12,560,838
7.43
6.94
7,149,700
6.73
MALLS PERU S.A.
PEN
-
-
806,524
806,524
3,125,839
-
3,125,839
Monthly
MALLS PERU S.A.
PEN
-
-
622,831
622,831
2,881,622
40,206
2,921,828
Monthly
8.40
6,370,560
8.09
MALLS PERU S.A.
PEN
-
-
576,051
576,051
2,863,398
1,841,669
4,705,067
Monthly
8.55
11,162,429
8.23
MALLS PERU S.A.
PEN
-
-
313,446
313,446
1,383,449
3,204,243
4,587,692
Monthly
8.60
5,808,913
8.28
MALLS PERU S.A.
PEN
-
-
386,274
386,274
1,807,227
1,051,208
2,858,435
Monthly
8.50
4,225,712
8.19
MALLS PERU S.A.
PEN
-
-
417,846
417,846
2,095,619
939,376
3,034,995
Monthly
9.85
5,600,467
9.43
MALLS PERU S.A.
PEN
-
-
872,714
872,714
4,098,350
8,694,682
12,793,032
Monthly
8.70
23,521,155
8.37
PEN
51,702
99,034
461,799
612,535
125,544
-
125,544
Monthly
6.15
2,747,575
5.98
VIAJES FALABELLA S.A. (PERU)
USD
1,371
2,759
12,719
16,849
42,909
-
42,909
Annual
5.98
96,092
5.30
HIPERMERCADOS TOTTUS S.A. (PERU)
PEN
34,671
55,641
259,970
350,282
701,854
-
701,854
Monthly
8.50
2,490,047
8.19
PEN
88,617
178,842
831,984
1,099,443
1,428,295
-
1,428,295
Monthly
7.18
6,902,975
6.95
PEN
86,053
161,520
748,697
996,270
171,349
-
171,349
Monthly
6.30
4,519,343
6.13
PEN
33,198
41,358
193,139
267,695
1,252,402
417,863
1,670,265
Monthly
8.20
2,765,180
7.91
PEN
56,820
92,185
432,244
581,249
1,017,564
-
1,017,564
Monthly
8.80
3,492,892
8.46
105
Creditor Name
Description of the
currency or
indexation
according to
contract conditions
(ISO 4217)
Up to 1
month
1 to 3
months
3 a 12
months
Total
Current
1 to 5
years
5 or
more years
Total Noncurrent
Type of
amortization
Effective
rate
Amount of
the nominal
value of the
obligation
payable
according to
contract
conditions
Nominal rate of
the obligation
payable
according to
contract
conditions
PEN
36,657
41,837
195,398
273,892
1,267,998
878,583
2,146,581
Monthly
8.20
3,322,010
7.91
PEN
61,750
105,650
489,093
656,493
1,233,133
-
1,233,133
Monthly
6.10
3,785,327
5.94
PEN
23,571
22,018
103,131
148,720
679,699
962,893
1,642,592
Monthly
8.80
2,299,883
8.46
PEN
27,940
41,448
192,905
262,293
1,054,491
-
1,054,491
Monthly
6.90
1,982,191
6.69
PEN
73,849
148,971
691,868
914,688
4,356,542
314,062
4,670,604
Monthly
6.95
9,071,707
6.74
PEN
6,874
13,867
64,409
85,150
405,858
29,275
435,133
Monthly
6.95
1,170,635
6.74
PEN
6,584
13,282
61,703
81,569
389,051
28,078
417,129
Monthly
6.95
920,317
6.74
PEN
42,631
59,484
277,543
379,658
1,704,933
-
1,704,933
Monthly
7.85
2,485,530
7.58
PEN
117,072
163,416
762,375
1,042,863
4,680,248
-
4,680,248
Monthly
7.85
6,819,683
7.58
Total Financial Leases
PEN
Monthly
8.00
1,933,197
7.72
31,290
53,118
247,915
332,323
1,081,716
-
1,081,716
1.113.485
1,960,100
13,018,094
16,091,679
48,557,568
20,174,161
68,731,729
106
e) Other financial liabilities as of December 31 2012 and 2011 are detailed as follows:
Detail of Other Financial Liabilities
Dec-31-12
Current
Non-current
ThCh$
ThCh$
Financial liabilities at fair value with changes in income (derivative instruments)
Financial liabilities measured at amortized cost (1)
Other Financial liabilities
2,126,381
7,309,040
9,435,421
Dec-31-11
Current
Non-current
ThCh$
ThCh$
854,088
854,088
145,162
145,162
23,033
7,134,090
7,157,123
(1) Mainly related to debt that was obtained as a result of the acquisition of Craighouse College
Dec-31-11
a) Bank Loans as of December 2011 are detailed as follows:
Description of
the currency or
indexation
according to
contract
conditions (ISO
4217)
CLP
4,660,528
-
-
4,660,528
-
-
-
At expiration
6.79
Amount of the
nominal value of
the obligation
payable
according to
contract
conditions
4,650,000
CLP
2,526,657
-
-
2,526,657
-
-
-
At expiration
6.31
2,516,948
6.31
CLP
3,011,572
-
-
3,011,572
-
-
-
At expiration
6.31
3,000,000
6.31
BANCO DE CHILE
CLP
3,008,800
-
-
3,008,800
-
-
-
At expiration
6.60
3,000,000
6.60
CLP
3,008,720
-
-
3,008,720
-
-
-
At expiration
6.54
3,000,000
6.54
BANCO DE CHILE
CLP
4,007,320
-
-
4,007,320
-
-
-
At expiration
7.32
4,000,000
7.32
BANCO DE CHILE
CLP
4,007,320
-
-
4,007,320
-
-
-
At expiration
7.32
4,000,000
7.32
BANCO DE CHILE
CLP
3,005,490
-
-
3,005,490
-
-
-
At expiration
7.32
3,000,000
7.32
CLP
10,003,767
-
-
10,003,767
-
-
-
At expiration
6.78
10,000,000
6.78
BANCO DE CHILE
CLP
-
8,197,061
-
8,197,061
-
-
-
At expiration
6.61
8,195,154
6.61
BANCO DE CHILE
CLP
-
7,608,918
-
7,608,918
-
-
-
At expiration
6.61
7,603,016
6.61
BANCO DE CHILE
CLP
-
9,207,654
-
9,207,654
-
-
-
At expiration
6.61
9,201,830
6.61
BANCO BBVA CHILE
CLP
-
4,116
-
4,116
2,386,978
-
7.19
2,386,978
7.19
Creditor Name
Up to 1
month
1 to 3
months
3 a 12
months
Total
Current
1 to 5
years
5 or more
years
Type of
amortization
Total noncurrent
Effective
rate
Nominal rate
of the
obligation
payable
according to
contract
conditions
6.79
107
BANCO BBVA CHILE
Description of
the currency or
indexation
according to
contract
conditions (ISO
4217)
CLP
-
2,224
-
2,224
7,387,643
-
7.19
Amount of the
nominal value of
the obligation
payable
according to
contract
conditions
7,387,643
BANCO BBVA CHILE
CLP
-
102,639
-
102,639
7,289,854
-
7.19
7,289,854
7.19
BANCO BBVA CHILE
CLP
-
127,575
-
127,575
5,151,584
-
7.19
5,151,584
7.19
BANCO BBVA CHILE
CLP
-
74,891
-
74,891
2,783,941
-
7.19
2,783,941
7.19
BANCO DE CHILE
CLP
-
-
20,446
20,446
6,447,182
-
5.97
6,447,182
5.97
BANCO DE CHILE
CLP
-
-
104,314
104,314
8,361,946
-
5.97
8,361,946
5.97
BANCO DE CHILE
CLP
-
-
20,707
20,707
5,190,872
-
5.97
5,190,872
5.97
BANCO DE CHILE
CLP
-
72,379
-
72,379
1,181,039
-
6.11
1,181,039
6.11
BANCO DE CHILE
CLP
-
19,519
-
19,519
6,025,641
-
6.11
6,025,641
6.11
BANCO DE CHILE
CLP
-
108,868
-
108,868
1,196,157
-
6.11
1,196,157
6.11
BANCO DE CHILE
CLP
-
61,734
-
61,734
4,180,956
-
6.11
4,180,956
6.11
BANCO DE CHILE
CLP
-
70,597
-
70,597
1,127,502
-
6.11
1,127,502
6.11
BANCO DE CHILE
CLP
-
76,429
-
76,429
6,288,705
-
6.11
6,288,705
6.11
BANCO BBVA CHILE
CLP
-
-
34,366
34,366
5,466,717
-
6.07
5,466,717
6.07
BANCO BBVA CHILE
CLP
-
-
40,172
40,172
7,108,823
-
6.06
7,108,823
6.06
BANCO BBVA CHILE
CLP
-
-
58,194
58,194
8,415,764
-
6.05
8,415,764
6.05
BANCO BBVA CHILE
CLP
-
-
49,561
49,561
4,008,697
-
6.05
4,008,697
6.05
BANCO DEL DESARROLLO (CHILE)
CLP
-
-
36,495
36,495
4,573,663
-
6.20
4,573,664
6.20
CLP
-
-
16,551
16,551
7,345,621
-
6.20
7,345,621
6.20
CLP
-
-
6,980
6,980
7,194,383
-
6.20
7,194,383
6.20
CLP
-
-
1,690
1,690
5,886,332
-
6.20
5,886,332
6.20
USD
348,566
-
-
348,566
-
-
-
At expiration
1.55
348,566
1.55
BANCO DE CHILE
CLP
15,615
-
-
15,615
-
-
-
At expiration
7.60
15,615
7.60
UF
-
-
3,552,230
3,552,230
16,958,234
15,365,091
32,323,325 Biannual
3.39
39,396,905
3.15
CORPBANCA
UF
-
-
2,125,442
2,125,442
10,173,060
9,221,170
19,394,230 Biannual
3.71
23,638,143
3.45
CITIBANK N,A, (CHILE)
UF
-
-
2,584,492
2,584,492
12,692,147
11,518,986
24,211,133 Biannual
3.94
29,547,670
3.64
BBVA
UF
-
-
3,033,180
3,033,180
14,671,636
8,879,682
23,551,318 Biannual
3.87
29,875,986
3.53
USD
-
5,536,250
-
5,536,250
-
-
-
At expiration
1.46
5,536,250
0.51
CORPBANCA
CLP
-
-
2,468,578
2,468,578
-
-
-
Biannual
6.12
19,500,000
6.12
Creditor Name
Up to 1
month
1 to 3
months
3 a 12
months
Total
Current
1 to 5
years
5 or more
years
Type of
amortization
Total noncurrent
Effective
rate
Nominal rate
of the
obligation
payable
according to
contract
conditions
7.19
108
429,612
-
-
429,612
-
-
-
Annual
5.35
Amount of the
nominal value of
the obligation
payable
according to
contract
conditions
429,612
CITIBANK DEL PERU
PEN
-
-
2,735,749
2,735,749
-
-
-
Annual
4.90
2,696,117
4.90
PEN
22,788
45,575
205,088
273,451
1,285,119
311,338
1,596,457 Annual
6.32
1,929,414
6.13
PEN
26,713
53,426
240,415
320,554
1,541,269
2,555,375
4,096,644 Annual
7.17
4,501,838
6.93
PEN
3,096,727
-
-
3,096,727
-
-
-
Monthly
5.26
3,092,320
5.14
PEN
1,935,454
-
-
1,935,454
-
-
-
Monthly
5.26
1,932,700
5.14
SCOTIABANK (PERU)
PEN
6,772,996
-
-
6,772,996
-
-
-
Monthly
4.65
6,764,450
4.55
SCOTIABANK (PERU)
PEN
733,060
-
-
733,060
9,759,465
-
9,759,465 Monthly
7.00
11,016,390
6.79
SCOTIABANK (PERU)
PEN
9,675,708
-
-
9,675,708
-
-
-
Monthly
4.65
9,663,500
4.65
PEN
6,900,340
-
-
6,900,340
-
-
-
Monthly
5.80
6,764,450
5.80
CITIBANK DEL PERU
PEN
9,855,744
-
-
9,855,744
-
-
-
Monthly
4.70
9,712,204
4.70
PEN
4,762
-
-
4,762
-
-
-
Monthly
5.65
4,761
5.65
SCOTIABANK (PERU)
PEN
96,270
-
-
96,270
-
-
-
Monthly
5.25
96,270
5.25
PEN
-
-
1,478,644
1,478,644
-
-
-
Annual
5.80
1,449,525
5.80
CITIBANK DEL PERU
PEN
-
-
2,738,029
2,738,029
-
-
-
Annual
4.90
2,699,016
4.90
PEN
-
-
5,534,249
5,534,249
-
-
-
Annual
4.97
5,520,742
4.97
PEN
66,301
93,258
416,493
576,052
2,692,036
4,411,879
7,103,915 Monthly
7.17
7,895,273
7.17
PEN
21,142
35,792
163,120
220,054
1,029,317
225,436
1,254,753 Monthly
6.32
1,543,454
6.32
USD
261,355
-
-
261,355
-
-
-
At expiration
3.05
261,212
1.27
CORPBANCA
USD
205,755
582,474
-
788,229
-
-
-
At expiration
2.65
787,962
1.06
USD
25,791
1,900,210
-
1,926,001
-
-
-
At expiration
2.54
1,925,226
1.18
BANCO DE CHILE
USD
743,822
2,270,526
-
3,014,348
-
-
-
At expiration
1.97
3,012,744
1.07
BANCO DE CHILE
CLP
1,250,458
-
-
1,250,458
-
-
-
At expiration
6.60
1,250,000
6.60
CLP
-
-
5,005,157
5,005,157
-
-
-
At expiration
5.30
5,000,000
5.30
CLP
1,300,494
-
-
1,300,494
-
-
-
At expiration
7.44
1,300,000
6.84
BANCO DE CHILE
EUR
167,581
-
-
167,581
-
-
-
At expiration
2.92
167,581
2.28
BANCO DE CHILE
USD
543,002
-
-
543,002
-
-
-
At expiration
2.33
543,002
1.65
BANCO DE CHILE
USD
-
288,559
-
288,559
-
-
-
At expiration
2.17
288,559
1.51
CORPBANCA
USD
71,826
-
-
71,826
-
-
-
At expiration
2.08
71,826
1.45
Creditor Name
Description of
the currency or
indexation
according to
contract
conditions (ISO
4217)
PEN
Up to 1
month
1 to 3
months
3 a 12
months
Total
Current
1 to 5
years
5 or more
years
Type of
amortization
Total noncurrent
Effective
rate
Nominal rate
of the
obligation
payable
according to
contract
conditions
5.35
109
CORPBANCA
Description of
the currency or
indexation
according to
contract
conditions (ISO
4217)
USD
-
88,399
-
88,399
-
-
-
At expiration
2.28
Amount of the
nominal value of
the obligation
payable
according to
contract
conditions
88,399
CORPBANCA
USD
-
-
55,879
55,879
-
-
-
At expiration
2.33
55,878
1.67
BANCO SECURITY (CHILE)
USD
70,285
-
-
70,285
-
-
-
At expiration
2.09
70,285
1.43
CLP
10,617
-
-
10,617
-
-
-
At expiration
3.41
10,617
3.36
UF
-
-
42,546
42,546
-
25,474,675
4.01
25,638,135
3.84
CORPBANCA
UF
485,007
-
-
485,007
25,526,664
-
3.80
25,526,664
3.80
UF
-
547,274
-
547,274
44,298,431
-
3.74
44,588,060
3.51
BANCO DE CHILE
CLP
-
-
182,366
182,366
11,229,991
-
6.57
11,266,467
6.39
BANCO DE CHILE
CLP
-
-
171,192
171,192
10,844,403
-
6.39
10,831,197
6.39
BANCO DE CHILE
CLP
-
-
172,354
172,354
10,918,010
-
6.39
10,904,714
6.39
BANCO DE CHILE
CLP
-
-
173,545
173,545
10,993,441
-
6.39
10,980,054
6.39
BANCO DE CHILE
UF
-
209,895
209,895
-
20,994,757
3.91
21,253,635
3.60
UF
1,054,666
-
946,994
2,001,660
4,041,115
-
5.21
10,645,564
3.60
9.09
74,250
9.09
Creditor Name
Up to 1
month
1 to 3
months
3 a 12
months
Total
Current
1 to 5
years
5 or more
years
Type of
amortization
Total noncurrent
4,041,115 Biannual
74,250 At expiration
Effective
rate
Nominal rate
of the
obligation
payable
according to
contract
conditions
1.60
BANCOLOMBIA
COP
-
-
-
-
-
74,250
BANCOLOMBIA
COP
-
-
-
-
-
296,248
296,248
At expiration
9.75
296,248
9.75
BANCOLOMBIA
COP
-
-
-
-
-
135,000
135,000
At expiration
9.37
135,000
9.37
BANCOLOMBIA
COP
-
-
-
-
-
23,153
6.73
23,153
6.73
BANCOLOMBIA
COP
-
-
-
-
-
125,272
At expiration
9.78
125,272
9.78
BANCOLOMBIA
COP
-
-
-
-
-
8,655
8,655 At expiration
9.29
8,655
9.29
BANCOLOMBIA
COP
-
-
-
-
-
417,119
At expiration
9.40
417,119
9.40
BANCOLOMBIA
COP
-
-
-
-
-
93,677
9.78
93,677
9.78
BANCOLOMBIA
COP
-
-
-
-
-
55,170
8.98
55,170
8.98
BANCOLOMBIA
COP
-
-
-
-
-
6,585,941
9.72
6,634,008
9.59
CLP
-
26,958,461
-
26,958,461
-
-
-
At expiration
1.80
26,921,596
1.80
CLP
59,985,669
-
-
59,985,669
-
-
-
At expiration
4.78
59,985,669
4.78
BBVA
CLP
7,500,000
-
-
7,500,000
-
-
-
At expiration
1.39
7,500,000
1.39
BANCO DE CHILE
CLP
239,210
-
-
239,210
-
-
-
At expiration
1.39
239,210
1.39
COP
1,460,738
1,269,000
1,350,000
4,079,738
6,828,012
-
7.94
10,797,012
7.66
BANCO DE BOGOTÁ (COLOMBIA)
COP
185,583
-
-
185,583
14,875,454
-
7.67
14,875,454
7.42
125,272
417,119
6,828,012 Biannual
110
250,524
-
-
250,524
8,100,000
-
7.46
Amount of the
nominal value of
the obligation
payable
according to
contract
conditions
8,100,000
BANCO OCCIDENTE S,A, (COLOMBIA)
(ARGENTINA)
(ARGENTINA)
COP
69,062
-
-
69,062
5,400,000
-
7.09
5,400,000
6.87
ARS
1,246,868
-
-
1,246,868
-
-
-
Monthly
29.00
1,203,395
29.00
ARS
7,569,735
-
-
7,569,735
-
-
-
Monthly
15.44
7,242,657
15.44
ARS
3,743,776
-
-
3,743,776
-
-
-
Monthly
28.32
3,567,859
28.32
ARS
5,290,141
-
-
5,290,141
-
-
-
Monthly
27.92
5,093,639
27.92
ARS
4,639,676
-
-
4,639,676
-
-
-
Monthly
27.09
4,591,310
27.09
BANCO COMAFI (ARGENTINA)
ARS
2,519,675
-
-
2,519,675
-
-
-
Monthly
28.44
2,413,573
28.44
ARS
41,203
-
-
41,203
-
-
-
Monthly
29.75
20,252
29.75
ARS
6,792,111
-
-
6,792,111
-
-
-
Monthly
26.17
6,674,396
26.17
ARS
56,487
-
-
56,487
-
-
-
Monthly
27.92
56,487
27.92
BANCO RÍO DE LA PLATA S,A, (ARGENTINA)
ARS
99,456
-
-
99,456
-
-
-
Monthly
29.75
823,721
29.75
ARS
-
-
1,200,403
1,200,403
-
-
-
At expiration
17.92
1,207,400
16.60
ARS
14,787
-
1,807,196
1,821,983
-
-
-
At expiration
17.11
1,811,100
16.00
ARS
1,813,829
-
-
1,813,829
-
-
-
At expiration
27.50
1,811,100
27.50
ARS
406
686,809
679,471
1,366,686
2,748,942
-
18.07
4,829,600
16.60
ARS
-
-
1,799,050
1,799,050
-
-
At expiration
17.71
1,811,100
16.15
ARS
7,305
-
-
7,305
1,207,400
-
17.81
1,207,400
16.50
ARS
14,211
-
-
14,211
2,414,800
-
19.45
2,414,800
17.90
ARS
20,055
-
-
20,055
3,622,200
-
17.81
3,622,200
16.50
USD
-
-
49,607
49,607
7,297,139
-
3.50
7,297,139
2.97
USD
-
-
29,237
29,237
1,825,589
-
7.30
1,825,589
6.20
USD
-
-
20,415
20,415
1,825,589
-
7.06
1,825,589
6.20
USD
-
-
49,642
49,642
7,302,355
-
7.42
7,302,355
6.30
(ARGENTINA)
ARS
-
1,417
1,403,885
1,405,302
1,594,558
-
1,594,558 Biannual
18.12
3,042,648
17.00
ARS
50,332
100,410
251,299
402,041
-
-
-
Monthly
14.99
402,467
14.00
ARS
471
-
341,201
341,672
687,235
-
687,235
Biannual
17.02
1,034,983
16.60
ARS
1,355
-
2,845,563
2,846,918
-
-
-
Biannual
18.62
2,867,575
17.25
Creditor Name
BANCO DE CRÉDITO (COLOMBIA)
Description of
the currency or
indexation
according to
contract
conditions (ISO
4217)
COP
Up to 1
month
1 to 3
months
3 a 12
months
Total
Current
1 to 5
years
5 or more
years
Type of
amortization
Total noncurrent
2,748,942 Biannual
-
Effective
rate
Nominal rate
of the
obligation
payable
according to
contract
conditions
7.22
111
Creditor Name
finstruBANCO
ITAU
BUEN
AYRE
S,A,
(ARGENTINA)
(ARGENTINA)
(ARGENTINA)
(ARGENTINA)
(ARGENTINA)
Description of
the currency or
indexation
according to
contract
conditions (ISO
4217)
Effective
rate
Amount of the
nominal value of
the obligation
payable
according to
contract
conditions
Nominal rate
of the
obligation
payable
according to
contract
conditions
17.30
3,622,200
16.50
Annual
16.70
796,884
16.50
Up to 1
month
1 to 3
months
3 a 12
months
Total
Current
1 to 5
years
5 or more
years
Type of
amortization
Total noncurrent
ARS
25,633
-
-
25,633
3,622,200
-
3,622,200 Annual
ARS
7,205
-
-
7,205
794,717
-
794,717
ARS
8,257
-
1,566,864
1,575,121
-
-
-
At expiration
16.81
1,569,620
16.00
ARS
5,055,703
-
-
5,055,703
-
-
-
Monthly
29.08
5,055,703
29.08
ARS
2,241,435
-
-
2,241,435
-
-
-
Monthly
25.04
2,241,435
25.04
ARS
2,332,830
-
-
2,332,830
-
-
-
Monthly
35.19
2,332,830
35.19
ARS
1,516,673
-
-
1,516,673
-
-
-
Monthly
18.12
1,516,673
18.12
Biannual
ARS
-
-
1,706,899
1,706,899
-
-
-
18.62
1,720,545
17.25
USD
-
-
12,534
12,534
782,395
-
782,395
At expiration
7.30
722,588
6.20
USD
-
-
8,754
8,754
782,395
-
782,395
At expiration
7.06
722,588
6.00
(ARGENTINA)
USD
-
-
18,696
18,696
3,129,581
-
7.42
2,890,351
6.30
ARS
50,177
100,410
251,299
401,886
-
-
-
Monthly
14.99
402,467
14.00
ARS
172,048
-
169,153
341,201
687,250
-
687,250
Biannual
17.02
1,034,983
16.60
(ARGENTINA)
ARS
2,425,404
-
-
2,425,404
-
-
-
Monthly
28.11
2,396,557
28.11
ARS
819,277
-
-
819,277
-
-
-
Monthly
28.30
747,864
28.30
ARS
12,094
-
-
12,094
-
-
-
Monthly
28.30
12,094
28.30
USD
542,317
-
-
542,317
-
-
-
At expiration
1.50
542,317
1.50
202,254,349
66,502,749
49,976,386
318,733,484
379,182,149
106,772,874
485,955,023
Total Bank Loans
transaction that will affect the original rate of the instrument.
112
Dec-31-11
b) Obligations with the public (bonds) as of December 2011 are detailed as follows:
Description of the
currency or
indexation
according to
contract conditions
(ISO 4217)
UF
-
-
2,892,995
2,892,995
10,941,323
16,582,005
27,523,328
Biannual
6.81
Amount of the
nominal value of
the obligation
payable according
to contract
conditions
22,355,190
UF
-
-
4,793,197
4,793,197
18,234,649
42,520,665
60,755,314
Biannual
5.29
52,878,595
4.50
UF
-
1,639,551
-
1,639,551
-
86,773,881
86,773,881
Biannual
4.55
72,733,280
4.25
CLP
-
-
5,405,175
5,405,175
25,539,689
-
25,539,689
Biannual
6.13
31,000,000
5.30
UF
-
-
11,400,416
11,400,416
55,374,027
-
55,374,027
Biannual
3.25
62,871,180
2.80
UF
-
-
667,737
667,737
-
74,571,880
74,571,880
Biannual
4.38
73,349,710
4.00
CLP
376,258
-
376,258
87,152,005
-
87,152,005
At expiration
6.29
87,152,005
5.00
UF
-
-
265,701
265,701
43,826,728
-
43,826,728
At expiration
3.70
44,588,060
3.00
UF
-
-
504,066
504,066
-
65,128,416
65,128,416
Biannual
4.72
66,882,090
4.50
UF
-
-
485,491
485,491
-
65,194,068
65,194,068
At expiration
4.00
66,882,090
3.85
UF
-
-
323,323
323,323
-
43,516,258
43,516,258
At expiration
3.99
44,588,060
3.85
UF
-
-
95,471
95,471
21,892,566
-
21,892,566
At expiration
3.41
22,294,030
3.00
UF
-
-
260,725
260,725
-
52,319,764
52,319,764
At expiration
3.90
55,735,075
3.50
PEN
13,602
286,999
885,167
1,185,768
2,213,751
-
2,213,751
Quarterly
5.68
5,798,100
5.56
PEN
2,939
264,228
814,986
1,082,153
-
-
-
Quarterly
6.37
4,831,750
6.22
PEN
32,026
344,955
1,034,609
1,411,590
5,522,000
1,380,500
6,902,500
Quarterly
6.50
9,663,500
6.34
PEN
65,745
344,665
1,033,304
1,443,714
5,510,956
2,067,529
7,578,485
Quarterly
7.83
9,663,500
7.56
PEN
467,733
(702)
1,032,218
1,499,249
5,510,956
2,411,502
7,922,458
Quarterly
7.28
9,663,500
7.09
PEN
-
-
5,534,382
5,534,382
-
-
-
Annual
4.94
5,525,288
4.94
ARS
271,164
563,334
466,648
1,301,146
-
-
-
Monthly
18.31
1,301,145
15.00
ARS
340,231
288,695
-
628,926
-
-
-
Monthly
16.53
628,927
14.75
ARS
266,123
171,970
-
438,093
-
-
-
Monthly
17.72
438,093
15.00
ARS
672,889
1,152,689
-
1,825,578
-
-
-
Monthly
18.37
1,825,578
15.00
ARS
1,227,000
1,519,675
605,071
3,351,746
-
-
-
Monthly
15.34
3,351,746
14.25
Creditor Name
Description of the currency or indexation according to contract conditions (ISO 4217)
Up to 1
month
1 to 3
months
3 a 12
months
Total
Current
1 to 5
years
5 or more
years
Type of
amortization
Total Noncurrent
Effective
rate
113
Nominal rate of
the obligation
payable
according to
contract
conditions
6.50
Description of the
currency or
indexation
according to
contract conditions
(ISO 4217)
ARS
ARS
UF
-
-
33,325,760
33,325,760
-
-
-
CLP
1,048,225
-
3,999,044
5,047,269
29,327,665
-
29,327,665
7,485,562
12,375,569
81,491,757
101,352,888
311,046,315
452,466,468
763,512,783
Creditor Name
Total Obligations with the public
Up to 1
month
1 to 3
months
1,044,225
1,743,607
1,278,227
4,066,059
-
-
-
Monthly
23.35
Amount of the
nominal value of
the obligation
payable according
to contract
conditions
4,066,058
2,033,660
3,679,645
4,388,044
10,101,349
-
-
-
Monthly
23.65
10,101,351
23.65
At expiration
3.12
29,244,645
2.50
Biannual
7.28
32,170,000
7.00
Description of the currency or indexation according to contract conditions (ISO 4217)
3 a 12
months
Total
Current
1 to 5
years
5 or more
years
Type of
amortization
Total Noncurrent
Effective
rate
Nominal rate of
the obligation
payable
according to
contract
conditions
14.25
c) Financial lease obligations as of December 2011 are detailed as follows:
Dec-31-11
SODIMAC PERU S,A,
Description of the
currency or
indexation
according to
contract conditions
(ISO 4217)
PEN
104,908
209,815
944,168
1,258,891
2,855,280
-
2,855,280
Annual
7.37
8,407,357
Nominal rate of
the obligation
payable
according to
contract
conditions
7.11
SODIMAC PERU S,A,
PEN
73,225
146,450
659,025
878,700
1,094,780
-
1,094,780
Annual
6.15
4,137,034
5.97
SODIMAC PERU S,A,
PEN
151,240
302,479
1,361,156
1,814,875
7,280,334
3,640,167
10,920,501
Annual
7.69
12,902,648
7.43
MALLS PERU S,A,
PEN
-
-
661,381
661,381
3,412,397
628,761
4,041,158
Monthly
6.94
7,344,260
6.73
MALLS PERU S,A,
PEN
-
-
595,314
595,314
2,813,094
824,012
3,637,106
Monthly
8.40
6,543,918
8.09
MALLS PERU S,A,
PEN
-
-
282,914
282,914
2,701,419
2,723,410
5,424,829
Monthly
8.55
11,466,185
8.23
MALLS PERU S,A,
PEN
-
-
300,855
300,855
1,307,500
3,710,174
5,017,674
Monthly
8.60
5,966,987
8.28
MALLS PERU S,A,
PEN
-
-
368,817
368,817
1,708,627
1,603,153
3,311,780
Monthly
8.50
4,340,703
8.19
MALLS PERU S,A,
PEN
-
-
391,818
391,818
1,957,321
1,598,438
3,555,759
Monthly
9.85
5,752,868
9.43
MALLS PERU S,A,
PEN
-
-
826,988
826,988
3,849,364
10,148,010
13,997,374
Monthly
8.70
24,161,220
8.37
Creditor Name
Up to 1
month
1 to 3
months
3 to 12
months
Total
Current
1 to 5
years
5 or more
years
Total Noncurrent
Type of
amortization
Effective
rate
Amount of the
nominal value of the
obligation payable
according to
contract conditions
114
SAGA FALABELLA S,A, (PERU)
Description of the
currency or
indexation
according to
contract conditions
(ISO 4217)
PEN
51,397
94,153
439,046
584,596
755,430
-
755,430
Monthly
6.15
2,822,343
Nominal rate of
the obligation
payable
according to
contract
conditions
5.98
VIAJES FALABELLA S,A, (PERU)
USD
-
-
17,381
17,381
58,517
6,423
64,940
Monthly
5.30
93,666
5.98
HIPERMERCADOS TOTTUS S,A,
PEN
35,614
52,676
246,112
334,402
1,073,440
-
1,073,440
Monthly
8.50
2,557,807
8.19
PEN
84,684
170,904
795,056
1,050,644
2,595,768
-
2,595,768
Monthly
7.18
7,090,821
6.95
PEN
88,155
155,560
721,072
964,787
1,193,290
-
1,193,290
Monthly
6.30
4,642,325
6.13
PEN
33,547
50,100
236,259
319,906
762,218
-
762,218
Monthly
10.28
2,551,268
9.83
PEN
34,085
39,197
183,044
256,326
1,186,941
790,683
1,977,624
Monthly
8.20
2,840,427
7.91
PEN
58,201
86,601
406,063
550,865
1,630,774
-
1,630,774
Monthly
8.80
3,587,942
8.46
PEN
37,638
39,638
185,130
262,406
1,201,361
1,268,596
2,469,957
Monthly
8.20
3,412,410
7.91
PEN
63,327
102,037
472,364
637,728
1,931,464
-
1,931,464
Monthly
6.10
3,888,334
5.94
PEN
24,207
20,731
97,104
142,042
639,974
1,187,059
1,827,033
Monthly
8.80
2,362,468
8.46
PEN
28,613
39,571
184,166
252,350
1,172,772
172,239
1,345,011
Monthly
6.90
2,036,131
6.69
PEN
108,121
142,057
659,761
909,939
4,154,373
1,658,334
5,812,707
Monthly
6.95
9,318,569
6.74
PEN
10,067
13,219
61,401
84,687
386,904
154,558
541,462
Monthly
6.95
1,202,491
6.74
PEN
9,645
12,659
58,804
81,108
370,777
148,215
518,992
Monthly
6.95
945,361
6.74
PEN
43,737
56,481
263,531
363,749
1,700,923
426,857
2,127,780
Monthly
7.85
2,553,168
7.58
PEN
120,124
155,207
724,080
999,411
4,670,373
1,171,331
5,841,704
Monthly
7.85
7,005,263
7.58
PEN
31,189
50,402
235,240
316,831
1,447,388
-
1,447,388
Monthly
8.00
1,985,804
7.72
1,191,724
1,939,937
12,378,050
15,509,711
55,912,803
31,860,420
87,773,223
Creditor Name
Total Financial Lease
Up to 1
month
1 to 3
months
3 to 12
months
Total
Current
1 to 5
years
5 or more
years
Total Noncurrent
Type of
amortization
Effective
rate
Amount of the
obligation payable
according to
contract conditions
115
Note 19 – Current and Non-current Trade and Other Accounts Payable
Current and non-current trade and other accounts payable are detailed as follows:
Dec-31-12
Class of liability
Trade payables
Miscellaneous payables
Other accounts payable
Total payables & other A/P
Up to 1
month
ThCh$
372,712,737
9,325,038
78,707,767
460,745,542
1 to 3
months
ThCh$
202,234,080
5,657,823
31,337
207,923,240
More than 3 up
to 12 months
ThCh$
45,056,014
3,063,458
46,922,092
95,041,564
Total
current
ThCh$
620,002,831
18,046,319
125,661,196
763,710,346
1 to 5
years
ThCh$
1,291,587
1,291,587
Total
non-current
ThCh$
1,291,587
1,291,587
Dec-31-11
Class of liability
Trade payables
Miscellaneous payables
Other accounts payable
Total payables & other A/P
Up to 1
month
ThCh$
337,717,987
3,427,978
46,961,595
388,107,560
1 to 3
months
ThCh$
173,908,971
3,516,316
306,291
177,731,578
More than 3 up
to 12 months
ThCh$
36,145,595
3,691,351
77,413,902
117,250,848
Total
current
ThCh$
547,772,553
10,635,645
124,681,788
683,089,986
1 to 5
years
ThCh$
4,410,861
4,410,861
Total
non-current
ThCh$
4,410,861
4,410,861
The balance of non-current payables mainly attributable to prepayment rights of operators of the Colombian
subsidiary of Mall Plaza,
The Company‘s main suppliers as of December 31, 2012 are detailed as follows. The average payment term of
all suppliers varies depending on each business and each country, and amounted to between 29 and 78 days at
the end of 2012.
Supplier name
Samsung Electronics Chile Ltda.
LG Electronics Inc. Chile Ltda.
Sony Chile Ltda.
Gerdau Aza S.A.
Compañía Siderúrgica Huachipato S.A. (CAP)
Cintac S.A.I.C.
Cía. Ind. El Volcán S.A.
Nestlé Chile S.A.
Unilever Chile S.A.
Industrias Ceresita S.A.
116
Note 20 – Current and Non-current Non-banking and Banking Services Provisions
a) Provisions established by the Company for the Non-banking Business corresponds to the following
concepts:
Provisions
Legal claims (contingencies) provision (1)
Dismantling, restoration costs (2)
Other provisions (3)
Total
Current
Dec-31-12
Dec-31-11
ThCh$
ThCh$
4,452,691
5,753,490
882,603
1,185,044
5,335,294
6,938,534
Non-current
Dec-31-12
Dec-31-11
ThCh$
ThCh$
642,123
556,284
642,123
556,284
b) Provisions established for Banking Services are detailed as follows:
Banking Services
Provisions
Legal claims (contingencies) provision (1)
Other provisions (4)
Total
Dec-31-12
ThCh$
329,716
3,825,272
4,154,988
Dec-31-11
ThCh$
243,974
2,246,303
2,490,277
(1)
Legal claims (contingencies) provision: correspond to real claims that have been defined by legal
advisors as with high probability of loss.
(2)
Dismantling, restoration costs and reinstatement: This dismantling policy is reviewed annually to
determine the reasonability of the estimated amounts or whether there are new amounts to be recorded
for new assets acquired or built.
(3)
Other provisions: correspond to other miscellaneous third party obligations, where there is a probability of
an outflow of resources.
(4)
Correspond to regulatory provisions required by the Chilean Superintendency of Banks.
117
a)
Movements for the period for the concept of current and non-current non-banking provisions are detailed as follows:
Provisions movements
Current
Additional provisions
Increase (decrease) in existing provisions
Changes in total provision
Final balance as of Dec31-12
Dismantling, restoration
cost
Legal claims provision
ThCh$
5,753,490
430,551
(1,111,624)
(619,726)
(1,300,799)
4,452,691
3,066,913
421,394
1,676,814
588,369
2,686,577
5,753,490
Noncurrent
ThCh$
-
Current
Non-current
ThCh$
ThCh$
556,284
79,480
17,654
(11,295)
85,839
642,123
635,224
16,702
(175,526)
79,884
(78,940)
556,284
-
Total
Other provisions
Current
ThCh$
1,185,044
(154,881)
(147,510)
(50)
(302,441)
882,603
563,272
275,603
384,239
(38,070)
621,772
1,185,044
Noncurrent
ThCh$
Current
-
ThCh$
6,938,534
275,670
(1,259,134)
(619,776)
(1,603,240)
5,335,294
3,630,185
696,997
2,061,053
550,299
3,308,349
6,938,534
Noncurrent
ThCh$
556,284
79,480
17,654
(11,295)
85,839
642,123
635,224
16,702
(175,526)
79,884
(78,940)
556,284
118
d) Movements for the period for the concept of Banking Services provisions correspond to:
Banking Services
Legal claims
provision
Other
Provisions
Total
Provisions movements
ThCh$
243,974
ThCh$
2,246,303
ThCh$
2,490,277
452,942
(320,975)
1,578,969
452,942
1,257,994
(46,225)
85,742
329,716
182,584
1,578,969
3,825,272
2,079,265
(46,225)
1,664,711
4,154,988
2,261,849
43,671
17,719
61,390
243,974
167,038
167,038
2,246,303
43,671
184,757
228,428
2,490,277
119
Note 21 – Current and Non-current Employee Benefits Provisions
a) Employee benefits included in the statement of income are detailed as follows:
Employee benefits expenses
Jan-01-12
Dec-31-12
Jan-01-11
Dec-31-11
ThCh$
ThCh$
Wages and salaries
Bonuses and other short-term benefits
Defined benefits obligation expense
Termination expenses
Other employee expenses
508,804,300 426,444,378
90,298,676 79,107,597
2,905,798
2,579,521
5,397,501
3,944,560
3,951,857
2,611,609
8,742,095
9,838,423
Employee expenses
620,100,227 524,526,088
Banking Services
Jan-01-12
Jan-01-11
Dec-31-12
Dec-31-11
ThCh$
ThCh$
Wages and salaries
39,894,926
33,541,801
Bonuses and other short-term benefits
11,806,749
9,750,294
Termination expenses
714,069
341,088
393,840
169,731
7,692,722
6,292,458
60,502,306
50,095,372
Employee benefits expenses
Other employee expenses
Employee expenses
b) Employee benefits balances are detailed as follows:
Vacation accrual
Profit sharing and bonuses
Defined benefits provision
Withholdings
Payroll
Other provisions
Total employee benefits
Current
Dec-31-12
Dec-31-11
ThCh$
ThCh$
27,623,401
23,846,852
25,230,056
21,915,270
1,225,423
722,688
16,816,336
15,596,758
2,637,957
4,065,742
4,916,936
4,454,619
78,450,109
70,601,929
Non-current
Dec-31-12
Dec-31-11
ThCh$
ThCh$
1,107,706
736,231
12,505,712
10,954,345
13,613,418
11,690,576
120
c) Defined employee benefits balances are detailed as follows:
Dec-31-12
ThCh$
Dec-31-11
ThCh$
Post-employment benefits provision, current
Post-employment benefits provision, non-current
1,225,423
12,505,712
722,688
10,954,345
Total benefits obligation
13,731,135
11,677,033
The Company has defined benefits plans with some of its employees. The reconciliation of the defined
benefits obligation, detail of expense for the year and main assumptions used to determine the obligation are
Reconciliation of defined benefits plan obligation present value
Beginning balance as of January 1,
Cost of current service defined benefits plan obligation (1)
Cost of interest on defined benefits plan obligation (1)
Defined benefits plan actuarial profits losses obligation (1)
Payment of defined benefits plan obligations
Defined benefits plan present value, final balance
Dec-31-12
ThCh$
Dec-31-11
ThCh$
11,677,033
9,803,074
1,207,470
755,730
942,598
(851,696)
1,104,541
313,419
1,161,561
(705,562)
13,731,135
11,677,033
The amount recorded in the statement of income amounted to ThCh$ 2,905,798 as of December 31, 2012
(ThCh$ 2,579,521 as of December 31, 2011),
(1)
Main Actuarial Assumptions Used in Defined Benefits Plans
Discount rate used
Salary increase expected rate
Employee turnover rate
Mortality table name
Other significant actuarial assumptions
3.045% BCU 15 years rate
1.78%
15.97%
RV-2009 provided by the SVS,
Legal ages of retirement by gender
d) Share-based payments:
At the Extraordinary Shareholders‘ Meeting held on July 23, 2007 the shareholders agreed on a
compensation plan for Company executives through granting of options to subscribe shares. These
executives can exercise their rights within a maximum period of 5 years.
At the Extraordinary Shareholders‘ Meeting held on April 28, 2009 the shareholders agreed on a new
compensation plan for Company executives through granting options to subscribe shares. These executives
can exercise their rights within a maximum period of 5 years.
At the Extraordinary Shareholders‘ Meeting held on April 26, 2011 the shareholders agreed on a new
compensation plan for Company executives through granting options to subscribe shares, these executives
121
can exercise their rights within a maximum period of 5 years.
Considering that the stock options will become irrevocable in a period of 5 years, the services will be received
by the Company during the same period and with the same progression, therefore the payroll expense shall
be accrued in the same period.
The charge to income recognized in the period ended as of December 31, 2012 was ThCh$4,345,697
(ThCh$ 2,781,340 for December 2011), with a credit to other reserves.
The main assumptions used to determine the fair value of the options recognized as a payroll expense in their
period of accrual are the following:
Plan 2007
Dividend yield (%)
Expected volatility (%)
Risk free interest rate (%)
Expected life of the option (years)
Weighted average price of share (Ch$)
Estimated percentage of cancellations
Period covered
Model used
Name of model
Plan 2009
1.14%
28.14%
6.38%
5
2,530.00
6%
09-15-07 /04-03-12
Binomial
Hull-White
1.84%
30.73%
4.64%
5
2,117.78
6%
09-15-09 /04-28-14
Binomial
Hull-White
Plan 2011
1.15%
31.14%
4.82%
5
4,464.80
6%
10-31-11 /06-30-16
Binomial
Hull-White
The expected life of the options is based on historical data and is not necessarily indicative of exercising
patterns that might occur. The expected volatility reflects the assumption that the historical volatility is
indicative of future tendencies, which might also not necessarily be the real result,
Movement of current options during the period, weighted average exercise prices of shares and average
contractual lives of current options as of December 31, 2012 are detailed as follows:
Share plans
Balance as of January 1,
Plan 2007
10,830,673
Plan 2009
18,505,671
Plan 2011
8,605,000
(66,660)
(10,764,013)
-
(1,056,667)
(1,618,662)
-
110,000
(580,000)
-
In circulation as of December 31, 2012
-
15,830,342
8,135,000
Can be exercised as of December 31, 2012
Weighted average contractual life (years)
-
1,871,139
1.3
3.4
Granted during the period
Paid during the period
Exercised during the period
Expired during the period
122
Note 22 – Other Current and Non-current Non-financial Liabilities
a) Other current non-financial liabilities are detailed as follows:
Detail of Other Current Non-financial Liabilities
Prepaid rent charged
Deferred income from customer loyalty programs (CMR points)
Advanced sales
Credit notes receivable
VAT fiscal debit
Total Current Other Non-financial Liabilities
Dec-31-12
ThCh$
1,455,079
10,181,069
36,948,215
1,595,063
42,581,802
9,787,627
102,548,855
Dec-31-2011
ThCh$
1,596,847
7,806,235
37,922,609
1,328,904
43,319,642
7,424,972
99,399,209
Dec-31-12
ThCh$
21,635,618
101,810
21,737,428
Dec-31-2011
ThCh$
20,601,181
91,759
20,692,940
b) Other non-current, non-financial liabilities are detailed as follows:
Detail of Other Non-current, Non-financial Liabilities
Guarantees and rent charged in advance
Other
Total Other Non-current, Non-financial Liabilities
123
Note 23 – Deposits and Other Time Deposits Banking Services
Deposits and other time deposits are detailed as follows:
Time deposits
Savings deposits
Total
Dec-31-12
Dec-31-11
ThCh$
ThCh$
1,117,232,871
777,589,109
80,779,048
56,424,951
1,198,011,919
834,014,060
124
Note 24 – Obligations with Banks - Banking Services
a) As of December 31, 2012 obligations with banks for Banking Services are detailed as follows:
Banking Services
Dec-31-12
Creditor name
SCOTIABANK (PERU)
SCOTIABANK (PERU)
INTERBANK (PERU)
INTERBANK (PERU)
COFIDE (PERU)
COFIDE (PERU)
COFIDE (PERU)
COFIDE (PERU)
COFIDE (PERU)
COFIDE (PERU)
FONDO MI VIVIENDA (PERU)
Total bank loans
Description of the
currency or
indexation
according to
contract conditions
(ISO 4217)
PEN
PEN
PEN
PEN
USD
USD
USD
PEN
PEN
PEN
PEN
PEN
USD
Amount of class of liabilities exposed to liquidity risk with expiration
Up to 1
month
4,278
4,100
1,617
322,470
332.465
1 to 3
months
7,996
7,996
2,665
141,198
78,443
78,462
627,167
943,927
3 to 12
months
1,932,260
1,884,307
1,935,753
1,884,831
35,984
35,984
11,995
282,225
156,792
235,188
2,822,250
11,217,569
1 to 5
years
144,773
156,771
64,896
156,825
1,257,295
1,780,560
5 or
more years
67,969
28,886
1,330,789
1,427,644
Total
Type of
amortization
193,031 Monthly
204,851 Monthly
149,142 Monthly
423,423 Quarterly
235,235 Quarterly
470,475 Quarterly
5,029,182 Monthly
28,886 Monthly
1,330,789 Monthly
15,702,165
Amount of the
obligation payable
according to
contract conditions
1,884,500
1,881,500
1,884,500
1,881,500
527,689
540,070
270,035
1,619,424
899,680
814,050
9,768,600
60,265
3,515,852
125
b) As of December 31, 2011 the detail is as follows:
Banking Services
Dec-31-11
Creditor name
SCOTIABANK (PERU)
SCOTIABANK (PERU)
SCOTIABANK (PERU)
SCOTIABANK (PERU)
CITIBANK DEL PERU
INTERBANK (PERU)
INTERBANK (PERU)
INTERBANK (PERU)
COFIDE (PERU)
COFIDE (PERU)
COFIDE (PERU)
COFIDE (PERU)
COFIDE (PERU)
COFIDE (PERU)
COFIDE (PERU)
BANCO GNB SUDAMERIS (COLOMBIA)
BANCO POPULAR (COLOMBIA)
BANCO BCSC S,A, (COLOMBIA)
Description of the
currency or
indexation
according to
contract conditions
(ISO 4217)
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
USD
USD
USD
PEN
PEN
PEN
PEN
PEN
PEN
USD
COL
COL
COL
COL
COL
COL
COL
Up to 1
month
4,635
4,449
1,745
326,327
-
1 to 3
months
2,028,969
4,036,909
2,437,721
1,612,807
8,684
8,684
2,895
80,592
644,233
-
3 to 12
months
2,015,667
4,040,961
1,947,869
1,617,384
39,079
39,079
13,026
80,527
580,043
322,246
322,253
2,899,050
1,247,637
2,753,617
2,740,621
2,740,621
4,095,148
1,362,448
1,362,448
1 to 5
years
205,250
205,068
69,294
435,032
241,685
483,379
5,159,481
-
5 or
more years
4,342
17,369
92,631
31,108
1,714,445
-
Total
2,028,969
2,015,667
4,036,909
4,040,961
1,947,869
2,437,721
1,612,807
1,617,384
261,990
274,649
179,591
161,119
1,015,075
563,931
805,632
9,029,091
31,108
1,714,445
1,247,637
2,753,617
2,740,621
2,740,621
4,095,148
1,362,448
1,362,448
Type of
amortization
At expiration
At expiration
At expiration
At expiration
At expiration
At expiration
At expiration
At expiration
Monthly
Monthly
Monthly
Quarterly
Quarterly
Quarterly
Quarterly
Monthly
Monthly
Monthly
At expiration
At expiration
At expiration
At expiration
At expiration
At expiration
At expiration
Amount of the
obligation payable
according to
contract conditions
1,932,700
1,932,700
3,865,400
3,865,400
1,932,700
2,319,240
1,546,160
1,546,160
521,056
521,056
260,528
966,350
1,739,430
966,350
966,350
11,596,201
61,905
3,611,527
1,220,065
2,700,000
2,700,000
2,700,000
4,050,000
1,350,000
1,350,000
126
Creditor name
BANCO DAVIVIENDA (COLOMBIA)
BANCO OCCIDENTE S,A, (COLOMBIA)
Total bank loans
Description of the
currency or
indexation
according to
contract conditions
(ISO 4217)
COL
COL
COL
COL
COL
COL
COL
COL
COL
COL
COL
Up to 1
month
337,156
1 to 3
months
10,861,494
3 to 12
months
8,175,172
1,362,484
2,725,729
2,449,189
5,418,240
1,352,341
2,704,465
2,702,201
2,701,984
1,350,826
270,216
61,432,571
1 to 5
years
6,799,189
5 or
more years
1,859,895
Total
8,175,172
1,362,484
2,725,729
2,449,189
5,418,240
1,352,341
2,704,465
2,702,201
2,701,984
1,350,826
270,216
81,290,305
Type of
amortization
At expiration
At expiration
At expiration
At expiration
At expiration
At expiration
At expiration
At expiration
At expiration
At expiration
At expiration
Amount of the
obligation payable
according to
contract conditions
8,100,000
1,350,000
2,700,000
2,430,000
5,400,000
1,350,000
2,700,000
2,700,000
2,700,000
1,350,000
270,000
127
Note 25 – Debt Instruments Issued - Banking Services
a) As of December 31, 2012 debt instruments issued – Banking Services are detailed as follows:
Dec-12
Type of instruments
Series B36
Series B60
Series G60
Series J24
Series G60
Series F24
Description of the
currency or
indexation according
to contract conditions
(ISO 4217)
COP
COP
COP
COP
COP
COP
Up to 1
month
1 to 3
months
3 to 12
months
1 to 5
years
5 or
more years
Total
-
-
18,868,165
18,980,494
-
6,336,021
21,696,604
8,410,650
32,359,827
-
18,868,165
6,336,021
21,696,604
18,980,494
8,410,650
32,359,827
Deposit Certificates
First issuance bonds Series A
Second issuance bonds Series A
First issuance bonds Series B
Second issuance bonds Series B
Subordinated bonds
PEN
PEN
PEN
PEN
PEN
UF
-
608,768
568,164
290,892
476,907
-
18,254,152
1,693,350
1,645,654
846,675
1,410,561
-
6,208,950
1,648,288
3,386,700
1,883,005
-
39,763,277
18,254,152
8,511,068
3,862,106
4,524,267
3,770,473
39,763,277
Regular bonds
Regular bonds
Regular bonds
Regular bonds
UF
UF
UF
UF
-
1,944,731
61,699,051
81,930,045
22,372,428
44,758,304
34,588,190
23,114,065
164,596,264
22,372,428
44,758,304
34,588,190
23,114,065
310,170,091
Total debt instruments issued
Type of
amortization
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
At
expiration
Quarterly
Quarterly
Quarterly
Quarterly
Biannual
At
expiration
Quarterly
Quarterly
Quarterly
Amount of the nominal
value of the obligation
payable according to
contract conditions
18,789,300
6,307,200
21,600,000
18,900,000
8,294,400
32,205,600
13,315,344
11,293,800
6,588,050
5,798,100
5,798,100
33,818,134
21,126,000
42,252,000
33,030,030
22,020,020
128
b) As of December 31, 2011 the detail is as follows:
Dec-11
Type of Instruments
Description of the
currency or indexation
according to contract
conditions (ISO 4217)
SeriesA36
SeriesB36
SeriesB60
SeriesG60
SeriesJ24
First Issuance Series A Bonds
Second Issuance Series A Bonds
First Issuance Series B Bonds
Second Issuance Series B Bonds
Deposit certificate
Subordinate bonds
Current bonds
Current bonds
Current bonds
Current bonds
Up to 1
month
COP
COP
COP
COP
COP
PEN
PEN
PEN
PEN
PEN
UF
UF
UF
UF
UF
Total debt instruments issued
c)
1 to 3
months
3 to 12
months
1 to 5
years
5 or
more years
Total
-
636,840
594,782
300,911
493,221
-
7,148,329
1,739,430
1,690,436
869,715
1,448,945
5,858,130
-
18,701,810
6,321,427
21,647,338
18,927,888
8,697,150
3,947,057
4,348,577
3,866,173
-
289,903
38,887,564
21,769,762
43,633,204
33,750,090
22,551,759
7,148,329
18,701,810
6,321,427
21,647,338
18,927,888
11,073,420
6,232,275
5,809,106
5,808,339
5,858,130
38,887,564
21,769,762
43,633,204
33,750,090
22,551,759
-
2,025,754
18,754,985
86,457,420
160,882,282
268,120,441
Type of
amortization
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
At expiration
Biannual
At expiration
Biannual
Biannual
Biannual
Amount of the
obligation payable
according to contract
conditions
7,082,111
18,609,086
6,287,959
21,534,109
18,842,387
11,596,201
6,764,451
5,798,101
5,798,101
5,798,101
33,818,134
21,126,000
42,252,000
33,256,221
22,153,380
As of December 31, 2011 the detail is as follows:
Mortgage letters
Liabilities with te public sector
Total
31-Dec-12
Th $
142,435,456
64,605,074
207,040,530
31-Dec-11
Th$
149,519,982
69,454,400
218,974,382
129
Note 26 - Other Bank Liabilities
Other liabilities – Banking Services are detailed as follows:
Other Liabilities
Suppliers and accounts payable
Dec-31-12
ThCh$
Dec-31-11
ThCh$
19,142,380
11,864,867
Deferred income from client fidelity
2,423,403
2,158,983
Associated commerce
6,533,124
6,806,437
302,946
108,901
Vacation accrual and employee benefits
3,032,358
2,582,523
Withholdings and other to employees
2,840,965
2,949,493
Income sharing (bonuses)
2,041,113
2,094,898
596,599
36,912,888
367,649
28,933,751
Prepaid interest
Other
130
Note 27 - Revenue from Continuing Operations
27.1 Revenue from Continuing Operations – Non-banking
a) The Company‘s revenues are detailed as follows:
Description
Income from sales of goods
As of Dec-31-2012 As of Dec-31-2011
ThCh$
ThCh$
5,005,494,167
4,371,869,928
Income from rental of investment properties
141,848,103
126,881,586
Interest income
299,725,670
275,859,058
44,371,810
36,078,648
5,491,439,750
4,810,689,220
Fees income
Total Income
b) Income from interest and fees related to the Company‘s Financial Retail business is detailed as
follows:
Concept
As of Dec-31-2012
As of Dec-31-2011
ThCh$
ThCh$
Interest from loans
299,725,670
275,859,058
Subtotal financial income
299,725,670
275,859,058
Fee income
13,426,370
10,806,137
Payment services fees
30,945,440
25,272,511
Subtotal fee income
44,371,810
36,078,648
344,097,480
311,937,706
Total income from interest and fees
131
27.2 Income from Ordinary Bank Activities
a)
The Company‘s income is detailed as follows:
Concept
As of Dec-31-2012
As of Dec-31-2011
ThCh$
ThCh$
Interest income
Fee income
Total Income
334,894,575
262,922,114
70,107,380
60,967,545
405,001,955
323,889,659
b) Income from interest and fees related to the Company‘s banking business is detailed as follows:
Description
As of Dec-31-2012
As of Dec-31-2011
ThCh$
ThCh$
Interest income
331,863,162
260,575,484
3,031,413
2,346,630
334,894,575
262,922,114
Fee income (1)
57,297,885
49,000,707
Payment services
12,809,495
11,966,838
Subtotal fee income
70,107,380
60,967,545
405,001,955
323,889,659
Other interest income
Subtotal interest income
Total income from interest and fees
(1)
Income from PAC, financial brokerage, accounts maintenance.
132
Note 28 – Cost of Continuing Operations
28.1 Cost of continuing operations – Non-banking Business
a) The Company‘s costs are detailed as follows:
Description
Cost of sales of goods and services (1)
Cost of sales financial entities
Cost of depreciation of investment properties and maintenance
Total cost of continuing operations – non-banking
As of Dec-31-2012
ThCh$
3,531,034,100
110,847,284
49,434,977
3,691,316,361
As of Dec-31-2011
ThCh$
3,077,085,319
62,203,365
41,435,810
3,180,724,494
Cost of sales of goods and services includes the cost of inventories, net realizable value provisions (both
disclosed in Note 8 Inventory). The remaining balance corresponds to the cost of sales of services.
(1)
b) Cost of sales non-banking financial entities of the Company‘s Financial Retail business is
composed detailed as follows:
Description
Interest cost
Other Costs of sales
Allowance for doubtful accounts and write-offs
Total cost of sales non-banking Financial Entities
As of Dec-31-2012
ThCh$
21,068,019
5,091,454
84,687,811
110,847,284
As of Dec-31-2011
ThCh$
10,969,875
5,262,763
45,970,727
62,203,365
c) Investment property costs are detailed as follows
As of Dec31--12
Th$
15,088,379
As of Dec-31-11
Th$
13,645,646
Maintenance and others
34,346,598
27,790,164
Total
49,434,977
41,435,810
Description
Depreciation
133
28.2 Continuing operations cost – Banking Services
Description
Interest and indexation expenses
Fees expenses
Credit risk provision
Total cost of continuing banking operations
As of Dec-31-2012
ThCh$
107,448,450
16,332,823
101,120,929
224,902,202
As of Dec-31-201
ThCh$
84,365,326
12,209,606
58,889,701
155,464,633
134
Note 29 – Administrative Expenses
Administrative expenses Non-banking Business
a)
Administrative expenses of the Non-banking Business are detailed as follows:
As of Dec-31-2012
ThCh$
As of Dec-31-201
ThCh$
620,100,227
80,301,907
117,995,518
37,893,068
7,201,844
23,663,436
524,526,088
60,419,773
108,086,299
35,802,685
7,381,698
21,094,295
11,459,707
10,070,690
29,245,625
70,624,044
23,361,460
2,374,735
20,748,539
17,012,959
24,165,509
54,993,196
18,770,419
2,071,564
22,714,038
1,061,983,069
890,096,254
Payroll
Rent and common expenses
Energy and water basic services
Computer services
Materials and supplies
Travel, accommodations and
transportation
Taxes, property taxes, patents, others
Fees, third party services
Maintenance and repairs
Communication
Uncollectibles Punto Com S,A, account(1)
Other
Total
(1)
See Note 4
Administrative expenses Banking Services
b)
Administrative expenses of Banking Services are detailed as follows:
As of Dec-31-2012 As of Dec-31-201
ThCh$
Employee remunerations and expenses
Other operating expenses
Total
ThCh$
60,502,307
65,632,477
10,546,391
6,706,473
50,095,372
61,060,470
8,049,068
4,445,928
143,387,648
123,650,838
135
Note 30 – Finance Costs and Indexation Units
a) Financing costs incurred by the Group as of December 31, 2012 and December 31 2011 are
As of
As of
Dec-31-12
Dec-31-11
ThCh$
ThCh$
Financial expenses, bank loans
22,529,028
22,466,433
Financial expenses, obligations and other loans
Description
35,947,760
32,424,193
Financial expenses, Financial leases
7,128,785
6,304,799
Financial expenses, swap and forward
4,772,765
317,562
Other financial costs
8,449,008
7,246,590
78,827,346
68,759,577
Subtotal interest costs
Expense from indexation units
Total finance expenses
23,374,981
32,358,245
102,202,327
101,117,822
136
Note 31 – Other Profits (Losses)
Other Non-banking Business profits (losses) are detailed as follows:
Description
Real estate leases (other than investment
properties)
Reversal of provisions
Insurance claims
Profit on sales of property, plant & equipment
Sinisters
Complaints and litigation
Donations
Loss from decrease in property, plant &
equipment accounts
Other expenses – income
Other Profits (Losses)
As of
Dec-31-12
ThCh$
As of
Dec-31-11
ThCh$
3,561,282
3,031,491
4,599,252
2,587,923
348,019
(601,724)
(4,605,374)
(596,046)
3,049,574
12,180,858
1,242,818
(1,113,951)
(2,480,110)
(825,015)
(775,064)
(222,261)
396,425
1,811,039
4,914,693
16,674,443
Effects of the earthquake
During 2011 all insurance corresponding to the effects of the earthquake of February 27, 2010 was recovered,
there were no significant differences in their recovery,
137
Note 32 – Earnings per Share
Basic earnings per share are calculated dividing net income attributable to the Company‘s shareholders by
the weighted average of common shares outstanding in the year, Diluted earnings per share include
incremental shares of share-based compensation plans assumed to have been exercised as of the date of the
statement of financial position,
Dec-31-12
Dec-31-11
371,060,080
423,046,166
Basic earnings (losses) per share
0.1536
0.1759
Diluted earnings (losses) per share
0.1521
0.1732
Weighted average number of shares, basic
Incremental shares of share-based compensation
plans
2,416,232,420
2,405,115,758
23,965,342
37,941,344
Weighted average of number shares, diluted
2,440,197,762
2,443,057,102
Profit (loss) attributable to holders of equity
instruments net of the controller
138
Note 33 – Financial Instruments and Financial Risk Management
The Group‘s main financial instruments which arise whether directly from its operations or from its financing
activities, comprise, among other things: bank loans and overdrafts, debt instruments with the public such as
bonds and commercial paper, derivatives, sales debts, lease agreements, short-term loans, loans granted
and others,
The different categories of financial assets and liabilities held by the Company are detailed as follows:
a) Non-banking Business:
Financial instruments by category
Financial assets
Total loans and accounts receivable
Hedging assets
Total financial assets
Financial liabilities
Financial liabilities at fair value by income
Financial liabilities measured at amortized cost
Hedging Liabilities
Total Financial Liabilities
Dec-31-12
Th$
Dec-31-11
Th$
20,707,358
1,386,128,350
7,671,081
1,414,506,789
32,225,233
1,385,699,759
7,356,702
1,425,281,694
Th$
Th$
2,126,381
2,768,682,004
2,770,808,385
145,162
2,470,002,535
2,470,147,697
Dec-31-12
Dec-31-11
Th$
Th$
b) Banking Services:
Financial assets
Financial assets held for sale
Total financial assets
277,278,831
163,871,354
1,712,831,227
1,483,333,682
1,993,650
17,022,941
1,992,103,708
1,664,227,977
Th$
Th$
2,801,133
14,218,180
1,854,318,848
1,505,453,139
1,857,119,981
1,519,671,319
139
c) Total assets and financial liabilities:
Dec-31-12
Dec-31-11
Th$
Th$
Financial assets
297,986,189
196,096,587
3,098,959,577
2,869,033,441
Financial assets held for sale
1,993,650
17,022,941
Hedge assets
7,671,081
7,356,702
3,406,610,497
3,089,509,671
Total Financial Assets
Th$
Th$
4,927,514
14,363,342
4,623,000,852
3,975,455,674
4,627,928,366
3,989,819,016
The book value of fnancial assets and liabilities is close to their fair value, except for certain long-term
financial obligations. The market value of the instruments is determined using future cash flows discounted at
current market rates as of financial statement closing. The fair value and book value of long-term financial
obligations are detailed as follows:
Dec-31-12
Loans that accrue interest
Obligations with the public
Dec-31-11
Carrying
amount
Market
value
Carrying
amount
Market
value
Th$
Th$
Th$
Th$
1,125,270,393 1,135,789,442
996,564,031
992,161,652
1,203,670,180 1,222,872,781 1,132,986,112 1,165,536,908
Derivatives:
The Company uses derivative financial instruments such as forward contracts and swaps for the exclusive
purpose of hedging risks associated with fluctuations in interest rates and exchange rates. A part of those
instruments qualifies for hedge accounting. The rest of the derivatives, although they fulfill a hedge role are
accounted for as for investment.
For hedge accounting purposes, hedges are classified as:

Fair value hedges when covering exposure to changes in the fair value of a recognized asset or
liability or an unrecognized firm commitment; or

Cash flow hedges when covering exposure to the variability of cash flows which are attributable to a
particular risk associated to a recognized asset or liability or a highly probable future transaction
which can affect income for the year; or
140

Hedges of a net investment in a foreign operation,
Hedges that comply with the strict hedge accounting criteria are accounted for as stated in IAS 39 ―Financial
Instruments: Recognition and Valuation‖.
Current derivative instruments as of December 31, 2012 were 22 currency swaps in the amount of ThCh$
310,969,557 and 217 currency forwards in the amount of ThCh$75,290,333. All these derivative instruments
add up to a contracted notional value of ThCh$386,259,890. As of December 31, 2012 there were 21
currency swaps amounting to ThCh$297,628,672 and 200 currency forwards amounting to
ThCh$110,854,886 which in total add up to a contracted notional value of ThCh$408,483,558.
Financial Risks
The main risks to which the Company is exposed and which arise from financial instruments are: market risk,
liquidity risk and credit risk. These risks are mainly generated by the uncertainty of financial markets.
Market Risks
The main market risks are those to which the Falabella Group is exposed to are exchange rate, interest rate
and inflation.
Exchange rate risk
The Company is exposed to three strong foreign currency sources, the first arising from commercial accounts
payable in foreign currency, the second from financial debt in currencies other than the functional currency of
each business and the third from investments abroad.
A portion of the products acquired for sale are imported and therefore denominated in foreign currency, which
generates exposure to the variation between the different local currencies in the countries where the group
operates, and the foreign currency, mainly the US dollar. As a product of the above, as of December 31,
2012 at a consolidated level the Company had accounts payable in US dollars amounting to MCh$76,789. To
cover this liability and future obligations in foreign currency, the Company had, as of December 31, 2012, a
hedge amounting to MCh$75,290, which generates a net book asset in US dollars of MCh$1,498. Taking into
account this exposure, a simultaneous appreciation of 8.5% in the Chilean peso, Peruvian sol, Colombian
peso and Argentine peso with respect to the US dollar keeping all the rest of the variables constant, would
result in a loss of MCh$127 for the Company. The percentage of devaluation of the currencies was
determined averaging the maximum theoretical devaluation that could be produced in a year in each of the
currencies with a 10% level of significance, which at a combined level represents a very improbable scenario,
taking into account a 3-year history.
In order to minimize the exposure to the fluctuations in the exchange rate, most of the debt is obtained in the
currency of the countries where the Company operates. As of December 31, 2012, 76.1% of the consolidated
financial debt was expressed in Chilean pesos (including that in UF), 10.2% in Peruvian soles, 7.5% in
Colombian pesos and 3.3% in Argentine pesos, all the above percentages net of hedges. As of that date
there was also a debt of MCh$ 37,565 of financial debt expressed in US dollars net of hedges (excluding
letters of credit whose effect is mentioned in the previous paragraph), which corresponds to 3.0% of the
group‘s consolidated financial debt. The existence of this debt in US dollars is due to favorable market
conditions at the time when it was entered into and is partially hedged with derivatives. Therefore our net risk
to the exchange rate of the financial debt expressed in US dollars as of December 31, 2012, was
MCh$37,565. Considering this risk, a devaluation of 14.6% in the Chilean peso as of December 2012 year
end with respect to the US dollar would result in a loss of MCh$5,666 for the Group. The percentage of
141
devaluation of the Chilean peso against the US dollar was determined averaging the maximum theoretical
devaluation that could be produced in a year with a level of significance of 10%, which represents a very
improbable scenario, taking a 3-year history.
The Company has investments in businesses in Peru, Argentina and Colombia. These investments abroad
are handled in the functional currency of each country. As a result of the above Falabella has, as of
December 30, 2012, an exposure in its balance sheet equivalent to $441,382 million in Peruvian soles,
$87,743 million in Argentine pesos and $173,498 million in Colombian pesos. Fluctuations in the exchange
rates of the different currencies in respect to the Chilean peso can affect the value of the net investment
abroad. Taking into account this risk existing as of December 31, 2012, a simultaneous devaluation of 14.4%
in the three foreign currencies mentioned above in respect to the Chilean peso, maintaining the rest of the
variables constant, would result in a loss of MCh$101,830 for the Company. The percentage of currency
devaluation was determined averaging the maximum theoretical devaluation that could be produced in a year
in each of the currencies in respect to the peso with a level of significance of 10%, which at a combined level
represents a very improbable scenario, taking a 3-year history,
Inflation risk
Due to the strong indexation of the Chilean capital market to inflation, a large part of the group‘s debt is
denominated in UF (monetary unit indexed to Chilean inflation). As of December 31, 2012, 44.1% of the
consolidated financial debt after derivatives was expressed in UF. The Company uses UF swaps to cover the
exposure, which as of December 30, 2012 amounted to MCh$266,987. When applying inflation of 3% a year
in Chile and maintaining all the rest of the variables constant, the effect on income from exposure of the
financial debt in UF, net of derivatives, to inflation would be a loss of approximately MCh$30,666.
Interest rate risk
Most of the debt is at a fixed interest rate in order to avoid exposure to fluctuations that might occur in variable
interest rates and which can increase financial expenses. As of December 31, 2012 at a consolidated level
and after derivatives, 95% of the Company‘s financial debt was at a fixed interest rate, 0.9% at a variable
interest rate and 4.1% corresponded to overdrafts and letters of credit which due to their term can be
considered to be at a variable interest rate.
In summary, as of December 31, 2012, after derivatives, $116,060 million or 5% of the principal of our
financial debt was subject to short-term fluctuations in the interest rates. A hypothetical increase of 100 base
points during an entire year in all variable interest rates, would generate a loss before taxes of $1,161 million.
Credit Risk
Credit risk is the risk of loss for the Group in case a client or other counterpart does not comply with their
contractual obligations. The main credit risk to which the Group is exposed concentrates on its operations
with credit cards and consumer loans. As of December 31, 2012 the total amount of gross credit card loans in
Chile and abroad, excluding Banco Falabella in Chile, Banco Falabella in Peru and Banco Falabella in
Colombia which are dealt with independently below, was MCh$1,132,106. The group‘s credit portfolio is quite
atomized without individual debtors with large amounts, which substantially mitigates credit risk.
The group‘s financial retail segment uses risk rating processes for acceptance of clients and determining
credit limits, as we as credit quality review processes of its clients for the early identification of potential
142
changes in payment capacity, taking of timely corrective actions and determination of real and potential
losses.
In addition, Banco Falabella Chile, Banco Falabella Peru and Banco Falabella Colombia are regulated by the
Superintendency of Banks and Financial Institutions of each country, which regulate and require the
implementation of worldwide standards of credit review systems and processes.
The retail and real estate segments do not have significant concentrations of credit risk since collection is
made fundamentally in cash or through credit cards.
Likewise, the Group limits its exposure to credit risk exclusively investing in highly liquid products and credit
rating.
Finally, all derivative operations performed by the group are with counterparts that have a certain minimum
level of risk rating, which in addition are subjected to a credit analysis by the Company before entering into
any operation.
143
Maximum Exposure to Credit Risk
The Company‘s maximum exposure to credit risk, without considering guarantees, as of December 31, 2012
and December 31, 2011, is detailed below:
Maximum exposure
Dec-31-12
ThCh$
Dec-31-11
ThCh$
Cash equivalents
569,589,518
409,567,898
Time deposits
Money market securities
Operations on net liquidation process (bank subsidiaries)
Other cash and cash equivalents
81,188,088
164,174,720
3,142,179
321,084,531
25,970,220
114,589,452
1,559,974
267,448,252
Financial assets at fair value with changes in income
169,709,210
113,051,951
Shares
Other
346
130,009,743
39,699,121
346
82,940,034
30,111,571
1,206,369,024
1,162,050,456
175,084,350
56,518,760
53,834,425
920,931,489
152,694,427
48,093,356
42,803,568
918,459,105
Current trade and other accounts receivable
Trade accounts receivable, net
Notes receivable, net
Miscellaneous receivables, net
Financial accounts receivable, net
Current accounts receivable from related companies
1,731,157
906,386
Loans and accounts receivable from clients, Banking Services
1,712,831,227
1,483,333,682
Loans and accounts receivable from clients, net
Owed from banks
1,712,831,227
-
1,467,337,177
15,996,505
Non-current trade and other accounts receivable
177,875,284
222,367,279
Trade accounts receivable, net
Notes receivable, net
Miscellaneous receivables, net
Financial accounts receivable, net
8,490,909
1,177,457
3,377,563
164,829,355
5,232,802
3,866,763
1,910,005
211,357,709
152,885
375,638
3,838,258,305
3,391,653,290
Non-current accounts receivable from related companies
Total
144
Liquidity Risk
The Company has a series of tools to limit liquidity risk. These include maintaining enough cash and cash
equivalents to cover obligations in their normal operations. Additionally Falabella and its main subsidiaries
have bank financing alternatives available such as overdrafts and loans, as well as the possibility of quickly
accessing short-term debt instruments in the capitals market through registered lines of bonds and
commercial paper.
The atomization and diversification of the loan portfolio and its control mechanisms contribute to maintaining
expected cash flows receivables within adequate ranges.
All the above provides the company with sufficient alternatives and sources of financing to face its operating
and financial obligations.
The detail of contractual expiries of loans that accrue interest, separated into principal and interest payable is
ThCh$
1 year
2 years
3 years
4 years
5 years
More than 5
years
Principal
555,566,910
384,060,854
225,131,192
150,843,403
140,685,547
818,712,501
Interest
103,872,784
80,405,516
54,711,525
56,530,716
39,287,358
308,616,285
Expiration of other financial liabilities is detailed in Note 20 other current and non-current financial liabilities,
Minimum Capital Requirements banking subsidiaries
Banco Falabella Chile
According to the General Banking Law, the Bank must maintain a minimum ratio of Consolidated Assets Cash
to Equity Risk Weighted 8%, net of provisions required, and a minimum ratio of Basic Capital to Total
Consolidated Assets of 3%, net of provisions required. To this end, the regulatory capital is determined from
Capital and Capital Reserves or Basic with the following settings:
a. Subordinated bonds are added a cap of 50% of core capital and
b. Deducted, the balance of the assets relating to goodwill or premiums paid, and investments in companies
that do not participate in the consolidation.
Total Consolidated assets
Basic Capital
% Basic Capital/total assets consolidated
Total Risk-Weighted Consolidated Assets
Effective equity consolidated
% Effective equity consolidated./Wigthed consolidated Assets
Dec-31-12
Dec-31-11
$
$
1,541,912,339,585
1,301,608,143,431
125,545,067,603
118,613,227,337
8.14%
9.11%
1,075,474,114,640
936,711,957,448
161,661,248,439
155,497,396,135
15.03%
16.60%
145
Banco Colombia
According to the legislation in Colombia, the minimum amount of capital that should be credited to request the
establishment of entities under the control and supervision of the Banking Superintendency, with the
exception of insurance intermediaries, is forty-five thousand and eighty-five million dollars ($ 45,085,000,999)
for banking institutions. The amounts to be automatically annually adjusted in the same direction and vary the
percentage by which the consumer price index to provide the DANE. As of December 31, 2012 the minimum
amount of capital (including reserves and retained earnings) which must establish the Banco Falabella
Colombia is Col $ 75,549500000. Colombia Bank's equity at December 31, 2012 totaled $
223,355,998,769.79 Col (Th$ 60,626,697 in Chilean pesos at December 31, 2012).
Total Consolidated assets
Basic Capital
Dec-31-12
Dec-31-11
COP$
COP$
$ 3,465,709,961,248
$ 3,042,660,234,009
$ 218,122,357,278
$ 164,166,698,759
6.29%
5.40%
$ 1,507,535,279,207
$ 1,336,976,478,954
$ 218,122,357,278
$ 164,166,698,759
14.47%
12.28%
% Basic Capital/total assets consolidated
Total Risk-Weighted Consolidated Assets
Effective equity consolidated
% Effective equity consolidated./Wigthed consolidated Assets
Banco Falabella Peru
Legislation in Peru requires effective equity must be equal or greater than 10% of contingent assets and total
risk-weighted corresponding to the sum of: (i) the capital requirement for market risk multiplied by 10, (ii) the
capital requirement for operational risk multiplied by 10, and (iii) contingent assets weighted for credit risk.
This calculation must include any exposure or active in local or foreign currency.
As of December 31, 2012 and 2011, pursuant to Legislative Decree No. 1028, the Bank had the following
amounts relating to assets and risk weighted contingent loans and cash assets (basic and supplemental),
Assets and Total Risk-Weighted credit
Effective equity
Effective Basic equity (Level 1)
Effective supplementary equity (Level 2)
Ratio of total capital on effective equity
2012
S/.(000)
2,879,711
417,655
386,609
31,045
14.50%
2011
S/.(000)
2,242,449
343,163
319,659
23,505
15.30%
Banco Falabella Chile
The risk management of Banco Falabella Chile has allowed the organization to determine what level of risk it
can and is willing to accept, aiming to increase the value of the institution for the shareholders and fulfill its
objectives. The risk according to its analysis is divided into four categories; Credit Risk, Liquidity Risk, Market
Risk and Operating Risk.
146
Credit Risk:
The values of the credit risk exposure faced by the bank as of December 31, 2012 are detailed as follows:
Assets Weighted by Credit Risk (APRC)
MCh$ 1,075,474.-
Credit Risk Exposure (Basil Limit 8%) (ERC)
MCh$ 86,038.-
Effective Shareholders‘ Equity (PE)
MCh$ 161,661.-
Leeway
MCh$ 74,732.-
Liquidity risk:
Liquidity risk is understood to be the temporary breach existing between cash flows payable and receivable,
both in local currency, indexed currency and foreign currency.
Liquidity risk bank book according to mismatch subject to limit:
Mismatch of 1 to 30 days (Liabilities – Assets)
MCh$ -25,293.-
Maximum limit (1 time Basic Capital)
MCh$ 125,250.-
Leeway (1 to 30 days)
MCh$ 150,543.-
Mismatch of 1 to 90 days (Liabilities - Assets)
MCh$ 156,995.-
Maximum limit (2 times the Basic Capital)
MCh$ 250,499.-
MThCh$ 93,504
The Company has several alternatives for obtaining short-term resources, such as interbank lines, direct
financing with individuals and financing through institutional investors and companies.
Market risk:
Market risk considers interest rate risk, indexation risk and currency risk.
a) Indexation and interest rate risk
Interest rate risk corresponds to exposure to losses caused by adverse changes in market interest rates
which affect the value of instruments, contracts and other operations recorded in the balance sheet.
Indexation risk is the exposure to losses caused by adverse changes in the units or indexation indexes
defined in local currency in which the instruments, contracts and other operations recorded in the balance
sheet are expressed,.
The values of those risks as of December 31, 2012, both for the negotiation book and the bank book are
147
Negotiation book
Exposure to interest rate risk
MCh$ 952
Bank Book
Short-term:
Exposure to Indexation Risk (asset)
MCh$ 2,174
Exposure to Interest Rate Risk (asset)
MCh$ 8,929
Maximum limit (20% of margin)
MCh$ 21,842
Available margin
MCh$ 10,740
Long-term:
Exposure to Interest Rate Risk (asset)
MCh$ 21,255
Maximum limit (30% of effective equity)
MCh$ 48,410
Available margin
MThCh$ 27,155
b) Currency Risky
Currency risk corresponds to the exposure to losses caused by adverse changes in the value of foreign
currencies, in which instruments, contracts and other operations recorded in the balance sheet are expressed,
Exposure as of December 31, 2012 is as follows:
Exposure to Currency Risk
MCh$ 3
Operating risk (ERO)
The Bank has adequate tools to mitigate Operating Risk through identification and monitoring of critical
processes, establishing control mechanisms that allow the Company to detect and act on risks affecting
results.
Risk Exposure Limit Summary
In no case can the sum of exposures to credit risk, interest rate risk of the negotiation book and currency risk
exceed the Bank‘s effective equity.
As stated in the previous paragraph, the bank has the following ratios:
Effective equity (PE)
MCh$ 161,661
Exposure to credit risk (ERC)
MCh$ 86,038
Exposure to interest rate risk of the negotiation book
MCh$ 952
Exposure to currency risk
MCh$ 3
% of effective equity (PE)
53.81 %
Available margin
MCh$ 74,668
148
Banco Falabella Peru
Risk management of Banco Falabella Peru has allowed the organization to determine what level of risk it can
and is willing to accept, trying to increase the value of the institution for the shareholders and fulfill their
objectives. The risk according to its analysis matter is divided into four categories: credit risk, liquidity risk,
market risk and operating risk.
Credit Risk:
The following shows the values of the exposure to credit risk faced by the bank as of December 31, 2012:
Credit risk weighted assets (APRC)
MCh$ 452,167
Exposure to credit risk (limit 10% effective equity)*
MCh$
45,217
MCh$
78,611
Leeway
MCh$
33,394
Liquidity risk:
Liquidity risk is understood to be the temporary breach existing between cash flows payable and receivable,
both in indexed domestic currency and foreign currency.
Liquidity risk Bank Book by mismatch subject to a limit:
Mismatch of 1 to 30 days (liabilities – assets)
MCh$
-68,774
Maximum limit (1 times effective equity)
MCh$
78,611
MCh$
147,385
Mismatch of 1 to 90 days (liabilities - assets)
MCh$ -121,103
Maximum limit (2 times effective equity)
MCh$ 157,222
MCh$ 278,324
The Company has different alternatives for obtaining short-term resources, such as interbank lines, direct
financing with individuals and financing through institutional investors and companies.
149
Market risk:
Market risk considers interest rate risk, indexation risk and currency risk.
a) Interest rate and indexation risk
Interest rate risk corresponds to the exposure to losses caused by adverse changes in market interest rates
which affect the value of instruments, contracts and other operations recorded in the balance sheet.
Indexation risk corresponds to the exposure to losses caused by adverse changes in the indexation units or
indexes defined in the local currency in which the instruments, contracts and other operations recorded in the
balance sheet are expressed,
The following shows the values of those risks as of December 31, 2012, both for the negotiation book and the
bank book:
Negotiation book
Exposure to interest rate risk
MCh$
0,-
Exposure to Indexation risk (asset)
MCh$
0
Exposure to interest rate risks (asset)
MCh$
1,025
Maximum limit (5% of effective equity)
MCh$
3,931
Available market
MCh$
2,906
Bank Book
Short-term:
b) Currency risk
Currency risks correspond to exposure to losses caused by adverse changes in the value of foreign
currencies, in which the instruments, contracts and other operations recorded in the balance sheet are
expressed. Exposure as of December 31, 2012, is as follows:
Exposure to currency risks
MCh$ 163
150
Operating risk (ERO)
The Bank has adequate tools to mitigate operating risk through identifying and monitoring critical processes,
establishing control mechanisms to allow detection and acting on risks that affect income. Exposure as of
December 31, 2012, is detailed as follows:
Exposure to operating risk
MCh$
8,822
In no case can the sum of exposures to credit risk, interest rate risk of the negotiation book and to currency
risk, can exceed the Bank‘s effective equity.
As stated in the previous paragraph, the bank has the following ratios:
MCh$ 78,611
Basic effective equity (Level 1)
MCh$ 72,767
Basic effective equity (Level 2)
MCh$
MCh$ 45,217
Exposure to interest rate risk of the negotiation book
MCh$
0
Exposure to currency risks
MCh$
163
Exposure to operating risk
MCh$
8,822
68.95%%
Available margin
MCh$ 24,409
Total risk weighted assets and loans
MCh$ 542,018
Ratio of global capital over effective equity (PE)
14.50%
5,843
151
Banco Falabella Colombia
Risk management at Banco Falabella Colombia is framed on an integral risk management system that is
articulated with the goals of the business, seeking achievement of objectives outlined in matters of profitability
under a tolerable risks scenario. The risk according to its matter of analysis is divided into four categories:
credit risk, liquidity risk, market risk and operating risk.
The figures that are presented below are in millions of Colombian pesos.
Credit Risk:
Exposure to credit risk values faced by the Bank as of December 31, 2012 is detailed as follows:
Credit risk weighted assets (APRC)
MCh$ 409,198
Exposure to credit risk (legal limit Colombia 9%) (ERC)
MCh$ 36,828
MCh$ 59,206
Leeway
MCh$ 22,378
Liquidity risk:
Liquidity risk is the breach existing between cash flows payable and receivable in legal Colombian currency,
and where these flows are considered keeping in mind that they are contractual and adjusted to the
conditions of Banco Falabella in Colombia.
Currently this risk at Banco Falabella Colombia was measured using the Standard Model of the Financial
Superintendency of Colombia. This model contemplates contractual income and expense flows as well as the
Bank‘s liquid assets for horizons of 7 and 30 days.
Liquidity risk indicator at 7 days (IRL)
MCh$ 25,882
Liquidity risk indicator at 30 days (IRL)
MCh$ 20,461
Minimum limit (both bands)
MCh$ 0
Both at 7 and at 30 days Banco Falabella has sufficient resources for the normal performance of the entity
and for its growth. In addition, the entity has various sources of funding both massive (deposits from the
public) and at a sector level (bonds, lines of credit with banks) that allow it to leverage in case it requires
liquidity.
Market risk:
Colombian regulations contemplate market risk as the possibility of incurring losses associated to a potential
decrease in the value of the portfolios of the entities, and drops in the value of administrated collective
portfolios or funds, due to the effect of changes in the price of the financial instruments in which positions
within or outside the balance sheet are held,.
In the case of Banco Falabella Colombia the risk of decreased value of collective portfolios is considered, as
is the interest rate risk associated to short-term public debt investments and the exchange rate risk which are
152
attached the foreign currency positions. Collective portfolios in which the Bank maintains investments, are of
low market risk and in addition allow immediate availability of the resources invested. On the other hand, the
investments that compose the public debt portfolio represent a moderate level of interest rate risk, since their
term is less than two years and they are highly liquid in the Colombian market, while foreign exchange
resources are considered as a provision for the payment of foreign currency obligations with suppliers.
Exposure to interest rate market risk
MCh$ 308
Exposure collective portfolios market risk
MCh$
Exposure exchange rate risk
MCh$
22
Exposure to market risk
MCh$
352
23
Operating risk
The Bank has an Operating Risk Management System (SARO) in the framework of current standards, which is
supported by a clear risk management methodology. Stages have been defined which have an adequate logic and
whose main support is the constant interaction with all executives, managing to direct management toward key areas in
accordance with the processes and characteristics of the business.
The operating risk management methodology is based on a systematic focus (by stages) that involves from
identification of risks to analysis and measurement to monitoring and effective control which allows the
performance of mitigation work on the risks affecting the Bank‘s income.
In no case can the sum of exposures to credit risk and market risk be higher than the Bank‘s effective equity.
As stated in the previous paragraph, the Bank has the following ratios:
MCh$ 59,206
MCh$ 36,828
Exposure to market risk
MCh$
62.80%
Available margin
MCh$ 22,206
352
153
Undiscounted assets
Description
Currency
CURRENT ASSETS
Cash and cash equivalents
Indexed Ch$
Non-indexed Ch$
US dollars
Other Currencies
Financial investments (net)
Indexed Ch$
Non-indexed Ch$
Other currencies
Other Financial assets
Non-indexed Ch$
US dollars
Other currencies
Trade and other accounts receivable (net)
Non-indexed Ch$
US dollars
Other currencies
Financial accounts receivable (net)
Indexed Ch$
Non-indexed Ch$
US dollars
Other currencies
Notes receivable (net)
Indexed Ch$
Non-indexed Ch$
Other currencies
Miscellaneous receivables (net)
Indexed Ch$
Non-indexed Ch$
US dollars
Other currencies
Non-indexed Ch$
US dollars
Other currencies
Inventory (net)
Non-indexed Ch$
US dollars
Other currencies
Current tax accounts receivable
Indexed Ch$
Non-indexed Ch$
Other currencies
Prepayments
Non-indexed Ch$
US dollars
Other currencies
Other assets
Indexed Ch$
Non-indexed Ch$
Other currencies
Non-current Assets classified as held for sale and discontinued operations
Other currencies
Amount
12/31/2012
ThCh$
375,145,536
6,963,414
318,260,103
2,773,412
47,148,607
138,273,918
26,684,052
95,162,003
16,427,863
1,839,027
330,580
3,834
1,504,613
147,221,489
128,228,999
1,983,667
17,008,823
1,062,367,470
156,910,947
172,053,010
4,371,390
729,032,123
36,885,806
1,214,396
35,185,579
485,831
25,822,199
1,591,073
15,785,098
660,481
7,785,547
46,664,872
45,025,023
1,617,362
22,487
412,156,463
290,076,446
8,435,778
113,644,239
26,479,668
2,703,249
15,305,064
8,471,355
7,577,229
5,212,415
393,226
1,971,588
23,071,295
20,340,581
422,719
2,307,995
4,902,070
4,902,070
Amount
12/31/2011
ThCh$
299,586,773
18,080,328
251,938,369
7,809,412
21,758,664
18,926,809
17,022,941
1,903,868
457,822
356,721
101,101
131,082,750
109,777,735
526,214
20,778,801
936,072,507
151,702,929
164,860,788
2,980,034
616,528,756
34,011,505
2,696,001
30,913,838
401,666
18,324,386
42,755
7,406,852
1,474,453
9,400,326
60,092,166
59,330,917
761,249
349,857,982
221,734,342
8,908,426
119,215,214
13,433,235
2,254,662
4,625,800
6,552,773
5,794,614
3,415,677
440,421
1,938,516
17,217,393
9,861,832
589,112
6,766,449
-
154
NON-CURRENT ASSETS
Financial investments
Other currencies
Non-indexed Ch$
Trade and other accounts receivable (net)
Non-indexed Ch$
Other currencies
Financial accounts receivable (net)
Indexed Ch$
Non-indexed Ch$
US dollars
Other currencies
Notes receivable (net)
Indexed Ch$
Non-indexed Ch$
Miscellaneous receivables (net)
Indexed Ch$
Non-indexed Ch$
US dollars
Other currencies
Investments in associates accounted for using the equity method
Other currencies
Goodwill
Non-indexed Ch$
Other currencies
Intangible assets (net)
Non-indexed Ch$
Other currencies
Property, plant and equipments (net)
Non-indexed Ch$
Other currencies
Investment properties (net)
Non-indexed Ch$
Other currencies
Deferred tax assets
Non-indexed Ch$
Other currencies
Other assets
Indexed Ch$
Non-indexed Ch$
US dollars
Other currencies
Prepayments
US dollars
Other currencies
9,990
9,990
117,500
117,500
12,076,979
12,076,979
720,621,736
339,171,709
371,902,127
114,646
9,433,254
2,354,914
1,177,457
1,787,852
163,804
1,624,048
75,670,720
75,670,720
45,866,578
40,415,819
5,450,759
24,005,007
20,216,366
3,788,641
458,406,860
303,463,256
154,943,604
1,731,032,987
1,687,990,086
43,042,901
23,047,576
17,490,512
5,557,064
17,944,609
183,626
10,001,523
731,047
7,028,413
4,392,467
4,287,681
104,786
60,000
60,000
113,396
113,396
764,169,188
287,633,674
312,581,402
16,565,743
147,388,369
1,065,610
893,834
171,776
1,853,907
286,516
114,624
347,623
1,105,144
62,557,735
62,557,735
45,919,951
40,415,819
5,504,132
21,390,672
17,607,553
3,783,119
396,899,950
255,030,853
141,869,097
1,584,631,002
1,559,235,924
25,395,078
20,923,646
15,890,409
5,033,237
27,846,170
1,096,125
16,653,213
778,800
9,318,032
4,947,079
4,668,156
278,923
155
Undiscounted liabilities
Description
Up to 90 days
Type of Currency
CURRENT LIABILITIES
ThCh$
Indexed Ch$
Non-indexed Ch$
US dollars
Other currencies
Obligations with the public (promissory notes)
Other currencies
Other currencies
Obligations with the public – current portion (bonds)
Indexed Ch$
Non-indexed Ch$
Other currencies
Indexed Ch$
Non-indexed Ch$
US dollars
Other currencies
Non-indexed Ch$
US dollars
Other currencies
Dividends payable
Non-indexed Ch$
Accounts payable to related entities
$ reajustables
$ no reajustable
US dollars
Other currencies
Provisions
Non-indexed Ch$
Other currencies
Post-employment benefits obligation
Amount
358,917,953
2,669,727
245,716,607
30,653,836
79,877,784
22,605,995
11,140,000
11,465,995
37,156,301
16,674,128
20,482,173
548,026,931
49,353,577
368,827,184
30,663,657
99,182,513
331,037,718
201,081,683
18,480,561
111,475,474
55,549,678
412,094
42,520,008
4,641,928
7,975,648
2,999,452
379,670
2,619,782
18,867,602
Dec-31-12
From 91 days
to 1 year
Average
Amount
annual
interest rate
ThCh$
3.84%
3.51%
3.48%
21.07%
2.15%
5.37%
57,508,481
12,466,095
2,849,767
768,237
41,424,382
6,112,556
6,112,556
112,791,641
15,597,682
9,087,803
88,106,156
316,873,056
24,527,003
183,294,224
19,757,630
89,294,199
102,623,473
3,023,511
133,736
99,466,226
18,997,527
18,997,527
15,508,275
1,620,439
12,613,833
1,274,003
18,326,514
Average
annual
interest
rate
1.16%
6.30%
3.68%
21.07%
3.20%
5.47%
Up to 90 days
Amount
ThCh$
279,227,283
2,810,302
160,017,258
7,444,671
108,955,052
15,853,625
15,853,625
7,635,871
1,048,225
6,587,646
347,678,854
45,020,205
230,684,669
15,553,059
56,420,921
367,456,415
184,025,650
26,301,903
157,128,862
13,898,633
6,446,973
7,451,660
2,473,073
2,473,073
40,655,465
Dec-31-11
From 91 days
to 1 year
Average
Amount
annual
interest
rate
ThCh$
4.34%
2.11%
1.16%
20.15%
7.28%
141,998,280
12,714,574
12,983,104
1,630,663
114,669,939
7,243,601
7,243,601
118,452,896
45,117,595
10,787,507
62,547,794
196,529,230
18,354,691
94,049,900
11,811,042
72,313,597
107,231,751
4,289,000
7,683,564
95,259,187
27,301,398
27,301,398
10,808,553
10,808,553
13,902,677
Average
annual
interest
rate
1.28%
3.47%
1.16%
20.15%
3.37%
2.70%
156
Description
Up to 90 days
Type of Currency
CURRENT LIABILITIES
Amount
ThCh$
Indexed Ch$
Non-indexed Ch$
Other currencies
Current tax accounts payable
Non-indexed Ch$
Other currencies
Deferred income
Non-indexed Ch$
US dollars
Other liabilities
Non-indexed Ch$
US dollars
Other currencies
631,875
6,790,169
11,445,558
4,231,797
373,030
3,858,767
27,732,355
16,080,926
11,651,429
28,240,702
13,225,285
15,015,417
Dec-31-12
From 91 days
to 1 year
Average
Amount
annual
interest rate
ThCh$
1,179,699
15,712,573
1,434,242
176,237
176,237
847,390
188,826
658,564
-
Average
annual
interest
rate
Up to 90 days
Amount
ThCh$
404,681
6,027,737
34,223,047
3,181,691
754,271
2,427,420
28,127,499
18,545,811
9,581,688
22,349,016
9,748,551
18,712
12,581,753
Dec-31-11
From 91 days
to 1 year
Average
Amount
annual
interest
rate
ThCh$
Average
annual
interest
rate
678,483
11,871,919
1,352,275
1,000,494
359,139
641,355
-
157
NON-CURRENT LIABILITIES
Type of
Currency
Indexed Ch$
Non-indexed Ch$
US dollars
Other currencies
Obligations with the public (bonds)
Indexed Ch$
Non-indexed Ch$
Other currencies
Indexed Ch$
Non-indexed Ch$
US dollars
Other currencies
Non-indexed Ch$
Other currencies
Accounts payable to related entities
Indexed Ch$
Non-indexed Ch$
Other currencies
Provisions
Indexed Ch$
Non-indexed Ch$
US dollars
Post-employment benefits obligation
Indexed Ch$
Non-indexed Ch$
Other currencies
Deferred income
Non-indexed Ch$
Other currencies
Other liabilities
Indexed Ch$
Non-indexed Ch$
Other currencies
1-3 years
amount
ThCh$
397,061,757
86,490,783
189,228,895
22,423,469
98,918,610
250,392,503
72,964,312
35,056,615
142,371,576
105,367,328
6,380,456
41,299,437
13,368,673
44,318,762
31,668,261
902,162
30,766,099
4,855,264
2,944,260
1,911,004
5,009,641
5,009,641
788,713
788,713
213,998,015
213,495,811
502,204
5,735,773
5,679,976
55,797
19,344,586
7,633,276
11,670,540
40,770
Average
annual
interest
rate
2.53%
2,99%
7,55%
3.85%
4.78%
6.40%
Dec-31-12
Average
3- 5 years
annual
amount
interest
ThCh$
rate
210,801,097
126,700,420
3.06%
40,825,300
165,678
7.54%
43,109,699
7.72%
92,616,489
63,692,335
3.78%
334,564
4.78%
28,589,590
6.57%
58,391,744
6,038,785
45,128,809
4,025,780
3,198,370
821,763
821,763
51,889
51,889
-
More than
5 years
amount
ThCh$
166,958,927
82,314,683
26,331,100
1,867,366
56,445,778
984,668,408
773,412,080
211,256,328
251,806,577
28,158,248
210,431,094
13,217,235
17,579,864
17,579,864
155,135
155,135
11,748,920
11,748,920
-
Average
annual
interest
rate
1.30%
8.14%
8.02 %
2.47%
1-3 years
amount
ThCh$
356,847,798
41,719,517
178,100,847
24,028,070
112,999,364
287,003,171
65,939,612
42,195,014
178,868,545
112,345,068
12,702,937
65,113,202
13,321,459
21,207,470
17,815,409
1,170,655
16,644,754
3,020
3,318,622
3,318,622
449,671
449,671
179,793,257
179,683,271
109,986
4,278,206
4,199,036
79,170
18,541,507
9,219,651
7,886,105
1,435,751
Average
annual
interest
rate
1.36%
7.36%
3.84%
4.78%
Dec-31-11
Average
3- 5 years
annual
amount
interest
ThCh$
rate
148,976,910
103,508,095
2.79%
269,144
7.24%
45,199,671
7.66%
120,062,918
41,916,129
3.77%
13,719,980
4.78%
64,426,809
44,288,558
6,617,503
33,908,251
2,692,093
1,070,711
252,976
252,976
-
More than
5 years
amount
ThCh$
179,819,517
116,025,421
2,617,061
61,177,035
975,353,141
657,916,862
317,436,279
248,260,806
39,176,426
200,740,997
8,343,383
28,208,410
25,023,404
3,185,006
110,527
110,527
10,195,649
10,195,649
1,411,193
1,411,193
-
Average
annual
interest
rate
158
1.67%
8.83%
7.67%
2.20%
Note 34 – Capital
a) Objectives, policies and processes that the Company applies to manage capital
SACI Falabella maintains adequate capital ratios, in order to support and provide continuity and stability to its
business. In addition, the Company continuously monitors its capital structure and that of its subsidiaries, in
order to maintain an optimal structure that allows it to reduce capital cost.
The Group monitors capital using an index of net consolidated financial debt (excluding the businesses that
develop the banking line of business) over equity. As of December, 2012 the aforementioned index was 0.5.
The Company has Feller-Rate and Fitch Ratings credit rating, detailed as follows:
Feller-Rate
Fitch Ratings
Shares
1ª C.N. 2
Nivel 2
Bonds and lines of bonds
AA
AA
Commercial paper
AA / Niv.1+
AA / F1+
b) Capital and number of shares
As of December 31, 2012 the Company‘s capital is composed in the following manner:
Number of shares
Series
Single
Detail
No. of shares to 12/31/11
No. of paid shares on the year
No. of shares to 12/31/12
No, of subscribed
No, of paid
No, of shares
Shares
shares
with voting rights
2,418,751,412
2,418,751,412
2,418,751,412
No. of shares
2,406,368,737
12,382,675
2,418,751,412
159
Capital
Serie
Subscribed capital
Paid-in capital
ThCh$
ThCh$
529,966,655
529,966,655
Single
c) Other reserves, for the period ended as of December 31, 2012 and the year ended as of December
31, 2011 are detailed as follows:
Other reserves
Conversion reserve
Cash flows hedge reserve
Share-based payments reserve
Price-level restatement capital adjustment
Other reserves
Other reserves, Total
Evolution of other reserves
Balance December 31, previous year
Conversion reserves
Hedge reserves
Share-based payments reserve
Other reserves(1)
Total annual variation
Other reserves, final balance
Dec-31-12
ThCh$
(52,327,229)
(4,622,774)
18,261,010
12,256,323
(74,732,934)
(101,165,604)
Dec-31-11
ThCh$
(39,627,043)
(2,219,397)
13,915,313
12,256,323
1,749,814
(13,924,990)
Dec-31-12
ThCh$
(13,924,990)
(12,700,186)
(2,403,377)
4,345,697
(76,482,748)
(87,240,614)
(101,165,604)
Dec-31-11
ThCh$
(73,571,352)
56,754,315
110,707
2,781,340
59,646,362
(13,924,990)
On December 13, 2012 the Holding bought 119.123.419 shares of Falabella PERU S.A.A. equivalent to a 6.24%
participation in the subsidiary. The price paid was ThCh$103,203,568 generating other reserves for ThCh$ 76,482,748
(1)
d)
Dividends policy
On April 24, 2012 the General Ordinary Shareholders‘ Meeting, approved distribution of final dividends
consisting in paying Ch$40 per share with a charge to net income for 2011. The mentioned dividend began
payment as of May 9, 2012.
On October 30, 2012, the distribution of interim dividends was approved, paying $30 per share against net
income for 2012. Such dividend began payment on November 14, 2013.
160
e) Contributed surplus
During the period ended as of December 31, 2012 contributed surplus was generated in the amount of
ThCh$33,034,783. During the year ended as of December 31, 2011 contributed surplus was generated in the
amount of ThCh$5,587,846.
f)
Capital increase with issuance of shares (historical values)
During the period ended as of December 31, 2012, 12,382,675 shares were subscribed and paid, which
generated a capital increase of ThCh$2,713,137 and contributed surplus of ThCh$33,034,783.
Date
January
March
April
June
July
August
September
October
November
December
Total
No. of shares
subscribed
4,971,675
3,333,002
2,601,003
381,333
404,330
100,000
104,167
85,832
64,666
336,667
12,382,675
No. of shares
Paid
4,971,675
3,333,002
2,601,003
381,333
404,330
100,000
104,167
85,832
64,666
336,667
12,382,675
Capital increase
ThCh$
1,089,332
730,286
569,899
83,553
88,591
21,911
22,824
18,806
14,169
73,766
2,713,137
During the year ended as of December 31, 2011, 2,077,665 shares were subscribed and paid, which
generated a capital increase of ThCh$455,232 and contributed surplus of ThCh$5,587,846.
Date
January
April
May
June
August
September
October
November
December
Total
No. of shares
subscribed
63,333
605,000
246,666
100,000
50,000
52,000
280,000
128,333
552,333
2,077,665
No. of shares
Paid
63,333
605,000
246,666
100,000
50,000
52,000
280,000
128,333
552,333
2,077,665
Capital increase
ThCh$
13,877
132,560
54,046
21,911
10,955
11,394
61,350
28,119
121,020
455,232
161
Note 35 – Financial Information by Segment
General description of segments and their measurement
The Company‘s operating segments have been determined in accordance with the main business activities
that the group develops and which are regularly reviewed by senior management, in order to measure
performance, evaluate risks and allocate resources, and for which there is available information. In the
process of determining reportable segments, certain segments have been grouped because they possess
similar economic characteristics. The information that the Company‘s management regularly examines
corresponds to income of each of the operating segments in Chile and the consolidated income of each of the
operations of subsidiaries abroad.
Management reports and those that emanate from the Company‘s accounting use the same policies
described in the accounting criteria note and there are no differences at a total level between the
measurement of income, assets and liabilities of the segments, in respect to the accounting criteria applied.
Inter-segment eliminations are disclosed at a total level; therefore inter-segment transactions and income are
disclosed at the value of the original transaction in each segment.
Falabella develops its activities in the following business segments:
a) Department stores: This segment operates under the Falabella brand and its activities are the sale of
varied range of products including retail sales of clothing, accessories and products for the home,
electronics, beauty products and others.
b) Home improvement: This segment operates mainly under the Sodimac brand and its activities are the sale
of building and home improvement products, including building materials, hardware, tools, accessories for
kitchen, bathroom, garden and decoration, among other things.
c) Supermarkets: This segment operates using the hypermarkets and supermarkets format under the Tottus
brand, offering products in the categories of food and other non-food.
d) Promotora: The Promotora segment mainly operates in the business of granting loans to individuals
through the CMR credit card.
e) Real estate: Operates in the real estate segment through the construction and leasing of malls. The most
important subsidiary is the Mall Plaza Group in Chile.
f) Other Businesses & Eliminations Chile, inter-segment annulments: include the rest of the companies of the
group, which contemplate among others the industrial area, Corredora de Seguros de Chile, of investments
and eliminations.
In addition the consolidated operations of the following subsidiaries abroad have been defined as
segments:
g) Argentina: has activities in the department store, home improvement and financial retail areas.
162
h) Colombia: has activities in the department stores, and financial retail area, for the segment information
purposes Banco Falabella S,A, is shown in the Banking Business.
i) Peru: is the only foreign country in which the Group operates in all the business areas that Chile maintains,
For information by segment purposes, Banco Falabella Peru is shown in the Banking Business.
j) Banking Business: includes information on all Banking Business, in Chile and abroad.
Although the Argentina, Colombia and Peru segments include some or all of the segments identified for Chile,
these are disclosed in this manner because business management is measured using these groups.
The portfolio of group clients is highly atomized and there are no individual clients that are significantly
representative.
The information disclosed in each segment is presented net of eliminations corresponding to transactions and
income between the companies. Inter-segment income and transactions are eliminated at a total level, and
form part of the group‘s final consolidated figures. This form of presentation is the same one used by
management in the processes of periodic review of the Company‘s performance.
Revenues from Chile real estate segment for an amount of ThCh$218,911,068 at December 2012
(ThCh$202,265,433 at December 2011), corresponds to the total revenue charged from third and related
parties of real state in Chile, instead in note 14 j) are presented the lease incomes charged to third parties for
all the real estate Falabella companies
163
non-banking business
Department
stores Chile
Home
improvement &
building
materials Chile
Supermarkets
Chile
CMR
Promoter
Chile
Real estate
Chile
Department
stores Peru
Home
improvement &
building materials
Peru
Supermarkets
Peru
Other
businesses &
eliminations
Peru
Department
stores
Argentina
CMR
Argentina
Other
businesses &
eliminations
Argentina
Department
stores
Colombia
Other
businesses &
eliminations
Colombia
Other
businesses &
eliminations
Chile, intersegment
annulments
Total non-banking
business
Banking business
December 31, 2012
1,144,163,132
1,591,852,055
463,579,949
302,305,385
218,911,068
446,419,338
247,050,588
415,519,507
12,399,645
391,418,666
44,538,987
(4,178,494)
284,961,871
13,747,275
(81,249,221)
5,491,439,750
Total operating costs
(818,004,689)
(1,133,748,192)
(354,395,749)
(181,944,111)
(47,699,696)
(317,434,624)
(184,771,848)
(317,442,308)
12,266,837
(234,092,717)
(22,426,464)
(93,459)
(205,156,084)
(1,688,955)
115,315,698
(3,691,316,361)
6,404,928
2,355,894
5,851
1,603,912
2,802,282
153,517
262,026
386,277
(131,941)
94,326
421,671
(118,732)
(6,717,959)
7,522,051
(4,630,430)
(11,320,299)
(865,593)
(1,904,528)
(42,650,629)
(4,472,079)
(1,873,275)
(4,473,385)
(4,585,607)
(6,927,105)
(6,680)
(4,184,091)
(146,932)
(14,161,694)
(102,202,327)
Total segment interest income,
net
1,774,498
(8,964,405)
(859,742)
(300,616)
(39,848,347)
(4,318,562)
(1,611,249)
(4,087,109)
(4,717,548)
(6,832,779)
(6,680)
(3,762,420)
(265,664)
(20,879,653)
(94,680,276)
amortization
(14,510,127)
(25,057,960)
(12,528,378)
(24,301,915)
(9,432,015)
(4,953,484)
(10,898,379)
(2,493,284)
(6,532,681)
(189,728)
(171,916)
(7,940,859)
(235,653)
(13,837,518)
(133,083,897)
Income before taxes
35,633,075
102,836,098
56,923
73,019,912
115,090,770
36,216,836
14,868,540
15,400,005
14,501,513
6,863,403
5,122,257
(1,383,613)
6,912,551
20,248,584
48,350,291
493,737,146
Total income tax income
(expense)
(7,612,406)
(19,002,215)
728,641
(12,471,545)
(48,972,912)
(12,270,987)
(4,621,251)
(5,076,944)
(4,121,344)
458,417
(1,703,366)
(3,121)
(283,073)
(1,477,054)
(10,768,001)
(127,197,160)
segment
27,912,187
82,296,788
785,564
60,548,367
64,789,376
23,945,850
10,247,289
10,323,061
8,779,973
7,321,820
3,418,891
(10,183,890)
6,629,478
13,081,738
18,350,816
328,247,308
882,452
2,537
(520)
1,734,104
16,954,520
512,601
20,085,694
receivable
Inventory
24,743,583
137,915,769
4,055,357
144,792,337
290,076,446
31,986,736
106,617,753
161,171,860
301,282
71,371,141
814,793,240
158,516,143
14,741,006
333,417
597,557,825
3,776,636
2,648,484
4,932,273
6,163,865
13,420,177
80,024,503
53,408,863
36,311,126
4,917
69,921,153
89,256,391
39,672,384
123,214,361
106,838,174
141,137
2,583,021
1,731,032,987
452,124,837
721,244,111
136,621,106
1,056,817,462
41,090,959
91,154,554
130,661,142
190,754,845
111,502,446
198,360
256,108,411
19,047,466
567,724
123,154,277
26,765,513
33,935,640
30,038,405
56,604,453
181,968,091
741,411,679
115,676,671
98,829,770
61,340,615
334,894,575
(63,653,074)
(29,438,644)
(14,356,732)
(107,448,450)
Banking fee income
18,536,168
25,752,530
25,818,682
70,107,380
(6,406,372)
(3,298,674)
(6,627,777)
(16,332,823)
123,200,912
91,844,982
66,174,788
281,220,682
(4,697,199)
(3,595,090)
(2,254,102)
(10,546,391)
Income before taxes
19,411,709
26,379,535
12,557,565
58,348,809
(2,289,673)
(8,123,491)
(5,122,873)
(15,536,037)
17,122,036
18,256,044
7,434,692
42,812,772
1,016,075
679,053
176,380,026
121,357,875
(11,125,799)
55,367,712
29,540,286
1,206,369,024
52,154,531
4,333
3,707,695
762,392,640
103,907,301
(3,711,137)
177,875,284
264,032,310
91,612,078
1,075,344
42,777,024
1,483,181,464
(1,488,103)
1,745,895,892
78,810,705
286,963,029
6,338,505,812
73,261,756
5,821,435
135,636,671
125,990,882
554,711,146
64,578,485
763,710,346
273,853,348
1,448,357,171
215,633,671
40,272,186
(186)
36,938,475
10,087,617
20,919,104
7,080,564
5,087,946
68,857,571
177,520,530
45,558,013
28,485,950
48,538,295
3,108,394
40,644,179
20,916,337
765,229,089
34,077,985
15,402,828
34,499,635
45,817,390
25,366,598
3,556,047
1,153,564,856
148,104,512
61,064,736
127,704,912
(74,282,195)
101,733,084
104,046,886
(6,458,723)
104,367,246
(560,238)
(64,303,554)
3,254,469,725
(238,542,400)
(14,241,641)
(5,578,075)
(33,173,645)
(7,233,342)
(16,414,348)
(741,082)
(144,862)
(17,240,522)
(776,667)
(128,806,681)
(611,333,920)
586,519
2,414,291
43,930,323
2,109,522
27,961,008
308,383,101
446,332,847
103,360,576
(45,078,880)
(72,229,746)
(31,132,029)
40,625,153
187,050,384
50,526,076
23,677,261
232,286,272
163,106,606
4,626,189
1,733,578
21,004,438
2,634,865
40,220,709
(3,704,943)
1,806,117
19,068,531
9,966,277
32,396,981
786,399,341
(77,139,292)
(68,609,878)
(30,909,276)
(4,753,905)
(332,681,652)
20,544,461
3,261,764
(25,751,683)
(57,847,396)
(18,653,700)
(807,685)
488,163
(16,922,295)
(880,338)
22,392,247
(588,270,465)
(91,547,171)
26,985,114
12,942,844
(229,688,555)
202,594,010
(24,928,110)
(5,930,594)
1,461,714
53,278,897
(11,916,391)
2,855,071
(2,276,182)
(2,122,335)
678,435
(54,333,674)
(121,946,927)
94,812,680
363,445
14,894,484
213,614,465
13,246,521
277,278,831
1,040,205,488
404,559,570
268,066,169
1,712,831,227
18,683,072
8,522,589
7,726,576
34,932,237
1,473,894,036
519,811,895
307,007,930
2,300,713,861
1,900,837
1,900,837
825,109,097
256,534,256
116,368,566
1,198,011,919
1,341,619,342
325,124,537
243,633,024
1,910,376,903
segments
(8,633,737)
(4,934,915)
(5,204,920)
(18,773,572)
97,030,818
84,734,784
(35,859,575)
145,906,027
(8,625,720)
(2,920,662)
(16,443,359)
(27,989,741)
(20,188,298)
(67,661,028)
59,167,888
(28,681,438)
Other non-current financial
liabilities
363,445
1,128,229
5,303,833
49,988,584
Trade and other accounts
payable
Total Banking
business
174,724,190
4,912,662
16,351,008
2,514,100,990
Total share of associates and
joint ventures accounted for
using the equity method
46,637,657
Banking
business
Colombia
Total share of the entity in
income of associates and joint
equity method
Banking
business Peru
December 31, 2012
Total income from ordinary
activities
Banking
business Chile
164
non-banking business
Department
Stores Chile
Home
improvement &
building
materials Chile
Supermarkets
Chile
CMR Promoter
Chile
Real estate
Chile
Department
stores Peru
Home
improvement &
building materials
Peru
Supermarkets
Peru
Other businesses
& eliminations
Peru
Department
stores
Argentina
CMR
Argentina
Other
businesses &
eliminations
Argentina
Department
stores
Colombia
Other
businesses &
eliminations
Colombia
Other
Businesses &
eliminations
Chile, intersegment
annulments
Total non-banking
business
Banking business
December 31, 2011
1,073,627,343
1,393,722,623
394,707,487
280,457,096
202,265,433
384,097,836
193,196,255
319,304,029
11,754,819
356,056,874
31,000,697
(4,704,211)
228,934,581
10,291,163
(64,022,806)
4,810,689,220
Operating costs
(767,683,299)
(992,146,820)
(305,082,519)
(139,656,297)
(44,492,102)
(269,972,208)
(142,784,922)
(245,715,151)
11,216,811
(218,374,657)
(15,504,096)
193,093
(161,003,832)
(816,658)
111,098,163
(3,180,724,494)
7,284,023
4,118,987
103,328
3,370,216
2,101,200
100,839
63,249
355,698
(76,814)
56,136
622,632
(409,396)
(10,664,595)
7,025,502
(5,361,831)
(7,864,033)
(445,817)
(1,080,898)
(46,512,364)
(3,911,637)
(1,541,978)
(3,379,918)
(4,911,036)
(8,403,802)
(3,151)
(3,047,424)
(77,672)
(14,576,261)
(101,117,822)
1,922,192
(3,745,046)
(342,489)
2,289,318
(44,411,164)
(3,810,798)
(1,478,729)
(3,024,221)
(4,987,850)
(8,347,666)
(3,151)
(2,424,792)
(487,068)
(25,240,856)
(94,092,320)
(14,078,562)
(24,336,388)
(10,592,863)
(22,309,050)
(7,548,396)
(4,803,494)
(9,082,653)
(3,184,258)
(6,399,238)
(268,526)
(7,115,484)
(162,149)
(11,670,641)
(121,731,945)
Non-banking finance
expenses
Total segment interest
income, net
Total segment depreciation
and amortization
(180,243)
Income before taxes
43,761,743
106,447,760
(115,826)
116,971,210
95,545,474
38,071,685
11,552,404
8,883,630
10,221,557
9,431,408
931,936
(352,835)
9,788,908
12,851,159
54,502,720
518,492,932
Total income tax income
(expense)
(8,223,478)
(20,618,996)
94,140
(21,821,059)
(13,388,593)
(12,269,580)
(3,654,195)
(2,935,378)
(2,841,575)
(304,560)
(244,900)
(20,170)
(2,899,283)
(712,693)
(9,437,886)
(99,278,206)
Total profit (loss) for the
reported segment
35,483,886
84,287,433
(21,686)
95,150,151
80,442,582
25,802,105
7,898,209
5,948,252
5,672,736
9,126,848
687,036
(8,719,630)
6,889,625
7,506,594
18,434,335
374,588,475
Current trade and other
accounts receivable
Inventory
483,166
16,184,162
119,777,131
2,840,117
148,811,115
221,734,342
27,939,015
Property, plant and
equipment
391,867
94,453,725
131,413,714
795,316,294
204,392,824
64,375,042
333,417
33,155,764
24,573
6,443
601,675,762
117,601,158
1,080,110,361
10,721,040
1,876,608
3,563,628
7,582,206
11,430,491
74,940,637
41,522,476
28,399,337
5,126
85,692,414
165
560,427,446
87,524,273
3,055,937
40,129,150
106,877,632
1,584,631,002
421,325,288
907,325
3,783,192
11,077,799
104,212,744
118,367,519
166,847
251,677,300
18,651,148
579,759
103,860,715
145,471,335
81,921,032
35,529,747
262,922,114
(52,327,221)
(23,942,310)
(8,095,795)
(84,365,326)
Banking fee income
15,379,334
22,133,026
23,455,185
60,967,545
(5,518,255)
(1,972,967)
(4,718,384)
(12,209,606)
634,947
761,039
188,055,550
55,507,948
356
36,132,328
201,024,442
130,179,337
(27,679,402)
12,588,030
78,138,781
46,170,753
227,314,727
(3,972,904)
(2,979,573)
(1,096,591)
(8,049,068)
Income before taxes
29,896,452
26,441,800
6,998,687
63,336,939
(4,468,685)
(8,202,424)
(2,208,139)
(14,879,248)
segment
25,427,767
18,239,376
4,790,548
48,457,691
Other current financial
liabilities
Trade and other accounts
payable
43,258,358
1,162,050,456
42,465,072
1,417
4,258,199
675,769,150
(2,026,424)
222,367,279
161,773,489
Loans and accounts receivable from
clients (banks)
901,017,245
81,719,312
612,199
33,407,540
1,360,179,417
(1,488,103)
1,601,517,448
154,607,417
44,657,586
280,584,457
5,860,274,097
49,388,602
5,308,834
110,061,027
122,024,728
435,741,245
82,382,195
683,089,986
331,811,367
1,344,398,152
5,900,431
53,275,803
2,468,578
63,740,512
17,215,960
38,088,508
7,711,832
18,074,209
17,254,051
23,646,179
61,755,547
110,356,563
176,340,162
46,507,830
25,945,387
43,975,864
41,776,366
21,375,257
37,680,500
3,623,766
37,286,050
28,507,783
202,152,005
570,650,901
23,158,874
20,563,662
41,455,280
51,023,836
30,331,003
9,993,342
791,898,975
937,660,341
148,095,327
58,608,168
113,735,899
(48,247,227)
121,678,202
115,289,860
(17,306,426)
88,382,788
(8,697,024)
(110,100,355)
2,915,768,600
(142,443,733)
(9,141,828)
(6,707,532)
(24,006,098)
(11,568,822)
(11,092,151)
(243,397)
(68,428)
(11,078,766)
(461,019)
(36,903,521)
(342,514,329)
Other non-current financial
liabilities
28,054,416
4,584,907
2,338,127
498,997
1,179,746
5,475,110
53,297,237
445,483
103,005,193
amortization
Total share of associates
and joint ventures accounted
for using the equity method
Total Banking
business
Banking interest and indexation
expenses
3,568,393
18,374,549
2,257,086,179
Banking
business
Colombia
Banking interest and indexation
income
Total share of the entity in
income of associates and
joint ventures accounted for
using the equity method
Banking
business Peru
December 31, 2011
Total income from ordinary
activities
Banking
business Chile
31,530,371
(6,536,235)
35,203,466
287,034,092
352,640,086
85,095,895
Disbursement of nonmonetary segment assets,
total segments
(21,879,444)
(52,396,385)
(14,523,205)
Segment operating cash
flows
(19,750,629)
120,997,342
19,166,614
78,436,616
159,670,078
469,405,518
231,252,129
383,973,396
(1,065,127,031)
15,932,743
(25,025,287)
(83,419)
15,278,779
(4,830,417)
152,577,010
531,873,442
Segment investing cash
flows
108,126,906
(45,770,732)
(14,218,268)
9,474,028
(168,544,075)
(22,664,692)
(11,512,432)
(23,678,790)
5,367,913
(16,042,191)
(209,564)
5,752,315
(10,997,225)
(8,429,784)
(84,144,623)
(277,491,214)
Segment financing cash
flows
(87,396,578)
(70,638,908)
(3,316,194)
(84,615,432)
(4,275,643)
20,121,280
508,955
13,065,598
(5,816,874)
2,120,240
26,528,354
(5,788,846)
7,795,918
6,672,230
(65,789,961)
(250,825,861)
87,690,120
8,110,934
178,105,226
2,097,865
163,871,354
329,305,466
237,014,466
1,467,337,177
13,581,277
8,914,452
4,843,956
27,339,685
1,226,543,287
434,534,029
256,459,871
1,917,537,187
equity method
Deposits and other time deposits
(banks)
82,304,172
498,997
2,018,986
2,018,986
585,574,183
171,404,424
77,035,453
834,014,060
1,100,051,238
252,646,558
210,452,413
1,563,150,209
(5,610,882)
(4,937,796)
(4,491,266)
(15,039,944)
44,203,882
20,272,986
(92,810,044)
(28,333,176)
(5,600,974)
(6,146,245)
(7,625,924)
(19,373,143)
64,678,447
6,307,687
103,338,341
174,324,475
165
Ordinary income from external clients determined according to the country of domicile of the entity by
geographic area is as follows:
Detail of information in geographic areas (presentation)
Dec-31-2012
Income from ordinary activities of external clients, country of domicile of
the entity
3,832,822,726
Income from ordinary activities of external clients, all foreign countries
2,063,618,979
Ordinary income generated by geographic area, outside the country of domicile of the entity is detailed as
follows:
Dec-31-2012
Information on significant income from activities
Area
Ordinary income
Ordinary income
Peru
Argentina
Income
1,245,971,377
431,779,159
Ordinary income
Colombia
385,868,443
The distribution of non-current assets by geographic area is detailed as follows:
Amount of non-current assets
Dec-31-2012
Amount of non-current assets, country of domicile of the entity
4,122,903,553
Amount of non-current assets, all foreign countries
805,530,000
The distribution of non-current significant assets by geographic area, outside the country of domicile of the
entity is detailed as follows:
Dec-31-2012
Amount of assets ,
Description of
attributed to a
geographic area, assets
foreign country
Peru
367,503,899
Investment properties (net)
Peru
16,351,008
Non-current financial accounts receivable (net)
Peru
110,477,376
Argentina
Non-current financial accounts receivable (net)
Argentina
5,303,833
Colombia
100,413,998
Information on significant assets, attributed to a foreign country
51,683,712
166
Note 36 – Contingencies, Lawsuits and Other
a)
Lawsuits
a.1 The parent company and its subsidiaries have lawsuits filed against them or administrative matters whose
resolution is pending in the respective courts or corresponding administrative instances. The Company has
established provisions to reflect possible unfavorable contingencies of the company whose amount is not
material. In those cases where the complaints or matters have little probability of prospering and which
should be resolved in favor of the Company, no provisions have been made. Complaints or other matters as
of December 31, 2012 are detailed as follows:
Nature of
lawsuits
Civil
Consumer
Labor
Tax
Other
Case
number
405
481
427
41
31
Amount of lawsuit in
ThCh$
8,424,913
3,532,317
6,784,457
8,531,226
1,133,902
Accounting Provision
ThCh$
187,324
485,483
962,641
1,708,098
980,141
a.2 In relation to ―tax‖ matters we emphasize the situation of subsidiary Saga Falabella S,A,, since as a
consequence of the review of income tax returns from 2000 to 2005, the Peruvian subsidiary Saga Falabella
S.A. received from the National Tax Administration Superintendency (SUNAT or ―Superintendencia Nacional
de Administración Tributaria‖) the final determination and assessment of penalties related to general sales tax
and income tax for fiscal years 2000 to 2005, for a total restated amount of Soles 38,159,115 (ThCh$
7,179,637).
As of December 31, 2012, the subsidiary Saga Falabella S.A. in coordination with its external legal counsel,
has recorded a provision related to contingences for internal taxes audits and on payment settlement related
to merchandise royalties imported for approximate sum of Soles 5,613,897 (ThCh$ 1,056,255) which is
presented as part of trade and other accounts payable of the balance sheet.
We report that on August 23, 2012, according to Notification No. 270 issued by the Internal Revenue Service,
Chilean subsidiary Promotora CMR Falabella S.A. was notified of Settlement No. 145 to 148, which amounted
to Ch$8,033,839, including indexations and interest.
Also, on December 28, 2012, according to Notification No. 436 issued by the Internal Revenue Service,
Promotora CMR Falabella S,A, was notified of the settlement No. 214-217, corresponding to the tax period
2010 and tax period 2011, which amounted to ThCh$ 41,223,270, including adjustments and interest.
These settlements mainly question the manner in which the Company makes write downs of their
uncollectable debtors. Analyzing the background and rationale of the settlement, the Board of the Company
167
agreed to appeal the claim before the competent tax judge, arguing agains the final judgement. According to
the opinion of the Company‘s attorneys, there is a high probability that the complaint will be accepted,
On September 23, 2011 the company Inversiones Accionarias Limited filed a recovery action against Plaza
Oeste S.A., for the recovery of land measuring 1,005,80 square meters, located in the south western sector
of the land on which Mall Plaza Norte is built, in addition to requesting mutual benefit, damage and results
payments in and undetermined amount. The value of the litigation is uncertain. Currently the trial is in the
settlement stage, and in the opinion of our lawyers, there is not enough evidence to make provisions for this
claim.
According to the opinion of the Company‘s attorneys, there is a high probability that the claimwill be accepted.
b)
Effects of fire from Mall Plaza Trebol on February 2012.
On February 24, 2012 a fire occurred that affected the Mall Plaza Trebol located in Concepcion, Region VII
and owned by subsidiary Plaza del Trebol mainly affecting the Ripley department store, and some locals of
the food court. The security protocol was activated immediately with no injury to regret. Plaza Del Trebol S.A.
subsidiary counts with insurance that has been duly activated and covering the damage of assets and
business interruption losses suffered by the company for claims of this nature. To date, is working on
repairing the affected areas in order to achieve the early normalization. On December 2012 the Company
has recorded the losses not covered by the insurance with charge on results under the line of Other expenses
by function.
c)
Other
As of December 31, 2012, there are losses recoverable amounting to ThCh$7,666,581, corresponding to
physical damage coverage by fire at Plaza del Trébol Mall and in the amount of ThCh$ 40,392 corresponding
to accounts receivable for the concept of loan insurance in Falabella Peru.
As of December 31, 2012 Falabella Argentina has provided customs guarantees in the amount of ThCh$
120,136.
As of December 31, 2012, Sodimac Chile has guaranteed checks received amounting to ThCh$ 2,182,267.
As of December 31, 2012, Falabella Peru has guaranteed assets amounting to ThCh$ 54,397,386.
As of December 31, 2012, Falabella Financiero (Promotora CMR) maintains from the concept of
Securitization the following amounts: a) Cash and Cash equivalent ThCh$ 2,610,254 and b) financial
accounts receivable ThCh$ 156,740,574.-
168
Note 37 – Guarantees Committed and Obtained from Third Parties
a)
Guarantee deposits received
As of December 31 2012, the Company has current guarantee deposits received amounting to ThCh$
11,957,199, which mainly guarantee the correct execution of works under construction and faithful compliance
with contracts.
b)
Guarantee deposits provided
As of December 31 2012 the Company has provided guarantees amounting to ThCh$ 22,319,228.
c)
Direct guarantees: the guarantees in which S.A.C.I. Falabella is a direct guarantor of the debt are
Guarantee creditor
BANCO ESTADO
BANCO ESTADO
Debtor name
FALABELLA S.A. (ARGENTINA)
SACI FALABELLA
Relationship
SUBSIDIARY
PARENT
COMPANY
Type of
guarantee
GUARANTOR
DIRECT
Balances pending payment as of
the FS closing date
Dec-31-2012
ThCh$
21,198,089
ThCh$
Dec-31-2011
ThCh$
23,000,906
-
27,079,775
27,079,775 are
d) Indirect guarantees: guarantees directly management by subsidiaries with financial institutions
detailed as follows,
Guarantee creditor
SCOTIABANK (PERU)
SCOTIABANK (PERU)
BBVA BANCO CONTINENTAL
BANCO DE CRÉDITO E INVERSIONES
(CHILE) DE CRÉDITO E INVERSIONES
BANCO
(CHILE)
SCOTIABANK
(PERU)
SANTANDER CHILE
SANTANDER CHILE
BANCO DE CHILE
BBVA S.A. NY BRANCH
BBVA S.A. NY BRANCH
BBVA S.A. NY BRANCH
BBVA S.A. CHILE
HSBC
HSBC
HSBC
HSBC
Debtor name
((PERU)
FALABELLA
PERU S.A.A
HIPERMERCADOS TOTTUS ERÚ)
BANCO FALABELLA (PERU)
Beneficiario *CORPORATE S.A.
SHEARVAN
FALABELLA RETAIL S.A.
(PERU)
FALABELLA
RETAIL S.A.
Relationship
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
SUBSIDIARY
Type of guarantee
STANDBY
STANDBY
GUARANTEE LETTERS
GUARANTEE LETTERS
STANDBY
GUARANTEE LETTERS
GUARANTEE LETTERS
STAND BY
STAND BY
GUARANTEE LETTERS
GUARANTEE LETTERS
GUARANTOR(*)
GUARANTOR
GUARANTOR
STANDBY LETTER OF CR
Balances pending payment as of
the FS closing date
Dec-31-2012
ThCh$
1,674,624
1,040,797
ThCh$
1,164,480
470,375
2,190,810
4,971,734
17,169
29,985,501
277,814
479,960
14,114,492
10,152,245
54,854
287,976
1,973,774
5,999,500
46,315
138,861
182,385
191,984
116,383
(*) Falabella Retail is guarantor for Shearvan Corporate S,A,
169
Dec-31-2011
ThCh$
415,360
684,571
12,988,983
588,584
40,225,020
67,823
17,049,979
8,599,296
311,520
1,464,383
6,490,000
119,416
144,133
-
Note 38 – Environment
a) In line with its declaration on corporate social responsibility matters, Falabella Retail S.A. has
strengthened its commitment with the development of sustainable environmental projects and has ended
2012 with 2 new stores designed and built under LEED standards, these stores are the Costanera store
Center and Arauco Maipú store, in addition to two big remodelations, such as Falabella La Serena and
Falabella El Trébol.
The investment is distributed between technology, advisories and memberships, with technology being the
one with greater impact of 83%.
As of December 2012 this concept is detailed as follows:
Cost
ThCh$
Sustainability
29,000
Certification advisories
25,000
Memberships
4,000
Energy
108,000
Efficient lighting equipment
108,000
Water
32,000
Efficient taps
32,000
Materials
4,000
Recyclable material storage premises
4,000
TOTAL
173,000
Technology
144,000
83%
Advisories
25,000
15%
4,000
2%
Memberships
b) Sodimac S.A. has incorporated leading edge international environmental standards in the construction of
its commercial stores, following the recommendations of the U.S.A. Green Building Council. An example
of this is the construction of the store in Copiapó, the first in Chilean and Latin American retail to obtain
LEED certification in the Silver category and recently the Homecenter store in Quilicura, Metropolitan
Region.
At the same time, the Company has focused on actions to mitigate the environmental impact generated
with the operation of its stores. It has developed actions especially in recycling, supply of ecologically
170
efficient products, energetic and/or water efficiency.
The Company became a member of the founding companies in the Santiago Climate Exchange (SCX), a
pioneer initiative in Latin America that will allow the trading of carbon bonds with projects residing in the
region.
Sodimac S.A. has the environmental permits for its commercial operation. Notwithstanding the above, the
Ministry of Health has set forth certain instructions for improving environmental conditions of certain
dependencies, which will materialized within the period granted for the project.
The main disbursements performed by the Company related to the mentioned projects, form part of the
cost of the assets and are associated directly to stores. These projects have been executed and in full
implementation as of December 2012, as indicated in the following table:
Project Name
Dec-12
ThCh$
Low energy luminaire Project
Recycling points
Dangerous residues program
Solar panels
Carbon Footprint projec
Implementing ECO Stores
HC San Miguel (Green Wall) Façade
Total
Dec-11
ThCh$
1,944,325
158,521
67,768
34,586
25,558
2,230,758
132,350
141,246
92,758
73,279
175,892
154,277
12,000
781,802
Sodimac S.A. has not entered into future disbursement commitments in relation to the environment; however,
it is permanently evaluating projects of this type.
c) In relation to what is established in Circular No. 1,901 issued by the Superintendency of Securities and
Insurance, Sociedad Plaza S.A. and its Subsidiaries has performed or expects to perform the following
disbursements connected to environmental protection as of December 31, 2012:
Identification of the
parent or subsidiary
Nuevos Desarrollos S.A.
Plaza Vespucio S.A.
Name of project associated to
the disbursement
Disbursement concept
Asset or
Expense
LEED certification
LEED certification
PSU energy efficiency
Implementation and certification of
management
energy management system
Measurement of carbon Measurement of the carbon
footprint
footprint
Measurement of carbon Measurement of the carbon
footprint
footprint
Asset
Expense
Expense
Expense
Treatment of residues
Residues recycling
Expense
Administradora Plaza
Vespucio
Recycling management
Residues recycling
Asset
Plaza Oeste S.A.
Treatment of residues
Residues recycling
Expense
Description of
the asset or
expense item
Work in progress
Environmental
R.S.E.
Environmental
R.S.E.
Environmental
R.S.E.
Environmental
R.S.E.
Environmental
R.S.E.
Environmental
R.S.E.
Warning or
estimated
Amount of
date on which
the
future
disbursement disbursements
will be
ThCh$
carried out
Project in
progress or
finished
230,852
2012 - 2014
In progress
10,278
2012 - 2013
In progress
5,710
2012 - 2014
In progress
7,081
2012
Finished
14,527
2012
In progress
66,352
2012
In progress
57,102
2012
In progress
171
Note 39 – Main Financial Covenants
Main financial covenants
As of December 31, 2012, both S.A.C.I. Falabella and its subsidiaries comply with all the covenants of its
financial contracts. These are detailed as follows:
S.A.C.I. Falabella
Series D Bond
Series D bonds were issued by public deed dated September 24, 2004, amended by public deed dated
October 27, 2004, all signed at the Santiago Notary office of Mr. René Benavente Cash. The Series D
bond issuance was registered in the Securities Registry of the Superintendency of Securities and
Insurance under number 394, on November 8, 2004. The issuance contract was subsequently modified
by public deed dated December 15, 2010 in order to adjust it to IFRS.

Maintain throughout the term of this bond issuance income from the business areas of retail sales,
mall management and evaluation, granting and administration of loans, a level equivalent to at least
seventy percent of total consolidated income of the Issuer, corresponding to the ―income from
ordinary activities‖ account of the financial statements of the Issuer, measured quarterly over 12month retroactive periods. As of December 31, 2012, 100% of total consolidated income comes
from the mentioned business areas,

The Issuer and/or its important subsidiaries cannot establish real guarantees, i.e. pledges and
mortgages that guarantee new Bond issuances or any other money credit operation or any other
loan, to the extent that the total accumulated amount of all the obligations guaranteed by the Issuer
and/or its important subsidiaries exceeds 4.2% of the Issuer‘s total consolidated assets.

Maximum Debt Level: As of March 31, 2010, maintain at each financial statement quarter closing a
Debt Level in the financial statements of the issuer, defined as the sum of liabilities accounts of the
Non-banking Business of the balance sheet, total current liabilities and total non-current liabilities not
to exceed the maximum level of debt established by the formula defined in Annex One of the
respective issuance contract. As of December 31, 2012 the maximum financial debt is
ThCh$4,231,192,667 and the Debt Level is ThCh$ 3,254,626,063,
therefore there is compliance
with the maximum debt restriction (see methodology for calculating financial covenants below).
As of December 31, 2012 the Issuer complies with all the issuance contract covenants.
172
Series F Bond
Series F bonds were issued by public deed dated May 29, 2006, amended by public deeds dated June
30, 2006 and February 1, 2011, all signed at the Santiago Notary office of Mr. Iván Torrealba Acevedo,
The issuance of the Series F bonds was registered in the Securities Registry of the Superintendency of
Securities and Insurance under number 468, on July 7, 2006. The issuance contract was subsequently
modified by public deed dated December 15, 2010 to adjust it to IFRS.
from the mentioned business areas.



and/or its important subsidiaries exceeds 4.2% of the Issuer‘s total consolidated assets.

Maximum Debt Level: As of March 31, 2010, maintain at each financial statement quarter closing a
debt level in the financial statements of the issuer, defined as the sum of liabilities accounts of the
Non-banking Business of the balance sheet, total current liabilities and total non-current liabilities
not to exceed the maximum debt level established by the formula defined in Annex One of the
respective issuance contract.
As of December 31 2012 the maximum financial debt is ThCh$ 4,231,192,667 and the level of debt
is ThCh$ 3,254,626,063 therefore there is compliance with the maximum debt restriction (see
methodology for calculating financial covenants below.,
Series G, H and J Bonds
Series G, H and J bonds were issued by public deed dated March 12, 2009, modified by public deeds
dated April 7, 2009 and March 29, 2011 all signed at the Santiago Notary office of Mr. Ivan Torrealba
Acevedo. These bond issuances were registered in the Securities Registry of the Superintendency of
Securities and Insurance (―SVS‖) under numbers 578 and 579 on April 16, 2009.

173

and/or its important subsidiaries exceeds 5,3% of the Issuer‘s total consolidated assets.

Maximum Financial Debt Level: As of March 31, 2010, maintain at each quarter closing date of the
financial statements of the Issuer, a level of financial debt, defined as (i) the sum of liability accounts
of the Non-banking Business balance sheet, other current financial liabilities, and other non-current
financial liabilities, however this sum shall not consider the ―other financial liabilities‖ sub-account
belonging to the other current and non-current financial liabilities of the Non-banking Business note
(ii) less the Non-banking Business cash and cash equivalents asset account of the balance sheet,
not to exceed the maximum financial debt level established by the formulas defined in Annex One of
the respective issuance contract.

As of December 31 2012 the maximum financial debt is ThCh$ 4,936,413,731 and the level of
financial debt is ThCh$ 1,795,534,235 therefore there is compliance with the maximum debt
restriction (see methodology for calculating financial covenants below).
Other Bond Issuance Lines
In addition S.A,C.I, Falabella has the following registered, current and unplaced Bond Issuance Lines;
therefore as of December 31, 2012 they do not imply restrictions for the Company.
Line 395
 Maintain throughout the term of this bond issuance income from the business areas of retail sales, mall
management and evaluation, granting and administration of loans, a level equivalent to at least
seventy percent of total consolidated income of the Issuer, corresponding to the ―income from ordinary
activities‖ account of the financial statements of the Issuer, measured quarterly over 12-month
retroactive periods. As of December 31, 2012, 100% of total consolidated income comes from the
mentioned business areas.

mortgages that guarantee new Bond issuances or any other money credit operation or any other loan,
to the extent that the total accumulated amount of all the obligations guaranteed by the Issuer and/or
its important subsidiaries exceeds 7.5% of the Issuer‘s total consolidated assets.

Maintain as of each quarter closing date of the financial statements of the Issuer, a financial debt ratio,
measured on the figures in its financial statements, not to exceed 1.75. Financial debt ratio will be
understood to be the ratio between /i/ net financial debt: /defined as the sum of liability accounts of the
Non-banking Business of the balance sheet, current and non-current other financial liabilities, however
this sum shall not consider the other financial liabilities sub-account belonging to the ―other current and
non-current financial liabilities‖ note of the Non-banking Business, less the cash and cash equivalents
asset account of the balance sheet, and /ii/ Equity: /defined as the shareholders‘ equity account. To
determine the financial debt ratio, the amount of all guarantors, simple or joint and several pledges,
joint and several co-debts or other guarantees, personal or real, that it or its subsidiaries have granted
to guarantee the obligations of third parties, will be considered as a financial liability of the Issuer, with
174
the exception of: /i/ those granted by the Issuer or its subsidiaries for the obligations of other subsidiary
companies of the Issuer; and /ii/ those granted by subsidiaries of the Issuer for the Issuer‘s obligations,
Notwithstanding the above, the, liabilities of subsidiaries of the Issuer that currently or in the future are
authorized by the relevant authorities to develop the banking line of business or that of financial
institutions in Chile or abroad shall not be considered for the purposes of calculating the financial debt
ratio, In all, should Promotora CMR Falabella S,A, be authorized to develop the banking or finance
company line of business, then the financial debt ratio of the Issuer cannot be more than 1.3. For all
purposes, possible infractions to the obligation established in this point, which are derived from a
merger of the Issuer or any of its subsidiaries, or of an acquisition by the Issuer or of any of its
subsidiaries, they shall not be considered as non-compliance of the Issuer with the Issuance Contract
under the terms of the Eleventh Clause of the mentioned contract, for a term of nine months from the
date on which the Issuer must file the first financial statements with the Superintendency after the
respective merger and/or acquisition. Should it be that once the aforementioned nine-month term has
expired, the Issuer cannot show compliance with the mentioned ratio; this will be considered noncompliance on the part of the Issuer with the Issuance Contract under the terms of the Eleventh
Clause of the mentioned contract. In all, the Issuer – and/or its subsidiaries, as the case may be,
cannot agree to a new merger or acquisition that implies infraction of the financial debt ratio
established in this point, as long as the Issuer is not once again complying with it. The above, except
when the merger or acquisition subsequently implies compliance with the ratio in question or a
decrease in the financial debt ratio. The Issuer must send to the Representative, every time the latter
requires it, the information to allow verification of the indicator referred to in this restriction. The limit as
of December 31, 2012 is 0.52%, therefore the restriction is complied with.
Line 467


The Issuer and/or its important subsidiaries cannot establish real guarantees, i,e, pledges and
and/or its important subsidiaries exceeds 7.5 % of the Issuer‘s total consolidated assets.

Maintain as of each quarter closing date of the financial statements of the Issuer, a financial debt
ratio, measured on the figures in its financial statements, not in excess of 1.75. Financial debt ratio
shall be understood to be the ratio between /i/ Net Financial Debt: /defined as the sum of the liability
accounts of the Non-banking Business of the balance sheet, other financial liabilities, other current
and non-current financial liabilities, however this sum shall not consider the ―other financial liabilities‖
sub-account belonging to the ―other current and non-current financial liabilities‖ note of the Nonbanking Business, less the ―cash and cash equivalents‖ asset account of the balance sheet, and /ii/
Equity: /defined as the shareholders‘ equity account.- To determine the financial debt ratio, the
amount of all guarantors, simple or joint and several pledges, joint and several co-debts or other
guarantees, personal or real, that it or its subsidiaries have granted to guarantee the obligations of
third parties, shall be considered as a financial liability of the Issuer, with the exception of: /i/ those
granted by the Issuer or its subsidiaries for the obligations of other subsidiary companies of the
175
Issuer; and /ii/ those granted by subsidiaries of the Issuer for the Issuer‘s obligations,
Notwithstanding the above, the, liabilities of subsidiaries of the Issuer that currently or in the future
are authorized by the relevant authorities to develop the banking line of business or that of financial
institutions in Chile or abroad shall not be considered for the purposes of calculating the financial
debt ratio, In all, should Promotora CMR Falabella S.A. be authorized to develop the banking or
finance company line of business, then the financial debt ratio of the Issuer cannot be more than 1.3.
For all purposes, possible infractions to the obligation established in this point xii), which are derived
from a merger of the Issuer or any of its subsidiaries, or of an acquisition by the Issuer or of any of its
subsidiaries, they shall not be considered as non-compliance by the Issuer with the Issuance
Contract under the terms of the Tenth Clause following, for a term of nine months from the date on
which the Issuer must file the first financial statements with the Superintendency after the respective
merger and/or acquisition. Should it be that once the aforementioned nine-month term has expired,
the Issuer cannot show compliance with the mentioned ratio; this will be considered non-compliance
on the part of the Issuer with the Issuance Contract under the terms of the Tenth Clause below. In
all, the Issuer – and/or its subsidiaries, as the case may be, cannot agree to a new merger or
acquisition that implies infraction of the financial debt ratio established in this point, as long as the
Issuer is not once again complying with it. The above, except when the merger or acquisition
subsequently implies compliance with the ratio in question or a decrease in the financial debt ratio,
the Issuer must send to the Representative, every time the latter requires it, the information to allow
verification of the indicator referred to in this restriction. The limit as of December 31, 2012 is 0.52%,
therefore the restriction is complied with.
176
Methodology for calculating financial covenants
Maxim debt according to Covenants Bonds Lines 394 (D), 468 (F), 578 (G y H) and 579 (J) and Lines 395
and 467
CALCULATION OF MAXIMUM DEBT ACCORDING TO BOND COVENANT LINES 394 (D) AND 468 (F),
Figures expressed in ThCh$
Currency
As of Dec-31-12
As of Dec-31-11
Period closing i
12/31/2012
12/31/2011
Period closing i-1
09/30/2012
09/30/2011
22,840,75
22,294,03
1.1%
1,28%
(1.15)%
(2.53)%
UF i
Ch/UF
Variation UF
%
Variation % Sol/ US$ dollar period
Variation % Ars/ US$ dollar period
4.46%
2.13%
Variation % Cop/ US$ dollar period
(1.79)%
(1.44)%
3,474,373,045
3,298,892,475
Total shareholders‘ equity
ThCh$
Dividends payable
ThCh$
46,102,631
63,603,399
Change in shareholders’ equity i
ThCh$
(20,839,544)
66,535,901
ThCh$
2,663,196,704
2,421,552,691
Property, plant and equipment in Chile
Deferred taxes en
i-1 a
Chile i-1 b
ThCh$
241,317,333
203,715,944
Adjustment for initial revaluation to IFRS in Chile c
ThCh$
878,140,797
878,140,797
Deferred taxes in Chile
Price-level restatement of property, plant and equipment
in Chile i-1
Investment in Peru i
ThCh$
149,283,935
149,283,935
ThCh$
18,713,062
19,030,368
ThCh$
441,382,000
373,965,000
Investment in Argentina i
ThCh$
87,743,000
83,863,000
Investment in Colombia i
ThCh$
173,498,000
123,755,000
Adjustment for investments outside Chile i
ThCh$
(4,296,144)
(5,882,530)
Maximum debt i-1
ThCh$
4,218,341,467
3,849,954,174
Maximum debt i
ThCh$
4,255,333,067
4,018,685,314
Level of debt
ThCh$
3,254,469,725
2,902,460,014
d
a
Net of accumulated depreciation,
b
Associated to "property, plant and equipment" and to "investment properties",
c
Associated to "property, plant and equipment" and to "investment properties" as of December 31, 2009,
Associated to the beginning revaluation adjustment for IFRS of the "property, plants and equipment" and "investment properties"
account as of December 31, 2009,
d
177
CALCULATION OF MAXIMUM FINANCIAL DEBT ACCORDING TO BOND COVENANT LINES 578 (G and H), 579 (J),
(Includes CMR in the balance sheet)
Currency
Period closing i
As of Dec-31-12
As of Dec-31-11
12/31/2012
12/31/2011
09/30/2012
09/30/2011
22,840,75
22,294,03
1.11%
1.28%
Variation % Sol/ US$ dollar period
(1.15)%
(2.53)%
Variation % Ars/ US$ dollar period
4.46%
2.13%
Variation % Cop/ US$ dollar period
1.79%
1.44%
Period closing i-1
UF i
Ch/UF
Variation UF
%
Total shareholders‘ equity i
ThCh$
3,474,373,045
3.298.892.475
Dividends payable i
ThCh$
46,102,631
63.603.399
ThCh$
(20,839,544)
66.535.901
ThCh$
2,663,196,704
2.421.552.691
ThCh$
241,317,333
203.715.944
ThCh$
Variation in shareholders’ equity
Property, plant and equipment en Chile
i-1 a
Deferred taxes en Chile i-1 b
Adjustment on initial IFRS revaluation in Chile
878,140,797
878.140.797
Deferred taxes en Chile d
Price-level restatement of property, plant & equipment
in Chile i-1
Investment in Peru i
ThCh$
149,283,935
149.283.935
ThCh$
18,713,062
19.030.368
ThCh$
441,382,000
373.965.000
Investment in Argentina i
ThCh$
87,743,000
83.863.000
Investment in Colombia i
ThCh$
173,498,000
123.755.000
Adjustment on investment outside Chile i
ThCh$
(4,296,144)
(5.882.530)
Maximum Financial Debt i-1
ThCh$
4,921,420,421
4.491.634.682
Maximum Financial Debt i
ThCh$
4,964,577,531
4.688.487.953
Level of Financial Debt
ThCh$
1,795,831,486
1.647.293.907
c
a
Net of accumulated depreciation,
b
Associated to "property, plant and equipment" and to "investment properties",
Associated to "property, plants and equipments" and to "investment properties" as of December 31, 2009,
Associated to adjustment on initial IFRS revaluation of the "property, Plant and equipment" and "investment properties" accounts as of
December 31, 2009,
c
d
178
CALCULATION OF FINANCIAL DEBT RATIO LINES 395, 467,
(Includes CMR in the balance sheet)
Currency
As of Dec-31-12
As of Dec-31-11
1,647,293,907
Level of financial debt
ThCh$
1,795,534,235
ThCh$
3,474,373,045
Financial Debt Ratio
0.52
3,298,892,475
0.50
Commercial paper
On June 30, 2008, the Superintendency of Securities and Insurance registered Line No. 28 of Commercial
paper in the Securities Registry, for a maximum amount of UF 1,000,000.
On October 22, 2008, the Superintendency of Securities and Insurance registered Lines No. 35, 36, 37 and
38 of Commercial paper in the Securities Registry for a maximum amount of UF 1,000,000.
As of December 31, 2012, there are no current placements.
Issuance contracts do not contemplate any type of financial covenant or guarantee, therefore as of December
31, 2012 there are no restrictions for the Company.
Other financial obligations entered into by the Company with banks or financial institutions, both current and
non-current, are not subject to any type of financial covenants,
Sodimac S.A.
Restrictions and safeguards on Bond lines
The Bond issuance lines of Sodimac S.A., registered in December 2007 and adjusted to IFRS in December
2010, and with current issuances of Series D and F, establish obligations and limitations for the Company as
protection to bondholders. This includes, among other things, levels of debt the duty to inform bondholders
the Company‘s financial statements and compliance with the obligations, limitations and prohibitions
established in issuance contracts.

The level of financial debt required in the bond issuance contracts, for serie F is 1.5. As of
December 31, 2012, the level of financial debt is: 0.35.

Level of debt is understood to be the net debt ratio (consolidated) defined as the ratio between net
financial debt obtained when adding the items of other current and non-current financial liabilities,
subtracting cash and cash equivalents, and (ii) shareholders‘ equity defined as total shareholders‘
equity plus the annual provision for dividends payable.

Maintain assets free of all pledges, mortgages or other encumbrance for a carrying amount of at
least equal to 1,20 of its demand liabilities without guarantors; calculated quarterly according to the
quarterly consolidated balance sheets of the Issuer- For this purpose, the Issuer shall send to the
Representative of bondholders, within the same period of time in which the financial statements must
be presented to the Superintendency of Securities and Insurance, a detail of the following figures:
total assets free of pledges, mortgages or other encumbrances and demand liabilities without
guarantee.
179
As of the date of preparation of these financial statements, the Company complies with all the financial
obligations and indicators established in the mentioned contracts.
The other financial obligations entered into by the Company with banks and financial institutions, both current
and non-current are not subject to any type of restriction or guarantee.
Plaza S.A. (Mall Plaza)
As of December 31, 2012, the Company has financial restrictions established in public bond issuance
contracts and/or financing with financial institutions. The main safeguards in respect to Series A and D
bonds, issued with a charge to Bond Line No. 583 registered in the Securities Registry on April 30, 2009, in
respect to the Series C and E Bonds issued with a charge to Bond Line No. 584 registered in the Securities
Registry on April 30, 2009, in respect to Series G and I Bonds issued with a charge to Bond Line No. 669
registered in the Securities Registry on May 30, 2011, and regarding Series H and K Bonds issued with a
charge to Bond Line No. 670 registered in the Securities Registry on May 30, 2011, are as follows:
I)
Level of debt
As of March 31, 2010, maintain as of each quarter closing date of the financial statements of the Issuer, a
level of debt defined as the sum of the other current and non-current financial liabilities, divided by the value
of the UF as of the closing date of the consolidated statement of financial position of the Issuer less than or
equal to the value established by formula.
The detail of the calculation of the maximum level of debt established in the Tenth Clause, number one of the
Bond Issuance Contracts by Line of Debt Titles at 10 years and 30 years, and their modifications.
180
DETAIL OF CALCULATION OF MAXIMUM DEBT ACCORDING TO BOND COVENANT LINES 583, 584, 669 and 670
Currency
As of Dec-31-12
As of Dec-31-11
Period i
12/31/2012
12/31/2011
Period i-1
09/30/2012
09/30/2011
UF i
Ch/UF
22,840,75
22.294,03
UF i-1
Ch/UF
22,591,05
22.012,69
Cash and cash equivalents for the period i
ThCh$
44,151,967
11.335.574
Cash and cash equivalents for the period i-1
ThCh$
64,636,883
10.334.375
Variation in cash i
ThCh$
(20,484,916)
1.001.199
Variation in cashi
Thousands UF
(897)
45
Third party guarantees
There are none
-
-
ThCh$
1,148,180,762
1.114.238.406
Dividends payable i
ThCh$
14,417,338
19.933.148
Total shareholders‘ equity i-1
ThCh$
1,137,654,459
1.103.737.007
Dividends payable i-1
ThCh$
-
-
Variation Shareholders‘ equity i
ThCh$
24,943,641
30.434.547
1,092
1.365
Investment properties i-1 a
ThCh$
1,827,136,966
1.681.165.278
Deferred taxes Investment properties b
ThCh$
216,490,552
183.150.313
Adjustment for initial revaluation of investment properties to IFRS c
ThCh$
874,483,983
874.483.983
Deferred taxes on initial revaluation of investment properties
ThCh$
148,662,277
148.662.277
Variation Shareholders’ equity i
Thousand UF
d
Percentage variation of the UF e
ThCh$
1,11%
1,28%
Price-level restatement of investment properties in Chile i-1
ThCh$
9,780,012
9.869.255
Price-level restatement of investment properties in Chile i-1
Thousand UF
428
443
Adjustment for investment properties outside of Chile i-1
Thousand UF
1,853
602
Maximum debt i-1
Thousand UF
63,508
46.883
Maximum debt i
Thousand UF
69,359
51.749
a
Investment properties en Chile net of accumulated depreciation
b
Associated to investment properties in Chile
Of investment properties as of December 31, 2009
Associated to the adjustment on initial revaluation due to IFRS of investment properties as of December 31, 2009, Represents 17% of the adjustment
for initial revaluation to IFRS
e Percentage variation between the values of UFi and UFi-1
c
d
181
As of December 31, 2012, maximum debt amounts to ThUF 69,359. Current debt as of the same date is
ThUF 27,576; therefore the Company complies with the restriction.
II)
Essential assets
Assets corresponding to 500,000 leasable m2 in Chile that are directly owned by the Issuer or through
subsidiaries or associates or regarding which the Issuer or any of its subsidiaries or associates are
concessionaries by virtue of concession contracts whose term is equal to or greater than the maturity term of
current Bonds issued with a charge to the Lines. For this purpose, in order to determine the leasable square
meters in Chile that are owned by subsidiaries or associates of the Issuer, or of which they are
concessionaries in accordance with what has just been stated. Only the amount resulting from multiplying (i)
all leasable square meters in Chile owned by each subsidiary or associate or that they have in concession; by
(ii) the percentage of direct or indirect ownership of the Issuer in the respective subsidiary or associate will be
used.
As of the date of these financial statements all the covenants established in the debt contracts have been
complied with.
Promotora CMR Falabella S.A. (CMR)
Bond Lines
On February 27, 2012 the Superintendency of Securities and Insurance registered in the Securities Registry,
under No. 703 and 704, Electronic bearer bonds in the name of Promotora CMR Falabella S.A. for a
maximum amount of UF 3,000,000 and UF 2,000,000 respectively. The first issuance cannot exceed UF
3,000,000. To date of these Financial Statements there have been no issuances with a charge to these lines.
Main safeguards and financial restrictions:

Control of the Issuer must be maintained in S.A.C.I. Falabella, directly or indirectly. For this purpose,
must follow what is established in article No. 97 and following of the Securities Market Law.

If during the term of the Bonds issued with a charge to the Line, in accordance with its latest financial
statements, the Issuer should destine an amount in excess of 30% of total assets to the placement of
one or more securitized bonds, in order to establish the underlying asset of those issuances, the
Issuer must offer each of the eligible bondholders a voluntary redemption option, under identical
conditions for all, in conformity with what is established in article No. 130 of the Securities Market
Law, under the terms indicated in the issuance contract.

The Issuer and/or its subsidiaries cannot grant real guarantees that guarantee new bond issuances,
commercial paper, any cash credit operation or any other credit to the extent that the total
accumulated amount of all obligations guaranteed by the Issuer and/or its subsidiaries exceeds 7.5%
of the total assets of the Issuer.
182
Further details can be found in the respective issuance contracts.
No limits in debt indexes or ratios of the Issuer are contemplated.
Commercial paper
On February 27, 2012 the Superintendency of Securities and Insurance registered in the Securities Registry,
under the No. 090, 091 and 092 electronic bearer promissory notes in the name of Promotora CMR Falabella
S.A, for a maximum amount of UF 1,000,000, UF 1,000,000 and UF 1,000,000, respectively.
As of thedate of these Financial Statements there have been no issuances with a charge to these lines.
Main safeguards and financial restrictions:

Control of the Issuer must be maintained in S.A.C.I. Falabella, directly or indirectly. For this purpose,
must follow what is established in article No. 97 and following of the Securities Market Law.
If during the term of the Bonds issued with charge on the line, in accordance to the latest financial
statements, the issuer will allocate an amount exceeding 30% of total assets to the placement of one or more
securitized bonds, to form the underlying asset of such issuances, the issuer shall provide to each Eligible
Bondholders a volunteer rescue option, under identical conditions for all, according to Article No. 130 of the
Securities Market Law, under the terms stated in the Issuance Contract.
Further details can be found in the respective issuance contracts.
No limits in debt indexes or ratios of the Issuer are contemplated.
Securitized Bond
By general public deed dated August 7, 2008 signed at the Santiago Notary office of Mr. Raúl Iván Perry and
specific public deed and contract to manage loans that integrate Patrimonio Separado No. 21, all dated
August 7, 2008, signed before the same Notary Public. The certificate of the registration of the issuance is
No. 571 of the Securities Registry dated March 20, 2009. The total value of the issuance is MCh$ 115,000.
The preparation of those financial statements and their corresponding notes are the responsibility of BCI
Securitizadora S.A., administrator of Patrimonio Separado No. 21. The main safeguards and financial
restrictions are published by BCI Securitizadora S.A. in the Superintendency of Securities and Insurance.
183
Securitized bond triggers:
Triggers
Collateral ratio
(Securitized portfolio / preferential Series A issuance)
Overdue portfolio ratio
181- 210 days
61- 90 days
Monthly payment rate (TPM)
Renegotiations
(Total renegotiations / securitized portfolio)
Monthly Yield Rate (TYM)
(Yield/securitized portfolio)
Level required
>
1,278
<
<
>
3.0%
4.5%
14.0%
<
4.5%
>
1.8%
As of December 31, 2012 the Issuer complies with all the issuance contract triggers.
As of December 31, 2012, there are no other financial obligations with covenants.
Banco Falabella
In the case of the Banking Business in Chile, there are current bonds issued by Banco Falabella. Those
obligations do not have financial covenants. In addition Banco Falabella has current lines of credit that do not
have financial covenants.
Peru
As of December 2012 close, there are approximately 20 financial obligations that the main 5 subsidiaries of
Falabella Peru (Saga Falabella, Hipermercados Tottus, Sodimac Peru, Open Plaza and Banco Falabella)
must comply with and report to the respective creditors each quarter. These obligations are reported to the
respective banks and representatives of the bondholders. Financial obligations to which the companies of the
group are subject can be grouped into 3 categories: debt ratios, solvency ratios, and guarantee ratios.
Regarding debt ratios in the case of retailers the strictest one is the debt index (total liabilities / total
shareholders‘ equity net) less than or equal to 2.80 which as of December 2012 has beenfulfilled by the
Company, which reports a ratio of 1.45. In the case of the real estate company, the most restrictive is a debt
ratio of less than or equal to 1.60x. As of December 2012 this financial obligation is complied with by the
company reporting a ratio of 0.65x.
In the case of the solvency ratios the most restrictive one is the debt service coverage ratio (EBITDA / debt
service) greater than or equal to 1.60, which as of December 2012 is complied with by the corresponding
company reporting a ratio of 2.14x.
In the group of guarantee ratios, we have mainly the obligations that imply maintaining a level of coverage of
ceded cash flows (credit card payments) over debt service. The most restrictive cash flows coverage ratio
(cash flows /debt service) is 3.0. As of December 2012 this financial obligation is complied with by the
company maintaining a ratio of 10.43x.
184
Note 40 – Events Occurred After the Balance Sheet Date
The consolidated financial statements of S.A.C.I. Falabella and subsidiaries as of December 31, 2012, have
been approved at board of directors ordinary meeting held on March 5, 2013 , which was attended by the
General Manager and Directors detailed as follows:
-
Juan Cuneo Solari, President
Carlo Solari Donaggio, Vice-president
María Cecilia Karlezi Solari, Director
Carlos Alberto Heller Solari, Director
Juan Carlos Cortés Solari, Director
Sergio Cardone Solari, Director
José Luis Del Río Goudie, Director
Hernán Büchi Buc, Director
Carolina Del Río Goudie, Director
Sandro Solari Donaggio, Corporate General Manager
On January 10, 2013, Sodimac made the first placement in the local bond market and bearer dematerialized
under the lines above, the terms most relevant are:
1. Series H bonds issued under the bond line No. 676, for a total amount of UF 1,000,000 maturing on
December 3, 2017, in which we obtained a placement rate of 3.74%.
2. K Bonds issued under the bond line No. 677, for a total amount of UF 1,500,000 maturing on December 3,
2033, in which we obtained a placement rate of 3.94%.
Funds from the placement of the Series H Bonds and aforementioned K is used to finance the investments of
the Issuer and / or its subsidiaries and the payment or prepayment of liabilities for short or long term the
Issuer and / or its Subsidiaries respectively.
During the month of January 2013 the Company Promotora CMR Falabella S.A. permormed 3 EECC
emissions under the line No. 090 registered in the securities registration, wich are detailed below:
EECC
Emissions
Amount
ThCh$
Placement date
Serie 1
5,000,000
January 11, 2013
March 28, 2013
5.87%
Serie 2
5,000,000
January 16, 2013
April 12, 2013
5.84%
Serie 3
5,000,000
January 23, 2013 23
de enero de 2013
April 30, 2013
5.83%
Expiration Date
Placement
rate
Subsequently, as of December 31, 2012 and up to the date of issuance of these financial statements, there is
no knowledge of other events of a financial or other nature that significantly affect their balances or
interpretation.
185

S.A.C.I. Falabella - Estados Financieros Proforma IFRS

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