2011 - Grupo ACP

Transcription

2011 - Grupo ACP

Pioneers with Social Mission
ANNUAL REPORT
2011
A N N U A L
R E P O R T
2 0 1 1
4
with Social
Social Mission
Pioneers with
CONTENTS
6
12
28
66
76
82
88
98
104
110
128
136
200
A MESSAGE FROM THE CHAIRMAN
ABOUT GRUPO ACP
ACCESS TO MICROFINANCE
ACCESS TO MICROINSURANCE
ACCESS TO EDUCATION AND
TRAINING
ACCESS TO COMMUNICATIONS
ACCESS TO HOUSING AND
INFRASTRUCTURE
ACCESS TO E-COMMERCE
ACCESS TO CONSUMPTION
CORPORATE SERVICES
ACKNOWLEDGEMENTS
FINANCIAL STATEMENTS
STEERING COUNCIL AND SENIOR
MANAGEMENT
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ANNUAL REPORT 2011
A MESSAGE FROM
THE CHAIRMAN
Dear associates,
I am pleased to submit for your consideration Grupo ACP’s annual report and
financial statements for the year 2011.
Grupo ACP has successfully completed a new stage of shared dreams and
accomplishments that have turned it into the most important platform of companies
with a social mission and a business efficiency approach in Latin America.
At these momentous times in the corporation’s history, at the beginning of this year,
and as we start a new year, Standard & Poor’s and Fitch rating agencies gave Grupo
ACP their BB- rating. Subsequently, in December, Standard and Poor’s raised the
Grupo’s rating to BB+ and improved Mibanco’s rating to BBB, thereby awarding it an
investment grade.
Pursuant to its institutional consolidation strategy, in March Grupo ACP issued for
the first time Reg S Bonds in international markets for a total US$85 million over 10
years. The issue was primarily aimed at supporting growth of Mibanco and Protecta
in Peru, Forjadores in Mexico and to create a new financial institution that will
operate in Brazil.
The Inter-American Development Bank awarded Grupo ACP the Juscelino
Kubitschek Recognition to Excellence in Regional Development in Latin America
and the Caribbean in the Economy and Finance category. This award highlights
Grupo ACP’s major pioneering initiatives in providing tools for social and economic
development throughout the region.
Grupo ACP joined for the first time in a meeting of the “Council of Microfinance Equity
Funds (CMEF)”, a global organization that brings together more than 20 private
entities making equity investments in microfinance institutions in developing
countries. It also joined the board of the “Child and Youth Finance International (CYFI)”
educational organization on behalf of the Global Alliance for Banking on Values
(GABV). Notably, in early 2011, Grupo ACP and Mibanco were honored to host the
third annual conference of the Global Alliance for Banking on Values (GABV), which
took place in the cities of Lima and Ica, in central and southern Peru, respectively.
On behalf of Grupo ACP, I had the great privilege of participating as a speaker and
panelist for various events that addressed the issue of financial inclusion, such as
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Luis Felipe Derteano Marie, Chairman of Grupo ACP
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ANNUAL REPORT 2011
the “Second Congress of the Microfinance Industry” held in the city of Santa Marta,
Colombia and organized by Asomicrofinanzas, the workshop on “Catalyzing Private
Sector Leadership in Financial Inclusion”, held at the headquarters of the International
Finance Corporation (IFC), in Washington DC, USA; the “Doing Business in Latin
America: Sharing experiences of reform” event organized by the World Bank Group
and the Ministry of Commerce, Industry and Tourism of Colombia, in Bogota,
Colombia, as well as the “International Conference of the European Microfinance
Network (EMN)” that took place in Amsterdam, in the Netherlands.
Throughout 2011, the companies within Grupo ACP continued to consolidate
their position as leaders in their respective segments, garnering recognition and
innovating in creating new processes and tools for economic development, while
promoting a strong culture of entrepreneurship:
Mibanco, the leading bank in placement of credits for microenterprises, ranked as
the leading bancarization organization in Peru, according to the Consolidated Credit
Report (RCC is the Spanish acronym) prepared by the Superintendency of Banking,
Insurance and Pension Fund Companies (SBS) of Peru. Mibanco was also honored as
“Best Sustainable Financial Institution” by the British magazine The New Economy,
and as the “Great Modern 2011 Brand of Peru” by the Effie´s Marketing Hall of Fame.
As a sign of strong commitment to the growth of micro and small enterprises in
Peru, Mibanco’s shareholders increased the bank’s equity by 140 million soles
(equivalent to over US$51 million) to support the bank’s growth and institutional
development .
Marking a milestone in the microfinance industry, Mibanco has created the
“Triple Sustainability Scorecard” and started issuing various reports showing its
fulfillment of the bank’s mission regarding financial inclusion, smart banking, human
capital development, social and environmental impact and corporate governance.
In line with Mibanco’s worldwide leadership in social, environmental and financial
management, the bank’s Social Asset Management Department introduced the
“Triple Sustainability Scorecard” at major international events and meetings, such
as the “World Microcredit Summit “in Valladolid, Spain; the “Annual Meeting of Red
Accion” in Punta Cana, Dominican Republic; the” Annual Meeting of Women’s World
Banking” in New York, USA; and the “Transformational Microfinance Conference” in
Mexico City, Mexico.
Protecta– Grupo ACP’s company specialized in microinsurance–has placed more
than one million insurance policies, thus demonstrating its commitment to provide
security and peace to an increasing number of Peruvians. The company also received
recognition from the Inter-American Development Bank (IDB), the Multilateral
Investment Fund (FOMIN) and the Inter-American Federation of Insurance
Companies (FIDES) for its microinsurance catering to the needs of people engaged
in highly vulnerable productive activities.
Secura–Grupo ACP’s insurance brokerage and a leader in counseling and generation
of microinsurance–continued to strengthen its marketing channels and improving
its customer service and care capabilities. The company also was ranked among the
8
Grupo ACP has
successfully
completed a new
stage of shared
dreams and
accomplishments
that have turned
it into the most
important platform
of companies with a
social mission and a
business efficiency
approach in Latin
America.
top twelve insurance brokers in Peru in a survey by the Superintendency of Banking,
Insurance and Pension Fund Companies (SBS) of Peru, which rates more than two
hundred companies in the industry.
Somos Empresa, Grupo ACP’s communications company, and Aprenda, its education
and training outfit, for the second consecutive year undertook major projects with
international cooperationand private institutions. Among the most prominent are
“Selva Ganadora 2011”, a project implemented by Somos Empressa that rewards
entrepreneurship in the Peruvian Amazon, and “El Gran Salto”, organized by Aprenda
to train 100,000 women entrepreneurs and business owners of the microenterprise
sector in Peru.
In recognition of the work and spotless track record of both companies, Somos
Empresa and Aprenda won the “Creativity in Business” recognition awarded by
the Peruvian University of Applied Sciences (UPC), in the “Communications” and
“Entrepreneurship” categories, respectively.
Conecta, Grupo ACP’s relational marketing arm, continued its drive to become one
of the largest contact centers in Peru. This year, the company continued its face to
face and telemarketing credit card campaigns, in addition to achieving excellent
results in telephone debt collection.
InnovAcción, Grupo ACP’s technology hub, earned two international certifications
for its continuous improvement process. The first one, “CMMI Level 2” certifies its
software development methodology, and the second, the “SAS 70 Type II Report”
certifies adequate levels of security in controls of computer processing services and
technology provided by the company to its customers.
Tiggres–Grupo ACP`s company specialized in providing comprehensive
e-commerce solutions for micro and small businesses entrepreneurs–launched its
virtual marketplace to allow companies to sell their products on the web and thus
reach millions of potential buyers.
Vivencia–our real estate and infrastructure development company–continued to
develop major projects for families that start from the base of the pyramid. The
company completed “Condominio Bolognesi”, a housing compound in northern
Lima’s Puente Piedra district. Also, it started the process to buy a land property in
Ate Vitarte, a district in the central eastern area of the capital, to develop its first
condominium project with over 300 houses.
In Argentina, Emprenda–our microfinance outfit–grew 74% in local currency, well
above the 30% industry average. By year end, Emprenda operated nine branches
located in different cities of the country, of which four operate in northwestern
Argentina.
In Uruguay, Microfin prepared its first social and financial inclusion indicator. Microfin
is the only financial organization in Uruguay that measures its social impact in that
country. It also became the first non banking organization in Uruguay authorized
by that nation’s Central Bank to offer a financial leasing product tailored to meet the
needs of micro and small businesses.
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ANNUAL REPORT 2011
In Mexico, Forjadores, a Grupo company focusing on microfinance, opened 16
service offices in various states of Mexico, and got a B+ rating from Micro Rate
rating agency.
In Paraguay, Financiera El Comercio was awarded a 4- rate by social consultancy
Planet Finance, thus rating it third worldwide for social inclusion. In addition, the
company was chosen as a representative example of Paraguayan entrepreneurship. A
documentary capturing its story premiered as part of the activities commemorating
the national bicentennial.
In Bolivia, BancoSol underscored its position as the leading microfinance institution
as it built a microloan portfolio of over US$500 million. Similarly, in order to provide
the necessary financial backing to grow its portfolio, BancoSol enrolled in a program
to issue a total 500 million bolivianos (equivalent to US$72.6 million) and in October
2011 made a first issue amounting to 170 million bolivianos (or US$ 24.6 million) on
a ten year term for the local market.
In El Salvador, SAC Apoyo Integral was authorized by the Superintendency of the
Financial System to accept savings and time deposits from the public. To be closer
to its customers, the company added 200 loan payments points and expanded the
network of physicians and pharmacies that are part of its health microinsurance
benefits plan.
Conectá2–a company specialized in providing support services for telephone and
field collection in El Salvador–posted 97% growth in average monthly collection of
its own portfolio in 2011, compared to a year before. The company’s shareholders
are Conecta from Peru and Fundación Salvadoreña de Apoyo Integral (FUSAI) of El
Salvador.
Grupo ACP has a history of accomplishments by innovators. The vision of 15
entrepreneurs with a strong spirit of innovation led to the founding more than
42 years of “Acción Comunitaria del Perú”. They distanced themselves from the
philanthropic and welfarist approaches of the time, to open access and “empower”
people at the base of the pyramid to take the reins of their own development.
Today, as markets become more sophisticated and competitive, it is increasingly
important for institutions committed to a triple bottomline approach, as Grupo
ACP, to be willing to “reinvent” and position themselves as they move forward into
the future. To this end, in 2011, Grupo ACP launched the “We Innovate: Passion
and action for inclusion” program that brings together personnel from various
Grupo ACP companies in Peru to rise to the challenge to identify and develop new
business opportunities, products, services and channels that can have an impact
on inclusion and growth of Latin American micro and small businesses’ owners and
10
Throughout 2011,
the companies
within Grupo
ACP continued to
consolidate their
position as leaders
in their respective
segments,
garnering
recognition and
innovating in
creating new
processes and
tools for economic
development,
while promoting
a strong culture of
entrepreneurship
entrepreneurs. While this initiative is being developed initially in Peru, it will soon
be extended to all companies in Latin America in which Grupo ACP has majority
presence.
In fact, to enhance innovation processes, it is also essential to encourage an
“open culture” attitude throughout the entire corporation. Having a platform of
companies operating in ten Latin American countries is a strength that allows
Grupo ACP to engage in synergistic processes that can draw upon the corporation’s
rich crosscultural sources.
In line with this collaborative and synergistic vision, in early 2011 we held the
“First Meeting of Grupo ACP`s Business Areas”. The meeting was led by the
Corporate Business Division and attended by all companies where Grupo ACP
has a controlling interest. The event provided an ideal setting for participants to
present their ideas for future projects and businesses that allow achieving ever
more ambitious synergistic results. A highlight of such synergistic processes was
the successful implementation of the Bantotal computer system in Financiera El
Comercio (Paraguay) and Microfin (Uruguay) by InnovAcción.
2011 has been a busy year for all in Grupo ACP, full of daunting challenges and
exciting achievements by the corporation’s companies. All these dreams would not
been possible without the commitment and effort of each one of the persons that
give life to the operations of the companies in which Grupo ACP is present. And we
continue to blaze our own trail. Because we know that together we will continue
to create new scenarios and horizons, allowing us to drive the growth of more
businessmen and entrepreneurs of micro and small enterprises in Latin America.
Thank you all for joining us!
Luis Felipe Derteano Marie
Chairman, Steering Council
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ABOUT GRUPO ACP
12
Grupo ACP is a nonprofit organization that stands out for
accomplishing its social mission with business efficiency. With
42 years of experience, Grupo ACP is a leading organization
in promoting the growth of micro and small business owners
and entrepreneurs who start at the base of the pyramid.
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ANNUAL REPORT 2011
Vision
Mission
TO BECOME LATIN AMERICA’S
LEADING CORPORATION IN
PROVIDING INCLUSION TOOLS.
TO DRIVE THE DEVELOPMENT
OF BUSINESS OWNERS AND
ENTREPRENEURS FROM THE BASE OF
PYRAMID BY PROVIDING ACCESS TO
INNOVATIVE, EFFICIENT AND TIMELY
GOODS AND SERVICES.
VALUES
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Integrity
Innovation
We act with respect,
responsibility, transparency
and honesty, placing our
values above any individual
interest.
We generate new ideas, permanently
innovate our goods, processes and
services, and do things differently to
accomplish better results, with creativity
and a long term vision.
Solidarity
Professionalism
Entrepreneurship
We are a change agent
seeking to create an
inclusive and prosperous
society.
We work to achieve
excellence in everything
we do, and add value
to exceed our expected
goals.
We promote a culture of
success through proactivity,
leadership and courage.
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ANNUAL REPORT 2011
Corporate Governance
Grupo ACP is a Latin American corporation with a social mission that it aims
at accomplishing with business efficiency. It is governed by sound principles
and values that help it accomplish its objectives, are a reflection of its reason of
being, and have a direct impact on its associates, directors, partners, colleagues,
and the peoples of the countries where it operates.
For Grupo ACP, corporate governance is an indispensible element for managing
the multiple elements and principles of our organization, and to guarantee the
transparency that nourishes our communities’ confidence in us.
Grupo ACP’s corporate governance is based on an organizational culture of
ethical and moral principled behavior. It requires Grupo ACP and its affiliated
companies to explicitly abide by its corporate governance principles.
Grupo ACP’s governance system is defined by a governance matrix structured
around the following main principles:
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INSTITUTIONAL PHILOSOPHY
Grupo ACP defines poverty as a set of exclusions, including exclusion from
capital, knowledge, insurance, dignified housing, markets, communications,
and technology.
To address these exclusions, Grupo ACP creates companies specialized
in opening access and providing a set of tools for the social and economic
development of micro and small businesses’ owners and entrepreneurs, who
start at the bottom of the pyramid and who through their own effort and
capabilities manage to make their dreams come true.
16
Members of Grupo ACP’s Executive Committee. Left to right, Pablo Jhery Alonso, Corporate Auditor; Marcelo Escobar Flores, Business Corporate Manager: Luis Ovalle Gates, General Manager; Alfredo Dancourt Iriarte, Corporate Controller; Jesús Ferreyra Fernández, Corporate Manager for Innovation
and Development; Lucienne Freundt-Thurne Claux, Corporate Human Talent Manager; Julia Sobrevilla Perea, Corporate Institutional Relations Manager.
LOGICAL SEQUENCE
SET OF
EXCLUSIONES
i
NEED TO OPEN
AN ACCESS FOR
EACH TYPE OF
EXCLUSION
i
CREATING A COMPANY
SPECIALIZED IN
PROVIDING EACH TYPE
OF ACCESS
i
GRUPO ACP IS A
GROUP OF COMPANIES
SPECIALIZED IN OPENING
ACCESS
I N N O VAT I O N
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ANNUAL REPORT 2011
EXCLUSION AND ACCESS
Grupo ACP has created a platform of specialized companies that provide
access to each of the following exclusions:
EXCLUSION
Knowledge
Dignified and healthy housing
Capital and financial services
Protection from catastrophes
Information
Markets
Goods to enhance quality of living
Officials from the Controllership Corporate Management of Grupo ACP.
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ACCESSS
Education and training
Housing and infrastructure
Microfinance
Microinsurance
Communication
E-commerce
Consumption
SPECIALIZED COMPANIES´ PLATFORM
Housing and infrastructure
Microfinance
PERU
PERU
Stock participation
MEXICO
ECUADOR
URUGUAY
ARGENTINA
Stock participation
Corporate Services
BOLIVIA
PERU
EL SALVADOR
EL SALVADOR
GUATEMALA
PERU
PARAGUAY
PERU
Alliances
PERU
BRASIL
Microinsurance
PERU
Communication
PERU
PERU
Education and Training
Markets
PERU
Consumption
PARAGUAY
PERU
Stock participation
Energy and Environment
ARGENTINA Y PERU
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ANNUAL REPORT 2011
MEXICO
GUATEMALA
EL SALVADOR
ECUADOR
BRASIL
LATIN AMERICAN
PRESENCE
At year-end 2011, Grupo ACP was present in
the following 10 Latin American countries.
PERU
BOLIVIA
PARAGUAY
URUGUAY
ARGENTINA
20
TRIPLE BOTTOMLINE
Grupo ACP and its companies have as their goal to create value for people, the planet and their shareholders. Our
identified objective is to accomplish a triple bottom-line:
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This triple bottom-line is reflected in Grupo’s and each
of its companies’ isotypes.
GRUPO ACP REINVESTS 100% OF ITS PROFITS
Grupo ACP is a nonprofit organization that reinvests 100% of its profits to create social inclusion by providing access to
various products and services for micro and small company owners and entrepreneurs.
PROFITS
GRUPO ACP
100%
COMPANIES
REINVESTMENT AND
NEW INVESTMENTS
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ANNUAL REPORT 2011
Sixth Annual Grupo ACP Corporate Meeting.
OUR ORGANIZATION
PAST PRESIDENTS
Continuity and Innovation
Felipe Thorndike Beltrán
1969 – 1973
Fortunato Quesada Lagarrigue
1973 – 1976
Daniel Mariano Rodríguez Hoyle
1976 – 2002
Richard Herbert Custer Hallett
2002 – 2004
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1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
ASSEMBLY
1. Miguel Fernando Arias Vargas
2. Guillermo Gerhard Cornejo Mezger
3. Richard Herbert Custer Hallett
4. Susana María de la Puente Wiese
5. Luis Felipe Derteano Marie
6. Luis Augusto Ducassi Wiese
7. Manuel Eduardo Galup Fernández Concha
8 Elia Victoria King Chiong de Jordán
9. Keith George Koehler Monsón
10. Renzo Lercari Carbone
11. Alfredo Ernesto Llosa Barber
12. Miguel Victorio Pinasco Limas
13. Fortunato Quesada Lagarrigue
14. Álvaro Enrique Quijandría Fernández
15. Óscar José Rivera Rivera
16. Mariana Graciela Rodríguez Risco
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ANNUAL REPORT 2011
STEERING COUNCIL
Chairman
Alfredo Ernesto Llosa Barber
Miguel Fernando Arias Vargas
Luis Augusto Ducassi Wiese
Deputy Chairman
Director
Director
Director
Renzo Lercari Carbone
Óscar José Rivera Rivera
Mariana Graciela Rodríguez Risco
Luis Alberto Ovalle Gates
Director
Director
Director
General Manager
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ORGANIZATIONAL CHART
CORPORATE
MAJORITY
OWNED
COMPANIES
MINORITY
OWNED
COMPANIES
ASSEMBLY
STEERING
COUNCIL
Corporate Audit
CORPORATE
MANAGEMENT
Corporate
Business
Management
Department
Corporate
Controllership
Corporate Institutional
Relations Management
Department
Corporate
Human Talent
Management
Department
Corporate Innovation
and Development
Management
Department
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ANNUAL REPORT 2011
1969
1982
1998
OUR
HISTORY
PROGRAMA DE PROMOCIÓN Y DESARROLLO
PARA LA MICRO EMPRESA
The first sustainable
microcredit program
2002
2005
2006
2007
2008
2009
2010
2011
February-March: Standard & Poor’s and Fitch Ratings award Grupo ACP their BB- rating.
March: Inaugural bond issuance in international markets worth US$ 85 million.
December: Standard & Poor’s improves our risk rating to BB+.
26
27
ACCESS TO MICROFINANCE
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ANNUAL REPORT 2011
30
Peru
VISION
MISSION
TO BE THE LEADING ORGANIZATION
FOR BANKING WITH A CLEAR SOCIAL
COMMITMENT, WHERE PEOPLE FEEL
PROUD OF BELONGING TO THE
MIBANCO COMMUNITY OF CLIENTS
AND EMPLOYEES.
TO PROVIDE OPPORTUNITIES FOR
PROGRESS AND ACCESS TO THE
FINANCIAL SYSTEM WITH A SENSE OF
SOCIAL COMMITMENT.
BOARD
REPRESENTING
Senior Directors
Roberto Enrique Dañino Zapata
Juan Emilio Otero Steinhart
Miguel Victorio Pinasco Limas
Hugo Antonio Santa María Guzmán
Michael Edward Schlein
Alternate Directors
Chairman
Deputy Chairman
Senior Director
Senior Director
Senior Director
Senior Director
Senior Director
Senior Director
Senior Director
Grupo ACP – Peru
Grupo ACP – Peru
ACCION International – USA
Grupo ACP – Peru
Hivos – Triodos – The Netherlands
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Esteban Andrés Altschul
Enrique Osvaldo Ferraro
Alternate Director
Alternate Director
Alternate Director
Grupo ACP – Peru
ACCION Investments in Microfinance, SPC – USA
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Established March 2, 1998
Until 30.6.2011 Since 1.7.2011
Óscar José
Rivera Rivera
CHAIRMAN
Luis Alberto
Ovalle Gates
SENIOR DIRECTOR
Luis Felipe
Derteano Marie
DEPUTY CHAIRMAN
Miguel Victorio
Pinasco Limas
SENIOR DIRECTOR
Roberto Enrique
Dañino Zapata
SENIOR DIRECTOR
Alfredo Ernesto
Llosa Barber
SENIOR DIRECTOR
Juan Emilio
Otero Steinhart
SENIOR DIRECTOR
Hugo Antonio
Santa María Guzmán
SENIOR DIRECTOR
Michael Edward
Schlein
SENIOR DIRECTOR
Víctor José
Castillo Deza
GENERAL MANAGER
31
ANNUAL REPORT 2011
HIGHLIGHTS
GROWTH
Mibanco’s shareholders increased the
institution’s equity by more than US$
52 million in December. This allowed
strengthening the company’s capital
structure to continue growing.
At year close, Mibanco reported a
microbusiness market share of 13.94% by
number of loans and 17.24% by number
of clients.
BETTING ON INCLUSION
From its inception, Mibanco’s goal has
been to include a growing number of
microbusiness entrepreneurs and owners in
the financial system. Therefore, each product
it offers is tailored to fit its target audience
while abiding by ethical and sustainability
principles. Rural loans are an example of a
loan portfolio worth over US$ 54 million
distributed amont 95,000 outstanding loans.
More than 80% of rural loans have been
given to clients organized in a solidarity
credit group.
BROADER COVERAGE
At the end of 2011, Mibanco had 117
branches in Peru of which 58 were in Lima
32
and 59 cities in the interior. Additionally,
the bank had significantly increased its
brancheless banking correspondents, to
over 700 nationwide, or more than 110%
growth. Mibanco has thus expanded
its coverage to make more transactions
available to its clients, including cash
withdrawals, deposits in their own and third
party accounts, installment payments and
account balance or transaction inquiries.
Mibanco signed agreements with Banco de
la Nación and Interbank to offer its clients
more points of service. Now, Mibanco clients
can use more than 700 ATMs operated by
Banco de la Nación and over 1600 served
by Interbank’s Global Net. Together with
Mibanco’s own ATMs and those operated
by BBVA Continental, by the end of the
year Mibanco operated through a network
comprised of more than 3,400 automated
tellers.
RECOGNITIONS
2011 was a milestone year for Mibanco. The
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Standard & Poor’s turned it into the first bank
specialized in micro and small businesses
in attaining the same rating level as Peru’s
sovereign debt.
Likewise, Planet Rating, a rating agency
specialized in social performance, ratified
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Planet Rating evaluated more than 50
institutions worldwide, and confirmed
Mibanco`s outstanding performance in
accomplishing its mission.
Additionally, in May, the Marketing Hall
of Fame of the Effie Awards recognized
Mibanco as the“Great Modern Brand of Peru
in 2011”, a distinction to Mibanco’s effective
communications strategy and creativity to
build Mibanco’s image as a bank catering to
the micro and small business entrepreneurs’
community.
TRAINING
In addition, true to its commitment to
contribute to the growth of micro and small
business entrepreneurs, Mibanco continued
to organize free training programs. For the
third year in a row, the bank trained more
than 25 thousand clients that added to the
over 170 thousand clients that have been
trained in the last 11 years.
Mibanco Team
MAIN FIGURES AND INDICATORS
MIBANCO
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2010
2011
Var. 11/10
33
ANNUAL REPORT 2011
9.36%
ACCION Investments in Microfinance
SHAREHOLDING
STRUCTURE
1.
Grand Cayman
6.50%
International Finance Corporation
2.
USA
6.33%
Accion International
3.
USA
4.75%
Stichting Hivos - Triodos Fonds
4.
The Netherlands
1
4.75%
Stichting Triodos – Doen
5.
The Netherlands
1.64%
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6.
The Netherlands
2
1.53%
Investment Financial Corporation
7.
Peru
60.68%
3
Grupo ACP
Peru
1.22%
Ducktown Holdings S.A.
8.
Panama
1.23%
La Positiva Seguros y Reaseguros S.A.
9.
Peru
4
0.72%
Triodos Sicav II – Triodos Microfinance Fund
10.
The Netherlands
5
0.57%
La Positiva Vida Seguros y Reaseguros S.A.
6
11.
7
8
9 10
1112 14
13
Peru
0.41%
Other investors
12.
Peru
0.18%
Transacciones Financieras S.A.
13.
Peru
0.13%
Transacciones Especiales S.A.
14.
Peru
34
35
ANNUAL REPORT 2011
36
Mexico
VISION
MISSION
TO BE MEXICO’S MICROFINANCE
LEADER, OFFERING ITS CLIENTS,
WORKERS AND SHAREHOLDERS
OPPORTUNITIES FOR INTEGRAL
GROWTH.
TO CONTRIBUTE TO IMPROVING THE
QUALITY OF LIVING OF OUR CLIENTS
THROUGH INNOVATIVE FINANCIAL AND
INTEGRAL DEVELOPMENT SERVICES
THAT MEET THEIR NEEDS THROUGH
EXPERIENCED AND FRIENDLY PERSONNEL.
ADMINISTRATION COUNCIL
REPRESENTING
Senior Counselors
Ignacio Orejel Roldán
Rubén Beristain Valencia
José Carlos Herrera Molina
Chairman
Deputy Chairman
Senior Counselor
Senior Counselor
Senior Counselor
Senior Counselor
Senior Counselor
Grupo ACP – Peru
Mexican shareholders
Grupo ACP – Peru
Grupo ACP – Peu
Grupo ACP – Peru
Jesús Marcelino Ferreyra Fernández
César Augusto Pizano Montemayor
Álvaro Sepúlveda de la O
Alternate Counselor
Alternate Counselor
Alternate Counselor
Alternate Counselor
Grupo ACP – Peru
Grupo ACP – Peru
Alonso León de la Barra Guedea
General Director
Alternate Counselors
Established May 20, 2005
Luis Alberto
Ovalle Gates
CHAIRMAN
Ignacio
Orejel Roldán
DEPUTY CHAIRMAN
Rubén
Beristain Valencia
SENIOR COUNSELOR
Luis Felipe
Derteano Marie
SENIOR COUNSELOR
José Carlos
Herrera Molina
SENIOR COUNSELOR
Alfredo Ernesto
Llosa Barber
SENIOR COUNSELOR
Juan Emilio
Otero Steinhart
SENIOR COUNSELOR
Alonso León de la
Barra Guedea
GENERAL DIRECTOR
37
ANNUAL REPORT 2011
HIGHLIGHTS
FINANCING
In 2011, Forjadores accessed credit
lines for a total US$ 6.6 million, further
strengthening a relation of trust with
local and foreign sources of funding.
INFRASTRUCTURE
To continue growing, Forjadores opened
16 service offices throughout the Mexican
Federation. At year close, it operated 35
offices from where it fulfills the company’s
strategy of efficiently serving its clients.
Similarly, two new regions were organized
–Centro Norte and Cumbres- to foster
orderly and responsible growth. By year
close it served seven regions.
TECHNOLOGY
With technical advice provided by
InnovAcción–Grupo ACP’s technological
hub–Forjadores implemented the
Bantotal system at service offices that
opened in 2011. With this implementation
Forjadores’ service office network can
rely on specialized tools for group loan
disbursements using payment orders, and
a “micro-insurance module” to create life
insurance policies for its clients.
ACKNOWLEDGMENTS
MicroRate–a rating agency focusing
on microfinance institutions–awarded
Forjadores its B+ rating, after evaluating
its field and HQ processes. MicroRate also
awarded Forjadores a two-and-a-half star
rating, which highlights the company’s
approach of serving its employees
and clients by offering advancement
opportunities.
FORJADORES
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2010
2011
Var. 11/10
Forjadores Team.
SHAREHOLDING STRUCTURE
88.48%
Grupo ACP
Peru
11.51%
Other investors
Mexico
39
ANNUAL REPORT 2011
40
Uruguay
VISION
MISSION
TO BE URUGUAY’S
LEADING MICROFINANCE
ORGANIZATION.
TO PROVIDE EFFICIENT FINANCIAL SERVICES TO
MICRO AND SMALL BUSINESSES EXCLUDED FROM
THE TRADITIONAL FINANCIAL SYSTEM AND THEREBY
CONTRIBUTE TO THEIR INCLUSION AND DEVELOPMENT.
BOARD
REPRESENTING
Senior Directors
Francisco Guillermo Ravecca Jones
Fernando Mercau Carrera
Chairman
Senior Director
Senior Director
Senior Director
Senior Director
Grupo ACP – Peru
Grupo ACP – Peru
Uruguayan shareholders
BID/FOMIN – USA
Grupo ACP – Peru
Pablo María Sequeira Urta
Alfredo Enrique Dancourt Iriarte
Héctor Marcelo Antonio Escobar Flores
Alternate Director
Alternate Director
Alternate Director
Alternate Director
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Antonio Pablo Martínez Esponda
General Manager
Alternate Directors
Established June 21, 2007
Luis Felipe
Derteano Marie
CHAIRMAN
Alfredo Ernesto
Llosa Barber
SENIOR DIRECTORR
Francisco Guillermo
Ravecca Jones
SENIOR DIRECTOR
Fernando
Mercau Carrera
SENIOR DIRECTOR
Luis Alberto
Ovalle Gates
SENIOR DIRECTOR
Antonio Pablo
Martínez Esponda
GENERAL MANAGER
41
ANNUAL REPORT 2011
HIGHLIGHTS
GROWTH
In 2011, Microfin increased its loan
portfolio by US$3.6 million, representing
69% growth year over year.
NEW PRODUCTS
Additionally, Microfin launched two new
and innovative products: “MicroLeasing”
and the “Revolving Credit Line”.
“MicroLeasing” turned Microfin into the
first non-banking institution authorized
by Uruguay’s Central Bank to offer a
“financial leasing” product tailored to
the needs of micro and small business
entrepreneurs. The “Revolving Credit
Line”, aimed at small business owners
in Uruguay’s provinces, was successfully
launched through strategic alliances with
food retailers nationwide.
INSTITUTIONAL DEVELOPMENT
As part of its institutional development in
2011, Microfin successfully implemented
the Bantotal IT system thanks to the
dedication and commitment of its staff
and technical advice from InnovAcción,
Grupo ACP’s technological hub. Bantotal
will give Microfin significant competitive
advantage and leverage for developing
new products tailored to meet its clients’
needs.
SOCIAL AND FINANCIAL INCLUSION
To gauge internal compliance with its
social mission, Microfin prepared the
first ever indicator of social and financial
inclusion to be used in Uruguay and
became the only financial institution in the
Uruguayan financial system to measure
its social impact. At the end of 2011,
20% of Microfin clients had made at this
institution their first financial enquiry ever.
MICROFIN
2010
2011
Var. 11/10
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42
Microfin Team.
4.33%
Inter-American Development Bank, as manager
of the US Multilateral Investment Fund
USA
4.90%
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Venezuela
75.50%
Grupo ACP
Peru
15.27%
Other investors
Uruguay
43
ANNUAL REPORT 2011
44
Argentina
VISION
MISSION
TO BECOME THE COUNTRY’S
LEADING MICROFINANCE TEAM.
TO GENERATE AND STRENGTHEN LASTING
CREDIT RELATIONSHIPS WITH WORKING
PEOPLE SO WE CAN GROW TOGETHER.
BOARD
REPRESENTING
Senior Directors
Juan José Ize
Juan José Ochoa
Julián Ariel Costabile
Chairman
Deputy Chairman
Senior Director
Senior Director
Senior Director
Grupo ACP – Peru
Argentinean shareholders
Grupo ACP – Peru
Grupo ACP – Peru
Alternate Director
Alternate Director
Grupo ACP – Peru
Martín Cafoncelli
Hernán López Saavedra
Senior Syndic
Alternate Syndic
Grupo ACP – Peru
Grupo ACP – Peru
Juan José Ochoa
General Manager
Alternate Directors
Fernando Hugo Rizzi
Patricio Boyd
Syndics
Established July 13, 2005
Juan José
Ize
CHAIRMAN
Juan José Ochoa
DEPUTY CHAIRMAN
GENERAL MANAGER
Luis Felipe
Derteano Marie
SENIOR DIRECTOR
Julián Ariel
Costabile
SENIOR DIRECTOR
Jesús Marcelino
Ferreyra Fernández
SENIOR DIRECTOR
45
ANNUAL REPORT 2011
HIGHLIGHTS
GROWTH
In 2011, Emprenda’s loan portfolio grew
74% in local currency, significantly above
the 30% industry average and our direct
competitor’s 19% growth rate. In absolute
terms, Emprenda’s grew US$ 2.9 million,
the largest growth figure in its industry.
Likewise, its client portfolio expanded
12.8%, above its direct competitors’ 0.2%
growth, and in line with the indusry’s
13.7% expansion rate.
NATIONWIDE COVERAGE
In 2011, Emprenda’s operations in Jujuy
and Salta, in Argentina’s northeast,
significantly expanded their portfolio
by 126% and their client base by 25%.
At the end of 2011, Emprenda operated
nine branches in various Argentinean
cities, of which four are in the country’s
northeast.
FINANCING
Emprenda got US$2.9 million from
new funders, including Triple Jump,
Responsibility, Equitas and Banco Galicia,
which are now among the organizations
that have placed their trust in our institution.
WORK CLIMATE
Important progress was made in
training, team integration, compensation
schemes, performance evaluations and
internal communications. As a result,
Emprenda’s labor environment indicator
improved significantly compared to the
previous year’s.
SECTOR PROMOTION
Throughout 2011, Emprenda contributed
to the building of a microfinance industry
in Argentina by taking a leadership role in
the Network of Argentinean Microcredit
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BOEPUIFS
industry leadership entities.
EMPRENDA
2010
2011
Var. 11/10
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46
Emprenda Team.
14.14%
Other investors.
Argentina
64.64%
Grupo ACP
Peru
21.22%
Fideicomiso Positivo
Argentina
47
ANNUAL REPORT 2011
48
Bolivia
VISION
MISSION
TO BECOME THE LEADER, BENCHMARK
AND GREATEST INNOVATOR IN
THE LOCAL AND INTERNATIONAL
MICROBUSINESS INDUSTRY TO FOSTER
DEVELOPMENT, PROGRESS AND
IMPROVED QUALITY OF LIVING AMONG
LOW INCOME PEOPLE.
OUR BANK PROVIDES THE OPPORTUNITY
OF A BETTER FUTURE FOR LOW INCOME
SEGMENTS THROUGH ACCESS TO HIGH
QUALITY COMPREHENSIVE FINANCIAL
SERVICES.
BOARD AND SYNDICS
REPRESENTING
Senior Directors
Enrique Osvaldo Ferraro
Luis Fernando Campero Prudencio
Esteban Andrés Altschul
Michael Edward Schlein
Carlos Arturo Iturralde Ballivián
Chairman
Deputy Chairman
Secretary
Senior Director
Senior Director
Senior Director
Senior Director
Grupo ACP – Peru
Bolivian shareholders
FIMISA – Bolivia
Solydes – Bolivia
Alternate Director
Alternate Director
Alternate Director
Alternate Director
Alternate Director
Alternate Director
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
FIMISA – Bolivia
Solydes – Bolivia
Marco Antonio Paredes Pérez
Sergio Roberto Capriles Tejada
Senior Syndic
Alternate Syndic
Solydes – Bolivia
Bolivian shareholders
Kurt Paul Koenigsfest Sanabria
General Manager
Alternate Directors
Diego Guillermo Guzmán Garavito
Beatriz García de Acha
Juan Carlos Iturri Salmón
Syndics
Established February 10, 1992
Enrique Osvaldo
Ferraro
CHAIRMAN
Luis Felipe
Derteano Marie
DEPUTY CHAIRMAN
Juan Emilio
Otero Steinhart
SENIOR DIRECTOR
Michael Edward
Schlein
SENIOR DIRECTOR
Luis Fernando
Campero Prudencio
SECRETARY
Esteban Andrés
Altschul
SENIOR DIRECTOR
Carlos Arturo
Iturralde Ballivián
SENIOR DIRECTOR
Kurt Paul
Koenigsfest Sanabria
GENERAL MANAGER
49
ANNUAL REPORT 2011
HIGHLIGHTS
MARKET SHARE
At the end of 2011, BancoSol’s portfolio
market share among the members of
the Association of Financial Entities
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de Entidades Financieras Especializadas
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22.94%, making the bank the segment’s
leader.
In addition, its market share by number
of credit clients expanded 25.8% and
26.9% in 2010 and 2011, respectively.
At 0.83%, BancoSol’s loan delinquency
rate is among the lowest in the Bolivian
banking system. BancoSol also exhibits
one of the Bolivian banking system’s
highest provisioning ratios for default
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GROWTH
BancoSol’s operations experienced
remarkable growth and development.
To December 2011, it had granted
an unprecedented US$ 585.5 million
worth of loans to 169,251 entrepreneurs.
Likewise, liabilities with the public grew
to US$ 537.3 million over the same period
and the public’s trust translated into more
savers, who totaled 493,949 account
holders.
SERVICES
BancoSol consolidated its leadership
in the microfinance industr y by
expanding the range of transactions
available to microenterprise business
owners and entrepreneurs through
SolNet tools, the bank’s web based
banking services, and InfoSol, its mobile
banking services offering.
With a view at putting in place the second
largest network of ATMs in Bolivia, BancoSol
increased its ATMs to 133 machines and
opened six new branches, to accomplish its
mission to reach more towns where micro
and small businesses crave for financial
support.
FINANCING
In 2011, BancoSol decided to place long
term bank bonds in the stock market to
raise funding needed to grow its portfolio.
Accordingly, it enrolled in an issuance
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scheduled issue raised 170 million bolivianos
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POBUFOZFBSUFSN
BANCOSOL
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2010
2011
Var. 11/10
BancoSol Team.
8
24.55%
ACCION Investments in Microfinance, SPC
1.
6
1
USA
10.63%
ACCION Gateway Fund L.L.C.
7
5.
USA
20.16%
Fundación Solidaridad y Desarrollo Productivo
5
2.
6.
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Bolivia
Bolivia
16
.72%
Grupo ACP
4
3.
Peru
13
.31%
ACCION International
4.
USA.
7.26%
Inversores Asociados S.A.
2
3
5.98%
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7.
Bolivia
1.39%
Other investors
8.
Bolivia
51
ANNUAL REPORT 2011
El Salvador
SAC Apoyo Integral Team.
52
VISION
MISSION
TO BE THE LEADER IN
MICROFINANCE, RENOWNED
FOR ITS EFFECTIVE
CONTRIBUTION TO ITS CLIENTS’
SUSTAINABLE DEVELOPMENT.
WE ARE SOCIALLY COMMITTED TO THE
SUSTAINABLE DEVELOPMENT OF OUR CLIENTS
THROUGH THE HIGH STANDARDS OF OUR
PRODUCTS AND SERVICES.
53
ANNUAL REPORT 2011
BOARD
XXXXXX
REPRESENTING
Chairman
Deputy Chairman
Secretary Director
First Director
Second Director
Third Director
Fourth Director
Fifth Director
Sixth Director
Seventh Director
Apoyo Integral Inversiones – El Salvador
Apoyo Integral Inversiones – Panama
Grupo ACP – Peru
Fundación Dueñas Herrera – El Salvador
Grupo ACP – Peru
Owners / Directors
Luis Antonio Castillo Rivas
Bernhard Jakob Eikenberg
Alma Eunice Miranda de Hernández
Miguel Arturo Dueñas Herrera
Héctor Miguel Dada Sánchez
Rafael Eduardo Alvarado Cano
José Dimas Quintanilla Quintanilla
Rodrigo Arias Castaño
Luis Antonio
Castillo Rivas
CHAIRMAN
54
Bernhard Jakob
Eikenberg
DEPUTY CHAIRMAN
Alma Eunice Miranda
de Hernández
SECRETARY DIRECTOR
Luis Felipe
Derteano Marie
First Director
Miguel Arturo
Dueñas Herrera
SECOND DIRECTOR
Héctor Miguel
Dada Sánchez
THIRD DIRECTOR
REPRESENTING
Alternate Directors
José Mauricio Cortez Avelar
Xavier Pierluca
Ramón Antonio Manzano Morán
Alejandro Arturo Dueñas Soler
Jaime Orlando García Molina
Roberto Miguel Dueñas Herrera
Danilo Salvador Padilla Benítez
Reina Guadalupe González de Cabrera
First Alternate Director
Second Alternate Director
Third Alternate Director
Fourth Alternate Director
Fifth Alternate Director
Sixth Alternate Director
Seventh Alternate Director
Eighth Alternate Director
Ninth Alternate Director
Tenth Alternate Director
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Grupo ACP – Peru
Fundacion Dueñas Herrera – El Salvador
Grupo ACP – Perú
Until June 30, 2011. Since July 4, 2011.
Rafael Eduardo
Alvarado Cano
FOURTH DIRECTOR
Luis Alberto
Ovalle Gates
FIFTH DIRECTOR
José Dimas
Quintanilla Quintanilla
SIXTH DIRECTOR
Rodrigo
Arias Castaño
SEVENTH DIRECTOR
Juan Pablo
Meza Pérez
GENERAL MANAGER
55
ANNUAL REPORT 2011
HIGHLIGHTS
ACHIEVEMENTS
In 2011, SAC Apoyo Integral expanded its
family remittances business by 14% for an
amount of US$ 17.7 million and 94,395
transactions. By introducing the COPAC
group methodology, it also shaved off
10.4% of its 2011 planned expenses.
In a milestone development, SAC Apoyo
Integral was authorized by the Financial
Superintendency to take savings and
term deposits from the public. The
company has thus diversified the product
and service portfolio offered to current
and potential clients. Therefore, to
December 31 2011, SAC Apoyo Integral’s
liability portfolio showed 1,088 savings
accounts with a portfolio balance of US$
170,135, and 36 term deposits with a
portfolio balance of US$ 1,207,478.
SAC Apoyo Integral granted loans to
Salvadorans residing abroad so they could
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an innovative service in place since 2010.
on finance, environment and health.
Besides, the company provides free
building technical advice to 75% of
clients who receive a home building
or improvement loan.
CLIENTS
To get closer to its clients, SAC Apoyo
Integral broadened the network of doctors
and pharmacies included in the health
micro-insurance benefits plan. Similarly,
loan repayment points were expanded in
alliance with Puntoxpress, to more than
200 points of service open on extended
schedules Monday through Sunday.
As part of its social mission to improve
its clients’ quality of living, SAC Apoyo
Integral trained more than 400 people
EMPLOYEES
SAC Apoyo Integral employees have
more than 500 physicians available in
the network to care for their health
through general and specialized medical
services. Moreover, SAC Apoyo Integral
has improved its medical services
above regulatory and hospital medical
insurance standards. In compliance with
its policy to create growth opportunities
for its workers, over 19 employees were
promoted in 2011.
SAC APOYO INTEGRAL - EL SALVADOR
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56
2010
2011
Var. 11/10
SHAREHOLDING
STRUCTURE
2
1
5
3
4
36.00%
Apoyo Integral Inversiones S.A. de C.V.
1.
El Salvador
28.85%
Apoyo Integral Inversiones, S.A.
2.
Panama
20.00%
Grupo ACP
3.
Peru
15.04%
Fundacion Dueñas Herrera
4.
El Salvador
0.11%
Other investors
El Salvador
5.
57
ANNUAL REPORT 2011
Apoyo Integral Guatemala was born from an alliance between “Apoyo Integral Inversiones”,
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wi*ODPmOwGSPN#FMHJVN
and “BlueOrchard”from Switzerland, and Grupo ACP. The members of this alliance shared their
successful work experience and values in SAC Apoyo Integral.
Apoyo Integral Guatemala specializes in providing microfinance services through quality
financial products and services to small business owners in urban and rural Guatemala. Its
loans include house improvement and farm loans, as well as customized technical assistance
and appropriate and prompt support for clients to meet their business needs.
58
Guatemala
BOARD
XXX
REPRESENTING
Chairman
Deputy Chairman
Secretary
Board member
Apoyo Integral Inversiones S.A. - Panama
Grupo ACP - Peru
Grupo ACP - Peru
Fourth Alternate Director
Grupo ACP - Peru
Apoyo Integral Inversiones S.A.- Panama
Grupo ACP - Peru
Owners / Directors
Rodrigo Arias Castaño
Alternate Directors
Carlos Alberto Viteri Román
Bernhard Jakob Eikenberg
Established December 16, 2010
Luis Antonio
Castillo Rivas
CHAIRMAN
Luis Felipe
Derteano Marie
DEPUTY CHAIRMAN
Rodrigo
Arias Castaño
SECRETARY
Luis Alberto
Ovalle Gates
BOARD MEMBER
59
ANNUAL REPORT 2011
HIGHLIGHTS
BACKGROUND
Guatemala is the most populated country
in Central America and its economy has
developed to an acceptable level. These
characteristics provide Apoyo Integral
Guatemala opportunities for growth
while the population benefits from larger
sources of financing for expanding and
improving their businesses and homes.
Guatemala’s south has seen deep
penetration of the formal financial system
and other financial intermediaries. Under
these circumstances, our strategy to
achieve market share focuses on adding
value to customized credit products for
microenterprises in their initial phase of
capital accumulation, together with other
complementary services, such as life and
health micro-insurance.
BEGINNING OF OPERATIONS
Apoyo Integral Guatemala started
operations in March 2011. Its offices are in
Escuintla City, in Guatemala. The company
offers credit lines for microbusinesses,
small businesses, home improvement,
agriculture, and seasonal loans.
RECOGNITION
In 2011, Apoyo Integral Guatemala placed
444 loans for US$ 561,908. The average
loan was US$ 1,266. To December 2011,
the company’s portfolio featured 410
loans, a balance of US$ 424,444 and an
average loan of US$ 1,094.
APOYO INTEGRAL GUATEMALA
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60
2011
50.00%
Grupo ACP
Peru
50.00%
Apoyo Integral Inversiones S.A.
Panama
61
ANNUAL REPORT 2011
62
Paraguay
VISION
MISSION
TO BE A LEADING
FINANCIAL
ORGANIZATION,
RENOWNED FOR ITS
POSITIVE SOCIAL IMPACT
IN THE COMMUNITY.
WE ARE AN ORGANIZATION THAT WORKS WITH
INNOVATION AND EFFICIENCY, SO THAT ALL PEOPLE AND
BUSINESSES, ESPECIALLY THOSE IN THE LOW INCOME
SEGMENT, CAN ACCESS MORE AND BETTER FINANCIAL
SERVICES, TO HELP REDUCE POVERTY IN PARAGUAY. OUR
APPROACH PROVIDES CONTINUED FINANCIALLY AND
SOCIALLY SUSTAINABLE RETURNS TO OUR DEPOSITORS,
OFFICIALS AND SHAREHOLDERS.
BOARD
XXXXXX
REPRESENTING
Chairman
First Deputy Chairman
Second Deputy Chairman
Senior Director
Senior Director
Senior Director
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Paraguayan shareholders
Grupo ACP – Peru
Financiera El Comercio – Paraguay
ACCION Gateway Fund – USA
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Alternate Director
Alternate Director
Alternate Director
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ACCION Gateway Fund – USA
Grupo ACP – Peru
José María Caniza
Víctor Raúl Romero Solís
Senior Syndic
Alternate Syndic
Fernando Paciello
General Manager
Senior Directors
Carlos A. Heisecke Rivarola
Teresa Rivarola de Velilla
Jorge Pecci Miltos
Diego Guillermo Guzmán Garavito
José Martín De Aguirre
4JMWJB.VSUPEF.ÏOEF[
Alternate Directors
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Jorge De Angulo Gutiérrez
James Spalding
Syndics
Established April 26, 1976
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6OUJM"QSJM
Carlos A.
Heisecke Rivarola
CHAIRMAN
Teresa
Rivarola de Velilla
FIRST DEPUTY CHAIRMAN
Luis Felipe
Derteano Marie
SECOND DEPUTY CHAIRMAN
Jorge
Pecci Miltos
SENIOR DIRECTOR
Diego Guillermo
Guzmán Garavito
SENIOR DIRECTOR
José Martín
De Aguirre
SENIOR DIRECTOR
Silvia
Murto de Méndez
SENIOR DIRECTOR
Fernando
Paciello
GENERAL MANAGER
63
ANNUAL REPORT 2011
HIGHLIGHTS
TECHNOLOGY
Financiera El Comercio saw many changes,
innovations and investments in 2011. One
highlight was the successful implementation
of the new Bantotal IT core system. This
project required an investment of more than
US$ 2.5 million and demanded commitment
and effort of all the company’s officials, in
addition to support by InnovAcción, Grupo
ACP’s technological hub.
RECOGNITION
Financiera El Comercio received a 4- rating
from Planet Finance, a social consultant,
placing it in third position worldwide
for social inclusion. Likewise, Evaluadora
Latinoamericana, a risk-rating agency,
granted it a BBB+ rating as recognition of its
outstanding solvency and credit worthiness.
Financiera El Comercio was also a runner up
in IDB’s choice of microfinance companies
with the greatest rural penetration, during
the XIV Inter-American Microbusiness
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HUMAN TALENT
As for human talent, Financiera El Comercio
strongly bet on training its employees.
More than 13,680 hours of training to
978 officials were taught last year. Loan
technology material was designed, and
the first e-learning technology course was
taught. E-learning is a tool now available to
every loan official in the company.
Financiera El Comercio has been intensely
engaged in improving its work climate. It
offers its employees benefits at universities,
gyms and beauty parlors. To foster integration,
it organized a mixed soccer championship for
more than 650 employees. In its first talent
show, employees from all over the country put
on singing, drama and dancing performances.
STRATEGIC ALLIANCES
Throughout the year, Financiera El Comercio
signed strategic alliances with several public
and private institutions to build special
relationships in the various industries where
it operates and to offer not only access
to credit, but also coaching, training and
advice to clients.
FINANCIERA EL COMERCIO
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64
2010
2011
Var. 11/10
Financiera El Comercio Team.
9.33%
Grupo ACP
Peru
15.42%
ACCION Gateway Fund L.L.C.
75.25%
Other investors
Paraguay
USA
65
ACCESS TO MICROINSURANCE
66
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72
67
ANNUAL REPORT 2011
68
Peru
VISION
MISSION
TO BECOME THE LEADING
COMPANY IN MICROINSURANCE
FOR SMALL BUSINESS OWNERS AND
ENTREPRENEURS IN THE COUNTRY,
AND BECOME A MAJOR PLAYER IN THE
ANNUITIES MARKET.
TO PROVIDE INSURANCE OPTIONS THAT
WILL ALLOW A SIGNIFICANT PORTION
OF THE UNINSURED POPULATION TO
ACCESS MECHANISMS OF HIGH QUALITY
PROTECTION.
BOARD
XXXXX
REPRESENTING
Alfredo Jochamowitz Stafford
Marino Ricardo Costa Bauer
Luis Javier Montero Checa
Chairman
Deputy Chairman
Senior Director
Senior Director
Senior Director
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Alfredo José Alberto Salazar Delgado
General Manager
Senior Directors
Established September 14, 2007
Alfredo
Jochamowitz Stafford
CHAIRMAN
Marino Ricardo
Costa Bauer
DEPUTY CHAIRMAN
Luis Felipe
Derteano Marie
SENIOR DIRECTOR
Alfredo Ernesto
Llosa Barber
SENIOR DIRECTOR
Luis Javier
Montero Checa
SENIOR DIRECTOR
Alfredo José Alberto
Salazar Delgado
GENERAL MANAGER
69
ANNUAL REPORT 2011
HIGHLIGHTS
Protecta is Grupo ACP’s company
specialized in microinsurance. Its
products are easy to access through mass
distribution channels. The company sells
life, loan disencumbrance, accident, burial,
BOENBOEBUPSZUSBGGJDBDDJEFOU40"5
insurance and it actively participates in
the annuities market.
STRATEGIC ALLIANCES
As part of its strategy to bring life insurance to
emerging segments of the population on a
mass scale, Protecta has entered commercial
agreements with various strategic partners
through which it sells its products, including
Mibanco, Profinanzas, Agrobanco, Albis,
and Universidad César Vallejo, as well as
the local Metropolitan Lima government,
and government agencies like Essalud and
Banco de la Nación.
GROWTH
Protec ta closed the year with
approximately 1.4 million insured clients
and a significant increase of annuities
clients. It also closed the year with net
insurance premiums above US$ 36.6
million, or 21% growth year over year.
Protecta’s technical bottomline to
December 2011 was positive by US$ 3.5
million or 47% growth since a year before.
In turn, investments were a positive US$
2.8 million, or 181% growth.
CONSOLIDATION
By the end of 2011, Protecta’s net profits
exceeded US$ 2 million for the fourth year
in a row. Total managed assets reached
US$ 55.8 million, or 85% increase over
December 2010.
INVESTMENTS
At the end of 2011, investments in long term
securities amounted to more than US$38.9
million. All these investments went to local
and foreign fixed income securities.
RECOGNITION
Protecta’s “ProtegeMÁS” microinsurance
was recognized by the Inter-American
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Federation of Insurance Companies
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clients in very hazardous activities.
Similarly, Protecta was a runner up in
the 2011 Business Creativity Contest,
organized by Universidad Peruana de
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entered its “My Municipal Family” product
in the “Social Commitment” category.
MAIN FIGURES
PROTECTA
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70
2010
2011
Var. 11/10
Protecta Team.
0.27%
Other investors
Peru
16.50%
International Finance
83.23%
Grupo ACP
Peru
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USA.
71
ANNUAL REPORT 2011
72
Peru
VISION
MISSION
TO BE THE MAIN INSURANCE PROVIDER
OF SMALL AND MICRO BUSINESS
ENTREPRENEURS IN PERU AND
APPLY THIS EXPERIENCE TO OTHER
COUNTRIES, WITH AN EMPHASIS ON
QUALITY OF SERVICE.
TO SPREAD THE INSURANCE CULTURE
THROUGH MICROFINANCE ENTITIES AND
CHANNELS BY CREATING AND DEVELOPING
NEW COMPETITIVE AND INNOVATIVE
PRODUCTS, WHICH WILL CONTRIBUTE TO
THE SOCIOECONOMIC GROWTH OF LATIN
AMERICAN ENTREPRENEURS.
BOARD
XXXX
REPRESENTING
Chairwoman
Senior Director
Senior Director
Senior Director
Senior Director
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
-VDJFOOF.BSJBOB'SFVOEU5IVSOF$MBVY
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Luciano Canales Cornejo
General Manager
Senior Directors
Elia Victoria King Chiong de Jordán
Jorge Domingo González Izquierdo
Guillermo Luis Zarak Galimidi
Alternate Directors
4JODF.BSDI
Elia Victoria
King Chiong de Jordán
CHAIRWOMAN
Luis Augusto
Ducassi Wiese
SENIOR DIRECTOR
Jorge Domingo
González Izquierdo
SENIOR DIRECTOR
Alfredo Enrique
Dancourt Iriarte
SENIOR DIRECTOR
Guillermo Luis
Zarak Galimidi
SENIOR DIRECTOR
Luciano
Canales Cornejo
GENERAL MANAGER
73
ANNUAL REPORT 2011
HIGHLIGHTS
Secura, Grupo ACP’s insurance brokerage,
is a leader in microinsurance and
insurance advisory and generation. It
specializes in developing insurance as a
risk management tool to protect micro
and small businesses, microfinance
organizations and small and mediumsized companies.
Secura is a pioneer in identifying insurance
and risk transfer options in non-corporate
business segments, from a perspective that
integrates general, human and life risks.
America. Secura chooses for its clients
perfectly customized coverage that suits
their needs while assuring they get the most
competitive prices in the insurance market.
STRATEGY
The company has adopted a differentiation
strategy to allow its clients get advice from
specialized, agile and innovative advisors
with the ability to make things happen.
TECHNOLOGY
Secura has been able to successfully
integrate its commercial, technical and
administrative processes and its good
business practices using Peoplesoft, a
world-class technological platform, that
allows Secura to guarantee its clients highly
productive operations.
Secura seeks to become its clients’ partner
when they look for insurance plans in Latin
POSITIONING
Its strong performance has placed Secura
among the 12 best insurance brokerage
companies in Peru in the ranking
prepared by Peru’s Superintendency of
Banking, Insurance and Pension Fund
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MAIN FIGURES
SECURA
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74
2010
2011
Var. 11/10
Secura Team.
99.99%
Grupo ACP
Peru
0.01%
Other investors
Peru
75
ACCESS TO EDUCATION AND TRAINING
76
tAprenda1FSV
78
77
ANNUAL REPORT 2011
78
Peru
VISION
MISSION
TO BECOME THE REGION’S LEADERS AND
BENCHMARK FOR THE IMPACT OF OUR
COMPREHENSIVE TRAINING SOLUTIONS
ON THE LIVES OF MICROBUSINESS
OWNERS AND ENTREPRENEURS.
TO ENHANCE THE QUALITY OF LIVING
OF MICROBUSINESS OWNERS AND
ENTREPRENEURS BY PROVIDING ACCESS
TO KNOWLEDGE AND TOOLS THAT HELP
THEM GROW THEIR BUSINESSES AND
PERSONALLY.
BOARD
XXXX
REPRESENTING
Chairman
Deputy Chairwoman
Senior Director
Senior Director
Senior Director
Senior Director
Senior Director
Grupo ACP – Peru
Somos Empresa – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Somos Empresa – Peru
Grupo ACP – Peru
Senior Directors
Helena Pinilla García
Elia Victoria King Chiong de Jordán
Alberto Cabello Ortega
Lucienne Mariana Freundt-Thurne Claux
Alternate Directors
Alternate Director
Alternate Director
Alternate Director
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Claudia María Becerra Brazzini
General Manager
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
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4JODF.BSDI
Miguel Fernando
Arias Vargas
CHAIRMAN
Helena
Pinilla García
DEPUTY CHAIRWOMAN
Luis Augusto
Ducassi Wiese
SENIOR DIRECTOR
Óscar José
Rivera Rivera
SENIOR DIRECTOR
Elia Victoria
King Chiong de Jordán
SENIOR DIRECTOR
Alberto Cabello
Ortega
SENIOR DIRECTOR
Lucienne Mariana
Freundt-Thurne Claux
SENIOR DIRECTOR
Claudia María
Becerra Brazzini
GENERAL MANAGER
79
ANNUAL REPORT 2011
HIGHLIGHTS
COMPREHENSIVE APPROACH
Aprenda developed several comprehensive
projects comprised of business education,
technical productive workshops and
specialized advisory services, emphasizing
personal development and applying new
education and training methodologies.
ACHIEVEMENTS
In 2011, Aprenda trained almost 46 thousand
people, or an increase of 71% year over year.
Aprenda worked jointly with Mibanco in
training almost 13 thousand rural sector
entrepreneurs, as a way to develop microentrepreneurs’ skills. They learned to use
new business management tools. Similarly,
to encourage new companies, it ran the
“Dulce Emprender” project sponsored by
Citi Foundation.
Aprenda’s “Business Training Center,”
which has offices in Lima and south Peru’s
Moquegua department, trained 797
entrepreneurs and 985 microbusiness
managers and employees.
BETTING ON WOMEN
In 2011, Aprenda was involved in two
projects with a strong focus on women:
t
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provide Peruvian women entrepreneurs
tools to build profitable businesses,
Aprenda trained almost 28 thousand
women on finance, marketing and
personal development.
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for the Future” project, sponsored by
Citi Foundation, Aprenda trained 312
women on hand knitting and business
management in the emerging districts
of Lima.
Aprenda was chosen to run the “Building
My Dream”project sponsored by Southern
Copper mining company to teach
productive and business management
workshops to women entrepreneurs in
Moquegua, in southern Peru.
SOCIAL AND ENVIRONMENTAL
AWARENESS
Aprenda continued its efforts to reduce the
use of print paper by using paper made
from sugar cane bagasse to print training
materials. It also renewed its adherence to
the CO2 Neutral Website initiative, a pioneer
environmental compensation project.
Aprenda continued contributing to educate
youth in business management at technical
level at the ISTP Acción Comunitaria, in
Pachacutec, a low income peri-urban
community in Ventanilla, a district in northern
Lima. It is also a member of the Peru 2021
Patronato de Empresas, a non-profit civil
society organization that brings together
companies committed to social responsibility
initiatives and their implementation in Peru.
RECOGNITION
Aprenda won the “Entrepreneurial Spirit”
award in the “2011 Business Creativity”
contest organized by Universidad Peruana
EF$JFODJBT"QMJDBEBT61$
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acknowledges Aprenda’s track record in
creating and disseminating knowledge
for business people and entrepreneurs of
micro and small businesses.
MAIN FIGURES
APRENDA
t"TTFUTJOUIPVTBOE64
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Number of trained people to December 31, 2011 202,667
80
2010
2011
Var. 11/10
Aprenda Team.
92.00%
Grupo ACP
Peru
8.00%
Somos Empresa
Grupo ACP S.A.
Peru
81
ACCESS TO COMMUNICATIONS
82
t4PNPT&NQSFTB1FSV
84
83
ANNUAL REPORT 2011
84
Peru
VISION
MISSION
TO BE RECOGNIZED FOR OUR
CONTRIBUTION TO THE SUCCESS OF
MICRO AND SMALL BUSINESS OWNERS
AND ENTREPRENEURS.
WE DESIGN AND EXECUTE
RELATIONSHIP STRATEGIES FOR
THE DISSEMINATION OF THE
ENTREPRENEURIAL CULTURE.
BOARD
XXXX
REPRESENTING
Senior Directors
Deputy Chairman
Director
Director
Director
Cambio y Gerencia – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Cambio y Gerencia – Peru
Grupo ACP – Peru
Julia Isabel Sobrevilla Perea
Alternate Director
Alternate Director
Alternate Director
Alternate Director
Alternate Director
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Cecilia Cebreros Apaza
General Manager
Senior Directors
Helena Pinilla García
Alberto José Cabello Ortega
Alternate Directors
Since March 25, 2011.
Helena
Pinilla García
SENIOR DIRECTORS
Miguel Fernando
Arias Vargas
DEPUTY CHAIRMAN
Renzo
Lercari Carbone
DIRECTOR
Alberto José
Cabello Ortega
DIRECTOR
Lucienne Mariana
Freundt-Thurne Claux
DIRECTOR
Cecilia
Cebreros Apaza
GENERAL MANAGER
85
ANNUAL REPORT 2011
HIGHLIGHTS
Somos Empresa designs and implements
mass communication initiatives to
disseminate the entrepreneurs’ culture
and business management knowledge.
Its unique multimedia platform includes
a TV national broadcast and regional
versions, as well as radio broadcasts and
a specialized magazine.
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e n t re p r e n e u r i a l s p i r i t i n r u r a l
communities in the Amazon region
of Peru. This competition reached more
than one thousand communities of
the San Martín, Ucayali and Huánuco
regions and 23 public and private
organizations.
SUCCESSFUL PROGRAMS
Somos Empresa designed and
implemented the first mass campaign
targeting small restaurants in Lima for
Alicorp, a food and consumer products
company. The “Recipe for Success”
campaign reached approximately 1,200
restaurant owners and managers.
BUSINESS CREATIVITY AWARD
Somos Empresa received wide public
recognition in 2011. It won its second
“Business Creativity”award from Universidad
1FSVBOBEF$JFODJBT"QMJDBEBT61$
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time Somos Empresa was distinguished
in the “Communications” category for
the results of its “Let’s Do Business,” radio
program sponsored by Peru LNG -a
hydrocarbon company-, and aired since
2010 to disseminate the entrepreneurial
spirit in Chincha and Cañete, two cities
south of Lima.
S o m o s E m p re s a o rg a n i ze d t h e
“ W i n n i n g J u n g l e” c o m p e t i t i o n
sponsored by Grupo ACP and the
United States Agency for International
PROMOTING THE ENTREPRENEURIAL
SPIRIT
As part of its commitment to spread the spirit
of enterprise across Peru, Somos Empresa
organized several massive events with
support from public and private strategic
allies. These events were led by Nano Guerra
García, an opinion leader on entrepreneurship,
and reached more than 30 thousand people.
In the north and south of Lima, the “Recipe
for Success” campaign reached over one
thousand businesses joined events focusing
on restaurant management. Additionally,
in the south of Lima, the “Let’s Do Business”
program trained around 3 thousand listeners
in six events in Chincha and Cañete. In the
Amazon region, more than 1,500 people
from rural communities participated in
five events that identified the 30 best
community enterprises in San Martín,
Huánuco and Ucayali.
MAIN FIGURES
SOMOS EMPRESA
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86
2010
2011
Var. 11/10
Somos Empresa Team.
40%
Cambio y Gerencia SAC
Peru
60%
Grupo ACP
Peru
87
ACCESS TO HOUSING AND INFRASTRUCTURE
88
t7JWFODJB1FSV
90t1BOFDPOT&DVBEPS
94
89
ANNUAL REPORT 2011
90
Peru
VISION
MISSION
TO BE THE BENCHMARK
ORGANIZATION FOR
DEVELOPING REAL ESTATE
PROJECTS, ESPECIALLY IN
THE SUBURBS AND RURAL
ZONES, FOCUSING ON THE
HOUSEHOLDS AT THE BASE OF
THE SOCIAL PYRAMID.
TO PROMOTE AND DEVELOP REAL ESTATE,
SAFE WATER, SANITATION AND ELECTRICAL
PROJECTS FOR MICRO BUSINESS OWNERS AND
THEIR FAMILIES. THESE PROJECTS MUST BE SELF
SUSTAINING, HAVE HIGH SOCIAL IMPACT AND BE
ENVIRONMENTALLY FRIENDLY. TO BE GRUPO ACP`S
AND ITS COMPANIES’ STRATEGIC INFRASTRUCTURE
BUILDING PARTNER.
BOARD
XXXX
REPRESENTING
Senior Director
Senior Director
Senior Director Senior Director Senior Director
Senior Director Senior Director Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Senior Directors
Manuel Eduardo Galup Fernández Concha
Diego Andrés Tejero Acha
Jaime Raygada Sommerkamp
Carlos Pestana Mesarina
Alternate Directors
Alternate Director
Alternate Director
Alternate Director
Alternate Director
Alternate Director
Alfonso De Madalengoitia Gutiérrez
General Manager
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
6OUJM.BSDI
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4JODF0DUPCFS
Renzo
Lercari Carbone
SENIOR DIRECTOR
Jaime
Raygada Sommerkamp
SENIOR DIRECTOR
Manuel Eduardo
Galup Fernández Concha
SENIOR DIRECTOR
Carlos
Pestana Mesarina
SENIOR DIRECTOR
Jesús Marcelino
Ferreyra Fernández
SENIOR DIRECTOR
Héctor Marcelo Antonio
Escobar Flores
SENIOR DIRECTOR
Alfonso
De Madalengoitia Gutiérrez
GENERAL MANAGER
91
ANNUAL REPORT 2011
HIGHLIGHTS
GOALS
Vivencia finished building the Bolognesi
Community, a residential compound in
Puente Piedra, north of Lima. The project
comprises 44 family houses of 35m2
floor area, in two stories with a capacity
to expand to 90m2 in three stories.
Besides, the company finished building
two new Mibanco branches, one in San
Juan de Miraflores -south of Lima- and the
other in Ate Vitarte, a district in the east of
the capital.
PROJECTS
Vivencia started the formalities to buy
a land plot in Ate Vitarte district, where
it plans to develop its first multi-family
housing project comprised of over 300
houses.
RENEWABLE ENERGY
The pilot project for the sale of
photovoltaic equipment in villages
around Piura –in Peru’s north- was
completed. The project was developed by
Consorcio Genera jointly with Emprenda,
a company belonging to Grupo ACP that
offers microfinance services in Argentina,
and Vivencia.
Beneficiaries of this renewable energy
technology substituted photovoltaic
lamps for their kerosene lamps.
Photovoltaic lamps are a safer and more
environmentally friendly option.
MAIN FIGURES
VIVENCIA
2010
2011
Var. 11/10
t"TTFUTJOUIPVTBOE64
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92
Vivencia Team.
99.99%
Grupo ACP
Peru
0.01%
Other investors
Peru
93
ANNUAL REPORT 2011
94
Ecuador
VISION
MISSION
TO BE THE LEADING COMPANY
IN NONCONVENTIONAL
CONSTRUCTION SYSTEMS
PRODUCTION, COMMERCIALIZATION
AND TRAINING IN LATIN AMERICA.
WE ARE A MULTINATIONAL COMPANY
PROVIDING SAFE, FAST, COMFORTABLE
AN AFFORDABLE INNOVATIVE NON
CONVENTIONAL CONSTRUCTION SYSTEM
TO THE LATIN AMERICAN MARKET.
BOARD
XXXX
REPRESENTING
Chairman
Senior Director
Senior Director
Senior Director
Mutualista Pichincha – Ecuador
Mutualista Pichincha - Ecuador
Technology Property Corporation – Panama
ACP Vivencia - Peru
Alida Benedetti
Alternate Director
Alternate Director
Technology Property Corporation - Panama
ACP Vivencia - Peru
Manuel Mera Vergara
General Manager
Senior Directors
Mario Burbano de Lara
Marcelo López Arjona
Angelo Candiracci
Alternate Directors
Established November 12, 2004
Mario Burbano de Lara
CHAIRMAN
Marcelo López Arjona
SENIOR DIRECTOR
Angelo Candiracci
SENIOR DIRECTOR
SENIOR DIRECTOR
Manuel Mera Vergara
GENERAL MANAGER
95
ANNUAL REPORT 2011
HIGHLIGHTS
Headquartered in Ecuador, Panecons
manufactures and sells reinforced concrete
panels walls, using the M2 system. This
system’s main characteristics are its flexible
design and strong panel fitting that help
to build safe, comfortable and affordable
constructions.
GROWTH
In 2011 Panecons sales in Ecuador
grew almost 32%. This was mainly
achieved through housing and
community safety projects, large
projects in Guayaquil and massive
developments by Mutualista
Pichincha, among others. In 2011,
340 thousand m2 of panels and
almost 530 thousand accessories
were manufactured.
MAIN FIGURES
PANECONS
2010
2011
Var. 11/10
t"TTFUTJOUIPVTBOE64
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96
Panecons Team.
17.10%
Technology Property Corp. TPC
Panama
58.84%
Asociación Mutualista
Ahorro y Crédito Pichincha
Ecuador
24.06%
Vivencia S.A.
Peru
97
ACCESS TO E-COMMERCE
98
t5JHHSFT1FSV
100
99
ANNUAL REPORT 2011
Peru
VISION
MISSION
TO BE RECOGNIZED AS A RELIABLE
REFERENCE FOR ELECTRONIC
COMMERCE IN PERU THAT PROVIDES
ACCESS TO SEGMENTS NOT
CURRENTLY SERVED.
TO BECOME A SAFE AND EFFICIENT
MARKETPLACE OFFERING THE BEST
SHOPPING EXPERIENCE TO CONSUMERS,
OPENING ACCESS TO THE MSES’ SUPPLY
CHAIN AND TO OTHER FIRMS ACROSS THE
NATION.
100
BOARD
XXX
REPRESENTING
Chairman
Senior Director
Senior Director
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
"MGSFEP&OSJRVF%BODPVSU*SJBSUF
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Randal Cloward
General Manager
Senior Directors
Alternate Directors
4JODF.BSDI
Luis Felipe
Derteano Marie
CHAIRMAN
Luis Alberto
Ovalle Gates
SENIOR DIRECTOR
Alfredo Ernesto
Llosa Barber
SENIOR DIRECTOR
Randal
Cloward
General Manager
101
ANNUAL REPORT 2011
HIGHLIGHTS
ACCOMPLISHMENTS
In 2011, Tiggres launched its “Tiggres
Virtual Market” e-commerce website
with over 60 businesses and 2,000
products registered in the initial offering.
The website runs its own certified and
secure payment platform.
STRATEGIC ALLIANCES
Several and important companies,
including the Apple Store, Zeta
BookStore, Alfano and Oster, signed
agreements to join the Tiggres
e-commerce website, to fit their
strategic positioning objectives. Olva
Courier was chosen as product delivery
contractor.
TRAINING
Several training workshops were organized
along the year targeting micro and small
business entrepreneurs, so they could
successfully join the Tiggres virtual market.
Likewise, in line with its professional
development plan, Tiggres trained its
employees to build further capacities in
marketing, negotiations and HTML for IT
experts.
POSITIONING
Tiggres lectured in several talks, such as
an event held at Universidad Peruana de
$JFODJBT"QMJDBEBT61$
*UBMTPBUUFOEFE
“E-commerce Day”, the most important
e-commerce event in Peru.
MAIN FIGURES
TIGGRES
2010
2011
Var. 11/10
t"TTFUTJOUIPVTBOE64
t&YDIBOHFSBUF
102
Tiggres Team.
99.99%
Grupo ACP
Peru
0.01%
Conecta Centro de Contacto S.A.
Peru
103
ACCESS TO CONSUMPTION
104
t5PEP'SBORVJDJB(PO[BMJUP1BSBHVBZ
106
105
ANNUAL REPORT 2011
A company that sells and finances purchases of household applliances,
technology items, and private cars, to enhance the quality of living of
Paraguayan low income families.
106
Paraguay
BOARD
REPRESENTING
Senior Directors
Chairwoman Deputy Chairwoman Senior Director NGO SAECA, Paraguay
Silvia Murto de Mendez
James Spalding
Francisca Giménez C.
Miriam Celeste Vera
Venancio Ríos Portillo
Alternate Director
Alternate Director
Alternate Director
Senior Syndic
Alternate Syndic
NGO SAECA, Paraguay
NGO SAECA, Paraguay
Sebastián Aranda
General Manager
Montserrat González de Caballero
Teresa Rivarola de Velilla
Carlos A. Heisecke Rivarola
Alternate Directors
Established June 2, 2009
4JODF/PWFNCFS
Teresa
Rivarola de Velilla
DEPUTY CHAIRWOMAN
Carlos A.
Heisecke Rivarola
SENIOR DIRECTOR
Sebastián
Aranda
GENERAL MANAGER
107
ANNUAL REPORT 2011
HIGHLIGHTS
COMMERCIAL GROWTH
5PEP'SBORVJDJB(PO[BMJUP
MFETFWFSBM
initiatives in 2011 to leverage the company’s
commercial growth, including most
importantly introducing systems to speed
up loans, changing sales price lists, and
introducing rollover and discount policies.
In line with Todo Franquicia’s commercial
objectives, it trained sales representatives
on sales techniques, and introduced
productivity rewards for shop stewards and
external and shop floor sales representatives,
including awards for outstanding sales. It
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VOJU
Also, to create more traffic and lure
potential shoppers, Todo Franquicia
signed agency agreements with Western
Union and Giro País.
ADMINISTRATIVE IMPROVEMENTS
Todo Franquicia improved its operational
and administrative processes: it introduced
new IT tools to make merchandise
procurement and product distribution
easier. It also replaced the former outsourced
distribution system thanks to the acquisition
of new distribution vehicles, among others.
FINANCIAL ACHIEVEMENTS
2011 was a good year financially for Todo
Franquicia. It increased its daily and monthly
collections, introduced more effective
controls of company expenditures and
added new revenue sources through
synergistic alliances with companies such as
Western Union and Financiera El Comercio.
In additon, improvements in merchandise,
goods and services procurement were
made to match sales and expand revenues
from cash sales and daily collections. At the
same time, liabilities with banking entities
and suppliers were paid back, allowing the
company to finance transactions from its
own funds and reduce interest payments.
HUMAN RESOURCES
Todo Franquicia recruited a new collections
supervisor, new procurement and logistics
personnel and a new human resources
official, to improve collections and personnel
screening and training, respectively.
Changes in the compensation system
were made for commercial and collection
personnel, and regular meetings were
held in various operational areas. Training
included workshops for the commercial
and risk areas.
MAIN FIGURES
TODO FRANQUICIA
t"TTFUTJOUIPVTBOE64
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t&YDIBOHFSBUF
108
2010
2011
Var. 11/10
45.00%
Other investors
Paraguay
50.00%
NGO SAECA
Paraguay
5.00%
Grupo ACP
Peru
109
CORPORATE SERVICES
110
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120
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126
111
ANNUAL REPORT 2011
Peru
VISION
MISSION
TO BE A LEADER IN INTRODUCING
INNOVATIVE AND EFFICIENT
SOLUTIONS FOR PORTFOLIO
GENERATION, DEBT COLLECTION AND
CUSTOMER SERVICE.
TO CREATE VALUE FOR OUR CUSTOMERS
BY SATISFYING THEIR NEEDS, PROMOTING
THEIR PRODUCTS AND PROVIDING
HIGH QUALITY SERVICES SO THEY CAN
SUCCESSFULLY MANAGE THEIR CORE
BUSINESS.
112
BOARD
XXXX
REPRESENTING
Chairman
Senior Director
Senior Director
Senior Director
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Alternate Director
Alternate Director
Alternate Director
"MUFSOBUF%JSFDUPS
"MUFSOBUF%JSFDUPS
"MUFSOBUF%JSFDUPS
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
(SVQP"$1o1FSV
(SVQP"$1o1FSV
(SVQP"$1o1FSV
Ricardo Augusto Rojas Stewart
General Manager
Senior Directors
Jorge Domingo González Izquierdo
José Luis Pantoja Estremadoyro
Alternate Directors
Established August 7, 2007
4JODF.BSDI
Alfredo Ernesto
Llosa Barber
CHAIRMAN
Richard Herbert
Custer Hallett
SENIOR DIRECTOR
Jorge Domingo
González Izquierdo
SENIOR DIRECTOR
José Luis
Pantoja Estremadoyro
SENIOR DIRECTOR
Ricardo Augusto
Rojas Stewart
GENERAL MANAGER
113
ANNUAL REPORT 2011
HIGHLIGHTS
LOANS
Our 170 strong sales force placed loans for
over US$115 million. The telemarketing
team placed loans for over US$42 million
and fostered using account balances in
credit lines in excess of US$136 million.
RECOVERIES
Conecta performed strongly in the
tele-collection system. Out of over US$
4.5 million in the 2-to-8 day default
segment, Conecta recovered more than
US$ 3.6 million, or 76.6% % of the initial
defaulted capital. In the 9-to-15 days
segment, it recovered US$365 million
out of US$1.608 million, or 34.2.% of the
allocated debt for recovery.
CREDIT CARDS
Conecta outsourced processes for
Cencosud, a retail holding, and
activated 5,357 credit cards between
January and June 2011.
It also started selling credit cards for
Citibank and placed 1,046 cards at
year close. Conecta has managed
Citibank approved prospects since
September 2011.
STRUCTURAL GROWTH
At the end of 2011, Conecta had a
total headcount of 594 employees in
Lima and several cities of Peru.
MAIN FIGURES
CONECTA
t"TTFUTJOUIPVTBOE64
t&YDIBOHFSBUF
114
2010
2011
Var. 11/10
Conecta Team.
99.99%
Grupo ACP
Peru
0.01%
Other investors
Peru
115
ANNUAL REPORT 2011
116
El Salvador
VISION
MISSION
TO BE THE PROVIDER OF CHOICE FOR
BUSINESS CREATION, PORTFOLIO
MANAGEMENT AND CUSTOMER SERVICE
FOR FINANCIAL INSTITUTIONS THAT PROVIDE
SERVICES TO MICRO AND SMALL BUSINESSES
IN CENTRAL AMERICA.
TO PROVIDE HIGH QUALITY
SERVICES THAT SUPPORT BUSINESS
MANAGEMENT FOR COMPANIES
THAT PROVIDE FINANCIAL SERVICES
TO MICRO AND SMALL BUSINESSES
IN CENTRAL AMERICA.
BOARD
XXX
REPRESENTING
Chairman
Secretary
First Director
Second Director
FUSAI – El Salvador
Grupo ACP – Peru
Grupo ACP – Peru
Fouth Alternate Director
Grupo ACP – Peru
Grupo ACP – Peru
Senior Directors
José Dimas Quintanilla Quintanilla
Reina Guadalupe González de Cabrera
Alternate Directors
Erwin Federico Schneider Córdova
José Dimas
Quintanilla Quintanilla
CHAIRMAN
Reina Guadalupe
González de Cabrera
SECRETARY
Luis Felipe
Derteano Marie
FIRST DIRECTOR
Alfredo Ernesto
Llosa Barber
SECOND DIRECTOR
117
ANNUAL REPORT 2011
HIGHLIGHTS
ACHIEVEMENTS
In its second year of operations, Conectá2
organized a motivation program for its
collection personnel to improve their
performance at work.
Together with SAC Apoyo Integral –a
leading institution in microfinance
services in El Salvador- Conectá 2 held
training on “Uses and Applications
of the SISCO Collection System” and
“Collection and Negotiation Techniques.”
These programs were aimed at all of
the personnel in the 25 branches
of SAC Apoyo Integral and allowed
strengthening teamwork and reducing
default rates in the short and long terms.
compiles more debtor information on
issues such as risk category, number of
procedures and product description.
In 2011, Conectá2 also defined its process
manuals for legal recovery cases to
expedite and oversee these collections,
and better gauge performance.
GROWTH
In 2011, average monthly recovery of the
in-house portfolio grew 97% year over year.
TECHNOLOGY
Conectá2 included several fields in the
SISCO collection system, to optimize the
time and number of agents needed for
paperwork and assess client profiles,
as well as to create targeted collection
strategies. Besides, the system now
Moreover, Conectá2 promoted 65 people
at year close and added a new professional
expert to support the legal department in
response to growth of the legal recovery
portfolio, as well as a new supervisor to
manage SAC Apoyo Integral’s portfolio,
responding to more specific zoning.
MAIN FIGURES
CONECTÁ2
2010
2011
Var. 11/10
t"TTFUTJOUIPVTBOE64
t&YDIBOHFSBUF
118
51%
Conecta Centro de
Contacto S.A.
Peru
49%
Fundación Salvadoreña
de Apoyo Integral
El Salvador
119
ANNUAL REPORT 2011
Peru
InnovAcción Team.
VISION
MISSION
TO BE RECOGNIZED AS THE STRATEGIC IT AND
BUSINESS PROCESSES PARTNER OF GRUPO
ACP COMPANIES FOR THE EFFICIENCY AND
COMPETITIVENESS WE CREATE FOR THEM BY
ALLOWING THEM TO FOCUS ON THEIR CORE
BUSINESS.
TO BECOME A WORLD CLASS
TECHNOLOGICAL HUB FOR
GRUPO ACP COMPANIES.
120
BOARD
XXX
REPRESENTING
Chairwoman
Senior Director Senior Director Senior Director
Senior Director Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Alternate Director
Alternate Director
"MUFSOBUF%JSFDUPS
"MUFSOBUF%JSFDUPS
Grupo ACP – Peru
Grupo ACP – Peru
(SVQP"$1o1FSV
(SVQP"$1o1FSV
José Agois Barbier
General Manager
Senior Directors
Tomás Tapia Ruiz
José Luis Pantoja Estremadoyro
Alternate Directors
6OUJM.BSDI
4JODF'FCSVBSZ
4JODF.BSDI
Mariana Graciela
Rodríguez Risco
CHAIRWOMAN
José Luis
Pantoja Estremadoyro
SENIOR DIRECTOR
Jesús Marcelino
Ferreyra Fernández
SENIOR DIRECTOR
Escobar Flores
SENIOR DIRECTOR
José Agois Barbier
GENERAL MANAGER
121
ANNUAL REPORT 2011
HIGHLIGHTS
INTERNATIONAL CERTIFICATIONS
InnovAcción got certification at “CMMI
Level 2” for its software development
methodology. This certification awarded
by the Software Engineering Institute
4&*
PG$BSOFHJF.FMMPOB64VOJWFSTJUZ
places InnovAcción among companies
with internationally certified system
development.
Besides, InnovAcción earned the “Report
SAS 70 Type II,” providing international
certification for the security of its IT
processing and technology services
controls. Certification was granted by
Ernst & Young, on behalf of the American
Certified Public Accountants Institute,
through an independent audit that certified
security levels of processes developed by
InnovAcción.
ACHIEVEMENTS
InnovAcción responded to requirements
from several companies in Grupo ACP in
Peru, such as developing and implementing
the IT Management Integrated Platform
4*(&45*
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control of IT requirements, and also starting
implementation of the human resource,
financial and administrative modules of
the PeopleSoft ERP project.
InnovAcción responded to maintenance
requirements for processes in Conecta,
Secura’s business process automation
project, and the payment platform for
Tiggres. It also carried out several major
implementation jobs at Mibanco, that
allowed the bank to remain at the cutting
edge of technological processes.
IT and technological requirements by other
Latin American Grupo ACP companies were
also supported by InnovAcción including
starting an IT system and process adaptation
to support Forjadores graduation to
become a bank in Mexico, implementing
#BOUPUBM JO .JDSPGJO 6SVHVBZ
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launching Bantotal and IT for the start of
Banco Ideal in Brazil.
MAIN FIGURES
INNOVACCIÓN
t"TTFUTJOUIPVTBOE64
t&YDIBOHFSBUF
122
2010
2011
Var. 11/10
InnovAcción Team.
99.99%
Grupo ACP
Peru
0.01%
Other investors
Peru
123
ANNUAL REPORT 2011
Peru
Marcelo Escobar Flores, Luis Ovalle Gates, Alfredo Dancourt Iriarte, Jesús Ferreyra Fernández.
A company devoted to the management of private investment funds that support micro and
small companies. It also provides consultancy, technical advisory, management and other
services in its investment target industries.
124
BOARD
CARGO
REPRESENTING
Senior Directors
Senior Director
Senior Director
Senior Director
Senior Director
Senior Director
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Alternate Directors
Alternate Director Alternate Director Alfredo Enrique Dancourt Iriarte
General Manager
Grupo ACP – Peru
Grupo ACP – Peru
Established Julio 14, 2009
6OUJM.BSDI
4JODF.BSDI
Jesús Marcelino
Ferreyra Fernández
SENIOR DIRECTOR
Escobar Flores
SENIOR DIRECTOR
SHAREHOLDING
STRUCTURE
Luis Alberto
Ovalle Gates
SENIOR DIRECTOR
Alfredo Enrique
Dancourt Iriarte
GENERAL MANAGER
99.99%
Grupo ACP
Peru
0.01%
Other investors
Peru
125
ANNUAL REPORT 2011
Futura develops new projects on behalf of Grupo ACP. To achieve its goal, the company
seeks investors to establish creative alliances, which promote the success of micro
and small business owners and entrepreneurs. Additionally, Futura is permanently
on the lookout for new investment opportunities.
126
Peru
BOARD
XXX
REPRESENTING
Chairman
Deputy Chairman
Senior Director
Senior Director
Senior Director
Senior Director
Senior Director
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
Grupo ACP – Peru
General Manager
Senior Directors
Luis Felipe
Derteano Marie
CHAIRMAN
Alfredo Ernesto
Llosa Barber
DEPUTY CHAIRMAN
Miguel Fernando
Arias Vargas
SENIOR DIRECTOR
Richard Herbert
Custer Hallett
SENIOR DIRECTOR
Luis Augusto
Ducassi Wiese
SENIOR DIRECTOR
Óscar José
Rivera Rivera
SENIOR DIRECTOR
Mariana Graciela
Rodríguez Risco
SENIOR DIRECTOR
Luis Alberto
Ovalle Gates
GENERAL MANAGER
127
ACKNOWLEDGEMENTS
128
129
ANNUAL REPORT 2011
Received the IDB’s Excellence Recognition in the Economy and Finance
category for the corporation’s significant track record in providing tools
for social and economic development.
Standard & Poor’s risk rating agency improved Grupo ACP’s rating from
BB- to BB+.
130
Distinguished as the “Best Sustainable Finance Institution” by British
publication The New Economy and as the “Great Modern Peruvian
Brand of 2011” by the Marketing Hall of Fame of the Effie Awards.
Standard & Poor’s risk rating agency improved Mibanco’s rating from
BB+ to BBB, the equivalent of Investment Grade.
131
ANNUAL REPORT 2011
Protecta was recognized by the Inter-American Development
#BOL*%#
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XJUIB
grant of $ 100,000 to implement a microinsurance product
targeting persons engaged in highly hazardous production
activities.
132
Somos Empresa won the “Business Creativity 2011” award for
“Communications” in recognition of its Let`s Do Business radio
program that since 2010 encourages entrepreneurship in the
cities of Chincha and Cañete, in southern Peru. The prize was
BXBSEFECZ6OJWFSTJEBE1FSVBOBEF$JFODJBT"QMJDBEBT61$
133
ANNUAL REPORT 2011
Aprenda received the “Business Creativity 2011” award for
“Entrepreneurship” that recognizes the company’s track record in
the creation and dissemination of knowledge for businessmen
and entrepreneurs of micro and small enterprises. The prize was
BXBSEFECZ6OJWFSTJEBE1FSVBOBEF$JFODJBT"QMJDBEBT61$
134
Forjadores earned a B+
rating from MicroRate,
recognizing its low credit
risk, consolidated processes
and strong returns.
Planet Finance awarded
Financiera El Comercio its
4- rating that placed it in
third position worldwide for
social inclusión.
135
136
Consolidated financial statements as of December 31, 2011 and
2010 together with the independent auditors’ report
137
ANNUAL REPORT 2011
138
GRUPO ACP INVERSIONES Y DESARROLLO AND SUBSIDIARIES
GRUPO ACP INVERSIONES Y
DESARROLLO AND SUBSIDIARIES
Consolidated financial statements as of December 31, 2011 and 2010
together with the independent auditors’ report
Content
t4UBUFNFOUPGUIF*OEFQFOEFOU"VEJUPST
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t$POTPMJEBUFE$BTI'MPX4UBUFNFOU
t/PUFTUP$POTPMJEBUFE'JOBODJBM4UBUFNFOUT
139
ANNUAL REPORT 2011
140
141
ANNUAL REPORT 2011
CONSOLIDATED BALANCE SHEETS
As of December 31, 2011 and 2010
Assets
Cash and due from banks Cash and clearing
Deposits in Peruvian Central Bank
Deposits in domestic and foreign banks
Accrued interest on cash and due from banks
Restricted funds
Interbank funds
Investments at fair value through profit or loss and
available-for-sale, net
Cartera de créditos, neta
Loan portfolio, net
Property, furniture and equipment and
real estate investments, net
%FGFSSFEUBYBTTFUT
Other assets
Note
2011
4
2010
4
201,598
261,783
162,133
45
3,720
134,702
268,911
253,930
309
896
629,279
658,748
78,136
30,005
6
7
8
437,817
4,050,451
102,026
72,058
3,572,017
49,414
9
I
10
159,415
127,436
147,158
101,018
5,623,263
4,663,699
379,544
3,311,168
300,295
2,157,746
3,690,712
2,458,041
5
Total assets
Off-balance sheet accounts
Contingent assets
Other off-balance sheet assets accounts
The accompanying notes are an integral part of these consolidated balance sheets.
142
17
Note
Liabilities and shareholders’ equity
Deposits and obligations
Interbank funds
Deposits from financial entities
Due to banks and correspondents - short-term
Due to banks and correspondents - long-term
Bonds and other obligations
Technical reserves for premiums and claims
Other liabilities
11
12
12
13
14
10
Total liabilities
Shareholders’ equity
Equity attributable to Grupo ACP Inversiones
y Desarrollo’s associates:
Associates’ contributions
Legal and special reserves
Unrealized gain, net
5SBOTMBUJPOSFTVMU
Retained earnings
2010
4
3,609,134
13,196
169,613
245,108
474,707
257,532
103,108
138,026
2,807,870
299,395
356,059
482,174
39,478
56,457
115,232
5,010,424
4,156,665
341
317,546
25,610
19,657
366,219
246,620
341
257,546
25,534
63,661
345,266
161,768
15
Minority interest
Total shareholders’ equity
Total liabilities and shareholders’ equity
Off-balance sheet accounts
Contingent liabilities
Other off-balance sheet liabilities accounts
2011
4
612,839
507,034
5,623,263
4,663,699
379,544
3,311,168
300,295
2,157,746
3,690,712
2,458,041
17
143
ANNUAL REPORT 2011
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31, 2011, 2010 and 2009
Financial income
Interest on loans
Commissions on loan portfolio and other financial transactions
Other income
Interest on cash and due from banks and interbank funds
Income from investments at fair value through profit or loss
USBEJOH
BWBJMBCMFGPSTBMFBOEIFMEUPNBUVSJUZ
Note
2011
4
2010
4
2009
4
1,004,137
20,833
15,481
8,788
929,467
25,041
8,465
3,671
813,879
27,096
5,250
2,837
5,057
1,054,296
1,054,159
2,735
969,379
5,786
975,165
4,079
853,141
8,694
861,835
807,731
802,381
680,822
Exchange difference, net
Financial expense
*OUFSFTUPOEFQPTJUTBOEPCMJHBUJPOT
*OUFSFTUPOEVFUPCBOLTBOEDPSSFTQPOEFOUT
Interest on interbank funds, deposits from
mOBODJBMFOUJUJFTBOEPUIFST
*OUFSFTUPOCPOETBOEPUIFSPCMJHBUJPOT
$PNNJTTJPOTBOEPUIFSPOmOBODJBMPCMJHBUJPOT
Loss from financial derivative instruments, net
Gross financial margin
1SPWJTJPOGPSMPBOMPTTFTOFU
3FDPWFSZPGQSPWJTJPOGPSMPBOMPTTFT
Net financial margin
144
G G 171,563
152,889
528,892
530,590
48,836
453,576
Fee income from financial services
&YQFOTFTSFMBUJOHUPmOBODJBMTFSWJDFT
Technical result from insurance activities, net
Note
20
Operating margin
Administrative expenses
1FSTPOOFMFYQFOTFT
4FSWJDFTSFDFJWFE
Taxes and contributions
Net income
Attributable to :
Grupo ACP Inversiones y Desarrollo
Minority interest
2010
4
85,296
39,317
115,554
68,175
31,159
88,088
644,446
618,678
117,112
21
H
2009
4
45,896
20,512
60,104
513,680
Net operating margin
Depreciation, amortization and provisions
%FQSFDJBUJPOBOEBNPSUJ[BUJPO
1SPWJTJPOTGPSDPOUJOHFODJFTBOEPUIFST
Utilidad de operación
Other income, net
Income before income tax
*ODPNFUBY
2011
4
83,368
17,031
100,399
147,241
110,772
13,106
123,878
140,264
109,171
8,963
118,134
54,118
77,147
74,235
17,184
36,934
39,022
38,125
39,838
34,397
54,118
77,147
74,235
145
ANNUAL REPORT 2011
CONSOLIDATED STATEMENTS OF CHANGES
IN SHAREHOLDERS’ EQUITY
Attributable to Grupo ACP Inversiones y Desarrollo
Associates’
contributions
4
Balance as of January 1, 2009
Dividends paid to subsidiaries’ minority interest
Equity adjustments
5SBOTMBUJPOSFTVMU
Net income
Balance as of December 31, 2009
Transfer to legal and special reserves
5SBOTMBUJPOSFTVMU
Net income
Associates’ contributions
Transfer to legal and special reserves
Adjustment of deferred workers’ profit sharing to
retained earnings
Translation result
Other
Net income
146
Legal and special
reserves
4
Unrealized
gain, net
4
Translation
result
4
341
-
155,463
2,082
-
4,022
-
341
157,545
4,022
(108)
-
100,001
-
21,512
-
-
341
257,546
25,534
(1,816)
-
60,000
-
76
-
-
-
-
4,881
-
341
317,546
25,610
3,065
-
Retained
earnings
4
77,369
7,433
39,838
124,640
39,022
63,661
2,167
17,184
19,657
Total
4
Minority
interest
4
233,173
9,515
4,022
39,838
104,154
6,670
179
34,397
286,440
133,114
39,022
38,125
345,266
161,768
76
52,960
-
2,167
17,184
366,219
20
36,934
246,620
shareholders’
equity
4
337,327
16,185
4,201
74,235
419,554
77,147
507,034
52,960
76
2,187
54,118
612,839
147
ANNUAL REPORT 2011
CONSOLIDATED STATEMENTS OF CASH FLOWS
Reconciliation of net income to cash
provided by operating activities
Net income
Adjustments to net income
"EEMFTT
Depreciation and amortization
Provision for loan losses, net of recoveries
%FGFSSFEJODPNFUBY
Technical reserve for claims
Provisions
0UIFST
Net changes in asset and liability accounts
*ODSFBTFJOBDDPVOUTSFDFJWBCMFTBOEPUIFSBDDPVOUTSFDFJWBCMFT
Increase in accounts payable and other accounts payable
*ODSFBTFJOPUIFSBTTFUT
Increase in other liabilities
2011
4
2010
4
2009
4
54,118
77,147
74,235
28,968
278,839
46,651
930
2,005
33,055
Net cash provided by operating activities
485,592
Investing activities
Sale of property, furniture and equipment
1VSDIBTFPGQSPQFSUZGVSOJUVSFBOEFRVJQNFOU
1VSDIBTFPGJOUBOHJCMFT
Purchase of other assets
1,398
Net cash used in investing activities
148
(107,290)
25,812
271,791
42,467
3,593
21,156
227,246
9,451
1,165
21,744
41,168
6,186
46,191
442,241
337,288
1,953
1,933
(98,740)
(51,236)
2011
4
Financing activities
*ODSFBTFEFDSFBTF
JOSFTUSJDUFEGVOET
/FUEFDSFBTFOFUJODSFBTF
JOJOUFSCBOLGVOET
/FUEFDSFBTFOFUJODSFBTF
JOJOWFTUNFOUTBUGBJSWBMVF
UISPVHIQSPmUPSMPTTBWBJMBCMFGPSTBMFBOEIFMEUPNBUVSJUZOFU
/FUJODSFBTFJOMPBOQPSUGPMJP
/FUJODSFBTFOFUEFDSFBTF
JOPUIFSmOBODJBMBTTFUT
Net increase in deposits and obligations
/FUEFDSFBTF
OFUJODSFBTFJOEFQPTJUT
GSPNmOBODJBMFOUJUJFT
/FUEFDSFBTF
OFUJODSFBTFJOEVFUPCBOLTBOEDPSSFTQPOEFOUT
/FUEFDSFBTF
OFUJODSFBTFJOCPOETBOEPUIFSPCMJHBUJPOT
Dividends received
2009
4
801,264
546,383
725,511
2,599
Net cash (used in) provided by financing activities
/FUEFDSFBTF
OFUJODSFBTFJODBTIBOEDBTIFRVJWBMFOUT
2010
4
(410,596)
2,700
17,003
884
(340,610)
Cash and cash equivalents at the beginning of the year
657,852
297,348
351,906
Cash and cash equivalents at the end of the year
625,559
657,852
297,348
149
ANNUAL REPORT 2011
150
NOTES TO THE CONSOLIDATED
As of December 31, 2011 and 2010
1. Operations
(SVQP"$1*OWFSTJPOFTZ%FTBSSPMMPIFSFJOBGUFSiUIF*OTUJUVUJPOwPS
i(SVQP"$1w
JTB1FSVWJBOOPUGPSQSPmUPSHBOJ[BUJPOFTUBCMJTIFE
in 1969 to promote the socioeconomic development of
low-income individuals.
To accomplish its objective, Grupo ACP holds majority
investments in several entities established in Peru and
other countries, which are engaged in banking for microand small-size entrepreneurs, insurance brokerage, real
estate activities, relational marketing, and education and
training. A description of the Institution’s subsidiaries and
their relevant financial information is detailed in note 2.
The Institution’s legal domicile is Av. Domingo Orué 165,
Floor 5, Surquillo, Lima, Peru.
The consolidated financial statements as of and for the
year ended December 21, 2010 were approved in the
General Associates’ Meeting held on April 11, 2011. The
accompanying consolidated financial statements as of and
for the year ended December 31, 2011, were approved
by the Steering Board on February 20, 2012 and will be
submitted for approval to the General Associates’ Meeting
that will occur within the period established by law. In
Management’s opinion, the accompanying consolidated
financial statements will be approved by the General
Associates’ Meeting without modifications.
2. Subsidiaries’ activities
(a) The accompanying consolidated financial
s t a t e m e n t s i n c l u d e t h e I n s t i t u t i o n’s
consolidated financial statements and those
of its Subsidiaries in which the Institution
has more than 50 percent of direct or indirect
participation.
The main financial data of the Institution’s Subsidiaries,
which are included in the consolidation process as
of December 31, 2011 and 2010, before eliminations
for consolidation purposes, is as follows:
151
ANNUAL REPORT 2011
Entity
Activity
Country
t.JCBODP#BODPEFMB.JDSPFNQSFTB4"
t1SPUFDUB4"$PNQB×ÓBEF4FHVSPT
t'PSKBEPSFTEF/FHPDJPT4"EF$7
t.JDSPmOBO[BTEFM6SVHVBZ4"
t$POFDUB$FOUSPEF$POUBDUP4"
t"$17JWFODJB4"
t4FDVSB$PSSFEPSFTEF4FHVSPT4"
t"QSFOEB4"
t'*4&NQSFTB4PDJBM4"
t$4$*OOPW"DDJØO(SVQP"$1$FOUSPEF
4FSWJDJPT$PNQBSUJEPT4"
t4PNPT&NQSFTB(SVQP"$14"
t*OWJFSUB(SVQP"$1"ENJOJTUSBEPSB
Privada de Inversiones S.A.
tUJ((SFT4"&Y5FEBUFPQFSÞ4"$
t"DDJØO$PNVOJUBSJBEFM1FSÞ
t"QPZP*OUFHSBM(VBUFNBMB4"
6OJWFSTBMCBOL
.JDSPJOTVSBODFBOEMJGFJOTVSBODF
.JDSPmOBODF
'JOBODJBMTFSWJDFT
$PSQPSBUFTFSWJDFTBOESFMBUJPOBM
marketing
)PVTJOHBOEJOGSBTUSVDUVSF
.JDSPJOTVSBODFCSPLFSBHF
5SBJOJOH
.JDSPmOBODF
1FSV
1FSV
.FYJDP
6SVHVBZ
1FSV
1FSV
1FSV
1FSV
"SHFOUJOB
$PSQPSBUFTFSWJDFT
$PNNVOJDBUJPO
1FSV
1FSV
Investment fund
*OGPSNBUJPOUFDIOPMPHZ
&WBMVBUJPOPGJOWFTUNFOUQSPKFDU
'JOBODJBMTFSWJDFT
Peru
1FSV
1FSV
(VBUFNBMB
99.99
99.99
(b) As of December 31, 2011 and 2010, the
activities of the Institution´s subsidiaries
were as follows:
Mibanco, Banco de la Microempresa S.A. Mibanco, Banco de la Microempresa S.A. .JCBODP#BODPEFMB.JDSPFNQSFTB4"IFSFJOBGUFS
i.JCBODPw PS UIFi#BOLw
JT B GJOBODJBM JOTUJUVUJPO
incorporated in Peru on March 2, 1998. Mibanco is
authorized to operate as an universal bank by the
Peruvian Superintendencia de Banca, Seguros y AFPs
4VQFSJOUFOEFODZPG#BOLT*OTVSBODFBOE1SJWBUF
Pension Funds Managers, or “SBS” for its Spanish
BDSPOZN
.JCBODP PGGFST CBOLJOH QSPEVDUT BOE
financial services specifically tailored to serve micro-
152
Percentage of participation
2011
2010
and small businesses. Its transactions are governed
by Ley General del Sistema Financiero y del Sistema
de Seguros y Orgánica de la Superintendencia
EF#BODBZ4FHVSPTo-BX/PIFSFJOBGUFS
UIFi1FSVWJBO#BOLJOHBOE*OTVSBODF-BXw
"TPG
December 31, 2011 and 2010, the Bank had 117 and
111 offices, respectively.
Protecta S.A. Compañía de Seguros 1SPUFDUB 4" $PNQB×ÓB EF 4FHVSPT IFSFJOBGUFS
i1SPUFDUBw
JTBOJOTVSBODFJOTUJUVUJPOJODPSQPSBUFEJO
Peru on December 12, 2007. Protecta is supervised
by the SBS and its objective is to provide all services
allowed under the Peruvian Banking and Insurance
Law as a life-risk insurance company. As of December
Assets
Liabilities
Equity
/FUJODPNFMPTT
2011
2010
4
4
2011
4
2010
4
2011
4
2010
4
2011
4
2010
4
100
100
100
100
31, 2011 and 2010, Protecta provides products
and services in the areas of life insurance accident
insurance, and annuities to micro-businesses.
Forjadores de Negocios S.A. de C.V. 'PSKBEPSFT EF /FHPDJPT 4" EF $7 IFSFJOBGUFS
i'PSKBEPSFTw
XBT JODPSQPSBUFE BT B GJOBODJBM
institution in Mexico with the objective of granting
micro – credits to women living on rural areas on
that country and started operations in May 2005.
Since January 2007, the Institution holds an interest
in Forjadores.
Microfinanzas del Uruguay S.A. .JDSPGJOBO[BTEFM6SVHVBZ4"IFSFJOBGUFSi.JDSPGJOw
is a financial institution incorporated on June 21,
2007 under the legislative authority of the Eastern
Republic of Uruguay. Its business activity is to
grant loans in cash and species, with or without
guarantees, to individuals of Uruguay.
Conecta Centro de Contacto S.A. $POFDUB $FOUSP EF $POUBDUP 4" IFSFJOBGUFS
i$POFDUBw
XBTJODPSQPSBUFEJO"VHVTU*UTNBJO
activity is the legal and extralegal collection of pastdue credit instruments and loan portfolios acquired
or received mainly from affiliates, loan portfolios’
collection service, call center, telemarketing and
relational marketing.
153
ANNUAL REPORT 2011
ACP Vivencia S.A. "$1 7JWFODJB 4" IFSFJOBGUFSi7JWFODJBw
JT BO
institution incorporated in Peru on September 27,
2006. Its objective is the promotion, coordination,
creation, execution, construction, management,
leasing and sale of real estate.
Secura Corredores de Seguros S.A. 4FDVSB $PSSFEPSFT EF 4FHVSPT 4" IFSFJOBGUFS
i4FDVSBw
JT BO JOTUJUVUJPO JODPSQPSBUFE JO 1FSV
on September 20, 2002 its objective is to provide
intermediation in insurance placement and advisory
services to Protecta and third parties.
Aprenda S.A. "QSFOEB4"IFSFJOBGUFSi"QSFOEBw
XBTJODPSQPSBUFE
in Peru on March 27, 2008 and started operations
on March 28, 2008. Its objective is to educate,
train, create and diffuse knowledge to microbusinessmen, technical workers, and managers
from the Institution’s subsidiaries, among others.
FIS Empresa Social S.A. '*4 &NQSFTB 4PDJBM 4" IFSFJOBGUFSi'*4w
XBT
incorporated on July 13, 2005 under the legislative
authority of the Republic of Argentina. Its business
BDUJWJUZJTUPHSBOUQFSTPOBMMPBOTQSPEVDUJWFBOE
DPOTVNFS
BTXFMMBTTPMJEBSJUZMPBOTJOVSCBOBOE
rural areas of Argentina.
CSC InnovAcción Grupo ACP Centro de Servicios
Compartidos S.A. CSC InnovAcción Grupo ACP Centro de Servicios
$PNQBSUJEPT 4" IFSFJOBGUFS i*OOPW"DDJØOw
was incorporated on March 27, 2008 and started
operations on April 24, 2008. Until June, 2010,
InnovAcción’s main activity was to provide services
in computer center management, accounting,
management and human resources. Since July, 2010,
154
InnovAcción’s sole activity is to provide services in
computer center management, being Grupo ACP
)PMEJOH
UIFJOTUJUVUJPOUIBUQSPWJEFTTFSWJDFTJO
accounting, administration and human resources.
SomosEmpresa Grupo ACP S.A. 4PNPT&NQSFTB (SVQP "$1 4" IFSFJOBGUFS
i4PNPT&NQSFTBw
XBTJODPSQPSBUFEJO1FSVPO"QSJM
2, 2004. Its main activity is the design and execution
of communication strategies for micro- and small
businesses, diffuse and promote Peruvian and
Latin-American business development through
TV programs, radio and publications.
Invierta Grupo ACP Administradora Privada de
Inversiones S.A. Invier ta Grupo ACP Administradora Privada
EF *OWFSTJPOFT 4" IFSFJOBGUFSi*OWJFSUBw
XBT
incorporated in Peru on July 14, 2009. Its main
activity is to manage investment funds whose
participation certificates will be placed in private
offers.
tiGGres S.A. (Ex -Tedateoperú S.A.C.) UJ((SFT4"IFSFJOBGUFSi5JHHSFTw
XBTJODPSQPSBUFE
in Peru on February 17, 2009. Its activity is related
to information technology, data processing, graphic
design, websites design, electronic trading, advisory
in informatics and related matters.
Acción Comunitaria del Perú "DDJØO $PNVOJUBSJB EFM 1FSÞ IFSFJOBGUFSi"DDJØO
$PNVOJUBSJBw
XBTJODPSQPSBUFEJO1FSVPO+VMZ
2009. Its objective is to asses and develops new
projects, promote relationships with companies
and national and international organizations, attract
investors, and identify investment opportunities.
Apoyo Integral Guatemala S.A. –
"QPZP*OUFHSBM(VBUFNBMB4"IFSFJOBGUFSi"QPZP
*OUFHSBMw
XBTJODPSQPSBUFEJO(VBUFNBMBPO"VHVTU
10, 2010. Its objective is to offer financial products
and services to micro - businessmen of the urban
and rural areas of Guatemala, as well as to grant
credit lines to micro – and small - businesses.
(c)On August 10, 2010, the Institution and the
Support Centre for Micro-Entrepreneurs of the
4UBUFPG.BSBOIBPIFSFJOBGUFSi$&"1&w
BMFBEJOH
not-for-profit organization focused on lending to
microbusinesses and entrepreneurs in the northeast
of Brazil, signed a Consolidation Agreement to
establish a financial institution specialized in
microfinance in this country.
consolidated financial statements, of the Institution and
its Subsidiaries, Management has complied with the
regulations established by the SBS in force in Peru during
the relevant years.
Significant accounting principles and practices used in
the preparation of the consolidated financial statements
of the Institution and its Subsidiaries are the following:
(a) Basis of presentation, use of estimates and
accounting changes -
Afterwards, on January 21, 2011, the Institution
and CEAPE signed a New Consolidation Agreement
XIJDIXJMMTVQFSTFEFUIF"QSJM$POTPMJEBUJPO
"HSFFNFOU
UIJTBHSFFNFOUFTUBCMJTIFEUIBU(SVQP
ACP will constitute a Bank and will own 100 percent
of the financial institution’s equity, which amounts
UPNJMMJPOT3FBJTFRVJWBMFOUUPBQQSPYJNBUFMZ
S/.50.8 or US$18.1 millions, as of the Agreement’s
EBUF
8JUI UIF FOUSBODF PG OFX TIBSFIPMEFST
Grupo ACP’s interest will decrease, but it will not
drop below 51 percent.
(i) Basis of presentation and use of estimates –
The accompanying consolidated financial statements
have been prepared in Peruvian Nuevos Soles from
the Institution and each of its Subsidiaries’ accounting
records, which are maintained in nominal Peruvian
currency at the transaction’s date using the original
currency of the country of operation. The financial
statements have been prepared in accordance
with SBS regulations applicable to financial and
insurance entities and, in a supplemental manner,
with the International Financial Reporting Standards
*'34
BQQSPWFEUISPVHISFTPMVUJPOTJTTVFECZUIF
/BUJPOBM "DDPVOUJOH 4UBOEBSET #PBSE i$/$w GPS
JUT4QBOJTIBDSPOZN
JOGPSDFJO1FSVEVSJOHBMMUIF
relevant years.
As of the date of the consolidated financial statements,
this transaction is in process of subscription with
the Brazilian regulator.
These accounting principles are consistent with
those used in 2010, except as explained in paragraph
JJ
CFMPX
3. Significant accounting
principles and practices
In the preparation and presentation of the accompanying
As of the date of these consolidated financial
statements, the CNC had approved the application
of the 2009 versions of IFRS 1 to 8, IAS 1 to 41, 7 to
PGUIF4UBOEJOH*OUFSQSFUBUJPOT$PNNJUUFF4*$
interpretations of International Financial Reporting
4UBOEBSET $PNNJUUFF *'3*$
UP BT XFMM BT
amendments to May 2010 as IAS 1 and 34, IFRS 1,
155
ANNUAL REPORT 2011
3 and 7, IFRIC 13, and transition requirement for
amendments resulting from IAS 27. However, SBS
has postponed the application of IFRS 4, 7 and 8
to financial and insurance entities as described in
QBSBHSBQIX
CFMPX
Accounting records of Subsidiaries established in
foreign countries are maintained in the currency of
the country of their incorporation and their balances
have been converted into Peruvian Nuevos Soles, for
consolidation purposes, using the exchange rates
prevailing as of the date of each consolidated balance
sheet, the effects of that conversion are recognized
in the consolidated statement of shareholders’ equity.
Also, when necessary, the financial statements of the
Subsidiaries have been standardized to conform to
the applicable SBS accounting statements.
The preparation of the consolidated financial
statements requires Management to make estimates
that affect the reported amounts of assets and
liabilities, revenues and expenses and the disclosure
of material events in notes to the consolidated
financial statements. Actual results may differ from
these estimates.
Estimates are continually evaluated and are based
on historical experience and other factors. The
most significant estimates used in relation with the
accompanying consolidated financial statements
are the valuation of investments, the provision for
loan losses, the estimated useful life and recoverable
amount of property, furniture, equipment and
intangibles, the technical reserves for premiums of
insurance claims, and the deferred tax calculation.
The accounting criterion for each of these estimates
is described in this note.
(ii) Accounting changes for financial entities
Principles applicable since 2011
156
On its November 2010 session, the International
Financial Reporting Interpretations Committee
*'3*$
IFSFJOBGUFS UIFi$PNNJUUFFw BHSFFE UIBU
workers’ profit sharing must be recorded following
IAS 19 “Employees’ benefits” and not IAS 12 “Income
tax”. Consequently, an entity must only recognize a
liability when the employee has rendered a service;
therefore, the deferred workers’ profit sharing should
not be calculated due to temporary differences;
given that these differences would be attributable
to future services that must not be considered as
obligations or rights under IAS 19.
In Peru, the common practice was to calculate and
record the deferred workers’ profit sharing on the
consolidated financial statements. On January 21,
2011, the SBS issued Multiple Official Letter N°40492011 adopting the Committee’s interpretation
starting January 2011.
The changes required by the SBS Multiple Official
Letter and the accounting treatment followed by
the Institution and its Subsidiaries are the following:
- Workers’ profit sharing for services provided
during the year must be recorded as employees’
expenses in the consolidated statements of
income, without recognizing deferred assets
or liabilities. As result of the adoption of this
accounting criteria, the expense for workers’
profit sharing amounting to S/.8,662,000 was
included in the caption “Personnel expenses” of
the consolidated statement of income for the
year ended December 31,2011.
- Accumulated deferred assets and liabilities
balances from workers’ profit sharing were
eliminated and the deferred asset and liability for
income tax was recalculated using an income tax
rate of 30 percent. The net effect of the elimination
and recalculation amounted to S/.5,490,000 which
are presented in the caption “Retained earnings”
of the consolidated statements of changes in
shareholders’ equity.
(b) Basis of consolidation –
Subsidiaries are all entities over which the Institution
has control, meaning the power to govern their
financial and operating policies. This is generally
evidenced by being a shareholder in possession of
more than one half of the voting rights.
Subsidiaries are consolidated from the date on which
effective control is transferred to the Institution and
cease to be consolidated from the date that control
is transferred out of the Institution.
All inter-company transactions, balances, and
unrealized surpluses and deficits between companies
of the Institution and its Subsidiaries have been
eliminated in the consolidation process.
The consolidated financial statements include
the financial statements of the Institution and
its controlled Subsidiaries through direct and
indirect participation, note 2. All these Subsidiaries
were consolidated for the reported years after
the necessary adjustments to standardize their
accounting principles.
The minority interest was determined as being
propor tional to the minority stock holders’
participation in the Subsidiaries’ equity. It is
presented separately in the consolidated balance
sheet and income statement.
(c) Financial instruments Financial instruments are classified as assets, liabilities,
or equity in accordance with the substance of the
contractual agreement from which they originated.
Interest, dividends, gains and losses generated by
financial instruments classified as assets or liabilities
are recorded as income or expenses. The financial
instruments are offset when the Institution and
its Subsidiaries have a legally enforceable right to
offset them and Management has the intention to
settle them on a net basis, or to realize the assets
and settle the liabilities simultaneously.
Financial assets and liabilities stated in the consolidated
balance sheet correspond to cash and due from banks,
interbank funds, investments at fair value through profit or
loss, available-for-sale and held-to-maturity, loans, accounts
SFDFJWBCMFQSFTFOUFEJOUIFDBQUJPOi0UIFSBTTFUTw
BOE
liabilities in general, with the exception of the liability for
deferred income tax. In addition, all indirect loans are
considered to be financial instruments.
The specific accounting policies on recognition and
measurement of these items are disclosed in the
accounting policies described in this note.
(d) Recognition of revenues
and expenses
(i) Financial services
Financial revenues and expenses for interests are
recognized on an accrual basis over the related
contract period for the transaction and the interest
rates determined based on negotiations with
clients, except for interests generated on past due,
refinanced and under legal collection loans, and
loans classified in the categories of doubtful and
loss, which interest is recognized as revenue on a
cash basis. When Management determines that the
debtor’s financial condition has improved and the
loan is reclassified as current and in the categories
of normal, with potential problems or substandard;
interest is again recorded on an accrual basis.
Interest revenues include accrued income on fixed
income securities classified as investments at fair
157
ANNUAL REPORT 2011
WBMVFUISPVHIQSPGJUPSMPTTUSBEJOH
BWBJMBCMFGPS
sale and held-to-maturity; as well as discount and
premium recognition on financial instruments.
Interest expenses, including those related to financial
obligations, are recorded in the results on the period
in which it accrues.
Dividends are recognized as income when they
are declared.
Income from billed services not provided to clients
as of the date of the consolidated balance sheet is
recognized as deferred income in “Other liabilities”
caption of the consolidated balance sheet.
Commissions on financial services are recognized
as income when collected, except for commissions
related to the renewal of credit cards, which are
recorded on an accrual basis during the term or
renewal of the contract.
(ii) Revenues and expenses for insurance
transactions Premiums are recognized as revenue when they
become enforceable in accordance with the
contractual conditions entered into with the
policyholders.
Expenses on reinsurance and commissions and
other income and expenses related to the insurance
policies are recognized at the same time as premiums
income.
Income and expenses from coinsurance and
reinsurance accepted transactions are recognized
when the corresponding settlements are received
and approved but not necessarily while the insurance
is in force.
(iii) Other revenues and expenses –
Cash received from third parties, for the development
of projects and specific programs for socioeconomic
development, non-refundable to the Institution and
its Subsidiaries is registered as revenue when the
funds related to those projects and programs are
transferred; instead, they are registered as a liability,
when this cash is refundable to the Institution and
its Subsidiaries.
158
Other revenues and expenses are recognized on
an accrual basis.
(e) Loans and allowance for loan losses Direct loans are recorded when disbursement of funds
UPUIFDMJFOUJTNBEF*OEJSFDUMPBOTDPOUJOHFOU
are recorded when documents supporting such
facilities are issued. Loans with changes in their
payment schedules due to difficulties in the
debtors’ compliance with original payment terms
are considered refinanced or restructured.
Leasing operations are registered as financial leases,
recording as loans the principal of the installments
pending collection.
Allowance for loan losses As of December 31, 2011 and 2010, the allowance
for loan losses was determined following guidelines
established by SBS Resolutions N°11356-2008
“Regulation for the evaluation and classification of
the debtor and the requirement of provisions” and
N°6941-2008 “Regulation for Managing the Risk
of Retail Debtors with High Leverage Levels”. In
accordance to SBS Resolution N°11356-2008, the
loan portfolio is separated in retail and non retail
borrowers. Retail borrowers include individuals or
legal entities with direct or indirect loans classified
BTDPOTVNFSSFWPMWJOHBOEOPOFSFWPMWJOH
NJDSP
business, small business or mortgage loans. Non
retail borrowers are individuals or legal entities with
direct or indirect loans with corporate, large business
or medium business loans. Management periodically
reviews and analyzes the loan portfolio, classifying
it in the following categories: normal, potential
problems, substandard, doubtful or loss, depending
on the degree of risk of default of payment of each
debtor.
BNPOHPUIFST
PSDPOTJEFSFEBUUIFJSOFUSFBMJ[BCMF
value as determined by an independent appraiser.
In case a loan has a substitute responsibility of an
institution of the financial or insurance system
DSFEJUTBGGFDUFEUPTVCTUJUVUJPOPGDPVOUFSQBSUZ
the calculation of the allowance is made considering
the guarantor’s classification.
For non-retail borrower loans, the classification to
any of the categories mentioned above considers,
among other things, the following factors: the
payment history of the specific loan, the Institution’s
dealing history with the debtor’s management, the
debtor’s operating history, repayment capability
and availability of funds, the status of any collateral
or guarantee received, the analysis of the debtor’s
financial statements, and the risk classification given
by another financial institution; plus other relevant
factors. For retail borrower loans, the classification is
based, mainly, on how long payments are overdue.
When calculating the allowance for clients classified
as doubtful or loss for more than 36 and 24 months,
respectively, the value of any collateral is disregarded
and the required allowance is calculated as if such
loans were not secured by any collateral.
As of December 31, 2011 and 2010, the allowance
for indirect loans, which can be 0, 25, 50 and 100
QFSDFOUEFQFOEJOHPOUIFMPBOUZQFJTEFUFSNJOFE
over the basis of loan conversion factor. As of
June 30, 2010, the allowance for indirect loans was
determined over the basis of the total of such loans.
The calculation of the allowance for direct loans is
made according to the classification assigned and
using specific percentages, which vary depending
on whether or not the loans are secured by selfMJRVJEBUJOHQSFGFSSFEDPMMBUFSBMTNBJOMZDBTIEFQPTJUT
BOE SJHIUT PO DSFEJU DFSUJGJDBUFT
IJHIMZ MJRVJE
QSFGFSSFEDPMMBUFSBMTMJLFUSFBTVSZCPOETJTTVFECZUIF
Peruvian Government and securities included in the
-JNB4UPDL&YDIBOHF4FMFDUJWF*OEFYBNPOHPUIFST
PSQSFGFSSFEDPMMBUFSBMTQSJNBSZQMFEHFPOGJOBODJBM
instruments, machinery or property, agriculture or
mining pledge, and insurance on export credits,
The allowance for direct loans is presented as an
asset deduction, while the allowance for indirect
loans is presented as a liability.
Through SBS Circular N°B-2193 – 2010 dated
September 28, 2010 and up to December 31, 2011,
the SBS communicated to the financial entities the
reactivation of the pro-cyclical provisions over direct
and indirect loans for debtors classified as “normal”
because the microeconomic conditions that activate
TVDISVMFXFSFNFUTUBSUJOHUIBUNPOUIOPUFG (f) Accounts receivable from insurance
operations (premiums) Accounts receivable from insurance operations are
expressed at their nominal value. In accordance
with SBS Resolution N°225-2006, dated February
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N°495-2006, dated April 11, 2006, which established
the regulations on payment for insurance policy
premiums starting June 1, 2006, the referred
accounts receivable corresponding to the period
contracted to in the policy will be recognized at the
beginning of the contract. In case of default on the
payments, the regulation establishes the suspension
159
ANNUAL REPORT 2011
of the contract and gives power to Protecta to
automatically terminate or put on hold the insurance
contract for overdue payments, in which case it
should proceed to receive an allowance for doubtful
accounts, as described below. Management uses
both alternatives to recognize the recuperable value
of its accounts receivable.
Allowance for doubtful accounts with
reinsurers and other accounts receivable from
insurance activities I n accordance with SBS Resolution Nº2252006 in force starting June 2006, amended by
Resolution Nº0459-2006 and Resolution Nº0772007, outstanding premiums that have not been
paid for over 90 days and whose contract are not
automatically resolved, whether in the case of
fractional share or one-time fee, are considerer
doubtful to determine the appropriate allowance,
note 20. The allowance is determined on a caseby-case basis considering all fees, both due and
defaulted, deducting from the premium subject to
the allowance the corresponding Value Added Tax.
This allowance is charged to the “Other technical
expenses” caption of the consolidated statement
of income.
Likewise, the allowance for doubtful accounts
from reinsurers and coinsurers is regulated by
SBS Resolution N°10839-2011 which replaces SBS
Resolution N°288-2002 in force up to October 21,
2011. These provisions are mainly calculated by using
certain percentages set out by the SBS considering
the aging and last movement of such accounts.
(g) Foreign currency transactions Assets and liabilities denominated in foreign
currency are recorded by applying to the foreign
currency amount the exchange rate prevailing
at the transaction date and are expressed in
Peruvian currency at the end of each month using
160
the exchange rates established by the SBS, note
4. Exchange gains or losses generated from the
restatement of foreign currency transactions at
the exchange rates prevailing as of the dates of the
consolidated statement of financial position are
recorded in the consolidated statement of income.
(h) Investments at fair value through profit or
loss (trading), available-for-sale investments
and held-to-maturity investments, net SBS Resolution N° 10639-2008 and its amendments
establish the criteria for the classification and
valuation of financial investments as follows:
Classification
The criteria for investments classification on different
types are as follows:
(i) Investments at fair value through profit
or loss
This category has two sub-categories: investment
instruments acquired for trading and investment
instruments at fair value through profit or loss
from their inception. An investment instrument is
classified as acquired for trading if it is acquired for
the purpose of selling it or repurchasing it in the
short term, or if is part of a portfolio of identified
financial instruments that are managed together
and for which there has been demonstrated a
recent pattern of taking gains in the short term.
(ii) Available–for-sale investments
Those investments held for an indefinite period
and may be sold for purposes of liquidity or
changes in interest rates, exchanges rates or
the cost of capital; or are not qualified to be
classified as at fair value through profit or loss
or held-to-maturity.
The investments in equity which do not have
a quoted market value, and for which the fair
value cannot be reliably measured, are valued
at their cost.
(iii) Investments held–to-maturity
- To have a residual maturity greater than a year at
the moment of the recording in this category.
- To be acquired or reclassified for the purpose
of holding until their maturity date. Purpose is
considered to exist only if Management foresees the
possession of these instruments under conditions
that impede its sale, transfer or reclassification.
- Other requirements the SBS establishes through
general application rules.
Entities must assess if they have the financial capacity
and the intent to hold these investments until
their maturity every time they decide to classify
an investment.
Recognition of date of transactions
The transactions must be recorded using the
trading date; that is, the date at which the reciprocal
obligations that must be performed within the term
established by regulations and practice in the market
in which the operation take place.
Initial recognition
Initial recognition of investments at fair value
through profit and loss is at fair value, recognizing
any transaction costs related to these investments
as expenses.
Available-for-sale investments and held-to-maturity
investments are recognized initially at fair value, plus
transactions costs including those transaction costs
that are directly attributable to the acquisition of
these investments.
Any premium or discount of the debt instruments
classified as available-for-sale investments and
held-to-maturity investments is considered in the
calculation of the amortized cost by applying the
effective interest rate methodology, recognizing
accrued interest in the “Income from investments”
account of the “Financial income” caption of the
consolidated statement of income, as applicable.
Valuation
(i) Investments at fair value through profit
and loss The book value is updated daily to fair value
through its individual valuation, recognizing any
resulting gain or loss in the “Income or expenses
from sale and valuation of investments, net”
account of the “Financial income” or “Financial
expenses” captions of the statements of income,
as applicable.
(ii) Available-for-sale investments The valuation is at fair value and any unrealized
gains and losses compared with the amortized
cost are recognized in the shareholders’ equity.
When the instrument is sold or the gains or losses
previously recognized as part of the shareholders’
equity are realized, they are transferred to the
statements of income. On the other hand, when
Management believes that the decrease in fair
value is permanent or if there is credit impairment,
it records the losses in the statements of income.
The estimated fair value of available-for-sale
investments is determined mainly based on
market quotations or, if they are not available,
based on discounted cash flows using market
rates according to the credit quality and maturity
date of the investment.
Amortized cost
161
ANNUAL REPORT 2011
(iii) Held-to-maturity investments These investments are recorded at amortized
cost, and are not accounted at fair value.
Impairments are recorded individually for negative
changes in the credit capacity of the issuer,
analogous to the treatment of direct loans, directly
affecting the income of the period.
When these investments are sold without
complying with SBS regulation and/or similar
financial instruments are again acquired from
the same issuer, they may not be recorded in
this category without express authorization from
the SBS.
Recognition of exchange differences Any gains or losses from currency exchange
differences related to the amortized cost of debt
instruments are recorded in the statements of
income, while those related to the difference
between the amortized cost and fair value are
recorded in the statements of shareholders’ equity
as part of the unrealized gain or loss. In the case
of equity instruments, they are considered nonmonetary items and, consequently, remain at their
historical cost in local currency, which means that
any exchange differences are part of their valuation
and are recognized as part of the unrealized gains
or losses in the consolidated shareholders’ equity.
Recognition of dividends Dividends are recognized in the consolidated
statements of income when they are declared.
The SBS Resolution No. 10639-2008 established that
when the SBS considers it necessary to establish any
additional provision for any type of investment, this
provision will be determined on the basis of each
162
individual security, and must be recorded in the
statements of income for which the SBS requires
such provision.
(i) Property, furniture and equipment, and
real estate investments, net –
(i)Property, furniture and equipment, net Property, furniture and equipment are accounted
at acquisition cost, less accumulated depreciation
and the accumulated allowance for long-life assets
JNQBJSNFOUJGBQQMJDBCMFTFFQBSBHSBQIR
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This caption includes the cost of assets acquired
through financial lease contracts, see paragraph
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Historical acquisition costs include expenditures that
are directly attributable to the acquired property,
furniture or equipment.
Maintenance and repair costs are charged to the
consolidated income statement; significant renewals
and improvements are capitalized when it is probable
that future economic benefits, in excess of the
originally assessed standard of performance, will
flow from the use of the acquired property, furniture
or equipment.
In-transit equipment and work in progress caption
are registered at cost. That includes acquisition or
construction cost as well as other direct costs. Those
goods are not depreciated until the related assets
are received or completed and are able to operate.
Land is not depreciated. The other assets’
depreciation is computed on a straight-line basis
over the following estimated useful lives:
Years
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(ii) Real estate investments
Real estate investments include those lands and
buildings for leasing, and are valuated following the
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Property in construction or improvement for future
use as real estate investment is reported at cost until
it is finished.
Property’s depreciation is computed using the straight line
method and an estimated useful live of 33 years. Gains for
leasing are recognized as long as the fixed payments are
due and are recorded in the “Other income, net” caption
in the consolidated income statement.
(j) Financial leases The Institution and its Subsidiaries recognize their
financial leases recording, at the beginning of the
related contracts in the consolidated balance sheet,
for an amount equivalent to the fair value of the leased
asset or, if it is lower, to the present value of the financial
lease payments. Direct initial costs are considered part
of the asset.
Lease payments are distributed between financial
expense and the reduction of the liability. Financial
expense is distributed over the term of the lease, in
order to generate an interest expense on the liability
balance in each period.
Financial leases bear depreciation expenses for the
related asset, as well as financial expenses in every
accounting period.
When the assets are sold or written-off, their cost and
depreciation are eliminated and any resulting gain or
loss is included in the consolidated income statement.
(k) Intangible assets with finite useful lives Intangible assets are initially recorded at cost and are
presented in the caption “Other assets, net” of the
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and its Subsidiaries recognize an asset as being
intangible if it is probable that the future economic
benefits that it generates will flow to the Institution and
its Subsidiaries and its cost can be reliably measured.
After initial recognition, intangibles are recorded at
their cost less accumulated amortization and loss for
impairment, if applicable.
Intangible assets include, mainly, the disbursements
made for the acquisition of software related to the
Institution’s and its Subsidiaries’ operating systems and
are amortized using the straight-line-method over their
useful live, estimated in 5 years for financial entities and
10 years for any other Institution’s subsidiaries. Assets’
residual values, useful lives and the selected amortization
method are periodically reviewed to ensure that they
are consistent with current economic benefits and live
expectations.
As of December 31, 2011 and 2010, the Group has no
intangibles assets with indefinite useful lives.
(l) Derivative financial instruments SBS Resolution N° 1737-2006, “Regulation for Trading
and Accounting of Derivatives for Financial Entities,”
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163
ANNUAL REPORT 2011
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for the accounting of derivative transactions classified
as for trading and hedging, as well as of embedded
derivatives.
Trading Derivative financial instruments are initially recognized
in the consolidated balance sheet at cost and are
subsequently recorded at fair value, with an asset or
liability being recognized in the consolidated balance
sheet as applicable, and any resulting gain and loss in
the consolidated statement of income. Derivatives are
recorded in off-balance sheet accounts at the notional
amount of the currency committed, note 17.
Fair values are determined based on market exchange
and interest rates.
Embedded derivates
Certain derivatives embedded in other financial
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derivatives when their economic characteristics
and risks are not closely related to those of the
host contract and the host contract is not carried
at fair value through profit or loss. These embedded
derivatives are separated of the host instrument and
recognized at fair value in the consolidated income
statement unless the Institution and its Subsidiaries
DIPPTFUPEFTJHOBUFUIFIZCSJEDPOUSBDUTIPTUBOE
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or loss.
As of December 31, 2011 and 2010, Protecta holds some
instruments classified as held-to-maturity investments
which include embedded derivates related to the issuer’s
rescue option. Protecta does not need to separate the
embedded derivates because the option’s execution
allows the substantial recovery of the instrument’s
amortized cost, in accordance to SBS regulations.
164
(m) Bonds and other obligations
This caption includes the liabilities from the issuance
of corporate bonds, which are recorded at their
nominal value, recognizing the accrued interest in
the consolidated results of the year.
(n) Operations with reinsurers and
coinsurers
Accounts receivable from reinsurers and coinsurers:
(i) Claims for which the Institution and its
Subsidiaries are liable for indemnification of the
insured party, recording an reinsurers/coinsurers
accounts receivable based on the percentage of
the premium, presented in the “claims on premiums”
caption of the consolidated income statement; and
(ii) Reinsurance accepted in favor of other insurance
companies, and coinsurers led by other insurance
companies, which are recognized every time an
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or a clause of coinsurance is signed.
Reinsurance contracts ceded do not release the
Institution and its Subsidiaries of its obligations to
the insured party.
Accounts payable from reinsurers and coinsurers
are originated due to:
(i) Premiums ceded based on an evaluation of the
assumed risk, which is determined by the Institution
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These accounts payable are recognized every time
an insurance policy is issued, recording a charge to
the “premiums ceded” caption of the consolidated
income statement simultaneously with a credit to the
“reinsurance payables” caption of the consolidated
balance sheet; such transactions are supported by an
agreement or cover note signed by the reinsurer; and,
(ii) Claims arising from accepted reinsurance
each time a collection note is received from the
reinsurance companies for insurance premiums
and accepted reinsurance.
The accounts receivable or payable to reinsurers
and coinsurers are written-off when the contractual
rights expire or when the contract is transferred to
a third party.
In accordance with SBS regulation, balances
receivable and payable from automatic insurance
policies with reinsures are presented net.
(o) Technical reserves for premiums
and claims (o.1) Mathematical reserves for life and annuities
Technical reser ves for premiums consist of
mathematical reserves covering life and annuities,
and are recorded on the basis of actuarial calculations
made by Management, using the methodology
established by the SBS. The reserve to be established
for annuity insurance is equivalent to the present
value of all future payments to the policyholder.
This reserve must include future payments to the
policyholder and/or beneficiaries, including those
payments due that have not yet been made.
The annuities reserves are computed in conformity
with the methodology established in the “Standard
of Matching”, Resolution SBS Nº562-2002, modified
by Resolutions SBS N°978-2006 and N°8421-2011,
this amendment adds the possibility to contract
pensions in Peruvian Nuevos Soles and US Dollars
restated at a fix rate, which should not be lower than
two percent as establish by Supreme Decree N°1042010-EF, article 105°. Likewise, through Resolution
SBS N°0354-2006 was approved the use of the
mortality table “RV-2004 Modified”, for retirement
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The mortality tables MI-85 and B-85, are used for
the calculation of the reserve of disability and
survivorship contracts, respectively.
In 2010, the SBS issued Resolution SBS N°177282010, which approves the use of mortality tables
RV-2004 Amended Adjusted and B-85 Adjusted
to compute mathematical reserves for retirement
annuities and survival pensions, respectively,
starting June 1, 2010.
The survival and mortality tables, as well as the
reserve’s rates used by the Institution to compute
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The adjustments to the mathematical reserves
covering life and annuities are recorded with a
charge in the caption “Adjustment of technical
reserves” of the consolidated statement of income.
(o.2) Technical reserves for claims
The technical reserve for unexpired risks is
calculated in accordance with the provisions of SBS
Resolution N°1142-99 from December 31, 1999 and
its precisions and/or amendments established by
SBS Resolution N°779-2000, in which the reserve of
unearned premiums payable is calculated for each
policy or contract applying on the calculation basis
the portion not incurred of the total risk in number
of days. In the event, the reserve for unearned
premiums is insufficient to cover all the future risks
for the coverage period not yet extinguished at
calculation date, a reserve for insufficient premiums
must be recorded applying the SBS rules.
165
ANNUAL REPORT 2011
The Institution records additional reserves to those
required by the SBS regarding the coverage of
epidemics included into disencumbrance insurance
contracts in order to cover the occurrence risk
of this event. These reserves are reviewed by an
independent actuary, note 14.
(p) Income tax The Institution is not subject to income tax - third
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based on individual financial statements of each one
of its Subsidiaries in accordance with the current
legislation in the country where it operates.
Income tax is computed based on taxable income
determined for tax purposes, which is based
on income tax rules that differ from accounting
principles used by the Institution’s subsidiaries.
Therefore, the accounting for income tax and
workers’ profit sharing are in accordance with IAS 12.
The Institution and its Subsidiaries determine
its deferred tax in accordance with the tax rate
applicable to its non-distributed earnings in each
of the countries of operation.
Deferred income tax
– is computed individually by each of the Subsidiaries
using the liability method based on temporary
differences between the tax base of assets and
liabilities and their book values for financial purposes
as of the date of the consolidated balance sheet.
(q) Impairment of assets When events or economic changes indicate that
the value of property, furniture and equipment,
or an intangible asset may not be recoverable,
Management reviews the asset in order to verify that
there is no permanent impairment. When the net
book value of the asset exceeds its recoverable value,
an impairment loss is recognized in the consolidated
statement of income. The recoverable value is the
higher of its net sale price and its value in use. The
net sale price is the amount that can be obtained
from the sale of an asset in a free market, while the
value in use is the present value of the estimated
future cash flows from the continuous use of an
asset and its disposal at the end of its useful life.
The recoverable value is estimated for each asset
or, if is not possible, by each cash-generating unit.
Deferred tax assets and liabilities are recognized
without taking into consideration the time in which
it is estimated that temporary differences will be
In the Institution and its Subsidiaries’Management opinion,
there is no evidence of impairment of the above indicated
long-lived assets as of December 31, 2011 and 2010.
Current income tax
The asset or liability is measured as the amount
expected to be recovered from or paid to the
taxation authorities and calculated based on the
subsidiaries’ financial statement. Income tax is
computed based on the financial information of
each of the Institution’s subsidiaries.
166
written off. Deferred assets are recognized when
sufficient future tax benefits are probable to exist
to apply the deferred assets. As at the date of the
consolidated balance sheets, each of the Subsidiaries
assess the non-recognized deferred assets and the
balance of the recognized assets, recording deferred
assets not previously recognized to the extent that
probable future tax benefits will allow their recovery,
or reducing the deferred assets to the extent that
it is not likely that sufficient future tax benefits will
be available to use part or all of the deferred assets
recognized in the accounting records.
(r) Provisions Provisions are only recognized when the Institution
BOEJUT4VCTJEJBSJFTIBWFBQSFTFOUJNQMJDJUPSMFHBM
obligation as a result of past events, it is probable
that an outflow of resources will be required to settle
such obligation, and the amount has been reliably
estimated. Provisions are reviewed in each period
and are adjusted to reflect their best estimate as
of the consolidated balance sheet date. When the
effect of the time value of money is significant, the
amount recorded as a provision is the same as the
present value of future payments required to settle
the obligation.
(s) Contingencies Contingent liabilities are not recognized in the
consolidated financial statements. They are disclosed
in notes to the consolidated financial statements
unless the possibility of an outflow of economic
resources is remote.
Contingent assets are not recognized in the
consolidated financial statements; however, they
are disclosed when their contingency degree is
probable.
(t) Reporting by segments A business segment is a group of activities and
operations engaged in providing products or
services that are subject to risks and returns that
are different from those of other business segments.
Management of the Institution and its Subsidiaries
has determined that there are mainly two business
segments: banking and insurance, note 22.
(u) Cash and cash equivalents Cash and cash equivalents presented in the
consolidated statements of cash flows correspond
to available deposits of the consolidated balance
sheets that include deposits with less than a three-
month maturity as of the acquisition date, including
funds deposited in the Peruvian Central Reserve
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(v) Consolidated financial statements as of
December 31, 2010 and 2009 When necessary, prior year financial statements were
reclassified in order to make them comparable with
current year financial statements. As of December
31, 2010, main reclassifications to the consolidated
financial statements are as follows:
- In accordance with SBS Multiple Official letter
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and S/.9,009,000 were reclassified from the caption
“workers profit sharing” to the caption “Personnel
expenses” of the consolidated income statement for
the years ended December 31, 2010 and 2009 and
S/.5,471,000 from the caption “Deferred tax asset”
to the caption “Other assets” of the consolidated
balance sheet as of December 31, 2010.
- As of December 31, 2010, the caption “Deposits and
obligations” included social benefits corresponding to
Mibanco’s employees for an amount of S/.20,550,000
reclassified to the caption “Other liabilities” of the
consolidated balance sheet.
Institution’s Management believes that this
reclassification enables a better presentation of
the consolidated financial statements.
(w) New accounting pronouncements (w.1) International Financial Reporting
Standards - IFRS Issued and in effect in Peru
to the date of these consolidated financial
statements, but for financial and insurance
entities IFRS 4, 7 and IFRS 8 were authorized by the CNC
167
ANNUAL REPORT 2011
for application in Peru starting January 1, 2009;
however, the SBS deferred their application by
financial entities without establishing a definite
term to date. These IFRS address the following
aspects:
- IFRS 4 “Insurance Contracts”. The objective of
this standard is to specify the financial reporting
for insurance contracts by any entity that issues
such contracts. This standard requires: limited
improvements to accounting by insurers for
insurance contracts and disclosures that identifies
and explains the amounts in an insurer’s financial
statements arising from insurance contracts
and helps users of those financial statements
understand the amount, timing and uncertainty
of future cash flows
- IFRS 7 “Financial Instruments: Disclosures”.
The objective of this standard is to provide
disclosures in the financial statements to enable
users to evaluate the significance of financial
instruments for the entity’s financial position
and performance; and the nature and extent of
risks arising from financial instruments to which
the entity is exposed during the period and at
the reporting date, and how the entity manages
those risks. The qualitative disclosures describe
Management’s objectives, policies and processes
for managing those risks. The quantitative
disclosures provide information about the extent
to which the entity is exposed to risk, based on
information provided internally to the entity’s
key management personnel. Together, these
disclosures provide an overview of the entity’s
use of financial instruments and the exposures
to risks they create.
- IFRS 8 “Operating Segments”. This standard
replaces IAS 14, “Segment Reporting”, and
specifies how an entity should report information
168
about its operating segments in accordance
with Management’s approach; that is, using the
same financial information used internally by
Management for decision-making purposes.
(w.2) International Financial Reporting Standards
- IFRS issued and in force internationally and
mandatory in Peru since January 1, 2012 The CNC through Resolution No. 048-2011-EF/30
issued on January 6, 2012, approved the application
from the day following the issuance of the ruling
or later, according to the effective date specified in
each specific standard, of the 2011 versions of IFRS
1 to 13, IAS 1 to 41, the statements 7 through 32 of
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the Interpretations of Financial Reporting Standards
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of the IAS, IFRS and IFRIC issued internationally.
(w.3) International Financial Reporting Standards - IFRS
issued internationally not mandatory in Peru The following IFRS have been issued internationally
as of December 31, 2011, but not yet approved by
the CNC:
- IFRIC 20 “Stripping Costs in the Production Phase
of a Surface Mine”, in force for periods beginning
on or after January 1, 2013.
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accounting rules, they did not have or will not
have any significant effect in the preparation of the
accompanying consolidated financial statements,
unless the SBS adopts them in the future through
the modification of the Accounting Manual for
Financial and Insurance Entities or the issuance of
specific rules. The Institution and its Subsidiaries
have not estimated the effect, in its consolidated
financial statements, of the adoption of the above
mentioned standards, if adopted by the SBS.
4. Transactions in foreign
currency and exchange rate risk
exposure
Transactions in foreign currencies take place at free-market
exchange rates.
As of December 31, 2011, the weighted average free-market
exchange rates published by the SBS for transactions in U.S.
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2011 and 2010, the exchange rate established by the SBS to
record assets and liabilities in foreign currencies was as follows:
t/VFWPT1FTPTPGUIF.FYJDBO3FQVCMJD
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2011
US$
2010
US$
The table below presents in detail the Institution and its
Subsidiaries’ foreign currency assets and liabilities, stated
in U.S. Dollars:
169
ANNUAL REPORT 2011
2011
Assets
Cash and due from banks
Interbank funds
Investments at fair value through gain or
losses and available-for-sale, net
Held–to–maturity investments
Loan portfolio, net
Other assets
Liabilities
Deposits from financial entities and
obligations
Interbank funds
Due to banks and correspondents
Bonds and other obligations
Other liabilities
Forwards - Net long position
Net position
U.S.
%PMMBST
64
2010
Equivalent in
U.S.
Equivalent in
PUIFSDVSSFODJFT
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64
64
64
78,571
34,401
20,005
16,414
62,590
-
1,425
-
12,050
26,469
227,995
7,656
25,755
7,402
17,596
231,686
4,095
23,528
3,934
387,142
69,576
315,967
28,887
212,823
3,000
121,337
92,261
36,255
238
21,988
3,945
173,851
118,078
4,299
22,935
972
21,704
2,700
465,676
26,171
319,163
25,376
1,845
-
-
-
(76,689)
43,405
(3,196)
3,511
0UIFSDVSSFODJFTDPSSFTQPOEUP/VFWPT1FTPTPGUIF.FYJDBO3FQVCMJD1FTPTPGUIF"SHFOUJOF3FQVCMJD1FTPTPGUIF3FQVblic of Uruguay and Quetzales of the Republic of Guatemala, where the Institution has subsidiaries.
As of December 31, 2011, only Microfinanzas del Uruguay
has made operation with financial instruments to hedge its
FYDIBOHFOPUFSJTLOPUFD
As of December 31, 2011, the Institution has contingent
operations in foreign currency for approximately US$272,000,
FRVJWBMFOU UP 4 64 FRVJWBMFOU UP
4BTPG%FDFNCFS
170
5. Cash and due from banks
As of December 31, 2011, cash and due from banks balances
include approximately US$22,258,000 and S/.201,775,000
64BOE4BTPG%FDFNCFS
which represent the mandatory reserve that Mibanco must
maintain for its obligations with the public. These funds are
maintained by the BCRP and are within the limits established
by prevailing legislation at those dates.
The mandatory reserve funds maintained with BCRP do not bear
interest, except for the part of the mandatory reserve in U.S. Dollars
and in Nuevos Soles that exceeds the minimum legal reserve.
As of December 31, 2011, the excess in U.S. Dollars amounts to
US$35,329,000, equivalent approximately to S/.95,247,000 and
bear interest at an annual average interest rate of 0.17 percent
64FRVJWBMFOUBQQSPYJNBUFMZUP4BUBO
BOOVBMBWFSBHFSBUFPGQFSDFOUBTPG%FDFNCFS
while the excess in Nuevos Soles amounts to S/.177,832,000 and
bear interest at an annual average interest rate of 2.45 percent
4BUBOBOOVBMBWFSBHFJOUFSFTUSBUFPGQFSDFOU
BTPG%FDFNCFS
As of December 31, 2011, cash and due from banks include,
mainly, one time deposit in BCRP for S/.35,000,000 due on
January 2, 2012. As of December 31, 2010, cash and due
from banks included, mainly, 18 time deposits in BCRP for an
amount of S/.200,200,000, which were due between January
and February 2011.
Deposits in domestic and foreign banks are mainly in Peruvian
Nuevos Soles and in a lesser amount in foreign currency. All
amounts are unrestricted and bear interest at national and
international market rates. As of December 31, 2011 and 2010,
the Institution and its Subsidiaries maintain deposits with national
and international financial institutions.
6. Investments at fair value
through profit or loss and
available-for-sale, net
(a) This item is made up as follows:
2011
2010
Amortized Unrealized gains Estimated fair Amortized Unrealized Estimated
DPTU
MPTTFT
WBMVF
DPTU
HBJOT GBJSWBMVF
MPTTFT
4
4
4
4
4
4
Investments at fair value through profit or loss (trading)
Mutual funds
416
-
416
328
-
328
416
-
416
328
-
328
Available-for-sale investments
/PUMJTUFETFDVSJUJFTC
Listed securities
#$31DFSUJmDBUFTPGEFQPTJUD
1FSVWJBOTPWFSFJHOCPOET
Mutual funds
Accrued interest
Total
97
32,356
40
35
137
32,391
97
-
45
-
142
-
407,439
29,842
437,281
46,551
25,157
71,708
120
22
437,817
72,058
171
ANNUAL REPORT 2011
(b) As of December 31, 2011 and 2010, this item mainly
corresponds to the investments held by the Institution and
its Subsidiaries in Bancosol and Integral. As of December
31, 2011 and 2010, the Institution had a share of 16.72
and 20.00 percent in Bancosol and Integral, respectively.
The estimated fair value of the investments in Bancosol
and Integral has been determined and approved by the
Institution and its Subsidiaries’ Management based upon
the estimated and discounted cash flows provided by
an independent third party company dedicated to the
valuation of investments.
In the opinion of the Institution and its Subsidiaries’
Management, as of December 31, 2011 and 2010, the
unrealized gains and losses have been appropriately
determined, as have been the estimated fair value
of the investments to comply with the Peruvian
legislation, and show the market conditions at the
date of the consolidated balance sheet.
(c) BCRP certificates of deposit are issued at discount,
acquired in public auctions and negotiated in the Peruvian
secondary market. As of December 31, 2011, BCRP certificates of deposit are denominated in Peruvian Nuevos
Soles, are short–term and are due up to December 2012.
Those certificates bear interest at annual interest rates
between 4.04 and 4.22 percent.
2011
4
2010
4
Up to 1 month
54,257
From 1 to 3 months
20,828
From 3 to 1 year
236,638
From 1 to 5 years
13,069
More than 5 years
10,218
8JUIPVUNBUVSJUJFTWBSJBCMFJODPNF
102,271
11,494
60,214
Total
71,708
437,281
7. Loan portfolio, net
Direct loans
Loans
Leasing receivables
Factoring receivables
Credit cards
Past due and under legal
collection loans
Refinanced loans
For the year ended December 31, 2011, the interest
accrued on these certificates amounted approximately
to S/.5,057,000 and is included in the item “Income from
investments at fair value through profit or loss, availablefor-sale and held-to-maturity”in the consolidated income
statement.
Add (less)
(d) As of December 31, 2011 and 2010, available–for sale
investments classified by their maturity date are as follows:
Direct loans
Accrued interest
Deferred interests
BOEJOUFSFTUDPMMFDUFEJOBEWBODF
Allowance for
MPBOMPTTFTG
*OEJSFDUMPBOT
2011
4
2010
4
3,862,497
94,008
24,104
5,518
3,397,692
68,482
24,479
6,124
156,978
114,981
122,298
108,404
4,265,403 3,720,162
71,850
73,621
4,050,451
3,572,017
5IFJOEJSFDUMPBOQPSUGPMJPJODMVEFTCBOLMFUUFSTPGHVBSBOUFFBOETUBOECZMFUUFSTPGDSFEJU
which are presented in the “Off-balance sheet accounts – contingent assets” captions of the consolidated balance sheet, note 17.
172
(b) 5IFMPBOQPSUGPMJPEJSFDUBOEJOEJSFDU
PGUIF*OTUJUVUJPOBOEJUT4VCTJEJBSJFT
as of December 31, 2011 and 2010 is classified by risk according to SBS
regulations as follows:
Direct loans
4
Normal
Potential problems
Substandard
Doubtful
Loss
Total
4
3,831,895
182,847
67,092
78,692
104,877
89.84
4.29
1.57
1.84
2.46
3,642
2
1
-
99.92
0.05
0.03
-
3,835,537
182,847
67,094
78,693
104,877
89.85
4.28
1.57
1.84
2.46
4,265,403
100.00
3,645
100.00
4,269,048
100.00
Créditos directos
4
Normal
Potential problems
Substandard
Doubtful
Loss
2011
Indirect loans
4
2010
Créditos indirectos
4
Total
4
3,344,343
170,917
74,321
67,942
62,639
89.90
4.59
2.00
1.83
1.68
4,144
-
100.00
-
3,348,487
170,917
74,321
67,942
62,639
89.91
4.59
2.00
1.82
1.68
3,720,162
100.00
4,144
100.00
3,724,306
100.00
173
ANNUAL REPORT 2011
(c) As of December 31, 2011 and 2010, there is no significant
credit risk concentration due to the type of transactions
performed by the Institution and its Subsidiaries.
(d) As of December 31, 2011 and 2010, the financial entities
in Peru must constitute their provision for doubtful accounts
CBTFEPOUIFSJTLDMBTTJmDBUJPOBCPWFJOEJDBUFEJOC
BOE
using the percentages established in SBS Resolution
N°11356-2008 and SBS Resolution N°6941-2008, respectively,
as follows:
(i) For loans classified in the category “Normal” as of
December 31, 2011 and 2010:
Loan types
Corporate
Large-business
Medium-business
Small-business
Micro-business
Mortgage for housing
Consumer revolving
Consumer non-revolving
2011
Fixed-rate
Pro-cyclical
DPNQPOFOU
%
0.70
0.70
1.00
1.00
1.00
0.70
1.00
1.00
0.40
0.45
0.30
0.50
0.50
0.40
1.50
1.00
*ODBTFUIFMPBOIBTIJHIMZMJRVJEQSFGFSSFEHVBSBOUFFT-8)-1(
UIFQSPDZDMJDBMDPNQPOFOU
will be 0%, 0.25% or 0.30%, depending on the loan type.
(ii) For loans classified in the categories“Potential problem”,
“Substandard”, “Doubtful” and “Loss”, the following
percentages are used as of December 31, 2011 and 2010
depending upon the type of loan: Loans Without Guarantees
-8(
-PBOT8JUI1SFGFSSFE(VBSBOUFFT-81(
PS-PBOT
8JUI3FBEJMZ1SFGFSSFE(VBSBOUFFT-831(
PS-PBOTXJUI
)JHIMZ-JRVJE1SFGFSSFE(VBSBOUFFT-8)-1(
174
Risk category
Potential
problems
Substandard
Doubtful
Loss
LWG
%
LWPG
%
LWRPG LWHLPG
%
%
5.00
25.00
60.00
100.00
2.50
12.50
30.00
60.00
1.25
6.25
15.00
30.00
1.00
1.00
1.00
1.00
For loans subject to substitution of credit counterparty,
OPUFF
UIFQSPWJTJPOSFRVJSFNFOUEFQFOETPOUIF
credit risk classification of the respective counterparty,
regardless of the debtor credit risk classification, using
the percentages indicated above.
(e) As of December 31, 2011 and 2010, the loan portfolio
by type of credit was a follows:
Type of loan
2011
4
2010
4
Corporate
Large-business
Medium-business
Small-business
Micro- business
Mortgage for housing
Consumer revolving
Consumer non-revolving
14,992
9,436
138,755
2,599,977
1,259,484
108,257
4,135
130,367
18,186
6,748
89,595
2,127,795
1,252,665
77,679
6,345
141,149
Total
4,265,403
3,720,162
(f) The variation of the allowance for loan losses
determined according to the risk classification and
the required percentages for allowance indicated in
QBSBHSBQIE
BCPWFBOEJOEJDBUFEJOOPUFF
XBT
as follows:
2011
4
2010
4
2009
4
Balance as of January 1
204,655
160,271
80,148
265,846
204,655
160,271
Add (less)
1SPWJTJPOSFDPHOJ[FEBTZFBSFYQFOTF
3FDPWFSJFTPGQSPWJTJPOT
8SJUFoPõT
Exchange result, net
Balance as of December 31
As of December 31, 2011, 2010 and 2009 includes a pro-cyclical provision for approximately S/.18,850,000, S/.16,628,000 and S/.13,147,000, respectively. As of December 31, 2011 and 2010, the allowance
for loan losses includes the provision for contingent loans amounting to approximately S/.53,000 and S/.60,000, respectively, which are recorded in the “Other liabilities” caption on the consolidated balance
sheets.
As of December 31, 2011 and 2010, the Institution -through
its main financial subsidiary – maintains a voluntary generic
allowance in addition to the mandatory minimum amount
required by the SBS totaling approximately S/.34,513,000
and S/.27,522,000, respectively, which is included in the
caption “Allowance for loan losses” of the consolidated
balance sheets.
In Management’s opinion, the allowance for loan losses
recorded as of December 31, 2011, 2010 and 2009, has
been established in accordance with SBS regulations in
GPSDFBTPGUIPTFEBUFTOPUFF
2011
4
Up to 3 months
1,420,279
From 3 to 6 months
587,479
From 6 to 1 year
848,687
More than 1 year
1,251,980
Past due and under legal collection loans 156,978
Total
4,265,403
2010
4
1,207,721
546,600
758,868
1,091,992
114,981
3,720,162
(g) For consolidation purposes, the loan portfolios
of Forjadores, Microfin and FIS have been classified
following SBS rules for MES loans.
(h) Interests accrued on the loan portfolio are
determined according with the current interest rates
prevailing in the markets where the Institution and its
Subsidiaries operate.
(i) As of December 31, 2011 and 2010, the direct loan
portfolio classified by maturity was as follows:
175
ANNUAL REPORT 2011
8. Held-to-maturity
investments, net
2011
4
$PSQPSBUFBOEmOBODJBMCPOETD
Sovereign bonds
Interest receivable
7,978
49,647
48,515
899
Total
102,026
49,414
As of December 31, 2011 and 2010, the Institution and its
Subsidiaries held an amount of US$403,190, equivalent to
S/.1,087,000 and S/.1,132,000, respectively, corresponding
to the provision for losses on investments instruments
from issuers in process of liquidation for bonds issued by
Lehman Brothers, were fully provisioned due to issuer’s
bankruptcy, according to the requirements of SBS in its
Multiple Office Nº36227-2008 dated September 29, 2008.
It should be noted that the change in provision derive
from the change in the exchange rate.
(b) As of December 31, 2011 and 2010, the investments’
market value is not significantly different to their respective
book values. The nominal, book, and market values are
as follows:
176
Corporate bonds
Financial bonds
Sovereign bonds
62,325
18,625
18,402
62,759
18,491
18,984
64,901
18,012
21,733
99,352
100,234
104,646
2010
4
18,984
101,321
100,234
1,792
"MMPXBODF
As of December 31, 2011
Nominal
Book
Market
value
value
value
4
4
4
As of December 31, 2010
Nominal
Book
Market
value
value
value
4
4
4
Corporate bonds
Financial bonds
Sovereign bonds
27,660
13,050
7,191
27,637
12,900
7,978
27,210
13,116
9,132
47,901
48,515
49,458
Management has estimated the market value of these
investments as of December 31, 2011 and 2010, based on the
quotes available in Lima and international stock exchanges.
As of December 31, 2011 and 2010, the sovereign, financial,
and corporate bonds have not been pledged as guarantee
and are due starting 2018.
(c) As of December 31, 2011, the corporate and financial,
domestic and foreign bonds have maturity dates between
April 2018 and July 2097, and bear interest at annual
interest rates between 5.88 and 8.16 percent in U.S. Dollars
and between 7.09 and 8.52 percent in Peruvian nuevos
TPMFTCFUXFFOBOEQFSDFOUJO64%PMMBSTBTPG
%FDFNCFS
(d) As of December 31, 2011 and 2010, the risk classifications
of sovereign, financial and corporate bonds assigned by the
main rating agencies vary between AAA and BBB- for financial
instruments classified in Peru and between A and BB+ for
financial instruments classified in foreign countries.
9. Property, furniture and equipment and real estate
investments, net
(a) The movement and composition of these items are detailed below:
Land
E
Buildings,
Computer Vehicles Equipment Total
Total
GBDJMJUJFTBOE
'VSOJUVSF IBSEXBSF
JOUSBOTJU other
Leasehold
and
other
and work in
constructions improvementsy equipment equipment
progress
E
4
4
4
4
4
4
4
4
4
Cost
Additions
4BMFT
5SBOTGFST
Withdraws and others
35,615
4,774
-
50,950
2,160
2,506
39,684
54,812
Accumulated depreciation
Depreciation of the year
8JUIESBXTBOEPUIFST
5SBOTGFST
Net book value
46,078
30,862
41,142
7,286
2,382 214,315 169,509
10,933
4,135
5,775
1,285
7,061
36,123 54,721
1,471
795
1,447
- 58,153
18,771
6,374
35,293
47,250
7,474
12,986
2,653
-
15,331
24,649
11,130
29,516
5,643
39,684
39,281
33,504
24,163
17,734
1,831
(b) Financial entities in Peru are not allowed to pledge
their fixed assets.
(c) The Institution and its Subsidiaries maintain insurance
on its key assets in accordance with policies established
by Management.
8,801
21,331
5,268
2,480
9,256
1,119
3,218 245,884 214,315
67,157 54,019
21,882 21,101
-
86,469
67,157
3,218 159,415 147,158
(d) Includes land and buildings held by the Institution
and its Subsidiaries as real estate investments for a
net book value of approximately S/.9,521,000 and
S/.9,994,000, as of December 31, 2011 and 2010,
respectively.
177
ANNUAL REPORT 2011
10. Other assets and liabilities
2011
4
Other assets
*OUBOHJCMFTOFUC
Other accounts receivable
Income tax prepayments, net
Insurance receivable
7BMVFBEEFEUBYDSFEJUD
Supplies and inventories
Accounts receivable for valuation of derivative financial instruments
Expenses paid in advance
"DDPVOUTSFDFJWBCMF'0("1*E
Advances to suppliers
Accounts receivable from reinsures
and commissions
0QFSBUJPOTJOQSPDFTTG %FGFSSFEFNQMPZFFTQFSNBOFODZDPNNJUNFOUFYQFOTFF
Insurance transaction receivable
Other
Total
Other liabilities
Workers’ social benefits
Vacations payable
Other accounts payable
Accounts payable to services suppliers
Worker’s profit sharing
Insurance payable
0QFSBUJPOTJOQSPDFTTG Other personnel expenses
Account payable for valuation of derivative financial instruments
Payment of guarantee certificates
Provisions for contingencies
"DDPVOUTQBZBCMF'0("1*E
Deposit Insurance Fund
Promotional companies
Leasing instruments
Other
Total
178
21,157
13,036
8,145
5,832
5,000
4,179
2,262
1,924
332
17,082
2010
4
15,737
18,076
1,817
5,570
3,737
535
701
222
14,072
127,436
101,018
32,132
24,991
18,264
10,246
9,610
8,642
5,406
5,072
2,660
2,409
1,416
1,139
235
8,281
20,550
20,923
7,531
17,375
19,184
1,862
5,115
1,530
4,357
1,237
1,031
3,491
3,498
138,026
115,232
(b) This item is made up as follows:
Lease
premiums
4
Cost
"EEJUJPOTJ
3FUJSFNFOUT
Others
Amortization
Amortization of the year
3FUJSFNFOUT
Others
4
Total
2011
4
42,831
43,830
1,106
62,640
63,746
43,830
290
164
-
20,650
6,922
20,940
7,086
16,232
4,711
-
999
-
Software
Total
2010
4
30,565
-
454
27,559
28,013
20,940
Net book value
652
35,081
35,733
22,890
During the years 2011 and 2010, Mibanco, main subsidiary of
Grupo ACP, recorded disbursements related to the acquisition
of a new ERP which is currently in implementation process.
executed by Mibanco, and the accounts payable correspond
to the commissions payable that Mibanco maintains at
those dates.
(c) Corresponds to tax credit for the value added tax paid
for withdrawals, purchases and financial leasing payments.
According to Management, the tax credit will be recovered
along the next years, substantiated in future transactions
which shall bear value added tax payable.
(e) Corresponds to an incentive granted to Mibanco’s
key operative employees in 2007, subject to a 5 year
permanency commitment. In case of noncompliance
of such commitment, the employee must reimburse
all of the incentive received. The amount accrued for
this concept for the years ended December 31, 2011,
2010 and 2009, amounted to S/.1,639,000, S/.1,633,000
and S/.1,314,000, respectively, and is included in the
“Personnel expenses” caption of the consolidated
statement of income, note 18.
(d) 5IF(VBSBOUFF'VOEGPS.JDSPCVTJOFTT-PBOTi'0("1*w
GPSJUT4QBOJTIBDSPOZN
JTBGVOEUIBUHVBSBOUJFTQBSUPG
the micro-business loan portfolio granted by Mibanco and
therefore bears a commission to this financial entity. As
of December 31, 2011 and 2010, the accounts receivable
correspond to the collection rights of the guaranties
179
ANNUAL REPORT 2011
(f) Transactions in process are mainly related to operations
performed during the last days of the month and
reclassified to their final consolidated balance sheet
account on the following month. These transactions do
not affect the Institution and its Subsidiaries’consolidated
results.
11. Deposits and obligations
(a) The caption is made up as follows:
5JNFEFQPTJUTE
Saving deposits
Bank’s negotiable
certificates
Demand deposits
Severance indemnities
deposits
Other obligations
Interest payable
Total
180
2011
4
Up to 1 month
From 1 to 3 months
From 3 months to 1 year
Over 1 year
2010
4
468,036
300,122
191,549
77,293
(d) The table below presents time deposits as of
December 31, 2011 and 2010, classified by their
maturity dates:
160,560
59,807
48,658
15,182
25,539
15,545
3,560,665
2,771,570
48,469
36,300
3,609,134
2,807,870
2011
4
2010
4
487,269
670,842
1,245,226
356,610
509,495
535,557
918,447
246,498
2,759,947
2,209,997
12. Due to banks and
correspondents
By type
Loans received from
GPSFJHOFOUJUJFTC
Loans received from
EPNFTUJDFOUJUJFTD
Interest payable
2011
4
2010
4
130,368
709,653
248,703
825,455
10,162
12,778
(b) As of December 31, 2011, the “Fondo de Seguro de
%FQØTJUPTw%FQPTJU*OTVSBODF'VOEIFSFJOBGUFSi'4%w
GPSJUT4QBOJTIBDSPOZN
GPS1FSVWJBOmOBODJBMFOUJUJFT
BNPVOUTUP44BTPG%FDFNCFS
"TPG%FDFNCFSBOEPGUIF
total deposits and obligations balance, approximately
S/.1,061.1 and S/.894.5 millions, respectively, were
covered by the FSD.
Total
719,815
838,233
By term
Short-term
Long-term
245,108
474,707
356,059
482,174
Total
719,815
838,233
(c) Interest rates applied to deposits and obligations
are primarily determined by Mibanco based on interest
rates prevailing in the Peruvian market.
(b) As of December 31, 2011 and 2010, loans received
from foreign entities include the following:
Nerdelandse Financierings – Maatschappij Voor
0OUXJLLFMJOHTMBOEFO/7o'.0
Entity
*OUFSOBUJPOBM'JOBODF$PSQPSBUJPOo*'$
*OUFS"NFSJDBO%FWFMPQNFOU#BOLo*%#
Country
64"
64"
Currency
464
4
Maturity date
2011
4
2010
4
#FUXFFO.BZ
and January 2017
126,907
85,494
#FUXFFO.BZ
and May 2015
94,182
101,576
Between April 2013
BOE.BSDI
Nerdelandse Financierings – Maatschappij Voo
0OUXJLLFMJOHTMBOEFO/7o'.0
5IF/FUIFSMBOET
*OTUJUVUPEF$SÏEJUP0mDJBMEF&TQB×B
4QBJO
64
#FUXFFO'FCSVBSZ
and February 2020
46,375
48,319
4/4*OTUJUVDJPOBM.JDSPmOBODF'VOE
5IF/FUIFSMBOET
64
#FUXFFO"QSJMBOE
December 2014
26,970
28,090
464
(MPCBM.JDSPmOBODF'BDJMJUZ
*TMBT$BJNÈO
64
"QSJM
Societe de Promotion et de Participation pour
MB$PPQFSBUJPO&DPOPNJRVF4"o1301"3$0
'SBODF
4
4FQUFNCFS
Credit Suisse Microfinance Fund
Luxemburg
Between March 2012
and November 2013
23,861
24,471
March 2016
18,872
-
#FUXFFO/PWFNCFS
and September 2016
17,524
23,000
Microfinance Enhancement Facility - MEF
Luxemburg
$PSQPSBDJØO*OUFSBNFSJDBOBEF*OWFSTJPOFT
64"
#MVF0SDIBSEo%FYJB.JDSP$SFEJU'VOE
-VYFNCVSH
Microvest Capital Management LLC
USA
US$ - Mxn Pesos
US$
4o64
4
Mxn Pesos
5SJPEPT4*$"7**5SJPEPT.JDSPmOBODF'VOE
-VYFNCVSHP
64
+VOF
February 2013
8,823
2,915
#FUXFFO+VMZ
and January 2020
8,550
16,854
Acción Investment In Microfinance SPC
USA
US$
August 2016
8,088
8,427
7%,4QBBSCBOL
#FMHJVN
64
"VHVTU
Responsability SICAV
Luxemburg
US$
March 2012
6,740
7,022
Fideicomiso Nacional de Financiamiento
al Microempresario – FINAFIM
Mexico
October 2013
6,524
8,622
Wells Fargo
The Netherlands
US$
April 2012
5,392
-
5SJPEPT$VTUPEZ#75SJPEPT'BJS4IBSF'VOE
5IF/FUIFSMBOET
64
+BOVBSZ
Developing World Markets
USA
Mxn Pesos
December 2015
3,656
4,216
Mxn Pesos
March 2011
2,656
3,029
64
.BSDI
51,022
51,937
579,285
576,752
Dual Return Fund SICAV
Luxemburg
#MVF0SDIBSE-PBOTGPS%FWFMPQNFOU4"
-VYFNCVSH
Others
Total
Mxn Pesos
5IFTFMPBOBHSFFNFOUTJODMVEFTQFDJmDDPWFOBOUTPOmOBODJBMSBUJPTBOEPUIFSBENJOJTUSBUJWFNBUUFST"TPG%FDFNCFSBOEUIF*OTUJUVUJPOBOEJUT4VCTJEJBSJFT.BOBHFNFOUIBT
substantially complied with the required covenants.
181
ANNUAL REPORT 2011
(c) As of December 31, 2011 and 2010, loans received from domestic entities include the
following:
Institution
Banco de la Nación
Scotiabank Perú S.A.A.
Banco Internacional del Perú S.A.A. - Interbank
Banco de Crédito del Peru S.A. - BCP
COFIDE S.A. - Coficasa
$0'*%&4"'POEP.JWJWJFOEBJ
$0'*%&4"JJ
Citibank del Perú S.A.
$VSSFODZ
S/.
S/.
S/.
S/.
S/. - US$
64
4
S/.
(i) Amounts payable to Fondo Mivivienda are
collateralized by promissory notes related to the
mortgage loans granted under the same concept.
(ii) As of December 31, 2010, as collateral for the
loans received from COFIDE, Mibanco had pledged
a loan portfolio amounting to S/.90,625,000.
(iii) Loans received from domestic financial entities
accrued an effective annual interest rate between
BOEQFSDFOUEVSJOHCFUXFFO
BOEQFSDFOUEVSJOH
(iv) In general, credit lines granted by domestic
financial entities do not include, as part of the
BHSFFNFOUTmOBODJBMDPWFOBOUTUIBU.JCBODPFOUJUZ
UIBUIPMETUIFNBKPSJUZPGEFCU
TIPVMEDPNQMZXJUI
182
.BUVSJUZEBUF
Between June 2011 and August 2012
Between February and May 2012
January 2012
May 2012
April 2024
"QSJM
0DUPCFS
Between February and May 2011
2011
4
2010
4
70,000
19,420
15,000
10,000
8,995
-
83,065
14,200
5,112
8,331
38,500
130,368
248,703
(d) The table below presents the amortization schedule for deposits and obligations as of December 31,
2011 and 2010:
Year
2011
4
2010
4
Up to 3 months
From 3 to 1 year
From 1 to 3 years
From 3 to 5 years
Over 5 years
48,965
196,143
331,515
105,884
37,308
63,888
292,171
337,737
84,126
60,311
719,815
838,233
13. Bonds and other obligations
Issuance
Annual
Interest
interest rate payment basis Vencimiento Maturity
2011
64
4
2010
64
4
Corporate bonds – Mibanco (b)
First issuance B
7.38
Third issuance
7.00
Fourth issuance
6.38
Half-yearly
Half-yearly
Half-yearly
2011
2012
2012
S/.30,000
S/.30,000
US$10,000
1,429
1,429
8,571
3,852
12,423
4,286
4,286
10,000
17,142
12,039
39,181
Corporate bonds – Grupo ACP (c)
First insurance
9.00
anual
2021
US$85,000
85,000
229,245
-
-
Interest payable
Total
(b) On November 17, 2005 and November 16, 2006, the
Board of Directors authorized the Mibanco’s Second
Program for the Issuance of Corporate Bonds, effective
until November 14, 2008. On February 18, 2009, the SBS
authorized, through Resolution No. 908-2009, to extend
said term for two more years under the same conditions.
During these period, Mibanco is authorized to issue
bonds up to a maximum amount of S/.150,000,000 or
its equivalent in U.S. Dollars. Funds received through
the issuance and placement of bonds through public
tender offers were destinated to Mibanco’s core business
operations.
(c) In universal session held on February 21, 2011, the
Grupo ACP’s Steering Board approved the terms and
conditions to the financing operation through the
issuance of bond under Regulation “S” for a nominal
15,864
257,532
297
39,478
amount of US$85,000,000. The funds were used in the
strengthening and expansion of Grupo ACP operations,
mainly in Peru , Mexico and Brazil.
(d) Corporate bonds of Mibanco and ACP Group do
not have specific collaterals. During 2011, Mibanco
has redeemed corporate bonds for a total amount of
44DPSSFTQPOEJOHUPUIFmSTU
issuance A, first issuance B, third issuance, and fourth
JTTVBODFEVSJOH
(e) As of December 31, 2011, the amortization schedule
of Mibanco and Grupo ACP’s bonds includes periods
between 2012 and 2021, respectively.
183
ANNUAL REPORT 2011
14. Technical and insurance claims reserves
2011
Reserve for
claims
4
7FSP
93,389
5,966
995
100,350
Technical
reserves for premiums
4
7FSP
Annuities
Life insurance
SOAT
Total
4
Reservas técnicas
por primas
4
7FSP
2010
Reserva para
siniestros
4
7FSP
2,632
126
93,389
8,598
1,121
53,306
2,310
-
841
-
53,306
3,151
-
2,758
103,108
55,616
841
56,457
Total
4
Reported claims
4
Total
4
(b) The table below presents the composition of reserve
for claims by insurance type:
Disencumbrance
Personal accidents
SOAT
Individual life
Reported claims
4
2011
IBNR
4
Total
4
576
55
35
24
1,987
71
9
1
2,563
126
44
25
307
40
451
21
758
61
21
1
22
690
2,068
2,758
368
473
841
(c) In Management’s opinion, these balances reflect
the exposure to life and annuity insurance operations
as of December 31, 2011 and 2010, in accordance with
SBS regulations.
(d) The main assumptions used in the estimation of
annuities contracts reserves as of December 31, 2011
and 2010 as follows:
Modality
Annuities
Mortality table
Technical rates
Policy’s up to May 2011: RV-2004 modified, B-85 and MI-85
Policies issued stating June 2011:
RV-2004 modified adjusted, B-85 and
MI-85
5IFNPSUBMJUZSBUFTBSFFTUBCMJTIFECZ4#4
184
2010
IBNR
4
With
match
between
4.90 5.22
Protecta has consistently applied the methodology
of calculation established by the SBS to determine
mathematical reserves as well as the assumptions used
to obtain its results.
Through SBS resolution N° 17728-2010, issued December
27, 2010, SBS approved new mortality tables that insurance
companies may use to grant retirements coming from the
QSJWBUFQFOTJPOTTZTUFNTi411wGPSJUT4QBOJTIBDSPOZN
as well as the complementary risk-work insurance for
contracts and pension requests after June 1, 2011.
15. Shareholders’ equity
(a) As of December 31, 2011, 2010 and 2009, shareholders’
equity includes associates’ contributions for S/.341,000.
At those dates, the associates are both domiciled and
non-domiciled individuals and participate as Directors
of the Institution.
(b) As of December 31, 2011 and 2010, the unrealized
gain, net included as part of equity corresponds to the
available-for-sale investments’ valuation, note 6.
(c) As of December 31, 2011, the regulatory capital
SFRVJSFEUP.JCBODPmOBODJBMJOTUJUVUJPO
BOE1SPUFDUB
JOTVSBODFDPNQBOZ
DBMDVMBUFEBDDPSEJOHUP4#4
regulations N°11823-2010, amounted to approximately
S/.663,996,000 and S/.35,113,000, respectively
4BOE4BTPG%FDFNCFS
SFTQFDUJWFMZ
-JLFXJTFBTPG%FDFNCFS
2011, the consolidated regulatory capital required,
which includes the Institution and its Subsidiaries:
Mibanco, Forjadores, Microfin, FIS, Conecta and Protecta,
calculated according to SBS regulations, amounted
UPBQQSPYJNBUFMZ44BTPG
%FDFNCFS
16. Tax situation
(a) A s e s t a b l i s h e d b y S B S R e s o l u t i o n
Nº0490050013687, dated August 4, 2006, the
Institution is not subject to income tax. The
Institution’s Subsidiaries in Peru are subject to
the Peruvian tax system. The Peruvian income tax
rate at December 31, 2011, 2010 and 2009 was 30
percent on the taxable income.
The Institution’s Subsidiaries in Mexico, the Oriental
Republic of Uruguay, the Republic of Argentina and
the Republic of Guatemala are subject to those
countries’ respective tax systems. As of December
2011 and 2010, the income tax rates of said countries
were, 30, 25, 35 and 31 percent, respectively.
Legal entities and individuals not domiciled in Peru
are subject to an additional tax of 4.1 percent on the
dividends received. The entity making the dividend
payments is responsible for the respective retention.
(b) Through Supreme Decree N°009-98-EF was
established that interest perception and credit
operations’ commissions from not–for-profit
associations are taxed by value added tax. Afterwards,
Supreme Decree N°034-98-EF established that the
activities mentioned above performed until May 31,
1998 can be paid with liquidation documents that
46/"5 1FSVWJBO5BY "VUIPSJUZ
XJMM DPMMFDU GSPN
the General Direction in Economics and Finance
.JOJTUFSi.&'wGPSJUT4QBOJTIBDSPOZN
D
4JODF+BOVBSZPOMZJOUFSFTUBOEDBQJUBM
gains resulting from government bonds issued by
UIF3FQVCMJDPG1FSVJ
VOEFS1SFTJEFOUJBM%FDSFF
/¡&'JJ
VOEFS.BSLFU.BLFST1SPHSBNPS
JUTSFQMBDJOHNFDIBOJTNPSJJJ
JOUIFJOUFSOBUJPOBM
market since 2002, and from BCRP certificates of
185
ANNUAL REPORT 2011
deposit used for monetary regulation purposes
are exempted from the income tax. Likewise, only
interest and capital gains resulting from bonds
issued before March 11, 2007 are also exempted.
increases of such deposits or impositions, report
transactions, repurchase agreements and stock
loans and other interests from companies’ loan
transactions.
In addition, the exemption over gains deriving from
deposits in the Peruvian Banking System has been
revoked when the beneficiary is a legal entity.
Finally, Law N°29546, issued on June 29, 2010,
approved the extension until December 31, 2012
of the exoneration of the value added tax over
the interests generated by the securities issued
through public offer by legal entities incorporated
or established in the country, as long as the issuance
is made under the Securities Market Law, approved
by Legislative Decree N°861, or by the Investment
Fund Law, approved by Legislative Decree N°862.
Starting January 1, 2010, capital gains resulting
from the disposal of securities through the Lima
Stock Exchange will be taxed.
The income tax law specified that to determine the
gross income from the sale of securities acquired
before January 1, 2010, the tax basis will be the
higher between the market price at the end of
2009 or the acquisition cost. This rule is applicable
to legal entities when securities are sold through
or outside a centralized negotiation market in Peru.
According to a modification promulgated in Law
N°29645, the rates applied to retentions on entities
not domiciled in Peru have also been modified.
Therefore, since 2011, the interest retentions from
individuals not domiciled in Peru must be taxed at
a rate of 4.99 percent. Such rate is also applicable
to the interest paid by Mibanco to legal entities
not domiciled in Peru as result of the utilization in
Peru of foreign credit lines. The 1.00 percent rate
is still applicable to interest from contracts signed
up to 2010.
Also, the 4.99 percent rate must be applied on
interests from bonds and other debt instruments,
deposits or impositions according to the Peruvian
Banking and Insurance Law, as well as on capital
186
(d) For income tax and value added tax purposes,
the transfer prices agreed in transactions between
related entities domiciled in territories with little or
no taxation, require the presentation of supporting
documentation and information on the valuation
methods and criteria applied for the agreed price.
Based on the analysis of the Institution and its
Subsidiaries’ operations, Management and its
internal legal advisors consider that no significant
contingencies will result for the Institution and its
Subsidiaries as a consequence of the application
of such provisions for fiscal years 2011 and 2010.
(e) The Peruvian, Mexican, Uruguayan, Argentinean
and Guatemalan Tax Authorities are entitled to
review and, if applicable, amend the annual income
tax returns of the Institution and its Subsidiaries
up to four years after their submission.
The subsidiaries’ Income tax returns of the years
2007 to 2011 are still pending to be reviewed by
the Tax Authorities, except for the 2009 Mibanco’s
income tax return.
Regarding value added tax, the Peruvian Tax
Authority is legally entitled to review and, if
necessary, adjust the value added tax computed
by the Institution and its Subsidiaries during a term
of four years following the year in which a tax return
was filed. Except for 2008 Grupo ACP’s value added
tax return; the subsidiaries’ value added tax returns
for the years 2008 to 2011 are still pending to be
revised by the Tax Authority.
Since tax regulations are subject to interpretations
by the Tax Authority, it is not possible to determine
as of this date whether the reviews will generate
additional liabilities for the Institution and its
Subsidiaries. Therefore, any unpaid tax, penalties
or interests that might result from said reviews will
be applied in the year in which they are determined.
Nevertheless, Management of the Institution and its
Subsidiaries as well as their legal advisors consider
that any additional tax assessments would not have
a significant impact on the consolidated financial
statements for fiscal years 2011 and 2010.
insurance premiums in favor of individuals and
insurance premiums for survivorship and disability
pension plan affiliates are exempted from value
added tax.
(g)
*ODPNFUBYHBJOMPTT
JTNBEFBTGPMMPXT
Income tax
Current
Deferred
2011
4
2010
4
2009
4
51,703
51,852
56,761
46,281
46,731
43,899
(f) In the case of Protecta, since January 1, 2010,
the gains resulting from the assets that support the
life insurance reserves established in the country
for annuity pensions, survivorship and disability
pensions from annuity contracts will be exempted.
It also will be exempted the rents and gains resulting
from the assets that support the technical reserves of
other products traded by life insurance companies,
constituted or established in the country, even
if such contracts have an earning or investment
component.
Likewise, pursuant to the tax rules in force, life
187
ANNUAL REPORT 2011
(h) The movement and composition of these items
are detailed below:
Balance as of
January 1, 2009
4
Deferred assets
Mandatory and voluntary generic
allowance for loan losses
Provision for contingencies
Provision for employees’ vacations
Financial leases, assets received as payment and seized
through legal actions, depreciation rates differences and
others
*OUFSFTUJOTVTQFOTF
0SHBOJ[BUJPOFYQFOTFT
Other provisions
Net changes
4
10,497
300
3,348
8,192
1,253
602
3,113
41
958
2,526
17,584
Deferred assets
-FBTFQSFNJVNTBOEPUIFST
*OUBOHJCMFBTTFUT
Translation result
Deferred assets, net
15,297
As of December 31, 2011 and 2010, subsidiaries Acción Comunitaria and
Invierta do not report deferred income tax.
188
13,370
Balance as of
December 31, 2009
4
18,689
1,553
3,950
4,071
2,567
30,955
3
3
12,862
28,160
Net changes
4
3,347
138
1,761
1,699
6,500
Balance as of
December 31, 2010
4
22,036
1,691
5,711
5,770
2,118
Net changes
4
Balance as of
December 31, 2011
4
4,386
104
1,717
26,422
1,795
7,428
1,277
261
7,047
2,379
37,455
7,616
45,071
3
-
5,121
33,281
5,422
38,703
189
ANNUAL REPORT 2011
17. Off-balance sheet
accounts
(a) The table below presents the components
of
this caption:
Contingent operations:
*OEJSFDUMPBOTC
Bank letters of guarantee
2011
4
Foreign currency forward transactions
Purchase of foreign currency forwards
Other contingent
Not disbursed approved loans
Other
Total contingent operations
Other off-balance sheet accounts:
Guarantee granted for loans
Loans written-off
Interest in suspense
Securities in custody
Guarantees granted for due to banks and
DPSSFTQPOEFOUTE
Fully depreciated property, furniture and equipment
Other off-balance sheet accounts
3,645
4,144
5,000
-
367,588
3,311
290,401
5,750
370,899
296,151
379,544
300,295
2,428,600
393,997
38,380
28,535
1,455,803
359,843
24,593
15,685
3,593
403,360
3,907
207,290
Total other off-balance sheet accounts
3,311,168
2,157,746
Total off-balance sheet accounts
3,690,712
2,458,041
(b) In the normal course of its operations, the
Institution’s banking subsidiaries are party to
USBOTBDUJPOT XJUI PGGCBMBODF TIFFU SJTL JOEJSFDU
MPBOT
5IFTFUSBOTBDUJPOTFYQPTFUIFNUPBEEJUJPOBM
credit risk beyond the amounts recognized in the
consolidated balance sheets.
190
2010
4
Mibanco applies the same credit policies for granting
and evaluating the provisions required for direct loans
when performing contingent operations, including the
requirement to obtain collateral when it is deemed
necessary. Collateral held vary, but may include deposits
in financial institutions, securities, or other assets.
Because most of the contingent transactions are
expected to expire without any performance being
required, the total committed amounts do not
necessarily represent future cash requirements.
(c) As of December 31, 2011, Microfin entered into
foreign currency forward contracts. By means of these
contracts, an exchange rate is agreed upon for future
delivery and receipt of foreign currency in exchange
for local currency. The risk arises from the possibility
that the counterparty may not meet the agreed terms
as well as the possibility of changes in the exchange
rates of the currencies in which the transactions are
carried out. During 2011, the net loss for the forward
contracts amounted to S/.82,000 and is included in
the caption “Loss from financial derivative instruments,
net” of the consolidated statements of income.
(d) Guarantees granted primarily to collateralize loans
received from COFIDE and correspond to the financed
MPBOQPSUGPMJPOPUFD
18. Personnel expenses
This item is made up as follow:
Salaries
Legal bonuses
Social security
Severance indemnities
Other salaries
Bonuses
Transportation
Workers’ profit sharing
Personnel training
Commissions and assignments
Board of Directors expenses
"DDSVFEFNQMPZFFTQFSNBOFODZDPNNJUNFOUOPUBF
Extraordinary workers’ profit sharing
Other personnel expenses
Total
Average number of employees
2011
4
207,097
31,350
21,190
18,129
11,644
9,102
8,675
8,455
7,363
6,496
6,783
897
17,709
2010
4
2009
4
174,976
27,864
16,797
15,257
4,377
6,477
7,309
8,251
8,710
4,873
5,502
9,650
18,215
138,843
22,341
13,739
12,825
3,193
5,295
5,345
9,009
6,496
4,322
4,791
12,423
11,552
356,529
309,891
251,488
4,975
4,230
3,564
191
ANNUAL REPORT 2011
19. Services received
This item is made up as follow:
2011
4
2010
4
2009
4
Professional fees
Advertising
Leases
Repair and maintenance
Communications
Transportation
Security
Other supplies
Power and water
Public relations and events
Insurances
Credit bureau fees
Studies and projects
Other
29,265
25,926
21,489
11,006
10,692
8,878
8,333
5,099
4,838
3,136
2,095
1,577
1,167
30,555
36,952
30,941
18,462
14,206
9,216
11,351
7,616
6,514
4,429
4,506
1,978
1,565
1,595
5,943
14,590
15,545
15,450
11,762
7,607
8,763
7,692
7,405
3,662
4,330
1,880
101
2,021
15,796
164,056
155,274
116,604
Total
192
20. Technical income from insurance transactions, net
The table below presents the components of this caption:
2011
4
2010
4
2009
4
98,457
81,270
36,085
50,769
38,736
26,262
Assumed insurance premiums
Adjustment to technical reserves
for premiums assumed
Total Premiums
1SFNJVNTDFEFE
Adjustment to technical reserves for premiums ceded
Total premiums ceded of the period
Competency premiums
Assumed claims
$PNQFUFODZDMBJNT
Gross technical income
Other technical incomes
Other technical expenses
Technical Income, net
7
7
3
(531)
(352)
(258)
50,238
38,540
1,484
38,384
30,103
1,288
26,004
19,739
838
31,159
20,512
39,317
193
ANNUAL REPORT 2011
21. Other income, net
The table below presents the components of this caption:
2011
4
2010
4
2009
4
Recoveries of loans previously written–off
Dividend income
-FHBMFYQFOTFTPGMPBOTXSJUUFOoPõ
Others, net
16,449
2,439
755
13,822
2,599
11,749
883
Total
17,031
13,106
8,963
22. Operating segments
Transactions between operating segments are made in
regular commercial terms and conditions. The following
table presents the Institution’s financial information by
industry and location for the years ended December 31,
2011, 2010 and 2009:
(a) Information of the operating segments by industry
JOUIPVTBOETPG/VFWPT4PMFT
Total
income
2011
Operating
income
Total
assets
Banking
Insurance
Other
1,107,961
113,430
36,302
877,431
85,013
158
5,306,817
142,359
174,087
Total consolidated
1,257,693
962,602 5,623,263
194
2010
Operating
income
Total
assets
Total
income
Banking
Insurance
Other
1,029,928
85,092
26,011
839,238
34,865
16,366
4,490,525
77,500
100,581
Total consolidado
1,141,031
890,469
4,668,606
Total
income
2009
Operating
income
Total
assets
Banking
Insurance
Other
905,152
37,592
13,704
709,984
21,937
9,005
3,731,137
30,150
67,925
Total consolidated
956,448
740,926
3,829,212
(b) Information of the operating segments by location
JOUIPVTBOETPG/VFWPT4PMFT
2011
Operating
income
Total
assets
Total
income
Peru
Mexico
Argentina
Uruguay
Guatemala
1,195,745
48,253
8,897
4,563
235
912,880
40,745
6,090
2,680
207
5,465,707
91,055
26,079
38,722
1,700
Total consolidated
1,257,693
962,602
5,623,263
2010
Operating
income
Total
assets
Total
income
Peru
Mexico
Argentina
Uruguay
1,104,786
28,005
5,561
2,679
860,774
23,955
3,691
2,049
4,577,087
55,794
17,655
18,070
Total consolidated
1,141,031
890,469
4,668,606
Total
income
2009
Operating
income
Total
assets
Peru
Mexico
Argentina
Uruguay
937,028
12,981
4,399
2,040
725,021
11,609
2,662
1,634
3,786,628
22,658
10,741
9,185
Total consolidated
956,448
740,926
3,829,212
*ODMVEFTUPUBMJOUFSFTUBOEEJWJEFOEJODPNFPUIFSJODPNFBOEOFUQSFNJVNTFBSOFEGSPN
insurance activities.
0QFSBUJOHJODPNFJODMVEFTUIFOFUJOUFSFTUJODPNFGSPNCBOLJOHBDUJWJUJFTBOEUIFBNPVOU
of the net premiums earned, less insurance claims.
23. Transactions with related
parties
Some shareholders, directors and officers of the Institution and
its Subsidiaries have been involved, either directly or indirectly,
in credit transactions with the Institution and its Subsidiaries
as permitted by Peruvian legislation, which rules and limits
certain transactions with employees, directors and officers of
financial institutions. As of December 31, 2011, loans and other
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Under Peruvian legislation, all loans granted to related parties
cannot be made on more favorable terms than the best terms the
banking subsidiaries offer to the public. Management considers
that the Institution and its Subsidiaries are in full compliance
with all requirements imposed by current regulations to related
party transactions.
Total fees paid to the Board of Directors amounted approximately to S/.6,091,000, S/.5,456,000 and S/.4,935,000 in 2011,
2010 and 2009, respectively, which is included in the caption
“Personnel expenses” in the consolidated income statement.
The total salaries of key personnel, which includes general
management and other managers, in 2011, 2010 and 2009
amounted to S/.24,844,000, S/.16,777,000 and S/.15,890,000,
respectively.
As of December 31, 2011, Mibanco holds financing from its
shareholders IFC, Triodos Custody BV – Triodos Fair Share Fund
and Triodos SICAV II - Triodos Microfinance Fund, and Acción
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expenses reported in the caption “Financial expenses” in the
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195
ANNUAL REPORT 2011
24. Risk assessment
The Institution and its subsidiaries’ activities relate mainly to the
use of financial instruments; consequently, they are exposed
to market, liquidity, cash flow risks and fair value due to interest
rates, currency, insurance and credit risks. The Institution and
its Subsidiaries’Management, based on its experience, manage
these risks. The following assessment has been prepared by
mainly taking Mibanco and Protecta, subsidiaries representing
the majority of the assets and liabilities of the current consolidated
financial statements, into consideration.
As part of Grupo ACP, Mibanco accepts deposits from its customers
at both fixed and floating rates and with different terms, with the
intention of obtaining profit from interest margins by investing
those funds in financial assets. The Bank seeks to increase these
margins by consolidating its short-term funds and lending for
longer periods at higher rates, while maintaining sufficient
liquidity to comply with any withdrawal that may be requested.
Market risks The Institution and its Subsidiaries are exposed to market
risk, which is the risk that the fair value or future cash flows
of a financial instrument will fluctuate because of changes in
market prices. Market risks arise from open positions in interest
rates, currency, commodities and equity products, all of which
are exposed to general and specific market movements and
changes derived from volatility of prices such as interest rates,
credit spreads, exchange rates and equity prices.
The Institution and its Subsidiaries establishes acceptable limits
which are continuously monitored. Nevertheless, the use of
this control measure does not fully eliminate the probability
of losses in excess of the limits established in case of extreme
fluctuations in market prices.
Liquidity risk Mibanco is exposed to daily calls on its available cash resources
from overnight deposits, current accounts, maturing deposits,
loans drawdown, guarantees and others. Mibanco do not
maintain cash resources for all of the aforementioned needs, since
196
experience has shown that a minimum level of reinvestment
of funds at their maturity can be predicted with a high degree
of certainty. Mibanco’s Management establishes the limits as
to the minimum amount of funds that need to be available to
meet such calls and the minimum level of interbank and other
types of credit lines that should be in place to cover withdrawals
at unexpected levels of demands.
The matching and controlled mismatching of the maturities
and interest rates of assets and liabilities is fundamental to the
Institution and its Subsidiaries’ Management. It is unusual for
financial institutions to be fully matched, as transacted business is
often based on uncertain terms of different types. An unmatched
term or interest rate position may potentially increase profitability,
but may also increase the risk of losses.
The maturities of assets and liabilities and the ability to replace,
at an acceptable cost, interest-bearing liabilities as they mature
are important factors in assessing the liquidity and its exposure
to changes in interest and exchange rates.
Notes to the financial statements include an analysis of the
maturities of the main assets and liabilities, based on contractual
maturity dates.
Cash flow risk and fair value due to changes in
interest rates The cash flow interest rate risk is the risk that the cash flows
of a financial instrument will fluctuate due to changes in
market interest rates. The risk of fair value interest rates is the
risk that the value of a financial instrument may fluctuate
due to changes in market interest rates.
The Institution and its Subsidiaries are exposed to the effect
of fluctuations in market interest rates on its financial position
and cash flows. Interest margins may increase as a result
of such changes, but may decrease or create losses in the
event of unexpected fluctuations. Mibanco’s Management
sets limits on the level of mismatch of interest rates that may
be undertaken and constantly monitors these levels.
Resources for funding are mainly obtained from short-term liabilities,
which generally bear interest at fixed and variable interest rates
prevailing in the market. Loans, customer deposits and other
financing instruments are subject to risks arising from interest
rate fluctuations. Relevant contractual maturity dates and interest
rates of such financial instruments are disclosed in the notes to the
consolidated financial statements.
During 2011 and 2010, the Institution and its Subsidiaries have
not carried out operations with derivate financial instruments for
hedging purposes.
Exchange rate risk The Institution and its Subsidiaries are exposed to the effects of
fluctuations in foreign currency exchange rates prevailing over
its financial position and cash flows. Management sets limits on
the level of exposure by currency and in the total of overnight
positions, which are daily monitored.
Most assets and liabilities are stated in Peruvian Nuevos Soles.
Foreign currency transactions are made at free market exchange
rates. As of December 31, 2011 and 2010, are shown in note 4
to the consolidated financial statements.
Microfin has performed transactions with derivatives instruments
– currency forwards to cover part of this risk, note 4.
Insurance risk The risk covered by any insurance contract is the possibility of
the insured event occurring and, therefore, the resulting claim
having a set value. By the nature of the insurance contract, this
risk is arbitrary and therefore unpredictable.
As far as the insurance contract portfolio is concerned,
where large number and probability theory applies
to setting prices and provisions, the main risk facing
Protecta is that claims and/or payment of benefits
covered by the policies will exceed the book value of
insurance liabilities. This could occur if the frequency
and/or severity of claims and benefits are greater than
calculated. The following factors are taken into account
in evaluating insurance risks:
- Frequency and severity of claims.
- Sources of uncertainty in calculating payment
of future claims.
- Mortality tables for different life insurance plans.
- Changes in market rates for investments that have a direct
effect on discounted rates used to calculate mathematical
reserves.
Protecta has automatic reinsurance contracts to protect it against
frequent and severe losses. The purpose of this reinsurance
negotiation is to prevent total net insurance losses from affecting
Protecta’s equity and liquidity in any given year.
Protecta’s insurance underwriting strategy has been developed
to diversify the type of insurance risks accepted. Factors
aggravating insurance risks include a lack of diversification
of risk types and values as well as geographical location.
The underwriting strategy is designed to guarantee that
underwriting risks are well diversified in terms of risk type
and value. Underwriting limits serve to implement the
selection criteria for adequate risks.
Furthermore, Protecta is exposed to the risk that the mortality
rates associated with its clients do not reflect the actual rate
of mortality, which could mean that the premium calculated
for the coverage offered is insufficient to cover losses. For
this reason, Protecta carries out a careful analysis of risk of
subscription when issuing its policies, thus enabling it to
classify the degree of risk applicable to any given potential
policyholder by analyzing characteristics such as gender,
whether or not the person is a smoker, health, among others.
In the specific case of life annuity insurance, the risk assumed
by the Institution and its Subsidiaries is that the actual life
expectancy of the insured individuals is greater than that
estimated at the time the annuity is calculated, which would
mean a deficit in reserves from which pensions are paid.
197
ANNUAL REPORT 2011
Credit risk Mibanco is exposed to credit risk, which is the risk that a
client will be unable to pay amounts in full when due, to
cover this risk Mibanco records provisions for loan losses
incurred as of the date of the consolidated balance sheet.
Significant changes in the economy or in a particular
industry segment, that represents a concentration in
Mibanco’s loan portfolio, could result in losses different
from those recorded as of the date on the balance sheets.
Therefore, Management carefully monitors the Bank’s
exposure to credit risk.
Mibanco structures the levels of credit risk it undertakes
by placing limits to the amount of risk accepted from one
borrower or groups of borrowers and, to a lesser extent,
to geographical and industry segments. Such risks are
monitored constantly and subject to frequent review. Limits
on the level of credit risk are approved by Management,
and are within the framework of regulations in force.
The exposure to credit risk is managed through regular
analyses of the ability of borrowers and potential borrowers
to meet interest and principal repayment obligations
and by changing these lending limits when appropriate.
Exposure to credit risk is also managed partially by obtaining
corporate and personal guarantees; nevertheless, there is
a significant portion of MES, consumer and commercial
loans, for which no such guarantees can be obtained.
Financial assets that show a potential credit risk are mainly
due from banks, investments at fair value through profit or
MPTTUSBEJOH
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held-to-maturity investments and other assets. Due from
banks, excluding each and cleaning, is placed with reputable
financial entities. Mibanco’s maximum credit risk exposure
is represented by the balances of the above mentioned
financial assets. Actual exposures versus established limits
are constantly monitored.
198
25. Fair value
Fair value is defined as the amount for which an asset could
be exchanged or a liability settled between knowledgeable
willing parties in an arm’s length transaction, under the
assumption of a going concern entity.
When a financial instrument is traded in an active and liquid
market, its quoted market price in an actual transaction
provides the best evidence of its fair value. When a quoted
market price is not available, or may not be indicative of
the fair value of the financial instrument, other estimation
techniques may be used to determine such fair value,
including the current market value of another financial
instrument that is substantially similar; discounted cash
flow analysis or other techniques applicable thereto, all of
which are significantly affected by the assumptions used.
Although Management uses its best judgment in estimating
the fair value of the financial instruments, there are inherent
weaknesses in any estimation technique. As a result, the
fair value may not be indicative of the net realizable or
settlement value.
The methodologies and assumptions used to determine
fair values depend on the terms and risk characteristics of
the various financial instruments and include the following:
- Cash and due from banks represent cash and shortterm deposits that do not represent significant credit
or interest risks; in consequence, their book value is
equivalent to their fair value.
- Investments at fair value through profit or loss
USBEJOH
BOE BWBJMBCMFGPSTBMF JOWFTUNFOUT BSF
recorded at their estimated fair value; in consequence,
their book and fair values are the same.
- The majority of the loans granted by the Institution
and its Subsidiaries accrue interest at rates that can
be reset against variations in the market conditions.
As a result, their book value, net of the allowance
for credit risk, with the allowance rates required by
the SBS, excluding the increase in the pro-cyclical
provisions as indicated in note 7, is considered to be
the best estimate of their fair value as of the date of
the consolidated financial statements.
- Held-to-maturity investments are valued to their
amortized cost through the methodology of effective
interest rate and do not differ significantly to its book
value.
- The fair value of deposits and obligations is similar to
their book value, mainly due to their current maturities
and interest rates, which are comparable to other
similar liabilities in the market at the dates of the
consolidated balance sheets.
- Due to banks and correspondents, which include
variable interest rate terms and preferred rates, do not
have book values that differ significantly from their
fair values.
- Bonds and other obligations accrue interest at
fixed or variable rates. The fair value of the bonds is
estimated using discounted cash flows discounted
at rates prevailing in the market for liabilities with
similar characteristics; in consequence, the estimated
fair value does not differ significantly from the book
value.
- Technical reserves book value are determined on
the basis of the future payments present value that
Protecta must apply to the insured, and therefore do
not differ significantly to its fair value.
- The Institution and its Subsidiaries have derivative
operations for currency exchange forwards that are
accounted for at their estimated fair values. Likewise,
Protecta holds some instruments classified as heldto-maturity investments which include an embedded
financial derivative instrument related to the issuer’s
call option.
26. Explanation added
for English translation
The accompanying translated consolidated financial
statements were originally issued in Spanish and are
presented on the basis of accounting principles generally
accepted in Peru for financial entities, as described in note
3. Certain accounting practices applied by the Institution
and its Subsidiaries that conform to generally accepted
accounting principles in Peru for financial entities may not
conform in a significant manner with generally accepted
accounting principles applied in other countries. In the
event of a discrepancy, the Spanish language version
prevails.
- Reserves for claims are valued according to
estimates of claims under current market conditions;
therefore its book value does not differ significantly
to its fair value.
199
STEERING COUNCIL
200
Steering Council and Senior Management
201
ANNUAL REPORT 2011
STEERING COUNCIL
DIRECTORS
LUIS FELIPE
DERTEANO MARIE
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City, Mexico.
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Comercio. Asuncion, Paraguay.
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Economía – One of 19 leaders that changed
business in Latin America.
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Values – GABV, personally and on behalf of Grupo
ACP and Mibanco.
202
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Finance initiative, personally and on behalf of
Grupo ACP and GABV.
Studies:
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Universidad Nacional Agraria La Molina.Lima,
Peru.
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department, Universidad Católica de Chile,
Santiago de Chile, Chile.
RICHARD HERBERT
CUSTER HALLETT
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Peru.
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Lima, Peru.
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Comunitaria del Perú. Lima, Peru.
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Lambayeque, Peru.
Studies
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Management Development Institute. Lausanne,
Switzerland.
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Massachusetts, USA.
STEERING COUNCIL
STEERING COUNCIL AND SENIOR MANAGEMENT
ALFREDO ERNESTO
LLOSA BARBER
MIGUEL FERNANDO
ARIAS VARGAS
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Lima, Peru.
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Contacto S.A. Lima, Peru.
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Peru.
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City, Mexico.
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Salvador.
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Peru.
Peru.
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Lima, Peru.
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t $IBJSNBOPGUIF#PBSE.JOFSB"OEJOBEF
Exploraciones S.A.A. Lima, Peru.
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Lima, Peru.
t "TPDJBUFUPUIF*OTUJUVUPEF*OHFOJFSPTEF.JOBTEFM
Perú. Lima, Peru.
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S.A.C. Lima, Peru.
Studies
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Washington DC, USA.
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Development, Georgetown University. Washington
DC, USA.
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Piura. Lima, Peru.
Studies
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University. Michigan, USA.
203
ANNUAL REPORT 2011
LUIS AUGUSTO
DUCASSI WIESE
Peru.
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Lima, Peru.
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Augusto N. Wiese. Lima, Peru.
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Studies
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Bilbao, Spain.
204
ÓSCAR JOSÉ
RIVERA RIVERA
Peru.
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Lima, Peru.
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National Confederation of Busines Organizations
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Peru.
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#BODBSJB*'#
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Studies
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Lima, Peru.
STEERING COUNCIL
RENZO
LERCARI CARBONE
Peru.
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Peru.
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Studies
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Universidad de Lima. Peru.
MARIANA GRACIELA
RODRÍGUEZ RISCO
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Peru.
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del Perú. Lima, Peru.
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Studies
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Missouri, USA.
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Massachusetts, USA.
205
ANNUAL REPORT 2011
MANAGEMENT
LUIS ALBERTO
OVALLE GATES
ALFREDO ENRIQUE
DANCOURT IRIARTE
GENERAL MANAGER
CORPORATE MANAGER, CONTROLLERSHIP
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Lima, Peru.
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Apoyo Integral. San Salvador,
El Salvador.
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Guatemala City, Guatemala.
Studies
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Peru.
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Piura. Lima, Peru.
206
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Lima, Peru.
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Lima, Peru.
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Salvador.
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Studies
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Piura. Lima, Peru.
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/FHPDJPTQBSB(SBEVBEPT&4"/
-JNB1FSV
STEERING COUNCIL
JESÚS MARCELINO
FERREYRA FERNÁNDEZ
HÉCTOR MARCELO ANTONIO
ESCOBAR FLORES
CORPORATE MANAGER, INNOVATION
AND DEVELOPMENT
CORPORATE MANAGER, BUSINESS
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Grupo ACP. Lima, Peru.
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Lima, Peru.
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Paraguay.
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Guatemala, Guatemala.
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D.F., México.
t "MUFSOBUF%JSFDUPS5JHHSFT4"-JNB1FSV
t 4FOJPS%JSFDUPS*OWJFSUB4"-JNB1FSV
t $PSQPSBUF.BOBHFS#VTJOFTT(SVQP"$1-JNB
Peru.
t "MUFSOBUF%JSFDUPS"QSFOEB-JNB1FSV
t 4FOJPS%JSFDUPS$4$*OOPW"DDJØO4"-JNB1FSV
t 4FOJPS%JSFDUPS"$17JWFODJB4"-JNB1FSV
t 4FOJPS%JSFDUPS*OWJFSUB4"-JNB1FSV
t "MUFSOBUF%JSFDUPS4"$"QPZP*OUFHSBM4BO
Salvador, El Salvador.
t 4FOJPS%JSFDUPS"QPZP*OUFHSBM(VBUFNBMB
Guatemala City, Guatemala.
Studies
t .TD1VCMJD.BOBHFNFOUBOE1PMJDZo)BSWBSE
Institute for International Development /
Universidad Católica Boliviana.La Paz, Bolivia.
t 1SPGFTTJPOBM%FHSFF#VTJOFTT.BOBHFNFOU
Instituto Tecnológico y de Estudios Superiores de
Monterrey. Nuevo León, Mexico.
Studies
t &DPOPNJDT6OJWFSTJEBE'FEFSJDP7JMMBSSFBM-JNB1FSV
t .BTUFST%FHSFF#VTJOFTT"ENJOJTUSBUJPO6OJWFSTJEBE
del Pacífico. Lima, Peru.
t $&0T.BOBHFNFOU1SPHSBN,FMMPHH4DIPPMPG
Management, Evanston. Illinois, USA
t 4FOJPS.BOBHFNFOU1SPHSBN1"%6OJWFSTJEBEEF1JVSB
Lima, Peru.
t .BSLFUJOH(SBEVBUF.BOBHFNFOU4DIPPM&4"/
Lima,Peru.
207
ANNUAL REPORT 2011
LUCIENNE MARIANA
FREUNDT- THURNE CLAUX
JULIA ISABEL
SOBREVILLA PEREA
CORPORATE MANAGER, HUMAN TALENT
CORPORATE MANAGER,
INSTITUTIONAL RELATIONS
t $PSQPSBUF.BOBHFS)VNBO5BMFOU(SVQP"$1-JNB
Peru.
t 4FOJPS%JSFDUPS4PNPT&NQSFTB-JNB1FSV
t "MUFSOBUF%JSFDUPS4FDVSB$PSSFEPSFTEF4FHVSPT4"
Lima, Peru.
Lima, Peru.
t "MUFSOBUF%JSFDUPS*OWJFSUB4"-JNB1FSV
t $PSQPSBUF.BOBHFS*OTUJUVUJPOBM3FMBUJPOT(SVQP
ACP. Lima, Peru.
t "MUFSOBUF%JSFDUPS4FDVSB$PSSFEPSFTEF4FHVSPT
S.A. Lima, Peru.
Lima, Peru.
t "MUFSOBUF%JSFDUPS*OWJFSUB4"-JNB1FSÞ
Studies
t $MJOJDBM1TZDIPMPHZ1POUJmDJB6OJWFSTJEBE$BUØMJDBEFM
Perú. Lima, Peru.
t $POUJOVFE&EVDBUJPO(FPSHF8BTIJOHUPO6OJWFSTJUZ
Washington D.C., USA.
t %JQMPNB-FBSOJOH%JöDVMUJFT6OJWFSTJEBEEFMB
Habana. Cuba.
t .BOBHFNFOUBOE-FBEFSTIJQ1SPHSBN1%-
6OJWFSTJEBE1FSVBOBEF$JFODJBT"QMJDBEBT61$
Lima, Peru.
Studies
t #"-JOHVJTUJDTBOE-JUFSBUVSF1POUJmDJB6OJWFSTJEBE
Católica del Perú. Lima, Peru.
t .BTUFS$PNNVOJDBUJPOT4UBOGPSE6OJWFSTJUZ
California, USA.
PABLO GUILLERMO
JHERY ALONSO
CORPORATE AUDITOR
t $PSQPSBUF"VEJUPS(SVQP"$1-JNB1FSV
Studies
t #VTJOFTT.BOBHFS6OJWFSTJEBEEF-JNB-JNB1FSV
Master, Business Administration, Business Economics
Concentration. INCAE. San Jose, Costa Rica.
208
GENERAL INFORMATION
Name
Headquarters
5FMFQIPOF
'BY
RUC
E-mail
Web page
GRUPO ACP
Av. Domingo Orué No.165, 5to. piso.
Surquillo, Lima 34, Peru.
20137777305
[email protected]
www.grupoacp.com.pe
INCORPORATION AND REGISTRATION
(SVQP"$1PSJHJOBMMZ"DDJØO$PNVOJUBSJBEFM1FSÞ
XBTFTUBCMJTIFE
in Lima on January 13, 1969 by virtue of a Public Deed registered
before Notary Public in and for Lima, Ricardo Ortiz de Zevallos.
The association is registered under Electronic Docket 11011855 of the
Company and Associations Registry, at the Public Registry of Lima,
Peru.
CORPORATE OBJECTIVE
Non profit civil association.
International Standard Industrial Classification 91993.
TERM
Indefinite.
EQUITY
"TPG%FDFNCFS
64NJMMJPOJOEJWJEVBM
209
ANNUAL REPORT 2011
Impreso en Cyclus Print Matt, papel fabricado con 100% fibras
recicladas, libres de cloro y blanqueadores ópticos, certificadas
por NAPM (National Association of Paper Merchants).
Ha sido elaborado además con Bio Energía (energía no
contaminante) y está certificado por Ecoflower y Blue Angel que
identifican productos hechos bajo el manejo medio
ambientalmente apropiado, con responsabilidad social y
economicamente viable de los recursos.
Los beneficios por el uso de papel 100% fibra reciclada se refleja
en un menor impacto al ecosistema, equivalente a:
562 kg. de residuos sólidos no generados
215 kg. de gases de efecto invernadero evitados
2,155 km que se evitaron sean recorridos en auto
15,441 lt. de agua no consumida
2,709 kWh de energía no consumida
912 kg. de fibra de árboles no usada
NAPM (National
Association of Paper
Merchants)
Licence DK/11/1
(Flower)
RAL UZ-1(Blue Angel)
OTRAS CERTIFICACIONES :
Licence 544.021
ISO 900
EMAS, ISO 1400
DIN 673
EN 71-3
210
Nordic Swan
Quality management
EU environmental management/certification scheme
Archive properties, LDK class 24-85 (> 200/g years)
Safety of toys, migration of certain elements

2011 - Grupo ACP

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