bci asset management administradora general de

Transcription

Financial Statements
LARRAIN VIAL ADMINISTRADORA GENERAL DE
FONDOS S.A.
Santiago, Chile
As of December 31, 2014 and 2013
LARRAIN VIAL ADMINISTRADORA GENERAL DE FONDOS S.A
ÍNDEX
Page
REPORT OF INDEPENDENT AUDITORS...............................................................
STATEMENT OF FINANCIAL POSITION ................................................................
STATEMENT OF COMPREHENSIVE INCOME ......................................................
STATEMENT OF CHANGES IN EQUITY.................................................................
STATEMENT OF CASH FLOWS .............................................................................
1
3
4
5
7
Note 1 - Corporate Information............................................................................................... 8
Note 2 - Significant Accounting Policies............................................................................... 12
Note 3 - New Standards and Interpretations Issued, but Not Effective ............................... 24
Note 4 - Accounting Changes .............................................................................................. 31
Note 5 - Financial Risk Management ................................................................................... 32
Note 6 - Cash and Cash Equivalents ................................................................................... 40
Note 7 - Other Current Financial Assets .............................................................................. 40
Note 8 - Current Trade and Other Receivables ................................................................... 42
Note 9 - Property, Plant and Equipment .............................................................................. 44
Note 10 - Taxes .................................................................................................................... 46
Note 11 - Current Trade and Other Payables ...................................................................... 49
Note 12 - Current Receivables and Payables, Related Entities .......................................... 53
Note 13 - Other Current Provisions ...................................................................................... 56
Note 14 - Current Provisions for Employee Benefits ........................................................... 59
Note 15 - Other Current Non-Financial Assets and Liabilities ............................................. 60
Note 16 - Equity .................................................................................................................... 61
Note 17 - Income from Operating Activities ......................................................................... 65
Note 18 - Administrative Expenses ...................................................................................... 66
Note 19 - Exchange Rate Differences.................................................................................. 66
Note 20 - Local and Foreign Currency ................................................................................. 67
Note 21 - Sanctions .............................................................................................................. 68
Note 22 - Commitments and Contingencies ........................................................................ 68
Note 23 - Environment.......................................................................................................... 71
Note 24 – Significant events ................................................................................................. 71
Note 25 – Subsequent Events.............................................................................................. 71
Ch$
: Chilean Pesos
ThCh$ : Thousands of Chilean Pesos
UF
: Unidad de Fomento (Units indexed by inflation)
EY Chile
Avda. Presidente
Riesco 5435, piso 4,
Santiago
Tel: +56 (2) 2676 1000
www.eychile.cl
Report of Independent Auditors
(Translation of financial statements originally issued in Spanish - see Note 2.1)
To the Shareholders and Directors of
Larraín Vial Administradora General de Fondos S.A.:
We have audited the accompanying financial statements of Larraín Vial Administradora General
de Fondos S.A., which comprise the statement of financial position as of December 31, 2014,
and the statements of comprehensive income, the statements of changes in equity and the
statements of cash flows for the year ended, and the related notes to the financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial
statements in conformity to instructions and standards of preparation and presentation of
financial information issued by the Superintendency of Securities and Insurance described in
Note 2 of the financial statements. This responsibility includes the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free of material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards in Chile.
Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.
Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of significant accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
1
A member firm of Ernst & Young Global Limited
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects,
the financial position of Larraín Vial Administradora General de Fondos S.A. as of December 31,
2014, and the results of its operations and its cash flows for the year then ended on that date in
accordance with instructions and standards of preparation and presentation of financial
information issued by the Superintendency of Securities and Insurance described in Note 2.
Basis of accounting
As described in Note 2 of the financial statements, under its authority the Superintendency of
Securities and Insurance issued Circular No. 856, dated October 17, 2014, instructing audited
entities, to register in the respective year against equity differences in assets and liabilities
deferred taxes arising as a direct effect of the increase in the tax rate introduced by Law 20,780,
changing the course of preparation and presentation of financial information adopted as of that
date, given that the previous framework (IFRS) requires it be adopted in a comprehensive,
explicit and unreserved manner. As of December 31, 2014, and for the year then ended,
quantifying the change in the accounting framework is also included in Note 2. Our opinion is
unchanged in this matter.
Other Matters
Previously, we have audited, in accordance with auditing standards generally accepted in Chile,
the attached financial statements as of December 31, 2013 of Larrain Vial Administradora
General de Fondos S.A., and in our report dated March 28, 2014, we expressed an unmodified
audit opinion on those financial statements.
Rodrigo Arroyo N.
EY LTDA.
Santiago, Chile March 27, 2015
2
A member firm of Ernst & Young Global Limited
STATEMENT OF FINANCIAL POSITION
12-31-2014
ThCh$
12-31-2013
ThCh$
6
7
15
8
12
789,284
7,595,348
490
693,514
3,773,812
12,852,448
1,745,413
5,159,695
185,624
1,184,230
3,921,499
12,196,461
9
10
229,224
61,587
179,474
229,224
241,061
13,081,672
12,437,522
177,253
1,213,235
1,679,406
340,995
986,455
57,440
4,454,784
3,356
279,942
1,424,923
1,340,546
341,135
926,649
86,199
4,402,750
4,454,784
4,402,750
5,609,346
3,077,454
( 59.912)
5,609,346
2,485,338
( 59,912)
8,626,888
8,034,772
8,626,888
8,034,772
13,081,672
12,437,522
Note
Assets
Current Assets
Cash and cash equivalents
Other financial assets current
Other non-financial assets, current
Trade receivables and other receivables, current
Receivables from related entities, current
Total current assets
Non-current assets
Property, plant and equipment
Deferred tax assets
Total non-current assets
Total Assets
Equity and Liabilities
Liabilities
Current Liabilities
Other current financial liabilities
Trade accounts and other payables, current
Payables to related entities, current
Other current provisions
Current tax liabilities
Current provisions for employee benefits
Other non-financial liabilities current
Total current liabilities
11
12
13
10
14
15
Total Liabilities
Equity
Issued capital
Accumulated profit
Other reserves
Equity attributable to the owners of the controlling
entity
Non-controlling interests
Total Equity
Total Equity and Liabilities
16
The accompanying notes 1 to 25 are an integral part of these Financial Statements
3
STATEMENTS OF COMPREHENSIVE INCOME
For the years ended December 31, 2014 and 2013
Statement of Income
Note
01-01-2014
01-01-2013
12-31-2014
12-31-2013
ThCh$
ThCh$
Profit (loss)
Income from operating activities
17
Gross profit
25,312,345
23,500,862
25,312,345
23,500,862
Administrative expenses
18
(20,071,070)
(19,157,285)
Exchange differences
19
52.983
4,887
(20,018,087)
(19,152,398)
(1,064,298)
(843,769)
4,229,960
3,504,695
4,229,960
3,504,695
-
-
4,229,960
3,504,695
Profit (loss) provided by (used in) operating activities
Income tax expenses, continuing operations
Profit
10
Profit, attributable to
Profit attributable to the owners of the controlling entity
Profit attributable to non-controlling interests
Profit
Statements of Comprehensive Income
01-01-2014
01-01-2013
12/31/2014
12/31/2013
ThCh$
ThCh$
Profit
4,229,960
3,504,695
Total comprehensive income
4,229,960
3,504,695
4,229,960
3,504,695
-
-
4,229,960
3,504,695
Comprehensive income attributable to
Comprehensive income attributable to the owners of the controlling entity
Comprehensive income attributable to non-controlling interests
Total comprehensive income
4
LARRAIN VIAL ADMINISTRADORA GENERAL DE FONDOS S.A.
STATEMENT OF CHANGES IN EQUITY
2014
Other
m iscellaneous
reserves
Issued
capital
Equity
attributable
Accum ulated
to the
NonOther
profits
ow ners of controlling Total equity
reserves
(losses)
the
interests
controlling
entity
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
( 59,912)
2,485,338
8,034,772
8,034,772
ThCh$
5,609,346
ThCh$
( 59,912)
Increase (decrease) due to changes in accounting policies
-
-
-
-
Error correction increase (decrease)
-
-
-
-
Restated initial balance
Changes in equity
Com prehensive income
Profit
-
-
-
-
-
4.229,960
4.229,960
-
-
-
-
(3,662,274)
-
Initial balance as of 01/01/2014
Other comprehensive income
Comprehensive income
Equity issued
Distributed Dividends
-
Other contributions of the ow ners
-
-
-
Other distributions to the ow ners
-
-
-
-
Transfers and other changes increase
-
-
-
24,430
Transactions w ith treasury shares in portfolio increase (decrease)
-
Changes in interests in the ow nership of subsidiaries that do not give
rise to control loss increase (decrease)
Total changes in equity
Final balance as of 12/31/2014
-
5,609,346
( 59,912)
( 59,912)
592,116
3,077,454
-
(3,662,274)
24,430
592,116
8,626,888
-
-
-
-
-
4.229,960
-
-
-
(3,662,274)
-
24,430
-
592,116
8,626,888
5
STATEMENT OF CHANGES IN EQUITY
For the year ended December 31, 2014 and 2013
2013
Initial balance as of 01/01/2013
Equity
attributable
to the
ow ners of
Other
Accum ulated
the
NonIssued
m iscellaneous
Other
profits
controlling controlling
capital
reserves
reserves
(losses)
entity
interests
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
ThCh$
5,609,346
( 59,912)
(59,912)
2,505,613
8,055,047
-
Total equity
ThCh$
8,055,047
Increase (decrease) due to changes in accounting policies
-
-
-
-
-
-
-
Error correction increase (decrease)
Restated initial balance
Changes in equity
Com prehensive income
Profit
-
-
-
-
-
-
-
3,504,695
3,504,695
-
3,504,695
(3,524,970)
(3,524,970)
-
(3,524,970)
Other comprehensive income
Comprehensive income
Equity issued
Distributed Dividends
-
-
-
Other contributions of the ow ners
-
-
-
-
-
-
-
Other distributions to the ow ners
Transfers and other changes increase
-
-
-
1,034,385
1,034,385
-
1,034,385
-
-
-
-
(20,275)
2,485,338
(20,275)
8,034,772
-
(20,275)
8,034,772
Transactions w ith treasury shares in portfolio increase (decrease)
Changes in interests in the ow nership of subsidiaries that do not give
rise to control loss increase (decrease)
Total changes in equity
Final balance as of 12/31/2013
-
5,609,346
( 59,912)
(59,912)
6
STATEMENTS OF CASH FLOWS
01-01-2014
01-01-2013
12-31-2014
12-31-2013
ThCh$
ThCh$
Cash flows provided by (used in) operating activities
Types of charges for operating activities
Charges from the sale of goods and the provision of services
Other charges relating to operating activities
Types of payments
Payments to suppliers for the provision of goods and services
Payments to and on behalf of the employees
Other payments relating to operating activities
28,902,031
26,731,500
( 4,896)
106,411
(20,672,399)
(19,305,090)
(2,917,701)
(3,664,631)
49,959
( 112,463)
Income taxes refund (payment)
( 113,268)
( 466)
Cash flows provided by operating activities
5,243,726
3,755,261
49,613,386
39,056,281
(52,169,414)
(38,523,713)
Cash flows provided by (used in) investing activities
Other charges for the sale of equity or debt instruments of other parties
Other payments to acquire equity or debt instruments of other parties
Related parties loans
( 144)
-
(2,556,172)
532,568
( 299,457)
-
100.469
(166,607)
Dividends paid
(3,444,695)
(3,507,946)
Cash flows (used in) financing activities
(3,643,683)
(3,674,553)
Net Increase (Decrease) in Cash and Cash equivalents
before the effect resulting from changes in exchange rate
( 956,129)
613,276
Cash and Cash equivalents at the beginning of the year
1,745,413
1,132,137
789,284
1,745,413
Cash flows provided by (used in) investing activities
Cash flows provided by (used in) financing activities
Related parties loans
Reimbursements of loans classified as funding activities
Cash and Cash equivalents at the end of the year (Note 6)
7
NOTES TO THE FINANCIAL STATEMENTS
Note 1 - Corporate Information
Larrain Vial Administradora General de Fondos S.A. (the Company) was constituted via
public document dated February 21, 2001.
The Company is a special corporation subject to regulation by the Superintendency of
Securities and Insurance (SVS) and has as an exclusive objective, pursuant to the
provisions of Law No. 20,712 regarding the Administration of Third Party Funds and
Individual Portfolios, the administration of third party resources, without prejudice to
perform other activities complementary to its business activities
The Company manages mutual funds and investment funds and portfolios of third parties
under the terms of the above Law No. 20,712 on the Administration of Third Party Funds
and Individual Portfolios.
Modifications to the Company are as follows:
(a) the merger by absorption agreed upon at the Extraordinary Shareholders’ Meeting held
on April 26, 2004 with the companies Larraín Vial S.A. Administradora de Fondos Mutuos
S.A. and Larraín Vial S.A. Administradora de Fondos de Inversión de Capital Extranjero. In
that same meeting they also agreed to change the type of corporation of Administradora
General de Fondos and renamed the Company “Larraín Vial Administradora General de
Fondos S.A.” This modification was approved by SVS Exempt Resolution 352, dated July
28, 2004; and
(b) the merger by absorption agreed upon at the Extraordinary Shareholders’ Meeting held
on August 31, 2009 with the company Consorcio S.A. Administradora General de Fondos,
by virtue of which the latter was dissolved, transferring all of its assets, liabilities and
income accounts to Larraín Vial Administradora General de Fondos S.A., who is the legal
successor of all rights and obligations, for accounting purposes, effective as of July 1,
2009. This modification was approved by SVS Exempt Resolution 769, dated November
11, 2009.
(c) at the Extraordinary Shareholders Meeting held on December 11, 2014, shareholders
agreed among other things, to change the name of the Company to "Larrain Vial Asset
Management Administradora General de Fondos S.A.” and adapt its object and liquidation
procedure to the provisions of Law No. 20,712 on the Administration of Third Party Funds
and Individual Portfolios. These amendments are pending approval by the
Superintendency of Securities and Insurance.
As of December 31, 2014, the Company has 72 employees.
8
Note 1 – Corporate information (continued)
The registered address of the Company is Isidora Goyenechea 2800, 15 th floor, Las
Condes, Santiago, Chile. The Taxpayer ID number of Larraín Vial Administradora General
de Fondos S.A. is 96.955.500-K, and their website is www.larrainvial.com/chile/fondos.
These financial statements as of December 31, 2014 have been approved by the Board of
the Company on March 27, 2015.
As of December 31, 2014, the most important shareholders of Larraín Vial Administradora
General de Fondos S.A. are detailed as follows:
Rut
76.069.369-3
93.883.000-2
79.619.200-3
Shareholders
LVCC Asset Management S.A.
Larrain Vial S.A.
Consorcio Financiero S.A.
No. of shares
Porcentage
7.625.768
6
2
99,999895%
0,000079%
0,000026%
The corporate structure of LVCC Asset Management S.A., as of December 31, 2014 is as
follows:
Rut
93.883.000-2
79.619.200-3
Shareholders
Larrain Vial S.A.
Porcentage
75%
25%
Our financial statements are audited by EY Ltda., a firm registered with the register of
auditors under 003 of the SVS.
9
Note 1 – Corporate Information (continued)
Holding chart, December 2014
10
Note 1- Corporate Information (continued)
The Funds administered by Larraín Vial Administradora General de Fondos S.A. are
detailed as follows:
1.
Investment Funds
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
DE
DE
DE
DE
DE
DE
INVERSION
INVERSION
INVERSION
INVERSION
INVERSION
INVERSION
LARRAIN
LARRAIN
LARRAIN
LARRAIN
LARRAIN
LARRAIN
VIAL
VIAL
VIAL
VIAL
VIAL
VIAL
-
BEAGLE
CORDILLERA
DEUDA CORPORATIVA
DEUDA LATAM HIGH YIELD
MAGALLANES II
FALCOM RENTA FIJA MEXICO
2.
Private Investment Funds
Fondo de Inversión Privado Larrain Vial
3.
- México
- México II
- Perú
- Perú II
- Latin American High Yield Bond UF
- Latin American High Yield Bond UF II
Mutual Funds
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
CONSORCIO ACCIONES CHILENAS
CONSORCIO BALANCEADO CONSERVADOR
CONSORCIO BALANCEADO CRECIMIENTO
CONSORCIO BALANCEADO MODERADO
CONSORCIO AHORRO NOMINAL
CONSORCIO AHORRO UF
CONSORCIO AHORRO LARGO PLAZO
LARRAINVIAL PORTFOLIO LIDER
LARRAINVIAL ACCIONES NACIONALES
AHORRO ACTIVO
LARRAINVIAL AHORRO A PLAZO
LARRAINVIAL AHORRO CAPITAL
LARRAINVIAL AHORRO CENTRAL
LARRAINVIAL ENFOQUE
LARRAINVIAL AHORRO ESTRATEGICO
LARRAINVIAL MERCADO MONETARIO
MI AHORRO
LARRAINVIAL PROTECCION
LARRAINVIAL HIPOTECARIO Y CORPORATIVO
LARRAINVIAL CASH
LARRAINVIAL BONOS LATAM
LARRAINVIAL BONOS HIGH YIELD GLOBAL
LARRAINVIAL DOLAR GLOBAL
LARRAINVIAL ASIA
11
Note 1 – Corporate Information (continued)
3.
Mutual Funds (continued)
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
FONDO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
MUTUO
LARRAINVIAL
LARRAINVIAL
LARRAINVIAL
LARRAINVIAL
LARRAINVIAL
LARRAINVIAL
LARRAINVIAL
LARRAINVIAL
LARRAINVIAL
LARRAINVIAL
LARRAINVIAL
LARRAINVIAL
LARRAINVIAL
BRASIL
ESTADOS UNIDOS
LATINOAMERICA NO
MEGATENDENCIAS
MONEY MARKET
PERU
MERCADOS EMERGENTES
LATAM EX BRASIL
DISPONIBLE
EUROPA
AHORRO LARGO NOMINAL
ESPAÑA
OPORTUNIDA D CHILE
Note 2 - Significant Accounting Policies
The significant accounting policies applied in the preparation of these financial statements
are described below:
2.1
Basis of preparation and basis of presentation
The financial statements have been prepared in accordance with guidelines and standards
for the preparation and presentation of financial information issued by the Superintendency
of Securities and Insurance (SVS), which are composed of the International Financial
Reporting Standards (IFRS), plus specific regulations issued by SVS. Accordingly, these
financial statements have not been prepared in accordance with IFRS, as noted in the next
paragraph. Certain accounting practices applied by the Company that conform to IFRS
and SVS rules may not conform to generally accepted accounting principles in the United
States (“US GAAP”). For the convenience of the reader, these financial statements have
been translated from Spanish to English.
Through Circular No. 856 of October 17, 2014, the Superintendency of Securities and
Insurance states that the differences in assets and liabilities for deferred taxes arising as a
direct effect of the increase in the first category tax rate introduced by Law No. 20.780,
should be recorder in the respective year against equity. The Company recorded an
adjustment of ThCh$24,430 for this item. See note 16 e).
12
Note 2 - Significant Accounting Policies (continued)
2.2
Periods covered
The financial statements correspond to the statement of financial position as of December
31, 2014 and 2013, the statements of comprehensive income, statements of cash flows
and statements of changes in equity for the period between January 1, as of December
31, 2014 and 2013.
2.3
Functional and presentation currency
The Company uses the Chilean peso as its functional and presentation currency in its
financial statements. The functional currency has been determined considering the
economic environment in which the Company operates and the currency in which the most
significant cash flows are generated.
2.4
Transactions and balances in foreign currency and readjustable units
Transactions in a currency other than the functional currency are considered in their
respective currency and are initially recorded at the exchange rate in force as of the
transaction date. Monetary assets and liabilities in foreign currency are converted at the
exchange rate of the functional currency as of the date of the Statement of Financial
Position. All differences are either charged or credited to income for the year.
Assets and liabilities in readjustable units or foreign currency have been converted to
Chilean pesos at the exchange rate in force as of year closing:
Dólar
Euro
Unidades de Fomento
USD
EUR
UF
Decembrer 31,
2014
Ch$
606.75
738.05
24,627.10
December 31,
2013
Ch$
524.61
724.30
23,309.56
13
2.5
Cash and cash equivalents include cash on hand and bank overdrafts.
2.6
Trade receivables and other receivables
Trade receivables and other receivables are initially recognized at fair value and then at
amortized cost according to the effective interest rate method less impairment, if any. An
impairment loss provision is recorded for trade receivables and other receivables when
there is an indication that the Company will not be able to collect all indebted amounts in
accordance with the original terms of the receivables.
This category includes income derived by the mutual funds and investment funds
administered and income arising out of fees charged to the fund participants that redeem
shares prior to the date in which the minimum time in the mutual fund becomes due, if
appropriate. They are recorded at nominal value and are completely collectable; therefore
they are not tested for impairment. (See Note 8)
2.7
Financial assets and liabilities
The Company classifies its financial assets at fair value or amortized cost in accordance
with IFRS 9. Classification depends on the business model used to administer these
assets and its contractual characteristics.
a)
Financial assets at fair value with effects on income
Financial assets that correspond to securities acquired in order to generate profits from the
fluctuation of prices in the short term or through intermediation margins or are included in a
portfolio where there is a profit pattern.
Financial instruments are recorded as of December 31, 2014 and 2013 at the fair value
thereof in accordance with market prices as of the closing date of the Statement of
Financial Position.
This category includes investments in mutual funds, investment funds, bonds and
promissory notes. (See Note 7)
14
2.7
Financial assets and liabilities (continued)
Bonds and Promissory Notes
They are valued and presented at market value as of the closing date of these financial
statements.
Shares in Mutual Funds:
In accordance with the standards presently in force, investments in shares in mutual funds
are presented at the redemption value thereof as of the closing date of the relevant
financial statements.
Derivative Instruments:
The fair value of derivative contracts is obtained from market prices, cash flows, discount
models, and option valuation models, as appropriate.
Derivative contracts are reported as assets when their fair value is positive and as
liabilities when the same is negative.
Shares in Investment Funds:
In accordance with the standards presently in force, investments in shares in investment
funds are presented at the redemption value thereof as of the closing date of the relevant
financial statements.
b)
Financial Liabilities:
The financial liabilities measured at fair value with changes in income or at amortized cost
using the effective interest rate method.
A financial liability is classified to be measured at fair value if the same is held to negotiate.
As of the closing date of the financial statements, the Company has not classified financial
liabilities at fair value. The other liabilities are measured at amortized cost.
15
2.8
This category includes furniture and office supplies. The items in this category are
recognized at historic cost less accumulated depreciation and accumulated impairment
losses, if any.
The historic cost includes expenses directly attributable to the acquisition and location of
the good so it may operate as expected by the management of the Company.
Subsequent costs are included in the initial value of the asset or they are recognized as
separate assets only when these costs increase the capacity or useful life of the goods
and future economic benefits will flow to the Company and the cost may be reliably
measured. All other operations or maintenance are charged to the income for the year.
Depreciation is calculated using the straight line method during the estimated useful life of
each good. The estimated useful lives of property, plant and equipment are detailed as
follows:
Other fixed assets
Number of years
3 years
3 years
The useful lives and residual values of property, plant and equipment are reviewed and
adjusted, if necessary, as of each year closing.
When the carrying amount of an asset is higher than its recoverable amount, its value is
reduced to the recoverable amount of the same.
Losses and profits derived from the sale of these types of assets are calculated comparing
the income earned to the carrying amount and they are included in the statement of
income.
16
2.9
Income taxes and deferred taxes
The first category income tax at year end is recognized on the basis of taxable income
determined in accordance with current tax legislation, recognizing the related expense.
The recognition of assets and liabilities regarding the future estimate of the tax effects
attributable to temporary differences between the accounting values of assets and
liabilities and the tax values of the same. Deferred tax assets and liabilities are measured
on the basis of the tax rate that according to the current legal provisions in force has to be
applied in the year in which deferred tax liabilities are recognized or liquidated. The effects
of future changes in the tax law or the tax rates are recognized in the deferred taxes from
the date in which the law approving such changes is published. Los impuestos diferidos se
presentan netos de acuerdo con NIC 12.
As mentioned in Note 2, the Superintendency of Securities and Insurance through Circular
No. 856 of October 17, 2014, states that the differences in assets and liabilities for
deferred taxes arising as a direct effect of the increase in the tax rate introduced by Law
No. 20,780 will be recorded in the respective year against equity.
The rates applied for the determination of deferred taxes are as follows:
Year
Partially Integrated
2014
2015
2016
2017
2018
21%
22,5%
24%
25,5%
27%
17
2.10 Provisions
Provisions are liabilities in which there is no certainty about their amount or maturity.
These provisions are recognized in the Statement of Financial Position when the following
requirements are fulfilled:

It is a present obligation as a result of a past event and;

As of the date of these financial statements it is probable that the Company has to
use resources to pay the obligation and the amount of these resources may be
reliably measured.
A contingent asset or liability corresponds to any right or obligation arising out of past
events whose existence will be confirmed only if one or more uncertain events occur in the
future that are not under the control of the Company.
The main provisions made by Larraín Vial Administradora General de Fondos S.A.
correspond to the concepts of:





Auditing
Publicity
Legal
Custody titles
Other expenses
The Company does not record a bad debt provision since trade receivables balance may
be recovered.
2.11 Employee Benefits
a.
Employee vacation
The annual cost of personnel vacation is recognized on an accrual basis.
b.
Short term benefits
The Company provides an annual incentives plan for its employees for the fulfillment of
objectives and individual contribution to the Company’s income.
These incentives are given based on a set number or portion of monthly wages, and the
provisions for these are based on the estimated amount to be distributed.
18
2.12 Revenue recognition
Income is recorded on an accrual basis as required in IAS 18 according to which income
from the provision of services must be reliably measured and must be recognized
considering the stage of completion of the transaction as of the statement of financial
position date.
Income may be reliably estimated when all the conditions below are met:




Income may be reliably measured;
It is probable that economic benefits will flow to the Company;
The stage of completion at the statement of financial position date may be measured
reliably; and
Costs incurred as well as those to be incurred in order to complete the same may be
measured reliably.
Remuneration and commissions
The Company recognizes on a daily basis, at nominal value in the statement of income
and upon accrual thereof, the income on account of remunerations charged to the funds
administrated on the basis of a percentage of the fund equity and fees charged to the
participants that redeem shares prior to completing the minimum time in the mutual funds
and investment funds that so require it.
Finance Income
Finance income is recognized ratably to the time elapsed using the effective interest rate
method and including interest and readjustments to the debt instruments.
19
2.13 Administrative Expenses
Expenses are recognized in income when there is a decrease in the future economic
benefits related to an asset reduction or a liability increase that may be reliably measured.
Expenses and the liability increase or the asset decrease are recorded at the same time.
An expense is recognized when a disbursement does not trigger future economic benefits
or when the requirements to be recorded as an asset are not fulfilled.
On the contrary, if disbursements are expected to give rise to future economic benefits, a
general and rational procedure is used for the allocation of expenses, applying the relevant
depreciations or amortizations in a way as to have income and expense correlation.
Administrative expenses include remuneration and compensation of the supporting units’
employees, depreciation of offices, equipment, facilities and furniture used to perform
these functions, asset impairment losses or reversals, amortizations of non-current assets,
profits or losses arising out of sale of property, plant and equipment and other general and
administrative expenses.
2.14 Use of estimates and judgments
In order to prepare these financial statements the management needs to make judgments,
estimates and assumptions that affect the application of the accounting principles and the
amounts of assets, liabilities, income and expenses presented.
The real results may differ from these estimates.
The relevant estimates and assumptions are regularly reviewed by the upper management
of the Company in order to quantify certain assets, liabilities, income, expenses and
uncertainties. Reviews of accounting estimates are recognized in the period in which the
estimate is reviewed and in any future period that is affected.
Specifically, the information about the most significant areas of uncertainty, estimates and
critical judgments in the application of accounting policies and that cause the most relevant
impact on the amounts recognized in the financial statements are detailed as follows:





Fair value of assets and liabilities (Note 7)
Commitments and Contingencies (Note 22)
Deferred taxes (Note 10)
Other short-term provisions (Note 13)
Useful lives of property, plant and equipment (Note 9)
20
2.15 Trade accounts and other payables, current
Trade accounts and other payables are recorded at amortized cost.
Trade creditors and other current payables are recognized at nominal value since the
average payment term is less than 30 days and there are no material differences with the
fair value of the same.
Trade creditors include the payment obligations with suppliers in relation to the goods and
services acquired during the regular course of business.
2.16 Payables to related entities, current
The contractual services provided by Larraín Vial S.A. (Stockbroker) to Larraín Vial
Administradora General de Fondos S.A. correspond to monthly commissions for
investment and maintenance of Mutual Fund shares.
In turn, Larrain Vial S.A. Corredora de Bolsa provides services, such as brokerage of debt
instruments and equity for funds, to Larrain Vial Administradora General de Fondos S.A.
These transactions are consistent with the appropriate agreements and are recorded at
nominal value.
The accounts related to Larraín Vial S.A. Corredora de Bolsa are paid within a 30 day term
following the issue of the invoice.
The contractual services provided by Compañía de Seguros de Vida Consorcio Nacional
de Seguros S.A. and Consorcio Corredores de Bolsa S.A. (“Consorcio Group Holding”) to
Larraín Vial Administradora General de Fondos S.A. correspond to monthly commissions
for investment and maintenance of Mutual Fund shares.
The accounts related to Holding Grupo Consorcio are paid within a 30 day term following
the issuance of the invoice with regard to the same and at year end for the difference of
commissions that have been reflected in the statement of financial position.
21
2.16 Payables to related entities, current (continued)
Asesorías Larraín Vial Ltda. provides Larraín Vial Administradora General de Fondos S.A.
with different accounting, treasury, operational, custody, risk management, IT, commercial
and human resources services.
Larrain Vial Administradora General de Fondos S.A., according to the contract with Larrain
Vial Servicios Profesionales, provides services for partnership in participation accounts.
These transactions are in line with the respective contracts and are recorded at nominal
value.
The accounts related to Asesorías Larraín Vial Ltda. are paid within 30 days from the date
of billing.
2.17
Minimum dividend
According to Article 79 of Law 18,046 on Corporations, unless otherwise decided by
unanimous vote by the shareholders, an publicly listed company must distribute a
minimum dividend of 30% of its net profits for the year, except in the event that the
company has losses which have not been absorbed from previous years.
This liability is recorded under other short-term provisions and movement of the year is
recorded in the Statement of Changes in Equity.
2.18 Other non-financial current assets and other non-financial current liabilities
Other non-financial current assets and liabilities are recognized at nominal value since the
average payment term is less than 15 days and there are no material differences with the
fair value of the same. No bad debt provisions are recorded on this account.
22
2.19
Reclassifications
As of December 31, 2014, the Company made certain reclassifications in the financial
statements in order to improve the disclosures required by the regulations. These
reclassifications do not affect the equity or net income previously reported under IFRS.
The Company decided to change the presentation in other non-financial current assets
and other non-financial current liabilities of the balance sheet.
This new presentation provides more relevant information regarding other non-financial
current assets and liabilities, helping users better understand the associated risks, and is
consistent with the industry practice in relation to these types of assets.
This change was applied retrospectively and had no impact on the accumulated results
presented in equity, impacting only the total amounts of assets and liabilities on the
balance sheet.
The table below summarizes the reclassifications made to the balance sheet.
At December 31, 2013
Initial
balance
Reclassification
Note
ThCh$
ThCh$
15
3,369,596
(3,183,972)
185,624
15
3,270,171
(3,183,972)
86,199
Reclassified
balance
ThCh$
Assets
Current assets
Other current financial assets
Liabilities
Current liabilities
Other current financial liabilities
23
Note 3 - New Standards and Interpretations Issued, but Not Effective
New accounting pronouncements (IFRS, IFRS Interpretations Committee)
The new standards and improvements and modifications to IFRS, as well as the
interpretations that have been published during the period are detailed below. At the date
of these financial statements, these standards have not yet gone into effect, and the
Administrator and its Funds have opted for the early application of IFRS 9 (2010).
a)
New regulations
IFRS 9
IFRS 14
IFRS 15
Fecha de aplicación
Obligatoria
Financial Instruments: Classification and measuring
January 1, 2018
Regulatory Deferral Accounts
January 1, 2016
Revenue from ordinary activities Proceeds from Contracts with
January 1, 2017
Customers
IFRS 9 “Financial Instruments”
In July 2014, the final version of IFRS 9 Financial Instruments was issued, combining all
phases of the IASB project to replace IAS 39 Financial Instruments: Recognition and
Measurement. This regulation includes new requirements based on principles for
classification and measurement and introduces a "more prospective" model to acc ount for
expected credit losses for impairment and introduces a substantially reformed focus to
accounting for hedging instruments. The entities also have the option to account in
advance gains and losses on changes in fair value related to "own credit ris k" for financial
liabilities designated at fair value through profit or loss, without applying the other
requirements of IFRS 9. The regulation is mandatory for annual periods beginning on or
after January 1, 2018. Earlier application is permitted.
The Company is currently evaluating the potential impact of the adoption of these changes
on the financial statements.
24
Note 3 – New standards and interpretations issued, but not effective (continued)
a)
New regulations (continued)
FRS 14 “Deferred Regulatory Accounts”
IFRS 14 Deferred Regulatory Accounts, issued in January 2014, is an interim regulation
that aims to improve the comparability of the financial information of entities that are
involved in activities with regulated prices. Many countries have industries that are subject
to price regulation (for example gas, water and electricity), which can have a significant
impact on revenue recognition (timing and amount) of the entity. This regulation allows
entities adopting IFRS for the first time to continue to recognize amounts related to price
regulation as required by the previous GAAP, however, showing them separately. An
entity that already presents financial statements under IFRS should not implement this
regulation. Its application is effective beginning January 1, 2016, and early adoption is
permitted.
The Company assessed the impact generated by the above regulation, concluding that the
new regulation has no impact on the financial statements of the entity.
IFRS 15 "Revenue from contracts with customers"
IFRS 15 Revenue from contracts with customers, issued in May 2014, is a new regulation
that is applicable to all contracts with clients, except leases, financial instruments and
insurance contracts. It is a joint project with the International Accounting Standards Board
(IASB) and the national regulation issuer in the United States, the Financial Accounting
Standards Board (FASB) to eliminate differences in the recognition of income between
IFRS and US GAAP.
This new rule aims to improve the inconsistencies and weaknesses of IAS 18 and provide
a model that will facilitate the comparability of companies from different industries and
regions. It provides a new model for the recognition of revenue and more detailed
requirements for contracts with multiple elements. Additionally, it requires more detailed
disclosures. Its application is effective starting on January 1, 2017, and early adoption is
permitted.
The Company is evaluating the impact that such regulation could have on its Individual
Financial Statements.
25
b)
Improvements and Modifications to Standards
Improvements and Modifications
Mandatory Application
IAS 19
Employee Benefits
July 1, 2014 and
January 1, 2016
July 1, 2014
IFRS 3
Business Combinations
IAS 40
IAS 16
Investment Property
Property, Plant and Equipment
July 1, 2014
January 1, 2016
IAS 34
IAS 38
Interim Financial Reporting
intangible assets
January 1, 2016
January 1, 2016
IAS 41
IFRS 11
Agriculture
Joint Arrangements
January 1, 2016
January 1, 2016
IAS 27
IAS 28
Separate Financial Statements
Investments in associates and joint ventures
January 1, 2016
January 1, 2016
IFRS 10
IFRS 5
Consolidated financial statements
Non-current assets held for sale and discontinued operations
January 1, 2016
January 1, 2016
IFRS 7
IFRS 12
Financial Instruments: Disclosures
Disclosure of Interests in Other Entities
January 1, 2016
January 1, 2016
IAS 1
Presentation of Financial Statements
January 1, 2016
IAS 19 “Employee Benefits”
Modifications to IAS 19, issued in November 2013, apply to contributions from employees
or third parties to defined benefit plans. The purpose of the amendments is to simplify the
accounting of contributions that are independent of the years of service of the employee;
for example, contribution of employees calculated according to a fixed percentage of
salary. The amendments will become mandatory for annual periods beginning on or after
July 1, 2014. Earlier application is permitted.
"Annual Improvements cycle 2012-2014", issued in September 2014, clarifies that the
depth of the market for corporate bonds of high credit quality is evaluated based on the
currency in which the obligation is denominated, rather than the country where the
obligation was issued. When there is no market depth for these bonds in that currency,
bonds issued by the government in the same currency and terms will be used. The
amendments will become mandatory for annual periods beginning on or after January 1,
2016. Earlier application is permitted.
According to management, this regulatory amendment has no impact on the financial
statements of the Company.
26
b)
Improvements and Modifications to Standards (continued)
IFRS 3 “Business Combinations”
"Annual Improvements cycle 2010-2012," issued in December 2013, clarifies some
aspects of the accounting for contingent considerations in a business combination. The
IASB noted that IFRS 3 Business Combinations requires that the subsequent
measurement of a contingent consideration be carried at fair value and thus eliminates
references to IAS 37 Provisions, Contingent Liabilities and Contingent Assets or other
IFRS norms that potentially have other measurement bases that do not constitute fair
value. References to IFRS 9 Financial Instruments is not eliminated; however, IFRS 9
Financial Instruments is amended clarifying that a contingent consideration, whether it is a
financial asset or liability, be measured at fair value through profit or loss or other
comprehensive income depending on the requirements of IFRS 9 Financial Instruments.
The amendments will become mandatory for annual periods beginning on or after July 1,
IAS 40 “Investment Property”
"Annual Improvements cycle 2011-2013," issued in December 2013, clarifies that a
judgment is required in determining whether the acquisition of an investment property is
the acquisition of an asset, a group of assets or a business combination within the scope
of IFRS 3 Business Combinations and that this judgment is based on the guidance of IFRS
3 Business Combinations. In addition, the IASB concluded that IFRS 3 Business
Combinations and IAS 40 Investment Properties are not mutually exclusive and a
judgment is required in determining whether the transaction is only an acquisition of an
investment property or if it is the acquisition of a group of assets or a combination of
businesses that includes an investment property. The amendments will become
mandatory for annual periods beginning on or after July 1, 2014. Earlier application is
permitted.
27
b)
IAS 34 “Interim Financial Reporting”
"Annual Improvements cycle 2012-2014", issued in September 2014, clarifies that the
disclosures required should either be in interim financial statements or should be indicated
by cross-referenced interim financial statements and any report containing it. The
amendments will become mandatory for annual periods beginning on or after January 1,
IAS 16 “Property, Plant and Equipment”, IAS 38 “Intangible Assets”
IAS 16 and IAS 38 establish the principle of the base of depreciation and amortization as
the expected pattern of consumption of the future economic benefits of an asset. In the
amendments to IAS 16 and IAS 38 issued in May 2014, the IASB clarified that the use of
income-based methods to calculate the depreciation of an asset is not suitable because
the income generated by an activity that involves the use of an asset generally reflects
factors other than consumption of economic benefits embodied in the asset. The IASB
also clarified that income generally is an inadequate basis for measuring the consumption
of the future economic benefits embodied of an intangible asset. However, this assumption
may be rejected in certain limited circumstances. The amendments will become mandatory
for annual periods beginning on or after January 1, 2016. Earlier application is permitted.
IAS 16 “Property, Plant and Equipment”, IAS 41 Agriculture
The amendments to IAS 16 and IAS 41 provide that the accounting treatment of carrier
plants should be the same as property, plant and equipment, because their operations are
similar to manufacturing operations. The amendments will become mandatory for annual
periods beginning on or after January 1, 2016. Earlier application is permitted.
28
b)
IFRS 11 “Joint Arrangements”
Amendments to IFRS 11, issued in May 2014, apply to the acquisition of interests in joint
operations that constitutes a business. The amendments clarify that the purchasers of
these parties must apply all the principles of accounting for business combinations of IFRS
3 Business Combinations and other rules that do not conflict with the guidelines of IFRS
11 Joint Agreements.
The amendments will become mandatory for annual periods beginning on or after January
1, 2016. Earlier application is permitted.
IAS 27 “Separate Financial Statements”
Modifications to IAS 27, issued in August 2014, reestablish the option of using the equity
method of accounting for investments in subsidiaries, joint ventures and associates in the
separate financial statements. The amendments will become mandatory for annual periods
beginning on or after January 1, 2016. Earlier application is permitted.
IAS 28 “Investments in associates and joint ventures”, IFRS 10 “Consolidated
financial statements”
Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in
Associates and Joint Ventures (2011) address a recognized inconsistency between the
requirements of IFRS 10 and IAS 28 (2011) in the treatment of the sale or supply of goods
between an investor and its associate or joint venture. The amendments, issued in
September 2014, provide that when the transaction involves a business (both when in a
subsidiary or not) a gain or loss is fully recognized. A gain or partial loss is recognized if
the transaction involves assets that do not constitute a business, even when the assets
are in a subsidiary. The amendments will become mandatory for annual periods beginning
on or after January 1, 2016. Earlier application is permitted.
29
b)
IFRS 5 “Non-current assets held for sale and discontinued operations”
"Annual Improvements cycle 2012-2014", issued in September 2014, clarifies that if an
entity reclassifies an asset (or group of assets for disposal) from “held for sale” directly to
“held for distribution to owners” or from “held for distribution to owners” directly to “held for
sale,” then the change in classification is considered a continuation of the original plan of
sale. The IASB clarifies that in these cases the requirements of accounting for changes will
not be applied to a sale plan. The amendments will become mandatory for annual periods
IFRS 7 “Financial Instruments: Disclosures”
"Annual Improvements cycle 2012-2014", issued in September 2014, clarifies that service
agreements may constitute continuing involvement in a transferred asset for the purposes
of the disclosures of the transfers of financial assets. Generally this will be the case when
the administrator has an interest in the future performance of the financial assets
transferred as a result of that contract.
IFRS 10 “Consolidated financial statements”, IFRS 12 “Disclosure of Interests in
Other Entities”, IAS 28 “Investments in associates and joint ventures”
Amendments to IFRS 10, IFRS 12 and IAS 28 introduce minor clarifications about the
requirements for accounting for investment companies. In addition, these amendments
provide relief in certain circumstances, reducing the cost of implementing these standards.
30
b)
IAS 1 “Presentation of Financial Statements”
In December 2014 the IASB published amendments to IAS 1 "Disclosure Initiative." The
amendments to IAS 1 address some expressed concerns about the presentation and
disclosure requirements and ensure that entities have the ability to exercise judgment
when applying IAS 1. The amendments will become mandatory for annual periods
The Company is evaluating the impact that this amendment could generate on its financial
statements.
c)
SVS Regulation
On October 17, 2014, the SVS issued Circular No. 856, which establishes an exception in
accounting in equity of the differences in deferred tax assets and liabilities arising resulting
from the application of Law No. 20.780 "Tax reform that modifies the income taxation
system and introduces various adjustments in the tax system.” The instructions are
applicable from the financial statements as of September 30, 2014.
Note 4 - Accounting Changes
No accounting changes have been introduced this year to the application of accounting
principles compared to last year that may affect the interpretation of these financial
statements.
31
Note 5 - Financial Risk Management
5.1.
Own Equity and its management
Capital management aims to safeguard the ability of the company to continue operating, in
addition to securing an adequate return for shareholders.
The management of the assets of the company is part of the compliance with current
legislation, according to which it must have a minimum equity of UF 10,000.
At the date of these financial statements, management has assets of UF 350,300.60 and a
portfolio of financial assets of UF 308,414.23, which are part of the investment policy of its
own equity approved by the Board of Directors.
There is also an independent control area, responsible for monitoring compliance with the
authorized limits.
5.2.
Management’s Investment policy for Own Equity
States that the investment of the assets of the Company is located under the provisions of
Board approval in the Investment Policy of Self Heritage, which determines the type of
approved investment instruments and restrictions, including those found:
-
At least 50% must be invested in short-term instruments from the Central Bank of
Chile and Treasury General of the Republic whose average duration shall be less
than or equal to a year.
-
Up to 49% in term deposits in national currency taken with commercial banks
established in Chile, whose average duration shall be less than or equal to a year
and with a risk of no less than N1.
-
Up to 49% in mutual funds from the Money Market, in national currency, managed
by the Company.
Additionally, this policy establishes that in the case of investments in new business
developed by the Company, whether directly or through other companies, these must be
submitted to the approval of the Board of Directors.
32
Note 5 – Financial Risk Management (continued)
5.2. Management’s Investment policy for Own Equity (continued)
As of December 31, 2014, a temporary breach in internal investment limits was recorded,
with 44.53% of Central Bank and the Treasury General of the Republic in instruments with
short-term duration of an average of less than or equal to one year . However, the average
investment in these instruments in 2014 comfortably met the internal limits.
5.3. Financial assets and its valuation
The assets of the own portfolio of the Administrator can be classified according to their
valuation criteria as follows:
-
Level 1: The inputs are (unadjusted) quoted prices in active markets for assets or
liabilities identical to those that the Company has the capacity to access at the date
of measurement.
-
Level 2: The inputs are different from the quoted prices considered in Level 1 and
which are directly or indirectly observable for the asset or liability.
-
Level 3: The inputs for the asset or liability are not observable.
Classification by level of type of valuation of the portfolio of management is detailed below
Instruments
Bonds
Bonds
Fund shares
Promissory notes
Promissory notes
Total
Money
CLP
CLF
USD
CLP
CLF
Classification
level
Level 1
Level 1
Level 1
Level 1
Level 1
December 31, 2014
17,60%
21,68%
0,11%
42,18%
18,43%
100,00%
December 31, 2013
9,20%
9,67%
81,13%
100,00%
The classification of instruments in the table above has been standardized to consider only
instruments and not available cash in the portfolio.
The sources of valuation used by the Company’s own portfolio preferentially correspond to
prices reported directly from the Santiago Stock Exchange or through prices of public
access and from a financial instrument data provider, Risk América. These are all
considered “Level 1”. As a result, the risk that the value of financial assets in the financial
statements of management does not adequately reflect its market value is considered to
be low.
33
5.4. Financial Risk Factors
The proper administration implies that all relevant risks to Larrain Vial Administradora
General de Fondos S.A have an identification process and are measured and controlled
within known and accepted levels by Senior Management and accepted standards and
best practices that apply to them, constantly promoting a controlled environment through
independent and properly segregated functions.
As a result, the "Risk Drivers" team is organizationally independent from the “Risk Takers"
team to ensure proper segregation of duties. The "Risk Drivers" team identifies, evaluates
and monitors these risks, and the “Risk Takers” team engages in such risks, particularly
the Investment Manager’s teams.
A detail of the various sources and risk factors considered in the development of policies,
measurements and controls associated with the management of credit, liquidity and market
risk are as follows:
5.4.1 Credit Risk
The item credit risk is understood as the potential exposure to financial losses due to
failure of a third to comply with the terms and conditions established in a c ontract or
agreement. This risk is divided into the following sub-categories:

Credit risk of the issuer: Exposure to potential failures or deterioration of
creditworthiness in the instruments of an issuer, which are within the portfolio.

Credit counterparty risk: exposure to potential losses resulting from a breach of
contract or failure of a counterparty to comply with its part of a transaction in the
process of clearing and settlement.
34
5.4.1.1 Issuer Risk
In view of the restrictiveness of the policy described at the beginning of the Note 5, the
issuer risk of the loan portfolio of management is low.
Management’s Risk Committee is responsible for monitoring the credit quality of issuers.
The detail of the instruments in the portfolio is as follows:
instruments
Central Bank Instruments, less than 1 year
Fund Shares
Promissory Notes
Risk
classification
N1
December 31,
2014
44,53%
0,11%
55,36%
December 31,
2013
51,76%
9,67%
38,57%
The classification of instruments in the above table has been standardized to consider only
instruments and not available cash in the portfolio.
5.4.1.2 Counterparty Risk
Management establishes the following criteria for selecting its partners:
(i) National and international banks will not be counterparties if they are not rated, or if
they have one or more ratings, these ratings are not in effect with Relevant Rating
Agency, meaning a Qualifying Relevant Agency such as Moody's, Standard &
Poor's or Fitch Ratings.
(ii) Those national and international banks that have classifications that have not been
reviewed by a relevant rating agency issued during the previous year, counting this
year from the date of negotiation or the date of the operation, will not be
counterparties.
(iii) Negotiations will not be advanced or made with a national or international banking
counterparty if at the time its classification is lower than “A2” in the case of
Moody’s; “A” in the case of Standard & Poor’s; “A” in the case of Fitch Ratings;
always considering the lowest rating among them. Additionally, the company may
not trade or negotiate with a counterparty without the express approval of the
management’s Risk Committee.
35
5.4.1.2 Counterparty Risk (continued)
(iv) For the realization of derivatives, the counterparty must have a framework
agreement from the Central Bank of Chile or ISDA which must be current.
The ISDA contracts contain the standard regulatory framework for trading in swaps and
other derivatives. These have been internationally accepted and are the benchmark which
management uses to trade its derivatives.
As of December 31, 2014 all counterparties with which the company has negotiated are
within established standards
5.4.2 Liquidity Risk
Liquidity risk refers to management’s exposure to potential loss as a result of the need to
withdraw funds immediately. This risk is divided into the following subcategories:
(i)
Financing liquidity risk: exposure to a potential loss resulting from the inability to
obtain resources, obtain or consolidate loans at a convenient rate or comply
with the requirements of the projected cash flows; and
(ii)
Market liquidity risk: exposure to a potential loss due to the inability to settle a
security in a portfolio without adversely affecting the asset price, given the
market’s low depth for that asset.
The Company has two main sources of liquidity: credit lines with commercial banks and its
own capital invested according to the policy established by the Board of Directors.
Additionally, management has policies to maintain limited payment commitments, maintaining
control and constantly monitoring its commitments.
36
5.4.2 Liquidity Risk (Continued)
Decem ber 31,
2014
ThCh$
Liquidity Ratio
Current Assets
Current Liabilities
ThCh$
12,852,448
4,454,784
= 2.89 tim es
Decem ber 31,
2013
ThCh$
12,196,461
4,402,750
= 2.77 tim es
As of December 31, 2014, market liquidity risk of the portfolio is considered very low given
that the portfolio is concentrated in debt instruments with less than one year to maturity
that trade significant amounts on a daily basis.
In the case of debt instruments, the portfolio’s liquidity risk is mitigated by diversification,
high level of rating, market debt and percentage upon the issue.
The detail of the instruments is detailed in section 5.4.1.1.
5.4.3 Market risk
Larrain Vial Administradora General de Fondos S.A. defines this risk as the potential
economic losses that affect the portfolio because of adverse price movements in financial
markets, such as exchange rates, interest rates, or prices of any other financial product,
allowed in management’s investment policy for Own Equity.
The Company’s exposure to market risk is given by variations in the price of the funds,
bonds and deposits in which the Company has invested. The selection of funds and bonds
is based on policies established by the Board of Directors, which are aimed at maintaining
capital. As a result, the Company’s portfolio is constituted with instruments whose main
underlying asset is very short term fixed income and financial intermediation investments.
The standard methodology for measuring and managing market risk used by management
for its portfolio is the Value of Parametric Risk (VaR) methodology to standardize the
calculation of the various risks that occur in an investment portfolio. Thus, the VaR seeks
to establish quantitatively risk in monetary units, defined as the probable maximum loss on
a position for a specified interval, with a certain confidence level, in accordance with
normal market conditions where the risk factor is traded.
37
5.4.3 Market risk (continued)
In its calculation of VaR, management defines an investment horizon of 10 days and a
confidence level of 95%.
As of December 31, 2014, the value of VaR at the 10 days of management’s portfolio
reached Ch$17.72 million representing 0.23% of the portfolio.
5.4.3.1 Interest Rate Risk
The interest rate risk is derived from fluctuations in interest rates adversely affecting the
valuation of assets and liabilities that are held in portfolio.
The amount of gains or losses depends mainly on the maturity of the instrument, as
measured by its duration. The longer the maturity of the bond, the more its value will
change when interest rates change. For bonds maturing in the short term, such as Central
Bank promissory notes or deposits less than 90 days, the impact of changes in rates is
very small.
The average duration of the portfolio as of December 31, 2014, is 0.24.
Management uses as a measure of the sensitivity of rates the deviation of 1 basis point in
interest rates that affect the various instruments in the portfolio (DVO1).
As of December 31, 2014, the sensitivity of the portfolio to variations of 1 basis point of fixed income
instruments is ThCh$182 equivalent to 0.0024% of the portfolio, which is considered low mainly due
to higher exposure to money market instruments and Central Bank bonds with maturity less than
one year.
5.4.3.2 Exchange Rate Risk
Exchange rate risk is a financial risk associated with fluctuations in the exchange rate of
one currency against another. This risk must be assumed with investments and businesses
involving an exchange between currencies.
Exchange rate risk can result in a negative balance (loss) depending on whether the
exchange rate has changed against the interests of management.
38
5.4.3.2 Exchange Rate Risk (continued)
The Administrator, its investment portfolio has very limited exposure to exchange rate risk,
which only reaches 0.11% of the portfolio, since a very small part of its assets in mutual
funds in dollars and to the extent that market conditions warrant, the decision to take
coverage is analyzed.
The portfolio exposure to various currencies in the portfolio is as follows
Coin exposure
USD
CLF
CLP
December 31,
2014
ThCh$
8,293
3,046,123
4,540,932
December 31,
2013
ThCh$
499,171
885,197
3,775,327
Regardless of the investment portfolio, management is exposed to exchange rate risk
given that part of its income is in US dollars, and there is a delay between its accrual and
accounting registry (monthly) and collection (quarterly).
As of December 31, 2014 this risk was reflected in the amount of Ch$295 million in
receivables denominated in dollars on management’s balance sheet.
Management, therefore, has an exchange risk in value variations of the CLP/USD for this
amount. Management evaluates the possibility of contracting hedges to mitigate this risk
when considered appropriate, although during the year 2014 it had not done so.
39
Note 6 - Cash and Cash Equivalents
Balances of cash and cash equivalents as of December 31, 2014 and 2013 are detailed as
follows:
Cash on hand
CLP
At December 31,
2014
ThCh$
300
Cash on hand
Cash on hand
Balances in current accounts
Balances in current accounts
USD
EUR
CLP
USD
119
133
732,255
56,477
1,485
388
1,040,225
703.015
789,284
1,745,413
Currency
Total
At December 31,
2013
ThCh$
300
Note 7 - Other Current Financial Assets
The financial assets at fair value according to the criteria described above are detailed as
follows:
Instrument
Currency
Bonds (a)
Fund shares (b)
Promissory Notes (c)
CLP
USD
CLP
At December 31,
2014
ThCh$
2,982,959
8,293
4,604,096
At December 31,
2013
ThCh$
474,438
499,171
4,186,086
7,595,348
5,159,695
Total
a)
Detailed of bods, At December 31, 2014:
Instrument
Date of
Purchase
Expiration
Date
BCP0600515
BCU0301015
BTU0210915
BTU0300115
Total
16/05/2014
06/10/2014
24/09/2014
12/12/2014
01/05/2015
01/10/2015
01/09/2015
01/01/2015
Nominals
1,310,000
20,000
6,000
40,000
Accounting
value
ThCh$
1,336,541
498,393
148,313
999,712
2,982,959
Rate
%
2.91
2.41
2.60
4.50
Market
Value
ThCh$
1,336,541
498,393
148,313
999,712
2,982,959
40
Note 7 – Other Current Financial Assets (continued)
At December 31, 2013:
Instrument
Date of
Purchase
BTU0300714
03/09/2013
Expiration
Date
Nominals
01/07/2014
20,000
Total
Accounting
value
ThCh$
474,438
Rate
%
2.47
Market
Value
ThCh$
474,438
474,438
474,438
b) Details of shares of National Investment Funds and Mutual Funds Foreign, At
December 31, 2014:
Funds
Number of
shares
LUXDLATHY
LUXLATSML
LUXMEXEQ
Total
49,246
55,518
49,49
Share
value
99,770
75,310
92,410
Currency
USD
USD
USD
Accounting
Value
ThCh$
2.981
2.537
2.775
8.293
Market
Value
ThCh$
Accounting
Value
ThCh$
58.236
440.935
499.171
Market
Value
ThCh$
2.981
2.537
2.775
8.293
Funds
CFIHYLAT
LUXLATXBRA
Total
Number of
shares
2.279,00
10.000,00
Share
value
Currency
48,7094
84,05
USD
USD
58.236
440.935
499.171
c) Detail promissory notes, At December 31, 2014:
Instrument
NR BCI Promissory note
NR ESTADO Promissory note
NR SCOTIA Promissory note
NR CONSOR Promissory note
R CORPBANCA Promissory note
R SECURITY Promissory note
PDBC
Total
Date of
Purchase
Expiration
Date
Nominals
30/12/2014
01/12/2014
01/12/2014
15/12/2014
15/12/2014
17/12/2014
17/12/2014
15/12/2014
09/05/2014
29/09/2014
24/12/2014
05/01/2015
12/01/2015
14/01/2015
06/02/2015
11/02/2015
23/01/2015
16/03/2015
17/02/2015
14/05/2015
27/08/2015
21/01/2015
125.000
100.000
1.462.688
148.200
155.210
200.000
450.000
173.000
40.000
18.000
400.000
Accounting
value
ThCh$
124.946
99.892
1.460.847
147.708
154.582
198.427
446.429
172.119
965.639
434.066
399.441
4.604.096
Rate
%
0,26
0,27
0,27
0,27
0,29
0,29
0,32
0,32
5,41
3,20
0,20
Market
Value
ThCh$
124.946
99.892
1.460.847
147.708
154.582
198.427
446.429
172.119
965.639
434.066
399.441
4.604.096
41
Note 7 – Other Current Financial Assets (continued)
Instrument
Date of
Purchase
Expiration
Date
Nominals
NR BBVA Promissory note
R BBVA Promissory note
PDBC
PDBC
PDBC
PDBC
Total
18/10/2013
16/12/2013
22/11/2013
11/12/2013
20/12/2013
18/12/2013
24/12/2013
24/12/2013
07/01/2014
17/03/2014
02/01/2014
10/11/2014
16/01/2014
15/01/2014
15/01/2014
15/01/2014
377.284
406.420
800.000
18.000
200.000
1.500.000
300.000
200.000
Accounting
value
ThCh$
376.923
402.242
799.797
410.759
199.659
1.497.529
299.506
199.671
4.186.086
Rate
%
0,41
0,41
0,38
2,46
0,32
0,33
0,33
0,33
Market
Value
ThCh$
376.923
402.242
799.797
410.759
199.659
1.497.529
299.506
199.671
4.186.086
R Promissory note: annual readjustable rate
NR Promissory note: not resettable rates less than a year, based 30 days
Note 8 - Current Trade and Other Receivables
a)
This category is detailed as follows:
Trade receivables balances and other receivables, current as of December 31, 2014 and
2013 are detailed as follows:
Currency
Fund remuneration
Exit fee
Other receivables
Receivables from Campanario
Accounts receivable funds
Total
CLP
CLP
CLP
CLP
CLP
At December 31,
2014
ThCh$
559.821
4.222
52.520
76.951
693.514
At December 31,
2013
ThCh$
778.717
4.794
90.933
246.713
63.073
1.184.230
42
Note 8 - Current Trade and Other Receivables
b)
The classification of trade and other receivables by due date are detailed as follows:
At December 31, 2014
Up to 1
mont
Fund remuneration and Exit fee
Other accounts receivable
Total
564.043
24.447
76.951
665.441
1 to 3
month
28.073
28.073
more than
3 months
to 12
months
-
Total
564.043
52.520
76.951
693.514
At December 31,2013
Up to 1
mont
Fund remuneration and Exit fee
Other accounts receivable
Total
c)
783.511
90.933
63.073
937.517
1 to 3
month
-
more than
3 months
to 12
months
246.713
246.713
Total
783.511
90.933
246.713
63.073
1.184.230
Activity in the Campanario accounts receivable is as follows:
Beginning balance
Impairment recorded in the year (*)
Recovery of investment
Final Balance
At December 31,
2014
ThCh$
246.713
(19.770)
(226.943)
-
At December 31,
2013
ThCh$
880.882
(475.000)
(159.169)
246.713
(*) The Company determined to write off the balance of ThCh$19,770 corresponding to the
Campanario account receivable.
43
Note 9 - Property, Plant and Equipment
Movements of property, plant and equipment for the years ended December 31, 2014 and 2013 are detailed as follows:
Type
Office
equipment
Office
furniture
Remodeling
Total
Monto bruto
Accumulated
depreciation
31/12/2014 31/12/2013
ThCh$
ThCh$
(30.099)
(27.021)
Depreciation for the
year
31/12/2014 31/12/2013
ThCh$
ThCh$
(3.078)
(10.033)
31/12/2014
ThCh$
30.099
31/12/2013
ThCh$
30.099
981
981
(981)
(845)
(136)
208.574
239.654
208.574
239.654
(208.574)
(239.654)
(150.201)
(178.067)
(58.373)
(61.587)
Net balances
31/12/2014
ThCh$
-
31/12/2013
ThCh$
3.078
(327)
-
136
(69.525)
(79.885)
-
58.373
61.587
Reconciliation of the balance of property, plant and equipment are detailed as follows:
Movements occurred in 2014
Initial balance as of 01.01.2014
Additions
Disposals
Depreciation
Final balance as of 31.12.2014
Office equipment
ThCh$
3.078
(3.078)
-
Office furniture
ThCh$
136
(136)
-
Remodeling
ThCh$
58.373
(58.373)
-
Total
ThCh$
61.587
(61.587)
-
44
Note 9 - Property, Plant and Equipment (continued)
The movement of 2013 in the caption property, plant and equipment is as follows:
Movements occurred in 2013
Initial balance as of 01.01.2013
Additions
Disposals
Depreciation
Final balance as of 31.12.2013
Office
equipment
ThCh$
13.111
(10.033)
3.078
Office furniture
Remodeling
Total
ThCh$
ThCh$
ThCh$
463
(327)
136
127.898
(69.525)
58.373
141.472
(79.885)
61.587
45
Note 10 - Taxes
a) Deferred Tax Assets
The deferred taxes included in the Statements of Financial Position are detailed as follows:
At December 31,
2014
ThCh$
At December 31,
2013
ThCh$
Deferred Tax Assets
Vacation Allowances
Bonus Allowances
Total Deferred Tax Assets
36.507
185.445
221.952
29.310
156.020
185.330
Deferred Tax Liabilities
Shares in mutual funds
Total deferred tax liabilities
Total
7.272
7.272
229.224
(5.856)
(5.856)
179.474
According to Law No. 20.780 of 2014 published in the Official Gazette on September 29,
2014, corporations who pay taxes based on the letter B) of Article 14 of the Law on
Income Tax (semi-integrated system), modified the rates of the first category tax as
follows:
Year
Rate
2014
2015
2016
2017
2018
21,0%
22,5%
24,0%
25,5%
27,0%
b) Income Tax
Income taxes included in the Statements of Financial Position as of December 31, 2014
and 2013 are detailed as follows:
Income Tax Provision
Monthly provisional payments
Total
At December 31,
2014
ThCh$
1.064.298
(940.620)
123.678
At December 31,
2013
ThCh$
838.752
(724.791)
113.961
46
Note 10 - Taxes (continued)
The Liquid Taxable Income amounted to ThCh$ 5,071,398 at December 31, 2014 and
ThCh$ 4,144,918 at December 31, 2013.
The effect on the Statement of Comprehensive income is detailed as follows:
Current (tax provision)
Tax expense adjustment
Effect caused by deferred tax assets or liabilities due to
changes in the valuation provision
Total
At December 31,
2014
ThCh$
(1.050.791)
At December 31,
2013
ThCh$
(838.752)
(13.507)
1.607
(6.624)
(1.064.298)
(843.769)
c) Effective rate.
The income tax expense of Larraín Vial Administradora General de Fondos S.A. for the
years ended December 31, 2014 and 2013 represent 20.10% and 19.40% respectively of
the income before tax.
Reconciliation of tax rate
At December 31,
2014 ThCh$
Calculated
Rate Tax
Tax
%
ThCH$
At December 31,
2013 ThCh$
Calculed
Rate Tax
Tax
%
ThCh$
Profit before tax
5.294.258
4.348.464
income before tax
Permanent differences
Inconsistencies and temporary diff. in net taxable income
and deferred taxes
PMP return
Prov. tax difference
Total
1.064.994
(696)
20,12%
(0,01%)
838.752
(190.983)
209.310
19,29%
(4,39%)
4,81%
1.064.298
20,10%
(11.703)
(1.607)
843.769
(0,27%)
(0,04%)
19,40%
47
Note 10 - Taxes (continued)
d) Effective rate (continued)
Balances of current tax liabilities as of December 31, 2014 and 2013 are detailed as
follows:
Value added tax credit
Tax debit for value added tax
Sole employee tax
Pmp payable
Other
Provision for income tax
Monthly provisional payments
Total
At December 31,
2014
ThCh$
(241.459)
307.447
40.269
77.172
7.874
1.090.312
(940.620)
340.995
At December 31,
2013
ThCh$
(161.728)
275.773
33.471
71.120
8.538
838.752
(724.791)
341.135
48
Note 11 - Current Trade and Other Payables
As of December 31, 2014 and 2013 this category is detailed as follows:
Concept
At December 31,
2014
ThCh$
42.392
32.552
Social Security Institutions (a)
Other payables (b)
Fees to be paid (c)
At December 31,
2013
ThCh$
33.012
31.098
-
339
Suppliers (d)
102.309
215.493
Total
177.253
279.942
The maturity dates of these obligations are detailed as follows:
December 31, 2014:
Concept
Social Security Institutions
Other payables
Fees to be paid
Suppliers
Total
Up to 1
mont
1 to 3
month
more than 3
months to 12
months
Total
42.392
3.740
-
-
28.812
-
42.392
32.552
-
102.309
148.441
-
28.812
102.309
177.253
December 31, 2013:
Concept
Other payables
Fees to be paid
Suppliers
Total
Up to 1
mont
33.012
2.286
339
215.493
251.130
1 to 3
month
more than 3
months to 12
months
-
28.812
28.812
Total
33.012
31.098
339
215.493
279.942
49
Note 11 - Current Trade and Other Payables (continued)
Trade Payables and Other Current Accounts Payable do not correspond to financial
liabilities, and are therefore nominal values with no readjustable unit, interest rate or
amortization.
Payables by type of liability as of December 31, 2013 are detailed as follows:
a)
The social security institutions are detailed as follows:
Rut
Nam e
Country
Corrency
99012000-5
Cía. de Seg.de Vida Consorcio Nacional
Chile
CLP
Up to 30
days
ThCh$
4.662
Am ount
ThCh$
81826800-9
98000100-8
Caja Compensación Los Andes
Fondo de Pensiones Hábitat
Chile
Chile
CLP
CLP
145
6.629
145
6.629
76762250-3
94954000-6
Fondo de Pensiones Modelo
Isapre Colmena
Chile
Chile
CLP
CLP
7.967
5.900
7.967
5.900
98000000-1
96501450-0
Fondo de Pensiones AFP Capital S.A
Isapre Cruz Blanca S.A.
Chile
Chile
CLP
CLP
3.978
3.891
3.978
3.891
98001000-7
96572800-7
Fondo de Pensiones Cuprum
Isapre Banmedica
Chile
Chile
CLP
CLP
2.589
1.533
2.589
1.533
96502530-8
70360100-6
98000400-7
Isapre Vida Tres
Asociación Chilena de Seguridad
Fondo de Pensiones Próvida
Chile
Chile
Chile
CLP
CLP
CLP
1.363
1.340
942
1.363
1.340
942
98001200-K
96856780-2
AFP Plan Vital
Isapre Consalud
Chile
Chile
CLP
CLP
790
302
790
302
96522500-5
99301000-6
Isapre Mas Vida
Vida Security
Chile
Chile
CLP
CLP
236
111
236
111
61533000-0
Instituto de Previsión Social
Chile
CLP
14
42.392
14
42.392
4.662
b) Other payables are detailed as follows:
Name
Currency
Country
CLP
CLP
Chile
Chile
Other Payables to Personnel
Other payables
Other Payables
Up to 30
days
ThCh$
3.369
371
3.740
Over 3
months to 12
months
ThCh$
28.812
28.812
Amount
ThCh$
3.369
29.183
32.552
c) Breakdown of Fees Payable
At December 31, 2014 there are no fees receipts payable.
50
d)
The suppliers are detailed as follows:
Rut
Nam e
76348943-7
76378738-0
76379570-5
77901440-1
78537080-5
79806660-9
80537000-9
80208900-7
81821100-4
85633900-9
90249000-0
96515580-5
96556940-5
96586750-3
96666140-2
76196870-k
Administradora Falcom S.A.
Conciencia y Tecnología de Información
LVA Índices
Asesorías e Inversiones Nexos S.A
Fernando Baldrich y Cía. Ltda.
Barros y Errázuriz Abogados
Larrain Vial S.A. Corredora de Bolsa (APV
empleados )
Club de Golf Los leones
Turismo Cocha S.A.
Travel Security
Bolsa de Comercio de Santiago
Valores Security
Prisa
Neg y Valores S.A. Corredores de Bolsa
DCV
Presto Corredores de Seguros y Gest
Otros proveedores
Anticipos a proveedores
Country
Currancy
Chile
Chile
Chile
Chile
Chile
Chile
Chile
CLP
CLP
CLP
CLP
CLP
CLP
CLP
Up to 30
days
ThCh$
8.413
1.260
1.172
3.202
2.248
6.135
4.277
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
1.071
7.185
3.837
28.150
1.791
1.065
1.254
9.249
5.702
24.528
(8.230)
1.071
7.185
3.837
28.150
1.791
1.065
1.254
9.249
5.702
24.528
(8.230)
102.309
102.309
Suppliers
Am ount
ThCh$
8.413
1.260
1.172
3.202
2.248
6.135
4.277
Payables by type of liability as of December 31, 2013 are detailed as follows:
e)
Rut
61533000-0
70360100-6
76762250-3
81826800-9
94954000-6
96501450-0
96502530-8
96522500-5
96549050-7
96572800-7
96628780-2
96856780-2
98000000-1
98000100-8
98000400-7
98001000-7
96981130-8
Nam e
Instituto de Previsión Social
Asociación Chilena de Seguridad
Fondo de Pensiones Modelo
Caja Compensación Los Andes
Isapre Colmena
Isapre Cruz Blanca S.A.
Isapre Vida Tres
Isapre Mas Vida
Seg. de Vida Ing Apv
Isapre Banmedica
Seg. Cruz del Sur Apv
Isapre Consalud
Fondo de Pensiones AFP Capital S.A
Fondo de Pensiones Hábitat
Fondo de Pensiones Próvida
Fondo de Pensiones Cuprum
Fondos de Cesantía
Instituciones Previsionales
Country
Currency
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
CLP
Up to 30
days ThCH$
237
1.114
7.040
654
4.612
3.127
1.071
418
87
1.444
105
199
4.348
5.372
1.259
2.002
(77)
33.012
Am ount
ThCH$
237
1.114
7.040
654
4.612
3.127
1.071
418
87
1.444
105
199
4.348
5.372
1.259
2.002
(77)
33.012
51
f)
Other payables are detailed as follows:
Nam e
Country
Currency
Other Payables to Personnel
Other payables
Other Payables
Chile
Chile
CLP
CLP
g)
Up to
30 days
ThCh$
Over 3
months to
12 months
ThCh$
Am ount
ThCh$
M$
M$
M$
2.286
2.286
28.812
28.812
2.286
28.812
31.098
Breakdown of Fees Payable
Rut
Nam e
14755690-K Lorna Mae Coleman
6751482-3 René González Rojas
Fees payable
h)
Country
Chile
Chile
Currency
Pesos
Pesos
Up to 30
days
ThCh$
136
203
339
Am ount
ThCh$
136
203
339
The suppliers are detailed as follows
Rut
96772490-4
90249000-0
80537000-9
76196870-K
96489000-5
96586750-3
96683200-2
96515580-5
79806660-9
81821100-7
76188980-K
95319000-1
96964310-3
96899230-9
Name
Consorcio Corredores de Bolsa S.A.
Bolsa de Comercio de Santiago
Larrain Vial S.A. Corredora de Bolsa (APV
empleados)
Presto Corredores de Seguros y Gest
IM. Trust S.A. Corredora de Bolsa
Neg. y Valores S.A. Corredores de Bolsa
Santander Investment
Valores Security S.A. C. de Bolsa
Barros y Errázuriz Abogados
Turismo Cocha S.A.
ICR Clasificadora de Riesgo
Finanzas y Negocios S.A.
DCV Registro S.A.
Euroamerica Corr.de Bolsa S.A.
Otros proveedores
Anticipos a proveedores
Suppliers
Country
Currency
Chile
Chile
Chile
Pesos
Pesos
Pesos
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Pesos
Pesos
Pesos
Pesos
Pesos
Pesos
Pesos
Pesos
Pesos
Pesos
Pesos
Pesos
Pesos
Up to 30
days ThCh$
50.479
40.102
36.918
12.650
11.282
10.470
6.739
6.067
5.825
5.628
5.082
4.623
3.403
3.117
18.071
(4.963)
215.493
Amount
ThCh$
50.479
40.102
36.918
12.650
11.282
10.470
6.739
6.067
5.825
5.628
5.082
4.623
3.403
3.117
18.071
(4.963)
215.493
52
Note 12 - Current Receivables and Payables, Related Entities
Balances in receivables from and payables to related entities, current as of December 31, 2014 and 2013 are summarized below:
a)
Documents and receivables:
Currents related entities
Rut
Society
Country
Currency
Nature of the relationship
76.069.369-3
Chile
Pesos
Financiamiento
80.537.000-9
77.622.740-4
Larrain Vial S.A. Corredora de Bolsa
Larrain Vial Servicios Profesionales Ltda.
Chile
Chile
Pesos
Pesos
Administración de Cartera
Asociación en Cuentas en
Participación
Total
b)
At Decem ber 31,
2014
ThCh$
3.737.742
At Decem ber 31,
2013
ThCh$
3.838.210
14.878
21.192
83.289
-
3.773.812
3.921.499
Documents and payables
Currents related entities
Rut
Society
80.537.000-9
99.012.000-5
76.213.270-2
Larrain Vial S.A. Corredora de Bolsa
Holding Grupo Consorcio
Asesorías Larrain Vial Ltda.
Total
Country
Currency
Chile
Chile
Chile
Pesos
Pesos
Pesos
Nature of the relationship
Colocación Fondos
Colocación Fondos
Administración
al 31 de diciembre
de 2014
ThCh$
655.855
548.288
9.092
1.213.235
al 31 de diciem bre
de 2013
ThCh$
554.541
877.311
(6.929)
1.424.923
Accounts receivable and accounts payable with related companies correspond to operational invoices that do not accrue interes t.
53
Note 12 - Current Receivables and Payables, Related Entities (continued)
Transactions with related parties
Accounts related to Larraín Vial S.A. Corredora de Bolsa y Holding Consorcio are paid
within a 30 day period after the issue of invoices.
The contractual services rendered by Holding Consorcio to Larraín Vial Administradora
General de Fondos S.A. correspond to the monthly commissions for the placement and
maintenance of shares in Mutual Funds that have been placed by the relevant agents in
which respect there are no valuation corrections as they are calculated on the basis of the
remuneration of both mutual funds and investment funds.
Asesorías Larraín Vial Ltda. provides Larraín Vial Administradora General de Fondos S.A.
with different accounting, treasury, operational, custody, risk management, IT, commercial
and human resources services.
Larraín Vial Administradora General de Fondos S.A. provides Larraín Vial S.A. Corredora
de Bolsa with the service of portfolio management under the terms regulated in Circular
2,108 of the SVS, regarding resources provided by clients for which said stockbroker has
management contracts.
In turn, Larrain Vial S.A. Corredora de Bolsa provides services, such as brokerage of debt
instruments and equity for funds, to Larrain Vial Administradora General de Fondos S.A.
The majority shareholder of Larraín Vial Administradora General de Fondos is LVCC Asset
Management S.A., Rut 76.069.369-3. The Company’s controller is Larraín Vial S.A., Rut
93.883.000-2
The most relevant transactions with related parties and their effects on the Statement of
Comprehensive Income are detailed as follows:
Com pany
Relationship
Larrain Vial C. de Bolsa S.A.
Common Administration
Holding Grupo Consorcio
Common Administration
Asesorías Larrain Vial Ltda.
Administration
Total
Transaction
Commission and Maintenance
Effect on the
incom e for the
year ended
Decem ber 31,
2014
ThCh$
(7.823.089)
Effect on the
incom e for the
year ended
Decem ber 31,
2013
ThCh$
(7.587.758)
Commission and Maintenance
(4.748.742)
(2.976.440)
Administration
(1.132.223)
(1.099.908)
(13.704.054)
(11.664.106)
54
c)
Remunerations and benefits received by the key personnel of the Company
There are five executives considered key personnel of the Company as detailed below:
Directors
Executives
Total
d)
5
3
At December 31,
2014
ThCh$
59.428
22.546
81.974
At December 31,
2013
ThCh$
37.889
103.594
141.483
Remunerations and benefits received by the Board, managers and senior executives
of the Company
i)
Board Expenses
The Board of the Company did not incur in any type of expenses on account of
advisory services for the year ended December 31, 2014 and 2013.
ii)
Incentive plan for managers and key executives
The Company has designed an annual bonus plan for its managers and key
executives that is structured on the basis of general goal fulfillment pending the
results of the Company and individual approval for the contribution to the
results of the Company. The amounts of the bonuses are defined as a specific
number of monthly net wages.
iii)
Termination benefits
Disbursements were made during the period ended December 31, 2014 on
account of termination benefits granted to executives.
55
d)
Remunerations and benefits received by the Board, managers and senior executives
of the Company (continued)
iv)
Attendance Fee and Salaries
The directors who are not employees of the Company or of another company
of Larraín Vial Group and who are not employed by Consorcio Financiero S.A.
or one of its related parties, shall receive a salary for their functions,
independent of the number of meetings they hold during the month and their
attendance at them.
The directors who participate in the Audit Committee and the Investment Policy Committee
who are not employees of the Company or of another company of Larraín Vial Group and
who are not employed by Consorcio Financiero S.A. or one of its related parties, shall
receive a salary for their functions, independent of the number of meetings held by the
Committee during the month and their attendance at them.
Note 13 - Other Current Provisions
The balances of other current provisions as of December 31, 2014 and 2013 are detailed
as follows:
Audit Provision
Marketing Provision
Technology Provision
Assessment Provision
Legal Provision
Other
Provision expenses funds
Provision distribution expenses
Dividend Provision
Total
At Decem ber
31, 2014
ThCh$
67.626
5.566
29.699
4.428
56.101
178.786
68.212
1.268.988
1.679.406
Date of paym ent
1st quarter 2015
1st quarter 2015
1 st quarter 2015
1 st quarter 2015
1 st quarter 2015
1 st quarter 2015
1 st quarter 2015
1 st quarter 2015
1 st quarter 2015
At Decem ber
31, 2013
ThCh$
8.366
36.000
930
20.151
8.829
189.349
25.512
1.051.409
1.340.546
Date of payment
1 st quarter 2014
1 st quarter 2014
1 st quarter 2014
1 st quarter 2014
1 st quarter 2014
1 st quarter 2014
1 st quarter 2014
1 st quarter 2014
The movements for the provisions for the years ended December 31, 2014 and 2013 is
a)
Audit provision movements:
Initial balance
Increase in existing provisions
Provisions used
Saldo final
Decem ber 31, 2014
ThCh$
8.366
67.626
(8.366)
67.626
Decem ber 31, 2013
ThCh$
25.754
8.366
(25.754)
8.366
56
Note 13 - Other Current Provisions (continued)
b)
Marketing provision movements:
Initial balance
Provisions used
Final Balance
c)
December 31, 2014
ThCh$
930
5.566
(930)
5.566
December 31, 2013
ThCh$
930
930
Assessment provision movements:
Initial balance
Provisions used
Final Balance
e)
December 31, 2013
ThCh$
2.500
36.000
(2.500)
36.000
Technology provision movements:
Initial balance
Provisions used
Final Balance
d)
December 31, 2014
ThCh$
36.000
(36.000)
-
December 31, 2014
ThCh$
20.151
29.699
(20.151)
29.699
December 31, 2013
ThCh$
20.151
20.151
December 31, 2014
ThCh$
8.829
4.428
(8.829)
4.428
December 31, 2013
ThCh$
7.741
8.829
(7.741)
8.829
Legal provision movements:
Initial balance
Provisions used
Final Balance
57
Note 13 - Other Current Provisions (continued)
f)
Other provision movements:
Initial balance
Provisions used
Final Balance
g)
December 31, 2014
ThCh$
189.349
56.101
(189.349)
56.101
Movement provision expenses funds:
December 31, 2014
ThCh$
Initial balance
Provisions used
Final Balance
h)
178.786
178.786
December 31, 2013
ThCh$
-
Movement Provision distribution expenses
Initial balance
Provisions used
Final Balance
i)
December 31, 2013
ThCh$
99.448
189.349
(99.448)
189.349
December 31, 2014
ThCh$
25.512
68.212
(25.512)
68.212
December 31, 2013
ThCh$
21.906
25.512
(21.906)
25.512
Dividend Provision movement
Initial balance
Provisions used
Final Balance
December 31, 2014
ThCh$
1.051.409
1.268.988
(1.051.409)
1.268.988
December 31, 2013
ThCh$
1.034.385
1.051.409
(1.034.385)
1.051.409
58
Note 14 - Current Provisions for Employee Benefits
The balances of other current provisions as of December 31, 2014 and 2013 are detailed
as follows:
Provision Bonds
Vacation provision
Final Balance
December 31, 2014
ThCh$
824.200
162.255
986.455
December 31, 2013
ThCh$
780.100
146.549
926.649
The movements of the provisions for the years ended December 31, 2014 and 2013 are
a)
Provision Bonds
Initial balance
Provisions used
Final Balance
b)
December 31, 2014
ThCh$
780.100
824.200
(780.100)
824.200
December 31, 2013
ThCh$
750.000
780.100
(750.000)
780.100
December 31, 2014
ThCh$
146.549
162.255
(146.549)
162.255
December 31, 2013
ThCh$
187.897
146.549
(187.897)
146.549
Vacation provision
Initial balance
Provisions used
Final Balance
59
Note 15 - Other Current Non-Financial Assets and Liabilities
The other balances of assets and non-current liabilities at December 31, 2014 and 2013
financial, are:
a)
Other current non-financial assets
Other Receivables funds
Final Balance
b)
December 31, 2014
ThCh$
490
490
December 31, 2013
ThCh$
185.624
185.624
Other current non-financial liabilities
Other Payables
Final Balance
December 31, 2014
ThCh$
57.440
57.440
December 31, 2013
ThCh$
86.199
86.199
60
Note 16 - Equity
The variations in equity are detailed in the Statement of Changes in Equity.
The Company’s capital is subcribed and paid in full. The Company’s capital is detailed as
follows:
a)
Number of shares of stock at December 31, 2014
Series
Number of subscribed
shares
7.625.776
7.625.776
Single
Total
Number of paid shares
7.625.776
7.625.776
Number of shares with voting
rights
7.625.776
7.625.776
The shares of the Company are non-par value shares and have experienced no variations
in terms of the number and shareholders.
b)
Shareholders at December 31, 2014
In accordance with the Shareholders Records of the Company, the Company has three
Shareholders as of December 31, 2014.
Rut
76.069.369-3
93.883.000-2
79.619.200-3
c)
Series
Name
Larrain Vial S.A.
Number of
shares
7.625.768
6
2
7.625.776
% of interests in
capital
99,999895%
0,000079%
0,000026%
100,000000%
Capital at December 31, 2014
Subscribed
capital
ThCh$
Issued Capital
ThCh$
Single
5.609.346
5.609.346
Total
5.609.346
5.609.346
61
Nota 16 Equity (continued)
d)
1.
Minimum dividend
Minimum dividend provision
According to the dividend distribution policy mentioned in Note 2.17, the allowance for
dividends is composed of the following:
Concept
Initial balance
Provision for the year
Provisions used
Saldo final
2.
December 31, 2014
ThCh$
1.051.409
1.268.988
(1.051.409)
1.268.988
December 31, 2013
ThCh$
1.034.385
1.051.409
(1.034.385)
1.051.409
Dividends distributed
At the Annual Shareholders' Meeting held on April 17, 2014, the payment of a final
dividend was agreed of Ch$3,504,694,602, equivalent to Ch$459.5853 per share of the
Company corresponding to 100% of the net profits for the year ended December 31, 2013.
From this dividend the interim dividend referred to below was allocated so the balance of
Ch$3,444,694,602, equivalent to Ch$451.7173 per share of the Company was paid on
April 21, 2014.
Larrain Vial S.A.
Total
Ch$
3.444.690.989
2.710
903
3.444.694.602
62
Note 16 - Equity (continued)
d)
Minimum dividend (continued)
The Company paid on December 12, 2013, an interim dividend charged to 2013 net
income of Ch$60,000,000, equivalent to Ch$7.8681 per share of the Company. This
interim dividend was charged to the final dividend agreed upon at the Annual
Shareholders' Meeting held on April 17, 2014 indicated above.
Larrain Vial S.A.
Total
Ch$
59.999.937
47
16
60.000.000
On July 11, 2013, the Company paid a final dividend of Ch$2.547.946.903,, equivalent to
ThCh$334,1229 per Company share, corresponding to 26.1% of the Company’s net profits
for the year ended December 31, 2012.
Larrain Vial S.A.
Total
Ch$
2.547.944.230
2.005
668
2.547.946.903
On May 28, 2013, the Company paid a final dividend of Ch$900.000.000, equivalent to
ThCh$118,0208 per Company share, corresponding to 26.1% of the Company’s net profits
for the year ended December 31, 2012.
Larrain Vial S.A.
Total
Ch$
899.999.056
708
236
900.000.000
63
Note 16 - Equity (continued)
d)
Minimum dividend (continued)
Dividends paid in 2014
Dividends paid
Total Dividends paid
Charges to profits of
year, 2014
ThCh$
-
Charges to
accumulated profits
ThCh$
3.444.695
3.444.695
Total
ThCh$
Charges to profits of
year, 2013
ThCh$
60.000
60.000
Charges to
accumulated profits
ThCh$
3.447.946
3.447.946
Total
ThCh$
3.444.695
3.444.695
Dividends paid in 2013
Dividends paid
Total Dividends paid
e)
3.507.946
3.507.946
Retained Earnings
The detail of retained earnings as of December 31, 2014 is as follows
Accumulated profit (losses)
Initial balance
Result
Other Adjustment (1)
Distributed dividends
Total
(1)
31.12.2014
ThCh$
2.485.338
4.229.960
24.430
(3.662.274)
3.077.454
Includes the effect of deferred tax assets on equity, the effect of the increase in the
first category tax rate, according to Law 20.780 and circular N°856 by
Superintendency of Securities.
64
Note 17 - Income from Operating Activities
The remuneration received by the Company in 2014 and 2013 for the administration of the
funds is detailed as follows:
December 31, 2014
Mutual Funds
Investment Funds
Investment in Financial Instruments
Shares in Mutual Funds
Shares in Investment Funds
Forward
portfolio management
Other income
Total
Remuneration
ThCh$
21.082.090
2.167.029
1.313.121
24.562.240
Commission
ThCh$
78.997
78.997
Other income
ThCh$
257.564
7.172
8.133
(4.894)
249.542
153.591
671.108
Total
ThCh$
21.161.087
2.167.029
1.313.121
257.564
7.172
8.133
(4.894)
249.542
153.591
25.312.345
December 31, 2013
Mutual Funds
Investment Funds
Investment in Financial Instruments
Shares in Mutual Funds
Shares in Investment Funds
Forward
portfolio management
Other income
Total
Remuneration
ThCh$
18.164.103
2.728.522
1.951.916
-
Commission
ThCh$
49.075
-
-
-
-
-
22.844.541
49.075
Other income
ThCh$
162.166
58.535
(31.747)
127.543
199.640
91.109
607.246
Total
ThCh$
18.213.178
2.728.522
1.951.916
162.166
58.535
(31.747)
127.543
199.640
91.109
23.500.862
The Company charged the funds a fixed and variable remuneration according to what is
established in each of its internal regulations. In addition, the Company charged, in some
cases, a commission for the anticipated liquidations as indicated in the internal regulations
of each fund.
65
Note 18 - Administrative Expenses
The Administrative Expenses at December 31, 2014 and 2013 are detailed as follows:
Concept
Commissions
Remunerations and employee benefits
Fixed income lower value
Advisory Services and fees
Publicity and marketing expenses
Software expenses
Custody expenses
Depreciation
Leases and Common Expenses
Market information
Vouchers view and other bank charges
Proportionality IVA
Representation Expenses
Remodeling and Maintenance Office
Municipal License
Association of Mutual Funds and Investment Funds
Attendance Fee
Compulsory Insurance Funds
Travel expenses
Other
Total gastos de administración
December 31, 2014
ThCh$
12.965.078
3.884.663
22.952
1.536.623
123.082
349.805
50.975
3.214
158.306
101.625
95.575
273.029
71.872
62.932
51.306
45.826
81.571
33.993
94.144
64.499
20.071.070
December 31, 2013
ThCh$
11.421.883
3.934.026
531.839
1.491.580
103.286
337.753
67.691
10.360
133.493
104.565
105.227
230.979
49.979
76.733
47.741
45.331
59.097
28.324
110.422
266.976
19.157.285
Note 19 - Exchange Rate Differences
The Exchange rate differences at December 31, 2014 and 2013 are detailed as follows:
Assets (charge)/ credit
Other financial assets
Exchange differences profit
Currency
USD
USD
December 31, 2014
ThCh$
40.783
12.200
52.983
December 31,2013
ThCh$
(1.861)
6.748
4.887
66
Note 20 - Local and Foreign Currency
Local and foreign currency balances at December 31, 2014 and 2013 are detailed as
follows:
Assets
Activos corrientes
Other financial assets, current
Other financial assets, current
Other non-financial assets, current
Trade receivables and other receivables
Receivables from related entities current
Deferred tax assets
Non-current Assets
Depreciation
Total assets
Decem ber 31, 2014
ThCh$
Decem ber 31, 2013
ThCh$
CLP
USD
EUR
CLP
USD
CLP
CLP
CLP
CLP
732.555
56.596
133
7.587.055
8.293
490
693.514
3.773.812
229.224
1.040.525
704.500
388
4.660.524
499.171
185.624
1.184.230
3.921.499
179.474
CLP
CLP
-
239.654
(178.067)
CLP
USD
EUR
13.016.650
64.889
133
11.233.463
1.203.671
388
Liabilities
Decem ber 31, 2014
ThCh$
Decem ber 31, 2013
ThCh$
CLP
CLP
CLP
CLP
CLP
CLP
CLP
177.253
1.213.235
1.679.406
340.995
986.455
57.440
3.356
279.942
1.424.923
1.340.546
341.135
926.649
86.199
CLP
USD
4.454.784
-
4.402.750
-
Current Liabilities
Other financial liabilities
Trade accounts and other payables
Payables to related entities current
Other current provisions
Current tax liabilities
Employee benefits
Other non-financial liabilities
Total Liabilities
67
Note 21 - Sanctions
a)
Superintendency of Securities and Insurance
Between December 31, 2014 and 2013, no sanctions have been applied by the SVS
to the Company, its directors or administrators.
b)
Other administrative authorities
As of December 31, 2014 and 2013 no fines have been applied to the Company, its
directors or administrators by any other administrative authority.
Note 22 - Commitments and Contingencies
In order to fulfill the laws presently in force, Larraín Vial Administradora General de
Fondos S.A. has granted the following guarantees for the benefit of funds to ensure the
fulfillment of their obligations by the administration of these funds
a)
Guarantees regarding the Funds Administered by the Company:
The amount of the guarantee shall be the higher sum between 10,000 UF (ThCh$246,271
as of December 31, 2014) and 1% of the daily average equity administered during the
prior calendar year.
Larraín Vial Administradora General de Fondos S.A. constituted on January 10, 2015, has
bank guarantees in favor of the administrated funds, with a maturity date of January 10,
2016. The values of the bank guarantees are as follows:
68
Note 22 - Commitments and Contingencies (continued)
a)
Guarantees regarding the Funds Administered by the Company (continued)
Bank
Guarantee
Num ber
47483255
47484316
Bank
Guarantee
Am ount
UF
86.608
UF
10.000
Nam e of Beneficiary
Nam e of
Issuer
Maturity Date
Fondo de Inversión Larrain Vial - Beagle
Fondo de Inversión Larrain Vial - Cordillera
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
47484480
47484545
47484561
UF
UF
UF
11.784
10.000
10.000
Fondo de Inversión Larrain Vial Deuda Corporativa Chile
Fondo de Inversión Larrain Vial Deuda Latam High Yield
Fondo de Inversión Larrain Vial - Magallanes II
Corpbanca
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
January 10, 2016
47484626
47484650
UF
UF
10.000
10.000
Fondo de Inversión Larrain Vial Falcom Renta Fija México
Fondo de Inversión Privado Larrain Vial - México
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
47484839
47484944
UF
UF
10.000
10.000
Fondo de Inversión Privado Larrain Vial - México II
Fondo de Inversión Privado Larrain Vial - Perú
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
47484952
47484995
UF
UF
10.000
10.000
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
47485169
UF
10.000
Corpbanca
January 10, 2016
47485266
47485320
UF
UF
10.462
12.037
Fondo de Inversión Privado Larrain Vial - Perú II
Fondo de Inversión Privado Larrain Vial Latin American
High Yield Bond UF
Fondo de Inversión Privado Larrain Vial Latin American
High Yield Bond UF II
Fondo Mutuo Consorcio Acciones Chilenas
Fondo Mutuo Consorcio Balanceado Conservador
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
47485398
47485789
UF
UF
20.562
11.015
Fondo Mutuo Consorcio Balanceado Crecimiento
Fondo Mutuo Consorcio Balanceado Moderado
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
47485851
47485932
UF
UF
23.479
30.685
Fondo Mutuo Consorcio Ahorro Nominal
Fondo Mutuo Consorcio Ahorro Uf
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
47485940
47485959
UF
UF
19.546
22.069
Fondo Mutuo Consorcio Ahorro Largo Plazo
Fondo Mutuo Larrainvial Portfolio Líder
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
47486025
47486068
UF
UF
14.543
10.000
Fondo Mutuo Larrainvial Acciones Nacionales
Fondo Mutuo Ahorro Activo
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
47486092
47486114
UF
UF
57.804
78.580
Fondo Mutuo Larrainvial Ahorro A Plazo
Fondo Mutuo Larrainvial Ahorro Capital
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
47486130
47486149
UF
UF
11.067
10.000
Fondo Mutuo Larrainvial Ahorro Central
Fondo Mutuo Larrainvial Enfoque
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
47486165
47486173
47486190
UF
UF
UF
10.000
27.437
20.264
Fondo Mutuo Larrainvial Disponible
Fondo Mutuo Larrainvial Ahorro Estratégico
Fondo Mutuo Larrainvial Mercado Monetario
Corpbanca
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
January 10, 2016
47486211
47486220
UF
UF
10.000
10.578
Fondo Mutuo Mi Ahorro
Fondo Mutuo Larrainvial Proteccion
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
47486246
47486912
UF
UF
15.903
55.497
Fondo Mutuo Larrainvial Hipotecario Y Corporativo
Fondo Mutuo Larrainvial Cash
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
47486939
UF
10.000
Fondo Mutuo Larrainvial Bonos Latam
Corpbanca
January 10, 2016
69
Note 22 - Commitments and Contingencies (continued)
a)
Guarantees regarding the Funds Administered by the Company (continued)
Bank
Guarantee
Num ber
47486971
47487005
Bank
Guarantee
Am ount
UF
10.000
UF
10.000
Fondo Mutuo Larrainvial Bonos High Yield Global
Fondo Mutuo Larrainvial Dolar Global
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
47487072
47487080
47487129
UF
UF
UF
10.000
10.000
10.000
Fondo Mutuo Larrainvial Latam ex Brasil
Fondo Mutuo Larrainvial Asia
Fondo Mutuo Larrainvial Brasil
Corpbanca
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
January 10, 2016
47487145
47487153
47487188
UF
UF
UF
35.380
10.000
10.000
Fondo Mutuo Larrainvial Estados Unidos
Fondo Mutuo Larrainvial Latinoamericano
Fondo Mutuo Larrainvial Megatendencias
Corpbanca
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
January 10, 2016
47487501
47487544
47487552
UF
UF
UF
44.913
10.000
10.000
Fondo Mutuo Larrainvial Money Market
Fondo Mutuo Larrainvial Peru
Fondo Mutuo Larrainvial Mercados Emergentes
Corpbanca
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
January 10, 2016
47487625
47487650
47487692
UF
UF
UF
10.000
10.000
10.000
Fondo Mutuo Larrainvial Europa
Fondo Mutuo Larrainvial Ahorro Largo Nominal
Fondo Mutuo Larrainvial España
Corpbanca
Corpbanca
Corpbanca
January 10, 2016
January 10, 2016
January 10, 2016
47487714
UF
10.000
Fondo Mutuo Larrainvial Oportunidad Chile
Corpbanca
January 10, 2016
b)
Nam e of Issuer
Maturity Date
Guarantees portfolio management
On January 10, 2015, Larrain Vial Administradora General de Fondos S.A. constituted a
guarantee for the benefit of investors for whom they manage portfolios, to ensure
fulfillment of obligations by the administration of said portfolios.
Bank
Guarantee
Num ber
47489679
c)
Bank
Guarantee
Am ount
UF
74.151
The investors for which the portfolios are administered
Nam e of Issuer
Corpbanca
Maturity Date
January 10, 2016
Legal proceedings or other legal actions:
As of December 31, 2014 and 2013, the Company has no relevant legal proceedings or
other legal actions with third parties.
d)
Other contingencies or restrictions to report:
As of December 31, 2014 and 2013 the Company does not have any other contingencies
or restrictions to report.
70
Note 23 - Environment
The Company has not incurred expenses relating to the environment as it does not
engage in activities detrimental to the environment.
Note 24 – Significant events
a. Through a Material Event dated June 3, 2014, the company informed that on May
30, 2014, the Board of Directors accepted the resignation of Director Mr. Francisco
de Borja Larrain Cruzat and appointed the new director of the company Mr.
Eduardo Walker Hitschfeld.
It was also reported that at the same meeting the board agreed to appoint as
President of the Company Mr. Gonzalo Eguiguren Correa replacing Mr. Juan Luis
Correa Gandarillas, who continued as a director of the Company.
b. Through Material Event dated December 23, 2014, the company reported that on
the same date Mr. Thomas Howard Rourke presented his resignation to the Board
of Directors.
Note 25 – Subsequent Events
Through a Material Event dated January 29, 2015 the company reported that on that same
date the Board of Directors agreed to appoint Mr. Pablo Castillo Prado as the new director
of the company.
In the opinion of the management, no other events have occurred between December 31,
2014 and the date of issue of these financial statements that may have a significant effect
on these financial statements.
71

bci asset management administradora general de

Transcription

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