Annual Report

Transcription

Annual Report

Annual Report
2009
Grupo Financiero Improsa • Annual Report 2009
Contents
Grupo Financiero Improsa Mission, Vision and Values
2
Brief History of Grupo Financiero Improsa
3
Strategic Pillars of Grupo Financiero Improsa
5
Letter from the Chairman of the Board and the Chief Executive Officer
6
Board of Directors
13
Management Team
14
Internal Auditing
15
Grupo Financiero Improsa Products and Services
16
Grupo Financiero Improsa Offices
17
Funding and Correspondent Banks
20
Fernando Ortuño Sobrado Foundation
21
2009 Financial Performance of Grupo Financiero Improsa
23
Grupo Financiero Improsa 2009 Audited Financial Statements
27
Mission
Vision
Values
2
Grupo Financiero Improsa Mission, Vision and Values
Provide
our
customers
superior
financial
solutions tailored to meet their needs.
To be a sound, profitable and competitive
regional financial group – a leader in its field,
with a clear customer orientation.
Excellence
Integrity
Dynamism
Knowledge
Grupo Financiero Improsa
Brief History
1986
2001
• Financiera Improsa is founded.
• Grupo Financiero Improsa expands its
services through Arrendadora Improsa and
Improseguros.
1995
• Financiera
Improsa.
Improsa
becomes
Banco
1997
• Banco Improsa is listed on the Costa Rican
Stock Exchange, becoming a publicly traded
company.
2002
• Two new bank branches are inaugurated in
downtown San José and Curridabat.
• Improsa Capital goes into operation.
2003
• First Internet banking service goes into
operation in Costa Rica: Improb@nk.
• Arrendadora Improsa acquires selected
assets and liabilities (partial acquisition) of
PLG Capital Partners, establishing a presence
in Central America.
2000
2004
1999
• Grupo Financiero Improsa (GFI) is founded.
• First two bank branches open in Rohrmoser
and Escazú.
• Probanco (FMO, BCIE, Darby Overseas
Investment Co.) becomes a strategic
partner.
• Improsa Sociedad Administradora de
Fondos de Inversión (SAFI) opens its doors,
launching the country’s first real estate
investment fund, Gibraltar.
• Banco Improsa acquires selected assets and
liabilities of Banco Bantec CQ.
• A new subsidiary, ImproActiva, commences
operations.
2005
• Banco Improsa purchases and remodels the
building for its headquarters in Barrio
Tournón.
3
2006
2008
• Banco Improsa headquarters in Barrio
Tournón is inaugurated.
• Banco Improsa’s third SME Advisory and
Support Center is inaugurated in Heredia.
• Improsa Valores Puesto de Bolsa kicks off
operations.
• Improseguros begins marketing National
Insurance Institute policies outside Costa
Rica.
• Arrendadora Improsa becomes Improsa
Servicios Internacionales.
• Grupo Improsa purchases and remodels its
headquarters building in San José.
2007
• Banco Improsa inaugurates its first SME
Advisory and Support Centers in Alajuela
and Barrio Escalante.
• Improsa SAFI launches the first real estate
development fund in Costa Rica and a
second real estate investment fund, Los
Crestones.
• A new subsidiary, Improsa Sociedad
Administradora de Fondos de Inversión Panamá is created.
• The
CRM
(Customer
Relationship
Management) Project is implemented, its
primary goal being to develop a new way of
conducting business, changing the bank’s
orientation from product banking to
relationship banking.
4
2009
• Grupo Financiero Improsa forms a strategic
partnership with International Finance
Corporation (IFC), a member of the World
Bank Group, obtaining US $25 million in
long-term financing.
• Improseguros evolves into Improsa Agencia
de Seguros.
Strategic Pillars
of Grupo Financiero Improsa
Business
Diversification
Regionalized
Services
Customer
Orientation
Strategic
Pillars
Speed
and Flexibility
Specialized
Products
Market
Niches
Strategic Pillars of Grupo Financiero Improsa
5
Letter from the
Chairman of the Board
and Chief Executive Officer
We are pleased to bring you this 2009 Annual
in other countries, our banks and financial
Report.
As with every year, we take this
groups did see their accumulated profits
opportunity to reciprocate the trust our
plunge, affected as they were by a higher cost
shareholders and investors have placed in us,
of funds, fewer credits, larger liquidity reserves
and the preference our customers have shown
and more conservative provision and reserve
for us, by rendering our accounts.
policies.
Grupo Financiero Improsa (GFI) closes 2009
As with everyone else, Grupo Financiero
with a positive balance and a great many
Improsa directed its efforts for most of 2009 to
lessons learned – which will undoubtedly
offsetting any risks or threats posed by the
serve as a foundation for the tasks and
crisis. With tremendous professionalism, well-
challenges that lie ahead in the national and
chosen and timely measures were taken, with
international financial scenario.
the idea of promoting prudence, institutional
development and efficiency. Some of these
2009 will go down in history as one of the
measures have led to lower returns, but in
most difficult years the world has ever known
every respect they were advisable in a crisis
for banking and finance.
year.
To some extent,
discouraging news stories about floundering
major banks in the world’s largest economies
became commonplace reading.
This
report
will
summarize
our
chief
achievements in such critical areas as strategic
partnerships, financial performance, product
6
Although the global financial crises did not hit
and service development, our market niche
the Costa Rican system with the same fury as
approach and business diversification. These
Letter from the Chairman of the Board and Chief Executive Officer
areas have been guided by the culture of
In 2009, Banco Improsa focused primarily on
customer orientation that encompasses all our
three tasks: managing its liquidity in a complex
strategy.
scenario, maintaining asset quality and laying
the groundwork for future growth.
First, we should point out that the confidence
shown by investors and creditor banks was
Pursuing its social vision, Banco Improsa
one of the main pillars of stability for Grupo
continued with its approach of channeling the
Financiero Improsa in 2009. Thus, business
funds of major investors into small and
partners such as the CAF (Corporación Andina
medium enterprises with limited financing
de Fomento), DEG (German Development
capacity. This social awareness, together with
Bank), CABEI (Central American Bank for
Economic Integration), FMO (Netherlands
Development Finance Company), IDB (InterAmerican
Development
Bank),
IIC
(Inter-American Investment Corporation), MIF
(Multilateral Investment Fund) and World
Business Capital-OPIC maintained their full
commitment to our institution.
personalized service and sophisticated equity
management
advisory
bridge
for
transferring
investor
and
development bank funds into SMEs in the
productive sectors, industry, commerce and
services. In 2009, we continued to consolidate
our three SME Advisory and Support Centers
(CAAPs,
Financiero
expected results.
was
high-income
families and investors, helped it serve as a
Moreover, a major event in 2009 for Grupo
Improsa
for
our
strategic
partnering with the International Finance
Corporation (IFC), a member of the World Bank
Group. With this partnership GFI obtained US
$25 million in long-term financing through
two of the IFC’s programs.
in
Spanish),
with
better-than-
Through our partnership with the IFC, a US $5
million credit line was obtained for the Global
Trade Finance Program, giving Banco Improsa
access to a global bank network for the
support of trade. The program provides risk
Financial entities like this enjoy exceptionally
mitigation for international business through
high international risk ratings and manage their
IFC guarantees, expanding the Bank’s capacity
portfolio by means of extremely rigorous
to deliver financing to SME exporters.
processes of due diligence and follow-up. The
IFC’s backing and show of faith in a year of
At the same time, partnerships entered into
such international volatility thus represented a
with the DEG and FMO towards the end of
highly significant vote of confidence for all of
2008 provided subordinated debt instruments
Grupo Financiero Improsa.
that made it possible for Banco Improsa to
7
maintain high levels of capital adequacy
reserves we were able to maintain adequate
throughout 2009.
bad debt coverage, which reached 105% at
December 2009, reflecting a very conservative
Thanks to the support of top tier financial
institutions and our performance results,
year if we compare this to the 74.6% figure at
the 2008 close.
investor confidence remained intact. Proof of
this is that our obligations to the public grew in
In 2009, Banco Improsa consolidated its
2009, and our investment portfolio – which to
leadership in trust management, occupying
a large extent reflects the institution’s liquidity
first place well above the rest of the Costa
situation – practically doubled over the last
Rican banking system. By the end of the year
twelve months.
its trust portfolio topped out at ¢1,489,711.3
million, a 28.1% improvement over the
Despite the complex environment, the default
previous year. Much of this success is due to
rate remained stable throughout the year and
the fact that Banco Improsa is the primary
closed at 2.4% for 2009; this translates into an
fiduciary for many of the country’s banks –
interannual increase of 17.8%, far below the
highlighting, undoubtedly, the confidence the
31.8% reported for the private banking
rest of the financial institutions and bank
industry. The rate falls well under the
customers have in our group.
maximum considered normal by the SUGEF
(Superintendent’s Office for Financial Entities).
Last year was also a year for consolidating risk
management, based on Basel II standards for
It should be underscored that 90% of the
market, liquidity, exchange rate and credit
Bank’s direct portfolio is collateralized with
risks.
real guarantees or outside repayment sources,
representing a low write-off risk if an
unforeseen event should occur.
In spite of the global economic slowdown,
Banco Improsa led with two projects that lay
the foundations for its work, constituting, at
8
Added to this, and for the purpose of
the same time, the pillars for GFI’s strategy: the
strengthening our equity position even more,
CRM (Chirripó) Project, based on a strategic
a voluntary equity reserve of ¢548.8 million
model
was created in 2009 to cover any unexpected
organizational structure, processes, business
circumstances. This reserve was fed with
management and organizational culture are all
earnings from earlier years. By making this
customer-oriented; and the SIGMA Project,
effort to increase the portfolio and voluntary
which
of
relational
consists
of
banking
developing
in
which
a
new
technological platform with customer-oriented
development funds, however. Sales for the
operating processes, to be implemented in
Improsa Real Estate Development Fund No. 1
2010 and 2011.
(Multipark)
fell
dramatically,
although
significant progress was made in 2009,
Improsa Sociedad Administradora de Fondos
de Inversión (SAFI) centered its efforts on
managing the new economic environment,
controlling uncertainty and advising customers
on its four investment funds.
Its main tasks included ensuring occupation
rates, managing the assets of the different
funds properly, taking good care of its
financing structure, and improving efficiency
indices and caution in its business affairs.
The income real estate funds, accounting for
85% of SAFI’s total managed assets, reported
very respectable occupation rates and yields
in spite of real estate volatility, as a result of
diversifying their assets by area and sector. At
the close of the 2009 fiscal year – and after 10
years of management – the Gibraltar Real
making for its foreseeable completion in 2010.
The Improsa Real Estate Development Fund
No. 2 (Cala Luna), for its part, started legal
action – as authorized by the Shareholders
Meeting – against the real estate seller. The
case is under arbitration, with an award
expected for the first half of 2010.
2009 was a year of challenges, lessons learned
and consolidation, in which Improsa Capital
redirected its investment banking activities
and served as a vehicle for structuring and
advising on public and private works.
With a strategy based on close relationships
with its customers and other Grupo Financiero
Improsa companies, this subsidiary dedicated
its efforts to structuring projects and obtaining
financing from different banks.
Estate Fund, with US $105 million in total
assets, earned a liquid yield for the last twelve
The
company
foresees
months of 9.29% and an overall yield for the
opportunities for offering attractive, profitable
last twelve months of 13.62%. The Los
investment
Crestones Real Estate Fund, with US $45
investors with large amounts of funds and
million in total assets, produced a liquid yield
portfolios in need of diversifying.
instruments
to
tremendous
institutional
for the last twelve months of 5.91% and a total
yield of 7.93%.
Improsa Agencia de Seguros concentrated its
business approach on personalized service,
The global financial crisis did have an impact
helping its customers to adjust policy costs
on the performance of the two real estate
without having to give up coverage.
9
This required addressing the individual needs
In a volatile market setting, where customers
of its customers and, in some cases, structuring
were seeking security and peace of mind,
their insurance policies. With this approach it
Improsa
was able to grow its insurance premium
distinguishing feature was its technical risk
collections by 22% over 2008.
advisory and accompaniment.
80% of Improsa Seguros’s portfolio was
Its efforts bore fruit as it brought in new
concentrated in four areas: car insurance,
customers, increased custodied assets, and
worker’s compensation, earthquake and fire
set up investor protection schemes based on
insurance (commercial and residential) and life
Valores
Puesto
de
Bolsa’s
different risk values.
insurance. Of the four, life insurance showed
the greatest increase over 2008, thanks to a
At the December 2009 close, Improsa
series of strategic partnerships implemented in
Valores’s customer portfolio had increased by
2009.
14% while its managed asset portfolio in
dollars was 3.60% larger compared to 2008.
With this, Improsa Agencia de Seguros was
able to position itself as the country’s fastest
It was also active in selling instruments on the
growing brokerage, earning official recognition
international market, raising its trading volume
from the National Insurance Institute (INS) – a
by 50% over 2008 as a result of its strategy of
laudable achievement, since this type of policy
diversifying customer portfolios.
requires a fairly consolidated organization in
terms of customer volume and number of
Improsa Servicios Internacionales continued
transactions. The INS also awarded Improsa
as GFI’s leasing arm for the entire Panama and
Agencia de Seguros its maximum rating,
Central American region.
AAA, a classification based on its evaluation of
such factors as insurance quality, business
organization,
portfolio
growth
and
With the business community focused more
on operations and less on investment in 2009,
leasing demand took a dive; the subsidiary’s
technological platform, among others.
efforts were therefore aimed at readying its
Internationally, Improsa Agencia de Seguros
business and operating platform for an
was able to consolidate regionally, a process it
expected 2010 regional rebound in operating
had begun in 2008,
and finance leasing.
by
receiving
its
reinsurance brokerage license from the INS to
operate throughout Central America and
Improactiva, meanwhile, concentrated on
Panama.
managing its personal loan portfolio, with
10 Letter from the Chairman of the Board and Chief Executive Officer
results that went beyond what was expected.
clear signs of economic recovery or an
The company is undergoing a management
irreversible surmounting of the global financial
process whose success metrics are changing
crisis; for this reason we propose that
as the portfolio recovers.
both caution and a conservative stand
be maintained.
It should be noted that in the rendering of
these accounts we are attesting to the fact that
We would like to especially thank all our
Grupo Financiero Improsa has acted in strict
investors and creditor banks for showing full
adherence to the principles set forth in the
confidence in Grupo Financiero Improsa in
Code of Good Corporate Governance, and
such an unusual year. We see a future full
with
of challenge, yes, but more than anything we
the
highest
regard
for
integrity
and transparency.
see it full of opportunities.
2009 has left us many lessons. It will be our
In conclusion, we would like to extend our
job to capitalize on them in our ongoing
sincerest thanks to all our shareholders, Board
search for daily improvement.
of
extremely
pleased,
however,
We are
with
Director
members,
Internal
Auditing
the
department, and all our staff, for their
conduct, passion and effort that has gone into
dedication and contribution. With everyone’s
our labor. Grupo Financiero Improsa was able
help we have brought to life one of the most
to face the crisis with strength and courage; it
important values shared by the Improsa family:
was a hard task, but the results were
solidarity and teamwork. Our gratitude and
rewarding. Even so, upper management and
acknowledgement goes out to every one
the Board of Directors feel there are still no
of you.
Jorge Monge Agüero
Marianela Ortuño Pinto
Chairman
Chief Executive Officer
& General Manager
11
Board Of
Directors
Jorge Monge Agüero
Chairman
Mauricio Bruce Jiménez
Vice Chairman
Manuel Ortuño Pinto
Secretary
Víctor Watkins Parra
Treasurer
Carlos Montoya Dobles
Member
Fernando Vargas Cullel
Director
Alejandro Schweldhem Beick
Member
José Miguel Fuster
Alternate Member
Arnoldo Camacho Castro
Controller
12 Board of Directors
Management
Team
& General Manager
& General Manager,
Grupo Financiero Improsa
Vice Presidents
Félix Alpízar Lobo
Vice President
General Manager, Banco Improsa
Sergio Molina Bonilla
Vice President
General Manager,
Improsa Servicios Internacionales
Franco Naranjo Jiménez
Vice President
General Manager, Banco Improsa
Ronald Vargas Carmona
Vice President
Investment Banking
Management Team
Rashid Alice Chacón
General Manager,
Improsa Capital
Montserrat Buján Boza
General Manager,
Improsa Agencia de Seguros
Jorge Calvo Zeledón
Trust Manager
Banco Improsa
Anthony Hidalgo Pérez
General Manager,
Improsa Valores Puesto de Bolsa
Guido A. Rojas Alvarado
General Manager,
ImproActiva
Jaime Ubilla Carro
General Manager,
Improsa Sociedad
Administradora de Fondos de Inversión
Management Team
13
Internal
Auditing
In order to reinforce Grupo Financiero
rules of corporate governance and the policies
Improsa’s structure, Internal Auditing focused
and procedures underlying this responsibility.
its 2009 reviews on internal controls, policy
and procedure updating and compliance, and
proper risk and expense management.
Its labor was carried out in line with GFI’s
strategic planning pillars, so as to cooperate in
achieving the goals set by management and
the Board of Directors.
Together with the Board of Directors, Internal
Auditing oversaw proper compliance with the
14 Internal Auditing
It has carried out its task under international
standards for information technology and
communication.
The work carried out by Grupo Financiero
Improsa was, for Internal Auditing, highly
significant in that it took advantage of a crisis
year for the financial sector to build and
reinforce its structure in preparation for 2010.
Products
and Services
Investment Options
Leasing
• Term Investment Certificates
• Financial Operating Lease
• Checking and Demand Investment Accounts
• Finance Lease
• Virtual “Smart Savings” Account
• Real Estate Investment Funds
Insurance
• Real Estate Development Funds
• Life
• Investment Portfolio Management
• Fire
• Stock Market Consulting
• Workers Compensation
Credit Facilities
• Others
• Revolving Credit Lines for Working Capital
Other Services
• Letters of Credit (Import/Export)
• Bid and Performance Bonds
• Services and Advisory for Small and Medium
Enterprises (SMEs)
• Invoice Discounting
• International Transfers
• Bank Overdrafts
• Foreign Currency Buying and Selling (FOREX)
Trust Funds
• Guarantee Trusts
• Payment of Public Utilities
• Internet Banking
• Road Tax Payment
• Testamentary or Equity Trusts
• Life Insurance Trusts
• Investment and Management Trusts
• Educational Trusts, among others
Products and Services
15
Grupo Financiero
Improsa
Offices
Banco Improsa
Headquarters - Barrio Tournón Branch
Barrio Tournón, south side of the
La República Building
Tel: (506) 2284-4000
Barrio Escalante Branch
300 meters east and 200 meters south of the
Santa Teresita Church, Barrio Escalante
Tel: (506) 2523-1500
Curridabat Branch
Plaza Freses Shopping Center
Tel: (506) 2253-9339
Escazú Branch
Fuentes del Obelisco Shopping Center
Tel: (506) 2288-3011
16
Rohrmoser Branch
Centro Etreus, 200 meters east of
Plaza Mayor
Tel: (506) 2296-7103
Downtown San José Branch
Grupo Improsa Building, south side of the Club Unión
Tel: (506) 2248-2125
Barrio Escalante SME
Advisory and Support Center
300 meters east, 100 meters south and 25 meters west
of the Santa Teresita Church, Barrio Escalante
Tel: (506) 2284-4260
Alajuela Branch and SME
50 meters west from the northwest corner of the
Juan Santa María Park, Alajuela
Tel: (506) 2284-4240
Heredia Branch and SME
Across from the DHL office in the Plaza Rubí Shopping
Center, La Aurora, Heredia
Tel: (506) 2589-1490
Internet Agency
Improb@nk
www.improsa.com
17
Improsa Servicios Internacionales
Guatemala
Atlantis Building, Zone 10, 13 Calle 3-40,
Office 804
Ciudad de Guatemala, Guatemala
Tel: (502) 2222-8400
El Salvador
63 Ave. South and Alameda Roosevelt, Gigante
Finance Center, Tower A, Level 4,
San Salvador, El Salvador
Tel: (503) 2298-6311
Honduras
Versalles Building, second floor, locale 19,
San Pedro Sula, Honduras
Tel: (504) 550-7172
Nicaragua
30 meters north of the Enitel traffic light at Villa
Fontana, Opus Building, 1st floor, module #106
Managua, Nicaragua
Tel: (505) 2277-1135
Costa Rica
South side of the La República Building,
Barrio Tournón,
San Jose, Costa Rica
Tel: (506) 2284-4293
Panamá
1st Street, Bella Vista, Vista Tower Building,
bottom floor, Locale #1
Ciudad de Panama, Panama
Tel: (507) 209-2577
18
Improsa SAFI
Grupo Improsa Building, south side
of the Club Unión
Tel: (506) 2290-7273
Improsa Valores Puesto de Bolsa
of the Club Unión
Tel: (506) 2284-4350
Improsa Capital
of the Club Unión
Tel: (506) 2284-4300
Improsa Agencia de Seguros
100 meters east and 125 south of the
Santa Teresita Church, Barrio Escalante
Tel: (506) 2523-1650
Funding and
Correspondent
Banks
Financial Cooperation Institutions
Major Correspondent Banks
• Central American Bank for Economic
Integration (CABEI)
• Wells Fargo • German Investment and Development
Company (DEG)
• Standard Chartered Bank
• Netherlands
Development
Company (FMO)
• BNP Paribas
Finance
• Inter-American Investment Corporation
(IIC)
• Citibank
• Commerzbank
• BAC Florida Bank
• Banco Sabadell
• Multilateral Investment Fund (MIF)
• BICSA
• Andean Development Corporation (CAF)
• Eastern National Bank
• Inter-American Development Bank (IDB)
• Bank of Miami
• International Finance Corporation (IFC)
• Bancoldex
• World Business Capital Inc. (WBC)
• Bladex
• Overseas Private Investment Corporation
(OPIC)
• Cobank
• Bancomext
• Bancentro
• Scotiabank
Funding and Correspondent Banks
19
Fernando
Ortuño Sobrado
Foundation
Creating Seed Capital for Helping Out
Generosity, the open arms of those who
of building up seed capital to its million dollar
would contribute selflessly, and a moral
target – was well on its way.
commitment to those who need us most – this
is what marked the Fernando Ortuño Sobrado
Foundation’s path in 2009, a year battered by
the international financial tempest – a year of
The idea is to create a capital base that would
allow the Foundation to operate and develop
programs on an ongoing basis without having
to ask for donations.
short funds.
The seed capital is what has enabled the
With Grupo Financiero Improsa’s contribution
Foundation to develop three programs in such
of a share of its profits and the support of its
meaningful areas as education, housing and
shareholders and several strategic partners,
health – this last in support of the National
one of the Foundation’s primary focuses – that
Children’s Hospital.
20 Fernando Ortuño Sobrado Foundation
Education
Health
After three years, the Foundation has already
The Fernando Ortuño Sobrado Foundation has
provided scholarships for 27 children, who,
set up an agreement with the Pro-National
after going through a selection process, are
Children’s Hospital Association to help them
expected to maintain top marks and excellent
obtain funding for building the Tower of Hope,
conduct and, moreover, give something back
an investment of some US $45,000,000.
to society through very simple family and
community responsibility programs.
A
second
community
project
health
involves
centers
providing
with
several
nebulizers, since quite a few children suffer
Housing
from asthma and have to go to the National
This program took its first few steps in 2009,
Children’s Hospital to get treatment. The
with the idea that all Grupo Financiero Improsa
number of machines and the health centers or
employees should be able to have their own
clinics where they can be installed have
home at some point in time.
already been identified.
The program implies studying the families,
looking
for,
negotiating
and
buying
appropriate land, and then building and
delivering the homes to the beneficiaries
Fernando Ortuño Sobrado Foundation
21
Financial Performance
for Fiscal Year
2009
2009 started with a serious global economic slowdown and a strong liquidity restriction in Costa Rica
due to a prevailing lack of confidence throughout most of the developed world’s financial sectors.
The anti-cyclical measures taken by most nations began to have the desired effect as of the second
quarter of 2009, but it was only in September that signs of revival were noticed in the United States and in Costa Rica, as well.
The guidelines issued by Grupo Financiero Improsa’s Board of Directors, starting in mid-2008,
established robust bases for dealing successfully with the difficult situation prevailing throughout
2009, and prepared the ground for renewed growth in 2010.
Final earnings for 2009 reached ¢1,595 million – a positive figure, if we consider the measures taken
to mitigate the year’s risks (such as keeping high levels of liquidity and applying more conservative
provision policies) and deal with shriveled demand for credit and other financial services. The
intermediation margin, expressed as a percentage of earning assets, was 5.82%, down from the
6.97% of 2008 but up from the 5.33% obtained in 2007.
22 2009 Financial Performance
Financial Margin
Miles de millones de colones
¢16,000
¢14,000
¢14,210
¢12,000
¢10,555
¢10,000
¢10,291
¢8,000
¢7,349
¢6,000
¢4,987
¢4,000
¢2,000
¢3,615
2004
2005
2006
2007
2008
2009
Expenses for reserves and loan portfolio sale losses, generated by several of GFI’s business units, fell
from ¢4,436 million in December 2008 to ¢3,612 million in December 2009 – reflecting adequate
asset quality, even in times of crisis.
Net operating income finished at ¢5,692 million, a drop of 22.1% from last year. Of note was a steep
plunge in other operating income, deriving from a smaller volume of leasing as a result of the
economic recession affecting Central America and Panama.
Net Operating Incom
¢8,000
¢7,308
¢7,000
¢6,000
¢6,281
¢5,692
¢5,000
¢4,000
¢4,391
¢3,634
¢3,000
¢2,000
¢2.477
¢2,477
¢1,000
2004
2005
2006
2007
2008
2009
Administrative expenses slid from ¢13,313 million in 2008 to ¢10,961 million in 2009, proof of a
commitment to manage with austerity and contain expenses without impacting strategic GFI projects.
2009 Financial Performance
23
GFI’s loan portfolio assets tumbled 23.3%, ending the year at ¢146,815 million. The downward trend
since the second half of 2008 is a direct result of the sharp drop in demand for credit and the loan
placement policies adopted by GFI to maintain portfolio quality. The policies helped GFI close 2009
with stronger liquidity, as disposable assets and investments jumped from 14.2% of all assets in 2008
to 26.0% in 2009.
Loan Portfolio
¢250,000
¢200,000
¢175,957
¢191,341
¢150,000
¢ 146,815
¢126,029
¢100,000
¢89,306
¢50,000
¢69,352
2004
2005
2006
2007
2008
2009
GFI has managed its loan portfolio to include a high percentage of real guarantees (some 90% of its
overall portfolio has real collateral), making it one of the leading financial groups in terms of real
guarantee coverage.
Public deposit obligations rose by 5.6% compared to last year, finishing at ¢101,560 million. This
figure breaks down into ¢25,344 million in demand obligations – a rise of 3.72% for the year – and
¢74,738 million in term obligations – up 5.87% from last year.
24 2009 Financial Performance
Public Obligations
¢120,000
¢100,000
¢96,190
¢101,560
¢80,000
¢71,375
¢60,000
¢54,586
¢40,000
¢20,000
¢42,791
¢29,857
2004
2005
2006
2007
2008
2009
In addition, as part of its strategy to diversify funding, GFI has signed loan agreements with financial
institutions, including correspondent banks and multilateral development institutions, for over $40
million, broken down as follows: $20 million at 5 years from IFC (International Finance Corporation);
$9.4 million at 3 years from CAF ( Andean Development Corporation); $10 million at 10 years from
WBC-OPIC (World Business Capital – Overseas Private Investment Corporation); and $3.2 million at 3
years from Cobank (a US cooperative bank serving agriculture).
Thus Grupo Financiero Improsa, through its subsidiaries, continues to demonstrate its capacity to
obtain short, medium and long-term funding for matching maturities with the various credit products
it has on offer.
The leverage indicator at 2009 was 5.54, only 0.64 of a point below the 2008 figure of 6.18.
Finally, Grupo Financiero Improsa’s equity climbed to ¢34,464 million, the result of a ¢2,347 million
increase for the year less payment of ¢1,443 million in preferred and common stock dividends for
2008. The increase is largely explained by real estate reappraisals, valuation of investments and
earnings generated for the year, after payment of dividends.
2009 Financial Performance
25
2009
Audited Financial Statements
Deloitte & Touche, S.A.
Barrio Dent, San Pedro
3667-1000 San José
Costa Rica
Tel: (506) 2246 5000
Fax: (506) 2246 5100
www.deloitte.com
INDEPENDENT AUDITORS’ REPORT
To the General Superintendence of Financial Entities, the Stockholders,
and the Board of Directors of Grupo Financiero Improsa, S.A. & Subsidiaries
Report on the Financial Statements
We have audited the accompanying consolidated financial statements of Grupo Financiero
Improsa, S.A. and Subsidiaries, which are comprised by the consolidated balance sheet as at 31
December 2009 and 2008, and the related consolidated statement of income, changes in equity,
and cash flows for the years then ended, as well as a summary of significant accounting policies
and other explanatory notes. The financial statements for the years ended December 31, 2009
and 2008 of the investment funds: Fondo de Inversión de Desarrollo Inmobiliario Improsa, Fondo
de Invesión Inmobiliario Gibraltar, Fondo de Inversión Inmobiliario Los Crestones and Fondo de
Inversión de Desarrollo Inmobiliario Improsa Dos, were audited by other independent auditors.
The audit reports of Fondo de Inversión Inmobiliaria Gibraltar and Fondo de Inversión
Inmobiliaria Los Crestones were issued on January 29, 2010; they express an unqualified opinion
on these financial statements. The audit report of Fondo de Inversión de Desarrollo Inmobiliario
Improsa Dos was issued on February 8, 2010, and it presents a qualified opinion due to the fact
that the Fund properties’ value has dropped up to 30%, and this situation has made that the lands
and facilities of Cala Luna are in function of their present use, and for that situation, they could
not be considered as new constructions, which limits the development for which the property was
acquired. Regarding the Fondo de Inversión de Desarrollo Inmobiliario Improsa, the audit report
had not been issued as of the date of the audit report.
Management’s responsibility for the financial statements
Management is responsible for the preparation and fair presentation of these consolidated
financial statements in accordance with the legal and regulatory provisions set out by the
National Financial System Supervisory Board (CONASSIF), the General Superintendence of
Financial Entities (SUGEF), and by the General Superintendence of Securities (SUGEVAL),
which are described in Note 2, and for such internal control as management determines is
necessary to enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on
our audit. We conducted our audit in accordance with the International Standards on Auditing.
Those standards require that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance whether the financial statements are free from material
misstatement.
Member of Deloitte Touche Tohmatsu
28 Audited Financial Statements
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. An
audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements give a true and fair view of the consolidated
financial position of Grupo Financiero Improsa, S.A. and Subsidiaries as of 31 December 31
2009 and 2008, and of their financial performance and its cash flows for the years then ended in
accordance with the legal and regulatory provisions established by the National Financial System
Supervisory Board (CONASSIF) and the General Superintendence of Financial Entities
(SUGEF), which are detailed in Note 2.
Financial system regulations
Grupo Financiero Improsa, S.A. and Subsidiaries is regulated by the General Superintendence of
Financial Entities (SUGEF). The accompanying consolidated financial statements have been
prepared in conformity with the formats, disclosure standards, and regulations issued by the
National Financial System Supervisory Board and by the SUGEF.
Matters that do not affect the opinion
The other auditors’ report on the financial statements of the Fondo de Inversión de Desarrollo
Inmobiliario Improsa Dos (Fondo Cala Luna) discloses that the Fund has been facing legal issues
regarding environmental feasibilities, construction permits and market situations that limit credit
and the possibility of placing participation certificates, which raises doubts on the Fund’s
possibility to continue as a going concern.
The subsidiary denominated Improsa Sociedad Administradora de Fondos de Inversión, S.A.
registered in the financial statements as of December 31, 2009 capital contributions for the sum
of ¢50.000.000. The approval of the Stockholders´ Meeting is from January 18, 2010.
During 2009, management of Improactiva, S.A. determined to change the course of the business;
therefore, it stopped issuing a new loan portfolio; the portfolio already placed is being
administered, and services are being provided to related companies through their call center.
As indicated in Note 3.24 to the financial statement, the Group makes significant transactions
with related entities.
2
29
Restriction on the distribution or use of the independent auditors’ report
This independent auditors’ report is for the sole use of the stockholders and the Board of
Directors of Grupo Financiero Improsa, S.A. and Subsidiaries and the General Superintendence
of Financial Entities. This restriction does not intend to limit the use of this report, which is a
matter of public interest.
Lic. Luis Guillermo Rodríguez Araya - C.P.A. No.1066
Póliza No. R-1153
Expires on: September 30, 2010
Law No.6663 stamp for ¢1.000, affixed, canceled, and paid
February 25, 2010
3
GRUPO FINANCIERO IMPROSA, S.A. AND SUBSIDIARIES
(Costa Rican Company)
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2009 AND 2008
(Expressed in Costa Rican Colones without Cents)
2009
ASSETS
Cash on hand and due from banks
Cash
Central Bank
Local financial entities
Foreign financial entities
Other cash on hand and due from banks
Interest receivable
Investments in financial instruments
Held to trade
Available for sale
Held to maturity
Interests receivable
Loan portfolio
Current loans
Overdue loans
Loans under legal collection
Interests receivable
Allowance for impairment
Accounts and fees receivable
Fees receivable
Fees receivable from brokerage operations
Accounts receivable from operations with
related parties
Deferred income tax and income tax receivable
Other accounts receivable
Allowance for impairment
Assets available for sale
Assets and securities acquired in loan recovery
Other assets available for sale
Allowance for impairment and legal provision
Interest in capital of other companies (net)
Real estate, furniture, and equipment (net)
Other assets
Deferred charges
Intangible assets
Other assets
TOTAL ASSETS
¢
2008
23.074.605.540
466.467.848
14.236.590.216
484.264.845
7.331.429.324
555.703.919
149.388
35.853.435.482
8.963.494.484
26.613.280.280
11.571.028
265.089.690
144.312.147.127
135.098.267.746
9.968.538.066
1.748.644.212
1.566.232.966
(4.069.535.863)
3.926.366.357
391.432.827
114.140.365
¢ 16.634.459.939
663.970.907
13.937.908.185
361.735.901
1.227.459.777
442.779.748
605.421
17.813.253.842
263.062.012
17.275.334.037
35.830.068
239.027.725
189.999.040.987
176.912.806.450
12.450.616.899
1.977.510.840
1.842.639.599
(3.184.532.801)
3.100.291.055
232.427.917
33.169.217
10.682.569
212.553.778
3.211.956.855
(14.400.037)
5.659.292.671
5.527.702.169
202.638.566
(71.048.064)
115.089.311
8.394.376.131
4.197.095.036
245.443.801
959.030.289
2.992.620.946
14.120.849
69.509.049
2.792.671.271
(41.607.248)
1.548.879.954
1.566.116.369
147.280.532
(164.516.947)
115.089.409
8.587.966.043
3.188.358.286
467.291.058
874.211.789
1.846.855.439
¢240.987.339.515
¢ 225.532.407.654
(Continues)
4
31
(Expressed in Costa Rican Colones)
LIABILITIES AND STOCKHOLDERS’
EQUITY
LIABILITIES:
Obligations with the public
At sight
On terms
Other obligations with the public
Financial charges payable
Obligations with entities
At sight
On terms
Other obligations with entities
Other accounts payable and provisions
Accounts payable from brokerage services
Deferred income tax
Provisions
Other miscellaneous accounts payable
Other liabilities
Deferred income
Allowance for irrecoverable contingent loans
Other liabilities
Subordinated obligations
Subordinated obligations
TOTAL LIABILITIES
STOCKHOLDERS’ EQUITY
Capital stock
Paid-in capital
Non-capitalized equity contributions
Adjustments to equity
Surplus from revaluation of real estate, furniture
and equipment
Adjustment from valuation of investments
available for sale
Adjustment from translation of financial statements
2009
2008
¢ 101.560.151.623
25.343.914.447
74.738.364.742
200.360.252
1.277.512.182
76.526.411.722
58.815.914
26.336.017.273
49.489.628.637
641.949.898
2.264.856.689
138.103.095
56.981.884
106.597.714
1.963.173.996
2.173.979.214
1.676.058.034
36.089.913
461.831.267
8.543.098.806
8.380.050.000
163.048.806
191.068.498.054
¢ 96.190.033.603
24.436.001.768
70.592.610.553
26.951.909.192
26.951.909.192
5.437.699
3.606.193.243
24.011.042.154
24.011.042.154
2.052.149.293
2.882.374.071
3.009.495.506
2.810.894.664
97.072.001
499.625.736
1.161.421.282
95.486.273.555
275.781.256
56.057.902.710
38.127.381.163
1.025.208.426
3.018.451.150
162.189.399
13.103
290.497.486
2.565.751.162
4.385.284.463
3.836.089.577
33.051.027
516.143.859
8.347.649.184
8.251.200.000
96.449.184
207.427.691.955
(390.285.558)
461.764.965
(Continues)
5
Equity reserves
¢
Accumulated results from previous periods
Period’s results
Minority interest
TOTAL STOCKHOLDERS’ EQUITY
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY
DEBT CONTINGENT ACCOUNTS
TRUSTS´ ASSETS
TRUSTS´ LIABILITIES
TRUSTS´ STOCKHOLDERS’ EQUITY
OTHER DEBIT MEMORANDA ACCOUNTS
Debit proprietary memoranda account
Debit third party memoranda accounts
Proprietary memoranda account for custody activity
Third party memoranda accounts for custody activity
2009
2.004.814.211
¢
2008
1.723.142.925
551.782.578
1.313.138.851
30.633.826
34.463.909.600
76.110.010
2.789.634.397
25.194.710
33.559.647.560
¢ 225.532.407.654
¢ 29.426.287.901
¢1.489.711.254.362
3.184.601.036
¢1.486.526.653.326
¢2.114.437.588.014
¢ 240.987.339.515
¢ 23.997.240.066
¢1.162.887.331.652
3.401.725.965
¢1.159.485.605.687
¢1.426.938.882.494
¢1.760.957.605.507 ¢1.232.575.280.437
¢ 253.650.569.522 ¢ 92.137.856.343
¢
¢
685.627.106
99.143.785.879
¢
530.341.014
¢ 101.695.404.700
(Concludes)
______________________
_______________________
Jimmy Vega Madriz
Accountant
______________________
Jorge Muñoz Quirós
Internal Auditor
Law No.6614 stamp affixed, canceled, and paid
6
33
GRUPO FINANCIERO IMPROSA, S.A. Y SUBSIDIARIAS
CONSOLIDATED INCOME STATEMENTS
YEARS ENDED DECEMBER 31, 2009 AND 2008
2009
FINANCIAL INCOME
From cash on hand and due from banks
From investments in financial instruments
From loan portfolio
From financial leases
From profit for exchange rate differences
and DU
From other financial income
2008
¢
12.974.676 ¢
68.906.056
1.373.086.023
1.021.064.894
20.653.342.296 24.784.239.623
433.280.153
780.811.385
Total financial income
25.647.253.675
1.382.288.433
39.739.457.591
1.225.195.957
49.502.225.256
67.619.675.511
6.502.109.853
5.024.989.768
4.677.144.507
6.895.969.847
FINANCIAL EXPENSES
From obligations with the public
From obligations with financial entities
From subordinated, convertible, and preferred
obligations
From other miscellaneous accounts payable
From exchange rate differences and DU
From other financial expenses
605.085.211
93.917.913
25.751.287.708
1.327.388.418
39.504.545.379
2.238.374.569
Total financial expenses
39.210.860.958
53.409.952.215
3.612.233.696
4.436.008.552
Decrease of allowances for impairment or
non-collectability
192.970.535
31.234.248
From recovery of assets and reduction of
allowances and provisions
373.486.581
315.944.369
7.245.587.718
10.120.893.361
4.965.776.438
131.801.942
4.824.122.417
59.413.902
6.884.593
874.728.353
14.464.274
2.040.449.874
1.003.280.562
10.817.533
3.551.665.130
8.027.220.881
9.456.184.137
From allowance for impairment of assets
FINANCIAL RESULT
OTHER OPERATING INCOME:
From service fees
From assets available for sale
Income from interest in other companies’ capital
From exchange and arbitration of foreign
currencies
From other income with related parties
From other operating income
Total other operating income
(Continues)
7
CONSOLIDATED INCOME STATEMENTS
2009
OTHER OPERATING EXPENSES
From service fees
From assets available for sale
From interest of capital in entities
From provisions
From exchange rate and arbitration of foreign
currencies
From other expenses with related parties
From other operating expenses
¢
Total other operating expenses
GROSS OPERATING RESULT
ADMINISTRATIVE EXPENSES
From staff expenses
From other administrative expenses
Total administrative expenses
OPERATING RESULT BEFORE TAXES
AND PROFIT SHARINGS
Profit sharings
Income tax
NET RESULT OF THE PERIOD
Results of the period attributed to
minority interest
Results of the period attributed to the
controller
2008
521.338.497 ¢
414.367.842
1.334.809
127.717.669
555.316.420
181.527.292
434.276.174
10.521.325
826.036.768
644.293.953
11.045.264
699.586.760
2.335.593.084
2.148.402.930
12.937.215.515
17.428.674.568
6.567.944.338
4.393.060.307
8.342.563.576
4.970.626.336
10.961.004.645
13.313.189.912
1.976.210.870
132.065.024
249.335.717
4.115.484.656
185.177.810
706.583.616
56.633.241
¢ 1.594.810.129 ¢ 3.223.723.230
¢
(1.929.253) ¢
2.918.482
¢ 1.596.739.382 ¢ 3.220.804.748
(Concluded)
_______________________
_______________________
Jimmy Vega Madriz
Accountant
_______________________
Internal Auditor
8
35
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
Capital Stock
BALANCE AS OF JANUARY 1st, 2008
Revisión of profits from the previous period
Adjustments
to Equity
¢12.238.531.005 ¢10.029.081.909 ¢ 118.747.627
(12.732.248)
CORRECTED BALANCE AS OF JANUARY 1st, 2008
ORIGINATED IN THE 2008 PERIOD
Adjustments from translation of financial statements
Adjustment from valuation of investments available for
sale, net of income tax
Surplus from revaluation of real estate, furniture, and
Equipment
Results of the 2008 period
Legal reserves and other statutory reserves
Capitalization of profits
Issue of shares
Premium in the placement of shares
Absorption from discount in placement of shares
Dividends for the 2007 period
Non Capitalized
Equity
Contributions
12.238.531.005
10.016.349.661
Equity
Reserves
Total
¢1.289.000.342
53.750
¢ 3.188.408.446
76.110.009
¢26.863.769.329
63.431.511
1.289.054.092
3.264.518.455
26.927.200.840
118.747.627
433.203.015
433.203.015
(105.804.297)
(105.804.297)
2.436.227.725
¢ 1.191.370.890
10.581.140.259
Accumulated
Results at the
Beginning of the
Period
¢ 434.088.833
2.436.227.725
3.223.723.230
¢ 3.223.723.230
(434.088.833)
(1.191.370.890)
______________
¢(9.252.986.978)
1.060.880.990
227.905.620
_____________ ____________
____________
BALANCE AS OF DECEMBER 31, 2008
¢ 24.011.042.154
¢ 2.052.149.293 ¢2.882.374.070
¢1.723.142.925
¢ 2.865.744.407
¢33.534.452.849
ATTRIBUTED TO THE MINORITY INTEREST
¢
¢
¢
¢
¢
ATTRIBUTED TO THE CONTROLLER
¢ 24.011.042.154
20.697.254
1
¢
(200.000)
¢ 2.052.149.293 ¢2.882.374.070
1.142.350
¢1.723.142.925
1.328.153.281
1.060.880.990
(227.905.620)
(1.769.131.935)
3.555.105
¢ 2.865.744.407
(1.769.131.935)
25.194.709
¢33.534.452.849
(Continues)
9
CONSOLIDATED STATEMENT OF CHANGES IN THE STOCKHOLDERS’ EQUITY
BALANCES AS OF JANUARY1, 2009
ORIGINATED IN THE 2009 PERIOD
Adjustments from translation of financial statements
Adjustment from valuation of investments available for
sale, net of income tax
Surplus from revaluation of real estate, furniture, and
equipment
Results of the 2009 period
Legal reserves and other statutory reserves
Capitalization of profits
Capitalization of premium in the placement of shares
Capitalization of contributions
Issue of shares
Dividends for the 2008 period
BALANCE AS OF DECEMBER 31, 2009
ATTRIBUTED TO THE MINORITY INTEREST
ATTRIBUTED TO THE CONTROLLER
Capital Stock
¢ 24.011.042.154
Non Capitalized
Equity
Contributions
Adjustments
to Equity
¢ 2.052.149.293 ¢2.882.374.066
Equity
Reserves
¢1.723.142.932
______________
¢26.951.909.192
¢
21.365.975
¢26.951.909.192
¢ 2.865.744.407
Total
¢33.534.452.852
37.860.771
37.860.771
487.357.559
487.357.559
198.600.847
871.212.866
1.820.275.717
249.378.455
Accumulated
Results at the
Beginning of the
Period
281.671.279
1.594.810.129
(281.671.279)
(871.212.866)
198.600.847
1.594.810.129
(1.820.275.717)
(249.378.455)
22.942.578
22.942.578
______________ ______________ ______________
(1.442.748.962)
(1.442.748.962)
¢
5.437.699 ¢3.606.193.243 ¢2.004.814.211 ¢ 1.864.921.429 ¢ 34.433.275.774
¢
¢
79.774 ¢
1.772.600 ¢
7.415.477 ¢
30.633.826
¢
5.437.699 ¢3.606.193.243 ¢2.004.814.211 ¢ 1.864.921.429 ¢ 34.433.275.774
1
(Concluded)
_______________________
_______________________
Jimmy Vega Madriz
Accountant
_______________________
Internal Auditor
10
37
CONSOLIDATED CASH FLOWS STATEMENTS
CASH FLOWS IN THE OPERATING
ACTIVITIES:
Result of the period
Items applied to results that do not
require the use of funds:
Net variation in the allowance for
doubtful accounts
Minority interest
Net variation in the allowance for assets
available for sale and accounts and interests
receivable
Depreciation and amortization
2009
2008
¢ 1.594.810.129
¢ 3.223.723.230
3.997.642.065
3.081.908.569
3.612.233.696
1.929.253
2.080.768.763
(2.918.482)
(120.676.094)
504.155.210
Variation in the assets (increase) or
decrease:
Marketable securities
Investment properties
Credits and cash advances
Assets available for sale
Accounts and interests receivable
Other assets
27.362.067.473
(8.700.432.472)
68.935.169
935.123.119
41.798.253.531
(4.016.943.834)
(548.523.423)
(1.170.286.329)
(15.776.588.294)
328.205.211
2.386.373.715
(16.565.304.712)
(1.182.565.848)
(880.152.722)
136.856.062
Variation in the liabilities, increase or
(decrease):
Obligations at sight and on terms
Other accounts payable and provisions
Other liabilities
Minority interest
2.408.728.173
5.370.118.020
(753.594.461)
(2.211.305.249)
3.509.863
23.301.626.295
24.023.178.597
(969.367.029)
228.265.627
19.549.100
Net cash flows provided by the operating
activities
35.363.247.840
13.830.669.800
511.616.702
3.894.156.577
CASH FLOWS USED IN
THE INVESTMENT ACTIVITIES:
Decrease in investments (except marketable
securities)
Participations in cash in other companies’
capital
13.982.413
(Continues)
11
CONSOLIDATED CASH FLOWS STATEMENTS
2009
Acquisition of real estate, furniture, equipment
and intangible assets
Net cash flows provided by
investment activities
¢
49.585.126
561.201.828
CASH FLOWS IN THE FINANCING
ACTIVITIES:
Variation in other financial obligations
Payment of dividends
Premium in the placement of shares
New subordinated obligations
Issue of shares
Net cash used in the financing
activities
(18.959.861.833)
195.449.622
(1.442.748.962)
22.942.578
(20.184.218.595)
ADJUSTMENT FROM VARIATION IN
EXCHANGE RATE TO CONVERT THE
ASSETS AND LIABILITIES OF BRANCHES
CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF THE YEAR
CASH AND CASH EQUIVALENTS AT THE
END OF THE YEAR
2008
¢
(463.762.320)
3.444.376.669
(28.847.773.185)
(1.769.131.935)
1.060.880.990
8.347.649.184
1.328.153.281
(19.880.221.665)
37.860.771
433.203.015
33.909.793.976
36.081.766.157
¢ 49.687.885.820
¢ 33.909.793.976
(Concluded)
_______________________
_______________________
Jimmy Vega Madriz
Accountant
_______________________
Internal Auditor
“The external auditors’ opinion, the respective financial statements, the accounting policies used and other notes
are available to the public at the branches of Grupo Financiero Improsa, S.A. and Subsidiaries, at their website:
www.improsa.com, at their offices, and at the website of the General Superintendence of Financial Entities:
www.sugef.fi.cr.
According to the provisions set forth in Article No.13 of the Securities Market Regulatory Law, the authorization to
make a Public Offer does not imply a rating whatsoever
12 on the goodness of fit of the issue nor the ability
to pay of the issuer”.
39
Telephone: (506) 2284-4000
www.improsa.com

Annual Report

Transcription

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