inversiones la construcción sa and subsidiaries

Transcription

Name
Inversiones La Construcción S.A.
TAX ID
94,139,000-5
Type of Entity
Open stock corporation registered under the
Superintendence of Securities and Insurance
(SVS)
Address
Marchant Pereira 10, Piso 17, Providencia,
Santiago Chile
Phone
(56-2) 24774600
Web Site
www.ilcinversiones.cl
Name
TAX ID
94,139,000-5
Type of Entity
(SVS)
Address
Santiago Chile
Phone
(56-2) 24774600
Web Site
“Inversiones La Construcción S.A.” was formed as a closed stock corporation named “Sociedad de Inversiones y Rentas
La Construcción S.A.”, as part of the division process of the company “Compañía de Seguros La Construcción S.A.”,
agreed by the Extraordinary Shareholders Meeting of the latter held on April 29, 1980, whose minute became a
public deed dated October 22, 1980, presented to the Santiago Notary Public Mr. Enrique Morgan Torres; transaction
which was approved by the Chilean Superintendence of Insurance Companies, Corporations and Stock Exchanges
by means of resolution N° 642-S dated December 2, 1980. Such resolution was registered on page 18,638, number
9,551, in the 1980 Santiago Registry of Commerce of Real Estate and published in the Official Journal on December
17, 1980. On June 19, 2012, ILC registered its stock in the Superintendence of Securities and Insurance (SVS).
LE T TER FROM THE CHAIRMAN
OWNERSHIP STRUCTURE
BOARD OF DIRECTORS AND MANAGEMENT
BUSINESS PROFILE
HISTORICAL BACKGROUND
SOCIAL RESPONSABILIT Y
MANAGEMENT RESULTS 2012
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SUBSIDIARIES
RE TIREMENT & INSUR ANCE SECTOR
PRIVATE HE ALTHCARE SECTOR
OTHER SECTORS
CORPOR ATE AFFAIRS
FINANCIAL STATEMENTS (*)
SUBSCRIPTION OF THE ANNUAL REPORT
(*) This Annual Report is a free traslation of the original text.
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LETTER FROM
THE CHAIRMAN
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DEAR SHAREHOLDERS,
It is with great pleasure that I share with you the
stemming from the performance of the company’s
company’s business results and accomplishments for
operative firms, such as AFP Habitat, the insurance
the year 2012.
company Vida Cámara, Red Salud, and Isapre Consalud.
This result is greater than the one reported on 2011
For over 30 years, the Chilean Construction Chamber
and can be explained by the favorable economic
has developed a successful business, centering most
climate experienced in Chile, which can be observed in
of its activity in ILC. During 2012, we witnessed a
higher employment rates, an increase in employment
transcendental event: the initial public offering of ILC
formalization, and higher salaries. These events impact
in the stock market for a total of US $468 million,
our business directly, increasing revenue. Additionally,
incorporating over 4,000 shareholders and becoming
our priority to constantly control costs within all our
the largest initial public offering in Chile’s history to
subsidiaries has led to growing profits year after year.
date. This operation fulfilled a significant institutional
objective: increase operational and financial standards
With respect to our operating firms, our company
within ILC, driving the company to increase regulations
maintains control of AFP Habitat with a 67.5%
and better practices according to those required by
ownership. Since its incorporation, AFP Habitat has
the domestic capital market, and having taken place
been placed as one of the leading AFPs in the Chilean
under the Rule 144A, allowed a widespread diffusion
market, being the AFP with the second highest market
of the offer to international markets, consequently
participation of account holders and assets unded
incorporating a large percentage of foreign shareholders.
management.
Within the scope of financial management, in 2012
I would like to highlight the recent allocation of bids for
the company reached net income of $83,031 million,
new account holders in the Peruvian pension system to
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AFP Habitat, which implies a potential of 700,000 new
taxable wage base which allowed greater monthly
account holders within a two year period, this result is a
contributions.
milestone of cread significance and marks the beginning
of the international expansion of our business.
Red Salud, the entity that groups our healthcare
institutions, stands out due to its significant growth in
AFP Habitat received an award for one of the most
operations and improvements in infrastructure, which
important private and public initiatives in Chile, which
held the spotlight in the inauguration of the Clínica
was granted by a prominent local newspaper. This
Bicentenario in 2011. Furthermore, it has progressed in
award was defined within the context of the reduction
terms of transparency and regulation by registering in
of fees from a 1.36% to 1.27%, which was applied to
the Registry of the Superintendence of Securities and
all contributing members of AFP Habitat as of June of
Insurance that culminated with the successful issuance
2012. During 2012, this company reached a net income
of bonds in the local market on January of 2012.
of $74,576 million.
In 2012 we observed a growth in infrastructure, reflected
Regarding Isapre Consalud, towards the end of 2012
in; the expansion of Clínica Tabancura, a project that
a law was presented to Congress which proposes the
will incorporate more than 80 new beds in a building
creation of a mandatory and uniform Guaranteed
contiguous to the existing hospital; in the inauguration
Health Plan for all those insured by the Health Insurance
of the emergency unit of Clínica Avansalud; the full
provider. This project will probably be debated in 2013,
use of 228 beds built in Clínica Bicentenario, and in the
but we fully trust that the flexibility of Consalud and its
recurring investment in our regional hospital Network.
almost thirty years of experience in the sector will permit
the company – as it has until now – to successfully face
Red Salud companies reported a net profit of $2,625
the changes and challenges that imposes the regulation.
million, greater than what was reported in 2011, yet still
being affected by the launch of Clínica Bicentenario.
Isapre Consalud attained a net profit of $10,310 million
in the year 2012, due to the increase in revenue as
In the life insurance sector, the insurance company
well as systematic monitoring of costs. The increase
Vida Cámara successfully participated in the bidding of
in revenue is primarily due to the addition of new
disability and survivors’ insurance (SIS) for the periods
contributing members as well as an increase in the
2009-2010 and 2010-2012. In the recent bid of the
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SIS, the company was not assigned any fractions, only
As I have mentioned in this letter, the year 2012 has
obtaining income from this concept until June of 2012.
been a period of great economic activity, marked by
Observing the opportunities in the insurance market,
historic results and significant transformations which we
in January of 2012, Vida Cámara began to offers
are sure will have a positive impact in the future, and I
complementary health and life insurance, generating
cannot sufficiently highlight the crucial commitment and
sustained growth evidenced by more than 185,000 new
tasks accomplished by our Board of Directors, those of
beneficiaries during 2012.
our subsidiaries, and the more than 10,500 collaborators
that contribute on a daily basis to the growth of the
Our Desarrollos Educacionales company, offers higher
Company.
education services through its network of private schools
Pumahue and Manquecura, and since March 2011, to its
I must reiterate alongside the Board of Directors, our
first-subsidize private school, Nahuelcura. With regards
profound gratitude for the support and trust you have
to quality of education, we are proud that our initiative
granted in our administration.
seeks to reduce the gap between public schools and
traditional private schools. It is with this in mind that the
Pumahue school of Peñalolén has been placed within the
top 100 best schools in Chile in accordance with its PSU
scores. In financial terms, the net income of Desarrollos
Educacionales amounted to $1,138 million.
Finally, iConstruye, our information technology
company, is currently developing important initiatives
in transactional platforms and technological integration
services in diverse sectors, which we firmly believe will
have a positive impact in their future results. During
2012 it obtained a net income of $645 million, relying
on an extensive client portfolio in both the real-estate
and construction sectors.
Daniel Hurtado Parot
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OWNERSHIP
STRUCTURE
Inversiones La Construcción S.A. (also referred to in this
document as “ILC”, the “company”, or “corporation”) is
controlled by the Chilean Chamber of Construction A.G
(referred to as “CChC” or “Chamber”). The initial public
offering of ILC took place on July of 2012 propelling an
increase in capital, translating to the sale of approximately
33% of CChC shares to both domestic and foreign
investors. By December of 2012 the CChC held control
of 67% of ILC, while 20.6% is owned by private investors
and Mutual Funds in Chile, and a 12.4% is in the custody
of foreign investors.
MAIN SHAREHOLDERS
By December 31, 2012, signed and paid-in capital was divided into 100,000,000 shares. The following are the top
12 shareholders at year end 2012:
OWNERSHIP AND CONTROL OF THE ENTITY
TAX ID
OWNERSHIP
PERCENTAGE
Cámara Chilena de La Construcción A.G.
81,458,500-K
67.00%
Banco Santander por Cuenta de Inv. Extranjeros
97,036,000-K
5.88%
BICE Inversiones Corredores de Bolsa S.A.
79,532,990-0
4.16%
Banco de Chile por cuenta de terceros no residentes
97,004,000-5
3.91%
IM Trust S.A. Corredores de Bolsa
96,489,000-5
2.75%
Banco Itaú por Cuenta de Inversionistas
76,645,030-K
2.57%
Celfin Capital S.A. Corredores de Bolsa
84,177,300-4
1.28%
Larrain Vial S.A. Corredora de Bolsa
80,537,000-9
1.14%
Banchile Corredores de Bolsa S.A.
96,571,220-8
1.11%
Moneda S.A. AFI para Pionero Fondo de Inversión
96,684,990-8
0.83%
BCI Corredores de Bolsa S.A.
96,519,800-8
0.76%
Consorcio Corredores de Bolsa S.A.
96,772,490-4
0.76%
Others
7.85%
TOTAL
100.00%
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THE CCHC IS AN NON - PROFIT CORPORATION, WITH A SOLID
INSTITUTIONAL FRAMEWORK OF MORE THAN 60 YEARS, AND WHOSE
OBJECTIVE IS TO CONTRIBUTE TO THE WELL-BEING OF CHILEANS VIA THE
DEVELOPMENT OF THE CONSTRUCTION SECTOR.
BOARD OF DIRECTORS
AND MANAGEMENT
BOARD OF DIRECTORS
DIRECTOR
PAULO BEZANILLA
SAAVEDRA
RUT: 7,060,451-5
Civil Engineer
Pontificia
Universidad Católica de Chile
CHAIRMAN
DANIEL HURTADO PAROT
RUT: 7,010,350-8
Construction Engineer
Pontificia
VICE CHAIRMAN
GASTÓN ESCALA AGUIRRE
RUT: 6,539,200-3
Civil Engineer
Pontificia
DIRECTOR
ALBERTO ETCHEGARAY
AUBRY
RUT: 5,163,821-2
Civil Engineer
Pontificia
DIRECTOR
ÍTALO OZZANO CABEZÓN
RUT: 9,082,624-7
Civil Engineer
Universidad de Santiago
MBA, ISPER, Sao Paulo
DIRECTOR
JOSÉ MIGUEL GARCÍA
ECHAVARRI
RUT: 6,747,949-1
Civil Engineer
Universidad de Chile
DIRECTOR
LORENZO CONSTANS GORRI
RUT: 5,816,225-6
Construction Engineer
Universidad de Santiago
DIRECTOR
FRANCISCO VIAL BEZANILLA
RUT: 6,400,466-2
Civil Engineer
Pontificia
DIRECTOR
SERGIO TORRETTI COSTA
RUT: 6,551,451-6
Businessman
2013, an independent Board member will be included
maintaining nine members in the Board of Directors.
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With regards to the ILC’s subsidiaries, these are
administrated independently by their respective chief
executives, whom apart from being legal representatives,
instill the fulfillment of directives and guidelines
established by their Board of Directors.
At December, 2012 the Board of Directors of ILC consists
of nine members, elected annually by the Annual
Shareholders Meeting. The technical profile of the Board
is formed by the diverse fields of expertise covered by
professionals and businessmen linked to the construction
sector, but that simultaneously complement each other
with skills and knowledge of different areas. According
to article 50 bis of the Corporations Law, as of April
MANAGEMENT
CHIEF FINANCIAL AND INVESTOR
RELATIONS OFFICER
IGNACIO GONZÁLEZ
RECABARREN
RUT: 13,235,095-7
Commercial Engineer
MBA, IE Business School,
Madrid, Spain
CHIEF EXECUTIVE OFFICER
PABLO GONZÁLEZ FIGARI
RUT: 9,611,943-7
Commercial Engineer
Pontificia Universidad Católica de Chile
MBA, University of Notre Dame,
United States of America
DEPUTY RESEARCH
MANAGER
NICOLE WINKLER
SOTOMAYOR
RUT: 13,165,955-5
Agronomist
Masters in Economics (c)
Pontificia Universidad
Católica de Chile
BOARD ADVISOR
LUÍS LARRAÍN ARROYO
CONTROLLER
CHIEF ACCOUNTING OFFICER
CRISTÓBAL CRUZ
BARROS (*)
RUT: 6,866,245-1
Commercial Engineer
Universidad Adolfo Ibañez
ROBINSON PEÑA
GAETE
RUT: 9,184,681-0
Accountant
Universidad Católica del Norte
(*) To be incorporated in January of 2013
DEPUTY CONTROL
MANAGER
GERMÁN MENÉNDEZ
ROMERO
RUT: 13,433,543-2
Commercial Engineer
Católica de Chile
DEPUTY MANAGER
DEVELOPMENT
JAVIER GALDAMES
CERDA
RUT: 15,766,663-0
Commercial Engineer
Masters in Economics,
Católica de Chile
LEGAL ADVISORS
PRIETO Y CÍA. ABOGADOS
COMPANY STAFF
Officers3
Professionals and Technicians 5
Administrative4
GENERAL ACCOUNTANT
JUAN OLGUÍN
TENORIO
RUT: 7,493,677-6
Account Auditor
EXTERNAL AUDITORS
KPMG AUDITORES
CONSULTORES LTDA.
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BUSINESS
PROFILE
ILC stands out for having a business portfolio of firms
that provide key services for the development of the
country, primarily belonging to the pensions and
health sectors. These sectors, in which ILC participates
in, correspond to the vision held by its controlling
shareholder CChC.
PRIVATE HEALTHCARE SECTOR
RETIREMENT & INSURANCE SECTOR
OTHER SECTORS
ILC participates in the pension segment with a 67.48%
ownership of AFP Habitat, through Sociedades
Inversiones Previsionales Dos S.A. and Inversiones La
Construcción Limitada.
Among the other sectors both the education and
information technology sectors are strongly represented
through the participation in Desarrollos Educacionales
and iConstruye, respectively.
In the areas of life and health insurance, ILC controls
99.9% of Isapre Consalud and the Compañía de
Seguros Vida Cámara. Towards the end of 2011,
Compañía de Seguros Vida Cámara incorporated a
team of professionals and experts in the field of health
insurance, intending to broaden its product repertoire
in the complementary areas of health and life insurance.
Additionally, the Company keeps an investment portfolio
of approximately MM$ 64,000 and real estate assets
for rent, consisting of an investment portfolio of an
estimated MM$ 16,000, which contains land and real
estate assets.
In the health sector, ILC controls 89.9% ownership of
Empresas Red Salud, which acts as one of the main
private providers of hospital and outpatient services in
the country.
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IN ACCORDANCE TO THE VISION OF ITS CONTROLLING SHAREHOLDER,
ILC RUNS BUSINESSES THAT PROVIDE SERVICES THAT IMPROVE THE
WELL-BEING AND QUALITY OF LIFE OF PEOPLE.
CORPORATE STRUCTURE
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Consolidated Operating Revenue 2012
17.9%
40.6%
14.5%
24.2%
2.8%
AFP Habitat
Isapre Consalud
Vida Cámara
Red Salud
Others
Dividends Received 2012
43.1%
18.6%
36.5%
1.0%
0.7%
AFP Habitat
Isapre Consalud
Vida Cámara
Red Salud
Others
THE GROUP OF COMPANIES THAT FORM ILC HAVE PRESENTED
ORGANIC GROWTH THROUGHOUT TIME, FAVORED BY
ALLIANCES FORMED WITH WORLD-CLASS FIRMS, WHICH HAVE
GREATLY CONTRIBUTED WITH THEIR PROFOUND KNOWLEDGE
AND EXPERIENCE TO THE SOLID DEVELOPMENT OF JOINT
BUSINESS PLANS.
Net Income and ROE
DIVIDENDS RECEIVED
(Millions)
$
$
0.18x
NET WORTH ATTRIBUTABLE TO OWNERS
OF THE PARENTS
(Millions)
OPERATING INCOME
(Millions)
COMPANY EMPLOYEES
(Persons)
$
$
63,984
427,955
NET INCOME ATTRIBUTABLE TO OWNERS
OF THE PARENTS
(Millions)
$
83,031
ILC Stock Price vs. IPSA
78,899
NET FINANCIAL DEBT
678,055 12
RETURN ON EQUITY
19.3%
EMPLOYEES OF THE COMPANY
AND ITS SUBSIDIARIES
(Persons)
10,636
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FINANCIAL INVESTMENTS
(Millions)
HISTORICAL BACKGROUND
1980
“Inversiones La Construcción” becomes the investment
company of CChC.
1981
ILC acts as the founding shareholder for AFP Habitat in the
new social security system field mandated by D.L. N°3,500.
Since then AFP Habitat has maintained a sustained growth
rate, reaching a leadership position in the industry.
1984
The CChC, within the new legal framework of the Health
industry, forms a private corporation named “Instituto de
Salud Previsional de la Construcción”, commonly known as
Isapre Consalud. The health insurance provider launches its
activities in January and today is number one in the market in
terms of beneficiaries, and second in number of contributor.
1985
The life insurance company Compania de Seguros de Vida La
Construcción is created with the purpose to provide disability
and survivors’ insurance (SIS in its Spanish acronym) to AFP
Habitat, previously contracted with several life insurance
companies.
1989
The CChC inaugurates its new 36,000 m2 building at the
corner of Street Marchant Pereira and Providencia Avenue,
with the objective to meet its growth in operations and to
have CChC, AFP Habitat, Isapre Consalud, and the life
insurance company La Construcción altogether in the
same building.
1996
The association between Inversiones La Construcción and
Citigroup takes place in order to jointly control AFP Habitat,
through the entity “Inversiones Previsionales S.A.”
1997
The firm Royal & Sun Alliance acquires 40% ownership of the
life insurance company Compania de Seguros de Vida La
Construcción and begins to participe in the administration
of the company.
The company “Desarrollos Educacionales” is incorporated,
and along with different subsidiaries, plans creates and
operates educational institutions.
1998
The CChC transforms Isapre Consalud into a corporation,
keeping its role as an insurance company.
The firm Royal & Sun Alliance increases its participation
in the life insurance company Compania de Seguros de
Vida La Construcción by increasing its ownership to 51%
of the company.
2000
As a consequence of the division and modification of
Isapre Consalud’s by-laws, on November 20th of 2000,
Megasalud S.A. emerges as the provider of outpatient
services, providing medical and dental care.
2001
ILC enters into the e-business segment by creating a platform
for the purchase and payment of supplies to construction
suppliers, called iConstruye.
2003
ILC acquires the 51% ownership that Royal & Sun Alliance
held in the life insurance company Compania de Seguros
de Vida La Construcción.
2004
The company divests its insurance business by selling 100%
of the life insurance company Compania de Seguros de
Vida La Construcción.S.A. to Bicecorp. .
2005
The CChC contributes 99.9% of Isapre Consalud to the
Company through a capital increase.
2008
As a result of the substantial growth and market position of
companies providing health services throughout the country,
“Red Salud” becomes the parent company, aiming to control
and manage the companies and other investments related
to ILC in the health sector.
2009
After the Pensions Reform of 2008, the Company decides
to reenter the life insurance sector in order to participate in
the bidding of the Disability and Survivors’ Insurance (SIS
in its Spanish acronym) hired by the AFPs, by acquiring the
company RBS (Chile) Seguros de Vida S.A., a subsidiary of
the Royal Bank of Scotland. That same year the company
Compañía de Seguros de Vida Cámara is created and is
awarded 28% of the SIS for the period between July 2009
and June 2010.
Red Salud begins its construction work for the Clínica
Bicentenario, a US$ 100 million investment.
2010
ILC reaches, through a public offering of shares, 81.48%
ownership of AFP Habitat, ending its joint administration
agreement with Citigroup. Following the public offering
(OPA in its Spanish acronym), the company sells 14% of its
ownership of AFP Habitat in the market.
Compañía de Seguros Vida Cámara is awarded 36% of
the SIS for the period between July 2010 and June 2012.
Red Salud inaugurates the US$ 30 million expansion
investment of its facilities in the Clínica Avansalud, going
from an initial 9,000 m2 to a fully integrated 31,000 m2
building boasting cutting-edge technology.
2011
I L C re gis te r s in t h e R e gis t r y of S e cur it i e s of t h e
Superintendence of Securities and Insurance, and successfully
completes its first bond issuance in the market.
Desarrollos Educacionales inaugurates its first partly statesubsidized private school Nahuelcura, located in the Machalí
neighborhood.
Compañía de Seguros Vida Cámara incorporates a team
of expert professionals in the area of health insurance aiming
to strengthen its participation in the health and life insurance
industry.
Red Salud inaugurates the Clínica Bicentenario, with over
62,000 m2 of building area.
2012
In January, Red Salud successfully completes its bonds
placement in the market.
ILC successfully carries out its first public offering, fixing the
per share price at $7,061, raising US$468 million, the larget
initial public offering to ever take place in the Chilean stock
market. A total of 4,000 investors participated, including
natural, legal, and institutional persons along with foreign
investment funds, which altogether amounted to a total
US$ 2,236 million orders. This generated a surplus of demand
that exceeded, by almost five times, the placement value.
In 2012, AFP Habitat’s subsidiary, Habitat Andina S.A., was
created, being awarded the first 2 years of the administrative
services of the accounts of new account holders to the Private
Pensions System (SPP in its Spanish acronym) in Peru.
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1999
SOCIAL
RESPONSABILITY
A s the controlling shareholder of Inversiones La
Construcción, the CChC participates through CChC Social
in diverse social projects, which serve as a mechanism for
partner firms to exercise corporate social responsibility.
These projects arise from the Chamber’s partner
construction businessmen as the solution to meet their
employees and families’ needs in the areas of professional
training, health, housing, education, social development,
culture, sports, and recreation.
CChC Social organizes and coordinates non-profit
organizations that are at the disposal of CChC partner
firms. These entities are responsible for the execution
of social projects in different fields, fulfilling the social
commitment to improve worker and their families’ quality
of life on behalf of construction employers.
In 2012, CChC Social carried out a total of 61 social
projects, reaching a social investment of UF252,285
directing 213,360 towards benefits for construction
workers and their families, to children and youth
attending the schools Coreduc and child centers
Coprin. Additionally, UF11,654 were invested in the
hospitalization plan “Construye Tranquilo”, reaching a
total of 7,329 beneficiaries.
For the period of 2013, the resources required to
implement 66 social projects were approved, reaching
an unprecedented figure of social investment undertaken
by the CChC for a total of UF342,054, which will grant
265,192 to social benefits. Moreover, the hospitalization
plan “Construye Tranquilo” will be continued with an
investment of UF 32,141, facilitating health coverage for
18,529 construction employees and their families.
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FOR THE PERIOD OF 2013, THE RESOURCES TO IMPLEMENT 66 SOCIAL
PROJECTS WERE APPROVED, REACHING THE HIGHEST HISTORICAL
FIGURE OF SOCIAL INVESTMENT PASSED BY THE CHILEAN CHAMBER OF
CONSTRUCTION (CCHC) FOR A TOTAL OF UF 342,054, OF WHICH WILL IN
TURN PROVIDED 265,192 PLASES IN SOCIAL BENEFITS.
MANAGEMENT
RESULTS 2012
DURING 2012, ILC REACHED A NET INCOME OF $83,031 MILLION.
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ILC Inversiones obtained a profit of $83,031 million,
a 1.8% increase in comparison to the $81,570 million
earned in 2011 throughout the same period, mainly
due to the higher earnings of AFP Habitat, highlighting
$14,906 million, due your to the higher encaje. These
results were compensated by the lower income obtained
by Compañía de Seguros Vida Cámara and the increase
in tax rates to a 20% due to the 2012 tax reforms on
first-category and deferred taxes.
By December of 2012 ILC’s income increased by 2.1%
as of to December 2011, as a result of greater activity
at Clínica Bicentenario, while higher income was
achieved by Isapre Consalud due to a greater number
of contributing members, compensate by the lower
income obtained from premiums of the Compañía de
Seguros Vida Cámara associated to the SIS, given that
during 2012 no portion of the third bidding of the SIS
was gained.
EARNINGS COMPOSITION FOR THE PERIOD
2012
MM$
2011
MM$
120,650
126,136
Non-operating Income(2)
17,471
(1,081)
Taxes and Income Attributable to Non-controlling Interests(3)
(55,090)
(43,485)
Net Income(4)
83,031
81,570
Operating Income(1)
(1)
Includes the accounts: revenue from ordinary activities, cost of sales, earnings that emerge from the decrease in financial asset accounts measured amortized cost, other
profits by function, distribution costs, administrative expenses, research and development costs, other functional costs and earnings (losses).
(2) Includes the accounts: financial income, financial costs, equity in earnings (losses) associated with joint enterprises, foreign exchange differences, unit readjustment
results, and earnings (losses) that emerge from the difference between the previous book value and the fair value of reclassified financial assets at reasonable value.
(3) Includes the accounts: taxes on income and earnings (losses) attributable to non-controlling interests.
(4) Corresponds to the earnings attributable to the owners of the controlling shareholdings.
23
By December of 2012, ILC’s non-operating income
reported a gain of $17,471 million, which can be
positively compared to the loss of $1,081 million in the
2011 financial year. This difference is primarily explained
by the greater financial income from AFP Habitat’s encaje
and ILC’s investment portfolio.
Private Healthcare Sector: Red Salud obtained an
RESULTS BY SECTOR
Other Sectors and Units: displayed an operating income
operating income of $9,185 million by December of 2012.
It is worth noting that at the outset of 2011, Red Salud
opened to the public its subsidiary Clínica Bicentenario,
which continues to display a negative operating income
associated with launching the facilities.
of $2,185 million during the 2012 financial year.
Retirement & insurance Sector: in 2012 its operating
income was $109,280 million, and is primarily due to
AFP Habitat’s operating income of $73,426 million, Isapre
Consalud’s $11,957 million, and Compañía de Seguros
de Vida Cámara $23,897 million.
MANAGEMENT HIGHLIGHTS 2012
O n M ay 25th of 2012, the Co mpany a cquire d
232,800,000 shares from its subsidiary Empresas Red
Salud S.A., of which it reached 89.99% ownership.
COMPOSITION OF NON-OPERATING INCOME AND OTHERS
2012
MM$
2011
MM$
Financial Income
27,993
9,183
Financial Expenses
(11,970)
(11,029)
4,416
3,335
(120)
303
Inflation adjustment results
(2,848)
(2,873)
Non-operating results
17,471
(1,081)
Income Tax
(31,178)
(23,273)
Earnings (losses) attributable to non-controlling interests
23,912
20,211
(37,619)
(44,565)
Equity earnings in associate and joint ventures
Exchange differences
Total Non-operating income, taxes and Income of non-controlling interests
On July 20th, ILC releases an initial and secondary public
offering that collects US$ 486 million, becoming the
largest initial public offering in the country’s history. The
capital increase indicated the subscription and payment
of 3,699,705 new shares, which to date on current
financial statements reaches a total of 100,000,000
shares. The fixed price per share in the placement was
$7,061 pesos.
During the first trimester the subsidiary Red Salud
emitted bonds for a total of UF 2,000,000, sum that
will be used in order to finance new investment projects
and pay off debt.
During the second trimester of 2012 the third bidding
of the disabilities and survivors’ insurance took place for
the July 2012 – June 2014 period, an event of which the
Compañía de Seguros Vida Cámara participated in until
June of 2012, since no fraction of the SIS bids were
awarded. From January 2012 onward, the Compañía
de Seguros Vida Cámara focuses its efforts onto new
health and life insurances.
COMPOSITION OF BALANCE SHEET ACCOUNTS AND FINANCIAL RATIOS
2012
MM$
2011
MM$
55,386
68,599
Current financial assets
149,586
161,116
Non-current financial assets
214,522
188,831
Property, plant, and equipment
234,517
227,581
Investment properties
26,867
21,683
Current financial liabilities
28,361
22,425
187,141
149,677
97,168
61,794
427,955
433,009
0.18
0.14
19.3%
19.7%
ASSETS AND LIABILITIES
Trade Accounts Receivables
Non-current financial liabilities
Payable trade accounts
Net worth
Net financial debt
(1)
Profit over equity(2)
(1) (Current financial liabilities + Non-current financial liabilities – Cash and cash equivalents)/ Total Equity
(2) ROE calculated Income attributable to the Controlling Shareholder / Average Equity Attributable to the Controlling Shareholder
24
25
On June 12th, a shares exchange took place where
37,031,553 shares the Company had until that date were
swapped for 96,282,038 shares pertaining to the new
issue, by exchanging 2.6 new shares for each existing
share at the moment.
SUBSIDIARIES
IN ACCORDANCE TO THE VISION OF ITS CONTROLLING
SHAREHOLDER, ILC ACTIVELY PARTICIPATES IN THE
RETIREMENT & INSURANCE SECTOR.
27
RETIREMENT & INSURANCE SECTOR
26
NUMBER OF TOTAL CONTRIBUTOR
MONTHLY AVERAGE
(year 2012)
1,267,888
NUMBER OF ACCOUNT HOLDERS
MONTHLY AVERAGE
(year 2012)
2,156,612
NUMBER OF BRANCHES
27
SERVICE CENTERS
16
MOBILE SERVICE CENTERS
7
NUMBER OF EMPLOYEES
1,207
28
A FP Habit at, from here on referred to as “the
Administrator”, is a public corporation established in 1981
under the new pensions system, the Company acting
as its founding shareholder. In 1996, the association
between ILC and Citigroup is formed, which jointly
begin to control AFP Habitat with an 80.46% ownership.
When 2012 was drawing to a close, after the initial public
offering and the subsequent 14% sale that took place in
2010, ILC continues to control AFP Habitat with a 67.5%
ownership, through Inversiones Previsionales Dos S.A.
And Inversiones La Construcción Ltda.
The pension’s reform of 2008 consolidated the current
pensions system and resulted in certain changes
within the industry, such as the joint bidding for the
disabilities and survivors’ insurance and the bidding for
new account holders. From August of 2010 onward, a
new administrator was incorporated via the bidding of
account holders, of which all new employees must join
once they have entered the work force. After a two year
period these account holders can freely choose which
AFP to belong to.
OWNERSHIP STRUCTURE OF AFP HABITAT
COMPANY
SHAREHOLDING
2012
%
Inversiones Previsionales Dos S.A.
40.23%
Inversiones La Construcción Limitada
27.26%
Inversiones Unión Española
3.70%
Banco de Chile por cuenta de terceros no residentes
2.49%
LarrainVial S.A. Corredora de Bolsa
2.34%
Santander S.A. Corredora de Bolsa
1.55%
IM Trust S.A. Corredora de Bolsa
1.53%
Banchile Corredora de Bolsa S.A.
1.53%
Others
19.37%
TOTAL
100.00%
Source: Superintendence of Securities and Insurance.
29
AFP Habitat participates in the pensions industry, which
abides by the DL N°3,500 in the administration of
pension funds related to mandatory pension savings and
voluntary savings, which include a voluntary pensions
saving account (APV) and a voluntary savings account
(CAV). Furthermore, it provides pensions in the form of
programmed retirement funds and temporary income.
In December of 2012, AFP Habitat was awarded the first
bid for the administrative services of individual accounts
of new account holders of the Private Pensions System
(SPP) in Peru.
•
contributions through its investment in Servicios
de Administración Previsional S.A. (Previred) and
the administration of financial securities documents
through its investment in the central securities
depository, Depósito Central de Valores S.A., (DCV
in its Spanish acronym).
Administration of unemployment insurance through
its investment in Administradora de Fondos de
Cesantía de Chile S.A.
AFP Habitat concentrates its business activities in:
• Administration of mandatory pension savings for
account holders.
• Administration of voluntary, non-pension savings or
unrestricted savings (CAV).
• Administration of voluntary pension savings (APV
and APVC).
• Provision and payment of programmed retirement
funds and temporary income for pensioners.
At the end of 2012, AFP Habitat relies on a total of
2,146,860 account holders, which represent 23.2% of
the total in the pensions system. Being in second place
in the market, with a monthly average of 1,267,888
contributors and an average monthly income that
reached UF 25.2, there has been a real increase of 6.8%
with respects as of 2011. This growth was 3.9% higher
than the total remunerations in the AFP system. The rise
in contributors, along with the surge in average taxable
income, resulted in a growth of 9.5% in total contributed
income.
Additionally, AFP Habitat provides the following services:
• Support for pension and investment management,
such as the collecting of electronic pension
The pension funds’ assets under mangement by AFP
Habitat up to December 31st of 2012, amounted to
US$ 41,928 million, with a 25.9% market share.
Participation of AFP Habitat in the total
number of contributors in the pension
funds system by December of 2012
20%
9%
24%
8%
4%
35%
Source: Superintendence of Pensions
Capital
Cuprum
Habitat
Modelo
Planvital
Provida
Evolution of assets under managemnts by AFP Habitat
(US$ million)
$
279,020
EQUITY
(millions)
$
230,284
REGULAR INCOME
(millions)
121,301
$
NET INCOME
(millions)
74,576
$
30
31
ASSETS
(millions)
With regards to pension savings, AFP Habitat is leading in
terms of administrated payments in its voluntary pension
savings (APV) and voluntary savings account (CAV)
products, with a market share of 33.3% and 35.3%,
respectively.
During 2012, AFP Habitat led in the profitability of
pension funds for the past 36 months, being first place
in the average annual profitability for its five funds.
Moreover, for its fourth consecutive year within a period
of 5 years (60 months), AFP Habitat achieves first place
for four of its administrated funds and second place for
its fifth fund.
AFP Habitat income before taxes
($ billion)
The obtained results were recognized by the international
consulting firm Fund Pro Latin Asset Management, which
honored AFP Habitat with two awards: “The AFP of the
Year”, for the performance of its aggregate 5 funds,
taking into account the best performance within a period
of 36 months that ended in June of 2012, as well as an
honorable mention for obtaining the highest returns in
Funds A, C, and D.
AFP Habitat, is active within the Chilean capital markets,
since January of 2009 up to today, has increased its
market capitalization by more than 400%.
BUSINESS MANAGEMENT 2012
32
During the 2012 financial year, revenue achieved through
commissions grew, partially due to the positive evolution
of the labor market, which transmitted into a rise in
remunerations and contributing members. This event
managed to compensate the decrease in commission for
sales in mandatory savings during the month of June,
going from 1.36% to 1.27%, and in the payment of
Evolution of AFP Habitat share prices
($)
pensions from a 1.25% to a 0.95%. Net income for
the Administrator corresponding to the year 2012 was
$74,576 million, which represents a 21% increase with
respects to the $61,654 million exhibited the previous
year.
In 2012 the subsidiary firm Habitat Andina S.A. was
formed, and through AFP Habitat S.A. Peru, was
awarded the first bid to provide administrative services
for the individual accounts belonging to new account
holders in the Sistema Privado de Pensions (SPP) in
Peru. The objective of Habitat Andina is to participate
in international markets, being through investments in
the administrators of pension funds or providing pension
services
33
The markets faced a positive year, noticeable by greater
clarity in terms of a possible recovery in the European
economy and a favorable performance in the United
States’ economy. These observations led to a gain in the
encaje of $13,061 million, a positive figure compared to
the previous year’s loss of $1,846 million.
NUMBER OF CONTRIBUTORS
NUMBER OF EMPLOYEES
353,870 1,776
NUMBER OF BENEFICIARIES
671,571
NUMBER OF BRANCHES IN THE COUNTRY
88
34
certain firms that only grant access to their employees
and direct family members.
In Chile the private system of Isapres covers 3.1 million
people through 13 institutions, of which 7 are open and
concentrate more than 95% of all contributors members.
The 6 remaining companies are close and are linked to
Due to its excellent services, that prioritizes the efficient
and quality access to any of the needs of its beneficiaries,
Consalud is placed as the number one market health
insurance provider, with 353,870 contributors members
and 671,571 beneficiaries.
Participation of Isapre Consalud in the
total contributors members in the Health
Insurance Provider System by December
of 2012
Participation of Isapre Consalud in the
total number of beneficiaries in the
Health Insurance Provider System by
December of 2012
16%
20%
4%
1%
14%
20%
22%
3%
Source: Superintendence of Health
Isapre Consalud has become the gatekeeper for private
health insurance in Chile. Its strategy seeks to build an
innovative selection of products that will provide real
health insurance to all its beneficiaries, relying on solid
alliances with health providers, as well as on thorough
knowledge of the needs and current and potential
characteristics of its clients.
Isapre Consalud has excellent professionals, who
permanently update their knowledge in both technology
and health, adapting to new developments in order to
provide them for the well-being and health of its account
holders.
Colmena
Cruz Blanca
Vida Tres
Ferrosalud
Masvida
Banmédica
Consalud
Otros
15%
20%
5%
1%
14%
20%
22%
3%
Source: Superintendence of Health
Colmena
Cruz Blanca
Vida Tres
Ferrosalud
Masvida
Banmédica
Consalud
Otros
35
Consalud was formed in 1983 as a private health
corporation with the purpose to provide medical care
abiding by the conditions established in the DFL 3 of
1981 of the Ministry of Health. Between 1984 and
1998, Isapre Consalud settles in the national industry
as a private healthcare insurance network, with a
quality technological infrastructure used in 33 dental
and medical centers in Chile. In 2000 the division within
Isapre Consalud among the insurer, hospital, outpatient
services, support, and investments areas materializes.
Consalud adopts the unique role as an insurer, dedicated
exclusively to providing private health plan coverage,
while maintaining its outpatient services under a new
entity titled Megasalud S.A., which continues to exist.
The hospitals, support services, and other investments
remained grouped within other entities.
During 2012 the law that intends to modify the private
health system is still being processed, incorporating
a Guaranteed Health Plan (PGS) with the purpose to
homogenize plan prices. This law proposes the creation
of a mandatory basic and uniform health plan for all
those insured by Isapres. Law N° 20,585 was published
in the Official Journal, with the objective to reduce the
misuse of medical licenses, focusing on the issue of these
by physicians and their approval or rejection deemed
by medical assessors at Health Insurance Provider and
Compines.
Additionally, the Superintendence of Health completed
an evaluation of all Health Insurance Provider sale
agents in the country, with the objective to determine
the level of knowledge agents had in order to properly
sell and familiarize health plans to their clients. Starting
from 2012, Health Insurance Providers had to adopt
the International Norms of Accounting and Financial
Information (IFRS), applied by the Superintendence of
Health.
As a means to compensate for the uncertainty of future
regulation changes, health insurance provider Consalud
has carried out a strategy that focuses on innovative
work, bolstering its assistance channels by delivering
to its clients a series of services strengthening access
to Consalud and its ability to increase its clients’ quality
of life. Furthermore, commercial efforts were directed
towards the development of the Controlled Dental
Account, a new complementary benefit solely available
to clients of Consalud in Santiago. This product offers
co-payments, free 24-hour dental emergency services in
Megasalud, a free Dental Prevention Plan, among other
benefits
In June of 2012, the new Centro Empresas began to
operate, with the purpose to deliver quality services
to Consalud’s client firms, as well as centering in one
place all the requirements and processes needed by
beneficiaries registered under collective plans with
these firms. This intends to perpetuate client loyalty
towards Consalud, ensure accurate and timely payment
by contributing members, and to reduce disenrollment,
among other aspects.
Towards the conclusion of the 2012 financial year, health
insurance provider Consalud attained a 5% net growth
of beneficiaries and a market share of 21.9%. In the
sales department, the strategy of promoting plans jointly
with associated products to preferential contributors led
to a sales increase of 12.6% with regards to 2011 sales,
reaching a profit that was 3.7% above income.
$
93,797
EQUITY
(Millions)
15,760
$
NET INCOME
(Millions)
10,310
$
TOTAL INCOME
(Millions)
$
275,380
36
37
ASSETS
(Millions)
ASSETS
(Millions)
EQUITY
(Millions)
NET INCOME
(Millions)
$
$
$
94,183
26,603
NUMBER OF
EMPLOYEES
22,089 204
38
Compañía de Seguros de Vida Cámara (also referred
to as “Vida Cámara”), was founded in 2009 as the
product of the 99.9% acquisition of shares of RBS
(Chile) Seguros de Vida S.A., a subsidiary of the Royal
Bank of Scotland. Through this operation, Inversiones
La Construcción reentered the insurer sector with the
intention to participate in the bidding of the disabilities
and survivors’ insurance (SIS), hired by the AFPs after the
2008 pension reform.
Vida Cámara was awarded 28% of the first public bids of
the SIS for the time frame between July 2009 and June
2010, while the remaining 72% of bits were distributed
among four other companies. In April of 2010, Vida
Cámara was awarded 36% of the second round of bids
for the period between July 2010 and June 2012.
Vida Cámara has not been awarded any new public
bids from the SIS, however this product continued to
provide significant resources during 2012, which have
strengthened the company’s growth within the segments
it participates in.
During 2012, ILC’s strategy to expand Vida Cámara
operations was consolidated with a growth plan that
includes the development of new products, mainly
targeting the collective markets of health and life
insurance. This plan aims to bolster the participation
of Vida Cámara in the insurer business, molding it into
a key player in the Chilean market that can provide
innovative, simple, and transparent solutions with high
service standards. Currently, Vida Cámara offers both
individual and collective health and life insurances.
During 2012, Vida Cámara officially launched the sale
of collective life insurance, complementary health and
catastrophic event products, and insurance that can
incorporate preexisting conditions. Additionally, as a joint
effort with Red Salud that was named Red Segura, a
pilot project consisting of an insurance that covers major
medical expenses was launched in Clínica Tabancura,
Avansalud, and Bicentenario.
By December of 2012, direct premiums were attained for
a total of UF 4,325,628, translating to 184,245 insured
individuals.
All these actions contributed to a profitability over equity
of 68.10% and a net income of $22,089 million.
Evolution of profits in Compañía
de Seguros de Vida Cámara
($ Million)
39
SUBSIDIARIES
RED SALUD’S OBJECTIVE IS TO MEET HEALTHCARE
NEEDS FOR A WIDE ARRAY OF PEOPLE IN THEIR
MEDICAL CENTERS AND HOSPITALS THROUGHOUT
CHILE.
Clínica Avansalud
SOMOS CChC
Logo en Pantone
2757 c 100% (100/79/0/56)
100% Cyan
376 c 100% (50/0/100/0)
Logo en Cuatricromia
100% (100/79/0/56)
100% Cyan
100% (50/0/100/0)
41
PRIVATE HEALTHCARE SECTOR
40
Empresas Red Salud (from here on forth referred to
as “Red Salud”) was built as a private corporation on
April of 2008, with the mission to develop a health
services network at a national level. Additionally, on
March of 2010, Red Salud partnered with the Sociedad
Servicios Médicos Dial S.A. and Inmobiliaria Clínicas
Regionales S.A. with the intention to develop a health
services network in regions of Chile. In May of 2011,
Mutual de Seguridad became one of Red Salud’s
shareholders, strengthening the firm’s finance strategy
as well as its infrastructure and benefits.
Red Salud keeps as its main objective to meet all
healthcare needs for a broad and diverse population,
basing its actions on three fundamental pillars:
• Provide national coverage, with a strong presence in
regions.
• Generate solutions for all stages of complexity through
the network concept.
• Be an accessible alternative for private healthcare
coverage for all socioeconomic segments.
As one of the main private health operators in the
country, Red Salud specializes in the provision of services
for all scales of complexity, both in the outpatient and
hospital areas. It currently operates, through its branches,
within 32 medical centers and 5 hospitals that cover
services of low, medium, and high complexity. In addition
to this, it remains as a direct associate to one hospital
and as an indirect associate to twelve hospitals and one
medical center. Moreover, it participates in the electronic
transactions business related to health services through
its investment in I-Med and Autentia, supporting ATESA,
which provides technology to several hospitals, public
hospitals, medical centers, and insurance companies in
the country.
The corporate structure of Red Salud displays the
following entities:
• Outpatient assistance centers: Megasalud
•Hospital in the Metropolitan Region: Tabancura,
Bicentenario, Avansalud, and Arauco Salud Hospitals.
• Hospital and medical centers in other regions: Clínica
Magallanes in Punta Arenas, Clínica Iquique, Clínica
Elqui in La Serena, Clínica La Portada in Antofagasta,
Clínica Valparaíso, Clínica Curicó, Clínica Lircay in Talca,
Hospital Clínico del Sur in Concepción, Clínica Puerto
Montt, Medical and Diagnostics Center Atacama,
Clínica Atacama in Copiapó, Hospital Clínico of
Universidad Mayor in Temuco, and the Clínica Integral
of Rancagua.
• Administrator of electronic transactions: I-Med and
Autentia.
42
43
CONSOLIDATED ASSETS
(Millions)
TOTAL INCOME
(Millions)
$
$
290,257
163,811
EQUITY ATTRIBUTABLE TO
CONTROLLING SHAREHOLDERS
(Millions)
PROFIT ATTRIBUTABLE TO CONTROLLING
SHAREHOLDERS
(Millions)
$
$
111,798
2,625
OUTPATIENT ASSISTANCE CENTERS
Megasalud
Megasalud is one of the most important providers
of medical and dental outpatient assistance in the
country. It currently has 32 centers (12 of which are in
the Metropolitan Region), being the main dental health
provider in the country. Megasalud also has Arauco
Salud, a hospital that performs major non-invasive
surgery in the eastern area of Santiago.
Its main business transactions concentrate in outpatient
services related to medical consultations, medical
procedures, dental services, computerized medical
imaging exams, laboratory exams, and physiotherapy
services. Megasalud possesses its own clinical laboratories
stocked with cutting-edge technology, available
throughout different regions in Chile. During 2012, the
expansion and renovation of six centers was finalized:
Antofagasta, Calama, La Serena, Alameda, Ñuñoa,
and Salvador. In terms of equipment, new investments
were made associated with high complexity events in
the centers of Iquique, Temuco, Valdivia, Osorno, and
Puerto Montt.
By the end of 2012 Megasalud had more than 2,500
professionals, including doctors, dentists, first-class
specialists, and 1,715 hired employees. During that same
year, Megasalud attained a sales revenue of $75,045
million and a profit of $4,967 million, as well as the
completion of approximately 6.9 million health services,
of which 5.6 million were medical and an estimated 1.3
million were dental.
RED SALUD HOSPITALS IN THE
METROPOLITAN REGION
Red Salud exhibits a broad net work of hospital
throughout the country, having three in the Metropolitan
Region: Tabancura, Avansalud, and Bicentenario. These
three hospitals have a total of 459 beds.
Clínica Tabancura
Clínica Tabancura provides hospital services of high
complexity, with a response capacity for a vast number of
specializations that cover a wide spectrum of assistance
and complexity levels, becoming a model center for
different specializations in the eastern area of Santiago.
Specializations covered include: obstetrics-gynecology,
plastic surgery, trauma and digestive surgeries for both
adult, pediatric and neonatal patients, as well as the
specializations in bariatric, cardiac, ophthalmology, and
neurosurgery.
The Hospital presents a total of 128 beds and 806
employees, and a total of 1,655 attending physicians.
Currently, Clínica Tabancura is building a new hospital
contiguous to its location.
Clínica Tabancura profits reflect an 11.6% increase,
reaching $28,631 million, and having an income of
$1,675 million, a 3.5% increase with that reported in
the previous financial year.
710,564
NUMBER OF MEDICAL CONSULTATIONS
3,069,003
NUMBER OF BEDS
1,209
(*)
(*) number of total beds including subsidiary
and allied hospitals
NUMBER OF DENTAL BOXES
312
NUMBER OF DENTAL SERVICES
1,265,585
44
45
NUMBER OF PROCEDURES
Clínica Avansalud
Clínica Avansalud specializes in minor invasive surgery
and advanced diagnostics. It has a diagnostics medical
center that presents a broad array of surgical and medical
specialties. It possesses 103 beds, a medical center with
62 medical consultation rooms, and a staff of 630
attending physicians. Its target audience belongs to
the socioeconomic segments C2 and C3, with extensive
agreements with health insurance providers and Fonasa.
During 2012, the hospit al o p ened it s 24 - hour
Emergency unit, a new outpatient oncology unit with 8
chemotherapy sofas, and during the third trimester 15
new hospital beds were added. Due to higher operational
activity and business management, 2012 reflected a
record-high sales of $25,592 million, however its revenue
was $1,062 million, a 19.8% decrease compared to the
2011 financial year as a result of greater financial costs.
Clínica Bicentenario
This hospital began operating in 2011. Its objective
is to complement Red Salud’s infrastructure in the
Metropolitan Region by adding a modern hospital with
high complexity assistance. Clínica Bicentenario intends
to offer mid-income socioeconomic segments a viable
economic alternative to access first-class health services.
With an investment of approximately US$ 100 million,
Clínica Bicentenario was designed and equipped with
228 beds in its first stage. Its 64,628 m2 area includes
48 critical condition beds (ICU, ITU, Neonatal Unit,
and Coronary Unit), 15 operating rooms, 38 medical
consultation boxes for all medical specializations, and
15 diagnostic procedure rooms, among others. Lastly, its
first-class facilities include an emergency services section
that runs 24 hours a day to attend adults, children,
and pregnant women. Private patients, Isapre, Fonasa,
Dipreca beneficiaries, and the armed forces have access
to this unit. During 2012 we complete the full use of its
228 beds, which corresponds to the number established
in the initial phase design, along with 3 operating rooms,
and 2 new medical consultation boxes.
Towards the end of 2012, hospital activity in Clínica
Bicentenario doubled with respects to 2011 and
approximately 16,213 patients were discharged
throughout the course of the year. In the outpatient area,
medical consultations reached 137,620 appointments
during 2012.
Operational revenue for 2012 reached $27,869 million,
presenting a net loss of $4,641 million.
Red Oncosalud
Oncored was established on November of 2011, aiming
to provide a comprehensive solution for the oncology
field within the network of subsidiary and associated
hospitals of Empresas Red Salud S.A.
Red Oncosalud uses a model that ensures assistance
during each phase of illness: diagnostics, treatment and
follow-up; within a medical-clinical sphere that stems
from the infrastructure and response capacity of hospitals
belonging to the network.
HOSPITAL IN OTHER REGIONS
Red Salud is present in regions through one subsidiary
and 3 associates.
Clínica Iquique, a subsidiary of Red Salud, is a mid-tolarge complexity hospital that provides clinical hospital
and emergency services to the Region of Tarapacá. It
has a total of 68 hospital beds, 6 operating rooms, and
10 emergency consultation boxes. Clínica Iquique had a
loss of $54 million during 2012.
Finally, the Regional Hospital Administrators (ACR) are
divided into two matrices that manage a total of 12
hospitals in 7 of the country’s regions.
ADMINISTRADORA DE TRANSACCIONES
ELECTRÓNICAS S.A.
The Administradora de Transacciones Electrónicas S.A.
(from now on referred to as “ATESA”) is a firm co-joined
to Red Salud that intends to provide services related to
remote payments for health procedures, use of digital
fingerprinting devices in hospitals, public hospitals, and
insurers in the country. ATESA operates through its
brands I-Med and Autentia.
Atesa’s revenue during the 2012 financial year amounted
to $2,070 million, representing a 15% increase with
regards to the previous year.
Hospital Clínico of Viña del Mar, directly associated to
Red Salud, is a hospital that boasts one medical center
with 16 assistance boxes and diagnostics support units,
being: computerized medical imaging, cytopathology
laboratories, clinical laboratories, haemodynamics,
endoscopy units, and oncology. In terms of logistical
support, it counts on a sterilization, ambulance, and
pharmacy center. In the surgical field it holds procedures
in the areas of trauma, gynecology, obstetrics,
laparoscopy, and cardiovascular surgeries.
In 2012 management has been highly influenced by
the gradual maturity of investments executed in recent
years, whose economic manifestation have been based
on annual sales, at a consolidated level, $163,811
million, compared to the $134,477 million of 2011 and
the $107,114 million from 2010. In 2012 it obtained a
revenue of $2,625 million, a greater figure compared to
the $1,025 million collected in 2011.
46
47
It began operating in 2012, initially providing assistance
to patients afflicted by pathologies such as breast cancer
and uterine-cervical cancer, eventually catering to all
adult oncology-related pathologies. During this year, 137
patients received chemotherapy and 205 surgeries; all
of these procedures undertaken by hospitals that form
part of Red Salud. In its first operating year, the entity
presented a $18 million loss.
SUBSIDIARIES
48
49
OTHER SECTORS
REAL ESTATE ASSETS
LIQUID FINANCIAL ASSETS
Desarrollos Educacionales was formed in 1997 with the
purpose to create and run educational establishments
throughout the national territory. Through their brand
names, Pumahue, Manquecura, and recently Nahuelcura,
10 private schools are operated, 9 being traditional private
schools, while one is subsidized private school (6 belong to
the network of Pumahue Schools, 3 to Manquecura, and
one in Machalí belonging to Nahuelcura). By December of
2012, more than 9,000 students ranging from preschool
to seniors in high school attended the schools. Inversiones
La Construcción participates with a 99.99% ownership of
Desarrollos Educacionales.
The objective of these schools is to decrease the gap
in educational quality between schools in the upper
socioeconomic segment and those in the low-to-mid
socioeconomic segments, by providing quality education at
moderate prices while achieving economic profitability that
allows sustainable growth, through the proper economic
and administrative efficiency.
The schools have succeeded in national education
measurements, the older establishments scoring highly
at the communal level in both the SIMCE evaluations as
well as with college-placement exam (PSU) scores. The
average scores obtained by all schools placed them above
the national mean among paid private schools in all the tests
taken, which is of special merit taking into consideration
that some of the results in 2012 were the first evaluations
of this nature.
The Pumahue School in Peñalolén placed at number 51 in
the ranking of the top 100 best schools in Chile, with an
average of 661 points in the Language and Mathematics
tests, obtaining a top national score in the latter. The
Pumahue school in Huechuraba also excelled, achieving
an average score of 634 points in the Language and
Mathematics tests, and was placed at number 131 in the
national ranking.
Desarrollos Educacionales relies on a centralized
administrative system for all non-academic aspects of
operation, which generate significant economies of scale
and allows faculty to fully concentrate on educational tasks.
Pumahue schools are located in the Metropolitan Region
(Peñalolén, Huechuraba, and Chicureo), the Fifth Region
(Curauma), Ninth Region (Temuco), and the Tenth Region
(Puerto Montt). Manquecura schools, are located in Valle
Lo Campino (Quilicura), Ciudad del Este (Puente Alto), and
Ciudad de los Valles (Pudahuel), all of which are in the
Metropolitan Region. It is worth noting that on March of
2011, Desarrollos Educacionales inaugurated the Nahuelcura
School, its first partially state-subsidized private school,
which exhibits the same standards in quality education
and infrastructure to both the Pumahue and Manquecura
schools.
Evolution in Number of Students
$
52,235
EQUITY
(Millions)
12,517
$
TOTAL REVENUE
(Millions)
14,811
NET INCOME
(Millions)
1,138
NUMBER OF STUDENTS
9,084
NUMBER OF TEACHERS
556
TOTAL NUMBER OF EMPLOYEES
768
M2 BUILT
70,792
50
51
ASSETS
(Millions)
iConstruye came to be in 2001 as ILC’s information
technology firm (also referred to as “IT”).
Its objective is the provision of technological outsourcing
and electronic solutions that allow clients to gain
operational savings and improvements in management.
Currently, Inversiones La Construcción holds 32.96%
ownership of iConstruye, managing partners, the CChC,
and slightly over 50 their associates share the remaining
ownership.
iConstruye has distinguished itself within the construction
industry due to its electronic B2B transactions portal in
Chile and Colombia, with the purpose to grant greater
efficiency and transparency in the supply and sales
services of firms. The same formula was replicated in
Gobiernos Electrónicos and B2B for large corporations in
Chile, Colombia, Panama, and Argentina. It also boasts
the development, launch, and over four-year operation
of Chilecompra, which attained international recognition.
This venture was bestowed with the Best e-Business in
Latin America award, handed in the first World Summit
of the Information Society that took place in Geneva in
2003, and was recently awarded in País Digital and the
Chamber of Commerce of Santiago in the competition
“Innovation made in Chile 2010”. With 11 years of
experience, iConstruye has to date over 1,000 clients in
diverse industries.
During the 2012 financial year, iConstruye’s revenue was
$3,374 million and its net income was $646 million,
which reflected a 21% and 26% increase, respectively, in
regards to 2011 results, following the course planned for
the 2011-2013 period. Furthermore, it kept its emphasis
on permanent contracts, which met the objective to
receive recurrent revenues in addition to total revenue
by a 95% in 2012, compared to a 70% in 2010.
ASSETS
(Millions)
NET INCOME
(Millions)
$
$
EQUITY
(Millions)
NUMBER OF EMPLOYEES
1,943
646
1,834 110
$
TOTAL REVENUE
(Millions)
$
3,374
52
Liquid Financial Assets
Real Estate Assets
The company holds its own financial assets (in addition
to that of its subsidiaries), in order to meet its liquidity
needs, and of which its administration is guided by a
policy approved by the Board of Directors. By December
31st of 2012, these financial assets rose to approximately
$63,985 million.
The company holds 23,235 m2 of real estate assets,
valued at approximately M$16,000. The properties
include land and buildings, applied in the rental/leasing
business.
Properties
The main properties owned by the Company
are detailed below:
• CChC Building, located on Marchant Pereira
Street 10, in the Providencia neighborhood
from floors number 13 to 20, in addition
to storage space and parking lots, having
one floor for the headquarters, and the
remaining seven floors for office rentals.
This is registered in the CBR of Santiago
as page 36414 Nº35217 in the year 2005,
page 62346 Nº60060 in the year 2001, page
29281 Nº47598 in the year 2006, and page
852 Nº1375 in the year 2006.
• Mutual de Seguridad CChC Building, located
on Libertador Bernardo O’Higgins avenue
194, in the commune of Santiago, from floors
3 to 7 as well as storage space and parking
lots, all used for office rentals. It is registered
in the CBR of Santiago as page 7837 Nº9877
in the year 2001.
•Building Av. Italia, located on Italia Ave.
1056, commune of Providencia, leased as a
clinical laboratory. It is registered in the CBR
of Santiago as page 6636 Nº 6750 in the year
1997 and as page 19642 Nº21548 in the year
1997.
•Property located in the city of Curicó, of
a surface area of 150 m2, currently being
leased. It is registered in the CBR of Curicó
as page 3787 Nº2286 in the year 2005.
M2
Land
12,174
Buildings, Constructions
11,061
• Land, an empty lot, located on Libertador
Bernardo O’Higgins Ave. with General
Velásquez, used for sporadic, temporary
leases. It is registered in the CBR of Santiago
as page72079 Nº69521 in the year 2005.
• Lands, empty lots, located on Tabancura Ave.,
for rent. It is registered in the CBR of Santiago
as page 56338 and page 56339 Nº87783 and
Nº87784 in the year 2008.
Through its subsidiaries the company own the
following properties:
•I s apre Cons alud Building, lo c ated on
Pedro Fontova Ave. 222, in the commune
o f H u e c hu ra b a , u s e d a s t h e I s a p r e’s
headquarters.
• CChC Building, located on Marchant Pereira
St. 10, in the commune of Providencia,
from floors 5 to 12, used as AFP Habitat’s
headquarters.
•Clínica Bicentenario Building, located on
Libertador Bernardo O’Higgins Ave. 3545,
used as the hospital’s facilities.
•Clínica Avansalud Building, located on
Salvador Ave. 100, used as the hospital’s
facilities.
•Clínica Tabancura Building, located on
Tabancura Ave. 1185, used as the hospital’s
facilities.
•Pumahue school buildings, located in
the communes of Peñalolén, Colina, and
Huechuraba, and in the cities of Puerto
Montt, Temuco, and Valparaíso.
• Manquecura school buildings, located in the
communes of Quilicura, Pudahuel, and Puente
Alto.
• Megasalud medical center, located in the
country’s main cities.
•Barros Errázuriz Building, as AFP Habitat
property, used for leasing purposes.
•Los Carrera Buildings 330, located in La
Serena, properties of AFP Habitat S.A., used
to operate its branch.
•Establishments in Morandé 330, located
in Santiago, and in Eusebio Lillo 20, in
Coyhaique, both properties of AFP Habitat
and used to operate branches.
Equipment and Facilities
At the close of the 2012 financial year, the
company has equipment, furniture, and supplies
with a consolidated value of $12,000 million
that correspond to information technology/
computer equipment and furniture that are
used for administrative tasks. Additionally,
through its subsidiaries the company possesses
the following assets:
•Medical equipment for the sum of $15,000
million.
•Computational equipment for the sum of
$1,900 million.
•Equipment, furniture, and supplies for the sum
of $11,300 million.
53
INVERSIONES LA CONSTRUCCIÓN KEEPS LIQUID FINANCIAL ASSETS
AND REAL ESTATE ASSETS
CORPORATE
AFFAIRS
RISK RATING:
54
HUMPHREYS CLASIFICADORA DE RIESGO AA+
FELLER RATE CLASIFICADORA DE RIESGO AA+ (*)
(*) Rating given in March 2013
DIVIDEND POLICY
According to article twenty four of the Company Bylaws, the Ordinary Shareholders Meeting must agree on
the distribution of profits of the anual financial results it
approves every year.
The payment method and procedure will be that
established by the Corporations Law and its regulations.
Notwithstanding the above, the mínimum dividend
allowed is 30% of distributable net income of the period,
unless otherwise adopted by the respective Shareholders
Meeting.
DIVIDENDS PAID OVER THE LAST THREE YEARS
MONTH OF
PAYMENT
May 2009
DIVIDEND
NUMBER
81
VALUE PER PARTICIPATING
SHARE
SHARES
312.00
21,399,737
TOTAL
DISTRIBUTED
DIVIDEND
TYPE
6,676,717,944
Final
YEAR OF
PROFITS
2008
October 2009
82
138.00
21,399,737
2,953,163,706
Interim
2009
May 2010
83
348.40
21,399,737
7,455,622,361
Final
2009
October 2010
84
260.00
21,399,737
5,563,931,620
Interim
2010
December 2010
85
5,077.00
37,031,553
188,009,194,581
Additional Final
Retained Earnings
December 2010
86
1,965.00
37,031,553
72,767,001,645
Interim
2010
May 2011
87
187.50
37,031,553
6,943,416,188
Final
2010
June 2011
88
270.04
37,031,553
10,000,000,017
Additional Final
Retained Earnings
September 2011
89
270.00
37,031,553
9,998,519,310
Additional Final
Retained Earnings
November 2011
90
131.00
37,031,553
4,851,133,443
Interim
2011
November 2011
91
351.00
37,031,553
12,998,075,103
Additional Final
Retained Earnings
May 2012
92
316.00
37,031,553
11,701,970,748
Final
2011
June 2012
93
1,660.00
37,031,553
61,472,377,980
Additional Final
Retained Earnings
October 2012
94
180.00
99,981,743
17,996,713,740
Interim
2012
January 2013
95
80.00
100,000,000
8,000,000,000
Interim
2012
55
INVESTMENT POLICY
COMPENSATION
The Company maintains its own financial investments, in
addition to those of its subsidiaries and has an investment
policy that has been approved by its Board of Directors
that establishes the investment in local fixed income
instruments with a rating equal to or greater than A+,
with the exception of investments that took place before
the investment policy was in place and that represents
less than 12% of the investment portfolio of ILC.
Compensation of the Board of Directors
FINANCING POLICY
The Company does not have a debt policy approved
by the Board of Directors, although, it does have a
conservative financial policy with limited indebtedness.
DIRECTOR
At December 31, 2012 and 2011, the compensation
paid to the members of the Board of Directors of ILC
amounted to $89.878 million and $114.812 million,
respectively. On the other hand, at December 31,
2012 the Board participation provision amount to
$182.337 million.
Additionally, Mr. Alberto Etchegaray Aubry, as Chairman
of the Board of Red Salud S.A., received $20.355 million
and $21.839 million compensation for 2012 and 2011.
Mr. Sergio Torretti Costa received $5.600 million in 2012
as Director of Desarrollos Educacionales S.A. Finally,
Mr. Pablo González Figari, CEO of ILC, as member of
the Board of Directors of Compañía de Seguros Vida
Cámara S.A. received a compensation of $ 6.357
million and $10.008 million for years 2012 and 2011,
respectively.
2012
REPRESENTATION
COMPENSATION
EXPENSES
2011
REPRESENTATION
COMPENSATION
EXPENSES
4,544,717
-
-
-
Gastón Escala Aguirre
9,033,468
31,552,698
6,929,912
55,651,212
Lorenzo Constans Gorri
5,196,658
7,888,176
5,531,714
14,121,194
Sergio Torretti Costa
4,977,387
-
4,814,891
-
Alberto Etchegaray Aubry
4,523,695
-
4,638,570
-
Francisco Vial Bezanilla
5,427,767
-
4,641,947
-
Edgar Bogolasky Sack
2,702,977
-
4,911,008
-
Paulo Bezanilla Saavedra
4,075,507
-
3,078,994
-
Italo Ozzano Cabezón
5,427,767
-
4,643,916
-
José Miguel Garcia Echevarri
4,527,244
-
3,947,295
-
Otto Kunz Sommer
-
-
1,730,016
-
Jaime Palasi Concha
-
-
171,683
-
TOTAL
50,437,187
39,440,874
45,039,946
69,772,406
Luis Larraín Arroyo (Board Advisor)
20,010,000
As of December 31, 2012 and 2011, the compensation
paid to managers and executives amount to $1,697,302
million and $1.894,704 million, respectively. There
are no long term benefits or post-retirement benefits
for employees considered critical to the Group. The
compensation policy for the executives of the Company
is based on company returns, and also, measurable
objective parameters according to the responsibilities
of each position. This compensation is evaluated and
received once a year.
INTERNAL AUDITING COMMITTEE
The internal auditing committee constantly controls the
transparency of ILC’s diverse activities and is formed
by three Board members of the Company in addition
to one executive that performs the role of Controller.
The main tasks performed by this Committee are: (i)
supervise the operations and effectiveness of the internal
control systems, (ii) detect and analyze situations that
could represent a risk for ILC, (iii) revise and propose
internal controls, (iv) revise internal (Deloitte) and
external (KPMG), audit reports (v) revise related parties
transactions, (vi) revise and propose employee incentives
and compensation and(vii) give an opinion with respect
to situations that could cause effects on equity. This
committee meets monthly and regularly reports to the
Board on its activities.
REGULATORY FRAMEWORK
Stable regulations, norms and standards allow adequately
evaluating projects and reduce the risk of investments,
and it is therefore relevant to correctly monitor the
development of the regulatory framework. Most of
ILC’s businesses are regulated by the Superintendence
of Insurance and Securities, and of Health Care and
Pensions, which through their own regulation, search
to ensure transparency and timely supervision of diverse
aspects, highlighting the management of different
types of risks.
EXTERNAL AUDITORS AND RISK RATING
AGENCIES
56
Inversiones La Construcción has a contract with the
external auditing firm KPMG with the purpose of
examining and giving their professional, and independent
opinion about the accounting, inventory, balance sheet
and other financial statements of the Company for the
year 2011.
Compensation of Managers and Main
Executives of the Group
The Company also has contracts with the rating
agencies: Feller-Rate Clasificadores de Riesgo Limitada
and Humphreys Clasificadores de Riesgo. As of Mach
2013, Inversiones La Construcción has a AA+ risk rating
according to both agencies.
RISK FACTOR ANALYSIS
ILC is a parent company that participates in the pension,
healthcare and other businesses through its subsidiaries.
The business decisions in each one of these activities are
analyzed and developed by the top level management
and Board of Directors of the corresponding subsidiary
taking into consideration the specific risk and mitigation
actions of each business.
The main risks the businesses are exposed to are market,
technical risks related to insurances and operations, credit
and liquidity risks.
It is important to state that most of the businesses
developed by the Company are regulated by the
Superintendence of Securities and Insurance, Pensions
and Healthcare, which by means of its own rules and
regulations, intends to provide transparency and timely
supervision of different aspects of the businesses,
highlighting the management of risks. Additionally, the
only commercial and material relationship ILC has with
its subsidiaries is the rental of the corporate offices of
Vida Cámara and of Desarrollos Educacionales.
57
a. Risk Factors
As a parent company, ILC is exposed to the risk of
depending on the payment of dividends from its
subsidiaries, particularly those derived from its controlling
share of AFP Habitat (for more information, see Financial
Statements at December 31, 2012).
b. Financial Investments
The Company hold financial investments of its own, in
addition to those of its subsidiaries and has an investment
policy approved by the Board of Directors that allows the
investment in domestic fixed income instruments with an
A+ risk rating or better, except investments made before
the policy was issued and that represent less than 12%
of the investment portfolio of ILC.
The main risks of this financial investment portfolio are:
(i) market, (ii) reinvestment, (iii) liquidity, (iv) credit and
(v) operations.
(i). Market Risk
This is the risk that arises from the price changes
of the instruments the Company has invested in.
With regard to this risk, the diversification that the
investment policy operates with partially mitigates
the effect of violent changes in market conditions.
(ii).Reinvestment Risk
The investment policy of the Company is not focused
on financial instrument trading, but on a strategy that
privileges stable returns in the mid and long term and
therefore the reinvestment risk is exclusively limited
to the capital events of the instruments in which it
invests and to minor magnitude monthly adjustments
that are made.
(iii). Liquidity Risk
The investment process of ILC considers the liquidity
characteristics of an instrument to be an important
aspect of the instruments in which it invests. The
Company estimates that over 90% of its investment
portfolio is easy to liquidate in a short period of time
and at known prices.
(iv). Credit Risk
The investment policy of the Company establishes,
as a condition, that 100% of new investments be in
fixed income domestic instrument with a risk rating
of at least A+.
(v).Operational Risk
ILC investments has internal control policies and
procedures that minimize the operational risks related
to the management of liquid resources.
DISTRIBUTION OF PROFITS
58
proportion of the value of financial equity has been
included, and is understood as validly amended, once
the financial statements are approved by the Ordinary
Shareholders Meeting.
EFFECTS ON SHAREHOLDERS EQUITY
SHAREHOLDERS EQUITY ACCOUNTS
Paid in Capital
Issuance Premium
Reserves for future capital contributions
Other reserves
Other reserves booked in subsidiaries and affiliates
BALANCE
2012
MM$
239,852
PROPOSAL
TO THE BOARD
MM$
239,852
470
470
4,296
4,296
94,210
94,210
1,440
1,440
Accumulated retained earnings
45,809
102,843
Retained earnings of the period
83,031
-
Interim dividends
(25,997)
-
Provision final dividend
(15,156)
-
Final dividend
TOTAL EQUITY
-
(28,800)
427,955
414,311
DISTRIBUTABLE NET INCOME
2012
MM$
ILC Total Net Income
83,031
Variation of Habitat’s encaje at 67.48%
14,443
ILC Distributable Net Income
68,588
Interim dividends
25,997
Final dividend
28,800
Total Dividends paid on 2012 Net Income
54,797
(*)
Percentage distributed of distributable Net Income
(*) Subject to the approval of the Ordinary Shareholders Meeting
80%
59
Share capital of the Company amounts to $239,852
million (historical) and is represented by 100,000,000
ordinary registered shares without par value. According
to Article N°10 of the Law N°18.046, the share capital’s
STATISTICS OF ILC SHARE TRANSACTIONS
III Trimester 2012
53,715,695
AVERAGE
PRICE
7,278
IV Trimester 2012
9,804,519
8,791
TRIMESTER
NUMBER OF SHARES
TOTAL
AMOUNT TRADED
384,192,564,767
86,530,668,411
SHARED TRADED BY ILC BOARD MEMBERS AND EXECUTIVES
NATURAL PERSON
/ LEGAL PERSON
RELATED
PARTY
TYPE OF
INVESTMENT
TRANSACTION
AVERAGE UNIT TOTAL AMOUNT OF
PRICE
THE TRANSACTION
Valeria Ines Reyes Fuentes(1)
Inversiones y Asesorías Marara Ltda.(2)
José Miguel Garcia y Cía. Ltda.(3)
Domínguez y Etchegaray Ltda(4)
Canella Construcciones y Compañía(5)
Edgar Bogolasky Sack
Mariana Fliman(6)
Andrés Bogolasky(6)
Natalia Bogolasky(6)
Francisca Bogolasky(6)
Alejandra Bogolasky(6)
Inversiones Piedra Roja Limitada(6)
Sociedad de Energía Solar Mirosolar S.A.(6)
Asesorías e Inversiones MSD Ltda(7)
Colliers Prosin S.A.(7)
Sociedad de Inversiones Prosin Ltda(7)
Inversiones Loncoray Ltda.(7)
Inversiones Hatuey Limitada(7)
Valentina S.A.(7)
Inversiones Isidora S.A.(7)
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Director ILC
Financial Investment
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
7,169
7,161
7,061
7,166
7,061
7,061
7,171
7,171
7,171
7,061
7,061
7,061
7,061
7,061
7,171
7,171
7,166
7,151
7,200
7,189
7,199
7,425
7,192
49,881,248
49,864,784
2,993,864
99,790,894
331,372,730
14,390,318
39,274,107
19,320,298
49,324,193
6,397,266
8,395,529
4,391,942
4,391,942
4,391,942
49,247,371
24,317,370
497,993,860
995,864,905
497,993,271
599,450,950
599,435,382
605,071,544
599,512,672
Germán Menéndez Romero
Javier Galdames Cerda
Robinson Peña Gaete
Ignacio González Recabarren
David Gallagher Blamberg
Golden Dome Asesorías e Inversiones
Limitada(8)
Mangement ILC
Mangement ILC
Mangement ILC
Mangement ILC
Mangement ILC
Purchase
Purchase
Purchase
Purchase
Purchase
7,166
7,061
7,165
7,146
7,061
29,916,855
10,393,792
19,885,800
33,783,860
7,993,052
Mangement ILC
Purchase
7,166
62,316,784
Cámara Chilena de La Construcción AG
Controlling Group Financial Investment
Sale
7,061
116,208,737,630
(1)Related to Mr. Ítalo Ozzano Cabezón, (2) Related to Mr. Francisco Vial Bezanilla, (3) Related to Mr. José Miguel García Echavarri,
(4) Related to Mr. Alberto Etchegaray Aubry, (5) Related to Mr. Lorenzo Constans Gorri, (6) Related to Mr. Edgar Bogolasky Sack,
(7) Related to Mr. Gastón Escala Aguirre, (8) Related to Mr.Pabl o González Figari
a) Trademarks registered by Inversiones la
Construcción S.A.
To this date the main trademark s registered by
Inversiones La Construcción S.A. (ex Sociedad de
Inversiones y Servicios la Construcción S.A.) are the
following:
1) The trademark ILC Inversiones registered with the
number 938523 for classes 35 and 36 expiring
11/18/2021.
2) The trademark Red Salud CChC registered with
the number 793516 for classes 36 and 44 expiring
07/31/2017,
b) The trademark registered by the subsidiaries
of Inversiones la Construcción S.A.
To this date the main trademarks registered to the
subsidiaries of Inversiones La Construcción S.A. are the
following:
1. The trademark Isapre Consalud, through the
company Isapre Consalud S.A., with the number
932317 for classes 35, 36, 38 and 44, currently in
force, expiring 09/22/2011.
2. The trademark Vida Camara, through the company
Compañía de Seguros de Vida Camara S.A., with
the number 873571 for class 36, currently in force,
expiring 23/03/2011.
3. The trademark Iconstruye, through the company
Iconstruye S.A., with the number 983800 for classes
35, 36, 37, 38, 41 and 42 currently in force, expiring
02/01/2022.
4. The trademark Habitat A.F.P., through the company
Administradora de Fondos de Pensiones Habitat
S.A., with the number 943598 for classes 36 and
38, currently in force, expiring 11/26/2021.
5. The trademark Clínica Bicentenario, through the
company Clínica Bicentenario S.A., with the number
856278 for classes 35,39,41,42 and 44, currently in
force, expiring 07/27/2019.
6, The trademark Clínica Tabancura, through the
company Servicios Medicos Tabancura S.A., with
the number 856278 for class 16, that is currently in
the process of renewal.
7. The trademark Clínica Avansalud, through the
company Clínica Avansalud S.A. with the number
702635 for class 36, currently in force, expiring
06/22/2021.
8. The trademark Megasalud S.A. through the company
Megasalud S.A. with the number 753183 for class
36, currently in force, expiring 03/10/2016.
9. The trademark Pumahue, through the company
Desarrollos Educacionales S.A., with the number
684074 for class 25, se encuentra vigente, currently
in force, expiring 01/23/2014.
10. The trademark Manquecura, through the company
Desarrollos Educacionales S.A., with the number
04/24/2021.
11. The trademark Colegio Nahuelcura, through the
company Gestión Educativa S.A., with the number
12/29/2020.
60
61
TRADEMARKS AND PATENTS
INSURANCE
TRANSACTIONS WITH RELATED PARTIES
The Group has formalized insurance policies to cover
the potential risks that the various elements of property,
plant and equipment are subject to and also to cover
risks related to potential claims that could be presented
with respect to the Company’s normal operations. Such
policies adequately cover the risks to which they are
subjected.
During 2012, there have been no transactions with
related companies belonging to executives or directors
of the Company.
ILC keeps three insurance policies that cover physical
assets: machinery damages and civil responsibility within
the building located on Marchant Pereira 10, Providencia.
The building coverage are in the case of: fire, earthquake,
machinery and electronic equipment damage, robbery,
glass and terrorist acts.
ILC also has insurance against all risks related to physical
assets located on Av, Libertador Bernardo O’Higgins 194,
Santiago and the building located on Av, Italia 1056,
Providencia.
AFP Habitat has an insurance policy that covers all its
properties against the risk of loss or physical damage.
Isapre Consalud has an insurance policy that covers all
its properties against the risk of loss or physical damage.
Red Salud has insurance policies that cover the risks
related to fire, terrorism, earthquake, civil liability
and damages caused by the stoppage of subsidiary
operations.
Desarrollos Educacionales maintains 10 insurance policies
that cover the risks related to fire, earthquake, nature,
terrorist acts, and other additional costs in case of fire for
the ten Pumahue, Manquecura and Nahuelcura schools.
TRANSACTIONS AMONG RELATED PARTIES
During 2012, the following transactions among related
companies took place:
• Short term trade account transaction between ILC and
the Cámara Chilena de la Construcción A.G. took place
before the company stock offering.
• Short term trade account transaction between ILC and
the Centro de Formación Técnica Pro Andes, took place
before the company stock offering.
• O f f i c e r e n t a l t r a n s a c t i o n b e t w e e n I LC a n d
iConstruye S.A., Corporación Cultural CChC, Servicio
de Administración Previsional S.A. and with CIEDESS.
On April 16, 2012, the Extraordinary Shareholders meeting
adopted the following agreements:
a) Register the shares of the company in the Securities
Registry of the Superintendence of Securities and
Insurance;
b) Change the name of the Company from Sociedad
de Inversiones y Servicios La Construcción S.A. to
Inversiones La Construcción S.A. and the acronym “ILC”
or “ILC Inversiones” is set and considered a valid name
to represent the Company;
c) Modify the by-laws of the Company in order to satisfy
the requirements of a publicly traded company;
d) Perform an exchange of Company shares at a 2.6 ratio
per share, along with increasing capital through the
issuance of 13,717,962 new shares with the purpose
of reaching a total 110,000,000 shares. The date and
manner in which this capital increase is materialized
must be determined by the Board of Directors of the
Company.
On April 26, 2012, the Company’s Ordinary Shareholders
Meeting adopted the following:
a) Distribute $11,701,970,748 as an additional final dividend
for year, equivalent to $316 dividend per share, to be
paid on May 10, 2012 to the shareholders registered in
the Company’s registry at least 5 working day before
the payment date;
b) Reelect all the members of the Board of Directors for
the following statutory period;
c) Appoint KPMG Auditores Consultores Ltda as the
external auditing company.
On April 26, 2012, the Extraordinary Shareholders Meeting
of the Company approved the Company collaborating
with its main shareholder, the Cámara Chilena de la
Construcción A.G. in the offering process of shares that
CChC expects to carry out, which involves selling a portion
of this shareholders ownership of ILC.
On May 24, 2012, the Company was informed that the
Private Investment Fund ILC, whose sole contributor
is our main shareholder, the Cámara Chilena de la
Construcción A.G., has reached 11.52% of the total
shares issued by the Company, by purchasing the total
amount of shares owned by the shareholders: Mutual
de Seguridad of the Cámara Chilena de la Construcción;
Caja de Compensación de Asignación Familiar de Los
Andes; Corporación de Capacitación de la Construcción;
and Corporación Deportiva de la Construcción, which all
together, amounted to 4,264,101 shares.
O n May 25, 2012, that Company purchas ed the
232,800,000 shares of its subsidiary Empresas Red
Salud S.A. that were owned by the Cámara Chilena de
la Construcción A.G. After this purchase, the Company’s
ownership share of Empresas Red Salud S.A. reaches
89.99% of the total shares issued by the latter.
62
63
INFORMATION REGARDING
MATERIAL OR RELEVANT EVENTS
On June 1, 2012, the Company’s Board of Directors agreed
to distribute an additional $1,660 dividend per share to
shareholders, on account of retained earnings; to be paid
on June 11, 2012 from 9:30 a.m. in the Company offices
located on the street Marchant Pereira Nº 10, 17 floor,
Providencia, Santiago.
On June 11, 2012 the Company was informed that the
Private Investment Fund ILC, whose sole contributor is our
main shareholder, the Cámara Chilena de la Construcción
A.G., has recently purchased the 369,811 total number of
shares of the Company that were owned by the Corporación
de Desarrollo Tecnológico, consequently reaching12.52%
of the total shares issued by the Company.
On June 12, 2012, according to the information provided
by the Company by means of a material event dated last
April 16, and according to the agreement adopted by the
Company’s Board of Directors on May 30, the 37,031,553
shares the Company had issued to that date were
exchanged for 96,282,038 shares of the new issuance, 2.6
new shared for each share existing at that moment.
On June 19, 2012, the Superintendence of Securities
and Insurance has registered, in its Registry, the current
96,282,038 subscribed and paid shares of the Company.
Also, the 3,717,962 shares, of one same and sole series,
without par value, agreed by the Extraordinary Shareholders
Meeting of the Company held April 16, 2012, were
registered in the same Registry, with the number 961.
By agreement of the Board of Directors, the Company issued
3,717,962 shares, of one same and sole series, without par
value, as part of the capital increase process agreed by the
Extraordinary Shareholders Meeting held April16, 2012.
The preemptive rights offering of such shares took place
from July 20, 2012 thru August 19 of the same year. The
placement value of the share, determined by the Board
of Directors when closing the order book at the stock
exchange, was $7,061.
On July 20, the shareholders “Cámara Chilena de la
Construcción A.G.” and “Fondo de Inversión Privado ILC”,
informed that they waived their preemptive subscription
rights regarding the shares issued as part of the capital
increase agreed by the Extraordinary Shareholders Meeting
held April 16, 2012, shares that were registered, as number
961, in the Registry of the Superintendence of Securities
and Insurance on July 19, 2012. As a result of the above,
3,687,991 shares were offered preemptively to such
shareholders along with a secondary share offering which
was carried out at the Santiago Stock Exchange though a
transaction system called Order Book Auction.
On July 20, 2012, a total of 32,193,892 shares of the
Company were placed through the Order Book Auction at
the Santiago Stock Exchange, 3,687,991 during the primary
offering and 28,506,001 during the secondary offering.
(16,457,830 owned by Cámara Chilena de la Construcción
and 12,048,171 owned by the shareholder Fondo de
Inversión Privado ILC) at a $7,061 per share, resulting in
the following segment allotment:
- Foreigners segment: 11,267,862 shares (35% of the total
offering),
- Domestic Institutional + Significant Amount Non
Institutional (NIMS in its Spanish acronym) Segment:
11,267,863 shares (35% of the total offering),
- Related to ILC Segment: 6,438,778 shares (20% of the
total offering),
- Remainder Segment (Retail): 3,219,389 shares (10% of
the total offering)
Placement agents were IM Trust S.A. Corredores de Bolsa,
Merrill Lynch Corredores de Bolsa SpA and JP Morgan
Corredores de Bolsa SpA.
On August 22, 2012, the workers union of the subsidiary
Clínica Iquique S.A. went on strike as a result of the legal
collective bargaining process taking place.
On August 27, 2012, the Board of Directors acknowledged
the resignation presented by Mr. Edgar Bogolasky Sack to
the Director position of the Company as of that date. In
the meeting held that same date the Board of Directors,
unanimously, appointed Mr. Daniel Hurtado Parot in
replacement of Mr. Bogolasky.
During the same meeting, Mr.Gastón Escala Aguirre and Mr.
Lorenzo Constans Gorri presented their resignation to the
position of Chairman and Vice Chairman, respectively. The
Board, unanimously appointed Mr. Daniel Hurtado Parot as
Chairman and Mr. Gastón Escala Aguirre as Vice Chairman
of the Company.
The Board of Directors, during its session held on September
24, 2012, agreed to distribute a $180 interim dividend per
share of year 2012 profits, to be paid as of October 31 of
the same year.
On October 29, 2012, the Board of Directors of Inversiones
Construcción S.A. unanimously agreed to adopt the
general Customary Policy, according to letter b) of the final
paragraph of article 147 of the Law N° 18,046, which was
informed to the Superintendence of Securities and Insurance
(SVS in its Spanish acronym).
On October 30, 2012, Inversiones la Construcción S.A.
subscribed and paid 17,464,038 shares, resulting from the
capital increase of its subsidiary Isapre Consalud S.A., which
was approved by the Extraordinary Shareholders Meeting of
the company held October 22, of this year. The price paid
for the entire package of shares was $6,999,999,931. As a
consequence, along with the shares owned by Inversiones
la Construcción S.A. of Isapre Consalud S.A. before such
date, it currently holds 67,464,064 shares, that represent a
99.99999% ownership share. The referred capital increase
forms part of the objectives established by the Company
in its process to begin trading on the stock market, which
includes, among others, strengthening its subsidiaries
involved in the pension fund sector and the consequent
growth of the Company in such sector.
On December 17, 2012, the Board of Directors of Inversiones
la Construcción S.A. agreed to distribute a $80 per
share interim dividend of the present year profits to its
shareholders, to be paid as of 9:30 a.m. on January 22,
2013, at the Central Securities Depository located on street
Huérfanos Nº 770, 22 floor, in Santiago.
On January 22, 2013, the Company proceeded to pay
shareholders the $80 per share interim dividend agreed
by the Board of Directors in its Meeting held on December
17, 2012.
64
65
On July 31, 2012, the Board of Directors acknowledged that
the Deputy Development Manager, Mr. David Gallagher
Blamberg, had left and was therefore no longer holding
that position.
IDENTIFICATION OF SUBSIDIARIES
AFP HABITAT
LEGAL NAME
Habitat S.A
Administradora de Fondos de Pensiones
BOARD OF DIRECTORS
Chairman
José Antonio Guzmán Matta
ADDRESS
Ave. Providencia 1909, Providencia
Vice Chairman
Luis Nario Matus
TAX ID
98,000,100-8
Directors
María Teresa Infante Barros
Patricio Mena Barros
Luis Rodríguez Villasuso Sario
Klaus Schmidt-Hebbel Dunker
Jaime Danús Larroulet
TYPE OF ENTITY
Publicly Traded Company, Pension Fund
Administrator
REGISTRATION
Authorization issued by the
Superintendence of Pension Fund
Administrators and registered on page
2,435 N°1,300 of the 1981 Registry of
Commerce in the Real Estate Register of
Santiago and was published in the official
journal on January 30, 1981.
INSTRUMENTS OF INCORPORATION
Public deed dated January 26, 1981,
issued in Santiago the by the Notary Public
Mr. José Valdivieso. Authorization issued
by the Superintendence of Pension Fund
Administrators Nº E 002/81 dated January
27, 1981.
PAID-IN CAPITAL
$1,764 million
MANAGEMENT AND EMPLOYEES
Officers and Executives: 8
Professionals and Technicians: 329
Administrative Staff and Salespersons: 870
MANAGEMENT
Chief Executive Officer
Cristián Rodríguez Allendes
Investments Officer
Alejandro Bezanilla Mena
Chief Financial Officer
Patricio Bascuñán Montaner
Human Resources Officer
Paola Daneri Hermosilla
Operations and Technology Officer
Claudia Carrasco Cifuentes
Planning Officer
Cristián Halabí Kanacri
Legal Counsel
Jose Miguel Valdés Lira
Controller
Hugo Montecinos Fernández
66
ISAPRE CONSALUD
LEGAL NAME
Isapre Consalud S.A
ADDRESS
Pedro Fontova N°6650, Huechuraba
TAX ID
96,856,780-2
TYPE OF ENTITY
Closed Stock Corporation
REGISTRATION
Superintendence of Health on N°107,
dated 08-25-1998
BOARD OF DIRECTORS
Chairman
Máximo Honorato Álamos
Vice Chairman
Pedro Grau Bonet
Directors
Orlando Sillano Zan
Pablo Ihnen de la Fuente
Guillermo Martínez Barros
Administrative Staff and Salespersons:
1,467
MANAGEMENT
Marcelo Dutilh Labbé
Development Officer
Felipe Andrés Allendes Silva
Hernán Alfredo Pérez Carvallo
Initially Consalud was incorporated as a
privately held corporation, by means of
a public deed dated September 5, 1983,
presented to the Santiago Notary Public
Mr. Enrique Morgan Torres. On November
30, 1983 a resolution adopted by the
National Fund approved Consalud’s
registration application officially becoming
a health insurance provider. On February
17, through a public deed presented
to the Santiago Notary Public Mr. René
Benavente Cash, Consalud becomes a
new company
Operations and Technology Officer
Raúl Roberto Zilleruelo León
PAID-IN CAPITAL
$15,295 million
Customer Service Manager
Harald Christian Chutney Vallejos
Controller
Juan Pablo Martín Frugone Domke
Business Manager
Juan Carlos Barrés Marticorena
Human Resources Manager
Carmen Paz Urbina Sateler
Legal Counsel
Héctor Mauricio Alliende Leiva
Health Manager
Gonzalo Rodríguez Edwards
67
COMPAÑÍA DE SEGUROS DE VIDA CÁMARA
LEGAL NAME
Compañía de Seguros
Vida Cámara S.A.
BOARD OF DIRECTORS
Chairman
Otto Kunz Sommer
ADDRESS
Marchant Pereira 10, Piso 16, Providencia
Vice Chairman
Fernando Prieto Wormald
TAX ID
99,003,000-6
Directors
Pablo González Figari
TYPE OF ENTITY
Closed Stock Corporations
REGISTRATION
Public deed authorization granted
by the Superintendence of Securities
and Insurance dated April 20, 2009
Mr. Santiago Raby Benavente. Company
recorded as N°9,003 in the registry of
the Superintendence of Securities and
Insurance. .
Public deed dated April 20, 2009
Mr. Santiago Raby Benavente. Company
authorized indefinitely.
PAID-IN CAPITAL
$10,689 million
(CEO ILC)
Barham Madaín Ayub
Ramón Yávar Bascuñán
José Manuel Poblete Jara
Administrative Staff: 148
MANAGEMENT
Alfonso Cortina García
Planning and Risk Division Officer
Sergio Arroyo Merino
Business Manager
Francisco Campos Olivares
Nestor Ramírez Fuentes
Operations Officer
Jaime Riffo Cortés
68
EMPRESAS RED SALUD
LEGAL NAME
Empresas Red Salud S.A.
ADDRESS
Pedro Fontova N°6650, Piso 3,
Huechuraba
TAX ID
76,020,458-7
TYPE OF ENTITY
Closed Stock Corporation registered in the
Securities Registry of the SVS.
REGISTRATION
Santiago’s Registry of Commerce page
1,105 N°13,759 Superintendence of
Securities and Insurance Nº 1,088 of
December 21, 2011.
Public deed dated April 18, 2008 granted
by the Santiago Notary Public Mr. Iván
Torrealba Acevedo, registered on page
20,130 N°30,623 of the Santiago Registry
of Commerce and published in the official
journal on September 26, 2008.
ISSUED CAPITAL
$48,541 million
BOARD OF DIRECTORS
Chairman
Professionals and Technicians: 3,299
Administative Staff: 3,195
Vice Chairman
Juan Ignacio Silva Alcalde
MANAGEMENT
Gerente General
Ricardo Silva Mena
(Director ILC)
Directors
Gustavo Vicuña Molina
Máximo Honorato Álamos
Otto Kunz Sommer
Enrique Loeser Bravo
Kurt Reichhard Barends
Andrés Sanfuentes Vergara
Medical Officer
Victoria Fabré Muñoz
Development Officer
Juan Pablo Undurraga
Planning Officer
Nora G. Terry
Jorge Martínez Alfaro
Deputy Management Control Manager
Cristián Cartes Muñoz
Development Analyst
Juan Pablo Portius Aravena
Management Control Analyst
Katherine Aravena Ramírez
Management Control Analyst
Gustavo Salinas Lobos
69
DESARROLLOS EDUCACIONALES
LEGAL NAME
Desarrollos Educacionales S.A
ADDRESS
Marchant Pereira 10, Piso 14, Providencia
TAX ID
96,834,400-5
TYPE OF ENTITY
REGISTRATION
Public deed presented at to the Notary
Public Mr. Andrés Rubio Flores N°2901/97,
published in the Official Journal N°35,807
dated June 27, 1997.
Public deed dated June 23, 1997 granted
by the Santiago Notary Public Mr.
Andrés Rubio Flores, registered on page
15,678 N°12,489 of the 1997 Registry
of Commerce in the Real Estate Register
and was published in the Official Journal
N°35,807 dated July 4, 1997.
PAID-IN CAPITAL
$10,942 million
BOARD OF DIRECTORS
Chairman
Félix Joaquín Díaz Grohnert
Vice Chairman
Rodrigo Alarcón Jara
DIRECTORS
Juan Pablo Aylwin Jolfre
Paolo Brizzi Baratta
(Director ILC)
Officer and School Principals: 43
Teachers: 556
Administrative Staff: 169
MANAGEMENT
Victor Barahona Kunstmann
Patricia Ebensperger Orrego
Human Resource Manager
Marco Antonio Larraín Saldías
70
ICONSTRUYE
LEGAL NAME
IConstruye S.A
ADDRESS
Marchant Pereira 10, Piso 15,
Providencia
TAX ID
96,941,720-0
TYPE OF ENTITY
REGISTRATION
Santiago Registry of Commerce of Real
Estate and published in the Official Journal
dated January 5, 2001.
Public deed granted by the Santiago
Notary Public Mr. René Benavente Cash,
page34,475 N°27,605 dated December
15, 2000.
PAID-IN CAPITAL
$1,804 million
BOARD OF DIRECTORS
Chairman
Álvaro Izquierdo Wachholtz
Vice Chairman
Claudio Gómez Cerda
Directors
Germán Bartel Jeffrey
Juan Eduardo Correa García
Max Correa Rodríguez
Claudio Nitsche Meli
Ramón Yávar Bacuñan
Administrative Staff and Salespersons: 35
MANAGEMENT
Nicolás Errázuriz Salinas
Corporate Officer
Nicolás Gumucio Schönthaler
Ricardo Maino Swinburn
Contruction Division Officer
Isabel Cristina Pinochet Ulloa
Information Technology Officer
Héctor Silva Núñez
Research Officer
Julio Alfonso Israel Mosqueira
71
FINANCIAL
STATEMENTS
72
INDEPENDENT AUDITOR REPORT
Consolidated Financial Statements / Inversiones La Construcción S.A.
CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2012 AND 2011
73
INVERSIONES LA CONSTRUCCIÓN S.A.
AND SUBSIDIARIES
as of December 31st 2012 and 2011
CONTENTS
Independent Auditor Report
Consolidated Financial Statements
Consolidated Income Statements
Consolidated Changes in Net Equity Statements
Consolidated Cash Flows Statements
Notes to the Consolidated Financial Statements
Th$
: Figures expressed in thousands of Chilean pesos
ThUS$: Figures expressed in thousands of US dollars
UF : Figures expressed in the inflation indexed unit, Unidades de Fomento
INDEPENDENT AUDITOR REPORT
Dear Shareholders and Directors of Inversiones La Construcción S.A.:
74
Responsibility on behalf of the Administration for the consolidated financial statements
The Administration is responsible for the preparation and fair presentation of these consolidated financial statements in agreement to the norms and
instructions given by the Superintendence of Securities and Insurance, described in Note 3(a). This responsibility includes the design, implementation, and
maintenance of internal control pertinent to the preparation and fair presentation of consolidated financial statements that are void of significant incorrect
representations, either due to fraud or error.
Auditor responsibilities
Our responsibility consists of expressing an opinion about these consolidated financial statements based on our audits. We audit abiding by generally
accepted auditing norms in Chile. Said norms require that we plan and execute our work with the purpose to achieve certainty that all consolidated financial
statements are published without significant inaccurate representations.
An audit intends to follow procedures to gather audit evidence about the amounts and disclosures presented in the consolidated financial statements. The
selected procedures depend on the auditor’s judgment, including the evaluation of risks in significant incorrect representations found within the consolidated
financial statements, being due to fraud or error. By undertaking these risk assessments, the auditor takes into consideration the level of internal control
pertinent to the preparation and fair presentation of the consolidated financial statements of the entity, with the objective to design auditing procedures that
are appropriate for the given circumstances, but without the intention to express an opinion about the effectiveness of the entity’s internal control system.
An audit also includes the evaluation of how appropriate the applied accounting policies are and the accuracy of the significant accounting estimations
made by the Administration, as well as an evaluation of the general presentation of the consolidated financial statements.
We take into consideration that the auditing evidence we have gathered is sufficient and appropriate as a base for our auditing opinion.
Opinion
In our opinion, the presented consolidated financial statements fairly represent, in all its significant aspects, the financial situation of Inversiones La
Construcción S.A. and its Subsidiaries between December 31st of 2011 and December 31st of 2012, and the results of its operations and cash flows for
the years ended on those dates in accordance with the norms and instructions dictated by the Superintendence of Securities and Insurance, described in
Note 3(a), which stress that the current consolidated financial statements of Inversiones La Construcción S.A. and its Subsidiaries as of December 31st,
2012 and 2011, have been prepared under the International Norms on Financial Information and that financial statements of the subsidiary Compañía de
Seguros Vida Cámara have been prepared according to the accounting norms required by the Superintendence of Securities and Insurance.
Joaquín Lira H.
Santiago, March 25th, 2013
KPMG Ltda.
75
Report on consolidated financial statements
We have audited the attached consolidated financial statements of Inversiones La Construcción S.A. and its subsidiaries, which contain consolidated financial
statements as of December 31st 2012 and 2011, and the corresponding consolidated comprehensive income, changes in net equity, and cash flows for the
years ending in those dates, and their respective notes on consolidated financial statements.
Inversiones la Construcción S.A.
Consolidated Financial Statements
as of December 31st of 2012 and 2011
ASSETS
2012
TH$
2011
TH$
CURRENT ASSETS:
Cash and cash equivalents
116,202,519
94,043,237
Financial assets
149,585,690
161,115,961
Other current non-financial assets
11,948,567
8,922,748
Trade and other receivables, current
55,385,591
68,599,461
578,703
774,172
1,983,759
1,733,237
28,710
37,290
2,563,510
931,654
338,277,049
336,157,760
214,522,325
188,831,393
14,455,465
12,350,996
3,602,810
4,277,305
Equity accounted investees
19,740,638
17,083,021
Intangible assets other than goodwill
71,793,385
74,221,556
Goodwill
101,506,809
101,506,809
Property, plant, and equipment
234,516,531
227,580,991
Investment property
26,866,900
21,682,753
Deferred tax asset
30,320,925
20,400,042
717,325,788
667,934,866
1,055,602,837
1,004,092,626
Accounts receivable due from related parties, current
Inventories
Other assets
Current tax assets
Total current assets
NON-CURRENT ASSETS:
Financial assets
Other non-financial assets
Trade and other receivables, non-current
Total non-current assets
Total assets
76
2011
TH$
Other current financial liabilities
28,360,980
22,425,242
Trade and other payables
97,168,460
61,794,615
516,275
390,110
28,815,689
25,974,032
1,194,703
4,171,603
12,369,343
11,333,132
5,413,765
4,942,596
173,839,215
131,031,330
187,141,240
149,676,759
Other provisions
64,792,902
98,728,870
Deferred tax liabilities
63,374,392
47,926,740
423,042
362,232
Total non-current liabilities
315,731,576
296,694,601
Total liabilities
489,570,791
427,725,931
239,852,287
213,772,622
469,968
269,894
Retained earnings
87,687,140
119,010,946
Other reserves
99,945,656
99,955,155
Equity attributable to owners of the parent
427,955,051
433,008,617
Non-controlling interest
138,076,995
143,358,078
Total equity
566,032,046
576,366,695
1,055,602,837
1,004,092,626
LIABILITIES AND SHAREHOLDER’S EQUITY
CURRENT LIABILITIES
Accounts payable due to related parties
Other current provisions
Current tax payable
Provisions for employee benefits, current
Other non-financial liabilities
Total current liabilities
NON-CURRENT LIABILITIES
Financial liabilities
Accounts payable due to related parties
Provisions for employee benefits, non-current
SHAREHOLDERS' EQUITY
Share capital
Share premium
Total liabilities and equity
77
2012
TH$
Consolidated Comprehensive Income Statements
CONSOLIDATED INCOME STATEMENT
2012
TH$
2011
TH$
Revenues from operations
678,055,205
664,281,078
Cost of sales
(432,186,836)
(426,430,781)
Gross profit
245,868,369
237,850,297
Other income
1,754,509
1,285,412
(128,005,008)
(112,415,946)
(325,278)
(1,233,639)
1,357,297
649,553
Financial income
27,992,513
9,182,931
Financial expenses
(11,969,993)
(11,028,625)
4,416,043
3,335,264
(120,092)
302,758
(2,847,583)
(2,873,204)
138,120,777
125,054,801
(31,177,983)
(23,273,412)
-
-
106,942,794
101,781,389
Income attributable to owners of the parent
83,031,193
81,570,269
Income attributable to non-controlling interests
23,911,601
20,211,120
106,942,794
101,781,389
Income per share
0.83
2.73
Basic income per share from continued operations
0.83
2.73
Administrative expenses
Other expenses
Other gains
Share of profit (loss) of affiliates accounted for using the equity method
Foreign currency exchange gain (loss)
Gain (loss) from inflation indexed unit
Income before taxes
Income taxes
Income from continuing operations
Income
Income
78
2011
TH$
Income
106,942,794
101,781,389
Total comprehensive income
106,942,794
101,781,389
83,031,193
81,570,269
STATEMENTS OF COMPREHENSIVE INCOME
Total comprehensive income attributable to:
Owners of the parent
Non-controlling interests
Total comprehensive income
23,911,601
20,211,120
106,942,794
101,781,389
79
2012
TH$
Consolidated Changes in Net Equity Statements
STATEMENT OF CHANGES IN EQUITY
Opening balance as of 01-01-2012
SHARE
CAPITAL
TH$
SHARE
PREMIUM
TH$
FUTURE
CAPITAL
INCREASES
TH$
RESERVE
FOR SUBSIDIARIES
AND AFFILIATES
TH$
213,772,622
269,894
-
-
-
-
-
Opening balance restated
213,772,622
269,894
-
-
Issuance of share capital
26,079,665
200,074
-
-
Dividends paid
-
-
-
-
Income for the period
-
-
-
-
Reduction due to changes in shareholding
of subsidiaries
-
-
-
-
Other adjustments
-
-
-
-
Total changes in equity
26,079,665
200,074
-
-
Final balance as of 2012
239,852,287
469,968
-
-
FUTURE
CAPITAL
INCREASES
TH$
RESERVE
FOR SUBSIDIARIES
AND AFFILIATES
TH$
COMPREHENSIVE INCOME:
Other comprehensive income
SHARE
CAPITAL
TH$
SHARE
PREMIUM
TH$
213,772,622
269,894
Restatement adjustments
-
-
-
-
Opening balance restated
213,772,622
269,894
-
-
Dividends paid
-
-
-
-
Income for the period
-
-
-
-
Increase (decrease) due to transfers and others
-
-
-
-
Total changes in equity
-
-
-
-
213,772,622
269,894
-
-
STATEMENT OF CHANGES IN EQUITY
COMPREHENSIVE INCOME:
80
OTHER
RESERVES
TH$
TOTAL
OTHER RESERVES
TH$
RETAINED
EARNINGS
TH$
99,955,155
99,955,155
119,010,946
433,008,617
143,358,078
576,366,695
-
-
-
-
-
-
99,955,155
99,955,155
119,010,946
433,008,617
143,358,078
576,366,695
-
-
-
26,279,739
-
26,279,739
-
-
(114,323,919)
(114,323,919)
(18,213,567)
(132,537,486)
-
-
83,031,193
83,031,193
23,911,601
106,942,794
-
-
-
-
(10,251,866)
(10,251,866)
(9,499)
(9,499)
(31,080)
(40,579)
(727,251)
(767,830)
(9,499)
(9,499)
(31,323,806)
(5,053,566)
(5,281,083)
(10,334,649)
99,945,656
99,945,656
87,687,140
427,955,051
138,076,995
566,032,046
OTHER
RESERVES
TH$
TOTAL
OTHER RESERVES
TH$
RETAINED
EARNINGS
TH$
EQUITY ATTRIBUTABLE
TO OWNERS OF THE
PARENT
TH$
NON-CONTROLLING
INTEREST
TH$
TOTAL
EQUITY
TH$
94,165,520
94,165,520
88,207,217
396,415,253
126,737,377
523,152,630
-
-
-
-
-
-
94,165,520
94,165,520
88,207,217
396,415,253
126,737,377
523,152,630
-
-
(44,791,145)
(44,791,145)
-
(44,791,145)
-
-
81,570,269
81,570,269
20,211,120
101,781,389
5,789,635
5,789,635
(5,975,395)
(185,760)
(3,590,419)
(3,776,179)
5,789,635
5,789,635
30,803,729
36,593,364
16,620,701
53,214,065
99,955,155
99,955,155
119,010,946
433,008,617
143,358,078
576,366,695
NON-CONTROLLING
INTEREST
TH$
TOTAL
EQUITY
M$
81
EQUITY ATTRIBUTABLE
TO OWNERS OF THE
PARENT
TH$
Consolidated Cash Flow Statement
CASH FLOW STATEMENT
2012
TH$
2011
TH$
CASH FLOW FROM OPERATING ACTIVITIES:
Proceeds from sale of services
721,084,687
683,180,188
Proceeds from royalties, deposits, fees and other revenue
31,771,260
32,585,161
Other proceeds from operating activities
99,724,376
112,173,987
(166,297,197)
(144,653,342)
(90,668,385)
(84,621,126)
(368,597,732)
(352,097,794)
(89,444,743)
(95,642,374)
3,145,350
4,140,693
(570,340)
(483,422)
5,529,637
2,981,793
Income taxes (paid)
(33,347,365)
(33,396,325)
Other cash inflows (outflows)
(15,621,719)
634,238
Net cash provided by operating activities
96,707,829
124,801,677
-
188,955
(51,049)
(107,950)
(4,046,595)
(6,616,300)
Proceeds from the sale of other entities' equity and other financial instruments
171,568,676
112,111,560
Other payments to acquire other entities' equity and other financial instruments
(161,554,118)
(109,051,511)
2,988,517
1,622,937
(23,981,308)
(1,500,176)
2,220,947
674,972
(24,322,215)
(14,433,065)
(646,003)
(518,887)
(8,507,280)
(6,571,486)
18,901
39,463
25,558,025
134,024
1,853,975
(3,417,648)
(18,899,527)
(27,445,112)
Payments to suppliers related to the supply of goods and services
Payments to and on behalf of employees
Payments for premiums and healthcare services, annuities and other obligations arising from written insurance policies
Other payments for operating activities
Dividends received
Interest paid
Interest received
CASH FLOWS FROM INVESTMENT ACTIVITIES
Cash flows from the loss of control of subsidiaries or other businesses
Cash flows used to obtain control of subsidiaries or other businesses
Cash flows used to acquire non-controlling interest
Proceeds from sale of investments in joint ventures
Loans to related parties
Proceeds from sale of property, plant, and equipment
Acquisitions of property, plant, and equipment
Acquisitions of intangible assets
Acquisitions of other long-term assets
Proceeds from reimbursement of advances and loans to third parties
Proceeds from related companies
Other cash (outflows)
Net cash used in investing activities
82
2011
TH$
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from the issuance of other equity instruments
43,930,771
66,035,687
Proceeds from the issuance of share capital
26,287,154
1,041,445
Proceeds from long-term loans
7,495,873
10,060,527
Proceeds from short-term loans
3,647,898
10,946,868
Proceeds from loans from related parties
Repayment of borrowings
1,542,887
(16,239,070)
(128,653,080)
(2,459,845)
(1,241,898)
(612,432)
(78,248)
(108,172,063)
(62,388,028)
(9,120,601)
(8,995,786)
(413,768)
(325,167)
(54,656,083)
(112,054,793)
22,152,219
(14,698,228)
7,063
(308,577)
Net increase on cash and cash equivalents
22,159,282
(15,006,805)
Cash and cash equivalents at the beginning of the period
94,043,237
109,050,042
116,202,519
94,043,237
Payment of finance lease liabilities
Repayment of loans to related parties
Dividends paid
Interest paid
Other cash inflows (outflows)
Net cash from financing activities
Net increase in cash and cash equivalents before exchange rate fluctuations
Effect of exchange rate fluctuations on cash and cash equivalents
Cash and cash equivalents by the end of the period
83
2012
TH$
Inversiones La Construcción S.A. and Subsidiaries
Notes to the Financial Statements
December 31, 2012 and 2011
(1) REPORTING ENTITY
Inversiones La Construcción S.A. (hereinafter the “Parent” or “ILC”) and its subsidiaries are part of the ILC Group (hereinafter the “Group”).
The Company name was changed at the Extraordinary Shareholders’ Meeting of April 16, 2012 from “Sociedad de Inversiones y Servicios La
Construcción S.A.” to “Inversiones La Construcción S.A.”.
Inversiones La Construcción S.A. is a closely held corporation incorporated as a result of the spin-off of Compañía de Seguros de Crédito La
Construcción S.A. which occurred on April 20, 1980. The Parent’s activities take place at No.10 Marchant Pereira floor 17, Providencia, Santiago
(Cámara Chilena de la Construcción’s building).
The Group is controlled by the Cámara Chilena de la Construcción A.G. (ultimate parent).
On July 12, 2011, ILC was recorded under Number 1.081 in the Securities Registry maintained by the Superintendence of Securities and Insurance.
It is noted that this recording was made with the sole purpose of issuing publicly offered securities in conformity with Law No.8.045.
(2) DESCRIPTION OF BUSINESS
The Group focuses its activities in Chile and its business includes retirement and insurance services, healthcare and other segments.
Retirement and insurance segment: this includes the management of pension funds as well as the granting and managing of services and benefits
established by Decree Law No.3.500 and its subsequent amendments, the administration health premiums and the coverage of disability and
survivorship insurance as established by Decree Law No.3.500.
Healthcare segment includes healthcare services whether directly or through financing as well as performing similar or complementary activities in
conformity with the provisions of Law No.18,893 and complementary information.
Other segment, in accordance with its by-laws, ILC’s objective includes the ability to invest in a variety of real estate and transferable securities such
as stock, bonds, debentures, deposits and rights in companies, mutual funds, saving and capitalization plans, etc. ILC manages and disposes such
investments as well as receives the benefits resulting from them.
(3) BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS
(a) Statement of Compliance
The consolidated financial statements of Inversiones La Construcción S.A. (ILC) and subsidiaries as of December 31, 2012, have been prepared in
accordance with the International Financial Reporting Standards (“IFRS”), issued by the International Accounting Standard Board (hereinafter, the
“IASB”) and the financial statements of the subsidiary Compañía de Seguros de Vida Cámara have been prepared in accordance with the accounting
standards issued by the Chilean Superintendence of Securities and Insurance (SVS) .
Beginning on January 1, 2012, insurance companies have began the application of the new accounting criteria established by the SVS and for
those matters not dealt with by the standards issued by the SVS they should apply International Financial Reporting Standards (IFRS). Changes
in accounting criteria relate, among others, with the following matters: a) standards relative to the presentation of and disclosures in the financial
statements; b) insurance reserves other than pension-related reserves; c) classification and measurement of financial investments; d) valuation of real
estate investments; e) technical reserves for insurance policies other than life annuities and disability and survivorship insurance.
The application of the new accounting criteria has resulted in adjustments on equity accounts of Compañía de Seguros de Vida Cámara S.A. as
of December 31, 2012 and will also affect the determination of profit or loss for future years. Likewise, for comparative consolidation purposes, the
financial statements as of December 31, 2011 of the subsidiary Compañía de Seguros de Vida Cámara have been restated.
The consolidated financial statements were authorized for issue by the Board of Directors on March 25, 2014.
(b) Comparative information
The dates associated with the convergence to International Financial Reporting Standards (IFRS) affecting the Group, are as follows: year beginning
on January 1, 2011 is the date of convergence to International Financial Reporting Standards.
These consolidated financial statements include the following comparative information:
•
Statement of financial position as of December 31, 2011 and 2011.
•
Statement of comprehensive income for the years ended December 31, 2012 and 2011.
•
Statement of changes in equity for the years ended December 31, 2012 and 2011.
•
Statement of cash flows for the years ended December 31, 2012 and 2011.
(c) Basis of measurement
The consolidated financial statements of ILC and subsidiaries have been prepared on the historical cost basis, except for the following:
•
Financial instruments classified at fair value through profit or loss are measured at fair value and the effects recognized in profit or loss.
•
Derivatives are measured at fair value.
•
Post-employment benefit severance indemnity payments are measured on the basis of actuarial methods.
•
Liabilities are measured at amortized cost applying the effective interest rate method.
84
85
Notes to the Financial Statements / Inversiones La Construcción S.A. and Subsidiaries
(d) Presentation of the financial statements
(i) Consolidated statement of financial position
In the consolidated statement of financial position, balances are classified based on their maturity; that is, balances maturing within twelve months or less are classified as current and those maturing after twelve months, as non-current.
(ii) Consolidated comprehensive statement of income
(iii) Consolidated statements of cash flows
(e) Basis of consolidation
The consolidated financial statements include the financial statements of ILC and its subsidiaries. Effective control exists when ILC has the power to
ILC and its subsidiaries have chosen to present their statements of income classified by function.
ILC and its subsidiaries have chosen to present their statements of cash flows using the direct method.
govern financial and operating policies of an entity so as to obtain benefits from its activities.
Gains or losses from subsidiaries acquired or disposed are included in the consolidated statement of comprehensive income from the effective date
of the acquisition and/or the effective date of the disposal, as applicable.
Intra-group balances and transactions have been fully eliminated in preparing the consolidated financial statements.
The equity value of the share of minority shareholders in the equity and profit or loss of the consolidated companies is stated within Non-controlling
interest in the consolidated statement of financial position and Gain attributable to non-controlling interest in the consolidated statement of comprehensive
income.
Subsidiaries: subsidiaries are entities over which ILC maintains control; control exists when the Company has the power to govern financial and
operating policies of an entity so as to obtain benefits from its activities.
Generally, control is shown by direct or indirect ownership over more than 50% of an entity’s interest. In addition, the Company also consolidates
those entities in which it holds less than 50% interest when their activities are performed for the Group’s benefit and the Group is exposed to most of
the risks and rewards of the dependent entity.
In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. Subsidiaries are consolidated from the
moment when control is transferred to the Group and are excluded from consolidation when control ceases.
The subsidiaries included in these consolidated financial statements are as follows:
TAX
ID NUMBER
COUNTRY
FUNCTIONAL
CURRENCY
OWNERSHIP PERCENTAGE
DIRECT
2012
INDIRECT
TOTAL
2011
TOTAL
86
87
96,608,510-K
Invesco Internacional S.A.
Chile
Chilean peso
61.5600
12.4300
73.9900
73.9900
96,834,400-5
Desarrollos Educacionales S.A.
Chile
Chilean peso
99.9988
0.0000
99.9988
99.9988
98,000,100-8
AFP Habitat S.A.
Chile
Chilean peso
0.0000
67.4900
67.4900
67.4900
96,941,720-0
Iconstruye S.A. (1)
Chile
Chilean peso
32.9500
0.0000
32.9500
32.9500
96,856,780-2
Isapre Consalud S.A.
Chile
Chilean peso
99.9999
0.0000
99.9999
99.9999
99,003,000-6
Compañía de Seguros de Vida Cámara S.A.
Chile
Chilean peso
99.9999
0.0000
99.9999
99.9999
76,020,458-7
Chile
Chilean peso
89.9900
0.0000
89.9900
80.8200
76,093,446-1
Chile
Chilean peso
99.9900
0.0000
99.9900
99.9900
76,090,153-9
Inversiones La Construcción Ltda.
Chile
Chilean peso
99.9900
0.0000
99.9900
99.9900
96,942,400-2
Megasalud S.A.
Chile
Chilean peso
0.0000
99.9900
99.9900
99.9900
96,885,930-7
Clínica Bicentenario S.A.
Chile
Chilean peso
0.0000
99.9900
99.9900
99.9900
96,598,850-5
Clínica Iquique S.A.
Chile
Chilean peso
0.0000
52.1500
52.1500
52.1500
78,053,560-1
Clínica Tabancura S.A.
Chile
Chilean peso
0.0000
99.9900
99.9900
99.9900
78,040,520-1
Clínica Avansalud S.A.
Chile
Chilean peso
0.0000
99.9900
99.9900
99.9900
76,123,853-1
Inmobiliaria Clínica S.A.
Chile
Chilean peso
0.0000
99.9900
99.9900
99.9900
76,110,809-3
Megasalud Oriente Ltda.
Chile
Chilean peso
1.0000
99.0000
100.0000
100.0000
96,863,530-1
Sociedad Educacional Peñalolén S.A.
Chile
Chilean peso
0.0030
99.9970
100.0000
100.0000
96,858,860-5
Sociedad Educacional Huechuraba S.A.
Chile
Chilean peso
0.0020
99.9980
100.0000
100.0000
96,891,540-1
Sociedad Educacional Temuco S.A.
Chile
Chilean peso
0.0020
99.9980
100.0000
100.0000
96,987,460-1
Sociedad Educacional Puerto Montt S.A.
Chile
Chilean peso
0.0020
99.9980
100.0000
100.0000
96,946,770-4
Sociedad Educacional Valle Lo Campino S.A.
Chile
Chilean peso
0.0020
99.9980
100.0000
100.0000
96,980,350-K
Sociedad Educacional Ciudad del Este S.A.
Chile
Chilean peso
0.0020
99.9980
100.0000
100.0000
99,558,380-1
Sociedad Educacional Lo Aguirre S.A.
Chile
Chilean peso
0.1000
99.9000
100.0000
100.0000
76,895,340-6
Sociedad Educacional Curauma S.A.
Chile
Chilean peso
0.1000
99.9000
100.0000
100.0000
76,899,160-K
(*)
COMPANY
Chile
Chilean peso
0.1000
99.9000
100.0000
100.0000
76,066,282-8
Gestión Educativa S.A.
Sociedad Educacional Chicureo S.A.
Chile
Chilean peso
0.0000
100.0000
100.0000
100.0000
96,841,470-4
Inmobiliaria Tierra Fértil S.A.
Chile
Chilean peso
0.0200
99.9800
100.0000
100.0000
76,081,583-7
Sociedad Educacional Machalí S.A.
Chile
Chilean peso
0.0000
100.0000
100.0000
100.0000
Iconstruye S.A is considered to be part of the Group because ILC maintains control over more than half of the voting rights and thus elects Iconstruye S.A.’s Board of Directors and also has control of management.
(f) Basis of translation
Assets and liabilities in United States dollars (US$) and Unidades de Fomento (UF: an inflation-indexed monetary unit commonly used in Chile) have
been translated to Chilean pesos (the presentation currency, CLP) at the exchange rates at each reporting date as follows:
PERIOD
US$
UF
December 31, 2011
519.20
22,294.03
December 31, 2012
479.96
22,840.75
(g) Functional currency
The financial statements of each company included in these consolidated financial statements are presented in the currency of the main country in
which the companies operate (the “functional currency”).
The functional currency of the Chilean companies is the Chilean peso.
For purposes of the consolidated financial statements, the profit or loss and financial position of each company are expressed in Chilean pesos, which
is the functional currency of the Parent and of the Group and the presentation currency of the consolidated financial statements.
In preparing the financial statements of subsidiaries, transactions in currencies other than the Group’s functional currency (i.e. foreign currency) are
translated at the applicable exchange rates at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the
reporting date are retranslated into the functional currency at the exchange rate at that date.
For purpose of presenting the consolidated financial statements, the financial statements of subsidiaries whose functional currency is not the Chilean
peso, have been translated into Chilean pesos in conformity with the provisions of IAS 21, which calls for translating assets and liabilities at the
applicable exchange rate the closing of the period, and revenues and expenses at average monthly exchange rates.
(4) SIGNIFICANT ACCOUNTING POLICIES
The accounting policies set out below have been applied in preparing these consolidated financial statements. These policies have been defined
considering IFRSs currently in force as of January 1, 2011 and their subsequent amendments and have been applied consistently to all periods
presented in these consolidated financial statements.
(a) Financial assets
(i) Recognition and measurement
Financial assets are initially recognized at fair value plus transaction costs directly attributable to their acquisition or issue.
(ii) Classification
A financial asset is initially classified as measured at amortized cost or fair value.
A financial asset shall be measured at amortized cost if the following conditions are met:
•
The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and
•
The contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest.
If a financial asset does not meet these conditions it is measured at fair value.
ILC and its subsidiaries assess their investment model at the portfolio level as it is a more accurate reflection of the manner in which the business is
managed and the information is provided to their Board of Directors.
Financial assets held for trading are held within a business model whose objective is to hold assets in order to collect contractual cash flows.
ILC has measured certain financial assets at fair value through profit or loss as such measurement eliminates or significantly reduces the accounting
mismatch that could otherwise arise.
(iii) Derecognition
ILC derecognizes a financial asset in its statement of financial position when the contractual rights to the cash flows from the financial asset expire, or
when it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which all the risks and rewards of ownership
of the financial asset are transferred. Any interest in the transferred financial asset that is created or retained by ILC is recognized as a separate asset.
On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the
asset transferred) and the sum of (i) the consideration received (including any new asset obtained less any new liability assumed) and (ii) any cumulative
gain and loss that had been recognized in other comprehensive income is recognized in profit for the year.
(iv) Offsetting
Financial assets are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right
to offset the recognized amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.
(v) Amortized cost measurement
The amortized cost of a financial asset recognized is the amount at which the financial asset is measured at initial recognition, minus capital
reimbursements, plus or minus the cumulative amortization using the effective interest method of any difference between the initial amount recognized
and the reimbursement value, minus any reduction for impairment.
(vi) Fair value measurement
Fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.
ILC measures an instrument using quoted prices in an active market for that instrument. A market is regarded as active if quoted prices are readily
and regularly available and represent actual and regularly occurring market transactions on an arm’s length basis.
If a market for a financial instrument is not active, ILC establishes fair value using a valuation technique. Valuation techniques include using recent arm’s
length transactions between knowledgeable, willing parties (if available), reference to the current fair value of other instruments that are substantially
the same, discounted cash flow analysis and option pricing models. ILC incorporates all factors that market participants would consider in setting a
price, and that are consistent with accepted economic methodologies for pricing financial instruments.
(vii)Identification and measurement of impairment
ILC assesses regularly whether there is objective evidence that financial assets that are not carried at fair value through profit or loss are impaired,
except loans and advances to customers. Financial assets are impaired when objective evidence demonstrates that a loss event has occurred after
the initial recognition of the asset, and that the loss event has an impact on the future cash flows of the asset that can be estimated reliably..
(viii) Investments and other financial assets
Financial assets within the scope of IAS 39 are classified as financial assets at fair value through profit or loss, loans and receivables, investments
held-to-maturity and financial assets available for sale, as applicable. Upon initial recognition financial instruments are measured at fair value plus (in
the case of investments not at fair value through profit or loss) any directly attributable transaction costs.
ILC analyzes whether a contract contains an embedded derivative when it becomes a party to the contract. Embedded derivatives are separated
from the host contract and are not measured at fair value through profit or loss, when the analysis shows that the economic characteristics and risks
of the host contract and the risks of the embedded derivative are not closely related.
88
89
• Effective interest method
The effective interest method corresponds to the method used to estimate the amortized cost of a financial asset and the allocation of interest
income during the period. The effective interest rate is the rate that exactly discounts future estimated cash flows receivable (including all charges
on amounts paid or received that form an integral part of the effective interest rate, transaction cost and other credits or discounts), during the
expected life of the financial asset. All ILC and its subsidiaries’ long-term bank and financial liabilities are recorded under the effective interest
method.
The Group determines the classification of financial assets after initial recognition and, when allowed and appropriate, reassesses the designation
at the end of each financial year. All regular purchases and sales of financial assets are recorded at the date of the transaction, which is the date
in which the Group commits to acquire the asset. Regular purchases or sales are those that require the delivery of the asset within the period
established by regulations or market convention. The classifications of investments used by the Group are as follows:
• Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are those investments made with the objective of generating short-term profits due to price
variations, and are classified at fair value through profit or loss and presented as current assets. All financial assets within this category are recorded
at fair value which is obtained using observable market data and charged against realized or unrealized gains or losses from changes in fair value
at each year-end.
Observable market data are obtained using price bands generated on a daily basis by the Superintendence of Pensions and/or deposit values
reported on a daily basis by mutual funds and the implicit interest rates for long-term deposits, as applicable.
• Investments held-to-maturity
Investments held-to-maturity are those non-derivative financial assets with fixed or determinable payments and fixed maturities for which the Group
has the positive intent and ability to hold to maturity. Subsequent to initial recognition, financial investments held-to-maturity are measured at
their amortized cost. Such cost is calculated as the amount initially recognized less principal prepayments, plus or less accumulated amortization
under the effective interest method of any difference between the amount initially recognized and the amount at maturity less any provision for
impairment. This estimate includes all commissions and “credits” paid or received between the parties that are an integral part of the effective
interest rate, transaction costs and all premiums and discounts. Gains or losses are recorded in profit or loss when investments are derecognized
or impaired, as well as through the amortization process.
• Financial investments available for sale
Available-for-sale financial assets are non-derivative financial assets that are designated as available for sale or are not classified in any of the above
categories of financial assets. These investments are recorded at fair value when they can be estimated reliably. Subsequent to initial recognition,
financial assets available for sale are measured at fair value with any unrealized gains or losses recognized directly in equity within the reserve
for unrealized gains. When the investment is disposed of, accumulated gains or losses previously recognized in equity are reclassified to profit or
loss. Interest earned or paid for the investment is reported as interest income or expense using the effective interest method. Dividends earned
are recognized in profit or loss as Dividends received when the right to the payments has been established.
As of December 31, 2012 and 2011, there are no financial assets classified as available for sale.
• Impairment of financial assets
A financial asset not classified as at fair value through profit or loss is assessed at each reporting date to determine whether there is objective
evidence that it is impaired. A financial asset is impaired if there is objective evidence of impairment as a result of one or more events that occurred
after the initial recognition of the asset, and that loss events had an impact on the estimated future cash flows of that asset.
• Trade and other receivables and accounts receivable due from related parties
Trade and other receivables and accounts receivable due from related parties are recorded at amortized cost, which corresponds to the initial
market value less principal repayments plus interest accrued but not received.
Investments in debt securities associated with the subsidiary Compañía de Seguros de Vida Cámara S.A. have been measured according to the
following criteria:
Promissory notes of Banco Central de Chile, bank bonds and corporate bonds issued by companies registered with the Securities Registry of
the Superintendence of Securities and Insurance, at their market value at each year-end.
(b) Use of estimates and judgments
Preparation of these consolidated financial statements has required the use of certain estimates made by the management of ILC to estimate some
of the recorded assets, liabilities, revenues and expenses and commitments. Such estimates are based on the Group management’s best knowledge
and belief regarding the amounts, actions or events and relate mainly to the following:
(i) Impairment of assets
The Group reviews the carrying amount of assets subject to impairment to determine whether there is any indication that the carrying amount could
not be recoverable. If such an indication exists, the recoverable amount of the asset is estimated to determine the extent of impairment. In assessing
impairment, those assets not generating cash inflows independent of the cash inflows of other assets are grouped in the Cash Generating Unit (CGU)
to which the asset belongs. The recoverable amount of these assets or CGUs is measured as the higher of their fair value or carrying amount.
Management necessarily applies judgment in grouping assets not generating independent cash inflows as well as in the cash flow estimate, periodicity
and amounts underlying the estimate. Subsequent changes in the grouping of the CGUs or periodicity of cash inflows could affect the carrying amount
of the assets.
(ii) Useful lives of property, plant and equipment
ILC’s management determines the useful lives and depreciation charges of property, plant and equipment. This estimate is based on the projected
life cycles of products within their segment. The Group reviews the estimated useful lives of property, plant and equipment at each annual reporting
date.
(iii) Fair value of derivatives and other financial instruments
The fair value of financial instruments not quoted in an active market is determined using valuation techniques. The Group applies judgment to select
a variety of methods and makes assumptions mainly on the basis of market conditions existing at the reporting date. For derivative instruments,
assumptions made are based on quoted market rates adjusted for the specific features of the instrument. Other financial instruments are measured
using an analysis of discounted cash flows based on assumptions supported, when possible, by observed prices or market rates.
(iv) Criteria used to estimate the net realizable value of inventories
The input used to estimate the net realizable value is mainly the estimated sale price of inventories.
(v) Criteria used for the actuarial estimate of employee liabilities
Liabilities for contractual employee benefits are measured using an actuarial estimate that considers mainly personnel turnover due to retirement,
mortality and disability rates, actual salary increase and survivors’ rates, permanence to age of retirement.
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• Investments in debt securities
(vi) Probability of occurrence and amount of uncertain or contingent liabilities
Estimates have been made considering the information available at the date of issuance of these consolidated financial statements; however, future
events could make it necessary to modify these contingent liabilities in future periods (prospectively as a change in accounting estimate).
(c) Equity accounted investees
Investments in entities over which ILC and its subsidiaries maintain joint control with other companies or those in which they have significant influence
are accounted for under the equity method. In general, significant influence is presumed to exist when the Group holds an ownership exceeding 20%.
The equity method consists of recording the ownership percentage maintained by ILC and subsidiaries in the equity of the issuer. If the resulting
amount is negative, the investment is recorded at zero unless the Group is committed to support the equity situation of the issuer, in which case a
related provision for risks and expenses is recorded.
Dividends received from these entities are recorded, reducing the amount of the investments, and the equity in the profit of each investee is recorded,
net of its tax effect, within Share of profit of equity accounted investees in the statement of income.
(d) Offsetting of balances and transactions
As a general standard, assets and liabilities and revenues and expenses are not offset in the financial statements, except when the offsetting is required
or allowed by a standard and the presentation reflects the substance of the transaction.
Those revenues or expenses arising from transactions that, contractually or by requirement of a legal standard, can be offset by ILC and subsidiaries,
that is that can be settled for their net amount or in which the asset can be realized and the liability paid simultaneously, are stated net in profit or loss.
(e) Property, plant and equipment
Property, plant and equipment costs include the acquisition costs plus all costs directly attributable to bringing the asset to its working condition and
location.
Additionally, financing costs directly attributable to the acquisition or construction of assets that require a substantial time period to be ready for use
or sale are also considered as part of property, plant and equipment costs.
Items included within property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.
Repair, preservation and maintenance expenses are expensed as incurred. Some of the property, plant and equipment of ILC and its subsidiaries
require periodical reviews. Accordingly, replaced items are recognized separately from the rest of the asset and at a level of disaggregation that allows
amortizing them over the average period from the current and the following repair.
Costs related to asset extension, upgrade or improvement that represent an increase in the productivity, capacity or efficiency of the assets or an
increase in their useful life, are capitalized as an increase in the value of the assets.
Property, plant and equipment include investments in assets acquired under financing lease agreements. These assets do not legally belong to the
Group as it has not exercised its purchase option, if applicable.
Any gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between the net proceeds from disposal and
the carrying amount of the item) is recognized in profit or loss.
(f) Investment property
Investment property corresponds to real estate held to earn rental income, appreciation or both, or for their lease.
Investment property is measured at cost less accumulated depreciation and impairment losses.
As of January 1, 2010, the cost of investment property includes the remeasured value at that date. Subsequently, investment property is recognized
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Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful lives of each item of investment property. This is the
method that better reflects the pattern of consumption of the assets.
The depreciation and economic useful lives of investment property reviewed annually and adjusted, as necessary.
Rental income from the lease of investment property is recognized within Other investment gains (losses) in the statement of income on a straight-line
basis over the lease term.
The property, plant and equipment of ILC and subsidiaries include the interest cost incurred for constructing and/or acquiring the assets. Such cost
is capitalized until the moment the related assets are ready for use. The amount of capitalized financing is determined using the interest rate of the
related credits.
(g) Depreciation
Items of property, plant and its equipment are depreciated on a straight-line basis by allocating the acquisition cost of the assets less their estimated
residual value based on the estimated useful lives of the items. The main items of property, plant and equipment and their useful lives are as follows:
USEFUL LIFE
RANGE IN YEARS
Buildings
20-80
Plant and equipment
3-10
Information technology equipment
Fixed facilities and accessories
Vehicles
2-5
10-20
3-5
Improvements to leased assets:
Facilities
(*)
2-5 (*)
Or the term of the agreement, whichever is lower.
The useful lives and residual values of items of property, plant and equipment are revised annually and depreciations commences when they are
ready for use.
Land is recorded separately from the buildings or facilities built on them and deemed to have an indefinite useful life; accordingly, land is not depreciated.
The Group assesses at least annually whether there are any indicators of impairment in its items of property, plant and equipment. Reversals of
impairment losses are recorded in profit or loss or equity, as applicable.
at acquisition cost.
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(h) Intangible assets
Intangible assets relating to software, trademarks and the portfolio of AFP Hábitat S.A., have been acquired separately and are measured at cost on
initial recognition.
The cost of intangible assets acquired in business combinations is their fair value at the date of acquisition. Subsequent to initial recognition, intangible
assets are recorded at cost less accumulated amortization and accumulated impairment losses.
The useful lives of intangible assets are defined as definite or indefinite. For intangible assets with indefinite useful lives, impairment testing is conducted
individually or at the cash generating unit (CGU) level.
Intangible assets with definite useful lives are amortized over their economic useful life and are assessed for impairment whenever impairment indicators
exist. The amortization period and method for intangible assets with definite useful lives are assessed at least at each reporting date. Expected changes
in the useful life are recognized as changes in the amortization period or method, as applicable, and treated as a change in accounting estimates.
The amortization expense for intangible assets with definite useful lives is recognized in profit or loss within the expense category consistent with the
function of the intangible asset.
(i) Available-for-sale assets and discontinued operations
Non-current assets are classified as available-for-sale assets if it is highly probable that they will be recovered primarily through sale o distribution
rather than through continuing use. This condition is considered to be met only when a sale is highly probable and the asset is available for immediate
sale in their current conditions.
The sale will presumably be completed in term of one year from the classification date.
These assets are measured at the lower of carrying amount and fair value.
(j) Impairment
ILC and subsidiaries use the following criteria to assess impairment, if any:
Financial assets
A financial asset is impaired if objective evidence indicates that a loss event has occurred after initial recognition of the assets and that the loss event
had a negative effect on the estimated future cash flows of that asset which can be estimated reliably.
An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the
present value of the estimated future cash flows discounted at the asset’s original effective interest rate.
Financial assets, continued
An impairment loss for a financial asset available for sale is estimated based on its fair value.
All impairment losses are recognized in profit or loss. Any accumulated impairment loss relating to a financial asset available for sale which had been
previously recognized in equity is reclassified to profit or loss when impairment indicators exist.
At each reporting date, ILC and its subsidiaries assess whether there are any indicators that an asset could be impaired. If any such indication exists,
then the asset’s recoverable amount is estimated. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less
costs to sell and is determined for individual assets unless assets do not generate cash inflows clearly independent of the cash inflows of other assets
or groups of assets. When the carrying amount of an asset exceeds its recoverable amount, the asset is considered to be impaired and is reduced
to its recoverable amount.
Impairment losses from continuing operations are recognized in the statement of income within the expenses categories related to the function of the
impaired asset, except for previously reassessed property in which case the reassessment was previously recorded in equity. In this case impairment
is recognized in equity up to the amount of any previous reassessment.
For non-financial assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has
decreased or no longer exists. If any such indicator exists, ILC and its subsidiaries estimate the recoverable amount. An impairment loss is reversed
if there has been a change in the estimates used to determine the recoverable amount. If so, the carrying amount of the asset is increased to its
recoverable amount. Such amount cannot not exceed the carrying amount that would have been determined, net of depreciation or amortization, if
no impairment loss had been recognized. The following criteria are also applied in assessing impairment of specific assets:
(i) Goodwill
Goodwill arising from consolidation represents the excess of the acquisition cost over the Group’s interest in the fair value of its assets and liabilities
(including the identifiable contingent liabilities of a subsidiary on the date of acquisition).
The impairment of goodwill is determined by assessing the recoverable amount of the cash generating unit to which such goodwill relates. When the
recoverable amount of the cash generating unit is lower than the carrying amount of the cash generating unit to which goodwill has been allocated,
an impairment loss is recognized. Impairment losses in relation to goodwill cannot be reversed in future periods.
Goodwill is tested annually for impairment.
(ii) Inventories
In general, inventories relate to medical materials and supplies that are used during the course of operating activities. The cost of inventories is
adjusted when it exceeds their net realizable value.
(iii) Intangible assets with indefinite useful lives
Intangible assets with indefinite useful lives are tested annually for impairment. As of December 31, 2012 and 2011, these assets and goodwill were
tested for impairment and the Group did not identify any impairment to be recorded.
(iv) Investments in associates
Subsequent to applying the equity method, ILC determines whether it is necessary to recognize any additional impairment loss for its investment in
associates. At each reporting date, ILC and its subsidiaries determine whether there is indication that the investment in an associate is impaired.
(k) Trade receivables
Trade receivables are initially recognized at fair value and subsequently at amortized cost using the effective interest method, less an allowance for
impairment losses.
A provision for impairment losses on trade receivables is recognized when there is evidence that ILC and its subsidiaries will not be able to recover
all the indebted balances. The allowance is recorded in profit or loss.
(l) Inventories
Los inventarios de insumos médicos, materiales clínicos, fármacos y otros materiales se encuentran valorados al menor valor entre el costo de
adquisición y el valor neto de realización.
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El costo de las existencias comprende todos los costos relacionados con la adquisición, traslado, distribución y otros costos necesarios en los que
se haya incurrido para darles su condición y ubicación en tiendas y bodegas de estas mismas.
El cálculo del costo unitario se basa en el método “precio medio ponderado”.
(m)Revenue recognition
Revenue is recognized when it is probable that the economic benefits that will flow to ILC can be measured reliably. The following specific revenue
recognition criteria must be met before recognizing revenue.
i)
Revenue from services
Revenue from services rendered is recognized in profit or loss in proportion to the stage of completion at the reporting date, provided that the result
of the transaction can be estimated reliably.
(ii) Interest income
Interest income is recognized as it accrues in profit or loss based on the capital balance pending payment and the applicable interest rate.
(iii) Real estate lease revenue
Revenues from building leasing are recognized once the service has been rendered.
(iv) Investment dividends
Revenues from investments are recognized when the right to receive the payment has been established.
(v) Revenue from insurance premiums
Revenues from insurance premiums correspond to the disability and survivorship insurance managed by the subsidiary Compañía de Seguros de
Vida Cámara S.A
(vi) Revenue from pension plan businesses
These include the commissions earned for the management of pension funds, which are accrued and recognized in profit or loss based on the
retirement contributions credited in the individual accounts of its members as stated in Circular No. 1.540 of the Superintendence of Pensions. The
above-mentioned standard does not generate any significant distortions with the criteria established by IAS 18.
Revenue related to the rendering of other services is charged to profit or loss when the services are rendered by the manager.
Revenue related to the profitability of the reserve is charged to profit or loss based on the variations in the deposit values of pension funds managed.
Revenue for the disability and survivorship coverage is recorded over the life of the contract based on rates contractually established with the insurance
companies per the contracts agreed as of June 30, 2009.
(vii)Revenue from educational business
Revenue from enrollment and tuitions is recognized on the basis of the accrual of the school year.
(n) Other non-financial assets
Correspond to the application of the effective interest rate method to the commissions earned by the subsidiary Isapre Consalud S.A on certain
products, which in accordance with IFRS are discounted at the effective interest rate and therefore recognized at maturity. Furthermore, the additional
requirements of IAS 39 in respect of the identification of losses relating the up-to-date portfolio (impairment incurred, but not reported – AG 90) and
the requirement of making adjustments to the historical loss rates under current market conditions (AG 91) have been applied.
(o) Trade and other payables
Trade and other payables include obligations of ILC and its subsidiaries related to current operations arising from past events, at the maturity of which
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The obligations considered under this caption are measured at amortized cost.
(p) Other current non-financial liabilities
This line item mainly records those unearned income from tuitions, contributions and joining fees, which differ in the item life term of the right.
Loans and similar financial liabilities are initially recognized at their fair value, net of transaction costs. They are subsequently valued at their amortized
cost and any differences between the funds obtained (net of the costs necessary for them to be obtained) and the reimbursement value, are recognized
in the statement of income during the life of the debt in accordance with the effective interest rate method.
Financial obligations are classified as current liabilities unless the Group has an unconditional right to defer its settlement during at least twelve months
after the latest reporting date.
(q) Provisions
ILC’s current legal or constructive obligations existing at the reporting date which result from past events may generate probable equity damages for
ILC, and whose amount and timing of settlement are uncertain are recorded in the statement of financial position as provisions based on ILC’s current
estimate of the most likely amount to be disbursed when settling the obligation.
Provisions are quantified based on the best information available on the date the financial statements are issued in respect to the consequences of
the events that cause them and are re-estimated at each subsequent reporting date. In general, provisions are determined based on the historical
data of ILC and its subsidiaries.
Provisions and contingent liabilities
Provisions are liabilities whose amount or timing is uncertain. These provisions are recognized in the statement of financial position when the following
requirements are met:
•
The liability relates to a present obligation arising from a past event and,
•
At the date of the financial statements it is probable that an outflow of resources from the Group will be required to settle the obligation and the
amount of these resources can be measured reliably.
A contingent asset or liability is an obligation from past events whose existence will only be confirmed if one or more future uncertain events occur
•
which are not under the control of the ILC.
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and in order to pay them, the Group expects to dispose of resources that include economic benefits.
(r) Provisions for employee benefits
ILC and its subsidiaries have provisioned the cost of vacations and other employee benefits on an accrued basis. These benefits are accounted for
as expenses at the moment in which the obligation is incurred from the underlying service received.
Some subsidiaries have recorded a provision to cover post-employment benefits for unlimited severance indemnity payments, in accordance with
collective and/or individual agreements subscribed with their employees, which is recorded at actuarial value. The positive or negative effect on the
indemnities derived from changes in estimates (turnover, mortality, retirement rates, etc.) is directly recorded in profit or loss.
(s) Provisions for credit risk
The provisions to cover asset loss risks have been recorded in accordance with IAS 39, which considers the estimate of losses incurred.
(t) Statement of cash flows
For the purposes of the preparation of the statement of cash flows, ILC and its subsidiaries have established the following parameters:
Cash and cash equivalents comprise cash, balances in bank current accounts, time deposits in credit entities and any other short-term, highly liquid
investments with maturities of three months or less.
•
Operating activities are the principal revenue-producing activities of the Group and other activities that are not investing or financing activities.
•
Investing activities are the acquisition and disposal of long-term assets and other investments not included in cash and cash equivalents.
•
Financing activities are activities that result in changes in the size and composition of the contributed equity and liabilities of the Group.
(t) Current and deferred income taxes
The Group accounts for income taxes based on the net taxable income determined in conformity with the standards established in the Income Tax
Law in Chile.
Deferred taxes originated by temporary differences and other events that create differences between the accounting and tax base of assets and
liabilities are recorded in accordance with the standards established in IAS 12 “Income Taxes”.
The income tax result for the period is determined as the sum of the current taxes of the different subsidiaries and taxes resulting from the application
of the relevant tax rate over the taxable base of the period (once the applicable tax deductions have been applied) plus any variations in deferred tax
assets, liabilities and tax credits. The differences between the carrying amount of assets and liabilities and their tax base generate the deferred tax
assets and liabilities balances, which are calculated by using tax rates enacted or substantially enacted when the assets and liabilities are expected
to be realized.
Current tax and the variations in deferred taxes are recorded in profit or loss or in the line item Income tax income (expense) or in the line item Equity
in the statement of financial position, depending on where the gains or losses to which it relates were recorded, except for assets or liabilities arising
from business combinations.
Deferred tax assets and tax credits are only recognized when it is probable that there will be future tax gains sufficient for recovering any temporary
difference in deductions and using tax credits. A deferred tax liability is recognized for all taxable temporary differences, except to the extent that the
deferred tax liability arises from the initial recognition of purchased goodwill and those whose origin is determined by the valuation of investments in
subsidiaries, associates and interests in joint ventures where the Group can control the timing of their reversal and it is probable that the temporary
difference will not be reversed in the foreseeable future.
(u) Dividends
Interim and final dividends are recorded as a valuation of “Total Equity” upon their approval by the corresponding entity, which in the first instance
is the Board of Directors of each company and in the second instance is the Shareholders of each company at the Ordinary General Shareholders’
Meeting.
(v) Finance costs (of non-financial activities)
Interest income and expenses are recognized on the basis of the accrued period and the effective interest rate over the outstanding balance.
(w)Finance leases
The Group’s policy provides that when the lessor substantially transfers all the risks and rewards of ownership of the asset to the lessee, the ownership
of the asset, in this case, may or may not be transferred. When ILC and its subsidiaries act as the lessee of an asset subject to a finance lease, the
cost of the leased assets are presented in the consolidated statement of financial position, as per the nature of the asset subject to the agreement
and, simultaneously, a liability is recorded in the statement of financial position for the same amount.
Such amount will be the lower of the fair value of the leased asset or the sum of the present values of the amounts payable to the lessor plus, the
exercise price of the purchase option. These assets are amortized with criteria similar to the ones applied to property, plant and equipment or over
the lease term, when this is shorter.
Finance costs derived from the financial update of the recorded liability are charged to the caption Finance costs in the consolidated statement of
comprehensive income.
(y) Operating leases
Leases where the ownership of the leased asset and substantially all the risks and rewards of the asset remain with the lessor are classified as
operating leases.
Income or expenses from lease agreements are recognized in the line item Other income or Other expenses of the profit or loss account, as incurred.
(z) Segment reporting
The Group presents segment reporting based on the financial information made available to the key decision-makers in respect of matters such as
profitability measurement and investment allocation.
(aa)Earnings (losses) per share
Basic earnings per share is calculated by dividing the net profit (loss) of the period attributable to ILC by the weighted average number of ordinary
shares outstanding during the period, without including the average number of shares of ILC owned by any of the subsidiaries, if this was the case.
As of December 31, 2011, earnings per share were determined on the basis of 37,031,553 subscribed and fully-paid shares.
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As of December 31, 2012, earnings per share were determined on the basis of 100,000,000 subscribed and fully-paid shares as a result of the
exchange of shares of June 2012 (two point six new shares per each old share) and the capital increase of July 2012
(bb)Technical reserves of the subsidiary Compañía De Seguros De Vida Cámara S.A.
Technical reserves have been accrued on the basis of the calculation method in the General Standard No.318 issued by the Superintendence of
Securities and Insurance. Such standard requires that insurance companies operating disability and survivorship insurance calculate the technical
reserve in accordance with General Standard No.243 of 2009 and its amendments in General Standard No.319 of 2011.
(cc)Pension reserve of the subsidiary Administradora Fondos De Pensiones Hábitat S.A.
With the purpose of guaranteeing a minimum profitability of the pension funds referred to in Article No.37 of D.L. No.3.500 of 1980 and in conformity
with Article No.40 of the same legal instrument, the Manager must maintain an asset called “Reserve” for each type of fund it manages equivalent to
1% of the value of each such pension fund, which shall be invested in deposits. This investment will be valued multiplying the number of equivalent
deposits per fund at their closing value on the day the information must be provided.
(dd)Standards and interpretations of IFRS
(i) Standards and interpretations effective beginning on January 1, 2012:
The following new Standards and Interpretations have been adopted in these financial statements.
The application of these standards has not had a significant impact on the amounts reported in these financial statements; however, the standards
might affect the accounting for future transactions or agreements.
(ii) The following new standards and Interpretations have been issued but their effective date is still not in force:
NEW IFRS
IFRS 9, Financial Instruments
Annual periods beginning on or after January 1, 2013
IFRS 10, Consolidated Financial Statements
IFRS 11, Joint Arrangements
IFRS 12, Disclosure of Interests in Other Entities
IFRS 13, Fair Value Measurement
AMENDMENTS TO IFRS
MANDATORY APPLICATION FOR
MANDATORY APPLICATION FOR
Mandatory application for
Annual periods beginning on or after July 1, 2012
NIC 12, Impuestos diferidos - Recuperación del Activo Subyacente
NIC 19, Beneficios a los empleados (2011)
IAS 27 Estados Financieros Separados
IAS 38 Inversiones en Asociados y Negocios Conjuntos.
IFRS 7, Exposición – compensación de activos y pasivos financieros.
Management is evaluating the future impact of the adoption of IFRS 9. In regards to the other abovementioned standards, it is anticipated that they will
not have a significant impact on the amounts reported in these financial statements; however, they may affect the accounting for future transactions
or agreements.
(5) ADMINISTRACIÓN DE RIESGOS
ILC is a Company that develops its businesses in the retirement and insurance services, healthcare and other sectors in a decentralized manner. The
business decisions of each of these activities are analyzed and materialized by the Management and the Board of Directors of each of the subsidiaries
ILC and its subsidiaries operate within an environment of such values as transparency and honesty as fostered by its controlling shareholder Cámara
Chilena de la Construcción A.G., which for over seventy years has been a main placer in different corporate and guild association activities in Chile.
The main risks to which the Group’s businesses are exposed are regulatory, market, insurance technical, operational, credit and liquidity risks.
5.1Regulatory risk
The regulations, standards and stable criteria allow the proper evaluation of projects and the reduction of investment risks; therefore, an adequate
follow-up of the evolution of the regulation is relevant. Most of the businesses developed by ILC are regulated by the Superintendence of Securities
and Insurance and Superintendence of Pensions and Health, which by means of their own standards aim to watch over the transparency and timely
inspection of their regulated entities in several aspects, especially risk management of different natures.
(i) Pension fund management business risk
The pension system reform of 2008 consolidated the existing pension system with broad support from Congress. This reform implied some changes
in the industry’s business such as commencing an auction process for disability and survivorship insurance and the auction process for the new
affiliates market. At the same time, the reform established a long-term scenario that minimized the threats of relevant regulatory changes existing prior
to such law.
(ii) Private health insurer (ISAPREs) risk
On December 21, 2011, a bill was filed with the Congress amending the Private Healthcare System incorporating, among others, a Guaranteed Plan
(PGS) whose price would be the same for all the beneficiaries of a private health insurer (ISAPRE). This bill will generate an intense discussion as
it implies significant changes to the health insurance system. Its application would cause all current ISAPRE beneficiaries to change their current
healthcare plan for a new plan structure based on the PGS coverage plus, in some instances, a complementary plan, thus modifying elements such
as the pricing, access, captivity, and risk control, among others.
Although Consalud has been and continues to be exposed to regulatory changes, its ability to adapt and experience in the sector for almost thirty
years allow it to be capable of dealing with future changes and challenges that may be imposed by such regulation.
5.2Operational risk
Operational risk is the risk of a direct or indirect loss originated by causes related to the Group’s processes, personnel, technology and infrastructure.
ILC and its subsidiaries have policies and internal control procedures that are associated with managing its resources.
•
The internal audit committee, which is similar to a directors’ committee, periodically reviews the transparency of ILC’s activities and is composed of
Internal audit committee
two ILC Directors as well as one executive who acts as the controller. The Committee’s main tasks are: (i) supervising the functioning and efficiency of
internal control systems, (ii) detecting and analyzing issues that may result in risks for ILC, (iii) reviewing and proposing internal controls, (iv) reviewing
internal (Deloitte) and external (KPMG) audit reports, and (v) expressing an opinion on the issues that may generate effects on equity. The committee
meets on a monthly basis and regularly reports to our Board of Directors about its activities and work.
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taking into account their own risks and the ways to mitigate them.
5.3Market risk
(i) Investment committee
The Investment Committee of ILC is composed of two directors and some executive officers of the Company and its role is to monitor the proper
compliance with the issues established in the investment policy of ILC and the watching over the appropriate speed in investment decision-making.
This committee meets regularly and periodically reports to the Board of Directors about its principal decisions and agreements reached.
(ii) Interest rate risk
Interest rate risk is expressed as the sensitivity of the value of ILC’s financial assets and liabilities when facing fluctuations in market interest rates.
(ii) Interest rate risk, continued
ILC and its subsidiaries’ financial liabilities correspond to loans from financial entities, finance leases and bonds payable. As of December 31, 2012,
practically 100% of these liabilities are structured at fixed interest rates and, accordingly, there is no exposure to the fluctuations of rates in the market.
This reflects that the only exposure to these liabilities is the variation of UF, which is mitigated by the fact that the majority of changes in ILC’s revenue
correlate to changes in the UF.
ILC’s assets subject to interest rate risk include time deposits, fixed income mutual funds and other similar investments. Considering the average
annual investment of ThCh$89,938,867 ILC recorded during 2012 with a maturity date of less than one year, a positive or negative variation of 100
basis points in the market interest rate obtained, would have increased or decreased, respectively, income before taxes before taxes by ThCh$899,389,
representing 0.7% of the total.
(iii) Financial investment profitability risk
Financial investment profitability risk relates to changes in the price of the instruments in which ILC invests, which are mainly exposed to the risks of
volatility in the local and international financial markets and the variations in exchange and interest rates. ILC and its subsidiaries partially mitigate the
effect of violent changes in market conditions by following a policy of diversification.
The Parent has an investment policy which has been approved by its Board of Directors and establishes the investment in local debt securities with
a rating equal to or higher than A+, considering high liquidity and credit risk good standing considerations.
At the subsidiary Compañía de Seguros Vida Cámara, the investment portfolio is based on the policy set by its Board of Directors, which focuses
on investments in financial instruments with terms similar to its UF-denominated liabilities and risk ratings equal to or higher than A+. Additionally,
Compañía de Seguros Vida Cámara’s investment policy requires that at least 35% of its portfolio is invested in instruments issued by the Central Bank
or the Treasury Department.
(iii) Financial investment profitability risk, continued
Considering a financial investment basis of Ch$166,328,883, a positive or negative variation of 100 basis points in its profitability, would have resulted
in an increase or decrease, respectively, on income before taxes of Ch$1,663,289, or 1.2% of such income as of December 31, 2012.
(iv) Reserve profitability risk
Investments of pension funds are primarily exposed to the volatility risks of local and international financial markets and variations in exchange and
interest rates. These risks directly affect the profitability of the pension funds and consequently the profitability of the reserve, which is reflected directly
in the P&L for the year of the Manager.
Considering an investment base in the reserve of ThCh$197,779,132, a positive or negative variation of 100 basis points in the profitability of the reserve,
would have increased or decreased, respectively, income before taxes by ThCh$1,977,791, representing 1.4% of such income as of December 31,
2012.
(v) Exchange rate risk
Excluding the effect of the exchange rate on the financial investments and the reserve, ILC and its subsidiaries have not been significantly affected
by the variation in exchange rates.
5.4Insurance technical risk
In the private health insurance business, the main risk element regarding the claims ratio is the correct pricing of the healthcare plans commercialized
and the adequate consistency to the costs and tariffs of the agreements with healthcare service suppliers, the intensity of use and the frequency of
its contributors. This is a significant risk in the industry due to the low net margins with which it operates; in order to mitigate this risk, Isapre Consalud
has sophisticated pricing models and a team expert in these matters.
The disability and survivorship insurance business is affected by five main elements: the number of disability requests filed and the number of deaths
during the coverage period, the evolution of the selling rate of life annuities, the evolution of the profitability of pension funds, the approval rate for the
disability requests filed and the evolution of the taxable income of the contributors of the AFP system.
The pricing process of the disability and survivorship insurance was based on an in-depth statistical and financial analysis performed by the Company
which helped project the variables; additionally, Compañía de Seguros de Vida Cámara has a set of financial reserving policies for its investment portfolio
with the average term of its liabilities, which mitigates the effect of decreases in interest rates and a complete team focused on the management in
the process of settlement of the insurance complementary to the Department of Disability and Survivorship, an entity that centralizes the back-office
of the disability and survivorship insurance that depends on the Asociación de Aseguradores de Chile (Chilean Association of Insurers).
During the second half of 2012, the third bidding process for the disability and survivorship insurance was held for the period between July 2012
and June 2014. Compañía de Seguros Vida Cámara is a market player in this business by was awarded no share of such bidding process for the
aforementioned period. In accordance with such outcome, the disability and survivorship insurance risk will decrease significantly, finally being
extinguished in 3 years, which is the term for which Vida Cámara will have to maintain reserves for policy holders.
Healthcare and life insurance businesses where Compañía de Seguros de Vida Cámara is a market player expose the company to the claim risk and
in regards to the right pricing of healthcare plans.
5.5Liquidity risk
Liquidity risk is the risk that Group will encounter difficulty in meeting its commitments, financial obligations, working capital needs and investments
in property, plant and equipment.
ILC generally finances its activities and investments with dividends and other income distributions received from its subsidiaries and investees and
funds obtained from the sale of assets and/or in the issuance of debt and equity securities.
ILC has liquid financial resources to meet its short and long term obligations. In addition its businesses generate a significant amount of cash from
its subsidiaries, and ILC has wide access to banking and capital markets to deal with its obligations, especially supported by credit ratings of AA
and AA+, given by Feller Rate and Humphreys, respectively. This was reflected in the Parent’s placement of bonds of UF 2,500,000 in 2011, recently
102
103
by the subsidiary Red Salud in January 2012. In addition to the capital increase by the Parent where an amount higher than ThCh$25,000,000 was
collected.
Additionally, ILC and its subsidiaries constantly analyze their financial position by making projections of cash flows and the general economic environment
with the purpose of, if necessary, assuming new financial liabilities to restructure existing loans at terms that are more consistent with the ability to
generate cash flows. In addition, it has pre-approved, short term lines of credit that allow ILC to cover any liquidity risks.
Detailed information on the maturities of financial liabilities is included in note 20.
5.6Credit risk
Credit risk is the risk of financial loss to the Group if a counterparty fails to meet its contractual obligations. In regards to the credit risk associated with
balances with banks, financial instruments and marketable securities, most of the Group’s financial investments, such as its insurance reserve and
the Parent’s investment portfolio, have high standards set by Chilean regulators and the Group’s own investment policies. These policies consider
minimum risk ratings, maximum interest in industries or companies and high levels of investment in low-risk instruments issued by the Central Bank
or the Treasury Department. Therefore, ILC’s credit risk is reduced to almost the same risk faced by the largest institutional investor in Chile.
Exposure to the risk associated with the recovery of trade and other receivables has been classified in accordance with the internal risk evaluation of
the portfolio, as detailed in note 7.
Note 7 shows that 27% of the portfolio that shows no impairment has a very low risk highlighting trade receivables. Overdue portfolio balances not
subject to impairment correspond to 5% of portfolio not subject to impairment and 59% of it has maturities of less than three months.
The Group believes maximum impairment loss that may be experienced by current debtors is amounts to ThCh$6,729,761 considering its client
payment history and checks and warrants securing those notes receivable. Such impairment represents 10.8% of the gross portfolio amount.
(6) CASH AND CASH EQUIVALENTS
As of December 31, 2012 and 2011, this caption is composed of the following:
CURRENCY
2011
THCH$
Cash on hand and in banks
Ch$
15,761,493
14,606,530
Short-term time deposits
Ch$
23,745,725
35,596,816
Money market funds
Ch$
55,618,234
33,466,081
Other investments
Ch$
21,077,067
10,373,810
116,202,519
94,043,237
Total
2012
THCH$
Time deposits have maturities of less than three months since their date of acquisition and they accrue interest at market rates for this type of
investments.
Money market funds are fixed income mutual funds that correspond to investments in mutual fund deposits measured at each year-end.
Cash and cash equivalents do not have availability restrictions.
(7) TRADE AND OTHER RECEIVABLES, NET
As of December 31, 2012 and 2011, trade and other receivables (net of an allowance for impairment losses) were composed of the following:
105
CURRENT
2012
ASSETS BEFORE
ALLOWANCES
THCH$
ALLOWANCE FOR
IMPAIRMENT
LOSSES MADE
THCH$
NET ASSET
THCH$
Premiums receivable
2,145,257
(412,016)
1,733,241
Note-backed receivables
9,426,737
(2,413,438)
7,013,299
35,692,830
(1,359,194)
34,333,636
3,433,685
(465,198)
2,968,487
Other
11,416,843
(2,079,915)
9,336,928
Total
62,115,352
(6,729,761)
55,385,591
Trade receivables
Contribution receivables
2011
Premiums receivable
ASSETS BEFORE
ALLOWANCES
THCH$
ALLOWANCE FOR
IMPAIRMENT
LOSSES MADE
THCH$
NET ASSET
THCH$
28,299,453
-
28,299,453
7,135,873
(1,636,117)
5,499,756
26,682,197
(1,307,995)
25,374,202
Contribution receivables
2,889,090
(262,239)
2,626,851
Other
9,049,186
(2,249,987)
6,799,199
Total
74,055,799
(5,456,338)
68,599,461
Note-backed receivables
Trade receivables
NO CORRIENTES
2012
Mortgage loans
ASSETS BEFORE
ALLOWANCE
THCH$
ALLOWANCE
MADE
THCH$
NET ASSET
THCH$
992,218
-
992,218
Trade accounts receivable
7,307,683
(4,697,091)
2,610,592
Total
8,299,901
(4,697,091)
3,602,810
2011
104
ASSETS BEFORE
ALLOWANCE
THCH$
ALLOWANCE
MADE
THCH$
NET ASSET
THCH$
Mortgage loans
1,064,399
-
1,064,399
Trade accounts receivable
8,094,678
(4,881,772)
3,212,906
Total
9,159,077
(4,881,772)
4,277,305
PREMIUMS
RECEIVABLE
THCH$
NOTE-BACKED
RECEIVABLES
THCH$
TRADE
RECEIVABLES
THCH$
-
1.636.117
1.307.995
2,123,384
635,897
Reductions derived from write
-
-downs
Balance as of January 1, 2012
Additional allowances
Release of allowances
Total as of December 31, 2012
OTHER
THCH$
TOTAL
THCH$
262.239
2.249.987
5.456.338
575,101
68,455
-
3,402,837
(176.235)
(462.850)
-
-
(639.085)
-
(176,235)
(462,850)
-
-
(639,085)
(1,711,368)
201,083
51,806
-
(170,072)
(1,628,551
412,016
2,413,438
1,359,194
465,198
2,079,915
6,729,761
NOTE-BACKED
RECEIVABLES
THCH$
Additional allowances
Reductions derived from write
-downs
Total as of December 31, 2011
CONTRIBUTION
RECEIVABLES
THCH$
TRADE
RECEIVABLES
THCH$
CONTRIBUTION
RECEIVABLES
THCH$
OTHER
THCH$
TOTAL
THCH$
225,978
1,696,188
247,595
811,147
2,980,908
1,614,001
1,439,454
39,058
1,438,840
4,531,353
(203,862)
(1,025,369)
-
-
(1,229,231)
-
(802,278)
(24,414)
-
(826,692)
1,636,117
1,307,995
262,239
2,249,987
5,456,338
Credit quality
In regards to credit quality, credits have been classified according to an internal evaluation of the portfolio risk. Such amounts do not include the
renegotiated portfolio as the Group considers such credits to be impaired.
2012
QUALITY
RISK
PREMIUM
RECEIVABLES
ThCh$
NOTE-BACKED
RECEIVABLES
ThCh$
TRADE
RECEIVABLES
ThCh$
CONTRIBUTION
RECEIVABLES
ThCh$
OTHER
ThCh$
Excellent
Very low
-
2,977,525
3,209,670
2,582,633
5,935,788
Good
Low
-
221,011
4,091,583
385,854
1,168,484
Normal
Normal
1,733,241
3,814,763
27,032,383
-
2,232,656
1,733,241
7,013,299
34,333,636
2,968,487
9,336,928
2011
QUALITY
RISK
PREMIUM
RECEIVABLES
ThCh$
NOTE-BACKED
RECEIVABLES
ThCh$
TRADE
RECEIVABLES
ThCh$
CONTRIBUTION
RECEIVABLES
ThCh$
OTHER
ThCh$
28,299,453
3,849,829
17,761,941
1,868,796
4,759,439
Excellent
Very low
Good
Low
-
1,099,951
5,074,840
525,370
1,359,840
Normal
Normal
-
549,976
2,537,421
232,685
679,920
28,299,453
5,499,756
25,374,202
2,626,851
6,799,199
The Group has the following balances of trade and other receivables portfolio that is past due but not impaired::
With maturities of less than three months
2012
ThCh$
2011
ThCh$
1,770,193
7,883,032
106
107
With maturities between three and six months
856,143
805,650
With maturities between six and twelve months
376,749
1,104,530
-
1,927
3,003,085
9,795,139
With maturities of more than twelve months
Total
(8) BALANCES AND TRANSACTIONS WITH RELATED PARTIES
The transactions between entities within the Group correspond to regular operations as to their purpose and conditions. These transactions have
been eliminated in the consolidation process and are not detailed in this note.
The balances of trade accounts receivable and payable between the Group and its related parties not included in consolidation are detailed as follows:
(a) Trade receivables due from related parties
TAX ID NO
COUNTRY
OF ORIGIN
TRANSACTION
DESCRIPTION
CORRIENTES
CURRENCY
2011
ThCh
2012
ThCh
70.285.100-9
Mutual de Seguridad C.Ch.C
Chile
Medical assistance and rents
Ch$
109,895
86,669
96.929.390-0
Servicios de Adm. Previsional S.A.
Chile
Rendering of services
Ch$
358,872
266,167
9.6981.130-8
Adm. de Fondos de Cesantía Chile S.A.
Chile
Principal repayment
Ch$
15,649
32,440
55.555.555-5
CCI Marketplace S.A.
Colombia
Ch$
39,780
24,944
81.826.800-9
C.C.AF. de los Andes
Chile
Medical assistance and rents
Ch$
8,509
70,213
70.016.010-6
Servicio Médico C.Ch.C.
Chile
Rents and communal expenses
Ch$
15,211
228,585
99.533.790-8
Clínica Elqui S.A.
Chile
Reimbursement of expenses
Ch$
53,674
96.567.920-8
Clínica Magallanes S.A.
Chile
Ch$
8,130
-
81.458.500-k
Cámara Chilena de la Construcción A.G
Chile
Current account
Ch$
204
-
77.532.050-8
Fundación de Asistencia Social
Chile
Ch$
2,042
1,032
71.330.800-5
Clínica San Marcos
Chile
Medical assistance
Ch$
-
1,765
74.472.770-0
Administradora de Inversiones la
Construcción S.A.
Chile
Ch$
444
2,924
96.995.840-6
Isapre Vida Tres S.A.
Chile
Ch$
-
5,759
20547538880
ICCorp
Perú
Transfer of funds
Ch$
19,967
-
578,703
774,172
Total
COMPANY
(b) Trade payables due to related parties
CORRIENTES
TAX ID NO
COMPANY
COUNTRY
OF ORIGIN
TRANSACTION
DESCRIPTION
CURRENCY
2011
ThCh
70.285.100-9
Mutual de Seguridad Cámara
Chile
Ch$
262,730
162,996
96.981.130-8
Administradora de Fondos de Cesante Chile S.A.
Chile
Ch$
3,428
2,917
96.929.390-0
Servicio de Administración Previsional S.A.
Chile
Ch$
178,496
142,624
56.032.920-2
Comunidad Edificio La Construcción
Chile
Communal expenses
Ch$
-
37,512
96.793.370-8
Laboratorio de Neurofísiologa
Digital y Estudio del Sueño S.A.
Chile
Ch$
-
17,114
96.567.920-0
Chile
Services for affiliated members
Ch$
71,621
-
55.555.555-5
CCI Marketplace S.A:
Colombia
Ch$
-
7,185
95.572.800-7
Isapre Banmedica S.A.
Chile
Ch$
-
19,762
516,275
390,110
Total
2012
ThCh
Balances receivable and payable do not bear any interests. The collection term of short-term balances receivable and payable ranges between 30
and 180 days.
(c) Most significant transactions and their effects on net income
As of December 31, 2012 and 2011, the effects on the statement of comprehensive income of transactions with related parties not included in
consolidation are as follows:
TAX ID NO.
COMPANY
RELATIONSHIP
TRANSACTION DESCRIPTION
96.981.130-8
Administradora de Fondos de Cesantía S.A.
Indirect associate
96.981.130-8
Indirect associate
Principal repayment
81.826.800-9
Caja de Compensación Los Andes
Common Parent
Rents and communal expenses collected
AMOUNT
THCH$
89,745
EFFECT ON INCOME
(DEBIT)/CREDIT
THCH$
(85,463)
2,978,938
-
23,819
23,819
236,989
81.826.800-9
Caja de Compensación Los Andes
Common Parent
Agreement services collected
116,298
81.458.500-K
Cámara Chilena de la Construcción A.G.
Shareholder
8,128
8,128
9001413144
CCI Marketplace
Indirect associate
Hosting services
70,030
70,030
71.800.700-3
Ciedess
Common Parent
Rents received
27,431
27,431
96.567.920-8
Indirect associate
13,229
15,051
96.567.920-0
Indirect associate
1,439,271
(1,439,271)
56.032.920-2
Comunidad Edificio Cámara Chilena de la Construcción
Common Parent
1,107,033
(1,107,033)
73.213.000-4
Corporación Cultural CCHC
Common Parent
Rents received
70.200.800-K
Corporación de Capacitación de la Construcción
Common Parent
Training courses
4,359
4,359
150,631
(150,631)
76.008.701-7
Corredora de Seguros La Cámara Ltda.
Indirect associate
Commissions
4,345
(4,345)
71.330.800-5
Fundación Asistencia Social CCHC
Common Parent
6,135
6,135
20547538880
IC Corp Perú
Indirect associate
Transfer of funds
19,967
-
96.715.880-1
Inversiones Santa Constanza
Common management
Financial advisory
14,000
(14,000)
70.285.100-9
Mutual de Seguridad CCHC
Common Parent
56,855
56,855
70.285.100-9
Common Parent
38,938
38,938
70.285.100-9
Common Parent
Recovery of expenses collected
11,249
-
70.285.100-9
Common Parent
418,792
390,496
96.929.390-0
Indirect associate
Dividends
1,041,025
-
COMPANY
RELATIONSHIP
EFFECT ON INCOME
(DEBIT)/CREDIT
THCH$
Indirect associate
Rents received
96.929.390-0
Indirect associate
Collection services
96.929.390-0
Indirect associate
Technological services
340,233
(340,233)
78.458.590-5
Servicios de Diagnósticos Médicos Ltda.
Indirect associate
Advisory services paid
243,977
(243,977)
70.016.010-6
Servicio Médico CCHC
Common Parent
Office rents and communal expenses
73,055
(73,055)
70.016.010-6
Common Parent
Direct insurance premium
3,304,660
3,304,660
70.016.010-6
Common Parent
798
798
70.016.010-6
Common Parent
Recovery of expenses collected
3,307,862
-
70.016.010-6
Common Parent
4,561,797
1,959,174
20,874,679
1,591,938
TAX ID NO.
THCH$
96.929.390-0
TOTAL
AMOUNT
COMPANY
RELATIONSHIP
154,581
154,581
1,247,498
(1,247498)
AMOUNT
THCH$
EFFECT ON INCOME
(DEBIT)/CREDIT
THCH$
96.981.130-8
Indirect associate
151,557
148,115
56.032.920-2
Comunidad Edificio Cámara Chilena de la Construcción
Common Parent
Rents and communal expenses paid
502,032
(502,032)
81.826.800-9
CCAF de los Andes
Shareholder
Collection and typing services
473,032
(473,032)
81.826.800-9
CCAF de los Andes
Shareholder
Rents received
43,709
43,709
81.826.800-9
CCAF de los Andes
Shareholder
Agreement services
66,710
-
9001413144
CCI Marketplace
Indirect associate
Hosting services
71,919
74,919
9001413144
CCI Marketplace
Indirect associate
Subscription and payment of shares
115,294
-
71.800.700-3
Ciedess
Common Parent
Rents received
17,816
17,816
99.533.790-8
Clínica Elqui S.A.
Indirect associate
Current account
53,674
-
73.213.000-4
Corporación Cultura CCHC
Common Parent
Rents received
8,548
8,548
(757,704)
70.912.300-9
Corporación Educacional CCHC
Common Parent
Grant
757,704
65.981.140-5
Corporación Primera Infancia CCHC
Common Parent
Grant
6,800
(6,800)
78.029.910-3
Gestión de Personas y Servicios S.A.
Common Parent
Security and clearing services
61,354
(61,354)
76.764.570-8
Inversiones Río Quilpué S.A.
Affiliate
Financial advisory
24,452
(24,452)
76.381.130-1
Inversiones Santa Constanza S.A.
Common management
Financial advisory
36,452
(36,452)
70.285.100-9
Shareholder
Rents received
570,972
570,972
96.929.390-0
Indirect associate
Employer contribution
111,325
(111,325)
96.929.390-0
Indirect associate
Rents received
96.929.390-0
Indirect associate
Collection services
96.929.390-0
Indirect associate
Technological services
70.016.010-6
Shareholder
Agreement services and recovery of expenses
70.016.010-6
Shareholder
Agreement services paid
147,451
147,451
1,298,426
(1,298,426)
359,863
(359,863)
5,375,477
1,629,261
5,147,229
-
15,404,796
(990,649)
(d) Board of directors’ compensation
As of December 31, 2012 and 2011, the compensation paid to the members of the Board of Directors of ILC amounted to ThCh$96,731 and
ThCh$105,607, respectively.
(e) Compensation of managers and senior executives of the Group
As of December 31, 2012 and 2011, the compensation paid to the managers and senior executives amount to ThCh$1,697,302 and ThCh$1,894,704,
respectively. There are no long-term or post-employment benefits for the key personnel of the Group.
108
109
TAX ID NO.
(9) INVENTORIES
(a) As of December 31, 2012 and 2011, this caption (net of an allowance for obsolescence and other) is composed of the
following:
2012
ThCh$
Clinical materials
340,345
Medical supplies
584,370
554,596
674,570
559,772
Materials
384,474
250,559
1,983,759
1,733,237
(b) As of December 31, 2012 and 2011, movements in inventories were as follows:
CLINICAL
MATERIALS
ThCh$
Opening balance at 1/1/2012
368,310
MEDICAL
SUPPLIES
ThCh$
554,596
DRUGS
ThCh$
559,772
MATERIALS
ThCh$
250,559
TOTAL
ThCh$
1,733,237
Additions
7,144,274
4,580,074
3,479,579
1,327,032
16,530,959
Consumption recorded in P&L
(7,172,239)
(4,550,300)
(3,364,781)
(1,193,117)
(16,280,437)
340,345
584,370
674,570
384,474
1,983,759
Balance as of 12/31/2012
Opening balance at 1/1/2011
262,781
566,929
144,109
49,115
1,022,934
Additions
6,845,272
3,878,447
3,887,875
857,438
15,469,032
Consumption recorded in P&L
(6,739,743)
(3,890,780)
(3,472,212)
(655,994)
(14,758,729)
368,310
554,596
559,772
250,559
1,733,237
Balance as of 12/31/2011
368,310
Drugs
Total
2011
ThCh$
As of December 31, 2012 and 2011, there were no inventories pledged as collateral or reductions for the revaluation of inventories.
(10)IFINANCIAL INSTRUMENTS
Los saldos de los instrumentos financieros medidos a valor razonable, para los períodos terminados al 31 de diciembre de 2012 y 2011, son los
siguientes:
110
FAIR VALUE
2011
ThCh$
Other current financial assets
Shares
14,607
6,942,944
Domestic investment funds
2,172,650
3,970,220
Foreign investment funds
1,260,535
16,569,843
Debt securities issued by the Government
46,839,372
37,373,987
Debt securities issued by financial institutions
22,832,389
37,031,452
Debt securities issued by private institutions
43,649,576
42,164,434
Time deposits
32,142,889
15,532,438
673,672
1,530,643
149,585,690
161,115,961
Reserve maintained in Pension Fund Type A
31,228,316
30,531,489
Reserve maintained in Pension Fund Type B
37,645,735
36,159,016
Reserve maintained in Pension Fund Type C
75,536,669
71,086,669
Reserve maintained in Pension Fund Type D
26,331,025
23,381,023
Reserve maintained in Pension Fund Type E
27,037,387
15,217,412
Other financial instruments and trade accounts receivable
16,743,193
12,455,784
214,522,325
188,831,393
Other financial instruments and trade accounts receivable
Total other current financial assets
Other non-current financial assets
Total other non-current financial assets
The balance recorded in the line item Other financial instruments and trade accounts receivable as of December 31, 2012 and 2011, includes
ThCh$16,041,864 and ThCh$11,229,811 corresponding to a guarantee established by the subsidiary Isapre Consalud S.A., which is intended to
enforce the provisions of Articles Nos.26, 27 and 28 of Law No.18.933 and its amendments. According to this Law, private health insurers must record
and maintain, in an authorized entity, a guarantee equivalent to the amount of the obligations owed to contributors, beneficiaries and health service
suppliers.
(a) Classification of financial instruments
There are no restrictions of any type on other financial assets.
(b) Methodology and assumptions used in the calculation of fair value
The fair value of financial assets and liabilities as determined by means of the following methodology
2012
ThCh$
111
(i) The amortized cost of time deposits is a good approximation of the fair value, as they are short-term operations.
(ii) Derivative instruments are accounted for at their market value in the financial statements. These instruments were measured by
using the quotes of exchange rates, interest rates and the variation of the UF as per the projected curves, applied to the remaining
term to the date of maturity of the instrument.
(iii) The fair value of financial loans was determined through the cash flow analysis methodology, applying the discount curves
corresponding to the remaining term to the date of extinction of the obligation.
(iv) The fair value of assets and liabilities that do not have market quotes is based on the discounted cash flow using the interest rate
for similar terms of maturity.
(c) Recognition measurements at fair value in the financial statements
Level 1:
Corresponds to measurement methodologies at fair value through quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2:
Corresponds to measurement methodologies at fair value through inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3:
Corresponds to measurement methodologies at fair value through inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
As of December 31, 2012 and 2011, the calculation of the fair value of all the financial instruments subject to measurement has been determined
based on Level 2 of the above mentioned hierarchy.
(11)INCOME TAX
(a) Income tax expenses recorded in the consolidated statement of income for the years ended December 31, 2012 and
2011 are detailed as follows:
INCOME TAX EXPENSE
Current tax expense
Deferred tax adjustment
Current tax expenses, net
2012
ThCh$
2011
ThCh$
(26,209,048)
(28,634,218)
(4,968,935)
5,360,806
(31,177,983)
(23,273,412)
(b) The charge (credit) to net income can be reconciled to the accounting net income (loss) as follows:
2012
RATE %
ThCh$
Reconciliation of effective rate
112
Income before taxes
Tax expense using the legal rate (20.0%)
138,120,777
(20.00%)
(27,624,155)
Revaluation of property, plant and equipment
(0.16%)
(215,748)
Price-level adjustment
(0.37%)
(516,328)
Intangible assets
(0.89%)
(1,231,597)
Lease agreements
0.56%
778,823
Investment valuation spread
1.87%
2,584,074
Tax result carryforwards
0.42%
581,357
(4.06%)
(5,606,910)
Provisions
0.17%
232,974
Interests on earnings of associates
0.49%
672,841
Total tax rate difference adjustment
(2.57%)
(3,553,828)
Tax expense using the effective rate
(22.57%)
(31,177,983)
Adjustments to tax income (expense) used at the legal
rate:
Permanent differences (20.00%):
Unused payments under reserve
2011
TASA %
M$
Reconciliación tasa efectiva
Ganancia antes de impuesto
Gasto por impuestos utilizando la tasa legal (20%)
125.054.801
(20,00%)
(25.010.960)
(0,51%)
(638.221)
Ajustes al ingreso (gasto) por impuestos utilizados a la tasa legal:
Diferencias permanentes (20%):
Revalorización activo fijo
Corrección monetaria
Deterioro activo fijo
Leasing
0,52%
650.129
(0,18%)
(219.225)
0,23%
283.433
Diferencial valorización inversiones
(0,43%)
(533.856)
Resultados tributarios de arrastre
0,89%
1.113.902
Provisión prestaciones ocurridas y no liquidadas
0,44%
544.005
0,43%
543.218
Provisión licencias médicas
Otros agregados y deducciones
(0,00%)
(5.837)
Total ajuste por diferencia de tasa de impuesto
1,39%
1.737.548
Gasto por impuestos utilizando la tasa efectiva
(18,61%)
(23.273.412
113
(c) The detail of current tax receivables and payables is as follows:
2012
ThCh$
2011
ThCh$
Corporate income tax
(26,431,244)
(28,236,384)
Monthly provisional income tax payments
25,165,354
23,460,076
1,250,970
131,482
Tax credit for training expenses
555,565
596,038
Credit for acquisition of PP&E
107,342
97,610
Contributions
439,749
438,938
31,865
145,030
249,206
127,261
1,368,807
(3,239,949)
2012
ThCh$
2011
ThCh$
RECOVERABLE TAXES (TAXES PAYABLE)
Recoverable taxes for the absorption of tax losses
Credits for grants
Other
Total income taxes (payable) recoverable, net
Current tax assets
2,563,510
931,654
Current tax liabilities
(1,194,703)
(4,171,603)
Total income taxes (payable) recoverable, net
1,368,807
(3,239,949)
(d) Los activos y pasivos por impuestos diferidos en cada período se detallan a continuación:
RECOGNIZED DEFERRED TAX ASSETS
2012
ThCh$
2011
ThCh$
Deferred tax assets related to derivatives
-
3,937
Deferred tax assets related to provisions
8,528,853
6,489,102
Deferred tax assets related to tax losses
5,046,900
2,935,549
Deferred tax assets related to unearned revenue
1,079,896
845,998
Deferred tax assets related to lease agreements
14,419,406
9,363,119
Deferred tax assets related to fixed income goodwill
364,481
114,882
Deferred tax assets related to other
881,389
647,455
30,320,925
20,400,042
Deferred tax assets
2012
ThCh$
2011
ThCh$
21.923.416
16.316.506
21,923,416
16,316,506
3,947,843
3,036,333
Deferred tax liabilities related to revaluation of property, plant and equipment
13,133,311
10,952,701
115
Deferred tax liabilities related to revaluations of the provision for prescriptions
2,143,646
2,245,184
Deferred tax liabilities related to depreciation
3,210,782
1,347,370
11,939,945
10,697,762
855,778
2,685,009
63,374,392
47,926,740
RECOGNIZED DEFERRED TAX LIABILITIES:
Deferred tax liabilities related to revaluation of legal reserve
deposits not disposed of
Deferred tax liabilities related to prepaid expenses
Deferred tax liabilities related to intangible assets
Deferred tax liabilities related to revaluation of fixed assets
Deferred tax liabilities
ILC y algunas de las Subsidiarias han reconocido activos por impuestos diferidos originados por pérdidas tributarias acumuladas, las cuales no tienen
plazo de expiración y la administración considerar que serán valorizados como parte de su planificación tributaria del Grupo.
MOVIMIENTO DE IMPUESTOS DIFERIDOS
Increase related to deferred taxes receivable
ASSETS
ThCh$
LiabilitiesThCh$
20,400,042
47,926,740
9,920,883
-
-
15,447,652
30,320,925
63,374,392
7,465,656
40,332,483
Increase related deferred taxes receivable
12,934,386
-
Increase related to deferred taxes payable
-
7,594,257
20,400,042
47,926,740
Increase related to deferred taxes payable
Balance as of December 31, 2012
Balances as of December 31, 2011
114
(12)OTHER NON-FINANCIAL ASSETS
2012
ThCh$
2011
ThCh$
7,317,947
6,698,311
Unearned lease payments
26,853
2,148
Support and maintenance
266,276
189,064
94,966
42,229
Advances to suppliers
1,939,200
1,188,316
Other taxes receivable
41,677
30,739
1,527,316
-
734,332
771,941
11,948,567
8,922,748
2012
ThCh$
2011
ThCh$
12,421,271
10,750,262
25,645
24,368
585,827
527,642
1,141,572
926,547
281,150
122,177
14,455,465
12,350,996
CURRENT
Deferred sales expenses (1)
Insurance policies
Guarantees
Other (2)
Total
NON-CURRENT
Deferred sales expenses (1)
Contribution, Aguas Andinas S.A.
Guarantees
Investments in companies
Other (2)
Total
(1( Correspond to the commissions paid to the sale agents of the subsidiary Isapre Consalud S.A., which are recorded in profit or loss over the estimated period of the healthcare service
contracts, valued as stated in note 4 (m).
(2)The line item “Other” includes prepaid expenses for uniforms and apparel for the medical personnel of the subsidiaries of Red Salud S.A.
(13) INVESTMENTS IN SUBSIDIARIES
The consolidated financial statements include the financial statements of the Parent and the companies controlled as stated in note 4(c). The detailed
information of the direct consolidated subsidiaries as of December 31, 2012 and 2011 is included below.
116
2012
COMPANY
CURRENT
ASSETS
NON-CURRENT
ASSETS
CURRENT
LIABILITIES
NON-CURRENT
LIABILITIES
ThCh$
ThCh$
ThCh$
ThCh$
REVENUE
GAIN
ThCh$
ThCh$
98.000.100-8
AFP Hábitat S.A.
59,839,814
219,179,852
26,193,470
22,542,444
121,300,838
74,576,340
96.856.780-2
36,680,051
57,116,928
67,523,906
10,513,172
275,380,026
10,310,137
99.003.000-6
Compañía de Seguros de Vida
Cámara S.A.
92,880,708
1,302,002
2,546,703
65,033,370
98,306,387
22,089,345
96.834.400-5
6,897,618
45,337,099
16,194,044
23,523,369
14,811,124
1,138,460
96.941.720-0
Iconstruye S.A.
1,771,362
1,211,065
1,108,363
39,917
3,374,033
645,762
96.608.510-K
172,716
1,039,824
3,883
-
-
(116,623)
76.020.458-7
77,300,283
212,956,243
49,504,010
126,888,638
163,810,635
2,824,486
275,542,552
538,143,013
163,074,379
248,540,910
676,983,043
111,467,907
Total
2011
TAX ID NO.
COMPANY
NON-CURRENT
ASSETS
CURRENT
LIABILITIES
NON-CURRENT
LIABILITIES
ThCh$
ThCh$
ThCh$
ThCh$
REVENUE
GAIN
ThCh$
ThCh$
98.000.100-8
AFP Hábitat S.A.
49,881,723
198,728,164
22,291,645
16,721,835
114,486,113
61,654,009
96.856.780-2
33,480,387
48,477,615
72,823,433
7,492,847
244,614,683
8,575,840
99.003.000-6
Compañía de Seguros de Vida
Cámara S.A.
135,045,034
469,927
2,975,963
98,892,637
154,111,489
34,624,333
96.834.400-5
6,767,062
39,292,447
8,921,805
24,782,039
12,867,215
764,724
96.941.720-0
Iconstruye S.A.
2,377,042
1,187,287
888,091
44,432
2,779,587
512,167
96.608.510-K
204,074
1,124,837
3,631
-
-
134,629
76.020.458-7
47,176,749
196,003,433
45,733,201
83,602,977
133,939,121
1,341,815
274,932,071
485,283,710
153,637,769
231,536,767
662,798,208
107,607,517
Total
CURRENT
ASSETS
On April 30, 2012, the subsidiary Compañía de Seguros de Vida Cámara S.A. submitted its offer for the bidding process of the disability and survivorship
insurance associated with pensions for a men group and two women groups. As a result of this bidding process Compañía de Seguros Vida Cámara
was not awarded any of such groups. As publicly known, the insurance contract where Compañía de Seguros Vida Cámara was involved in two men
groups and two women groups was effective through June 30, 2012.
Movements for the year
On May 25, 2012, Inversiones La Construcción S.A. acquired 232,800,000 shares of Red Salud S.A. from Cámara Chilena de la Construcción A.G.
The transaction price was ThCh$10,243,200, and as of to-date such payment has been made.
TAX ID NO.
117
Through the aforementioned acquisition, Inversiones La Construcción S.A. increases its interest in Red Salud S.A. to 89.99%.
At the Extraordinary Shareholders’ Meeting held on July 11, 2012, the subsidiary Iconstruye S.A. agreed to a capital decrease of ThCh$800,000. This
capital decrease became effective on September 7, 2012.
On October 30, 2012, Inversiones La Construcción S.A. subscribed and paid in full 17,464,038 shares from a capital increase in the subsidiary Isapre
Consalud S.A. The price paid was ThCh$7,000,000. Through this transaction ILC S.A. becomes the owner of 67,464,064 shares of Consalud S.A.,
representing 99.99999% of its share capital.
On December 2, 2011, by means of a share purchase and sale agreement, Servicios Médicos Tabancura S.A. sold and transferred all its shares of
Megalab S.A. to Inversiones La Construcción S.A. (ILC). The transfer amounted to ThCh$116,950.
Once ILC had control of the total number of shares of Megalab S.A. it dissolved the latter and all its assets and liabilities were added to the equity of
ILC.
The above was reflected through a public deed of “Statement of Dissolution by Absorption” dated December 21, 2011 issued before the Notary Public
Mr. Iván Torrealba Acevedo.
Assets in the amount of ThCh$1,202,861 and liabilities for ThCh$20,847 were added to the records of ILC. In equity, under the line item “Retained
earnings” ThCh$21,272 was recorded corresponding to the difference between the value of the investment recognized in ILC before the merger
(ThCh$1,043,792) and the value of the assets and liabilities added to ILC’s equity.
(14)EQUITY-ACCOUNTED INVESTEES
(a) Equity method
As of December 31, 2012 and 2011, this line item is composed of the following:
2012
COMPANY
Administradora Clínicas Regionales S.A.
Administradora de Transacciones Electrónicas S.A.
Laboratorio de Neurofisiología Digital y Estudio del
Sueño S.A.
Inversalud Elqui S.A.
NUMBER OF
SHARES
OWNERSHIP
INTEREST
BALANCE AS
OF 1-1-2012
ThCh$
ADDITIONS
ThCh$
NET
INCOME
ThCh$
Disposals
ThCh$
OTHER INCREASES
(DECREASES)
ThCh$
Dividends
ThCh$
TOTAL AS OF
12/31/2012
ThCh$
2,880,948
32.24
2,458,830
-
-
37,237
(101,889)
(1,396,674)
997,504
5,000
50.00
928,191
-
-
1,034,911
(1,321,011)
-
642,091
60
50.00
32,021
-
-
8,583
-
-
40,604
90
15.41
295,692
-
-
104,235
(8,061)
-
391,866
Administradora Clínicas Regionales Dos S.A.
35,934
40.00
8,486,748
3,946,395
-
(144,584)
-
1,498,484
13,787,043
Administradora de Fondos de Cesantía Chile S.A.
63,782
23.10
2,313,530
-
(2,979,938)
1,641,784
-
(57,164)
918,212
1,617
16.41
232,122
-
-
50,764
(25,549)
-
257,337
172,534
23.14
2,199,929
-
-
1,716,133
(1,014,025)
(341,155)
2,560,882
Inversiones DCV S.A.
Icertifica S.A.
ICCorp Perú S.A.
Total
300
30.00
43,461
-
-
10,454
(8,262)
-
45,653
608,481
30.00
92,497
-
-
(6,821)
-
(626)
85,050
299
99.00
-
51,049
-
(36,653)
-
-
14,396
4,416,043
(2,478,797)
(297,135)
19,740,638
17,083,021
3,997,444
(2,979,938)
NUMBER OF
SHARES
Administradora de Fondos para la Vivienda S.A.
ADDITIONS
ThCh$
NET
INCOME
ThCh$
Disposals
ThCh$
OTHER
INCREASES
(DECREASES)
ThCh$
Dividends
ThCh$
TOTAL AS OF
12/31/2011
ThCh$
63,450
47.00
230,277
-
(230,277)
-
-
-
-
32.24
3,528,481
-
(1,100,777)
150,478
(141,719)
22,367
2,458,830
897,105
(673,492)
68,126
928,191
41,133
-
-
-
6,524
-
4,196
32,021
(16,992)
11,096
-
221
-
5,000
50.00
636,452
-
208,125
29.52
1,588,621
-
60
50.00
21,301
-
3,600
40.91
5,675
-
Laboratorio de Neurofisiología Digital y Estudio del Sueño S.A.
Inversiones Farmacéuticas AIR S.A.
Clínica Elqui S.A.
45
Inversalud del Elqui
15.41
312,517
16.27
-
(1,629,754)
(268,223)
57,619
(101,913)
287,267
-
8,425
-
-
295,692
35,934
40.00
3,015,162
5,962,072
-
(132,014)
-
(358,472)
8,486,748
63,782
23.10
1,447,784
-
-
793,654
-
72,092
2,313,530
1,617
16.41
199,955
-
-
58,847
(26,680)
-
232,122
172,534
23.14
1,866,287
-
-
1,431,689
(1,047,351)
(50,696)
2,199,929
300
30.00
33,762
-
-
9,699
-
-
43,461
608,481
14.47
30,091
-
-
1,009
-
61,397
92,497
(3,246,023)
3,335,264
(1,991,155)
(180,769)
17,083,021
Icertifica S.A.
Total
12,916,365
6,249,339
118
119
-
BALANCE AS
OF 1-1-2011
ThCh$
2,880,948
OWNERSHIP
INTEREST
(b) As of December 31, 2012 and 2011, this line item is composed of the following:
2012
COMPANY
ASSETS
ThCh$
2011
LIABILITIES
ThCh$
REVENUES
ThCh$
ASSETSM$
ThCh$
LIABILITIESM$
ThCh$
REVENUES
ThCh$
3,187,236
93,243
-
9,556,139
1,837,304
693,433
35,022,143
23,913
-
22,601,326
14,502
-
1,293,126
8,943
-
1,863,087
6,703
1,798,248
93,753
12,545
111,254
71,125
72,126
90,532
-
-
-
51,196
37,659
-
7,021,554
3,046,610
16,599,578
13,524,367
3,509,080
12,469,854
1,569,250
1,078
311,736
1,415,950
1,434
360,591
15,952,443
4,885,535
17,203,307
15,637,100
6,130,060
14,935,951
173,177
20,100
125,211
170,182
25,313
-
915,409
58,581
235,219
Laboratorio de Neurofisiología Digital y Estudio del Sueño S.A.
Inversiones Farmacéuticas AIR S.A.
Icertifica S.A.
All these companies are closed stock corporations.
The Parent has direct or indirect significant influence on these companies as it has more than 20% of the voting rights on each of them.
Restrictions on affiliates
There are no restrictions affecting the withdrawal of capital invested or profits obtained by the companies. Likewise, the Parent has no commitments
to finance the liabilities of its affiliates.
Joint ventures
ILC has no joint ventures as of December 31, 2012 and 2011.
2011
COMPANY
(15)INTANGIBLE ASSETS
The breakdown, assigned useful lives and changes in intangible assets are detailed as follows:
(a) Intangible asset items
2012
ThCh$
GROSS AMOUNTS::
2011
ThCh$
Hábitat brand name
16,310,507
16,310,507
Hábitat portfolio value
50,074,932
50,074,932
Patents and brand names
4,767,287
4,766,887
Computer programs
16,065,874
14,057,018
Sfera portfolio value
834,129
834,129
Other intangible assets
867,577
273,762
88,920,306
86,317,235
Subtotal intangible assets
Accumulated amortization
Hábitat portfolio value
(6,885,303)
(4,381,556)
Computer programs
(9,724,276)
(7,505,591)
(252,741)
(208,532)
(264,601)
-
71,793,385
74,221,556
Intangible assets, net
(b) Useful lives assigned
AMORTIZATION
METHOD
USEFUL LIFE
Software
Straight-line
3 -5 years
Brands (1)
-
Indefinite
Right of use
Straight-line
19 years
Hábitat portfolio
Straight-line
20 years
(c) Changes in Intangible Assets
TOTAL NET INTANGIBLE
ASSETS AS OF 2011
THCH$
AMORTIZATION /
ADJUSTMENTS
THCH$
ADDITIONS
THCH$
TOTAL NET INTANGIBLE
ASSETS AS OF 2012
THCH$
Habitat brand name (1)
16,310,507
-
-
16,310,507
Value of Habitat portfolio (2)
45,693,376
-
(2,503,747)
43,189,629
Computer programs
6,551,427
2,008,856
(2,218,685)
6,341,598
625,597
-
(44,209)
581,388
Patents and brands
4,766,887
400
(264,601)
4,502,686
Balances as of 2012
273,762
593,815
-
867,577
74,221,556
2,603,071
(5,031,242)
71,793,385
(1) During the business combination process conducted by the taking over of AFP Hábitat, the intangible asset “Hábitat brand name” has been identified. This intangible asset has been
defined as having indefinite useful life as it is directly related to the CGU related to AFP Hábitat
(2) These intangible assets were generated by the acquisition and taking over of AFP Hábitat S.A. and this was recorded as a business combination under IFRS 3.
There are no restrictions on the ownership of the intangible assets.
For these assets, the Company’s Management has determined that the cash generating unit corresponds to each subsidiary which is a part of the
consolidated Group and as of the reporting date of these financial statements there is no adjustment for impairment losses for this concept.
(16)PROPERTY, PLANT AND EQUIPMENT
The balances of this caption as of December 31, 2012 and 2011 are detailed as follows:
(a) Composition
120
Construction projects
121
2011
ThCh$
8,959,441
24,022,281
Land
34,014,861
35,241,661
Leased land
12,241,834
8,387,867
Buildings
84,192,640
78,384,808
Leased buildings
58,192,730
52,223,580
2,257,626
1,511,352
IT equipment
Leased IT equipment
Facilities and accessories
Furniture and office machines
235,932
398,601
4,370,334
1,628,284
5,141,123
5,606,767
Owned medical equipment and facilities
13,407,252
10,699,493
Leased medical equipment and facilities
5,331,358
4,323,657
12,825
-
544,076
468,151
Office equipment and facilities
Teaching equipment and materials
Vehicles
Other property, plant and equipment
Leased asset improvements
Total property, plant and equipment
PROPERTY, PLANT AND EQUIPMENT, GROSS
Construction projects
139,092
173,248
4,199,582
597,261
1,275,825
3,913,980
234,516,531
227,580,991
2012
ThCh$
2011
ThCh$
8,959,441
24,022,281
Land
34,014,861
35,241,661
Leased land
12,241,834
8,387,867
Buildings
90,607,239
83,663,457
Leased buildings
60,768,191
53,663,993
9,092,846
7,913,424
416,545
532,828
6,106,927
3,227,538
IT equipment
Leased IT equipment
6,984,088
7,534,285
17,768,620
13,327,859
7,712,524
5,856,437
58,164
9,561
737,309
774,081
Vehicles
184,903
224,853
8,217,307
4,391,073
4,755,258
7,038,220
268,626,057
255,809,418
Total
PROPERTY, PLANT AND EQUIPMENT
2012
ThCh$
2012
ThCh$
ACCUMULATED DEPRECIATION
2011
ThCh$
Buildings
(6,414,599)
(5,278,649)
Leased buildings
(2,575,461)
(1,440,413)
IT equipment
(6,835,220)
(6,402,072)
(180,613)
(134,227)
(1,736,593)
(1,599,254)
(1,842,965)
(1,927,518)
(4,361,368)
(2,628,366)
(2,381,166)
(1,532,780)
(45,339)
(9,561)
(192,233)
(305,930)
(45,811)
(51,605)
(4,018,725)
(3,793,812)
(3,479,433)
(3,124,240)
(34,109,526)
(28,228,427)
Leased IT equipment
Vehicles
Total
(b) Changes
As of December 31, 2012 and 2011, changes in property, plant and equipment are composed of the following:
MEDICAL
FURNITURE,
PROJECTS
LEASED MEDICAL
MACHINES AND EQUIPMENT AND EQUIPMENT AND
UNDER
FACILITIES
CONSTRUCTION
FACILITIES
FACILITIES
ThCh$
ThCh$
ThCh$
ThCh$
OTHER
PROPERTY,
PLANT AND
EQUIPMENT
ThCh$
LAND
ThCh$
LEASED
LAND
ThCh$
BUILDINGS
ThCh$
LEASED
BUILDINGS
ThCh$
38,599,352
8,328,977
79,009,199
15,722,194
47,614,640
4,930,321
4,630,454
4,281,307
12,087,928
215,204,372
Additions for the year
26,054
58,890
1,028,022
37,568,006
6,640,075
1,906,975
7,687,226
1,038,096
4,021,466
59,974,810
Disposals and withdrawals
(3,383,745)
-
-
-
(30,232,434)
(148,338)
(236,501)
(52,326)
(4,831,510)
(38,884,854)
Depreciation expenses
-
-
(1,652,413)
(1,066,620)
-
(1,082,191)
(1,381,686)
(943,420)
(2,587,007)
(8,713,337)
35,241,661
8,387,867
78,384,808
52,223,580
24,022,281
5,606,767
10,699,493
4,323,657
8,690,877
227,580,991
3,853,967
7,570,714
7,452,020
6,124,687
1,891,029
4,795,252
1,856,087
6,723,876
40,267,632
ASSETS
Opening balances as of
January 1, 2011
Final balances as of
December 31, 2011
Additions for the year
TOTAL
ThCh$
Disposals and withdrawals
(1,226,800)
-
-
-
(21,187,527)
(1,126,063)
-
-
-
(23,540,390)
Depreciation expenses
-
-
(1,762,882)
(1,482,870)
-
(1,230,610)
(2,087,493)
(848,386)
(2,379,461)
(9,791,702)
34,014,861
12,241,834
84,192,640
58,192,730
8,959,441
5,141,123
13,407,252
5,331,358
13,035,292
234,516,531
Final balances as of
December 31, 2012
The line item Other property, plant and equipment comprises the following items which are detailed in letter a) of this note:
DETAIL
IT equipment
Leased IT equipment
Vehicles
Total
2012
ThCh$
2011
ThCh$
2,257,626
1,511,352
235,932
398,601
122
4,370,334
1,628,284
123
544,076
468,151
139,092
173,248
4,212,407
3,913,980
1,275,825
597,261
13,035,292
8,690,877
(c) Additional Information on Property, Plant and Equipment
(i) Depreciation expense:
The depreciation of assets is calculated according to the straight-line method throughout their related useful lives.
Such useful lives are determined on the basis of natural expected impairment, technical or commercial obsolescence derived from changes and/or
improvements in production and changes in the market demand of the products obtained from the operation of such assets.
The charge to profit or loss recorded for this concept during the period amounts to ThCh$9,791,702 and ThCh$8,713,337 as of December 31, 2012
and 2011, respectively.
(ii) Other property, plant and equipment:
Other property, plant and equipment include medical facilities and equipment, clinical equipment of furniture and other assets.
(iii) Assets under finance lease arrangements
Property, plant and equipment records assets acquired under finance lease arrangements are detailed as follows:
2012
ThCh$
2011
ThCh$
Land under finance lease arrangements, net
12,241,834
8,387,867
Buildings under finance lease arrangements, net
58,192,730
52,223,580
5.331.358
4.323.657
DETAIL
Medical equipment and facilities under finance lease
arrangements, net
Total
5,331,358
4,323,657
76,001,854
65,333,705
(iv) Insurance policies
The Group has formalized insurance policies to cover the possible risks to which the different property, plant and equipment items are subject, as
well as the possible claims which may arise due to the performance of its line of business activities. Such policies are sufficient to cover the risks to
which the Group is subject.
(v) Interest cost
As of December 31, 2012 and 2011, the Group does not maintain property, plant and equipment under construction which have generated the
capitalization of interest payments.
(vi) Decommissioning, retirement and rehabilitation costs
As of December 31, 2012, the Group has no contractual decommissioning, retirement and rehabilitation costs and therefore no provisions have been
accrued for such costs.
(vii)Restrictions to ownership
As of December 31, 2012 and 2011, the Group has no restrictions on the ownership or guarantees to secure compliance with obligations affecting
property, plant and equipment.
(viii) Temporarily idle property, plant and equipment
As of December 31, 2012 and 2011, the Group has no significant temporarily idle property, plant and equipment items.
(ix) Fully depreciated property, plant and equipment still in use
As of December 31, 2012 and 2011, the Group holds no significant fully depreciated property, plant and equipment still in use.
(x) Acquisition commitments
As of the closing date of the financial statements, there are no commitments for the acquisition of property, plant and equipment.
(17)GOODWILL
As of December 31, 2012 and 2011, this caption is composed of the following
2012
ThCh$
2011
ThCh$
Goodwill on acquisition and taking over of AFP Hábitat
101,506,809
101,506,809
Total
101,506,809
101,506,809
DETAIL
On April 24, 2010, ILC acquired control over the subsidiary AFP Hábitat S.A.(see Note 4(c). This transaction was recorded in conformity with IFRS 3
Business Combinations, which generated goodwill of ThCh$101,506,809.
Goodwill in AFP Habitat is generated by the acquisition by ILC in March 2010 of an additional 41% ownership interest in the abovementioned company,
which transformed ILC into AFP Habitat’s controlling entity. This business combination was recorded in conformity with IFRS 3 and, as required by
such standard, the Company’s Management requested an independent study on the valuation an assignment of the amortizable and non-amortizable
accounts of its subsidiary AFP Habitat S.A. in September 2011.
The purpose of this study was to analyze the model of valuation and assignment of the amortizable and non-amortizable accounts of AFP Habitat S.A.
conducted by ILC S.A. in March 2010 after the IPO made for 100% of the shares of the former. This independent study involved an in-depth analysis
of each of the variables estimated by ILC S.A. with the purpose of supporting the values initially determined or making the necessary changes for an
adequate valuation of the client portfolio.
Consequently, the study stated that the values assigned by ILC S.A. to the brand, goodwill and client portfolio are within the market ranges for the
AFP industry.
(18)INVESTMENT PROPERTY
As of December 31, 2012 and 2011, the balances included in this caption are detailed as follows::
(a) Composition
124
2011
ThCh$
8,982,144
8,312,883
Buildings
17,884,756
13,369,870
Total investment property
26,866,900
21,682,753
INVESTMENT PROPERTY, NET
Land
2012
ThCh$
2011
ThCh$
8,982,144
8,312,883
Buildings
20,598,634
14,176,547
29,580,778
22,489,430
INVESTMENT PROPERTY, GROSS
Land
2012
ThCh$
ACCUMULATED DEPRECIATION
Buildings
(2,713,878)
(806,677)
(2,713,878)
(806,677)
(b) Changes
Accounting changes for the periods ended as of December 31, 2012 and 2011 are detailed as follows:
LAND
ThCh$
BUILDINGS
ThCh$
TOTAL
ThCh$
7,597,578
14,369,267
21,9 66,845
Additions
1,475,29 0
789,485
2,264,775
(759,985)
(1,594,217)
(2,354,202)
-
(194,665)
(194,665)
8,312,883
13,369,870
21,682,753
669,261
4,734,385
5,403,646
Reclassification
-
(8,521)
(8,521)
Depreciation expense
-
(210,978)
(210,978)
8,9 82,144
17,884,756
26,866,900
ASSETS
Disposal and withdrawals
Depreciation expense
Final balances as of 2011
Additions
2011
ThCh$
125
2012
ThCh$
(c) Additional information on investment property
(i) Investment property accounted at fair value
As part of the first-time adoption of IFRSs, the Group opted to measure certain land and real estate property at fair value as deemed cost as of January
1, 2010. The fair values of such assets amounted to ThCh$20,078,604. Such amounts were determined by independent third party experts of the
industry in which the Group operates. As of December 31, 2012, the net book value of such assets amounted toThCh$26,866,900.
(ii) Depreciation expense:
The depreciation of assets is calculated according to the straight-line method throughout their related useful lives.
Such useful lives have been determined on the basis of the expected natural impairment, technical or commercial obsolescence arising from changes
and/or improvements in production and changes in the market demand, of products obtained from operations using such assets.
As of December 31, 2012 and 2011, the depreciation charge recorded within administrative expenses amounts to ThCh$210,978 and ThCh$194,665,
respectively.
(iii) Insurance policies
The Group has formalized insurance policies to cover the possible risks to which the different investment property items are subject, as well as the
possible claims which may arise due to the performance of its line of business activities. Such policies are sufficient to cover the risks to which the
Group is subject.
(iv) Rental income and expenses
As of and December 31, 2012 and 2011, rental income and expenses associated with investment property are composed of the following:
RENTAL INCOME AND EXPENSES
Rental income
Investment property costs
Total
(v) Commitments assumed from investment property
None
(vi) Range of investment property useful lives
USEFUL LIFE FOR FINANCIAL PURPOSES
Buildings
2012
ThCh$
2011
ThCh$
1,470,319
1,218,080
(357,768)
(252,768)
1,112,551
965,312
RANGE- YEARS
20-80
(vii)Fair value of investment property
As a result of the IFRS convergence process, ILC’s Management adopted the exemption provided in IFRS 1 for assigning fair value as deemed cost
as of December 31, 2012 and 2011, therefore, ILC has estimated that the fair value of investment property is its carrying amount.
(viii) Decommissioning, retirement and rehabilitation costs
As of December 31, 2012 and 2011, the Group has no contractual decommissioning, retirement and rehabilitation costs and therefore no provisions
have been accrued for such costs.
(ix) Restrictions to ownership
As of December 31, 2012 and 2011, the Group has no restrictions on the ownership or guarantees of its investment property.
126
(19)INTEREST-BEARING LOANS
As of December 31, 2012 and 2011, this line item is comprised of the following:
(a) Current
2012
ThCh$
2011
ThCh$
15,783,927
13,946,637
Finance lease in UF
9,734,374
6,954,866
Bonds payable
2,842,679
1,523,739
28,360,980
22,425,242
2012
ThCh$
2011
ThCh$
Bank loans
42,918,884
38,451,920
Finance lease in UF
44,767,744
57,037,890
Bonds payable
99,454,612
54,186,949
187,141,240
149,676,759
Bank loans
Total
(b) No corrientes
Total
127
The detail of maturity dates and currency of loans from financial institutions is as follows:
Loans from financial institutions as of December 31, 2012
DEBTOR
TAX ID Nº
COMPANY
CREDITOR
COUNTRY
TAX ID Nº
FINANCIAL
INTITUTION
CURRENCY OR
ADJUSTMENT INDEX
MATURITY
DATE
COUNTRY
PAYMENT
OF INTERESTS
(MONTHLY,
BIANNUAL,
ANNUAL)
NOMINAL
INTEREST RATE
EFFECTIVE
INTEREST RATE
96,942,400-2
Megasalud S.A.
Chile
97,032,000-8
BBVA
Chile
Non-adj Ch$
25-02-2020
Monthly
6.50%
6.80%
96,942,400-2
Megasalud S.A.
Chile
97,032,000-8
BBVA
Chile
UF
10-06-2019
Monthly
4.44%
4.59%
96,942,400-2
Megasalud S.A.
Chile
97,032,000-8
BBVA
Chile
Non-adj Ch$
09-10-2020
Monthly
6.96%
7.29%
96,942,400-2
Megasalud S.A.
Chile
97,004,000-5
Banco de Chile
Chile
UF
01-05-2021
Monthly
4.09%
4.24%
78,053,560-1
Servicios Médicos Tabancura
Chile
97,030,000-7
Banco Estado
Chile
UF
01-11-2022
Monthly
0.06%
0.06%
96,598,850-5
Chile
97,030,000-7
Banco Estado
Chile
Non-adj Ch$
06-08-2013
Monthly
0.80%
0.80%
96,598,850-5
Chile
76,645,030-K
Banco Itau
Chile
Non-adj Ch$
02-12-2013
Monthly
5.49%
5.49%
96,885,930-7
Chile
97,053,000-2
Banco Security
Chile
UF
01-12-2024
Monthly
5.74%
5.74%
96,885,930-7
Chile
97,053,000-2
Banco Security
Chile
UF
01-12-2024
Quarterly
5.70%
5.70%
96,885,930-7
Chile
97,080,000-K
Banco BICE
Chile
UF
01-12-2024
Monthly
5.70%
5.70%
96,885,930-7
Chile
97,080,000-K
Banco BICE
Chile
UF
01-12-2024
Monthly
5.50%
5.50%
96,885,930-7
Chile
97080000-K
Banco BICE
Chile
Non-adj Ch$
30-03-2013
Monthly
7.2%
7.2%
96,885,930-7
Chile
97053000-2
Banco Security
Chile
Non-adj Ch$
30-03-2013
Monthly
11.28%
11.28%
96,885,930-7
Chile
97,004,000-5
Banco de Chile
Chile
Non-adj Ch$
30-03-2013
Monthly
9.6%
9.6%
96,980,350-K
Ciudad del Este
Chile
97,051,000-1
Banco del Desarrollo
Chile
UF
19-07-2027
Monthly
5.2
5.2
96,980,350-K
Ciudad del Este
Chile
97,051,000-1
Chile
UF
19-07-2027
Monthly
4.9
4.9
96,987,460-1
Puerto Montt
Chile
97,051,000-1
Chile
UF
19-07-2027
Monthly
5.2
5.2
96,946,770-4
Valle Lo Campino
Chile
97,051,000-1
Banco Corpbanca
Chile
UF
26-12-2022
Monthly
5.4
5.4
96,946,770-4
Valle Lo Campino
Chile
97,051,000-1
Banco Corpbanca
Chile
UF
27-01-2023
Monthly
5.4
5.4
99,558,380-1
Lo Aguirre
Chile
97,051,000-1
Banco Corpbanca
Chile
UF
26-12-2022
Monthly
5.4
5.4
99,558,380-1
Lo Aguirre
Chile
97,051,000-1
Banco Corpbanca
Chile
UF
27-01-2023
Monthly
5.4
5.4
99,558,380-1
Lo Aguirre
Chile
97,051,000-1
Banco Corpbanca
Chile
UF
26-12-2022
Monthly
5.8
5.8
96,863,530-1
Peñalolen
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
4.75
4.75
96,863,530-1
Peñalolen
Chile
97,004,000-5
Banco de Chile
Chile
UF
26-06-2013
Semiannual
4.75
4.75
96,863,530-1
Peñalolen
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
5.31
5.31
96,863,530-1
Peñalolen
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
4.58
4.58
96,863,530-1
Peñalolen
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
4.58
4.58
96,863,530-1
Peñalolen
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
4.68
4.68
96,863,530-1
Peñalolen
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
4.68
4.68
96,863,530-1
Peñalolen
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
4
4
96,863,530-1
Peñalolen
Chile
97,004,000-5
Banco de Chile
Chile
UF
26-06-2013
Semiannual
4.29
4.29
96,863,530-1
Peñalolen
Chile
97,004,000-5
Banco de Chile
Chile
UF
26-06-2013
Semiannual
4.88
4.88
96,863,530-1
Peñalolen
Chile
97,004,000-5
Banco de Chile
Chile
UF
26-06-2013
Semiannual
4.35
4.35
96,858,860-5
Huechuraba
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
4.75
4.75
96,858,860-5
Huechuraba
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
4.75
4.75
96,858,860-5
Huechuraba
Chile
97,004,000-5
Banco de Chile
Chile
UF
26-06-2013
Semiannual
5.31
5.31
96,858,860-5
Huechuraba
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
4.46
4.46
96,858,860-5
Huechuraba
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
4.58
4.58
96,858,860-5
Huechuraba
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
4.68
4.68
96,858,860-5
Huechuraba
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
4.58
4.58
96,858,860-5
Huechuraba
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
4
4
96,858,860-5
Huechuraba
Chile
97,004,000-5
Banco de Chile
Chile
UF
26-06-2013
Semiannual
4.29
4.29
96,858,860-5
Huechuraba
Chile
97,004,000-5
Banco de Chile
Chile
UF
26-06-2013
Semiannual
4.88
4.88
96,858,860-5
Huechuraba
Chile
97,004,000-5
Banco de Chile
Chile
UF
26-06-2013
Semiannual
4.35
4.35
96,891,540-1
Temuco
Chile
97,004,000-5
Banco de Chile
Chile
UF
26-06-2013
Semiannual
4.85
4.85
96,891,540-1
Temuco
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
4.87
4.87
96,891,540-1
Temuco
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
5.31
5.31
96,891,540-1
Temuco
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
4.6
4.6
96,891,540-1
Temuco
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
4.58
4.58
96,891,540-1
Temuco
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
4.85
4.85
96,891,540-1
Temuco
Chile
97,004,000-5
Banco de Chile
Chile
UF
30-06-2013
Semiannual
4.58
4.58
96,891,540-1
Temuco
Chile
97,004,000-5
Banco de Chile
Chile
UF
29-06-2013
Semiannual
4
4
96,891,540-1
Temuco
Chile
97,004,000-5
Banco de Chile
Chile
UF
26-06-2013
Semiannual
4.55
4.55
96,891,540-1
Temuco
Chile
97,004,000-5
Banco de Chile
Chile
UF
26-06-2013
Semiannual
4.83
4.83
96,891,540-1
Temuco
Chile
97,004,000-5
Banco de Chile
Chile
UF
26-06-2013
Semiannual
4.35
4.35
96,891,540-1
Temuco
Chile
97,004,000-5
Banco de Chile
Chile
UF
26-06-2013
Semiannual
6.56
6.56
76,899,160-K
Chicureo
Chile
97,004,000-5
Banco de Chile
Chile
UF
03-12-2025
Monthly
4.87
4.87
76,899,160-K
Chicureo
Chile
97,004,000-5
Banco de Chile
Chile
UF
12-12-2026
Monthly
4.192
4.192
76,081,583-7
Machali
Chile
97,051,000-1
Banco Corpbanca
Chile
UF
30-04-2030
Semiannual
4.87
4.87
76,081,583-7
Machali
Chile
97,051,000-1
Banco Corpbanca
Chile
UF
11-04-2031
Monthly
4.98
4.98
76,081,583-7
Machali
Chile
97,051,000-1
Banco Corpbanca
Chile
UF
19-04-2030
Monthly
4.87
76,895,340-6
Curauma
Chile
97,051,000-1
Banco Corpbanca
Chile
UF
19-04-2027
Monthly
4.98
4.98
76,081,583-7
Machali
Chile
97,051,000-1
Banco Corpbanca
Chile
UF
19-04-2030
Monthly
4.87
4.87
76,066,282-8
Gestion
Chile
97,051,000-1
Banco Corpbanca
Chile
Non-adj Ch$
L/Credit
76,066,282-8
Gestion
Chile
97,051,000-1
Banco Corpbanca
Chile
Non-adj Ch$
L/Overdraft
76,081,583-7
Machali
Chile
97,051,000-1
Banco Corpbanca
Chile
Non-adj Ch$
96,856,780-2
Consalud
Chile
97,006,000-6
Banco BCI
Chile
uf
20/07/2014
forward
96,856,780-2
Consalud
Chile
97,080,000-k
Banco BICE
Chile
UF
22/10/2022
Monthly
99,003,000-6
Vida Cámara
Chile
97,080,000-k
Banco BICE
Chile
UF
01-07-2014
Quarterly
0.0095
0.0095
99,003,000-6
Vida Cámara
Chile
97,006,000-6
Banco BCI
Chile
UF
14-06-2013
Monthly
0.005
0.005
Total
4.87
L/Overdraft
4.97
4.70
PRINCIPAL
OWED, NOMINAL
AMOUNT
ThCh$
0-3 MONTHS
ThCh$
-
3,715,267
129,602
388,807
-
1,264,921
48,651
145,952
-
3,317,879
104,775
314,325
384,175
-
6,498,373
193,021
579,063
772,084
-
7,467,347
227,819
683,456
-
368,094
2,259
-
500,000
-
3-12 MONTHS
ThCh$
1-2 YEARS
ThCh$
2-3 YEARS
ThCh$
3-5 YEARS
ThCh$
5-10 YEARS
ThCh$
OVER 10 YEARS
ThCh$
AMOUNT
CURRENT
ThCh$
NON-CURRENT
ThCh$
128
518,409
518,409
1,036,819
1,123,220
-
-
194,603
194,603
389,206
291,905
-
-
518,409
3,196,858
129
194,603
1,070,318
454,026
838,201
1,222,376
-
-
419,100
2,898,778
772,084
1,544,168
2,637,954
-
-
772,084
5,726,289
879,539
843,066
1,577,359
3,256,108
-
-
911,275
6,556,071
365,835
-
-
-
-
-
-
368,094
-
125,000
375,000
-
-
-
-
-
-
500,000
-
827,202
20,451
61,353
81,804
81,804
163,609
418,181
154,428
24
81,804
899,826
-
2,499,479
61,026
183,078
243,869
243,847
487,695
1,279,964
426,969
24
244,104
2,682,344
-
2,425,207
60,899
171,486
243,597
243,597
487,193
1,218,435
487,707
24
232,385
2,680,529
-
805,821
20,145
60,437
80,582
80,582
161,164
402,911
161,621
24
80,582
886,860
-
1,870,478
1,870,478
-
-
-
-
-
-
-
1,870,478
-
-
1,973,043
1,973,043
-
-
-
-
-
-
-
1,973,043
-
-
662,121
662,121
-
-
-
-
-
-
-
662,121
-
YES
101,107
56,821
170,464
227,286
227,286
454,571
1,136,428
1,042,587
19-07-2027
227,286
3,088,157
YES
25,298
12,890
38,669
51,558
51,558
103,116
257,790
330,831
13-05-2029
51,558
794,853
YES
120,405
67,667
203,001
270,668
270,668
541,337
1,330,786
1,241,551
19-07-2027
270,668
3,655,010
YES
41,469
30,806
92,418
123,223
123,223
246,447
616,117
-
26-12-2022
123,223
1,109,010
YES
38,940
28,748
86,243
114,991
114,991
229,981
574,953
9,583
27-01-2023
114,991
1,044,497
YES
15,351
13,457
39,907
51,446
49,527
93,333
199,678
-
26-12-2022
53,364
393,983
YES
24,642
18,191
54,574
72,766
72,767
145,535
363,845
6,053
27-01-2023
72,766
660,966
YES
17,987
13,589
40,766
54,355
54,355
108,711
267,247
5,727
26-12-2022
54,355
490,395
NO
10,239
2,712
231,150
-
-
-
-
-
-
233,862
-
NO
10,234
2,712
231,029
-
-
-
-
-
-
233,741
-
NO
10,235
2,672
231,110
-
-
-
-
-
-
233,782
-
NO
10,267
3,032
231,473
-
-
-
-
-
-
234,505
-
NO
10,230
2,615
231,052
-
-
-
-
-
-
233,667
-
NO
10,230
2,615
231,052
-
-
-
-
-
-
233,667
-
NO
10,230
2,615
231,052
-
-
-
-
-
-
233,667
-
NO
10,201
2,284
230,717
-
-
-
-
-
-
233,001
-
NO
10,211
2,450
230,776
-
-
-
-
-
-
233,226
-
NO
10,240
2,787
231,101
-
-
-
-
-
-
233,888
-
NO
10,214
2,484
230,809
-
-
-
-
-
-
233,293
-
NO
10,751
2,848
242,707
-
-
-
-
-
-
245,555
-
NO
10,745
2,848
242,581
-
-
-
-
-
-
245,429
-
NO
10,747
2,806
242,665
-
-
-
-
-
-
245,471
-
NO
10,780
3,184
243,047
-
-
-
-
-
-
246,231
-
NO
10,735
2,673
242,530
-
-
-
-
-
-
245,203
-
NO
10,783
2,746
243,550
-
-
-
-
-
-
246,296
-
NO
10,742
2,746
242,604
-
-
-
-
-
-
245,350
-
NO
10,711
2,398
242,253
-
-
-
-
-
-
244,651
-
NO
10,721
2,572
242,314
-
-
-
-
-
-
244,886
-
NO
10,752
2,926
242,656
-
-
-
-
-
-
245,582
-
NO
10,725
2,608
242,349
-
-
-
-
-
-
244,957
-
NO
7,683
2,077
173,406
-
-
-
-
-
-
175,483
-
NO
7,679
2,077
173,313
-
-
-
-
-
-
175,390
-
NO
7,684
2,086
173,414
-
-
-
-
-
-
175,500
-
NO
7,700
2,274
173,605
-
-
-
-
-
-
175,879
-
NO
7,673
1,970
173,298
-
-
-
-
-
-
175,268
-
NO
7,673
1,961
173,289
-
-
-
-
-
-
175,250
-
NO
7,673
1,961
173,289
-
-
-
-
-
-
175,250
-
NO
7,653
1,751
173,038
-
-
-
-
-
-
174,789
-
NO
168
1,949
173,189
-
-
-
-
-
-
175,138
-
NO
7,682
2,069
173,397
-
-
-
-
-
-
175,466
-
NO
7,660
1,863
173,106
-
-
-
-
-
-
174,969
-
NO
247
1,967
174,989
-
-
-
-
-
-
176,956
-
YES
132,864
79,212
237,637
316,850
316,850
633,700
1,584,249
950,338
03-12-2025
316,850
3,801,988
YES
30,000
46,150
61,943
80,252
77,907
147,945
326,428
216,190
12-12-2026
108,093
848,721
YES
82,977
40,211
120,632
160,843
160,843
482,529
817,618
1,005,268
19-04-2030
160,843
2,627,101
1,042,994
YES
33,542
19,943
59,558
422,281
11-04-2031
79,500
YES
15,750
7,326
21,973
29,297
29,297
58,595
141,604
292,974
19-04-2030
29,299
551,768
YES
200,000
-
-
856,855
77,390
552,841
75,281
1,054,712
144,320
2,335,765
323,722
1,680,055
19-04-2027
-
6,480,229
YES
-
-
-
-
-
-
-
349,211
19-04-2030
-
349,211
NO
-
258
-
-
-
-
-
-
-
-
-
NO
-
1,434
-
-
-
-
-
-
-
-
-
-
9,136
-
-
-
-
-
-
-
-
-
44,242
-
-
1,033,427
-
-
-
-
-
-
1,033,427
28,128
-
52,493
0
-
-
589,974
-
-
52,493
589,974
NO
274,089
237
-
274,089
-
-
-
-
-
237
274,089
NO
45,807
-
-
45,807
-
-
-
-
-
-
45,807
31,270,086
1,523,062
11,900,980
7,239,765
5,609,412
11,130,246
22,717,258
8,783,374
-
17,918,856
55,480,053
GUARANTEE
Loans from financial institutions as of December 31, 2011
DEBTOR
CREDITOR
FINANCIAL
INTITUTION
MATURITY
DATE
COUNTRY
PAYMENT
OF INTERESTS
(MONTHLY,
BIANNUAL,
ANNUAL)
NOMINAL
INTEREST RATE
EFFECTIVE
INTEREST RATE
TAX ID Nº
COMPANY
COUNTRY
96,980,350-K
Soc. Educ. Ciudad del Este S.A.
Chile
97,051,000-1
Banco Desarrollo
Chile
UF
19/7/27
Monthly
5.2
5.2
96,987,460-1
Soc. Educ. Puerto Montt S.A.
Chile
97,051,000-1
Banco Desarrollo
Chile
UF
19/7/27
Monthly
5.2
5.2
96,946,770-4
Soc. Educ. Valle Lo Campino S.A.
Chile
97,023,000-9
Banco Corpbanca
Chile
UF
26/12/22
Monthly
5.4
5.4
96,946,770-4
Soc. Educ. Valle Lo Campino S.A.
Chile
97,023,000-9
Banco Corpbanca
Chile
UF
27/1/23
Monthly
5.4
5.4
99,558,380-1
Soc. Edic. Lo Aguirre S.A.
Chile
97,023,000-9
Banco Corpbanca
Chile
UF
26/12/22
Monthly
5.4
5.4
99,558,380-1
Chile
97,023,000-9
Banco Corpbanca
Chile
UF
27/1/23
Monthly
5.4
5.4
99,558,380-1
Chile
97,023,000-9
Banco Corpbanca
Chile
UF
26/12/22
Monthly
5.8
5.8
96,863,530-1
Soc. Educ. Peñalolen S.A.
Chile
97,004,000-5
Banco de Chile
Chile
UF
31/12/13
Semiannual
4.75
4.75
96,863,530-1
Chile
97,004,000-5
Banco de Chile
Chile
UF
28/2/14
Semiannual
4.75
4.75
96,863,530-1
Chile
97,004,000-5
Banco de Chile
Chile
UF
31/12/13
Semiannual
5.31
5.31
96,863,530-1
Chile
97,004,000-5
Banco de Chile
Chile
UF
31/12/13
Semiannual
4.58
4.58
96,863,530-1
Chile
97,004,000-5
Banco de Chile
Chile
UF
26/12/13
Semiannual
4.58
4.58
96,863,530-1
Chile
97,004,000-5
Banco de Chile
Chile
UF
30/9/14
Semiannual
4.68
4.68
96,863,530-1
Chile
97,004,000-5
Banco de Chile
Chile
UF
30/9/14
Semiannual
4.68
4.68
96,863,530-1
Chile
97,004,000-5
Banco de Chile
Chile
UF
30/9/14
Semiannual
4
4
96,858,860-5
Soc. Educ. Huechuraba S.A.
Chile
97,004,000-5
Banco de Chile
Chile
UF
3/12/13
Semiannual
4.75
4.75
96,858,860-5
Chile
97,004,000-5
Banco de Chile
Chile
UF
31/3/13
Semiannual
4.75
4.75
96,858,860-5
Chile
97,004,000-5
Banco de Chile
Chile
UF
20/2/15
Semiannual
5.31
5.31
96,858,860-5
Chile
97,004,000-5
Banco de Chile
Chile
UF
30/6/13
Semiannual
4.46
4.46
96,858,860-5
Chile
97,004,000-5
Banco de Chile
Chile
UF
31/12/14
Semiannual
4.58
4.58
96,858,860-5
Chile
97,004,000-5
Banco de Chile
Chile
UF
30/9/14
Semiannual
4.68
4.68
96,858,860-5
Chile
97,004,000-5
Banco de Chile
Chile
UF
26/12/13
Semiannual
4.58
4.58
96,858,860-5
Chile
97,004,000-5
Banco de Chile
Chile
UF
30/6/14
Semiannual
4
4
96,891,540-1
Soc. Educ. Temuco S.A.
Chile
97,004,000-5
Banco de Chile
Chile
UF
31/12/13
Semiannual
4.85
4.85
96,891,540-1
Chile
97,004,000-5
Banco de Chile
Chile
UF
30/9/14
Semiannual
4.87
4.87
96,891,540-1
Chile
97,004,000-5
Banco de Chile
Chile
UF
28/2/14
Semiannual
5.31
5.31
96,891,540-1
Chile
97,004,000-5
Banco de Chile
Chile
UF
31/12/13
Semiannual
4.6
4.6
96,891,540-1
Chile
97,004,000-5
Banco de Chile
Chile
UF
26/12/13
Semiannual
4.58
4.58
96,891,540-1
Chile
97,004,000-5
Banco de Chile
Chile
UF
28/2/14
Semiannual
4.85
4.85
96,891,540-1
Chile
97,004,000-5
Banco de Chile
Chile
UF
31/12/13
Semiannual
4.58
4.58
96,891,540-1
Chile
97,004,000-5
Banco de Chile
Chile
UF
26/12/13
Semiannual
4
4
96,891,540-1
Chile
97,051,000-1
Chile
Non-adj Ch$
L/Credit
-
-
96,891,540-1
Chile
97,023,000-9
Corpbanca
Chile
Non-adj Ch$
L/Credit
-
-
76,899,160-K
Soc. Educ. Chicureo S.A.
Chile
97,004,000-5
Banco de Chile
Chile
UF
Monthly
-
-
76,081,583-7
Soc. Educ.Machalí S.A.
Chile
97,023,000-9
Corpbanca
Chile
UF
Semiannual
4.87
4.87
96,942,400-2
Magasalud S.A.
Chile
97,023,000-9
Banco BBVA
Chile
Non-adj Ch$
Monthly
6.5
6.5
96,942,400-2
Magasalud S.A.
Chile
97,023,000-9
Banco BBVA
Chile
UF
Monthly
4.5918
4.5918
96,942,400-2
Magasalud S.A.
Chile
97,023,000-9
Banco BBVA
Chile
Non-adj Ch$
Monthly
7.1864
7.1864
96,598,850-5
Clínica Iquique
Chile
97,011,000-3
Banco Internacional
Chile
Non-adj Ch$
26/11/12
Monthly
0.8
0.8
96,598,850-5
Clínica Iquique
Chile
97,030,000-7
Banco Estado
Chile
Non-adj Ch$
04/08/11
Monthly
0.52
0.52
78,053,560-1
Clinica Tabancura S.A.
Chile
97,030,000-7
Banco Estado
Chile
UF
1/11/22
Annual
6.3
6.3
78,053,560-1
Clinica Tabancura S.A.
Chile
97,030,000-7
Banco Estado
Chile
Non-adj Ch$
25/5/12
Annual
4.7
4.7
76,020,458-7
Red Salud S.A.
Chile
97,004,000-5
Banco de Chile
Chile
Non-adj Ch$
6/6/11
Annual
4.68
76,020,458-7
Red Salud S.A.
Chile
97,053,000-2
Banco Security
Chile
Non-adj Ch$
31/1/11
-
-
76,020,458-7
Red Salud S.A.
Chile
97,053,000-2
Banco Security
Chile
Non-adj Ch$
31/1/11
-
-
96,885,930-7
Chile
97,080,000-K
Banco Bice
Chile
-
-
Annual
TAB UF+2.3
TAB UF+2.3
96,885,930-7
Chile
97,053,000-2
Banco Security
Chile
-
-
Annual
TAB UF+2.3
TAB UF+2.3
96,856,780-2
Chile
97,004,000-5
Banco de Chile
Chile
UF
1/10/11
94,139,000-5
Invesco S.A.
Chile
97,006,000-6
Banco BCI
Chile
Non-adj Ch$
-
-
99,003,000-6
Cía. Seguros Vida Cámara S.A.
Chile
97,080,000-K
Banco BICE
Chile
UF
-
Quarterly
TOTAL
TAX ID Nº
CURRENCY OR
ADJUSTMENT INDEX
Semiannual
4.68
-
2.36
2.36
TAB UF + 0,85
TAB UF + 0.85
0.0095
0.0095
GUARANTEE
PRINCIPAL
OWED, NOMINAL
AMOUNT
ThCh$
0-3 MONTHS
ThCh$
3-12 MONTHS
ThCh$
1-2 YEARS
ThCh$
2-3 YEARS
ThCh$
3-5 YEARS
ThCh$
5-10 YEARS
ThCh$
OVER 10 YEARS
ThCh$
AMOUNT
CURRENT
ThCh$
NON-CURRENT
ThCh$
130
109,845
22,829
68,613
96,043
101,568
219,893
1,847,844
-
-
91,442
2,265,348
-
130,811
27,186
81,711
114,375
120,956
261,866
2,200,529
-
-
108,897
2,697,726
-
47,369
15,281
46,360
64,955
68,749
149,295
671,690
-
-
61,641
954,689
-
44,421
14,198
43,064
60,339
63,865
138,688
632,926
-
-
57,262
895,818
-
18,414
8,232
24,698
32,866
32,930
65,861
230,492
-
-
32,930
362,149
-
28,111
8,985
27,253
38,185
40,416
87,768
400,533
-
-
36,238
566,902
-
20,476
6,354
19,633
27,418
29,144
63,676
293,100
-
-
25,987
413,338
-
10,000
-
-
-
214,556
-
-
-
-
-
214,556
-
10,000
-
-
-
-
214,556
-
-
-
-
214,556
-
10,000
-
-
-
214,556
-
-
-
-
-
214,556
-
10,000
-
-
-
214,556
-
-
-
-
-
214,556
-
10,000
-
-
-
214,556
-
-
-
-
-
214,556
-
10,000
-
-
-
-
214,556
-
-
-
-
214,556
-
10,000
-
-
-
214,556
-
-
-
-
-
214,556
-
10,001
-
-
-
-
214,579
-
-
-
-
214,579
-
10,500
-
-
-
-
225,283
-
-
-
-
225,283
-
10,500
-
-
-
-
225,283
-
-
-
-
225,283
-
10,500
-
-
-
-
225,283
-
-
-
-
225,283
-
10,500
-
-
-
-
225,283
-
-
-
-
225,283
-
10,505
-
-
-
-
-
225,283
-
-
-
225,283
-
10,500
-
-
-
-
-
225,283
-
-
-
225,283
-
10,500
-
-
-
225,283
-
-
-
-
-
225,283
-
10,535
-
-
-
-
226,404
-
-
-
-
226,404
-
7,500
-
-
-
160,917
-
-
-
-
-
160,917
-
7,500
-
-
-
-
160,917
-
-
-
-
160,917
-
7,500
-
-
-
-
160,917
-
-
-
-
160,917
-
7,500
-
-
-
160,917
-
-
-
-
-
160,917
-
7,500
-
-
-
160,917
-
-
-
-
-
160,917
-
7,500
-
-
-
-
160,917
-
-
-
-
160,917
-
7,500
-
-
-
160,917
-
-
-
-
-
160,917
-
7,503
-
-
-
160,988
-
-
-
-
-
160,988
-
-
13,747
-
-
-
-
-
-
-
13,747
-
-
-
1,859
-
-
-
-
-
-
-
1,859
-
-
134,000
-
-
24,367
160,481
345,684
2,344,512
-
-
-
2,875,044
-
85,000
-
-
60,029
68,540
147,256
435,665
1,112,231
30 años
-
1,823,721
-
3,558,580
71,620
221,060
312,238
333,473
736,526
1,883,663
-
-
292,680
3,265,900
-
1,289,643
31,320
96,095
133,266
139,385
298,265
590,901
-
-
127,415
1,161,817
-
2,982,724
52,439
162,969
231,117
247,972
551,515
1,736,711
-
-
215,408
2,767,315
-
176,399
21,987
65,966
88,446
-
-
-
-
-
87,953
88,446
-
367,636
-
367,636
-
-
-
-
-
-
367,636
-
-
297,808
133,516
400,547
-
536,390
1,609,171
3,218,343
491,667
11 años
534,063
5,855,572
-
195,862
34,226
102,679
-
58,957
-
-
-
-
136,905
58,957
-
10,000,000
-
10,000,000
-
-
-
-
-
-
10,000,000
-
-
263,528
263,528
-
-
-
-
-
-
-
263,528
-
-
7,302
7,302
-
-
-
-
-
-
-
7,302
-
-
15,587,561
-
-
1,558,786
3,117,422
3,117,423
7,793,930
-
-
-
15,587,561
-
15,587,561
-
-
1,558,786
3,117,422
3,117,423
7,793,931
-
-
-
15,587,562
-
95,740
-
2,054,154
-
-
-
-
-
-
2,054,154
-
-
110,000,000
-
110,000,000
-
-
-
-
-
-
110,000,000
-
-
12,000
-
-
-
-
257,467
-
-
-
-
257,467
124,517,047
62,292,595
-
131
-
Finance lease as of December 31, 2012.
DEBTOR
TAX ID Nº
COMPANY
CREDITOR
COUNTRY
FINANCIAL
INTITUTION
TAX ID Nº
COUNTRY
CURRENCY OR
ADJUSTMENT
INDEX
MATURITY
DATE
96,942,400-2
Megasalud S.A.
Chile
97.004.000-5
Banco Chile
Chile
UF
07-08-2013
96,942,400-2
Megasalud S.A.
Chile
97.004.000-5
Banco Chile
Chile
$
17-01-2016
78,053,560-1
Servicios Médicos Tabancura S.A.
Chile
97.030.000-7
Banco Estado
Chile
UF
13-04-2013
78,053,560-1
Chile
97.030.000-7
Banco Estado
Chile
UF
12-04-2012
78,053,560-1
Chile
97.030.000-7
Banco Estado
Chile
UF
02-04-2015
78,053,560-1
Chile
97.030.000-7
Banco Estado
Chile
UF
06-03-2016
78,053,560-1
Chile
97.030.000-7
Banco Estado
Chile
UF
06-03-2016
78,040,520-1
Avansalud S.A.
Chile
97.080.000-K
Banco BICE
Chile
UF
05-11-2015
78,040,520-1
Avansalud S.A.
Chile
97.080.000-K
Banco BICE
Chile
UF
05-01-2016
78,040,520-1
Avansalud S.A.
Chile
97.080.000-K
Banco BICE
Chile
UF
09-11-2015
78,040,520-2
Avansalud S.A.
Chile
97.080.000-K
Banco BICE
Chile
UF
09-12-2015
78,040,520-3
Avansalud S.A.
Chile
97.080.000-K
Banco BICE
Chile
UF
10-02-2016
78,040,520-3
Avansalud S.A.
Chile
97.080.000-K
Banco BICE
Chile
UF
15-09-2015
78,040,520-3
Avansalud S.A.
Chile
97.080.000-K
Banco BICE
Chile
UF
20-03-2013
78,040,520-3
Avansalud S.A.
Chile
97.080.000-K
Banco BICE
Chile
UF
20-07-2015
78,040,520-3
Avansalud S.A.
Chile
97.004.000-5
Banco BICE
Chile
UF
15-07-2016
78,040,520-3
Avansalud S.A.
Chile
97.004.000-5
Banco de Chile
Chile
UF
03-09-2013
78,040,520-3
Avansalud S.A.
Chile
97.004.000-5
Banco de Chile
Chile
UF
07-05-2015
78,040,520-3
Avansalud S.A.
Chile
97.004.000-5
Banco de Chile
Chile
UF
12-11-2016
78,040,520-3
Avansalud S.A.
Chile
97.004.000-5
Banco de Chile
Chile
UF
24-04-2015
78,040,520-3
Avansalud S.A.
Chile
97.004.000-5
Banco de Chile
Chile
UF
24-04-2015
78,040,520-3
Avansalud S.A.
Chile
97.004.000-5
Banco de Chile
Chile
UF
24-04-2015
78,040,520-3
Avansalud S.A.
Chile
97.004.000-5
Banco de Chile
Chile
UF
30-04-2014
78,040,520-3
Avansalud S.A.
Chile
97.004.000-5
Banco de Chile
Chile
UF
24-05-2015
78,040,520-3
Avansalud S.A.
Chile
97.004.000-5
Banco de Chile
Chile
UF
30-06-2017
78,040,520-3
Avansalud S.A.
Chile
97.004.000-5
Banco de Chile
Chile
UF
18-02-2015
78,040,520-3
Avansalud S.A.
Chile
97.004.000-5
Banco de Chile
Chile
UF
30-06-2015
78,040,520-3
Avansalud S.A.
Chile
81.513.400-1
Banco BBVA
Chile
UF
17-01-2013
78,040,520-3
Avansalud S.A.
Chile
92.040.000-0
IBM
Chile
UF
28-06-2013
78,040,520-3
Avansalud S.A.
Chile
92.040.000-0
IBM
Chile
UF
28-06-2013
78,040,520-3
Avansalud S.A.
Chile
97.080.000-K
Banco Bice Cía Seguros
Chile
UF
31-12-2028
78,040,520-3
Avansalud S.A.
Chile
97.080.000-K
Banco Bice Cía Seguros
Chile
UF
21-12-2028
76,853,020-3
Resonancia Magnetica Clinica Avansalud S.A.
Chile
97.004.000-5
Banco de Chile
Chile
UF
30-04-2013
76,853,020-3
Resonancia Magnetica Clinica Avansalud S.A.
Chile
97.004.000-5
Banco de Chile
Chile
UF
31-03-2018
96,885,930-7
Clinica Bicentenario S.A.
Chile
97.053.000-2
Banco Security
Chile
UF
31-03-2037
96,885,930-7
Chile
97.080.000-K
Banco Bice
Chile
UF
31-03-2037
99,558,380-1
Lo Aguirre
Chile
97.023.000-9
CORPBANCA-Leasing
Chile
UF
15-06-2022
96,858,860-5
Huechuraba
Chile
93.750.000-9
Leasing Andino
Chile
UF
07-01-2013
96,858,860-5
Huechuraba
Chile
93.750.000-9
Leasing Andino
Chile
UF
07-01-2013
96,858,860-5
Huechuraba
Chile
93.750.000-9
Leasing Andino
Chile
UF
07-01-2013
96,858,860-5
Huechuraba
Chile
93.750.000-9
Leasing Andino
Chile
UF
07-12-2012
96,863,530-1
Peñalolen
Chile
93.750.000-9
Leasing Andino
Chile
UF
07-01-2013
96,891,540-1
Temuco
Chile
93.750.000-9
Leasing Andino
Chile
UF
30-08-2013
98,000,100-8
A.F.P. Hábitat S.A.
Chile
Scotiabank
Chile
U.F.
15-11-2020
98,000,700-8
A.F.P. Hábitat S.A.
Chile
CIT Leasing Chile
Chile
US$
31-05-2015
TOTAL
EFFECTIVE
INTEREST RATE
0-3 MONTHS
ThCh$
3-12 MONTHS
ThCh$
1-2 YEARS
ThCh$
2-3 YEARS
ThCh$
3-5 YEARS
ThCh$
3.83%
3.83%
18,340
28,058
8.18%
8.18%
8,904
29,679
0.40%
0.40%
5,865
17,596
-
0.22%
0.22%
12,146
36,437
0.27%
0.27%
18,778
56,334
0.32%
0.32%
20,391
0.35%
0.35%
15,344
4.66%
4.66%
5.11%
5-10 YEARS
ThCh$
-
-
-
-
46,398
0
35,615
35,615
-
-
38,583
71,230
-
-
-
23,461
0
16,194
-
-
-
48,582
16,194
75,111
25,037
-
-
75,111
100,148
61,173
81,563
81,563
20,391
-
81,563
183,518
46,031
61,374
61,374
30,687
-
61,374
153,435
6,591
19,772
26,362
24,165
-
-
26,362
50,528
5.11%
4,468
13,404
17,872
17,872
1,489
-
17,872
37,234
4.12%
4.12%
15,216
45,647
60,863
55,791
-
-
60,863
116,654
5.17%
5.17%
7,434
22,302
29,736
29,736
-
-
29,736
59,472
5.10%
5.10%
28,738
86,215
114,954
114,954
19,159
-
114,954
249,066
3.16%
3.16%
24,623
73,868
98,491
73,868
-
-
98,491
172,359
3.73%
3.73%
3,135
-
-
-
-
-
3,135
0
4.37%
4.37%
8,047
24,141
32,188
18,776
-
-
32,188
50,965
5.92%
5.92%
5,853
17,558
23,411
23,411
15,607
-
23,411
62,428
5.14%
5.14%
8,010
16,019
-
-
-
-
24,029
0
3.11%
3.11%
9,831
29,493
39,324
16,385
-
-
39,324
55,708
4.39%
4.39%
7,561
22,684
30,246
30,246
27,725
-
30,246
88,217
4.00%
4.00%
2,106
6,317
8,423
2,808
-
-
8,423
11,230
3.69%
3.69%
3,941
11,824
15,766
5,255
-
-
15,766
21,021
4.17%
4.17%
2,563
7,688
10,251
3,417
-
-
10,251
13,668
6.97%
6.97%
22,604
50,859
22,604
-
-
-
73,463
22,604
5.13%
5.13%
12,983
38,949
51,931
21,638
-
-
51,931
73,569
5.00%
5.00%
8,133
60,144
80,193
80,193
120,289
-
68,278
280,674
5.34%
5.34%
2,278
6,833
9,111
1,518
-
-
9,111
10,629
5.35%
5.35%
6,091
18,272
24,363
12,181
-
-
24,363
36,544
4.60%
4.60%
1,182
-
-
-
-
-
1,182
0
0.00%
0.00%
12,337
9,253
-
-
-
-
21,589
0
0.00%
0.00%
434
325
-
-
-
-
759
0
5.34%
5.34%
107,349
322,048
429,397
429,397
858,794
4,723,365
429,397
6,440,952
5.20%
5.20%
68,571
6,495,072
307,886
329,363
729,252
7,647,515
6,563,644
9,014,016
4.65%
4.65%
34,538
8,187
-
-
-
-
42,725
0
4.32%
4.32%
21,010
45,130
65,067
60,173
120,346
15,043
66,140
260,629
5.70%
5.70%
312,508
931,079
1,226,213
1,208,505
2,362,528
18,806,792
175 meses
1,243,587
23,604,037
5.70%
5.70%
312,508
931,079
1,226,213
1,208,505
2,362,528
18,806,792
175 meses
1,243,587
23,604,037
5.54
5.54
54,600
163,800
218,400
218,400
436,799
982,798
218,400
1,856,397
7.98
7.98
40,417
-
-
-
-
-
40,417
0
8.43
8.43
6,356
-
-
-
-
-
6,356
0
7.69
7.69
6,074
-
-
-
-
-
6,074
0
6.14
6.14
0
-
-
-
-
-
0
0
5.87
5.87
82,879
-
-
-
-
-
82,879
0
7.46
7.46
137,127
228,546
-
-
-
-
365,673
0
0.31
0.31
45,321
-
33,847
33,847
67,694
135,395
45,321
270,783
0.0109
0.0109
254,629
-
-
-
-
-
254,629
0
1,787,814
9,981,816
4,472,969
4,223,993
7,173,288
51,117,700
11,769,628
66,987,946
OVER 10 YEARS
CURRENT
ThCh$
NON-CURRENT
ThCh$
132
133
NOMINAL
INTEREST RATE
Finance lease as of December 31, 2011.
DEBTOR
TAX ID Nº
COMPANY
CREDITOR
COUNTRY
FINANCIAL
INTITUTION
TAX ID Nº
COUNTRY
CURRENCY OR
ADJUSTMENT
INDEX
MATURITY
DATE
96.942.400-2
Megasalud S.A.
Chile
97.004.000-5
Banco deChile
Chile
Ch$
13/4/12
96.942.400-2
Megasalud S.A.
Chile
97.004.000-5
Banco deChile
Chile
Ch$
13/4/12
96.942.400-2
Megasalud S.A.
Chile
97.004.000-5
Banco deChile
Chile
Ch$
20/5/12
96.942.400-2
Megasalud S.A.
Chile
97.004.000-5
Banco deChile
Chile
UF
27/7/12
96.942.400-2
Megasalud S.A.
Chile
97.004.000-5
Banco deChile
Chile
UF
8/8/12
96.942.400-2
Megasalud S.A.
Chile
97.004.000-5
Banco deChile
Chile
UF
6/9/12
96.942.400-2
Megasalud S.A.
Chile
97.004.000-5
Banco deChile
Chile
UF
11/12/12
96.942.400-2
Megasalud S.A.
Chile
97.004.000-5
Banco deChile
Chile
Ch$
7/6/13
96.942.400-2
Megasalud S.A.
Chile
97.004.000-5
Banco deChile
Chile
UF
13/4/12
96.942.400-2
Megasalud S.A.
Chile
97.032.000-8
Banco BBVA
Chile
UF
1/7/12
96.942.400-2
Megasalud S.A.
Chile
97.032.000-8
Banco BBVA
Chile
UF
15/4/12
96.942.400-2
Megasalud S.A.
Chile
97.032.000-8
Banco BBVA
Chile
UF
15/8/12
96.942.400-2
Megasalud S.A.
Chile
97.032.000-8
Banco BBVA
Chile
UF
15/8/12
96.942.400-2
Megasalud S.A.
Chile
97.032.000-8
Banco BBVA
Chile
UF
15/8/12
96.942.400-2
Megasalud S.A.
Chile
97.032.000-8
Banco BBVA
Chile
UF
15/8/12
96.942.400-2
Megasalud S.A.
Chile
97.032.000-8
Banco BBVA
Chile
UF
1/8/12
96.942.400-2
Megasalud S.A.
Chile
97.032.000-8
Banco BBVA
Chile
UF
15/8/12
78.040.520-1
Avansalud S.A.
Chile
97.080.000-K
Banco BICE
Chile
UF
-
78.040.520-1
Avansalud S.A.
Chile
97.004.000-5
Banco deChile
Chile
UF
-
78.040.520-1
Avansalud S.A.
Chile
97.032.000-8
Banco BBVA
Chile
UF
-
78.040.520-1
Avansalud S.A.
Chile
92.040.000-0
IBM
Chile
UF
-
78.040.520-1
Avansalud S.A.
Chile
96.456.000-5
Bice Vida Cia. De Seguros S.A.
Chile
UF
-
78.053.560-1
Chile
97.030.000-7
Banco Estado
Chile
UF
1/6/12
78.053.560-1
Chile
97.030.000-7
Banco Estado
Chile
UF
13/3/13
78.053.560-1
Chile
97.030.000-7
Banco Estado
Chile
UF
12/4/14
96.885.930-7
Chile
97.080.000-k
Banco BICE
Chile
UF
31/3/37
96.885.930-7
Chile
97.053.000-2
Banco Security
Chile
UF
31/3/37
99.558.380-1
Soc. Educ. Lo Aguirre. S.A.
Chile
97.023.000-9
Corp-Banca Leasing
Chile
UF
15/6/22
96.858.860-5
Chile
93.750.000-9
Leasing Andino
Chile
UF
7/1/13
96.858.860-5
Chile
93.750.000-9
Leasing Andino
Chile
UF
7/1/13
96.858.860-5
Chile
93.750.000-9
Leasing Andino
Chile
UF
7/1/13
96.858.860-5
Chile
93.750.000-9
Leasing Andino
Chile
UF
7/12/12
96.863.530-1
Soc. Educ. Peñalolén S.A.
Chile
93.750.000-9
Leasing Andino
Chile
UF
7/1/13
96.891.540-1
Chile
93.750.000-9
Leasing Andino
Chile
UF
30/8/13
98.000.100-8
A.F.P. Habitat S.A.
Chile
Scotiabank
Chile
UF
15/11/20
Total
MATURITY DATE (IN FACE VALUE)
EFFECTIVE
INTEREST RATE
CURRENT
0-3 MONTHS
3-12 MONTHS
1-3 YEARS
3-5 YEARS
NON-CURRENT
134
OVER 5 YEARS
-
7.31
2,465
1,644
-
-
-
4,109
-
-
7.35
2,468
1,645
-
-
-
4,113
-
-
7.39
2,470
2,470
-
-
-
4,940
-
-
4.51
3,277
5,461
-
-
-
8,738
-
-
4.47
10,185
16,975
-
-
-
27,160
-
-
8.28
1,898
5,694
633
-
-
7,592
633
-
4.76
3,600
7,199
-
-
-
10,799
-
-
3.83
16,432
49,295
43,818
-
-
65,727
43,818
-
4.51
10,725
7,150
-
-
-
17,875
-
-
5.57
1,902
2,536
-
-
-
4,438
-
-
10.24
27,927
9,309
-
-
-
37,236
-
-
4.3
1,398
2,330
-
-
-
3,728
-
-
4.3
1,398
2,330
-
-
-
3,728
-
-
4.3
1,398
2,330
-
-
-
3,728
-
-
4.3
1,398
2,330
-
-
-
3,728
-
-
4.3
2,716
4,526
-
-
-
7,242
-
-
4.3
1,398
2,330
-
-
-
3,728
-
-
4.32
98,037
287,698
745,778
347,295
-
385,735
1,093,073
-
4.65
98,723
289,289
464,174
206,141
73,416
388,012
743,731
-
4.6
3,460
10,381
1,153
-
-
13,841
1,153
-
0
9,349
28,046
18,698
-
-
37,395
18,698
-
5.34
149,368
514,985
6,340,763
1,571,597
12,578,804
664,353
20,491,164
-
0.32
10,773
32,320
5,458
-
-
43,093
5,458
-
0.40
16,988
50,965
18,464
-
-
67,953
18,464
-
0.22
11,744
35,231
57,338
-
-
46,975
57,338
-
5.07
469,996
2,094,863
3,765,091
2,510,060
25,100,607
2,564,859
31,375,758
-
5.07
516,885
2,141,752
3,765,091
2,510,060
25,100,607
2,658,637
31,375,758
-
5.54
32,051
96,154
332,943
332,943
915,593
128,205
1,581,479
-
7.98
113,463
340,388
39,198
-
-
453,851
39,198
-
8.245
17,809
53,429
6,162
-
-
71,238
6,162
-
7.6881
17,085
51,254
5,893
-
-
68,339
5,893
-
6.142
24,832
74,495
-
-
-
99,327
-
-
5.8695
235,086
705,559
80,511
-
-
940,645
80,511
-
7.4622
122,866
368,298
347,450
-
-
491,164
347,450
11,161
33,484
89,291
89,291
178,581
44,645
357,163
9,386,876
87,642,902
-
-
135
NOMINAL
INTEREST RATE
Future finance lease liabilities are comprised as follows:
FUTURE MINIMUM
PAYMENTS
ThCh$
PRESENT VALUE OF
FUTURE MINIMUM
PAYMENTS
ThCh$
INTEREST
ThCh$
Up to 1 year
11,769,626
9,734,374
2,035,252
1-5 years
16,224,042
9,157,577
7,066,465
Over 5 years
50,763,905
35,610,167
15,153,738
Total
78,757,573
54,502,118
24,255,455
FUTURE MINIMUM
PAYMENTS
ThCh$
PRESENT VALUE OF
FUTURE MINIMUM
PAYMENTS
ThCh$
INTEREST
ThCh$
9,420,747
6,954,866
2,465,881
1-5 years
24,259,218
12,335,662
11,923,556
Over 5 years
63,991,286
44,702,228
19,289,058
Total
97,671,251
63,992,756
33,678,495
AS OF 2012
AS OF 2011
Up to 1 year
The most relevant finance lease agreements are described as follows:
DEBTOR
RELATIONSHIP
CREDITOR
Avansalud S.A.
Subsidiary
Banco Bice
Avansalud S.A.
Subsidiary
Banco Bice
Avansalud S.A.
Subsidiary
Avansalud S.A.
TRANSACTION
1 Central Monitoring System-4 mach. Anestesis-4
CONTRACT’S
END DATE
PURCHASE OPTION
PREPAYMENT
05-11-2015
Installment 61
97,5600 UF
Included in the contract
Electrosurgical generators + Ophthalmologic EQ
05-01-2016
Installment 61
65,2100 UF
Banco Bice
Beds-Stretchers-Endoscopy towers
09-11-2015
Installment 61
222,0500 UF
Subsidiary
Banco Bice
Electrocardiograph, Defibrillator, other carts
09-12-2015
Installment 61
108,4900 UF
Avansalud S.A.
Subsidiary
Banco Bice
Real estate lease and other expansion
10-02-2016
Installment 61
419,4000 UF
Avansalud S.A.
Subsidiary
Banco Bice
Miscellaneous hospital equipment
15-09-2115
Installment 61
359,3400 UF
Avansalud S.A.
Subsidiary
Banco Bice
Leasing Instrumental
20-03-2013
Installment 25
45,7400 UF
Avansalud S.A.
Subsidiary
Banco Bice
Equipment support systems, Surgical Lamps
20-07-2015
Installment 61
117,4400 UF
15-07-2016
Installment 49
85,4100 UF
Monitor
VideoendoscGastro, Ultrasound System Operation
Avansalud S.A.
Subsidiary
Banco Bice
Avansalud S.A.
Subsidiary
Banco de Chile
C-Arm Phillips X-ray equipment
03-09-2013
Installment 25
116,8900 UF
Avansalud S.A.
Subsidiary
Banco de Chile
Siemens Acusom S2000 Ecograph
07-05-2015
Installment 61
143,4700 UF
Avansalud S.A.
Subsidiary
Banco de Chile
Head panels
24-04-2015
Installment 60
30,7300 UF
Avansalud S.A.
Subsidiary
Banco de Chile
Parking control system
24-04-2015
Installment 61
57,5200 UF
Avansalud S.A.
Subsidiary
Banco de Chile
Nurse calling system
24-04-2015
Installment 59
37,4000 UF
Avansalud S.A.
Subsidiary
Banco de Chile
Scanner equipment
30-04-2014
Installment 61
247,4100 UF
table
RISK COSTS
OPTION
Destruction or impairment costs borne
by the lessee
by the lessee
by the lessee
by the lessee
by the lessee
by the lessee
by the lessee
by the lessee
by the lessee
by the lessee
by the lessee
by the lessee
by the lessee
by the lessee
by the lessee
RELATIONSHIP
CREDITOR
TRANSACTION
CONTRACT’S
END DATE
PREPAYMENT
PURCHASE OPTION
Avansalud S.A.
Subsidiary
Banco de Chile
Emergency Room Furniture and equipment
24-05-2015
Installment 37
189,4700 UF
Avansalud S.A.
Subsidiary
Banco de Chile
Multicut Scanner Toshiba, Mod. Aquilion CLX+Wo
30-06-2017
Installment 61
292,5800 UF
Avansalud S.A.
Subsidiary
Banco de Chile
ER equipment
18-02-2015
Installment 37
33,2400 UF
Avansalud S.A.
Subsidiary
Banco de Chile
Equipment + Instruments 36
30-06-2015
Installment 37
88,8900 UF
Avansalud S.A.
Subsidiary
Banco BBVA
100 PC HP MS 216
17-01-2013
Installment 25
51,7400 UF
Avansalud S.A.
Subsidiary
I.B.M.
IBM equipment contract 0011580 Mod.164
28-06-2013
Installment 36
135,0300 UF
Avansalud S.A.
Subsidiary
LB.M.
IBM Equipment contract 0011580 Mod.166
28-06-2013
Installment 36
4,7500 UF
Real estate lease Avda. Salvador 100, Providencia
31-12-2028
Installment 240
4378,1100 UF
Osteopulmonary Digital Direct equipment
12-11-2016
Installment 61
110,3500 UF
Expansion Leasing Avda. Salvador 100, Providencia
21-10-2030
Installment 258
2913,4790 UF
Avansalud S.A.
Subsidiary
Avansalud S.A.
Subsidiary
Avansalud S.A.
Subsidiary
Subsidiary
Megnsalud S.A.
Subsidiary
Megnsalud S.A.
Bice Vida Cía. De
Seguros
Banco de Chile
Bice Vida Cía. De
Seguros
Bice Vida y Vida
Construction of a Private Hospital, a medical center,
Security
an office building, and a parking lot sector.
Banco de Chile
18 Dental Chairs Siemens Sirona
31-03-2037
Installment UF
07-06-2013
Installment
RISK COSTS
OPTION
1237653,1800
+IVA
206,4500 UF
2494056,0000
by the lessee
by the lessee
by the lessee
by the lessee
by the lessee
by the lessee
by the lessee
by the lessee
by the lessee
by the lessee
by the lessee
UF17.74 Cost of the annual policy included
in the installment
Policy installment included in the
Subsidiary
Banco de Chile
15 Dental Chairs Anthos Italia, Model A
17-01-2016
Installment $
Subsidiary
Banco de Chile
MRI Scanner 1
30-04-2013
Installment 61
405,6420 UF
Subsidiary
Banco de Chile
MRI Scanner 2
31-03-2018
Installment 86
201,7206 UF
Subsidiary
Banco Estado
Medical Equipment Financial Lease
30-04-2013
Installment 49
305,5800 UF
Goods insured by the bank (lessor)
Subsidiary
Banco Estado
30-04-2014
Installment 49
210,9300 UF
Subsidiary
Banco Estado
02-04-2015
Installment 48
326,1000 UF
Subsidiary
Banco Estado
06-03-2016
Installment 49
354,1200 UF
Subsidiary
Banco Estado
08-06-2016
Installment 49
266,4600 UF
Sociedad Educacional Peñalolén
Subsidiary
Lensing Andino
Financial lease for property located at A
07-01-2013
Installment 45
3628,5400 UF
Subsidiary
Lensing Andino
07-01-2013
Installment 98
1769,5300 UF
Subsidiary
Lensing Andino
07-01-2013
Installment 98
265,9500 UF
Sociedad Educacional Lo Aguirre
Subsidiary
CorpBanca
15-06-2022
Installment 181
796,8200 UF
Sociedad Educacional Temuco
Subsidiary
Lensing Andino
30-08-2013
Installment 105
2001,2100 UF
Resonancia Magnética
Avansalud S.A.
Resonancia Magnética
Avansalud S.A.
Sociedad Educacional
Huechuraba
Huechuraba
+IVA
installment without a defined amount
by the lessee
by the lessee
Obligation of engaging insurance policies
borne by the lessor
borne by the lessor
borne by the lessor
borne by the lessor
borne by the lessor
Series A Notes (Inversiones La Construcción S.A.)
On July 28, 2011, ILC issued in Chile an aggregate principal amount of Ch$21,800 million of its fix rate Series A notes. These notes accrue interest at
annual rate of 6.80% on the unpaid principal amount and annual payments of interest and principal repayment in one single installment at the maturity
date of 2016.
Series C Notes (Inversiones La Construcción S.A.)
On July 28, 2011, ILC issued in Chile an aggregate principal amount of UF 1,500,000 of its floating rate Series C notes. These notes accrue an annual
interest rate of UF + 3.60% on the unpaid principal amount starting in payments of interest and principal to be repaid in 10 equal installments staring
in June 2022.
136
137
DEBTOR
Series A Notes (Red Salud S.A.)
On January 26, 2012, Red Salud issued in Chile an aggregate principal amount of Ch$21,800 million of its fix rate Series A. These notes accrue
interest at annual rate of 6.50% on the unpaid principal amount and annual payments of interest and principal repayment in one single installment at
the maturity date of 2016.
Series C Notes (Red Salud S.A.)
On January 26, 2012, Red Salud issued in Chile an aggregate principal amount of UF 1,000,000 of its floating rate Series C notes. These notes accrue
an annual interest rate of UF + 4.25% on the unpaid principal amount starting in payments of interest and principal to be repaid in 10 equal installments
staring in June 2022.
Public Debt as of December 31, 2012
Non-current
TAX ID NO
COMPANY
COUNTRY
DESCRIPTION
CURRENCY
PAYMENT OF INTERESTS
(MONTHLY, BIANNUAL,
ANNUAL)
CAPITAL
AMORTIZATION
NOMINAL
INTEREST
RATE
EFFECTIVE
INTEREST
RATE
GUARANTEE
NOMINAL
VALUE
1 TO 2 YEARS
3 TO 5 YEARS 5 TO 10 YEARS
TOTAL AS OF
12/31/2012
76.020.458-7
Red Salud
Chile
N°697
Ch$
Upon maturity
21,800,000
6.50%
6.90%
25,353,653
2,834,000
22,519,653
-
25,353,653
76.020.458-7
Red Salud
Chile
N°698
UF
Annual as from 30-06-2022
UF 1000000
4.25%
4.20%
35,950,679
1,941,464
1,941,464
32,067,751
35,950,679
94.139.000-5
ILC Inversiones S.A.
Chile
No. 671 28/07/2011 (A)
Ch$
Annual
Upon maturity
6.80%
6.97
Unsecured
21,800,000
2,964,800
23,282,400
-
26,247,200
94.139.000-5
ILC Inversiones S.A.
Chile
No. 672 28/07/2011 (C)
Ch$
Annual
Annual
3.60%
3.92%
Unsecured
1,500,000
2,466,801
2,466,801
46,595,130
51,528,732
84,604,332
10,207,065
50,210,318
78,662,881
139,080,264
GUARANTEE
NOMINAL
VALUE (2) 0930-2012
Total
Current
DEBTOR
TAX ID NO
COMPANY
CREDITOR
COUNTRY
TAX ID
NO.
NAME
OBLIGATION TERMS
COUNTRY
DESCRIPTION
CURRENCY
MATURITY
PAYMENT OF
CAPITAL
ANNUAL
INTERESTS AMORTIZATION NOMINAL RATE
ANNUAL
EFFECTIVE
RATE
0 TO 3
MONTHS
3 TO 12
MONTHS
TOTAL
AS OF 12-312012
94.139.000-5
ILC Inversiones
Chile
-
Public
-
No.671 28/07/2011 (A)
Ch$
Annual
Upon maturity
6.8
6.97
Unsecured
21,800,000
-
1,417,000
94.139.000-5
ILC Inversiones
Chile
-
Public
-
No.672 28/07/2011 ( C)
UF
Annual
Annual (3)
3.6
3.6
Unsecured
1,500,000
-
970,732
1,417,000
970,732
76.020.458-8
Red Salud S.A.
Chile
-
Public
-
No.697 31/12/2011 (A)
Ch$
Annual
Upon maturity
6.5
6.5
Unsecured
21,800,000
-
1,482,400
1,482,400
76.020.458-8
Red Salud S.A.
Chile
-
Public
-
No.698 31/12/2011 ( C)
UF
Annual
Annual (3)
4.25
4.25
Unsecured
1,500,000
-
1,233,401
1,233,401
5,103,533
Public Debt as of December 31, 2011
Non-current
TAX ID NO
COMPANY
COUNTRY
DESCRIPTION
94139000-5
ILC Inversiones
Chile
No. 671 28/07/2011 (A)
94139000-5
ILC Inversiones
Chile
No. 672 28/07/2011(B)
PAYMENT OF
INTERESTS
(MONTHLY,
BIANNUAL,
ANNUAL)
CAPITAL
AMORTIZATION
NOMINAL
INTEREST
RATE
EFFECTIVE
INTEREST
RATE
Ch$
Annual
Upon maturity
6.8
6.97
Unsecured
UF
Annual
Annual (3)
3.6
3.92
Unsecured
CURRENCY
GUARANTEE NOMINAL VALUE
TOTAL
5 TO 10 YEARS
TOTAL AS OF
12/31/2011
1 TO 2 YEARS
3 TO 5 YEARS
21,800,000
2,964,800
2,964,800
23,282,400
29,212,000
1,500,000
2,407,755
2,407,755
46,683,699
51,499,209
23,300,000
5,372,555
5,372,555
69,966,099
80,711,209
Current
DEBTOR
CREDITOR
TAX ID
COUNTRY
NO.
OBLIGATION TERMS
PAYMENT OF
CAPITAL
CURRENCY
INTERESTS AMORTIZATION
MATURITY
ANNUAL
NOMINAL
RATE
ANNUAL
EFFECTIVE
RATE
NOMINAL VALUE
(2) 09-30-2012
TAX ID NO
COMPANY
94.139.000-5
ILC Inversiones
Chile
-
Public
-
Nro.671 28/07/2011 (A)
Pesos
Annual
Upon maturity
6,8
6,97
Unsecured
21,800,000
94.139.000-5
ILC Inversiones
Chile
-
Public
-
Nro.672 28/07/2011 ( C)
UF
Annual
Annual (3)
3,6
3,6
Unsecured
1,500,000
NAME
COUNTRY
DESCRIPTION
GUARANTEE
3 TO 12
MONTHS
TOTAL
AS OF 12-312011
-
1,482,400
1,482,400
-
1,203,878
1,203,878
0 TO 3
MONTHS
2,686,278
(20)TRADE AND OTHER PAYABLES
As of December 31, 2012 and 2011 this line item included the following:
Other payables
Dividends payable
Withholdings
2012
ThCh$
2011
ThCh$
3,296,086
3,863,581
28,396,866
3,928,557
8,139,828
6,559,547
Accounts payable
30,492,417
10,652,634
Healthcare benefits payable
15,478,345
13,490,091
Notes payable
4,228,901
3,518,321
Suppliers
7,136,017
19,781,884
97,168,460
61,794,615
2012
ThCh$
2011
ThCh$
Total
(21)OTHER CURRENT AND NON-CURRENT PROVISIONS
As of December 31, and 2012 and 2011, this line item included the following:
SCHEDULE
Casualty occurrence (1)
Without date
68,032
621,301
Healthcare expenses (2)
Without date
25,108,004
20,494,897
Subsidy expenses (3)
Without date
3,543,518
4,463,323
Other
Without date
Total
96,135
394,511
28,815,689
25,974,032
(1) The provision for losses is generated in the time lag between the accounting period of the contract and the technical period of the contract given that in accordance with the contracts
entered into with insurance companies, monthly pre-settlements of the contract are made on the basis of the periods covered by the insurance policy, thus the “n” covered period
determines the payment of premiums during the period “n + 2.”
In addition, there is an additional provision which corrects the cost estimate for each insurance contract in accordance with IFRS, assigning to each those possible costs which are not
considered in the insurance companies’ technical reserve estimate.
(2) The provision for health expenses considers those benefits and/or rewards which although provided at the closing date of the financial statements, have not yet been accounted for.
The calculation of the provision considers (i) benefits incurred but not yet reported to the health insurer institution, (ii) benefits provided, reported but not yet measured and (iii) benefits
provided, reported and measured but without the insurance of the related medical vouchers.
In developing its estimate, the Group considers hospital medical vouchers, medical programs, inpatient and outpatient reimbursements considering such factors as: loss behavior,
historical evolution, seasonal variables, processing periods, prices, explicit healthcare guarantees, resolution of medical programs and amounts of medical attention and healthcare
services provided at the closing date of each month, which are to settled in the following months.
The criterion used for the calculation of the provision was the determination of the cost of the accrued benefits related to each monthly closing and which were accounted for in
subsequent months.
(3) The provision for expenses in subsidies considers (i) all sick leaves, which have been claimed but have not yet been paid and (ii) sick leaves which correspond to the closing period
but have not been submitted with the corresponding Isapre (health insurer institution)
The calculation of the provision considered the following factors: loss behavior, historical evolution, seasonal variables, and amounts of healthcare services provided the closing date
of each month, which were settled in the following months
In the case of Occupational Disability Subsidy (SIL), the Group considered the moving average of the last twelve months of the accrued cost of subsidies as of the closing date and
recognized after that date, as amount of the provision.
138
139
For the provisions described in the preceding numbers, ILC and its subsidiaries do not expect to receive any possible reimbursements.
SCHEDULE
2012
ThCh$
2011
ThCh$
Elderly plan
Without date
100,976
103,374
Technical reserves
Without date
64,691,926
98,625,496
64,792,902
98,728,870
Total
The provision for technical reserves corresponds to the life insurer’s legal obligation in regard to the settlement and payment of settled losses, losses
in settlement process and occurred, unreported claims because of the management of its share of the disability and survivorship insurance.
Changes in provisions during 2012 and 2011 are comprised as follows:
SHORT-TERM
Balances as of January 01, 2012
HEALTHCARE
EXPENSES
ThCh$
LOSS
ThCh$
SUBSIDIES
ThCh$
OTHER
PROVISIONS
ThCh$
TOTAL
ThCh$
621,301
20,494,897
4,463,323
394,511
25,974,032
-
8,488,850
1,770,857
-
10,259,707
(553,269)
(3,875,743)
(2,690,662)
(298,376)
(7,418,050)
68,032
25,108,004
3,543,518
96,135
28,815,689
HEALTHCARE
EXPENSES
ThCh$
SUBSIDIES
ThCh$
1,220,988
18,262,920
1,494,863
702,627
21,681,398
-
2,231,977
2,968,460
-
5,200,437
Decreases due to payments
(599,687)
-
-
(301,116)
(907,803)
Balances as of 2011
621,301
20,494,897
4,463,323
394,511
25,974,032
LIFE ANNUITIES
PENSIONS
ThCh$
TECHNICAL
RESERVES
ThCh$
Additional provisions
Balances as of 2012
LONG-TERM
LONG-TERM
Balances as of 2012
LONG-TERM
LOSS
ThCh$
103,374
98,625,496
OTHER
PROVISIONS
ThCh$
OTHER
PROVISIONS
ThCh$
-
TOTAL
ThCh$
TOTAL
ThCh$
98,728,870
9,880
103,756,681
-
103,766,561
(12,278)
(137,690,251)
-
(137,702,529)
100,976
64,691,926
-
64,792,902
LIFE ANNUITIES
PENSIONS
ThCh$
TECHNICAL
RESERVES
ThCh$
OTHER
PROVISIONS
ThCh$
TOTAL
ThCh$
166,861
81,246,607
87,411
81,500,879
11,390
115,822,080
-
115,833,470
(74,877)
(98,443,191)
(87,411)
(98,605,479)
103,374
98,625,496
-
98,728,870
Balances as of 2011
(22)PROVISIONS FOR EMPLOYEE BENEFITS
Current provisions for employee benefits as of March 31, 2012 and December 31, 2011 are comprised as follows:
2012
ThCh$
2011
ThCh$
Employee profit-sharing
2,183,616
2,812,004
Vacation payable
5,076,656
4,537,295
Performance bonus payable
2,941,719
2,505,812
Directors' profit-sharing payable
1,081,987
652,101
Fees and remuneration payable
729,913
496,963
Vacation bonus payable
355,452
328,957
12,369,343
11,333,132
Employee benefit obligations
As of December 31, 2012 and 2011, the subsidiary AFP Habitat S.A. recognized under non-current provisions for employee benefits the post-employment
liability it has with respect to all its employees, which is determined using the established criteria.
An independent external actuary performed an analysis that is used for the actuarial assessment of the post-employment benefits for the presentation
of the financial statements as of December 31, 2012. A computer solution was acquired for future dates; this solution is fully applied by the human
resources division of AFP Habitat.
Post-employment benefit obligations of AFP Habitat are composed by two types of indemnities:
•
Indemnity for death: this covers all employees
•
Indemnity for voluntary resignation: this covers all employees who have been permanent employees for 7 years or more.
2012
ThCh$
2011
ThCh$
Indemnity for death
142,705
127,523
Indemnity for voluntary resignation
280,337
234,709
Total post-employment benefit obligations
423,042
362,232
140
141
As of December 31, 2012 and 2011, the assumptions used for the actuarial calculation of long-term post-employment benefits are as follows:
Actuarial bases used
2012
2011
Discount rate
5%
5%
Salary increase rate
0%
0%
Turnover
2%
2%
Turnover rate –for Company’s needs
5%
5%
Men
65
65
Women
60
60
Mortality rate
RV-2009
RV-2009
Tabla de mortalidad
RV-2009
RV-2009
As of December 31, 2012 and 2011, the actuarial study was formalized by applying an IT solution acquired from the independent actuary Mr. Pedro
Arteaga from Servicios Actuariales S.A., whose administration is the responsibility of the Human Resource division of AFP Hábitat. For such a period,
the Company used the RV-2009 mortality rate.
Recognized changes and disbursements
According to the estimate made, long-term disbursements are detailed as follows:
2012
ThCh$
2011
ThCh$
362,232
355,343
Current year cost of services
77,017
48,308
Interest costs
18,112
17,767
Actuarial gains/losses recognized in other records
17,292
(30,502)
Benefits paid during the year
(51,611)
(28,684)
423,042
362,232
2012
ThCh$
2011
ThCh$
5,040,680
4,534,534
Prepaid contribution payments
318,121
365,981
Contribution payments payable
12,940
3,652
Prepaid incorporation fees
42,024
38,429
5,413,765
4,942,596
Opening balance
Total employee benefit obligations
(23)OTHER CURRENT NON-FINANCIAL LIABILITIES
Prepaid tuition fees
Total
(24)CONTINGENCIES AND RESTRICTIONS
As of December 31, 2012, the Group and its direct and indirect subsidiaries had provided the following guarantees::
(a) Direct guarantees
DEBTOR
RELATIONSHIP
TYPE OF
GUARANTEE
ASSET COMMITTED
CARRYING
AMOUNT
2012
2011
RELEASE OF
GUARANTEE
BBVA
Megasalud S.A
Subsidiary
Mortgage
Real Estate property La Florida, Conchalí
and Ñuñoa
6,620,899
3,715,267
4,233,677
2014
BBVA
Megasalud S.A
Subsidiary
Mortgage
RE Property Gran Avenida
3,029,009
1,264,921
1,424,589
2013
Banco BICE
Clínica Avansalud
Subsidiary
Mortgage
Time deposit as collateral
673,672
673,672
639,245
2013
Banco de Chile
Soc. Educ. Chicureo S.A.
Subsidiary
Mortgage
Land and Buildings
3,574,135
3,765,615
2,986,322
2025
Banco de Chile
Soc. Educ. Curauma S.A.
Subsidiary
Mortgage
Land and Buildings
4,489,811
4,725,166
-
2027
Corpbanca
Soc. Educ. Lo Aguirre S.A
Subsidiary
Mortgage
Land and Buildings
2,274,301
1,325,192
1,390,793
2022
Corpbanca
Soc. Educ. Machalí S.A.
Associate
Mortgage
Land and Buildings
3,639,562
3,026,955
3,705,382
2022
Corpbanca
Soc. Educ. Valle Lo Campino S.A. Subsidiary
Mortgage
Land and Buildings
3,105,208
1,837,881
1,924,171
2030
Scotiabank
Subsidiary
Mortgage
Land and Buildings
3,551,651
2,754,902
2,808,012
2027
Scotiabank
Soc. Educ. Ciudad del Este S.A.
Subsidiary
Mortgage
Land and Buildings
2,989,626
2,892,598
2,945,020
2027
33.947.874
25.982.169
22.057.211
Total
(b) Indirect guarantees
Sociedad Educacional Peñalolén S.A., became the co-debtor, guarantor and/or joint and co-debtor of the following companies:
•
Sociedad Educacional Huechuraba S.A., in favor of Banco de Chile to secure the financing through finance lease arrangements granted to the company.
•
Sociedad Educacional Temuco S.A., in favor of Banco de Chile to secure the financing through finance lease arrangements granted to the company.
•
Sociedad Educacional Lo Aguirre S.A., in favor of Corpbanca to secure loans for up to UF120,000
•
Sociedad Educacional Huechuraba S.A., in favor of Banco de Chile to secure loans for up to UF115,500
•
Sociedad Educacional Temuco S.A., in favor of Banco de Chile to secure loans for up to UF90,000
•
Sociedad Educacional Chicureo S.A. in favor of Banco de Chile to secure loans for up to UF30,000.
•
Sociedad Educacional Curauma S.A. in favor of Banco de Chile to secure loans for up to UF200,000.
Sociedad Educacional Huechuraba S.A., a subsidiary of the Parent, became the co-debtor, guarantor and/or joint and co-debtor of the following
companies:
•
Sociedad Educacional Peñalolén S.A., in favor of Banco de Chile to secure the financing through finance lease arrangements granted to the company.
•
Sociedad Educacional Temuco S.A., in favor of Banco de Chile to secure the financing through finance lease arrangements granted to the company.
•
Sociedad Educacional Peñalolén S.A., in favor of Banco de Chile to secure loans for up to UF110,000.
•
Sociedad Educacional Temuco S.A., in favor of Banco de Chile to secure loans for up to UF90,000.
•
Sociedad Educacional Chicureo S.A., in favor of Banco de Chile to secure loans for up to UF30,000.
•
Sociedad Educacional Curauma S.A., in favor of Banco de Chile to secure loans for up to UF200,000.
143
CONSOLIDATED
CREDITOR
142
Sociedad Educacional Temuco S.A., a subsidiary of the Parent, became the co-debtor, guarantor and/or joint and co-debtor of the following
companies:
•
Sociedad Educacional Peñalolén S.A., in favor of Banco de Chile to secure the financing through finance lease arrangements granted to the company.
•
Sociedad Educacional Huechuraba S.A., in favor of Banco de Chile to secure the financing through finance lease arrangements granted to the company.
•
Sociedad Educacional Peñalolén S.A., in favor of Banco de Chile to secure loans for up to UF110,000.
•
Sociedad Educacional Huechuraba S.A., in favor of Banco de Chile to secure loans for up to UF115,500.
•
Sociedad Educacional Chicureo S.A., in favor of Banco de Chile to secure loans for up to UF30,000.
•
Sociedad Educacional Curauma S.A., in favor of Banco de Chile to secure loans for up to UF200,000.
Sociedad Educacional Lo Aguirre S.A., a subsidiary of the Parent became the co-debtor, guarantor and/or joint and several debtor of the following
companies:
•
Sociedad Educacional Machalí S.A., in favor of Corpbanca to secure loans for up to UF85,000
•
Sociedad Educacional Machalí S.A., in favor of Corpbanca to secure loans for up to UF34,762.
Sociedad Educacional Valle Lo Campino S.A., a subsidiary of the Parent became the co-debtor, guarantor and/or joint and several debtor of the
following companies:
•
•
Sociedad Educacional Lo Aguirre S.A., in favor of Corpbanca to secure loans for up to UF50,021.
•
Sociedad Educacional Lo Aguirre S.A., in favor of Corpbanca to secure loans for up to UF24,360.
•
La Sociedad Educacional Chicureo S.A., a subsidiary of the Parent became the co-debtor, guarantor and/or joint and several debtor of the following
companies:
•
Sociedad Educacional Chicureo S.A., e in favor of Banco de Chile to secure loans for up to UF200,000
(c) Contingencies
As of December 31, 2012 and 2011, the Group is not exposed to contingencies that are not provisioned.
Other contingencies:
Disability and Survivorship, and Life Annuity Pensions
Article 82 of Decree Law No.3,500 of 1980 indicates that, in the event of bankruptcy, if the Insurance Company does not comply with the obligations
arising from the contracts entered into in virtue of such Law, regarding the income or pensions generated through December 31, 1987, and which
exceed the minimum income established in Articles Nos. 73, 77 and 78, the government of Chile would guarantee 75% over the excess of the
pension. Such guarantee shall not exceed UF45. In accordance with Article 82 of Decree Law No.3.5000, the amount of that portion of disability and
survivorship and life annuity pensions which is not covered by the State guarantee remains the AFP’s exclusive responsibility and has been estimated
in accordance with the following procedure:
In this calculation, December 2012, has been used as the reference point in regard to number of beneficiaries, cancelled pensions and ages of
beneficiaries. In regard to life expectancy for the calculation of the present value the technical bases established in the respective contracts with
insurance companies a discount rate of 5%. As of December 31, 2012, this contingency amounts to ThCh$6,044,585.
With regards to the period subsequent to January 1, 1988, the state guarantee operate on additional contributions the mandatory contribution indicated
in Article No.53, life annuities indicated in letters (a) and (b) of Article 61, disability pensions originated by a first opinion as indicated in Article No.54
and the death fee referred to in Article 88.
The amount of such State guarantee will be equivalent to 100% of the difference missing to complete the additional contribution, the mandatory
contribution and the disability pensions originated by a first opinion.
In the case of life annuities indicated in Article 61, the State guarantee will amount to a sum equivalent to 100% of the minimum pension referred to
in Article No.73 and 75% of the excess over the minimum pension with a maximum of UF45. The amount of that portion of the life annuities which is
not covered by the State guarantee has been estimated in accordance with the procedure indicated in the second paragraph of this note.
Beginning on July 1, 2009, in the case of bankruptcy of all insurance companies involved in the provision of disability and survivorship insurance, the
State guarantee also covers the disability and survivorship pension under the terms described in the paragraph immediately above. However, the
AFP is liable for its payment notwithstanding its right of recourse against the State in conformity with the State guarantee established in Article 82 of
Decree Law 3,500.
(d) Restrictions
Sociedad Educacional Chicureo S.A.: Clause Seven of the Purchase and Sale Public Deed entered into on December 6, 2010 between said company
and Inmobiliaria Valle Colina S.A., provides a contract -based prohibition for changing the destination, encumbering, assigning and disposing of any
title for a period of 10 years starting from the date of registration of such Deed with the Real Estate Register.
Sociedad Educacional Lo Aguirre S.A.: Clause Six of the Purchase and Sale Public Deed entered into on December 4, 2006 between said company
and Administradora Ciudad de Los Valles S.A., provides a contract-based prohibition for changing the destination, encumbering, assigning and
disposing of any title for a period of 10 years starting from the date of registration of such Deed with the Real Estate Register.
As of December 31, 2012 and 2011, the Group is not exposed to any other restrictions.
(e) Lawsuits
As of December 31, 2012, the consolidated companies are parties to pending lawsuits filed against them relating to the normal course of their operations,
which, according to the companies’ legal advisors, in their majority do not represent significant risks of loss. Provisions have been accrued in the
respective direct and indirect subsidiaries against those risks which, in the legal advisors’ opinion, could result in a loss in the financial statements.
144
145
The most significant lawsuits as of December 31, 2012 are detailed as follows:
COMPANY
Centro de Diagnóstico
CLAIMED
AMOUNT
ThCh$
273,000
JURISDICTION
Santiago
COURT
11th Civil Court of
Santiago
JOURNAL
C-13.282-2009
MATTER
HEADING
STATUS
Lawsuit filed by Metrogas for the
under invoiced gas consumption
between July 2004 and May
2008. This lawsuit establishes
the existence of inappropriate
enrichment by the Diagnostic
Center. By means of this lawsuit,
we are being requested to pay
all the differences that have not
been collected by Metrogas for
the natural gas supply during the
abovementioned time period. The
claimed amount is two hundred
and seventy-three million Chilean
pesos.
Metrogas against the
Diagnostic Center of Clínica
Tabancura
On July 28, 2009, the lawsuit was
notified. On October 22, 2009, dilatory
pleas were rejected. On November
4, 2009, the lawsuit was responded
and after replies and rejoinders, on
December 1, 2009, a settlement hearing
took place, with no results. On January
4, 2010, evidences were presented by
both parties and on June 15, 2010, the
parties were summoned to hear the final
verdict, which was issued on January
11, 2012. The lawsuit was rejected.
Such verdict was appealed on January
25, 2012 and the appeal was accepted
On January 27, 2012. To date, the
files related to this case have not been
forwarded yet to the Court of Santiago.
On November 9, 2011, the lawsuit was
filed and answered on December 2,
2011, and a settlement hearing was
held on December 15, 2011; to date
the case has not been admitted into
evidence.
Centro de Diagnóstico
25,000
Santiago
Arbitrator Mr.
Guillermo Troya
None
Civil trial on compensation for
damages
Fernández Wolf, Felipe against
the Diagnostic Center of
Clínica Tabancura
Clínica Avansalud S.A
65,000
Santiago
7th Civil court
C-17.007-2010
Compensation for damages
Flores against Clínica
Avansalud S.A and other
Matured evidence, with evidentiary
procedures pending.
20,000
Santiago
25th Civil Court
C-24.139-2010
Olivares against Clínica
Avansalud S.A and other
Records filed, without resolving dilatory
pleas filed by Clínica Avansalud against
the lawsuit and pending notification of
the lawsuit to the co-respondent.
200,000
Santiago
8th Civil Court
C-50.482-2012
Razeto Clínica Avansalud S.A.
and other
Dilatory pleas filed by our defense.
Clínica Iquique
16,527
Iquique
Third J.L. Civil court
of Iquique
* Bankruptcy Shield
S.A. ROL C- 19662005
Former employees of Shield S.A. –
old proceeding
Bankruptcy Shield S.A.
The evidentiary period is currently
expired
Clínica Iquique
3,800
Iquique
Ordinary proceeding
Labor
S-5 Braulio Rivera Rivera
Disloyal practices
Verdict stage
Clínica Iquique
10,000
Iquique
Ordinary proceeding
Labor
S-5 Julia Pezzopane Buendia
Unjustified dismissal
The preliminary hearing is being
expected
Clínica Iquique
8,000
Iquique
Ordinary proceeding
Labor
S-5
Unjustified dismissal
expected
Clínica Iquique
33,000
Iquique
Ordinary proceeding
Labor
S-5 Clínica Iquique Trade Union
Disloyal practices
expected
Clínica Iquique
4,020
Iquique
Ordinary proceeding
Labor
S-5
Collection of labor benefits
The trial hearing is being expected.
Iquique
1st Trial Court of
Iquique
Nº C 1358/2012
Civil: Executive trial
“Clínica Iquique against Prieto”
Supreme Court Verdict Stage
Cornejo Lira , María against
Megasalud S.A.
The complexity of this issue is normal
and the case is currently being notified
to Megasalud as to the resolution that
dictates the rendering of the test. It
is estimated that the result should be
favorable to Megasalud S.A.
Ojeda against Pimentel
On November 18, 2011, Megasalud
S.A. filed dilatory pleas and on
December 2, 2011 the defendant did
the same. The resolution regarding the
dilatory pleas filed by the parties is still
pending.
Clínica Iquique
MEGASALUD S.A.
MEGASALUD S.A.
4,012
15,000
50,000
Santiago
Santiago
17th Civil Court of
Santiago
23rd Civil Court of
Santiago
C-5657-2009
C-25537-2010
damages
Civil ordinary trial on compensation
for damages
MEGASALUD S.A.
MEGASALUD S.A.
MEGASALUD S.A.
MEGASALUD S.A.
MEGASALUD S.A.
CLAIMED
AMOUNT
ThCh$
154,175
18,625
60,000
50,000
$72,463,034
MEGASALUD S.A.
Santiago
Santiago
102,600
22nd Civil Court of
Santiago
9th Civil Court of
Santiago
14th Civil Court of
Santiago
Concepción
3rd Civil Court of
Concepción
Santiago
Santiago
“Sepúlveda
Segovia and
Others against
Achondo and
Others”
COURT
Santiago
Santiago
MEGASALUD S.A.
SERVICIOS MEDICOS
TABANCURA S.A.
JURISDICTION
2nd Labor Court of
Santiago
1st Labor Court of
Santiago
2nd Labor Court of
Santiago
JOURNAL
C-36.932-2009
C-5410-2010
MATTER
HEADING
STATUS
for damages
Inmobiliaria Recoleta Sur
Limitada against Megasalud
S.A.,
The review of this appeal is still
pending. However, we can reasonably
estimate as a maximum risk, in case
of an adverse verdict, an amount of
approximately UF 6,750.
for damages
“Mondría Morales, Natalia
Andrea against Cominetti
Infanti, Lidia and Megasalud”
On June 27, 2011, the claimant
requested the correction of the
proceeding without such presentation
being resolved.
C-29272-2011
Trial on compensation for damages “Tapia against Ibacache”
None of the defendants has answered
the lawsuit to date as the lawsuit has
not yet been notified to Dr. Ibacache.
There is no certainty regarding the
outcome of this trial, but we estimate as
a maximum loss risk for the company, in
case of an adverse verdict, an amount
of approximately Ch$60 million.
C-2996-2010
“Riquelme against Frené and
Trial on compensation for damages
Megasalud”
outcome of this trial, but we estimate as
a maximum loss risk for the company, in
case of an adverse verdict, an amount
of approximately Ch$50 million.-
O-3781-2012
Lawsuit for possible unjustified
dismissal filed by 7 employees
of the cleaning and maintenance
service provider company hired
by Megasalud. The claimants are
requesting severance indemnity
plus surcharges, adjustments,
interests and costs.
“Constanzo Contreras and
Others against Achondo and
Others”
outcome of this trial.
O-3702-2012
“Parada Parada and Others
against Achondo and Others”
outcome of this trial.
O-3747-2012
Barrales Cornejo against
S.A. and Hoppmann Klestadt
On September 7, 2011, dilatory pleas
were filed, which were rejected by
means of a resolution dated December
28, 2011. On January 9, 2012, both
parties answered the lawsuit. On
January 26, 2012 replies were provided
and on March 8, 2012 it was transferred
for rejoinder. Other defendants: Dr.
Roberto Hopmann Klestadt
There is no
certainty
regarding the
outcome of this
trial.
Santiago
1st Civil Court of
Santiago
C-9706-2011
damages
146
147
COMPANY
COMPANY
SERVICIOS MEDICOS
TABANCURA S.A.
CLAIMED
AMOUNT
ThCh$
350,000
JURISDICTION
Santiago
COURT
1° Civil Court of
Santiago
JOURNAL
C-25.460-2011
MATTER
HEADING
STATUS
damages
Larraín Yudilevich, Alejandra
against Cortez Opazo, Jorge
and Servicios Médicos
Tabancura S.A.
On December 7, 2011, dilatory pleas
were filed by both defendants. On
January 24, 2012, it was accepted the
plea for ungrounded complaint filed
by Dr. Jorge Cortez Opazo and it was
instructed to rectify the lawsuit and
reject the dilatory pleas of Servicios
Médicos Tabancura S.A. On January
27, 2012, the claimant corrected the
defects of the lawsuit, and to date,
none of those documents has been
furnished. Other defendants: Dr. Jorge
Cortés Opazo.
damages
Valdés Espinoza, Elizabeth
del Carmen against Servicios
Médicos Tabancura S.A
On January 4, 2012, we were notified
SERVICIOS MEDICOS
TABANCURA S.A.
SERVICIOS MEDICOS
TABANCURA S.A.
SERVICIOS MEDICOS
TABANCURA S.A.
100,000
730,000
665,684
Santiago
Santiago
Santiago
3rd Civil Court of
Santiago
5th Civil Court of
Santiago
16th Civil Court of
Santiago
C-32.242-2011
C-36.836-2010
C-23.171-2007
damages
damages
on the lawsuit. On January 25, 2012
dilatory pleas were filed against, and
to date, that document has not been
furnished.
Gaete Rosales, María Teresa
against Selman Abuchaibe,
Rafael and Servicios Médicos
Tabancura S.A
On May 13, 2011 the dilatory pleas
were accepted. On May 23, the
claimant corrected the defects of the
lawsuit. On June 10, 2011, the lawsuit
was answered and after replies and
rejoinders, on July 6, 2011, it was
summoned a settlement hearing,
which was held without any results on
September 6, 2011. On November
18, 2011 the case was admitted into
evidence and to date, such resolution
has not been notified to the parties.
Other defendants: Dr. Rafael Limber
Selman Abuchaibe.
Araya Guerra, Clara against
A first instance verdict was released
on October 22, 2009, which rejected
the lawsuit in respect of the Clinic
and only accepted the lawsuit from
Dr. Romero. The claimant and the
defendant appealed to this verdict. On
June 21, 2011, the Court of Santiago
(Journal 3069-2010) revoked the verdict
and rejected the lawsuit in regards to
the defendant. On July 9, 2011, the
claimant filed an appeal in cassation
which was accepted on August 1,
2011. On August 23, 2011, it was
filed before the Supreme Court (Court
entry 8007-2011), and became related
on September 9, 2011. On January
26, 2012, the case was reviewed and
Romero Codoceo and
S.A.
agreed and the parties were summoned
to settlement for March 12, 2012. Other
defendants: Rubén Romero Codoceo.
SERVICIOS MEDICOS
TABANCURA S.A.
SERVICIOS MEDICOS
TABANCURA S.A.
CLAIMED
AMOUNT
ThCh$
127,000
450,000
JURISDICTION
Santiago
Santiago
COURT
17th Civil Court of
Santiago
19th Civil Court of
Santiago
JOURNAL
C-31.794-2009
C-252-2005
MATTER
damages
damages
HEADING
STATUS
On June 17, 2010, the dilatory pleas
were accepted. On July 30, 2010, the
defects of the lawsuit were corrected.
On June 17, 2010, the lawsuit was
answered and after replies and
rejoinders, a settlement hearing was
held on January 31, 2011, which was
held without any results. On July 26,
2011, the case was admitted into
evidence. On January 23, 2012 the
claimant was notified in written of the
Edwards Pardo, Marcia against order to produce evidence and on
January 25 it was notified and ordered
S.A. and Waintrub Luder
to be notified to the defendants. On
January 27, 2012, both defendants
requested the abandonment of the
proceeding and its suspension. On
March 6, 2012 it was granted the
transfer and the proceeding was
suspended while the abandonment
is discussed. On March 9, 2012, the
claimant answered the transfer, and
to date, that document has not been
furnished. Other defendants: Herman
Luis Waintrub Luder
Gaete Valdebenito, Sonnia
against Campillo IzquierdoServicios Médicos Tabancura
S.A. et al.
On July 29, 2009 a verdict rejecting the
lawsuit was released. On December
31, 2009, the claimant filed an appeal
and the case records were referred
to the Court on June 3, 2010. On
October 19, 2010 we requested the
prescription of the claimant’s appeal,
which was rejected on November 25,
2010. We appealed this resolution that
rejected the request for the prescription
of the motion and the case records
were referred to the Court to know
about the claimant’s appeal against the
final verdict and the appeal by Clinica
Tabancura. On July 28, 2011, the case
hearing took place (Court entry 2386
to 2010) and revoked the resolution of
November 25, 2010, and declared that
the claimant’s appeal against the final
verdict of July 29, 2009 was prescribed.
Resulting from the above, a ruling on
such appeal was omitted. Against this
resolution dated August 16, 2011, the
claimant filed an appeal in cassation,
which was filed to the Supreme Court
on November 2, 2011 (Court entry
10424-2011) and on November 11,
2011 a decree was dictated in this
regard. To date, such case has not
been included in the table. Other
defendants: María Patricia Campillo
Izquierdo, Roberto Salvador Rodríguez
De Mendoza Pierabella, Patricia Del
Pilar Cabello Caro, Junta Nacional
de Jardines Infantiles, Fisco De Chile,
Ilustre Municipalidad De Las Condes.
148
149
COMPANY
COMPANY
CLAIMED
AMOUNT
ThCh$
JURISDICTION
COURT
JOURNAL
MATTER
HEADING
STATUS
SERVICIOS MEDICOS
TABANCURA S.A.
70,700
Santiago
30th Civil Court of
Santiago
C-11.187-2011
damages
Walker Mateljan, Zlato against
S.A.-Ibieta Sotomayor and
Verdugo Bravo
On July 14, 2011, we were notified of
the lawsuit. On august 5, 2011, we filed
dilatory pleas for which no resolutions
have been released to date as the corespondents Ibieta and Verdugo, filed
nullity motions because they had not
previously gone through the mediation
proceeding (noted via dilatory plea);
one of these nullity motions (lack of
mediation) was accepted on October
6, 2011, the same date on which Dr.
Ibieta’s nullity motion was rejected due
to lack of subpoena. Those resolutions
were appealed by the claimant and
the defendant on October 13, 2011;
these motions were granted without
suspension of judgment on November
25, 2011 and were received in the
Court of Santiago on December 15
2011 under Role Nos. 9363-2011 and
9359-2011; on March 9, 2012, it was
ordered the incorporation of Court Entry
9123-2011 to Court Entry 9124-2011.
The proceeding has a related decree
and to date it has not been included
in the table. Under first instance
resolution dated November 25, 2011 it
was decided not to continue with the
proceeding waiting for the verdicts on
the abovementioned appeals. Other
defendants: Manuel Fernando Ismael
Verdugo Bravo y Carlos Alberto Ibieta
Sotomayor.
Valle Lo Campino S.A.
200,000
Santiago
Santiago
3rd Civil Court of
Santiago
C-7149-2011
Compensation for Damages
Extra-contractual responsibility
Pending
Valle Lo Campino S.A.
45,000
Santiago
Santiago
1st Civil Court of
Santiago
C-9862-2012
Breach of contract with
compensation for damages
Pending
Isapre Consalud
Ch$804,000,000
Santiago
1st Civil Court
C-1348-2009
Cárcamo Velásquez against
Isapre Consalud
The case is currently at the Court of
Appeals, Role 6378-2011
Isapre Consalud
Ch$500,000,000
Santiago
13th Civil Court
C-11727-2010
Olivares Doering against Isapre
Consalud
Verdict rejecting the lawsuit dated
November 30, 2011. The case is
currently being appealed. Role 94672011
Isapre Consalud
Ch$400,000,000
Santiago
22nd Civil Court
C-38545-2009
Bugueño Núñez against Isapre
Consalud
The case is currently at the Court of
Appeals, Role 7225-2012
Isapre Consalud
Ch$300,000,000
Santiago
22nd Civil Court
C-16523-2011
Torres Diaz and others against
Isapre Consalud
Case closed at the Court.
Isapre Consalud
Ch$225,000,000
Santiago
29th Civil Court
C- 15179-2012
Urzúa Moll and others against
Isapre Consalud
The case was admitted into evidence on
December 7, 2012.
Isapre Consalud
Ch$150,000,000
Temuco
2nd Civil Court
C-1035-2012
Adrián Raúl Gauto against
Isapre Consalud
Pending resolution for the dilatory pleas
filed by us on November 15, 2012.
Isapre Consalud
$120,000,000
Temuco
1st Civil Court
C-406-2012
Christian Pflaumer Álvarez
November 16, 2012
Isapre Consalud
$84,000,000
Talca
4th Civil Court
C-2719-2011
Troncoso Escalona against
Isapre Consalud
A settlement hearing was held on
December 10, 2012.
Isapre Consalud
$71,700,000
Santiago
3rd Civil Court
C-25362-2011
Llancaman Marihual against
Isapre Consalud
December 27, 2012.
COMPANY
CLAIMED
AMOUNT
ThCh$
JURISDICTION
COURT
JOURNAL
MATTER
HEADING
STATUS
$50,000,000
Santiago
18th Civil Court
C-14902-2012
Mendoza Hall against Isapre
Consalud
An appeal for reconsideration was filed
by us on October 29, 2012.
Isapre Consalud
$40,000,000
Temuco
2nd Civil Court
C-4587-2001
Retamal Arévalo against Isapre
Consalud
September 10, 2012.
150
Isapre Consalud
$13,000,000
Concepción
3rd Civil Court
C-7739-2011
Breach of contract
Diaz Uribe against Isapre
Consalud
The verdict appealed by us was
confirmed on December 18, 2012.
151
Isapre Consalud
$2,000,000
Santiago
18th Civil Court
C-8159-2012
Breach of contract
Bustos Arrieta against Isapre
Consalud
The lawsuit was answered on August
1, 2012.
Trasportes La Cabaña Ltda. (*)
Lawsuit Role No. 306-2003 of the
Second Civil Court of Concepción: A
party of this lawsuit is Trasportes La
Cabaña Ltda., which is the insured
party of the company. By means of
a verdict dated October 6, 2008,
the court of Appeals of Concepción,
severally ordered the Municipality
of Lota, the contractor Ingetal
Ingeniería Construcción S.A., and the
subcontractor Aridos y Trasportes
La Cabaña Ltda., and its driver Mr.
Francisco Palma Barra, to pay Ch$
40,000,000 to Mr. Ramón Jesús
Concha Villagrán, Ch$ 40,000,000
to Ms. Cristina Magaly Navarro Díaz,
and Ch$15,000,000.- to Ms. Miriam
Jeannette Concha Navarro, for moral
damages, plus adjustments and
interests, but without including costs.
To date, we do not know whether the
incidental compliance of the verdict
or its forced compliance has been
requested in an executive trial.
Empresa de Movimientos de
Tierra (*)
b) Lawsuit Role No. 306-2003 of the
Second Civil Court of Concepción: A
party of this lawsuit is Trasportes La
Cabaña Ltda., which is the insured
party of the company. By means of
a verdict dated October 6, 2008,
the court of Appeals of Concepción,
severally ordered the Municipality
of Lota, the contractor Ingetal
Ingeniería Construcción S.A., and the
subcontractor Aridos y Trasportes
La Cabaña Ltda., and its driver Mr.
Francisco Palma Barra, to pay Ch$
40,000,000 to Ms. Cristina Magaly
Navarro Diaz and Ch$15,000,000 to
Ms. Miriam Jeanette Concha Navarro,
for moral damages, plus adjustments
and interests, but without including
costs. To date, the insured party has not
informed the Company on the incidental
compliance of the verdict or its forced
compliance in an executive.
de Vida Cámara S.A.
$40,000,000
$3,500,000
Concepción
Concepción
Second Civil Court of
Concepción
Court of Appeals
Concepción
Journal No. 306-2003 General insurance claims
Role Nº 39.016
General insurance claim
Isapre Consalud
COMPANY
Adminsitradora de
Fondos de Pensiones
Habitat S.A.
CLAIMED
AMOUNT
ThCh$
$38,200,000
10,000
JURISDICTION
Santiago
Santiago
COURT
32nd Criminal Court
of Santiago
6th Civil Court (rd-sd)
JOURNAL
Lawsuit Role No.
53-2002
C-33398-2011
MATTER
General insurance claim
Compensation for damages Ch$
44,200,000
HEADING
STATUS
Maria Eugenia de la Barra
Doñas (*)
c) Lawsuit Role No. 53-2002 of the
32nd Criminal Court of Santiago: A
complaint has been filed in this trial
against the Insurance Agent Ms.
Maria Eugenia de la Barra Doñas as
the author of negligent minor injuries.
Also, compensations for damages
are being demanded in the amount
of Ch$38,200,000 plus interests,
adjustments and costs. To date, there
is no news as to the verdict against the
company.
Gutiérrez con AFP Habitat et
al. (AFC and AFP Capital)
05.16.2011 answer to the claim. Idem
6/22/2011 Idem as of 7.13.2011, as
of 8/23/2011, as of 9/26/2011, as of
07/13/2011. A of 11/3/2011. The reply
from the claimant is pending. Idem
as of 12.26.2011 as of 12/17/2012,
as of 1/25/2011 and as of 3/5/2012
and as of 5/7/2012. Reply examined.
Pending summon for settlement as
of 05/29/2012. 6/18 there was no
settlement, evidentiary period pending.
06/25/2012 and 08/08/2012 id 08/21/
notified order to produce evidence,
evidentiary period pending 08/24/2012
id as of 09/24/2012 idem as of
12/21/2012.
Administradora de
Fondos de Pensiones
Habitat S.A.
10,000
Santiago
14th Civil Stgo.
C-4199-2012
Compensation for damages for the
publication in the Labor Bulletin
Ahumada against Habitat,
Lawsuit notified on 05/10/2012.
The lawsuit was answered on
05/29/2012. Pending reply from the
claimant. 06/25/2012 and 08/08/2012
Id.24/08/12 Id. as of 24/09/12. Idem
Administradora de
Fondos de Pensiones
Habitat S.A.
6,000
Santiago
24th Civil Santiago
C-23055-2012
Compensation for damages for
the loss of profitability
Monje Corrial against AFP
Habitat
The lawsuit was notified, answered on
01/09/13
Administradora de
Fondos de Pensiones
Habitat S.A.
50,000
Santiago
8th Civil Court of
Stgo.
C-48992-2012
Compensation for damages-legal
representative
Boada against AFP Habitat
The lawsuit was answered, transfer of
rejoinder. Pending evidentiary period.
Id. as of 12/21/12
Administradora de
Fondos de Pensiones
Habitat S.A.
S/C
Temuco
CA Temuco
2076/2012
Protection remedy – Claim of Rec.
Bonus.
Navarro against AFP, SP e IPS
Habitat informed. Pending case hearing.
Administradora de
Fondos de Pensiones
Habitat S.A.
S/C
Valparaíso
CA Valparaíso
Administradora de
Fondos de Pensiones
Habitat S.A.
20,136
La Serena
Labor Court of La
Serena
09/21/12 Informed to C.A. 10/3/12 CA
ask for a report to AFP Capital. Id as of
01/08/2013
Protection remedy – Claim for the
reduction of pensions
O-353-2012
Restricciones de préstamos que devengan interés
Covenants from interest bearing loans
In July, two series of notes were issued with the following covenants:
•
Unjustified dismissal (serious
incompliance)
González against AFP Habitat
Financial Debt Limitation. At each quarter end, ILC must maintain, net financial debt lower than total equity.
Pending lawsuit answering. Preliminary
hearing 12/19/2012. Trial hearing
1/21/2012.
•
Revenue Limitation. At least two thirds of ILC’s revenues must originate from its Retirement & Insurance and Healthcare segments, when measured
on a quarterly basis on retroactive twelve month periods over the entire life of the notes.
Event of Default. An event of default on the notes will be deemed to occur if ILC or any of its significant subsidiaries default in the payment of any
•
obligation which, individually or in the aggregate, exceeds 5% of ILC’s total assets as recorded in ILC’s last quarterly financial statements, and
such default continues for a period of 60 days; provided, however that the term “obligations” shall not be deemed to include any obligation that
has been expressly postponed, is subject to pending lawsuits or litigation or is not recognized by ILC in its account records.
Acceleration. If an event of default on the notes has occurred, any creditor of ILC or its significant subsidiaries may declare all unpaid principal
•
of and accrued interest in the notes to be due and payable immediately; provided, however that the default by ILC or any of its significant
subsidiaries in the payment of any obligation which, individually or in the aggregate, does not exceed 5% of ILC’s total assets as recorded in ILC’s
last quarterly financial statements will not be considered a default.
(25)SANCTIONS
By the Chilean Superintendence of Pensions
As of December 31, 2012, the Administrator and its directors have been sanctioned by the Chilean Superintendence of Pensions as follows:
On June 6, 2012, through Resolution No.037, notified on June 7, 2012, the Superintendence of Pensions applied the sanction of censure for informing
the IPS an erroneous fair actuarial factor in respect of its affiliates, which led to a variation in the Pension Plan Contribution benefits. This sanction has
been executed.
On August 17, 2012, through Resolution No.051, notified on August 21, 2012, the Superintendence of Pensions applied a fine in the amount of UF200
for incurring in irregularities in the treatment of the funds transferred by the IPS for the payment of APS. This sanction has been executed.
On August 17, 2012, through Resolution No 056, notified on September 10, 2012, the Superintendence of Pensions applied the sanctions of censure
for breach of current regulations when investing resources of Fund E in restricted securities.
On October 18, 2012, the Superintendence of Pensions notified the Administrator on the application of a fine in the amount of UF400, through Resolution
No.072, of October 9, 2012 for breach of Articles No. 4 bis; No. 69 subsections one and two, in regards to Articles No.17 second; No.54 and No. 59,
all of them from D.L. No.3500, of 1980, in the determination, collection and payment of the disability and survivorship insurance premium.
On January 17, 2011, through Resolution No.02, the Superintendence applied the sanction of censure to Director Mrs. María Teresa Infante Barros
for a breach to letter f) in Article 154 of Decree Law No.3.500 (which instructions are contained in letter (f) of Chapter H of Circular No.1.227) because
of the sale on February 1, 2010, through Ingeniería Las Ramaditas Ltda., of 9,804 shares of Salfacorp S.A., at a price which exceeds the weighted
average price existing in the formal markets on the day before the purchase of these instruments by pension fund type A on January 29, 2010.
On January 17, 2011, through Resolution No.03, the Superintendence applied to AFP Habitat S.A. a fine of UF 200 for an internal control failure
to prevent a conflict of interest in regard to Director Mrs. María Teresa Infante Barros in the sale of her shares in Salfacorp S.A. through Sociedad
Ingeniería Las Ramaditas Ltda.
On February 18, 2011, through Resolution No.013, the Superintendence applied the sanction of censure to AFP Habitat S.A. for having omitted to file
an Hecho Esencial (Material Event) to inform that regulating body of the lawsuit affecting its custodian, State Street Bank & Trust.
152
153
On August 10, 2011, through Resolution No.046, the Superintendence applied a fine of UF 200 to AFP Habitat S.A. for a breach to the instructions
contained in Circular No.1537, related to information in the current accounts of the managed pension funds which should be submitted to the
Superintendence.
On August 29, 2011, through Resolution No.052, the Superintendence applied the sanction of censure to AFP Habitat S.A. for having omitted to
provide in the electronic certificates of 36 affiliated members the information related to the commission consumed as scheduled withdrawal when
the broker collected the commission, which resulted in 12 of them paying commission exceeding the legally allowed limits.
On November 29, 2011, the Superintendence applied a fine of UF 3,500 to AFP Habitat S.A. for errors in the rating of the insurance coverage relating
to 69 retirement cases. This sanction has not yet been executed
By the Chilean Superintendence of Health
In August 2012, Isapre Consalud was sanctioned due to problems in the enrolling of affiliate members. The fine amounted to ThCh$7,994.
In September 2012, Isapre Consalud was sanctioned for responding to problems after the deadline. The fine amounted to ThCh$5,710.
In October 2012, Isapre Consalud was sanctioned for compensating debts with the Agricultural and Livestock Service. The fine amounted to
ThCh$6,852.
In October 2012, Isapre Consalud was sanctioned for communicating coverage refusals out of the 20-day deadline established by the current
regulations. The fine amounted to ThCh$4,568.
In January 2012, through exempt resolution No.43, Isapre Consalud was sanctioned for not returning, in some cases, contribution excesses in group
or collective plans. The fine amounted to UF600.
In October 2011, through exempt resolution No.727, Isapre Consalud S.A. was sanctioned for benefits that, even though were guaranteed, were
covered by the private health insurance institution under GES –CAEC coverage.
Healthcare plan with a preferred provider other than the GES Provider. The private health insurance institution did not inform its members that they
had the right of obtaining the guaranteed GES coverage from their preferred provider. The fine amounted to UF800.
In October 2011, through Exempt Resolution No.665, the Superintendence fined Isapre Consalud S.A. UF300 for providing subsidies lower than those
agreed in the applicable health insurance plan by not abiding to coverage associated with the rights established in the applicable health insurance
agreement, as provided in Article 189 of Decree Law No.1 dated 2005 on health insurance and the instructions provided in Official Communication
IF/No. 0.070 dated November 2010.
In October 2011, through Exempt Resolution No.663, the Superintendence fined Isapre Consalud S.A. UF700 for noncompliance with the period
established by Compin (Medical Preventive and Disability Commission), in the payment of subsidies for labor disability claimed in accordance with
Article 43 of Supreme Decree No.3/84 on health insurance. In such cases it has been verified that Isapre Consalud S.A. did not pay in a timely manner
in accordance with the terms established
In February 2011, through Exempt Resolution No. 117, the Superintendence fined Isapre Consalud S.A. UF250 due to billing a “Lasik surgery” to an
affiliated member, which was subject to a minimum coverage subsidy, without considering the coverage contained in the health insurance plan.
In addition, in three cases, affiliated members received lower coverage for medicines than that contained in their health insurance plans.
(26)OPERATING LEASES
(a) Total future minimum payments associated with assets under operating leases derived from non-renewable lease
contracts for each of the following terms as of December 31, 2011 and 2012 is as follows:
154
2011
ThCh$
Up to 1 year
2,105,113
1,349,167
1-5 years
4,182,101
3,809,332
Over 5 years
6,391,456
5,926,921
12,678,670
11,085,420
Total
(b) As of December 31, 1012 and 2011, the Company’s Management has not entered into any operating subleases.
(c) Operating lease payments recognized in the statement of income as of December 31, 2012 and 2011 amount to
ThCh$1,998,501 and ThCh$1,572,326, respectively.
(d) The following is a general description of significant lease agreements:
• No contingent payments have been agreed
• AFP Hábitat S.A. leases warehouses, offices, computer equipment and parking lots under operating lease arrangements. Usually leases contemplate
a period of 10 years and contain the option of renewing the agreement after that date.
• In the majority of contracts, AFP Hábitat S.A. is prohibited from assigning or leasing the warehouse or office or from using it for purposes other
than those agreed.
(27)NET EQUITY
Changes in equity
(a) Paid-in capital
As of December 31, 2012, paid-in capital amounts to ThCh$239,852,287 and is divided into 100,000,000 nominative same-series shares with no par
value. The portion related to price-level adjustment has been incorporated into paid-in capital.
On April 16, 2012, the Extraordinary Shareholders Meeting agreed to increase capital in the amount of ThCh$96,227,378, through the issuance of
13,717,972 payment shares. In this way, once the issued shares are subscribed and paid, the Company’s capital will amount to ThCh$310,000,000.
At the same meeting, it was agreed to perform, prior to the capital increase, an exchange of shares of 2.6 shares for each of the current shares, thus
increasing the number of shares of the Company 96,282,038, which in addition to the new issuance represent a total of 110,000,000 shares. The
abovementioned exchange was carried out on June 12, 2012.
155
2012
ThCh$
On July 20, 2012, the Santiago Stock Market performed the placement of 3,687,991 primary offering shares by means of a mechanism called order
book auction. As a result of this placement, the number of paid shares was 99,981,743 and the paid-in capital amounted to ThCh$239,724,220, with
overprice in the placement of shares in the amount of ThCh$171,713.
On November 20, 2012, the Santiago Stock Exchange placed 18,257 primary offering shares by means of an order book auction. As a result of this
placement, the number of paid shares was 100,000,000 and the paid-in capital amounted to ThCh$239,852,287.
(b) Dividend policy
As established in Article 24 of the Company’s by-laws, the Ordinary Shareholder Meeting must agree the dividend distribution based on the earnings
reported each year in the approved annual balance sheet.
Payment conditions, timeliness and methods will be the ones established in the Shareholders’ Corporations Act. Notwithstanding the above, the
minimum obligatory dividend to be distributed will amount to 30% of the net profits for the year, unless otherwise agreed by the shareholder meeting.
The Board of Directors of Inversiones La Construcción S.A., at their session dated June 1, 2012, agreed to propose to the next General Ordinary
Shareholders’ Meeting the Company’s dividend policy consisting in distributing between 60% and 80% of the distributable earnings understood as
the amount resulting from deducting the positive variation of the matching of the subsidiary AFP Hábitat S.A. from the net profit for the year, weighted
by the interest ownership percentage held by Inversiones La Construcción S.A.
(c) Changes in other reserves
During the periods 2012 and 2011, changes in other reserves are detailed as follows:
DETAIL
RESERVE FOR
FUTURE CAPITAL
INCREASES
RESERVE
FOR FUTURE
CONTINGENCIES
ThCh$
ThCh$
RESERVE
FOR FOREIGN
CURRENCY
TRANSLATION
DIFFERENCE
RESERVE
RESERVE FROM
FOR CAPITAL
SUBSIDIARIES
CONTRIBUTION DUE
AND AFFILIATES
TO MERGE
ThCh$
ThCh$
TOTAL
ThCh$
ThCh$
ThCh$
Opening balances as of 1-1-2012
OTHER
RESERVES
4,295,530
-
-
1,440,220
94,076,329
143,076
99,955,155
-
-
-
-
-
(9,499)
(9,499)
4,295,530
-
-
1,440,220
94,076,329
133,577
99,945,656
Plus:
Effect of restructuring of subsidiaries
DETAIL
RESERVE FOR
FUTURE CAPITAL
INCREASES
RESERVE
FOR FUTURE
CONTINGENCIES
ThCh$
ThCh$
RESERVE
FOR FOREIGN
CURRENCY
TRANSLATION
DIFFERENCE
RESERVE
RESERVE FROM
FOR CAPITAL
SUBSIDIARIES
CONTRIBUTION DUE
AND AFFILIATES
TO MERGE
ThCh$
ThCh$
TOTAL
ThCh$
ThCh$
ThCh$
Opening balances as of 1-1-2011
OTHER
RESERVES
4,295,530
-
-
1,440,220
94,076,329
(5,646,559)
94,165,520
-
-
-
-
-
5,789,635
5,789,635
4,295,530
-
-
1,440,220
94,076,329
143,076
99,955,155
Plus:
(d) Changes in retained earnings (accumulated deficit)
The changes in the retained earnings reserve are as follows:
M$
156
88,207,217
157
Profit for the year 2011
81,570,269
Distribution of dividends
(44,791,145)
Gain (loss) from merger, Megalab S.A.
Profit for the year 2012
Dividends paid
21,272
(5,996,667)
119,010,946
83,031,193
(114,323,919)
(31,080)
87,687,140
(28)INTERÉS NO CONTROLADOR
El detalle de las participaciones no controladoras es el siguiente:
MINORITY INTEREST
PERCENTAGE
COMPANY
EQUITY
PROFIT OR LOSS
SUBSIDIARY
2012
%
2011
%
2012
ThCh$
2011
ThCh$
2012
ThCh$
2011
ThCh$
IM Trust Corredores de Bolsa S.A.
AFP Hábitat S.A.
1.53
2.62
5,818,028
9,472,115
1,085,382
1,562,892
Inversiones Unión Española S.A.
AFP Hábitat S.A.
3.70
3.70
14,054,725
13,369,421
2,621,979
2,205,945
Larraín Vial Corredores de Bolsa S.A.
AFP Hábitat S.A.
2.34
2.30
8,883,851
8,315,216
1,657,327
1,372,005
Inmobiliaria Los Lleuques
AFP Hábitat S.A.
1.33
1.33
5,037,453
4,808,364
939,762
793,377
Penta Corredores de Bolsa S.A.
AFP Hábitat S.A.
0.51
0.73
1,921,896
2,639,177
358,539
435,462
Valores Security Corredores de Bolsa S.A.
AFP Hábitat S.A.
0.69
1.09
2,626,993
3,940,689
490,079
650,211
Celfín Capital Corredores de Bolsa S.A.
AFP Hábitat S.A.
1.09
1.05
4,155,290
3,796,077
775,190
626,350
Banchile Corredores de Bolsa S.A.
AFP Hábitat S.A.
1.53
1.41
5,817,916
5,097,589
1,085,361
841,099
Collados Núñez Modesto
AFP Hábitat S.A.
1.00
1.00
3,800,577
3,615,311
709,017
596,524
Inmobiliaria Duero
AFP Hábitat S.A.
-
0.71
-
2,566,871
-
423,532
MBI Arbitrage Fondo de Inversión
AFP Hábitat S.A.
-
0.63
-
2,277,646
-
375,810
Santander S.A. Corredores de Bolsa
AFP Hábitat S.A.
1.55
0.61
5,902,646
2,205,340
1,101,168
363,880
BCI Corredores de Bolsa S.A.
AFP Hábitat S.A.
0.85
0.58
3,230,010
2,096,880
602,574
345,984
Inversiones Megeve Dos Ltda.
AFP Hábitat S.A.
0.57
0.57
2,147,774
2,060,727
400,678
340,019
Cía. de Inversiones La Española S.A.
AFP Hábitat S.A.
0.56
0.56
2,129,320
2,024,574
397,235
334,053
Inversiones Covadonga S.A.
AFP Hábitat S.A.
0.56
0.56
2,126,122
2,024,574
396,639
334,053
Inversiones Tacora S.A.
AFP Hábitat S.A.
0.55
0.55
2,079,007
1,988,421
387,849
328,088
Banco de Chile por cuenta de terceros
no residentes
AFP Hábitat S.A.
2.49
0.60
9,480,742
2,169,187
1,768,680
357,914
Corporación de Desarrrollo
Tecnológico C. Ch. C
AFP Hábitat S.A.
0.51
0.51
1,919,292
1,483,809
358,053
304,227
Sociedad de Ahorro Villuco S.A.
AFP Hábitat S.A.
0.62
0.62
2,339,626
2,241,493
436,469
369,845
Negocios y Valores S.A. C. de B.
AFP Hábitat S.A.
0.63
449,847
-
Mutual de Seguridad C.Ch.C.
Red Salud S.A.
10.02
10.02
13,268,136
12,271,077
462,538
134,450
Red salud S.A.
-
9.16
-
11,217,871
-
122,910
Nixus Marketplace S.A.
Iconstruye S.A.
7.34
7.34
134,693
193,175
47,415
37,593
Iconstruye S.A.
10.00
10.00
183,435
263,181
64,574
51,217
Inversiones y Asesorías Bartel Oliver Ltda.
Iconstruye S.A.
6.25
6.62
114,637
174,226
40,355
33,905
Inversiones Santa Ana Ltda.
Iconstruye S.A.
6.62
6.25
121,381
164,488
42,729
32,010
Inversiones La Hiedra s.A.
Iconstruye S.A.
4.00
4.00
73,374
105,272
25,829
20,487
Varios Accionistas AFP Hábitat S.A.
AFP Hábitat S.A.
10.54
10.79
37,696,202
39,369,156
7,032,414
6,436,492
Varios Accionistas Iconstruye S.A.
Iconstruye S.A.
32.83
32.83
602,276
864,022
212,017
168,144
Varios Accionistas otras subsidiarias
Varios
-
-
256
542,129
(38,098)
212,590
138,076,995
143,358,078
23,911,601
20,211,120
Totales
2,411,337
(29)IREVENUE
158
2012
ThCh$
2011
ThCh$
208,035,645
182,604,556
Insurance premiums
98,292,515
154,442,104
Healthcare services
161,717,725
132,767,299
Pension Fund Administrator commissions
117,524,263
109,096,573
Voluntary healthcare payment contributions
67,202,190
61,609,558
Other revenue
25,282,867
23,760,988
678,055,205
664,281,078
2012
ThCh$
2011
ThCh$
Domestic fixed income
9,936,804
9,977,454
Domestic variable income
2,939,950
1,296,244
International fixed income
244,743
1,404,955
International variable income
319,967
(1,649,512)
Type A pension fund reserve
2,564,074
(2,612,746)
Type B pension fund reserve
2,656,901
(1,403,792)
Type C pension fund reserve
5,189,127
484,983
Type D pension fund reserve
1,583,057
971,552
Type E pension fund reserve
1,067,375
713,793
Other
1,490,515
-
Total
27,992,513
9,182,931
REVENUES
Healthcare payment contributions
Total
159
(30)FINANCE INCOME
As of June 30, 2012 and 2011, this line item is composed of the following:
(31)OTHER GAINS (LOSSES)
As of December 31, 2012 and 2011, the main items recorded in other gains (losses) in the statement of income are detailed as follows::
2012
ThCh$
Sales of PP&E
2011
ThCh$
9,157
912,195
322,116
448,291
Other income (*)
1,519,668
575,063
Total
1,850,941
1,935,549
Health area losses
(154,830)
(790,428)
Other
(338,814)
(495,568)
Total
(493,644)
(1,285,996)
Other gains (losses)
1,357,297
649,553
Otras ganancias (pérdidas)
1.357.297
649.553
Leases
Other losses:
(*) As of December 31, 2012, other income mainly include ThCh$352,025 from the income tax refund of the Subsidiary Red Salud S.A. and ThCh$298,123 for the reversal of the provision
for labor trials in AFP Habitat.
(32)FINANCE COSTS
2012
ThCh$
2011
ThCh$
Interest and expenses arising from financial obligations
2,875,819
6,414,751
Lease interest
3,409,619
2,128,509
642,785
1,158,972
5,041,770
1,326,393
11,969,993
11,028,625
FINANCE COSTS
Other finance costs
Interest on bonds payable
Total finance costs
(33)ADMINISTRATIVE AND PERSONNEL EXPENSES
2012
ThCh$
2011
ThCh$
66,712,847
57,832,122
Communication
1,786,207
1,718,347
Maintenance
4,735,178
4,285,918
Investments
1,827,908
719,322
Advertising
6,606,208
3,522,673
Personnel
Depreciation
3,149,610
3,585,294
General
23,830,599
29,782,056
Mailing
1,681,721
1,298,694
Outsourcing
5,532,083
2,551,778
12,142,647
7,119,742
128,005,008
112,415,946
Operating
Total
Personnel expenses (included within administrative expenses) as of December 31, 2012 and 2011, are composed of the following
Salaries and wages
Short-term employee benefits
Post-termination benefits
Other personnel expenses
Total
2012
ThCh$
2011
ThCh$
50,586,709
45,670,346
6,772,615
6,497,866
539,050
28,139
8,814,473
5,635,771
66,712,847
57,832,122
2012
ThCh$
2011
ThCh$
(34)FOREIGN CURRENCY EXCHANGE GAIN/(LOSS)
CURRENCY
Financial investments
US$
16,154
32,161
Trade receivables
US$
(134,776)
274,446
Trade payables
US$
(1,470)
(3,849)
(120,092)
302,758
Total
160
161
(35)GAIN (LOSS) ON INDEX-ADJUSTED UNITS
ADJUSTMENT INDEX
2012
ThCh$
2011
ThCh$
Financial investments
UF
2,653,402
3,734,960
Technical reserves
UF
(2,122,496)
(3,369,314)
Loans
UF
(3,622,735)
(3,709,740)
Trade receivables
UF
327,078
738,201
Trade payables
UF
(82,832)
(267,311)
(2,847,583)
(2,873,204)
Total
(36)OPERATING SEGMENTS
The Group discloses segment information in conformity with IFRS 8 Operating Segments which provides the standards to report in regard to the
operating segments and related disclosures for products, services and geographical areas.
The Group operates in different markets with different economic, commercial and legal environments, which expose them to different risks and
returns in each of these areas. The similarity of the commercial, economic and political terms, as well as the proximity of the operations determine the
identification of three segments by line of business, which correspond to the retirement and insurance services, healthcare and other businesses.
For each of these segments there is financial information which is regularly used by senior management for the decision-making process, assigning
resources and assessing performance.
The Segments used by the Group to manage its operations are as follows:
•
Retirement and Insurance Business
The retirement and insurance business includes the following companies: AFP Hábitat S.A., Isapre Consalud S.A. and Compañía de Seguros Vida
Cámara S.A. Their main operations relate to the rendering of retirement and insurance services for the management of retirement, coverage of medical
attention and coverage of a retirement pension in the event of disability and survivorship events.
•
Healthcare Business
The healthcare business comprises Red Salud. Its main operation is the rendering of inpatient and outpatient services. It includes, among other
facilities, Clínica Tabancura, Clínica Avansalud, Clínica Bicentenario and the network of Megasalud medical centers for outpatient services.
•
Other Businesses
Other businesses include Desarrollos Educacionales S.A.’s network of schools, Iconstruye and the Group’s financial and real estate investment
portfolio. Their main operations relate to providing educational and information technology services and the management of financial and real estate
assets, respectively.
The information required by IFRS 8 on assets and liabilities is as follows:
2012
Total segment assets
Total amounts in affiliates and joint ventures recognized according
to the equity method of accounting
Total segment liabilities
2011
Total segment assets
HEALTHCARE
BUSINESS
ThCh$
OTHER
BUSINESSES
ThCh$
628,004,399
287,293,229
140,305,209
1,055,602,837
163
3,736,431
15,859,108
145,099
19,740,638
193,905,491
174,010,422
121,654,878
489,570,791
ThCh$
ThCh$
ThCh$
TOTAL
ThCh$
ThCh$
636,145,908
243,180,182
124,766,536
1,004,092,626
4,989,963
11,957,100
135,958
17,083,021
211,534,419
124,707,895
91,483,617
427,725,931
RETIREMENT
AND INSURANCE
BUSINESS
2012
ThCh$
HEALTHCARE
BUSINESS
2012
ThCh$
OTHER BUSINESSES
2012
ThCh$
Total revenue
494,987,251
163,810,635
19,257,319
678,055,205
Cost of sales
(296,222,165)
(129,112,288)
(6,852,383)
(432,186,836)
Total gross profit
198,765,086
34,698,347
12,404,936
245,868,369
RETIREMENT
AND INSURANCE
BUSINESS
2011
ThCh$
HEALTHCARE
BUSINESS
2011
ThCh$
OTHER BUSINESSES
2011
ThCh$
Total revenue
513,212,285
134,476,806
16,591,987
664,281,078
Cost of sales
(315,282,542)
(105,363,366)
(5,784,873)
(426,430,781)
Total gross profit
197,929,743
29,113,440
10,807,114
237,850,297
Total amounts in affiliates and joint ventures recognized according
to the equity method of accounting
Total segment liabilities
RETIREMENT AND
INSURANCE
BUSINESS
ThCh$
Profit or loss by segment is detailed as follows:
TOTAL
2012
ThCh$
Gross profit
TOTAL
2011
ThCh$
Gross profit
162
The information required by IFRS 8 on profit or loss by segment is as follows::
RETIREMENT
AND INSURANCE
BUSINESS
2012
ThCh$
HEALTHCARE
BUSINESS
2012
ThCh$
Total revenue
494,987,251
163,810,635
19,257,319
678,055,205
Cost of sales
(296,222,165)
(129,112,288)
(6,852,383)
(432,186,836)
1,754,509
-
-
1,754,509
(91,411,606)
(26,548,307)
(10,045,095)
(128,005,008)
(253,927)
-
(71,351)
(325,278)
21,186,045
2,012,520
4,793,948
27,992,513
(670,231)
(7,044,496)
(4,255,266)
(11,969,993)
3,408,681
1,040,382
(33,020)
4,416,043
Income tax expense
(30,514,922)
(495,924)
(167,137)
(31,177,983)
Gain (loss) attributable to owners of the Parent
80,105,719
2,361,948
563,526
83,031,193
Gain (loss) attributable to non-controlling interests
23,060,856
462,538
388,207
23,911,601
Other income by function
Administrative and personnel expenses
Other expenses by function
Finance income
Finance costs
Share of profits of affiliates accounted for according to the equity
method of accounting
OTHER
BUSINESSES
2012
ThCh$
TOTAL
2012
ThCh$
Segments by geographical areas
The Group operates solely in Chile and therefore, reporting geographical segments is not applicable and given the businesses in which the Company
operates no customers are identified as being more important than others.
(37) ENVIRONMENT
The activities of ILC and its Subsidiaries are not within those that might affect the environment, therefore, to the date of closing of these financial
statements, no resources are compromised and no payments have been made due to noncompliance of municipal regulations or other inspection
entities.
(38) CHANGES IN INCOME AND RECLASSIFICATIONS AS OF DECEMBER 31, 2011
As stated in letter a) of the second paragraph in note 3, starting from January 1, 2012, those insurance companies that have initiated the application
of the new accounting standards established by the Superintendence of Securities and Insurance, and in those matters not covered by this entity,
shall apply International Financial Reporting Standards (IFRS).
As a result of the application of these new accounting standards, the statement of income of the subsidiary Compañía de Seguros de Vida Cámara
S.A. as of December 31, 2011 has been corrected for comparative purposes; and the differences arising from this correction are detailed as follows:
COMPAÑÍA DE SEGUROS DE VIDA CAMARA S.A.
STATEMENTS OF INCOME
As of December 31, 2011
PRIOR
PRESENTATION
ThCh$
Revenues
154,111,489
156,907,202
(2,795,713)
Cost of sales
(111,532,941)
(113,744,142)
2,211,201
Gross profit
42,578,548
43,163,060
(584,512)
-
-
-
(3,375,593)
(3,410,684)
35,091
-
-
-
DIFFERENCES
ThCh$
Gain (loss)
Other income, by function
Other expenses, by function
40,113
44,945
(4,832)
3,450,841
3,739,490
(288,649)
(5,782)
(5,782)
43,058,637
42,595,195
463,442
Profit (loss) from continuing operations
-
-
-
Profit (loss) from discontinuing operations
-
-
-
34,624,333
34,094,607
529,726
Finance income
Finance costs
Share of profits (losses) of affiliates and joint ventures accounted for according to the equity
method of accounting
Foreign currency translation differences
Profit or loss for index adjusted units
Profit (loss), before income taxes
Income tax expense
Profit (loss)
Also, as a result of the reviews to the financial statements of subsidiaries as of December 31, 2011, reclassifications have been defined on some
captions and are detailed as follows:
SUBSIDIARY
FROM
TO
CONCEPT
ILC Inversiones
Finance costs
Revenue
Property lease
Cost of sale
Operational costs, maintenance
Finance costs
Bank expenses
AMOUNT
ThCh$
656,286
537,685
2,919,152
19,630
275
After the corrections generated by the change of accounting standards for insurance companies and the abovementioned reclassifications, the
consolidated statement of income as of December 31, 2011 presents the following differences:
164
165
CURRENT
PRESENTATION
ThCh$
SVS STATEMENT OF INCOME BY FUNCTION
ILC INVERSIONES
STATEMENTS OF INCOME
As of December 31, 2011
DETAIL
Revenue
CONSOLIDATED
CURRENT
CONSOLIDATED
PRIOR
ThCh$
ThCh$
DIFFERENCES
VIDA CÁMARA
ThCh$
ThCh$
EFFECT OF
RECLASSIFICATION
ThCh$
664,281,078
666,539,156
(2,258,078)
(2,795,763)
537,685
Cost of sales
(426,430,781)
(425,722,830)
(707,951)
2,211,201
(2,919,152)
Gross profit
237,850,297
240,816,326
(2,966,029)
(584,562)
(2,381,467)
1,285,412
1,285412
-
-
-
(112,415,946)
(115,350,284)
2,934,338
35,091
2,899,247
(1,233,639)
(1,233,639)
-
-
-
649,553
1,172,440
(522,887)
(4,832)
(518,055)
Other income, by function
Administrative expense
Other expenses, by function
Finance income
Finance costs
Share of profits (losses) of affiliates and joint ventures accounted for
according to the equity method of accounting
Foreign currency translation differences
9,182,931
9,471,580
(288,649)
(288,649)
-
(11,028,625)
(11,681,756)
653,131
-
653,131
3,335,264
3,335,264
-
-
-
302,758
302,758
-
-
-
(2,873,204)
(3,526,692)
653,488
1,306,344
(652,856)
(112,795,496)
(116,224,917)
3,429,421
1,047,954
2,381,467
Profit (loss), before income taxes
125,054,801
124,591,409
463,392
463,392
-
Income tax expense
(23,273,412)
(23,339,696)
66,284
66,284
-
Total income tax expense
(23,273,412)
(23,339,696)
66,284
66,284
-
Total other income and costs
Profit (loss) from continuing operations
101,781,389
101,251,713
529,676
529,676
-
Profit (loss) from discontinuing operations
-
-
-
-
-
Total profit or loss for discontinuing operations
-
-
-
-
-
101,781,389
101,251,713
529,676
529,676
-
Profit (loss) for the year
(39)SUBSEQUENT EVENTS
(a) On January 22, 2013 the Company’s shareholders were paid Ch$80 per share as an interim dividend, as agreed at the Board of Directors
Session dated December 17, 2012.
(b) The Board of Directors of the subsidiary Compañía de Seguros de Vida Cámara S.A., at its session dated March 18, 2013, agreed the incorporation
of a subsidiary insurance company in the Republic of Peru in order for it to be the legal vehicle to enter in the Peruvian life insurance market and
whose capital will be mostly subscribed and paid (99%) by the Company. The subsidiary will be named Compañía de Seguros de Vida Cámara
S.A., and it will have an indefinite duration; its initial capital is S/6,360,000 (six million, three hundred and sixty thousand new soles), divided in
6,360,000 subscribed and paid shares.
The Board of Directors also approved the registration of the Company as a reinsurance company abroad in the Registry of Insurance Brokers
and Assistants of the Superintendence of Banks, Insurances and Private Pension Fund Administrators of Peru (SBS).
Between December 31, 2012 and the date of issue of these financial statements there have been no other subsequent events which could affect
their presentation and/or interpretation.
CONDENSED FINANCIAL STATEMENTS
OF SUBSIDIARIES(*)
166
CONTENT
AFP Habitat S.A.
Vida Camara S.A.
iconstruye S.A.
Invesco Ltda.
Red Salud S.A.
Th$
: Figures expressed in thousands of Chilean pesos
ThUS$: Figures expressed in thousands of US dollars
UF : Figures expressed in the inflation indexed unit, Unidades de Fomento
(*) The complete financial statements of the aforementioned entities are available to the public in the entities’
respective offices and those of the Superintendence of Securities and Insurance.
Condensed Financial Statements of Subsidiaries / Inversiones La Construcción S.A
167
AFP HABITAT S.A.
Figures in millions of $ as of December of 2012
Balance Sheet
2012
2011
59,840
49,882
Total Non-current Assets
219,180
198,728
Total Assets
279,020
248,610
Total Current Liabilities
26,193
22,292
Total Non-current Liabilities
22,542
16,722
Total Equity
230,284
209,596
Total Liabilities and Equity
279,020
248,610
Total Current Assets
Statement of Comprehensive Income
2012
2011
88,883
71,219
6,480
4,718
Income before Tax and Others
95,363
75,936
Income Tax and Minority Interests
(20,787)
(14,282)
Total Comprehensive Income Attributable to the Owners of the Parent
74,576
61,654
2012
2011
Cash flows from Operating Activities
50,417
59,027
Cash flows from Investing Activities
(13,006)
(6,123)
Cash flows from Financing Activities
(51,601)
(48,047)
5
32
(14,185)
4,889
Operating Income
Non-Operating Income
Statement of Cash Flows
Effect of Exchange rate Fluctuations on Cash and Cash Equivalents and Others
Net Increase (Decrease) on Cash and Cash Equivalents
Statement of Changes in Net Equity
DETAIL
Opening Balance Previous Year
SHARE
CAPITAL
1,764
RETAINED
EARNINGS
208,157
OTHER
RESERVES
(324)
EQUITY
ATTRIBUTABLE TO
OWNERS OF THE
PARENT
209,596
Profit (loss) for the Year
74,576
74,576
Issuance of Share Capital
(53,877)
(53,877)
Dividends
1,764
228,856
(13)
(13)
(337)
230,283
TOTAL
EQUITY
209,596
(0)
74,576
(53,877)
1
Increase(Decrease) due to other capital contributions
Final Balance of Current Year
NON-CONTROLLING
INTEREST
1
(13)
0
230,284
INVESCO LTDA.
Balance Sheet
2011
3,698
2,975
107,763
107,762
Total Assets
111,461
110,737
18
30
0
0
Total Equity
111,443
110,707
111,461
110,737
2012
2011
14,683
11,953
(34)
(29)
14,649
11,925
(13)
(30)
14,636
11,895
2012
2011
Cash flows from (used in) operating activities
13,842
12,977
Cash flows from (used in) investing activities
(1)
0
Cash flows from (used in) financing activities
(13,900)
(13,082)
0
0
(59)
(105)
Statements of Comprehensive Income
Operating Income
DETAIL
SHARE
CAPITAL
RETAINED
EARNINGS
97,015
16,291
OTHER
RESERVES
(2,599)
EQUITY
ATTRIBUTABLE TO
OWNERS OF THE
PARENT
NON-CONTROLLING
INTEREST
TOTAL
EQUITY
110,707
110,707
14,636
14,636
14,636
(13,900)
(13,900)
(13,900)
Dividends
97,015
17,027
(2,599)
111,443
0
111,443
168
169
2012
INVERSIONES PREVISIONALES DOS S.A.
Balance Sheet
2012
2011
4,982
3,823
126,722
126,722
Total Assets
131,703
130,545
4,978
3,905
0
0
Total Equity
126,726
126,640
131,703
130,545
2012
2011
21,675
17,640
(1)
0
21,674
17,640
(32)
(86)
21,642
17,554
2012
2011
20,517
19,310
(20,517)
(19,306)
0
0
0
0
0
4
Operating Income
DETAIL
SHARE
CAPITAL
42,354
RETAINED
EARNINGS
85,116
OTHER
RESERVES
(830)
EQUITY
ATTRIBUTABLE TO
OWNERS OF THE
PARENT
NON-CONTROLLING
INTEREST
TOTAL
EQUITY
126,640
126,640
21,642
21,642
21,642
(21,556)
(21,556)
(21,556)
Dividends
42,354
85,202
(830)
126,726
0
126,726
ISAPRE CONSALUD S.A.
Balance Sheet
2011
36,680
33,480
57,117
48,478
Total Assets
93,797
81,958
67,524
72,823
10,513
7,493
Total Equity
15,760
1,642
93,797
81,958
2012
2011
Operating Income
11,957
8,973
1,339
1,312
13,296
10,285
(2,986)
(1,709)
10,310
8,576
2012
2011
15,851
20,395
(6,560)
(6,927)
(6,220)
(8,669)
0
0
3,072
4,799
DETAIL
SHARE
CAPITAL
7,789
RETAINED
EARNINGS
(7,158)
OTHER
RESERVES
1,011
10,310
7,000
EQUITY
ATTRIBUTABLE TO
OWNERS OF THE
PARENT
NONCONTROLLING
INTEREST
TOTAL
EQUITY
1,642
1,642
10,310
10,310
7,000
7,000
(3,192)
Dividends
195
(3,192)
(195)
(3,192)
14,984
(40)
816
15,760
0
15,760
170
171
2012
COMPAÑÍA DE SEGUROS VIDA CAMARA S.A.
Balance Sheet
2012
2011
92,881
135,045
1,302
470
94,183
135,515
2,547
2,976
65,033
98,893
Total Equity
26,603
33,646
94,183
135,515
2012
2011
23,897
39,243
3,642
3,816
27,539
43,059
(5,450)
(8,434)
22,089
34,624
2012
2011
8,185
39,670
22,135
(8,798)
(29,094)
(35,489)
0
(291)
1,226
(4,908)
Total Assets
Operating Income
DETAIL
SHARE
CAPITAL
10,689
RETAINED
EARNINGS
22,890
OTHER
RESERVES
27
EQUITY
ATTRIBUTABLE TO
OWNERS OF THE
PARENT
NON-CONTROLLING
INTEREST
TOTAL
EQUITY
33,606
33,646
22,049
22,049
22,049
(29,092)
(29,092)
(29,092)
Dividends
10,689
15,846
27
26,562
0
26,603
EMPRESAS RED SALUD S.A.
Balance de Inversiones La Construcción Ltda.
2012
2011
77,300
47,177
212,956
199,650
Total Assets
290,257
246,827
49,504
45,733
126,889
87,250
Total Equity
113,864
113,844
290,257
246,827
2012
2011
Operating Income
9,185
5,691
(5,864)
(3,632)
3,320
2,059
(696)
(1,034)
2,625
1,025
2012
2011
15,777
(1,554)
(17,514)
(19,635)
22,944
8,911
2
(18)
21,209
(12,296)
172
173
DETAIL
SHARE
CAPITAL
48,541
RETAINED
EARNINGS
658
OTHER
RESERVES
62,598
EQUITY
ATTRIBUTABLE TO
OWNERS OF THE
PARENT
NONCONTROLLING
INTEREST
TOTAL
EQUITY
111,798
2,046
113,844
2,625
2,625
200
2,824
(2,625)
(2,625)
(180)
(2,625)
111,798
2,066
113,864
Dividends
(180)
48,541
658
62,598
DESARROLLOS EDUCACIONALES S.A.
Balance Sheet
2012
2011
6,898
6,767
45,337
39,292
Total Assets
52,235
46,060
16,194
8,922
23,523
24,782
Total Equity
12,517
12,356
52,235
46,060
2012
2011
Operating Income
3,385
2,970
(2,066)
(2,511)
1,320
459
(181)
306
1,138
765
2012
2011
3,949
3,247
(8,591)
(2,964)
4,174
(491)
0
0
(468)
(208)
DETAIL
SHARE
CAPITAL
10,942
RETAINED
EARNINGS
OTHER
RESERVES
EQUITY
ATTRIBUTABLE TO
OWNERS OF THE
PARENT
NON-CONTROLLING
INTEREST
TOTAL
EQUITY
2,547
(1,134)
12,356
0
12,356
1,138
1,138
0
1,138
(977)
(977)
Dividends
(977)
0
10,942
2,708
(1,134)
12,517
0
12,517
iCONSTRUYE S.A.
Balance Sheet
2011
1,771
2,523
1,171
1,003
Total Assets
2,943
3,526
1,108
888
0
6
Total Equity
1,834
2,632
2,943
3,526
2012
2011
174
175
Operating Income
770
509
51
88
820
597
(175)
(85)
646
512
2012
2011
953
396
(134)
(148)
(1,430)
(123)
0
0
(610)
125
DETAIL
SHARE
CAPITAL
2,605
RETAINED
EARNINGS
OTHER
RESERVES
EQUITY
ATTRIBUTABLE TO
OWNERS OF THE
PARENT
NON-CONTROLLING
INTEREST
TOTAL
EQUITY
65
2,632
2,632
646
646
646
(645)
(645)
(645)
(800)
2
(798)
(798)
1,805
68
Dividends
0
1,834
0
1,834
2012
INVESCO INTERNACIONAL S.A.
Balance Sheet
2012
2011
173
204
1,040
1,125
Total Assets
1,213
1,329
4
4
0
0
Total Equity
1,209
1,325
1,213
1,329
2012
2011
0
0
(117)
(135)
(117)
(135)
0
0
(117)
(135)
Operating Income
2012
2011
(30)
(44)
0
5
0
0
0
1
(30)
(38)
DETAIL
SHARE
CAPITAL
922
RETAINED
EARNINGS
OTHER
RESERVES
EQUITY
ATTRIBUTABLE TO
OWNERS OF THE
PARENT
(1,013)
1,416
1,325
1,325
(117)
(117)
(117)
NON-CONTROLLING
INTEREST
TOTAL
EQUITY
Dividends
922
(1,130)
1,416
1,209
0
1,209
SUBSCRIPTION OF THE ANNUAL REPORT
The signatories below, in their roles as Directors and Chief Executive Officer of INVERSIONES LA CONSTRUCCIÓN S.A., respectively, declare under oath
176
requirements of the Norma de Carácter General Nº 30 and their subsequent modifications, issued by the Superintendence of Securities and Insurance.
177
R.U.T.: 7,010,350-8
Chairman
Gastón Escala Aguirre
R.U.T.: 6,539,200-3
Vice Chairman of the Board of Directors
R.U.T.: 5,816,225-6
Director
R.U.T.: 5,163,821-2
Director
José Miguel García Echavarri
R.U.T.: 6,747,949-1
Director
Paulo Bezanilla Saavedra
R.U.T.: 7,060,451-5
Director
R.U.T.: 9,082,624-7
Director
R.U.T.: 6,551,451-6
Director
Francisco Vial Bezanilla
R.U.T.: 6,400,466-2
Director
Pablo González Figari
R.U.T.: 9,611,943-7
that they are responsible for the accuracy of all the information provided in the present Review of INVERSIONES LA CONSTRUCCIÓN S.A., meeting the
Name
TAX ID
94,139,000-5
Type of Entity
(SVS)
Address
Santiago Chile
Phone
(56-2) 24774600
Web Site

inversiones la construcción sa and subsidiaries

Transcription

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