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A financial group committed to Mexico made up of the finest work force and created to both care for and grow the patrimony of our clients and partners in the most effective way possible.
To be leaders in Mexico’s financial sector in growth and profits for the benefit of our clients, collaborators and partners.
• Commitment to Mexico • Long-term vision • Integral personnel development • Integrity • Austerity • Innovation
• Operational efficiency • Minimal structure with good communication and clearly defined leadership • Openness with minimal bureaucracy • Result oriented • Clear businesses focus • Accurate selection of risks • Attention to customers and service
Annual Report 2009 Grupo Financiero Inbursa
Stockholders’ Equity Relevant Figures Economic Environment Grupo Financiero Inbursa Board of Directors CEOs The Directors’ Curricula Banco Inbursa Afore Inbursa Sinca Inbursa Seguros Inbursa and Patrimonial Inbursa Pensiones Inbursa Operadora Inbursa de Sociedades de Inversión Inversora Bursátil Fianzas Guardiana Inbursa Audit Committee Report Corporate Practices Committee Report Consolidated Balance Sheets 02 04 07 08 11 11 12 14 16 17 19 21 22 24 25 26 28 31
Table of Contents
Annual Report 2009
Stockholders’ Equity MM Ps 2 Grupo Financiero Inbursa .
Annual Report 2009 3 .
839 54.668 2008 2009 2008 4 Grupo Financiero Inbursa 2.068 3.604 Operating Result MM Ps 8.043 2009 7.128 2008 2009 .Relevant Figures ATMs 689 591 96 Offices 198 2008 2009 2009 2008 Stockholders’ Equity MM Ps Net Result MM Ps 61.
235.61 92.485 1.74 98.839 Banco Inbursa 37.881 20.604 61.107 941 347 Managed & Custody Assets MM Ps Managed Assets Custody Assets 2008 584.077 Inversora Bursátil 3.005.962 45.24 Market Avgerage 16.129 Seguros Inbursa 36.866 Net Result Group Banco Inbursa Inversora Bursátil Operadora Inbursa Seguros Inbursa Pensiones Inbursa Fianzas Guardiana 2008 3.40% 2.724 2.6% 2.751 591 96 17.(MM Ps) Assets 2008 2009 % var (´08 vs´09) -11% -9% -41% 25% 23% 6% 17% % var (´08 vs´09) 13% 15% 18% 27% 21% 23% 22% % var (´08 vs´09) 120% 202% -25% 23% 228% 84% 227% Group 253.923 6.240 5.523 Operadora Inbursa 903 1.487 17.516 Pensiones Inbursa 18.607.092 Fianzas Guardiana 2.073 % var 30% 25% Capitalization Index (Bank) Past Due Portfolio/Total Portfolio (Bank) Reserves/Past Due Portfolio (Bank) Reserves/Past Due Portfolio (Bank) Reserves/Premiums (Insurance & Pensions) Indicators Inbursa 22.88 Employees ATMs (Automated Teller Machines) Branches Sales Force Customers Infrastructure 5.984 Banco Inbursa 209.350 3.08% 1.938 Operadora Inbursa 763 971 Seguros Inbursa 4.068 4.816 588 208 1.484 Annual Report 2009 2009 5 .528 Inversora Bursátil 29.285 2008 5.69% 3.668 1.528 2.5% 1.055 7.607.994 689 198 14.586 Pensiones Inbursa 4.531 1.593 786 169 338 511 106 2009 8.313 43.50% 3.645 191.652 2009 758.625 5.210 Fianzas Guardiana 1.948 Stockholders’ Equity 2008 2009 Group 54.222 225.
6 6 Grupo Financiero Inbursa .
35%in 2009 compared to 2. Worth mentioning is that such programs were designed according to the situation of each country.97% in 2008. This reduction in interest rates in the developed countries promoted the flow of capitals to emerging economies. Some developed economies. Secondary activities registered the worst performance in the economy (7.8% compared to 3. boosts employment. the annual inflation as of the end of 2009. particularly 2009’s Q2. with respect to the U. Monetary policies were softened and interest rates were cut down. would contribute substantially to a development with employment required by Mexico. At the year close. increases fiscal revenues higher income in pesos of those receiving money from abroad. The Mexican peso reached a maximum. with a reduction of 10% compared to the previous year. showing a 6. compared to 13.5% to 1% at the year end. less investments from companies. the financial turbulences created an environment of uncertainty and mistrust.3% after five consecutive quarters of declining figures.60 on early December.83 at the end of 2008. and a high leverage level of families made hard the reactivation of consumption. was 3.6%).51%. Likewise. The impact of this crisis caused a reduction in the world GDP to 0. the yield rate of Treasury Certificates (CETES) posted a substantial decrease in 2009’s last week auction at 4. Mexico has a number of advantages for the immediate future due to the wide availability of long-term resources and low rates. and more tourism and investment to Mexico. and even despite the solidity of its banking system it was one of the most affected. mainly consumer credits. The Mexican economy was not an exception to this environment.0% in 2008. a lower flow of tourists. if made.4%. this generated a 43. like the U. while the Euro region saw its GDP down to 2. Excess liquidity and low interest rates in world markets led to an escalation of stock markets.53% increase in the Consumer Price Index on December 2008. a level not seen since 1983. In Mexico. Lower tax revenues.2%. among others. the exchange rate was 13.89% in 2008.57%. The emerging countries in turn reduced their 6. Moreover. particularly for Mexico. a reduction in investments. The year’s average in the 1-month LIBOR rate was 0. the sharpest fall since 1995’s crisis. Mexico’s real economy was deeply affected by lower exports.5% cumulative gain in the Stock Exchange Price Index.1% growth pace posted in 2008 to 2.37 pesos per dollar. dollar on March 2009 of 15. The governments of the main world economies were forced then to react quickly implementing a number of stimulus. The United States closed the year 2009 with a 10% unemployment rate.3%). among other effects. strengthening their currencies.S. and the U. During 2009’s Q4 the GDP declined 2.5% decline in its GDP in 2009. added to the expansion of public expenditure in the main economies deepened the fiscal imbalances in these countries. compared to 7. compared to a 6. In the United States this figure fell to 2. and a minimum of 12. and less consumption. A not so strong peso and a controlled inflation rate normally result in several positive effects: this contributes to a better trade balance. the European Central Bank continues with the same policy reducing such rate from 2. followed by tertiary activities (6.S. in addition to the negative effects of the AH1N1 virus sanitary contingency. consisting mainly of affiliates of foreign financial conglomerates temporarily restricted loans both due to the situation of their parent companies and higher delinquency levels in loan portfolios.K. rescue and support packages to avert the systemic risk. caused by liquidity problems in the developed financial markets which had a direct impact on the real economy.07 pesos per dollar. The Mexican financial sector. and the low oil prices in the first months of the year. by the second quarter. so as to encourage investment and consumption. reported deficits of over 10% of their GDPs. A sluggish labor market. added to the deep need for infrastructure and other economically feasible investments which. The exchange market registered a high volatility. the impact on the internal sector caused by unemployment. 7 Annual Report 2009 . After a prolonged period of excesses..1% in 2009. even with the increases registered in the public sector.Report to Shareholders Economic Environment The year 2009 was one of the most adverse in the last decades for the world economy.
On April 2009 Grupo Financiero Inbursa paid a dividend equivalent to 50 cents per share. 13% more compared to the same period of last year. in 2009 efforts were made to continue with a conservative policy in creating new reserves increasing by 75% the amount this year.667 million MXP.134 million MXP in 2009 compared to $113. from 881. a high capital basis.7 times. The number of members registered in Afore Inbursa grew 18%. not only not to contract but to wisely and substantially accelerate its growth. Managed assets showed a 33% increase to end last year in $116.329 million MXP in 2008 to $4. Under the strict risk selection policy characteristic of Banco Inbursa from its very outset. Banco Inbursa financed 21.1% which shows the market averahe for the end of 2009.415 small and medium-sized companies in 2009. accounting for a 10. Afore Inbursa posted an outstanding growth both in the cumulative balance. and in the number of members. and a talented human team which allowed Grupo Financiero Inbursa. doubling in 2009 the number of branches.6 million in 2008 to 7. the delinquent index was 2. reaching in 2009 its highest loan portfolio level and the best result in its history. Likewise.068 million MXP compared to $3.7% compared to 3. Regarding the asset management business. This growth allowed to close the year with $15.7% share of the total Mexican market. for a combined index of 92.2 million by the end of 2009.920 million MXP in loan reserves representing a hedge against the past due port. asset quality. once more. its shareholders’ equity posted $61. given such an adverse economic scenario.041. with net profits of $8. which represented $1. its commitment to Mexico.870 in 2009. its clients and shareholders with a growth coupled to profitability based on a sound financial stability.5% of the Mexican insurance market.062 million MXP in 2009. a 62% growth in the year.Amidst this financial turbulence Grupo Financiero Inbursa renewed. a high level of reserves. The number of clients went from 6. Afore Inbursa’s net profits at the end of 2009 were $398 million MXP.709 in 2008 to 1.folio of 3.107 million MXP by the end of 2009 compared to $338 million MXP in 2008 due to better operating results in all lines of business. or a 120% increase.487 million MXP compared to $87. Moreover.478 million MXP in 2008.839 million MXP. as well as for better results in investments.6% compared to 98.702 million MXP in 2008.6 times which compares favorably to a market average of 1. Seguros Inbursa posted profits of $1. Over the last year Grupo Financiero Inbursa kept its fast-paced implementation of retail banking with its partner La Caixa from Barcelona. Worth mentioning is the leadership and participation of Banco Inbursa in granting loans with a 32% growth in the average annual loan portfolio to reach $150.668 million MXP in 2008. from $2. expertise in selecting risks. Grupo Financiero Inbursa Marco Antonio Slim Domit Chairman of the Board of Directors 8 Grupo Financiero Inbursa . compared to $132 million MXP by the close of 2008.
Annual Report 2009 9 .
10 Grupo Financiero Inbursa .
Board of Directors Non-Independent Directors Regular Marco Antonio Slim Domit (Chairman) Arturo Elías Ayub Isidro Fainé Casas José Kuri Harfush Eduardo Valdés Acra (Vice President) Alternate Javier Foncerrada Izquierdo Juan María Nin Genova Gonzalo Gortazar Rotoaeche Leopoldo Rodés Castañé Héctor Slim Seade Juan Antonio Pérez Simón Tomás Muniesa Arantegui Independent Directors Antonio Cosío Pando Laura Diez Barroso Azcárraga Agustín Franco Macías Claudio X. Morales Morales Guillermo Robles Gil Orvañanos Alfredo Ortega Arellano Guillermo Ruiz Palacios Rafael Mendoza Briones Joined GFI 1992 1986 1992 1992 1992 1991 1975 1993 Fianzas Guardiana Inbursa Annual Report 2009 11 . González Laporte Guillermo Gutiérrez Saldívar David Ibarra Muñoz José Pablo Antón Sáenz Padilla Non-director Secretary Guillermo René Caballero Padilla Non-director Prosecretary Chief Executive Officers Grupo Financiero Inbursa Inversora Bursátil Banco Inbursa Seguros Inbursa Operadora Inbursa Pensiones Inbursa Afore Inbursa Marco Antonio Slim Domit Eduardo Valdés Acra Javier Foncerrada Izquierdo José A.
A. Chief Officer of Communications. S.A.V.A.V. DE C. CASA DE BOLSA GRUPO FINANCIERO INBURSA CEO G u i l le r mo G ut ié r r e z S a ld í v a r GRUPO IDESA. S.A. S. S. Institutional Relations and Strategic Alliances Is id r o Fa i né C a s a s CAIXA D´ESTALVIS I PENSIONS DE BARCELONA “LA CAIXA” FUNDACIÓN “LA CAIXA” CRITERIA CAIXACORP. DE C. S. S. Vice Chairman of the Board of Directors INVERSORA BURSÁTIL. DE C. G on z á le z L a p o r te KIMBERLY CLARK DE MÉXICO.The Directors’ Curricula M a rc o A nton io S l i m D om it GRUPO FINANCIERO INBURSA. S.A. DE C. Vice Chairman of the Board of Directors L e o p ol d o R o d é s C a s t a ñ é MEDIA PLANNING GROUP ASEPEYO President CAIXA D’ESTALVIS I PENSIONS DE BARCELONA “LA CAIXA” CRITERIA CAIXACORP HAVAS.B.A.V. Vice President Ju a n A nton io Pé r e z S i món TELÉFONOS DE MÉXICO. CEO G on z a lo G o r t a z a r R oto a e c he CRITERIA CAIXA CORP Director .A.B. INSTITUCIÓN DE BANCA MÚLTIPLE GRUPO FINANCIERO INBURSA CEO A g u s t í n Fr a nc o M a c í a s GRUPO INFRA.A.CEO E du a rdo Va ldé s A c r a GRUPO FINANCIERO INBURSA. S. Chairman of the Board of Directors D a v id I b a r r a Mu ño z Independent Consultant Jo s é K u r i H a r f u s h JANEL.A.A.B.V.B. Chairman of the Board C l a ud io X .V. S. S. DE C. S. DE C. DE C.V. S..A. Chairman of the Board of Directors and CEO A nton io C o s ío Pa ndo COMPAÑÍA INDUSTRIAL DE TEPEJI DEL RÍO. CEO 12 Grupo Financiero Inbursa .V. S. President Ja v ie r Fonc e r r a d a I z q u ie rdo BANCO INBURSA.V. DE C.A.A Director Hé c to r S l i m S e a de TELÉFONOS DE MÉXICO. DE C.V. DE C.B. S.A. CEO L a u r a D ie z B a r r o s o de L a v i a d a LCA CAPITAL President and CEO A r t u r o E l í a s Ay u b TELÉFONOS DE MÉXICO. S. CEO Tom á s Mu n ie s a A r a nte g u i CAIXA D´ESTALVIS I PENSIONS DE BARCELONA “LA CAIXA” Assistant Executive CEO Ju a n M a r í a Ni n G e nov a CAIXA D´ESTALVIS I PENSIONS DE BARCELONA “LA CAIXA” CEO CRITERIA CAIXACORP.A.V.V. DE C.
Annual Report 2009 13 .
and increasing its share to 14%. Loans to companies represented 84% of the total loan portfolio.1% 1. 2) $708 million more in collecting debt from $2.7% 29. 227 million in 2008 to $3. The average loan portfolio of Banco Inbursa showed a 32% increase over the year compared to 2008 for $150. Worth noting is that in 2009 Banco Inbursa created $4.7% of the total portfolio.019 million due to a 32% growth in the average loan portfolio with wider margins.1% shown by the market as of the end of 2009.035 million.5% Immediate Eligibility Deposits Bank Loans PRLV 14 Grupo Financiero Inbursa .134 million. Banco Inbursa’s past due ratio was 2. and 3) a $1.3% 36.134 2008 2009 Deposits 2008 69. or a 202% increase.702 150.6% 2009 57.745 million result in intermediation as of the closing of 2009 compared to a $2. which represents a 30% increase. with a 13% growth in the year to become the third largest in the Mexican market.366 million equivalent to a 3. Average Loan Portfolio (Million Pesos) 113.816 million compared to $1.8% 5. a positive result if compared to an average 3.062 million in loan reserves to $15.170 million loss in 2008. The result is mainly explained by: 1) a higher financial margin of 38% to $9.Banco Inbursa B anco Inbursa’s profit as of December 2009 was $4.593 million as of the closing of the previous year.6 time hedging ratio of the past due portfolio which accounts for a 22% growth.
sized businesses) Total PYMES Customers 2008 13.097 million. Banco Inbursa opened 102 branches for a total of 198 as of the closing of 2009.583 2009 Annual Report 2009 15 .738 customers compared to 38. Banco Inbursa sold all its credit card portfolio to Sociedad Financiera Inbursa. Worth mentioning is that as of the end of December 2009.583 million compared to 13.7% 3. but actively in the loan market.256 companies in 2008 and a balance of $2.290 million.7 Inbursa Market Average Inbursa Market Average PYMES Customers (Small . representing a 106% growth.097 2.5%. 11% higher than the previous year balance.909 million pesos and represented 2% of the total portfolio. in addition to a financial soundness.415 2009 Total (MillionPesos) 2008 2.Financing to small and medium companies (PYMES) showed an outstanding growth reaching 21. Banco Inbursa is still one of the best capitalized banks in Mexico with a 22. Banco Inbursa’s capacity to participate wisely.4% capitalization ratio. Loan customers through payroll collection increased 17% to close the year with 44. Traditional deposits were $48. a positive result compared to the market average which was 16. Delinquency and Hedging Ratio Delinquency Ratio 2.415 financed companies for a total amount of $2.1% 3.6 Hedging 1. Consumer loans posted $3.256 21.138 in 2008.and medium . This indicator shows. Loans to financial entities accounts for 6% of the total portfolio compared to 7% as of the closing of 2008. In keeping with its expansion plan.
267.58% 6.30% Siefore Básica 4 5.230 million in revenues from fees in 2009. Market Avg.487 Net Yield Indicators (Last 36 months) Siefore Básica 1 6. and in second place the remaining three funds. Siefore Básica 3 Inbursa Market Avg.222. 5. 4.Afore Inbursa fore Inbursa posted $1.359. Afore Inbursa’s net profits as of the end of 2009 were $398 million pesos which is compared to $132 million as of the closing of 2008.60% 4.554 1.487 million pesos in 2009. compared to $87.198 million at the end of 2008 which represents a 33% increase.057.63% 16 Grupo Financiero Inbursa .478 million in 2008.64% Inbursa Market Avg. and a market share of 10. 5. 20% more than the figure reported over the same period of the previous year.29% Inbursa Market Avg.639 1. This result is mainly due to a 33% increase in the managed assets which amounted to $116.66% Siefore Básica 5 Inbursa Market Avg.7% reduction in the purchase cost. This result is chiefly explained by a 23. The stockholders’ equity was $1. the net yield indicator published by the National Commission of the Retirement Savings Fund (CONSAR) placed in first place two of five asset management funds. As of December 2009.478 2009 3.97% Inbursa Siefore Básica 2 6. A 2008 Total Customers Registered Workers Managed Assets (MM Ps) 3.7 percent.22% 4.85% 4.555 116.597 million pesos as of 2009’s end compared to $1.690 87.
which totaled $116 million as a result of an increase in its bank debt due to acquisitions and capital increases in some promoted companies.409 million at the end of 2009 to $3. Annual Report 2009 17 . Sinca Inbursa posted net losses of $16 million pesos.393 million at 2008’s closing.339 million representing a 7% increase with respect to the previous year. mainly due to higher interest expenses.Sinca Inbursa I n 2009. with total assets of $5. Sinca Inbursa’s stockholders’ equity went from $3.
de C.3% 4.C.5% 0. y Subsidiarias 2.A de C.00% 64.4% 7.V. de C.A.2% 11.3% Others Total promoted companies 0.1 Pure Leasing S.1 Quality Films S. Other investments NOV 2007 2.I. de C.3% 1. Health 2. y Subsidiarias OCT 2005 JAN 2008 1.45% 34.V.15% 49.2 Media Planning S.6% 16. Financial Total 4. de R.V. Entertainment 5.1 Infraestructura y Transporte México S. NOV 1997 14 23 6 4.34% 269 * URVITEC merged with CICSA on November 2007 18 Grupo Financiero Inbursa .A. 1.178 68.7% 5. Advertisement 6.5% 5.4 Grupo IDESA S.2 Hilderbrando Total 3. C.015.A.2 Giant Motors 1.6% Total 1.4% 1.1% 6. Million Pesos Purchase Date % Stock Holding Accounting Value 1.1 Aspel Grupo y Subsidiarias APR 2009 250 589 339 12. Infrastructure & Transportation 1.2 Laboratorio Médico Polanco S.A. de C.V. DE C.00% 25. AUG 2006 JUN 2008 JUN 2008 JAN 2006 DEC 2005 DEC 1999 210 270 58 1.S.3% 5. MAR 2007 13 66 53 0.V. de C. Software Development 3.63% 9.2% 2. de C.5% 538 3.00% 5.A.2 Argos Comunicación S.1 In Store Media S.00% 24.6% 4.9% 5.A.8% 4.L.00% 3.V. Total 6.5% 5.6 Controladora Vuela Compañía de Aviación S. y Subsidiarias NOV 2005 SEP 2008 JUL 2008 8.V.A.V.V. y Subsidiarias AUG 2006 DEC 2007 247 244 25.V.3% 1.00% 30. y Subsidiarias Total 5.1 Salud Interactiva S.00% 30.611 788 73 215 % 50.5 CELSOL S.A.990 shares)* 7.6% 5. ( 61.1% 7.00% 38.A.3 Gas Natural 1.00% 30.3 Grupo Landsteiner y Subsidiarias Total 2. de C.00% 15. de C.25% 1.2% 0.00% 48.A.V. 256 256 5.90% 50. de C.656 9 0.
2009 Combined Index 95.2% Operating Cost Acquisition Cost 73.6% Damages 2008 2009 Market Avg. 2009 to June 30th. Without this effect Seguros Inbursa’s premiums would have increased 8%. 2011.617 million which represented an 83% increase if compared to the same period of the previous year.6% 60% Reserves/Withheld Premiums 3.4% 92.7% 1.7% 70.6% 9. and 9%. 20%.4% 69. 2009 Annual Report 2009 19 . 2009 2008 2009 Market Avg.2% 15.3% 98. This growth is explained mainly by the renewal of Petroleos Mexicanos (PEMEX) insurance policy on February 2009.9% 17. The damage.5% 7.3% 10.7% 12.Seguros y Patrimonial Inbursa I n 2009 the total insurance of Seguros Inbursa was $20. respectively compared to the previous year.48 2008 2009 Market Avg. with a term from February 20th. life (individual and collective). Indicators Investments/Assets 72.17 53.22 3. and accident/disease areas showed increases in their policies of 252%.
4% Damages 58.001 million in 2009 compared to $914 million in 2008. The combined index. and total damages in connection to withheld premiums was 92.617 20 Grupo Financiero Inbursa . in contrast with $5.3 million in 2008.6% in Patrimonial Inbursa in 2009 which are compared favorably to 99. the operating cost.0% and 73.260 2008 2009 20.Patrimonial Inbursa’s policies were $1. This growth is explained by a better operating result and higher revenues in the financial integrated result.1% Accidents 7. Seguros and Patrimonial Inbursa posted profits of $1. Worth noting is that reserves amounting to $1.8% Automobiles 11. Business Line Breakdown of Total Premiums by Business Line (2009) Life 22.7%.1 million in 2009. that is. The stockholders’ equity was $5. the acquisition cost. Both companies operated with a customer basis of $6.665 million were created in 2009 in contrast with $843 million in 2008. and 72.107 million as of the end of 2009 compared to $338 million at the end of FY2008.6% in Seguros Inbursa.625 million in 2008 which represents a 21% growth.586 million in 2009 compared to $4. respectively in 2008.7% Premiums (Million Pesos) 11.
092 18.572 14.210 million.697 5.Pensiones Inbursa Investments in the pension business continued to increase.977 million in 2009. Pensiones Inbursa’s stockholders’ equity amounted to $5.210 Annual Report 2009 21 . from $18. A s of the end of 2009.714 511 18.501 602 941 (977) 156 Assets Investments Reserve Stockholders’ Equity 20. The result is mainly due to investments in its subsidiary Promotora Inbursa which posted a $602 million profit in 2009 as a result of a stock valuation.495 4. in contrast with $511 million the previous year.973 14.240 48 513 Participation of Subsidiaries 1. 23% higher if compared to 2008’s closing.294) 1.881 16. Pensiones Inbursa reported profits of $941 million.712 million in 2008 to $19. Million Pesos 2008 24 2009 18 Total premiums Reserves Technical Profit Result of investments Net Profit (1.
697 million in assets as of December 31st.962 17.5% 22 Grupo Financiero Inbursa . 23% higher than the $169 million posted in 2008.307million.637 million.41% from March 31st.356 Annual Yield 5. In 2009. As regards mutual funds in debt instruments.04% CPI Annual Yield 43. 2009.307 10.04% and assets for $4. INBUMAX showed a 4.04% 6.356 million as of the end of FY2009.47% and closed 2009 with assets worth $10.69% 11.637 5.47% 4. Fund DINBUR INBUREX INBUMAX INBURSA FONIBUR IBUPLUS Total Portafolio Fixed Rate Fixed Rate Fixed Rate Variable Rate Variable Rate Variable Rate Assets (Millon Pesos) 4.04% 11.21% 38.73% 37.697 15. Annual Yield 1.61% 44. respectively. as of December 31st.026 million pesos portfolio. 2009.962 million. 2009.72% 1. Operadora Inbursa reported profits of $208 million. and an annual compound yield in USD of 20.61% annual yield. INBUREX posted an annual yield of 6. Furthermore.522 million and $15. which represented a 13% increase compared to the same period of the previous year.522 63. and a $5.21% from January 1st to December 31st. 2009 for a total annual yield of 44.026 9. The stockholders’ equity had a 27% rise in 2009 to $971 million.69% 3. INBURSA’s variable rate fund reported $9. DINBUR had an annual yield of 5. IBUPLUS and FONIBUR funds posted portfolios of $17. 1981 to December 31st.Operadora Inbursa T he assets managed by Operadora Inbursa were $63.04% 11.47% Market Avg.
522 43.11% 8.41% 14.52% 7.7% Variable Rate (Millon Pesos) Total Portfolio Inbursa Foninbur Iglobal Total Inbursa 150.209 9.Inbursa Fund (Annual compound average yield in USD) Inbursa has kept the highest yield in USD over the last 28 years) (March 81 – Dec 09) 20.3% Inbursa 28.697 15.962 17.181 Annual Report 2009 23 .49% 2.29% Inbursa BMV Dow Jones Cetes Inflation Market Share (Variable Rate) Market Share Others 71.
Likewise. Inversora Bursátil Millon Pesos Collected Fees and Rates Purchase/sale Profit Operating Result Net Profit 2008 839 952 2009 674 975 786 665 588 801 Total Assets Investment Portfolio Assets in Custody Stockholders’ Equity 28.656. Inversora reported profits of $588 million pesos compared to $786 million as of the end of FY2008.054 thousand million. The stockholders’ equity of Inversora posted an 18% increase in 2009 to $3.350 29.I n 2009.487 16. which represents a 25% decline.019 3.938 17. assets in custody in the same period were $2.523 24 Grupo Financiero Inbursa .938 million compared to $3.560 3.692 2. This was due to lower revenues in fees due to a lower volume of shares traded in the Mexican Stock Market in 2009 compared to the same period of the previous year.054.350 million the previous year.684 1.
The stockholders’ equity was $1.866 million.531 Annual Report 2009 25 .866 941 2.301 1. Millon Pesos Premiums Reserves Technical Profit Net Profit 2008 721 7 2009 919 201 63 246 56 Result of Investments 106 346 220 Total Assets Investments Reserves 2. a better operating result. representing a 27% increase in comparison to $721 million as of the end of the previous year. net profits were $347 million compared to $106 million in the previous year.528 1. This result is mainly due to a growth in the number or premiums.916 807 2.948 Stockholders’ Equity 1. and a lower level of reserves.A s of December 31st. Fianzas Guardiana Inbursa Moreover. which represents a 22% growth compared to the closing of FY 2008 which was $1. 2009 Fianzas Guardiana Inbursa reported premiums of $919 million pesos.531 million.
30 Grupo Financiero Inbursa .
V. DE C. DE C.B.A.V.A. Balance Sheets Statements of Income Statement of Cash Flows 132 Estados Financieros 31 . S.GRUPO FINANCIERO INBURSA.A.B..A. AND SUBSIDIARIES Consolidated Balance Sheets Consolidated Statements of Income 34 36 38 39 35 Consolidated Statement of Cash Flows (2009) Notes to Consolidated Financial Statements Consolidated Balance Sheets Consolidated Statements of Changes in Shareholders’ Equity Consolidated Statement of Changes in Financial Position (2008) BANCO INBURSA. DE C.A.V. S. INSTITUCIÓN DE BANCA MÚLTIPLE Consolidated Statements of Income 40 115 118 117 Consolidated Statements of Changes in Shareholders’ Equity Consolidated Statement of Cash Flows SEGUROS INBURSA. S. S.. Statements of Income Balance Sheets 124 125 OPERADORA INBURSA DE SOCIEDADES DE INVERSIÓN.V. S.A. 2009 and 2008 Contents: Report of Independent Auditors 33 Financial statements: GRUPO FINANCIERO INBURSA. DE C. Statements of Income Balance Sheets Balance Sheets Consolidated Statement of Changes in Financial Position 120 121 122 123 PENSIONES INBURSA. S.A. CASA DE BOLSA Statements of Income 128 129 130 131 FIANZAS GUARDIANA INBURSA. Statements of Income Balance Sheets 126 127 INVERSORA BURSÁTIL.A. S. AND SUBSIDIARIES Consolidated Financial Statements Years ended December 31. S.
32 Grupo Financiero Inbursa .
de C. de C. therefore.V.Report of Independent Auditors To the Shareholders of Grupo Financiero Inbursa. de C. 2009. As mentioned in Note 2 to the accompanying financial statements. in all material respects. on January 1. and the consolidated results of operations and changes in the shareholders’ equity for the years then ended.V. the financial statements referred to above present fairly. March 23. as well as the accounting of embedded derivatives of foreign currency. In our opinion.B. Also. the subsidiary recognized financial leases and the effects of fair value of embedded derivatives as part of loan portfolio. Our responsibility is to express an opinion on these financial statements based on our audits. 1.A. Mancera. Sociedad Financiera Inbursa. A Member Practice of Ernst & Young Global Miguel Mosqueda Mexico City. such criteria are at variance with Mexican Financial Reporting Standards. as of December 31. S. and Subsidiaries (the Group). on a test basis. 2009 and the consolidated changes in the financial position for the year ended December 31. As mentioned in Note 2 to the accompanying financial statements. in 2009. and the related consolidated statements of income and changes in shareholders’ equity for the years then ended. S. 2008. in conformity with accounting criteria mentioned in the paragraph 1 above. 2008. as well as evaluating the overall financial statement presentation. were reclassified for uniformity of presentation with the 2009 financial statements.A. as mentioned in such note. An audit includes examining.V. S.A. as a result of changes made to the accounting criteria applicable to the Group in 2009.C. evidence supporting the amounts and disclosures in the financial statements. 2010 Estados Financieros 33 . and Subsidiaries. as well as the consolidated cash flows for the year ended December 31. the statement of cash flows is not comparable to the statement of changes in financial position for 2008. 2009 and 2008. Such changes were retrospectively recognized. Statement of Cash Flows. the Group adopted prospectively the accounting bulletin D-4. In the instances mentioned in the aforesaid note. the financial statements at and for the year ended December 31. S. These financial statements are the responsibility of the Group’s management.V. and Subsidiaries We have audited the accompanying consolidated balance sheets of Grupo Financiero Inbursa. the Group restructured its consolidated financial statements for all of the prior years in which these transactions were conducted. Sociedad Financiera de Objeto Múltiple. 2. Also.. We believe that our audits provide a reasonable basis for our opinion. 2009 and the consolidated statement of changes in financial position for the year ended December 31. therefore.B.B. S. An audit also includes assessing the accounting criteria used and significant estimates made by management. Entidad Regulada (a subsidiary of the Group) reviewed the classification of the operating lease agreements entered into with its customers. de C. As a result. the consolidated financial position of Grupo Financiero Inbursa. the Group is required to prepare and present its financial statements on the basis of the accounting criteria established by the Mexican National Banking and Securities Commission for controlling entities of financial groups. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement and are prepared in conformity with the accounting criteria mentioned in the following paragraph. at December 31. 2009 and 2008.A. 2008. We conducted our audits in accordance with auditing standards generally accepted in Mexico. as well as the consolidated statement of cash flows for the year ended December 31.
363 584.207 13.575 3. 43.887 Ps.154 1.920) 144.607.021 Ps. S.839.618 Interbank and other borrowings (Note 18) On demand Short-term Long-term Creditors under security repurchase agreements (Note 8) Derivatives (Note 9) For trading For hedging Other accounts payable Income tax payable (Note 19) Settlement of transactions (Note 20) Accrued liabilities and other accounts payable (Note 21) Deferred income tax (Net) (Note 22) Deferred credits and early settlements Total liabilities Commitments and contingencies (Note 23) Shareholders' equity (Note 24): Contributed capital Capital stock Stock premium Earned capital Capital reserves Retained earnings Result from holding non-monetary assets Equity interest in other shareholders’ equity accounts of subsidiaries Net income Minority interest Total shareholders' equity Total liabilities and shareholders' equity 2.482 613 1.126 6.207 13.522 5.925 2.359 ( 971) ( 1.314 9.884 25.201 27.127 66.960 73.754 29 1.724 59 847. 225.565 6.619 9. 52.244 1. 253.255 27.071.074 3.522 103.494 3.724 2009 Traditional deposits (Note 17a) Demand deposits Time deposits (Note 17b) General public Money market Liabilities 2008 (Restated) Ps.485 834.508 221 1.652 2.196 54.244 99.360 ( 971) ( 216) 8.GRUPO FINANCIERO INBURSA. AND SUBSIDIARIES Consolidated Balance Sheets As of December 31.956 9.116.423 758.561 323 1.984 Ps.127 Ps.481 299.189 53.449 160.465 8 8.651 7. ( ( 1 211) 210) Proprietary memoranda accounts Loan commitments (Note 30) Proprietary transactions 2009 2008 Contingent assets and liabilities (Note 30) Property held in trust or under mandate (Note 30) Uncollected accrued interest Other memoranda accounts Customers' securities received for safekeeping (Note 30) Securities and notes received in guarantee Managed trusts Customers' repurchase agreements Transactions on behalf of customers 1. 2.431 61.604 Ps.145 128.A.872 10. furniture and equipment (Net) (Note 14) Long Term equity investments (Note 15) Other assets.865 1.217 1.668 70 27.561 1.478 4.935 367 5. 15.201 27.663.909 39.829 ( 15.049 1 435 118 3.900 28.625 116. The accompanying notes are an integral part of these financial statements.250 8. 2. 2009 and 2008 (In millions of Mexican pesos) (Notes 1 and 2) 2009 Assets Cash and cash equivalents (Note 5) Margin accounts (Note 6) Investments in securities (Note 7) For trading Available for sale Held-to-maturity Debit balances under repurchase agreements (Note 8) Derivatives (Note 9) For trading For hedging Valuation adjustment for financial asset hedges (Note 10) Performing loan portfolio Commercial loans Business or commercial activity Financial entities Government entities Consumer loans Mortgage loans Total performing loan portfolio Past-due loan portfolio Commercial loans Business or commercial activity Financial entities Consumer loans Mortgage loans Total past-due loan portfolio Total loan portfolio (Note 11) Preventive provision for credit risks (Note 12) Total loan portfolio (Net) Other accounts receivable (Net) (Note 13) Foreclosed and repossessed property (Net) Buildings.982 331. DE C.411 8.746 53. 253.V. 53.653 1. deferred charges and intangibles (Net) (Note 16) Total assets Ps.974 The Group’s historical capital stock at December 31. 1.402 62.687 206 6.216 Collateral securities received (Note 8) (Note 8) Collateral securities received and delivered in guaranty Total proprietary transactions Total transactions on behalf of others 62.230 31.974 8. 48.206 4.610) 129.408 14.984 3. 225.098 24.603 141.775.393 ( 12.766 147.131 3.248 15.539 13.912 1.408 Ps.B.222 Memoranda accounts Transactions on behalf of others 2009 2008 Customers’ current accounts Customers’ banks Settlement of customers’ transactions Customers' securities Ps. 34 Grupo Financiero Inbursa .391 8.889 922 27 198.385 18.222 3. 1.091 1.005. 2008 (Restated) 22.068 92 34.356 569 6.318 2.552 3.221 Ps.389 7.272 Ps.168 55 164.992.573 2.344.186 66.737 36.839 Ps.098 22.193 124.185 14.905 438 106 4.139 Ps.233 76.002 1.545 2. 3 ( 95) ( 92) 2.092 5.359 Ps.999 1.028) 3.8. 2009 and 2008 is Ps.717 6.123 155.904 Ps.005.073 113 2.219 7.217 356 4.546 13.609.094 1.406 4.507 955 138.440 Property held for safekeeping or under management (Note 30) Security repurchase agreements Ps.704 200 53.650 5.132 1.226 3.
2.GRUPO FINANCIERO INBURSA.677 9) 3.062 5.809 7. S. Ps.885 664 321) 343 2.859 9.296 3.B. 2009 and 2008 (In millions of Mexican pesos) (Notes 1 and 2) 2009 Interest income Interest expense Financial margin (Note 27) Preventive provision for credit risks (Note 12d) Financial margin adjusted by credit risks Commissions and fees collected (Note 28) Commissions and fees paid Intermediation income (loss) (Note 29) Other operating income Total operating revenues (Note 26) Administrative and promotional expenses Operating income Other income Other expenses Income before tax and equity interest in net income of unconsolidated subsidiaries and associates Income tax (Note 19) Deferred income tax (Note 22) Income before equity interest in net income of unconsolidated subsidiaries and associates Equity interest in net income of unconsolidated subsidiaries and associates (Note 15) Net income Minority interest Net majority income The accompanying notes are an integral part of these financial statements.329 4.668 Estados Financieros 35 .549 8.909 5. 21.542 1.004 905 1.061 738 323 7.556 180 1.271 11.412 4.625 ( ( ( Ps.473 2.689 522 5.350 3.165 168 1.135 3. DE C.542 2.043 880 38 842 2.516 3.066 12.954) 177 1.441 6.937 3.587 10.V.220 5.068 2008 (Restated) Ps.451 1.091 23) 8. AND SUBSIDIARIES Consolidated Statements of Income Years ended December 31. ( Ps.A.128 1. 19.
2009 ( Increase in capital stock. 2007 to retained earnings Dividend declared as per ordinary shareholders’ meeting held on April 26.B. S. as per extraordinary shareholders' meeting held on June 23. 2008 (Restated) Resolutions adopted by shareholders Appropriation of net income of year ended December 31. 14.558 14.558 12. 2007 (Restated) Resolutions adopted by shareholders Appropriation of net income of year ended December 31. net of deferred taxes Total Minority interest Balances at December 31. net of deferred taxes Total Minority interest Balances at December 31. 2009 The accompanying notes are an integral part of these financial statements. 13.201 36 Grupo Financiero Inbursa . Ps.043 Reclassification of the accumulated recognition of the effects of inflation as per new accounting criteria effective January 1. 2008 to retained earnings Dividend declared as per ordinary shareholders’ meeting held on April 30. AND SUBSIDIARIES Consolidated Statements of Changes in Shareholders’ Equity For the years ended December 31.A.207 13.V. DE C. as per extraordinary shareholders' meeting held on June 23. 2009 and 2008 (In millions of Mexican pesos) (Notes 1.207 Ps. GRUPO FINANCIERO INBURSA. 2008 Stock premium Ps. 2009 164 275 111) 12. 2008. 14. 2009 Total Recognition of comprehensive income (Note 25b) Net income Unrealized loss on valuation of instruments available for sale Initial recognition of deferred taxes by subsidiaries Equity interest in other shareholders' equity accounts of subsidiaries. Decrease in capital stock. 643 Ps. 2 and 24) Contributed capital Capital stock Balances at December 31.201 Total Recognition of comprehensive income (Note 25b) Net income Unrealized gain on valuation of instruments available for sale Equity interest in other shareholders' equity accounts of subsidiaries.
850) 111 111 ( 7.850 ( 1.068 23 ( 1.668) 8.( 971) ( 135) 812 947 8.028) ( 70 23) ( 2.401 5.042) 10. 8.850 10.987 Retained earnings Ps.158) 3.350) - ( 5.668 ( 971) 81 231) 3.667) 8. 40.( 10. 84 Total shareholders' equity Ps.667) ( 1. 5.649 54.668) ( 3. 61.483 12.Earned capital Capital reserves Ps. 3.903 135) 1) 947 Estados Financieros 37 .350) ( 10.495 - ( 1.360 Ps.667) 2. 2 4.068 Ps.158 Deficit from restatement of shareholders’ equity Ps.850) Ps.833 Ps.677 ( 878) 81 231) ( 1.( 216) Ps.839 ( 8.( Equity interest Result from in other holding nonshareholders' monetary assets equity accounts of subsidiaries 971) Net income Ps.359 3. 92 ( 23 ( 1) Ps. Ps.158 ( 5.158) Minority interest Ps.668 3.091 Ps.604 - 23) ( 1. ( 878) ( 3. 2.668 9 11.098 22.668 9 ( 3.001 ( 3.028) ( 1. 29.098 Ps.068 Ps.
261) 22. AND SUBSIDIARIES Consolidated Statement of Cash Flows For the year ended December 31.549) 11.832) 17.229) 372) 416 270) 226) 1.757) 6.091 4.909 2.951 5. ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( Ps.667) 90) 1.779) 7.568) 584) 6.964) 16. 2009 (In millions of Mexican pesos) (Notes 1 and 2) Net income Items not requiring the use of cash: Preventive provision for credit risks Depreciation and amortization Expense provisions Current-year and deferred income tax Equity interest in net income of unconsolidated subsidiaries and associates Operating activities (changes in): Margin accounts Investments in securities Debtors under security repurchase agreements Derivatives (asset) Loan portfolio Foreclosed and repossessed assets Other operating assets Traditional deposits Interbank and other borrowings Creditors under security repurchase agreements Derivatives (liability) Other operating liabilities Derivative hedging relationship (items hedged with operating activities) Net cash flow used in operating activities Investing activities: Payments for the acquisition of buildings. S.865 38 Grupo Financiero Inbursa .655 12.625) 837) 3. DE C.468) 3. Ps.062 298 140 1. GRUPO FINANCIERO INBURSA.B.126 15.V.A.654 19.853 8. 8.000 1.266 22. furniture and equipment Payments for the acquisition of other long-term equity investments Payments for the other asstes Net cash flow used in investing activities Financing activities Cash dividend paid Minority interest Net cash flow used in financing activities Net decrease in cash Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period The accompanying notes are an integral part of this financial statement.
042 22.400) 12. 977) 977) 5. net Preventive provision for credit risks Fair value valuation results Equity interest in net income of unconsolidated subsidiaries and associates Increase or decrease in items pertaining to operating activities (Increase) decrease in: Treasury transactions Loan portfolio Other accounts receivable and other assets Foreclosed and repossessed property (Decrease) increase in: Traditional deposits Interbank and other borrowings Other accounts payable and deferred credits Resources used in operating activities Financing activities Increase in capital stock Dividend paid Minority interest Resources provided by financing activities Investing activities Increase in: Fixed assets and long-term equity investments Resources used in investing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year The accompanying notes are an integral part of this financial statement.B.643 313) 7.248) ( 1. Ps. 2008 (Restated) (In millions of Mexican pesos) (Notes 1 and 2) GRUPO FINANCIERO INBURSA.833 1.558) ( 60. ( ( 3. DE C.677 212 323) 2.126 Estados Financieros 39 . AND SUBSIDIARIES Operating activities Net income Items not requiring (providing) the use of Group's resources: Depreciation and amortization Current-year and deferred income tax.329 1.A.V. S. Consolidated Statement of Changes in Financial Position For the year ended December 31.577) 5.805 ( 18.084 17.350) 22) 11.045 1.135) 5.461 ( ( Ps.163) 11 ( ( ( ( ( 76.
in conformity with the Mexicasn Retirement Savings System Act.V. Sinca Inbursa. AND SUBSIDIARIES Notes to Consolidated Financial Statements December 31. S. such companies are not subject to consolidation.: This entity is engaged in receiving retirement savings funds.A. DE C. Companies regulated by the CNBV • Banco Inbursa. Banco Inbursa holds a majority equity interest in the following entities: Afore Inbursa. the Group is liable alternatively and unconditionally for the liabilities and losses of its subsidiaries.V. The Group is subject to the money laundering prevention regulations issued by the Ministry of Finance and Public Credit (SHCP).GRUPO FINANCIERO INBURSA. 2010. de C. This entity is regulated by the CNBV. S. Sinca Inbursa does not exercise control over promoted companies..V. the general rules for the incorporation and functioning of financial groups. 2009 and 2008 (In millions of Mexican pesos. the accompanying consolidated financial statements and these notes were authorized by the undersigned officers for their issuance and subsequent approval by the Board of Directors and Shareholders.A. The Group is engaged primarily in acquiring and managing the voting shares issued by its subsidiaries. On March 23. as well as the general dispositions of the Mexican National Banking and Securities Commission (the CNBV or the Commission). S. Sociedad de Inversión de Capitales (Sinca Inbursa): Is engaged in investing in shares and securities issued by Mexican stock corporations which require long-term financing and whose activities are closely linked to the goals of Mexico’s national development plan. S.. who have the authority to modify the Group’s financial statements. A description of the activities performed by the companies in which the Group is the majority shareholder is as follows: I. de C. the accompanying financial statements include the consolidated financial information.A. as well as the rules issued by the Commission and Banxico. Description of the Business and Relevant Events Grupo Financiero Inbursa. since it holds 99.B. de C. the CNBV has. Such shares must represent at least 51% of the paid-in capital of each company. In conformity with the requirements of the CNBV applicable to controlling entities of financial groups. within its inspection and oversight powers. Therefore.A. This Bank is regulated by the Mexican National Retirement Savings System Commission (CONSAR).B.99% of its outstanding shares.V. a company over which the Group exercises control. The Group is currently authorized by the Mexican Central Bank (Banxico) to engage in transactions with derivatives. 40 Grupo Financiero Inbursa . de C. except for foreign currency and exchange rates) 1. thus contributing to Mexico’s social and economic growth. in conformity with the requirements of the Mexican Credit Institutions Act. (the Group) conducts its transactions in conformity with the regulations established in the Mexican Law Regulating Financial Groups. except for Movie Risk. S. In conformity with the Mexican Law Regulating Financial Groups.A.A. Is a multiple-type banking institution engaged in providing banking and credit services and acting as a trust company.V. the right to demand those modifications and corrections that it considers necessary prior to their publication. When reviewing the financial statements of controlling entities of financial groups. S.
this entity has not started up operations and the balance of its net assets is immaterial with respect to the Group’s consolidated financial statements taken as a whole. sundry. standards and procedures. III. Is engaged in providing professional. individual.A.V. the fulfillment of contracted financial obligations of individuals or corporate entities to other individuals or corporate entities. co-insurance and counter-insurance business. public or private.. This company is engaged primarily in leasing all types of property under financial and operating aggrements.A. • Operadora Inbursa de Sociedades de Inversión. de C. At December 31. S. S. This company is engaged primarily in providing administrative and stock distribution and repurchasing services. civil and professional liability.V.V.A. This company is also liable for the payment of claims arising under bonds extended. Conducts its transactions in conformity with the Mexican Investment Funds Act. • Sociedad Financiera Inbursa.A. Is engaged in selling fire. S. S. This company is also authorized to engage in reinsurance. S. the SHCP and Banxico. ER. Seguridad Inbursa..: Is a real estate company authorized and supervised by the CNBV. accident and health insurance. Provides promotional services for the sale of financial products offered exclusively by companies in the Group.A. II.Inmobiliaria Inbursa.A. group and collective life. de C. Is a regulated financial institution of multiple objet that operates under the regulations established by the CNBV. Is engaged in life insurance activities that involve exclusively the handling of pension insurance derived from social security legislation. accounting. S. SOFOM. S. 2009 and 2008. Estados Financieros 41 . as well as in managing its investment fund portfolio. S. Companies regulated by the Mexican National Insurance and Bonding Commission (CNSF) • Seguros Inbursa. de C. Companies providing supplementary services • Out Sourcing Inburnet. de C. for a fee.V. automobile.V.A. This company is authorized to guarantee.A. de C. de C. protection and surveillance policies. maritime and transportation. • Fianzas Guardiana Inbursa. administrative. This entity acts primarily as an intermediary in the trading of securities and currencies in terms of the Mexican Securities Trading Act and the general dispositions established by the Commission.A. • Asesoría Especializada Inburnet.V. • Pensiones Inbursa. the Mexican Corporations Act and the general regulations established by the Commission.A. information technology and management services exclusively to its affiliated companies. • Inversora Bursátil.V. crop. de C.: Supplementary services company engaged in providing consulting services and developing security. This company is also authorized to engage in reinsurance and rebonding business. S. S.
which are in line with the Mexican Financial Reporting Standards (hereinafter Mexican FRS) issued and adopted by the Mexican Financial Information Standards Research and Development Board (Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera. the accounting criteria established by the CNBV are at variance with Mexican FRS. Under Mexican FRS. ii) gains or losses derived from fluctuations in residual value must be attributed to the lessee. to recognize them on a deferred basis. The CNBV’s accounting criteria allow hedging relationships to be established for assets and liabilities that are valued at fair value and affect the income statement. The main differences applicable to the Group are the following: i) Under Mexican FRS. when the entities repurchase. sell directly or pledge in guaranty any collateral securities they receive as a buyer. Under the CNBV accounting criteria. A.C. Mexican FRS do not allow these accounts to be offset unless they are with the same counterparty. However. Mexican FRS require an analysis of commissions collected to determine whether they represent adjustments to the interest rate of loans granted and. These reserves must be created based on the age of the assets and specific reserve percentages. CNBV accounting criteria establish exceptions to this rule for companies in the insurance and bonding sector. CNBV accounting criteria require reserves for bad debts and impairment to be created for certain accounts receivable and foreclosed and repossessed property. i) the lessee may cancel the agreement. but any losses related to the cancellation must be covered by the lessee. the assets and liabilities of those companies over which the Group exercises significant control must be consolidated. which are not consolidated despite the fact that the Group controls them. and iii) the lessee has the option to renew the lease agreement for an additional period with a rent substantially lower than market value.Preparation of financial statements The Group’s financial statements are prepared on the basis of the accounting criteria established by the CNBV. ix) x) xi) 42 Grupo Financiero Inbursa . ii) iii) iv) v) vi) vii) viii) The CNBV accounting criteria establish the following considerations to recognize lease agreements as capital leases in addition to those established by Mexican FRS. Mexican FRS do not allow for these types of hedges. or CINIF). these reserves are computed based on estimates as to the probability of recovering the assets. Under Mexican FRS. deferred income recognition related to commissions refers to commissions generated on the initial granting of loans. Mexican FRS require that such costs be amortized based on the terms of the related derivative agreements. CNBV accounting criteria establish specific rules for the grouping and presentation of financial statements. In certain instances. CNBV accounting criteria require that capital risk investments be recognized in the caption Long-term equity investments and that they be valued using the equity method. presentation and disclosure of the financial information. but that include specific rules with respect to the recording. transaction costs incurred in operations with derivatives are recognized directly in results of operations as incurred. the net balance of margin accounts related to futures is presented in the caption Margin accounts. these investments are treated as financial instruments (investments in securities) and are valued at their fair value. the incremental costs associated with the granting of loans must be recognized on a deferred basis when commissions collected are related to such loans and are subject to deferral. The CNBV accounting criteria establish the offsetting of accounts receivable and payable under security repurchase agreements. Mexican FRS establish the deferral of such incremental costs separately from the revenue. Mexican FRS require such balance be included as part of the Derivatives caption. Under CNBV criteria. if applicable. valuation. Under CNBV criteria. Under the CNBV accounting criteria.2. Summary of Significant Accounting Policies and Practices .
have the same maturity and be settled simultaneously). changes in the fair value were recognized in margin accounts presented as part of the caption Cash and cash equivalents.The general rules for offsetting financial assets and liabilities were modified so as to establish the following requirements: i) that there be a contractual right to offset the amounts recognized.In security repurchase agreements. The Commission also established accounting recognition rules for the transfers of securities between categories. Collateral securities received by the Group. these effects must now be recognized in the same income statement caption as the hedged positions attributable to the risk being hedged are recorded. 2009. 2009: Statement of Cash Flows . Derivative financial instruments . The Group also has a 15-business-day term for the creation of an allowance for bad debts on the balance of unrecovered documents for the immediate guaranteed collection so as to be transferred to the caption Other accounts receivable. As a result of amendments made to the rules for the presentation of valuation effects of fair value hedges. These amounts are valued at fair value. Whenever the Group sells or grants in guaranty (in security repurchase or loan agreements) any collateral securities received as a buyer. Transfer of financial instruments between categories .The rules for the recording of futures transactions were modified to require that changes in the fair value of these instruments be presented as part of the caption Derivatives. Such account payable is valued either at fair value in the case of the sale of the securities or using the amortized-cost method in the case of the extension of guaranties. are reclassified as restricted securities in the Investments in securities category in which they are recognized. Statement of Cash Flows. Statement of Changes in Financial Position with the new bulletin D-4. In prior years. Collateral securities delivered by the Group as seller. Interest on repurchase agreements must also be credited or charged to results of operations as it accrues and the respective credit or charge must be made to accounts receivable or payable.. This new accounting pronouncement requires the presentation of a statement of cash flows. an account payable is recognized.e. they should have arisen from the same contract. at the agreed price. the Group is required to recognize an account receivable (as buyer) or an account payable (as seller). Documents for immediate guaranteed collection . Security repurchase agreements . The prior accounting criterion included an additional and optional requirement that financial assets and liabilities be of a similar nature (i. the Group was affected by the following relevant accounting events: . which shows the entity’s cash inflows and outflows during the period rather than the changes in financial position. Rules for offsetting financial assets and liabilities . as a buyer.CNBV replaced its accounting bulletin D-4. derived from transactions with foreign entities must be recorded as part of the caption Cash and cash equivalents was reduced from 15 to 5 business days. Securities sold or delivered in guaranty are recognized in Memoranda accounts under the caption Collateral securities received and sold or delivered in guaranty by the entity. the difference between the value of the account payable and the amount of cash received is recognized in results of operations as part of the caption gain or loss on the buying and selling of securities.The term in which the documents for immediate guaranteed collection. The application of this standard is prospective. Changes in the fair value of fair value hedges were formerly recognized in the statement of income as part of the caption Intermediation income (loss). Such amounts must then be valued using the amortized-cost method during the effective term of the agreement. or to simultaneously realize the asset and settle the liability.Changes in accounting criteria The following changes were published by the CNBV on April 28. are recognized in memoranda accounts under the caption Collateral securities received by the entity. and ii) there is the intention to settle the net amount. In this instance.During the year ended December 31. Estados Financieros 43 . This change in the accounting rule represents stricter requirements for offsetting the clearing accounts resulting from the Group’s transactions.The accounting rules regarding investments in securities were modified to establish that the transfer of securities to “held to maturity” or the transfer of securities “for trading” to “available-for-sale” requires formal authorization from the Commission. The securities are subsequently valued at their fair value.
In 2009. net Other assets Total assets 17.Changes in the methodologies used in the preventive provisions for credit risks Consumer loans . For consumer loans provided through credit cards.215 . 129. The changes are the result of the application of changes in the accounting criteria issued during the year. the percentages provided in the provision tables were increased.733 4. amendments to the methodology for the calculation of the preventive provision for consumer-credit risk were published..222 26. Commissions collected on the granting of loans . 22.724 2. ( 35. amendments to the rating rules for loans granted to government entities were published.126 53.909 8.724) Ps.943 26. .142 34 6. . that mature in 180 days or less.On August 12. the provision percentage tables were replaced with a formula that must be applied for the determination of preventive provisions.Financial statement model and grouping rules Changes were made to the standard financial statement model and the grouping rules established by the CNBV.517 8. new definitions and rules were established for recognizing on a deferred basis the incremental costs associated with the initial granting of loans. 2009. ( 64 .219 Ps.250 6. The application of these new rating rules gave rise to an increase in the preventive provision for credit risks that represented a charge to the 2009 income statement of Ps.909 6.069 Ps.206 2. Also. 227. Such formula is based on expected loss models.237. Certain amounts shown in the 2008 financial statements as originally issued have been reclassified for uniformity of presentation with the 2009 financial statements. lenders may reduce their preventive provision for credit risks by 15% for those loans currently registered in the Registry for Obligations and Borrowings of Federal Entities and Municipalities and that are guaranteed by a portion of Federal revenue as a source of payment for the total credit and accounts payable by Federal and municipal entities and decentralized bodies. For consumer loans not provided through credit cards.Although formerly allowed. Under these new rules.573 2.659 253. Government loans .563 Ps. 2009. the new accounting criteria do not permit the designation of net asset and liability positions as the primary position in a derivative hedging relationship.943) Ps. 29.539 131. the Group had no loans to government entities with the maximum maturities established in this rating rule.215 44 Grupo Financiero Inbursa .The rules for the accounting recognition of commissions collected on the granting of loans were amended to include specific rules for the deferred accounting recognition of commissions on the initial granting of loans.On November 9. Highlights of the main reclassifications are as follows: Previous presentation New presentation Balance sheet Assets Cash and cash equivalents Margin accounts Investments in securities Derivatives Reclassifications Ps. on annual credit card fees and on the opening of lines of credit. Debtors under security repurchase agreements Valuation adjustment for financial asset hedges Loan portfolio.724 4. 25.
244 1. therefore.935 367 58 Ps.441 2. because in 2009 Sociedad Financiera Inbursa (a subsidiary of the Group) reviewed the classification of the operating lease agreements entered into with customers.156) 5.165 168 .131) 5. An analysis of the restated financial statements for 2008 is as follows (figures shown before the reclassifications due to the application of new accounting criteria for 2009): Estados Financieros 45 .131 13. as well as the accounting of embedded derivatives of foreign currency. 6.516 Administrative and promotional expenses Other income 1. - Ps.043 3. subsidiaries and associates 2. New presentation Ps. the 2008 financial statements as originally issued were restated.827 19.473 880 38 Income before tax and equity interest in net income of Ps.884 Accrued liabilities and other accounts payable Total liabilities Other liabilities Settlement of transactions Income tax payable Derivatives 13.165 168 177 6.222 The changes in accounting criteria require the presentation of the memoranda accounts captions Collateral securities received by the entity and Collateral securities received and sold or delivered in guaranty. 253.959 227.885 The income statement information shown above stops at income before taxes.296 Other operating income Intermediation (loss) income Total operating revenues Operating income Other expenses ( 2.329 3.618 54.659 25.563 Ps. ( ( ( 12. since no reclassifications were made for presentation purposes to the captions Current-year and deferred income tax and Equity interest in net income of subsidiaries and associates.131 949 367 25.329 4. As a result. the Group restructured its consolidated financial statements for all of the prior years in which these transactions were conducted. Previous presentation Ps. 147. ( 19. which in prior years were presented as part of the caption Securities to be delivered or received under security repurchase agreements.625 4.441 2.935 5.101 38 3.954) 5. In addition to the aforementioned reclassifications.522 949 .604 Ps.659 3.659 Total liabilities and shareholders' equity Shareholders’ equity Ps.885 Ps.822 1.884 Ps. Such changes were retrospectively recognized.244 1.339 202 177 177 1.268 Ps.604 25.Liabilities and shareholders' equity Traditional deposits Interbank and other borrowings Creditors under repurchase agreements Ps.391 198.066 Statement of income Interest income Interest expense Reclassifications 202) 202) 202) - Financial margin adjusted for credit risks Commissions and fees paid Commissions and fees collected Preventive provision for credit risks Financial margin 12.717 172. 147.517 ( 221 44 221) - 2. 54. respectively.498 3. ( 5. 25. the subsidiary recognized financial leases and the effects of fair value of embedded derivatives as part of loan portfolio. 2. 8.
248 Ps.884 58 13.522 870 Ps. 227. 29.069 35.028) 971) ( 9) Ps.610) Buildings. 188 179 ( ( 3.539 64 ( 12.999 1. furniture and equipment.754 29 4. 227.907 27.978 ( 730) 15.028) 971) Ps.592 7.185 Liabilities Adjustments Traditional deposits Credit balances under repurchase agreements Derivatives Income tax and employee profit sharing payable Deferred tax and employee profit sharing.. 52 52 367 922 27 172. 961 144.098 ( 3.754 4.959 27.480 54.069 Adjustments 2008 (Restated) Ps.359 3.884 58 147.425 70 1.668 54.539 64 35.244 1.332 231 Ps. 231 Ps.332 2008 Ps.935 8.935 8.Balance Sheet 2008 Assets Cash and cash equivalents Investments in securities Derivatives Debit balances under repurchase agreements Loan portfolio Ps.185 1.408 22.733 Other accounts receivable Preventive provision for credit risks 143.604 70 1.553 7. net Other assets Long-term equity investments Foreclosed and repossessed property 15. 29.244 1.408 172.999 1. 227.522 27 367 13. net Deferred credits and early settlement Shareholders' equity Contributed capital Retained earnings Capital reserves Accrued liabilities and other accounts payable Interbank and other borrowings 147. 227.098 Equity interest in other shareholders’ equity accounts of subsidiaries Net income Minority interest Result from holding non-monetary assets ( 22.563 46 Grupo Financiero Inbursa .368 3.733 ( 12.563 2008 (Restated) 1.610) 29 Ps.
Mexican FRS C-7.New Mexican Financial Reporting Standards (FRS) New accounting pronouncements that became effective in 2009: Mexican FRS B-8. b) Basis of preparation of financial statements CNBV regulations require that amounts shown in the consolidated financial statements of financial groups be expressed in millions of Mexican pesos. therefore. Management does not believe the adoption of these new accounting pronouncements will have a material effect on the Group’s financial information.101 2.135 Ps. net Total operating income Operating income Financial margin 12. Preventive provision for credit risks Commissions and fees.329 2.083 2. transactions conducted with unconsolidated subsidiaries have not been eliminated.441 19.Statement of income 2008 Adjustments 2008 (restated) Interest income Interest expense Ps.012 Ps.135 ( 664 321) Minority interest Net majority income Ps.885 38 2.997 4.517 1. Equity Investments in Affiliates and Other Long-term Equity Investments. 256 256 256 Ps.156) 1.329 2. Mexican FRS C-8. liabilities and result of operations of the subsidiarias in which the Group holds equity interest in excess of 50% of the investee’s capital stock.643 Net income Equity interest in net income of subsidiaries and associates Income before equity interest in net income of subsidiaries and associates ( 664 242 54 188 188 188 375) 2.268 6.498 Administrative expenses Other income ( Other expenses 3. ( 3.542 3.156) 3. As specified by the CNBV..822 2.571 12.539 1.997 6. Consolidated and Combined Financial Statements. The most important accounting policies and practices observed by the Group in the preparation of the financial statements are described below: a) Consolidation of the financial statements The consolidated financial statements include assets. Estados Financieros 47 .677 1.441 19.544 5. these balances are not included in the captions at all.489 1.480 9) Ps. except for those carried out between companies in the insurance and bonding sector regulated by the CNSF.827 ( 2.668 9) . ( 3.142 38 256 Current year income tax and employee profit sharing Deferred income tax and employee profit sharing Income before income tax and employee profit sharing ( 283 27 41) 5.339 1. Intangible Assets. the accounting records of certain captions of the accompanying financial statements show balances of less than one million and. Financial margin adjusted for credit risks Intermediation loss 4.242 2.354 3. Consequently. Important intercompany balances and transactions have been eliminated in the consolidation. 2.
and Demand deposits in the case of loans received. Such investments are stated at acquisition cost plus unpaid accrued interest at the balance sheet date. only non-monetary items that are from years prior to 2007 and are included in the balance sheets at December 31. When these documents are not recovered within such terms. 2009 and 2008.Securities trading For unsettled securities trading. Such non-monetary items include fixed assets. i) Unsettled transactions . based on the nature of the initial transaction. For those items transferred to the Other accounts receivable caption. the Group operated in a non-inflationary economic environment. the Group uses the prices. 2007. d) Recognition of the effects of inflation on financial information For 2009 and 2008. the related amount receivable or payable is recorded in the corresponding clearing account at the agreed on price 48 Grupo Financiero Inbursa . intangible assets. rates and other market information provided by a CNBV-authorized price supplier. they are transferred to the Loan portfolio or Other accounts receivable caption. Earned or accrued interest is charged to income under the caption Financial margin. Exchange differences are charged or credited to the statement of income under the caption Financial margin and Intermediation income (loss). irrespective of the settlement date. g) Foreign currency balances and transactions Foreign currency denominated assets and liabilities are recorded at the prevailing exchange rate on the day of the related transaction and are translated using the exchange rate of the date of the financial statements.6% at December 31.0% and 11. 2008. as published by Banxico on the immediately following bank-working day. f) Valuation of financial instruments In determining the fair value of both proprietary and customer positions in derivative financial instruments. As a result. similar to fair value. beginning January 1. 2009 and 2008. based on the nature of the item that gave rise to them. contributed or initially recognized through December 31. Documents for immediate guaranteed collection are recognized as part of Other cash equivalents if they are collectible within two (in Mexico) or five (abroad) business days after the date of the transaction that gave rise to them. since the cumulative inflation rate over the three prior years did not exceed 26% (15. Actual amounts could differ from these estimates. except for futures transactions. recognize the effects of inflation from the date they were acquired. h) Cash and cash equivalents Cash and cash equivalents consist basically of bank deposits and highly liquid investments with maturities of less than 90 days. an allowance for the total debt is created within 15 business days after the transfer. Consequently. respectively). are included as part of the captions Cash and cash equivalents in the case of financing extended. which are valued using market prices determined by the clearinghouse of the respective stock market in which the Group operates. the Group ceased to recognize the effects of inflation on its financial information. repurchase agreements and security loans. using the accrual method. are recorded at the time agreements are entered into. among others (both proprietary and on customer’s behalf).c) Use of estimates The preparation of the consolidated financial statements requires management to make certain estimates to determine the value of certain assets and liabilities. Call money financing extended or acquired in the interbank market and whose repayment period may not exceed three bank-working days. as so defined under Mexican FRS B-10. capital stock. capital reserves and retained earnings e) Recording of transactions Transactions related to investments in securities.
When it is agreed that settlement shall be within a maximum of two bank-working days from the trade date. Securities for trading are valued at fair value and the related gain or loss is credited or charged to operations under the caption Intermediation income (loss). plus returns in the case of debt instruments. plus returns determined using the real interest or straight-line method. which is determined using the real interest or straight-line method. against the corresponding clearing account. until the respective payment is made. . When such indicators do exist. and can be offset only if and when the Group has the contractual right to do so and intends to settle the net amount. the investments are tested to determine the present value of their recoverable cash flows and their book value is adjusted accordingly. the traded currency is recorded as a restricted liquid asset (in the case of purchases) and a liquid asset disbursement (in the case of sales). 49 Estados Financieros . Gains or losses on the trading of foreign currency are recognized in results of operations as part of the caption Intermediation income (loss). the difference between the selling price and carrying value is recognized in results of operations and the fair value adjustment of the instruments reflected in shareholders’ equity is cancelled. and is credited to income as part of the caption Interest income. They are classified based on management’s intentions with regard to each investment at the time of purchase. With respect to transactions involving the buying and selling of securities and foreign currencies that are not paid for immediately in cash or where settlement is not on a same-day basis.Buying and selling of foreign currency Transactions involving the buying and selling of foreign currency are recorded at the contracted price. Such securities are valued at fair value and the related gain or loss is credited or charged to the comprehensive income in the shareholders’ equity. Each classification includes specific rules with respect to the way the investment is recorded. which are recognized in the statement of income as part of the caption Interest income.at the time at the trade. At the maturity date or at the time the instruments are sold. the effects of their mark-to-market valuation are not recognized for financial reporting purposes Management periodically determines whether there are any indicators of impairment in the value of its securities investments classified as held to maturity. j) Investments in securities Investments in securities include debt instruments and shares. valued and presented in the financial statements. the related amount receivable or payable is recorded in Mexican pesos in clearing accounts. These investments are initially recorded at cost. as follows: . plus returns determined using the straight-line method.Securities for trading These instruments are acquired for the purpose of obtaining gains from their returns and/or the changes in their market prices. they are reclassified as outstanding debt under the caption Other accounts receivable and the Group creates an allowance for the entire balance. They are initially recorded at cost. The difference between the price of the securities and the agreed on price is recognized in results of operations as part of the caption Intermediation income (loss). which are credited to income as part of the caption Interest income. Since these investments are recorded at their nominal value (amortized cost method). When debit balances in clearing accounts are not recovered within 90 days subsequent to the trade date.Securities held to maturity These are investments in debt instruments indented to be held holding them to maturity. The Group also performs impairment tests based on the market prices of securities held to maturity. These investments are recorded at cost. or to simultaneously realize the asset and settle the liability. .Securities available for sale These refer to cash surplus investments that are not intended for trading or to be held-to-maturity. Debit and credit balances in clearing accounts are included as part of the caption Other accounts receivable and Settlement of transactions. . as the case may be.
2009. a debt instrument cannot be classified as held-to-maturity if the Group. an account payable is recognized. and ii) when at the time of sale. at the agreed price. Collateral securities delivered by the Group as a seller. Collateral securities received by the Group. except for the following situations: i) when the security has been sold within 28 days prior to maturity or to the date of the issuer’s repurchase option. Such amounts are valued at their fair value. are recognized in memoranda accounts under the caption Collateral securities received by the entity. are reclassified as restricted securities in the Investments in securities category in which they are recognized. . the Group sold no instruments classified as to be held to maturity. respectively. In 2008. For the year ended December 31. as the case may be. . has sold or transferred a securities recognized in this category prior to their maturity.Offsetting financial assets and liabilities Whenever the Group sells or pledges in guaranty any collateral securities received as a buyer. as a buyer. 50 Grupo Financiero Inbursa .Transfer of instruments between categories The Group must obtain express authorization from the CNBV to transfer investments in securities between categories. during the year ended December 31. the account payable recognized is offset against the account receivable initially recorded when the Group acted as a buyer and the net debit or credit balance is presented as part of the caption Debtors under security repurchase agreements or Collateral securities sold or received in guaranty. which are described in Note 7d. except for transfers from the “Held-to-maturity” category to the “Available-for-sale” category. Cash dividends received are recorded in results of operations as part of the caption Other operating income.In conformity with the CNBV accounting criteria. the Group sold securities held to maturity. the average unit purchase cost of the shares. respectively. which may be valued either at fair value in the case of security repurchasing or using the amortized-cost method in the case of loan agreements. at the same time. the Group transferred instruments between categories. Securities sold or delivered in guaranty are recognized in Memoranda accounts under the caption Collateral securities received and sold or delivered in guaranty by the entity. . Such amounts must then be valued using the amortized-cost method during the effective term of the agreement. the Group made no transfers of instruments between categories. Whenever the Group sells or grants in guaranty (in security repurchase and/or loan agreements) any collateral securities received as a buyer. based on its experience during the current year or the two immediately preceding years. In this instance. These amounts are valued at fair value. In these instances. k) Repurchase agreements In security repurchase agreements. the Group is required to recognize an account receivable (as buyer) or an account payable (as seller). more than 85% of the instrument’s nominal yield has accrued. For the year ended December 31. The total amount of premiums earned and paid is recognized under the captions Interest income and Interest expense. This is the same as assigning a zero value to the dividend. As described in Note 7c.Dividends Stock dividends received are recorded recognizing the increase or decrease in the number of shares held and. The unrealized gain or loss on valuation corresponds to the difference resulting from comparing the book value against the fair value of the financial instrument. the related unrealized gain or loss on valuation at the date of transfer must be recognized in shareholders’ equity. 2009. the difference between the value of the account payable and the amount of cash received is recognized in results of operations as part of the caption Intermediation income (loss). 2008.
At December 31. . regardless of whether they are classified as for trading or hedging purposes. the Group has no cash flow hedges. Collateral (margin calls) is presented in the balance sheet as part of the caption Margin accounts. The net exchange differences in the market prices of futures contracts are recognized in the balance sheet as part of the caption Derivatives and charged or credited against results of operations under the caption Intermediation income (loss). the Group has no forwards for hedging purposes. Transaction costs are recognized in results of operations as they are incurred. Changes in the fair value of swaps for trading are recognized in the statement of income as part of the caption Intermediation income (loss). an asset portion and a liability portion are recognized at the initially contracted price multiplied by the notional amount. For presentation purposes.Swaps Swaps are recorded at the initially contracted price. if the hedging strategy is based on fair value or in shareholders’ equity if the hedging strategy is based on cash flows. At December 31. The valuation of such transactions is made at fair value.l) Derivatives Derivatives are recognized in the balance sheet at fair value. based on their classification as either for trading or hedging. The notional amounts of the derivatives are also recognized in memoranda accounts under the caption Other memoranda accounts Highlights of the accounting treatment of the Group’s agreements involving financial instruments (derivatives) are as follows: . an asset portion and a liability portion are recorded at the initially contracted price multiplied by the notional amount. The net balance (position) is presented in the balance sheet as part of the caption Derivatives. the Group has no futures for hedging purposes. Interest generated on these instruments is recognized as part of Financial margin and includes exchange differences. and projected in accordance with applicable future implicit rates discounted from prevailing market interest rates at the date of valuation. the valuation effect resulting from the difference between the contracted price and the fair value of contractual obligations is recognized in the statements of income under the caption Intermediation income (loss). 2009 and 2008. Cash f lows received or delivered to adjust the derivatives to their fair value at the inception of the hedge (excluding premiums on options) are recognized as part of the fair value of the instrument.Futures For futures for trading. . 2009 and 2008. which corresponds to the current value of future flows expected to be received and delivered.Forwards For forwards. the Group has entered into swaps agreements for trading and fair value hedging purposes. 2009 and 2008. For forwards for trading. The effects of valuation of swaps for hedging purposes are recognized in the statement of income. At December 31. the net credit or debit balance (position) of anticipated future cash flows to be received and to be delivered is presented in the balance sheet as part of the caption Derivatives. 2009 and 2008. Estados Financieros 51 . At December 31.
. 52 Grupo Financiero Inbursa . while derivative portions are recognized at Options are contracts under which the acquirer has the right. independent derivatives. Derivative portions of structured transactions do not constitute embedded derivatives. or an identified portion of such assets. to purchase or sell a financial or underlying asset at a determined price called the exercise price. Embedded derivatives are recognized in the balance sheet together with the host agreement as part of the loan portfolio. . but rather. .S. in which the parties agree to exchange cash flows. The Group has contracted fair value hedges for market risks related to assets.Credit derivatives Credit derivatives. at an established date or time. operating leases denominated in foreign currency (mainly U. and the fair value attributable to the risk being hedged are recorded. Whenever it is determined that a derivative is no longer a highly effective hedge. the Group has no credit derivatives for hedging purposes. policies and procedures implemented by the Group are described in Note 32. The derivative is reclassified to the trading position or dissolved. derivatives assets or liabilities are recognized and valued based on their nature (debt securities or loans). dollars) give rise to embedded derivatives. Changes in the fair value of derivatives are recognized in the statements of income as part of the caption financial margin The main comprehensive risk management practices. At December 31. but not the obligation..Derivative financial instruments for hedging purposes Fair value hedges These instruments hedge the exposure to changes in the fair value of a recognized asset or liability or unrecognized firm commitments. are valued based on the fair value of the option’s Investments in securities classified as credit linked notes contain an embedded credit derivative component that is valued at fair value. 2009 and 2008. are valued based on the fair value of the rights to be received and the cash premium or premiums. the Group prospectively ceases to apply hedge accounting to the derivative. which are measured and recognized at fair value.Embedded derivatives Since the Group’s functional currency is the Mexican peso. Changes in the fair value of hedged positions are also recognized on the balance The effectiveness of the Group’s hedges is evaluated monthly.Structured transactions In these transactions there is a host contract that references non-derivative assets or liabilities and a derivative portion represented by one or more derivatives. flows to be delivered in each instrument. These financial instruments are valued at fair value. Credit derivatives whose primary contracts are options. liabilities or unrecognized firm commitments attributable to a particular risk and which may affect the Group’s results of operations. Nonfair value based on their economic substance (swaps or options). applying the forward exchange rates to projected cash flows. Changes in the fair value of instruments for hedging purposes are recognized in the same income statement caption in which the hedged positions sheet as part of the caption Valuation adjustment for financial asset hedges.
as established under the CNBV accounting criteria. Incremental costs incurred in the granting of loans are being amortized in the statement of income. they are transferred to the loan portfolio. Commissions collected on the opening of lines of credit on which no drawdowns have currently been made are recognized in results of operations on a deferred basis over a term of twelve months. Financial income on these transactions is equal to the difference between the value of rents and the cost of leased assets and is recorded in results of operations as it accrues. as agreed upon in the related agreement. Capital leases are recorded as direct financing. irrespective of the settlement date. crediting the related cash disbursement. and applies on a supplementary basis certain provisions and definitions established in Mexican FRS D-5. they are classified as operating leases. Interest on performing loans is credited to income as it accrues. With respect to the discounting of notes. Estados Financieros 53 . Commissions collected on the initial granting of loans are recorded in results of operations over the term of the loan.Loan portfolio recording Lines of credit granted to customers are controlled in Memoranda accounts as part of the caption Loan commitments.m) Loan portfolio Accounting recognition . The recognition of interest is suspended at the time the loan is transferred to the past-due portfolio. at the time they are authorized by the Group’s Loan Committee. Classification of leases The Group classifies its asset lease agreements as either operating or capital leases. Leases. while the unsettled cash is applied to the caption Accrued liabilities and other accounts payable. Interest is charged based on the average monthly balance of the line of credit through the invoicing or cut-off date. considering the total amount of rents agreed on under the related contracts as part of the loan portfolio. and is amortized using the straight-line method over the term of the loan. Commissions on the revolving credit card annual fee are being amortized in the statement of income over a twelve-month term. For revolving consumer loans provided through credit cards. based on the terms in which commissions collected on the assets are amortized. The purchase option agreed on under capital leases is recognized as income on the date of collection or as amortized income during the remaining term of the lease from the time the lessor agrees to take such option. When the risks and benefits inherent to the ownership of the leased asset remain mostly with the lessor. Ordinary uncollected interest included in the past-due portfolio is not considered in grading the credit risk since such interest is reserved in full. At the time drawdowns are made on the lines of credit. Interest is accrued on unpaid balances. Any difference between these amounts is then recorded in the balance sheet under the caption Deferred credits and advance collections as interest collected in advance. the loan portfolio is computed based on the amount of purchases from merchants and ATM withdrawals. Letters of credit are recorded in memoranda accounts as part of the caption Loan commitments and after being exercised by the customer or its counterparty. with or without recourse. Drawdowns made by borrowers on the authorized lines of credit are recorded as assets (loan granted) at the time the related funds are transferred. the deferred surplus is recognized directly in results on operations. the Group records the total amount of notes received under the loan portfolio. Consumer loans other than those provided through credit cards and mortgages loans are recognized at the time the financing is granted and guarantees received by the Group are documented before making the cash available.
which are amortized in results of operations. Capital leases are recorded as direct financing. Such payments consist of the residual value or rent payments that go beyond the term of the lease agreement. The lessee has the option to renew the lease agreement for a second period for rent that is substantially lower than market value. as follows: 54 Grupo Financiero Inbursa . Minimum rental payments consist of those payments that the lessee is required to make for the leased property and that must be guaranteed by a third party not related to the Group. The lessee can cancel the lease agreement and any loss derived from the cancellation will be covered by the lessee. The classification of leases based on the policies described above gives rise to differences with respect to their legal classification and their classification for tax purposes. The current value of the minimum rental payments is fundamentally equal to the market value of the leased asset if it represents at least 90% of said market value. There is a transfer of risks and benefits if at the date on which the lease commenced any of the following conditions are met: • • • • • • • The agreement transfers ownership of the leased good to the lessee for the term of the lease. The purchase option agreed on under capital leases is recognized as income on the date of collection or as amortized income during the remaining term of the lease from the time the lessee agrees to take such option.Transfers to the past-due portfolio When payments of commercial loans or accrued interest are not made at the time they are due. The aforementioned conditions are subject to the following specifications: • • • The lease period is considered fundamentally equal to the remaining useful live of the leased asset when the lease agreement covers at least 75% of its useful life. The transfer of loans to the past-due portfolio is as follows: • • When the Group learns that the borrower has declared bankruptcy in terms of the Mexican Bankruptcy Act or When the borrower fails to make payments within the originally stipulated terms. the Group ceases to recognize interest. as the rental revenues from the respective agreements are recognized. . interest income is recognized as it accrues and the previously recognized deferred loan (financial burden) is cancelled. they are recognized as operating leases. For loans considered overdue. net of any benefit or scrap value. Over the term of the agreements. The contract includes a purchase option at a reduced price. The current value of the minimum rental payments is fundamentally equal to the market value of the leased asset. Financial income on these transactions is equal to the difference between the value of rents and the cost of leased assets and is recorded in results of operations as it accrues. Costs and expenses incurred in the execution of the lease are recognized as deferred charges. as part of the financial margin caption. For presentation purposes. The lease period is fundamentally equal to the remaining useful live of the leased asset. Gains or losses derived from changes in residual value are recognized by the lessee. Rent agreed on under operating leases is recognized using the accrual method. the balance of the portfolio corresponds to the outstanding balance of the loan granted. the aggregate amount of principal and interest is transferred to the past-due portfolio.otherwise. considering the total amount of rents agreed on under the related contracts as a loan portfolio. Such differences are reflected in the recognition of preventive provisions for credit risks and deferred taxes. plus accrued interest not yet collected.
as well as changes in the original loan conditions with respect to payments. these differences are considered as either a premium paid or a benefit generated on the transaction. n) Preventive provision for credit risks The preventive provision for credit risks is created based on the grading rules established by the Commission. constitutes a common risk.o o o o If the loan is repayable in one single payment of principal and interest and is 30 days or more overdue. if applicable. Overdue loans are transferred back to the performing loan portfolio only when there is evidence of sustained payment of both principal and interest of at least three consecutive installments. For commercial loans. In the case of operating leases.Loan restructurings and rollovers Loan restructurings consist of extensions made to the guarantees covering drawdowns made borrowers. and they are amortized using the straight-line method over the term of the loan. respectively.Purchase of loans With respect to the purchase of unimpaired loans. the Group records all of the collection rights acquired as loan portfolio against the related cash outflows. When contractual terms and market conditions result in differences between the price paid for the loans and their actual contractual value. If principal and interest are due and payable in installments. 2009 and 2008. if applicable. Ordinary uncollected interest included in the past-due portfolio is not considered in grading the credit risk since such interest is reserved in full. overdue loans are reverted back to the performing loan portfolio when the borrower has made at least one payment. As long as the transaction is recognized in the overdue portfolio. In general terms. these items give rise to a temporary difference in balance sheet accounts for purposes of deferred income tax. If principal repayable in one single installment and interest is payable in installments and the loan is 90 days or more overdue in interest payments or 30 days or more overdue in repayment of principal. For tax reporting purposes. is 60 days or more overdue. For the years ended December 31. Restructured loans recorded in the performing loan portfolio are transferred to the overdue portfolio when they do not meet the maturity terms. rent that has not been paid 30 days after it becomes due is recognized as an overdue account. the methodology requires an assessment of the debtor’s creditworthiness and loans received in relation to the value of guarantees or the value of property held in trust or in so-called structured transactions. accrued interest is controlled in Memoranda accounts . and If the loan is revolving and is two months past due or. based on the conditions agreed on in the related contract. Loan rollovers are when a loan’s repayment term is extended past the original date. If the borrower fails to repay on time any accrued interest and 25% of the original amount of the loan. which include methodologies for the evaluation and creation of reserves by type of loan. commercial loans are usually classified based on the following: Estados Financieros 55 . though in the case of installments that cover periods in excess of 60 days. the Group acquired no impaired or overdue loans. policies and procedures implemented by the Group are described in Note 32. The Group ceases to recognize accrued rent after these overdue payments. and the loan is 90 days or more overdue. As a result. interest rates. terms or currency. Any restructured loans classified as overdue are transferred to and remain in the performing loan portfolio when there is evidence of sustained payment. premiums are deducted at the time they are paid and benefits are considered taxable at the time the loan gives rise to a real increase in the Group’s shareholders’ equity. or when the loan is repaid at any time using additional financing obtained from the Group by either the original debtor or any other person that because of common economic links with the debtor. such loans are considered to be overdue until there is evidence of sustained payment. The main comprehensive risk management and loan management practices. including home mortgage loans. they are recorded as deferred charges or credits. .
Regarding revolving consumer loans provided through revolving credit cards. and changes in the shareholders’ equity of investees are recognized in the Group’s shareholders’ equity as part of the caption Result from holding non-monetary assets. 56 Grupo Financiero Inbursa . Changes in the investee’s results of operations are recognized in the Group’s results of operations as part of the caption Equity interest in net income of subsidiaries and associates. For grading purposes.• Loans in excess of 4 million UDIs at the date of grading are valued individually based on quantitative and qualitative factors of the borrower and by type of loan. At December 31. This methodology is addressed in the CNBV accounting criteria. Loans of less than 4 million UDIs are classified based on a stratification of outstanding installments and then by assigning a risk grade and specific percentage of provision based on the number of outstanding installments. granted to Federal and municipal entities and decentralized bodies establish the methodology based on risk grades assigned by a rating agency authorized by the Commission and an evaluation of guarantees. which consists of recognizing the Group’s share in the current year results of operations and other shareholders’ equity accounts shown in the financial statements of the investees.Equity investment in subsidiaries. associates and other Equity investments in non-consolidated subsidiaries.Venture capital investments (promoted companies) The cost of equity investments in promoted companies is initially recognized as the amount paid for the shares. The change in the methodology generated an increase in the preventive provisions for credit risks of Ps. The methodology for the grading of the consumer loan portfolio other than the revolving credit card and home mortgage loan portfolio consists of creating preventive provisions for credit risks based on a classification of recoverable balances on outstanding installments at the date of grading. • The grading rules for loans exceeding 900. assigning a risk degree and specific percentage of provision. the preventive provision for credit risks was determined using a methodology based on a classification of outstanding installments and specific percentage of provision. in the case of investments made on subsequent dates. . Effective September 1. The rules for commercial loan portfolio grading require a quarterly evaluation of credit risks considering the total amount of loans granted to the same debtor. 2009. any increase or decrease in the preventive provision for credit risks is credited or charged to results of operations. as well as an analysis of the country. the loan grading methodology is based on the individual application of a formula that considers the expected loss components. the financial statements of the promoted companies used in the valuation of the investments are from September 30. The gain or loss on the sale of the shares of promoted companies is recognized at the transaction date. the commercial loan portfolio includes contingent obligations derived from transactions involving letters of credit that are recorded in Memoranda accounts. through August 31. 237. 2009. as well as variables related to maturities in the six months prior to the grading and accumulated maturities at the computation date. adjusting the financial margin accordingly.000 UDIs. 2009 and 2008. o) Long-term equity investments . industry. As a result of the grading process. Equity investments in promoted companies are restated quarterly using the equity method. financial and payment experience risks. 2009 and 2008. associates and other equity investments are recorded initially at acquisition cost and are then valued using the equity method. respectively. or at the date of investment.
Depreciation is computed on the book value of assets using the straight-line method at the established annual rates determined based on the estimated useful lives of the related assets. Allowances are created based on the book value of these assets using the percentages established by the CNBV by type of property (personal or real) and on the time incurred from the date the asset was foreclosed or repossessed or received as payment in kind. there are no indicators of impairment in the Group’s long-lived assets. Securities included in traditional deposits are classified and recorded as follows: • • Securities placed at nominal value are accounted for at the underlying amount of the liability. The difference between the nominal value of the security and the amount of cash received is considered as interest. • Fixed-term deposits made through certificates of deposit (CD’s). which might give rise to a decrease in the value of such assets. Promissory notes issued by the Group’s interbank market are placed at a discount. Accrued interest is charged to income as part of the caption financial margin. including goodwill.p) Buildings. r) Amortized intangible assets Deferred charges are being amortized at the annual rate of 5% on the book value of the assets. s) Impairment in the value of long-lived assets The Group performs annual analyses to determine whether there are indicators of impairment in the value of its long-lived assets. q) Foreclosed and repossessed property or property received as payment in kind Foreclosed and repossessed property is recorded at the lower of either the court-awarded value established in the foreclosure or repossession proceedings or the net realizable value of the property. furniture and equipment These assets are stated at book value. depreciation is computed on restated values. using the accrual method at the agreed rate. while the difference between the nominal value of the security and the amount of cash received is recognized as a deferred charge or credit and is amortized using the straight-line method against income during the term of the security. Accrued interest is charged to income. and recognized in results of operations using the real-interest method. t) Deposits and borrowings Liabilities in from deposits and borrowings (demand and time deposits and interbank and other borrowings) are accounted for at the underlying amount of the liability. Securities placed at a discount and bearing no interest (zero coupon) are valued at the time of issuance based on the amount of cash received. 2009 and 2008. In the case of fixed assets leased under operating leases. Commissions paid for loans received by the Group or debt placement costs are charged to income under the caption Commissions and fees at the time they are generated. Securities placed at a price other than nominal value (with a premium or at a discount) are accounted for at the underlying amount of the liability. deposits withdrawable on pre-established days and notes with interest payable at maturity (PRLVs) are recorded at their nominal values. Maintenance and repairs are expensed as incurred. Property received as payment in kind is recorded at the lower of the appraised value of the property or the agreed amount between the parties. At December 31. net of residual value. Estados Financieros 57 . tangible or intangible. using the straight-line method over the established term of the respective agreements. net of the related accumulated depreciation.
creates a valuation allowance for those assets that do not have a high probability of being realized. 2009 and 2008 was Ps. as well as property held under trust agreements (when the Group acts as trustee) and asset and liability positions under The amortization of commissions collected on the initial granting of loans is recorded as interest income. x) Memoranda accounts The Group records and controls in memoranda accounts all financial and non-financial information supplementary to that shown in the balance UDI at December 31. mainly with respect to the opening of lines of credit. effective as of the balance sheet date. respectively. Contingent liabilities are recognized only when it is probable they will give rise to a future cash disbursement for their settlement. tax (IETU) rate. (ii) when it is probable the obligation will give rise to a future cash disbursement for its settlement and (iii) the amount of the obligation can be reasonably estimated. Late interest on past-due loans is credited to income at the time the interest is actually collected. the Group has adopted the Interpretation of Mexican FRS 8. Under this interpretation. deferred income tax is determined on all temporary differences between the financial reporting and tax bases of assets and liabilities. The Group and its subsidiaries estimate that they will mostly be subject to the payment of ISR in the following years.430261.4.u) Liabilities. deferred income tax is valued. as the case may be. Interest on liabilities is charged to income using the accrual method. Deferred income tax is recognized using the asset and liability method. Interest on financial instruments is credited to income as accrued. w) Assets and liabilities in investment units (“UDIS”) UDI denominated assets and liabilities are presented in the balance sheet at their Mexican peso value at the balance sheet date.4. and accrued interest is controlled in Memoranda accounts. 58 Grupo Financiero Inbursa . securities held for safekeeping or securities under management.184316.4. letters of credit. which security repurchase agreements. if necessary. sheet. Effects of the Flat-Rate Business Tax. In determining and recording deferred income tax.340166 and Ps. y) Recognition of interest Interest on performing loans is recognized and credited to income using the accrual method. v) Income Tax Current year income tax is determined in conformity with current tax legislation related to taxable income and authorized deductions. net of prepayments made during the year. The value of the the value of the UDI was Ps. determined and recorded based on estimates and projections of tax on profits to be incurred in upcoming years. applying the enacted income tax (ISR) rate or the flat-rate business the temporary differences giving rise to deferred income tax assets and liabilities are expected to be recovered or settled. At the date of the audit report on these financial statements. contingent assets and liabilities and commitments Accrued liabilities are recognized whenever (i) the Group has current obligations (legal or assumed) resulting from a past event. The notional amounts of the Group’s derivatives are also recognized in memoranda accounts. Current year income tax is shown as a short-term liability. or the enacted rate at the balance sheet date that will be in effect when The Group periodically evaluates the possibility of recovering deferred income tax assets and. Under this method. reserves. irrespective of the date on which it is due and payable. are valued at fair value.
S. Segments are reviewed periodically to ensure their adequate 3. S. the Group is the majority shareholder of the following companies: Asesoría Especializada Inburnet. Commissions paid are charged to income at the time they are generated depending on the transaction that gave rise to them. Commissions paid refer to fees and services paid to the Mexican Stock Exchange and other entities and intermediaries.9999% 99. S. investment and other banking services.9993% 99.A.A. derivatives and foreign currency.A.A.V. S. S. Estados Financieros 59 . savings.V.18% of the monthly balance. each with its own particular risks and return opportunities.9997% 99. Consolidation of subsidiaries At December 31. S.9999% Sociedad Financiera Inbursa. 2009 and 2008.V. de C. related to the gain on valuation of long-term equity investments and the effect of valuation of investments in securities available for sale (net of the corresponding deferred income tax). as well as gains and losses on the buying and selling securities. 99.9985% 99. of its internal structure. de C. S. Equity (%) 99. instruments to be received or to be delivered under repurchase agreements and derivatives for trading. Out Sourcing Inburnet. S. Fianzas Guardiana Inbursa. Seguros Inbursa.9999% 99. as well as loan.A.A. ac) Segment information The Group has identified the operating segments that comprise its different activities and each segment is considered an individual component funding and to evaluate their performance. Commissions generated on retirement account management services are computed at 1.A. aa) Intermediation Income Intermediation income and losses mainly result from valuations at fair value of investments in securities. These commissions are recognized on a daily basis and the accumulated balance is obtained at the end of each month.9956% Inversora Bursátil. Pensiones Inbursa. plus the result from holding non-monetary assets. de C.. ab) Comprehensive income Comprehensive income consists of the net income or loss for the year.z) Commission income and expense This caption consists basically of net income in the form of commissions earned on capital market intermediation services. Casa de Bolsa Operadora Inbursa de Sociedades de Inversión.9980% 99. Commissions are calculated independently of the interest charged or paid.A. de C. de C.A.V. S.9999% 99. Banco Inbursa. the placement of securities and on the administration and safekeeping of securities.V.
428 3.954 11 Contributed capital 39. 43. 208 102 8 5. 191.129 66 4.903 21 3.948 20.553 Highlights of the condensed financial information of unconsolidated subsidiaries.894 2. 166.092 5.133 Total liabilities Ps. including intercompany transactions.616 7. 2009 and 2008 are as follows: 2009 Seguros Inbursa Debtors Investments in securities Ps. Ps. Pensiones Inbursa Total 4 Ps.866 347 Ps. 172.082 Accumulated earned capital Net income of the year Total shareholders' equity 1. at December 31.077 Operadora Inbursa Sociedad Financiera Inbursa Asesoría Especializada Inburnet 1.145 Ps.269 4.619 Ps.350 763 Ps.912 18. including intercompany transactions. 140 12 13 216.186 55.948 941 130 158 1.593 786 37.816 588 42 Ps.523 Total liabilities Ps. 4. Fianzas Guardiana 1. Ps.934 60 Grupo Financiero Inbursa .333 4. 40.412 5. 2.439 Total liabilities and shareholders' equity 45. at December 31.272 Technical reserves Other liabilities Total liabilities Reinsurers and rebonders 4.617 12.516 2. Ps.756 68.528 17.161 185 - 47. 175. 214.361 1.516 - 12.548 4.332 2.092 14.107 1.645 3.108 3.697 1.067 1. Ps. Ps.556 7. 48 37 169 22) 41.047 20. Ps. 148.313 69 3. 2009 and 2008 are as follows: 2009 Total assets Inversora Bursátil Banco Inbursa Ps.506 45. Shareholders' equity Net income Ps. Ps.039 Ps.064 478 Sociedad Financiera Inbursa Operadora Inbursa Asesoría Especializada Inburnet Out Sourcing Inburnet 903 60 50 Ps. Ps. 209.709 7.556 2.828 2.764 2008 Total assets Inversora Bursátil Banco Inbursa Ps.809 Ps.664 39 971 511 Ps. 14.662 68.882 1.210 941 12.938 Out Sourcing Inburnet 128 48. Ps.684 Ps. ( 1.930 3.427 224 250 Other assets Total assets Reinsurers and rebonders Ps.585 158 27 Shareholders' equity Net income Ps.Highlights of the financial information of consolidated subsidiaries.586 1. Ps.572 Ps. 2. 20.414 149 3. Ps.395 7.516 31.580 20 7 Ps.451 13.
962 28.8325. 14.138. 14. 2.621 1.730 1. by Banxico for the settlement of foreign currency denominated liabilities.881 Ps. 11. 4.779 Reinsurers and rebonders Other assets Total assets Ps.405 7.139 Ps. the exchange rate was Ps. This exchange rate was defined statements.378 13.371 10.754.132.881 Ps. dollars USD ( Liabilities Assets Net monetary liability position Total in Mexican pesos USD Ps. 2009 and 2008.993.337 3. ( At December 31. 2009 and 2008.248 58.S. 997 1.S. dollar. 1.0659 andPs.730 4 Total 36. 263 2.305 Ps.891 3. dollars is as follows: U.667 163.500.Seguros Inbursa Investments in securities Loans Debtors Ps.975 2.985 36.094 780 Ps.S.641 2.108 511 47.765 3.590. 18. 16.240 58.8325 2. 2010.020 2008 USD Ps.396 4.531 158 Ps.528 807 147 43 287 199 Ps.13.642 17. per U. 146 .437. 10.533 3.267 1.5284 Mexican pesos per dollar. USD 2009 Exchange rate (Mexican pesos) Ps. 7. Fianzas Guardiana 2008 Pensiones Inbursa Ps. dollar exchange rate was Ps.937. the U.371 43. the foreign currency position in U.973 Ps. Foreign Currency Position At December 31.528 18.994 1.625 338 1.108 955 Total liabilities and shareholders' equity Ps.000. the date of the audit report on these financial Estados Financieros 61 .018.495 Ps. 36.962 106 Ps.262) Ps.0659 224 10.13. 12. 174 .220 4. Ps.387 823 Technical reserves Other liabilities Total liabilities Reinsurers and rebonders Ps.463 4.333 7.respectively.508 4. Accumulated earned capital Net income of the year Total shareholders' equity Contributed capital 32. 18. At March 23.262) 13. 10.067 3.S.
dollars.478) 1. dollar deposits Mexican weighted interbank rate (TIIE) bids 12. b) Demand deposits These deposits consist of investments of the liquidity coefficient and treasury surpluses.082 12.5. 2008 12. Ps. 2009 12. Such deposits are for an indefinite term since the withdrawal date is to be determined by Banxico. Their equivalent in Mexican pesos is as follows: 2009 2008 Foreign credit institutions: Wells Fargo Bank Barclay’s Bank Bank of America Amount Ps.038 1.865 22.S. which are denominated in U.01% The term for the settlement of these deposits at December 31. 62 Grupo Financiero Inbursa . (2) At December 31.6821% on a 28-days basis.658 15. 2009 and 2008.458 0.126 a) Deposits in Banxico At December 31.082 1. respectively. Cash and Cash Equivalents An analysis of cash and cash equivalents at December 31. The deposit bears interest at the Weighted Bank Fund Rate. 653 3. 33 3 - Ps. Interest rate 0.419 654 19 - 653 ( Ps. Ps. 2009 and 2008 is as follows: Deposits in Banxico (a) 24/48 hour futures (c) Deposits in domestic and foreign banks Other cash equivalents Call money (d) Cash Demand deposits (b) Ps. 2008.458 6.457 350 (1) Banxico requires banks to make a monetary regulation deposit based on their deposits and borrowings from the public in Mexican pesos. TIIE bids bear interest of 8. Ps. 3.916 570 25 1.S.457 6.916 Ps. the Group had made the following deposits in Banxico: 2009 Ps. 2008 12.05% 0.046 Ps. 58 3 U.978 1. 12. 2009 and 2008 ranges between 4 and 2 days.046 Special accounts (1): Accrued interest Monetary regulation deposits Current accounts: Bids (2): Ps.14% - Amount Interest rate 653 - Ps.
2009.180 79. 177 Ps.0659 1. 6.8325 477.0935 40.15% interest rate.479.658 and at an 8. Estados Financieros 63 . The deposits are intended to fulfill the Group’s obligations under its derivative agreements (Note 9). interest income on deposits aggregated Ps.22.c) 24/48 hour futures These are transactions involving the buying and selling of foreign currencies.S.843. An analysis of this caption at December 31. the Group did not carry out active call money transactions.S. dollar purchases U.585 5. which are to be settled within a maximum period of two business days and whose liquidity is restricted until the date of payment.572) 531 Year-end exchange rate (Mexican pesos) Net position in Mexican pesos U. Average contracted exchange rate (Mexican pesos per dollar) 13. dollar sales USD USD Ps.044 1. dollars 370.255 211 34 Ps.S. 2009 and 2008.127) Net position in Mexican pesos 1. 11 11 - Ps. respectively.( 106.038 Ps. 1.S. d) Call Money At December 31.961 Year-end exchange rate USD( USD. ( Ps. At December 31.S.713) 13. dollars 120. Credit (debit) clearing account balance in Mexican pesos 1.909 For the years ended December 31. respectively.848.994. clearing account debit and credit balances are presented in the balance sheet under the caption Other accounts receivable (Note 13) and the caption Creditors on settlement of transactions (Note 20). 2008. Credit (debit) clearing account balance in Mexican pesos 6. dollar sales USD ( Cash receipt (disbursement) in U. 2009 and 2008 is as follows: 2009 2008 Chicago Mercantil Exchange (CME) Futures margin Mercado Mexicano de Derivados (Mexder) Swap agreements Ps.7800 13.1.467 Average contracted exchange rate (Mexican pesos per dollar) Ps. and these deposits are restricted until the respective transactions have reached their maturity dates. Margin Accounts Deposits on margin accounts and guarantee deposits are required for the Group to be able to carry out transactions with derivatives in recognized markets (futures) and unrecognized markets (swaps). dollar purchases U. 2009 and 2008 is as follows: 2009 U.0928 13. ( Ps.S.212) 13. An analysis of futures margin and guarantee deposits for swaps at December 31.56 and Ps. there are two two-day call-money transactions with BBVA Bancomer in the total amount of Ps.582.173) Ps. 2009 and 2008.062.8185 2008 Ps. ( Cash receipt (disbursement) in U. 13. 6.898 6.478) At December 31.
7. Investments in Securities
An analysis of investments in securities at December 31, 2009 and 2008 is as follows: a) Securities for trading Investment Corporate debt Shares Domestic senior notes (CERBUR) Mexican Treasury Certificates (CETES) Development bonds Ps. 4,403 1,197 4,856 Ps. Accrued interest
46 22 19 -
Unrealized gain on valuation Ps. 209 103 -
Fair value Ps. 4,658 3,348 4,981
Promissory notes with interest payable at maturity (PRLV)
4,866 163 97 26
4 315 -
Investment Corporate debt Sovereign debt CERBUR CETES Ps. 2,352 3,186 1,304 1,103 420 Ps.
18 1 4 3 2 4 -
Unrealized gain on valuation Ps. ( 158) 53 -
Fair value Ps. 2,212 474
4,443 1,306 1,106
Promissory notes with interest payable at maturity (PRLV) Other Total
At December 31, 2009 and 2008, the maturity terms of approximately 66% and 81%, respectively, of instruments classified as for trading is less than one year.
b) Securities available for sale At December 31, 2008, instruments available for sale were recognized in this caption as a result of the CNBV’s issuing the special accounting criterion on the transfer of securities between categories, which is mentioned in subparagraph d) of this note. At December 31, 2009, these instruments correspond to surpluses resulting from the transfers made in 2008. An analysis of securities available for sale at December 31, 2009 is as follows: Unrealized gain on valuation (1) 32
Cost investment 1,489
Accrued interest 24
Grupo Financiero Inbursa
(1) For the year ended December 31, 2009, the valuation result of securities available for sale was recognized as follows: Amount recorded in 2008 results of operations Plus: Amount recorded in shareholders' equity (2) Ps. ( 47) 79 32
(2) An analysis of the net effect of the valuation of securities available for sale recorded as part of shareholders’ equity (comprehensive income) at December 31, 2009 is as follows:: Fair value valuation adjustment Less: Effect of deferred income tax (30% rate) (Note 22) Ps. 79 10
An analysis of securities available for sale at December 31, 2008 is as follows: Cost investment Sovereign debt Corporate debt Ps. Ps. 6,622 6,922 300 Accrued interest Unrealized loss on valuation (1) Ps. ( ( Ps. ( 1,517) 109) Fair value Ps. 5,216 5,411 195
(1) For the year ended December 31, 2008, the valuation result of securities available for sale was recognized as follows: Amount recorded in results of operations Amount recorded in shareholders' equity (2) Ps. 406 1,220 1,626
(2) An analysis of the net effect of the valuation of securities available for sale recorded as part of shareholders’ equity (comprehensive income) at December 31, 2008 is as follows: Fair value valuation adjustment Effect of deferred income tax (28% rate) (Note 22) Ps. ( 1,220) 342
c) Securities held to maturity An analysis of investments in securities held to maturity at December 31, 2009 and 2008 is as follows: 2009 Ps. 1,281 Ps. 2008 1,765
Credit Linked Notes (1) Cost investment Accrued interest
Plus: Fair value - Delta value (2)
Corporate debt (3) (4) Accrued interest Cost investment
Less: Allowance for impairment (5)
6,347 72 -
(1) These are instruments issued by the Group’s correspondent banks and are associated with loans granted by the Group. The underlying of the instruments is a cost-bearing loan with no secondary market between the Group’s counterparty and the reference debtor. At December 31, 2009, 60% of transactions related to Credit linked notes have maturities of two years (at the end of 2008, 69% have maturities of three years). These instruments are issued by Stars Cayman Limited (serial number 15) and Credit Suisse First Boston (NAS116, NAS119, NAS120, NAS122 and NAS171), and bear interest at an average annual rate of 2.75%. (2) Due to the nature of the Credit linked notes, the Group computes the valuation effect of the instrument’s embedded credit default derivative (Delta value). At December 31, 2009 and 2008, the Delta value is presented in the Securities held to maturity caption as a result of their reclassification to this caption under the CNBV’s specific instructions. In prior years, this value was presented in the Derivatives caption. (3) In 2009, the Group sold these instruments with a book value of Ps.5,033, giving rise to a loss of Ps.619. This sale was authorized by the CNBV. (4) (4) An analysis of corporate debt securities held to maturity, by issuer, exceeding 5% of the Group’s net capital at December 31, 2008 is as follows: Issuer Series Cost investment Ps. 1,065 1,586 725 1,536 Accrued interest Ps. Interest rate 6.640% 6.722% 6.196%
CEMEA40 ALYE05 ALYC49
00000P 170301 140115 111101 111231
MOTX70 Effect of valuation (*)
1,403 6,696 80
46 13 10 1 -
8.500% 9.000% 5.375%
(*) At December 31, 2008, there is a valuation effect recognized in the balance sheet of (Ps.349), which was recorded as part of the cost of these investments at the time they were transferred to this category (October 1, 2008). These instruments were recognized in this caption as a result of the CNBV’s issuance of the special accounting criterion mentioned in subparagraph d) below.
Grupo Financiero Inbursa
this caption refers to security repurchase agreements in which the Group acted as a seller (received financing).717 (1) The average term of security repurchase agreements at December 31. Creditors 75.240 12 Ps. 28. Contracted price (1) Accrued premium Ps. the allowance for impairment in the value of securities held to maturity was determined using market prices and at the same date.4. while changes in fair value of securities reclassified to be held for trading are recognized in the statement of income. 2009.354 62. as well as the risks to which it is exposed.763.148 206 25 Ps. 2009 and 2008. there are no indicators of impairment in the value of securities held to maturity. 2009 and 2008 is as follows: 2009 2008 Ps. and delivered financial instruments in guarantee which. If the Group had not made the above-mentioned reclassifications during the last quarter of 2008. taken as a whole. respectively. and the type of securities held as a seller and a buyer are as follows: Estados Financieros 67 . (2) At December 31.987 in the statement of income.206 Ps. the CNBV issued a special accounting criterion authorizing credit institutions to reevaluate the intent of their current investments in securities. in turn. Changes in the fair value of instruments transferred to the available for sale category are recognized in shareholders’ equity. 30 and the difference was recognized in the Group’s consolidated financial statements in February 2010. As a result of the transfer of the instruments described in the preceding paragraph. d) Transfers of instruments between categories In October 2008.1.264 28. the Group reclassified its investments in corporate debt from the Securities for trading category to the Securities available for sale and Securities held to maturity categories in the amount (fair value at October 1.228 75.058 27 53.148 Ps. the allowance was understated by Ps. Based on this criterion. respectively.753 53. 2008. See Note 32 for a description of the Group’s risk management policies.4. were received in guarantee in other security repurchase agreements (in which the Group acted as a buyer).092 62. it would have recorded valuation losses of Ps. Debtors 36. 2008) of Ps. 8.237 Creditors 36.058 25. Management does not believe this situation will have a material effect on the Group’s financial statements. Security Repurchase Agreements a) Debtors and creditors under security repurchase agreements An analysis of this caption at December 31. Ps. at December 31.329 Less: 62. 13. 2009 and 2008. The average term of security repurchase agreements at December 31. ranges 4 days and 2 days. respectively. Debtors 62. 2009 and 2008.251 and Ps.775 22 Collateral securities sold or delivered in guaranty (2) Ps. 8. the methodology used to value securities transferred to the heldto-maturity category was modified and these instruments are now valued using the amortized-cost method (recognition of accrued interest) rather than by recognizing changes in their fair value. ranges between 2 and 31 days. 2009. At December 31.(5) At December 31. promote stability and recover liquidity in the face of the prevailing global economic conditions during 2008. The Group carried out this transfer in order to maintain a conservative position.
An analysis of premiums earned and paid under security purchase agreements for the year ended December 31.570 Participating bonds Promissory notes with interest payable at maturity (PRLV) Domestic senior notes 3.852 3.282 2.531 6.855 - 2.216 68 Grupo Financiero Inbursa . 2008 22. 2009 48.076 467) Ps. 62.429 238 474 Ps.535 317 c) Collateral securities received by the entity An analysis of collateral securities received by the entity under security repurchase agreements at December 31. Ps.568 474 Fair value valuation adjustment Value recognized in memoranda accounts 62.420 9) ( 28. 3. 2009 and 2008 is as follows: 2009 2008 Premiums earned (buyer) (Note 27a) Premiums paid (seller) (Note 27b) Ps. 36.100 241 31.329 2.543 3. Ps.148 62.563 Ps.237 2.346 671 6. ( Ps. ( 3.021 2.Mexican Treasury Certificates (CETES) IPAB bonds Bank bonds Mexican government development bonds (BONDES) Ps.359 ( Ps.420 30 Ps. 2009 and 2008 is as follows: Mexican Treasury Certificates (CETES) Participating bonds Bank bonds Mexican government development bonds (Bondes) Ps. 2008 Notes with interest payable at maturity (PRLVs) Domestic senior notes 4.569 Fair value valuation adjustment 62.058 28.502 37) 132 - Value recognized in memoranda accounts b) Premiums earned and paid Ps.139 2. 2009 48.250 21) 137 - - 36.
546 69 .207 309 74.397 89. 154.835 25. Liabilities 44.146 1.417 43. 193. 11.169 15.636 5. 2.231 Credit default swap Swaps - 5 - 5 Trading Currency swaps Interest rate swaps-U. dollars Currency swaps Ps.304 10. Liabilities Offsetting 298 75. 4. Assets Accounting records 9.847 1.238 3. Derivatives At December 31.956 Futures (trading) Forwards (trading) Credit derivatives Ps.122 55. dollars Interest rate swaps-Mexican pesos 14.645 10.067 4. the current position of this caption is as follows: 2009 Assets Futures (trading) Forwards (trading) Stock-purchase warrants (trading) Swaps Ps.669 Hedging Currency swaps 20.822 682 452 Ps. Assets Accounting records 690 Ps.926 140. dollars Currency swaps Hedging 16.571 732 4.076 1.116 1.356 163 406 6. Ps.221 40.110 266 1. dollars De tasas .354 52.925 569 1.S.870 Ps. 2009 and 2008. 2008 Assets Liabilities Offsetting 34 Ps.935 Estados Financieros 7.460 488 3.9.389 5.S.520 1. - Trading Interest rate swaps-Mexican pesos Interest rate swaps-U.365 195.534 1.896 4.908 9.274 87.311 44.436 - 6.548 Ps.851 2.172 2.Moneda nacional Interest rate swaps-Mexican pesos 44.743 13.153 545 Interest rate swaps-U.262 57. 13.797 25.266 Ps.171 64.733 7.319 1.572 Ps.370 6.970 141.215 309 Ps.217 356 1. 656 Ps.S. Liabilities 916 - 1.937 55.368 17.552 Interest rate swaps-Mexican pesos Interest rate swaps-U.133 Ps.170 144.573 356 Ps.508 3.S.261 377 6.937 14.214 55.119 1.333 2.658 11.700 7.905 19. 9.732 44.266 50.809 Ps.551 42.
251 69 832 139 Ps.000.250 2.S.117 Ps.210.070 5.000 3. ( ( 78 3) 644) 91) 70 Grupo Financiero Inbursa .008.257.965 60.650 138 69 800 225 46 34 13 13 ( ( ( 601) 1) - 32) 1 - 109 1 - December 2016 December 2015 December 2012 200.000 108 24.000 2.328 1. based on their nature and maturity. 2008 is Ps.851 25.411.000.000 2. 4 February 2010 April 2010 March 2010 June 2010 July 2010 May 2010 10.644 Ps.600.297 926.000 926.297 63.247 3.000.855 Unrealized gain (loss) on valuation Ps.000. respectively.425.297 224 34 13 13 46 8.370.000 2.250 1.510 Maturity January 10 March 10 March 10 CME 1. 2009 is Ps.640.288 Ps.208 3.8. ( 34.787 Contracted price Ps.830.862 and Ps.000 January 2011 July 2011 December 2010 August 2010 16.a) Futures At December 31.000 150. the position in terms of number of currency and interest rate futures entered into with the Chicago Mercantile Exchange (CME) and the Mexican Derivatives Market (MexDer) is as follows: 2009 2008 Buying Buying Selling 17.344 CME No. is as follows at December 31. b) Forwards An analysis of forwards. 1.000 2.350 MexDer No. 2009 and 2008: 2009 Maturity date Buying: January 2010 Amount in U. 35. 2009 and 2008.936.535.217 1. of agreements March 09 Maturity The notional amount of CME and Mexder futures at December 31.1. dollars 142.656. The notional amount of CME at December 31.531. Fair value 1. of agreements MexDer 5.
000 3.2009 Maturity date Selling: January 2010 March 2010 Amount in U. 1.000 2.527 Ps.000.672 3. ( 23) 844 1 2 31 February 2010 April 2010 June 2010 July 2010 May 2010 10.311 1.000.809 36. Fair value 9.205. the Group recognized an unrealized gain on valuation of Ps. Selling January 2009 March 2009 April 2009 February 2009 936. 12.506 1. the agreement includes a simple loan. 13.425.000. 9.210.000 4.408.000 5.000 13 108 Ps.938.601. 26.000 Ps. 2009.050. At December 31. the Group is entitled to acquire 7.644.408.050 1.000. the Group paid a premium on the warrant of Ps.000.3572 per share. ( ( 115) 854) 36) c) Warrants In January 2009.638.000 5.699 8. 17.601.297 141 224 August 2010 December 2010 January 2011 July 2011 8.045 69 832 Unrealized gain (loss) on valuation Ps.787 Contracted price Ps.747 3.095 60.706 29 70 - Ps.614 Ps. Under the stock warrant. ( Ps.832 36. ( ( ( 370) 528) 7) 87 December 2016 1.000 1.417 2. it is considered a structured transaction.736. the Group entered into an investment agreement that includes the acquisition of an unlisted stock option (warrant) from its counterparty.S.000 605. Ps.227 8.469.000 333. in addition to this derivative.535. Net 40.000.000 926. 299 943 91 2008 Maturity date Buying January 2009 March 2009 Amount in U.000 3.243 Ps.260. Estados Financieros 71 .316 for this transaction.000 Ps.000 common shares in the counterparty at a strike price of USD 6.S. At the date of the transaction (January 2009).000.411.000. 1.000 926.249 27 70 3.000 60.207 Ps.563 1.000.830.255 Unrealized gain (loss) on valuation Ps.297 16.208 Net Ps. 27.000 60.889 70 863 Fair value Ps. 18.299 13 Ps.500 2.950. 41.482 56 4.244 Ps.500 Contracted price Ps.000 63.000.000.000 200.112 49 4.208 13 Ps.297 107 33 45 139 224 46 34 13 ( ( ( 1) 1) 1) - December 2016 3.086 Ps. Since. 169 75 457 739 36 2 February 2009 December 2015 December 2016 April 2009 265.309.536 1. dollars 142. dollars 673.682 1.
dollar Currency swaps Peso-dollar 40. 72 Grupo Financiero Inbursa .S.169 43.266 57. ( Ps. ( ( ( ( Ps. ( ( Interest rate swaps Mexican pesos U. the Group must deliver the cash flows resulting from its obligation.520) 1.797) 55.365) 55.743 16.681) 25.937) Ps.025 Ps.274 7.835 ( ( ( Ps.867) 1.684) 19.524 11.496 2.022 Ps.658) 11. ( ( Ps. The agreement stipulates actual settlement of the debt (in the event that any agreed default conditions arise).775 83.319 52.170) 7.146) 44. Ps.094 41.173 20.peso Peso-dollar Present value of flows to be received 2008 Present value of flows to be delivered Net valuation Ps.627 21.401 100. 44. ( Ps. ( 13.604 Interest rate swaps Mexican pesos U.214) 15. Ps.548 11. the Group’s swap position is as follows: 2009 Underlying amount Trading: Currency swaps Peso-dollar Dollar. Ps.266) Ps.133 1.S.494 87. ( 1. in other words. Ps.368 42. ( 6. net of the market value of the underlying at the settlement date. ( Underlying amount Trading: Currency swaps Dollar.788 Ps.436) 64.938 2. 15. dollar 2.peso Present value of flows to be received Present value of flows to be delivered Net valuation Ps.172) 2. 2009 and 2008.645 10.122 55. 12.091 2.110) 90 1.245) 1.190) d) Credit default swap In September 2008.397) Ps.741 21.659) 46) 3.387) 682) ( ( Ps.484 Hedging: Ps. Ps.304) 10.700) 7. ( Ps.371) 489 574 222 2.514 42.851) 2.032 25.076 Ps. ( ( ( Ps. ( Ps. Ps. dollar Peso-dollar Ps.262 1.S. 49. Ps. 12.d) Swaps At December 31.620 11. ( 15. the Group entered into a credit default swap (for trading) through which it sold protection from default on debt securities held by the counterparty for up to USD 10 million.S.059 31. Ps. ( 3. 11.689 75.144 39. Ps. Ps.307) 351 529 325 102) 44. ( ( Ps. ( 50.311 Ps. dollar Hedging: Currency swaps Interest rate swaps Mexican pesos U.086) Interest rate swaps Mexican pesos U.
Each segment and portfolio includes loans from the consumer.ISIN: US92851RAD98 bonds. 2009 and 2008. At December 31. 10. 808 2.243 Ps.S. an analysis of the offsetting between the changes in the fair value of derivatives recognized in the statement of income in the financial margin caption.763 54.922 3. this transaction was settled and a loss of Ps. To reduce exposure to such risks. using the methodology described. The loans to be hedged are designated for each portfolio.068 3.982 2. 565 28.125% 02/17 . ( 977 16. market. 2008 is as follows: Nominal amount of earned premium Plus: Effect of valuation at fair value Ps.887 Ps.046 34. Ps. fixed-rate portfolio in U. the valuation effect attributable to the risk being hedged. Estados Financieros 73 .724 540 811 For the years ended December 31. The Group’s derivatives involve liquidity. the Group has established risk management policies and procedures (Note 32). 26. home mortgage and commercial portfolios.936 8.382 Ps. In this way the loan portfolio is divided into three segments: fixed-rate portfolio in Mexican pesos. An analysis of the balance of this credit default swap at December 31. Outstanding balance of the portfolio 2008 Effect of valuation Ps.103) 250 Ps.107 was recognized. 1. Outstanding balance of the portfolio 2009 Effect of valuation Ps.S. 2009 and 2008. as required by CNBV accounting criteria. dollars Ps. the hedge efficiency testing designed by the Group is in a range of between 80% and 125%.558 2.The underlying of the swap are VITRO 9. ( 2. credit and legal risks. Ps. 8 5 ( 3) In March 2009. 2009 and 2008. dollars and variable rate portfolio in foreign currency.817 7. is as follows: Fixed-rate loan portfolio in U. and the hedged positions. is as follows (Note 27a): 2009 2008 Gain (loss) due to changes in the valuation of hedging instruments Gain due to changes in the valuation of hedged positions Ps. Valuation Adjustment for Financial Asset Hedges The valuation adjustment for financial asset hedges is determined by designating individual loans and loan portfolios as hedged positions in fair value hedging relationships to mitigate the Group’s exposure to interest-rate fluctuations.724 2.026 Ps. dollars Loans individually hedged Fixed-rate loan portfolio in Mexican pesos Variable-rate loan portfolio in U. Ps. 74.S. 520 163 357 Ps. Positions are defined by segmenting the loan portfolio based on the inherent risk being hedged.724) - At December 31. by type of loan portfolio.
085 1. 138.234 Ps.202 Ps.280 1. Interest 23 7 Ps. 2009 and 2008 is as follows: 2009 Total Principal Consumer Discounts Unsecured Loan Ps. 1.418 Ps.395 1. 3.144 Ps. 427 432 261 - Total 438 427 261 - 108. 137. 27 Ps.019 Ps. Interest 25 Ps.624 200 85 4 142 - 6.972 7.897 Ps.212 94. 432 38 1 - Total 2.024 Ps.913 238 50 9 113 Ps.765 235 16 3 Ps.965 116 7.070 1. Principal Performing portfolio Ps. Past-due portfolio Ps.589 Ps.312 119 3. 2008 Total Principal Past-due portfolio Ps. Interest 3 Ps.699 849 13. Home mortgage Leases Simple and current accounts Chattel mortgage 20.082 94.625 7.246 1. Loan Portfolio a) Analysis of the performing and past-due loan portfolio by type of loan An analysis of the loan portfolio at December 31. - 216 14 - Ps.320 1.007 63 61 13. 154. 4.389 5. 3.449 Consumer Unsecured Discounts Loan Ps.275 847 Restructured (Note 11f) Rediscounts 1. 1.11. . Interest 6 Ps.619 197 214 84 4 5 3 1 2 - 435 38 1 - 2.704 2.699 34 810 12 - 2 15.603 - 74 Grupo Financiero Inbursa .332 1.994 107.070 130 711 8 3 20.226 48 Ps.901 48 2. 4. Principal Performing portfolio Ps.940 2. Simple and current accounts Home mortgage Leases Chattel mortgage 15.304 Rediscounts Restructured (Note 11f) Embedded derivatives 6.618 7.092 1. 155.422 Ps.389 6.901 1.229 3.207 112 49 9 1 1 - 2.
UDIs 11 Ps.351 Foreign currency 50 Ps.591 Ps. Total 6.309 215 3 - - 20.901 1.332 1.969 54.234 50. Total 7.913 238 113 9 50 Rediscounts Restructured (Note 11f) Ps.019 Rediscounts Restructured (Note 11f) Leases Home mortgage Simple and current accounts Chattel mortgage Unsecured 14.988 Foreign currency 20 1.275 7.460 - Ps.175 33. UDIs 17 Ps.133 224 77 Ps.074 4.243 3.350 27 925 - Rediscounts Restructured (Note 11f) Embedded derivatives 1.418 Simple and current accounts Home mortgage Leases Chattel mortgage Unsecured 16.699 849 1.449 Performing loan portfolio: Consumer Discounts Loan Mexican pesos Ps.226 48 Estados Financieros 75 .212 119 3.076 44.419 237 138.280 108.330 5.940 2.131 - 205 1 2 - 15.689 565 625 1. 3.258 1.085 1.207 Past-due loan portfolio: Consumer Discounts Home mortgage Leases Simple and current accounts Unsecured 433 261 237 74 9 919 50 - 427 1.047 92 Ps.890 1.570 2 - 6.426 1.207 8.901 48 720 4.312 1. 7.342 87.389 13. 225 6 - Ps.070 1.243 40.105 74.972 94.983 39 2. 2008 46. 111.482 1.312 Ps.765 155. 2009 and 2008 is as follows: 2009 Loan Performing loan portfolio: Consumer Discounts Mexican pesos Ps.994 - - 5 1 - - 438 261 427 2.b) Analysis of the loan portfolio by currency An analysis of the loan portfolio by currency at December 31. 5.625 219 7. 113.454 1. 160.
Ps.494 To non-banking financial institutions Past-due loan portfolio: 3.581 1.245 Ps.624 200 216 85 4 Redescuento 41 Ps.826 To non-banking financial institutions Ps.603 .829 3. 1.581 - 4. 4. 52. Total 4.495 1 76 Grupo Financiero Inbursa .250 6.914 Ps.2008 Past-due loan portfolio: Mexican pesos 431 38 Foreign currency 4 1 UDIs Total 435 38 1 Consumer Discounts Unsecured Simple and current accounts Leases Home mortgage Rediscounts Restructured (Note 11f) 200 175 1. 1.888 1. 3.668 7. 141. 9. 267 Ps. Total 3.573 2. there are no past-due loan portfolio balances payables by financial entities.989 Ps. 2009. 88.154 - 30 - Ps.108 - 30 2. Ps.734 8. 1. Ps.138 At December 31. 2008 Performing loan portfolio: Interbank Loan Mexican pesos Ps.984 Ps.913 1 Foreign currency Ps.888 5.Loans granted to financial entities An analysis of loans granted to financial entities by currency at December 31.734 Foreign currency Ps.419 4 486 85 2. 2009 and 2008 is as follows: Performing loan portfolio: Interbank Loan 2009 Mexican pesos Ps.668 9.872 To non-banking financial institutions 3.581 Ps. 7.
may exceed the maximum limit applicable to that particular lender. 13 Ps.497 9.565 9.563 Foreign currency Ps..497 10. 2009 and 2008 is as follows: 2009 Loan Performing loan portfolio: To states or municipalities or backed by them To decentralized or de concentrated bodies Mexican pesos Ps. 2. 2008 Loan Performing loan portfolio: To the Federal government or secured by the government To states or municipalities or backed by them To decentralized or de concentrated bodies Mexican pesos Ps. 2009 and 2008.651 c) Operating limits The CNBV establishes the limits to be observed by the Group’s bank subsidiary (Banco Inbursa) for the granting of loans.556 3. At December 31. Ps. 1.068 Ps.556 Ps. Ps. granted by foreign financial institutions with strong investment ratings. per each person or group of persons constituting common risk. 2.505 Foreign currency Ps.082 1. are subject to maximum capital limit computed using the following table: % limit on basic capital 12% 25% 15% Capitalization level of loans More than 9% and up to 10% More than 8% and up to 9% 40% 30% More than 10% and up to 12% More than 12% and up to 15% More than 15% Loans backed by unconditional and irrevocable guarantees that cover both principal and interest and restatement. Ps. 2. in no case may these loans represent more than 100% of the basic capital. However.022 1.002 7.563 1. Estados Financieros 77 .629 60 Ps.Loans constituting common risk Loans granted to a single person or to a group of persons who are considered a single person because they represent a common risk. 1. Total 1. The most important of these limits are as follows: .022 Ps. Total 13 1.Loans granted to government entities An analysis of loans granted to government entities by currency at December 31. Banco Inbursa has met the aforementioned limits.
At December 31.23. that exceed 10% of the net capital.1.073 141. 2008.829 20. plus irrevocable lines of credit granted to related parties.583 20. 2009 and 2008 is as follows: 2009 Zone Northern Foreign and other Southern Central Ps.829 3. and loans granted to state-owned entities and bodies aggregate Ps.314 and Ps.7% of the net capital.850 4. respectively.266 2008 Amount Ps.19. 2009 and 2008. d) Analysis of risk concentration .512 and represent 62.Loans extended to related parties The Mexican Credit Institutions Act establishes limits for the granting of loans to related parties.074 29. 119.379 and Ps. At December 31.942 132. plus those granted exclusively to multiple-type banking institutions and those taken out by state-owned entities and bodies.182.381 10.3% of the net capital. 160.5% and 44. . 2009 and 2008.229 6. At December 31. loans granted to multiple-type banking institutions aggregate Ps. 2009 and 2008.956 6. these loans aggregate Ps.7% of the net capital computed at December 31.495 7.471 100% 18% 4% 141.565 100% Ps. including public trusts. At December 31. respectively. respectively.427. The total amount of intercompany loans.668 9.289 100% 15% The most important policies followed by the Group in the determination of its risk concentrations are described in Note 32.107 Concentration percentage 71% 7% Concentration percentage 68% 14% 3% Ps.8. these loans aggregate Ps.651 Concentration percentage 84% 7% 6% 1% 100% 2% . 78 Grupo Financiero Inbursa .879 8.Other loan limits The sum of loans granted to the main three largest borrowers. 2009 and 2008.643 and Ps. may not exceed 100% of the net capital. the maximum amount of financing due from the Banco Inbursa’s three largest borrowers aggregated Ps. 2009.872 1.529 Concentration percentage 83% 4% 7% 1% 5% Home mortgage Consumer Loans to government entities Ps. Amount 113. Ps.074 10.By region An analysis of risk concentration percentages by region at December 31. which represented 51. 96. 2008 Amount Ps.1.By economic sector An analysis of risk concentration percentages by economic sector at December 31..425. respectively. the balance of the loans granted to relate parties have not exceeded such limit (Note 31). 1. respectively. At December 31. At December 31.14. 2009 and 2008 is as follows: 2009 Amount Financial Private (companies and individuals) Ps. Banco Inbursa has granted four and three loans.427 and represent 44. 2009 and 2008.2. may not exceed 50% of basic net capital. 160.14.
6 - 371 Ps. Past-due portfolio Ps. 51 - 18 - - 132 329 - 2.005 37 - 368 - Ps. 1. 4.209 44 1 The most important policies followed by the Group in the determination of the troubled loan portfolio are described in Note 32. Estados Financieros 79 . 4.599 540 Unsecured 18 - 24 2.623 554 Ps.357 338 112 132 Ps.203 44 1 3 - Ps. the Group’s troubled loan portfolio includes mainly D and E risk graded loans.346 Total 112 - - Ps. 3 338 Total 188 338 - 13 194 Ps. An analysis is as follows: 2009 Total Principal Restructured Home mortgage Leases Discounts Consumer Simple Ps.504 - 7 Ps. 11 - 19 70 Ps.557 - Ps.453 - - - Ps. Principal Performing portfolio Ps. 20 - 7 Ps. Principal Past-due portfolio Interest Ps. Interest 13 14 Ps. 2.967 39 2 - - Ps. Interest 11 9 Ps.250 2.e) Analysis of economic environment (troubled loan portfolio) At December 31.309 1.245 2.994 37 - 129 - Ps.296 1.551 Total 129 13 19 - 5 - 1. 2. Interest 6 Ps.987 39 2 Simple Restructured Ps. 188 197 70 - Ps. 2008 2. 4. Principal Performing portfolio Ps. 2. 1. Home mortgage Leases Letters of credit Consumer Discounts Unsecured 1. 3. 2009 and 2008.
316 Total 1.868 3. Principal 73 39 - Past-due portfolio Ps.220 263 16 Ps. Total 39 - 74 Ps. 5.234 1 Ps.179 98 Ps. 214 - - Ps.305 Principal Performing portfolio Ps. Principal Past-due portfolio Ps.Balances An analysis of performing restructured loans at December 31. Interest 2 - 173 41 - Ps. 1 Ps.076 Total 2. 13. Interest 8 2008 2. 142 Ps.068 1. 216 80 Grupo Financiero Inbursa . 175 41 - Total Ps. Interest 1 - Ps. 13. 6.f) Performing restructured loans . 2. 2009 and 2008 is as follows: 2009 Simple mortgage Loan Simple chattel mortgage Guaranteed simple Chattel mortgage Consumer Simple with other guarantees Unsecured simple Home mortgage Ps.052 3. 2 Ps. 5.765 29 1 - Ps.754 126 1 - 7 1.092 Ps.218 262 16 1 40 Ps.704 29 Ps. Interest 11 7 2 1 - 1.172 97 1 Principal Performing portfolio Ps.828 3.045 3. 112 Ps. 113 - Guaranteed simple Consumer Simple chattel mortgage Simple mortgage Loan Simple with other guarantees Ps. 2. 6.880 Ps. 61 Ps.
110 346 24 Pledge. dollar denominated Simple mortgage Simple chattel mortgage UDI denominated Consumer 1. 2.636 1 Stocks and bonds.160 1. mortgage and property Public shares and mortgage Pledge 117 Ps.259 2.903 3. mortgage and property Public shares Pledge Mortgage Simple with other guarantees Simple chattel mortgage Guaranteed simple Chattel mortgage 1.781 1. additional guarantees obtained in restructured loans are as follows: 2009 Mexican peso denominated Simple mortgage Type of loan Ps.184 1 24 Pledge Pledge Ps. 2009 and 2008. Amount 104 Nature of guarantee Pledge. mortgage and public shares Restructured home mortgage 14 U.622 24 Public shares 1.. dollar denominated Simple mortgage Simple with other guarantees Simple chattel mortgage UDI denominated Home mortgage Consumer 3. Amount 1.541 2 1 Mortgage Mortgage Estados Financieros 81 .260 5. 9.Additional guarantees obtained in restructured loans At December 31.S.807 2008 Mortgage Mexican peso denominated Simple mortgage Type of loan Ps.S.891 Nature of guarantee Mortgage and guarantor Pledge Simple with other guarantees Simple chattel mortgage Guaranteed simple 153 78 Public shares and mortgage Guarantor U.
1. 12.610 82 Grupo Financiero Inbursa .449 Ps.082.85. 2009 and 2008.496 1. 3. 438 (Ps.084 and Ps.059 120 Ps.118 in 2008).82. 2. 15. 124. 11. respectively.449 Ps. 2009 and 2008 is as follows: 2009 2008 1 to 180 days overdue More than one year overdue 181 to 365 days overdue Ps.435 in 2008) and Ps. Preventive Provision for Credit Risks An analysis of the preventive provision for credit risks at December 31.Changes An analysis of activity in the past-due loan portfolio at December 31.603 Ps. 2009 and 2008. ( 3. based on the policy described in Note 2m) above. . The Group’s management did not consider it necessary to prepare the aged analysis of such portfolios separately due to their relative immateriality.793 389 421 Ps. 14.673 2.513 3. For the years ended December 31.741 1.067) 27) (1) For the years ended December 31. transfers made from the past-due portfolio to the performing portfolio aggregated Ps.603 1.588 and Ps. 4. from the performing portfolio to the past-due portfolio. the Group transferred Ps. 2009 aggregate Ps. respectively. 2009 and 2008 is as follows: 2009 2008 Home mortgage loan portfolio (c) Consumer loan portfolio (b) Commercial loan portfolio (a) Ps.997 535 78 Ps. 2009 and 2008.106 (Ps.603 The aforementioned analysis includes the balances of the past-due consumer and mortgage loan portfolio. write off or make changes against any of its loans granted to related parties that gave rise to the cancellation of the corresponding asset.360 416 Ps. ( ( 4. the Group did not pardon.266.920 Ps. 2009 and 2008 is as follows: 2009 2008 Add (less): Initial balance Net transfers from performing portfolio to past-due portfolio and vice versa (1) Write-offs Ps. 12. 3. which at December 31.g) Past-due loan portfolio .121. respectively. 2.Age An aged analysis of the past-due loan portfolio at December 31. For the years ended December 31.038) 612) 1.184 Recoveries ( Ending balance Ps.
074 24.646 11.815 1.010 6. 139.993 11. 2009 and 2008 is as follows: 2009 Risk A2 B2 B1 A1 Amount of liability Ps.137 338 519 Ps.733 4.059 1. 24. - b) Consumer loans An analysis of the provision for consumer loans at December 31.139 47.943 151 164 151 1.059 - Ps.036 358 178 Ps.152 2.784 16. 31.346 Ps.741 14. 6.960 47.736 14. 7.741 5 4. 3.241 Additional estimate Required provision Graded portfolio Ps.813 Ps.997 4 4.219 846 2 467 235 3.098 Ps. 2008 Amount of liability Ps.711 Ps. Estados Financieros 83 .974 44 C2 D E C1 B3 1. 535 535 - Over or understatement Ps.666 24.529 274 220 7.390 2. Amount of provision 284 127 357 274 17 Amount of provision 90 83 47 D Graded portfolio Amount provided for Ps.334 302 2. 2008 Amount of liability Ps. 155. Amount of provision 236 238 Amount of provision 1.997 11. 4.841 15.184 48 5 10.792 4. Ps.261 2.a) Commercial loan portfolio (including loans granted to financial and government entities) An analysis of the preventive provision for credit risks at December 31.788 109 30.813 14.646 35 Amount provided for Over or understatement Ps.999 1. 2009 and 2008 is as follows: 2009 Risk A C E B Amount of liability Ps.
120 - 120 Ps. 10. 4) 7. 2009 and 2008 is as follows: 2009 2008 Recoverable taxes Debtors for settlement of transactions (1) Commission debtors Other debtors Commissions receivable Ps. ( 498) 15.329 Transfer to the provision for foreclosed and repossessed assets Revaluation of UDIs and foreign currency ( ( Balance at end of year Ps. 983 66 40 58 81 Ps.754 753 92 Ps.920 251) 3) ( ( 1.482 620 Allowance for bad debts Ps.072 7 5 Ps.610 816 12) Ps.598 308 7 ( 128 1.c) Mortgage home loans An analysis of the provision for mortgage home loans at December 31. Amount of provision Amount of provision D Graded portfolio Ps. ( 6. Other Accounts Receivable.544 2.067) 12.758 7. 2008 Amount of liability 4 Ps.228 21 40 41 14 Ps. Net An analysis of this caption at December 31. 78 Movements in the preventive provision for credit risks at December 31. Over or understatement d) Changes in estimate Amount provided for 1. 2009 and 2008 are as follows:: 2009 2008 Balance at beginning of year Add (less): Increase in provision (Note 26) Write-offs Ps.486 1. 855 116 89 1. 2009 and 2008 and is as follows: 2009 Risk A C E B Amount of liability Ps. 4) 84 Grupo Financiero Inbursa . 534 198 6 Ps. 61 78 7 2 5 3 Ps. 12.610 4.062 Ps. 13.
2. Estados Financieros 85 . 6. 2009 and 2008 is as follows: 2009 2008 Clearing accounts for currency exchange operations (Note 5c) Other clearing accounts Ps.486 1.585 6. 624. Buildings. 347 Electronic computer equipment 30% 25% 30% 924 373 Ps.385 1. 2009 and 2008 is Ps. Ps. 2. 2009 and 2008. Furniture and Equipment. 212. 531 534 3 Ps. 2009 and 2008 is as follows: Depreciation rate 10% 5% 2009 2008 Buildings Office furniture and equipment Machinery and equipment Automobile equipment Land Ps. 236 and Ps. At December 31. respectively.101) ( Ps. 345 384 245 33 180 777 172 Other Accumulated depreciation 297 182 25 425 ( Ps. Net An analysis of this caption at December 31. Ps. respectively. 606 and Ps.223 1.(1) An analysis of this caption at December 31.598 13 14. the aforementioned analysis includes the balance of assets under operating leases with a net carrying value of Ps.248 975) Depreciation expense of the years ended December 31.
Long-term Equity Investments An analysis of this caption at December 31.240 10. 15. - Balance 2009 Ps.549 Ps.329 ( ( ( 4.114 86 Grupo Financiero Inbursa . 18. 1.15. 1.427 4.525 146) 12) 29 2.397 - 129) 12.094 10 1. 120 Other movements Ps. 2. ( 638) Ps. 222 Ps. ( 61 - ( ( 104) 17) 3 Argos Comunicación Celsol In Store de México Aspel México Aspel Grupo Concesionaria Vuela Compañía de Aviación Laboratorio Médico Polanco Landsteiner Scientific Salud Holding Salud Interactiva Landsteiner Pharma Grupo IDESA Pure Leasing 223 116 13 57 52 8 - 3) - - ( 20) 16 10 7 1 ( 6) ( 73 126 256 213 53 14 225 56 6 257 ( ( 11) 2) 10) 24 10 - - 277 180 214 - 157 ( 62) 36 13 9 2 247 58 19 Hildebrando Other Gas Natural Giant Motors 759 6 - 237 222 - ( 136) 29 1 166 215 44 251 13 7 1.491 281 30 18 9 Additions Equity in net income (loss) Ps.362 10 Asociación de Bancos de México Inbursa Siefore Básica 1 Inbursa Siefore Básica 4 Procesar Other Inbursa Siefore Básica 5 Inbursa Siefore Básica 3 288 227 43 7 335 89 - 20 25 18 4 6 ( ( ( 308 360 245 47 95 Mutual funds 469 1.999 Ps.860 5.109 347 941 788 250 6 Unconsolidated subsidiaries: Pensiones Inbursa Seguros Inbursa 4. 2009 and 2008 is as follows: 2009 Issuer Venture capital investments: Infraestructura y Transportes México Balance 2008 Ps.292 1.478 10 67 145 1 4 508) 509) 1) 28 13 8 Ps.611 238 13 6 9 Controladora Vuela Compañía de Aviación Media Planning 1 Quality Films Ps.656 5.132 1.210 Fianzas Guardiana Inbursa Other investments: Inbursa Siefore 4.
Issuer Venture capital investments: Infraestructura y Transportes México
Balance 2007 Ps. 1,351 292 29 47 7 11 62 214
Equity in net income (loss) Ps. ( 140 21
Balance 2008 Ps. 1,491 281 -
Grupo Acir Comunicaciones Quality Films Media Planning
Controladora Vuela Compañía de Aviación
37) Ps.( 41) 4 (
In Store de México
Concesionaria Vuela Compañía de Aviación
Landsteiner Pharma Salud Interactiva
Laboratorio Médico Polanco
206 52 -
313) 24) 1 3) 9
5) ( 4 1)
30 18 57 52 9
18 1 4
225 56 6
Unconsolidated subsidiaries: Seguros Inbursa Pensiones Inbursa
280 184 187 761 6
27) 7) 2 2)
277 180 759 214 6 157
121 324 105 511
4,427 4,329 1,525
Fianzas Guardiana Inbursa Other investments:
4,335 10,199 7 1,410
87) 156) 10
4,240 10,094 10 288 335 43 7 89 -
Bolsa Mexicana de Valores Inbursa Siefore Básica 1 Inbursa Siefore
Asociación de Bancos de México
Inbursa Siefore Básica 5
Inbursa Siefore Básica 4
Inbursa Siefore Básica 3
21 10 1 2
( ( (
8 13 -
472) 325 42 118)
15) 3 1)
469 1,478 10
16. Other Assets, Deferred Charges and Intangibles, net
At December 31, 2009 and 2008, this caption consists of the following: 2009 2008
Premium on loan operations (a) Other Guarantee deposits
Goodwill - SINCA Inbursa
130 878 1,617 159 199
240 130 256 749 29
Amortization of software licenses
Amortization charged to results of operations for the years ended December 31, 2009 and 2008 was Ps. 5 and Ps.6, respectively. (a) The Group purchased a portfolio that, due to the prevailing market conditions, gave rise to the payment of a premium. Under the related loan agreements, in certain cases borrowers may not make early payments. An analysis of the balance of the portfolio in the original currency, the premium paid and the related amortization in pesos for the years ended December 31, 2009 and 2008 is as follows: 2009 Premium paid Ps. 181 59 51 1
Date of repurchase U.S. dollars December 2003
Nominal amount USD 41,387,091
Fixed interest rate 11.93%
Accumulated amortization ( 88) 22) 63) 1)
Balance of unamortized premium Ps. 93 29 32
March 2005 June 2008
10,000,000 20,098,000 USD 163,186,261 Ps. 76,701,170
( ( ( (
2,000 3,162 1,162
Grupo Financiero Inbursa
2008 Date of repurchase U.S. dollars Nominal amount Fixed interest rate 11.93% Premium paid Accumulated amortization Ps. ( ( ( 74) Balance of unamortized premium Ps. 107 34 41 1 36
15,000,000 76,701,170 USD 163,186,261 Ps. 2,000 3,162 1,162 10,000,000
181 51 1
23) 47) 17)
161) 4) 6)
Amortization expense charged to results of operations for the years ended December 31, 2009 and 2008 was Ps.57 and Ps.53, respectively.
17. Traditional Deposits
a) Demand deposits An analysis of demand deposits at December 31, 2009 and 2008 is as follows: Checking accounts Interest-bearing Ps. Mexican pesos 2009 46,377 Ps. 2008 41,954 127 13 Foreign currency translated to Mexican pesos Ps. 2009 1,641 7 Ps. 2008 1,307 77 Ps. Total 2009 48,018 254 Ps. 2008 43,261 204 13
Non-interest bearing Other Total
For the years ended December 31, 2009 and 2008, interest payable on demand deposits was Ps.2,402 and Ps.2,791, respectively (Note 27b). b) Time deposits This caption consists of fixed-term deposits, deposits by foreign companies and banks and PRLVs (notes with interest payable at maturity). The interest rate on Mexican peso denominated deposits is tied to the Mexican Treasury Certificate (CETES) interest rate and to the 28-day adjusted interbank rate (TIIE). Returns on foreign currency denominated deposits are tied to the LIBOR rate.
S.193 1. 2009 and 2008. Ps. dollars (1) UDIs (2) UDIs (1) 835 Mexican pesos (2) Promissory notes with interest payable at maturity (PRLV): Placed through the market (2) Placed over the counter (1) 2.386 1 Ps. 90 Grupo Financiero Inbursa . respectively. deposits maturing in less than one year aggregated Ps.5. Banco Inbursa has not exceeded such limit. 1.443 317 414 - Fixed-term deposits: U.314.174 99.205 70.216 and Ps. 2009 and 2008.206 1.000 4. 2009 and 2008. receive loans from their customers or obtain resources from one person or a group of persons considered as a single economic entity. 103.766 (1) (2) Placed with the general public. respectively (Note 27b). Whenever credit institutions must establish deposits.215 1 99.5.398 Deposits withdrawable on pre-established days (1) 70. interest payable on term deposits was Ps.121. For the years ended December 31. and that represent more than 100% of the net capital. Placed in the money market. time deposits are as follows: 2009 Ps.75. At December 31.At December 31. they must notify the CNBV of this situation on the following business day.407 and Ps.103. At December 31. in one or more liability transactions. 2009 and 2008. 2008 2.579 3.314 430 Ps.399 76.
43 - 1. 9. interest payable on interbank loans was Ps.533 920 613 Ps.496 1. 2009 and 2008 is as follows: Demand deposits Call Money (1) Principal Interest 2009 Total Principal Interest 2008 Total Mexican-peso borrowings Ps. there are no guarantees for the borrowings received.314 Ps.62%. 1.1. 28 19 9 Ps.04% in 2008).977 and Ps.174 6. 8 Ps. long-term Mexican-peso borrowings bear interest at an average annual rate of 6. Estados Financieros 91 . respectively. Interbank and Other Borrowings This caption consists primarily of borrowings from f inancial institutions and government entities that bear interest at current market interest rates.314 Ps.700 22 7 35 1 1.217 Ps.4.term borrowings Long-term Nafin Nafin 8. 1. At December 31.50% interest rate. a four-day call-money transaction was carried out with Banorte in the amount of Ps. short-term Mexican-peso borrowings bear interest at an average annual rate of 6. respectively.04% (8. 2009. 2009 and 2008. At December 31.24% (6. 1. short. 2009 and 2008. 2009.S. 622 939 1. 9.487 23 43 8.18. the Group has unused lines of credit of Ps.884 (1) At December 31.09% and 6. - Ps.and long-term loans in U. At December 31. respectively (Note 27b). 2009 and 2008. 2009.707 6.452 1.828. An analysis of this caption at December 31. 428.88% in 2008). 2009. dollars bear interest at an average annual rate of 5. At December 31.561 Mexican-peso borrowings Discounted portfolio (FIRA) Other Total long-term borrowings 405 867 42 - - 405 867 42 323 323 - 323 323 Ps. 291 and Ps.856 Ps. 8 Short-term Mexican-peso borrowings Bancomext Banxico bids Total short. For the years ended December 31. 28 Ps.539 Ps. At December 31.8 at a 4.
66 and Ps. such as the valuation of derivatives and investments in securities. the income tax of the Group and its subsidiaries shown in the table above may be subject to changes. Consequently. For the years ended December 31. as an economic legal entity. 201 396 53 5 Sociedad Financiera Inbursa Ps. Deferred taxes are recognized on all differences between the financial reporting and tax bases of assets and liabilities (Note 22). the Group. In 2008. The Group’s accounting income and taxable income are not the same due to: (i) permanent differences derived from the treatment of certain items. However. 5. respectively. 2009. 2009 and 2008. Taxes on Profits a) Income tax The Group is subject to the payment of corporate income tax at an annual rate of 28% for 2009 and 2008. the Group carried forward tax losses from prior years of Ps. premiums paid on loans acquired and certain provisions. 4. respectively. 1. Ps. the balance of employee profit sharing shown above was included as part of the caption Income tax.19. and (ii) temporary differences in the recognition of income and expenses for financial and tax reporting purposes of certain items.004 45 Ps. 2 1. reported taxable income of Ps. 664 9 - For the year ended December 31. 2009 and 2008 is as follows: Operadora Inbursa Grupo Financiero Inbursa Other subsidiaries Banco Inbursa Inversora Bursátil Ps. Income tax 152 732 19 56 Ps. 152 732 19 56 Ps. Therefore. the income tax rate will be 30% from 2010 to 2012. 19 and Ps. under the CNBV accounting criteria. 92 Grupo Financiero Inbursa . the equity interest in net income of subsidiaries and associates and non-deductible expenses. An analysis of the income tax charge as shown in the consolidated income statement for the years ended December 31. such as the value of shares sold. the Group and its subsidiaries have yet to file their final 2009 income tax returns. such balance should have been included as part of Administrative and promotional expenses. At the date of the audit report on these financial statements. Employee profit sharing 2009 2008 Total Income tax 2 - - Ps. though such changes are not expected to be material by management. on which it paid income tax of Ps.002 43 Ps. 20% for 2013 and 28% for 2014 and thereafter. Management does not believe this situation will have a material effect on the Group’s financial statements taken as a whole. 21. The tax reforms approved by the Mexican Congress during the last quarter of 2009 included changes in the income tax rate.
includes the respective current-year taxes.753 28% 1. 2009. ( 2. the Group and its legal advisors are awaiting the respective ruling to know the exact scope of such pronouncement.IETU is payable only to the extent it exceeds income tax for the same period.5%. file their tax returns on an individual basis.260 1. the Group and its subsidiaries paid ISR. IETU Credits result mainly from certain fixed assets acquired during the transition period as of the date on which the IETU became effective. 2007. the IETU Law became effective and abolished the Asset Tax Law in force through December 31. 2 (amount less than one million pesos in 2008). as shown in the statement of income. At the date of the report on these financial statements. the caption Equity interest in net income of unconsolidated subsidiaries and associates.388) 201 152 Ps. A reconciliation of the statutory corporate income tax rate to the effective tax rate recognized by the Group for financial reporting purposes is as follows: 2009 2008 Reconciling items: Ps. respectively.Reconciliation of the effective income tax rate The effective income tax rate shown in the statement of income for the years ended December 31. plus permanent items Statutory income tax rate Income tax ( ( Ps. 6. b) Flat-rate business tax (IETU) On January 1. Outsourcing Inburnet.509) 206 109 Annual inflation adjustment (tax item) Non-deductible expenses Net income of subsidiaries Other permanent items Difference in the tax cost of shares Income before income tax . some of the Group’s subsidiaries filed for indirect relief (amparo) against the unconstitutionality of certain provisions contained in the IETU Law. 2008. Current-year IETU for 2009 and 2008 is computed by applying the 17% and 16. c) Employee profit sharing Employee profit sharing is determined basically at 10% of taxable income. 2009. rate to income determined on the basis of cash flows. the court declared that no constitutional guarantees are violated by the IETU Law.451 1. During the first quarter of 2008.885 1. However. respectively. excluding the taxable or deductible nature of the annual inflation adjustment. accordingly. For the year ended December 31.. net of authorized credits. reported employee profit sharing of Ps.225 278) 188) 28% 343 - Deferred income tax from prior years (recorded directly in shareholders’ equity) Total current-year and deferred of income tax Effect of change in deferred income tax rate (Note 22) 1. Therefore. Estados Financieros 93 . The Group and each of its subsidiaries do not consolidate for tax purposes and.909 145 11 343 Taxes on profits of unconsolidated subsidiaries regulated by the CNSF are recorded in results of operations of such subsidiaries. ( 7. 2009 and 2008 is 26% and 12%. For the year ended December 31. 139) 17) ( ( Ps. the only consolidated subsidiary that has personnel of its own. in a plenary session of the Mexican Supreme Court of Justice.
Creditors on Settlement of Transactions This caption corresponds to clearing accounts for foreign exchange and securities transactions.20. 2009 and 2008 is as follows: 2009 2008 Clearing accounts for currency exchange operations (Note 5c) Other clearing accounts Ps. 2009 1.391 (1) At December 31. 5. 94 Grupo Financiero Inbursa .131 4 21. Ps.952 for debt with Lehman Brothers resulting from restrictions on the settlement of foreign currency and forwards purchase and sale transactions resulting from this entity’s declaring bankruptcy (September 2008). 2009 and 2008 is as follows: Sundry creditors (1) Guarantee deposits Cashier's checks Acceptances on behalf of customers Ps. 140 44 44 13 3.045 360 18 52 1. that have not been settled at year-end.127 5.313 23 450 Ps.495 Payable drafts 1. Accrued liabilities and other accounts payable An analysis of this caption at December 31.790 Provisions for accrued expenses Contributions to the contingency fund Certified checks Ps. 1. 2008 1.575 3 Ps. 2009 and 2008.522 Ps. Ps. An analysis of this caption at December 31. this balance includes Ps.572 1. 12 39 75 3.
bankruptcy declared by the regulatory authorities. respectively.168 223 141 Ps. At December 31. 2008 722 72 - Deferred tax liabilities: Valuation of shares Valuation of financial instruments Premium paid on loan operations Derivatives 108 Valuation of hedged assets Other Amortization of discounts on loans acquired Investment in promoted companies 108 866 2. Commitments and Contingencies a) Liability agreement In conformity with Article 28 of the Mexican Law Regulating Financial Groups. 145 to results of operations. 2009 and 2008 are as follows: 2009 Ps. 889 10 922 For the years ended December 31.811 107 44 7 7 Valuation of available-for-sale securities (Note 7b) Overstatement in deductible preventive provision for credit risk 10 10 342 249 9 221 Deferred income tax liability. as Estados Financieros 95 .391 45 10 7 195 155 54 763 93 - Deferred tax assets Asset tax paid Available tax loss carryforward Amortization of goodwill Valuation of financial instruments Derivatives Other 1. and the deterioration of their financial position to the point that they are unable to meet legally specified capital requirements. 905) and Ps. respectively. 23. Deferred Taxes The most important temporary differences included in the computation of deferred taxes at December 31. 2. the Group recognized a deferred tax (expense) benefit of (Ps. net Ps.22. The Group shall similarly be liable for their monetary obligations due to third parties. 833 60 66 Ps. 2009. b) Leases The Group has entered into several operating leases for the buildings and business premises where some of its offices and branches are located. even for those obligations incurred prior to the incorporation of the related subsidiaries into the Group. the effect of the change in tax rate represented a charge of Ps. The statutory rate applicable to the temporary differences that gave rise to deferred taxes at December 31. 2009 and 2008 was 30% and 28%. 321. the Group and its subsidiaries signed a liability agreement whereby the Group accepts responsibility jointly and severally and without limitation for the performance of the obligations of its subsidiaries and for the losses derived from the performance of their own activities. 2009 and 2008.
The nominal amount of paid-in capital at December 31.481. Shareholders’ Equity a) Capital stock The Group’s capital stock at December 31.1. respectively. in conformity with the Law Regulating Financial Groups.982 and Ps. extending the right to vote only in matters involving a change in corporate purpose. 2006. Additional capital stock will be represented by series “L” shares. Such series “L” shares may also confer the right to accumulative preferred dividend. Some of these transactions are carried out with affiliated companies and such intercompany business is not deemed to be material with respect to the Group’s financial statements taken as a whole. 17. in certain cases.154. In no 96 Grupo Financiero Inbursa .well as for parking areas and computer equipment.129. spin-off. c) Loan commitments .442. 2005 and 2004.758. 24. lines of credit granted by the Group aggregate Ps.606 and Ps. 2. 95 over the next five years. At December 31.207. merger. on which the available drawdowns aggregate Ps. and a higher dividend than the one paid to shares of ordinary capital stock. d) Review of tax reports At December 31. which.Lines of credit The Group has granted lines of credit to its customers. 3. e) Legal matters . no drawdowns have been made. respectively. The book value of the shares at December 31.513. Some of these letters of credit have been issued to related parties (Note 31). for which.Letters of credit As part of its loan transactions.Pardoning of tax liabilities On March 10.4. At December 31. 2007. may represent up to 40% of the Group’s ordinary capital stock. the Mexican Tax Authority is reviewing the tax audit reports of certain subsidiaries of the Group for the years ended December 31.974 registered series “O” shares with a par value of Ps. At the date of the audit report on these financial statements. at those dates. respectively. through December 31. transformation. the Group had filed appeals against the Tax Administration Service (Mexican Tax Authority). For the years ended December 31. 2009 and 2008.133.270. respectively. dissolution and liquidation. the balance of letters of credit granted by the Group aggregates Ps. 2009.827422 Mexican pesos each.121 and Ps. as well as the cancellation of any stock exchange registration. since the Group’s financial information includes the effects of inflation recognized through December 31. The amount paid and charged to results of operations aggregated Ps. 2007. 0. Management estimates that minimum compulsory rental payments under operating leases at December 31. 2009 and 2008. 2009 and 2008. rent charged to results of operations aggregates Ps. on which.245. 2008. 2009 will be Ps. 14. Representative series “L” shares shall have limited voting rights. the Group grants letters of credit to its customers that may give rise to collection and payment commitments at the time of the first drawdown. 2009 and 2008 consists of 3. the Group obtained the pardoning of two tax liabilities for 2001 and 2002. with the prior authorization of the CNBV. . such review is still underway.333. 19 and Ps. 2007. 2009 and 2008 is Ps. 2009 and 2008 is Ps.
unless they act as institutional investors. 275 (Ps. which consists of the shares’ aggregate par value of Ps. 111 through the cancellation of 134. 12. the Group is required to appropriate at least 5% of the net income of each year to increase the legal reserve until it reaches 20% of capital stock issued and outstanding. provided that such transactions have been authorized by the Mexican Ministry of Finance. b) Changes in capital stock In 2009.361. except in the form of a stock dividend. At an extraordinary shareholders’ meeting held on June 23. nor may Mexican financial entities.400 series “O” shares acquired from the repurchase of the Group’s own shares in prior years. Any individual or corporate entity may own. Legal reserve In conformity with the Mexican Corporations Act. and was funded using a portion of the Group’s retained earnings. 0.410 of the Group’s series “O” shares for Ps. 2009 and 2008 is as follows: Reserve for repurchase of own shares Legal reserve Ps. 2008.098 1. even those comprising part of the respective group. Such reserve may not be distributed to shareholders during the life of the Group. Ps. Estados Financieros 97 . • Capital reserves An analysis at December 31.676. 558 ($ 37. in terms of Article 19 of the Law Regulating Financial Groups. In October 2008. c) Restrictions on shareholders’ equity • Ownership of shares Foreign corporate entities that exercise any form of authority may not hold any interest in the capital stock.833. it was decided to decrease capital stock by Ps. there were no changes in the Group’s capital stock structure. 12.917 3. plus a stock premium of Ps. the series “O” shares of a multipletype banking institution. with approval of the CNBV. shall be subject to taxation at the enacted rate at the time of such reduction. 1.672578 pesos per share). the reimbursement to shareholders in excess of the amount of the restated capital contributions.827422 pesos per share). in accordance with the Income Tax Law.circumstances may the dividends paid on series “L” shares be less than those paid on the other series of shares. a shareholder subscribed and paid in 333. • Capital reduction In the event of a capital reduction. through one or various simultaneous or successive transactions.181 Reserve for repurchase of own shares The reserve for repurchase of own shares was created on the basis of resolutions adopted at shareholders’ meetings.
667.070. therefore. 3. Such account must be restated for inflation from the time capital contributions are made to the time capital is reduced.333. taxable income must be controlled in a so-called Net taxed profits account (CUFIN). However. In conformity with the Income Tax Law. 2009. At December 31. 2009 and 2008 were determined as follows: 2009 2008 Net income per statement of income Earnings per share (Mexican pesos) Weighted average number of outstanding shares Ps. 1. 2009 and 2008. which will be subject to taxation. Ps. The total dividend paid was Ps. the Group has the following (individual) tax balances: 2009 2008 Net taxed profits account (CUFIN) Restated contributed capital account (CUCA) Ps. Earnings per Share and Comprehensive Income a) Earnings per share Earnings per share for the years ended December 31.513.369 4. a cash dividend was declared at a rate of $ 0. Ps.068 Ps. they were not subject to tax withholdings.50 pesos per each of the 3.564 common registered shares issued and outstanding.418 3. 25.480 Ps.350. as well as capital reductions.926 .4202 8. Ps.d) Restrictions on earnings The Income Tax Law establishes that dividends declared from income on which corporate income tax has already been paid shall not be subject to further taxation. payable by the Group.122 3.668 1. At a regular shareholders’ meeting held on April 26. all capital contributions and net stock premiums paid by the shareholders. a cash dividend was declared at a rate of $ 0. 30.974 2. The total dividend paid was Ps.152. Capital reductions paid out from the CUCA balance will be subject to no taxation in terms of the Income Tax Law. Any distribution of earnings in excess of the CUFIN account balance will be subject to taxation at the enacted income tax rate at the time dividends are paid. must be controlled in the so-called Restated contributed capital account (CUCA). at the enacted income tax rate at that time. 2008. 1.513.974 common registered shares issued and outstanding.45 pesos per each of the 3.000. 3. any excess should be treated as a distributed profit.478. 29. Since the aforementioned cash dividends were paid from the Group’s CUFIN account.Dividend paid At a regular shareholders’ meeting held on April 30.333.1946 98 Grupo Financiero Inbursa . Ps.
677 Resultado valuación de títulos disponibles para la venta Participación en otras cuentas de capital de subsidiarias Utilidad integral Reconocimiento inicial de impuestos diferidos por subsidiarias 135) 8. 2009.637 Ps.164 .903 947 ( ( 878) 231) 81 Ps.654 and Ps.996 and Ps. 2009 and 2008 aggregated Ps. Liabilities related to loan transactions at December 31. respectively.100 94 55 2. A different classification is used to show the amounts presented from the one used in the preparation of the financial statements since operating and accounting records are combined.149. 2009 2008 a) Loan transactions Revenues Interest on loans (Note 27a) Ps.771 19 - Expenses 2009 Ps.285 960 283 Fair value valuation of hedges (Note 10) 224 12. 216 2008 373 Exchange gains and UDIs (Note 27b) Interest on deposits (Note 27b) Provision for loan portfolio (Note 12d) Commissions paid 4.430 Assets related to loan transactions at December 31.062 8.753.533 59 Other operating expenses Income from loan transactions 12. 143. 2009 and 2008 aggregated Ps.b) Comprehensive income An analysis of the Group’s comprehensive income for the years ended December 31. 2009 8.649 26.341 47 1. 2. 124. respectively.666. 2009 and 2008 is as follows: Resultado neto Ps. 36. 2009 and 2008 are shown below. Segment Information Highlights of the results of operations of the principal operating segments of the most significant subsidiaries for the years ended December 31. 1. 11.437 520 16. 577 239 11. Exchange gains and UDIs (Note 27a) Commissions collected (Note 28) Other operating revenues Other 13. For the year ended December 31. 2008 3.527 3. Estados Financieros 99 . the net cash flow invested in this segment aggregates Ps.391 Ps.128.329 8. ( Ps.091 Ps. 133.
162.029 5. 2009 and 2008 aggregated Ps. 100 Grupo Financiero Inbursa . 3. The Group focuses other specialized activities of subsidiaries in lines of businesses not subject to financial intermediation corresponding to the subsidiaries: Operadora Inbursa de Sociedades de Inversión and Afore Inbursa. 283 3.176 111 - Unrealized gain on valuation of investments in securities (Note 29) Expenses 8.937 Ps.198 4) ( Ps.091) Net assets related to derivatives and foreign-currency transactions at December 31.618 4. 2009 Ps. as they refer to entities engaged in specialized activities in the insurance and bonding sector in the life. 2009. 3.b) Money market and capital market transactions Revenues Interest on investments (Note 27a) Commissions collected (Note 28) Ps. 2009 Ps.720 and Ps.627 3. property and casualty and health and pension lines. ( 1.430 d) Reconciliation of figures Loan transactions Money market and capital market transactions Commissions from management of retirement savings system resources (Note 28) Derivatives and foreign-currency transactions 4. ( 2008 1.912 - 86 4. There are other controlling entities. net cash outflows from this segment aggregates to Ps.766 3. 2009 2008 Premiums on repurchase agreements (Note 27a) Realized gain on securities (Note 29) 4. 2009.285) 48) 4 703 c) Derivatives and foreign-currency transactions Realized (loss) gain on foreign currency transactions (Note 29) Unrealized gain (loss) on valuation of derivatives (Note 29) Other valuation results Realized gain (loss) on derivatives (Note 29) Unrealized (loss) gain on foreign currency transactions (Note 29) Ps.3.076 888 774 - Ps. 4. the invested net cash flows in this segment aggregate Ps.535 3. 85.957.852 1. 1. money market and capital market transactions carried out basically by the subsidiaries Banco Inbursa. which consolidate their financial information with that of the Group. Inversora Bursátil and Sociedad Financiera Inbursa.637 1.535 109 974 - Unrealized gain on valuation of investments in securities (Note 29) Result of money market and capital market transactions Realized gain on securities (Note 29) Commissions paid Premiums on repurchase agreements (Note 27b) Ps. For the year ended December 31. 46.871 1. whose financial information is not consolidated with that of the Group.045 3. respectively. ( ( 442) 779 895 30) Ps. ( 1.871 Ps. respectively. For the year ended December 31.783 3. 51.259.717. 10.091) 4.3. 2009 and 2008 aggregated Ps. respectively.097 and Ps.198 Ps. Liabilities related to money market and capital market transactions at December 31.231 Total operating revenues Ps.516 1. 13. ( 2008 1.543 8.148 Assets related to money market and capital market transactions at December 31.052. 26.092 and Ps.148 The aforementioned segment information refers to credit. 2009 and 2008 aggregated Ps.
( 27.463 7. Ps.076 Ps. 11.285 On financing granted to domestic and foreign banks Revaluation of foreign currency and UDIs Net valuation of hedging relationships (Note 10) 2.261 7. ( ( 10.667 Ps.447 1.391 3.066 Estados Financieros 101 .271 239 - 283 19 - Ps.220 9.130 20.260 Pensiones Inbursa Ps.175 9. claims and other Gross profit (loss) 600 555 Ps.076) 8. 7.425) 8. 201 Ps.653 635 339 3. ( 1.061 687 Premiums written Premiums ceded Retained premiums Ps.617 Pensiones Inbursa Ps. 520 21. Total companies regulated by the CNSF 12.886 9.951 821) 1.284 6.852 Other Ps.666) 9.040) 1.484 246) 379 21) Net cost of losses.e) Segment information of subsidiaries regulated by the CNSF (not subject to consolidation) 2009 Seguros Inbursa Ps. 2009 and 2008 is as follows: a) Interest income 2009 2008 Loan portfolio (1) Premiums on repurchase agreements (Note 8b) On investments in financial instruments On deposits with Banxico Ps. Ps.294) 805 Ps. Total companies regulated by the CNSF 21.518 Gross profit (loss) Ps.748 ( ( 10.459 314) ( ( 9.263 8.521) 1.766) 1. Fianzas Guardiana Inbursa ( ( ( 100) 819 63) 756 45) 919 Net increase in reserve for unearned premiums and bonds and bonds in-force Retained accrued premiums Net acquisition cost 18 - Ps. claims and other 393 372 7 1. Financial Margin An analysis of the financial margin presented in the statement of income for the years ended December 31. 11. 13. 18 Premiums written Premiums ceded Retained premiums Ps. 6. Fianzas Guardiana Inbursa 2008 Seguros Inbursa Ps.788 ( ( 156) 138) 839 - Net cost of losses.545 973 8.005 2.408 1.722 7.835 317) 24 513) 489) 805 - - Ps.281 696 68 3. ( ( 24 ( ( ( 721 Net increase in reserve for unearned premiums and bonds in force Retained accrued premiums Net acquisition cost 625 96) ( ( 2. 19.( 977) 839 Ps.554 10.
543 2. 1.231 1.165 102 Grupo Financiero Inbursa . 2009 and 2008 is as follows: 2009 2008 Management of retirement savings system resources Loan (portfolio) services Securities trading intermediation Ps. Commissions and Fees Collected An analysis of this caption at December 31.285 156 b) Interest expense 2009 2008 On notes with interest payable at maturity (PRLVs) (Note 17b) On bank loans (Note 18) On checking account deposits (Note 17a) Premiums on repurchase agreements (Note 8b) Ps.250 Financial entities Government entities Financial leases Discounts Other discounted loans 948 257 187 169 8 335 217 258 189 20 98 189 394 Consumer Chattel mortgage Home mortgage Ps.402 291 216 5.057 465 5.310 Ps.535 5. 3. 3.(1) An analysis of interest income by type of loan is as follows: 2009 2008 Simple Restructured Subject to value added tax Unsecured Ps.437 362 194 3. 2.467 721 2.236 1. 13. 303 298 Ps.391 Ps. 12.859 97 373 141 Ps.623 1. 1. 11.029 960 575 - Other commissions Account management commissions Commission for penalties Ps.441 28. 3. 6. 11.110 805 517 Ps.791 Revaluation of foreign currency and UDIs On time deposits (Note 17b) Ps.173 428 2.556 58 274 Ps.
29. Intermediation Income
An analysis of intermediation income for the years ended December 31, 2009 and 2008 is as follows:
Other income from buying and selling of securities On securities On foreign currency transactions
2009 Ps. ( 442) 283) 779 54 Ps.
2008 1,535 3,285) 1,639) 703 111
On derivatives Result from valuation
On investments in securities Other On derivatives
On foreign currency transactions
( ( (
974) 48) 4
30. Memoranda Accounts
The Group has memoranda accounts for the purpose of recording the Group’s rights and obligations with third parties, as well as securities, property received for safekeeping and property under mandate resulting from the Group’s normal operations. a) Transactions on behalf of others i) Customers’ securities received for safekeeping Money market securities Fixed-yield instruments Variable-yield instruments Ps. 2009 278,052 Ps. 2008 229,821
Securities listed on the International Securities Exchange
Shares of variable-yield mutual funds
Shares of debt instrument mutual funds
1,566,021 43,484 2,005,073 19,690
1,283,299 38,460 1,607,652 21,223 -
b) Proprietary transactions i) Contingent assets and liabilities An analysis of the Group’s contingent asset and liability at December 31, 2009 and 2008 is as follows: 2009 Ps. 47,180 Ps. 2008 47,088 2,567 131
Group securities delivered for safekeeping Variable capital shares Bank bonds
Domestic senior notes (CERBUR) Cash
Mexican Treasury Certificates (CETES) Promissory notes with interest payable at maturity (PRLV)
2,310 2,985 6 -
Mexican government securities delivered in guarantee Mexican government development bonds (Bondes)
Other contingent liabilities Residual value
Rents not yet due under operating leases
ii) Loan commitments Loan commitments recognized in memoranda accounts at December 31, 2009 and 2008 aggregated Ps. 1,982 and Ps. 4,481, respectively, and correspond to the issuance of letters of credit and the granting of lines of credit to customers. iii) Property held in trust or under mandate At December 31, 2009 and 2008, the balances of transactions in which the Group’s bank subsidiary acts as trustee are as follows:
2009 Ps. 329,851 692 41 Ps.
2008 294,107 3,800 10 41
Transfer of title
330,674 331,423 749
297,958 299,363 1,405
For the years ended December 31, 2009 and 2008, the Group obtained income of Ps.36 and Ps.27, respectively, from activities performed in its capacity as trustee.
Grupo Financiero Inbursa
iv) Property held for safekeeping or under management An analysis of the balance of this account at December 31, 2009 and 2008 is as follows: 2009 2008
Notes subject to collection
Securities held in guarantee
Securities held for safekeeping (1)
604,353 152,144 2,168 59
490,102 92,419 1,930 34
(1) At December 31, 2009 and 2008, this caption consists basically of American Depositary Receipts (ADRs) held for safekeeping. An analysis of the ADRs held and their fair values at December 31, 2009 and 2008 is as follows: 2009 2008 Ps.
Series L L
TELMEX TELINT TLEVISA
CPO A L
TELECOM GCARSO TS
A1 A1 O * * C
1,633,935,398 4,208,735,855 144,963,053 96,456,778 95,054,018
88,608 48,948 1,043 4,453 2,160 1,093
1,630,226,073 4,682,646,670 152,624,513 103,371,558
66,562 36,759 1,468 812
147 56 3 -
4,996,648 2,399,550 868,865
10,068,500 52,303 24,861,630,224 37,188
28 3 -
Securities held for safekeeping or under management are recorded at cost and marked-to-market.
31. Related Party Balances and Transactions
In conformity with CNBV accounting criterion C-3, Related Parties, transactions with related parties subject to disclosure are those that represent more than 1% of net capital of the month prior to the date on which the financial information is prepared. At December 31, 2009 and 2008, the balance of qualifying related party transactions aggregates to Ps. 387 and Ps. 383, respectively. Related party transactions are conducted using market prices that are set, based on existing market conditions at the date of the transactions. a) Agreements The most important agreements that the Group has entered into are as follows:
1. The Group maintains demand and time deposits from related parties. 1. Individual deposits do not exceed the disclosure limit established by the CNBV.254 232 37 Revenues: Affiliates Affiliates Affiliates Affiliates Affiliates Affiliates Commissions and fees collected Earnings on derivatives Trust operations Premiums earned under repurchase agreements Commission for the distribution of shares 341 15 166 160 1. A summary of intercompany balances and transactions with such unconsolidated subsidiaries for the years ended December 31. respectively. whereby the Group promotes and sells shares of Inbursa’s investment funds. 1. The Group’s long-term equity investments at December 31. legal and accounting services. iii) commission income aggregates Ps. balances and transactions of unconsolidated subsidiaries (insurance and bonding companies) have not been eliminated in the preparation of the Group’s consolidated financial statements. which agrees to provide general administrative. 2009 and 2008 is as follows: i) accounts receivable aggregate Ps. Lease agreement with Seguros Inbursa for the rental of the properties where the offices of the Group’s branches are located.821 Ps. The Group carries out related-party transactions through the issuance of letters of credit.350 Direct shareholder/holder Grupo Financiero Inbursa Dividend paid Ps.062 Ps.203 1. 2009 and 2008 and the related changes for the years then ended are described in Note 15. 140 and Ps. The Group has granted loans to its related parties.344 Ps. respectively.385 89 3. This agreement is for an indefinite term. The Group has entered into administrative trust agreements with its related parties. 127 and Ps. 89. 600. This agreement is for an indefinite term.693 10 Disbursements: Affiliates Affiliates Ps. respectively. b) Balances and transactions with unconsolidated companies Under the CNBV accounting criteria. c) Transactions An analysis of the Group’s transactions with related parties at December 31.029.383 1. Ps. respectively.667 Ps. Stock distribution agreement entered into with Operadora Inbursa de Sociedades de Inversión. 2009 and 2008 is as follows: Relationship Interest income Transaction Ps.• • • • • • • • • • Open-ended brokerage intermediation agreements with each Group company for the safekeeping of securities through which Inversora Bursátil renders intermediation services for the trading and the safekeeping and management of financial instruments. Interest expense Affiliates Affiliates Affiliates Personnel services rendered Leases Losses on derivatives Premiums paid under repurchase agreements 272 1. 35 Ps. 2009 1.517 31 590 42 Changes in capital: Ps. among others. ii) accounts payable aggregate Ps. Administrative service agreement entered into with Seguros Inbursa. 2. This agreement is for an indefinite term. 1. and iv) administrative service expenses aggregate Ps.230 and Ps. 135 61 2008 1. 40 5. 122. 106 . 740 and Ps.
The Bank’s management has policy and procedures manuals that were prepared following CNBV and Banxico guidelines for reducing the risks to which the Bank is exposed. The Bank’s Risk Management Committee systematically analyzes the information it receives. any information regarding policies. 653.000 2. as well as information regarding the potential losses related to each type of risk in the different markets in which they operate.293 Ps.625 Ps.45. measures. To this end.24. 59 and 21 forwards with related parties with a notional amount of Ps.336 692 2.710 647. Such provisions establish that the internal audit area must perform a comprehensive risk management audit at least once a year or at year-end.678 13 - 1.244 and Ps. On December 2.811. respectively. Risk Management (unaudited information) This information refers to Banco Inbursa.( 5.15. procedures. Estados Financieros 107 . Institución de Banca Múltiple (the Bank). 699. respectively. respectively.304) 4. Additionally.718 and Ps.. 75 and 48 swaps with related parties with a notional amount of Ps. 2008 and 2009.d) Balances An analysis of the Group’s principal balances due from/to related parties at December 31. In conformity with CNBV regulations.27. 2005. the CNBV issued provisions of general application for credit institutions (Circular Única).591 7. S.112 984 At December 31. a) Environment As part of its efforts for increased corporate governance. the Bank has a contingency plan to offset weaknesses detected at the operational.453. 4. controls and monitors all of its quantifiable and unquantifiable operating risks. while the Group has.25 3.A. together with the Risk Analysis area and operating areas.175 Management and safekeeping of securities 677. the principal subsidiary of the Group. credit institutions are required to disclose.047 251 874 Ps. legal and reporting levels related to transactions in excess of the maximum risk tolerance levels approved by the Risk Management Committee. At December 31. the Comprehensive Risk Management Unit and the Risk Management Committee. it relies on the services provided by the Risk Analysis area.035 906 Loan commitments (letters of credit) Traditional deposits 2. The Bank’s internal audit area executes its audit using the applicable accounting criteria and submitted the results of its latest audit to the Board of Directors at a meeting held in January 2009. the Bank practices comprehensive risk management. 2009 and 2008. the Group has entered into forwards and cash-flow swaps with its related parties. methodologies and other risk management measures adopted. the Group has contracted. 2009 and 2008 is as follows: Relación Operación 2009 2008 Affiliates Affiliates Affiliates Affiliates and associates Loan portfolio Derivative financial instruments (1) Affiliates Affiliates Affiliates Affiliates Affiliates Debtors under repurchase agreements Accounts payable Accounts receivable Lease portfolio Ps. by means of notes accompanying their financial statements. respectively. 32. through which the Bank also identifies.
972 127.635 3.287 4.03 4.679 837 Ps.352 Ps. 2009 is as follows: Instrument Money market International bonds Term 3.989 14.041 219 79 Ps.448 1.802 13.534 330 538 257 Ps. dollars) Swaps at risk (Mexican pesos) Futures and forwards Variable-yield shares 2. the market risk is computed for money market. 21.659) 15.35 4. Ps.205) Ps.852 Ps. To prove statistically that the market risk measuring model is giving reliable results.964 10.For the year ended December 31. ( 787) 108 Grupo Financiero Inbursa .133 Ps. 12. An analysis of market risk at December 31.331 8.080 2. ( 103.463) Ps.739 42.057) ( ( ( ( 42.508 523 Quarterly interest Loan portfolio Investments in securities Ps. ( 10. the Bank carries out a hypothetical test of the reliability level of the measuring system. 2009.68 Cost value Ps. 14.579 800 155.381 3.320 % VaR = Ps.692) 188 43.290 12.065 2. Quarterly interest Change in economic value b) Market risk 153. 43.842 6.8 Cost rate 8. 154.69 Market value Ps.434) 4. international bond and variable-yield and derivative instrument portfolios. 158. At present.260 178 219) Market rate 8.287 4. Ps. 36.986 1.940 Ps.347 481 Ps.618 In order to measure and evaluate the risks assumed in conducting its financial transactions.507 1.753 1.S. This consists of a chi square (Kupiec) test of the number of times that the actual loss observed exceeds the estimated risk level.844 Ps. ( 101) Total Securities held Cross currency swaps Swaps (U. 153.037 3. quarterly variances in the Bank’s financial income are as follows: Assets 1Q 2Q 3Q 4Q Annual average 19. 11. ( ( ( ( ( 383 343) 57) 14) 288) 418) Capital Básico al 30 de septiembre de 2009 (1) Daily VaR with 95% reliability Ps. ( 24.141 6. Unrealized gain (loss) Value at risk (1) Ps.889 Ps. 12. the Bank has computational tools at its disposal to calculate Value at Risk (VaR) and to perform sensitivity analyses and stress testing.
the Bank monitors its foreign currency liquidity risk in accordance with Banxico regimen of investment and admission of foreign currency denominated liabilities. the risk management area computes liquidity gaps. The most important risk position for the Bank is in derivative transactions. To validate this assumption. as well as the value at risk and their new mark-to-market values.461) 305) 308) 382) 611) ( ( ( ( ( ( ( ( 608) 675) 475) ( 897) 656) 418) 787) 545) 31/12/2009 Average Ps.S. dollar denominated swaPs. the valuations of the portfolios are determined. “back testing” is carried out.A monthly summary of the Bank’s market risk is as follows: Date VaR 30/09/2009 30/11/2009 31/10/2009 31/08/2009 31/07/2009 30/06/2009 31/05/2009 30/04/2009 31/03/2009 28/02/2009 31/01/2009 12/31/2008 Ps. Estados Financieros 109 . in addition to tests under historical extreme conditions of up to four standard variances on a 60-day investment horizon. ( ( 620) The Bank measured these market risks using a VaR model for the total valuation in a target investment term of one day with a reliability level of 95%. The model is based on the assumption that the distribution of variances in risk factors is normal. This information includes the market risk of positions. c) Liquidity risk In order to monitor liquidity. Furthermore. and based on the risk factor values of the last 252 days. as well as loans granted. The measurement of market risk is conducted via stress tests consisting of sensitivity analyses of 100bps and 500bps. consisting of currency and interest rate futures and Mexican peso and U. considering the Bank’s financial assets and liabilities. respectively. Under the new risk factor stress conditions. the unrealized gain (loss) generated and the Value at Risk in one day with a reliability level of 95%. This simulates the effects of adverse transactions on the portfolio on the day of the computation. ( ( ( 1. The Bank also measures the adverse margin by considering the differential between the buying and selling prices of its financial assets and liabilities.
65% Ps.571 2.631 1.29% 8.247 8.68% 110 Grupo Financiero Inbursa . Stress tests may be carried out by modifying the variables that affect the operating income and/or the financial expense derived from the liabilities. 111.301 AA Ps.39% 3. Allowance 10. 10.844 219 Ps.10% 1. In other words.774 Ps. as well as the asset/liability gap and their status within each term.927 21 Times of allowance/pastdue portfolio 0.S.69% 1.500 0.378 4. 153. dollars Performing portfolio Ps.489 6. 15.31% August September October November Average December 344 3.97% 9.069 2.44% 0. Ps.781 3.77% 9. Amount 2009 6.384 614 145 0.370 1. Amount 2008 833 % Coefficient 1. Currency Mexican pesos UDIs U.158 % Coefficient 6.38% 0. including costs.273 8.50% 2.791 3.06% 4.62% 0.076 114 6.28% 0.922 312 4.326 9.29% Ps.23% 0.S. which assumes that the deterioration of credit quality and of each borrower over time depends both on quantifiable economic factors.385 1.44% 5. Past-due portfolio 2. dollars UDI Expected loss in Mexican pesos Grading of loan portfolio Net exposure Ps.20% 0.53% 0.167 799 USD 43. as well as qualitative factors. 2009 is as follows: Total Mexican pesos U. The total effect of these factors may be observed in the development of the operating margin generated by the borrower’s performance. 4.277 0.19% 4.72% 1.81% Ps.29% 3.172 % allowance/ performing portfolio 11. including costs.464 1 1. it is reasonable to believe the deterioration of the operating margin firmly indicates that these factors together have worked against the borrower. The value at risk and grading of the loan portfolio by currency at December 31.043 0. the Bank determines a factor that represents the level of the operation’s flow resistance to cover the interest generated by the liabilities.044 50 166 June 494 1.February March April May July January Ps. d) Credit risk The Bank computes loan portfolio risks by applying quarterly analyses of credit risks using its own risk model. 111. 155. based on its interest coverage.711 41.785 Ps.232 713 723 0.56% 1.07% 1.42% The liquidity model considers the liquidity quality of portfolio assets.47% 0. For its stress tests.45% 2.989 498 AA 215 AA 4 AA The expected loss considers the exposure net of guarantees and the probability of default as computed by the proprietary model.28% 2.250 Ps.
Estados Financieros 111 . safeguarding and following up on the documentation of these kinds of loans. as well as internal reports with their respective monthly updates. the Bank evaluates and follows up on loans by means of regulatory reports issued to meet the requirements of the regulatory authorities that oversee the Bank. as well as with other participants who must guarantee the obligations contained in the contracts signed with the participating parties. term.302 1. the Bank performs parametric analyses and verifies the borrowers’ credit history based on reports obtained from credit bureaus. . the Loan Department monitors the quality of the loan portfolio based on this grading and conducts an analysis by segment of the main sectors of the Mexican economy.The average values of credit risk exposure are as follows: Expected loss at this date 03/30/2007 06/29/2007 09/28/2007 12/31/2007 03/31/2008 Total 2.049 Additionally. The Bank has also created specific policies to grant loans based on the product or type of loan being applied for. In its future and forward contracts.796 1. Each month. iii) all loan drawdowns must be approved by the loan operations area. home mortgage and other loans granted to small and medium-sized companies. the Credit Committee grants the retail loan analysis area the power to approve or deny loans of up to Ps.104 1. Together with the quarterly credit monitoring analyses.295 1. the Bank acts on its own behalf with intermediaries or financial participants authorized by Banxico. interest rate and guarantees. but also by economic activity. Therefore.543 3. interest rates. not only for each borrower or risk group. the Bank performs a detailed analysis of the financial position and qualitative aspects of the applicant. among others. under specific limits related to the amount. guarantees. notarizing.517 3.922 06/30/2008 12/31/2008 06/30/2009 12/31/2009 09/30/2009 03/31/2009 09/30/2008 2. the retail loan analysis area is responsible for authorizing. In the case of corporate (commercial) loans. For commercial loans: i) the authorized bodies (Credit Committee) establish the basic conditions of the loans with respect to the amounts. terms. ii) the loan operations area verifies that the approved loans have been properly documented.934 1.Analysis of credits The control and analysis of loans starts from the time information is received about the borrower to the time the loan is repaid in full.Loan process The Bank’s loan process activities related to the evaluation and analysis for the granting of loans and the control and recovery of its loan portfolio are described below: . and reviews the borrowers’ credit history based on reports obtained from credit bureaus. With respect to the evaluations for the granting of consumer loans. among others. concentration of risk is determined.647 3. on a quarterly basis.273 2. commissions. In the case of consumer.013 2. passing through a number of filters in the different areas of the Bank.10 million.
regardless of whether they form part of the performing or past-due portfolio.5 2. (1) Limit defined in the third paragraph of clause III. • • • • . ii) to provide its customers with market transactions of derivative products.Determination of concentration of risk The policies and procedures used to determine risk concentrations in the loan portfolio are summarized below: • The Bank requires borrowers with authorized credit lines of at least 30 million UDIs to deliver information following specific guidelines for the Bank to later determine any common risks. The policies observed by the Bank establish that risk positions in securities and financial derivatives may not be assumed by operators since risktaking is decided on exclusively by senior management by means of collective bodies. The Risk Management Committee defined the positions to which the Bank must adhere. e) Risk policies for derivatives When entering into agreements involving financial instruments (derivatives). interest rates. The loan operations area is responsible for informing the CNBV when common risk limits have been exceeded. etc. the risk assumed in currency derivative transactions refers to Mexican rates since U.) to which the Bank is exposed.S. The loan operations area verifies that any drawdown made on the authorized lines of credit does not exceed the maximum loan limits established by the Bank on a quarterly basis. Generally. the Bank’s general purposes include the following: i) the short. The transactions conducted involve a counterparty risk. computed by Banxico. 112 Grupo Financiero Inbursa . iii) to identify and take advantage of the current derivative market conditions.The Bank has established different procedures for the recovery of loans. This portfolio also includes other specific loans deemed troubled by the loan analysis area. so as to promptly identify possible problems in the performing loan portfolio.0 Maturity of more than one year (*) 2. shares. dollar futures are positioned as a credit portfolio or other assets. and iv) to protect itself against risks derived from unusual variances of underlying (foreign currencies. of Article 75 of the Mexican Credit Institutions. The loan analysis area periodically reports the amount of the lines authorized by the Loan Committee to the operations area to provide for the adequate compliance with risk concentration limits. as follows: Maturity of less than one year (*) Nominal rate Actual rate Synthetic derivatives Capital markets (1) 2. The troubled loan portfolio includes “D” and “E” risk-grade loans. including loan restructuring negotiations and court-action for collection. in response to their needs.0 2.Identification of troubled loan portfolio The Bank performs a monthly analysis of the economic environment in which its borrowers operate.0 2.and medium-term active participation in those markets.5 4.5 (*) Times net capital for the immediately preceding quarter. If loan transactions exceed the limits established by the Bank due to circumstances not related with the granting of loans. the areas involved in the implementation of the required corrective measures should be informed. Information on common risks is included in a customer grouping process for measuring and updating loan portfolio risks. as well as those limits established by the regulatory authorities. . Bank policy is to identify and classify the troubled loan portfolio based on the risk grade resulting from the loan portfolio grading.
documentation and recording of derivatives and their risks.. The Bank is also subject to the provisions established by the CNBV in connection with derivative transactions. regulations and provisions contemplated in the agreement. Give immediate written notice to the other party when the Bank knows that it is in one of the circumstances that are cause for early termination established in the standard agreement. Provide the other party with any other document agreed upon in the contract exhibits and confirmation of transactions. in addition to matters related to recommendations made to customers with regard to entering into derivative contracts.. Whenever it is determined that a derivative is no longer a highly effective hedge. Such regulations also establish rules for derivative transactions and require credit institutions to obtain an annual communiqué from their audit committees to certify compliance with the provisions issued by Banxico in this regard. . Estados Financieros 113 . the Bank documents the hedging relationships to show their efficiency based on the considerations established in the CNBV accounting criteria. When a derivative is designated as a hedge subsequent to the instrument contracting date. including the treatment. the Bank prospectively ceases to apply hedge accounting to the derivative.Documentation of hedging relationships With regard to transactions with derivative financial instruments for hedging purposes. 4) The manner in which the effectiveness of the hedge is assessed initially (prospectively) and subsequently (retrospectively) and then offset the exposure to changes in the fair value of the hedged item attributed to the hedged risks. Hedges are designated at the time the derivative is contracted or at a later date. The effectiveness of the Bank’s hedges is evaluated monthly. provided that the instrument qualifies as a hedge and meets the conditions for formal documentation as such established in the accounting standards. hedge accounting is applied prospectively. as well as the justification for acquiring the hedge. Comply with all applicable laws.Counterparty obligations Derivative agreements that are not entered into in recognized markets are documented by means of a standard agreement establishing the following obligations for the Bank and its counterparties: • • • • • Deliver the accounting and legal information agreed upon by the parties in the contract exhibits and confirmation of transactions. . Maintain in force any internal or government authorizations necessary to fulfill the relevant contractual obligations. the Bank must comply with circular 4/2006. 5) Treatment of the total gain or loss of the hedge in determining effectiveness. 2) The specific risk or risks to be hedged.Regulations In conformity with the regulations issued by Banxico related to derivative transactions. 3) Identification of the primary position being hedged and the derivative financial instrument used for such. The Bank’s hedging documentation includes the following: 1) The risk management strategy and objective.
The Bank’s legal auditor must perform a legal audit on the Bank at least once per year.64. The proposed model for the quantification of legal risks is based on the frequency of unfavorable events and the severity of losses so as to estimate the potential risk in this area. The financial assessor together with the documentation traffic area is responsible for maintaining all customer files with the correct relevant legal documents and agreements. The Bank’s legal area is responsible for monitoring the adequate instrumentation of agreements and contracts. etc. which includes the reestablishment of critical functions in the Bank’s systems in case of emergency. h) Operating risk Regarding non-discretional risks. in conformity with Clause II.2009 is Ps. of cases with unfavorable rulings / No. 3. 5. 114 Grupo Financiero Inbursa . the probability of materialization of such risks is computed based on the simple arithmetic average of penalties and charges accounts for the last 36 months. including the formalization of guarantees so as to avoid vulnerabilities in the Bank’s transactions. Computation of probability of unfavorable rulings.f) Technological risk The Bank’s corporate strategy with respect to offsetting technological risks rests in its contingency and business continuity plan. the security of on-line information and system access restrictions. g) Legal risk The Bank’s specific policy regarding legal risks is as follows: 1. 2. as well as the use of firewalls.) derived from unfavorable rulings Expected loss from unfavorable rulings The amount of the Bank’s expected loss from unfavorable rulings at December 31. 4. the tolerance level for each risk identified is set at 20% of the Bank’s total net income. of cases in litigation Average severity of loss (cost. L = ƒL x Sl Whereby: fL = Sl = L = No. Since the Bank currently has no internal models for the valuation of operating risks. The Comprehensive Risk Management Unit should inform the Risk Management Committee of the Bank’s legal risks on a monthly basis so as to follow up such risks. It is the responsibility of the Comprehensive Risk Management Unit to quantify estimates of the legal risks the Bank faces. paragraph c) of Article 88 of the Provisions of General Application for Credit Institutions. legal expenses. interest.
960 Ps.579 25.433 12.724 356 Derivatives For trading Valuation adjustment for financial asset hedges Performing loan portfolio Commercial loans Business or commercial activity 2.077 17.497 8 1.BANCO INBURSA.884 323 - For trading For hedging 6.545 265 638 ( 5.672 7.366) ( 129.123 8.272 6.217 7.365 103.189 5.217 4.881 142.561 1.528 43.665 117.405 124.572 80 8.767 21.255 Ps.596) Other accounts receivable (Net) Foreclosed and repossessed property (Net) Buildings.348 613 765 5.332 1 3.545 8.200 1.565 1.739 568 15.786 Deferred income tax (Net) Total liabilities Deferred credits and early settlement Consumer loans Financial entities 3.601 559 172. 43.655 76.613 73.352 Debit balances under repurchase agreements Derivatives 8.813 12.816 6. INSTITUCIÓN DE BANCA MÚLTIPLE GRUPO FINANCIERO INBURSA AND SUBSIDIARIES Consolidated Balance Sheets As of December 31.406 10.213 8.552 6.528 Ps.851 99.935 7.451 26 1.241 569 4.872 3.389 13.494 Settlement of transactions Income tax payable Consumer loans Government entities Financial entities Accrued liabilities and other accounts payable 3.790 7.607 147.501 4. 209. 191.685 Preventive provision for credit risks Total loan portfolio (Net) ( 142.411 Interbank and other borrowings Demand deposits Short-term Long-term 7. furniture and equipment (Net) Long term equity investments Other assets.600 118 1 Commitments and contingencies 106 157.645 407 Total liabilities and shareholders' equity Ps. 2009 and 2008 (In millions of Mexican pesos) 2009 Ps.579 25. 2008 22.049 209.131 878) 265 617 1.386 Shareholders' equity: Contributed capital Capital stock Stock premium Earned capital 17.252 5.264 7.865 1.508 3.290 2. S.638 29 606 5.321 7.127 222 Total performing loan portfolio Past-due loan portfolio Commercial loans Business or commercial activity Home mortgage loans 153.480 69 4.772 148.313 Estados Financieros 115 .244 Held-to-maturity 12.512 220 2. 48.573 2.685 17.A.546 Other accounts payable 129. deferred charges and intangibles (Net) Retained earnings Unrealized gain (loss) on valuation of instruments available for sale Result from holding non-monetary assets Minority interest Total shareholders' equity Net income Capital reserves 5.651 7.631 138.507 955 9. 37.956 5.125 6.900 Total past-due loan portfolio Total loan portfolio Home mortgage loans 244 4.909 Traditional deposits Time deposits Demand deposits General public Money market 2009 2008 Cash and cash equivalents Margin accounts Investments in securities For trading Available for sale Assets Liabilities Ps. 15.645 Ps.250 - 3.887 For hedging 9. 191.046 435 3.341 4.993 1.593 Total assets Ps.198 1.264 5.515 1.179 3.
729.982 Ps.423 1.129 299.558 The Bank’s historical capital stock at December 31. 1.954.363 4. 116 Grupo Financiero Inbursa .8. 2009 and 2008 is Ps.844 8.Memoranda accounts Loan commitments Ps. 1. 2008 844.481 833.969 757.450 Ps.617 Collateral securities received and sold or delivered in guaranty by the entity Ps.349 9.344.598 9. 2009 Property held in trust or under mandate Other memoranda accounts Property held for safekeeping or under management Collateral securities received by the entity 331.224 29 583.
485 ( Ps.257 6. 2009 and 2008 (In millions of Mexican pesos) Interest income Interest expense Financial margin Preventive provision for credit risks Financial margin adjusted by credit risks Commissions and fees collected Commissions and fees paid Intermediation income (loss) Other operating income Total operating revenues Administrative and promotional expenses Operating income Other income Other expenses Income before tax and equity interest in net income of unconsolidated subsidiaries and associates Income tax Deferred income tax Income before equity interest in net income of unconsolidated subsidiaries and associates Equity interest in net income of unconsolidated subsidiaries and associates Net income Minority interest Net majority income 2009 Ps. 17.957 2008 Ps.816 4.626 33) 1.434 9.297 225 37 188 6.316 4.611 ( Ps.363 1.745 514 5.127 ( 3. INSTITUCIÓN DE BANCA MÚLTIPLE GRUPO FINANCIERO INBURSA AND SUBSIDIARIES Consolidated Statements of Income Years ended December 31.062 4.170 10.248 2.752 740 871 1.321 2.005 3.593 Estados Financieros 117 .460 395 370) 25 166 1.453 8.239 6.170) 177 243 4. 15.951 1.019 4. 84 4.327 91 ( 2.870 230 737 507) 2.BANCO INBURSA. ( 1.A.560 9. S.035 124 1.836 20) 4.
685 118 Grupo Financiero Inbursa . BANCO INBURSA. 2009 Minority interest Ps. 2008 Increase in capital stock. INSTITUCIÓN DE BANCA MÚLTIPLE GRUPO FINANCIERO INBURSA AND SUBSIDIARIES Consolidated Statements of Changes in Shareholders’ Equity For the years ended December 31.424 876 Ps. 17.124 4.685 1. 2007 Resolutions adopted by shareholders Appropriation of net income of 2007 to retained earnings and increase in capital reserves Reclassification of the deficit from restatement of shareholders’ equity and the realized result from holding non-monetary assets Dividend paid as per ordinary shareholders’ meeting held on April 24.279 2.579 7. 3.685 Total Balance at December 31.A. S. 2008 Minority interest Charges to retained earnings and other movements of subsidiaries Resolutions adopted by shareholders Total Appropriation of net income of 2008 to retained earnings and increase in capital reserves Recognition of comprehensive income Comprehensive income Net income Unrealized gain on valuation of instruments available for sale 17. 2008 Increase in capital stock. 7.579 Ps. 15. 2009 and 2008 (In millions of Mexican pesos) Contributed capital Capital stock Balance at December 31.561 7. 2008 Stock premium Ps. as per extraordinary shareholders’ meeting held on December 11.155 Total Recognition of comprehensive income Comprehensive income Net income Unrealized loss on valuation of instruments available for sale Total Balance at December 31. as per extraordinary shareholders’ meeting held on November 11.
863 1.032) 9.816 Ps.741 Ps.032) Ps.466) Result from holding nonmonetary assets Ps.118 203 Retained earnings Ps.816 4.829 ( 10.462) ( 99) Earned capital Unrealized Deficit from (loss) gain on restatement of valuation of shareholders' instruments equity available for sale Ps.032 ( 2. ( 10.836 947 5.545 Ps. 20 20 1 4. 6.840 203 ( 8. 5.593 1. 13.732) 10.Capital reserves Ps.321 5.593) - Ps.466 ( 4) 4.466 ( 4) ( 2.131 ( 159 159 20) ( 878) 878) 265 1.838 ( 99) 10.434 1.593) ( 1.816 Ps. 2.434 ( 1.077 Estados Financieros 119 .000 5.593 1. 5. 269 Net income Ps.626 ( ( 878) 748 617 14) 37.783 1 638 Ps. 947 947 69 Ps. 265 4. 4.480 Ps. Ps.593 ( 33 ( 33 1. ( 878) ( 5. 43. Minority interest 598 Total shareholders’ equity Ps. 26.313 14) 20) - 1.
697) 837) Net cash flow used in operating activities Investing activities Derivative hedging relationship (items hedged with operating activities) Other operating liabilities ( 16.613 584) ( 2.964) 3.654 8. 2009 (In millions of Mexican pesos) Net income Items not requiring the use of cash: Depreciation and amortization Preventive provision for credit risks 2009 Ps.701 7.836 4.062 106 Current-year and deferred income tax Expense provisions Equity interest in net income of unconsolidated subsidiaries and associates ( 145 1. S.978 84) Traditional deposits Other operating assets Foreclosed and repossessed assets Loan portfolio Derivatives (asset) Debtors under security repurchase agreements Derivatives (liability) Interbank and other borrowings ( ( 16. 15.787) 6.455) ( 22. INSTITUCIÓN DE BANCA MÚLTIPLE GRUPO FINANCIERO INBURSA AND SUBSIDIARIES Consolidated Statement of Cash Flows For the year ended December 31.260) 120 Grupo Financiero Inbursa .611 Operating activities Investments in securities Margin accounts 10.BANCO INBURSA.676 5.865 22.159) Payments for the acquisition of other long-term equity investments Net cash flow used in investing activities Net decrease in cash Payments for the acquisition of other assets Payments for the acquisition of buildings.288 5. 4.125 ( 6.A. furniture and equipment ( ( ( ( 243) 222) 222) 687) Cash and cash equivalents at end of period Cash and cash equivalents at beginning of period Ps.249) ( ( ( 3.
net Depreciation and amortization 2008 Ps. S.720 Accrued liabilities and other accounts payable Resources used in operating activities Financing activities Increase in capital Minority interest Dividend paid (Note 24) ( ( ( 7. deferred charges and intangibles ( 62) 76.812) 126) ( 342) ( ( 9.632) Foreclosed and repossessed property (Decrease) increase in: Traditional deposits Interbank loans Deferred taxes Other assets.727 Decrease (increase) in: Long-term equity investments Net increase in cash and cash equivalents Resources used in investing activities Acquisition of furniture and equipment ( ( ( 1.832) 64) Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Ps.626 147 Preventive provision for credit risks (Note 12) Fair value valuation results Equity interest in net income of subsidiaries and associates Increase or decrease in items pertaining to operating activities (Increase) decrease in: Loan portfolio Treasury transactions Other accounts receivable ( ( ( 2. INSTITUCIÓN DE BANCA MÚLTIPLE GRUPO FINANCIERO INBURSA AND SUBSIDIARIES Consolidated Statement of Changes in Financial Position For the year ended December 31. 22.A.042 5.323 166) ( 16.316 370) 230) 3.083 Estados Financieros 121 .723) 2.768) 1. 1.BANCO INBURSA.840 99) 14) Resources provided by financing activities Investing activities 9.399) ( 582) 11 ( 57. 2008 (In millions of Mexican pesos) Operating activities Net income Items not requiring (providing) the use of resources: Deferred income tax.125 17.
548 1.388 10 59 5 ( 12) 1.557 190 3. 6.791 1 5. net Sundry Unamortized expenses Amortization Total other assets December 31 2008 Liabilities Technical reserves Unearned premiums: Life Accident and health Property and casualty Bonds in force Contractual obligations: Losses and maturities Losses incurred but not reported Policy dividends Managed insurance funds Deposit premiums Prevision: Prevision Catastrophic risks Contingencies Total technical reserves Provision for labor obligations at retirement Creditors: Agents and adjusters Funds in custody for losses Sundry Reinsurers and rebounders: Insurance and bonding companies Retained deposits Other liabilities: Employee profit sharing provision Provision for the payment of taxes Other liabilities Deferred credits Total liabilities Shareholders' equity: Capital stock Capital not paid-in Paid-in capital stock Reserves: Legal Other Unrealized (loss) gain on valuation Subsidiaries Accumulated deficit Net income for the year Excess from restatement of shareholders’ equity Total shareholders’ equity Total liabilities and shareholders’ equity December 31 2009 2008 Ps. ( Ps.091 124 12.640 454 280 647 50 11.318 1.428 80 187 1. 31.519 39.635 7 13.684 226 1.653 32.098 9.541 2.A.241 57 18. 11. GRUPO FINANCIERO INBURSA Balance Sheets (In millions of Mexican pesos) 2009 Assets Investments Securities: Mexican government Private enterprises: Fixed-yield Variable-yield Foreign Net unrealized gain on valuation Interest debtors Loans: On policies Secured Unsecured Overdue portfolio Interest debtors Allowance for write-offs Real-estate companies: Property Net valuation Depreciation Investments for labor obligations at retirement Total investments Cash and cash equivalents: Cash and banks Debtors: Premiums Agents and adjusters Notes receivable Employee loans Other Allowance for write-offs Reinsurers and rebonders: Insurance and bonding companies Retained deposits Reinsurers’ share of unpaid claims Reinsurers’ share of unearned premiums Other shares Total current assets Other assets: Furniture and equipment.424 37) Ps.115 1..139 31. 36.067 514 2.SEGUROS INBURSA.107 370 5.963 5.427 1 4.149 712 7.139 234 1.158 1.593 1.964 28.320 1.554 2.151 4.506 20.985 14.069 24.625 36.650 104) 1.456 1.386 Ps.120 3.137 2.684 327 1 6.618 9.114 1.188 ( 96) 1.171 42 20.586 45.488) 338 370 4.135 326 10.028 1.624 226 997 ( 109) 1. Memoranda Accounts 2009 2008 2.962 Deposit securities Managed funds Liabilities under bonds in force Memoranda accounts Ps.516 Ps.617 245 1. 1.227 160 1.059 4 72 60 132 ( 22) 3.003 284 8 146 438 779 1 780 79 111 501 962 1.463 1.067 481 2. S.820 1. 7.771 58 1. 45.368 487 286 626 24 10.337 1.054 22.227 160 1.516 Ps.015 318 7 95 420 4.825 631 5.293 154 263 115 58) 474 Ps.083 473 1. ( 10.291 2 4. ( ( Ps.750 7 15.930 1.294 28.338) 1.071 1 4.327 59 5 ( 12) 1.079 7.195 3 3.410 6 92 64 138 ( 26) 7.879 1.153 130 569 306 66) 939 ( ( Total assets Ps.026 Ps. Ps.828 122 Grupo Financiero Inbursa .136 2 5.962 7.215 1.305 403 1 7.
904 1.852 318 2. ( 20.359 352 ) 133 ) ( 233 1.A.130 778 331 5 625) 452 279 1.312 338 719) 2) 6.283 66 968 349) 618 350 661 118 19 58) 1.220 4. ( ( Ps. 123 . Estados Financieros 2009 Ps.708 ( ( ( ( ( ( 1. ( ( 2008 11.SEGUROS INBURSA.835 317 8.260 2. employee profit sharing and equity interest in net income of subsidiaries Provisions: Income tax provision Provision for employee profit sharing Equity interest in net income of subsidiaries Net income The accompanying notes are an integral part of these financial statements.261 974 526 448 218) 1.839) 26 6. GRUPO FINANCIERO INBURSA Statements of Income (In millions of Mexican pesos) Year ended December 31 Premiums Written Ceded Retained Net increase in reserve for unearned premiums and bonds in force Retained accrued premiums Net acquisition cost: Agent commissions Additional agent compensations Commissions on reinsurance and rebonding accepted Commissions on reinsurance ceded Excess of loss coverage Other Net cost of losses.107 Ps.617 10.518 2. claims and other: Contractual obligations: Direct insurance claims Direct insurance surrendered Direct insurance adjustment expenses Recovered claims from reinsurance ceded Other Technical profit Net increase in other technical reserves: Gross profit Net operating expenses: Administrative and operating expenses Employee compensations and fringe benefits Depreciation and amortization Operating loss Comprehensive financing income: Gain on sale of investments Gain (loss) on sale of investments Gain (loss) on valuation of investments Interest on premiums Income from similar and related operations Other Exchange (loss) gain.115 68 965 517) 682 145) 316) 109 3 54 250 637 120 29 11) 200 338 ( ( ( 844 619 381) 1..283 6.425 8. S.518 796 303 8 345) 242 279 1. net Income before provision for income tax.951 821 9.463 Ps.447 1.666 9.
636 14.458.571.991 106 79.609 74.717 77) 3.899 216 4.108.172 308.324 Ps.404.944.984.228 Suma el activo Ps.887.894 216 3.388 25.217 138.728 Liabilities Technical reserves Unearned premiums: Life Contractual obligations: Losses and maturities Deposit premiums Prevision: Contingencies Special 2009 December 31 2008 Ps. 1.151 730.405.910 1.228 ( 4.684 57 12.299 14.618 1.760.054 87.431 14.935 6 60.245 2.519 274 91. 13.367 331.383 673.531.005 1.987.552 10.687.960 1. GRUPO FINANCIERO INBURSA Balance Sheets (In thousands of Mexican pesos) Assets Investments Securities Mexican government Private enterprises Fixed-yield Variable-yield Foreign Net unrealized gain on valuation Interest debtors Loans: Unsecured Interest debtors Cash and cash equivalents: Cash and banks Debtors: Notes receivable Other Allowance for write-offs Other assets: Sundry Unamortized expenses Amortization Total other assets 2009 December 31 2008 Ps.383 350.214 380.458.209 Ps.846 6.490 135.240.569 434.874. 1.997 13.255 91.748 61.235 1.886 857.219.294) 1.988 7 84.092.124.485 453.383 350.046) 154.237 66. S.078 1.881. ( ( 5.080 8.721 16.A.696.365) 511.730.156) 941.367 331. 13.152 172.054 ( 467.085 655.885 Ps. 20.375 Ps.515 10.183 4.822.PENSIONES INBURSA.862.000 8.738.856 120.165. ( ( 5.092.383 725.548.761) 102.578 261. Memoranda Accounts (Nominal amounts) 2009 2008 1.284 18.108.373 7.107 18.406 5.194.000 1.343 434.973.097 275.926 1.641.150 466.000 1.405.495.578 96.737 Ps.515 1.121 Creditors: Agents and adjusters Sundry Other liabilities: Provision for the payment of taxes Other liabilities Deferred credits Total liabilities Shareholders' equity Capital stock Capital not paid-in Paid-in capital stock Reserves: Legal Other Unrealized (loss) gain on valuation Subsidiaries Retained earnings Net income for the year Total shareholders’ equity Total liabilities and shareholders’ equity 1.931 ( Ps.388 23. 18.245 3.793 277.685 78.210.081 57 10..780 136.204 124 Grupo Financiero Inbursa . 20.147 14.881.098 77) 4.342 7.386 57.080 1.460 157.881.000 1.682.209 Adjustment for fiscal update Fiscal results Updated capital contribution Ps.088 Net taxable income to be distributed 1.
570 102.263 ( 2.917 56.198.987) ( 4 Year ended December 31 2008 24.074 137.715 1.406 Ps.294.292 513.526 38.PENSIONES INBURSA.403 602.194.047) ( 2.683 212 441.514) ( 805.978 515.523 976.051.953 25. GRUPO FINANCIERO INBURSA Statements of Income (In thousands of Mexican pesos) Premiums Written Net increase in reserve for unearned premiums in force Retained accrued premiums Net acquisition cost: Net cost of losses.423 74.926) 44 ( 838.715 1.. ( 2009 18. 951.157) 1.160 519.059.747) 2.A. claims and other: Contractual obligations: Technical loss Net increase in other technical reserves Contingency reserve Other reserves Gross loss Net operating expenses Administrative and operating expenses Depreciation and amortization Operating loss Comprehensive financing income On investments On sale of investments On valuation of investments Other Income before provision for income tax Income tax provision Equity interest in net income of subsidiaries Net income Ps.338) ( 5.306) Ps.239 941.578 511. 156. S.066 ( 1.183 Estados Financieros 125 .852) ( 9.312 47.271 73.829) ( 6.448 105.687 662.218 488.087 Ps.077 1. 946.
975 Ps.926 Ps.938 4. 4.192 734.335. 2009 and 2008 Balance Sheets 2009 Assets Investments in securities Securities for trading Cash and cash equivalents Ps.961 Stockholders’ equity: Contributed capital: Earned capital: Capital stock 23.A. S.882 1.747 763.713 565. net Long-term equity investments Total liabilities 143.128. net accounts payable Taxes payable Liabilities and stockholders’ Equity Ps. 3 851.273 Accounts receivable.190 Other accounts payable Sundry creditors and Deferred taxes. GRUPO FINANCIERO INBURSA For the year ended December 31. 1.758 868.090 739. 2009 2008 7.342 114. 10.938 4.582 157.288 35. 126 Grupo Financiero Inbursa .676 2008 Ps.546 140. Ps.000 603.449 23. 2008 3 153. delivered for safekeeping or under management The accompanying notes are an integral part of the financial statements.249 Ps. 10.449 21.126.335.100 903.000 603.623 169.449 Retained earnings Capital reserves Net income of the year 208.030 971.442 Ps.. 1. 903. Memoranda Accounts Authorized capital stock (historical amount) Shares issued (No.130 947.865 714. Ps.162 Total stockholders’ equity Total assets Ps. of shares) Property held on deposit.676 Ps.V.128.989 5.758 1. DE C.620 274.442 Total liabilities and stockholders’ equity 2009 Ps.OPERADORA INBURSA DE SOCIEDADES DE INVERSIÓN.
683 Ps. S.613 8.OPERADORA INBURSA DE SOCIEDADES DE INVERSIÓN. 2008 153. ( 201.086 13) 52.588 139. 67. 160.V. Ps.930 193.962 85.030 Ps.395 . DE C.385 193.A.056 8.396 28.736 140.800 56.620 1.442 208. Ps.643 225.248 405 361.772 347.206 Equity interest in net income of subsidiaries and associated companies Estados Financieros 127 ..096 201.358 193.587 32.884 169.650 53. GRUPO FINANCIERO INBURSA Statements of Income Del 1 de enero al 31 de diciembre de 2009 y 2008 (Cifras en miles de pesos) 2009 Commissions and fees charged Commissions and fees paid Service revenues Financial intermediation margin Total revenue from operating activities Administrative expenses Operating income Other income Other expenses Income before income tax Current year income tax Deferred income tax Income before equity interest in net income of subsidiaries and associated companies Net income The accompanying notes are an integral part of the financial statements.280 353 7.702 233.105 225.090 29.
17. ( ( 210) 1. 2.137 226 Shareholders' equity: Contributed capital: Earned capital: Capital stock Ps.658. furniture and equipment Other accounts receivable (net) Other assets: Long-term equity investments 13 3 11 24 3 17 Settlement of transactions Total liabilities Deferred income tax (net) 117 61 3 Other assets.684 7 Creditors under security repurchase agreements Other accounts payable: Sundry creditors and other accounts payable Income tax payable Ps.747 2. 1.487 Total liabilities and s Shareholders' equity Total shareholders' equity 17. 109.534 588 1.656.350 2.523 3.120.938 29.747 200 Total proprietary transactions Ps.INVERSORA BURSÁTIL.094 53.009 53. 25.V. DE C. 1. 58. 28. deferred charges and intangibles 800 752 13.992 Collateral securities received and delivered in guaranty Transactions on behalf of customers Customers’ repurchase agreements 66.553 Ps.009 27. 2009 and 2008 (In millions of Mexican pesos) Memoranda Accounts Proprietary transactions Transactions on behalf of others Customers’ current accounts: Customers’ banks Ps.956 Total transactions on behalf of others Assets Cash and cash equivalents Investments in securities: For trading Managed trusts Ps. CASA DE BOLSA. S.535 Ps. 3.717 Debit balances under repurchase agreements Buildings.110 Ps.A.132 113 Security repurchase agreements Collateral securities received 2. GRUPO FINANCIERO INBURSA Balance Sheets At December 31.019 2.712.054.127 - 53.054.487 3.654 211) 1 Proprietary memoranda accounts Contingent assets and liabilities Ps.167 Ps. 128 Grupo Financiero Inbursa .170 160 Capital reserves Net income Retained earnings 1. 1.972 Customers’ securities received for safekeeping Securities and notes received in guarantee 2.180 786 The accompanying notes are an integral part of these financial statements.234 Total assets Ps. 13.585 294 138 51 5 26.692 4 Ps. 16.523 Ps.560 1. 2009 2008 2009 2008 Settlement of customers’ transactions Customers’ securities: ( ( 95) 92) 3 Ps. 2.992 27. 29..404 199 Ps.391 Liabilities and Stockholders’ Equity Ps.
897 3.A. 587 588 Ps. DE C. 2008 839 763 975 76 665 3. Estados Financieros 129 .629 1. S. CASA DE BOLSA.V.053 801 807 152 68 1 2. 2009 and 2008 (In millions of Mexican pesos) Commissions and fees paid Service revenues Trading income Interest income Trading loss Commissions and fees collected Ps. GRUPO FINANCIERO INBURSA Statements of Income At December 31. The accompanying notes are an integral part of these financial statements.. 2009 674 619 55 Ps.172 Operating income Other income Income before income tax Income tax Deferred income tax 1.INVERSORA BURSÁTIL.194 208 434 252 6 4 Financial intermediation margin Administrative expenses Total operating income Fair value valuation result Interest expense 3.676 409 220 952 60 213 1.012 204 776 786 10 32 Net income Equity interest in net income of subsidiaries and associated companies Income before equity interest in net income of subsidiaries and associated Ps.
V. CASA DE BOLSA.A.992 ( ( Net cash flow used in operating activities Investing activities: Other operating liabilities ( ( 12. S. 588 Equity interest in net income of unconsolidated subsidiaries and associates Operating activities (changes in): Investments in securities Other operating assets Debtors under security repurchase agreements Creditors under security repurchase agreements Current-year and deferred income tax ( 220 140 1) 8 815 11. 2009 (In millions of Mexican pesos) Net income Items not requiring the use of cash: Depreciation and amortization Expense provisions Ps.. The accompanying notes are an integral part of this financial statement.INVERSORA BURSÁTIL. furniture and equipment ( ( 3) 3) - Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Ps. GRUPO FINANCIERO INBURSA Statement of Cash Flows For the year ended December 31. 130 Grupo Financiero Inbursa . DE C.607) 35) 3 165) 3) Net cash flow used in investing activities Net increase in cash Payments for the acquisition of buildings.
986 1.A.531.614 54.550 162.477 66.540 112.581 262.086 2.360 229 386 61.614 1.423 69 249.516.220 158. GRUPO FINANCIERO INBURSA Balance Sheets (In thousands of Mexican pesos) Assets Investments Securities Mexican government Fixed-yield Variable-yield Foreign Net unrealized gain on valuation Interest debtors Loans Secured Unsecured Overdue portfolio Interest debtors Real-estate Property Net valuation Depreciation Total investments Investments for labor obligations at retirement Cash and cash equivalents Cash and banks Debtors Premiums Bond debtors for claims paid Other Rebonders Bonding companies Other shares Reinsurers’ share of reserve for bonds in Force Allowance for write-offs Other assets Furniture and equipment..823 42.566 Ps.690 202.503 158.557 3.077 40.276 106.220 12.025) 264.891 162.649 2.472 Ps.854 35. 628.447 ( 51.285 59.283 996.660 302 462 653. 2009 18. 312.686 198.062 224.134 3.779.486 2.812 2.FIANZAS GUARDIANA INBURSA.717 2.123 183.310. 1. 56.107 ( 398 15.594 4.306 96.109 3.186 75.813 807.527. 816.082.348 220.483 168 46.304 14.599 158.662 2.398 19.711 16.369 1.475 27.747 Liabilities Technical reserves Reserve for bonds in force Contingency reserve Provision for labor obligations at retirement Creditors Agents and adjusters Sundry Rebounders Bonding companies Retained deposits Other liabilities Provision for the payment of taxes Other liabilities Deferred credits Total liabilities Shareholders' equity Paid-in capital stock Legal reserve Unrealized gain on valuation Subsidiaries Retained earnings Net income for the year Excess from restatement of shareholders’ equity Total shareholders’ equity December 31 2009 2008 Ps.918.983 170.865.220 Ps.605 941.220 158.882 34.566 7.706 221.939 57.329 1.268.377 37.275 5.192 2.833 7.911 39 1.948.333 1.212 1.374 Ps.483 145.281 1.498 998.148 2.431 224.140 13.614 191. 2008 18.372 346.369 1.415 2.209 46.335 1.854 34.120 29. Ps.005 56.520 35.234 75.916.728 Ps.304. 2.589 9.127) ( 244. Ps.501 587.407 30.025 99. net Total assets December 31 2009 2008 Ps.566 124.747 Deposit securities Other memoranda accounts Ps.220 560 53.209 42.187 7.427. 2.451 8.448 166.736 Estados Financieros 131 .220 Total liabilities and shareholders’ equity Memoranda Accounts Ps.821 Ps.820 1.497.274 7.244 11.100.291 1.287.009 1. S.042 2.301.258 35. 2.348 1.484 64.527.948.559 601.960 1.535 219. net Repossessed property Sundry Unamortized expenses.873 ) 58.
848 117.347 93. Year ended December 31 2008 721.101) 21.723 Net increase in reserve for bonds in force Retained accrued premiums Retained 100.FIANZAS GUARDIANA INBURSA.005 132 Grupo Financiero Inbursa . GRUPO FINANCIERO INBURSA Statements of Income (In thousands of Mexican pesos) Premiums Ceded Written 2009 Ps.791 1.113 63.873 245.213 819.536 21.277 Gain on valuation of investments Exchange gain Income before provision for income tax 118.471 Net operating expenses Administrative and operating expenses Depreciation and amortization ( ( 115.837) 309 74.357) 48.265 624.051 201.340 592 ( Technical profit (loss) Claims 600.169) 393.A.098 ( ( 90.634) 952 48. 346.611 Equity interest in net income of subsidiaries Net income Income tax provision 442.542) 114.464 104.421) 45.113 Net increase in contingency reserve Gross profit 108.399 Ps. 96.399) 450 ( 33..326 Ps.206 11. S.150 Net acquisition cost Agent commissions Other Commissions on rebonding accepted ( ( ( 43.444) 222.291 ( ( 52.396 7.036 919.874 72.975) 3.057 1. 106.586) Operating loss Comprehensive financing income On investments Gain on sale of investments Other 89.392 756.681 352 56.370) 2.645 112 26.049 ( 41.589 Ps.277 220.077 379.676 1.962 38.
: (52 55) 5625 4900. Frank Aguado Martínez Tel.B.Fo r Inf or m at i on : Grupo Financiero Inbursa. 736 Lomas de Chapultepec 11000 México.com Juan Ignacio González Shedid Tel.com www. Paseo de las Palmas No. ext. 6641 Fax: (52 55) 5625 4965 e-mail: igonzalezs@inbursa. D.alldesign. de C. ext.A.F. 3350 Fax: (52 55) 5625 4965 e-mail: firstname.lastname@example.org .V.: (52 55) 5625 4900. S.
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