1 Financial Information Required by the Superintendency General of Financial Entities Consolidated Financial Statements December 31, 2011 (With corresponding figures for 2010) (With Independent Auditors Report Thereon) (Translation into English of the original Independent Auditors Report issued in Spanish)
4 CONSOLIDATED BALANCE SHEET As of December 31, 2011 (With corresponding figures for 2010) (In colones) 2010 Note 2011 (restated) ASSETS Cash and due from banks 4 & ,623,951, ,746,459,718 Cash 12,207,450,074 12,327,391,158 Central Bank of Costa Rica 111,083,861, ,682,950,086 Local financial entities 204,886, ,723,123 Foreign financial entities 20,084,609,964 3,327,318,159 Other cash and due from banks 13,043,143,529 36,298,077,192 Investments in financial instruments 5 & 31 66,707,450,981 53,676,743,407 Held for trading 6,056,240,549 15,310,641,283 Available for sale 59,379,848,888 37,731,919,212 Accrued interest receivable 1,271,361, ,182,912 Loan portfolio 6 & ,633,665, ,714,983,237 Current 856,190,690, ,884,287,309 Past due 49,404,206,622 73,228,326,088 In legal collections 12,575,445,146 10,405,974,640 Accrued interest receivable 3,961,465,545 4,139,085,724 (Allowance for loan losses) 6-b (13,498,142,379) (12,942,690,524) Accounts and fees and commissions receivable 7 7,379,699,134 6,892,668,986 Fees and commissions 114,814, ,597,724 Accounts receivable for brokerage transactions 716,456 1,131,488 Accounts receivable for related party transactions 3 432,183, ,125,506 Deferred tax ,047, ,421,686 Other accounts receivable 6,947,228,519 6,579,098,109 (Allowance for doubtful accounts and fees and commissions receivable) 7 (734,291,876) (606,705,527) Foreclosed assets 8 3,308,457,102 6,079,334,149 Assets and securities acquired in lieu of payment 8,912,227,073 8,575,391,872 Other foreclosed assets 875,658,123 89,596,598 (Allowance for impairment and per legal requirement) (6,479,428,094) (2,585,654,321) Investments in other companies, net 1,898,649,484 1,721,010,645 Property and equipment, net 9 12,952,038,500 11,997,005,326 Investment property 10 2,757,886,818 2,682,142,231 Other assets 11 6,722,419,004 5,783,105,031 Deferred charges 644,103, ,002,031 Intangible assets 2,463,301,892 3,204,949,126 Other assets 3,615,013,449 2,464,153,874 TOTAL ASSETS 1,166,984,217,636 1,029,293,452,730 Continued
5 CONSOLIDATED BALANCE SHEET As of December 31, 2011 (With corresponding figures for 2010) (In colones) 2010 Note 2011 (restated) LIABILITIES AND EQUITY LIABILITIES Obligations with the public 12 & ,959,112, ,767,091,376 Demand 221,744,664, ,840,050,050 Term 445,864,854, ,820,288,884 Other obligations with the public 2,655,946,404 1,901,287,553 Finance charges payable 2,693,647,350 3,205,464,889 Obligations with entities 13 & ,941,047, ,065,141,383 Demand 880,820,863 4,431,671,743 Term 323,511,093, ,081,843,793 Other obligations with entities 1,358,955,302 3,754,268,825 Finance charges payable 1,190,178, ,357,022 Accounts payable and provisions 15 22,111,152,730 19,667,658,630 Accounts payable for brokerage services 579,508, ,888,744 Deferred tax 14 3,938,007,142 4,086,775,743 Provisions 15-a 4,143,428,485 3,827,686,113 Other sundry accounts payable 13,450,208,952 11,294,308,030 Other liabilities ,237, ,498,653 Deferred income 210,100, ,493,529 Allowance for stand-by credit losses 6-c 109,553, ,787,883 Other liabilities 14,582,936 14,217,241 TOTAL LIABILITIES 1,022,345,550, ,073,390,042 EQUITY Share capital 69,477,602,250 69,477,602,250 Paid-in capital 17-a 69,477,602,250 69,477,602,250 Non-capitalized capital contributions 17-b 33,038,181,350 23,036,181,350 Equity adjustments 3,222,965,819 3,508,802,841 Surplus from revaluation of property and equipment 17-c 4,046,716,566 4,020,443,293 Adjustment for valuation of available-for-sale investments 17-e (306,715,007) (150,170,599) Adjustment for translation of financial statements (517,035,740) (361,469,853) Capital reserves 17-d 10,019,687,160 9,482,764,991 Prior period retained earnings 17-f 22,714,711,256 18,034,746,367 Income for the year 6,165,519,333 4,679,964,889 TOTAL EQUITY 144,638,667, ,220,062,688 TOTAL LIABILITIES AND EQUITY 1,166,984,217,636 1,029,293,452,730 DEBIT MEMORANDA ACCOUNTS ,185,567, ,191,940,391 TRUST ASSETS ,899,063, ,516,742,307 TRUST LIABILITIES 9,344,886,462 3,309,342,747 TRUST EQUITY 224,554,177, ,207,399,560 OTHER DEBIT MEMORANDA ACCOUNTS 22 5,742,010,236,962 6,282,891,226,601 Own accounts 5,209,113,024,302 5,791,889,696,836 Third-party accounts 153,583,132, ,725,652,004 Own custody accounts 31,144,682,490 6,798,206,893 Third-party custody accounts 348,169,397, ,477,670,868 The notes are an integral part of these consolidated financial statements.
6 CONSOLIDATED INCOME STATEMENT For the year ended December 31, 2011 (With corresponding figures for 2010) (In colones) Note Finance income Cash and due from banks 16,310,959 57,817,592 Investments in financial instruments 3,569,940,445 2,611,715,502 Loan portfolio 25 59,171,291,172 62,100,716,045 Finance leases 6,406,256,852 5,528,879,147 Gain on available-for-sale financial instruments 5 472,623, ,044,015 Gain on derivative instruments 5,838,935 11,902,997 Other finance income 1,733,632,802 1,626,872,309 Total finance income 71,375,894,476 72,603,947,607 Finance expense Obligations with the public 26-a 19,729,067,778 24,675,754,995 Obligations with financial entities 26-b 5,619,398,111 4,738,673,653 Foreign exchange losses and "development units" ,488,119 8,353,710,176 Loss on available-for-sale financial instruments 5 268,923,028 76,054,333 Loss on derivative instruments 6,282,502 43,853,982 Other finance expense 175,878, ,943,063 Total finance expense 26,104,038,268 37,991,990,202 Allowance for impairment of assets 6-b, 6-c, 7 6,314,906,845 5,752,631,539 Recovery of assets and decrease in allowances and provisions 3,082,242,852 3,857,152,628 GROSS FINANCE INCOME 42,039,192,215 32,716,478,494 Other operating income Service fees and commissions 28 13,293,453,016 13,020,462,938 Foreclosed assets 143,146, ,232,565 Gain on investments in other companies 188,451, ,744,342 Gain on sale of investment in subsidiary 37-1,067,050,848 Foreign currency exchange and arbitrage 4,425,278,207 4,244,314,284 Other income with related parties 3,346,490 44,409,040 Other operating income 7,487,738,305 4,681,296,254 Total other operating income 25,541,413,763 23,586,510,271 Other operating expenses Service fees and commissions 1,769,836,882 1,060,253,903 Foreclosed assets 4,982,605,480 2,566,558,146 Loss on investments in other companies 419,000,409 - Sundry assets 59,653, ,430,054 Provisions 1,340,805,742 1,440,351,309 Foreign currency exchange and arbitrage 50,659,569 1,000,854 Other operating expenses 5,925,093,147 3,319,390,069 Total other operating expenses 14,547,654,443 8,495,984,335 GROSS OPERATING INCOME 53,032,951,535 47,807,004,430 Administrative expenses Personnel expenses 29 23,489,254,299 22,483,655,881 Other administrative expenses 30 19,418,700,007 18,728,072,307 Total administrative expenses 42,907,954,306 41,211,728,188 NET OPERATING INCOME BEFORE TAXES AND STATUTORY ALLOCATIONS 10,124,997,229 6,595,276,242 Income tax 14 (3,397,002,678) (2,413,281,205) Deferred tax ,537,668 1,152,767,944 Statutory allocations (328,090,717) (222,371,931) INCOME FOR THE YEAR 6,702,441,502 5,112,391,050 The notes are an integral part of these consolidated financial statements.
7 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended December 31, 2011 (With corresponding figures for 2010) (In colones) Note Share capital Non-capitalized capital contributions Revaluation surplus Adjustment for translation of financial statements Equity adjustments Changes in the fair value of available-for-sale investments Total equity adjustments Capital reserves Prior period retained earnings Total Balance at December 31, 2009, previously reported 69,477,602,250 3,031,781,350 3,994,170,019 (88,775,420) 67,635,339 3,973,029,938 9,056,248,082 30,968,557, ,507,219,203 Correction of fundamental errors 17-f (2,939,720,468) (2,939,720,468) Balance at December 31, 2009, restated 36 69,477,602,250 3,031,781,350 3,994,170,019 (88,775,420) 67,635,339 3,973,029,938 9,056,248,082 28,028,837, ,567,498,735 Adjustment for translation of financial statements (272,694,433) - (272,694,433) - - (272,694,433) Income for the year ,112,391,050 5,112,391,050 Legal and other statutory reserves 17-d ,516,909 (426,516,909) - Adjustment for valuation of available-for-sale financial instruments, net of deferred tax (217,805,938) (217,805,938) - - (217,805,938) Adjustment to deferred tax for depreciation of revaluation of property and equipment ,273,274-26,273, ,273,274 Additional non-capitalized contributions in cash 17-b - 10,004,400, ,004,400,000 Additional capital contributions from prior period retained earnings 17-b - 10,000,000, (10,000,000,000) - Balance at December 31, 2010, restated 69,477,602,250 23,036,181,350 4,020,443,293 (361,469,853) (150,170,599) 3,508,802,841 9,482,764,991 22,714,711, ,220,062,688 Adjustment for translation of financial statements (155,565,887) - (155,565,887) - - (155,565,887) Adjustment for valuation of available-for-sale financial instruments, net of deferred tax (156,544,408) (156,544,408) - - (156,544,408) Adjustment to deferred tax for depreciation of revaluation of property and equipment ,273, ,273, ,273,273 Legal and other statutory reserves 536,922,169 (536,922,169) - Income for the year ,702,441,502 6,702,441,502 Additional non-capitalized contributions in cash 17-b - 10,002,000, ,002,000,000 Balance at December 31, ,477,602,250 33,038,181,350 4,046,716,566 (517,035,740) (306,715,007) 3,222,965,819 10,019,687,160 28,880,230, ,638,667,168 The notes are an integral part of the consolidated financial statements.
8 CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended December 31, 2011 (With corresponding figures for 2010) (In colones) Note Cash flows from operating activities Income for the year 6,702,441,502 5,112,391,050 Items not requiring cash Net foreign exchange gain and "development units" (570,819,518) (2,415,648,497) Loss on allowance for loan losses 3,321,826,290 1,817,608,778 Allowance expense - employer obligations 101,189,505 2,331,359,430 Loss on other allowances 4,136,916,722 1,867,110,030 Expense for reserve for credit card points awarded 1,387,988, ,000,000 Depreciation and amortization 9 & 11 1,519,087, ,339,136 Deferred tax expense (income) 14 (210,043,782) (1,152,767,944) Net gain (loss) on investments in other companies 224,971,706 (176,744,343) Loss on disposal of assets 36,530,514 97,562,552 Gain on sale of subsidiary - (1,067,050,848) Interest income (69,147,488,469) (70,178,192,839) Interest expense 25,348,465,889 29,414,428,648 Income tax 14 3,397,002,678 2,413,281,205 (23,751,930,326) (30,335,323,642) Net (increase) decrease in assets Trading securities (919,067,813) (3,589,076,722) Loans and cash advances (126,864,667,346) (9,285,884,014) Accounts and fees and commissions receivable (779,801,484) (165,284,095) Foreclosed assets (1,122,896,726) 491,437,489 Net increase (decrease) in liabilities Demand and term obligations 23,881,602,737 (20,821,150,194) Other accounts payable and provisions 935,665,200 2,150,692,048 Other liabilities (239,261,019) (2,477,819,139) (128,860,356,777) (64,032,408,269) Interest collected 68,687,930,016 70,765,369,044 Interest paid (25,467,462,336) (30,147,896,997) Taxes paid (1,912,442,637) (2,497,097,654) Net cash flows used in operating activities (87,552,331,734) (25,912,033,876) Cash flows from investing activities Increase in financial instruments (except held for trading) (2,581,965,542,853) (2,486,623,706,505) Decrease in financial instruments 2,569,497,978,582 2,471,644,190,900 Acquisition of property and equipment 9 (1,697,782,555) (375,122,871) Increase in investments in other companies due to cash contributions (561,120,000) (2,761,000,000) Sale of investment in subsidiary, net of cash paid - 3,238,597,015 Other assets (2,971,324,172) 2,303,563,536 Acquisition of investment property - (1,144,338,405) Net cash flows used in investing activities (17,697,790,998) (13,717,816,330) Cash flows from financing activities Other new financial obligations 293,310,256, ,259,220,834 Settlement of obligations (195,184,642,427) (473,673,459,375) Cash capital contributions 17-b 10,002,000,000 10,004,400,000 Net cash flows from financing activities 108,127,614,299 8,590,161,459 Net increase (decrease) in cash and cash equivalents 2,877,491,567 (31,039,688,747) Cash and cash equivalents at beginning of year 153,746,459, ,786,148,465 Cash and cash equivalents at end of year 156,623,951, ,746,459,718 The notes are an integral part of the consolidated financial statements. - -
9 December 31, 2011 (With corresponding figures for 2010) 1. Summary of operations and significant accounting policies (a) Reporting entity Grupo BNS de Costa Rica, S.A. (the Corporation) was organized in October 1998 in the Republic of Costa Rica. It is regulated by the National Financial System Oversight Board (CONASSIF), the Board of Directors of the Central Bank of Costa Rica, and the Superintendency General of Financial Entities (SUGEF). The address of the Corporation s registered office is Sabana Norte, Avenida de las Américas, San José, Republic of Costa Rica. The Corporation, through its subsidiaries, is dedicated to brokerage and financial intermediation activities, securities trading, investment fund management, the leasing of assets, investment banking, and other activities permitted under the Internal Regulations of the Central Bank of Costa Rica. Grupo BNS de Costa Rica, S.A. is owned by Corporación Mercabán de Costa Rica, S.A. ( % ownership interest) and BNS Internacional, S.A. (Panama) ( % ownership interest), which in turn are wholly-owned by Scotia International Limited. The latter is wholly-owned by The Bank of Nova Scotia. As of December 31, 2011, the Corporation has 1,270 employees (2010: 1,211), operates 38 branches and 19 in-store branches (2010: 37 branches and 17 in-store branches), and has a network of 122 automated teller machines (2010: 110) managed by Scotiabank de Costa Rica, S.A. The Corporation s website is (b) Basis of preparation i. Statement of compliance The consolidated financial statements have been prepared in accordance with accounting regulations issued by CONASSIF, SUGEF, the National Securities Commission (SUGEVAL), and the Superintendency General of Insurance (SUGESE).
10 2 The consolidated financial statements were authorized for issue by the Board of Directors on March 22, ii. Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for the following: available-for-sale and held-for-trading assets are measured at fair value; property is stated at revalued cost. Methods used for fair value measurement are discussed in note 1-f (vi). (c) Basis of consolidation Subsidiaries Subsidiaries are entities controlled by the Corporation. Control exists when the Corporation has the power to directly or indirectly govern the financial and operating policies of an entity so as to obtain benefits from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences. As of December 31, the consolidated financial statements include the financial figures of the following subsidiaries: Name Ownership interest Scotiabank de Costa Rica, S.A. 100% 100% Scotia Valores, S.A. 100% 100% Scotia Leasing de Costa Rica, S.A. 100% 100% Scotia Sociedad de Fondos de Inversión, S.A. 100% 100% Scotia Trust de Costa Rica, S.A. 100% 100% Corporación Privada de Inversiones (CPI), S.A. 100% 100% Scotia Agencia de Seguros, S.A. 100% 100% Corporación Privada de Inversiones de Centroamérica, S.A. (domiciled in Panama) 100% 100% Scotia Leasing Panamá, S.A. (domiciled in Panama) 100% 100% Scotia Leasing Nicaragua, S.A. (domiciled in Nicaragua, formerly Arrendadora Interfin Nicaragua, S.A.) 100% 100% Arrendadora Interfin El Salvador, S.A. de C.V. (domiciled in El Salvador) - 100% Scotia Leasing Honduras, S.A. (domiciled in Honduras) 100% 100% Scotia Leasing Guatemala, S.A. (domiciled in Guatemala) 100% 100%
11 3 In preparing the consolidated financial statements, the individual financial statements of the controlling company and its subsidiaries were consolidated line by line. The carrying amounts of the controlling company s investments in its subsidiaries and the balances arising from intra-group transactions were eliminated. As explained below, the financial statements of Financiera Arrendadora Centroamericana, S.A. (FINARCA) and Arrinsa Leasing, S.A. de C.V. were not included in the consolidated financial statements as of December 31, 2011 and The Corporation s investments in those subsidiaries were accounted for by the equity method. CONASSIF regulations stipulate that irrespective of control, the controlling company must consolidate the financial statements of any subsidiary in which it holds an ownership interest of 25% or more. This was not done in the case of FINARCA or Arrinsa Leasing, S.A. de C.V., both of which are wholly-owned subsidiaries of the Corporation, because the incorporation of those entities into the financial group has not been approved by SUGEF. Failure to include the financial statements of those subsidiaries in the Corporation s consolidation process does not comply with International Financial Reporting Standards (IFRSs). The Corporation s 50% ownership interest in IBP Operadora de Pensiones Complementarias, S.A. was valued by the proportionate consolidation method until October 31, 2010, date on which the Corporation disposed of this entity. As discussed in note 37, on November 5, 2010, CONASSIF authorized the exclusion of IBP Operadora de Pensiones Complementarias, S.A. from the Corporation as a result of the sale of the Corporation s ownership interest in that subsidiary. The Corporation plans to terminate the operations of the subsidiaries FINARCA and Arrinsa Leasing, S.A. de C.V. once the leases in effect as of December 31, 2011 have been fully recovered. Additionally, management plans to terminate the operations of Corporación Privada de Inversiones (CPI), S.A., Corporación Privada de Inversiones de Centroamérica, S.A., and Scotia Trust de Costa Rica, S.A.
12 4 (d) Functional and presentation currency The consolidated financial statements and notes thereto are presented in colones ( ), which is the monetary unit of the Republic of Costa Rica, in accordance with CONASSIF and SUGEF regulations. The accounting records of the Costa Rican subsidiaries are kept in colones. The accounting records of foreign subsidiaries are kept in U.S. dollars (US$), with the exception of FINARCA, which keeps its records in Nicaraguan cordobas. (e) Foreign currency Foreign currency transactions Assets and liabilities held in foreign currency are translated to colones at the exchange rate ruling at the balance sheet date, except transactions with contractually agreed exchange rates. Transactions in foreign currency during the year are translated at the exchange rates ruling at the dates of the transactions. Translation gains or losses are recognized in profit or loss. i. Monetary unit and foreign exchange regulations The parity of the colon with the U.S. dollar is determined in a free exchange market under the supervision of the Central Bank of Costa Rica (BCCR) by using exchange rate bands. As of December 31, 2011, the exchange rate was established at and to US$1.00 for the purchase and sale of U.S. dollars, respectively (2010: and , respectively). ii. Valuation method for assets and liabilities As of December 31, 2011, assets and liabilities denominated in U.S. dollars, Canadian dollars, and euros were valued at the buy rates of to US$1.00 (2010: to US$1.00), to CAD$1.00 (2010: to CAD$1.00), and to 1.00 (2010: to 1.00), respectively, in accordance with regulations established by CONASSIF.
13 5 iii. Financial statements of foreign subsidiaries The financial statements of foreign subsidiaries have been translated as follows: Monetary assets and liabilities have been translated at the closing exchange rate. Equity has been translated at the exchange rate in effect on the date of the transactions (historical rates). Income and expenses have been translated at average exchange rates for the year. The effect of translation of the financial statements of foreign subsidiaries is presented in the Adjustment for financial statement translation account in equity. Accumulated gains or losses arising on translation in prior years are presented in the Prior year retained earnings account. Financial statement translation gave rise to a translation adjustment for the year ended December 31, 2011 of 155,565,887 (2010: 272,694,433). (f) Financial assets and liabilities A financial instrument is any contract that gives rise to both a financial asset of one entity and a financial liability or equity instrument of another entity. The Corporation s instruments include cash and due from banks (cash and cash equivalents), investments in financial instruments, loan portfolio, receivables, derivative instruments, demand and term deposits, obligations, and payables, as discussed below. i. Recognition The Corporation initially recognizes loans and advances, deposits, and debt instruments issued on the date at which they are originated. Regular purchases and sales of financial assets are recognized on the trade date at which the Corporation commits to purchase or sell the asset. All financial assets and liabilities are initially recognized on the trade date at which the Corporation becomes a party to the contractual provisions of the instrument.
14 6 ii. Classification Cash and cash equivalents Cash and cash equivalents include notes and coins on hand, unrestricted balances held with central banks, and highly liquid financial assets with original maturities of less than two months, which are subject to insignificant risk of changes in their fair value, and are used by the Corporation in the management of its short-term commitments. Cash and cash equivalents are carried at cost in the balance sheet. Loan portfolio The loan portfolio includes loans, which are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and generally provide funds to a borrower. Loans are initially measured at fair value plus origination costs. The loan portfolio also includes finance leases, which mainly correspond to leases of vehicles, computer hardware, and machinery and equipment. Finance leases are recognized by the finance method, which recognizes finance leases at the present value of the future cash flows of the corresponding agreement. The difference between the total contractual amount and the cost of the leased asset is recorded as unearned interest and amortized to loan interest income accounts over the life of the lease by the effective interest method. Restructured loans are financial assets for which the Corporation has changed the original term, interest rate, monthly payment, or collateral as a result of borrower payment difficulties. The loan portfolio is presented at the value of outstanding principal. Interest on loans is calculated based on the outstanding principal and contractual interest rates, and is accounted for as income on the accrual basis of accounting. The Corporation follows the policy of suspending interest accruals on loans when principal or interest is more than 90 days past due. Non-accrual loans are stated at their estimated recovery value by applying the policy for impairment.
15 7 Investments in financial instruments Investments in financial instruments are initially measured at fair value plus incremental direct transaction costs and subsequently accounted for depending on their classification as either held for trading or available for sale. Under current regulations, held-for-trading instruments are investments in open investment funds that the Corporation holds for the purpose of shortterm profit taking. Available-for-sale assets are financial assets that are not held for trading purposes, originated by the Corporation, or held to maturity. Availablefor-sale assets include certain debt securities. Held-to-maturity assets are financial assets with fixed or determinable payments and fixed maturity that the Corporation has the positive intent and ability to hold to maturity. However, according to regulations, entities regulated by SUGEF, SUGEVAL, SUPEN, and SUGESE are barred from holding investments in financial instruments classified as held to maturity. Securities purchased under reverse repurchase agreements Reverse repurchase agreements are generally short-term financing transactions backed by securities in which the Corporation purchases securities at a discounted market price and agrees to sell them to the debtor on a specific date in the future and at a stated price. The difference between the purchase and resale price is recognized as income by the effective interest method. Market prices of the underlying securities are monitored. In the event of a permanent and material reduction in the value of a specific security, the Corporation adjusts the amortized cost of the security against profit or loss.
16 8 Derivative financial instruments Derivative financial instruments are recognized initially at cost. Subsequent to initial recognition, derivative financial instruments are stated at fair value. The Corporation holds no derivative financial instruments for trading purposes. Instruments held correspond to financial instruments to hedge interest rate risk. Any valuation gains or losses are recorded in profit or loss. Deposits and debt instruments Deposits and debt instruments are part of the Corporation s main sources of debt funding. Deposits and debt instruments are initially measured at fair value plus any directly attributable transaction costs, and subsequently measured at their amortized cost using the effective interest method. iii. Derecognition A financial asset is derecognized when the Corporation loses control over the contractual rights that comprise that asset. This occurs when the rights are realized, expire, or are surrendered. A financial liability is derecognized when it is extinguished. iv. Offsetting Financial assets and liabilities are offset and the net amount presented in the financial statements when the Corporation has a legal right to set off the recognized amounts and intends to settle on a net basis, except the cases for which SUGEF regulations do not permit such treatment. v. Amortized cost measurement The amortized cost of a financial asset or liability is the amount at which the financial asset or liability is measured at initial recognition, minus principal repayments, plus or minus the cumulative amortization of any difference between the initial amount recognized and the maturity amount, minus any reduction for impairment.
17 9 All non-trading financial assets and liabilities and originated loans and receivables are measured at amortized cost less impairment losses. Premiums and discounts are included in the carrying amount of the related instrument and amortized against finance income (expense). vi. Fair value measurement The fair value of financial instruments is based on their quoted market prices at the balance sheet date without any deduction for transaction costs. The determination of fair value for financial assets and liabilities for which there is no observable market price requires the use of valuation techniques. For financial instruments that trade infrequently and have little price transparency, fair value is less objective, and requires varying degrees of judgment depending on liquidity, concentration, uncertainty of market factors, pricing assumptions, and other risks affecting the specific instrument. Valuation techniques include the net present value and discounted cash flow models, comparison to similar instruments for which market observable prices exist, and other valuation models. The Corporation selects the valuation model that most adequately reflects the fair value of each class of financial instrument based on its complexity. Unlike market prices, fair values cannot be implicitly determined using professional judgment. Models used are revised periodically to update market factors and allow the Corporation to determine the fair value of its financial instruments. Management of the Corporation considers such valuations necessary and appropriate to ensure that its instruments are accurately presented in the financial statements. vii. Gains and losses on subsequent measurement Gains and losses arising from a change in the fair value of available-forsale assets are recognized directly in equity unless the investment is considered to be impaired, in which case the loss is recognized in profit or loss. When the financial assets are sold, collected, or otherwise disposed of, the cumulative gain or loss recognized in equity is transferred to profit or loss.
18 10 (g) Foreclosed assets Foreclosed assets include assets received as partial or total satisfaction of loans that are not recovered under the contractual repayment terms. Foreclosed assets are recorded at the lower of the following: The book balance corresponding to principal, current interest and interest on loan arrears, insurance, and administrative expenses derived from the loan or account receivable being settled. The market value on the date the asset was recognized. If foreclosed assets are not sold within two years from the date of acquisition, completion of production, or retirement, as appropriate, an allowance should be recorded equivalent to the asset s carrying amount. The allowance for foreclosed assets acquired after June 2010 or thereafter is established gradually by booking one-twenty-fourth of the value of such assets each month until the allowance is equivalent to 100% of the assets carrying amount. (h) Property and equipment i. Own assets Property and equipment is stated at cost, net of accumulated depreciation and amortization. Significant improvements are capitalized, while minor repairs and maintenance that do not extend the useful life or improve the asset are directly expensed when incurred. Property is subject to revaluation adjustments at least once every five years based on an appraisal made by an independent appraiser. ii. Subsequent costs Costs incurred to replace a component of an item of property and equipment are capitalized and accounted for separately. Subsequent costs are only capitalized when they increase the future economic benefits. All other costs are recognized in profit or loss when incurred.
19 11 iii. Depreciation Depreciation and amortization are recognized in profit or loss on a straight-line basis over the estimated useful lives of the assets, as follows: Buildings Vehicles Furniture and equipment Computer hardware Leasehold improvements 50 years 10 years 10 years 5 years 10 years (i) Investment property Investment property is initially recognized at cost. Transaction costs are included at initial recognition. Subsequent to initial recognition, investment property is adjusted to fair value. Gains or losses arising from changes in the fair value of investment property are recognized in profit or loss in the period in which the gains or losses arise. The fair values are based on market values, being the estimated amount for which a property could be exchanged on the date of the valuation between a willing buyer and a willing seller in an arm s length transaction after proper marketing wherein the parties had each acted knowledgeably and without compulsion. When no prices quoted in an active market are available, valuation is performed considering the total amount of estimated cash flows expected to be generated by the leases. The valuation of property is determined by applying a rate of return that reflects the specific inherent risks to the annual net cash flows. (j) Other assets Leasehold improvements are amortized straight line over the life of the lease. Software is carried at cost and amortized straight line over five years. Leased assets are carried at cost and amortized straight line based on the category of property and equipment.
20 12 (k) Goodwill acquired Goodwill acquired arises on business acquisitions. Goodwill acquired represents the excess of the cost of the acquisition over the value of the assets and liabilities of the acquiree. The Chart of Accounts approved by CONASSIF stipulates that goodwill must be tested for impairment and that any impairment loss in respect of goodwill must be recognized in profit or loss as a decrease in goodwill acquired. This notwithstanding, as of July 1, 2010, goodwill acquired must be amortized to profit or loss straight line over a maximum estimated useful life of five years. (l) Impairment of non-financial assets The carrying amounts of the Corporation s non-financial assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists then the asset s recoverable amount is estimated. An impairment loss is recognized if the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognized in profit or loss for assets carried at cost, and treated as a revaluation decrease for assets recorded at revalued amounts. The recoverable amount of an asset is the greater of its net selling price and value in use. The net selling price is equivalent to the value obtained in an arm s length transaction. Value in use is the present value of future cash flows and disbursements derived from continuing use of an asset and from its disposal at the end of its useful life. If in a subsequent period the amount of the impairment loss decreases and the decrease can be linked objectively to an event occurring after the impairment loss was recognized, the impairment loss is reversed through profit or loss or the statement of changes in equity, as appropriate. (m) Accounts payable Accounts payable are carried at cost.
21 13 (n) Provisions A provision is recognized in the balance sheet if, as a result of a past event, the Corporation has a present legal or constructive obligation and it is probable that an outflow of economic benefits will be required to settle the obligation. The provision made approximates settlement value; however, final amounts may vary. The estimated value of provisions is adjusted at the balance sheet date, directly affecting profit or loss. (o) Legal reserve In accordance with the Internal Regulations of the National Banking System (IRNBS) of Costa Rica, banking entities must establish a legal reserve equivalent to 10% of earnings for the tax year ended in December. That reserve is calculated annually and applied semiannually. For Costa Rican non-banking entities, the reserve is determined based on current commercial legislation, which stipulates that 5% of each year s earnings must be appropriated to a reserve, up to 20% of share capital. (p) Revaluation surplus Property is subject to revaluation adjustments at least once every five years based on an appraisal made by an independent appraiser authorized by the corresponding professional association. Revaluation surplus included in equity may be transferred directly to retained earnings when the surplus is realized. The entire surplus is realized upon retirement or disposal of the assets. The transfer of revaluation surplus to retained earnings is not recorded through profit or loss. (q) Allowance for loan losses SUGEF defines a credit operation as any operation formalized by a financial intermediary and related to any type of underlying instrument or document, whereby the entiy assumes a risk. Credit operations include loans, finance leases, factoring, guarantees, advances, checking account overdrafts, bank acceptances, accrued interest, and open letters of credit. The loan portfolio of the subsidiary Scotiabank de Costa Rica, S.A. is valued in accordance with the provisions established in SUGEF Directive The most relevant provisions of the directive are summarized in note 31.
22 14 Increases in the allowance for loan losses resulting from application of SUGEF Directive 1-05 are included in the accounting records under prior approval from SUGEF, in conformity with article 10 of IRNBS. The allowance for stand-by credit losses is presented in the liability section of the balance sheet under Other liabilities. For all other subsidiaries, the Corporation s classification and analysis criteria are used. All criteria are based on an individual analysis of the quality of guarantees, the customer s creditworthiness, and the debt servicing of each customer, among other factors. The Corporation requires that all loans be classified based on risk of default and lending conditions and that a minimum allowance be established for each classification. (r) Finance income and expense Finance income and expense are recognized in profit or loss as they accrue, taking into account the effective yield or interest rate. Finance income and expense include amortization of any discount or premium during the term of the instrument until maturity. (s) Fee and commission income Fee and commission income arises on services provided by the Corporation. Fees and commissions are recognized as the related services are performed. In the event that a commission is deferred, it is recognized over the term of the service and calculated using the effective interest method if the amount of the commission exceeds the costs incurred to provide the service. In the case of loan fees, cost analyses performed by the Corporation show that direct costs incurred to provide the service exceed income earned. Accordingly, loan fees are recognized as income in profit or loss when collected. (t) Operating lease payments Payments made under operating leases are recognized in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognized as an integral part of the total lease expense, over the term of the lease.
23 15 (u) Income tax i. Current Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years. ii. Deferred Deferred tax is recognized using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. In accordance with IAS 12, temporary differences are identified as either taxable temporary differences (which result in future taxable amounts) or deductible temporary differences (which result in future deductible amounts). A deferred tax liability represents a taxable temporary difference, while a deferred tax asset represents a deductible temporary difference. A deferred tax asset is recognized only to the extent that there is a reasonable probability that it will be realized. (v) Basic earnings per share Basic earnings per share is a measure of an entity s performance over the reporting period and is computed by dividing the profit attributable to ordinary and preferred shareholders by the weighted average number of ordinary and preferred shares outstanding during such period. (w) Severance benefits Costa Rican legislation requires the payment of severance benefits to employees in the event of death, retirement, or dismissal without just cause, equivalent to 7 days salary for employees with between 3 and 6 months of service, 14 days salary for employees with between 6 months and 1 year of service, and an amount prescribed by the Employee Protection Law for employees with more than 1 year of service, up to a maximum of 8 years.
24 16 Pursuant to the Employee Protection Law, all employers must contribute 3% of monthly employee salaries during the entire term of employment. Contributions are collected through the Costa Rican Social Security Administration (CCSS) and are then transferred to pension fund operators selected by employees. Amounts equivalent to 4% and 3% of salaries paid to member employees are transferred to the Employees Association and a compulsory retirement savings account, respectively, as advance severance payments. Employees are not entitled to severance benefits if they resign or are dismissed with just cause. (x) Trusts Assets managed by the Corporation as trustee are not considered part of the Corporation s equity and, therefore, are not included in the financial statements. Fee and commission income derived from trust management is recognized on the accrual basis. (y) Use of estimates The preparation of the consolidated financial statements requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. Material estimates that are particularly susceptible to significant changes are related to determination of the allowance for loan losses, determination of the fair value of financial instruments, determination of the useful lives of property and equipment, accounting for contingent liabilities, and determination of provisions for credit card miles.
25 17 2. Collateralized or restricted assets As of December 31, collateralized or restricted assets are as follows: Cash and due from banks: Minimum cash reserve 110,986,665,590 98,276,194,560 Collections and payments on behalf of third parties 155,953,365 23,220,592 Guaranty Fund of the National Stock Exchange 240,392, ,564,287 Drafts and transfers payable 4,422,537,683 - Subtotal 115,805,549,308 98,565,979,439 Investments: Clearing house guaranty 989,538,552 1,387,299,284 Guarantee deposit for public utility payment collection services 186,616, ,258,500 Investments assigned under repurchase agreements 3,106,420,543 2,150,741,694 Legal department guarantees 7,649,550 1,904,438 Subtotal 4,290,224,695 3,772,203,916 Loans: Requirement for deposit-taking in demand accounts per article 59 of IRNBS (Law No. 1644) 35,156,152,899 32,419,897,170 Subtotal 35,156,152,899 32,419,897,170 Other: Accrued interest receivable on committed investments 27,235,525 49,870,153 Subtotal 27,235,525 49,870,153 Other assets: Guarantee deposits 97,667, ,627,836 Subtotal 97,667, ,627,836 Total collateralized or restricted assets 155,376,830, ,933,578,514
26 18 Pursuant to Costa Rican financial legislation, the subsidiary Scotiabank de Costa Rica, S.A. maintains a minimum cash reserve in BCCR. As of December 31, 2011 and 2010, that reserve is calculated as a percentage of third-party deposits (see note 4). 3. Balances and transactions with related parties As of December 31, the consolidated financial statements include balances and transactions with related parties, as follows: Assets Cash and due from banks 1,322,042, ,111,882 Loan portfolio 496,847, ,792,191 Accounts and accrued interest receivable 432,183, ,125,506 Investments in other companies 1,898,649,484 1,690,557,483 Total assets 4,149,723,324 3,003,587,062 Liabilities Obligations with the public 1,496,783, ,388,778 Other financial obligations 279,180,519, ,783,568,458 Other accounts payable and provisions 336,724, ,003,158 Other liabilities 69,367, ,593,945 Total liabilities 281,083,395, ,086,554,339 Expenses Finance expense 4,992,820,336 3,677,667,342 Operating expenses 419,000,409 39,381,525 Total expenses 5,411,820,745 3,717,048,867 Income Finance income - 25,256,173 Operating income 198,741, ,920,823 Total income 198,741, ,176,996
27 19 As of December 31, 2011, compensation paid to key personnel of the Corporation s subsidiaries amounts to 1,118,472,282 (2010: 967,793,702). As of December 31, 2010, Accounts payable and provisions includes the amount of 309,168,486 corresponding to the Corporation s stake in Arrinsa Leasing, S.A. de C.V., which was negative as of that date; accordingly, it is presented as a liability due to the fact that it represents an obligation with third parties (see note 15). For the year ended December 31, 2011, the Corporation made capital contributions to the subsidiary Arrinsa Leasing, S.A. de C.V.; therefore, its stake in the equity of that entity is included under Investments in other companies. 4. Cash and due from banks As of December 31, cash and due from banks (cash and cash equivalents) is as follows: Cash 12,207,450,074 12,327,391,158 Demand deposits in BCCR 111,083,861, ,682,950,086 Demand deposits in local financial entities 204,886, ,723,123 Demand deposits in foreign financial entities 20,084,609,964 3,327,318,159 Notes payable on demand 2,245,023,554 1,856,883,789 Restricted cash and due from banks 240,392, ,316,143 Subtotal 146,066,223, ,682,582,458 Highly liquid short-term investments 10,557,727,305 34,063,877,260 Total 156,623,951, ,746,459,718
28 20 Pursuant to current banking legislation, the subsidiary Scotiabank de Costa Rica, S.A. must maintain a minimum cash reserve in BCCR for each biweekly period. The minimum cash reserve is calculated biweekly based on average daily balances of specific operations subject to this requirement. The corresponding amount is deposited and remains restricted in BCCR and must meet two conditions: 1) the average minimum cash reserve required at the end of a biweekly period must be covered by the biweekly average of end-of-day checking account deposits with a delay of two biweekly periods, and 2) during the reserve control period, the end-of-day balance of deposits in BCCR must be greater than 97.5% of the minimum cash reserve required in the prior two biweekly periods. As of December 31, 2011, the required minimum cash reserve (corresponding to the average for the second half of December) amounts to 110,986,665,590 (2010: 98,276,194,560). As of December 31, 2011, highly-liquid short-term investments include securities acquired under reverse repurchase agreements for a total of 300,143,645 and US$4,060,922 (2010: 7,563,571,248 and US$23,181,365). Those securities bear interest at 7.32% per annum (2010: at rates ranging between 4.85% and 5.25% per annum) in colones and at rates ranging between 2% and 2.27% per annum (2010: between 0.10% and 0.70% per annum) in U.S. dollars, and are included in cash equivalents. 5. Investments in financial instruments As of December 31, investments in financial instruments are classified as follows: Held for trading 6,056,240,549 15,310,641,283 Available for sale 59,379,848,888 37,731,919,212 Subtotal 65,436,089,437 53,042,560,495 Accrued interest receivable 1,271,361, ,182,912 Total 66,707,450,981 53,676,743,407
29 21 As of December 31, held-for-trading investments are as follows: Open investment funds in colones managed by local entities 1,900,559,085 7,914,487,063 Open investment funds in U.S. dollars managed by local entities 4,155,681,464 7,223,343,823 Open investment funds in euros managed by local entities - 172,810,397 Total 6,056,240,549 15,310,641,283 As of December 31, available-for-sale investments are as follows: Local issuers: Costa Rican Government 41,125,673,492 26,875,237,318 BCCR 11,003,506,175 7,548,918,772 Financial entities 4,411,292,905 3,307,763,122 Private issuers 1,521,790,000 - Repurchase agreements 1,217,612,316 - Subtotal local issuers 59,279,874,888 37,731,919,212 Foreign issuers: Financial entities 99,974,000 - Subtotal foreign issuers 99,974,000 - Total 59,379,848,888 37,731,919,212 As of December 31, 2011, investments in financial instruments in the amount of 1,183,804,152 (2010: 1,621,462,221) secure operations with several local institutions (see note 2).
30 22 Additionally, the Corporation has investments in the amount of 3,106,420,543 (2010: 2,150,741,694) that secure repurchase agreements for 2,655,946,404 (2010: 1,901,287,553) (see note 12). As of December 31, 2011, available-for-sale investments bear interest at rates ranging between 5.06% and 17.07% (2010: between 4.72% and 17.07%) in colones and between 0.74% and 3.96% (2010: 1.47% and 5.23%) in U.S. dollars. For the year ended December 31, realized gains and losses on available-for-sale financial instruments are as follows: Realized gains on the sale of availablefor-sale financial instruments 472,623, ,044,015 Realized losses on the sale of available-for-sale financial instruments (268,923,028) (76,054,333) 203,700, ,989, Loan portfolio (a) Loan portfolio by origin As of December 31, the loan portfolio by origin is as follows: Loans originated by the Corporation 813,120,481, ,824,569,338 Loans purchased 105,049,860, ,694,018,699 Subtotal 918,170,342, ,518,588,037 Accrued interest receivable 3,961,465,545 4,139,085,724 Allowance for loan losses (13,498,142,379) (12,942,690,524) Total 908,633,665, ,714,983,237 As of December 31, 2011, annual interest rates on loans ranged between 8% and 25% (2010: between 7% and 27%) in colones and between 3.5% and 14.25% (2010: between 3% and 14.50%) in U.S. dollars.
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