GRUPO FINANCIERO IMPROSA 2011 ANNUAL REPORT

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1 GRUPO FINANCIERO IMPROSA 2011 ANNUAL REPORT

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3 Index Grupo Financiero Improsa Mission, Vision and Values 4 Brief History of Grupo Financiero Improsa 5 Strategic Pillars of Grupo Financiero Improsa 6 Grupo Financiero Improsa Subsidiaries 7 Letter from the Chairman 8 Board of Directors 12 Management Team 13 Grupo Financiero Improsa Products and Services 14 Grupo Financiero Improsa Offices 16 Funding and Correspondent Banks 19 Fernando Ortuño Sobrado Foundation 20 Audited 2011 Financial Statements 22

4 Mission Provide our customers superior financial solutions tailored to meet their needs. Vision To be a sound, profitable and competitive regional financial group a leader in its field, with a clear customer orientation. Values Excellence Integrity Dynamism Knowledge 4 Mission, Misión, Visión Vision y Valores and Values de Grupo of Financiero Grupo Financiero Improsa Improsa

5 Brief History of Grupo Financiero Improsa Financiera Improsa becomes Banco Improsa Probanco joins the group; Grupo Financiero Improsa is founded. Selective purchase of the PLG portfolio provides a regional presence. The brokerage house opens its doors. GFI signs subordinated loan agreements with DEG and FMO. GFI ventures into development banking. ReIntegra kicks off its portfolio recovery service Financiera Improsa is founded. Banco Improsa is listed on the Costa Rican Stock Exchange. GFI expands its services, creating Arrendadora Improsa, Improsa SAFI, Improsa Capital and Improseguros. GFI acquires selected Banco Bantec CQ assets and liabilities. GFI opens advisory and support centers (CAAP) for SMEs. GFI forms a strategic partnership with the IFC. Brief Reseña History Histórica of Grupo de Financiero Improsa 5

6 Strategic Pillars of Grupo Financiero Improsa Use of technology Efficient cost and operating structure Selective focus on strategic segments Strategic Pillars Prudent risk management Broad range of products Superior personalized service 6 Strategic Pilares Estrategicos Pillars of de Grupo Financiero Improsa

7 Grupo Financiero Improsa Subsidiaries Risk Rating Long-term Local AA+Colones AA Dollars Commercial Banking Investment and Other Financial Services Banco Improsa S.A. Improsa SAFI S.A. Improsa Servicios Internacionales Improsa Valores Puesto de Bolsa Improactiva S.A. Improsa Capital S.A. Inmobiliaria Improsa S.A. Improsa SAFI Panamá S.A. Banprocesos S.A. Improsa Agencia de Seguros S.A. Grupo Subsidiarias Financiero de Grupo Improsa Financiero Subsidiaries Imrosa 7

8 Letter from the Chairwoman To our Grupo Financiero Improsa Shareholders: As we conclude a year replete with challenges, it gives me great pleasure to be able to report on a financial group that has handled itself with great wisdom in a complex environment, drawing strength from its experience. Today more than ever we are seeing a future filled with exciting opportunities, and we believe we have the right organization to take full advantage of them. As we all know, the global financial and economic crisis has impacted most local and international companies differently, depending on their area of business. We have been able to capitalize on our country s earlier periods of great economic abundance. We have faced the crisis with wisdom, maturity and sharp insight, and we must acknowledge that the primary reason for our success has been the unwavering confidence and support of our funding and correspondent banks and our private banking investors. Special mention goes to development banks and multilateral organizations such as the International Finance Corporation (IFC), German Investment Corporation (DEG), Netherlands Development Finance Corporation (FMO), Central American Bank for Economic Integration (CABEI), Inter-American Development Bank (IDB), Andean Development Corporation (CAF), Overseas Private Investment Corporation (OPIC) and Belgian Investment Company for Developing Countries (BIO), which have not only maintained their confidence in us but also extended new loans and credit facilities to us in periods of greater global uncertainty. In subsequent years we focused on restructuring our business and subsidiaries, optimizing our organizational structure and managing with the liquidity, solvency and prudence befitting a changing and volatile environment. Although many of these efforts were not aimed at generating earnings, they were definitely wellchosen. We have expanded our investing customer base and today are capturing funds from far more diverse sources. Our share of the banking industry s deposits has grown systematically, going from 41.2% in 2007 to 59.8% at the close of In addition, Grupo Financiero Improsa has kept its equity sufficiency well above 8 Letter Carta de from la Presidencia the Chairwoman

9 allowable minimums (though this affects its return on equity), demonstrating an obvious commitment to maintaining a solid equity base. Another key aspect of this four-year period has been a focus on prudent portfolio growth. Thus, growth has been moderate rather than fast-paced, with a very controlled default rate in the credit portfolio and low vacancy rate in the managed real estate investment fund portfolio. In addition, in 2011 we concentrated on meeting various goals in the different subsidiaries, some of the most significant achievements are as follows: 1. We worked hard to recover important customers who had migrated in previous years to banks with more active positions during the crisis, such as the state banks, by stepping up our visits to them. The fruits of our labor were largely seen in the last quarter of 2011, when these efforts, together with renewed demand for loans, led to a thirty-five milliondollar portfolio growth. 2. In the last two years the quality of our loan portfolio has improved steadily, with our default rate dropping by 30 points from 2.42% to 2.12% placing us in a favorable light compared to the overall national financial system, whose rate dropped by merely 25 points. 3. With an approach emphasizing personalized service, tailored financial solutions, and a clear knowledge of our customers needs, our group has focused on providing our customers with financial facilities in line with their needs, making it possible to pay adequate attention to customer loans and a high quality loan portfolio. 4. The portfolio of property received as dation in payment has fallen from 5.2 billion to 995 million in the last three years. 5. For its part, the Trust Department has maintained its characteristic leadership and dynamism, positioning Banco Improsa with a 44% market share much larger than that of any other bank. The year 2011 was a pivotal one, since its first manager, Mr. Jorge Calvo, retired. We have been fortunate in keeping him on as our advisor, but we must underscore the tremendous job being done by our new manager, Mr. Alfonso Meléndez, and his team. 6. One strategic change has been to base the future growth of SAFI (our investment fund management company) on its real estate funds, particularly our Gibraltar and Crestones funds. These funds have performed extremely well, with yields and occupancy rates higher than the market average despite the financial crisis in the real estate sector. With a view to future growth we have started the process of listing these funds on Central American stock markets, where we ve seen strong interest among a large number of investors due to the special features offered by these investment instruments. 7. We should also note the achievements of the real estate development funds. The Cala Luna fund, which was hard hit by the financial crisis and its circumstances, was settled with all its investors in preparation for its delisting. The fund s delisting is currently underway in accordance with the rules of the General Superintendent of Securities Office, with the full cooperation of its shareholders. Letter from Carta the de la Chairwoman Presidencia 9

10 8. The Multipark fund has completed its second and third project phases, which have been occupied by prominent tenants such as Emerson, the SUTEL and ARESEP. Although there are still some pending issues to resolve, today Multipark is a consolidated business park of noted prestige in western San Jose. 9. In 2011 we concentrated on strengthening several companies in the group, such as Improsa Servicios Internacionales, where a top-notch executive team was put together that has produced tangible results for the subsidiary in the first year under its management. With its new brand, Improsa Leasing redefined its strategy to emphasize leasing in Costa Rica and Guatemala, setting up new partnerships with equipment suppliers essential for future growth. Operationally, it defined its asset management process and strengthened its business risk management. To lower company costs, it exhaustively revised its insured assets and obtained annualized insurance savings of 43% across the region. 10. ImproActiva, for its part, redefined its business strategy with the launch of its new product, ReIntegra, designed to provide third parties with a financial asset recovery service. Through its strong performance in asset recovery, ReIntegra has been able to build partnerships with related companies, taking advantage of its infrastructure and extensive knowledge of portfolio collection. 11. Improsa Capital has become the growth engine for real estate funds, maintaining a sales team for promoting any properties that become vacant. It has also taken over real estate management with a strong commitment to keeping properties in optimum condition at all times. 12. With its highly dynamic management, Improsa Seguros has focused on growing the company s customer base to offset falling insurance premiums resulting from increased competition. It has also created, in conjunction with the INS, innovative insurance products with very attractive rates for new customers and those of Grupo Financiero Improsa. 13. Our group has continued making enormous efforts and progress on strategic projects: a. The SIGMA project, conceptualized as the new financial core, has advanced notably toward its projected 2012/2013 implementation. At present we have an exclusively dedicated team of some forty members working seven days a week on this project alone, which has turned out to be extremely ambitious. It involves cutting-edge global banking technology, of which the group will reap the rewards in improved service quality and efficiency. b. Our relationship banking strategy, the Chirripó project, has entailed major efforts in terms of both culture and technological platform so that executives are managing their customer relationships rather than selling products. To supplement the project, product manager positions were created for which staff specializing in different products, such as invoice discounting, leasing, insurance, company treasuries, foreign currency sales and COMEX, were promoted and hired. The primary role of product managers is to innovate and reinforce these services, but they 10 Letter Carta de from la Presidencia the Chairwoman

11 also provide strong support for segment managers when cross-selling to their customers, since they offer specialized assistance with an in-depth knowledge of each of the products offered by the group. This strategy has strengthened our relationships with current customers, thereby generating increased revenue from services. In addition, by keeping customer benefit in mind at all times these managers have considerably improved product competitiveness and response times sometimes by more than 50% thus strengthening the group s offer. c. Given the stricter requirements and control standards of new risk and compliance rules and regulations, our risk and compliance units have continued evolving their consolidation and control, often with state-of-the-art methods. Although the role of these units is not always very visible to the general public, their functions are extremely important for the group in that they provide preventive control of risks associated with the business of finance. In short, these last four years have definitely posed changes, uncertainties and challenges. The solid commitment of all our employees has made the difference, however. For this reason I began this report by stating that today more than ever we feel prepared to take advantage of any opportunities the future may bring. We now have revamped subsidiaries, fully committed employees and the immense satisfaction of having faced the crisis and survived. I d like to emphasize here that our most satisfying achievement has been the strong commitment, loyalty, professionalism and performance of our employees and Board of Directors. For a group dedicated to providing financial services, human capital is our most valuable asset, one that makes it possible for us to stand out above all other financial institutions. For all of these reasons, then, we are happy and proud to be able to reaffirm that our group is now much stronger, and that as of January 2012 our primary job is to grow in order to provide our shareholders with satisfactory profits and high quality assets. My greatest thanks go to you, our esteemed shareholders. Marianela Ortuño Pinto Chairwoman Grupo Financiero Improsa Letter from Carta the de la Chairwoman Presidencia 11

12 Board of Directors Chairwoman Marianela Ortuño Pinto Vice Chairman Mauricio Bruce Jiménez Secretary Manuel Ortuño Pinto Treasurer Víctor Watkins Parra Member Carlos Montoya Dobles Member Fernando Vargas Cullel Member Alejandro Schweldhem Beick Alternate Member José Miguel Fuster Controller Arnoldo Camacho Castro 12 Board of Directors Junta Directiva

13 Management Team Management Team Franco Naranjo Jiménez General Manager, Banco Improsa Félix Alpízar Lobo Assistant General Manager, Banco Improsa Hugo Aymerich Aubert Assistant General Business Manager, Banco Improsa Jaime Ubilla Carro General Manager, Improsa SAFI Michael Ruiz Delgado General Manager, Improsa Agencia de Seguros Marco Urbina Soto General Manager a.i., Improsa Capital Ana Julieta Chaves Jiménez General Manager, Improsa Servicios Internacionales Support Team Bernal Allen Chávez Finance Manager Aneth Alfaro Chávez Compliance Officer Randall Chavarría Soto IT and Operations Director Alfonso Meléndez Vega Trust Manager, Banco Improsa Carolina Mena Ramírez Administrative and Human Resources Manager Francisco Ramírez Chinchilla Risk and Operations Manager, Improactiva José Alberto Rodríguez Sánchez Operations and Finance Manager, Banca de Inversión Marianela Salazar De Miguel Risk Director Mónica Volio Orozco Product and Marketing Director Laura Ruíz Víquez Loan Operations Manager, Banco Improsa Sergio Quesada Roldán Integrated Risk Manager, Banco Improsa Auditoría Interna Jorge Muñoz Quirós Internal Auditor Equipo Gerencial Management Team 13

14 Products and Services Customized Product Offer Productive Assets Working Capital Inventory Management Sales Payments Cash Management / Collection Leasing Asset Financing Letters of Credit Working Capital Credit Lines Inventory Pledging Invoice Discounting Commercial Documents Bank Guarantees Payrolls Transfers Credit Cards Foreign exchange Accounts Investment Certificates Collection Customized Product Offer Insurance SME Support and Training SME Advisory and Support Centers (CAAPs) Training cycle on topics of interest for SME management - Marketing, human resource, financial, strategic and legal advisory Meeting rooms for customer use Partnering with consulting firms for taking advantage of customer relationships Channel for new project generation Loyalty-building with SME customers Only bank in the market offering these services 14 Products and Services Productos y Servicios

15 Investment Alternatives Term Investment Certificates Current and At-Sight Investment Accounts Smart Savings Virtual Account Real Estate Investment Funds Investment Portfolio Management Stock Market Advisory Credit Facilities Revolving Credit Lines for Working Capital Corporate Credit Cards Letters of Credit (Import/Export) Bid and Performance Bonds Invoice Discounting Bank Overdrafts Leasing Operating Lease for Financing Financial Trusts Surety Trusts Testamentary or Endowment Trusts Life Insurance Trusts Management and Investment Trusts Educational and Other Types of Trusts Insurance Life Medical Fire Workers Compensation Car Others Other Services Services and Advisory for Small and Medium Enterprises (SMEs) International Transfers Foreign Exchange Purchases an Sales (FOREX) Payment of Public Utilities E-Banking with Payroll Payments and Batch Payment Scheduling Payment of Annual Road Tax Productos y Servicios Products and Services 15

16 Grupo Financiero Improsa Offices Head Office Barrio Tournón Branch South side of the La República Newspaper Office, Barrio Tournón, San José Tel: (506) Barrio Escalante Branch 300 meters east and 200 meters south of the Santa Teresita Church, Barrio Escalante Tel: (506) Curridabat Branch Plaza Freses Shopping Center, Curridabat Tel: (506) Escazú Branch Fuentes del Obelisco Shopping Center, Escazú Tel: (506) Grupo Financiero Improsa Offices Oficinas de Grupo Financiero Improsa

17 San José Branch Grupo Improsa Building, south side of the Club Unión, downtown San José Tel: (506) Heredia Branch SME Advisory and Support Center Plaza Rubí Shopping Center, across from the DHL office, La Aurora, Heredia Tel: (506) Barrio Escalante SME Advisory and Support Center 300 meters east, 100 meters south and 25 meters west of the Santa Teresita Church, Barrio Escalante Tel: (506) Virtual Branch Oficinas de Grupo Financiero Improsa Grupo Financiero Improsa Offices 17

18 Improsa International Services Guatemala Tel: (502) El Salvador Tel: (503) Honduras Tel: (504) Nicaragua Tel: (505) Costa Rica Tel: (506) Panamá Tel: (507) Improsa Agencia de Seguros Grupo Improsa Building, south side of the Club Unión, downtown San José Tel: (506) Improsa Capital Grupo Improsa Building, south side of the Club Unión, downtown San José Tel: (506) Improsa SAFI Grupo Improsa Building, south side of the Club Unión, downtown San José Tel: (506) Improsa Valores Puesto de Bolsa Grupo Improsa Building, south side of the Club Unión, downtown San José Tel: (506) Improsa Servicios Internacionales As a platform for regionalizing the leasing and insurance business Improsa takes the INS to Central America using the ISI regional platform. Improsa is one of the region s biggest generators of business for the INS. Guatemala El Salvador Honduras Nicaragua Costa Rica Panamá 18 Grupo Financiero Improsa Offices Oficinas de Grupo Financiero Improsa

19 Funding and Correspondent Banks Foreign Cooperation Institutions Main Correspondent Banks International Finance Corporation (IFC) Inter-American Development Bank (IDB) German Investment Corporation (DEG) Netherlands Development Finance Corporation (FMO) Central American Bank for Economic Integration (CABEI/BCIE) Inter-American Investment Corporation (IIC) Andean Development Corporation (CAF) Multilateral Investment Fund (MIF) Overseas Private Investment Corporation (OPIC) World Business Capital Inc. (WBC) Belgian Investment Company for Developing Countries (BIO) Wells Fargo Citibank Standard Chartered Bank Commerzbank BAC Florida Bank Banco Sabadell BICSA Eastern National Bank Bancoldex Cobank Scotiabank Unicredit Funding and Correspondent Banks 19

20 Fernando Ortuño Sobrado Foundation Faith and Effort for Growing From its inception in 2005, the Fernando Ortuño Sobrado Foundation has sown seeds of hope among at-risk children, adolescents and youths. More recently, it has helped give the families of Grupo Improsa employees a chance to own a dignified home. During 2011 its student scholarship programs benefitted 28 children and youths of GFI and ILG employees. This contribution not only helps them forge ahead with their studies but also commits them to contributing to the recycling program set up in our organization. The Foundation has set new challenges for 2012 in an effort to expand its social plan to generate more benefits for our at-risk employees. 20 Fernando Ortuño Sobrado Fundation Fundación Fernando Ortuño Sobrado

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22 AUDITED 2011 FINANCIAL STATEMENTS

23 Audited 2011 Financial Statements 23

24 24 Audited 2011 Financial Statements

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26 26 Audited 2011 Financial Statements

27 Audited 2011 Financial Statements 27

28 28 Audited 2011 Financial Statements

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30 30 Audited 2011 Financial Statements

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32 32 Audited 2011 Financial Statements

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