BANCO DEL ESTADO DE CHILE Santiago - Chile, December 31, 2007 and 2006
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1 BANCO DEL ESTADO DE CHILE Santiago - Chile, December 31, 2007 and 2006 Independent Auditors Report DELOITTE & TOUCHE SOCIEDAD DE AUDITORES Y CONSULTORES LTDA. To the Chairman and Members of the Board of Directors of Banco del Estado de Chile We have audited the accompanying consolidated balance sheets of Banco del Estado de Chile and subsidiaries as of December 31, 2007 and 2006, and the related consolidated statements of income and of cash flows for the years then ended. These financial statements (including the related notes) are the responsibility of the Management of Banco del Estado de Chile. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in Chile. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by Management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. INDEX Balance Sheets 74 In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Banco del Estado de Chile and subsidiaries as of December 31, 2007 and 2006 and the results of their operations and cash flows for the years then ended, in conformity with accounting principles generally accepted in Chile and the rules of the Superintendency of Bank and Financial Institutions. Statements of Income Our audits also comprehended the translation of Chilean peso amounts into U.S. dollar amounts and, in our opinion, such translation has been made in conformity with the basis stated in Note 1 to the financial statements. The translation of the financial statements amounts into US dollars and the translation of the financial statements into english have been made solely for the convenience of readers outside Chile. 73 January 24, 2008 Ricardo Briggs L. Ch$ = Chilean pesos. MCh$ = Millions of Chilean pesos. US$ = United States dollars. ThUS$ = Thousands of United States dollars. MUS$ = Millions of United States dollars. UF = Unidad de Fomento (an inflation-indexed, Chilean-peso denominated monetary unit set daily in advance on the basis of the previous month s inflation rate).
2 Banco del Estado de Chile BALANCE SHEETS ASSETS US$ Ch$ Ch$ (Millions) (Millions) (Millions) LIABILITIES AND SHAREHOLDERS EQUITY US$ Ch$ Ch$ (Millions) (Millions) (Millions) CASH AND DUE FROM BANKS 1, , ,979.6 LIABILITIES LOANS: Commercial loans 5, ,915, ,676,689.3 Foreing trade loans , ,486.3 Consumer loans 1, , , Mortgage loans 3, ,953, ,136,994.4 Lease contracts , , Contingent loans , , Other outstanding loans 3, , 532, , Past-due loans , ,693.5 Total loans 16, ,187, ,498,969.3 Less: Provisions for loans losses ( ) ( 1 6 1,512.5 ) ( 125,410.7 ) DEPOSITS AND OTHER LIABILITIES: Current accounts 4, ,248, ,886,914.5 Saving accounts and time deposits 10, , 1 4 3, ,963, Other sight and term liabilities , ,746.4 Liabilities under agreements to repurchase 1, , ,929.2 Mortgage finance loans 4, ,075, ,226,059.6 Contingent liabilities , , Total deposits and other liabilities 21, ,810, ,149,150.2 BONDS: Bonds 1, , ,310.3 Subordinated bonds , , Total loans, net 16, ,026, ,373,558.6 Total bonds 1, , , OTHER LOAN OPERATIONS: Interbank loans , Investments purchased under agreements to resell , ,821.9 Total other loan operations , ,799.3 INSTRUMENTS FOR TRADING , ,330.8 INVESTMENT INSTRUMENTS: Available for sale 6, ,026, , 5 7 1,650.8 Held to maturity , ,541.0 Total investment instruments 6, ,195, ,780,191.8 BORROWINGS FROM CENTRAL BANK AND OTHER FINANCIAL INSTITUTIONS: Chilean Central Bank borrowings and lines of credit for loans renegotiations Other Central Bank borrowings ,454.2 Loans from domestic financial institutions 9.1 4, ,312.0 Foreign borrowings , ,394.4 Other borrowings , ,301.9 Total borrowings from financial institutions , , FINANCIAL DERIVATIVE CONTRACTS , ,420.8 FINANCIAL DERIVATIVE CONTRACTS , ,990.6 OTHER ASSETS , ,077.1 OTHER LIABILITIES , ,732.6 FIXED ASSETS: Premises and equipment (net) , ,707.6 Investments in other companies , , Total fixed assets , ,835.1 Total liabilities 24, ,322, ,427,406.7 NET SHAREHOLDERS EQUITY: Capital and reserves 1, , ,701.4 Other equity accounts ( 22.1 ) ( 10,984.8 ) ( 1,708.4 ) Net income for the year , ,793.4 Total net shareholders equity 1, , ,786.4 Total assets 25, ,908, ,972,193.1 Total liabilities and shareholders equity 25, ,908, ,972,193. 1
3 Banco del Estado de Chile STATEMENTS OF INCOME BANCOESTADO S.A. CORREDORES DE BOLSA Santiago - Chile, December 31, 2007 and 2006 For the years ended December 31, 2007 and 2006 US$ Ch$ Ch$ (Millions) (Millions) (Millions) 76 OPERATING INCOME: Interest revenue 2, ,084, ,283.0 Gain from trading activities , ,518.5 Income from fees and other services , ,049.7 Foreign exchange gain (net) - - 4,471.0 Other operating income 5.2 2, ,512.5 Total operating income 3, ,571, ,096,834.7 LESS: Interest expenses ( 1,399.4 ) ( 6 95, ) ( 422,086.0 ) Losses from trading activities ( ) ( 383, ) ( 192,625.6 ) Expenses from fees and other services ( ) ( 37, ) ( 31,249.4 ) Foreign exchange loss (net) ( 5. 4 ) ( 2, ) - Other operating income ( 5.2 ) ( 2,560.7 ) ( 1,891.0 ) Gross operating margin , ,982.7 Personnel salaries and expenses ( ) ( 1 5 8, ) ( 1 7 1,700.2 ) Administrative and other expenses ( ) ( 79, ) ( 75, ) Depreciation and amortization ( 36.7 ) ( 18,242.6 ) ( 17,696.6 ) Net operating margin , ,978.8 Provisions for assets at risk ( ) ( 82,274.9 ) ( 52,742.0 ) Total operating income , ,236.8 INDEX Balance Sheets 78 Statements of Income NON-OPERATING INCOME: Non-operating income , ,765.6 Non-operating expenses ( ) ( 5, ) ( 25,054.9 ) Loss from foreign branches ( 0.9 ) ( ) ( ) Gain from investments in other companies , ,443.1 Net loss from Price-level restatement ( 47.7 ) ( 23,680.9 ) ( 6, ) Income before income taxes , ,423.0 Income tax provision ( ) ( 51, ) ( 62,629.6 ) Net income for the year , ,793.4 Ch$ = Chilean pesos. MCh$ = Millions of Chilean pesos. US$ = United States dollars. ThUS$ = Thousands of United States dollars. MUS$ = Millions of United States dollars. UF = Unidad de Fomento (an inflation-indexed, Chilean-peso denominated monetary unit set daily in advance on the basis of the previous month s inflation rate).
4 BancoEstado S.A. Corredores de Bolsa BALANCE SHEETS ASSETS ThUS$ ThCh$ ThCh$ ThUS$ ThCh$ ThCh$ 78 Cash and banks 6, ,307,178 1,346,652 Equity securities owned 6, ,343, ,056 Fixed interest securities 28, ,993,695 9,133,859 Rights on purchase commitment instruments 524, ,763, ,780,275 Rights to collect on purchase commitments ,672 Rights on other future operations 20, ,101,787 4,479,195 Intermediation debtors 20, ,354, ,204 Notes and accounts receivable 8, ,415,248 1,647,332 Notes and accounts receivable from related parties 9.9 4,896 35,046 Deferred taxes , ,354 Instruments granted in guarantee 3, ,653,517 5,356,199 Total current asssets 620, ,212, ,975,844 FIXED ASSETS: Office equipment and furniture , ,774 Other fixed assets ,756 68,298 Accumulated depreciation ( ) ( 267,879 ) ( 240,436 ) Total fixed assets (net) ,204 63,636 OTHER ASSETS: Equity security in Stock Exchange , ,272 Investment in related parties 2.6 1,295 1,295 Other assets , ,298 Total other assets 1, , ,865 LIABILITIES AND SHAREHOLDERS EQUITY Obligations for purchase commitments 524, ,674, ,978,806 Obligations in securities for sales commitments ,529 Obligations for other future operations 20, ,317,460 4,460,466 Creditors for intermediation 20, ,353, ,792 Notes and accounts payable, short term 11, ,919,001 2,883,705 Notes and accounts payable to related companies 2, ,066,326 3,469 Taxes payable ,173 42,224 Allowances and withholdings 3, ,594, ,418 Total current liabilities 583, ,998, ,053,409 SHAREHOLDERS EQUITY: Paid-in capital 12, ,106,016 6,106,016 Reserves for higher value share Stock Exchange ,393 29,393 Retained earnings 18, ,376,527 6,830,874 Net income for the year 6, ,269,272 2,545,653 Total shareholders equity 37, ,781,208 15,511, Total Assets 621, ,779, ,565,345 Total liabilities and shareholders equity 621, ,779, ,565,345
5 BancoEstado S.A. Corredores de Bolsa STATEMENTS OF INCOME BANCOESTADO S.A. ADMINISTRADORA GENERAL DE FONDOS Santiago - Chile, December 31, 2007 and 2006 For the years ended December 31, 2007 and 2006 ThUS$ ThCh$ ThCh$ OPERATING INCOME: Commissions for stock exchange operations 1, , ,234 Commisions for non-stock exchange operations , , Commissions for contracts of primary placements , ,730 Income for sale of own portfolio 5, ,575,221 2,688,632 Income for future operations 17, ,780,888 5,644,775 Income for interest and dividends of own portfolio , ,832 Income for administration of portfolio and custody of securities , ,381 Other operating income 13, ,639,030 3,226,699 INDEX Total operating income 40, ,155,032 13,199, OPERATING EXPENSE: Commissions and services ( ) ( 60,324 ) ( 47,792 ) Losses for lower value of owned portfolio ( ) ( 80,523 ) ( 78,318 ) Losses for sales of own portfolio ( 5,199.2 ) ( 2,583,434 ) ( 1,336,456 ) Expenses for future operations ( 19,228.8 ) ( 9,554,593 ) ( 7,236,092 ) Financial expenses ( ) ( 64,983 ) ( 49,739 ) Administration and trade expenses ( 3,519.9 ) ( 1,749,025 ) ( 1,454,565 ) Amortizations and depreciations ( 55.4 ) ( 27,546 ) ( 28,402 ) Other operating expenses ( 97.3 ) ( 48,338 ) ( 6,732 ) Balance Sheets 82 Statements of Income Total operating expense ( 28,514.9 ) ( 14,168,766 ) ( 10,238,096 ) Operating margin 12, ,986,266 2,961,362 NON-OPERATING INCOME: Revenues on permanent investments ,966 84,134 Other non-operating income 4.4 2, ,580 Total non-operating income , ,714 NON-OPERATING EXPENSES: Other non-operating expenses ( 2,088.5 ) ( 1,037,771 ) - Total non-operating expenses ( 2,088.5 ) ( 1,037,771 ) - Price-level restatement ( 2,316.3 ) ( 1,150,902 ) ( 268,936 ) Income before income taxes 7, ,910,728 3,042,140 Income taxes ( 1,290.9 ) ( 641,456 ) ( 496,487 ) Net income for the year 6, ,269,272 2,545,653 Ch$ = Chilean pesos. MCh$ = Millions of Chilean pesos. US$ = United States dollars. ThUS$ = Thousands of United States dollars. MUS$ = Millions of United States dollars. UF = Unidad de Fomento (an inflation-indexed, Chilean-peso denominated monetary unit set daily in advance on the basis of the previous month s inflation rate).
6 BancoEstado S.A. Administradora General de Fondos BALANCE SHEETS ASSETS ThUS$ ThCh$ ThCh$ LIABILITIES AND SHAREHOLDERS EQUITY ThUS$ ThCh$ ThCh$ Cash and banks , ,357 Time deposits , ,301 Marketable securities 1, , ,250 Trade accounts receivables ,218 10,470 Sundry debtors Notes and accounts receivable from related parties ,362 28,471 Recoverable taxes ,264 - Prepaid expenses ,203 - Deferred taxes ,097 7,5 5 5 Total current assets 3, ,574,620 1,073,460 FIXED ASSETS: Machinery and equipment ,262 53,842 Other fixed assets , ,027 Accumulated depreciation (less) ( ) ( 1 5 5,470 ) ( 109,590 ) Borrowings from banks short-term 9.1 4,517 5,066 Sundry creditors ,297 10,981 Notes and accounts payable to related companies ,772 12,741 Allowances , ,485 Withholdings ,903 24,396 Income taxes ,316 Other current liabilities ,308 - Total current liabilities , ,985 SHAREHOLDERS EQUITY: Paid-in capital 1, , ,206 Retained earnings , ,751 Net income for the year ,892 95,037 Total shareholders equity 2, ,349, ,994 Total fixed assets ,031 95,279 OTHER ASSETS: 82 Intangible assets ,114 20,240 Total Assets 3, ,660,765 1,188,979 Total liabilities and shareholders equity 3, ,660,765 1,188,979 83
7 BancoEstado S.A. Administradora General de Fondos STATEMENTS OF INCOME BANCOESTADO MICROEMPRESAS S.A. ASESORÍAS FINANCIERAS Santiago - Chile, December 31, 2007 and 2006 For the years ended December 31, 2007 and 2006 ThUS$ ThCh$ ThCh$ OPERATING INCOME 3, ,987,278 1,314,856 Administrative and selling expenses ( 3,088.6 ) ( 1,534,671 ) ( 1,283,783 ) Gross operating margin ,607 31,073 NON-OPERATING INCOME: Financial income ,900 69,1 9 7 Other non-operating income ,922 Other non-operating expenses ( 0.3 ) ( 140 ) ( 1,053 ) Price-level restatement ( ) ( 76,607 ) ( 1 4,923 ) Non-operating (loss) income ( 9.8 ) ( 4,847 ) 83,143 INCOME BEFORE INCOME TAXES , ,216 Income taxes ( ) ( 75,868 ) ( 19,179 ) Net income for the year ,892 95,037 INDEX Balance Sheets 86 Statements of Income Ch$ = Chilean pesos. MCh$ = Millions of Chilean pesos. US$ = United States dollars. ThUS$ = Thousands of United States dollars. MUS$ = Millions of United States dollars. UF = Unidad de Fomento (an inflation-indexed, Chilean-peso denominated monetary unit set daily in advance on the basis of the previous month s inflation rate).
8 BancoEstado Microempresas S.A. Asesorías Financieras BALANCE SHEETS ASSETS ThUS$ ThCh$ ThCh$ LIABILITIES AND SHAREHOLDERS EQUITY ThUS$ ThCh$ ThCh$ Cash and banks 1, , ,875 Marketable securities , ,670 Trade accounts receivable Sundry debtors , ,319 Recoverable taxes ,021 Prepaid expenses ,261 8,006 Deferred taxes , ,573 Total current assets 3, ,510,677 1,541,464 FIXED ASSETS: Machinery and equipment , ,013 Other fixed assets 7, ,842,039 2,583,419 Accumulated depreciation ( 3,245.4 ) ( 1,612,583 ) ( 1,179,754 ) Total fixed assets 4, ,444,594 1,564,678 OTHER ASSETS: Other assets ,911 - Total assets 8, ,010,182 3,106,142 Suppliers , ,202 Sundry creditors ,249 31, Notes and accounts payable to related companies ,141 67,474 Allowances 2, ,111, ,622 Withholdings ,639 46, Income taxes ,652 - Total current liabilities 2, ,309,154 1,269,040 LONG TERM: Deferred taxes , ,332 SHAREHOLDERS EQUITY: Paid-in capital 1, , ,260 Share premium ,642 24,642 Retained earnings 2, ,015, ,549 Net income for the year 1, , ,319 Total shareholders equity, net 5, ,516,314 1,701,770 Total liabilities and shareholders equity 8, ,010,182 3,106,
9 BancoEstado Microempresas S.A. Asesorías Financieras STATEMENTS OF INCOME BANCOESTADO CORREDORES DE SEGUROS S.A. Santiago - Chile, December 31, 2007 and 2006 For the years ended December 31, 2007 and 2006 ThUS$ ThCh$ ThCh$ Operating income 38, ,073,461 15,882,583 Costs of services ( 26,109.5 ) ( 12,971,454 ) ( 10,758,660 ) Gross operating margin 12, ,102,007 5,123,923 Administrative and selling expenses ( 10,452.2 ) ( 5,193,604 ) ( 4,744,582 ) Operating income 1, , ,341 NON-OPERATING INCOME: Financial income ,730 17,750 Other non-operating income , Financial expense ( 5.2 ) ( 2, ) ( 2,263 ) Other non-operating expense ( 62.0 ) ( 30,309 ) ( 2,936 ) Price-level restatement ,291 11,661 Non-operating income ,329 25,169 Income before income taxes 2, ,001, ,510 Income taxes ( ) ( 1 8 7, ) ( 59,191 ) Net income for the year 1, , ,319 INDEX Balance Sheets 90 Statements of Income Ch$ = Chilean pesos. MCh$ = Millions of Chilean pesos. US$ = United States dollars. ThUS$ = Thousands of United States dollars. MUS$ = Millions of United States dollars. UF = Unidad de Fomento (an inflation-indexed, Chilean-peso denominated monetary unit set daily in advance on the basis of the previous month s inflation rate).
10 BancoEstado Corredores de Seguros S.A. BALANCE SHEETS ThUS$ ThCh$ ThCh$ LIABILITIES AND SHAREHOLDERS EQUITY ThUS$ ThCh$ ThCh$ INVESTMENTS: Cash and banks 1, , ,863 Time deposits 25, ,547,769 9,618,798 Marketable securities ,284 Real estate investments and similar: Furniture and equipment (net) 1, , ,001 Other fixes assets (net) ,100 6,947 Total investments 27, ,680,097 11,289,893 OTHER LIABILITIES: Notes payable ,406 91,990 Accruals 1, , ,626 Notes and accounts payable to related parties 25, ,847,566 11,199,554 DEBT WITH THE CHILEAN TREASURY: Withholdings ,646 16,345 Income taxes , ,231 Value added tax , , DEBTORS FOR INSURANCES: Intermediation commissions receivable not related 5, ,542,680 1,159,348 Intermediation commissions receivable related ,805 1,467,109 Total intermediations commissions receivable 5, ,948,485 2,626,457 OTHER ASSETS: Sundry debtors (net) ,455 38,386 Prepaid expenses 3.1 1, Taxes: Deferred taxes ,174 46,751 Other ,298 1,054,081 Total other assets ,481 1,140,106 Total other liabilities 28, ,983, ,290,304 SHAREHOLDERS EQUITY: Paid-in capital , ,046 Retained earnings 4, ,477,106 2,477,106 Net income for the year 25, ,847,566 11,199,554 Interim dividends ( 25,856.0 ) ( 12,847,566 ) ( 11,199,554 ) Total shareholders equity 5, ,766,152 2,766, Total Assets 33, ,750,063 15,056,456 Total liabilities and shareholders equity 33, ,750,063 15,056,456
11 BancoEstado Corredores de Seguros S.A. STATEMENTS OF INCOME BANCOESTADO SERVICIOS DE COBRANZAS S.A. Santiago - Chile, December 31, 2007 and 2006 For the years ended December 31, 2007 and 2006 ThUS$ ThCh$ ThCh$ Revenue from services Revenues: Commissions from related insurance companies 1 8, ,004,825 7,5 0 2,068 Commissions from non-related insurance companies 22, ,304,532 9,628,906 Total commissions 40, ,309,357 17,130,974 Costs of services ( 2,899.4 ) ( 1,440,688 ) ( 1,009,498 ) Operating margin 37, ,868,669 16, 1 2 1,476 INDEX Operating expenses ( 6,871.9 ) ( 3,414,559 ) ( 3,157,724 ) Operating income 31, ,454,110 12,963,752 NON-OPERATING INCOME: Income: Financial income 1, , ,930 Other income , ,045 Total income 1, , ,975 Balance Sheets 94 Statements of Income EXPENSES: Financial expense ( 1.0 ) ( 484 ) ( 1,845 ) Other - - ( 512 ) Total expense ( 1.0 ) ( 484 ) ( 2,357 ) 93 Non operating income 1, , ,618 Price-level restatement ( 1,398.4 ) ( 694,862 ) ( 3 1,190 ) Income before income taxes 31, ,470,947 13,487,180 Income taxes ( 5,279.6 ) ( 2,623,381 ) ( 2,287,626 ) Net income for the year 25, ,847,566 11,199,554 Ch$ = Chilean pesos. MCh$ = Millions of Chilean pesos. US$ = United States dollars. ThUS$ = Thousands of United States dollars. MUS$ = Millions of United States dollars. UF = Unidad de Fomento (an inflation-indexed, Chilean-peso denominated monetary unit set daily in advance on the basis of the previous month s inflation rate).
12 BancoEstado Servicios de Cobranzas S.A. BALANCE SHEETS ASSETS ThUS$ ThCh$ ThCh$ LIABILITIES AND SHAREHOLDERS EQUITY ThUS$ ThCh$ ThCh$ Cash and banks , ,851 Marketable securities 5, ,897,100 1,962,580 Sundry debtors , ,386 Notes and accounts receivable from related parties , ,619 Recoverable taxes , ,034 Prepaid expenses ,497 43,676 Deferred taxes ,641 40,894 Total current assets 7, ,777,392 3,100,041 FIXED ASSETS: Facilities , ,387 Machinery and equipment 1, , ,136 Other fixed assets 1, , ,245 Accumulated depreciation ( 3,068.7 ) ( 1,524,812 ) ( 1,281,340 ) Total fixed assets 1, , ,428 Accounts payable , ,145 Allowances 1, , ,944 Withholdings , ,957 Total current liabilities 1, , ,046 LONG TERM: Deferred taxes ,804 - SHAREHOLDERS EQUITY: Paid-in capital 3, ,592,264 1,592,264 Retained earnings (Accumulated losses) 5.9 2,934 ( 5,542 ) Net income for the year 4, ,099,106 1,482,098 Total shareholders equity, net 7, ,694,304 3,068, OTHER ASSETS: Investment in related companies 4.8 2,367 2,367 Deferred taxes 16,168 Other assets ,205 16,862 Total other assets ,572 35, Total assets 9, ,593,611 3,879,866 Total liabilities and shareholders equity 9, ,593,611 3,879,866
13 BancoEstado Servicios de Cobranzas S.A. STATEMENTS OF INCOME SOCIEDAD DE SERVICIOS TRANSACCIONALES CAJAVECINA S.A. Santiago - Chile, December 31, 2007 and 2006 For the years ended December 31, 2007 and 2006 ThUS$ ThCh$ ThCh$ Operatin income 26, , 3 1 1,156 12,025,332 Costs of services ( 16,353.7 ) ( 8,1 2 5,989 ) ( 7,669,625 ) Gross operating margin 10, ,185,167 4,355,707 Administrative and selling expenses ( 5,266.2 ) ( 2, 6 1 6,700 ) ( 2,638,329 ) Operating income 5, ,568,467 1,717,378 NON-OPERATING INCOME: Financial income , ,582 Other non-operating income Financial expense ( 2.8 ) ( 1,382 ) ( 1,445 ) Price-level restatement ( ) ( 163,332 ) ( 37,202 ) Non-operating (loss) income ( 57.0 ) ( 28,351 ) 77,110 Income before income taxes 5, ,540,116 1,794,488 Income taxes ( ) ( 441,010 ) ( 312,390 ) Net income for the year 4, ,099,106 1,482,098 INDEX Balance Sheets 98 Statements of Income Ch$ = Chilean pesos. MCh$ = Millions of Chilean pesos. US$ = United States dollars. ThUS$ = Thousands of United States dollars. MUS$ = Millions of United States dollars. UF = Unidad de Fomento (an inflation-indexed, Chilean-peso denominated monetary unit set daily in advance on the basis of the previous month s inflation rate).
14 Sociedad de Servicios Transaccionales CajaVecina S.A. BALANCE SHEETS ASSETS ThUS$ ThCh$ LIABILITIES AND SHAREHOLDERS EQUITY ThUS$ ThCh$ Cash and banks ,579 Marketable securities ,312 Sundry debtors 2.7 1,340 Notes and accounts receivable from related parties ,049 Recoverable taxes 5.2 2,606 Total current assets 1, ,886 FIXED ASSETS: Machinery and equipment Accumulated depreciation - ( 16 ) Total fixed assets Accounts payable ,457 Allowances ,228 Withholdings ,020 Deferred taxes 9.5 4,710 Total current liabilities ,415 SHAREHOLDERS EQUITY: Paid-in capital 2, ,038,737 Net loss for the year ( ) ( 483,670 ) Total shareholders equity 1, ,067 OTHER ASSETS: Intangible assets ,758 Deferred taxes ,740 Total other assets ,498 Total assets 1, ,482 Total liabilities and shareholders equity 1, ,
15 Sociedad de Servicios Transaccionales CajaVecina S.A. STATEMENTS OF INCOME BANCOESTADO CONTACTO 24 HORAS S.A. Santiago - Chile, December 31, 2007 and 2006 For the years ended December 31, 2007 and ThUS$ ThCh$ OPERATING INCOME ,483 Costs of services ( ) ( 273,790 ) Net operating margin ( ) ( 50,307 ) Administrative and selling expenses ( 1,004.9 ) ( 499,326 ) Net operating income ( 1,106.1 ) ( 549,633 ) NON-OPERATING INCOME: Financial income ,254 Price-level restatement ( ) ( 64,320 ) Non-operating income ( 66.6 ) ( 33,066 ) Loss before income taxes ( 1,172.7 ) ( 582,699 ) Income taxes ,029 Net loss for the year ( ) ( 483,670 ) INDEX Balance Sheets 102 Statements of Income Ch$ = Chilean pesos. MCh$ = Millions of Chilean pesos. US$ = United States dollars. ThUS$ = Thousands of United States dollars. MUS$ = Millions of United States dollars. UF = Unidad de Fomento (an inflation-indexed, Chilean-peso denominated monetary unit set daily in advance on the basis of the previous month s inflation rate).
16 BancoEstado Contacto 24 Horas S.A. BALANCE SHEETS ASSETS ThUS$ ThCh$ ThCh$ LIABILITIES AND SHAREHOLDERS EQUITY ThUS$ ThCh$ ThCh$ Cash and banks ,904 Marketable securities , ,556 Notes receivable 6.0 2,977 - Sundry debtors ,586 3,540 Accounts receivable from related parties 1, , ,825 Recoverable taxes ,999 Deferred taxes ,209 2,453 Total current assets 1, , ,277 FIXED ASSETS: Furniture and fixture ,030 1,564 Computer equipment ,624 4, Works in progress ,586 7,586 Accumulated depreciation ( 6.5 ) ( 3,248 ) ( 1,323 ) Total fixed assets ,992 12,640 Accounts payable ,735 64,341 Allowances ,053 14,432 Withholdings ,978 36,758 Income taxes ,328 - Total current liabilities , ,531 SHAREHOLDERS EQUITY: Paid-in capital 1, , ,783 Retained earnings ,978 6,853 Net income for the year ,763 19,163 Total shareholders equity 1, , , OTHER ASSETS: Organization en starting up expenses , Total other assets , Total assets 1, , ,330 Total liabilities and shareholders equity 1, , ,330
17 BancoEstado Contacto 24 Horas S.A. STATEMENTS OF INCOME BANCOESTADO CENTRO DE SERVICIOS S.A. Santiago - Chile, December 31, 2007 and 2006 For the years ended December 31, 2007 and 2006 ThUS$ ThCh$ ThCh$ OPERATING INCOME 4, ,411,801 2,045,622 Costs of services ( 4,102.5 ) ( 2,038,479 ) ( 1,678,308 ) Net operating margin , ,314 Administrative and selling expenses ( ) ( 219,845 ) ( 210,636 ) Net operating income , ,678 NON-OPERATING INCOME: Financial income ,116 17,962 Other non-operating income 7.4 3,698 4,380 Other non-operating expenses ( 2.2 ) ( 1,112 ) ( 8,882 ) Amortization of organization and starting up expenses ( 65.2 ) ( 32,413 ) ( 129,654 ) Price-level restatement ( ) ( 52,296 ) ( 1 7,021 ) Non-operating loss ( ) ( 64,007 ) ( 133,215 ) Income before income taxes ,470 23,463 Income taxes ( 31.6 ) ( 1 5,707 ) ( 4,300 ) Net income for the year ,763 19,163 INDEX Balance Sheets 106 Statements of Income Ch$ = Chilean pesos. MCh$ = Millions of Chilean pesos. US$ = United States dollars. ThUS$ = Thousands of United States dollars. MUS$ = Millions of United States dollars. UF = Unidad de Fomento (an inflation-indexed, Chilean-peso denominated monetary unit set daily in advance on the basis of the previous month s inflation rate).
18 BancoEstado Centro de Servicios S.A. BALANCE SHEETS ASSETS ThUS$ ThCh$ ThCh$ LIABILITIES AND SHAREHOLDERS EQUITY ThUS$ ThCh$ ThCh$ Cash and banks , ,449 Marketable securities 2, ,401,313 - Notes and accounts receivable from related parties , ,560 Recoverable taxes ,403 Prepaid expenses ,936 23,884 Deferred taxes ,981 12,379 Other current assets 4, ,320,393 1,041,325 Bank obligations , ,298 Notes and accounts payable ,987 91,000 Notes and accounts payable to related companies 4, ,454,807 1,041,325 Accruals and withholdings , ,021 Income taxes ,010 - Other current liabilities Total current liabilities 6, ,341,585 1,488, Total current assets 9, ,536,125 1,777,000 FIXED ASSETS: Furniture and fixture , ,289 Machinery and equipment 1, , ,423 Other fixed assets 3, ,794,600 1,250,285 Accumulated depreciation ( 1,701.8 ) ( 845,591 ) ( 351,778 ) Total fixed assets 3, ,893,900 1,661,219 OTHER ASSETS: Other assets , ,439 Investment in related companies LONG TERM: Bank obligations , ,774 Deferred taxes ,189 2,249 Total long term liabilities , ,023 SHAREHOLDERS EQUITY: Paid-in capital 3, ,671,901 1,671,901 Share premium ,658 42,658 Accumulated losses ( ) ( 132,784 ) ( 213,683 ) Net income for the year 2, ,244,537 80,899 Total shareholders equity, net 5, ,826,312 1,581, Total other assets , ,439 Total Assets 13, ,507,076 3,552,658 Total liabilities and shareholders equity 13, ,507,076 3,552,658
19 BancoEstado Centro de Servicios S.A. STATEMENTS OF INCOME BANCOESTADO NEW YORK BRANCH New York U.S.A. / December 31, 2007 and 2006 For the years ended December 31, 2007 and 2006 ThUS$ ThCh$ ThCh$ Revenue from services 8, ,444,243 2,144,900 Costs of services ( 3,152.5 ) ( 1,566,449 ) ( 899,588 ) Operating margin 5, ,877,794 1,245,312 Administrative and selling expenses ( 3,078.1 ) ( 1,529,457 ) ( 1,111,094 ) Operating income 2, ,348, ,218 NON-OPERATING INCOME: Financial income ,365 12,6 8 3 Non-operating income ,313 Other non-operating expenses ( 0.7 ) ( 410 ) ( 32,934 ) Price-level restatement ,238 ( 1,080 ) Non-operating income (loss) ,506 ( 21,331 ) Income before income taxes 2, ,482, ,887 Income taxes ( ) ( 238,306 ) ( 31,988 ) Net income for the year 2, ,244,537 80,899 INDEX Balance Sheets 110 Statements of Income Ch$ = Chilean pesos. MCh$ = Millions of Chilean pesos. US$ = United States dollars. ThUS$ = Thousands of United States dollars. MUS$ = Millions of United States dollars. UF = Unidad de Fomento (an inflation-indexed, Chilean-peso denominated monetary unit set daily in advance on the basis of the previous month s inflation rate).
20 BancoEstado New York Branch BALANCE SHEETS ASSETS ThUS$ ThUS$ MCh$ LIABILITIES AND SHAREHOLDER S EQUITY ThUS$ ThUS$ MCh$ CASH AND DUE FROM BANKS 55, , ,403 LIABILITIES LOANS: Commercial loans 114, , ,007 Foreign trade loans 1,311 58,700 29,167 Total loans 116, , ,174 Allowance for loan losses ( 60 ) ( ) ( ) DEPOSITS AND OTHER LIABILITIES: Current accounts 13, ,060 4,999 Sharing accounts and time deposits 598,285 1,808, ,467 Other sight and term liabilities 6,352 19,657 9,767 Other liabilities - 1 7, ,524 Total deposits and other liabilities 617,768 1,855, ,757 TOTAL LOANS, NET 115, , ,917 OTHER LOANS OPERATIONS: Interbank loans 358, ,599 93,713 TOTAL OTHER LOANS OPERATIONS 358, ,599 93,713 BORROWINGS FROM CENTRAL BANK AND OTHER FINANCIAL INSTITUTIONS: Foreign borrowings - 92,706 46,065 Total borrowings from financial institutions - 92,706 46,065 INSTRUMENTS FOR TRADING: FINANCIAL DERIVATIVE CONTRACTS 1,153 2,763 1,373 INVESTMENT INSTRUMENTS: OTHER LIABILITIES 1, Available for sale 105, , ,471 Held to maturity - 7, , Total investments 105, , ,184 DERIVATIVE CONTRACTS 810 1, OTHER ASSETS 871 1, TOTAL LIABILITIES 619,985 1,950, ,398 NET SHAREHOLDER S EQUITY: Capital and reserves 18,236 17,441 8,666 Other equity accounts ( 4,220 ) ( 2,097 ) Net loss for the year ( 795 ) ( ) ( 436 ) Total net shareholder s equity 17,576 12,344 6, FIXED ASSETS Fixed assets Total fixed assets Total assets 637,561 1,963, ,531 Total liabilities and branch capital 637,561 1,963, ,531 As of december 31, 2007 and 2006
21 BancoEstado New York Branch STATEMENTS OF INCOME For the years ended at December 31, 2007 and ThUS$ ThUS$ MCh$ OPERATING INCOME: Interest revenue 31,429 73,329 36,437 Gain from trading activities Foreign exchange gain (net) 1, Other operating income TOTAL OPERATING REVENUES 32,889 75,001 37,268 LESS: Interest expense Losses from trading activities Expenses from fees and other services ( 29,669 ) ( 70,466 ) ( 35,014 ) Foreign exchange loss (net) - ( 495 ) ( 245 ) Other operating income ( 56 ) ( 33 ) ( 16 ) GROSS OPERATING MARGIN 3,164 4,007 1,993 Personnel salaries and expenses ( 2,041 ) ( 2,414 ) ( 1,200 ) Administrative and other expenses ( 1,640 ) ( 1, ) ( 853 ) Depreciation and amortization ( ) ( ) ( 84 ) NET OPERATING MARGIN ( 665 ) ( 291 ) ( 144 ) 112 Provisions for assets at risk ( 60 ) ( 458 ) ( 228 ) TOTAL OPERATING INCOME ( 725 ) ( 749 ) ( 372 ) INCOME BEFORE INCOME TAXES ( 725 ) ( 749 ) ( 372 ) INCOME TAX PROVISIONS ( 70 ) ( ) ( 64 ) Net income for the year ( 795 ) ( 877 ) ( 436 )
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