UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of November, 2019
Commission File Number: 001-37777
GRUPO SUPERVIELLE S.A.
(Exact name of registrant as specified in its charter)
SUPERVIELLE GROUP S.A.
(Translation of registrant’s name into English)
Bartolomé Mitre 434, 5th Floor
C1036AAH Buenos Aires
Republic of Argentina
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes o No x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes o No x
Explanatory Note
All figures presented throughout this document are expressed in Argentine pesos (AR$) and all financial information has been prepared in accordance with the valuation and disclosure criteria set forth by the Argentine Central Bank, which differ in certain material aspects from IFRS as issued by the IASB.
For the Grupo Supervielle 20-F filed with the SEC on May 10, 2019 financial statements should be prepared in accordance with IFRS, as issued by the IASB, or in accordance with US GAAP or provide a reconciliation with US GAAP. As the Argentine Central Bank is in a convergence plan towards the application of IFRS for entities under its supervision, Grupo Supervielle S.A. prepared its financial statements included in its SEC annual report in accordance with IFRS, as issued by the IASB.
The abovementioned convergence plan, effective for fiscal years beginning on or after January 1, 2018, has two exceptions to the application of IFRS: (i) item 5.5 (Impairment) of IFRS 9 “Financial Instruments”, and (ii) IAS 29 “Financial Reporting in Hyperinflationary Economies”, both of which were waived until January 1, 2020, at which time entities will be required to apply the provisions of IFRS in full.
GRUPO SUPERVIELLE S.A.
Item |
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|
|
|
|
|
Unaudited Consolidated Condensed Interim Financial Statements
For the nine month period ended on
September 30, 2019, presented on comparative basis
Contents
Unaudited Consolidated Condensed Interim Financial Statements
For the nine months period ended on
September 30, 2019, presented on comparative basis
GRUPO SUPERVIELLE S.A.
Name: |
| Grupo Supervielle S.A. |
|
|
|
Financial year: |
| N° 41 started on January 1, 2019 |
|
|
|
Legal Address: |
| Bartolomé Mitre 434, piso 5 |
|
|
|
Core Business: |
| Carry out, on its own account or third parties’ or related to third parties, in the country or abroad, financing activities through cash or instrument contributions to already-existing or to-be-set-up corporations, whether controlling such corporations or not, as well as the purchase and sale of securities, shares, debentures and any kind of property values, granting of fines and/or guarantees, set up or transfer of loans as guarantee, including real, or without it not including operations set forth by the Financial Entities Law and any other requiring public bidding. |
|
|
|
Registration Number at the IGP: |
| 212,617 |
|
|
|
Date of Registration at IGP: |
| October 15, 1980 |
|
|
|
Amendment of by-laws (last): |
| April 24, 2018 (Registration in progress) |
|
|
|
Expiration date of the Company’s By-Laws: |
| October 15, 2079 |
|
|
|
Corporations Article 33 Companies general Law |
| Note 9 to Separate Condensed Interim Financial Statements |
Composition of Capital Stock as of September 30, 2019
(Note 10 as per Separate Financial Statements)
Shares |
| Capital Stock |
| ||||||||
Quantity |
| Class |
| N.V. $ |
| Votes per |
| Subscribed |
| Integrated |
|
61,738,188 |
| A: Non endorsable, common shares of a nominal value |
| 1 |
| 5 |
| 61,738 |
| 61,738 |
|
394,984,134 |
| B: Non endorsable, common shares of a nominal value |
| 1 |
| 1 |
| 394,984 |
| 394,984 |
|
456,722,322 |
|
|
|
|
|
|
| 456,722 |
| 456,722 |
|
GRUPO SUPERVIELLE S.A.
UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
As of September 30, 2019 and December 31, 2018
(Expressed in thousands of pesos)
|
| Notes and |
| 09/30/2019 |
| 12/31/2018 |
|
ASSETS |
|
|
|
|
|
|
|
Cash and due from banks |
| 1.6 and 3 |
| 18,857,365 |
| 33,687,553 |
|
Cash |
|
|
| 5,836,285 |
| 4,789,701 |
|
Financial institutions and correspondents |
|
|
| 13,012,647 |
| 28,887,453 |
|
Argentine Central Bank |
|
|
| 11,648,235 |
| 27,388,784 |
|
Other local and foreign financial institutions |
|
|
| 1,364,412 |
| 1,498,669 |
|
Others |
|
|
| 8,433 |
| 10,399 |
|
Debt Securities at fair value through profit or loss |
| 1.6, 3 and A |
| 31,554,997 |
| 15,112,115 |
|
Derivatives |
| 3 |
| 210,202 |
| 15,924 |
|
Repo transactions |
| 3 |
| 3,996,513 |
| — |
|
Other financial assets |
| 1.6 and 3 |
| 1,701,163 |
| 1,715,534 |
|
Loans and other financing |
| 3 and B |
| 84,919,410 |
| 78,791,903 |
|
To the non-financial public sector |
|
|
| 29,554 |
| 32,802 |
|
To the financial sector |
|
|
| 513,985 |
| 398,551 |
|
To the Non-Financial Private Sector and Foreign residents |
|
|
| 84,375,871 |
| 78,360,550 |
|
Other debt securities |
| 3 and A |
| 3,829,464 |
| 4,311,095 |
|
Financial assets in guarantee |
| 3 |
| 3,773,738 |
| 2,007,217 |
|
Investments in equity instruments |
| 3 and A |
| 8,751 |
| 10,404 |
|
Property, plant and equipment |
| 5 |
| 2,299,985 |
| 1,777,403 |
|
Investment properties |
| 6 |
| 580,438 |
| 412,822 |
|
Intangible assets |
| 7 |
| 2,083,337 |
| 1,961,817 |
|
Deferred income tax assets |
|
|
| 1,574,398 |
| 519,231 |
|
Other non-financial assets |
|
|
| 4,392,726 |
| 728,068 |
|
Inventories |
|
|
| 30,519 |
| 61,655 |
|
Non-current assets held for sale |
|
|
| 2,800 |
| 2,800 |
|
TOTAL ASSETS |
|
|
| 159,815,806 |
| 141,115,541 |
|
The accompanying notes and schedules are an integral part of the Unaudited Consolidated Condensed Interim Financial Statements.
GRUPO SUPERVIELLE S.A.
UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
As of September 30, 2019 and December 31, 2018
(Expressed in thousands of pesos)
|
| Notes and |
| 09/30/2019 |
| 12/31/2018 |
|
LIABILITIES |
|
|
|
|
|
|
|
Deposits |
| 3 and H |
| 102,060,282 |
| 94,906,014 |
|
Non-financial public sector |
|
|
| 7,603,191 |
| 11,105,477 |
|
Financial sector |
|
|
| 27,069 |
| 25,236 |
|
Non-financial private sector and foreign residents |
|
|
| 94,430,022 |
| 83,775,301 |
|
Liabilities at fair value through profit or loss |
| 3 |
| — |
| 268,086 |
|
Derivatives |
| 3 |
| — |
| 94,222 |
|
Repo transactions |
| 3 |
| 318,280 |
| — |
|
Other financial liabilities |
| 3 |
| 7,343,911 |
| 4,268,401 |
|
Financing received from the Argentine Central Bank and other financial institutions |
| 3 |
| 10,193,494 |
| 8,033,222 |
|
Unsubordinated negotiable Obligations |
| 3 and 13.4 |
| 10,172,072 |
| 9,307,171 |
|
Current income tax liabilities |
|
|
| 209,113 |
| 192,999 |
|
Subordinated negotiable obligations |
| 3 and 13.4 |
| 2,098,617 |
| 1,383,817 |
|
Provisions |
|
|
| 154,754 |
| 86,915 |
|
Deferred income tax liabilities |
|
|
| 17,696 |
| 172 |
|
Other non-financial liabilities |
|
|
| 7,120,439 |
| 5,404,345 |
|
TOTAL LIABILITIES |
|
|
| 139,688,658 |
| 123,945,364 |
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Capital stock |
|
|
| 456,722 |
| 456,722 |
|
Paid in capital |
|
|
| 8,997,297 |
| 8,996,882 |
|
Reserves |
|
|
| 6,800,154 |
| 5,447,192 |
|
Retained earnings |
|
|
| — |
| (911,607 | ) |
Other comprehensive income |
|
|
| 1,063,835 |
| 598,797 |
|
Net income for the period/year |
|
|
| 2,791,702 |
| 2,567,569 |
|
Shareholders’ Equity attributable to owners of the parent company |
|
|
| 20,109,710 |
| 17,155,555 |
|
Shareholders’ Equity attributable to non-controlling interests |
|
|
| 17,438 |
| 14,622 |
|
TOTAL SHAREHOLDERS’ EQUITY |
|
|
| 20,127,148 |
| 17,170,177 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
| 159,815,806 |
| 141,115,541 |
|
The accompanying notes and schedules are an integral part of the Unaudited Consolidated Condensed Interim Financial Statements.
GRUPO SUPERVIELLE S.A.
UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
For the nine and three months period ended on September 30, 2019 and 2018
(Expressed in thousands of pesos)
|
| Notes and |
| Accumulated at |
| For the three months |
| ||||
|
|
|
| 09/30/2019 |
| 09/30/2018 |
| 09/30/2019 |
| 09/30/2018 |
|
Interest income |
| 9.1 |
| 25,720,220 |
| 17,021,688 |
| 9,236,248 |
| 6,835,949 |
|
Interest expenses |
| 9.2 |
| (21,607,504 | ) | (8,582,470 | ) | (7,712,490 | ) | (4,113,071 | ) |
Net interest income |
|
|
| 4,112,716 |
| 8,439,218 |
| 1,523,758 |
| 2,722,878 |
|
Service fee income |
| 9.4 |
| 5,117,891 |
| 3,734,170 |
| 1,890,270 |
| 1,305,566 |
|
Service fee expenses |
| 9.5 |
| (1,299,911 | ) | (817,759 | ) | (541,793 | ) | (292,180 | ) |
Income from insurance activities |
| 11 |
| 679,261 |
| 477,125 |
| 258,139 |
| 183,096 |
|
Net Service Fee Income |
|
|
| 4,497,241 |
| 3,393,536 |
| 1,606,616 |
| 1,196,482 |
|
Subtotal |
|
|
| 8,609,957 |
| 11,832,754 |
| 3,130,374 |
| 3,919,360 |
|
Net income from financial instruments (NIFFI) at fair value through profit or loss |
| 9.3 |
| 13,865,325 |
| 2,884,654 |
| 4,358,729 |
| 2,737,411 |
|
Exchange rate difference on gold and foreign currency |
|
|
| (661,955 | ) | 300,945 |
| (604,371 | ) | (1,074,050 | ) |
NIFFI And Exchange Rate Differences |
|
|
| 13,203,370 |
| 3,185,599 |
| 3,754,358 |
| 1,663,361 |
|
Subtotal |
|
|
| 21,813,327 |
| 15,018,353 |
| 6,884,732 |
| 5,582,721 |
|
Other operating income |
| 9.6 |
| 1,776,816 |
| 1,312,916 |
| 722,889 |
| 566,556 |
|
Loan loss provisions |
|
|
| (5,111,125 | ) | (2,837,880 | ) | (2,007,369 | ) | (1,122,525 | ) |
Net operating income |
|
|
| 18,479,018 |
| 13,493,389 |
| 5,600,252 |
| 5,026,752 |
|
Personnel expenses |
| 9.7 |
| (7,885,961 | ) | (4,971,200 | ) | (2,692,275 | ) | (1,865,677 | ) |
Administration expenses |
| 9.8 |
| (4,372,979 | ) | (3,281,377 | ) | (1,573,131 | ) | (1,179,568 | ) |
Depreciations and impairment of non-financial assets |
| 9.9 |
| (640,412 | ) | (232,584 | ) | (231,196 | ) | (87,834 | ) |
Other operating expenses |
| 9.10 |
| (3,381,455 | ) | (2,504,195 | ) | (1,220,195 | ) | (866,109 | ) |
Operating income |
|
|
| 2,198,211 |
| 2,504,033 |
| (116,545 | ) | 1,027,564 |
|
Income before taxes from continuing operations |
|
|
| 2,198,211 |
| 2,504,033 |
| (116,545 | ) | 1,027,564 |
|
Income tax |
|
|
| (595,844 | ) | 594,171 |
| (417,842 | ) | 155,942 |
|
Net income for the period |
|
|
| 2,794,055 |
| 1,909,862 |
| 301,297 |
| 871,622 |
|
Net income for the period attributable to owners of the parent company |
|
|
| 2,791,702 |
| 1,860,737 |
| 301,045 |
| 867,388 |
|
Net income for the period attributable to non-controlling interests |
|
|
| 2,353 |
| 49,125 |
| 252 |
| 4,234 |
|
The accompanying notes and schedules are an integral part of the Unaudited Consolidated Condensed Interim Financial Statements.
GRUPO SUPERVIELLE S.A.
UNAUDITED CONSOLIDATED CONDENSED INTERIM
STATEMENT OF COMPREHENSIVE INCOME
EARNING PER SHARE
For the nine and three months period ended on September 30, 2019 and 2018
(Expressed in thousands of pesos)
|
| Accumulated at |
| For the three months |
| ||||
|
| 09/30/2019 |
| 09/30/2018 |
| 09/30/2019 |
| 09/30/2018 |
|
|
|
|
|
|
|
|
|
|
|
NUMERATOR |
|
|
|
|
|
|
|
|
|
Net income for the period attributable to owners of the parent company |
| 2,791,702 |
| 1,860,737 |
| 301,045 |
| 867,388 |
|
PLUS: Diluting events inherent to potential ordinary shares |
| — |
| — |
| — |
| — |
|
Net income attributable to owners of the parent company adjusted by dilution |
| 2,791,702 |
| 1,860,737 |
| 301,045 |
| 867,388 |
|
|
|
|
|
|
|
|
|
|
|
DENOMINATOR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average of ordinary shares |
| 456,722 |
| 456,722 |
| 456,722 |
| 456,722 |
|
PLUS: Weighted average of number of ordinary shares issued with dilution effect. |
| — |
| — |
| — |
| — |
|
Weighted average of number of ordinary shares issued of the period adjusted by dilution effect |
| 456,722 |
| 456,722 |
| 456,722 |
| 456,722 |
|
|
|
|
|
|
|
|
|
|
|
Basic Income per share |
| 6.11 |
| 4.07 |
| 0.66 |
| 1.90 |
|
Diluted Income per share |
| 6.11 |
| 4.07 |
| 0.66 |
| 1.90 |
|
The accompanying notes and schedules are an integral part of the Unaudited Consolidated Condensed Interim Financial Statements.
GRUPO SUPERVIELLE S.A.
UNAUDITED CONSOLIDATED CONDENSED INTERIM
STATEMENT OF COMPREHENSIVE INCOME
For the nine and three months period ended on September 30, 2019 and 2018
(Expressed in thousands of pesos)
|
| Accumulated at |
| For the three months |
| ||||
|
| 09/30/2019 |
| 09/30/2018 |
| 09/30/2019 |
| 09/30/2018 |
|
Net income for the period |
| 2,794,055 |
| 1,909,862 |
| 301,297 |
| 871,622 |
|
|
|
|
|
|
|
|
|
|
|
Components of Other Comprehensive Income not to be reclassified to profit or loss |
|
|
|
|
|
|
|
|
|
Revaluation surplus of property, plant and equipment |
| 593,778 |
| 282,053 |
| 548,075 |
| (352 | ) |
Income tax |
| (128,631 | ) | (70,513 | ) | (117,205 | ) | 88 |
|
Net revaluation surplus of property, plant and equipment |
| 465,147 |
| 211,540 |
| 430,870 |
| (264 | ) |
Income for the period from equity instrument at fair value through other comprehensive income |
| (125 | ) | 381 |
| (125 | ) | — |
|
Income tax |
| (38 | ) | (114 | ) | (38 | ) | — |
|
Net income from equity instrument at fair value through changes in other comprehensive income |
| (163 | ) | 267 |
| (163 | ) | — |
|
Total Other Comprehensive Income not to be reclassified to profit or loss |
| 464,984 |
| 211,807 |
| 430,707 |
| (264 | ) |
Components of Other Comprehensive Loss to be reclassified to profit or loss |
|
|
|
|
|
|
|
|
|
Loss for the period from financial instrument at fair value through other comprehensive income |
| 533 |
| 12,046 |
| 927 |
| (4,851 | ) |
Income tax |
| (84 | ) | 10,317 |
| (193 | ) | 12,257 |
|
Net income from financial instrument at fair value through changes in other comprehensive income |
| 449 |
| 22,363 |
| 734 |
| 7,406 |
|
Total Other Comprehensive Loss to be reclassified to profit or loss |
| 449 |
| 22,363 |
| 734 |
| 7,406 |
|
Total Other Comprehensive Income |
| 465,433 |
| 234,170 |
| 431,441 |
| 7,142 |
|
Other comprehensive income attributable to owners of the parent company |
| 465,038 |
| 233,936 |
| 431,046 |
| 7,136 |
|
Other comprehensive income attributable to non-controlling interests |
| 395 |
| 234 |
| 395 |
| 6 |
|
Total Comprehensive Income |
| 3,259,488 |
| 2,144,032 |
| 732,738 |
| 878,764 |
|
Total comprehensive income attributable to owners of the parent company |
| 3,256,740 |
| 2,094,673 |
| 732,091 |
| 874,524 |
|
Total comprehensive income attributable to non-controlling interests |
| 2,748 |
| 49,359 |
| 647 |
| 4,240 |
|
The accompanying notes and schedules are an integral part of the Unaudited Consolidated Condensed Interim Financial Statements.
GRUPO SUPERVIELLE S.A.
UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY
For the nine month period ended on September 30, 2019 and 2018
(Expressed in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive |
|
|
|
|
|
|
| ||
Items |
| Capital |
| Paid in |
| Legal |
| Other |
| Retained |
| Revaluation |
| Earnings or |
| Total |
| Total |
| Total |
|
Balance at December 31, 2018 |
| 456,722 |
| 8,996,882 |
| 91,344 |
| 5,355,848 |
| 1,655,962 |
| 582,380 |
| 16,417 |
| 17,155,555 |
| 14,622 |
| 17,170,177 |
|
Paid in capital in subsidiaries |
| — |
| 415 |
|
|
| — |
| — |
| — |
| — |
| 415 |
| 68 |
| 483 |
|
Distribution of retained earnings by the shareholders’ meeting on April 26, 2019: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Other reserves (Note 11) |
| — |
| — |
| — |
| 1,352,962 |
| (1,352,962 | ) | — |
| — |
| — |
| — |
| — |
|
- Dividend distribution (Note 11) |
| — |
| — |
| — |
| — |
| (303,000 | ) | — |
| — |
| (303,000 | ) | — |
| (303,000 | ) |
Net Income for the period |
| — |
| — |
| — |
| — |
| 2,791,702 |
| — |
| — |
| 2,791,702 |
| 2,353 |
| 2,794,055 |
|
Other comprehensive income for the period |
| — |
| — |
| — |
| — |
| — |
| 464,752 |
| 286 |
| 465,038 |
| 395 |
| 465,433 |
|
Balance at September 30, 2019 |
| 456,722 |
| 8,997,297 |
| 91,344 |
| 6,708,810 |
| 2,791,702 |
| 1,047,132 |
| 16,703 |
| 20,109,710 |
| 17,438 |
| 20,127,148 |
|
The accompanying notes and schedules are an integral part of the Unaudited Consolidated Condensed Interim Financial Statements.
GRUPO SUPERVIELLE S.A.
UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY
For the nine month period ended on September 30, 2019 and 2018
(Expressed in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive income |
|
|
|
|
|
|
| ||
Items |
| Capital |
| Paid in |
| Legal |
| Other |
| Retained |
| Revaluation |
| Earnings or los |
| Total |
| Total |
| Total |
|
Balance at December 31, 2017 |
| 456,722 |
| 8,997,178 |
| 72,755 |
| 3,181,084 |
| 1,525,452 |
| 131,040 |
| 5,344 |
| 14,369,575 |
| 150,593 |
| 14,520,168 |
|
Other movements |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| (164,109 | ) | (164,109 | ) |
Distribution of retained earnings by the shareholders’ meeting on April 24, 2018: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Other reserves |
| — |
| — |
| 18,589 |
| 2,174,764 |
| (2,193,353 | ) | — |
| — |
| — |
| — |
| — |
|
- Dividend distribution |
| — |
| — |
| — |
| — |
| (243,706 | ) | — |
| — |
| (243,706 | ) | — |
| (243,706 | ) |
Purchase of subsidiaries ‘shares |
| — |
| (591 | ) | — |
| — |
| — |
| — |
| — |
| (591 | ) | (110 | ) | (701 | ) |
Net Income for the year |
| — |
| — |
| — |
| — |
| 1,860,737 |
| — |
| — |
| 1,860,737 |
| 49,125 |
| 1,909,862 |
|
Other comprehensive income for the year |
| — |
| — |
| — |
| — |
| — |
| 211,328 |
| 22,608 |
| 233,936 |
| 234 |
| 234,170 |
|
Balance at September 30, 2018 |
| 456,722 |
| 8,996,587 |
| 91,344 |
| 5,355,848 |
| 949,130 |
| 342,368 |
| 27,952 |
| 16,219,951 |
| 35,733 |
| 16,255,684 |
|
The accompanying notes and schedules are an integral part of the Unaudited Consolidated Condensed Interim Financial Statements.
GRUPO SUPERVIELLE S.A.
UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS
For the nine month period ended on September 30, 2019 and 2018
(Expressed in thousands of pesos)
|
| 09/30/2019 |
| 09/30/2018 |
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Net income for the period before Income Tax |
| 2,198,211 |
| 2,504,033 |
|
|
|
|
|
|
|
Adjustments to obtain flows from operating activities: |
|
|
|
|
|
Depreciation and impairment of non-financial assets |
| 640,412 |
| 232,584 |
|
Loan loss provisions |
| 5,111,125 |
| 2,837,880 |
|
Other adjustments |
|
|
|
|
|
-Exchange rate difference on gold and foreign currency |
| 661,955 |
| (300,945 | ) |
- Interests from loans and other financing |
| (25,720,220 | ) | (17,021,688 | ) |
- Interests from deposits and financing |
| 21,607,504 |
| 8,582,470 |
|
- Net income from financial instruments at fair value through profit or loss |
| (13,865,325 | ) | (2,884,654 | ) |
- Fair value measurement of investment properties |
| (150,610 | ) | (97,402 | ) |
- Interest on liabilities for financial leases |
| 112,600 |
| — |
|
- Allowances reversed |
| (289,151 | ) | (206,028 | ) |
|
|
|
|
|
|
(Increases) / decreases from operating assets: |
|
|
|
|
|
Debt securities at fair value through profit or loss |
| 16,331,499 |
| 3,317,521 |
|
Derivatives |
| (194,278 | ) | (169,722 | ) |
Repo transactions |
| (3,996,513 | ) | 3,238,084 |
|
Loans and other financing |
|
|
|
|
|
To the non-financial public sector |
| 3,248 |
| (2,968 | ) |
To the other financial entities |
| (115,434 | ) | (84,561 | ) |
To the non-financial sector and foreign residents |
| 12,107,283 |
| (7,332,958 | ) |
Other debt securities |
| 481,631 |
| (5,488,897 | ) |
Financial assets in guarantee |
| (1,766,521 | ) | (1,365,163 | ) |
Investments in equity instruments |
| 1,653 |
| 37,541 |
|
Other assets |
| (1,490,666 | ) | (771,785 | ) |
|
|
|
|
|
|
Increases / (decreases) from operating liabilities: |
|
|
|
|
|
Deposits |
|
|
|
|
|
Non-financial public sector |
| (3,502,286 | ) | 5,819,300 |
|
Financial sector |
| 1,833 |
| 5,766 |
|
Private non-financial sector and foreign residents |
| (10,952,783 | ) | 26,369,240 |
|
Liabilities at fair value through profit or loss |
| (268,086 | ) | — |
|
Derivatives |
| (94,222 | ) | 328,076 |
|
Repo operations |
| 318,280 |
| — |
|
Other liabilities |
| 5,381,090 |
| 1,973,273 |
|
Income Tax paid |
| (554,400 | ) | (1,243,254 | ) |
|
|
|
|
|
|
Total operating activities (A) |
| 1,997,829 |
| 18,275,743 |
|
|
|
|
|
|
|
CASH FLOW FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Payments: |
|
|
|
|
|
Purchase of PPE, intangible assets and other assets |
| (481,828 | ) | (1,944,200 | ) |
Purchase of liabilities and equity instruments issued by other entities |
| — |
| (163,375 | ) |
Purchase of investments in subsidiaries |
| (183,971 | ) | (18,306 | ) |
The accompanying notes and schedules are an integral part of the Unaudited Consolidated Condensed Interim Financial Statements.
GRUPO SUPERVIELLE S.A.
UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS
For the nine month period ended on September 30, 2019 and 2018
(Expressed in thousands of pesos)
|
| 09/30/2019 |
| 09/30/2018 |
|
CASH FLOW FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Collections: |
|
|
|
|
|
Purchase of PPE, intangible assets and other assets |
| 85,004 |
| 110,849 |
|
|
|
|
|
|
|
Total investing activities (B) |
| (580,795 | ) | (2,015,032 | ) |
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Payments: |
|
|
|
|
|
Changes in investments in subsidiaries that do not result in control loss |
| 483 |
| (701 | ) |
Intereses sobre pasivos por arrendamientos financieros |
| (687,056 | ) | — |
|
Financing received from Argentine Financial Institutions |
| (67,322,335 | ) | (40,400,607 | ) |
Unsubordinated negotiable obligations |
| (3,349,950 | ) | (980,763 | ) |
Subordinated negotiable obligations |
| (26,150 | ) | — |
|
Dividends |
| (303,000 | ) | (243,706 | ) |
|
|
|
|
|
|
Collections: |
|
|
|
|
|
Financing received from Argentine Financial Institutions |
| 69,482,607 |
| 47,388,591 |
|
Unsubordinated negotiable obligations |
| 4,214,851 |
| 2,438,408 |
|
Subordinated negotiable obligations |
| — |
| 804,373 |
|
|
|
|
|
|
|
Total Financing activities (C) |
| 2,009,450 |
| 9,005,595 |
|
|
|
|
|
|
|
EFFECT OF CHANGES IN THE EXCHANGE RATE (D) |
| 669,962 |
| 300,944 |
|
|
|
|
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D) |
| 4,096,446 |
| 25,567,250 |
|
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR (NOTE 1.6) |
| 46,976,558 |
| 21,425,367 |
|
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (NOTE 1.6) |
| 51,073,004 |
| 46,992,617 |
|
(*) In the items “Loans and other financing - non-financial sector and foreign residents”, “Other Assets” and “Other liabilities” 2,775,642 and 977,730 corresponding to non-monetary transactions were eliminated.
The accompanying notes and schedules are an integral part of the Unaudited Consolidated Condensed Interim Financial Statements.
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
1. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Grupo Supervielle S.A. (hereinafter, “the Group”), is a company whose main activity is investment in other companies, Its main income comes from the distribution of dividends from these companies and the obtaining of income from other financial assets.
The unaudited consolidated condensed interim financial statements of Grupo Supervielle S.A. they have been consolidated, line by line with the financial statements of Banco Supervielle S.A., Cordial Compañía Financiera S.A., Sofital S.A. F. e I.I., Tarjeta Automática S.A., Supervielle Asset Management S.A., Espacio Cordial Servicios S.A., Supervielle Seguros S.A., InvertirOnline S.A.U., InvertirOnline,Com Argentina S.A.U., Micro Lending S.A.U. and Supervielle Broker de Seguros S.A. and Bolsillo Digital S.A.U.
The main investment of the Company is its shareholding in Banco Supervielle S.A., a financial entity included in Law No. 21.526 of Financial Institutions and subject to BCRA regulations, for which the valuation and exposure guidelines used have been adopted by said Entity (see Note 1.1) in accordance with that established in Title IV, Chapter I, Section I, Article 2 of the 2013 Orderly Text of the National Securities Commission (CNV).
These consolidated financial statements have been approved by the Board of Directors of the Company at its meeting held on November 7, 2019.
1.1. Adoption of IFRS
The Central Bank of the Argentine Republic (BCRA), through Communications “A” 5541 and amendments, established the convergence plan towards the International Financial Reporting Standards (IFRS) issued by the International Financial Reporting Standards Board (IASB, for its acronym in English) and the interpretations issued by the Committee on Interpretations of International Financial Reporting Standards (IFRIC), for the entities under its supervision, for the periods beginning on or after January 1, 2018, with the exception of the application of point 5.5 “Impairment” of IFRS 9 “Financial Instruments” and of IAS 29 “Financial Information in Hyperinflationary Economies”.
(a) Impairment of financial assets
Through Communication “A” 6430, the B.C.R.A. established that the Financial Entities should begin to apply the provisions regarding the impairment of financial assets contained in point 5.5 of IFRS 9, beginning with the years beginning on January 1, 2020.
For this purpose, IFRS 9 provides for a model of expected credit losses, by which financial assets are classified into three stages of impairment, based on changes in credit quality since their initial recognition, which dictate how an entity measures losses due to impairment, impairment and applies the effective interest method.
Should the impairment model contemplated in point 5.5 of IFRS 9 be applied, the Entity’s equity and results would differ significantly from the balances currently reported.
In accordance with Communication “A” 6114, for the recognition of credit losses in these financial statements, the Bank has applied the “Minimum allowances for uncollectibility risk” rule set forth in the Liquidity and Solvency rules (LISOL 1) of the BCRA.
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
(b) Restatement for inflation of the financial statements
IAS 29 “Financial information in hyperinflationary economies” requires that the financial statements of an entity, whose functional currency is that of a high inflation economy, be expressed in terms of the current unit of measurement as of the closing date of the financial year that is reported, regardless of whether they are based on the historical cost method or the current cost method. For this, in general terms, inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items. These requirements also include the comparative information of the financial statements.
In order to conclude on whether an economy is categorized as high inflation in the terms of IAS 29, the standard details a series of factors to be considered among which is a cumulative rate of inflation in three years that approximates or exceeds The 100%. It is for this reason that, according to IAS 29, the Argentine economy must be considered as high inflation starting on July 1, 2018.
Briefly, the restatement mechanism of IAS 29 establishes that monetary assets and liabilities will not be restated since they are already expressed in the current unit of measurement at the end of the reporting period. Assets and liabilities subject to adjustments based on specific agreements will be adjusted in accordance with such agreements. The non-monetary items measured at their current values at the end of the reporting period, such as the net realization value or others, will not be restated. The remaining non-monetary assets and liabilities will be restated by a general price index. The loss or gain from the net monetary position will be included in the net result of the reporting period, revealing this information in a separate line item.
Through Communication “A” 6651, the B.C.R.A. established that the Financial Institutions should begin to apply the provisions on restatement for inflation of the financial statements as of the years beginning on January 1, 2020. Therefore, IAS 29 has not been applied in these unaudited consolidated condensed financial statements.
The application of IAS 29 “Financial information in hyperinflationary economies” has general effects in these unaudited separate condensed financial statements affecting balances significantly, increasing the Group’s equity and its comprehensive income as of September 30, 2019 approximately to 22,252 and (1,442) millions, respectively.
1.2. Basis of preparation
These unaudited consolidated condensed interim financial statements have been prepared in accordance with the Accounting Framework established by the B.C.R.A. described in Note 1.1., and in accordance with the provisions of IAS 34 “Intermediate Financial Information”. These unaudited consolidated condensed interim financial statements do not include all the information that is required for a set of annual complete financial statements and, consequently, their reading is recommended together with the annual financial statements as of December 31, 2018.
(a) Going concern
As of the date of these unaudited consolidated condensed interim financial statements there are no uncertainties with respect to events or conditions that may raise doubts regarding the possibility that the Group continues to operate normally as a going concern.
(b) Measuring unit
The Entity’s unaudited consolidated condensed interim financial statements recognize the changes in the purchasing power of the currency until February 28, 2003, after adjusting for inflation, as of that date, as required by the Communication “ A “3921 B.C.R.A., taking considerations on Note 1.1.(b).
(c) New accounting standards, amendments and interpretations issued by the IASB that have been adopted by the Group
The Group has applied the following standard for the first time as of January 1, 2019:
IFRS 16 “Leases”: In January 2016, the IASB issued IFRS 16 “Leases”, which establishes the new lease transaction registration model. Under IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for a consideration. IFRS 16 requires the lessee to recognize the lease liability that reflects future lease payments and a right to use assets, for almost all lease agreements, with the exception of certain short-term leases and leases of asset Low value. The accounts of the lessors are maintained as indicated in IAS 17; however, it is expected that the new accounting model for lessees
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
will impact the negotiations between landlords and tenants. Through the Com, “A” 6560 the B.C.R.A. introduced changes to the chart of accounts and information regimes as a consequence of the entry into force of said IFRS as of January 1, 2019.
The impact of the adoption of IFRS 16 is detailed in Note 8 to these unaudited consolidated condensed interim financial statements.
(d) New accounting standards and amendments issued by the IASB that have not been adopted by the Group
As new IFRSs are approved, modifications or derogation from those in force and, once these changes are adopted through Circulars of Adoption of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE), the B.C.R.A., it will be issued about its approval for financial entities. In general, the early application of any IFRS will not be accepted, unless it is specifically defined at the time it is adopted.
The new published standards, modifications and interpretations are listed below, which still have not entered into force for financial years starting as of January 1, 2019, and have not been adopted in advance:
IFRS 17 “Insurance contracts”: In May 18, 2017, the IASB issued IFRS 17 “Insurance contracts” as replacement for IFRS 4. It requires a current measurement model where estimates are re-measured each reporting period. Contracts are measured using the building blocks of discounted probability-weighted cash flows, an explicit risk adjustment, and a contractual service margin representing the unearned profit of the contract which is recognized as revenue over the coverage period. This standard is effective for fiscal years beginning on or after January 1, 2021. The Group is evaluating the impact of the adoption of this new standard.
There are no other IFRS or IFRIC interpretations not yet effective and which are expected to have a significant impact on the Group.
1.3. Critical accounting policies and estimates
The accounting policies are consistent with those used in the financial statements as of December 31, 2018, except for the modification to the accounting policy for leases described in Note 1.2. (c).
The preparation of financial statements requires the Entity to make estimates and evaluations that affect the amount of the assets and liabilities recorded, and the disclosure of contingencies, as well as the income and expenses recorded in the year. In this sense, estimates are made to calculate, for example, provisions for uncollectible, useful lives of property, plant and equipment, depreciation and amortization, the recoverable value of assets, the charge for income tax, some labor positions and the contingency, labor, civil and commercial lawsuits. Actual future results may differ from the estimates and evaluations made at the date of preparation of these unaudited consolidated condensed interim financial statements.
1.4. Consolidation
The following chart provides the subsidiaries which are object to consolidation:
|
|
|
|
|
|
|
| Percentage of Participation |
| ||||||
|
|
|
|
|
|
|
| 09/30/2019 |
| 12/31/2018 |
| ||||
Company |
| Condition |
| Legal Adress |
| Principal |
| Direct |
| Direct and |
| Direct |
| Direct and |
|
Banco Supervielle S.A. |
| Controlled |
| Bartolomé Mitre 434, C.A.B.A., Argentina |
| Commercial Bank |
| 97.10 | % | 99.90 | % (1) | 97.03 | % | 99.89 | % (1) |
Cordial Compañía Financiera S.A. |
| Controlled |
| Reconquista 320, C.A.B.A., Argentina |
| Financial Company |
| 5.00 | % | 99.90 | % | 5.00 | % | 99.90 | % |
Tarjeta Automática S.A. |
| Controlled |
| Bartolomé Mitre 434, C.A.B.A., Argentina |
| Credit Card |
| 87.50 | % | 99.99 | % | 87.50 | % | 99.99 | % |
Supervielle Asset Management S.A. |
| Controlled |
| Bartolomé Mitre 434, C.A.B.A., Argentina |
| Mutual Fund |
| 95.00 | % | 100.00 | % | 95.00 | % | 100.00 | % |
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
|
|
|
|
|
|
|
| Percentage of Participation |
| ||||||
|
|
|
|
|
|
|
| 09/30/2019 |
| 12/31/2018 |
| ||||
Company |
| Condition |
| Legal Adress |
| Principal |
| Direct |
| Direct and |
| Direct |
| Direct and |
|
Sofital S.A.F. e I.I. |
| Controlled |
| Bartolomé Mitre 434. C.A.B.A., Argentina |
| Real State |
| 96.80 | % | 100.00 | % | 96.80 | % | 100.00 | % |
Espacio Cordial de Servicios S.A. |
| Controlled |
| San Martín 719/731. 1° Piso. Ciudad de Mendoza. Argentina |
| Retail Services |
| 95.00 | % | 100.00 | % | 95.00 | % | 100.00 | % |
Supervielle Seguros S.A. |
| Controlled |
| Reconquista 320. 1° Piso. C.A.B.A., Argentina |
| Insurance |
| 95.00 | % | 100.00 | % | 95.00 | % | 100.00 | % |
Micro Lending S.A.U. |
| Controlled |
| Bartolomé Mitre 434. C.A.B.A., Argentina |
| Financial Company |
| 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % |
InvertirOnline S.A.U. |
| Controlled |
| San Martin 323. 11° Piso. C.A.B.A., Argentina |
| Financial Broker |
| 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % |
InvertirOnline.Com Argentina S.A.U. |
| Controlled |
| San Martin 323. 11° Piso. C.A.B.A., Argentina |
| Representations |
| 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % |
Supervielle Broker de Seguros S.A. |
| Controlled |
| Reconquista 320. 1° Piso. C.A.B.A., Argentina |
| Insurance Broker |
| 95.00 | % | 100.00 | % | — |
| — |
|
Bolsillo Digital S.A.U. |
| Controlled |
| Bartolomé Mitre 434, C.A.B.A., Argentina |
| Computer Services |
| 100.00 | % | 100.00 | % | — |
| — |
|
(1) Grupo Supervielle S,A,’s direct and indirect interest in Banco Supervielle S,A votes amounts to 99,87% as of 09/30/19 and 12/31/2018,
(2) All the subsidiaries carry out their activities in Argentina, the local and functional currency being Argentine pesos,
1.5. Consolidated Structured Entities
Regarding the financial statements as of December 31, 2018 the following consolidated structured entities have been consolidated as of the date of these unaudited consolidated condensed interim financial statements:
|
| Financial |
|
|
| Due of |
| Securitized |
| Issued Securities |
| |||||||
Issuers |
| Trust |
| Set-up on |
| obligation |
| Amount |
| Type |
| Amount |
| Type |
| Amount |
| |
Banco Supervielle S.A. |
| Serie 97 |
| 03/27/2018 |
| 03/20/2020 |
| $ | 750,000 |
| VDF TV A |
| VN$712,500 |
| CP |
| VN$37,500 |
|
Cordial Compañía Financiera S.A. |
| 20 |
| 04/08/2019 |
| 01/15/2022 |
| $ | 600,000 |
| VDF |
| VN$480,000 |
| CP |
| VN$120,000 |
|
Cordial Compañía Financiera S.A. |
| 21 |
| 06/24/2019 |
| 06/15/2022 |
| $ | 1,000,000 |
| VDF |
| VN$220,000 |
| CP |
| VN$780,000 |
|
Micro Lending S.A.U. |
| III |
| 06/08/2011 |
| 10/12/2016 |
| $ | 39,779 |
| VDF TV A VDF B |
| VN$31,823 VN $6,364 |
| CP |
| VN$1,592 |
|
Micro Lending S.A.U. |
| IV |
| 09/01/2011 |
| 06/29/2017 |
| $ | 40,652 |
| VDF TV A VDF B |
| VN$32,522 VN $6,504 |
| CP |
| VN$1,626 |
|
Micro Lending S.A.U. |
| XV |
| 10/27/2016 |
| 01/15/2022 |
| $ | 79,342 |
| VDF TV A VDF B |
| VN $67,758 VN $8,093 |
| CP |
| VN$3,491 |
|
Micro Lending S.A.U. |
| XVII |
| 08/23/2017 |
| 07/22/2022 |
| $ | 129,952 |
| VDF TV A VDF TV B |
| VN $97,464 VN $7,940 |
| CP |
| VN$24,548 |
|
Micro Lending S.A.U. |
| XVIII |
| 12/01/2017 |
| 10/15/2022 |
| $ | 119,335 |
| VDF TV A VDF TV B |
| VN $89,501 VN $7,291 |
| CP |
| VN$22,543 |
|
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
The Group controls a structured entity when it is exposed to, or holds the right to, variable returns and has the capacity to allocate returns through its power to run the activities of the entity, Structured entities are consolidated as from the date on which the control is transferred to the Group. The consolidation of such entities is ceased on the date on which such control is terminated.
As for financial trusts, the Company has evaluated the following:
· The purpose and design of the trust
· Identification of relevant activities
· Decision-making process on these activities
· If the rights that the Group owns allow it to direct the relevant activities of the trust
· If the Group is exposed, or is entitled to the variable results from its participation in said trust
· If the Group has the capacity to affect said results through its power over the trust
In accordance with the aforementioned, the Group has decided that it holds control on such financial trusts and, therefore, such structured entities have been consolidated.
The following chart details the assets and liabilities of Structured Entities that have been consolidated by the Group as of September 30, 2019:
|
| 09/30/2019 |
|
Assets |
|
|
|
Loans |
| 1,389,857 |
|
Financial assets |
| 173,815 |
|
Other assets |
| 2,256 |
|
Total Assets |
| 1,565,928 |
|
Liabilities |
|
|
|
Financial liabilities |
| 1,014,443 |
|
Other liabilities |
| 11,696 |
|
Total Liabilities |
| 1,026,139 |
|
1.6. Cash and due from banks
Cash and due from Banks item includes available cash and available deposits in Banks.
Assets recorded in cash and due from Banks are recorded at amortized cost which is close to its fair value.
Cash equivalents are made up by highly liquid short-term securities with three-month or shorter initial maturities, with fair value rating.
Item |
| 09/30/2019 |
| 12/31/2018 |
| 09/30/2018 |
| 12/31/2017 |
|
Cash and due from banks |
| 18,857,365 |
| 33,687,553 |
| 33,822,151 |
| 11,097,803 |
|
Debt securities at fair value through profit or loss |
| 31,542,129 |
| 12,633,443 |
| 12,463,421 |
| 9,646,700 |
|
Money Market Funds |
| 673,510 |
| 655,562 |
| 707,045 |
| 680,864 |
|
Cash and cash equivalents |
| 51,073,004 |
| 46,976,558 |
| 46,992,617 |
| 21,425,367 |
|
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
Conciliations between balances of Statement of Financial Position and items considered cash and cash equivalents as specified below:
Items |
| 09/30/2019 |
| 12/31/2018 |
| 09/30/2018 |
| 12/31/2017 |
|
Cash and due from Banks |
|
|
|
|
|
|
|
|
|
As per Statement of Financial Position |
| 18,857,365 |
| 33,687,553 |
| 33,822,151 |
| 11,097,803 |
|
As per the Statement of Cash Flows |
| 18,857,365 |
| 33,687,553 |
| 33,822,151 |
| 11,097,803 |
|
Debt securities at fair value through profit or loss |
|
|
|
|
|
|
|
|
|
As per Statement of Financial Position |
| 31,554,997 |
| 15,112,115 |
| 13,800,567 |
| 11,404,286 |
|
Securities not considered as cash equivalents |
| (12,868 | ) | (2,478,672 | ) | (1,337,146 | ) | (1,757,586 | ) |
As per the Statement of Cash Flows |
| 31,542,129 |
| 12,633,443 |
| 12,463,421 |
| 9,646,700 |
|
Money Market Funds |
|
|
|
|
|
|
|
|
|
As per Statement of Financial Position — Other financial assets |
| 1,701,163 |
| 1,715,534 |
| 1,972,578 |
| 1,614,444 |
|
Other financial assets not considered as cash |
| (1,027,653 | ) | (1,059,972 | ) | (1,265,533 | ) | (933,580 | ) |
As per the Statement of Cash Flow |
| 673,510 |
| 655,562 |
| 707,045 |
| 680,864 |
|
The Group determines operating segments based on performance reports which are reviewed by the Board and key personnel of the Senior Management and updated upon changes.
The Group considers the business for the type of products and services offered, identifying the following operating segments:
a- Retail Banking — Includes a wide range of financial products and services targeted to small comoanies, included in Entrepreneours & SMSs, and high income people identified with so-called Identité proposal. Likewise, the Bank offers services and products targeted to retirees and pensioneers.
b- Corporate Banking — Includes advisory services at a corporate and financial level, as well as the administration of assets and loans targeted to big clients.
c- Treasury: This segment is in charge of the assignment of liquidity of the Entity in accordance with the different commercial areas´ needs and its own needs, Treasury implements financial risk administration policies of the Bank, administers trading desk operations, distributes financial products, such as negotianle securities and develops business with the financial sector clients and whole sale non-financial sector clients.
d- Consumer — Includes loans and other credit products targeted to middle and lowed-middle income sectors and non-financial products and services.
e- Insurance: Includes insurance products, with a focus on life insurance, to targeted customers segments.
f- Mutual Fund Administration and Other Segments — Includes MFs administered by the Group, Includes also assets, liabilities and results of Micro Lending S.A.U., Invertir Online,Com Argentina S.A.U. and InvertirOnline S.A.U.
Operating results of the different operating segments of the Group are reviewed individually with the purpose of taking decisions over the allocation of resources and the performance appraisal of each segment. The performance of such segments will be evaluated based on operating earnings and losses and is measured consistently with operating earnings and losses of the consolidated earnings and losses statement.
When a transaction is carried out, transfer prices between segments are taken in an independent and equitative manner, as in cases of transactions with third parties. Later, income, expenses and results from transfers between operating segments are removed from the consolidation.
The Entity does not present information by geographical segments because there are no operating segments in economic environments with risks and returns that are significantly different.
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
The following chart includes information by segment as of September 30, 2019 and 2018:
|
| Retail |
| Corporate |
| Treasury |
| Consumer |
| Insurance |
| Adm. MF |
| Adjustments |
| Total as of |
|
Result by segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
| 11,691,334 |
| 9,696,287 |
| 2,138,621 |
| 3,068,027 |
| — |
| 146,571 |
| (1,020,620 | ) | 25,720,220 |
|
Interest expenses |
| (5,505,094 | ) | (1,765,584 | ) | (13,397,518 | ) | (1,961,512 | ) | — |
| (121,119 | ) | 1,143,323 |
| (21,607,504 | ) |
Distribution of results by Treasury |
| 3,579,443 |
| (4,394,246 | ) | 814,803 |
| — |
| — |
| — |
| — |
| — |
|
Net interest income |
| 9,765,683 |
| 3,536,457 |
| (10,444,094 | ) | 1,106,515 |
| — |
| 25,452 |
| 122,703 |
| 4,112,716 |
|
Services Fee Income |
| 3,159,978 |
| 555,969 |
| 22,451 |
| 1,136,468 |
| — |
| 404,186 |
| (161,161 | ) | 5,117,891 |
|
Services Fee Expenses |
| (828,593 | ) | (67,421 | ) | (36,658 | ) | (388,558 | ) | — |
| (26,266 | ) | 47,585 |
| (1,299,911 | ) |
Income from insurance activities |
| — |
| — |
| — |
| — |
| 544,611 |
| — |
| 134,650 |
| 679,261 |
|
Net Service Fee Income |
| 2,331,385 |
| 488,548 |
| (14,207 | ) | 747,910 |
| 544,611 |
| 377,920 |
| 21,074 |
| 4,497,241 |
|
Subtotal |
| 12,097,068 |
| 4,025,005 |
| (10,458,301 | ) | 1,854,425 |
| 544,611 |
| 403,372 |
| 143,777 |
| 8,609,957 |
|
Net income from financial instruments at fair value through profit or loss |
| 6,720 |
| — |
| 13,375,476 |
| 188,892 |
| 184,962 |
| 6,644 |
| 102,631 |
| 13,865,325 |
|
Exchange rate difference on gold and foreign currency |
| 823,652 |
| 98,175 |
| (1,596,984 | ) | 6,225 |
| 121 |
| 18,293 |
| (11,437 | ) | (661,955 | ) |
NIFFI And Exchange Rate Differences |
| 830,372 |
| 98,175 |
| 11,778,492 |
| 195,117 |
| 185,083 |
| 24,937 |
| 91,194 |
| 13,203,370 |
|
Other operating income |
| 741,218 |
| 541,629 |
| 165,668 |
| 221,650 |
| 4,503 |
| 122,741 |
| (20,593 | ) | 1,776,816 |
|
Loan loss provisions |
| (1,738,159 | ) | (2,296,289 | ) | 1,521 |
| (1,069,918 | ) | — |
| (8,280 | ) | — |
| (5,111,125 | ) |
Net operating income |
| 11,930,499 |
| 2,368,520 |
| 1,487,380 |
| 1,201,274 |
| 734,197 |
| 542,770 |
| 214,378 |
| 18,479,018 |
|
Personnel expenses |
| (5,378,922 | ) | (1,011,443 | ) | (359,051 | ) | (745,818 | ) | (100,764 | ) | (204,910 | ) | (85,053 | ) | (7,885,961 | ) |
Administration expenses |
| (2,823,095 | ) | (393,856 | ) | (193,969 | ) | (678,122 | ) | (137,029 | ) | (155,783 | ) | 8,875 |
| (4,372,979 | ) |
Depreciations and impairment of non-financial assets |
| (455,608 | ) | (81,664 | ) | (46,578 | ) | (32,481 | ) | (5,047 | ) | (2,137 | ) | (16,897 | ) | (640,412 | ) |
Other operating expenses |
| (1,768,791 | ) | (873,490 | ) | (277,737 | ) | (390,899 | ) | (867 | ) | (63,640 | ) | (6,031 | ) | (3,381,455 | ) |
Operating income |
| 1,504,083 |
| 8,067 |
| 610,045 |
| (646,046 | ) | 490,490 |
| 116,300 |
| 115,272 |
| 2,198,211 |
|
Result from associates and joint ventures |
| — |
| — |
| — |
| 2,171 |
| — |
| — |
| (2,171 | ) | — |
|
Result before taxes from continuing operations |
| 1,504,083 |
| 8,067 |
| 610,045 |
| (643,875 | ) | 490,490 |
| 116,300 |
| 113,101 |
| 2,198,211 |
|
Income tax |
| (263,945 | ) | (69,050 | ) | (107,049 | ) | (333,056 | ) | 125,817 |
| 15,802 |
| 35,637 |
| (595,844 | ) |
Net income |
| 1,768,028 |
| 77,117 |
| 717,094 |
| (310,819 | ) | 364,673 |
| 100,498 |
| 77,464 |
| 2,794,055 |
|
Net income for the period attributable to owners of the parent company |
| 1,768,028 |
| 77,117 |
| 717,094 |
| (310,819 | ) | 364,673 |
| 100,498 |
| 75,111 |
| 2,791,702 |
|
Net income for the period attributable to non-controlling interest |
| — |
| — |
| — |
| — |
| — |
| — |
| 2,353 |
| 2,353 |
|
Other comprehensive income |
| 113,953 |
| 78,528 |
| 193,032 |
| — |
| 44,938 |
| — |
| 34,982 |
| 465,433 |
|
Other comprehensive income attributable to owners of the parent company |
| 113,953 |
| 78,528 |
| 193,032 |
| — |
| 44,938 |
| — |
| 34,587 |
| 465,038 |
|
Other comprehensive income attributable to non-controlling interest |
| — |
| — |
| — |
| — |
| — |
| — |
| 395 |
| 395 |
|
Comprehensive income for the period |
| 1,881,981 |
| 155,645 |
| 910,126 |
| (310,819 | ) | 409,611 |
| 100,498 |
| 112,446 |
| 3,259,488 |
|
Comprehensive income attributable to owners of the parent company |
| 1,881,981 |
| 155,645 |
| 910,126 |
| (310,819 | ) | 409,611 |
| 100,498 |
| 109,698 |
| 3,256,740 |
|
Comprehensive income attributable to non-controlling interests |
| — |
| — |
| — |
| — |
| — |
| — |
| 2,748 |
| 2,748 |
|
|
| Retail |
| Corporate |
| Treasury |
| Consumer |
| Insurance |
| Adm. |
| Adjustments |
| Total as of |
|
Assets by segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
| 5,285,593 |
| 487,961 |
| 11,936,152 |
| 581,254 |
| 2,938 |
| 2,946,039 |
| (2,382,572 | ) | 18,857,365 |
|
Debt securities at fair value through profit or loss |
| — |
| — |
| 31,186,483 |
| 314,416 |
| — |
| 54,098 |
| — |
| 31,554,997 |
|
Loans and other financing |
| 33,396,632 |
| 42,606,306 |
| 4,694,898 |
| 6,195,707 |
| 602,794 |
| 97,014 |
| (2,673,941 | ) | 84,919,410 |
|
Other Assets |
| 2,527,577 |
| 4,099,974 |
| 10,009,893 |
| 2,112,060 |
| 1,144,050 |
| 477,335 |
| 4,113,145 |
| 24,484,034 |
|
Total Assets |
| 41,209,802 |
| 47,194,241 |
| 57,827,426 |
| 9,203,437 |
| 1,749,782 |
| 3,574,486 |
| (943,368 | ) | 159,815,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities by segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
| 55,907,287 |
| 16,538,648 |
| 31,522,576 |
| 795,340 |
| — |
| — |
| (2,703,569 | ) | 102,060,282 |
|
Financing received from the Argentine Central Bank and others financial institutions |
| — |
| — |
| 10,132,565 |
| 2,049,622 |
| — |
| 72,727 |
| (2,061,420 | ) | 10,193,494 |
|
Unsubordinated Negotiable obligations |
| 124,330 |
| 85,679 |
| 9,411,888 |
| 547,184 |
| — |
| 19,446 |
| (16,455 | ) | 10,172,072 |
|
Other liabilities |
| 3,415,396 |
| 1,411,209 |
| 3,109,923 |
| 2,837,920 |
| 951,648 |
| 3,093,416 |
| 2,443,298 |
| 17,262,810 |
|
Total Liabilities |
| 59,447,013 |
| 18,035,536 |
| 54,176,952 |
| 6,230,066 |
| 951,648 |
| 3,185,589 |
| (2,338,146 | ) | 139,688,658 |
|
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
|
| Retail |
| Corporate |
| Treasury |
| Consumer |
| Insurance |
| Adm. MF |
| Adjustments |
| Total as of |
|
Result by segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
| 7,298,779 |
| 5,632,167 |
| 1,185,497 |
| 3,170,161 |
| 17,105 |
| 235,193 |
| (517,214 | ) | 17,021,688 |
|
Interest expenses |
| (1,942,883 | ) | (562,355 | ) | (5,359,863 | ) | (929,268 | ) | — |
| (184,556 | ) | 396,455 |
| (8,582,470 | ) |
Distribution of results by Treasury |
| 479,272 |
| (2,680,493 | ) | 2,201,221 |
| — |
| — |
| — |
| — |
| — |
|
Net interest income |
| 5,835,168 |
| 2,389,319 |
| (1,973,145 | ) | 2,240,893 |
| 17,105 |
| 50,637 |
| (120,759 | ) | 8,439,218 |
|
Services Fee Income |
| 2,214,016 |
| 337,993 |
| 15,545 |
| 916,332 |
| — |
| 269,379 |
| (19,095 | ) | 3,734,170 |
|
Services Fee Expenses |
| (466,253 | ) | (34,402 | ) | (34,613 | ) | (276,809 | ) | — |
| (11,291 | ) | 5,609 |
| (817,759 | ) |
Income from insurance activities |
| — |
| — |
| — |
| — |
| 362,566 |
| — |
| 114,559 |
| 477,125 |
|
Net Service Fee Income |
| 1,747,763 |
| 303,591 |
| (19,068 | ) | 639,523 |
| 362,566 |
| 258,088 |
| 101,073 |
| 3,393,536 |
|
Subtotal |
| 7,582,931 |
| 2,692,910 |
| (1,992,213 | ) | 2,880,416 |
| 379,671 |
| 308,725 |
| (19,686 | ) | 11,832,754 |
|
Net income from financial instruments at fair value through profit or loss |
| 21,984 |
| (3,708 | ) | 2,373,550 |
| (351,042 | ) | 82,758 |
| 49,980 |
| 711,132 |
| 2,884,654 |
|
Exchange rate difference on gold and foreign currency |
| 421,621 |
| 33,250 |
| (161,257 | ) | 4,136 |
| — |
| 23,008 |
| (19,813 | ) | 300,945 |
|
NIFFI And Exchange Rate Differences |
| 443,605 |
| 29,542 |
| 2,212,293 |
| (346,906 | ) | 82,758 |
| 72,988 |
| 691,319 |
| 3,185,599 |
|
Other operating income |
| 508,192 |
| 427,986 |
| 40,014 |
| 282,058 |
| 2,626 |
| 32,672 |
| 19,368 |
| 1,312,916 |
|
Loan loss provisions |
| (957,876 | ) | (471,536 | ) | (18,724 | ) | (1,338,377 | ) | — |
| (51,368 | ) | 1 |
| (2,837,880 | ) |
Net operating income |
| 7,576,852 |
| 2,678,902 |
| 241,370 |
| 1,477,191 |
| 465,055 |
| 363,017 |
| 691,002 |
| 13,493,389 |
|
Personnel expenses |
| (3,202,240 | ) | (565,625 | ) | (190,044 | ) | (726,494 | ) | (64,261 | ) | (93,092 | ) | (129,444 | ) | (4,971,200 | ) |
Administration expenses |
| (2,158,772 | ) | (263,363 | ) | (102,669 | ) | (560,391 | ) | (81,288 | ) | (104,255 | ) | (10,639 | ) | (3,281,377 | ) |
Depreciations and impairment of non-financial assets |
| (148,575 | ) | (44,606 | ) | (10,903 | ) | (25,269 | ) | (2,287 | ) | (563 | ) | (381 | ) | (232,584 | ) |
Other operating expenses |
| (1,444,798 | ) | (506,507 | ) | (135,011 | ) | (377,931 | ) | (126 | ) | (30,571 | ) | (9,251 | ) | (2,504,195 | ) |
Operating income |
| 622,467 |
| 1,298,801 |
| (197,257 | ) | (212,894 | ) | 317,093 |
| 134,536 |
| 541,287 |
| 2,504,033 |
|
Result from associates and joint ventures |
| — |
| — |
| — |
| (78 | ) | — |
| — |
| 78 |
| — |
|
Result before taxes from continuing operations |
| 622,467 |
| 1,298,801 |
| (197,257 | ) | (212,972 | ) | 317,093 |
| 134,536 |
| 541,365 |
| 2,504,033 |
|
Income tax |
| 148,086 |
| 264,924 |
| (57,269 | ) | (71,077 | ) | 107,340 |
| 50,593 |
| 151,574 |
| 594,171 |
|
Net income |
| 474,381 |
| 1,033,877 |
| (139,988 | ) | (141,895 | ) | 209,753 |
| 83,943 |
| 389,791 |
| 1,909,862 |
|
Net income for the period attributable to owners of the parent company |
| 426,486 |
| 1,033,877 |
| (139,988 | ) | (141,895 | ) | 209,753 |
| 83,943 |
| 388,561 |
| 1,860,737 |
|
Net income for the period attributable to non-controlling interest |
| 47,895 |
| — |
| — |
| — |
| — |
| — |
| 1,230 |
| 49,125 |
|
Other comprehensive income |
| (10,887 | ) | 96,438 |
| 92,435 |
| 195 |
| 17,814 |
| — |
| 38,175 |
| 234,170 |
|
Other comprehensive income attributable to owners of the parent company |
| (10,887 | ) | 96,438 |
| 92,435 |
| 195 |
| 17,814 |
| — |
| 37,941 |
| 233,936 |
|
Other comprehensive income attributable to non-controlling interest |
| — |
| — |
| — |
| — |
| — |
| — |
| 234 |
| 234 |
|
Comprehensive income for the period |
| 463,494 |
| 1,130,315 |
| (47,553 | ) | (141,700 | ) | 227,567 |
| 83,943 |
| 427,966 |
| 2,144,032 |
|
Comprehensive income attributable to owners of the parent company |
| 415,599 |
| 1,130,315 |
| (47,553 | ) | (141,700 | ) | 227,567 |
| 83,943 |
| 426,502 |
| 2,094,673 |
|
Comprehensive income attributable to non-controlling interests |
| 47,895 |
| — |
| — |
| — |
| — |
| — |
| 1,464 |
| 49,359 |
|
|
| Retail |
| Corporate |
| Treasury |
| Consumer |
| Insurance |
| Adm. MF |
| Adjustments |
| Total as of |
|
Assets by segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
| 4,511,593 |
| 254,566 |
| 28,849,348 |
| 79,625 |
| 4,120 |
| 645,626 |
| (522,727 | ) | 33,822,151 |
|
Debt securities at fair value through profit or loss |
| — |
| — |
| 13,553,237 |
| — |
| 192,439 |
| 74,424 |
| (19,533 | ) | 13,800,567 |
|
Loans and other financing |
| 29,649,791 |
| 43,542,111 |
| 3,989,460 |
| 7,945,496 |
| 309,816 |
| 804,834 |
| (4,004,455 | ) | 82,237,053 |
|
Other Assets |
| 1,078,550 |
| 48,216 |
| 6,828,874 |
| 1,294,511 |
| 436,606 |
| 484,134 |
| 6,092,042 |
| 16,262,933 |
|
Total Assets |
| 35,239,934 |
| 43,844,893 |
| 53,220,919 |
| 9,319,632 |
| 942,981 |
| 2,009,018 |
| 1,545,327 |
| 146,122,704 |
|
|
| Retail |
| Corporate |
| Treasury |
| Consumer |
| Insurance |
| Adm. MF |
| Adjustments |
| Total as of |
|
Liabilities by segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
| 47,257,136 |
| 10,239,836 |
| 39,859,934 |
| 367,475 |
| — |
| — |
| (538,920 | ) | 97,185,461 |
|
Financing received from the Argentine Central Bank and others financial institutions |
| 8,698 |
| 4,586,390 |
| 5,857,267 |
| 1,695,448 |
| — |
| 437,528 |
| (2,073,080 | ) | 10,512,251 |
|
Unsubordinated Negotiable obligations |
| — |
| — |
| 8,267,824 |
| 1,436,805 |
| — |
| 61,670 |
| 280,316 |
| 10,046,615 |
|
Other liabilities |
| 2,995,631 |
| 1,286,061 |
| 2,023,785 |
| 3,452,264 |
| 410,544 |
| 1,254,675 |
| 699,733 |
| 12,122,693 |
|
Total Liabilities |
| 50,261,465 |
| 16,112,287 |
| 56,008,810 |
| 6,951,992 |
| 410,544 |
| 1,753,873 |
| (1,631,951 | ) | 129,867,020 |
|
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
The Group classifies the fair values of the financial instruments into 3 levels, according to the quality of the data used for their determination.
Fair Value level 1: The fair value of financial instruments traded in active markets (such as publicly-traded derivatives, debt securities or available for sale) is based on market quoted prices as of the date of the reporting period. If the quote price is available and there is an active market for the instrument, it will be included in Level 1.
Fair Value level 2: The fair value of financial instruments which are not traded in active markets, such as over-the-counter derivatives, is determined using valuation techniques that maximize the use of observable market data and rely the least possible on the Group’s specific estimates. If all significant inputs required to fair value a financial instrument are observable, such instrument is included in level 2.
Fair Value level 3: If one or more significant inputs are not based on observable market data, the instrument is included in level 3.
The portfolio of financial instruments held by the Group is detailed below, as of September 30, 2019 and December 31, 2018:
| FV level 1 |
| FV level 2 |
| FV level 3 |
| |
Assets |
|
|
|
|
|
|
|
- Cash and due from banks |
| 8,433 |
| — |
| — |
|
- Debt securities at fair value through profit or loss |
| 1,699,270 |
| 29,855,727 |
| — |
|
- Derivatives |
| 210,202 |
| — |
| — |
|
- Other financial assets |
| 31,513 |
| — |
| — |
|
- Other debt securities |
| 46,495 |
| — |
| — |
|
- Financial assets in guarantee |
| 3,296,127 |
| — |
| — |
|
- Investments in Equity Instruments |
| 75 |
| 8,676 |
| — |
|
Total Assets |
| 5,292,115 |
| 29,864,403 |
| — |
|
Liabilities |
|
|
|
|
|
|
|
- Other financial liabilities |
| 3,993,677 |
| — |
| — |
|
Total Liabilities |
| 3,993,677 |
| — |
| — |
|
Instrument portfolio as of 12/31/2018 |
| FV level 1 |
| FV level 2 |
| FV level 3 |
|
Assets |
|
|
|
|
|
|
|
- Debt securities at fair value through profit or loss |
| 3.745.222 |
| 11.366.893 |
| — |
|
- Derivatives |
| 15.924 |
| — |
| — |
|
- Other financial assets |
| 15.069 |
| — |
| — |
|
- Other debt securities |
| 112.547 |
| — |
| — |
|
- Financial assets in guarantee |
| 1.882.600 |
| — |
| — |
|
- Investments in Equity Instruments |
| 1.603 |
| 8.801 |
| — |
|
Total Assets |
| 5.772.965 |
| 11.375.694 |
| — |
|
Liabilities |
|
|
|
|
|
|
|
- Liabilities at fair value through profit or loss |
| 268,086 |
| — |
| — |
|
- Derivatives |
| — |
| 94,222 |
| — |
|
- Other financial liabilities |
| 2,907,704 |
| — |
| — |
|
- Financiaciones recibidas del BCRA y otras instituciones financieras |
| 14,966 |
| — |
| — |
|
Total Liabilities |
| 3,190,756 |
| 94,222 |
| — |
|
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
Valuation Techniques
Valuation techniques to determine fair values include the following:
· Market or quoted prices for similar instruments.
· The estimated present value of instruments.
All fair value calculations are included in level 2. To such ends, the Entity utilizes valuation techniques through spot rate curves which calculate the yield upon market prices. They are detailed below:
· Interpolation model: It consists of the determination of the value of financial instruments that do not have a market price at the closing date, based on the quotations of assimilable species (both in terms of issue, currency, and duration) in the active market (MAE, Bolsar or secondary) through the linear interpolation of them .
· Performance Curve Model under Nelson Siegel: This model proposes a continuous function to model the trajectory of the instant forward interest rate considering as a domain the term comprised until the next interest and / or capital payment. It consists in the determination of the price of a species by means of a model of risk value at theoretical price, estimating for this the volatility through market curves. The Entity has used this model to estimate prices in negotiable obligations or adjustable species by BADLAR rate or inflation.
The Group periodically evaluates the performance of the models based on indicators which have defined tolerance thresholds.
Pursuant to IFRS, in general terms, the residual value calculated for instruments at the beginning is given by the transaction price. If the transaction price differs from certain fair value, such difference will be recognized in the Income Statement in a proportional manner during the instrument duration. As of September 30, 2019, no differences have been recorded.
Fair Value of Other Financial Instruments
The following describes methodologies and assumptions utilized to determine fair values of financial instruments that have not been recorded at fair value in these financial statements:
· Assets which fair value is similar to that of the book value: For financial liquid assets and liabilities with short term maturity (less than three months), it has been determined that the book value is similar to the fair value.
· Fixed rate financial instruments: The fair value of financial assets has been determined by discounting future fund flows at current offered market rates for each fiscal year for financial instruments of similar features.
· For quoted assets and quoted debt issued at fair value, the fair value has been determined in accordance to market prices.
· Other financial instruments: For financial liquid assets and liabilities with short term maturity, the fair value is deemed to be similar to that of the accounting value. Such assumption also applies to savings account deposits, current accounts and others.
The following chart includes a comparison between the fair value and the accounting value of financial instruments not recorded at fair value as of September 30, 2019 and December 31, 2018:
Other Financial Instruments as of 09/30/2019 |
| Accounting |
| Fair value |
| FV Level 1 |
| FV Level 2 |
| FV Level 3 |
|
Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
-Cash and due from Banks |
| 18,848,932 |
| 18,848,932 |
| 18,848,932 |
| — |
| — |
|
-Other financial assets |
| 1,669,650 |
| 1,669,650 |
| 1,669,650 |
| — |
|
|
|
-Loans and other financing |
| 84,919,410 |
| 83,996,470 |
| — |
| — |
| 83,996,470 |
|
- Repo transactions |
| 3,996,513 |
| 3,996,513 |
|
|
|
|
|
|
|
- Other Debt Securities |
| 3,782,969 |
| 3,456,056 |
| 3,456,056 |
| — |
| — |
|
-Financial assets in as guarantee |
| 477,611 |
| 477,611 |
| 477,611 |
| — |
| — |
|
|
| 113,695,085 |
| 112,445,232 |
| 24,452,249 |
| — |
| 83,996,470 |
|
Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
-Deposits |
| 102,060,282 |
| 100,082,107 |
| — |
| — |
| 100,082,107 |
|
-Other financial liabilities |
| 3,350,234 |
| 3,350,234 |
| 3,350,234 |
| — |
| — |
|
- Repo transactions |
| 318,280 |
| 318,280 |
| 318,280 |
| — |
| — |
|
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
Other Financial Instruments as of 09/30/2019 |
| Accounting |
| Fair value |
| FV Level 1 |
| FV Level 2 |
| FV Level 3 |
|
-Finances received from the BCRA and other financial institutions |
| 10,193,494 |
| 9,833,195 |
| — |
| — |
| 9,833,195 |
|
- Unsubordinated negotiable obligations |
| 10,172,072 |
| 10,172,072 |
| 10,172,072 |
| — |
| — |
|
- Subordinated Negotiable Obligations |
| 2,098,617 |
| 2,364,219 |
| 2,364,219 |
| — |
| — |
|
|
| 128,192,979 |
| 126,120,107 |
| 16,204,805 |
| — |
| 109,915,302 |
|
Other Financial Instruments as of 12/31/2018 |
| Accounting |
| Fair value |
| FV Level 1 |
| FV Level 2 |
| FV Level 3 |
|
Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
-Cash and due from Banks |
| 33,677,154 |
| 33,677,154 |
| 33,677,154 |
| — |
| — |
|
-Other financial assets |
| 1,700,465 |
| 1,700,465 |
| 1,700,465 |
| — |
| — |
|
-Loans and other financing |
| 78,791,903 |
| 90,052,089 |
|
|
| — |
| 90,052,089 |
|
- Other Debt Securities |
| 4,198,548 |
| 4,203,711 |
| 4,203,711 |
| — |
| — |
|
-Financial assets in as guarantee |
| 124,617 |
| 124,616 |
| 124,617 |
| — |
| — |
|
|
| 118,492,687 |
| 129,758,035 |
| 39,705,947 |
| — |
| 90,052,089 |
|
Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
-Deposits |
| 94,906,014 |
| 94,667,583 |
|
|
| — |
| 94,667,583 |
|
-Other financial liabilities |
| 1,360,697 |
| 1,360,697 |
| 1,360,697 |
| — |
| — |
|
-Finances received from the BCRA and other financial institutions |
| 8,018,256 |
| 6,587,763 |
| 34,489 |
| — |
| 6,553,274 |
|
- Unsubordinated negotiable obligations |
| 9,307,171 |
| 7,952,052 |
| 7,952,052 |
| — |
| — |
|
- Subordinated Negotiable Obligations |
| 1,383,817 |
| 1,371,488 |
| 1,371,488 |
| — |
| — |
|
|
| 114,975,955 |
| 111,939,583 |
| 10,718,726 |
| — |
| 101,220,857 |
|
Related parties are considered to be all those entities that directly, or indirectly through other entities, control over another, are under the same control or may exercise significant influence over the financial or operational decisions of another entity.
The Group controls another entity when it has power over the financial and operating decisions of other entities and in turn obtains benefits from it. On the other hand, the Group considers that it has joint control when there is an agreement between the parties regarding the control of a common economic activity.
Finally, those cases in which the Group has significant influence is due to the power to influence the financial and operating decisions of another entity but not being able to exercise control over them. For the determination of such situations, not only the legal aspects are observed but also the nature and substance of the relationship.
Controlling entities
Mr. Julio Patricio Supervielle is the main shareholder of the Group, Julio Patricio Supervielle´s interest in the capital and votes of the Group as of September 30, 2019 and December 31, 2018, is 35.43% and 69.40%, respectively.
Subsidiaries
The related parties and the detail of the nature of their relationship are developed in Note 1.4.
See balances and transactions with related parties in Note 8 of the unaudited consolidated condensed interim financial statements.
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
5. PROPERTY, PLANT AND EQUIPMENT
Changes in property, plant and equipment as of September 30, 2019 and December 31, 2018, are as follows:
|
|
|
|
|
|
|
|
|
|
|
| Depreciation |
| Net carrying |
| ||||||||
Item |
| At the |
| Useful |
| Revaluation |
| Additions |
| Disposals |
| At the |
| Disposals |
| Of the |
| At the |
| 09/30/2019 |
| 31/12/2018 |
|
Cost model |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land and Buildings |
| 4,985 |
| 50 |
|
|
| 15,000 |
|
|
| (1,730 | ) |
|
| (1,271 | ) | (3,001 | ) | 16,984 |
| 3,255 |
|
Furniture and facilities |
| 171,163 |
| 10 |
|
|
| 17,845 |
| (2,439 | ) | (79,171 | ) | 221 |
| (16,881 | ) | (95,831 | ) | 90,738 |
| 91,992 |
|
Machinery and equipment |
| 686,250 |
| 5 |
|
|
| 50,645 |
| (3,234 | ) | (410,420 | ) | 5,176 |
| (103,036 | ) | (508,280 | ) | 225,381 |
| 275,830 |
|
Vehicles |
| 73,561 |
| 5 |
|
|
| 15,247 |
| (12,188 | ) | (21,898 | ) | 81 |
| (10,725 | ) | (32,542 | ) | 44,078 |
| 51,663 |
|
Other miscellaneous assets |
| 15 |
| 5 |
|
|
| — |
| — |
| (15 | ) | — |
| — |
| (15 | ) | — |
| — |
|
Construction in progress |
| 251,264 |
| — |
|
|
| 74,056 |
| (59,184 | ) | — |
| — |
| — |
| — |
| 266,136 |
| 251,264 |
|
Revaluation model |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land and Buildings |
| 1,186,113 |
| 50 |
| 582,291 |
| — |
| (11,590 | ) | (82,714 | ) | — |
| (17,432 | ) | (100,146 | ) | 1,656,668 |
| 1,103,399 |
|
Total |
| 2,373,351 |
|
|
| 582,291 |
| 172,793 |
| (88,635 | ) | (595,948 | ) | 5,478 |
| (149,345 | ) | (739,815 | ) | 2,299,985 |
| 1,777,403 |
|
The movements in investment properties as of September 30, 2019 and December 31, 2018 are as follows:
|
|
|
|
|
|
|
|
|
|
|
| Depreciation |
| Net carrying |
| ||||||
Item |
| At the |
| Useful |
| Revaluation |
| Additions |
| Disposals |
| At the |
| Of the |
| At the end of |
| 09/30/2019 |
| 31/12/2018 |
|
Measurement at cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other investment properties |
| 5,995 |
| 50 |
|
|
| 19,203 |
| — |
| (473 | ) | (1,739 | ) | (2,212 | ) | 22,986 |
| 5,522 |
|
Measurement at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rented properties |
| 407,300 |
| 50 |
| 150,609 |
| — |
| (457 | ) | — |
| — |
| — |
| 557,452 |
| 407,300 |
|
Total |
| 413,295 |
|
|
| 150,609 |
| 19,203 |
| (457 | ) | (473 | ) | (1,739 | ) | (2,212 | ) | 580,438 |
| 412,822 |
|
Intangible assets of the Group as of September 30, 2019 and December 31, 2018, are as follows:
|
|
|
|
|
|
|
|
|
| Depreciation |
| Net carrying |
| ||||||||
Item |
| At the |
| Useful |
| Additions |
| Disposals |
| At the |
| Disposals |
| Of the |
| At the |
| 09/30/2019 |
| 31/12/2018 |
|
Measurement at cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
| 1,227,082 |
|
|
| 6,699 |
| — |
| (2,394 | ) | — |
| — |
| (2,394 | ) | 1,231,387 |
| 1,224,688 |
|
Brands |
| 72,348 |
|
|
| — |
|
|
| — |
| — |
| — |
| — |
| 72,348 |
| 72,348 |
|
Licenses |
| 32,084 |
| 3 |
| 22,248 |
| (316 | ) | (8,600 | ) | — |
| (8,802 | ) | (17,402 | ) | 36,614 |
| 23,483 |
|
Other intangible assets |
| 1,132,480 |
|
|
| 260,884 |
| (1,156 | ) | (491,183 | ) | 82 |
| (158,120 | ) | (649,221 | ) | 742,988 |
| 641,298 |
|
TOTAL |
| 2,463,994 |
|
|
| 289,831 |
| (1,472 | ) | (502,177 | ) | 82 |
| (166,922 | ) | (669,017 | ) | 2,083,337 |
| 1,961,817 |
|
Depreciation for the year is included in the line “Depreciations and impairment of non-financial assets” in the statement of comprehensive income.
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
The Group has adopted IFRS 16 retrospectively since January 1, 2019, without modifying the comparative information for fiscal year 2018, as permitted under the specific transition provisions set forth in the standard. The reclassifications and adjustments resulting from the application of this new standard have therefore been recognized in the balances beginning on January 1, 2019.
At the date of adoption, the Group has recognized lease liabilities in relation to operations previously classified as “operating leases” under IAS 17. These liabilities were measured at the present value of the remaining lease payments, discounted using the current funding rate, on January 1, 2019.
For transactions previously classified as “financial leases”, the Entity has recognized the right of use and the lease liability based on book value prior to the date of initial application of the standard, being the measurement principles of IFRS 16 then applied from that date.
The amount of the lease liabilities for the application of IFRS 16, is included in the line “Other financial liabilities” amounts to September 30, 2019 to $ 979,524. The interests from the lease liabilities amounts to $112,600. The right of use registered at such date by the Group as lessee is related to the following types of assets:
|
| Real State |
| Total |
|
Cost |
| 953,925 |
| 953,925 |
|
Accumulated depreciation |
| (270,257 | ) | (270,257 | ) |
Total at 09/30/2019 |
| 683,668 |
| 683,668 |
|
9. COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
9.1 Interest income
|
| Accumulated at |
| For the three months |
| ||||
|
| 09/30/2019 |
| 09/30/2018 |
| 09/30/2019 |
| 09/30/2018 |
|
Interest on overdrafts |
| 2,771,148 |
| 1,675,125 |
| 1,122,990 |
| 741,588 |
|
Interest on promissory notes |
| 3,486,160 |
| 2,274,022 |
| 1,336,087 |
| 884,721 |
|
Interest on personal loans |
| 7,729,431 |
| 6,554,710 |
| 2,672,115 |
| 2,255,955 |
|
Interest on promissory notes |
| 3,287,514 |
| 1,484,562 |
| 1,062,086 |
| 653,804 |
|
Interest on credit card loans |
| 2,891,249 |
| 1,891,771 |
| 929,635 |
| 696,193 |
|
Interest on mortgage loans |
| 2,037,927 |
| 905,772 |
| 660,074 |
| 466,770 |
|
Interest on automobile and other secured loan |
| 408,217 |
| 300,062 |
| 116,259 |
| 117,194 |
|
Interest on foreign trade loans |
| 1,074,597 |
| 631,005 |
| 391,015 |
| 274,978 |
|
Interest on financial leases |
| 706,764 |
| 517,467 |
| 220,971 |
| 203,856 |
|
Others |
| 1,327,213 |
| 787,192 |
| 725,016 |
| 540,890 |
|
|
| 25,720,220 |
| 17,021,688 |
| 9,236,248 |
| 6,835,949 |
|
9.2 Interest expenses
Interest on current accounts deposits |
| 4,000,537 |
| 2,242,401 |
| 1,203,696 |
| 1,450,189 |
|
Interest on time deposits |
| 12,072,588 |
| 3,101,164 |
| 4,720,023 |
| 1,476,172 |
|
Interest on other liabilities from financial transactions |
| 4,414,296 |
| 2,731,738 |
| 1,491,857 |
| 989,270 |
|
Interest from financing from financial sector |
| 495,456 |
| 304,522 |
| 111,061 |
| 140,910 |
|
Others |
| 624,627 |
| 202,645 |
| 185,853 |
| 56,530 |
|
|
| 21,607,504 |
| 8,582,470 |
| 7,712,490 |
| 4,113,071 |
|
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
9.3 Net income from financial instruments at fair value through profit or loss
|
| Accumulated at |
| For the three months |
| ||||
|
| 09/30/2019 |
| 09/30/2018 |
| 09/30/2019 |
| 09/30/2018 |
|
Income from corporate and government securities |
| (204,973 | ) | 1,563,181 |
| (970,817 | ) | 704,796 |
|
Income from securities issued by the Argentine Central Bank |
| 13,507,843 |
| 2,552,191 |
| 4,773,014 |
| 1,631,758 |
|
Derivatives |
| 562,455 |
| (1,230,718 | ) | 556,532 |
| 400,857 |
|
|
| 13,865,325 |
| 2,884,654 |
| 4,358,729 |
| 2,737,411 |
|
9.4 Service fee income
Commissions from deposit accounts |
| 2,074,084 |
| 1,421,043 |
| 750,286 |
| 498,781 |
|
Commissions from credit and debit cards |
| 1,614,981 |
| 1,325,857 |
| 625,729 |
| 462,235 |
|
Commissions from loans operations |
| 189,866 |
| 176,334 |
| 65,672 |
| 65,916 |
|
Commissions from foreign trade |
| 202,571 |
| 139,886 |
| 78,339 |
| 50,448 |
|
Commissions from miscellaneous operations |
| 974,094 |
| 598,565 |
| 349,886 |
| 211,958 |
|
Others |
| 62,295 |
| 72,485 |
| 20,358 |
| 16,228 |
|
|
| 5,117,891 |
| 3,734,170 |
| 1,890,270 |
| 1,305,566 |
|
9.5 Service fee expenses
Commissions paid |
| 1,268,916 |
| 800,561 |
| 543,594 |
| 285,489 |
|
Export and foreign currency operations |
| 30,995 |
| 17,198 |
| (1,801 | ) | 6,691 |
|
|
| 1,299,911 |
| 817,759 |
| 541,793 |
| 292,180 |
|
9.6 Other operating incomes
Loans recovered and allowances reversed |
| 289,151 |
| 206,028 |
| 114,626 |
| 103,519 |
|
Insurance commissions |
| 49,905 |
| 156,199 |
| 16,450 |
| 41,391 |
|
Rental from safety boxes |
| 169,141 |
| 117,702 |
| 63,498 |
| 42,020 |
|
Commissions from trust services |
| 20,151 |
| 6,868 |
| 9,497 |
| 650 |
|
Returns of risk funds |
| 112,712 |
| 131,405 |
| 13,792 |
| 78,458 |
|
Sales of property, plant and equipment |
| 161,321 |
| 114,928 |
| 151,082 |
| 14,985 |
|
Miscellaneous credit adjustments |
| 118,435 |
| 73,758 |
| 60,387 |
| 38,157 |
|
Default interests |
| 260,789 |
| 108,788 |
| 68,194 |
| 40,710 |
|
Others |
| 595,211 |
| 397,240 |
| 225,363 |
| 206,666 |
|
|
| 1,776,816 |
| 1,312,916 |
| 722,889 |
| 566,556 |
|
9.7 Personnel expenses
Payroll and social securities |
| 7,176,508 |
| 4,317,561 |
| 2,443,715 |
| 1,623,508 |
|
Others expenses |
| 709,453 |
| 653,639 |
| 248,560 |
| 242,169 |
|
|
| 7,885,961 |
| 4,971,200 |
| 2,692,275 |
| 1,865,677 |
|
9.8 Administration expenses
Directors´ and statutory auditors´fees |
| 167,317 |
| 98,949 |
| 53,439 |
| 42,126 |
|
Other fees |
| 587,650 |
| 909,762 |
| 185,657 |
| 114,468 |
|
Advertising and publicity |
| 321,959 |
| 263,453 |
| 116,172 |
| 86,229 |
|
Taxes |
| 848,573 |
| 620,817 |
| 281,729 |
| 210,650 |
|
Maintenance, security and services |
| 993,575 |
| 743,358 |
| 363,849 |
| 307,145 |
|
Rent |
| 31,499 |
| 267,591 |
| 5,596 |
| 106,850 |
|
Others |
| 1,422,406 |
| 377,447 |
| 566,689 |
| 312,100 |
|
|
| 4,372,979 |
| 3,281,377 |
| 1,573,131 |
| 1,179,568 |
|
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
9.9 Depreciation and impairment of non-financial assets
|
| Accumulated at |
| For the three months |
| ||||
|
| 09/30/2019 |
| 09/30/2018 |
| 09/30/2019 |
| 09/30/2018 |
|
Depreciation of property, plant and equipment (Note 6) |
| 149,345 |
| 122,554 |
| 51,729 |
| 42,916 |
|
Depreciation of other non-financial assets |
| 53,404 |
| 40,146 |
| 23,351 |
| 14,967 |
|
Amortization of intangible assets (Note 8) |
| 166,922 |
| 69,884 |
| 64,191 |
| 29,951 |
|
Depreciation of leases |
| 270,741 |
| — |
| 91,925 |
| — |
|
|
| 640,412 |
| 232,584 |
| 231,196 |
| 87,834 |
|
9.10 Other operating expenses
Promotions related with credit cards |
| 301,278 |
| 255,789 |
| 118,695 |
| 87,344 |
|
Turnover tax |
| 2,205,398 |
| 1,547,677 |
| 795,993 |
| 521,904 |
|
Result by initial recognition of loans |
| 116,728 |
| 272,978 |
| 28,157 |
| 95,161 |
|
Charges paid to National Social Security Administration (ANSES) |
| 123,085 |
| 102,748 |
| 46,102 |
| 46,313 |
|
Operational losses |
| 32,251 |
| 41,027 |
| 25,775 |
| 23,426 |
|
Losses on quota refund |
| 75,743 |
| 45,901 |
| 21,754 |
| 15,173 |
|
Interests for leases liabilities |
| 112,600 |
| — |
| 28,315 |
| — |
|
Coverage services |
| 11,914 |
| 33,058 |
| 5,286 |
| 9,377 |
|
Contributions made to deposit insurance fund |
| 145,674 |
| 85,126 |
| 51,485 |
| 31,349 |
|
Others |
| 256,784 |
| 119,891 |
| 98,633 |
| 36,062 |
|
|
| 3,381,455 |
| 2,504,195 |
| 1,220,195 |
| 866,109 |
|
On April 26, 2019, the Shareholders’ General Meeting approved the following distribution of retained earnings for the year ended on December 31, 2018:
* Dividends in cash: 303,000,
* Other reserve: 1,352,962
The results of the 2018 fiscal year had shown a profit of $ 2,567,569, by adoption of the International Financial Reporting Standards (IFRS) from January 1, 2018, adjustments were made to results of previous years in the amount of $ (911,607), which leaves a net result of outstanding profits of $ 1,655,962.
11. INCOME FROM INSURANCE ACTIVITIES
The composition of “Result from insurance activities” as of September 30, 2019 and 2018, is as follows:
|
| Accumulated at |
| For the three months |
| ||||
Item |
| 09/30/2019 |
| 09/30/2018 |
| 09/30/2019 |
| 09/30/2018 |
|
Accrued premiums |
| 1,222,617 |
| 904,367 |
| 561,836 |
| 393,315 |
|
Accrued losses |
| (228,105 | ) | (255,293 | ) | (172,521 | ) | (151,141 | ) |
Production expenses |
| (315,251 | ) | (171,949 | ) | (131,176 | ) | (59,078 | ) |
Total |
| 679,261 |
| 477,125 |
| 258,139 |
| 183,096 |
|
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
As of September 30, 2019 and December 31, 2018, Banco Supervielle S.A. is the depository of the Mutual Funds managed by Supervielle Asset Management S.A. In accordance with CNV General Resolution No. 622/13, below are the portfolio, net worth and number of units of the Mutual Funds mentioned earlier.
|
| Portfolio |
| Net Worth |
| Number of Units |
| ||||||
Mutual Fund |
| 09/30/2019 |
| 12/31/2018 |
| 09/30/2019 |
| 12/31/2018 |
| 09/30/2019 |
| 12/31/2018 |
|
Premier Renta CP en Pesos |
| 8,394,351 |
| 5,383,139 |
| 8,380,456 |
| 5,373,434 |
| 1,271,789,448 |
| 1,475,029,312 |
|
Premier Renta Plus en Pesos |
| 140,614 |
| 372,537 |
| 138,851 |
| 360,626 |
| 15,596,552 |
| 49,671,811 |
|
Premier Renta Fija Ahorro |
| 535,427 |
| 3,351,833 |
| 524,681 |
| 3,275,490 |
| 17,628,199 |
| 136,640,472 | �� |
Premier Renta Fija Crecimiento |
| 39,953 |
| 43,644 |
| 39,425 |
| 43,322 |
| 3,795,752 |
| 4,369,322 |
|
Premier Renta Variable |
| 123,568 |
| 159,411 |
| 120,632 |
| 146,952 |
| 7,133,977 |
| 8,130,311 |
|
Premier Abierto Pymes |
| 535,343 |
| 410,434 |
| 532,688 |
| 409,705 |
| 99,030,818 |
| 99,122,237 |
|
Premier Commodities |
| 8,272 |
| 5,793 |
| 8,208 |
| 5,155 |
| 1,925,061 |
| 1,599,150 |
|
Premier Capital |
| 121,141 |
| 180,572 |
| 120,596 |
| 180,362 |
| 37,038,346 |
| 67,052,867 |
|
Premier Inversión |
| 153,517 |
| 179,267 |
| 153,358 |
| 179,023 |
| 688,001,085 |
| 888,100,323 |
|
Premier Balanceado |
| 513,145 |
| 612,858 |
| 512,628 |
| 612,374 |
| 249,317,925 |
| 359,887,367 |
|
Premier Renta Mixta |
| 72,892 |
| 58,586 |
| 72,837 |
| 58,557 |
| 49,229,524 |
| 44,863,120 |
|
Premier Renta Mixta USD |
| 145,565 |
| 471,329 |
| 143,781 |
| 4,695,131 |
| 3,425,973 |
| 13,892,155 |
|
Premier Performance USD |
| 848,294 |
| 2,372,279 |
| 841,330 |
| 2,360,235 |
| 18,145,317 |
| 62,805,294 |
|
Premier Global USD |
| 973,012 |
| — |
| 897,070 |
| — |
| 14,446,614 |
| — |
|
13. ADDITIONAL INFORMATION REQUIRED BY BCRA
13.1. CONTRIBUTION TO THE DEPOSIT INSURANCE SYSTEM
Law No. 24.485 and Decree No. 540/95 established the creation of the Deposit Insurance System to cover the risk attached to bank deposits, in addition to the system of privileges and safeguards envisaged in the Financial Institutions Law.
The National Executive Branch through Decree No. 1127/98 dated September 24, 1998, extended this insurance system to demand deposits and time deposits of up to Ps. 30 denominated either in pesos and/or in foreign currency. In May 2016, the amount was updated to Ps. 450, through Communication “A” 5943.
By communication “A” 6654, effective from March 1, 2019, said limit reaches the sum of 1,000.
This deposit does not include deposits made by other financial institutions (including fixed-term certificates acquired through secondary trading), deposits made by persons directly or indirectly related to the entity, deposits of securities, acceptances or guarantees and , demand deposits agreed at a rate higher than that periodically established by the BCRA on the basis of the daily survey carried out by said institution (*) and deposits and forward investments that exceed 1,3 times said rate or rate of reference plus 5 percentage points, whichever was greater (*). Also excluded are deposits whose ownership has been acquired via endorsement and deposits that offer additional incentives to the interest rate. The system has been implemented through the creation of a fund called “Deposit Guarantee Fund” (F.G.D.), which is managed by the company Seguros de Depósitos S.A. (SEDESA) and whose shareholders are the BCRA and the financial entities in the proportion determined for each one of them by the contributions made to said fund.
(*) Effective as of January 20, 2019, by provision of the “A” 6435, these exclusions are as follows: Demand deposits in which interest rates are agreed above the reference rates and deposits and investments that exceed 1,3 times that rate. The reference rates are periodically disseminated by the BCRA according to the moving average of the last five banking business days of the deposit rates that for fixed-term deposits of up to 100 (or its equivalent in other currencies), arise from the survey carried out by the Central Bank.
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
As of September 30, 2019 and December 31, 2018, there are assests of Grupo Supervielle that are restricted according to the following detail:
|
| 09/30/2019 |
| 31/12/2018 |
|
Other receivables from financial transactions |
|
|
|
|
|
Special guarantee accounts in the Argentine Central Bank |
| 1,957,313 |
| 1,357,904 |
|
|
| 1,957,313 |
| 1,357,904 |
|
Miscellaneous Receivables |
|
|
|
|
|
Trust guarantee deposits |
| 4,172 |
| 3,333 |
|
Guarantee deposits for currency forward transactions |
| 878,288 |
| 282,207 |
|
Guarantee deposits for credit cards transactions |
| 287,110 |
| 244,417 |
|
Other guarantee deposits (*) |
| 80,759 |
| 113,904 |
|
Guarantee deposits for repo transactions |
| 17,710 |
| — |
|
|
| 1,268,039 |
| 643,861 |
|
13.3 COMPLIANCE OF PROVISIONS ISSUED BY THE NATIONAL SECURITIES COMMISSION
Pursuant to General Ruling N° 629 issued by the National Securities Commission, supporting documentation of our accounting and administration operations for the financial years 2012, 2013, 2014, 2015, 2016, 2017, 2018 and the elapsed until September 30, 2019, accounting books since September 2012 up to date and all corporate books are safeguarded in the registered headquarters.
Any other documentation or book, older than the date specified above for each case, is safeguarded by the firm AdeA S.A., whose warehouse is located on Ruta Provincial N°36, Km 31,500, Bosques, Partido de Florencio Varela, Buenos Aires Province.
Grupo Supervielle S.A.
As December 31, 2018, Grupo Supervielle S.A. recorded the following series of negotiable obligations pursuant to the following issuance conditions:
Class |
| Issuance date |
| Currency |
| Amount (in |
| Rate |
| Maturity |
| 09/30/2019 |
| 12/31/2018 |
|
XIII |
| 01/31/2014 |
| $ |
| 23,100 |
| BADLAR + 6,25% |
| 01/31/2019 |
| — |
| 28,023 |
|
Total |
| — |
| 28,023 |
|
Banco Supervielle S.A.
On December 21, 2018 the Board of Banco Supervielle S.A. approved the issuance of non-subordinated Negotiable Obligations class F for an amount of up to $ 3,000,000,000 (three billion pesos) within the Global Program of Negotiable Obligations. The suscription period ended on January 31, 2019.
As of September 30, 2019 and December 31, 2018, Banco Supervielle S.A. recorded the following series of negotiable obligations pursuant to the following issuance conditions:
Issuance |
| Currency |
| Nro, of |
| Amount |
| Amortization |
| Term |
| Maturity date |
| Rate |
| 09/30/2019 |
| 12/31/2018 |
|
02/09/17 |
| $ |
| A |
| 4,150,140 |
| 50% on 2-9-2020 and 50% at maturity on 8-9-2020 |
| 42 Months |
| 08/09/2020 |
| Floating Badlar of Private Banks + 4.50%, with a minimum 18% nominal annual |
| 3,805,209 |
| 4,200,603 |
|
12/22/17 |
| $ |
| B |
| 629,000 |
| 100% at mat, |
| 24 Months |
| 12/22/2019 |
| Floating TM20 + 3.25% |
| 536,101 |
| 600,155 |
|
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
Issuance |
| Currency |
| Nro, of |
| Amount |
| Amortization |
| Term |
| Maturity date |
| Rate |
| 09/30/2019 |
| 12/31/2018 |
|
12/22/17 |
| $ |
| C |
| 659,750 |
| 3 installments: 12-22-2020 33,33%, 06-22-2021 33,33%, and upon maturity 33,34%. |
| 48 Months |
| 12/22/2021 |
| Floating Badlar + 4.25% |
| 669,155 |
| 667,236 |
|
02/14/18 |
| $ |
| D |
| 748,889 |
| 100% at mat, |
| 18 Months |
| 08/14/2019 |
| Floating Badlar of Private Banks + 3.5% |
| — |
| 768,861 |
|
02/14/18 |
| $ |
| E |
| 1,607,667 |
| 3 installments: 02-14-2021 33,33%, 02-14-2022 33,33%, and upon maturity 33,34%. |
| 60 Months |
| 02/14/2023 |
| Floating Badlar of Private Banks + 4.05% |
| 1,630,341 |
| 1,687,173 |
|
02/04/19 |
| $ |
| F |
| 3,000,000 |
| 100% at mat. |
| 9 Months |
| 11/04/2019 |
| Floating Badlar of Private Banks + 4.85% |
| 2,981,091 |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
| 9,621,897 |
| 7,924,028 |
|
During the months of August and September 2019, Class B Negotiable Obligations were repurchased for a nominal value in pesos of $ 101,000.
The following is a detail of the current issues as of September 30, 2019 and December 31, 2018:
Issuance date |
| Currency |
| Nro. |
| Amount |
| Amortization |
| Term |
| Maturity |
| Rate |
| 09/30/2019 |
| 12/31/2018 |
|
08/20/2013 |
| U$S |
| III |
| 22,500 |
| 100% at mat, |
| 84 Months |
| 08/20/20 |
| 7 | % | 1,304,963 |
| 871,571 |
|
11/18/2014 |
| U$S |
| IV |
| 13,441 |
| 100% at mat, |
| 84 Months |
| 11/18/21 |
| 7 | % | 793,654 |
| 512,246 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2,098,617 |
| 1,383,817 |
|
Cordial Compañía Financiera S.A.: Program for the Issuance of Negotiable Obligations
The following is a detail of the current issues as of September 30, 2019 and December 31, 2018:
Class |
| Issuance Date |
| Maturity Date |
| FV |
| Rate |
| 09/30/2019 |
| 03/31/2018 |
|
Class XIV |
| 05/11/2017 |
| 05/11/2019 |
| 558,000 |
| Floating BADLAR + 3,50% |
| — |
| 397,590 |
|
Class XV |
| 08/24/2017 |
| 02/23/2019 |
| 413,500 |
| Floating BADLAR + 3,75% |
| — |
| 365,401 |
|
Class XVI |
| 11/22/2017 |
| 11/21/2019 |
| 535,500 |
| Variable TNA 4,25%+ TM20 |
| 530,729 |
| 541,013 |
|
Total |
| 530,729 |
| 1,304,004 |
|
As of September 30, 2019, Banco Supervielle S.A. maintained in its own portfolio Class XVI Negotiable Obligations, issued by Cordial Compañía Financiera, for an amount of 16,455.
Micro Lending S.A.U.: Program for the Issuance of Negotiable Obligations
The following is a detail of the current issues as of September 30, 2019 and December 31, 2018:
Class |
| Issuance Date |
| Maturity Date |
| F,V, |
| Rate |
| 09/30/2019 |
| 12/31/2018 |
|
Clase II |
| 08/16/2016 |
| 08/16/2019 |
| 60,000 |
| Floating BADLAR + 5.00% |
| — |
| 20,004 |
|
Clase III |
| 10/04/2017 |
| 10/05/2020 |
| 35,000 |
| Floating BADLAR + 7.00% |
| 19,446 |
| 31,112 |
|
Total |
| 19,446 |
| 51,116 |
|
The detail of the financial trusts in which Banco Supervielle S.A. acts as Trustee or as Trustee is summarized below:
As Trustee:
Below is a detail of the financial trust where the Group acts as a trustee or as a settler:
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
Banco Supervielle
Guarantee management trusts in which Banco Supervielle S.A. acts as trustee as of September 30, 2019:
Financial |
| Indenture |
| Due of |
| Original |
| Principal |
| Beneficiaries |
| Settlers |
|
Credimas |
| 01/11/2013 |
| On 06/21/2019 an extinction agreement was reached |
| — |
| — |
| Banco Supervielle S,A, |
| Credimas S.A. |
|
Asministration trust Interconnection 500 KV ET Nueva San Juan - ET Rodeo Iglesia |
| 09/12/2018 |
| The Term of this Trust Fund Contract will be in force over 24 months as from 09/12/2018, or until the expiration of liabilities through Disbursements (Termination Date”). 30 days (thirty days) after the maturity of this Trust Agreement without the parties’ having agreed upon an Extension Commission, the Trustor of the trust account shall receive USD 6,000 (six thousand US Dollars) at the exchange rate in force in Banco Supervielle as a fine.. |
| — |
| — |
| Those initially mentioned in Exhibit V (DISERVEL S.R.L., INGENIAS S.R.L, GEOTECNIA (INV. CALVENTE), NEWEN INGENIERIA S.A., INGICIAP S.A., MERCADOS ENERGETICOS, DISERVEL S.R.L.) and providers of works, goods and services included in the Project to be assigned by the Trustee with prior consent of the Trustor |
| Interconexion Electrica Rodeo S.A. |
|
On the occasion of the merger with the former Banco Regional de Cuyo S.A. carried out on November 1, 2010, the Entity took charge of the following trusts in which the former Regional Bank of Cuyo S.A. acted as trustee:
Mendoza Trust: In liquidation phase, since it has fulfilled the contract period, but is pending the completion of several acts that derive from the trustee. The liabilities recorded as of September 30, 2019, mainly originating from the exclusion of assets, amount to 21,018 and have been backed by assets in trust (loans, other miscellaneous loans, and other non-financial assets, etc.) in the amount of 647. This trust will be liquidated following the procedures established by Law 24,441.
Luján Trust: The term of the contract has expired and all documentation relating to the liquidation has been delivered and has requested the definitive withdrawal from the General Directorate of Revenue in the gross income tax and as withholding agent of stamps and gross income, which was resolved favorably by the DGR. The definitive disposal from AFIP has been requested. On July 31, 2019, such cancellation certification was received from the aforementioned agency yet.
As Settler
Publicly offered and listed financial trusts as of September 30, 2019:
Banco Supervielle (Supervielle Créditos Financial Trust)
Assets in Trust: Personal Loans
Trustee: Equity TMF Trust Company (Argentina) S.A.
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
|
|
|
|
|
| Securities issued |
| ||
Financial Trust |
| Set up on |
| Value initially |
| Participation |
| Debt securities |
|
Serie 97 (1), (2) |
| 03/27/2018 |
| 750,000 |
| — |
| 30,927 |
|
(1) Issued under the Supervielle Confiance 4 program,
(2) Personal loans originated by Banco Supervielle granted to retirees and pensioners of National Social Security Administration (ANSES),
Cordial Compañía Financiera (CCF Créditos Financial Trust)
Assets in Trust: Personal Loans
Trustee: TMF Trust Company (Argentina) S.A.
|
|
|
|
| Securities issued |
| |||
Financial Trust |
| Set up on |
| Value initially |
| Participation |
| Debt securities |
|
20 |
| 04/08/2019 |
| 600,000 |
| 120,000 |
| 480,000 |
|
21 |
| 06/24/2019 |
| 1,000,000 |
| 780,000 |
| 220,000 |
|
Micro Lending S.A.U. (Financial Trust Micro Lending S.A.U.)
The following are financial trusts where Micro Lending S.A.U acts as settler:
Financial |
|
|
| Securitized |
| Issued Securities |
| ||||||||||||||
Trust |
| Set-up on |
| Amount |
| Type |
| Amount |
| Type |
| Amount |
| Type |
| Amount |
| ||||
III |
| 06/08/2011 |
| $ | 39,779 |
| VDF TV A |
| VN$ | 31,823 |
| VDF B |
| VN $ | 6,364 |
| CP |
| VN $ | 1,592 |
|
IV |
| 09/01/2011 |
| $ | 40,652 |
| VDF TV A |
| VN$ | 32,522 |
| VDF B |
| VN $ | 6,504 |
| CP |
| VN $ | 1,626 |
|
XV |
| 10/27/2016 |
| $ | 79,342 |
| VDF TV A |
| VN$ | 67,758 |
| VDF TV B |
| VN $ | 8,093 |
| CP |
| VN $ | 3,491 |
|
XVII |
| 08/23/2017 |
| $ | 129,952 |
| VDF TV A |
| VN$ | 97,464 |
| VDF TV B |
| VN $ | 7,940 |
| CP |
| VN $ | 24,548 |
|
XVIII |
| 12/01/2017 |
| $ | 119,335 |
| VDF TV A |
| VN$ | 89,501 |
| VDF TV B |
| VN $ | 7,291 |
| CP |
| VN $ | 22,543 |
|
13.6 RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS
Pursuant to regulations set by the Argentine Central Bank, 20% of the profits for the year, net of possible prior year adjustments, where applicable, are to be allocated to the Legal Reserve.
Pursuant to the amended text on distributions of dividends, financial entities shall comply with a series of requirements, as follows: i) They shall not be subject to the provisions of Sections 34 and 35 bis of the Financial Institutions Law; ii) No liquidity assistance loans shall have been granted to them; iii) they shall be in compliance with information regimes; iv) they shall not record shortfalls in the compiled minimum capital (without computing for such purposes the effects of the individual exemptions granted by the Superintendence of Financial and Foreign Exchange Institutions) or minimum cash, v) they shall have complied with additional capital margin when applicable.
The entities not facing any of these situations may distribute dividends in accordance with provisions set forth in said amended text, provided the entity´s liquidity or solvency is not jeopardized.
It is worth to be mentioned that pursuant to Communication “A” 6464 issued by the Argentine Central Bank, until June 30, 2020, financial entities, which, for the purpose of determining the distributable result, have not applied the additional on capital margins shall rely on previous authorization issued by the SEFyC.
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
13.7 ACCOUNTS IDENTIFYING MINIMUM CASH INTEGRATION COMPLIANCE
As of September 30, 2019 and December 31, 2018, the minimum cash reserve was made up as follows:
Item |
| 09/30/2019 |
| 12/31/2018 |
|
Checking accounts in Central Bank (*) |
| 1,724,757 |
| 14,874,753 |
|
Sight accounts in Central Bank (*) |
| 9,874,763 |
| 12,889,135 |
|
Special guarantee accounts in Central Bank (*) |
| 1,812,115 |
| 1,256,084 |
|
Total |
| 13,411,635 |
| 29,019,972 |
|
(*) Balances as per bank statements.
It is worth mentioning that on those dates, the Entity was in compliance with minimum cash integration requirements.
14. CONTRACT AS A FINANCIAL AGENT BY THE PROVINCE OF SAN LUIS
On January 17, 2017, Banco Supervielle S.A. received a communication from the San Luis Public Treasury Ministry giving notice of the termination of the Financial Agent Contract that Banco Supervielle has with the Province, effective as of February 28, 2017. The communication also states that, without prejudice to the exercise of the right to terminate the contract, the Province may continue to operate with the Bank until a new financial agent is selected.
Since February 2017, the Bank has continued to provide financial services to the government of the Province of San Luis and its employees despite the termination of the agreement.
On May 23, 2018, the Municipality of San Luis designated Banco Supervielle (the “Bank”) as a financial agent for a period of 2 years, with automatic renewal for an additional 2 years, beginning with the first payment of salaries on June 29 of the current year. With this designation, the Bank became the financial agent of all the of the Province´s municipalities.
On June 7, 2018, the Province ratified the agreement signed with the Bank for a period of 12 months formalizing its role of exclusive payment agent that it has continued to exercise since more than 20 years ago. It has been renovated until December 9, 2019.
In January 2019, the government of the Province of San Luis announced the terms and conditions of the auction that the Province will carry out for the new financial agency agreement. The Bank has submitted an offer on March 15, 2019, and the date of the award is pending publication.
As of the date of these financial statements, the Bank continues to provide financial services to the provincial government of the Province of San Luis and its employees.
There have been no significant changes to the risk management policy, as mentioned in the Financial Statements as of December 31, 2018.
16. ECONOMIC CONTEXT IN WHICH THE GROUP OPERATES
The Group operates in a complex economic context, whose main variables have been strongly volatile both at a national and international level.
The following circumstances are taken into account at a national level:
· The first semester of the year recorded a 2.5% fall in GDP year-to-year.
· Accrued inflation between January 1, 2019 and September 30, 2019 amounted to 37.7%.
· The significant devaluation of the peso as from August produced and unexpected dollar deposit outflow from the financial system (thus the fall in reserves of the Argentine Central Bank) and an increase in the reference interest rate above 74%.
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Consolidated Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
In face of the aforementioned events, the government decided to implement certain measures, among which the following:
· Limits in the acquisition of foreign currency.
· Specific terms to enter and settle exports.
· Prior authorization to be issued by the Argentine Central Bank to set up external assets for companies.
· Prior authorization to be issued by the Argentine Central Bank for the payment of debts to foreign related companies related.
· Deferring of the payment of certain government debt instruments.
· Control of fuel prices.
This volatility and uncertainty context remain as of the issuance of these financial statements.
The Group’s Board is permanently controlling the evolution of variables that affect its business in virtue of the definition of its course of action and identification of potential impacts on its equity and financial situation. The Group’s financial statements must be read in virtue of these circumstances.
GRUPO SUPERVIELLE S.A.
(Expressed in thousands of pesos)
SCHEDULE A - DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS, OTHER DEBT SECURITIES, EQUITY INSTRUMENTS
As of September, 30 2019 and December, 31 2018:
|
| HOLDING |
| POSITION |
| ||||||||||
Item |
| Fair |
| Level of fair |
| Book value |
| Book value |
| Without |
| Options |
| Final |
|
DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalizable Treasury Bills $ Mat. 08/30/19 |
| — |
| 1 |
| 402,654 |
| — |
| 402,654 |
| — |
| 402,654 |
|
Treasury Bill U$S Mat. 10/11/2019 |
| — |
| 1 |
| 326,900 |
| — |
| 398,000 |
| — |
| 398,000 |
|
Treasury Bill U$S Mat. 08/30/2019 |
| — |
| 1 |
| 134,582 |
| — |
| 134,582 |
| — |
| 134,582 |
|
Treasury Bill U$S Mat. 09/13/2019 |
| — |
| 1 |
| 125,626 |
| — |
| 202,066 |
| — |
| 202,066 |
|
Capitalizable Treasury Bills $ Mat. 10/11/19 |
| — |
| 1 |
| 101,500 |
| — |
| 276,500 |
| — |
| 276,500 |
|
Treasury Bill U$S Mat. 11/15/2019 |
| — |
| 1 |
| 99,780 |
| — |
| 99,780 |
| — |
| 99,780 |
|
Treasury Bill U$S Mat. 11/29/2019 |
| — |
| 1 |
| 99,000 |
| — |
| 99,000 |
| — |
| 99,000 |
|
Treasury Bill U$S Mat. 10/25/2019 |
| — |
| 1 |
| 93,036 |
| — |
| 178,836 |
| — |
| 178,836 |
|
Letra del Tesoro capitalizable $ Mat. 19/13/19 |
| — |
| 1 |
| 59,411 |
| — |
| 132,011 |
| — |
| 132,011 |
|
Letra del Tesoro capitalizable $ Mat. 11/15/19 |
| — |
| 1 |
| 43,945 |
| — |
| 120,133 |
| — |
| 120,133 |
|
Others |
| — |
| 1 |
| 58,221 |
| 3,744,388 |
| 4,123 |
| — |
| 4,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank Bills |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity Central Bank Bills Mat.10/02/19 |
| — |
| 2 |
| 7,982,856 |
| — |
| 7,982,856 |
| — |
| 7,982,856 |
|
Liquidity Central Bank Bills Mat.10/04/19 |
| — |
| 2 |
| 6,955,200 |
| — |
| 6,955,200 |
| — |
| 6,955,200 |
|
Liquidity Central Bank Bills Mat.10/01/19 |
| — |
| 2 |
| 5,000,000 |
| — |
| 5,000,000 |
| — |
| 5,000,000 |
|
Liquidity Central Bank Bills Mat.10/03/19 |
| — |
| 2 |
| 4,978,620 |
| — |
| 4,978,620 |
| — |
| 4,978,620 |
|
Liquidity Central Bank Bills Mat.10/07/19 |
| — |
| 2 |
| 4,936,405 |
| — |
| 4,936,405 |
| — |
| 4,936,405 |
|
Liquidity Central Bank Bills Mat.01/02/19 |
| — |
| 2 |
| — |
| 5,990,274 |
| — |
| — |
| — |
|
Liquidity Central Bank Bills Mat.01/04/19 |
| — |
| 2 |
| — |
| 2,985,462 |
| — |
| — |
| — |
|
Liquidity Central Bank Bills Mat.01/08/19 |
| — |
| 2 |
| — |
| 988,764 |
| — |
| — |
| — |
|
Liquidity Central Bank Bills Mat.01/07/19 |
| — |
| 2 |
| — |
| 742,766 |
| — |
| — |
| — |
|
Liquidity Central Bank Bills Mat.01/03/19 |
| — |
| 2 |
| — |
| 598,058 |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vcp Pyme Catalinas Coop.3 Mat,04/12/20 $ CG |
| — |
| 2 |
| 2,013 |
| — |
| 2,013 |
| — |
| 2,013 |
|
On Ypf SA Reg. 2 Clase.28 8,75% Mat.04/04/2024 |
| — |
| 1 |
| 1,199 |
| 834 |
| 1,199 |
| — |
| 1,199 |
|
On Quickfood Clase 9 Mat. 11/24/22 $ C.G. |
| — |
| 2 |
| 633 |
| 1,571 |
| 633 |
| — |
| 633 |
|
Vdff Credimas 33 Clase A $ C.G. |
| — |
| 2 |
| — |
| 1,603 |
| — |
| — |
| — |
|
On Ypf S.A. Clase 41 Mat.09/24/20 $ Esc |
| — |
| 2 |
| — |
| 33,104 |
| — |
| — |
| — |
|
On Bco Galicia Bs.As. 5 S2 Mat.4/26/21 $CG |
| — |
| 2 |
| — |
| 25,291 |
| — |
| — |
| — |
|
Others |
| — |
| 2 |
| 153,416 |
|
|
|
|
|
|
|
|
|
Total debt securities at fair value through profit or loss |
|
|
|
|
| 31,554,997 |
| 15,112,115 |
| 31,904,611 |
| — |
| 31,904,611 |
|
OTHER DEBT SECURITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rated at fair value through changes in other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GRUPO SUPERVIELLE S.A.
(Expressed in thousands of pesos)
SCHEDULE A - DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS, OTHER DEBT SECURITIES, EQUITY INSTRUMENTS
|
| HOLDING |
| POSITION |
| ||||||||||
Item |
| Fair value |
| Level of fair |
| Book value |
| Book value |
| Without |
| Options |
| Final |
|
Government Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others |
| — |
| — |
| 32 |
| 32 |
| 32 |
| — |
| 32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured at amortized cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury Argentine Sovereign Bonds TF Maturity 11/21/2020 |
| 3,090,584 |
|
|
| 3,283,461 |
| 3,090,930 |
| 3,283,461 |
| — |
| 3,283,461 |
|
Treasury Bills U$S Mat. 10/11/2019 |
|
|
|
|
| 114,239 |
| — |
| — |
| — |
| — |
|
Treasury Bills U$S Mat.11/15/2019 |
|
|
|
|
| 162,549 |
| — |
| — |
| — |
| — |
|
Treasury Bills U$S 203 days Mat. 03/15/2019 |
| — |
|
|
| — |
| 1,039,760 |
| — |
| — |
| — |
|
Others |
|
|
|
|
| 250,963 |
| 164,491 |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vdff Mbt 1 Clase A |
| — |
| — |
| — |
| 1,211 |
| — |
| — |
|
|
|
On Prear S,2 Vto,02/15/19 $ Esc |
| — |
| — |
| — |
| 2,560 |
| — |
| — |
|
|
|
Others |
| — |
| — |
| 18,220 |
| 12,111 |
| — |
| — |
|
|
|
Other Corporate Securities |
|
|
|
|
| 3,829,464 |
| 4,311,095 |
| 3,283,493 |
| — |
| 3,283,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY INSTRUMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured at fair value through profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR Grupo Financiero Galicia |
| — |
| 1 |
| 75 |
| — |
| 75 |
| — |
| 75 |
|
YPF SA |
| — |
| 1 |
|
|
| 1,082 |
| 111 |
| — |
| 111 |
|
Grupo Financiero Galicia SA |
| — |
| 1 |
|
|
| 521 |
| — |
| — |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured at fair value through changes in other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others |
| — |
| — |
| 8,676 |
| 8,801 |
| 8,676 |
| — |
| 8,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity instruments |
| — |
| — |
| 8,751 |
| 10,404 |
| 8,862 |
| — |
| 8,862 |
|
Total |
| — |
| — |
| 35,393,212 |
| 19,433,614 |
| 35,196,966 |
| — |
| 35,196,966 |
|
SCHEDULE B — CLASSIFICATION OF LOANS AND OTHER FINANCING CREDIT ACCORDING TO STATUS AND COLLATERAL RECEIVED
As of September 30, 2019 and December 31, 2018 balances of loans and other financing are the following:
|
| 09/30/2019 |
| 12/31/2018 |
|
COMMERCIAL PORTFOLIO |
|
|
|
|
|
Normal situation |
| 42,846,422 |
| 39,863,548 |
|
-With “A” Preferred Collateral and Counter-guarantees |
| 2,241,830 |
| 3,102,854 |
|
-With “B” Preferred Collateral and Counter-guarantees |
| 9,529,288 |
| 7,174,967 |
|
- Without Preferred Collateral nor Counter-guarantees |
| 31,075,304 |
| 29,585,727 |
|
|
|
|
|
|
|
Subject to special monitoring |
|
|
|
|
|
- Under Observation |
| 317,761 |
| 157,615 |
|
-With “A” Preferred Collateral and Counter-guarantees |
| 64,186 |
| 5,397 |
|
-With “B” Preferred Collateral and Counter-guarantees |
| 51,902 |
| 3,785 |
|
- Without Preferred Collateral nor Counter-guarantees |
| 201,673 |
| 148,433 |
|
|
|
|
|
|
|
With problems |
| 1,863,672 |
| 31,778 |
|
-With “A” Preferred Collateral and Counter-guarantees |
| 2,146 |
| 2,387 |
|
-With “B” Preferred Collateral and Counter-guarantees |
| 125,582 |
| 10,780 |
|
- Without Preferred Collateral nor Counter-guarantees |
| 1,735,944 |
| 18,611 |
|
|
|
|
|
|
|
High risk of insolvency |
| 1,360,178 |
| 368,871 |
|
-With “A” Preferred Collateral and Counter-guarantees |
| 85,669 |
| 3,573 |
|
-With “B” Preferred Collateral and Counter-guarantees |
| 790,572 |
| 45,750 |
|
- Without Preferred Collateral nor Counter-guarantees |
| 483,937 |
| 319,548 |
|
|
|
|
|
|
|
Uncollectible |
| 49,458 |
| 24,947 |
|
-With “A” Preferred Collateral and Counter-guarantees |
| — |
| — |
|
-With “B” Preferred Collateral and Counter-guarantees |
| 13,666 |
| 29 |
|
- Without Preferred Collateral nor Counter-guarantees |
| 35,792 |
| 24,918 |
|
|
|
|
|
|
|
TOTAL COMMERCIAL PORTFOLIO |
| 46,437,491 |
| 40,446,759 |
|
SCHEDULE B — CLASSIFICATION OF LOANS AND OTHER FINANCING CREDIT ACCORDING TO STATUS AND COLLATERAL RECEIVED
|
| 09/30/2019 |
| 12/31/2018 |
|
CONSUMER AND HOUSING PORTFOLIO |
|
|
|
|
|
Normal situation |
| 40,186,973 |
| 37,159,169 |
|
-With “A” Preferred Collateral and Counter-guarantees |
| 601,930 |
| 540,320 |
|
-With “B” Preferred Collateral and Counter-guarantees |
| 6,040,711 |
| 5,363,601 |
|
- Without Preferred Collateral nor Counter-guarantees |
| 33,544,332 |
| 31,255,248 |
|
|
|
|
|
|
|
Low Risk |
| 1,592,454 |
| 1,886,217 |
|
-With “A” Preferred Collateral and Counter-guarantees |
| 42,191 |
| 26,512 |
|
-With “B” Preferred Collateral and Counter-guarantees |
| 154,335 |
| 140,302 |
|
- Without Preferred Collateral nor Counter-guarantees |
| 1,395,928 |
| 1,719,403 |
|
|
|
|
|
|
|
Medium Risk |
| 1,236,350 |
| 1,387,781 |
|
-With “A” Preferred Collateral and Counter-guarantees |
| 18,804 |
| 11,560 |
|
-With “B” Preferred Collateral and Counter-guarantees |
| 82,401 |
| 33,497 |
|
- Without Preferred Collateral nor Counter-guarantees |
| 1,135,145 |
| 1,342,724 |
|
|
|
|
|
|
|
High Risk |
| 1,609,951 |
| 1,402,702 |
|
-With “A” Preferred Collateral and Counter-guarantees |
| 22,714 |
| 3,148 |
|
-With “B” Preferred Collateral and Counter-guarantees |
| 72,671 |
| 8,971 |
|
- Without Preferred Collateral nor Counter-guarantees |
| 1,514,566 |
| 1,390,583 |
|
|
|
|
|
|
|
Uncollectible |
| 199,122 |
| 135,550 |
|
-With “A” Preferred Collateral and Counter-guarantees |
| 2,187 |
| 52 |
|
-With “B” Preferred Collateral and Counter-guarantees |
| 47,555 |
| 1,166 |
|
- Without Preferred Collateral nor Counter-guarantees |
| 149,380 |
| 134,332 |
|
|
|
|
|
|
|
Uncollectible classified as such under regulatory requirements |
| 1,830 |
| 2,351 |
|
-With “A” Preferred Collateral and Counter-guarantees |
| — |
| — |
|
-With “B” Preferred Collateral and Counter-guarantees |
| — |
| — |
|
- Without Preferred Collateral nor Counter-guarantees |
| 1,830 |
| 2,351 |
|
|
|
|
|
|
|
TOTAL CONSUMER AND HOUSING PORTFOLIO |
| 44,826,680 |
| 41,973,770 |
|
TOTAL GENERAL(1) |
| 91,264,171 |
| 82,420,529 |
|
The preceding note includes the classification of loans using the debtor classification system of the Central Bank of the Argentine Republic (DCS). The forecasts and guarantees granted are not included,
(1) Conciliation with Statement of Financial Position: |
|
|
|
|
|
Loans and other financing |
| 84,919,410 |
| 78,791,903 |
|
Other debt securities |
| 3,829,464 |
| 4,311,095 |
|
Computable items out of balance |
| 2,515,297 |
| (682,469 | ) |
plus allowances |
| 5,440,650 |
| 3,452,603 |
|
plus IFRS adjusments non computable for DCS |
| 390,884 |
| 307,406 |
|
less non deductible ítems for DCS |
| (8,325 | ) | (8,359 | ) |
less Debt securities measured at amortized cost |
| (3,307,912 | ) | (4,434,119 | ) |
Total |
| 91,264,171 |
| 82,420,529 |
|
SCHEDULE C - CONCENTRATION OF LOANS AND OTHER FINANCING
As of September 30, 2019 and December 31, 2018 the concentration of leans and other financing are the following:
|
| Loans and other financing |
| ||||||
|
| 09/30/2019 |
| 12/31/2018 |
| ||||
Number of Clients |
| Balance |
| % over total |
| Balance |
| % over total |
|
10 largest customers |
| 11,917,036 |
| 13.1 | % | 10,741,399 |
| 13.0 | % |
50 following largest customers |
| 16,905,684 |
| 18.5 | % | 12,720,768 |
| 15.4 | % |
100 following largest customers |
| 9,046,099 |
| 9.9 | % | 7,164,839 |
| 8.7 | % |
Rest of customers |
| 53,395,352 |
| 58.5 | % | 51,793,523 |
| 62.8 | % |
TOTAL |
| 91,264,171 |
| 100.0 | % | 82,420,529 |
| 100.0 | % |
SCHEDULE D - BREAKDOWN OF TOTAL LOANS AND OTHER FINANCING
As of September 30, 2019 the breakdown of leans and other financing are the following:
|
|
|
| Remaining terms for maturity |
|
|
| ||||||||||
Item |
| Past due |
| 1 month |
| 3 months |
| 6 months |
| 12 months |
| 24 months |
| Up to 24 |
| Total |
|
Non-financial Public Sector |
| — |
| 4,211 |
| 5,017 |
| 7,763 |
| 16,051 |
| 36,111 |
| 42,916 |
| 112,069 |
|
Financial Sector |
| — |
| 2,584,049 |
| 307,981 |
| 17,725 |
| 21,678 |
| 57,240 |
| — |
| 2,988,673 |
|
Non-financial private sector and residents abroad |
| 5,624,176 |
| 42,600,351 |
| 25,777,701 |
| 23,193,556 |
| 34,410,762 |
| 47,155,505 |
| 88,633,198 |
| 267,395,249 |
|
TOTAL |
| 5,624,176 |
| 45,188,611 |
| 26,090,699 |
| 23,219,044 |
| 34,448,491 |
| 47,248,856 |
| 88,676,114 |
| 270,495,991 |
|
SCHEDULE H - CONCENTRATION OF DEPOSITS
As of September 30, 2019 and December 31, 2018 the concentration of deposits are the following:
|
| Deposits |
| ||||||
|
| 09/30/2019 |
| 12/31/2018 |
| ||||
Number of customers |
| Placement |
| % over total |
| Placement |
| % over total |
|
10 largest customers |
| 24,125,656 |
| 23.6 | % | 21,904,492 |
| 23.1 | % |
50 following largest customers |
| 15,549,596 |
| 15.2 | % | 15,122,034 |
| 15.9 | % |
100 following largest customers |
| 5,873,037 |
| 5.8 | % | 5,743,157 |
| 6.1 | % |
Rest of customers |
| 56,511,993 |
| 55.4 | % | 52,136,331 |
| 54.9 | % |
TOTAL |
| 102,060,282 |
| 100.0 | % | 94,906,014 |
| 100.0 | % |
SCHEDULE I - BREAKDOWN OF FINANCIAL LIABILITIES FROM REMAINING TERMS
As of September 30, 2019:
|
| Remaining terms for maturity |
| ||||||||||||
Item |
| 1 month |
| 3 months |
| 6 months |
| 12 |
| 24 |
| Up to 24 |
| Total |
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-financial public sector |
| 7,562,578 |
| 80,190 |
| 13,780 |
| — |
| — |
| — |
| 7,656,548 |
|
Financial sector |
| 27,069 |
| — |
| — |
| — |
| — |
| — |
| 27,069 |
|
Non-financial private sector and residents abroad |
| 88,058,794 |
| 5,653,866 |
| 4,393,911 |
| 177,216 |
| 2,581 |
| — |
| 98,286,368 |
|
Liabilities at fair value through profit and loss |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Repo operations |
| 318,280 |
| — |
| — |
| — |
| — |
| — |
| 318,280 |
|
Other financial liabilities |
| 6,417,995 |
| 252,595 |
| 317,997 |
| 401,620 |
| 74,340 |
| 25,171 |
| 7,489,718 |
|
Financing received from the Argentine Central Bank and other financial institutions |
| 759,637 |
| 8,006,172 |
| 1,136,048 |
| 367,661 |
| 593,972 |
| 455,940 |
| 11,319,430 |
|
Negotiable Obligations issued |
| 3,889 |
| 5,759,699 |
| 2,930,727 |
| 3,279,760 |
| 2,391,418 |
| 2,891,730 |
| 17,257,223 |
|
Subordinated negotiable obligations |
| — |
| 27,679 |
| 46,334 |
| 1,368,271 |
| 54,907 |
| 801,320 |
| 2,298,511 |
|
TOTAL |
| 103,148,242 |
| 19,780,201 |
| 8,838,797 |
| 5,594,528 |
| 3,117,218 |
| 4,174,161 |
| 144,653,147 |
|
SCHEDULE L - ASSETS AND LIABILITIES IN FOREIGN CURRENCY
As of September 30, 2019 and December 31, 2018:
|
| Headquarters |
| As of |
| As of September 30, 2019 (per currency) |
| As of |
| ||||||
Items |
| in the country |
| 30, 2019 |
| Dollar |
| Euro |
| Real |
| Others |
| 31, 2018 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Due from Banks |
| 14,109,694 |
| 14,109,694 |
| 13,285,884 |
| 713,011 |
| 13,312 |
| 97,487 |
| 16,358,427 |
|
Debt securities at fair value through profit or loss |
| 723,061 |
| 723,061 |
| 723,061 |
| — |
| — |
| — |
| 2,792,749 |
|
Derivatives |
| — |
| — |
| — |
| — |
| — |
| — |
| 13,405 |
|
Other financial assets |
| 1,093,688 |
| 1,093,688 |
| 1,093,442 |
| 246 |
| — |
| — |
| 595,143 |
|
Loans and other financing |
| 25,501,421 |
| 25,501,421 |
| 25,494,655 |
| 6,467 |
| — |
| 299 |
| 21,130,355 |
|
Other financial entities |
| 117,146 |
| 117,146 |
| 117,146 |
| — |
| — |
| — |
| — |
|
Loans - Non-financial private sector and residents abroad |
| 25,384,275 |
| 25,384,275 |
| 25,377,509 |
| 6,467 |
| — |
| 299 |
| — |
|
Other Debt Securities |
| 32 |
| 32 |
| 32 |
| — |
| — |
| — |
| 1,039,824 |
|
Financial assets in guarantee |
| 931,696 |
| 931,696 |
| 931,696 |
| — |
| — |
| — |
| 462,536 |
|
Investments in equity instruments |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
Other non-financial assets |
| 189,632 |
| 189,632 |
| 189,632 |
| — |
| — |
| — |
| 149,192 |
|
TOTAL ASSETS |
| 42,549,224 |
| 42,549,224 |
| 41,718,402 |
| 719,724 |
| 13,312 |
| 97,786 |
| 42,541,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
| 26,589,336 |
| 26,589,336 |
| 26,043,700 |
| 545,636 |
| — |
| — |
| 31,319,494 |
|
Non-financial public sector |
| 4,151,381 |
| 4,151,381 |
| 4,151,292 |
| 89 |
| — |
| — |
| 7,899,762 |
|
Financial sector |
| 253 |
| 253 |
| 253 |
| — |
| — |
| — |
| 2,978 |
|
Non-financial private sector and foreign residents |
| 22,437,702 |
| 22,437,702 |
| 21,892,155 |
| 545,547 |
| — |
| — |
| 23,416,754 |
|
Liabilities at fair value through profit or loss |
| — |
| — |
| — |
| — |
| — |
| — |
| 152,886 |
|
Other financial liabilities |
| 4,501,863 |
| 4,501,863 |
| 4,384,166 |
| 115,098 |
| — |
| 2,599 |
| 503,747 |
|
Financing received from the Argentine Central Bank and other financial institutions |
| 9,107,562 |
| 9,107,562 |
| 9,095,179 |
| 12,383 |
| — |
| — |
| 6,789,700 |
|
Subordinated negotiable obligations |
| 2,098,617 |
| 2,098,617 |
| 2,098,617 |
| — |
| — |
| — |
| 1,383,817 |
|
Other non-financial liabilities |
| 103,781 |
| 103,781 |
| 103,750 |
| 31 |
| — |
| — |
| 514,782 |
|
TOTAL LIABILITIES |
| 42,401,159 |
| 42,401,159 |
| 41,725,412 |
| 673,148 |
| — |
| 2,599 |
| 40,664,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET POSITION |
| 148,065 |
| 148,065 |
| (7,010 | ) | 46,576 |
| 13,312 |
| 95,187 |
| 1,877,205 |
|
SCHEDULE R - LOAN LOSS RISK PROVISIONS
The balance of loan loss risk provisions as of September 30, 2019 is presented below:
Items |
| Balance at |
| Increases |
| Disabilities and |
| Balance at |
|
Other financial assets |
| 654 |
| 40,483 |
| (654 | ) | 40,483 |
|
Loans and other financing |
|
|
|
|
|
|
|
|
|
Other financial entities |
| 29,812 |
| — |
| (1,678 | ) | 28,134 |
|
Non-financial private sector and residents abroad |
|
|
|
|
|
|
|
|
|
Advances |
| 115,439 |
| 348,337 |
| (69,024 | ) | 394,752 |
|
Documents |
| 244,573 |
| 526,043 |
| (200,691 | ) | 569,924 |
|
Mortgage loans |
| 56,881 |
| 207,746 |
| — |
| 264,626 |
|
Pledge loans |
| 42,553 |
| 78,960 |
| (126,850 | ) | (5,337 | ) |
Personal loans |
| 1,167,454 |
| 1,445,552 |
| (1,550,155 | ) | 1,062,851 |
|
Credit cards |
| 518,760 |
| 586,041 |
| (491,002 | ) | 613,799 |
|
Financial lease |
| 47,317 |
| 60,676 |
| (26,968 | ) | 81,025 |
|
Others |
| 1,129,267 |
| 1,812,071 |
| (556,674 | ) | 2,384,666 |
|
Corporate securities (1) |
| 74 |
| 5,216 |
| — |
| 5,290 |
|
Contingent commitments (2) |
| 1,196 |
| — |
| (759 | ) | 437 |
|
TOTAL |
| 3,353,980 |
| 5,111,125 |
| (3,024,455 | ) | 5,440,650 |
|
The line “Loan loss provisions” as per Income Statement, includes 601,490 in terms of direct result charges.
(1) Provisions for Corporate Securities do not apply to Loan loss provisions. Its counterparty is recorded in Interest Income.
(2) Provisions for Contingent Commitments do not apply to Loan loss provisions. Its counterparty is recorded in Other Operating Expenses.
Unaudited Separate Condensed Interim Financial Statements
For the nine month period ended on
September 30, 2019, presented on comparative basis
GRUPO SUPERVIELLE S.A.
UNAUDITED SEPARATE CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
As of September 30, 2019 and December 31, 2018
(Expressed in thousands of pesos)
|
| Notas y |
| 09/30/2019 |
| 12/31/2018 |
|
ASSETS |
|
|
|
|
|
|
|
Cash and due from banks |
| 2 and 10 |
| 8,404 |
| 3,150 |
|
Cash |
|
|
| 6 |
| 3 |
|
Financial institutions and correspondents |
|
|
|
|
|
|
|
Other local and foreign financial institutions |
|
|
| 8,398 |
| 3,147 |
|
Other financial assets |
| 2 and 10 |
| 549,676 |
| 188,739 |
|
Other debt securities |
| 10 and A |
| 46,463 |
| 889,491 |
|
Investment in subsidiaries, associates and joint ventures |
| 5 |
| 18,097,052 |
| 14,935,666 |
|
Property, plant and equipment |
| 3 |
| 1,500 |
| 1,792 |
|
Intangible Assets |
| 4 |
| 1,522,960 |
| 1,532,867 |
|
Tax Receivables |
|
|
| — |
| 1,424 |
|
Other Non-financial assets |
|
|
| 142,955 |
| 128,442 |
|
TOTAL ASSETS |
|
|
| 20,369,010 |
| 17,681,571 |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
Issued Negotiable Obligations |
|
|
| — |
| 28,023 |
|
Tax payable |
|
|
| 3,403 |
| 130,656 |
|
Deferred income tax liabilities |
|
|
| 13,628 |
| — |
|
Other Non-Financial Liabilities |
|
|
| 242,269 |
| 367,337 |
|
TOTAL LIABILITIES |
|
|
| 259,300 |
| 526,016 |
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Capital Stock |
|
|
| 456,722 |
| 456,722 |
|
Paid in capital |
|
|
| 8,997,297 |
| 8,996,882 |
|
Earnings Reserved |
|
|
| 6,800,154 |
| 5,447,192 |
|
Retained earnings |
|
|
| — |
| (911,607 | ) |
Other comprehensive income |
|
|
| 1,063,835 |
| 598,797 |
|
Net Income for the period |
|
|
| 2,791,702 |
| 2,567,569 |
|
TOTAL SHAREHOLDERS’ EQUITY |
|
|
| 20,109,710 |
| 17,155,555 |
|
TOTAL NET LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
| 20,369,010 |
| 17,681,571 |
|
The accompanying notes and schedules are an integral part of the Unaudited Separate Condensed Interim Financial Statements.
GRUPO SUPERVIELLE S.A.
UNAUDITED SEPARATE CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
For the nine and three month period ended on September 30, 2019 and 2018
(Expressed in thousands of pesos)
|
|
|
| Accumulated at |
| For the three months |
| ||||
|
| Notes |
| 09/30/2019 |
| 09/30/2018 |
| 09/30/2019 |
| 09/30/2018 |
|
Interest income |
| 6.1 |
| 41,393 |
| 51,497 |
| 4 |
| 51,432 |
|
Interest expenses |
| 6.2 |
| (1,016 | ) | (6,516 | ) | — |
| (2,592 | ) |
Net interest income |
|
|
| 40,377 |
| 44,981 |
| 4 |
| 48,840 |
|
Net income from financial instruments at fair value through profit or loss |
| 6.3 |
| 183,008 |
| 581,824 |
| 47,497 |
| 130,669 |
|
Exchange rate difference on gold and foreign currency |
|
|
| (2,054 | ) | 25,333 |
| 2,104 |
| (6,328 | ) |
NIFFI And Exchange Rate Differences |
|
|
| 180,954 |
| 607,157 |
| 49,601 |
| 124,341 |
|
Subtotal |
|
|
| 221,331 |
| 652,138 |
| 49,605 |
| 173,181 |
|
Other operating income |
| 6.4 |
| 109,254 |
| 145,409 |
| 51,576 |
| 69,259 |
|
Net operating income |
|
|
| 330,585 |
| 797,547 |
| 101,181 |
| 242,440 |
|
Personnel expenses |
| 6.5 |
| (85,052 | ) | (129,452 | ) | (22,427 | ) | (54,503 | ) |
Administration expenses |
| 6.6 |
| (88,551 | ) | (83,194 | ) | (33,027 | ) | (27,875 | ) |
Depreciation and impairment of non-financial assets |
|
|
| (16,898 | ) | (63 | ) | (5,633 | ) | (21 | ) |
Other operating expenses |
| 6.7 |
| (14,159 | ) | (9,146 | ) | (5,594 | ) | (2,693 | ) |
Operating income |
|
|
| 125,925 |
| 575,692 |
| 34,500 |
| 157,348 |
|
Profit of subsidiaries and associates |
| 6.8 |
| 2,700,524 |
| 1,436,287 |
| 303,097 |
| 769,978 |
|
Income before taxes |
|
|
| 2,826,449 |
| 2,011,979 |
| 337,597 |
| 927,326 |
|
Income tax |
|
|
| (34,747 | ) | (151,242 | ) | (36,552 | ) | (59,938 | ) |
Net income of the period |
|
|
| 2,791,702 |
| 1,860,737 |
| 301,045 |
| 867,388 |
|
The accompanying notes and schedules are an integral part of the Unaudited Separate Condensed Interim Financial Statements.
GRUPO SUPERVIELLE S.A.
UNAUDITED SEPARATE CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
EARNING PER SHARE
For the nine and three months period ended on September 30, 2019 and 2018
(Expressed in thousands of pesos)
|
| Accumulated at |
| For the three months |
| ||||
|
| 09/30/2019 |
| 09/30/2018 |
| 09/30/2019 |
| 09/30/2018 |
|
NUMERATOR |
|
|
|
|
|
|
|
|
|
Net income for the period attributable to owners of the parent company |
| 2,791,702 |
| 1,860,737 |
| 301,045 |
| 867,388 |
|
PLUS: Diluting events inherent to potential ordinary shares |
| — |
| — |
| — |
| — |
|
Net income attributable to owners of the parent company adjusted by dilution |
| 2,791,702 |
| 1,860,737 |
| 301,045 |
| 867,388 |
|
|
|
|
|
|
|
|
|
|
|
DENOMINATOR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average of ordinary shares |
| 456,722 |
| 456,722 |
| 456,722 |
| 456,722 |
|
PLUS: Weighted average of number of ordinary shares issued with dilution effect. |
|
|
|
|
|
|
|
|
|
Weighted average of number of ordinary shares issued of the period adjusted by dilution effect |
| 456,722 |
| 456,722 |
| 456,722 |
| 456,722 |
|
|
|
|
|
|
|
|
|
|
|
Basic Income per share |
| 6.11 |
| 4.07 |
| 0.66 |
| 1.90 |
|
Diluted Income per share |
| 6.11 |
| 4.07 |
| 0.66 |
| 1.90 |
|
The accompanying notes and schedules are an integral part of the Unaudited Separate Condensed Interim Financial Statements.
GRUPO SUPERVIELLE S.A.
UNAUDITED SEPARATE CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
For the nine and three month period ended on September 30, 2019 and 2018
(Expressed in thousands of pesos)
|
| Accumulated at |
| For the three months |
| ||||
|
| 09/30/2019 |
| 09/30/2018 |
| 09/30/2019 |
| 09/30/2018 |
|
Net income from the period |
| 2,791,702 |
| 1,860,737 |
| 301,045 |
| 867,388 |
|
Components of Other Comprehensive Income not to be reclassified to profit or loss |
|
|
|
|
|
|
|
|
|
Income of the period from the participation of Other Comprehensive income of associates and joint ventures recorded through the utilization of the participation method |
| 464,312 |
| 235,239 |
| 430,320 |
| 9,328 |
|
Total Other Comprehensive Income not to be reclassified at the income of the period |
| 464,312 |
| 235,239 |
| 430,320 |
| 9,328 |
|
|
|
|
|
|
|
|
|
|
|
Components of Other Comprehensive Income to be reclassified at the income of the period |
|
|
|
|
|
|
|
|
|
Income of the period from financial instrument at fair value through changes in other comprehensive income |
| 1,037 |
| (1,861 | ) | 1,037 |
| (3,132 | ) |
Income tax |
| (311 | ) | 558 |
| (311 | ) | 940 |
|
Total Other Comprehensive loss to be reclassified at the income of the period |
| 726 |
| (1,303 | ) | 726 |
| (2,192 | ) |
Total other comprehensive income |
| 465,038 |
| 233,936 |
| 431,046 |
| 7,136 |
|
|
|
|
|
|
|
|
|
|
|
Total Comprehensive Income |
| 3,256,740 |
| 2,094,673 |
| 732,091 |
| 874,524 |
|
Total comprehensive income attributable to parent company |
| 3,256,740 |
| 2,094,673 |
| 732,091 |
| 874,524 |
|
The accompanying notes and schedules are an integral part of the Unaudited Separate Condensed Interim Financial Statements.
GRUPO SUPERVIELLE S.A.
UNAUDITED SEPARATE CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY
For the nine month period ended on September 30, 2019 and 2018
(Expressed in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive |
|
|
| ||
Item |
| Capital Stock |
| Paid in capital |
| Legal |
| Other |
| Retained |
| Revaluation |
| Earnings or |
| Total |
|
Balances at December 31, 2018 |
| 456,722 |
| 8,996,882 |
| 91,344 |
| 5,355,848 |
| 1,655,962 |
| 582,380 |
| 16,417 |
| 17,155,555 |
|
Distribution of retained earnings by the shareholders’ meeting on April 26, 2019: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Other reserves |
| — |
| — |
| — |
| 1,352,962 |
| (1,352,962 | ) | — |
| — |
| — |
|
- Dividend distribution |
| — |
| — |
| — |
| — |
| (303,000 | ) | — |
| — |
| (303,000 | ) |
Paid in capital in subsidiaries |
| — |
| 415 |
| — |
| — |
| — |
| — |
| — |
| 415 |
|
Net Income for the period |
| — |
| — |
| — |
| — |
| 2,791,702 |
| — |
| — |
| 2,791,702 |
|
Other comprehensive income for the period |
| — |
| — |
| — |
| — |
| — |
| 464,752 |
| 286 |
| 465,038 |
|
Balances as of September 30, 2019 |
| 456,722 |
| 8,997,297 |
| 91,344 |
| 6,708,810 |
| 2,791,702 |
| 1,047,132 |
| 16,703 |
| 20,109,710 |
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive |
|
|
| ||
Item |
| Capital Stock |
| Paid in capital |
| Legal |
| Other |
| Retained |
| Revaluation |
| Earnings or |
| Total |
|
Balances at December 31, 2017 |
| 456,722 |
| 8,997,178 |
| 72,755 |
| 3,181,084 |
| 1,525,452 |
| 131,040 |
| 5,344 |
| 14,369,575 |
|
Paid in capital in subsidiaries |
| — |
| (591 | ) | — |
| — |
| — |
| — |
| — |
| (591 | ) |
Distribution of retained earnings by the shareholders’ meeting on April 24, 2018: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Other reserves |
| — |
| — |
| 18,589 |
| 2,174,764 |
| (2,193,353 | ) | — |
| — |
| — |
|
- Dividend distribution |
| — |
| — |
| — |
| — |
| (243,706 | ) | — |
| — |
| (243,706 | ) |
Net Income for the period |
| — |
| — |
| — |
| — |
| 1,860,737 |
| — |
| — |
| 1,860,737 |
|
Other comprehensive income for thr period |
| — |
| — |
| — |
| — |
| — |
| 211,328 |
| 22,608 |
| 233,936 |
|
Balances as of September 30, 2018 |
| 456,722 |
| 8,996,587 |
| 91,344 |
| 5,355,848 |
| 949,130 |
| 342,368 |
| 27,952 |
| 16,219,951 |
|
The accompanying notes and schedules are an integral part of the Unaudited Separate Condensed Interim Financial Statements.
GRUPO SUPERVIELLE S.A.
UNAUDITED SEPARATE CONDENSED INTERIM STATEMENT OF CASH FLOW
For the nine month period ended on September 30, 2019 and 2018
(Expressed in thousands of pesos)
|
| 09/30/2019 |
| 09/30/2018 |
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Net income for the period before Income Tax |
| 2,826,449 |
| 2,011,979 |
|
|
|
|
|
|
|
Adjustments to obtain flows from operating activities: |
|
|
|
|
|
Results of associates and join ventures |
| (2,700,524 | ) | (1,436,287 | ) |
Depreciation and impairment |
| 16,898 |
| 63 |
|
Exchange rate difference on gold and foreign currency |
| 2,054 |
| (25,333 | ) |
Interests from loans and other financing |
| (41,393 | ) | (51,497 | ) |
Interests from deposits and financing |
| 1,016 |
| 6,516 |
|
Net income from financial instruments at fair value through profit or loss |
| (183,008 | ) | (581,824 | ) |
|
|
|
|
|
|
(Increases) / decreases from operating assets: |
|
|
|
|
|
Other debt securities |
| 437,384 |
| 3,293,105 |
|
Other assets |
| (324,537 | ) | (164,844 | ) |
|
|
|
|
|
|
Increases / (decreases) from operating liabilities: |
|
|
|
|
|
Other liabilities |
| 614,811 |
| 318,287 |
|
Income Tax paid |
| (147,259 | ) | (59,037 | ) |
|
|
|
|
|
|
TOTAL OPERATING ACTIVITIES (A) |
| 501,891 |
| 3,311,128 |
|
|
|
|
|
|
|
CASH FLOW FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Payments: |
|
|
|
|
|
Purchase of investments in subsidiaries |
| (183,971 | ) | (1,406,361 | ) |
Contributions made to subsidiaries |
| (559,158 | ) | (1,246,813 | ) |
|
|
|
|
|
|
TOTAL INVESTING ACTIVITIES (B) |
| (743,129 | ) | (2,653,174 | ) |
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Payments: |
|
|
|
|
|
Changes in investments in subsidiaries that do not result in control loss |
| 415 |
| (591 | ) |
Unsubordinated negotiable obligations |
| (29,039 | ) | (7,365 | ) |
Dividends |
| (303,000 | ) | (243,706 | ) |
|
|
|
|
|
|
TOTAL FINANCING ACTIVITIES (C) |
| (331,624 | ) | (251,662 | ) |
|
|
|
|
|
|
EFFECT OF CHANGES IN THE EXCHANGE RATE (D) |
| (2,054 | ) | 25,333 |
|
|
|
|
|
|
|
TOTAL CHANGES IN CASH FLOW |
|
|
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D) |
| (574,916 | ) | 431,625 |
|
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR (NOTE 10) |
| 816,023 |
| 156,128 |
|
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (NOTE 10) |
| 241,107 |
| 587,753 |
|
The accompanying notes and schedules are an integral part of the Unaudited Separate Condensed Interim Financial Statements,
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Separate Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
1. ACCOUNTING STANDARDS AND BASIS OF PREPARATION OF THE UNAUDITED SEPARATE FINANCIAL STATEMENTS
Grupo Supervielle S.A. (hereinafter, “the Group”), is a company whose main activity is the investment in other companies. Its main income is given by the distribution of dividends of such companies and the raising of earnings of other financial assets.
The main investment of the Company accounts for the stake in Banco Supervielle S.A., a financial entity governed pursuant to Law N° 21,526 of Financial Statements and subject to provisions issued by the Argentine Central Bank, in virtue of which the entity has adopted valuation and disclosure guidelines pursuant to provisions included in Title IV, chapter I, Section I, article 2 of the Amended Text 2013 issued by the National Securities Commissions.
The issuance of these Unaudited Consolidated Condensed Interim Financial Statements as of the period ended on September 30, 2019, was passed by the Board of the Company over the course of its meeting held on November 7, 2019.
1.1. Adoption of International Financial Reporting Standards (IFRS)
The Central Bank of the Argentine Republic (BCRA), through Communications “A” 5541 and amendments, established the convergence plan towards the International Financial Reporting Standards (IFRS) issued by the International Financial Reporting Standards Board (IASB, for its acronym in English) and the interpretations issued by the Committee on Interpretations of International Financial Reporting Standards (IFRIC), for the entities under its supervision, for the periods beginning on or after January 1, 2018, with the exception of the application of point 5.5 “Impairment” of IFRS 9 “Financial Instruments” and of IAS 29 “Financial Information in Hyperinflationary Economies”.
(a) Impairment of financial assets
Through Communication “A” 6430, the B.C.R.A. established that the Financial Entities should begin to apply the provisions regarding the impairment of financial assets contained in point 5.5 of IFRS 9, beginning with the years beginning on January 1, 2020.
For this purpose, IFRS 9 provides for a model of expected credit losses, by which financial assets are classified into three stages of impairment, based on changes in credit quality since their initial recognition, which dictate how an entity measures losses due to impairment, impairment and applies the effective interest method.
Should the impairment model contemplated in point 5.5 of IFRS 9 be applied, the Entity’s equity and results would differ significantly from the balances currently reported.
In accordance with Communication “A” 6114, for the recognition of credit losses in these financial statements, the Bank has applied the “Minimum allowances for uncollectibility risk” rule set forth in the Liquidity and Solvency rules (LISOL 1) of the BCRA.
(b) Restatement for inflation of the financial statements
IAS 29 “Financial information in hyperinflationary economies” requires that the financial statements of an entity, whose functional currency is that of a high inflation economy, be expressed in terms of the current unit of measurement as of the closing date of the financial year that is reported, regardless of whether they are based on the historical cost method or the current cost method. For this, in general terms, inflation produced from the date of acquisition or from the revaluation date, as applicable, must be computed in the non-monetary items. These requirements also include the comparative information of the financial statements.
In order to conclude on whether an economy is categorized as high inflation in the terms of IAS 29, the standard details a series of factors to be considered among which is a cumulative rate of inflation in three years that approximates or exceeds The 100%. It is for this reason that, according to IAS 29, the Argentine economy must be considered as high inflation starting on July 1, 2018.
Briefly, the restatement mechanism of IAS 29 establishes that monetary assets and liabilities will not be restated since they are already expressed in the current unit of measurement at the end of the reporting period. Assets and liabilities subject to adjustments based on specific agreements will be adjusted in accordance with such agreements. The non-monetary items measured at their current values at the end of the reporting period, such as the net realization value or others, will not be restated. The remaining non-monetary assets and liabilities will be restated by a general price index.
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Separate Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
The loss or gain from the net monetary position will be included in the net result of the reporting period, revealing this information in a separate line item.
Through Communication “A” 6651, the B.C.R.A. It established that the Financial Institutions should begin to apply the provisions on restatement for inflation of the financial statements as of the years beginning on January 1, 2020.Therefore, IAS 29 has not been applied in these financial statements.
The application of IAS 29 “Financial information in hyperinflationary economies” has general effects in these unaudited separate condensed interim financial statements affecting balances significantly, increasing the Group’s equity and its comprehensive income as of September 30, 2019 approximately to $22,252 and $(1,442) millions, respectively.
1.2. Basis of preparation
These undaudited separate condensed interim financial statements have been prepared in accordance with the Accounting Framework established by the B.C.R.A. described in Note 1.1., and in accordance with the provisions of IAS 34 “Intermediate Financial Information”. These unaudited consolidated condensed interim financial statements do not include all the information required for a set of annual complete financial statements and, consequently, their reading is recommended together with the annual financial statements as of December 31, 2018.
a) Going concern
As of the date of these unaudited separate condensed interim Financial Statements there are no uncertainties with respect to events or conditions that may raise doubts regarding the possibility that the Group continues to operate normally as a going concern.
b) Unit of measure
This unaudited separate condensed interim financial statements of the Entity recognize the changes in the purchasing power of the currency until February 28, 2003, having discontinued the adjustment for inflation, as of that date, as required by Communication “A” 3921 of the BCRA, taking considerations in Note 1.1.(b).
c) New accounting standards, amendments and interpretations issued by the IASB that have been adopted by the Group
The Group has applied the following standard for the first time as of January 1, 2019:
IFRS 16 “Leases”: In January 2016, the IASB issued IFRS 16 “Leases”, which establishes the new lease transaction registration model. Under IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for a consideration. IFRS 16 requires the lessee to recognize the lease liability that reflects future lease payments and a right to use assets, for almost all lease agreements, with the exception of certain short-term leases and leases of asset Low value. The accounts of the lessors are maintained as indicated in IAS 17; however, it is expected that the new accounting model for lessees will impact the negotiations between landlords and tenants. Through the Com, “A” 6560 the B.C.R.A. introduced changes to the chart of accounts and information regimes as a consequence of the entry into force of said IFRS as of January 1, 2019. From the analysis of the contracts in force there have been no operations that should be considered as Leases under this standard.
d) New accounting standards and amendments issued by the IASB that have not been adopted by the Group
As new IFRSs are approved, modifications or derogation from those in force and, once these changes are adopted through Circulars of Adoption of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE), the B.C.R.A. it will be issued about its approval for financial entities. In general, the early application of any IFRS will not be accepted, unless it is specifically defined at the time it is adopted.
The new published standards, modifications and interpretations are listed below, which still have not entered into force for financial years starting as of January 1, 2019, and have not been adopted in advance:
IFRS 17 “Insurance contracts”: In May 18, 2017, the IASB issued IFRS 17 “Insurance contracts” which provides a comprehensive framework based on principles for measurement and presentation of all insurance contracts. The new rule will supersede IFRS 4 Insurance contracts and requires that insurance contracts be measured using cash flows of existing enforcement and that income be recognized as the service is rendered during the coverage period. The standard will come
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Separate Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
into force for the financial years beginning as from November 1, 2021. The Company is evaluating the impact of the adoption of this new standard.
There are no other IFRS or IFRIC interpretations not yet effective and which are expected to have a significant impact on the Group.
1.3 Critical accounting policies and estimates
The accounting policies are consistent with those used in the financial statements as of December 31, 2018, except for the modification to the accounting policy for leases described in Note 1.2. (c).
The preparation of financial statements requires the Entity to make estimates and evaluations that affect the amount of the assets and liabilities recorded, and the disclosure of contingencies, as well as the income and expenses recorded in the year. In this sense, estimates are made to calculate, for example, provisions for uncollectible, useful lives of property, plant and equipment, depreciation and amortization, the recoverable value of assets, the charge for income tax, , some labor positions and the contingency, labor, civil and commercial lawsuits. Actual future results may differ from the estimates and evaluations made at the date of preparation of these unaudited consolidated condensed interim financial statements.
The Group classifies fair values of financial instruments in three levels according to the quality of the data utilized for such classification.
Fair Value level 1: The fair value of financial instruments in active markets (such as publicly negotiated derivatives, negotiable or available investments for sale) is based on market quotation prices as of report period date. The market prices utilized in financial assets held by the Group accounts for the current purchase price. These instruments are included in level 1.
Fair Value level 2: The fair value of financial instruments which are not negotiated in active markets, such as over-the-counter derivatives, is fixed by means of valuation techniques that maximize the use of observable information and relies the least possible on specific estimates of the Group. If all variables necessary for the definition of the fair value of a financial instrument are observable variables, such instrument is included in level 2.
Fair Value level 3: If one or more relevant variables are not based on market observable information, the instrument is included in level 3.
The portfolio of financial instruments held by the Group is detailed below, at the close of the period ended on September 30, 2019 and December 31, 2018:
Portfolio of instruments at 09/30/2019 |
| Reasonable Value - |
| Amortized |
| Total |
|
Assets |
|
|
|
|
|
|
|
- Other financial assets |
| 549,676 |
| — |
| — |
|
Total Assets |
| 549,676 |
| — |
| — |
|
Portfolio of instruments at 12/31/2018 |
| Reasonable Value - |
| Amortized |
| Total |
|
Assets |
|
|
|
|
|
|
|
- Other financial assets |
| 188,739 |
| — |
| — |
|
Total Assets |
| 188,739 |
| — |
| — |
|
Valuation Techniques
Valuation techniques to determine fair values include the following:
- Market or quoted prices for similar instruments.
- The estimated present value of instruments.
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Separate Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
All fair value calculations are included in level 2. To such ends, the Entity utilizes valuation techniques through spot rate curves which calculate the yield upon market prices. They are detailed below:
- Interpolation model: It consists of the determination of the value of financial instruments that do not have a market price at the closing date, based on the quotations of assimilable species (both in terms of issue, currency, and duration) in the active market ( MAE, Bolsar or secondary) through the linear interpolation of them. This technique has been used by the Entity to determine the fair value of the instruments issued by the BCRA and Treasury Bills without quotation at the end of this period.
- Performance Curve Model under Nelson Siegel: This model proposes a continuous function to model the trajectory of the instant forward interest rate considering as a domain the term comprised until the next interest and / or capital payment. It consists in the determination of the price of a species by means of a model of risk value at theoretical price, estimating for this the volatility through market curves. The Entity has used this model to estimate prices in negotiable obligations or adjustable species by BADLAR rate or inflation.
The Group periodically evaluates the performance of the models based on indicators which have defined tolerance thresholds.
Pursuant to IFRS, in general terms, the residual value calculated for instruments at the beginning is given by the transaction price. If the transaction price differs from certain fair value, such difference will be recognized in the Income Statement in a proportional manner during the instrument duration. As of September 30, 2019, no differences have been recorded with respect to the previous year.
Fair Value of Other Financial Instruments measured at amortized cost
The following describes methodologies and assumptions utilized to determine fair values of financial instruments that have not been recorded at fair value in these financial statements:
· Assets which fair value is similar to that of the book value: For financial liquid assets and liabilities with short term maturity (less than three months), it has been determined that the book value is similar to the fair value.
· Fixed rate financial instruments: The fair value of financial assets has been determined by discounting future fund flows at current offered market rates for each fiscal year for financial instruments of similar features.
· For quoted assets and quoted debt issued at fair value, the fair value has been determined in accordance to market prices.
· Other financial instruments: For financial liquid assets and liabilities with short term maturity, the fair value is deemed to be similar to that of the accounting value. Such assumption also applies to savings account deposits, current accounts and others.
The following chart includes a comparison between the fair value and the accounting value of financial instruments not recorded at fair value as of September 30, 2019 and December 31, 2018:
Other Financial Instruments as of 09/30/2019 |
| Accounting |
| Fair value |
| FV Level 1 |
| FV Level 2 |
| FV Level 3 |
|
Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
-Cash and due from banks |
| 8,404 |
| 8,404 |
| 8,404 |
| — |
| — |
|
Total Assests |
| 8,404 |
| 8,404 |
| 8,404 |
| — |
| — |
|
Other Financial Instruments as of 12/31/2018 |
| Accounting |
| Fair value |
| FV Level 1 |
| FV Level 2 |
| FV Level 3 |
|
Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
-Cash and due from banks |
| 3,150 |
| 3,150 |
| 3,150 |
| — |
| — |
|
Total Assests |
| 3,150 |
| 3,150 |
| 3,150 |
| — |
| — |
|
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Separate Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
3. PROPERTY, PLANT AND EQUIPMENT
|
| Gross carrying amount |
| Depreciation |
| Net carrying amount |
| ||||||||||||||
Item |
| At the |
| Increases |
| Disposals |
| At the |
| At the |
| Aliquot |
| Of the |
| At the end of |
| 09/30/2019 |
| 12/31/2018 |
|
Vehicles |
| 1,948 |
|
|
|
|
| 1,948 |
| (156 | ) | 20 | % | (292 | ) | (448 | ) | 1,500 |
| 1,792 |
|
Total |
| 1,948 |
|
|
|
|
| 1,948 |
| (156 | ) |
|
| (292 | ) | (448 | ) | 1,500 |
| 1,792 |
|
|
| Gross carrying amount |
| Depreciation |
| Net carrying amount |
| ||||||||||||||||
Item |
| At the |
| Increases |
| Disposals |
| At the end |
| At the |
| Useful |
| Disposals |
| Of the |
| At the end of |
| 09/30/2019 |
| 12/31/2018 |
|
Goodwill |
| 1,195,867 |
| 6,700 |
| — |
| 1,202,567 |
| — |
| — |
| — |
| — |
| — |
| 1,202,567 |
| 1,195,867 |
|
Relations with clients |
| 254,465 |
| — |
| — |
| 254,465 |
| (10,603 | ) | 16 |
| — |
| (11,929 | ) | (22,532 | ) | 231,933 |
| 243,862 |
|
Brand |
| 72,348 |
| — |
| — |
| 72,348 |
| — |
| — |
| — |
| — |
| — |
| 72,348 |
| 72,348 |
|
Proprietary Software & Technology |
| 24,948 |
| — |
| — |
| 24,948 |
| (4,158 | ) | 4 |
| — |
| (4,678 | ) | (8,836 | ) | 16,112 |
| 20,790 |
|
Total |
| 1,547,628 |
| 6,700 |
| — |
| 1,554,328 |
| (14,761 | ) |
|
| — |
| (16,607 | ) | (31,368 | ) | 1,522,960 |
| 1,532,867 |
|
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Separate Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
5. INVESTMENT IN SUBSIDIARIES AND ASSOCIATES
|
|
|
|
|
|
|
| Issuers’ last Financial Statements |
|
|
|
|
| |||||
Subsidiary |
| Class |
| Market |
| Number |
| Main Activity |
| Capital |
| Shareholders’ |
| Book value |
| Book value at |
| |
Banco Supervielle S.A. |
| Ord. |
| 1 |
| 805,533,007 |
| Commercial Bank |
| 829,564 |
| 16,414,857 |
| 15,822,350 |
| 12,772,528 |
| |
Cordial Compañía Financiera S.A. |
| Ord. |
| 1 |
| 12,847,878 |
| Financial Company |
| 256,958 |
| 2,434,320 |
| 121,697 |
| 63,026 |
| |
Sofital S.A.F.e.I.I. |
| Ord. |
| 1 |
| 20,854,642 |
| Financial operations and administration of securities |
| 21,544 |
| 632,541 |
| 496,198 |
| 421,657 |
| |
Tarjeta Automática S.A. |
| Ord. |
| 1 |
| 397,091,618 |
| Promotion, spreading, creation, purchase-sale, professional services and other activities related with the creation and functioning of credit, debit and similar cards for the acquisition of all type of goods, products, services, or other type, processing clients’ accounts, Clearing and/or compensation among clients, and/or adhered entities and/or admitted in the system, |
| 453,819 |
| 348,220 |
| 299,401 |
| 341,657 |
| |
Supervielle Asset Management S.A. |
| Ord. |
| 1 |
| 1,336,915 |
| Mutual Fund Management |
| 1,407 |
| 157,666 |
| 147,969 |
| 172,707 |
| |
Espacio Cordial de Servicios S.A. |
| Ord. |
| 1,000 |
| 1,273 |
| Trading of products and services |
| 1,340 |
| 225,340 |
| 177,736 |
| 278,646 |
| |
Supervielle Seguros S.A. |
| Ord. |
| 10 |
| 1,393,391 |
| Insurance company |
| 1,625 |
| 816,466 |
| 758,132 |
| 500,088 |
| |
FF Fintech SUPV I |
| — |
| — |
| 655,000 |
| Financial Trust |
| 30,817 |
| 40,207 |
| 40,207 |
| 25,106 |
| |
Micro Lending S.A.U. |
| Ord. |
| 1 |
| 362,000,000 |
| Financing investments |
| 362,000 |
| 103,590 |
| 51,051 |
| 199,232 |
| |
Invertir Online | InvertirOnline S.A.U |
| Ord. |
| 2,400 |
| 2,400 |
| Settlement and Clearing Agent |
| 240 |
| 211,297 |
| 182,090 |
| 161,019 |
|
| InvertirOnline.Com Argentina S.A.U |
| Ord. |
| 0,01 |
| 80,451,077 |
| Representations |
| 804 |
| 9,316 |
| ||||
Supervielle Broker de Seguros S.A. |
| Ord. |
| 1 |
| 95,000 |
| Insurance Broker |
| 100 |
| 100 |
| 95 |
| — |
| |
Bolsillo Digital S.A.U |
| Ord. |
| 1 |
| 100,000 |
| Computer Services |
| 100 |
| 100 |
| 126 |
| — |
| |
Total investments in subsidiaries, associates and joint ventures |
|
|
|
|
|
|
| 18,097,052 |
| 14,935,666 |
|
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Separate Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
6. COMPOSITION OF THE MAIN ITEMS OF THE SEPARATE STATEMENT OF COMPREHENSIVE INCOME:
|
| Accumulated at |
| For the three months |
| ||||
|
| 09/30/2019 |
| 09/30/2018 |
| 09/30/2019 |
| 09/30/2018 |
|
6.1 Interest income |
|
|
|
|
|
|
|
|
|
Earned interests |
| 11 |
| 3,670 |
| 4 |
| 3,605 |
|
Profit by government securities measure at amortized cost |
| 41,382 |
| 47,827 |
| — |
| 47,827 |
|
|
| 41,393 |
| 51,497 |
| 4 |
| 51,432 |
|
6.2 Interest expenses |
|
|
|
|
|
|
|
|
|
Interest paid for overdraft |
| (1 | ) | — |
| — |
| — |
|
Expenses from NO issuance |
| (19 | ) | (512 | ) | — |
| (147 | ) |
Lost interest from NO issuance |
| (996 | ) | (6,004 | ) | — |
| (2,445 | ) |
|
| (1,016 | ) | (6,516 | ) | — |
| (2,592 | ) |
|
|
|
|
|
|
|
|
|
|
6.3 Net from financial instruments at fair value through profit or loss |
|
|
|
|
|
|
|
|
|
Interests from Time Deposits |
| 44,415 |
| 15,222 |
| 38,529 |
| 2,015 |
|
Income from Holding — MF |
| 59,294 |
| 13,228 |
| 8,968 |
| (7,934 | ) |
Income from Holding —Government Securities |
| 79,299 |
| 508,178 |
| — |
| 136,588 |
|
Income from Hedge — Forward contract |
| — |
| 45,196 |
| — |
| — |
|
|
| 183,008 |
| 581,824 |
| 47,497 |
| 130,669 |
|
6.4 Other operating income |
|
|
|
|
|
|
|
|
|
Subsidiaries’ advisory fees |
| 63,666 |
| 48,846 |
| 21,222 |
| 16,282 |
|
Third parties’ advisory fees |
| 918 |
| 2,415 |
| 211 |
| 846 |
|
Royalties |
| 513 |
| 3,533 |
| 171 |
| 1,115 |
|
Other incomes |
| 1,946 |
| 2,023 |
| — |
| 2,023 |
|
Revaluation of retirement insurance contributions |
| 42,123 |
| 62,147 |
| 29,970 |
| 48,885 |
|
Gains from Tax credits provisions |
| — |
| 25,902 |
| — |
| — |
|
Income from sale of shares |
| 88 |
| 543 |
| 2 |
| 108 |
|
|
| 109,254 |
| 145,409 |
| 51,576 |
| 69,259 |
|
|
|
|
|
|
|
|
|
|
|
6.5 Personnel expenses |
|
|
|
|
|
|
|
|
|
Personnel expenses |
| 85,052 |
| 129,452 |
| 22,427 |
| 54,503 |
|
|
| 85,052 |
| 129,452 |
| 22,427 |
| 54,503 |
|
|
|
|
|
|
|
|
|
|
|
6.6 Administration expenses |
|
|
|
|
|
|
|
|
|
Bank expenses |
| 981 |
| 1,809 |
| 224 |
| 267 |
|
Professional fees |
| 33,060 |
| 33,507 |
| 13,698 |
| 14,031 |
|
Fees to directors and syndics |
| 29,052 |
| 18,786 |
| 11,306 |
| 5,662 |
|
Taxes, rates and contributions |
| 9,316 |
| 16,075 |
| 2,111 |
| 2,537 |
|
Insurance |
| 1,130 |
| 1,922 |
| — |
| 631 |
|
Expenses and office services |
| 3,390 |
| 2,114 |
| 1,071 |
| 841 |
|
Other expenses |
| 11,622 |
| 8,981 |
| 4,617 |
| 3,906 |
|
|
| 88,551 |
| 83,194 |
| 33,027 |
| 27,875 |
|
|
|
|
|
|
|
|
|
|
|
6.7 Other operating expenses |
|
|
|
|
|
|
|
|
|
Turnover tax from Service Activities |
| 3,265 |
| 3,183 |
| 1,080 |
| 1,095 |
|
Turnover tax from Financial Activities |
| 4,780 |
| 4,594 |
| 2,611 |
| 384 |
|
Tax credit prescription |
| 153 |
| — |
| — |
| — |
|
Compensatory interests |
| 618 |
| 156 |
| 35 |
| 1 |
|
Lost interests |
| 5,343 |
| 1,213 |
| 1,868 |
| 1,213 |
|
|
| 14,159 |
| 9,146 |
| 5,594 |
| 2,693 |
|
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Separate Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
|
| Accumulated at |
| For the three months |
| ||||
|
| 09/30/2019 |
| 09/30/2018 |
| 09/30/2019 |
| 09/30/2018 |
|
6.8, Results from associates and joint ventures |
|
|
|
|
|
|
|
|
|
Results from equity investment in Banco Supervielle S.A |
| 2,124,303 |
| 1,019,104 |
| 184,042 |
| 646,726 |
|
Results from equity investment in Cordial Compañía Financiera S.A. |
| (16,329 | ) | (9,490 | ) | 10,236 |
| (7,199 | ) |
Results from equity investment in Tarjeta Automática S.A. |
| (42,256 | ) | (45,446 | ) | 119 |
| (35,734 | ) |
Results from equity investment in Supervielle Asset Management S.A. |
| 141,242 |
| 129,109 |
| 8,363 |
| 36,741 |
|
Results from equity investment in Espacio Cordial de Servicios S.A. |
| 60,590 |
| 95,462 |
| 2,438 |
| 33,619 |
|
Results from equity investment in Supervielle Seguros S.A. |
| 398,586 |
| 215,625 |
| 114,574 |
| 95,361 |
|
Results from equity investment in Sofital S.A.F. e I.I. |
| 96,958 |
| 61,778 |
| 21,140 |
| 15,007 |
|
Results from equity investment in Micro Lending S.A.U. |
| (148,181 | ) | (99,463 | ) | (51,104 | ) | (69,156 | ) |
Results from equity investment in InvertirOnline S.A. e InvertirOnline.Com Argentina S.A. |
| 79,447 |
| 56,049 |
| 9,854 |
| 46,563 |
|
Results from equity investment in FF Fintech |
| 6,164 |
| 13,559 |
| 3,435 |
| 8,050 |
|
|
| 2,700,524 |
| 1,436,287 |
| 303,097 |
| 769,978 |
|
As of September 30, 2019 and December 31, 2018, the Group does not hold restricted assets,
8. COMPANIES UNDER SECT, 33 OF CORPORATE LAW AND OTHER RELATED COMPANIES
As of September 30, 2019 and December 31, 2018, corporations where Grupo Supervielle S,A, holds direct or indirect shares, and with which it consolidates its Financial Statements are the following:
|
|
|
|
|
|
|
| Percentage of direct |
| Percentage of direct |
| ||||
Company |
| Condition |
| Legal Adress |
| Principal |
| 09/30/2019 |
| 12/31/2018 |
| 09/30/2019 |
| 12/31/2018 |
|
Banco Supervielle S.A. |
| Controlled |
| Bartolomé Mitre 434. C.A.B.A.. Argentina |
| Commercial Bank |
| 97.10 | % | 97.03 | % | 99.90 | % | 99.89 | %(1) |
Cordial Compañía Financiera S.A. |
| Controlled |
| Reconquista 320. C.A.B.A.. Argentina |
| Financial Company |
| 5.00 | % | 5.00 | % | 99.90 | % | 99.90 | % |
Tarjeta Automática S.A. |
| Controlled |
| Bartolomé Mitre 434. C.A.B.A.. Argentina |
| Credit Card |
| 87.50 | % | 87.50 | % | 99.99 | % | 99.99 | % |
Supervielle Asset Management S.A. |
| Controlled |
| Bartolomé Mitre 434. C.A.B.A.. Argentina |
| Mutual Fund |
| 95.00 | % | 95.00 | % | 100.00 | % | 100.00 | % |
Sofital S.A.F. e I.I. |
| Controlled |
| Bartolomé Mitre 434. C.A.B.A.. Argentina |
| Real State |
| 96.80 | % | 96.80 | % | 100.00 | % | 100.00 | % |
Espacio Cordial de Servicios S.A. |
| Controlled |
| San Martín 719/731. 1° Piso. Ciudad de Mendoza. Argentina |
| Retail Services |
| 95.00 | % | 95.00 | % | 100.00 | % | 100.00 | % |
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Separate Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
|
|
|
|
|
|
|
| Percentage of direct |
| Percentage of direct |
| ||||
Company |
| Condition |
| Legal Adress |
| Principal |
| 09/30/2019 |
| 12/31/2018 |
| 09/30/2019 |
| 12/31/2018 |
|
Supervielle Seguros S.A. |
| Controlled |
| Reconquista 320. 1° Piso. C.A.B.A.. Argentina |
| Insurance |
| 95.00 | % | 95.00 | % | 100.00 | % | 100.00 | % |
Micro Lending S.A.U. |
| Controlled |
| Bartolomé Mitre 434. C.A.B.A.. Argentina |
| Financial Company |
| 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % |
InvertirOnline S.A.U. |
| Controlled |
| San Martin 323. 11° Piso. C.A.B.A.. Argentina |
| Financial Broker |
| 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % |
InvertirOnline.Com Argentina S.A.U. |
| Controlled |
| San Martin 323. 11° Piso. C.A.B.A.. Argentina |
| Representations |
| 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % |
Supervielle Broker de Seguros S.A. |
| Controlled |
| Reconquista 320. 1° Piso. C.A.B.A.. Argentina |
| Insurance Broker |
| 95.00 | % | — |
| 100.00 | % | — |
|
Bolsillo Digital S.A.U. |
| Controlled |
| Bartolomé Mitre 434. C.A.B.A.. Argentina |
| Computer Services |
| 100.00 | % | — |
| 100.00 | % | — |
|
(1) Grupo Supervielle S.A.’s direct and indirect interest in Banco Supervielle votes amounts to 99,87% as of 09/30/19 and 12/31/18,
As of January 16, 2018, Grupo Supervielle S.A. and Banco Supervielle S.A. made an irrevocable capital contribution in advance of future capital increases to Cordial Compañía Financiera for an amount of 19,000 and 361,000 respectively. On January 24, 2018, CCF held an Ordinary Shareholders’ meeting by which it resolved to accept the contributions received on July 24, 2017, December 12, 2017 and January 16, 2018, and increase the capital stock in the amount of 56,751 with a paid in capital from 973,249.
On March 14, 2018, Grupo Supervielle S,A,, Banco Supervielle S,A, and Cordial Compañía Financiera made an irrevocable capital contribution in advance of future capital increases to Tarjeta Automática for an amount of 262,500, 30,000 and 7,500 respectively, On March 19, 2018, Tarjeta Automática S,A, held Ordinary Shareholders’ meeting by which it resolved to capitalize such contributions on September 20, 2017 and March 14, 2018 and increase the capital stock in the amount of 450,000.
On February 16, 2018, Grupo Supervielle S.A.´ s Board of Directors approved the set-up of Fideicomiso Financiero Finterch Supervielle I, aimed at the investment of new projects in financial technology and insurance technology for an amount of USD 3 million.
On May 14, 2018, Grupo Supervielle S.A. made an irrevocable capital contribution in advance of future capital increases to Banco Supervielle S.A. for an amount of 861,000, On April 19, 2018, Banco Supervielle S.A. held Ordinary Shareholders’ meeting by which it resolved to capitalize contributions received increasing the capital stock in the amount of 27,578,475 with a paid in capital from 833,421.
On May 2, 2018 Grupo Supervielle S.A. has acquired Micro Lending S.A.U.
On May 24, 2018 Grupo Supervielle S.A. has acquired InvertirOnline S.A.U. e InvertirOnline,Com Argentina S.A.U.
On August 21, 2018 and November 12, 2018, the Board of Grupo Supervielle S.A. approved to make irrevocable contributions in advance of future capital increases in Micro Lending S.A.U., for 58,000 and 100,000, respectively. On November 12, 2018, Micro Lending S.A.U., held an Ordinary General Assembly in which it was decided to capitalize the contributions received, increasing the Social Capital by the sum of 158,000.
On November 21, 2018, the assembly of Banco Supervielle S.A. approved the capitalization of a contribution in kind made by Grupo Supervielle S.A. in the amount of $ 1,000,000. This capitalization was authorized by the Central Bank of the Argentine Republic on January 17, 2019, under the terms of Communication “A” 6304. As a result, the period for the
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Separate Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
exercise of the right to pre-emptive subscription and accretion as arranged by art, 194 of the General Law of Companies No. 19,550, the share capital was increased by 36,887,438 shares.
On December 17, 2018, Grupo Supervielle S.A. received a non-capitalized contribution refund in Invertir Online.com S.A. for 276.
On December 18, 2018, Grupo Supervielle S.A. made effective the capital contribution in kind of 200,000 to Micro Lending S.A.U., by virtue of what was authorized by the meeting of that company held on December 17, 2018, which resolved to raise the capital by 200,000,000 ordinary shares.
On December 21, 2018, “Supervielle Broker de Seguros S.A.” was created, which will have the exclusive purpose of carrying out the intermediation activity, promoting the conclusion of life, property and pension insurance contracts, advising insured and insurable persons, Grupo Supervielle S.A. owns 95% of the Share Capital.
On February 12, 2019, Banco Supervielle S.A. made an irrevocable contribution of capital to Cordial Compañía Financiera S.A. for 950,000, while Grupo Supervielle S.A. committed a capital contribution in cash and / or in kind for the sum of 50,000. On February 27, 2019, the assembly of Cordial Compañía Financiera S.A. resolved to capitalize said contributions, subject to the authorization of the Central Bank of the Argentine Republic in the terms of Communication “A” 6304, by virtue of the contribution in kind made by Grupo Supervielle.
On June 12, 2019, Grupo Supervielle S.A. made an irrevocable contribution of capital to Banco Supervielle S.A. for 475,000. On July 10, 2019, the assembly of Banco Supervielle S.A. resolved to capitalize contributions received increasing the capital stock in the amount of 21,345,787, through the issuance of up to 21,345,787 new Class B shares. The period of preferential subscription and accretion in accordance with article 194 of the Law 19,550, the capital increase amounted to $ 20,711,607, corresponding to issue 20,711,607 Class B shares (with an issue premium of $ 21,9340 per share), in favor of Grupo Supervielle SA as a contributing shareholder. This capital increase is being processed by the corresponding regulators.
On June 14, 2019, Grupo Supervielle S,A, and Banco Supervielle S,A, made an irrevocable contribution of capital to Cordial Compañia Financiera S,A, for 25,000 and 475,000 respectively, On July 10, 2019 the assembly of Cordial Compañía Financiera S,A, resolved to capitalize said contributions increasing the capital stock in the amount of 28,415,064 by issuing 28,415,064 new shares (with a paid in capital from 16,5963 per share). This capital increase is being processed by the corresponding regulators.
On July 24, 2019 “Bolsillo Digital S.A.U.” was created, which will have the purpose of carrying out the design, programming and development of software, mobile phone applications, web pages and / or any other digital means for the marketing of products and services related to management and processing of payments made by and in favor of third parties. Grupo Supervielle S.A. owns 100% of the Share Capital.
The following describes Controlled Companies’ shareholders’ equity and results:
|
| As of September 30, 2019 — In thousands of pesos |
| ||||||
Company |
| Assets |
| Liabilities |
| Shareholders’ |
| Net income |
|
Banco Supervielle S.A. (1) |
| 154,939,049 |
| 138,524,192 |
| 16,293,141 |
| 2,247,147 |
|
Cordial Compañía Financiera S.A. |
| 8,289,276 |
| 5,854,957 |
| 2,434,319 |
| (326,557 | ) |
Tarjeta Automática S.A. |
| 461,270 |
| 113,050 |
| 348,220 |
| (202,993 | ) |
Supervielle Asset Management S.A. |
| 211,725 |
| 54,059 |
| 157,666 |
| 116,142 |
|
Sofital S.A. F. e I.I. |
| 635,698 |
| 3,157 |
| 632,541 |
| 93,007 |
|
Espacio Cordial de Servicios S.A. |
| 380,239 |
| 155,658 |
| 224,581 |
| 2,016 |
|
Micro Lending S.A.U. |
| 284,654 |
| 181,064 |
| 103,590 |
| (215,031 | ) |
InvertirOnline.Com Argentina S.A.U. (2) |
| 15,780 |
| 6,464 |
| 9,316 |
| (2,363 | ) |
InvertirOnline S.A.U. (3) |
| 1,891,088 |
| 1,679,791 |
| 211,297 |
| (14,114 | ) |
Supervielle Seguros S.A. |
| 1,788,237 |
| 971,791 |
| 816,466 |
| 93,935 |
|
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Separate Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
(1) The net equity and the net result attributable to the owners of the parent company are reported,
(2) Corresponds to the Financial Statements of InvertirOnline,Com Argentina S.A.U., as of December 31, 2018,
(3) Corresponds to the Financial Statements of InvertirOnline S.A.U. as of August 31, 2019.
|
| As of December 31, 2018 — In thousands of pesos |
| ||||||
Company |
| Assets |
| Liabilities |
| Shareholders’ |
| Net income |
|
Banco Supervielle S.A. (1) |
| 137,186,230 |
| 123,937,707 |
| 13,185,479 |
| 1,670,515 |
|
Cordial Compañía Financiera S.A. |
| 8,153,920 |
| 6,893,044 |
| 1,260,876 |
| (614,617 | ) |
Tarjeta Automática S.A. |
| 494,076 |
| 93,767 |
| 400,309 |
| (291,194 | ) |
Supervielle Asset Management S.A. |
| 241,395 |
| 59,560 |
| 181,835 |
| 157,504 |
|
Sofital S.A. F. e I.I. |
| 668,263 |
| 23,684 |
| 644,579 |
| 12,916 |
|
Espacio Cordial de Servicios S.A. |
| 414,158 |
| 98,073 |
| 316,085 |
| 83,205 |
|
Micro Lending S.A.U. |
| 523,434 |
| 292,038 |
| 231,396 |
| (255,417 | ) |
InvertirOnline.Com Argentina S.A.U. |
| 15,780 |
| 6,464 |
| 9,316 |
| (2,363 | ) |
InvertirOnline S.A.U. (2) |
| 825,645 |
| 677,663 |
| 147,982 |
| 62,525 |
|
Supervielle Seguros S.A. |
| 950,527 |
| 402,105 |
| 548,422 |
| 190,892 |
|
(1) Corresponds to the Shareholders´Equity and Net Income attributable to parent company,
(2) Corresponds to the Financial Statement of InvertirOnline S.A.U. as of November 30, 2018,
As of September 30, 2019 balances with Grupo Supervielle S.A’s controlled are as follows:
Assets |
| 09/30/2019 |
|
Current Assets |
|
|
|
Cash and due from banks |
|
|
|
Banco Supervielle S.A. |
| 1,522 |
|
InvertirOnline S.A.U. Cta. Cte. |
| 3,775 |
|
|
| 5,297 |
|
|
|
|
|
Other debt securities |
|
|
|
Time Deposits - Cordial Compañía Financiera S.A. |
| 316,110 |
|
|
| 316,110 |
|
Other receivables |
|
|
|
Cordial Compañía Financiera S.A. |
| 816 |
|
Tarjeta Automática S.A. |
| 48 |
|
|
| 864 |
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Other non financial liabilities |
|
|
|
Invoices for rental and shared services - Banco Supervielle S.A |
| 174 |
|
Pending contributions — Supervielle Broker de Seguros S.A. |
| 71 |
|
Provisions - Banco Supervielle S.A. |
| 71 |
|
|
| 316 |
|
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Separate Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
As of September 30, 2019 and 2018, results with Grupo Supervielle S.A’s controlled are as follows:
|
| 09/30/2019 |
| 09/30/2018 |
|
Results |
|
|
|
|
|
Interest income |
|
|
|
|
|
Interests from current accounts — Banco Supervielle S.A. |
| 11 |
| 7 |
|
Interests from loans - Micro Lending S.A.U. |
| — |
| 3,663 |
|
|
| 11 |
| 3,670 |
|
Interest expense |
|
|
|
|
|
Interests from current accounts — Banco Supervielle S.A. |
| 1 |
| — |
|
|
| 1 |
| — |
|
|
|
|
|
|
|
Other operating income |
|
|
|
|
|
Banco Supervielle S.A. |
| 56,889 |
| 43,650 |
|
Sofital S.A.F. e I.I. |
| 63 |
| 45 |
|
Supervielle Asset Management S.A. |
| 612 |
| 465 |
|
Tarjeta Automática S.A. |
| 180 |
| 141 |
|
Cordial Compañía Financiera S.A. |
| 6,066 |
| 7,230 |
|
Espacio Cordial de Servicios S.A. |
| 369 |
| 660 |
|
|
| 64,179 |
| 52,191 |
|
Administrative expenses |
|
|
|
|
|
Bank expenses — Banco Supervielle S.A. |
| (895 | ) | (1,902 | ) |
Rent — Banco Supervielle S.A. |
| (2,723 | ) | (1,701 | ) |
Legal and accounting consultancy services- Banco Supervielle S.A. |
| (360 | ) | (360 | ) |
Fees for market operations - InvertirOnline S.A.U. |
| (109 | ) | (1,863 | ) |
|
| (4,087 | ) | (5,826 | ) |
|
|
|
|
|
|
Net income from financial instruments at fair value through profit or loss |
|
|
|
|
|
Income from forward contracts — Banco Supervielle S.A. |
| — |
| 45,196 |
|
Interest from time deposits — Cordial Compañía Financiera S.A. |
| 41,331 |
| 169 |
|
Interest from time deposits — Banco Supervielle S.A. |
| 3,083 |
| 15,053 |
|
|
| 44,414 |
| 60,418 |
|
As of September 30, 2019 and 2018 the corporate capital stock is the following:
Capital Stock |
| Nominal Value |
| Approved by |
|
Capital stock as of 12/31/2016 |
| 363,777 |
|
|
|
Increase in Capital Stock |
| 92,945 |
| Board of Directors minutes of June 14, 2017, Extraordinary General Shareholders’ Meeting held on July 7, 2017 and Board of Directors minutes of July 11, 2017, Minutes of Subdelegates dated September 12 and 15, 2017 |
|
Capital stock as of 09/30/2018 |
| 456,722 |
|
|
|
Capital stock as of 09/30/2019 |
| 456,722 |
|
|
|
Pursuant to the Corporate By-law, any share transfer or event enabling any changes in its condition or alterations in its stock holding structure shall be informed to the Argentine Central Bank,
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Separate Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
10. STATEMENT OF CASH FLOW AND CASH EQUIVALENTS
Total cash in Cash and due from banks and Investments, not exceeding 90 days recorded are considered cash and equivalent of cash as specified below:
|
| 09/30/2019 |
| 12/31/2018 |
| 09/30/2018 |
| 12/31/2017 |
|
Cash and due from banks |
| 8,404 |
| 3,150 |
| 3,208 |
| 17,171 |
|
Other financial assets |
| 232,703 |
| 181,791 |
| 172,691 |
| 138,957 |
|
Other debt securities |
| — |
| 631,082 |
| 411,854 |
| — |
|
Cash and cash equivalents |
| 241,107 |
| 816,023 |
| 587,753 |
| 156,128 |
|
Conciliation between balances of Statement of Financial Position and items considered Cash and cash equivalents as specified below:
Items |
| 09/30/2019 |
| 12/31/2018 |
| 09/30/2018 |
| 12/31/2017 |
|
Cash and due from banks |
|
|
|
|
|
|
|
|
|
As per Statement of Financial Position |
| 8,404 |
| 3,150 |
| 3,208 |
| 17,171 |
|
As per Statement of Cash Flow |
| 8,404 |
| 3,150 |
| 3,208 |
| 17,171 |
|
Other financial assets |
|
|
|
|
|
|
|
|
|
As per Statement of Financial Position |
| 549,676 |
| 188,739 |
| 172,691 |
| 138,957 |
|
Other financial assets not considered cash equivalent |
| (316,973 | ) | (6,948 | ) | — |
| — |
|
According to Cash Flow Statement |
| 232,703 |
| 181,791 |
| 172,691 |
| 138,957 |
|
Other debt securities |
|
|
|
|
|
|
|
|
|
As per Statement of Financial Position |
| 46,463 |
| 889,491 |
| 1,933,055 |
| 4,182,846 |
|
Other debt securities investments not considered cash equivalent |
| (46,463 | ) | (258,409 | ) | (1,521,201 | ) | (4,182,846 | ) |
As per Statement of Cash Flow |
| — |
| 631,082 |
| 411,854 |
| — |
|
11. ECONOMIC CONTEXT IN WHICH THE GROUP OPERATES
The Group operates in a complex economic context, whose main variables have been strongly volatile both at a national and international level.
The following circumstances are taken into account at a national level:
· The first semester of the year recorded a 2.5% fall in GDP year-to-year.
· Accrued inflation between January 1, 2019 and September 30, 2019 amounted to 37.7%.
· The significant devaluation of the peso as from August produced and unexpected dollar deposit outflow from the financial system (thus the fall in reserves of the Argentine Central Bank) and an increase in the reference interest rate above 74%.
In face of the aforementioned events, the government decided to implement certain measures, among which the following:
· Limits in the acquisition of foreign currency.
· Specific terms to enter and settle exports.
· Prior authorization to be issued by the Argentine Central Bank to set up external assets for companies.
· Prior authorization to be issued by the Argentine Central Bank for the payment of debts to foreign related companies related.
· Deferring of the payment of certain government debt instruments.
· Control of fuel prices.
This volatility and uncertainty context remain as of the issuance of these financial statements.
The Group’s Board is permanently controlling the evolution of variables that affect its business in virtue of the definition of its course of action and identification of potential impacts on its equity and financial situation. The Group’s financial statements must be read in virtue of these circumstances.
GRUPO SUPERVIELLE S.A.
Notes to Unaudited Separate Condensed Interim Financial Statements
As of September 30, 2019 presented in comparative format
(Expressed in thousands of pesos)
There are no events or operations that occurred after September 30, 2019 that could materially affect the equity situation or the results of the Group as of the closing date of this period.
GRUPO SUPERVIELLE S.A.
(Expressed in thousands of pesos)
SCHEDULE A — OTHER DEBT SECURITIES
|
| HOLDING |
| ||
Item |
| Balance at |
| Balance at |
|
Del País |
|
|
|
|
|
|
|
|
|
|
|
LTPA9 — Treasury Bill $ - Mat. 04/30/2019 |
| — |
| 258,008 |
|
LTPE9 — Treasury Bill $ - Mat. 01/31/2019 |
| — |
| 518,968 |
|
LTPA9 — Treasury Bill $ - Mat. 04/30/2019 |
| — |
| 401 |
|
LTPE9 — Treasury Bill $ - Mat. 01/31/2019 |
| — |
| 112,114 |
|
S13S9 — Capitalizable Treasury Bills $ - Mat. 03/11/2020 |
| 46,463 |
| — |
|
|
|
|
|
|
|
Total other debt securities |
| 46,463 |
| 889,491 |
|
Total |
| 46,463 |
| 889,491 |
|
SCHEDULE L — ASSETS AND LIABILITIES IN FOREIGN CURRENCY
Items |
| Headquarters |
| As of |
| As of September |
| As of |
|
|
|
|
|
|
| Dollar |
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and Due from Banks |
| 6,981 |
| 6,981 |
| 6,981 |
| 2,129 |
|
Other financial assets |
| 176,464 |
| 176,464 |
| 176,464 |
| 143,932 |
|
Other non-financial assets |
| 140,811 |
| 140,811 |
| 140,811 |
| 123,391 |
|
TOTAL ASSETS |
| 324,256 |
| 324,256 |
| 324,256 |
| 269,452 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
Other non-financial liabilities |
| 219,151 |
| 219,151 |
| 219,151 |
| 345,951 |
|
TOTAL LIABILITIES |
| 219,151 |
| 219,151 |
| 219,151 |
| 345,951 |
|
|
|
|
|
|
|
|
|
|
|
NET POSITION |
| 105,105 |
| 105,105 |
| 105,105 |
| (76,499 | ) |
Additional Information pursuant to Art, 12, Chapter III, Title IV of standards
issued by the National Securities Commission
For the nine months period started on January 1, 2019 and ended on September 30, 2019,
presented on comparative basis,
(Expressed in thousands of pesos)
NOTE 1: SPECIFIC JURIDICAL AND SIGNIFICANT REGIMES IMPLYING CONTINGENT DECAYS OR REBIRTHS OF BENEFITS INCLUDED IN SUCH REGULATIONS,
None.
NOTE 2: SIGNIFICANT CHANGES IN CORPORATE ACTIVITIES OR OTHER SIMILAR EVENTS RECORDED DURING THE PERIODS INCLUDED IN THE FINANCIAL STATEMENTS THAT IMPACT ON THEIR COMPARABILITY WITH THOSE STATEMENTS SUBMITTED IN PREVIOUS PERIODS OR MAY IMPACT ON THEIR COMPARABILITY WITH THOSE STATEMENTS TO BE SUBMITTED IN FUTURE PERIODS,
None.
NOTE 3: CLASSIFICATION OF RECEIVABLE AND DEBT BALANCES
There have been no changes in relation to what is stated in the Financial Statements as of December 31, 2018.
NOTE 4: CLASSIFICATION OF RECEIVABLES AND DEBTS IN VIRTUE OF THEIR FINANCIAL EFFECTS
There have been no changes in relation to what is stated in the Financial Statements as of December 31, 2018.
NOTE 5: BREAKDOWN OF CAPITAL SHARE ON COMPANIES STATED ON ART, 33 GENERAL LAW OF COMPANIES
See Note 8 to the Unaudited Separate Condensed Interim Financial Statements.
NOTE 6: RECEIVABLES OR LOANS TO DIRECTORS OR SYNDICS AND THEIR RELATIVES UP TO A SECOND DEGREE INCLUDED
As of September 30, 2019 and December 31, 2018, no receivables or loans to directors or syndics and their relatives up to a second degree were recorded.
NOTE 7: INVENTORIES
As of September 30, 2019 and December 31, 2018 the Group did not have inventories.
NOTE 8: MARKET VALUE
There have been no changes in relation to what is stated in the Financial Statements as of December 31, 2018.
NOTE 9: PREMISES AND EQUIPMENT
There have been no changes in relation to what is stated in the Financial Statements as of December 31, 2018.
NOTE 10: EQUITY INVESTMENTS
The Company’s corporate purpose is to carry out financial and investment activities; therefore, it is not bound by Art, 31 of General Law of companies equity investments.
GRUPO SUPERVIELLE S.A.
Additional Information pursuant to Art, 12, Chapter III, Title IV of standards
issued by the National Securities Commission
For the nine months period started on January 1, 2019 and ended on September 30, 2019,
presented on comparative basis,
(Expressed in thousands of pesos)
NOTE 11: RECOVERABLE AMOUNTS
There have been no changes in relation to what is stated in the Financial Statements as of December 31, 2018.
NOTE 12: INSURANCE
As of September 30, 2019 and December 31,2018, the Company did not record tangible assets to be ensured.
NOTE 13: NEGATIVE AND POSITIVE CONTINGENCIES
a) Components considered for the calculation of provisions which balances, considered individually or in aggregate, exceed two percent of shareholders’ equity: none.
b) Contingent situations as of the date of Financial Statements with a probability of occurrence more than remote, and not recorded:
As of September 30, 2019 and December 31, 2018, there were no contingent situations with more than remote probability of occurrence and not recorded in the balance sheet.
NOTE 14: IRREVOCABLE CONTRIBUTIONS IN ADVANCE OF FUTURE CAPITAL INCREASES
a) Status of procedure for its capitalization:
As of September 30, 2019 and December 31, 2018, no balances of irrevocable contributions in advance of future capital increases were recorded.
b) Cumulative and unpaid dividends of preferred stock:
As of September 30, 2019 and December 31, 2018, no cumulative unpaid dividends of preferred stock were recorded.
NOTE 15: RESTRICTIONS ON RETAINED EARNINGS DISTRIBUTION
See Note 13.6 to the unaudited consolidated condensed interim financial statement.
GRUPO SUPERVIELLE S,A,
INFORMATIVE REVIEW AS OF SEPTEMBER 30, 2019
(IN THOUSANDS OF PESOS)
BRIEF DESCRIPTION OF THE BUSINESS AND EVOLUTION OF OPERATIONS
The Company is focused on gaining a leading position in the local financial business by offering innovative, inclusive and accessible financial services, Its strategy, deployed by its different companies (banking and non-banking) enables the access to every population segment with the required product offer, service model and risk/reward relationship required.
The result of the period ended on September 30, 2019, yields a profit of 2,791,702, which represents a return on average net worth of 20,4%, This result was originated, mainly, by the results of our investments in companies.
On April 26, 2019, the Ordinary General Shareholders’ Meeting approved the following distribution of the results of the 2018 fiscal year, which had shown a profit of $ 2,567,569, by adoption of the International Financial Reporting Standards from January 1, 2018, adjustments were made to results of previous years in the amount of $ (911,607), which leaves a net result of outstanding profits of $ 1,655,962:
* Dividends in cash: 303,000
* Other reserve: 1,352,962
Grupo Supervielle S.A. is the parent company of the economic group and As of September 30, 2019 and December 31, 2018, recorded the following direct and indirect equity investments in its subsidiaries:
|
|
|
| Interest in capital stock |
| ||
Company |
| Main Activity |
| 09/30/2019 |
| 12/31/2018 |
|
Banco Supervielle S.A. |
| Commercial Bank |
| 99,90 | % | 99,89 | % |
Cordial Compañía Financiera S.A. |
| Financial Company |
| 99,90 | % | 99,90 | % |
Tarjeta Automática S.A. |
| Credit Card and Consumer Loans |
| 99,99 | % | 99,99 | % |
Supervielle Asset Management S.A. |
| Asset management company |
| 100,00 | % | 100,00 | % |
Sofital S.A.F. e I.I. |
| Financial operations and administration of marketable securities |
| 100,00 | % | 100,00 | % |
Espacio Cordial de Servicios S.A. |
| Trading of products and services |
| 100,00 | % | 100,00 | % |
Supervielle Seguros S.A. |
| Insurance Company |
| 100,00 | % | 100,00 | % |
Micro Lending S.A. |
| Financing investments |
| 100,00 | % | 100,00 | % |
Invertir Online S.A.U. |
| Settlement and Clearing Agent |
| 100,00 | % | 100,00 | % |
InvertirOnline.Com Argentina S.A.U. |
| Representations |
| 100,00 | % | 100,00 | % |
Supervielle Broker de Seguros S.A. |
| Insurance Broker |
| 100,00 | % | — |
|
Bolsillo Digital S.A.U. |
| Computer Services |
| 100,00 | % | — |
|
GRUPO SUPERVIELLE S,A,
INFORMATIVE REVIEW AS OF SEPTEMBER 30, 2019
(IN THOUSANDS OF PESOS)
BRIEF DESCRIPTION OF RELATED COMPANIES
Banco Supervielle (“The Bank”) entered the Argentine financial services industry in 1887 and maintain a leading competitive position in certain attractive market segments, The bank is the main subsidiary of Grupo Supervielle S,A, a holding company, The bank offered financial products and services that are specifically tailored to cover the different needs of our customers through a multi-brand and multi-channel platform, As of September 30, 2019, the Bank infrastructure supports the multi-channel distribution strategy with a strategic national footprint through 283 access points, which include 182 bank branches, 78 of these bank branches are fully dedicated to serve senior citizens, 22 banking payment and collection centers and 79 CCF sales points located in Walmart supermarkets and 526 ATMs, 217 self-service terminals and 180 Cash Dispensers with biometric identification, Moreover, the Bank offered financial services through 35 consumer financing branches of Tarjeta and other points of sale, 7 Mila’s customer support offices, completing a network of 600 car dealer, As of September 30, 2019, the Bank records 154,939,049 worth assets and shareholders’ equity attributable to parent company of 16,414,857, Net income recorded in the nine months period ended on September 30, 2019 amounted to 2,247,147 which mainly resulted from the financial margin and the service margin.
Cordial Compañía Financiera S.A. is a financial service firm, subject to regulations issued by the Central Bank of the Argentine Republic, whose main business is made up by credit card and loan granting and the sale of insurance policies in Walmart Argentina’s outlets. As of September 30, 2019, recorded negative results of 326,557.
Tarjeta Automática S.A.’s main activity includes the issuance and administration of credit cards and consumption loans. The period ended on September 30, 2019, recorded negative results of 202,993. In November 2012, Tarjeta Automática started to market credit cards, personal loans and insurance policies on account and behalf of Cordial Compañía Financiera S.A., collecting a monthly fee for such services.
Supervielle Asset Management S.A. is focused on the promotion, instruction and administration of investment mutual funds pursuant to Law 24,083, its Ruling Decree and any other legal or ruling standard addressing such activities. At present, the company records 13 active funds. As of September 30, 2019, earnings amounted to 116,142.
Sofital S.A.F. e I.I. is a company whose main activity includes financial operations and the administration of marketable securities. As of September 30, 2019, earnings amounted to 93,007.
Espacio Cordial de Servicios S.A. is a company focused on the trading of all kinds of goods and services related to insurance, tourism, health plans and/or services and other goods and services. As of September 30, 2019, earnings amounted to 2,015.
Supervielle Seguros S.A., the insurance company of Grupo Supervielle S.A., records shareholders equity for 816,446 and assets for 1,788,237. As of September 30, 2019, earnings amounted to 93,935.
Micro Lending S.A., specializes in the financing of pledge credits, particularly used cars. As of September 30, 2019, recorded negative results of 215,031.
InvertirOnline S.A.U., is a specialized online trading platform, which occupies a leading position among the top five in the online Broker segment in Argentina, and a reference in the Fintech sector in the country, InvertirOnline S.A.U obtained negative results of 14,114 and InvertirOnline.Com Argentina S.A.U. it obtained negative results of 2,363, according to its financial statements as of August 31, 2019 and December 31, 2018, respectively.
GRUPO SUPERVIELLE S,A,
INFORMATIVE REVIEW AS OF SEPTEMBER 30, 2019
(IN THOUSANDS OF PESOS)
SHAREHOLDERS´ EQUITY STRUCTURE, RESULTS, FUND GENERATION OR UTILIZATION STRUCTURE, MAIN RATIOS.
The following offers information related to Consolidated Financial Statements, on a comparative basis:
Statement of Financial Position |
| 09/30/2019 |
| 12/31/2018 |
|
Total Assets |
| 159,815,806 |
| 141,115,541 |
|
Total Liabilities |
| 139,688,658 |
| 123,945,364 |
|
Changes in Shareholders’ Equity |
| 20,127,148 |
| 17,170,177 |
|
Total Liabilities plus Changes in Shareholders’ Equity |
| 159,815,806 |
| 141,115,541 |
|
Income Statement |
| 09/30/2019 |
| 09/30/2018 |
|
Net income from interest |
| 4,112,716 |
| 8,439,218 |
|
Net income from commissions |
| 4,497,241 |
| 3,393,536 |
|
Net income before income tax |
| 2,198,211 |
| 2,504,033 |
|
Net income of the period - Earnings |
| 3,256,740 |
| 2,094,673 |
|
Consolidated Cash Flow Statement |
| 09/30/2019 |
| 09/30/2018 |
|
Total operating activities |
| 1,997,829 |
| 18,275,743 |
|
Total investment activities |
| (580,795 | ) | (2,015,032 | ) |
Total financing activities |
| 2,009,450 |
| 9,005,595 |
|
Effect of changes in exchange rate |
| 669,962 |
| 300,944 |
|
Net increase in cash and cash equivalents |
| 4,096,446 |
| 25,567,250 |
|
GRUPO SUPERVIELLE S,A,
INFORMATIVE REVIEW AS OF SEPTEMBER 30, 2019
(IN THOUSANDS OF PESOS)
SHAREHOLDERS´ EQUITY STRUCTURE, RESULTS, FUND GENERATION OR UTILIZATION STRUCTURE, MAIN RATIOS,
The following offers information related to Consolidated Financial Statements, comparative to the previous period:
Indicators (figures in thousands of pesos) |
| 09/30/2019 |
| 12/31/2018 |
|
|
|
|
|
|
|
Liquidity |
| 50.04 | % | 49.50 | % |
- Cash and cash equivalents (*1) |
| 51.073,004 |
| 46,976,558 |
|
- Deposits |
| 102.060.282 |
| 94,906,014 |
|
|
|
|
|
|
|
Solvency |
| 14.41 | % | 13.85 | % |
- Shareholders Equity |
| 20,127,148 |
| 17,170,177 |
|
- Total Liabilities |
| 139,688,658 |
| 123,945,364 |
|
|
|
|
|
|
|
Immobilization of Capital |
| 6.87 | % | 3.88 | % |
-Immobilized Assets (*2) |
| 10,972,954 |
| 5,474,200 |
|
-Total Assets |
| 159,815,806 |
| 141,115,541 |
|
|
|
|
|
|
|
ROE (*3) |
| 20.4 | % | 16.5 | % |
(*1) Including cash, listed corporate and government securities and mutual funds shares,
(*2) Including the following items: Equity Investments, Miscellaneous Receivables, Premises and Equipment, Miscellaneous Assets, Intangible Assets and unallocated items,
(*3) Calculated on a daily basis,
For Statement of Financial Position and Income Statement structure, the Group utilized the consolidated accounts, which follow the presentation of Financial Statement provisions set by Communication “A” 3147 and complementary provisions issued by the Argentine Central Bank related to the Accounting Informative Regime for the annual disclosure and guidelines set by Technical Pronouncement N°8 issued by the Argentine Federation of Economy Sciences Professional Councils and the General Ruling 622/13 issued by the National Securities Commission,
GRUPO SUPERVIELLE S,A,
INFORMATIVE REVIEW AS OF SEPTEMBER 30, 2019
(IN THOUSANDS OF PESOS)
ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
The Argentine Central Bank, through Communication “A” 5541 and its amendments set the Implementation Plan for Convergence towards International Financial Report Standards (IFRS) issued by International Accounting Standards Board (IASB) and interpretations issued by the International Financial Reporting Standards Committee (IFRSC), for entities under its supervision, except for the application of section 5.5, (detriment of value) of IFRS 9 “Financial Instruments” and IAS 29 (which determines the obligatory restatement of financial statements in accordance with the detailed in note 1.2.b), for financial years started on January 1, 2018, Likewise, entities shall prepare their opening Financial Statements as from January 1, 2017 to be used as comparative base of the financial year to start on January 1, 2018, which will be the first Financial Statements submitted under these standards as of March 31, 2018.
In turn, pursuant to Article 2, Chapter I, Section I, of Title IV of the modified text issued by the National Securities Commission, issuing entities, whose main assets are made up by investments in financial entities or insurance companies, are exempted from submitting their Financial Statements under IFRS and may choose their submission in accordance with the provisions issued by the Argentine Central Bank and the National Insurance Superintendence, respectively.
As for the aforementioned requirements, the following is set out:
· Grupo Supervielle S.A.’s corporate purpose is, exclusively, the realization of financial and investment activities;
· the investment in financial entities and in the insurance company accounts for 82,0% of Grupo Supervielle S.A.’s assets, being the main assets of the Group,
· 85,2% of Grupo Supervielle S.A.’s incomes come from its equity investments in financial entities’ and insurance company results,
· Grupo Supervielle S.A. holds 99,90% direct and indirect stock investments in Banco Supervielle S.A. a 99,90% of Cordial Compañía Financiera S.A., and a 100% of Supervielle Seguros S.A., resulting in the Group’s control in those entities,
PERSPECTIVES
For the financial year 2019, Grupo Supervielle expects to keep its contribution to the Argentine economy evolution and growth through its credit origination.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Grupo Supervielle S.A. | |
|
|
|
Date: November 27, 2019 | By: | /s/ Alejandra Naughton |
|
| Name: Alejandra Naughton |
|
| Title: Chief Financial Officer |