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MSF Semi Annual Report 2013

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MSF Semi Annual Report 2013 13 20 REPORT Avenida Andrés Bello Nº 1. Edificio Mercantil SEMI-ANNUAL Caracas 1050, Venezuela. Phone: (58-212) 503.1111 SEMI-ANNUAL REPORT 2013 The people at Mercantil Our most valuable asset One of Mercantil's principles and values is "to have the best and most capable group of human resources.” Because this value is always present in the corporation we can never forget that human capital is undoubtedly Mercantil's most valuable asset. The people at Mercantil act and are guided by ethical values and principles, honesty, solidarity and respect. The people at Mercantil have expertise, dedication, commitment and competitive spirit, and are on a career path in the organization. Company training programs and personal and individual effort ensure that with every passing day our people become more professional at their jobs. The people at Mercantil stay up to date with the state of the art in technology so they can give their more than 5 million customers in Venezuela, the United States, Panama, Switzerland and Curaçao the service they expect according to their needs and the segment they belong to. The people at Mercantil work as part of a team and focus permanently on understanding their customers and giving them an efficient and reliable service, be it personalized or through electronic channels. The people at Mercantil constantly strive to correct any shortcomings and use every opportunity to improve their performance and provide an even better service. The people at Mercantil combine the dynamism of young professionals with the expertise and example that comes with seniority and experience. The people at Mercantil feel that it is not enough just to do an excellent job but to do it with solidarity wherever in the world they are and always to be prepared to give their support and lend a hand to community causes and institutions. The people at Mercantil and their families are our priority. This is why we have and we develop plans, benefits and activities for their collective wellbeing. It is a privilege for Mercantil to be able to count on their human capital and we are pleased that the corporation's pride is shared by the people at Mercantil, over 90% of whom, according to the latest organizational climate survey, consider that “Mercantil is a great place to work”. In this semi-annual report 2013, Mercantil Servicios Financieros recognizes the work, effort, dedication and results of the more than 9,000 men and women who are part of the Mercantil family in the various locations we are present. People with seniority, experience and example Mercantil values the experience its people acquire over the years and the fact that their careers in the different companies not only give them skills and technical knowledge but also the opportunity to develop as professionals and individuals. The quality of service that distinguishes Mercantil's companies, and the principles and values practiced by our people, give everyone at Mercantil reason to be proud to belong to the Mercantil family. Ángeles Lozano 47 years of service Luis Amundaraín 47 years of service Omar Pérez 46 years of service SEMI-ANNUAL REPORT 2013 CONTENTS Introduction 5 Mercantil’s Stock Performance 6 Financial Highligths 7 Board of Directors and Administration 8 Notice of Ordinary General Shareholders’ Meeting 9 Board of Directors’ Report 11 Statutory Auditors’ Report 21 Financial Statements 23 Economic Climate 29 Management Discussion and Analysis 35 Performance of Subsidiaries 49 Management 57 Subsidiaries and Corporate Contacs 64 Acknowledgements 67 Proactive and committed people all over Venezuela Mercantil Banco Universal has 269 branches nationwide, staffed by people who are willing and committed to offer customers the best banking services, alternatives and financial solutions available. They are people with expertise and professionalism whose mission is to do their job better each day. “We are a successful and solid institution with a longstanding presence in the market. We value our human resources, which has earned us an outstanding reputation. From the professional point of view, for me Mercantil equates to knowledge, commitment and learning. From a personal standpoint it ratifies the values and principles I learned at home.” Judith Medina (Operational Services Manager) 28 years of service “I am embarked on a career with Mercantil that began in 1968 when my father joined the bank. Mercantil has taught me that hard work by a well-focused team is a guarantee of success. No matter how great the challenge, if we trust in ourselves and strive to do our best, we will meet the goal set us.” Francisco Guzmán (Office Manager) 18 years of service Mercantil Servicios Financieros is Venezuela’s leading financial services provider with an equity base of Bs 19,679 million (US$ 3,132 million). It operates in 9 countries in the Americas and Europe. Its shares are listed on the Caracas Stock Exchange (MVZ.A and MVZ.B) and it maintains a Level 1 ADR program (MSFZY and MSFJY) in the over-the-counter (OTC) market in the United States of America. The mission of Mercantil Servicios Financieros (Mercantil) is to "fulfill the needs of the individuals and communities where Mercantil has presence by providing excellent financial products and services in various market segments, enhancing shareholder’s value by efficiently using our available resources." Mercantil Banco Universal, founded 88 years ago (1925), is Mercantil’s main subsidiary in Venezuela. At June 30, 2013, it has a national network of 269 branches; one agency in Coral Gables, Florida, USA; a branch in Curaçao and representative offices in Bogota, Lima, Mexico City, Sao Paulo and New York; Mercantil Commercebank, N.A. in the USA which has 15 offices in Florida, a branch in New York, and three in Houston; Mercantil Bank (Schweiz) AG in Switzerland; Mercantil Bank Curaçao N.V. in Curaçao, Mercantil Bank (Panamá) in Panama; Mercantil Bank and Trust, Limited (Cayman) in the Cayman Islands; and in Venezuela, Mercantil Merinvest, C.A., Mercantil Seguros with 34 offices serving the public, and Mercantil Inversiones y Valores, a holding for other minority investments. Since its foundation, Mercantil has played an active role in the development of the different markets where it operates, by financing trade, agriculture and industry. It consistently demonstrates its social commitment by helping different sectors of the community in Venezuela through Fundación Mercantil; and in South Florida, USA, through its subsidiary Mercantil Commercebank, N.A. 5 Mercantil Mercantil’s Stock Performance "Caracas Stock Exchange: MVZ A & MVZ B June 30 June 30 December 31 June 30 December 31 June 30 Level 1 ADR: MSFZY y MSFJY" 2013 2013 2012 2012 2011 2011 Semester ended US$(3) bolivars bolivars bolivars bolivars bolivars Earnings per share (1) 5.88 35.01 25.15 16.82 16.94 7.95 Closing Price Class A share 57.29 360.00 140.00 80.25 38.10 33.60 Class B share 57.29 360.00 135.00 80.00 38.20 33.72 Market price/ Earnings per share (1) Class A share 10.3 5.6 4.8 2.2 4.2 Class B share 10.3 5.4 4.8 2.3 4.2 Book value per share (2) 30.64 192.53 147.49 120.05 107.38 89.35 Market price / book value (2) Class A share 1.9 0.9 0.7 0.4 0.4 Class B share 1.9 0.9 0.7 0.4 0.4 Number of outstanding shares Class A share 59,401.343 59,401,343 59,401,343 59,405,780 59,450,035 Class B share 42,813.618 42,813,618 42,813,618 42,818,328 42,830,470 Daily average traded volume (Shares) Class A share 2,403 20,989 5,410 13,355 5,098 Class B share 4,088 8,016 1,705 5,513 2,952 Paid dividends In stock (new shares for each share held) - - - - - In cash (Bs per share) 0.88 5.50 0.50 3.50 0.32 2.68 Cash dividends for the period / Market price (%) Class A share 1.4 0.4 4.4 0.8 8.0 Class B share 1.4 0.4 4.4 0.8 7.9 (1) Calculated based on weighted average shares issued minus repurchased shares, adjusted for stock dividends. (2) Calculated based on outstanding average shares issued minus repurchased shares, adjusted for stock dividends. (3) Dollar figures are given for reference purposes only; the information is converted at the controlled exchange rate at the end of the period (Bs 6.2843/US$), except for earnings per share which are converted at the average exchange rate (Bs 5.9517/US$). Exchange control has been in place in Venezuela since February 2003. Market Quote for Mercantil Class A and B Shares vs. Caracas Stock Exchange (CSE) Index 360 340 MVZ.A Adjusted IBVC 320 MVZ.B 300 280 260 240 220 200 180 160 140 120 100 80 60 40 20 (1) 0 dec-11 dec-11 jun-11 jun-11 dic-12 dec-10 jun-12 jun-13 jun-06 jun-07 jun-08 jun-09 jun-10 jun-00 jun-01 jun-02 jun-03 jun-04 jun-05 sep-11 sep-11 sep-12 sep-06 sep-07 sep-08 sep-09 sep-10 sep-00 sep-01 sep-02 sep-03 sep-04 dec-06 dec-07 dec-08 dec-09 dec-99 dec-00 dec-01 dec-02 dec-03 dec-04 sep-05 mar-11 mar-11 dec-05 mar-12 mar-13 mar-06 mar-07 mar-08 mar-09 mar-10 mar-00 mar-01 mar-02 mar-03 mar-04 mar-05 (1) No significant stock exchange activities at this time.
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