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Memoria a N U a L 2013 a N N U a L R E P O MEMORIA ANUAL 2013 ANNUAL REPORT MEMORIA ANUAL 2013 Annual Report 2013 OUR MISSION IS TO PROVIDE EXCELLENT ADVISORY, FINANCIAL INTERMEDIATION AND ASSET MANAGEMENT SERVICES FOR PRIVATE, CORPORATE AND INSTITUTIONAL CLIENTS NUESTRA MISIÓN ES PROVEER UN SERVICIO DE EXCELENCIA EN LA ENTREGA DE ASESORÍA, INTERMEDIACIÓN FINANCIERA Y ADMINISTRACIÓN DE FONDOS PARA CLIENTES PARTICULARES, EMPRESAS E INSTITUCIONES 01NUESTRA EMPRESA Our Company Págs. 6 - 27 Valores y Principios / Values and Principles Historia / History Premios / Awards Nuestros Resultados / Our Performance Datos y Cifras / Facts and Figures Presencia Internacional / International Presence Principales Ejecutivos / Main Executives Seminarios y Eventos / Seminars and Events Proyectos Sociales / Social Projects 02ÁREAS DE 03ESTADOS NEGOCIO FINANCIEROS Business Divisions Financial Statements Págs. 28 - 59 Págs. 60 - 81 Finanzas Corporativas / Corporate Finance Principales Transacciones / Main Transactions Mercado de Capitales / Capital Markets Departamento de Estudios / Research Department Gestión Global / Wealth Management Red de Asesores Financieros / Network of Financial Advisors LarrainVial Asset Management / Asset Management Activa / Private Equity Corredora de Bolsa de Productos / Commodity Exchange Brokerage LVA Índices/ Index and Pricing Provider Tecnología / Technology Administración de Riesgo / Risk Management 01 NUESTRA EMPRESA Our Company 8 Memoria Anual · Annual Report LV 2013 1 Nuestra Empresa - Our Company VALORES Y PRINCIPIOS VALUES AND PRINCIPLES 01 02 03 Conocemos a nuestros La honestidad está en Nuestro trabajo debe ser clientes. el corazón de nuestro profesional y de calidad. We know our clients. negocio. Our work must be professional Honesty is at the heart of our and of quality. business. 04 05 06 Trabajamos para el El trabajo en equipo es la Cuidamos nuestra interés de los clientes. clave de nuestro éxito. reputación, que es el We work for the clients’ interests. Teamwork is the key to our principal capital de success. LarrainVial. We take care of our reputation, which is the primary capital of LarrainVial. 9 Memoria Anual · Annual Report LV 2013 07 09 No existen clientes pequeños. Queremos contratar a los mejores Tratamos a todos con la en cada ámbito profesional, misma cortesía, dedicación y seleccionando a cada persona profesionalismo. en forma individual y conforme There are no small clients. We treat everyone a sus méritos, sin discriminar por with the same courtesy, dedication, and creencias, sexo o edad. professionalism. We want to hire the best in every professional environment, selecting each person individually and in accordance with their merits, without discrimination due to beliefs, sex or age. 08 10 Nuestro negocio es muy dinámico y Ofrecemos a todos los que trabajan en competitivo. Debemos procurar ser la empresa la posibilidad de crecer y competidores ágiles y leales, y nunca desarrollarse en el plano profesional y hablar mal de la competencia. humano. Our business is very dynamic and competitive. We offer everyone who works at the company We must strive to be competitive, agile the possibility of growing and developing in the and loyal, and never speak badly of the professional and human plan. competition. 10 Memoria Anual · Annual Report LV 2013 1 Nuestra Empresa - Our Company NUESTRA HISTORIA OUR HISTORY 1934 2000 2006 Fundada por los hermanos Fernando Nace Global Trust, primera iniciativa In 2003, the Third-Party Product Se inician operaciones en Colombia la cual los clientes pueden acceder y Leonidas Larraín Vial, para la del mercado nacional en la Bolsa Distribution Desk (DP3) was created, a través de la distribución de fondos desde Chile a las bolsas de Brasil década de los ‘50 LarrainVial ya Off-Shore. representing and distributing funds internacionales de terceros a clientes y Estados Unidos, sin necesidad de era una de las corredoras más of prestigious international fund institucionales. Además, en Perú comunicación verbal. importantes de Chile. En 2001 se creó la Administradora de managers. It also opened an office LarrainVial incursionó en el negocio Fondos de Inversión, la primera mesa in Chillán. de la estructuración de fondos a En 1989 realizó la primera apertura de dólar formal de una empresa no través de la creación de LarrainVial Branches were opened in Viña del en bolsa de una empresa no estatal, bancaria y se abrieron sucursales en In 2004 LarrainVial began operations Sociedad Administradora de Fondos la eléctrica Pilmaiquén. Asimismo, Valparaíso y Concepción. in Peru. In Chile, it created the Asset Mar and Antofagasta. The family de Inversión (SAFI). En Chile, se office area was created, dedicated to lideró la colocación de un bono de Management and Corporate Risk inaugura una sucursal en Valdivia. Endesa por USD 110 millones. En 2002 LarrainVial se transformó en Management divisions. the management of family fortunes. el primer market maker de la bolsa Este mismo año se crea formalmente In 2007, the Capital Markets division A comienzos de los ‘90 se creó local y se estructuraron los primeros el área de Mercado de Capitales. launched an electronic trading formalmente el Departamento Efectos de Comercio. platform whereby customers could de Estudios y el área de Finanzas access Brazilian and U.S. securities Corporativas. En este período En 2003 se formó la Mesa de Operations began in Colombia exchanges from Chile, without any LarrainVial protagonizó una ola de Distribución de Productos para through the distribution of need for oral communications. aperturas en bolsa, entre las que Terceros (DP3), que representa y international third-party funds destacan Falabella, D&S y Santander distribuye fondos de prestigiosas to institutional clients. Also, in Chile Holding. administradoras internacionales, y se Peru LarrainVial entered the fund inauguró una sucursal en Chillán. 2005 structuring business by creating LarrainVial Sociedad Administradora En 2004 LarrainVial inició Se crea Gestión Global, área enfocada de Fondos de Inversión (SAFI). In Founded by brothers Fernando and operaciones en Perú y formó la a los clientes de alto patrimonio y Chile, the firm opened a branch in Leonidas Larraín Vial, by the 1950s Administradora General de Fondos LVA Índices, empresa dedicada a la Valdivia. That same year, the Capital LarrainVial was already one of Chile’s en Chile. construcción de indicadores en el Markets area was officially created. most important brokerage houses. mercado latinoamericano. Además, In 1989, it conducted the first IPO se concreta la apertura de la cuarta 2008 for a private company, electric utility Global Trust was born, the first local sucursal fuera de Santiago, en Puerto Pilmaiquén. It also led the placement initiative in the Off-Shore Stock Montt. Market. LarrainVial termina el año como of a USD 110-million Endesa bond. la principal corredora del país en In 2001, the Investment Funds transacciones en renta variable y In the early 1990s, the Research This year saw the creation of Gestión and Corporate Finance departments Manager was created, oriented to 2007 bonos corporativos en la Bolsa de institutional investors. LarrainVial Global, a wealth management Comercio de Santiago. were officially created. This period division focused on high net-worth also launched the first official dollar Se abren sucursales en Viña witnessed an impressive wave of clients, and LVA Índices, a company desk at a nonbanking company and del Mar y Antofagasta. Además, IPOs by LarrainVial, including most dedicated to building indexes for opened branches in Valparaíso and se crea el área de family office, notably Falabella, D&S and Santander the LatAm market. Larrain Vial also LarrainVial closed the year as Concepción. dedicada a la administración de Chile Holding. opened its third branch outside the country’s number one broker patrimonios familiares. En 2007 In 2002, the first Commercial Papers Santiago, in Puerto Montt. in equities and corporate bond el área de Mercado de Capitales were structured and LarrainVial transactions in the Santiago Stock pone en marcha una plataforma became the first market maker in the Exchange. transaccional electrónica a través de local securities exchange. 11 Memoria Anual · Annual Report LV 2013 2009 2011 2012 Por segundo año consecutivo En enero LarrainVial estructuró LarrainVial concretó una de las LarrainVial Corredora de Bolsa la mayor operación financiera en mayores operaciones de M&A 2013 cerró el año como la número uno cuanto a levantamiento de capital realizadas desde Chile hacia en transacciones en renta variable entre terceros, al vender el 40% de mercados desarrollados: la compra y bonos corporativos en la Bolsa de E-CL en manos de Codelco en USD del 100% de Repsol Chile en manos Comercio de Santiago. Durante 2009 1.038 millones. Además, LarrainVial de Repsol España por USD 540 LarrainVial Administradora General Corredora de Bolsa fue número millones. de Fondos S.A. se fusionó con uno en transacciones de acciones Consorcio Administradora General en cada mes del año en la Bolsa de En noviembre LarrainVial consolidó de Fondos S.A., convirtiéndose en el Comercio. su presencia regional con la autorización para una corredora de Tras obtener autorización a fines cuarto actor de la industria y primero del año anterior, LarrainVial no bancario. En Perú, LarrainVial comenzó a bolsa en Colombia y estructuró el operar como corredor en la Bolsa mayor fondo inmobiliario en Perú: Comisionista de Bolsa debuta en el de Valores de Lima bajo el nombre Fibra II, por USD 162 millones. mercado de Colombia
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