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S.A.C.I. Falabella and Subsidiaries Consolidated Financial Statements

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S.A.C.I. Falabella and Subsidiaries Consolidated Financial Statements S.A.C.I. Falabella and Subsidiaries Consolidated Financial Statements December 31, 2018 ThCh$ - Thousands of Chilean pesos Contents Page Consolidated Statement of Financial Position 4 Consolidated Statement of Comprehensive Income by Function 6 Consolidated Statement of Comprehensive Income 7 Consolidated Statement of Changes in Equity 8 Consolidated Statement of Cash Flows (Direct Method) 9 Note 1 - Company Information 11 Note 2 - Summary of Significant Accounting Policies 12 Note 3 - Cash and Cash Equivalents 40 Note 4 – Other Current and Non-Current Financial Assets 42 Note 5 – Other Current and Non-Current Non-Financial Assets 43 Note 6 - Trade and Other Accounts Receivable 44 Note 7 - Related Company Receivables and Payables 58 Note 8 - Inventory 62 Note 9 - Current Tax Assets and Liabilities 63 Note 10 - Current and Deferred Income Tax 64 Note 11 - Investments in Associates 68 Note 12 - Intangible Assets other than Goodwill 70 Note 13 - Goodwill 74 Note 14 - Property, Plant and Equipment 76 Note 15 - Investment Property 84 Note 16 - Investment Instruments held for Sale 86 Note 17 - Other Banking Business Assets 86 Note 18 - Other Current and Non-Current Financial Liabilities 87 Note 19 - Current and Non-Current Trade and Other Payables 105 Note 20 - Current and Non-Current Provisions 107 Note 21 - Current and Non-Current Employee Benefit Provisions 110 Note 22 - Other Current and Non-Current Non-Financial Liabilities 114 Note 23 - Deposits and Other Time Deposits - Banking Business 114 Note 24 - Obligations with Banks - Banking Business 115 Note 25 - Debt Instruments and Other Financial Obligations - Banking Business 117 Note 26 - Other Liabilities - Banking Business 118 Note 27 - Operating Revenue 119 Note 28 - Cost of Continuing Operations 120 Note 29 - Administrative Expenses 121 Note 30 - Financing Costs and Income from Indexation Units 121 Note 31 - Other Income (Losses) 122 Note 32 - Earnings per Share 122 Note 33 - Financial Instruments and Risk Management 123 Note 34 - Share Capital 138 Note 35 - Financial Information by Segment 142 Note 36 - Contingencies, Lawsuits and Other Legal Issues 148 Note 37 - Guarantees for and Obtained from Third Parties 149 Note 38 - Environment 150 Note 39 - Main Financial Covenants 157 Note 40 - Business Combinations 169 Note 41 - Subsequent Events 170 Consolidated Statement of Financial Position (Translation of consolidated financial statements originally issued in Spanish – see Note 2.1) As of December 31, 2018 and December 31, 2017. Dec-31-18 Dec-31-17 Note ThCh$ ThCh$ Assets Non-Banking Businesses (Presentation) Current assets Cash and cash equivalents 3 352,100,505 232,027,185 Other financial assets, current 4 25,831,939 16,161,447 Other non-financial assets, current 5 127,043,970 109,045,269 Trade and other receiv ables, current 6 2,049,771,504 1,965,407,382 Related company receivables, current 7 60,013,844 8,568,867 Inv entories 8 1,410,494,616 1,238,138,783 Tax assets, current 9 88,499,062 76,587,049 Total current assets other than assets or disposal groups classified as held for sale or held for distribution 4,113,755,440 3,645,935,982 to the owners Non-current assets or disposal groups classified as held-for-sale or held-for-distribution to the ow ners 2.16 17,371,457 10,866,456 17,371,457 10,866,456 Non-current assets or disposal groups classified as held-for-sale or held-for-distribution to the owners Total current assets 4,131,126,897 3,656,802,438 Non-current assets Other financial assets. non-current 4 105,525,159 65,197,065 Other non-financial assets, non-current 5 95,232,966 74,750,007 Trade and other receiv ables, non-current 6 298,849,318 275,089,053 Inv estments accounted for using the equity method 11 135,735,296 138,296,518 Intangible assets other than goodw ill 12 303,352,066 279,330,294 Goodw ill 13 632,457,101 504,394,517 Property , plant and equipment 14 2,725,671,484 2,544,923,700 Inv estment properties 15 2,972,046,449 2,908,777,208 Tax assets, non-current 9 16,341,601 - Deferred tax assets 10 190,054,669 148,118,365 Total non-current assets 7,475,266,109 6,938,876,727 Total assets - non-banking businesses 11,606,393,006 10,595,679,165 Assets Banking Businesses (Presentation) Cash and bank deposits 3 275,984,373 225,800,376 Transactions pending settlement. 3 57,290,605 21,370,300 Instruments held for trading 3 148,258,611 71,182,626 Financial derivative contracts 88,101,263 26,600,918 Customer loans and receivables 6 2,823,447,682 2,590,709,808 Inv estment instruments held for sale 16 658,887,042 657,507,389 Inv estments in companies 11 3,179,466 2,861,251 Intangible assets 12 68,260,141 60,658,539 Property , plant and equipment 14 41,050,857 33,933,667 Current tax liabilities 9 5,214,005 7,766,383 Deferred tax liabilities 10 24,924,698 16,036,209 Other assets 17 77,745,688 30,501,854 Total assets - banking businesses 4,272,344,431 3,744,929,320 Total assets 15,878,737,437 14,340,608,485 The accompanying notes 1 to 41 form an integral part of these consolidated financial statements. 4 Consolidated Statement of Financial Position (Translation of consolidated financial statements originally issued in Spanish – see Note 2.1) As of December 31, 2018 and December 31, 2017. Dec-31-18 Dec-31-17 Note ThCh$ ThCh$ Net Liabilities and Shareholders' Equity Non-Banking Businesses (Presentation) Current liabilities Other financial liabilities, current 18 990,064,907 834,648,234 Trade and other pay ables, current 19 1,129,345,048 1,085,467,329 Related company payables, current 7 15,308,531 7,636,329 Other prov isions, current 20 54,553,693 14,296,634 Tax liabilities, current 9 33,639,010 37,030,912 Employ ee benefit provisions, current 21 146,754,253 138,464,318 Other non-financial liabilities, current 22 162,987,699 162,716,905 Total current liabilities 2,532,653,141 2,280,260,661 Non-current liabilities Other financial liabilities, non-current 18 2,806,585,586 3,006,175,090 Trade and other pay ables, non-current 19 1,089,919 1,081,931 Other prov isions, non-current 20 9,324,355 11,045,759 Deferred tax liabilities 10 591,757,849 568,622,314 Employ ee benefit provisions, non-current 21 45,630,958 32,997,676 Other non-financial liabilities, non-current 22 55,124,675 45,681,427 Total non-current liabilities 3,509,513,342 3,665,604,197 Total liabilities - non-banking businesses 6,042,166,483 5,945,864,858 Banking Business Liabilities (Presentation) Deposits and other demand obligations 639,081,704 543,154,221 Transactions pending settlement. 3 46,413,806 15,139,196 Deposits and other time deposits. 23 2,538,382,394 1,987,726,066 Financial derivative contracts 87,064,300 31,181,315 Bank borrow ings 24 78,714,860 81,391,043 Debt instruments issued 25 268,117,240 242,256,771 Other financial obligations 25 112,289,216 130,641,388 Current tax es 9 91,904 - Prov isions 20 11,609,125 1,669,445 Other liabilities 26 67,449,182 68,126,678 Total liabilities - banking businesses 3,849,213,731 3,101,286,123 Total liabilities 9,891,380,214 9,047,150,981 Net Equity Share capital 34 919,419,389 533,409,643 Retained earnings 4,421,138,544 4,183,008,108 Share premium 34 93,482,329 93,482,329 Treasury shares (44,808,966) (27,042,749) Other reserv es 34 (321,368,626) (383,842,804) Equity attributable to owners of the parent company 5,067,862,670 4,399,014,527 Non-controlling interests 919,494,553 894,442,977 Total shareholder’s equity 5,987,357,223 5,293,457,504 Total liabilities and shareholders' equity 15,878,737,437 14,340,608,485 The accompanying notes 1 to 41 form an integral part of these consolidated financial statements. 5 Consolidated Statement of Comprehensive Income by Function (Translation of consolidated financial statements originally issued in Spanish – see Note 2.1) For the years ended December 31, 2018 and December 31, 2017. Jan 01-18 Jan 01-17 Note Dec-31-18 Dec-31-17 ThCh$ ThCh$ Income Statement Non-Banking Businesses (Presentation) Operating rev enue 27 8,483,577,333 8,209,851,510 Cost of sales 28 (5,508,545,374) (5,296,642,965) Gross margin 2,975,031,959 2,913,208,545 Distribution costs (115,829,431) (96,735,311) Administrativ e expenses 29 (1,946,931,176) (1,847,408,431) Other ex penses, by function (142,404,860) (149,314,641) Other income (losses) 31 24,079,804 3,289,726 Financial income 37,280,766 15,113,935 Financial costs 30 (181,505,280) (195,372,181) Share of net income (losses) of equity method associates and joint v entures 11 7,092,186 15,279,304 Ex change differences (15,793,359) (466,040) Income from index ation units 30 (22,494,868) (17,264,195) Net income before tax 618,525,741 640,330,711 Income tax expense 10 (152,653,830) (159,920,613) Net income from non-banking businesses 465,871,911 480,410,098 Banking Businesses (Presentation) Interest and index ation income. 27 598,968,122 580,503,510 Interest and index ation expense 28 (123,592,686) (131,789,244) Net interest and indexation income 475,375,436 448,714,266 Commission income 27 151,585,276 144,686,063 Commission expense 28 (46,909,811) (40,914,588) Net commission income 104,675,465 103,771,475 Net income (loss) on financial transactions 20,658,479 5,013,585 Net income (loss) on currency exchange (8,982,788) 5,549,303 Other operating income 2,128,723 1,377,030 Credit risk allow ances 28 (177,873,734) (178,991,294) Total net operating income 415,981,581 385,434,365 Staff remuneration and ex penses 29 (110,207,176) (100,447,175) Administrativ e expenses 29 (154,941,600) (138,010,605) Depreciation and amortization 29 (21,175,299) (19,762,997) Other operating ex penses 29 (20,509,182) (17,374,480)
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