Annual Report '05 a N N U a L R E P O R T 2
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ANNUAL REPORT 2005 ANNUAL REPORT ‘05 Mission A Financial Group committed to Mexico, comprising the best human capital and created to efficiently care for and increase the patrimony of our clients and partners Vision To be leaders in mexico’s financial sector with regard to profitable growth, in the benefit of our clients, collaborators and partners Values • Commitment to Mexico • Long-Term Vision • Integral Personnel Development • Integrity • Reliability • Austerity Key Capacities • Operating Efficiency • Slender Structure with Good Communication and Clear Leadership • Transparency and Little Bureaucracy • Result-Driven • Clear Business Approach • Pertinent Risk Selection Index Relevant Figures 02 Corporate Structure 04 Report to Shareholders 05 Audit Committee Report 07 Board of Directors 09 General Directors 09 Directors’ Curricula 10 Results of Grupo Financiero Inbursa 11 Subsidiaries of Grupo Financiero Inbursa 12 Banco Inbursa 12 Seguros Inbursa y Patrimonial Inbursa 16 Pensiones Inbursa 18 Operadora Inbursa de Sociedades de Inversión 20 Inversora Bursátil 22 Fianzas Guardiana Inbursa 22 Pieta (Pietá) 1498 – 1500, Bronze with brown patina Michelangelo Buonarroti Annual Report Grupo Financiero Inbursa RELEVANT FIGURES 02 Relevant Figures Stockholder’s Equity1 Stockholder’s Equity2 (National Banking and Securities (US GAAP B USD) Commission GAAP B Ps) 50.000 50.000 3,600 3,600 8000 8000 800 800 40,892.8 40.000 40.000 40,892.8 3,400 3,400 6000 6000 600 600 637.3 637.3 3,495.0 3,495.0 8,790.0 8,790.0 39,142.1 5,549.6 39,142.1 30.000 30.000 3,200 3,200 4000 4000 5,549.6 400 400 414.9 414.9 3,236.0 32,102.8 3,236.0 32,102.8 20.000 20.000 3,000 3,000 2000 2000 200 200 2,913.4 2,913.4 2004 2004 2004 2004 2004 2004 2004 2004 2005 2005 2005 2005 2005 2005 2005 2005 In May 2005, dividends in the amount of 900 B Ps were paid. In June 2005 the IDEAL spin-off was performed for 8,790 B PS. • Capital GFI • IDEAL spin-off capital Net income1 Net income2 (National Banking and Securities (National Banking and Securities Commission GAAP B Ps) Commission GAAP B Ps) 3,495.0 3,495.0 38.000 38.000 3400 3400 8000 8000 800 800 39,142.1 39,142.1 50.000 50.000 3,600 3,600 8000 8000 800 800 36.000 36.000 3300 3300 6000 6000 600 600 637.3 637.3 40,892.8 40.000 40.000 40,892.8 3,400 3,400 6000 6000 600 600 5,549.6 34.000 3200 4000 5,549.6 400 637.3 34.000 3200 637.3 4000 400 3,495.0 3,495.0 3,236.0 3,236.0 8,790.0 8,790.0 414.9 414.9 39,142.1 39,142.1 5,549.6 30.000 30.000 3,200 3,200 4000 4000 5,549.6 400 400 32.000 32.000 3100 3100 2000 2000 200 200 414.9 414.9 2,913.4 2,913.4 3,236.0 3,236.0 32,102.8 32,102.8 32,102.8 20.000 20.000 3,000 3,000 2000 2000 32,102.8 200 200 2,913.4 2,913.4 2004 2004 2004 2004 2004 2004 2004 2004 2005 2005 2005 2005 2005 2005 2005 2005 2004 2004 2004 2004 2004 2004 2004 2004 2005 2005 2005 2005 2005 2005 2005 2005 1Does not include minority interest 2All amounts presented as figures and under US GAAP refer to non-audited numbers. Infrastructure 2004 2005 Customers 5.8 MM 6.0 MM 1.6 % 1.6 % 3,495.0 3,495.0 38.000 38.000 3400 3400 8000 8000ATM’s 800 611 800 50 582 50 15.0 % 15.0 % 39,142.1 39,142.1 13.7% 13.7% Employees 4,133 4,610 1.2 % 1.2 % 13.2% 13.2% 36.000 36.000 3300 3300 6000 6000 600 600 12.0% 12.0% Sales Points 189 205 10.0 % 10.0 % 637.3 30 637.3 30 27.5 27.50.8 % Sales Force 0.88,805 % 0.8 % 10,022 0.8 % 5,549.6 5,549.6 34.000 34.000 3200 3200 4000 4000 400 0.6 %400 0.6 % 3,236.0 3,236.0 Call Centers (Positions) 482 826 414.9 18.8 18.8 414.9 5.0 % 5.0 % 0.4 % 0.4 % 17.1 17.1 32.000 32.000 3100 3100 2000 2000 200 0.4 % 200 0.4 % 10 10 2,913.4 2,913.4 32,102.8 32,102.8 2003 2003 2003 2003 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 20042005 20042005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 PRLV 65%PRLV 65% PRLV 44%PRLV 44% Immediately Immediately demandable demandable deposits 30 deposits% 30 % 1.6 % 1.6 % 50 50 15.0 % 15.0 % 13.7% 13.7% 1.2 % 1.2 % 13.2% 13.2% Immediately Immediately 12.0% 12.0% demandable demandable 10.0 % 10.0 % deposits 51%deposits 51% 30 30 27.5 27.5 Bank Loans 5% 0.8 % 0.8 % 0.8 % 0.8 % Bank Loans 5% 0.6 % 0.6 % 18.8 18.8 5.0 % 5.0 % 0.4 % 0.4 % 17.1 17.1 0.4 % 0.4 % 10 10 Bank Loans 5%Bank Loans 5% 2003 2003 2003 2003 2004 2004 2004 2004 2005 2005 2005 2005 3800 3800 3,800 3,800 100.0 100.0 100.0 100.0 80,000 80,000 80,000 80,000 5.40 5.40 5.40 5.40 5.39 5.39 PRLV 65%PRLV 65% 3400 3400 3,400 3,400 5.39 5.39 98.0 98.0 98.0 98.0 PRLV 44%PRLV 44% Immediately Immediately 60,000 60,000 60,000 60,000 5.30 5.30 5.30 5.30 demandable demandable deposits 30 deposits% 30 % 3000 3000 3,000 3,000 96.0 96.0 96.0 96.0 3,252,331 3,252,331 62,008.70 3,252,331 3,252,331 62,008.70 62,008.70 40,000 40,000 62,008.70 40,000 40,000 5.20 5.20 5.20 5.20 94.0 94.0 94.0 94.0 2600 2600 2,600 2,600 Immediately Immediately 93.0 93.0 40,148.40 40,148.40 demandable demandable 20,000 20,000 40,148.40 20,000 20,000 40,148.40 5.10 5.10 5.10 5.10 92.2 92.2 30,600.76 30,600.76 30,600.76 30,600.76 92.0 92.0 92.0 92.0 deposits 51%deposits 51% 5.11 5.11 5.11 5.11 2200 2200 2,200 2,200 92.0 92.0 2,510,861 2,510,861 Bank Loans 5%Bank Loans 5% 2,510,861 2,510,861 2,120,961 2,120,961 2,120,961 2,120,961 5.04 5.04 5.04 5.04 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 Bank Loans 5%Bank Loans 5% Transportation 83%Transportation 83% 3800 3800 3,800 3,800 100.0 100.0 100.0 100.0 80,000 80,000 80,000 80,000 5.40 5.40 5.40 5.40 5.39 5.39 3400 3400 3,400 3,400 5.39 5.39 98.0 98.0 Entertainment98.0 2%Entertainment98.0 2% 60,000 60,000 60,000 60,000 5.30 5.30 5.30 5.30 3000 3000 3,000 3,000 96.0 96.0 96.0 96.0 3,252,331 3,252,331 62,008.70 3,252,331 3,252,331 62,008.70 62,008.70 62,008.70 Communications 40,000 40,000 40,000 40,000 5.20 5.20 5.20 5.20 Communications Media 13%Media 13% 94.0 94.0 94.0 94.0 2600 2600 2,600 2,600 93.0 93.0 40,148.40 40,148.40 20,000 20,000 40,148.40 20,000 20,000 40,148.40 5.10 5.10 5.10 5.10 92.2 92.2 30,600.76 30,600.76 30,600.76 30,600.76 92.0 92.0 92.0 92.0 5.11 5.11 5.11 5.11 2200 2200 2,200 2,200 92.0 92.0 2,510,861 2,510,861 2,510,861 2,510,861 Others 2%Others 2% 2,120,961 2,120,961 2,120,961 2,120,961 5.04 5.04 5.04 5.04 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2003 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 Accident Accident and Health 14 and% Health 14 % Life 35 Life% 35 % Transportation 83%Transportation 83% Entertainment 2%Entertainment 2% Automobiles 23%Automobiles 23% Communications Communications Media 13%Media 13% Property Property and Casualty 28%and Casualty 28% Others 2%Others 2% 9800 9800 9600 9600 Accident Accident 9400 9400 and Health 14 and% Health 14 % 9200 9200 9,279.2 9000 9000 9,279.2 Life 35 Life% 35 % 8800 8800 8600 8600 8400 8400 8,478.1 8200 8200 8,478.1 Automobiles 23%Automobiles 23% 2004 2004 Property Property 2005 2005 and Casualty 28%and Casualty 28% Government Entities Government Entities Government Entities Government Entities Bond T.