Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:
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):
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):
The
accompanying notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statements.
The accompanying notes and schedules are an integral
part of the Consolidated Condensed Interim Financial Statements.
The accompanying
notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statements.
The accompanying
notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statements.
The accompanying notes and schedules are
an integral part of the Consolidated Condensed Interim Financial Statements.
The accompanying notes and schedules are
an integral part of the Consolidated Condensed Interim Financial Statements.
GRUPO SUPERVIELLE
S.A.
CONSOLIDATED CONDENSED
INTERIM STATEMENT OF CASH FLOWS
For the
six-month period ended on June, 30 2020 and 2019
(Expressed
in thousands of pesos in homogeneous currency)
|
|
|
06/30/2020
|
|
|
06/30/2019
|
|
|
CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the period before Income Tax
|
|
|
2,023,697
|
|
|
|
(39,941
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to obtain flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and impairment of non-financial assets
|
|
|
(969,032
|
)
|
|
|
889,019
|
|
|
Loan loss provisions
|
|
|
3,931,578
|
|
|
|
4,826,839
|
|
|
Other adjustments
|
|
|
|
|
|
|
|
|
|
-
Exchange rate difference on gold and foreign currency
|
|
|
(398,093
|
)
|
|
|
115,412
|
|
|
- Interests from loans and other financing
|
|
|
(26,528,693
|
)
|
|
|
(25,466,792
|
)
|
|
- Interests from deposits and financing
|
|
|
11,018,334
|
|
|
|
21,451,228
|
|
|
-
Net income from financial instruments at fair value through profit or loss
|
|
|
(975,142
|
)
|
|
|
(14,598,027
|
)
|
|
-
Result from assets withdrawals rated at amortized cost
|
|
|
2,178,233
|
|
|
|
-
|
|
|
-
Result from exposure to changes in the purchasing power of the currency
|
|
|
(776,725
|
)
|
|
|
3,358,916
|
|
|
-
Interest on liabilities for financial leases
|
|
|
82,350
|
|
|
|
130,447
|
|
|
-
Allowances reversed
|
|
|
(277,082
|
)
|
|
|
(268,773
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(Increases) / decreases from operating assets:
|
|
|
|
|
|
|
|
|
|
Debt securities at fair value through profit or loss
|
|
|
(2,276,053
|
)
|
|
|
17,133,369
|
|
|
Derivatives
|
|
|
226,602
|
|
|
|
(110,150
|
)
|
|
Repo transactions
|
|
|
(4,633,359
|
)
|
|
|
(50,912
|
)
|
|
Loans and other financing
|
|
|
|
|
|
|
|
|
|
To the non-financial public sector
|
|
|
(167,746
|
)
|
|
|
12,391
|
|
|
To the other financial entities
|
|
|
(224,903
|
)
|
|
|
(238,108
|
)
|
|
To the non-financial sector and foreign residents
|
|
|
27,625,817
|
|
|
|
43,926,425
|
|
|
Other debt securities
|
|
|
(52,327,903
|
)
|
|
|
3,009,571
|
|
|
Financial assets in guarantee
|
|
|
1,306,764
|
|
|
|
(2,411,249
|
)
|
|
Investments in equity instruments
|
|
|
(27,442
|
)
|
|
|
5,158
|
|
|
Other assets
|
|
|
1,575,277
|
|
|
|
(3,068,339
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Increases / (decreases) from operating liabilities:
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Non-financial public sector
|
|
|
(1,082,007
|
)
|
|
|
(5,045,707
|
)
|
|
Financial sector
|
|
|
(13,261
|
)
|
|
|
(6,173
|
)
|
|
Private non-financial sector and foreign residents
|
|
|
47,747,160
|
|
|
|
(21,440,271
|
)
|
|
Liabilities at fair value through profit or loss
|
|
|
(102,280
|
)
|
|
|
2,064,561
|
|
|
Derivatives
|
|
|
-
|
|
|
|
(164,647
|
)
|
|
Repo operations
|
|
|
280,858
|
|
|
|
616,435
|
|
|
Other liabilities
|
|
|
666,771
|
|
|
|
2,589,502
|
|
|
Income Tax paid
|
|
|
(739,219
|
)
|
|
|
(488,568
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total operating activities (A)
|
|
|
7,144,501
|
|
|
|
26,731,616
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOW FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments:
|
|
|
|
|
|
|
|
|
|
Purchase of PPE, intangible assets and other assets
|
|
|
(529,445
|
)
|
|
|
(598,991
|
)
|
|
Purchase of investments in subsidiaries
|
|
|
-
|
|
|
|
(229,479
|
)
|
The accompanying notes and schedules are
an integral part of the Consolidated Condensed Interim Financial Statements.
GRUPO SUPERVIELLE
S.A.
CONSOLIDATED STATEMENT
OF CASH FLOWS
For the
six-month period ended on June, 31 2020 and 2019
(Expressed
in thousands of pesos in homogeneous currency)
|
|
|
06/30/2020
|
|
|
06/30/2019
|
|
|
CASH FLOW FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collections:
|
|
|
|
|
|
|
|
|
|
Purchase of PPE, intangible assets and other
assets
|
|
|
22,576
|
|
|
|
93,848
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investing activities (B)
|
|
|
(506,869
|
)
|
|
|
(734,622
|
)
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments:
|
|
|
|
|
|
|
|
|
|
Changes in the ownership of subsidiaries that do not
result in loss of control
|
|
|
-
|
|
|
|
647
|
|
|
Interest on finance lease liabilities
|
|
|
(705,692
|
)
|
|
|
(355,890
|
)
|
|
Financing received from Argentine Financial Institutions
|
|
|
(22,013,806
|
)
|
|
|
(14,841,328
|
)
|
|
Unsubordinated negotiable obligations
|
|
|
(3,526,730
|
)
|
|
|
(3,047,005
|
)
|
|
Subordinated negotiable obligations
|
|
|
(45,029
|
)
|
|
|
(200,262
|
)
|
|
Dividends paid
|
|
|
(433,525
|
)
|
|
|
(444,317
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Collections:
|
|
|
|
|
|
|
|
|
|
Financing received from Argentine Financial Institutions
|
|
|
19,766,915
|
|
|
|
7,464,280
|
|
|
Unsubordinated negotiable obligations
|
|
|
2,365,871
|
|
|
|
3,380,183
|
|
|
Subordinated negotiable obligations
|
|
|
83,060
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Financing activities (C)
|
|
|
(4,508,936
|
)
|
|
|
(8,043,692
|
)
|
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF CHANGES IN THE EXCHANGE RATE (D)
|
|
|
6,229,029
|
|
|
|
27,453,628
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D)
|
|
|
8,357,725
|
|
|
|
45,406,930
|
|
|
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR (NOTE
1.8)
|
|
|
31,797,894
|
|
|
|
82,088,435
|
|
|
Result from exposure to changes in the purchasing power of
the currency of cash and equivalents
|
|
|
(4,739,374
|
)
|
|
|
(30,272,149
|
)
|
|
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (NOTE
1.8)
|
|
|
35,416,245
|
|
|
|
97,223,216
|
|
(*) In the items “Loans and other
financing - non-financial sector and foreign residents”and “Other Assets”, “Purchase of PPE,intangible
asstes and other assets” and “Other liabilities” and “Purchase of PPE,intangible asstes and other assets”
and “Other assets” 914,118, 509,124 and 621,021 corresponding to non-monetary transactions were eliminated.
The accompanying
notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statements.
GRUPO SUPERVIELLE
S.A.
(Expressed in thousands
of pesos in homogeneous currency)
|
|
1.
|
BASIS
OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES OF THE UNAUDITED CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
|
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
consolidated 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., Supervielle Productores Asesores de Seguros S.A., Bolsillo Digital S.A.U. and Futuros
del Sur S.A.
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 August 20,
2020.
These condensed interim financial statements
have been prepared pursuant to: (i) provisions set by Intenational Accounting Standards N° 34, “Interim Financial Information”
(IAS 34) and (ii) the accouting information framework set by the Argentine Central Bank which is based on International Financial
Reporting Standards (IFRS) issued by the International Accounting Standards Board and interpretations issued by the International
Financial Reporting Standards Interpretation Committee with the following exceptions:
(i) Temporary
exception of IFRS 9 “Financial Instruments” application over debt instruments of the non-financial public sector,
(ii) Temporary
exception of the application of Section 5.5 (Value Impairment) for Group B entities, a category that includes Cordial Compañia
Financiera S.A.. Therefore, provisions of the aforementioned entity are held under minimum provisions standards set by the Argentine
Central Bank.
Pursuant to IAS 34, interim financial
information shall include an explanation of events and transactions that have taken place as from the end of the last annual period
being reported and are relevant for the understanding of changes in the financial situation, financial performance and cash flows
of the Group with the purpose of relying on updated information as per the last financial statements of the fiscal year ended
on December 31, 2019 ( hereinafter, “annual financial statements”). Given the aforementioned, these condensed interim
financial statements do not include all the information to be required by complete financial statements prepared pursuant to International
Financial Reporting Standards; hence, in virtue of a suitable understanding of the information included therein, such statements
must be read jointly with annual financial statements as of December 31, 2019.
The
Gruop´s Board has concluded that these interim condensed financial statements reasonably express the financial position,
financial performance and cash flows.
It is
worth to be mentioned that interim condensed financial statements have been prepared by applying accounting policies and measurement
criteria consistent with those applied by the Group for the preparation of annual financial statements, except for what has been
set forth in Note 1.1.4.
The
preparation of financial statements requires that the Group carries out calculations and evaluations that affect the amount of
incomes and expenses recorded in the period. In this sense, calculations are aimed at the estimation of, for example, credit risk
provisions, useful life of property, plant and equipment, impairments and amortizations, recoverable value of assets, income tax
charges and the reasonable value of certain financial instruments. Future real results may defer from calculations and evaluations
as of the date of these separate financial statements preparation.
As of
these financial statements issuance date, such statements are pending of transcription to Inventory and Balance Sheet Book.
GRUPO SUPERVIELLE
S.A.
(Expressed in thousands
of pesos in homogeneous currency)
1.1.1
Going concern
As of the date of these 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.
1.1.2
Measuring unit
Figures included in these condensed interim
financial statements are expressed in thousands of Argentine pesos, unless otherwise stated.
The Group´s interim condensed financial
statements recognice changes in the currency purchasing power until August 31, 1995. As from such date, in virtue of existing
economic stability conditions and pursuant to Communication “A” 2365 issued by the Argentine Central Bank, accounting
measurements were not re-expressed until December 31, 2001. In virtue of Communication “A” 3702 issued by the Argentine
Central Bank, the application of the method was resumed and became effective on January 1, 2002. Previous accouting measurements
were considered to be expressed in the currency as of December 31, 2001.
Pursuant to Communication “A”
3921 issued by the Argentine Central Bank, in compliance with Decree 664/03 issued by the National Executive Power, the application
of the re-expression of financial statements in homogeneous currency was interrupted as from March 1, 2003. Therefore, the Group
applied said re-expression until February 28, 2003.
In turn, Law N° 27,468 (B.O. 04/12/2018)
amended article 10° of Law N° 23,928 and its amendments, thus establishing that the abolition of all legal and regulating
standards that set and authorize price indexing, monetary updating, cost changes or any other manner of re-increasing debts, taxes,
prices or fees for goods, works or services does not include financial statements, regarding which the application of article
62 of the General Corporations Law N° 19,550 (T.O 1984) and its amendments shall prevail. Likewise, the aforementioned legal
body set de abolition of Decree N° 1269/2002 dated on July 16, 2002 and its amendments and instructed the National Executive
Power, through its controlling agencies, to set the date as from which said regulations became into effect in relation with financial
statements to be submitted. Therefore, on February 22, 2019, the Argentine Central Bank issued Communication “A” 6651
which established that financial statements shall be prepared in a homogeneous currency as from January 1, 2020. Therefore, these
condensed interim financial statements have been re-expressed as of June 30, 2020.
1.1.3 Comparative
information
The information included in these condensed
interim financial statements and in the aforementioned notes as of December 31, 2019 and June 30, 2019 is presented, exclusively
with comparative purposes regarding the information as of June 30, 2020.
It is worth to be mentioned that, Communication
“A” 6778, issued by the Argentine Central Bank, required the retroactive application of the impairment model set forth
in section 5.5 of IFRS 9 with temporary withdrawal of non-financial public sector´s debt instruments and the re-expression
of financial statements pursuant to IAS 29. In virtue of the aforementioned, the Group has applied the following:
|
|
(i)
|
Retroactive re-expression of figures
included in the Financial Situation as of December 31, 2019 for the purpose of submitting
such figures as if the new accounting policies had been in force since January 1, 2019,
and
|
|
|
(ii)
|
Retroactive re-expression of figures
included in the Income Statement, Other Comprehensive Income and Changes in the Shareholders’
Equity Statement as of March 31, 2019 for the purpose of submitting such figures as if
the new accounting policies had been in force since January 1, 2019.
|
1.1.4
Changes in accounting policies and new accounting standards
With the approval of new IFRS, modifications
or derogations of the standards in force, and once such changes are adopted through Adoption Bulletins issued by Federación
Argentina de Consejos Profesionales en Ciencias Económicas (FACPCE), the Argentine Central Bank will determine the approval
of such standards for financial entities. In general terms, no anticipated IFRS application shall be allowed unless upon adoption
such anticipated measure is specified.
The following are changes that were made
effective over the course of the quarter ended on June 30, 2020:
GRUPO SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
(a) Impairment of financial assets
Pursuant to Communication “A”
6430 and 6847 Financial Entities shall start to apply provisions on Financial Assets Impairment included in paragraph 5.5 of IFRS
9 as from fiscal years starting on 1 January, 2020, except for Non-financial Public Sector´s debt securities, which shall
be temporarily excluded from the scope of said provisions. Likewise, Communication “A” 6990 issued by the Argentine
Central Bank set the postponement of the application of the section targeted to “B” group Companies until January
1, 2021,a category that includes Cordial Compañía Financiera S.A.; therefore, provisions of said Entity are held
under the minimum provisions regulations set by the Argentine Central Bank.
Upon the application of impairment model
included in section 5.5 of IFRS 9, a decrease of about 452,9 million and 869,5 million would have been recorded in the shareholders
´equity as of June 30, 2020 and December 31, 2019 respectively.
|
|
|
June 30, 2020
|
|
|
December 31,
2019
|
|
|
Provisions recorded in
financial statements
|
|
|
8,033,936
|
|
|
|
6,660,618
|
|
|
Provisions pursuant to section 5.5
of IFRS 9
|
|
|
8,680,878
|
|
|
|
7,902,704
|
|
|
Difference (*)
|
|
|
646,942
|
|
|
|
1,242,086
|
|
(*) These
balances do not include the effect of income tax
IFRS 9 foresees an expected credit los
model, by means of which financial assets are classified in three impairment stages, based on changes in credit quality as from
its initial recognition and show how a Company measures impairment loss and applies the effective interest method. Note 1.2 offers
greater detail on how expected credit loss is measured.
Pursuant to Communication “A”
6778 issued by the Argentine Central Bank, Financial Entities shall apply the following in virtue of the effects of the application
of section 5.5 of IFRS 9:
(i) Utilized
internal models that shall meet IFRS 9 requirements; thus, applying such models to all assets included in such regulation with
temporary exception abovementioned, and
(ii) Apply
the Regulation retroactively, thus setting the transition date on January 1, 2019.
The following chart includes the reconciliation
between uncollectibility risk provisions as of 12-31-2019 pursuant to the criteria set by the Amended Text on “Debtors Classification”
and “Minimum Uncollectibility Risk Provisions” set by the Argentine Central Bank and the new uncollectibility risk
provisions pursuant the expected credit loss model set by IFRS 9 with temporary exceptions above mentioned in the first paragraph:
|
Category
of financial instrument
|
|
Credit
risk
provision
pursuant to
minimum-provisions-related
Standards set by
the Argentine
Central Bank
|
|
|
Re-measurements
|
|
|
Reclassifications
|
|
|
Credit
risk
provision
pursuant to
IFRS 9 (as per
scope of
Communication
“A” 6847)
|
|
|
Loans and other financing
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Other financial assets
|
|
|
72,200
|
|
|
|
-
|
|
|
|
208,807
|
|
|
|
281,007
|
|
|
Loans and other financing
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Other Financial Entities
|
|
|
13,722
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13,722
|
|
|
NFPS and Res. Abroad
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Advances
|
|
|
730,851
|
|
|
|
-
|
|
|
|
945,028
|
|
|
|
1,675,879
|
|
|
Documents
|
|
|
862,361
|
|
|
|
-
|
|
|
|
(448,968
|
)
|
|
|
413,393
|
|
|
Mortgage loans
|
|
|
484,249
|
|
|
|
-
|
|
|
|
39,753
|
|
|
|
524,002
|
|
|
Pledge loans
|
|
|
49,136
|
|
|
|
13,763
|
|
|
|
47,734
|
|
|
|
110,633
|
|
|
Personal loans
|
|
|
1,145,065
|
|
|
|
11,679
|
|
|
|
(218,035
|
)
|
|
|
938,709
|
|
|
Credit Cards
|
|
|
720,261
|
|
|
|
-
|
|
|
|
(105,563
|
)
|
|
|
614,698
|
|
|
Financial Lease
|
|
|
86,597
|
|
|
|
-
|
|
|
|
71,213
|
|
|
|
157,810
|
|
|
Others
|
|
|
2,466,195
|
|
|
|
-
|
|
|
|
(539,469
|
)
|
|
|
1,926,726
|
|
|
Debt securities
|
|
|
4,122
|
|
|
|
-
|
|
|
|
(83
|
)
|
|
|
4,039
|
|
|
Contingent commitments
|
|
|
417
|
|
|
|
-
|
|
|
|
(417
|
)
|
|
|
-
|
|
|
TOTAL
|
|
|
6,635,176
|
|
|
|
25,442
|
|
|
|
-
|
|
|
|
6,660,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Cordial Compañía Financiera S.A.´s balances
of provisions are held under minimum provisions Standards pursuant to Communication “A” 6990 issued by the Argentine
Central Bank.
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
Note 1.2 includes further information
on the definition of credit risk provision pursuant to the expected credit loss model set by IFRS 9 with scope set by the Argentine
Central Bank.
(b) Re-expression by inflation of financial statements
Pursuant to IAS 29 “Financial
Information in hyperinflationary economies”, financial statements of an entity, whose functional currency accounts for that
currency of a hyperinflationary economy shall be expressed in terms of a current measurement unit as of the reporting fiscal year
closing date regardless of whether such statements are based on the historical cost method or a current cost method. To such ends,
in general terms, such entity shall calculate the inflation recorded as from the acquisition date or revaluation date, when applicable,
in non-monetary items. Such requirements also include the comparative information of financial statements.
With the purpose of stating
whether an economy is classified as Hyperinflationary in accordance with IAS 29, the provision sets forth a series of factors
to be considered, which includes an accrued inflation rate in three years close to or higher than the 100%. That is the reason
why, pursuant to IAS 29, the Argentine economy must be considered as a high inflation economy as from July 1, 2018.
In short, pursuant to IFRS
29 re-expression mechanism, monetary assets and liabilities shall not be re-expressed since such assets and liabilities are expressed
in a measurement unit in force as of the reported period closing. Assets and liabilities subject to adjustments tied to specific
agreements, shall be adjusted pursuant to such agreements. Non-monetary items measured at current values at the end of the reported
period, such as the realization net value or others, shall be re-expressed. The remaining non-monetary assets and liabilities
shall be re-expressed in accordance with a general price index. The loss or earning of a net monetary position shall be included
in the net income of the reported period in a separate item. It is worth to be mentioned that earnings or losses over the monetary
position of instruments at fair value through profit and loss in OCI is included in Other Comprehensive Income of the period/fiscal
year. Upon the sale of such instruments its result is reclassified in the line “Results from sale or withdrawal of financial
instruments rated at amortized cost” in the net income of the period/fiscal year.
Pursuant to Communication “A”
6651, issued by the Argentine Central Bank on February 22, 2019, financial statements shall be prepared in a constant currency
as from fiscal years starting on January 1, 2020. In this sense, Communication “A” 6849 issued by the Argentine Central
Bank sets the re-expression frequency of the accounting information in a homogeneous currency on a monthly basis, and the index
utilized to such ends accounts for the National Consumer Index drawn up by INDEC (basis month: December 2016) and for such items
with previous initial date, IPIM issued by FACPCE is utilized, pursuant to Ruling JG 517/16. Likewise, transition date, in virtue
of the retroactive application has been set on January 1, 2019.
(c) Other
Changes in the Accounting Framework set by the Argentine Central Bank
Pursuant to Communication “A”
6847, financial entities will be allowed to re-categorize, as from Januray 1,2020, instruments of the non-financial public sector
rated at fair value through profit and loss and at fair value through profit and loss in OCI at an amortized cost criterion, while
utilizing the accounting value of such date as addition value. As for instruments affected by this option, interest accrual and
accessories shall be interrupted as long as the accounting value is above its fair value. Upon such measurement, the abovementioned
financial instruments, at fair value as of June 30, 2020 there would be no significant impact on equity and results for the period.
(d) Definition
of a business – Changes in accordance to IFRS 3
On October 22, 2018, IASB released
changes, which include the definition of business with the purpose of helping entities determine whether a transaction must be
recorded as a combination of business or the acquisition of an asset. Such changes:
|
|
(i)
|
Clarifies that, the definition
of business, an acquired group of activities and assets, shall include at least a good
and a substantial process that together shall contribute significantly to the capacity
of developing products;
|
|
|
(ii)
|
Removes the evaluation of whether
market players can replace the lack of processes or goods and continue with the production
of products;
|
|
|
(iii)
|
Add explanatory guidelines
and examples to help entities evaluate whether a substantial process has been acquired;
|
|
|
(iv)
|
Restrict definitions of a business
or product by focusing on goods and services granted to clients and remove the reference
to the capacity of reducing costs, and
|
|
|
(v)
|
Add an optional concentration
trial that enables a simplified evaluation of whether a set of activities and acquired
businesses are not a business.
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
Entities need to apply changes
in transactions which acquisitions date as from the beginning of the first annual period over which it has been informed as of
January 1, 2020.
The Entity does not see any
initial effect unless a combination of businesses is made effective.
(e) Definition
of significant or relatively significant Changes to IAS 1 and IAS 8
On October 31, 2018, IASB released
these changes with the purpose of improving the understanding of the definition of significant or relatively significant, coordinating
the drawing up of the definition in IFRS and the Conceptual Framework to avoid any misunderstanding whatsoever that may stem from
the different definitions, in that sense, IASB has added support requirements in IAS 1 in the definition to add importance and
clarity in its application. Additionally, said board provides existing guides regarding the definition of significant and relatively
significant in a single place together with the definition.
This change affects mainly
section 7 of IAS 1, section 5 of IAS 8 and removes section 6 of IAS 8. Such change is applicable in a prospective manner to annual
periods as from January 1, 2020.
The Entity considers that such
changes have no significant effect in its financial statements.
(f) Changes
in the Financial Information Conceptual Framework
IASB has issued a new Conceptual
Framework. Said change will not imply any changes in the accounting standards in force. However, entities that utilize the Conceptual
Framework to define accounting policies for those transactions, events or situations that are not included in the accounting standards
in force, apply a new Conceptual Framework as from January 1, 2020, thus evaluating whether their accounting policies are still
the most suitable ones.
The Entity considers that such
changes have no significant effect in its financial statements.
(g) Change
in the Reference Interest rate (IBOR) – Changes to IFRS 9
On September 26, 2019, IASB
released a change that requires additional disclosures regarding the uncertainty resulting from the reform in the reference interest
rate. Such release accounts for the first reaction to potential effects that IBOR reform may produce in financial statements and
modifies specific cash flow coverage accounting requirements assuming that the reference interest rate is not modified as a result
of such reform. These changes have become effective as from January 1, 2020 with retroactive effect.
The Group considers that such
changes have no significant effect in its financial statements.
The following sets forth changes
that have not become in force as of June 30, 2020:
|
|
(a)
|
Sale or contribution
of assets between an investor and its associate or joint Venture – changes in IFRS
10 and IAS 28.
|
IASB carried out changes specifically
on IFRS 10 “Consolidated Financial Entities” and IAS 28 “Investments in associates and joint ventures”.
Such changes clarify the accounting of sales or contribution of assets between the investor and its associates and joint ventures
and confirm that the accounting treatment depends on whether non-monetary assets sold or contributed to the associate or joint
venture account for a “business” (as defined in IFRS 3).
When non-monetary assets account
for a business, the investor will recognize earnings or losses of the sale or contribution of assets. If assets do not account
for a business, earnings or losses are recognized by the investor only up to the amount recognized by the investor in the associate
or joint venture. These changes are applied with retroactive effect.
IASB has decided to delay the
application date for this modification until the research project over the interest method is concluded.
The Group is evaluating the
impact of the application of this new standard.
|
|
(b)
|
IFRS 17 “Insurance
contracts”
|
On May 18, 2017, 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 into force for the fiscal years beginning as from November 1, 2021.
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
The Group is evaluating the
impact of the application of this new standard.
1.2
Impairment of financial assets
The Group evaluates, based
on a prospective approach, expected credit losses (“ECL”) related to financial assets rated at amortized cost or fair
value with changes in another comprehensive income, the exposure resulting from loan commitments and financial guarantee contracts
with the scope set by Communication “A” 6847 issued by the Argentine Central Bank.
The Group measures ECL of financial
instruments reflecting the following:
(a)
A probability amount, weighed and unbiased, that is defined through the evaluation of a range of possible result;
(b)
The temporal value of money; and
(c)
The reasonable and sustainable information available at no cost nor excessive effort on the submission date on past events,
current conditions and future economic condition forecasts.
IFRS 9 sets forth the following
“Three stages” model for the impairment based on changes in the credit quality from initial recognition:
·
If, on the submission date, the credit risk of a financial instrument has not increased significantly since its initial
recognition, the Group will classify such instrument in “Stage 1”.
·
If a significant increase in credit risk (“SICR”) is detected, from its initial recognition, the instrument
is moved to “Stage 2”, but such instrument is not deemed to contain a credit impairment.
·
If the financial instrument contains credit impairment, it is moved to “Stage 3”.
·
For financial instruments in “Stage 1”, the Bank measures ECL at an amount equivalent to the amount of expected
credit loss during the useful life term of the asset that result from potential default events within the next 12 months. As for
Financial Instruments in “Stage 2” and “Stage 3”, the Group measures ECL during the useful life term of
the asset (hereinafter “lifetime”). Note 1.2.1 includes a description of how the Group defines when a significant
increase in credit risk has occurred.
·
A generalized concept in the measurement of ECL pursuant to IFRS 9 shall be considered prospective information.
·
Financial assets with impairment on credit value, either purchased or produced, account for those financial assets which
have been impaired since initial recognition. ECL of this type of financial instruments is always measured during the asset lifetime
(“Stage 3”).
The following chart summarizes
the impairment requirements pursuant to IFRS 9 (for financial assets that do not entail impairment on credit value, either purchased
or produced:
|
Changes
in the credit quality since initial recognition
|
|
|
|
|
Stage
1
|
Stage
2
|
Stage
3
|
|
|
(initial
recognition)
|
(significant
increase of credit risk since initial recognition)
|
(Impaired
credit)
|
|
|
ECL
over the next 12 months
|
ECL
during the financial instrument lifetime
|
|
The
following describes the Group´s judgements and assumptions for ECL measurement:
1.2.1. Significant increase
in credit risk
The
Group considers that a financial asset has experienced a significant credit risk increase when one or more than the following
qualitative and quantitative criteria have been observed:
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
Individuals
and Businesses
·
Maximum delay at a financial asset level between 31 and 90 days
·
Maximum situation Argentine Central Bank over 1.
·
At a Client level, an Internal Behavior Score below cutting point.1
Corporate
Banking
·
Maximum situation Argentine Central Bank over 1.
·
Hold an Internal Rating of Classification “C” (Default probability over 30%).
Consumer
Finance
·
Maximum delay at a financial asset level between 31 and 90 days
Sectoral
Analysis – Covid-19 Risk
In
virtue of the fact that internal impairment models do not reflect the current pandemic context properly as historical information
is utilized, for this quarterly closing, a sectoral analysis produced by the Bank has been included as additional definition of
the significant risk increase.
In
such analysis the companies ‘default risk is evaluated according the type of activity depending on the impact level such
companies have suffered given their features.
In
this sense, such analysis has been applied in Small and Medium Size companies and E&P, such additional definition of significant
risk increases for “Real State”, “Entertainment” and “Tourism & Gastronomy” activities.
Such impact was measured as of June closing, though remaining activities are still under assessment in virtue of the evaluation
of future impacts.
1.2.2. Individual and collective
evaluation basis
Expected losses are
estimated both in a collective and individual manner.
The Group´s individual
estimation is aimed at calculating expected losses for significantly impaired risks. In these cases, the amount of credit losses
is calculated as the difference between expected cash flows discounted at the effective interest rate of the operation and the
value in the books of the instrument.
For collective estimation of
expected credit losses, instruments are distributed in groups of assets depending on credit risk features. Exposures within each
group are segmented in accordance with the similar features of the credit risk, including the debtor´s payment capacity
pursuant to contractual conditions. These risk features need to play a key role in the estimation of future flows of each group.
Credit risk features may consider the following factors, among others:
|
Entity
|
Parameter
|
Segment
|
|
Individual
and Businesses
|
Default
Probability (DP)
|
Personal
loans (1)
|
|
Credit
cards (1)
|
|
Advances
|
|
Documents
|
|
Mortgage
loans
|
|
Refinancing
|
|
Others
|
|
Severity
(LGD)
|
Personal
loans
|
|
Credit
cards
|
|
Advances
|
|
Mortgage
loans
|
|
Refinancing
|
|
Others
|
1
Definition of cutting point for SICR – Payroll Plan High CL PC=>400. Remaining CL=>500. | Open market High Income
CL=>700. Remaining CL =>700. | Retirees: High Income CL =>610. Remaining CL =>610.
GRUPO SUPERVIELLE
S.A.
(Expressed
in thousands of pesos in homogeneous currency)
|
Entity
|
Parameter
|
Segment
|
|
Corporate
Banking
|
Default
Probability (DP) (2)
|
Small
Companies
|
|
Medium
Companies
|
|
Big
Companies
|
|
Financial
Sector
|
|
Severity
(LGD)
|
Advances
|
|
Documents
|
|
Leasing
|
|
Unsecured
loans
|
|
Others
|
|
OCIF
|
|
Consumer
Finance
|
Default
Probability (DP)
|
Credit
cards closed
|
|
Credit
cards opened
|
|
Cash
loan
|
|
Consumer
and Directed Cash Loan
|
|
Refinancing
|
|
Consumer
Loans Tarjeta Automática
|
|
Severity
(LGD)
|
Credit
Cards
|
|
Loans
|
|
Refinancing
|
(1)
For personal loans and credit cards, the segment dimension is added, since there is sufficient materiality. The segments are:
Retirees, High Income Open Market, High Income Salary Plan, Non High Income Open Market, Non High Income Salary Plan, Entrepreneurs
and SMEs, Former Retirees and Ex Salary Plan.
(2)
The segments to calculate the probability of default in Business Banking were grouped by company size in Stage 1. For stages 2
and 3, the probability of default was calculated including all the business banking segments to form a statistical materiality
group enough.
(3)
As of the date of these financial statements, the balances of provisions related to Cordial Compañía Financiera
S.A., are established under the Minimum Provision Standards as set forth in Communication “A” 6990 of the B.C.R.A.
Credit risk features utilized
for the abovementioned segments are the following, among others: type of financial instrument, debtor´s activity sector,
activity geographical area, type of guarantee, time elapsed of submitted financial statements and other key factors to calculate
expected cash flows.
The suitable segmentation of
financial instruments is monitored and reviewed on a regular basis by the Credit Risk and Stress Test Area.
1.2.3 Definition of default
and impaired credit
The Group
considers that a financial instrument is in default when such instrument entails one or more of the following criteria:
Individuals
and Businesses
|
|
·
|
Financial
instruments delinquent after 90 days in contractual payments.
|
Corporate
Banking
|
|
·
|
Financial
instruments with B.C.R.A. situation greater than or equal to 3.
|
Consumer
Finance
·
Financial instruments delinquent after 90 days in contractual payments.
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
Abovementioned
criteria are applied in a consistent manner to all financial instruments and are aligned with the definition of default utilized
by the Bank in virtue of the administration of credit risk. Likewise, such definition is consistently applied to define DP, Exposure
at Default (“hereinafter, “EAD”) and Loss Given Default (hereinafter, “LGD”).
1.2.4. Measurement of Expected
Credit Loss – Explanation of inputs, assumptions and calculation techniques
ECL is measured
on a 12-month basis or along the instrument´s lifetime, depending on whether a significant increase in credit risk has been
recorded since initial recognition or whether an asset is considered to contain credit impairment. ECLs account for the product
discounted from Default Probability (DP), Exposure at Default (EAD) and Loos Given Default (LGD), defined as follows:
• DP
accounts for the probability of debtor´s breaching his/her financial obligation (pursuant to the “Definition of credit
default and impairment” set forth in Note 1.2.3), either during the next 12 months or the remaining lifetime (DP lifetime)
of the financial asset.
• EAD
is based on the amounts the Group expects to owe at the moment of the default, during the next 12 months or the remaining lifetime
(DP lifetime) of the financial asset (EAD Lifetime). For example, for a revolving commitment, the Group includes the current available
balance plus any additional amount expected to become available until the current contractual limit at the moment of the default,
when applicable.
• LGD
accounts for the Group´s expectation regarding the loss amount in an exposure under default.
LGD changes depending on the
counterparty type, the type and time elapsed of the claim and the availability of guarantees or any other credit support. LGD
is expressed as a loss percentage for the exposure unit at the moment of default (EAD) and is calculated on a 12-month basis or
along the instrument lifetime, where the 12-month LGD accounts for the loss percentage expected to incur if the default takes
place within the next 12 months and lifelong LGD accounts for the loss percentage expected to incur if the default takes place
during the remaining lifetime of the financial asset.
.
ECL is defined by projecting
DP, LGD and EAD for each future month and each individual or collective exposure. These three components are multiplied and adjusted
pursuant to the survival (that is, the exposure has not been pre-settled or entered into default in a previous month). The aforementioned
effectively calculates ECL for each future month, which is later discounted as of submission date and is added. The discount rate
utilized for the calculation of ECL accounts for the original or rough effective interest rate of such date.
As for the calculation of parameters
utilized for the calculation of the aforementioned ECL, the Entity based its calculation on the internal model development know-how
for the calculation of parameters, thus adapting the development of such models pursuant to IFRS 9.
The Group includes prospective
economic information in its definition of DP, EAD and LGD over 12 months or Lifetime. See Note 1.2.5 for the explanation of prospective
information and its consideration in the calculation of ECL.
1.2.5 Prospective information
considered in expected credit loss models
The evaluation of significant
credit increases and the calculation of ECL include prospective information. The Group carried out a historical analysis and identifies
key economic variable that affect the credit risk and expected credit losses for each portfolio.
Forecasts of these economic
variable (“base economic scenario”) are provided on a six-month basis by the Research team of the Group and offer
a better estimated outlook of the economy for the next 12 months. The impact of such economic variables on DP and LGD resulted
from the statistic regression analysis to understand the impact the changes in these variables has had historically on default
rates and LGD components.
In addition to the base economic
scenario, the Research team of the Group also provides two potential scenarios together with scenario analysis. The number of
other scenarios is defined in accordance with the analysis of the main products to ensure the lineal effect between the future
economic scenario and related expected credit losses. The number of scenarios and its features are re-evaluated on a six-month
basis, except a situation occurs in the macroeconomic framework that justifies a greater regularity.
GRUPO SUPERVIELLE S.A.
(Expressed in thousands of pesos in homogeneous
currency)
As of January 1, 2020 and as of June 30, 2020,
as for its portfolios, the Group concluded that three scenarios have properly captured non-lineal items. Scenario analysis are
defined by means of a combination of statistic and know-how judgement analysis, taking into account the range of potential results
of which each scenario is representative. The evaluation of credit risk significant increases is carried out by means of the utilization
of DP lifetime in the base scenario and other scenarios, multiplied by the related analysis of each scenario, together with qualitative
and quantitative and backstop indicators (See Note 1.2.1). The aforementioned is defined if the financial instrument is in Stage
1, Stage 2 or Stage 3 and, therefore, whether to register a 12-month ECL or Lifetime. As with any economic forecast, projections
and probabilities of occurrence are subject to a high degree of inherent uncertainty, and therefore actual results may be significantly
different than projected. The Group considers that these forecasts account for its best calculation of potential results and has
analyzed the non-lineal and asymmetric impacts within the different portfolios of the Group to establish that chosen scenarios
are representative of the range of potential scenarios.
The most significant assumptions
utilized to calculate ECL as of June 30, 2020 are as follows:
|
Parameter
|
Segment
|
Macroeconomic
variable
|
Optimistic
scenario
|
Base
scenario
|
Pessimistic
scenario
|
|
Default
probability
|
Individuals
and Businesses
|
EMAE
|
124.04
|
120.67
|
115.37
|
|
Corporate
banking
|
|
Consumer
finance
|
The following are estimations
assigned to each scenario as of June 30, 2020:
|
Base
scenario
|
|
|
80
|
%
|
|
Optimistic scenario
|
|
|
10
|
%
|
|
Pessimistic
scenario
|
|
|
10
|
%
|
Sensitivity analysis
The chart below includes changes
in ECL as of June 30, 2020 that would result from reasonably potential changes in the following parameters:
|
June 30, 2020
|
|
|
ECL previsions
|
|
|
8,218,821
|
|
|
Total portfolio
|
|
|
104,998,440
|
|
|
Irregular Portfolio Coverage
|
|
|
128.69
|
%
|
|
|
|
|
|
|
|
ECL per Scenario
|
|
|
|
|
|
Favorable Impact
|
|
|
8,102,455
|
|
|
High Impact
|
|
|
8,341,147
|
|
|
|
|
|
|
|
|
Coverage Ratio per Scenario
|
|
|
|
|
|
Favorable Impact
|
|
|
126.86
|
%
|
|
High Impact
|
|
|
130.60
|
%
|
1.2.6 Maximum exposure
to credit risk
The chart below includes an
analysis of credit risk exposure of the financial instruments for which expected credit loss provisions are recognized. The gross
amount of financial assets books included in the chart accounts for the maximum credit risk exposure of such assets.
|
|
|
June
30, 2020
|
|
|
|
|
|
|
|
Stage
1
|
|
|
Stage
2
|
|
|
Stage
3
|
|
|
Total
|
|
|
Advances
|
|
|
28,604,835
|
|
|
|
579,605
|
|
|
|
1,218,479
|
|
|
|
30,402,919
|
|
|
Documents
|
|
|
13,684,064
|
|
|
|
328,321
|
|
|
|
361,051
|
|
|
|
14,373,436
|
|
|
Mortgage loans
|
|
|
8,093,032
|
|
|
|
2,655,301
|
|
|
|
969,673
|
|
|
|
11,718,006
|
|
|
Pledge loans
|
|
|
766,371
|
|
|
|
415,786
|
|
|
|
257,865
|
|
|
|
1,440,022
|
|
|
Personal loans
|
|
|
30,915,097
|
|
|
|
1,768,362
|
|
|
|
1,124,875
|
|
|
|
33,808,334
|
|
|
Individuals and Business
|
|
|
13,087,421
|
|
|
|
1,401,480
|
|
|
|
599,961
|
|
|
|
15,088,862
|
|
|
Consumer finance
|
|
|
17,827,676
|
|
|
|
366,882
|
|
|
|
524,914
|
|
|
|
18,719,472
|
|
|
Credit cards
|
|
|
30,208,260
|
|
|
|
3,283,713
|
|
|
|
484,586
|
|
|
|
33,976,559
|
|
|
Individuals and Business
|
|
|
26,342,580
|
|
|
|
2,952,015
|
|
|
|
353,619
|
|
|
|
29,648,214
|
|
|
Consumer finance
|
|
|
3,865,680
|
|
|
|
331,698
|
|
|
|
130,967
|
|
|
|
4,328,345
|
|
|
Financial Lease
|
|
|
2,863,438
|
|
|
|
108,530
|
|
|
|
167,385
|
|
|
|
3,139,353
|
|
|
Others
|
|
|
31,819,284
|
|
|
|
3,807,778
|
|
|
|
2,818,492
|
|
|
|
38,445,554
|
|
|
Total
|
|
|
146,954,381
|
|
|
|
12,947,396
|
|
|
|
7,402,406
|
|
|
|
167,304,183
|
|
GRUPO SUPERVIELLE S.A.
(Expressed in thousands of pesos in homogeneous
currency)
1.2.7 Guarantees and
other credit improvements
A guarantee is an instrument by means of which
the Entity´s debtor or a third party is committed upon any obligation default, to be offered as support for such debt settlement.
The Entity accepts a guarantee with support before a potential breach on behalf of a debtor.
The Argentine Central Bank classifies these
guarantees in three types: Preferred “A” (considered self-settleable), Preferred “B” (made up by mortgage
or pledge loans) and remaining guarantees (mainly bank guarantees and fines).
In virtue of the administration of guarantees,
the Group relies on a specific area devoted to the review of the legal compliance and suitable instrumentation of received guarantees.
In accordance with the type of guarantees, the guarantors may be natural or legal persons (in the case of mortgages, pledges,
fines, guarantees and liquid funds) and international top level Financial Entities (for credit letters stand by).
The Group monitors guarantees related to financial
assets considered as impaired credits since such guarantee is likely to be executed to mitigate potential credit losses.
1.2.8 Credit risk provision
Credit risk provision recognized in the period
is affected by a range of factors as follows:
• Transfers between
Stage 1 and Stage 2 or 3 given financial instruments experience significant increases (or decreases) in credit risk or are impaired
over the period, and the resulting “increase” between ECL at 12 months and Lifetime;
• Additional assignments
for new financial instruments recognized during the period, as well as write-offs for withdrawn financial instruments;
• Impact on the calculation
of ECL of changes in DP, EAD and LGD during the period, resulting from the regular updating of model inputs;
• Impact on the measurement
of ECL as a result of changes in models and assumptions;
• Impact resulting
from time elapsing as a consequence of the current value updating;
• Conversion to local
currency for foreign-currency-denominated assets and other movements; and
• Financial assets
withdrawn during the period and application of provisions related to assets withdrawn from the balance sheet during the period.
The following charts explain changes in the provision for credit risk between the beginning and end of the period due to the following
factors:
|
|
|
Stage
1
|
|
|
Stage
2
|
|
|
Stage
3
|
|
|
|
|
|
|
|
ECL
at 12
months
|
|
|
ECL
Lifetime
|
|
|
ECL
Lifetime
|
|
|
Total
|
|
|
Credit risk provision as of 12/31/2019
|
|
|
1,288,194
|
|
|
|
665,102
|
|
|
|
4,707,322
|
|
|
|
6,660,618
|
|
|
Transfers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From Stage 1 to Etapa 2
|
|
|
(69,245
|
)
|
|
|
393,944
|
|
|
|
-
|
|
|
|
324,699
|
|
|
From Stage 1 to Etapa 3
|
|
|
(7,586
|
)
|
|
|
-
|
|
|
|
209,674
|
|
|
|
202,088
|
|
|
From Stage 2 to Etapa 3
|
|
|
-
|
|
|
|
(215,732
|
)
|
|
|
580,614
|
|
|
|
364,882
|
|
|
From Stage 2 to Etapa 1
|
|
|
6,676
|
|
|
|
(94,880
|
)
|
|
|
-
|
|
|
|
(88,204
|
)
|
|
From Stage 3 to Etapa 2
|
|
|
-
|
|
|
|
5,353
|
|
|
|
(41,783
|
)
|
|
|
(36,430
|
)
|
|
From Stage 3 to Etapa 1
|
|
|
961
|
|
|
|
-
|
|
|
|
(48,410
|
)
|
|
|
(47,449
|
)
|
|
Net changes
|
|
|
1,061,496
|
|
|
|
826,655
|
|
|
|
54,106
|
|
|
|
1,942,257
|
|
|
Withdrawn financial assets
|
|
|
(328,927
|
)
|
|
|
(411,855
|
)
|
|
|
(747,206
|
)
|
|
|
(1,487,988
|
)
|
|
Direct charge
|
|
|
(149,350
|
)
|
|
|
(63,751
|
)
|
|
|
(17,980
|
)
|
|
|
(231,081
|
)
|
|
Difference
of quotation and other movements
|
|
|
29,873
|
|
|
|
31,986
|
|
|
|
95,896
|
|
|
|
157,755
|
|
|
Credit risk provision as of 06/30/2020
|
|
|
1,832,092
|
|
|
|
1,136,822
|
|
|
|
4,792,233
|
|
|
|
7,761,147
|
|
*Cordial Compañía
Financiera S.A.´s balances of provisions are held under minimum provisions Standards pursuant to Communication “A”
6990 issued by the Argentine Central Bank.
GRUPO SUPERVIELLE S.A.
(Expressed in thousands of pesos in homogeneous
currency)
1.2.9 Account withdrawal
policy
The Bank withdraws, partially or as a whole,
financial assets from the balance sheet, once all recovery efforts have been used up and has concluded that there are no reasonable
expectations. Indicators of lack of reasonable recovery expectation include (i) the cease of execution activities and (ii) when
the Bank´s recovery method is given by the guarantee execution and the value of the guarantee is not enough for a total
reasonable recovery expectation.
The Group may withdraw financial assets from
its balance sheet which are still subject to execution activities. Contractual amounts pending of collection of such withdrawn
assets during the period ended on June 30, 2020 amount to 2,687,055. The Group seeks to recover amounts legally owed as a whole,
but partially withdrawn in the balance sheet since there is no reasonable recovery expectation.
1.3. Critical accounting
policies and estimates
The preparation of condensed interim financial
statements in accordance with the accounting framework established by the Argentine Central Bank requires the use of certain critical
accounting estimates. It also requires Management to exercise its judgment in the process of applying the accounting standards
established by the Argentine Central Bank to establish the Group's accounting policies.
The Group has identified the following areas
that involve a higher degree of judgment or complexity, or areas in which the assumptions and estimates are significant for the
consolidated financial statements that are essential for understanding the underlying accounting / financial reporting risks:
a) Fair
value of derivatives and other financial instruments
The fair value of financial instruments that
do not list in active markets are measured through the use of valuation techniques. Such techniques are validated and regularly
reviewed by qualified independent personnel of the area that developed such techniques. All models are evaluated and adjusted
before being use in order to make sure that results express current information and comparative market prices. As long as possible,
models use only observable information; however, factors such as credit risk (own or counterparty), volatilities and correlations
require the use of estimates. Changes in assumptions regarding such factors may impact on the fair value reported for financial
instruments.
b) Allowances
for loan losses and advances.
As of January 1, 2020, the Group adopted retroactively
to January 1, 2019, with the scope mentioned in Note 1.1.4. (A)., section 5.5. of IFRS 9 referring to the impairment of financial
assets. In this sense, the Group evaluates the expected credit losses (ECL) on a prospective basis of the credit risk associated
with the financial assets measured at amortized cost, to the debt instruments measured at fair value with changes in other comprehensive
income, to accounts receivable for leases, as well as commitments and guarantees granted not measured at fair value, with the
exception of debt instruments of the Non-Financial Public Sector that are temporarily excluded from the provisions for impairment
of financial assets, contained in section 5.5 of IFRS 9, as well as the provisions of Cordial Compañía Financiera
S.A. as provided in Communication “A” 6990 of the B.C.R.A.
The measurement of expected credit losses
is an area that requires the use of complex models and significant assumptions about future economic conditions and credit behavior
(for example, the probability that the customer will go into default and that losses will result for the Group). The explanation
of the inputs, assumptions and estimation techniques used to measure the ECL is presented in more detail in Note 1.2, including
the key sensitivities of the ECL to changes in these elements.
It should be noted that, in the application
of accounting requirements to measure ECL, significant judgments are necessary, such as:
GRUPO SUPERVIELLE S.A.
(Expressed in thousands of pesos in homogeneous
currency)
(i) Determination of the criterion
of significant increase in credit risk
(ii) Choice of appropriate models
and assumptions for the measurement of ECL
(iii) Establishment of the number
and relative weight of the prospective scenarios for each portfolio segment and the associated ECL, and
(iv) Establishment of groups of
similar financial assets for the purpose of measuring ECL.
c) Impairment
of Non-Financial Assets
Intangible assets with finite lives and property,
plants and equipment are amortized or depreciated along their useful lives in a straight-line method. The Group reviews the conditions
related to these assets to determine whether events and circumstances justify a review of the amortization and remaining depreciation
period and whether there are factors or circumstances that imply an impairment in the value of assets that cannot be recovered.
The Group has applied the judgment in the
identification of impairment indicators for property, plant and equipment and intangible assets. The Group has defined that there
was no evidence of impairment for any period included in the consolidated Financial Statements. Given the aforementioned, no recoverable
value has been calculated.
The evaluation process for potential impairment
of an asset of indefinite useful life is subject to and require a significant judgment in many points over the course of the analysis,
including the identification of its cash-generating unit, the identification and allocation of assets and liabilities to a cash-generating
unit and the definition of their recoverable value. The recoverable value is compared with the carrying value in order to define
the non-recoverable portion of such value. When calculating the recoverable value of the cash-generating unit in virtue of the
assessment of annual or regular impairment, the Group use estimates and significant judgments on future cash flows of the cash-generating
unit. Its cash flow forecasts are based on assumptions that account for the best use of its cash-generating unit.
Although the Group believes that assumptions
and forecasts used are suitable in virtue of the information available for the administration, changes in assumptions or circumstances
may require changes in the assessment. Negative changes in assumptions utilized in an impairment tests of indefinite useful life
intangible assets may result in the reduction or removal of the excess of fair value over the book value, which would result in
the potential recognition of the impairment.
The Group decided that it would not be necessary
to recognize an impairment loss in indefinite useful life intangible assets under such conditions.
d) Income
tax and deferred tax
A significant judgment is required to determine
liabilities and assets from current and deferred taxes. The current tax is measured at the amount expected to be paid to the taxation
authority using the tax rates that have been enacted or substantially enacted by the end of the reporting period. The deferred
tax is measured over temporary differences between tax basis of assets and liabilities and book values at the tax rates that are
expected to apply when the asset is realized or the liability settled.
Assets from deferred tax are recognized upon
the possibility of relying on future taxable earnings against which temporary differences can be used, based on the Senior Management´s
assumptions regarding amounts and opportunities of future taxable earnings. Later, it is necessary to determine whether assets
from deferred tax are likely to be used and set off future taxable earnings. Real results may differ from estimates, such as changes
in tax legislation or the result of the final review of affidavits issued by tax authorities and tax courts.
Likely future tax earnings and the number
of tax benefits are based on a medium term business plan prepared by the administration. Such plan is based on reasonable expectations.
1.4. Changes in loans
and other financing
Under certain circumstances, the Group renegotiates
or changes contractual cash flows of loans granted to clients. In these cases, the Group evaluates whether the new terms are substantially
different from initial terms. The Group carries out this practice while taking into account the following:
(i) If
the client is in financial difficulties, the Bank evaluates whether such change only reduces contractual cash flows to amounts
expected to be paid by the borrower.
(ii) Significant
extension of the term when the borrower does not have financial difficulties.
(iii) Significant
change in the interest rate.
(iv) Change
in the currency in which the loan is denominated.
(v) Integration
of guarantees or credit improvements that significantly affect the credit risk related to the loan.
GRUPO SUPERVIELLE S.A.
(Expressed in thousands of pesos in homogeneous
currency)
If, after the change, the loan terms are substantially
different, the Group withdraws the original financial instrument and recognizes a new asset at fair value and recalculates a new
effective interest rate for such asset. Therefore, renegotiation date is considered as the initial recognition date in virtue
of the calculation of impairment and the definition of a new significant increase in credit risk. However, the Group also evaluates
whether the new recognized asset is considered as an impaired asset, especially when the renegotiation stemmed from the lack of
payment capacity on behalf of the client. The differences in the accounting value are recognized in the results as well as losses
and earnings resulting from the withdrawal of such financial asset.
If the terms of the loan after the change
are not substantially different, the renegotiation or change will not produce the withdrawal of the financial asset, and the Group
will recalculate the gross accounting value based on reviewed funds flow while recognizing a guarantee or loss from the change
in results. The new gross accounting value is recalculated as the value discounted from the modified funds flow at the initial
effective interest rate.
1.5.
Consolidation
A subsidiary is an entity (or subsidiary),
including structured entities, in which the Group has control because it (i) has the power to manage relevant activities of the
subsidiary (ii) has exposure, or rights, to variable returns from its involment with the subsidiary, and (iii) has the ability
to use its power over the subsidiary in order to affect the amount of the investor´s returns. The existence and the effect
of the substantive rights, including substantive rights of potential vote, are considered when evaluating whether the Group has
power over the other entity. For a right to be substantive, the right holder must have the practical competence to exercise such
right whenever it is necessary to make decisions on the direction of the entity’s relevant activities. The Group can have
control over an entity, even when it has less voting powers than those required for the majority.
Accordingly, the protecting rights of other
investors, as well as those related to substantive changes in the subsidiary´ activities or applicable only in unusual circumstances,
do not prevent the Group from having power over a subsidiary. The subsidiaries are consolidated as from the date on which control
is transferred to the Group, ceasing its consolidation as from the date on which control ceases.
The following chart provides the subsidiaries
which are object to consolidation:
|
|
|
|
|
|
|
|
|
|
Percentage
of Participation
|
|
|
|
|
|
|
|
|
|
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
Company
|
|
Condition
|
|
|
Legal Adress
|
|
Principal
Activity
|
|
Direct
|
|
|
Direct
and
Indirect
|
|
|
Direct
|
|
|
Direct
and
Indirect
|
|
|
Banco Supervielle S.A.
|
|
|
Controlled
|
|
|
Bartolomé Mitre 434, C.A.B.A.,
Argentina
|
|
Commercial Bank
|
|
|
97.10
|
%
|
|
|
99.90
|
%
(1)
|
|
|
97.10
|
%
|
|
|
99.90
|
%
(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
|
%
|
|
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
|
%
|
GRUPO SUPERVIELLE S.A.
(Expressed in thousands of pesos in homogeneous
currency)
|
|
|
|
|
|
|
|
|
|
|
Percentage
of Participation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
06/30/2020
|
|
|
|
12/31/2019
|
|
|
Company
|
|
|
Condition
|
|
|
Legal Adress
|
|
Principal
Activity
|
|
|
Direct
|
|
|
|
Direct
and Indirect
|
|
|
|
Direct
|
|
|
|
Direct
and Indirect
|
|
|
InvertirOnline S.A.U.
|
|
|
Controlled
|
|
|
San Martin 323. 11° Piso. C.A.B.A.,
Argentina
|
|
Clearing and settlement agent
|
|
|
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 Productores Asesores de Seguros S.A.
|
|
|
Controlled
|
|
|
Reconquista 320. 1° Piso. C.A.B.A., Argentina
|
|
Insurance Broker
|
|
|
95.20
|
%
|
|
|
100.00
|
%
|
|
|
95.00
|
%
|
|
|
100.00
|
%
|
|
Bolsillo Digital S.A.U.
|
|
|
Controlled
|
|
|
Bartolomé Mitre 434, C.A.B.A., Argentina
|
|
Computer Services
|
|
|
100.00
|
%
|
|
|
100.00
|
%
|
|
|
100.00
|
%
|
|
|
100.00
|
%
|
|
Futuros del Sur S.A.
|
|
|
Controlled
|
|
|
03 de Febrero 515, Rosario, Santa Fe
|
|
Clearing and settlement agent
|
|
|
100.00
|
%
|
|
|
100.00
|
%
|
|
|
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 06/30/20 and 12/31/2019.
|
|
|
(2)
|
All
the subsidiaries carry out their activities in Argentina, the local and functional currency
being Argentine pesos.
|
1.6.
Consolidated Structured Entities
The Group has securitized certain financial
instruments, mainly loans, originated by personal and pledge loans through the transfers of said instruments to financial trusts
that issue multiple classes of debt securities and participation certificates.
Regarding the financial statements as of December
31, 2019 the following consolidated structured entities have been consolidated as of the date of these consolidated condensed
interim financial statements:
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued
Securities
|
|
|
Issuers
|
|
Financial
Trust
|
|
Set-up on
|
|
Due of
principal
obligation
|
|
|
Securitized
Amount
|
|
|
Type
|
|
Amount
|
|
|
Type
|
|
|
|
Amount
|
|
|
Cordial Compañía Financiera
S.A.
|
|
21
|
|
06/24/2019
|
|
06/15/2022
|
|
$
|
1,000,000
|
|
|
VDF
|
|
VN$ 220,000
|
|
|
CP
|
|
|
|
VN$
780,000
|
|
|
Cordial Compañía Financiera
|
|
22
|
|
11/13/2019
|
|
01/15/2021
|
|
$
|
571,560
|
|
|
VDF
|
|
VN$ 469,260
|
|
|
CP
|
|
|
|
VN$
102,300
|
|
|
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.
|
|
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
|
|
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 Group 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.
GRUPO
SUPERVIELLE S.A.
(Expressed in thousands of pesos in homogeneous currency)
The
following chart details the assets and liabilities of Structured Entities that have been consolidated by the Group as of June
30, 2020:
|
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Loans
|
|
770,422
|
|
|
|
1,811,432
|
|
|
Financial assets
|
|
74,103
|
|
|
|
123,634
|
|
|
Other assets
|
|
228,756
|
|
|
|
331,342
|
|
|
Total
Assets
|
|
1,073,281
|
|
|
|
2,266,408
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
366,283
|
|
|
|
1,618,115
|
|
|
Other liabilities
|
|
49,783
|
|
|
|
47,289
|
|
|
Total
Liabilities
|
|
416,066
|
|
|
|
1,665,404
|
|
|
1.7.
|
Foreign currency
translation
|
|
|
(a)
|
Functional
and presentation currency
|
Figures
included in the consolidated financial statements as per each entity of the Group are expressed in the functional currency, that
is, in the currency of the main economic setting where it operates. Consolidated condensed interim financial ftatements are expressed
in Argentine pesos, which is the functional currency and the reporting currency of the Group.
|
|
(b)
|
Transactions
and balances
|
Transactions
in foreign currency are converted in the functional currency at the reference Exchange rate released by the Argentine Central
Bank and those carried out in other currencies, at the repo rate in US dollars for the reference Exchange rate released by the
Argentine Central Bank. Earnings and losses in foreign currency that result in the liquidation of such transactions and the conversion
of monetary assets and liabilities denominated in foreign currency at closing exchange rates, are recognized in the integral income
statement, under “Difference of exchange rate in gold and foreign currency”, except when such items are deferred in
the shareholders’ equity for transactions classified as cash flow hedging, when applicable.
As of June
30, 2020 and December 31, 2019 the balances in US dollars were converted at the reference exchange rate determined by the Argentine
Central Bank. In the case of foreign currencies other than US dollars, they have been converted to this currency using the types
of passes reported by the Argentine Central Bank.
|
1.8.
|
Cash
and due from banks
|
Cash and
due from banks includes cash available, freely available deposits in local banks and correspondent banks abroad, which are liquid
short-term instruments and have a maturity of less than three months from the date of origination.
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.
The composition
of the cash on each of the indicated dates is detailed below:
|
Item
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
06/30/2019
|
|
|
12/31/2018
|
|
|
Cash and due from banks
|
|
|
31,705,003
|
|
|
|
29,992,168
|
|
|
|
37,756,087
|
|
|
|
58,866,776
|
|
|
Debt securities at fair value through profit or
loss
|
|
|
2,162,649
|
|
|
|
645,779
|
|
|
|
58,041,179
|
|
|
|
22,076,108
|
|
|
Money Market Funds
|
|
|
1,548,593
|
|
|
|
1,159,947
|
|
|
|
1,425,950
|
|
|
|
1,145,551
|
|
|
Cash and cash equivalents
|
|
|
35,416,245
|
|
|
|
31,797,894
|
|
|
|
97,223,216
|
|
|
|
82,088,435
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed in thousands of pesos in homogeneous currency)
For their
part, the reconciliations between the balances of those items considered cash equivalents in the Statement of Cash Flow and those
reported in the Statement of Financial Position as of the indicated dates are set out below:
|
Items
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
06/30/2019
|
|
|
12/31/2018
|
|
|
Cash and
due from Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As per Statement of Financial
Position
|
|
|
31,705,003
|
|
|
|
29,992,168
|
|
|
|
37,756,087
|
|
|
|
58,866,776
|
|
|
As per the Statement of Cash Flows
|
|
|
31,705,003
|
|
|
|
29,992,168
|
|
|
|
37,756,087
|
|
|
|
58,866,776
|
|
|
Debt securities
at fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As per Statement of Financial Position
|
|
|
3,607,931
|
|
|
|
645,779
|
|
|
|
59,833,701
|
|
|
|
26,412,661
|
|
|
Securities not considered
as cash equivalents
|
|
|
(1,445,282
|
)
|
|
|
-
|
|
|
|
(1,792,522
|
)
|
|
|
(4,336,553
|
)
|
|
As per the Statement of Cash Flows
|
|
|
2,162,649
|
|
|
|
645,779
|
|
|
|
58,041,179
|
|
|
|
22,076,108
|
|
|
Money Market
Funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As per Statement of Financial
Position – Other financial assets
|
|
|
3,052,587
|
|
|
|
2,381,901
|
|
|
|
4,173,729
|
|
|
|
2,997,782
|
|
|
Other financial assets
not considered as cash
|
|
|
(1,503,994
|
)
|
|
|
(1,221,954
|
)
|
|
|
(2,747,779
|
)
|
|
|
(1,852,231
|
)
|
|
As per the Statement of Cash Flow
|
|
|
1,548,593
|
|
|
|
1,159,947
|
|
|
|
1,425,950
|
|
|
|
1,145,551
|
|
Reconciliation
of financing activities at June 30, 2020 and December 31, 2019 is as follows:
|
|
|
Balances
at
|
|
|
Cash
Flows
|
|
|
Other
non-cash
|
|
|
Balances
at
|
|
|
Items
|
|
12/31/2019
|
|
|
Inflows
|
|
|
Payments
|
|
|
movements
|
|
|
06/30/2020
|
|
|
Unsubordinated
Negotiable Obligations
|
|
|
6,913,832
|
|
|
|
2,365,871
|
|
|
|
(3,526,730
|
)
|
|
|
129,745
|
|
|
|
5,882,718
|
|
|
Subordinated Negotiable
Obligations
|
|
|
2,408,052
|
|
|
|
83,060
|
|
|
|
(45,029
|
)
|
|
|
43,623
|
|
|
|
2,489,706
|
|
|
Financing received from
the Argentine Central Bank and other financial institutions
|
|
|
10,243,392
|
|
|
|
19,766,915
|
|
|
|
(22,013,806
|
)
|
|
|
-
|
|
|
|
7,996,501
|
|
|
Lease Liabilities
|
|
|
1,075,035
|
|
|
|
|
|
|
|
(705,692
|
)
|
|
|
903,289
|
|
|
|
1,272,632
|
|
|
Total
|
|
|
20,640,311
|
|
|
|
22,215,846
|
|
|
|
(26,291,257
|
)
|
|
|
1,076,657
|
|
|
|
17,641,557
|
|
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.
With
the purpose of implementing a strategic vision focused on the individual client and Small and Medium Size Companies that require
and values closeness and digital service models, the Retail Banking sector turned into a new area of Individuals and Businesses.
In
this sense, Small and Medium Size Companies clients and the loan portfolio have been transferred from the Corporate Division to
the Individuals and Businesses area. Such change became effective on Junuary 1, 2020. The comparative information as of June 30,
2019 and December 31, 2019 was modified with the purpose of showing the new organization and making it comparable to information
as of June 30, 2020.
As
from January 1, 2020, the Bank´s clients receive the following services:
|
•
|
Individuals
and Businesses Segment:
|
|
|
-
|
Small
companies, individuals and companies that record anual sales of up to 100,000
|
|
|
-
|
“Small
and Medium Size Companies”, companies that record anual sales of over 100,000 up
to 700,000
|
|
•
|
Corporate
Baking Segment:
|
|
|
-
|
Megras
that record anual sales over 700,000 up to 2,500,000
|
|
|
-
|
Big
Companies. Grandes companies that record anual sales of over 2,500,000
|
The
Group considers the business for the type of products and services offered, identifying the following operating segments:
|
|
a-
|
Individuals
and Businesses – 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.
|
GRUPO SUPERVIELLE S.A.
(Expressed in thousands of pesos in homogeneous currency)
|
|
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., InvertirOnline S.A.U., Bolsillo Digital S.A.U and Futuros del Sur S.A
|
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 between operating segments, they 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
Group does not present information by geographical segments because there are no operating segments in economic environments with
risks and returns that are significantly different.
The
following chart includes information by segment as of June 30, 2020 and 2019:
|
Result
by segments
|
|
Individuals
and
Businesses
Banking
|
|
|
Corporate
Banking
|
|
|
Treasury
|
|
|
Consumer
|
|
|
Insurance
|
|
|
Adm.
MF and
other
segments
|
|
|
Adjustments
|
|
|
Total
as of
06.30.2020
|
|
|
Interest income
|
|
|
9,544,313
|
|
|
|
5,717,209
|
|
|
|
9,592,498
|
|
|
|
1,862,729
|
|
|
|
-
|
|
|
|
30,551
|
|
|
|
(218,607
|
)
|
|
|
26,528,693
|
|
|
Interest expenses
|
|
|
(3,195,650
|
)
|
|
|
(588,752
|
)
|
|
|
(6,861,058
|
)
|
|
|
(596,554
|
)
|
|
|
-
|
|
|
|
(13,403
|
)
|
|
|
237,083
|
|
|
|
(11,018,334
|
)
|
|
Distribution
of results by Treasury
|
|
|
1,918,200
|
|
|
|
(3,169,785
|
)
|
|
|
1,251,585
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Net interest
income
|
|
|
8,266,863
|
|
|
|
1,958,672
|
|
|
|
3,983,025
|
|
|
|
1,266,175
|
|
|
|
-
|
|
|
|
17,148
|
|
|
|
18,476
|
|
|
|
15,510,359
|
|
|
Services Fee Income
|
|
|
3,150,055
|
|
|
|
325,291
|
|
|
|
107,738
|
|
|
|
794,132
|
|
|
|
-
|
|
|
|
563,552
|
|
|
|
(117,244
|
)
|
|
|
4,823,524
|
|
|
Services Fee Expenses
|
|
|
(941,977
|
)
|
|
|
(75,605
|
)
|
|
|
(43,225
|
)
|
|
|
(306,080
|
)
|
|
|
-
|
|
|
|
(17,487
|
)
|
|
|
17,524
|
|
|
|
(1,366,850
|
)
|
|
Income
from insurance activities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
635,599
|
|
|
|
-
|
|
|
|
94,153
|
|
|
|
729,752
|
|
|
Net
Service Fee Income
|
|
|
2,208,078
|
|
|
|
249,686
|
|
|
|
64,513
|
|
|
|
488,052
|
|
|
|
635,599
|
|
|
|
546,065
|
|
|
|
(5,567
|
)
|
|
|
4,186,426
|
|
|
Subtotal
|
|
|
10,474,941
|
|
|
|
2,208,358
|
|
|
|
4,047,538
|
|
|
|
1,754,227
|
|
|
|
635,599
|
|
|
|
563,213
|
|
|
|
12,909
|
|
|
|
19,696,785
|
|
Net income from financial instruments
at
fair value through profit or loss
|
|
|
-
|
|
|
|
-
|
|
|
|
578,961
|
|
|
|
39,403
|
|
|
|
164,652
|
|
|
|
75,345
|
|
|
|
116,781
|
|
|
|
975,142
|
|
Income from withdrawal of assets
rated at
amortized cost
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,178,233
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,178,233
|
)
|
Exchange
rate difference on gold and
foreign currency
|
|
|
92,733
|
|
|
|
27,181
|
|
|
|
171,319
|
|
|
|
11,623
|
|
|
|
(55
|
)
|
|
|
23,616
|
|
|
|
71,676
|
|
|
|
398,093
|
|
|
NIFFI And
Exchange Rate Differences
|
|
|
92,733
|
|
|
|
27,181
|
|
|
|
(1,427,953
|
)
|
|
|
51,026
|
|
|
|
164,597
|
|
|
|
98,961
|
|
|
|
188,457
|
|
|
|
(804,998
|
)
|
|
Other operating income
|
|
|
473,882
|
|
|
|
993,305
|
|
|
|
89,912
|
|
|
|
130,230
|
|
|
|
4,637
|
|
|
|
63,491
|
|
|
|
(21,768
|
)
|
|
|
1,733,689
|
|
Result from exposure to changes
in the
purchasing power of the currency
|
|
|
(262,772
|
)
|
|
|
(148,196
|
)
|
|
|
1,792,588
|
|
|
|
(380,241
|
)
|
|
|
(153,015
|
)
|
|
|
(70,528
|
)
|
|
|
(1,111
|
)
|
|
|
776,725
|
|
|
Loan loss
provisions
|
|
|
(1,616,700
|
)
|
|
|
(1,862,191
|
)
|
|
|
20,914
|
|
|
|
(473,491
|
)
|
|
|
-
|
|
|
|
(110
|
)
|
|
|
-
|
|
|
|
(3,931,578
|
)
|
|
Net operating
income
|
|
|
9,162,084
|
|
|
|
1,218,457
|
|
|
|
4,522,999
|
|
|
|
1,081,751
|
|
|
|
651,818
|
|
|
|
655,027
|
|
|
|
178,487
|
|
|
|
17,470,623
|
|
|
Personnel expenses
|
|
|
(5,541,066
|
)
|
|
|
(501,057
|
)
|
|
|
(343,010
|
)
|
|
|
(714,595
|
)
|
|
|
(129,495
|
)
|
|
|
(195,567
|
)
|
|
|
(55,060
|
)
|
|
|
(7,479,850
|
)
|
|
Administration expenses
|
|
|
(2,977,484
|
)
|
|
|
(214,136
|
)
|
|
|
(205,046
|
)
|
|
|
(611,054
|
)
|
|
|
(112,258
|
)
|
|
|
(166,690
|
)
|
|
|
87,610
|
|
|
|
(4,199,058
|
)
|
Depreciations and impairment
of
non-financial assets
|
|
|
(733,579
|
)
|
|
|
(53,277
|
)
|
|
|
(88,196
|
)
|
|
|
(57,180
|
)
|
|
|
(8,183
|
)
|
|
|
(2,617
|
)
|
|
|
(26,000
|
)
|
|
|
(969,032
|
)
|
|
Other
operating expenses
|
|
|
(1,615,454
|
)
|
|
|
(608,530
|
)
|
|
|
(282,861
|
)
|
|
|
(242,269
|
)
|
|
|
(114
|
)
|
|
|
(35,201
|
)
|
|
|
(14,557
|
)
|
|
|
(2,798,986
|
)
|
|
Operating
income
|
|
|
(1,705,499
|
)
|
|
|
(158,543
|
)
|
|
|
3,603,886
|
|
|
|
(543,347
|
)
|
|
|
401,768
|
|
|
|
254,952
|
|
|
|
170,480
|
|
|
|
2,023,697
|
|
|
Result from
associates and joint ventures
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
815
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(815
|
)
|
|
|
-
|
|
|
Result before
taxes
|
|
|
(1,705,499
|
)
|
|
|
(158,543
|
)
|
|
|
3,603,886
|
|
|
|
(542,532
|
)
|
|
|
401,768
|
|
|
|
254,952
|
|
|
|
169,665
|
|
|
|
2,023,697
|
|
|
Income
tax
|
|
|
518,174
|
|
|
|
72,956
|
|
|
|
(1,094,952
|
)
|
|
|
94,871
|
|
|
|
(138,968
|
)
|
|
|
(96,552
|
)
|
|
|
121,784
|
|
|
|
(522,687
|
)
|
|
Net income
|
|
|
(1,187,325
|
)
|
|
|
(85,587
|
)
|
|
|
2,508,934
|
|
|
|
(447,661
|
)
|
|
|
262,800
|
|
|
|
158,400
|
|
|
|
291,449
|
|
|
|
1,501,010
|
|
Net income for the period attributable
to
owners of the parent company
|
|
|
(1,187,325
|
)
|
|
|
(85,587
|
)
|
|
|
2,508,934
|
|
|
|
(447,661
|
)
|
|
|
262,800
|
|
|
|
158,400
|
|
|
|
290,414
|
|
|
|
1,499,975
|
|
|
Net
income for the period attributable to
non-controlling
interest
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,035
|
|
|
|
1,035
|
|
|
Other
comprehensive income
|
|
|
74,682
|
|
|
|
52,699
|
|
|
|
133,003
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
260,385
|
|
Other comprehensive income
attributable to
owners of the parent company
|
|
|
74,682
|
|
|
|
52,699
|
|
|
|
133,003
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(266
|
)
|
|
|
260,118
|
|
Other comprehensive income
attributable to
non-controlling interest
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
267
|
|
|
|
267
|
|
|
Comprehensive
income for the period
|
|
|
(1,112,643
|
)
|
|
|
(32,888
|
)
|
|
|
2,641,937
|
|
|
|
(447,661
|
)
|
|
|
262,800
|
|
|
|
158,400
|
|
|
|
291,450
|
|
|
|
1,761,395
|
|
Comprehensive income attributable
to
owners of the parent company
|
|
|
(1,112,643
|
)
|
|
|
(32,888
|
)
|
|
|
2,641,937
|
|
|
|
(447,661
|
)
|
|
|
262,800
|
|
|
|
158,400
|
|
|
|
290,148
|
|
|
|
1,760,093
|
|
Comprehensive income attributable
to
non-controlling interests
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,302
|
|
|
|
1,302
|
|
GRUPO SUPERVIELLE S.A.
(Expressed in thousands of pesos in homogeneous currency)
|
Assets
by segments
|
|
Individuals
and
Businesses
Banking
|
|
|
Corporate
Banking
|
|
|
Treasury
|
|
|
Consumer
|
|
|
Insurance
|
|
|
Adm.
MF and
other
segments
|
|
|
Adjustments
|
|
|
Total
as of
06.30.2020
|
|
|
Cash and due from
banks
|
|
|
8,635,909
|
|
|
|
398,157
|
|
|
|
21,763,028
|
|
|
|
399,844
|
|
|
|
2,938
|
|
|
|
4,585,253
|
|
|
|
(4,080,126
|
)
|
|
|
31,705,003
|
|
Debt securities at fair value
through
profit or loss
|
|
|
-
|
|
|
|
-
|
|
|
|
3,341,328
|
|
|
|
201,235
|
|
|
|
-
|
|
|
|
65,368
|
|
|
|
-
|
|
|
|
3,607,931
|
|
|
Loans and other financing
|
|
|
46,507,893
|
|
|
|
40,562,666
|
|
|
|
3,768,212
|
|
|
|
5,268,015
|
|
|
|
543,287
|
|
|
|
62,241
|
|
|
|
(1,001,172
|
)
|
|
|
95,711,142
|
|
|
Other
Assets
|
|
|
2,660,550
|
|
|
|
5,102,759
|
|
|
|
72,367,153
|
|
|
|
2,622,865
|
|
|
|
1,405,572
|
|
|
|
569,653
|
|
|
|
10,798,019
|
|
|
|
95,526,571
|
|
|
Total Assets
|
|
|
57,804,352
|
|
|
|
46,063,582
|
|
|
|
101,239,721
|
|
|
|
8,491,959
|
|
|
|
1,951,797
|
|
|
|
5,282,515
|
|
|
|
5,716,721
|
|
|
|
226,550,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
by segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
82,798,146
|
|
|
|
16,184,930
|
|
|
|
61,153,113
|
|
|
|
2,563,124
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,095,074
|
)
|
|
|
158,604,239
|
|
Financing received from the
Argentine Central Bank and
others financial institutions
|
|
|
13,337
|
|
|
|
-
|
|
|
|
7,899,235
|
|
|
|
956,295
|
|
|
|
-
|
|
|
|
72,929
|
|
|
|
(945,295
|
)
|
|
|
7,996,501
|
|
|
Unsubordinated Negotiable obligations
|
|
|
39,272
|
|
|
|
22,149
|
|
|
|
6,174,363
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,781
|
|
|
|
(360,847
|
)
|
|
|
5,882,718
|
|
|
Other
liabilities
|
|
|
5,338,516
|
|
|
|
1,936,855
|
|
|
|
5,258,088
|
|
|
|
1,681,368
|
|
|
|
964,138
|
|
|
|
4,597,326
|
|
|
|
5,463,931
|
|
|
|
25,240,222
|
|
|
Total Liabilities
|
|
|
88,189,271
|
|
|
|
18,143,934
|
|
|
|
80,484,799
|
|
|
|
5,200,787
|
|
|
|
964,138
|
|
|
|
4,678,036
|
|
|
|
62,715
|
|
|
|
197,723,680
|
|
|
Result
by segments
|
|
Individuals
and
Businesses
Banking
|
|
|
Corporate
Banking
|
|
|
Treasury
|
|
|
Consumer
|
|
|
Insurance
|
|
|
Adm.
MF and
other
segments
|
|
|
Adjustments
|
|
|
Total
as of
06.30.2019
|
|
|
Interest income
|
|
|
13,285,001
|
|
|
|
7,947,726
|
|
|
|
1,843,711
|
|
|
|
3,289,647
|
|
|
|
-
|
|
|
|
176,136
|
|
|
|
(1,075,429
|
)
|
|
|
25,466,792
|
|
|
Interest expenses
|
|
|
(4,782,151
|
)
|
|
|
(2,078,774
|
)
|
|
|
(13,566,444
|
)
|
|
|
(2,107,659
|
)
|
|
|
-
|
|
|
|
(108,033
|
)
|
|
|
1,191,833
|
|
|
|
(21,451,228
|
)
|
|
Distribution
of results by Treasury
|
|
|
2,215,273
|
|
|
|
(2,836,932
|
)
|
|
|
621,659
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Net interest
income
|
|
|
10,718,123
|
|
|
|
3,032,020
|
|
|
|
(11,101,074
|
)
|
|
|
1,181,988
|
|
|
|
-
|
|
|
|
68,103
|
|
|
|
116,404
|
|
|
|
4,015,564
|
|
|
Services Fee Income
|
|
|
2,970,010
|
|
|
|
671,620
|
|
|
|
23,925
|
|
|
|
1,079,240
|
|
|
|
-
|
|
|
|
389,783
|
|
|
|
(130,483
|
)
|
|
|
5,004,095
|
|
|
Services Fee Expenses
|
|
|
(687,051
|
)
|
|
|
(57,933
|
)
|
|
|
(35,771
|
)
|
|
|
(397,770
|
)
|
|
|
-
|
|
|
|
(20,799
|
)
|
|
|
43,257
|
|
|
|
(1,156,067
|
)
|
|
Income
from insurance activities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
554,618
|
|
|
|
-
|
|
|
|
116,208
|
|
|
|
670,826
|
|
|
Net
Service Fee Income
|
|
|
2,282,959
|
|
|
|
613,687
|
|
|
|
(11,846
|
)
|
|
|
681,470
|
|
|
|
554,618
|
|
|
|
368,984
|
|
|
|
28,982
|
|
|
|
4,518,854
|
|
|
Subtotal
|
|
|
13,001,082
|
|
|
|
3,645,707
|
|
|
|
(11,112,920
|
)
|
|
|
1,863,458
|
|
|
|
554,618
|
|
|
|
437,087
|
|
|
|
145,386
|
|
|
|
8,534,418
|
|
Net income from financial instruments
at
fair value through profit or loss
|
|
|
7,823
|
|
|
|
-
|
|
|
|
14,131,691
|
|
|
|
(67,525
|
)
|
|
|
275,700
|
|
|
|
91,217
|
|
|
|
159,121
|
|
|
|
14,598,027
|
|
Exchange
rate difference on gold and
foreign currency
|
|
|
819,137
|
|
|
|
149,870
|
|
|
|
(1,079,673
|
)
|
|
|
(1,109
|
)
|
|
|
-
|
|
|
|
9,258
|
|
|
|
(12,895
|
)
|
|
|
(115,412
|
)
|
NIFFI And
Exchange Rate
Differences
|
|
|
826,960
|
|
|
|
149,870
|
|
|
|
13,052,018
|
|
|
|
(68,634
|
)
|
|
|
275,700
|
|
|
|
100,475
|
|
|
|
146,226
|
|
|
|
14,482,615
|
|
|
Other operating income
|
|
|
767,204
|
|
|
|
496,758
|
|
|
|
85,400
|
|
|
|
197,171
|
|
|
|
4,430
|
|
|
|
102,372
|
|
|
|
(55,092
|
)
|
|
|
1,598,243
|
|
Result from exposure to
changes in the purchasing
power of the currency
|
|
|
(1,057,624
|
)
|
|
|
(1,249,509
|
)
|
|
|
(263,911
|
)
|
|
|
(668,592
|
)
|
|
|
(244,995
|
)
|
|
|
(185,375
|
)
|
|
|
311,090
|
|
|
|
(3,358,916
|
)
|
|
Loan loss
provisions
|
|
|
(2,094,198
|
)
|
|
|
(1,454,118
|
)
|
|
|
26,910
|
|
|
|
(1,295,266
|
)
|
|
|
-
|
|
|
|
(10,167
|
)
|
|
|
-
|
|
|
|
(4,826,839
|
)
|
|
Net operating
income
|
|
|
11,443,424
|
|
|
|
1,588,708
|
|
|
|
1,787,497
|
|
|
|
28,137
|
|
|
|
589,753
|
|
|
|
444,392
|
|
|
|
547,610
|
|
|
|
16,429,521
|
|
|
Personnel expenses
|
|
|
(5,852,997
|
)
|
|
|
(606,653
|
)
|
|
|
(353,870
|
)
|
|
|
(764,596
|
)
|
|
|
(94,508
|
)
|
|
|
(223,025
|
)
|
|
|
(97,104
|
)
|
|
|
(7,992,753
|
)
|
|
Administration expenses
|
|
|
(2,966,410
|
)
|
|
|
(200,575
|
)
|
|
|
(206,449
|
)
|
|
|
(631,666
|
)
|
|
|
(138,258
|
)
|
|
|
(131,795
|
)
|
|
|
33,985
|
|
|
|
(4,241,168
|
)
|
Depreciations and impairment
of
non-financial assets
|
|
|
(665,607
|
)
|
|
|
(61,672
|
)
|
|
|
(64,503
|
)
|
|
|
(62,313
|
)
|
|
|
(4,443
|
)
|
|
|
(4,560
|
)
|
|
|
(25,921
|
)
|
|
|
(889,019
|
)
|
|
Other
operating expenses
|
|
|
(1,771,762
|
)
|
|
|
(852,798
|
)
|
|
|
(252,613
|
)
|
|
|
(387,584
|
)
|
|
|
(1,273
|
)
|
|
|
(69,909
|
)
|
|
|
(10,583
|
)
|
|
|
(3,346,522
|
)
|
|
Operating
income
|
|
|
186,648
|
|
|
|
(132,990
|
)
|
|
|
910,062
|
|
|
|
(1,818,022
|
)
|
|
|
351,271
|
|
|
|
15,103
|
|
|
|
447,987
|
|
|
|
(39,941
|
)
|
Result
from associates and
joint ventures
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,255
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,255
|
)
|
|
|
-
|
|
Result before
taxes from
continuing operations
|
|
|
186,648
|
|
|
|
(132,990
|
)
|
|
|
910,062
|
|
|
|
(1,814,767
|
)
|
|
|
351,271
|
|
|
|
15,103
|
|
|
|
444,732
|
|
|
|
(39,941
|
)
|
|
Income
tax
|
|
|
(103,156
|
)
|
|
|
(56,350
|
)
|
|
|
(126,908
|
)
|
|
|
271,860
|
|
|
|
(133,439
|
)
|
|
|
(30,012
|
)
|
|
|
(354,678
|
)
|
|
|
(532,683
|
)
|
|
Net income
|
|
|
83,492
|
|
|
|
(189,340
|
)
|
|
|
783,154
|
|
|
|
(1,542,907
|
)
|
|
|
217,832
|
|
|
|
(14,909
|
)
|
|
|
90,054
|
|
|
|
(572,624
|
)
|
Net income for the period
attributable to owners of the
parent company
|
|
|
83,492
|
|
|
|
(189,340
|
)
|
|
|
783,154
|
|
|
|
(1,542,907
|
)
|
|
|
217,832
|
|
|
|
(14,909
|
)
|
|
|
90,726
|
|
|
|
(571,952
|
)
|
Net income for the period
attributable to non-controlling
interest
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(672
|
)
|
|
|
(672
|
)
|
|
Other
comprehensive income
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,297
|
)
|
|
|
-
|
|
|
|
(117
|
)
|
|
|
-
|
|
|
|
(2
|
)
|
|
|
(2,416
|
)
|
Other comprehensive income
attributable to owners of the
parent company
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,297
|
)
|
|
|
-
|
|
|
|
(117
|
)
|
|
|
-
|
|
|
|
1
|
|
|
|
(2,413
|
)
|
Other comprehensive income
attributable to non-controlling
interest
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3
|
)
|
|
|
(3
|
)
|
Comprehensive
income for the
period
|
|
|
83,492
|
|
|
|
(189,340
|
)
|
|
|
780,857
|
|
|
|
(1,542,907
|
)
|
|
|
217,715
|
|
|
|
(14,909
|
)
|
|
|
90,052
|
|
|
|
(575,040
|
)
|
Comprehensive income
attributable to owners of the
parent company
|
|
|
83,492
|
|
|
|
(189,340
|
)
|
|
|
780,857
|
|
|
|
(1,542,907
|
)
|
|
|
217,715
|
|
|
|
(14,909
|
)
|
|
|
90,727
|
|
|
|
(574,365
|
)
|
Comprehensive income
attributable to non-controlling
interests
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(675
|
)
|
|
|
(675
|
)
|
GRUPO SUPERVIELLE
S.A.
(Expressed in thousands of pesos in homogeneous currency)
|
Assets
by segments
|
|
Individuals
and
Businesses
Banking
|
|
|
Corporate
Banking
|
|
|
Treasury
|
|
|
Consumer
|
|
|
Insurance
|
|
|
Adm.
MF and
other
segments
|
|
|
Adjustments
|
|
|
Total
as of
12.31.2019
|
|
|
Cash and due from
banks
|
|
|
8,737,149
|
|
|
|
1,161,964
|
|
|
|
19,163,798
|
|
|
|
364,799
|
|
|
|
3,845
|
|
|
|
2,750,064
|
|
|
|
(2,189,451
|
)
|
|
|
29,992,168
|
|
Debt securities at fair value
through
profit or loss
|
|
|
-
|
|
|
|
-
|
|
|
|
354,759
|
|
|
|
105,371
|
|
|
|
-
|
|
|
|
185,649
|
|
|
|
-
|
|
|
|
645,779
|
|
|
Loans and other financing
|
|
|
47,517,441
|
|
|
|
43,703,955
|
|
|
|
4,230,470
|
|
|
|
6,590,342
|
|
|
|
515,689
|
|
|
|
34,925
|
|
|
|
(1,608,591
|
)
|
|
|
100,984,231
|
|
|
Other
Assets
|
|
|
2,683,777
|
|
|
|
1,335,366
|
|
|
|
20,524,958
|
|
|
|
3,119,019
|
|
|
|
1,239,693
|
|
|
|
611,816
|
|
|
|
8,638,345
|
|
|
|
38,152,974
|
|
|
Total Assets
|
|
|
58,938,367
|
|
|
|
46,201,285
|
|
|
|
44,273,985
|
|
|
|
10,179,531
|
|
|
|
1,759,227
|
|
|
|
3,582,454
|
|
|
|
4,840,303
|
|
|
|
169,775,152
|
|
|
Liabilities
by segments
|
|
Individuals
and
Businesses
Banking
|
|
|
Corporate
Banking
|
|
|
Treasury
|
|
|
Consumer
|
|
|
Insurance
|
|
|
Adm.
MF and
other
segments
|
|
|
Adjustments
|
|
|
Total
as of
12.31.2019
|
|
|
Deposits
|
|
|
72,034,254
|
|
|
|
12,083,178
|
|
|
|
17,807,558
|
|
|
|
1,852,021
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,669,630
|
)
|
|
|
101,107,381
|
|
Financing received from the Argentine
Central
Bank and others financial institutions
|
|
|
14,318
|
|
|
|
-
|
|
|
|
10,221,962
|
|
|
|
1,078,869
|
|
|
|
-
|
|
|
|
52,276
|
|
|
|
(1,124,033
|
)
|
|
|
10,243,392
|
|
|
Unsubordinated Negotiable obligations
|
|
|
123,256
|
|
|
|
86,976
|
|
|
|
6,685,927
|
|
|
|
-
|
|
|
|
-
|
|
|
|
17,673
|
|
|
|
-
|
|
|
|
6,913,832
|
|
|
Other liabilities
|
|
|
5,297,751
|
|
|
|
1,565,434
|
|
|
|
4,945,277
|
|
|
|
3,632,838
|
|
|
|
861,022
|
|
|
|
2,934,922
|
|
|
|
4,774,206
|
|
|
|
24,011,450
|
|
|
Total
Liabilities
|
|
|
77,469,579
|
|
|
|
13,735,588
|
|
|
|
39,660,724
|
|
|
|
6,563,728
|
|
|
|
861,022
|
|
|
|
3,004,871
|
|
|
|
980,543
|
|
|
|
142,276,055
|
|
The portfolio
of financial instruments held by the Group is detailed below, as of June 30, 2020 and December 31, 2019:
|
Instrument portfolio
as of 06/30/2020
|
|
FV
level 1
|
|
|
FV
level 2
|
|
|
FV
level 3
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
- Debt securities at fair value through
profit or loss
|
|
|
3,503,141
|
|
|
|
104,790
|
|
|
|
-
|
|
|
- Derivatives
|
|
|
66,000
|
|
|
|
-
|
|
|
|
-
|
|
|
- Other financial assets
|
|
|
2,371,272
|
|
|
|
-
|
|
|
|
-
|
|
|
- Other debt securities
|
|
|
1,522,895
|
|
|
|
57,509,298
|
|
|
|
-
|
|
|
- Financial assets in guarantee
|
|
|
4,548,706
|
|
|
|
-
|
|
|
|
-
|
|
|
- Investments in Equity Instruments
|
|
|
35,064
|
|
|
|
8,939
|
|
|
|
-
|
|
|
Total Assets
|
|
|
12,047,078
|
|
|
|
57,623,027
|
|
|
|
-
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Liabilities at fair value through profit or
loss
|
|
|
113,041
|
|
|
|
-
|
|
|
|
-
|
|
|
- Other financial liabilities
|
|
|
5,885,769
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Liabilities
|
|
|
5,998,810
|
|
|
|
-
|
|
|
|
-
|
|
|
Instrument portfolio
as of 12/31/2019
|
|
FV
level 1
|
|
|
FV
level 2
|
|
|
FV
level 3
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
- Debt securities at fair value through
profit or loss
|
|
|
461,802
|
|
|
|
179,807
|
|
|
|
4,170
|
|
|
- Derivatives
|
|
|
292,602
|
|
|
|
-
|
|
|
|
-
|
|
|
- Other financial assets
|
|
|
878,522
|
|
|
|
-
|
|
|
|
-
|
|
|
- Other debt securities
|
|
|
-
|
|
|
|
8,145,974
|
|
|
|
-
|
|
|
- Financial assets in guarantee
|
|
|
5,593,951
|
|
|
|
-
|
|
|
|
-
|
|
|
- Investments in Equity Instruments
|
|
|
6,584
|
|
|
|
9,977
|
|
|
|
-
|
|
|
Total Assets
|
|
|
7,233,461
|
|
|
|
8,335,758
|
|
|
|
4,170
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Liabilities at fair value through profit or
loss
|
|
|
215,321
|
|
|
|
-
|
|
|
|
-
|
|
|
- Other financial liabilities
|
|
|
6,811,896
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Liabilities
|
|
|
7,027,217
|
|
|
|
-
|
|
|
|
-
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
Under IFRS, the estimated residual value
of an instrument at inception is generally the transaction price. In the event that the transaction price differs from the determined
fair value, the difference will be recognized in the income statement proportionally for the duration of the instrument. As of
June 30, 2020, there have been no differences regarding the transaction price.
Fair Value of Other Financial Instruments
The following chart includes a comparison
between the fair value and the accounting value of financial instruments not recorded at fair value as of June 30, 2020 and December
31, 2019:
|
Other Financial Instruments as of 06/30/2020
|
|
Accounting
value
|
|
|
Fair value
|
|
|
FV Level 1
|
|
|
FV Level 2
|
|
|
FV Level 3
|
|
|
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Cash and due from Banks
|
|
|
31.705.003
|
|
|
|
31.705.003
|
|
|
|
31.705.003
|
|
|
|
-
|
|
|
|
-
|
|
|
-Other financial assets
|
|
|
681.315
|
|
|
|
681.315
|
|
|
|
681.315
|
|
|
|
-
|
|
|
|
|
|
|
-Loans and other financing
|
|
|
95.711.142
|
|
|
|
100.279.408
|
|
|
|
-
|
|
|
|
-
|
|
|
|
100.279.408
|
|
|
- Repo transactions
|
|
|
4.633.359
|
|
|
|
4.633.359
|
|
|
|
4.633.359
|
|
|
|
-
|
|
|
|
|
|
|
- Other Debt Securities
|
|
|
5.417.889
|
|
|
|
4.768.455
|
|
|
|
4.768.455
|
|
|
|
-
|
|
|
|
-
|
|
|
-Financial assets in as guarantee
|
|
|
203.264
|
|
|
|
203.264
|
|
|
|
203.264
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
138.351.972
|
|
|
|
142.270.804
|
|
|
|
41.991.396
|
|
|
|
-
|
|
|
|
100.279.408
|
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Deposits
|
|
|
158,604,239
|
|
|
|
158,604,239
|
|
|
|
-
|
|
|
|
-
|
|
|
|
158,604,239
|
|
|
- Other financial liabilities
|
|
|
4,652,391
|
|
|
|
4,652,391
|
|
|
|
4,652,391
|
|
|
|
-
|
|
|
|
-
|
|
|
- Repo transactions
|
|
|
644,149
|
|
|
|
644,149
|
|
|
|
644,149
|
|
|
|
-
|
|
|
|
-
|
|
|
-Finances received from the BCRA and other financial institutions
|
|
|
7,996,501
|
|
|
|
7,369,682
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,369,682
|
|
|
- Negotiable obligations issued
|
|
|
5,882,718
|
|
|
|
5,882,718
|
|
|
|
5,882,718
|
|
|
|
-
|
|
|
|
-
|
|
|
- Subordinated Negotiable Obligations
|
|
|
2,489,706
|
|
|
|
2,654,970
|
|
|
|
2,654,970
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
180,269,704
|
|
|
|
179,808,149
|
|
|
|
13,834,228
|
|
|
|
-
|
|
|
|
165,973,921
|
|
|
Other Financial Instruments as of 12/31/2019
|
|
Accounting
value
|
|
|
Fair value
|
|
|
FV Level 1
|
|
|
FV Level 2
|
|
|
FV Level 3
|
|
|
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Cash and due from Banks
|
|
|
29,992,168
|
|
|
|
29,992,168
|
|
|
|
29,992,168
|
|
|
|
-
|
|
|
|
-
|
|
|
-Other financial assets
|
|
|
1,503,379
|
|
|
|
1,503,379
|
|
|
|
1,503,379
|
|
|
|
-
|
|
|
|
-
|
|
|
-Loans and other financing
|
|
|
100,984,231
|
|
|
|
105,104,817
|
|
|
|
-
|
|
|
|
-
|
|
|
|
105,104,817
|
|
|
- Other Debt Securities
|
|
|
3,976,205
|
|
|
|
4,070,245
|
|
|
|
4,070,245
|
|
|
|
-
|
|
|
|
-
|
|
|
-Financial assets in as guarantee
|
|
|
464,783
|
|
|
|
464,783
|
|
|
|
464,783
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
136,920,766
|
|
|
|
141,135,392
|
|
|
|
36,030,575
|
|
|
|
-
|
|
|
|
105,104,817
|
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Deposits
|
|
|
101,107,381
|
|
|
|
101,109,244
|
|
|
|
-
|
|
|
|
-
|
|
|
|
101,109,244
|
|
|
-Other financial liabilities
|
|
|
3,543,951
|
|
|
|
3,543,950
|
|
|
|
3,543,950
|
|
|
|
-
|
|
|
|
-
|
|
|
-Repo transactions
|
|
|
363,291
|
|
|
|
363,291
|
|
|
|
363,291
|
|
|
|
-
|
|
|
|
-
|
|
|
-Finances received from the BCRA
and other financial institutions
|
|
|
10,243,392
|
|
|
|
9,971,315
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9,971,315
|
|
|
- Negotiable obligations issued
|
|
|
6,913,832
|
|
|
|
6,913,832
|
|
|
|
6,913,832
|
|
|
|
-
|
|
|
|
-
|
|
|
- Subordinated Negotiable Obligations
|
|
|
2,408,052
|
|
|
|
2,690,020
|
|
|
|
2,690,020
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
124,579,899
|
|
|
|
124,591,652
|
|
|
|
13,511,093
|
|
|
|
-
|
|
|
|
111,080,559
|
|
|
|
4.
|
RELATED PARTY TRANSACTIONS
|
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.
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
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.
Additionally, related parties are considered
to be the key personnel of the Group's Management (members of the Board and managers of the Group and its subsidiaries), as well
as the entities over which key personnel may exercise significant influence or control.
Controlling Entity
Mr. Julio Patricio Supervielle is the
main shareholder of the Groups, with registered address on Bartolomé Mitre 434, 5th floor, Autonomous City of
Buenos Aires. Julio Patricio Supervielle´s interest in the capital and votes of the Group as of June 30, 2020 and December
31, 2019 amounts to the 35.12% and 57.89%, respectively.
Related party transactions
The financing, including the ones that were restructured, were
granted in the normal course of business and in substantially the same terms, including interest rates and guarantees, as those
in force at the time to grant credit to unrelated parties. Likewise, they did not imply a higher than normal risk of bad debt
or presented other types of unfavorable conditions.
|
|
5.
|
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED COMPREHENSIVE
INCOME
|
|
|
|
Six-month period
ended on
|
|
|
Three-month
period ended on
|
|
|
|
|
06/30/2020
|
|
|
06/30/2019
|
|
|
06/30/2020
|
|
|
06/30/2019
|
|
|
5.1 Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on overdrafts
|
|
|
1,484,477
|
|
|
|
2,549,202
|
|
|
|
661,717
|
|
|
|
1,266,408
|
|
|
Interest on promissory notes
|
|
|
2,399,347
|
|
|
|
3,332,622
|
|
|
|
1,005,226
|
|
|
|
1,731,965
|
|
|
Interest on personal loans
|
|
|
6,079,889
|
|
|
|
7,851,086
|
|
|
|
2,985,028
|
|
|
|
3,806,961
|
|
|
Interest on promissory notes
|
|
|
2,858,120
|
|
|
|
3,440,002
|
|
|
|
1,190,319
|
|
|
|
1,638,443
|
|
|
Interest on credit card loans
|
|
|
1,594,045
|
|
|
|
3,041,948
|
|
|
|
570,097
|
|
|
|
1,464,556
|
|
|
Interest on mortgage loans
|
|
|
1,665,572
|
|
|
|
2,110,758
|
|
|
|
755,050
|
|
|
|
1,152,913
|
|
|
Interest on automobile and other secured loan
|
|
|
306,278
|
|
|
|
400,444
|
|
|
|
146,072
|
|
|
|
204,422
|
|
|
Interest on foreign trade loans and USD loans
|
|
|
698,189
|
|
|
|
1,056,278
|
|
|
|
345,326
|
|
|
|
537,809
|
|
|
Interest on financial leases
|
|
|
314,094
|
|
|
|
753,042
|
|
|
|
152,307
|
|
|
|
349,179
|
|
|
Interest on public and private securities measured at amortized cost
|
|
|
8,558,401
|
|
|
|
847,569
|
|
|
|
4,606,107
|
|
|
|
334,009
|
|
|
Others
|
|
|
570,281
|
|
|
|
83,841
|
|
|
|
347,947
|
|
|
|
50,414
|
|
|
|
|
|
26,528,693
|
|
|
|
25,466,792
|
|
|
|
12,765,196
|
|
|
|
12,537,079
|
|
|
5.2 Interest expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on current accounts deposits
|
|
|
1,854,000
|
|
|
|
4,374,275
|
|
|
|
893,612
|
|
|
|
2,196,374
|
|
|
Interest on time deposits
|
|
|
7,650,007
|
|
|
|
11,405,163
|
|
|
|
3,249,149
|
|
|
|
5,405,059
|
|
|
Interest on other liabilities from financial transactions
|
|
|
1,273,880
|
|
|
|
4,828,518
|
|
|
|
394,129
|
|
|
|
2,465,321
|
|
|
Interest from financing from financial sector
|
|
|
58,728
|
|
|
|
175,456
|
|
|
|
53,404
|
|
|
|
72,285
|
|
|
Others
|
|
|
181,719
|
|
|
|
667,816
|
|
|
|
72,463
|
|
|
|
378,389
|
|
|
|
|
|
11,018,334
|
|
|
|
21,451,228
|
|
|
|
4,662,757
|
|
|
|
10,517,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.3 Net income from financial instruments at fair value through
profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from corporate and government securities
|
|
|
878,536
|
|
|
|
1,143,507
|
|
|
|
631,601
|
|
|
|
224,963
|
|
|
Income from securities issued by the Argentine Central Bank
|
|
|
44,777
|
|
|
|
13,446,940
|
|
|
|
11,582
|
|
|
|
7,074,084
|
|
|
Derivatives
|
|
|
51,829
|
|
|
|
7,580
|
|
|
|
10,735
|
|
|
|
(86,078
|
)
|
|
|
|
|
975,142
|
|
|
|
14,598,027
|
|
|
|
653,918
|
|
|
|
7,212,969
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
|
|
|
Six-month period
ended on
|
|
|
Three-month
period ended on
|
|
|
|
|
|
06/30/2020
|
|
|
|
06/30/2019
|
|
|
|
06/30/2020
|
|
|
|
06/30/2019
|
|
|
5.4 Result from assets withdrawals rated at amortized
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Result from withdrawl or sale of government securities
|
|
|
66,592
|
|
|
|
-
|
|
|
|
54,333
|
|
|
|
-
|
|
|
Result from exposure to changes
in the purchasing power of the currency on government securities
|
|
|
(2,244,825
|
)
|
|
|
-
|
|
|
|
(2,244,825
|
)
|
|
|
-
|
|
|
|
|
|
(2,178,233
|
)
|
|
|
-
|
|
|
|
(2,190,492
|
)
|
|
|
-
|
|
|
5.5 Service fee income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions from deposit accounts
|
|
|
2,094,659
|
|
|
|
2,049,573
|
|
|
|
996,998
|
|
|
|
989,010
|
|
|
Commissions from credit and debit cards
|
|
|
1,413,886
|
|
|
|
1,583,953
|
|
|
|
581,295
|
|
|
|
771,441
|
|
|
Commissions from loans operations
|
|
|
100,668
|
|
|
|
191,973
|
|
|
|
31,092
|
|
|
|
85,846
|
|
|
Commissions from miscellaneous operations
|
|
|
1,164,329
|
|
|
|
1,089,317
|
|
|
|
650,089
|
|
|
|
584,668
|
|
|
Others
|
|
|
49,982
|
|
|
|
89,279
|
|
|
|
27,702
|
|
|
|
38,307
|
|
|
|
|
|
4,823,524
|
|
|
|
5,004,095
|
|
|
|
2,287,176
|
|
|
|
2,469,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.6 Service fee expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions paid
|
|
|
1,350,924
|
|
|
|
1,105,847
|
|
|
|
652,695
|
|
|
|
594,369
|
|
|
Export and foreign currency operations
|
|
|
15,926
|
|
|
|
50,220
|
|
|
|
8,752
|
|
|
|
28,326
|
|
|
|
|
|
1,366,850
|
|
|
|
1,156,067
|
|
|
|
661,447
|
|
|
|
622,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.7 Other operating incomes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans recovered and allowances reversed
|
|
|
277,082
|
|
|
|
268,773
|
|
|
|
(78,053
|
)
|
|
|
126,013
|
|
|
Insurance commissions
|
|
|
31,344
|
|
|
|
21,071
|
|
|
|
15,113
|
|
|
|
16,251
|
|
|
Rental from safety boxes
|
|
|
137,257
|
|
|
|
163,262
|
|
|
|
65,558
|
|
|
|
81,392
|
|
|
Commissions from trust services
|
|
|
6,585
|
|
|
|
16,484
|
|
|
|
1,756
|
|
|
|
15,144
|
|
|
Returns of risk funds
|
|
|
677,351
|
|
|
|
152,628
|
|
|
|
616,318
|
|
|
|
84,474
|
|
|
Sales of property, plant and equipment
|
|
|
6,302
|
|
|
|
7,508
|
|
|
|
4,403
|
|
|
|
3,675
|
|
|
Miscellaneous credit adjustments
|
|
|
56,700
|
|
|
|
89,992
|
|
|
|
27,429
|
|
|
|
42,330
|
|
|
Default interests
|
|
|
150,335
|
|
|
|
300,543
|
|
|
|
54,087
|
|
|
|
113,824
|
|
|
Others
|
|
|
390,733
|
|
|
|
577,982
|
|
|
|
163,935
|
|
|
|
246,729
|
|
|
|
|
|
1,733,689
|
|
|
|
1,598,243
|
|
|
|
870,546
|
|
|
|
729,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.8 Personnel expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payroll and social securities
|
|
|
6,863,056
|
|
|
|
7,293,036
|
|
|
|
3,493,583
|
|
|
|
3,870,996
|
|
|
Personnel expenses
|
|
|
616,794
|
|
|
|
699,717
|
|
|
|
232,890
|
|
|
|
340,860
|
|
|
|
|
|
7,479,850
|
|
|
|
7,992,753
|
|
|
|
3,726,473
|
|
|
|
4,211,856
|
|
|
5.9 Administration expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Directors´ and statutory auditors´fees
|
|
|
135,633
|
|
|
|
173,094
|
|
|
|
95,302
|
|
|
|
105,654
|
|
|
Other fees
|
|
|
1,250,252
|
|
|
|
599,338
|
|
|
|
735,003
|
|
|
|
328,163
|
|
|
Advertising and publicity
|
|
|
245,079
|
|
|
|
316,140
|
|
|
|
124,460
|
|
|
|
166,593
|
|
|
Taxes
|
|
|
734,042
|
|
|
|
837,483
|
|
|
|
348,870
|
|
|
|
395,715
|
|
|
Maintenance, security and services
|
|
|
1,345,072
|
|
|
|
972,345
|
|
|
|
739,339
|
|
|
|
478,494
|
|
|
Rent
|
|
|
37,681
|
|
|
|
39,416
|
|
|
|
18,718
|
|
|
|
23,933
|
|
|
Others
|
|
|
451,299
|
|
|
|
1,303,352
|
|
|
|
221,080
|
|
|
|
673,919
|
|
|
|
|
|
4,199,058
|
|
|
|
4,241,168
|
|
|
|
2,282,772
|
|
|
|
2,172,471
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
|
|
|
Six-month period
ended on
|
|
|
Three-month
period ended on
|
|
|
|
|
06/30/2020
|
|
|
06/30/2019
|
|
|
06/30/2020
|
|
|
06/30/2019
|
|
|
5.10 Depreciation and impairment of non-financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of property, plant and equipment (Schedule F)
|
|
|
210,908
|
|
|
|
251,581
|
|
|
|
110,133
|
|
|
|
124,623
|
|
|
Depreciation of miscellaneous assets
|
|
|
106,685
|
|
|
|
86,366
|
|
|
|
53,696
|
|
|
|
50,738
|
|
|
Amortization of intangible assets (Schedule G)
|
|
|
322,619
|
|
|
|
236,018
|
|
|
|
167,542
|
|
|
|
122,579
|
|
|
Depreciation of rent asstes by right of use (Schedule
F)
|
|
|
328,820
|
|
|
|
315,054
|
|
|
|
161,464
|
|
|
|
157,743
|
|
|
|
|
|
969,032
|
|
|
|
889,019
|
|
|
|
492,835
|
|
|
|
455,683
|
|
|
5.11 Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Promotions related with credit cards
|
|
|
209,380
|
|
|
|
282,934
|
|
|
|
85,063
|
|
|
|
134,810
|
|
|
Turnover tax
|
|
|
1,691,126
|
|
|
|
2,215,631
|
|
|
|
815,415
|
|
|
|
1,126,643
|
|
|
Result by initial recognition of loans
|
|
|
65,918
|
|
|
|
136,313
|
|
|
|
21,443
|
|
|
|
66,655
|
|
|
Charges paid to National Social Security Administration (ANSES)
|
|
|
81,044
|
|
|
|
117,169
|
|
|
|
40,630
|
|
|
|
64,370
|
|
|
Operationaal losses
|
|
|
20,775
|
|
|
|
40,338
|
|
|
|
6,734
|
|
|
|
28,265
|
|
|
Balance adjustments loans and credit cards
|
|
|
52,093
|
|
|
|
80,569
|
|
|
|
19,827
|
|
|
|
55,759
|
|
|
Interests for leases liabilities
|
|
|
82,350
|
|
|
|
130,447
|
|
|
|
42,732
|
|
|
|
64,672
|
|
|
Coverage services
|
|
|
6,547
|
|
|
|
10,283
|
|
|
|
2,476
|
|
|
|
2,093
|
|
|
Contributions made to deposit insurance fund
|
|
|
101,339
|
|
|
|
145,775
|
|
|
|
52,758
|
|
|
|
74,093
|
|
|
Others
|
|
|
488,414
|
|
|
|
187,063
|
|
|
|
404,062
|
|
|
|
93,764
|
|
|
|
|
|
2,798,986
|
|
|
|
3,346,522
|
|
|
|
1,491,140
|
|
|
|
1,711,124
|
|
On April 28, 2020, the Shareholders’
General Meeting approved the following distribution of retained earnings for the year ended on December 31, 2019 which shows a
profit of 4,257,933 (historical values without inflation adjustment):
* Reserve
for future dividends: 426,000
* Other
reserve: 3,831,933
The composition of “Income
from insurance activities” as of June 30, 2020 and 2019, is as follows:
|
|
|
Six-month period ended
on
|
|
|
Three-month period ended on
|
|
|
Item
|
|
06/30/2020
|
|
|
06/30/2019
|
|
|
06/30/2020
|
|
|
06/30/2019
|
|
|
Accrued premiums
|
|
|
969,703
|
|
|
|
1,028,523
|
|
|
|
475,321
|
|
|
|
513,758
|
|
|
Accrued losses
|
|
|
(94,858
|
)
|
|
|
(74,965
|
)
|
|
|
(25,563
|
)
|
|
|
(15,036
|
)
|
|
Production expenses
|
|
|
(145,093
|
)
|
|
|
(282,732
|
)
|
|
|
(60,738
|
)
|
|
|
(166,617
|
)
|
|
Total
|
|
|
729,752
|
|
|
|
670,826
|
|
|
|
389,020
|
|
|
|
332,105
|
|
As of June 30, 2020 and December
31, 2019, 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.
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
|
|
|
Portfolio
|
|
|
Net Worth
|
|
|
Number
of Units
|
|
|
Mutual Fund
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
Premier Renta CP en Pesos
|
|
|
28,097,364
|
|
|
|
15,938,793
|
|
|
|
28,050,530
|
|
|
|
15,914,397
|
|
|
|
8,505,351,987
|
|
|
|
3,958,398,573
|
|
|
Premier Renta Plus en Pesos
|
|
|
128,672
|
|
|
|
123,980
|
|
|
|
127,967
|
|
|
|
121,768
|
|
|
|
10,578,769
|
|
|
|
10,250,999
|
|
|
Premier Renta Fija Ahorro
|
|
|
1,009,384
|
|
|
|
528,679
|
|
|
|
988,242
|
|
|
|
521,939
|
|
|
|
23,390,973
|
|
|
|
12,851,475
|
|
|
Premier Renta Fija Crecimiento
|
|
|
57,926
|
|
|
|
53,299
|
|
|
|
57,141
|
|
|
|
52,998
|
|
|
|
3,622,219
|
|
|
|
3,688,485
|
|
|
Premier Renta Variable
|
|
|
152,137
|
|
|
|
189,004
|
|
|
|
150,992
|
|
|
|
186,285
|
|
|
|
7,099,105
|
|
|
|
6,982,580
|
|
|
Premier Abierto Pymes
|
|
|
715,367
|
|
|
|
636,513
|
|
|
|
637,578
|
|
|
|
635,081
|
|
|
|
92,249,899
|
|
|
|
91,559,624
|
|
|
Premier Commodities
|
|
|
61,592
|
|
|
|
23,898
|
|
|
|
44,372
|
|
|
|
15,440
|
|
|
|
6,494,007
|
|
|
|
2,596,034
|
|
|
Premier Capital
|
|
|
173,911
|
|
|
|
146,597
|
|
|
|
143,530
|
|
|
|
146,211
|
|
|
|
32,579,552
|
|
|
|
36,057,519
|
|
|
Premier Inversión
|
|
|
774,176
|
|
|
|
153,755
|
|
|
|
645,392
|
|
|
|
153,677
|
|
|
|
1,677,321,963
|
|
|
|
442,160,447
|
|
|
Premier Balanceado
|
|
|
1,169,767
|
|
|
|
708,645
|
|
|
|
1,168,770
|
|
|
|
707,999
|
|
|
|
303,705,471
|
|
|
|
249,317,925
|
|
|
Premier Renta Mixta
|
|
|
1,914,254
|
|
|
|
151,364
|
|
|
|
1,464,052
|
|
|
|
151,242
|
|
|
|
574,442,715
|
|
|
|
76,562,093
|
|
|
Premier Renta Mixta en Dólares
|
|
|
113,996
|
|
|
|
147,908
|
|
|
|
113,503
|
|
|
|
147,363
|
|
|
|
2,483,313
|
|
|
|
2,815,589
|
|
|
Premier Performance Dólares
|
|
|
442,810
|
|
|
|
515,567
|
|
|
|
442,316
|
|
|
|
514,411
|
|
|
|
7,741,462
|
|
|
|
9,312,208
|
|
|
Premier Global USD
|
|
|
690,600
|
|
|
|
793,897
|
|
|
|
690,177
|
|
|
|
791,448
|
|
|
|
9,350,964
|
|
|
|
11,338,023
|
|
|
|
9.
|
ADDITIONAL INFORMATION REQUIRED BY THE BCRA
|
|
|
9.1.
|
DEPOSIT GUARANTEE INSURANCE SYSTEM
|
Law No. 24485 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.
Through Decree No. 1127/98 dated September
24, 1998, the National Executive Branch established the maximum coverage limit of the guarantee system, applicable to demand or
time deposits, in pesos and/or foreign currency. Until February 28, 2019, such limit amounts to 450, pursuant to Communication
“A” 5943. As from March 1, 2019, the new limit amounts to 1,000 pursuant to Communication “A” 6654.
This regime does not include deposits
made by other financial institutions (including time deposit certificates acquired through a secondary transaction), deposits
made by persons directly or indirectly related to the entity, deposits of securities, acceptances or guarantees, and those set
up after July 1, 1995 at an interest rate higher than that periodically set forth by the Argentine Central Bank on the basis of
the daily survey carried out by that agency (*). Excluded from the regime are also the deposits whose ownership was acquired through
endorsement and placements offering incentives additional to the interest rate. The system has been implemented through the creation
of the so-called “Deposit Guarantee Fund" (F.G.D.), which is managed by the company Seguros de Depósitos S.A.
(SEDESA) and whose shareholders are the Central Bank and the financial institutions in the proportion determined for each of them
by that agency on the basis of contributions made to such fund.
(*) Enforced on January 20, 2019, pursuant
to provision “A” 6435, such exclusions are as follows: Sight deposits with agreed-upon rates exceeding reference rates
and term deposits and investments exceeding 1.3 times such rate. Reference rates are released on a regular basis by the Argentine
Central Bank in accordance with a mobile average of the last five banking business days of passive rates that may arise for term
deposits of up to 100 (or its equivalent in other currencies) from the survey to be carried out by said institution.
As of June 30, 2020 and December
31, 2019 Grupo Supervielle’s following assets are restricted:
|
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
Detail
|
|
|
|
|
|
|
|
Other receivables from financial transactions
|
|
|
|
|
|
|
|
|
|
Special guarantee accounts in the Argentine
Central Bank
|
|
|
2,855,992
|
|
|
|
2,408,939
|
|
|
|
|
|
2,855,992
|
|
|
|
2,408,939
|
|
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous Receivables
|
|
|
|
|
|
|
|
|
|
Trust guarantee deposits
|
|
|
13,385
|
|
|
|
3,800
|
|
|
Guarantee deposits for currency forward transactions
|
|
|
608,171
|
|
|
|
2,456,803
|
|
|
Guarantee deposits for credit cards transactions
|
|
|
364,896
|
|
|
|
317,525
|
|
|
Guarantee deposits for repo transactions
|
|
|
64,396
|
|
|
|
23,880
|
|
|
Other guarantee deposits
|
|
|
185,864
|
|
|
|
160,831
|
|
|
|
|
|
1,236,712
|
|
|
|
2,962,839
|
|
|
|
9.3.
|
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, 2019 and until June30, 2020, the accounting books since September 2012
up to date and all corporate books are safeguarded in the registered headquarters.
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
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.
|
|
9.4.
|
ISSUANCE OF NEGOTIABLE OBLIGATIONS
|
Banco Supervielle S.A.
The following describes issuances in force
as of June 30, 2020 and December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book
Value
|
|
|
Issuance
date
|
|
Currency
|
|
Nro.
of Class
|
|
Amount
|
|
|
Amortization
|
|
Term
|
|
|
Maturity
date
|
|
Rate
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
02/09/17
|
|
$
|
|
A
|
|
|
4,150,140
|
|
|
50%
on 2-9-2020 and 50% at maturity on 8-9-2020
|
|
|
42
|
|
|
08/09/2020
|
|
Floating
Badlar of Private Banks + 4.50%. with a minimum 18% nominal annual
|
|
|
1,535,708
|
|
|
|
4.321.476
|
|
|
12/22/17
|
|
$
|
|
C
|
|
|
659,750
|
|
|
3
installments:
12-22-2020 33.33%.
06-22-2021 33.33%. and upon maturity 33.34%.
|
|
|
48
|
|
|
12/22/2021
|
|
Floating
Badlar + 4.25%
|
|
|
664,859
|
|
|
|
757.860
|
|
|
02/14/18
|
|
$
|
|
E
|
|
|
1,607,667
|
|
|
3 equal
and consecutive annual installments. 1° 02-14-21
|
|
|
60
|
|
|
02/14/2023
|
|
Floating
Badlar of Private Banks + 4.05%
|
|
|
1,565,401
|
|
|
|
1.816.824
|
|
|
06/30/20
|
|
u$s
|
|
G
|
|
|
30,000,000
|
|
|
Quarterly:
12-22-20, 06-22-21, 06-30-21
|
|
|
12
|
|
|
06/30/2021
|
|
2%
Nominal Annual
|
|
|
2,108,969
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
5,874,937
|
|
|
|
6,896,160
|
|
As of June 30, 2020, the Group held Negotiable
Obligations in its own portfolio, issued by Banco Supervielle S.A., in the amount of 360,847.
The following chart provides the main
terms and conditions of issuances underway as of June 30, 2020 and December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book
Value
|
|
|
Issuance date
|
|
Currency
|
|
Nro. of Class
|
|
Amount
|
|
|
Amortization
|
|
Term
|
|
Maturity date
|
|
Rate
|
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
08/20/2013
|
|
US$
|
|
III
|
|
|
22,500
|
|
|
100% at mat,
|
|
84 Months
|
|
08/20/2020
|
|
|
7
|
%
|
|
|
1,534,837
|
|
|
|
1.486.019
|
|
|
11/18/2014
|
|
US$
|
|
IV
|
|
|
13,441
|
|
|
100% at mat,
|
|
84 Months
|
|
11/18/2021
|
|
|
7
|
%
|
|
|
954,869
|
|
|
|
922.033
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,489,706
|
|
|
|
2,408,052
|
|
Micro Lending S.A.U.: Program for
the Issuance of Negotiable Obligations
The following is a detail of
the issues in effect as of June 30, 2020 and December 31, 2019:
|
Class
|
|
Issuance
Date
|
|
Maturity
Date
|
|
FV
(in
thousands)
|
|
|
Rate
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
Clase
III
|
|
10/04/2017
|
|
10/05/2020
|
|
|
35,000
|
|
|
Floating
BADLAR + 7,0%
|
|
|
7,781
|
|
|
|
17,672
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
7,781
|
|
|
|
17,672
|
|
The detail of the financial trusts in
which The Entity acts as Trustee or as Trustee is summarized below:
As Trustee:
Banco Supervielle S.A.
Below is a detail of financial trusts:
Below is a detail of the Guarantee Management
trust where the Bank acts as a trustee as of June 30, 2020:
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
|
Financial
trust
|
Indenture
executed on
|
Due
of principal obligation
|
Original
principal amount
|
Principal
balance
|
Beneficiaries
|
Settlers
|
|
Fideicomiso
de Administración Interconexión 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.
|
As
Settler
Banco
Supervielle S.A. (Supervielle Créditos Financial Trust)
On
Febriary 29, 2020 the Fideicomiso Financiero Supervielle Créditos 97, whose trutee is TMF Trust Company (Argentina) S.A.
was re-included in the Bank´s loan portfolio for an amount of 84,419,269, such trust fund did not conatin PC.
Cordial
Compañía Financiera S.A. (Cordial Compañía Financiera Financial Trust)
Assets
in Trust: Personal Loans
Trustee:
Equity TMF Trust Company (Argentina) S.A.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
issued
|
|
|
|
Financial
Trust
|
|
|
|
Set-ip
on
|
|
|
|
Initial
Amount
inTrust
|
|
|
|
Participation
Certificates
|
|
|
|
Debt
Securities
|
|
|
|
21
|
|
|
|
06/24/2019
|
|
|
|
1,000,000
|
|
|
|
780,000
|
|
|
|
220,000
|
|
|
|
22
|
|
|
|
11/13/2019
|
|
|
|
571,560
|
|
|
|
102,300
|
|
|
|
469,260
|
|
Micro
Lending S.A.U. (Financial Trust Micro Lending)
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
|
|
|
|
|
|
|
|
|
|
|
VDF
TV A
|
|
|
|
|
|
VDF
B
|
|
|
|
|
|
|
CP
|
|
|
|
|
|
|
III
|
|
06/08/2011
|
|
$
|
39,779
|
|
|
Mat:
03/12/13
|
|
|
VN$
31,823
|
|
|
Vto:
11/12/13
|
|
|
VN
$ 6,364
|
|
|
|
Vto:
10/12/16
|
|
|
|
VN
$ 1,592
|
|
|
|
|
|
|
|
|
|
|
VDF
TV A
|
|
|
|
|
|
VDF
B
|
|
|
|
|
|
|
CP
|
|
|
|
|
|
|
IV
|
|
09/01/2011
|
|
$
|
40,652
|
|
|
Mat:
06/20/13
|
|
|
VN$
32,522
|
|
|
Vto:
10/20/13
|
|
|
VN
$ 6,504
|
|
|
|
Vto:
01/20/17
|
|
|
|
VN
$ 1,626
|
|
|
|
|
|
|
|
|
|
|
Mat:
06/15/18
|
|
|
|
|
|
Vto:
08/15/18
|
|
|
|
|
|
|
Vto:
11/15/21
|
|
|
|
|
|
|
XVIII
|
|
12/01/2017
|
|
$
|
119,335
|
|
|
VDF
TV A
|
|
|
VN$
89,501
|
|
|
VDF
TV B
|
|
|
VN
$ 7,291
|
|
|
|
CP
|
|
|
|
VN
$ 22,543
|
|
|
|
|
|
|
|
|
|
|
Mat
: 05/15/19
|
|
|
|
|
|
Vto:
08/15/19
|
|
|
|
|
|
|
Vto:
10/15/22
|
|
|
|
|
|
|
|
9.6.
|
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.
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
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 March
31, 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.
On
August 30, 2019 and with the purpose of stabilizing the exchange market, the Argentine Central Bank issued Communication “A”
6768, pursuant which financial entities shall rely on the previous authorization of Exchange and Financial Entities Superintendence
before distributing its income. Over the course of such authorization process, the Comptroller Entity will assess, among other
items, potential effects of the application of international accounting standards pursuant to Communication “A” 6430
(Paragraph 5.5 of IFRS 9 – Detriment of financial assets value) as well as the effects of the re-expression of financial
statements pursuant to Communication “A” 6651.
On
March 19, 2020 the Argentine Central Bank issued Communication “A” 6939 by means of which the suspension of income
distribution of financial entities was made effective until June 30, 2020.
Later,
on June 4, 2020, through Communication “A” 7035, the Argentine Central Bank postponed such suspension in the distribution
of income until December 31, 2020.
|
|
9.7.
|
ACCOUNTS
IDENTIFYING MINIMUM CASH INTEGRATION COMPLIANCE
|
As
of June 30, 2020 and December 31, 2019, the minimum cash reserve was made up as folllows:
|
Item
|
|
06/30/2020
|
|
|
12/31/2019
(*)
|
|
|
Current
accounts in the Argentine Central Bank
|
|
|
10,606,616
|
|
|
|
8,554,797
|
|
|
Sight
accounts in the Argentine Central Bank
|
|
|
8,107,611
|
|
|
|
7,909,938
|
|
|
Special
guarantee accounts in the Argentine Central Bank
|
|
|
2,669,604
|
|
|
|
1,975,535
|
|
|
Special
accounts for previous credit payment
|
|
|
290,249
|
|
|
|
1,836
|
|
|
Total
|
|
|
21,674,080
|
|
|
|
18,442,106
|
|
(*)
Historical values without inflation adjustment
It
is worth mentioning that on those dates, the Group was in compliance with minimum cash integration requirements.
|
|
10.
|
CONTRACT
AS A FINANCIAL AGENT BY THE PROVINCE OF SAN LUIS
|
On
January 17, 2017, Banco Supervielle S.A. received a communication from the Ministry of Public Treasury of the Province of San
Luis 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 rendering financial services to the Government of San Luis Province and its employees.
On
June 7, 2018, the Province ratified said agreement over a 12-month period, thus regularizing the Bank´s role as exclusive
payment agent, which has not been interrupted since 20 years ago. Such agreement has been renewed several times and according
to the last renewal signed, it expires on August 30, 2020.
In
January 2019, the government of San Luis Province disclosed the terms and conditions of the auction to be held by the Province
for the new financial agent agreement. The Bank submitted its offer on March 15, 2019. Only two offers were submitted. On December
6, 2019, the Government of San Luis issued Decree N°8589 by means of which the auction was closed without assigning such financial
agent agreement.
As
of these financial statements, the Bank continues rendering financial services to the government of San Luis province and its
employees.
|
|
11.
|
FINANCIAL
RISK FACTORS
|
There
have been no significant changes in policies related to the administration of risks the Group may be exposed to regarding financial
statements as of December 31, 2019 and in Note1.2.
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
|
|
12.
|
INTERNATIONAL
FINANCING PROGRAMS
|
Banco
Supervielle S.A. keeps active the The Foreign Trade Financing Facilitation Program of the Inter-American Development Bank (IDB),
whose line amounts to USD 20,000,000 (USD 20 million).
In
turn, in September 2019, the Entity was granted a senior non-guaranteed syndicated loan for USD 80,000,000 (eighty million US
Dollars) at a three-year term and a Libor interest rate +3.40% by the FMO, the Dutch development bank, as organizer, and Proparco,
a subsidiary of the French Development Agency. Such funds were immediately allocated among Small and Medium Size Companies Clients
of our portfolio who run their businesses in regional exporting economies in different sectors.
It
is worth to be mentioned that such agreement is subject to the compliance of certain financial covenants, certain “do and
do not do” conditions as well as certain reporting requirements.
As
of December 31, 2019, the Entity did not meet the non-performing loan ration nor the coverage. Therefore, on January 29, 2020,
the Entity started the process to receive a waiver with BID, which was made effective on February 18, 2020. As a result of such
waiver, BID waives its right to accelerate such debt resulting from the breach in non-performing loan ratios and coverage ratios
over a period that started on October 1, 2019 and finished in December 31, 2019. Likewise, on April 16, 2020 and August 11, 2020
new exemptions were requested thus extending the agreed terms until December 31, 2020.
|
|
13.
|
IMPACT
OF COVID-19 ON SOCIETY OPERATIONS
|
On
December 2019, a new strain of coronavirus (COVID-19) appeared in Wuhan, China. Since then, COVID-19 has been extended over more
than 100 countries, including Argentina. On March 11, 2020, the World Health Organization declared COVID-19 pandemic. The pandemic
is likely to produce an economic slowdown of a potentially long duration and a global recession is likely to take place.
Since
February 2020, the Argentine Government has adopted different measures in response to a COVID-19 outbreak in the country aimed
at preventing a massive infection, including the Argentine borders closing, the suspension of domestic flights and, since March
19, 2020, the mandatory lockdown in the whole country; thus allowing only exceptional and essential activities. On May 11, 2020,
certain non-essential activities were added gradually, with certain differences between each Province and Buenos Aires City. Banking
activities have been considered essential activities since April 11, 2020; thus, opening branches only with previous appointment.
From March 20 to April 10, 2020, branches had been closed with exclusive attention for pensioners’ specific dates. During
such period, banking activities were carried out only through digital channels.
During
such time, all transactions were processed almost exclusively through digital channels. We also requested our administrative and
back-office employees to do home office; thus, providing them with the necessary hardware infrastructure and remote access, while
commercial branches operate under additional safety measures to protect the health of both its clients and employees.
With
the purpose of mitigating the isolation-related economic impact, the Central Bank issued a series of preventive measures that
include the following:
· Communication
“A” 6937 reduced position restriction over the maximum position in liquidity bills of the Argentine Central Bank (LELIQ)
with the purpose of making liquidity available and encouraging credit line provisions for Small and Medium Size Companies at a
preferential rate (Not exceeding the 24% annually). Communication “A” 7054 modifies the standards on Minimum Cash”
due to the authorization of financing lines at a 24% subsidized rate, which includes a special tranche for investments in national
capital goods and another tranche with minimum requirements for companies that have not had access to banking loans. As from July
1, 2020, “Medium and Small Size Clients” are included in item of “Decrease of minimum cash demand in average
in pesos” provided such funds are allocated in the acquisition of machinery and equipment produced for national Small and
Medium Size companies, among other modifications. As of these financial statements issuance, loans of 24% rates and 0% rates have
been granted for 7,095 million and 264 million respectively.
· Communications
“A” 6942 and “A” 6949, determined that the postponement of the maturity of loans granted by local financial
institutions that would become effective on March 20 and April 12, and cancelled any punitive interest over unpaid balances in
loans granted by financial entities. Communication “A” 7044 extended regulations on maturities for loans granted by
local financial entities until September 30 and unpaid installments are deferred until such loans life termination.
· Communication
“A” 6939 also suspended, until June 30, 2020, the distribution of dividends for financial entities. Such measure was
extended through Communication “A” 7035 until December 31, 2020.
· Communication
“A” 6945 established that, until June 30, 2020, any operation carried out through ATMs shall not be subject to any
charge or commission. Communication “A” 7044 extended such term until September 30, 2020.
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
· Communication
“A” 6964 determined that unpaid balance of credit card financing to be registered between April 13, 2020 and April
30, 2020. Such balances will be refinanced automatically over at least one year with three-month grace period in 9 monthly equal
and consecutive installments. Likewise, pursuant to Communication “A” 6993 dated on April 24, 2020, the Argentine
Central Bank established a zero-interest-rate financing policy, applicable only to eligible clients to be defined by AFIP in the
future. Additionally, through Communication “A” 7082 opened the possibility of granting “Zero Culture Rate Loans”
at 24 months under a 12-month grace period.
· Decree
312/2020 issued by the Argentine Central Bank suspended the closing of bank accounts. Through Decree 544/2020 issued on July 1,
2020, the Argentine Central Bank extended until December 31, 2020, the suspension on the obligation of closing and disqualification
of bank accounts set by Article 1° of Law 25,730, as well as the application of fines included in such law.
· Communication
“A” 6980 established that non-adjustable term deposits under ARS 1 million made up by individuals as from April 20,
2020, will entail a minimum rate of 70% of the LELIQ average auction. Communication “A” 7018 extended the scope of
such measure over all term deposits regardless of their minimum amount. Later, Communication “A” 7027 increased the
minimum rate equivalent to 79% LELIQ average auction. And, as from August 1, 2020, an additional increase from such 79% to an
87% was set for term deposits of individuals exceeding the ARS 1 million.
Some
of these measures may affect negatively our income, while isolation consequences for the economic activity may affect some of
our clients´payment capacity regarding their loans; thus, increasing credit loss provisions. However, how much our business
will be affected will depend on future events, which highly uncertain and cannot be forecasted. Certain factors that may compensate
such negative impacts, include (i) the reduction of funding cost, which has decreased since the beginning of the pandemic crisis
and (ii) the structure of our liabilities, over which we believe will not produce any liquidity restrictions resulting from the
pandemic.
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
SCHEDULE A - DEBT
SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS, OTHER DEBT SECURITIES, EQUITY INSTRUMENTS
As of June, 30 2020 and December 31, 2019:
|
|
|
|
|
|
|
HOLDING
|
|
|
POSITION
|
|
|
Item
|
|
|
Fair value
|
|
|
Level
of fair
value
|
|
|
Book
value
06/30/2020
|
|
|
Book
value
12/31/2019
|
|
|
Without
options
|
|
|
Options
|
|
|
Final
Position
|
|
|
DEBT SECURITIES AT FAIR VALUE
THROUGH PROFIT OR LOSS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury Bill $ disc.
Mat. 08/13/20
|
|
|
|
|
|
|
1
|
|
|
|
509,513
|
|
|
|
-
|
|
|
|
509,513
|
|
|
|
-
|
|
|
|
509,513
|
|
|
Treasury Bill $ Mat. 09/11/20
|
|
|
|
|
|
|
1
|
|
|
|
472,750
|
|
|
|
-
|
|
|
|
472,750
|
|
|
|
-
|
|
|
|
472,750
|
|
|
National Treasury Bond $ Aj. CER
03/25/24
|
|
|
|
|
|
|
1
|
|
|
|
291,016
|
|
|
|
-
|
|
|
|
291,016
|
|
|
|
-
|
|
|
|
291,016
|
|
|
Treasury Bill $ disc. Mat. 07/13/20
|
|
|
|
|
|
|
1
|
|
|
|
271,553
|
|
|
|
-
|
|
|
|
271,553
|
|
|
|
-
|
|
|
|
271,553
|
|
|
Argentine National Bonus U$S 8%
Bonar 2020
|
|
|
|
|
|
|
1
|
|
|
|
226,882
|
|
|
|
-
|
|
|
|
226,882
|
|
|
|
-
|
|
|
|
226,882
|
|
|
Argentine National Bonus $ Badlar+200
04/03/2022
|
|
|
|
|
|
|
1
|
|
|
|
214,612
|
|
|
|
-
|
|
|
|
214,612
|
|
|
|
-
|
|
|
|
214,612
|
|
|
Trasury Bill $ Cap. Mat.04/30/20
|
|
|
|
|
|
|
1
|
|
|
|
195,881
|
|
|
|
-
|
|
|
|
195,881
|
|
|
|
-
|
|
|
|
195,881
|
|
|
Discount Securities Denominated
in pesos
|
|
|
|
|
|
|
1
|
|
|
|
120,874
|
|
|
|
-
|
|
|
|
120,874
|
|
|
|
-
|
|
|
|
120,874
|
|
|
Argentine Bonus U$S 7.125% 06/28/2117
|
|
|
|
|
|
|
1
|
|
|
|
118,095
|
|
|
|
-
|
|
|
|
118,095
|
|
|
|
-
|
|
|
|
118,095
|
|
|
Treasury Bill $ disc. Mat.07/31/20
|
|
|
|
|
|
|
1
|
|
|
|
105,765
|
|
|
|
-
|
|
|
|
105,765
|
|
|
|
-
|
|
|
|
105,765
|
|
|
Argentine National Bonus 2.5% $
07/22/2021 (TC21)
|
|
|
|
|
|
|
1
|
|
|
|
4,521
|
|
|
|
17,026
|
|
|
|
4,521
|
|
|
|
-
|
|
|
|
4,521
|
|
|
Bocon – Consolidation Bonus
$ 8 serie (PR15)
|
|
|
|
|
|
|
1
|
|
|
|
6,966
|
|
|
|
21,397
|
|
|
|
6,966
|
|
|
|
-
|
|
|
|
6,966
|
|
|
Others
|
|
|
|
|
|
|
1
|
|
|
|
567,918
|
|
|
|
497,820
|
|
|
|
567,918
|
|
|
|
-
|
|
|
|
567,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank Bills
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity Central Bank Bills Mat.
07/02/20
|
|
|
|
|
|
|
1
|
|
|
|
163,834
|
|
|
|
-
|
|
|
|
163,834
|
|
|
|
-
|
|
|
|
163,834
|
|
|
Liquidity Central Bank Bills Mat.07/16/20
|
|
|
|
|
|
|
1
|
|
|
|
13,788
|
|
|
|
-
|
|
|
|
13,788
|
|
|
|
-
|
|
|
|
13,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On Ypf S.A Cl.5 $ Mat.01/24/21
CG
|
|
|
|
|
|
|
1
|
|
|
|
165,292
|
|
|
|
-
|
|
|
|
165,292
|
|
|
|
-
|
|
|
|
165,292
|
|
|
On Pan American Energy $ 12 Mat.11/19/20
CG
|
|
|
|
|
|
|
2
|
|
|
|
104,790
|
|
|
|
-
|
|
|
|
104,790
|
|
|
|
-
|
|
|
|
104,790
|
|
|
Vcp Pyme Catalinas Coop.3 V04/12/20
$ CG
|
|
|
|
|
|
|
3
|
|
|
|
-
|
|
|
|
2,945
|
|
|
|
-
|
|
|
|
-
|
|
|
|
0
|
|
|
Others
|
|
|
|
|
|
|
1
|
|
|
|
53,881
|
|
|
|
106,591
|
|
|
|
53,881
|
|
|
|
-
|
|
|
|
53,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt Securities at Fair
value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
3,607,931
|
|
|
|
645,779
|
|
|
|
3,607,931
|
|
|
|
-
|
|
|
|
3,607,931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER DEBT SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured at fair value through
profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury Bonus $ Aj. CER 1,50%
Mat.03/25/24
|
|
|
|
|
|
|
1
|
|
|
|
632,956
|
|
|
|
-
|
|
|
|
1,103,492
|
|
|
|
-
|
|
|
|
1,103,492
|
|
|
Treasury Bonus $ Aj. CER 1,40%
Mat.03/25/23
|
|
|
|
|
|
|
1
|
|
|
|
320,258
|
|
|
|
-
|
|
|
|
501,258
|
|
|
|
-
|
|
|
|
501,258
|
|
|
Treasury Bonus $ Aj. CER 1,20%
Mat.03/18/22
|
|
|
|
|
|
|
1
|
|
|
|
237,685
|
|
|
|
-
|
|
|
|
237,685
|
|
|
|
-
|
|
|
|
237,685
|
|
|
Treasury Bills $ Mat.09/18/2020
|
|
|
|
|
|
|
1
|
|
|
|
202,858
|
|
|
|
-
|
|
|
|
202,858
|
|
|
|
-
|
|
|
|
202,858
|
|
|
Treasury Bonus $ Aj. CER 1,30%
Mat.09/20/22
|
|
|
|
|
|
|
1
|
|
|
|
102,122
|
|
|
|
-
|
|
|
|
102,122
|
|
|
|
-
|
|
|
|
102,122
|
|
|
Treasury Bills $ Mat..12/22/2020
|
|
|
|
|
|
|
1
|
|
|
|
27,016
|
|
|
|
-
|
|
|
|
27,016
|
|
|
|
-
|
|
|
|
27,016
|
|
|
Centrak Bank Bills
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity Central Bank Bills Mat
07/07/20
|
|
|
|
|
|
|
2
|
|
|
|
17,888,256
|
|
|
|
-
|
|
|
|
17,888,256
|
|
|
|
-
|
|
|
|
17,888,256
|
|
|
Liquidity Central Bank Bills Mat.07/08/20
|
|
|
|
|
|
|
2
|
|
|
|
17,373,388
|
|
|
|
-
|
|
|
|
17,373,388
|
|
|
|
-
|
|
|
|
17,373,388
|
|
|
Liquidity Central Bank Bills Mat.07/02/20
|
|
|
|
|
|
|
2
|
|
|
|
10,489,080
|
|
|
|
-
|
|
|
|
10,489,080
|
|
|
|
-
|
|
|
|
10,489,080
|
|
|
Liquidity Central Bank Bills Mat.07/14/20
|
|
|
|
|
|
|
2
|
|
|
|
4,933,230
|
|
|
|
-
|
|
|
|
4,933,230
|
|
|
|
-
|
|
|
|
4,933,230
|
|
|
Liquidity Central Bank Bills Mat.07/21/20
|
|
|
|
|
|
|
2
|
|
|
|
2,857,126
|
|
|
|
-
|
|
|
|
2,857,126
|
|
|
|
-
|
|
|
|
2,857,126
|
|
|
Liquidity Central Bank Bills Mat.07/28/20
|
|
|
|
|
|
|
2
|
|
|
|
1,674,611
|
|
|
|
-
|
|
|
|
1,674,611
|
|
|
|
-
|
|
|
|
1,674,611
|
|
|
Liquidity Central Bank Bills Mat
07/23/20
|
|
|
|
|
|
|
2
|
|
|
|
1,308,983
|
|
|
|
-
|
|
|
|
1,308,983
|
|
|
|
-
|
|
|
|
1,308,983
|
|
|
Liquidity Central Bank Bills Mat
07/16/20
|
|
|
|
|
|
|
2
|
|
|
|
984,624
|
|
|
|
-
|
|
|
|
984,624
|
|
|
|
-
|
|
|
|
984,624
|
|
|
Liquidity Central Bank Bills Mat
01/07/20
|
|
|
|
|
|
|
2
|
|
|
|
-
|
|
|
|
6,174,767
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Liquidity Central Bank Bills Mat
01/08/20
|
|
|
|
|
|
|
2
|
|
|
|
-
|
|
|
|
1,042,830
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Liquidity Central Bank Bills Mat
01/03/20
|
|
|
|
|
|
|
2
|
|
|
|
-
|
|
|
|
617,112
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Liquidity Central Bank Bills Mat
01/06/20
|
|
|
|
|
|
|
2
|
|
|
|
-
|
|
|
|
282,874
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Liquidity Central Bank Bills Mat
01/02/20
|
|
|
|
|
|
|
2
|
|
|
|
-
|
|
|
|
28,355
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others
|
|
|
|
|
|
|
|
|
|
|
32
|
|
|
|
36
|
|
|
|
32
|
|
|
|
-
|
|
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured at amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National Treasury Bond Tf Mat.
11/21/2020
|
|
|
|
|
|
|
|
|
|
|
4,377,440
|
|
|
|
3,510,226
|
|
|
|
4,377,440
|
|
|
|
-
|
|
|
|
4,377,440
|
|
|
Treasury Bonus $ Fix Rate 22% Mat.05/21/22
|
|
|
|
|
|
|
|
|
|
|
460,407
|
|
|
|
-
|
|
|
|
460,407
|
|
|
|
-
|
|
|
|
460,407
|
|
|
Argentine Sovereign Bond. $ Badlar+200
04/03/2022
|
|
|
|
|
|
|
|
|
|
|
241,509
|
|
|
|
-
|
|
|
|
241,509
|
|
|
|
-
|
|
|
|
241,509
|
|
|
Treasury Bill $ Vto. 09/18/2020
|
|
|
|
|
|
|
|
|
|
|
298,765
|
|
|
|
-
|
|
|
|
35,631
|
|
|
|
-
|
|
|
|
35,631
|
|
|
Treasury Bill $ Mat. 12/22/2020
|
|
|
|
|
|
|
|
|
|
|
35,610
|
|
|
|
-
|
|
|
|
35,610
|
|
|
|
-
|
|
|
|
35,610
|
|
|
Treasury Bill U$S Mat. 02/28/2020
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
3
|
|
|
|
4
|
|
|
|
-
|
|
|
|
4
|
|
|
Others
|
|
|
|
|
|
|
|
|
|
|
887
|
|
|
|
-
|
|
|
|
887
|
|
|
|
-
|
|
|
|
887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohers
|
|
|
|
|
|
|
|
|
|
|
3,235
|
|
|
|
465,976
|
|
|
|
3,235
|
|
|
|
-
|
|
|
|
3,235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other debt securities
|
|
|
|
|
|
|
|
|
|
|
64,450,082
|
|
|
|
12,122,179
|
|
|
|
64,838,484
|
|
|
|
-
|
|
|
|
64,838,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY INSTRUMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured at fair value through
profit and loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grupo Financiero Galicia SA
|
|
|
|
|
|
|
1
|
|
|
|
20,135
|
|
|
|
6,584
|
|
|
|
20,135
|
|
|
|
-
|
|
|
|
20,135
|
|
|
Pampa Energía S.A.
|
|
|
|
|
|
|
1
|
|
|
|
10,189
|
|
|
|
-
|
|
|
|
10,189
|
|
|
|
-
|
|
|
|
10,189
|
|
|
Banco Macro SA
|
|
|
|
|
|
|
1
|
|
|
|
2,101
|
|
|
|
-
|
|
|
|
2,101
|
|
|
|
-
|
|
|
|
2,101
|
|
|
Loma Negra S.A.
|
|
|
|
|
|
|
1
|
|
|
|
1,332
|
|
|
|
-
|
|
|
|
1,332
|
|
|
|
-
|
|
|
|
1,332
|
|
|
Transp. De Gas Del Sur
|
|
|
|
|
|
|
1
|
|
|
|
609
|
|
|
|
-
|
|
|
|
609
|
|
|
|
-
|
|
|
|
609
|
|
|
Ternium Arg S.A.Ords."A"1 Voto
Esc
|
|
|
|
|
|
|
1
|
|
|
|
519
|
|
|
|
-
|
|
|
|
519
|
|
|
|
-
|
|
|
|
519
|
|
|
Central Puerto S.A. Ord. 1 voto
Esc
|
|
|
|
|
|
|
1
|
|
|
|
179
|
|
|
|
-
|
|
|
|
179
|
|
|
|
-
|
|
|
|
179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured at fair value with
changes in OCI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohers
|
|
|
|
|
|
|
|
|
|
|
8,939
|
|
|
|
9,977
|
|
|
|
8,939
|
|
|
|
-
|
|
|
|
8,939
|
|
|
Total equity instruments
|
|
|
|
|
|
|
|
|
|
|
44,003
|
|
|
|
16,561
|
|
|
|
44,003
|
|
|
|
-
|
|
|
|
44,003
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
68,102,016
|
|
|
|
12,784,519
|
|
|
|
68,490,418
|
|
|
|
-
|
|
|
|
68,490,418
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
SCHEDULE B –
CLASSIFICATION OF LOANS AND OTHER FINANCING CREDIT ACCORDING TO STATUS AND COLLATERAL RECEIVED
As of June 30, 2020 and December 31, 2019 balances of loans
and other financing are the following:
|
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
COMMERCIAL PORTFOLIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Normal situation
|
|
|
41,372,402
|
|
|
|
46,175,796
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
2,004,752
|
|
|
|
1,396,131
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
8,151,297
|
|
|
|
9,889,184
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
31,216,353
|
|
|
|
34,890,481
|
|
|
|
|
|
|
|
|
|
|
|
|
Subject to special monitoring
|
|
|
|
|
|
|
|
|
|
- Under Observation
|
|
|
1,194,666
|
|
|
|
276,365
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
17,952
|
|
|
|
12,132
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
1,044,936
|
|
|
|
156,336
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
131,778
|
|
|
|
107,897
|
|
|
|
|
|
|
|
|
|
|
|
|
With problems
|
|
|
180,209
|
|
|
|
113,538
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
3,578
|
|
|
|
6,966
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
124,665
|
|
|
|
42,852
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
51,966
|
|
|
|
63,720
|
|
|
|
|
|
|
|
|
|
|
|
|
High risk of insolvency
|
|
|
3,664,233
|
|
|
|
4,088,910
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
-
|
|
|
|
21,474
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
1,504,564
|
|
|
|
1,583,468
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
2,159,669
|
|
|
|
2,483,968
|
|
|
|
|
|
|
|
|
|
|
|
|
Uncollectible
|
|
|
11,591
|
|
|
|
24,231
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
-
|
|
|
|
-
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
1,638
|
|
|
|
1,762
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
9,953
|
|
|
|
22,469
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL PORTFOLIO
|
|
|
46,423,101
|
|
|
|
50,678,840
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
SCHEDULE B – CLASSIFICATION OF LOANS AND OTHER FINANCING
CREDIT ACCORDING TO STATUS AND COLLATERAL RECEIVED
|
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
CONSUMER AND HOUSING PORTFOLIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Normal situation
|
|
|
54,325,181
|
|
|
|
51,829,837
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
1,814,742
|
|
|
|
789,643
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
6,308,779
|
|
|
|
7,030,581
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
46,201,660
|
|
|
|
44,009,613
|
|
|
|
|
|
|
|
|
|
|
|
|
Low Risk
|
|
|
764,212
|
|
|
|
1,859,547
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
66,778
|
|
|
|
103,121
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
69,971
|
|
|
|
226,445
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
627,463
|
|
|
|
1,529,981
|
|
|
|
|
|
|
|
|
|
|
|
|
Medium Risk
|
|
|
829,447
|
|
|
|
1,508,146
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
30,218
|
|
|
|
53,155
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
67,981
|
|
|
|
146,530
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
731,248
|
|
|
|
1,308,461
|
|
|
|
|
|
|
|
|
|
|
|
|
High Risk
|
|
|
1,201,570
|
|
|
|
1,919,007
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
31,669
|
|
|
|
27,260
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
152,088
|
|
|
|
110,037
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
1,017,813
|
|
|
|
1,781,710
|
|
|
|
|
|
|
|
|
|
|
|
|
Uncollectible
|
|
|
434,448
|
|
|
|
335,308
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
13,732
|
|
|
|
5,668
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
112,926
|
|
|
|
79,023
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
307,790
|
|
|
|
250,617
|
|
|
|
|
|
|
|
|
|
|
|
|
Uncollectible classified as such under regulatory requirements
|
|
|
-
|
|
|
|
2,180
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
-
|
|
|
|
-
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
-
|
|
|
|
-
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
-
|
|
|
|
2,180
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CONSUMER AND HOUSING PORTFOLIO
|
|
|
57,554,858
|
|
|
|
57,454,025
|
|
|
TOTAL GENERAL(1)
|
|
|
103,977,959
|
|
|
|
108,132,865
|
|
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
|
|
|
95,711,142
|
|
|
|
100,984,231
|
|
|
Other debt securities
|
|
|
64,450,082
|
|
|
|
12,122,179
|
|
|
Computable items out of balance
|
|
|
(56,183,265
|
)
|
|
|
(4,973,545
|
)
|
|
plus allowances
|
|
|
7,760,135
|
|
|
|
6,660,618
|
|
|
plus IFRS adjusments non computable for DCS
|
|
|
478,567
|
|
|
|
494,125
|
|
|
less non deductible ítems for DCS
|
|
|
(4,318
|
)
|
|
|
(6,149
|
)
|
|
less Debt securities measured at amortized cost
|
|
|
(64,417,649
|
)
|
|
|
(12,122,139
|
)
|
|
Total
|
|
|
103,977,959
|
|
|
|
108,132,865
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
SCHEDULE C - CONCENTRATION OF LOANS AND OTHER FINANCING
As of June 30, 2020 and December 31, 2019 the concentration
of leans and other financing are the following:
|
|
|
Loans and
other financing
|
|
|
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
Number of Clients
|
|
Balance
|
|
|
% over total
portfolio
|
|
|
Balance
|
|
|
% over total
portfolio
|
|
|
10 largest customers
|
|
|
13,103,575
|
|
|
|
12.6
|
%
|
|
|
13,740,086
|
|
|
|
12.7
|
%
|
|
50 following largest customers
|
|
|
18,094,374
|
|
|
|
17.4
|
%
|
|
|
19,223,455
|
|
|
|
17.8
|
%
|
|
100 following largest customers
|
|
|
9,723,864
|
|
|
|
9.4
|
%
|
|
|
10,394,237
|
|
|
|
9.6
|
%
|
|
Rest of customers
|
|
|
63,056,146
|
|
|
|
60.6
|
%
|
|
|
64,775,087
|
|
|
|
59.9
|
%
|
|
TOTAL
|
|
|
103,977,959
|
|
|
|
100.0
|
%
|
|
|
108,132,865
|
|
|
|
100.0
|
%
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
SCHEDULE D – BREAKDOWN OF TOTAL LOANS AND OTHER FINANCING
As of June 30, 2020 the breakdown of leans and other financing
are the following:
|
|
|
|
|
|
|
|
Remaining
terms for maturity
|
|
|
|
|
|
|
|
Item
|
|
|
Past
due
portfolio
|
|
|
|
1
month
|
|
|
|
3
months
|
|
|
|
6
months
|
|
|
|
12
months
|
|
|
|
24
months
|
|
|
|
Up
to 24
months
|
|
|
|
Total
|
|
|
Non-financial
Public Sector
|
|
|
-
|
|
|
|
178,220
|
|
|
|
4,067
|
|
|
|
6,316
|
|
|
|
13,298
|
|
|
|
29,924
|
|
|
|
5,528
|
|
|
|
237,353
|
|
|
Financial Sector
|
|
|
-
|
|
|
|
27,967
|
|
|
|
254,501
|
|
|
|
7,842
|
|
|
|
25,336
|
|
|
|
8,437
|
|
|
|
-
|
|
|
|
324,083
|
|
|
Non-financial
private sector and residents abroad
|
|
|
17,767,509
|
|
|
|
54,463,894
|
|
|
|
29,868,881
|
|
|
|
26,363,355
|
|
|
|
46,495,420
|
|
|
|
40,760,541
|
|
|
|
86,777,992
|
|
|
|
302,497,592
|
|
|
TOTAL
|
|
|
17,767,509
|
|
|
|
54,670,081
|
|
|
|
30,127,449
|
|
|
|
26,377,513
|
|
|
|
46,534,054
|
|
|
|
40,798,902
|
|
|
|
86,783,520
|
|
|
|
303,059,028
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
SCHEDULE F - PROPERTY, PLANT AND EQUIPMENT
Changes in property, plant and equipment as of June 30, 2020
and December 31, 2019, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
Net
carrying
|
|
|
Item
|
|
At
the
beginning
of the year
|
|
|
Useful
life
|
|
|
Additions
|
|
|
Disposals
|
|
|
Accumulated
|
|
|
Disposals
|
|
|
Of
the
period
|
|
|
At
the end of
the period
|
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
Cost model
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Furniture and facilities
|
|
|
1,228,326
|
|
|
|
10
|
|
|
|
25,305
|
|
|
|
(114,215
|
)
|
|
|
(933,344
|
)
|
|
|
114,213
|
|
|
|
(43,721
|
)
|
|
|
(862,852
|
)
|
|
|
276,564
|
|
|
|
294,982
|
|
|
Machinery and equipment
|
|
|
3,501,449
|
|
|
|
10
|
|
|
|
145,422
|
|
|
|
(208,137
|
)
|
|
|
(3,041,385
|
)
|
|
|
207,978
|
|
|
|
(121,854
|
)
|
|
|
(2,955,261
|
)
|
|
|
483,473
|
|
|
|
460,064
|
|
|
Vehicles
|
|
|
196,624
|
|
|
|
5
|
|
|
|
9,018
|
|
|
|
(14,803
|
)
|
|
|
(84,307
|
)
|
|
|
8,724
|
|
|
|
(17,666
|
)
|
|
|
(93,249
|
)
|
|
|
97,590
|
|
|
|
112,317
|
|
|
Right of Use of Leased Properties
|
|
|
1,708,199
|
|
|
|
50
|
|
|
|
509,124
|
|
|
|
(369,230
|
)
|
|
|
(643,560
|
)
|
|
|
347,720
|
|
|
|
(328,820
|
)
|
|
|
(624,660
|
)
|
|
|
1,223,433
|
|
|
|
1,064,639
|
|
|
Construction in progress
|
|
|
545,445
|
|
|
|
-
|
|
|
|
20,987
|
|
|
|
(60,443
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
505,989
|
|
|
|
545,445
|
|
|
Revaluation model
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land and Buildings
|
|
|
2,168,174
|
|
|
|
50
|
|
|
|
637,300
|
|
|
|
(6,588
|
)
|
|
|
(99,531
|
)
|
|
|
3,062
|
|
|
|
(27,667
|
)
|
|
|
(124,136
|
)
|
|
|
2,674,750
|
|
|
|
2,068,643
|
|
|
Total
|
|
|
9,348,217
|
|
|
|
|
|
|
|
1,347,156
|
|
|
|
(773,416
|
)
|
|
|
(4,802,127
|
)
|
|
|
681,697
|
|
|
|
(539,728
|
)
|
|
|
(4,660,158
|
)
|
|
|
5,261,799
|
|
|
|
4,546,090
|
|
The movements in investment properties as of June 30, 2020
and December 31, 2019 are as follows:
|
|
|
At the
beginning of
|
|
|
Useful
|
|
|
|
|
|
Net
carrying
|
|
|
Item
|
|
the
year
|
|
|
life
|
|
|
Disposals
|
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
Measurement at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rent building
|
|
|
4,605,912
|
|
|
|
50
|
|
|
|
(621,021
|
)
|
|
|
3,984,891
|
|
|
|
4,605,912
|
|
|
Total
|
|
|
4,605,912
|
|
|
|
|
|
|
|
(621,021
|
)
|
|
|
3,984,891
|
|
|
|
4,605,912
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
SCHEDULE G - INTANGIBLE ASSETS
Intangible assets of the Group as of June 30, 2020 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
Net
carrying
|
|
|
Item
|
|
At
the
beginning
of the year
|
|
|
Useful
life
|
|
|
Additions
|
|
|
Disposals
|
|
|
At
the
beginning
of the year
|
|
|
Disposals
|
|
|
Of
the period
|
|
|
At
the end of
the period
|
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
Measurement at cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
3,058,834
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,058,834
|
|
|
|
3,058,834
|
|
|
Brands
|
|
|
166,875
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
166,875
|
|
|
|
166,875
|
|
|
Other intangible assets
|
|
|
3,265,677
|
|
|
|
-
|
|
|
|
312,433
|
|
|
|
(11,162
|
)
|
|
|
(1,524,501
|
)
|
|
|
661
|
|
|
|
(322,619
|
)
|
|
|
(1,846,459
|
)
|
|
|
1,720,489
|
|
|
|
1,741,176
|
|
|
TOTAL
|
|
|
6,491,386
|
|
|
|
-
|
|
|
|
312,433
|
|
|
|
(11,162
|
)
|
|
|
(1,524,501
|
)
|
|
|
661
|
|
|
|
(322,619
|
)
|
|
|
(1,846,459
|
)
|
|
|
4,946,198
|
|
|
|
4,966,885
|
|
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.
(Expressed
in thousands of pesos in homogeneous currency)
SCHEDULE H – CONCENTRATION OF DEPOSITS
As of June 30, 2020 and December 31, 2019
the concentration of deposits are the following:
|
|
|
Deposits
|
|
|
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
Number of customers
|
|
Placement
Balance
|
|
|
%
over total
portfolio
|
|
|
Placement
Balance
|
|
|
%
over total
portfolio
|
|
|
10 largest customers
|
|
|
46,784,716
|
|
|
|
29.5
|
%
|
|
|
13,533,437
|
|
|
|
13.4
|
%
|
|
50 following largest customers
|
|
|
27,401,139
|
|
|
|
17.3
|
%
|
|
|
13,315,981
|
|
|
|
13.2
|
%
|
|
100 following largest customers
|
|
|
8,198,887
|
|
|
|
5.2
|
%
|
|
|
6,825,633
|
|
|
|
6.8
|
%
|
|
Rest of customers
|
|
|
76,219,497
|
|
|
|
48.1
|
%
|
|
|
67,432,330
|
|
|
|
66.7
|
%
|
|
TOTAL
|
|
|
158,604,239
|
|
|
|
100.0
|
%
|
|
|
101,107,381
|
|
|
|
100.0
|
%
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
SCHEDULE I – BREAKDOWN OF FINANCIAL LIABILITIES FROM
REMAINING TERMS
As of June 30, 2020:
|
|
|
Remaining
terms for maturity
|
|
|
Item
|
|
1
month
|
|
|
3
months
|
|
|
6
months
|
|
|
12
months
|
|
|
24
months
|
|
|
Up
to 24
months
|
|
|
Total
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-financial public sector
|
|
|
4,812,774
|
|
|
|
291,849
|
|
|
|
55,061
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5,159,684
|
|
|
Financial sector
|
|
|
18,656
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
18,656
|
|
|
Non-financial private sector and residents abroad
|
|
|
124,795,166
|
|
|
|
15,427,463
|
|
|
|
17,331,646
|
|
|
|
2,433,375
|
|
|
|
2,763
|
|
|
|
-
|
|
|
|
159,990,413
|
|
|
Liabilities at fair value through profit and loss
|
|
|
113,041
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
113,041
|
|
|
Repo operations
|
|
|
644,149
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
644,149
|
|
|
Other financial liabilities
|
|
|
9,087,585
|
|
|
|
274,769
|
|
|
|
280,612
|
|
|
|
360,530
|
|
|
|
511,171
|
|
|
|
488,933
|
|
|
|
11,003,600
|
|
|
Financing received from the Argentine Central Bank
and other financial institutions
|
|
|
264,422
|
|
|
|
1,515,228
|
|
|
|
5,866,719
|
|
|
|
228,610
|
|
|
|
397,566
|
|
|
|
114,220
|
|
|
|
8,386,765
|
|
|
Negotiable Obligations issued
|
|
|
-
|
|
|
|
1,265,046
|
|
|
|
418,735
|
|
|
|
3,262,772
|
|
|
|
1,393,570
|
|
|
|
933,258
|
|
|
|
7,273,381
|
|
|
Subordinated negotiable obligations
|
|
|
-
|
|
|
|
1,641,336
|
|
|
|
33,881
|
|
|
|
33,329
|
|
|
|
980,868
|
|
|
|
-
|
|
|
|
2,689,414
|
|
|
TOTAL
|
|
|
139,735,793
|
|
|
|
20,415,691
|
|
|
|
23,986,654
|
|
|
|
6,318,616
|
|
|
|
3,285,938
|
|
|
|
1,536,411
|
|
|
|
195,279,103
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
SCHEDULE L - ASSETS AND LIABILITIES IN FOREIGN CURRENCY
As of June 30, 2020 and December 31, 2019:
|
|
|
|
|
|
As
of June 30, 2020 (per currency)
|
|
|
|
|
|
Items
|
|
As
of June 30,
2020
|
|
|
Dollar
|
|
|
Euro
|
|
|
Real
|
|
|
Others
|
|
|
As
of December 31,
2019
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Due from Banks
|
|
|
15,011,770
|
|
|
|
14,324,070
|
|
|
|
569,474
|
|
|
|
12,258
|
|
|
|
105,968
|
|
|
|
15,785,964
|
|
|
Debt securities at fair value through profit or
loss
|
|
|
464,245
|
|
|
|
464,245
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
800,738
|
|
|
Other financial assets
|
|
|
825,103
|
|
|
|
825,009
|
|
|
|
85
|
|
|
|
9
|
|
|
|
-
|
|
|
|
1,308,033
|
|
|
Loans and other financing
|
|
|
20,319,791
|
|
|
|
20,317,632
|
|
|
|
1,727
|
|
|
|
-
|
|
|
|
432
|
|
|
|
24,403,174
|
|
|
Other Debt Securities
|
|
|
68
|
|
|
|
68
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
74
|
|
|
Financial assets in guarantee
|
|
|
552,372
|
|
|
|
552,372
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5,115,384
|
|
|
Other non-financial assets
|
|
|
139,892
|
|
|
|
139,892
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
203,640
|
|
|
TOTAL ASSETS
|
|
|
37,313,241
|
|
|
|
36,623,288
|
|
|
|
571,286
|
|
|
|
12,267
|
|
|
|
106,400
|
|
|
|
47,617,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
20,066,584
|
|
|
|
19,665,990
|
|
|
|
400,594
|
|
|
|
-
|
|
|
|
-
|
|
|
|
26,508,974
|
|
|
Non-financial public sector
|
|
|
1,108,541
|
|
|
|
1,108,426
|
|
|
|
115
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,466,519
|
|
|
Financial sector
|
|
|
114
|
|
|
|
114
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10,294
|
|
|
Non-financial private sector
and foreign residents
|
|
|
18,957,929
|
|
|
|
18,557,450
|
|
|
|
400,479
|
|
|
|
-
|
|
|
|
-
|
|
|
|
24,032,161
|
|
|
Liabilities at fair value through profit or loss
|
|
|
10,586
|
|
|
|
10,586
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Other financial liabilities
|
|
|
5,294,427
|
|
|
|
5,165,988
|
|
|
|
122,572
|
|
|
|
10
|
|
|
|
5,857
|
|
|
|
4,647,984
|
|
|
Financing received from the Argentine Central Bank
and other financial institutions
|
|
|
7,141,220
|
|
|
|
7,141,220
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9,173,199
|
|
|
Negotiable obligations Issued
|
|
|
2,108,969
|
|
|
|
2,108,969
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Subordinated negotiable obligations
|
|
|
2,489,706
|
|
|
|
2,489,706
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,408,052
|
|
|
Other non-financial liabilities
|
|
|
339,562
|
|
|
|
339,562
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
387,423
|
|
|
TOTAL LIABILITIES
|
|
|
37,451,054
|
|
|
|
36,922,021
|
|
|
|
523,166
|
|
|
|
10
|
|
|
|
5,857
|
|
|
|
43,125,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET POSITION
|
|
|
(137,813
|
)
|
|
|
(298,733
|
)
|
|
|
48,120
|
|
|
|
12,257
|
|
|
|
100,543
|
|
|
|
4,491,375
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
SCHEDULE R – LOAN LOSS RISK PROVISIONS
The balance of loan loss risk provisions
as of June 30, 2020 is presented below:
|
|
|
|
|
|
|
|
|
ECL
of remaining life of the financial asset
|
|
|
|
|
|
Items
|
|
Balances
at the
beginning of
fiscal year
|
|
|
ECL
of the
following 12
months
|
|
|
FI
significant
credit risk
increase
|
|
|
FI
with credit
impairment
|
|
|
FI
with credit
impairment
either
purchased or
produced
|
|
|
Monetary
inocme
produced by
provisions
|
|
|
Other financial
assets
|
|
|
281,007
|
|
|
|
(1,095
|
)
|
|
|
-
|
|
|
|
158,864
|
|
|
|
(52,506
|
)
|
|
|
386,270
|
|
|
Loans and other financing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial entities
|
|
|
13,722
|
|
|
|
(12,759
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(115
|
)
|
|
|
848
|
|
|
Non-financial private
sector and residents abroad
|
|
|
6,361,850
|
|
|
|
811,651
|
|
|
|
630,364
|
|
|
|
568,503
|
|
|
|
(1,001,894
|
)
|
|
|
7,370,474
|
|
|
Advances
|
|
|
1,675,879
|
|
|
|
76,151
|
|
|
|
75,919
|
|
|
|
35,020
|
|
|
|
(222,936
|
)
|
|
|
1,640,033
|
|
|
Documents
|
|
|
413,393
|
|
|
|
174,745
|
|
|
|
33,986
|
|
|
|
101,949
|
|
|
|
(86,647
|
)
|
|
|
637,426
|
|
|
Mortgages
|
|
|
524,002
|
|
|
|
627,730
|
|
|
|
56,438
|
|
|
|
89,024
|
|
|
|
(155,230
|
)
|
|
|
1,141,964
|
|
|
Pledge
loans
|
|
|
110,633
|
|
|
|
(4,852
|
)
|
|
|
21,174
|
|
|
|
(5,391
|
)
|
|
|
(14,545
|
)
|
|
|
107,019
|
|
|
Personal
Loans
|
|
|
938,709
|
|
|
|
29,332
|
|
|
|
85,155
|
|
|
|
62,485
|
|
|
|
(133,511
|
)
|
|
|
982,170
|
|
|
Credit
cards
|
|
|
614,698
|
|
|
|
(80,300
|
)
|
|
|
(1,054
|
)
|
|
|
(76,298
|
)
|
|
|
(54,692
|
)
|
|
|
402,354
|
|
|
Financial
lease
|
|
|
157,810
|
|
|
|
(28,434
|
)
|
|
|
(33,119
|
)
|
|
|
(192
|
)
|
|
|
(11,496
|
)
|
|
|
84,569
|
|
|
Others
|
|
|
1,926,726
|
|
|
|
17,279
|
|
|
|
391,865
|
|
|
|
361,906
|
|
|
|
(322,837
|
)
|
|
|
2,374,939
|
|
|
Other
debt securities
|
|
|
4,039
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(484
|
)
|
|
|
3,555
|
|
|
TOTAL
PROVISIONS
|
|
|
6,660,618
|
|
|
|
797,797
|
|
|
|
630,364
|
|
|
|
727,367
|
|
|
|
(1,054,999
|
)
|
|
|
7,761,147
|
|
Separate Condensed Interim Financial
Statements
For the
six-month period ended on
June 30,
2020, presented on comparative basis in homogeneous currency
GRUPO SUPERVIELLE
S.A.
SEPARATE
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
As of
June 30, 2020 and December 31, 2019
(Expressed
in thousands of pesos in homogeneous currency)
|
|
|
Notes and Schedules
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
2 and 8
|
|
|
11,579
|
|
|
|
135,742
|
|
|
Cash
|
|
|
|
|
4
|
|
|
|
2
|
|
|
Financial institutions and correspondents
|
|
|
|
|
|
|
|
|
|
|
|
Other local and foreign financial
institutions
|
|
|
|
|
11,575
|
|
|
|
135,740
|
|
|
Other financial assets
|
|
2 amd 8
|
|
|
586,116
|
|
|
|
820,267
|
|
|
Other debt securities
|
|
8 and A
|
|
|
139,995
|
|
|
|
-
|
|
|
Current income tax assets
|
|
|
|
|
18,211
|
|
|
|
49,785
|
|
|
Investment in subsidiaries, associates and joint ventures
|
|
3
|
|
|
24,970,836
|
|
|
|
23,562,390
|
|
|
Property, plant and equipment
|
|
F
|
|
|
2,335
|
|
|
|
2,722
|
|
|
Intangible Assets
|
|
G
|
|
|
3,491,599
|
|
|
|
3,517,134
|
|
|
Other Non-financial assets
|
|
|
|
|
145,124
|
|
|
|
169,312
|
|
|
TOTAL ASSETS
|
|
|
|
|
29,365,795
|
|
|
|
28,257,352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax liabilities
|
|
|
|
|
273,593
|
|
|
|
480,882
|
|
|
Other Non-Financial Liabilities
|
|
|
|
|
288,417
|
|
|
|
299,253
|
|
|
TOTAL LIABILITIES
|
|
|
|
|
562,010
|
|
|
|
780,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Capital Stock
|
|
|
|
|
456,722
|
|
|
|
456,722
|
|
|
Capital adjustments
|
|
|
|
|
2,401,296
|
|
|
|
2,401,296
|
|
|
Paid in capital
|
|
|
|
|
27,764,641
|
|
|
|
27,764,641
|
|
|
Earnings Reserved
|
|
|
|
|
15,869,923
|
|
|
|
11,882,824
|
|
|
Retained earnings
|
|
|
|
|
(19,547,052
|
)
|
|
|
(11,794,339
|
)
|
|
Other comprehensive income
|
|
|
|
|
358,280
|
|
|
|
98,162
|
|
|
Net Income for the period
|
|
|
|
|
1,499,975
|
|
|
|
(3,332,089
|
)
|
|
TOTAL SHAREHOLDERS' EQUITY
|
|
|
|
|
28,803,785
|
|
|
|
27,477,217
|
|
|
TOTAL NET LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
29,365,795
|
|
|
|
28,257,352
|
|
The accompanying notes and schedules are
an integral part of the separate condensed interim financial statements.
GRUPO SUPERVIELLE
S.A.
SEPARATE CONDENSED INTERIM STATEMENT
OF COMPREHENSIVE INCOME
For the
six and three-month period ended on June 30, 2020 and 2019
(Expressed
in thousands of pesos in homogeneous currency)
|
|
|
|
|
|
Six-month
period ended on
|
|
|
Three-month
period ended on
|
|
|
|
|
|
Notes
|
|
|
|
06/30/2020
|
|
|
|
06/30/2019
|
|
|
|
06/30/2020
|
|
|
|
06/30/2019
|
|
|
Interest income
|
|
|
4.1
|
|
|
|
2,391
|
|
|
|
66,142
|
|
|
|
2,386
|
|
|
|
22,726
|
|
|
Interest
expenses
|
|
|
4.2
|
|
|
|
(26,839
|
)
|
|
|
(1,725
|
)
|
|
|
11,168
|
|
|
|
(1
|
)
|
|
Net
interest income
|
|
|
|
|
|
|
(24,448
|
)
|
|
|
64,417
|
|
|
|
13,554
|
|
|
|
22,725
|
|
|
Net income from financial instruments
at fair value through profit or loss
|
|
|
4.3
|
|
|
|
144,997
|
|
|
|
209,072
|
|
|
|
37,592
|
|
|
|
112,092
|
|
|
Exchange
rate difference on gold and foreign currency
|
|
|
|
|
|
|
70,998
|
|
|
|
(7,827
|
)
|
|
|
65,998
|
|
|
|
9,172
|
|
|
NIFFI
And Exchange Rate Differences
|
|
|
|
|
|
|
215,995
|
|
|
|
201,245
|
|
|
|
103,590
|
|
|
|
121,264
|
|
|
Subtotal
|
|
|
|
|
|
|
191,547
|
|
|
|
265,662
|
|
|
|
117,144
|
|
|
|
143,989
|
|
|
Other operating income
|
|
|
4.4
|
|
|
|
102,030
|
|
|
|
89,620
|
|
|
|
50,920
|
|
|
|
33,921
|
|
|
Result from
exposure to changes in the purchasing power of the currency
|
|
|
|
|
|
|
10
|
|
|
|
301,262
|
|
|
|
28,118
|
|
|
|
(8,795
|
)
|
|
Net
operating income
|
|
|
|
|
|
|
293,587
|
|
|
|
656,544
|
|
|
|
196,182
|
|
|
|
169,115
|
|
|
Personnel expenses
|
|
|
4.5
|
|
|
|
55,060
|
|
|
|
97,103
|
|
|
|
27,885
|
|
|
|
46,457
|
|
|
Administration expenses
|
|
|
4.6
|
|
|
|
147,455
|
|
|
|
84,005
|
|
|
|
102,885
|
|
|
|
54,788
|
|
|
Depreciation and impairment of
non-financial assets
|
|
|
|
|
|
|
25,922
|
|
|
|
25,922
|
|
|
|
12,961
|
|
|
|
12,961
|
|
|
Other operating
expenses
|
|
|
4.7
|
|
|
|
14,063
|
|
|
|
12,658
|
|
|
|
9,223
|
|
|
|
10,273
|
|
|
Operating
income
|
|
|
|
|
|
|
51,087
|
|
|
|
436,856
|
|
|
|
43,228
|
|
|
|
44,636
|
|
|
Profit of
subsidiaries and associates
|
|
|
4.8
|
|
|
|
1,341,122
|
|
|
|
(672,254
|
)
|
|
|
864,369
|
|
|
|
817,445
|
|
|
Income
before taxes
|
|
|
|
|
|
|
1,392,209
|
|
|
|
(235,398
|
)
|
|
|
907,597
|
|
|
|
862,081
|
|
|
Income tax
|
|
|
|
|
|
|
(107,766
|
)
|
|
|
336,554
|
|
|
|
(114,635
|
)
|
|
|
7,802
|
|
|
Net income of the period
|
|
|
|
|
|
|
1,499,975
|
|
|
|
(571,952
|
)
|
|
|
1,022,232
|
|
|
|
854,279
|
|
The accompanying notes and schdules are an integral part of
the separate condensed interim financial statements.
GRUPO SUPERVIELLE
S.A.
SEPARATE CONDENSED INTERIM STATEMENT
OF COMPREHENSIVE INCOME
EARNING PER SHARE
For the
six and three-month period ended on June 30, 2020 and 2019
(Expressed
in thousands of pesos in homogeneous currency)
|
|
|
Six-month
period ended on
|
|
|
Three-month
period ended on
|
|
|
Item
|
|
|
06/30/2020
|
|
|
|
06/30/2019
|
|
|
|
06/30/2020
|
|
|
|
06/30/2019
|
|
|
NUMERATOR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the period
attributable to owners of the parent company
|
|
|
1,499,975
|
|
|
|
(571,952
|
)
|
|
|
1,022,232
|
|
|
|
854,279
|
|
|
PLUS: Diluting events inherent to
potential ordinary shares
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Net income attributable to owners
of the parent company adjusted by dilution
|
|
|
1,499,975
|
|
|
|
(571,952
|
)
|
|
|
1,022,232
|
|
|
|
854,279
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
3.28
|
|
|
|
(1.25
|
)
|
|
|
2.24
|
|
|
|
1.87
|
|
|
Diluted Income per share
|
|
|
3.28
|
|
|
|
(1.25
|
)
|
|
|
2.24
|
|
|
|
1.87
|
|
The accompanying notes and schdules are an integral
part of the separate condensed interim financial statements.
GRUPO SUPERVIELLE
S.A.
SEPARTE CONDENSED INTERIM STATEMENT
OF COMPREHENSIVE INCOME
For the
six and three-month period ended on June 30, 2020 and 2019
(Expressed
in thousands of pesos in homogeneous currency)
|
|
|
Six-month
period ended on
|
|
|
Three-month
period ended on
|
|
|
|
|
|
06/30/2020
|
|
|
|
06/30/2019
|
|
|
|
06/30/2020
|
|
|
|
06/30/2019
|
|
|
Net
income from the period
|
|
|
1,499,975
|
|
|
|
(571,952
|
)
|
|
|
1,022,232
|
|
|
|
854,279
|
|
|
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
|
|
|
260,118
|
|
|
|
(2,413
|
)
|
|
|
310,898
|
|
|
|
(775
|
)
|
|
Total
other comprehensive income
|
|
|
260,118
|
|
|
|
(2,413
|
)
|
|
|
310,898
|
|
|
|
(775
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Comprehensive Income
|
|
|
1,760,093
|
|
|
|
(574,365
|
)
|
|
|
1,333,130
|
|
|
|
853,504
|
|
|
Total comprehensive
income attributable to parent company
|
|
|
1,760,093
|
|
|
|
(574,365
|
)
|
|
|
1,333,130
|
|
|
|
853,504
|
|
The accompanying notes and schedules are
an integral part of the separate condensed interim financial statements
GRUPO SUPERVIELLE S.A.
SEPARATE CONDENSED
INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY
For the
six-month period ended on June 30, 2020 and 2019
(Expressed
in thousands of pesos in homogeneous currency)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income
|
|
|
|
|
|
Items
|
|
Capital
stock
(Note 7)
|
|
|
Capital
adjustments
|
|
|
Paid
in
capital
|
|
|
Legal
reserve
|
|
|
Other
reserves
|
|
|
Retained
earnings
|
|
|
Revaluation
of PPE
|
|
|
Earnings
or
los accrued by
financial
institutions at
FV through
profit and loss
|
|
|
Total
Shareholders´
equity
|
|
|
Re-expressed
Balance at December 31, 2019
|
|
456,722
|
|
|
2,401,296
|
|
|
27,764,641
|
|
|
159,620
|
|
|
11,723,204
|
|
|
(15,126,428
|
)
|
|
92,426
|
|
|
5,736
|
|
|
27,477,217
|
|
|
Distribution
of retained earnings by the shareholders’ meeting on April 28, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constitution
of reserves
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
4,420,624
|
|
|
(4,420,624
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Dividend
distribution
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(433,525
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(433,525
|
)
|
|
Net
Income for the period
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,499,975
|
|
|
-
|
|
|
-
|
|
|
1,499,975
|
|
|
Other
comprehensive income for the period
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
260,118
|
|
|
260,118
|
|
|
Balance
at June 30, 2020
|
|
456,722
|
|
|
2,401,296
|
|
|
27,764,641
|
|
|
159,620
|
|
|
15,710,303
|
|
|
(18,047,077
|
)
|
|
92,426
|
|
|
265,854
|
|
|
28,803,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income
|
|
|
|
|
|
Items
|
|
Capital
stock
(Note 7)
|
|
|
Capital
adjustments
|
|
|
Paid
in
capital
|
|
|
Legal
reserve
|
|
|
Other
reserves
|
|
|
Retained
earnings
|
|
|
Revaluation
of PPE
|
|
|
Earnings
or
los accrued by
financial
institutions at
FV through
profit and loss
|
|
|
Total
Shareholders´
equity
|
|
|
Re-expressed
Balance at December 31, 2018
|
|
456,722
|
|
|
2,401,296
|
|
|
27,764,090
|
|
|
159,619
|
|
|
9,358,992
|
|
|
(8,290,061
|
)
|
|
-
|
|
|
-
|
|
|
31,850,658
|
|
|
IFRS
9 Impact Adjustments
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(610,593
|
)
|
|
-
|
|
|
-
|
|
|
(610,593
|
)
|
|
Balance
at December 31, 2018
|
|
456,722
|
|
|
2,401,296
|
|
|
27,764,090
|
|
|
159,619
|
|
|
9,358,992
|
|
|
(8,900,654
|
)
|
|
-
|
|
|
-
|
|
|
31,240,065
|
|
|
Other
movements
|
|
-
|
|
|
-
|
|
|
551
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
551
|
|
|
Distribution
of retained earnings by the shareholders’ meeting on April 26, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constitution
of reserves
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,044,660
|
|
|
(2,044,660
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Dividend
distribution
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
(444,317
|
)
|
|
-
|
|
|
-
|
|
|
(444,317
|
)
|
|
Net
Income for the period
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(571,952
|
)
|
|
-
|
|
|
|
|
|
(571,952
|
)
|
|
Other
comprehensive income for the period
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(2,413
|
)
|
|
(2,413
|
)
|
|
Balance
at June 30, 2019
|
|
456,722
|
|
|
2,401,296
|
|
|
27,764,641
|
|
|
159,619
|
|
|
11,403,652
|
|
|
(11,961,583
|
)
|
|
-
|
|
|
(2,413
|
)
|
|
30,221,934
|
|
The accompanying notes and
schedules are an integral part of the separate condensed interim financial statements
GRUPO SUPERVIELLE S.A.
SEPARATE CONDENSED
INTERIM STATEMENT OF CASH FLOW
For the
six-month period ended on June 30, 2020 and 2019
(Expressed
in thousands of pesos in homogeneous currency)
|
|
|
06/30/2020
|
|
|
06/30/2019
|
|
|
CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the period before Income Tax
|
|
|
1,392,209
|
|
|
|
(235,398
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to obtain flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Results of associates and join ventures
|
|
|
(1,341,122
|
)
|
|
|
672,254
|
|
|
Depreciation and impairment
|
|
|
25,922
|
|
|
|
25,922
|
|
|
Exchange rate difference on gold and foreign currency
|
|
|
(70,998
|
)
|
|
|
7,827
|
|
|
Interests from loans and other financing
|
|
|
(2,391
|
)
|
|
|
(66,142
|
)
|
|
Interests from deposits and financing
|
|
|
26,839
|
|
|
|
1,725
|
|
|
Result from exposure to changes in the purchasing power
of the currency
|
|
|
(10
|
)
|
|
|
(301,262
|
)
|
|
Net income from financial instruments at fair value through
profit or loss
|
|
|
(144,997
|
)
|
|
|
(209,072
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(Increases) / decreases from operating assets:
|
|
|
|
|
|
|
|
|
|
Other debt securities
|
|
|
(492,503
|
)
|
|
|
(630,947
|
)
|
|
Other assets
|
|
|
496,870
|
|
|
|
1,390,782
|
|
|
|
|
|
|
|
|
|
|
|
|
Increases / (decreases) from operating liabilities:
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
(10,841
|
)
|
|
|
(163,596
|
)
|
|
Income Tax paid
|
|
|
(67,949
|
)
|
|
|
(592,215
|
)
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL OPERATING ACTIVITIES (A)
|
|
|
(188,971
|
)
|
|
|
(100,122
|
)
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOW FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments:
|
|
|
|
|
|
|
|
|
|
Purchase of PPE, intangible assests and other assets
|
|
|
-
|
|
|
|
(13,769
|
)
|
|
Dividends paid
|
|
|
(433,525
|
)
|
|
|
(444,317
|
)
|
|
Purchase of investments in subsidiaries
|
|
|
-
|
|
|
|
(229,479
|
)
|
|
Contributions made to subsidiaries
|
|
|
(146,036
|
)
|
|
|
(796,387
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Collections:
|
|
|
|
|
|
|
|
|
|
Dividends collected
|
|
|
383,423
|
|
|
|
781,678
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTING ACTIVITIES (B)
|
|
|
(196,138
|
)
|
|
|
(702,274
|
)
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments:
|
|
|
|
|
|
|
|
|
|
Changes in the ownership of subsidiaries that do not
result in loss of control
|
|
|
-
|
|
|
|
554
|
|
|
Unsubordinated negotiable obligations
|
|
|
-
|
|
|
|
(50,693
|
)
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL FINANCING ACTIVITIES (C)
|
|
|
-
|
|
|
|
(50,139
|
)
|
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF CHANGES IN THE EXCHANGE RATE (D)
|
|
|
119,468
|
|
|
|
754,090
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CHANGES IN CASH FLOW
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D)
|
|
|
(265,641
|
)
|
|
|
(98,445
|
)
|
|
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD
(NOTE 8)
|
|
|
955,055
|
|
|
|
1,425,948
|
|
|
Result from exposure to changes in the purchasing power of
the currency in cash and equivalents
|
|
|
(93,054
|
)
|
|
|
(460,655
|
)
|
|
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (NOTE
8)
|
|
|
596,360
|
|
|
|
866,848
|
|
The accompanying notes and schedules are an integral
part of the separate condensed interim financial statements
GRUPO SUPERVIELLE S.A.
Notes to Separate Condensed Interim Financial Statements
As of June 30, 2020 presented on comparative basis
(Expressed in thousands of pesos in homogeneous currency)
1.
BASIS OF PREPARATION OF THE UNAUDITED SEPARATE CONDENSED INTERIM 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 Consolidated Condensed
Interim Financial Statements as of the three-month period ended on June 30, 2020 was passed by the Board of the Company over the
course of its meeting held on August 20, 2020.
These condensed interim financial statements
have been prepared pursuant to: (i) provisions set by Intenational Accounting Standards N° 34, “Interim Financial Information”
(IAS 34) and (ii) the accouting information framework set by the Argentine Central Bank which is based on International Financial
Reporting Standards (IFRS) issued by the International Accounting Standards Board and interpretations issued by the International
Financial Reporting Standards Interpretation Committee with the following exceptions:
(i) Temporary
exception of IFRS 9 “Financial Instruments” application over debt instruments of the non-financial public sector,
(ii) Temporary
exception of the application of Section 5.5 (Value Impairment) for Group B entities, a category that includes Cordial Compañia
Financiera S.A.. Therefore, provisions of the aforementioned entity are held under minimum provisions standards set by the Argentine
Central Bank.
Pursuant to IAS 34, interim financial
information shall include an explanation of events and transactions that have taken place as from the end of the last annual period
being reported and are relevant for the understanding of changes in the financial situation, financial performance and cash flows
of the Group with the purpose of relying on updated information as per the last financial statements of the fiscal year ended
on December 31, 2019 ( hereinafter, “annual financial statements”). Given the aforementioned, these condensed interim
financial statements do not include all the information to be required by complete financial statements prepared pursuant to International
Financial Reporting Standards; hence, in virtue of a suitable understanding of the information included therein, such statements
must be read jointly with annual financial statements.
The Group´s Board has concluded
that these interim condensed financial statements reasonably express the financial position, financial performance and cash flows.
It is worth to be mentioned that interim
condensed financial statements have been prepared by applying accounting policies and measurement criteria consistent with those
applied by the Group for the preparation of annual financial statements, except for what has been set forth in Note 1.1.4.
The preparation of financial statements
requires that the Group carries out calculations and evaluations that affect the amount of incomes and expenses recorded in the
period. In this sense, calculations are aimed at the estimation of, for example, credit risk provisions, useful life of property,
plant and equipment, impairments and amortizations, recoverable value of assets, income tax charges and the reasonable value of
certain financial instruments. Future real results may defer from calculations and evaluations as of the date of these separate
financial statements preparation.
As of these financial statements issuance
date, such statements are pending of transcription to Inventory and Balance Sheet Book.
As of the date of these 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.
GRUPO SUPERVIELLE S.A.
Notes to Separate Condensed Interim Financial Statements
As of June 30, 2020 presented on comparative basis
(Expressed in thousands of pesos in homogeneous currency)
Figures included in these condensed interim
financial statements are expressed in thousands of Argentine pesos, unless otherwise stated.
The Group´s interim condensed financial
statements recognice changes in the currency purchasing power until August 31, 1995. As from such date, in virtue of existing
economic stability conditions and pursuant to Communication “A” 2365 issued by the Argentine Central Bank, accounting
measurements were not re-expressed until December 31, 2001. In virtue of Communication “A” 3702 issued by the Argentine
Central Bank, the application of the method was resumed and became effective on January 1, 2002. Previous accouting measurements
were considered to be expressed in the currency as of December 31, 2001.
Pursuant to Communication “A”
3921 issued by the Argentine Central Bank, in compliance with Decree 664/03 issued by the National Executive Power, the application
of the re-expression of financial statements in homogeneous currency was interrupted as from March 1, 2003. Therefore, the Group
applied said re-expression until February 28, 2003.
In turn, Law N° 27,468 (B.O. 04/12/2018)
amended article 10° of Law N° 23,928 and its amendments, thus establishing that the abolition of all legal and regulating
standards that set and authorize price indexing, monetary updating, cost changes or any other manner of re-increasing debts, taxes,
prices or fees for goods, works or services does not include financial statements, regarding which the application of article
62 of the General Corporations Law N° 19,550 (T.O 1984) and its amendments shall prevail. Likewise, the aforementioned legal
body set de abolition of Decree N° 1269/2002 dated on July 16, 2002 and its amendments and instructed the National Executive
Power, through its controlling agencies, to set the date as from which said regulations became into effect in relation with financial
statements to be submitted. Therefore, on February 22, 2019, the Argentine Central Bank issued Communication “A” 6651
which established that financial statements shall be prepared in a homogeneous currency as from January 1, 2020. Therefore, these
condensed interim financial statements have been re-expressed as of June 30, 2020.
|
|
1.1.3
|
Comparative information
|
The information included in these condensed
interim financial statements and in the aforementioned notes as of December 31, 2019 and June 30, 2019 is presented, exclusively
with comparative purposes regarding the information as of June 30, 2020.
It is worth to be mentioned that, Communication
“A” 6778, issued by the Argentine Central Bank, required the retroactive application of the impairment model set forth
in section 5.5 of IFRS 9 with temporary withdrawal of non-financial public sector´s debt instruments and the re-expression
of financial statements pursuant to IAS 29. In virtue of the aforementioned, the Group has applied the following:
|
|
(i)
|
Retroactive re-expression of
figures included in the Financial Situation as of December 31, 2019 for the purpose of
submitting such figures as if the new accounting policies had been in force since January
1, 2019, and
|
|
|
(ii)
|
Retroactive re-expression of
figures included in the Income Statement, Other Comprehensive Income and Changes in the
Shareholders’ Equity Statement as of June 30, 2019 for the purpose of submitting
such figures as if the new accounting policies had been in force since January 1, 2019.
|
|
|
1.1.4
|
Changes in accounting policies
and new accounting standards
|
With the approval of new IFRS, modifications
or derogations of the standards in force, and once such changes are adopted through Adoption Bulletins issued by Federación
Argentina de Consejos Profesionales en Ciencias Económicas (FACPCE), the Argentine Central Bank will determine the approval
of such standards for financial entities. In general terms, no anticipated IFRS application shall be allowed unless upon adoption
such anticipated measure is specified.
The following are changes that were made
effective over the course of the quarter ended on June 30, 2020:
|
|
(a)
|
Impairment of financial
assets
|
Pursuant to Communication “A”
6430 and 6847 Financial Entities shall start to apply provisions on Financial Assets Impairment included in paragraph 5.5 of IFRS
9 as from fiscal years starting on January 1, 2020, except for Non-financial Public Sector´s debt securities, which shall
be temporarily excluded from the scope of said provisions. Likewise, Communication “A” 6990 issued by the Argentine
Central Bank set the postponement of the application of the section targeted to “B” group Companies until January
1, 2021,a category that includes Cordial Compañía Financiera S.A.; therefore, provisions of said Entity are held
under the minimum provisions regulations set by the Argentine Central Bank.
GRUPO SUPERVIELLE
S.A.
Notes to Separate Condensed Interim Financial Statements
As of June 30, 2020 presented on comparative basis
(Expressed in thousands of pesos in homogeneous currency)
Upon the application of impairment model
included in section 5.5 of IFRS 9, a decrease of about 452,9 million and 869,5 million would have been recorded in the shareholders
´equity as of June 30, 2020 and December 31, 2019 respectively.
(b)
Re-expression by inflation of financial statements
Pursuant to IAS 29 “Financial Information
in hyperinflationary economies”, financial statements of an entity, whose functional currency accounts for that currency
of a hyperinflationary economy shall be expressed in terms of a current measurement unit as of the reporting fiscal year closing
date regardless of whether such statements are based on the historical cost method or a current cost method. To such ends, in
general terms, such entity shall calculate the inflation recorded as from the acquisition date or revaluation date, when applicable,
in non-monetary items. Such requirements also include the comparative information of financial statements.
With the purpose of stating whether an
economy is classified as Hyperinflationary in accordance with IAS 29, the provision sets forth a series of factors to be considered,
which includes an accrued inflation rate in three years close to or higher than the 100%. That is the reason why, pursuant to
IAS 29, the Argentine economy must be considered as a high inflation economy as from July 1, 2018.
In short, pursuant to IFRS 29 re-expression
mechanism, monetary assets and liabilities shall not be re-expressed since such assets and liabilities are expressed in a measurement
unit in force as of the reported period closing. Assets and liabilities subject to adjustments tied to specific agreements, shall
be adjusted pursuant to such agreements. Non-monetary items measured at current values at the end of the reported period, such
as the realization net value or others, shall be re-expressed. The remaining non-monetary assets and liabilities shall be re-expressed
in accordance with a general price index. The loss or earning of a net monetary position shall be included in the net income of
the reported period in a separate item. It is worth to be mentioned that earnings or losses over the monetary position of instruments
at fair value through profit and loss in OCI is included in Other Comprehensive Income of the period/fiscal year. Upon the sale
of such instruments its result is reclassified in the line “Results from sale or withdrawal of financial instruments rated
at amortized cost” in the net income of the period/fiscal year.
Pursuant to Communication “A”
6651, issued by the Argentine Central Bank on February 22, 2019, financial statements shall be prepared in a constant currency
as from fiscal years starting on January 1, 2020. In this sense, Communication “A” 6849 issued by the Argentine Central
Bank sets the re-expression frequency of the accounting information in a homogeneous currency on a monthly basis, and the index
utilized to such ends accounts for the National Consumer Index drawn up by INDEC (basis month: December 2016) and for such items
with previous initial date, IPIM issued by FACPCE is utilized, pursuant to Ruling JG 517/16. Likewise, transition date, in virtue
of the retroactive application has been set on January 1, 2019.
(c)
Other Changes in the Accounting Framework set by the Argentine Central Bank
Pursuant to Communication “A”
6847, financial entities will be allowed to re-categorize, as from Januray 1,2020, instruments of the non-financial public sector
rated at fair value through profit and loss and at fair value through profit and loss in OCI at an amortized cost criterion, while
utilizing the accounting value of such date as addition value. As for instruments affected by this option, interest accrual and
accessories shall be interrupted as long as the accounting value is above its fair value. Upon such measurement, the abovementioned
financial instruments, at fair value as of June 30, 2020 there would be no significant impact on equity and results for the period.
|
|
1.2
|
Critical accounting policies and estimates
|
The accounting policies are consistent
with those used in the financial statements as of December 31, 2019.
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 Separated Condensed
Interim Financial Statements.
GRUPO SUPERVIELLE
S.A.
Notes to Separate Condensed Interim Financial Statements
As of June 30, 2020 presented on comparative basis
(Expressed in thousands of pesos in homogeneous currency)
The portfolio of financial instruments
held by the Group is detailed below, at the close of the period ended on June 30, 2020 and December 31, 2019:
|
Portfolio of instruments
at 06/30/2020
|
|
FV Level 1
|
|
|
FV Level 2
|
|
|
FV Level 3
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
- Other financial assets
|
|
|
586,116
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Assets
|
|
|
586,116
|
|
|
|
-
|
|
|
|
-
|
|
|
Portfolio of instruments
at 12/31/2019
|
|
FV Level 1
|
|
|
FV Level 2
|
|
|
FV Level 3
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
- Other financial assets
|
|
|
820,267
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Assets
|
|
|
820,267
|
|
|
|
-
|
|
|
|
-
|
|
Fair Value of Other Financial Instruments
The following chart includes a comparison
between the fair value and the accounting value of financial instruments not recorded at fair value as of June 30, 2020 and December
31, 2019:
|
Other Financial Instruments as of 06/30/2020
|
|
Accounting
value
|
|
|
Fair value
|
|
|
FV Level 1
|
|
|
FV Level 2
|
|
|
FV Level 3
|
|
|
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Cash and due from banks
|
|
|
11,579
|
|
|
|
11,579
|
|
|
|
11,579
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Assests
|
|
|
11,579
|
|
|
|
11,579
|
|
|
|
11,579
|
|
|
|
-
|
|
|
|
-
|
|
|
Other Financial Instruments as of 12/31/2019
|
|
Accounting
value
|
|
|
Fair value
|
|
|
FV Level 1
|
|
|
FV Level 2
|
|
|
FV Level 3
|
|
|
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Cash and due from banks
|
|
|
135,742
|
|
|
|
135,742
|
|
|
|
135,742
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Assests
|
|
|
135,742
|
|
|
|
135,742
|
|
|
|
135,742
|
|
|
|
-
|
|
|
|
-
|
|
GRUPO SUPERVIELLE
S.A.
Notes to Separate Condensed Interim Financial Statements
As of June 30, 2020 presented on comparative basis
(Expressed in thousands of pesos in homogeneous currency)
|
|
3.
|
INVESTMENT IN SUBSIDIARIES AND ASSOCIATES
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuers’ last Financial
Statements
|
|
|
|
|
|
|
|
Subsidiary
|
|
|
Class
|
|
|
|
Market
Value/
Nominal
|
|
|
|
Number
|
|
|
Main Activity
|
|
|
Capital
Stock
|
|
|
|
Shareholders’
equity
|
|
|
|
Book
value at
06.30.2020
|
|
|
|
Book
value at
12.31.2019
|
|
|
Banco Supervielle S.A.
|
|
|
Ord.
|
|
|
|
1
|
|
|
|
805.533.007
|
|
|
Commercial Bank
|
|
|
829,564
|
|
|
|
22,791,489
|
|
|
|
21,978,930
|
|
|
|
20,743,680
|
|
|
Cordial Compañía Financiera S.A.
|
|
|
Ord.
|
|
|
|
1
|
|
|
|
12.847.878
|
|
|
Financial Company
|
|
|
256,957
|
|
|
|
2,715,266
|
|
|
|
135,739
|
|
|
|
147,254
|
|
|
Sofital S.A.F.e.I.I.
|
|
Ord.
|
|
|
|
1
|
|
|
|
20.854.642
|
|
|
Financial operations and administration of securities
|
|
|
21,544
|
|
|
|
1,027,874
|
|
|
|
653,953
|
|
|
|
614,307
|
|
|
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
|
|
|
|
288,021
|
|
|
|
252,018
|
|
|
|
330,501
|
|
|
Supervielle Asset Management S.A.
|
Ord.
|
|
|
|
1
|
|
|
|
1.336.915
|
|
|
Mutual Fund Management
|
|
|
1,407
|
|
|
|
190,642
|
|
|
|
181,111
|
|
|
|
201,334
|
|
|
Espacio Cordial de Servicios S.A.
|
|
|
Ord.
|
|
|
|
1.000
|
|
|
|
1.273
|
|
|
Trading of products and services
|
|
|
1,340
|
|
|
|
280,249
|
|
|
|
242,300
|
|
|
|
244,324
|
|
|
Supervielle Seguros S.A.
|
|
|
Ord.
|
|
|
|
1
|
|
|
|
1.393.391
|
|
|
Insurance company
|
|
|
14,667
|
|
|
|
991,956
|
|
|
|
915,989
|
|
|
|
853,187
|
|
|
FF Fintech SUPV I
|
|
|
-
|
|
|
|
-
|
|
|
|
655.000
|
|
|
Financial Trust
|
|
|
64,874
|
|
|
|
68,360
|
|
|
|
68,360
|
|
|
|
58,072
|
|
|
Micro Lending S.A.U.
|
|
|
Ord.
|
|
|
|
1
|
|
|
|
362.000.000
|
|
|
Financing investments
|
|
|
362,000
|
|
|
|
90,066
|
|
|
|
88,876
|
|
|
|
103,997
|
|
|
Invertir Online
|
|
InvertirOnline S.A.U
|
|
|
Ord.
|
|
|
|
100
|
|
|
|
2,400
|
|
|
Settlement and Clearing Agent
|
|
|
240
|
|
|
|
311,176
|
|
|
|
324,961
|
|
|
|
261.658
|
|
|
|
|
InvertirOnline.Com Argentina S.A.U
|
|
|
Ord.
|
|
|
|
0,01
|
|
|
|
80,451,077
|
|
|
Representations
|
|
|
804
|
|
|
|
14,246
|
|
|
|
|
|
|
|
|
|
|
Supervielle Productores Asesores de Seguros S.A.
|
|
|
Ord.
|
|
|
|
1
|
|
|
|
30.095.000
|
|
|
Insurance Broker
|
|
|
31.599
|
|
|
|
23.424
|
|
|
|
22.345
|
|
|
|
108
|
|
|
Bolsillo Digital S.A.U
|
|
|
Ord.
|
|
|
|
1
|
|
|
|
48.100.000
|
|
|
Computer Services
|
|
|
48.100
|
|
|
|
47.370
|
|
|
|
47.370
|
|
|
|
34
|
|
|
Futuros del Sur S.A.
|
|
|
Ord.
|
|
|
|
1
|
|
|
|
50.560
|
|
|
Settlement and Clearing Agent
|
|
|
50.560
|
|
|
|
58.885
|
|
|
|
58.884
|
|
|
|
3.934
|
|
|
Total investments in subsidiaries, associates and joint ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,970,836
|
|
|
|
23,562,390
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
|
|
4.
|
COMPOSITION OF THE MAIN ITEMS OF THE SEPARATE STATEMENT
OF COMPREHENSIVE INCOME
|
|
|
|
Six-month
period ended on
|
|
Three-month
period ended on
|
|
|
|
06/30/2020
|
|
|
06/30/2019
|
|
|
06/30/2020
|
|
|
06/30/2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.1 Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earned interests
|
|
|
2,391
|
|
|
|
10
|
|
|
|
2,386
|
|
|
|
5
|
|
|
Profit by
government securities measure at amortized cost
|
|
|
-
|
|
|
|
66,132
|
|
|
|
-
|
|
|
|
22,721
|
|
|
|
|
|
2,391
|
|
|
|
66,142
|
|
|
|
2,386
|
|
|
|
22,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.2 Interest expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses from NO issuance
|
|
|
-
|
|
|
|
(2
|
)
|
|
|
-
|
|
|
|
(2
|
)
|
|
Lost interest from NO issuance
|
|
|
-
|
|
|
|
(32
|
)
|
|
|
-
|
|
|
|
-
|
|
|
Profit by government
securities measure at amortized cost
|
|
|
(26,839
|
)
|
|
|
(1,691
|
)
|
|
|
11,168
|
|
|
|
1
|
|
|
|
|
|
(26,839
|
)
|
|
|
(1,725
|
)
|
|
|
11,168
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.3 Net from financial instruments at fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interests from Time Deposits
|
|
|
40,150
|
|
|
|
9,285
|
|
|
|
4,137
|
|
|
|
3,305
|
|
|
Income from Holding – MF
|
|
|
24,877
|
|
|
|
74,550
|
|
|
|
15,983
|
|
|
|
61,225
|
|
|
Income from Holding
–Government Securities
|
|
|
79,970
|
|
|
|
125,237
|
|
|
|
17,472
|
|
|
|
47,562
|
|
|
|
|
|
144,997
|
|
|
|
209,072
|
|
|
|
37,592
|
|
|
|
112,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.4 Other operating income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiaries’ advisory fees
|
|
|
86,810
|
|
|
|
65,708
|
|
|
|
42,149
|
|
|
|
31,161
|
|
|
Third parties’ advisory fees
|
|
|
-
|
|
|
|
1,104
|
|
|
|
-
|
|
|
|
698
|
|
|
Royalties
|
|
|
540
|
|
|
|
518
|
|
|
|
263
|
|
|
|
251
|
|
|
Other income
|
|
|
-
|
|
|
|
2,780
|
|
|
|
-
|
|
|
|
2,780
|
|
|
Revaluation of retirement insurance contributions
|
|
|
14,680
|
|
|
|
19,374
|
|
|
|
8,508
|
|
|
|
(1,013
|
)
|
|
Income from sale of shares
|
|
|
-
|
|
|
|
136
|
|
|
|
-
|
|
|
|
44
|
|
|
|
|
|
102,030
|
|
|
|
89,620
|
|
|
|
50,920
|
|
|
|
33,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.5 Personnel expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses
|
|
|
55,060
|
|
|
|
97,103
|
|
|
|
27,885
|
|
|
|
46,457
|
|
|
|
|
|
55,060
|
|
|
|
97,103
|
|
|
|
27,885
|
|
|
|
46,457
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.6 Administration expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank expenses
|
|
|
326
|
|
|
|
1,190
|
|
|
|
111
|
|
|
|
313
|
|
|
Professional fees
|
|
|
25,938
|
|
|
|
29,612
|
|
|
|
18,421
|
|
|
|
17,853
|
|
|
Fees to directors and syndics
|
|
|
92,519
|
|
|
|
26,607
|
|
|
|
69,170
|
|
|
|
19,327
|
|
|
Taxes, rates and contributions
|
|
|
6,569
|
|
|
|
10,677
|
|
|
|
4,258
|
|
|
|
8,331
|
|
|
Insurance
|
|
|
365
|
|
|
|
1,797
|
|
|
|
64
|
|
|
|
636
|
|
|
Expenses and office services
|
|
|
3,622
|
|
|
|
3,594
|
|
|
|
1,653
|
|
|
|
1,464
|
|
|
Other expenses
|
|
|
18,116
|
|
|
|
10,528
|
|
|
|
9,208
|
|
|
|
6,864
|
|
|
|
|
|
147,455
|
|
|
|
84,005
|
|
|
|
102,885
|
|
|
|
54,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.7 Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover tax from Service Activities
|
|
|
4,695
|
|
|
|
3,382
|
|
|
|
2,120
|
|
|
|
1,610
|
|
|
Turnover tax from Financial Activities
|
|
|
4,403
|
|
|
|
3,197
|
|
|
|
2,138
|
|
|
|
2,584
|
|
|
Prescription
of tax credits
|
|
|
-
|
|
|
|
224
|
|
|
|
-
|
|
|
|
224
|
|
|
Personal property
tax shares and equity
|
|
|
4,963
|
|
|
|
-
|
|
|
|
4,963
|
|
|
|
-
|
|
|
Compensatory
interests
|
|
|
2
|
|
|
|
855
|
|
|
|
2
|
|
|
|
855
|
|
|
Lost
interests
|
|
|
-
|
|
|
|
5,000
|
|
|
|
-
|
|
|
|
5,000
|
|
|
|
|
14,063
|
|
|
12,658
|
|
|
9,223
|
|
|
10,273
|
GRUPO SUPERVIELLE
S.A.
(Expressed in thousands of pesos in homogeneous currency)
|
|
|
Six-month period
ended on
|
|
|
Three-month
period ended on
|
|
|
|
|
06/30/2020
|
|
|
06/30/2019
|
|
|
06/30/2020
|
|
|
06/30/2019
|
|
|
4.8 Results from associates
and joint ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results from equity investment in Banco Supervielle S.A
|
|
|
975,132
|
|
|
|
(814,222
|
)
|
|
|
589,735
|
|
|
|
619,143
|
|
|
Results from equity investment in Cordial Compañía
Financiera S.A.
|
|
|
(11,516
|
)
|
|
|
(51,458
|
)
|
|
|
(3,638
|
)
|
|
|
(31,313
|
)
|
|
Results from equity investment in Tarjeta Automática S.A.
|
|
|
(78,482
|
)
|
|
|
(128,757
|
)
|
|
|
(36,558
|
)
|
|
|
(65,143
|
)
|
|
Results from equity investment in Supervielle Asset Management
S.A.
|
|
|
132,653
|
|
|
|
133,951
|
|
|
|
88,407
|
|
|
|
67,869
|
|
|
Results from equity investment in Espacio Cordial de Servicios S.A.
|
|
|
(2,024
|
)
|
|
|
(5,456
|
)
|
|
|
(3,538
|
)
|
|
|
15,700
|
|
|
Results from equity investment in Supervielle Seguros S.A.
|
|
|
218,421
|
|
|
|
261,224
|
|
|
|
128,276
|
|
|
|
150,052
|
|
|
Results from equity investment in Sofital S.A.F. e I.I.
|
|
|
69,981
|
|
|
|
(119,687
|
)
|
|
|
54,785
|
|
|
|
24,964
|
|
|
Results from equity investment in Micro Lending S.A.U.
|
|
|
(15,121
|
)
|
|
|
12,338
|
|
|
|
26,636
|
|
|
|
16,200
|
|
Results from equity investment in InvertirOnline S.A. e
InvertirOnline.Com Argentina S.A.
|
|
|
63,303
|
|
|
|
40,657
|
|
|
|
29,265
|
|
|
|
24,467
|
|
|
Results from equity investment in FF Fintech S.A.
|
|
|
(868
|
)
|
|
|
(824
|
)
|
|
|
715
|
|
|
|
(4,481
|
)
|
Results from equity investment in Supervielle Productores Asesores
de
Seguros S.A.
|
|
|
(9,376
|
)
|
|
|
(20
|
)
|
|
|
(9,469
|
)
|
|
|
(13
|
)
|
|
Results from equity investment in Bolsillo Digital S.A.U.
|
|
|
(3,244
|
)
|
|
|
-
|
|
|
|
(2,353
|
)
|
|
|
-
|
|
|
Results from equity investment in Futuros del
Sur S.A.
|
|
|
2,263
|
|
|
|
-
|
|
|
|
2,106
|
|
|
|
-
|
|
|
|
|
|
1,341,122
|
|
|
|
(672,254
|
)
|
|
|
864,369
|
|
|
|
817,445
|
|
As of June 30, 2020 and December
31, 2019, the Group does not hold restricted assets.
|
6.
|
COMPANIES UNDER SECT. 33 OF CORPORATE LAW AND OTHER
RELATED COMPANIES
|
As
of June 30, 2020 and December 31, 2019, 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 participation
|
|
|
Percentage
of direct and
indirect participation
|
|
|
Company
|
|
Condition
|
|
Legal
Adress
|
|
Principal
Activity
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
Banco Supervielle S.A.
|
|
Controlled
|
|
Bartolomé
Mitre 434.
C.A.B.A..
Argentina
|
|
Commercial
Bank
|
|
|
97.10
|
%
|
|
|
97.10
|
%
|
|
|
99.90
|
%
|
|
|
99.90
|
%(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
|
%
|
|
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
|
|
Settlement and
Clearing Agent
|
|
|
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 Productores Asesores de Seguros S.A.
|
|
Controlled
|
|
Reconquista 320.
1° Piso. C.A.B.A..
Argentina
|
|
Insurance Broker
|
|
|
95.20
|
%
|
|
|
95.00
|
%
|
|
|
100.00
|
%
|
|
|
100.00
|
%
|
|
Bolsillo Digital S.A.U.
|
|
Controlled
|
|
Bartolomé Mitre 434.
C.A.B.A..
Argentina
|
|
Computer
Services
|
|
|
100.00
|
%
|
|
|
100.00
|
%
|
|
|
100.00
|
%
|
|
|
100.00
|
%
|
|
Futuros del Sur S.A.
|
|
Controlled
|
|
03 de Febrero 515,
Rosario,
Santa Fe
|
|
Settlement and
Clearing Agent
|
|
|
100.00
|
%
|
|
|
100.00
|
%
|
|
|
100.00
|
%
|
|
|
100.00
|
%
|
|
(1)
|
Grupo
Supervielle S.A.’s direct and indirect interest in Banco Supervielle votes amounts
to 99.87% as of 06/30/20 and 12/31/19.
|
GRUPO SUPERVIELLE
S.A.
(Expressed in thousands of pesos in homogeneous currency)
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.
On December
18, 2019 Grupo Supervielle S.A. has acquired Futuros del Sur S.A.
On March
13, 2020, Grupo Supervielle S.A. and Sofital, integrated capital contributions to Supervielle Productores Asesores de Seguros
S.A. for $ 30,000,000 and $ 1,498,800, respectively, as approved by the Extraordinary Meeting on March 12, 2020, increasing the
share capital in the amount of $ 31,498,800, by issuing 31,498,000 new ordinary shares. Said capital increase is in the process
of authorization by the corresponding regulators.
On March
13, 2020, Grupo Supervielle S.A. integrated a capital contribution to Futuros del Sur S.A. for $ 50,000,000 conformed as approved
by the Extraordinary Assembly on March 12, 2020, increasing the share capital in the amount of $ 50,000,000, by issuing 50,000
ordinary shares with a nominal value of $ 1,000 each. Said capital increase is in the process of authorization by the corresponding
regulators.
On March
13, 2020, Grupo Supervielle S.A. added a capital contribution to Bolsillo Digital S.A.U. for $ 48,000,000 as approved by the Extraordinary
Meeting on March 12, 2020, increasing the share capital in the amount of 48,000,000, by issuing 48,000,000 ordinary shares. Said
capital increase is in the process of authorization by the corresponding regulators.
GRUPO SUPERVIELLE
S.A.
(Expressed in thousands of pesos in homogeneous currency)
The
following describes Controlled Companies’ shareholders’ equity and results:
|
As of June 30, 2020 – In thousands of
pesos
|
|
Company
|
|
Assets
|
|
|
Liabilities
|
|
|
Shareholders’
equity
|
|
|
Net
income
|
|
|
Banco Supervielle S.A. (1)
|
|
|
219,498,595
|
|
|
|
196,707,106
|
|
|
|
22,655,726
|
|
|
|
1,010,852
|
|
|
Cordial Compañía Financiera S.A.
|
|
|
7,677,388
|
|
|
|
4,962,122
|
|
|
|
2,715,266
|
|
|
|
(230,390
|
)
|
|
Tarjeta Automática S.A.
|
|
|
484,112
|
|
|
|
196,091
|
|
|
|
288,021
|
|
|
|
(97,869
|
)
|
|
Supervielle Asset Management S.A.
|
|
|
282,369
|
|
|
|
91,727
|
|
|
|
190,642
|
|
|
|
139,634
|
|
|
Sofital S.A. F. e I.I.
|
|
|
1,063,298
|
|
|
|
35,424
|
|
|
|
1,027,874
|
|
|
|
71,014
|
|
|
Espacio Cordial de Servicios S.A.
|
|
|
482,373
|
|
|
|
202,124
|
|
|
|
280,249
|
|
|
|
(5,734
|
)
|
|
Micro Lending S.A.U.
|
|
|
213,706
|
|
|
|
123,640
|
|
|
|
90,066
|
|
|
|
(20,264
|
)
|
|
InvertirOnline.Com Argentina S.A.U. (2)
|
|
|
25,323
|
|
|
|
11,077
|
|
|
|
14,246
|
|
|
|
(2,034
|
)
|
|
InvertirOnline S.A.U.
|
|
|
4,753,516
|
|
|
|
4,442,341
|
|
|
|
311,176
|
|
|
|
40,680
|
|
|
Supervielle Seguros S.A.(3)
|
|
|
1,987,177
|
|
|
|
995,221
|
|
|
|
991,956
|
|
|
|
371,293
|
|
|
Supervielle Productores Asesores de Seguros S.A.
|
|
|
36,429
|
|
|
|
13,005
|
|
|
|
23,424
|
|
|
|
(9,881
|
)
|
|
Bolsillo Digital S.A.U.
|
|
|
47,836
|
|
|
|
466
|
|
|
|
47,370
|
|
|
|
(3,244
|
)
|
|
Futuros del Sur S.A.
|
|
|
101,809
|
|
|
|
42,924
|
|
|
|
58,885
|
|
|
|
2,265
|
|
|
|
(1)
|
The net equity and the net result attributable
to the owners of the parent company are reported.
|
|
|
(2)
|
Corresponds to the Financial Statement of InvertirOnline
S.A.U. as of December 31, 2019
|
|
|
(3)
|
The result is reported for 12 months.
|
|
As of December 31, 2019 – In thousands
of pesos
|
|
Company
|
|
Assets
|
|
|
Liabilities
|
|
|
Shareholders’
equity
|
|
|
Net income
|
|
|
Banco Supervielle S.A. (1)
|
|
|
162,423,814
|
|
|
|
140,892,383
|
|
|
|
21,384,147
|
|
|
|
3,771,773
|
|
|
Cordial Compañía Financiera S.A.
|
|
|
9,358,807
|
|
|
|
6,413,151
|
|
|
|
2,945,656
|
|
|
|
(274,650
|
)
|
|
Tarjeta Automática S.A.
|
|
|
497,567
|
|
|
|
111,677
|
|
|
|
385,890
|
|
|
|
(311,633
|
)
|
|
Supervielle Asset Management S.A.
|
|
|
302,677
|
|
|
|
90,747
|
|
|
|
211,930
|
|
|
|
159,233
|
|
|
Sofital S.A. F. e I.I.
|
|
|
1,041,103
|
|
|
|
59,713
|
|
|
|
981,390
|
|
|
|
(123,931
|
)
|
|
Espacio Cordial de Servicios S.A.
|
|
|
472,554
|
|
|
|
186,571
|
|
|
|
285,983
|
|
|
|
3,534
|
|
|
Micro Lending S.A.U.
|
|
|
254,531
|
|
|
|
144,201
|
|
|
|
110,330
|
|
|
|
(294,021
|
)
|
|
InvertirOnline.Com Argentina S.A.U.
|
|
|
25,323
|
|
|
|
11,077
|
|
|
|
14,246
|
|
|
|
(2,034
|
)
|
|
InvertirOnline S.A.U.
|
|
|
2,959,197
|
|
|
|
2,688,702
|
|
|
|
270,495
|
|
|
|
41,681
|
|
|
Supervielle Seguros S.A. (2)
|
|
|
1,765,871
|
|
|
|
874,588
|
|
|
|
891,283
|
|
|
|
303,879
|
|
|
Bolsillo Digital S.A.U.
|
|
|
44
|
|
|
|
10
|
|
|
|
34
|
|
|
|
(105
|
)
|
|
Futuros del Sur S.A.
|
|
|
4,111
|
|
|
|
178
|
|
|
|
3,933
|
|
|
|
(629
|
)
|
|
|
(1)
|
Corresponds
to the Shareholders´Equity and Net Income attributable to parent company.
|
|
|
(2)
|
The
result is reported for 6 months.
|
GRUPO SUPERVIELLE
S.A.
(Expressed in thousands
of pesos in homogeneous currency)
As
of June 30, 2019 balances with Grupo Supervielle S.A‘s controlled are as follows:
|
Assets
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
Cash and due from banks
|
|
|
|
|
|
|
|
|
|
Banco Supervielle S.A.
|
|
|
1,459
|
|
|
|
1,576
|
|
|
InvertirOnline S.A.U. Cta. Cte.
|
|
|
237
|
|
|
|
130,529
|
|
|
|
|
|
1,696
|
|
|
|
132,105
|
|
|
|
|
|
|
|
|
|
|
|
|
Other debt securities
|
|
|
|
|
|
|
|
|
|
Negotiable obligation – Banco Supervielle S.A.
|
|
|
68,754
|
|
|
|
-
|
|
|
Time deposits - Cordial Compañía
Financiera S.A.
|
|
|
-
|
|
|
|
473,057
|
|
|
|
|
|
68,754
|
|
|
|
473,057
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial assets
|
|
|
|
|
|
|
|
|
|
Cordial Compañía Financiera S.A.
|
|
|
1,225
|
|
|
|
927
|
|
|
Tarjeta Automática S.A.
|
|
|
36
|
|
|
|
27
|
|
|
Espacio Cordial De Servicios S.A.
|
|
|
74
|
|
|
|
-
|
|
|
|
|
|
1,335
|
|
|
|
954
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Other non financial liabilities
|
|
|
|
|
|
|
|
|
|
Pending contributions – Supervielle Productores
Asesores de Seguros S.A.
|
|
|
-
|
|
|
|
81
|
|
|
Provisions - Banco Supervielle S.A.
|
|
|
202
|
|
|
|
77
|
|
|
|
|
|
202
|
|
|
|
158
|
|
As
of June 30, 2020 and 2019, results with Grupo Supervielle S.A‘s controlled are as follows:
|
|
|
06/30/2020
|
|
|
06/30/2019
|
|
|
Results
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
Interests from current accounts – Banco
Supervielle S.A.
|
|
|
(15
|
)
|
|
|
10
|
|
|
Interest
on paid accounts – CCF
|
|
|
(1,788
|
)
|
|
|
-
|
|
|
Interest
on paid account– IOL
|
|
|
(588
|
)
|
|
|
-
|
|
|
|
|
|
(2,391
|
)
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
Interests
from current accounts – Banco Supervielle S.A.
|
|
|
-
|
|
|
|
2
|
|
|
|
|
|
-
|
|
|
|
2
|
|
|
Other operating income
|
|
|
|
|
|
|
|
|
|
Banco Supervielle S.A.
|
|
|
79,686
|
|
|
|
58,713
|
|
|
Sofital S.A.F. e I.I.
|
|
|
66
|
|
|
|
65
|
|
|
Supervielle Asset Management S.A.
|
|
|
643
|
|
|
|
632
|
|
|
Tarjeta Automática S.A.
|
|
|
189
|
|
|
|
186
|
|
|
Cordial Compañía Financiera S.A.
|
|
|
6,378
|
|
|
|
6,251
|
|
|
Espacio Cordial de Servicios S.A.
|
|
|
389
|
|
|
|
380
|
|
|
|
|
|
87,351
|
|
|
|
66,227
|
|
|
Administrative expenses
|
|
|
|
|
|
|
|
|
|
Bank expenses – Banco Supervielle S.A.
|
|
|
218
|
|
|
|
1,114
|
|
|
Rent – Banco Supervielle S.A.
|
|
|
2,791
|
|
|
|
2,756
|
|
|
Legal and accounting consultancy services
|
|
|
376
|
|
|
|
372
|
|
|
Fees for market operations - InvertirOnline
S.A.U.
|
|
|
829
|
|
|
|
152
|
|
|
|
|
|
4,214
|
|
|
|
4,394
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from financial instruments at fair value through
profit or loss
|
|
|
|
|
|
|
|
|
|
Interest from time deposits– Cordial Compañía
Financiera S.A.
|
|
|
40,150
|
|
|
|
4,359
|
|
|
Interest from time deposits –
Banco Supervielle S.A.
|
|
|
-
|
|
|
|
4,926
|
|
|
|
|
|
40,150
|
|
|
|
9,285
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed in thousands
of pesos in homogeneous currency)
As
of June 30, 2020, and 2019 the corporate capital stock is the following:
|
Capital Stock
|
|
Nominal
Value
|
|
|
Capital stock as of 06/30/2020
|
|
|
456,722
|
|
|
Capital stock as of 06/30/2019
|
|
|
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,
|
8.
|
CASH FLOW STATEMENT AND EQUIVALENTS
|
Cash and equivalents are considered
to be the total of the item Cash and Due from Banks and Investments with maturity up to 90 days from the date of their acquisition
or constitution, according to the following detail:
|
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
06/30/2019
|
|
|
12/31/2018
|
|
|
Cash and due from banks
|
|
|
11,579
|
|
|
|
135,742
|
|
|
|
42,871
|
|
|
|
5,507
|
|
|
Other financial assets
|
|
|
584,781
|
|
|
|
819,313
|
|
|
|
823,977
|
|
|
|
1,224,529
|
|
|
Other debt securities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
195,912
|
|
|
Cash and cash equivalents
|
|
|
596,360
|
|
|
|
955,055
|
|
|
|
866,848
|
|
|
|
1,425,948
|
|
Reconciliation between the balances
of the Statement of Financial Position and those items considered cash equivalents in the Cash Flow Statement:
|
Item
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
06/30/2019
|
|
|
12/31/2018
|
|
|
Cash and due from Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As per Statement
of Financial Position
|
|
|
11,579
|
|
|
|
135,742
|
|
|
|
42,871
|
|
|
|
5,507
|
|
|
As per the Statement of Cash
Flows
|
|
|
11,579
|
|
|
|
135,742
|
|
|
|
42,871
|
|
|
|
5,507
|
|
|
Other financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As per Statement of Financial
Position
|
|
|
586,116
|
|
|
|
820,267
|
|
|
|
825,247
|
|
|
|
1,687,522
|
|
|
Other financial assets not considered
as cash equivalents
|
|
|
(1,335
|
)
|
|
|
(954
|
)
|
|
|
(1,270
|
)
|
|
|
(462,993
|
)
|
|
As per the Statement of Cash
Flows
|
|
|
584,781
|
|
|
|
819,313
|
|
|
|
823,977
|
|
|
|
1,224,529
|
|
|
Other debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As per Statement of Financial
Position
|
|
|
139,995
|
|
|
|
-
|
|
|
|
-
|
|
|
|
196,613
|
|
|
Other debt securities not considered
as cash equivalents
|
|
|
(139,995
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(701
|
)
|
|
As per the Statement of Cash
Flows
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
195,912
|
|
There are no events or operations that occurred after June
30, 2020 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 in homogeneous currency)
SCHEDULE A – OTHER DEBT SECURITIES
|
|
|
HOLDING
|
|
|
Item
|
|
Balance
at
06/30/20
|
|
|
Balance
at
12/31/19
|
|
|
Argentine
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S18S0 - LEBAD $ - Vto 09/2020
|
|
|
35,631
|
|
|
|
-
|
|
|
S22D0 - LEBAD $ - Vto 12/2020
|
|
|
35,610
|
|
|
|
-
|
|
|
BPCAO - NO
|
|
|
68,754
|
|
|
|
-
|
|
|
Total other debt securities
|
|
|
139,995
|
|
|
|
-
|
|
|
Total
|
|
|
139,995
|
|
|
|
-
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
SCHEDULE F - PROPERTY, PLANT AND EQUIPMENT
|
|
|
Gross
carrying amount
|
|
|
Depreciation
|
|
|
Net
carrying amount
|
|
|
Item
|
|
At
the
beginning
of the year
|
|
|
Increases
|
|
|
Disposals
|
|
|
At
the
end of
the
period
|
|
|
At
the
beginning of
the year
|
|
|
Aliquot
|
|
|
Disposals
|
|
|
Of
the
period
|
|
|
At
the
end of
the
period
|
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
Vehicles
|
|
|
3,869
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,869
|
|
|
|
(1,147
|
)
|
|
|
20
|
%
|
|
|
-
|
|
|
|
(387
|
)
|
|
|
(1,534
|
)
|
|
|
2,335
|
|
|
|
2,722
|
|
|
Total
|
|
|
3,869
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,869
|
|
|
|
(1,147
|
)
|
|
|
|
|
|
|
-
|
|
|
|
(387
|
)
|
|
|
(1,534
|
)
|
|
|
2,335
|
|
|
|
2,722
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
SCHEDULE G - INTANGIBLE ASSETS
|
|
|
Gross
carrying amount
|
|
|
Depreciation
|
|
|
Net
carrying amount
|
|
|
Item
|
|
At
the
beginning of
the year
|
|
|
Increases
|
|
|
Disposals
|
|
|
At
the end
of the
period
|
|
|
At
the
beginning
of the
year
|
|
|
Useful
life
|
|
|
Disposals
|
|
|
Of
the
period
|
|
|
At
the end
of the
period
|
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
Goodwill
|
|
|
2,790,888
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,790,888
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,790,888
|
|
|
|
2,790,888
|
|
|
Relations
with clients
|
|
|
586,943
|
|
|
|
-
|
|
|
|
-
|
|
|
|
586,943
|
|
|
|
(61,140
|
)
|
|
|
16
|
|
|
|
|
|
|
|
(18,342
|
)
|
|
|
(79,482
|
)
|
|
|
507,461
|
|
|
|
525,803
|
|
|
Brand
|
|
|
166,876
|
|
|
|
-
|
|
|
|
-
|
|
|
|
166,876
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
166,876
|
|
|
|
166,876
|
|
|
Proprietary
Software & Technology
|
|
|
57,542
|
|
|
|
-
|
|
|
|
-
|
|
|
|
57,542
|
|
|
|
(23,975
|
)
|
|
|
4
|
|
|
|
|
|
|
|
(7,193
|
)
|
|
|
(31,168
|
)
|
|
|
26,374
|
|
|
|
33,567
|
|
|
Total
|
|
|
3,602,249
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,602,249
|
|
|
|
(85,115
|
)
|
|
|
|
|
|
|
|
|
|
|
(25,535
|
)
|
|
|
(110,650
|
)
|
|
|
3,491,599
|
|
|
|
3,517,134
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
SCHEDULE L – ASSETS AND LIABILITIES IN FOREIGN CURRENCY
|
Items
|
|
Headquarters
and branches
in the country
|
|
|
As
of June
30, 2020
|
|
|
As
of June 30,
2020 (per
currency)
|
|
|
As
of
December 31,
2019
|
|
|
|
|
|
|
|
|
|
|
Dollar
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Due from Banks
|
|
|
10,718
|
|
|
|
10,718
|
|
|
|
10,718
|
|
|
|
134,329
|
|
|
Other financial assets
|
|
|
210,405
|
|
|
|
210,405
|
|
|
|
210,405
|
|
|
|
210,883
|
|
|
Other non-financial assets
|
|
|
114,290
|
|
|
|
114,290
|
|
|
|
114,290
|
|
|
|
166,863
|
|
|
TOTAL ASSETS
|
|
|
335,413
|
|
|
|
335,413
|
|
|
|
335,413
|
|
|
|
512,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other non-financial liabilities
|
|
|
256,748
|
|
|
|
256,748
|
|
|
|
256,748
|
|
|
|
268,068
|
|
|
TOTAL LIABILITIES
|
|
|
256,748
|
|
|
|
256,748
|
|
|
|
256,748
|
|
|
|
268,068
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET POSITION
|
|
|
78,665
|
|
|
|
78,665
|
|
|
|
78,665
|
|
|
|
244,007
|
|
GRUPO
SUPERVIELLE S.A.
Additional
Information pursuant to Art, 12, Chapter III, Title IV of standards issued by the National Securities Commission
For the six months period started on January
1, 2020 and ended on June 30, 2020,
presented on comparative basis,
(Expressed in thousands of pesos in homogeneous
currency)
|
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, 2019.
|
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, 2019.
|
NOTE 5:
|
BREAKDOWN
OF CAPITAL SHARE ON COMPANIES STATED ON ART, 33 GENERAL LAW OF COMPANIES
|
See Note 6 to the 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 June 30, 2020 and December
31, 2019, no receivables or loans to directors or syndics and their relatives up to a second degree were recorded.
As of June 30, 2020 and December 31, 2019 the Group
did not have inventories.
There have been no changes in relation to what is
stated in the Financial Statements as of December 31, 2019.
|
NOTE 9:
|
PREMISES
AND EQUIPMENT
|
There have been no changes in relation to what is
stated in the Financial Statements as of December 31, 2019.
|
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 three months period started on
January 1, 2020 and ended on June 30, 2020,
presented on comparative basis,
(Expressed in thousands of pesos in homogeneous
currency)
|
NOTE 11:
|
RECOVERABLE
AMOUNTS
|
There have been no changes in relation to what is
stated in the Financial Statements as of December 31, 2019.
As of June 30, 2020 and December
31, 2019, 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 June 30, 2020 and December
31, 2019, 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 June 30, 2020 and December
31, 2019, no balances of irrevocable contributions in advance of future capital increases were recorded.
|
|
b)
|
Cumulative and unpaid dividends
of preferred stock:
|
As of June 30, 2020 and December 31, 2019, no cumulative
unpaid dividends of preferred stock were recorded.
|
NOTE 15:
|
RESTRICTIONS
ON RETAINED EARNINGS DISTRIBUTION
|
See Note 9.6 to the consolidated
condensed interim financial statement.
Grupo
Supervielle S.A.
INFORMATIVE REVIEW as
of june 30, 2020
(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 June
30, 2020, yields a profit of 1,499,975, which represents a return on average net worth of 11.1%, This result was originated, mainly,
by the results of our investments in companies.
On April 28, 2020, the Ordinary General Shareholders' Meeting
approved the following distribution of the results of the 2019 fiscal year, which had shown a profit of $ 4,257,933 (historical
values without inflation adjustment):
* Reserve
for future dividends: 426,000
* Other
reserve: 3,831,933
Grupo Supervielle S.A. is the parent company
of the economic group and As of June 30, 2020 and December 31, 2019, recorded the following direct and indirect equity investments
in its subsidiaries:
|
|
|
|
|
Interest in capital stock
|
|
|
Company
|
|
Main Activity
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
Banco Supervielle S.A.
|
|
Commercial Bank
|
|
|
99.90
|
%
|
|
|
99.90
|
%
|
|
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 Productores Asesores de Seguros S.A.
|
|
Insurance Broker
|
|
|
100.00
|
%
|
|
|
100.00
|
%
|
|
Bolsillo Digital S.A.U.
|
|
Computer Services
|
|
|
100.00
|
%
|
|
|
100.00
|
%
|
|
Futuros del Sur S.A.
|
|
Settlement and Clearing Agent
|
|
|
100.00
|
%
|
|
|
100.00
|
%
|
Grupo
Supervielle S.A.
Informative
Review as of June 30, 2020
(in
thousands of pesos)
Brief
description of Related Companies
Banco Supervielle S.A. 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 June
30, 2020, the infrastructure it has supports its multi-channel distribution strategy, with a strategic national presence through
277 access points, 13 bank payment points, sales and collection; 460 ATMs, 220 self-service terminals and 206 fast cash desks
with biometric identification. On the other hand, the Bank also offers financial services through 20 Automatic Card consumer financing
centers and through other retail outlets, 5 MILA branches for customer support, completing the network with outlets through 44
related agencies. We complement our existing physical network by offering solutions through our different digital channels, such
as our online banking platforms for companies and individuals, Supervielle Mobile and the specific applications and solutions
developed for different business segments, such as the retiree application, the application Walmart and chatbots. We also offer
products and services through InvertirOnline.com, our online agent with more than 50,000 active clients. As of June 30, 2020,
the Bank records 219,498,595 worth assets and shareholders’ equity attributable to parent company of 22,655,726. Net income
recorded in the three months period ended on June 30, 2020 amounted to 1,010,852 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 June
30, 2020, recorded negative results of 230,390.
Tarjeta Automática S.A.’s
main activity includes the issuance and administration of credit cards and consumer loans. The period ended on June 30, 2020,
recorded negative results of 97,869. 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 June 30, 2020,
earnings amounted to 139,634.
Sofital S.A.F. e I.I. is a company whose
main activity includes financial operations and the administration of marketable securities. As of June 30, 2020, earnings amounted
to 71,014.
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 June 30, 2020, recorded negative results of 5,734.
Supervielle Seguros S.A., the insurance
company of Grupo Supervielle S.A., records shareholders equity for 991,956 and assets for 1,987,177. As of June 30, 2020, earnings
amounted to 371,293.
Micro Lending S.A., specializes in the
financing of pledge credits, particularly used cars. As of June 30, 2020, recorded negative results of 20,264.
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. As of June 30, 2020 and December 31, 2019 InvertirOnline S.A.U obtained earnings
of 40,680 and InvertirOnline.Com Argentina S.A.U. it obtained negative results of 2,034 respectively.
Bolsillo Digital S.A.U. is a company dedicated
to the commercialization of products and services related to the management and processing of payments. As of June 30, 2020, recorded
a negative result of 3,244.
Futuros del Sur S.A. is a company whose
main activity is to engage on its own account or on behalf of third parties or associated with third parties, in the country or
abroad, to act as agent in the categories in which it is duly registered by the National Securities Commission. As of June 30,
2020, presented a profit of 2,265.
Grupo
Supervielle S.A.
Informative
Review as of june 30, 2020
(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
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
Total Assets
|
|
|
226,550,647
|
|
|
|
169,775,152
|
|
|
Total Liabilities
|
|
|
197,723,680
|
|
|
|
142,276,055
|
|
|
Changes in Shareholders’ Equity
|
|
|
28,826,967
|
|
|
|
27,499,097
|
|
|
Total Liabilities plus Changes in Shareholders’ Equity
|
|
|
226,550,647
|
|
|
|
169,775,152
|
|
|
Income Statement
|
|
06/30/2020
|
|
|
06/30/2019
|
|
|
Net income from interest
|
|
|
15,510,359
|
|
|
|
4,015,564
|
|
|
Net income from commissions
|
|
|
4,186,426
|
|
|
|
4,518,854
|
|
|
Net income before income tax
|
|
|
2,023,697
|
|
|
|
(39,941
|
)
|
|
Total comprehensive income attributable to owners of the parent company - Earnings
|
|
|
1,760,093
|
|
|
|
(574,365
|
)
|
|
Consolidated Cash Flow Statement
|
|
06/30/2020
|
|
|
06/30/2019
|
|
|
Total operating activities
|
|
|
7,144,501
|
|
|
|
26,731,616
|
|
|
Total investment activities
|
|
|
(506,869
|
)
|
|
|
(734,622
|
)
|
|
Total financing activities
|
|
|
(4,508,936
|
)
|
|
|
(8,043,692
|
)
|
|
Effect of changes in exchange rate
|
|
|
6,229,029
|
|
|
|
27,453,628
|
|
|
Net increase in cash and cash equivalents
|
|
|
8,357,725
|
|
|
|
45,406,930
|
|
Grupo
Supervielle S.A.
Informative
Review as of june 30, 2020
(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:
|
Indicators (figures in thousands of pesos)
|
|
06/30/2020
|
|
|
12/31/2019
|
|
|
Liquidity
|
|
|
22.33
|
%
|
|
|
31.45
|
%
|
|
- Cash and cash equivalents (*1)
|
|
|
35,416,245
|
|
|
|
31,797,894
|
|
|
- Deposits
|
|
|
158,604,239
|
|
|
|
101,107,381
|
|
|
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
14.58
|
%
|
|
|
19.33
|
%
|
|
- Shareholders Equity
|
|
|
28,826,967
|
|
|
|
27,499,097
|
|
|
- Total Liabilities
|
|
|
197,723,680
|
|
|
|
142,276,055
|
|
|
|
|
|
|
|
|
|
|
|
|
Immobilization of Capital
|
|
|
8.20
|
%
|
|
|
10.11
|
%
|
|
-Immobilized Assets (*2)
|
|
|
18,572,573
|
|
|
|
17,164,612
|
|
|
-Total Assets
|
|
|
226,550,647
|
|
|
|
169,775,152
|
|
|
|
|
|
|
|
|
|
|
|
|
ROE (*3)
|
|
|
11.1
|
%
|
|
|
(6.9
|
)%
|
(*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 june 30, 2020
(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.
On February 22, 2019 the Argentine Central
Bank issued Communication "A" 6651, through which it established that as of January 1, 2020, the financial statements
are prepared in constant currency. In this sense, Communication “A” 6849 issued by the Argentine Central Bank sets
the re-expression frequency of the accounting information in a homogeneous currency on a monthly basis, and the index utilized
to such ends accounts for the National Consumer Index drawn up by INDEC (basis month: December 2016) and for such items with previous
initial date, IPIM issued by FACPCE is utilized, pursuant to Ruling JG 517/16. Likewise, transition date, in virtue of the retroactive
application has been set on January 1, 2019.
Pursuant to Communication "A"
6778, the Argentine Central Bank ordered the application of the impairment model provided for in point 5.5 of IFRS 9 - with the
temporary exclusion of debt instruments of the Non-Financial Public Sector, as of January 1, 2020 and with retrospective effects
as of January 1, 2019. It should be noted that Communication "A" 6990, the BCRA postponed the application of the aforementioned
point for companies "B" until January 1, 2021, a category that integrates Cordial Compañía Financiera
S.A.
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:
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Grupo Supervielle S.A.’s
corporate purpose is, exclusively, the realization of financial and investment activities;
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the investment in financial
entities and in the insurance company accounts for 85,2% of Grupo Supervielle S.A.’s
assets, being the main assets of the Group,
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76,7% of Grupo Supervielle
S.A.’s incomes come from its equity investments in financial entities’ and
insurance company results,
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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.
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Perspectives
For the financial year 2021, Grupo Supervielle
expects to keep its contribution to the Argentine economy evolution and growth through its credit origination.
SIGNATURE
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.
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Grupo Supervielle S.A.
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Date: October 7, 2020
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By:
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/s/ Mariano Biglia
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Name:
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Mariano Biglia
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Title:
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Chief Financial Officer
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