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 November 19, 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 C 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 consolidated
condensed interim 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 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.
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 September 30, 2020.
The information included in these condensed
interim financial statements and in the aforementioned notes as of December 31, 2019 and September 30, 2019 is presented,
exclusively with comparative purposes regarding the information as of September 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:
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 September 30, 2020:
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” 6938 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. It is worth mentioning that through communications "A"
7108 and 7134, the Argentine Central Bank ordered the classification of financial entities into groups "A", "B"
and "C", leaving Cordial Compañía Financiera classified as Group "C" as of October 1, 2020.
Upon the application of impairment model
included in section 5.5 of IFRS 9, a decrease of about 344,8 million and 936,0 million would have been recorded in the shareholders
´equity as of September 30, 2020 and December 31, 2019 respectively.
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:
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.
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.
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 September 30, 2020 there would be no
significant impact on equity and results for the period.
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:
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
Group does not see any initial effect unless a combination of businesses is made effective.
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
Group considers that such changes have no significant effect in its financial statements.
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
Group considers that such changes have no significant effect in its financial statements.
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 September 30, 2020:
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.
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.
With
the purpose of working out issues resulting from the implementation of the reference interest rate reform (IBOR), on August 27,
the IASB released changes in standards. The most important changes are related to the accounting of financial instruments at amortized
cost. Such changes require that financial entities update contractual cash flows resulting from the reference interest rate reform
through the modification of the effective interest rate pursuant to paragraph B5.4.5 of IFRS 9. Therefore, no impact on income
is recorded as a result of such modification. Said change shall be applied only when necessary as a direct consequence of the
application of the reference interest rate reform (IBOR). IFRS 16 was also modified; thus, requiring lessees to utilize the same
modification when accounting changes in leasing payments to be produced as a result of the reference interest rate reform (IBOR).
Such changes will become effective as from January 1, 2021.
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.
(a) A
probability amount, weighed and unbiased, that is defined through the evaluation of a range of possible result;
(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:
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:
The
following describes the Group´s judgements and assumptions for ECL measurement:
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:
In
virtue of the fact that internal impairment models do not reflect properly Covid-19 impact on the local and global economic situation
(See Note 13) as historical information is utilized, a sectoral analysis has been included as additional definition of the significant
risk increase.
In
such analysis, companies’ default risk is evaluated according to the type of industry and the impact such companies have
suffered in face of the current economic situation, while taking into account their features, seasonal nature, etc.
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.
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)
|
|
Overdrafts
|
|
Documents
|
|
Mortgage
loans
|
|
Refinancing
|
|
Others
|
|
Severity
(LGD)
|
Personal
loans
|
|
Credit
cards
|
|
Overdrafts
|
|
Mortgage
loans
|
|
Refinancing
|
|
Others
|
|
Entity
|
Parameter
|
Segment
|
|
Corporate
Banking
|
Default
Probability (DP) (2)
|
Small
Companies
|
|
Medium
Companies
|
|
Big
Companies
|
|
Financial
Sector
|
|
Severity
(LGD)
|
Overdrafts
|
|
Documents
|
|
Leasing
|
|
Unsecured
loans
|
|
Others
|
|
OCIF
|
|
Consumer
Finance(3)
|
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
|
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
|
|
(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.
|
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.
GRUPO SUPERVIELLE
S.A.
NOTES TO THE CONSOLIDATED
CONDENSED INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER
30, 2020
Presented on comparative
basis
(Expressed in thousands
of pesos in homogeneous currency)
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.
As of January 1, 2020 and as of September 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 September 30, 2020 are as follows:
|
Parameter
|
|
Segment
|
|
Macroeconomic
variable
|
|
Optimistic
scenario
|
|
|
Base
scenario
|
|
|
Pessimistic
scenario
|
|
|
Default
probability
|
|
Individuals
and Businesses
Corporate banking
Consumer finance
|
|
EMAE
|
|
|
124.04
|
|
|
|
120.67
|
|
|
|
115.37
|
|
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
The following are estimations assigned to each scenario as
of September 30, 2020:
|
Base scenario
|
|
|
80
|
%
|
|
Optimistic scenario
|
|
|
10
|
%
|
|
Pessimistic scenario
|
|
|
10
|
%
|
Sensitivity analysis
The chart below includes changes
in ECL as of September 30, 2020 that would result from reasonably potential changes in the following parameters:
|
September 30,
2020
|
|
|
ECL previsions
|
|
|
8,683,827
|
|
|
Total portfolio
|
|
|
107,026,508
|
|
|
Irregular Portfolio Coverage
|
|
|
181,65
|
%
|
|
|
|
|
|
|
|
ECL per Scenario
|
|
|
|
|
|
Favorable Impact
|
|
|
8,421,279
|
|
|
High Impact
|
|
|
8,749,679
|
|
|
|
|
|
|
|
|
Coverage Ratio per Scenario
|
|
|
|
|
|
Favorable Impact
|
|
|
176.15
|
%
|
|
High Impact
|
|
|
183.02
|
%
|
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.
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
|
|
|
September 30,
2020
|
|
|
|
|
|
|
|
Stage
1
|
|
|
Stage
2
|
|
|
Stage
3
|
|
|
Total
|
|
|
Overdrafts
|
|
|
36,186,740
|
|
|
|
1,104,396
|
|
|
|
1,219,129
|
|
|
|
38,510,265
|
|
|
Documents
|
|
|
16,883,179
|
|
|
|
293,600
|
|
|
|
222,059
|
|
|
|
17,398,838
|
|
|
Mortgage loans
|
|
|
8,001,205
|
|
|
|
2,542,155
|
|
|
|
1,482,824
|
|
|
|
12,026,184
|
|
|
Pledge loans
|
|
|
1,123,252
|
|
|
|
229,250
|
|
|
|
209,590
|
|
|
|
1,562,092
|
|
|
Personal loans
|
|
|
35,133,968
|
|
|
|
1,309,816
|
|
|
|
1,148,510
|
|
|
|
37,592,294
|
|
|
Individuals and Business
|
|
|
14,469,241
|
|
|
|
1,100,900
|
|
|
|
749,452
|
|
|
|
16,319,593
|
|
|
Consumer finance
|
|
|
20,664,727
|
|
|
|
208,916
|
|
|
|
399,058
|
|
|
|
21,272,701
|
|
|
Credit cards
|
|
|
31,213,670
|
|
|
|
4,294,279
|
|
|
|
623,378
|
|
|
|
36,131,327
|
|
|
Individuals and Business
|
|
|
27,135,200
|
|
|
|
3,943,329
|
|
|
|
426,265
|
|
|
|
31,504,794
|
|
|
Consumer finance
|
|
|
4,078,470
|
|
|
|
350,950
|
|
|
|
197,113
|
|
|
|
4,626,533
|
|
|
Financial Lease
|
|
|
2,509,728
|
|
|
|
420,836
|
|
|
|
160,078
|
|
|
|
3,090,642
|
|
|
Others
|
|
|
28,646,727
|
|
|
|
5,714,866
|
|
|
|
2,829,991
|
|
|
|
37,191,584
|
|
|
Total
|
|
|
159,698,469
|
|
|
|
15,909,198
|
|
|
|
7,895,559
|
|
|
|
183,503,226
|
|
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.
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
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
|
|
|
1,386,804
|
|
|
|
716,016
|
|
|
|
5,067,665
|
|
|
|
7,170,485
|
|
|
Transfers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From Stage 1 to Etapa 2
|
|
|
(87,806
|
)
|
|
|
547,403
|
|
|
|
-
|
|
|
|
459,597
|
|
|
From Stage 1 to Etapa 3
|
|
|
(16,120
|
)
|
|
|
-
|
|
|
|
531,679
|
|
|
|
515,559
|
|
|
From Stage 2 to Etapa 3
|
|
|
-
|
|
|
|
(172,861
|
)
|
|
|
633,436
|
|
|
|
460,575
|
|
|
From Stage 2 to Etapa 1
|
|
|
8,310
|
|
|
|
(59,216
|
)
|
|
|
-
|
|
|
|
(50,906
|
)
|
|
From Stage 3 to Etapa 2
|
|
|
-
|
|
|
|
4,804
|
|
|
|
(31,160
|
)
|
|
|
(26,356
|
)
|
|
From Stage 3 to Etapa 1
|
|
|
801
|
|
|
|
-
|
|
|
|
(43,136
|
)
|
|
|
(42,335
|
)
|
|
Net changes
|
|
|
5,367,138
|
|
|
|
1,234,277
|
|
|
|
(1,256,169
|
)
|
|
|
5,345,246
|
|
|
Withdrawn financial assets
|
|
|
(3,313,119
|
)
|
|
|
(688,655
|
)
|
|
|
(1,428,001
|
)
|
|
|
(5,429,775
|
)
|
|
Direct charge
|
|
|
(281,521
|
)
|
|
|
(101,632
|
)
|
|
|
(24,519
|
)
|
|
|
(407,672
|
)
|
|
Difference of quotation and other
movements
|
|
|
39,766
|
|
|
|
91,555
|
|
|
|
170,032
|
|
|
|
301,353
|
|
|
Credit risk provision as of 09/30/2020
|
|
|
3,104,253
|
|
|
|
1,571,691
|
|
|
|
3,619,827
|
|
|
|
8,295,771
|
|
*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.
1.2.9 Account withdrawal policy
The
Group 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.
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
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 September 30, 2020 amount to 5,429,775. 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.
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
It
should be noted that, in the application of accounting requirements to measure ECL, significant judgments are necessary, such
as:
(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.
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
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.
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.
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
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.
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:
|
Company
|
|
|
|
|
Legal
Adress
|
|
Principal
Activity
|
|
|
Percentage
of Participation
|
|
|
|
|
Condition
|
|
|
|
|
|
09/30/2020
|
|
|
|
12/31/2019
|
|
|
|
|
|
|
|
|
|
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
|
%
|
|
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 09/30/20 and 12/31/2019.
|
|
(2)
|
All the subsidiaries carry out their activities in Argentina, the local
and functional currency being Argentine pesos.
|
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
|
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:
|
Issuers
|
|
Financial
Trust
|
|
|
Set-up on
|
Due of
principal
obligation
|
|
Securitized
|
|
|
Issued
Securities
|
|
|
|
|
|
Amount
|
|
|
Type
|
|
|
Amount
|
|
|
Type
|
|
|
Amount
|
|
|
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
|
|
|
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
|
|
|
CP
|
|
|
VN$ 1,626
|
|
On
September 24, 2020, pursuant to the instruction issued by the only Beneficiary of the 100% of Financial Trust 21 Participation
Certificate, and provisions included in the Financial Trust Contract dated on June 18, 2019, assets in trust were transferred
to the Beneficiary as total payment of holdings as of such date.
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
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
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.
The following chart details the assets
and liabilities of Structured Entities that have been consolidated by the Group as of September 30, 2020:
|
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
28,419
|
|
|
|
1,950,097
|
|
|
Financial assets
|
|
|
25,511
|
|
|
|
133,098
|
|
|
Other assets
|
|
|
730,766
|
|
|
|
356,706
|
|
|
Total Assets
|
|
|
784,696
|
|
|
|
2,439,901
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
84,740
|
|
|
|
1,741,980
|
|
|
Other liabilities
|
|
|
44,615
|
|
|
|
50,909
|
|
|
Total Liabilities
|
|
|
129,355
|
|
|
|
1,792,889
|
|
|
|
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 September 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.
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
|
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
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
09/30/2019
|
|
|
12/31/2018
|
|
|
Cash and due from banks
|
|
|
27,970,120
|
|
|
|
32,288,051
|
|
|
|
25,678,238
|
|
|
|
63,372,992
|
|
|
Debt securities at fair value through profit or loss
|
|
|
1,574,015
|
|
|
|
695,213
|
|
|
|
42,977,942
|
|
|
|
23,766,021
|
|
|
Money Market Funds
|
|
|
1,845,471
|
|
|
|
1,248,741
|
|
|
|
569,514
|
|
|
|
1,233,242
|
|
|
Cash and cash equivalents
|
|
|
31,389,606
|
|
|
|
34,232,005
|
|
|
|
69,225,694
|
|
|
|
88,372,255
|
|
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
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
09/30/2019
|
|
|
12/31/2018
|
|
|
Cash and due
from Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As per Statement of Financial Position
|
|
|
27,970,120
|
|
|
|
32,288,051
|
|
|
|
25,678,238
|
|
|
|
63,372,992
|
|
|
As per the Statement of Cash Flows
|
|
|
27,970,120
|
|
|
|
32,288,051
|
|
|
|
25,678,238
|
|
|
|
63,372,992
|
|
|
Debt securities
at fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As per Statement of Financial Position
|
|
|
4,452,384
|
|
|
|
695,213
|
|
|
|
43,110,664
|
|
|
|
28,434,534
|
|
|
Securities not considered as cash
equivalents
|
|
|
(2,878,369
|
)
|
|
|
-
|
|
|
|
(132,722
|
)
|
|
|
(4,668,513
|
)
|
|
As per the Statement of Cash Flows
|
|
|
1,574,015
|
|
|
|
695,213
|
|
|
|
42,977,942
|
|
|
|
23,766,021
|
|
|
Money Market
Funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As per Statement of Financial Position – Other
financial assets
|
|
|
6,635,237
|
|
|
|
2,564,234
|
|
|
|
2,397,378
|
|
|
|
3,227,261
|
|
|
Other financial assets not considered
as cash
|
|
|
(4,789,766
|
)
|
|
|
(1,315,493
|
)
|
|
|
(1,827,864
|
)
|
|
|
(1,994,019
|
)
|
|
As per the Statement of Cash Flow
|
|
|
1,845,471
|
|
|
|
1,248,741
|
|
|
|
569,514
|
|
|
|
1,233,242
|
|
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
Reconciliation of
financing activities at September 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
|
|
|
09/30/2020
|
|
|
Unsubordinated Negotiable Obligations
|
|
|
7,443,081
|
|
|
|
2,653,805
|
|
|
|
(5,936,449
|
)
|
|
|
72,481
|
|
|
|
4,232,918
|
|
|
Subordinated Negotiable Obligations
|
|
|
2,592,387
|
|
|
|
-
|
|
|
|
(1,570,607
|
)
|
|
|
28,705
|
|
|
|
1,050,485
|
|
|
Financing received from the Argentine Central Bank
and other financial institutions
|
|
|
11,027,517
|
|
|
|
14,873,400
|
|
|
|
(18,253,288
|
)
|
|
|
-
|
|
|
|
7,647,629
|
|
|
Lease Liabilities
|
|
|
1,157,328
|
|
|
|
-
|
|
|
|
(1,366,164
|
)
|
|
|
1,306,346
|
|
|
|
1,097,510
|
|
|
Total
|
|
|
22,220,313
|
|
|
|
17,527,205
|
|
|
|
(27,126,508
|
)
|
|
|
1,407,532
|
|
|
|
14,028,542
|
|
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 September 30, 2019 and December 31, 2019
was modified with the purpose of showing the new organization and making it comparable to information as of September 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
GRUPO SUPERVIELLE
S.A.
NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous currency)
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.
|
|
|
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 September 30, 2020 and 2019:
|
Result
by segments
|
|
Individuals
and
Businesses
|
|
|
Corporate
Banking
|
|
|
Treasury
|
|
|
Consumer
|
|
|
Insurance
|
|
|
Adm.
MF and
other
segments
|
|
|
Adjustments
|
|
|
Total
as of
09.30.2020
|
|
|
Interest income
|
|
|
15,083,906
|
|
|
|
8,787,840
|
|
|
|
16,840,486
|
|
|
|
2,945,298
|
|
|
|
1
|
|
|
|
35,793
|
|
|
|
(266,869
|
)
|
|
|
43,426,455
|
|
|
Interest expenses
|
|
|
(5,302,592
|
)
|
|
|
(771,016
|
)
|
|
|
(11,673,830
|
)
|
|
|
(864,248
|
)
|
|
|
-
|
|
|
|
(19,314
|
)
|
|
|
291,629
|
|
|
|
(18,339,371
|
)
|
|
Distribution of results by Treasury
|
|
|
2,946,747
|
|
|
|
(4,423,347
|
)
|
|
|
1,476,600
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Net interest income
|
|
|
12,728,061
|
|
|
|
3,593,477
|
|
|
|
6,643,256
|
|
|
|
2,081,050
|
|
|
|
1
|
|
|
|
16,479
|
|
|
|
24,760
|
|
|
|
25,087,084
|
|
|
Services Fee Income
|
|
|
5,142,453
|
|
|
|
477,055
|
|
|
|
31,673
|
|
|
|
1,257,899
|
|
|
|
-
|
|
|
|
1,025,663
|
|
|
|
(186,875
|
)
|
|
|
7,747,868
|
|
|
Services Fee Expenses
|
|
|
(1,622,146
|
)
|
|
|
(131,061
|
)
|
|
|
(29,138
|
)
|
|
|
(538,412
|
)
|
|
|
-
|
|
|
|
(31,950
|
)
|
|
|
66,651
|
|
|
|
(2,286,056
|
)
|
|
Income from insurance activities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
962,488
|
|
|
|
-
|
|
|
|
150,168
|
|
|
|
1,112,656
|
|
|
Net Service Fee Income
|
|
|
3,520,307
|
|
|
|
345,994
|
|
|
|
2,535
|
|
|
|
719,487
|
|
|
|
962,488
|
|
|
|
993,713
|
|
|
|
29,944
|
|
|
|
6,574,468
|
|
|
Subtotal
|
|
|
16,248,368
|
|
|
|
3,939,471
|
|
|
|
6,645,791
|
|
|
|
2,800,537
|
|
|
|
962,489
|
|
|
|
1,010,192
|
|
|
|
54,704
|
|
|
|
31,661,552
|
|
|
Net income from financial instruments at fair value
through profit or loss
|
|
|
-
|
|
|
|
-
|
|
|
|
1,387,814
|
|
|
|
90,525
|
|
|
|
253,537
|
|
|
|
109,453
|
|
|
|
276,285
|
|
|
|
2,117,614
|
|
|
Income from withdrawal of assets rated at amortized
cost
|
|
|
-
|
|
|
|
-
|
|
|
|
(6,553,905
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(6,553,905
|
)
|
|
Exchange rate difference on gold
and foreign currency
|
|
|
290,067
|
|
|
|
37,763
|
|
|
|
216,862
|
|
|
|
22,473
|
|
|
|
(77
|
)
|
|
|
41,504
|
|
|
|
80,822
|
|
|
|
689,414
|
|
|
NIFFI And Exchange Rate Differences
|
|
|
290,067
|
|
|
|
37,763
|
|
|
|
(4,949,229
|
)
|
|
|
112,998
|
|
|
|
253,460
|
|
|
|
150,957
|
|
|
|
357,107
|
|
|
|
(3,746,877
|
)
|
|
Other operating income
|
|
|
806,551
|
|
|
|
1,542,496
|
|
|
|
122,711
|
|
|
|
223,684
|
|
|
|
7,320
|
|
|
|
137,934
|
|
|
|
(74,648
|
)
|
|
|
2,766,048
|
|
|
Result from exposure to changes in the purchasing power
of the currency
|
|
|
321,259
|
|
|
|
(650,612
|
)
|
|
|
5,794,499
|
|
|
|
(684,170
|
)
|
|
|
(247,772
|
)
|
|
|
(138,106
|
)
|
|
|
(29,876
|
)
|
|
|
4,365,222
|
|
|
Loan loss provisions
|
|
|
(2,646,699
|
)
|
|
|
(3,544,070
|
)
|
|
|
20,750
|
|
|
|
(785,589
|
)
|
|
|
-
|
|
|
|
(269
|
)
|
|
|
-
|
|
|
|
(6,955,877
|
)
|
|
Net operating income
|
|
|
15,019,546
|
|
|
|
1,325,048
|
|
|
|
7,634,522
|
|
|
|
1,667,460
|
|
|
|
975,497
|
|
|
|
1,160,708
|
|
|
|
307,287
|
|
|
|
28,090,068
|
|
|
Personnel expenses
|
|
|
(9,099,862
|
)
|
|
|
(819,150
|
)
|
|
|
(522,385
|
)
|
|
|
(1,145,484
|
)
|
|
|
(203,681
|
)
|
|
|
(338,147
|
)
|
|
|
(90,602
|
)
|
|
|
(12,219,311
|
)
|
|
Administration expenses
|
|
|
(4,880,686
|
)
|
|
|
(333,522
|
)
|
|
|
(300,620
|
)
|
|
|
(974,627
|
)
|
|
|
(148,761
|
)
|
|
|
(289,875
|
)
|
|
|
175,122
|
|
|
|
(6,752,969
|
)
|
|
Depreciations and impairment of non-financial assets
|
|
|
(1,271,767
|
)
|
|
|
(97,219
|
)
|
|
|
(71,390
|
)
|
|
|
(89,467
|
)
|
|
|
(13,693
|
)
|
|
|
(6,065
|
)
|
|
|
(42,129
|
)
|
|
|
(1,591,730
|
)
|
|
Other operating expenses
|
|
|
(2,608,148
|
)
|
|
|
(987,738
|
)
|
|
|
(385,749
|
)
|
|
|
(396,015
|
)
|
|
|
(271
|
)
|
|
|
(75,184
|
)
|
|
|
(22,739
|
)
|
|
|
(4,475,844
|
)
|
|
Operating income
|
|
|
(2,840,917
|
)
|
|
|
(912,581
|
)
|
|
|
6,354,378
|
|
|
|
(938,133
|
)
|
|
|
609,091
|
|
|
|
451,437
|
|
|
|
326,939
|
|
|
|
3,050,214
|
|
|
Result from associates
and joint ventures
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,924
|
|
|
|
-
|
|
|
|
3,923
|
|
|
|
(5,847
|
)
|
|
|
-
|
|
|
Result before taxes
|
|
|
(2,840,917
|
)
|
|
|
(912,581
|
)
|
|
|
6,354,378
|
|
|
|
(936,209
|
)
|
|
|
609,091
|
|
|
|
455,360
|
|
|
|
321,092
|
|
|
|
3,050,214
|
|
|
Income tax
|
|
|
772,247
|
|
|
|
327,870
|
|
|
|
(1,727,313
|
)
|
|
|
162,388
|
|
|
|
(207,729
|
)
|
|
|
(165,500
|
)
|
|
|
263,859
|
|
|
|
(574,178
|
)
|
|
Net income
|
|
|
(2,068,670
|
)
|
|
|
(584,711
|
)
|
|
|
4,627,065
|
|
|
|
(773,821
|
)
|
|
|
401,362
|
|
|
|
289,860
|
|
|
|
584,951
|
|
|
|
2,476,036
|
|
|
Net income for the period attributable to
owners of the parent company
|
|
|
(2,068,670
|
)
|
|
|
(584,711
|
)
|
|
|
4,627,065
|
|
|
|
(773,821
|
)
|
|
|
401,362
|
|
|
|
289,860
|
|
|
|
583,327
|
|
|
|
2,474,412
|
|
|
Net income for the period attributable to non-controlling
interest
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,624
|
|
|
|
1,624
|
|
|
Other comprehensive income
|
|
|
51,986
|
|
|
|
36,684
|
|
|
|
92,585
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
181,255
|
|
|
Other comprehensive income attributable to owners of
the parent company
|
|
|
51,986
|
|
|
|
36,684
|
|
|
|
92,585
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(186
|
)
|
|
|
181,069
|
|
|
Other comprehensive income attributable to non-controlling
interest
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
186
|
|
|
|
186
|
|
|
Comprehensive income for the
period
|
|
|
(2,016,684
|
)
|
|
|
(548,027
|
)
|
|
|
4,719,650
|
|
|
|
(773,821
|
)
|
|
|
401,362
|
|
|
|
289,860
|
|
|
|
584,951
|
|
|
|
2,657,291
|
|
|
Comprehensive income attributable to owners of the parent
company
|
|
|
(2,016,684
|
)
|
|
|
(548,027
|
)
|
|
|
4,719,650
|
|
|
|
(773,821
|
)
|
|
|
401,362
|
|
|
|
289,860
|
|
|
|
583,141
|
|
|
|
2,655,481
|
|
|
Comprehensive income attributable to non-controlling
interests
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,810
|
|
|
|
1,810
|
|
GRUPO SUPERVIELLE
S.A.
NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous currency)
|
Assets
by segments
|
|
Individuals
and
Businesses
|
|
|
Corporate
Banking
|
|
|
Treasury
|
|
|
Consumer
|
|
|
Insurance
|
|
|
Adm.
MF and
other
segments
|
|
|
Adjustments
|
|
|
Total
as of
09.30.2020
|
|
|
Cash and due from banks
|
|
|
7,035,409
|
|
|
|
305,141
|
|
|
|
20,209,808
|
|
|
|
255,225
|
|
|
|
2,053
|
|
|
|
296,496
|
|
|
|
(134,012
|
)
|
|
|
27,970,120
|
|
|
Debt securities at fair value through profit or loss
|
|
|
-
|
|
|
|
-
|
|
|
|
3,702,283
|
|
|
|
669,829
|
|
|
|
-
|
|
|
|
80,272
|
|
|
|
-
|
|
|
|
4,452,384
|
|
|
Loans and other financing
|
|
|
48,334,228
|
|
|
|
40,469,182
|
|
|
|
3,081,055
|
|
|
|
5,747,802
|
|
|
|
731,306
|
|
|
|
49,825
|
|
|
|
(222,304
|
)
|
|
|
98,191,094
|
|
|
Other Assets
|
|
|
8,733,227
|
|
|
|
8,519,038
|
|
|
|
71,045,380
|
|
|
|
2,469,300
|
|
|
|
1,644,447
|
|
|
|
811,940
|
|
|
|
12,351,330
|
|
|
|
105,574,662
|
|
|
Total Assets
|
|
|
64,102,864
|
|
|
|
49,293,361
|
|
|
|
98,038,526
|
|
|
|
9,142,156
|
|
|
|
2,377,806
|
|
|
|
1,238,533
|
|
|
|
11,995,014
|
|
|
|
236,188,260
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities by segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
84,815,861
|
|
|
|
14,009,785
|
|
|
|
67,453,221
|
|
|
|
4,139,651
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(159,400
|
)
|
|
|
170,259,118
|
|
|
Financing received from the Argentine Central Bank and
others financial institutions
|
|
|
14,372
|
|
|
|
-
|
|
|
|
7,615,468
|
|
|
|
170,518
|
|
|
|
-
|
|
|
|
51,411
|
|
|
|
(204,140
|
)
|
|
|
7,647,629
|
|
|
Unsubordinated Negotiable obligations
|
|
|
21,456
|
|
|
|
12,000
|
|
|
|
4,195,569
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,893
|
|
|
|
-
|
|
|
|
4,232,918
|
|
|
Other liabilities
|
|
|
5,960,788
|
|
|
|
2,912,187
|
|
|
|
4,528,706
|
|
|
|
1,504,824
|
|
|
|
1,198,466
|
|
|
|
435,341
|
|
|
|
5,713,565
|
|
|
|
22,253,877
|
|
|
Total Liabilities
|
|
|
90,812,477
|
|
|
|
16,933,972
|
|
|
|
83,792,964
|
|
|
|
5,814,993
|
|
|
|
1,198,466
|
|
|
|
490,645
|
|
|
|
5,350,025
|
|
|
|
204,393,542
|
|
|
Result
by segments
|
|
Individuals
and
Businesses
|
|
|
Corporate
Banking
|
|
|
Treasury
|
|
|
Consumer
|
|
|
Insurance
|
|
|
Adm.
MF and
other
segments
|
|
|
Adjustments
|
|
|
Total
as of
09.30.2019
|
|
|
Interest income
|
|
|
20,726,818
|
|
|
|
13,079,538
|
|
|
|
3,378,742
|
|
|
|
4,837,583
|
|
|
|
-
|
|
|
|
239,025
|
|
|
|
(1,625,118
|
)
|
|
|
40,636,588
|
|
|
Interest expenses
|
|
|
(8,242,500
|
)
|
|
|
(3,260,000
|
)
|
|
|
(21,171,320
|
)
|
|
|
(3,136,410
|
)
|
|
|
-
|
|
|
|
(190,750
|
)
|
|
|
1,820,204
|
|
|
|
(34,180,776
|
)
|
|
Distribution of results by Treasury
|
|
|
4,095,583
|
|
|
|
(5,208,773
|
)
|
|
|
1,113,190
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Net interest income
|
|
|
16,579,901
|
|
|
|
4,610,765
|
|
|
|
(16,679,388
|
)
|
|
|
1,701,173
|
|
|
|
-
|
|
|
|
48,275
|
|
|
|
195,086
|
|
|
|
6,455,812
|
|
|
Services Fee Income
|
|
|
4,801,524
|
|
|
|
1,075,287
|
|
|
|
35,506
|
|
|
|
1,705,595
|
|
|
|
-
|
|
|
|
639,381
|
|
|
|
(249,662
|
)
|
|
|
8,007,631
|
|
|
Services Fee Expenses
|
|
|
(1,270,827
|
)
|
|
|
(105,783
|
)
|
|
|
(57,516
|
)
|
|
|
(602,074
|
)
|
|
|
-
|
|
|
|
(36,243
|
)
|
|
|
70,444
|
|
|
|
(2,001,999
|
)
|
|
Income from insurance activities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
928,294
|
|
|
|
-
|
|
|
|
214,005
|
|
|
|
1,142,299
|
|
|
Net Service Fee Income
|
|
|
3,530,697
|
|
|
|
969,504
|
|
|
|
(22,010
|
)
|
|
|
1,103,521
|
|
|
|
928,294
|
|
|
|
603,138
|
|
|
|
34,787
|
|
|
|
7,147,931
|
|
|
Subtotal
|
|
|
20,110,598
|
|
|
|
5,580,269
|
|
|
|
(16,701,398
|
)
|
|
|
2,804,694
|
|
|
|
928,294
|
|
|
|
651,413
|
|
|
|
229,873
|
|
|
|
13,603,743
|
|
|
Net income from financial instruments at fair value
through profit or loss
|
|
|
11,055
|
|
|
|
-
|
|
|
|
21,247,827
|
|
|
|
268,409
|
|
|
|
300,040
|
|
|
|
23,236
|
|
|
|
165,956
|
|
|
|
22,016,523
|
|
|
Exchange rate difference on gold
and foreign currency
|
|
|
1,267,904
|
|
|
|
151,127
|
|
|
|
(2,458,349
|
)
|
|
|
6,790
|
|
|
|
-
|
|
|
|
28,155
|
|
|
|
(11,473
|
)
|
|
|
(1,015,846
|
)
|
|
NIFFI And Exchange Rate Differences
|
|
|
1,278,959
|
|
|
|
151,127
|
|
|
|
18,789,478
|
|
|
|
275,199
|
|
|
|
300,040
|
|
|
|
51,391
|
|
|
|
154,483
|
|
|
|
21,000,677
|
|
|
Other operating income
|
|
|
1,168,987
|
|
|
|
653,615
|
|
|
|
235,337
|
|
|
|
273,759
|
|
|
|
7,096
|
|
|
|
194,388
|
|
|
|
(64,881
|
)
|
|
|
2,468,301
|
|
|
Result from exposure to changes in the purchasing power
of the currency
|
|
|
(1,639,633
|
)
|
|
|
(1,937,111
|
)
|
|
|
(409,139
|
)
|
|
|
(1,069,560
|
)
|
|
|
(428,626
|
)
|
|
|
(276,411
|
)
|
|
|
120,967
|
|
|
|
(5,639,513
|
)
|
|
Loan loss provisions
|
|
|
(3,136,775
|
)
|
|
|
(3,205,565
|
)
|
|
|
2,391
|
|
|
|
(1,715,224
|
)
|
|
|
-
|
|
|
|
(13,413
|
)
|
|
|
-
|
|
|
|
(8,068,586
|
)
|
|
Net operating income
|
|
|
17,782,136
|
|
|
|
1,242,335
|
|
|
|
1,916,669
|
|
|
|
568,868
|
|
|
|
806,804
|
|
|
|
607,368
|
|
|
|
440,442
|
|
|
|
23,364,622
|
|
|
Personnel expenses
|
|
|
(9,182,653
|
)
|
|
|
(931,275
|
)
|
|
|
(568,264
|
)
|
|
|
(1,061,482
|
)
|
|
|
(158,801
|
)
|
|
|
(333,568
|
)
|
|
|
(136,671
|
)
|
|
|
(12,372,714
|
)
|
|
Administration expenses
|
|
|
(4,749,634
|
)
|
|
|
(326,006
|
)
|
|
|
(306,018
|
)
|
|
|
(992,280
|
)
|
|
|
(215,089
|
)
|
|
|
(223,600
|
)
|
|
|
48,099
|
|
|
|
(6,764,528
|
)
|
|
Depreciations and impairment of non-financial assets
|
|
|
(1,125,801
|
)
|
|
|
(121,971
|
)
|
|
|
(108,174
|
)
|
|
|
(98,075
|
)
|
|
|
(7,872
|
)
|
|
|
(5,996
|
)
|
|
|
(41,860
|
)
|
|
|
(1,509,749
|
)
|
|
Other operating expenses
|
|
|
(2,799,682
|
)
|
|
|
(1,382,581
|
)
|
|
|
(439,609
|
)
|
|
|
(613,764
|
)
|
|
|
(1,500
|
)
|
|
|
(136,904
|
)
|
|
|
(9,986
|
)
|
|
|
(5,384,026
|
)
|
|
Operating income
|
|
|
(75,634
|
)
|
|
|
(1,519,498
|
)
|
|
|
494,604
|
|
|
|
(2,196,733
|
)
|
|
|
423,542
|
|
|
|
(92,700
|
)
|
|
|
300,024
|
|
|
|
(2,666,395
|
)
|
|
Result from associates and
joint ventures
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4,332
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,332
|
)
|
|
|
-
|
|
|
Result before taxes from continuing operations
|
|
|
(75,634
|
)
|
|
|
(1,519,498
|
)
|
|
|
494,604
|
|
|
|
(2,192,401
|
)
|
|
|
423,542
|
|
|
|
(92,700
|
)
|
|
|
295,692
|
|
|
|
(2,666,395
|
)
|
|
Income tax
|
|
|
21,544
|
|
|
|
13,357
|
|
|
|
11,221
|
|
|
|
431,711
|
|
|
|
(201,798
|
)
|
|
|
(60,743
|
)
|
|
|
(506,615
|
)
|
|
|
(291,323
|
)
|
|
Net income
|
|
|
(54,090
|
)
|
|
|
(1,506,141
|
)
|
|
|
505,825
|
|
|
|
(1,760,690
|
)
|
|
|
221,744
|
|
|
|
(153,443
|
)
|
|
|
(210,923
|
)
|
|
|
(2,957,718
|
)
|
|
Net income for the period attributable
to owners of the parent company
|
|
|
(54,090
|
)
|
|
|
(1,506,141
|
)
|
|
|
505,825
|
|
|
|
(1,760,690
|
)
|
|
|
221,744
|
|
|
|
(153,443
|
)
|
|
|
(208,270
|
)
|
|
|
(2,955,065
|
)
|
|
Net income for the period attributable to non-controlling
interest
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,653
|
)
|
|
|
(2,653
|
)
|
|
Other comprehensive income
|
|
|
(1,131
|
)
|
|
|
(780
|
)
|
|
|
(1,917
|
)
|
|
|
-
|
|
|
|
(82
|
)
|
|
|
-
|
|
|
|
1,112
|
|
|
|
(2,798
|
)
|
|
Other comprehensive income attributable to owners of
the parent company
|
|
|
(1,131
|
)
|
|
|
(780
|
)
|
|
|
(1,917
|
)
|
|
|
-
|
|
|
|
(82
|
)
|
|
|
-
|
|
|
|
1,116
|
|
|
|
(2,794
|
)
|
|
Other comprehensive income attributable to non-controlling
interest
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(4
|
)
|
|
|
(4
|
)
|
|
Comprehensive income for the
period
|
|
|
(55,221
|
)
|
|
|
(1,506,921
|
)
|
|
|
503,908
|
|
|
|
(1,760,690
|
)
|
|
|
221,662
|
|
|
|
(153,443
|
)
|
|
|
(209,811
|
)
|
|
|
(2,960,516
|
)
|
|
Comprehensive income attributable to owners of the parent
company
|
|
|
(55,221
|
)
|
|
|
(1,506,921
|
)
|
|
|
503,908
|
|
|
|
(1,760,690
|
)
|
|
|
221,662
|
|
|
|
(153,443
|
)
|
|
|
(207,154
|
)
|
|
|
(2,957,859
|
)
|
|
Comprehensive income attributable to non-controlling
interests
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,657
|
)
|
|
|
(2,657
|
)
|
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
|
Assets
by segments
|
|
Individuals
and
Businesses
|
|
|
Corporate
Banking
|
|
|
Treasury
|
|
|
Consumer
|
|
|
Insurance
|
|
|
Adm.
MF
and other
segments
|
|
|
Adjustments
|
|
|
Total
as of
12.31.2019
|
|
|
Cash and due from banks
|
|
|
9,405,973
|
|
|
|
1,250,911
|
|
|
|
20,630,775
|
|
|
|
392,725
|
|
|
|
4,139
|
|
|
|
2,960,579
|
|
|
|
(2,357,051
|
)
|
|
|
32,288,051
|
|
|
Debt securities at fair value through profit or
loss
|
|
|
-
|
|
|
|
-
|
|
|
|
381,915
|
|
|
|
113,438
|
|
|
|
-
|
|
|
|
199,860
|
|
|
|
-
|
|
|
|
695,213
|
|
|
Loans and other financing
|
|
|
51,154,872
|
|
|
|
47,049,466
|
|
|
|
4,554,310
|
|
|
|
7,094,828
|
|
|
|
555,165
|
|
|
|
37,599
|
|
|
|
(1,731,728
|
)
|
|
|
108,714,512
|
|
|
Other Assets
|
|
|
2,889,219
|
|
|
|
1,437,588
|
|
|
|
22,096,131
|
|
|
|
3,316,547
|
|
|
|
1,334,591
|
|
|
|
658,650
|
|
|
|
9,299,599
|
|
|
|
41,032,325
|
|
|
Total Assets
|
|
|
63,450,064
|
|
|
|
49,737,965
|
|
|
|
47,663,131
|
|
|
|
10,917,538
|
|
|
|
1,893,895
|
|
|
|
3,856,688
|
|
|
|
5,210,820
|
|
|
|
182,730,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities by segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
77,548,433
|
|
|
|
13,008,138
|
|
|
|
19,170,716
|
|
|
|
1,993,792
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,873,988
|
)
|
|
|
108,847,091
|
|
|
Financing received from the Argentine Central Bank
and others financial institutions
|
|
|
15,415
|
|
|
|
-
|
|
|
|
11,004,447
|
|
|
|
1,161,456
|
|
|
|
-
|
|
|
|
56,277
|
|
|
|
(1,210,078
|
)
|
|
|
11,027,517
|
|
|
Unsubordinated Negotiable obligations
|
|
|
132,691
|
|
|
|
93,634
|
|
|
|
7,197,731
|
|
|
|
-
|
|
|
|
-
|
|
|
|
19,025
|
|
|
|
-
|
|
|
|
7,443,081
|
|
|
Other liabilities
|
|
|
5,703,291
|
|
|
|
1,685,267
|
|
|
|
5,323,835
|
|
|
|
3,869,688
|
|
|
|
926,932
|
|
|
|
3,159,588
|
|
|
|
5,139,673
|
|
|
|
25,808,274
|
|
|
Total
Liabilities
|
|
|
83,399,830
|
|
|
|
14,787,039
|
|
|
|
42,696,729
|
|
|
|
7,024,936
|
|
|
|
926,932
|
|
|
|
3,234,890
|
|
|
|
1,055,607
|
|
|
|
153,125,963
|
|
Fair value is defined as the amount by
which an asset may be exchanged or a liability may be settled, in an arm’s length orderly transaction between knowledgeable
principal market participants (or more advantageous) at the date of measurement of the current market conditions regardless of
whether such price is directly observable or estimated utilizing a valuation technique under the assumption that the Group is
a going concern.
When a financial instrument is sold in
a liquid and active market, its settled price in the market in a real transaction provides the best evidence of its fair value.
When a stipulated price is not settled in the market or when it cannot be an indicator of a fair value of the instrument, in order
to determine such fair value, another similar instrument’s fair value may be used, as well as the analysis of discounted
flows or other applicable techniques. Such techniques are significantly allocated by the assumptions used.
The Group classifies the fair values of
the financial instruments into 3 levels, according to the quality of the data used for their determination.
Fair Value level 1: The fair value of
financial instruments traded in active markets (such as publicly-traded derivatives, debt securities or available for sale) is
based on market quoted prices as of the date of the reporting period. If the quote price is available and there is an active market
for the instrument, it will be included in Level 1.
Fair Value level 2: The fair value of
financial instruments which are not traded in active markets, such as over-the-counter derivatives, is determined using valuation
techniques that maximize the use of observable market data and rely the least possible on the Group’s specific estimates.
If all significant inputs required to fair value a financial instrument are observable, such instrument is included in level 2.
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
Fair Value level 3: If one or more significant
inputs are not based on observable market data, the instrument is included in level 3.
The portfolio of financial instruments
held by the Group is detailed below, as of September 30, 2020 and December 31, 2019:
|
Instrument portfolio as of 09/30/2020
|
|
FV level 1
|
|
|
FV level 2
|
|
|
FV level 3
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Debt securities at fair value through profit or loss
|
|
|
4,048,772
|
|
|
|
403,612
|
|
|
|
-
|
|
|
- Derivatives
|
|
|
112,088
|
|
|
|
-
|
|
|
|
-
|
|
|
- Other financial assets
|
|
|
6,052,041
|
|
|
|
-
|
|
|
|
-
|
|
|
- Other debt securities
|
|
|
1,207,134
|
|
|
|
43,532,739
|
|
|
|
-
|
|
|
- Financial assets in guarantee
|
|
|
4,952,183
|
|
|
|
-
|
|
|
|
-
|
|
|
- Investments in Equity Instruments
|
|
|
78,641
|
|
|
|
8,928
|
|
|
|
-
|
|
|
Total Assets
|
|
|
16,450,859
|
|
|
|
43,945,279
|
|
|
|
-
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Liabilities at fair value through profit or loss
|
|
|
189,074
|
|
|
|
-
|
|
|
|
-
|
|
|
- Other financial liabilities
|
|
|
7,624,087
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Liabilities
|
|
|
7,813,161
|
|
|
|
-
|
|
|
|
-
|
|
|
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
|
|
|
497,153
|
|
|
|
193,571
|
|
|
|
4,489
|
|
|
- Derivatives
|
|
|
315,000
|
|
|
|
-
|
|
|
|
-
|
|
|
- Other financial assets
|
|
|
1,347,049
|
|
|
|
-
|
|
|
|
-
|
|
|
- Other debt securities
|
|
|
8,769,544
|
|
|
|
-
|
|
|
|
-
|
|
|
- Financial assets in guarantee
|
|
|
6,022,164
|
|
|
|
-
|
|
|
|
-
|
|
|
- Investments in Equity Instruments
|
|
|
7,088
|
|
|
|
10,740
|
|
|
|
-
|
|
|
Total Assets
|
|
|
16,957,998
|
|
|
|
204,311
|
|
|
|
4,489
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Liabilities at fair value through profit or loss
|
|
|
231,803
|
|
|
|
-
|
|
|
|
-
|
|
|
- Other financial liabilities
|
|
|
7,333,343
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Liabilities
|
|
|
7,565,146
|
|
|
|
-
|
|
|
|
-
|
|
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
September 30, 2020, there have been no differences regarding the transaction price.
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
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 September 30, 2020
and December 31, 2019:
|
Other Financial Instruments as of 09/30/2020
|
|
Accounting
value
|
|
|
Fair value
|
|
|
FV Level 1
|
|
|
FV Level 2
|
|
|
FV Level 3
|
|
|
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Cash and due from Banks
|
|
|
27,970,120
|
|
|
|
27,970,120
|
|
|
|
27,970,120
|
|
|
|
-
|
|
|
|
-
|
|
|
-Other financial assets
|
|
|
583,196
|
|
|
|
583,196
|
|
|
|
583,196
|
|
|
|
-
|
|
|
|
|
|
|
-Loans and other financing
|
|
|
98,191,094
|
|
|
|
102,043,862
|
|
|
|
-
|
|
|
|
-
|
|
|
|
102,043,862
|
|
|
- Repo transactions
|
|
|
22,059,850
|
|
|
|
22,059,850
|
|
|
|
22,059,850
|
|
|
|
|
|
|
|
|
|
|
- Other Debt Securities
|
|
|
6,392,008
|
|
|
|
6,306,881
|
|
|
|
6,306,881
|
|
|
|
-
|
|
|
|
-
|
|
|
-Financial assets in as guarantee
|
|
|
213,732
|
|
|
|
213,732
|
|
|
|
213,732
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
155,410,000
|
|
|
|
159,177,641
|
|
|
|
57,133,779
|
|
|
|
-
|
|
|
|
102,043,862
|
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Deposits
|
|
|
170,259,118
|
|
|
|
173,217,091
|
|
|
|
-
|
|
|
|
-
|
|
|
|
173,217,091
|
|
|
- Other financial liabilities
|
|
|
731,565
|
|
|
|
731,565
|
|
|
|
731,565
|
|
|
|
-
|
|
|
|
-
|
|
|
-Financing received from the BCRA and other financial institutions
|
|
|
7,647,629
|
|
|
|
7,533,147
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,533,147
|
|
|
- Unsubordinated Negotiable obligations
|
|
|
4,232,918
|
|
|
|
4,229,026
|
|
|
|
4,229,026
|
|
|
|
-
|
|
|
|
-
|
|
|
- Subordinated Negotiable Obligations
|
|
|
1,050,485
|
|
|
|
1,113,247
|
|
|
|
1,113,247
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
183,921,715
|
|
|
|
186,824,076
|
|
|
|
6,073,838
|
|
|
|
-
|
|
|
|
180,750,238
|
|
|
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
|
|
|
32,288,051
|
|
|
|
32,288,051
|
|
|
|
32,288,051
|
|
|
|
-
|
|
|
|
-
|
|
|
-Other financial assets
|
|
|
1,217,185
|
|
|
|
1,217,184
|
|
|
|
1,217,184
|
|
|
|
-
|
|
|
|
|
|
|
-Loans and other financing
|
|
|
108,714,512
|
|
|
|
113,150,527
|
|
|
|
-
|
|
|
|
-
|
|
|
|
113,150,527
|
|
|
- Other Debt Securities
|
|
|
4,280,581
|
|
|
|
4,381,820
|
|
|
|
4,381,820
|
|
|
|
-
|
|
|
|
-
|
|
|
-Financial assets in as guarantee
|
|
|
500,362
|
|
|
|
500,362
|
|
|
|
500,362
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
147,000,691
|
|
|
|
151,537,944
|
|
|
|
38,387,417
|
|
|
|
-
|
|
|
|
113,150,527
|
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Deposits
|
|
|
108,847,091
|
|
|
|
108,849,095
|
|
|
|
-
|
|
|
|
-
|
|
|
|
108,849,095
|
|
|
-Other financial liabilities
|
|
|
3,815,238
|
|
|
|
3,815,238
|
|
|
|
3,815,238
|
|
|
|
-
|
|
|
|
-
|
|
|
-Repo transactions
|
|
|
391,101
|
|
|
|
391,101
|
|
|
|
391,101
|
|
|
|
-
|
|
|
|
-
|
|
|
-Finances received from the BCRA and other financial institutions
|
|
|
11,027,517
|
|
|
|
10,734,614
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10,734,614
|
|
|
- Unsubordinated Negotiable obligations
|
|
|
7,443,081
|
|
|
|
7,443,081
|
|
|
|
7,443,081
|
|
|
|
-
|
|
|
|
-
|
|
|
- Subordinated Negotiable Obligations
|
|
|
2,592,387
|
|
|
|
2,895,939
|
|
|
|
2,895,939
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
134,116,415
|
|
|
|
134,129,068
|
|
|
|
14,545,359
|
|
|
|
-
|
|
|
|
119,583,709
|
|
|
|
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.
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 September 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.
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
|
5.
|
COMPOSITION OF THE
MAIN ITEMS OF THE CONSOLIDATED COMPREHENSIVE INCOME
|
|
|
|
09/30/2019
|
|
|
12/31/2019
|
|
|
5.1 Debt securities at fair value through profit
or loss
|
|
|
|
|
|
|
|
Goverment securities
|
|
|
3,732,962
|
|
|
|
690,727
|
|
|
Corporate securities
|
|
|
290,909
|
|
|
|
4,486
|
|
|
Securities issued by the Argentine
Central Bank
|
|
|
428,513
|
|
|
|
-
|
|
|
|
|
|
4,452,384
|
|
|
|
695,213
|
|
|
5.2 Derivatives
|
|
|
|
|
|
|
|
|
|
Debtor balances related to forward operations in
foreign currency to be settled in pesos
|
|
|
111,499
|
|
|
|
315,000
|
|
|
Debtor balances related to
forward operations in foreign currency
|
|
|
589
|
|
|
|
-
|
|
|
|
|
|
112,088
|
|
|
|
315,000
|
|
|
5.3 Other financial assets
|
|
|
|
|
|
|
|
|
|
Participation Certificates in Financial Trusts
|
|
|
36,985
|
|
|
|
37,411
|
|
|
Investments in Mutual Funds
|
|
|
1,807,825
|
|
|
|
671,659
|
|
|
Other investments
|
|
|
637,455
|
|
|
|
470,346
|
|
|
Receivable from spot sales peading settlament
|
|
|
3,325,956
|
|
|
|
169,481
|
|
|
Several debtors
|
|
|
668,432
|
|
|
|
708,367
|
|
|
Miscellaneous debtors for credit card operations
|
|
|
123,621
|
|
|
|
463,637
|
|
|
Debtors for collections
|
|
|
34,963
|
|
|
|
43,333
|
|
|
|
|
|
6,635,237
|
|
|
|
2,564,234
|
|
|
5.4 Loans and other financing
|
|
|
|
|
|
|
|
|
|
To the non-financial public sector
|
|
|
116,977
|
|
|
|
35,307
|
|
|
To the financial sector
|
|
|
16,893
|
|
|
|
78,903
|
|
|
Overdrafts
|
|
|
3,397,668
|
|
|
|
6,846,111
|
|
|
Promisory notes
|
|
|
28,026,253
|
|
|
|
23,994,184
|
|
|
Mortgage loans
|
|
|
9,338,057
|
|
|
|
9,681,634
|
|
|
Automobile and other secured loans
|
|
|
1,424,259
|
|
|
|
1,491,846
|
|
|
Personal loans
|
|
|
18,662,826
|
|
|
|
19,927,265
|
|
|
Credit cards loans
|
|
|
15,182,125
|
|
|
|
15,840,543
|
|
|
Foreign trade Loans
|
|
|
11,911,525
|
|
|
|
22,196,342
|
|
|
Receivables from financial leases
|
|
|
2,705,219
|
|
|
|
3,896,966
|
|
|
Others
|
|
|
7,409,292
|
|
|
|
4,725,411
|
|
|
|
|
|
98,191,094
|
|
|
|
108,714,512
|
|
|
5.5 Other debt securities
|
|
|
|
|
|
|
|
|
|
Goverment securities
|
|
|
7,595,733
|
|
|
|
4,269,466
|
|
|
Securities issued by the Argentine Central Bank
|
|
|
43,532,739
|
|
|
|
8,769,584
|
|
|
Others
|
|
|
3,409
|
|
|
|
11,075
|
|
|
|
|
|
51,131,881
|
|
|
|
13,050,125
|
|
|
5.6 Financial assets in guarantee
|
|
|
|
|
|
|
|
|
|
Special guarantees accounts in the Argentine Central
Bank
|
|
|
3,089,511
|
|
|
|
2,593,419
|
|
|
Deposits in guarantee
|
|
|
2,076,404
|
|
|
|
3,929,107
|
|
|
|
|
|
5,165,915
|
|
|
|
6,522,526
|
|
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
|
|
|
09/30/2019
|
|
|
12/31/2019
|
|
|
5.7 Other non-financial assets
|
|
|
|
|
|
|
|
|
|
Other Miscellaneous assets
|
|
|
1,594,347
|
|
|
|
1,010,282
|
|
|
Loans to employees
|
|
|
194,851
|
|
|
|
322,747
|
|
|
Payments in advance
|
|
|
406,470
|
|
|
|
16,594
|
|
|
Works of art and collector's pieces
|
|
|
29,052
|
|
|
|
42,246
|
|
|
Retirement insurance
|
|
|
129,358
|
|
|
|
184,865
|
|
|
Other non-financial assets
|
|
|
41,487
|
|
|
|
6,116
|
|
|
|
|
|
2,395,565
|
|
|
|
1,582,850
|
|
|
|
|
|
|
|
|
|
|
|
|
5.8 Inventories
|
|
|
|
|
|
|
|
|
|
Technology, image and audio
|
|
|
51,367
|
|
|
|
26,601
|
|
|
Household and personal use items
|
|
|
10,934
|
|
|
|
9,458
|
|
|
Tools and accessories
|
|
|
297
|
|
|
|
19,871
|
|
|
Allowances for impairment
|
|
|
(1,760
|
)
|
|
|
(1,566
|
)
|
|
|
|
|
60,838
|
|
|
|
54,364
|
|
|
|
|
|
|
|
|
|
|
|
|
5.9 Deposits
|
|
|
|
|
|
|
|
|
|
Non-financial sector
|
|
|
8,114,000
|
|
|
|
6,689,417
|
|
|
Financial sector
|
|
|
13,574
|
|
|
|
34,361
|
|
|
Current accounts
|
|
|
18,318,641
|
|
|
|
13,311,508
|
|
|
Savings accounts
|
|
|
62,411,407
|
|
|
|
48,906,194
|
|
|
Time deposits and investments accounts
|
|
|
78,275,920
|
|
|
|
36,341,042
|
|
|
Others
|
|
|
3,125,576
|
|
|
|
3,564,569
|
|
|
|
|
|
170,259,118
|
|
|
|
108,847,091
|
|
|
5.10 Liabilities at fair value through profit and loss
|
|
|
|
|
|
|
|
|
|
Liabilities for transactions in local currency
|
|
|
189,074
|
|
|
|
231,803
|
|
|
|
|
|
189,074
|
|
|
|
231,803
|
|
|
5.11 Other financial liabilities
|
|
|
|
|
|
|
|
|
|
Amounts payable for spot transactions pending settlement
|
|
|
3,325,832
|
|
|
|
2,682,795
|
|
|
Collections and other operations on behalf of third parties
|
|
|
3,847,964
|
|
|
|
6,389,118
|
|
|
Fees accrued to pay
|
|
|
1,296
|
|
|
|
329
|
|
|
Financial guarantee contracts
|
|
|
15,663
|
|
|
|
18,671
|
|
|
Liabilities associated with the transfer of financial assets not derecognised
|
|
|
57,921
|
|
|
|
872,136
|
|
|
Lease liability
|
|
|
1,097,510
|
|
|
|
1,157,328
|
|
|
Others
|
|
|
9,466
|
|
|
|
28,204
|
|
|
|
|
|
8,355,652
|
|
|
|
11,148,581
|
|
|
5.12 Financing received from the Argentine Central Bank and
other financial institutions
|
|
|
|
|
|
|
|
|
|
Financing received from local financial institutions
|
|
|
704,681
|
|
|
|
1,148,459
|
|
|
Financing received from international institutions
|
|
|
6,942,948
|
|
|
|
9,879,058
|
|
|
|
|
|
7,647,629
|
|
|
|
11,027,517
|
|
|
5.13 Provisions
|
|
|
|
|
|
|
|
|
|
Provisions for unutilized balances
|
|
|
373,425
|
|
|
|
-
|
|
|
Restructuring Provision
|
|
|
-
|
|
|
|
611,450
|
|
|
Eventual commitments
|
|
|
14,631
|
|
|
|
449
|
|
|
Other contingencies
|
|
|
361,022
|
|
|
|
197,610
|
|
|
|
|
|
749,078
|
|
|
|
809,509
|
|
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
|
|
|
09/30/2019
|
|
|
12/31/2019
|
|
|
5.14 Other non-financial liabilities
|
|
|
|
|
|
|
|
|
|
Payroll and social securities
|
|
|
5,231,764
|
|
|
|
4,867,056
|
|
|
Sundry creditors
|
|
|
2,982,033
|
|
|
|
2,889,057
|
|
|
Tax payable
|
|
|
1,582,642
|
|
|
|
265,045
|
|
|
Planned payment orders pending settlement
|
|
|
602,226
|
|
|
|
1,679,422
|
|
|
Revenue from contracts with customers
|
|
|
163,260
|
|
|
|
267,184
|
|
|
Contribution to the deposit guarantee fund
|
|
|
72,673
|
|
|
|
81,275
|
|
|
Other
|
|
|
4,233
|
|
|
|
7,958
|
|
|
|
|
|
10,638,831
|
|
|
|
10,056,997
|
|
|
|
|
Nine-month
period ended on
|
|
|
Three-month
period ended on
|
|
|
|
|
09/30/2020
|
|
|
09/30/2019
|
|
|
09/30/2020
|
|
|
09/30/2019
|
|
|
5.15 Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on overdrafts
|
|
|
2,029,493
|
|
|
|
4,356,081
|
|
|
|
431,380
|
|
|
|
1,611,740
|
|
|
Interest on promissory notes
|
|
|
4,157,630
|
|
|
|
5,531,351
|
|
|
|
1,574,615
|
|
|
|
1,943,619
|
|
|
Interest on personal loans
|
|
|
9,637,137
|
|
|
|
12,217,606
|
|
|
|
3,091,836
|
|
|
|
3,765,524
|
|
|
Interest on promissory notes
|
|
|
4,107,788
|
|
|
|
5,212,621
|
|
|
|
1,030,881
|
|
|
|
1,509,289
|
|
|
Interest on credit card loans
|
|
|
2,665,135
|
|
|
|
4,613,713
|
|
|
|
949,067
|
|
|
|
1,338,906
|
|
|
Interest on mortgage loans
|
|
|
2,535,368
|
|
|
|
3,217,052
|
|
|
|
742,297
|
|
|
|
944,717
|
|
|
Interest on automobile and other secured loan
|
|
|
479,247
|
|
|
|
647,904
|
|
|
|
149,524
|
|
|
|
216,807
|
|
|
Interest on foreign trade loans and USD loans
|
|
|
1,065,296
|
|
|
|
1,699,636
|
|
|
|
313,661
|
|
|
|
562,501
|
|
|
Interest on financial leases
|
|
|
479,809
|
|
|
|
1,128,618
|
|
|
|
141,671
|
|
|
|
317,931
|
|
|
Interest on public and private securities measured at amortized cost
|
|
|
14,928,657
|
|
|
|
811,127
|
|
|
|
5,715,115
|
|
|
|
(101,323
|
)
|
|
Others
|
|
|
1,340,895
|
|
|
|
1,200,879
|
|
|
|
726,960
|
|
|
|
1,110,618
|
|
|
|
|
|
43,426,455
|
|
|
|
40,636,588
|
|
|
|
14,867,007
|
|
|
|
13,220,329
|
|
|
5.16 Interest expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on current accounts deposits
|
|
|
2,880,278
|
|
|
|
6,447,740
|
|
|
|
884,355
|
|
|
|
1,738,617
|
|
|
Interest on time deposits
|
|
|
13,383,132
|
|
|
|
19,073,280
|
|
|
|
5,147,522
|
|
|
|
6,795,058
|
|
|
Interest on other liabilities from financial transactions
|
|
|
1,755,086
|
|
|
|
7,474,076
|
|
|
|
383,691
|
|
|
|
2,275,938
|
|
|
Interest from financing from financial sector
|
|
|
78,884
|
|
|
|
277,374
|
|
|
|
15,660
|
|
|
|
88,486
|
|
|
Others
|
|
|
241,991
|
|
|
|
908,306
|
|
|
|
46,362
|
|
|
|
189,370
|
|
|
|
|
|
18,339,371
|
|
|
|
34,180,776
|
|
|
|
6,477,590
|
|
|
|
11,087,469
|
|
|
5.17 Net income from financial instruments at fair value
through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from corporate and government securities
|
|
|
1,944,577
|
|
|
|
(193,460
|
)
|
|
|
998,789
|
|
|
|
(1,424,502
|
)
|
|
Income from securities issued by the Argentine Central Bank
|
|
|
92,720
|
|
|
|
21,438,550
|
|
|
|
44,515
|
|
|
|
6,962,255
|
|
|
Derivatives
|
|
|
80,317
|
|
|
|
771,433
|
|
|
|
24,521
|
|
|
|
763,273
|
|
|
|
|
|
2,117,614
|
|
|
|
22,016,523
|
|
|
|
1,067,825
|
|
|
|
6,301,026
|
|
|
5.18
Result from assets withdrawals rated at amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Result from withdrawl or sale of government securities
|
|
|
240,862
|
|
|
|
-
|
|
|
|
169,173
|
|
|
|
-
|
|
|
Result from exposure to changes in the purchasing power
of the currency on government securities
|
|
|
(6,794,767
|
)
|
|
|
-
|
|
|
|
(4,378,103
|
)
|
|
|
-
|
|
|
|
|
|
(6,553,905
|
)
|
|
|
-
|
|
|
|
(4,208,930
|
)
|
|
|
-
|
|
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
|
|
|
Nine-month
period ended on
|
|
|
Three-month
period ended on
|
|
|
|
|
09/30/2020
|
|
|
09/30/2019
|
|
|
09/30/2020
|
|
|
09/30/2019
|
|
|
5.19 Service fee income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions from deposit accounts
|
|
|
3,256,720
|
|
|
|
3,283,258
|
|
|
|
1,001,716
|
|
|
|
1,076,791
|
|
|
Commissions from credit and debit cards
|
|
|
2,263,116
|
|
|
|
2,627,216
|
|
|
|
740,998
|
|
|
|
922,013
|
|
|
Commissions from loans operations
|
|
|
130,904
|
|
|
|
298,065
|
|
|
|
22,530
|
|
|
|
91,396
|
|
|
Commissions from miscellaneous operations
|
|
|
2,007,989
|
|
|
|
1,664,946
|
|
|
|
754,531
|
|
|
|
492,242
|
|
|
Others
|
|
|
89,139
|
|
|
|
134,146
|
|
|
|
35,331
|
|
|
|
38,033
|
|
|
|
|
|
7,747,868
|
|
|
|
8,007,631
|
|
|
|
2,555,106
|
|
|
|
2,620,475
|
|
|
5.20 Service fee expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions paid
|
|
|
2,244,864
|
|
|
|
1,921,773
|
|
|
|
790,528
|
|
|
|
731,274
|
|
|
Export and foreign currency operations
|
|
|
41,192
|
|
|
|
80,226
|
|
|
|
24,046
|
|
|
|
26,161
|
|
|
|
|
|
2,286,056
|
|
|
|
2,001,999
|
|
|
|
814,574
|
|
|
|
757,435
|
|
|
5.21 Other operating incomes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans recovered and allowances reversed
|
|
|
431,199
|
|
|
|
449,385
|
|
|
|
132,906
|
|
|
|
160,038
|
|
|
Insurance commissions
|
|
|
44,123
|
|
|
|
35,080
|
|
|
|
10,380
|
|
|
|
12,396
|
|
|
Rental from safety boxes
|
|
|
246,751
|
|
|
|
267,059
|
|
|
|
98,987
|
|
|
|
91,300
|
|
|
Commissions from trust services
|
|
|
8,069
|
|
|
|
32,249
|
|
|
|
980
|
|
|
|
14,503
|
|
|
Returns of risk funds
|
|
|
1,030,907
|
|
|
|
184,031
|
|
|
|
301,705
|
|
|
|
19,720
|
|
|
Sales of property, plant and equipment
|
|
|
8,321
|
|
|
|
9,557
|
|
|
|
1,537
|
|
|
|
1,475
|
|
|
Miscellaneous credit adjustments
|
|
|
94,793
|
|
|
|
182,642
|
|
|
|
33,753
|
|
|
|
85,761
|
|
|
Default interests
|
|
|
175,911
|
|
|
|
418,488
|
|
|
|
14,068
|
|
|
|
94,938
|
|
|
Others
|
|
|
725,974
|
|
|
|
889,810
|
|
|
|
305,330
|
|
|
|
267,583
|
|
|
|
|
|
2,766,048
|
|
|
|
2,468,301
|
|
|
|
899,646
|
|
|
|
747,714
|
|
|
5.22 Personnel expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payroll and social securities
|
|
|
11,306,389
|
|
|
|
11,257,945
|
|
|
|
3,917,970
|
|
|
|
3,406,633
|
|
|
Personnel expenses
|
|
|
912,922
|
|
|
|
1,114,769
|
|
|
|
248,913
|
|
|
|
361,488
|
|
|
|
|
|
12,219,311
|
|
|
|
12,372,714
|
|
|
|
4,166,883
|
|
|
|
3,768,121
|
|
|
5.23 Administration expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Directors´ and statutory auditors´fees
|
|
|
222,821
|
|
|
|
263,872
|
|
|
|
76,805
|
|
|
|
77,528
|
|
|
Other fees
|
|
|
1,991,176
|
|
|
|
927,361
|
|
|
|
645,218
|
|
|
|
282,144
|
|
|
Advertising and publicity
|
|
|
430,688
|
|
|
|
505,245
|
|
|
|
166,848
|
|
|
|
164,904
|
|
|
Taxes
|
|
|
1,211,788
|
|
|
|
1,277,861
|
|
|
|
421,556
|
|
|
|
376,269
|
|
|
Maintenance, security and services
|
|
|
2,175,383
|
|
|
|
1,560,843
|
|
|
|
727,346
|
|
|
|
514,065
|
|
|
Rent
|
|
|
51,600
|
|
|
|
50,947
|
|
|
|
11,035
|
|
|
|
8,514
|
|
|
Others
|
|
|
669,513
|
|
|
|
2,178,399
|
|
|
|
183,668
|
|
|
|
775,277
|
|
|
|
|
|
6,752,969
|
|
|
|
6,764,528
|
|
|
|
2,232,476
|
|
|
|
2,198,701
|
|
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
|
|
|
Nine-month
period ended on
|
|
|
Three-month
period ended on
|
|
|
|
|
09/30/2020
|
|
|
09/30/2019
|
|
|
09/30/2020
|
|
|
09/30/2019
|
|
|
5.24 Depreciation and impairment of non-financial
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of property, plant and equipment
(Schedule F)
|
|
|
345,785
|
|
|
|
363,981
|
|
|
|
118,732
|
|
|
|
93,142
|
|
|
Depreciation of miscellaneous assets
|
|
|
171,210
|
|
|
|
162,246
|
|
|
|
56,359
|
|
|
|
69,268
|
|
|
Amortization of intangible assets (Schedule G)
|
|
|
546,342
|
|
|
|
395,743
|
|
|
|
199,026
|
|
|
|
141,658
|
|
|
Depreciation of rent asstes by right of use (Schedule
F)
|
|
|
528,393
|
|
|
|
512,835
|
|
|
|
174,402
|
|
|
|
173,664
|
|
|
Impairment of property, plant
and equipment
|
|
|
-
|
|
|
|
74,944
|
|
|
|
-
|
|
|
|
74,944
|
|
|
|
|
|
1,591,730
|
|
|
|
1,509,749
|
|
|
|
548,519
|
|
|
|
552,676
|
|
|
5.25 Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Promotions related with credit cards
|
|
|
324,518
|
|
|
|
474,298
|
|
|
|
99,110
|
|
|
|
169,706
|
|
|
Turnover tax
|
|
|
2,681,651
|
|
|
|
3,541,104
|
|
|
|
861,070
|
|
|
|
1,155,867
|
|
|
Result by initial recognition of loans
|
|
|
121,574
|
|
|
|
187,222
|
|
|
|
50,610
|
|
|
|
40,474
|
|
|
Charges paid to National Social Security Administration
(ANSES)
|
|
|
174,274
|
|
|
|
193,579
|
|
|
|
87,026
|
|
|
|
67,441
|
|
|
Operationaal losses
|
|
|
38,542
|
|
|
|
50,431
|
|
|
|
16,176
|
|
|
|
7,005
|
|
|
Balance adjustments loans and credit cards
|
|
|
72,724
|
|
|
|
114,658
|
|
|
|
16,644
|
|
|
|
27,921
|
|
|
Interests for leases liabilities
|
|
|
131,276
|
|
|
|
153,835
|
|
|
|
42,622
|
|
|
|
13,402
|
|
|
Coverage services
|
|
|
8,977
|
|
|
|
18,716
|
|
|
|
1,929
|
|
|
|
7,646
|
|
|
Contributions made to deposit insurance fund
|
|
|
188,429
|
|
|
|
230,966
|
|
|
|
79,333
|
|
|
|
74,032
|
|
|
Others
|
|
|
733,879
|
|
|
|
419,217
|
|
|
|
208,077
|
|
|
|
217,837
|
|
|
|
|
|
4,475,844
|
|
|
|
5,384,026
|
|
|
|
1,462,597
|
|
|
|
1,781,331
|
|
On April 28, 2020, the
Shareholders’ General Meeting approved the following distribution of retained earnings for the year ended on December 31,
2019:
* Dividend
distribution (466,711)
* Other
reserve: 4,759,020
The composition of “Income
from insurance activities” as of September 30, 2020 and 2019, is as follows:
|
|
|
Nine-month
period ended on
|
|
|
Three-month
period ended on
|
|
|
Item
|
|
09/30/2020
|
|
|
09/30/2019
|
|
|
09/30/2020
|
|
|
09/30/2019
|
|
|
Accrued premiums
|
|
|
1,578,225
|
|
|
|
1,887,143
|
|
|
|
534,292
|
|
|
|
779,888
|
|
|
Accrued losses
|
|
|
(182,302
|
)
|
|
|
(253,724
|
)
|
|
|
(80,182
|
)
|
|
|
(173,021
|
)
|
|
Production expenses
|
|
|
(283,267
|
)
|
|
|
(491,120
|
)
|
|
|
(127,068
|
)
|
|
|
(186,746
|
)
|
|
Total
|
|
|
1,112,656
|
|
|
|
1,142,299
|
|
|
|
327,042
|
|
|
|
420,121
|
|
As of September 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.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
|
|
|
Portfolio
|
|
|
Net
Worth
|
|
|
Number
of Units
|
|
|
Mutual Fund
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
Premier Renta CP en
Pesos
|
|
|
30,686,850
|
|
|
|
17,159,565
|
|
|
|
30,647,756
|
|
|
|
17,133,301
|
|
|
|
10,817,216,562
|
|
|
|
3,958,398,573
|
|
|
Premier Renta Plus en Pesos
|
|
|
146,299
|
|
|
|
133,476
|
|
|
|
144,569
|
|
|
|
131,095
|
|
|
|
11,293,520
|
|
|
|
10,250,999
|
|
|
Premier Renta Fija Ahorro
|
|
|
2,278,648
|
|
|
|
569,171
|
|
|
|
2,224,976
|
|
|
|
561,915
|
|
|
|
51,720,235
|
|
|
|
12,851,475
|
|
|
Premier Renta Fija Crecimiento
|
|
|
68,795
|
|
|
|
57,381
|
|
|
|
67,963
|
|
|
|
57,057
|
|
|
|
4,043,391
|
|
|
|
3,688,485
|
|
|
Premier Renta Variable
|
|
|
145,310
|
|
|
|
203,480
|
|
|
|
144,116
|
|
|
|
200,553
|
|
|
|
6,373,853
|
|
|
|
6,982,580
|
|
|
Premier Abierto Pymes
|
|
|
813,217
|
|
|
|
685,264
|
|
|
|
811,792
|
|
|
|
683,722
|
|
|
|
112,182,721
|
|
|
|
91,559,624
|
|
|
Premier Commodities
|
|
|
135,118
|
|
|
|
25,729
|
|
|
|
132,067
|
|
|
|
16,623
|
|
|
|
16,066,755
|
|
|
|
2,596,034
|
|
|
Premier Capital
|
|
|
231,635
|
|
|
|
157,825
|
|
|
|
230,999
|
|
|
|
157,409
|
|
|
|
48,602,745
|
|
|
|
36,057,519
|
|
|
Premier Inversión
|
|
|
982,213
|
|
|
|
165,532
|
|
|
|
981,758
|
|
|
|
165,447
|
|
|
|
2,354,092,132
|
|
|
|
442,160,447
|
|
|
Premier Balanceado
|
|
|
1,085,078
|
|
|
|
762,921
|
|
|
|
1,084,260
|
|
|
|
762,225
|
|
|
|
253,733,904
|
|
|
|
249,317,925
|
|
|
Premier Renta Mixta
|
|
|
2,515,722
|
|
|
|
162,958
|
|
|
|
2,151,138
|
|
|
|
162,825
|
|
|
|
793,133,355
|
|
|
|
76,562,093
|
|
|
Premier Renta Mixta en Dólares
|
|
|
107,244
|
|
|
|
159,236
|
|
|
|
106,334
|
|
|
|
158,650
|
|
|
|
2,160,917
|
|
|
|
2,815,589
|
|
|
Premier Performance Dólares
|
|
|
470,496
|
|
|
|
555,055
|
|
|
|
466,864
|
|
|
|
553,810
|
|
|
|
7,592,469
|
|
|
|
9,312,208
|
|
|
Premier Global USD
|
|
|
478,854
|
|
|
|
854,703
|
|
|
|
478,574
|
|
|
|
852,066
|
|
|
|
5,977,991
|
|
|
|
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, such limit amounted to 1,000 pursuant to Communication “A”
6654. As from May 1, 2020, the new limit amounts to $ 1,500, pursuant to Communication “A” 6973.
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.
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
As of September 30, 2020
and December 31, 2019 Grupo Supervielle’s following assets are restricted:
|
Detail
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
Other receivables from financial transactions
|
|
|
|
|
|
|
|
|
|
Special guarantee accounts in the Argentine
Central Bank
|
|
|
3,089,511
|
|
|
|
2,593,441
|
|
|
|
|
|
3,089,511
|
|
|
|
2,593,441
|
|
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous Receivables
|
|
|
|
|
|
|
|
|
|
Trust guarantee deposits
|
|
|
218
|
|
|
|
3,800
|
|
|
Guarantee deposits for currency forward transactions
|
|
|
1,473,358
|
|
|
|
2,682,203
|
|
|
Guarantee deposits for credit cards transactions
|
|
|
391,976
|
|
|
|
317,600
|
|
|
Guarantee deposits for repo transactions
|
|
|
-
|
|
|
|
23,880
|
|
|
Other guarantee deposits
|
|
|
201,151
|
|
|
|
162,282
|
|
|
|
|
|
2,066,703
|
|
|
|
3,189,765
|
|
|
|
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 September 30, 2020, the accounting books since September 2012
up to date and all corporate books are safeguarded in the registered headquarters.
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 September 30, 2020 and December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book
Value
|
|
Issuance
date
|
|
Currency
|
|
Nro.
of
Class
|
|
Amount
|
|
|
Amortization
|
|
Term
|
|
Maturity
date
|
|
Rate
|
|
09/30/2020
|
|
|
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
|
|
|
-
|
|
|
|
4,652,282
|
|
|
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%
|
|
|
665,004
|
|
|
|
815,874
|
|
|
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%
|
|
|
1,571,613
|
|
|
|
1,955,900
|
|
|
06/30/20
|
|
u$s
|
|
G
|
|
|
30,000,000
|
|
|
Quarterly:
12-22-20, 06-22-21, 06-30-21
|
|
12
|
|
06/30/2021
|
|
2% Nominal
Annual
|
|
|
1,992,409
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
4,229,026
|
|
|
|
7,424,056
|
|
The following chart provides the main
terms and conditions of issuances underway as of September 30, 2020 and December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book
Value
|
|
|
Issuance date
|
|
Currency
|
|
Nro. of
Class
|
|
Amount
|
|
|
Amortization
|
|
Term
|
|
Maturity date
|
|
Rate
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
08/20/2013
|
|
US$
|
|
III
|
|
|
22,500
|
|
|
100% at mat,
|
|
84 Months
|
|
08/20/2020
|
|
7
|
%
|
|
-
|
|
|
|
1,599,773
|
|
|
11/18/2014
|
|
US$
|
|
IV
|
|
|
13,441
|
|
|
100% at mat,
|
|
84 Months
|
|
11/18/2021
|
|
7
|
%
|
|
1,050,485
|
|
|
|
992,614
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,050,485
|
|
|
|
2,592,387
|
|
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
Micro Lending S.A.U.: Program for the Issuance of Negotiable
Obligations
The following is a detail of
the issues in effect as of September30, 2020 and December 31, 2019:
|
Class
|
|
Issuance
Date
|
|
Maturity
Date
|
|
FV
(in
thousands)
|
|
|
Rate
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
Clase III
|
|
10/04/2017
|
|
10/05/2020
|
|
|
35,000
|
|
|
Floating BADLAR + 7,0%
|
|
|
3,892
|
|
|
|
19,025
|
|
|
Total
|
|
|
3,892
|
|
|
|
19,025
|
|
9.5. FINANCIAL
TRUSTS
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 September 30, 2020:
|
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 of 09/30/2020, Banco Supervielle S.A.
as Trustee, is undergoing a negotiation process for the Contract “Extension Commission”.
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 CP.
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 in
Trust
|
|
|
Participation
Certificates
|
|
|
Debt
Securities
|
|
|
22
|
|
11/13/2019
|
|
|
571,560
|
|
|
|
102,300
|
|
|
|
469,260
|
|
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
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
|
|
|
III
|
|
06/08/2011
|
|
$
|
39,779
|
|
|
VDF TV A
|
|
VN
$
|
31,823
|
|
|
VDF B
|
|
VN
$
|
6,364
|
|
CP
|
|
VN
$
|
1,592
|
|
|
|
|
|
|
|
|
|
|
Mat: 03/12/13
|
|
|
|
|
|
Vto: 11/12/13
|
|
|
|
Vto: 10/12/16
|
|
|
|
|
|
IV
|
|
09/01/2011
|
|
$
|
40,652
|
|
|
VDF TV A
|
|
VN
$
|
32,522
|
|
|
VDF B
|
|
VN
$
|
6,504
|
|
CP
|
|
VN
$
|
1,626
|
|
|
|
|
|
|
|
|
|
|
Mat: 06/20/13
|
|
|
|
|
|
Vto: 10/20/13
|
|
|
|
Vto: 06/29/17
|
|
|
|
|
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.
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 September 30, 2020 and December 31,
2019, the minimum cash reserve was made up as folllows:
|
Item
|
|
09/30/2020
|
|
|
12/31/2019
(*)
|
|
|
Current accounts in the Argentine Central Bank
|
|
|
7,980,529
|
|
|
|
8,554,797
|
|
|
Sight accounts in the Argentine Central Bank
|
|
|
9,686,687
|
|
|
|
7,909,938
|
|
|
Special guarantee accounts in the Argentine Central Bank
|
|
|
2,903,279
|
|
|
|
1,975,535
|
|
|
Special accounts for previous credit payment
|
|
|
323,808
|
|
|
|
1,836
|
|
|
Total
|
|
|
20,894,303
|
|
|
|
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.
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
|
|
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 November 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.
|
|
12.
|
INTERNATIONAL
FINANCING PROGRAMS
|
In December 2017, Banco Interamericano
de Desarrollo (BID) granted Banco Supervielle S.A. a loan (tranche A) for USD 40,000,000, USD 35,000,000 of which are settled
over a three-year term and the remaining USD 5,000,000 over a five-year term. In June 2018, the Bank was granted a loan (tranche
B) for USD 93,500,000, USD 40,000,000 are settled over a year term and the remaining USD 53,500,000 are settled over ywo years
and a half.
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
|
The Society operates in a complex economic context which main
variables have been featured by strong volatility at a national and international level.
The pandemic outbreak in March 2020 produced by Covid-19
has had significant consequences globally. Most countries implemented a series of unprecedented restrictions. The different sanitary
restricting measures produced, to a greater or lesser extent, an almost immediate impact on economies which witnessed the quick
fall of production and activity indicators. Accordingly, most governments implemented fiscal aid packages to sustain part of the
population’s income and reduce the risk of breaches in payment chains; thus, avoiding a financial and economic crisis as
well as companies´ bankruptcies. Argentina was not the exception and the Government took action in the wake of the pandemic.
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
The Argentine economy was in a recessive process and the pandemic
outbreak in March 2020 turned the scenario even more complex. The country is expected to close 2020 with activity fall.
The following are the main local indicators:
|
|
•
|
GDP estimated fall (EMAE) as of August 2020 amounted
to a 12.5%.
|
|
|
•
|
Accrued inflation between January 1, 2020 and September 30,
2020 amounted to a 22.3% (Consumer Price Index - CPI).
|
|
|
•
|
Between January 1, 2020 and September 30, 2020,
the peso recorded a 21% depreciation against the USD, according to the Exchange rate
released by Banco de la Nación Argentina.
|
|
|
•
|
The monetary authority implemented additional Exchange
restrictions which, in turn, affected the foreign currency value in existing alternative
markets for certain Exchange operations restricted in the official market.
|
These measures, aimed at restricting the access to the exchange
market with the purpose of containing the demand of dollars, entail the Argentine Central Bank´s prior authorization request
for certain operations; thus, the following operations impact for the society:
|
|
−
|
Payment
of dividends and earnings to non-residents
|
|
|
−
|
Payment of financial loans granted to non-residents: those
companies that register scheduled capital maturities between 10/15/2020 and 03/31/2021
shall submit a capital refinancing program of at least the 60%, with new external indebtedness
and an average life of two years and shall be allowed to acquire only the equivalent
to the 40% of agreed-upon capital commitments
|
|
|
−
|
Payment
of debt securities issuance with public registration
|
|
|
−
|
Payment
of indebtedness among residents in foreign currency
|
Additionally, the exchange regime mandated the registration
and settlement of funds resulting from the following operations and concepts in local currency:
|
|
−
|
Exports
of goods and services
|
|
|
−
|
Collection
of prefinancings, advances and post-financing of exports of goods
|
|
|
−
|
Disposal
of non-produced non-financial assets
|
|
|
−
|
Disposal
of external assets
|
Such exchange restrictions, or those to be issued, might affect
the Society's capacity to access the Mercado Único y Libre de Cambios (MULC) for the acquisition of necessary foreign currency
to address financial obligations. Assets and liabilities in foreign currency as of September 30, 2020 have been estimated
in accordance with MULC´s quotations in place.
Likewise, in October 2020, the Government launched a set
of measures aimed at contributing with the development of exportable goods and promoting the local market and construction industry.
With the purpose of mitigating the economic isolation, the
Argentine Central Bank issued the following set of pre-emptive measures:
• 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 the 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 9.9 billion and 746 million respectively. As from October 16, 2020, through Communication “A”
7140, regulations on “Financing line for productive investments of Small and Medium Size companies were enforced.
GRUPO SUPERVIELLE S.A.
NOTES TO THE CONSOLIDATED CONDENSED
INTERIM FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2020
Presented on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
• 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 and “7107” extended maturities for loans
granted by local financial entities until December 31, 2020 and unpaid installments are deferred until such loan’s
life termination.
• Communication
“A” 6939 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” 7107 extended such term until December 31, 2020.
• Communications
“A” 6964 and 7095 automatically refinanced unpaid balances of credit card financing to be registered between April 1,
2020 and April 30, 2020 and between September 1, 2020 and September 30, 2020 respectively. Such balances have been
refinanced over a year term with three-month grace period in 9 monthly equal and consecutive installments. Likewise, pursuant
to Communication “A” 6993, 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. Communication “A”
7111 extended delinquency days for 1, 2, and 3 situations over a 60-day term. Such measure is applicable until December 31,
2020.
• Decree
312/2020, issued by the Argentine Central Bank, suspended the closing of bank accounts. Decree 544/2020, issued on June 19,
2020, extends until December 31, 2020 the suspension of the obligation of closing bank accounts and the application of disqualification
pursuant to Article 1° of Law N° 25,730, as well as the application of fines included in such norm.
• 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 measures 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.
The volatile and uncertain context remains as of the issuance
of these financial statements.
The Society's Board monitors the evolution of variables that
may affect its business; thus, defining the course of action and identifying any potential impact on its equity and financial
situation. The Bank's financial statements must be read in virtue of said circumstances.
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 September, 30 2020 and December 31, 2019:
|
|
|
HOLDING
|
|
|
POSITION
|
|
|
Item
|
|
Fair
value
|
|
|
Level
of fair
value
|
|
|
Book
value
09/30/2020
|
|
|
Book
value
12/31/2019
|
|
|
Without
options
|
|
|
Options
|
|
|
Final
Position
|
|
|
DEBT
SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury
Bill $ aj CER disc. Mat.02/26/21
|
|
|
|
|
|
|
1
|
|
|
|
780,931
|
|
|
|
-
|
|
|
|
509,513
|
|
|
|
-
|
|
|
|
509,513
|
|
|
Treasury
Bill $ Aj CER 1,20% Mat. 03/18/22
|
|
|
|
|
|
|
1
|
|
|
|
392,838
|
|
|
|
-
|
|
|
|
472,750
|
|
|
|
-
|
|
|
|
472,750
|
|
|
Treasury
Bill Nac. $ Badlar 08/05/21
|
|
|
|
|
|
|
1
|
|
|
|
574,954
|
|
|
|
-
|
|
|
|
291,016
|
|
|
|
-
|
|
|
|
291,016
|
|
|
Treasury
Bill $ Aj CER 1,50% Mat.03/25/24
|
|
|
|
|
|
|
1
|
|
|
|
232,588
|
|
|
|
-
|
|
|
|
271,553
|
|
|
|
-
|
|
|
|
271,553
|
|
|
Treasury
Bill $ Aj CER 1,40% Vto.03/25/23
|
|
|
|
|
|
|
1
|
|
|
|
221,699
|
|
|
|
-
|
|
|
|
226,882
|
|
|
|
-
|
|
|
|
226,882
|
|
|
Treasury
Bill Pcia. BS.AS. $ Mat.01/29/21
|
|
|
|
|
|
|
2
|
|
|
|
181,805
|
|
|
|
-
|
|
|
|
214,612
|
|
|
|
-
|
|
|
|
214,612
|
|
|
Treasury
Bonus $ Aj CER 1,30% Mat.09/20/22
|
|
|
|
|
|
|
1
|
|
|
|
166,356
|
|
|
|
-
|
|
|
|
195,881
|
|
|
|
-
|
|
|
|
195,881
|
|
|
T.D.
Cdad de Bs As $ TV CL.22 Mat.03/29/2024
|
|
|
|
|
|
|
1
|
|
|
|
154,076
|
|
|
|
-
|
|
|
|
120,874
|
|
|
|
-
|
|
|
|
120,874
|
|
|
Treasury
Bonus BONCER 2% $ 2026
|
|
|
|
|
|
|
1
|
|
|
|
116,214
|
|
|
|
-
|
|
|
|
118,095
|
|
|
|
-
|
|
|
|
118,095
|
|
|
Argentine
Bonus U$S STEP UP 2030
|
|
|
|
|
|
|
1
|
|
|
|
111,615
|
|
|
|
-
|
|
|
|
105,765
|
|
|
|
-
|
|
|
|
105,765
|
|
|
Argentine
National Bonus 2,5% $ 07/22/2021 (TC21)
|
|
|
|
|
|
|
1
|
|
|
|
4,859
|
|
|
|
18,330
|
|
|
|
4,859
|
|
|
|
-
|
|
|
|
4,859
|
|
|
Bocon
– Consolidation Bonus $ 8 serie (PR15)
|
|
|
|
|
|
|
1
|
|
|
|
6,310
|
|
|
|
23,035
|
|
|
|
6,310
|
|
|
|
-
|
|
|
|
6,310
|
|
|
Others
|
|
|
|
|
|
|
1
|
|
|
|
788,716
|
|
|
|
535,927
|
|
|
|
788,716
|
|
|
|
-
|
|
|
|
788,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central
Bank Bills
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity
Central Bank Bills Mat. 10/01/2020
|
|
|
|
|
|
|
1
|
|
|
|
220,000
|
|
|
|
-
|
|
|
|
220,000
|
|
|
|
-
|
|
|
|
220,000
|
|
|
Liquidity
Central Bank Bills Mat. 10/08/2020
|
|
|
|
|
|
|
1
|
|
|
|
208,513
|
|
|
|
-
|
|
|
|
208,513
|
|
|
|
-
|
|
|
|
208,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ON
Ypf S.A Cl.5 $ Mat.01/24/21 CG
|
|
|
|
|
|
|
2
|
|
|
|
167,063
|
|
|
|
-
|
|
|
|
165,292
|
|
|
|
-
|
|
|
|
165,292
|
|
|
ON
Pan American Energy $ 12 Mat.11/19/20 CG
|
|
|
|
|
|
|
2
|
|
|
|
54,744
|
|
|
|
-
|
|
|
|
104,790
|
|
|
|
-
|
|
|
|
104,790
|
|
|
Vcp
Pyme Catalinas Coop.3 V04/12/20 $ CG
|
|
|
|
|
|
|
3
|
|
|
|
-
|
|
|
|
3,171
|
|
|
|
0
|
|
|
|
-
|
|
|
|
0
|
|
|
Others
|
|
|
|
|
|
|
1
|
|
|
|
69,103
|
|
|
|
114,750
|
|
|
|
69,103
|
|
|
|
-
|
|
|
|
69,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Debt Securities at Fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
4,452,384
|
|
|
|
695,213
|
|
|
|
4,094,524
|
|
|
|
-
|
|
|
|
4,094,524
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
DEBT SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured
at fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
|
|
|
HOLDING
|
|
|
POSITION
|
|
|
Item
|
|
Fair
value
|
|
|
Level
of fair
value
|
|
|
Book
value
09/30/2020
|
|
|
Book
value
12/31/2019
|
|
|
Without
options
|
|
|
Options
|
|
|
Final
Position
|
|
|
Treasury Bonus
$ Aj CER 1,40% Mat.03/25/23
|
|
|
|
|
|
1
|
|
|
|
336,312
|
|
|
|
-
|
|
|
|
1,103,492
|
|
|
|
-
|
|
|
|
1,103,492
|
|
|
Treasury Bonus Nat. $ Aj.
CER 08/05/21
|
|
|
|
|
|
1
|
|
|
|
268,763
|
|
|
|
-
|
|
|
|
501,258
|
|
|
|
-
|
|
|
|
501,258
|
|
|
Treasury Bonus $ Aj CER 1,20%
Mat. 03/18/22
|
|
|
|
|
|
1
|
|
|
|
225,200
|
|
|
|
-
|
|
|
|
237,685
|
|
|
|
-
|
|
|
|
237,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury Bonus Nat. $ Badlar
08/05/21
|
|
|
|
|
|
1
|
|
|
|
218,069
|
|
|
|
-
|
|
|
|
202,858
|
|
|
|
-
|
|
|
|
202,858
|
|
|
Treasury Bonus $ Aj CER 1,30%
Mat.09/20/22
|
|
|
|
|
|
1
|
|
|
|
115,948
|
|
|
|
-
|
|
|
|
102,122
|
|
|
|
-
|
|
|
|
102,122
|
|
|
Treasury Bill $ Mat.12/22/2020
|
|
|
|
|
|
1
|
|
|
|
29,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury Bonus $ Aj CER 1,50%
Mat.03/25/24
|
|
|
|
|
|
1
|
|
|
|
13,271
|
|
|
|
-
|
|
|
|
27,016
|
|
|
|
-
|
|
|
|
27,016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Centrak
Bank Bills
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity Central Bank Bills
Mat. 10/01/20
|
|
|
|
|
|
2
|
|
|
|
12,530,000
|
|
|
|
-
|
|
|
|
17,888,256
|
|
|
|
-
|
|
|
|
17,888,256
|
|
|
Liquidity Central Bank Bills
Mat. 10/15/20
|
|
|
|
|
|
2
|
|
|
|
9,856,340
|
|
|
|
-
|
|
|
|
17,373,388
|
|
|
|
-
|
|
|
|
17,373,388
|
|
|
Liquidity Central Bank Bills
Mat. 10/22/20
|
|
|
|
|
|
2
|
|
|
|
9,786,050
|
|
|
|
-
|
|
|
|
10,489,080
|
|
|
|
-
|
|
|
|
10,489,080
|
|
|
Liquidity Central Bank Bills
Mat. 10/13/20
|
|
|
|
|
|
2
|
|
|
|
4,444,474
|
|
|
|
-
|
|
|
|
4,933,230
|
|
|
|
-
|
|
|
|
4,933,230
|
|
|
Liquidity Central Bank Bills
Mat.10/06/20
|
|
|
|
|
|
2
|
|
|
|
3,979,284
|
|
|
|
-
|
|
|
|
2,857,126
|
|
|
|
-
|
|
|
|
2,857,126
|
|
|
Liquidity Central Bank Bills
Mat. 10/20/20
|
|
|
|
|
|
2
|
|
|
|
2,206,357
|
|
|
|
-
|
|
|
|
1,674,611
|
|
|
|
-
|
|
|
|
1,674,611
|
|
|
Liquidity Central Bank Bills
Mat. 10/27/20
|
|
|
|
|
|
2
|
|
|
|
730,234
|
|
|
|
-
|
|
|
|
1,308,983
|
|
|
|
-
|
|
|
|
1,308,983
|
|
|
Liquidity Central Bank Bills
Mat. 01/08/20
|
|
|
|
|
|
2
|
|
|
|
-
|
|
|
|
6,647,442
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Liquidity Central Bank Bills
Mat. 01/03/20
|
|
|
|
|
|
2
|
|
|
|
-
|
|
|
|
1,122,658
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Liquidity Central Bank Bills
Mat. 01/03/20
|
|
|
|
|
|
2
|
|
|
|
-
|
|
|
|
664,351
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Liquidity Central Bank Bills
Mat.01/06/20
|
|
|
|
|
|
2
|
|
|
|
-
|
|
|
|
304,527
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Liquidity Central Bank Bills
Mat.01/02/20
|
|
|
|
|
|
2
|
|
|
|
-
|
|
|
|
30,526
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others
|
|
|
|
|
|
1
|
|
|
|
32
|
|
|
|
40
|
|
|
|
32
|
|
|
|
-
|
|
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured
at amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National Treasury Bonus Tf
Mat. 11/21/2020
|
|
|
|
|
|
|
|
|
|
4,639,278
|
|
|
|
3,778,931
|
|
|
|
4,377,440
|
|
|
|
-
|
|
|
|
4,377,440
|
|
|
Treasury Bonus $ Fixed rate
22% Mat.05/21/22
|
|
|
|
|
|
|
|
|
|
1,464,056
|
|
|
|
-
|
|
|
|
460,407
|
|
|
|
-
|
|
|
|
460,407
|
|
|
Argentine Sovereign Bond.
$ Badlar+200 04/03/2022
|
|
|
|
|
|
|
|
|
|
247,692
|
|
|
|
-
|
|
|
|
241,509
|
|
|
|
-
|
|
|
|
241,509
|
|
|
Others
|
|
|
|
|
|
|
|
|
|
37,646
|
|
|
|
-
|
|
|
|
37,646
|
|
|
|
-
|
|
|
|
37,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohers
|
|
|
|
|
|
|
|
|
|
3,336
|
|
|
|
501,650
|
|
|
|
3,336
|
|
|
|
-
|
|
|
|
3,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other
debt securities
|
|
|
|
|
|
|
|
|
|
51,131,881
|
|
|
|
13,050,125
|
|
|
|
63,819,475
|
|
|
|
-
|
|
|
|
63,819,475
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
|
|
|
HOLDING
|
|
|
POSITION
|
|
|
Item
|
|
Fair
value
|
|
|
Level
of fair
value
|
|
|
Book
value
09/30/2020
|
|
|
Book
value
12/31/2019
|
|
|
Without
options
|
|
|
Options
|
|
|
Final
Position
|
|
|
EQUITY
INSTRUMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured
at fair value through profit and loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grupo Financiero Galicia SA
|
|
|
|
|
|
1
|
|
|
|
69,548
|
|
|
|
7,088
|
|
|
|
20,135
|
|
|
|
-
|
|
|
|
20,135
|
|
|
Pampa Energía S.A.
|
|
|
|
|
|
1
|
|
|
|
6,061
|
|
|
|
0
|
|
|
|
10,189
|
|
|
|
-
|
|
|
|
10,189
|
|
|
Loma Negra S.A.
|
|
|
|
|
|
1
|
|
|
|
1,892
|
|
|
|
0
|
|
|
|
1,332
|
|
|
|
-
|
|
|
|
1,332
|
|
|
Central Puerto S.A. Ord. 1
voto Esc
|
|
|
|
|
|
1
|
|
|
|
1,140
|
|
|
|
0
|
|
|
|
179
|
|
|
|
-
|
|
|
|
179
|
|
|
Otros
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured
at fair value with changes in OCI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohers
|
|
|
|
|
|
|
|
|
|
8,928
|
|
|
|
10,740
|
|
|
|
8,928
|
|
|
|
-
|
|
|
|
8,928
|
|
|
Total equity
instruments
|
|
|
|
|
|
|
|
|
|
87,569
|
|
|
|
17,828
|
|
|
|
40,763
|
|
|
|
-
|
|
|
|
40,763
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
55,671,834
|
|
|
|
13,763,166
|
|
|
|
67,954,762
|
|
|
|
-
|
|
|
|
67,954,762
|
|
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 September 30, 2020 and December 31, 2019 balances
of loans and other financing are the following:
|
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
COMMERCIAL PORTFOLIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Normal situation
|
|
|
38,906,433
|
|
|
|
49,710,525
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
2,120,582
|
|
|
|
1,503,004
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
7,856,722
|
|
|
|
10,646,195
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
28,929,129
|
|
|
|
37,561,326
|
|
|
|
|
|
|
|
|
|
|
|
|
Subject to special monitoring
|
|
|
|
|
|
|
|
|
|
- Under Observation
|
|
|
1,448,214
|
|
|
|
297,520
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
128,061
|
|
|
|
13,060
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
1,093,565
|
|
|
|
168,304
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
226,588
|
|
|
|
116,156
|
|
|
|
|
|
|
|
|
|
|
|
|
With problems
|
|
|
167,687
|
|
|
|
122,229
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
866
|
|
|
|
7,499
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
134,751
|
|
|
|
46,132
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
32,070
|
|
|
|
68,598
|
|
|
|
|
|
|
|
|
|
|
|
|
High risk of insolvency
|
|
|
2,159,605
|
|
|
|
4,401,912
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
-
|
|
|
|
23,117
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
1,603,283
|
|
|
|
1,704,681
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
556,322
|
|
|
|
2,674,114
|
|
|
|
|
|
|
|
|
|
|
|
|
Uncollectible
|
|
|
14,912
|
|
|
|
26,086
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
-
|
|
|
|
-
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
1,638
|
|
|
|
1,897
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
13,274
|
|
|
|
24,189
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL PORTFOLIO
|
|
|
42,696,851
|
|
|
|
54,558,272
|
|
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
|
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
CONSUMER AND HOUSING PORTFOLIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Normal situation
|
|
|
61,501,504
|
|
|
|
55,797,379
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
2,445,635
|
|
|
|
850,090
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
6,534,240
|
|
|
|
7,568,767
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
52,521,629
|
|
|
|
47,378,522
|
|
|
|
|
|
|
|
|
|
|
|
|
Low Risk
|
|
|
389,712
|
|
|
|
2,001,895
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
6,379
|
|
|
|
111,015
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
18,976
|
|
|
|
243,779
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
364,357
|
|
|
|
1,647,101
|
|
|
|
|
|
|
|
|
|
|
|
|
Medium Risk
|
|
|
498,717
|
|
|
|
1,623,594
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
11,565
|
|
|
|
57,224
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
24,232
|
|
|
|
157,747
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
462,920
|
|
|
|
1,408,623
|
|
|
|
|
|
|
|
|
|
|
|
|
High Risk
|
|
|
1,050,115
|
|
|
|
2,065,906
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
26,108
|
|
|
|
29,347
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
85,792
|
|
|
|
118,460
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
938,215
|
|
|
|
1,918,099
|
|
|
|
|
|
|
|
|
|
|
|
|
Uncollectible
|
|
|
889,609
|
|
|
|
360,976
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
24,656
|
|
|
|
6,102
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
206,969
|
|
|
|
85,073
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
657,984
|
|
|
|
269,801
|
|
|
|
|
|
|
|
|
|
|
|
|
Uncollectible classified as such under regulatory requirements
|
|
|
-
|
|
|
|
2,347
|
|
|
-With "A" Preferred Collateral and Counter-guarantees
|
|
|
-
|
|
|
|
-
|
|
|
-With "B" Preferred Collateral and Counter-guarantees
|
|
|
-
|
|
|
|
-
|
|
|
- Without Preferred Collateral nor Counter-guarantees
|
|
|
-
|
|
|
|
2,347
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CONSUMER AND HOUSING PORTFOLIO
|
|
|
64,329,657
|
|
|
|
61,852,097
|
|
|
TOTAL GENERAL(1)
|
|
|
107,026,508
|
|
|
|
116,410,369
|
|
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
|
|
|
98,191,094
|
|
|
|
108,714,512
|
|
|
Other debt securities
|
|
|
51,131,881
|
|
|
|
13,050,125
|
|
|
Computable items out of balance
|
|
|
(42,296,467
|
)
|
|
|
(5,354,268
|
)
|
|
plus allowances
|
|
|
8,295,771
|
|
|
|
7,170,484
|
|
|
plus IFRS adjusments non computable for DCS
|
|
|
528,790
|
|
|
|
531,948
|
|
|
less non deductible ítems for DCS
|
|
|
(4,424
|
)
|
|
|
(6,619
|
)
|
|
less Debt securities measured at amortized cost
|
|
|
(51,116,604
|
)
|
|
|
(13,050,081
|
)
|
|
Total
|
|
|
107,026,508
|
|
|
|
116,410,369
|
|
GRUPO SUPERVIELLE S.A.
(Expressed in thousands of pesos in homogeneous
currency)
SCHEDULE C – CONCENTRATION OF LOANS AND OTHER FINANCING
As of September 30, 2020 and December 31, 2019 the
concentration of leans and other financing are the following:
|
|
|
Loans and other financing
|
|
|
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
Number of Clients
|
|
Balance
|
|
|
% over
total portfolio
|
|
|
Balance
|
|
|
% over
total portfolio
|
|
|
10 largest customers
|
|
|
11,974,797
|
|
|
|
11.2
|
%
|
|
|
14,791,882
|
|
|
|
12.7
|
%
|
|
50 following largest customers
|
|
|
16,875,383
|
|
|
|
15.8
|
%
|
|
|
20,694,999
|
|
|
|
17.8
|
%
|
|
100 following largest customers
|
|
|
9,635,963
|
|
|
|
9.0
|
%
|
|
|
11,189,909
|
|
|
|
9.6
|
%
|
|
Rest of customers
|
|
|
68,540,365
|
|
|
|
64.0
|
%
|
|
|
69,733,579
|
|
|
|
59.9
|
%
|
|
TOTAL
|
|
|
107,026,508
|
|
|
|
100.0
|
%
|
|
|
116,410,369
|
|
|
|
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 September 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
|
|
|
-
|
|
|
|
96,976
|
|
|
4,181
|
|
|
6,472
|
|
|
|
13,558
|
|
|
|
27,797
|
|
|
|
-
|
|
|
|
148,984
|
|
|
Financial Sector
|
|
|
-
|
|
|
|
2,375
|
|
|
4,445
|
|
|
7,145
|
|
|
|
22,577
|
|
|
|
-
|
|
|
|
-
|
|
|
|
36,542
|
|
|
Non-financial
private sector and residents abroad
|
|
|
17,568,769
|
|
|
|
64,115,349
|
|
|
21,901,951
|
|
|
27,700,811
|
|
|
|
47,263,483
|
|
|
|
41,041,009
|
|
|
|
91,483,517
|
|
|
|
311,074,889
|
|
|
TOTAL
|
|
|
17,568,769
|
|
|
|
64,214,700
|
|
|
21,910,577
|
|
|
27,714,428
|
|
|
|
47,299,618
|
|
|
|
41,068,806
|
|
|
|
91,483,517
|
|
|
|
311,260,415
|
|
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 September 30,
2020 and December 31, 2019, are as follows:
|
|
|
At the
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
Net
carrying
|
|
|
Item
|
|
beginning of
the year
|
|
|
Useful
life
|
|
|
Additions
|
|
|
Disposals
|
|
|
Accumulated
|
|
|
Disposals
|
|
|
Of
the
period
|
|
|
At
the end of
the period
|
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
Cost model
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Furniture
and facilities
|
|
|
1,322,355
|
|
|
|
10
|
|
|
|
117,768
|
|
|
|
(123,417
|
)
|
|
|
(1,004,790
|
)
|
|
|
40,358
|
|
|
|
(67,815
|
)
|
|
|
(1,032,247
|
)
|
|
|
284,459
|
|
|
|
317,565
|
|
|
Machinery
and equipment
|
|
|
3,769,484
|
|
|
|
-
|
|
|
|
625,492
|
|
|
|
(399,106
|
)
|
|
|
(3,274,201
|
)
|
|
|
|
|
|
|
(204,250
|
)
|
|
|
(3,478,451
|
)
|
|
|
517,419
|
|
|
|
495,283
|
|
|
Vehicles
|
|
|
211,677
|
|
|
|
5
|
|
|
|
39,230
|
|
|
|
(23,485
|
)
|
|
|
(90,761
|
)
|
|
|
13,200
|
|
|
|
(29,234
|
)
|
|
|
(106,795
|
)
|
|
|
120,627
|
|
|
|
120,916
|
|
|
Right
of Use of Leased Properties
|
|
|
1,838,960
|
|
|
|
50
|
|
|
|
598,984
|
|
|
|
(566,393
|
)
|
|
|
(692,825
|
)
|
|
|
477,174
|
|
|
|
(528,393
|
)
|
|
|
(744,044
|
)
|
|
|
1,127,507
|
|
|
|
1,146,135
|
|
|
Construction
in progress
|
|
|
587,202
|
|
|
|
-
|
|
|
|
47,490
|
|
|
|
(103,037
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
531,655
|
|
|
|
587,202
|
|
|
Revaluation model
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land and Buildings
|
|
|
2,334,147
|
|
|
|
50
|
|
|
|
685,196
|
|
|
|
|
|
|
|
(107,151
|
)
|
|
|
|
|
|
|
(44,486
|
)
|
|
|
(151,637
|
)
|
|
|
2,867,706
|
|
|
|
2,226,996
|
|
|
Total
|
|
|
10,063,825
|
|
|
|
10
|
|
|
|
2,114,160
|
|
|
|
(1,215,438
|
)
|
|
|
(5,169,728
|
)
|
|
|
530,732
|
|
|
|
(874,178
|
)
|
|
|
(5,513,174
|
)
|
|
|
5,449,373
|
|
|
|
4,894,097
|
|
The movements in investment properties as of September 30,
2020 and December 31, 2019 are as follows:
|
|
|
At the
|
|
|
|
|
|
|
|
|
Net
carrying
|
|
|
Item
|
|
beginning of
the year
|
|
|
Useful
life
|
|
|
Disposals*
|
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
Measurement at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rent building
|
|
|
4,958,492
|
|
|
|
50
|
|
|
|
(672,385
|
)
|
|
|
4,286,107
|
|
|
|
4,958,492
|
|
|
Total
|
|
|
4,958,492
|
|
|
|
|
|
|
|
(672,385
|
)
|
|
|
4,286,107
|
|
|
|
4,958,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Related
to transfers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GRUPO SUPERVIELLE S.A.
(Expressed in thousands of pesos in homogeneous
currency)
SCHEDULE G – INTANGIBLE ASSETS
Intangible assets of the Group as of September 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
|
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
Measurement at cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
3,292,987
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,292,987
|
|
|
|
3,292,987
|
|
|
Brands
|
|
|
179,650
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
179,650
|
|
|
|
179,650
|
|
|
Other
intangible assets
|
|
|
3,515,658
|
|
|
|
-
|
|
|
|
670,567
|
|
|
|
(15,167
|
)
|
|
|
(1,641,200
|
)
|
|
|
463
|
|
|
|
(546,342
|
)
|
|
|
(2,187,079
|
)
|
|
|
1,983,979
|
|
|
|
1,874,458
|
|
|
TOTAL
|
|
|
6,988,295
|
|
|
|
-
|
|
|
|
670,567
|
|
|
|
(15,167
|
)
|
|
|
(1,641,200
|
)
|
|
|
463
|
|
|
|
(546,342
|
)
|
|
|
(2,187,079
|
)
|
|
|
5,456,616
|
|
|
|
5,347,095
|
|
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 September 30, 2020 and December 31,
2019 the concentration of deposits are the following:
|
|
|
Deposits
|
|
|
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
Number of customers
|
|
Placement
Balance
|
|
|
%
over total
portfolio
|
|
|
Placement
Balance
|
|
|
%
over total
portfolio
|
|
|
10 largest customers
|
|
|
49,830,751
|
|
|
|
29.3
|
%
|
|
|
14,569,414
|
|
|
|
13.4
|
%
|
|
50 following largest customers
|
|
|
30,109,704
|
|
|
|
17.7
|
%
|
|
|
14,335,311
|
|
|
|
13.2
|
%
|
|
100 following largest customers
|
|
|
9,375,026
|
|
|
|
5.5
|
%
|
|
|
7,348,131
|
|
|
|
6.8
|
%
|
|
Rest of customers
|
|
|
80,943,637
|
|
|
|
47.5
|
%
|
|
|
72,594,235
|
|
|
|
66.7
|
%
|
|
TOTAL
|
|
|
170,259,118
|
|
|
|
100.0
|
%
|
|
|
108,847,091
|
|
|
|
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 September 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
|
|
|
6,782,745
|
|
|
|
1,417,035
|
|
|
|
1,074
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8,200,854
|
|
|
Financial sector
|
|
|
13,574
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13,574
|
|
|
Non-financial private
sector and residents abroad
|
|
|
113,189,750
|
|
|
|
30,644,941
|
|
|
|
20,115,299
|
|
|
|
1,454,989
|
|
|
|
2,202
|
|
|
|
195
|
|
|
|
165,407,376
|
|
|
Liabilities at fair
value through profit and loss
|
|
|
32,361
|
|
|
|
-
|
|
|
|
156,713
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
189,074
|
|
|
Repo operations
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Other financial liabilities
|
|
|
6,720,950
|
|
|
|
189,512
|
|
|
|
177,113
|
|
|
|
338,619
|
|
|
|
434,802
|
|
|
|
487,488
|
|
|
|
8,348,484
|
|
|
Financing received
from the Argentine Central Bank and other financial institutions
|
|
|
113,196
|
|
|
|
7,132,931
|
|
|
|
126,427
|
|
|
|
235,069
|
|
|
|
386,314
|
|
|
|
29,423
|
|
|
|
8,023,360
|
|
|
Negotiable Obligations
issued
|
|
|
-
|
|
|
|
422,627
|
|
|
|
733,978
|
|
|
|
2,717,687
|
|
|
|
1,337,134
|
|
|
|
800,802
|
|
|
|
6,012,228
|
|
|
Subordinated
negotiable obligations
|
|
|
-
|
|
|
|
36,632
|
|
|
|
-
|
|
|
|
36,034
|
|
|
|
1,060,500
|
|
|
|
-
|
|
|
|
1,133,166
|
|
|
TOTAL
|
|
|
126,852,576
|
|
|
|
39,843,678
|
|
|
|
21,310,604
|
|
|
|
4,782,398
|
|
|
|
3,220,952
|
|
|
|
1,317,908
|
|
|
|
197,328,116
|
|
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
SCHEDULE L – ASSETS AND LIABILITIES IN FOREIGN
CURRENCY
As of September 30, 2020 and December 31, 2019:
|
|
|
As
of September 30,
|
|
|
As
of September 30, 2020 (per currency)
|
|
|
As
of December 31,
|
|
|
Items
|
|
2020
|
|
|
Dollar
|
|
|
Euro
|
|
|
Real
|
|
|
Others
|
|
|
2019
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Due
from Banks
|
|
|
15,658,615
|
|
|
|
14,582,976
|
|
|
|
826,070
|
|
|
|
12,786
|
|
|
|
236,783
|
|
|
|
16,994,370
|
|
|
Debt securities at fair
value through profit or loss
|
|
|
198,851
|
|
|
|
198,851
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
862,033
|
|
|
Derivatives
|
|
|
589
|
|
|
|
589
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
Other financial assets
|
|
|
738,067
|
|
|
|
737,972
|
|
|
|
95
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,408,163
|
|
|
Loans and other financing
|
|
|
17,685,342
|
|
|
|
17,683,411
|
|
|
|
1,452
|
|
|
|
-
|
|
|
|
479
|
|
|
|
26,271,222
|
|
|
Other Debt Securities
|
|
|
65
|
|
|
|
65
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
79
|
|
|
Financial assets in guarantee
|
|
|
586,109
|
|
|
|
586,109
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5,506,964
|
|
|
Other
non-financial assets
|
|
|
165,577
|
|
|
|
165,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
219,228
|
|
|
TOTAL
ASSETS
|
|
|
35,033,215
|
|
|
|
33,955,550
|
|
|
|
827,617
|
|
|
|
12,786
|
|
|
|
237,262
|
|
|
|
51,262,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
21,997,285
|
|
|
|
21,569,634
|
|
|
|
427,651
|
|
|
|
-
|
|
|
|
-
|
|
|
|
28,538,219
|
|
|
Non-financial
public sector
|
|
|
815,999
|
|
|
|
815,869
|
|
|
|
130
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,655,329
|
|
|
Financial
sector
|
|
|
380
|
|
|
|
380
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
11,082
|
|
|
Non-financial
private sector and foreign residents
|
|
|
21,180,906
|
|
|
|
20,753,385
|
|
|
|
427,521
|
|
|
|
-
|
|
|
|
-
|
|
|
|
25,871,808
|
|
|
Other financial liabilities
|
|
|
2,718,390
|
|
|
|
2,586,196
|
|
|
|
125,026
|
|
|
|
11
|
|
|
|
7,157
|
|
|
|
5,003,785
|
|
|
Financing received from
the Argentine Central Bank and other financial institutions
|
|
|
6,939,062
|
|
|
|
6,939,062
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9,875,402
|
|
|
Negotiable obligations
Issued
|
|
|
1,992,409
|
|
|
|
1,992,409
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Subordinated negotiable
obligations
|
|
|
1,050,485
|
|
|
|
1,050,485
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,592,387
|
|
|
Other
non-financial liabilities
|
|
|
318,941
|
|
|
|
318,940
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
417,081
|
|
|
TOTAL
LIABILITIES
|
|
|
35,016,572
|
|
|
|
34,456,726
|
|
|
|
552,678
|
|
|
|
11
|
|
|
|
7,157
|
|
|
|
46,426,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
POSITION
|
|
|
16,643
|
|
|
|
(501,176
|
)
|
|
|
274,939
|
|
|
|
12,775
|
|
|
|
230,105
|
|
|
|
4,835,185
|
|
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 September 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
|
|
|
302,519
|
|
|
|
(1,179
|
)
|
|
|
-
|
|
|
|
35,848
|
|
|
|
(61,457
|
)
|
|
|
275,731
|
|
|
Loans and other financing
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Other financial entities
|
|
|
14,772
|
|
|
|
(664
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,571
|
)
|
|
|
11,537
|
|
|
Non-financial private sector and residents abroad
|
|
|
6,848,845
|
|
|
|
2,181,168
|
|
|
|
1,259,333
|
|
|
|
(500,184
|
)
|
|
|
(1,784,212
|
)
|
|
|
8,004,950
|
|
|
Overdrafts
|
|
|
1,804,167
|
|
|
|
239,841
|
|
|
|
238,142
|
|
|
|
(1,020,864
|
)
|
|
|
(229,887
|
)
|
|
|
1,031,399
|
|
|
Documents
|
|
|
445,038
|
|
|
|
269,818
|
|
|
|
7,739
|
|
|
|
(5,239
|
)
|
|
|
(130,748
|
)
|
|
|
586,608
|
|
|
Mortgages
|
|
|
564,114
|
|
|
|
1,564,080
|
|
|
|
27,574
|
|
|
|
(350,076
|
)
|
|
|
(329,112
|
)
|
|
|
1,476,580
|
|
|
Pledge loans
|
|
|
119,103
|
|
|
|
(691
|
)
|
|
|
(5,894
|
)
|
|
|
33,984
|
|
|
|
(26,702
|
)
|
|
|
119,800
|
|
|
Personal Loans
|
|
|
1,010,566
|
|
|
|
80,339
|
|
|
|
(48,402
|
)
|
|
|
346,163
|
|
|
|
(253,104
|
)
|
|
|
1,135,562
|
|
|
Credit cards
|
|
|
661,753
|
|
|
|
(77,495
|
)
|
|
|
136,016
|
|
|
|
76,245
|
|
|
|
(145,176
|
)
|
|
|
651,343
|
|
|
Financial lease
|
|
|
169,890
|
|
|
|
44,204
|
|
|
|
102,265
|
|
|
|
(4,210
|
)
|
|
|
(56,894
|
)
|
|
|
255,255
|
|
|
Others
|
|
|
2,074,214
|
|
|
|
61,072
|
|
|
|
801,893
|
|
|
|
423,813
|
|
|
|
(612,589
|
)
|
|
|
2,748,403
|
|
|
Other debt securities
|
|
|
4,348
|
|
|
|
(2
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(793
|
)
|
|
|
3,553
|
|
|
TOTAL PROVISIONS
|
|
|
7,170,484
|
|
|
|
2,179,323
|
|
|
|
1,259,333
|
|
|
|
(464,336
|
)
|
|
|
(1,849,033
|
)
|
|
|
8,295,771
|
|
Separate Condensed Interim Financial Statements
For the nine-month period ended on
September 30, 2020, presented on comparative basis in
homogeneous currency
GRUPO SUPERVIELLE
S.A.
SEPARATE CONDENSED INTERIM STATEMENT
OF FINANCIAL POSITION
As of September 30, 2020 and December 31,
2019
(Expressed in thousands of pesos in homogeneous
currency)
|
|
|
Notes and
Schedules
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
2, 4.1 and 9
|
|
|
72,888
|
|
|
|
146,132
|
|
|
Cash
|
|
|
|
|
4
|
|
|
|
2
|
|
|
Financial institutions and correspondents
|
|
|
|
|
|
|
|
|
|
|
|
Other local and foreign financial institutions
|
|
|
|
|
72,884
|
|
|
|
146,130
|
|
|
Other financial assets
|
|
2, 4.2, 7 and 9
|
|
|
640,257
|
|
|
|
883,058
|
|
|
Other debt securities
|
|
4.3, 9 and A
|
|
|
37,646
|
|
|
|
-
|
|
|
Current income tax assets
|
|
7
|
|
|
30,942
|
|
|
|
53,596
|
|
|
Investment in subsidiaries, associates and joint ventures
|
|
3 and 4.4
|
|
|
27,511,626
|
|
|
|
25,366,076
|
|
|
Property, plant and equipment
|
|
4.5 and F
|
|
|
2,305
|
|
|
|
2,930
|
|
|
Intangible Assets
|
|
4.6 and G
|
|
|
3,745,134
|
|
|
|
3,786,368
|
|
|
Other Non-financial assets
|
|
4.7 and 7
|
|
|
154,334
|
|
|
|
182,274
|
|
|
TOTAL ASSETS
|
|
|
|
|
32,195,132
|
|
|
|
30,420,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax liabilities
|
|
7
|
|
|
119,846
|
|
|
|
517,693
|
|
|
Other Non-Financial Liabilities
|
|
4.8 and 7
|
|
|
305,933
|
|
|
|
322,158
|
|
|
TOTAL LIABILITIES
|
|
|
|
|
425,779
|
|
|
|
839,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Capital Stock
|
|
|
|
|
456,722
|
|
|
|
456,722
|
|
|
Capital adjustments
|
|
|
|
|
2,620,076
|
|
|
|
2,620,076
|
|
|
Paid in capital
|
|
|
|
|
29,890,007
|
|
|
|
29,890,007
|
|
|
Earnings Reserved
|
|
|
|
|
17,084,754
|
|
|
|
12,792,445
|
|
|
Retained earnings
|
|
|
|
|
(21,043,363
|
)
|
|
|
(12,697,188
|
)
|
|
Other comprehensive income
|
|
|
|
|
286,745
|
|
|
|
105,676
|
|
|
Net Income for the period
|
|
|
|
|
2,474,412
|
|
|
|
(3,587,155
|
)
|
|
TOTAL SHAREHOLDERS' EQUITY
|
|
|
|
|
31,769,353
|
|
|
|
29,580,583
|
|
|
TOTAL NET LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
32,195,132
|
|
|
|
30,420,434
|
|
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 nine and three-month period ended
on September 30, 2020 and 2019
(Expressed in thousands of pesos in homogeneous
currency)
|
|
|
|
|
|
Nine-month period ended on
|
|
|
Three-month period ended on
|
|
|
|
|
Notes
|
|
|
09/30/2020
|
|
|
09/30/2019
|
|
|
09/30/2020
|
|
|
09/30/2019
|
|
|
Interest income
|
|
|
4.9
|
|
|
|
2,591
|
|
|
|
71,211
|
|
|
|
17
|
|
|
|
6
|
|
|
Interest expenses
|
|
|
4.10
|
|
|
|
(23,026
|
)
|
|
|
(1,857
|
)
|
|
|
5,867
|
|
|
|
-
|
|
|
Net interest income
|
|
|
|
|
|
|
(20,435
|
)
|
|
|
69,354
|
|
|
|
5,884
|
|
|
|
6
|
|
|
Net income from financial instruments at fair value through profit or loss
|
|
|
4.11
|
|
|
|
183,333
|
|
|
|
288,513
|
|
|
|
27,237
|
|
|
|
63,437
|
|
|
Exchange rate difference on gold and foreign currency
|
|
|
|
|
|
|
78,529
|
|
|
|
(5,494
|
)
|
|
|
2,097
|
|
|
|
2,933
|
|
|
NIFFI And Exchange Rate Differences
|
|
|
|
|
|
|
261,862
|
|
|
|
283,019
|
|
|
|
29,334
|
|
|
|
66,370
|
|
|
Subtotal
|
|
|
|
|
|
|
241,427
|
|
|
|
352,373
|
|
|
|
35,218
|
|
|
|
66,376
|
|
|
Other operating income
|
|
|
4.12
|
|
|
|
160,908
|
|
|
|
171,322
|
|
|
|
51,067
|
|
|
|
74,842
|
|
|
Result from exposure to changes in the purchasing power of the currency
|
|
|
|
|
|
|
(11,327
|
)
|
|
|
104,008
|
|
|
|
(11,338
|
)
|
|
|
(220,316
|
)
|
|
Net operating income
|
|
|
|
|
|
|
391,008
|
|
|
|
627,703
|
|
|
|
74,947
|
|
|
|
(79,098
|
)
|
|
Personnel expenses
|
|
|
4.13
|
|
|
|
90,616
|
|
|
|
136,671
|
|
|
|
31,341
|
|
|
|
32,135
|
|
|
Administration expenses
|
|
|
4.14
|
|
|
|
212,244
|
|
|
|
137,363
|
|
|
|
53,502
|
|
|
|
46,928
|
|
|
Depreciation and impairment of non-financial assets
|
|
|
|
|
|
|
41,859
|
|
|
|
41,859
|
|
|
|
13,953
|
|
|
|
13,953
|
|
|
Other operating expenses
|
|
|
4.15
|
|
|
|
17,701
|
|
|
|
21,789
|
|
|
|
2,561
|
|
|
|
8,162
|
|
|
Operating income
|
|
|
|
|
|
|
28,588
|
|
|
|
290,021
|
|
|
|
(26,410
|
)
|
|
|
(180,276
|
)
|
|
Profit of subsidiaries and associates
|
|
|
4.16
|
|
|
|
2,186,220
|
|
|
|
(2,768,635
|
)
|
|
|
742,436
|
|
|
|
(2,044,921
|
)
|
|
Income before taxes
|
|
|
|
|
|
|
2,214,808
|
|
|
|
(2,478,614
|
)
|
|
|
716,026
|
|
|
|
(2,225,197
|
)
|
|
Income tax
|
|
|
|
|
|
|
(259,604
|
)
|
|
|
476,451
|
|
|
|
(143,588
|
)
|
|
|
114,134
|
|
|
Net income of the period
|
|
|
|
|
|
|
2,474,412
|
|
|
|
(2,955,065
|
)
|
|
|
859,614
|
|
|
|
(2,339,331
|
)
|
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 nine and three-month period ended
on September 30, 2020 and 2019
(Expressed in thousands
of pesos in homogeneous currency)
|
|
|
Nine-month period ended on
|
|
|
Three-month period ended on
|
|
|
Item
|
|
|
09/30/2020
|
|
|
|
09/30/2019
|
|
|
|
09/30/2020
|
|
|
|
09/30/2019
|
|
|
NUMERATOR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the period attributable to owners of the parent company
|
|
|
2,474,412
|
|
|
|
(2,955,065
|
)
|
|
|
859,614
|
|
|
|
(2,339,331
|
)
|
|
PLUS: Diluting events inherent to potential ordinary shares
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Net income attributable to owners of the parent company adjusted by dilution
|
|
|
2,474,412
|
|
|
|
(2,955,065
|
)
|
|
|
859,614
|
|
|
|
(2,339,331
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
5.42
|
|
|
|
(6.47
|
)
|
|
|
1.88
|
|
|
|
(5.12
|
)
|
|
Diluted Income per share
|
|
|
5.42
|
|
|
|
(6.47
|
)
|
|
|
1.88
|
|
|
|
(5.12
|
)
|
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
For the nine and three-month period ended
on September 30, 2020 and 2019
(Expressed in thousands
of pesos in homogeneous currency)
|
|
|
Nine-month period ended on
|
|
|
Three-month period ended on
|
|
|
|
|
|
09/30/2020
|
|
|
|
09/30/2019
|
|
|
|
09/30/2020
|
|
|
|
09/30/2019
|
|
|
Net income from the period
|
|
|
2,474,412
|
|
|
|
(2,955,065
|
)
|
|
|
859,614
|
|
|
|
(2,339,331
|
)
|
|
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
|
|
|
181,069
|
|
|
|
(3,906
|
)
|
|
|
(98,961
|
)
|
|
|
(1,309
|
)
|
|
Total Other Comprehensive Income not to be reclassified to profit or loss
|
|
|
181,069
|
|
|
|
(3,906
|
)
|
|
|
(98,961
|
)
|
|
|
(1,309
|
)
|
|
Components of Other Comprehensive Loss to be reclassified to profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period from financial instrument at fair value through other comprehensive income
|
|
|
-
|
|
|
|
1,589
|
|
|
|
-
|
|
|
|
1,589
|
|
|
Income tax
|
|
|
-
|
|
|
|
(477
|
)
|
|
|
-
|
|
|
|
(477
|
)
|
|
Total Other Comprehensive Loss to be reclassified to profit or loss
|
|
|
-
|
|
|
|
1,112
|
|
|
|
-
|
|
|
|
1,112
|
|
|
Total Other Comprehensive Income
|
|
|
181,069
|
|
|
|
(2,794
|
)
|
|
|
(98,961
|
)
|
|
|
(197
|
)
|
|
Total Comprehensive Income
|
|
|
2,655,481
|
|
|
|
(2,957,859
|
)
|
|
|
760,653
|
|
|
|
(2,339,528
|
)
|
|
Total comprehensive income attributable to parent company
|
|
|
2,655,481
|
|
|
|
(2,957,859
|
)
|
|
|
760,653
|
|
|
|
(2,339,528
|
)
|
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 nine-month period ended on September 30,
2020 and 2019
(Expressed in thousands
of pesos in homogeneous currency)
|
Item
|
|
Capital
Stock
(Note
8)
|
|
Capital
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income
|
|
|
|
|
|
|
|
|
|
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
|
|
|
2,620,076
|
|
|
29,890,007
|
|
|
171,838
|
|
|
12,620,607
|
|
|
(16,284,343
|
)
|
|
99,501
|
|
|
6,175
|
|
|
29,580,583
|
|
|
Distribution of retained
earnings by the shareholders’ meeting on April 28, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constitution of reserves
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
4,759,020
|
|
|
(4,759,020
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Dividend distribution
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(466,711
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(466,711
|
)
|
|
Net Income for the period
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,474,412
|
|
|
-
|
|
|
-
|
|
|
2,474,412
|
|
|
Other comprehensive income
for the period
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
181,069
|
|
|
181,069
|
|
|
Balance at September 30,
2020
|
|
|
456,722
|
|
|
2,620,076
|
|
|
29,890,007
|
|
|
171,838
|
|
|
16,912,916
|
|
|
(18,568,951
|
)
|
|
99,501
|
|
|
187,244
|
|
|
31,769,353
|
|
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 nine-month period ended on September 30,
2020 and 2019
(Expressed in thousands
of pesos in homogeneous currency)
|
Item
|
|
Capital
Stock
(Note
8)
|
|
Capital
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income
|
|
|
|
|
|
|
|
|
|
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
|
|
|
2,620,076
|
|
|
29,889,414
|
|
|
171,838
|
|
|
10,075,415
|
|
|
(8,971,401
|
)
|
|
-
|
|
|
-
|
|
|
34,242,064
|
|
|
IFRS
9 Impact Adjustments
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(610,593
|
)
|
|
-
|
|
|
-
|
|
|
(610,593
|
)
|
|
Balance
at December 31, 2018
|
|
|
456,722
|
|
|
2,620,076
|
|
|
29,889,414
|
|
|
171,838
|
|
|
10,075,415
|
|
|
(9,581,994
|
)
|
|
-
|
|
|
-
|
|
|
33,631,471
|
|
|
Other
movements
|
|
|
-
|
|
|
-
|
|
|
593
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
593
|
|
|
Distribution
of retained earnings by the shareholders’ meeting on April 26, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constitution
of reserves
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,545,192
|
|
|
(2,545,192
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Dividend
distribution
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(492,960
|
)
|
|
-
|
|
|
-
|
|
|
(492,960
|
)
|
|
Net
Income for the period
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(2,955,065
|
)
|
|
-
|
|
|
-
|
|
|
(2,955,065
|
)
|
|
Other
comprehensive income for the period
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(2,794
|
)
|
|
(2,794
|
)
|
|
Balance
at September 30, 2019
|
|
|
456,722
|
|
|
2,620,076
|
|
|
29,890,007
|
|
|
171,838
|
|
|
12,620,607
|
|
|
(15,575,211
|
)
|
|
-
|
|
|
(2,794
|
)
|
|
30,181,245
|
|
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 nine-month period ended on September 30,
2020 and 2019
(Expressed in thousands
of pesos in homogeneous currency)
|
|
|
09/30/2020
|
|
|
09/30/2019
|
|
|
CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the period before Income Tax
|
|
|
2,214,808
|
|
|
|
(2,478,614
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to obtain flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Results of associates and join ventures
|
|
|
(2,186,220
|
)
|
|
|
2,768,635
|
|
|
Depreciation and impairment
|
|
|
41,859
|
|
|
|
41,859
|
|
|
Exchange rate difference on gold and foreign currency
|
|
|
(78,529
|
)
|
|
|
5,494
|
|
|
Interests from loans and other financing
|
|
|
(2,591
|
)
|
|
|
(71,211
|
)
|
|
Interests from deposits and financing
|
|
|
23,026
|
|
|
|
1,857
|
|
|
Result from exposure to changes in the purchasing power
of the currency
|
|
|
11,327
|
|
|
|
(104,008
|
)
|
|
Net income from financial instruments at fair value through
profit or loss
|
|
|
(183,333
|
)
|
|
|
(288,513
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(Increases) / decreases from operating assets:
|
|
|
|
|
|
|
|
|
|
Other debt securities
|
|
|
(346,372
|
)
|
|
|
(679,282
|
)
|
|
Other assets
|
|
|
536,505
|
|
|
|
1,089,628
|
|
|
|
|
|
|
|
|
|
|
|
|
Increases / (decreases) from operating liabilities:
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
(16,230
|
)
|
|
|
(245,390
|
)
|
|
Income Tax paid
|
|
|
(115,590
|
)
|
|
|
(581,119
|
)
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL OPERATING ACTIVITIES (A)
|
|
|
(101,340
|
)
|
|
|
(540,664
|
)
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOW FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments:
|
|
|
|
|
|
|
|
|
|
Purchase of PPE, intangible assests and other assets
|
|
|
-
|
|
|
|
(16,634
|
)
|
|
Dividends paid
|
|
|
(466,711
|
)
|
|
|
(492,960
|
)
|
|
Purchase of investments in subsidiaries
|
|
|
-
|
|
|
|
(251,342
|
)
|
|
Contributions made to subsidiaries
|
|
|
(157,528
|
)
|
|
|
(869,913
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Collections:
|
|
|
|
|
|
|
|
|
|
Dividends collected
|
|
|
427,274
|
|
|
|
921,270
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTING ACTIVITIES (B)
|
|
|
(196,965
|
)
|
|
|
(709,579
|
)
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments:
|
|
|
|
|
|
|
|
|
|
Changes in the ownership of subsidiaries that do not result
in loss of control
|
|
|
-
|
|
|
|
596
|
|
|
Unsubordinated negotiable obligations
|
|
|
-
|
|
|
|
(54,574
|
)
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL FINANCING ACTIVITIES (C)
|
|
|
-
|
|
|
|
(53,978
|
)
|
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF CHANGES IN THE EXCHANGE RATE (D)
|
|
|
172,615
|
|
|
|
735,896
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CHANGES IN CASH FLOW
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D)
|
|
|
(125,690
|
)
|
|
|
(568,325
|
)
|
|
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD
(NOTE 9)
|
|
|
1,028,162
|
|
|
|
1,535,105
|
|
|
Result from exposure to changes in the purchasing power of
the currency in cash and equivalents
|
|
|
(153,419
|
)
|
|
|
(637,377
|
)
|
|
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (NOTE
9)
|
|
|
749,053
|
|
|
|
329,403
|
|
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 September 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 September 30, 2020 was passed by the Board of the Company
over the course of its meeting held on November 19, 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 C 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
condensed interim 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 September 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 September 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 September 30, 2019 is presented,
exclusively with comparative purposes regarding the information as of September 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 September 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 September 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 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” 6938 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. It is worth mentioning that through communications "A"
7108 and 7134, the Argentine Central Bank ordered the classification of financial entities into groups "A", "B"
and "C", leaving Cordial Compañía Financiera classified as Group "C" as of October 1, 2020.
GRUPO SUPERVIELLE S.A.
Notes to Separate Condensed Interim
Financial Statements
As of September 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 344,8 million and 936,0 million would have been recorded in the shareholders
´equity as of September 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 September 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 September 30, 2020 presented
on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
Fair value is defined as the amount by
which an asset may be exchanged or a liability may be settled, in an arm’s length orderly transaction between knowledgeable
principal market participants (or more advantageous) at the date of measurement of the current market conditions regardless of
whether such price is directly observable or estimated utilizing a valuation technique under the assumption that the Group is
a going concern.
When a financial instrument is sold in
a liquid and active market, its settled price in the market in a real transaction provides the best evidence of its fair value.
When a stipulated price is not settled in the market or when it cannot be an indicator of a fair value of the instrument, in order
to determine such fair value, another similar instrument’s fair value may be used, as well as the analysis of discounted
flows or other applicable techniques. Such techniques are significantly allocated by the assumptions used.
The Group classifies the fair values of
the financial instruments into 3 levels, according to the quality of the data used for their determination.
Fair Value level 1: The fair value of
financial instruments traded in active markets (such as publicly-traded derivatives, debt securities or available for sale) is
based on market quoted prices as of the date of the reporting period. If the quote price is available and there is an active market
for the instrument, it will be included in Level 1.
Fair Value level 2: The fair value of
financial instruments which are not traded in active markets, such as over-the-counter derivatives, is determined using valuation
techniques that maximize the use of observable market data and rely the least possible on the Group’s specific estimates.
If all significant inputs required to fair value a financial instrument are observable, such instrument is included in level 2.
Fair Value level 3: If one or more significant
inputs are not based on observable market data, the instrument is included in level 3.
The portfolio of financial instruments
held by the Group is detailed below, at the close of the period ended on September 30, 2020 and December 31, 2019:
|
Portfolio of instruments
at 09/30/2020
|
|
FV Level 1
|
|
|
FV Level 2
|
|
|
FV Level 3
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
- Other debt securities
|
|
|
37,646
|
|
|
|
-
|
|
|
|
-
|
|
|
- Other financial assets
|
|
|
640,257
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Assets
|
|
|
677,903
|
|
|
|
-
|
|
|
|
-
|
|
|
Portfolio of instruments
at 12/31/2019
|
|
FV Level 1
|
|
|
FV Level 2
|
|
|
FV Level 3
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
- Other financial assets
|
|
|
883,058
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Assets
|
|
|
883,058
|
|
|
|
-
|
|
|
|
-
|
|
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 September 30, 2020
and December 31, 2019:
|
Other Financial Instruments as of 09/30/2020
|
|
Accounting
value
|
|
|
Fair value
|
|
|
FV Level 1
|
|
|
FV Level 2
|
|
|
FV Level 3
|
|
|
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Cash and due from banks
|
|
|
72,888
|
|
|
|
72,888
|
|
|
|
72,888
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Assests
|
|
|
72,888
|
|
|
|
72,888
|
|
|
|
72,888
|
|
|
|
-
|
|
|
|
-
|
|
GRUPO SUPERVIELLE S.A.
Notes to Separate Condensed Interim
Financial Statements
As of September 30, 2020 presented
on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
|
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
|
|
|
146,132
|
|
|
|
146,132
|
|
|
|
146,132
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Assests
|
|
|
146,132
|
|
|
|
146,132
|
|
|
|
146,132
|
|
|
|
-
|
|
|
|
-
|
|
GRUPO SUPERVIELLE S.A.
Notes to Separate Condensed Interim
Financial Statements
As of September 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 09.30.2020
|
|
|
Book
value at
12.31.2019
|
|
|
Banco Supervielle S.A.
|
|
|
|
Ord.
|
|
|
1
|
|
|
|
805,533,007
|
|
|
Commercial
Bank
|
|
|
829,564
|
|
|
|
24,788,585
|
|
|
|
24,048,863
|
|
|
|
22,331,596
|
|
|
Cordial Compañía
Financiera S.A.
|
|
|
|
Ord.
|
|
|
1
|
|
|
|
12,847,878
|
|
|
Financial Company
|
|
|
256,957
|
|
|
|
2,775,663
|
|
|
|
138,781
|
|
|
|
158,526
|
|
|
Sofital S.A.F.e.I.I.
|
|
|
|
Ord.
|
|
|
1
|
|
|
|
20,854,642
|
|
|
Financial operations
and administration of securities
|
|
|
21,544
|
|
|
|
1,141,411
|
|
|
|
737,925
|
|
|
|
661,332
|
|
|
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
|
|
|
|
256,373
|
|
|
|
224,325
|
|
|
|
355,801
|
|
|
Supervielle Asset Management
S.A.
|
|
|
|
Ord.
|
|
|
1
|
|
|
|
1,336,915
|
|
|
Mutual Fund Management
|
|
|
1,407
|
|
|
|
285,423
|
|
|
|
271,152
|
|
|
|
216,746
|
|
|
Espacio Cordial de Servicios
S.A.
|
|
|
|
Ord.
|
|
|
1.000
|
|
|
|
1,273
|
|
|
Trading of products
and services
|
|
|
1,340
|
|
|
|
287,818
|
|
|
|
247,166
|
|
|
|
263,027
|
|
|
Supervielle Seguros S.A.
|
|
|
|
Ord.
|
|
|
1
|
|
|
|
1,393,391
|
|
|
Insurance company
|
|
|
14,667
|
|
|
|
1,186,785
|
|
|
|
1,099,918
|
|
|
|
918,498
|
|
|
FF Fintech SUPV I
|
|
|
|
-
|
|
|
-
|
|
|
|
655,000
|
|
|
Financial Trust
|
|
|
64,874
|
|
|
|
492
|
|
|
|
77,897
|
|
|
|
62,517
|
|
|
Micro Lending S.A.U.
|
|
|
|
Ord.
|
|
|
1
|
|
|
|
362,000,000
|
|
|
Financing investments
|
|
|
362,000
|
|
|
|
112,587
|
|
|
|
106,703
|
|
|
|
111,957
|
|
|
Invertir Online
|
|
InvertirOnline S.A.U
|
|
Ord.
|
|
|
100
|
|
|
|
2,400
|
|
|
Settlement and Clearing
Agent
|
|
|
240
|
|
|
|
338,795
|
|
|
|
355,766
|
|
|
|
281.688
|
|
|
|
|
InvertirOnline.Com Argentina
S.A.U
|
|
Ord.
|
|
|
0,01
|
|
|
|
80,451,077
|
|
|
Representations
|
|
|
804
|
|
|
|
15,337
|
|
|
|
|
|
|
|
|
|
|
Supervielle Productores
Asesores de Seguros S.A.
|
|
|
|
Ord.
|
|
|
1
|
|
|
|
30,095,000
|
|
|
Insurance Broker
|
|
|
31,599
|
|
|
|
19,238
|
|
|
|
20,507
|
|
|
|
116
|
|
|
Bolsillo Digital S.A.U
|
|
|
|
Ord.
|
|
|
1
|
|
|
|
48,100,000
|
|
|
Computer Services
|
|
|
48,100
|
|
|
|
46,501
|
|
|
|
46,501
|
|
|
|
37
|
|
|
Futuros del Sur S.A.
|
|
|
|
Ord.
|
|
|
1
|
|
|
|
50,560
|
|
|
Settlement and Clearing
Agent
|
|
|
50,560
|
|
|
|
136,122
|
|
|
|
136,122
|
|
|
|
4,235
|
|
|
Total investments in subsidiaries, associates and joint ventures
|
|
|
|
|
|
|
|
|
27,511,626
|
|
|
|
25,366,076
|
|
GRUPO SUPERVIELLE S.A.
Notes to Separate Condensed Interim
Financial Statements
As of September 30, 2020 presented
on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
|
|
4.
|
COMPOSITION OF THE MAIN ITEMS OF THE SEPARATE STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
4.1 Cash and due from banks
|
|
|
4
|
|
|
|
2
|
|
|
Cash
|
|
|
72,884
|
|
|
|
146,130
|
|
|
Financial institutions and correspondents
|
|
|
72,888
|
|
|
|
146,132
|
|
|
|
|
|
|
|
|
|
|
|
|
4.2 Other financial assets
|
|
|
|
|
|
|
|
|
|
Mutual funds investments
|
|
|
638,519
|
|
|
|
372,761
|
|
|
Other investments
|
|
|
-
|
|
|
|
509,269
|
|
|
Miscellaneous Debtors
|
|
|
1,738
|
|
|
|
1,028
|
|
|
|
|
|
640,257
|
|
|
|
883,058
|
|
|
4.3 Other debt securities
|
|
|
|
|
|
|
|
|
|
Public securities
|
|
|
37,646
|
|
|
|
-
|
|
|
|
|
|
37,646
|
|
|
|
-
|
|
|
4.4 Investments in subsidiaries, associates and joint ventures
|
|
|
|
|
|
|
|
|
|
Banco Supervielle S.A.
|
|
|
24,048,863
|
|
|
|
22,331,596
|
|
|
Cordial Compañía Financiera S.A.
|
|
|
138,781
|
|
|
|
158,526
|
|
|
Sofital S.A.F. e I.I.
|
|
|
737,925
|
|
|
|
661,332
|
|
|
Tarjeta Automática S.A.
|
|
|
224,325
|
|
|
|
355,801
|
|
|
Supervielle Asset Management S.A.
|
|
|
271,152
|
|
|
|
216,746
|
|
|
Espacio Cordial de Servicios S.A.
|
|
|
247,166
|
|
|
|
263,027
|
|
|
Supervielle Seguros S.A.
|
|
|
1,099,918
|
|
|
|
918,498
|
|
|
FF Fintech SUPV I
|
|
|
77,897
|
|
|
|
62,517
|
|
|
Micro Lending S.A.U
|
|
|
106,703
|
|
|
|
111,957
|
|
|
Invertir Online S.A.U e invertir Online.com Argentina
|
|
|
355,766
|
|
|
|
281,688
|
|
|
Supervielle Broker de Seguros S.A.
|
|
|
20,507
|
|
|
|
116
|
|
|
Bolsillo Digital S.A.U.
|
|
|
46,501
|
|
|
|
37
|
|
|
Futuros del Sur S.A.
|
|
|
136,122
|
|
|
|
4,235
|
|
|
|
|
|
27,511,626
|
|
|
|
25,366,076
|
|
|
4.5 Property, plant and equipment
|
|
|
|
|
|
|
|
|
|
Vehicles
|
|
|
2,305
|
|
|
|
2,930
|
|
|
|
|
|
2,305
|
|
|
|
2,930
|
|
|
4.6 Intangible Assets
|
|
|
|
|
|
|
|
|
|
Goodwill – Businness combination
|
|
|
3,004,529
|
|
|
|
3,004,529
|
|
|
Relations with clients
|
|
|
536,434
|
|
|
|
566,053
|
|
|
Brand
|
|
|
179,650
|
|
|
|
179,650
|
|
|
Proprietary Software & Technology
|
|
|
24,521
|
|
|
|
36,136
|
|
|
|
|
|
3,745,134
|
|
|
|
3,786,368
|
|
|
4.7 Other non-financial assets
|
|
|
|
|
|
|
|
|
|
Overdrafts to employees
|
|
|
2,309
|
|
|
|
2,638
|
|
|
Retirement insurance
|
|
|
123,879
|
|
|
|
179,636
|
|
|
Other non-financial assets
|
|
|
28,146
|
|
|
|
-
|
|
|
|
|
|
154,334
|
|
|
|
182,274
|
|
|
|
|
|
|
|
|
|
|
|
|
4.8 Other non-financial liabilities
|
|
|
|
|
|
|
|
|
|
Compensation and social charges payable
|
|
|
30,628
|
|
|
|
27,921
|
|
|
Miscellaneous creditors
|
|
|
227,315
|
|
|
|
229,092
|
|
|
Provision for long-term incentive
|
|
|
47,990
|
|
|
|
61,526
|
|
|
Provision Board fees
|
|
|
-
|
|
|
|
3,619
|
|
|
|
|
|
305,933
|
|
|
|
322,158
|
|
GRUPO SUPERVIELLE S.A.
Notes to Separate Condensed Interim
Financial Statements
As of September 30, 2020 presented
on comparative basis
(Expressed in thousands of pesos in homogeneous
currency)
|
|
|
Nine-month period
ended on
|
|
|
Three-month period
ended on
|
|
|
|
|
09/30/2020
|
|
|
09/30/2019
|
|
|
09/30/2020
|
|
|
09/30/2019
|
|
|
4.9 Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earned interests
|
|
|
2.591
|
|
|
|
17
|
|
|
|
17
|
|
|
|
6
|
|
|
Profit by government securities measure at amortized cost
|
|
|
-
|
|
|
|
71.194
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
2.591
|
|
|
|
71.211
|
|
|
|
17
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.10 Interest expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses from NO issuance
|
|
|
-
|
|
|
|
(2
|
)
|
|
|
-
|
|
|
|
-
|
|
|
Lost interest from NO issuance
|
|
|
-
|
|
|
|
(34
|
)
|
|
|
-
|
|
|
|
-
|
|
|
Profit by government securities measure at amortized cost
|
|
|
(23,026
|
)
|
|
|
(1,821
|
)
|
|
|
5,867
|
|
|
|
-
|
|
|
|
|
|
(23,026
|
)
|
|
|
(1,857
|
)
|
|
|
5,867
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.11 Net from financial instruments at fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interests from Time Deposits
|
|
|
43,224
|
|
|
|
65,305
|
|
|
|
-
|
|
|
|
55,309
|
|
|
Income from Holding – MF
|
|
|
86,092
|
|
|
|
134,824
|
|
|
|
-
|
|
|
|
-
|
|
|
Income from Holding –Government Securities
|
|
|
54,017
|
|
|
|
88,384
|
|
|
|
27,237
|
|
|
|
8,128
|
|
|
|
|
|
183,333
|
|
|
|
288,513
|
|
|
|
27,237
|
|
|
|
63,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.12 Other operating income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiaries’ advisory fees
|
|
|
135,933
|
|
|
|
101,274
|
|
|
|
42,478
|
|
|
|
30,536
|
|
|
Third parties’ advisory fees
|
|
|
-
|
|
|
|
1,506
|
|
|
|
-
|
|
|
|
318
|
|
|
Royalties
|
|
|
847
|
|
|
|
804
|
|
|
|
265
|
|
|
|
246
|
|
|
Other income
|
|
|
1,354
|
|
|
|
2,992
|
|
|
|
1,354
|
|
|
|
-
|
|
|
Revaluation of retirement insurance contributions
|
|
|
22,774
|
|
|
|
64,596
|
|
|
|
6,970
|
|
|
|
43,738
|
|
|
Income from sale of shares
|
|
|
-
|
|
|
|
150
|
|
|
|
-
|
|
|
|
4
|
|
|
|
|
|
160,908
|
|
|
|
171,322
|
|
|
|
51,067
|
|
|
|
74,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.13 Personnel expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses
|
|
|
90,616
|
|
|
|
136,671
|
|
|
|
31,341
|
|
|
|
32,135
|
|
|
|
|
|
90,616
|
|
|
|
136,671
|
|
|
|
31,341
|
|
|
|
32,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.14 Administration expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank expenses
|
|
|
457
|
|
|
|
1,604
|
|
|
|
106
|
|
|
|
323
|
|
|
Professional fees
|
|
|
37,711
|
|
|
|
50,825
|
|
|
|
9,787
|
|
|
|
18,947
|
|
|
Fees to directors and syndics
|
|
|
135,702
|
|
|
|
44,893
|
|
|
|
36,100
|
|
|
|
16,250
|
|
|
Taxes, rates and contributions
|
|
|
8,243
|
|
|
|
14,574
|
|
|
|
1,171
|
|
|
|
3,080
|
|
|
Insurance
|
|
|
393
|
|
|
|
1,934
|
|
|
|
-
|
|
|
|
-
|
|
|
Expenses and office services
|
|
|
5,555
|
|
|
|
5,398
|
|
|
|
1,655
|
|
|
|
1,528
|
|
|
Other expenses
|
|
|
24,183
|
|
|
|
18,135
|
|
|
|
4,683
|
|
|
|
6,800
|
|
|
|
|
|
212,244
|
|
|
|
137,363
|
|
|
|
53,502
|
|
|
|
46,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.15 Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover tax from Service Activities
|
|
|
7,192
|
|
|
|
5,196
|
|
|
|
2,137
|
|
|
|
1,555
|
|
|
Turnover tax from Financial Activities
|
|
|
5,165
|
|
|
|
7,214
|
|
|
|
424
|
|
|
|
3,772
|
|
|
Prescription of tax credits
|
|
|
-
|
|
|
|
241
|
|
|
|
-
|
|
|
|
-
|
|
|
Personal property tax shares and equity
|
|
|
5,343
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Lost interests
|
|
|
1
|
|
|
|
9,138
|
|
|
|
-
|
|
|
|
2,835
|
|
|
|
|
|
17,701
|
|
|
|
21,789
|
|
|
|
2,561
|
|
|
|
8,162
|
|
GRUPO
SUPERVIELLE S.A.
Notes
to Separate Condensed Interim Financial Statements
As
of September 30, 2020 presented on comparative basis
(Expressed
in thousands of pesos in homogeneous currency)
|
|
|
Nine-month period
ended on
|
|
|
Three-month period
ended on
|
|
|
|
|
|
09/30/2020
|
|
|
|
09/30/2019
|
|
|
|
09/30/2020
|
|
|
|
09/30/2019
|
|
|
4.16 Results from associates and joint ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results from equity investment in Banco Supervielle S.A
|
|
|
1,536,199
|
|
|
|
(2,594,836
|
)
|
|
|
486,420
|
|
|
|
(1,718,284
|
)
|
|
Results from equity investment in Cordial Compañía Financiera S.A.
|
|
|
(19,745
|
)
|
|
|
(64,002
|
)
|
|
|
(7,347
|
)
|
|
|
(8,605
|
)
|
|
Results from equity investment in Tarjeta Automática S.A.
|
|
|
(131,475
|
)
|
|
|
(198,389
|
)
|
|
|
(46,985
|
)
|
|
|
(59,776
|
)
|
|
Results from equity investment in Supervielle Asset Management S.A.
|
|
|
218,985
|
|
|
|
149,708
|
|
|
|
76,177
|
|
|
|
5,503
|
|
|
Results from equity investment in Espacio Cordial de Servicios S.A.
|
|
|
(15,861
|
)
|
|
|
(28,236
|
)
|
|
|
(13,682
|
)
|
|
|
(22,362
|
)
|
|
Results from equity investment in Supervielle Seguros S.A.
|
|
|
348,951
|
|
|
|
314,961
|
|
|
|
113,810
|
|
|
|
33,740
|
|
|
Results from equity investment in Sofital S.A.F. e I.I.
|
|
|
109,250
|
|
|
|
(181,124
|
)
|
|
|
33,912
|
|
|
|
(52,275
|
)
|
|
Results from equity investment in Micro Lending S.A.U.
|
|
|
(5,255
|
)
|
|
|
(194,186
|
)
|
|
|
11,024
|
|
|
|
(207,469
|
)
|
|
Results from equity investment in InvertirOnline S.A. e InvertirOnline.Com Argentina S.A.
|
|
|
88,577
|
|
|
|
26,212
|
|
|
|
20,428
|
|
|
|
(17,558
|
)
|
|
Results from equity investment in FF Fintech S.A.
|
|
|
3,058
|
|
|
|
1,383
|
|
|
|
3,992
|
|
|
|
2,270
|
|
|
Results from equity investment in Supervielle Productores Asesores de Seguros S.A.
|
|
|
(13,641
|
)
|
|
|
(38
|
)
|
|
|
(3,547
|
)
|
|
|
(17
|
)
|
|
Results from equity investment in Bolsillo Digital S.A.U.
|
|
|
(7,988
|
)
|
|
|
(88
|
)
|
|
|
(4,496
|
)
|
|
|
(88
|
)
|
|
Results from equity investment in Futuros del Sur S.A.
|
|
|
75,165
|
|
|
|
-
|
|
|
|
72,730
|
|
|
|
-
|
|
|
|
|
|
2,186,220
|
|
|
|
(2,768,635
|
)
|
|
|
742,436
|
|
|
|
(2,044,921
|
)
|
As of September 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 September 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
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
09/30/2020
|
|
|
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
|
%
|
GRUPO
SUPERVIELLE S.A.
Notes
to Separate Condensed Interim Financial Statements
As
of September 30, 2020 presented on comparative basis
(Expressed
in thousands of pesos in homogeneous currency)
|
Company
|
|
Condition
|
|
Legal
Adress
|
|
Principal
Activity
|
|
Percentage
of direct
participation
|
|
|
Percentage
of direct
and indirect
participation
|
|
|
|
|
|
|
|
|
|
|
|
09/30/2020
|
|
|
|
12/31/2019
|
|
|
|
09/30/2020
|
|
|
|
12/31/2019
|
|
|
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 09/30/20 and 12/31/19.
|
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.
GRUPO
SUPERVIELLE S.A.
Notes
to Separate Condensed Interim Financial Statements
As
of September 30, 2020 presented on comparative basis
(Expressed
in thousands of pesos in homogeneous currency)
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.
As resolved by the Board of Directors on
September 24, 2020, Grupo Supervielle S.A. made a capital contribution to Bolsillo Digital S.A.U. of $ 12,500,000 on October 5,
2020, which was capitalized on the same date, increasing the capital stock in the amount of $ 12,500,000 to $ 60,600,000, through
the issuance of 12,500,000 non-endorsable registered common shares of par value of $ 1 each and entitled to 1 vote per share.
On October 16, 2020 Grupo Supervielle
S.A. acquired 100% of the capital stock of Easy Cambio S.A., represented by 1,500 ordinary, nominative, non-endorsable shares,
with a par value of $ 3,000 each and entitled to 1 vote per share.
As resolved by the Board of Directors on
October 13, 2020, Grupo Supervielle S.A. made an irrevocable contribution to Play Digital S.A. of $ 34,571,700 on October 20,
2020 to subscribe 32,514,069 ordinary, book-entry shares, with a nominal value of $ 1 each and with the right to 1 vote per share,
equivalent to 3.7932% of the capital stock and votes.
The following describes Controlled Companies’
shareholders’ equity and results:
As of September 30, 2020 – In thousands of pesos
|
Company
|
|
Assets
|
|
|
Liabilities
|
|
|
Shareholders’
equity
|
|
|
Net
income
|
|
|
Banco Supervielle S.A. (1)
|
|
|
228,451,284
|
|
|
|
203,523,916
|
|
|
|
24,788,585
|
|
|
|
1,585,872
|
|
|
Cordial Compañía Financiera S.A.
|
|
|
8,463,738
|
|
|
|
5,688,075
|
|
|
|
2,775,663
|
|
|
|
(395,481
|
)
|
|
Tarjeta Automática S.A.
|
|
|
365,978
|
|
|
|
109,605
|
|
|
|
256,373
|
|
|
|
(159,057
|
)
|
|
Supervielle Asset Management S.A.
|
|
|
413,539
|
|
|
|
128,116
|
|
|
|
285,423
|
|
|
|
230,510
|
|
|
Sofital S.A. F. e I.I.
|
|
|
1,164,224
|
|
|
|
22,813
|
|
|
|
1,141,411
|
|
|
|
114,072
|
|
|
Espacio Cordial de Servicios S.A.
|
|
|
511,925
|
|
|
|
224,107
|
|
|
|
287,818
|
|
|
|
(20,057
|
)
|
|
Micro Lending S.A.U.
|
|
|
218,005
|
|
|
|
105,418
|
|
|
|
112,587
|
|
|
|
(6,189
|
)
|
|
InvertirOnline.Com Argentina S.A.U. (2)
|
|
|
27,261
|
|
|
|
11,924
|
|
|
|
15,337
|
|
|
|
(2,189
|
)
|
|
InvertirOnline S.A.U.
|
|
|
5,301,026
|
|
|
|
4,962,231
|
|
|
|
338,795
|
|
|
|
62,094
|
|
|
Supervielle Seguros S.A.(3)
|
|
|
2,418,182
|
|
|
|
1,231,397
|
|
|
|
1,186,785
|
|
|
|
115,526
|
|
|
Supervielle Productores Asesores de Seguros S.A.
|
|
|
29,024
|
|
|
|
9,786
|
|
|
|
19,238
|
|
|
|
(16,617
|
)
|
|
Bolsillo Digital S.A.U.
|
|
|
53,898
|
|
|
|
7,397
|
|
|
|
46,501
|
|
|
|
(7,987
|
)
|
|
Futuros del Sur S.A.
|
|
|
178,205
|
|
|
|
42,083
|
|
|
|
136,122
|
|
|
|
75,166
|
|
|
|
(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 3 months.
|
GRUPO
SUPERVIELLE S.A.
Notes
to Separate Condensed Interim Financial Statements
As of September 30,
2020 presented on comparative basis
(Expressed
in thousands of pesos in homogeneous currency)
As of December 31, 2019 – In thousands of pesos
|
Company
|
|
Assets
|
|
|
Liabilities
|
|
|
Shareholders’
equity
|
|
|
Net
income
|
|
|
Banco Supervielle S.A. (1)
|
|
|
174,863,531
|
|
|
|
151,683,508
|
|
|
|
23,021,458
|
|
|
|
4,060,499
|
|
|
Cordial Compañía Financiera S.A.
|
|
|
10,075,225
|
|
|
|
6,904,081
|
|
|
|
3,171,144
|
|
|
|
(295,674
|
)
|
|
Tarjeta Automática S.A.
|
|
|
535,655
|
|
|
|
120,225
|
|
|
|
415,430
|
|
|
|
(335,488
|
)
|
|
Supervielle Asset Management S.A.
|
|
|
325,847
|
|
|
|
97,693
|
|
|
|
228,154
|
|
|
|
171,422
|
|
|
Sofital S.A. F. e I.I.
|
|
|
1,120,797
|
|
|
|
64,282
|
|
|
|
1,056,515
|
|
|
|
(133,418
|
)
|
|
Espacio Cordial de Servicios S.A.
|
|
|
508,728
|
|
|
|
200,853
|
|
|
|
307,875
|
|
|
|
3,805
|
|
|
Micro Lending S.A.U.
|
|
|
273,972
|
|
|
|
155,197
|
|
|
|
118,775
|
|
|
|
(316,528
|
)
|
|
InvertirOnline.Com Argentina S.A.U.
|
|
|
27,261
|
|
|
|
11,924
|
|
|
|
15,337
|
|
|
|
(2,189
|
)
|
|
InvertirOnline S.A.U.
|
|
|
3,185,722
|
|
|
|
2,894,520
|
|
|
|
291,202
|
|
|
|
44,872
|
|
|
Supervielle Seguros S.A. (2)
|
|
|
1,901,048
|
|
|
|
941,538
|
|
|
|
959,510
|
|
|
|
327,141
|
|
|
Bolsillo Digital S.A.U.
|
|
|
48
|
|
|
|
11
|
|
|
|
37
|
|
|
|
(113
|
)
|
|
Futuros del Sur S.A.
|
|
|
4,426
|
|
|
|
191
|
|
|
|
4,235
|
|
|
|
(677
|
)
|
|
|
(1)
|
Corresponds
to the Shareholders´Equity and Net Income attributable to parent company.
|
|
|
(2)
|
The
result is reported for nine months.
|
As
of September 30, 2019 balances with Grupo Supervielle S.A‘s controlled are as follows:
|
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
Assets
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
|
|
|
|
|
|
|
Banco Supervielle
S.A.
|
|
|
11,141
|
|
|
|
1,697
|
|
|
InvertirOnline S.A.U. Cta.
Cte.
|
|
|
57,171
|
|
|
|
140,520
|
|
|
|
|
|
68,312
|
|
|
|
142,217
|
|
|
|
|
|
|
|
|
|
|
|
|
Other debt securities
|
|
|
|
|
|
|
|
|
|
Negotiable obligation –
Banco Supervielle S.A.
|
|
|
-
|
|
|
|
-
|
|
|
Time deposits - Cordial
Compañía Financiera S.A.
|
|
|
-
|
|
|
|
509,269
|
|
|
|
|
|
-
|
|
|
|
509,269
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial assets
|
|
|
|
|
|
|
|
|
|
Cordial Compañía
Financiera S.A.
|
|
|
1,225
|
|
|
|
998
|
|
|
Tarjeta Automática
S.A.
|
|
|
36
|
|
|
|
30
|
|
|
Espacio Cordial De Servicios
S.A.
|
|
|
74
|
|
|
|
-
|
|
|
|
|
|
1,335
|
|
|
|
1,028
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Other non financial liabilities
|
|
|
|
|
|
|
|
|
|
Pending contributions –
Supervielle Productores Asesores de Seguros S.A.
|
|
|
-
|
|
|
|
87
|
|
|
Provisions - Banco Supervielle
S.A.
|
|
|
95
|
|
|
|
83
|
|
|
|
|
|
95
|
|
|
|
170
|
|
As
of September 30, 2020 and 2019, results with Grupo Supervielle S.A‘s controlled are as follows:
|
Results
|
|
09/30/2020
|
|
|
09/30/2019
|
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
Interests from
current accounts – Banco Supervielle S.A.
|
|
|
(17
|
)
|
|
|
17
|
|
|
Interest on paid accounts
– CCF
|
|
|
(1,924
|
)
|
|
|
-
|
|
|
Interest
on paid account– IOL
|
|
|
(650
|
)
|
|
|
-
|
|
|
|
|
|
(2,591
|
)
|
|
|
17
|
|
GRUPO
SUPERVIELLE S.A.
Notes
to Separate Condensed Interim Financial Statements
As of September 30,
2020 presented on comparative basis
(Expressed
in thousands of pesos in homogeneous currency)
|
|
|
09/30/2020
|
|
|
09/30/2019
|
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
Interests from
current accounts – Banco Supervielle S.A.
|
|
|
-
|
|
|
|
2
|
|
|
|
|
|
-
|
|
|
|
2
|
|
|
Other operating income
|
|
|
|
|
|
|
|
|
|
Banco Supervielle S.A.
|
|
|
124,780
|
|
|
|
90,494
|
|
|
Sofital S.A.F. e I.I.
|
|
|
104
|
|
|
|
100
|
|
|
Supervielle Asset Management
S.A.
|
|
|
1,007
|
|
|
|
973
|
|
|
Tarjeta Automática
S.A.
|
|
|
296
|
|
|
|
286
|
|
|
Cordial Compañía
Financiera S.A.
|
|
|
9,986
|
|
|
|
9,639
|
|
|
Espacio Cordial de Servicios
S.A.
|
|
|
607
|
|
|
|
586
|
|
|
|
|
|
136,780
|
|
|
|
102,078
|
|
|
Administrative expenses
|
|
|
|
|
|
|
|
|
|
Bank expenses – Banco
Supervielle S.A.
|
|
|
262
|
|
|
|
1,468
|
|
|
Rent – Banco Supervielle
S.A.
|
|
|
4,167
|
|
|
|
4,320
|
|
|
Legal and accounting
consultancy services
|
|
|
590
|
|
|
|
568
|
|
|
Fees for market operations
- InvertirOnline S.A.U.
|
|
|
914
|
|
|
|
177
|
|
|
|
|
|
5,933
|
|
|
|
6,533
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from financial instruments
at fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
Interest from time deposits–
Cordial Compañía Financiera S.A.
|
|
|
43,224
|
|
|
|
60,002
|
|
|
Interest from time deposits
– Banco Supervielle S.A.
|
|
|
-
|
|
|
|
5,303
|
|
|
|
|
|
43,224
|
|
|
|
65,305
|
|
|
|
7.
|
LOAN
AND DEBT ESTIMATED TERMS
|
The
composition of loans and debts in accordance with collection or payment estimated terms and interest rate accrued as of
December 31, 2019 is as follows:
|
|
|
Other
financial
assets
|
|
|
Current
income tax
assets
|
|
|
Other
non-financial
assets
|
|
|
Deferred
income tax
liabilities
|
|
|
Other
non-financial
liabilities
|
|
|
To mature:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st. Quarter
|
|
|
640,257
|
|
|
|
30,942
|
|
|
|
61,424
|
|
|
|
-
|
|
|
|
257,943
|
|
|
2nd. Quarter
|
|
|
-
|
|
|
|
-
|
|
|
|
30,970
|
|
|
|
-
|
|
|
|
-
|
|
|
3rd. Quarter
|
|
|
-
|
|
|
|
-
|
|
|
|
30,970
|
|
|
|
-
|
|
|
|
-
|
|
|
4th. Quarter
|
|
|
-
|
|
|
|
-
|
|
|
|
30,970
|
|
|
|
-
|
|
|
|
-
|
|
|
Over a year
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
119,846
|
|
|
|
47,990
|
|
|
Subtotal to mature:
|
|
|
640,257
|
|
|
|
30,942
|
|
|
|
154,334
|
|
|
|
119,846
|
|
|
|
305,933
|
|
|
Matured term
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total
|
|
|
640,257
|
|
|
|
30,942
|
|
|
|
154,334
|
|
|
|
119,846
|
|
|
|
305,933
|
|
|
At fixed rate
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
At floating rate
|
|
|
638,520
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Not accrue interest
|
|
|
1,737
|
|
|
|
30,942
|
|
|
|
154,334
|
|
|
|
119,846
|
|
|
|
305,933
|
|
|
Total
|
|
|
640,257
|
|
|
|
30,942
|
|
|
|
154,334
|
|
|
|
119,846
|
|
|
|
305,933
|
|
As
of September 30, 2020, and 2019 the corporate capital stock is the following:
|
Capital
Stock
|
|
Nominal
Value
|
|
|
Capital stock as of 09/30/2020
|
|
|
456,722
|
|
|
Capital stock as of 09/30/2019
|
|
|
456,722
|
|
GRUPO
SUPERVIELLE S.A.
Notes
to Separate Condensed Interim Financial Statements
As of September 30,
2020 presented on comparative basis
(Expressed
in thousands of pesos in homogeneous currency)
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,
|
|
9.
|
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:
|
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
09/30/2019
|
|
|
12/31/2018
|
|
|
Cash and due from banks
|
|
|
72,888
|
|
|
|
146,132
|
|
|
|
11,483
|
|
|
|
5,929
|
|
|
Other financial assets
|
|
|
638,519
|
|
|
|
882,030
|
|
|
|
317,920
|
|
|
|
1,318,267
|
|
|
Other debt securities
|
|
|
37,646
|
|
|
|
-
|
|
|
|
-
|
|
|
|
210,909
|
|
|
Cash
and cash equivalents
|
|
|
749,053
|
|
|
|
1,028,162
|
|
|
|
329,403
|
|
|
|
1,535,105
|
|
Reconciliation
between the balances of the Statement of Financial Position and those items considered cash equivalents in the Cash Flow Statement:
|
Item
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
09/30/2019
|
|
|
12/31/2018
|
|
|
Cash and due from Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As per Statement
of Financial Position
|
|
|
72,888
|
|
|
|
146,132
|
|
|
|
11,483
|
|
|
|
5,929
|
|
|
As per the Statement
of Cash Flows
|
|
|
72,888
|
|
|
|
146,132
|
|
|
|
11,483
|
|
|
|
5,929
|
|
|
Other financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As per Statement of
Financial Position
|
|
|
640,257
|
|
|
|
883,058
|
|
|
|
750,971
|
|
|
|
1,816,701
|
|
|
Other financial assets
not considered as cash equivalents
|
|
|
(1,738
|
)
|
|
|
(1,028
|
)
|
|
|
(433,051
|
)
|
|
|
(498,434
|
)
|
|
As per the Statement
of Cash Flows
|
|
|
638,519
|
|
|
|
882,030
|
|
|
|
317,920
|
|
|
|
1,318,267
|
|
|
Other debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As per Statement of
Financial Position
|
|
|
37,646
|
|
|
|
-
|
|
|
|
63,478
|
|
|
|
211,664
|
|
|
Other debt securities
not considered as cash equivalents
|
|
|
-
|
|
|
|
-
|
|
|
|
(63,478
|
)
|
|
|
(755
|
)
|
|
As per the Statement
of Cash Flows
|
|
|
37,646
|
|
|
|
-
|
|
|
|
-
|
|
|
|
210,909
|
|
On October 16, 2020, Grupo
Supervielle S.A. acquired 100% of the share capital of Easy Cambio S.A. for a total amount of $ 13.7 million, a company authorized
by the Central Bank of the Argentine Republic as Exchange Agent, in order to expand the offer of financial services provided to
individual clients throughout the country
On October 21, 2020, Grupo
Supervielle S.A. made an irrevocable contribution in the amount of $ 34.6 million for the subscription of 3.7932% of Play Digital
S.A., a company incorporated in the Republic of Argentina in order to develop, implement and offer a solution for digital payments
and related services.
GRUPO
SUPERVIELLE S.A.
(Expressed
in thousands of pesos in homogeneous currency)
SCHEDULE
A – OTHER DEBT SECURITIES
|
|
|
HOLDING
|
|
|
Item
|
|
Balance
at
09/30/20
|
|
|
Balance
at
12/31/19
|
|
|
Argentine
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S22D0 - LEBAD
$ - Vto 12/2020
|
|
|
37,646
|
|
|
|
-
|
|
|
Total
other debt securities
|
|
|
37,646
|
|
|
|
-
|
|
|
Total
|
|
|
37,646
|
|
|
|
-
|
|
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
|
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
Vehicles
|
|
|
4,165
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4,165
|
|
|
|
(1,235
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(625
|
)
|
|
|
(1,860
|
)
|
|
|
2,305
|
|
|
|
2,930
|
|
|
Total
|
|
|
4,165
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4,165
|
|
|
|
(1,235
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(625
|
)
|
|
|
(1,860
|
)
|
|
|
2,305
|
|
|
|
2,930
|
|
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
|
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
Goodwill
|
|
|
3,004,529
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,004,529
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,004,529
|
|
|
|
3,004,529
|
|
|
Relations with clients
|
|
|
631,873
|
|
|
|
-
|
|
|
|
-
|
|
|
|
631,873
|
|
|
|
(65,820
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(29,619
|
)
|
|
|
(95,439
|
)
|
|
|
536,434
|
|
|
|
566,053
|
|
|
Brand
|
|
|
179,650
|
|
|
|
-
|
|
|
|
-
|
|
|
|
179,650
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
179,650
|
|
|
|
179,650
|
|
|
Proprietary Software & Technology
|
|
|
61,948
|
|
|
|
-
|
|
|
|
-
|
|
|
|
61,948
|
|
|
|
(25,812
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(11,615
|
)
|
|
|
(37,427
|
)
|
|
|
24,521
|
|
|
|
36,136
|
|
|
Total
|
|
|
3,878,000
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,878,000
|
|
|
|
(91,632
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(41,234
|
)
|
|
|
(132,866
|
)
|
|
|
3,745,134
|
|
|
|
3,786,368
|
|
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
September
30, 2020
|
|
|
As of
September 30,
2020 (per
currency)
Dollar
|
|
|
As of
December
31, 2019
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Due from Banks
|
|
69,415
|
|
|
69,415
|
|
|
69,415
|
|
|
144,612
|
|
|
Other financial assets
|
|
226,524
|
|
|
226,524
|
|
|
226,524
|
|
|
227,026
|
|
|
Other non-financial assets
|
|
123,880
|
|
|
123,880
|
|
|
123,880
|
|
|
179,636
|
|
|
TOTAL ASSETS
|
|
419,819
|
|
|
419,819
|
|
|
419,819
|
|
|
551,274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other non-financial liabilities
|
|
275,102
|
|
|
275,102
|
|
|
275,102
|
|
|
288,588
|
|
|
TOTAL LIABILITIES
|
|
275,102
|
|
|
275,102
|
|
|
275,102
|
|
|
288,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET POSITION
|
|
144,717
|
|
|
144,717
|
|
|
144,717
|
|
|
262,686
|
|
GRUPO SUPERVIELLE S.A.
Additional Information pursuant to Art,
12, Chapter III, Title IV of standards
issued by the National Securities Commission
For the nine months period started on January 1,
2020 and ended on September 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
See Note 7 to the Separate Condensed Interim Financial
Statements.
NOTE
4: CLASSIFICATION
OF RECEIVABLES AND DEBTS IN VIRTUE OF THEIR FINANCIAL EFFECTS
See Note 11 and Schedule L to the Consolidated Condensed
Interim Financial Statements.
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 September 30, 2020
and December 31, 2019, no receivables or loans to directors or syndics and their relatives up to a second degree were recorded.
NOTE 7: INVENTORIES
As of September 30, 2020 and December 31,
2019 the Group did not have inventories.
NOTE 8: MARKET
VALUE
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 nine months period started on January 1,
2020 and ended on September 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.
NOTE 12: INSURANCE
As of September 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 September 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 September 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 September 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 september 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 September 30,
2020, yields a profit of 2,474,412, which represents a return on average net worth of 11.6%, 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:
* Dividend distribution: (466,711)
* Other
reserve: 4,759,020
Grupo Supervielle S.A. is the parent company
of the economic group and As of September 30, 2020 and December 31, 2019, recorded the following direct and indirect
equity investments in its subsidiaries:
|
|
|
|
|
Interest in
capital stock
|
|
Company
|
|
Main Activity
|
|
09/30/2020
|
|
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 September 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 September 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 September 30, 2020,
the Bank records 228,451,284 worth assets and shareholders’ equity attributable to parent company of 24,278,585. Net income
recorded in the three months period ended on September 30, 2020 amounted to 1,585,872 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 September 30,
2020, recorded negative results of 395,481. Through the Meeting Minutes dated November 2, 2020, the name change of the Entity
to “IUDU Compañía Financiera S.A.” was approved.
Tarjeta Automática S.A.’s
main activity includes the issuance and administration of credit cards and consumer loans. The period ended on September 30,
2020, recorded negative results of 159,057. 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 September 30,
2020, earnings amounted to 230,510.
Sofital S.A.F. e I.I. is a company whose
main activity includes financial operations and the administration of marketable securities. As of September 30, 2020, earnings
amounted to 114,072.
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 September 30, 2020, recorded negative results of 20,057.
Supervielle Seguros S.A., the insurance
company of Grupo Supervielle S.A., records shareholders equity for 1,186,785 and assets for 2,418,181. As of September 30,
2020, earnings amounted to 115,526.
Micro Lending S.A., specializes in the
financing of pledge credits, particularly used cars. As of September 30, 2020, recorded negative results of 6,189.
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 September 30, 2020 and December 31, 2019 InvertirOnline S.A.U obtained
earnings of 62,094 and InvertirOnline.Com Argentina S.A.U. it obtained negative results of 2,189 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 September 30,
2020, recorded a negative result of 7,987.
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 September 30,
2020, presented a profit of 75,166.
Supervielle Productores Asesores de Seguros S.A. is a company
whose purpose is to carry out the activity of intermediation, promoting the conclusion of life, property and social security contracts,
advising insured and insurable. As of September 30, 2020, it presented a negative result of 16,617.
Grupo
Supervielle S.A.
Informative
Review as of september 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
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
Total Assets
|
|
|
236,188,260
|
|
|
|
182,730,101
|
|
|
Total Liabilities
|
|
|
204,393,542
|
|
|
|
153,125,963
|
|
|
Changes in Shareholders’ Equity
|
|
|
31,794,718
|
|
|
|
29,604,138
|
|
|
Total Liabilities plus Changes in Shareholders’ Equity
|
|
|
236,188,260
|
|
|
|
182,730,101
|
|
|
Income Statement
|
|
09/30/2020
|
|
|
09/30/2019
|
|
|
Net income from interest
|
|
|
25,087,084
|
|
|
|
6,455,812
|
|
|
Net income from commissions
|
|
|
6,574,468
|
|
|
|
7,147,931
|
|
|
Net income before income tax
|
|
|
3,050,214
|
|
|
|
(2,666,395
|
)
|
|
Total comprehensive income attributable to owners of the parent company - Earnings
|
|
|
2,655,481
|
|
|
|
(2,957,859
|
)
|
|
Consolidated Cash Flow Statement
|
|
09/30/2020
|
|
|
09/30/2019
|
|
|
Total operating activities
|
|
|
3,050,036
|
|
|
|
(7,741,168
|
)
|
|
Total investment activities
|
|
|
(1,466,771
|
)
|
|
|
(1,179,871
|
)
|
|
Total financing activities
|
|
|
(10,066,014
|
)
|
|
|
(5,389,836
|
)
|
|
Effect of changes in exchange rate
|
|
|
13,403,261
|
|
|
|
40,060,168
|
|
|
Net increase in cash and cash equivalents
|
|
|
4,920,512
|
|
|
|
25,749,293
|
|
Grupo
Supervielle S.A.
Informative
Review as of september 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)
|
|
09/30/2020
|
|
|
12/31/2019
|
|
|
Liquidity
|
|
|
18.44
|
%
|
|
|
31.45
|
%
|
|
- Cash and cash equivalents (*1)
|
|
|
31,389,606
|
|
|
|
34,232,005
|
|
|
- Deposits
|
|
|
170,259,118
|
|
|
|
108,847,091
|
|
|
|
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
15.56
|
%
|
|
|
19.33
|
%
|
|
- Shareholders Equity
|
|
|
31,794,718
|
|
|
|
29,604,138
|
|
|
- Total Liabilities
|
|
|
204,393,542
|
|
|
|
153,125,963
|
|
|
|
|
|
|
|
|
|
|
|
|
Immobilization of Capital
|
|
|
8.67
|
%
|
|
|
10.09
|
%
|
|
-Immobilized Assets (*2)
|
|
|
20,469,691
|
|
|
|
18,437,317
|
|
|
-Total Assets
|
|
|
236,188,260
|
|
|
|
182,730,101
|
|
|
|
|
|
|
|
|
|
|
|
|
ROE (*3)
|
|
|
11.6
|
%
|
|
|
(9.6
|
)%
|
(*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 september 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”
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” 6938 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. It is worth mentioning that through communications "A"
7108 and 7134, the Argentine Central Bank ordered the classification of financial entities into groups "A", "B"
and "C", leaving Cordial Compañía Financiera classified as Group "C" as of October 1, 2020.
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:
|
|
•
|
Grupo Supervielle S.A.’s corporate purpose is, exclusively, the realization of financial
and investment activities;
|
|
|
•
|
the investment in financial entities and in the insurance company accounts for 80,8% of Grupo Supervielle
S.A.’s assets, being the main assets of the Group,
|
|
|
•
|
74,6% of Grupo Supervielle S.A.’s incomes come from its equity investments in financial entities’
and insurance company results,
|
|
|
•
|
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.
|
Perspectives
For the financial year 2021, Grupo Supervielle
expects to keep its contribution to the Argentine economy evolution and growth through its credit origination.