Grupo de Inversiones Suramericana's Net Profits Up By 63.4%
-- The portfolio's good results increased the holding company's profits, which came to USD 218.199 million.
-- GRUPOSURA is strengthening its financial health with debt of only 2.4%.
-- Moreover, it has the highest shareholder equity in the Company's history.
MEDELLIN, Colombia, Feb. 26 /PRNewswire-FirstCall/ -- Earnings obtained by strategic investments and the portfolio have generated net profits for Grupo de Inversiones Suramericana (OTC: GIVSY; BVC: GRUPOSURA) of USD 218.199 million in 2009, with an increase of 63.4% compared to 2008.
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According to the results approved today by the Board of Directors and submitted to the Superintendency of Finance, the profits are a clear indication of the Company's positive performance over the past year.
Operating revenues are a special highlight at USD 252.741 million, of which USD 163.212 million are allocated to the profit sharing arrangement, that is, that come from the good results obtained by investments controlled by the company, racking up a growth under this heading of 119.2% compared to the previous period.
Dividends and sale of investments
Revenues received as dividends and interest from non-controlled investments also contributed to GRUPOSURA's good results, with USD 70.823 million, an increase of 21.5%.
Similarly, profits from the sale of investments generated resources of USD 12.29 million for the financial holding company, while the appreciation of market prices for shares listed on the stock exchange, classified as negotiable, totaled USD 3.835 million, and revenues from operations with derivatives added up to USD 2.49 million.
The Company reported operating costs of USD 22.85 million, which is largely owing to the investment allowance of USD 15.48 million. Personnel expenses, for their part, came to USD 1.85 million, growing 13.9%.
With regard to non-operating costs, interest payments and financial expenses fell 10.8% to USD 5.504 million, corresponding to commercial paper and ordinary bonds, as well as some repo operations and credit lines.
Financial health
One of Grupo de Inversiones Suramericana's great strengths is its financial health, which is reflected in its debt-to-equity ratio of only 2.4% in relation to assets, which total USD 7.19 billions an increase of 68.9% in comparison with 2008.
The greater value of assets was due to the substantial increase of 44.5% experienced by controlling and permanent investments, which added up to USD 4.63 billions
Furthermore, appreciations of permanent investments went from USD 983.7 millons to USD 2.44 billions, an increase of 148.3% compared to the previous period.
Under assets there is a noteworthy growth of 101.7% of negotiable investments, which are represented in stock, fiduciary rights, TDC's, repos and TES securities.
A portion of these resources come from ordinary bonds, which were issued with great success at the end of last year for USD 122.29 million, and their final purpose will be to acquire strategic investments that currently form part of the liquidity portfolio of the operating companies of the affiliate Suramericana S.A.
With a debt-to-equity ratio of 2.4% in relation to assets, GRUPOSURA's liabilities came to USD 174.64 million, of which USD122.29 million are accounted for by the issuance of ordinary bonds.
An important point to emphasize in regard to the results of Grupo de Inversiones Suramericana is shareholder equity, which closed the year at USD 7.014 billions, with an improvement of 71.0%, reflected in an intrinsic value of USD 14.9 per share, the highest in the Company's history.
ABOUT GRUPO DE INVERSIONES SURAMERICANA
Grupo de Inversiones Suramericana is a holding company listed on the Colombian Securities Exchange and registered in a Level I ADR program in the United States. It has an investment portfolio grouped in two major segments: the first, called Strategic Investments, is comprised of financial services, insurance and social security industries, as well as related services. The second segment, called Portfolio Investments, mainly consists of the food and cement industries.
Its management is focused on the Strategic Investments segment, taking part in the management of the companies in which it invests, and seeking to develop synergies among them, as well as new opportunities for the creation, growth and expansion of business.
For more information, contact:
Suramericana Communications
Phone: (57-4) 4355935
[email protected]
Investor Relations
Luis Eduardo Martinez
Tel (4) 4355628
[email protected]
SOURCE Grupo de Inversiones Suramericana
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