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CORPORACION FINANCIERA DE DESARROLLO S.A. – COFIDE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014
In thousands of nuevos soles (S/.000), unless otherwise indicated herein
1.
INCORPORATION, ECONOMIC ACTIVITY AND APPROVAL OF FINANCIAL
STATEMENTS
(a)
Incorporation and economic activity
Corporación Financiera de Desarrollo S.A. - COFIDE (COFIDE or Bank) is a company where
the Peruvian Government has an equity interest of 98.00% (represented by Fondo Nacional de
Financiamiento de la Actividad Empresarial del Estado – FONAFE, attached to the Ministry of
Economy and Finances – MEF) and the Corporación Andina de Fomento – CAF, holds another
1.00%.
In June 2015, FONAFE contributed with cash capital to subscribe treasury shares owned by
COFIDE and increased its interest from 98% to 99%. As of December 31, 2015, those treasury
shares have not been registered in public records yet and are presented in “Additional paid in
capital” in the statement of changes in equity (Note 13(b)).
COFIDE was incorporated on March 18, 1971 through Law Decree N° 18807 and it has
administrative, economic and financial autonomy. The stated purpose of COFIDE is to
contribute to Peru’s integral development, through funds capture and financing granted through
Financial Intermediation Institutions (hereinafter IFI for its acronym in Spanish), for the
promotion and financing of productive investments and public and private infrastructure.
Additionally, COFIDE is dedicated to managing funds and securities mainly received from the
Peruvian Government and financial institutions acting as fiduciary, for which it charges a
commission.
The activities of COFIDE are regulated by different legal provisions included in its bylaws,
specifically issued to define its action framework. Additionally, such activities are regulated by
the Ley General del Sistema Financiero y del Sistema de Seguros y Orgánica de la
Superintendencia de Banca, Seguros y Administradoras Privadas de Fondos de Pensiones
(General Law of the Financial and Insurance Systems and Organic Law of the Superintendency
of Banking, Insurance and Private Administrators of Pension Funds (hereinafter SBS for its
acronym in Spanish)) – Law N° 26702 (hereinafter General Law), and the amendments to
Legislative Decree N° 1028 dated June 21, 2008.
COFIDE’s legal address is Augusto Tamayo N° 160, San Isidro and the number of personnel
(Managers, officers and employees) as of December 31, 2015 and 2014 was 194 and 193,
respectively.
(b)
Approval of financial statements
The financial statements for the year ended December 31, 2015, prepared in accordance with
generally accepted accounting principles in Peru (GAAP in Peru) applicable to financial entities,
were authorized for issuance by COFIDE’s Management on January 15, 2016. These financial
statements shall be submitted for approval to the Board of Directors and then to the
Shareholders’ Meeting. COFIDE’s Management believes that the financial statements, included
herein, will be approved by the Board of Directors and the Shareholders’ Meeting without
further amendments. The financial statements for the year ended December 31, 2014, prepared