359 / 430
- 23 -
6.
AVAILABLE FOR SALE INVESTMENTS
2015
2014
S/.000
S/.000
CAF shares (Note 3 (f.2))
2,339,156
2,339,156
Mutual funds
203,811
314,981
Investment funds
48,372
20,266
Shares
2,520
2,561
Impairment of investments - Investment funds
(6,924)
-
Equity instruments
2,586,935
2,676,964
Structured bonds
1,159,113
823,548
Corporate bonds
257,307
262,877
Securitization bonds
58,798
45,786
Commercial papers
33,305
2,966
Structured bonds / repos
23,764
29,805
Subordinated bonds
2,584
2,377
Sovereign bonds
-
18,581
1,534,871
1,185,940
Accrued interest
21,061
27,329
Debt instruments
1,555,932
1,213,269
Total
4,142,867
3,890,233
Investment in CAF was a contribution of the Peruvian Government between 1989 and 2000, as
class “B” shares of the CAF. Class “B” shares have a nominal value of US$5,000 each and
entitle the owner to designate a representative in the Board of Directors. As of December 31,
2015 and 2014, COFIDE holds 97,951 class “B” shares representing 11.50% and 12.43% equity
share in CAF, respectively.
Within the framework of IFRS harmonization and considering that CAF shares do not pay
dividends in cash, do not have a public active market, that it is not likely to determine an estimated
fair value of the investment and considering Official Letter No. 45853-2012-SBS, issued by the
SBS, which establishes the treatment of investments based on IFRS, since January 1, 2013,
COFIDE decided to record this investment under “Available for sale investments”, considering the
equivalent of the last value recorded by COFIDE as cost value, which was reported by COFIDE to
the SBS as of December 31, 2012 (Note 3 (f.2)).
Interest income of available for sale investments is recorded under “Interest income of available
for sale investments” of the statement of income.
As of December 31, 2015 and 2014, structured bonds / repos comprise bonds from Terminales
Portuarios Paita, which were granted as guarantee of short-term financing provided by trusts
managed by COFIDE (Note 10 (c)).
Management reviewed the carrying amount of its investments and recognized an impairment
loss of investments of Fondo de Inversión Latam Perú for (in thousands) US$2,030 as of
December 31, 2015; notwithstanding the foregoing, after the determination of impairment of
investments according to Resolution SBS No. 7033-2012, Management did not identify any