-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R+bO5Bf8oGYrDpe/Rk/maBl2QuPyu0nu94CgkN5QOlauzq+zd6ifmPPNK2nuhkeF KI4X2bG52Ak9m9jxxOpPXQ== 0000950127-07-000310.txt : 20070511 0000950127-07-000310.hdr.sgml : 20070511 20070511153943 ACCESSION NUMBER: 0000950127-07-000310 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20070511 FILED AS OF DATE: 20070511 DATE AS OF CHANGE: 20070511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRUPO FINANCIERO GALICIA SA CENTRAL INDEX KEY: 0001114700 STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL BANKS, NEC [6029] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-30852 FILM NUMBER: 07842194 BUSINESS ADDRESS: STREET 1: TTE. GRAL. JUAN D PERON 456 STREET 2: 1038 BUENOS AIRES ARGENTINA STATE: C1 ZIP: 00000 BUSINESS PHONE: 0115411434 MAIL ADDRESS: STREET 1: TTE. GRAL. JUAN D PERON 456 STREET 2: 1038 BUENOS AIRES ARGENTINA 6-K 1 a6-k.txt FORM 6-K ================================================================================ FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 REPORT OF FOREIGN PRIVATE ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of May, 2007 Commission File Number: 0-30852 GRUPO FINANCIERO GALICIA S.A. Galicia Financial Group S.A. (Translation of registrant's name into English) Tte. Gral. Juan D. Peron 456 (C1038AAJ) Buenos Aires, Argentina (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F [X] Form 40-F [ ] Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes [ ] No [X] If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________ ================================================================================ FORM 6-K Commission File No. 0-30852 MONTH FILED EVENT AND SUMMARY EXHIBIT NO. May, 2007 Press release, dated May 10, 99.1 2007, regarding the Registrant's reporting of its financial results for its first quarter ended March 31, 2007. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. GRUPO FINANCIERO GALICIA S.A. (Registrant) Date: May 11, 2007 By: /s/Antonio Garces -------------------------- Name: Antonio Garces Title: Chief Executive Officer -3- EXHIBIT 99.1 [GRAPHIC OMITTED] GRUPO FINANCIERO GALICIA FOR IMMEDIATE RELEASE FOR MORE INFORMATION CONTACT: Pablo Firvida VP Investor Relations Telefax: (5411) 4343-7528 pfirvida@gfgsa.com investorelations@gfgsa.com www.gfgsa.com GRUPO FINANCIERO GALICIA S.A. REPORTS FINANCIAL RESULTS FOR ITS FIRST QUARTER ENDED MARCH 31, 2007 o (Buenos Aires, Argentina, May 10, 2007) - Grupo Financiero Galicia S.A. ("Grupo Financiero Galicia", "GFG") (Buenos Aires Stock Exchange: GGAL /NASDAQ: GGAL) today announced its consolidated financial results for the first quarter of fiscal year 2007, ended March 31, 2007. NET LOSS FOR THE QUARTER ENDED MARCH 31, 2007 o Net loss for the first quarter ended March 31, 2007, was Ps$ 18.1 million, or Ps$ 0.015 per share, equivalent to Ps$ 0.15 per ADS. o This result was mainly generated by our participation in Banco de Galicia y Buenos Aires S.A. ("the Bank") (Ps$ 33.9 million loss), partially compensated by the income from our participation in Sudamericana Holding (Ps$ 3.9 million) and by the financial income from the holding of bonds and loans issued by the Bank (Ps$ 15.6 million). o The Bank recorded a Ps$ 36.2 million net loss affected by losses for Ps$ 50,8 million in connection with the adjustment to the valuation of public-sector assets and to the subscription of the Hedge Bond (Boden 2012) through the swap of Secured Loans (Prestamos Garantizados), and a Ps$ 30.5 million loss related to the amortization of the legal injuctions (amparos). The adjusted net income (before the charges previously mentioned) was Ps$ 45.1 million. o During the quarter, the Bank repaid in advance all of its debt for financial assistance received from the Argentine Central Bank, that as of December 31, 2006 was Ps$ 2,689 million and the process to compensate the Bank for the effects of the asymmetric pesification was completed. -4- o After the end of the first quarter, the Bank continued with the process of reducing its exposure to the public sector through the sale of Secured Loans for Ps$ 1,094 million. As a consequence, since December 31, 2005 to date, the Bank repaid debt with the Central Bank for Ps$ 8,612 million and reduced its exposure to the public sector by Ps$ 9,500 million. o The table below shows results per share information, based on Grupo Financiero Galicia's financial statements.
FY 2007 FY 2006 ------------ ---------------------------- 1 Q 4 Q 1 Q EARNINGS PER SHARE 03/31/07 12/31/06 03/31/06 - --------------------------------------- ------------ ------------ ------------ Total Average Shares (in thousands) 1.241.407 1.241.207 1.241.407 Total Shares Outstanding (in thousands) 1.241.407 1.241.407 1.241.407 Book Value per Share 1,281 1,296 1,299 Book Value per ADS (*) 12,810 12,960 12,990 Earnings per Share (0,015) (0,074) (0,012) Earnings per ADS (*) (0,150) (0,740) (0,120)
(*) 1 ADS =10 ordinary shares o Grupo Financiero Galicia's first quarter net income represents an annualized return of (0.43)% on average assets and (4.50)% on average shareholders' equity.
FY 2007 FY 2006 ------------ --------------------------- 1 Q 4 Q 1 Q PROFITABLIITY 03/31/07 12/31/06 03/31/06 - ----------------------------------------- ------------ ------------ ------------ Return on Average Assets (*) (0,43) (1,45) (0,17) Return on Average Shareholders Equity (*) (4,50) (22,23) (3,53)
(*) Annualized. NET INCOME BY BUSINESS The table below shows the breakdown of net income by business. o "Income from stake in Sudamericana Holding" includes the results from our interest in such company for the quarter ended December 31 2006. o "Income from stake in other companies" includes the results from our interests in Net Investment, Galicia Warrants and Galval. o The "Adjustment by deferred tax" line shows the income tax charge determined by Banco Galicia's subsidiaries in accordance with the deferred tax method. -5- This adjustment was not performed in Banco Galicia because Argentine Central Bank regulations do not contemplate the application of the deferred tax method. o The "Adjustment of treasury shares" (4th quarter 2006) includes the result generated by the sale of GFG shares owned by the Bank due to the liquidation of a financial trust. o The "Other income GFG" line includes financial income from GFG holdings of negotiable obligations and loans issued by the Bank (Ps$ 15.6 million) and administrative expenses (Ps$ 3.0 million).
FY 2007 FY 2006 ---------- ------------------------ NET INCOME BY BUSINESS 1ST.Q 12/31/06 03/31/06 - --------------------------------------------------------- ---------- ---------- ---------- Income from stake in Banco Galicia (93.6%) (33,9) (102,0) (27,3) Income from stake in Sudamericana Holding (87.5%) 4 0,4 0,8 Income from stake in other companies 0,1 (0,2) (0,1) Adjustment result by deferred tax in subsidiary companies 3,2 3,5 1,4 Adjustment of tresaury shares - 2,5 - Other Income GFG 13,5 5,9 17,1 Income tax (4,9) (2,3) (6,2) Net Income for the period (18,1) (92,2) (14,3)
In millions of pesos CONFERENCE CALL On Monday, May 14 at 11:00 A.M. Eastern Standard Time (12:00 A.M. Buenos Aires Time), GFG will host a conference call to review this results. The call-in number is: (719) 457-2658 If you are unable to participate in the call, a replay will be available from Monday, May 14 at 2:00 P.M. Eastern Standard Time until Friday, May, 18 at 12:00 P.M. Eastern Standard Time dialing (719) 457-0820, pass code: 4905546. - -------------------------------------------------------------------------------- This report is a summary analysis of the Grupo Galicia's financial condition and results of operations as of and for the period indicated. For a correct interpretation, this report must be read in conjunction with Banco Galicia's press release (www.bancogalicia.com.ar) and GFG's financial statements, as well as with all other material periodically filed with the Comision Nacional de Valores (www.cnv.gov.ar), Securities and Exchange Commission (www.sec.gov), Bolsa de Comercio de Buenos Aires (www.bolsar.com.ar) and Bolsa de Comercio de Cordoba and Nasdaq (www.nasdaq.com). Readers of this report must note that this is a translation made from an original version written and expressed in Spanish. Therefore, any matters of interpretation should be referred to the original version in Spanish. - -------------------------------------------------------------------------------- 6 GRUPO FINANCIERO GALICIA S.A. SELECTED FINANCIAL INFORMATION - CONSOLIDATED DATA (*)
In millions of pesos -------------------------------------------------------------- 03/31/07 12/31/06 09/30/06 06/30/06 03/31/06 ---------- ---------- ---------- ---------- ---------- CASH AND DUE FROM BANKS 2.062,6 2.294,8 1.629,4 1.334,9 1.244,7 GOVERNMENT AND CORPORATE SECURITIES 2.272,4 3.188,6 3.456,4 4.241,5 4.168,2 LOANS 10.701,8 10.514,6 11.149,7 10.761,0 10.285,2 OTHER RECEIVABLES RESULTING FROM FINANCIAL BROKERAGE 3.841,0 5.442,0 7.187,0 6.166,8 6.647,5 EQUITY IN OTHER COMPANIES 40,5 35,6 64,4 63,1 74,2 BANK PREMISES AND EQUIPMENT, MISCELLANEOUS AND INTANGIBLE ASSETS 1.263,3 1.264,2 1.229,9 1.200,2 1.181,3 OTHER ASSETS 1.005,9 894,4 731,7 741,4 742,1 TOTAL ASSETS 21.187,5 23.634,2 25.448,5 24.508,9 24.343,2 DEPOSITS 11.858,1 10.779,4 10.412,7 9.703,3 8.930,3 - - Non-Financial Government Sector 79,7 63,9 62,7 66,0 59,9 - - Financial Sector 153,9 154,3 199,3 315,3 4,9 - - Non-Financial Private Sector and Residents Abroad 11.624,5 10.561,2 10.150,7 9.322,0 8.865,5 - Current Accounts 2.080,1 1.982,8 1.790,9 1.754,6 1.606,3 - Savings Accounts 2.647,5 2.442,9 2.367,8 2.307,7 2.293,0 - Time Deposits 6.536,0 5.789,3 5.638,0 4.915,9 4.650,9 - Investment Accounts 5,6 4,0 4,0 0,1 0,1 - Other 209,8 211,3 222,7 206,4 193,4 - Accrued interest and quotation diferences payable 145,5 130,9 127,3 137,3 121,8 OTHER BANKS AND INTERNATIONAL ENTITIES 446,6 1.125,3 1.136,7 999,9 1.097,0 NEGOTIABLE OBLIGATIONS 3.511,2 3.587,0 3.294,7 3.572,0 3.502,3 OTHER LIABILITIES 3.615,4 6.366,8 8.746,4 8.416,1 9.056,0 MINORITY INTERESTS 165,9 167,2 157,9 150,7 145,1 TOTAL LIABILITIES 19.597,2 22.025,7 23.748,4 22.842,0 22.730,7 SHAREHOLDERS' EQUITY 1.590,3 1.608,5 1.700,1 1.666,9 1.612,5 INFLATION AND EXCHANGE RATE Retail Price Index (%) (**) 2,23 2,57 2,09 1,94 2,90 Wholesale Price Index (%) (**) 1,75 0,68 1,29 2,58 2,30 C.E.R. (%) (**) 2,52 2,46 1,65 2,65 2,96 Exchange Rate ($/U$S) (***) 3,1007 3,0695 3,1043 3,0848 3,0808
(*) Grupo Financiero Galicia S.A., consolidated with subsidiary companies (Art.33 - Law 19550). (**) Variation within the quarter. (***) Last working day of the quarter. Source B.C.R.A. - Comunique "A" 3500 - Reference Exchange Rate GRUPO FINANCIERO GALICIA S.A. SELECTED FINANCIAL INFORMATION - CONSOLIDATED DATA (*)
In millions of pesos -------------------------------------------------------------- QUARTER ENDED: 03/31/07 12/31/06 09/30/06 06/30/06 03/31/06 - ----------------------------------------------------- ---------- ---------- ---------- ---------- ---------- FINANCIAL INCOME 476,9 428,7 514,3 631,6 655,2 - - Interest on Cash and Due From Bank 3,7 0,6 0,3 0,0 0,0 - - Interest on Loans to the Financial Sector 2,3 1,0 0,6 0,7 0,6 - - Interest on Overdrafts 19,6 21,0 20,6 15,9 12,2 - - Interest on Notes 59,8 58,1 51,5 48,2 42,8 - - Interest on Mortgage Loans 20,6 20,3 19,0 16,2 14,5 - - Interest on Pladge Loans 2,5 2,2 2,0 4,1 3,8 - - Interest on Credit Card loans 90,7 89,6 65,2 65,4 60,9 - - Interest on Other Loans 40,1 36,5 27,1 22,5 19,7 - - Net Income from Government and Corporate Securities 35,5 (66,5) 66,7 154,2 86,8 - - On Other Receivables Resulting from Financial Brokerage 10,3 34,7 48,1 45,0 44,1 - - Net Income from Guaranteed Loans-Decree 1387/01 30,3 46,6 51,9 43,5 52,8 - - Adjustment by application of adjusting index 89,9 149,5 121,4 181,6 277,6 - - Other 71,6 35,1 39,9 34,3 39,4 FINANCIAL EXPENSES 354,5 442,7 408,0 453,0 547,9 - - Interest on Demand Accounts Deposits 4,1 4,2 5,1 5,4 6,3 - - Interest on Saving Accounts Deposits 1,4 1,2 1,2 1,0 0,7 - - Interest on Time Deposits 114,6 106,5 89,0 66,1 51,4 - - Interest on Loans from Financial Sector 1,3 1,4 1,1 1,4 1,6 - - For other Liabilities resulting from Financial Brokerage 91,6 87,1 67,8 80,6 83,4 - - Interest on Subordinated Negotiable Obligations 23,2 22,0 22,5 17,8 14,2 - - Other interest 42,3 38,4 43,2 41,4 63,6 - - Adjustment by application of adjusting index 43,2 126,7 121,8 182,3 266,9 - - Other 32,8 55,2 56,3 57,0 59,8 GROSS BROKERAGE MARGIN 122,4 (14,0) 106,3 178,6 107,3 PROVISIONS FOR LOAN LOSSES 49,4 26,3 20,6 34,5 29,5 INCOME FROM SERVICES, NET 200,0 192,8 173,6 158,6 147,0 ADMINISTRATIVE EXPENSES 276,2 278,3 253,4 227,1 215,7 - - Personnel Expenses 144,2 146,3 128,6 124,3 107,4 - - Directors' and Syndics' Fees 1,7 2,0 1,8 1,2 1,0 - - Other Fees 8,1 9,9 9,5 9,7 7,0 - - Advertising and Publicity 24,3 26,0 25,3 12,3 20,9 - - Taxes 13,6 15,0 13,1 11,2 11,2 - - Other Operating Expenses 62,3 58,1 55,1 51,9 51,9 - - Other 22,0 21,0 20,0 16,5 16,3 MINORITY INTEREST 4,6 (1,3) (7,3) (6,7) (3,7) INCOME FROM EQUITY INVESTMENTS 0,3 (1,2) 2,6 (9,9) (5,9) NET OTHER INCOME 6,4 49,6 57,2 32,2 4,9 INCOME TAX 26,2 13,5 25,2 36,8 18,7 NET INCOME (18,1) (92,2) 33,2 54,4 (14,3)
(*) Grupo Financiero Galicia, consolidated with subsidiary companies ( Art. 33 - Law 19550). -----END PRIVACY-ENHANCED MESSAGE-----