Grupo Aval Acciones y Valores S A : Statement of financial position For the period ended as of September 30th 2019 and December 31st 2018

GRUPO AVAL ACCIONES Y VALORES S.A.

Statement of financial position

For the period ended as of September 30th 2019 and December 31st 2018 (Stated in millions of Colombian pesos)

IFRS

		2019	2018
		September 30th (*)		December 31st
Assets
Current assets
Cash and cash equivalents	$	31,763	38,667
Trading securities		4,231	1,543
Accounts receivable from related parties		660,444	267,640
Other accounts receivable		189	222
Other non-financial assets		131		295
Total current assets		696,758	308,367
Non-current Assets
Investments in subsidiaries		21,555,409	19,970,980
Property and equipment		8,774	2,414
Deferred tax assets		958		476
Total non-current Assets		21,565,141	19,973,870
Total assets
$	22,261,899	20,282,237
Liabilities and shareholders' equity
Current liabilities
Borrowings at amortized cost, current	$	234,011	2,808
Outstanding bonds at amortized cost, current		384,898	284,758
Accounts payable		762,164	359,806
Employee benefits		2,024	2,132
Tax liabilities		20,189	43,434
Other non-financial liabilities		1,214		1,214
Total current liabilities		1,404,500	694,152
Long-term liabilities
Borrowings at amortized cost, non current		318,938	541,924
Outstanding bonds, non current		724,520		824,520
Total long-term liabilities		1,043,458	1,366,444
Total liabilities
	2,447,958	2,060,596
Shareholders' equity
Subscribed and paid capital		22,281	22,281
Additional Paid-in capital		8,612,936	8,612,936
Reserves		7,396,280	5,850,493
Earnings from first-time adoption		256,878	256,878
Net income		2,319,823	2,887,749
Other equity accounts		1,205,743		591,304
Total shareholders' equity		19,813,941		18,221,641
Total liabilities and shareholders' equity	$	22,261,899	20,282,237

(*) Grupo Aval adopted IFRS 16 on January 1, 2019.

GRUPO AVAL ACCIONES Y VALORES S.A.

Statement of income

(Stated in million of Colombian pesos, except earnings per share)

IFRS

		For the nine-month period ended
		2019	2018
		September 30th (*)		September 30th
Operating revenue
Equity method income, net	$	2,303,642	2,042,454
Other revenue from ordinary activities		214,788	214,070
Total operating revenue
	2,518,430	2,256,524
Expenses, net
Administrative expenses		61,439	55,723
Other expenses		199	128
Gains (Losses) from exchange differences		(1,366)		75
Operating income		2,455,426	2,200,748
Financial expenses		89,421	89,779
Earnings before taxes
	2,366,005		2,110,969
Income tax expense		46,182	49,662
Net Income
$	2,319,823	2,061,307
Net Earnings per Share
$	104.12	92.51

GRUPO AVAL ACCIONES Y VALORES S.A.Statement of Other Comprehensive Income (Stated in million of Colombian pesos)

IFRS

	For the nine-month period ended
	2019	2018
	September 30th (*)		September 30th
Net income	2,319,823	2,061,307
Other comprehensive income (OCI), net of taxes
Investors participation in other comprehensive income
reported using the equity method	614,439	(254,711)
Comprehensive income, net
2,934,262	1,806,596

(*) Grupo Aval adopted IFRS 16 on January 1, 2019.

GRUPO AVAL ACCIONES Y VALORES S.A.

Individual statement of cash flow

For the period ended as of september 30th 2019 and 2018 (Stated in million of Colombian pesos)

IFRS

Cash flow from operating activity:
Net Income	$
Adjustments to reconcile net profit with net cash
used in operating activities
Deferred tax
Property and equipment depreciation
Acquisition of permanent investments
Equity method earnings
Changes in operating assets and liabilities:
(Increase) decrease in trading securities
Decrease in receivables
Decrease (increase) in other assets and liabilities, net: prepaid taxes,
prepaid expenses; taxes, accounts payable,
employee liabilities, estimBDed liabilities and provisions.
Increase (decrease) in interests payable
interest payment by lease agreements	-
Dividends received
Net cash used in operating activities
Cash flow from investing activities:
Acquisition of property and equipment
Net cash used in investing activities
Cash flow from financing activities:
Dividends paid
Payment liabilities by lease agreements
Net cash from financing activities
Effect of exchange rate difference on cash
Change in cash and cash equivalents
Cash and cash equivalents as of the beginning of the period
Cash and cash equivalents as of the end of the period	$

Additional information:
Payment of Interest	$

2019	2018
September 30th (*)		September 30th
2,319,823	2,061,307
(481)	17
1,279	440
(37,680)	(9,375)
(2,303,642)	(2,042,454)
(2,688)	269
37,680	8,706
(20,555)	8,552
569	(981)
(421)	-
932,215		817,567
926,099	844,048
(84)	(84)
(84)	(84)
(933,574)	(861,291)
(713)	-
(934,287)	(861,291)
1,368	(56)
(6,904)	(17,383)
38,667		35,478
31,763	18,095
88,814	90,237

(*) Grupo Aval adopted IFRS 16 on January 1, 2019.

GRUPO AVAL ACCIONES Y VALORES S.A.Statement of shareholders' equity

For the period ended as of september 30th 2019. (Stated in million of Colombian pesos)

IFRS

									Reserves
											Retained
			Subscribed and		Paid-in Capital		Legal		Occasional		earnings		Earnings (losses) in		Net Income		Other equity accounts		Shareholders' equity
			paid capital					(losses)		first-time adoption
										(*)
	Balance as of December 31st, 2017		22,281		8,504,729		11,140		5,333,763		-		256,878		2,001,178		708,524		16,838,493
	Effect by accounting policies changes by adoption in IFRS 9 and IFRS 15.									(388,696)							(388,696)
	Balance as of January 01st, 2018		22,281		8,504,729		11,140		5,333,763		(388,696)		256,878		2,001,178		708,524		16,449,797
	Dilution of shareholding (Corficolombiana)			129,492														129,492
	Constitution of reserves for future distributions							2,001,178					(2,001,178)				-
	To distribute a cash dividend of $ 4.0 per share per
	month from April 2018 to March 2019, including those							(1,069,489)										(1,069,489)
	two months, over 22,281,017,159 outstanding
	shares as of the date of this meeting.
	Application of the equity method															(254,711)		(254,711)
	Net Income													2,061,307				2,061,307
	Balance as of September 30th, 2018		22,281		8,634,221		11,140		6,265,452		(388,696)		256,878		2,061,307		453,813		17,316,396
	Balance as of December 31st, 2018		22,281		8,612,936		11,140		6,265,452		(426,099)		256,878		2,887,749		591,304		18,221,641
	Effect by accounting policies changes by adoption in IFRS 16									(5,101)							(5,101)
	Balance as of January 01st, 2019		22,281		8,612,936		11,140		6,265,452		(431,200)		256,878		2,887,749		591,304		18,216,540
	Constitution of reserves for future distributions							2,887,749					(2,887,749)				-
	To distribute a cash dividend of $ 5,00 per share per
	month from April 2019 to March 2020 including those							(1,336,861)										(1,336,861)
	two months, over 22,281,017,159 outstanding
	shares as of the date of this meeting.
	Application of the equity method															614,439		614,439
	Net Income													2,319,823				2,319,823
	Balance as of September 30th, 2019		22,281		8,612,936		11,140		7,816,340		(431,200)		256,878		2,319,823		1,205,743		19,813,941

(*) Grupo Aval adopted IFRS 16 on January 1, 2019.