Grupo Aval Acciones y Valores S A : June 2020

GRUPO AVAL ACCIONES Y VALORES S.A. Statement of financial position

For the period ended as of june 30th 2020 and december 31st 2019 (Stated in millions of Colombian pesos)

		June 30th		December 31st
Assets		2020		2019
Current assets
Cash and cash equivalents	Ps.	68,903	Ps.	51,299
Trading securities		7		212
Accounts receivable from related parties		1,100,513		328,307
Other accounts receivable		201		164
Other non-financial assets		119		278
Total current assets		1,169,743		380,260
Non-current Assets
Investments in subsidiaries		22,033,162		22,077,817
Property and equipment		7,879		8,351
Deferred tax assets		3,545		331
Total non-current Assets		22,044,586		22,086,499
Total assets	Ps.	23,214,329	Ps.	22,466,759
Liabilities and shareholders' equity
Current liabilities
Borrowings at amortized cost, current	Ps.	346,939	Ps.	189,297
Outstanding bonds at amortized cost, current		6,912		107,435
Accounts payable		1,099,547		430,917
Employee benefits		1,858		1,806
Tax liabilities		19,992		35,575
Other non-financial liabilities		1,214		1,214
Total current liabilities		1,476,462		766,244
Long-term liabilities
Borrowings at amortized cost, non current		182,996		241,141
Outstanding bonds, non current		1,124,520		1,124,520
Total long-term liabilities		1,307,516		1,365,661
Total liabilities		2,783,978		2,131,905
Shareholders' equity
Subscribed and paid capital		22,281		22,281
Additional Paid-in capital		8,612,936		8,612,936
Retained earnings		9,332,111		7,638,814
Net income		1,065,515		3,031,238
Other equity accounts		1,397,508		1,029,585
Total shareholders' equity		20,430,351		20,334,854
Total liabilities and shareholders' equity	Ps.	23,214,329	Ps.	22,466,759

GRUPO AVAL ACCIONES Y VALORES S.A.

Statement of income

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

		For the accumulated period
		June 30th		June 30th
		2020		2019
Operating revenue
Equity method income, net	Ps.	1,037,949	Ps.	1,556,848
Other revenue from ordinary activities		144,015		143,594
Total operating revenue		1,181,964		1,700,442
Expenses, net
Administrative expenses		38,715		41,484
Other expenses		3		153
Losses (Gains) from exchange differences		(41)		306
		38,759		41,331
Operating income		1,143,205		1,659,111
Financial expenses		59,168		58,683
Earnings before taxes	Ps.	1,084,037	Ps.	1,600,428
Income tax expense		18,522		31,133
Net Income	Ps.	1,065,515	Ps.	1,569,295
Net Earnings per Share	Ps.	47.82	Ps.	70.43

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

IFRS

For the accumulated period

June 30thJune 30th

20202019

Net income

Other comprehensive income (OCI), net of taxes

Investors participation in other comprehensive income reported using the equity method

Comprehensive income, net

Ps.

1,065,515 Ps.

1,569,295

367,923348,194

Ps.

1,433,438 Ps.

1,917,489

GRUPO AVAL ACCIONES Y VALORES S.A.

Individual statement of cash flow

For the period ended as of june 30th 2020 and 2019 (Stated in millions of Colombian pesos)

		June 30th		June 30th
		2020		2019
Cash flow from operating activity:
Net Income	Ps.	1,065,515	Ps.	1,569,295
Adjustments to reconcile net profit with net cash
used in operating activities
Income tax expense		18,522		31,133
Property and equipment depreciation		873		850
Equity method earnings		(1,037,949)		(1,556,848)
Changes in operating assets and liabilities:
Decrease (Increase) in trading securities		205		(4,054)
(Decrease) Increase in receivables		(1,167)		37,680
Acquisition of permanent investments		-		(37,680)
Decrease in other assets and liabilities, net: prepaid taxes, prepaid
expenses; taxes, accounts payable,
employee liabilities, estimBDed liabilities and provisions.		(15,790)		(17,122)
Increase (Decrease) in interests payable		(616)		393
interest payment by lease agreements		(232)		(284)
Dividends received		678,410		600,078
Income Tax paid		(23,901)		(35,648)
Net cash used in operating activities		683,870		587,792
Cash flow from investing activities:
Acquisition of property and equipment		(33)		(84)
Net cash used in investing activities		(33)		(84)
Cash flow from financing activities:
Dividends paid		(665,686)		(600,134)
Acquisition of loans		100,000		-
Payment liabilities by lease agreements		(547)		(468)
Bonds Payment		(100,000)		-
Net cash from financing activities		(666,233)		(600,602)
Effect of exchange rate difference on cash		-		(265)
Change in cash and cash equivalents		17,604		(13,159)
Cash and cash equivalents as of the beginning of the period		51,299		38,667
Cash and cash equivalents as of the end of the period	Ps.	68,903	Ps.	25,508
Additional information:
Payment of Interest	Ps.	59,698	Ps.	58,239

GRUPO AVAL ACCIONES Y VALORES S.A.

Statement of shareholders' equity

For the period ended as of june 30th 2020 (Stated in million of Colombian pesos)

Retained earnings (losses)

Subscribed and paid	Paid-in Capital	Legal reserve	Occasional reserve	Retained earnings	Earnings (losses) in first-	Net Income	Other equity accounts	Shareholders' equity
capital	(losses)	time adoption

Balance as of December 31st, 2018

Ps.

22,281 Ps.

8,612,936 Ps.

11,140 Ps.

6,265,452 Ps.

(426,099)

Ps.

256,878 Ps.

2,887,749 Ps.

591,304

Ps.

18,221,641

Effect by accounting policies changes by adoption in IFRS 16

(5,101)

(5,101)

Balance as of January 01st, 2019

Ps.

22,281 Ps.

8,612,936 Ps.

11,140 Ps.

6,265,452 Ps.

(431,200)

Ps.

256,878 Ps.

2,887,749 Ps.

591,304

Ps.

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

348,194

348,194

Net Income

1,569,295

1,569,295

Balance as of June 30th, 2019

Ps.

22,281 Ps.

8,612,936 Ps.

11,140 Ps.

7,816,340 Ps.

(431,200)

Ps.

256,878 Ps.

1,569,295 Ps.

939,498

Ps.

18,797,168

Balance as of December 31st, 2019

Ps.

22,281 Ps.

8,612,936 Ps.

11,140 Ps.

7,816,340 Ps.

(445,544)

Ps.

256,878 Ps.

3,031,238 Ps.

1,029,585

Ps.

20,334,854

Constitution of reserves for future distributions

3,031,238

(3,031,238)

-

To distribute a cash dividend of $ 5,00 per share per

month from April 2020 to March 2021 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

367,923

367,923

Dividends witholding tax

(1,080)

(1,080)

Net Income

1,065,515

1,065,515

Balance as of June 30 th, 2020

Ps.

22,281 Ps.

8,612,936 Ps.

11,140 Ps.

9,510,717 Ps.

(446,624)

Ps.

256,878 Ps.

1,065,515 Ps.

1,397,508

Ps.

20,430,351