Grupo Aval Acciones y Valores S A : Separate Financial Statements 2022

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

For the period ended as of decembre 31st 2022 and december 31st 2021 (Stated in millions of Colombian pesos)

AssetsCurrent assets

Cash and cash equivalents Trading securities

Accounts receivable from related parties Taxes paid in advance

Other accounts receivable Other non-financial assets

Total current assets

Non-current Assets

Investments in subsidiaries and associates

Accounts receivable from related parties

Property and equipment, net

Deferred tax assets

Total non-current Assets

Total assets

Liabilities and shareholders' equity Current liabilities

Borrowings at amortized cost

Outstanding bonds at amortized cost

Accounts payable

Employee benefits

Tax liabilities

Other non-financial liabilities

Total current liabilities

Long-term liabilities

Borrowings at amortized cost

Outstanding bonds

Total long-term liabilities Total liabilitiesShareholders' equity

Subscribed and paid capital

Additional paid-in capital

Retained earnings

Net income

Other equity accounts

Total shareholders' equity

Decembre 31st

2022

December 31st 2021

Ps.

67,439 764 96,081 7,577

Ps.

174,784 47 281,375 -

161 163

52 9

172,074

Ps.

456,378

18,361,916 1,498,754 4,083 127

Ps.

25,112,884 - 5,565 124

19,864,880 25,118,573

Ps.

20,036,954 Ps. 25,574,951

Ps.

20,255 Ps. 6,318

14,093 8,048

106,101 404,893

2,486 2,310

11,920 26,553

1,214 1,214

156,069 449,336

Ps.

1,794,089 Ps. 525,659

1,124,520 1,124,520

2,918,609 1,650,179

Ps.

3,074,678 Ps. 2,099,515

Ps.

23,743 Ps.

22,281

9,695,243 8,612,936

5,939,430 10,323,861

2,541,179 3,502,758

(1,237,319) 1,013,600

Ps.

16,962,276 Ps. 23,475,436

Total liabilities and shareholders' equity

Ps.

20,036,954 Ps. 25,574,951

Statement of income

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

Operating revenue

Equity method income, net

Other revenue from ordinary activities

Total operating revenue

Expenses, net

Administrative expenses Other expenses

Losses from exchange differences Operating income

For the accumulated periodDecembre 31st 2022

Ps.

1,956,438 Ps.

307,399

Decembre 31st 2021

2,267,067 286,823

Ps.

2,263,837 Ps. 2,553,890

Ps.

105,356 Ps. 82,686

4,092 434

627 41

Ps.

2,153,762

Ps.

2,470,729

Financial expenses

191,558

98,690

Earnings before taxes

Ps.

1,962,204

Ps.

2,372,039

Income tax expense

17,672

52,565

Net income from continuing operations

Discontinued operations

Equity method income from discontinued operations Income from discontinued operations

Ps.

1,944,532 Ps. 2,319,474

596,647 1,183,284

Ps.

596,647 Ps. 1,183,284

Net income

Ps.

2,541,179 Ps. 3,502,758

Net income per share from continuing operations Net income per share from discontinued operationsGRUPO AVAL ACCIONES Y VALORES S.A. Statement of Other Comprehensive Income (Stated in millions of Colombian pesos) IFRS

Net income

Other comprehensive income (OCI), net of taxes Participation in other comprehensive income reported using the equity method

Comprehensive income, net

Ps. Ps.

84.03 Ps. 104.10

25.78 Ps. 53.11

For the accumulated periodPs.

Ps.

Decembre 31st	Decembre 31st
2022	2021
2,541,179 Ps.	3,502,758
(2,250,919)	251,534
290,260 Ps.	3,754,292

Individual statement of cash flow

For the period ended as of december 31st 2022 and 2021 (Stated in millions of Colombian pesos)

Decembre 31st 2022

Decembre 31st 2021

Cash flow from operating activity: Net Income

Adjustments to reconcile net profit with net cash used in operating activities

Income tax expense

Property and equipment depreciation and amortization

Impairment of receivables

Impairment of property and equipment

Equity method income

Equity method income from discontinued operations

Changes in operating assets and liabilities:

Increase in trading securities

Increase (decrease) in receivables Acquisition of permanent investments Increase in interest receivables

Decrease in other assets and liabilities, net: prepaid taxes, prepaid expenses; taxes, accounts payable, employee liabilities, estimated liabilities and provisions. Increase in interests payable

Interest payment on lease agreements (IFRS 16) Dividends received by subsidiaries

Income tax paid

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

Acquisition of borrowings at amortized cost

Payment of other borrowings from banks

Payment of liabilities arising from lease agreements

Net cash from financing activities

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

Ps.

2,541,179

Ps. 3,502,758

Ps.

17,672

Ps. 52,565

1,767 1,811

2,907 5

- -(1,956,438) (2,267,067)

(596,647) (1,183,284)

(717) (661,710) (831,449) (10,058)

(40)

55,686 (55,269)

-(37,322) (32,213)

20,114 6,162

(232) (222)

564,575 (3,354)

Ps.

(949,708)

(164)

Ps.

(164)

(414,267) 1,287,144

Ps.

(29,000) (1,350) 842,527

1,212,576

(16,770)

Ps.

1,276,693

(132)

Ps.

(132)

(1,230,841)

- - (1,289)

Ps.

(1,232,130)

(107,345) 44,431

174,784 130,353

Ps.

67,439

Ps.

170,566

Ps. 174,784

Ps. 92,518

GRUPO AVAL ACCIONES Y VALORES S.A.

Statement of shareholders' equity

For the period ended as of december 31st 2022 (Stated in million of Colombian pesos)

Retained earnings (losses)

Subscribed and paid capital

Paid-in Capital

Legal reserve

Occasional reserveRetained earnings

(losses)Operations with shareholders

Net Income

Other equity accounts

Shareholders' equity

Balance as of december 31 st. 2020

Constitution of reserves for future distributions net income 2020

To distribute a cash dividend of $ 4,50 per share per month from April 2021 to March 2022 including those two months, over 22,281,017,159 outstanding shares as of the date of this meeting.

Application of the equity method Witholding tax on dividends Net Income

Balance as of december 31 st. 2021

Constitution of reserves for future distributions net income 2021

Reserve appropriation

To distribute a stock dividend of $ 54 per share , over 22,281,017,159 shares outstanding as of december 31st 2021. These dividends will be paid at the rate of 1 share for each 13.74233 common or preferential shares as of december 31st, 2021.

Issuance of shares

Application of the equity method

Application of the equity method (Spin-off)

Adjustment defered tax (equity method) Decree 2617 /2022

Witholding tax on dividends

Net Income

Balance as of december 31st 2022

Ps.

22,281 Ps.

8,612,936 Ps.

11,140 Ps.

9,510,717 Ps.

(197,415) Ps.

- Ps.

2,399,001 Ps.

762,066 Ps.

21,120,726

2,399,001

(2,399,001)

-(1,203,175)

(1,203,175)

(188,208)

251,534

63,326

(8,199)

(8,199)

3,502,758 3,502,758

Ps.

22,281 Ps.

8,612,936 Ps.

11,140 Ps.

10,706,543 Ps.

(393,822)

- Ps.

3,502,758 Ps.

1,013,600 Ps. 23,475,436

732

3,502,758

(188,940)

188,208

(3,502,758)

- -

(1,203,175)

(1,203,175)

1,083,769

1,462

1,082,307

(1,532,701) (1,532,701)

(718,218) (7,362,495)

(6,644,277)

(36,287) (36,287)

(3,450) (3,450)

2,541,179 2,541,179

Ps.

23,743 Ps.

9,695,243 Ps.

11,872 Ps.

12,817,186 Ps.

(245,351)

(6,644,277) Ps.

2,541,179 Ps.

(1,237,319) Ps. 16,962,276