Grupo Aval Acciones y Valores S A : Separate Financial Statements 2023

GRUPO AVAL ACCIONES Y VALORES S.A.

Separate statement of financial position (Stated in millions of Colombian pesos)

			December 31st		December 31st
	Note		2023		2022
Assets
Current assets
Cash and cash equivalents	6	Ps.	157,323	Ps.	67,439
Amortized cost investments	7		18,707		-
Trading securities	8		256		764
Accounts receivable from related parties	9		444,964		96,081
Taxes paid in advance	9		5,958		7,577
Other accounts receivable	9		31		161
Other non-financial assets	10		103		52
Total current assets			627,342		172,074
Non-current Assets
Investments in subsidiaries and associates	11	Ps.	18,645,247	Ps.	18,361,916
Accounts receivable from related parties	9		1,031,954		1,498,754
Property and equipment, net	12		2,404		4,083
Deferred tax assets	13		278		127
Total non-current Assets			19,679,883		19,864,880
Total assets		Ps.	20,307,225	Ps.	20,036,954
Liabilities and shareholders' equity
Current liabilities
Borrowings at amortized cost	14	Ps.	20,923	Ps.	20,255
Outstanding bonds at amortized cost	14		237,172		14,093
Accounts payable	16		363,998		106,101
Employee benefits	15		2,880		2,486
Tax liabilities	16		13,335		11,920
Other non-financial liabilities	16		1,214		1,214
Total current liabilities			639,522		156,069
Long-term liabilities
Borrowings at amortized cost	14	Ps.	1,525,800	Ps.	1,794,089
Outstanding bonds	14		900,000		1,124,520
Total long-term liabilities			2,425,800		2,918,609
Total liabilities		Ps.	3,065,322	Ps.	3,074,678
Shareholders' equity
Subscribed and paid capital	17	Ps.	23,743	Ps.	23,743
Additional paid-in capital	17		9,695,243		9,695,243
Retained earnings	17		7,450,394		5,939,430
Net income			723,038		2,541,179
Other equity accounts	17		(650,515)		(1,237,319)
Total shareholders' equity		Ps.	17,241,903	Ps.	16,962,276
Total liabilities and shareholders' equity		Ps.	20,307,225	Ps.	20,036,954

The accompanying notes are an integral part of these financial statements

Luis Carlos Sarmiento Gutiérrez	María Edith González Flórez	Diana Alexandra Rozo Muñoz
President	Certified Public Accountant	Revisor Fiscal of Grupo Aval Acciones y Valores S.A.
	Registration 13083-T	Registration 120741 T
		Member of KPMG S.A.S.
		(See my report of february 27th 2024)

GRUPO AVAL ACCIONES Y VALORES S.A.

Separate statement of income

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

			For the accumulated period
			December 31st		December 31st
	Note		2023		2022
Operating revenue
Equity method income, net	19	Ps.	731,040	Ps.	1,956,438
Other revenue from ordinary activities	19		443,050		307,399
Total operating revenue		Ps.	1,174,090	Ps.	2,263,837
Expenses, net
Administrative expenses	20	Ps.	79,766	Ps.	105,356
Other expenses	20		(467)		4,092
revenue from exchange differences	20		1,495		627
Operating income		Ps.	1,093,296	Ps.	2,153,762
Financial expenses	20		326,757		191,558
Earnings before taxes		Ps.	766,539	Ps.	1,962,204
Income tax expense	13		43,501		17,672
Net income from continuing operations		Ps.	723,038	Ps.	1,944,532
Discontinued operations
Equity method income from discontinued operations	19		-		596,647
Income from discontinued operations		Ps.	-	Ps.	596,647
Net income		Ps.	723,038	Ps.	2,541,179
Number of shares outstanding	17		23,743,475,754		23,743,475,754
Net income per share from continuing operations		Ps.	30.45	Ps.	84.03
Net income per share from discontinued operations		Ps.	-	Ps.	25.78

The accompanying notes are an integral part of these financial statements

Luis Carlos Sarmiento Gutiérrez	María Edith González Flórez	Diana Alexandra Rozo Muñoz
President	Certified Public Accountant	Revisor Fiscal of Grupo Aval Acciones y Valores S.A.
	Registration 13083-T	Registration 120741 T
		Member of KPMG S.A.S.
		(See my report of february 27th 2024)

GRUPO AVAL ACCIONES Y VALORES S.A.

Separate Statement of Other Comprehensive Income

(Stated in millions of Colombian pesos)

GRUPO AVAL ACCIONES Y VALORES S.A. Separate Statement of shareholders equility (Stated in million of Colombian pesos)

GRUPO AVAL ACCIONES Y VALORES S.A. Separate Individual statement of cash flow (Stated in millions of Colombian pesos)

			For the accumulated period
			December 31st	December 31st
	Note		2023	2022
Cash flow from operating activity:
Net Income		Ps.	723,038 Ps.	2,541,179
Adjustments to reconcile net profit with net cash
provided (used) in operating activities
Income tax expense	13	Ps.	43,501 Ps.	17,672
Property and equipment depreciation and amortization			4	5
Impairment of receivables	12		1,735	1,767
Impairment of property and equipment	9		(689)	2,907
Equity method income	19		(731,040)	(1,956,438)
Equity method income from discontinued operations	19		-	(596,647)
Changes in operating assets and liabilities:
Decrease (Increase) in trading securities		Ps.	508 Ps.	(717)
Increase in receivables			-	(661,710)
Acquisition of permanent investments	11		-	(831,449)
Decrease in interest receivables	9		(9)	(10,058)
Decrease in other assets and liabilities, net: prepaid taxes, prepaid expenses;
taxes, accounts payable, employee liabilities, estimated liabilities and provisions.			(38,879)	(37,322)
Increase (Derease) in interests payable			(405)	20,114
Interest payment on lease agreements (IFRS 16)	20		(490)	(232)
Dividends received by subsidiaries			879,252	564,575
Income tax paid			-	(3,354)
Net cash provided in operating activities		Ps.	876,526 Ps.	(949,708)
Cash flow from investing activities:
amortized cost investments	7		(19,146)	-
Acquisition of property and equipment	12		(145)	(164)
Net cash used in investing activities		Ps.	(19,291) Ps.	(164)
Cash flow from financing activities:
Dividends paid			(766,537)	(414,267)
Acquisition of borrowings at amortized cost	14		-	1,287,144
Payment of other borrowings from banks	14		-	(29,000)
Payment of liabilities arising from lease agreements	14		(1,270)	(1,350)
Net cash used in financing activities		Ps.	(767,807) Ps.	842,527
Effect of exchange rate difference on cash			456	-
Change in cash and cash equivalents			89,884	(107,345)
Cash and cash equivalents as of the beginning of the period			67,439	174,784
Cash and cash equivalents as of the end of the period		Ps.	157,323 Ps.	67,439
Additional information:
Payment of Interest		Ps.	327,624 Ps.	170,566

The accompanying notes are an integral part of these financial statements

Luis Carlos Sarmiento Gutiérrez	María Edith González Flórez	Diana Alexandra Rozo Muñoz
President	Certified Public Accountant	Revisor Fiscal of Grupo Aval Acciones y Valores S.A.
	Registration 13083-T	Registration 120741 T
		Member of KPMG S.A.S.
		(See my report of february 27th 2024)