Grupo Aval Acciones Y Valores S.A. | CIK:0001504764 | 3

  • Filed: 4/27/2018
  • Entity registrant name: Grupo Aval Acciones Y Valores S.A. (CIK: 0001504764)
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    • ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory

    NOTE 21 – FINANCIAL OBLIGATIONS
     
    21.1.
    Financial obligations other than issued bonds
     
    a)
    Interbank borrowings, overnight funds and borrowings from banks and others
     
    Following is a summary of the financial obligations of Grupo Aval as at December 31, 2017 and 2016:
     
     
     
    December
    31, 2017
     
     
    December
    31, 2016
     
     
     
     
     
     
     
     
    Local Currency
     
     
     
     
     
     
     
     
    Interbank funds
     
     
     
     
     
     
     
     
    Overnight funds
     
    Ps.
    1,464
     
     
    Ps.
    2,075
     
    Interbank funds purchased
     
     
    336,431
     
     
     
    1,366,757
     
    Commitments to transfer open and closed repo operations
     
     
    715,364
     
     
     
    1,259,676
     
    Commitments to transfer simultaneous operations
     
     
    2,272,496
     
     
     
    2,436,838
     
    Commitments originated in short positions simultaneous operations
     
     
    176,048
     
     
     
    538,016
     
    Total interbank funds
     
    Ps.
    3,501,803
     
     
    Ps.
    5,603,362
     
    Borrowings
     
     
    2,831,100
     
     
     
    2,084,988
     
    Letters of credit
     
     
    485
     
     
     
    3,509
     
    Bankers´ acceptances
     
     
    17
     
     
     
    517
     
    Total borrowings from banks and others
     
    Ps.
    2,831,602
     
     
    Ps.
    2,089,014
     
     
     
     
     
     
     
     
     
     
    Foreign currency
     
     
     
     
     
     
     
     
    Interbank funds
     
     
     
     
     
     
     
     
    Overnight funds
     
     
    217
     
     
     
    3,498
     
    Interbank funds purchased
     
     
    1,135,110
     
     
     
    309,924
     
    Commitments to transfer open and closed repo operations
     
     
    333,300
     
     
     
    398,933
     
    Total interbank funds
     
    Ps.
    1,468,627
     
     
    Ps.
    712,355
     
    Borrowings
     
     
    14,529,524
     
     
     
    15,086,112
     
    Letters of credit
     
     
    195,988
     
     
     
    6,976
     
    Bankers´ acceptances
     
     
    648,206
     
     
     
    724,531
     
    Total borrowings from banks and others
     
    Ps.
    15,373,718
     
     
    Ps.
    15,817,619
     
    Total financial obligations
     
    Ps.
    23,175,750
     
     
    Ps.
    24,222,350
     
     
    As of December 31, 2017, short-term obligations associated with simultaneous and repo operations for an amount of Ps. 2,272,496, guaranteed with investments for an amount of Ps.3,400,677 and as of December 31, 2016 Ps. 2,436,838 were guaranteed with investments for an amount of Ps. 5,264,105.
     
    b)
    Borrowings from development entities
     
    The Colombian Government has established certain credit programs for promoting the development of specific sectors of the economy, including foreign trade, agriculture, tourism, housing construction and other industries. The programs are managed by many entities of the Government such as Banco de Comercio Exterior (“BANCOLDEX”), Fondo para el Financimiento del Sector Agropecuario (“FINAGRO”) and Financiera del Desarrollo Territorial (“FINDETER”).
     
    The details of the borrowings from these entities as of December 31, 2017 and 2016 and are as follows:
     
     
     
    Interest rates in force at cut off
     
    December 31,
    2017
     
     
    December 31,
    2016
     
    Banco de Comercio Exterior - “BANCOLDEX”
     
    Fixed between 0.07% and %13.20%, DTF + 0.01 to 14.43%, IBR + 0.01 to 14.43, LIBOR6 + 0.01 to 4.46, LIBOR12 +0.01
     
    Ps.
    835,667
     
     
    Ps.
    736,721
     
    Fondo para el Financiamiento del Sector Agropecuario - “FINAGRO”
     
    Fixed between 5.22% and 6.30%, DTF + 0.01 to 7.74%, IBR and IPC + 2.0 and 7.74%,
     
     
    342,728
     
     
     
    337,649
     
    Financiera de Desarrollo Territorial “FINDETER”
     
    Fixed 0.03% and 9.77%, DTF + 0.01 to 8.48, IBR+ 0.30 to 8.48, IPC+ 0.01 and 0.05%, LIBOR3 0.04 and LIBOR6 +0.04%
     
     
    1,819,695
     
     
     
    1,651,325
     
    Total
     
     
     
    Ps.
    2,998,090
     
     
    Ps.
    2,725,695
     
     
    Details showing the maturities of the financial obligations with development entities as for December 31, 2017 are as follows:
     
    Year
     
    2017
     
    2018
     
    Ps.
    207,509
     
    2019
     
     
    197,193
     
    2020
     
     
    400,848
     
    2021
     
     
    353,270
     
    After 2021
     
     
    1,839,270
     
    Total
     
    Ps.
    2,998,090
     
     
    21.2.
    Financial obligations from issued bonds
     
    The different entities from Grupo Aval are authorized by the Superintendency of Finance and by the regulatory entities abroad where Grupo Aval operates, for issuing or placing either bonds or general guarantee bonds. The bonds issued by Grupo Aval and its banking subordinates are non-guaranteed.
     
    a)
    The detail of liabilities as of December 31, 2017 and 2016, by issue date and maturity date was as follows:
     
    Peso denominated
     
    Issuer
     
    Issue Date
     
    December
    31, 2017
     
     
    December
    31, 2016
     
     
    Maturity Date
     
    Interest Rate
    Banco de Bogotá S.A.
     
     23/02/2010
     
     
    132,989
     
     
     
    248,234
     
     
    23/02/2020
     
    CPI + 5.45%
    UVR + 5.45%
    Banco de Occidente
     
    Between 25/08/2008 and 14/12/2017
     
     
    3,271,929
     
     
     
    2,811,593
     
     
    Between 16/07/2018 and 14/12/2032
     
    CPI + 2.90% to7.00%
    Fixed between 6.18% and 7.85%
    Corporación Financiera Colombiana S.A.
     
     Between 20/05/2009 and 08/09/2016
     
     
    2,361,702
     
     
     
    2,356,272
     
     
    Between 11/03/2019 and 08/09/2036
     
    CPI + 4.00% to 6.9%
    Banco Popular
     
    Between 26/02/2013 and 12/09/2017
     
     
    1,571,308
     
     
     
    1,620,504
     
     
    Between 17/02/2018 and 12/10//2026
     
    CPI + 2.44%  to 4.13%
    IBR +1.32%; DTF + 1.49%: Fixed between 6.62% and 8.10%
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Grupo Aval 
    Acciones y Valores
     
    03/12/2009 and 28/06/2017
     
    Ps.
    1,109,240
     
     
    Ps.
    704,726
     
     
    Between 03/12/2019 and 28/06/2042
     
    CPI + 2.69% to 5.20%
    Peso denominated Total
     
     
     
    Ps.
    8,447,168
     
     
    Ps.
    7,741,329
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Foreign Currency
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Banco de Bogotá S.A.
    Under rule 44A.
     
    Between 19/02/2013 and 03/08 /2017
     
     
    6,459,452
     
     
     
    6,656,720
     
     
    Between 19/02/2023 and 03/08/2027
     
    Fixed between 4.38% and 6.25%
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    BAC Credomatic
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    El Salvador
     
    Between 11/02/2013 and 28/11/2017
     
     
    635,536
     
     
     
    552,861
     
     
    Between 27/01/2018 and 25/05/2022
     
    Between 5.20% and 5.80%
    Guatemala
     
    Between 15/02/2016 and 20/12/2017
     
     
    400,244
     
     
     
    543,441
     
     
    Between 04/01/2018 and 25/02/2019
     
    Between 4.50% and 8.50%
    Honduras
     
    Between 23/07/2013 and 06/12/2017
     
     
    159,674
     
     
     
    68,929
     
     
    Between 26/03/2018 and 06/12/2020
     
    Between 0.50% and 9.50%
    Nicaragua
     
    -
     
     
    -
     
     
     
    12,040
     
     
    -
     
    -
    BAC Credomatic Total
     
     
     
    Ps.
    1,195,454
     
     
    Ps.
    1,177,271
     
     
     
     
     
    Banco Bogotá Total
     
     
     
    Ps.
    7,654,906
     
     
    Ps.
    7,833,991
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Grupo Aval Limited
     
    19/09/2012
     
     
    3,000,122
     
     
     
    2,992,916
     
     
    26/09/2022
     
    4.75%
    Foreign Currency Total
     
     
     
    Ps.
    10,655,028
     
     
    Ps.
    10,826,907
     
     
     
     
     
    Total of Bonds
     
     
     
    Ps.
    19,102,196
     
     
    Ps.
    18,568,236
     
     
     
     
     
     
    Future maturities of bonds as of December 31, 2017 are as follows:
     
    Year
     
    2017
     
    2018
     
    Ps.
    983,915
     
    2019
     
     
    1,332,505
     
    2020
     
     
    1,973,046
     
    2021
     
     
    452,159
     
    After 2021
     
     
    14,360,571
     
    Total
     
    Ps.
    19,102,196
     
     
    Grupo Aval has not had any defaults of principal or interest or other breaches with respect to its liabilities during the years ended 31 December 2017 and 2016, and Grupo Aval is complying with the related covenants agreed with investors and debtors.