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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  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1504764/000114420418022931/0001144204-18-022931-index.htm
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    • ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory

    NOTE 25 – CONTROLLING INTEREST EQUITY
     
    Authorized, issued and outstanding shares as of December 31, 2017 and 2016 consisted of the following:
     
     
     
    December 31, 2017
     
     
    December 31, 2016
     
    Authorized shares
     
     
    120,000,000,000
     
     
     
    120,000,000,000
     
    Subscribed fully paid shares
     
     
    22,281,017,159
     
     
     
    22,281,017,159
     
    Total outstanding shares
     
     
    22,281,017,159
     
     
     
    22,281,017,159
     
     
     
     
     
     
     
     
     
     
    The outstanding shares are as follows:
     
     
     
     
     
     
     
     
    Common voting shares (1)
     
     
    15,173,180,765
     
     
     
    15,254,876,823
     
    Preferred non-voting shares (1)
     
     
    7,107,836,394
     
     
     
    7,026,140,336
     
     
    (1) Since 2011, Grupo Aval allows its shareholders to convert their common shares into preferred shares. For the years ended December 31, 2017 and 2016, 81,696,058 and 12,086,836 common shares were converted into preferred shares, respectively. Preferred shares have the right to receive a preferential minimum dividend of one Colombian peso (Ps. 1) per semester per share. This preferential minimum dividend is only applicable when dividends declared for common shares are less than one Colombian peso (Ps. 1). Preferential minimum dividends are not cumulative.
     
    Appropriated retained earnings
     
    As of December 31, 2017, and December 31, 2016 the appropriation of retained earnings is as follows:
     
     
     
    December 31, 2017
     
     
    December 31, 2016
     
    Retained earnings
     
    Ps.
    1,829,515
     
     
    Ps.
    919,601
     
    Legal reserve
     
     
    11,140
     
     
     
    11,140
     
    Statutory and voluntary reserves
     
     
    5,333,763
     
     
     
    5,591,387
     
     
     
    Ps.
    7,174,418
     
     
    Ps.
    6,522,128
     
     
    Legal Reserve
     
    Grupo Aval and its subsidiaries in Colombia shall create a legal reserve through the appropriation of ten percent (10%) of the net profits of each year up to an amount equal to fifty percent (50%) of the subscribed capital stock. This reserve may be reduced below fifty percent (50%) of the subscribed capital stock to stem losses in excess of retained earnings. The legal reserve cannot be less than the percentage aforementioned except to cover losses in excess of retained earnings.
     
    Statutory and Voluntary Reserves
     
    The Statutory and voluntary reserves are determined during the Shareholders Meetings.
     
    Declared Dividends
     
    The dividends are decreed and paid to shareholders based on unconsolidated net income under Colombian IFRS for the immediately preceding semester:
     
    On October 25, 2016, The General Meeting of Shareholders of Grupo Aval approved the amendment of the Company's by-laws in order to present the financial statements of the Company for Colombian purpose on an annualized basis for the period between the 1st of January and the 31st of December of each year. Prior to such amendment, the Company's bylaws specified the semi-annual presentation of local financial statements for the periods from January 1st to June 30th and July 1st to December 31st of each year.
     
     
     
    December 31, 2017
     
     
    June 30, 2016
     
     
    December 31, 2015
     
    Net income for the periods ended in
     
     
    1,053,594
     
     
     
    1,258,835
     
     
     
    1,086,061
     
    Cash dividends declared
     
    Ps.   
    In the general assembly held in March 2017, 58.80 pesos per share payable in twelve installments of 4.90 pesos per share, from April 2017 to March 2018.
     
     
    Ps.   
    29.40  per share payable in six (6) installments of P.s. 4.90 per share between October 2016 and March 2017 (based on profits from the first half of 2016)
     
     
    Ps.   
    29.40 per share payable in six (6) installments of P.s. 4.90 per share between April 2016 and September 2016 (based on profits from the second half of 2015)
     
    Common shares outstanding
     
     
    15,240,124,702
     
     
     
    15,258,916,143
     
     
     
    15,265,983,336
     
    Preferred shares outstanding
     
     
    7,040,892,457
     
     
     
    7,022,101,016
     
     
     
    7,015,033,823
     
    Total outstanding shares
     
     
    22,281,017,159
     
     
     
    22,281,017,159
     
     
     
    22,281,017,159
     
    Total dividends declared
     
     
    1,310,124
     
     
     
    655,062
     
     
     
    655,062
     
     
    Net income per share
     
    a)
    Basic net income per share
     
    Grupo Aval calculates basic net income per share by dividing net income for the year attributable to controlling interest of Grupo Aval parent company by the weighted average number of shares outstanding during the year (including common and preferred shares).
     
    The following table summarizes the net income per share for the year ended as of December 31, 2017, 2016 and 2015:
     
     
     
    December 31,
    2017
     
     
    December 31,
    2016
     
     
    December 31,
    2015
     
    Net income for the year
     
    Ps.
    3,162,433
     
     
    Ps.
    3,516,936
     
     
    Ps.
    3,345,686
     
    Less: participation of non- controlling interests
     
     
    (1,200,019
    )
     
     
    (1,377,070
    )
     
     
    (1,304,322
    )
    Net income attributable to controlling interest
     
     
    1,962,414
     
     
     
    2,139,866
     
     
     
    2,041,364
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Less: preferred dividends declared
     
     
    -
     
     
     
    -
     
     
     
    -
     
    Less: Allocation of undistributed earnings to preferred stockholders (1)(2)
     
     
    (622,215
    )
     
     
    (674,042
    )
     
     
    (638,734
    )
    Net Income allocated to common shareholders for basic and diluted EPS
     
     
    1,340,199
     
     
    Ps.
    1,465,824
     
     
    Ps.
    1,402,630
     
    Weighted average number of common shares outstanding used in basic EPS calculation (2)
     
     
    15,216,468,601
     
     
     
    15,262,660,115
     
     
     
    15,309,380,685
     
    Basic and Diluted earnings per share to common shareholders (pesos)
     
     
    88.076
     
     
     
    96.040
     
     
     
    91.619
     
    Basic and Diluted earnings per ADS in pesos (3)
     
     
    1,761.51
     
     
     
    1,920.80
     
     
     
    1,832.38
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Weighted average of the common and preferred shares used in the calculation of net income for basic shares (common and preferential)
     
     
    22,281,017,159
     
     
     
    22,281,017,159
     
     
     
    22,281,017,159
     
    Basic net income of the owners of the parent per share
     
     
    88.076
     
     
     
    96.040
     
     
     
    91.619
     
     
    (1) Based on a weighted average of 7,064,548,558 preferred shares for 2017, 7,018,357,044 preferred shares for 2016 and 6,971,636,474 preferred shares for 2015
    (2) Averages based on an end of month number of preferred or common shares
    (3) Each ADS represents 20 preferred shares
     
    b)
    Diluted net income per share
     
    At December 31, 2017, 2016 and 2015, Grupo Aval did not have any dilutive instruments.
     
    Consolidated Comprehensive Income:
     
    Components of Accumulated Other Comprehensive Income for the years ended December 31, 2017, 2016 and 2015 are as follows:
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Unrealized gains (losses) on
    available-for-sale
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Net investment
    in foreign
    subsidiaries
    operations
     
     
    Hedging
    derivative
    instrument
     
     
    Hedging non-
    derivative
    instrument
     
     
    Cash flow
    hedges
     
     
    Foreign
    currency
    translation
    Differences for
    foreign
    operations
     
     
    Debt securities
     
     
    Equity
    securities
     
     
    Investments in
    associates and
    join ventures
     
     
    Actuarial
    gains
    (losses)
    from
    defined
    benefit
    pension
    plans
     
     
    Income
    tax
     
     
    Total
    comprehensive
    income, net of
    taxes
     
     
    Non-
    controlling
    interest
     
     
    Owners of
    the parent
     
    Beginning balance 2015
     
    Ps.
    1,366,620
     
     
    Ps.
    (870,911
    )
     
    Ps.
    (483,633
    )
     
    Ps.
    (29,257
    )
     
    Ps.
    26,361
     
     
    Ps.
    (298,345
    )
     
    Ps.
    461,923
     
     
    Ps.
    79,858
     
     
    Ps.
    2,841
     
     
    Ps.
    442,582
     
     
     Ps.
    698,038
     
     
    Ps.
    325,710
     
     
    Ps.
    372,328
     
    Current-period change
     
     
    2,366,849
     
     
     
    (1,683,346
    )
     
     
    (755,431
    )
     
     
    17,500
     
     
     
    24,878
     
     
     
    (922,083
    )
     
     
    (6,548
    )
     
     
    31,964
     
     
     
    6,162
     
     
     
    1,198,614
     
     
     
    278,559
     
     
     
    112,758
     
     
     
    165,801
     
    Ending balance 2015
     
    Ps.
    3,733,469
     
     
    Ps.
    (2,554,257
    )
     
    Ps.
    (1,239,064
    )
     
    Ps.
    (11,757
    )
     
    Ps.
    51,239
     
     
    Ps.
    (1,220,428
    )
     
    Ps.
    455,375
     
     
    Ps.
    111,822
     
     
    Ps.
    9,003
     
     
    Ps.
    1,641,196
     
     
    Ps.
    976,597
     
     
    Ps.
    438,468
     
     
    Ps.
    538,129
     
    Current-period change
     
     
    (475,000
    )
     
     
    291,506
     
     
     
    35,819
     
     
     
    17,967
     
     
     
    (125,161
    )
     
     
    948,212
     
     
     
    34,509
     
     
     
    (20,061
    )
     
     
    (41,228
    )
     
     
    (364,356
    )
     
     
    302,207
     
     
     
    90,719
     
     
     
    211,488
     
    Ending balance 2016
     
    Ps.
    3,258,469
     
     
    Ps.
    (2,262,751
    )
     
    Ps.
    (1,203,245
    )
     
    Ps.
    6,210
     
     
    Ps.
    (73,922
    )
     
    Ps.
    (272,216
    )
     
    Ps.
    489,884
     
     
    Ps.
    91,761
     
     
    Ps.
    (32,225
    )
     
    Ps.
    1,276,840
     
     
    Ps.
    1,278,804
     
     
    Ps.
    529,187
     
     
    Ps.
    749,617
     
    Current-period change
     
     
    (47,197
    )
     
     
    16,832
     
     
     
    30,568
     
     
     
    (2,340
    )
     
     
    (91,497
    )
     
     
    284,480
     
     
     
    57,245
     
     
     
    1,128
     
     
     
    (100,232
    )
     
     
    (73,617
    )
     
     
    75,370
     
     
     
    38,121
     
     
     
    37,249
     
    Ending balance 2017
     
    Ps.
    3,211,272
     
     
    Ps.
    (2,245,919
    )
     
    Ps.
    (1,172,677
    )
     
    Ps.
    3,870
     
     
    Ps.
    (165,419
    )
     
    Ps.
    12,264
     
     
    Ps.
    547,129
     
     
    Ps.
    92,889
     
     
    Ps.
    (132,457
    )
     
    Ps.
    1,203,223
     
     
    Ps.
    1,354,174
     
     
    Ps.
    567,308
     
     
    Ps.
    786,866