BANCOLOMBIA SA | CIK:0001071371 | 3

  • Filed: 4/30/2018
  • Entity registrant name: BANCOLOMBIA SA (CIK: 0001071371)
  • Generator: DataTracks
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1071371/000114420418023396/0001144204-18-023396-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1071371/000114420418023396/cib-20171231.xml
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    • ifrs-full:DisclosureOfInterestsInAssociatesExplanatory

    The following are the investments in associates that the Bank holds as of December 31, 2017 and 2016:
     
    As of December 31, 2017
     
    Investments in Associates
    Company Name
    Main activity
    Country
    % of
    Ownership
    interest
    Included in
    earnings (1)
    Total OCI (2)
    OCI (Equity
    method) (3)
    OCI
    (CTA)(4)
    Carrying
    amount
    In millions of COP
    PA Viva Malls
    Development and operation of commercial spaces
    Colombia
    49.00% (5)
    144,146
    -
    -
    -
    757,886
    Protección S.A.
    Administration of pension funds and severances
    Colombia
    20.58%
    72,576
    12,465
    1,236
    -
    471,312
    Titularizadora Colombiana S.A. Hitos*
    Mortgage portfolio securities
    Colombia
    26.98%
    3,305
    (1,389)
    (768)
    -
    35,346
    Redeban Multicolor S.A.*
    Network data transmission services
    Colombia
    20.36%
    1,906
    (651)
    -
    -
    17,951
    Internacional Ejecutiva de Aviación S.A.S. *
    Aircraft and aircraft travel
    Colombia
    33.33%
    1,071
    209
    -
    -
    10,707
    Concesiones CCFC S.A.
    Construction of public works through an awarding system
    Colombia
    25.50%
    6,756
    (756)
    (3)
    -
    9,383
    ACH Colombia S.A. *
    Electronic transfer services
    Colombia
    19.94%
    3,109
    (952)
    -
    -
    7,338
    Reintegra S.A.S. *
    Collections and recovery of portfolio
    Colombia
    46.00%
    1,471
    1,742
    (1,754)
    -
    7,155
    Servicio Salvadoreño de Protección, S. A. de C.V. *
    Custodial services and transfer of monetary types
    El Salvador
    24.40%
    418
    (727)
    238
    153
    6,219
    Servicios Financieros, S.A. de C.V. *
    Processing of financial transactions and electronic payment methods
    El Salvador
    46.72%
    (226)
    9
    -
    (5)
    3,302
    ACH de El Salvador, S. A. de C.V. *
    Electronic transfer services
    El Salvador
    24.40%
    123
    6
    -
    (1)
    1,011
    Panamerican Pharmaceutical Holding Inc.(6) *
    Advisory services, consultation, representation, agent for individuals or company
    Panama
    21.00%
    (1,171)
    (1,417)
    196
    (67)
    -
    Avefarma S.A.S(6)*
    Manufacture and distribution of glass packing for pharmaceutical products
    Colombia
    21.00%
    6,307
    (11,704)
    (10,831)
    -
    -
    Glassfarma Tech S.A.S (6)  *
    Manufacturing, elaboration and commercialization of packages and pharmaceutical products
    Colombia
    21.00%
    (458)
    127
    139
    -
    -
    Net investments in associates
    239,333
    (3,038)
    (11,547)(7)
    80
    1,327,610
     
    (1)
    Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2017. See note 24.5 Dividends received, and share of profits of equity method investees
    (2)
    Corresponds to the accumulated other comprehensive income as of December 31, 2017.
    (3)
    Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2017.
    (4)
    Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2017.
    (5)
    As of December 31, 2017 the increses of ownership interest is related to capital contributions during the year 2017
    (6)
    As of December 31, 2017 the Bank classified the investment in Avefarma S.A.S., Glassfarma Tech S.A.S and Panamerican Pharmaceutical Holding inc as "assets held for sale", due to the fact that the management has currently been implementing a plan to sell these assets. See note 12 assets held for sale and inventories.
    (7)
    See Consolidated Statement of Comprehensive income.
     
    (*)
    For the purposes of applying the equity method of accounting, financial statements at November 30, 2017 have been used, except for Redeban Multicolor S.A., for which we use the financial statements ended at October 31, 2017. However, the Bank does not consider that appropriate adjustments have to be made since no significant transactions took place between that date and December 31, 2017.
     
    As of December 31, 2016
     
    Investments in Associates
    Company Name
    Main activity
    Country
    % of
    Ownership
    interest
    Included in
    earnings (1)
    Total OCI (2)
    OCI (Equity
    method) (3)
    OCI
    (CTA)(4)
    Carrying
    amount
    In millions of COP
    Protección S.A.*
    Administration of pension funds and severances
    Colombia
    20.58%
    54,304
    11,229
    725
    -
    434,318
    PA Viva Malls (5)
    Development and operation of commercial spaces
    Colombia
    30.68%
    -
    -
    -
    -
    388,595
    Titularizadora Colombiana S.A. Hitos*
    Mortgage portfolio securities
    Colombia
    26.98%
    2,619
    (621)
    11
    -
    35,930
    Redeban Multicolor S.A.*
    Network data transmission services
    Colombia
    20.36%
    319
    (651)
    (49)
    -
    17,006
    Avefarma S.A.S*
    Manufacture and distribution of glass packing for pharmaceutical products
    Colombia
    21.00%
    (2,378)
    (873)
    (1,202)
    -
    12,079
    Panamerican Pharmaceutical Holding Inc.*
    Advisory services, consultation, representation, agent for individuals or company
    Panama
    21.00%
    (1,196)
    (1,613)
    (1,863)
    2,934
    9,820
    Internacional Ejecutiva de Aviación S.A.S.*
    A ircraft and aircraft travel
    Colombia
    33.33%
    1,038
    209
    209
    -
    9,636
    Reintegra S.A.S.*
    Collections and recovery of portfolio
    Colombia
    46.00%
    (1,309)
    3,496
    805
    -
    8,604
    ACH Colombia S.A.*
    Electronic transfer services
    Colombia
    19.94%
    3,129
    (952)
    (878)
    -
    6,223
    Concesiones CCFC S.A.*
    Construction of public works through an awarding system
    Colombia
    25.50%
    6,606
    (753)
    (4)
    -
    5,742
    Servicio Salvadoreño de Protección, S. A. de C.V.*
    Custodial services and transfer of monetary types
    El Salvador
    24.40%
    436
    (965)
    957
    13
    5,448
    Servicios Financieros, S.A. de C.V.*
    Processing of financial transactions and electronic payment methods
    El Salvador
    46.72%
    56
    9
    (93)
    62
    3,550
    Glassfarma Tech S.A.S*
    Manufacturing, elaboration and commercialization of packages and pharmaceutical products
    Colombia
    21.00%
    425
    (12)
    (348)
    -
    2,522
    ACH de El Salvador, S. A. de C.V.*
    Electronic transfer services
    El Salvador
    24.40%
    210
    6
    (58)
    20
    891
    Multiactivos S.A. (6)
    Securitization of non-mortgage assets
    Colombia
    -
    183
    -
    70
    -
    -
    Concesiones Urbanas S.A. (winding up) (7)
    Construction of civil engineering projects
    Colombia
    -
    (141)
    -
    -
    -
    -
    Net investments in associates
    64,301
    8,509
    (1,718)(8)
    3,029
    940,364
      
    (1)
    Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2016. See note 24.5 Dividends received, and share of profits of equity method investees
    (2)
    Corresponds to the accumulated other comprehensive income as of December 31, 2016.
    (3)
    Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2016.
    (4)
    Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2016.
    (5)
    PA Viva Malls, an investment in an associate of Fondo inmobiliario Colombia Inmobiliario which contributed COP 388,595 in December 2016 to participate in 49% of the company. In partnership with Grupo Éxito, which owns 51%, the company's corporate purpose will be the development and management of real estate.
    (6)
    On October 19, 2016 Multiactivos S.A was wound up.
    (7)
    On November 23, 2016 Concesiones Urbanas S.A was wound up.
    (8)
    See Consolidated Statement of Comprehensive income
     
    (*)
    For the purposes of applying the equity method of accounting, financial statements at November 30, 2016 have been used, due to the fact that no more recent financial information was available. However, the Bank does not consider that appropriate adjustments have to be made since no significant transactions took place between that date and December 31, 2016.