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:DisclosureOfInterestsInJointArrangementsExplanatory

    The following are the Joint ventures that the Bank holds as of December 31, 2017 and 2016:
     
    December 31, 2017
     
    Company Name
    Main activity
    Country
    % of
    Ownership
    interest
    Included
    in
    earnings
    (1)
    Total
    OCI (2)
    OCI
    (Equity
    method) (3)
    Carrying
    amount
    In millions of COP
    Compañía de financiamiento Tuya S.A (4)
    Financing  company
    Colombia
    50.00%
    20,778
    -
    -
    225,548
    Puntos Colombia S.A.S (5)
    Administration of the  customers loyalty
    Colombia
    50.00%
    (1,787)
    -
    -
    7,213
    Servicios de Aceptación S.A
    Network data transmission services
    Colombia
    50.00%
    1,663
    -
    -
    4,688
    Fideicomiso Ruta del Sol - compartimento A(6)
    Investment in infrastructure projects
    Colombia
    50.00%
    (6,385)
    13
    -
    -
    Net investments in joint ventures
     
    14,269
    13
    -
    237,449
     
    (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)
    On December 2017, given the continued impairment of the consumer loans portfolio of the company during 2017, the Bank management performed a valuation, to establish the fair value of the Compañía de Financiamiento TUYA S.A.As a result of the valuation, the fair value of the investment was lower than the book value, for this, the Bank recorded an impairment in the statement of income for COP 173,339. See note 29 Fair value for assets and liabilities.
    (5)
    In June 2017, Banca de Inversión Bancolombia formed a joint venture with Grupo Éxito. The purpose of the company is the developing and administration of customer.
    (6)
    Given the losses of Fideicomiso Ruta del Sol - compartimento A for the year 2017, the recognition of the equity method resulting in a reduction of the total book value of the investment.
     
    December 31, 2016
     
    Company Name
    Main activity
    Country
    % of
    Ownership
    interest
    Included
    in
    earnings
    (1)
    Total
    OCI (2)
    OCI
    (Equity
    method) (3)
    Carrying
    amount
    In millions of COP
    Compañía de financiamiento Tuya S.A (4)
    Financing  company
    Colombia
    50%
    (7,801)
    -
    -
    348,480
    Fideicomiso Ruta del Sol - compartimento A
    Investment in infrastructure projects
    Colombia
    50%
    778
    13
    -
    6,376
    Servicios de Aceptación S.A (5)
    Network data transmission services
    Colombia
    50%
    2,976
    -
    -
    3,026
    Net investments in joint ventures
     
    (4,047)
    13
    -
    357,882
     
    (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)
    On October 30, 2016 the Bank sold 50% of Compañía de Financiemiento TUYA S.A. The table above presents the recognition of the Equity Method after loss of control. The difference between the net assets of Tuya multiplied by the Bank’s percentage of ownership which amounted to COP 22,550 for the year ended at December 31, 2017 and the carrying amount of the Bank’s interest in the associate, represents the goodwill recognized by the Bank amounting to COP 275,930.
    (5)
    In June 2016. Joint venture with First Data was created with the purpose of generating an alliance that promotes the business of using credit and debit cards in commercial establishments.