6-K 1 dp54953_6k.htm FORM 6-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
 

Report Of Foreign Private Issuer
Pursuant To Rule 13a-16 Or 15d-16 Of
The Securities Exchange Act Of 1934

For the month of April 2015
 
 
Commission File Number: 000-54290

Grupo Aval Acciones y Valores S.A.
(Exact name of registrant as specified in its charter)

Carrera 13 No. 26A - 47
Bogotá D.C., Colombia
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F
X
  
Form 40-F
  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes
    
No
X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes
    
No
X



 
 
 



GRUPO AVAL ACCIONES Y VALORES S.A.

TABLE OF CONTENTS



ITEM
  
1
Unconsolidated Financial Statements under Colombian GAAP for the fourth quarter and year ended December 31, 2014
 

 
 
 
 
GRUPO AVAL ACCIONES Y VALORES S.A.
Individual Balance Sheets
For the period ended December 31, 2014
(Stated in millions of Colombian pesos)
Under Col GAAP
 
   
First Half
    
Second Half
  
   
1st Quarter
    
2nd Quarter
    
First Half
    
1st Quarter
    
2nd Quarter
    
Second Half
  
   
March 31st
    
June 30th
    
(Six months)
    
September 30th
    
December 31st
    
(Six months)
  
Assets
                                    
                                     
Short Term Assets:
                                    
                                     
Cash
   $ 52,208       98,073       98,073       2,182,982       42,459       42,459  
Short term Investments, net
     112,813       34,952       34,952       50,753       383       383  
Short term loans
     477,577       224,273       224,273       464,419       266,679       266,679  
Deferred charges
     248       165       165       91       824       824  
Total Short Term Assets
     642,846       357,463       357,463       2,698,245       310,345       310,345  
                                                 
Long term Investments, net
     12,570,174       13,171,264       13,171,264       13,389,419       15,365,747       15,365,747  
Property, plant and equipment, net
     624       586       586       537       1,364       1,364  
Intangible assets, net
     754,101       833,630       833,630       826,927       1,235,778       1,235,778  
Deferred charges
     111       846       846       2,057       1,552       1,552  
Reappraisal of assets
     11,502,928       10,997,227       10,997,227       11,753,628       10,660,732       10,660,732  
Total Long Term Assets
     24,827,938       25,003,553       25,003,553       25,972,568       27,265,173       27,265,173  
                                                 
Total assets
   $ 25,470,784       25,361,016       25,361,016       28,670,813       27,575,518       27,575,518  
                                                 
Debtor Memorandum accounts:
                                                
                                                 
Contingent Debtors
     0       260,342       260,342       336,133       0       0  
Tax - Debtor
     16,081,292       16,258,050       16,258,050       16,258,050       16,695,553       16,695,553  
Control Debtors
     891,197       908,670       908,670       916,317       935,555       935,555  
Contingent creditors per contra
     3,151,175       3,009,959       3,009,959       3,235,255       3,827,991       3,827,991  
Control creditors per contra
     875,225       875,225       875,225       875,225       875,225       875,225  
Tax creditors per contra
     17,215,053       17,163,270       17,163,270       17,163,270       18,585,880       18,585,880  
Total Memorandum  Accounts
   $ 38,213,942       38,475,516       38,475,516       38,784,250       40,920,204       40,920,204  
                                                 
                                                 
Liabilities and Shareholders' Equity
                                                
                                                 
Short Term Liabilities:
                                                
                                                 
Financial obligations
   $ 76,218       72,802       72,802       78,251       92,588       92,588  
Suppliers
     258       157       157       646       2,306       2,306  
Accounts payable
     634,934       361,493       361,493       780,333       412,780       412,780  
Taxes, fees and charges
     19,888       8,802       8,802       1,893       15,848       15,848  
Labour obligations
     804       809       809       804       1,114       1,114  
Estimated liabilities and provisions
     2,994       7,100       7,100       7,553       637       637  
Other liabilities
     1,360       1,297       1,297       1,269       1,264       1,264  
      105,499       105,499       105,499       105,499       100,000       100,000  
Total Short Term Liabilities
     841,955       557,959       557,959       976,248       626,537       626,537  
                                                 
Financial Obligations
     0       232,500       232,500       295,500       0       0  
Bonds outstanding
     618,750       618,750       618,750       618,750       518,750       518,750  
Total Long Term Liabilities
     618,750       851,250       851,250       914,250       518,750       518,750  
                                                 
Total Liabilities
     1,460,705       1,409,209       1,409,209       1,890,498       1,145,287       1,145,287  
                                                 
Shareholders' Equity:
                                                
                                                 
Social Capital
     20,407       20,407       20,407       22,037       22,281       22,281  
Capital Surplus
     7,553,133       7,539,856       7,539,856       9,810,267       9,646,857       9,646,857  
Reserves
     3,599,034       3,599,034       3,599,034       3,878,154       3,878,154       3,878,154  
Inflation Adjustments
     874,470       874,470       874,470       874,470       874,470       874,470  
Retained Earnings
     460,107       920,813       920,813       441,759       1,347,737       1,347,737  
Reappraisal of assets
     11,502,928       10,997,227       10,997,227       11,753,628       10,660,732       10,660,732  
Total Shareholders' Equity
     24,010,079       23,951,807       23,951,807       26,780,315       26,430,231       26,430,231  
                                                 
Total Liabilities and Shareholders' Equity
                                                
    $ 25,470,784       25,361,016       25,361,016       28,670,813       27,575,518       27,575,518  
                                                 
Creditor Memo Accounts:
                                                
                                                 
Contingent debtors per contra
     0       260,342       260,342       336,133       0       0  
Tax debtors per contra
     16,081,292       16,258,050       16,258,050       16,258,050       16,695,553       16,695,553  
Control debtor per contra
     891,197       908,670       908,670       916,317       935,555       935,555  
Contingent creditors
     3,151,175       3,009,959       3,009,959       3,235,255       3,827,991       3,827,991  
Control creditors
     875,225       875,225       875,225       875,225       875,225       875,225  
Tax creditors
     17,215,053       17,163,270       17,163,270       17,163,270       18,585,880       18,585,880  
                                                 
Total Memo Accounts
   $ 38,213,942       38,475,516       38,475,516       38,784,250       40,920,204       40,920,204  

 
 
 
 

GRUPO AVAL ACCIONES Y VALORES S.A.
Individual Statements of Income
For the period ended December 31, 2014
(Stated in million of Colombian pesos, except earnings per share)
Under Col GAAP



   
First Half
    
Second Half
    
YTD
  
   
1st Quarter
    
2nd Quarter
    
First Half
    
1st Quarter
    
2nd Quarter
    
Second Half
        
   
March 31st
    
June 30th
    
(Six months)
    
September 30th
    
December 31st
    
(Six months)
        
Operating Income
                                          
Dividends
   $ 363       35       398       4       33,299       33,303       33,701  
Interest
     6,990       474       7,464       233       11,795       12,028       19,492  
Financial Returns
     2,811       (1,831 )     980       64,978       (64,591 )     387       1,367  
Equity method, net
     454,729       500,930       955,659       471,819       913,493       1,385,312       2,340,971  
Recovery for equity changes
     19,165       1       19,166       0       7       7       19,173  
Total Operating Income
     484,059       499,608       983,667       537,034       894,003       1,431,037       2,414,704  
                                                         
Gross Income
     484,059       499,608       983,667       537,034       894,003       1,431,037       2,414,704  
                                                         
Operating expenses – Administration and Sales:
                                                        
Personnel expense
     6,468       6,355       12,823       6,496       7,345       13,841       26,664  
Fees
     4,038       4,640       8,678       1,835       2,961       4,796       13,474  
Industry and Trade
     3,101       3,194       6,295       3,370       3,635       7,005       13,300  
Tax on financial transactions
     2,005       813       2,818       1,216       10,875       12,091       14,909  
Discountable sales tax
     0       0       0       0       0       0       0  
Leases
     190       190       380       191       194       385       765  
Contributions and memberships
     86       87       173       844       (659 )     185       358  
Insurance
     0       5       5       0       0       0       5  
Services
     171       320       491       196       324       520       1,011  
Legal expenses
     13       3       16       3       15       18       34  
Maintenance and repairs
     19       17       36       18       252       270       306  
Adaptation and installations
     1       1       2       0       2       2       4  
Travel expenses
     80       9       89       80       9       89       178  
Depreciation
     52       55       107       51       50       101       208  
Amortization of Intangibles
     6,021       6,413       12,434       6,991       7,105       14,096       26,530  
Amortization of deferred assets
     87       84       171       73       69       142       313  
Loss (gain) on foreign exchange transactions
     6       (6 )     0       88       (88 )     0       0  
Operating expenses - sales
     875       3,314       4,189       1,577       6,506       8,083       12,272  
Various
     108       107       215       67       73       140       355  
Total operating expenses – administration and sales
     23,320       25,602       48,922       23,096       38,668       61,764       110,686  
                                                         
Operating Income
     460,739       474,006       934,745       513,938       855,335       1,369,273       2,304,018  
                                                         
Non-operating Income
                                                        
Loss (gain) on foreign exchange transactions
     3,051       6,615       9,666       110       125,796       125,906       135,572  
Fees
     16,533       14,653       31,186       11,922       12,737       24,659       55,845  
Services
     1       2       3       1       1       2       5  
Better uses
     0       (0 )     0       0       2       2       2  
Recoveries
     202       77       279       77       88       165       444  
      19,787       21,347       41,134       12,110       138,624       150,734       191,868  
Non-operating expenses
                                                        
Financial expenses
     17,263       15,522       32,785       74,075       62,049       136,124       168,909  
Various
     230       61       291       119       372       491       782  
Loss in equity method by changes in shareholders' equity
     605       16,744       17,349       7,769       19,248       27,017       44,366  
      18,098       32,327       50,425       81,963       81,669       163,632       214,057  
                                                         
Non-operating income, net
     1,689       (10,980 )     (9,291 )     (69,853 )     56,955       (12,898 )     (22,189 )
                                                         
Income before income taxes
     462,428       463,026       925,454       444,085       912,290       1,356,375       2,281,829  
                                                         
Income tax and other
     (2,320 )     (2,321 )     (4,641 )     (2,326 )     (6,312 )     (8,638 )     (13,279 )
                                                         
Net Income
   $ 460,107       460,706       920,813       441,759       905,978       1,347,737       2,268,550  

 
 
 
 
GRUPO AVAL ACCIONES Y VALORES S.A.
Individual Statement of Cash Flows
For the period ended December 31, 2014
(Stated in million of Colombian pesos)
Under Col GAAP

   
First Half
    
Second Half
    
YTD
  
   
1st Quarter
    
2nd Quarter
    
First Half
    
1st Quarter
    
2nd Quarter
    
Second Half
        
   
March 31st
    
June 30th
    
(Six months)
    
September 30th
    
December 31st
    
(Six months)
        
Cash flows from operating activity:
                                          
Net Income
   $ 460,106       460,707       920,813       441,759       905,978       1,347,737       2,268,550  
Non-controlling interest
     0               0       0       0       0       0  
                                                         
Adjustments for conciliation of net income and net cash from operating activity:
                                                        
Amortization of goodwill
     6,021       6,413       12,434       6,991       7,105       14,096       26,530  
Depreciation of properties, plant and equipment
     52       55       107       51       50       101       208  
Allowance for loans and accounts receivable, net
     0       0       0       0       0       0       0  
Decrease (increase) in trading investments
     (99,314 )     77,861       (21,453 )     0       34,569       34,569       13,116  
Acquisition of Investments
     0       0       0       (15,801 )     15,801       0       0  
Dividends received during the period
     477,520       2,500       480,020       507,714       0       507,714       987,734  
Equity Method Income
     (454,729 )     (500,930 )     (955,659 )     (471,819 )     (913,493 )     (1,385,312 )     (2,340,971 )
Recovery for equity changes
     (19,165 )     (1 )     (19,166 )     0       (7 )     (7 )     (19,173 )
Loss on equity Method
     605       16,744       17,349       7,769       19,248       27,017       44,366  
Increase (decrease) in deferred charges
             (735 )     (735 )     (1,210 )     (298 )     (1,508 )     (2,243 )
Amortization of deferred charges
     87       84       171       73       69       142       313  
Decrease (Increase) in Accounts Receivable
     (263,433 )     250,785       (12,648 )     (239,353 )     196,947       (42,406 )     (55,054 )
Reversal on exchange adjustments
                     0       0       0       0       0  
Increase in Other Assets, net (tax and contributions advances)
     (2,518 )     2,518       0       (1,080 )     1,080       0       0  
Decrease (Increase) in Other Liabilities - Net (suppliers, taxes, accounts payable, labor obligations, other liabilities, estimated liabilities and allowances)
     (2,223 )     (5,755 )     (7,978 )     45,851       (38,789 )     7,062       (916 )
Increase (decrease) in acquired goodwill
     (19,834 )     (85,942 )     (105,776 )     (287 )     (415,957 )     (416,244 )     (522,020 )
Equity tax payment
     0               0       0       0       0       0  
                                                         
Net cash from operating activity
     83,175       224,304       307,479       280,658       (187,697 )     92,961       400,440  
                                                         
Cash Flows from investing activity:
                                                        
Purchase of properties, plant and equipment
     (70 )     (17 )     (87 )     (1 )     (878 )     (879 )     (966 )
Acquisition of controlled companies
     (901,359 )     (132,681 )     (1,034,040 )     (104,391 )     (1,555,690 )     (1,660,081 )     (2,694,121 )
Sale of controlled companies
     0               0       0               0       0  
Net cash used in investing  activities
     (901,429 )     (132,698 )     (1,034,127 )     (104,392 )     (1,556,568 )     (1,660,960 )     (2,695,087 )
                                                         
Cash Flows from financing activity:
                                                        
Dividends paid
     (264,272 )     (274,827 )     (539,099 )     (274,704 )     (319,759 )     (594,463 )     (1,133,562 )
Increase (decrease) in deposits
     0       0       0       0               0       0  
Increase (decrease) in interbank and overnight borrowings
     0               0       0               0       0  
Acquisition of other borrowings from banks
     0       232,500       232,500       63,000       0       63,000       295,500  
Payment of other borrowings from banks
     0               0       0       (295,500 )     (295,500 )     (295,500 )
Bonds Issuance
     0               0       0               0       0  
Bonds Payment
     0               0       0       (105,499 )     (105,499 )     (105,499 )
Increase (decrease) in non-controlling interest
     0               0       0               0       0  
Issuance of shares
     297,253       0       297,253       2,114,898       310,163       2,425,061       2,722,314  
Net cash (used in)/provided by financing activties
     32,981       (42,327 )     (9,346 )     1,903,194       (410,595 )     1,492,599       1,483,253  
                                                         
Effect of exchange differences of cash and cash equivalents
     1,648       (3,414 )     (1,766 )     5,449       14,337       19,786       18,020  
                                                         
Decrease in cash and cash equivalents
     (783,625 )     45,865       (737,760 )     2,084,909       (2,140,523 )     (55,614 )     (793,374 )
                                                         
Cash and cash equivalents at beginning of period
     835,833       52,208       835,833       98,073       2,182,982       98,073       835,833  
                                                         
Cash and cash equivalent at end of period
   $ 52,208       98,073       98,073       2,182,982       42,459       42,459       42,459  

 
 
 
 
GRUPO AVAL ACCIONES Y VALORES S.A.
Individual Statement of Shareholder´s Equity
For the period ended December 31, 2014
(Stated in million of Colombian pesos)
Under Col GAAP

         
EquitySurplus
                                            
   
Social
    
Additional
    
Equity
    
Reserves
    
Equity Inflation
    
Net
    
Reappraisal
    
Shareholders´
  
   
Capital
    
paid-in capital
    
Method
    
Legal
    
Occasional
    
Adjustments
    
Income
    
of assets
    
Equity
  
                                                       
Balance at December 31, 2013
   $ 20,178       5,784,518       1,426,345       9,276       3,373,688       874,470       766,063       10,683,671       22,938,209  
                                                                         
Constitution of reserves for future distributions
                                     766,063               (766,063 )             0  
Increase in legal reserve
                             813       (813 )                             0  
To distribute a cash dividend of $ 4.50 per share and per month during the months of April to September 2014, both months included as well:
                                                                        
Over 20,406,943,099 common and preferred shares subscribed
                                     (550,987 )                             (550,987 )
Application of the equity method
                     45,246                                               45,246  
Issuance of 228,655,784 shares with the right to preferential subscription
     229       297,024                                                       297,253  
Dividend reversals
                                     994                               994  
Reapprisal of investments (notes 5 and 10)
                                                             819,257       819,257  
Net Income
                                                     460,107               460,107  
                                                                         
Balance at March 31, 2014
     20,407       6,081,542       1,471,592       10,089       3,588,945       874,470       460,107       11,502,928       24,010,080  
                                                                         
Constitution of reserves for future distributions
                                                                     0  
Increase in legal reserve
                                                                     0  
Application of the equity method
                     (13,278 )                                             (13,278 )
Reappraisal of Investments (notes 5 and 10)
                                                             (505,701 )     (505,701 )
Net Income
                                                     460,706               460,706  
                                                                         
Balance at June 30, 2014
     20,407       6,081,542       1,458,314       10,089       3,588,945       874,470       920,813       10,997,227       23,951,807  
                                                                         
Constitution of reserves for future distributions
                                     920,813               (920,813 )             0  
Increase in legal reserve
                             929       (929 )                             0  
Equity tax payment
                                                                     0  
b) To distribute a cash dividend of Ps 4.80 per share per month from October 2014 to March 2015, including those two months over 22,036,572,719 suscribed and paid shares as of the date of this meeting.
                                     (634,653 )                             (634,653 )
c) For the payment of a cash dividendo over 244,444,460 preferred shares, according to the prospectus of the offering effected outside of Colombia in the form of ADR's Level III, suscribed within the 30 days following its issuance. Such dividend will amount to Ps. 4.80 per share per month from October 2014 to March 2015, including those two months. The amounts not used for the purposes will be reestablished to the Ocasional Reserves at the disposal of the General Shareholder's Meeting, at the end of the subscription period of such shares.
                                     (7,040 )                             (7,040 )
Application of the equity method
                     157,142                                               157,142  
Issuance of 1,629,629,620 preferred shares
     1,630       2,113,269                                                       2,114,899  
Reappraisal of Investments (notes 5 and 10)
                                                             756,401       756,401  
Net Income
                                                     441,759               441,759  
                                                                         
Balance at September 30, 2014
     22,037       8,194,811       1,615,456       11,018       3,867,136       874,470       441,759       11,753,628       26,780,315  
Application of the equity method                       (473,328 )                                              (473,328 )
                                                                         
Issuance of 244,444,440 shares with the right to preferential subscription
     244       309,918                                                       310,162  
Reappraisal of Investments (notes 11 and 24)
                                                             (1,092,896 )     (1,092,896 )
Net Income
                                                     905,978               905,978  
                                                                         
Balance at December 31, 2014
     22,281       8,504,729       1,142,128       11,018       3,867,136       874,470       1,347,737       10,660,732       26,430,231  


 
 
 


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
Date: April 7, 2015
   
GRUPO AVAL ACCIONES Y VALORES S.A.
 
 
 
     
By:
/s/ Jorge Adrián Rincón Plata
       
Name:
Jorge Adrián Rincón Plata
       
Title:
Chief Legal Counsel