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CONCESSION ARRANGEMENTS RIGHTS
 12 Months Ended
Dec. 31, 2018
Disclosure of detailed information about service concession arrangements [abstract]  
Disclosure of service concession arrangements [text block]

NOTE 16 – CONCESSION ARRANGEMENTS RIGHTS

The following is the balance of the assets in concession agreements registered in the Group as of December 31, 2018 and 2017:

 

 

 

 

 

 

 

 

 

    

December 31, 2018

    

December 31, 2017

Financial assets at fair value (3)

 

Ps.

2,488,414

  

Ps.

2,282,611

Financial asset at amortized cost net (1) (2) (3)

 

  

2,630,269

  

 

786,018

Intangible asset (2)

 

  

5,514,481

  

 

3,114,167

Total assets in concession contracts

 

Ps.

10,633,164

  

Ps.

6,182,796

(1)

At December 31, 2018, the balance of the financial asset at amortized cost includes an impairment expense of Ps. 966, see note 16.1.

(2)

Grupo Aval has initially adopted IFRS 15 as of January 1, 2018. According to the transition methods chosen, comparative information is not restated. See notes 2.5.

(3)

See note 12, other accounts receivables.

16.1          Financial Assets in Concession Arrangements

The following table shows the changes in financial assets in concession arrangements registered in Grupo Aval’s subsidiaries for the years ended at December 31, 2018 and 2017:

 

 

 

 

 

 

 

 

 

 

 

 

    

Gas and Energy

    

Infrastructure

    

Total

Balance at December 31, 2015

 

Ps.
1,891,692

 

Ps.
42,864

 

Ps.
1,934,556

Additions or new concession arrangements

 

 

—

 

 
408,040

 

 
408,040

Collections during the year

 

 

—

 

 
(327,607)

 

 
(327,607)

Adjustment to fair value credited to income

 

 
180,982

 

 

—

 

 
180,982

Accrued interest

 

 

—

 

 
79,944

 

 
79,944

Balance at December 31, 2016

 

Ps.
2,072,674

 

Ps.
203,241

 

Ps.
2,275,915

Additions or new concession arrangements (1)

 

 

—

 

 
698,749

 

 
698,749

Collections during the year

 

 

—

 

 
(162,271)

 

 
(162,271)

Adjustment to fair value credited to income

 

 
209,937

 

 

—

 

 
209,937

Accrued interest

 

 

—

 

 
46,299

 

 
46,299

Balance at December 31, 2017

 

Ps.
2,282,611

 

Ps.
786,018

 

Ps.
3,068,629

Impact of the adoption of IFRS 15 (2)

 

 

—

 

 
463,622

 

 
463,622

Impact of the adoption of IFRS 9 (2) (3)

 

 

—

 

 
(568)

 

 
(568)

Balance at January 01, 2018

 

Ps.
2,282,611

 

Ps.
1,249,072

 

Ps.
3,531,683

Additions or new concession arrangements

 

 

—

 

 
1,361,261

 

 
1,361,261

Collections during the year

 

 

—

 

 
(22,803)

 

 
(22,803)

Adjustment to fair value credited to income

 

 
205,803

 

 

—

 

 
205,803

Accrued interest

 

 

—

 

 
43,137

 

 
43,137

Impairment expense

 

 

—

 

 
(398)

 

 
(398)

Balance at December 31, 2018

 

Ps.
2,488,414

 

Ps.
2,630,269

 

Ps.
5,118,683

 

 

 

 

 

 

 

 

 

 

(1)

Corporación Financiera Colombiana - Corficolombiana S.A., acquired an additional 40% of the Concesionaria Vial del Pacífico S.A.S. and an additional 40% of the Concesionaria Nueva Vía al Mar S.A.S., both domiciled in Colombia, increasing amortized cost in Ps. 396,467 (this acquisition is considered non-significant).

(2)

Grupo Aval has initially adopted IFRS 15 as of January 1, 2018. According to the transition methods chosen, comparative information is not restated. See Notes 2.5.

(3)

See note 12, other accounts receivables.

16.2          Intangible Assets in Concession Arrangements

The following table shows a roll-forward of the main concession agreements in Grupo Aval’s subsidiaries under intangible assets during the years ended at December 31, 2018, 2017 and 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gas and energy

 

Infrastructure

 

Total

Cost

    

  

    

  

    

  

    

  

    

At December 31, 2015

 

Ps.

1,884,476

  

Ps.

888,834

 

Ps.

2,773,310

Additions

 

  

421,202

  

 

190,977

 

  

612,179

Reclassification to PPE

 

  

68,587

  

 

 4

 

  

68,591

Withdrawals / Sales

 

  

(4,334)

  

 

(17)

 

  

(4,351)

At December 31, 2016

 

Ps.

2,369,931

  

Ps.

1,079,798

 

Ps.

3,449,729

Additions

 

  

193,489

  

 

417,420

 

  

610,909

Reclassification to PPE

 

  

(14,408)

  

 

 —

 

  

(14,408)

Withdrawals / Sales

 

  

(1,915)

  

 

(1,590)

 

  

(3,505)

Foreign exchange adjustment

 

  

(1,041)

  

 

 —

 

  

(1,041)

At December 31, 2017

 

Ps.

2,546,056

  

Ps.

1,495,628

 

Ps.

4,041,684

Impact of the adoption of IFRS 15 (2)

 

  

 —

  

 

619,949

 

  

619,949

Balance at January 01, 2018

 

Ps.

2,546,056

  

Ps.

2,115,577

 

Ps.

4,661,633

Additions

 

  

428,375

  

 

1,617,306

 

  

2,045,681

Reclassification to PPE

 

  

25,840

  

 

 —

 

  

25,840

Withdrawals / Sales

 

  

(1,250)

  

 

(124)

 

  

(1,374)

Foreign exchange adjustment

 

  

33,993

  

 

 —

 

  

33,993

At December 31, 2018

 

Ps.

3,033,014

  

Ps.

3,732,759

 

Ps.

6,765,773

 

 

 

 

 

 

 

 

 

 

Accumulated Amortization

 

  

 

  

 

  

 

  

 

At December 31, 2015

 

Ps.

(149,743)

  

Ps.

(232,865)

 

Ps.

(382,608)

Amortization of the year

 

  

(100,850)

  

 

(159,817)

 

  

(260,667)

Reclassification to PPE

 

  

(2,111)

  

 

(2)

 

  

(2,113)

Withdrawals / sales

 

  

973

  

 

 —

 

  

973

At December 31, 2016

 

Ps.

(251,731)

  

Ps.

(392,684)

 

Ps.

(644,415)

Amortization of the year

 

  

(119,549)

  

 

(164,940)

 

  

(284,489)

Reclassification to PPE

 

  

841

  

 

 —

 

  

841

Withdrawals / sales

 

  

630

  

 

 —

 

  

630

Foreign exchange adjustment

 

  

(84)

  

 

 —

 

  

(84)

At December 31, 2017

 

Ps.

(369,893)

  

Ps.

(557,624)

 

Ps.

(927,517)

Amortization of the year

 

  

(129,509)

  

 

(170,701)

 

  

(300,210)

Reclassification to PPE

 

  

(665)

  

 

 —

 

  

(665)

Withdrawals / sales (1)

 

  

147

  

 

(21,230)

 

  

(21,083)

Foreign exchange adjustment

 

  

(1,817)

  

 

 —

 

  

(1,817)

At December 31, 2018

 

Ps.

(501,737)

  

Ps.

(749,555)

 

Ps.

(1,251,292)

 

 

 

 

 

 

 

 

 

 

Total Intangible Assets

 

  

 

  

 

  

 

  

 

Balance at December 31, 2015

 

Ps.

1,734,733

  

Ps.

655,969

 

Ps.

2,390,702

Cost

 

  

485,455

  

 

190,964

 

  

676,419

Amortization

 

  

(101,988)

  

 

(159,819)

 

  

(261,807)

Balance at December 31, 2016

 

Ps.

2,118,200

  

Ps.

687,114

 

Ps.

2,805,314

Cost

 

  

176,125

  

 

415,830

 

  

591,955

Amortization

 

  

(118,162)

  

 

(164,940)

 

  

(283,102)

Balance at December 31, 2017

 

Ps.

2,176,163

  

Ps.

938,004

 

Ps.

3,114,167

Impact of the adoption of IFRS 15 (2)

 

  

 —

  

 

619,949

 

  

619,949

Balance at January 01, 2018

 

  

2,176,163

  

Ps.

1,557,953

 

Ps.

3,734,116

Cost

 

  

486,958

  

 

1,617,182

 

  

2,104,140

Amortization

 

  

(131,844)

  

 

(191,931)

 

  

(323,775)

Balance at December 31, 2018

 

Ps.

2,531,277

  

Ps.

2,983,204

 

Ps.

5,514,481

(1)

In infrastructure, Proyectos de Infraestructura  PISA S.A. includes an amortization of Ps. 21,230 that was offset with a liability outstanding with Agencia Nacional de Infraestructura – (ANI), due to the liquidation of the capacity records with the ANI.

(2)

Grupo Aval has initially adopted IFRS 15 as of January 1, 2018. According to the transition methods chosen, comparative information is not restated. See Notes 2.5.

The following is a summary of the main concession contracts granted to Grupo Aval’s subsidiaries as of December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year of

 

 

 

 

Concession

 

 

 

 

 

 

 

Contract

 

construction

 

% progress

 

Concession

Owner

    

Business and country

   

Objective

   

Current stage

   

date

   

start

   

of construction

    

end date

Gas and Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Surtigas S.A. E.S.P.

 

Gas and Energy Colombia

 

Purchase, storage, packaging and distribution of gases derived from hydrocarbons.

 

Operation

 

03/1984 to 04/1994

 

1984

 

100

%  

2034 to 2045

Transmetano E.S.P. S.A.

 

Gas and Energy Colombia

 

Construction, operation and maintenance of gas transportation systems.

 

Operation and maintenance

 

08/1994

 

1996

 

100

%  

2044

Promigas S.A. E.S.P.

 

Gas and Energy Colombia

 

Purchase, sale, transportation, distribution, exploitation and exploration of natural gas, oil and hydrocarbons in general.

 

Operation

 

05/1976 to 11/1994

 

1976

 

100

%  

2026 to 2044

Promioriente S.A. E.S.P.

 

Gas and Energy Colombia

 

Construction, operation and maintenance of gas pipelines.

 

Operation and maintenance

 

09/1995

 

1995

 

100

%  

2045

Gases de Occidente S.A. E.S.P.

 

Gas and Energy Colombia

 

Transportation and distribution of liquefied petroleum gas and natural gas.

 

Operation

 

08/1998

 

1998

 

100

%  

2047

Compañía Energética de Occidente S.A. E.S.P.

 

Gas and Energy Colombia

 

Administrative, operational, technical and commercial management for the provision of electrical energy.

 

Construction and Operation

 

01/2010

 

2010

 

34

%  

2035

Gases del Pacífico S.A.C.

 

Gas and Energy Perú

 

Purchase, sale, production, commercialization of energy in any of its forms.

 

Construction and Operation

 

10/2013

 

2015

 

37

%  

2034

Sociedad Portuaria El Cayao S.A. E.S.P.

 

Gas and Energy Perú

 

Construction, maintenance and administration of ports.

 

Operation and maintenance

 

07/2015

 

2015

 

100

%  

2035

Infrastructure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proyectos de Infraestructura S.A.

 

Infrastructure Colombia

 

Design, construction, equipment, conservation, operation and maintenance of road infrastructure.

 

Operation and maintenance

 

12/1993

 

1994

 

100

%  

2033

Concesionaria Vial de los Andes S.A.S. - Coviandes

 

Infrastructure Colombia

 

Design, construction, equipment, conservation, operation and maintenance of road infrastructure.

 

Operation and maintenance

 

08/1994

 

1996

 

100

%  

2019 to 2023

Concesiones CCFC S.A.S.

 

Infrastructure Colombia

 

Design, construction, equipment, conservation, operation and maintenance of road infrastructure.

 

Operation and maintenance

 

06/1995

 

2001

 

100

%  

2024

Concesionaria Panamericana S.A.S.

 

Infrastructure Colombia

 

Design, construction, equipment, conservation, operation and maintenance of road infrastructure.

 

Operation and maintenance

 

12/1997

 

2009

 

100

%  

2035

Concesionaria Vial del Pacífico S.A.S.

 

Infrastructure Colombia

 

Design, construction, equipment, conservation, operation and maintenance of road infrastructure.

 

Construction

 

09/2014

 

2018

 

14.03

%  

2040

Concesionaria Nueva Vía del Mar S.A.S.

 

Infrastructure Colombia

 

Design, construction, equipment, conservation, operation and maintenance of road infrastructure.

 

Preconstruction

 

01/2015

 

N/A

 

2.61

%  

2044

Concesionaria Vial Andina S.A.S.

 

Infrastructure Colombia

 

Design, construction, equipment, conservation, operation and maintenance of road infrastructure.

 

Construction

 

06/2015

 

2016

 

38.37

%  

2050

Concesionaria Vial Del Oriente S.A.S.

 

Infrastructure Colombia

 

Design, construction, equipment, conservation, operation and maintenance of road infrastructure.

 

Construction

 

07/2015

 

2018

 

12.83

%  

2038