CORPORACION FINANCIERA COLOMBIANA SA

Transcription

CORPORACION FINANCIERA COLOMBIANA S. A.
AND SUBORDINATE COMPANIES
Consolidated Financial Statements
For the semesters ended on June 30, 2014 and December 31, 2013
(In million Colombian pesos, except as indicated)
CORPORACION FINANCIERA COLOMBIANA S.A. Y SUBORDINADAS
Consolidated Income Statement
(Stated in million pesos)
Periods Between
from July 1 and December
January 1, to June 30, 2014
31, 2013
Direct operating income (Note 25)
Interest and amortised discount loan portfolio
Yield in repo, simultaneous operations temporary transfer of securities and other interest
Profit in Investment Valuation
Realised gain in investments available for sale
Commissions and fees
Profit in in-short positions of open repo operations, simult and temporary transfer of securities
Profit in valuation and sale of derivatives and simultaneous
Changes
Profit in sale of investments
Income for leasing operations
16,005.6
21,776.8
137,072.2
7,694.0
28,236.1
10,763.7
529,705.3
546,701.1
79,557.0
31,381.7
Direct operating expenses (Note 25)
Interest deposits and current liabilities, loans and other financial obligations
Yield in repo operations, simult. and of temporary transfer of securities and other interest
Loss in valuation of investments
Loss in in-short positions of open repo operations, simultaneous and of temporary transfer of securities
Commissions
Loss in valuation and sale of derivatives and simultaneous
Changes
Loss in sale of investments
Loss in sale of portfolio
113,835.7
47,853.4
1,455.2
11,287.4
7,663.4
501,663.7
559,563.1
98,495.5
5,946.9
$
1,408,893.5
$
1,347,764.3
Direct Operating Result
126,269.2
751,335.3
Operating expenses
Personnel expenses
Other (Notes 25 and 27)
76,708.8
512,586.6
580,342.4
103,706.8
45,103.6
286.2
6,884.0
7,673.4
281,261.6
72,527.0
61,178.0
1,721.8
Other operating income (expenses) - net
Operating Income (Notes 25 and 26)
Dividends and participations
Other
61,129.2
104,557.0
288,309.1
370,513.3
877,604.5
954,623.8
128,003.4
826,620.4
589,295.4
584,110.5
72,401.1
511,709.4
Operating result before allowances, depreciations and amortisations
Allowances
Investments
Loan Portfolio
Financial leasing operations
Operating leasing operations
Counter cyclic component portfolio and financial leasing
Operating leasing counter cyclic component
Accounts receivable
Accounts receivable counter cyclic component
Other (Note 28)
684,899.4
14,081.1
20,123.5
174,658.5
3,574.2
21,431.7
2,560.1
298,147.4
63,076.8
55,433.6
31,812.5
349,438.3
475,070.3
13,115.9
21.9
2,912.6
2,734.7
61.2
1,921.5
45.3
3,462.9
54.8
1,901.0
16,682.5
323.8
2,230.6
3,277.6
86.2
1,875.0
56.7
3,018.7
54.2
5,759.7
Depreciations
15,726.1
Amortisations
50,244.3
50,692.2
270,352.0
393,612.5
Non operating income (Note 29)
81,044.0
52,869.4
on operating expenses (Note 30)
97,252.7
Net operating result
Non operating net result
14,083.1
98,965.1
(16,208.7)
Profit before income tax
(46,095.7)
254,143.3
Income tax and complementary
347,516.8
74,227.1
Profit of the period
$
179,916.2
97,402.9
$
250,113.9
See the accompanying notes to the consolidates financial statements.
José Elías Melo Acosta
President
Martha Cecilia Castro Ortiz
Accountant
T. P. No. 40995-T
Diana Alexandra Rozo Muñoz
Statutory Auditor
T.P. No. 120741-T
Member of KPMG Ltda.
(see my report of August 4, 2014)
(Continues
2
CORPORACIÓN FINANCIERA COLOMBIANA S. A.
AND SUBORDINATES
CORPORACIÓN FINANCIERA COLOMBIANA S. A. Y SUBORDINADAS
Consolidates General Balances
As of June 30, 2014 and December 31, 2013
Assets
June 30, 2014
Available (Notes 3 and 25)
$
Active positions in monetary market operations and related oper (Note 4)
Investments, net (Notes 5 and 25)
Debt securities
Negotiable
Available for sale
To keep to maturity
Investments transfer rights
Investments given in guaranty
Participative securities
Negotiable
Available for sale
Minus: Allowance
Loan Portfolio and financial leasing operations, net (Notes 6 and 25)
Commercial portfolio
Consumption portfolio
Minus: Allowance
December 31, 2013
1,099,067.4
$
326,923.0
7,043,430.4
7,340,776.2
4,007,646.8
418,263.1
141,469.7
182,979.4
3,195,759.6
69,175.0
4,531,242.8
658,378.5
134,117.7
152,698.4
3,554,177.5
31,870.7
3,039,937.8
674,600.8
2,365,337.0
2,813,899.2
518,945.8
2,294,953.4
(4,154.2)
(4,365.8)
819,290.2
844,006.4
1,226.6
(25,942.8)
793,088.7
814,672.8
1,492.4
(23,076.5)
Cash operations and with derivative financial instruments (Note 7)
84,550.2
Accounts receivable, net (Notes 8 and 25)
Interest
Financial component
Payment on account of clients
Other
Minus : Allowance
47,852.8
402,111.7
4,957.3
3,679.1
9,408.0
1,463.3
405,195.9
(22,591.9)
369,054.5
8,628.4
3,047.1
4,992.7
1,160.9
371,609.5
(20,384.1)
Realisable goods, received in payment and restored, net (Note 9)
169,956.2
Property, equipment and goods given in leasing, Net (Note 10)
Other assets, net (Notes 11 and 25)
Early expenses and deferred charges
Goods to be placed on leasing contract
Other
Minus : Allowance
161,794.5
658,094.7
626,005.5
2,341,909.1
2,141,784.9
1,659,276.1
26,391.6
682,018.2
(25,776.8)
Valorisations, net
Investments available for sale in participative securities (Note 5)
Property and equipment
Other
Total assets
886,503.7
369,700.5
1,528,146.1
22,281.7
617,087.3
(25,730.2)
1,402,368.5
852,534.0
545,693.2
4,141.3
1,367,628.5
808,290.7
555,300.0
4,037.8
$
14,390,478.9
$
Creditor contingent and memorandum accounts (Notes 23 and 24)
$
9,392,940.5
$
14,061,412.3
7,945,988.6
Debtor contingent and memorandum accounts (Notes 23 and 24 )
$
26,866,990.8
$
26,996,064.8
Fiduciary memorandum accounts (Note 24)
$
9,710,979.3
$
8,491,156.4
See the accompanying notes to the consolidated financial statements
President
Accountant
T. P. No. 40995-T
Statutory Auditor
T.P. No. 120741-T
(See my report dated August 4, 2014)
(Continues)
3
AND SUBORDINATES
CORPORACIÓN FINANCIERA COLOMBIANA S. A. y SUBORDINADAS
Consolidated General Balances
As of June30, 2014 and December 31, 2013
June 30, 2014
December 31, 2013
Liabilities and Equity
Liabilities
Deposits and current liabilities (Notes 12 and 25)
Term deposit certificates
Savings deposits
Other
$
3,406,616.0
3,092,836.8
313,158.4
620.8
Passive positions in monetary market operations and related (Note
13)
Derivative financial instruments (Note 14)
Bank loans and other financial obligations (Note 15)
Payable accounts (Notes 16 and 25)
Interest
Dividends
Other (Note 16)
$
3,300,051.5
2,907,329.5
387,869.5
4,852.5
3,489,914.2
3,724,030.4
97,379.1
50,580.1
1,102,346.6
977,896.0
423,244.5
46,331.0
2,527.8
32,544.4
341,841.3
491,565.2
43,594.9
2,200.8
37,738.0
408,031.5
Outstanding investment securities (Note 17)
110,203.3
Other liabilities (Notes 18 and 25)
Consolidated labour obligations
Early Income and deferred payments
Retirement Pensions
Other
110,203.3
1,112,000.9
15,134.4
935,014.5
19,063.6
142,788.4
Estimated liabilities and allowances (Note 19)
Labour obligations
Taxes
Other
921,411.0
17,832.4
738,848.3
19,621.2
145,109.1
84,051.9
7,503.5
44,165.2
32,383.2
53,892.1
3,307.9
15,235.0
35,349.2
Minority Interest
Total Equity
443,131.1
404,345.2
10,268,887.6
10,033,974.8
Equity
Common stock (Note 20)
Reserves (Note 21)
Legal reserve:
Profits appropriation
Bonus in placement of stock
Statutory reserves and occasional
99,450.1
1,889,517.0
834,203.4
Surplus:
Non realised losses in investments (Note 22)
Equity re-valorisation
Valorisations (appraisals), net
(48,513.3)
197.0
1,066,001.4
2,106.3
2,081.3
2,823,170.5
2,769,636.3
145,304.0
1,793,235.8
831,096.5
1,017,685.1
Profits of former periods
Total equity
Total liailities and equity
948,395.1
(84,637.3)
197.0
1,032,835.4
$
98,713.2
57,210.9
179,916.2
250,113.9
4,121,591.3
4,027,437.5
14,390,478.9
$
14,061,412.3
Creditor per contra contingent and memorandum accounts (Notes 23 and 24)
$
9,392,940.5
$
7,945,988.6
Debtor per contra contingent and memorandum accounts (Notes 23 and 24)
$
26,866,990.8
$
26,996,064.8
Trust (fiduciary) memorandum accounts (Note 24)
$
9,710,979.3
$
8,491,156.4
President
Accountant
T. P. No. 40995-T
(Continues)
Statutory Auditor
T.P. No. 120741-T
4
AND SUBORDINATES
CORPORACIÓN FINANCIERA COLOMBIANA S. A. y SUBORDINADAS
Consolidated General Balances
As of June30, 2014 and December 31, 2013
June 30, 2014
December 31, 2013
Liabilities and Equity
Liabilities
Deposits and current liabilities (Notes 12 and 25)
Term deposit certificates
Savings deposits
Other
$
3,406,616.0
3,092,836.8
313,158.4
620.8
Passive positions in monetary market operations and related (Note
13)
Derivative financial instruments (Note 14)
Bank loans and other financial obligations (Note 15)
Payable accounts (Notes 16 and 25)
Interest
Dividends
Other (Note 16)
$
3,489,914.2
3,724,030.4
97,379.1
50,580.1
1,102,346.6
977,896.0
423,244.5
46,331.0
2,527.8
32,544.4
341,841.3
491,565.2
43,594.9
2,200.8
37,738.0
408,031.5
Outstanding investment securities (Note 17)
110,203.3
Other liabilities (Notes 18 and 25)
Consolidated labour obligations
Early Income and deferred payments
Retirement Pensions
Other
110,203.3
1,112,000.9
15,134.4
935,014.5
19,063.6
142,788.4
Estimated liabilities and allowances (Note 19)
Labour obligations
Taxes
Other
3,300,051.5
2,907,329.5
387,869.5
4,852.5
921,411.0
17,832.4
738,848.3
19,621.2
145,109.1
84,051.9
7,503.5
44,165.2
32,383.2
53,892.1
3,307.9
15,235.0
35,349.2
Minority Interest
Total Equity
443,131.1
404,345.2
10,268,887.6
10,033,974.8
Equity
Common stock (Note 20)
Reserves (Note 21)
Legal reserve:
Profits appropriation
Bonus in placement of stock
Statutory reserves and occasional
99,450.1
1,889,517.0
834,203.4
Surplus:
Non realised losses in investments (Note 22)
Equity re-valorisation
Valorisations (appraisals), net
(48,513.3)
197.0
1,066,001.4
2,106.3
2,081.3
2,823,170.5
2,769,636.3
145,304.0
1,793,235.8
831,096.5
1,017,685.1
948,395.1
(84,637.3)
197.0
1,032,835.4
Profits of former periods
98,713.2
Total equity
Total liailities and equity
$
57,210.9
179,916.2
250,113.9
4,121,591.3
4,027,437.5
14,390,478.9
$
14,061,412.3
Creditor per contra contingent and memorandum accounts (Notes 23 and 24)
$
9,392,940.5
$
7,945,988.6
Debtor per contra contingent and memorandum accounts (Notes 23 and 24)
$
26,866,990.8
$
26,996,064.8
Trust (fiduciary) memorandum accounts (Note 24)
$
9,710,979.3
$
8,491,156.4
President
Accountant
T. P. No. 40995-T
Statutory Auditor
T.P. No. 120741-T
(Continues)
5
AND SUBORDINATES
CORPORACIÓN FINANCIERA COLOMBIANA S.A. Y SUBORDINADAS
Consolidate Statement of Cash Flows
June 30, 2014
December 31, 2013
CASH FLOWS FOR THE OPERATING ACTIVITIES:
Profit of the Period
$
179,916.2
250,113.9
Adjustments to conciliate profit of the period and net cash
(Used in) Provided by operating activities:
Investments allowance
21.9
323.8
2,912.6
2,230.6
Financial leasing operations 'allowance
2,734.7
3,277.6
Portfolio operations counter cyclic component allowance
1,921.5
1,875.0
Accounts receivable allowance
3,462.9
3,018.7
Loan portfolio allowance
Counter cyclic component accounts receivable allowance
54.8
54.2
Realisable goods and received in payment allowance
540.9
1,518.3
Property, plant and equipment allowance
743.2
1,641.0
Operating leasing operations allowance
106.5
142.9
Other assets allowance
302.7
1,503.1
Other liabilities allowance
285.0
1,090.9
Depreciations
15,726.1
Amortisations
Investments valuation, net
Profit in sale of investments, net
Profit in sale of property, plant and equipment, net
14,083.1
50,244.3
50,692.2
(135,617.0)
(174,372.3)
18,938.5
5,744.4
(17,189.6)
(1,317.2)
Profit on sale of goods received in payment, net
(494.0)
Reimbursement investments allowance
(225.0)
(298.4)
Reimbursement loan portfolio allowance
(889.2)
(1,905.4)
Reimbursement financial leasing operations 'allowances
(2,239.1)
(2,350.8)
Reimbursement portfolio and financial leasing operations 'counter cyclic component allowance
(1,562.0)
(1,475.2)
(649.1)
(575.6)
Reimbursement accounts receivable allowance
(0.9)
Reimbursement accounts receivable counter cyclic individual component allowances
(45.0)
Reimbursement operating leasing operations counter cyclic component allowance
(12.3)
(4.4)
(163.0)
(2,354.3)
(55.6)
(1,357.7)
(35,880.8)
(8,066.8)
Reimbursement goods received in payment allowance
Reimbursement other assets allowance
(31.7)
Changes in operating assets and liabilities:
(Increase) in accounts receivable
Decrease, (Increase) in goods receives in payment
(Increase) in other assets
(7,942.0)
11,105.4
(250,615.6)
(204,002.1)
(Decrease), Increase in accounts payable
(63,127.1)
5,622.1
Increase in other liabilities
190,304.9
254,404.3
30,159.8
(42,620.5)
(32,823.7)
(56,691.4)
Increase, (Decrease) in estimated liabilities and allowances
(Increase) in property and equipment
Payment equity tax
Total Adjustments
Net cash (Used in) provided by operation activities
0.0
(90.4)
(231,069.8)
(139,187.5)
(51,153.6)
110,926.4
CASH FLOW OF INVESTMENT ACTIVITIES:
(Increase) in loans portfolio
(29,080.0)
(46,852.0)
Decrease net of non realised gains in investments available for sale
448,674.8
(913,308.5)
Decrease active positions in monetary market and related operations
44,924.0
(Decrease) in cash operations and operations with derivative financial instruments
Net cash provide by (used in) investment activities
347.1
(36,697.4)
34,543.2
427,821.4
(925,270.2)
CASH FLOW OF FINANCING ACTIVITIES:
Increase in deposits and current liabilities
106,564.5
(Decrease), Increase in passive positions in monetary market and related operations
Increase, (Decrease) in derivative financial instruments
Increase, (Decrease) in bank loans and other financial obligations
815,431.5
46,799.0
(62,959.5)
124,450.6
Decrease in outstanding investments securities
Dividends paid
Increase in minority interest
378,271.4
(234,116.2)
(57,620.8)
0.0
(35,593.0)
(158,886.4)
(124,174.0)
38,785.9
4,789.2
Net cash (used in) provided by financing activities
(76,402.6)
918,144.8
Increase net cash and cash equivalents
300,265.2
103,801.0
Cash and cash equivalents at the beginning of the semester
905,230.1
801,429.1
Cash and cash equivalents as of the end of the semester (Notes 3 and 4)
$
1,205,495.3
905,230.1
See the notes accompanying the consolidated financial statements.
President
Accountant
T. P. No. 40995-T
Statutory Auditor
T.P. No. 120741-T
(See my report of August 4, 2014)
(Continues)
90,590.2
652,392.4
287.4
Result
of Former
Periods
(160,273.7)
net
Valorisations
831,270.4
Equity
Revalorisation
250,113.9
See the notes accompanying the consolidated financial statements.
José Elias Milo Acosta
President
Accountant
T. P. No. 40995-T
Diana Alexandra Orzo Munoz
Statutory Auditor
T.P. No. 120741-T
See my report dated August 4, 2014
179,916.2
179,916.2
98,713.2
0.0
1,066,001.4
0.0
197.0
0.0
(48,513.3)
0.0
834,203.4
0.0
1,889,517.0
0.0
99,450.1
0.0
2,106.3
$
Balance as of June 30, 2014
0.0
36,129.0
33,166.0
0.0
36,124.0
8,365.4
(0.1)
(45,853.9)
-
0.0
Movement of the period
(91,254.1)
(96,306.2)
0.0
0.0
0.0
0.0
1.6
0.0
0.0
0.0
0.0
0.0
96,281.2
(62,440.3)
-
0.0
0.0
Dividends decreed in stock of $91.251.901.505 that were paid in cash at the request of stockholders who
decided for this option or kept silence, on a total of 2.367.535 new shares, 2.131.920 ordinary shares and
235.615 preferential shares. The unit value of the shares delivered corresponded to the weighed average price
of ordinary shares negotiated in the Stock Exchange from January 2 to January 24, 2014, $338.543.
25.0
0.0
4,121,591.3
0.0
67,930.4
0.0
179,916.2
(91,252.5)
0.0
0.0
0.0
(62,440.3)
-
Dividend in cash of $300.0 per share on the 195.318.576 ordinary shares and the 12.815.766 preferential
shares subscribed and paid as of December 31, 2013. We began paying this dividend in six (6) monthly
instalments within the first five (5) days of each month from April 2014.
0.0
0.0
0.0
(79,781.7)
0.0
0.0
0.0
79,781.7
0.0
0.0
-
Constitution Reserves on Valuation of Investments Decree 2336/95
0.0
0.0
0.0
(104,356.5)
0.0
0.0
0.0
104,356.5
0.0
0.0
-
Constitution Reserve for future distributions (not taxed)
0.0
0.0
0.0
19,733.5
0.0
0.0
0.0
(19,733.5)
0.0
-
Liberation Reserves on Valuation of Investments Decree 2336/95 (Realised Income)
0.0
0.0
0.0
169,664.7
0.0
0.0
0.0
0.0
0.0
-
A dividend in stock for the sum of $96.306.160.724 at $901.15 for each share on the 195.318.576 ordinary
shares and $901.15 for each share on the .815.766 preferential shares subscribed and paid as of December
31, 2013. These dividends were paid in stock, at one (1) share for each 42.771403 ordinary shares and one
(1) share with preferential dividend and no right to vote for each 42.771403 preferential shares subscribed and
paid as of December 31, 2013. Payment of the stock was made on April 25, 2014 to whom had the right to at
the time payment was enforceable in conformity with in force regulations. In order to do so, a total of 2.498.668
new shares was issued, 2.434.649 ordinary shares and 64.019 preferential shares. The unit value of the shares
delivered corresponded to the weighed average price of the ordinary stock negotiated in the Stock Exchange
from January 2 to January 24, 2014, $38.543.
0.0
(250,113.9)
250,113.9
0.0
0.0
0.0
0.0
(169,664.7)
0.0
0.0
-
Liberation Reserve for future distributions
4,027,437.5
250,113.9
0.0
57,210.9
0.0
1,032,835.4
(182,090.4)
197.0
0.0
(84,637.3)
0.0
831,096.4
0.0
1,793,235.9
0.0
145,304.0
182,040.2
Transfer of gains of the period to results of former periods
2,081.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-
profit of the period
$
455,989.2
0.0
250,113.9
(9,334.9)
380,443.0
(90.4)
75,636.4
(1,142.6)
0.2
10,477.5
-
Movement of the period
Balance as of December 31, 2013
(56,788.5)
0.0
(56,788.5)
0.0
0.0
0.0
0.0
0.0
0.0
-
Dividend decreed in stock were paid in cash as requested by the stockholders who elected this option or kept
silence, on a total of 1.566.086 new shares, 1.351.977 ordinary shares and 214.109 preferential shares. The
unit value of shares delivered corresponded to the average weighed price of ordinary shares negotiated in the
Stock Exchange from July 3 to July 19, $31.927.77.
0.0
(73,120.6)
50.2
0.0
A dividend in stock for the sum of $182.090.474.909 at $1.176.09 for each share on the 190.492.182 ordinary
shares and $1.176.09 for each share on the 12.620.544 preferential shares subscribed and paid as of June 30,
2013. These dividends were paid in stock at one (1) share for each 30.832.107 ordinary shares and one (1)
share with preferential dividend and no right to vote for each 30.832107 preferential shares, subscribed and
paid as of June 30, 2013. Payment of the stock was made on October 16, 2013 to whom had the right to
such payment when it was enforceable in conformity with in force regulations. In order to do so, a total of
5.021.616 new shares were issued, 4.826.394 ordinary shares and 195.222 preferential shares. Unit value of
the shares delivered corresponded to the weighed average price of ordinary shares negotiated in the Stock
Exchange from July 2 to July 26, $36.261.33.
#¡VALOR!
0.0
0.0
-
Dividend in cash of $360.0 per share on the 190.492.182 ordinary shares and the 12.620.544 preferential
shares subscribed and paid as of June 30, 2013. This dividend began to be paid in six (6) monthly instalments
within the first five (5) days of each month from October 2013.
0.0
0.0
0.0
(69,671.4)
0.0
0.0
0.0
69,671.4
0.0
0.0
-
Constitution Reserves on Valuation of Investments Decree 2336/95
0.0
0.0
0.0
(169,664.7)
0.0
0.0
0.0
169,664.7
0.0
0.0
-
Constitution reserve for future distributions (not taxed)
0.0
0.0
0.0
137,432.6
0.0
0.0
0.0
(137,432.6)
0.0
0.0
-
Liberation Reserves on Valuation of Investments Decree 2336/95
0.0
0.0
0.0
100,934.9
0.0
0.0
0.0
(100,934.9)
0.0
0.0
-
Liberation reserve for future distributions
0.0
3,451,243.5
(288,923.7)
288,923.7
0.0
0.0
0.0
0.0
0.0
Total
Equity
0.0
Profit of
the Period
-
2,031.1
Non Realised
Losses
in Investments
Transfer of profit of the period to results of former periods
$
Statutory
and Occasional
Reserves
Legal Reserve
Bonus on
Stock
Placement
Placement
1,611,195.5
134,826.5
Profits
Allowances
288,923.7
Balance as of June 30, 2013
Common
Stock
CORPORACION FINANCIERA COLOMBIANA S. A. Y SUBORDINADAS
Consolidated Statement of Changes in the Stockholders' Equity
(stated in million pesos except for the information per share)
6
AND SUBORDINATES
(Continues)
7
AND SUBORDINATES
1.
Reporting Entity
Corporación Financiera Colombiana S.A., (Home Office) is a private financial institution with
authorisation to operate by Superintendencia Financiera de Colombia, under Resolution of October 18,
1961, set up a commercial incorporated company on November 27, 1961 under public deed No. 5710
of Notary One of Cali, with a term foreseen until October 2, 2051. This term may be extended by
decision of the Stockholders General Assembly.
By public deed No. 12364 of December 30, 2005 of Notary 18 of Bogota the merger of Corporación
Financiera del Valle S.A. (absorber entity) with Corporación Financiera Colombiana S.A. (absorbed
entity) was executed. In the same public deed the absorber entity modified its corporate name to
Corporación Financiera Colombiana S.A. and changed its domicile from Cali to Bogota.
With public deed No.10410 of Notary 71 of Bogotá, on December 26, 2007 the merger between
Corporación Financiera Colombiana (absorbent entity) with Proyectos de Energía S.A. company
(absorbed entity), dissolved without settlement was formalised.
The corporate purpose of the Corporation is to take all actions and celebrate all contracts authorised
for this type of credit institutions under Estatuto Orgánico del Sistema Financiero (Financial System
Organic Statute) or such other especial provisions or regulations that substitute, modify or addition the
Statute. In the performance of this corporate purpose the Company may take all actions or execute all
contracts in order to reach its goals and promote savings and private investment, develop capital
markets, promote the creation, reorganisation, merger, transformation and expansion of any type of
companies in such sectors where extension of their services has been authorised, granting them
medium and long term financing and offering them specialised financial services that contribute to their
development.
The Corporation main domicile is in Bogota city. As of June 30, 2014 and December 31, 2013, it
operated through its 5 regional offices and 5 agencies in different cities in the country. The Corporation
has not non-banking correspondents. As of June 30, 2014 it had 297 direct employees, 5 indirect
employees and 9 temporary employees. As of December 31, 2013 it had 289 direct employees, 7
indirect employees and 9 temporary employees. It also owns the following subsidiary and affiliate
companies: Leasing Corficolombiana S.A., Banco Corficolombiana Panamá S.A. (financial company
abroad), Fiduciaria Corficolombiana S.A., Gas Comprimido del Perú S.A., Organización Pajonales
S.A., Hoteles Estelar S.A., Valora S.A.S., Proyectos de Infraestructura S.A., Estudios, Proyectos e
Inversiones de los Andes S.A., Promotora y Comercializadora Turística Santamar S.A., Colombiana de
Licitaciones y Concesiones S.A.S., Tejidos Sintéticos de Colombia S.A., Plantaciones Unipalma de los
Llanos S.A., Pizano S.A. under Restructuring, Estudios y Proyectos del Sol S.A.S., Industrias Lehner
S.A., Proyectos de Ingeniería y Desarrollos S.A.S. Proindesa S.A.S., CFC Gas Holding S.A.S., CFC
Private Equity Holdings S.A.S and CFC Energy Holding S.A S.
The accompanying financial statements include assets, liabilities, equity and results of the General
Direction and its subordinate companies.
Corporación Financiera Colombiana S.A. is under the control of Banco de Bogotá S.A.
The consolidated financial statements attached include the following companies:
(Continues)
8
AND SUBORDINATES
Leasing Corficolombiana S.A. Compañía de Financiamiento – This is a private business
corporation established according with Colombian laws on January 21, 1988 under Public Deed
Number 116 of Notary One of Cali. On July 23, 1993 through Resolution 2455, Superintendencia
Financiera de Colombia authorised the conversion of Leasing del Valle S.A., to Compañía de
Financiamiento Comercial (Commercial Financing Company) specialised in leasing, in conformity with
the provisions of Law 35 of 1993. This conversion was legalised under public deed No. 2793 of August
10, 1993 of Notary Five of Cali, filed at the Chamber of Commerce on August 17, 1993 under number
69059 of Book IX. Company term lasts until October 19, 2093.
By means of Stockholders Extraordinary General Assembly No. 45 celebrated on November 8, 2006 a
change in the corporate name of Leasing del Valle S.A. Compañía de Financiamiento Comercial took
place for Leasing Corficolombiana S.A. Compañía de Financiamiento Comercial. This modification was
legalised under Public Deed No. 4769 of November 14, 2006 at Notary One of Cali.
In the Stockholders Ordinary General Assembly No. 54 celebrated on August 28, 2009, the reform of
articles 1 and 31 of the Corporate By Laws of the Company that correspond to Law 1328 of July 15,
2009 in its article 25 was approved; it provided that from the date when this Law enters into force,
Commercial Financing Companies shall be called “Financing Companies”.
The final authorisation certificate of the Company was issued on September 24, 1993 under Resolution
No. 3140 issued by Superintendencia Financiera de Colombia, (hereinafter Superintendencia
Financiera).
The Company has the due authorisation to conduct any of the operations specific of a financing
company. Its main corporate purpose is to carry out financial leasing operations in all modalities; it may
capture resources through term deposit certificates, granting loans, factoring, bank acceptances and
repo operations, among other.
Fiduciaria Corficolombiana S.A. – is a private corporation subject to the control and vigilance of
Superintendencia Financiera de Colombia, established according with Colombian law on September 4,
1991 under Public Deed No. 2803 of Notary One of Cali and with a term expiring on September 4, 2090.
Superintendencia Financiera de Colombia authorised its operation permit under Resolution S.B. 3548
dated September 30, 1991.
The term of Fiduciaria expires on September 4, 2090. This term may be extended by a decision of the
Stockholders General Assembly.
The sole purpose of Fiduciaria is to develop all trust businesses regulated by law and by norms and
regulations that complement it or supplement it, on all kind of estate and movables, corporate or
incorporeal.
The main domicile of Fiduciaria is in Cali city and it operates through agencies in Bogota, Medellín,
Barranquilla and Bucaramanga.
As of June 30, 2014 and December 31, 2013 Fiduciaria Corficolombiana S.A. manages five joint
portfolios and two private capital funds. Cartera Colectiva Abierta por compartimientos Valor Plus
(Valor Plus Open Joint Portfolios by compartments), Cartera Colectiva con Pacto de Permanencia
Multiplicar (Multiplicar Joint Portfolio with Permanence Agreement), Cartera Colectiva con Pacto de
Permanencia Renta Plus (Renta Plus Joint Portfolio with Permanence Agreement), Cartera Colectiva
Abierta Capital Plus (Capital Plus Open Joint Portfolio); this last one was established on April 25, 2005
under the name Cartera Colectiva Abierta con Pacto Permanencia Quince Plus and on June 28, 2006
(Continues)
9
AND SUBORDINATES
with DIAN RUT number 0014043281147 it changed its name to the present name; Cartera Colectiva
Abierta del Mercado Confianza Plus Monetaria Confianza Plus, established on March 07, 2009. Fondo
de Infraestructura de transporte en Colombia Darby – Colpatria – FCP Fintra, established on July 19,
2010 and Fondo de Capital Privado Kandeo Fund I (Colombia) FCP KFIC, set up on January 14, 2011.
Banco Corficolombiana (Panamá) S.A. – Banco Corficolombiana was established on August 10, 2004
and operates in the Republic of Panama according with Resolution S.B. No.214 - 2004 issued on
September 17, 2004 by Superintendencia de Bancos de Panama. The Bank is established and operates
in the Republic of Panama with International License that allows the Bank to make transactions
exclusively from an office in Panama, that complete, build or produce effects abroad and to perform
such other activities authorised by the Superintendencia.
Bank operations in the Republic of Panama are regulated and supervised by Superintendencia de
Bancos de la República de Panamá according with the legislation provided by Executive Decree No.52
of April 30, 2008 that adopts the sole text of Decree Law 9 of February 26, 1998 modified by Decree
Law 2 of February 22, 2008, whereby the bank regime of the republic of Panama is established and
Superintendencia de Bancos and the regulations that govern the institution are created.
The Home Office and its financial subordinate companies have semi annual close, except for Banco
Corficolombiana (Panama) with annual close.
Organización Pajonales S.A. – It was established as a corporation according with Colombian laws,
under public deed No. 1048 of May 2, 1980, of Notary Two of Ibagué (Tolima), and registered in Cámara
de Comercio de Ibagué on May 5, 1980 under No. 4331 of the corresponding book.
According with public deed No. 0003509 of December 21, 2006 of Notary Three of Ibague, registered on
December 28, 2006 under No. 0035795 of book IX, the company changed its name from Compañía
Agropecuaria e Industrial Pajonales S.A. for Organización Pajonales S.A.
The Company corporate purpose is to exploit industrially agriculture, livestock and forestry; investment
and promotion of agriculture, livestock and forestry companies, and agri-industrial, construction, real
estate, commercial and industrial companies.
In the stockholders general extraordinary assembly of Valle Bursátiles S.A. (subsidiary of Organización
Pajonales S.A.) recorded in Minute Number 33 of November 26, was the stockholders decision to wind
up the company and their approval to award the assets and liabilities inventory according with the stock
participation. As of the close of December 31, 2013 as it appears in the mercantile registry certificate,
the company Valle Bursátiles S.A. has been dissolved and liquidated.
Organización Pajonales S.A. consolidates with the following companies:
Mavalle S.A. Established on December 23, 1986 under public deed No. 0003737 of Notary One of
Cali, registered on September 10, 2001 under number 00028547 of book IX at Cámara de Comercio
de Ibagué. It changed its name to Mavalle S.A. and also changed its domicile from Cali to Ibague city
under public deed No. 0001838 of Notary One of cal on June 8, 2001, registered on September 10,
2001 under number 00028560 of book IX at Cámara de Comercio de Ibagué.
Its present domicile is in Ibague city; its main corporate purpose is the promotion and creation of
commercial companies or the participation in existing ones; investment or savings in estate or
movables in order to obtain revenue for the company. Purchase, sale, importation, exportation,
promotion, financing and exploitation of natural and synthetic rubber and any other type of materials fit
for manufacturing all kind of rubber products.
(Continues)
10
AND SUBORDINATES
Hoteles Estelar S.A. – It was established on April 10, 1968 under public deed
No. 1740 of Notary Two of Cali, wit legal term until December 31, 2080. Its corporate purpose is to
promote, build, operate and exploit hotels, company owned or of third parties, in the country and abroad;
organise all kind of activities for the promotion and development of the national or international tourism
industry taking advantage of country resources; promote companies that are dedicated to property and/or
real estate activities and conduct all kind of activities related with the construction of condominiums and
similar, as partner or stockholders of companies dedicated to this activity; administration of estate or trade
establishments, of their own or of third parties, dedicated to lodging, food or recreation of the community
in any place in the country or abroad.
Hoteles Estelar S.A. consolidates with the following companies:
Esencial Hoteles S.A. - Hoteles Estelar S.A. – The Company was established on November 28,
2003 under public deed No. 7887 of Notary 7 of Cali with legal term until November 28, 2083. This
company is mainly dedicated to a) the investment, promotion, construction, administration and/or
exploitation of Hotels in any city or place in the country and/or abroad; b) the acquisition, construction,
refurbishing, extension and or disposition of hotels.
Compañía Hotelera de Cartagena de Indias S.A. - This is a commercial corporation set up under the
norms of Colombian Law on December 24, 1971 with main domicile in Cartagena city, with the purpose
of: 1) the promotion, construction, administration and exploitation of hotels in Cartagena city and in
other places in the country; 2) Organisation of all such activities aimed at promoting, developing and
exploiting national and international tourism taking advantage of the resources offered by the country to
this industry: and 3) Participation in bids and public and private contests or in direct contracting for the
due development of its corporate purpose. Company term goes until December 31, 2050.
Hoteles Estelar del Perú S.A.C. – Hoteles Estelar S.A., in July 2011, it acquired 99.99% of this
company that has the purpose the development and management of hotel activities including, among
other, the following: 1) Promotion, construction, administration, operation and exploitation of hotels,
own or of third parties, in Colombia 2) Organisation of all the activities aimed at promoting and
developing national and international tourism activities, taking advantage of country resources; 3)
Promotion of companies that are dedicated to the property activity and/or real estate and the
performance of all type of activities related to the construction of condominium buildings and similar;
also its participation as partner or stockholder of companies dedicated to this activity; and 4) the
administration of properties or commerce establishments own or of third parties, dedicated to lodging,
food or recreation of the community in any place in the country. The company may also make
investments in companies (holding securities) with activities involved in the aforementioned activities.
For such purpose, it may participate in Companies, Associations in participation, Joint Ventures,
Consortiums and all other legal forms.
Hoteles Estelar Panamá S.A. – The main purpose of the company is to work in the Republic of
Panama or in any other country, colony or foreign territory, purchasing, selling, transferring, making
available, negotiating, financing, exchanging, owning, managing, giving or borrowing money, opening
and managing bank accounts in Panama or any other part of the world, giving or taking in commission,
mortgage, pledge, lease, use, usufruct or anticresis, all kind of goods, whether movable or immovable
property, stock or rights and celebrate and perform all acts, contracts, operations, businesses and
transactions of licit trade. The company may also perform all acts, contracts, operations, businesses or
transactions permitted by Law to corporations.
Gas Comprimido del Perú S.A. - The corporate purpose of this company is the exploration, production,
generation, storage, packing, transportation and/or transmission, distribution and commercialisation of
any kind of energy in any state or form. The company was set up on April 3, 2009 and legalised with
(Continues)
11
AND SUBORDINATES
public deed before a Notary in the city of Lima, Sunarp record 12302719. Its domicile is Lima city, Peru
and was created for an indefinite period.
Valora S.A.S. - It was established on September 23, 1993 under public deed No. 3040 of Notary One of
Cali, with legal term until December 31, 2097. Its corporate purpose is the administration, counselling,
planning, promotion, marketing, commercialisation, development, mediation, investment and execution of
any kind of activities in the industrial, commercial or services sectors and the exportation, importation,
production, purchase and sale of all kinds of goods and services and the investment in movables and real
estate.
During the second half of 2011, it set up the following 6 companies with a participation of 100% and a
common corporate purpose for purchasing, selling, importing, exporting, producing, financing and
promoting of natural and synthetic rubber and related materials and any other types of materials fit for
the manufacture of rubber products and similar. To give technical assistance and services to
production sectors related to its purpose, and to organise, establish, administer, exploit plant nurseries,
multiplication centres and places for seed selection of tree species, acquire or obtain, for agriculture
and forestry exploitation purposes, equipment, permits, licenses, patents, brands, trade marks,
commercial and industrial names and other real estate or movables, give them or take them in leasing
or in any other way with no transfer of domain. In general terms, execute all actions and celebrate all
contracts directly and completely related to the corporate purpose:
Agro Santa Helena S.A.S. – Established in September 27, 2011.
Plantaciones Santa Rita S.A.S. – Established in October 03, 2011.
Hevea de los Llanos S.A.S. – Established in October 03, 2011.
TSR20 Inversiones S.A.S. – Established in October 05, 2011.
Hevea Inversiones S.A.S. – Established in October 05, 2011.
Agro Casuna S.A.S. – Established in October 05, 2011.
Proyectos de Infraestructura S.A. - Before Hacienda El Carmen Ltda., is public limited company
established according with Colombian laws on March 26, 1985 under public deed No. 893 of Notary One
of Cali. The term of the Company is until March 1, 2058.
By means of public deed No. 562 of March 1, 1993 of Notary One of Cali, the company Hacienda El
Carmen Ltda. transformed from Limited Company to Public Limited Company and changed its corporate
name from Hacienda El Carmen Ltda. to Proyectos de Infraestructura S.A. The corporate purpose of
Proyectos de Infraestructura S.A. consists mainly in the construction of public works by the concession
system and the total or partial development of construction of public or private works under any other
system different to concessions.
Proyectos de Infraestructura S.A. consolidates with the following companies:
Concesiones CCFC S.A. - Is a Colombian company with domicile in Bogota, incorporated on June 17,
1995 under public deed No. 1614 of Notary 16 of Bogota. Its term goes until June 17, 2045. Its
corporate purpose is the construction of public works by concession and the total or partial
development of private or public works under any other alternative system different from concession.
Compañía de Inversiones en Infraestructura S.A. - Is a Colombian company with domicile in Cali,
incorporated on March 24, 2000 under public deed number 988 of Notary 13 of Cali. Its company
(Continues)
12
AND SUBORDINATES
purpose is the construction of public works by concession and the partial or total development of public
and private works under any other alternative system different from concessions. The company has not
developed its corporate purpose; the management is taking the necessary steps for obtaining contracts
that allow it to generate income for the company in the future.
Estudios, Proyectos e Inversiones de los Andes S.A. - This is a company legally constituted by
public deed No. 12202 of January 5, 1988 granted in Notary 5 of Bogota, reformed by public deed No.
20023 of March 13, 1995 of Notary 28 of Bogota. Its main domicile is in Bogota D.C. The term of the
company established by the by laws is until October 5, 2036, but it may be dissolved or extended
before such term. The main corporate purpose is to develop utilities infrastructure projects, build roads,
routes and in general road networks, invest in all types of infrastructure projects at national or regional
level.
Estudios, Proyectos e Inversiones de los Andes S.A. consolidates with the following company:
Concesionaria Vial de los Andes S.A. – Established on July 29, 1994 by public deed No. 6997, that
was modified on May 3, 1995, by public deed No. 3641. Its legal term goes until July 29, 2044. The
corporate purpose of the company is to participate in different kind of bids for the development of
infrastructure projects by concession and the execution of projects awarded to it. In the development of
the corporate purpose, the company may execute design, construction, equipment, conservation,
maintenance, financing, exploitation and operation activities by concession of the projects awarded to
it, the celebration of all types of contracts, legal actions and the development of all the activities
necessary or convenient for attaining its purposes.
Promotora y Comercializadora Turística Santamar S.A - A company established under public deed
No. 0061 of January 20, 1998 of Notary 9 of Bucaramanga, reformed by public deed No. 410 of March
10, 1998 in force until June 6, 2034. The Company has as its main purpose to structure, develop, begin
operating and promote the touristic complex called Santamar Club, in the time sharing system, from
the touristic and hotel project Santamar Club, and operate, maintain and administer institutions
constituted under any one of the time sharing modalities; it may also delegate whether the operation,
maintenance or administration of these institutions; at present it operates and administers Hotel
Santamar and Convention Centre in Santa Marta.
Colombiana de Licitaciones y Concesiones S.A.S. - It was established on November 30, 1994 by
public deed No. 6625 of Notary 18 of Bogota; Its term is until November 30, 2044. Its corporate
purpose is the promotion, structuring and participation in all types of infrastructure projects, being able
to celebrate any type of contract, especially concession contracts with the Nation and other
decentralised entities of any level, presentation of proposals or offers in public and private bids of any
type of infrastructure projects especially utilities, energy generation and transformation, transport and
roads, ports and communications; integral counselling to third parties on all kind of infrastructure
projects with the purpose of determining feasibility and convenience of them, their financial schemes
and formulation of proposals. It may also take steps for obtaining loans for their implementation and
development. Its domicile is in Bogota.
Tejidos Sintéticos de Colombia S.A. - This company was set up on June 27, 1985 on public deed
number 1946 en la ciudad de Bucaramanga with a term until December 31, 2085. Its corporate
purpose is the mounting and exploitation of factories for the production of goods made of plastic and
other similar materials. They are located in the Industrial Area, Chimita Km.1, Bucaramanga.
Plantaciones Unipalma de los Llanos S.A. - It was incorporated under public deed number 2627 of
Notary One of Cali on June 20, 1966 under the name “Metales Suramericanos Limitada”; afterwards,
(Continues)
13
AND SUBORDINATES
by means of public deed No. 6388 of December 12, 1985 of Notary Four of Bogota it changed its name
to Plantaciones Unipalma de los - Llanos S.A. With public deed No. 5106 of September 13, 2004 of
Notary Six of Bogota, the company changed its name from Plantaciones Unipalma de los Llanos S.A.
“Unipalma S.A.” for Plantaciones Unipalma de los Llanos S.A., or Unipalma S.A. Its corporate purpose
is the cultivation of African palm trees in their different varieties and their industrial exploitation and
providing technical assistance services related to the cultivation and exportation of the African palm
tree. Its main domicile is in Bogota.
Pizano S.A. en Restructuración - It was incorporated on September 11, 1962 under public deed No.
4900 of Notary Four of Bogota. Its legal term is until September 11, 2050. The social purpose of the
company is the transformation of wood, manufacture of goods or industrial products, construction
materials, decoration and finishes based on wood, its main domicile is in the city of Bogota.
Pizano S.A. en Restructuración consolidates with the following companies:
Manufacturas Terminadas S.A. - It was set up on September 2, 1980; its corporate purpose is the
manufacture and commercialisation of covered wood boards, decorative paper for covering boards,
doors and windows and in general terms wood articles, metallic and finished for wood,
manufacturing of furniture parts and components, products made of resins and plastics, adhesives,
chemical aggregates, lacquers, paints and commercialisation of industrial surplus, and providing
services to third parties. Its main domicile is in Tocancipá.
Monterrey Forestal S.A.S. - The company was established in 1980 under public deed No. 74 of
Notary Thirty One of Bogota. Its legal term goes until July 7, 2104. Its purpose is to exploit
agriculture, cattle and forestry activities and in general all commercial, industrial and scientific
activity especially related to cattle raising, pisciculture, aviculture, pig breeding, crocodile breeding,
agriculture, forestry and wood. Its main domicile is in Barranquilla.
Maderas del Darién S.A. - The company was established in 1960 under public deed No. 5940 of
Notary Four of Bogotá. Its legal term goes until July 1, 2051. Its corporate purpose is to project,
study and develop wood exploitations in the country in artificial or natural forests of private property
or owned by the Nation of Public Entities, on its own account or in account of third parties; develop
activities related to the renewal and forest conservation, transportation, benefit and wood
manufactures owned by the company or by third parties. Its main domicile is Barranquilla.
C.I. Pizano Trading Venezuela C.A. – It was established on July 10, 1992, it is a subordinate with
domicile in Caracas (Venezuela), and its purpose is the commercialisation of wood products in
Venezuela.
Aglomaderas S.A.S. – The company was established on September 23, 1999; its main corporate
purpose is making foreign trade operations, mainly orienting its activities to the promotion and
commercialisation of Colombian products. Its main domicile is in Bogotá.
Agronacay S.A.S. – It was established in February 2007; its main corporate purpose is the
purchase and sale of wood blocks and other wood articles, forest exploitation and conduction of
market studies. Its main domicile is in Bogota.
Estudios y Proyectos del Sol S.A.S. - Its corporate purpose is to promote, structure and participate in
all types of infrastructure projects, being able to celebrate any kind of contract, especially concession
contracts with the Nation and other decentralised entities of any level. Presentation of proposals or
(Continues)
14
AND SUBORDINATES
offers in public and private bids of any kind of infrastructure projects especially for utilities, energy
generation and transformation, transportation and roads, ports and communications. Its main domicile
is in Bogota. Incorporated under public deed 10308 of Notary 71 of Bogota on December 20, 2007 for
a term until December 20, 2037.
On December 27, 2012, Episol merged with its subsidiary Intrex Investment Inc., that was the home
office of the Colombian company “Concesionaria Panamericana S.A.”, a direct agency of Estudios y
Proyectos del Sol S.A.S.
During the first half of 2014 the company Estudios y Proyectos del Sol S.A.S. established the
subsidiary company Concesionaria Vial del Pacifico S.A.S. with the corporate purpose of being able to
execute the concession for the Pacific connection road awarded by public bid in the first half of 2014.
Estudios y Proyectos del Sol S.A. consolidates with the following companies:
Concesionaria Panamericana S.A. - dedicated to the design, construction, operation and
exploitation of works under the concession system, particularly the project contracted with
Departamento de Cundinamarca under Bid No. SV 01/97 “Los Alpes - Villeta, Chuguacal –
Cambao Concession”, Contract OJ 121-97 in execution at present.
Constructora de Infraestructura Vial - Established by a private document of the Stockholders
Assembly on October 15, 2010 and registered on October 21, 2010 under number 01423093 of
Book IX with an indefinite period.
The main corporate purpose is to participate in all types of infrastructure projects as contractor or
sub contractor of work and construction activities necessary for the execution of any type of
contract, especially turnkey or EPC contracts (Engineering Procurement and Construction).
-Contract 444-123-10 between Coninvial S.A.S. and Coviandes S.A. for the construction,
improvement and access roads of the new lane in the second third of the Bogotá – Villavicencio
highway to be executed in an initial term of six years under work orders between Coviandes S.A.
and Coninvial S.A.S.
-Contract 123-OT-001-001 subscribed with the Bogota – Villavicencio Double Lane Consortium for
the construction of a new lane on this road in a 3.5 years term.
-On January 17, 2012 Coninvial S.A.S. subscribed the construction contract 123-OT-020-001 with
Consorcio Dragados - Concay – Villavicencio for the construction of a tunnel and connecting roads
to the Naranjal intersection Toll.
Peajes Electrónicos S.A.S. - In October 2011, Episol established the company Peajes
Electrónicos S.A.S with 100% participation. The corporate purpose of this company is to execute
or directly or indirectly conduct the operation, exploitation and total management of the toll
collection service. It has domicile in Bogota
Concesionaria Vial del Pacifico S.A.S. – Established by the subsidiary Episol on June 27, 2014.
Its corporate purpose is the subscription, execution, development and completion of the Public Bid
No. VJ-VE-IP-LP-07-2013 contract that is aimed to study, design, build, enhance and rehabilitation
of the Pacific I connection highway concession, of the highway for prosperity project.
(Continues)
15
AND SUBORDINATES
Industrias Lehner S.A. – Its corporate purpose is the manufacturing and commercialisation of products
used in the construction industry, made based in aluminium, glass and wood. It was incorporated on
October 5, 1957 under public deed 4714 of Notary Two of Cali, with a term until May 7, 2096.Its main
domicile is in Palmira city and operates in North America, Central America and South America.
In 2012 the management made all efforts in order to implement a re-dimensioning plan approved by the
Stockholders Assembly, minimising administrative and plant expenses originated in contracts with clients,
to comply with them.
Within the re-dimensioning process, the company suspended sales promotion, originating an important
loss at Industrias Lehner; this has led the company to a dissolution cause according with article 57 of the
code of commerce; on the other hand, the management within the legal term, studies at present
alternatives for avoiding dissolution.
Proyectos de Ingeniería y Desarrollos S.A.S. – This is a company established through a sole
stockholder private document on May 9, 2012, and filed on May 17 of the same year under number
01634716 of book IX. Its main corporate purpose is the development of all legal activities both in
Colombia and abroad, and especially those related to the providing of counsellorship, planning, studies,
designs, supervision, auditing, inspection, work management and project services of all types, related to
engineering in all its specialties, in the different sectors, including but with no limitation to finance,
architecture and utilities. Its main domicile is in Bogota D.C. and its term is indefinite.
CFC Gas Holding S.A.S. – This is a company established by a sole stockholder private document on
June 1, 2012 under number 01639683 of book IX. This company may develop all types of mercantile
activity both in Colombia and abroad, especially those activities related to the administration, pre
cautionary and increase in its equity through the promotion of the industrial and commercial activity. The
term of the company is indefinite.
CFC Energy Holding S.A.S. – This company was initially constituted on September 27, 2011 and
named under the corporate name Goajira S.A.S. The company was a direct subordinate of the Subsidiary
Filial Valora S.A.S, and according with minute number 005 of the stockholders assembly of November 21,
2012 its corporate name changes to CFC Energy holding S.A.S. Under private document of January 01,
2013 its direct control by Corporación Financiera Colombiana S.A was informed. Its main corporate
objective is to develop all types of licit mercantile activities locally and abroad, related to the increase in its
equity through investments in: companies and/or legal persons and securities and the development of
contracts for setting up new companies.
CFC Private Equity Holdings S.A.S. – Established on September 24, 2012, registered on Ocotber 1,
2012 under number 01670269 of book IX; its corporate purpose is to set up companies of any type,
subsidiaries or not, being able to incorporate or participate in the capital of already existing companies,
whether those companies are national or foreign; it may also develop investment and commercialisation
activities of all types, of movable and immovable, administrate them and receive income; the term of the
company is indefinite.
CFC Private Equity Holdings S.A.S. consolidates with the following company:
CFC SK El dorado Latam Advisory Company S.A.S. – By means of a private document it was set up
and registered on June 11, 2013, in order to develop counselling and study activities with respect to
valuation, capital structures, mergers feasibility, acquisitions and company privatisation.
Real sector and financial sector subordinates and agencies have semi annual closings, except for
Tejidos Sintéticos de Colombia S.A., Industrias Lenher S.A., Promotora Turística Santamar S.A.,
(Continues)
16
AND SUBORDINATES
Pizano S.A. (under a Re-Structuring process), Gas Comprimido del Perú and Banco Corficolombiana
Panamá, that manage annual closings.
The following are the consolidated companies and their participation in assets, liabilities, equity and
income statements as of June 30, 2014 and December 31, 2013:
June 30, 2014
Subsidiary Corporate Name
Home Office and Financial Sector Subordinates
Colombiana de Concesiones y Licitaciones S.A.S
Estudios, Proyectos e Inversiones de los Andes S.A. y
Subordinadas
Hoteles Estelar de Colombia S.A.S y Subordinadas
Industrias Lehner S.A.
Estudios y Proyectos del Sol S.A.S. y Subordinadas
Organización Pajonales S.A. y Subordinadas
Proyectos de Infraestructura S.A. y Subordinadas
Pizano S.A. (en Reestructuración) y Subordinadas
Promotora y Comercializadora Turistica Santamar S.A.
Tejidos Sintéticos de Colombia S.A.
Plantaciones Unipalma de los Llanos S.A.
Valora S.A.S y Subordinadas
Gas Comprimido del Perú (*)
CFC Gas Holding S.A.S
Proyectos de Ingenieria y Desarrollos S.A.S
CFC Private Equity Holdings SAS (*)
CFC Energy Holding SAS
Eliminations for Consolidation
% Partic
100.00
Assets
$
Liabilities
Equity
Gain (Loss)
Minoritary
Interest
11,501,870.0
69,526.7
7,327,754.3
33,682.3
4,174,115.7
35,844.4
263,603.9
4,177.7
-
99.93
1,906,656.9
1,765,126.7
141,530.2
29,605.7
83,207.9
84.96
53.35
100.00
97.77
88.25
39.99
84.60
99.65
54.53
100.00
91.87
100.00
100.00
100.00
100.00
469,719.2
33,845.9
582,968.3
284,510.4
326,471.2
451,145.2
31,633.5
36,166.6
173,555.3
108,876.3
54,634.5
579,065.7
3,385.9
18.6
156.8
(2,223,728.1)
14,390,478.9
224,398.1
24,651.7
411,848.9
102,366.5
191,380.0
236,660.2
2,237.5
13,847.8
38,119.5
4,472.2
40,567.7
15,036.2
967.8
0.2
5.0
(164,235.0)
10,268,887.6
245,321.1
9,194.2
171,119.4
182,143.8
135,091.2
214,485.0
29,396.0
22,318.8
135,435.7
104,404.1
14,066.8
564,029.5
2,418.2
18.4
151.9
(2,059,493.1)
4,121,591.3
6,072.9
3,003.5
22,701.0
(580.1)
29,627.3
(12,755.8)
693.2
11,987.0
1,613.3
12,191.2
(1,327.2)
21,482.1
77.4
(0.7)
(6.0)
(212,250.2)
179,916.2
90,584.7
4,289.5
28,988.9
4,065.7
35,878.4
128,784.4
4,528.0
77.5
61,582.0
$
1,144.1
443,131.1
December 31, 2013
Subsidiary Corporate Name
Home Office and Financial Sector Subordinates
Colombiana de Concesiones y Licitaciones S.A.S
Estudios, Proyectos e Inversiones de los Andes S.A. y
Subordinadas
Hoteles Estelar de Colombia S.A.S y Subordinadas
Estudios y Proyectos del Sol S.A.S. y Subordinadas
Organización Pajonales S.A. y Subordinadas
Proyectos de Infraestructura S.A. y Subordinadas
Pizano S.A. (en Reestructuración) y Subordinadas
Promotora y Comercializadora Turística Santamar S.A.
Valora S.A.S y Subordinadas
Gas Comprimido del Perú (*)
CFC Gas Holding S.A.S
Proyectos de Ingeniería y Desarrollos S.A.S
CFC Private Equity Holdings SAS (*)
Elimination for Consolidation
% Partic
100.00
Assets
$
Liabilities
Equity
Gain (Loss)
Minoritary
Interest
11,505,487.9
70,878.1
7,421,544.3
34,750.2
4,083,943.6
36,127.9
245,640.2
3,531.3
-
94.87
1,583,535.6
1,424,882.2
158,653.5
45,709.9
64,252.7
84.91
49.83
99.12
94.99
88.25
39.99
84.60
94.99
54.53
100.00
87.59
100.00
100.00
100.00
100.00
441,944.1
33,373.1
530,467.6
273,970.0
330,361.2
448,204.4
31,056.0
44,044.5
169,636.2
101,309.4
53,964.4
571,260.3
4,136.8
19.3
159.6
(2,132,396.2)
14,061,412.3
198,956.7
50,508.3
353,908.3
91,610.7
197,879.4
220,391.9
2,353.2
20,379.7
36,150.1
14,560.2
42,072.7
5,907.3
3,296.0
0.2
1.7
(85,178.3)
10,033,974.8
242,987.4
(17,135.2)
176,559.3
182,359.3
132,481.8
227,812.5
28,702.8
23,664.8
133,486.1
86,749.2
11,891.7
565,353.0
840.8
19.1
157.8
(2,047,217.9)
4,027,437.5
7,232.7
(3,998.0)
28,278.4
928.0
26,808.9
(20,216.5)
211.4
(1,067.0)
(854.2)
498.2
(3,236.9)
29,018.4
131.7
(0.3)
(0.9)
(108,501.4)
250,113.9
89,181.9
(7,940.7)
15,464.3
4,070.6
35,691.7
136,950.0
4,421.3
82.2
60,695.5
1,475.7
404,345.2
$
(Continues)
17
AND SUBORDINATES
(*)
2.
Entities audited by other statutory auditors and external auditors different to KPMG Ltda.
Main Accounting Policies
a)-Basic Accounting and of consolidation – Accounting policies and policies for the preparation of the financial
statements of the Home Office and its Subordinate Companies are in according with accounting principles
generally accepted in Colombia, and the instructions of Superintendencia Financiera de Colombia.
b)-Homologation and standardisation of accounting policies subsidiaries abroad – Financial statements of foreign
Subordinate companies have been standardised to Plan Único de Cuentas del Sistema Financiero Colombiano
of Superintendencia Financiera de Colombia. Standardisation of accounting policies of the subordinates abroad
was also coordinated to policies generally accepted in Colombia and the instructions of Superintendencia
Financiera de Colombia, quantifying the adjustments corresponding to the subsidiary company.
c)-Available – It records Home Office and financial subsidiaries high liquidity resources as cash, deposits in the
Central Bank -Banco de la República – deposits in banks both in national and foreign currency and in other
financial institutions, both of the country and abroad. Overdrafts in bank current accounts constitute obligations
to the favour of the corresponding bank institution and are reflected on the overdrafts passive account in bank
current account.
The value of cheques drawn by the Home Office, that have not been collected after six (6) months from
the drawing date is re-rated in the cheques drawn and not collected passive account.
According with accounting instructions of Superintendencia Financiera de Colombia, financial
institutions in order to cover eventual losses originated by items to be clarified in banking conciliations,
must provision unaccounted extracted debit notes and accounted not extracted credit notes with more
than 30 days when in national currency, and 60 days when in foreign currency, of permanence in such
conciliations.
Cash Equivalents - The available and active positions in monetary market and related positions equal
to or lower than 90 days are considered cash equivalents for the effects of the cash flow statement.
d)-Active and passive positions in monetary market and related operations.
It groups interbank funds operations and reporto (repo), simultaneous and of temporary transfer of
securities operations.
Interbank Funds
Interbank funds are funds a financial entity places or receives in or from another financial entity, directly
with no investment transfer agreement or of loan portfolio agreement. Transactions called „over night
transactions‟ made with banks abroad using Corporation funds, and „time deposit‟ transactions are
recorded as interbank funds.
Return for interest generated in the operation are recorded in the income statement.
Reporto or Repo Operations
(Continues)
18
AND SUBORDINATES
A repo operation is present when an entity acquires or transfers securities in exchange of an amount of
money, assuming in such action and time the undertaking to again transfer or acquire property of the
securities of the same kind and characteristics to its “counterparty”, on the same day or thereafter and
at a determined price.
The initial amount may be estimated with a discount on the market price of the securities object of the
operation. It may be established that during the term of the operation the securities initially delivered
may be substituted for other securities and restrictions may be placed on the mobility of the securities
object of the operation.
Yield is recorded in this business line, and is estimated geometrically during the term of the operation
and acknowledged in the income statement.
Securities transferred object of the repo operation shall be recorded in debtor or creditor contingent
accounts, depending on if it is an open or closed repo operation respectively.
Simultaneous Operations
Simultaneous operations occur when an entity acquires or transfers securities in exchange for an
amount of money, assuming in that same action the undertaking to again acquire or transfer the
property of securities of the same kind and characteristics, on the same day or in a subsequent date
and for a determined price.
It may not be established that the initial amount is estimated with a discount on the market price of the
securities under this operation or that during the term of the operation, securities initially delivered are
substituted for others; restrictions to the mobility of securities object of the operation have no
restrictions either.
Returns caused by the buyer, that the seller pays as a cost of the operation during its term, are
recorded in this account.
The difference between the present value (cash delivery) and the future value (transfer final price)
constitutes an income for financial yield that is estimated geometrically during the term of the operation
and is acknowledged in the income statement.
Securities transferred under the simultaneous operation are recorded in debtor or creditor contingent
accounts for assets or liabilities positions respectively.
Operations for the Temporary Transfer of Securities
These are operations where an entity transfers property of some securities, with the agreement to retransfer them on the same date or thereafter. On the other hand, the counterparty transfers property of
other securities or an amount of money of equal or greater value to that of the securities object of the
operation.
e)-Investments – It includes investments acquired by the Home Office and subordinates with the purpose
of maintaining a secondary liquidity reserve, obtaining control whether direct or indirect of any financial
sector company or technical services, complying with legal or regulatory provisions, or with the purpose of
(Continues)
19
AND SUBORDINATES
eliminating or significantly reducing the market risk to which assets, liabilities or other financial statement
elements are exposed to.
Valuation of the investments has the basic purpose of estimating, making the accounting record and
disclosing to the market the fair exchange price or value, to which a determined securities or bonds
could be negotiated on a determined date, according with its particular characteristics and within
prevailing market conditions on that date.
Determination of the fair exchange price or value of a security or bond takes into account all criteria
necessary for assuring compliance with the purpose of investment valuation, as the following:
Objectivity. The determination and assignment of the fair exchange price or value of a security or bond
is made based on technical and professional criteria that recognise the effects derived from changes in
the behaviour of all the variables that may affect such price.
Transparency and representativeness. The fair exchange price or value of a security or bond is
determined and assigned with the purpose of disclosing a real, neutral, verifiable economic result
representative of the rights incorporated in the corresponding bond or security.
Permanent evaluation and analysis. The fair exchange price or value attributed to a security or bond is
based on the permanent evaluation and analysis of market conditions, of issuers and of the
corresponding issuing. Variations in such conditions are reflected in changes in the price or value
previously assigned, with the periodicity established for the valuation of the investments.
Professionalism. The determination of the fair exchange price or value of the security or bond is based
on the conclusions product of the analysis and study a prudent and diligent expert, intended for the
search, attainment, knowledge and evaluation of all the relevant information available, so that the price
determined reflects the amounts that would be reasonable received for its sale.
The Home Office hired Infovalmer as the official price supplier to valuate each market segment, for
periods of minimum 1 year. The supplier supplies the information for the valuation of investments in
such segment (prices, rates, curves, margins, etc), and also issues and supplies investment valuation
methodologies.
An indication of how the different types of investment are rated, valuated and accounted for is as
follows:
Rating
Negotiable –
debt
securities
Term
Short term
Characteristics
Valuation
Accounting
Securities
and
in
general terms, all types
of investment acquired
with the purpose of
obtaining gains for price
fluctuations.
They use prices determined by
the price supplier Infovalmer
designated
as
official
according with the instructions
under Chapter XVI of Títle I of
Legal Basic Circular Letter of
Superintendencia Financiera
de Colombia.
The
difference
present
between the present market
value and the immediately
preceding is recorded as a
greater or lesser value of the
investment
and
its
counterparty affects the
results of the period. This is
a daily procedure.
For cases where no fair
exchange prices exist for the
valuation day, the valuation
shall be made exponentially
Investments are valuated at
Market prices, from the day
(Continues)
20
AND SUBORDINATES
Rating
Term
Characteristics
Valuation
Accounting
from the return internal rate.
The fair market exchange
value or
price
of the
corresponding security shall
be estimated by means of the
addition of the present value of
future flows for yield an
capital.
of their acquisition therefore,
accounting
of
changes
between the acquisition cost
and the market value of the
investments is made from
the purchase date.
With respect to securities
negotiated abroad, when the
price supplier designated as
official
supplier
for
the
corresponding segment has
no valuation methodology for
these investments, the bid
dirty price published by an
information supply platform at
16:00
hours,
Colombian
official time is used as an
alternative
source
of
information.
This is a daily procedure.
Negotiable
participative
securities
Short Term
These are negotiable
investments
acquired
with the main purpose
of obtaining gains for
short
term
price
fluctuations.
Participative securities issued
and negotiated in Colombia,
listed in stock exchange are
valuated based on the daily
price published by the price
supplier.
It is accounted as a gain or
loss within the Income
Statement, with credit or
debit to the investment.
Participations in joint portfolios
are valuated taking into
account
the
unit
value
estimated by the managing
company on the immediately
preceeding
day
to
the
valuation date even if they are
listed in Colombia stock
exchanges.
To keep
maturity
to
To maturity
Securities
and
in
general terms, any type
of investments with
respect to which the
Home Office has the
serious purpose and the
legal,
contractual,
Exponentially from the return
internal rate estimated at the
time of purchase.
The
present
value
is
accounted as a greater
value of the investment and
its counterparty is recorded
in results of the period.
(Continues)
21
AND SUBORDINATES
Rating
Term
Characteristics
Valuation
financial and operative
capacity for maintaining
them until their maturity
or redemption time.
Accounting
Enforceable
returns
oustanding are recorded as
a greater value of the
investment
No liquidity operations
may be made on these
investments,
neither
reporto or repo or
simultaneous
or
of
temporary transfer of
securities, except for
compulsory
or
obligatory investments
subscribed
in
the
primary market and
provided the operation
counterparty
is
the
central bank Banco de
la República, Dirección
General de Crédito
Público y del Tesoro
Nacional or entities
under the vigilance of
Superintendencia
Financiera de Colombia.
They may also be
delivered as guarantee
in a counterparty central
risk chamber, in order to
back up compliance of
the operations accepted
by
it
for
their
compensation
and
settlement.
Available for
sale – debt
securities
One year
until
November
22, 2013;
Six Months
from such
date
Securities
and
in
general terms, any type
of investments with
respect to which the
Corporation has the
serious purpose and the
legal,
contractual,
financial and operative
capacity for maintaining
them at least during six
(6) months from the day
on which they were
rated in this category.
They
use
the
prices
determined by the price
supplier Infovalmer designated
as official according with the
instructions under Chapter XVI
of Title I of the Legal Basic
Circular
Letter
of
de Colombia.
When for the valuation date no
fair exchange prices exist , the
valuation shall be made
exponentially from the return
Changes present in these
securities or instruments are
accounted according with
the following procedure:
1. The difference between
the present value of the
valuation day and that
immediately
before
is
recorded as a greater or
lower
value
of
the
investment with credit or
debit to the profit and loss
account.
(Continues)
22
AND SUBORDINATES
Rating
Term
Characteristics
Valuation
Accounting
Once the six (6) months
term is due, on the first
following business day
they may be re rated as
negotiable or to hold
until maturity. If not,
they shall continue rated
as available for sale
according
with
sub
paragraph 3.3 modified
with circular letter 33 of
2013.
internal rate. The fair market
exchange value or price of the
corresponding security shall
be estimated by means of the
addition of the present value of
future flows for yield and
capital.
2. The difference between
the market value and the
present value estimated
with the purchase TIR is
recorded as a gain or
loss, accumulated not
realised, within equity
accounts.
Investments rated in this
category may be used
(delivered) as collateral
supporting
the
negotiation of derivative
financial
instruments
when the counterparty
is a counterparty central
risk chamber.
In the case of securities
negotiated abroad, when the
price supplier designated as
official for the corresponding
segment has no methodology
for the valuation of these
investments, the bid dirty price
published by an information
provider platform at 16:00
hours, official Colombian time
is used as an alternative
information source.
Securities
rated
as
available for sale may
be
given
in
a
counterparty central risk
chamber as collateral to
support compliance with
the operations accepted
by
it
for
their
compensation
and
settlement.
Also
with
these
investments
liquidity
operations may take
place, and reporto or
repo, simultaneous and
of temporary transfer of
securities operations.
Available for
sale
–
participative
securities –
Does not
have
Investments that grant
the Corporation the
quality as co-owner of
the issuer.
Part of this category are
securities with high,
medium low or minimum
marketability or with no
quotation and securities
the
Home
Office
Investments in participative
securities
are
valuated
depending whether they are or
nor listed in the stock
exchange, as follows:
1. Participative
securities
registered in Registro Nacional
de
Valores
y Emisores
(RNVE)
Low
or
marketability
quotation
or
minimum
with no
- The difference between
the market value or updated
investment value and the
value
for
which
the
investment
has
been
registered, is accounted as
(Continues)
23
AND SUBORDINATES
Rating
Term
Characteristics
Valuation
maintains in its capacity
as controlling or home
office in the country and
abroad.
Participative
securities
registered in RNVE and listed
in
Colombian
stock
exchanges,
are
valuated
according with the price
determined by the valuation
price supplier authorised by
de Colombia, and chosen by
the Entity.
Participations in joint portfolios
and securities issued in the
development of
tenure
processes are valuated taking
into account the unit value
estimated by the managing
company the day immediately
preceeding the valuation date
even if they are listed in
Colombian stock exchanges.
The aforementioned, except
for participations in joint
portfolios that mark price in the
secondary
market
and
securities representative of
participations
in
stock
exchange funds that are
valuated for the price reported
by the price supplier.
2. Participative securities listed
only in stock exchanges
abroad.
According with the price
determined by valuation price
suppliers
authorised
by
de Colombia.
When they have no price, the
closing price available at the
stock exchange where it
quotes on the valuation day or
in the absence of such price,
the most recent closing price
during the 5 stock days, or by
the simple average of closing
prices reported during the last
30 days.
3. Participative securities not
Accounting
follows:
If it is higher, it firstly
reduces the allowance or
de-valorisation
until
depletion and the excess is
accounted for as a surplus
for valorisation.
If it is lower, it affects the
surplus for valorisation until
depletion and the excess is
recorded
as
a
devalorisation.
- When dividends or profits
are distributed in kind,
including those from the
capitalisation of the equity
re-valorisation / reappraisal
account, the part accounted
as surplus for valorisation is
recorded as an income, with
charge to the investment
and such surplus is reverted.
- When dividends or profits
are distributed in cash, the
value accounted as surplus
for valorisation is recorded
as income, reverting such
surplus, and the amount of
the dividends exceeding it is
accounted as a lower value
of the investment.
High
and
Marketability
Medium
Updating of the market value
of
high
and
medium
marketability securities or
that
quote
in
stock
exchanges
abroad
that
quote
in
internationally
recognised stock exchanges
abroad, is accounted as an
accumulated
unrealised
profit or loss within equity
accounts with credit or debit
to the investment.
This is a daily procedure
Dividends
or
profits
(Continues)
24
AND SUBORDINATES
Rating
Term
Characteristics
Valuation
listed in the stock exchange.
They are valuated for the price
determined by the price
supplier.
When the price supplier has
no
methodology
for
determining the price, the
entities shall increase or
reduce the acquisition cost in
the participation percentage
that corresponds to the
investor on the subsequent
variations of the corresponding
issuer‟s equity.
Accounting
distributed in kind or in cash,
included those from the
capitalisation of the equity
reappraisal account are
recorded as income up to
the amount corresponding to
the investor on profits or
issuer equity reappraisal
accounted by it from the
acquisition date with debit to
accounts receivable.
Re-rating of investments
For an investment to be kept within any of the rating categories, the corresponding security or
instrument must comply with the characteristics or conditions of the type of investment it is part of.
Superintendencia Financiera de Colombia may at any time order the entity the re-rating of a security or
instrument, whenever it does not comply with the characteristics of the class in which it pretends to be
rated, or such re-rating is required to obtain a better disclosure of the financial condition.
Investments may be re-classified according with the following provisions:
From investments to keep until maturity to negotiable investments: their re-rating may take place when any of the
following circumstances occur:
- Significant deterioration in the conditions of the issuer, its home office, ithe subordinates or its entailed
companies.
- Changes in the regulations that hinder keeping the investment.
- Merger processes that involve a re-rating of the investment or its realisation in order to maintain the previous
interest rates risk position or to adjust to the credit risk policy previously established by the resulting entity.
- Other unforeseen events, prior authorisation of Superintendencia Financiera de Colombia.
From investments available for sale to negotiable investments of to investments to hold until maturity,
there may be a re-rating when:
-
Six (6) months have elapsed in this rating.
The investor loses its capacity as home office or controller, should this event involve the
investment selling decision or the main purpose of obtaining gains from short term price
fluctuations from that date.
(Continues)
25
AND SUBORDINATES
-
-
Significant deterioration in the conditions of the issuer, its home office, its subordinates or
subsidiaries.
Changes in regulations that hinder maintaining the investment.
Merger processes that lead to a re-rating or realisation of the investment with the purpose of
maintaining the previous position in interest rate risk or to adjust to the credit risk policy
previously established by the resulting entity.
The investment goes from low or minimum marketability or with no quotation, to high or medium
marketability.
When investments to keep until maturity or investments available for sale are re-rated to negotiable
investments, investments on valuation and accounting norms shall be complied with; consequently,
non realised profit or losses are recorded as income or expenditure on the re-rating day.
Securities or instruments re-rated with the purpose of being part of negotiable investments, may not be
re-rated again.
Investments Re-purchase Rights
It corresponds to restricted investments that represent the collateral guaranty of investment repurchase
undertakings.
The entity maintains on these investments, the economic rights and benefits associated to the security
and retains all riks inherent to it, although it transfers the legal ownership when making the repo
operation.
These securities continue to be valuated daily and accounted for in the balance and the income
statement in conformity with the methodology and procedure applicable to investments classified as
negotiable, to maturity and available for sale.
Investments Given in Collateral
It corresponds to investments in debt securities or instruments that are given in guarantee for the
operations with derivative financial instruments: their settlement may be in cash as provided in the
contract or in the corresponding regulations of the securities negotiation system, the securities
operation record system or the securities compensation or settlement system.
These securities are valuated daily and accounted for in the balance and the income statement in
conformity with the methodology and procedure applicable to investments rated as available for sale
and/or negotiable.
Allowances or Losses by Credit Risk Rating
Securities and/or Instruments of Non Qualified Issuings or Allowances:
Debt securities or instruments with no external rating and debt securities or instruments issued by non
qualified entities, are qualified and provisioned according with the following parameters:
(Continues)
26
AND SUBORDINATES
Category
Risk
Characteristics
Allowances
A
Normal
They comply with the terms agreed in the
instrument or security and have an adequate
payment capacity of capital and interest.
Does not apply
It corresponds to issuings that present
uncertainty factors that could affect the capacity
to adequately continue complying with debt
service. Their financial statements and other
available information also present weaknesses
that may affect their financial condition.
The net value may not exceed
eighty percent (80%) of the
acquisition cost, net nominal value
of amortisations made until the
valuation date.
B
C
D
E
Acceptable
Appreciable
Significant
Uncollectible
The net value may not exceed sixty
percent (60%) of the acquisition
It corresponds to issuings that present high or cost.
medium default probability in the timely payment With respect to debt securities
of capital and interest. Their financial statements and/or instruments the value for
and other available information also show which they have been recorded
deficiencies in their financial condition that hinder may not exceed eighty percent
recovery of the investment
(80%) of the net nominal value of
the amortizations made until the
valuation date.
It corresponds to those issuings that present
default of the terms agreed in the instrument and
their financial statements and other information The net value may not exceed forty
available present big deficiencies in its financial per cent (40%) of the acquisition
condition, so the probability to recover the cost.
investment is highly doubtful.
Issuiers that according with their financial
statements and other available information,
The value of these investments is
investment is estimated as uncollectible. Also if
totally provisioned.
the financial statements as of June 30 and
December 31 of each year are not available.
Securities and/or instruments of issuings or issuers with external ratings
Debt instruments or securities with one or more external ratings granted by external rating agents recognised by
Superintendencia Financiera de Colombia or debt instruments or securities issued by entities qualified by them,
may not be accounted for an amount exceeding the following percentages of the net nominal value of
amortizations made until the valuation date:
(Continues)
27
AND SUBORDINATES
Long term rating
Maximum Value
Short term rating
BB+, BB, BBB+, B, BCCC
DD, EE
Ninety days (90)
Seventy (70)
Fifty (50)
Zero (0)
3
4
5 and 6
5 and 6
Maximum value %
Ninety (90)
Fifty (50)
Zero (0)
Zero (0)
For establishing allowances on term deposits, the corresponding issuer rating is taken / considered.
Allowances on investments rated as to keep until maturity, respect of which an exchange fair price may
be established, correspond to the difference between the value recorded and such price.
Loan Portfolio and financial leasing operations – It records loans granted by the subordinate
companies Leasing Corficolombiana S.A. and Banco Corficolombiana (Panama) under the
different modalities authorised. Resources used in granting the loans come from own resources,
resources of the public as deposits and other external and internal financing sources. Loans are
accounted for the disbursement value.
f)
Policies
Policies in loan granting are based mainly in the analysis of the financial condition of the client, through
the study of its financial statements and cash flows.
Guaranties are requested especially for long term operations or when the amount exceeds the normal
amount according with client characteristics. Guaranties that assure a payment source are preferred,
as income pledges, indorsement of securities, foreign exchange invoices, etc. Also mortgages,
guaranty bonds, and especially first order foreign bank endorsements.
Once the guaranty has been determined, it is adequately evaluated through in force mechanisms.
Convenient coverage is decided according with coverage amounts.
Policies for credit risk management.
-
The Board of Directors and Top Management define the basis for the subordinate company
Leasing Corficolombiana shall evaluate, qualify, assume, control and cover the Loan Risk.
-
Company credit and risk areas are responsible for defining and implementing the tools for
granting and following up the client that allow management spheres to define the risk level
assumed.
-
Credit exposition leve lis covered through the provisions made by the subordinated Leasing
Corficolombiana, according with the provisions issued by Superintendencia Financiera de
Colombia and those additionally defined by decisión of the Board of Directors.
-
Loan portfolio qualification, report provision is determined according with instructions of the
regulating agent.
(Continues)
28
AND SUBORDINATES
-
Portfolio follow-up and control are conducted semi annually through a continuous evaluation
process of credit operations.
-
Policies of Sistema de Administración del Riesgo Crediticio (Credit Risk Administration System)
are compulsory for all employees of the subordinated company Leasing Corficolombiana; any
default is evaluated by the Credit Risk Committee.
-
Employees of the subordinate Leasing Corficolombiana are obliged to comply with the provisions
of the behaviour manual and the policies and procedures manual for the prevention of money
laundering.
-
The subordinate company Leasing Corficolombiana S.A., only grants leasing/credit to clients
with licit commercial activities.
-
No employee may participate in the approval for leasing/credit, in the events when there is a
legal or ethic incompatibility.
-
The subordinated company Leasing Corficolombiana with the support of the Audit Area
evaluates portfolio quality and the credit process.
-
Personnel in Credit and Commercial Areas have been selected bearing in mind the better
conditions with respect to character quality, experience and professionalism. The subordinate
Leasing Corficolombiana is responsible for their continuing training and professional updating.
Types of Credit
The loan portfolio structure includes the following two loan modalities and leasing operations:
a. Commercial loans shall be loans granted to natural or legal persons different to loans granted under
the micro credit modality.
Consumption loans are those loans granted, no matter their amount, to natural persons for financing the
acquisition of consumption goods or the payment of services for non commercial or entrepreneurial
purposes, under the micro credit modality.
Criteria for the evaluation and re-rating of clients‟ portfolio are a follows:
Their loan portfolio risk is permanently evaluated introducing the necessary modifications in the
corresponding qualifications when analysis of new information justifies such changes. When doing so,
the debtor‟s credit behaviour in other entities is taken into account and particularly, if at the time of
evaluation, the debtor records re-structured obligations according with the information of risk centrals
or any other source
The evaluation is made for all loans and leasing contracts in force. This evaluation is made at
least during the months of May and November, and results are recorded as of the closing of the
following month.
Criteria for the mentioned evaluation are as follows:
-
Debtor‟s payment capacity and payment capacity of its joint debtors taking into account loan
characteristics and liquidity expected according with debtor‟s cash flows and solvency of its
endorsers and other guarantors in conformity with the updated and documented financial
(Continues)
29
AND SUBORDINATES
information.
-
Income and expenses flows and the debtors „cash flow and that of the project to be financed.
Solvency of the debtor through variables as indebtedness level and quality and composition of
assets, liabilities, equity and contingencies of the debtor or of the project.
-
Information from risk centrals and of other commercial information sources, consolidated with the
system, and other commercial information sources that Leasing Corficolombiana S.A. has.
Portfolio rating system
Commercial Portfolio
Leasing and commercial portfolio contracts of the subordinated company are rated in the
corresponding credit risk categories, having in mind the following minimum objective conditions:
Homologation with financial
statements and indebtedness
Grouped Category
Report
Category
“A” Normal Risk
“AA”
“B” Acceptable Risk
Higher than Normal
“B” Acceptable Risk,
higher than normal
“C” Appreciable Risk
“A”
“BB”
“B”
Commercial
Definition
Credits/loans rated in this category reflect
excellent structuring and attention. Debtors‟
financial statements and project cash flows, and
other credit information indicate optimum
payment capacity, in terms of the amount and
origin of income the debtors have to pay for
required payments.
Loans rated in this category reflect appropriate
structuring and attention. Debtor financial
statements or project cash flows and all other
credit information indicate an adequate payment
capacity in terms of amounts and of income
debtors have for making required payments.
Loans rated in this category are serviced and
protected in an acceptable manner but there are
weaknesses that may potentially affect,
transitorily or permanently, the payment capacity
of the debtor or project cash flows in a way that
should they not be timely corrected, they could
affect the normal collection of the loan or the
contract..
In this category are loans or contracts that
present insufficiencies in the debtor‟s payment
capacity or in Project cash flows that hinder the
normal collection of the obligation in the terms
agreed.
Minimum conditions
Loand already granted
between 0 and 29 days.
with
default
New loans with rating assigned when
granted of “AA”.
Already granted loans with default of
New loans with “A” rating assigned at the
time of granting.
Loans already granted in default of
New loans with rating “BB” assigned when
granted.
Already granted loans in default of bwteen
90 and 119 days.
New loans with assigned rating “B” at the
time of granting.
(Continues)
30
AND SUBORDINATES
Commercial
Grouped Category
Report
Category
Definition
Minimum conditions
“CC”
C “Default”
Loans with 150 days default or more and
loans that present other higher risk events.
“D” Significant Risk
D “Default”
Loans with 150 days default or more and
loans that present other higher risk events.
“E” Non-Collection
Risk
E “Default”
Loans with 150 days or more default that
present other higher risk events and loans
in default with assigned PDI equal to one
hundred percent (100%).
In this category are loans or contracts that
present serious insufficiencies in the debtor‟s Already granted loans in default of
payment capacity or in project cash flows that between 120 and 149 days. New loans
significantly hinder collection of the obligation in with “CC” rating when granted
the terms agreed.
Notwithstanding, the subordinated Leasing Corficolombiana classifies in higher risk categories debtors
that independently from if they comply with the aforementioned conditions, present higher risk due to
other factors.
Consumption Portfolio
The consumption portfolio is rated in the corresponding risk categories, bearing in mind the following:
Consumption
Grouped
category
Report category
Definition
Minimum conditions
“A” Normal
Risk
“AA”
Loans rated in this category reflect excellent
attention. Risk analysis on the debtor reflects
optimum payment capacity and excellent
credit behaviour that assure collection of the
obligation in the terms agreed.
1. New loans with assigned rating
ÄA” at the time of granting
Loans rated in this category reflect adequate
attention. Risk analysis of the debtor reflects
an appropriate payment capacity and an
adequate credit behaviour that allows
inferring stability in the collection of the
obligation in the terms agreed.
3. New loans with Ä” rating at the
time of granting must be rated in
this category.
“A” Normal
Risk
“A” With 0-30 days
default
2. Loans with rating obtained when
applying the reference model is
equal to AA”.
4. Loans with Ä” rating when
applying the reference model.
(Continues)
31
AND SUBORDINATES
Consumption
Grouped
category
Report category
Definition
Minimum conditions
“B”
Acceptable
Risk Higher
than normal
“A” With more than
30 days default
Loans rated in this category reflect adequate
attention. Risk analysis on the debtor reflects
an appropriate payment capacity and an
adequate credit behaviour that allows
inferring stability in the obligation collection
according with terms agreed.
Ä” at the time of granting must
be classified in this category.
“B”
Acceptable
Risk higher
than normal
“BB”
Loans rated in this category reflect
acceptable attention. Risk analysis of the
debtor shows weaknesses in its payment
capacity and credit behaviour that may
potentially affect, transitorily or permanently
the normal collection of the obligations in the
terms agreed.
“BB” at the time of granting shall
be rated in this category”.
“C”
Appreciable
Risk
“B”
Loans rated in this category reflect deficient
attention. Risk analysis on the debtor shows
insufficiencies in its payment capacity and a
deficient credit behaviour affecting normal
collection of the obligation in terms agreed.
9. New loans with “B” rating
assigned at the time of granting
shall be rated in this category.
6. Loans with rating “Ä” when
applying the reference model
8. Loans with rating “BB” when
applying the reference model.
10.
Loans with “B” rating
obtained by the application of
the reference model.
“C”
Appreciable
Risk
“CC”
“C”
Appreciable
Risk
“C” Default
Loans in default of more than 90 days.
Does not apply
“D” Significant
Risk
“D” Default
Loans in default over 90 days and all other
rated as in default.
Does not apply
“E” Risk of
Non
Collection
“E” Default
Loans in default exceeding 90 days and loans
in default with assigned PDI equal to one
hundred percent (100%).
Does not apply.
Loans rated in this category present serious 11.
New loans with assigned
deficiencies in the debtor‟s payment capacity
“CC” rating when granted shall
and its credit behaviour that significantly
be classified in this category.
affect collection of the obligation in the terms
12.
Loans with “CC” rating
agreed.
when applying the reference
model.
(Continues)
32
AND SUBORDINATES
Especial criteria for rating re-structured loans
A re-structured loan is a loan that through the negotiation of any legal business is made with the
purpose of modifying the conditions originally agreed in order to allow the debtor the adequate
attention or service of its obligation. Before re-structuring a loan it is necessary to establish if the loan
shall be recovered under the new conditions.
Re-structured loans keep the immediately preceding rating provided the re-structuring agreement
brings an improvement in the payment capacity of the debtor and/or of the default probability. Should
the re-structuring include grace periods for payment of capital, such rating shall only be kept when
such periods do not exceed the term of one year from the signature of the agreement.
After being re-structured loans improve their rating or modify their default condition, only when the
debtor demonstrates regular and effective payment behaviour in accordance with normal credit
behaviour, provided its payment capacity is kept or improved.
Reestructurings Law 550 of 1999
Law 550 of 1999 promotes and facilitates entrepreneurial reactivation and re-structuring of territorial
bodies. From the date on which the re-structuring negotiation begins, the Company suspends interest
causation on loans in force and maintains the rating they had as of the date of initiation of the
negotiation.
Reestructurings Law 1116 of 2006
Law 1116 establishes an insolvency legal regime with the purpose of protecting the loan and
recovering and conserving the company as an economic exploitation unit and a source for generating
employment through the re-organisation and judicial settlement processes, the re-organisation process
pretends through an agreement, preserving feasible companies and bring to normal its commercial and
credit relationships through its operating, administrative restructuring of assets or liabilities.
From the date on which the re-structuring negotiation begins, Leasing Corficolombiana suspends
interest causation on loans in force and as a minimum keeps the rating it had as of the date of initiation
of the negotiation.
Among the characteristics of these re-structuring are the following: reversion of the provisions
constituted on the obligations object of restructuring in the part guaranteed by the Nation and the part
of the obligations object of restructuring that has no guaranty of the Nation, they may keep the rating
they had as of June 30, 2001.
Re-Qualification Orders of Superintendencia Financiera de Colombia
Superintendencia Financiera de Colombia may review ratings and qualifications and order
modifications of them whenever needed.
Superintendencia Financiera may order portfolio re-qualifications for an economic sector, geographic
zone, or for a debtor or a set of debtors with obligations that must be accumulated according with the
regulations of individual debt quotas.
Portfolio Penalties
(Continues)
33
AND SUBORDINATES
The loan portfolio that in the opinion of the Management is considered not recoverable or of remote or
uncertain recovery, after having executed the corresponding collection actions in conformity with the
legal opinions issued by the attorneys is susceptible of penalties.
All portfolio penalties are approved by the Board of Directors no matter their amounts. The conditions
for determining that an operation must be punished are as follows:
-
It must have a minimum probability of recovery by legal means.
Assets must have been restored or without the possibility of recovery by restitution.
The client must be rated in E.
The accounting balance must be 100% provisioned.
Allowance for Loan Portfolio and Financial Leasing Operations
Rating Alignment
Alignment of its debtors‟ ratings shall be made according with the following criteria:
The internal alignment process shall be made monthly for each debtor taking to the greater risk
category loans of the same modality granted to it, except there are sufficient reasons for their rating in
a lower risk category.
Reference models for estimating expected losses
Model basic structure
The loan portfolio individual provision under the reference models is established as the sum of two
individual components defined as follows:
Individual Component
Pro Cyclic +
Individual Component
Counter Cyclic =
Individual Allowance
Procyclic individual component (hereianfter CIP): it corresponds to the portion of the individual
allowance of the loan portfolio that reflects the loan risk of each debtor at present.
Counter cyclic individual component (hereinafter CIC): Corresponds to the portion of the loan portfolio
(Continues)
34
AND SUBORDINATES
individual provision that reflects possible changes in the debtors‟ credit risk at times on which
deterioration of such assets increases. This portion is constituted in order to reduce the impact in the
status of results whenever such situation occurs.
The model has been built to use two estimation methodologies: of Accumulation and De-Accumulation:
in order to determine the methodology to be applied for estimating these components, Leasing
Corficolombiana evaluates monthly the following indicators:
-
Real quarterly variation (deflacted) of individual allowances of the total B, C, D and E Portfolio.
Quarterly accumulated of allowances net of recoveries (Loan portfolio and leasing) as
percentage of the quarterly accumulated income for portfolio interest and leasing.
Quarterly accumulated of allowances net of loan portfolio recoveries and leasing as percentage
of the quarterly accumulated of the adjusted gross financial margin.
Real annual growth rate (deflacted) of the gross portfolio.
Estimation of the individual provisions under the reference models, establishes the limits with which
compliance with indicators is defined, with which the provision methodology to be used is determined
whether accumulation or de-accumulation according with chapter II of1995 of Superintendencia
Financiera de Colombia.
The subordínate company Leasing Corficolombiana applies the Accumulation methodology
considering the behaviour of deterioration, efficiency, stability and growth indicators aforementioned.
Estimation methodology in cumulative phase
The subordinate company Leasing Corficolombiana applies the estimation methodology of allowances
in cumulative phase, based on the monthly evolution of the aforementioned behaviour of the indicators
of impairment, efficiency, stability and growth.
For each portfolio modality subject to reference models, the portfolio individual allowance shall be
estimated in an independent way the individual portfolio allowance defined as the addition of two
components (CIP+CIC), hereinafter known as
allowances.
i
each obligation and
t the time of estimation of the
Commercial Portfolio Reference Model (MRC)
Portfolio segmentation
The commercial portofolio reference model is base don the following segments:
Company Size
Big Companies
Medium Companies
Small Companies
Natural Persons
Assets level
More than 15.000 SMMLV
Between 5.000 and 15.000 SMMLV
Less tan 5.000 SMMLV
Natural persons that are comercial credit debtors
Default probability (PI)
(Continues)
35
AND SUBORDINATES
It corresponds to the probability that in a term of twelve (12) months debtors of a determined
commercial portfolio incur in a default. Probabilities given by the regulating agent by segment are
updated from time to time.
Based on this definition, Superintendencia Financiera de Colombia determines for each debtor the
probability to migrate between its rating in force and the rating of the default in the next 12 months
according to the general behaviour cycle of the loan risk, for which the following matrix is used:
Big Company
Small Company
Medium
Company
Matrix A
Matrix B
Matrix A
Matrix B
Matrix A
AA
1,53%
2,19%
4,18%
7,52%
1,51%
4,19%
5,27%
A
2,24%
3,54%
5,30%
8,64%
2,40%
6,32%
6,39%
9,41%
BB
9,55%
14,13%
18,56%
20,26%
11,65%
18,49%
18,72%
22,36%
B
12,24%
15,22%
22,73%
24,15%
14,64%
21,45%
22,00%
25,81%
CC
19,77%
23,35%
32,50%
33,57%
23,09%
26,70%
32,21%
37,01%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
100,00%
Default
Sized
Natural Persons
Matrix B
Matrix A
Matrix B
8,22%
Loss given a default (PDI)
It is defined as the economic impairment the entity would incur in should a default event referred under
paragraph 3 of chapter II of external circular letter of 1995 occur. The PDI for debtors rated in the
default category shall suffer a steady increase according with days elapsed after the rating of the
debtor in such category. The PDI is given by the type of guaranty, as follows:
Type of Collateral
Non admisible guarantee
Subordinated loans
Admissible financial colateral
Commercial and residential real estate
Goods given in estate leasing
Goods given in leasing different to estate
Other colateral
Collection rights
With no guarantee
P.D.I.
55%
75%
0 – 12%
40%
35%
Days after default
270
270
540
540
New
PDI
70%
90%
70%
70%
Days after default
540
540
1080
1080
45%
50%
45%
55%
360
360
360
210
80%
80%
80%
80%
720
720
720
420
New PDI
100%
100%
100%
100%
100%
100%
100%
100%
Constitution of Additional Allowance
Superintendencia Financiera de Colombia, in order to preserve a healthy growth of the loan portfolio,
ordered that entities shall constitute, temporarily, an additional individual allowance on the
consumption portfolio; in order to do so, the procyclic individual component shall be estimated normally
and add to it 0.5% on the capital balance of each consumption loan of the reference month, multiplied
by the corresponding PDI.
(Continues)
36
AND SUBORDINATES
An additional allowance shall be made for the consumption portfolio, provided the condition that the
entity has reported in its balances gross portfolio balances as a mínimum the last twenty five (25)
months has been complied with, and with parameter “α” if greater than zero (α > 0).
The construction of parameter “α” is done as follows:
Step 1: The real monthly balance of the due consumption portfolio is estimated (default greater than 30
days) of the entity, using as deflator the consumer price index (IPC) of the corresponding month.
Remember that the present base of such index is December 2008 (December 2008 = 100), that DANE
generates monthly.
Step 2: From the monthly real balance of the due consumption portfolio, the annual growth rate for
each month is estimated:
-1
Step 3: Based on data estimated in Step 2, the semi annual variation is obtained:
Step 4: Finally, the 6 month mobile average of the semi annual variation of the TCR of the CV is
estimated (
, for the reference month (t).
Registration of this additional allowance shall be made in the same PUC accounts where at present the
procyclic individual component is accounted for. The individual allowance (including the additional
individual allowance) may not be higher than the debtor‟s exposition. When this occurs, the additional
individual allowance shall be adjusted”.
As of June 30, 2014 the subordinated company Leasing Corficolombiana S.A., after a review of the
aforementioned conditions required the constitution of additional allowances for the consumption
portfolio for the sum of $ 3.528.2. The mobile average for the months January to June was negative.
The exposed value of assets
Within the MRC, the exposed value of assets is the in force capital, interests, interest accounts
receivable and other accounts receivable balance of the commercial portfolio obligations
Consumption portfolio reference model (MRCO)
Portfolio segmentation
Segmentation and discrimination processes of loan portfolios and of posible loan subjects, base for
estimating expected losses in the MRCO. The reference model for the consumption portfolio MRCO is
based on the following segments:
-
CFC - Automobiles: Loans granted for the acquisition of automobiles.
CFC - Other: Loans granted for the acquisition of consumption goods different to automobiles. In
this segment credit cards are not included.
(Continues)
37
AND SUBORDINATES
Methodology for rating the MRCO
The subordinate company Leasing Corficolombiana S.A. applies the rating model established by
Superintendencia Financiera de Colombia according with the segment for debtors that at the time of
rating do not belong to the default category. This model estimates a score with which the rating given
to the client is determined; notwithstanding, debtors shall be rated in higher risk categories when they
hace additional risk elements that support such change.
The probability of non compliance (PI)
It corresponds to the probability that in a lapse of twelve (12) months the debtors of a determined
segment and consumption portfolio qualification, incurr in default. The probabilities established by the
regulating agent are updated from time to time.
Based on this definition, Superintendencia Financiera de Colombia determines for each debtor the
probability of migrating from its present rating and the rating that corresponds to the default in the
following 12 months, according with the credit risk general behaviour; in order to do so, the following
matrix is used:
Rating
AA
A
BB
B
CC
Default
General - Automobiles
Matrix A
Matrix B
0,97%
2,75%
3,12%
4,91%
7,48%
16,53%
15,76%
24,80%
31,01%
44,84%
100,00%
100,00%
General - Other
Matrix A
Matrix B
2,10%
3,88%
3,88%
5,67%
12,68%
21,72%
14,16%
23,20%
22,57%
36,40%
100,00%
100,00%
Loss given nonfulfillment/default (PDI)
It is defined as the economic impairment on which the entity would incurr should any of the unfulfillment
situations described under paragraph 3 of annex 5 of chapter II of external circular letter 100 of 1995
materialises. The PDI for debtors rated in the default category shall suffer a steady increase according
with days elapsed after classification in such category.The PDI is given by type of guarantee as
follows:
Type of Guarantee
Non admissible guarantee
Admissible financial collateral
P.D.I.
Days after
default
New
PDI
Days after
default
New
PDI
60%
0 – 12%
210
-
70%
-
420
-
100%
-
Commercial and residential real
estate
40%
360
70%
720
100%
Goods given in estate leasing
35%
360
70%
720
100%
Goods given in leasing different
to estate leasing
45%
270
70%
540
100%
Other collateral
50%
270
70%
540
100%
(Continues)
38
AND SUBORDINATES
Collection rights
45%
360
80%
720
100%
With no guarantee
75%
30
85%
90
100%
Exposed value of assets
The assets exposed value corresponds to the balance in force of capital, interest, interest accounts
receivable, other accounts receivable of the consumption portfolio.
Treatment of guarantees
The PDI is applied on the guarantee value that covers exposition up to 100% of the value of it. Should
the value of the guarantee not be enough to cover 100% of the exposition value, Leasing
Corficolombiana may assign other guarantess (each one with its corresponding PDI) until guarantees
are assigned that correspond to 100% of the exposition value.
Should guarantees not be enough to cover 100% of the exposition value, the subordinated company
Leasing Corficolombiana shall apply the PDI of the “With No Guaranty” category to the percentage of
the uncovered exposition.
The subordinated company Leasing Corficolombiana S.A. complying with the provisions of External
Circular Letter 043 of 2011 of Superintendencia Financiera de Colombia and has updated 100% of the
guarantees value. The Company had no significant impact in its financial statements.
Suspension of Interest Causation
Interest causation is suspended when a loan, according with the modality, is in default:
Loan Type
Commercial
Consumption
Default
than
3 months
2 months
greater
While collection is made, the corresponding registration shall be made in memorandum accounts.
Those loans in default and that have sometime ceased to cause interest, monetary correction,
adjustments in change, fees or income for other concepts, shall cease to cause such income from the
first day in default. Once they become again current they may again cause. While collection is made,
the corresponding entry shall be taken to memorandum accounts.
In order that in these events the suspension of the interest causation and other concepts proceeds, it is
necessary that two situations occur simultaneously: that the loan at least is in a one day default and
that previous to such situation, the corresponding loan would have ceased to cause interest.
(Continues)
39
AND SUBORDINATES
g)
Cash operations and with derivative financial instruments
Cash Operations
It corresponds to the operations recorded with a term for their compensation equal to the operation
registration date or up to 3 business days from the day following to the operation execution date.
Financial assets acquired in cash operations are accounted on the compliance date or of settlement
and not in the negotiation date, except these two dates coincide. Without prejudice of the
aforementioned changes in the market value of instruments transferred shall be reflected in the income
statement from the date of negotiation, as it corresponds.
According with the settlement date method the seller records the financial asset in its balance until the
delivery of such asset and additionally, it makes an accounting entry in the assets accounts of a right to
receive the money product of the transaction and an obligation to deliver the negotiated asset. This
asset is valuated at market price according with the regulations established for investments and
variations in the valuation of this obligation are recorded in the income statement.
On the other hand, the purchaser of the asset does not record the financial asset until its delivery, but
records a right to receive the assets that shall be valuated at market price and an obligation to deliver
the money agreed in the operation in the assets accounts.
When the operation is effectively made, asset seller and purchaser shall revert both the right and the
obligation recorded since the time of negotiation.
Derivative Financial Instruments
A derivative financial instrument allows the administration of one or more risks associated with the
subjacents when through the over-the-counter market (OTC) or are mitigated through Camara de
Riesgo Central de Contraparte and complies with any of the following conditions:
-
Not to require an initial net investment.
Require an initial net investment lower than that investment needed to acquire instruments that
provide the same expected payment as a response to changes in market factors.
Forward Operations
A „forward‟ is a derivative formalised by means of a contract between two parties, costumed according
with the needs, to purchase/sell a specific quantity of a determined subjacent in a future date,
establishing in the celebration date, the basic conditions of the derivative financial instrument, among
them, mainly the price, delivery date of the subjacent and way of delivery. Settlement of the instrument
on the compliance date may be produced by the physical delivery of the subjacent or by settlement of
differences, depending on the subjacent and the way of delivered agreed; this date may be modified by
mutual agreement between the parties during the term of the instrument.
Forward operations negotiated at the „Over the Counter‟ (OTC) market, may be compensated and
settled at Cámara de Riesgo Central de Contraparte (hereinafter “CRCC”), and therefore this Chamber
acts as counterparty of such operations.
Options
(Continues)
40
AND SUBORDINATES
An “option” is a contract that grants the holder the option or the right, but does not imply the obligation,
to purchase or sell a specific quantity of an asset at a determined price and date, or during a
determined time. Such contract obliges the subscriber to sell or purchase the asset on the date on
which the “option” is exercised by the holder, according with the quantity, quality and price conditions
established therefore under the contract.
Swaps
A swap operation, or financial exchange operation, is a contract between two parties whereby they
agree to Exchange a series of cash flows, estimated according with certain conditions agreed in a
contract and that must be compensated on specific dates agreed at the beginning of the operation.
The purpose of this type of operations is to reduce risks generated by the variations in exchange rates
of currencies and interest rates. In general, they are contracts that look for covering those long term
operations with more than one remnant flow.
Swap operations may be of two types:
-
Of interest rate, or contracts where cash flows paid by both parties are denominated in the same currency
and are divided in fixed rate by variable rate swap and variable rate by variable rate swap.
The interest rate swap (IRS Interest Rate Swap) consists in a contract between two parties that wish to
exchange interest derived from payments or collections of future flows they own in different interest rate
modes. In this type of swap there is no transfer of the principal and it is made on the same currency.
-
Of type of Exchange or of Foreign Exchange, where operation flows are denominated in different
currencies. There are three types of swaps on currencies: fixed against fixed foreign currency Swap,
variable against variable foreign exchange swap and fixed against variable foreign exchange swaps.
The swap on foreign exchange CCS (Cross Currency Swap) is a contract between two parties
that wish to Exchange principals that are nominated in different currencies, for a determined
period of time. During the term of the contract, each of the parties assumes interests
generated by the principal received in the swap. In amortisation dates and at maturity of the
contract, principals are exchanged at the type of currency originally each of the parts had and
the spot rate of the beginning of the operation is used.
Futures
A future is a contract standardised with respect to its compliance date, its size or nominal value, the
characteristics of the corresponding subjacent, the place and way of delivery (in cask or in kind). This
contract is negotiated in a stock Exchange through a Cámara de Riesgo Central de Contraparte
(Counterparty Central Risk Chamber), by virtue of which two parties oblige themselves to purchase or
sell a subjacent on a future date (maturity date) at a price established at the time of celebration of the
contract.
Futures may be complied with settling them in cash, by means of an opposed operation before the
maturity date, making the physical delivery of the product or making a settlement against an index.
Futures are negotiated by the Home Office through Cámara de Riesgo Central de Contraparte de
Colombia.
(Continues)
41
AND SUBORDINATES
Accounting and valuation of Derivative Financial Instruments:
Derivative financial instruments may be negotiated for any of the following purposes:
-
Coverage of other positions risks,
Speculation looking for obtaining gains, or
Realisation of arbitrament in markets.
Accounting of derivative financial instruments depends on their negotiation purpose. The Home Office
does not record derivatives with accounting coverage purposes.
Derivative Financial Instruments with Speculation Purposes
These operations are accounted for in the balance, from the date of their celebration for their fair
Exchange Price. When the value of the contracts is zero (0) on the initial date, that means that no
payments are made or physical deliveries between the parties, the income statement is not affected. In
subsequent valuations, variations in the fair exchange price are recorded in the income statement.
Financial instruments that show positive exchange fair prices, in other words favourable for the
Corporation, are recorded in assets, separating the value of the right and the value of the obligation.
Except in the case of options, where the accounting record is made in one only account.
On the other hand, those that show a negative exchange fair price, or unfavourable for the Corporation,
are recorded in liabilities making the same separation.
On the liquidation date of the derivative financial instruments balances the corresponding balances of
balance accounts are paid and any difference is charged as profit or loss in the corresponding
accounts of the income statement, as applicable. Should the accumulated balance of the derivative
financial instrument in such date be positive, an income is recorded and should it be negative, an
expense is recorded. This procedure is made independently, instrument by instrument, each time they
are settled.
Type of
Operation
Valuation and Accounting
On purchase forwards on securities the right is estimated valuating the security at
market prices and the obligation obtaining the present value of the agreed
purchase amount.
Forward on
securities
Forward on
foreign
exchange
With respect to sale forwards on securities, the right is estimated obtaining the
present value of the sale agreed amount and the obligation, valuating the security
at market prices.
The methodology for valuating forward and cash operations on foreign exchange
used by the Home Office is based on bringing to present value future flows
(obligations and rights) involved in the operation; the most usual is that one of
these two flows is nominated in American dollars and the other in Colombian
pesos. Each flow is brought to present value using market discount rates In
dollars and Colombian pesos for the remnant term in each operation. These
present values are estimated using continuous composed rates. Once flows
(Continues)
42
AND SUBORDINATES
Type of
Operation
present values are obtained, they are re-stated in Colombian pesos using the
Market Representative Rate estimated and certified by Superintendencia
Financiera de Colombia. Interest rates used are market rates, based on average
devaluations of the Colombian market.
Determination of the market value of currencies options realised by the
Corporation is estimated using the methodology developed by Black and Scholes.
The information to be used in the model for the valuation of options is obtained
from financial information systems that at present supply prices for variables
implied (volatilities, risk free local and foreign rates).
The initial record corresponds to a bonus paid and variations in the fair Exchange
Price respect of the initial value paid are accounted for in the status of results.
Rights and obligations are accounted for in contingent accounts.
Options
When the Home Office purchases an option, whether „call‟ or „put‟, the accounting
record both of the bonus paid and of its daily variations at fair exchange prices is
made on Assets.
When the Corporation sells an option, the accounting record of the bonus
received and of its daily variations at the fair exchange price is made on Liabilities.
On the contract compliance date balances corresponding to the value of the right
and of the obligation are paid for and any difference is recorded as profit or loss in
the valuation of derivatives.
Valuation of swaps consists in bringing to present value (discount) each of the
future flows and convert them into the accounting base currency. In order to carry
the swap valuation process, the Home Office updates the market information
(interest rate and exchange rate curves) and according with the particular
characteristics of each operation, it decomposes the swap in future cash flows
and estimates the total flow on each compliance date.
Swaps
The sum of present values of flows received is accounted for as a right and the
sum of the series of flows given are accounted for as an obligation.
The result of the valuation on the day on which the operation was executed is
recorded as a deferred that is amortised until swap maturity. The amortisation of
such deferred is subtracted from the result of the valuation from the second day
and until the day of the operation maturity.
In this type of derivatives there is a daily settlement of losses and profits. Cámara
de Riesgo Central de Contraparte “CRCC” informs daily the result of the
participants‟ compensation and debits or deposits realised losses or profits.
Futures
With respect to futures “bono nocional”, if the Corporation presents a short
position it notifies “CRCC” the security with which it wants to comply with its
obligation according with the specifications of the deliveries basket and transfer of
(Continues)
43
AND SUBORDINATES
Type of
Operation
securities is made through the securities deposits (DCV and/or DECEVAL) that
shall confirm transfer of such securities to “CRCC”.
For dollar/peso exchange rate futures, at contract maturity, settlement is made
against the subjacent price (TRM) published on the last day of the negotiation.
The value of the obligation that the seller must record on its balance (right for the
purchaser), in Colombian pesos, corresponds to the Price of each unit of the
futures contract reported on the valuation date by the Stock Exchange multiplied
by the number of contracts and by the nominal value of each contract. On the
other hand, the value of the right the seller must record on its balance (obligation
for the purchaser), in Colombian pesos, corresponds to the Price of each unit
established in the future contract, multiplied by the number of contracts and by the
nominal value of each contract.
h) Accounts receivable and allowances – It records unsettled amounts such as yields derived from
the financial intermediation, fees for services rendered and payments on account of clients, and
resulting amounts originated in the sale of goods and services, leasing, purchase and sale promise
agreements, dividends and participations, contract prepayments, suppliers and fees..
For the qualification of accounts receivable the subordinated company Fiduciaria Corficolombiana
applies the norms established on Chapter II paragraph 2.5.1 External Circular Letter 100 of 1995;
commissions receivable of trust companies are rated as commercial loans and are qualified monthly in
risk levels (A - Normal, B - Acceptable, C - Appreciable, D – Significant and E – Un Collectible) bearing
in mind at least the maturity time recorded by balances and guaranties sufficiency. As a minimum, a
provision of 1% is constituted for those rated in B (plus a month for maturity), 20% for those rated in C
(plus three months for maturity), 50% for those rated in D (plus six months for maturity) and 100% for
those rated in E (plus twelve months maturity).
Subsidiaries and subordinates make the necessary allowances, total or partial, for the documents or
accounts receivable with a recovery constituting a possible loss.
Subordinates of the real sector, without prejudice to the provisions of especial norms, may admit in the
preparation of the financial statements of intermediate periods, the recognition of loss contingencies
based on estimations.
i)
Realisable, received in payment and restored goods – It records the value of goods received by the
Home Office and the subordinate companies as payment for unpaid balances from credits to its favour.
Goods received in payment represented in real estate are received based on a commercial appraisal
technically determined, and immovable, stock and participations, based on the market value.
Financial Sector:
(Continues)
44
AND SUBORDINATES
Goods received in payment represented in securities are valuated and accounted for according with
the provisions of Chapter I of the Basic Accounting and Financial Circular Letter 100 of 1995, on
investments.
The following conditions apply when recording goods received in payment,:
-
The initial record is made according with the value determined in the legal award or the value
agreed with the debtors.
When the good received in payment is not in selling conditions its cost increases with the
necessary expenses incurred for the sale.
Should between the value for which the good is received and the loan value to be paid a balance
results to the favour of the debtor, the difference is recorded as an account payable: should the
value of the good not be sufficient for the total obligation, a provision equivalent to the difference
is constituted.
Real Sector:
The subordinate company Tejidos Sintéticos de Colombia S.A., records its inventories at cost; from
January 1, 2003 and until December 31, 2006 they were adjusted for inflation and for the closing of
each period they were reduced to their market value if lower; inventories are valuated by the weighted
average method.
The subordinate company Pizano S.A., records its inventories for the average cost or their realisation
value, the lowest.
The subordinate company Plantaciones Unipalma de los Llanos S.A. determines at the average cost of
palm oil and palmiste oil, torta palmiste, nursery palms, seeds and pollen and are valuated at
production cost that is lower than the market value, and for materials and spare parts, at the average
cost. Production cost includes direct costs incurred in maintaining cultivations, gathering and
transportation of gathered fruit, the process in the extracting plant and the amortization aliquot of the
cultivations in production account.
The subordinate company Hoteles Estelar S.A valuates inventories at cost or market value, the lowest.
The method used for valuating inventories is the weighted average method.
Real estate for sale are recorded as inventories at the lowest value between the historic value
compared with the market value, the latter determined by a commercial appraisal by qualified
personnel, the costing system and gross income correspond to resources obtained for the sale of these
goods; at the time of sale, inventories cost is paid against the costs account and profit or loss is
recorded in the income statement.
The Subordinated Valora S.A.S. accounts the risk capital in real estate projects as inventories, also
included are goods received and purchased for sale; these inventories are valuated at cost or at
market value, the lowest.
The subordinate Organización Pajonales S.A. valuates its inventories at the average price and they are
duly classified as materials, inputs, cattle and cultivations.
The subordinate Industria Lehner S.A. valuates its inventories at cost or at market value, the lowest.
The inventories valuation method is the average method. Raw materials in transit accumulate the FOB
value and related importation costs.
(Continues)
45
AND SUBORDINATES
Contracts in execution include the cost of materials, workmanship and indirect costs.
j)
Allowance for realisable goods and goods received in payment – Individual allowances for real
estate are made applying the model developed by the Corporation and approved by Superintendencia
Financiera de Colombia. The model estimates the maximum expected loss in the sale of goods received
in payment, according with its history of recoveries on sold goods, the inclusion of expenses incurred in
the receipt, sustaining and sale of them, and grouping of them in common categories to estimate the
provision base rate. This rate shall be adjusted monthly until reaching eighty per cent (80%) provision.
For the other financial subordinate companies individual provisions are constituted according with the
provisions of External Circular Letter 034 of 2003 that established that entities under the vigilance of
Superintendencia Financiera may design an administration system for goods received in payment that
allows them to adequately manage the loss risk associated to the realization of such assets.
Considering that the subordinate companies have not presented a model to this respect, policies on
goods received in payment are equivalent to policies of companies with no model and therefore, it is
constituted in monthly aliquots within the following year to the reception of the good, a provision
equivalent to 30% of the cost of goods received in payment (this is, the reception value), that must be
increased in monthly aliquots within the second year, in an additional 30% until reaching 60% of the
acquisition cost of the goods received in payment. Once the legal term for sale is due without an
extension being authorised, the provision must be of 80% of the cost of the goods received in payment.
Should an extension be granted, the remaining 20% of the provision may be constituted within the term
of it.
When the cost of the estate is lower than the debt recorded in the balance, the difference shall be
acknowledged immediately in the income statement.
When the commercial value of the estate is lower than the value on books of the goods received in
payment a provision shall be accounted for the difference.
For real estate a provision is constituted within the year following to their reception, equivalent to thirty
five per cent (35%) of the acquisition cost of the good received in payment, that must be increased in
the second year in an additional thirty five per cent (35%) until reaching seventy per cent (70%) of the
value on books of the good received in payment before provisions.
Once the legal term for the sale is due with no authorised extension, the provision shall be of one
hundred per cent (100%) of the remaining value on books. Should an extension be granted, thirty per
cent (30%) of the provision may be constituted in the term of it.
With respect to allowances of goods received in payment (BRP) that correspond to investment
securities, these are constituted under the criteria established in Chapter I of Basic Accounting and
Financial Circular Letter 100 of 1995.
Real Sector:
The subordinate company Valora S.A.S. as a corporate policy, creates allowances of 80% of total
realisable goods and goods received in payment no matter their classification; the rest of the
subsidiaries of the sector create the allowances according with management criteria.
k)
Property and equipment – Records acquired, tangible assets, built, under an importation process, in
construction or mounting that they permanently use in the development of the business that have a useful
(Continues)
46
AND SUBORDINATES
life of more than one (1) year. It includes direct and indirect costs and expenses caused until the time on
which assets are in using conditions.
Extraordinary additions, improvements and repairs that significantly increase the useful life of the
assets, are recorded as a greater value and disbursements for maintenance and repairs made for the
conservation of these assets are charged to expenses, as caused.
Depreciation is recorded using the straight line method and according with the number of useful life
years estimated of the assets. Depreciation annual rates for each business line Item) are as follows:
Buildings
Machinery and Equipment
Furniture/Movables and Equipment
Computers
Vehicles
5%
10%
10%
20%
20%
It records the cost of goods given in operative leasing that the Entity, prior to the corresponding
contract, gives in leasing to the user for its use.
Goods given in operative leasing are depreciated in the time which is lower between the useful life of
the good and the term of the leasing contract; the methodology shall be the financial depreciation
methodology (rescue value deducted) so that depreciation of the leased goods keeps an adequate
relationship with income generated.
Goods for own use, importations underway and goods given in operative leasing are covered with their
corresponding insurance policies.
l)
Branch offices and agencies – It records movement of operations between the Direction General
and Branch Offices and Agencies.
Balances are consiliated monthly and amounts pending are regularised in a term of not more than
thrity (30) calendar days.
As of the accounting closing net balances that reflect branch offices and agencies sub accounts are rerated, to active or passive accounts, and income and the corresponding expenses are acknowledged.
m) Prepaid expenses – Prepaid expenses correspond to disbursements incurred by the Home Office
and its subordinates, associated with their activity, which benefit they receive in different periods, may be
recoverable and suppose the successive execution of services to be received..
Amortisation is made as follows:
-
Interest is caused during the prepaid period.
Leasing is caused during the prepaid period.
Insurance during the term of the policy.
Maintenance of equipment and computer software during the term of the contract.
Other prepaid expenses during the period on which services are received or costs or expenses
are caused, as: Fees and commissions, bonuses, taxes, licenses, subscriptions, data transfer
among other.
(Continues)
47
AND SUBORDINATES
n) Deferred charges – Deferred charges correspond to costs and expenses that benefit future periods
and are not susceptible of recovery. Amortisation is acknowledged from the date on which they contribute
to income generation, as follows:
-
Computer programs (software) in a period not exceeding three (3) years. Notwithstanding, when this
refers to advanced technology programs constituting a global platform that allows future growth of
the entity according with market advances and with development or acquisition costs exceeding
30% of the technical equity of the corresponding entity including hardware, prior opinion of
Superintendencia Financiera, it may be deferred to five (5) years from the time on which each
product begins its productive phase, through a gradual and ascendant program with percentages of
10%, 15%, 20%, 25% and 30%, respectively, or through equal aliquots.
-
Publicity and propaganda shall be amortised during a period equal to that established for the
accounting period, this is during six (6) months provided expenditures exceed twenty (20)
monthly minimum salaries. Notwithstanding, being publicity and propaganda expenses that
correspond to promotion campaigns made when setting up the Entity or that are originated in the
launching of new products or in a change the trademark or in the name of the institution or of its
products, the amortisation period may not exceed the term of three (3) years: in all cases only
expenses made within the following six (6) months to the occurrence of the referred events may
be deferred. Disbursements corresponding to occasional publicity and propaganda independent
from their amount shall not be susceptible to be referred..
-
Studies and projects: Expenses incurred in research and study development and projects shall be
deferrable provided attributable expenses may be identified separately and their technical feasibility
has been demonstrated.
-
Construction of Sections: Corresponds to project costs incurred until completion of works. Costs by
section are paid according with the straight line method from the time on which operation in the
corresponding section began and until the end of the concession contract.
-
Improvements to properties rented shall be amortised in the lowest period between the term of the
corresponding contract (no extensions included), and its probable useful life.
-
O
ffice implements and stationary according with actual consumption.
-
Contributions and affiliations during the corresponding period.
-
Organisation and pre operative costs incurred during the installation period, expansion starting
up costs, these deferred charges are being amortised in between 3 and 5 years.
-
Valuation at the end of the swap celebration day (day zero) amortised until its due date or
maximum 365 days.
-
The deferred income tax is amortised in the term by temporary differences. Expense for current
income tax is established according with the fiscal or presumptive revenue as it corresponds.
Effect of temporary differences involving the determination of a greater or lesser tax in the
current year estimated at present rates is recorded as active or passive deferred tax as it
applies, provided a reasonable expectation exists that such differences shall be reverted.
-
Equity tax is paid in four (4) annual instalments during the first half of each of the years from
2011 to 2014.
(Continues)
48
AND SUBORDINATES
-
Property tax shall be paid during the prepaid fiscal term.
-
Refurbishing in a period not exceeding two (2) years.
-
Other concepts are paid during the period estimated for expenditure recovery.
o)
Goods to be placed in leasing contracts – Purchase undertakings for new or used goods with
contracts not yet started due to lack of any requirement for legalisation are recorded in this item.
Also included are goods under operative leasing contracts and returned by the lessee. Restitution of
these goods shall be accounted for their cost in books (cost less accumulated depreciation); it is not
subject to depreciation but to proper allowances.
p)
Rights in trusts – Accounted within other assets, it includes rights generated by virtue of the
execution of mercantile trust contracts that grant the trustor or beneficiary the possibility to exercise
them, according with the constituent action or the law.
Rights in trusts for financial sector entities were adjusted for inflation until December 31, 2000 in
accordance with the nature of the transferred good.
According with the type of asset, they are subject to evaluation and allowance constitution regulations,
and to legal limits.
q)
Valorisations – Following are assets subject to valorisation:
- Investments available for sale in participative securities.
- Property and equipment, specifically real estate..
- Art and culture goods.
Accounting – Investments available for sale in participative securities, in the event that the investment
value updated with the participation that corresponds to the investor exceeds the value for which the
investment was recorded, the difference shall affect firstly the allowance or de-valorisation until
depletion, and the excess shall be recorded as surplus for valorisation.
Real estate valorisations are established facing the net cost of the real estate with the value of
commercial appraisals conducted by persons or firms with acknowledged specialty and independence.
These appraisals are updated maximum each 3 years.
Should a De-valorisation occur, according with the prudent rule, an allowance is created for each
property considered individually.
Valorisation of art and culture goods is recorded bearing in mind the conservation status of the works,
their originality, size and price of similar works.
Valorisations of goods received in payment are recorded in memorandum accounts.
r)
Early income – They correspond to commissions received in advance that are amortised based on their
causation: in this item or business line are also recorded profits on the credit sale of goods on credit that
are caused at income as collected. They also correspond to the value of the fees of leasing contracts
received in advance and interest generated by loan portfolio operations on which their amortization period
is given by the special conditions of each leasing or credit operation.
s)
Retirement pensions – They are quantified by an actuarial study by specialised persons with
adequate knowledge and totally independent from the Home Office.
(Continues)
49
AND SUBORDINATES
The allowance has been recorded in one hundred percent (100%) of the corresponding estimation and
remains in such percentage. Retirement pension payments are charged against the constituted
allowance.
t)
Income tax – For the Home Office and national subordinate companies the expense for income tax
is determined based on the taxable income or the presumptive income, the highest of the two, on which
the corresponding tax fees are applied.
u) Income Tax for Equity - CREE – it establishes a withholding at source for this tax that shall be
settled on each payment or deposit in account made to the taxpayer subject of payment of this tax,
according with the main economic activity they develop.
v)
Estimated liabilities and allowances – The Home Office and its subordinate companies record
allowances to cover estimated liabilities, bearing in mind that:
-
An acquired right exists and consequently a contracted obligation
-
Payment is enforceable or probable, and
-
The allowance may be justified, quantified and verifiable.
It also records estimated values for taxes, contributions and affiliations.
w) Conversion of transactions in foreign currency – Operations in foreign currency different from the
dollar are converted into American dollars and then are re-stated in Colombian pesos, at the type of
market representative exchange rate estimated on the last day of the month. As of June 30, 2014 and
December 31, 2013 rates were $ 1.881.19 and $ 1.926.83 respectively (amounts in Colombian pesos).
x)
Conversion foreign subordinate companies’ Financial Statements - General Balance accounts of
the subordinated companies abroad were converted into Colombian pesos using the market
representative rate exchange type estimated on the last business day of the month and the income
statement accounts were converted into Colombian pesos using the rates $ 1.961.82 and $ 1.910.56 that
correspond to the average value of the representative market exchange rates between January 1st and
June 30, 2014 and July 1st and December 31, 2013 respectively. The average rate was estimated
excluding Saturdays, Sundays and holidays and dividing by the number of business days in the semester.
y)
Recognition of income and expenses – Income and expenses are accounted using the causation
system. Income on leasing fees and interest on loans granted are recorded in gains and losses until
causation is suspended on the credit; they shall be thereafter recorded in contingent accounts. Penalties
on fee payment delays and delay interest are caused when they are effectively collected; meanwhile they
are recorded in contingent accounts.
The aforementioned notwithstanding according with Paragraph 2.3.1.1. of chapter II of External
Circular Letter 100 of 1995 in cases where, as product of restructuring agreements or any other
agreement made, the capitalisation of interest recorded in memorandum accounts is considered, or of
balances of penalised portfolio (including capital, interest and other concepts), the Company accounts
these concepts a deferred payment in Code 272035. Amortisation to capital is made proportionally to
the values effectively collected.
z)
Contingent accounts – Operations whereby the Home Office and subordinate companies acquire a
right or assume an obligation, which occurrence is conditioned to a fact occurring or not, depending on
future, eventual or remote factors.
(Continues)
50
AND SUBORDINATES
(aa) Memorandum accounts – Operations made with third parties that due to their nature do not affect
the financial condition of the Home Office or the subordinate companies are recorded in these
accounts. Also included are fiscal memorandum accounts where the figures are recorded for the
preparation of income statements; they also include those registration accounts used for fiscal
purposes, of internal control or management information.
Differences between assets, liabilities and equity fiscal values and accounting values adjusted for
inflation are also recorded in memorandum accounts.
aa)
bb) Trust memorandum accounts – The subordinate Fiduciaria Corficolombiana records as
memorandum accounts balances corresponding to trusted goods that are recorded separately from the
Fiduciaria Financial Statements and form independent equities according with the provisions of Code
of Commerce and Superintendencia Financiera de Colombia.
Goods object of trust businesses are not part of the general guarantee of Fiduciaria debtors and only
guarantee the obligations contracted in compliance with the purpose stipulated in the trust agreement.
cc) Cash flows statement – As provided by Article 120 of decree 2649, the Home Office and
subordinate companies prepare the cash flows statement using the indirect method that includes the
conciliation of profits of the period and cash for operation activities. For June 30, 2014 and December 31,
2013, according with the cash flows statement, balances as of the end of the semester are $1.099,067.4
and $ 886.503.7 respectively.
dd) Methodology used for Estimating Proportional Equity Values
For each of the subsequent purchases that represent an increase in participation, no matter the
percentage, the step by step method is applied. The sum of the values of each equity item, established
according with the participation percentage acquired in each purchase are compared with the cost of
each purchase: the result is a difference for a greater or lower value between the Cost vs. the acquired
Equity. Should the cost be greater than the acquired equity, it is recorded as an investment cost
surplus: should it be lower, it is recorded as an investment cost defect. The amortisation period of
these surplus or defects is of five (5) years, from the time on which control is acquired and those
obtained in subsequent acquisitions re amortised in the period remaining for the five (5) years. Those
obtained after the five (5) years must be totally amortised at the time of their determination.
Amortisation is recorded against results of former periods or of the period, as it corresponds.
Acquisitions of social rights that involve keeping, at least the same participation percentage owned at
the time of purchase, are taken as purchases made at par and do not require the determination of the
proportional equity value because there is an equivalence between the investment cost and its
proportional equity value, this is, common stock (for the nominal value) and a bonus on stock
placement (for the excess paid on the nominal value). The same happens when the investment is
made for setting up the company.
Values thus established are added independently for each equity account and the total acquired of
each equity item is thus determined against which investment is eliminated.
ee) Main differences between Special Norms and Accounting Norms Generally Accepted in Colombia –
Special accounting norms established by Superintendencia Financiera de Colombia present some
differences with accounting norms generally accepted in Colombia, as the following:
-
Property and equipment – Accounting norms generally accepted determine that as of the
closure of the period the net value of property and equipment with an adjusted value exceeding
(Continues)
51
AND SUBORDINATES
twenty (20) legal monthly minimum salaries, shall be adjusted to their realisation value or present
value, recording valorisations and necessary allowances, while especial norms do not present
conditions for this type of assets.
-
Bonus in placement of stock – The especial norm establishes that the stock placement bonus
is recorded as part of the legal reserve while the generally accepted norm indicates that it must
be accounted for separately within the equity.
-
Investments Available for sale in Participative securities – De-valorisation (the defect of the
value on books vs. the market value or realisation value) of investments available for sale in
participative securities of low or minimum marketability or not listed in the stock exchange, are
recorded in the assets and the equity as a lower value of them, while the general norm
establishes that in these cases, a provision is accounted with charge to expenditures. With
respect to investments available for sale in participative securities rated as of high or medium
marketability, updating to the market value directly affects the value on books in the assets and
the accumulated non realised gain or loss in the equity.
-
Adjustments for inflation – From January 1, 2000 the integrated adjustment system for
inflation for accounting purposes is eliminated, according with External Circular Letter No. 014 of
April 17, 2001 issued by Superintendencia Financiera de Colombia.
-
Accountable adjustments for inflation accumulated to December 31, 2000 with non monetary
assets and liabilities shall be part of its balances for all accounting purposes.
-
Financial Statements – With respect to the statement on changes in the financial condition,
decree 2649 of 1993 defines it as a basic financial statement; Superintendencia Financiera de
Colombia does not require it.
() Homogenisation or standardisation of accounting norms – In order to standardise accounting
norms of real sector subordinated companies with Home Office norms, according with the policies
established therefore by Grupo Aval, the following adjustments were made with monetary effects in
the results of the period, as of June 30, 2014 and December 31, 2013 was $ 1.135.3 and $ (622.3) in
expenses and income respectively.
-
Accounts receivable: Accounts receivable in real sector affiliates manage allowance policies
at 100% when maturities of more than 360 days are recorded or use an individual allowance
according with internal policies of the affiliate companies that are not uniforms in their
determination. In order to standardise with the lowest allowance for maturity managed by
entities, those recording maturities higher than 180 days with no fit guaranties were totally
provisioned..
-
Rights of goods received in financial leasing that are recorded in deferred charges, are the origin
of the standardisation to norms of Superintendencia Financiera de Colombia that records the
fixed asset and its depreciation.
-
Financial instruments and derivatives: Real sector entities have no valuation system for this type
of operations as required in this sector; additionally, entities as Unipalma and Hoteles Estelar del
Perú record their derivatives in memorandum accounts, when Superintendencia Financiera de
Colombia requires open accounting by right and obligation in Balance accounts and valuation
effects in G&L (P&L). As of the accounting closing the subsidiaries Unipalma, Epiandes,
Concecol and Episol reported derivative financial instrument operations with Corporación
Financiera Colombiana as counterparty; the corresponding valuation was delivered to these
(Continues)
52
AND SUBORDINATES
entities in order that they update the information directly in their accounting. Hoteles Estelar del
Perú reported derivative financial instruments operations with financial entities external to Grupo
Aval; standardisation was made for this entity and Unipalma standardisation was performed in
order to re-rate memorandum account records to balance and G&L as corresponded. Operations
with Corficolombiana were eliminated in the consolidate.
-
Mercantile Credit: The subsidiary company Hoteles Estelar S.A. records amortisation of the
mercantile credit applying lineal amortisation. Standardisation applied uses the amortisation
system established by Superintendencia Financiera de Colombia that uses the exponential
method; with respect to the subsidiary Episol S.A.S. that initially paid the mercantile credit using
the lineal method, since January 2013 it changed to the exponential method; notwithstanding the
subsidiary applied this method based on its balance and as of this date it is necessary to pay the
remaining accumulated adjustment as of December 2012.
-
Standardisation of the Equity Tax: Until March 2013 this standardisation took place and
consisted in unifying the amortisation monthly; at present each company amortises according
with its own policy.
-
Standardisation of Investments: In the real sector investments not listed in the stock exchange
are valuated according with their intrinsic value, while in the financial sector the entity may have
its own valuation method; in this sense, in order to standardise the policy, the subsidiary Pizano
provisioned completely its investments with high loss probability.
Following is a summary of the effects of standardisation as of the close of June 30, 2014:
June 30, 2014
Detail
Investments
Acceptances Derivative Assets
Accounts Receivable- Allowances
Property Plant and Equipment
Mercantile Credit
Deferred Charges
Valorisations
Acceptances and Derivative Liabilities
Other Liabilities
Gains of the Former Period
Valorisation Surplus
Operating Income for Difference in Exchange in Derivatives
Non Operating Income for Difference in Exchange of
derivatives
Operating Expense for Difference in Exchange
Operating Expense for Accounts Receivable Allowance
Operating Expense for Depreciation of property, Plant and
Equipment
Operating Expense for Mercantile Credit
Operating Expense for Amortisation of Intangibles
Operating Expense for Amortisation of deferred Charges
Non Operating Expense for Amortisation of Intangibles
Other Debtor Memorandum Accounts
Other Creditor Memorandum Accounts
Debit
$
$
731.3
129,299.3
5,215.4
30,728.3
6,092.9
53.1
-
Credit
141.6
7,064.6
30,728.3
129,299.3
53.1
155.4
401.7
5,411.6
575.9
Net
(141.6)
731.3
(7,064.6)
98,571.0
5,215.4
(98,571.0)
(53.1)
(155.4)
(401.7)
681.3
53.1
(575.9)
-
271.7
(271.7)
469.7
1,384.9
-
469.7
1,384.9
4,025.5
-
4,025.5
204.6
731.4
557.1
179,493.5
76.4
314.5
2,640.1
1,070.8
731.4
557.1
179,493.5
128.2
(314.5)
(2,640.1)
(1,070.8)
-
Following is a summary of the effect of standardisation as of the close of December 31, 2013:
(Continues)
53
AND SUBORDINATES
December 31, 2013
Detail
Debit
Investments
Acceptances and Derivative Assets
Accounts Receivable- Allowances
Property, Plant and equipment
Mercantile Credit
Deferred Charges
Valorisations
Acceptances and Derivative Liabilities
Profit of the Former Period
Valorisations Surplus
Operating Expense for depreciation of property, Plant and
Equipment
Operating Expense for Difference in Exchange
Non Operating Expense for Amortisation of Intangibles
Operating Expense for Amortisation of deferred Charges
Operating Expense for Amortisation of Intangibles
Operating Expense for Mercantile Credit
Operating Expense for Accounts Receivable Allowance
Operating Expense for Investments Allowance
Non Operating Income for Reimbursement of Accounts
Receivable
Operating Income for Difference in Change of Derivatives
Non Operating Income for Difference in Change of
Derivatives
Other Creditor Memorandum Accounts
$
$
3.
2,183.2
129,599.6
5,343.6
25,879.1
6,677.5
53.1
Credit
141.6
2,115.2
5,679.7
25,879.1
129,599.6
53.1
271.7
5,373.8
-
Net
(141.6)
68.0
(5,679.7)
103,720.5
5,343.6
(103,720.5)
(53.1)
(271.7)
1,303.7
53.1
3,891.3
-
3,891.3
1,860.4
397.1
141.6
1,087.1
2,484.0
320.3
76.4
-
1,860.4
(1,087.1)
(2,484.0)
(320.3)
(76.4)
397.1
141.6
-
497.3
(497.3)
469.4
2,019.6
(1,550.2)
-
897.4
(897.4)
5,802.7
2,115.2
184,413.8
5,802.7
2,115.2
184,413.8
-
Available, Net
The following is the detail of the Available in legal currency and foreign currency reduced to legal currency:
June 30,
2014
Legal Currency:
Cash
Banco de la República
Remittances in Transit
Banks and Other Entities
Allowance on the Available
$
December 31,
2013
$
265.6
125,089.6
891,838.0
(42.7)
1,017,150.5
407.0
218,424.9
50.0
632,116.3
(75.3)
850,922.9
$
19.0
11.8
81,886.1
81,916.9
1,099,067.4
23.1
12.1
35,545.6
35,580.8
886,503.7
Foreign Currency:
Cash
Banco de la República
Banks and Other Entities
(Continues)
54
AND SUBORDINATES
Available Allowance
The following is the movement of the available allowance for the semesters ended ::
June 30,
2014
75.3
29.2
(61.8)
42.7
Available Allowance:
Initial Balance
Allowance Charged to Expenses
Allowance Reimbursements
Final Balance
$
$
December 31,
2013
107.8
6.4
(38.9)
75.3
The Home Office and the Subordinate Companies Leasing Corficolombiana S.A. and Banco
Corficolombiana Panamá, as of June 30, 2014 and December 31, 2013 have no debit notes pending to
be accounted greater than 30 days, therefore no allowances recorded for the available exist.
As of June 30, 2014 and December 31, 2013, the subordinate company Fiduciaria Corficolombiana
S.A. recorded allowances on the available for $ 42.7 and $ 75.3 respectively, that corresponded to
conciliatory items of the Company, Joint Portfolios, Patrimonios Autónomos and Encargos Fiduciarios
managed by Sociedad Fiduciaria and that affect the income statement of it of more than 30 days.
(4) Active Positions in Monetary Market and Related Operations
The detail of monetary market and related operations is as follows:
June 30,
2014
Balances
Annual
Effective
Rate (1)
December 31,
2013
Balances
Annual
Effective
rate (1)
Operations agreed between 0 and 90 days (Cash Equivalents):
Overnight
Investment Transfer Undertakings
in Simultaneous Operations (2)
$
3,700.0
4.00%
8,007.1
0.00%
102,727.9
3.58%
10,719.3
2.77%
106,427.9
18,726.4
Operations agreed after 90 days:
Interbank Funds Sold Ordinary (3)
$
263,272.6
263,272.6
369,700.5
2.63%
308,196.6
308,196.6
326,923.0
2.72%
1. Corresponds to the average rate of in force operations in legal currency as of the close of the
period.
(Continues)
55
AND SUBORDINATES
2.
As of June 30, 2014, it includes simultaneous operations with the Central Bank - Banco de la
República – for $ 48.542.2 and Sociedades Comisionistas for $ 9.335.0. As of December 31,
2013 it includes simultaneous operations Sociedades Comisionistas $ 10.719.3.
During the periods corresponding to the semesters ended on June 30, 2014 and December 31, 2013,
no default occurred.
3. The Home Office as of June 30, 2014 includes term deposits with foreign banks as follows: Banco
de Occidente Panamá $ 9.,406.0, Bancolombia Puerto Rico $ 18.811.9, Bancolombia Panamá
$197.431.0, Occidental Bank Barbados $ 9.406.0 and Banco Davivienda Panamá $ 28.217.9. As of
December 31, 2013 it includes term deposits with foreign banks as follows: Banco de Occidente
Panamá $ 9.634.2, Banco Davivienda Miami $38.536.6, Bancolombia Panamá $ 221.489.2,
Occidental Bank Barbados $ 9.634.2 and Banco Davivienda Panamá $ 28.902.4; these deposits are
not negotiable and their redemption term is between April 6 and May 18, 2015.
Should a default be present, the Home Office is supported with transfer in ownership of the negotiated
securities.
Aforementioned amounts are not subject to restrictions or limitations.
5.
Investments, Net
The detail of investments is the following:
Investments in Debt Securities
June 30,
2014
Negotiable
Legal Currency:
Issued by the Nation
Government Entities
Financial Institutions
Entities not under the supervision of
Superintendencia Financiera de Colombia
Mortgage Portfolio Tenure Processes
Tenure Processed Different from Mortgage
Portfolio
Other
$
$
Foreign Currency:
Government Entities
Foreign Government
Tenure Processes Different form Mortgage
Portfolio
$
December 31,
2013
361,836.1
1,610.1
21,076.7
437,893.4
4,751.7
163,963.2
636.3
6,232.8
6,030.3
7,642.1
1,965.8
1,495.1
393,155.3
3,222.0
625,200.3
225.0
24,800.8
7,811.7
25,282.1
82.0
84.4
25,107.8
418,263.1
33,178.2
658,378.5
(Continues)
56
AND SUBORDINATES
June 30,
2014
Available for Sale
Legal Currency:
Tenure Processes Mortgage Portfolio
Tenure Processes Different from Mortgage
Portfolio
$
$
Foreign Currency:
Government Entities
Credit Multilateral Organism
Issued Abroad
Entities not under the Supervision of
$
To Keep Until Maturity
Legal Currency:
Government Entities
$
Foreign Currency:
Entities not under the Supervision of
Credit Multilateral Organism
Financial Institutions Abroad
Other
$
December 31,
2013
90,972.5
1,197.8
90,293.9
1,466.9
1,192.0
1,366.5
93,362.3
93,127.3
7,714.3
4,939.5
13,707.3
927.4
7,026.5
4,925.5
13,556.0
-
20,818.9
15,482.4
48,107.4
141,469.7
40,990.4
134,117.7
33,140.3
112,957.4
146,097.7
41,549.1
72,994.3
114,543.4
1,911.4
2,992.6
1,985.9
3,090.3
7,728.0
8,120.8
5,733.6
943.1
17,573.0
36,881.7
182,979.4
5,885.9
965.1
18,107.0
38,155.0
152,698.4
As of June 30, 2014 and December 31, 2013 the Home Office had compulsory investments represented
in TDA A and TDA B Securities, recorded as investments to be kept until maturity that were equivalent to
1.35% and 0.96% of the total portfolio of Corficolombiana investments.
As of June 30, 2014 and December 31, 2013,the Emcali Bond with BB- rating had its allowance; the value
of the allowance was $ 60.3 and $ 266.6, respectively.
(Continues)
57
AND SUBORDINATES
June 30,
2014
Investments Re-Purchase Rights
Investments Re-Purchase Rights
Negotiable in Debt Securities
Re-Purchase Rights of Investments
Available in Debt Securities
$
$
December 31,
2013
1,104,557.7
1,660,604.2
2,091,201.9
1,893,573.3
3,195,759.6
3,554,177.5
As of June 30, 2014 and December 31, 2013 the Home Office evaluated the credit risk of investments in
debt securities, except for securities in internal or external public debt issued or indorsed by the Nation,
those issued by Banco de la República and those issued or guaranteed by Fondo de Garantías de
Instituciones Financieras FOGAFIN. The evaluation resulted in an “A” rating – Investment with normal risk
– except for Bono Emcali rated in BB-.
June 30,
2014
Investments Given in Collateral
Negotiable Investments Given in Collateral in
Operations with Securities
Internal Public debt Available Securities Issued
or Indorsed by the Nation
December 31,
2013
36,320.2
-
$
32,854.8
31,870.7
$
69,175.0
31,870.7
June 30,
2014
1,179.5
1,921.2
December 31,
2013
1,109.9
2,069.4
39,204.2
35,355.5
5,079.5
687.7
2,913.0
3,416.7
75,558.4
1,445.2
2.2
184.5
1,595.1
43,970.0
666.0
2.2
645.7
4,983.3
12,742.1
14,127.8
7.7
154,153.5
313,052.3
10.7
63,847.4
320.5
1,383.8
674,600.8
7.7
9,344.1
23,469.1
304,058.7
10.5
73,165.3
726.2
1,130.0
518,945.8
Negotiable in Participative Securities
Fondo Banco Internacional del Perú Interbank
$
F.C.O BBVA Fiduciaria
F.C.O. Fiduciaria Corficolombiana Fondo Renta
Plus
Fiduciaria Corficolombiana Fondo Multiplicar
Cartera Colectiva Abierta Renta Liquidez
Valores Bancolombia S.A.
Fiduciaria Corficolombiana Fondo Valor Plus
Cartera Colectiva Liquidez Fondo abierto
Fondos en Comisionistas de Bolsa
Fondos en Fiduciaria Popular S.A.
Fondos en Fiduciaria Bogotá S.A.
Fiduciaria Bancolombia Cartera Colectiva
Abierta
Fondos en Fiduciaria Davivienda S.A.
Fondos en Fiduciaria de Occidente S.A.
Banco de Occidente S.A. (1)
Fondo de Capital Privado Corredores Capital I
Fondos en Helm Fiduciaria S.A.
Mineros S.A.
Fondo en Correval S.A
Cartera Colectiva Fiducoldex S.A.
$
(Continues)
58
AND SUBORDINATES
1. In April 2014 the Corporation re-rated Banco de Occidente S.A. investment from Negotiable
Investments in Medium Marketability to Investments Available for Sale in Low Marketability
according with circular letter 35 of April 11, 2014 of Superintendencia Financiera de Colombia; this
re-rating had no effects on the income statement of the Corporation..
Investments available for sale participative securities – June 30, 2014
Corporate Name
Allowance
Gain (Loss)
Not
Realised
-
-
2,691.9
(52,069.1)
(49,377.2)
A
A
115.1
496.5
611.6
76.4
46.1
122.5
93.3
93.3
-
A
A
E
7,718.3
26.1
159.1
59.6
20,211.1
13,561.7
293.0
355.2
128.4
20,414.3
5,843.3
266.9
196.1
68.9
203.2
-
-
A
A
A
A
A
A
3.19%
79.7
156.9
77.2
-
-
A
1.09%
440.6
343.0
(97.5)
-
-
A
15,223.0
2,207.9
2,800.0
29,142.7
8,273.3
12,050.9
16,403.3
27,688.2
419.8
3,338.8
50.0
3,121.8
109,883.3
38.95%
20.00%
20.00%
33.33%
3.70%
5.02%
4.44%
1.68%
0.09%
0.67%
17.76%
10.31%
19.54%
34.21%
12,815.2
1,784.8
1,096.7
9,822.7
620.5
1,792.7
4,025.6
53,480.5
1.1
73.6
10,031.1
168.4
257.3
1,271,357.5
12,437.7
7,831.3
1,315.1
16,616.4
1,023.7
2,719.9
7,512.4
76,178.6
274.1
15,428.8
627.6
1,825,529.9
(377.5)
6,046.4
218.3
6,793.7
403.2
927.3
3,486.8
22,698.1
200.5
5,397.7
459.2
554,172.5
1.1
257.3
-
-
A
A
A
A
A
A
A
A
E
A
A
A
E
A
-
8,411.5
3.34%
695.7
497.3
-
198.4
-
B
-
54,248.1
20.0
-
1.83%
2.45%
0.00%
316.3
69.8
12.4
-
-
316.3
69.8
12.4
-
E
E
E
-
350.0
0.39%
58.4
70.9
12.5
-
-
A
-
452.3
1,659.7
262,310.5
3.2
69,034.3
8.56%
19.90%
33.00%
0.07%
0.93%
2,399.1
2,462.2
86,562.5
2.8
647.2
2,860.2
86,968.7
12.6
656.1
398.0
406.3
9.7
9.0
2,399.1
-
-
E
A
A
A
A
-
13,705.0
2.80%
508.8
398.9
(25.8)
84.1
-
B
-
388.6
26,793.2
1,027.4
3,523.0
21.7
3,698.7
25,549.1
16,403.3
54,248.1
15,223.0
20.0
22,473.1
109,883.3
5,027.7
499.6
0.00%
0.00%
1.02%
0.00%
0.38%
11.55%
0.00%
0.00%
0.00%
1.82%
1.82%
0.00%
10.58%
7.22%
0.25%
0.4
126.6
29.9
72.6
855.6
187.9
0.4
1.8
510.9
139.8
4.2
334,235.1
363.3
26.4
1.3
165.8
49.2
3,037.2
429.6
1.1
494.9
23.6
563,084.2
223.6
4.0
0.9
39.2
2,181.5
241.8
0.7
(16.0)
19.4
228,849.1
-
29.9
23.4
1.8
139.8
139.7
22.3
-
A
A
A
E
C
A
A
A
E
A
E
A
A
C
E
Common
Stock
US$
Common
Stock $
Particip
%
Adjusted
Cost
Equity Value or of
Market
-
18,673.0
492,111.0
510,784.0
3.36%
3.56%
14,445.1
520,169.3
534,614.4
14,445.1
520,169.3
534,614.4
280.0
3,941.4
4,221.4
338.6
338.6
0.01%
0.00%
0.05%
38.7
450.5
93.3
582.5
-
3,800.0
20,761.6
22,473.1
22,473.1
233,885.6
4,677.0
49.99%
0.32%
0.02%
0.01%
0.00%
0.33%
-
2,500.0
-
40,366.7
-
Net
Valorisation
Rating
Stock with Medium Stock Market
Liquidity
Investments in Colombia
Bolsa de Valores de Colombia
Empresa de Energia de Bogotá
Subtotal
Stock with Low and Minimum Stock
Market liquidity or not listed in the Stock
Exchange
Investments abroad
Bladex S.A. Class E
Corporación Andina de Fomento
Petróleos Colombianos Limited
Subtotal
Aerocali S.A.
Alimentos derivados de la Caña (Adecaña)
Banco Comercial AV Villas S.A.
Banco Colpatria Multibanca Colpatria S.A.
Banco de Occidente S.A.
Cámara de Compensación de Divisas de
Colombia S.A.
Cámara de Riesgo Central de Contraparte
de Colombia S.A.
Casa de Bolsa S.A. Soc Comisio de Bolsa
Colombiana de Extrusión S.A. Extrucol
Compañía Aguas de Colombia
Concesionaria Tibitoc S.A.
Cifin S.A.
Deposito Central de Valores - Deceveal S.A.
Fiduciaria de Occidente S. A.
Gas Natural S.A. ESP
Inducarbón
Industria Colombo Andina Inca S.A.
Jardin Plaza
Metrex S.A.
Petróleos Nacionales S.A.
Promigas S.A.
Promotora de Inversiones Ruitoque
S.A.(Promisión)
Promotora la Alborada S.A.
Promotora la Enseñanza S.A.
Reforestadora de Santa Rosalía
Sociedad Hotelera Cien Internacional
S.A.(Hotel Bogotá Royal)
Textiles el Espinal S.A.
Ventas y Servicios S.A.
Concesionaria Ruta Del Sol S.A.S.
Club del Comercio Bucaramanga SA
Centro De Eventos Valle Del Pacifico
Centro De Ferias Exposiciones Y
Conveciones De Bucaramanga
Eternit Colombiana S.A.
Fiduciaria Bogotá S.A.
Gestión y Contacto S.A.
Promisan S.A. En Liquidación
Inversiones Sides S.A.S.
Sociedad Aeroportuaria De La Costa S. A.
Soforestal S.A.
Promigas S.A.
Cci Marketplace S.A.
Agroganadera del Valle del Cauca S.A. en
(Continues)
59
AND SUBORDINATES
Common
Stock
US$
Corporate Name
liquidación
C.I. Confecciones Y Textiles Internacionales
S.A. en liquidación
Inversiones Argos
Nutresa S.A.
Fondo Ganadero Del Tolima S.A.
Promesa S.A.
Semillas e Insumos Algodoneros
Camara de compensacion de la Bolsa
Nacional Agropecuaria
Cooperativa Serviarroz S.A.
CI Acepalma S.A.
Cfc Sk El Dorado Latam Management
Company Ltd
Cfc Sk El Dorado Latam Capital Partner Ltd
Promotora Industrial Comercial Y Turistica
De Sevilla S.A.
Edubar
Inmobiliaria Selecta
Triple A B/Quilla
Proenergia Internacional
Pizano Iberica S.L
Valorización Fideicomisos Corficol
Valorización Fideicomisos CCFC
Subtotal
Total
$
Common
Stock $
Particip
%
Adjusted
Cost
Equity Value or of
Market
Net
Valorisation
Allowance
Gain (Loss)
Not
Realised
Rating
-
3.0
0.00%
-
-
-
-
-
E
-
40,337.5
2,300.6
3,782.0
638.4
103.0
0.00%
0.00%
0.62%
0.28%
10.78%
1.2
1.2
57.0
10.9
15.4
5.9
4.9
101.3
3.4
35.7
4.7
3.7
44.3
(7.5)
20.3
-
-
A
A
A
A
A
-
27,539.2
0.06%
9.5
5.5
(4.0)
-
-
A
-
1,334.7
17,004.8
1.20%
11.25%
32.4
3,314.2
95.3
4,031.0
62.9
716.8
-
-
A
A
-
-
50.00%
-
-
-
-
-
A
-
-
50.00%
-
-
-
-
-
A
-
126.7
0.30%
2.4
0.5
-
1.9
-
E
4,221.4
2,732.5
690.8
73,445.2
1,329.1
201.6
1,448,083.6
1,959,206.2
0.91%
3.52%
0.01%
0.00%
34.40%
0.00%
0.00%
158.2
113.5
38.0
73.9
1,830,140.1
2,365,337.0
33.2
27.9
19.4
0.3
2,666,091.5
3,201,317.5
0.3
271.0
12,188.4
852,411.5
852,534.0
125.1
85.6
18.6
74.0
4,000.6
4,093.9
(49,377.2)
E
E
D
A
E
Investments available for sale participative securities – December 31, 2013
Corporate Name
Commo
n Stock
US$
Common
Stock
Social $
Particip
%
Adjusted
Cost
Equity Value or
Market Value
Net
Valorisation
Allowanc
e
Non realised
Gain (Loss)
Rating
Stock with high Stock Market liquidity
Bolsa de Valores de Colombia
Subtotal
Stock with Low and Minimum Stock Market
liquidity or not listed in the Stock Exchange
Investments abroad
Bladex S.A. Clase E
Corporación Andina de Fomento
Petróleos Colombianos Limited
Subtotal
Aerocali S.A. (1)
Alimentos derivados de la Caña (Adecaña)
AV Villas (Ordinary Stock)
AV Villas (Preferential Stock)
Banco Colpatria Red Multibanca
Cámara de Compensación de Divisas de
Colombia S.A.
Cámara de Riesgo Central de Contraparte de
Colombia S.A.
Casa de Bolsa S.A. Sociedad Comisionista de
Bolsa
Compañía Aguas de Colombia
Cifin S.A.
Deposito Central de Valores-DECEVAL
Fiduciaria Occidente S. A.
Gas Natural ESP
Inducarbón
Industria Colombo Andina-Inca S.A.
Jardin Plaza
Metrex S.A.
Petróleos Nacionales S.A.
Promigas S.A.
Promotora de Inversiones Ruitoque S. A.
(Promisión)
Reforestadora de Santa Rosalia
Sociedad Hotelera Cien Internacional S.A.(Hotel
Bogotá Royal)
Textiles el Espinal S.A.
-
18,673.0
492,111.0
510,784.0
3.36%
3.56%
14,068.3
502,176.0
516,244.3
14,068.3
502,176.0
516,244.3
-
-
2,315.1
(70,062.4)
(67,747.3)
A
A
280.0
3,686.6
3,966.6
338.6
338.6
0.01%
0.00%
0.05%
39.7
461.4
95.6
596.7
111.9
554.9
6.9
673.7
72.2
93.5
165.7
95.6
95.6
-
A
A
E
-
3,800.0
20,761.6
22,473.1
22,473.1
233,878.1
49.99%
0.32%
0.02%
1.18%
0.00%
7,718.3
26.1
159.1
59.6
-
10,103.9
275.9
310.6
115.9
-
2,385.6
249.8
151.5
56.3
-
-
-
A
A
A
A
A
-
2,500.0
3.19%
79.7
136.1
56.4
-
-
A
-
40,366.7
1.09%
440.6
329.1
(111.5)
-
-
A
-
346,252.6
8,483.4
11,271.5
2,788.1
-
-
-
346,252.6
8,483.4
11,271.5
2,788.1
-
-
-
15,223.0
38.95%
12,815.2
12,152.1
(663.1)
-
-
A
-
2,207.9
2,800.0
29,142.7
6,000.0
12,050.9
15,736.3
27,688.2
419.8
3,338.8
50.0
3,121.8
106,338.9
20.00%
20.00%
33.33%
3.70%
5.02%
4.44%
1.68%
0.09%
0.67%
17.76%
10.31%
19.54%
34.16%
1,784.8
1,096.7
9,822.7
222.0
1,792.7
3,410.5
53,480.5
1.1
62.1
10,031.1
168.4
257.3
1,247,914.4
5,116.8
1,314.8
15,412.6
968.9
3,317.5
5,404.1
74,430.9
1.2
246.0
16,029.2
742.7
1,768,466.0
3,332.0
218.1
5,589.9
746.9
1,524.9
1,993.5
20,950.4
183.9
5,998.0
574.3
520,551.5
1.1
257.3
-
-
A
A
A
A
A
A
A
E
A
A
A
E
A
-
8,411.5
3.34%
695.7
1,596.4
-
198.4
-
B
-
54,248.1
20.0
-
1.83%
2.45%
0.00%
316.3
69.8
12.4
-
-
316.3
69.8
12.4
-
E
E
E
-
350.0
0.39%
58.4
70.9
12.5
-
-
A
-
452.3
8.56%
2,399.1
2,907.6
-
2,399.1
-
E
(Continues)
60
AND SUBORDINATES
Corporate Name
Ventas y Servicios S. A.
Concesionaria Ruta Del Sol S.A.S.
Club del Comercio Bucaramanga SA
Centro De Eventos Valle Del Pacifico
Centro De Ferias Exposiciones Y Conveciones
De Bucaramanga
Eternit Colombiana S.A.
Fiduciaria Bogotá S.A.
Gestión y Contacto S.A.
Promisan S.A. En Liquidación
Inversiones Sides S.A.S.
Soforestal S.A.
Agroganadera del Valle del Cauca S.A. en
liquidación
C.I. Confecciones Y Textiles Internacionales
S.A. en liquidación
Inversiones Argos
Nutresa S.A.
Fondo Ganadero Del Tolima S.A.
Profilacticos Del Tolima S.A
Promesa S.A.
Semillas e Insumos Algodoneros
Camara de compensacion de la Bolsa Nacional
Agropecuaria
Cooperativa Serviarroz S.A.
CI Acepalma S.A.
Promigas S.A.
Cfc Sk El Dorado Latam Management Company
Ltd
Cfc Sk El Dorado Latam Capital Partner Ltd
Promotora Industrial Comercial Y Turistica De
Sevilla S.A.
Edubar
Inmobiliaria Selecta
Triple A B/Quilla
Proenergia Internacional
Pizano Iberica S.L
Valorisation Fideicomisos Corficol
Valorisation Fideicomisos CCFC
Subtotal
Total
1.
$
Commo
n Stock
US$
-
Common
Stock
Social $
1,387.3
14,136.1
15,223.0
262,310.5
15,223.0
3.2
15,223.0
5,027.7
5,027.7
65.9
5,027.7
22,473.1
-
Particip
%
Adjusted
Cost
Equity Value or
Market Value
Net
Valorisation
Allowanc
e
Non realised
Gain (Loss)
Rating
19.90%
0.00%
0.00%
33.00%
0.00%
0.07%
0.00%
2.56%
2.56%
0.75%
2.10%
0.00%
1,973.5
0.3
86,562.5
2.8
128.6
129.0
497.5
105.7
4.2
2,433.0
0.7
91,958.1
12.0
79.6
79.8
528.7
64.4
20.7
459.5
0.4
5,395.6
9.2
31.2
16.4
49.0
49.2
40.4
-
-
A
A
A
A
A
A
A
C
C
A
C
A
13,705.0
2.80%
508.8
423.9
(0.8)
84.1
-
B
388.6
26,793.2
15,736.3
1,027.4
3,523.0
21.7
3,698.7
25,549.1
15,223.0
0.00%
0.00%
0.00%
1.02%
0.00%
0.38%
11.55%
0.00%
0.00%
0.4
0.1
126.6
29.9
72.6
855.6
187.9
-
1.3
0.2
192.0
(1.0)
49.2
2,600.2
536.3
-
0.9
0.1
65.4
1,744.6
348.5
-
29.9
23.4
-
-
A
A
A
A
E
C
A
A
A
-
499.6
0.25%
26.4
4.0
-
22.3
-
E
-
3.0
0.00%
-
-
-
-
-
E
-
15,223.0
40,337.5
2,300.6
3,782.0
294.5
638.4
103.0
1.82%
0.00%
0.00%
0.62%
0.17%
0.28%
10.78%
510.8
1.2
1.2
57.0
0.7
10.9
15.4
481.5
6.6
7.8
103.7
0.2
4.3
63.8
(29.3)
5.3
6.6
46.7
(0.5)
(6.6)
48.4
-
-
A
A
A
A
A
A
A
-
27,539.2
0.06%
9.5
9.1
(0.4)
-
-
A
-
1,334.7
15,352.6
106,338.9
1.20%
11.25%
10.58%
31.8
3,127.3
327,710.6
95.3
3,449.4
551,054.5
63.5
322.1
223,343.9
-
-
A
A
A
-
-
50.00%
-
-
-
-
-
A
-
-
50.00%
-
-
-
-
-
A
-
126.7
0.30%
2.4
-
-
1.9
-
E
4,137.6
2,732.5
690.8
73,445.2
1,329.1
20.0
54,248.1
201.6
1,447,188.0
1,958,310.6
0.91%
3.52%
0.01%
0.00%
1.82%
0.00%
34.40%
0.00%
0.00%
158.2
113.1
38.0
139.8
1.8
75.7
1,778,112.4
2,294,953.4
31.0
27.9
18.7
2.0
192.9
1.7
75.7
2,576,506.0
3,093,608.3
2.0
12,180.1
271.3
808,125.0
808,290.7
127.2
85.2
19.2
139.8
1.8
75.8
4,003.6
4,099.2
(67,747.3)
E
E
D
A
E
E
E
Acquisition of 63.317 shares of Aerocali for the sum of $ 5.244.7.
Following is the detail of investments available for sale in participative securities of the Home Office
and the subordinate companies it consolidates:
Acquisition Date
Participation
%
June 30,
2014
December
31, 2013
Leasing Corficolombiana S.A.
Corporación Financiera Colombiana S.A.
01/12/1993
01/02/2006
01/08/2006
01/02/2007
01/08/2007
94.5 $
18,849.4
3,875.9
2,552.3
4,606.2
4,957.8
18,849.4
3,875.9
2,552.3
4,606.2
4,957.8
(Continues)
61
AND SUBORDINATES
Acquisition Date
Participation
%
01/02/2008
01/08/2008
01/02/2009
01/08/2009
01/02/2010
01/08/2010
01/08/2011
01/02/2012
30/11/2012
01/02/2013
30/08/2013
30/02/2014
Adjustment for Inflation
94.5
June 30,
2014
3,799.7
1,469.6
10,538.3
4,352.9
2,009.5
1,228.5
3,074.9
5,099.5
1,599.7
2,572.3
1,490.3
1,920.4
2,274.8
76,272.0
December
31, 2013
3,799.7
1,469.6
10,538.3
4,352.9
2,009.5
1,228.5
3,074.9
5,099.5
1,599.7
2,572.3
1,490.3
2,274.8
74,351.6
1,987.0
225.6
148.5
268.1
288.5
221.1
85.5
613.3
253.3
117.0
71.4
181.7
294.2
93.1
149.7
86.7
111.8
504.4
5,700.9
81,972.9
1,987.0
225.6
148.5
268.1
288.5
221.1
85.5
613.3
253.3
117.0
71.4
181.7
294.2
93.1
149.7
86.7
504.4
5,589.1
79,940.7
14,101.3
3,318.4
3,796.1
7,866.7
2,666.6
2,439.8
2,239.3
14,101.3
3,318.4
3,796.1
7,866.7
2,666.6
2,439.8
2,239.3
Valora S.A.S:
01/12/1993
01/02/2006
01/08/2006
01/02/2007
01/08/2007
01/02/2008
01/08/2008
01/11/2008
01/02/2009
01/08/2009
01/02/2010
01/08/2011
01/02/2012
30/11/2012
01/05/2013
30/12/2013
30/06/2014
Investment Total
5.5
5.5
100.0 $
Fiduciaria Corficolombiana S.A
01/12/1993
01/02/2007
01/02/2009
01/08/2009
01/08/2010
01/08/2011
94.5 $
(Continues)
62
AND SUBORDINATES
Acquisition Date
Participation
%
94.5
June 30,
2014
36,428.2
December
31, 2013
36,428.2
5.5
1,249.4
193.1
220.9
458.5
155.2
142.1
167.2
2,586.4
39,014.6
1,249.4
193.1
220.9
458.5
155.2
142.1
167.2
2,586.4
39,014.6
15,023.5
1,411.4
1,823.1
1,434.6
1,385.6
(4,867.7)
16,210.5
15,023.5
1,411.4
1,823.1
1,434.6
1,385.6
(4,472.2)
16,606.0
190.0
9.0
392.0
12.0
6,200.0
577.6
2,253.2
4,762.6
305.5
2,963.0
925.8
156.6
899.8
1,797.9
5,229.9
790.0
27,464.9
190.0
9.0
392.0
12.0
6,200.0
577.6
2,253.2
4,762.6
305.5
2,963.0
925.8
156.6
899.8
1,797.9
790.0
22,235.0
Valora S.A.S
01/12/1993
01/02/2007
01/02/2009
01/08/2009
01/08/2010
01/08/2011
Investment Total
5.5
100.0 $
Banco Corficolombiana S.A. (Panamá)
01/08/2004
01/06/2010
01/06/2011
30/06/2012
01/04/2013
Adjustment in Exchange
Investment Total
100.0 $
100.0 $
Colombiana de Licitaciones y Concesiones S.A.S
01/12/1994
01/03/1997
01/12/1998
01/03/1999
01/03/1999
01/03/1999
01/04/2000
01/05/2000
01/06/2000
01/01/2003
01/08/2003
01/01/2004
01/07/2004
01/07/2009
30/06/2014
Investment Total
95.0 $
3.0
2.0
100.0 $
(Continues)
63
AND SUBORDINATES
Acquisition Date
Participation
%
June 30,
2014
December
31, 2013
Pizano S.A. (in Restructuring)
01/12/1998
01/03/1999
01/04/2002
01/09/2002
01/07/2004
01/12/2005
01/02/2007
01/12/2008
01/06/2012
Investment Total
2.3 $
0.3
17.7
0.7
0.1
4.5
10.4
4.0
40.0 $
5,142.5
860.7
11,973.8
437.8
26.2
1,688.5
5,626.4
3,359.8
27,655.7
1,836.0
58,607.4
5,142.5
860.7
11,973.8
437.8
26.2
1,688.5
5,626.4
3,359.8
27,655.7
1,836.0
58,607.4
546.4
1,538.5
951.2
665.0
728.2
1,868.0
1,790.9
1,539.7
716.6
639.0
813.2
938.2
3,063.0
611.1
868.9
17,277.9
546.4
1,538.5
951.2
665.0
728.2
1,868.0
1,790.9
1,539.7
716.6
639.0
813.2
938.2
3,063.0
611.1
868.9
17,277.9
9,652.9
319.0
12.4
133.3
2,535.3
12,422.5
25,075.4
9,652.9
319.0
12.4
133.3
2,535.3
12,652.9
01/12/1987
01/05/1994
01/12/1994
01/03/1995
01/06/1996
01/03/1998
01/06/2000
01/03/2002
01/03/2003
01/08/2003
01/03/2005
01/02/2008
01/08/2008
01/08/2009
Investment Total
21.2 $
33.3
54.5 $
Corporación Financiera Colombiana S.A.:
01/09/2005
01/12/2005
01/07/2006
01/09/2007
01/09/2007
30/06/2014
46.1 $
1.9
0.1
1.7
(0.3)
49.5
(Continues)
64
AND SUBORDINATES
Acquisition Date
Participation
%
June 30,
2014
December
31, 2013
Valora S.A.S
01/12/2005
16/03/2013
Investment Total
3.8
553.0
193.5
142.7
889.2
25,964.6
553.0
193.5
142.7
889.2
13,542.1
297.3
862.5
283.1
215.9
2,687.8
2,250.9
2,350.1
3,721.0
(440.8)
474.9
998.3
555.8
408.1
1,668.0
1,432.1
17,765.0
297.3
862.5
283.1
215.9
2,687.8
2,250.9
2,350.1
3,721.0
(440.8)
474.9
998.3
555.8
408.1
1,668.0
1,432.1
17,765.0
4.7
99.7 $
640.0
51.7
23.3
49.0
27.3
20.0
81.9
265.2
1,158.4
18,923.4
640.0
51.7
23.3
49.0
27.3
20.0
81.9
265.2
1,158.4
18,923.4
50.3 $
4,291.6
4,291.6
3.8
53.3 $
01/03/1994
01/07/1994
01/03/1995
01/03/1998
01/12/1999
01/05/2000
01/11/2001
01/11/2002
01/06/2003
01/03/2004
01/03/2006
01/03/2007
01/03/2010
01/03/2012
12.1 $
22.8
0.7
0.8
15.4
20.9
23.6
(1.3)
95.0
Colombiana de Licitaciones y Concesiones S.A.S.:
01/12/1999
01/05/2000
01/03/2004
01/03/2006
01/03/2007
01/03/2010
01/03/2012
Investment Total
4.7
Promotora y Comercializadora Turística Santamar S.A.
01/06/2000
(Continues)
65
AND SUBORDINATES
Acquisition Date
01/04/2001
01/09/2001
01/12/2001
01/04/2002
01/03/2003
01/06/2003
01/06/2005
01/07/2005
01/07/2007
01/06/2012
Investment Total
Participation
%
4.2
2.8
4.5
2.7
(4.2)
10.8
2.4
1.6
9.5
84.6 $
June 30,
2014
790.0
527.1
408.2
121.2
434.2
1,900.4
145.0
98.2
703.7
7,020.1
80.8
16,520.5
December
31, 2013
790.0
527.1
408.2
121.2
434.2
1,900.4
145.0
98.2
703.7
7,020.1
80.8
16,520.5
1,069.9
6,409.3
9,136.6
1,945.5
9,000.0
2,594.9
500.0
1,027.0
14,391.6
2,243.5
1,217.0
164.3
793.3
6,196.8
56,689.7
1,069.9
6,409.3
9,136.6
1,945.5
9,000.0
2,594.9
500.0
1,027.0
14,391.6
2,243.5
1,217.0
164.3
6,196.8
55,896.4
712.3
254.9
262.8
75.6
14.6
30.0
100.2
65.6
35.5
4.8
23.2
421.9
2,001.4
58,691.1
712.3
254.9
262.8
75.6
14.6
30.0
100.2
65.6
35.5
4.8
421.9
1,978.2
57,874.6
Organización Pajonales S.A.
01/05/1998
01/06/1999
01/02/2001
01/12/2006
01/02/2008
01/10/2008
01/02/2009
01/02/2010
01/03/2012
30/11/2012
28/05/2013
30/12/2013
30/06/2014
56.1 $
38.4
0.5
95.0
Valora S.A.S
01/06/1999
01/12/2006
01/02/2008
01/10/2008
01/02/2009
01/02/2010
01/03/2012
30/11/2012
28/05/2013
30/12/2013
30/06/2014
Investment Total
2.7
0.1
2.8
97.8 $
Gas Comprimido de Perú
(Continues)
66
AND SUBORDINATES
Acquisition Date
Participation
%
01/04/2009
01/09/2010
01/12/2010
01/06/2011
01/04/2012
30/11/2012
30/05/2013
30/12/2013
30/06/2014
Investment Total
June 30,
2014
80.0 $
December
31, 2013
7,028.7
1,978.6
1,923.1
1,440.7
11,237.8
(213.5)
2,097.7
5,752.2
3,039.0
(332.0)
33,952.3
7,028.7
1,978.6
1,923.1
1,440.7
11,237.8
(213.5)
2,097.7
5,752.2
(323.0)
30,922.3
99.1
4.8
9.5
9,000.0
6,942.2
17,000.0
40,000.0
16,637.8
30,292.3
6,253.2
7,204.2
133,344.0
4.8
9.5
9,000.0
6,942.2
17,000.0
40,000.0
16,637.8
30,292.3
6,253.2
126,139.8
-
0.2
0.5
0.3
0.4
0.1
0.1
1.6
0.2
0.5
0.3
0.4
0.1
1.5
459.0
151.1
267.7
55.3
63.6
996.7
134,342.3
459.0
151.1
267.7
55.3
933.1
127,074.4
3.4
4.2
4.3
91.9 $
Estudios y Proyectos del Sol S.A. Episol
S.A.
01/11/2008
01/05/2009
01/12/2009
01/05/2010
01/06/2011
01/12/2011
01/03/2012
30/11/2012
30/12/2013
30/06/2014
99.1 $
Colombiana de Licitaciones y Concesiones S.A.S.:
01/11/2008
01/05/2009
01/03/2012
30/11/2012
31/12/2013
30/06/2014
Estudios Proyectos e Inversiones de los Andes S.A.:
01/05/2010
01/03/2012
30/11/2012
31/12/2013
30/06/2014
Investment Total
0.9
0.9
100.0 $
(Continues)
67
AND SUBORDINATES
Acquisition Date
Participation
%
June 30,
2014
December
31, 2013
15,069.0
3,433.9
75,301.4
(7,447.7)
(20,296.6)
18,532.7
2,315.9
86,908.6
15,069.0
3,433.9
75,301.4
(7,447.7)
(20,296.6)
18,532.7
2,315.9
86,908.6
7,948.6
1,179.2
6,635.6
9,124.8
1,556.9
959.3
1,813.4
2,003.9
2,734.1
3,448.2
3,149.4
1,351.8
2,810.0
1,083.7
33,295.0
67,690.8
7,146.4
4,083.2
5,674.5
14,479.4
178,168.2
7,948.6
1,179.2
6,635.6
9,124.8
1,556.9
959.3
1,813.4
2,003.9
2,734.1
3,448.2
3,149.4
1,351.8
2,810.0
1,083.7
33,295.0
67,690.8
7,146.4
4,083.2
14,479.4
172,493.7
49.4
1.8
1.6
0.7
1.5
0.6
17.3
2.2
36.9
49.4
1.8
1.6
0.7
1.5
0.6
17.3
2.2
36.9
Proyectos de Infraestructura S.A.
01/03/1993
01/09/2003
01/12/2005
01/01/2006
01/05/2007
01/12/2011
Investment Total
25.2 $
8.5
54.5
88.2 $
Hoteles Estelar S.A.
01/03/1999
01/05/2000
01/09/2000
01/11/2000
01/10/2005
01/03/2007
01/09/2007
01/08/2008
01/03/2009
01/09/2009
01/02/2010
01/08/2010
01/03/2011
01/12/2011
01/03/2012
30/11/2012
30/04/2013
30/12/2013
30/06/2014
73.9 $
1.1
4.8
4.4
0.7
84.9
Colombiana de Licitaciones y Concesiones S.A.S.
01/06/2009
01/08/2009
01/02/2010
01/08/2010
01/03/2011
01/12/2011
01/03/2012
30/11/2012
30/04/2013
(Continues)
68
AND SUBORDINATES
Acquisition Date
Participation
%
30/12/2013
30/06/2014
Investment Total
0.1
0.1
85.0 $
June 30,
2014
46.7
3.0
161.7
178,329.9
December
31, 2013
46.7
158.7
172,652.4
17,484.1
432.3
4,990.7
5,678.0
5,810.0
514.5
1,804.3
306.9
1,677.7
30,359.9
3,218.4
21,838.6
2,281.7
96,397.1
17,484.1
432.3
4,990.7
5,678.0
5,810.0
514.5
1,804.3
306.9
1,677.7
30,359.9
3,218.4
2,281.7
74,558.5
2,107.1
1,620.2
167.3
1,162.6
358.9
5,416.1
101,813.2
2,107.1
1,620.2
167.3
358.9
4,253.5
78,812.0
15,434.3
1,329.1
9,000.0
1,510.0
1,822.5
10,527.2
1,043.6
15,434.3
1,329.1
9,000.0
1,510.0
1,822.5
10,527.2
1,043.6
Estudios Proyectos e Inversiones de los Andes S.A.
01/03/1999
01/09/1999
01/03/2000
01/06/2000
01/09/2002
01/01/2003
01/07/2003
01/01/2004
01/08/2004
01/09/2011
01/01/2012
30/06/2014
94.9 $
94.9
Colombiana de Licitaciones y Concesiones S.A.S
01/09/1999
01/09/2011
01/01/2012
30/06/2014
Total Investment
5.0
5.0
99.9 $
Valora S.A.S.
10/11/1993
31/08/2008
31/10/2008
29/09/2011
23/12/2011
23/12/2011
23/12/2011
95.2
4.8
(Continues)
69
AND SUBORDINATES
Participation
%
Acquisition Date
22/05/2012
06/06/2012
19/12/2012
31/12/2013
30/06/2014
Investment Total
June 30,
2014
10,879.1
8,648.6
4,104.0
12,996.9
5,073.6
3,813.5
86,182.4
December
31, 2013
10,879.1
8,648.6
4,104.0
12,996.9
3,813.5
81,108.9
500.0
1,500.0
2,000.0
500.0
310,689.2
999.9
16,021.5
100.0
310,689.2
999.9
16,021.5
14,005.0
341,715.6
100.0
100.0
20.0
20.0
20.0
20.0
100.0
100.0
168.8
168.8
168.8
168.8
100.0
Proyectos de Ingeniería y Desarrollos
S.A.S.
09/05/2012
30/06/2014
Investment Total
100.0
100.0
500.0
CFC Gas Holding S.A.S.
01/06/2012
30/05/2013
30/12/2013
30/06/2014
Investment Total
100.0
327,710.6
CFC Private Equity Holdings SAS
01/12/2012
Investment Total
01/12/2012
Investment Total
Maturity of Investments
June 30,
2014
Up to 1
year
Between 1
and 3 years
Between 3
and 5 years
Greater
than 5
years
Total
(Continues)
70
AND SUBORDINATES
Negotiable in
Debt Securities
Keep to Maturity
Available for Sale in Debt Securities
Participative Securities
$
22,181.3
85,131.8
1,972.0
109,285.1
$
983,404.6
87,636.6
300,082.3
1,371,123.5
117,642.6
5,847.0
982,514.9
1,106,004.5
435,912.5
4,364.0
980,957.2
3,039,937.8
4,461,171.4
1,559,141.0
182,979.4
2,265,526.4
3,039,937.8
7,047,584.6
December
31,
2013
Negotiable in
Debt Securities
Keep to Maturity
Available in Debt Securities
$
$
Up to 1
year
Between 1
and 3 years
Between 3
and 5 years
87,619.4
105,255.4
2,055.8
194,930.6
1,243,291.2
36,917.9
310,376.6
1,590,585.7
524,546.3
6,012.3
1,093,625.2
1,624,183.8
Greater
than 5
years
Total
463,525.8
4,512.8
653,504.1
2,813,899.2
3,935,441.9
2,318,982.7
152,698.4
2,059,561.7
2,813,899.2
7,345,141.0
Movement of the investments allowance is as follows:
June 30,
2014
Movement of the Investments Allowance
Initial Balance
Plus:
Minus: Penalties
Reimbursement Investments
Allowance
Conversion Adjustment
Final Balance
$
$
December 31,
2013
4,365.8
21.9
(8.5)
4,428.6
323.8
(88.1)
(225.0)
(298.4)
4,154.2
(0.1)
4,365.8
As of June 30, 2014 and December 31, 2013 the Home Office evaluated the credit risk of investments
in debt securities except for instruments or internal or external public debt securities issued or indorsed
by the Nation, those issued by Banco de la República and issued or guaranteed by Fondo de
Garantías de Instituciones Financieras – FOGAFÍN. The result of the evaluation was an “A” rating –
Investment with normal risk, except for the aforementioned.
Summary of the Investments Allowance
June 40,
2014
December 31,
2013
Negotiable
Debt Securities
$
Available for Sale
$
60.3
60.3
266.6
266.6
4,093.9
4,093.9
4,154.2
4,099.2
4,099.2
4,365.8
(Continues)
71
AND SUBORDINATES
6.
Loan Portfolio and Financial Leasing Operations, Net
The following is the detail of the loan portfolio and financial leasing operations:
June 30, 2014
Loan Portfolio
Ordinary Loans
Minus: Individual Allowance
Total Portfolio
$
December 31,
2013
$
335,222.4
(9,433.3)
325,789.1
303,046.2
(6,946.4)
296,099.8
Financial Leasing
Minus: Individual Allowance
Total Financial Leasing Operations
$
510,010.6
(16,509.5)
493,501.1
513,119.0
(16,130.1)
496,988.9
Total Financial Leasing and Loan portfolio
$
819,290.2
793,088.7
$
175,030.8
199,845.3
128,339.5
3,592.6
3,065.3
136.7
510,010.6
161,158.8
231,740.8
113,966.6
3,221.1
2,906.4
125.3
513,119.0
694,059.1
125,231.1
819,290.2
672,493.4
120,595.3
793,088.7
Financial Leasing Operations
Financial Leasing by Type of Asset
Vehicles
Real estate
Furniture and Fixtures
Computers
Other Goods (property) Given in Leasing
$
Financial Leasing and Loan Portfolio
Capital with Fit Collateral
Capital with Other Collateral
$
The average weighted maturity term of leasing contracts is 48 and 46 months as of June 30, 2014 and
December 31, 2013 respectively. For the loan portfolio the weighted average term is 44 and 41 months
as of June 30, 2014 and December 31, 2013 respectively.
Average return of the loan portfolio and financial leasing operations during the semesters ended on
June 30, 2014 was 11.18% EA and for the semester ended on December 31, 2013 11.41% EA.
The subordinate Leasing Corficolombiana S.A. has given in collateral to support financial obligations,
financial leasing contracts for the sum of $ 134.041.8 as of June 30, 2014 and for the sum of
$149.405.7 as of December 31, 2013.
(Continues)
72
AND SUBORDINATES
The subordinate Leasing Corficolombiana S.A. evaluated and rated the total portfolio and accounts
receivable. Once this study was conducted as of June 30, 2014 and December 31, 2013 the loan
portfolio and leasing operations by type, rating, economic sector and geographic zone is as follows:
June 30, 2014:
1. By Rating:
Commercial
Category
A
B
C
D
E
Capital
$
$
Guaranty Value
778,219.7
28,208.0
26,483.7
8,035.8
3,059.2
844,006.4
648,829.1
24,960.9
21,388.0
5,995.9
1,695.5
702,869.4
Capital
Allowance
14,834.0
1,202.7
2,332.0
4,425.7
3,034.4
25,828.8
Consumption
Category
$
A
E
$
Capital
Guaranty Value
1,126.9
99.7
1,226.6
845,233.0
1,126.9
64.5
1,191.4
704,060.8
Capital
Allowance
14.3
99.7
114.0
25,942.8
2. By Economic Sector
Commercial
CIIU
Finishing of textile products.
Office administrative services combined activities
Fund administration services
Airport activities, air navigation services and other
activities related to air transportation
Activities of collection agencies and credit rating offices
Activities of employment agencies
Activities of temporary employment agencies
Support activities for agriculture
Support activities for cattle raising
Support activities for diagnosis
Support activities for oil and natural gas extraction
Support activities for other mines and quarry exploitation
Therapeutic support activities
Architecture, engineering and other related activities of
technical advisory
Activities of entrepreneurial associations and of
employers
Activities of professional associations
Activities of management counselling
Activities of I.T. counselling and administration of I.T.
installations
Accounting activities, keeping accounting books, financial
$
Capital
2,227.8
362.0
955.8
Guaranty
2,134.8
362.0
955.8
Allowance
43.4
9.8
14.9
1,189.5
1,194.5
16.3
59.1
1,221.8
1,030.9
3,478.7
333.9
1,857.0
33,623.7
482.5
512.0
59.1
1,073.0
3,172.5
294.9
1,166.8
32,307.7
300.0
307.2
0.6
52.1
13.6
94.0
12.4
30.2
551.1
3.6
46.0
24,061.4
16,554.5
369.0
6,771.2
6,772.5
60.2
131.6
459.5
131.6
459.5
4.9
10.0
418.8
369.5
12.3
638.0
509.3
108.3
(Continues)
73
AND SUBORDINATES
Commercial
CIIU
audit and fiscal consulting activities
Carried
I.T systems development activities
Bottling and packing activates
Film and video exhibition activities
Activities of hospitals and clinics, with hospitalisation
Printing activities
Games of chance and bet activities
Medical practice activities, without hospitalisation
Dentistry practice activities
Travel agencies activities
Financial corporation‟s activities
Activities of individual homes as employers of domestic
personnel
Messenger activities
Activities of other associations n.c.p.
Activities of amusement parks and theme parks
Film, video, programs, advertising and TV commercials
production activities
Private security activities
Activities of services related to printing
Satellite telecommunications activities
Real estate activities
Real estate activities developed in exchange for a
retribution or by contract
Real estate activities with own goods or goods in leasing
Juridical activities
Post harvest activities
Theatre activities
Veterinary activities
Fresh water fish aquaculture
Storage and deposit
Renting of machinery and equipment
Leasing and renting of other personal effects and
domestic appliances n.c.p.
Leasing and renting of other types of machinery,
equipment and tangibles n.c.p.
Leasing and renting of vehicles
Wood sawmilling, planning and impregnation
Retail trade in non specialised establishments, selling
mainly different food products (provisions in general),
drinks and tobacco
Commercial banks
Commercialisation of electric energy
Wholesale in exchange for a retribution or by contract
Wholesale of domestic use appliances and equipment
Wholesale of drinks and tobacco
Wholesale of solid, liquid and gaseous fuels and related
products
Wholesale of computers, peripheral equipment and I.T.
software
Carried
Wholesale of scrap, rubbish and garbage
Wholesale of machinery and equipment for agriculture
and cattle raising
Capital
Guaranty
Allowance
79,815.2
79,815.2
2,910.6
38.2
43.0
6,990.3
4,308.3
7,822.3
12,097.9
1,567.4
5,059.1
519.0
68,125.2
68,125.2
1,094.9
19.6
43.0
5,665.9
3,869.5
7,822.3
11,927.6
535.7
5,027.3
519.0
1,452.7
1,452.7
33.1
1.0
0.7
74.1
49.5
72.5
175.0
32.0
56.5
5.1
13.0
13.0
0.5
774.1
1,136.5
3,719.0
416.6
3,512.6
17.8
30.3
29.4
26.5
13.9
0.7
169.8
18.6
833.3
9,425.9
162.4
18.6
9,372.1
5.6
0.6
10.0
138.6
454.2
421.6
9.2
20,572.7
1,747.1
28.1
286.4
177.1
200.0
28.9
1,502.9
17,860.3
1,747.1
216.3
145.3
174.4
200.0
28.9
1,401.4
301.2
59.5
4.2
4.8
6.3
6.0
0.5
32.3
431.9
431.9
12.8
5,668.4
4,459.6
390.9
7,100.7
1,817.3
7,070.0
1,817.3
656.2
74.2
2,270.1
2,095.7
39.0
39.7
97.8
220.8
826.9
2,414.9
39.7
97.8
220.8
779.5
214.9
0.4
1.0
3.9
8.3
46.6
23,489.8
19,330.8
516.1
3,044.5
1,560.0
29.8
209,708.2
209,708.2
1,195.5
178,472.5
178,472.5
1,018.8
4,388.9
4,388.9
233.0
515.9
467.5
16.3
(Continues)
74
AND SUBORDINATES
Commercial
CIIU
Wholesale of construction materials, hardware, paints,
glass products, plumbing materials and heating
Wholesale of inputs for agriculture; live animals
Wholesale of inputs for agriculture; live animals
Wholesale of other products n.c.p.
Wholesale of other types of machinery and equipment
n.c.p.
Wholesale of clothing
Wholesale of food products
Wholesale of pharmaceutical, medicinal, cosmetic and
toilet products
Wholesale of basic chemical products and plastics in
primary forms and chemical products for domestic use
Wholesale of textile products, manufactured products for
domestic use
Not specialised wholesale
Retail trade
Retail trade of hardware products, paints and glass
products in specialised establishments
Retail trade of second-hand goods
Retail trade of drinks and tobacco products in specialised
establishments
Retail trade of meats (including poultry), meat products,
fish and sea products in specialised establishments
Retail trade of automotive fuel
Retail trade of computers, peripheral equipment, software
and telecommunication equipment in specialised
establishments
Retail trade of domestic electric and gas appliances,
furniture and illumination equipment
Retail trade of milk, dairy products and eggs in
specialised establishments
Retail trade of lubricants (oils and greases), additives and
car cleaning products
Retail trade of other domestic goods in specialised
establishments
Retail trade of other food products n.c.p. in specialised
establishments
Retail trade of other new products in specialised
establishments
Retail trade of other products in mobile sales points
Capital
Carried
Retail trade of clothing and accessories (including leather
goods) in specialised establishments
Retail trade of agriculture products for consumption in
Retail trade of pharmaceutical, medicinal, cosmetic and
toilet goods in specialised establishments
Retail trade of textile products in specialised
establishments
Retail trade of all types of footwear and leather and
leather substitute goods in specialised establishments
Retail trade in non specialised establishments selling
mainly food, drinks and tobacco
Guaranty
Allowance
7,073.2
4,822.1
214.4
428.6
4,609.5
6,104.7
265.9
3,106.2
4,258.7
8.6
198.4
574.4
7,306.5
2,484.1
83.3
2,286.5
6,996.9
2,024.0
3,408.8
61.8
626.7
2,313.0
912.0
291.5
3,833.1
1,556.1
47.3
2,754.2
646.3
41.2
2,953.9
1,687.9
2,512.0
1,611.5
433.9
43.0
4,316.1
3,494.2
140.3
92.0
92.0
3.4
68.1
68.1
2.8
2,760.3
1,487.9
72.2
34,303.6
29,024.1
525.1
3,318.8
209.2
48.1
664.4
664.4
24.1
619.5
619.5
17.8
1,798.6
1,110.9
68.0
1,581.5
1,545.0
52.0
2,327.6
2,050.7
24.7
665.5
464.8
16.2
37.1
312,320.7
36.4
248,433.7
17.1
8,274.5
312,320.7
248,433.7
8,274.5
4,438.1
3,398.0
96.8
3,399.6
3,382.1
35.6
15,447.4
14,738.9
177.6
1,460.9
1,460.9
42.0
668.3
197.4
73.7
8,954.9
8,338.4
132.4
(Continues)
75
AND SUBORDINATES
Commercial
CIIU
Trade of new vehicles
Manufacture of textile material goods, except clothing
Manufacture of clothing, except leather goods
Construction
Construction of roads and railroads
Construction of non residential buildings
Construction of residential buildings
Construction of civil Works
Construction of public service projects
Brokerage of securities and basic product contracts
Cutting, shaping and finishing of Stone
Poultry breeding
Cattle and buffalo farming
Pig breeding
Farming of other animals n.c.p.
Rice cultivation
Coffee cultivation
Sugar cane cultivation
Cereal cultivation (except rice), legumes and oil seeds
Cultivation of tropical and sub tropical fruit
Vegetables and root crops cultivation
Cultivation of textile plants
Cultivation of banana and plantain
Demolition
Primary basic education
High school basic education
College education
Academic medium education
Technical medium education and of labour formation
Preschool education
Manufacture of oils and greases of animal and vegetal
origin
Manufacture of prepared foods for animals
Manufacture of non alcoholic drinks, production of mineral
water and other bottled water
Manufacture of cocoa, chocolate and candies
Manufacture of food and prepared plates
Carried
Manufacture of other food products n.c.p.
Manufacture of mil products
manufacture of bread and bakery
Manufacture of dairy products
Sugar manufacture and refining
Technical tests and analysis
Evacuation and treatment of residual water
Prepared food table service
Prepared food service in cafeterias
Prepared food auto service
Mixed exploitation (agriculture and livestock)
Halite extraction (salt)
Bituminous coal extraction (coal)
Wood extraction
Extraction of gold and other precious metals
Extraction of crude oil
Extraction of Stone, sand, common clays, plaster and
Capital
715.6
199.0
5,433.8
12,110.8
4,704.6
1,653.9
6,983.2
23,993.8
4,909.0
459.6
78.2
5,130.9
2,949.2
9,516.5
286.5
2,297.6
394.7
2,225.0
7,389.4
226.1
258.8
200.0
2,805.1
180.0
264.2
800.0
3,149.8
114.3
219.6
400.4
Guaranty
278.5
131.3
1,890.5
7,443.0
4,704.6
1,556.5
1,705.3
12,801.4
1,419.8
459.6
40.0
5,125.8
2,782.9
9,315.2
263.9
1,665.8
102.4
1,432.8
6,166.1
202.0
258.8
187.5
2,805.1
180.0
264.2
800.0
3,150.1
114.3
159.6
400.4
Allowance
8.0
3.2
140.6
204.3
76.4
91.1
384.8
1,073.4
56.0
20.9
2.0
62.4
146.5
123.3
9.5
71.8
10.5
42.6
359.2
32.6
9.6
5.9
48.3
5.3
3.6
26.3
38.6
1.3
2.8
5.3
4,542.2
4,542.2
45.0
23.6
14.0
6.6
2,647.7
2,193.3
67.5
510.5
16.7
454,480.2
454,480.2
2,648.8
2,436.3
2,629.0
312.3
43.9
805.5
510.5
16.7
355,033.5
355,033.5
2,463.7
1,864.9
2,152.4
176.7
43.9
561.0
17.3
0.6
12,035.7
12,035.7
64.6
120.6
44.7
37.8
0.4
66.3
274.6
253.4
4.5
10,911.4
105.9
77.7
2,165.3
67.3
701.2
48.8
318.9
4,950.0
886.6
10,911.5
105.9
77.7
2,124.5
67.3
701.2
48.8
318.9
886.6
185.5
3.5
0.8
76.9
2.3
24.6
1.7
86.1
59.6
27.4
(Continues)
76
AND SUBORDINATES
Commercial
CIIU
anhydrite
Manufacture of electric energy distribution and control
appliances
Manufacture of domestic use appliances
Manufacture of consumption electronic appliances
Manufacture of concrete, cement and plaster goods
Manufacture of plastic goods n.c.p.
Manufacture of leather footwear with any type of sole
Manufacture of car bodies, manufacture of trailers and
semi-trailers
Manufacture of cement, lime and plaster
Manufacture of mattresses and sommier beds
Manufacture of wiring devices
Manufacture of synthetic and artificial fibres
Manufacture of basic rubber forms and other rubber
products n.c.p.
Manufacture of rubber basic forms
Manufacture of electric threads and cables and of optic
fibre
Manufacture of Wood sheets for lining
Manufacture of medical and dentistry instruments and
materials
Manufacture of soaps and detergents, cleaning, polishing
preparations, perfumes and toiletries
Manufacture of machinery
Manufacture of machinery for agriculture and forestry
Manufacture of clay materials for construction
Manufacture of other pumps, compressors, faucets and
valves
Manufacture of other paper and cardboard goods
Manufacture of other Wood products, manufacture of cork
and basquetry products
Manufacture of other metal products n.c.p.
Manufacture of other mineral non metallic products n.c.p.
Manufacture of other chemical products n.c.p.
Manufacture of other types of electrical equipment n.c.p.
Carried
Manufacture of other type of machinery and special use
equipment n.c.p.
Manufacture of other type of machinery and general use
equipment n.c.p..
Manufacture of paper and corrugated cardboard;
manufacture of paper and cardboard containers and
packaging
Manufacture of Wood parts and pieces for carpentry and
woodworking for construction
Manufacture of paints, lacquers and coverings, and
printing ink and putty
Manufacture of pesticides and other chemical products for
agriculture use
Manufacture of plastics in primary forms
Manufacture of pharmaceutical products, medicinal
chemical substances and botanical products for
pharmaceutical use
Manufacture of metallic product for structural use
Manufacture basic chemical substances and products
Capital
Guaranty
Allowance
82.5
7.5
3.4
88.1
2.5
1,391.1
10,197.4
473.5
88.1
2.5
880.9
6,639.1
473.5
3.0
36.1
177.4
6.1
523.2
343.7
11.5
8,429.0
728.2
392.9
13.5
5,930.2
728.2
392.9
13.5
87.4
5.6
5.8
0.3
260.6
260.6
9.2
1,463.0
860.4
19.5
28.4
28.4
28.4
11,043.8
11,043.8
107.0
45.8
45.8
1.9
793.1
443.6
27.2
5,545.0
553.5
998.5
5,468.9
553.5
996.9
63.6
10.4
27.6
17.0
17.0
0.4
127.2
123.9
3.1
56.3
56.3
5.6
2,754.7
127.7
808.7
1,355.7
532,164.6
532,164.6
2,495.3
91.4
554.9
913.2
417,245.9
417,245.9
62.0
3.8
11.0
31.6
13,591.9
13,591.9
52.7
52.7
5.4
18.6
18.6
0.4
98.7
98.7
46.4
32.9
32.9
1.1
955.9
432.0
155.3
952.6
170.3
15.2
101.4
75.2
46.2
8,224.8
4,588.7
89.0
250.0
5,269.1
100.0
5.8
63.9
(Continues)
77
AND SUBORDINATES
Commercial
CIIU
Manufacture of carpets and floor rugs
Manufacture of knit products
Manufacture of vehicles and their engines
Manufacture of glass and glass products
Trusts, funds and similar financial entities
Metal forging, pressing, drawing and rolling; powdermetallurgy
Steel and iron casting
Casting of non ferrous metals
Electric energy generation
Hotels and Restaurants
Steel and iron basic industries
Precious metals basic industries
Electric installations
Research and experimental development in the field of
natural science and engineering
Washing and cleaning, including dry cleaning of textile
and leather products
Maintenance and repair of computers and peripheral
equipment
Maintenance and repair of motorcycles and parts and
pieces
Vehicles maintenance and repair
Specialised maintenance and repair of machinery and
equipment
Organisation of conventions and commercial events
Other classification
Other auxiliary activities of financial service activities n.c.p
Other transportation complementary activities
Other activities for human health attention
Other activities for cleaning buildings and industrial
premises
Other company support activities n.c.p.
Other information service activities n.c.p.
Carried
Other financial service activities, except insurance and
retirement pension activities n.c.p.
Other personal services activities n.c.p.
Other human resource supply activities
Other I.T. and information technology service activities
Other telecommunication activities
Other sports activities
Other specialised activities for building construction and
civil engineering works
Other professional, scientific and technical activities n.c.p.
Other activates related with the securities market
Other manufacturing industries n.c.p.
Other specialised installations
Other permanent cultivations n.c.p.
Other transitory cultivations n.c.p.
Other types of retail trade not conducted in
establishments, sale points or markets
Other places that sell prepared food n.c.p.
Hairstyling and other beauty treatments
Sea fishing
Funerals and related activities
Capital
110.5
28.8
1,246.2
6,816.9
7,975.7
Guaranty
107.2
28.8
771.3
4,991.6
6,028.0
Allowance
4.7
1.0
44.1
78.2
147.7
846.5
1,030.2
34.6
5,611.2
98.8
870.4
3,366.3
5,862.3
149.9
1,484.0
5,266.2
98.8
718.3
3,213.8
4,859.3
93.4
377.2
56.1
3.3
9.0
62.3
362.1
1.6
28.8
2.9
2.9
0.1
252.5
252.5
4.8
276.4
250.0
7.9
534.5
534.5
11.6
1,087.1
590.8
32.2
2,115.0
1,521.8
306.1
33.4
25,909.3
112.6
304.6
2,183.9
33.4
24,602.2
112.6
304.6
2,082.4
1.1
1,243.7
3.8
9.1
47.5
156.3
66.5
4.7
4,186.9
2,302.1
622,046.3
622,046.3
4,125.6
2,058.4
486,937.3
486,937.3
76.6
31.7
16,635.0
16,635.0
409.1
409.1
6.0
1,323.6
1,660.6
2,656.9
586.9
28.6
1,166.8
1,523.5
1,476.6
569.9
15.0
37.6
153.9
74.6
9.9
0.8
3,312.2
384.6
49.6
1,217.5
410.3
4,506.6
265.9
767.7
804.3
1,135.2
410.3
4,505.8
243.1
767.7
699.1
24.3
9.8
286.9
4.8
41.2
29.9
94.2
94.2
3.9
307.7
20.8
543.7
538.8
206.0
20.8
543.7
538.8
20.8
0.9
9.3
7.0
(Continues)
78
AND SUBORDINATES
Commercial
CIIU
Soil preparation
Preparation and spinning of textile fibres
Processing and conservation of meats and meat products
Processing and conservation of fruits, legumes,
vegetables and tubers
Processing and conservation of fish, crustaceans and
molluscs
Gas production, pipeline distribution of gaseous fuels
Collection of non dangerous waste
Recovery of materials
Used tires retreading
Regulation of activities of entities that offer health,
education, cultural and other social services
General insurance
Forestry and other forest related activities
Weaving of textile products
Completion and finishing of buildings and other civil
engineering works
Textile clothing
Cargo road transportation
Passenger transportation
Railroad cargo transportation
Mixed transportation
Metal treatment and coating, mechanic
Cut flowers cultivation
Leather tanning and re-tanning; re-tanning and dyeing
Manufacture of tanks, deposits and metal recipients,
except those used for packaging or transporting
merchandise
Sub Total
$
Capital
393.4
2,569.8
3,979.5
Guaranty
393.4
2,569.8
3,184.1
Allowance
13.6
35.2
362.0
3,419.8
3,266.7
56.7
765.6
223.6
30.0
9,809.1
733.8
242.1
1,662.3
9,809.1
733.8
242.1
1,662.3
96.6
8.8
98.3
28.2
2,453.8
2,453.8
47.6
105.5
244.0
358.1
105.5
235.0
189.6
4.3
4.6
46.5
690.1
501.2
14.7
36.9
97,046.6
73,108.9
3,589.3
351.9
425.9
18.5
424.3
102,332.0
68,761.9
3,388.0
305.3
425.9
13.9
424.9
1.7
4,144.9
3,360.4
39.5
9.4
10.8
0.4
6.4
75.5
-
2.0
844,006.4
702,869.4
25,828.8
Capital
Guaranty
Consumption
CIIU
Agriculture support activities
IT counselling activities and administration of IT premises
activities
Medical practice activities, without hospitalisation
Real estate activities conducted with own or leased
property
Wholesale trade of inputs for agriculture; live animals
Retail trade of hardware articles, paints and glass goods in
articles) in specialised establishments
Manufacture of clothing, except for leather clothing
Specialised installation of machinery and industrial
equipment
Electrical installations
Reinsurances
$
Capital
Allowance
12.1
12.1
0.2
47.7
47.7
0.6
0.7
0.7
-
23.7
23.7
0.3
51.3
51.3
0.6
55.1
55.1
0.7
15.0
15.0
0.2
76.2
74.4
76.2
64.5
1.0
74.4
127.4
127.4
1.6
77.1
548.5
38.3
77.1
523.2
38.3
1.0
32.0
0.5
(Continues)
79
AND SUBORDINATES
Consumption
CIIU
Road cargo transportation
Sub Total
$
Capital
Guaranty
44.2
34.9
1,226.6
845,233.0
44.2
34.9
1,191.4
704,060.8
Capital
Allowance
0.6
0.3
114.0
25,942.8
3. By Geographic Zone
Geographic Zone
Commercial
Central
North West
South West
Capital
$
Guaranty Value
528,141.3
157,715.0
158,150.1
844,006.4
Geographic Zone
Capital
North West
South West
Guaranty Value
74.3
1,152.3
1,226.6
845,233.0
$
432,906.8
131,470.5
138,492.1
702,869.4
64.5
1,126.9
1,191.4
704,060.8
Capital
Allowance
15,181.5
4,919.9
5,727.4
25,828.8
Capital
Allowance
74.4
39.6
114.0
25,942.8
December 31, 2013
1. By Rating
Commercial
Category
A
B
C
D
E
Capital
$
$
756,440.7
35,032.1
14,355.8
6,035.5
2,808.7
814,672.8
Guaranty Value
955,645.2
49,365.0
17,445.9
8,500.2
2,718.3
1,033,674.6
Capital
Allowance
14,692.2
1,354.0
1,242.1
2,937.1
2,729.8
22,955.2
Consumption
Category
A
D
$
Capital
1,364.1
53.9
Guaranty Value
2,665.9
56.3
Capital
Allowance
20.3
26.6
(Continues)
80
AND SUBORDINATES
$
74.4
1,492.4
816,165.2
66.5
2,788.7
1,036,463.3
74.4
121.3
23,076.5
Commercial
CIIU
Finishing of textile products
Office administrative services combines activities
Fund administration activities
Activities of collection agencies and credit rating offices
Activities of temporary employment agencies
Activities of insurance brokers
Agriculture support activities
Cattle farming support activities
Diagnostic support activities
Support activities for oil and natural gas extraction
Support activities for other mine and quarry exploitation
activities
Architecture and engineering activities and other activities
related with technical consulting
Activities of entrepreneurial and employee associations
Activities of professional associations
Management consulting activities
I.T consulting activities and I:T: installation management
activities
Carried
Accounting, book keeping, financial audit and fiscal
advisory activities
I.T. systems development activities
Film and video exhibition activities
Hospital and clinic activities with hospitalization
Printing activities
Gambling and bet activities
Medical practice activities without hospitalisation
Dentistry practice activities
Travel agencies activities
Individual home activities as employers of domestic
personnel
Messenger service activities
Activities of other associations n.c.p.
Activities of amusement parks and theme parks
Activities for film, video, TV programs, announces and
commercials
Private security activities
Activities of security system services
$
Capital
1,662.7
119.7
1,130.8
69.0
623.5
366.6
4,683.1
214.9
1,415.9
35,841.4
Guaranty
2,209.2
150.6
1,150.2
91.4
2.3
788.9
10,999.5
172.1
1,049.5
41,344.4
Allowance
37.0
2.9
17.5
0.7
8.9
13.7
105.7
8.3
29.7
672.8
571.4
292.9
4.6
651.6
434.2
56.1
13,710.3
10,300.2
201.4
5,662.7
160.0
678.5
191.7
259.9
1,311.3
72.7
5.9
16.1
219.6
301.1
5.8
67,781.7
67,781.7
71,049.4
71,049.4
1,259.8
1,259.8
861.2
1,696.7
88.7
3,144.1
109.9
10,052.0
5,427.2
4,206.7
11,228.2
1,687.0
1,274.0
1,094.9
109.9
8,105.5
4,995.6
4,946.3
14,243.0
1,608.9
1,111.4
37.7
1.8
140.8
68.9
45.0
170.4
27.6
13.1
15.4
36.9
0.6
225.0
142.8
4,057.7
142.8
3,831.3
5.2
4.8
32.1
30.0
15.0
0.8
254.4
145.3
615.6
-
6.8
1.8
(Continues)
81
AND SUBORDINATES
Commercial
CIIU
Activities of printing related services
Satellite telecommunication activities
Real Estate activities
Real estate activities performed in exchange for a
retribution or contract
Real estate activities conducted with own or leased goods
Legal activities
Theatre related activities
Veterinary activities
Fresh water aquaculture
Agriculture, cattle and forestry
Feeding/Food
Storage and deposit
Lease of machinery and equipment
Leasing and rental of other personal belongings and
household goods n.c.p.
Leasing and rental of other types of machinery, equipment
and tangible goods n.c.p.
Vehicle leasing and rental
Wood sawmilling, planning and impregnation
Electric energy commercialisation
Retail trade in non specialised establishments
Wholesale trade in Exchange for a retribution or contract
Capital
26.0
1,000.0
9,905.1
Guaranty
57.9
12,016.0
Allowance
0.9
12.0
102.2
565.1
526.2
11.4
21,055.9
1,342.3
164.3
218.5
200.0
20.0
992.8
36.8
1,722.4
31,462.9
2,724.7
164.3
236.6
2,496.9
15.0
1,419.2
70.2
2,050.5
312.5
48.2
4.8
7.8
6.0
0.4
14.3
0.7
34.6
469.8
1,178.3
13.9
6,168.8
6,353.7
417.1
4,438.7
362.2
190.7
2,099.2
267.1
161,888.3
8,171.4
823.5
484.0
3,866.0
477.2
188,197.7
407.1
13.4
1.9
34.8
4.4
3,354.3
Carried
Wholesale trade of appliances and domestic use
equipment
Wholesale trade of drinks and tobacco
Wholesale trade of solid, liquid, gaseous fuels and related
products
Wholesale trade of computers, peripheral equipment and
I.T. software
Wholesale trade of waste, rubbish and scrap
Wholesale trade of electronic and telecommunications
equipment and parts.
Wholesale trade of machinery and equipment for
agriculture and cattle
Wholesale trade of construction materials, hardware
among other
Wholesale of agriculture and cattle inputs, live animals
Wholesale trade of metals and metal products
Wholesale trade of other products
Wholesale trade of other types of machinery and
equipment n.c.p.
Wholesale trade of clothing
Wholesale trade of food products
Wholesale trade of pharmaceutical, medicinal, cosmetics
and toiletry products
Wholesale trade of basic chemical products
161,888.3
188,197.7
3,354.3
966.7
931.9
9.8
1,152.6
178.5
15.2
24,500.9
26,874.1
507.8
2,500.5
2,076.0
22.0
346.3
227.3
210.1
11.7
-
1.4
628.0
847.4
18.4
8,085.1
7,376.0
169.1
3,998.7
370.2
6,038.6
7,508.4
370.2
5,955.4
163.5
7.4
567.9
9,233.8
3,775.1
141.7
2,131.6
7,378.2
1,803.3
6,074.0
55.7
215.7
2,967.8
3,154.0
237.0
3,895.7
1,291.8
51.2
(Continues)
82
AND SUBORDINATES
Commercial
CIIU
Wholesale trade of textile products, products
manufactured for domestic use
Non specialised wholesale trade
Retail trade
Retail trade of hardware articles, paints and glass
products in specialised establishments
Retail trade of drinks and tobacco products in specialised
establishments
Retail trade of meat, fish and sea products in specialised
establishments
Retail trade of vehicle fuels
Retail trade of computers, peripheral equipment, I:T:
programs and telecommunication equipment in
Retail trade of domestic electric and gas appliances,
furniture and illumination equipment
Retail trade of milk, dairy products and eggs in specialised
establishments
Retail trade of lubricants (oils and greases) additives and
cleaning products for vehicles
Retail trade of other domestic articles in specialised
establishments
Retail trade of other food products n.c.p in specialised
establishments
Carried
Retail trade of other new products in specialised
establishments
Retail trade of clothing and accessories in specialised
establishments
Retail trade of agriculture products for consumption in
Retail trade of pharmaceutical, medicinal, cosmetic and
toiletries in specialised establishments
Retail trade of textile products in specialised
establishments
Retail trade of all types of footwear and leather and leather
like articles in specialised establishments
Retail trade in non specialised establishments of products
mainly of food, drinks and tobacco
Trade of new vehicles
Manufacture of articles with textile materials, except for
clothing
Clothing manufacture except leather goods
Construction
Road and railroad construction
Construction of non residential buildings
Construction of civil engineering Works
Construction of public service projects
Mail and telecommunications
Securities brokerage and of basic product contracts
Capital
Guaranty
Allowance
2,118.0
480.2
29.2
3,345.8
2,816.8
3,199.2
3,169.3
55.8
70.4
3,278.2
4,251.6
101.5
73.5
94.0
3.0
2,871.7
1,971.2
72.5
37,558.1
44,534.4
614.2
3,357.8
219.0
51.0
893.2
1,249.5
31.9
362.1
407.0
13.1
977.8
429.2
40.1
140.0
198.5
5.2
2,522.9
2,714.4
27.1
296,410.6
296,410.6
319,558.6
319,558.6
6,863.2
6,863.2
844.6
815.1
20.3
39.8
52.1
18.4
2,344.2
2,501.6
36.7
3,615.8
4,273.2
40.1
16,644.7
17,453.3
178.4
669.6
669.6
19.3
600.4
379.4
70.1
2,366.9
3,285.4
68.2
1,198.0
843.2
14.2
235.4
152.3
3.9
6,082.2
12,774.5
905.1
1,188.4
8,333.2
24,948.9
5,154.7
501.3
201.6
2,207.5
11,509.4
935.8
1,310.3
8,425.8
18,498.6
1,985.7
752.8
394.9
150.2
188.8
20.4
72.9
400.6
1,028.0
57.7
5.0
32.5
(Continues)
83
AND SUBORDINATES
Commercial
CIIU
Poultry breeding
Pig farming
Farming of other animals n.c.p.
Rice cultivation
Sugar cane cultivation
Cereals cultivation (except rice), legumes and oil seeds
Cultivation of tropical and sub tropical fruits
Cultivation of vegetables and root crops
Cultivation of plantain and bananas
Demolition
Primary basic education
College institutions or technology schools education
Academic high school
Technical and labour formation high school
Capital
3,282.5
1,742.5
3,459.2
350.9
2,098.0
2,348.6
13,563.9
155.5
155.8
2,472.5
106.4
338.0
122.6
22.2
377.3
415,655.8
Guaranty
5,112.0
4,005.0
10,993.0
462.6
2,827.0
2,032.3
23,689.6
1,672.5
155.8
4,107.2
106.4
361.5
225.5
22.2
288.0
452,065.2
Allowance
41.8
87.6
90.0
11.2
59.7
47.2
442.1
6.0
5.8
38.2
2.3
4.5
1.2
0.6
6.4
10,133.5
Carried
Manufacture of animal and vegetal origin oils and greases
Manufacture of prepared food for animals
Manufacture of cocoa, chocolate and candy products
Manufacture of food and prepared plates
Manufacture of other food products n.c.p.
Manufacture of mil products
Manufacture of bakery products
Sugar manufacture and refining
Residual waters evacuation and treatment
Table service of prepared food
Cafeteria food service
Auto service of prepared food
Mixed exploitation (agriculture and cattle)
Halite extraction (salt)
Extraction of bituminous coal (coal)
Wood extraction
Crude oil extraction
Extraction of stone, sand, common clays, plaster and
anhydrite
Manufacture of electric energy distribution and control
devices
Manufacture of consumption electronic devices
Manufacture of concrete, cement and plaster articles
Manufacture of plastic articles n.c.p.
semi trailers
415,655.8
3,979.4
23.6
218.5
19.3
2,231.1
3,217.7
2,016.3
609.4
72.1
991.3
302.2
8,710.0
82.0
182.2
2,441.6
76.7
892.1
53.3
82.1
3,083.9
452,065.2
4,423.3
39.2
250.4
19.3
2,384.1
2,878.6
2,047.3
505.4
222.2
613.5
264.3
11,356.1
174.2
182.2
3,706.5
88.6
1,584.1
53.3
82.1
3,086.9
10,133.5
75.6
2.3
7.4
0.7
48.0
108.0
25.8
15.1
0.7
73.3
5.0
103.1
2.7
1.8
90.3
2.6
31.0
1.8
11.6
37.6
827.0
1,380.5
31.1
823.2
43.5
13.1
17.0
1,058.2
10,832.3
9.7
505.9
13,275.5
0.5
24.3
213.2
2,284.5
2,262.4
28.7
(Continues)
84
AND SUBORDINATES
Commercial
CIIU
Manufacture of rubber basic forms and other rubber
products n.c.p.
Manufacture of plastic basic forms
Manufacture of electric threads and cables and of optic
fibre
Manufacture of Wood sheets for lining
Manufacture of medical and dentistry instruments and
materials
Manufacture of soaps and detergents prepared for
cleaning and polishing; perfumes and toiletries
Manufacture of machinery
Manufacture of machinery for agriculture, cattle farming
and forestry
Manufacture of other pumps, compressors, faucets and
valves
Manufacture of other paper and cardboard articles
Capital
5,597.8
Guaranty
3,223.5
Allowance
68.3
2,726.4
2,726.5
111.4
1,772.3
1,080.2
25.4
444.3
574.6
34.5
10,735.6
11,051.4
104.1
49.4
81.3
2.0
612.6
458.7
14.0
4,313.0
4,511.9
50.4
Carried
Manufacture of other wood products; manufacture of cork
articles, manufacture of basketry
Manufacture of other metal products n.c.p.
Manufacture of other mineral non metallic products n.c.p.
Manufacture of other chemical products n.c.p.
Manufacture of other types of electrical equipment n.c.p.
Manufacture of other types of special use machinery and
equipment n.c.p.
Manufacture of other types of general use machinery and
equipment n.c.p..
Manufacture of paper and corrugated cardboard;
manufacture of paper and cardboard containers and
packing
Manufacture of paints, lacquers and similar linings,
printing inks and putty
Manufacture of pesticides and other chemical products for
agriculture and cattle farming use
Manufacture of plastic in primary forms
Products Manufacture
Manufacture of pharmaceutical products, medicinal
chemical substances and botanical products of
pharmaceutical use
Manufacture of basic chemical substances and products
Manufacture of rugs and floor linings
Manufacture of knit and crochet articles
Manufacture of glass and glass products
Trusts, Funds and similar financial entities
Steel and iron casting
Non ferrous metals casting
Generation electrical energy
639.8
639.8
12.1
1,080.0
1,091.5
28.8
26.0
46.1
0.9
150.4
488,930.4
168.3
529,158.1
3.5
11,544.2
488,930.4
529,158.1
11,544.2
75.2
151.4
2.9
3,508.0
71.4
1,065.3
2,460.0
3,593.5
102.8
976.7
1,116.9
71.2
2.4
14.3
34.5
72.4
72.4
8.2
180.3
180.3
2.8
139.8
139.8
7.9
1,117.0
759.7
24.7
190.1
190.1
6.4
56.2
90.5
41.0
-
33.1
3.7
7,794.9
4,197.5
84.8
5,571.2
18.3
38.1
6,369.6
8,342.4
6,061.4
119.6
988.4
14.7
38.1
5,469.7
6,677.4
5,641.8
119.6
811.7
67.1
0.4
1.3
72.8
151.5
60.7
4.0
10.3
(Continues)
85
AND SUBORDINATES
Commercial
CIIU
Hotels and Restaurants
Wood industry
Precious metals basic industries
Electrical installations
Financial intermediation
Washing and cleaning, including dry cleaning of textile and
leather products
Maintenance and repair of computers and peripheral
equipment
Specialised maintenance and repair of machinery and
equipment
Organisation of conventions and commercial events
Other auxiliary activities of financial services activities
n.c.p
Other activities for human health attention
Carried
Other building and industrial premises cleaning activities
Other support activities for companies n.c.p.
Other information service activities n.c.p.
Other financial service activities except for insurance and
retirement pension services n.c.p.
Other personal service activities n.c.p.
Other activities for the supply of human resource
Other I.T. activities and I.T. service activities
Other telecommunications activities
Other specialised activities for building and other civil
engineering activities
Other professional, scientific and technical activities n.c.p.
Other activities related with the securities market
Other manufacturing activities n.c.p.
Other specialised activities
Other permanent cultivations n.c.p
Other transitory cultivations n.c.p.
Other types of retail trade not in specialised
establishments, sale points or markets
Other types of prepared food services n.c.p.
Hairdressing and other beauty treatments
Sea fishing
Funerals and related activities
Soil preparation
Preparation and spinning of textile fibres
Processing and conservation of meat and meat products
Processing and conservation of fruit, legumes, vegetables
and roots
Processing and conservation of fish, crustaceans and
Capital
1,398.7
22.6
6,166.9
1,012.4
159.1
114.0
Guaranty
1,228.8
51.4
5,166.1
111.1
159.1
150.2
Allowance
27.6
0.5
371.3
12.0
5.4
4.2
278.6
302.4
5.4
90.8
46.6
2.4
312.1
1,113.2
12.1
2,988.0
3,354.4
202.5
36.2
23,515.9
71.0
40,644.7
1.2
1,148.7
153.9
224.9
5.2
1,833.6
571,343.3
571,343.3
185.9
4,842.7
1,671.7
1,914.7
613,991.8
613,991.8
78.1
12,705.0
1,650.9
61.1
14,068.8
14,068.8
5.6
88.8
18.5
445.4
700.6
6.5
1,438.5
2,235.0
2,899.7
58.6
1,689.7
1,768.9
1,774.8
79.2
38.5
142.9
77.0
1.5
990.9
119.0
12.4
743.0
1,585.0
4,666.9
375.3
694.7
576.2
1,034.7
1,737.8
8,844.2
347.4
823.1
812.9
12.0
22.8
283.5
8.6
25.2
22.9
3.3
3.3
0.1
427.1
22.5
730.1
591.0
336.0
2,572.3
4,351.8
377.6
63.6
667.6
266.7
420.0
2,578.9
3,787.7
7.6
0.9
11.1
7.4
11.4
35.3
281.9
3,468.8
3,342.9
37.8
161.1
-
6.7
(Continues)
86
AND SUBORDINATES
Commercial
CIIU
Capital
Guaranty
Allowance
molluscs
Gas production; gaseous fuels pipeline distribution
Publicity
Collection of non dangerous waste
Recovery of materials
Retreading of used tires
Regulation of activities of entities in charge of health,
education, cultural and other social services
Weaving of textile products
Termination and finishing of building and civil engineering
works
Textiles and clothing
Carried
Railroad cargo transportation
Train passenger transportation
Fluvial cargo transportation
Mixed transportation
Metal treatment and coating, mechanical
Sub Total
6,817.1
74.5
869.6
94.0
1,799.1
6,831.2
137.3
972.2
94.0
1,885.8
69.9
3.4
11.2
94.0
28.3
2,602.0
10,899.1
78.3
350.1
161.0
46.6
829.6
1,431.9
18.8
51.1
112,745.8
733,649.7
733,649.7
74,916.8
5,212.4
279.5
12.5
65.7
536.2
814,672.8
212,366.6
894,445.5
894,445.5
129,354.5
8,642.4
357.0
174.5
93.8
606.9
1,033,674.6
2.3
4,388.2
19,976.7
19,976.7
2,899.0
57.5
5.9
0.4
2.4
13.3
22,955.2
Consumption
CIIU
Capital
Support activities for agriculture
I.T. counselling activities and I.T. premises administration
activities
Medical practice activities without hospitalisation
Real estate activities conducted with own or leased goods
Wholesale trade of agriculture inputs/raw materials; live
animals
Retail trade of electric and gas domestic appliances and
illumination equipment
articles) in specialised establishments
Manufacture of clothing except for leather clothing
Specialised installation of machinery and industrial
equipment
Electric installations
Financial intermediation
Sub Total
25.1
$
Guaranty
Capital
Allowance
55.3
0.4
53.2
66.3
0.8
10.0
46.9
197.9
106.3
0.2
0.7
70.7
203.3
1.1
104.4
127.8
1.6
18.0
48.9
0.3
90.8
74.4
133.3
66.5
1.3
74.4
155.6
251.7
2.3
90.0
42.1
634.3
48.6
28.3
1,492.4
816,165.2
112.9
69.4
1,236.8
71.1
41.2
2,788.7
1,036,463.3
1.3
0.6
35.2
0.7
0.4
121.3
23,076.5
(Continues)
87
AND SUBORDINATES
Geographic Zone
Commercial
Central
North East
South West
North West
Capital
$
Consumption
North West
South West
$
Guaranty Value
Capital
Allowance
500,102.4
3,933.9
161,225.0
149,411.5
814,672.8
674,334.1
4,129.7
150,344.6
204,866.2
1,033,674.6
13,603.2
73.4
4,475.3
4,803.3
22,955.2
360.3
1,132.1
1,492.4
816,165.2
71.5
2,717.2
2,788.7
1,036,463.3
74.1
47.2
121.3
23,076.5
Restructured Leasing Contracts and Loan Portfolio
As of June 30, 2014 restructured contracts in the subordinated company Leasing Corficolombiana
S.A. were represented in 98 clients that corresponded to 182 leasing contracts and 51 loan
promissory notes.
1. By rating
Commercial
Category
A
B
C
D
E
Capital
$
$
Guaranty
14,956.5
9,850.7
12,336.8
1,708.3
545.8
39,398.1
9,308.6
9,155.3
10,811.4
1,574.3
296.6
31,146.2
Capital
Allowance
390.9
409.5
1,200.5
699.9
533.3
3,234.1
Interest
Interest
Allowance
75.2
175.9
342.4
46.3
7.7
647.5
2.2
9.9
313.6
40.0
7.7
373.4
Commercial
CIIU
Architecture and engineering activities and other technical
advisory related activities
Rental and leasing of other types of machinery,
equipment and tangible goods n,c,p,
Wholesale trade of construction materials, hardware
articles, paints, glass products, plumbing and heating
equipment and materials
308.2
103.4
Capital
Allowance
41.2
0.3
Interest
Allowance
-
490.4
-
38.1
19.3
1.5
74.7
73.6
34.7
0.4
0.2
680.5
680.5
60.9
24.1
3.0
Capital
Guaranty
Interest
(Continues)
88
AND SUBORDINATES
Commercial
CIIU
Capital
Retail trade of vehicle fuel
Retail trade of agricultural products for consumption in
Manufacture of clothing, except leather clothing
Construction of engineering civil works
Carried
Pig farming
Manufacture of mill products
Manufacture of plastic articles n,c,p,
semi trailers
Manufacture of basic chemical substances and products
Other manufacturing industries n,c,p,
Preparation and weaving of textile fibres
Processing and conservation of meat and meat products
Processing and conservation of fruits, legumes,
vegetables and roots
Completion and finishing of buildings and other civil
engineering works
Guaranty
Capital
Allowance
388.0
11.6
17.1
Interest
24.4
5.9
0.5
Interest
Allowance
24.4
0.1
0.3
936.5
503.6
37.1
936.5
36.4
56.5
56.5
2.4
0.4
-
51.4
1,469.3
4,608.2
284.4
2,171.3
51.4
250.6
896.0
2.1
78.8
156.2
2.1
78.7
110.3
4,608.2
16.0
5.7
23.6
715.3
113.1
463.1
71.0
762.8
2,171.3
12.8
4.6
14.0
577.6
75.0
463.1
71.0
762.8
896.0
0.8
1.3
6.6
71.6
31.4
59.5
3.0
52.0
156.2
0.2
0.1
11.2
3.2
2.0
1.2
0.6
110.3
0.1
6.3
3.2
0.4
0.1
-
138.4
-
2.7
0.8
-
35.4
48.4
5,069.1
3,812.4
8.0
892.7
22.2
2,560.6
176.0
33.8
22.2
3,812.4
8.0
762.2
21.4
2,560.6
175.9
0.9
44.4
61.1
261.1
0.3
142.0
9.8
35.1
17.2
0.1
1.5
24.6
23.9
0.1
17.2
13.0
1.9
1.5
0.3
2.0
4.9
0.3
0.2
2,916.3
2,916.3
46.5
82.7
1.6
214.8
214.8
8.2
0.3
-
2,146.4
14,578.6
39,398.1
2,038.2
14,428.2
31,146.2
343.0
1,139.6
3,234.1
24.5
282.2
647.5
2.0
240.2
373.4
Geographic Zone
Central
North West
South West
Capital
$
$
24,520.3
7,002.4
7,875.4
39,398.1
Guaranty
21,905.0
1,630.2
7,611.0
31,146.2
Capital Allowance
2,214.6
365.4
654.1
3,234.1
Interest
Interest
Allowance
446.6
46.5
154.4
647.5
328.7
9.1
35.6
373.4
As of December 31, 2013 restructured contracts were represented in 91 clients in the mode of leasing
contracts and 212 credit promissory notes corresponded to 36.
(Continues)
89
AND SUBORDINATES
1.
By Rating
Commercial
Category
A
B
C
D
E
Capital
$
$
15,332.4
19,456.7
5,707.6
450.4
597.4
41,544.5
Guaranty
23,129.0
26,350.6
5,525.1
939.1
788.6
56,732.4
Capital
Allowance
470.9
804.5
480.9
189.7
589.0
2,535.0
Interest
Interest
Allowance
92.0
193.9
38.9
6.4
6.3
337.5
3.1
10.9
7.3
4.2
6.4
31.9
Commercial
CIIU
Wholesale trade of solid, liquid and gaseous fuels and
related products
Wholesale trade of pharmaceutical, medicinal products,
cosmetics and toiletry.
Retail trade of other new products, in specialised
establishments
Construction of other civil engineering works
Cereal cultivation (except rice), legumes and oilseeds
Manufacture of mill products
Manufacture of plastic articles n.c.p.
Manufacture of limestone materials for construction
Vehicle maintenance and repair
Other Classification
Other manufacturing industries n.c.p.
Preparation and weaving of textile fibres
Processing and conservation of meat and meat
products
Road transportation of cargo
359.7
125.7
Capital
Allowance
48.3
0.2
Interest
Allowance
-
4,468.6
4,571.4
290.0
44.4
3.4
253.3
-
33.8
0.4
0.4
936.5
1,429.1
13.3
8.6
0.2
1.4
132.7
1.1
-
-
39.8
1,487.6
16.0
151.5
23.6
1,171.8
113.1
93.8
830.7
69.1
37.2
48.4
3,914.5
14.4
677.3
26.9
2,560.6
52.1
380.9
12.8
151.5
39.2
749.3
56.5
93.8
6,692.2
145.5
48.6
33.2
3,914.5
95.2
839.2
26.9
2,560.6
18.4
128.0
0.8
151.5
2.3
81.5
7.0
3.5
56.5
2.4
0.9
32.9
268.1
0.6
103.2
2.4
35.1
41.0
0.2
2.2
9.2
3.4
1.3
1.6
0.7
1.5
25.5
0.1
10.7
-
3.3
2.2
4.2
0.3
0.1
0.1
0.1
1.5
2.1
3.1
-
Capital
Guaranty
Interest
181.5
420.6
17.6
0.4
-
7,671.0
16,396.2
41,544.5
9,823.1
24,337.8
56,732.4
528.9
706.9
2,535.0
75.4
110.7
337.5
3.1
7.8
31.9
(Continues)
90
AND SUBORDINATES
Geographic Zone
Central
North West
South West
Capital
$
30,301.1
2,285.4
8,958.0
41,544.5
$
Capital
Allowance
Guaranty
38,964.8
1,935.8
15,831.8
56,732.4
Interest
Allowance
Interest
1,829.8
236.1
469.1
2,535.0
252.0
12.5
73.0
337.5
20.8
3.0
8.1
31.9
Goods given in leasing and loan portfolio in Law 550 of 1999 and Law 1116
For the June 2014 period leasing contracts in Law 550 of 1999 and Law 1116 correspond to 20
clients related through 67 leasing contracts and 16 loan promissory notes, as follows:
1. By Rating
Commercial
Category
B
C
D
E
$
$
Capital
Guaranty
Capital
Allowance
648.0
10,097.0
1,830.1
753.3
13,328.4
98.8
9,433.9
1,476.6
315.2
11,324.5
49.2
733.1
1,213.6
743.6
2,739.5
Interest
Interest
Allowance
Other
Allowance
Other
0.8
158.9
59.5
23.3
242.5
2.1
116.3
49.0
62.3
229.7
0.2
80.5
48.4
62.3
191.4
10.5
215.1
61.1
23.3
310.0
Commercial
CIIU
Cereal cultivation (except rice), legumes
and oilseeds
Poultry farming
Wholesale of waste, rubbish and scrap
Preparation of mill products
Construction of other civil engineering
Guaranty
Capital
Allowance
151.5
151.5
151.5
135.0
29.1
214.9
437.4
158.0
135.0
24.0
57.4
87.4
158.0
67.5
14.1
205.2
32.8
71.4
Capital
Interest
Allowance
Other
Allowance
Other
2.2
2.2
24.3
24.3
3.7
0.4
6.6
9.1
4.8
3.7
0.3
6.6
0.7
4.6
1.8
0.8
5.9
2.2
1.8
0.4
5.9
0.3
Interest
(Continues)
91
AND SUBORDINATES
Commercial
CIIU
Capital
works
Wholesale of agriculture and cattle
farming inputs; live animals
Manufacture of electrical threads and
cables and of optic fibre
Other manufacturing industries n,c,p,
Manufacture of paper and corrugated
cardboard; manufacture of paper and
cardboard containers and packing
Wholesale of solid, liquid and gaseous
fuels and related products
Support activities for the extraction of oil
and natural gas
Wholesale of other products n,c,p,
Vehicle leasing and rental
Wholesale of pharmaceutical, medicinal
products, cosmetics and toiletry
Manufacture of soaps and detergents
prepared for cleaning and polishing,
perfumes and toiletry preparations
Processing and conservation of meat
and meat products
Specialised maintenance and repair of
machinery and equipment
77.9
Guaranty
Capital
Allowance
77.9
77.9
Interest
Interest
Allowance
Other
Allowance
Other
2.3
17.1
17.1
2.3
28.4
28.4
28.4
1.1
1.1
9.6
9.6
4,308.8
4,308.8
272.9
174.8
146.1
73.4
73.4
98.7
98.7
46.4
2.8
2.8
13.3
13.3
4,488.9
4,089.9
316.3
21.0
1.9
39.0
3.5
634.5
634.5
69.5
5.2
0.7
0.4
0.1
424.3
653.4
280.5
424.3
648.0
-
204.0
524
280.5
16.8
25.2
11.1
16.8
25.2
11.1
12.1
19.9
5.3
12.1
19.9
5.3
253.3
-
33.8
1.7
1.7
0.2
0.2
199.2
-
15.5
1.2
0.1
-
-
343.0
-
287.3
7.5
6.0
1.0
0.8
411.6
400.7
40.5
12.5
8.6
3.4
3.4
13,328.4
11,324.5
2,739.5
310.0
242.5
229.7
191.4
Geographic
Zone
Central
North West
South West
$
$
Capital
Guaranty
Capital
Allowance
5,772.6
1,495.1
6,060.7
13,328.4
5,225.2
891.9
5,207.4
11,324.5
917.2
454.9
1,367.4
2,739.5
Interest
194.7
38.7
76.6
310.0
Interest
Allowance
158.8
30.3
53.4
242.5
Allowance
other
Other
126.7
27.5
75.5
229.7
125.8
27.5
38.1
191.4
As of December 31, 2013 leasing contracts in Law 550 of 1999 and Law 1116 correspond to 15 related
clients through 28 leasing contracts and 8 credit promissory notes, as follows:
1.
By Rating
Commercial
Category
B
C
Capital
$
11.4
5,705.5
Guaranty
Capital
Allowance
124.9
9,879.4
0.9
428.7
Interest
0.2
181.7
Interest
Allowance
Other
Allowance
Other
173.3
2.1
41.5
0.2
40.6
(Continues)
92
AND SUBORDINATES
Commercial
Category
Capital
D
E
857.3
666.4
7,240.6
$
2.
Guaranty
Capital
Allowance
1,041.9
303.9
11,350.1
415.1
666.4
1,511.1
Interest
Interest
Allowance
Other
30.4
22.7
226.4
13.7
86.0
143.3
30.4
22.6
234.9
Allowance
Other
13.7
86.0
140.5
By Economic Sector
Commercial
CIIU
Support activities for the extraction of oil
and natural gas
Vehicle leasing and renting
Wholesale of waste, rubbish and scrap
Wholesale of agriculture and cattle
farming inputs; live animals
Manufacture of clothing except leather
clothing
Construction of civil engineering works
Poultry farming
Manufacture of oils and greases of
vegetal and animal origin
Manufacture of electric threads and
cables and of optic fibre
Manufacture of paper and corrugated
cardboard; manufacture of paper and
corrugated cardboard containers and
packing
Other Classification
Other manufacturing industries n.c.p
3.
Guaranty
Capital
Allowance
1,125.9
1,125.9
123.4
8.5
1.1
0.4
0.1
653.4
214.9
589.0
57.4
296.9
205.2
25.2
6.6
25.2
6.6
12.0
3.7
12.0
3.7
77.9
77.9
77.9
2.3
2.3
14.7
14.7
Capital
Interest
Allowance
Interest
Other
Allowance
Other
51.4
26.7
51.4
2.1
2.1
18.1
18.1
280.5
158.0
34.7
520.4
47.0
280.5
71.4
6.0
11.1
4.8
1.2
11.1
4.6
0.4
3.5
2.2
0.8
3.5
0.3
0.2
37.6
37.6
37.6
-
-
21.3
21.3
28.4
158.8
28.4
1.1
1.1
7.5
7.5
98.9
98.9
7.5
2.7
2.7
7.3
7.3
32.8
4,308.8
137.4
7,240.6
2.9
8,412.7
194.9
11,350.1
32.8
272.9
19.2
1,511.1
164.8
4.5
234.9
164.8
4.4
226.4
18.7
32.5
0.6
143.3
18.7
32.5
0.6
140.5
By Geographic Zone
Geographic Zone
Central
North West
South West
Capital
$ 5,613.2
434.3
1,193.1
$ 7,240.6
Guaranty
Capital
Allowance
Interest
Interest
Allowance
Other
Allowance
Other
9,860.0
715.9
774.2
11,350.1
546.1
148.5
816.5
1,511.1
177.9
13.9
43.1
234.9
169.7
13.7
43.0
226.4
77.1
26.1
40.1
143.3
76.2
26.1
38.2
140.5
Following is the movement of the allowance for the loan portfolio and financial leasing operations:
(Continues)
93
AND SUBORDINATES
June 30,
2014
Initial Balance
Plus:
Loan Portfolio Allowance Charged to
Expenses
Financial Leasing Operations Component
Allowance
Portfolio and Financial Leasing Counter
Cyclic Component Allowance
Minus:
Reimbursement of Loan Portfolio
Allowances
Reimbursement of Financial Leasing
Operations Allowance
Reimbursement of Portfolio and Financial
Leasing Operations Counter Cyclic
Component
Final Balance
$
$
December 31,
2013
23,076.5
21,424.6
2,912.6
2,230.6
2,734.7
3,277.6
1,921.5
1,875.0
-
0.1
(889.2)
(1,905.4)
(2,239.1)
(2,350.8)
(1,562.0)
(1,475.2)
(12.2)
25,942.8
23,076.5
Portfolio and leasing contracts purchase and sale:
The subordinate company Leasing Corficolombiana during the periods ended on June 30, 2014 and
December 31, 2013 did not purchase or sold portfolio or leasing contracts.
7.
Cash Operations and with Derivative Financial Instruments
The following is the detail of cash operations and operations with derivative financial instruments:
June 30, 2014
Cash Operations
Sale rights on Foreign Exchange
$
Purchase Rights on Foreign Exchange
Sales Exchange on Securities
Purchase Rights on Securities
Sales Obligations on Foreign Exchange
Purchase Obligations on Foreign Exchange
Sale Obligations on Securities
Purchase Obligations on Securities
76.4
4,703.0
17,721.0
53,458.2
(76.4)
(4,704.8)
(17,723.2)
(53,449.5)
4.7
December 31,
2013
481.7
98,279.6
(481.6)
(98,197.2)
82.5
Speculation Forward Contracts
(Continues)
94
AND SUBORDINATES
2,348,052.0
652,153.0
186,170.0
34,706.8
(2,286,371.5)
(647,206.1)
(185,216.0)
(34,613.3)
67,674.9
December 31,
2013
2,672,870.5
705,285.6
750,213.4
28,392.2
2,183.2
(2,675,462.5)
(668,750.4)
(749,236.2)
(28,329.9)
(2,115.1)
35,050.8
571,554.7
37,666.0
(571,554.7)
(37,666.0)
-
9,249.0
4,836.6
(9,249.0)
(4,836.6)
-
206,918.9
54,291.3
(200,857.1)
(49,386.7)
10,966.4
249,290.9
12,590.0
(241,197.4)
(9,570.6)
11,112.9
81.5
5,822.7
5,904.2
801.1
805.5
1,606.6
84,550.2
47,852.8
June 30, 2014
Sale Rights on Foreign Exchange
Purchase Rights on Foreign Exchange
Sales Rights on Securities
Rights Other
Sales Obligations on Foreign Exchange
Purchase Obligations on Foreign Exchange
Sales Obligations on Securities
Purchase Obligation son Securities
Obligations Other
Futures Contracts
Sales Rights on Currencies
Purchase Rights on Currencies
Sales Obligations on Currencies
Purchase Obligations on Currencies
Swaps
Sales Rights on Foreign Exchange
Rights on Interest Rate
Obligations on Foreign Exchange
Obligations on Interest Rate
Options
Call on Foreign Exchange
Put on Foreign Exchange
$
The Home Office has defined it must cover its risk for the difference in exchange generated for the own
position (assets less liabilities in foreign currency) that involves making operations through future
contracts and operations with derivatives, when market conditions so merit.
8.
Accounts Receivable, Net
Following is the detail of accounts receivable as of June 30, 2014 and December 31, 2013:
June 30,
2014
December 31,
2013
(Continues)
95
AND SUBORDINATES
June 30,
2014
Interest:
Interbank Funds Sold and Re Purchase
Agreements
Loan Portfolio
Interest Other
Total Interest:
$
Other Accounts Receivable:
Commissions and Fees
Dividends (1)
Leasing / rentals
Fees of Goods Given in Operating Leasing
Sale of Goods and Services (2)
Leasing Operations Financial Component
Payments on Account of Portfolio Clients
Advance payment of Suppliers Contracts (3)
Prepayments to the Personnel
Claims to Insurance Companies
Sales Tax
Other (4)
Accounts Receivable Allowance
Total Accounts Receivable
$
December 31,
2013
1,477.5
5,989.0
2,936.0
543.8
4,957.3
2,277.2
362.2
8,628.4
9,408.0
32,186.2
31.3
124.4
217,783.8
3,679.1
1,463.3
32,766.7
428.6
28.0
4,984.0
116,862.9
419,746.3
(22,591.9)
402,111.7
4,992.7
54,601.0
34.1
148.8
203,639.9
3,047.1
1,160.9
27,121.8
258.5
13.1
6,132.8
79,659.5
380,810.2
(20,384.1)
369,054.5
1.
As of June 30, 2014, the Home Office, among other, had dividends receivable from Promigas
$15.972.7, Empresa de Energía de Bogotá S.A. E.S.P. $ 7.014.1 and Gas Natural S.A $ 2.259.5. As
of December 31, 2013, it included dividends of Industrias Inca S.A. $ 20.2, Promigas $ 41.672.1.
2.
This item included among others as of June 30, 2014 the following: State contributions receivable by
Epiandes for the concession term $ 122.150.0 million, lodging company agreements for $24.535.4,
sale of timber for $ 35.170.2, $ 8.300.5 for the sale of shadings and textiles, and $ 8.382.4 for palm
oil sales. As of December 31, 2013 this item included, among other: State contributions receivable by
Epiandes for concession term $ 118.558.2, lodging company agreements for $ 21.856.6, sale of
timber for $31,335.1, $ 7.866.9 for the sale of shadings and textiles and $ 6.877.9 for the sale of palm
oil.
3.
As of June 30, 2014 this item included among other: advance payments to cargo and transportation
services suppliers for the sum of 2.412.8, cleaning and restaurants for 8.504.1 and prepayments to
road construction contractors for the sum of 15.243.5. As of December 31, 2013 this item included
the Valora S.A. S. capitalization prepayment.
4.
As of June 30, 2014 this item included among other, the following: advance payments receivable
from software suppliers for the sum of $ 3.482.2: advance payments for operations in foreign
currency with Bank of America Corporation for the sum of $ 12.925.7 of the Home Office. In Episol,
$35.249.3 correspond to payments on account of the Autonomous Equity Patrimonio Autónomo
Panamericana of Fiduciaria Corpbanca to be reimbursed, $ 24.087.3 are from accounts receivable
(Continues)
96
AND SUBORDINATES
from each of the business units of the subsidiary Hoteles Estelar and an account receivable of the
subsidiary company Tesicol for 8.000.0 in return for the sale of a real estate property.
As of December 31, 2013 this item included among other: advance payments receivable from
software suppliers for the sum of $ 3.667.0, Patrimonios Autónomos Fiduciaria Corficolombiana
for $ 6.383.1, In Episol, $ 35.102.1 correspond to payments on account of Patrimonio
Autónomo Panamericana of Fiduciaria Corpbanca pending to be reimbursed, $10.179.4 belong
to accounts receivable from each of the different business units of the subsidiary company
Hoteles Estelar.
Accounts Receivable Allowance
The movement of the accounts receivable allowance is as follows:
Initial Balance
Plus:
Counter Cyclic Component Allowance
Minus:
Allowance Reimbursement
Reimbursement Counter Cyclic Component
Allowance
Penalties
Difference in Exchange
$
$
9.
June 30,
2014
20,384.1
December 31,
2013
21,869.1
3,462.9
54.8
3,018.7
54.2
(649.1)
(575.6)
(45.0)
(31.7)
(599.4)
(16.4)
22,591.9
(3,950.6)
20,384.1
Realisable Goods, Goods Received in Payment, and Restored, net
The following is a detail of the balance of realizable goods, goods received in payment and restored
goods:
June 30, 2014
Realisable Goods:
Land
Construction Materials and Inputs
Constructions Underway
Products in Processing
Finished Goods
Merchandise in Transit
Merchandise
Goods Restored in Leasing Contract:
$
December 31,
2013
2,245.7
43,167.9
294.2
74,461.2
30,455.0
3,100.1
11,879.8
165,603.9
2,245.8
38,744.0
294.2
71,167.6
29,283.7
3,692.6
12,593.5
158,021.4
1,196.8
1,401.2
(Continues)
97
AND SUBORDINATES
1,583.5
2,780.3
December 31,
2013
1,054.7
2,455.9
11.5
10,637.8
10,649.3
11.5
11,679.2
11,690.7
3,071.7
3,071.7
(12,149.0)
3,352.1
3,352.1
(13,725.6)
169,956.2
161,794.5
June 30, 2014
Real Estate
Goods Received in Payment:
Real Estate for Dwelling
Real Estate Different than for Dwelling
Livestock Inventory:
Livestock for Raising in Participation
Allowance
Realisable Goods and Goods Received in
Payment
$
The Management considers that immobilisation and materiality of these assets shall produce no
significant negative effects on the financial statements. At present the Home Office and the subordinate
companies are taking steps for the materialisation of these goods within the terms established by
Superintendencia Financiera. In general terms goods are in good condition; for goods that are
deteriorated, the necessary allowances have been constituted.
The Home Office and the subordinate companies have appraisals and insurance policies for their
goods.
Goods Received in Payment Allowance
Movement of the goods received in payment allowance is the following:
13,725.6
December 31,
2013
14,472.9
540.9
1,518.3
-
88.7
(163.0)
(1,954.5)
12,149.0
(2,354.3)
13,725.6
June 30, 2014
Initial Balance
Plus:
Reimbursements for sale of goods received in
payment
Minus:
Reimbursement of Allowance
Penalties
Final Balance
10.
$
$
Property, Equipment and Goods Given in Leasing. Net
The detail of the classification of assets given in Operative Leasing according with their type and
modality is as follows:
(Continues)
98
AND SUBORDINATES
June 30,
2014
Non Depreciables
Land
Rural estate
Importations Underway
Livestock
Constructions Underway
Total non Depreciable
$
31,190.0
199,247.2
13,103.2
452.3
53,123.3
297,116.0
42,501.6
185,748.6
4,641.2
486.9
34,938.2
268,316.5
211,031.4
57,454.6
43,229.5
49,797.4
343,905.7
705,418.6
215,160.1
59,832.3
42,044.3
38,968.2
334,786.6
690,791.5
(339,107.3)
(5,332.6)
(328,581.1)
(4,521.4)
$
658,094.7
626,005.5
$
73,791.0
41,411.3
29,106.8
22,781.9
169,424.8
(3,091.3)
3.4
333,427.9
71,500.7
43,241.8
28,165.3
20,641.9
164,863.6
(3,032.4)
3.3
325,384.2
(336.8)
(4,995.8)
(5,332.6)
(268.7)
(4,252.7)
(4,521.4)
16,151.5
1,486.0
10,548.3
6,240.7
4,520.3
13,041.1
1,145.2
7,662.0
5,226.3
5,063.9
Depreciable
Buildings and Warehouses
Equipment, Furniture and Office Appliances
Computers
Vehicles
Mobilisation and Machinery
Total Depreciable
Minus: Accumulated Depreciation
Allowance
Property, Equipment and Goods Given In
Leasing Net
Depreciation Property and Equipment
accumulated
Buildings and Warehouses
Furniture and Appliances
Computers
Vehicles
Mobilisation and Machinery
Deferred Depreciation
Rural Estate
$
Properties and Equipment Allowance
Goods Given in Leasing
Buildings
$
$
Detail of Goods Given In Operative Leasing:
Vehicles
Computers
Real Estate
December 31,
2013
$
(Continues)
99
AND SUBORDINATES
$
38,946.8
32,138.5
(5,679.4)
(3,196.9)
(336.8)
(268.7)
(791.3)
(850.1)
$
32,139.3
27,822.8
$
1,901.8
127.7
1,774.5
1,488.3
387.1
5,679.4
1,087.6
62.0
863.3
905.5
278.5
3,196.9
(791.3)
(791.3)
(854.0)
(854.0)
Accumulated Depreciation of Goods Given in
Operative Leasing
Goods given in Leasing Allowance
Accumulated Depreciation Goods Given in
Operative Leasing
Depreciation of Goods Given in Operative
Leasing, Accumulated:
Vehicles
Computers
Real Estate
$
Deferred Depreciation of Goods Given in
Operative Leasing, Accumulated:
Machinery and equipment
Total depreciation recorded in expenses of own use goods, as of June 30, 2014 and December 31,
2013 was $ 12.715.3 and $ 12.113.5 respectively, while total depreciation recorded in expenses of
goods given in financial leasing as of June 30, 2014 and December 31, 2013 was $ 3.010.8 and
$1.969.6.
The Home Office and the subordinate companies have maintained the necessary measures for the
conservation and protection of their assets. As of June 30, 2014 and December 31, 2013 they had
insurance policies covering theft, fire, earthquakes, violent protests, uprising, explosion, volcanic
eruption, low tension, land, loss or damage to premises and vehicles.
The Home Office and subordinate companies have appraisals of their real estate and no mortgages or
title reservations on them, nor have they been transferred in collateral.
11.
Other Assets, net
Advance payments and deferred charges – Balance of advance expenses and deferred charges during
the first semester of 2014 compared with balances as of December 31, 2013 are as follows:
The following is the detail of Advance Expenses:
Expenses Paid in Advance:
Interest
Insurance
$
December 31,
2013
Charges
Amortisation
8,046.5
4,954.3
147.2
2,723.3
2,268.0
3,866.0
June 30, 2014
5,925.7
3,811.6
(Continues)
100
AND SUBORDINATES
December 31,
2013
165.8
242.8
Leasing
Maintenance of Equipment
Other Expenses Paid in Advance
(1)
1.
Charges
Amortisation
June 30, 2014
116.8
168.3
80.0
188.3
202.6
222.8
2,149.9
9,476.4
3,232.8
8,393.5
15,559.3
12,632.0
9,635.1
18,556.2
Other expenses paid in advance for the periods ended on June 30, 2014 and December 31, 2013
among other reflect expenses of civil works pending to be invoiced for the sum of $ 496.4 and $
351.8 respectively, fees and commissions paid in the period and recoverable for the sums of
$88.3 and $124.9 respectively, cutting of forests permit for the subsidiary Pizano for the sum of
$851.3 and $775.5 and tax expenses for a bonus on the fiscal stability contract executed by
Epiandes for the sum of 4,847.7 that was capitalised in May 2014.
The detail of deferred charges is as follows:
December 31,
2013
Deferred Charges:
Organisation and Pre Operative
Refurbishing
Studies and projects
Computer programs (software)
Supplies and Stationary
Improvements to Property in
Leasing/Rental
Deferred Income Tax
Publicity and Propaganda
Taxes (2)
Contributions and Affiliations
Valuation Financial Securities
Sections Construction (3)
Other Deferred Charges
$
Charges
Amortisation
June 30, 2014
8,611.6
1,060.3
111,479.2
1,849.0
70.9
448.5
31.2
546.2
1,226.0
18.2
1,645.7
227.2
5,133.1
1,596.6
56.9
7,414.4
864.3
106,892.3
1,478.4
32.2
12,450.2
1,716.4
648.2
13,518.4
14,845.7
4.9
32,755.9
7.0
460.1
1,315,710.0
13,282.0
1,512,586.8
1,528,146.1
3,182.1
630.7
809.7
0.2
279,352.1
3,705.6
291,666.9
304,298.9
4,373.8
4.8
29,558.5
656.8
460.4
114,748.1
4,423.7
163,533.8
173,168.9
13,654.0
0.1
3,828.1
159.9
(0.1)
1,480,314.0
12,563.9
1,640,719.9
1,659,276.1
2.
This item includes the balance of the equity tax to be amortised of $ 2.084.7 corresponding to 2014.
3.
The detail of other deferred charges for the period ended on June 30, 2014 correspond to payment of
fees, commissions, services and inputs paid to contractors of the subsidiaries Pisa and Epiandes for
the sums of $ 160.801.9 and $ 1.319,512.1 respectively for the construction and maintenance of
roads in the concessions.
June 30,
2014
Goods to be Placed in Leasing Contracts:
Vehicles
$
11,096.6
7,860.3
December 31,
2013
3,193.1
6,931.1
(Continues)
101
AND SUBORDINATES
Furniture and Fixtures
Computers
Real Estate
Other:
Permanent Contributions
Charge for Deferred Monetary Correction
Loans to Employees
Deposits (1)
Art and Culture Goods
Rights in Trusts
Income Tax Advance Payments
Withholding at Source
Surplus of Advance Payments and Withholdings
Petty Cash
Advance Payment Industry and Trade Tax
Consortiums or Temporary Joint Ventures
Other
Commercial Credit
$
1.
June 30,
2014
42.7
100.4
7,291.6
26,391.6
December 31,
2013
889.8
295.1
10,972.6
22,281.7
67,487.8
5,849.3
4,195.7
20,042.3
1,150.3
314,077.9
67,955.2
37,437.2
32,014.6
218.7
401.1
738.3
835.7
129,614.1
682,018.2
66,360.9
6,085.2
4,271.3
10,566.0
1,155.1
293,206.6
46,151.5
20,553.8
34,586.6
222.5
831.3
593.8
582.8
131,919.9
617,087.3
As of June 30, 2014 it corresponds to collateral guaranties in force: Goldman Sachs International
$11.305.9, Deutche Bank AG- Londres $ 4.932.5, Unión Bank of Switzerland – Zurich $ 1.317.0
among other in the Home Office.
Movement of the other assets Allowance is as follows:
June 30,
2014
Other Assets Allowance
12.
December 31,
2013
Initial Balance
Reimbursement Allowances
Penalties
$
25,730.2
302.7
(55.6)
(200.5)
25,584.8
1,503.1
(1,357.7)
-
Final Balance
$
25,776.8
25,730.2
Deposits and Current Liabilities
The following is a detail of term deposit Certificates and other deposits and current liabilities, and the
composition of the term deposit certificates (by placement term at the time of their constitution):
Term Deposit Certificates
Legal Currency:
Less than Six Months
June 30, 2014
$
318,657.8
December 31,
2013
440,557.0
(Continues)
102
AND SUBORDINATES
440,443.2
407,503.7
1,821,533.5
2,988,138.2
December 31,
2013
571,451.2
303,021.5
1,487,523.0
2,802,552.7
48,251.6
49,320.3
7,126.7
104,698.6
44,446.3
51,902.5
8,428.0
104,776.8
309,388.9
107.7
85.2
309,581.8
382,146.0
107.7
85.2
382,338.9
3,769.5
427.9
4,197.4
313,779.2
3,406,616.0
5,723.5
4,221.3
438.3
10,383.1
392,722.0
3,300,051.5
June 30, 2014
Between Six and Twelve Months
Between Twelve and Eighteen Months
More than 18 Months
Foreign Currency:
Less than Six Months
Between Six and Twelve Months
Between Twelve and Eighteen Months
$
Savings Deposits
Legal Currency:
Savings Deposits and Especial Savings
Especial Savings
Current Liabilities for Bank Services
$
Foreign Currency:
Savings Deposits and Especial Savings
Especial Deposits
Current Liabilities for Bank Services
$
The Home Office and the subordinate company Leasing Corficolombiana S.A. must keep an ordinary
legal banking reserve represented in deposits in the Corporation and its subordinate companies of the
central Bank - Banco de la República – or cash on hand on each of their current liabilities in legal
currency applying for this effect, the percentages provided under External Resolution No. 5 of June 20,
2008.
Maturity of deposits and current liabilities:
Up to
1,733,702.6
313,779.3
-
-
-
313,779.3
2,047,481.9
1,047,457.4
87,154.1
224,522.6
3,406,616.0
1 year
Other Deposits and Current
Liabilities
$
$
June 30, 2014
Between
3 and 5
More than
years
5 years
87,154.1
224,522.6
Between
1 and 3
years
1,047,457.4
Total
3,092,836.7
(Continues)
103
AND SUBORDINATES
Up to
1 year
Other Deposits and Current
Liabilities
$
$
13.
1,499,559.0
December 31, 2013
Between
More than
Between 1
3 and 5
de 5 years
and 3 years
years
1,005,970.4
170,800.0
231,000.0
Total
2,907,329.4
392,722.1
-
-
-
392,722.1
1,892,281.1
1,005,970.4
170,800.0
231,000.0
3,300,051.5
Passive Positions in Monetary Market and Related Operations
Following is the detail of passive positions in monetary market operations and related operations by
currency types:
June 30, 2014
Annual
Effective
Rate EA
December 31,
2013
EA
Rate
Legal Currency:
Ordinary Interbank Funds Purchased
$
Transfer
Undertakings
in
Closed
Repo
Operations
Transfer
Undertakings
in
Simultaneous
Operations
Undertakings originated in in-short Positions of
Simultaneous Operations
224,100.0
3.84%
206,309.8
3.24%
404,812.9
7.95%
1,179,848.5
9.59%
2,662,030.5
3.89%
2,197,817.9
3.03%
98,493.1
4.36%
-
0.00%
3,389,436.5
3,583,976.2
Foreign Currency:
Transfer Undertakings in Open Repo Operations
100,477.7
100,477.7
$
2.21%
3,489,914.2
140,054.2
140,054.2
1.51%
3,724,030.4
There are no restrictions or limitations on the aforementioned amounts.
14.
Derivative Financial Instruments
A detail of derivative financial instruments is the following:
June 30,
2014
December 31,
2013
Speculation Forward Contracts
(Continues)
104
AND SUBORDINATES
Sales Rights on Foreign Currency
Purchase Rights on Foreign Currency
Sales Rights on Securities
Other Rights
Sale Obligations on Foreign Currency
Purchase Obligations on Foreign
Currency
Sales Obligations on Securities
Purchase Obligations on Securities
Other Obligations
$
June 30,
2014
(729,645.0)
(2,036,209.2)
(1,348,808.7)
(34,148.2)
(7,583.7)
755,129.2
December 31,
2013
(702,476.4)
(2,335,848.2)
(226,441.6)
(53,044.3)
721,762.1
2,092,228.9
2,348,169.5
1,350,694.5
34,200.4
8,209.6
84,067.8
227,690.0
53,093.5
32,904.6
(771,423.5)
771,423.5
-
(21,292.6)
(30,584.0)
21,292.6
30,584.0
-
(224,164.6)
(17,286.9)
231,164.0
19,730.4
9,442.9
(243,786.7)
(34,595.8)
(314.3)
249,847.9
40,249.4
329.8
11,730.3
320.9
3,547.5
3,868.4
97,379.1
1,889.4
4,055.8
5,945.2
50,580.1
Contract Futures Contracts:
Sales Rights on Currencies
Purchase Rights on Currencies
Sales Obligations on Currencies
Purchase Obligations on Currencies
Swaps
Sales Rights on Foreign Exchange
Rights on Interest Rate
Other Rights
Obligations on Foreign Exchange
Obligations on Interest Rate
Other Obligations
Options
Call on Foreign Exchange
Put on Foreign Exchange
$
15.
Bank Loans and Other Obligations
A detail of financial obligations according with their maturity is as follows:
Short Term
1 year
Entity
Banco de Comercio Exterior
$
16,341.9
June 30, 2014
Medium Term
Long Term
1-3 years
of 3- years
42,527.3
29,355.7
Total
88,224.9
(Continues)
105
AND SUBORDINATES
Short Term
1 year
Entity
Fondo para el Financiamiento del Sector
Agropecuario FINAGRO
Financiera de Desarrollo Territorial S.A FINDETER
Banks Abroad
Bank Loans (1)
Overdraft in Cheque Account
Entities Abroad
Other
$
1.
Total
4,066.7
10,639.1
3,138.5
17,844.3
64.9
2,069.3
371,031.6
65.5
2,756.3
1.1
396,397.3
1,293.3
17,195.1
306,184.4
1,103.1
4,026.7
382,969.0
837.4
6,420.0
281,742.9
1,485.8
322,980.3
2,195.6
25,684.4
958,958.9
1,168.6
8,268.8
1.1
1,102,346.6
As of June 30, 2014 it corresponds, among other, to Loans to the real sector subsidiary companies
with Banco Davivienda for the sum of $ 340.305.9, Bancolombia for the sum of $ 147.115.2 and
Banco BBVA for the sum of $ 100.043.4.
Short Term
1 year
Entity
Banco de Comercio Exterior
Fondo Para el Financiamiento del Sector
Agropecuario FINAGRO
Financiera de Desarrollo Territorial S.A FINDETER
Banks Abroad
Banks Loans
Overdraft in Cheque Account
Entities Abroad
Other
$
$
16.
June 30, 2014
Medium Term
Long Term
1-3 years
of 3- years
December 31, 2013
Medium Term
Long Term
1-3 years
3- years
Total
32,778.9
35,195.0
22,699.8
90,673.7
8,207.6
10,412.8
2,967.5
21,587.9
125.3
8,737.5
195,374.6
509.3
671.1
9,019.6
255,423.9
1,546.8
7,508.0
191,701.2
2,684.5
249,048.3
837.4
8,897.0
432,908.3
5,113.8
473,423.8
2,509.5
25,142.5
819,984.1
509.3
8,469.4
9,019.6
977,896.0
Accounts Payable
The detail of accents payable is as follows:
June 30,
2014
Interest:
Deposits and Current Liabilities
Monetary Market Operations
Loans in banks and Other Obligations
Commissions and Other:
Commissions and Fees
$
December 31,
2013
23,640.9
267.4
22,422.7
46,331.0
21,745.9
104.0
21,745.0
43,594.9
2,527.8
2,527.8
2,200.8
2,200.8
(Continues)
106
AND SUBORDINATES
June 30,
2014
Dividends Payable:
Dividends (1)
Other:
Income Tax and Complementary
Equity Tax
Other Taxes
Leases
Contribution on Transactions
Promising Purchasers
Sales Tax Payable
Payments to Suppliers
Withholdings and Other Labour Contributions
Insurance Premium
Other (2)
$
(1) The following is the dividends movement:
Initial Balance:
Plus: Dividends decreed
Minus: Dividends paid in cash
Final Balance
December 31,
2013
32,544.4
32,544.4
37,738.0
37,738.0
23,439.5
21,910.2
4,711.6
1,866.2
14.5
1,827.5
15,950.6
125,622.6
15,422.1
2,062.4
129,014.1
341,841.3
423,244.5
117,092.7
38,948.5
11,735.9
1,011.5
6.5
286.5
14,888.7
98,564.9
16,442.9
1,356.5
107,696.9
408,031.5
491,565.2
June 30,
2014
37,738.0
153,692.8
158,886.4
32,544.4
December 31,
2013
32,003.1
129,909.1
124,174.2
37,738.0
(2) As of June 30, 2014 this item included among other, Goldman Sachs International $16.696.8,
Camara de Riesgo Central de Contraparte $ 614.8,Electrificadora del Caribe S.A. E.S.P. $460.0, Unify
Ltda $ 320.3.CHT Colombiana Ltda $ 319.3, Productora de papeles S.A $ 201.0, Fondo Mutuo
Compartir $142.5, C.I.Biocosta S.A $ 93.5, Promioriente S.A $ 85.4, Fidubancol Fideicomiso Pagos
Procampo $ 84.3 account payable of Concecol $29.583.3 to Helm Fiduciaria Patrimonio Autónomo,
$28.352.3 retirement pensions voluntary contributions, cheques drawn not collected, contract
compliance guaranty, accounts payable to Coviandes suppliers, $ 25.980.8 belongs to accounts
payable to each of the business units owned by the subsidiary Hoteles Estelar, fees and maintenance
services of the subsidiary Pizano for the sum of $15.765.5. As of December 31, 2013 this item
included among other, Fondo Mutuo compartir $ 114.5, Banco GNB Sudameris S.A $ 116.7,
Bancolombia S.A $ 123.7, Moto Mart S.A $ 124.8, CHT Colombiana Ltda. $ 320.5, Goldman Sachs
International $ 345.6, account payable of Concecol $ 33.723.3 to Helm Fiduciaria Patrimonio
Autónomo, $ 18.536.6 retirement pension voluntary contributions, cheques drawn not collected,
contract compliance guaranty, accounts payable to Coviandes suppliers, $ 24.572.5, belongs to
accounts payable to each of the different business units owned by the subsidiary company Hoteles
Estelar, fees and maintenance services of the subsidiary Pizano for the sum of $19.894.0.
17.
Outstanding Investment Securities
(Continues)
107
AND SUBORDINATES
Following is the summary of all securities issuing of the subsidiary companies:
June 30,
2014
Concesionaria Vial de los Andes S.A.
Industrias Lenher S.A.
Proyecto de Infraestructura S.A.S
December 31,
2013
29,150.0
1,053.3
80,000.0
110,203.3
$
29,150.0
1,053.3
80,000.0
110,203.3
Estudios y Proyectos de los Andes S.A.
Issuing Date
2007
Total
Nominal
Maturity months
Value
29,150.0
84
29,150.0
Authorised
Issued
29,150.0 29,150.0
29,150.0 29,150.0
Placed
Amortised
29,150.0
29,150.0
-
Effect
Rate
8.6%
Concesionaria Vial de los Andes S.A. (subsidiary of Estudios y Proyectos de los Andes), according
with the approval for the issuing and placement of ordinary bonds with charge to the administration and
guaranty trust No. 3-034 at the Stockholders General Assembly according with Minute No. 29 of
February 21, 2007, on July 5, 2007 the Trust F.A. No. 3-034 of Fiduciaria de Occidente S.A. conducted
the placement of ordinary bonds for the sum of $ 47.700 with the following specifications:
Series A7:
Amount
Term
Maturity
Interest Rate
29.150.0
7 Years
July 2014
IPC+5,70% E.A.
Issuing
Year
2000
Total
Nominal
Value
1,053.3
1,053.3
Maturity
Months
144
Authorised
Issued
13,463.8
13,463.8
12,303.1
12,303.1
Placed
11,142.3
11,142.3
Amortised
10,089.0
10,089.0
Effect.
Rate
4.47%
Superintendencia de Sociedades on June 9, 2000 approved for the subordinated company Industrias
Lehner S. A. the issuing of ordinary bonds optionally convertible in stock, with the following
characteristics:
Authorised Amount of the Issuing
13.463.8
Bonds issued
12.303.1
Bonds pending to be placed
1.160.8
Amortisation and term
10 years in quarterly instalments from July 2010
Interest rate
DTF in force
(Continues)
108
AND SUBORDINATES
Term to convert into stock
Before June 19, 2002
Conversion
$1.175.05 pesos per share
On June 19, 2002, 9.517.503 were converted into stock. The sum of $ 1.053.3 not converted into
shares corresponds to Fondo de Garantías de Instituciones Financieras FOGAFIN.
According with notice of Fogafin dated January 21, 2014 a sole total payment of the amount owed was
agreed for November 28, 2014 settling interest based on the DTF in force as of such date.
Issuing
Year
2009
2009
Total
Nominal
Value
22,600.0
57,400.0
80,000.0
Maturity
months
Authorised
85
122
120,000.0
120,000.0
240,000.0
Issued
22,600.0
57,400.0
80,000.0
Placed
Effect.
Rate
9.80%
9.49%
Amortised
22,600.0
57,400.0
80,000.0
-
In the subordinated company Proyectos de Infraestructura, Superintendencia Financiera de Colombia
authorised by means of Resolution No. 0637 of May 18, 2009 the issuing of 120.000 bearer bonds of
which 80.000 bonds were subscribed, with the following detail:
Class
Authorised amount:
Amount outstanding
Issuing date:
Nominal value in pesos
Series:
Redemption term:
Yield:
Amount placed
Series
A7
A10
Total
Ordinary bearer bonds
120,000.0
80,000.0
May 20, 2009
$1,000,000 each
A10 and A7
10 and 7 years
IPC+6,9% and IPC+6,59%
22,600.0
57,400.0
80,000.0
Term
7 years
10 years
Modality
T.V.
T.V.
Maturity
May 20, 2016
May 20, 2019
December 31, 2013
Estudios y Proyectos de los Andes S.A.
Issuing Year
2007
Total
Nominal
Value
29,150.0
29,150.0
Maturity
months
84
Authorised
29,150.0
29,150.0
Issued
Placed
29,150.0
29,150.0
29,150.0
29,150.0
Amortised
Effective
Rate
8.28%
(Continues)
109
AND SUBORDINATES
Issuing Year
2000
Total
Nominal
Value
1,053.3
1,053.3
Maturity
months
144
Authorised
13,463.8
13,463.8
Issued
Placed
12,303.1
12,303.1
11,142.3
11,142.3
Issued
Placed
22,600.0
57,400.0
80,000.0
22,600.0
57,400.0
80,000.0
Effective
Rate
10,089.0
5.22%
10,089.0
Amortised
Issuing Year
2009
2009
Total
18.
Nominal
Value
22,600.0
57,400.0
80,000.0
Maturity
months
85
122
Authorised
120,000.0
120,000.0
240,000.0
Amortised
Effective
Rate
- 10.00%
- 10.00%
Other Liabilities
The following is a detail of Other Liabilities:
June 30, 2014
Labour Obligations (1)
Early Income (2)
Deferred Payments (3)
Retirement Pensions (4)
Credit for Deferred Monetary Correction
(price level restatement)
Deferred Income Tax
Other (5)
$
$
1.
December 31,
2013
15,134.4
934,912.4
102.1
19,063.6
17,832.4
738,447.5
400.8
19,621.2
10,164.6
10,520.0
32,002.8
100,621.0
1,112,000.9
33,213.2
101,375.9
921,411.0
Labour Obligations:
December
31,
2013
Severance payments
Interest on Severance
Vacations
Legal Premium
$
$
7,377.8
665.4
7,702.5
2,086.7
17,832.4
Caused
Semester
3,828.2
365.1
3,948.1
5,152.6
13,294.0
Paid
Semester
7,803.6
783.3
3,660.8
3,744.3
15,992.0
June 30,
2014
3,402.4
247.2
7,989.8
3,495.0
15,134.4
(Continues)
110
AND SUBORDINATES
(2) Advance Income:
Movement of advance income and deferred payments for the semesters ended on June 30, 2014 and
December 31, 2013 is as follows:
Early Income:
Interest
Commissions
Leasing/Rentals
Other (*)
December 31,
2013
$
51.0
834.1
172.8
737,389.6
$
738,447.5
Charges
585.5
684.5
4,198.7
24,599.0
30,067.7
Payments
550.3
659.8
4,275.0
221,047.5
226,532.6
June 30,
2014
15.8
809.4
249.1
933,838.1
934,912.4
(*) The amount of other corresponds to balances of income received in advance from advance
payments of concessions and autonomous equities for collection at tolls and expense reimbursements.
(3) Deferred payments:
Deferred Payments:
Profit for Sale of Assets
Interest Restructuring
Process
Profit for Adjustment
Valuation in Fixed Rate(*)
Other Advance Payments
Total Deferred Payments
$
$
December
31, 2013
17.0
11.3
Payments
-
June 30,
2014
5.7
108.2
12.3
-
95.9
274.5
274.6
-
(0.1)
1.1
400.8
0.5
298.7
-
0.6
102.1
Charges
(*) Corresponds to the Corporation valuation as of the end of the swap celebration day (day zero), that
does not affect the income statement according with the provisions of paragraph 7 of number 7.3 of
chapter XVIII of External Circular 100 of 1995 of Superintendencia Financiera de Colombia.
(4) Retirement Pensions:
As of June 30, 2014 retirement pensions presented an actuarial estimation of $ 1.430.0 that was
prepared according with the provisions of Decree 2984 of 2009 that modified Decree 2783 of 2001,
with a DANE rate of 3.26% and a real rate of 4.80%. Tabla Colombiana de Mortalidad de Rentas
Vitalicias 2008” o “RV08” (Colombian Mortality Life Annuities Table 2008 or RV08) according with
Resolution Res. 1555/2010 of Superintendencia Financiera de Colombia.
The estimation has been made with figures as of June 30, 2014 and was filed with Superintendencia
Financiera de Colombia on October 28, 2013.
A person (woman) beneficiary of a Home Office deceased pensioner is part of the actuarial estimation.
(Continues)
111
AND SUBORDINATES
June 30, 2013
Amortisation during the
Semester
Payments made during the
Semester
Adjustment to the Actuarial
Estimation
December 31, 2013
Amortisations during the
Semester
Payments made during the
Semester
Adjustment to the Actuarial
Estimation
June 30, 2014
$
$
Actuarial
Estimation
22,687.1
Pension to
Amortise
2,984.0
-
(1,162.9)
1,162.9
(141.2)
24.5
(165.7)
(22.5)
1,056.6
(1,079.1)
22,523.4
2,902.2
19,621.2
-
(1,099.1)
1,099.1
(1,656.7)
-
(1,656.7)
563.6
563.6
-
21,430.3
2,366.7
19,063.6
Total Amortised
19,703.1
The following is the balance of retirement pensions by agency:
June 30,
2014
Corporación Financiera
Colombiana S.A. Matriz
Industrias Lenher S.A.(1)
Pizano S.A.
1.
December 31,
2013
$
1,430.0
1,430.0
$
5,282.8
12,350.8
19,063.6
662.1
5,248.0
12,281.1
19,621.2
Within the re-dimensioning plan, on March 8, 2013 a transaction agreement was executed with its sole
pensioner, Mr. Fernando Lehner Ruhland, with the main purpose of establishing the way and
conditions on which the company Industrias Lehner S.A. would take care of its payment: it was
executed on April 25, 2013 under a conciliation at Bogota Labour Court Thirteen (Juzgado Trece
Laboral del Circuito de Bogotá) and agreed to conciliate the extra legal component of the voluntary
retirement pension with a sole payment and take the steps for the pension commutation with respect to
the legal retirement pension o the terms provided under article 3º of Agreement 1260 of 2.000: the
value of the monthly retirement pension was thus established for 2013 in $ 3.052.8. The corresponding
actuarial estimation was then made with this new pension value, generating as of April 30, 2013 the
sum of $ 658.9; as of June 2014 this obligation was transferred to a real liability and was totally paid.
(5) The detail of Other is as follows:
June 30,
2014
Credit for deferred monetary
correction
Deferred Income Tax
$
December 31,
2013
10,164.6
10,520.0
32,002.8
33,213.2
Other:
(Continues)
112
AND SUBORDINATES
Credit on account of
obligations
Consortiums, temporary joint
ventures
Sundry
Total Other
19.
$
79,925.3
78,408.5
1,635.0
891.3
19,060.7
100,621.0
22,076.1
101,375.9
Estimated Liabilities and Allowances
The following is the composition of estimated liabilities and allowances:
June 30,
2014
Labour Obligations
$
Income Tax Payable
Industry and Trade Tax and Other Taxes
Other Taxes:
Other:
Penalties and Sanctions, Lawsuits,
Indemnifications and Claims
Sundry
$
December 31,
2013
7,503.5
3,307.9
40,987.0
2,793.8
384.4
51,668.7
13,532.3
1,626.0
76.7
18,542.9
6,751.3
2,173.4
25,631.9
32,383.2
84,051.9
33,175.8
35,349.2
53,892.1
Minority Interest:
Minority interest of its subordinate companies is as follows:
June 30, 2014
Estudios y Proyectos de los Andes S.A. Epiandes S.A.
Hoteles Estelar S.A.
Estudios y Proyectos del Sol - Episol S.A.S.
Proyectos de Infraestructura S.A. - Pisa S.A.
Pizano S.A.
Promotora Santamar S.A.
Tesicol S.A.
Plantaciones Unipalma S.A.
Gas Comprimido del Perú
December 31,
2013
$
83,207.9
64,252.7
$
90,584.7
4,289.5
28,988.9
4,065.7
35,878.4
128,784.4
4,528.0
77.5
61,582.0
1,144.1
443,131.1
89,181.9
(7,940.7)
15,464.3
4,070.6
35,691.7
136,950.0
4,421.3
82.2
60,695.5
1,475.7
404,345.2
(Continues)
113
AND SUBORDINATES
20.
Share Capital
As of June 30, 2014 the authorised capital was $ 2.500 represented in 250.000,000 shares with
nominal value of $10 pesos each and as of December 31, 2013 the authorised capital was of $2.100
represented in 210.000.000 shares with nominal value of $10 pesos each.
The following is the composition of the Share Capital:
June 30, 2014
Number of ordinary shares
Number of preferential shares
Total outstanding shares
Subscribed and paid capital balance
$
197,753,225
12,879,785
210,633,010
2,106.3
December 31,
2013
195,318,576
12,815,766
208,134,342
2,081.3
The preferential minimum dividend owed by each share is equal to 2% per annum of the subscription
Price in Colombian pesos: this dividend is adjusted each year in an amount equivalent to 100% of the
variation of the consumer price index (Consumer Price Index - índice de precios al consumidor (IPC)
certified annually by the Colombian competent authority for each calendar year.
The increase in the number of shares corresponds to the distribution of dividends in stock decreed at
the Home Office Stockholders Assembly that took place on March 4, 2014.
21.
Reserves
Legal – According with legal provisions in force in Colombia, all credit establishments must appropriate
a legal reserve of ten percent (10%) of liquid profit of each period until reaching minimum to fifty per
cent (50%) of subscribed capital. The reserve may be reduced to less than fifty percent (50%) of
subscribed capital when its purpose is to stem accumulated losses exceeding the total amount of gains
obtained in the corresponding period and not distributed of former periods when the liberated value is
used for capitalising the entity through the distribution of dividends in stock.
The reserve shall not be used for payment of dividends or to cover expenses or losses during the time
on which the Home Office and the subordinate companies have undistributed profits.
Also recorded as a legal reserve is the Premium in stock placement corresponding to the difference
between the value paid for the share and its nominal value.
The legal reserve and Premium in stock placement detail as of June 30, 2014 and December 31, 2013
is as follows:
June 30,
2014
December 31,
2013
Legal Reserve:
(Continues)
114
AND SUBORDINATES
June 30,
2014
By appropriation of Liquid Profit (1)
By Premium in Placement of Stock
$
December 31,
2013
99,450.1
1,889,517.0
1,988,967.1
145,304.0
1,793,235.8
1,938,539.8
10,547.1
714,810.8
987.8
656,459.9
105,021.5
169,985.7
830,379.4
827,433.4
3,824.0
3,663.1
834,203.4
2,823,170.5
831,096.5
2,769,636.3
Occasional Reserves:
At the Disposition of the Board o Directors
By Fiscal Provisions
At the Disposition of the Assembly for Future
Distributions
Statutory Reserve:
$
1.
22.
According with legal provisions a reserve must be made for profits obtained by the application of
especial investment valuation systems at market prices for which no fiscal entry has been made.
Unrealised (Loss) in Investments Available for Sale
The following is the detail of unrealised losses in investments available for sale:
June 30,
2014
December 31,
2013
Participative Securities:
Bolsa de Valores de Colombia S.A
Empresa de Energía de Bogotá S.A
$
Debt Securities
$
23.
2,691.9
(52,069.1)
(49,377.2)
2,315.1
(70,062.4)
(67,747.3)
863.9
863.9
(48,513.3)
(16,890.0)
(16,890.0)
(84,637.3)
CONTINGENT ACCOUNTS
The detail of debtor and creditor contingent accounts is as follows:
June 30,
2014
December 31,
2013
Debtor:
(Continues)
115
AND SUBORDINATES
June 30,
2014
Securities Delivered in Repo and Simultaneous
Operations
Securities Delivered in Related Operations
Interest Loan Portfolio
Interest Financial Leasing
Rights in Options
Rental Fees Receivable
Purchase Options Receivable
Securities Delivered in Temporary Transfer
Operations
Other Debtor Contingencies
$
Creditor:
Obligations in Options
Securities Received in Repo and Simultaneous
Operations
Bank Guaranties (1)
Other Creditor Contingencies (2)
$
December 31,
2013
3,224,705.7
3,554,177.5
181.9
4,971.5
298,953.8
602,947.7
31,412.5
4,649.8
69.7
4,203.2
219,899.4
608,835.4
31,560.6
23,472.3
-
190,949.9
4,377,595.3
146,950.5
4,570,346.1
129,284.8
195,015.6
49,001.8
6,048.3
207,192.6
271,044.7
656,523.9
5,034,119.2
112,200.0
244,538.1
557,802.0
5,128,148.1
1.
As of June 30, 2014 it included Electrificadora del Caribe S.A. for the sum of $ 216.302. As of
December 31, 2013 it included among other, Electrificadora del Caribe S.A. $ 112.200.
2.
As of June 30, 2014 it corresponds to passive liabilities derived from legal proceeding against, for the
sum of $ 221.576.4 and other contingencies with adverse decision of remote occurrence according
with the opinion of the Legal Area, Fondo de Hidrocarburos $ 3.422.1 and Castiblanco Cavalcanti
Jaime Gonzalo (Fiscalía) $ 2.748.2. as of December 31, 2013 correspond to passive contingencies
against for the sum of $ 210.349.5 with adverse decision of remote occurrence according with the
opinion of the Legal Area, Fondo de Hidrocarburos $ 5.340.4 and Castiblanco Cavalcanti Jaime
Gonzalo (Fiscalía) $2,748.2.
24.
Memorandum Accounts
The following is the detail of memorandum accounts:
June 30,
2014
Debtor:
Goods and Securities Given in Custody
Goods and Securities Given in Collateral
Valorisation of Goods Received in Dation as
Payment
Remittances and Other Effects Sent for
Collection
Cheques Negotiated Unpaid
$
December 31,
2013
444,565.5
342,455.4
637,014.5
332,729.0
35,300.2
35,122.7
42,859.1
43,898.9
4,596.5
4,707.0
(Continues)
116
AND SUBORDINATES
June 30,
2014
203,673.2
24,002.0
434,322.0
465,805.0
2,106.3
677.2
352,035.5
December 31,
2013
220,868.0
11,099.0
434,322.0
465,805.0
2,081.3
565.3
283,441.0
2,126.4
1,088.4
10,901.5
-
102,968.9
30,699.4
12,814,832.6
1,461,340.0
38,044.3
31,777.6
101,237.3
30,956.4
11,834,287.4
2,208,431.6
46,625.4
2,102,083.2
1,885,206.7
940,003.5
673,734.5
816.0
5,358.6
$
2,633,181.8
22,489,395.5
3,135,361.1
22,425,718.7
$
50,855.8
50,717.4
329,105.4
266,831.9
41,602.0
41,627.1
736,938.9
636,721.5
1,406.6
3.9
362,140.6
338,050.8
160,343.1
1,440.7
130.9
362,483.0
338,051.0
181,723.5
3,026.8
3,723.9
4,148,216.3
515,034.1
33,392.0
1,544.0
11.1
188,794.3
176,692.4
22,883.7
3,063,981.8
517,239.4
29,090.4
1,544.0
11.1
166,524.5
166,119.5
22,905.9
Assets Penalised
Credits to the Favour, Unused
Investment Securities Not Placed
Amortised Investment Securities
Distribution of Subscribed and Paid Capital
Liquidity Fund
Yield in Neg Investments in Debt Securities
Dividends Decreed in High and Medium
Marketability Participative Securities
Loans to Home Office, Agencies and Subsidiary
Companies
Dividends Decreed in Kind of Equity
Property and Equipment Totally Depreciated
Adjustments for Inflation
Fiscal Value of Assets
Investments Negotiable in Debt Securities
Investments to Keep Until Maturity
Investments Available for Sale in Debt
Securities
Active Reciprocal Operations with Home
Offices and Subordinates
Reciprocal Operations that Affect Expenses
and Costs with Home Offices and Subordinates
Creditor:
Goods and Securities Received in Custody
Goods and Securities Received in Guaranty for
Future Credits
Guaranties pending to be Paid
Goods and Securities Received in
Guaranty/Collateral
Collections Received
Recovery of Penalised Assets
Adjustments for Equity Inflation
Capitalisation for Equity Re-Valorisation
Yield Fixed Income Negotiable Investments
Dividends Decreed Investments Negotiable in
Equity Fiscal Value
Financial Leasing Operations Rating
Leasing Contract Rating
Consumption Credits Rating, Fit Guaranties
Consumption Credits Rating, Other Guaranties
Commercial Credits Rating, Fit Guaranties
Commercial Credits Rating, Other Guaranties
Passive Reciprocal Operations with Home
(Continues)
117
AND SUBORDINATES
June 30,
2014
Offices and Subordinate Companies
Reciprocal Operations Affecting Equity with
Home Offices and Subordinate Companies
Reciprocal Operations that Affect Income with
Home Offices and Subordinates
Other Creditor Memorandum Accounts (1)
3,577.4
$
1.
December 31,
2013
1,538.2
13,041.5
16,432.6
1,609,755.9
8,736,416.6
1,519,348.3
7,388,186.6
As of June 30, 2014 this business line included among other: $ 918.023.8 for unlikely contingencies
in the construction of road sections in the Llano highway of the subsidiary company Epiandes,
$250.260.2 of accounting equity difference control versus the fiscal equity due to the effect of
presumptive income of the subsidiary CFC Gas Holding. As of December 31, 2013 this item included
among other: $ 838.740.2 for unlikely contingencies in the construction of sections in the Llano
highway of the subsidiary Epiandes, $ 287.318.7 of accounting equity difference control versus the
fiscal equity for the effect of the presumptive income of the subsidiary CFC Gas Holding.
Following is the detail of fiduciary memorandum accounts of the subordinate company Fiduciaria Corficolombiana S.A.:
June 30,
2014
Fiduciary Memorandum Accounts:
Investment Trusts (1)
Administration Trusts (2)
Guaranty Trusts (3)
Real Estate Trusts (4)
Social Security General System Trusts and
Other Related (5)
Joint Portfolios
$
$
25.
55,711.7
5,355,418.9
302,407.7
1,033,450.6
December 31,
2013
51,383.6
4,781,512.8
252,384.4
1,155,368.9
637,804.8
626,889.3
2,326,185.6
9,710,979.3
1,623,617.4
8,491,156.4
1.
As of June 30, 2014 and as of December 31, 2013, it managed assets of 1 trust.
2.
As of June 30, 2014 and as of December 31, 2013, it managed assets of 352 and 351 trusts, respectively.
3.
4.
5.
As of June 30, 2014 and as of December 31, 2013, it managed assets of 4 trusts, respectively.
Operations with Related Parties
Main Stockholders holding ten percent (10%) or more of the share capital are considered related
parties, or when they own less, operations exist that represent more than five per cent (5%) of the
technical equity. Also considered related parties are the members of the Board of Directors and
companies where the Home Office and its subordinates own investments exceeding fifty per cent
(50%) or economic, administrative or financial interests exist.
June 30, 2014
(Continues)
118
AND SUBORDINATES
ASSSETS
Available
Investments
Portfolio
Accounts
Receivable
Other Assets
LIABILITIES
Deposits
Accounts Payable
Other Liabilities
INCOME
Interest
Commissions
Leasing/Rental
Other Income
EXPENSES
Interest
Commissions
Fees
Leasing/Rental
Other Expenses
$
$
With
Grupo
Aval GA
Directors with
Legal
Representation
Members of
the Board of
Directors
Entities that
are part of the
Consolidation
Stockholders
with
Participation
Exceeding
10%
Entailed/
Related
Companies
Stockholders
with Obligation
Exceeding 5%
of the PT
35,448.0
-
-
78.8
136,324.6
105,855.2
63,372.8
699,054.9
12.0
-
194,260.1
14,758.8
693.5
18,733.5
-
-
0.7
101.3
474,010.6
320.3
553.4
-
-
15.9
15.9
75,534.5
-
-
-
-
1.5
-
802.6
14.7
15.8
933,159.4
455,608.4
316,589.7
18,066.4
50,869.7
2,004.9
2,073.4
-
85,992.0
33,923.4
-
802.0
51.7
9.7
0.8
0.5
-
0.9
5.3
4.0
8,432.7
2,134.7
578.3
50,084.9
9,197.4
1,341.2
2,216.7
671.5
12.5
543.0
45,960.7
-
23.4
1.3
721.5
1,304.2
20,164.5
599.0
151.6
520.4
28,820.0
1,866.9
582.8
297.0
266.3
65.5
72.5
2.1
810.7
72,964.9
December 31, 2013
ASSETS
Available
Investments
Portfolio
Accounts
Receivable
Other Assets
LIABILITIES
Deposits and
Current Liabilities
Accounts
Payable
Other Liabilities
INCOME
Interest
Commissions
Leasing/Rentals
Other Income
EXPENSES
Interest
Commissions
Fees
Leasing/Rentals
Other Expenses
26.
$
$
With
Grupo
Aval GA
Directors with
Legal
Representation
Members of
the Board of
Directors
Entities that
are Part of the
Consolidation
Stockholders
with
Participation
Exceeding
10%
Related
Companies
Stockholders
with Obligation
Exceeding 5%
of the PT
36,637.8
-
-
96.2
130,141.1
109,035.4
60,200.6
513,533.3
3,012.0
-
111,462.4
19,184.3
764.9
1,530.1
-
34.6
42.0
310,141.2
676.1
338.4
-
-
0.1
2.5
144,861.2
-
-
-
-
-
528.7
661,030.5
-
2,242.5
86,444.6
-
-
10.5
269,180.2
19,142.1
2,270.4
4,221.5
-
0.1
75.3
358,803.3
48,444.2
-
-
832.5
25.1
1.1
0.5
7.9
1.7
6.9
16.2
8,510.2
2,375.1
547.8
53,079.1
8,468.2
859.1
1,617.8
724.9
12.7
486.4
3.2
21,067.6
-
20.0
6.2
630.2
845.3
18,111.3
704.2
190.7
511.9
86,179.0
2,028.5
651.5
645.7
-
21.4
123.4
3.3
672.5
67.1
32,685.6
Operating Income
Following is the detail of operating income:
Dividends and Participations:
Ventas y Servicios S.A.
$
June 30,
2014
315.6
December 31,
2013
-
(Continues)
119
AND SUBORDINATES
Dividends and Participations:
Banco de Occidente S.A. (1)
Bolsa de Valores de Colombia S.A.
Banco Av Villas S.A.
C.I. Acepalma S.A.
Deceval S.A.
Fiduciaria de Occidente S.A.
Gas Natural Esp
Jardin Plaza S.A.
Metrex S.A.
Bladex S.A
Promigas S.A. (2)
Other
$
June 30,
2014
158.6
808.7
891.8
12.9
185.5
686.4
1,551.0
1,220.7
21,042.3
615.1
4,535.5
355.2
311.6
2.8
92,784.9
790.6
126,269.2
December 31,
2013
(21.2)
693.1
12.3
1,501.2
732.3
2.4
125,083.2
0.1
128,003.4
1.
It corresponds to the dividends reversion decreed in the first half of 2013 in proportion to the sale of
Banco de Occidente stock in the second semester of 2013.
2.
As of June 30, 2014 it corresponds to dividend distribution in stock for the sum of $ 21.065.9 and in
cash for $ 49.784.6 for the Corporation. The subsidiary Gas Holding also received dividends for the
sum of $ 6.524.5 and $15.409.9 in stock and cash respectively. As of December 31, 2013 it includes
the distribution of dividends in stock for the sum of $ 51.948.5 and in cash for $ 43.544.7 for the
Corporation; the subsidiary company Gas Holding also received dividends for the sum of $16.089.6
and $13.486.8 in stock and in cash respectively.
June 30,
2014
Other Operating Income:
Sale of Realisable Goods (3)
Operating Recoveries
Suppliers Discount
Other
$
$
741,257.0
5,422.7
27.1
4,628.5
751,335.3
December 31,
2013
815,077.2
6,354.9
5,188.3
826,620.4
3.
Sale of Finished Goods and merchandise of real sector subsidiary companies.
27.
Operating Expenses Other
The detail of operating expenses is as follows:
Fees
$
June 30,
2014
10,275.9
December 31,
2013
10,980.8
(Continues)
120
AND SUBORDINATES
June 30,
2014
46,560.1
8,305.7
2,095.2
9,153.8
8,777.9
2,613.4
3,657.0
2,239.2
2,982.2
354.1
11,270.6
120.5
1,460.8
10,893.6
888.5
160.0
622.0
347,910.8
42,245.3
512,586.6
Taxes (1)
Leasing/Rentals
Contributions and Affiliations
Insurance
Maintenance and Repairs
Office Fixing
Cleaning and Vigilance Service
Temporary Services
Publicity and Propaganda
Public Relations
Public Services (Utilities)
Electronic Data Processing
Travel Expenses
Transportation
Office Supplies and Stationary
Consortium and temporary Mergers
Donations (2)
Sale of Realisable Goods Cost (3)
Other
$
December 31,
2013
22,861.7
7,633.6
3,950.7
8,729.5
9,097.0
2,768.3
3,744.5
2,630.2
3,388.8
527.0
11,284.5
133.1
1,821.1
10,701.5
900.7
91.1
1,054.2
386,311.5
23,099.6
511,709.4
1. As of June 30, 2014 this business line corresponded, among other, to: GMF $ 5.585.8, Industry and
Trade for $ 7.825.3, Land Tax for $ 2.112.7 and amortisation of the equity tax for $ 27.894.0. As of
December 31, 2013 it corresponded, among other, to: GMF $ 5.396.3, Industry and Trade for
$8.132.4, Land tax for $ 1.259.2 and amortisation of the equity tax for the sum of $ 2.935.8.
2. As of June 30, 2014 and December 31, 2013 it includes, among other: allowance on donations for
Fundación Corficolombiana for the sum of $ 65.0 and $ 500.0 respectively.
3. As of June 30, 2014 and December 31, 2013 it corresponds to sale and production costs directly
related with inventories of real sector subsidiary companies.
28.
Other Allowances
The detail of other allowances is as follows:
Available
Property and Equipment
Realisable Goods and received in
payment
Other Liabilities
Other Allowances
$
$
June 30,
2014
29.2
743.2
December 31,
2013
6.4
1,641.0
540.9
1,518.3
302.7
285.0
1,901.0
1,503.1
1,090.9
5,759.7
(Continues)
121
AND SUBORDINATES
29.
Non Operating Income
The following is the detail of non operating revenue:
June 30,
2014
Profit in the sale of:
Goods received as dation in payment $
Property and equipment (1)
Leasing of own property
Reimbursements of:
Penalised goods
Realisable and received goods
Investment Allowances
Damages
Other Allowances
Other assets allowances
Other recoveries
Income goods received in payment
Consortiums or temporary mergers
Minoritary Interest
Other
$
December 31,
2013
641.1
30,542.3
814.8
117.3
2,848.1
840.4
432.1
163.0
225.0
55.6
15,947.3
7.0
7,776.3
24,439.5
81,044.0
53.3
2,354.3
298.4
75.3
6.5
1,351.2
20,410.7
7.2
17.7
15,841.3
8,647.7
52,869.4
1.
As of June 30, 2014 it includes, among other, gains for the negotiation and transfer of land in Yopal
and Villavicencio to Fiduciaria Bancolombia by the subordinate company Hoteles Estelar for the sum
of 15.231.2 for the hotel project in El Llano, and the sale of a property in Giron Santander for the sum
of 12.567.0 of the subsidiary Tesicol.
30.
Non Operating Expenses
The following is the detail of non operating expenses for the semesters:
June 30,
2014
Loss in Sale:
Goods Received in Payment
Property and Equipment
Loss for Disasters
Penalties and Sanctions, Lawsuits and
Claims
Interest for Penalties and Sanctions
Expenses Goods Received in Payment
Portfolio Recovery Loss
Non Operating Expenses Consortium or
Temporary Merger
Minoritary Interest
Other (1)
$
December 31,
2013
147.2
13,352.7
41.0
116.4
1,530.9
1,082.4
5,139.4
744.8
608.5
567.0
45.5
17.0
265.8
236.2
-
41.5
46,908.7
30,442.7
59,034.9
35,895.2
(Continues)
122
AND SUBORDINATES
$
June 30,
2014
97,252.7
December 31,
2013
98,965.1
1.
As of June 30, 2014 it includes, among other, 14.965.4 that correspond to the value of rentals paid by
the subsidiary company Hoteles Estelar to Co-owners of small hotels.
31.
List of Assets Weighed by Risk Level – Technical Equity
The technical equity may not be lower than nine per cent (9%) of assets in national and foreign
currencies weighed by risk level as indicated by article 2.1.1.1.2 of Decree 2555 of 2010, former article
2 of Decree 1720 of 2001. Individual compliance is verified monthly and semi annually in a
consolidated way with its agencies and financial subordinates.
Risk assets rating, contingent accounts, businesses and trust in each category is made applying the
percentages established by Superintendencia Financiera to each of the assets items, contingent
accounts, businesses and fiduciary mandates established in Plan Único de Cuentas (Accounts Sole
Plan). From January 30, 2002, market risks as part of assets weighed by risk are additionally included.
As of June 30, 2014 and December 31, 2013 the consolidated solvency ratio was of twenty five point
forty three per cent (25.43%) and twenty two point eighty two per cent (22.82%), respectively.
Additionally, the consolidated technical equity as of those dates was of $2.183.869.5 and $ 2.021.289.5
respectively.
32.
Contingencies
With respect to the existence of three supposed Term Deposit Certificates CDTs of Corporación
Financiera del Valle S.A. with numbers 159743, 159744 and 159745 dated February 17, 1989 for the
sum of $ 58.5 each, respect of which an executive claim was filed; this claim was decided in first to the
favour of the Home Office by Civil Judge Ten of the Decongestion Circuit on April 2012 and at present
expecting the decision in second by Tribunal de Bogotá (the Bogota Court), we inform:
1. That such instruments have not been recorded in the Home Office accounting, and that
2. That with respect to the facts related thereto, the Criminal Court of the Supreme Court of Justice did
not pronounce on their existence and validity. It was thus acknowledged by the Penal Cassation Court
in a protection/tutelage award of February 26, 2008 then confirmed by the Civil Cassation Court of the
Supreme Court of Justice on award of April 7 of the same year stating that “(…) the legal debate was
not on the issue of validity or exception of the securities on which the criminal activity considered fell on
(…)”.
3. That the aforementioned awards were reviewed and confirmed by the Constitutional Court on award
T-929 of 2008- Fourth Revision Court. The Home Office based on the communication of its external
attorneys considers the constitution of allowances for this case is not necessary.
(Continues)
123
AND SUBORDINATES
The following subordinate companies have the most significant contingencies in the group, among
other:
Fiduciaria Corficolombiana S.A.:
ACTOR
REMEDIES SOUGHT
VALUATION
AMOUNT OF
REMEDIES
Unidad de
Investigaciones
Especiales contra la
Corrupción – Special
Research Against
Coruption Unit
Contraloría Delegada
Intersectorial No. 2 de
la Contraloría General
de la Republica - 181
- Guaranties
Establish if those investigated are fiscally accountable for an
alleged patrimonial detriment of the Municipality of Villavicencio
with respect to the investment of municipal royalty resources in
the Trust Fideicomiso Coocafe - Visemsa.
$1.664.307
$11.650.147
Process
ended
Establish if those investigated are accountable for a possible
patrimonial detriment of Departamento del Meta with respect to
the investment of royalty resources of the Department in the
Trust Fideicomiso Coocafe - Visemsa.
$ 2.724.162
$13.620.812
Process
ended
CLASS
ATTORNEY: Juan
Carlos Bernal
Unidad de
Investigaciones
Especiales contra la
Corrupción Contraloría
Intersectorial No. 2 de
la Contraloría General
de la Republica - 203
– With no Guaranties
Attorney: Juan Carlos
Bernal
Hoteles Estelar S.A.:
On August 16, 2001, Mr. Norberto Gari García presented a popular action against the Nation – Ministry
of National Defense - Armada Nacional (National Armed Forces); the Nation - Dirección General
Marítima (DIMAR) (Maritime Direction General); the Nation – Ministry of the Environment; the Nation –
Ministry of Transportation; the Nation – Superintendencia de Notariado y Registro (Superintendency of
Notaries and Registration) – Oficina de Instrumentos Públicos de Cartagena (Cartagena Public
Instruments Office); Distrito Turístico y Cultural de Cartagena de Indias (Cartagena de Indias Touristic
and Cultural District) and Compañía Hotelera de Cartagena de Indias S.A., a company within which
Hoteles Estelar S.A. has a stock participation of 50.2%; Fondo de Garantías de Instituciones
Financieras, FOGAFÍN, el 39.5%, Grupo Bavaria 6.7% and Hilton International 2.5%, among others.
The claim looked for a pronouncement on the infringement of joint rights and interests of administrative
ethics, the enjoyment of public space, the enjoyment of a healthy environment and the existence of the
ecological equilibrium and a rational management of State natural resources and that, as a
consequence of such infringement, a restitution to the Nation of 37.018 sq.mt is made as a product of
sea invasion and the illegal contribution of five land plots given by the Municipality of Cartagena.
(Continues)
124
AND SUBORDINATES
The issue was decided in the first instance under an award denying the claims requested, but the
popular actor appealed against the decision. On March 15, 2013, Sub section C of Section Three of the
Administrative Chamber of the Council of State (Sala de lo Contencioso Administrativo del Honorable
Consejo de Estado) rendered a second instance decision by which (i) with respect to the land given by
the Municipality of Cartagena, the bylaws of Compañía Hotelera de Cartagena de Indias S.A.
established there was no violation to any collective rights, susceptible of being protected by a popular
action and (ii) revoked the appealed decision and instead declared collective interest and rights to
defence of goods of public use and public patrimony violated. Consequently, it issued an order for the
restitution of the land it considered of public use and, should there be buildings in such land, it order as
a compensation, that Compania Hotelera de Cartagena de Indias S.A. acquires a land for building in a
term not exceeding three (3) years, a park for community use and entertainment. This park would be
managed by the Cartagena District and maintenance costs would be the responsibility of Compañía
Hotelera de Cartagena de Indias S.A. during the first thirty (30) years.
Against the aforementioned award Compañía Hotelera de Cartagena de Indias S.A., presented an
invalidity request that was rejected.
Within the legal opportunity and through its attorney in law, the Company also filed clarifying and
addition requests that were decided by Consejo de Estado through a complementary decision of May
8, 2013 that clarified two paragraphs of the operative part of the award, a new paragraph was added
and the remaining clarifying and addition requests were denied. The award became enforceable from
May 30, 2013.
The file was then sent by Consejo de Estado to Tribunal Administrativo de Bolívar where the judge
issued an order on December 18, 2013 declaring she was disqualified from hearing the case.
Bearing in mind that with the award the fundamental right to a due process and the constitutional rights
of good faith and legitimate confidence was infringed, Compañía Hotelera de Cartagena de Indias S.A.,
empowered Lawyer Jaime Córdoba Triviño to defend its interest through a tutelage action that was
filed on August 5, 2013 before Section Four of Consejo de Estado, at present to be decided in the first
instance.
In conformity with article 52 of Decree 2649 of 1993 this contingency is estimated as probable;
notwithstanding, due to a difficult interpretation of the award that makes impossible to determine the
scope of the established convictions, quantification of them has not been possible and therefore no
allowance has been made as of the close of June 30, 2014 and December 31, 2013.
On June 20, 2014 a Verification Committee was appointed to verify the execution of orders contained
in the aforementioned award. The next audience shall take place in September 2014.
33.
Risk Disclosing
Objectives – Corporation Treasury activities are conducted within limits and policies established by the
Board of Directors and are monitored and controlled by the Risk Management Area. Decisions are thus
made with a continuous and permanent follow-up of internal and external economic variables, with the
purpose of maximising the risk/return ratio of portfolios managed, optimise the return of the commercial
relationship with the Corporation clients and capturing the opportunities detected I the different markets
on which it intervenes:
(Continues)
125
AND SUBORDINATES
1.
2.
3.
4.
5.
Internal Public Debt (as Market Creator)
Private Debt
Foreign Exchange
Local currency derivative instruments
Foreign currency derivative instruments
Philosophy in Risk Taking – In order to be sure that treasury activities adapt to the objectives and
strategies of the Corporation, the Board of Directors exercises permanent supervision of the risk profile
through the follow-up of Treasury positions, Market Risk limits, Credit Risk, Liquidity Risk and
Operating Risk.
The philosophy of risk assumption is consistent with general policies for the management of assets and
liabilities and considers aspects as economic analysis, technical analysis, fundamental analysis and
the effect of changes in the environment in the bank book and the treasury book.
Administration
Board of Directors – The Board of Directors is the sphere responsible for the approval of treasury
operation policies; it assures adequate organization, monitoring and follow-up of treasury activities.
This responsibility includes establishing limits for risk taking in such activities and adopting
organisational measures necessary for limiting risks inherent to the treasury business.
The Board of Directors also approves policies, strategies and action rules the entity must follow in the
development of treasury activities as the approval of credit operations in legal and/or foreign currency,
markets where the company is allowed to act, procedures for measuring, analyzing, monitoring,
supervising and managing risks and the limits of risk positions according with the risk type, business
type, counterparty type, product type or of organizational area.
The Board of Directors also has the power to approve procedures to be followed should limits are
exceeded or should strong unexpected market changes occur. It is additionally responsible for
analysing and evaluating management and accounting reports both internal and external.
ALCO Committee – Its main functions are to establish and recommend the Board of Directors the
policies, objectives, limits and procedures for risk administration. Follow-up the risk management plan
adopted including operation, follow-up and control procedures o tolerance levels to the risk established.
Monitoring the limits compliance report and authorize excess based on the powers granted by the
Board of Directors. Implement contingent action procedures should losses in the maximum levels
allowed occurred and approve maximum variation values and variable limits for realizing sensitivities.
Credit Committee – The main function of this Committee is to establish and recommend the Board of
Directors the issue of credit and counterparty quotas of Treasury clients.
Operating Risk Committee – The main function of this Committee is to present for the approval of the
Board of Directors and Top Management policies and operating risk management regulations and
follow-up and control of them. Design the operating risk management strategy of the Corporation and
lead its execution. Establish procedures and mechanisms approving methodologies and systems for an
adequate handling and administration of the operating risk. Know and understand the operating risks
the Corporation takes, permanently evaluating exposition to risk. Participate in the evaluation of the
participation in new markets and the negotiation of new products. Develop strategies for the
construction of an operating risk management corporate culture within the Corporation. Evaluate
(Continues)
126
AND SUBORDINATES
contingency plans and plans for continuing the Corporation business and establish the necessary
resources for their timely execution.
Executive Vice Presidency – The Executive Vice President reports to the Presidency and its main
functions among other, are to establish and recommend the Board of Directors the policies, goals,
limits and procedures for risk administration. To control compliance with portfolio, issuer and
counterparty quotas and limits established by the Board of Directors.
Risk Manager – The Risk Manager reports to the Executive Vice Presidency and its main
responsibilities are to measure risks, verify compliance with established policies and limits, and
conduct risk analysis. This area is also in charge of preparing reports on compliance with policies and
limits and of exposition levels of the different risks.
In the first half of 2014 the tasks for designing and implementing financial models for credit analysis
and counterparty quotas for non financial sector entities and also for recommending credit analysis and
counterparty quota, and finally, presenting the requested quotas to the corresponding spheres. A
Credit Director supports the tasks of the Risk Manager.
An Operating Risk Manager and an auxiliary are in charge of developing the Operating Risk
Administration System (Sistema de Administración de Riesgo Operacional) (SARO) in the Corporation
and the financial subsidiaries.
There is also a risk coordinator and three analysts specialised in the different treasury risks as market
risk, credit and liquidity that report to the Manager. It is important to mention that the legal risk is
covered by the Legal Vice-Presidency.
Evaluation of Risk Administration Systems
Market Risk
The Corporation market risk is measured through the different analysis made based on techniques
acknowledged for the management of financial risk with the purpose of controlling loss levels to which
the Corporation may be exposed in its investments of financial assets due to volatility of markets on
which it may participate.
According with the aforementioned, the following limits scheme operates considering the entity‟s risk
profile.
Position portfolio in pesos – Portfolio limits of negotiable investments – The nominal value of the
position in public debt securities is limited, considering its rate characteristics: fixed or variable and
according with the maturity time. The position in negotiable securities different to public debt is also
limited, considering the same aspects mentioned and the corresponding issuer quotas.
Limits of the investment portfolio available for sale – The nominal value of the position in public and
private debt securities is limited considering the maturity term and the contractual, financial and
operative capacity of the Home Office.
Limits of the Investments portfolio to maturity – The nominal value of the position in public debt
securities is limited, the criteria being the maturity term and the contractual, financial and operative
capacity of the Home Office.
(Continues)
127
AND SUBORDINATES
Position portfolio in dollars – Limits of the negotiable investments portfolio – The nominal value of the
position in public debt securities (TES, TRM and YANKEES) is limited according with the maturity term.
In the same manner the position in negotiable securities different to public debt shall be limited,
considering the issuer quotas approved and the maturity term.
Limits position in foreign exchange – The value of the position in dollars (Short or Long) is limited both
in the “intraday” as in the “nextday”, according with the entity risk profile. Also limited are the positions
of other currencies as the Swiss Franc, the Sterling Pound and the Euros, considering the same
aspects mentioned.
Loss Limits
Daily G&L: This is the main control tool the Middle Office has for monitoring Treasury. Additionally, it is
fundamental in the definition of the maximum losses authorized by the Board of Directors.
VeR (value on risk): In order to establish limits based on the recognised Risk Metrics methodologies for
the administration of the financial risk and that agree with the company risk profile, the Board of
Directors defined a VeR limit for Treasury operations that allows estimating in “normal conditions”the
risk assumed in the exchange and fixed rate markets (“fixed income”) where the Corporation
concentrates its trading activity.
MAT (Management Action Trigger): This is the maximum loss the Corporation is willing to assume
bearing also in mind its equity capacity and solvency capacity. The MAT limits total losses to the sum
of losses caused and potential losses (VeR) associated to the in force portfolio in normal conditions.
MAT = Gains 30 days + VeR
Limit: MAT = VeR
Sensitivity Analysis (Stress Test): the most appropriate scenarios were established to estimate stress
tests, where besides a “stress” with an increase of 200 basic points in the rates, the August 2002 and
April 2004 market crisis are modelled to in force TES positions.
The Home Office and its subordinate companies of the financial sector according with regulations in
force, estimates the market risk based on the standard model established by Superintendencia
Financiera de Colombia under External Circular Letter 051 of 2007 (Chapter XXI of the Accounting and
Financial Basic Circular Letter 100 of 1995). Exposition levels are as follows:
1- Interest rate
2- Exchange rate
3- Stock price
4- Joint portfolios
5- Trusts
Total value on risk
June 30,
2014
168,607.3
6,049.8
9,408.8
49,543.6
521.8
234,131.3
December 31,
2013
226,084.2
1,153.4
10,780.1
47,682.5
283.9
285,984.1
Liquidity Risk
(Continues)
128
AND SUBORDINATES
Internal methodologies approved by the Board of Directors are used as a tool for the liquidity risk
together with the definitions under External Circular Letter 042 of 2009 of Superintendencia Financiera
de Colombia, that indicates the Rules Relative to The Liquidity Risk Administration System (Reglas
Relativas al Sistema de Administración de Riesgo de Liquidez - SARL) and determines the
methodology for estimating the Liquidity Risk Indicator (Indicador de Riesgo de Liquidez - IRL).
The Home Office continued monitoring and controlling internal limits established by the Board of
Directors both for long and short term. Among short term ones are the MCO (Maximum Cumulative
Outflow) or cash flow projected at 1, 7 and 30 days. Long term indicators are the MTF (Medium Term
Funding) and the CCP (Cash Capital Position). The first one limits long term assets financing with short
term liabilities and the second one limits the financing of illiquid assets (defined as those assets the
market does not receive in collateral in events where entity resources are required) with short term
resources.
The Board of Directors established limits for each of these indicators that the Top Management reviews
daily and are presented monthly to this same sphere. Indicators, according with their status may putt
the company in a normal situation, or in an event or crisis situation. Bearing these statuses in mind, the
Board of Directors defined the contingency plans to be followed.
On the other hand follow up was conducted to the different funding sources, monitoring of the main
CDTs depositors was conducted and Savings Accounts and the concentration of contractual daily
maturities of deposits and current liabilities was conducted.
As of the close of June 30, 2014 in force regulations for liquidity risk management is External Circular
Letter 017 of 2012 that modified Chapter VI “Regulations Relative to the Liquidity Risk Administration
System (Sistema de Administración del Riesgo de Liquidez”) of the Accounting and Financial Basic
Circular Letter (Circular Básica Contable y Financiera) 100 of 1995.
Following are the results of the liquidity risk estimation as of June 30, 2014:
Indicators Estimation
Liquidity risk indicator (IRLm)
Liquidity risk indicator ratio (IRLr)
7 days
30 days
$794,434.2
194%
716,624.8
178%
According with the methodology of Superintendencia Financiera de Colombia, the Corporation has
liquid assets adjusted by market liquidity, exchange risk and required legal reserve (ALM) to highly
support its liquidity requirements.
Credit Risk
The Treasury area is in charge of identifying investment and negotiation alternatives both in the real
and the financial sectors. According with the result of the study conducted by the risk area the
commercial area request is sent to the consideration of the corresponding sphere and a quota is
established for a one year term for operations with that client.
(Continues)
129
AND SUBORDINATES
All issuer and/or counterparty shall have a quota approved by the corresponding sphere. Quotas of non
financial entities are evaluated under the counterparty analysis process and those of the financial
sector are evaluated using a CAMEL methodology.
Counterparty risk categories – Counterparty risk categories are standardised in four levels that allow
the optimisation of businesses generating no additional wear in Corporation powers or affecting the
quality of risk decision making.
Risk categories from greater to lower risk are as follows:
Category 1 – Interbank short term loans, repos and/or investment in securities.
Category 2 – Credit exposition in fixed income and foreign exchange derivative products.
Examples: Foreign exchange forward, securities forward, options, swaps.
For derivative products, the risk quota to be approved by the corresponding sphere is defined
according with Exposición Potencial Futura (Future Potential Exposition) defined in Chapter XVIII of
External Circular Letter 100 of 1995 that provides the factors that apply on the contract nominal value
in function of term and subjacent assets.
The use of the approved quota is estimated based on the derivative credit exposition:
Credit exposition = Reposition Cost (*) + Future Potential Exposition
(*) Replacement Cost is the greater value between the market value and zero (0).
Fixed income derivative is a contract where the subjacent is a market interest rate, or a fixed income
security independently from the issuer or the type of security.
Futures realised through the Colombian stock exchange shall not use counterparty quota as they have
a basic guaranty and a variation guaranty as provided by the regulations established by the stock
exchange.
Category 3 – Spot risk
Examples: Purchase – sale of securities and free delivery foreign exchange.
Overnight risk
Category 4 - DVP category or compensated
“Intraday” market risk.
Note: approved quotas may be used for same category products, meeting the deadlines. Spot risk and
overnight risk may not be combined.
During the first half of 2013 treasury counterparty quotas were assigned according with the
aforementioned methodology and were approved by the corresponding spheres.
(Continues)
130
AND SUBORDINATES
Operating Risk
The Home Office has an Operating Risk Administration System (Sistema de Administración de Riesgo
Operacional) that is composed of the following elements:
1.
Risk maps: This element allows the identification of risks associated to each of the processes, and the
controls that mitigate them.
2.
Event registration: Data base of operating risk events occurred in the Corporation. As of June 30, 2014
the data base had 1614 records with the following distribution:
No. of records
Risk Factor
Human Resource
Processes
Technologic Platform
External Events
Infrastructure
Processes
Mission
Support
Strategic
Type of Loss
Type B (with no impact n L&G)
Type C (almost losses)
Type A (with impact on G&L)**
577
448
433
118
38
1,614
743
709
162
1,614
1,043
473
98
1,614
In the January – June semester of 2014 one event was recorded for the sum of $ 7.2.
1.
Indicators. The operating risk monitoring process is made through indicators that are measured
monthly.
2.
Training. For the second half of 2014 classroom training has been scheduled for all employees. A
virtual course was also available where new employees receive concept information on operating
risk, with coverage as of the close of June 2014 of 100%.
1.
Control
(Continues)
131
AND SUBORDINATES
The control structure as a fundamental principle has the adequate function segregation of tasks
between the activities of the front, middle and back offices. Thus, treasury operations shall develop
within an organisational structure that includes the following areas and/or functions:
Front Office – Area directly in charge of the negotiation, relationship with clients and treasury
commercial aspects.
Middle Office – Area in charge, among other tasks, of measuring risks, verifying compliance with
policies and limits established and of conducting risk analysis. This area is also in charge of preparing
reports on compliance with policies and limits and on exposition levels of the different risks inherent to
treasury operations. Additionally, it must review and evaluate from time to time valuation
methodologies for financial instruments and risk measurement.
Back Office – Area in charge of treasury operative issues as closing, registry and final authorisation of
operations.
On the other hand, the Corporation has an on line quota module that allows control of risk exposures
by counterparty in the different Treasury businesses. Additionally the Middle Office receives support of
quota modules of the different transactional systems: MEC and Set-Fx.
Due to the consolidation of risk controls, the present treasury business is more stable and there exists
less risk of potential loss for market, credit and liquidity risks associated to it and a greater reaction
opportunity for adverse events.
On the other hand, in compliance with the provisions of Superintendencia Financiera de Colombia
regulations and applying Corporate Government good practice, Corficolombiana has an internal control
system approved by the Board of Directors that allows the entity to make controlled operations being
able to achieve its corporate goals.
General principles that inspire these guidelines are contained in the Code of Ethics and Behaviour that
includes behavioural patterns expressly indicated by the Board of Directors with respect to the
commitment expected of all employees regarding the internal control system, ethics in business,
interest conflict and handling of privileged information, among other.
In order to strengthen the internal control system and prevent undue market behaviours, the
Corporation conducts annual training events to disseminate and reinforce internal control institutional
guidelines, making evaluations that enable Corficolombiana to determine the effectiveness of these
principles, delivering the top management a summary of results to adopt the necessary improvements
to strengthen the prevention and control system.
34.
Corporate Government
Corporación Financiera Colombiana S.A., has incorporated principles that govern the healthy
government of the entity and the protection of stockholders and investors „rights.
(Continues)
132
AND SUBORDINATES
Board of Directors and Top Management – The Board of Directors and the Top Management
determine the strategies, policies and risk profiles of the entity. The Board of Directors is always
informed on processes and businesses the Home Office carries out.
This administration sphere approves limits for loan granting and of exposure to market risk, liquidity
and administration of credit risk for the different businesses of the Corporation. The Executive vice
Presidency is the area dedicated to the identification, administration, measurement and control of risks
inherent to Treasury operations and other businesses of the Corporation. This area is in charge of
generating risk control mechanisms and informing the Top Management and the Board of Directors on
risk exposures the Home Office may have.
Policies and division of functions – Risk policies are approved by the Board of Directors and are
according with the different business lines of the Corporation. It has specific elements for each type of
risk (credit, market, liquidity and operating). Risk Management conducts a close follow up of
compliance by Risk management of such risks, an area under the control of the Executive Vice
Presidency.
Reports to the Board of Directors – The Board of Directors is permanently informed on risk exposure
of the different businesses of the Home Office.
The Board of Directors receives a monthly report with a description of operations made by the currency
desk, business results, risk levels and compliance with limits established, should it be the case.
Operations with associates are subject to the consideration of the Board of Directors.
Limits of portfolio maximum positions, maximum losses and of value on risk are controlled by the Risk
Department and informed on daily basis to the Home Office Top Management.
Technologic Infrastructure – The Corporation has the adequate technologic infrastructure that allows
it to efficiently support transaction requirements of its daily operation, including adequate control and
audit mechanisms for controlling risk and generating information tools that help the management of
information in the organization.
Methodology for measuring risk – Corporación Financiera Colombiana is listed as a financial entity
and due to its business role in the different fronts on which it concentrates (currency desk products,
investment bank, variable income investments, etc.), it is exposed to different risks generated by the
evolution of the environment in all its dimensions.
Based on the aforementioned, it is clear that risk management has become the determinant factor to
reach one of the main goals of Corficolombiana, to obtain satisfactory profitability levels for its
stockholders; this is the reason for risk management being in the definition of all and each of the
institutional strategies and the decision making procedure for all Home Office businesses and activities.
The Home Office defined that the risk management process must comply with the following stages:
Risk identification – Risks associated to each of the products are determined. The entity looks for
identifying risks undue concentrations and implementing new technologies for handling them.
Risk measuring – Measuring and management of the different risks are established. Monitoring
systems must operate precisely and cover all defined aspects in order to make the management
process easy. Risk measurement involves availability of experimented human resource and technical
tools that allow quantification of risks inherent to each business.
(Continues)
133
AND SUBORDINATES
Assignation of limits – Limits for each of one of the risks separately (market, credit and/or counterparty,
operating and liquidity), even if they are linked among them. The Management evaluates and defines
limits based on the willingness to take risks and the capacity of the Entity to absorb losses.
Limits measuring and control – The value of positions must be permanently reviewed versus limits and
the resulting excess must be reported to the Top Management in order that it takes the necessary
steps. Evaluations and measurements are made with different periodicity according with the needs of
each business line.
Generation of Reports – Reports shall be submitted from time to time according with the instructions of
the Board of Directors and the different risk spheres. They must contain information with respect to the
present exposition to risk versus limits established, being essential elements for decision making.
Existing methodologies identify and measure different risk types to which the Corporation is exposed to
due to its activity and show how methods listed and explained in detail in these notes to the financial
statements operate.
Organisation Structure – The Corporation has defined through its Board of Director san organisation
structure that shall ensure an adequate risk administration. The Executive vice Presidency is in charge
of the construction of a strong risk culture within the organisation looking for an integrated view of risks
and also covering Corficolombiana‟s financial agencies. This Vice Presidency is in charge of Risk
Management and Credit Risk Management and has the purpose of promoting, leading and controlling
the execution of approved risk policies complying with the indicated risk management strategy and
using the previously defined risk administration process.
Independence exists in the Corporation structure between the negotiation, risk control and operations
accounting areas. Each of these tasks has been assigned to a different functional area that report to
different Corporation spheres, as follows:
Responsibility
Area
Reports to:
Negotiation
Treasury Vice Presidency
Commercial Vice Presidency
Investment Bank Vice Presidency
Investments Vice Presidency
Presidency
Presidency
Presidency
Presidency
Control
Risk Management
Executive Vice Presidency
Accounting
Treasury Operations
Accounting Management
Operation System Management
Executive Vice Presidency
35. Legal Controls
As of June 30, 2014 and December 31, 2013 the Home Office and the financial sector subordinate
companies complied with each of their legal obligations and duties with respect, among other, to own
position, capital investments, technical equity, legal reserve, compulsory investment in agriculture
development securities classes “A” and “B” and in general terms, all the instructions given by vigilance
and control spheres and legislative bodies.
(Continues)
134
AND SUBORDINATES
36. Asset Laundering and Financing of Terrorism Risk
The risk of asset laundering and financing of terrorism is understood as the probability of economic
loss or harm to the good name the Entity could suffer should it be used directly or through its
operations as an instrument for asset laundering or for canalizing money for terrorist actions, or when
the intention exists to hide assets from such activities through the Entity.
By virtue of the foregoing and conscious of its undertaking to fight against criminal organisations, the
Home Office, complying with the provisions of Superintendencia Financiera de Colombia, adopted the
necessary mechanisms to prevent the occurrence of events that may negatively affect its business and
results. According to this, Corficolombiana has an Asset Laundering and Financing of Terrorism Risk
Administration System - Sistema de Administración del Riesgo del Lavado de Activos y de la
Financiación del Terrorismo SARLAFT, that is integrated by stages, elements, policies, procedures and
methodologies for the identification, evaluation, control and monitoring of such risks, and for knowing
its clients, operations with the Home Office and market segments with which it deals. The system,
contained in Manual de SARLAFT (SARLAFT Manual), approved by the Board of Directors, also
considers monitoring of transactions, personnel training and co/operation with the authorities, and is
managed by the Compliance Official who is responsible for evaluating prevention and control
mechanisms in order to establish their effectiveness and compliance with them by all Home Office
employees. According with measurements made during the second half of 2013 based on the
SARLAFT, the Entity maintains low risk levels: notwithstanding, these are monitored quarterly.
Direct supervision of controls to prevent these risks is made by the Compliance Official. Internal Audit
and Statutory Audit Offices and Management and the Board of Directors also supervise through the
reports submitted from time to time by the Compliance Officer.
37. Financial Consumer Care System
The Corporation, in order to continue offering an effective and permanent attention, besides complying
with the policies established in the SAC Manual, during the first semester of 2013 applied the
procedures for organising system elements and stages in conformity with the corresponding in force
provisions. It also has the adequate infrastructure for the correct administration and operation of the
SAC. The aforementioned satisfied financial consumers and no one submitted claims.
Among key elements is the design by the Entity of education plans and programs for financial
consumers with respect to the different operations, services, markets and financial activity types that
were developed in forums, seminars and participation in congresses with invited lecturers. Such
actions took place both directly and through co-operation agreements with Autorregulador del Mercado
de Valores and Asociación Bancaria de Colombia.
As member of the “Financial Education for All” program of Autorregulador del Mercado de Valores –
AMV, the Corporation participated in the Compliance and Communications group committees that
included lectures on “‟Economic Situation” in events organized by Bolsa de Valores de Colombia (BVC)
(Colombian Stock Exchange) in Bogota city.
Also as member of the company education Project for financial consumers „Saber Más, Ser Más”
(Know More, Be More) of ASOBANCARIA, the Corporation participated in activities as the redesign of
the program web page and participation in publishing groups of one of its sections.
(Continues)
135
AND SUBORDINATES
From time to time the Corporation sends to all its employees e-mail bulletins with practical advisory on
different issues as savings culture, responsible management of credit, effective use of financial
services, bank security, rights and obligations of financial consumers and the role of banks.
For the first semester of 2014, new employees have received training and being certified in the SAC
virtual course that deals with financial consumer duties and rights, mechanisms for their protection and
the tasks of the financial consumer defender."
38.
Convergence to Accounting International Regulations
According with Decree 2784 of 2012, the Home Office is part of Group 1 of those that prepare financial
information and on February 25, 2013 it presented Superintendencia Financiera de Colombia the
Implementation Plan of International Financial Information Regulations (Plan de Implementación a las
Normas Internacionales de Información Financiera (NIIF).
st
The transition period began on January 1 , 2014 and issuing of the first financial statements under
International Financial Information Norms shall begin in 2015.
The Home Office and controlled subordinate companies presented Superintendencia Financiera de
Colombia on January 30, 2014 a summary of the main policies envisaged for the preparation of the
status of financial condition for January 1st, 2014, additionally indicating exemptions and exceptions in
the application to the norm structure and a preliminary estimation with the main qualitative and
quantitative impacts established. External Circular Letter 13 of 2014 of Superintendencia Financiera de
Colombia also establishes that on the latest on June 30, 2014 subordinate companies shall send this
Superintendencia the opening financial condition status bearing in mind that said status shall serve as
departing point for accounting under international accounting norms.
With External Circular Letter 014 of 2014 Superintendencia Financiera de Colombia established the
deadline for submitting the consolidated Estado de Situación Financiera de Apertura ESFA (Opening
Financial Situation Status ESFA) shall be August 30, 2014.
39.
Subsequent Events
No subsequent events occurred having impact on the consolidated financial statements between June
30, 2014 and August 4, 2014, the date of the statutory auditor report.
(Continues)

CORPORACION FINANCIERA COLOMBIANA SA

Transcription

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