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INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | 12 Months Ended
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Dec. 31, 2023
Disclosure of investments in associates and joint ventures [Abstract] |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | NOTE 14 – INVESTMENTS IN ASSOCIATES AND JOINT VENTURES The detail of the investments in associates and joint ventures for the years ended December 31, 2023, and 2022 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023 |  | December 31, 2022
Associates |  | Ps. | 1,288,641 |  | Ps. | 1,419,296
Joint ventures | ​ | ​ | 2,042 | ​ | ​ | 4,047
Total |  | Ps. | 1,290,683 |  | Ps. | 1,423,343
​ ​ The following table shows the balances of each investment in associates and joint ventures as of December 31, 2023 and 2022, and Grupo Aval’s ownership interest percentage in those entities: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​ | December 31, 2022
​ |  | Ownership |  | Book |  | Ownership |  | Book
​ | ​ | interest | ​ | value | ​ | interest | ​ | value
Associates | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gas Natural de Lima y Callao S.A. - Cálidda |  | 40 | % | Ps. | 614,577 |  | 40 | % | Ps. | 768,953
Gases del Caribe S.A. E.S.P. |  | 31 | % | ​ | 328,661 |  | 31 | % | ​ | 313,968
Credibanco S.A. |  | 25 | % | ​ | 210,399 |  | 25 | % | ​ | 205,604
Redeban Multicolor S.A. |  | 20 | % | ​ | 41,562 |  | 20 | % | ​ | 33,183
A.C.H Colombia S.A. |  | 34 | % | ​ | 32,580 |  | 34 | % | ​ | 32,134
Aerocali S.A. |  | 50 | % | ​ | 24,389 |  | 50 | % | ​ | 30,499
Colombiana de Extrusión S.A. - Extrucol |  | 30 | % | ​ | 14,507 |  | 30 | % | ​ | 12,321
ADL Digital Lab S.A.S. | ​ | 34 | % | ​ | 12,231 | ​ | 34 | % | ​ | 8,439
Servicios de Identidad Digital S.A.S. | ​ | 33 | % | ​ | 4,039 | ​ | 33 | % | ​ | 7,050
Energía Eficiente S.A. |  | 33 | % | ​ | 3,485 |  | 33 | % | ​ | 4,136
Metrex S.A. |  | 18 | % | ​ | 2,211 |  | 18 | % | ​ | 2,596
Concentra Inteligencia en Energía S.A.S.(1) |  | — | % | ​ | — |  | 24 | % | ​ | 413
​ | ​ | ​ |  | Ps. | 1,288,641 | ​ | ​ |  | Ps. | 1,419,296
.(1) The investment in associated was liquidated on November 29th, 2023. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​ | December 31, 2022
​ |  | Ownership |  | Book |  | Ownership |  | Book | Book
​ | ​ | interest | ​ | value | ​ | interest | ​ | value | value
Joint ventures | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Renting Automayor S.A.S. (1) |  | 50 | % | Ps. | 2,042 |  | 50 | % | Ps. | 4,047
| (1) | Joint businesses executed by Grupo Aval’s subsidiaries with specific purposes wherein the joint business assumes no responsibilities for business results, not requiring significant equity resources from Grupo Aval.
​ ​ All of our associates and joint ventures are domiciled in Colombia, with the exception of Gas Natural de Lima y Callao S.A. – Cálidda which resides in Perú. ​ The main corporate purpose of Grupo Aval´s associates is described as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | Associate |  | Corporate purpose
1 |  | Gas Natural de Lima y Callao S.A. - Cálidda |  | Gas distribution
2 |  | Gases del Caribe S.A. E.S.P. |  | Gas distribution
3 |  | Credibanco S.A. |  | Payment processing
4 |  | Redeban Multicolor S.A. |  | Payment processing
5 |  | A.C.H Colombia S.A. |  | Automated clearing house
6 |  | Aerocali S.A. |  | Projects in airport infrastructure
7 |  | Colombiana de Extrusión S.A. - Extrucol |  | Networks and infrastructure
8 |  | ADL Digital Lab S.A.S. |  | Tecnology or digital services
9 | ​ | Servicios de Identidad Digital S.A.S. | ​ | Digital services
10 | ​ | Energía Eficiente S.A. | ​ | Gas distribution
11 |  | Metrex S.A. |  | Manufacturing and commercialization of industrial equipment
12 |  | Concentra Inteligencia en Energía S.A.S. |  | Gas distribution
​ As of December 31, 2023, and 2022, Grupo Aval did not have contingent assets as income receivable that arose from any contractual difference with any concession, other than a tariff recognition. There were also no contingent liabilities for fines or sanctions imposed by the Government in the development of concession contracts for possible contractual breaches. A roll-forward of investments in associates and joint ventures accounts is shown below for the years ended December 31, 2023, 2022 and 2021: Associates ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31, |  | December 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
Balance at the beginning of the year |  | Ps. | 1,419,296 |  | Ps. | 1,170,435 |  | Ps. | 1,029,243
Acquisitions | ​ | ​ | 2,433 | ​ | ​ | 7,267 | ​ | ​ | 4,539
Participation in the profit or loss of the period | ​ | ​ | 373,402 | ​ | ​ | 371,127 | ​ | ​ | 298,705
Participation in Other Comprehensive Income | ​ | ​ | (35,892) | ​ | ​ | 81,730 | ​ | ​ | (846)
Dividends declared | ​ | ​ | (363,466) | ​ | ​ | (301,895) | ​ | ​ | (225,844)
Liquidated entity | ​ | ​ | (282) | ​ | ​ | — | ​ | ​ | —
Exchange difference | ​ | ​ | (106,850) | ​ | ​ | 90,632 | ​ | ​ | 63,654
Realization of Other Comprehensive Income | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,059
Dilution effect | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (75)
Year-end balance |  | Ps. | 1,288,641 |  | Ps. | 1,419,296 |  | Ps. | 1,170,435
​ Joint ventures
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, | ​ | December 31, | ​ | December 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
Balance at the beginning of the year |  | Ps. | 4,047 | ​ | Ps. | 2,394 | ​ | Ps. | 79
Participation in the period profit or loss | ​ | ​ | (2,005) | ​ | ​ | 1,650 | ​ | ​ | 1,512
Dividends received | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (70)
Acquisitions | ​ | ​ | — | ​ | ​ | 3 | ​ | ​ | —
Exchange difference | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 873
Year-end balance |  | Ps. | 2,042 | ​ | Ps. | 4,047 | ​ | Ps. | 2,394
​ The condensed financial information of the associates and joint ventures accounted for under the equity method is as follows: Associates At the time calculating the equity method, the year-end financial information of associates was not available. Therefore, the financial information of the immediately preceding month for the years 2023 and 2022 was used, this information corresponds to 100% after homogenizations. December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Assets | ​ | Liabilities | ​ | Equity | ​ | Income | ​ | Expenses | ​ | Net income LTM
Gas Natural de Lima y Callao S.A. - Cálidda | ​ | Ps. | 6,116,364 | ​ | Ps. | 4,521,154 | ​ | Ps. | 1,595,210 | ​ | Ps. | 3,832,676 | ​ | Ps. | 3,378,051 | ​ | Ps. | 454,625
Gases del Caribe S.A. E.S.P. | ​ | ​ | 4,066,193 | ​ | ​ | 2,974,633 | ​ | ​ | 1,091,560 | ​ | ​ | 3,104,261 | ​ | ​ | 2,730,690 | ​ | ​ | 373,571
Redeban Multicolor S.A. | ​ | ​ | 2,101,985 | ​ | ​ | 1,918,782 | ​ | ​ | 183,203 | ​ | ​ | 443,196 | ​ | ​ | 423,438 | ​ | ​ | 19,758
Credibanco S.A. | ​ | ​ | 431,534 | ​ | ​ | 180,505 | ​ | ​ | 251,029 | ​ | ​ | 329,109 | ​ | ​ | 293,021 | ​ | ​ | 36,088
A.C.H Colombia S.A. | ​ | ​ | 342,153 | ​ | ​ | 232,328 | ​ | ​ | 109,825 | ​ | ​ | 292,592 | ​ | ​ | 184,168 | ​ | ​ | 108,424
Energía Eficiente S.A. | ​ | ​ | 124,797 | ​ | ​ | 100,424 | ​ | ​ | 24,373 | ​ | ​ | 328,840 | ​ | ​ | 325,794 | ​ | ​ | 3,046
Colombiana de Extrusión S.A. - Extrucol | ​ | ​ | 112,151 | ​ | ​ | 63,795 | ​ | ​ | 48,356 | ​ | ​ | 183,121 | ​ | ​ | 167,562 | ​ | ​ | 15,559
Aerocali S.A. | ​ | ​ | 92,950 | ​ | ​ | 44,172 | ​ | ​ | 48,778 | ​ | ​ | 254,751 | ​ | ​ | 209,945 | ​ | ​ | 44,806
ADL Digital Lab S.A.S. | ​ | ​ | 71,577 | ​ | ​ | 35,602 | ​ | ​ | 35,975 | ​ | ​ | 74,645 | ​ | ​ | 63,492 | ​ | ​ | 11,153
Servicios de Identidad Digital S.A.S. | ​ | ​ | 50,428 | ​ | ​ | 22,812 | ​ | ​ | 27,616 | ​ | ​ | 857 | ​ | ​ | 19,694 | ​ | ​ | (18,837)
Metrex S.A. | ​ | ​ | 41,458 | ​ | ​ | 29,170 | ​ | ​ | 12,288 | ​ | ​ | 80,944 | ​ | ​ | 78,229 | ​ | ​ | 2,715
​ | ​ | Ps. | 13,551,590 | ​ | Ps. | 10,123,377 | ​ | Ps. | 3,428,213 | ​ | Ps. | 8,924,992 | ​ | Ps. | 7,874,084 | ​ | Ps. | 1,050,908
​ ​ December 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Assets | ​ | Liabilities | ​ | Equity | ​ | Income | ​ | Expenses | ​ | Net income LTM
Gas Natural de Lima y Callao S.A. - Cálidda | ​ | Ps. | 6,733,310 | ​ | Ps. | 4,832,852 | ​ | Ps. | 1,900,458 | ​ | Ps. | 3,459,381 | ​ | Ps. | 3,016,832 | ​ | Ps. | 442,549
Gases del Caribe S.A. E.S.P. | ​ | ​ | 3,608,541 | ​ | ​ | 2,547,812 | ​ | ​ | 1,060,729 | ​ | ​ | 3,049,998 | ​ | ​ | 2,678,762 | ​ | ​ | 371,236
Credibanco S.A. | ​ | ​ | 416,819 | ​ | ​ | 189,622 | ​ | ​ | 227,197 | ​ | ​ | 283,294 | ​ | ​ | 258,230 | ​ | ​ | 25,064
Redeban Multicolor S.A. | ​ | ​ | 981,505 | ​ | ​ | 817,262 | ​ | ​ | 164,243 | ​ | ​ | 363,785 | ​ | ​ | 331,105 | ​ | ​ | 32,680
A.C.H Colombia S.A. | ​ | ​ | 215,653 | ​ | ​ | 120,605 | ​ | ​ | 95,048 | ​ | ​ | 245,030 | ​ | ​ | 148,782 | ​ | ​ | 96,248
Aerocali S.A. | ​ | ​ | 106,967 | ​ | ​ | 45,969 | ​ | ​ | 60,998 | ​ | ​ | 247,929 | ​ | ​ | 188,515 | ​ | ​ | 59,414
Colombiana de Extrusión S.A. - Extrucol | ​ | ​ | 100,728 | ​ | ​ | 59,658 | ​ | ​ | 41,070 | ​ | ​ | 160,587 | ​ | ​ | 151,815 | ​ | ​ | 8,772
ADL Digital Lab S.A.S. | ​ | ​ | 63,442 | ​ | ​ | 38,620 | ​ | ​ | 24,822 | ​ | ​ | 57,360 | ​ | ​ | 44,344 | ​ | ​ | 13,016
Servicios de Identidad Digital S.A.S. | ​ | ​ | 25,995 | ​ | ​ | 4,846 | ​ | ​ | 21,149 | ​ | ​ | 754 | ​ | ​ | 22,101 | ​ | ​ | (21,347)
Energía Eficiente S.A. | ​ | ​ | 106,493 | ​ | ​ | 80,168 | ​ | ​ | 26,325 | ​ | ​ | 271,988 | ​ | ​ | 267,999 | ​ | ​ | 3,989
Metrex S.A. | ​ | ​ | 54,170 | ​ | ​ | 39,743 | ​ | ​ | 14,427 | ​ | ​ | 79,880 | ​ | ​ | 74,959 | ​ | ​ | 4,921
Concentra Inteligencia en Energía S.A.S. | ​ | ​ | 1,987 | ​ | ​ | 253 | ​ | ​ | 1,734 | ​ | ​ | 1,138 | ​ | ​ | 1,912 | ​ | ​ | (774)
​ | ​ | Ps. | 12,415,610 | ​ | Ps. | 8,777,410 | ​ | Ps. | 3,638,200 | ​ | Ps. | 8,221,124 | ​ | Ps. | 7,185,356 | ​ | Ps. | 1,035,768
​ Joint Ventures At the time calculating the equity method, the year-end financial information of joint ventures was not available. Therefore, the information of the immediately preceding month for the years 2023 and 2022 was used, is presented below. December 31, 2023 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Assets |  | Liabilities |  | Equity |  | Income |  | Expenses |  | Net income LTM
Renting Automayor S.A. | ​ | Ps. | 120,113 | ​ | Ps. | 115,786 | ​ | Ps. | 4,327 | ​ | Ps. | 34,762 | ​ | Ps. | 38,774 | ​ | Ps. | (4,012)
​ |  | Ps. | 120,113 |  | Ps. | 115,786 |  | Ps. | 4,327 |  | Ps. | 34,762 |  | Ps. | 38,774 |  | Ps | (4,012)
​ December 31, 2022 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Assets |  | Liabilities |  | Equity |  | Income |  | Expenses |  | Net income LTM
Renting Automayor S.A. | ​ | Ps. | 104,729 | ​ | Ps. | 96,345 | ​ | Ps. | 8,384 | ​ | Ps. | 8,473 | ​ | Ps. | 5,168 | ​ | Ps. | 3,305
​ |  | Ps. | 104,729 |  | Ps. | 96,345 |  | Ps. | 8,384 |  | Ps. | 8,473 |  | Ps. | 5,168 |  | Ps | 3,305
​

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