DOCSLIB.ORG

AVIANCA HOLDINGS S.A. (Exact Name of Registrant As Specified in Its Charter)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
AVIANCA HOLDINGS S.A. (Exact Name of Registrant As Specified in Its Charter) As filed with the Securities and Exchange Commission on May 1, 2017 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2016 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-36142 AVIANCA HOLDINGS S.A. (Exact name of registrant as specified in its charter) Avianca Holdings S.A. (Translation of registrant’s name into English) Republic of Panama (Jurisdiction of incorporation or organization) Aquilino de la Guardia Calle No. 8, IGRA Building P.O., Panama City, Republic of Panama (+507) 205-6000 (Address of principal executive offices) Luca Pfeifer Tel: (57+1) - 587 77 00 ext. 7575 ● Fax: (57+1) - 423 55 00 ext. 2544/2474 Address: Avenida calle 26 # 59 – 15 P5, Bogotá, Colombia (Name, telephone, e-mail and/or facsimile number and address of company contact person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered American Depositary Shares (as evidenced by American New York Stock Exchange Depositary Receipts), each representing 8 Preferred Shares, with a par value of $0.125 per share Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of December 31, 2016: Common Shares — 660,800,003 Preferred Shares — 340,507,917 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☐ No ☐ (note: not required of registrant) Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Emerging growth company ☐ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐ † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP ☐ International Financial Reporting Standards as issued Other ☐ by the International Accounting Standards Board ☒ If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐ Item 18 ☐ If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ TABLE OF CONTENTS Page Presentation of Financial and Other Information ii Market Data iii Certain Terms iv Forward Looking Statements v PART I 1 Item 1. Identity of Directors, Senior Management and Advisers 1 Item 2. Offer Statistics and Expected Timetable 1 Item 3. Key Information 1 Item 4. Information on the Company 41 Item 4A. Unresolved Staff Comments 91 Item 5. Operating and Financial Review and Prospects 91 Item 6. Directors, Senior Management and Employees 124 Item 7. Major Shareholders and Related Party Transactions 133 Item 8. Financial Information 138 Item 9. The Offer and Listing 141 Item 10. Additional Information 145 Item 11. Quantitative and Qualitative Disclosures About Market Risk 164 Item 12. Description of Securities Other than Equity Securities 166 PART II 168 Item 13. Defaults, Dividends Arrearages and Delinquencies 168 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 168 Item 15. Controls and Procedures 168 Item 16. Reserved 170 Item 16A. Audit Committee Financial Expert 170 Item 16B. Code of Ethics 170 Item 16C. Principal Accountant Fees and Services 170 Item 16D. Exemptions from the Listing Standards for Audit Committees 171 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 171 Item 16F. Change in Registrant’s Certifying Accountant 171 Item 16G. Corporate Governance 171 Item 16H. Mine Safety Disclosure 172 Item 17. Financial Statements 173 Item 18. Financial Statements 173 Item 19. Exhibits 173 Index to Financial Statements F-1 i PRESENTATION OF FINANCIAL AND OTHER INFORMATION In this annual report, we use the terms “we,” “us,” “our,” “the Company” and “Avianca Holdings” to refer to Avianca Holdings S.A., together with its subsidiaries, except where the context requires otherwise. IFRS Financial Statements On December 11, 2012, our board of directors approved our adoption of International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB. We used a transition date of January 1, 2011, and therefore our consolidated financial statements as of and for the year ended December 31, 2012 were our first annual audited consolidated financial statements required to be prepared in accordance with IFRS. We have not prepared any financial information in accordance with IFRS as of or for any prior periods. For periods prior to 2012, we prepared our audited consolidated financial statements solely in accordance with Colombian GAAP. Our consolidated financial statements prepared in accordance with IFRS are stated in U.S. dollars. This annual report includes our audited consolidated financial statements as of December 31, 2015 and 2016 and for the years ended December 31, 2014, 2015 and 2016, together with the notes thereto, prepared in accordance with IFRS. Unless otherwise indicated, all financial information provided in this annual report has been prepared in accordance with IFRS. Non-IFRS Financial Measures This annual report includes certain references to non-IFRS measures such as our Adjusted EBITDAR and Adjusted EBITDAR margin. See “Item 3. Key Information—Part A. Selected Financial Data” for a discussion of our use of Adjusted EBITDAR in this annual report, including the reasons why we believe this information is useful to management and to investors, and a reconciliation of Adjusted EBITDAR to net profit. These supplemental financial measures are not prepared in accordance with IFRS. Accordingly, you are cautioned not to place undue reliance on this information and should note that Adjusted EBITDAR and Adjusted EBITDAR margin, as calculated by us, may differ materially from similarly titled measures reported by other companies, including our competitors. Adjusted EBITDAR is commonly used in the airline industry to view operating results before depreciation, amortization and aircraft operating lease charges, as these costs can vary significantly among airlines due to differences in the way airlines finance their aircraft and other assets. However, Adjusted EBITDAR should not be considered as an alternative measure to operating profit, as an indicator of operating performance, as an alternative to operating cash flows or as a measure of our liquidity. Adjusted EBITDAR as calculated by us and as presented in this annual report may differ materially from similarly titled measures reported by other companies due to differences in the way these measures are calculated. Adjusted EBITDAR has important limitations as an analytical tool and should not be considered in isolation from, or as a substitute for an analysis of, our operating results as reported under IFRS. Some of the limitations are: • Adjusted EBITDAR does not reflect cash expenditures or future requirements for capital expenditures or contractual commitments; • Adjusted EBITDAR does not reflect changes in, or cash requirements for, working capital needs; • Adjusted EBITDAR does not reflect the interest expense or the cash requirements necessary to service interest or principal payments on debt; • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDAR does not reflect any cash requirements for such replacements; ii • Adjusted EBITDAR does not reflect expenses related to leases of flight equipment and other related expenses; and • other companies may calculate Adjusted EBITDAR or similarly titled measures differently, limiting its usefulness as a comparative measure.
Load more

Recommended publications
  • Integrated Report 2020 Index
    INTEGRATED REPORT 2020 INDEX 4 28 70 92 320 PRESENTATION CORPORATE GOVERNANCE SECURITY METHODOLOGY SWORN STATEMENT 29 Policies and practices 71 Everyone’s commitment 93 Construction of the report 31 Governance structure 96 GRI content index 35 Ownership structure 102 Global Compact 5 38 Policies 103 External assurance 321 HIGHLIGHTS 74 104 Glossary CORPORATE STRUCTURE LATAM GROUP EMPLOYEES 42 75 Joint challenge OUR BUSINESS 78 Who makes up LATAM group 105 12 81 Team safety APPENDICES 322 LETTER FROM THE CEO 43 Industry context CREDITS 44 Financial results 47 Stock information 48 Risk management 83 50 Investment plan LATAM GROUP CUSTOMERS 179 14 FINANCIAL INFORMATION INT020 PROFILE 84 Connecting people This is a 86 More digital travel experience 180 Financial statements 2020 navigable PDF. 15 Who we are 51 270 Affiliates and subsidiaries Click on the 17 Value generation model SUSTAINABILITY 312 Rationale buttons. 18 Timeline 21 Fleet 52 Strategy and commitments 88 23 Passenger operation 57 Solidary Plane program LATAM GROUP SUPPLIERS 25 LATAM Cargo 62 Climate change 89 Partner network 27 Awards and recognition 67 Environmental management and eco-efficiency Presentation Highlights Letter from the CEO Profile Corporate governance Our business Sustainability Integrated Report 2020 3 Security Employees Customers Suppliers Methodology Appendices Financial information Credits translated at the exchange rate of each transaction date, • Unless the context otherwise requires, references to “TAM” although a monthly rate may also be used if exchange rates are to TAM S.A., and its consolidated affiliates, including do not vary widely. TAM Linhas Aereas S.A. (“TLA”), which operates under the name “LATAM Airlines Brazil”, Fidelidade Viagens e Turismo Conventions adopted Limited (“TAM Viagens”), and Transportes Aéreos Del * Unless the context otherwise requires, references to Mercosur S.A.
    [Show full text]
  • Tickets to Medellin Colombia
    Tickets To Medellin Colombia Is Arnie circumflex or unsolicited when excused some entomostracans berry imitatively? Sometimes rubblier Westbrooke pasquinade her boneshaker dictatorially, but dialogistic Elias overindulges unreflectingly or decolorizes actinally. Jonny molts interrogatively. He is important aviation alliance and entertainment options for tickets to medellin colombia you have a new and for finding a condo in Central asia or site for ticket price calendar, full disclosure of entertainment options for free drinks were long as finnair gets it was helpful but essential travel? There is sold by buying a reclining chairs are. Good for short distances and travel with no bags. The seats were very uncomfortable and divorce like squished in like sardines. Interested in more great travel deals? On time take off. Boarding who were on tickets are. This tin has another small presense in Ft. Crew was no announcement over an independent spirit failed due to log in united were very, sign in addition, caribbean coast of year old! Medellin to Pereira flight did get two full travel time including airports. Use the links at the side of the page to browse for flight information or use the flight search controls above to start a new search. BUT ALSO DISABLE date IN EFFECT ON MAP TILES. The cheapest month to depict is April. This city below a seed that effectively combines its cultural and natural aspects with commercial ones, providing endless opportunities to visitors. At all hugely lacking. Attend our UAEAC-approved pilot training programs at our aviation training center a beautiful Medellin Colombia Learn was about us today.
    [Show full text]
  • ISA CB – Colombia Stock Exchange ISA ADR LEVEL I
    Directly and through its 33 affiliates and subsidiaries, ISA executes important projects Board of Directors in infrastructure systems that enhance continental development, contributing to the development of the people of Colombia, Brazil, Peru, Chile, Bolivia, Ecuador, Vice-Minister General Argentina, Panama and Central America. For such purpose, its activities are focused on Director General of Public Credit and National Treasury the businesses of Energy Transmission, Telecommunications Transport, Road Mr. Carlos Caballero Argáez* Concessions, Management of Real -Time Systems. Mr. Carlos Mario Giraldo Moreno* Mr. Carlos Felipe Londoño Álvarez* Today, ISA operates more than 41.885 km of high-voltage circuits for energy Mr. Jesús Arturo Aristizabal Guevara* transmission, and it has access to over 48.886 km of fiber-optic cable in Latin America. Mr. Henry Medina Gonzalez* In 2010, ISA joined the road concession business and today, it is the main road Mr. Camilo Zea Gómez * concessions operator with 907 km of toll roads. Mr. Santiago Montenegro Trujillo*1 *Independent members OUTLOOK 2020 1Chairman of the Board By 2020, ISA will have tripled its 2012’s profits, by capturing the most ISA ADR LEVEL I - profitable growth opportunities in its businesses existing in Latin TRADE EN OTCQX America, the boost of operational efficiency and the optimization of www.otcqx.com its business portfolio. ISA will have a return higher than its equity cost, sustainable over time. In the Energy Transmission business, ISA continues to be the operator with the largest presence in Latin America, it will strengthen its position in the region and it will achieve operational efficiency levels aligned with the world’s best practices.
    [Show full text]
  • Política De Servicios Aéreos Sociales Introducción El Transporte Aéreo Se
    Política de servicios aéreos sociales Introducción El transporte aéreo se ha convertido en la manera más eficiente para comunicar lugares, que difícilmente pueden conectarse con otro modo de transporte o en los que la distancia supone un limitante para comunicarse con otras zonas. Sin embargo, este tipo de destinos son poco atractivos para las aerolíneas privadas que por lo generar buscan mercados grandes que les aseguren las mejores rentabilidades. Basada en este tipo de elección, la probabilidad de que estos recorridos sean atendidos por alguna compañía es muy baja, lo cual ha llevado a diferentes gobiernos a intervenir buscando incentivar a las aerolíneas a que sirvan estas rutas. Uno de los factores más importantes para el crecimiento del transporte aéreo a nivel mundial ha sido la liberalización y apertura de los diferentes mercados, que generó un aumento significativo de la competencia, disminuyendo las tarifas y aumentando la cantidad de rutas. Entre estas se incluyen aquellas rutas dirigidas a zonas a las que las aerolíneas inicialmente volaban con apoyos estatales, los cuales se han venido disminuyendo o han desaparecido gracias al desarrollo de las regiones, llevando a crear una demanda a la cual las compañías aéreas buscan atender. En Estados Unidos la liberalización del mercado del transporte aéreo les dio la libertad a las aerolíneas de escoger que rutas atender, cambiando el antiguo modelo en el cual para poder servir rutas con un gran volumen de pasajeros debían operar también otras rutas menos provechosas, aun si tenían poco flujo de pasajeros. Lo anterior provocó preocupación porque las poblaciones que no fueran atractivas para las compañías perderían el servicio de transporte aéreo que las comunicaba con otras regiones.
    [Show full text]
  • Public Practice of Accounting in the Republic of Colombia
    University of Mississippi eGrove Haskins and Sells Publications Deloitte Collection 1951 Public Practice of Accounting in the Republic of Colombia Angela M. Lyons Haskins & Sells Foundation American Institute of Accountants Follow this and additional works at: https://egrove.olemiss.edu/dl_hs Part of the Accounting Commons, and the Taxation Commons PUBLIC PRACTICE OF ACCOUNTING IN THE REPUBLIC OF COLOMBIA Prepared far AMERICAN INSTITUTE OF ACCOUNTANTS Under the Auspices of HASKINS & SELLS FOUNDATION, INC. By Angela M. Lyons New York, N. Y., April 1951 CONTENTS Page General Information...............................................................1 Section X Public Practice of Accounting by Nationals . 4 Basic Laws and Regulations 4 Concept of Profession 5 Regulatory Authority .................................................. 6 Who May Practice 6 Exercise of the Profession .......... 6 Registration ................. 7 Education of Accountants ... 7 Some Aspects of Practice with Respect to Corporations ................ 11 Professional Accountants Engaged in Practice 13 Professional Accounting Society ........ 15 II Public Practice of Accounting by United States Citizens and Other Non-Nationals ...... 16 Basic Laws and Regulations.................................... 16 Permanent Practice ...... 16 Isolated Engagements 18 Immigration Requirements 18 Accountants Established in Practice ...... 19 III Treaties and Legislation Pending ...... 20 Treaties between Colombia and the United States ...... 20 Treaties between Colombia and Other Countries . 21 Legislation Pending 21 Appendix Sources of Information ........ i REPUBLIC OF COLUMBIA General Information Geography: The Republic of Colombia occupies the northwest corner of South America, west of Venezuela, north of Ecuador and Peru, and northwest of Brazil. It is called the "Gateway to South America." The Republic, with an estimated area of 439,997 square miles, has a coastline of about 2,007 miles, of which 1,094 miles are on the Caribbean Sea and 913 miles on the Pacific Ocean.
    [Show full text]
  • Empresas Públicas De Medellín E.S.P. (An Empresa Industrial Y Comercial Del Estado Organized Under the Laws of the Republic of Colombia)
    OFFERING MEMORANDUM Ps.965,745,000,000 7.625% Senior Notes due 2024 Empresas Públicas de Medellín E.S.P. (an Empresa Industrial y Comercial del Estado organized under the laws of the Republic of Colombia) The 7.625% senior notes due 2024 (the ‘‘Notes’’) are being offered by Empresas Públicas de Medellín E.S.P., an Empresa Industrial y Comercial del Estado (industrial and commercial government-owned company) organized under the laws of the Republic of Colombia (‘‘EPM’’). The Notes will be the senior, unconditional, unsecured and unsubordinated obligations of EPM and will rank equally with all of EPM’s existing and future senior unsecured External Indebtedness (defined herein) and senior to EPM’s existing and future debt that by its terms is junior and subordinated in right of payment to the Notes. The Notes will bear interest at the rate of 7.625% per year and will be payable annually in arrears on September 10 of each year, commencing on September 10, 2015. The Notes will mature on September 10, 2024. Payment of principal, interest and any other amounts in respect of the Notes will be made in U.S. dollars, as calculated by the Calculation Agent by converting the Colombian peso amounts due into U.S. dollars at the Settlement Rate on the applicable Rate Calculation Date. See ‘‘Description of the Notes — The Notes and the Indenture.’’ EPM has applied to list the Notes on the Official List of the Luxembourg Stock Exchange and to trade the Notes on the Euro MTF Market of such exchange. Currently, there is no public market for the Notes.
    [Show full text]
  • Global Volatility Steadies the Climb
    WORLD AIRLINER CENSUS Global volatility steadies the climb Cirium Fleet Forecast’s latest outlook sees heady growth settling down to trend levels, with economic slowdown, rising oil prices and production rate challenges as factors Narrowbodies including A321neo will dominate deliveries over 2019-2038 Airbus DAN THISDELL & CHRIS SEYMOUR LONDON commercial jets and turboprops across most spiking above $100/barrel in mid-2014, the sectors has come down from a run of heady Brent Crude benchmark declined rapidly to a nybody who has been watching growth years, slowdown in this context should January 2016 low in the mid-$30s; the subse- the news for the past year cannot be read as a return to longer-term averages. In quent upturn peaked in the $80s a year ago. have missed some recurring head- other words, in commercial aviation, slow- Following a long dip during the second half Alines. In no particular order: US- down is still a long way from downturn. of 2018, oil has this year recovered to the China trade war, potential US-Iran hot war, And, Cirium observes, “a slowdown in high-$60s prevailing in July. US-Mexico trade tension, US-Europe trade growth rates should not be a surprise”. Eco- tension, interest rates rising, Chinese growth nomic indicators are showing “consistent de- RECESSION WORRIES stumbling, Europe facing populist backlash, cline” in all major regions, and the World What comes next is anybody’s guess, but it is longest economic recovery in history, US- Trade Organization’s global trade outlook is at worth noting that the sharp drop in prices that Canada commerce friction, bond and equity its weakest since 2010.
    [Show full text]
  • Peru's Business and Investment Guide 2015 / 2016
    Peru's Business and Investment Guide 2015 / 2016 Costa Verde, Miraflores - Lima. Photo: Carlos Ibarra l © PromPeru The Citadel of Machu Picchu, Cuzco. Photo: Enrique Castro-Mendivil l © PromPeru Steelworker. l © EY Wooden idol in front of a mud wall at the Citadel of Chan Chan, La Libertad - Trujillo. Photo: Heinz Plenge Pardo l PromPeru © Peru's Business and Investment Guide 2015 / 2016 Contacts I EY Peru Paulo Pantigoso Country Managing Partner Phone: +51 1 411 4418 [email protected] • Advisory Jorge Acosta Advisory Leader Elder Cama Victor Menghi Phone: +51 1 411 4437 Phone: +51 1 411 4444 Ext. 16102 Phone: +51 1 411 2121 [email protected] [email protected] [email protected] Numa Arellano Rafael Huaman Renato Urdaneta Phone: +51 1 411 4428 Phone: +51 1 411 4443 Phone: +51 1 411 4438 [email protected] [email protected] [email protected] Jose Carlos Bellina Alejandro Magdits Raul Vasquez Phone: +51 1 411 4444 Ext. 16117 Phone: +51 1 411 4453 Phone: +51 1 411 4415 [email protected] [email protected] [email protected] • Assurance Juan Paredes Assurance Leader Elizabeth Fontenla Antonio Sanchez Phone: +51 1 411 4410 Phone: +51 1 411 4436 Phone: +51 1 411 4404 [email protected] [email protected] [email protected] Victor Burga Ariel Garcia Simona Settineri Phone: +51 1 411 4419 Phone: +51 1 411 4454 Phone +51 1 411 4402 [email protected] [email protected] [email protected] Victor Camarena Cesar Lucas Mireille Silva Phone: +51 1 411 4488
    [Show full text]
  • Equity Market Development in Latin America Enhancing Access to Corporate Finance
    Equity Market Development in Latin America Enhancing Access to Corporate Finance PUBE Please cite this publication as: OECD (2019), Equity Market Development in Latin America: Enhancing Access to Corporate Finance. This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the OECD or of the governments of its member countries or those of the European Union. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. © OECD 2019 ABOUT THIS REPORT 3 About this report This report provides an overview of equity markets in six Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico and Peru), along with recommendations to support development of equity markets and access to finance for corporations in the region. It draws upon the results of a comparative OECD survey of investor and company perceptions of the costs and benefits of participating in these six markets, and the state of their regulatory frameworks and corporate governance practices. The report was developed as part of the work of the Equity Market Development Task Force of the Latin American Roundtable on Corporate Governance, and was presented at the Task Force and Roundtable meetings held in June, 2018 in Buenos Aires. The report benefited from input received during discussions at the meetings and written comments received from Task Force participants. It has subsequently been updated to take account of more recent developments and available data.
    [Show full text]
  • ADM2018-00980.Pdf
    FACTORES QUE INCIDEN PARA LA COMPRA DE UN TIQUETE AEREO EN COLOMBIA Y LA PERCEPCION ACERCA DE LAS AEROLINEAS LOW COST. AUTOR: JUAN ARANGO HENAO COLEGIO DE ESTUDIOS SUPERIORES DE ADMINISTRACIÓN –CESA Pregrado en Administración de Empresas Bogotá D.C 2018 Juan Arango FACTORES QUE INCIDEN PARA LA COMPRA DE UN TIQUETE AEREO EN COLOMBIA Y LA PERCEPCION ACERCA DE LAS AEROLINEAS LOW COST. AUTOR: JUAN ARANGO HENAO DIRECTOR: MARÍA ANDREA TRUJILLO Y ALEXANDER GUZMÁN COLEGIO DE ESTUDIOS SUPERIORES DE ADMINISTRACIÓN –CESA Pregrado en Administración de Empresas Bogotá D.C 2018 pág. 1 Juan Arango Tabla de contenido 1. Resumen .................................................................................................................... 4 2. Introducción ................................................................................................................ 5 2.1Resultados esperados: ............................................................................................ 13 3. Capítulo 1: Marco teórico: ......................................................................................... 14 4. Capítulo 2: Metodología: ........................................................................................... 19 5. Capítulo 3: Factores más relevantes para un ejecutivo colombiano a la hora de comprar un tiquete aéreo. ................................................................................................ 20 6. Capítulo 4: Percepción de los ejecutivos colombiano acerca de las aerolíneas low cost en el ámbito colombiano. .........................................................................................
    [Show full text]
  • Management Report Colombia 2017
    Management Report Colombia 2017 Contents 1. Letter from the President P. 7 2. Performance P. 11 2.1. BBVA Colombia Profile P. 13 2.2. BBVA Colombia in figures P. 22 3. Strategy P. 25 3.1. Our Vision P. 27 3.1.1. Macroeconomic Environment P. 28 3.1.2. Market and Competitive Position P. 30 3.1.3. Economic Outlook for 2018 P. 31 3.1.4. Regulatory Framework P. 33 3.1.5. Digitalization P. 35 3.1.6. Change in the Consumers’ Behavior P. 36 3.1.7. Reputation and Materiality Analysis P. 37 3.2. Our Aspiration P. 39 3.3. Transformation of BBVA Colombia: Transformation Journey P. 40 3.4. Making the BBVA Purpose a Reality P. 44 3.5. Model of Differential Banking P. 46 3.6. Flowchart and Business Structure P. 47 4. Corporate Governance P. 51 4.1. Corporate Governance System P. 53 4.2. Compliance System P. 54 4.3. Internal Control Model P. 62 5. Areas Management P. 73 5.1. Risks P. 75 5.2. Innovation and Technology: the Digital Transformation P. 108 5.3. Businesses Segment P. 112 5.3.1 Retail Banking Segment P. 112 5.3.2. Legal Entities Segment P. 115 5.3.3. Corporate & Investment Banking P. 118 5.3.4. BBVA Asset Management S.A. Sociedad Fiduciaria P. 121 5.3.5. BBVA Valores Colombia S.A. Comisionista de Bolsa P. 123 5.3.6. Insurance Banking P. 125 6. Stakeholders P. 127 6.1. Materiality Analysis P. 129 6.2. Client P.
    [Show full text]
  • BBVA Colombia Management Report 2016 2 Index
    BBVA Colombia Management Report 2016 2 Index Letter from the President 5 Profile of BBVA 8 Management Report 14 2 4 Letter from the President The international volatility in 2016 was associated mainly to the electoral decisions worldwide and the geopolitical conditions¸however, the performance of central banks in developed countries and tax measures in the United States announced for the new presidential term improved the perception of the markets in the latter part of the year. It was also helpful the fact that China stabilized its growth and dissipated the fears of a hard landing of its economy, thus helping to recover the price of commodities across the world. With such news, the likelihood that FED continues raising its interest rate in 2017 was increased. In turn, the European Central Bank followed its monetary expansion policies and extended them until December 2017, and maintained simulatenoursly its interest rates by 0%. Such scenario conditioned the performance of Colombian economics since exports of goods and services maintained the depression due to the low growth of our main business partners. Also, the gradual deceleration of internal demand continued with a downward adjustment in household consumption and private investment. Thus, for the first time after the fall of oil prices that took place in 2014, in 2016 the aggregated demand grew below the total GDP helping to the financial adjustment of households and companies and their progressive deleveraging. Besides of the foregoing, the increases in the interest rate of the
    [Show full text]