SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS. First quarter 2017

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Tamsyn Jones
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1 First quarter 217

2 Financial Situation Statement 216 figures expressed as of December figures expressed as of March 31. ASSETS Cash and cash equivalents Current investments Commercial accounts receivable and other accounts receivable Accounts receivable, related parties Assets for current taxes Inventories Intangibles Prepaid expenses Non-current assets kept for sale CURRENT ASSET Investments in financial instruments Investments in associates and joint businesses Investments in subsidiaries Commercial accounts receivable and other accounts receivable Accounts receivable, related parties Properties, plant and equipment Investment properties Prepaid expenses Intangible assets other than goodwill Assets for deferred taxes NON-CURRENT ASSET TOTAL ASSETS ,192,29 8,571,695 56,363,682 8,664,148 25,475,678 3,866,47 316, 2,619,27 2,291, ,36,459 2,72,363 92,57,365 86,19, , ,851, ,137,342 2,2,624 5,2,265 43,722, ,462,795 1,68,823, ,662,65 117,878, ,433, ,478,676 2,933,178 29,263, , 2,616,448 2,481,613 79,63,893 2,1,491 93,519,376 16,66,49 565,92 372,167,17 285,338, ,737 42,399,173 93,74,161 1,693,84, ,76,748 8,594, ,989,399 23,348,494 36,212, ,755, , 3,435,536 2,291,613 1,23,65,172 2,72,363 92,57,365 96, ,6,33 37,542,161 2,2, ,28 182,446,637 43,962, ,657,156 2,72,37, ,437, ,747,43 519,816,635 92,331,255 31,812, ,994, , 4,5,448 2,481,613 1,257,942,535 2,1,491 93,519,376 94, ,174, ,52, , ,44 147,993,555 43,735, ,877,184 2,52,819,719 LIABILITY Commercial financing companies Commercial accounts payable and other accounts payable Accounts payable with current related parties Current taxes Labor obligations Other liabilities and provisions Prepayments and advances received Prepaid revenues received CURRENT LIABILITY Commercial financing companies Commercial accounts payable and other accounts payable Other liabilities and provisions Prepayments and advances received Liability for deferred taxes NON-CURRENT LIABILITY TOTAL LIABILITY 179,184,47 23,389, ,538,167 1,994,542 2,896, ,431,741 14,886,978 6,627,71 513,949,513 55,65, 123,992,826 17,616,57 94,239, ,498,739 85,448, ,912,954 19,835,4 28,841,74 15,556 1,146,817 4,157,35 26,953,821 15,331,863 3,466, ,75,982 28,, 16,74,141 17,455,587 91,769, ,965,75 919,716, ,792,78 24,325, ,77,818 4,556,777 4,211, ,3,36 17,118,777 6,627,71 846,1,73 55,65, 126,497,312 88,65 14,654,513 17,616,57 95,818,193 31,325,237 1,156,335,941 52,656,176 19,835,4 324,155,58 3,537,191 5,825,566 88,73,782 17,564,49 3,466, ,744,565 28,, 16,74,141 93,79 944,256 17,455,587 92,691, ,924,575 1,229,669,14 EQUITY Capital social Capital suscrito y pagado Prima en emisión de acciones Resultado del ejercicio Reservas Utilidades retenidas EQUITY ATTRIBUTED TO CONTROLLERS PARTICIPATIONS OF NON-CONTROLLERS TOTAL EQUITY TOTAL LIABILITY AND EQUITY 15,71,66 567,137, ,375,2 1,68,823,254 15,71,66 185,924, ,749,8 774,87,367 1,693,84,54 15,71,66 567,137, ,375,2 4,596, ,971,387 2,72,37,328 15,71,66 185,924, ,749,8 774,87,367 49,63,212 1,2,11,942 2,52,819,719 2

3 Income Statement per Function All amounts in thousands of Colombian pesos, except net profit per share. 216 and 217 figures expressed from January 1 to March REVENUES FROM NORMAL ACTIVITIES Sale of goods Services provided Revenues for dividends 3,654, ,92,767 3,45,882 85,764, ,633 3,654,376 23,352,177 3,45, ,616, ,633 TOTAL REVENUES FROM NORMAL ACTIVITIES 157,747,143 89,139, ,6,553 12,991,446 Operating costs (126,292,) (75,276,887) (223,79,219) (13,377,898) GROSS PROFIT 31,455,143 13,862,611 1,927,334 17,613,548 Administration expenses Other revenues Other expenses Other gains or losses (6,826,253) 1,394,852 (2,436,257) 148,656,49 (5,382,84) 1,713,693 (228,77) 22,499 (8,77,536) 2,434,385 (2,622,699) 148,656,41 (6,763,66) 2,432,195 (3,6,73) 219,243 OPERATING PROFIT 172,243,894 1,185,887 15,624,894 1,495,37 Financial revenues Financial expenses Gain (loss) equity method 9,585,596 (14,546,134) (11,718,4) 4,95,928 (11,864,256) 4,482,583 26,5,34 (32,736,53) 4,673,884 17,847,895 (25,661,735) 3,547,191 PROFIT BEFORE TAXES 155,565,316 6,9, ,62,39 6,228,658 Provision for income tax Provision for tax on equity CREE (Nota 28) (22,741,72) (2,115,37) (48,569) (24,74,892) (933,245) (48,569) PROFIT OF THE PERIOD 4,736,22 124,357,417 5,246,844 Net profit per share Atrributable to: Owners of the controlling company Non-controlling participations (8,466,827) 4,736,22 51,643 PROFIT OF THE PERIOD 4,736,22 124,357,417 5,246,845 3

4 Other Integral Results of the Period 216 and 217 figures expressed from January 1 to March PROFIT OF THE PERIOD 4,736,22 124,357,417 5,246,844 OTHER INTEGRAL RESULT Gain from exchange difference from investment conversion overseas Gain (loss) for valuation of controlled companies Gain (loss) for investments at fair value Effect on income tax Superavit for valuations investments and properties, plant and equipment Effect on income tax (435,616) (633,753) 4,355,964 (46,879) (5,985,119) (524,891) 71,826 (1,967,636) 1,234,2 (8,39,55) 4,337,986 (435,616) (633,753) 4,355,964 (46,879) (5,985,119) (524,891) 71,826 (1,967,636) 1,234,2 (8,39,55) 4,337,986 OTHERS INTEGRAL RESULT OF THE PERIOD (3,27,293) (4,362,877) (3,27,293) (4,362,877) TOTAL INTEGRAL RESULT OF THE PERIOD 129,553, , ,87, ,967 Atrributable to: Owners of the controlling company Non-controlling participations 129,553,951 (8,466,827) 373,325 51,643 TOTAL INTEGRAL RESULT OF THE PERIOD 129,553, , ,87, ,968 4

5 Cash Flow Statement 216 and 217 figures expressed as of March OPERATING ACTIVITIES Profit of the period Profit atrributable to: Owners of the controlling company Non-controlling participations Items that do not affect cash: Plus depreciation and impairment of properties, plant and equipment Plus amortizations Plus provision of costs Plus provision for contingencies Plus expenses for exchange differences Minus recovery for reimbursement of costs and expenses Plus loss in sale of properties, plant and equipment Minus profit from sale of properties, plant and equipment Minus net equity method Menos ingresos de actividades ordinarias Minus recovery for provision Minus revenue for exchange difference Plus loss method of participation Plus caused income tax CASH GENERATED IN THE OPERATION CHANGE IN OPERATING ITEMS Plus increased liabilities and decreased operating assets Decrease in current tax assets Increase in commercial accounts payable and other accounts payable Increase in liabilities for deferred tax Increase in accounts payable Increase in other liabilities and provisions Increase of prepaid revenues received Minus increases in operating assets and decreases in operating liabilities Increase in commercial accounts receivable and other accounts receivable Increase in inventories Increase in deferreds Increase in prepaid expenses Increase in rights - intangibles Decrease in commercial accounts payable and other accounts payable Increase in current tax assets Increase in deferred tax assets Decrease in accounts payable Decrease in tax payment Disminución en impuesto diferido Decrease in labor obligations Decrease of prepaid revenues received Decrease of prepayments and advances received NET CASH FOR OPERATING ACTIVITIES CASH FLOW IN INVESTMENT ACTIVITIES Plus decrease in investment activities Investments Non-current assets kept for sale Minus increases in investment activities Properties, plant and equipment Investment properties NET CASH FOR THE INVESTMENT ACTIVITIES NET CASH FOR FINANCING ACTIVITIES Plus increase in financing activities Increase of retained earnings Other integral result Minus decreases in financing activities Surplus for revaluation Dividends decreed Participation of non-controlling Decrease of reserves (tax on wealth) Decrease of revaluation surplus Decrease in retained earnings Other integral result NET CASH FOR FINANCING ACTIVITIES Cash increase - decrease Cash at the beginning of the period CASH AND CASH EQUIVALENTS AS OF MARCH 31 4,795,26 1,785, , ,71 521,974 (353,424) 3,511,643 (658,941) (5,446,931) (68,76) (51) 17,164,97 22,741,72 177,381,38 4,736,22 4,845,997 1,316,72 1,285,49 (13,556) 24,386 (244,885) (4,586,457) (58,228) (658,12) 13,875 2,163,939 8,275,922 (8,466,827) 5,33,742 6,231, , ,71 521,974 (353,424) 3,511,643 (658,941) (4,673,884) (3,949,659) (68,76) (51) 24,74, ,518,572 4,736,22 51,643 4,845,997 1,316,72 1,285,49 (13,556) 24,386 (244,885) (4,482,582) (58,228) (658,12) 981,814 7,64,44 95,18,129 2,469,366 89,477,92 3,16, ,23, ,631,954 1,63,26 1,787,745 4,542,5 1,323,138 4,512,765 21,284,641 1,26, ,92 (39,741,252) 52,56,941 2,34,421 24,65,432 25,957,88 111,126,343 82,953, ,328 1,38,29 754,496 3,485,976 4,337,988 1,334,641 2,267,72 7,177,515 7,186,555 (5,793,481) 174,26,84 2,899, ,2,714 3,16,843 35,79, ,53,139 3,76,437 5,67,95 3,53,423 55,728,766 23,76,6 1,614, ,649 (47,299,923) 72,127,755 22,18,379 5,19,376 91,955,661 35,42,3 26,534, ,393 8,993, ,328 3,485,692 2,388,333 7,177,515 7,74,75 (12,223,466) 119,738,87 119,548,87 19, 26,66,337 25,448,45 1,211,887 93,78,533 6,51,242 5,643,312 47,93 4,522,893 4,362,453 16,44 1,528, ,56,73 166,316,73 19, 25,435,197 24,223,31 1,211, ,71,533 6,41,173 6,2,243 47,93 4,625,1 4,464,66 16,44 1,785,73 4,567,283 1,327,566 3,239,717 24,374,96 28,138,182 1,455,71 6,51,1 168,271,68 (199,87,677) 1,738,97 2,977,295 7,761,612 36,653,659 27,569,559 4,721,223 3,71,71 661,86 (25,914,752) (75,179,884) 97,752,288 22,572,44 4,567,282 1,327,565 3,239, ,69,459 6,51,1 28,138,182 1,455,71 191,965,566 (223,52,177) (129,73,567) 25,437,314 12,76,748 4,6,543 4,6,543 7,124,222 27,569, ,637 4,721, ,86 36,179,997 (66,63,679) (76,52,72) 148,439,532 71,937,46 (146,47,396) 169,662,65 23,192,29 5

6 Statement of Changes in Equity Figures expressed as of March 31. This changes in equity applies to separate and consolidated financial statements. Subscribed and paid capital Capital surplus Profits withheld Results of the period Result of previous periods (convergence) Other integral result Changes in equity BALANCE AT MARCH 31, 215 Reserves For transfer to results of previous periods Results of the period Revaluation surplus BALANCE AT MARCH 31, 216 Reserves Results of previous periods Results of the period Adjustments and reclassifications Revaluation surplus Other integral result BALANCE AT MARCH 31, ,71,66 15,71,66 15,71,66 459,341,938 (147,99,3) 166,559,41 477,91, ,447,73 (14,157,799) 531,2,97 19,342,97 (19,342,97) 4,736,22 4,736,22 (4,736,22) 17,228,76 9,496,322 26,725,28 (24,469,512) 2,255,516 15,187,868 24,341,44 39,528,912 (5,847,877) 33,681,35 686,513,91 (147,99,3) (9,845,775) 4,736,22 19,9,85 724,314, ,447,73 (4,736,22) (24,469,512) (14,157,799) (5,847,877) 875,375,2 6

Consolidated Balance Sheet - 1/2

Consolidated Balance Sheet - 1/2 Consolidated Balance Sheet March 31, 212 ASSETS CURRENT ASSETS: Cash and cash equivalents (Notes 8 and 19) Time deposits over three months (Note 19) Receivables (Note 19): Trade notes (Note 11) Trade accounts