166

FINANCIAL STATEMENTS AND NOTES

167

STATEMENT OF FINANCIAL POSITION

Assets

Notes

2016

2015

As at december 31 2016

Liabilities and equity

Notas

2016

2015

(Amounts expressed in million of Colombian pesos)

NON-CURRENT ASSETS

EQUITY

Properties, plant and equipment

6

7,130,905

7,268,038

Share capital

12

133,578

133,578

Intangible assets

7

69,989

73,535

Reserves

13

1,994,431

1,697,050

Commercial receivables accounts and other

Capital surplus

49,344

49,344

Retained earnings

33

1,282,946

1,284,227

Inventories 10 62,058-

Comprehensive income

132,727

296,100

Long-term investments 8484

TOTAL SHAREHOLDER´S EQUITY

3,593,026

3,460,299

receivables accounts

8

72,758

43,322

Cash and cash equivalents

11

4,386

3,622

Other assets

9

908 909

TOTAL NON-CURRENT ASSETS

7,341,088 7,389,510

CURRENT ASSETS

Inventories 10 19,40397,705 Commercial receivables accounts and other

receivables accounts 8498,985475,313

NON-CURRENT LIABILITIES

Borrowings

14

3,399,212

3,427,738

Deferred income tax

15

693,743

683,425

Employee benefits

16

117,052

105,546

Provisions

18

15,630

4,201

Other assets

9

38,774 43,534

Cash and cash equivalents

11

400,730 362,713

TOTAL CURRENT ASSETS

957,892 979,265

Accountspayable1914,12013,940TOTAL NON-CURRENT LIABILITIES 4,239,7574,234,850 CURRENT LIABILITIES

Accounts payable

19

137,091

298,148

Borrowings

14

282,864

310,486

Taxes, contributions and rates

17

11,262

16,773

Employee benefits

16

18,140

18,624

Provisions

18

441

802

Other liabilities

20

16,399

28,793

Total current liabilities

466,197

673,626

TOTAL LIABILITIES

4,705,954

4,908,476

TOTAL LIABILITIES AND EQUITY

8,298,980

8,368,775

TOTAL ASSETS 8.298.9808.368.775

The accompanying notes form an integral part of the financial statements.

ORIGINAL DOCUMENT SIGNED

ORIGINAL DOCUMENT SIGNED

ORIGINAL DOCUMENT SIGNED

Luis Fernando Rico Pinzón

CEO

Elvia Luz Restrepo Saldarriaga

Accountant Professional Card.

No. 37982-T

Jorge Enrique Múnera Durango

Statutary Auditor Professional Card No. 25295-T Designed by Deloitte & Touche Ltda.

(See enclosed report)

168

STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME

For the year ended december 31 2016

(Amounts expressed in million of Colombian pesos)

Notes

2016

2015

Revenues (**)

21

2,747,422

2,844,022

Cost of sales (**)

22

(1,932,036)

(1,752,593)

GROSS PROFIT

815,386

1,091,429

Other income

23

37,309

26,984

Administrative expenses

24

(154,565)

(153,535)

Other expenses

25

(92,220)

(31,974)

Financial income

26

119,060

76,845

Financial expenses

27

(491,461)

(514,964)

PROFIT BEFORE TAX INCOME TAX EXPENSE

Current

17

233,509

(77,967)

494,785

(81,651)

Deferred

15 y 31

(14,665)

(115,753)

(92,632)

(197,404)

NET PROFIT

140,877

297,381

OTHER COMPREHENSIVE (LOSS) INCOME

Items that will not be reclassified into gains and losses:

Actuarial losses from defined benefit plans

31

31

(12,496)

(1,941)

ORIGINAL DOCUMENT SIGNED

Luis Fernando Rico Pinzón

CEO

Income tax related to components of other comprehensive

income15 y 31 4,346660

Other comprehensive (loss) income for the year after tax (8,150)(1,281) COMPREHENSIVE INCOME 132,727296,100 BASIC AND DILUTED EARNINGS PER SHARE (*) 2849109,09

(*) Figure expressed in colombian pesos

The accompanying notes form an integral part of the financial statements.

ORIGINAL DOCUMENT SIGNED

Elvia Luz Restrepo Saldarriaga

Accountant Professional Card.

No. 37982-T

ORIGINAL DOCUMENT SIGNED

Jorge Enrique Múnera Durango

Statutary Auditor Professional

Card No. 25295-T

Designed by Deloitte & Touche

Ltda.

(See enclosed report)

169

STATEMENT OF CHANGES IN EQUITY

For the year ended december 31 2016

(Amounts expressed in million of Colombian pesos)

Share capital

Capital surplus

Reserves

Retained earnings

Other comprensive (loss) income

Total

Balances as at December 31, 2014 68,15249,3441,807,2081,704,84515,9653,645,514

Appropriations made by the General Meeting of

Shareholders65,426 - 21,307 (86,733) - -

Cash dividends ($176.56* per share)- - (131,465) (349,850) - (481,315) Actuarial losses - - - - (1,281) (1,281)

Net profit- - - 297,381 - 297,381

Balances as at December 31, 2015 133,578 49,344 1,697,050 1,565,643 14,684 3,460,299

-

-

-

-

297,381

-

(297,381)

-

-

(8,150)

-

(8,150)

-

-

-

140,877

-

140,877

133,578

49,344

1,994,431

1,409,139

6,534

3,593,026

12

13

31

Appropriations made by the General Meeting of Shareholders

Actuarial losses

Net profit

Balances as at December 31, 2016

Notes:

* Figure expressed in Colombian pesos

The accompanying notes form an integral part of the financial statements.

ORIGINAL DOCUMENT SIGNED

Luis Fernando Rico Pinzón

CEO

ORIGINAL DOCUMENT SIGNED

Elvia Luz Restrepo Saldarriaga

Accountant Professional Card.

No. 37982-T

ORIGINAL DOCUMENT SIGNED

Jorge Enrique Múnera Durango

Statutary Auditor Professional Card No. 25295-T Designed by Deloitte & Touche Ltda.

(See enclosed report)

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