Ecopetrol SA | Income Statement | Thomson Reuters Eikon

Income Statement
Quarterly Standardised in Millions of Colombian Pesos, Consolidated
2018 2017
Jun-2018 Mar-2018 Dec-2017 Sep-2017
Earnings Quality Score 91 91 84 88
Period End Date 30-Jun-2018 31-Mar-2018 31-Dec-2017 30-Sep-2017
Revenue 16,987,089 14,642,612 15,363,021 13,324,796
Net Sales 16,987,089 14,642,612 15,363,021 13,324,796
Other Revenue, Total -- -- -- --
Total Revenue 16,987,089 14,642,612 15,363,021 13,324,796
Cost of Revenue, Total 9,757,271 8,846,780 9,745,032 8,777,209
Cost of Revenue 9,757,271 8,846,780 9,745,032 8,777,209
Gross Profit 7,229,818 5,795,832 5,617,989 4,547,587

Selling/General/Admin. Expenses, Total 691,446 675,627 809,852 818,639

Selling/General/Administrative Expense 452,951 433,783 534,540 576,221
Labor & Related Expense 238,495 241,844 275,312 242,418
Research & Development 117,256 70,706 913,082 324,770
Depreciation/Amortization 17,953 20,271 27,164 46,754
Depreciation 17,953 20,271 27,164 46,754
Interest Expense, Net - Operating -- -- -- --
Interest/Investment Income - Operating -- -- -- --
Interest Expense(Income) - Net Operating -- -- -- --
Interest Exp.(Inc.),Net-Operating, Total -- -- -- --
Unusual Expense (Income) 56,239 (105,646) (1,655,756) 36,306
Litigation 69,960 30,489 111,305 8,016
Impairment-Assets Held for Use (3,460) (145,833) (1,398,852) 16,815
Loss(Gain) on Sale of Assets - Operating (10,261) 9,698 82,886 11,475
Other Unusual Expense (Income) -- -- (451,095) --
Other Operating Expenses, Total (37,337) (45,160) (117,431) (1,679)
Other, Net (37,337) (45,160) (117,431) (1,679)
Total Operating Expense 10,602,828 9,462,578 9,721,943 10,001,999
Operating Income 6,384,261 5,180,034 5,641,078 3,322,797
Interest Expense, Net Non-Operating (586,888) (572,627) (646,131) (619,450)
Interest Expense - Non-Operating (586,888) (572,627) (646,131) (619,450)
Interest/Invest Income - Non-Operating 190,338 191,785 401,987 52,034
Interest Income - Non-Operating 74,276 84,112 108,171 105,126
Investment Income - Non-Operating 116,062 107,673 293,816 (53,092)
Interest Income(Exp), Net Non-Operating -- -- -- --
Interest Inc.(Exp.),Net-Non-Op., Total (396,550) (380,842) (244,144) (567,416)
Gain (Loss) on Sale of Assets -- -- -- --
Other, Net (127,574) (102,169) (345,376) (235,727)
Other Non-Operating Income (Expense) (127,574) (102,169) (345,376) (235,727)
Net Income Before Taxes 5,860,137 4,697,023 5,051,558 2,519,654
Provision for Income Taxes 2,093,527 1,879,888 1,428,888 1,295,637
Net Income After Taxes 3,766,610 2,817,135 3,622,670 1,224,017
Minority Interest (247,213) (202,331) (196,140) (220,734)
Equity In Affiliates -- -- -- --
U.S. GAAP Adjustment -- -- -- --
Net Income Before Extra. Items 3,519,397 2,614,804 3,426,530 1,003,283

Accounting Change -- -- -- --
Discontinued Operations -- -- -- --
Extraordinary Item -- -- -- --
Tax on Extraordinary Items -- -- -- --
Total Extraordinary Items -- -- -- --
Net Income 3,519,397 2,614,804 3,426,530 1,003,283

Preferred Dividends -- -- -- --
General Partners' Distributions -- -- -- --
Miscellaneous Earnings Adjustment -- -- -- --
Pro Forma Adjustment -- -- -- --
Interest Adjustment - Primary EPS -- -- -- --
Total Adjustments to Net Income -- -- -- --
Income Available to Com Excl ExtraOrd 3,519,397 2,614,804 3,426,530 1,003,283
Income Available to Com Incl ExtraOrd 3,519,397 2,614,804 3,426,530 1,003,283
Basic Weighted Average Shares 41,117 41,117 41,117 41,117
Basic EPS Excluding Extraordinary Items 85.60 63.59 83.34 24.40
Basic EPS Including Extraordinary Items 85.60 63.59 83.34 24.40
Dilution Adjustment -- -- -- --
Diluted Net Income 3,519,397 2,614,804 3,426,530 1,003,283
Diluted Weighted Average Shares 41,117 41,117 41,117 41,117
Diluted EPS Excluding ExtraOrd Items 85.60 63.59 83.34 24.40
Diluted EPS Including ExtraOrd Items 85.60 63.59 83.34 24.40
Supplemental (COP Millions)
DPS - Common Stock Primary Issue 89.00 0.00 -- 0.00
Dividends per Share - Com Stock Issue 2 -- -- -- --
Dividends per Share - Com Stock Issue 3 -- -- -- --
Dividends per Share - Com Stock Issue 4 -- -- -- --
Special DPS - Common Stock Primary Issue -- -- -- --
Special DPS - Common Stock Issue 2 -- -- -- --
Special DPS - Common Stock Issue 3 -- -- -- --
Special DPS - Common Stock Issue 4 -- -- -- --
Gross Dividends - Common Stock -- -- -- --
Pro Forma Stock Compensation Expense -- -- -- --
Net Income after Stock Based Comp. Exp. -- -- -- --
Basic EPS after Stock Based Comp. Exp. -- -- -- --
Diluted EPS after Stock Based Comp. Exp. -- -- -- --
(Gain) Loss on Sale of Assets, Suppl. -- -- -- --
Impairment-Assets Held for Sale, Suppl. -- -- -- --
Impairment-Assets Held for Use, Suppl. -- -- -- --
Litigation Charge, Supplemental -- -- -- --
Purchased R&D Written-Off, Supplemental -- -- -- --
Restructuring Charge, Supplemental -- -- -- --
Other Unusual Expense(Income), Suppl. -- -- -- --
Non-Recurring Items, Supplemental, Total -- -- -- --
Total Special Items 56,239 (105,646) (1,655,756) 36,306
Normalized Income Before Taxes 5,916,376 4,591,377 3,395,802 2,555,960
Effect of Special Items on Income Taxes 20,091 (42,283) (468,349) 18,669
Inc Tax Ex Impact of Sp Items 2,113,618 1,837,605 960,539 1,314,306
Normalized Income After Taxes 3,802,758 2,753,772 2,435,263 1,241,654
Normalized Inc. Avail to Com. 3,555,545 2,551,441 2,239,123 1,020,920
Basic Normalized EPS 86.47 62.05 54.46 24.83
Diluted Normalized EPS 86.47 62.05 54.46 24.83
EPS, Supplemental -- -- -- --
Funds From Operations - REIT -- -- -- --
Amort of Acquisition Costs, Supplemental -- -- -- --
Amort of Intangibles, Supplemental -- -- -- --
Depreciation, Supplemental 1,917,091 1,790,875 1,837,413 2,230,494
Interest Expense, Supplemental 586,888 572,627 646,131 619,450
Interest Capitalized, Supplemental -- -- -- --
Interest Expense (Financial Oper), Suppl -- -- -- --
Net Revenues -- -- -- --
Rental Expense, Supplemental -- -- -- --
Labor & Related Expense Suppl. 753,488 729,532 763,811 713,379
Stock-Based Compensation, Supplemental -- -- -- --
Advertising Expense, Supplemental -- -- -- --
Equity in Affiliates, Supplemental 96,271 85,447 (25,489) 3,652
Minority Interest, Supplemental (247,213) (202,331) (196,140) (220,734)
Income Taxes - Non-Recurring Tax Change -- -- -- --
Research & Development Exp, Supplemental 117,256 70,706 913,082 324,770
Audit Fees -- -- -- --
Audit-Related Fees -- -- -- --
Tax Fees -- -- -- --
All Other Fees -- -- -- --
Reported Recurring Revenue -- -- -- --
Reported Net Premiums Written -- -- -- --
Reported Total Revenue -- -- -- --
Reported Operating Revenue -- -- -- --
Reported Total Cost of Revenue -- -- -- --
Reported Total Sales, General & Admin. -- -- -- --
Reported Gross Profit -- -- -- --
Reported Operating Profit -- -- -- --
Reported Operating Profit Margin -- -- -- --
Reported Ordinary Profit -- -- -- --
Reported Net Income After Tax -- -- -- --
Reported Basic EPS -- -- -- --
Reported Diluted EPS -- -- -- --
Reported Net Business Profits -- -- -- --
Islamic Income -- -- -- --
Zakat -- -- -- --
Islamic Section, Supplemental -- -- -- --
Normalized EBIT 6,440,500 5,074,388 3,985,322 3,359,103
Normalized EBITDA 8,357,591 6,865,263 5,822,735 5,589,597
Tax & Pension Items (COP Millions)
Current Tax - Total (1,586,490) 1,924,116 704,016 1,258,240
Current Tax - Total (1,586,490) 1,924,116 704,016 1,258,240
Deferred Tax - Total 3,680,017 (44,228) 724,872 37,397
Deferred Tax - Total 3,680,017 (44,228) 724,872 37,397
Income Tax - Total 2,093,527 1,879,888 1,428,888 1,295,637
Income Tax by Region - Total -- -- -- --
Domestic Pension Plan Expense -- -- -- --
Foreign Pension Plan Expense -- -- -- --
Post-Retirement Plan Expense -- -- -- --
Total Pension Expense -- -- -- --
Assumptions -- -- -- --
Total Plan Interest Cost -- -- -- --
Total Plan Service Cost -- -- -- --
Total Plan Expected Return -- -- -- --
Total Plan Other Expense -- -- -- --
Dividends and Capital Changes
Ecopetrol Ord Shs
 COP 89.00 F
Cash Dividend (30-Apr) Pd.End -- -- --
 1000000

2017
Jun-2017 Mar-2017
88 67 Earnings Quality Score
30-Jun-2017 31-Mar-2017 Period End Date
13,150,963 13,371,443 INGRESOS
13,150,963 13,371,443 Net Sales
-- -- Other Revenue, Total
13,150,963 13,371,443 Total Revenue
9,225,596 9,145,637 Cost of Revenue, Total
9,225,596 9,145,637 Cost of Revenue
3,925,367 4,225,806 UTILIDAD BRUTA

723,537 847,310 Selling/General/Admin. Expenses, Total

511,447 641,758 Selling/General/Administrative Expense
212,090 205,552 Labor & Related Expense
77,217 26,871 Research & Development
33,969 41,424 Depreciation/Amortization
33,969 41,424 EBITDA
-- -- UTILIDAD OPERACIONAL
-- -- Interest/Investment Income - Operating
-- -- Interest Expense(Income) - Net Operating
-- -- Interest Exp.(Inc.),Net-Operating, Total
(193,130) 20,636 Unusual Expense (Income)
(45,752) (1,161) Litigation
5,336 3,671 Impairment-Assets Held for Use
(152,714) 18,126 Loss(Gain) on Sale of Assets - Operating
-- -- Other Unusual Expense (Income)
16,070 (9,272) Other Operating Expenses, Total
16,070 (9,272) Other, Net
9,883,259 10,072,606 Total Operating Expense
3,267,704 3,298,837 Operating Income
(479,117) (641,296) Interest Expense, Net Non-Operating
(479,117) (641,296) Interest Expense - Non-Operating
481,271 (239,555) Interest/Invest Income - Non-Operating
86,422 105,844 Interest Income - Non-Operating
394,849 (345,399) Investment Income - Non-Operating
-- -- Interest Income(Exp), Net Non-Operating
 2,154 (880,851) Interest Inc.(Exp.),Net-Non-Op., Total
-- -- Gain (Loss) on Sale of Assets
(114,928) (107,263) Other, Net
(114,928) (107,263) Other Non-Operating Income (Expense)
3,154,930 2,310,723 Net Income Before Taxes
1,672,111 1,238,308 Provision for Income Taxes
1,482,819 1,072,415 UTILIDAD NETA
(178,070) (186,565) Minority Interest
-- -- Equity In Affiliates
-- -- U.S. GAAP Adjustment
1,304,749 885,850 Net Income Before Extra. Items

-- -- Accounting Change
-- -- Discontinued Operations
-- -- Extraordinary Item
-- -- Tax on Extraordinary Items
-- -- Total Extraordinary Items
1,304,749 885,850 UTILIDAD NETA
PATRIMONIO
-- --
-- --
-- --
-- --
-- --
-- --
1,304,749 885,850
1,304,749 885,850
41,117 41,202
31.73 21.50
31.73 21.50
-- --
1,304,749 885,850
41,117 41,202
31.73 21.50
31.73 21.50

23.00 0.00
-- --
-- --
-- --
-- --
 -- --
-- --
-- --
-- 0
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
(193,130) 20,636
2,961,800 2,331,359
(102,359) 11,059
1,569,752 1,249,367
1,392,048 1,081,992
1,213,978 895,427
29.53 21.73
29.53 21.73
-- --
-- --
-- --
-- --
2,135,215 2,063,373
479,117 641,296
-- --
-- --
-- --
-- --
652,781 620,614
-- --
-- --
23,579 31,049
(178,070) (186,565)
-- --
77,217 26,871
 -- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
3,074,574 3,319,473
5,209,789 5,382,846

1,912,228 1,202,207
1,912,228 1,202,207
(240,117) 36,101
(240,117) 36,101
1,672,111 1,238,308
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
-- --
 COP 23.00 F
(30-Apr) Pd.End --
 2018
PARCIAL
31,629,701,000,000 16,987,089,000,000
31,629,701,000,000
-
31,629,701,000,000
18,604,051,000,000
18,604,051,000,000
13,025,650,000,000
1,367,073,000,000
886,734,000,000
480,339,000,000
187,962,000,000
38,224,000,000
11,470,615,000,000
11,432,391,000,000
- 49,407,000,000
100,449,000,000
- 149,293,000,000 -
- 563,000,000 -
-
- 82,497,000,000 -
- 82,497,000,000 -
20,065,406,000,000
11,564,295,000,000
- 1,159,515,000,000 -
- 1,159,515,000,000 -
382,123,000,000
158,388,000,000
223,735,000,000
-
91
Jun-2018
91
Mar-2018
14,642,612,000,000
16,987,089,000,000 14,642,612,000,000
16,987,089,000,000 14,642,612,000,000
9,757,271,000,000 8,846,780,000,000
9,757,271,000,000 8,846,780,000,000
7,229,818,000,000 5,795,832,000,000
- -
691,446,000,000 675,627,000,000
452,951,000,000 433,783,000,000
238,495,000,000 241,844,000,000
117,256,000,000 70,706,000,000
17,953,000,000 20,271,000,000
6,421,116,000,000 5,049,499,000,000
6,403,163,000,000 5,029,228,000,000
56,239,000,000 - 105,646,000,000
69,960,000,000 30,489,000,000
3,460,000,000 - 145,833,000,000
10,261,000,000 9,698,000,000
37,337,000,000 - 45,160,000,000
37,337,000,000 - 45,160,000,000
10,602,828,000,000 9,462,578,000,000
6,384,261,000,000 5,180,034,000,000
586,888,000,000 - 572,627,000,000
586,888,000,000 - 572,627,000,000
190,338,000,000 191,785,000,000
74,276,000,000 84,112,000,000
116,062,000,000 107,673,000,000
- 777,392,000,000 - 396,550,000,000 - 380,842,000,000
-
- 229,743,000,000 - 127,574,000,000 - 102,169,000,000
- 229,743,000,000 - 127,574,000,000 - 102,169,000,000
10,557,160,000,000 5,860,137,000,000 4,697,023,000,000
3,973,415,000,000 2,093,527,000,000 1,879,888,000,000
6,583,745,000,000 3,766,610,000,000 2,817,135,000,000
- 449,544,000,000 - 247,213,000,000 - 202,331,000,000
-
-
6,134,201,000,000 3,519,397,000,000 2,614,804,000,000
- - -
-
-
-
-
-
6,134,201,000,000 3,519,397,000,000 2,614,804,000,000
50,328,998,000,000
 2017

PARCIAL 84
Dec-2017
88
Sep-2017
PARCIAL
55,210,223,000,000 15,363,021,000,000 13,324,796,000,000 26,522,406,000,000
55,210,223,000,000 15,363,021,000,000 13,324,796,000,000 26,522,406,000,000
- -
55,210,223,000,000 15,363,021,000,000 13,324,796,000,000 26,522,406,000,000
36,893,474,000,000 9,745,032,000,000 8,777,209,000,000 18,371,233,000,000
36,893,474,000,000 9,745,032,000,000 8,777,209,000,000 18,371,233,000,000
18,316,749,000,000 5,617,989,000,000 4,547,587,000,000 8,151,173,000,000
- -
3,199,338,000,000 809,852,000,000 818,639,000,000 1,570,847,000,000
2,263,966,000,000 534,540,000,000 576,221,000,000 1,153,205,000,000
935,372,000,000 275,312,000,000 242,418,000,000 417,642,000,000
1,341,940,000,000 913,082,000,000 324,770,000,000 104,088,000,000
149,311,000,000 27,164,000,000 46,754,000,000 75,393,000,000
13,775,471,000,000 3,895,055,000,000 3,404,178,000,000 6,476,238,000,000
13,626,160,000,000 3,867,891,000,000 3,357,424,000,000 6,400,845,000,000

- 1,791,944,000,000 - 1,655,756,000,000 36,306,000,000 - 172,494,000,000

72,408,000,000 111,305,000,000 8,016,000,000 - 46,913,000,000
- 1,373,030,000,000 - 1,398,852,000,000 16,815,000,000 9,007,000,000
- 40,227,000,000 82,886,000,000 11,475,000,000 - 134,588,000,000
- 451,095,000,000 - 451,095,000,000 -
- 112,312,000,000 - 117,431,000,000 - 1,679,000,000 6,798,000,000
- 112,312,000,000 - 117,431,000,000 - 1,679,000,000 6,798,000,000
39,679,807,000,000 9,721,943,000,000 10,001,999,000,000 19,955,865,000,000
15,530,416,000,000 5,641,078,000,000 3,322,797,000,000 6,566,541,000,000
- 2,385,994,000,000 - 646,131,000,000 - 619,450,000,000 - 1,120,413,000,000
- 2,385,994,000,000 - 646,131,000,000 - 619,450,000,000 - 1,120,413,000,000
695,737,000,000 401,987,000,000 52,034,000,000 241,716,000,000
405,563,000,000 108,171,000,000 105,126,000,000 192,266,000,000
290,174,000,000 293,816,000,000 - 53,092,000,000 49,450,000,000
- -
- 1,690,257,000,000 - 244,144,000,000 - 567,416,000,000 - 878,697,000,000
- -
- 803,294,000,000 - 345,376,000,000 - 235,727,000,000 - 222,191,000,000
- 803,294,000,000 - 345,376,000,000 - 235,727,000,000 - 222,191,000,000
13,036,865,000,000 5,051,558,000,000 2,519,654,000,000 5,465,653,000,000
5,634,944,000,000 1,428,888,000,000 1,295,637,000,000 2,910,419,000,000
7,401,921,000,000 3,622,670,000,000 1,224,017,000,000 2,555,234,000,000
- 781,509,000,000 - 196,140,000,000 - 220,734,000,000 - 364,635,000,000
- -
- -
6,620,412,000,000 3,426,530,000,000 1,003,283,000,000 2,190,599,000,000
- - - -
- -
- -
- -
- -
- -
6,620,412,000,000 3,426,530,000,000 1,003,283,000,000 2,190,599,000,000
 Jun-2017 Mar-2017
88 67

13,150,963,000,000 13,371,443,000,000
13,150,963,000,000 13,371,443,000,000

13,150,963,000,000 13,371,443,000,000
9,225,596,000,000 9,145,637,000,000
9,225,596,000,000 9,145,637,000,000
3,925,367,000,000 4,225,806,000,000
- -
723,537,000,000 847,310,000,000
511,447,000,000 641,758,000,000
212,090,000,000 205,552,000,000
77,217,000,000 26,871,000,000
33,969,000,000 41,424,000,000
3,124,613,000,000 3,351,625,000,000
3,090,644,000,000 3,310,201,000,000

- 193,130,000,000 20,636,000,000
- 45,752,000,000 - 1,161,000,000
5,336,000,000 3,671,000,000
- 152,714,000,000 18,126,000,000

16,070,000,000 - 9,272,000,000
16,070,000,000 - 9,272,000,000
9,883,259,000,000 10,072,606,000,000
3,267,704,000,000 3,298,837,000,000
- 479,117,000,000 - 641,296,000,000
- 479,117,000,000 - 641,296,000,000
481,271,000,000 - 239,555,000,000
86,422,000,000 105,844,000,000
394,849,000,000 - 345,399,000,000
 2,154,000,000 - 880,851,000,000

- 114,928,000,000 - 107,263,000,000
- 114,928,000,000 - 107,263,000,000
3,154,930,000,000 2,310,723,000,000
1,672,111,000,000 1,238,308,000,000
1,482,819,000,000 1,072,415,000,000
- 178,070,000,000 - 186,565,000,000

1,304,749,000,000 885,850,000,000
- -

1,304,749,000,000 885,850,000,000
Ecopetrol SA | Balance Sheet | Thomson Reuters Eikon

Balance Sheet
Quarterly Standardised in Millions of Colombian Pesos, Consolidated
2018
Jun-2018 Mar-2018
Earnings Quality Score 91 91
Period End Date 30-Jun-2018 31-Mar-2018
Assets (COP Millions)
Cash and Short Term Investments 12,283,050
Cash 4,094,427,000,000 5,342,704,000,000
Cash & Equivalents -- --
Short Term Investments 8,505,683 6,940,346
Accounts Receivable - Trade, Net 3,469,217 3,283,050
Accounts Receivable - Trade, Gross -- --
Provision for Doubtful Accounts -- --
Total Receivables, Net 8,760,413,000,000 7,563,876,000,000
Receivables - Other 5,291,196 4,280,826
Total Inventory 5,471,635,000,000 4,929,361,000,000
Inventories - Finished Goods -- --
Inventories - Work In Progress -- --
Inventories - Raw Materials 5,471,635 4,929,361
Inventories - Other -- --
Prepaid Expenses 368,778 337,654
Other Current Assets, Total 47,927 100,147
Discountinued Operations - Current Asset 47,927 100,147
Other Current Assets -- --
Total Current Assets 27,248,863 25,214,088

Property/Plant/Equipment, Total - Gross 152,173,785 147,616,455

Buildings - Gross 7,654,599 7,584,598
Land/Improvements - Gross 3,833,596 3,747,751
Machinery/Equipment - Gross 42,535,610 41,014,050
Construction in Progress - Gross 4,022,757 3,811,599
Natural Resources - Gross 59,176,769 57,122,222
Other Property/Plant/Equipment - Gross 34,950,454 34,336,235
Property/Plant/Equipment, Total - Net 82,119,034 80,137,106
Accumulated Depreciation, Total (70,054,751) (67,479,349)
Goodwill, Net 919,445 919,445
Intangibles, Net 359,116 360,994
Intangibles - Gross -- --
 Accumulated Intangible Amortization -- --
Long Term Investments 4,638,251 5,684,059
LT Investment - Affiliate Companies 1,438,218 1,326,630
LT Investments - Other 3,200,033 4,357,429
Note Receivable - Long Term 786,037 747,458
Other Long Term Assets, Total 5,512,425 5,507,037
Deferred Charges 74,936 74,561
Defered Income Tax - Long Term Asset 4,711,298 4,824,848
Other Long Term Assets 726,191 607,628
Total Assets 121,583,171,000,000 118,570,187,000,000

Liabilities (COP Millions)

Accounts Payable 5,230,776 4,622,366
Payable/Accrued -- --
Accrued Expenses 1,714,335 1,868,756
Notes Payable/Short Term Debt 0 0
Current Port. of LT Debt/Capital Leases 5,676,999 4,932,844
Other Current liabilities, Total 6,234,919 9,100,491
Dividends Payable 1,622,859 3,833,220
Customer Advances 636,258 674,928
Income Taxes Payable 1,969,145 2,823,294
Other Payables 1,089,067 823,653
Deferred Income Tax - Current Liability -- --
Discontinued Operations - Curr Liability 0 0
Other Current Liabilities 917,590 945,396
Total Current Liabilities 18,857,029 20,524,457
41,328,873
Total Long Term Debt 35,651,874 36,026,205
DEUDA A LARGO PLAZO 35,651,874 36,026,205
Total Debt 41,328,873 40,959,049
Deferred Income Tax 761,387 826,360
Deferred Income Tax - LT Liability 761,387 826,360
Minority Interest 1,908,742 1,638,976
Other Liabilities, Total 14,075,141 13,362,337
Reserves 6,860,910 6,115,335
Pension Benefits - Underfunded 6,655,298 6,704,605
Other Long Term Liabilities 558,933 542,397
Total Liabilities 71,254,173 72,378,335

Shareholders Equity (COP Millions)

Redeemable Preferred Stock, Total -- --
Preferred Stock - Non Redeemable, Net -- --
Common Stock, Total 25,040,067 25,040,067
Common Stock 25,040,067 25,040,067
Additional Paid-In Capital 6,607,699 6,607,699
Retained Earnings (Accumulated Deficit) 12,360,943 8,842,154
Treasury Stock - Common -- --
ESOP Debt Guarantee -- --
Unrealized Gain (Loss) -- --
Other Equity, Total 6,320,289 5,701,932
Other Equity 6,320,289 5,701,932
Total Equity 50,328,998 46,191,852

Total Liabilities & Shareholders' Equity 121,583,171 118,570,187

Supplemental (COP Millions)

Shares Outstanding - Common Issue 2 -- --
Shares Outstanding - Common Issue 3 -- --
Shares Outstanding - Common Issue 4 -- --
Total Common Shares Outstanding 41,117 41,117
Shares Outs - Common Stock Primary Issue 41,117 41,117
Treas Shares - Common Stock Prmry Issue 0 0
Treasury Shares - Common Issue 2 -- --
Treasury Shares - Common Issue 3 -- --
Treasury Shares - Common Issue 4 -- --
Total Preferred Shares Outstanding -- --
Treasury Shares - Preferred Issue 1 -- --
Treasury Shares - Preferred Issue 2 -- --
Treasury Shares - Preferred Issue 3 -- --
Treasury Shares - Preferred Issue 4 -- --
Treasury Shares - Preferred Issue 5 -- --
Treasury Shares - Preferred Issue 6 -- --
Minority Interest - Redeemable -- --
Minority Interest - Non Redeemable 1,908,742 1,638,976
Total Equity & Minority Interest 52,237,740 47,830,828
Full-Time Employees -- --
Part-Time Employees -- --
Number of Common Shareholders -- --
Other Property/Plant/Equipment - Net -- --
Intangibles - Net 359,116 360,994
Goodwill - Net 919,445 919,445
Accumulated Goodwill Amortization Suppl. -- --
Accumulated Intangible Amort, Suppl. -- --
Non-Current Marketable Securities,Suppl. -- --
Contract Assets - Short Term -- --
Contract Assets - Long Term -- --
Deferred Revenue - Current 636,258 674,928
Deferred Revenue - Long Term -- --
Short Term Debt Financial Sector, Suppl. -- --
Curr Port - LTD/Cap Lse Fin Sec., Suppl. -- --
Long Term Debt Financial Sector, Suppl. -- --
Capital Lease Oblig. - Fin Sector, Suppl -- --
Curr Derivative Liab. Hedging, Suppl. -- --
Curr Derivative Liab. Spec./Trdg, Suppl. -- --
Non-Curr Derivative Liab. Hedging, Suppl -- --
Non-Curr Derivative Liab Spec/Trdg Suppl -- --
Leverage Ratio (Basel 3) -- --
Net Stable Funding Ratio (Basel 3) -- --
Liquidity Coverage Ratio (Basel 3) -- --
Capital Adequacy - Core Tier 1 (Value) -- --
Capital Adequacy - Hybrid Tier 1 (Value) -- --
Capital Adequacy -Tier 1 Capital (Value) -- --
Capital Adequacy -Tier 2 Capital (Value) -- --
Capital Adequacy -Tier 3 Capital (Value) -- --
Capital Adequacy - Total Capital (Value) -- --
Total Risk-Weighted Capital -- --
Capital Adequacy - Core Tier 1 Capital % -- --
Capital Adequacy - Tier 1 Capital % -- --
Capital Adequacy - Tier 2 Capital % -- --
Capital Adequacy - Tier 3 Capital % -- --
Capital Adequacy - Total Capital % -- --
Trading Account -- --
Credit Exposure -- --
Non-Performing Loans -- --
Assets under Management -- --
Total Current Assets less Inventory 21,777,228 20,284,727
Net Debt Incl. Pref.Stock & Min.Interest 30,637,505 30,314,975
Tangible Book Value, Common Equity 49,050,437 44,911,413
Reported Total Assets -- --
Reported Total Liabilities -- --
Shareholders' Equity Excl. Stock Subscr. -- --
Reported Shareholder's Equity -- --
Reported Net Assets -- --
Reported Net Assets to Total Assets -- --
Reported Return on Assets -- --
Reported Return on Equity -- --
Islamic Investments & Deposits -- --
Islamic Receivables -- --
Islamic Debt -- --
Islamic Section, Supplemental -- --
Debt & Lease, Pension Items (COP Millions)
Total Long Term Debt, Supplemental -- --
Total Capital Leases, Supplemental -- --
Total Operating Leases, Supplemental -- --
Total Funded Status -- --
Period End Assumptions -- --
Net Assets Recognized on Balance Sheet -- --
Asset Allocation -- --
Total Plan Obligations -- --
Total Plan Assets -- --
 1000000

2017
Dec-2017 Sep-2017 Jun-2017 Mar-2017
84 88 88 67
31-Dec-2017 30-Sep-2017 30-Jun-2017 31-Mar-2017

10,913,763 10,602,133 8,187,471 15,225,416

5,486,447,000,000 5,726,414,000,000 4,692,376,000,000 4,880,415,000,000
-- -- -- --
5,427,316 4,875,719 3,495,095 10,345,001
3,608,900 2,858,335 2,847,438 2,375,116
-- -- -- --
-- -- -- --
7,315,664,000,000 6,183,079,000,000 5,954,175,000,000 5,330,208,000,000
3,706,764 3,324,744 3,106,737 2,955,092
4,601,396,000,000 4,725,412,000,000 4,269,035,000,000 4,330,486,000,000
-- -- -- --
-- -- -- --
4,601,396 4,725,412 4,269,035 4,330,486
-- -- -- --
289,053 477,184 502,723 87,695
104,140 87,212 95,408 443,103
104,140 87,212 95,408 116,414
-- -- -- 326,689
23,224,016 22,075,020 19,008,812 25,416,908

149,526,568 146,767,895 147,453,230 143,744,021

7,618,586 7,205,185 7,112,102 6,926,551
3,839,355 3,857,110 3,902,104 3,841,800
42,561,894 42,626,061 43,366,284 41,647,606
3,792,059 4,432,244 4,421,743 4,786,386
56,907,929 55,826,607 55,648,732 54,205,225
34,806,745 32,820,688 33,002,265 32,336,453
82,668,084 80,567,973 82,836,313 81,988,134
(66,858,484) (66,199,922) (64,616,917) (61,755,887)
919,445 919,445 919,445 919,445
380,226 345,742 253,044 268,946
1,129,108 -- -- --
 (748,882) -- -- --
4,896,307 3,535,764 3,656,516 3,837,983
1,330,460 1,308,973 1,326,096 1,476,029
3,565,847 2,226,791 2,330,420 2,361,954
777,132 789,334 780,770 744,663
7,809,323 8,035,183 8,239,469 7,321,465
74,225 77,834 62,953 62,196
7,128,314 7,352,184 7,457,665 6,519,769
606,784 605,165 718,851 739,500
120,674,533,000,000 116,268,461,000,000 115,694,369,000,000 120,497,544,000,000

5,088,957,000,000 4,209,737 4,124,050 3,860,144

-- -- -- --
1,829,819 1,981,378 1,867,489 1,994,369
0 0 0 0
5,144,504 5,115,065 3,919,523 4,094,992
4,783,331 4,845,465 4,601,621 7,131,451
3,723 120,772 3,706 1,025,999
880,420 708,949 713,085 757,789
2,005,688 1,933,775 1,497,215 2,915,078
995,107 1,029,213 1,343,262 1,155,388
-- -- 0 --
0 0 311 40,128
898,393 1,052,756 1,044,042 1,237,069
16,846,611 16,151,645 14,512,683 17,080,956

38,403,331 39,495,325 42,193,771 46,316,215

38,403,331 39,495,325 42,193,771 46,316,215
43,547,835 44,610,390 46,113,294 50,411,207
2,594,794 2,946,585 2,616,332 2,410,043
2,594,794 2,946,585 2,616,332 2,410,043
1,882,674 1,747,134 1,845,014 1,623,967
13,048,492 9,772,565 9,393,170 9,273,929
5,978,621 5,335,842 5,258,630 5,187,276
6,502,475 3,758,214 3,650,006 3,790,277
567,396 678,509 484,534 296,376
72,775,902 70,113,254 70,560,970 76,705,110

-- -- -- --
 -- -- -- --
25,040,067 25,040,067 25,040,067 25,040,067
25,040,067 25,040,067 25,040,067 25,040,067
6,607,700 6,607,698 6,607,699 6,607,699
9,886,735 6,461,274 5,457,992 4,153,243
-- -- -- --
-- -- -- --
-- -- -- --
6,364,129 8,046,168 8,027,641 7,991,425
6,364,129 8,046,168 8,027,641 7,991,425
47,898,631 46,155,207 45,133,399 43,792,434

120,674,533 116,268,461 115,694,369 120,497,544

-- -- -- --
-- -- -- --
-- -- -- --
41,117 41,117 41,117 41,117
41,117 41,117 41,117 41,117
0 0 0 0
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
1,882,674 1,747,134 1,845,014 1,623,967
49,781,305 47,902,341 46,978,413 45,416,401
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- 345,742 253,044 268,946
919,445 919,445 919,445 919,445
-- -- -- --
 748,882 -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
880,420 708,949 713,085 757,789
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
18,622,620 17,349,608 14,739,777 21,086,422
34,516,746 35,755,391 39,770,837 36,809,758
46,598,960 44,890,020 43,960,910 42,604,043
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --

-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
Date (GMT) Line
10/4/2013 4325 # Acciones Circulacion 41116694690
10/7/2013 4340 Dividendo 89
10/8/2013 4355
10/9/2013 4320
10/10/2013 4360
10/11/2013 4385
10/15/2013 4460
10/16/2013 4515
10/17/2013 4515
10/18/2013 4570
10/21/2013 4565
10/22/2013 4535
10/23/2013 4540
10/24/2013 4590
10/25/2013 4590
10/28/2013 4555
10/29/2013 4555
10/30/2013 4470
10/31/2013 4500
11/1/2013 4470
11/5/2013 4410
11/6/2013 4490
11/7/2013 4415
11/8/2013 4235
11/12/2013 4030
11/13/2013 4175
11/14/2013 4150
11/15/2013 4110
11/18/2013 4070
11/19/2013 4050
11/20/2013 4055
11/21/2013 4035
11/22/2013 4045
11/25/2013 3980
11/26/2013 3925
11/27/2013 3905
11/28/2013 3935
11/29/2013 3935
12/2/2013 4035
12/3/2013 4025
12/4/2013 3975
12/5/2013 4030
12/6/2013 4100
12/9/2013 4160
12/10/2013 4135
12/11/2013 4155
12/12/2013 4145
12/13/2013 4130
12/16/2013 3865
12/17/2013 3875
12/18/2013 3705
12/19/2013 3695
12/20/2013 3790
12/23/2013 3735
12/24/2013 3800
12/26/2013 3735
12/27/2013 3740
12/30/2013 3700
1/2/2014 3700
1/3/2014 3650
1/7/2014 3550
1/8/2014 3465
1/9/2014 3445
1/10/2014 3415
1/13/2014 3415
1/14/2014 3425
1/15/2014 3485
1/16/2014 3440
1/17/2014 3485
1/20/2014 3490
1/21/2014 3480
1/22/2014 3520
1/23/2014 3470
1/24/2014 3390
1/27/2014 3425
1/28/2014 3455
1/29/2014 3405
1/30/2014 3510
1/31/2014 3520
2/3/2014 3480
2/4/2014 3480
2/5/2014 3560
2/6/2014 3620
2/7/2014 3590
2/10/2014 3540
2/11/2014 3590
2/12/2014 3700
2/13/2014 3670
2/14/2014 3655
2/17/2014 3625
2/18/2014 3695
2/19/2014 3770
2/20/2014 3680
2/21/2014 3610
2/24/2014 3635
2/25/2014 3540
2/26/2014 3430
2/27/2014 3440
2/28/2014 3500
3/3/2014 3430
3/4/2014 3510
3/5/2014 3585
3/6/2014 3650
3/7/2014 3630
3/10/2014 3605
3/11/2014 3635
3/12/2014 3625
3/13/2014 3635
3/14/2014 3600
3/17/2014 3605
3/18/2014 3625
3/19/2014 3675
3/20/2014 3700
3/21/2014 3720
3/25/2014 3825
3/26/2014 3830
3/27/2014 3910
3/28/2014 3975
3/31/2014 4030
4/1/2014 4000
4/2/2014 4030
4/3/2014 4025
4/4/2014 3970
4/7/2014 3945
4/8/2014 3875
4/9/2014 3900
4/10/2014 3945
4/11/2014 3925
4/14/2014 3950
4/15/2014 3960
4/16/2014 3885
4/21/2014 3830
4/22/2014 3580
4/23/2014 3510
4/24/2014 3500
4/25/2014 3545
4/28/2014 3450
4/29/2014 3500
4/30/2014 3605
5/2/2014 3555
5/5/2014 3480
5/6/2014 3480
5/7/2014 3515
5/8/2014 3515
5/9/2014 3525
5/12/2014 3525
5/13/2014 3525
5/14/2014 3570
5/15/2014 3595
5/16/2014 3610
5/19/2014 3630
5/20/2014 3570
5/21/2014 3625
5/22/2014 3555
5/23/2014 3515
5/26/2014 3515
5/27/2014 3490
5/28/2014 3455
5/29/2014 3500
5/30/2014 3430
6/3/2014 3490
6/4/2014 3480
6/5/2014 3520
6/6/2014 3500
6/9/2014 3510
6/10/2014 3650
6/11/2014 3645
6/12/2014 3615
6/13/2014 3645
6/16/2014 3645
6/17/2014 3520
6/18/2014 3510
6/19/2014 3475
6/20/2014 3480
6/24/2014 3485
6/25/2014 3490
6/26/2014 3430
6/27/2014 3410
7/1/2014 3370
 7/2/2014 3340
7/3/2014 3350
7/4/2014 3320
7/7/2014 3345
7/8/2014 3230
7/9/2014 3160
7/10/2014 3190
7/11/2014 3250
7/14/2014 3185
7/15/2014 3225
7/16/2014 3315
7/17/2014 3310
7/18/2014 3305
7/21/2014 3300
7/22/2014 3300
7/23/2014 3270
7/24/2014 3215
7/25/2014 3240
7/28/2014 3270
7/29/2014 3200
7/30/2014 3210
7/31/2014 3180
8/1/2014 3130
8/4/2014 3190
8/5/2014 3255
8/6/2014 3275
8/8/2014 3245
8/11/2014 3250
8/12/2014 3160
8/13/2014 3195
8/14/2014 3110
8/15/2014 3135
8/19/2014 3170
8/20/2014 3240
8/21/2014 3255
8/22/2014 3190
8/25/2014 3215
8/26/2014 3275
8/27/2014 3330
8/28/2014 3305
8/29/2014 3325
9/1/2014 3335
9/2/2014 3365
9/3/2014 3380
9/4/2014 3365
 9/5/2014 3365
9/8/2014 3335
9/9/2014 3375
9/10/2014 3375
9/11/2014 3365
9/12/2014 3345
9/15/2014 3350
9/16/2014 3355
9/17/2014 3360
9/18/2014 3340
9/19/2014 3360
9/22/2014 3280
9/23/2014 3245
9/24/2014 3230
9/25/2014 3200
9/26/2014 3210
9/29/2014 3205
9/30/2014 3165
10/1/2014 3140
10/2/2014 3115
10/3/2014 3110
10/6/2014 3100
10/7/2014 3070
10/8/2014 2990
10/9/2014 3030
10/10/2014 2920
10/14/2014 2945
10/15/2014 2975
10/16/2014 3050
10/17/2014 3010
10/20/2014 3010
10/21/2014 3050
10/22/2014 2930
10/23/2014 2945
10/24/2014 2940
10/27/2014 2845
10/28/2014 2835
10/29/2014 2860
10/30/2014 2820
10/31/2014 2750
11/4/2014 2630
11/5/2014 2675
11/6/2014 2675
11/7/2014 2690
11/10/2014 2675
11/11/2014 2660
11/12/2014 2675
11/13/2014 2635
11/14/2014 2665
11/18/2014 2680
11/19/2014 2690
11/20/2014 2705
11/21/2014 2715
11/24/2014 2680
11/25/2014 2660
11/26/2014 2570
11/27/2014 2425
11/28/2014 2290
12/1/2014 2285
12/2/2014 2200
12/3/2014 2285
12/4/2014 2215
12/5/2014 2175
12/9/2014 2080
12/10/2014 1880
12/11/2014 1890
12/12/2014 1870
12/15/2014 1815
12/16/2014 1860
12/17/2014 1910
12/18/2014 1930
12/19/2014 2000
12/22/2014 2080
12/23/2014 2120
12/24/2014 2100
12/26/2014 2085
12/29/2014 2050
12/30/2014 2080
1/2/2015 1955
1/5/2015 1815
1/6/2015 1835
1/7/2015 1885
1/8/2015 1960
1/9/2015 1965
1/13/2015 1915
1/14/2015 1895
1/15/2015 1850
1/16/2015 1880
1/19/2015 1850
1/20/2015 1870
1/21/2015 1930
1/22/2015 1950
1/23/2015 2010
1/26/2015 2035
1/27/2015 2030
1/28/2015 1975
1/29/2015 1965
1/30/2015 1955
2/2/2015 2080
2/3/2015 2305
2/4/2015 2190
2/5/2015 2230
2/6/2015 2215
2/9/2015 2220
2/10/2015 2090
2/11/2015 2070
2/12/2015 2125
2/13/2015 2200
2/16/2015 2185
2/17/2015 2195
2/18/2015 2190
2/19/2015 2150
2/20/2015 2110
2/23/2015 2140
2/24/2015 2150
2/25/2015 2145
2/26/2015 2090
2/27/2015 2085
3/2/2015 2005
3/3/2015 1895
3/4/2015 1920
3/5/2015 1905
3/6/2015 1875
3/9/2015 1800
3/10/2015 1820
3/11/2015 1850
3/12/2015 1875
3/13/2015 1880
3/16/2015 1870
3/17/2015 1905
3/18/2015 1925
3/19/2015 1870
3/20/2015 1975
3/24/2015 1935
3/25/2015 1965
3/26/2015 1995
3/27/2015 1970
3/30/2015 1970
3/31/2015 1975
4/1/2015 2000
4/6/2015 2065
4/7/2015 2065
4/8/2015 2015
4/9/2015 2035
4/10/2015 2020
4/13/2015 2030
4/14/2015 2045
4/15/2015 2070
4/16/2015 2085
4/17/2015 2060
4/20/2015 2020
4/21/2015 1985
4/22/2015 2015
4/23/2015 2035
4/24/2015 2060
4/27/2015 2075
4/28/2015 2050
4/29/2015 2040
4/30/2015 2030
5/4/2015 2035
5/5/2015 2065
5/6/2015 2070
5/7/2015 1990
5/8/2015 1940
5/11/2015 1900
5/12/2015 1900
5/13/2015 1945
5/14/2015 1965
5/15/2015 1965
5/19/2015 1875
5/20/2015 1905
5/21/2015 1930
5/22/2015 1935
5/25/2015 1925
5/26/2015 1890
5/27/2015 1805
5/28/2015 1840
5/29/2015 1815
6/1/2015 1800
6/2/2015 1815
 6/3/2015 1805
6/4/2015 1800
6/5/2015 1815
6/9/2015 1835
6/10/2015 1840
6/11/2015 1810
6/12/2015 1790
6/16/2015 1625
6/17/2015 1645
6/18/2015 1665
6/19/2015 1635
6/22/2015 1655
6/23/2015 1725
6/24/2015 1725
6/25/2015 1695
6/26/2015 1710
6/30/2015 1730
7/1/2015 1645
7/2/2015 1675
7/3/2015 1650
7/6/2015 1635
7/7/2015 1650
7/8/2015 1600
7/9/2015 1645
7/10/2015 1625
7/13/2015 1635
7/14/2015 1655
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7/16/2015 1630
7/17/2015 1610
7/21/2015 1635
7/22/2015 1610
7/23/2015 1625
7/24/2015 1585
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7/28/2015 1560
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7/31/2015 1610
8/3/2015 1565
8/4/2015 1580
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8/11/2015 1500
 8/12/2015 1530
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9/1/2015 1500
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9/3/2015 1515
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9/7/2015 1475
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Empresa Ecopetrol

EMPRESA A
PATRIMONIO HOY $ 50,328,998,000,000.00
# ACCIONES HOY $ 41,116,694,690.00
Valor en Libros $ 1,224.05

Utilidad Neta (Dic 2017) $ 7,401,921,000,000.00

Utilidad Neta (EF Parcial ) Jun 2017
Utilidad Neta (EF Parcial) Jun 2018
Utilidad Neta (Dic 2018)
UPA Dic 2012
Dividendos
$ 2,555,234,000,000.00
$ 6,583,745,000,000.00
$ 11,430,432,000,000.00
$ 278.00
$ 89.00

Precio Accion HOY ( Junio) $ 3,025.00

Precio Cierre 2017 $ 2,210.00

Capitalización Bursatil $ 124,378,001,437,250.00

Efectivo $ 4,094,427,000,000.00
Deuda Financiera $ 41,328,873,000,000.00
Valor de Mercado (EV) $ 161,612,447,437,250.00

Extraccion de los EF
Ingresos Operacionales (Dic 2017)
Ingresos Operacionales (EF Parcial) Jun 2017
Ingresos Operacionales (EF Parcial) Jun 2018
Ingresos Operacionales (Dic 2018)
$ 55,210,223,000,000.00
$ 26,522,406,000,000.00
$ 31,629,701,000,000.00
$ 60,317,518,000,000.00

Utilidad Operacional (DIC 2017) $ 13,626,160,000,000.00

Utilidad Operacional (EF Parcial ) Jun 2017 $ 6,400,845,000,000.00
Utilidad Operacional (EF Parcial) Jun 2018 $ 11,432,391,000,000.00
Utilidad Operacional (Dic 2018) $ 18,657,706,000,000.00

Ebitda Dic 2017 $ 13,775,471,000,000.00

Ebitda Jun 2017 $ 6,476,238,000,000.00
Ebitda Jun 2018 $ 11,470,615,000,000.00
Ebitda Dic 2018 $ 18,769,848,000,000.00
INDICADORES BURSATILES

Q- TOBIN 2.47 EV/EBITDA

Precio HOY (Junio 2012) $ 3,025.00 EV
Vr. Libros $ 1,224.05 EBITDA
Relacion del valor de la empresa con
Determina lo que el mercado esta pagando por la accion en veces Ebitda

RPG 10.88 EV/EBIT

Precio HOY $ 3,025.00 EV
Utilidad por accion $ 278.00 EBIT
Relacion Precio Ganancia Relación del EV con el Ebit
El Numero de años en el que recupero la inversión
A mayor tiempo se pierde eficiencia

P/S 2.06 EV/VENTAS

Precio HOY $ 3,025.00 EV
Ventas por acción 1466.98 VENTAS
Relacion precio ventas Relacion de EV con las ventas
Que tanto representa la capitalización bursatil de la acción
frente a la gestion de ingresos operacionales (Ventas)

Dividendo YIELD 2.94%

DPA (Dividendos por Accion) $ 89.00
Precio HOY $ 3,025.00
De acuerdo a las politicas de dividendos
La representacion porcentual de mis ganancias por dividendos

UPA % 9.19%
UPA (Utilidad por acción) $ 278.00
Precio HOY $ 3,025.00
La Utilidad por accion, en función del precio de mercado.

YDT 36.88%
(P1 - P0) / P0
Precio HOY $ 3,025.00
Precio de cierre DIC 2011 $ 2,210.00
Rentabilidad de la acción

ROE 22.71%
Utilidad Neta (DIC 2012) $ 11,430,432,000,000.00
Patrimonio $ 50,328,998,000,000.00
Rentabilidad de patrimonio.

MARGEN EBITDA 31.118%

Ebitda $ 18,769,848,000,000.00
Ingresos Operacionales $ 60,317,518,000,000.00
Utilidad operativa desde el punto de vista de caja, es decir que por
cada 100 pesos de venta, me estan quedando 49,24 pesos de caja.
Para hacer frente a: 1) Servicio a la deuda, 2) Reparto de Dividendos
3) Inversiones estrategicas
 8.61
$ 161,612,447,437,250
$ 18,769,848,000,000
elacion del valor de la empresa con el
bitda

8.66
$ 161,612,447,437,250
$ 18,657,706,000,000
Relación del EV con el Ebit

2.68
$ 161,612,447,437,250.00
$ 60,317,518,000,000.00
Relacion de EV con las ventas
 EV $ 161,612,447,437,250.00
# Acciones en Circulacion $ 41,116,694,690.00
3,930.58

ACTIVO $ 121,583,171,000,000
PASIVO $ 71,254,173,000,000
PATRIMONIO $ 50,328,998,000,000

WACC Wacc= [{D% *( Kd%*(1-t)) + ( E%* ke)}]

Costo Capital (deuda+patrimonio)
Costo Minimo requerido para inversiones

D% PARTICIOACION DE LA DEUDA
E% PARTICIPACION DEL PATRIMONIO
Kd% COSTO DE LA DEUDA
ke% COSTO DEL PATRIMONIO
t TASA DE IMPUESTO
WACC

ke ke = Rf + ( Rm-Rf)* B
Tasa Libre de riesgo Rf= 6.8880%
Rentabilidad del Mercado RM= 13.78%
Beta B= 1.69
Riesgo Pais RP= 3.82%
Ke 22.36%

Kd 7.93%
Tasa de colocacion de la entidad financiera

Variables Macroeconomicas para proyeción

INFLACIÓN
PIB
GRADIENTE DE CRECIEMIENTO

Ventas

Historico
Variación KTNO 2017
Inventarios $ 4,601,396,000,000
Cuentas x Cobrar $ 7,315,664,000,000
Cuentas x Pagar $ 5,088,957,000,000
KTNO $ 6,828,103,000,000
Variación KTNO
Pkt Productividad del capital de trabajo

CAPEX 2017
Propiedad Planta y Equipo Neto $ 82,668,084,000,000
Variacion CAPEX

ESTADO DE RESULTADOS
VENTAS
Costos y gastos Desmbolsables
EBITDA
Gastos de Depre + Amor
UTILIDAD OPERACIONAL
Impuesto aplicado
UODI
Gastos de Depre + Amor
FCB
Variacion en KTNO
Variacion en CAPEX
FCL

FLUJO DE CAJA N° 6 (2018)

CK (WACC)
GRADIENTE DE CRECIMIENTO
VALOR DE CONTINUIDAD

VALOR DE CONTINUIDAD
N° PERIODOS
COSTO DE CAPITAL (WACC)
VALOR PRESENTE EL VC

CK (WACC)
VP FCL (N°1-N°5)

VALOR DE LA EMPRESA
N° DE ACCIONES EN CIRCULACION
PART COSTO
58.61%
41.39% 22.36%

58.6053%
41.39%
7.930%
22.3552%
34.00%
12.32%

Formula de Valoracion de Activos Metodologia CAPM

USA TREASURY 3.06%

TES 6.89%
3.82%

AÑOS PROYECTAD
1 2
2018 2019 2020
3.10% 3.15%
3.20% 3.60%
6.399% 6.863%

$ 60,317,518,000,000 $ 64,177,356,611,856 $ 68,582,105,305,554

Proyectado
2018
$ 5,471,635,000,000
$ 8,760,413,000,000
$ 5,230,776,000,000
$ 9,001,272,000,000
$ 2,173,169,000,000
3.603%

2018
$ 82,119,034,000,000
-$ 549,050,000,000
0.00%

2018 2019 2020

$ 60,213,900,000,000 $
$ 41,476,296,266,252.20 $
$ 18,737,603,733,747.80 $
$ 112,142,000,000.00 $
$ 18,625,461,733,747.80 $
$ 6,332,656,989,474.25 $
$ 12,292,804,744,273.50 $
$ 112,142,000,000.00 $
$ 12,404,946,744,273.50 $
$ 2,173,169,000,000 $
$ -
$ 10,231,777,744,274 $
64,067,107,888,800 $ 68,464,289,771,640
44,130,447,416,922 $ 47,159,296,544,935
19,936,660,471,878 $ 21,304,993,226,704.60
112,142,000,000 $ 112,142,000,000
19,824,518,471,877.80 $ 21,192,851,226,704.60
6,740,336,280,438.450 $ 7,205,569,417,079.580
13,084,182,191,439.30 $ 13,987,281,809,625.10
112,142,000,000 $ 112,142,000,000
13,196,324,191,439.30 $ 14,099,423,809,625.10
2,308,262,299,247.720 $ 2,466,687,573,894.290
$ -
10,888,061,892,192 $ 11,632,736,235,731

$ 14,955,321,751,486
12.32%
6.502%
$ 257,001,673,558,234

$ 257,001,673,558,234
5
12.32%
$143,756,727,563,615

12.32%
$43,798,151,964,264.50

$187,554,879,527,879
$ 41,116,694,690.00
$ 4,561.53
gia CAPM

AÑOS PROYECTADOS
3 4 5
2021 2022 2023
3.00% 3.00% 3.00%
3.40% 3.40% 3.40%
6.502% 6.502% 6.502%

$ 73,041,313,792,521 $ 77,790,460,015,311 $ 82,848,395,725,507

 2021 2022
$ 72,915,837,892,592 $ 77,656,825,672,368
$ 50,225,594,006,287 $ 53,491,262,128,576
$ 22,690,243,886,305.00 $ 24,165,563,543,792.50
$ 112,142,000,000 $ 112,142,000,000
$ 22,578,101,886,305.00 $ 24,053,421,543,792.50
$ 7,676,554,641,343.690 $ 8,178,163,324,889.460
$ 14,901,547,244,961.30 $ 15,875,258,218,903.10
$ 112,142,000,000 $ 112,142,000,000
$ 15,013,689,244,961.30 $ 15,987,400,218,903.10
$ 2,627,071,599,948.890 $ 2,797,883,795,377.570
$ - $ -
$ 12,386,617,645,012 $ 13,189,516,423,526
2023
$ 82,706,072,477,586
$ 56,969,263,992,176
$ 25,736,808,485,409.90
$ 112,142,000,000
$ 25,624,666,485,409.90
$ 8,712,386,605,039.370
$ 16,912,279,880,370.50
$ 112,142,000,000
$ 17,024,421,880,370.50
$ 2,979,802,199,753.020
$ -
$ 14,044,619,680,618
VC
2024
3.00%
3.40%
6.502%

$ 88,235,198,415,579
 2024
$ 88,083,621,310,078
$ 60,673,405,536,947
$ 27,410,215,773,131.30
$ 112,142,000,000
$ 27,298,073,773,131.30
$ 9,281,345,082,864.630
$ 18,016,728,690,266.60
$ 112,142,000,000
$ 18,128,870,690,266.60
$ 3,173,548,938,780.960
$ -
$ 14,955,321,751,486