(Expresados en millones de pesos colombianos)

Por los años terminados al

31 de diciembre de
NOTA 2018 2017
Activos
Activos corrientes
Efectivo y equivalentes de efectivo 6
6,311,744 7,945,885
Cuentas comerciales y otras cuentas por cobrar, neto 7
8,194,243 6,098,918
Inventarios, neto 8
5,100,407 4,601,396
Otros activos financieros 9
5,321,098 2,967,878
Activos por impuestos corrientes 10
1,031,307 625,374
Instrumentos de patrimonio medidos a valor razonable
0 0
Otros activos 11
1,020,428 880,425
Activos mantenidos para la venta
51,385 104,140
Total activos corrientes
27,030,612 23,224,016
Activos no corrientes
Inversiones en asociadas y negocios conjuntos 12 1,844,336 1,330,460
Cuentas comerciales y otras cuentas por cobrar, neto 7 755,574 777,132
Propiedades, planta y equipo 13 62,770,279 61,359,819
Recursos naturales y del medio ambiente 14 23,075,450 21,308,265
Intangibles 15 410,747 380,226
Activos por impuestos diferidos 10 5,746,730 5,346,339
Otros activos financieros 9 2,826,717 3,565,847
Goodwill/Crédito mercantil 17 919,445 919,445
Otros activos 11 860,730 681,009
Total activos no corrientes 99,210,008 95,668,542
Total activos 126,240,620 118,892,558
Pasivos

Pasivos corrientes
Préstamos y financiaciones 18 4,019,927 5,144,504
Cuentas comerciales y otras cuentas por pagar 19 8,945,790 6,968,207
Provisiones por beneficios a empleados 20 1,816,882 1,829,819
Pasivos por impuestos corrientes 10 1,751,300 2,005,688
Provisiones y contingencias 21 814,409 558,828
Instrumentos financieros derivados 82,554 0
Otros pasivos 393,760 339,565
Pasivos asociados a activos mantenidos para la venta 0 0
Total pasivos corrientes 17,824,622 16,846,611
Préstamos y financiaciones 18 34,042,718 38,403,331
Cuentas comerciales y otras cuentas por pagar 19 30,522 29,469
Provisiones por beneficios a empleados 20 6,789,669 6,502,475
Pasivos por impuestos diferidos 10 738,407 812,819
Provisiones y contingencias 21 6,939,603 5,978,621
Otros pasivos 570,641 537,927
Total pasivos no corrientes 49,111,560 52,264,642
Total pasivos 66,936,182 69,111,253
Patrimonio
Capital suscrito y pagado 22.1
25,040,067 25,040,067
Prima en emisión de acciones 22.2
6,607,699 6,607,700
Reservas 22.3
5,138,895 2,177,869
Otros resultados integrales
7,782,086 6,364,129
Resultados acumulados
12,644,860 7,708,866
Patrimonio atribuible a los accionistas de la Compañía
25 57,213,607 47,898,631
Interés no controlante
2,090,831 1,882,674
Total patrimonio
59,304,438 49,781,305
Total pasivos y patrimonio
126,240,620 118,892,558

Véanse las notas que acompañan a los estados financieros consolidados

(Original firmado)
Felipe Bayón Pardo
Presidente
bianos)

ANALISIS VERTICAL
2016 2015 2014
2018 2017 2016 2015 2014

5% 7% 7% 5% 7%
8,410,467 6,550,450 7,618,178
6% 5% 3% 3% 4%
4,212,701 3,427,412 4,287,553
4% 4% 3% 2% 3%
3,841,901 3,057,958 2,929,921
4% 2% 4% 0% 1%
5,315,537 329,227 817,977
1% 1% 1% 4% 2%
1,129,098 4,501,734 2,019,066
0% 0% 0% 1% 1%
51,610 913,488 1,581,466
1% 1% 1% 1% 1%
1,035,632 1,090,324 1,385,116
0% 0% 0% 0% 0%
132,216 242,745 1,362
21% 20% 20% 16% 19%
24,129,162 20,113,338 20,640,639

1,552,694 1,931,934 2,476,764 1% 1% 1% 2% 2%

729,410 584,571 435,404 1% 1% 1% 0% 0%
62,269,094 65,030,814 55,665,007 50% 52% 51% 53% 50%
22,341,047 24,043,297 24,120,664 18% 18% 18% 20% 22%
272,132 388,051 245,152 0% 0% 0% 0% 0%
6,896,340 7,961,968 4,092,443 5% 4% 6% 6% 4%
1,371,358 1,256,152 663,842 2% 3% 1% 1% 1%
919,445 919,445 1,407,214 1% 1% 1% 1% 1%
826,736 766,380 1,090,716 1% 1% 1% 1% 1%
97,178,256 102,882,612 90,197,206 79% 80% 80% 84% 81%
121,307,418 122,995,950 110,837,845 100% 100% 100% 100% 100%

4,126,203 4,573,620 3,517,522 6% 7% 5% 6% 6%

6,854,363 7,757,277 8,798,965 13% 10% 9% 10% 14%
1,974,496 1,392,266 1,379,706 3% 3% 3% 2% 2%
2,130,940 2,803,559 1,896,938 3% 3% 3% 4% 3%
821,954 653,497 842,957 1% 1% 1% 1% 1%
0 101319 140,055 0% 0% 0% 0% 0%
439,272 144,441 267,587 1% 0% 1% 0% 0%
40,128 17,628 0 0% 0% 0% 0% 0%
 16,387,356 17,443,607 16,843,730 27% 24% 22% 22% 27%
48,095,824 48,649,718 31,524,106 51% 56% 63% 63% 51%
23,893 6 30,439 0% 0% 0% 0% 0%
3,901,082 2,459,849 4,419,987 10% 9% 5% 3% 7%
2,228,929 3,303,004 3,083,698 1% 1% 3% 4% 5%
5,095,916 5,423,850 4,995,114 10% 9% 7% 7% 8%
254,700 484,148 408,103 1% 1% 0% 1% 1%
59,600,344 60,320,575 44,461,447 73% 76% 78% 78% 73%
75,987,700 77,764,182 61,305,177 100% 100% 100% 100% 100%

0 0 0 42% 50% 0% 0% 0%
0 0 0 11% 13% 0% 0% 0%
0 0 0 9% 4% 0% 0% 0%
0 0 0 13% 13% 0% 0% 0%
0 0 0 21% 15% 0% 0% 0%
48,021,386 96% 96% 96% 96% 97%
43,673,854 43,356,713
1,511,282 4% 4% 4% 4% 3%
1,645,864 1,875,055
49,532,668 100% 100% 100% 100% 100%
45,319,718 45,231,768
121,307,418 122,995,950 110,837,845

ncieros consolidados

Alberto Vargas Peñalosa

Contador Público
T.P.
167
 ANALISIS HORIZONTAL

2018-2017 2017-2016 2016-2015 2015-2014

VAL ABS VAL REL VAL ABS VAL REL VAL ABS VAL REL VAL ABS
(1,634,141) -21% (464,582) -6% 1,860,017 28% (1,067,728)
2,095,325 34% 1,886,217 45% 785,289 23% (860,141)
499,011 11% 759,495 20% 783,943 26% 128,037
2,353,220 79% (2,347,659) -44% 4,986,310 1515% (488,750)
405,933 65% (503,724) -45% (3,372,636) -75% 2,482,668
- 0% (51,610) -100% (861,878) -94% (667,978)
140,003 16% (155,207) -15% (54,692) -5% (294,792)
(52,755) -51% (28,076) -21% (110,529) -46% 241,383
3,806,596 16% (905,146) -4% 4,015,824 20% (527,301)

513,876 39% (222,234) -14% (379,240) -20% (544,830)

(21,558) -3% 47,722 7% 144,839 25% 149,167
1,410,460 2% (909,275) -1% (2,761,720) -4% 9,365,807
1,767,185 8% (1,032,782) -5% (1,702,250) -7% (77,367)
30,521 8% 108,094 40% (115,919) -30% 142,899
400,391 7% (1,550,001) -22% (1,065,628) -13% 3,869,525
(739,130) -21% 2,194,489 160% 115,206 9% 592,310
- 0% - 0% - 0% (487,769)
179,721 26% (145,727) -18% 60,356 8% (324,336)
3,541,466 4% (1,509,714) -2% (5,704,356) -6% 12,685,406
7,348,062 6% (2,414,860) -2% (1,688,532) -1% 12,158,105

(1,124,577) -22% 1,018,301 25% (447,417) -10% 1,056,098

1,977,583 28% 113,844 2% (902,914) -12% (1,041,688)
(12,937) -1% (144,677) -7% 582,230 42% 12,560
(254,388) -13% (125,252) -6% (672,619) -24% 906,621
255,581 46% (263,126) -32% 168,457 26% (189,460)
82,554 0% - #DIV/0! (101,319) -100% (38,736)
54,195 16% (99,707) -23% 294,831 204% (123,146)
- 0% (40,128) -100% 22,500 128% 17,628
 978,011 6% 459,255 3% (1,056,251) -6% 599,877
(4,360,613) -11% (9,692,493) -20% (553,894) -1% 17,125,612
1,053 4% 5,576 23% 23,887 398117% (30,433)
287,194 4% 2,601,393 67% 1,441,233 59% (1,960,138)
(74,412) -9% (1,416,110) -64% (1,074,075) -33% 219,306
960,982 16% 882,705 17% (327,934) -6% 428,736
32,714 6% 283,227 111% (229,448) -47% 76,045
(3,153,082) -6% (7,335,702) -12% (720,231) -1% 15,859,128
(2,175,071) -3% (6,876,447) -9% (1,776,482) -2% 16,459,005

- 0% 25,040,067 0% 0% 0% 0%
(1) 0% 6,607,700 0% 0% 0% 0%
2,961,026 136% 2,177,869 0% 0% 0% 0%
1,417,957 22% 6,364,129 0% 0% 0% 0%
4,935,994 64% 7,708,866 0% 0% 0% 0%
9,314,976 19% 4,224,777 10% 317,141 1% (4,664,673)
208,157 11% 236,810 13% (229,191) -12% 363,773
9,523,133 19% 4,461,587 10% 87,950 0% (4,300,900)
2015-2014
VAL REL
-14%
-20%
4%
-60%
123%
-42%
-21%
17723%
-3%

-22%
34%
17%
0%
58%
95%
89%
-35%
-30%
14%
11%

30%
-12%
1%
48%
-22%
-28%
-46%
0%
 4%
54%
-100%
-44%
7%
9%
19%
36%
27%

0%
0%
0%
0%
0%
-10%
24%
-9%