performance report that builds a country

Transcription

PERFORMANCE
INFORME
INFORME
REPORT
DEDE
GESTIÓN
GESTIÓN
ESTE
ESTE
ES ES
EL EL
RESULTADO
RESULTADO
THIS
THE
RESULT
OF
DE DE
MÁS
MÁS
DE IS
DE
14.000
14.000
PERSONAS
PERSONAS
MORE
THAN EN
14,000
TRABAJANDO
TRABAJANDO
EN
PEOPLE
WORKING
UNA
UNA
ORGANIZACIÓN
ORGANIZACIÓN
QUE
QUE
IN AN ORGANIZATION
CONSTRUYE
CONSTRUYE
PAÍS
PAÍS
THAT BUILDS A COUNTRY
PERFORMANCE
REPORT
2014 PERFORMANCE REPORT
Diversion
Cauca River
Camps
Construction of
cofferdam
Provisional
Works
External
Works
Industrial
facilities
Excavations
catch basin with gates
Beginning of the
dam construction
Excavations
Shoulders of the dam
Excavations
weir
2
HIDROITUANGO
Auxiliary construction
drifts
Transformers
Entry tunnel to
the dam (upper section)
Underground
Works
Return ditches
Generator
room
Drainage
drifts
3
Table of
contents
01
REPORT OF THE
CEO’S OFFICE AND BOARD OF DIRECTORS
16
Fiscal Year
Pursuant to
Law
22
Financial
Summary
2014
27
Balance
Sheet
02
BUSINESS
LINES
4
7
28
30
Backlog
56
Investment
36
Infrastructure
70
Housing
46
Building Projects
80
Integrated
Designs
Ruta del Sol, Cundinamarca
03
MANAGEMENT OF
INNOVATION AND
SUSTAINABILITY
04
CORPORATE
CULTURE
82
96
5
REPORT
OF THE CEO’S OFFICE
AND THE BOARD OF DIRECTORS
01
We have
strengthened
a strategy
where time
optimization
is the key to
operational
success.
6
REPORT OF THE CEO’S OFFICE 01
Loboguerrero-Cisneros
Corridor, Valle
7
REPORT OF THE
CEO’S OFFICE AND
BOARD OF DIRECTORS
Dear shareholders:
As spokesman of Constructora Conconcreto,
I am pleased to present the performance report for the year 2014, on behalf of
an excellent group of workers who, in a
great team effort, achieved the results
detailed below.
For the global economy, the year 2014
was full of uncertainty and volatility due
to the political crisis, the decline of the developed economies that are looking a way
out for their difficulties and because of the
uncertainty of the US economy reactivation and the fears related to the slowdown
of the global economic driver, that is, China’s economy.
At the national context, the year 2014
also presented intricacies that affected
Conconcreto and most of the Colombian
companies: two electoral process that paralyzed the public procurement during a
large part of the year; a World Cup that
excited all the Colombians, but generated
an atypical period of economic activity in
the first half of the year; an unexpected tax
reform that imposed excessive taxes on
the companies and natural persons; and,
in general, a feeling of electoral uncertainty and the desired peace process for the
Colombians.
However, in Conconcreto we began the
year 2015 with great optimism in the construction and infrastructure sector announcing the fourth generation concessions
and the long list of Public-Private Partnerships (PPP). Both the public and private
sector are expecting the compensation of
8
Juan Luis Aristizábal V.
CEO of Conconcreto.
The business
model of
Conconcreto
is oriented
to the search
of market
niches with
high technical
complexity
and less
competition.
the falling revenues from the hydrocarbons
sector with the dynamism of the construction
economic sector in all the value chain. According to the figures of Camacol, in 2014, the
consolidated GDP of construction grew 9.9%
with respect to 2013, mostly led by the growth
of the infrastructure with 12.0% and the building with 7.4%.
In 2014 there were challenges and achievements to strengthen the medium- and longterm strategy. We insisted on our business
model oriented to the search of market niches
with high technical complexity and less competition, keeping in mind that our clients look
for mechanisms to get the lowest price of the
market.
We participated in the greatest bids of the
country and, together with Grupo Vinci, strategic partner for the fourth generation conces-
Bodegas San Francisco II
Madrid, Cundinamarca
sions; we keep studying the projects under
bidding process to find the best opportunities. We continue developing growth opportunities in Colombia, Central America and
in the Andean Region for the construction
business and for the real estate and investment portfolio.
A VALUABLE PARTNERSHIP
At the end of 2014, a partnership with Grupo Argos was consolidated to make up a
real estate portfolio that will include, at
first, COP 1,3 billion in assets, a Gross Leasable Area (GLA) of 437,000 m², 67,000 m²
for construction and 163,000 m² more for
new developments. With this partnership,
we gathered the capacity to promote real
The partnership with Grupo Argos
will allow having resources of
COP 365,000 million
estate projects, the experience in real estate operations, the access to financial resources at competitive rates, the potential of
the portfolio for internationalization and the capacity to organize megaprojects. Once the partnership is formalized, the fund
will have fresh resources equivalent to COP 365,000 million
and a capacity to leverage to COP 1 billion.
With these resources, we ensure the implementation of projects
under study for which the lands, licenses and technical designs
have been provided. Considering this, we expect to have a GLA
growth of approximately 60% by the end of 2018, to finish the
9
year with a portfolio of 668,000 m² in operation of middle class shopping centers,
distribution and logistics centers, offices,
self-storages and hotels.
We foresee an important dynamic in
the logistics chain from the producers,
ports and consumers in the major cities,
part of it in the shopping centers; for said
reason, we will put emphasis on developing projects on logistics and shopping
centers for the middle class.
INFRASTRUCTURE AS THE
FOUNDATION OF THE BUSINESS
During 2014 we actively participated in
the bidding processes for the first wave
of fourth generation concessions of the
National Infrastructure Agency (ANI), but
we only submitted a proposal for the Mulalo-Loboguerrero corridor, out of the four
corridors for which we prequalified with
the companies of Grupo Vinci of France.
We found a very competitive environment
with high risks; as a result, our proposal
surpassed the one of the winning consortium by a great amount.
As with other market niches, and pursuant to the strategic guideline of keeping
the project margins, the Company also
studied several projects to submit proposals of Public-Private Partnerships within
the new Colombian legal framework of the
Act 1508 of 2012. In 2014, we submitted
the proposals for the Buga-Buenaventura
road corridor in consortium with Grupo
Carlos Alberto Solarte, and for light trains
of the Soacha and Facatativa corridors in
the Bogota savannah, in consortium with
Torrescámara and Vossloh of Spain. Moreover, projects under the PPP modality
are being studied for the identification of
long-term growing income, development
potential for the regional economies where the projects are located, internal rates
of return attractive for the company and
potential investment partners. When this
report went to press, the definite project
for the Buga-Buenaventura corridor had
already been submitted and we are a few
weeks away from announcing the definite
project for the light train in the Facatativa
corridor, which includes a line to the El Dorado airport.
10
The hydroelectric projects
are essential
for Conconcreto. Besides
the construction of Hidroituango, we
are investing
in a power
generation
project in the
southern region of
Colombia.
The construction of hydroelectric projects
continues being the most important market niche of Conconcreto in the infrastructure sector. During 2014 the projects Hidrocucuana in Roncesvalles, Tolima and
Bonyic in Panama were completed. Furthermore, the progress of Hidroituango
continues: we ended the year with almost
30% of the project implemented. This hydroelectric power plant, of 2.4 GW, a dam
of 225 m high and 20 million m³ of rock,
is one of the major projects under implementation in Latin America. Moreover,
and after many years of studying the Small Hydroelectric Power Plants (PCH), the
Company is investing, for the first time,
in 50% of a project of 19 MW in the southern region of the country. With this investment, we expect to capitalize our experience in the construction of hydroelectric
projects and maximize the long-term income generation in the investment portfolio.
The total operation, including projects
outside Colombia, reached a volume of
nearly COP 936,500 million. It should be
noted that we are present in most of the
new ports or port expansions in Colombia and Panama through the consortiums
with Soletanche Bachy Cimas, of the Panamanian firm IMI. It should also be highlighted that almost COP 235,000 million
were spent in the implementation of real
estate projects and that we were present
in major building projects in several cities
of the country.
During the year, we finished the Gran
Plaza shopping center of Ipiales, the office buildings and the Buró 26 hotel, the
self-storage buildings of Cartagena and
Barranquilla, the first stage of Bodegas San
Francisco and the GHL Style Hotel of Neiva.
In the construction business of own- and
The value of the total operation, including
projects outside the country, was of
COP 936,500 million
Contecar Port
Cartagena, Bolívar.
11
third party-projects we are consolidating
the value-adding strategy through the
search of projects that include designs
and construction management, to add
more value for our clients. Every day we
are increasingly aware that to ensure our
presence in the market, we should present
alternatives that shortens the construction periods and where the resources are
efficiently invested.
INNOVATION AS A DISTINGUISHING FACTOR
At the beginning of March of this year, the
Conconcreto Innovation Center was inaugurated in association with the School
of Engineering of Antioquia (EIA), as an
important milestone within the commitment to innovation for the development
of the construction sector in the country.
We expect that the human talent and the
academy knowledge have access to the
challenges we face in the implementation
of the projects in order to look for innovations and improvements that reduce the
implementation periods, the personnel risks and the environmental impact; and, at
the same time, allow the optimization of
the resources. In the Innovation Center we
have a challenge, project and idea bank
for improving processes and we expect
that, in a collaborative manner, the academy, the material and service suppliers,
the ICT suppliers and the officers of Conconcreto look for solutions and adopt
them in the projects under implementation, providing new methodologies, tools
and process to the construction industry.
EFFICIENT BUSINESS
AND HUMAN TALENT
Knowing the importance of a service platform for the development of the construction business in different market niches
and other lines of business, the Company
keeps developing its operational capacity
through the Shared Service Center.
To deal with the multiple partnerships,
consortiums and firms in a state-of-the art
IT platform and, at the same time, to comply with the reporting requirements pursuant to the IFRS (International Financing
12
The
Conconcreto
Innovation
Center will
allow joining
the academic
knowledge
with our
experience
to implement
projects faster,
with new
tools and less
environmental
impacts.
Reporting Standards) for the Group A of
security issuers, have represented a challenge for 2014. We are ready to report on
the first term of 2015 pursuant to the international standards and it is important
to mention that with the opening balance
under certain standards, the equity had
no significant variations.
The human talent continues being our
strength and a distinguishing factor. The
great dynamism of infrastructure construction and the housing programs of the
government are increasing competition
for the human talent in engineering and
construction. Conconcreto is still committed to the human and technical development of its personnel and with motivation
and retention programs that allow it to
keep the best human talent of the industry
in the company.
RESULTS TO PROMOTE GROWTH
The economic results for 2014 are the
consequence of the commitment and joint
work of our excellent team. We ended the
year with a net profit of COP 51,809 million, which represents a decrease of 14.5%
with respect to 2013. This is due to the profit gained in the sale of the last block of
shares of Odinsa in 2013 and the payment
of traffic guarantees for 2011 and 2012
received in the Devimed concession the
same year. The operating profit was COP
73,668 million, with a variation of –11.9%
regarding 2013 and the profit before taxes
went from COP 80,744 million in 2013 to
COP 63,582 in 2014, showing a decrease
of 21.3%.
These two differences are the result of
an increase in the financial expenses in
2014 because of the high investment in
the real estate portfolio and the unification of all personnel expenses related to
the promotion of real estate projects and
the organization of the Design Workshop
for consolidating the strategy of adding
more value to the real estate portfolio and
for our external clients.
The operating expenses also have a
significant category corresponding to the
investment in the bids of 4G concessions
and PPP projects that had an impact on
the operating profit. In the medium term,
the Company is investing in the large scale
projects of infrastructure, under the modality of bidding or of the PPP project, and in
the transition from a price-oriented construction service market for third parties to
an alternative of value addition through
the integration and optimization of designs to qualify the service.
The gross profit decreased in 1% with
respect to 2013, as we closed with COP
156,351 million. It should be noted that
the income increased in 27.4% with respect to 2013, but the expenses increased
in 37.2%. Despite having an important income increase, the company did not achieve an increase in the gross profit, which
is explained by a decrease in the gross
margins of the projects resulting from the
changes made to the closure projection of
some of them and the high level of competition in the market. We once again put
emphasis on the importance of the strategy to look for market niches with high
technical challenges, less competition and
higher margins based on the value addition to the construction services and the
autogenous proportion of projects for the
real estate fund or for the investments of
concessions within the act of PPP.
The Company’s EBITDA went from COP
124,139 million in 2013 to COP 117.921
in 2014, with a decrease of 5%, which is
explained by the extraordinary increase
of traffic guarantees of Devimed and the
sale of Odinsa shares in 2013. However,
the EBITDA had an increase of 4.3%, as it
closed the year with COP 43,803 million,
an increase that will consolidate in 2015.
All the new shares of the real estate portfolio have entered into effect in the second
term of the year and they are meeting the
occupation expectations of the models of
economic feasibility. It is worth mentioning that in 2014 we achieved the set goal
of 50% cash through long-term income
deriving from the investment portfolio and
the concessions.
The assets had an increase of 23.5%,
which is greatly explained by an increase
of COP 265,000 million in long-term assets, that have a balancing entry in the
growth of short- and long- term credits. It
is important to note that the partnership
with Grupo Argos releases the pressure on
the indebtedness to promote the growth
of the real estate portfolio. Once the part-
nership means is formalized, the company
will go from COP 688,000 million of debt and
operating lease to the new real estate fund
and it will not require fresh resources for the
new projects. The equity had an increase of
5.8% with respect to 2013, and finished the
year with COP 1,06 billion.
Formwork
for the
carriageway
of the bridge,
Rafael Uribe
Uribe highway
interchange
(77 South)
13
Conconcreto ended the year 2014 with
a backlog of COP 1,87 billion, which represents twice the operational volume of
the same year. This high level of contracting, which is divided in more than COP
1 billion in infrastructure and nearly COP
800,000 million in building projects, allow
underpinning the strategy for the research
of high margin niches and greater opportunities of design optimization. We keep
supporting the expansion in the Colombian market through the new office of Barranquilla to address the investment growth in the Caribbean coast of the country.
INTERNATIONAL EXPANSION
Conconcreto Internacional is the support
of our expansion in the region and a mechanism of income generation in other
markets to cushion the impacts of the low
construction cycles. During 2014, the international operation added COP 12,696
million to the total volume of the work
through the participation method, that corresponds to 17% of the total volume.
The consolidation of Industrial Conconcreto, as a company that supports the
strategy of innovation and development
of new construction technologies for Conconcreto’s projects and the construction
sector at national level, contributes to the
growth of the organization. Nowadays,
the precast concrete structures, the metallic structures, the use of expanded polystyrene and the partnership with Ulma in
the offering of solutions of scaffolding and
formworks are a way to support the construction industrialization and the value
generation in Conconcreto. The group of
consolidated companies in Industrial Conconcreto added COP 4,148 million to the
income through the equity method.
CORPORATE RESPONSIBILITY
We have a responsibility with the shareholders and the society in general. Our social
commitment to the long-term economic
sustainability is based on a value adding
strategy through innovation and human
talent, long-term income generation and
search of market niches with greater margins. We are still committed to the social
14
Adding value
through the
innovation
and human
talent are
fundamental
elements of
our business
strategy.
component through the reinvestment in our
human talent, the search of opportunities,
the improvement of the latter in the communities where we operate, and the human and
professional development of our work group.
With respect to the environmental protection,
we keep working on improvement measures
for reducing the impact on the environment,
controlling the emissions that have global
influence, optimizing the use of resources and
reducing the waste.
The Concreto Foundation, by means of
which we direct our contribution to the Corporate Social Responsibility and whose support
programs for the communities, childhood and
construction workers contribute to the resolution of conflicts and the generation of opportunities for all Colombians, ended up covering
40,000 beneficiaries from its lines of action
Human and Social Development and Urban
Environment through the consolidation of
partnerships with development actors, among
them the Metro company of Medellin and
the Governance of Antioquia, mobilizing resources of more than COP 2,000 million.
FISCAL YEAR
PURSUANT TO LAW
During 2014, the Board of Directors, the
CEO’s Office, the Audit Committee and,
in general, all the management team of
Constructora Conconcreto, maintained
their commitment and interest in good
corporate practices, among them the carry out of an adequate internal control,
according to the model of operational risk
management. In various scenarios, the administration insisted on the need to keep
and improve the internal control programs
as a mechanism to simplify the result management and business continuity.
Garden Apartments
Panama.
Conconcreto closed the year with
a net profit of
COP 51.809 million
Likewise, the main four risk categories of the company –strategic risks, financial risks, environmental risks and operational risks– were monitored, evaluated and documented. This facilitates
the prompt identification of contingencies and the effectiveness
of the action plans.
The Internal Control team followed the commitments and
responsibilities of each area, thus contributing to the effectiveness of the system; furthermore, it assisted the relevant
processes and the projects whose operation had significantly
impacts on the results of the year.
15
Corredor Cusiana
Boyacá - Casanare
In order to consolidate an area of structural autonomy and clarity within the
organization, during 2014, conceptual
changes were implemented in the policies of Internal Control, which became
a process within the Risk Management
of Constructora Conconcreto that not
only focuses on minimizing losses and
maximizing opportunities but also creates value, facilitates the development
of new businesses, identifies, measures,
administrates, diagnoses and follows all
the risks that impeach the achievement
of strategic goals and the continuance of
the organization over time.
Audit
The Audit Committee of Constructora Conconcreto, in compliance with its duties of
supervision of the internal audit program,
met in four opportunities during the year to
16
review the results of the Company and the business risks, which
allowed the administration to have a continuous and detailed follow up of the financial results of the operation and the implemented plans for risk prevention.
Money Laundering
The prevention and control of the risk related to money laundering and terrorist financing is a priority for Constructora Conconcreto within the risk prevention policy and, for said reason,
a strict internal process was developed in the Company for the
contracting of employees and suppliers.
Moreover, a permanent control of suspicious transactions
was carried out according to the parameters set forth in the
Manual of Integrated System for the Prevention and Control of
Money Laundering and Terrorist Financing – SIPLA, adopted by
the Company.
Finally, it is important to highlight that Constructora Conconcreto will follow the instructions related to the prevention and
control of money laundering and terrorist financing, in all such
cases it deems convenient.
to intellectual property, copyrights and policies for the use of software.
For said reason, the licenses, their validity and the equipment used by the employees are periodically checked so that
everything is according to law and the use
of programs or services unlawfully obtained is avoided.
Social Security and Parafiscal
Charge
Clinker Mill Plant
Dominican Republic
Transactions carried out with related
parties and administrators
Taking into account that Constructora Conconcreto is part of a Business Group with a unity of purpose and direction, throughout 2014 a
series of transactions at market price were carried out among the corporations of the Business Group and other related companies, all in line
with the main or related business purpose pertaining to each of them.
All this information appears on the notes of the financial statements.
Conflicts of Interest
During the year 2014, there were no situations that may lead to
conflicts of interest.
Intellectual Property
According to the provisions set forth in the Act 603 of 2000, Constructora Conconcreto certifies that in the conduct of its business
activity it has complied with all the regulations in force regarding
intellectual property and copyrights. The company is committed to
the compliance and full application of the legal guidelines related
In regards to the contributions to the social security and parafiscal charges, Constructora Conconcreto certifies that during
2014 the payments were duly made within
the legal term, without any irregularity in
this matter.
Moreover, the current tax regulations
were complied with to pay the natural persons contractors according to the new legal provisions.
Invoice Report
On records it can be found that there was no
impediment for the free flow of the invoices
issued by the vendors or suppliers according
to Article 87 of the Act 1676 of 2013.
Compliance with the Articles 46
and 47 of the Act 964 of 2005
The CEO of Constructora Conconcreto
certifies that the financial statements as of
December 31, 2014 and the other reports
appearing on the Annual Management Report do not have defects, imprecisions or
errors that impede to know the true financial situation or operations of the company.
Furthermore, he certifies that the Company’s financial information has been
17
properly presented according to the disclosure and control systems for financial
information implemented through the
following means: (i) Audit Committee, (ii)
Board of Directors and (iii) the Committees of the CEO’s Office.
Important Events After
December 31, 2014
There were no important events after December 31, 2014 that needed to be informed at the Shareholders’ Meeting.
Corporate Governance
Aware of the importance of a good relationship among the administrators of
Constructora Conconcreto, its shareholders and investors, the company has
18
adopted the Code of Best Corporate Practices which includes the
regulations that must be followed by all the employees and administrators with regard to the corporate governance and transparency.
It is important to highlight that throughout 2015 the measures
proposed by the new Country Code (Regulation Letter 28 of 2014
of the Financial Superintendence of Colombia) will be implemented
and the pertinent modifications will be made to the by-laws and
other regulations.
Statement of the
International Financing Reporting Standards
Achievements during 2014:
The separate and consolidated Opening Financial Situation Statement with its respective explanatory notes, policies and conciliations
was submitted; however, at the end of the year, some changes that
will be submitted in the first term of 2015 to the Board of Directors
and the Audit Committee were adjusted for their approval and subsequent submission to the Financial Superintendence. In addition to
this, the financial closings were carried out
under the IFRS for the first three terms of
2014 for Conconcreto and the subsidiaries
of the group.
Goals for 2015:
It will be the official year of the IFRS application; therefore, the separate and consolidated financial statements to be (quarterly
and annually) issued will be prepared according to said standards. We will work on
the report automation under the IFRS classification and the XBRL language, and the
training process will continue together with
the preparation of procedure manuals as
guides in the application of the IFRS.
As always, we cannot end this report
without recognizing the effort of more than
14,000 direct and indirect workers of the
Company; the excellent group of officers of
Conconcreto, who, with their high commitment and excellence, make it possible for
us to leave our mark in the society; the administration, the management group and
the honorable Board of Directors. With all
their commitment and experience, through a shared vision, we have succeeding in
creating a path of human, economic and
social growth for Colombia.
Rafael
Uribe Uribe
Highway
Interchange
Southern
Region of
the Aburra
Valle,
Antioquia.
Juan Luis Aristizábal Vélez
CEO Constructora Conconcreto
Members of the Board of Directors
J. Mario Aristizábal Correa
Nicanor Restrepo Santamaría
Ricardo Sierra Moreno
Luis Fernando Restrepo Echavarría
Jaime Alberto Ángel Mejía
Nora Cecilia Aristizábal López
José Alejandro Gómez Mesa
Francisco Díaz Salazar
Álvaro Jaramillo Buitrago
19
Loboguerrero - Cisneros Corridor
Cauca Valle
FINANCIAL SUMMARY
2014
Executive Summary
•A work volume of COP 936,500 million,
including Conconcreto International,
was achieved and it supposed an increase of 20.4% with respect to the previous
year. This increase is mainly due to the
greater project implementation at the
national market, specially the variation
of 46.3% in infrastructure and 24.7% in
construction.
•Growth of 27.4% of the operating income, consequence of a greater work volume, higher revenues in the investment
portfolio and a better performance of
the subsidiaries.
•The net profit in 2014 had an increase of
4.7% without considering the extraordinary income earned during 2013, which
amounted to COP 11,106 million, related
to lower income from the sales of Odinsa shares (COP 2,495 million), lower income from Devimed because of traffic
guarantees (COP 4,544 million) and the
record of profits from the lot sale (COP
4,067 million).
•EBITDA margin of 18.3%, representing
COP 143,803 million, amount higher by
COP 5,885 million than that of 2013,
due to new property assets under the
structure of operating lease.
•At the closing of the year, the backlog
was located in COP 1,87 billion, which
ensures the business operation for the
next two years.
22
Hotel GHL Style
Yopal, Casanare
•The partnership with Grupo Argos is materialized, and it will allow the
organization to strengthen the strategy and the growth of the Real Estate
Portfolio.
•Entrance into operation of 107,516 m² more of GLA with respect to
2013, which are equivalent to an investment of COP 388,136 million
in 2014.
•Buga-Buenaventura PPP with an investment of COP 1,7 billion and
Regiotram PPP with an investment of COP 3 billion are both in feasibility status.
OPERATING INCOME PER LINE OF BUSINESS
2014
4.0%
*Figures in COP million
2013
79.0%
18.6%
4.3%
77.1%
17.0%
COP 785,739
COP 616,595
EBITDAR PER LINE OF BUSINESS
28.4%
19.1%
18.2%
32.7%
Equipment and
Equity
49.1%
52.5%
COP 143,803
Investments
COP 137,917
Construction
Services
NET PROFIT PER LINE OF BUSINESS
45.5%
29.3%
38.6%
•Construction Services:
Infrastructure and Building
32.9%
•Investments: Real Estate Portfolio
and Concession
•Equipment and Shares: Team
15.9%
COP 51,809
37.8%
Business Conconcreto and shares in
Conconcreto Internacional, Industrial Conconcreto,
Inmobiliaria Conconcreto and
Consalfa.
COP 60,610
23
CONSTRUCTION SERVICES
INCOME STATEMENT
COP MILLION
INVESTMENT PORTFOLIO
2014
Revenues
Costs
Gross Profit
Expenses
Operating Profit
EBITDA
EBITDAR
2013 % VAR.
30.6
35.3
-1.3
16.4
-24.6
-9.5
-9.5
INCOME STATEMENT
COP $ MILLION
2014
2013
Revenues
Costs
Gross Profit
Expenses
Operating Profit
EBITDA
EBITDAR
133,757
(81,210)
52,547
(20,397)
32,151
49,568
75,450
114,984
(54,250)
60,734
(22,682)
38,052
53,997
67,776
620,592
(559,819)
60,773
(40,655)
20,118
40,824
40,824
475,212
(413,622)
61,591
(34,923)
26,668
45,118
45,118
INDICADORES FINANCIEROS
2014
2013
REAL ESTATE PORTFOLIO
Gross Margin
Operating Margin
EBITDA Margin
9.8%
3.2%
6.6%
13.0%
5.6%
9.5%
Self-Storagel| Hotels| Office| Industry| Commerce
% VAR.
16.3
49.7
-13.5
-10.1
-15.5
-8.2
11.3
INCOME
COP Million
Building Projects
Infrastructure
INCOME
COP Million
5%
12%
3%
$100,743
$76,141
0%
22%
$620,592
29%
58%
$475,212
57%
60%
49%
43%
2014
51%
2014
3%
8%
2013
2013
NOI
COP Million
EBITDA
COP Million
4%
3%
4%
$45,118
$40,824
61%
45%
39%
55%
2014
2013
$67,160
28%
2%
2%
0%
33%
61%
63%
$51,298
2014
2013
Note: NOI is equivalent to income related to the operation of
assets minus: property tax, professional services, insurances,
overhead, administration expenses and office lease.
24
EQUIPMENT AND SHARES
INDICADORES FINANCIEROS
Gross Margin
Operating Margin
EBITDA Margin
2014
2013
39.3%
24.0%
37.1%
52.8%
33.1%
47.0%
INCOME STATEMENT
COP MILLION
2014
Revenues
Costs
Gross Profit
Expenses
Operating Profit
EBITDA
EBITDAR
31,391
11,640
43,031
(21,632)
21,399
27,529
27,529
FINANCIAL INDICATORS
CONCESSIONS
Other| Highway of Llano| CCFC| Devimed
2014
Gross Margin
Operating Margin
EBITDA Margin
2013 % VAR.
26,399
9,260
35,659
(16,791)
18,867
25,023
25,023
18.9
25.7
20.7
28.8
13.4
10.0
10.0
2013
137.1%
68.2%
87.7%
135.1%
71.5%
94.8%
INCOME
COP Million
$38,843
8%
9%
18%
$33,014
5%
9%
15%
71%
INCOME
Equipment
Shares
COP Million
$31,391
64%
$26,399
36%
65%
2014
48%
2013
52%
2014
2013
EBITDA
COP Million
EBITDA
$26,753
$33,008
10%
11%
22%
6%
10%
COP Million
$27,529
17%
56%
67%
44%
$25,023
41%
57%
59%
2014
2013
2014
2013
25
Financial Results
Constructora Conconcreto S.A.
As a result of an increased work volume, higher income from the
real estate portfolio and better performance of the firms, the income increased in 27.4%. This happened despite of an increased
competition, especially that of the international players, and the
decrease in the margins of the construction business.
A gross profit of COP 156,351 million was obtained with a variation of -1%. It grows at a lower rate than the revenues due
to the revenues transfer, adjustments to the margins of some
infrastructure projects, minor surpluses of the housing unit and
lower revenues in concessions.
The operating expenses increased in 11.1% mainly because of a
greater payroll expense of COP 4,479 million and the record of
an allowance for debtors of COP 1,727 million that did not exist
in 2013.
The non-operating income presented a growth of 11.6% because
of higher interests of (illegible) to clients and revenues from recoveries in the equipment sale in consortiums. The variation of the
non-operating expenses is the result of the inactivity of the investment plan carried out during 2014.
EBITDA reached COP 117,921 million with a margin of 15%.
The decrease of 5% is due to the abovementioned and the
major relation between the costs for depreciations and
amortizations in consortiums in 2013.
INCOME STATEMENT
COP MILLIONS
Revenues
Costs
Gross Profit
Gastos
Operating Income
Non-Operating Income
Non-Operating Expenses
Earnings Before Taxes
Taxes
NET PROFIT
EBITDA
EBITDAR
Gross Margin
Operating Margin
Net Margin
EBITDA Margin
Financial Debt/ EBITDA
26
2014
2013
785,739
(629,388)
156,351
(82,685)
73,668
21,075
(31,161)
63,582
(11,773)
51,809
117,921
143,803
616,595
(458,612)
157,983
(74,396)
83,587
18,883
(21,725)
80,744
(20,134)
60,610
124,139
137,917
% VAR.
27.4
37.2
-1.0
11.1
-11.9
11.6
43.4
-21.3
-41.5
-14.5
-5.0
4.3
2014
2013
19.9%
9.4%
6.6%
15.0%
4.3
25.6%
13.6%
9.8%
20.1%
1.7
BALANCE SHEET
We should highlight that the asset
growth of 23.5% was the result of
the increased receivables account
and intangible assets. The latter was
represented in the major trust rights
in the property assets. Meanwhile,
the liability variation is largely due
to the increase of the financial debt,
the resources used for lot purchase
and the implementation of projects
indicated in the investment plan.
BALANCE SHEET
COP MILLION
Current Asset
Long-Term Asset
Total Assets
Current Liability
Long-Term Liability
Total Liabilities
Total Equity
Total Liability and Equity
DEBT
COP MILLONES
Credits
Leasing
Total Debt
Short Term
Long Term
2014
2013
486,667
1,422,298
1,908,965
350,752
494,340
845,091
1,063,874
1,908,965
388,737
1,157,371
1,546,108
174,533
365,588
540,121
1,005,987
1,546,108
2014
454,391
54,467
508,858
21,8%
78,2%
%
VAR,
23.5
56.5
5.8
23.5
2013 % VAR,
168,220
37,984
206,204
12,4%
87,6%
146.8
2014
2013
$1,908,965
$1,546,108
$1,063,874
$1,005,987
$845,091
$540,121
Asset
Liability
Composition of the asset
Investments
in related
companies Financial
Debtors
4%
Leasing
19%
Cash
3%
3%
Equity
Composition of the liability
Other liabilities
Securitization
6%
Property, plant
and equipment Other
assets
Intangible assets
52%
4%
Prepayments
and advances
13%
Accounts
payable 14%
5%
9%
Suppliers
8%
Financial
obligations
60%
27
BUSINESS
LINES
02
We develop
efficient
projects that
support the
community
development.
Ruta del Sol, Sector I, Cundinamarca
29
BACKLOG
Backlog: COP 1,87 billion (Backlog/revenues last 12 months: 2.38 times)
Building Projects
Infrastructure
IMPLEMENTATION OF BACKLOG
COP Thousands
of millions
$884
53%
47%
$545
51%
49%
2015
2016
$308
66%
34%
2017
$115
$19
99%
1% 100%
2018
2019
COMPOSITION - BACKLOG:
BACKLOG INFRASTRUCTURE
per sector
per type
Private
BACKLOG
BUILDING PROJECTS
29%
Public
71%
Industry
1% Design
Workshop
Third Party
37%
1%
Housing
27%
Owned
Projects
Corporate
Buildings
63%
Commerce
5%
66%
IMPLEMENTED AND CONTRACTED:
INFRASTRUCTURE
BUILDING PROJECTS
COP Million
$1’152,401
$441,368
COP Million
$376,717 $1’087,750
2013 Implemented New
30
2014
$882,475 $511,238
$412,437 $783,574
2013 Implemented New
2014
LINES OF BUSINESS 02
SHARE VOLUME
SECTOR
49%
51%
2009
28%
72%
24%
76%
29%
71%
2012
2013
2014
51%
49%
56%
44%
2010
2011
AVERAGE
Public
Private
39.40%
60.60%
TYPE OF BUSINESS
16%
14%
13%
31%
44%
25%
49%
53%
54%
45%
43%
47%
35%
33%
33%
24%
13%
28%
2009
2010
2011
2012
2013
2014
AVERAGE
Investment Infrastructure External
23.83% 48.48%
27.69%
LOCATION
95%
5%
2009
85%
75%
74%
82%
83%
15%
25%
26%
18%
17%
2010
2011
2012
2013
2014
AVERAGET
National
International
82.50% 17.50%
Living
Barranquilla, Atlántico
31
INFRASTRUCTURE
POWER GENERATION
Ituango Hydroelectric Power Plant, Antioquia
32
Bonyic Hydroelectric Power Plant, Panama
33
INFRASTRUCTURE
PATHWAYS TO PROGRESS
Ruta del Sol Sector I,
Cundinamarca
36
COP 440.000 million
With more than five decades of experience in the implementation of solutions and
services for the construction of megaprojects in the country and region, the Infrastructure Vice-President’s Office of Constructora Conconcreto continuously works
to develop efficient projects, with technical, economic and environmental feasibility, bringing development and progress
to the country and the community.
The transparent and responsible participation in the public and private bidding process, the people’s experience
and capacity, and the understanding of
the clients’ needs are the pillars that govern our management, which, in 2014,
allowed it to meet the goals of the Business Plan regarding the sales volume
(COP 440,000 million) and the gross
margin (COP 44,000 million), providing
COP 1 billion to the company’s business
for the backlog and an approximate value of COP 105,000 million in works implemented abroad.
Said figures were represented in a series of projects for hydro energy generation, such as the diversion of the Cauca
river with a water level above 800 m3 per
second, during the construction of the
Ituango Hydroelectric Power Plant, which
will generate 2,400 MW, thus becoming
the biggest power plant of the country
and one of the most important ones in
Latin America; the construction of civil
works for the Cucuana Hydroelectric Project in Tolima and the civil works for the
Bonyic Hydroelectric Power Plant in Panama. These works show the leadership
of Conconcreto in power generation for
large-scale projects.
The revenues for infrastructure
works reached
INFRASTRUCTURE
The year 2014 was also the setting of projects where the structural knowledge and
logistics experience were decisive for its successful closure, such as the pier and gangway construction for Brisa Port in La Guajira; the enlargement of the Contecar pier
in Cartagena, and the construction of civil
works for the Massive Transportation System “MÍO” in the Aguablanca sector of Cali.
To join forces with the best and to
work closely with the partners in order to
meet the challenging demands of the road
engineering in the country allowed the
Company to finish and start the sections
II and II of sector I of Ruta del Sol, one of
the most emblematic works of the country
as 60 km of (completely new) dual carriageway were built in only three years.
Capitalizing this wide knowledge on
infrastructure solutions, the company also
got the allocation of some projects such
as the civil works for the Boscoal pier in
Buenaventura, the works adjacent to the
La Línea tunnel and the completion of works and adaptation of the pilot tunnel of La
Línea as escape drift of the main tunnel.
MILESTONES 2014
1] Diversion of the Cauca River to begin
with the dam works in Hidroituango Ituango, Antioquia
2] Delivery of the civil works for the
Bonyic Hydroelectric Power Plant –
Bocas del Toro, Panama
3] Delivery of the pier and gangway of
1,180 m in Brisa Port– Dibulla,
La Guajira
4] Delivery of sections II and III and
definition of the route for section I in
Ruta del Sol Sector I – Cundinamarca
5] Delivery of the enlargement of the
Contecar Port Terminal –
Cartagena, Bolívar
Hidrocucuana, Roncesvalles, Tolima
THE FUTURE
Juan Guillermo
Saldarriaga,
Infrastructure
Vice-President
For 2015, the Vice-President’s Office of Infrastructure, based on its
trajectory, human team
and management pillars,
will continue to intensify
its focus on the participation of megaprojects, with
local and international
partners, the development of Hidroituango,
the program of 4G concessions, the PPP of private initiative and on the
search of new business in
the region, seizing every
opportunity to create value for the investors.
6] Delivery of the civil works for the
concrete factory Panama –
Dominican Republic
7] Adaptation of the terrain for the
construction of the Coca-Cola plant –
Tocancipa, Cundinamarca
8] Completion of the works for the
Aguablanca section for MÍO –
Cali, Valle
9] Beginning of the construction of the
Rafael Uribe Uribe bridges (77 South)
in the Aburra Valle and the Binational
Bridge between Colombia and
Venezuela
10] Award of works adjacent to the tunnel
of La Línea and completion of the pilot
tunnel –Calarca- Quindio Port route
11] Award of the maritime works and
earth movement in Aguadulce Port,
Buenaventura, Valle
12] Award of civil works for the
construction of Boscoal pier –
Buenaventura, Valle.
37
PROJECTS
IN PROGRESS
Cusiana-Boyaca
Corridor, Casanare
38
Loboguerrero-Cisneros Corridor,
Cauca Valle
Hidrocucuana
Roncesvalles, Tolima
PROJECTS
IN PROGRESS
Rafael Uribe Uribe Highway Interchange
(77 South) Sabaneta-Itagüí-La Estrella, Antioquia
Works adjacent to La Línea
Tunnel, Calarca, Quindio
40
Devimed Tunnel
Medellin, Antioquia
PROJECTS
IN PROGRESS
Ituango Hydroelectric
Power Plant, Antioquia
42
Regional Aqueduct
North of Cauca
Cúcuta Binational Bridge,
Colombia-Ureña, Venezuela
PROJECTS
DELIVERED
Bonyic Hydroelectric Power
Plant Bocas del Toro, Panama
Aguablanca Section Metrocali
Cali, Valle
44
Widening of the Contecar
pier Cartagena, Bolívar
Ruta del Sol, Sector I
(sections II and III)
46
COP 48.046 million
Time and cost optimization was the main
premise in the permanent search of competitiveness and continuous improvement
of the building business. The year 2014
provided the opportunity to strengthen
many of the strategies to increase the industrial efficiency in the building process,
among them the creation of the service
area of design, by means of which the architecture and engineering integration of
own and third party projects was managed with a detailed review of the designs
from the perspective of the investor, thus
ensuring the participation of the company
in all the production line and reducing risks and reprocessing.
A building volume of COP 496,000
million, that exceeds the implementation
in 2013 by 11.2%, and a margin of COP
46,742 million confirmed the confidence that the national and international
clients place on the quality and technical
support of Conconcreto. It is worth stating that 10% of the total building volume
was generated by international business
developed in countries such as Panama,
Venezuela and Dominican Republic, with
contributions of COP 48,046 million.
The implementation of innovative materials, methodologies and building process was the key to the efficient development of the works and the decrease of the
operating expenses, with a higher control
and attention to the design, manufacture,
transportation, custom formalities, in the
case of imports, and assembly. The metallic structures were the most representative
materials, and they allowed offering spaces with 13 m of light between the columns, that is, broader areas at conventional
prices, as well as the prefabricated joists
PI that in projects such as Buró 51 in Barranquilla doubled the performance going
from 800 m²/week to 1600 m²/week.
From the new office in the city of Barranquilla and addressing the opportunities arising from the current economic
growth of the Caribbean region, Conconcreto carried out works for COP 123,000
The international operation represented a contribution of
BUILDING
PROJECTS
million of the building volume. Two of the
projects that refer to this figure are the
49-floor building for the Estelar firm in
Cartagena and the residential unit Two
Towers in Santa Marta.
MAMM, Medellín, Antioquia
Nicolás Jaramillo,
Projects and Investments
Vice-President
THE FUTURE
Acqua Power Center
Ibagué, Tolima
MILESTONES 2014
1] Delivery of the Santa Ana Children’s Private Hospital
–Medellin, Antioquia
2] Beginning of the works for the construction of the
Granulado Colcafé Tower –Medellin, Antioquia
3] Beginning of the enlargement works of the Modern Art
Museum of Medellin with precast elements of Industrial
Conconcreto –Medellin, Antioquia
4] Beginning of the works of the Training Center Tower of
Avianca – Bogota, Cundinamarca
5] Enlargement of City Plaza warehouses –Panama
6] Volume of construction of COP 498,000 million from
national and international projects
With building systems
increasingly modern
and innovative, the challenges of the building
business are to increase
the international implementation so that we
can strengthen the presence of the company in
the construction sector
of Central America and,
simultaneously, based
on the current macroeconomic conditions,
continue contributing to
the urban development
of the main and midsize
cities of Colombia with
a comprehensive service
and a high added value
that allows us to maintain leadership.
47
PROJECTS
IN PROGRESS
Acqua Power Center
Ibagué, Tolima
Fresenius Terranova,
Fresenius Terranova
Cota, Cundinamarca
48
MAMM
Medellín, Antioquia
Granulado Colcafé Tower
Medellin, Antioquia
PROJECTS
IN PROGRESS
50
INTERNATIONAL
PROJECTS IN PROGRESS
City Plaza II
Panamá
Garden Apartments
Panama
PROJECTS
IN PROGRESS
Estelar Cartagena
Hotel, Bolívar
Two Towers
Santa Marta, Magdalena
52
Hampton Hotel
Yopal, Casanare
Atlántica Tower
PROJECTS
DELIVERED
Clinker Mill Plant
Dominican Republic
Security Facilities of San Juan de Rodas
Ituango, Antioquia
54
Santa Ana Children’s Private
Hospital, Medellin, Antioquia
Corona Distribution Center
Girardota, Antioquia
INVESTMENT
In Conconcreto, investment means the
identification of opportunities where the
construction becomes a means for offering real estate and infrastructure solutions that generate long-term revenues,
with multiple features and a comprehensive service of high added value, as the
main distinguishing factor.
* / Adjusted to share: 382,195 m²
56
435.880 m²
With respect to the assets operation, 2014
was a year of challenges and achievements
resulting from the foray in new markets of
shopping centers, logistics centers, self-storage and offices for rent. At the close of the
year, the total leasable area (GLA) of the
projects in operation was 435,880 m²*, a
figure that shows the growth tendency of
the portfolio and the strengthening of the
business strategies for giving real estate
solutions to the main and midsize cities
according to their needs, development and
economic potential.
In the last term of 2014, a new Gran
Plaza shopping center began operating
in Ipiales, Nariño, with an investment of
almost COP 65,000 million and a total
of 84 business premises. The positioning
of the brand as the market leader in the
midsize cities and middle classes was due
to this and other goals achieved such as
the second stage of Gran Plaza Alcaravan
in Yopal, Casanare, that opened its doors
to the public increasing the GLA until reaching 14,637 m², the marketing of Gran
Plaza in Soacha and the organization of
two additional projects in Bosa and Ciudad Bolívar, in the southern region of Bogota, for middle term developments.
Together with the Movich firm, strategic
partner for the development of corporate
At the end of 2014, the total leasable
area amounted to
REAL ESTATE
PORTFOLIO
buildings with a hotel inside the service
offer, we inaugurated Buró 26 in Bogota,
with a total leasable area of 7,684 m2 for
offices and 249 rooms in the hotel section.
In addition to the successful foray in this
segment, we had the consolidation of Buró
24’s operations, also located in the capital, and the constructive advance of Buró
51 in Baranquilla with 36% implemented
at the end of the year.
Regarding the leasable areas for the
industry, with the completion of the works and the entry into operation of 81,150
m2 leasable areas in the Logistic Center
Bodegas San Francisco (BSF) Madrid, Cundinamarca, companies such as Bimbo, Corona, Ramo, among other important ones,
were part of the first occupation quota of
these warehouses and distribution centers
of large format at low cost.
The self-storage business represented
with the U-Storage brand also had an important increase in the total leasable area,
corresponding to the opening of the locations in Cartagena and Barranquilla with
430 and 352 units, respectively. With this
expansion, U-Storage added 7,558 m2 to
the GLA of Conconcreto’s real estate portfolio, addressing the needs of the growing
economy in the Caribbean region and positioning itself as the leader company of
the segment at national level with 2,458
storage units.
Finally, we also report the inauguration
of GHL Style Yopal within the works for the
second stage of Gran Plaza Alcaravan.
With this new hotel of 88 executive rooms,
the company accrues a total of 547 rooms
ruta del sol
Nicolás Jaramillo,
Projects and Investments
Vice-President
Gran Plaza Ipiales
Nariño
from the four hotels that currently operate in Colombia within the portfolio.
CONCESSIONS
The investment in operation and administration of the infrastructure that generates long-term income had as main
milestone the total delivery of sections I and II of Sector I of
Ruta del Sol, one of the competence’s corridors in Colombia, important for the commercial connectivity between the
country’s capital and the Atlantic coast. With coverage of
the Villeta, Puerto Salgar, Koran, San Roque and Cienaga
municipalities, in the department of Cundinamarca, this Sector I of Ruta del Sol is included in Devimed in Antioquia and
in the Bogota – Facatativa – Los Alpes (CCFC) Concessions
in Cundinamarca, as the vial concessions of the infrastructure portfolio of Conconcreto, adding up to a total of 345 km
administered by the Company.
MILESTONES 2014
THE FUTURE
In December 2014, the partnership Conconcreto – Grupo Argos
was signed to boost the income
business, to search opportunities of international investment
and to strengthen the strategy
to create long term sustainability so that we can extend the coverage and the scope of the real
estate solutions of one of the
greatest portfolios of Colombia.
From now on, with the contributions of both companies and a
share of 50% each, we will aim
at increasing the revenues and
profitability of the assets with a
joint potential, to the benefit of
the business, shareholders and
workers.
1] Inauguration of Gran Plaza
4] Inauguration of GHL Style hotel –
Shopping Center –Ipiales, Nariño.
Yopal, Casanare.
2] Beginning of the second stage
for the construction of Bodegas
San Francisco –Madrid,
Cundinamarca.
3] Inauguration of corporate building
Buró 26 –Bogota, Cundinamarca.
5] Completion of the works for the
second stage of Gran Plaza
Alcaravan –Yopal, Casanare.
7] Lot acquisition for the development
of Gran Plaza formats in Bosa
and Ciudad Bolívar – Bogota,
Cundinamarca.
8] Conconcreto – Grupo Argos
Partnership for the development of
6] Opening of two U-Storage locations
the real estate portfolio.
in Barranquilla and Cartagena.
57
REAL ESTATE
PORTFOLIO
Gross Leasable Area (GLA) in m2
EVOLUTION
GLA
58
TOTAL GLA
435,880 m²
Movich Buró 26
Bogota, Cundinamarca
PROJECTS
IN PROGRESS
Bodegas San Francisco II
Madrid, Cundinamarca
60
Corporate Building Buró 51
Industrial Center Lógika
Tenjo, Cundinamarca
PROJECTS
DELIVERED
San Pedro Plaza III
Neiva, Huila
62
PROJECTS
DELIVERED
U-Storage Self-Storage
Cartagena, Bolívar
64
U-Storage Self-Storage
Gran Plaza Ipiales
Ipiales, Nariño
PROJECTS
DELIVERED
Movich Hotel Buró 26
Bogotá, Cundinamarca
Gran Plaza Alcaraván II
Yopal, Casanare
66
GHL Style Hotel
Yopal, Casanare
67
HOUSING
Based on the wide national experience of
Constructora Conconcreto in the housing
sector, in 2014 the Company not only commercialized tailored solutions for the middle class communities and social interest
housing (VIS) with sales over COP 200.000
million in 13 projects, but also ensured its
participation in said market niches through the acquisition of lots for large-scale
projects in Barranquilla, Bogota and Medellin and, at the same time, strengthened
its participation in Barranquilla with projects in the different market segments.
Together with the strategy of offering
solutions of versatile and accessible housing to the community through the Real
Estate Vice-President’s Office, Conconcreto modified the managerial process of
projects by including, from the start, the
construction areas and technical designs,
achieving efficiencies in the profitability
and run time.
Following this task of acquiring and
commercializing the lands for the development of real estate projects, throughout
the year and by means of business promotion and management, we applied for
the license to begin with the construction
of the corporate building Buró 25 in Bogota, as what happed with the first Gran
Plaza shopping center in Soacha. Moreover, we acquired the lots for the implementation of two additional Gran Plaza
shopping centers in the southern region
of the capital.
Besides improving the operational performance and extending the geographic
presence in Housing, we will continue looking for projects in the main and midsize
cities for the middle and lower middle sectors that allow us to create more value for
the investors, without making large capital contributions.
68
The accrued experience
in housing construction is of
3.775.633 m²
Fernando Ortiz,
Real Estate Vice-President
THE FUTURE
Entreparques
Envigado, Antioquia
MILESTONES 2014
1] Accumulation of 3,775,633 m² of total experience in
housing construction.
2] Sales for more than COP 200 thousand million, with 13
projects nationwide.
3] Consolidation of the presence in Barranquilla with two
projects delivered, three in construction phase and two
more in commercialization phase.
4] Acquisition of three large lots in Bogota, Medellin and
Neiva to strengthen the strategy in strata 2 and 3.
The company will try to ensure the
implementation of housing projects from its different roles assumed in the structuring and construction, promotion and sale of the
same trying to achieve a greater
profitability for the business.
Likewise, it will look for synergies with the owners of the lands
located in the urban perimeter of
the main cities such as Bogota,
Medellin and Barranquilla. This
will allow it to ensure the development of new projects and to
continue in the search of lots for
new shopping centers that support the long-term income.
Considering the above, the
commitment to the project implementation, the search of strategic
partnerships, the responsible
design and the quality are the value promise in Housing; through
these features concrete actions
will be carried out in advance to
offer environment friendly areas
that are also safe and reliable for
the final user.
69
PROJECTS
IN PROGRESS
Bilbao
La Estrella, Antioquia
Madeiro
70
Delpino
Pontenovo
71
PROJECTS
IN PROGRESS
Torremolinos
El Poblado
72
Tulipanes III
Bello, Antioquia
Finito
Medellín, Antioquia
73
PROJECTS
IN PROGRESS
Allegro
Ciudad del Bosque
Sabaneta, Antioquia
74
Bali
Select
75
PROJECTS
DELIVERED
Almenara
Prestige
76
Living
77
PROJECTS
DELIVERED
Entreparques
Envigado, Antioquia
78
Azaleas III
Bello, Antioquia
79
80
COP 2,200 millones
In 2014, Constructora Conconcreto created a non-financial work area, key for the
development of its activity, which is involved in all the construction process of its different lines of business and is important
for the profitability and productivity of the
company operations.
We are talking about Integrated Designs that serves as a unit of comprehensive
solutions for the complexity of the constructions that introduces methods and
work protocols which was been mostly
developed (90%) under the BIM (Building
Information Modeling) platform. Said platform allows predicting in high level of detail the conflicts among the systems, the
special distributions of the installations
and the correlation between the architecture and structures.
Integrated Designs is made up of a
team of professional experts in the development and management of design projects. In its first management year, this
group made that the Company gained
important recognitions in Colombia and
Panama with projects that included design, architecture and engineering, and
even the construction management of the
same.
One of them in Colombia was the Modular project for Grupo Nutresa, made
up of five distribution centers in different
cities of the country and in Panama, the
designs of all the engineering and architecture specialties for two projects that
amount to 62,000 m2 built.
At the end of 2014, Integrated Designs
was able to consolidate its work team by
95%, get private design biddings and par-
For 2015 we have ensured the execution of contracts of
INTEGRATED
DESIGNS
ticipate in 73 projects, of which 81% have
been from internal clients and 19% from
external clients. The total volume of the
income obtained from the area is nearly
COP 4.000 million and it ensured the execution of contracts of COP 2.200 million
for 2015.
As a consequence of the above, important benefits were obtained at the end of
2014 regarding the optimization of the
process and construction systems. The
development of standardized and prefabricated systems represented a major progress in the construction periods for the
projects such as Buró 26, Buró 51 and, currently, the CEO building of Avianca, just
to name a few.
Integrated Designs is added to the company multiplying the possibilities of development and innovation in construction.
Therefore, it suggests and optimizes the
structure designs, integrates the installations and establishes an architecture that
complies with the business plan, and that
is highly efficient, commercially attractive
and sustainable in terms of construction.
Alberto Domingo,
Director, Services of
Integrated Designs
THE FUTURE
MILESTONES 2014
1] Development of the Modular project Nutresa for five
distribution centers nationwide
2] Development of designs for more than 180,000 m²
3] Development of designs for own and third party projects
in the City of Panama
4] Consolidation of the Integrated Designs team with more
than 35 qualified professionals
5] Equipment implementation for logistic support in
construction phases
The challenge of Integrated Designs is to
innovate with excellent,
efficient and environment friendly projects
that allow expanding
the operating range in
the internal projects of
the company, and to
position itself in Central America, specifically in Panama.
6] Participation in 73 own and third party projects, creating
cash flow and added value for the business
7] Total volume total of income near COP 4.000 million,
ensuring the execution of contracts of COP 2.200 million
for 2015.
81
MANAGEMENT
OF THE INNOVATION
AND SUSTAINABILITY
03
We innovate to
add value to our
performance
with minimal
environmental
impact.
82
REPORT
INFORME
OF THE
DE CEO’S
PRESIDENCIA OFFICE 01
Conconcreto Innovation
Center, Escuela de
Ingeniería de Antioquia,
Palmas location.
83
Sustainability will
continue to be our
priority”
The evolution of the lines of business of
Conconcreto, from the services of design,
construction, leasing of real estate solutions and promotion and sale of housing,
represents an increasing challenge with
respect to sustainability and its application in the social, environmental and economic field. Defined as a guiding principle
of the business, in 2014 new strategies
were continued and developed in order to
align a sustainable management model
with the company’s growth plans minimizing the impact on the environment and
building the future with responsibility.
Occupational Safety and Health
in the OperationsT
With the permanent goal of executing and
carrying out projects without any accident, we continued giving privilege to the
safety and health of the workers through
14 programs that involved their close family, contractors and suppliers, with a
coverage of 14,000 people. We reached
important figures regarding management, recognition and certification for the
achievements in the improvement of work
conditions.
During 2014, more than 600 workers
were trained to carry out works at height. Thirty-eight of them obtained SENA
84
certification pursuant to the Labor Competency Standard
230101093. This reduced in 17% the rate of accidents of this
type with respect to the previous year. Likewise, the accident
rate for works related to manual excavations decreased in
66% in comparison to that of 2013 as a result of 1,507 manhours spent on the prevention program Occupational Safety
(Trabajo Seguro) in Pilas.
Regarding the transit and operational risks of the self-propelled equipment, the decrease was 33%, with 190 drivers
trained in the program Road Safety (Seguridad Vial). To assist potential injured people and those involved in accidents
and to properly respond to emergencies, 266 brigadiers
were trained on the administration of first aid, evacuation,
fire control and rescue from heights.
Within the framework of the program Behavior Management in Conconcreto (Gerenciando el comportamiento
en Conconcreto), one of the strategies used to develop safe
habits in the projects, and thus change the meaning of the
actions to prevent risks, was to shift the focus from searching
and correcting the negative behaviors to identifying and recognizing the acts that favor the individual and collective
safety and care. Out of 2,736 observations on the behaviors
at work, 77% corresponded to safe behaviors that were positively reinforced.
The year 2014 was also the beginning of the spreading of the
program Let’s Get to Work (Manos a la Obra), which included
638 workers, as a response to the need of decreasing the rate
of hand injuries. Considering this and other safety, health and
environment issues, we also launched the contest Life Album
(Álbum de la vida), which involved 4,000 direct and indirect employees. In said contest, the employees were motivated to complete and study their album with their family, thus remembering
the importance of safe actions in all the daily scenarios.
MANAGEMENT OF INNOVATION AND SUSTAINABILITY 03
Under the premise of promoting well-being
and health through different programs in
order to reduce the risk of disabling conditions, the occupational safety and health
management also had a strategy focused
on the prevention based on healthy life
habits. The main points included the prevention of musculoskeletal injuries, prevention of respiratory conditions and hearing
conservation. A total of 5,862 hours were
invested in these programs and 10,701
workers participated in activities such as
workplace exercise, fitness, musculoskeletal
school, workshop on structural medicine,
among others.
In addition to these activities, entry evaluations and follow ups were carried out with a
coverage of 894 workers for classifying the
cardiovascular risk: 1,394 in audiometry
and 1,100 in spirometry. After said process,
the necessary measures were adopted to
14,000
Prevent to Reduce Risks
The workers that benefited from the safety and health programs were
Training for manual excavation works
Life Album contest
85
Consorcio ECC Brigade
promote healthy habits and well-being. The preventive and occupational health
care was also an opportunity to connect
the families and make a contribution to the
economic, social and cultural development
based on the promotion of best practices.
With this methodology, the most important ones were the programs Week of safety, health and environment (Semana de Seguridad, salud y ambiente), which allowed
the parents and sons to take part in the
strengthening of the decisions to prevent
risks (1,484 participants); Psychosocial risk
factors (Factores de riesgo psicosocial),
which included 75% of the direct workers
that received psychological counseling
with external support of the family welfare
fund; and, finally, Healthy Life Styles (Estilos de vida saludable), where 4,529 workers were subject to periodic exams, executive check-ups, training on respiratory
and infectious diseases, breast screenings,
smear tests, vaccination campaigns (tetanus, influenza, yellow fever and hepatitis
B) and blood donation campaign.
1
86
Consorcio ECC Brigade
In 2014, the
safety and
environmental
management
system was
assessed by
the Colombian
Security Council, and got a
total grade of
90% in the RUC
measurement.
Training for highway interchange 77 South
Safe Work: an Awarded
Management
Conconcreto allowed the external revision
of experts and, for said reason, in 2014, the
management system was audited by the
Colombian Safety Council, which gave it
a total score of 90% in the measurement
of the RUC1. Moreover, the company got
zero non-conformities in the follow up audit
performed by Icontec under OHSAS 18001
that regulates the compliance of the best
practice requirements on occupational safety and health.
Uniform assessment registry of the safety, occupational health and environmental protection system for contractors.
Health Week
Equally remarkable was the award Predilecto 2014 conferred by the ARL Liberty, that
referred to the program Behavior Management in Conconcreto as the best management in risk prevention. Besides supporting
the commitment to a safety execution, these achievements made it possible to participate at biddings of the hydrocarbon, cement and mining sectors, that set them as
fundamental requirement for building and
materializing their investments.
Execution and Operation with
Low Environmental Impact
For Conconcreto, the commitment to the
urban development and growth of the
populations is closely related to the continuous search of environmental alternatives
that contribute to the decrease of the environmental impact caused by the building
interventions and the commodities operation. Proof of this is that the year 2014 ended with no environmental emergency or
sanctions for the projects.
For soil protection and in partnership with the University of Medellin,
the pilot project Effective Use of Construction and Demolition Waste
(RCD) was launched in two housing projects located in the metropolitan area of the Aburra valley. This originated less waste and a lower
volume of debris, with earnings above COP 23 million and a projection of COP 71.7 million by the end of the construction phase.
EVOLUTION OF THE AVERAGE
GENERATION OF DEBRIS PER MONTH
m3
3.000
2.611
2.500
2.303
2.000
1.669
1.500
1.000
Thanks to the
implementation of
modular systems,
preassembly
and reuse of
materials, in 2014
the generation
of debris was
reduced in 25%.
500
0
2012
2013
2014
87
To control the contamination and regulate
the generation of debris, we planned the
logistics for the separation, storage and
internal and external transportation of different types of waste within the framework
of the integral programs of waste management. The Company also participated
in the strategy Green Sacks (Sacos verdes)
promoted by Argos, for which it trained 118
people on integral management of waste
and delivered a total of 9,460 cement sacks, that represented 13.4 trees and 107 m3
of water preserved.
The most outstanding achievements of
the environmental management included
the decrease by 74% in the volume of own
physical records of this line of work. All
these strategies and a strict compliance
with the standards allowed the recertification by Icontec under the international
standard ISO 14001 without any report on
non-conformities.
Giving feedback on the environmental
management experience and linking the
impact interests with the environmental
interventions related to the construction
activities, in 2014, the partnerships with
authorities, unions and entities were strengthened through an active participation
in instruments such as the Agreement on
Environmental Responsibility among Camacol, the Metropolitan Area of Aburra Valley and the companies of the construction
union, the Agreement on Clean Production
of the southern region of the Aburra valley,
the Committee on integral management of
Camacol, the Board of Directors of the National and Regional Council of sustainable
construction and the Implementation Desk
of the Regional Solid Waste Management
Plan in the metropolitan area of Antioquia.
Since the projects, a total of 124,000
m2 were intervened with strategies of sustainability that created efficiencies in the
resource consumption and environmental
preservation, and improved their internal
and external conditions regarding comfort
and CO2 emissions. Similarly, the operation itself showed significant savings in categories such as electric consumption, with
savings of 81.16 MW/hour, representing
77.5 tons of CO2 that ceased to be emitted
to the atmosphere and about COP 30.8 million less on annual energy expenses.
The experience and the knowledge of
Conconcreto in the preparation of environmental friendly projects allow us to
88
Nutresa distribution center under LEED certification process.
provide counseling on bioclimatic and LEED certification, the latter to
companies such as Nutresa, that broadened the service portfolio and
generated other revenues in addition to the ones obtained from the
main activities of the business. In total, 20,000 m² were intervened and
36,000 m² more are contracted in cities like Cartagena, Monteria, Pasto, Mosquera
Projects Without Loss and High Rates
of Client Satisfaction
To maintain the leadership and the business operations for more
than five decades offering construction and real estate solutions with
technical, economic and environmental feasibility has made the quality, translated in support, compliance, attention, competence and continuous improvement, a fundamental factor for success, growth and
sustainability of the company over the years.
In 2014, the measurement of client satisfaction showed a positive result of 90.3% for Conconcreto, surpassing the expectations. This
high percentage was obtained mainly because of the optimization by
80% of the Quality Management System efficiency under the Lean
methodology. This allowed us to reduce the documentary burden, to
have a better technical control in the field and, in general, to maximize the value and minimize the loss the clients are not willing to pay,
including the down time.
Once more, the Company renewed, with zero non conformities,
the quality certification ISO 9001 conferred by Icontect, reaffirming
the commitment to its management system considering time and cost
efficiency, customer service and process specialization, all key factors
for the sustainable growth.
Innovation: Key to Efficiency
Tand Leadership
Room lighting
Acoustics
With the purpose
of acquiring and
managing the
knowledge on
environmental
preservation, in
2014, Conconcreto participated
in the Lecture on
Sustainable Urban Development
given by the University of Harvard
and organized by
the Urban Development Company (EDU), and
it discussed its
successful cases
on environmental
management in
the Expoconstrucción Fair and in
technical talks
about the integral
waste management and sustainability, in charge
of Camacol.
The sum of the benefits acquired for the
implementation of new materials, construction system, administrative process,
equipment and, in general, for the innovation in construction and asset operation,
reached an amount that exceeded COP
1.350 million in 2014.
The management model of innovation
in Conconcreto was developed to cover all
the production line of the business, which
involves innovation from the design and
materials until the construction and administrative process and the project management, creating partnerships with the suppliers and external firms for developing
and materializing the new proposals.
Bringing together the talent and creativity of the workers, the internal program
Worthy Ideas (Ideas que valen) received in
2014 a total of 168 innovative ideas with important figures in the reduction of reprocessing, increase of productivity and, in general, time and cost saving. Thirty-nine of these
ideas were preselected for being discussed
in a show room that was attended by almost
200 employees and the steering committee,
the evaluation panel, which highlighted the
importance of implementing the potential
ideas and choosing the ones that had obtained significant results with their execution.
Approximately COP 146 million was delivered in the award of a total of 75 people to
encourage permanent innovation and promote the efficiency in the operations.
Conconcreto was one of the participating companies in the program of collaborative innovation Colombia CO4, promoted by
the central government through Innpulsa.
The purpose of the program was to find external problem solvers for three challenges
set by the committee and the innovation
leaders of the organization. Said challenges
were related to profitable traffic in shopping
centers, real time information on the works
and efficient and productive construction. A
total of 86 possible solutions for these challenges were received, and we were one of
the companies that gave the best response
to the challenges. We are expecting the development of the following phases to enter
into collaborative agreements that allow
their implementation, and to strengthen the
methodology of joint creation of solutions to
overcome the future barriers.
89
Worthy Ideas Show room - Expoinnovación 2014.
In partnership with the School of Engineering of Antioquia (EIA) and in order to generate a great impact on the economy of
the sector and promote the research and
entrepreneurship with practical bases, we
started the construction of the Conconcreto Innovation Center, located at the
headquarters of EIA. The area, which has
modules for ideation, co-creation, prototype validation and modulation, was designed by the Design Workshop of Valencia,
Spain, and will have state-of-the-art technology, solutions for bioclimatic according
to studies on ventilation, natural lighting,
efficient use of water resources, automation and renewable energy. Furthermore, it will incorporate the best materials
such as Glass Fiber Reinforced Concrete,
expanded clay, raised floors, permeable
concrete and wood as part of its structural system.
A model that creates productivity
and competitiveness
The strengthening of the innovation network in the country and the seizing of
the opportunities created by the actors of
the public, private and academic sector
90
Innovation Center Conconcreto.
allowed Conconcreto to manage 63% of the total funding for six high
impact innovative projects, in particular the collaborative innovation
in the program Colombia CO4, expanded clay within the call for the
development of innovative products of Route N and the logistics module GICO in the tax benefit program of Colciencias.
The alignment of the innovation model with the company’s strategy allowed having results translated into productivity and competitiveness through lower runtimes at the works and lower costs
in construction and asset operation. Thus, an innovation portfolio
was consolidated with a potential of scalability for maximizing the
benefits, mainly made up of:
Conconcreto Applicators
The sum of
benefits acquired because of
the innovation
reached an
amount that
exceeded COP
1.350 million.
Collaborative Innovation Colombia CO4
•Applicators Conconcreto, result of the
partnership with Corona S.A., for the
development and application of finishing systems with direct operating
personnel that, by including tools and
equipment such as electric polishers,
airless sprayer for painting and porcelain tile cutters, allow to reduce in 15%
the base cost of the plastering, painting, tiling and waterproofing activities,
avoiding reprocessing.
•Techniques for soil improvement with
70% less materials processed, such as
crushed stone and sand, which reduced the energy consumption and the
emissions in the exploitation, crushing,
transportation and installation processes. Thus, we save up to 24% in costs
and 40% in time. Cedi Corona and the
extension of Industrial Conconcreto
were two projects that benefited from
this implementation.
Soil Improvement
91
Glass Fiber Reinforced Concrete (GRC)
•Reinforced concrete with metakaolin
that serve to mitigate the alkali-aggregate reaction and the heat of hydration
heat, control the permeability and increase the mechanical and abrasion
resistance with low shrinkage of the
elements, mainly in the tunnel linings
and water diversion structures.
•Light ceramic material in the roofs of
the buildings that, because of their
thermal and sound insulation properties, allow reducing the internal temperature up to 7°C. It was developed within the framework of the Conconcreto
S.A. - Corona S.A partnership.
•
Prefabricated system of prefabricated slabs for building structures, with
double-T beams, that in Buró 51 represented an increase of the productivity
because they reached an assembly performance of 1,930 m2/week, in schedules limited by the conditions of the
work location.
•
Marking of prefabricated elements
with codes to optimize the assembly,
reducing in 90% the mistakes of installation.
•Efficient methods of cutting, transportation and installation of materials that
reduced in 43% the waste generation
in construction and increased in 25%
the productivity within the framework
of a pilot project developed with SENA
and the University of Medellin.
•Mechanism to construct rockfill dams
in the sea bed to avoid the moving of
92
Expanded clay
Prefabrication Buró 25 with double-T beam.
piles, saving nearly 50% in costs, in comparison to the traditional alternatives.
•Unmanned flights over the projects for quality check of the façade,
field inspections and follow-up of work progress, as well as photo
and video recording for corporate use, especially in risky and confined areas.
•Reusable, streamlined and safe temporary retaining system for
the construction of foundations in soft soils, that lead to save 60%
Lifting of prefabricated bathrooms units Buró 51
Ana María Mesa M.,
Innovation, Management
and Sustainability
THE FUTURE
Precast double-T beam
of the time and 27% of costs, in comparison to the traditional
concrete system.
•Prefabricated bathroom units with design improvements to facilitate the assembly with the other systems that compose it.
They weight 14% less, which speeds up the transportation and
lifting on site. This pre-assembled system was implemented in
the corporate building Buró 51, and, considering Buró 26, there
are now more than 350 prefabricated units.
•Information and Communication Technologies (TIC) under development for the optimization of time, cost and productivity in
the processes and internal logistics of materials and supplies
at works by means of mobile devices.
With the goals achieved
during 2014, the next
steps are to reinforce
the innovative culture in
all the organization, as
a platform to manage
projects which results
lead to reduced periods
and greater productivity
in all our activities; and
to promote the connections with the national and international
knowledge networks to
contribute to business
growth and profitability
with greater impact.
93
CORPORATE
CULTURE
04
We are
committed to
the human
talent as main
distinguishing
factor.
94
Equipo de trabajo
95
Corporate
Culture”
Ana Sofía Tobón,
Shared Services
Vice-President
In Conconcreto, the efficiency and the productivity in the operations are also managed from the dimension of the human
talent, taking into account that the workers’ skills and aptitudes represent a fundamental factor for the achievement of
development and growth goals currently set by the company.
Nowadays, 14,130 people make up the figure of direct and
indirect workers. This shows the transformation of an increasingly demanding market and the need to comprehensively,
responsibly and efficiently meet the needs of the different
sectors of the population.
Year after year, new opportunities and tools are given for
the human talent, as distinguishing factor and main feature of the company, to develop skills that allow the personal
and professional growth in each of their career stages. Thus,
in 2014, we continued with the program of humanistic training for leadership focused on the service, FOHLS, which
ended up enriching the ways of working through assertive
communication and team work. More than 50 executive officers pertaining to the lines of business and business support
participated in the program, thus contributing to the strengthening of the corporate culture in the internal and external
operations of the Business Group.
A total of 11,608 employees of all levels participated in
the training process, among them the ECMA Models for the
construction man, the certification of work at height and
the school of teachers, officials and welders in cooperation
with SENA.
96
THE FUTURE
The next step to strengthen the
capacity to provide support
to the business activities with
increased administrative
challenges requires an
evolution that allows
going from the transaction
management to the analytic
and strategic service. This
becomes the focus of the
CSC in its plan to manage
resources, technology and the
needed systems to generate
a more recognizable value
of productivity and efficiency
in all the activities of design,
construction and asset
operation.
CORPORATE CULTURE 04
FOLHS Graduation
From the administrative dimension, the
permanent search of efficiency determined the consolidation of the management
model of the Shared Service Center (CSC)
that, with the support of an expert group,
focused on ensuring an flawless operation
through standardized and centralized processes to rationalize the costs of the services across the national and international
locations and the companies of the Group,
based on a common information system
for all the business units. The most important ones include the implementation of
an automatic system for the upload and
record of the balance sheets of the internal and external consortiums, that allowed
to reduce the time from three days to 30
minutes for the record of the information
according to the international standards,
NIIF, and to save COP 14.240.00 per year.
These schemes were disclosed and recognized at internal level to motivate and
promote innovation in the accounting, financial and administrative process, and
to contribute to the sustainability of the
long-term business.
In 2014, the trained workers were
11,608
MILESTONES 2014
TRAINING: 11,608 employees took training courses in
different specialties.
Conclusion of the training program in humanistic
leadership oriented to service (FOLHS), with more than 50
graduated executives.
NIIF: The Company is ready to submit the financial
information according to international standards to the
Financial Superintendence.
97
Illustrated report Work reflection
David Arocha Hoyos
Avianca / MAMM
98
Illustrated report
Pre-fabricated elements
Andrés Millán
Industrial Conconcreto
99
Illustrated report
Pre-fabricated elements
Andrés Millán
Industrial Conconcreto
100
101
2005: creation
of portfolio
2010: first
100,000 m² under lease
Bodegas
Unilever
Palmira, Valle:
33,876 m²
Familia II Plant
Girardota,
Antioquia:
10,145 m²
Familia I Plant
Girardota, Antioquia:
18,706 m²
San Pedro Plaza
Shopping Center
Neiva, Huila: 24,548 m²
Gran Plaza Alcaraván
Impac Plant
Girardota, Antioquia: 8,744 m²
Flamingo Store
Pereira, Risaralda: 5,249 m²
Sonesta Hotel/ Valledupar,
Cesar: 108 rooms
102
2011: first shopping
center Gran Plaza
Yopal, Casanare:
10,416 m²
Gran Plaza
San Antonio
Pitalito, Huila: 11,273 m²
2013: 317,000 m²
in operation
2014: first complex of hotel and
office in partnership with Movich
Buró 24 / Bogotá, Cundinamarca: 10,942 m²
Buró 26 / Bogotá, Cundinamarca:
7,684 m² (249 rooms)
GHL Style Hotel
Neiva, Huila:
102 rooms
Acquisition of U-Storage
Self - storage:
12,800 m²
Inaguration of U-Storage Locations
Cartagena and Barranquilla: 7,558 m²
Gran Plaza Ipiales / Nariño: 11,769 m²
Gran Plaza Florencia / Caquetá: 14,500 m²
CONCONCRETO–GRUPO ARGOS PARTNERSHIP
Bodegas San Francisco I
Madrid, Cundinamarca: 11,750 m²
1.3 37,000
m²
of gross leasable COP $
billion in assets
area (ABA)
67,000
m² 163,000m²
assets in of new
construction phase
developments
103
INDIVIDUAL
FINANCIAL
STATEMENTS
CERTIFICATION OF THE LEGAL REPRESENTATIVE
AND OF THE ACCOUNTANT
Medellín, March 3, 2015
To the shareholders of
CONSTRUCTORA CONCONCRETO S.A.
The undersigned legal representative and accountant of the Company do hereby certify, pursuant to section 37, Act 222 of 1995, that
the Basic and Consolidated Financial Statements: Balance Sheet, Earnings Statement, Changes in the Equity Statement, Changes in the
Financial Situation Statement, Cash Flow Statement and notes to the
Financial Statements, as of December 31, 2014, have been faithfully
extracted from the ledgers and that the affirmations contained therein have been verified as per the regulations.
SIGNED
SIGNED
Martha Ligia Ramírez Sierra
Legal RepresentativeAccountant
Professional Card No. 20576-T
2
FINANCIAL REPORT 01
CERTIFICATION FROM THE LEGAL REPRESENTATIVE
Medellín, March 3, 2015
To the shareholders of
CONSTRUCTORA CONCONCRETO S.A.
The undersigned legal representative of the Company does hereby certify,
pursuant to section 46, Act 964 of 2005, that the Basic and Consolidated Financial Statements: Balance Sheet, Earnings Statement, Changes in
the Equity Statement, Changes in the Financial Situation Statement, Cash
Flow Statement, as well as the notes to Financial Statements as of December 31, 2014, besides the other reports issued, relevant for third parties,
have no defects, inaccuracies or mistakes that prevent from being aware
of the true equity situation or the company operations.
SIGNED
Legal Representative
3
TAX AUDITOR REPORT
March 3, 2015
To the Shareholders of CONSTRUCTORA CONCONCRETO S.A.
I performed an audit on the balance sheets of Constructora Conconcreto S.A., as of
December 31, 2014 and 2013, the statements corresponding to earnings, changes in
equity, changes in the financial situation and cash flows for the years ended on those
dates, the summary of the main accounting policies stated in Note 1 as well as in other
explanatory notes.
The Management is responsible for the correct preparation and submittal of financial
statements according to the accounting principles generally accepted in Colombia for
institutions controlled by the Financial Superintendency of Colombia (Superintendencia Financiera de Colombia). This responsibility includes designing, implementing and
keeping the relevant internal control so that financial statements have no relatively important mistakes due to fraud or error; as well as selecting and applying appropriate
accounting policies and establishing accounting estimates that are reasonable under
the circumstances.
As my responsibility, I have to give my opinion on those financial statements based on
my audits. I obtained the necessary information to meet my tax auditing duties and I
carried out all my tasks according to auditing rules generally accepted in Colombia.
These rules require that I plan and perform an audit to reasonably guarantee financial
statements have no relatively important errors.
An audit on the financial statements includes, among others, conducting procedures to
obtain audit evidence regarding the financial statements values and disclosures. Selected procedures depend on auditor judgment, including the risk assessment on relatively
important mistakes contained in the financial statements. During the assessment of
these risks, the tax auditor takes into account the relevant internal control of the entity
for the preparation and reasonable submittal of the financial statements in order to
design audit procedures deemed appropriate regarding the circumstances. The audit
also includes assessing the appropriateness of accounting policies used and accounting
estimates made by the entity management, as well as assessing the submittal of the
financial statement as a whole. I think that my audits give a reasonable basis to justify
my opinion below.
4
FINANCIAL REPORT 01
In my opinion, the abovementioned financial statements audited by me, that were faithfully extracted from the ledgers, reasonably show, in all significant respects, the financial position of Constructora Conconcreto S.A., as of December 31, 2014 and 2013,
as well as the statements corresponding to the operations results, changes in equity,
financial position and cash flows for the years ended on those dates, in accordance with
accounting principles generally accepted in Colombia for institutions controlled by the
Financial Superintendency of Colombia, which were uniformly applied.
Based on the result from my appraisal, I hereby state that during years 2014 and 2013,
the Company accounting was conducted as per legal rules and accounting techniques;
the operations registered in the ledgers and administrator actions abide by the Shareholders Meeting’s bylaws and decisions; the correspondence, the account vouchers
and the Minutes’ book are duly kept; there are appropriate internal control measures
for the conservation and custody of the assets of the Company and of third parties
under its possession; there is concordance between the attached financial statements
and the management report prepared by the administrators, which includes a management certificate of free movement of invoices issued by vendors or suppliers and the
information contained in the self-settlement statements of contributions of the Comprehensive Social Security System, particularly those related to the affiliates and to their
base income for the contributions have been extracted from the accounting records
and supports. Likewise, the Company is not in default regarding contributions to the
Comprehensive Social Security System.
SIGNED
ELOÍSA MARÍA BARRERA BARRERA
Tax Auditor
Professional Card No. 168.699 - T
Member of CROWE HORWATH CO S.A.
5
TAX AUDITOR REPORT
March 3, 2015
To the Shareholders’ Meeting of CONSTRUCTORA CONCONCRETO S.A.
I performed an audit on the Consolidated Balance Sheet of Constructora Conconcreto
S.A. and subordinated companies as of December 31, 2014 and 2013 and the corresponding consolidated statements corresponding to earnings, changes in equity, changes in
the financial situation and cash flows for the years ended on those dates, the summary
of the main accounting policies stated in Note 1 as well as in other explanatory notes.
Financial Statements from companies where Constructora Conconcreto S.A. has a direct and indirect equity share and, as detailed in note 4 to these consolidated financial
statements as of December 31, 2014 and 2013, reflect, before removals, total assets in
an amount of $341.018 million and $307.007 million Colombian pesos and total net
profits in an amount of $21.563 million and $13.508 million Colombian pesos, respectively, were audited by other Public Accountants, which names were provided to me and
my opinion expressed herein, in respect of amounts included in those companies, is
exclusively based on those reports issued by other Public Accountants.
The Management is responsible for the correct preparation and submittal of consolidated financial statements according to the accounting principles generally accepted
in Colombia for institutions controlled by the Financial Superintendency of Colombia
(Superintendencia Financiera de Colombia). This responsibility includes designing, implementing and keeping the relevant internal control so that financial statements have
no relatively important mistakes due to fraud or error; as well as selecting and applying
appropriate accounting policies and establishing accounting estimates that are reasonable under the circumstances.
As my responsibility, I have to give my opinion on those financial statements based on
my audits. I obtained the necessary information to meet my tax auditing duties and I carried out all my tasks according to auditing rules generally accepted in Colombia. These
rules require that I plan and perform an audit to reasonably guarantee consolidated
financial statements have no relatively important errors.
6
FINANCIAL REPORT 01
An audit on the financial statements includes, among others, conducting procedures
to obtain audit evidence regarding the financial statement values and disclosures. Selected procedures depend on auditor judgment, including risk assessment on relatively
significant mistakes contained in the financial statements. During the assessment of
these risks, the tax auditor takes into account the relevant internal control of the entity
for the preparation and reasonable submittal of the financial statements in order to
design audit procedures deemed appropriate regarding the circumstances. The audit
also includes assessing the appropriateness of accounting policies used and accounting estimates made by the entity management, as well as assessing the submittal of
financial statements as a whole. I think that the audit evidence obtained and the report
from other public accountants give a reasonable basis to justify my opinion below.
In my opinion, based on my audit and reports from other public accountants, the abovementioned financial statements audited by me, that were faithfully extracted from the
consolidation records, reasonably show, in all significant respects, the financial position
of CONSTRUCTORA CONCONCRETO S.A. and its subordinated companies, as of December 31, 2014 and 2013 as well as the statements corresponding to the operations
results, changes in equity, financial position and cash flows for the years ended on the
same date, in accordance with accounting principles generally accepted of Colombia,
for institutions controlled by the Colombian Financial Superintendency, which were uniformly applied.
SIGNED
ELOÍSA MARÍA BARRERA BARRERA
Tax Auditor
Professional Card No. 168.699 - T
Member of CROWE HORWATH CO S.A.
7
BALANCE SHEETS
FOR THE YEARS ENDED ON DECEMBER 31, 2014 AND 2013 (In Colombian pesos)
ASSETS
CURRENT ASSETS
CASH EQUIVALENTS
Available
Temporary investments
TOTAL CASH EQUIVALENTS
DEBTORS
Clients
Commercial current accounts
Accounts receivable – Subsidiary and related companies
Down payments and advance payments
Advance payments – taxes and contributions
Accounts receivable – workers
Various debtors
Provision - clients
TOTAL DEBTORS
INVENTORIES
INTANGIBLE ASSETS
Intangibleassets – realestatebusiness
Constructions
Shopping centers
Real Estate-Housing
Corporate solutions
Road concessions
Low-cost Warehouses
Total intangible assets - real estate business
TOTAL INTANGIBLE ASSETS
DEFERRALS
TOTAL CURRENT ASSETS
NON CURRENT ASSETS
NET INVESTMENTS
DEBTORS
Clients
Various debtors
TOTAL DEBTORS
INVENTORIES
PROPERTY, PLANT AND EQUIPMENT
Assets – real estate business
Land
Warehouses
Buildings
Total assets - real estate business
Machinery and equipment
Transportation equipment
Other assets
TOTAL PROPERTY, PLANT AND EQUIPMENT
INTANGIBLE ASSETS
Intangibleassets – realestatebusiness
Shopping centers
Real Estate-Housing
Corporate solutions
Road concessions
Low-cost Warehouses
Total intangible assets real estate business
Property received through financial leasing
Trading credit
Investments
Other intangible assets
DEFERRALS
OTHER ASSETS
VALUATIONS
intangible assets
Investments
Property, plant and equipment
TOTAL VALUATIONS
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
SUSPENSE ACCOUNTS
Debtors
Contra control creditors
8
2014
2013
3
4
18,749,607,752
27,631,199,913
46,380,807,665
13,761,436,402
18,950,224,288
32,711,660,690
5
5
5
6
151,302,555,697
33,550,125,890
8,942,271,003
73,674,688,523
14,953,384,186
942,168,942
55,481,233,323
338,846,427,564
62,159,861,640
116,217,670,950
27,231,829,607
21,358,234,781
67,570,315,668
3,987,179,502
834,273,207
50,426,697,767
(1,359,792,196)
286,266,409,286
31,556,899,717
15,676,139,612
14,833,449,594
3,779,342,022
3,615,855,218
37,904,786,446
37,904,786,446
1,375,307,552
486,667,190,867
10,063,186,218
7,282,749,030
781,084,964
19,333,348,963
131,113,789
37,591,482,964
37,591,482,964
610,274,830
388,736,727,487
4
240,150,808,273
215,881,750,638
5
7
8
668,957,211
22,006,398,271
22,675,355,482
4,798,954,485
996,940,789
2,413,677,063
3,410,617,852
2,458,619,589
9
16,279,845,713
3,460,626,566
22,432,106,274
42,172,578,553
31,415,741,148
5,567,486,368
13,112,146,101
92,267,952,170
16,279,845,713
3,670,539,485
23,808,667,770
43,759,052,968
38,262,832,477
8,084,822,994
15,352,778,485
105,459,486,924
275,632,989,231
71,007,243,333
271,702,364,065
2,485,760,924
62,175,325,729
683,003,683,282
64,852,058,158
14,563,007,567
80,783,599
7,007,965,580
769,507,498,186
639,268,876
3,300,000,000
167,083,110,568
45,743,571,781
227,443,664,863
7,436,726,137
45,509,372,384
493,216,445,733
41,516,178,989
14,563,007,567
81,309,531
7,154,069,135
556,531,010,955
1,494,452,090
3,300,000,000
227,610,903,744
34,934,513,584
26,412,724,660
288,958,141,988
1,422,297,979,460
1,908,965,170,327
192,222,185,647
49,612,699,239
27,000,640,019
268,835,524,905
1,157,371,462,953
1,546,108,190,440
336,577,082,149
652,819,661,978
345,734,907,045
609,077,966,390
NOTAS
7
5
8
10
10
11
19
20
INDIVIDUAL FINANCIAL STATEMENTS 01
LIABILITIES
2014
2013
12
110,815,089,921
25,540,066,789
28,943,349,290
NOTAS
CURRENT LIABILITIES
Financial liabilities
Suppliers
13
35,533,448,042
Accounts payable – related companies
14
3,029,263,274
4,961,502
Accounts payable
14
51,631,233,021
34,911,938,191
Accounts payable - shareholders
14
10,552,008
116,185,723
Taxes, encumbrances and duties
15
3,486,958,087
3,164,886,363
Labor liabilities
16
9,336,652,568
8,228,535,573
Estimated liabilities and provisions
17
-
15,657,064
Down payments and advance payments received
18
81,688,992,789
20,005,253,901
18
45,830,784,566
42,473,959,446
Other liabilities
18
9,388,899,908
11,128,530,476
350,751,874,184
174,533,324,318
180,663,338,604
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
12
398,042,706,400
Suppliers
13
351,643,771
-
Accounts payable related companies
14
297,580,065
267,580,065
Accounts payable
14
12,220,276,249
84,689,503,483
Labor liabilities
16
218,385,357
213,185,208
17
2,105,824,159
1,099,802,049
405,379,316
409,069,692
18
78,059,064,196
98,245,600,969
Other liabilities
18
Deferred monetary correction
TOTAL NON CURRENT LIABILITIES
TOTAL LIABILITIES
NET WORTH
2,638,703,616
-
494,339,563,129
365,588,080,070
845,091,437,313
540,121,404,388
19
Capital stock
93,462,606,953
93,462,606,953
Capital surplus
418,896,184,457
408,979,679,989
Reserves
208,462,688,684
167,852,612,652
Increase in value of equity
2,285,435,522
6,246,285,522
Profit of the year
51,808,675,410
60,610,076,031
Valuation surplus
288,958,141,988
268,835,524,905
1,063,873,733,014
1,908,965,170,327
1,005,986,786,052
1,546,108,190,440
Creditors
652,819,661,978
609,077,966,390
Contra control debtors
336,577,082,149
345,734,907,045
TOTAL NET WORTH
TOTAL LIABILITIES AND NET
SUSPENSE ACCOUNTS
20
The attached notes are an integral part of the financial statements.
The undersigned legal representative and public accountant do hereby certify that we have previously verified the statements
included in these financial statements and that they have been faithfully extracted from the ledgers.
SIGNED
SIGNED
SIGNED
Eloísa María Barrera Barrera
(See attached certificate)
Accountant TP 20576-T
Tax Auditor TP 168699-T
Crowe Horwath
(See attached opinion)
9
EARNINGS STATEMENT
2014
2013
Income derived from works, fees, maintenance, transport and others
610,886,553,960
465,825,352,990
Income derived from related activities – trust properties
104,650,408,662
103,368,997,584
Equity method income
20,421,473,422
12,473,148,100
Lease of real estate
13,792,968,116
10,548,747,215
Hotel industry
11,717,939,299
5,579,814,898
Other activities
11,705,843,732
9,418,370,196
Dividends and stocks
10,069,792,664
7,154,738,035
2,494,860,533
2,226,186,928
785,739,840,388
616,595,355,946
566,468,995,696
417,639,223,134
61,791,325,803
39,963,588,297
1,127,816,388
1,009,343,876
NOTAS
OPERATING INCOME
Warehouse sales
TOTAL OPERATING INCOME
21
SALES COST
Contracted works and other activities
Trust properties
Store and real estate sales
TOTAL SALES COST
22
GROSS PROFIT
629,388,137,887
458,612,155,307
156,351,702,501
157,983,200,639
OPERATING EXPENSES
Expenses – activities related to trust properties
58,824,863
29,412,429
-
827,234,669
Equity method expenses
Operating overheads
TOTAL OPERATING EXPENSES
23
OPERATING PROFIT
82,625,714,504
73,539,261,445
82,684,539,367
74,395,908,543
73,667,163,134
83,587,292,096
NON-OPERATING INCOME
Income from recoveries
9,634,360,873
4,399,669,114
Financial income
7,755,394,375
6,469,803,086
Sale of assets profit
2,616,617,022
6,365,025,749
Other non-operating income
1,068,778,024
1,648,022,245
21,075,150,294
18,882,520,194
Interests financing - securitization
7,435,726,820
8,378,151,728
Financial expenses – trust property
2,910,042,318
426,469,233
TOTAL NON-OPERATING INCOME
24
NON-OPERATING EXPENSES
Commission expenses
Other financial expenses
Non-operating overheads
187,860,262
143,382,406
18,693,232,532
11,223,538,407
1,933,972,027
1,553,934,481
31,160,833,959
21,725,476,255
63,581,479,469
80,744,336,035
Income tax provision
8,172,804,059
14,734,260,004
Income tax provision for equity - CREE
3,600,000,000
5,400,000,000
TOTAL INCOME AND SUPPLEMENTARY TAXES AND CREE
11,772,804,059
20,134,260,004
NET PROFIT
51,808,675,410
60,610,076,031
57.1
67.1
TOTAL NON-OPERATING EXPENSES
24
PROFIT BEFORE TAXES
INCOMEAND SUPPLEMENTARY TAXES AND CREE
NET PROFIT PER SHARE
SIGNED
SIGNED
SIGNED
10
Crowe Horwath
CHANGES IN EQUITY STATEMENTS
CAPITAL
SURPLUS
CAPITAL STOCK
BALANCE ON
DECEMBER
31, 2012
EQUITY METHOD
SURPLUS
INCREASE IN
VALUE OF EQUITY
RESERVES
NET PROFIT OF
THE YEAR
VALUATION
SURPLUS
TOTAL NET
WORTH
92,734,819,459
312,426,564,183
88,702,256,760
142,671,529,678
10,207,135,522
50,362,165,948
216,884,104,941
913,988,576,491
Appropriations:
Merger
-
6,445,240,472
-
-
-
-
-
6,445,240,472
Capitalization
727,787,494
-
-
-
-
-
-
727,787,494
Equity method
-
-
1,405,618,574
-
-
-
-
1,405,618,574
- (25,181,082,974)
-
-
-
51,951,419,964
47,990,569,964
Reserves
-
-
-
25,181,082,974
Other
movements
-
-
-
-
Dividends
-
-
-
-
- (25,181,082,974)
-
(25,181,082,974)
Net profit of
the year
-
-
-
-
-
60,610,076,031
-
60,610,076,031
93,462,606,953
318,871,804,655
90,107,875,334
167,852,612,652
6,246,285,522
60,610,076,031
Equity methods
-
-
9,916,504,468
-
-
-
-
9,916,504,468
- (40,610,076,032)
-
-
-
20,122,617,083
16,161,767,083
BALANCE ON
DECEMBER
31, 2013
(3,960,850,000)
268,835,524,905 1,005,986,786,052
Appropriations:
Reserves
-
-
-
40,610,076,032
Other
movements
-
-
-
-
Dividends
-
-
-
-
- (20,000,000,000)
-
(20,000,000,000)
Net profit of
the year
-
-
-
-
-
51,808,675,410
-
51,808,675,410
93,462,606,953
318,871,804,655
100,024,379,802
208,462,688,684
2,285,435,522
51,808,675,410
BALANCE ON
DECEMBER
31, 2014
(3,960,850,000)
288,958,141,988 1,063,873,733,014
SIGNED
SIGNED
SIGNED
Crowe Horwath
11
CHANGES IN FINANCIAL POSITION STATEMENTS
SOURCE OF FUNDS
OPERATIONS:
Net profit of the year
Impairment (including consortia)
Equity methods
Amortization of intangible assets
WORKING CAPITAL FROM THE OPERATIONS
Decrease in investments
Decrease in debtors
Decrease in property, plant and equipment
Decrease in intangible assets
Decrease in deferrals
Increase in financial liabilities
Increase in accounts payable
Increase in accounts payable – related companies
Increase in suppliers
Increase in labor obligations
Increase in estimated liabilities and provisions
TOTAL SOURCE OF FUNDS
USE OF FUNDS:
Increase in investments
Increase in debtors
Increase in inventories
Increase in property, plant and equipment
Increase in intangible assets
Decrease in financial liabilities
Decrease in accounts payable – related companies
Decrease in accounts payable
Decrease in labor obligations
Decrease in other liabilities
Decrease in net worth increase in value
Dividend distribution
TOTAL USE OF FUNDS
2014
2013
51,808,675,410
16,365,624,815
(20,421,473,422)
(2,993,016,894)
44,759,809,909
6,068,920,255
1,553,327,883
12,015,291,884
855,183,214
217,379,367,796
30,000,000
351,643,771
5,200,149
2,105,824,159
60,610,076,031
12,279,035,625
(11,645,913,431)
6,567,777,473
67,810,975,698
12,290,044,957
1,130,132,778
29,259,665,583
584,728,914
79,756,229,659
1,099,802,049
285,124,569,020
191,931,579,638
19,264,737,630
2,340,334,896
4,727,417,944
221,998,762,221
72,469,227,234
17,551,523,533
3,960,850,000
20,000,000,000
2,872,013,344
170,496,935
10,535,490,808
388,095,884,504
663,310,567
490,000,420
127,956,274
22,238,268
3,960,850,000
18,008,055,008
362,312,853,458
424,946,296,128
(DECREASE) IN WORKING CAPITAL
Analysis of changes in working capital:
Increase (decrease) in current assets:
Available
Debtors
Net inventories
Intangible assets
Deferrals
(77,188,284,437)
(233,014,716,490)
4,988,171,350
8,680,975,625
52,580,018,278
30,602,961,923
313,303,482
765,032,722
6,375,739,828
(228,022,917,714)
38,753,037,070
10,649,501,361
(27,221,037,371)
(187,015,169)
97,930,463,380
(199,652,691,995)
(Increase) in current liabilities:
Suppliers
Accounts payable
Labor obligations
Other liabilities
(85,275,023,132)
(6,590,098,752)
(19,637,962,887)
(322,071,724)
(1,108,116,995)
1,115,459,113
(63,300,933,440)
4,897,056,903
(4,680,067,785)
(1,166,933,375)
(852,086,097)
(1,677,815,592)
2,838,342,936
(32,720,521,485)
(175,118,747,817)
(33,362,024,495)
(77,188,284,437)
(233,014,716,490)
(DECREASE) IN WORKING CAPITAL
SIGNED
SIGNED
SIGNED
12
Crowe Horwath
CASH FLOW STATEMENTS
CASH FLOW FROM OPERATING ACTIVITIES
2014
2013
51,808,675,410
60,610,076,031
Adjustments for conciliating net profit with net cash provided for operations:
Impairment (including Consortia)
Equity methods
16,365,624,815
12,279,035,625
(20,421,473,422)
(11,645,913,431)
(2,993,016,894)
6,567,777,473
44,759,809,909
67,810,975,698
Changes in the assets and liabilities that generated (used) cash:
Debtors
(71,844,755,908)
(26,462,992,113)
Inventories
(32,943,296,819)
(10,819,998,296)
Deferrals
90,150,492
771,744,083
Suppliers
6,941,742,523
4,680,067,785
Accounts payable
3,046,801,772
(10,885,592,843)
(55,742,432,404)
91,787,494,798
(468,739,341)
Accounts payable – shareholders
(105,633,715)
322,071,724
852,086,097
Labor obligations
1,113,317,144
1,549,859,318
990,365,046
(1,738,540,887)
45,749,409,907
32,698,283,217
(57,622,450,329)
149,774,647,516
(2,872,013,344)
Other liabilities
NET CASH (USED) FROM OPERATING ACTIVITIES
CASH FLOW FROM INVESTMENT ACTIVITIES:
Decrease (Increase) in investments
6,068,920,255
1,553,327,883
1,130,132,778
(Increase) in property, plant and equipment
(4,727,417,944)
(10,535,490,808)
11,701,988,402
56,480,702,954
(Increase) in intangible assets
(221,998,762,221)
(388,095,884,504)
(207,401,943,625)
(343,892,552,924)
Increase (Decrease) in financial liabilities
302,654,390,928
(5,560,367,470)
Dividend payment
(20,000,000,000)
(18,008,055,008)
NET CASH (USED) FROM INVESTMENT ACTIVITIES
CASH FLOW FROM FINANCING ACTIVITIES:
(Decrease) Increase in value of net worth
(3,960,850,000)
(3,960,850,000)
278,693,540,928
(27,529,272,478)
13,669,146,975
(221,647,177,886)
AT THE BEGINNING OF THE YEAR
32,711,660,690
254,358,838,576
AT THE END OF THE YEAR
46,380,807,665
32,711,660,690
NET CASH (USED) FROM FINANCING ACTIVITIES
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH EQUIVALENTS:
SIGNED
SIGNED
SIGNED
Crowe Horwath
13
NOTES TO THE INDIVIDUAL FINANCIAL
STATEMENTS
FOR THE YEARS ENDED ON
DECEMBER 31, 2014 AND 2013
NOTE 1.
OPERATIONS AND SUMMARY OF MAIN ACCOUNTING POLICIES
Operations - The company Constructora Conconcreto S.A. was incorporated pursuant to Colombian laws on December 26, 1961 as per Public
Deed 8.597, for a duration until December 31,
2050. Its head office is located in the city of Medellín. The company purpose is to study, design, plan,
hire and execute every sort of building, civil works
and real estate property in general, as well as to
expand, improve, change, restore and repair them.
Likewise, the company is purported to provide technical and consultancy services in different fields
of civil engineering.
The company is under the exclusive control of
the Financial Superintendency of Colombia, as listed on the Stock Exchange on July 22, 1983.
Corporate group - The following changes were
made in Corporate Group Constructora Conconcreto S.A. during year 2014:
• Incorporation of a new company called Sistemas
Constructivos Avanzados Zona Franca S.A.S.,
at first directly controlled and a wholly owned
(100%) by Sistemas Constructivos Avanzados
S.A.S. This new company was registered with the
Chamber of Commerce of Barranquilla.
• Industrial Conconcreto S.A.S. absorbed by
means of a merger company Sistemas Constructivos Avanzados S.A.S., therefore, company Sistemas Constructivos Avanzados Zona Franca
S.A.S. became wholly controlled (in a 100%) by
Industrial Conconcreto S.A.S.
Nowadays, the Corporate Group is composed as
follows:
100%
100%
100%
100%
Inversiones
World-wide
Storage S.A.S.
100%
100%
Consorcio
Mercantil
Colombiano S.A.
en liquidación
14
65,59%
34,41%
NOTES TO THE INDIVIDUAL FINANCIAL STATEMENTS 01
Operating or administrative Limitations or deficiencies – During the 2014 and 2013 periods there
were no operating or administrative limitations or
deficiencies affecting the normal development of
the accounting process, neither the consistency nor
the reasonableness of the figures.
Merger with Sistemas Constructivos Avanzados
S.A.S., Approval of the Project by means of a merger
by absorption between Industrial Conconcreto S.A.
and Sistemas Constructivos Avanzados S.A.S., as registered with the Chamber of Commerce of Medellín
on December 11, 2014, book 9, under No. 23291. As
a result of the merger by absorption, Sistemas Constructivos Avanzados S.A.S. was dissolved without being liquidated and its assets, liabilities and net worth
were integrated into Industrial Conconcreto S.A.S.
Merger with Inversiones Conconcreto S.A. By
means of Public Deed 1528 dated September 3,
2012, a merger by absorption between Constructora Conconcreto S.A. and Inversiones Conconcreto S.A. was formalized, as registered with the
Trade Registry of Constructora Conconcreto S.A.
on September 5, 2012 with the Chamber of Commerce of Medellín and approved by the Financial
Superintendency of Colombia as per Order 1296
dated August 23, 2012. As a result of the merger
by absorption, Inversiones Conconcreto S.A. was
dissolved without being liquidated and its assets,
liabilities and net worth were integrated into
Reclassifications. Some figures from the financial
statements as of December 31, 2013, were reclassified for comparability purposes of the information
regarding the figures presented in the financial statements as of December 2014.
Materiality. The financial statements submitted
have been prepared under the criterion of materiality by providing complete information and by providing the details of the meaningful items, avoiding
grouping them in the so-called “others” items above
5% of the total assets, liabilities or the net worth of
the Company.
Accounting policies
The accounting records of the company follow the
rules set forth, among others, through Decrees
2649 and 2650 of 1993 and 1536 of 2007, the provisions of the Financial Superintendency of Colombia, including the information required in Circulating Letters 2 and 11 of 1998. Some of these rules
are summarized below:
a) Accounting period. Account cut-off is on a yearly basis, on December 31 of each year.
b) Currency. Pursuant to the legal provisions, the
currency used by the Company for the preparation of the financial statements is the Colombian peso.
c) Classification of Assets and Liabilities. Their
classification is made according to their use
and their degree of realization regarding time
in current and non-current assets and liabilities.
Current assets are understood as those
amounts that shall be marketable or that shall be available within a time period no longer
than one year. Current liabilities are understood as those sums that shall be demandable
or that shall be subject to liquidation within a
time period no longer than one year.
Pursuant to the provisions of section 115 of
Decree 2649 of 1993, for those items of the
assets or of the liabilities related to construction projects, said classification shall be carried
out by taking into consideration the operation
cycle, which in some current projects may take
more than one year.
Regarding the classification of intangible assets corresponding to the contributions of trust
properties, there was an evaluation carried out
regarding the current portion in the balance
sheets of the Trust Companies and the reclassification of our contributions to the current assets was made in that same proportion.
d) Income acknowledgment. Income from the rendering of construction services is acknowledged
and invoiced as the project is being developed.
Income derived from fees, rentals and other services is acknowledged when they are rendered.
e) Investments. They are recorded at their cost, except for the permanent investments that are inflation-adjusted (adjustment made until December
31, 2006), not exceeding the market value. The recording of the valuation of the permanent investments as non-controlled is recorded pursuant to
the provisions of External Circulating Letter No. 11
of 1998 issued by the Superintendency of Securities (today Financial Superintendency), as follows:
If the value of the realization of the investment is higher than its book value, the difference is the increase in value of the investment.
Its value shall be recorded on the account for
increase in values and as a consideration a surplus account for net worth valuations.
15
If the value for the realization of the investment
is lower than its book value, such difference is a
decrease in value of the investment. This value
thus should be recorded on the valuation account and as a counterpart the equity valuation
surplus account, as a lesser value from an account and the other. The fact that a decrease in
value surpasses valuation book value results in
an investment provision.
The investments in controlled companies are
recorded through the equity method according
to the percentage acquired. When the purchase value exceeds the patrimonial value of the
subordinated company, the higher value paid is
recorded as a trading credit pursuant to Joint
Circulating Letter 011 of August 18, 2005, as
follows:
“Parent or controlling entities shall acknowledge Acquired Trading Credit, in each subordinated company, in the following cases:
a)Upon making the investment, as long as it acquires the control of the economic institution
through the investment.
b)Upon increasing its equity holding in the economic institution, if the investor already controlled it.”
When the investment is made with a price that
is lower than the intrinsic value of the net worth
of the controlled company, said price becomes
the cost of the investment and the difference
regarding the intrinsic value remains recorded
as an increase in value (Asset) and, as a counterpart, there is a valuation surplus (equity); as
per the same Joint Circulating Letter 011: “…It is
not subject to accounting acknowledgment, as
a negative trading credit, when the investor has
or acquires the control by paying a price that is
lower than the intrinsic value. In this case, the
value of the negotiation shall be recorded as a
cost, and the adjustment of the investment to
the intrinsic value, during subsequent periods,
shall reflect this effect which should be recorded
in valuation cross accounts…”
In addition to and in accordance with External Circulating Letter No. 006 of the Corporations Superintendency and Joint Circulating Letter 011 of the Securities Superintendency (today
Financial Superintendency), variations arisen out
of equity items other than results, in equity percentage held by the parent company, either positive or negative, to which the value of inflation
adjustments should be subtracted as applied
by the controlling company to the investment
during the time period, shall be recorded as an
16
increase or decrease of the last cost adjusted to
investment, with credit or debit to Equity Method
Surplus, as the case may be.
If there is no sufficient balance within the
Equity Method Surplus recorded by the parent
company or controlling company, the higher value of equity decreases shall be acknowledged
as a loss, affecting directly the results of the parent company or controlling company.
Controlled companies with investments in
companies from the same controlled group also
apply this method.
f) Provision for Debtors. It represents the calculated necessary sum of money in order to
supply an adequate protection against losses
in the service book, loans to employees and various debtors.
g) Inventories. The inventories represent tangible
properties for sale in the ordinary course of business and their use in the construction projects.
They are recorded at the inflation adjusted cost
(an adjustment made until December 31, 2006)
that does not exceed the replacement value or
the market value. The method used to calculate
their cost is the following:
• Materials and stock:
Average mobile cost
• Real estate property for sale:
Specific identification
This account also includes the agreements being executed that correspond to the cumulative
costs of the projects that, to date, are still in
progress and that still have the execution of
works to be invoiced.
Provision for obsolescence. Based on the obsolescence technical and slow movement analysis, a provision is recorded for the protection of
the inventories.
h) Net property, plant and equipment. They are
recorded at their inflation adjusted price (adjustment made up to December 31, 2006) and are
depreciated based on the straight line method.
The Company does not calculate any residual
value for its assets, so they are fully depreciated.
The repair and maintenance expenses are charged to the results as they are incurred in. The
computing equipment acquired for projects is
depreciated based on the reducing balance method by calculating a 1% residual value.
The change difference derived from foreign currency liabilities assumed for the acquisition of
fixed assets is recorded as a greater value up to
the moment when it can be used.
Besides including in this account the own
assets, the assets acquired in Consortia are
recorded according to the percentage corresponding to the equity holding in them, and over
which the company used the tax benefit of the
deduction due to investing in fixed assets.
i) Intangible assets. Pursuant to Regulatory Decree 2650 of 1993, they include the rights derived from the assets handed over as a mercantile trust which grant the trustor, or beneficiary,
the possibility of exercising them according to
the deed of charge or the law.
The value of the trading credit, in the event of
the acquisition of the control of companies, is the
excess of the acquisition cost against the value
of the recorded equity of the acquired company.
The trading credit acquired is recorded as an
intangible asset; its amortization is carried out
within a twenty-year time period as dividends
from the controlled company are generated.
j) Deferrals
Prepaid expenses. They correspond mainly to
insurance premiums amortized pursuant to the
validity of the insurance policies.
Deferred Charges. They correspond to computing programs that are being amortized at a
20% yearly rate.
In addition, there is the deferred monetary
correction, as a result of inflation adjustments
of the ongoing construction projects (inventories) applied only until 2006. The amortization shall take place pursuant to the provisions
of section 3 of Decree 1536 of 2007 which
amends section 73 of Decree 2649 of 1993,
against the income accounts in the same proportion in which the cost of the assets that give
rise to them is assigned, using the same depreciation or amortization system used for said
assets. In the event that the asset giving rise to
them is disposed of, transferred or eliminated,
the cumulative balances in those accounts shall
be cancelled.
Deferred tax. A deferred tax, receivable or payable, is recorded as the effect of the temporary
differences implying the payment of a greater
or lower value of the income tax of the current
year, as long as there is a reasonable expectation that such differences will revert.
The deferred tax is amortized in the periods
in which the temporary differences that gave
rise to them revert.
They are classified as follows:
Real Estate Trust. It records the trust agreements through which the economic entity
transfers a real property asset to the trust
company for it to manage and develop a real
estate project pursuant to the instructions set
forth in the agreement when the beneficiary is
the same trustor.
Guarantee Trust. It records the trust agreements
through which the economic entity transfers one
or several real property assets to a trust company
in order to guarantee with them and/or with their
product the fulfillment of certain liabilities by
appointing as beneficiary the creditors of said liabilities.
Administration Trust. It records the fiduciary
businesses in which the economic entity hands
over the fiduciary assets, transferring the property rights, for the trustee to manage and lead them
along with the returns, as the case may be, to the
fulfillment of the goal set forth in the agreement.
Results obtained from the fiduciary business
conducted through trust are recorded in income,
costs and expenses according to the share percentage in each of them.
This item also includes the leased assets pursuant to the accounting rules
and they are amortized based on the straight
line method.
Trading credit. The additional value paid for
the acquisition of businesses or for the purchase of companies in which control is acquired is
recorded as a trading credit.
k) Increase in Values (Appreciation) and/or
Decrease in Values. They correspond to the
valuations and/or decreases in value corresponding to: investments, fiduciary rights, real
estate property, machinery, equipment, and
transportation equipment.
Regarding property, plant and equipment
whose adjusted value in books is higher than
twenty (20) monthly minimum legal salaries in
force, the increase in value is calculated by the
difference between the valuation and the net
17
book value and technically stated value
In order to carry out the appraisals, the following provisions were taken into consideration: section 2 of Decree 1536 of 2007, which
amends subparagraph nine of section 64 of
Decree 2649 of 1993, as well as section 60 of
Act 550 of 1999, regulated by Decree 422 of
2000, regarding the requirements to be met by
the appraisals and the appraisers concerning
professional suitability, character and reputation, experience and independence.
In order to assess the increase/decrease
in value of the investments listed on the stock
exchange the following is used: the difference
between the average simple price recorded at
the stock exchange during the last ninety (90)
ordinary days (External Circulating September
29, 1998) of the cut off month of the Balance
Sheet but if it does not exist, the intrinsic value
and its inflation adjusted cost are used.
In the case of the investments listed on the
stock exchange and with a minimum marketability, its appraisal is carried out pursuant to
External Circulating Letter 11 of September 29,
1998 from the Financial Superintendency.
For those investments not listed on the stock
exchange, their assessment is carried out according to the intrinsic value of the share pursuant to the certificate issued by the company
where the investment is held.
The increase/decrease in value of the Intangible Assets (fiduciary rights) is calculated
through the difference between the patrimonial
value from the financial statements and the
book cost of the contributions recognized as
intangibles.
l) Labor liabilities. The liabilities correspond to the
obligations the Company has with its workers due
to legal and extralegal fringe benefits that are calculated pursuant to legal rules in force.
m) Retirement Pensions. It records the current
value of the liability payable by the Company,
based on the actuarial study.
18
equality - CREE, based on income that may increase the equity at a rate of 9%.
o) Foreign Currency Transactions. The transactions and balances in foreign currency are converted to Colombian pesos at the representative exchange rates of the market certified by
the Banco de la República. For the closing of
December 2014, the representative exchange
rate of the market was of $2.392,46 for balances expressed in dollars.
Uncapitalized exchange rate differences are
recorded as expenses or income due to an exchange rate difference as the case may be.
p) Monetary correction. Up to December 31,
2006, non-monetary assets and liabilities, as
well as the equity of the partners, except for
the accounts in the Earnings Statement and the
surplus due to the increase in value of assets,
were updated in a prospective manner, through
the use of general consumer price indexes (adjustment percentage for the fiscal year - PAAG,
in Spanish); the corresponding adjustments
were taken to the Earnings Statement (monetary correction account).
From January 1, 2007, the Ministry of Commerce, Industry and Tourism, through Decree
No. 1536 of May 7 of the same year, suspended
the system for integral inflation adjustments for
accounting purposes. The cumulative inflation
adjustments in the accounts, until December
31, 2006, are not reverted and belong to the
balance of their corresponding accounts for all
accounting purposes until they are cancelled,
depreciated or amortized.
q) Net profit per share. It is calculated based
on the weighted average of outstanding shares during the period.
r) Suspense accounts. The following are recorded under the contra accounts: commitments
not yet formalized, as well as contingent rights
or duties, such as unused positive credits and
the existing differences between the entries
and other similar entries used for tax returns.
n) Income Tax Provision. The Company registers
the income tax provision based on the taxable
profit calculated at the current rates in the tax
laws. When the taxable income is lower than
the imputed income, the provision is calculated
based on the latter.
s) Policy for the Accounting Record of Consortia.
The Company reflects its income, costs and expenses for its share derived from agreement; assets
and liabilities are recorded in suspense accounts.
Income Tax Provision for Equality - CREE. The
Company records a provision for income tax for
t) Cash Equivalents. For their presentation in the
cash flow statement, the Company classifies in
the cash equivalents item the investments with a
maturity of less than one year and/or those that
are immediately available.
u) Accounting Estimates. The preparation of
the financial statements, pursuant to the accounting principles generally accepted in
Colombia requires that the administration
carries out some estimates and assumptions
affecting the amounts reported for the assets,
liabilities, as well as the income and expenses
reported during the period.
v) Financial Statements. At each year-end closing the Company consolidates the companies
where there is control by taking into consideration the direct and indirect holding, and also
by including the entities determined within the
corporate group.
The companies that are subject to consolidation use the same accounting policies of the
controlling company. For the consolidation, the
reciprocal transactions of the balance and income are eliminated, as well as the net worth
of the subordinated companies with the investment of the parent company from where the
minority interest arises. In the case of the controlled companies in which there is no investment to eliminate, the concept of controlled net
worth and profit is created.
The controlled companies as of December
31, 2014 are the following: Conconcreto Internacional S.A., Inmobiliaria Conconcreto S.A.S.,
Inversiones Worldwide Storage S.A., Industrial
Conconcreto S.A.S., U-Storage S.A.S., CAS Mobiliario S.A., Sistemas Constructivos Avanzados
Zona Franca S.A.S., Cantera La Borrascosa
S.A.S. and Nayu Assets Corporation.
working capital as a consequence of the operations and of other financial resources, as well as
their corresponding use. In the analysis of the
changes in the working capital, the same effect
is evidenced but through the current accounts
that show the closest available.
y) Cash Flow Statement. It presents the details of
the cash received and paid throughout the period, as well as its handling and variation during
the year. It is explained through three activities:
Operating activities. The starting point is the
profit derived from the operation by subtracting those entries that, though affecting it, do
not lead to cash increases or decreases. Other
non-operating entries are added to the operating profit that also changed the profit that generated or used cash.
Investment activities. It shows how cash was
generated or used in activities other than those
related to the operation through acquisitions or
sales of assets in general.
Financing activities. It presents the use or generation of cash through loans from third parties or partners.
Cash or cash equivalents are the amount of
cash available plus the negotiable investments.
w) Changes in the Equity Statement. It reflects
all the changes in the equity, such as those caused by increases in the capital, profit distribution, movement of reserves, as well as all those
changes derived from decisions included in the
minutes of the Shareholders Meeting, or to decisions of the tax or control authorities that shall abide by the legal provisions established, to
be recorded during the period when they take
place as well as in the appropriate accounts.
x) Changes in the Financial Position and Changes in the Working Capital Statement. The
variation is evidenced in the changes in the Financial Position statement through the noncurrent accounts by analyzing the generation of
19
NOTE 2
FOREIGN CURRENCY
The Company has the following assets and liabilities in foreign currency, which are recorded here in its
equivalent amount in pesos.
2014
FINANCIAL POSITION
USD
Assets
2013
EQUIVALENT
6,339,187
USD
EQUIVALENT
14,639,727,014
2,949,067
5,734,267,798
Liabilities
(10,404,709)
(21,227,541,221)
(2,213,825)
(4,306,382,937)
Net Position
(4,065,522)
(6,587,814,207)
735,242
1,427,884,861
EUR
EQUIVALENT
EUR
EQUIVALENT
657,369
1,860,952,430
28,316
74,505,872
(2,260)
(6,536,260)
(2,120)
(5,546,774)
655,109
1,854,416,170
26,196
68,959,098
VEB
EQUIVALENT
VEB
EQUIVALENT
Assets
Liabilities
Net Position
Assets
225
66,712
533
1,629
Net Position
225
66,712
533
1,629
GTQ
EQUIVALENT
GTQ
EQUIVALENT
Assets
238
68,271
486
116,053
Net Position
238
68,271
486
116,053
USD: US dollars VEB: Venezuelan bolivar
EUR: euro GTQ: Guatemalan quetzal
NOTE 3
AVAILABLE
AVAILABLE
2014
2013
8,033,849,200
11,271,379,000
Banks in national currency (1)
7,067,397,435
2,413,569,904
Banks in foreign currency
3,345,927,642
12,027,003
Savings accounts in national currency (1)
Cash in pesos
234,711,226
-
45,700,000
38,064,659
Cash holdings in dollars
13,711,173
21,292,519
Cash holdings in Euros
8,176,093
4,985,635
68,271
1,629
Petty cash
Cash holdings in Venezuelan bolivar
Cash holdings in Guatemalan quetzal
TOTAL
66,712
116,053
18,749,607,752
13,761,436,402
(1) Restricted deposits: There are some deposits in banks which have a specific purpose for certain projects. These values were received as down payments from clients and the balances at the Banks as of
December 31 are the following:
20
PROJECT
2014
2013
Acueducto Regional del Norte del Cauca
Banco de Occidente 450-04713-9
ACCOUNT
3,335,964,307
-
Fresenius
Bancolombia 001-233270-04
1,362,109,247
-
Museo de Arte Moderno
504,169,267
497,286,641
Schlumberger
BBVA 401-604160
323,208,514
63,723,487
Provalor
186,259,521
-
Hotel Estelar
171,140,905
107,943,007
Clínica Santa Ana
111,392,534
1,100,392,425
Two Towers
79,961,281
-
Universidad Pontificia Bolivariana
62,606,291
375,092,690
Centro Veterinario CES
43,220,853
-
Venice
37,432,138
-
Acqua
32,045,970
450,153,562
Fondo Sindicato
-
9,670,016
6,249,510,828
2,604,261,828
TOTAL
NOTE 4
INVESTMENTS
Temporary:
TEMPORARY INVESTMENTS
Fiduciary Investment Rights – national currency(1)
Other Investments Suppliers Fund
Bonds for Social Development and Internal Safety
Total Temporary Investments
2014
2013
24,588,631,596
15,554,699,286
2,853,524,317
3,206,481,002
189,044,000
189,044,000
27,631,199,913
18,950,224,288
(1) The details of the Investments Trusts are the following:
ENTITY
FIDUCOLOMBIA
ALIANZA FIDUCIARIA
BOLSA Y RENTA
PROFITABILITY
2013
Trust No. 3640
3.03%
8,649,551,606
10,052,718,468
Trust No. 903
3.03%
7,194,844,408
3,005,032,007
Trust No. 1505 - Avianca
3.03%
6,006,498,665
-
Trust No. 445 - Clínica Santa Ana
3.03%
424,849,189
112,017
Trust No. 1924 - Mvto. de tierra Aguadulce
3.03%
392,041,423
-
Trust No. 1901 - Devimed 2014
3.03%
1,921,068
-
Trust No. 308302
0.00%
-
885,850,779
Trust No. 14730
0.00%
-
35,822,854
Trust No. 7245
0.00%
-
33,695,629
Trust Nos. 17310 y 17311 - Lote Cartagena
2.94%
1,591,250,335
-
Trust No. 3677
3.59%
177,982,835
-
Bolsa y Renta - Odinsa
4.00%
97,461,685
-
Bolsa y Renta - Operation
4.00%
52,230,382
-
Trust No. 7310-3
TOTAL
2014
0.00%
-
1,541,467,532
3.03%
24,588,631,596
15,554,699,286
They mainly correspond to trusts, which yielded on average an effective per annum interest rate of 3,03%
and 2,85% for December 2014 and 2013, respectively.
21
Permanent:
Agriculture and Cattle Shares
Fogansa S.A.
An investment was made in this company (commercial and breed cattle) through the purchase of
90.000 shares, in December 2008. In December
2010, 71.650 shares were purchased at a face value of $2.000. For the calculation of the valuation
of this share the intrinsic value 0,265% is used.
Manufacturing Shares
As a result of the merger between Constructora
Conconcreto S.A. and Inversiones Conconcreto S.A.,
2.917.124.431 shares are obtained, representing
99,15%, proprietary interest. In addition, the equity
holding it had in Industrial Conconcreto S.A.S. was
bought from Inmobiliaria Conconcreto S.A.S in September, 2012 amounting to 10.428.499 shares. In
May, 14.599.898 shares were brought amounting
to 0,5% of the remaining proprietary interest hold
by company La Quinta, so that a 100% remained
in said company and with a total of 2.942.152.828
shares, which involves the recording of this investment is made through the patrimonial proprietary
interest and consolidation method for financial statements. In December 2014, Industrial Conconcreto
S.A.S. merges, as an absorbing company, with Sistemas Constructivos Avanzados S.A.S., as absorbed
company, acquiring thus 929.493 shares from
the absorbed company and 2.369.277.657 shares
due to increase in authorized capital, in a total of
5.312.359.978 and keeping a 100% of the company.
Sistemas Constructivos Avanzados S.A.S.
Upon the merger of companies Sistemas Constructivos Avanzados S.A.S. and Industria Metalúrgica
Productora - Impac S.A.S., on October 31, 2013, we
have a share of 26,58% and a total of 445.156 shares. Company changed its corporate name by Sistemas Constructivos Avanzados S.A.S., and keeps tax
ID number of former Impac S.A.S. In May, 2014 this
company capitalized and receive 484.337 additional shares, totalizing, at the closing in September
2014, a number of 929.493 shares, maintaining the
same share percentage of 26,58%. As of December
31, 2014 this company does not exist due to a merger with Industrial Conconcreto S.A.S.
Construction Shares
Inmobiliaria Conconcreto S.A.S
Due to the merger, 100% percent proprietary interest in said company is obtained, represented
22
by 16.999.217 shares, implying the valuation
through the patrimonial proprietary interest and
consolidation method for financial statements.
Consalfa S.A.S
Constructora Conconcreto S.A. obtained, during 2011, a total of 16.990.688 shares for
$16.990.688.000, with 50% proprietary interest. In
2012, the number of shares increases to 17.370.400,
keeping the proprietary interest percentage. This
company is incorporated in alliance with the Chilean company Empresa de Montajes Industriales
Salfa S.A., for projects in the energy, hydrocarbons
and mining sectors, among others.
Autopista de los Llanos S.A.
As of March 2013 there was a proprietary interest
equal to 0,032% which is equivalent to 2.877 shares and between April and June 2013 a number of
754.759 shares were purchased through transfer
of Patrimonio Autónomo Carreteras Nacionales del
Meta, which were placed as a guarantee of the contract and it liquidated due to its purpose completion
so that, at the closing in December 2013 there is still
a total of 757.636 shares and a proprietary interest of
8,471%. At the closing in June 2014 a capital decrease
is recorded for this company, therefore we should deliver 692.149 shares and remain with a total of 65.487
shares equal to 8,471% of proprietary interest.
Concesiones C.C.F.C S.A.
140.636.000 shares were obtained due to a merger
with Inversiones Conconcreto S.A., and a proprietary interest of 24% in this company.
Soletanche Bachy Cimas S.A.
590.609 shares are obtained through the merger
process with Inversiones Conconcreto S.A., as well
as 36,68% proprietary interest in this company. In
December 2012 Conconcreto capitalizes 461.848
shares thus keeping 1.052.458 shares and increasing its proprietary interest by 40,35%.
CCI Marketplace S.A.
The Company owns 117.854 shares that correspond
to 2,34% proprietary interest.
Bessac Andina S.A.
In November 2013 4.999 shares were purchased
in a unit value of $21.093,49, totalizing a cost of
$105.446.357, equal to 4.999 shares and a proprietary interest percentage of 19,99%, which
came from Inmobiliaria Conconcreto S.A.S.
Construction and Real Estate, Business and
Rental Shares – Foreign Investment
Conconcreto Internacional S.A.
In September 2011 there was a capitalization to
Conconcreto Internacional for USD2.247.230
as well as the purchase to Doble C Holding of its
shares for USD8.487.925 with a patrimonial value of
USD4.263.234 and a trading credit of USD4.224.690,
equal to $7.973.595.412, therefore Conconcreto Colombia has 100% of this company that corresponds
to 428 shares. It is measured through the patrimonial
proprietary equity method and it is part of the consolidation process of the financial statements.
Inversiones Worldwide Storage S.A.
In October 2012 the Panamanian Company Inversiones Worldwide Storage S.A. is acquired: 112 shares for USD111.654, at an exchange rate of $1.820,
representing 100% of the company and a trading
credit of $2.496.789.720.
Real Estate, Business and Rental Activities Shares
Consol S.A.S.
A new company is incorporated in December 2012,
Consol S.A.S., in which Constructora Conconcreto
S.A. has 50% proprietary interest with 50.000 shares, for $200.000 per share. This company, in turn,
owns 70% proprietary interest in Geofundaciones
S.A.S. and Geoconstruccio nes S.A.S.
Cas Mobiliario S.A.
75,500 shares are acquired through the merger
process with Inversiones Conconcreto S.A., corresponding to 30,2% proprietary interest. The proprietary interest Inmobiliaria Conconcreto S.A.S.
has in Cas Mobiliario S.A. is bought in September
2012; it corresponds to 50.000 shares, so the proprietary interest in said company is 50,2% with a
total of 125.500 shares. It is measured through
the patrimonial proprietary equity method and it
is part of the consolidation process of the financial
statements.
Promotora Nacional de Zonas Francas S.A.
63.826.441 shares are acquired from the merger
process with Inversiones Conconcreto S.A., corresponding to 16,769% proprietary interest.
Storage Shares
U-Storage S.A.S.
18.000 shares of the Company U-Storage S.A.
are issued in favor of Constructora Conconcreto
S.A., for a face value of $33.333,33, corresponding to 25,59% proprietary interest. In May 2013
a number of 28.130 shares is acquired in a total
of $4.664.502.541, so it has a direct property interest of 65,59% and a total of 46.130 shares, thus
generating a direct trading credit in an amount of
$4.092.622.435 for Constructora Conconcreto S.A.
and industry companies (Sistemas Constructivos
Avanzados S.A.S., Industrial Conconcreto S.A.S.
and Inmobiliaria S.A.S.) $464.333. In this operation, each of these companies acquired 1 share at a
unit cost of $165.820.
Shares – Other Activities
Grupo Heroica S.A.S.
From 10.000 shares held by Constructora Conconcreto S.A., through the merger process with Inversiones Conconcreto S.A., 5.000 shares are added,
and the company remains with a proprietary interest of 30% and a total of 15.000 shares therein.
23
The details of the Equity Method as of December 31, 2014 are as follows:
TAX ID
NUMBER
COMPANY
HOLDING
PERCENTAGE
SHARES
INTRINSIC VALUE
OF THE STOCK
EXCHANGE
TYPE OF
SHARES
HISTORICAL
COST
CORPORATIONS
AGRICULTURE AND CATTLE SHARES
811,029,388
FOGANSA S.A.
800,151,988
SETAS COLOMBIANAS S.A.
161,650
0.265%
Common
2,123.95
323,300,000
9,153
0.001%
Common
46.23
1,647,540
5,312,359,978
100.000%
Common
29.03
8,681,018,453
-
-
-
-
-
1,187.16
21,818,989,214
17,370,400,000
MANUFACTURING SHARES
890,908,901
INDUSTRIAL CONCONCRETO S.A.S.
890,918,929
SISTEMAS CONSTRUCTIVOS
AVANZADOS S.A.S.
CONSTRUCTION SHARESYT
890,939,355
INMOBILIARIA CONCONCRETO S.A.S.
16,999,217
100.000%
Common
900,357,889
CONSALFA S.A.S.
17,370,400
50.000%
Common
457.17
800,235,437
AUTOPISTA DE LOS LLANOS S.A.
65,487
8.471%
Common
68,183.14
8,308,418,365
830,006,021
CONCESIONES C.C.F.C S.A.
140,636,000
24.000%
65.13
6,044,841,866
830,035,702
SOLETANCHE BACHY CIMAS S.A.
1,052,458
40.350%
9,406.31
3,279,547,320
800,169,499
ODINSA S.A.
26,047
0.014%
Common
Regulatory Common
Common
4,318.22
159,798,345
900,141,314
CCI MARKETPLACE S.A.
117,854
2.340%
Common
621.00
112,205,938
900,266,941
BESSAC ANDINA S.A.
4,999
19.996%
Common
147,210.78
105,446,357
811,015,538
850,360,823
PROMOTORA ALDEA DEL VIENTO S.A.
CONSTRUCTORA SAN DIEGO
MILENIO S.A.
EDIFICACIONES Y PROYECTOS
811,005,050
DEVIMED S.A.
830,121,232
METRODISTRITO S.A.
900,192,595
83,373
27.791%
Common
13,801.96
83,372,500
16,600
33.200%
Common
71,453.55
16,600,000
51,730
14.780%
Common
-
5,173,000
408,765
0.796%
Common
23.06
4,095,276
2,500
25.000%
Common
53,318.00
1,690,000,000
CONSTRUCTION AND REAL ESTATE,
BUSINESS AND RENTAL SHARES –
FOREIGN INVESTMENT
48,152,133
CONCONCRETO INTERNACIONAL S.A.*
REDI 1996315 INVERSIONES WORLDWIDE STORAGE S.A.*
444,444,438
900,577,591
AEROTOCUMEN S.A.*
REAL ESTATE, BUSINESS AND RENTAL
ACTIVITY SHARES
CONSOL S.A.S.
900,093,352
CAS MOBILIARIO S.A.
800,194,632
PROMOTORA NACIONAL DE ZONAS FRANCAS S.A.
800,020,712
PROMOTORA DE PROYECTOS S.A.
428
100.000%
Common
116,952,428.38
12,287,719,544
112
100.000%
Common
996.20
203,210,280
40
40.000%
Common
43,732,063.44
7,726,800
50,000
50.000%
Common
187,555.00
10,000,000,000
125,500
50.200%
Common
24,883.33
1,971,110,212
63,826,441
16.769%
Common
12.48
667,857,715
10,245
0.081%
Common
218.00
7,244,320
46,130
65.590%
Common
9,641.00
1,171,880,106
150,000,000
STORAGE SHARES
830,037,895
U-STORAGE S.A.S.
SHARES – OTHER ACTIVITIES
900,360,261
GRUPO HEROICA S.A.S.
15,000
30.000%
Common
25,063.00
900,381,880
SIN ESCOMBROS S.A.S.
40,000
2.680%
Common
1,992.68
INVESTMENTS IN SHARES
40,000,000
94,511,603,151
EES IN SOCIAL CLUBS
811,001,904
POBLADO COUNTRY CLUB MEDELLÍN
4
0.230%
-
49,282,160.00
890,981,947
CORPORACIÓN CLUB CAMPESTRE MEDELLÍN
2
2.000%
-
3,340,000.00
INVESTMENTS IN CLUBS
*
1,361,000
68,296,371
FOREIGN CURRENCY INCREASE IN VALUE
TOTAL INVESTMENTS
No restrictions on marketability or encumbrances on investments held by the company.
24
66,935,371
94,579,899,522
INFLATION
EQUITY METHOD ADJUSTMENTS
TOTAL NET
INVESTMENT
DECEMBER 2014
PROVISION
2014
VALUATION
(DECREASED IN
VALUE) DECEMBER
2014
TOTAL NET
INVESTMENT
DECEMBER 2013
VALUATION (DECREASED IN
VALUE) DECEMBER 2013
-
-
-
323,300,000
323,300,000
20,036,518
(65,167,581)
-
6,007,285
-
7,654,825
7,654,825
(7,231,682)
(7,218,135)
104,067,813,008
-
-
112,748,831,461
105,558,131,552
41,213,183,765
41,213,183,765
-
-
-
-
2,149,820,642
-
-
2,635,843,801
1,190,659,062
-
25,645,492,077
24,019,564,484
(5,561,020,695)
(5,561,020,695)
-
-
-
17,370,400,000
17,370,400,000
(9,429,174,232)
(1,611,625,712)
-
-
-
8,308,418,365
9,761,931,265
(3,843,309,076)
200,838,184
-
-
-
6,044,841,866
6,044,841,866
3,114,780,814
2,771,628,974
-
-
-
3,279,547,320
3,279,547,320
6,620,198,890
5,973,081,090
-
-
-
159,798,345
4,564,122,641
(47,321,669)
2,891,136,632
-
90,195
-
112,296,133
112,296,133
(39,108,799)
(39,344,507)
-
-
-
105,446,357
105,446,357
630,460,332
-
-
7,248,870
-
90,621,370
90,621,370
1,060,089,441
29,621,672
-
-
-
16,600,000
16,600,000
1,169,528,930
386,843,246
-
-
-
5,173,000
5,173,000
-
-
-
-
-
4,095,276
4,095,276
5,331,124
1,734,968
-
79,852,855
(1,769,852,855)
-
-
-
-
27,782,493,255
-
-
40,070,212,799
27,338,929,634
-
-
-
-
-
203,210,280
203,210,280
-
-
-
-
-
7,726,800
7,726,800
1,741,555,737
2,648,900,622
2,056,412,000
-
-
-
10,000,000,000
10,000,000,000
(622,250,000)
1,320,209,689
-
(168,398,842)
3,122,921,059
2,391,051,034
-
-
-
1,043,072,331
-
1,710,930,046
1,710,930,046
(914,376,062)
(1,087,345,717)
-
11,080,432
-
18,324,752
18,324,752
(16,091,342)
(16,767,512)
(267,943,954)
-
(417,100,000)
486,836,152
(206,964,841)
-
-
-
-
-
150,000,000
150,000,000
(149,624,055)
(149,354,340)
-
-
-
40,000,000
40,000,000
39,707,200
30,804,000
135,538,415,799
2,338,011,030
(2,355,351,697)
230,032,678,283
215,066,754,436
34,985,365,139
49,666,340,954
-
35,072,667
-
102,008,038
102,008,038
(52,725,878)
(54,848,038)
-
104,677
-
1,465,677
1,465,677
1,874,323
1,206,323
-
35,177,344
-
103,473,715
103,473,715
(50,851,555)
(53,641,715)
10,014,656,275
711,522,487
240,150,808,273
215,881,750,638
34,934,513,584
49,612,699,239
135,538,415,799
2,373,188,374 (2,355,351,697)
25
EQUITY HOLDING
COMPANY
50.20%
CAS MOBILIARIO S.A.
99.996% - 100%
U-STORAGE S.A.S. - IWWS S.A.S.
100%
INDUSTRIAL CONCONCRETO S.A.S.
100%
INMOBILIARIA CONCONCRETO S.A.S.
100%
CONCONCRETO INTERNACIONAL S.A.
ACTIVITY
Services
Transportation and Storage
Industry and services
Real estate
Construction
TOTALES
The following is the evolution of the assets, liabilities, net worth and profits of the subordinated companies:
DETAILS : BALANCE
SHEET AND INCOME
SUBORDINATED COMPANIES
CONCONCRETO
INTERNACIONAL S.A.COP
(MILLIONS)
2014
INMOBILIARIA CONCONCRETO
S.A.S.COP (MILLIONS)
2013
2014
2013
INVERSIONES WORLDWIDE
STORAGE S.A.
COP (MILLIONS)
2014
2013
ASSETS
89,544
59,821
31,552
41,329
281
227
LIABILITIES
39,488
31,725
11,467
22,870
15
12
102
82
16,999
16,999
268
216
5,341
4,302
-
-
-
-
-
-
317
317
-
-
-
-
(15)
-
(1)
(1)
24,245
15,279
-
-
-
-
NET WORTH
Capital stock
Capital surplus
Reserves
Loss from previous years
Profits from previous years
Net worth increase in value
-
-
-
-
-
-
12,696
7,371
1,581
(15)
-
(1)
Valuation surplus
437
362
1,203
1,158
-
-
Translation effect
7,234
700
-
-
-
-
Total net worth
50,056
28,097
20,084
18,459
267
214
Profit for the year
12,696
7,371
1,581
(15)
-
(1)
Net profit
Sistemas Constructivos Avanzados Zona Franca S.A.S. and Cantera La Borrascosa are included as subordinated companies due to direct interest they hold through Industrial Conconcreto S.A.S.
These figures are extracted from the Financial Statements as of December 31, 2014.
26
BALANCE
INVESTMENT
(EQUITY METHOD)
INVESTMENT
COST
INCOME EFFECTS
PROVISION
VALUATION
PYG 2013 AND
PREVIOUS
SURPLUS
INCOME
2014
1,320,209,689
1,971,110,212
(168,398,842)
-
-
1,427,349,022
1,314,669,196
(267,943,954)
1,363,080,584
(417,100,000)
-
-
(961,744,947)
693,800,993
104,067,813,008
8,681,018,453
-
41,213,183,765
89,171,903,226
12,838,990,910
4,135,798,922
2,635,843,801
23,009,648,276
-
(5,561,020,695)
521,136,751
533,826,027
1,580,881,028
27,782,493,255
12,287,719,544
-
-
369,649,299
14,716,520,673
12,696,323,283
135,538,415,799
47,312,577,069
(585,498,842)
35,652,163,070
90,062,689,276
28,554,941,685
20,421,473,422
INDUSTRIAL
CONCONCRETO S.A.S.
COP (MILLIONS)
U-STORAGE S.A.S.
COP (MILLIONS)
CAS MOBILIARIO
S.A. COP
(MILLIONS)
2014
2014
2013
2013
SISTEMAS
CONSTRUCTIVOS
AVANZADOS ZONA
FRANCA S.A.S. COP
(MILLIONS)
NAYU ASSET
CORPORATION
COP (MILLIONS)
2014
2014
CANTERA LA
BORRASCOSA S.A.S.
COP (MILLIONS)
2014
2013
190,465
158,469
845
1,406
10,990
8,835
1,329
15,417
2014
595
2013
456
36,503
11,698
167
1,422
4,769
4,072
854
15,405
650
582
5,312
2,942
238
238
2,500
2,500
700
24
100
100
4,923
1,904
899
899
-
-
-
-
-
-
17,769
16,213
-
-
1,102
973
-
-
-
-
(378)
-
(1,153)
(84)
-
-
-
-
(226)
-
-
-
-
-
-
-
-
-
-
-
245
245
-
-
-
-
-
-
-
-
4,136
3,505
694
(1,069)
2,619
1,290
(225)
(9)
71
(226)
121,954
121,961
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(3)
-
-
153,962
146,771
678
(16)
6,221
4,763
475
12
(55)
(126)
4,136
3,505
694
(1,069)
2,619
1,290
(225)
(9)
71
(226)
27
NOTE 5
CLIENTS
CLIENTS
2014
2013
150,370,461,869
111,958,670,179
-
3,330,947,015
SHORT TERM
Clients (1)
Foreign clients
Difficult collection debts (2)
TOTAL CLIENTES
Commercial current accounts
Accounts receivable – Affiliates and related companies
Provision clients (3)
TOTAL SHORT-TERM CLIENTS
932,093,828
928,053,756
151,302,555,697
116,217,670,950
33,550,125,890
27,231,829,607
8,942,271,003
21,358,234,781
-
(1,359,792,196)
193,794,952,590
163,447,943,142
LONG TERM
Clients (4)
TOTAL LONG-TERM CLIENTS
668,957,211
996,940,789
668,957,211
996,940,789
(1) The details of short term clients as of December 31, 2014 are as follow:
CLIENTS
Patrimonios Autónomos - El Poblado
Banco Corpbanca Colombia S.A. - Buró 51
Fiduciaria Bancolombia
Cimcol S.A.
Alianza Fiduciaria
Hoteles Estelar S.A.
Sociedad Puerto Industrial Aguadulce
Área Metropolitana del Valle de Aburrá
Compañía Operadora Petrocolombia
Industria Colombiana de Café S.A.S.
Consorcio Hidrocucuana
Consorcio CCC Ituango
Consorcio CC
Fresenius Medical Care Andina S.A.S
Cerromatoso S.A.
Consalfa S.A.S.
Global Inversiones Hoteleras S.A.S
Consorcio SBCC Aguadulce
Consorcio Obra Puerto Brisa
Pijao Grupo de Empresas
Devimed S.A.
Internacional Ejecutiva de Aviación
Consorcio ECC Loboguerrero
Consorcio Vial Helios
Consorcio CC - Hl Columbus
Consorcio CC MP HV Cusiana
Consorcio Lithos
Almacenes Éxito S.A.
Grupo Heroica S.A.S
Compañía Nacional de Chocolates S.A.
Compañía de Galletas Noel S.A.S
San Pedro Plaza Comercial
Consorcio CCC Porce III
Guzcoll y Cía. S.A.S.
Other minors
28
2014
40,301,810,708
21,711,506,351
19,153,747,084
14,361,341,516
9,748,634,721
6,471,977,547
6,227,199,081
3,493,588,859
3,178,214,163
3,048,782,089
2,562,016,683
1,823,180,426
1,678,877,496
1,658,490,813
1,519,732,536
1,478,087,088
1,390,361,737
1,383,303,942
1,377,845,976
1,028,929,511
949,383,826
864,908,146
498,026,874
457,204,614
375,896,692
303,214,623
270,153,564
222,634,586
195,030,440
193,319,751
187,903,688
187,903,688
150,234,060
128,791,838
127,609,817
1,660,617,335
150,370,461,869
(2) Difficult collection debts as of December 31, 2014 are as follows:
DIFFICULT COLLECTION DEBTS
Agencia Nacional de Infraestructura
Grupo Mar Azul S.A.S.
TOTAL DIFFICULT COLLECTION DEBTS
2014
928,053,756
4,040,072
932,093,828
(3) Provision Clients: They represent amounts established by the company to cover possible losses, movement as of December 31, 2014 is as follows:
PROVISIONS
2014
2013
Initial balance
(1,359,792,196)
(1,299,915,992)
Provisions
(1,743,053,245)
(59,876,204)
Sanctions
3,102,845,441
-
-
(1,359,792,196)
Balance at the end of the year
(4) The breakdown of recoverable value in the next four years for accounts receivable –
long term clients, without any agreed interest rate is as follows:
PAYMENT PROJECTION
VALOR POR AÑO
YEAR 2015
484,075,644
YEAR 2016
120,000,000
YEAR 2017 and subsequent years
TOTAL
64,881,567
668,957,211
NOTE 6
DOWN PAYMENTS AND ADVANCE PAYMENTS
2014
2013
Promissory sales agreements
Promissory sales agreements – real estate and investments
Promissory sales agreements – real estate and inventory
Promissory sales agreements – real estate related parties
15,400,000,000
2,000,000,000
9,505,806,846
41,445,339,989
1,147,015,255
1,147,015,255
26,052,822,101
44,592,355,244
Down payments and advance payments to suppliers
35,608,621,620
19,142,002,058
Down payments and advance payments - inventories
9,440,985,908
1,045,622,831
1,241,719,731
1,531,880,287
Subtotal Promissory sales agreements – down payments(1)
Down payments and advance payments to others
Down payments and advance payments – related parties
618,831,535
227,717,746
Down payments and advance payments to contractors
551,500,707
941,124,779
Down payments to suppliers foreign increase in value
88,287,711
-
Down payments and advance payments to workers
45,584,954
89,612,723
Down payments and advance payments to agents
18,094,275
-
8,239,981
-
Subtotal Down payments and advance payments (2)
47,621,866,422
22,977,960,424
TOTAL DOWN PAYMENTS AND ADVANCE PAYMENTS
73,674,688,523
67,570,315,668
Down payments – on line trips
29
(1) The promissory sales agreements correspond to down payments made to
third parties for the acquisition of lots for the development of projects.
PROMISSORY SALES AGREEMENTS
2014
2013
14,000,000,000
2,000,000,000
1,400,000,000
-
15,400,000,000
2,000,000,000
Pijao Lot
4,905,806,846
2,647,903,845
Chimeneas Lot
2,600,000,000
-
Asdesillas Lot
2,000,000,000
-
Ensueño Lot
-
24,353,055,000
Select Lot
-
2,255,149,075
Allegro Lot
-
2,063,454,640
Cartago Lot
-
6,549,028,400
Balí Lot
-
2,287,949,029
Lagartos Lot
-
288,800,000
9,505,806,846
41,445,339,989
1,147,015,255
1,147,015,255
1,147,015,255
1,147,015,255
26,052,822,101
44,592,355,244
INVESTMENT PROJECTS
Hilanderías Bogotá Lot
Chimeneas Lot
Total promissory sales agreements real estate – investment
INVENTORY PROJECTS
Neiva Lot
Total promissory sales agreement – real
estate inventory
Consorcio Mercantil Colombiano
Total promissory sales agreement – real
estate related parties
TOTAL PROMISSORY SALES AGREEMENT
1,000,000,000
(2) The details as of December 31, 2014 are as follows:
Hotel Estelar
8,521,487,982
Intercambio vial calle 77 Sur
Buró 51
Aqua Power Center
Land movement
Analysis Infrastructure Projects
Parque Lógika II
Fresenius Terranova
Puente binacional
Museo de Arte Moderno
Indirect - El Poblado
Atlántica Torre Empresarial
Buró 25
Acueducto Norte del Cauca
Apartamentos del Pino
Hotel Metro Yopal
Madeiro
Torremolinos Pijao
Alcaraván 2da. Etapa
Offices Torre Atlántica
Allegro
Pre-operative El Vínculo
6,327,721,016
5,810,199,609
4,648,452,015
2,794,129,950
2,420,829,222
1,792,051,331
1,599,803,932
1,419,078,860
1,210,400,721
1,093,781,892
973,653,710
840,967,153
806,289,092
585,430,755
580,222,291
578,418,621
509,096,567
417,297,482
397,749,998
380,841,197
225,975,500
Others less than 100 mm
30
2014
3,687,987,526
47,621,866,422
NOTE 7
DEBTORS – VARIOUS
DEBTORS VARIOUS
Works per Administration
Consorcio CC
Geofundaciones SAS
Patrimonio Autónomo Acción Fiduciaria - El Poblado
Agreement withholdings
Alianza Fiduciaria
Aerotocumen S.A.
Consol S.A.S.
CMD Domingo y Lázaro Ingenierios SL
Generadora del Atlántico S.A.
Hoteles de Upar S.A.S.
Promotora Aldea del Viento
Chinchia Devieco Nancy Irene
Consorcio Manso Amaní
Debtors – Increase in value
Consorcio Conlínea 2
Constructora San Diego Milenio S.A.
Consorcio Lithos
Patrimonio Autónomo Fiducolombia
Consorcio Consalfa Hidrosogamoso
Acción Fiduciaria S.A.
Consorcio CC-T Puerto Nuevo
Other minors
TOTAL SHORT TERM VARIOUS DEBTORS
Consalfa S.A.S.
TOTAL LONG TERM VARIOUS DEBTORS
2014
2013
9,739,791,423
9,483,924,811
9,011,680,951
6,697,384,306
5,345,833,334
2,802,607,627
2,493,300,052
2,300,000,000
1,539,354,138
1,402,295,750
1,241,053,540
1,132,144,404
539,764,913
310,475,680
295,231,576
273,696,000
267,926,028
207,116,825
98,570,010
299,081,955
55,481,233,323
21,077,409,688
928,988,583
22,006,398,271
8,410,375,772
7,053,924,811
2,061,011,190
6,697,384,306
2,849,592,337
314,534,849
2,300,000,000
1,039,590,592
1,479,392,250
1,225,000,000
189,931,895
650,000,000
273,696,000
267,926,028
(33,317,850)
7,373,895,010
6,268,000,000
736,994,260
480,069,012
248,509,983
130,665,487
101,977,710
307,544,125
50,426,697,767
1,085,740,092
1,326,556,310
1,380,661
2,413,677,063
Interest agreed upon for current portion of various
debtors ranges between 5,32% and 8,50% EA.
The balance of this account corresponds mainly to:
• Loans awarded to third parties for the development of projects in which Constructora Conconcreto S.A. participates.
• Payments in the name, related to the execution
of works through delegated administration, in-
cluding reimbursements for costs related to the
execution of works as well as the collection of
down payments from suppliers.
• Loans to consortia and related companies.
PAYMENT PROJECTION
2015
AND SUBSEQUENT YEARS
13,000,000,000
8,077,409,688
247,071,845
681,916,738
Consalfa S.A.S.
PAYMENT PROJECTION
YEAR 2015
SUBSEQUENT YEARS
TOTAL
The following are the details of the recoverable value
during the next years of the long-term various debtors:
VALUE PER YEAR
13,247,071,845
8,759,326,426
22,006,398,271
The accounts or documents receivable of the Company do not evidence
restrictions or encumbrances, are not guaranteeing any liability, either.
31
NOTE 8
INVENTORIES
DESCRIPTION
PURCHASE
DATE
HISTORICAL
COST
INFLATION
ADJUSTMENTS
BOOK VALUE
DECEMBER
2014
BOOK VALUE
DECEMBER
2013
«LA ESPERANZA» - LA CALERA LAND LOT
12/28/2007
2,347,100,000
-
2,347,100,000
2,347,100,000
LA CANDELARIA (MADRID- CUNDINAMARCA)
LOT
12/30/2003
1,200,000,000
624,759,491
1,824,759,491
1,824,759,491
CASA 30 - CASA DEL MAR
12/15/2010
850,000,000
-
850,000,000
850,000,000
PALMIRA LOT
12/30/2003
169,585,007
29,753,191
199,338,198
199,338,198
CRISTALES LOT
12/29/2008
163,500,000
7,471,227
170,971,227
170,971,227
LOT No. 33 CONDOMINIO CAMPESTRE
COLINAS DE APICALÁ
12/30/2003
111,560,680
27,124,722
138,685,402
138,685,402
LOT 1C URBANIZACIÓN EL ORQUIDEAL
12/30/2003
63,758,562
2,913,484
66,672,046
66,672,046
9/28/2009
26,381,692
-
26,381,692
26,381,692
PARCEL # 18 CONDOMINIO CAMPESTRE
PALMA REAL
31/08/2012
9,117,000
-
9,117,000
-
PARCEL # 6 CONDOMINIO CAMPESTRE
PALMA REAL
31/08/2012
9,074,700
-
9,074,700
-
PARKING LOTS 450-453 and 454 BOLIVIA
ORIENTAL
12/30/2003
600,000
2,902,872
3,502,872
3,502,872
OFFICE TORRE ARGOS LOCAL 46-26 and 46-16
12/19/2006
-
-
-
20,623,922
(63.16%) LOT TO BE TRANSFERRED TO THE
MUNICIPALITY - BARRIO LA FLORIDA
12/30/2003
-
-
-
19,406,830
GARAGES No. 1031-1033-1035-2001-20034023, BUILDING TORRE ARGOS
12/30/2003
-
-
-
16,168,476
4,950,677,641
694,924,987
5,645,602,628
5,683,610,156
ONGOING AGREEMENTS (1)
-
-
36,201,523,454
17,889,666,710
INVENTORY MATERIALS, SPARE PARTS AND
ACCESSORIES
-
-
13,679,784,123
10,581,850,269
INVENTORY HOUSING PROJECTS
-
-
8,418,733,015
-
IN TRANSIT INVENTORIES
-
-
3,179,354,329
69,969,603
PROVISION INVENTORIES
-
-
AVENIDA CÓRDOBA LOT
TOTAL REAL ESTATE INVENTORY FOR SALE
(166,181,424)
(209,577,432)
TOTAL INVENTORY
66,958,816,125
34,015,519,306
SHORT TERM
62,159,861,640
31,556,899,717
LONG TERM
4,798,954,485
2,458,619,589
(1) Ongoing agreements: They correspond to the cumulative costs of the projects that, to date, are still in
progress and that still have work execution not yet invoiced.
32
PROJECT
2014
2013
CONSTRUCTION BUSINESS
Shopping centers
Direct
Indirect
35,170,070
123,137,819
11,417,616,772
6,164,818,367
50,115
285,808,707
8,828,747,271
305,318,283
Corporate buildings
Direct
Indirect
Works, bridges, tunnels and roads
6,641,607,018
98,184,028
External business construction
2,276,248,915
13,327,454
Low cost warehouses
2,029,440,995
67,865,007
Works – airports, ports and terminals
1,974,520,826
420,261,611
Indirect - San Francisco warehouse
694,864,824
-
Hydraulic works
285,868,848
749,312,038
Industry plants
78,159,680
71,663,970
Consalfa projects
35,246,159
251,644,500
-
7,419,146
Real estate projects
675,764,210
1,074,170,002
External housing
626,603,693
1,249,668,421
Projects, other investments
531,696,316
-
69,917,742
87,993,055
External industry construction
RENTAL BUSINESS
Corporate solutions
Direct
Indirect
TOTAL ONGOING AGREEMENTS
-
6,919,074,303
36,201,523,454
17,889,666,710
33
NOTE 9
PROPERTY, PLANT AND EQUIPMENT - NET
% OWNERSHIP
HISTORICAL COST
ADJUSTED
DEPRECIATION
BOOK VALUE
DECEMBER 2014
ASSETS REAL ESTATE BUSINESS
LAND
FARMATODO 167 STORES
100%
4,983,000,000
-
FARMATODO AV. ESPERANZA STORES
100%
4,124,290,219
-
4,124,290,219
CARULLA PONTEVEDRA LOT
100%
3,045,460,494
-
3,045,460,494
CORONA RICAURTE LOT
100%
1,424,920,000
-
1,424,920,000
HOTEL SONESTA
100%
1,391,175,000
-
1,391,175,000
CORONA GUAYABAL LOT
100%
1,311,000,000
-
1,311,000,000
16,279,845,713
-
16,279,845,713
Subtotal
4,983,000,000
WAREHOUSES
CORONA CÚCUTA LOCAL 101 EDIFICIO OBC (1)
100%
2,024,120,411
(303,618,062)
1,720,502,349
CORONA RICAURTE (2) STORE
100%
1,394,489,490
(278,084,035)
1,116,405,455
CORONA GUAYABAL (3) STORE
100%
779,648,451
(155,929,689)
623,718,762
4,198,258,352
(737,631,786)
3,460,626,566
Subtotal
BUILDINGS
HOTEL SONESTA (4)
100%
15,908,111,710
(2,386,216,758)
13,521,894,952
FARMATODO AV. ESPERANZA (5) STORES
100%
4,939,816,706
(1,253,081,884)
3,686,734,822
FARMATODO 167 (6) STORES
100%
4,371,746,481
(1,228,669,472)
3,143,077,009
CARULLA PONTEVEDRA BUILDING
100%
2,311,554,990
(231,155,499)
2,080,399,491
Subtotal
27,531,229,887
(5,099,123,613)
22,432,106,274
TOTAL ASSETS REAL ESTATE BUSINESS
48,009,333,952
(5,836,755,399)
42,172,578,553
MACHINERY AND EQUIPMENT (7)
100%
69,056,027,689
(37,640,286,541)
31,415,741,148
TRANSPORTATION EQUIPMENT (7)
100%
15,110,469,973
(9,542,983,605)
5,567,486,368
Other assets
OFFICE SAO PAULO PLAZA (8)
100%
6,776,245,711
(1,471,976,647)
5,304,269,064
OFFICE AND COMPUTER EQUIPMENT
100%
8,337,359,983
(3,634,759,812)
4,702,600,171
CALI LOT
100%
-
-
-
SAO PAULO (8) LOT
100%
862,000,000
-
862,000,000
WAREHOUSE 1 CALLE 143 (9)
100%
611,617,890
(47,982,250)
563,635,640
WAREHOUSE 2 CALLE 143 (9)
100%
505,721,417
(39,598,779)
466,122,638
OFFICE SAO PAULO PLAZA LOCAL 43 A 50 (8)
100%
400,000,000
(88,333,334)
311,666,666
URBANO 2 CALLE 143 (9) LOT
100%
259,278,583
-
259,278,583
URBANO 1 CALLE 143 (9) LOT
100%
243,382,110
-
243,382,110
BASEMENT REPAIR SAO PAULO
100%
223,744,950
-
223,744,950
OFFICE 502 BUILDING TORRE ALMAGRÁN
100%
123,602,424
(25,235,496)
98,366,928
STORAGE UNIT 95 HACIENDA SANTA BÁRBARA (10)
100%
16,666,667
(2,777,777)
13,888,890
100%
16,666,667
(2,777,777)
13,888,890
100%
16,666,666
(2,777,777)
13,888,889
OFFICE TORRE ARGOS LOCAL 46-16
100%
11,907,958
(446,548)
11,461,410
PARCEL # 18 CONDOMINIO CAMPESTRE PALMA REAL
100%
-
-
-
PARCEL # 6 CONDOMINIO CAMPESTRE PALMA REAL
100%
-
-
-
OFFICE TORRE ARGOS LOCAL 46-26
100%
8,715,964
(326,849)
8,389,115
GARAGE NRO. 4023 EDIFICIO TORRE ARGOS
100%
2,863,256
(107,372)
2,755,884
100%
2,783,404
(104,378)
2,679,026
100%
2,781,802
(104,318)
2,677,484
100%
2,681,770
(100,566)
2,581,204
100%
2,537,781
(95,167)
2,442,614
100%
2,520,463
(94,518)
2,425,945
100%
2,863,256
(2,863,256)
-
100%
2,560,794
(2,560,794)
-
100%
2,902,046
(2,902,046)
-
100%
2,824,469
(2,824,469)
-
100%
2,836,786
(2,836,786)
-
100%
2,642,444
(2,642,444)
-
18,446,375,261
(5,334,229,160)
13,112,146,101
150,622,206,875
(58,354,254,705)
92,267,952,170
Total Other assets
TOTAL PROPERTY PLANT AND EQUIPMENT
At the closing of December 2014 and 2013, the company has no fixed assets of conditional ownership, related
assets are not ensuring company liabilities neither present restrictions or encumbrances.
34
BOOK VALUE
DECEMBER 2013
VALUATION (DECREASE
IN VALUE) 2013
VALUATION (DECREASE
IN VALUE) 2013
DATE OF LAST
APPRAISAL
ASSESMENT
APPRAISER
4,983,000,000
4,065,900,000
4,065,900,000
9,048,900,000
May 2013
4,124,290,219
(1,148,290,219)
(1,148,290,219)
2,976,000,000
May 2013
Colliers International Colombia S.A.
3,045,460,494
(300,460,494)
(300,460,494)
2,745,000,000
May 2013
1,424,920,000
1,728,440,000
1,728,440,000
3,153,360,000
March 22 2012
Francisco Ochoa Avalúos
1,391,175,000
3,587,400,000
3,587,400,000
5,531,750,000
May 2013
1,311,000,000
708,600,000
708,600,000
2,019,600,000
March 21 2012
16,279,845,713
8,641,589,287
8,641,589,287
25,474,610,000
1,821,708,370
2,457,573,333
2,457,573,333
4,424,240,000
March 22 2012
1,186,129,930
416,639,977
416,639,977
1,714,900,000
March 22 2012
662,701,185
38,145,577
38,145,577
769,066,000
March 21 2012
3,670,539,485
2,912,358,887
2,912,358,887
6,908,206,000
14,317,300,538
618,424,462
618,424,462
16,595,250,000
May 2013
3,933,725,658
3,010,274,342
3,010,274,342
6,944,000,000
May 2013
3,361,664,333
516,435,667
516,435,667
3,878,100,000
May 2013
2,195,977,241
549,022,759
549,022,759
2,745,000,000
May 2013
23,808,667,770
4,694,157,230
4,694,157,230
30,162,350,000
43,759,052,968
16,248,105,404
16,248,105,404
62,545,166,000
38,262,832,477
3,703,844,178
4,290,870,065
35,384,406,686
January 2012
Consulting and Accounting Ltda
8,084,822,994
3,095,741,848
3,096,631,320
12,727,777,634
January 2012
5,643,081,349
3,068,625,483
3,068,625,483
8,834,495,000
April 12 2011
Ricardo Posada Asociados
4,610,217,484
148,525,048
148,525,048
4,793,991,545
January 2012
1,952,255,820
-
-
-
-
862,000,000
-
-
-
-
-
579,216,535
-
-
-
-
-
-
476,408,709
-
-
-
331,666,666
-
-
836,800,000
-
259,278,583
-
-
-
-
243,382,110
-
-
-
-
-
223,744,950
-
-
-
-
-
104,547,049
120,335,224
120,335,224
236,470,000
March 2012
14,722,223
819,445
819,445
17,000,000
March 22 2012
14,722,223
819,444
819,444
17,000,000
March 22 2012
14,722,223
819,444
819,444
17,000,000
March 22 2012
-
-
-
-
9,117,000
-
-
250,000,000
March 22 2012
March 22 2012
April 12 2011
-
-
9,074,700
-
-
250,000,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,908,837
-
-
8,000,000
March 15 2010
Aceis Gerencia de Propiedades y Edificios
1,280,397
-
-
-
725,511
7,274,489
7,274,489
8,000,000
706,117
7,293,883
7,293,883
8,000,000
March 15 2010
-
5,163,214
5,163,214
8,000,000
March 15 2010
March 15 2010
-
5,357,556
5,357,556
8,000,000
15,352,778,485
147,882,699
3,365,033,230
15,292,756,545
105,459,486,924
26,412,724,660
27,000,640,019
125,950,106,865
March 15 2010
35
(1) Corona Cúcuta - Space No. 101 - OBC Building:
acquired through Public Deed number 6563 of
December 2011.
(2) Corona Ricaurte Store: acquired through Public
Deed number 5455 of December 29, 2010, at
the 73rd Notary’s Office of Bogotá.
(3) Corona Guayabal Store: acquired through Public Deed number 1767 of August 31, 2010, at
the 1st Notary’s Office of Itagüí, and confirmed
through Public Deed number 4798 of December 2, 2010 at the 76th Notary’s Office of Bogotá.
(4) Sonesta Hotel: acquired through Public Deed
number 2753 of September 16, 2011, at the
42nd Notary’s Office of Bogotá.
(5) Farmatodo Esperanza Store. Acquired through
Public Deed number 1516 of July 6, 2009, at
the 16th Notary’s Office of Bogotá.
(6) Farmatodo 167 Store. Acquired through Public
Deed number 2243 of August 8, 2007, at the
7th Notary’s Office of Medellín.
(7)Machinery and Equipment - Transportation
Equipment: Including the property, plant and
equipment of the following Consortia:
INTEREST IN
CONCONCRETO
DETAILS
Consorcio CC MP HV Palmeras
60%
60%
40%
Consorcio obra Puerto Brisa
30%
Consorcio Helios
25%
(8) Sao Paulo Plaza Offices: Acquired through Public Deed number 6255 and 6256 of December
2009; the appraisal does not include the land
(9) Calle 143 Warehouses. Acquired through public deeds numbers 2462 and 2463 of May 17,
2013 at the 73rd Notary’s Office of Bogotá.
(10) Storage Units - Hacienda Santa Bárbara: acquired through Public Deed number 2178 of July 8,
2011, at the 20th Notary’s Office of Bogotá.
NOTE 10
DETAILS
INTANGIBLE ASSETS REAL ESTATE BUSINESS
SHOPPING CENTERS
Fiduciaria Bancolombia - El Ensueño
Fiduciaria Bancolombia - San Pedro Plaza II
Fiduciaria Bancolombia - Alcaraván
Fiduciaria Bancolombia - Viva Sincelejo
Fiduciaria Bancolombia - Guatapurí Plaza Comercial
Fiduciaria Bancolombia - Lote Soacha
Fiduciaria Bancolombia - San Pedro Plaza
Fiduciaria Davivienda - Gran Plaza Cartago
Fiduciaria Bancolombia - Gran Plaza Soledad
Fiduciaria Bancolombia - Pitalito
Fiduciaria Bancolombia - Sports Plaza
Fiduciaria Bancolombia - Gran Plaza Florencia
Fiduciaria Bancolombia - Cable Plaza II
Fiduciaria Davivienda - Gran Plaza Ipiales
Subtotal
Corporate solutions
Fiduciaria Bancolombia - Fresenius
Fiduciaria Bancolombia - Lógika II
Fiduciaria Davivienda - Unilever
Alianza Fiduciaria - El Vínculo
Fiduciaria Davivienda - Coordenada Sur
Fiduciaria Davivienda - Bodega Flamingo
Fiduciaria Bancolombia - Hotel Yopal
Fiduciaria Davivienda - Almagrario
Helm Trust - Lote Palma*
36
INITIAL BALANCE, TOTAL
ADJUSTED COST
DECEMBER 2013
NET VARIATION
TOTAL ADJUSTED COST
DECEMBER 2014
50,610,632,802
45,190,697,266
32,282,576,736
15,920,979,031
10,844,968,288
7,559,986,660
1,018,411
4,729,237,401
6,760,829,042
2,390,512,413
853,834,386
1,024,350
177,146,296,785
93,612,220,000
580,047,260
(1,913,374,552)
3,463,889,206
582,441,797
1,758,373,176
674,068,121
7,986,653,274
2,329,233,407
225,268,838
3,740,774,206
308,530,342
(52,622,342)
24,639,306
113,320,142,039
93,612,220,000
51,190,680,062
43,277,322,714
35,746,465,942
16,503,420,828
12,603,341,464
8,234,054,781
7,987,671,685
7,058,470,808
6,986,097,880
3,740,774,206
2,699,042,755
801,212,044
25,663,656
290,466,438,824
80,700,000,000
8,000,989,659
32,223,441,598
18,480,487,476
18,628,453,722
13,975,212,381
16,173,543
37,883,588,227
4,431,675,171
1,194,027,031
825,755,508
463,342,306
80,716,173,543
45,884,577,886
36,655,116,769
19,674,514,507
19,454,209,230
14,438,554,687
-
11,127,111,278
11,127,111,278
8,513,486,491
7,238,724,195
306,253,291
(58,848,212)
8,819,739,782
7,179,875,983
Table Note 10.
SHORT TERM
DETAILS
Construction
Shopping centers
Real estate – housing
Corporate solutions
Road concessions
Low cost warehouses
TOTAL SHORT TERM INTANGIBLE ASSETS
2014
2013
15,676,139,612
14,833,449,594
3,779,342,022
3,615,855,218
37,904,786,446
10,063,186,218
7,282,749,030
781,084,964
19,333,348,963
131,113,789
37,591,482,964
2014
2013
275,632,989,231
271,702,364,065
64,852,058,158
71,007,243,333
62,175,325,729
14,563,007,567
7,007,965,580
2,485,760,924
167,083,110,568
227,443,664,863
41,516,178,989
45,743,571,781
45,509,372,384
14,563,007,567
7,154,069,135
7,436,726,137
80,783,599
81,309,531
769,507,498,186
556,531,010,955
LONG TERM
DETAILS
Shopping centers
Corporate solutions
Assets received under leasing
Low cost warehouses
Trading credit
Other Intangible assets
Road concessions
Investments
TOTAL LONG TERM INTANGIBLE ASSETS
VALUATION DECEMBER
2014
VALUATION
DECEMBER 2013
BEGINNING
DATE
11,586,603,192
18,131,871,799
1,912,422,040
17,640,915,279
11,225,172,108
541,740,654
61,038,725,072
7,433,077,748
16,152,307,231
605,385,051
16,871,158,404
10,787,814,912
509,688,654
52,359,432,000
34,498,212,535
722,976,000
23,098,808,517
2,617,480,842
12/1/2014
12/1/2010
12/21/2009
3/8/2013
7/7/2007
5/4/2009
6/30/2005
8/31/2012
3/1/2012
11/16/2010
5/13/2014
4/19/2012
11/14/2002
8/31/2012
ENDING DATE
DATE OF
APPRAISAL
APPRAISER
May be extended each year
12/1/2020
3/8/2028
7/7/2027
5/3/2019
1/26/2015
3/1/2022
11/16/2020
4/19/2022
11/14/2002
Nothing
Jul-13
Jul-13
Nothing
Jul-13
Jul-09
Jul-13
Nothing
Dic-13
Dic-13
N/A
Dic-13
Aug-13
Nothing
Pre-operating
Colliers International
Under construction
Appraiser Valuations
Pre-operating
Trust property without fixed assets
Lonja de Propiedad Raiz de Caldas
Operation start - November 2014
34,498,212,535
722,976,000
15,956,902,495
2,617,480,842
12/16/2013 May be extended each year
10/27/2008
10/27/2018
5/19/2010
5/19/2020
7/6/2010
7/6/2025
Nothing
Nothing
Jul-13
Dic-13
Dic-13
Jul-13
-
-
Nothing
1,551,750,000
40,905,838,766
1,551,750,000
40,905,838,766
Under construction 1st stage (Buró 25)
Trust property without fixed assets
Francisco Ochoa Avalúos/ Colliers Int.
Op. beginning Oct 2014-A part of P.A
Alcaraván
8/11/2011
6/24/2004
8/11/2017
6/24/2024
Jul-13
Apr-12
37
Continuation of Table related to Intangible Assets Note 10.
DETAILS
Fiduciaria Bancolombia - Farmatodo 127
Fiduciaria Bancolombia - Hotel Neiva
Fiduciaria Bancolombia – Familia Warehouse
Fiduciaria Bancolombia – Impac Warehouse
Fiduciaria Bancolombia – Caldas Lot
Alianza Fiduciaria - Buró 26
Fiduciaria Bancolombia - Hotel Cali
Fiduciaria Bancolombia - Familia II Warehouse
Alianza Fiduciaria - Villa Viola Terreno*
Alianza Fiduciaria – Securitization
Fiduciaria Bancolombia - Buró 24
*Inflation Adjustments
Subtotal
Low Cost Warehouses
Fiduciaria Bogotá - San Francisco Warehouse
Subtotal
Road Concessions
Fiduciaria Bancolombia - Proyecto Vial de Oriente - Devimed
Fiduciaria Bancolombia - Deviplús
Fiduciaria Bancolombia - Devioriente
Subtotal
Real estate – Housing
Alianza Fiduciaria - El Molino
Alianza Fiduciaria - Las Mercedes
Acción Fiduciaria - El Poblado (antes La Alcancía)
Alianza Fiduciaria - El Bosque
Alianza Fiduciaria - Lote Lagartos
Alianza Fiduciaria - Madeiro (antes La Campana)
Fiduciaria Bancolombia - Asdesillas
Alianza Fiduciaria - Hayuelos
Alianza Fiduciaria - Select
Alianza Fiduciaria - Allegro
Fiduciaria Bancolombia - Bali
Alianza Fiduciaria - Park 68
Fiduciaria Bancolombia - Ciudad del Bosque Etapa 1
Alianza Fiduciaria - Portal del Sol
Alianza Fiduciaria - Finito
Alianza Fiduciaria - Entreparques
Fiduciaria Bancolombia - Urbanización Living Apartamentos
Alianza Fiduciaria - Prestige
Fiduciaria Bancolombia - Life
Fiduciaria Bancolombia - Mint
Alianza Fiduciaria - Toscano
Subtotal
TOTAL INTANGIBLE ASSETS REAL ESTATE BUSINESS
Construction
Fiduciaria Bancolombia - Anticipo puente de la 77
Subtotal
INVESTMENTS
Alianza Fiduciaria - Emgea
Subtotal
OTHER INTANGIBLE ASSETS
Others Rights
Brands
Software Licensing
Fiduciaria Occidente – CCI Building
Subtotal
ASSETS RECEIVED UNDER LEASING
Other assets received under leasing
Assets under leasing Consortia
Subtotal
TRADING CREDIT
Trading Credit - Conconcreto Internacional S.A.
Trading Credit - U-Storage S.A.S.
Trading Credit - Worldwide Storage S.A.
Subtotal
SHORT TERM
LONG TERM
38
INITIAL BALANCE, TOTAL
ADJUSTED COST
DECEMBER 2013
NET VARIATION
TOTAL ADJUSTED COST
DECEMBER 2014
6,849,741,661
4,366,625,546
3,943,573,603
4,111,526,134
1,031,215
1,588,855,781
477,712,901
284,727,204
96,761,328
18,488,864,552
254,534,379
228,224,749,828
190,562,650
904,329,822
404,373,148
151,797,878
2,944,742,550
2,572,275,639
1,958,481,334
260,239,326
(20,461,640)
(163,305)
24,993,481
(18,486,779,572)
47,093,469,453
7,040,304,311
5,270,955,368
4,347,946,751
4,263,324,012
2,944,742,550
2,573,306,854
1,958,481,334
1,849,095,107
457,251,261
284,563,899
121,754,809
2,084,980
254,534,379
275,318,219,281
45,640,486,173
45,640,486,173
16,534,839,556
16,534,839,556
62,175,325,729
62,175,325,729
4,510,012,419
447,239,152
21,812,823,529
26,770,075,100
(2,758,196,495)
286,705,848
(21,812,823,528)
(24,284,314,175)
1,751,815,924
733,945,000
1
2,485,760,925
10,500,750,322
4,733,203,890
5,855,820,370
7,600,000,000
13,677,808,383
4,249,843,557
4,000,000,000
417,068
409,642
12,603,563
1,217,965,892
4,326,080
1,121,475,176
3,664,893
23,330,594
24,701,414
7
53,026,320,851
530,807,928,737
11,461,812,861
24,035
4,664,936,613
2,692,682,928
600,000,000
(6,005,731,258)
767,260,310
18,336,977
1,886,370,278
1,632,437,147
1,572,063,564
350,016,216
1,165,714,618
(307,839,899)
163,900,609
(3)
(2,890,757)
20,659,094,239
173,323,231,112
11,461,812,861
10,500,774,357
9,398,140,503
8,548,503,298
8,200,000,000
7,672,077,125
5,017,103,867
4,018,336,977
1,886,787,346
1,632,846,789
1,584,667,127
1,567,982,108
1,170,040,698
1,100,508,105
813,635,277
167,565,502
23,330,591
21,810,657
401,266
260,894
7
74,786,585,355
705,232,330,114
-
15,676,139,612
15,676,139,612
15,676,139,612
15,676,139,612
81,309,531
81,309,531
(525,932)
(525,932)
80,783,599
80,783,599
6,790,803,398
250,830,000
106,443,661
5,992,076
7,154,069,135
(158,045,467)
(55,740,000)
67,681,912
(146,103,555)
6,632,757,931
195,090,000
174,125,573
5,992,076
7,007,965,580
16,509,640,458
25,006,538,491
41,516,178,949
22,479,350,119
856,529,090
23,335,879,209
38,988,990,577
25,863,067,581
64,852,058,158
7,973,595,412
4,092,622,435
2,496,789,720
14,563,007,567
594,122,493,919
37,591,482,964
556,531,010,955
212,188,620,446
7,973,595,412
4,092,622,435
2,496,789,720
14,563,007,567
807,412,284,632
37,904,786,446
769,507,498,186
VALUATION DECEMBER
2014
VALUATION
DECEMBER 2013
BEGINNING
DATE
DATE OF
APPRAISAL
ENDING DATE
11/29/2010
11/29/2020
12/10/2012
12/10/2022
1/1/2006
9/1/2015
7/27/2009
7/27/2019
10/10/2012
10/8/2032
12/26/2013
10 years
8/1/2008
9/1/2018
9/1/2000
Valid agreement
10/26/2010
10/26/2020
12/13/2007
12/13/2017
2/1/2013
8/1/2019
APPRAISER
1,340,831,676
22,304,335,973
10,576,808,670
14,075,353,694
486,346,261
-
1,239,080,706
19,949,959,943
10,028,055,030
11,683,861,697
486,346,261
-
152,178,742,934
139,640,464,275
14,263,500,000
14,263,500,000
-
3/26/2013
3/26/2025
47,477,934
47,477,934
24,016,209
24,016,209
6/4/1996
2/25/2011
12/29/2005
6/4/2016
2/25/2018
12/29/2025
N/A
N/A
N/A
-
227,528,445,940
192,023,912,484
4/1/2014
Project Term
11/22/2013
11/22/2018
8/10/2011
Project Term
6/12/2013
Project Term
6/12/2013
Project Term
11/29/2013
11/29/2033
8/31/2012
8/31/2017
9/25/2012
9/25/2017
11/2/2012
At most 5 años
10/8/2013
At most 5 years
6/28/2013
Project Term
5/1/2014
Project Term
12/15/2011
12/15/2017
10/5/2010
At most 5 years
5/2/2011
At most 5 years
6/2/2011
At most 4 years
10/21/2014
Project Term
10/21/2014
Project Term
6/16/2010
At most 5 years
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-
-
-
82,457,804
82,457,804
198,273,163
198,273,163
-
-
10/31/2007
-
-
227,610,903,744
192,222,185,647
12/31/2013
Dic-13
Nothing
Dic-13
Dic-13
Nothing
Nothing
Nothing
Dic-13
Nothing
N/A
N/A
Nothing
OperationsstartAssetsOctober 2013
May-14
Operating Leasing –Operation start june 2014
Trustpropertywithoutfixedassets
OperatingLeasing – Operationstartfeb. 2014
Under construction
Down Payment Term
-
-
-
-
10/31/2027
-
-
-
-
-
-
-
-
-
-
39
NAME OF TRUST PROPERTY
- FIDUCIARY RIGHTS
ENTIDAD DONDE TIENE
OBLIGACIÓN FINANCIERA
TIPO DE FIDUCIA
CITY
SHOPPING CENTERS
Fiduciaria Bancolombia - San Pedro Plaza II and III
Fiduciaria Bancolombia – Alcaraván
Fiduciaria Bancolombia – Soacha Lot (Portal San Mateo)
Fiduciaria Bancolombia - San Pedro Plaza I
Fiduciaria Bancolombia - Inmueble Pitalito
CORPORATE SOLUTIONS
Fiduciaria Bancolombia – Fresenius
Fiduciaria Davivienda – Unilever
Fiduciaria Davivienda- Coordenada Sur
Fiduciaria Davivienda – Flamingo Warehouse
Fiduciaria Davivienda – Almagrario
Helm Trust – Palma Lot
Fiduciaria Bancolombia – Impac Warehouse
Fiduciaria Bancolombia – Familia Warehouses
Fiduciaria Bancolombia - Familia II Warehouses
Alianza Fiduciaria - Villa Viola Land
Alianza Fiduciaria – Securitization
Fiduciaria Bancolombia - Buró 51 (Lot)
Fiduciaria Bancolombia – Caldas Lot
LOW COST WAREHOUSE
Bodegas San Francisco
ROAD CONCESSION
Fiduciaria Bancolombia – Devioriente
Fiduciaria Bancolombia – Deviplús
REAL ESTATE – HOUSING
Alianza Fiduciaria – Madeiro
Alianza Fiduciaria – Lagartos Lot (Pontenovo)
Alianza Fiduciaria - El Bosque (Mirador del Bosque)
Fiduciaria Bancolombia - Patrimonio Autónomo Parqueo Asdesillas
Alianza Fiduciaria - Hayuelos (Del Pino)
Alianza Fiduciaria – Finito
Acción Fiduciaria - El Poblado
Alianza Fiduciaria – Prestige
40
Management
Management
Management
Management
Management
Management
Management
Management
Management
Management
Management
Management
Management
Management
N/A
Helm Trust
N/A
N/A
N/A
N/A
N/A
Operating Leasing Bancolombia
N/A
N/A
N/A
Neiva
Yopal - Casanare
Yopal - Casanare
Sincelejo
Guatapurí - Valledupar
Soacha
Neiva
Pitalito - Huila
Soledad - Atlántico
Florencia - Caquetá
Manizales
Ipiales - Nariño
Bogotá - Localidad Bosa
Cartago - Valle
Management
Management
Management
Management
Management
Management
Management
Management
Guarantee
Management
Guarantee
Management
Management
Management
Management
Management
Management
Guarantee
Management
Management
Management
Management
N/A
Securitization
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Financial Leasing Bancolombia
Securitization
Securitization
Securitization
N/A
Securitization
Operating Leasing Corpbanca
N/A
N/A
N/A
Bogotá
Palmira - Valle
Itagüí
Neiva
Soacha
Pereira
Yumbo - Valle
Tenjo - Cundinamarca
Medellín
Bogotá
Neiva
Girardota
Girardota
Girardota
Bogotá
Medellín
Bogotá
Bogotá
Barranquilla
Barranquilla
Caldas - Antioquia
Cali - Valle
Management
Banco de Bogotá
Madrid - Cundinamarca
Guarantee
Management
Management
N/A
Bco. Bogotá y Bancolombia
Bco. Bogotá y Bancolombia
Oriente Antioqueño
Oriente Antioqueño
Oriente Antioqueño
Management
Management
Management
Management
Management
Management
Management
Management
Management
Management
Management
Management
Bancolombia
N/A
Bancolombia
N/A
N/A
N/A
Davivienda
N/A
Bancolombia
N/A
Bancolombia
Bancolombia
Bogotá
Medellín
Bogotá
Bucaramanga
Sabaneta
Neiva
Bogotá
Barranquilla
Medellín
Bogotá
Medellín
Management
Bancolombia
Barranquilla
Fiduciaria Bancolombia – Bali
Fiduciaria Bancolombia - Ciudad del Bosque
Alianza Fiduciaria – Select
Alianza Fiduciaria – Allegro
Alianza Fiduciaria – Toscano
Alianza Fiduciaria – Arvore
Fiduciaria Bancolombia – Life
Fiduciaria Bancolombia – Mint
INVESTMENTS
Alianza Fiduciaria – Emgea
CONSTRUCTION
Fiduciaria Bancolombia - Anticipo Puente de la 77
OTHER TRUST RIGHTS
Management
Management
Management
Management
Management
Management
Management
Management
Management
Bancolombia
Bancolombia
Bancolombia
Bancolombia
Bancolombia
N/A
Bancolombia
N/A
N/A
Barranquilla
Sabaneta
Medellín
Barranquilla
Barranquilla
Medellín
Medellín
Puerto Colombia (Atlántico)
Management
N/A
Medellín
Management
N/A
Sabaneta
Management
N/A
Bogotá
FIDEICOMITENTES
ESTADO ACTUAL DEL PROYECTO
Grupo Éxito 51% - Constructora Conconcreto 49%
Constructora Conconcreto 100%
Constructora Conconcreto 80% - Sports Zone 20%
Inversiones AyE Aeropuertos 50% - Constructora Conconcreto 50%
Infimanizales 90,26% - Constructora Conconcreto 9,74%
Operation and Construction
Operation (Activation 2nd part stage Oct. 2014)
Operation start September 2014
Operation
Construction - Consortium
Operation
Operation
Operation
Operation
Operation
Operation start November 2014
Pre-operative
Pre-operative
Constructora Conconcreto 85,65% - Industrial Conconcreto 14,35%
Constructora Conconcreto 100% While on construction stage
12 Integrantes GF Garbrecht 73,6176% - Constructora Conconcreto 27,0885%
Grupo Consorcio SAS 21,70% - Constructora Conconcreto 78,30%
Constructora Conconcreto 90% - Grupo Hotelero GHL 10%
Constructora Conconcreto 60% - Industrial Conconcreto 40%
Constructora Conconcreto 4,283% - Arquitectura y Concreto y Dirección Nacional Estupefacientes
Constructora Conconcreto 12,23% and Trust Property: Familia I 4,72% - Familia II 3,82% - Impac 2,89% and Unilever 76,34%
Global Inversiones Hoteleras SAS 25% and Inversiones Aeropuerto 25% - Constructora Conconcreto 50%
Inversiones Hoteleras SAS 25% and Inversiones Aeropuerto 25% - Constructora Conconcreto 50%
12 members Familia 75% - Constructora Conconcreto 25%
Construction 1st stage – 4th stage Parking Lot
Operation
Operation
Operation start October 2014
Pre-operative
Operation
Operation
Construction
Parking lot
Operation
Operation
Operation
Operation
Operation
Operation
Operation
Operation start February 2014
Operation start June 2014 Global
Construction – Leased work
Settled December2014
Pre-operative
Pre-operative
Operation start Activation 1st stage. - Sept 2014
26 trustors plus 97,222% - Constructora Conconcreto 2,778%
Security paid
Operation
Operation
Threshold 35% y Alternativas Modulares Arquitectos S.A.S. 15% - Constructora Conconcreto 50%
Arquitectura y Concreto 25% - Asociación Criadores de Caballos 50% - Constructora Conconcreto 25%
Constructora Conconcreto 78,29% - Inversiones PTC S.A. Neiva 11,69%
Arquitectura y Concreto 50% - Constructora Conconcreto 50%
Coninsa 50%, Constructora Conconcreto 27,5% e Inmobiliaria Conconcreto 22,5%
Arquitectura y Concreto 40%, Constructora Conconcreto 22%, Inmobiliaria Conconcreto 18% and Inversiones San Petersburgo 20%
Arquitectura y Concreto 40%, Constructora Conconcreto 22%, Inmobiliaria Conconcreto 18%
and Suplementos y Construcciones S.A. 20%
Arquitectura y Concreto 40% e Inversiones San Petersburgo 20% - Constructora Conconcreto 40%
Arquitectura y Concreto 50%, Constructora Conconcreto 27,5% and Inmobiliaria Conconcreto 22,5%
Constructora Conconcreto 30%, Arquitectura y Concreto 40% and Londoño Gómez 30%
Operation
Pre-operative
Pre-operative
Operation
Parking Lot
Parking Lot
Pre-operative
Pre-operative
Operation
Pre-operative
Operation
Operation
Pre-operative
Operation
Liquidation process
Operation
Operation
Operation
Operation
Operation
Operation
Operation
Operation
Pre-operative
Pre-operative
41
Leasing Rights:
Leasing agreements entered into by Leasing Bancolombia S.A., Banco de Occidente, Helm Bank and
BBVA for the acquisition of machinery and equipment, vehicles and computing equipment.
They include the leasing agreements entered
into by the Consorcio Vial Helios, Ruta del Sol project, during 2010 wherein Constructora Conconcreto S.A. has 25% ownership.
NOTE 11
Trading credit:
Trading credit corresponds to the patrimonial excess paid by the company for the acquisition of the
following investments:
During the month of May 2013 with the purchase
of remaining 40% of company U-Storage S.A.S., by
the companies composing the Conconcreto group,
a trading credit is recorded for $4.092.622.435.
During the month of October 2012, with the acquisition of 100% ownership of the company Inversiones Worldwide Storage S.A., a trading credit is
recorded for $2.496.789.720, which is expected to
be amortized from year 2015 according to the expected dividend flow.
During the month of September 2011, with the capitalization and subsequent purchase of the company
Conconcreto Internacional S.A., with 100% ownership, a trading credit is recorded for $7.973.595.412,
which are expected to be amortized from year 2018
according to the expected dividend flow.
• Quota entitlements of 32% (interest) in common
and co-owned over property 121 located at the
sidewalk of Puerto Lleras, municipality of Villarrica, department of Tolima, identified by property
registration number 366-0032954 and cadastral
record 00 00 0000 9939 000.
• Property 128 located at the sidewalk of Puerto
Lleras, municipality of Villarrica, department of
Tolima, identified by property registration number 366-0032958 and cadastral record 00 0000
9944 000.
OTHER ASSETS
Environment investment in an amount of
$3.300.000.000 is related to acquisition made
through public deed 4334 dated October 28,
2010 issued by Notary’s Office 20 of Bogotá, regarding the following properties:
The abovementioned properties are encumbered
due to environmental causes since an investment
was made in order to conduct thereon activities of
protection, preservation and conservation of the
environment and, particularly, of forest natural resources, flora and fauna located therein.
NOTE 12
FINANCIAL LIABILITIES
ENTITY
OBLIGATION NO.
CREDITS IN PESOS
Banco de Bogotá *
SEVERAL
Banco Popular *
SEVERAL
Banco Davivienda *
SEVERAL
Bancolombia *
SEVERAL
Banco Corpbanca (Helm
Bank) *
Banco de Occidente*
Banco AV Villas *
SEVERAL
SEVERAL
SEVERAL
Banco BBVA*
SEVERAL
Subtotal
LEASING
Leasing Bancolombia*
Banco de Occidente*
Banco de Occidente*
Bbva*
Bbva*
Bbva*
42
171105
153981
167536
180-322
153984
180-80537
10573
10210
140709
11068
RATE
IPC + 3,87% a
4,85%
IPC + 3,80% a 4%
IPC + 4,60% 4,70% -4,75%
-5,75%
DTF+2,05% A
2,94% - IPC+3,95%
IPC+4,39% - 4,73%
IPC + 3,94%
IPC + 3,80%
DTF+1,00% IPC+3,50%
DTF + 2,10%
IPC + 5,41%
IPC+4,40%
DTF+4,0%
IPC+5,25%
DTF+4,0%
IPC+3,42%
IPC+3,42%
DTF+3,65%
IPC+3,42%
CAPITAL
BALANCE
DECEMBER 2014
BALANCE
DECEMBER 2013
EXPIRATION DATE
112,177,242,706
112,177,242,706
41,839,549,179
83,854,632,640
83,854,632,640
49,948,481,022
01/12/2017
19/11/2017
62,265,042,720
62,265,042,720
19,256,601,178
01/12/2017
59,446,425,926
59,446,425,926
35,344,404,270
19/12/2017
53,731,110,000
53,731,110,000
29,212,749,500
26,966,479,654
29,212,749,500
26,966,479,654
-
27/05/2017
21,831,236,374
15/11/2017
19/09/2017
26,737,308,024
26,737,308,024
-
01/09/2017
454,390,991,170
454,390,991,170
168,220,272,023
-
3,638,138,341
12,188,809,122
2,821,181,840
3,100,000,000
1,838,110,124
1,559,215,342
1,040,557,387
943,524,236
1,256,000,000
744,904,144
8,873,113,464
3,591,502,233
2,725,110,550
1,775,383,874
1,629,882,689
991,931,184
986,973,153
895,022,063
739,390,743
735,446,985
2,359,896,341
1,277,335,399
941,559,109
-
10/11/19
14/11/24
20/9/19
27/11/17
6/2/19
29/11/17
28/8/19
28/8/19
27/8/17
25/11/19
LEASING
Corpbanca (Helm Bank)*
Banco de Occidente*
Banco de Occidente*
Bbva*
Bbva*
Bbva*
Bbva*
Bbva*
Bbva*
Bbva*
Bbva*
Banco de Occidente*
Bbva*
Bbva*
Bbva*
Bbva*
Bbva*
Bbva*
Bbva*
Subtotal
Leasing Bancolombia**
Leasing Bancolombia**
115677-7
180-69655
180-69656
10363
10366
10395
11186
146138
10393
11454
10881
118287
10362
180-80308
136277
10348
11069
118847
118289
11192
11483
159993
10920
168364
136726
151266
145670
11127
161788
162024
147815
141179
116989-5
116991-1
150803
115226-3
154195
147780
149818
151581
149819
159981
150499
146958
166467
149576
149821
152433
161924
152831
11493
147153
147151
143328
151377
166508
152464
151227
124402
105404
107630
99406
141221
119482
97991
Leasing Consorcio
Vial Helios
Leasing Consorcio
Puerto Brisa
SUBTOTAL
TOTAL FINANCIAL
LIABILITIES
SHORT TERM
LONG TERM
IPC+5,24%
DTF+2,80%
DTF+2,80%
IPC+3,42%
IPC+3,42%
IPC+3,42%
IPC+3,42%
DTF+3,95%
IPC+3,42%
IPC+3,42%
IPC+3,42%
DTF+2,80%
IPC+3,42%
DTF+4,0%
DTF+4,65%
IPC+3,42%
IPC+3,42%
DTF+2,39%
DTF+2,80%
IPC+3,42%
IPC+3,42%
IPC+5,57%
IPC+3,42%
IPC+4,90%
DTF+4,65%
IPC+5,65%
DTF+3,95%
IPC+3,42%
IPC+5,50%
IPC+5,50%
DTF+3,95%
DTF+3,65%
IPC+5,58%
IPC+5,58%
IPC+5,7%
IPC+4,70%
IPC+4,20%
DTF+3,95%
IPC + 5,7%
IPC+5,65%
IPC + 5,7%
IPC+5,57%
IPC+5,5%
DTF+3,95%
IPC+4,95%
IPC + 5,7%
IPC+5,7%
IPC+5,65%
IPC+5,40%
IPC+5,65%
IPC+3,42%
DTF+3,95%
DTF+3,95%
DTF+3,85%
IPC+5,65%
IPC+4,65%
IPC+5,65%
IPC+5,7%
DTF+4,65%
DTF+3,9%
DTF+4,50%
DTF+6,0%
DTF+3,85%
DTF+3,6%
DTF+6,0%
785,706,856
2,259,977,190
1,879,988,708
640,794,777
608,554,257
568,907,919
547,081,173
722,881,045
486,950,160
479,871,424
449,155,839
890,850,743
345,085,214
853,601,379
660,504,000
325,746,802
284,773,478
920,948,174
594,745,004
200,798,001
196,818,186
203,000,000
183,773,119
156,512,000
504,112,148
164,240,955
169,004,565
104,328,599
124,400,000
124,000,000
118,111,777
344,087,300
79,684,001
79,684,001
88,722,324
82,590,000
95,000,000
85,900,000
84,900,000
75,847,459
84,900,000
64,950,000
95,725,869
121,000,000
55,000,000
102,000,000
69,900,000
56,144,200
55,074,676
54,200,000
39,788,000
123,000,000
121,000,000
100,000,000
37,600,000
29,515,968
31,303,088
35,000,000
18,692,030
1,137,775,293
128,290,000
68,620,000
261,174,000
105,984,000
18,000,000
49,716,716,237
663,518,459
659,654,258
649,904,852
632,659,370
600,828,170
561,685,174
540,135,536
519,438,862
480,767,935
473,779,069
426,026,243
366,916,602
340,704,079
324,175,044
318,152,471
308,972,404
281,158,049
262,621,584
222,744,584
198,248,709
194,319,421
177,300,245
174,309,594
150,672,089
145,238,662
125,075,768
114,887,949
103,004,064
93,485,887
89,467,953
84,410,833
70,140,101
68,509,339
68,509,339
67,173,420
63,946,602
63,210,155
61,715,547
61,480,872
57,750,288
57,147,414
55,029,149
52,685,307
52,303,317
52,264,864
51,019,069
50,618,528
42,988,423
42,641,843
42,255,187
39,282,859
37,570,088
37,391,913
37,253,585
28,803,137
26,635,644
17,530,285
34,533,877,132
785,706,856
1,131,990,876
1,036,983,830
638,608,421
553,158,650
453,121,731
415,358,175
439,461,277
355,270,745
191,182,308
151,611,169
143,443,022
104,283,102
97,816,544
81,786,860
77,285,683
75,739,550
74,351,401
75,195,407
70,014,949
69,706,341
64,950,000
81,892,051
89,453,769
80,915,789
61,909,997
51,909,117
50,803,618
60,908,625
60,750,175
67,675,743
34,765,417
21,910,677
3,041,322
611,534,130
10,733,104
9,497,588
9,462,627
2,672,718
940,666
12,976,594,879
30/10/18
15/3/16
21/6/16
25/11/19
25/11/19
25/11/19
25/11/19
25/2/18
25/11/19
25/11/19
28/8/19
2/9/16
25/11/19
27/2/17
18/4/17
28/8/19
25/11/19
1/4/16
1/6/16
25/11/19
25/11/19
3/2/19
28/8/19
3/9/19
21/3/17
17/5/18
24/12/17
25/11/19
25/2/19
27/2/19
8/1/18
18/7/17
9/1/19
9/1/19
16/4/18
23/7/18
20/8/18
27/12/17
13/3/18
10/5/18
13/3/18
23/12/18
19/4/16
12/12/15
0/21/2019
13/3/16
13/3/18
7/6/18
17/3/17
5/7/18
21/11/19
26/12/15
26/12/15
11/10/15
24/6/18
6/8/17
18/9/15
4/7/14
18/5/14
21/3/14
8/2/14
27/2/14
4/1/14
2/2/14
3/2/14
-
-
19,932,928,019
24,950,375,672
-
-
-
-
56,162,819
-
-
19,932,928,019
25,006,538,491
-
504,107,707,407
508,857,796,321
206,203,405,393
-
110,815,089,921
25,540,066,789
-
398,042,706,400
180,663,338,604
-
* Promissory Note ** Guarantee
43
The foregoing liabilities have no penalties or collateral securities.
Expiration of long-term financial liabilities in an amount of $398.042.706.400 during the following years
is as follows:
ACCOUNT
2016
2017
205,176,496,837
123,484,532,398
6,284,049,945
6,272,372,232
1,772,372,232
7,020,470,283
350,010,293,927
Leasing
Consortia
3,986,585,604
3,986,585,604
3,986,585,604
3,986,585,604
3,986,585,603
-
19,932,928,019
Leasing
6,023,194,276
5,593,763,227
4,453,149,208
5,302,310,714
863,883,511
5,863,183,518
28,099,484,454
Banks
TOTAL
2018
2019
215,186,276,717 133,064,881,229 14,723,784,757 15,561,268,550
2020
OVER 5 YEARS
TOTAL
6,622,841,346 12,883,653,801 398,042,706,400
COVERAGE OPERATIONS
1. This operation was formalized pursuant to the provisions of the Framework Agreement entered into
between Constructora Conconcreto S.A. and Bancolombia, under the operations with derivative Collar
Option with an Exchange rate dated September 2, 2014 containing the following flow:
DATE
COVERAGE VALUE IN USD
FLOOR
CAP
25/09/2014
6,587,605.72
1,900.00
1,953.82
27/10/2014
539,835.07
1,900.00
1,972.82
25/11/2014
746,364.66
1,900.00
1,987.60
26/12/2014
1,574,577.67
1,900.00
2,002.85
26/01/2015
1,616,380.38
1,920.00
1,988.02
25/02/2015
1,844,693.36
1,920.00
2,000.62
2,014.18
25/03/2015
1,966,975.77
1,920.00
27/04/2015
1,843,249.95
1,920.00
2,031.14
26/05/2015
1,406,691.14
1,920.00
2,046.02
25/06/2015
1,185,652.85
1,920.00
2,062.04
27/07/2015
988,044.04
1,940.00
2,043.02
25/08/2015
1,128,270.88
1,940.00
2,057.22
25/09/2015
650,241.71
1,940.00
2,064.01
26/10/2015
568,882.89
1,940.00
2,078.47
25/11/2015
568,882.89
1,940.00
2,092.19
22/12/2015
680,641.38
1,940.00
2,104.97
25/01/2016
325,812.87
1,960.00
2,085.11
28/03/2016
1,240,032.79
1,960.00
2,113.02
25,462,836.02
44
2. This is a formalized operation pursuant to the provisions of the Framework
agreement entered into by and between Constructora Conconcreto S.A. and
Bancolombia, under the operation with the derivative Collar Option with an
exchange rate dated September 9, 2014 containing the following flow:
DATE
9/25/2014
10/27/2014
FLOOR
CAP
1,646,901.43
1,920.00
1,980.87
134,958.77
1,920.00
2,001.43
11/25/2014
186,591.16
1,920.00
2,014.95
12/26/2014
393,644.42
1,920.00
2,031.48
1/26/2015
538,793.46
1,940.00
2,021.06
2/25/2015
614,897.79
1,940.00
2,032.56
3/25/2015
655,658.59
1,940.00
2,044.96
4/27/2015
614,416.65
1,940.00
2,061.42
5/26/2015
468,897.05
1,940.00
2,076.21
6/25/2015
395,217.62
1,940.00
2,091.68
7/27/2015
395,217.62
1,960.00
2,074.90
8/25/2015
451,308.35
1,960.00
2,086.24
9/25/2015
260,096.69
1,960.00
2,090.09
10/26/2015
227,553.15
1,960.00
2,104.11
11/25/2015
227,553.15
1,960.00
2,117.77
12/22/2015
272,256.55
1,960.00
2,129.84
1/25/2016
162,906.44
1,980.00
2,112.43
3/28/2016
620,016.40
1,980.00
2,139.62
8,266,885.28
3. This is a formalized operation pursuant to the provisions of the Framework
agreement entered into by and between Constructora Conconcreto S.A.
and Bancolombia, under the operation with the derivative Collar Option
with an exchange rate dated November 12, 2014 with the following flow:
DATE
FLOOR
CAP
26/01/2015
538,793.46
2,100.00
2,120.55
25/02/2015
614,8987.79
2,100.00
2,126.94
25/03/2015
655,658.59
2,100.00
2,133.69
27/04/2015
614,416.65
2,100.00
2,141.22
26/05/2015
468,897 .05
2,100.00
2,149.22
25/06/2015
395,2187.62
2,100.00
2,156.77
27/07/2015
592,826.43
2,100.00
2,166.31
25/08/2015
676,962.53
2,100.00
2,174.75
25/09/2015
390,145.03
2,100.00
2,183.17
26/10/2015
341,339.73
2,100.00
2,192.86
25/11/2015
341,339.73
2,100.00
2,191.57
22/12/2015
408,384.83
2,100.00
2,203.64
25/01/2016
325,812.87
2,100.00
2,213.67
28/03/2016
1,240,032.79
2,100.00
2,232.79
7,604,705
45
As of December 31, 2014, the following operations are valid:
DATE
26/01/2015
25/02/2015
25/03/2015
27/04/2015
26/05/2015
25/06/2015
27/07/2015
25/08/2015
25/09/2015
26/10/2015
25/11/2015
22/12/2015
25/01/2016
28/03/2016
DATE
COVERAGE VALUE
IN USD
FLOOR
CAP
1,616,380
1,844,693
1,966,976
1,843,250
1,406,691
1,185,653
988,044
1,128,271
650,242
568,883
568,883
680,641
325,813
1,240,033
16,014,453
1,920.00
1,920.00
1,920.00
1,920.00
1,920.00
1,920.00
1,940.00
1,940.00
1,940.00
1,940.00
1,940.00
1,940.00
1,960.00
1,960.00
1,988.02
2,000.62
2,014.18
2,031.14
2,046.02
2,062.04
2,043.02
2,057.22
2,064.01
2,078.47
2,092.19
2,104.97
2,085.11
2,113.02
COVERAGE VALUE
IN USD
FLOOR
CAP
538,793
614,898
655,659
614,417
468,897
395,218
395,218
451,308
260,097
227,553
227,553
272,257
162,906
620,016
5,904,789
1,940.00
1,940.00
1,940.00
1,940.00
1,940.00
1,940.00
1,960.00
1,960.00
1,960.00
1,960.00
1,960.00
1,960.00
1,980.00
1,980.00
2,021.06
2,032.56
2,044.96
2,061.42
2,076.21
2,091.68
2,074.90
2,086.24
2,090.09
2,104.11
2,117.77
2,129.84
2,112.43
2,139.62
26/01/2015
25/02/2015
25/03/2015
27/04/2015
26/05/2015
25/06/2015
27/07/2015
25/08/2015
25/09/2015
26/10/2015
25/11/2015
22/12/2015
25/01/2016
28/03/2016
DATE
COVERAGE VALUE
IN USD
FLOOR
CAP
538,793
614,898
655,659
614,417
468,897
395,218
592,826
676,963
390,145
341,330
341,330
408,385
325,813
1,240,033
7,604,705
2,100.00
2,100.00
2,100.00
2,100.00
2,100.00
2,100.00
2,100.00
2,100.00
2,100.00
2,100.00
2,100.00
2,100.00
2,100.00
2,100.00
2,120.55
2,126.94
2,133.69
2,141.22
2,149.22
2,156.77
2,166.31
2,174.75
2,183.17
2,192.86
2,191.57
2,203.64
2,213.67
2,232.79
26/01/2015
25/02/2015
25/03/2015
27/04/2015
26/05/2015
25/06/2015
27/07/2015
25/08/2015
25/09/2015
26/10/2015
25/11/2015
22/12/2015
25/01/2016
28/03/2016
NOTE 13
SUPPLIERS
SUPPLIERS
Domestic suppliers
Related company suppliers
2013
30,424,460,322
26,319,415,007
3,971,327,048
162,866,769
Foreign suppliers (1)
966,491,248
2,325,297,894
Accounts payable provisions
137,639,492
88,632,097
33,529,932
47,137,523
35,533,448,042
28,943,349,290
Travel ticket provision
TOTAL SHORT TERM
46
2014
Foreign suppliers (2)
351,643,771
-
TOTAL LONG TERM
351,643,771
-
(1) The following are the details of the short-term foreign suppliers:
SHORT TERM SUPPLIERS – FOREIGN CURRENCY
2014
COP VALUE (PESOS)
2,250.00
6,510,148
53.85
137,278
EUR value (Euros)
La Bohemia Comunicación Sl
Carte Bancaire
Atelier Nini AR
10.00
26,112
Subtotal EUR
2,313.85
6,673,538
159,705.00
316,211,109
Roupas Professionais Muñoz Acuña
76,798.80
188,319,105
Florida Aquastore and Utility
56,503.90
134,397,916
Schwing Equipamentos Industriais
40,534.13
96,412,860
Constructora de Almacenes Ltda.
16,505.96
38,243,155
Emac America LLC
USD value (dollars)
Menard
11,524.80
23,135,806
Corporación de Aceros de Arequipa S.A.
9,251.00
21,756,438
Inversiones Joper Spa
8,418.04
19,504,012
Sociedad de Inversión Fenix Limit
8,087.92
18,739,143
Green Building Certification Institut
4,500.00
10,853,928
Camargo Correa S.A.
3,125.56
7,574,982
Project Management Institute
2,775.00
6,512,650
CMD Domingo y Lázaro Ingenieros SL
2,230.61
4,141,627
515.00
986,416
Consejo Empresarial de América
386.71
925,200
Flying Apparel S.A.
169.20
317,885
International Council of Shopping
125.00
293,363
Hydrotech Inc.
Riu Panamá Plaza
Subtotal
24.94
59,664
401,182
888,385,259
FOREIGN EXCHANGE INCREASE IN VALUE
-
71,432,451
TOTAL
-
966,491,248
2014
COP VALUE (PESOS)
Johnson Controls be do Brasil Ltda.
146,980
289,566,768
Subtotal
(2) The following are the details of the long-term foreign suppliers:
LONG-TERM SUPPLIERS FOREIGN CURRENCY
USD value (dollars)
146,980
289,566,768
Foreign exchange increase in value
-
62,077,003
TOTAL
-
351,643,771
47
NOTE 14
ACCOUNTS PAYABLE
ACCOUNTS PAYABLE, RELATED COMPANIES AND SHAREHOLDERS
2014
2013
ACCOUNTS PAYABLE SHORTTERMRELATED COMPANIES
Inmobiliaria Conconcreto S.A.S.
1,716,028,415
-
Cas Mobiliario S.A.
1,024,961,502
4,961,502
Total accounts payable short term related companies
288,273,357
-
3,029,263,274
4,961,502
203,898,620
SHORT TERM ACCOUNTS PAYABLE
Various creditors – external works – consortia
3,315,960,773
Consorcio CC Conciviles
548,559,225
281,601,559
Consorcio Lithos
394,353,718
395,343,068
Consorcio Puerto Brisa
381,273,550
260,568,555
Consorcio Canal del Dique
80,070,316
125,092,607
Consorcio IFT
65,539,397
65,539,397
59,762,606
-
19,919,240
-
Columbus
16,756,007
-
134,967
96,794,711
4,882,329,799
1,428,838,517
24,179,022,295
-
Other minors
Total various creditors external works – consortia
Other various creditors
Delegated management reclassification
Leasing Bancolombia
2,869,586,135
-
Ladrillera Las Mercedes (1)
1,800,000,000
9,000,000,000
Patrimonios Autónomos Fiducolombia
425,971,351
-
Eusse Jiménez Nohora Astrid
379,419,375
360,448,406
Alianza Fiduciaria
297,741,390
19,970,842
Banco de Bogotá S.A.
221,461,819
12,819,893
Banco Davivienda
206,048,993
-
Bancolombia
117,995,985
82,379,293
BBVA Colombia
13,818,960
10,400,167
Various minor creditors
23,465,053
39,126,550
Inversiones Jiménez Silva y Cía S.C. et al.
-
1,807,468,034
Arquitectura y Concreto
-
700,000,000
Fondo de Empleados Conconcreto
-
189,625,872
Fiduciaria Davivienda
-
159,076,903
Centro Comercial Av Villas
-
12,552,733
30,534,531,356
12,393,868,693
17,096,244,019
Total other various creditors
Other accounts payable
Official creditors (2)
7,575,136,940
Costs and expenses payable
5,511,109,968
1,112,848,705
Withholdings and payroll contributions
2,621,394,187
2,236,167,755
506,730,771
643,970,502
Total other accounts payable
Accounts payable - contractors
16,214,371,866
21,089,230,981
TOTAL SHORT-TERM ACCOUNTS PAYABLE
51,631,233,021
34,911,938,191
Dividends and/or stocks
10,552,008
111,493,396
Debts with shareholders
-
4,692,327
10,552,008
116,185,723
Short term Accounts payable - shareholders
Total cuentas por pagar accionistas corto plazo
Long term accounts payable – related companies
Conmercol S.A.
Total cuentas por pagar compañías vinculadas largo plazo
297,580,065
267,580,065
297,580,065
267,580,065
LONG-TERM ACCOUNTS PAYABLE
Ladrillera Las Mercedes (1)
Fiduciaria Davivienda
Fresenius Medical Care Colombia S.A.
Park 68 Lot
TOTAL LONG-TERM ACCOUNTS PAYABLE
48
5,400,000,000
-
4,881,317,601
4,375,889,733
1,938,958,648
1,479,346,000
-
78,682,500,000
-
151,767,750
12,220,276,249
84,689,503,483
(1) It corresponds to lot contribution to Trust Property Ladrillera Las Mercedes, as per lot promissory purchase agreement in an amount of $21.000.000.000, of which Constructora Conconcreto S.A. owns 50%, Umbral Propiedad Raíz owns 35% and Alternativas Modulares Arquitectos owns 15%. $1.500.000.000 were paid and as of December 31, 2014 and amount of
$7.200.000.000 is still pending.
(2) Balances as of December 31, 2014 are as follows:
OFFICIAL CREDITORS
Source withholding December
CREE self-withholding December
2014
2013
4,450,525,646
5,701,968,309
1,396,116,810
706,334,716
IVA November – December
945,170,095
1,123,473,000
Customs duties and other taxes
773,059,000
198,876,000
10,265,389
8,537,942
Consumption tax November – December
Income tax provision *
-
6,245,685,267
**
3,111,368,785
7,575,136,940
17,096,244,019
CREE tax provision
TOTAL OFFICIAL CREDITORS
Main conciliatory items between profits before taxes and taxable net income as of December 31,
2014 and the details of provisions are as follow:
CONCILIATION
2014
2013
63,581,479,469
80,744,336,035
Difference of operating income
(77,905,462,763)
(60,153,973,801)
Difference of non-operating income
(22,830,423,572)
(18,474,491,914)
Accounting profit before taxes
Difference of costs
60,501,036,015
41,825,867,268
Difference of operating expenses
14,872,795,707
13,630,643,710
Loss compensation and presumptive income
Hotel exempted income
Tax net income
-
(48,674,189)
(3,090,036,364)
(1,425,672,084)
35,129,388,492
56,098,035,025
564,232,244,000
536,692,688,000
2014
2013
35,129,388,000
56,098,035,025
8,892,028,000
14,189,000,000
7,972,000
111,000,000
TOTAL INCOME TAX PROVISION
8,900,000,000
14,300,000,000
Less source self-withholdings
(12,241,108,000)
(6,008,133,018)
Less source withholdings - consortia, third parties and trust property
(3,197,009,000)
(2,046,181,715)
Less income tax down payment
(1,707,651,000)
PRESUMPTIVE INCOME BASE
INCOME TAX PROVISION CALCULATION
Taxable net income
Income tax
Occasional revenue income
TOTAL (CREDIT BALANCE) INCOME TAX PROVISION
(8,245,768,000)
6,245,685,267
Balance of year 2014 is classified as a tax and contribution down payment.
49
CREE TAX PROVISION CALCULATION
2014
2013
Taxable net income (without exempted income, gifts and loss
amortization)
39,427,731,000
59,521,638,118
TOTAL CREE TAX PROVISION
3,600,000,000
5,400,000,000
5,399,201,000
(2,160,174,212)
-
(128,457,003)
(1,799,201,000)
3,111,368,785
2014
2013
1,063,873,733,014
1,005,986,786,052
Less self-withholdings
Less CREE withholdings from consortia, third parties and trust
property
TOTAL (CREDIT BALANCE) CREE
2014 balance is classified as tax and contribution down payment.
CONCILIATION
Accounting equity
More: Accounting value – provisions
4,627,357,280
13,872,528,761
Less: accounting valuations
(288,958,141,988)
(268,835,524,905)
Less: Equity Method
(145,553,072,074)
(117,834,795,019)
9,365,656,491
(3,698,422,597)
643,355,532,723
629,490,572,292
Less: Other conciliatory items
FISCAL EQUITY
The details of deferred tax as of December 31, 2014 are as follow:
DEFERRED TAX
2014
2013
Credit balance of the year in Constructora Conco
814,860,234
1,249,120,239
Temporary item reversal from the previous year
(814,860,234)
(1,249,120,238)
Deferred income tax during the year due to:
Nondeductible costs – consortia
562,119,192
-
Caused Industry and Commerce Cost
133,987,405
527,588,252
Caused Social Security Cost
-
65,042,925
Caused Social Security Expense
-
118,891,912
(25,699,094)
103,337,145
(144,452,732)
(434,260,004)
670,407,502
814,860,235
Caused Industry and Commerce Expense
Net movement of the year
Balance at the end of the year (1)
(1) Balance includes:
Current assets
Deferred
Net balance
50
670,407,502
814,860,235
670,407,502
814,860,235
NOTE 15
TAXES, ENCUMBRANCES AND DUTIES
Industry and commerce – current fiscal period
TOTAL
Income tax: The term for the review of the income
tax returns submitted until 2006 has expired. Regarding 2007 tax return, pursuant to section 147 of Act
1607 of 2012 and Regulatory Decree 699 of 2013,
a conciliation formula was entered into with DIAN,
which was approved by judgment dated July 4, 2014
issued by the Second Hearing Division of the Administrative Court of Antioquia; whereby 2007 tax return ended with a credit balance of $429.106.000.
The 2008 income tax return is not final because administrative acts whereby DIAN taxes were officially decided were requested in exercise of annulment
and restoration of the rights actions before the Contentious Administrative Jurisdiction.
The 2009 tax return is not final because administrative acts whereby DIAN taxes were officially decided
were requested in exercise of annulment and resto-
2014
2013
3,486,958,087
3,164,886,363
3,486,958,087
3,164,886,363
ration of right actions before the Contentious Administrative Jurisdiction. Term for reviewing 2010 and
2011 tax returns has expired.
2012 and 2013 tax returns are subject to review and
acceptance by tax authorities.
Sales tax and industry and commerce tax: the
Company has been fulfilling the tax payment duties.
Net worth tax: the Company is subject to the net
worth tax on a yearly basis. This tax was paid in (2)
installments in the months of May and September,
respectively, thus abiding by subsection two of the
transitory paragraph added to section 78 of Decree
2649 of 1993, amended by Decree 514 of 2010. 2014
and 2013 accounting record was made against the
asset increase in value account.
NOTE 16
LABOR OBLIGATIONS
Company balance as of December 31, 2014 is as follows:
LABOR OBLIGATIONS
Accrued vacations
Accrued severance payments
Salaries payable (1)
Interests on severance payments
Actuarial calculation of retirement pensions (2)
TOTAL
SHORT TERM
LONG TERM
2014
2013
3,727,212,126
3,084,882,111
2,182,328,329
342,230,002
218,385,357
9,555,037,925
9,336,652,568
218,385,357
3,216,263,211
2,687,119,824
2,032,557,196
292,595,342
213,185,208
8,441,720,781
8,228,535,573
213,185,208
(1) Salaries payable - They correspond to the accrual of the second fortnight of December 2014, which is paid
in January 2015, since due dates are the 5th and 20th day of each month.
(2) Retirement pensions - The actuarial calculation corresponding to the one updated as of December 31,
2014; it has also been established by using an interest rate of 7,32% effective per year, resulting from
weighted Consumer Price Index of 2,41% and the 4,8% real technical interest rate, pursuant to Decrees
2783 of 2001 and 2984 of 2009.
The pension liability was 100% amortized.
51
NOTE 17
ESTIMATED LIABILITIES AND PROVISIONS
This provision corresponds to the ongoing process related to 2009 tax return.
NOTE 18
DOWN PAYMENTS, INCOME RECEIVED AS DOWN PAYMENT AND OTHER LIABILITIES
DOWN PAYMENTS, INCOME RECEIVED AS DOWN PAYMENT
AND OTHER LIABILITIES
2014
2013
Short term down payments and advance payments received (1)
81,688,992,789
20,005,253,901
Long term down payments and advance payments received (2)
78,059,064,196
98,245,600,969
Short term income received as down payment (3)
45,830,784,566
42,473,959,446
9,388,899,908
11,128,530,476
Other short term liabilities (4)
Other long term liabilities (4)
TOTAL
2,638,703,616
-
217,606,445,075
171,853,344,792
(1) As of December 31, 2014, the details are as follow:
DOWN PAYMENTS AND ADVANCE
PAYMENTS RECEIVED
PROYECTO
23,175,289,350
18,531,307,310
Buró 25, Ciudad del Bosque, Vías de Oriente
15,748,121,932
Movimiento de tierra Puerto Aguadulce
Alianza Fiduciaria
6,680,944,621
Hayuelos, Lote Lagartos, Finito y Hotel Metro Yopal
Fiduciaria Bogotá
4,928,489,520
Acueducto Norte del Cauca
Hotel Estelar S.A.
3,579,316,838
Hotel Estelar Cartagena
Devimed
3,470,725,641
Devimed 2014
Almacenes Flamingo S.A.
1,344,237,486
Acabados Flamingo Villavicencio y Valledupar
Fundación Hospital Infantil Santa Ana
492,698,705
Clínica Infantil Santa Ana
Klonis Erazo Katerine
380,000,000
Torremolinos
367,993,993
Reembolsables Túnel La Línea
Olarte González Óscar Ricardo
313,600,000
Torremolinos
Corporación Museo de Arte Moderno
299,415,057
Museo Arte Moderno de Medellín
Constructora Jiménez S.A.
238,493,862
Two Towers
Schlumberger Surenco S.A.
192,632,293
Schlumberger Base
176,653,899
Torre Atlántica
Promotora Parque Washington
Other minors
TOTAL SHORT-TERM DOWN PAYMENTS
AND ADVANCE PAYMENTS RECEIVED
52
2014
1,769,072,282
81,688,992,789
(2) As of December 31, 2014, the details are as follow:
OWN PAYMENT AND ADVANCE PAYMENT
2014
2013
CONCEPT
atrimonio Autónomo Fidudavivienda
26,324,368,016
26,324,368,016 Securitization Unilever
atrimonio Autónomo Fiducolombia
23,938,159,088
23,938,159,088 Securitization Familia I, Familia II, Impac
atrimonio Autónomo Fiducolombia
21,197,702,512
onsorcio Binacional Batalla de Cúcuta
5,949,524,610
ociedad Puerto Industrial Aguadulce
OTAL LONG TERM DOWN PAYMENTS AND
ADVANCE PAYMENTS RECEIVED
47,983,073,865 Devimed - Devioriente and Deviplús
- Binational Bridge
649,309,970
78,059,064,196
- Land movement Puerto Aguadulce
98,245,600,969
(3) The advance income received corresponds to the deferred income for the invoicing in some of the
projects that have not incurred in the corresponding costs. As of December 31, 2014 the main income
received corresponds to:
PROJECT
2014
2013
2,710,402,987
6,834,222,046
614,244,228
373,486,747
CONSTRUCTION BUSINESS
Shopping centers
Direct
Indirect
Corporate solutions
Direct
-
-
Indirect
-
155,302,296
21,599,534,728
25,703,540,589
1,921,128,677
1,128,610,025
Corporate buildings
Direct
Indirect
Construction, industry, external
Works: bridges, tunnels and roads
Housing – external
11,160,355,979
-
2,889,345,748
3,494,225,804
1,177,387,136
2,736,175,706
Hydraulic works
1,155,464,343
-
Works: airports, ports and terminals
1,002,077,844
-
894,133,717
1,990,584,080
-
Low-cost warehouses
Architectural design workshop
511,209,179
Trade – external
128,942,259
-
Consalfa Projects
29,798,244
4,926,463
-
52,885,690
Construction – commerce, external
BUSINESS INCOME
Projects other investments
TOTAL DEFERRED INCOME
36,759,496
-
45,830,784,566
42,473,959,446
(4) In the construction sector, and as a healthy precautionary measure, companies do not pay 100% of the
works executed by the contractors; a percentage is withheld. The purpose of withholding this money is
to make sure that the contractor makes all the due payments to its workers pursuant to the provisions
of the law. Once the agreement ends and the fulfillment of all the obligations are verified, then the owed
sums of money are paid back.
53
NOTE 19
NET WORTH
Capital stock and premium in the issuance of shares
The flow of capital and the premium in the issuance of shares, for 2014 and 2013, in pesos and
in shares, are the following:
Flow in pesos:
DETAILS
Authorized capital
FINAL BALANCE
PESOS
AUTHORIZED CAPITAL
INCREASE
FINAL BALANCE PESOS
DECEMBER 2013
JUNE 2014
DECEMBER 2014
103,927,000,000
50,573,000,000
154,500,000,000
Capital to be subscribed
(10,464,393,047)
(50,573,000,000)
(61,037,393,047)
Subscribed and paid-up capital
93,462,606,953
-
93,462,606,953
Premium in issuance of shares
318,871,804,655
-
318,871,804,655
Flow in shares:
DETAILS
FINAL BALANCE
SHARES
AUTHORIZED CAPITAL
INCREASE
FINAL BALANCE SHARES
DECEMBER 2013
JUNE 2014
DECEMBER 2014
Authorized capital
1,009,000,000
491,000,000
1,500,000,000
(101,596,049)
(491,000,000)
(592,596,049)
907,403,951
-
907,403,951
The face value of the share is kept at one hundred and three pesos ($103).
The intrinsic value of the shares, as of December 31, 2014 and 2013 amounts to $1.172,44 and
$1.108,64 per share, respectively.
Capital Surplus and Equity Method
The balance as of December 31, 2014 corresponds to a Premium for placement of shares in an
amount of $318.871.804.655 and equity method surplus equivalent to $100.024.379.802.
EQUITY METHOD SURPLUS
2013
89,171,903,226
88,596,559,654
521,136,751
476,090,186
369,649,299
334,689,417
Increases in value
TOTAL
54
2014
9,961,690,526
700,536,077
100,024,379,802
90,107,875,334
Reserves
Legal Reserve - The Colombian law requires that
the Company reserves, each year, 10% of its net profits after taxes until completing, at least, 50% of the
subscribed capital. The law forbids the distribution
of this reserve during the existence of the Company,
but it may be used to absorb losses. From years
2013 and 2012 10% of the profits were allocated
for the creation of the legal reserve. Balance as of
December 31, 2014 amounts to $31.539.580.603.
Other Reserves - As of December 31, 2014 there were the following additional reserves: Endowment and Civism $2.583.000.000, working
capital $172.340.410.366, available for the highest corporate body $1.499.697.715 and others
$500.000.000.
Increase in value of the net worth
It corresponds to the inflation adjustment of the net
worth. This value may not be distributed as a profit
to the shareholders unless the company is liquidated
or if this value is capitalized, pursuant to section 36-3
of the Tax Statute, and section 90 of Decree 90 of Decree 2649 of 1993, amended by section 6 of Decree
1536 of 2007.
The balance, as of December 31, 2014 for
$2.285.435.522 was received through the merger
with by absorption between Constructora Conconcreto S.A. and Inversiones Conconcreto. There was an
increase in years 2014 and 2013, because of applying
the net worth tax against this account, pursuant to
the provisions of section 1 of Act 1370 of 2009 that
complements section 292- 1 of the Tax Statute.
Valuation surplus
The Company recorded the following increase in values as of December 31, 2014:
VALUATION
2014
2013
227,610,903,744
192,222,185,647
Investments (see Note 4)
34,934,513,584
49,612,699,239
Property, plant and equipment (see Note 9)
26,412,724,660
27,000,640,019
288,958,141,988
268,835,524,905
Fiduciary rights (see Note 10)
TOTAL
Profit Distribution
According to Shareholders’ Meeting minutes dated March 27, 2014, the distribution of the profits was agreed as follows:
DISTRIBUTION OF THE PROFITS
Legal reserve
Reserve for donations
Occasional reserve – working capital
Cash dividends
TOTAL
6,061,007,603
1,200,000,000
33,349,068,428
20,000,000,000
60,610,076,031
From cash dividend in an amount of $22,0409002825689 per share, the last quota was paid
out on December 15, 2014.
55
NOTE 20
SUSPENSE ACCOUNTS
The balance as of December 31, 2014 is as follows:
SUSPENSE ACCOUNTS
2014
2013
47,013,981,310
52,018,433,206
(510,706,784,314)
(452,894,601,215)
-
13,692,046,826
Debtors:
Contingent rights
Lawsuits and/or claims
Fiscal debtors
Accounting – fiscal differences
Control debtors
Assets received - leasing
Inflation adjustment – personal property and real estate
7,008,532,336
7,160,100,575
Totally depreciated Property, plant and equipment
5,714,508,871
8,818,094,022
250,710,668,885
295,424,485,638
Unused positive balances
Written-off debtors
15,825,658,690
15,750,658,690
Several debts (1)
521,010,516,371
405,765,689,303
336,577,082,149
345,734,907,045
14,127,455,454
9,681,650,084
TOTAL DEBTORS
Creditors:
Contingent liabilities
Contingent liabilities (2)
Other (guarantees)
53,000,000,000
215,859,930,255
245,092,801,595
181,059,691,655
(103,257,419,456)
(145,256,033,521)
Fiscal creditors
Control creditors
Several creditors (3)
443,856,824,385
347,732,727,917
TOTAL CREDITORS
652,819,661,978
609,077,966,390
(1) The value corresponds to consortia assets with the respective interest percentages, excluding
those recorded with Constructora Conconcreto S.A.
(2) Corresponding to promissory purchase agreements entered into during the year and that, at
the closing, were not yet formalized through deeds.
(3) Including recording of liabilities from consortia balance sheets in the proportion wherein
Constructora Conconcreto S.A. holds an interest in an amount of $440.999.158.475 and equity increase in value balance as a result of inflation adjustments for $2.857.665.910.
56
NOTE 21
OPERATING INCOME
OPERATING INCOME
2014
2013
Income from works, fees, maintenance, transportation and other (1)
610,886,553,960
465,825,352,990
Income from related activities – trust property (2)
104,650,408,662
103,368,997,584
Income from equity method (3)
20,421,473,422
12,473,148,100
Rentals of real estate property
13,792,968,116
10,548,747,215
Hotel industry activities
11,717,939,299
5,579,814,898
Dividends and equity stake
10,069,792,664
7,154,738,035
2,494,860,533
2,226,186,928
5,244,478,460
3,722,111,575
Data processing
2,216,626,026
2,564,865,991
Consultancy business activities
2,201,986,028
3,015,961,403
Structural design fees – related activities
1,824,984,409
-
205,614,767
114,925,337
12,154,042
505,890
Sales of stores and real estate property
Other activities
Machinery and equipment lease
Space concession
Income – other activities
Subtotal other activities
TOTAL
11,705,843,732
9,418,370,196
785,739,840,388
616,595,355,946
57
(1) The details of the income derived from hired works as of December 31, 2014 are as follow:
HIRED WORKS
PROJECTS
Balance Hidroituango
Gran Plaza Ipiales Shopping Center
Movich Chital Buró 26
Balance Consorcio ECC Loboguerrero
Balance Consorcio Hidrocucuana
San Francisco Centro Madrid Warehouse
Buró 51
Balance Consorcio Puerto Aguadulce
Gran Plaza Alcaraván ll Shopping Center
Parque Industrial Lógika II
Buró 25
Balance Transversal Cusiana
Balance Consorcio Conciviles – Conconcreto
Land movement Puerto Aguadulce
Construcción interconexión vial calle 77 Sur
Indirect - Movich Buró 26
Load and transportation service Cerromatoso
U-Storage Granadillo
Construction Acueducto Norte del Cauca
Military Headquarters San Juan de Rodas
Muelle Contecar
Indirect - Bodegas San Francisco
U-Storage Crespo
Coca-Cola
Indirect - Buró 24
Almenara
Indirect - Parque Industrial Logika II
Collection record - Puerto Aguadulce
Indirect - Proyecto Calle 26
Tulipanes Etapa III
Devimed 2014
Unilever Densificación
Hidrocucuana
Indirect - Blue Logistics
Internal adjustments Sports Plaza
Torre de Granulado Colcafé
Indirect - Centro Comercial Alcaraván II
Indirect - Centro Comercial Ipiales
Indirect - Buró Barranquilla
Acqua Power Center
Ruta del Sol
Bodytech Gran Plaza del Sol
Transversal Cusiana
Azaleas Etapa 3
Tulipanes Etapa II
Balance Conlínea 2
Balance Columbus
Hotel Estelar Cartagena
San Pedro Plaza
Atlántica Torre Empresarial
Others less than 500 mm
OTHER CONCEPTS
Equipment
Concessions
Northern Area
Corporate Solutions
Transportation
Procurement and Logistics
TOTAL
58
2014
170,779,872,759
39,441,636,290
30,029,763,230
29,220,567,590
28,394,840,814
24,726,919,731
24,511,737,555
23,378,800,759
17,116,902,685
16,865,017,948
16,560,890,242
12,060,645,606
11,728,540,598
11,683,878,291
10,710,528,574
10,665,497,110
9,544,266,391
9,141,157,143
8,755,983,196
8,574,494,866
6,278,481,789
5,962,691,961
5,183,045,272
4,559,506,275
4,100,518,532
4,077,750,434
4,023,123,136
3,772,025,717
3,658,586,906
3,628,315,471
3,135,375,093
3,096,930,249
3,002,780,649
2,957,693,960
2,676,078,248
2,445,072,920
2,363,690,467
2,145,222,714
2,135,860,039
1,904,000,000
1,863,662,200
1,725,135,572
1,643,192,311
1,210,579,112
1,096,924,579
1,082,605,982
739,500,000
707,851,027
634,367,276
573,083,330
7,025,141,578
6,092,322,925
528,912,000
392,118,694
310,060,044
261,206,120
1,200,000
610,886,553,960
(2) Main income from trust property as of December 31, 2014 is as follows:
RELATED ACTIVITIES
2014
2013
Devioriente
15,325,586,624
20,458,780,631
Gran Plaza Soledad
13,455,958,130
6,060,122,244
Unilever
9,762,998,244
10,000,473,291
Gran Plaza Florencia
7,297,938,805
4,358,437,256
Alcaraván
6,169,263,027
6,982,289,980
San Pedro Plaza II
5,490,579,174
3,862,411,939
2,806,298,432
Viva Sincelejo
5,196,662,523
Devimed
4,901,775,559
4,277,759,157
Inmuebles Pitalito
4,014,418,348
4,329,184,792
El Poblado
3,025,095,655
10,985,821,171
Coordenada Sur
2,974,442,218
2,336,092,907
Guatapurí Plaza Comercial
2,792,907,303
3,081,142,486
Madeiro
2,764,674,618
-
Buró 24
2,242,371,261
-
Finito
1,968,436,068
26,839,059
San Pedro Plaza
1,938,915,139
1,785,394,392
Familia II Warehouse
1,767,638,824
1,739,556,446
Familia Warehouse
1,745,482,239
1,560,081,083
Flamingo Pereira
1,694,545,058
1,645,564,012
Impac Warehouse
1,489,966,708
1,544,026,117
San Francisco Warehouse
1,248,434,360
-
Securitization
1,096,831,678
989,243,761
Almagrario
1,068,169,318
1,040,306,341
Asdesillas Lot
1,014,180,338
-
Farmatodo 127
782,693,717
745,974,515
Gran Plaza Ipiales
691,646,948
-
Buró 26
Less than 500 millions
TOTAL TRUST PROPERTY
581,346,607
-
2,147,450,171
12,753,197,572
104,650,408,662
103,368,997,584
(3) The details of income derived from equity method as of December 31, 2014 are as follow:
INCOME FROM EQUITY METHOD
2014
2013
12,696,323,283
7,626,930,369
4,135,798,922
3,493,533,735
1,580,881,028
-
Cas Mobiliario S.A.
1,314,669,196
647,554,636
693,800,993
-
U-Storage S.A.S.
TOTAL INCOME FROM EQUITY METHOD
-
705,129,360
20,421,473,422
12,473,148,100
59
NOTE 22
SALES COST
SALES COST
Costs for works (1)
Costs for trust property (2)
Sales of storage and real estate property
TOTAL
2014
2013
566,468,995,696
417,639,223,134
61,791,325,803
39,963,588,297
1,127,816,388
1,009,343,876
629,388,137,887
458,612,155,307
(1) The details of costs for hired works as of December 31, 2014 are as follow:
HIRED WORKS
PROJECTS
Balance Hidroituango
Gran Plaza Ipiales Shopping Center
Balance Consorcio Hidrocucuana
Balance Consorcio ECC Loboguerrero
Movich Chital Buró 26
San Francisco Centro Madrid Warehouse
Balance Puerto Aguadulce
Buró 51
Gran Plaza alcaravan II Shopping center
Buró 25
Parque Industrial Logika II
Balance Consorcio Conciviles – CC
Balance Transversal Cusiana
Indirect - Movich Buró 26
Land movement Puerto Aguadulce
Construcción Intercambio Vial Calle 77 Sur
U-storage Granadillo
Construction Acueducto Norte del Cauca
Military Headquarters San Juan de Rodas
Indirect - San Francisco Warehouse
U-storage Crespo
Muelle Contecar
Load and transportation service Cerromatoso
Almenara
Indirect - Parque Industrial Logika II
Tulipanes Etapa III
Indirect - Proyecto Calle 26
Indirect - Blu Logistic
Unilever Densificación
Indirect - Buró 24
Internal adjustments Sports Plaza
Hidrocucuana Actas de Cobro
Coca-cola
Alcaravan II Shopping Center Management
Torre Granulado Colcafé
Indirect - Buró Barranquilla
Indirect - Centro Comercial Ipiales
Bodytech Gran Plaza del Sol
Collection Record Puerto Aguadulce
Buró 24 (Construction)
Transversal Cusiana
Devimed 2014
Azaleas Etapa III
Tulipanes Etapa II
Balance Conlinea II
Balance CC – Pre-operative Columbus
Modular Nutresa
Others of less than 500 millions
OTHER CONCEPTS
Corporate Solutions
Others (U-Storage, shopping centers and equipment)
TOTAL
60
2014
159,613,371,994
36,123,809,556
31,923,836,510
31,022,453,383
27,805,763,218
23,215,297,913
22,275,961,123
21,339,268,210
15,719,783,606
15,592,333,874
15,452,433,116
11,785,872,407
11,107,923,185
10,975,011,927
9,624,948,899
9,599,490,392
8,386,879,659
8,061,965,297
6,409,522,040
6,089,533,866
4,979,563,865
4,619,590,071
4,224,966,091
4,039,497,618
3,940,179,291
3,624,828,382
3,495,994,189
2,883,350,640
2,820,587,787
2,539,964,202
2,455,873,211
2,403,724,082
2,386,145,038
2,363,130,742
2,264,864,644
2,125,626,120
1,814,918,321
1,572,684,934
1,569,074,629
1,338,019,837
1,309,744,584
1,275,559,425
1,111,549,581
1,023,829,081
1,002,900,061
952,186,314
507,501,071
6,498,854,766
9,506,345,936
3,692,481,009
566,468,995,696
(2) The details, as of December 31, 2014 are as follow:
ACTIVITIES
2014
2013
EQUITIES
Operating leasing
19,423,673,268
10,008,578,786
Shopping Centers: Gran Plaza Soledad and Gran Plaza
Florencia, Buró 24 and 26.
Impairments and amortizations
15,611,846,815
12,493,781,203
All Buró with real estate management
Several – due to business operation
- Opex
11,058,959,671
10,214,349,675
Buró: 24 and 26, Warehouses San Francisco, Sports
Plaza, Hotel Yopal, Gran Plaza Ipiales, Gran Plaza
Soledad and Gran Plaza Florencia.
Real estate management maintenance
10,307,049,261
6,671,809,679
All shopping centers with a brand Gran Plaza for real
estate management
4,620,867,363
-
San Pedro 3ra. etapa and Viva Sincelejo, Warehouses:
San Francisco y Hotel Neiva.
Financial contribution
454,958,022
250,869,973
Buró: 24 and 26; Warehouses: San Francisco, Sports
Plaza, Hotel Yopal, Gran Plaza Ipiales, Gran Plaza
Soledad and Gran Plaza Florencia.
Maintenance – corporate solutions
313,971,403
324,198,981
Hotel Movich – Buró 26, Hotel Yopal and Hotel Neiva.
61,791,325,803
39,963,588,297
Various – hotel industry activity
TOTAL
NOTE 23
OPERATING EXPENSES
OPERATING EXPENSES
Expenses – related activities – trust property (1)
Expenses – equity method
2014
2013
58,824,863
29,412,429
-
827,234,669
46,779,318,027
42,300,737,121
General operating expenses
Personnel expenses
Impairment
7,943,374,910
6,801,046,457
Fees
5,236,784,285
3,602,263,239
Services
4,592,344,343
3,882,345,019
Maintenance, repairs and adjustments
4,327,624,367
4,762,245,963
Lease
3,692,848,688
2,812,795,605
Various (2)
3,150,311,329
2,862,972,499
Provisions
1,743,478,728
714,013,786
Travelling
1,649,157,430
1,548,850,242
Taxes
1,428,014,028
1,585,092,085
Insurance
1,074,930,120
1,229,942,831
Amortizations
418,817,281
367,974,566
Contributions and affiliations
305,399,128
323,701,581
Legal (3)
283,311,840
745,280,451
Subtotal general operating expenses
82,625,714,504
73,539,261,445
82,684,539,367
74,395,908,543
(1) The values recorded as expenses correspond to impairments, financial expenses and other concepts the
Company assets in trust property and which do not generate any income.
61
(2) The details as of December 31, 2014 are as follow:
VARIOUS EXPENSES
2014
2013
Public representations
774,150,263
649,580,872
Fuel and lubricant
661,762,101
646,868,931
Taxis and buses
631,449,751
509,371,541
Cafeteria – restaurant
355,035,237
286,576,326
Fees
227,583,144
227,039,904
General expenses – cash
184,698,583
189,363,092
Office supplies
142,149,789
170,479,667
Cleaning products
84,307,302
104,949,789
Others
40,373,856
44,337,656
Parking lots
27,585,328
7,571,556
Books – subscriptions
21,096,254
26,203,166
119,721
-
Damages paid to third parties
Ambient music
-
629,999
TOTAL VARIOUS EXPENSES
3,150,311,329
2,862,972,499
(3) The details as of December 31, 2014 are as follow:
LEGAL EXPENSES
2014
2013
133,581,986
82,234,257
Notary
89,669,166
467,193,613
Others
30,123,618
10,379,864
Formalities and licensing
26,783,070
156,504,017
Customs
Trade registration
TOTAL LEGAL EXPENSES
3,154,000
28,968,700
283,311,840
745,280,451
NOTE 24
NON-OPERATING INCOME AND EXPENSES
2014
2013
Non-operating income:
Income through recoveries (1)
9,634,360,873
4,399,669,114
Financial income
7,755,394,375
6,469,803,086
Profit from sale of assets
2,616,617,022
6,365,025,749
Other services
413,138,440
-
Income from previous years
387,882,459
81,003,831
Utilizations
169,918,415
122,159,517
Dividends and shares
91,963,510
49,152
5,875,200
57,754,672
Indemnifications
-
1,382,537,386
Sales bonuses
-
4,517,687
1,068,778,024
1,648,022,245
21,075,150,294
18,882,520,194
Sales of various materials
Subtotal other non-operating income
TOTAL NON OPERATING INCOME
62
NON-OPERATING INCOME – EXPENSES
2014
2013
Interests – securitization financing (3)
7,435,726,820
8,378,151,728
Financial expenses – trust property (2)
2,910,042,318
426,469,233
187,860,262
143,382,406
Non-operating expenses:
Expenses – commissions
14,839,849,976
8,407,190,334
Financial contribution
Interests (3)
2,255,316,504
2,458,741,166
Exchange rate difference
1,585,767,909
-
12,298,143
357,606,907
18,693,232,532
11,223,538,407
1,198,147,826
599,405,845
Financial (banking)
Subtotal other financial expenses
Non-operating general expenses
Donations
Loss from asset withdrawal
181,823,364
488,105,766
Others
407,346,012
363,973,974
Indemnities
72,002,322
10,000,000
Taxes taken on
52,666,965
92,250,522
Penalties
21,985,538
198,374
1,933,972,027
1,553,934,481
31,160,833,959
21,725,476,255
Subtotal non-operating general expenses
(1) The following are included in the income due to recovered expenses:
Results in the Balance Sheets of Consortia: Consortium Porce III $3.877.691.367, Consortium Hi- drocucuana $1.440.673.318, Consortium Loboguerrero $1.170.852.130, Consortium Ituango $552.459.027, Consortium Helios $342.656.963, Puerto Brisa $259.352.293, Pre-operative - CCC Columbus $204.063.147,
Interceptor Tunjuelo Bajo $147.607.148 and Indirect - San Francisco Warehouse $138.451.495.
Costs and expenses recovery: for recovery of Treasury operations and Project reimbursement.
(2) As of December 31, 2014, main balances for financial expenses in Trust Property correspond to:
FINANCIAL EXPENSES TRUST PROPERTY
Bodega San Francisco
Hotel Neiva
2014
1,524,935,259
726,137,678
Alcaraván
402,783,994
Deviplús
256,185,387
TOTAL FINANCIAL EXPENSES – TRUST PROPERTY
2,910,042,318
(3) As of December 31, 2014, the details of expenses for interests are as follow:
INTERESTS
2014
%
7,435,726,820
33.38%
Credits
12,611,649,439
56.62%
Leasing
1,184,419,136
5.32%
Default
772,707,696
3.47%
Consortia
261,856,164
1.18%
Overdraft
9,217,541
0.04%
Financing – securitization
Others
Subtotal others
14,839,849,976
TOTAL INTERESTS
22,275,576,796
100%
63
NOTE 25
TRANSACTIONS WITH RELATED PARTIES
During 2014, the Company carried out different operations with its shareholders and economically related
parties, as follows:
OPERATIONS
RELATED
COMPANIES
FROM
INDUSTRIAL
CONCONCRETO
S.A.S.
FROM
CONSTRUCTORA
CONCONCRETO
S.A.
WITH
WITH
INDUSTRIAL
CONSTRUCTORA
CONCONCRETO
CONCONCRETO S.A.
S.A.S.
FROM
CONSTRUCTORA
CONCONCRETO S.A.
FROM
INMOBILIARIA
CONCONCRETO
S.A.S.
WITH
INMOBILIARIA
CONCONCRETO
S.A.S.
WITH
CONSTRUCTORA
CONCONCRETO S.A.
FROM
FROM
FROM
FROM
FROM
CONSTRUCTORA
CONSTRUCTORA CAS MOBILIARIO CONSTRUCTORA
USTORAGE S.A.S.
CONCONCRETO S.A.
CONCONCRETO S.A.
S.A.
CONCONCRETO S.A.
WITH
CONSTRUCTORA
CONCONCRETO
S.A.
WITH
USTORAGE S.A.S.
WITH
WITH
CONSTRUCTORA
CANTERA LA
CONCONCRETO
BORRASCOSA S.A.S.
S.A.
WITH
CAS MOBILIARIO
S.A.
SALES
Lease
(2,121,836,525)
(2,152,519,193)
(192,894,252)
-
(1,656,322)
-
-
-
(81,516,228)
Sales tax
(419,338,233)
(622,319,549)
(117,828,806)
(3,562,661)
(10,482,784)
(338,408,248)
(187,680,000)
-
(14,426,403)
Services
(280,820,391)
(15,015,043,553)
(8,924,463,911)
(1,171,940,888)
-
(2,115,000,000)
(1,173,000,000)
-
(4,979,808)
Inventories and
matetrials
Reimbursement
Delegated
Management
(976,206,372)
(1,024,577,586)
(29,425,535)
-
-
-
-
-
(3,668,986)
-
-
-
-
(27,123,079)
-
-
-
-
Other
(346,963,807)
-
(56,123,993)
(1,370,566)
(15,140,280)
-
-
-
-
(37,208,837)
-
-
-
-
-
-
-
-
Sale of assets
-
(72,056,722)
-
-
-
-
-
-
-
Other income
(901,333,278)
(81,333,003)
(123,832,784)
(661,938)
(63,861,064)
-
-
-
(4,649,980)
(5,083,707,443)
(18,967,849,606)
(9,444,569,281)
(1,177,536,053)
(118,263,529) (2,453,408,248)
(1,360,680,000)
-
(109,241,405)
303,599,894
2,201,591,998
-
223,623,892
-
-
Financial
TOTAL SALES
PURCHASES
Lease
-
16,772,275
-
Sales tax
15,367,473
180,144,640
-
1,736,880
338,400,000
10,482,784
-
187,680,000
7,360
Services
11,172,711,626
1,652,706,777
93,123,998
5,635,550,265
2,115,000,000
91,008,470
-
1,173,000,000
46,000
Purchases for
third parties
Sales fixed
assets
Inventories and
matetrials
6,841,273,538
-
1,084,412,055
3,583,535,980
-
-
-
-
-
-
13,252,800
-
-
-
-
-
-
-
624,671,453
998,802,391
-
122,264
-
-
-
-
2,337,523
-
-
-
- 1,360,680,000
2,390,883
Financial
TOTAL PURCHASES
10,225,622
37,208,837
-
-
-
-
18,967,849,606
5,083,707,443
1,177,536,053
9,444,569,281
2,453,400,000
118,263,529
FROM
BALANCE
RELATED
COMPANIES
FROM
CONSTRUCTORA
CONCONCRETO
S.A.
FROM
INDUSTRIAL
CONCONCRETO
S.A.S.
WITH
WITH
INDUSTRIAL
CONSTRUCTORA
CONCONCRETO
CONCONCRETO S.A.
S.A.S.
FROM
FROM
FROM
FROM
CONSTRUCTORA
CONCONCRETO
S.A.
INMOBILIARIA
CONCONCRETO
S.A.S.
CONSTRUCTORA
CONCONCRETO
S.A.
USTORAGE
S.A.S.
CONSTRUCTORA
CONCONCRETO
S.A.
WITH
INMOBILIARIA
CONCONCRETO
S.A.S.
WITH
CONSTRUCTORA
CONCONCRETO S.A.
WITH
USTORAGE S.A.S.
WITH
CONSTRUCTORA
CONCONCRETO
S.A.
WITH
CAS MOBILIARIO
S.A.
FROM
FROM
CAS
MOBILIARIO
S.A.
CONSTRUCTORA
CONCONCRETO
S.A.
WITH
WITH
CONSTRUCTORA
CANTERA LA
CONCONCRETO
BORRASCOSA S.A.S.
S.A.
ASSETS
Accounts receivables affiliates and
related companies
2,662,893,632
4,418,962,173
5,973,679,906
1,822,111,281
-
312,992,527
295,800,000
1,020,000,000
7,921,465
-
-
-
295,800,000 1,020,000,000
7,921,465
Down payments
(33,492,013)
(905,004,366)
(65,000,000)
-
-
-
TOTAL ASSETS
2,629,401,619
3,513,957,807
5,908,679,906
1,822,111,281
-
312,992,527
3,559,923,587
1,871,425,270
92,559,523
2,923,209,909
312,992,527
-
-
295,800,000
146,767
288,273,357
791,468,095
1,716,028,415
3,050,469,997
-
-
1,024,961,502
-
-
LIABILITIES
Suppliers
Accounts
payable
Related
companies
Accounts
receivable
Withheld
Down payments
TOTAL LIABILITIES
64
-
-
-
-
-
-
-
-
-
570,772,285
-
-
-
-
-
-
-
-
(905,004,359)
(33,492,013)
-
(65,000,000)
-
-
-
-
-
3,513,964,870
2,629,401,352
1,808,587,938
5,908,679,906
312,992,527
-
1,024,961,502
295,800,000
146,767
FROM
CANTERA LA
BORRASCOSA
S.A.S.
FROM
CONSTRUCTORA
CONCONCRETO S.A.
WITH
WITH
SISTEMAS
CONSTRUCTORA
CONSTRUCTIVOS
CONCONCRETO
AVANZADOS ZONA
S.A.
FRANCA S.A.S.
FROM
SISTEMAS
CONSTRUCTIVOS
AVANZADOS ZONA
FRANCA S.A.S.
FROM
FROM
INDUSTRIAL
CAS
CONCONCRETO
MOBILIARIO S.A.
S.A.S.
WITH
CONSTRUCTORA
CONCONCRETO S.A
WITH
WITH
WITH
WITH
SISTEMAS
WITH
WITH
INDUSTRIAL
INDUSTRIAL
CAS MOBILIARIO
CANTERA LA
INDUSTRIAL
CONSTRUCTIVOS
CONCONCRETO
CONCONCRETO
S.A.
BORRASCOSA S.A.S.
AVANZADOS ZONA CONCONCRETO S.A.S.
S.A.S.
S.A.S.
FRANCA S.A.S.
FROM
CANTERA LA
BORRASCOSA
S.A.S.
FROM
INDUSTRIAL
CONCONCRETO
S.A.S.
FROM
SISTEMAS
CONSTRUCTIVOS
AVANZADOS ZONA
FRANCA S.A.S.
FROM
INDUSTRIAL
CONCONCRETO
S.A.S.
FROM
CONCONCRETO
INTERNACIONAL
S.A.
FROM
NAYU ASSETS
CORPORATION
WITH
NAYU ASSETS
CORPORATION
WITH
CONCONCRETO
INTERNACIONAL
S.A.
-
-
-
-
-
(616,015,935)
-
-
-
-
-
(329,778)
-
-
(317,600)
-
(104,084,162)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(2,061,105)
-
-
(1,985,000)
-
(197,662,820)
-
(253,118,800)
(271,769,580)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(51,885,445)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(24,000,000)
-
-
-
(579,011)
-
-
-
-
-
(2,390,883)
(24,000,000)
-
(2,302,600)
-
(970,227,373)
-
(253,118,800)
(271,769,580)
-
-
81,516,228
-
12,000,000
-
-
-
605,047,935
-
-
-
-
14,426,403
-
-
-
317,600
-
104,084,163
-
-
-
-
9,629,788
-
12,000,000
-
1,985,000
-
68,646,664
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,668,986
-
-
-
-
-
192,448,606
271,769,580
253,118,800
-
-
-
-
-
-
-
-
-
-
-
-
-
109,241,405
-
24,000,000
-
2,302,600
-
970,227,368
271,769,580
253,118,800
-
-
FROM
FROM
FROM
FROM
FROM
FROM
FROM
FROM
FROM
FROM
CONSTRUCTORA
CONCONCRETO
S.A.
SISTEMAS
CONSTRUCTIVOS
AVANZADOS ZONA
FRANCA S.A.S.
INDUSTRIAL
CONCONCRETO
S.A.S.
WITH
WITH
SISTEMAS
CONSTRUCTORA
CONSTRUCTIVOS
CONCONCRETO
AVANZADOS ZONA
S.A.
FRANCA S.A.S.
WITH
CONSTRUCTORA
CONCONCRETO S.A.
WITH
WITH
WITH
WITH
WITH
SISTEMAS
WITH
INDUSTRIAL
INDUSTRIAL
CAS MOBILIARIO
CANTERA LA
CONSTRUCTIVOS
INDUSTRIAL
CONCONCRETO
CONCONCRETO
S.A.
BORRASCOSA S.A.S.
AVANZADOS ZONA CONCONCRETO S.A.S.
S.A.S.
S.A.S.
FRANCA S.A.S.
CANTERA LA
BORRASCOSA
S.A.S.
146,767
24,000,000
-
CAS
MOBILIARIO
S.A.
-
INDUSTRIAL
CONCONCRETO
S.A.S.
-
CANTERA LA
BORRASCOSA
S.A.S.
423,670,763
SISTEMAS
CONSTRUCTIVOS
AVANZADOS ZONA
FRANCA S.A.S.
INDUSTRIAL
CONCONCRETO
S.A.S.
-
306,658,734
FROM
CONCONCRETO NAYU ASSETS
INTERNACIONAL CORPORATION
S.A.
340,941,624
WITH
CONCONCRETO
INTERNACIONAL
S.A.
WITH
NAYU ASSETS
CORPORATION
15,403,725,689
-
-
-
-
-
-
-
-
-
-
-
-
146,767
24,000,000
-
-
-
423,670,763
-
306,658,734
340,941,624
15,403,725,689
-
7,921,465
-
24,000,000
-
-
-
323,670,763
340,941,624
306,658,734
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100,000,000
-
-
-
15,403,725,689
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,921,465
-
24,000,000
-
-
-
423,670,763
340,941,624
306,658,734
- 15,403,725,689
65
The following are balances and operations for year 2014 conducted with members of
the Management Board, legal representatives and administrators:
PURCHASES AND SERVICES 2014
298,324,463
PAYMENTS 2014
ACCOUNTS PAYABLE 2014
342,403,696
895,427
NOTE 26
CONTINGENCIES AND COMMITMENTS
CONTINGENCIES
The Company is involved in the defense of different administrative and judicial proceedings,
contentious administrative, civil, commercial and
labor-related in nature. Any unfavorable decision
would represent an obligation to pay. The administration of the Company, along with its external
and internal legal consultants considers that the
probable solution to these contingencies shall
not materially affect the financial situation or the
results situation of the company.
In addition, for those contingencies considered risky because of adverse decisions, the Company has insurance policies that cover liabilities
for material damages or personal injuries caused
by, or related to, the normal development of activities, operations and properties from Constructora Conconcreto S.A., or for those for which it
me be held liable according to the civil law, including, but not limited to, contractors, subcontractors, employees and executives.
COMMITMENTS
As a result of Corporate Restructuring Agreement
set forth in Act 550 of 1999, the company Constructora Conconcreto S.A. entered into a restructuring agreement with its creditors. This agreement
involved the spin-off of that company and the new
company, Inversiones Conconcreto S.A. shall bear all
commitments and legal obligations arisen out of this
agreement. Subsequently, in September 2012, Inversiones Conconcreto S.A. was absorbed by Constructora Conconcreto S.A. (absorbing company) according to a merger by absorption entered into.
As a result of merger by absorption, obligations
derived from restructuring agreement of Act 550
were taken on again by Constructora Conconcreto S.A. To this date, Constructora Conconcreto S.A.
has already fulfilled in a prompt manner all obligations derived from the restructuring agreement,
which ended on August 31, 2013.
NOTE 27
SUBSEQUENT EVENTS
RESULTS OF THE COMPANY
The results stated in each one of the financial statements that are part of this report were prepared,
with each and all the data and operations the Company has known and that have been notified in different ways, understood as fulfilled, due and recorded and having a negative or a positive incidence
on the period that ended. Therefore, the Company
does not know about any other fact or event that
changes or amends, substantially or partially, the
financial statements and the previous notes.
66
INTERNATIONAL FINANCIAL REPORTING
STANDARDS IMPLEMENTATION, REPORT AS
OF DECEMBER 31, 2014
Our Company, upon delivering the opening balance as of December 31, 2013 (opening balance
January 1, 2014) is working at changing to IFRS
during year 2014 each quarter by using internally designed methodology according to final policies for subsequent measures. The general Project
Schedule is detailed below:
2013
ACTIVITIES
2014
2015
IFRS transition schedule
IFRS-defined Policies
Information System (including XBRL)
Methodology Structuring and Worksheets
Adjustments and Reclassifications – Opening Balance
Disclosure and Conciliation - Opening Balance
Review and Approval – Audit Committee /Management Board
Review and Approval – Fiscal Review
Procedures for transition year
New training workshops
Quarterly closures 2014 under IFRS
Submittal of official Opening Balance – January 1, 2014
First IFRS Financial Statements - Quarter. I / 2015
ENDED
ONGOING
PENDING
According to External Circulating Letter 014 of
June 2014, issued by the Financial Superintendency, the separate Financial Situation Statement was
submitted on July 30, 2014 and the consolidated
Financial Situation Statement on August 30, 2014,
with the corresponding explanatory notes, policies, conciliations and other exhibits needed as
per IFRS 1 First time Adoption. The initial corporate balance was approved by the Management
Board and the Audit Committee of the Company.
At the beginning of 2015, the Financial Superintendency shares an external circular Project
providing a scope regarding the conditions of first
financial reporting, indicating its submission in
XBRL format for some financial statements and
disclosures regarding financial statements in Excel
format. In this project, companies are invited to
give their opinion on defined dates; therefore, our
Company sent its comments stating the possibility to extend a little the term taking into account
information science changes and involvement between accounting personnel COLGAAP and IFRS
accounting personnel. This preliminary project, on
the date of this disclosure, was not issued as final.
Some changes are established in Opening Balance. These changes shall be submitted at the
right time to the Management Board and Audit
Committee for approval and subsequent submission to the Financial Superintendency.
Therefore, these are the last official financial
statement as per Decrees 2649 and 2650 of
1993. First financial statements under IFRS shall
be for year 2015 which need a comparison with
2014 transition information.
CHANGE IN THE CORPORATE GROUP
As of December 31, 2014, Grupo Empresarial Constructora Conconcreto S.A. is recorded with the
Chamber of Commerce of Medellín, as follows:
Parent company: Constructora Conconcreto S.A.
Affiliate: Inmobiliaria Conconcreto S.A.S., Conconcreto Internacional S.A., Industrial Conconcreto
S.A.S., UStorage S.A.S. and Inversiones Worldwide
Storage S.A.
Subsidiary companies:: Consorcio Mercantil Colombiano S.A., en liquidación., and Sistemas Constructivos Avanzados Zona Franca S.A.S.
CONTROL SITUATION
Constructora Conconcreto S.A. has a control situation additional to the one inherent to its Corporate
Group, over CAS Mobiliario S.A., Cantera La Borrascosa S.A.S. and Nayu Assets Corporation.
Nayu Assets Corporation was incorporated on
October 11, 2013 and it is a company whereby there is an interest in Dream Plaza Project of Panamá.
100% of Conconcreto Internacional S.A.
67
NOTE 28
RELEVANT FACTS
PURCHASE OF LOTS
Malachí Lot - Located at Soacha, Cundinamarca.
It was purchased for partial development by Constructora Conconcreto S.A., aimed at the construction of social interest housing - VIS and for sale to
third constructors of other lots to be segregated,
so that at the same time they can construct social
interest housing - VIS.
and its creation involved reforming Grupo Empresarial Constructora Conconcreto S.A.
Neiva Lot - It was purchased for construction of
social interest housing - VIS.
Agreement with Grupo Argos - Constructora Conconcreto - An agreement was reached with Grupo
Argos to jointly develop real estate strategy through the contribution of certain assets, which enable
to create a book focused on development and operation, with a proper diversified by uses and geographies. Equity share of each company in this book
shall be 50%.
Combination of assets contributed shall enable
to create a book that, in the initial stage, shall operate more than 400.000 m2 equal to $1.3 billion.
During the next four years there will be a 300.000
m2 development in gross leasable area, which will
double the value of assets managed and thus reaching a figure of $2,6 billion. It will be positioned as
one of the biggest books in the country.
Besides the assets, Grupo Argos shall contribute plots of land for development of $112.000 million
and $365.000 million in cash, which shall be paid
according to book investment needs and they will
enable to achieve the abovementioned growth goals.
Grupo Argos shall continue in the field of urban development separately through brand name
Situm. This urban development business includes
land bank owned by the Company in the northern
coast (Barranquilla and Barú) and the Colombian
south-west. This urban development business shall
not compose the new real estate book.
Conconcreto shall continue to participate in
big infrastructure projects being developed in the
country through the construction and investment
therein. In addition, it shall continue to see other
business lines currently managed.
It is expected that this combination may be enhanced during the first half of 2015, upon effecting
confirming due diligences and formalities needed
by this type of operation.
Caldas Lot - It was purchased for construction of
housing and commerce.
Additional slot to Crespo Lot – Cartagena - It was
purchased for construction of a warehouse where
U-Storage S.A.S. shall operate.
El Ensueño Lot - It was purchased for construction
of a shopping center.
Cartago Lot - It was purchased for construction of
a shopping center.
Asdesilla Lot - It was purchased for construction of
housing.
COMPANY ACQUISITIONS
In January 2014, Conconcreto Internacional acquired a new company called Nayu Assets Corporation, which has a direct control over Constructora
Conconcreto S.A.
In addition, in April 2014 company Sistemas
Constructivos Avanzados Zona Franca S.A.S., was
incorporated. This company also began to have a
direct control over Conconcreto S.A.
CORPORATE ISSUES
Merger of Industrial Conconcreto S.A.S. and Sistemas Constructivos Avanzados S.A.S. It was formalized in December 2014. By virtue thereof, Industrial
Conconcreto S.A.S. absorbed Sistemas Constructivos Avanzados S.A.S., which remained disolved and
without liquidation. All rights and obligations from
absorbed company were owned lawfully by the absorbing company.
Incorporation of Sistemas Constructivos Avanza- dos Zona Franca S.A.S. - This company was incorporated by Sistemas Constructivos Avanzados
S.A.S. It is located in the Free Zone of Barranquilla
68
Execution of technical service agreement with MUV
Integrated - An agreement entered into with a prestigious Spanish firm of structural design, which is providing us with high quality designs for enhancement of
works and resource optimization.
HIRING
Submittal of project of Asociación Público Privada
– APP, a privative initiative, Regiotram - It is intended to provide the city of Bogotá with transportation alternatives, by the construction of light trains.
Submittal of Asociación Público Privada – APP regarding a privative initiative Buga Buenaventura
- This Project aims at connecting Pacific coast with
the rest of the country.
Submittal of Asociación Pública Privada – APP regarding a public initiative of Fourth Concession
Generation program of Agencia Nacional de Infraestructura, Mulaló – Loboguerrero -This initiative aims at providing the country, particularly the
western side of Colombia, with road infrastructure.
Award of INVIAS Public Bid - The purpose is as
follows: “Property, social environmental management and termination of Access road to La Línea
tunnel – annexed works of Project “Cruce de la cordillera Central”, in that Project Constructora Conconcreto S.A. holds 35%, CSS Constructores holds
35% and Estyma holds 30%. The Project amounts
to $85.900 million and it is for a duration of 11
months.
TAX REFORM By Act 1739 dated December 23, 2014 the following
was created: wealth tax and supplemental for tax regulations; income tax surcharge equality - CREE; mechanisms to fight against evasion and enactment of
provisions. The most relevant aspects are as follow:
a) Wealth tax: For legal entities. Created for taxable years 2015, 2016 and 2017 for possession up to January 1, 2015 of a net worth equal
or more than $1.000 million.
Establishment of variable rates for each of
three taxable years like this:
2015: 0.20%, 0.35%, 0.75% and 1.15%;
2016: 0.15%, 0.25%, 0.50% and 1.00%; 2017:
0.05%, 0.10%, 0.20% and 0.40%
Wealth tax is not deductible from income
tax and CREE and it may not be offset with
other taxes.
b) Supplementary tax for “tax regulations”:
Wealth taxpayers who omitted assets or included inexistent liabilities in tax return and other
may state those assets and remove inexistent
liabilities as well as pay this tax regulation tax
in the wealth tax return.
Rates are as follows: 10%, 11,5% and 13%
for years 2015, 2016 and 2017 respectively.
c) Income tax for equality – CREE: Establishment of a tax rate in 9% indefinitely. As of taxable year 2015, it is enable to offset fixed losses
and minimum base excess.
It is expressly established that consortia
and temporary employee unions wherein all
members are exempted from payment of contributions to SENA and ICBF as well as health
contributions, shall be exempted from payment of accrued contributions to SENA and
ICBF as well as health contributions to workers, separately, considering thus up to ten
(10) legal base salaries in force.
d) Income tax surcharge for equality –
CREE: It is created for years 2015 to 2018
and charged to income tax for equality taxpayers – CREE, with a taxable basis exceeding
$800.000.000. Rates are as follow: 5%, 6%,
8% and 9% for years 2015, 2016, 2017 and
2018, respectively.
This surcharge shall be paid in advance over
CREE of the previous year.
e) Adjustment for exchange rate difference
in stock or share investments in foreign
companies: This adjustment shall only constitute income, cost or expense at the time of
disposal, at any title, or investment settlement.
NOTE 29
DIC-14
Liquidity ratios
LIQUIDITY
CURRENT RATIO:
DIC-13
DIC-12
DIC-11
2.21
4.19
1.39
Liquidity measures company’s capacity to pay out liabilities at a short term
CURRENT ASSETS
CURRENT LIABILITIES
1.39
For each peso that the Company must pay from its short-term liabilities, it has in short-term current assets, as many pesos as the few times the
current ratio has given.
ÍNDICE DE LIQUIDEZ
ÁCIDO:
ACTIVOS LÍQUIDOS
PASIVO CORRIENTE
1.21
2.03
4.04
1.26
Capacity of the company to cover short-term liabilities, immediately, without having to turn to the inventories sale, since these, sometimes, may be
difficult to sell.
69
EFFICIENCY
LIQUIDITY
WORKING CAPITAL:
CURRENT ASSET – CURRENT
LIABILITIES
DIC-14
DIC-13
DIC-12
DIC-11
135,915,316,683
213,103,601,120
450,587,945,412
44,321,249,159
Its shows the value the company would still have after paying all its short-term liabilities thus allowing the management to decide on temporary
investments
Efficiency ratio
The efficiency and profitability ratios help to measure the results of the managerial decisions in the administration of the resources.
GROSS PROFIT MARGIN
GROSS PROFIT
OPERATING INCOME
19.90%
25.62%
31.44%
19.20%
It shows the ability of the company regarding the management of its operating income in order to generate gross profits; in other words, before administrative
and sales expenses, other income, other expenditures and taxes. It represents the gross profit percentage derived from the operating income of the company.
OPERATING PROFIT
MARGIN
OPERATING PROFIT
OPERATING INCOME
9.38%
13.56%
14.27%
5.56%
Profitability of the company as it develops its corporate purpose. It represents what each peso derived from the operating income yields as an
operating profit.
NET PROFIT MARGIN
NET PROFIT
OPERATING INCOME
6.59%
9.83%
8.43%
5.38%
INDEBTEDNESS
PROFITABILITY
It is the percentage of the operating income that generates a profit in the company after taxes; in other words, for each peso corresponding to the operating
income, how many pesos derive in a profit, independently from their corresponding, or not, to the development of the corporate purpose of the company.
PROFITABILITY OVER THE
ASSETS:
NET PROFIT
TOTAL ASSETS
2.71%
3.92%
3.76%
4.66%
4.87%
6.02%
5.51%
9.21%
It indicates the profitability yielded by investments in the company.
PROFITABILITY OVER THE
NET WORTH:
NET PROFIT
NET WORTH
It reflects the profitability from the contributions, as well as from the cumulative surplus, which must be compared to the opportunity rate that each
shareholder has in order to evaluate his/her investments.
Indebtedness ratio
It measures the proprietary interest level of the funds provided by the creditors financing part of the investments of the companies.
INDEBTEDNESS:
TOTAL LIABILITIES WITH THIRD
PARTIES
TOTAL ASSETS
44.27%
34.93%
31.85%
49.40%
For each peso invested in assets, how much is financed by third parties and which guarantee is given by the company to the creditors.
ANALYSIS OF THE FINANCIAL INDICATORS
Values expressed in millions of Colombian pesos.
Liquidity ratios
The working capital of the Company, as of December 31, 2014 is of $135.915 (December 2013
- $213.104).
The Company has $1,39 to cover short term
liabilities and the acid liquidity ratio improved
to $1,21 in December 2014 versus $2,03 in December 2013 It evidences an improvement concerning the ability to cover short-term liabilities,
immediately, without selling the inventories.
Indebtedness ratio
The total indebtedness of the Company evidenced
an increase, going from 34,93% in December 2013
to 44,27% in December 2014, due to an increase of
liabilities, going from $540.121 to $845.091, which
Profitability Ratios
Assets profitability:
At the closing of 2014, assets increased by 23%,
going from $1.546.108 in 2013 to $1.908.965 in
2014 and profit remained at $51.809, therefore assets profitability was 2,71%.
Net worth profitability:
At the closing of 2014 net worth increased by 6%,
since it went from $1.005.987 in 2013 to $1.063.874
in 2014 and the profit was of $51.809, which caused a net worth profitability of 4,87%.
SIGNED
SIGNED
SIGNED
70
is proportionally bigger than assets increase going
from $1.546.108 to $1.908.965.
Crowe Horwath
CONSOLIDATED FINANCIAL STATEMENTS 01
CONSOLIDATED
FINANCIAL
STATEMENTS
ASSETS
2014
2013
3
4
37,406,010,181
32,983,393,757
70,389,403,938
37,786,380,756
20,808,988,814
58,595,369,570
5
194,736,218,568
35,653,057,967
92,801,435
630,716,810
79,960,179,626
669,266,665
21,148,878,226
1,052,695,354
62,233,117,046
(1,156,276,134)
395,020,655,563
78,664,125,415
157,773,926,961
28,497,711,494
39,363,386
253,500,000
71,208,192,982
7,604,507,270
1,408,391,275
59,264,467,710
(2,223,158,143)
323,826,902,935
43,041,127,206
7,901,313,398
14,833,449,594
3,615,855,218
15,676,139,612
42,026,757,822
42,026,757,822
1,469,321,541
587,570,264,279
19,333,348,963
11,404,720,406
10,063,186,218
745,691,679
131,113,789
41,678,061,055
41,678,061,055
810,796,932
467,952,257,698
4
80,632,328,003
69,801,391,212
5
8
773,495,744
9,914,136,550
22,199,690,890
(50,000,000)
32,837,323,184
4,798,954,485
4,003,851,746
7,647,647,058
2,578,677,063
(223,972,163)
14,006,203,704
2,458,619,589
9
16,279,845,713
3,460,626,566
22,593,869,422
42,334,341,701
44,762,607,555
5,710,296,739
17,609,307,190
110,416,553,185
16,279,845,713
3,670,539,485
24,763,937,566
44,714,322,764
51,927,586,840
8,360,941,593
19,417,026,326
124,419,877,523
2,485,760,924
72,399,804,821
275,632,989,231
277,367,110,815
62,175,325,729
690,060,991,520
80,783,599
75,883,570,083
14,563,007,567
8,544,442,179
789,132,794,948
1,137,851,787
3,819,937,390
7,436,726,137
53,298,686,618
167,083,110,568
230,119,123,901
45,509,372,384
503,447,019,608
81,309,531
51,023,010,886
14,563,007,567
9,797,960,968
578,912,308,560
1,960,727,217
3,819,937,390
249,461,598,017
126,523,181,592
893,581,602
376,878,361,211
1,399,654,104,193
1,987,224,368,472
211,951,370,967
128,692,923,367
15,424,547,473
356,068,841,807
1,151,447,907,002
1,619,400,164,700
474,572,242,587
675,165,985,231
505,901,362,586
615,273,519,031
NOTES
2
FOR THE YEARS ENDED ON DECEMBER 31, 2014 AND 2013 (in Colombian pesos)
CONSOLIDATED BALANCE SHEET
CURRENT ASSETS
CASH EQUIVALENTS
Available
TOTAL CASH EQUIVALENTS
DEBTORS
Clients
Commercial currents accounts
Accounts receivable – Subsidiary and related companies
Receivables from shareholders
Down payments and Advance payments
Receivables from income
Advance payments – taxes and contributions
Accounts receivable -workers
Various debtors
Provision - clients
TOTAL DEBTORS
INVENTORIES
INTANGIBLE ASSETS
Intangible assets – real estate business
Concessions
Real Estate-Housing
Shopping centers
Corporate solutions
Low-cost Warehouses
Road concessions
Total intangible assets – real estate business
DEFERRALS
TOTAL ACTIVO CORRIENTE
NON CURRENT ASSETS
NET INVESTMENTS
DEBTORS
Clients
Merchant current accounts
Various debtors
Provision of customers
TOTAL DEBTORS
INVENTORIES
Assets – real estate business
Land
Warehouses
Buildings
Total assets – real estate business
Other assets
TOTAL PROPERTY, PLANT AND EQUIPMENTO
INTANGIBLE ASSETS
Intangible assets – real estate business
Road concessions
Real Estate-Housing
Shopping centers
Corporate solutions
Low-cost Warehouses
Total intangible assets real estate business
Investments
Property received through financial leasing
Trading credit
Other intangible assets
DEFERRALS
OTHER ASSETS
VALUATIONS
Intangible ASSETS
Investments
TOTAL VALUATIONS
TOTAL NON-CURRENTS ASSETS
TOTAL ASSETS
SUSPENSE ACCOUNTS
Debtors
6
7
5
8
10
7
5
10
11
12
21
LIABILITIES
2014
NOTAS
2013
CURRENT LIABILITIES
13
118,773,146,536
32,679,516,584
Suppliers
14
35,700,481,996
34,441,429,780
15
-
7,500,000
Accounts payable
15
58,502,519,369
47,643,685,073
Accounts payable - shareholders
15
17,052,008
161,185,723
16
Labor liabilities
4,760,654,567
4,382,610,930
20,016,138,535
10,467,235,588
4,707,401,884
10,880,358,870
17
106,880,363,613
39,964,566,608
17
47,639,801,709
43,476,064,633
Other liabilities
17
11,072,694,507
12,077,759,000
408,070,254,724
236,181,912,789
187,305,041,347
NON-CURRENT LIABILITIES
13
414,383,610,584
Suppliers
14
351,643,771
-
15
297,580,065
267,580,065
Accounts payable
15
12,438,601,706
85,081,634,428
16
-
132,090,000
Labor liabilities
Deferred monetary correction
17
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
218,385,357
213,185,208
3,536,317,162
3,236,919,671
405,379,316
409,069,692
80,697,767,812
98,245,600,969
512,329,285,773
374,891,121,380
920,399,540,497
611,073,034,169
MINORITY INTEREST
18
3,037,344,949
2,308,694,320
TRANSLATION EFFECTS
19
2,484,538,644
(28,587,761)
NET WORTH
20
Capital stock
93,462,606,953
93,462,606,953
Capital surplus
318,871,804,655
318,871,804,655
Increase in value of equity
Reserves
Increase of value of net worth
97,453,591,170
90,168,113,255
208,462,688,684
167,852,612,652
2,285,435,522
6,246,285,522
Profit of the year
51,808,675,410
60,610,076,031
Valuation surplus
288,958,141,988
268,835,524,905
TOTAL NET WORTH
1,061,302,944,382
1,006,047,023,973
TOTAL LIABILITIES, MINORITY INTEREST,
TRANSLATION EFFECT AND NET WORTH
1,987,224,368,472
1,619,400,164,700
SUSPENSE ACCOUNTS
21
Creditors
675,165,985,231
615,273,519,031
474,572,242,587
505,901,362,586
SIGNED
SIGNED
SIGNED
Crowe Horwath
3
CONSOLIDATED EARNINGS STATEMENT
2014
2013
669,954,496,304
533,320,037,291
Income derived from related activities – trust properties
157,301,461,522
117,446,762,745
Lease of real estate
13,449,448,709
13,022,514,732
Mining and Quarrying
21,050,042,971
16,833,736,013
10,069,792,664
7,490,860,449
NOTES
OPERATING INCOME
Income derived from works, fees, maintenance, transport and others
Hotel industry
11,717,939,299
5,579,814,898
Sales of warehouses and real property
9,828,016,055
16,471,206,264
Manufactures of metal products
4,354,762,140
4,718,792,972
25,509,097,001
23,505,758,770
923,235,056,665
738,389,484,134
Contracted works and other activities
622,263,327,130
492,491,817,742
Costs per independent property
108,223,479,101
49,252,366,807
Other activities
22
SALES COST
Store and real estate sales
TOTAL SALES COST
23
GROSS PROFIT
4,995,247,944
7,157,230,123
735,482,054,175
548,901,414,672
187,753,002,490
189,488,069,462
OPERATING EXPENSES
Expenses – activities related to trust properties
58,824,863
29,412,429
108,677,543,238
102,078,992,572
108,736,368,101
102,108,405,001
79,016,634,389
87,379,664,461
8,213,601,416
7,257,422,884
Operating overheads
24
OPERATING PROFIT
NON-OPERATING INCOME
Financial income
Income from recoveries
Sale of assets profit
10,804,172,976
5,678,717,065
4,479,170,133
7,404,596,382
3,642,796,892
2,695,809,062
27,139,741,417
23,036,545,393
Interests financing - securitization
8,164,665,811
8,662,025,463
2,995,338,396
510,666,108
277,045,403
267,229,800
20,301,076,408
12,509,908,050
Non-operating overheads
3,305,544,557
3,210,088,654
25
NON-OPERATING EXPENSES
Commission expenses
25
PROFIT BEFORE TAXES
35,043,670,575
25,159,918,075
71,112,705,231
85,256,291,779
13,647,402,847
18,253,912,140
INCOME AND SUPPLEMENTARY TAXES AND CREE
Income tax provision
Income tax provision for equity - CREE
TOTAL INCOME AND SUPPLEMENTARY TAXES AND CREE
26
MINORITY INTEREST
18
NET PROFIT
4,359,108,630
6,058,641,000
18,006,511,477
24,312,553,140
1,297,518,344
333,662,608
51,808,675,410
60,610,076,031
SIGNED
SIGNED
SIGNED
4
Crowe Horwath
CONSOLIDATED STATEMENTS
FOR CHANGES IN EQUITY
CAPITAL
STOCK
BALANCE ON
DECEMBER
31, 2012
INCREASE IN
VALUE OF NET
WORTH
RESERVES
NET PROFIT OF
THE YEAR
CAPITAL
SURPLUS
VALUATION
SURPLUS
EQUITY METHOD
SURPLUS
TOTAL NET
WORTH
92,734,819,459
142,671,529,678
10,207,135,522
50,362,165,948
312,426,564,183
88,883,125,504
216,884,101,941
914,169,442,235
Dividends
-
-
-
(25,181,082,974)
-
-
-
(25,181,082,974)
Reserves
-
25,181,082,974
-
(25,181,082,974)
-
-
-
-
Equity Method
-
-
-
-
-
1,284,987,751
-
1,284,987,751
727,787,494
-
(3,960,850,000)
-
6,445,240,472
-
51,951,422,964
55,163,600,930
-
-
-
60,610,076,031
-
-
-
60,610,076,031
93,462,606,953
167,852,612,652
6,246,285,522
60,610,076,031
318,871,804,655
90,168,113,255
Equity methods
-
-
-
-
-
7,285,477,915
-
7,285,477,915
Reserves
-
40,610,076,031
-
(40,610,076,031)
-
-
-
-
Other
movements
-
-
(3,960,850,000)
-
-
20,122,617,083
16,161,767,083
Dividends
-
-
-
(20,000,000,000)
-
-
-
(20,000,000,000)
Net profit of
the year
-
-
-
51,808,675,410
-
-
-
51,808,675,410
93,462,606,953
208,462,688,684
2,285,435,522
51,808,675,410
318,871,804,655
97,453,591,170
Appropriations
Other
movements
Net profit of
the year
BALANCE ON
DECEMBER
31, 2013
268,835,524,905 1,006,047,023,973
Appropriations
BALANCE ON
DECEMBER
31, 2014
288,958,141,988 1,061,302,944,382
SIGNED
SIGNED
SIGNED
Crowe Horwath
5
CONSOLIDATED STATEMENTS OF CHANGES
IN THE FINANCIAL POSITION
SOURCE OF FUNDS
OPERATIONS
Impairment (including consortia)
WORKING CAPITAL FROM THE OPERATIONS
Decrease in debtors
Decrease in deferrals
Decrease in valuation of subordinated companies
Increase in financial liabilities
Increase in accounts payable
Increase in suppliers
Increase in accounts payable – related companies
Increase in labor obligations
Increase in estimated liabilities and provisions
Increase in minority interest
Increase for translation effect
Increase in subordinated companies equity
TOTAL SOURCE OF FUNDS
USE OF FUNDS:
Increase in investments
Increase in debtors
Increase in inventories
Increase in valuation of subordinated companies
Increase in property, plant and equipment
Increase in intangible assets
Increase in other assets
Decrease in accounts payable – related companies
Decrease in accounts payable
Decrease in account payable to shareholders
Decrease in taxes, encumbrances and rates
DDecrease in labor obligations
Decrease in estimated liabilities and provisions
Decrease in currency adjustment factor
Decrease in advance payments received
Decrease in controlled equity
Decrease in minority interest
Decrease in net worth increase in value
Dividend distribution
TOTAL USE OF FUNDS
(DECREASE) INCREASE IN THE WORKING CAPITAL
Analysis of changes in working capital:
Increase (decrease) in current assets:
Available
Debtors
Net inventories
Intangible assets
Deferrals
Decrease (Increase) in current liabilities:
Suppliers
Accounts payable
Labor obligations
Down payments and pre-payments received in advance
Other liabilities
(DECREASE) INCREASE IN THE WORKING CAPITAL
2014
2013
51,808,675,410
21,363,684,170
1,440,353,433
74,612,713,013
95,203,359,367
19,059,285,711
822,875,430
227,078,569,237
351,643,771
30,000,000
5,200,149
299,397,491
728,650,629
2,513,126,405
7,285,477,915
427,990,299,118
60,610,076,031
14,602,633,367
6,739,776,277
81,952,485,675
24,352,331,991
2,913,206,105
63,050,978,792
711,693,200
30,155,098,409
1,271,809,607
80,148,360,604
64,031,923
1,284,987,751
285,904,984,057
10,830,936,791
18,831,119,480
2,340,334,896
686,902,321
102,563,719,199
230,720,125,532
72,643,032,722
132,090,000
3,690,376
17,547,833,157
3,960,850,000
20,000,000,000
480,260,634,474
(52,270,335,355)
3,773,234,001
170,496,935
16,904,760,945
407,804,399,762
219,937,390
2,162,901,891
1,399,557,951
362,407,500
127,956,274
1,845,647,825
91,083,164
44,582,571,958
1,570,777,122
3,960,850,000
18,008,055,008
502,984,637,726
(217,079,653,669)
(380,370,575)
12,174,404,943
71,193,752,628
35,622,998,209
348,696,767
658,524,609
119,618,006,581
21,683,086,548
(236,355,505,748)
33,222,465,446
(22,783,285,537)
(25,490,575,420)
(633,388,670)
(230,357,203,381)
(86,093,629,952)
(1,259,052,216)
(10,707,200,581)
(378,043,637)
(9,548,902,947)
6,172,956,986
(71,079,534,081)
1,005,064,493
(171,888,341,935)
(52,270,335,355)
15,934,027,473
(2,474,752,297)
(722,807,756)
(692,856,274)
(2,071,383,217)
(6,274,562,227)
10,408,172,411
(828,288,401)
13,277,549,713
(217,079,653,669)
SIGNED
SIGNED
SIGNED
6
Crowe Horwath
CONSOLIDATED STATEMENTS
OF CASH FLOW
CASH FLOW FROM OPERATING ACTIVITIES
2014
2013
51,808,675,410
60,610,076,031
21,363,684,170
1,440,353,433
74,612,713,013
14,602,633,367
6,739,776,277
81,952,485.67
(90,024,872,108)
(37,963,333,105)
164,350,821
(686,902,321)
1,610,695,987
22,500,000
(61,784,198,426)
(144,133,715)
245,953,637
9,554,103,096
(5,873,559,495)
52,522,946,055
(57,743,736,561)
(8,870,133,455)
22,612,788,602
1,345,081,870
30,155,098,409
(219,937,390)
2,474,752,297
(11,788,533,939)
90,948,872,281
(1,851,629,824)
330,448,774
1,943,426,943
4,428,914,402
(9,670,967,174)
203,790,667,471
(10,830,936,791)
95,203,359,367
(102,563,719,199)
18,710,588,944
(230,720,125,532)
(230,200,833,211)
(3,773,234,001)
2,913,206,105
(16,904,760,945)
88,541,554,212
(407,804,399,762)
(337,027,634,391)
313,172,199,189
(20,000,000,000)
(3,960,850,000)
7,285,477,915
728,650,629
2,513,126,405
299,738,604,139
11,794,034,367
(14,662,217,866)
(18,008,055,008)
(3,960,850,000)
1,284,987,751
(44,582,571,958)
(1,570,777,122)
64,031,923
(81,435,452,280)
(214,672,419,200)
58,595,369,570
70,389,403,938
273,267,788,770
58,595,369,570
Adjustments for conciliating net profit with net cash provided for operations:
Impairment (including Consortia)
Changes in the assets and liabilities that generated (used) cash:
Debtors
Inventories
Deferrals
Increase in subordinate valuation
Other assets
Suppliers
Accounts payable
Accounts payable – shareholders
Labor obligations
Other liabilities
NET CASH (USED) FROM OPERATING ACTIVITIES
CASH FLOW FROM INVESTMENT ACTIVITIES:
(Increase) Decrease in investments
(Increase) in property, plant and equipment
(Increase) in intangible assets
(Decrease) Increase in financial liabilities
Dividend payment
(Decrease) Increase in value of net worth
Increase in the equity surplus (Equity accounting method)
(Decrease) Increase in controlled equity
Increase in minority interest
(Decrease) minority interest
(Decrease) translation effect
CASH EQUIVALENTS:
AT THE BEGINNING OF THE YEAR
AT THE END OF THE YEAR
SIGNED
SIGNED
SIGNED
Crowe Horwath
7
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEARS ENDED
ON DECEMBER 31, 2014 AND 2013
NOTE 1.
CONSOLIDATED GROUP AND SUMMARY OF MAIN ACCOUNTING POLICIES
Operations - The company Constructora Conconcreto S.A., main office, was incorporated pursuant
to Colombian laws on December 26, 1961 as per
Public Deed 8.597, for a duration until December
31, 2050. The main domicile of the head office is the
city of Medellin. The company purpose is to study,
design, plan, hire and execute every sort of building, civil works and real estate property in general,
as well as to expand, improve, change, restore and
repair them. Likewise, the company is purported to
provide technical and consultancy services in different fields of civil engineering.
The company is under the exclusive control of
the Financial Superintendency of Colombia, as listed on the Stock Exchange on July 22, 1983.
Corporate group - The following changes were
made in Corporate Group Constructora Conconcreto S.A. during year 2014:
• Incorporation of a new company called Sistemas
Constructivos Avanzados Zona Franca S.A.S.,
at first directly controlled and a wholly owned
(100%) by Sistemas Constructivos Avanzados
S.A.S. This new company was registered with the
Chamber of Commerce of Barranquilla.
• Industrial Conconcreto S.A.S. absorbed by
means of a merger company Sistemas Constructivos Avanzados S.A.S., therefore, company Sistemas Constructivos Avanzados Zona Franca
S.A.S. became wholly controlled (in a 100%) by
Nowadays, the Corporate Group is composed as
follows:
100%
100%
100%
100%
Inversiones
World-wide
Storage S.A.S.
100%
100%
Consorcio
Mercantil
Colombiano S.A.
en liquidación
8
65,59%
34,41%
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 01
Operating or administrative Limitations or deficiencies – During the 2014 and 2013 periods there
were no operating or administrative limitations or
deficiencies affecting the normal development of the
accounting process, neither the consistency nor the
reasonableness of the figures.
Merger with Sistemas Constructivos Avanzados
S.A.S. Approval of the Project by means of a merger
by absorption between Industrial Conconcreto S.A.
and Sistemas Constructivos Avanzados S.A.S., as registered with the Chamber of Commerce of Medellín
on December 11, 2014, book 9, under No. 23291. As
a result of the merger by absorption, Sistemas Constructivos Avanzados S.A.S. was dissolved without being liquidated and its assets, liabilities and net worth
were integrated into Industrial Conconcreto S.A.S.
DETAILS
ASSETS
Merger with Inversiones Conconcreto S.A. By
means of Public Deed 1528 dated September 3,
2012, a merger by absorption between Constructora Conconcreto S.A. and Inversiones Conconcreto S.A. was formalized, as registered with the
Trade Registry of Constructora Conconcreto S.A.
on September 5, 2012 with the Chamber of Commerce of Medellín and approved by the Financial
Superintendency of Colombia as per Order 1296
dated August 23, 2012. As a result of the merger
by absorption, Inversiones Conconcreto S.A. was
dissolved without being liquidated and its assets,
liabilities, net worth and results were integrated
into Constructora Conconcreto S.A.
NUMBERS AFTER MERGER
NUMBERS BEFORE MERGER
NUMBERS BEFORE MERGER
CONSTRUCTORA
CONCONCRETO S.A.
CONSTRUCTORA
CONCONCRETO S.A.
INVERSIONES
CONCONCRETO S.A.
SEPTEMBER 2012
AUGUST 2012
AUGUST 2012
1,023,539,175,044
529,519,683,492
392,627,230,084
LIABILITIES
383,198,064,098
235,490,671,537
148,572,598,146
EQUITY
640,341,110,946
294,029,011,955
244,054,631,938
1,023,539,175,044
529,519,683,492
392,627,230,084
45,897,527,547
43,511,792,283
8,288,847,025
LIABILITIES AND EQUITY
RESULTS
Reclassifications. Some figures from the financial
statements as of December 31, 2013, were reclassified for comparability purposes of the information
regarding the figures presented in the financial statements as of December 2014.
Materiality. The financial statements submitted
have been prepared under the criterion of materiality by providing complete information and by providing the details of the meaningful items, avoiding
grouping them in the so-called “others” items above
5% of the total assets, liabilities or the net worth of
the Company.
Accounting and Consolidation Policies
The accounting records of the company follow,
among others, the rules set forth, among others,
through Decrees 2649 and 2650 of 1993 and 1536
of 2007 and the provisions of the Financial Superintendency of Colombia, including the information
required in Circulating Letters 2 and 11 of 1998.
Some of these rules are summarized below:
The head office consolidates with those companies where it has a direct or indirect participation of 50% of outstanding shares or where some
subordination situations maybe executed. From
this consolidation, the companies in liquidation
are excluded.
The controlled companies as of December 2014
are: Conconcreto Internacional S.A., Inmobiliaria
Conconcreto S.A.S., Inversiones Worldwide Storage
S.A., Industrial Conconcreto S.A.S., U-Storage S.A.S.,
Cantera La Borrascosa S.A.S., Sistemas Constructivos Avanzados Zona Franca S.A.S., CAS Mobiliario
S.A. and Nayu Assets Corporation.
The Consolidated Financial Statements, for general purposes, have as goal their presentation to
the Shareholders’ Meeting, but these are not considered as basis for the dividends distribution or for
the appropriation of earnings.
The inter-companies accounts and operations
are eliminated in the Consolidation of the Financial Statements.
9
The following is the labor detailed information of Constructora Conconcreto S.A. and controlled companies:
STAFF DETAIL
CONSTRUCTORA CONCONCRETO
S.A.
2014
INMOBILIARIA CONCONCRETO
S.A.S.
2013
2014
2013
CANTERA LA
BORRASCOSA S.A.S.
2014
2013
EMPLOYEES
Administrative
825
771
20
42
1
1
Operative
1,069
890
69
199
14
15
TOTAL STAFF
1,894
1,661
89
241
15
16
Administrative
61,385,721,900
53,769,493,732
1,469,979,778
2,489,569,723
22,982,776
38,642,532
Operative
26,869,330,738
20,601,831,981
1,966,627,298
3,820,238,818
324,702,475
186,405,670
88,255,052,638
74,371,325,713
3,436,607,076
6,309,808,541
347,685,251
225,048,202
STAFF EXPENDITURES
TOTAL STAFF EXPENDITURES
The staff expenditures of the company Conconcreto Internacional are in USD dollars. The Inversiones Worldwide Storage S.A. company is not included herein since it did not have personnel related to for 2014.
The summary of the main accounting policies is as
follows:
a) Accounting period. Account cut-off is on a yearly basis, on ecember 31 of each year.
b) Currency. Pursuant to the legal provisions, the
currency used by the Company for the preparation of the Consolidated Financial Statements is
the Colombian peso.
c) Classification of Assets and Liabilities. Their
classification is made according to their use and
their degree of realization regarding time in current and non-current assets and liabilities.
Current assets are understood as those
amounts that shall be marketable or that shall
be available within a time period no longer than
one year. Current liabilities are understood as
those sums that shall be demandable or that
shall be subject to liquidation within a time period no longer than one year.
Pursuant to the provisions of section 115 of
Decree 2649 of 1993, for those items of the assets or of the liabilities related to construction
projects, said classification shall be carried out
by taking into consideration the operation cycle,
which in some current projects may take more
than one year.
Regarding the classification of intangible assets corresponding to the contributions of trust
properties, there was an evaluation carried out
regarding the current portion in the balance
sheets of the Trust Companies and the reclassification of our contributions to the current assets
was made in that same proportion.
10
d) Income acknowledgment. Income from the rendering of construction services is acknowledged
and invoiced asthe project is being developed.
Income derived from fees, rentals and other services is acknowledged when they are rendered.
e) Investments. They are recorded at their cost,
except for the permanent investments that are
inflation-adjusted (adjustment made until December 31, 2006), not exceeding the market
value. The recording of the valuation of the
permanent investments in non-controlling companies is recorded pursuant to the provisions
of External Circulating Letter No. 11 of 1998
issued by the Superintendency of Securities (today Financial Superintendency of Colombia), as
follows:
If the value of the realization of the investment
is higher than its book value, the difference is
the increase in value of the investment. Its value
shall be recorded on the account for increase in
values and a consideration the investor’s equity, affecting the surplus account for net worth
valuations.
If the value for the realization of the investment
is lower than its book value, such difference is a
decrease in value of the investment. This value
thus should be recorded on the valuation account and as a counterpart the investor’s equity, in the equity valuation surplus account, as
a lesser value from an account and the other.
The fact that a decrease in value surpasses
valuation book value results in an investment
provision.
The investments in controlled companies (including the increase of value of the same) are
INDUSTRIAL
CONCONCRETO S.A.S.
2014
U-STORAGE S.A.S.
2013
SISTEMAS CONSTRUCTIVOS
AVANZADOS S.A.S.
CAS MOBILIARIO S.A.
2014
2013
2014
2013
2014
2013
CONCONCRETO
INTERNACIONAL
S.A.
2014
2013
131
39
9
13
13
10
92
92
82
236
475
151
8
6
10
8
325
320
126
1,054
606
190
17
19
23
18
417
412
208
1,290
2,648,529,741
1,991,907,796
196,697,549
852,450,321
1,003,032,287
846,518,496
4,315,566,482
4,386,572,736
1,126,203
988,799
3,862,098,221
3,444,422,124
107,424,546
385,771,260
197,219,091
148,457,633
5,549,219,818
5,259,358,090
1,997,327
1,231,319
6,510,627,962 5,436,329,920
304,122,095
1,238,221,581
1,200,251,378
994,976,129
9,864,786,300
9,645,930,826
3,123,530
2,220,118
eliminated against the total equity of the subordinated companies. When the purchase
value exceeds the patrimonialvalue of the subordinated company, the higher value paid is
recorded as a trading credit pursuant to Joint
Circulating Letter 011 of August 18, 2005, as
follows:
“Parent or controlling entities shall acknowledge Acquired Trading Credit, in each subordinated company, in the following cases:
a) Upon making the investment, as long as
it acquires the control of the economic institution through the investment.
b) Upon increasing its equity holding in the
economic institution, if the investor already
controlled it.”
f) Provision for Debtors. It represents the calculated necessary sum of money in order to
supply an adequate protection against losses
in the service book, loans to employees and
various debtors.
g) Inventories. The inventories represent tangible properties for sale in the ordinary course
of business and their use in the construction
projects. They are recorded at the inflation adjusted cost (an adjustment made until December 31, 2006) that does not exceed the replacement value or the market value. The method
used to calculate their cost is the following:
• Materials and stock:
Average mobile cost
• Real estate property for sale:
Specific identification
This account also includes the agreements being executed that correspond to the cumulative costs of the projects that, to date, are still in
progress and that have the execution of works
to be invoiced.
Provision for obsolence. Based on the obsolescence technical and slow movement analysis, a provision is recorded for the protection
of the inventories.
h) Net property, plant and equipment. These
are registered at their inflation adjusted price
(adjustment made up to December 31, 2006)
and are depreciated based on the straight line
method on the estimated useful life generally
accepted in Colombia for accounting purposes.
The Company does not calculate any residual
value for its assets, so they are fully depreciated. The repair and maintenance expenses are
charged to the results as they are incurred in.
The computing equipment acquired for projects
is depreciated based on the reducing balance
method by calculating a 1% residual value.
The change difference derived from foreign
currency liabilities assumed for the acquisition
of fixed assets is recorded as a greater value
up to the moment when it can be used.
Besides including in this account the own
assets, the assets acquired in Consortia are
recorded according to the percentage corresponding to the equity holding in them, and
over which the company used the tax benefit
of the deduction due to investing in fixed assets.
i) Intangible assets. Intangible assets. Pursuant to Regulatory Decree 2650 of 1993,
they include the rights derived from the assets
handed over as a mercantile trust which grant
the trustor, or beneficiary, the possibility of
exercising them according to the deed of charge or the law.
11
They are classified as follows:
Real Estate Trust. It records the trust agreements through which the economic entity transfers a real property asset to the trust company
for it to manage and develop a real estate project
pursuant to the instructions set forth in the agreement when the beneficiary is the same trustor.
Guarantee Trust. It records the trust agreements
through which the economic entity transfers one
or several real property assets to a trust company
in order to guarantee with them and/or with
their product the fulfillment of certain liabilities
by appointing as beneficiary the creditors of said
liabilities.
Administration Trust. It records the fiduciary
businesses in which the economic entity hands
over the fiduciary assets, transferring the property rights, for the trustee to manage and
lead them along with the returns, as the case
may be, to the fulfillment of the goal set forth
in the agreement.
Results obtained from the fiduciary business
conducted through trust are recorded on income, costs and expenses according to the share
percentage in each of them.
This item also includes the leased assets
pursuant to the accounting rules and they are
amortized based on the straight line method.
Trading credit. The additional value paid for
the acquisition of businesses or for the purchase of companies in which control is acquired is
recorded as a trading credit.
The value of the trading credit, in the event
of the acquisition of the control of companies,
correspond to the excess of the acquisition cost
against the value of the recorded equity of the
acquired company.
The trading credit acquired is recorded as an
intangible asset; its amortization is carried out
within a twenty-year time period as dividends
from the controlled company are generated.
j) Deferrals
Prepaid expenses. They are mainly the insurance premiums amortized pursuant to the validity of the insurance policies.
Deferred Charges. They correspond to computing programs that are being amortized at a
20% yearly rate.
In addition, there is the deferred monetary correction, as a result of inflation adjustments of
the ongoing construction projects (inventories)
12
applied only until 2006. The amortization
shall take place pursuant to the provisions
of section 3 of Decree 1536 of 2007, which
amends section 73 of Decree 2649 of 1993,
against the income accounts in the same
proportion in which the cost of the assets
that give rise to them is assigned, using
the same depreciation or amortization system used for said assets. In the event that
the asset giving rise to them is disposed of,
transferred or eliminated, the cumulative balances in those accounts shall be cancelled.
Deferred tax. A deferred tax, receivable or
payable, is recorded as the effect of the temporary differences implying the payment of a
greater or lower value of the income tax of the
current year, as long as there is a reasonable
expectation that such differences will revert.
The deferred tax is amortized in the periods in
which the temporary differences that gave rise
to them revert.
k) Increase in Values and/or Decrease in Values.
They correspond to the valuations and/or decreases in value corresponding to: real estate
property, machinery, equipment, and transportation equipment, whose adjusted value in
books is higher than twenty (20) monthly minimum legal salaries, established between the
valuation and the net book value and technically stated value.
In order to carry out the appraisals, the following provisions were taken into consideration: section 2 of Decree 1536 of 2007, which
amends subparagraph nine of section 64 of
Decree 2649 of 1993, as well as section 60 of
Act 550 of 1999, regulated by Decree 422 of
2000, regarding the requirements to be met by
the appraisals and the appraisers concerning
professional suitability, character and reputation, experience and independence.
In order to assess the increase/decrease
in value of the investments listed on the stock
exchange the following is used: the difference
between the average simple price recorded at
the stock exchange during the last ninety (90)
ordinary days (External Circulating September
29, 1998) of the cut off month of the Balance
Sheet but if it does not exist, the intrinsic value
and its inflation adjusted cost are used.
In the case of the investments listed on the
stock exchange and with a minimum marketability, its appraisal is carried out pursuant to
External Circulating Letter 11 of September
29, 1998 from the Financial Superintendency.
For those investments not listed on the stock exchange, their assessment is carried out according to the intrinsic value of the share pursuant
to the certificate issued by the company where
the investment is held.
The increase/decrease in value of the Intangible Assets (fiduciary rights) is calculated
through the difference between the patrimonial value from the financial statements and
the book cost of the contributions recognized
as intangibles.
monetary correction account.
From January 1, 2007, the Ministry of Commerce, Industry and Tourism, through Decree
No. 1536 of May 7 of the same year, suspended
the system for integral inflation adjustments for
accounting purposes. The cumulative inflation
adjustments in the accounts, until December
31, 2006, are not reverted and belong to the
balance of their corresponding accounts for all
accounting purposes until they are cancelled,
depreciated or amortized.
l) Labor liabilities. The liabilities correspond to the
obligations the Company has with its workers
due to legal and extralegal fringe benefits that
are calculated pursuant to legal rules in force.
q) Suspense accounts. The following are recorded under the contra accounts: commitments
not yet formalized, as well as contingent rights
or duties, such as positive credits and the existing differences between the entries and other
similar entries used for tax returns.
m) Retirement Pensions. The current value of
the liability payable by the Company was established as of December 31, 2014 based on the
actuarial study.
n) Income Tax Provision. The Company makes
the income tax provision based on the taxable
profit calculated to the specified rate in the tax
laws. When the taxable income is lower than
the imputed income, the provision is calculated
based on the latter.
Income Tax Provision for Equality - CREE. The
Company records a provision for income tax
for equality - CREE, based on income that may
increase the equity at a rate of 9%.
o) Foreing Currency Transactions. The transactions and balances in foreign currency are converted to Colombian pesos at the representative exchange rates of the market certified by
the Banco de la República. For the closing of
December 2014, the representative exchange
rate of the market was of $2.392,46 for balances expressed in dollars.
Uncapitalized exchange rate differences are
recorded as expenses or income due to an exchange rate difference as the case may be.
p) Monetary correction. Up to December 31,
2006, non-monetary assets and liabilities, as
well as the equity of the partners, except for
the accounts in the Earnings Statement and the
surplus due to the increase in value of assets,
were updated in a prospective manner, through
the use of general consumer price indexes (adjustment percentage for the fiscal year - PAAG,
in Spanish); the corresponding adjustments
were taken to the Earnings Statement, to the
r) Policy for the Accounting Record of Consortia. The main company reflects its income, costs and expenses for its share derived
from agreement; assets and liabilities are recorded in suspense accounts. The companies
of the group supervised by the Companies’
Superintendency perform the registration in
accordance with the External Document 115000006 dated December 23, 2009, which establishes that the participants must recognize
in their accounting records the assets, liabilities, income, costs and expenditures as to their
participation..
s) Cash Equivalents. For their presentation in
the cash flow statement, the Company classifies in the cash equivalents item the investments with a maturity of less than one year
and/or those that are immediately available.
t) Accounting Estimates. The preparation of
the financial statements, pursuant to the accounting principles generally accepted in
Colombia requires that the administration
carries out some estimates and assumptions
affecting the amounts reported for the assets,
liabilities, as well as the income and expenses
reported during the period.
u) Consolidated Financial Statements. At each
year-end closing, the Company consolidates the
companies where there is control by taking into
consideration the direct and indirect holding,
and also by including the entities determined
within the corporate group.
The companies that are subject to consolidation use the same accounting policies of the
13
controlling company. For the consolidation, the
reciprocal transactions of the balance and income are eliminated, as well as the net worth
of the subordinated companies with the investment of the parent company from where the
minority interest arises. In the case of the controlled companies in which there is no investment to eliminate, the concept of controlled net
worth and profit is created.
As from 2012, the company includes within the investment elimination process main
company vs. controlled companies equity, the
elimination of appreciations registered in the
accounting of the main company, as result of
the effect on their controlled investments. This
process is applied in a prospective way.
v) Consolidated Changes in the Equity Statement. It reflects all the changes in the equity, such as those caused by increases in the
capital, profit distribution, movement of reserves, as well as all those changes derived
from decisions included in the minutes of the
Shareholders Meeting, or to decisions of the
tax or control authorities that shall abide by
the legal provisions established, to be recorded during the period when they take place
as well as in the appropriate accounts.
w) Consolidated Changes in the Financial Position and Changes in the Working Capital
Statement. The variation is evidenced in the
changes in the Financial Position statement
through the noncurrent accounts by analyzing
14
the generation of working capital as a consequence of the operations and of other financial
resources, as well as their corresponding use.
In the analysis of the changes in the working
capital, the same effect is evidenced but through the current accounts that show the closest
available.
x) Consolidated Cash Flow Statement. It presents the details of the cash received and paid
throughout the period, as well as its handling
and variation during the year, as follows:
Operating activities. The starting point is the
profit derived from the operation by subtracting those entries that, though affecting it, do
not lead to cash increases or decreases. Other
non-operating entries are added to the operating profit that also changed the profit that generated or used cash.
Investment activities. It shows how cash was
generated or used in activities other than those
related to the operation through acquisitions or
sales of assets in general.
Financing activities. It presents the use or generation of cash through loans from third parties or partners.
Cash or cash equivalents are the amount of
cash available plus the negotiable investments.
NOTE 2
FOREIGN CURRENCY
The Company has the following assets and liabilities in foreign currency, which are recorded here in its
equivalent amount in pesos.
2014
FINANCIAL POSITION
USD
Assets
Liabilities
Net Position
Assets
USD
EQUIVALENT
7,269,146
16,551,303,942
4,729,586
9,146,587,597
(11,624,726)
(24,004,893,585)
(3,755,547)
(7,219,436,467)
(4,355,580)
(7,453,589,643)
974,039
1,927,151,130
EUR
EQUIVALENT
EUR
EQUIVALENT
663,319
1,876,558,864
31,002
81,592,194
(2,865)
(8,152,516)
(2,120)
(5,546,774)
660,453
1,868,406,348
28,882
76,045,420
VEB
EQUIVALENT
VEB
EQUIVALENT
225
66,712
533
1,629
Liabilities
Net Position
EQUIVALENT
2013
Assets
Net Position
225
66,712
533
1,629
GTQ
EQUIVALENT
GTQ
EQUIVALENT
Assets
238
68,271
486
116,053
Net Position
238
68,271
486
116,053
USD: Us dollars VEB: Venezuelan bolivar
EUR: euro GTQ: Guatemalan quetzal
NOTE 3
AVAILABLE
COMPANY
2014
2013
18,749,607,752
18,060,974,912
Cas Mobiliario S.A.
16,215,375,854
2,393,753,807
1,661,351,678
13,761,436,402
323,361,654
1,626,347,316
176,187,139
18,304,885
139,526,943
1,635,590,355
U-Storage S.A.S.
78,235,542
34,349,683
Cantera La Borrascosa S.A.S.
39,635,249
89,004,510
TOTAL AVAILABLE
22,728,370
166,618,886
37,406,010,181
37,786,380,756
15
AVAILABLE
2014
2013
Savings accounts in national currency (1)
20,770,789,646
23,409,833,813
Banks in national currency (1)
12,909,072,064
14,227,200,294
Banks in foreign currency
3,369,843,510
12,027,003
Cash in national currency
259,697,484
19,405,709
Petty cash
72,120,396
63,563,977
Cash in dollars
16,176,005
38,908,133
Cash in euros
8,176,093
15,324,070
Cash in Venezuelan bolivar
68,271
1,704
Cash in Guatemalan quetzal
66,712
116,053
37,406,010,181
37,786,380,756
TOTAL
(1) Restricted deposits: There are some deposits in banks which have a specific purpose for
certain projects. These values were received as down payments from clients..
NOTE 4
INVESTMENTS
Temporary:
COMPANY
2014
2013
27,631,199,913
18,950,224,288
Cas Mobiliario S.A.
4,298,400,562
645,199,384
501,788,412
262,151,927
322,556,537
285,167,412
215,465,511
533,867,246
13,773,902
74,819,005
208,920
202,192
U-Storage S.A.S.
TOTAL TEMPORARY INVESTMENTS
TEMPORARY INVESTMENTS
Fiduciary Investment Rights – national currency(1)
Other Investments
Bonds for Social Development and Internal Safety
TOTAL TEMPORARY INVESTMENTS
(1) The details of the Investments Trusts are the following:
16
-
57,357,360
32,983,393,757
20,808,988,814
2014
2013
29,654,063,442
15,345,942,299
3,140,286,315
5,274,002,515
189,044,000
189,044,000
32,983,393,757
20,808,988,814
ENTITY
RETURN
2014
RETURN
2013
2014
2013
3.03% E.A.
2.84% E.A
22,928,408,711
14,404,895,359
Helm Trust
3.09% E.A.
2.95% E.A.
4,298,400,562
645,199,384
Alianza Fiduciaria
3.01% E.A.
Trust Banco Davivienda (Panamá)
5.10% E.A.
3.00% E.A.
501,788,412
262,151,927
Stocks and Income
3.97% E.A.
-
156,232,587
-
-
2.91% E.A.
Securities Counselors
1,769,233,170
TOTAL
-
33,695,629
29,654,063,442
15,345,942,299
They mainly correspond to trusts, which yielded on average an effective per annum interest rate of 3,08%
and 2,85% for December 2014 and 2013, respectively.
Permanent:
The balance per company as of December 31, 2014 is as follows:
COMPANY
2014
2013
47,860,491,210
53,716,466,236
16,110,072,015
12,679,204,230
Nayu Assets Corporation
14,463,112,121
-
2,001,096,266
3,149,224,341
197,556,391
256,330,585
TOTAL INVESTMENTS
-
165,820
80,632,328,003
69,801,391,212
The most significant balances of permanent investments as of December 31, 2014 are as follows:
17
NIT
COMPANY
SHARES
SHARE PERCENTAGE
INTRINSIC
VALUE IN STOCK
EXCHANGE
SHARE CLASS
COMPANIES
SHARES OF AGRICULTURE AND LIVESTOCK
811,029,388
FOGANSA S.A.
800,151,988
SETAS COLOMBIANAS S.A.
171,032
0.280%
Ordinarias
21,213.95
9,153
0.001%
Ordinarias
46.23
7,142
11.000%
Normativa
457.17
MANUFACTURING STOCKS
9,000,002,511
NORVAL VENTURES, INC
CONSTRUCTION STOCKS
900,357,889
CONSALFA S.A.S.
17,370,400
50.000%
Ordinarias
900,003,695
CENTRANS COMPANY S.A.
10,000
50.000%
Normativa
-
800,235,437
AUTOPISTA DE LOS LLANOS S.A.
65,487
8.471%
Ordinarias
68,183.14
830,006,021
CONCESIONES C.C.F.C S.A.
140,636,000
24.000%
65.13
830,035,702
SOLETANCHE BACHY CIMAS S.A.
1,068,558
40.970%
800,230,127
CONTINTAL S.A.
125,000
50.000%
Ordinarias
NormativasOrdinarias
Ordinarias
1,482.04
830,508,955
PROMOTORA CASA DEL MAR
240,000
40.000%
Ordinarias
(2,527.00)
890,913,123
CONMERCOL S.A. EN LIQUIDACIÓN
183,080
100.000%
Ordinarias
(15,028.00)
800,169,499
ODINSA S.A.
26,047
0.014%
Ordinarias
4,318.22
900,141,314
CCI MARKETPLACE S.A.
117,854
2.340%
Ordinarias
621.00
900,266,941
BESSAC ANDINA S.A.
4,999
19.996%
Ordinarias
147,210.78
811,015,538
PROMOTORA ALDEA DEL VIENTO S.A.
83,373
27.791%
Ordinarias
13,801.96
900,114,277
PROMOTORA URBANA CENTRAL S.A.
96,000
48.000%
Ordinarias
(5,348.69)
890,929,094
UNO SUR S.A.
56,000
33.330%
Ordinarias
28,334.89
900,192,595
CONSTRUCTORA SAN DIEGO MILENIO S.A.
16,650
33.300%
Ordinarias
71,453.55
850,360,823
EDIFICACIONES Y PROYECTOS
51,730
14.780%
Ordinarias
-
811,005,050
DEVIMED S.A.
408,765
0.796%
Ordinarias
23.06
800,207,413
CONJUNTOS
800,216,236
PROMOTORA DEL SUR
811,029,976
COVIAL
42629-2-288648
BRIGHTSTAR MANAGEMENT CORP.
830,121,232
900,577,591
METRODISTRITO S.A.
CONSTRUCTION STOCKS –
FOREIGN INVESTMENT
AEROTOCUMEN S.A.*
REAL ESTATE, BUSINESS AND RENTAL
ACTIVITY STOCKS
CONSOL S.A.S.
800,194,632
PROMOTORA NACIONAL DE ZONAS FRANCAS S.A.
9,000,000,263
VIVIENDAS PANAMERICANAS
444,444,438
1082787-1-554931 TRANSAMERICAN SERVICES, S.A.
800,180,158
PROMOTORA DE PROYECTOS S.A.
9,406.31
-
0.000%
-
-
4,000,000
50.000%
Ordinarias
-
-
0.000%
-
-
666
40.000%
Nominativas
-
2,500
25.000%
Ordinarias
53,318.00
50
1040.000%
Ordinarias
43,732,063.44
187,555.00
50,000
50.000%
Ordinarias
63,826,441
16.769%
Ordinarias
12.48
700
70.000%
Normativas
6,986,334.89
750
50.000%
Normativa
-
10,245
0.081%
Ordinarias
218.00
1
0.001%
Ordinarias
9,641.00
TRANSPORTATION AND WAREHOUSING STOCKS
830,037,895
U-STORAGE S.A.S.
OTHER ACTIVITY STOCKS
900,360,261
GRUPO HEROICA S.A.S.
15,000
30.000%
Ordinarias
25,063.00
900,381,880
SIN ESCOMBROS S.A.S.
40,000
2.680%
Ordinarias
1,992.68
-
-
-
-
4
0.230%
-
49,282,160.00
-
0.000%
-
-
2
2.000%
-
3,340,000.00
BONOS DE PAZ
INVESTMENT IN SHARES
PARTICIPATIONS IN SOCIAL CLUBS
811,001,904
POBLADO COUNTRY CLUB MEDELLÍN
800,020,023
HOTEL SANTA CLARA
890,981,947
CORPORACIÓN CLUB CAMPESTRE MEDELLÍN
INVESTMENTS IN CLUBS
*
FOREIGN CURRENCY REVALUATION
TOTAL INVESTMENTS
There are no restrictions on negotiability or encumbrances on investments owned by the company.
18
INFLATIONARY
ADJUSTMENT
HISTORICAL COST
TOTAL NET
INVESTMENTS
DECEMBER 2014
PROVISION
2014
TOTAL NET
INVESTMENTS
DECEMBER 2013
TOTAL NET
INVESTMENTS
DECEMBER 2014
TOTAL NET
INVESTMENTS
DECEMBER 2013
342,065,003
-
-
342,065,003
342,065,000
21,198,417
(68,950,840)
1,647,540
6,007,285
-
7,654,825
7,654,825
(7,231,682)
(7,218,135)
239,246,000
-
-
239,246,000
192,683,000
-
(1,611,625,712)
17,370,400,000
-
-
17,370,400,000
17,370,400,000
(9,429,174,232)
15,311,744,000
-
-
15,311,744,000
12,331,712,000
-
-
8,308,418,365
-
-
8,308,418,365
9,761,931,265
(3,843,309,076)
200,838,184
6,044,841,866
-
-
6,044,841,866
6,044,841,866
3,114,780,814
2,771,628,974
3,464,141,709
-
-
3,464,141,709
3,464,141,709
6,587,046,092
5,930,012,947
(419,303,402)
505,452,511
107,725,891
-
613,178,402
613,178,402
(427,923,402)
280,000,000
13,473,033
-
293,473,033
192,240,000
(293,473,033)
(192,240,001)
183,080,000
-
-
183,080,000
183,080,000
(183,080,000)
(183,080,000)
159,798,345
-
-
159,798,345
4,564,122,641
(47,321,669)
2,891,136,632
112,205,938
90,195
-
112,296,133
112,296,133
(39,108,799)
(39,344,507)
105,446,357
-
-
105,446,357
105,446,357
630,460,332
-
83,372,500
7,248,870
-
90,621,370
90,621,370
1,060,089,441
29,621,672
48,000,000
-
-
48,000,000
48,000,000
(48,000,000)
(48,000,000)
9,522,757
7,969,473
-
17,492,230
17,492,230
1,569,261,610
1,755,893,930
16,650,000
-
-
16,650,000
16,650,000
1,173,051,608
387,705,843
5,173,000
-
-
5,173,000
5,173,000
-
-
4,095,276
-
-
4,095,276
4,095,276
5,331,124
1,734,968
-
-
-
-
1,021,155,288
-
(703,391,268)
-
-
-
-
228,205,820
-
27,943,887
-
-
-
-
58,774,196
-
(11,345,196)
14,463,112,121
-
-
14,463,112,121
-
-
-
1,690,000,000
79,852,855
(1,769,852,855)
-
-
-
-
10,119,260
-
-
10,119,260
9,653,981
2,178,876,371
3,011,371,449
10,000,000,000
-
-
10,000,000,000
10,000,000,000
(622,250,000)
2,056,412,000
667,857,715
1,043,072,331
-
1,710,930,046
1,710,930,046
(914,376,062)
(1,087,345,717)
921,051,333
695,003,264
306,341,290
-
1,001,344,554
964,399,608
585,749,770
366,862,209
-
-
366,862,209
-
-
-
7,244,320
11,080,432
-
18,324,752
18,324,752
(16,091,342)
(16,767,512)
165,820
-
-
165,820
331,640
(156,270)
-
150,000,000
-
-
150,000,000
150,000,000
(149,624,055)
(149,354,340)
40,000,000
-
-
40,000,000
40,000,000
39,707,200
30,804,000
3,440,000
-
-
3,440,000
3,440,000
-
-
1,582,861,655 (1,769,852,855)
80,502,114,676
69,673,040,405
944,433,157
15,478,189,189
(54,848,038)
80,689,105,876
66,935,371
35,072,667
-
102,008,038
102,008,038
(52,725,878)
24,896,572
-
-
24,896,572
24,896,572
-
-
1,361,000
104,677
-
1,465,677
1,465,677
1,874,323
1,206,322
93,192,943
35,177,344
-
128,370,287
128,370,287
(50,851,555)
(53,641,716)
1,843,040
(19,480)
80,632,328,003
69,801,391,212
893,581,602
15,424,547,473
80,782,298,819
1,618,038,999 (1,769,852,855)
19
Agriculture and Cattle Shares
Fogansa S.A.
In December 2008 Constructora Conconcreto S.A.
made and investment in this company, dedicated
to commercial and breed cattle, through the purchase of 90.000 shares, in December 2008. In December 2010, 71.650 shares were purchased at
a face value of $2.000.; to determine the appreciation of this share, $21.213,95 is considered as
intrinsic value. In December 2010, Inmobiliaria
Conconcreto S.A.S. acquired 2.926 shares at a
nominal values of $2.000; to determine the appreciation of this shares, $21.213,95 is considered as
intrinsic value. At the end of 2014, Industrial Conconcreto S.A.S. had 6.456 shares with an intrinsic
value of $21.213,95.
Construction Shares
Consalfa S.A.S.
Constructora Conconcreto S.A. obtained, during 2011, a total of 16.990.688 shares for
$16.990.688.000, with 50% proprietary interest. In 2012, the number of shares increases to
17.370.400, keeping the proprietary interest percentage. This company is incorporated in alliance
with the Chilean company Empresa de Montajes
Industriales Salfa S.A., for projects in the energy,
hydrocarbons and mining sectors, among others.
Centrans Company S.A.
In December 2011, Conconcreto Internacional S.A.
invested in this company, who in return is a shareholder of Guatemalan companies. 10.000 shares
were purchased at $1.233.171,20 per share.
Autopista de los Llanos S.A.
As of March 2013 there was a proprietary interest
equal to 0,032% which is equivalent to 2.877 shares and between April and June 2013 a number of
754.759 shares were purchased through transfer
of Patrimonio Autónomo Carreteras Nacionales
del Meta, which were placed as a guarantee of the
contract and it liquidated due to its purpose completion so that, at the closing in December 2013
there is still a total of 757.636 shares and a proprietary interest of 8,471%. At the closing in June
2014 a capital decrease is recorded for this company, therefore we should deliver 692.149 shares
and remain with a total of 65.487 shares equal to
8,471% of proprietary interest.
Concesiones CCFC S.A.
140.636.000 shares were obtained due to a merger with Inversiones Conconcreto S.A., and a proprietary interest of 24% in this company.
20
590.609 shares are obtained through the merger
process with Inversiones Conconcreto S.A., as well as
36,68% proprietary interest in this company. In December 2012 Conconcreto capitalizes 461.848 shares thus keeping 1.052.458 shares and increasing
its participation at 40,35%. Industrial Conconcreto
S.A.S. has 16.100 shares corresponding to a participation percentage of 0,6173% in this company.
Conjuntos S.A.
Inmobiliaria Conconcreto S.A.S. cancels the investment it had in this company due to settlement as
recorded on Meeting’s Minutes dated September
20, 2014.
Construction stocks –
Foreign Investment Aerotocumen S.A.
In April 2010, Conconcreto Internacional S.A. invested in this company whose main business was
construction of building works and infrastructure.
10 shares were purchased at a nominal value of
USD100.00. Constructora Conconcreto S.A. owns
40 shares with a participation percentage of 40%,
and at the end of December 2014, $43.732.063,44
is considered as intrinsic value for its appreciation
for a total of 50% participation.
Real Estate, Business and Rental
Activities Shares
Consol S.A.S.
A new company is incorporated in December 2012,
Consol S.A.S., in which Constructora Conconcreto
S.A. has 50% proprietary interest with 50.000 shares, for $200.000 per share. This company, in turn,
owns 70% proprietary interest in Geofundaciones
S.A.S. and Geoconstruccio- nes S.A.S.
Promotora Nacional de Zonas Francas S.A.
63.826.441 shares are acquired from the merger
process with Inversiones Conconcreto S.A., corresponding to 16,769% proprietary interest.
Shares – Other Activities
From 10.000 shares held by Constructora Conconcreto S.A., through the merger process with Inversiones Conconcreto S.A., 5.000 shares are added,
and the company remains with a total proprietary
interest of 30% and a total of 15,000 shares therein.
The following are additional data and composition of the Individual Financial Statements of the subordinated companies:
PARTICIPATION
COMPANY
Cantera La
Borrascosa S.A.S.
CORPORATE PURPOSE
CONSTRUCTION
DATE
El Retiro
Medellín
ADDRESS
Overall construction and other
related activities.
CONSOLIDATION
METHOD USED
%
DIRECT
INDIRECT
30-Sep-13
80%
Indirect
Global
Medellín
24-May-06
50.2%
0.80%
Direct
Indirect
Global
Republic of
Panama
Republic of
Panama
13-Dec-95
100%
Direct
Global
Itagüí
Itagüí
21-Oct-70
100%
Direct
Global
Itagüí
Itagüí
24-Sep-85
100%
Direct
Global
Republic of
Panama
Republic of
Panama
23-Jun-11
100%
Direct
Global
Republic of
Panama
Republic of
Panama
11-Oct-13
40%
Direct
Global
Galapa
(Barranquilla)
Galapa
(Barranquilla)
11-Apr-14
100.00%
Direct
Indirect
Global
Bogotá
Bogotá
9-Oct-97
65.59%
34.41%
Direct
Indirect
Global
Mining exploration and exploitation.
Kilómetro
Extraction, processing, marketing
23 vía Las
and/or sales, nationwide and
abroad, of natural resources and/or Palmas, vereda
Carrizales
its byproducts.
Supply, installation, mounting,
maintenance, replacement and
exploitation of street furniture,
nationwide and abroad;
Cas Mobiliario S.A. performance of construction
activities; service provision of
advertising services and sale of
outdoor advertising.
Conconcreto
Internacional S.A.
OPERATION
GEOGRAPHIC
AREA
Exploration and exploitation of
beach material.
Industrial
Manufacturing and marketing of
Conconcreto S.A.S. panels and construction systems, for
construction service provision.
Promotion, acquisition, development,
Inmobiliaria
construction and sale of property
Conconcreto S.A.S. and general performance of business
on real estate.
Inversiones
Worldwide
Storage S.A.
Investment in all kinds of
movable and immovable property,
manage it. Likewise, purchasing
and acquisition, sale and disposal
of all kinds of credits and shares or
securities in general.
Nayu Asset
Corporation
Investments in activities or other
companies. Curry out any other
lawful business allowed by the laws
of the Republic of Panama, in or
out of it.
Sistemas
Constructivos
Avanzados Zona
Franca S.A.S.
Industrial user of goods and
services from one or several
free zones and in such condition
to develop the following activities
exclusively within the permanent
free zone:
(a) Manufacturing, distribution and
marketing of products in Polystyrene
foam, among others.
U-Storage S.A.S.
Provision of public ground
transportation service, provision
of removal services and move, and
packages and the packing.
21
DETAILS: BALANCE SHEET
AND INCOME SUBORDINATED
COMPANIES
CONCONCRETO
INTERNACIONAL S.A.
COP (MILLION)
INMOBILIARIA
CONCONCRETO S.A.S.
COP (MILLION)
2014
2014
2013
INDUSTRIAL
CONCONCRETO S.A.S.
COP (MILLION)
INVERSIONES WORLDWIDE
STORAGE S.A.
COP (MILLION)
2014
2013
ASSETS
89,544
59,821
31,552
2013
41,329
2014
281
2013
227
190,465
158,469
LIABILITIES
39,488
31,725
11,467
22,870
15
12
36,503
11,698
NET WORTH
Capital stock
102
82
16,999
16,999
268
216
5,312
2,942
5,341
4,302
-
-
-
-
4,923
1,904
Reserves
-
-
317
317
-
-
17,769
16,213
Loss from previous years
-
-
(15)
-
(1)
(1)
(378)
-
24,245
15,279
-
-
-
-
-
-
-
-
-
-
-
-
245
245
12,696
7,371
1,581
(15)
-
(1)
4,136
3,505
Valuation surplus
437
362
1,203
1,158
-
-
121,954
121,961
Translation effect
7,234
700
-
-
-
-
-
-
TOTAL NET WORTH
50,056
28,097
20,084
18,459
267
214
153,962
146,771
PROFIT OF THE YEAR
12,696
7,371
1,581
(15)
-
(1)
4,136
3,505
Capital surplus
Profits from previous years
Net worth increase in value
Net profit
These figures are extracted from the certified and audited Individual Financial Statements as of December 31,
2014 of each company.
DETAIL OF
INCOME FROM
SUBORDINATED
COMPANIES
CONSTRUCTORA CONCONCRETO INMOBILIARIA
INDUSTRIAL
CONCONCRETO INTERNACIONAL CONCONCRETO CONCONCRETO U-STORAGE
S.A.S. COP
S.A. COP
S.A. COP
S.A.S. COP
S.A.S. COP
(MILLION)
(MILLION)
(MILLION)
(MILLION)
(MILLION)
2014
2014
2014
2014
2014
CAS
MOBILIARIO
S.A. COP
(MILLION)
2014
SISTEMAS
CANTERA LA
CONSTRUCTIVOS BORRASCOSA
AVANZADOS ZONA
S.A.S. COP
FRANCA S.A.S.
(MILLION)
COP (MILLION)
2014
2014
INGRESOS
Construction
605,376
40,658
1,769
22,153
-
-
-
-
Income from
independent equity
104,650
-
51,192
1,459
-
-
-
-
Tenancies of
immovable property
13,487
67
-
-
(38)
-
-
-
Hotel
11,718
-
-
-
-
-
-
-
Dividends and
participations
10,070
-
-
-
-
-
-
-
Renting of machinery
and equipment with
operators
3,172
-
-
4,190
-
-
-
-
Transport and data
processing
1,624
-
-
147
2
-
-
-
Wholesale and retail
trades
1,486
-
3,009
4,799
(10)
-
545
-
Consulting business
activities
1,264
-
-
-
-
-
-
-
218
-
-
-
-
-
-
-
-
-
-
19,011
-
-
-
2,039
-
-
-
4,355
31
-
-
-
-
-
-
-
-
14,795
-
-
Non-operating
income
20,901
1,615
1,148
2,420
75
962
19
-
TOTAL INCOME
773,965
42,339
57,117
58,533
61
15,757
564
2,039
Harnessing and
granting of space
Mining and quarries
exploitation
Container and
packaging, metal
product
Advertising
22
U-STORAGE S.A.S.
COP (MILLION)
2014
CAS MOBILIARIO S.A.
COP (MILLION)
2013
2014
SISTEMAS
CONSTRUCTIVOS
AVANZADOS S.A.S.
COP (MILLION)
SISTEMAS
CONSTRUCTIVOS
AVANZADOS ZONA
FRANCA S.A.S.
COP (MILLION)
NAYU ASSETS
CORPORATION
COP (MILLION)
2013
2014
2014
2013
CANTERA LA
BORRASCOSA S.A.S.
COP (MILLION)
2014
2013
845
1,406
10,990
8,835
36,464
1,329
15,417
595
456
167
1,422
4,769
4,072
28,376
854
15,405
650
582
238
238
2,500
2,500
4,271
700
24
100
100
899
899
-
-
2,197
-
-
-
-
-
-
1,102
973
528
-
-
-
-
(1,153)
(84)
-
-
(2,766)
-
-
(226)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
694
(1,069)
2,619
1,290
2,653
(225)
(9)
71
(226)
-
-
-
-
1,206
-
-
-
-
-
-
-
-
-
-
(3)
-
-
678
(16)
6,221
4,763
8,088
475
12
(55)
(126)
694
(1,069)
2,619
1,290
2,653
(225)
(9)
71
(226)
Balances of the Consolidated Financial Statements, reflecting the most significant variations, are
presented in the following chart as of December 31, 2014:
DETAIL OF
CONSOLIDATED
BALANCE COP
(MILLIONS OF
PESOS)
CONSTRUCTORA
CONCONCRETO
S.A.
INDUSTRIAL
CONCONCRETO
S.A.S. (*)
CONCONCRETO
INTERNACIONAL
S.A.
INMOBILIARIA
CONCONCRETO
S.A.S.
2014
2014
2014
2014
2013
2013
2013
TOTAL
CONSOLIDADO
OTRAS SOCIEDADES
2013
2014
2013
2014
2013
Assets
Cash equivalent
46,381
32,712
1,984
3,604
16,717
18,323
539
700
4,769
3,256
70,390
58,595
Inventories
66,959
34,016
9,654
8,472
626
157
5,748
2,607
477
248
83,464
45,500
Intangibles
807,412
594,122
17,953
16,518
115
38
5,517
9,270
162
642
831,159
620,590
Valuations
253,306
233,183
121,932
121,365
437
362
1,203
1,158
-
-
376,878
356,069
Other assets
497,104
432,678
33,235
30,960
56,220
40,941
16,658
27,499
22,116
6,568
625,333
538,646
1,671,162 1,326,711
184,758
180,920
74,115
59,821
29,665
41,234
27,524
10,714
TOTAL ASSETS
1,987,224 1,619,400
Liabilities
Financial
Obligations
Supplier and
account payable
508,858
206,203
16,331
8,518
7,285
3,896
-
186
684
1,181
533,158
219,985
96,079
148,766
4,231
6,869
2,952
5,318
1,099
4,755
2,947
1,895
107,308
167,603
Other liabilities
232,490
184,889
12,033
9,937
29,251
22,511
4,395
4,642
1,765
1,505
279,934
223,485
TOTAL LIABILITIES
837,427
539,859
32,595
25,324
39,488
31,725
5,494
9,584
5,396
4,582
920,400
611,073
5,522
2,280
-
-
-
-
-
-
-
-
5,522
2,280
(233,089)
(221,475)
152,163
155,596
34,627
28,096
24,171
31,650
22,128
6,132
-
-
(227,567) (219,195)
152,163
155,596
34,627
28,096
24,171
31,650
22,128
6,132
5,522
2,280
Items of the
consolidated
Minority interest,
translation effect
Eliminations in
the consolidation
process
TOTAL ITEMS
IN THE
CONSOLIDATED
Equity
Equity
Year profit
TOTAL EQUITY
1,009,493
945,437
-
-
-
-
-
-
-
-
1,009,493
945,437
51,809
60,610
-
-
-
-
-
-
-
-
51,809
60,610
1,061,302 1,006,047
-
-
-
-
-
-
-
- 1,061,302 1,006,047
(*) Includes Sistemas Constructivos Avanzados In 2013, so that the information with the closing of 2014 could be compared, as it merged with Industrial Conconcreto.
23
Most significant variations of the parent company
and the subordinated companies as of December
31, 2014 are:
Decrease in investments by settlement of two companies, Conjuntos and Promotora del Sur.
ASSETS
Intangible:
Basic increase by purchasing lots Cartago, Hotel
Cali and Bali contributed to trusts, trust profits, constitution of a financial leasing project Bodega Stihl.
LIABILITY
Financial obligations:
Credits were augmented significantly by financing
in the acquisition of lots for the development of projects and leasing activation.
Other assets:
Increase in debtors by resources delivered in the investment of the Dream Plaza Building Project.
Increase by new credits acquired in 2014 for
working capital and purchase of new assets.
NOTE 5
CLIENTS
CLIENTS
SHORT TERM
National clients
Cas Mobiliario S.A.
SCA Zona Franca
U-Storage S.A.S.
TOTAL NATIONAL CLIENTS
Foreign clients
TOTAL FOREIGN CLIENTS
Clients provision
U-Storage S.A.S.
TOTAL SHORT-TERM PROVISION CLIENTS
LONG TERM
Clients
Client provision
TOTAL LONG-TERM CLIENT PROVISION
24
2014
2013
151,278,555,697
14,110,194,102
9,966,812,172
9,613,339,362
3,464,316,959
508,069,322
153,698,831
20,008,212
189,114,994,657
112,886,723,935
11,175,048,996
1,486,098,644
14,577,022,627
2,944,780,635
62,980,531
426,964,486
7,476,977,852
151,036,597,706
3,355,629,107
2,265,594,804
5,621,223,911
194,736,218,568
553,225,090
70,506,583
3,330,947,015
2,782,650,567
6,737,329,255
157,773,926,961
(728,240,993)
(239,246,000)
(170,000,000)
(18,789,141)
(1,156,276,134)
(192,683,000)
(176,748,935)
(113,951,088)
(1,359,792,196)
(379,982,924)
(2,223,158,143)
668,957,211
104,538,533
773,495,744
996,940,789
104,538,533
2,768,800,676
133,571,748
4,003,851,746
(50,000,000)
(50,000,000)
(223,972,163)
(223,972,163)
The details per client as of December 31, 2014 are as follow:
CLIENTS
Patrimonio Autónomo Acción Fiduciaria
Banco Corpbanca Colombia S.A.
Cimcol S.A
Alianza Fiduciaria
Hidroecológica del Teribe S.A.
Hotel Estelar S.A.
Patrimonio Autónomo FiduBogotá
Compañía Operadora Petrocolombia
Industria Colombiana de Café S.A.S.
Chitreland S.A.
Consalfa S.A.S.
Consorcio CC Ituango
Sohinco Empresarial S.A.S.
Consorcio CC
Fresenius Medical Care Andina S.A.S.
Cerro Matoso S.A.
Global Inversiones Hoteleras S.A.S.
Consorcio SBCC Aguadulce
Consorcio Obra Puerto Brisa
Pijao Grupo de Empresas
London & Regional Panamá S.A.
Agencia Nacional de Infraestructura
Luis F. Correa y Asociados S.A.
Devimed S.A.
Internacional Ejecutiva de Aviación
Estructuras MEO S.A.S.
Consorcio Loboguerrero
AFV Construcciones S.A.S.
Constructora Perfil Urbano
Consorcio Lithos
Almacenes Éxito S.A.
Empresas Públicas de Medellin E.S.P.
Promotora Aldea del Viento S.A.
Leasing Bancolombia
Terminal de Contenedores
Otros Menores
TOTAL NATIONAL CLIENTS
TOTAL FOREIGN CLIENTS
Consalfa
Horizons Institute Inc.
Edicreto S.A.S.
Fiduciaria Central
San Marino Development Inc.
2014
2013
41,257,001,245
21,711,506,351
19,450,638,323
14,361,341,516
12,041,998,762
9,400,643,243
6,471,977,547
6,227,199,081
3,936,667,878
3,493,588,859
3,178,214,163
3,048,782,089
3,025,068,412
2,562,016,683
1,886,355,607
1,823,180,426
1,705,795,937
1,678,877,496
1,658,490,813
1,519,732,536
1,390,361,737
1,383,303,942
1,377,845,976
1,318,704,546
1,203,067,054
1,063,591,348
928,053,756
893,766,766
864,908,146
498,026,874
482,699,634
457,204,614
385,685,200
377,770,074
320,064,488
222,634,586
195,030,440
39,083,379
4,996,640
(14,074,344)
15,283,192,835
189,114,994,657
5,621,223,911
194,736,218,568
364,075,644
304,881,567
104,538,533
773,495,744
32,952,415,694
26,148,428,875
3,666,152,914
17,136,238,216
10,899,012,852
1,763,134,480
8,708,290,711
3,188,084,617
65,042,128
1,411,408,735
2,457,026,565
1,211,694,418
1,048,895,219
1,694,792,520
928,053,756
706,728,432
259,451,974
2,212,232,920
1,427,893,341
2,613,205,035
2,176,585,795
1,513,137,563
8,135,214,475
1,130,745,311
2,260,421,276
15,322,309,884
151,036,597,706
6,737,329,255
157,773,926,961
996,940,789
104,538,533
2,768,800,676
133,571,748
4,003,851,746
25
Collection projection of the long-term part of clients in the next five years is as follows:
PROJECTION OF PAYMENTS
VALUE PER YEAR
YEAR 2015
364,075,644
YEAR 2016
120,000,000
YEAR 2017
120,000,000
YEAR 2018 and subsequent
169,420,100
TOTAL
773,495,744
Detail of clients in foreign currency as of December 31, 2014 is as follows:
FOREIGN CURRENCY CLIENTS
2014
USD
COP
CONCONCRETO INTERNACIONAL
Consorcio Estructuras Metálicas MDO.
1,000,000
2,392,460,000
402,585.25
963,169,107
Fondo Global de Construcción SAC.
372,798.86
891,906,362
Internacional Premium Holding S.A.
307,362.15
735,351,655
70,466.15
168,587,437
Soletanche Freyssinet
INDUSTRIAL CONCONCRETO S.A.S
Consorcio Estructuras Metálicas MDO.
Paneles Constructivos S.A.
37,926.53
90,737,715
Inmobiliaria y Constructora JAAR S.
29,295.05
70,087,238
121.23
290,045
129,002.93
308,634,352
Conmercol S.A.
FOREIGN CURRENCY INCREASE IN VALUE
TOTAL
5,621,223,911
Movement of clients’ provision is as follows:
PROVISIONS
Balance at the beginning of year
Penalties
Provisions
BALANCE AT THE END SHORT-TERM PROVISION
Balance at the beginning of year
Penalties
BALANCE AT THE END LONG-TERM PROVISION
TOTAL PROVISION
26
2014
2013
(2,223,158,143)
(1,668,319,997)
3,914,373,212
-
(2,847,491,203)
(554,838,146)
(1,156,276,134)
(2,223,158,143)
(223,972,163)
(410,389,874)
173,972,163
186,417,711
(50,000,000)
(223,972,163)
(1,206,276,134)
(2,447,130,306)
NOTE 6
Balance per company as of December 31, 2014 is as follows:
COMPANY
2014
2013
72,769,684,164
67,343,140,858
5,288,512,183
3,156,907,887
954,163,290
-
685,057,722
10,769,184
240,673,567
276,525,627
Cas Mobiliario S.A.
16,860,000
94,048,459
Sistemas Constructivos Avanzados Zona Franca S.A.S.
4,000,000
315,008,670
U-storage S.A.S.
1,228,700
10,651,875
-
1,140,422
79,960,179,626
71,208,192,982
2014
2013
TOTAL PREPAYMENTS AND ADVANCES
Down payments and advance payments to suppliers
51,067,365,271
22,513,174,506
Promissory sales agreements – real estate
26,552,702,891
44,592,355,244
1,624,191,487
2,958,770,620
Down payments and advance payments to others
Down payments and advance payments to contractors
593,235,674
980,718,287
62,463,328
103,096,395
Deposits
42,126,700
57,128,593
Down payments and advance payments to agents
18,094,275
2,949,337
79,960,179,626
71,208,192,982
Down payments and advance payments to workers
NOTE 7
DEBTORS – VARIOUS
Balance per company as of December 31, 2014 is as follows::
DEBTORS VARIOUS
2014
2013
55,481,233,323
50,426,697,767
3,226,115,846
5,805,273,108
2,337,002,539
1,725,237,204
1,051,385,646
-
U-storage S.A.S.
92,944,852
277,851,448
Cas Mobiliario S.A.
44,434,840
131,512,084
-
897,896,099
62,233,117,046
59,264,467,710
22,006,398,271
2,413,677,063
185,490,597
165,000,000
SHORT-TERM
TOTAL SHORT-TERM VARIOUS DEBTORS
LONG TERM
Cas Mobiliario S.A.
TOTAL LONG-TERM VARIOUS DEBTORS
7,802,022
-
22,199,690,890
2,578,677,063
27
DEBTORS VARIOUS
2014
2013
9,739,791,423
8,410,375,772
9,483,924,811
7,053,924,811
Pago por cuenta de terceros
8,967,341,048
3,706,447,792
Consorcio CC
6,697,384,306
6,697,384,306
Geofundaciones S.A.S.
5,345,833,334
-
Promotora Casa del Mar
2,925,885,845
2,886,983,327
2,802,607,627
2,849,592,337
Soletanche Bachy Cimas S.A
2,300,000,000
2,300,000,000
1,039,590,592
Alianza Fiduciaria
2,153,848,754
Aerotocumen S.A.
1,402,295,750
1,479,392,250
Consol S.A.S
1,241,053,540
1,225,000,000
CMD Domingo y Lázaro Ingenieros SL
1,132,144,404
-
Chitreland S.A
1,127,478,762
-
928,988,583
1,326,556,310
Agencia Feduro S.A.
778,722,260
549,257,076
667,659,293
-
Generadora del Atlántico
539,764,913
539,764,913
Fiduciaria Bogotá
505,758,168
45,939,951
398,528,578
779,426,737
Hoteles de Upar S.A.S
310,475,680
189,931,895
267,926,028
267,926,028
Deudores revaloración
207,116,825
(33,317,850)
367,397
736,994,260
Constructora San Diego Milenio
-
7,373,895,010
Consorcio Lithos
-
6,268,000,000
Promotora Urbana Central
-
687,578,323
Consorcio Consalfa Hidrosogamoso
-
480,069,012
Patrimonios Autónomos Fiduciarios
Acción Fiduciaria
-
248,509,983
Consorcio CC-T Puerto Nuevo
-
130,665,487
Maribel Morales Calderón
-
600,000
Other minors
TOTAL SHORT-TERM VARIOUS DEBTORS
2,308,219,717
2,023,979,388
62,233,117,046
59,264,467,710
21,077,409,688
1,085,740,092
928,988,583
1,326,556,310
-
1,380,661
Consalfa S.A.
Grupo Heroica S.A.S
Other minors
TOTAL LONG-TERM VARIOUS DEBTORS
193,292,619
165,000,000
22,199,690,890
2,578,677,063
The balance of this account corresponds mainly to:
• Loans awarded to third parties for the development of projects.
• Payments in the name, related to the execution of works through delegated administration, including reimbursements for costs related to the execution of works as
well as the collection of down payments from suppliers.
• Loans to consortia and related companies.
The accounts or documents receivable of the Company do not evidence restrictions
or encumbrances, are not guaranteeing any liability, either.
28
Long-term projection of payments by sundry Debtors as of December 31, 2014 is as follows:
PAYMENT PROJECTION
Consalfa S.A.
Grupo Heroica S.A.S
2015
2016
13,000,000,000
8,077,409,688
247,071,844
681,916,739
28,292,619
165,000,000
13,275,364,463
8,924,326,427
2014
2013
66,958,816,125
34,015,519,306
9,653,672,050
2,476,842,833
5,747,814,849
2,607,074,577
626,151,521
156,697,812
Otros menores
TOTAL
PAYMENT PROJECTION FOR SUBSEQUENT YEARS
2015
13,275,364,463
2016
TOTAL
8,924,326,427
22,199,690,890
NOTE 8
INVENTORIES
COMPANY
266,296,745
-
201,286,600
218,568,095
U-storage S.A.S.
9,042,010
29,706,897
-
5,995,337,275
TOTAL INVENTORIES
83,463,079,900
45,499,746,795
SHORT-TERM
78,664,125,415
43,041,127,206
LONG-TERM
4,798,954,485
2,458,619,589
29
DESCRIPTION
PURCHASE
DATE
HISTORICAL
COST
BOOK VALUE
DECEMBER
2014
INFLATION
ADJUSTMENTS
BOOK VALUE
DECEMBER
2013
Land lot «La Esperanza» - La Calera
12/28/2007
2,347,100,000
-
2,347,100,000
2,347,100,000
La Candelaria Lot (Madrid-Cundinamarca)
12/30/2003
1,200,000,000
624,759,491
1,824,759,491
1,824,759,491
Casa 30 -59 Casa del Mar
12/15/2010
850,000,000
-
850,000,000
850,000,000
Promotora Casa del Mar (33,48% Apartment)
12/30/2008
287,963,827
-
287,963,827
287,963,827
Palmira Lot
12/30/2003
169,585,007
29,753,191
199,338,198
199,338,198
Cristales Lot
12/29/2008
163,500,000
7,471,227
170,971,227
170,971,227
No. 33 Condominio Campestre Colinas de
Apicalá Lot
12/30/2003
111,560,680
27,124,722
138,685,402
138,685,402
Ditaires Lot
5/1/2013
83,440,037
-
83,440,037
-
12/30/2003
114,883,243
2,913,484
117,796,727
66,672,046
9/28/2009
26,381,692
-
26,381,692
26,381,692
5/1/2013
12,387,992
-
12,387,992
-
Parcel # 18 Condominio Campestre Palma Real
8/31/2012
9,117,000
-
9,117,000
-
8/31/2012
9,074,700
-
9,074,700
-
Parking Lots 450-453 y 454 Bolivia Oriental
12/30/2003
600,000
2,902,872
3,502,872
3,502,872
Portal del Parque Apartamento 905 (Dos
Quebradas)
12/31/2009
-
-
-
90,000,000
Office Torre Argos Local 46-26 y 46-16
12/19/2006
-
-
-
20,623,922
(63.16%) Lot to be transferred to the Municipality
- Barrio La Florida
12/30/2003
-
-
-
19,406,830
Garages No. 1031-1033-1035-2001-2003-4023,
Building Torre Argos
12/30/2003
-
-
-
16,168,476
5,385,594,178
694,924,987
6,080,519,165
6,061,573,983
Uno C Urbanización El Orquideal Lot
Avenida Córdoba Lot
Zona Franca Lot
TOTAL REAL ESTATE INVENTORY FOR SALE (1)
Ongoing agreements (2)
-
-
-
43,879,382,095
21,045,145,418
Inventory materials, spare parts and accessories
-
-
-
19,789,645,347
15,288,812,174
Inventory housing projects
-
-
-
8,418,733,015
-
In transit inventories
-
-
-
3,257,109,279
70,208,550
Urban lands to build (3)
-
-
-
1,266,676,228
1,266,676,228
Inventory line products
-
-
-
937,196,195
1,720,149,093
Inventory provisions
-
-
-
(166,181,424)
(209,408,911)
National raw material
-
-
-
-
146,952,710
Extracted and processed mining products
-
-
-
-
109,637,550
TOTAL INVENTORY
83,463,079,900 45,499,746,795
SHORT-TERM
78,664,125,415
43,041,127,206
LONG-TERM
4,798,954,485
2,458,619,589
(1) Real estate for sale: It corresponds to the value of lands and constructions totally appropriated and
completed and they are available for sale.
(2) Ongoing agreements: They correspond to the cumulative costs of the projects that, to date, are still in
progress and that still have work execution not yet invoiced.
(3) Developed lands for construction: It corresponds to lots acquired for the development of projects.
30
NOTE 9
COMPANY
2014
2013
92,267,952,170
105,459,486,924
16,393,639,757
15,235,323,696
Cas Mobiliario S.A.
958,187,328
2,081,188,524
513,071,000
552,847,118
146,281,009
925,243,996
U-storage S.A.S.
98,430,347
144,079,116
22,401,857
21,708,149
TOTAL PROPERTY, PLANT AND EQUIPMENT
16,589,717
-
110,416,553,185
124,419,877,523
Machinery and Equipment and Transportation Equipment: It includes the accounting
of stone, plant and equipment of the following Consortium where Constructora Conconcreto S.A. participates.
DETAIL
PARTICIPATION
CONCONCRETO
Consorcio CC MP HV Palmeras
60%
60%
40%
Consorcio obra Puerto Brisa
30%
Consorcio Helios
25%
The related assets are not securing liabilities of the company or showing restrictions
or encumbrances.
31
Assets real estate business
LANDS
Farmatodo 167 Stores
Av. Esperanza Stores
Carulla Pontevedra Lot
Corona Ricaurte Lot
Hotel Sonesta
Corona Guayabal Lot
Subtotal
WAREHOUSES
Corona Cúcuta Local 101 Edificio Obc
Corona Ricaurte Store
Corona Guayabal Store
Subtotal
BUILDINGS
Hotel Sonesta
Av. Esperanza Store
Farmatodo 167 Store
Carulla Pontevedra Building
Apartment
Hotel Bh - Rooms
Subtotal
TOTAL ASSETS REAL ESTATE BUSINESS
OTHER ASSETS
Office, computer and packaging equipment
Office Sao Paulo Plaza
Constructions in process
Building in Girardota
Sao Paulo Lot
1 Calle 143 Warehouse
2 Calle 143 Warehouse
Office Inversión
Office Sao Paulo Plaza Local 43 A 50
Urbano 2 Calle 143 Lot
Urbano 1 Calle 143 Lot
Basement Repair Sao Paulo
Office 502 Building Torre Almagrán
Cantera-Terreno at Girardota
Storage Unit 95 Hacienda Santa Bárbara
Office Torre Argos Local 46-16
Oficina Torre Argos Local 46-26
Garage Nro. 4023 Edificio Torre Argos
Cali Lot
TOTAL OTHER ASSETS
TOTAL PROPERTY PLAN AND EQUIPMENT
32
HISTORICAL COST
AND ADJUSTMENT
FOR INFLATION
BOOK VALUE
DECEMBER
2014
ADJUSTED
DEPRECIATION
BOOK VALUE
DECEMBER
2013
4,983,000,000
4,124,290,219
3,045,460,494
1,424,920,000
1,391,175,000
1,311,000,000
16,279,845,713
-
4,983,000,000
4,124,290,219
3,045,460,494
1,424,920,000
1,391,175,000
1,311,000,000
16,279,845,713
4,983,000,000
4,124,290,219
3,045,460,494
1,424,920,000
1,391,175,000
1,311,000,000
16,279,845,713
2,024,120,411
1,394,489,490
779,648,451
4,198,258,352
(303,618,062)
(278,084,035)
(155,929,689)
(737,631,786)
1,720,502,349
1,116,405,455
623,718,762
3,460,626,566
1,821,708,370
1,186,129,930
662,701,185
3,670,539,485
15,908,111,710
4,939,816,706
4,371,746,481
2,311,554,990
170,277,000
27,701,506,887
48,009,333,952
91,094,957,421
16,436,611,626
(2,386,216,758)
(1,253,081,884)
(1,228,669,472)
(231,155,499)
(8,513,852)
(5,107,637,465)
(4,250,280,984)
(46,332,349,866)
(10,726,314,887)
13,521,894,952
3,686,734,822
3,143,077,009
2,080,399,491
161,763,148
22,593,869,422
42,334,341,701
44,762,607,555
5,710,296,739
14,317,300,538
3,933,725,658
3,361,664,333
2,195,977,241
784,992,796
170,277,000
24,763,937,566
44,714,322,764
51,927,586,840
8,360,941,593
11,082,344,396
6,776,245,711
1,656,685,188
1,586,166,765
862,000,000
611,617,890
505,721,417
336,532,396
400,000,000
259,278,583
243,382,110
223,744,950
123,602,424
73,297,877
16,666,667
16,666,667
16,666,666
11,907,958
8,715,964
2,863,256
2,783,404
2,781,802
2,681,770
2,537,781
2,520,463
2,836,786
2,642,444
2,863,256
2,560,794
2,902,046
2,824,469
134,849,517,170
182,858,851,122
(4,813,151,526)
(1,471,976,647)
(705,287,221)
(47,982,250)
(39,598,779)
(16,826,615)
(88,333,334)
(25,235,496)
(2,777,777)
(2,777,777)
(2,777,777)
(446,548)
(326,849)
(107,372)
(104,378)
(104,318)
(100,566)
(95,167)
(94,518)
(2,836,786)
(2,642,444)
(2,863,256)
(2,560,794)
(2,902,046)
(2,824,469)
(66,950,530,440)
(71,200,811,424)
6,269,192,870
5,304,269,064
1,656,685,188
880,879,544
862,000,000
563,635,640
466,122,638
319,705,781
311,666,666
259,278,583
243,382,110
223,744,950
98,366,928
73,297,877
13,888,890
13,888,890
13,888,889
11,461,410
8,389,115
2,755,884
2,679,026
2,677,484
2,581,204
2,442,614
2,425,945
17,609,307,190
110,416,553,185
7,711,973,890
5,643,081,349
889,193,558
862,000,000
579,216,535
476,408,709
331,666,666
259,278,583
243,382,110
223,744,950
104,547,049
73,297,877
14,722,223
14,722,223
14,722,222
1,952,255,820
9,117,000
9,074,700
1,908,837
1,280,397
725,511
706,117
19,417,026,326
124,419,877,523
VALUATION (DECREASE IN
VALUE) 2014
VALUATION (DECREASE
IN VALUE) 2013
APPRAISAL VALUE
4,065,900,000
(1,148,290,219)
(300,460,494)
1,728,440,000
3,587,400,000
708,600,000
8,641,589,287
4,065,900,000
(1,148,290,219)
(300,460,494)
1,728,440,000
3,587,400,000
708,600,000
8,641,589,287
9,048,900,000
2,976,000,000
2,745,000,000
3,153,360,000
5,531,750,000
2,019,600,000
25,474,610,000
2,457,573,333
416,639,977
38,145,577
2,912,358,887
2,457,573,333
416,639,977
38,145,577
2,912,358,887
4,424,240,000
1,714,900,000
769,066,000
6,908,206,000
618,424,462
3,010,274,342
516,435,667
549,022,759
4,694,157,230
16,248,105,404
6,149,784,241
3,753,369,140
618,424,462
3,010,274,342
516,435,667
549,022,759
4,694,157,230
16,248,105,404
7,751,669,970
4,129,258,612
16,595,250,000
6,944,000,000
3,878,100,000
2,745,000,000
30,162,350,000
62,545,166,000
41,583,704,316
14,114,306,034
148,525,048
3,068,625,483
259,687,454
120,335,224
96,747,202,123
819,445
819,444
819,444
5,163,214
5,357,556
7,274,489
7,293,883
100,371,922,807
126,523,181,592
319,952,108
3,068,625,483
259,687,454
120,335,224
96,767,741,637
819,445
819,444
819,444
5,163,214
5,357,556
7,274,489
7,293,883
100,563,889,381
128,692,923,367
4,793,991,545
8,834,495,000
1,399,218,019
836,800,000
236,470,000
96,820,500,000
17,000,000
17,000,000
17,000,000
250,000,000
250,000,000
8,000,000
8,000,000
8,000,000
8,000,000
8,000,000
113,512,474,564
231,755,650,914
DATE OF LAST
APPRAISAL
May 2013
May 2013
May 2013
March 2012
May 2013
March 2012
-
APPRAISER
Colliers Internacional Colombia S.A.
-
March 2012 Francisco Ochoa Avalúos
May 2013
May 2013
May 2013
May 2013
-
-
-
January 2012 Consulting and Accounting Ltda
January 2012 Consulting and Accounting Ltda
January 2012
April 2011
September 2014
April 2011
March 2012
December 2013
March 2012
March 2012
March 2012
March 2012
March 2012
March 2010
March 2010
March 2010
March 2010
March 2010
March 2010
Indirco S.A.
33
NOTE 10
INTANGIBLE ASSETS
2014
2013
Cas Mobiliario S.A.
U-storage S.A.S.
COMPANY
807,412,284,632
17,952,606,831
5,517,138,746
162,318,841
115,203,720
831,159,552,770
594,122,493,919
12,143,615,496
9,270,171,262
205,797,101
37,832,980
4,374,458,857
436,000,000
620,590,369,615
DETAILS
ADJUSTED COST
2014
Shopping Centers
Fiduciaria Bancolombia - San Pedro 2nd and 3rd stage
Fiduciaria Bancolombia - Lote Soacha
Fiduciaria Bancolombia - San Pedro Plaza
Fiduciaria Bancolombia - Pitalito
Subtotal Shopping Centers
Corporate solutions
Fiduciaria Davivienda - Bodega Flamingo
Fiduciaria Bancolombia - Bodegas Familia
Helm Trust - Lote Palma*
Fiduciaria Bancolombia - Bodega Impac
Fiduciaria Bancolombia - Lote Caldas
Fiduciaria Bancolombia - Bodegas Familia II
Alianza Fiduciaria - Villa Viola Terreno*
Alianza Fiduciaria - Titularización
Fiduciaria Bancolombia – Buró 24
Fiduciaria Bancolombia – Buró 51
Fiduciaria Bancolombia – Buró 51 (Lot)
Subtotal Corporate solutions
*Adjustment due to inflation
34
ADJUSTED COST
2013
NET VARIATION
2014
NET VARIATION
2013
93,612,220,000
51,190,680,062
43,277,322,714
35,746,465,942
16,503,420,828
12,603,341,464
8,234,054,781
7,987,671,685
7,058,470,808
6,986,097,879
3,740,774,206
2,699,042,755
801,212,044
25,663,656
290,466,438,824
50,610,632,802
45,190,697,266
32,282,576,736
15,920,979,031
10,844,968,288
7,559,986,660
1,018,411
4,729,237,401
6,760,829,042
2,390,512,413
853,834,386
1,024,350
177,146,296,786
11,586,603,192
18,131,871,799
1,912,422,040
17,640,915,279
11,225,172,108
541,740,654
61,038,725,072
7,433,077,748
16,152,307,231
605,385,051
16,871,158,404
10,787,814,912
509,688,654
52,359,432,000
80,716,173,543
45,884,577,886
36,655,116,769
21,911,279,640
19,674,514,507
14,438,554,687
11,127,111,278
8,819,739,782
7,246,577,915
7,179,875,983
7,040,304,311
5,270,955,368
4,263,324,012
2,944,742,550
2,573,306,854
2,158,140,283
1,958,481,334
457,251,261
284,563,899
121,754,809
2,084,980
280,728,431,653
254,534,379
80,700,000,000
8,000,989,659
32,223,441,598
21,085,524,132
18,480,487,476
13,975,212,381
1,000,076
8,513,486,491
6,572,622,672
7,238,724,189
6,849,741,661
4,366,625,546
4,111,526,134
1,031,215
1,854,406,844
477,712,908
284,727,204
96,761,328
1,000,076
18,486,864,400
233,321,885,990
254,534,379
34,498,212,535
27,727,482,071
722,976,000
2,617,480,842
1,551,750,000
37,173,893,288
40,905,838,766
1,340,831,676
10,576,808,670
16,427,817,098
486,346,261
174,029,437,207
-
34,498,212,535
20,433,349,585
722,976,000
2,617,480,842
1,551,750,000
33,249,933,240
40,905,838,766
1,239,080,706
10,028,055,030
13,636,626,630
486,346,261
159,369,649,595
-
DETAILS
ADJUSTED COST
2014
NET VARIATION
2014
ADJUSTED COST 2013
NET VARIATION
2013
Low Cost Warehouses
Fiduciaria Bogotá - San Francisco Warehouse
Subtotal Low Cost Warehouses
Road Concessions
Fiduciaria Bancolombia - Proyecto Vial
de Oriente - Devimed
Subtotal Road Concessions
Real Estate - Housing
Acción Fiduciaria - El Poblado (former La Alcancía)
Alianza Fiduciaria - El Bosque
Alianza Fiduciaria - Lote Lagartos (Pontenovo)
Alianza Fiduciaria - Madeiro (antes La Campana)
Fiduciaria Bancolombia - Asdesillas
Alianza Fiduciaria - Hayuelos
Fidubogotá - Almenara
Fidubogotá - Tulipanes
Fiduciaria Bancolombia - Ciudad del Bosque Etapa 1
Alianza Fiduciaria - Santa Fe (Adm Ceylán)
Fiduciaria Bancolombia - Urbanización Living
Apartamentos
Alianza Fiduciaria - Salento
Alianza Fiduciaria Alborán - Torre de los Comuneros
Fiduciaria Central - Tacaragua
Fiduciaria Central - Colina Office Park
Subtotal Real Estate - Housing
Construction
Fiduciaria Bancolombia – Advance bridge 77
Subtotal Construction
Investments
Subtotal Investments
Other Intangible Assets
Fiduciaria Bancolombia - Other Rights
Other Rights – Usufruct
Brands
Software Licensing
Know How
Fiduciaria Occidente - Edificio CCI
Subtotal Intangible Assets
Assets Received Under Financial Leasing
Other assets received under financial leasing
Assets under financial leasing consortia
Subtotal Assets Received Under Financial
Leasing
62,175,325,729
45,640,486,173
14,263,500,000
-
62,175,325,729
45,640,486,173
14,263,500,000
-
1,751,815,924
4,510,012,419
-
-
733,945,000
1
2,485,760,925
447,239,152
21,812,823,529
26,770,075,101
47,477,934
47,477,934
24,016,209
24,016,209
11,461,812,861
10,500,774,357
9,398,140,503
8,548,503,298
8,200,000,000
7,672,077,125
5,017,103,867
4,018,336,977
2,995,039,164
1,886,787,346
1,632,846,789
1,584,667,127
1,567,982,108
1,538,095,520
1,479,158,810
1,170,040,698
1,100,508,105
304,664,549
91,350,858
10,500,750,322
9,362,484,890
5,855,820,370
7,600,000,000
13,677,808,383
4,249,843,557
4,000,000,000
1,632,318,028
417,068
409,642
12,603,563
1,217,965,892
1,529,963,429
2,038,867,723
4,326,080
6,663,357
383,171,205
-
-
42,419,256
42,419,256
-
-
39,655,740
22,102,322
19,160,791
9,227,882
401,266
260,894
7
80,301,118,220
44,911,660
36,351,031
38,101,894
7
11,139,297
62,246,336,654
-
-
15,676,139,612
15,676,139,612
-
-
-
80,783,599
80,783,599
81,309,531
81,309,531
82,457,804
82,457,804
198,273,163
198,273,163
6,632,757,932
1,219,047,619
195,090,000
329,235,712
162,318,841
5,992,076
8,544,442,180
6,790,803,398
2,072,000,000
250,830,000
218,004,014
205,797,101
5,992,075
9,543,426,588
-
-
50,020,502,501
25,863,067,581
26,016,472,355
25,006,538,491
-
-
75,883,570,082
51,023,010,846
-
-
35
DETAILS
ADJUSTED COST
2014
ADJUSTED COST 2013
NET VARIATION
2014
NET VARIATION
2013
Trading Credit
Trading Credit - Conconcreto Internacional S.A.
7,973,595,412
7,973,595,412
-
-
Trading Credit - U-Storage S.A.
4,092,622,435
4,092,622,435
-
-
Trading Credit - Worldwide Storage S.A.
2,496,789,720
2,496,789,720
-
-
14,563,007,567
14,563,007,567
-
-
831,159,552,770
620,590,369,615
249,461,598,017
211,951,370,967
SHORT TERM
42,026,757,822
41,678,061,055
-
-
LONG TERM
789,132,794,948
578,912,308,560
249,461,598,017
211,951,370,967
Subtotal Trading Credit
SHORT TERM
DETAIL
2014
2013
15,676,139,612
-
14,833,449,594
10,063,186,218
7,901,313,398
11,404,720,406
Corporate solutions
3,615,855,218
745,691,679
Road concessions
-
19,333,348,963
Low cost warehouses
-
131,113,789
42,026,757,822
41,678,061,055
Construction
Shopping centers
TOTAL SHORT-TERM INTANGIBLE ASSETS
36
LONG-TERM
DETAILS
2014
2013
277,367,110,815
230,119,123,901
275,632,989,231
167,083,110,568
Real state- housing
72,399,804,821
53,298,686,618
Assets received under leasing
75,883,570,083
51,023,010,886
Low cost warehouses
62,175,325,729
45,509,372,384
Trading credit
14,563,007,567
14,563,007,567
Other Intangible assets
8,544,442,179
9,797,960,968
Road concessions
2,485,760,924
7,436,726,137
80,783,599
81,309,531
789,132,794,948
578,912,308,560
Corporate solutions
Shopping centers
Investments
TOTAL LONG-TERM INTANGIBLE ASSETS
37
As of December 31, 2014, the most representative intangibles are as follows:
NAME OF TRUST PROPERTY – FIDUCIARY RIGHTS
TYPE OF TRUST
ENTITY WHERE A FINANCIAL
LIABILITY IS MANDATORY
CITY
SHOPPING CENTERS
Fiduciaria Bancolombia - San Pedro Plaza II and III
Fiduciaria Bancolombia - Lote Soacha (Portal San Mateo)
Fiduciaria Bancolombia - San Pedro Plaza I
Fiduciaria Bancolombia - Inmueble Pitalito
CORPORATE SOLUTIONS
Fiduciaria Davivienda - Flamingo Warehouse
Helm Trust - Lote Palma
Fiduciaria Bancolombia - Impac Warehouse
Fiduciaria Bancolombia - Familia Warehouses
Fiduciaria Bancolombia - Familia II Warehouses
Alianza Fiduciaria - Villa Viola Land
Alianza Fiduciaria - Securization
Fiduciaria Bancolombia - Buró 51 (Lot)
Fiduciaria Bancolombia - Caldas Lot
LOW COST WAREHOUSE
San Francisco Warehouse
ROAD CONCESSION
INMOBILIARIOS VIVIENDA
Alianza Fiduciaria - Madeiro
Alianza Fiduciaria - Lote Lagartos (Pontenovo)
Alianza Fiduciaria - El Bosque (Mirador del Bosque)
Fiduciaria Bancolombia - Patrimonio Autónomo Parqueo Asdesillas
Alianza Fiduciaria - Hayuelos (Del Pino)
Acción Fiduciaria - El Poblado
38
Management
Management
Management
Management
Management
Management
Management
Management
Management
Management
Management
Management
Management
Management
N/A
Helm Trust
N/A
N/A
N/A
N/A
N/A
N/A
Operative Leasing Bancolombia
N/A
N/A
Neiva
Yopal - Casanare
Yopal - Casanare
Sincelejo
Guatapurí - Valledupar
Soacha
Neiva
Pitalito - Huila
Florencia - Caquetá
Manizales
Ipiales - Nariño
Bogotá - Localidad Bosa
Cartago - Valle
Management
Management
Management
Management
Management
Management
Management
Management
Guarantee
Management
Guarantee
Management
Management
Management
Management
Management
Management
Guarantee
Management
Management
Management
Management
N/A
Securization
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Financial Leasing Bancolombia
Securization
Securization
Securization
N/A
Securization
Operating Leasing Bancolomb
Operating Leasing Corpbanca
N/A
N/A
N/A
Bogotá
Palmira - Valle
Itagüí
Neiva
Soacha
Pereira
Yumbo - Valle
Tenjo - Cundinamarca
Medellín
Bogotá
Neiva
Girardota
Girardota
Girardota
Bogotá
Medellín
Bogotá
Bogotá
Barranquilla
Barranquilla
Caldas - Antioquia
Cali - Valle
Management
Banco de Bogotá
Madrid - Cundinamarca
Guarantee
Management
Management
N/A
Bco. Bogotá and Bancolombia
Bco. Bogotá and Bancolombia
Oriente Antioqueño
Oriente Antioqueño
Oriente Antioqueño
Management
Management
Management
Management
Management
Management
Management
Management
Management
Management
Management
Management
Bancolombia
N/A
Bancolombia
N/A
N/A
N/A
Davivienda
N/A
Bancolombia
N/A
Bancolombia
Bancolombia
Bogotá
Medellín
Bogotá
Bucaramanga
Sabaneta
Neiva
Bogotá
Barranquilla
Medellín
Bogotá
Medellín
Management
Bancolombia
Barranquilla
Fiduciaria Bancolombia - Ciudad del Bosque
Alianza Fiduciaria - Arvore
INVESTMENTS
CONSTRUCTION
Fiduciaria Bancolombia – Advanced bridge 77
OTHER TRUST RIGHTS
Management
Management
Management
Management
Management
Management
Management
Management
Management
Bancolombia
Bancolombia
Bancolombia
Bancolombia
Bancolombia
N/A
Bancolombia
N/A
N/A
Barranquilla
Sabaneta
Medellín
Barranquilla
Barranquilla
Medellín
Medellín
Management
N/A
Medellín
Management
N/A
Sabaneta
Management
N/A
Bogotá
FIDEICOMITENTES
ESTADO ACTUAL DEL PROYECTO
Constructora Conconcreto 80% - Sports Zone 20%
Inversiones AyE Aeropuertos 50% - Constructora Conconcreto 50%
Infimanizales 90,26% - Constructora Conconcreto 9,74%
Operation (Activation 2nd part stage Oct. 2014)
Operation start September 2014
Operation and construction
Operation
Construction - Consortium
Operation
Operation
Operation
Operation
Operation
Operation start November 2014
Pre-operative
Pre-operative
Constructora Conconcreto 100% while on construction stage
12 Integrantes GF Garbrecht 73,6176% - Constructora Conconcreto 27,0885%
Grupo Consorcio SAS 21,70% - Constructora Conconcreto 78,30%
Constructora Conconcreto 90% - Grupo Hotelero GHL 10%
Constructora Conconcreto 60% - Industrial Conconcreto 40%
Constructora Conconcreto 4,283% - Arquitectura y Concreto y Dirección Nacional Estupefacientes
Constructora Conconcreto 12,23% and Trust Property: Familia I 4,72% - Familia II 3,82% - Impac 2,89% y Unilever 76,34%
Global Inversiones Hoteleras SAS 25% e Inversiones Aeropuerto 25% - Constructora Conconcreto 50%
Inversiones Hoteleras SAS 25% e Inversiones Aeropuerto 25% - Constructora Conconcreto 50%
12 members Familia 75% - Constructora Conconcreto 25%
Construction 1st stage – 4th stage Parking Lot
Operation
Operation
Operation start October 2014
Pre-operative
Operation
Operation
Construction
Parking lot
Operation
Operation
Operation
Operation
Operation
Operation
Operation
Operation start February 2014
Operation start June 2014 Global
Construction – Leased work
Settled December2014
Pre-operative
Pre-operative
Operation start Activation 1st stage. - Sept 2014
Security paid
Operation
Operation
Threshold 35% and Alternativas Modulares Arquitectos S.A.S. 15% - Constructora Conconcreto 50%
Arquitectura y Concreto 25% - Asociación Criadores de Caballos 50% - Constructora Conconcreto 25%
Constructora Conconcreto 78,29% - Inversiones PTC S.A. Neiva 11,69%
Coninsa 50%, Constructora Conconcreto 27,5% and Inmobiliaria Conconcreto 22,5%
Arquitectura y Concreto 40%, Constructora Conconcreto 22%, Inmobiliaria Conconcreto 18% and Inversiones San Petersburgo 20%
Arquitectura y Concreto 40%, Constructora Conconcreto 22%, Inmobiliaria Conconcreto 18%
y Suplementos y Construcciones S.A 20%
Arquitectura y Concreto 50% Constructora Conconcreto 27,5% and Inmobiliaria Conconcreto 22,5%
Arquitectura y Concreto 40% and Inversiones San Petersburgo 20% - Constructora Conconcreto 40%
Arquitectura y Concreto 40% and Inversiones San Petersburgo 20% - Constructora Conconcreto 40%
Operation
Pre-operative
Pre-operative
Operation
Parking lot
Parking lot
Pre-operative
Pre-operative
Operation
Pre-operative
Operation
Operation
Pre-operative
Operation
Liquidation process
Operation
Operation
Operation
Operation
Operation
Operation
Operation
Operation
Pre-operative
Pre-operative
39
Financial Leasing Rights:
Leasing agreements for the acquisition of machinery
and equipment, vehicles and computing equipment.
Trading Credit:
El crédito mercantil corresponde al exceso patriTrading credit corresponds to the patrimonial excess paid by the company for the acquisition of the
following investments:
During the month of May 2013 with the purchase
of remaining 40% of company U-Storage S.A.S., by
the companies composing the Conconcreto group,
a trading credit is recorded for $4.092.622.435.
During the month of October 2012, with the acquisition of 100% ownership of the company Inversiones Worldwide Storage S.A., a trading credit is
recorded for $2.496.789.720, which is expected to
be amortized from year 2015 according to the expected dividend flow.
During the month of September 2011, with the
capitalization and subsequent purchase of the
company Conconcreto Internacional S.A., with
100% ownership, a trading credit is recorded for
$7.973.595.412, which are expected to be amortized from year 2018 according to the expected dividend flow.
NOTE 11
OTHER ASSETS
The environmental investment of Constructora Conconcreto S.A., in an amount of
$3.300.000.000 is related to acquisition made
through public deed 4334 dated October 28,
2010 issued by Notary’s Office 20 of Bogotá, regarding the following properties:
• Quota entitlements of 32% (interest) in common
and co-owned over property 121 located at the
sidewalk of Puerto Lleras, municipality of Villarrica, department of Tolima, identified by property
registration number 366-0032954 and cadastral
record 00 00 0000 9939 000.
• Property 128 located at the sidewalk of Puerto
Lleras, municipality of Villarrica, department of
Tolima, identified by property registration number 366-0032958 and cadastral record 00 0000
9944 000.
The environmental investment, by merger effect
between Sistemas Constructivos Avanzados S.A.S.
40
and Industrial Conconcreto S.A.S already belongs to Industrial Conconcreto S.A.S., for a value
of $300.000.000 belongs to the acquisition made
through public deed 2618 dated November 29,
2007 issued by Notary’s Office of Bogotá, regarding the following properties:
• Quota entitlements of 14,36% (interest) in common and co-owned over property 60 located at
the sidewalk of Puerto Lleras, municipality of
Villarrica, department of Tolima, identified by
property registration number 366-0032890.
The abovementioned properties are encumbered
due to environmental causes since an investment
was made in order to conduct thereon activities of
protection, preservation and conservation of the
environment and, particularly, of forest natural resources, flora and fauna located therein.
NOTE 12
INCREASE IN VALUE
As of December 31, 2014, the company has recorded the following valuations:
VALUATIONS
2014
2013
Trust rights
249,461,598,017
211,951,370,967
126,523,181,592
128,692,923,367
Investment
893,581,602
15,424,547,473
376,878,361,211
356,068,841,807
Valuations for parent company
288,958,141,988
268,835,524,905
Valuations for controlled companies
123,594,306,667
124,687,257,937
TOTAL VALUATIONS
Elimination of valuation in consolidated companies (*)
TOTAL VALUATIONS
(35,674,087,444)
(37,453,941,035)
376,878,361,211
356,068,841,807
(*) Valuations corresponding to investments in consolidated companies must be eliminated in the consolidation procedure.
The eliminated valuations correspond to:
VALUATIONS IN CONTROLLED COMPANIES
Cas Mobiliario S.A.
TOTAL
2014
2013
41,213,183,765
41,213,183,765
(5,561,020,695)
(5,561,020,695)
-
1,779,853,591
21,924,374
21,924,374
35,674,087,444
37,453,941,035
NOTE 13
Total financial liabilities for $533.156.757.120 as of December 31, 2014 is distributed as
follows:
COMPANY
Cas Mobiliario S.A.
2014
2013
508,857,796,321
206,203,405,393
16,330,722,961
4,233,498,418
7,284,713,866
3,895,632,138
683,523,972
961,545,642
-
4,284,871,943
U-Storage S.A.S.
-
219,641,984
-
185,962,413
533,156,757,120
219,984,557,931
TOTAL LIABILITIES
41
FINANCIAL OBLIGATIONS
2014
2013
Liabilities
Banco de Bogotá S.A.
112,177,242,706
41,839,549,179
Banco Popular S.A.
84,527,819,304
49,948,481,022
Bancolombia S.A.
65,757,670,905
36,209,207,218
Banco Davivienda S.A. (Colombia)
62,265,042,720
19,256,601,178
950,565,189
Helm Bank S.A.
54,482,649,890
Banco de Occidente S.A.
29,212,749,500
-
Banco Av villas S.A.
26,966,479,654
21,831,236,374
BBVA S.A.
26,737,308,024
-
7,177,380,000
3,853,660,000
Banco Davivienda S.A. (Panama)
Others
Subtotal Liabilities
8,797,418
10,980,453
469,313,140,121
173,900,280,613
Leasing Agreements
Leasing Bancolombia S.A.
30,564,499,286
13,909,723,333
Leasing Consorcios
19,932,928,019
25,006,538,491
BBVA S.A.
7,973,322,877
-
Banco de Occidente S.A.
4,401,049,212
6,259,328,177
Leasing Helm Bank S.A.
864,483,739
862,992,539
Banco Davivienda S.A. (Panama)
67,018,523
-
Finanzas Generales S.A.
40,315,343
41,972,138
Others
-
3,722,640
Subtotal Leasing Agreement
63,843,616,999
46,084,277,318
Total Financial Liabilities
533,156,757,120
219,984,557,931
SHORT TERM
118,773,146,536
32,679,516,584
LONG TERM
414,383,610,584
187,305,041,347
The foregoing liabilities have no penalties or collateral securities in any of the related
companies.
NOTE 14
SUPPLIERS
COMPANY
2013
31,919,469,409
28,780,482,521
2,669,623,250
787,121,604
935,100,862
1,361,290,154
342,086,836
363,934,884
168,920,767
3,069,911,909
11,259,141
21,833,617
U-Storage S.A.S.
5,665,502
56,855,091
36,052,125,767
34,441,429,780
TOTAL SUPPLIERS
42
2014
SUPPLIERS
Domestic suppliers
2014
2013
33,743,703,384
31,599,771,858
1,740,074,403
2,637,436,506
216,704,209
199,536,848
Related company suppliers
Provisions
Parent company’s suppliers
Total short term suppliers
-
4,684,568
35,700,481,996
34,441,429,780
Long term foreign suppliers
351,643,771
-
Total long-term suppliers
351,643,771
-
36,052,125,767
34,441,429,780
TOTAL SUPPLIERS
NOTE 15
ACCOUNTS PAYABLE
COMPANY
2014
2013
64,159,641,343
119,985,207,462
Cas Mobiliario S.A.
2,577,155,294
1,692,573,285
2,016,978,930
3,956,876,506
1,561,130,634
650,753,311
756,508,384
4,391,357,595
U-Storage S.A.
96,303,368
40,261,485
57,614,153
71,509,598
15,211,260
12,250,785
15,209,782
2,360,795,262
71,255,753,148
133,161,585,289
TOTAL ACCOUNTS PAYABLE
ACCOUNTS PAYABLE
2014
2013
-
7,500,000
Various creditors
37,784,082,629
19,698,371,079
Official creditors
8,340,222,038
19,577,280,771
Costs and expenses payable
6,794,286,409
3,906,850,713
Withholdings and payroll contributions
3,255,391,521
3,785,453,538
Accounts payable
Accounts payable short term related companies
1,554,228,438
-
To contractors
550,520,291
647,466,480
Source retention
137,703,829
24,015,659
Withheld sales tax
Total short-term accounts payable
Debts with shareholders
Total short-term accounts payable – shareholders
Cost and expenses payable – related companies
Total long term cost and expenses payable – related companies
Cost and expenses payable
Various creditors
86,084,214
4,246,833
58,502,519,369
47,643,685,073
-
4,692,327
17,052,008
156,493,396
17,052,008
161,185,723
297,580,065
267,580,065
297,580,065
267,580,065
6,820,276,249
5,855,235,733
5,618,325,457
79,226,398,695
Total long term accounts payable
12,438,601,706
85,081,634,428
TOTAL ACCOUNTS PAYABLE
71,255,753,148
133,161,585,289
43
NOTE 16
COMPANY
2014
2013
3,486,958,087
3,164,886,363
976,156,205
666,438,291
88,078,582
10,015,000
Cas Mobiliario S.A.
U-Storage S.A.S.
75,626,821
61,914,802
-
57,837,669
391,701,509
14,082,401
-
-
281,659,767
4,760,654,567
4,514,700,930
2014
2013
3,796,205,500
3,337,624,556
TOTAL TAXES, ENCUMBRANCES AND FEES
Industry and business tax
Income tax and additional taxes for the current fiscal year
588,600,635
351,697,844
Sales tax
304,063,152
330,653,030
CREE tax
71,785,280
-
-
494,725,500
TOTAL
Other
4,760,654,567
4,514,700,930
SHORT TERM
4,760,654,567
4,382,610,930
-
132,090,000
LONG TERM
Sales tax and industry and commerce tax:The
Company has been fulfilling the tax payment duties.
Income Tax:
Constructora Conconcreto S.A. - The term for the
review of the income tax returns submitted until
2006 has expired. Regarding 2007 tax return, pursuant to section 147 of Act 1607 of 2012 and Regulatory Decree 699 of 2013, a conciliation formula
was entered into with DIAN, which was approved
by judgment dated July 4, 2014 issued by the Second Hearing Division of the Administrative Court
of Antioquia; whereby 2007 tax return ended with a
credit balance of $429.106.000.
The 2008 income tax return is not final because
administrative acts whereby DIAN taxes were officially decided were requested in exercise of annulment and restoration of the rights actions before
the Contentious Administrative Jurisdiction.
The 2009 tax return is not final because administrative acts whereby DIAN taxes were officially decided were requested in exercise of annulment and
44
restoration of right actions before the Contentious
Administrative Jurisdiction.
Term for reviewing 2010 and 2011 tax returns
has expired.
2012 and 2013 tax returns are subject to review
and acceptance by tax authorities.
Inmobiliaria Conconcreto S.A.S. - The term to review the tax returns from 2006 to 2009 and 2011
has expired.
Tax returns of years 2010, 2012 and 2013 are
subject to review and acceptation by the tax authorities (in the tax return of 2010, tax losses were offset so that the soundness would come in 2016).
Industrial Conconcreto S.A.S. - The tax returns
of year 2012 is subject to review and acceptation
by the tax authorities, its soundness would be in
year 2015.
The tax returns of year 2013 is subject to review
and acceptation by the tax authorities, its soundness would be in year 2016.
Conconcreto Internacional S.A. - The tax returns
of fiscal years 2011, 2012 and 2013, submitted to
General Bureau of Revenue, are subject to review by
the fiscal authorities according to the regulations
in force.
CAS Mobiliario S.A. - The term to review the tax returns submitted up to year 2011 has expired. From
2009 and up to 2011, the tax returns were submitted with benefit of audits.
Sistemas Constructivos Avanzados S.A.S. - The
tax return of year 2010 is subject to review and acceptation by the tax authorities, tax losses were offset for this year, its soundness would be in year 2016.
The tax return of year 2011 is subject to review
and acceptation by the tax authorities, tax losses
were offset for this year, its soundness would be in
year 2017.
Sistemas Constructivos Avanzados S.A.S. (Former Impac S.A.S.) – The tax return of year 2012
is subject to review and acceptation by the tax authorities, its soundness would be in year 2015.
and acceptation by the tax authorities, tax losses
were offset for this year, its soundness would be in
year 2019.
Cantera La Borrascosa S.A.S. This company submitted its first Income tax return of tax year 2013 in
year 2014, with a credit to offset in tax year 2014.
U-Storage S.A.S. The term to review the tax returns
submitted in 2011 ha has expired.
The tax return of year 2012 turned definite in October 2014 and the tax returns of years 2013 and
2014 are subject to review and acceptation by the
fiscal authorities. Impuesto al Patrimonio:
Constructora Conconcreto S.A. - The company annually causes the tax on equity and cancelled the
two (2) installments corresponding to the months
of May and September within the legal opportunity, complying with the second item of the additional provisional paragraph in article 78 of Decree
2649 of 1993, amended by Decree 514 of 2010,
the accounting record of years 2014 and 2013 was
made against the revaluation account on equity.
The long-term liability of year 2013 corresponds
to the tax on equity of Inmobiliaria Conconcreto
S.A.S. for a value of $132.090.000.
Sistemas Constructivos Avanzados Zona Franca
S.A.S. – This company was created in year 2014;
therefore, the tax return of said tax year is year
2015 and its soundness will be in year 2017.
45
NOTE 17
RECEIVED DOWN PAYMENTS AND OTHER LIABILITIES
COMPANY
2014
2013
216,937,180,777
171,758,342,151
15,036,554,016
10,702,456,982
10,518,269,861
745,710,557
3,396,382,949
2,832,671,991
325,139,649
-
74,540,389
48,323,841
Cas Mobiliario S.A.
U-Storage S.A.S.
127,928,977
-
7,526,137,789
-
22,418,922
246,290,627,641
193,763,991,210
2014
2013
106,880,363,613
39,964,566,608
Short term income received as down payment (2)
47,639,801,709
43,476,064,633
Contractors and other minority
11,072,694,507
12,077,759,000
165,592,859,829
95,518,390,241
78,059,064,196
98,245,600,969
2,638,703,616
-
TOTAL DOWN PAYMENTS RECEIVED AND OTHER LIABILITIES
Down Payments, Income Received as Down Payment and other
Liabilities
Short term down payments and advance payments received (1)
Other short term liabilities
Long term down payments and advance payments received (3)
Third party retention as per contracts
Other long-term liabilities
TOTAL
46
2,560,000
80,697,767,812
98,245,600,969
246,290,627,641
193,763,991,210
(1) Short-term prepayments and advances received as of December 31, 2014 are detailed as follows:
DOWN PAYMENTS AND ADVANCE PAYMENTS RECEIVED
2014
PROJECT
23,175,289,350
18,531,307,310
Buró 25 y Ciudad del Bosque
12,986,199,232
Hidroecológica del Teribe S.A.
10,766,070,000
Proyecto Hidroeléctrico Bonyic
Alianza Fiduciaria
7,371,765,309
Hayuelos, Lagartos, Finito, Santa Fe
Apartamentos y Hotel Metro Yopal
Fiduciaria Bogotá
6,571,193,320
Acueducto Norte del Cauca, Almenara
y Tulipanes
Hoteles Estelar S.A.
3,579,316,838
Hotel Estelar
Sohinco Empresarial S.A.S.
3,516,243,136
Parque logístico 97B Sur y Sohinco
Devimed S.A.
3,470,725,641
Devimed 2014
Consorcio Estructuras Metálicas Modernas
1,968,777,646
Gimnasios de Paz
Marsella Mortgage Corporation
1,847,595,418
City Plaza Fase 2.1
Almacenes Flamingo S.A.
1,344,237,486
Flamingo Valledupar y Flamingo Villavicencio
Fundación Hospital Infantil Santa Ana
492,698,705
Clínica Infantil Santa Ana
Klonis Erazo Katerine
380,000,000
Torremolinos
367,993,993
Túnel La Línea
Arquitectura y Concreto S.A.S.
341,125,500
Hospital Pablo Tobón Uribe, Portal del Sol
Olarte González Óscar Ricardo
313,600,000
Torremolinos
Corporación Museo de Arte Moderno de Medellín
299,415,057
Museo de Arte Moderno de Medellín
Edificio Trivento
AFV Construcciones S.A.S.
277,213,431
Constructora Jiménez S.A.
238,493,862
192,632,293
Schlumberger Base
Torre III Américas S.A.S.
187,003,534
Centro Empresarial las Américas
Two Towers
Constructora Perfil Urbano S.A.
181,206,265
Shaddai
Promotora Parque Washington Barranquilla S.A.S.
176,653,899
Torre Atlántica
Top-Style-Toscana Constructores S.A.
159,293,771
Toscana de Chía Torre C
Pijao Grupo de Empresas Constructoras S.A.
150,616,382
Torremolinos Pijao Fase Casas
150,000,000
Altos de Girasol
Constructora y Desarrollo Inmobiliario del Caribe S.A.S.
Other minors
TOTAL SHORT-TERM DOWN PAYMENTS AND ADVANCE
PAYMENTS RECEIVED
7,843,696,235
106,880,363,613
(2) The advance income received corresponds to the deferred income for the invoicing in some of the projects that have not incurred in the corresponding costs.
(3) Long-term prepayments and advances received as of December 2014 are detailed as follows:
DOWN PAYMENT AND ADVANCE PAYMENT RECEIVED
2014
CONCEPT
Patrimonio Autónomo Fidudavivienda
26,324,368,016
Securitization Unilever
23,938,159,088
Securitization Familia I, Familia II, Impac
21,197,702,512
Devimed – Devioriente and Deviplús
Consorcio Binacional Batalla de Cúcuta
5,949,524,610
Puente binacional
TOTAL LONG TERM DOWN PAYMENTS
649,309,970
78,059,064,196
47
NOTE 18
MINORITY INTEREST
The Consolidated Financial Statements reflect the total assets and liabilities of Constructora Conconcreto
S.A. and its subordinated companies, eliminating the reciprocal transactions among them. In the process, the
parent company investment must be eliminated (including the valuations thereof), against the total equity of
the subordinated companies and the investments among them, which generates a line in the presentation
named Monetary Interest, that in the case of the balance sheet corresponds to the proportion of equity of the
subordinated companies pertaining to the minority shareholders. Explanation is detailed below:
Balance Sheet
COMPANY
% TOTAL
SHAREHOLDING
% MINORITY
SHAREHOLDING
SUBORDINATED
EQUITY
MINORITY
INTEREST
100.00%
0.00%
153,962,012,894
-
100.00%
0.00%
47,569,401,944
-
100.00%
0.00%
20,084,471,395
-
51.00%
49.00%
6,220,958,283
3,048,269,559
U-Storage S.A.S.
100.00%
0.00%
678,072,326
-
100.00%
0.00%
475,038,695
-
Inversiones Worldwide S.A.
100.00%
0.00%
266,216,202
-
100.00%
0.00%
15,249,651
-
80.00%
20.00%
(54,623,049)
(10,924,610)
Cas Mobiliario S.A.
TOTAL
3,037,344,949
Income Statement
The profits of the subordinated companies before becoming controlled companies, in addition to the profits obtained after the control situation by the percentage pertaining to the minority shareholders make up
the Minority Interest line:
COMPANY
% MINORITY
SHAREHOLDING
MINORITY
INTEREST
100.00%
100.00%
0.00%
4,135,797,515
-
51.00%
49.00%
2,618,862,938
1,283,242,840
100.00%
0.00%
1,580,881,045
-
U-storage S.A.S.
100.00%
0.00%
693,800,993
-
0.00%
SUBORDINATED
EQUITY
Cas Mobiliario S.A.
12,696,323,042
-
80.00%
20.00%
71,377,524
14,275,505
Inversiones Worldwide S.A.
100.00%
0.00%
-
-
100.00%
0.00%
(8,674,949)
-
100.00%
0.00%
(224,961,305)
TOTAL
48
% TOTAL
SHAREHOLDING
1,297,518,344
NOTE 19
TRANSLATION EFFECTS
For the consolidation process, the Financial Statements of foreign companies must be translated into
Pesos Colombianos, which is the consolidation currency. The Balance accounts are translated into rate of
closure and the Income Statement into average rate; both rates are taken from the information provided
by the Banco de la República.
FOREIGN COMPANY
TOTAL
INCOME STATEMENTS CONVERSION AVERAGE
USD
RATE $2,000,68
CONVERSION RATE OF
CLOSURE $2,392,46
TRANSLATION EFFECT
6,346,004
12,696,323,283
15,182,560,683
2,486,237,400
(4,336)
(8,674,948)
(10,373,705)
(1,698,756)
6,341,668
2,484,538,644
NOTE 20
NET WORTH
Capital stock and premium in the issuance of shares
The flow of capital and the premium in the issuance of shares, for 2014 and 2013, in pesos and in shares
of the parent company was are the following:
Flow in pesos
FINAL BALANCE PESOS AUTHORIZED CAPITAL INCREASE
FINAL BALANCE PESOS
DETAILS
DECEMBER 2013
Authorized capital
JUNE 2014
DECEMBER 2014
103,927,000,000
50,573,000,000
154,500,000,000
(10,464,393,047)
(50,573,000,000)
(61,037,393,047)
93,462,606,953
-
93,462,606,953
Premium in issuance of shares
318,871,804,655
-
318,871,804,655
Flow in shares
DETAILS
FINAL BALANCE
SHARES
AUTHORIZED CAPITAL
INCREASE
FINAL BALANCE SHARES
DECEMBER 2013
JUNE 2014
DECEMBER 2014
Authorized capital
1,009,000,000
491,000,000
1,500,000,000
(101,596,049)
(491,000,000)
(592,596,049)
907,403,951
-
907,403,951
The face value of the share is kept at one hundred and three pesos ($103).
The intrinsic value of the shares, as of December 31, 2014 and 2013 amounts to $1.172,44 and $1.108,64
per share, respectively..
49
Capital Surplus – The balance as of December 31, 2014 corresponds to a Premium
for placement of shares and equity method surplus.
EQUITY METHOD SURPLUS
2014
2013
97,453,591,170
88,713,923,323
-
753,653,855
Increase in value
-
700,536,077
97,453,591,170
90,168,113,255
TOTAL
Profit sharing - According to the Shareholders’
Meeting Minutes of Constructora Conconcreto
S.A. on March 27, 2014, profit sharing was approved as follows:
Statutory reserve
6,061,007,603
Reserve for donations
1,200,000,000
Occasional reserve for working capital
Cash dividends
TOTAL
33,349,068,428
20,000,000,000
60,610,076,031
Cash dividends at a rate of $22,0409002825689
per share, last installment was cancelled on December 15, 2014.
Reserves
Legal Reserve - The Colombian law requires that
the Company reserves, each year, 10% of its net
profits after taxes until completing, at least, 50%
of the subscribed capital. The law forbids the distribution of this reserve during the existence of the
Company, but it may be used to absorb losses.
From years 2013 and 2012 10% of the profits were
allocated for the creation of the legal reserve.
Other Reserves - As of December 31, 2014 there were the following additional reserves: Endowment and Civism $2.583.000.000, working
capital $172.340.410.366, available for the highest corporate body $1.499.697.715 and others
$500.000.000.
Increase in value of the net worth - It corresponds to the inflation adjustment of the net worth.
This value may not be distributed as a profit to the
shareholders unless the company is liquidated or if
this value is capitalized, pursuant to section 36-3 of
the Tax Statute, and section 90 of Decree 90 of Decree 2649 of 1993, amended by section 6 of Decree
1536 of 2007.
In the parent company, in years 2014 and 2013
there was a decrease, because of applying the net
worth tax against this account, pursuant to the provisions of section 1 of Act 1370 of 2009 that complements section 292- 1 of the Tax Statute.
NOTE 21
SUSPENSE ACCOUNTS
The balance as of December 31, 2014 is as follows:
COMPANY
DEBTORS
CREDITORS
336,577,082,149
652,819,661,978
345,734,907,045
609,077,966,390
131,400,727,154
(235,168,928)
137,850,081,141
(1,987,232,977)
5,956,731,695
4,971,535,053
10,211,288,427
8,149,170,895
509,325,305
2,731,604
1,081,566,638
205,000
19,387,605
-
-
-
101,714,343
17,607,225,524
-
-
7,274,336
-
-
-
U-storage S.A.S.
Cas Mobiliario S.A.
TOTAL SUSPENSE ACCOUNTS
DEBTORS
2013
50
2014
CREDITORS
-
-
11,023,519,335
33,409,723
474,572,242,587
675,165,985,231
505,901,362,586
615,273,519,031
SUSPENSE ACCOUNTS
2014
2013
Debtors:
Contingent rights
32,226,084,378
18,682,873,324
Goods provided as security
15,243,233,533
33,639,299,882
Purchase and sale commitment
822,830,000
2,778,634,600
Various purchased securities receivable
150,000,000
150,000,000
(388,333,649,718)
(317,795,354,316)
7,009,855,659
20,938,325,208
7,567,315,551
11,829,785,915
260,598,668,885
312,403,514,865
Fiscal debtors
Control debtors
Assets received - leasing (1)
Totally depreciated Property, plant and equipment
Unused positive balances
Written-off debtors
Several debts (2)
TOTAL DEBTORS
18,277,387,928
17,508,593,805
521,010,516,371
405,765,689,303
474,572,242,587
505,901,362,586
Creditors:
Contingent liabilities
67,137,455,454
9,681,650,084
Contingent liabilities (3)
252,679,123,644
215,859,930,255
-
191,427,765,092
(88,771,980,740)
(149,428,554,409)
444,121,386,873
347,732,728,009
675,165,985,231
615,273,519,031
Other (guarantees)
Fiscal creditors
Control creditors
Several creditors (4)
TOTAL CREDITORS
(1) Records the purchase option value plus the rules of the leasing agreements.
(2) The value corresponds to consortia assets with the respective interest percentages, excluding those recorded with Constructora Conconcreto S.A.
(3) Corresponding to promissory purchase agreements entered into during the year and
that, at the closing, were not yet formalized through deeds.
(4) Including recording of liabilities from consortia balance sheets in the proportion wherein
Constructora Conconcreto S.A. and equity increase in value balance as a result of inflation
adjustments.
51
NOTE 22
OPERATING INCOME
Balance per company as of December 31, 2014 is as follows:T
OPERATING INCOME PER COMPANY
2014
2013
753,064,031,509
599,773,956,922
56,112,995,405
18,710,367,479
55,969,328,977
15,551,991,583
40,724,134,660
57,565,614,692
Cas Mobiliario S.A.
14,795,328,722
13,162,249,076
2,038,650,310
1,393,228,072
U-Storage S.A.S.
TOTAL OPERATING INCOME PER COMPANY
OPERATING INCOME
Income from works, fees, maintenance, transportation and other
Income from related activities – trust property
545,114,445
-
-
28,320,339,374
(14,527,363)
3,911,736,936
923,235,056,665
738,389,484,134
2014
2013
669,954,496,304
533,320,037,291
157,301,461,522
117,446,762,745
Mines and quarries exploitations
21,050,042,971
16,833,736,013
Rentals of real estate property
13,449,448,709
13,022,514,732
Hotel industry activities
11,717,939,299
5,579,814,898
10,069,792,664
7,490,860,449
Sales of stores and buildings
9,828,016,055
16,471,206,264
Manufacturing of metal products
4,354,762,140
4,718,792,972
16,090,502,831
15,823,821,182
Dividends and equity stake
Other activities
Business activities of consulting, advertising and packaging
Income – other activities
7,748,201,358
115,331,227
Data processing
1,623,505,312
1,716,158,297
Machinery and equipment lease
Subtotal other activities
46,887,500
5,850,448,064
25,509,097,001
23,505,758,770
923,235,056,665
738,389,484,134
2014
2013
NOTE 23
SALES COST
COST OF SALES PER COMPANY
608,376,404,675
444,519,732,306
57,731,506,272
17,459,490,511
45,006,591,454
8,898,419,940
22,208,592,016
42,111,945,888
850,859,939
771,514,113
729,080,208
-
U-Storage S.A.S.
579,019,611
2,907,392,305
TOTAL COST OF SALES PER COMPANY
52
-
32,232,919,609
735,482,054,175
548,901,414,672
2014
2013
Costs for works
SALES COST
622,263,327,130
492,491,817,742
Costs for trust property
108,223,479,101
49,252,366,807
Sales of storage and real estate property
TOTAL SALES COST
4,995,247,944
7,157,230,123
735,482,054,175
548,901,414,672
NOTE 24
OPERATING EXPENSES
OPERATING EXPENSES PER COMPANY
Cas Mobiliario S.A.
U-Storage S.A.S.
OPERATING EXPENSES
Personnel expenses
2014
82,869,395,226
10,229,656,677
6,444,995,921
4,971,116,545
3,456,737,588
607,475,194
96,890,267
51,453,744
8,646,939
108,736,368,101
2013
73,359,086,150
9,489,105,092
1,512,151,089
6,777,363,257
4,200,427,349
2,059,033,727
47,530,085
4,663,708,252
102,108,405,001
2014
2013
56,073,766,087
52,226,394,161
Impairment
8,219,148,577
6,992,248,846
Fees
7,204,581,021
6,848,670,179
Various
6,315,821,172
5,457,487,324
Services
6,199,044,588
6,982,327,557
Maintenance, repairs and adjustments
5,791,236,022
5,980,117,188
Lease
4,195,324,133
3,510,243,032
Taxes
3,096,626,974
2,925,232,364
Provisions
2,885,850,489
1,578,426,476
Contributions and affiliations
2,734,328,879
2,509,691,432
Amortizations
2,144,220,343
2,692,535,691
Travelling
2,123,816,494
2,064,107,204
Insurance
1,309,232,527
1,485,558,477
384,545,932
825,952,641
Legal
Expenses of independent equity related activities *
58,824,863
29,412,429
108,736,368,101
102,108,405,001
(*)The values recorded as expenses correspond to impairments, financial expenses and other concepts the Company assets in trust property and which do not generate any income.
53
NOTE 25
NON-OPERATING INCOME PER COMPANY
2013
20,900,982,162
18,740,617,537
2,419,995,809
472,878,817
1,614,521,611
760,937,143
1,147,702,475
1,648,233,764
Cas Mobiliario S.A.
961,963,453
305,903,524
U-Storage S.A.S.
75,370,767
633,628,447
18,940,684
-
264,456
9,029,750
-
465,316,411
27,139,741,417
23,036,545,393
2014
2013
31,160,833,959
21,725,476,255
2,203,499,889
701,027,693
1,076,418,034
512,528,044
Cas Mobiliario S.A.
305,581,560
401,572,059
227,319,743
495,169,506
U-Storage S.A.S.
51,979,313
370,844,797
14,131,934
9,094,861
3,878,133
-
28,010
-
-
943,622,702
Inversiones World Wide Storage S.A.
-
582,158
35,043,670,575
25,159,918,075
NON-OPERATING EXPENSES PER COMPANY
54
2014
2014
2013
Non-operating income:
10,804,172,976
5,678,717,065
Financial income
Income through recoveries
8,213,601,416
7,257,422,884
Profit from sale of assets
4,479,170,133
7,404,596,382
Miscellaneous
1,114,356,055
804,618,032
Indemnifications
1,030,320,449
1,429,131,892
Services
646,220,508
3,501,260
Income from previous years
640,255,973
201,490,458
Dividends and shares
211,643,907
257,067,420
Subtotal other non-operating income
3,642,796,892
2,695,809,062
27,139,741,417
23,036,545,393
Interests – securitization financing
8,164,665,811
8,662,025,463
2,995,338,396
510,666,108
277,045,403
267,229,800
Non-operating expenses:
Expenses – commissions
Interests
15,962,910,770
9,240,099,386
Financial (banking)
2,712,122,525
2,837,855,893
Exchange rate difference
1,605,293,991
55,319,064
20,749,122
18,164,188
Commercial discounts
Other
-
358,469,519
Subtotal other financial expenses
20,301,076,408
12,509,908,050
Subtotal Financials
31,738,126,018
21,949,829,421
Donations
1,310,729,789
1,242,340,983
Loss from asset withdrawal
1,092,361,987
575,732,012
Others
770,011,871
1,006,297,616
Indemnities
72,002,322
75,254,610
Penalties
60,438,588
310,463,433
Non-operating general expenses
Subtotal non-operating general expenses
3,305,544,557
3,210,088,654
35,043,670,575
25,159,918,075
55
NOTE 26
INCOME AND CREE TAX PROVISION
Income and CREE tax provision per company as of December 31, 2014 is as follows:
INCOME TAX AND CREE PROVISION PER COMPANY
2014
2013
8,172,804,059
14,734,260,004
2,235,304,925
1,315,142,952
1,554,615,000
690,013,000
Cas Mobiliario S.A.
1,428,206,000
1,161,195,000
178,635,845
217,631,691
U-Storage S.A.S.
43,456,018
7,896,000
34,381,000
-
-
127,773,493
13,647,402,847
18,253,912,140
3,600,000,000
5,400,000,000
606,368,000
267,111,000
TOTAL INCOME TAX PROVISION
U-Storage S.A.S.
92,331,530
2,842,000
48,032,100
67,199,000
12,377,000
-
TOTAL CREE TAX PROVISION
TOTAL INCOME, SUPPLEMENTARY AND CREE TAX PROVISION
-
321,489,000
4,359,108,630
6,058,641,000
18,006,511,477
24,312,553,140
NOTE 27
CONTINGENCIES AND COMMITMENTS
CONTINGENCIES
The Company is involved in the defense of different administrative and judicial proceedings,
contentious administrative, civil, commercial and
labor-related in nature. Any unfavorable decision
would represent an obligation to pay. The administration of the Company, along with its external
and internal legal consultants considers that the
probable solution to these contingencies shall
not materially affect the financial situation or the
results situation of the company.
In addition, for those contingencies considered risky because of adverse decisions, the Company has insurance policies that cover liabilities
for material damages or personal injuries caused
by, or related to, the normal development of activities, operations and properties from Constructora Conconcreto S.A., or for those for which it
me be held liable according to the civil law, including, but not limited to, contractors, subcontractors, employees and executives.
56
COMMITMENTS
As a result of Corporate Restructuring Agreement
set forth in Act 550 of 1999, the company Constructora Conconcreto S.A. entered into a restructuring agreement with its creditors. This agreement
involved the spin-off of that company and the new
company, Inversiones Conconcreto S.A. shall bear all
commitments and legal obligations arisen out of this
agreement. Subsequently, in September 2012, Inversiones Conconcreto S.A. was absorbed by Constructora Conconcreto S.A. (absorbing company) according to a merger by absorption entered into.
As a result of merger by absorption, obligations
derived from restructuring agreement of Act 550
were taken on again by Constructora Conconcreto S.A. To this date, Constructora Conconcreto S.A.
has already fulfilled in a prompt manner all obligations derived from the restructuring agreement,
which ended on August 31, 2013.
NOTE 28
SUBSEQUENT EVENTS
RESULTS OF THE COMPANY
The results stated in each one of the financial statements that are part of this report were prepared,
with each and all the data and operations the Company has known and that have been notified in different ways, understood as fulfilled, due and recorded and having a negative or a positive incidence
on the period that ended. Therefore, the Company
does not know about any other fact or event that
changes or amends, substantially or partially, the
financial statements and the previous notes.
INTERNATIONAL FINANCIAL REPORTING
STANDARDS IMPLEMENTATION, REPORT AS
OF DECEMBER 31, 2014
Our Company, upon delivering the opening balance as of December 31, 2013 (opening balance
January 1, 2014) is working at changing to IFRS
during year 2014 each quarter by using internally designed methodology according to final policies for subsequent measures. The general Project
Schedule is detailed below:
2013
ACTIVITES
2014
2015
IFRS transition schedule
IFRS-defined Policies
Information System (including XBRL)
Methodology Structuring and Worksheets
Adjustments and Reclassifications – Opening Balance
Disclosure and Conciliation - Opening Balance
Review and Approval – Audit Committee /Management Board
Review and Approval – Fiscal Review
Procedures for transition year
New training workshops
Quarterly closures 2014 under IFRS
Submittal of official Opening Balance – January 1, 2014
First IFRS Financial Statements - Quarter. I / 2015
ENDED
ONGOING
PENDING
According to External Circulating Letter 014 of June
2014, issued by the Financial Superintendency, the
separate Financial Situation Statement was submitted on July 30, 2014 and the consolidated Financial
Situation Statement on August 30, 2014, with the
corresponding explanatory notes, policies, conciliations and other exhibits needed as per IFRS 1 First
time Adoption. The initial corporate balance was
approved by the Management Board and the Audit
Committee of the Company.
At the beginning of 2015, the Financial Superintendency shares an external circular Project providing a scope regarding the conditions of first financial reporting, indicating its submission in XBRL
format for some financial statements and disclosures regarding financial statements in Excel format.
In this project, companies are invited to give their
opinion on defined dates; therefore, our Company
sent its comments stating the possibility to extend
a little the term taking into account information
science changes and involvement between accounting personnel COLGAAP and IFRS accounting personnel. This preliminary project, on the date of this
disclosure, was not issued as final.
Some changes are established in Opening Balance. These changes shall be submitted at the right time to the Management Board and Audit Committee for approval and subsequent submission to
the Financial Superintendency.
Therefore, these are the last official financial
statement as per Decrees 2649 and 2650 of 1993.
First financial statements under IFRS shall be for
year 2015 which need a comparison with 2014
transition information.
57
CHANGE IN THE CORPORATE GROUP
As of December 31, 2014, Grupo Empresarial
Constructora Conconcreto S.A. is recorded with
the Chamber of Commerce of Medellín, as follows:
Parent company: Constructora Conconcreto S.A.
Affiliate: Inmobiliaria Conconcreto S.A.S., Conconcreto Internacional S.A., Industrial Conconcreto
S.A.S., U-Storage S.A.S. and Inversiones Worldwide
Storage S.A.
CONTROL SITUATION
Constructora Conconcreto S.A. has a control situation additional to the one inherent to its Corporate Group, over CAS Mobiliario S.A., Cantera La
Borrascosa S.A.S. and Nayu Assets Corporation.
Nayu Assets Corporation was incorporated on
October 11, 2013 and it is a company through whereby there is an interest in Dream Plaza Project of
Panamá. 100% of Conconcreto Internacional S.A.
Subsidiary companies: Consorcio Mercantil Colombiano S.A., En liquidación, and Sistemas Constructivos Avanzados Zona Franca S.A.S
NOTE 29
RELEVANT FACTS
PURCHASE OF LOTS
Malachí Lot - Located at Soacha, Cundinamarca.
It was purchased for partial development by Constructora Conconcreto S.A., aimed at the construction of social interest housing - VIS and for sale to
third constructors of other lots to be segregated,
so that at the same time they can construct social
interest housing - VIS.
Neiva Lot - It was purchased for construction of
social interest housing - VIS.
Caldas Lot - It was purchased for construction of
housing and commerce.
Additional slot to Crespo Lot – Cartagena - It was
purchased for construction of a warehouse where
U-Storage S.A.S. shall operate.
El Ensueño Lot - It was purchased for construction
of a shopping center.
CORPORATE ISSUES
Merger of Industrial Conconcreto S.A.S. and Sistemas Constructivos Avanzados S.A.S. It was formalized in December 2014. By virtue thereof, Industrial
Conconcreto S.A.S. absorbed Sistemas Constructivos Avanzados S.A.S., which remained disolved and
without liquidation. All rights and obligations from
absorbed company were owned lawfully by the absorbing company.
Incorporation of Sistemas Constructivos Avanza- dos Zona Franca S.A.S. - This company was incorporated by Sistemas Constructivos Avanzados
S.A.S. It is located in the Free Zone of Barranquilla
and its creation involved reforming Grupo Empresarial Constructora Conconcreto S.A.
Asdesilla Lot - It was purchased for construction of
housing.
Execution of technical service agreement with MUV
Integrated - An agreement entered into with a prestigious Spanish firm of structural design, which is providing us with high quality designs for enhancement of
works and resource optimization.
COMPANY ACQUISITIONS
In January 2014, Conconcreto Internacional acquired a new company called Nayu Assets Corporation, which has a direct control over Constructora
Conconcreto S.A.
Agreement with Grupo Argos - Constructora Conconcreto - An agreement was reached with Grupo
Argos to jointly develop real estate strategy through the contribution of certain assets, which enable
to create a book focused on development and ope-
Cartago Lot - It was purchased for construction of
a shopping center.
58
In addition, in April 2014 company Sistemas Constructivos Avanzados Zona Franca S.A.S., was incorporated. This company also began to have a direct
control over Conconcreto S.A.
ration, with a proper diversified by uses and geographies. Equity share of each company in this book
shall be 50%.
Combination of assets contributed shall enable
to create a book that, in the initial stage, shall operate more than 400.000 m2 equal to $1.3 billion.
During the next four years there will be a 300.000
m2 development in gross leasable area, which will
double the value of assets managed and thus reaching a figure of $2,6 billion. It will be positioned as
one of the biggest books in the country.
Besides the assets, Grupo Argos shall contribute plots of land for development of $112.000 million
and $365.000 million in cash, which shall be paid
according to book investment needs and they will
enable to achieve the abovementioned growth goals.
Grupo Argos shall continue in the field of urban development separately through brand name
Situm. This urban development business includes
land bank owned by the Company in the northern
coast (Barranquilla and Barú) and the Colombian
south-west. This urban development business shall
not compose the new real estate book.
Conconcreto shall continue to participate in
big infrastructure projects being developed in the
country through the construction and investment
therein. In addition, it shall continue to see other
business lines currently managed.
It is expected that this combination may be enhanced during the first half of 2015, upon effecting
confirming due diligences and formalities needed
by this type of operation.
HIRING
Submittal of project of Asociación Público Privada
– APP, a privative initiative, Regiotram - It is intended to provide the city of Bogotá with transportation alternatives, by the construction of light trains.
Submittal of Asociación Público Privada – APP regarding a privative initiative Buga Buenaventura This Project aims at connecting Pacific coast with
the rest of the country.
Submittal of Asociación Pública Privada – APP regarding a public initiative of Fourth Concession Generation program of Agencia Nacional de Infraestructura, Mulaló – Loboguerrero -This initiative aims
at providing the country, particularly the western
side of Colombia, with road infrastructure.
Award of INVIAS Public Bid - The purpose is as follows: “Property, social environmental management
and termination of Access road to La Línea tunnel
– annexed works of Project “Cruce de la cordillera
Central”, in that Project Constructora Conconcreto
S.A. holds 35%, CSS Constructores holds 35% and
Estyma holds 30%. The Project amounts to $85.900
million and it is for a duration of 11 months.
TAX REFORM By Act 1739 dated December 23, 2014 the following was created: wealth tax and supplemental
for tax regulations; income tax surcharge equality
- CREE; mechanisms to fight against evasion and
enactment of provisions. The most relevant aspects are as follow:
a) Wealth tax: For legal entities. Created for taxable years 2015, 2016 and 2017 for possession up to January 1, 2015 of a net worth equal
or more than $1.000 million.
Establishment of variable rates for each of
three taxable years like this:
2015: 0.20%, 0.35%, 0.75% and 1.15%;
2016: 0.15%, 0.25%, 0.50% and 1.00%; 2017:
0.05%, 0.10%, 0.20% and 0.40%
Wealth tax is not deductible from income
tax and CREE and it may not be offset with
other taxes.
b) Supplementary tax for “tax regulations”:
Wealth taxpayers who omitted assets or included inexistent liabilities in tax return and other
may state those assets and remove inexistent
liabilities as well as pay this tax regulation tax in
the wealth tax return.
Rates are as follows: 10%, 11,5% and 13%
for years 2015, 2016 and 2017 respectively.
c) Income tax for equality – CREE: Establishment of a tax rate in 9% indefinitely. As of taxable year 2015, it is enable to offset fixed losses
and minimum base excess.
It is expressly established that consortia
and temporary employee unions wherein all
members are exempted from payment of contributions to SENA and ICBF as well as health
contributions, shall be exempted from payment of accrued contributions to SENA and
ICBF as well as health contributions to workers, separately, considering thus up to ten
(10) legal base salaries in force.
d) Income tax surcharge for equality –
CREE: It is created for years 2015 to 2018
and charged to income tax for equality taxpayers – CREE, with a taxable basis exceeding
$800.000.000. Rates are as follow: 5%, 6%, 8%
59
and 9% for years 2015, 2016, 2017 and 2018, respectively.
This surcharge shall be paid in advance over CREE of the previous year.
BUSINESS
COMPANY
DESCRIPTION
Extraction of common stones, sand, and clay,
gypsum and anhydrite
Cas Mobiliario S.A.
CIIU CODE
CREE FEE
0811
1.60%
Publicidad
7310
0.80%
Construction
4210
0.80%
Extraction of common stones, sand, and clay,
gypsum and anhydrite
0811
Construction of other civil engineering works
Construction of residence buildings
Ustorage S.A.S.
ther support service activities for companies, not
elsewhere classified
4290
4111
8299
1.6%
0.80%
0.80%
0.80%
e) Adjustment for exchange rate difference in stock or share investments in foreign companies: This adjustment shall only constitute income, cost or expense at the
time of disposal, at any title, or investment settlement.
SIGNED
SIGNED
SIGNED
60
Crowe Horwath
INFORME
DE GESTIÓN
ESTE ES EL RESULTADO
DE MÁS DE 14.000 PERSONAS
TRABAJANDO EN
UNA ORGANIZACIÓN QUE
CONSTRUYE PAÍS

performance report that builds a country

Transcription

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