2015 management report - conconcreto€¦ · creed conconcreto is our home i am proud of...

WE MINIMIZE the impact on the environment and reduce material and energy consumption. WE OPTIMIZE deadlines and resources. We use efficient construction systems and tools. WE TRAIN AND DEVELOP our employees. We INNOVATE across all BUSINESS areas. WE GIVE BACK financial and social benefits to SOCIETY. WE ADAPT TO CHANGE in order to ensure long-term stability. MANIFESTO. WE MAXIMIZE PROFITABILITY for our shareholders. We develop and build PROFITABLE, SUSTAINABLE projects. We transform the physical environment to IMPROVE people's QUALITY OF LIFE. We are a QUALIFIED, INNOVATIVE, EFFICIENT, CREATIVE, HAPPY team. We are committed to the COMPREHENSIVE SAFETY of our employees. WE ARE ETHICAL AND TRANSPARENT, we comply with laws and regulations. WE GENERATE VALUE IN THE BUSINESS CHAIN, financial and legal structure, market studies, architectural design and engineering integration, self-generated projects, funding, construction, operations, and maintenance. WE GENERATE VALUE in strategic partnerships WE MINIMIZE the impact on the environment and reduce material and energy consumption.. WE OPTIMIZE deadlines and resources. We use efficient construction systems and tools. WE TRAIN AND DEVELOP our employees. We INNOVATE across all BUSINESS areas. WE GIVE BACK financial and social benefits to SOCIETY. WE ADAPT TO CHANGE in order to ensure long-term stability. WE MAXIMIZE PROFITABILITY for our shareholders. We develop and build PROFITABLE, SUSTAINABLE projects. We transform the physical environment to IMPROVE people's QUALITY OF LIFE. MANIFESTO. We are a QUALIFIED, INNOVATIVE, EFFICIENT, CREATIVE, HAPPY team. We are committed to the COMPREHENSIVE SAFETY of our employees. WE ARE ETHICAL AND TRANSPARENT, we comply with laws and regulations. WE GENERATE VALUE IN THE BUSINESS CHAIN, financial and legal structure, market studies, architectural design and engineering integration, self-generated projects, funding, construction, operations, and maintenance. WE GENERATE VALUE in strategic partnerships

2015 MANAGEMENT

REPORT

CREEDConconcreto is our home

I am proud of Conconcreto

Ethics and morals are non-negotiable

We are innovators and we adapt to change

I chose to be here

We persevere and press on until the problem is resolved

This is where we find meaning to our doing, knowing, and being

We always strive to do better

We love the construction business

We love big challenges

We consistently challenge paradigms

We make our mark

We give it all we have until we find a solution

We are building an inclusive country

We have common sense

We are practical

We treat others the way we want to be treated

Open life, open doors

MANIFESTOWE MINIMIZE the impact on the

environment and reduce material and energy consumption

WE OPTIMIZE deadlines and resources

We use efficient CONSTRUCTION systems and tools

WE TRAIN AND DEVELOP our employees

We innovate across all business areas.

WE GIVE BACK financial and social benefits to society

WE ADAPT to change in order to ensure long-term stability

We maximize profitability for our shareholders

We develop and build profitable, sustainable projects

We transform the physical environment to improve people’s quality of life

We are a qualified, innovative, efficient, creative, happy TEAM

We are committed to the

comprehensive safety of our employees

We are ethical and transparent, we comply with laws and regulations

WE GENERATE VALUE IN THE BUSINESS CHAIN:

Financial and legal structureMarket Studies

Architectural design and engineering integration

Self-generated projects Funding

ConstructionOperations

Maintenance

WE GENERATE VALUE in strategic partnerships

01020304050607

MANAGEMENT REPORT Financial Summary 17

VINCI AND PACTIA PARTNERSHIPS

LINES OF BUSINESSBacklog 41Infrastructure 44Building 58

Housing 74Shared Services 88

INNOVATIONAND SUSTAINABILITY

CONSOLIDATED FINANCIAL STATEMENTS

SEPARATE FINANCIAL STATEMENTS

SELF-GENERATED PROJECTS

CONTENTP.5

P.25

P.31

P.39

P.91

P.121

P.220

MANAGEMENT TEAMCEO Juan Luis Aristizábal Vélez

GENERAL COUNSEL Jorge Hernán Jiménez Jaramillo

INFRASTRUCTURE VICE-PRESIDENT Juan Guillermo Saldarriaga Saldarriaga

BUILDING VICE-PRESIDENT Juan Carlos Cubillos Escudero

HOUSING VICE-PRESIDENT Fernando Alberto Ortiz Quiroz

INDUSTRIAL BUSINESS VICE-PRESIDENT Mauricio Ospina Ortiz

TECHNICAL VICE-PRESIDENT José Guillermo Vidal Fernández

FINANCIAL VICE-PRESIDENT Hebert José Agudelo Arango

SHARED SERVICES VICE-PRESIDENT Ana Sofía Tobón Novoa,

CONTROLLER Juan Antonio Echeverri Restrepo

INNOVATION AND SUSTAINABILITY MANAGER Ana María Mesa Mejía

CORPORATE INVESTMENT MANAGEMENT Felipe Rocha Silva

INVESTOR RELATIONS Paula Andrea López Muñoz

DIRECTOR OF CORPORATE RELATIONS AND COMMUNICATIONS Lina M. Cuartas Ospina

MAIN STATUTORY AUDITOREloísa María Barrera Barrera

ALTERNATE STATUTORY AUDITOR Beatriz Elena Velilla Agudelo

SERVICE MANAGEMENT

HUMAN RESOURCES MANAGEMENT María del Pilar Restrepo Colonia

ACQUISITIONS AND LOGISTICS MANAGEMENT Clara Inés Ramírez Londoño

FINANCIAL ACCOUNTING MANAGEMENT Martha Ligia Ramírez Sierra

CHIEF FINANCIAL OFFICERAdriana Álvarez Vallejo INFORMATION TECHNOLOGY MANAGEMENT Jaime Atehortúa Jiménez

ADMINISTRATIVE MANAGER Margarita Cardona Montoya

IN THE FUTURE01

MANAGEMENT REPORT

WEBELIEVE

Conconcreto — 7

MANAGEMENT REPORT01

To our shareholders:Change and adaptation are the only certain-ties that administrators and corporate lead-ers have in the current business environ-ment. For Constructora Conconcreto, 2015 was characterized by many changes and adjustments to the business model that will allow the organization to adapt to the new challenges we will face in coming years. A few of the challenges we faced in 2015 in-cluded partnerships with Grupo Argos and Vinci Group, compliance of the Internation-al Financial Reporting Standards (IFRS), self-generation of construction opportuni-ties in major concession and infrastructure projects, changes in the economic environ-ment and the impact of new international competitors in the construction business. Some of these challenges will transcend to the near future.

2015 was one of the most dynamic years for the Colombian construction sector.

The sum of the two waves of fourth-gen-eration concession bids, bidding for Invías throughout Colombia, the application of the new Public/Private Partnership law, high demand in the housing sector and private sector investments energized construction and resulted in 3.9% growth in 2015. Infra-structure continues to drive the sector, with growth in civil works of 5.4%. In construction of building, 26.7 million square meters were approved, which represented an increase of 2.1% over 2014, with a significant increase of 9.1% in meters licensed for housing, and 13% for commercial buildings.

The impact of the drop in oil prices and the slowdown in raw material investments could be cushioned by large infrastructure projects, which will have a counter-cycli-cal effect on the growth of the Colombian economy. The large offer of infrastructure projects got the attention of a select group

Juan Luis Aristizábal Vélez CEO

Constructora Conconcreto.

8 2015 MANAGEMENT REPORT

of multi-national companies, which were drawn by mega-projects in Colombia. This generated more competition in bidding pro-cesses in the short term, and will demand more human resources, qualified technical personnel, and construction machinery to execute the projects.

Constructora Conconcreto actively par-ticipated in fourth-generation concession bidding processes and assisted several groups in creating and structuring private investment projects like Darién Internation-al Port, completion of the Buga-Buenaven-tura road corridor, and the mass transit rail system in the Bogotá savannah at the Bo-gotá-Facatativá section with RegioTram, under the new PPP law. Further, the com-pany concluded the processes for licens-es and financial structuring for the first 16 MW Patico Small Hydropower Plant in the

department of Cauca, where it is investing 50% of the capital along with other origina-tor partners.

8.5% was the growth of the volume of projects in 2015

Tunnel linings and related works in the La Línea tunnel.

Conconcreto — 9

POWERFUL PARTNERSThe creation of the Pactia Real Estate Port-folio to consolidate the partnership with Grupo Argos required a transfer of human resources and assets, together with a re-view of processes to adjust them to the new administration, which demanded a high commitment in meeting deadlines and simultaneously continuing the real estate operation without generating an impact on the customers. By the end of the year, 46 assets had been transferred totaling COP 1.46 trillion, and 104 employees changed employers. With this partnership, a large real estate portfolio was consolidated, with opportunities for growth at the local and international level. For Constructora Con-concreto, this will represent the possibility of generating backlog and developing its in-tegration strategy and design optimization.

In implementing its international ex-pansion, Vinci Group found a partner in Conconcreto to consolidate itself in the construction sector in Colombia. A capi-talization process culminated in Decem-ber 2015, complying with all the securities market processes and requirements for a total of COP 290,000 million, or 20% of the Company's share capital, in addition to an agreement to participate in joint conces-sions and infrastructure projects in Colom-bia, as well as seek new business opportu-nities in sectors in which Vinci has technical experience. A partner like the French group, with experience in niche markets in which Conconcreto is not involved in Colombia, with a capacity to execute and invest in mega-projects that require infrastructure updates to improve our country's competi-tiveness, will support the Company's growth and consolidation strategy in the engineer-ing and construction sector.

we attained a net profit of COP

95,257million

OUTSTANDING INDICATORS In recent years the Company leveraged the country's econom-ic growth to participate in large construction projects, creat-ing an income-generating real estate investment portfolio and consolidating its middle-class housing construction strategy in Bogotá, Medellín and Barranquilla.

Issuances of shares in the Colombian market in 2010 and 2012, together with cash flow from the business operation, were insufficient to support the growth of the Company's new business model. The Company went into financial debt to support its growth in real estate and housing projects. The debt rose to levels that triggered the need to find new funds to mitigate the risk of high indebtedness and rising interest rates. The partnerships with Grupo Argos and Vinci Group had a significant effect in reducing the net debt, with a 34% reduc-tion in the Company's financial liabilities to close out the year with a net debt of COP 259,000 million, and cash reserves of nearly COP 600,000 million. With uncertainty in the horizon for the Colombian economy in 2016 as interest rates, inflation and currency devaluation, along with the potential effects of a global deceleration raise concerns, the Company finds itself in a position of strong liquidity to face an eventual downturn in the sector, or a possible tightening of liquidity in the financial sector, with its resulting increase in interest rates. This posi-tion opens up opportunities for Conconcreto in the search for concession businesses that require financial strength, or in structuring private initiatives wherein the Company fails to find government funding through the future budgets mechanism.Company results show growth and outstanding indicators that are presented in detail throughout this report. Good figures for project margins during the year are highlighted in a way that we reached a net profit of consolidated COP 95,257 million and EBITDA of COP 265,147 million for 2015.

MANAGEMENT REPORT01


IT INSPIRES USConconcreto's Human Capital has been and will continue to be the greatest com-petitive advantage and the most important pillar supporting the Company's growth strategy with a view to consolidating itself as a leader, with aggressive goals in place for 2020 in the engineering and construc-tion business in Colombia. We will continue to support the growth and development of our employees in leadership and teamwork through our Cimientos program, developing administrative and technical skills and stim-ulating creativity and innovation to promote clever solutions for lingering business chal-lenges. We conducted strategic planning to establish the Company's 2020 vision, together with an independent assessment of the organizational climate, earning a SU-PERIOR result (82%) in teamwork, lead-ership and organization. Also, in 2015 we defined a program to retain key personnel through medium-term incentives by individ-ual, department and company results, which are managed by a pension fund that in turn invests in company shares.

The result of Strategic Planning allowed the management team to structure the Conconcreto Manifesto, which encom-passes the Company's strategy and the value we add to the market. At the same time, the team also defined the corporate Creed, which includes the motivating prin-ciples that govern Company employees in committing and aligning with a cohesive, productive team. These texts are contained herein and represent our work philosophy and commitment to our customers, share-holders, employees and the environment.

INNOVATION: CONCONCRETO'S LEADERSHIP AND CULTURE DRIVEInnovation has always been present in our organization. In 2015 we hosted the fifth annual "Ideas Que Valen" competition to continue promoting creativity and innovation in every area of the organization. A total of 254 ideas from 193 employees were presented at the event. We estimate savings of around COP 8,000 million in costs, expenditures and investment in resources, and we are working to capture the total amount in the Company's financial results. As a result of this program, Constructora Conconcreto has three construction sector patent request filed, which represent creative advances in seeking solutions to industry challenges. At the same time, we

Conconcreto — 11

are strengthening the Engineering and Design Workshop as a strategy to generate value to our construction services, and we are building a rental housing fund aimed at optimizing return margins for housing investments and mitigating the impact of the market gap in the sale of housing units. Both strategies tend to innovate in the business model and add value to our own projects as well as our customers'. In obtaining new contracts, we are migrating towards greater share of self-generating businesses in infrastructure through the public-private partnership modality and private initiative projects. With this mechanism, we hope to preserve project

margins at reasonable levels in the industry and generate backlog without depending on bidding processes where projects are awarded at random without considering the company's technical strengths, ownership of machinery and equipment, economic solvency and human talent experience.

MANAGEMENT REPORT01

ULMA formworks, Rafael Uribe Uribe carriageway.

Sabaneta, Itagüí and La Estrella, Antioquia.

Photo: Carlos Córdoba, Project Director


COMMITMENTS Compliance of the Código País standards and Vinci Group's entry required adjust-ments to our corporate governance in the way of amendments to Company Bylaws and a review of the Board of Directors make-up. We moved to a Board of Directors with 10 members, of which 5 are Indepen-dent, 2 represent Vinci Group's investment, and 3 represent the founding shareholders. The new Código País requirements to ele-vate the corporate governance standards demand a high commitment by the manage-ment and Board Members, and compliance of standards that have been implemented in accordance with the new Company By-laws, specifically in the conformation and operation of Board support committees and self-evaluation by Board members. Similarly, it is a challenge and an ongoing evolutionary process for the management to capitalize the experience and knowledge that Board members can contribute to adjusting the Company's strategy to changing circum-stances in the environment and elevating the governance and transparency standards that have always characterized us.

INFRASTRUCTURE, KEY TO OUR BUSINESS 2015 was also important because of ad-vances in our mega-projects. The Ituango hydroelectric plant, built in consortium, at-tained 39% progress, with the challenge of fulfilling the commitments made to our customers of starting generation of the first turbine by 2018. The Helios road consor-tium, responsible for the construction of Ruta del Sol's sector I, agreed with ANI, the awarding authority, to continue the project until completing the contract's total amount, with the execution of the first five kilome-ters of the tract between Villeta and Gua-duas. The works at the Buenaventura port, the Tienditas binational bridge and others, have made significant progress in the exe-cution deadlines. In general, infrastructure projects were highly relevant in the year's results, and together with the building area, the Company attained the milestone of sur-passing one trillion pesos in contracts, a goal that was set in 2010, and was a major challenge for the management.

The incorporation of International Finan-cial Reporting Standards (IFRS) as well as adjustments required to support the oper-ation of the Pactia Real Estate Portfolio, required significant efforts on the part of the organization's Shared Services Center, which generated a lot of activity in this sup-port area during the year. Today, thanks to the mighty effort by the entire work team, we can present consolidated financial state-ments by business segment with the 2014 comparison under international standards.

Hidroituango, a project built in a consortium, attained progress of

39%

Conconcreto — 13

The results presented herein consolidate the op-eration of an important number of enterprises and projects in partnership with different partners (sub-sidiaries, associates, joint ventures and joint opera-tions). 2015 demanded a high commitment by the entire group, and all the associates attained posi-tive results in consolidating as an organization. We learned from our partners, and we hope that these relations will solidify in order to continue leading in the construction sector, with a high level of corpo-rate responsibility, balancing the social, economic and environmental aspects.

GRATITUDEAchieving the goals we set for ourselves in early 2015 and presenting the results obtained during the year are possible thanks to a strong work team, com-munication, focusing on results, and the technical skills of every area and work team. We will continue to build an organizational culture and work environ-ment in which every employee can grow profession-ally and personally. We carry this ideal in our compa-ny motto: "We build the future with a human sense," and we promote it in every level in the organization.

We speak for every leader and professional in Con-structora Conconcreto that motivates his or her team to achieve their goals, and we send a message of deep gratitude to all our employees for their tireless endeavor and ingenious contributions to building the dreams and projects of all our customers. To all of you, a well-deserved thank you from our organization, the Board of Directors, and all our shareholders.

A special recognition to the management team and the people that support and assist the CEO, to the shareholders for their trust in our strategy and execution, and to our customers and suppliers.

We welcome the new members that represent Vinci Group in the Board of Directors, who will cer-tainly make significant contributions because of the group's business maturity and its experience as a global organization.

And finally, a special recognition to Mr. Nicanor Re-strepo Santamaría for all his support these last years. We miss him as a leader, strategist and mediator.

We are grateful to the Lord for shining His light on our path and for the collective belief we share in this great commitment to the community and our country, Colombia.

MANAGEMENT REPORT01


1. INTERNAL CONTROLDuring 2015, Constructora Conconcreto's Board of Directors, the CEO’s Office, Audit Committee and, in general, all its manage-ment team, maintained their commitment and interest in good corporate practices, among them conducting an adequate inter-nal control according to the operational risk management model. In various scenarios, the management insisted on the need to keep and improve the internal control pro-grams as a mechanism to simplify results management and business continuity.

The main four risk categories of the company – strategic risks, financial risks, environmental risks and operational risks – were monitored, evaluated and document-ed. This facilitated 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 rel-evant processes and projects whose oper-ation had significant impacts on the results of the year.

In order to consolidate an area of struc-tural autonomy and clarity within the orga-nization, conceptual changes were imple-mented in the Internal Control policies in 2015. This became a process within Con-structora Conconcreto's Risk Management that not only focuses on minimizing loss-es and maximizing opportunities, but also creates value, facilitates the development of new businesses, identifies, measures, manages, diagnoses and monitors all the risks that may hinder the achievement of strategic goals and the organization's con-tinuity over time.

Fiscal Year Pursuant to Law

2. AUDIT.Constructora Conconcreto's Audit Committee, in compliance with its duties of supervising the internal audit program, met in four opportunities during the year to review the Compa-ny's results and the business risks, which allowed the man-agement to have a continuous and detailed oversight of the financial results of the operation and the plans implemented for risk prevention.

3. MONEY LAUNDERINGConsidering that Constructora Conconcreto S.A. is a securi-ties issuer under the exclusive oversight of the Financial Su-perintendence, compliance of the Comprehensive System for the Prevention and Control of Money Laundering and Financ-ing of Terrorism (AML/ATF) is applicable to the organization.

Under this regulation, periodic reviews of the Company's operations are made to ensure that it is operating normally and under legal parameters.

4. TRANSACTIONS CARRIED OUT WITH RELATED PARTIES AND ADMINISTRATORS

In the exercise of the corporate purpose, throughout 2015 a series of transactions at market price were carried out among the companies of the Corporate Group and other related com-panies, all in line with the main or related corporate purpose pertaining to each of them. All this information appears on the notes to the financial statements.

5. CONFLICTS OF INTERESTDuring 2015 there were no situations that could have resulted in conflicts of interest.

6. INTELLECTUAL PROPERTYAccording to the provisions of Law 603 / 2000, Constructora Conconcreto certifies that in the conduct of its business activi-ty it has complied with all the regulations in force regarding in-tellectual property and copyrights. The company is committed to the compliance and full application of the legal guidelines related to intellectual property, copyrights and policies for the use of software.

Conconcreto — 15

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 software or services unlawfully obtained is avoided.

7. SOCIAL SECURITY AND PARAFISCAL CHARGE In regards to the contributions to the social security and parafiscal charges, Construc-tora Conconcreto certifies that during 2015 payments were duly made within the legal term, without any irregularity in this matter.

Moreover, the current tax regulations were complied with to pay individual con-tractors according to the legal provisions.

8. INVOICE REPORT Records attest that there was no impedi-ment to the free flow of invoices issued by the vendors or suppliers according to Arti-cle 87 of Law 1676 / 2013.

9. COMPLIANCE WITH ARTICLES 46 AND 47 OF LAW 964 / 2005

The CEO of Constructora Conconcreto certifies that the financial statements as of December 31, 2015 and other reports in-cluded on the Annual Management Report

do not have defects, inaccuracies or errors that could distort the true financial situation or operations of the company.

Furthermore, he certifies that the Company’s financial in-formation has been properly presented according to the dis-closure and information control systems implemented through the following means: i) Audit Committee, ii) Board of Directors and iii) Committees of the CEO’s office.

10. IMPORTANT EVENTS AFTER DECEMBER 31, 2015After December 31, 2015, an Extraordinary General Meeting of Shareholders was held on January 25, 2016 to amend the Company Bylaws, whose most relevant amendments have to do with the change in the number of Board Members, which currently consists of 10 seats, and the modification of the ar-bitration clause, where two instances were created: a national court for national disputes and an international court for dis-putes with shareholder Vinci Colombie SAS. In addition, a reg-ulation was added regarding two committees of the Board of Directors, to wit: the corporate governance committee and the appointments and remuneration committee. Finally, the Board of Directors was appointed at said meeting, in accordance with the approved bylaw reform, currently made up of ten members.

In addition, the modification of Grupo Empresarial Con-structora Conconcreto S.A. was listed in the trade register,

MANAGEMENT REPORT01

Multiplaza La Felicidad, Bogotá.

Photo: Andrés David Ramírez,Innovation technical professional


Prefabricated beams, Lógika Industrial

Park. Siberia, Cundinamarca.

MEMBERS OF THE BOARD OF DIRECTORS

José Mario Aristizábal Correa – ChairmanRicardo Sierra MorenoLuis Fernando Restrepo EchavarríaJaime Alberto Ángel Mejía Álvaro Jaramillo Buitrago José Alejandro Gómez MesaNora Cecilia Aristizábal LópezCarlos Eduardo Restrepo Mora Bruno Dupety Richard Francioli

Juan Luis Aristizábal Vélez

CEO CONSTRUCTORA CONCONCRETO

2015a year of partner-ships and growth

including a Company controlled directly by Con-concreto Internacional S.A. and indirectly by Con-structora Conconcreto S.A., called Conconcreto In-versiones y Servicios, S.A., with headquarters in the Republic of Panama.

11. CORPORATE GOVERNANCEIn 2015, we worked exclusively to adopt the Códi-go País, which consequently resulted in the amend-ment of almost the totality of our Company manuals, regulations, bylaws and legal documents. In this way, it was necessary to include an amendment to the Company Bylaws in the Ordinary General Meeting of Shareholders to adopt all those measures that had to be reflected in compliance of the aforementioned Código País. Sessions held by the Board of Direc-tors served to approve manuals and regulations that govern the Board, as well as Board committees (au-dit, appointments and remunerations, corporate gov-ernance), Code of Corporate Governance and other required documents.

2015 Achievements

This year, Separate and Consolidated Financial Statements, with their respective explanatory notes, policies and reconciliations are found to be com-plete and comparative as per Colombia’s Generally Accepted Accounting Principles and Financial Re-porting Standards, which are based on International Financial Reporting Standards (IFRS). In preparing this information, we included the latest changes to the opening balance sheet and transition year 2014.

2016 Objectives

To include equity changes presented in the last opening balance sheet, the Company will retransmit the quarterly financial reports presented in 2015 to the Financial Superintendence. In addition, the com-plete information will be provided in XBRL language.

Conconcreto — 17

FINANCIAL SUMMARY

Financial Summary

A work volume of COP 1,016,252 million, including Conconcreto Inter-nacional, was achieved, representing an increase of 8.5% with respect to the pre-vious year. This increase is mainly due to increased project implementation in the domestic market, with better margins, es-pecially in the infrastructure business.

11.8% growth in income from ordinary activities, product of a higher volume in works, increased income from the real es-tate portfolio (until its contribution to Pac-tia in August) and better performance on the part of affiliates.

Net profit for 2015 showed an increase of 304.9%, placing at COP 95,257 million. It is important to consider the non-recurring income received in 2015 of COP 39,564 million, resulting from profits from the con-tribution of real estate assets to Pactia.

EBITDA margin of 21.8%, which means COP 265,147 million, greater by 99.6% than the previous year. Thanks to better operational results, profits reported by the contribution of assets to Pactia, and profits from associates and joint ventures, which include operational road conces-sions, Pactia (profits from the fourth quar-ter reported by this company) and other investments in companies.

At the closing of the year, the backlog was located at COP 2.55 trillion, which en-sures the business operation for the next two years.

The Pactia Real Estate Portfolio began operations as of August 1, 2015, there-by materializing the partnership between Grupo Argos and Constructora Concon-creto. Capitalizing the strengths and ex-perience of our partners, acquiring spe-cialization and operating by business line, and preserving efficiency in the financial structure of the projects will turn Pactia into the multi-Latin Real Estate fund with the greatest projection.

A 33.9% reduction of our financial debt, allowing us to place the EBITDA Net Debt at 1x. The aforementioned gave us a po-sition of financial strength to counter and mitigate liquidity and increasing interest rate risks in the financial market.

Capitalization by Vinci Group in December 2015 equivalent to COP 289,971 million, resources that allow us to have the equity necessary to take part in major 4G infra-structure and concession projects.

The Road to the Port concession project is in a state of advanced feasibility under the PPP modality, with an approximate in-vestment of COP 1.2 trillion, as well as the RegioTram project at the Bogotá-Facata-tivá section, with an investment of almost COP 1.5 trillion.


INCOME FROM ORDINARY ACTIVITIES CONSOLIDATED BY BUSINESS SEGMENT

CONSOLIDATED EBITDA BY BUSINESS SEGMENT

20152014

60%

40%

60%40%

COP 132,872 COP 265,147

INFRASTRUCTURE

BUILDING

HOUSING

ENGINEERING AND DESIGN

REAL ESTATE PORTFOLIO

ROAD CONCESSIONS

VERTICAL INTEGRATION

2014 2015

85%

15%

82%

18%

1,088,110 1,216,231

45%35%

5%0%7%

8%

INFRASTRUCTURE

BUILDING

HOUSING

ENGINEERING AND DESIGN

REAL ESTATE PORTFOLIO

VERTICAL INTEGRATIONThe graph does not take eliminations into account. In 2014 they totaled COP 34,770 million and in 2015 COP 17,547 million

32%

40%

11%8%

7%3%

-1%

Construction Services: Infrastructure, Building, Housing and Engineering and Design Services.Investments: Real Estate Portfolio, Road Concessions and Vertical Integration.

CONSTRUCTION INVESTMENT

Figures in COP millionFINANCIAL SUMMARY

Consolidated Statement of IncomeIncreased consolidated income is a result of higher construction volume, especially infra-structure in Colombia, an increase in reve-nue associated to the real estate portfolio up to the date of its contribution to Pactia, and improved performance by the subsidiaries. It should be noted that under the IFRS, revenue from associates and joint ventures do not af-fect revenue, but its results are shown in the equity method income line (Road concessions, Pactia, other investments in companies).

A gross profit of COP 218,274 million was obtained with a variation of 4.4% and gross margin of 17.9%. The latter is lower than last year's reported figure (19.2%) mainly due to a margin reduction in building because this mar-ket niche became a commodity wherein the price is the critical decisive factor for custom-ers. Another influential factor was a reduction in gross profits at our international affiliate due to the completion of the Bonyic project in Panama at the end of 2014. Similarly, in 2015 the real estate portfolio reported operations at 100% only through August, when the contri-bution of assets to Pactia began.

While operating expenses increased by 16.6%, it should be noted that this increase is due mainly to a rise in administrative ex-penses and sales for fees in studies related to the PPP structuring, 4G and the partner-ship with Vinci Group.

Equity method income from associates and joint ventures reported an 883.5% increase. This extraordinary variation is due primarily to the positive results of the road concessions totaling COP 7,631 million, income from prof-its reported by Pactia in the fourth quarter of COP 8,659 million, and to better performance of investments in other companies, with year-over-year variation of COP 19,678 million.

As a result of increased debt year-over-year to execute the 2015 investment plan, financial expenses went up by 21.6%. How-ever, the effect of the novation (change of in-dex from the CPI to the IBR) during the first quarter of 2015 implied a saving on the debt of 200 basis points on average.

EBITDA reached COP 265,147 million with a margin of 21.8%. 42% of the 96% increase is explained by the non-recurring profit generated in the contribution of assets to Pactia. The other 58% is associated to better operating performance and increased equity method income.


CONSOLIDATED STATEMENT OF INCOMECOP MILLION 2015 2014 % VAR.

Income from ordinary activities 1,216,231 1,088,111 11.8

Cost of sales (997,957) (878,981) 13.5

Gross profit 218,274 209,130 4.4

Operating Expenses (110,914) (95,131) 16.6

Operating profit 181,372 100,357 80.7

Financial expenses (91,340) (75,137) 21.6

Equity method income 40,039 4,071 883.5

Earnings before taxes 144,467 42,213 242.2

Current and deferred taxes (45,203) (17,642) 156.2

NET PROFIT 95,257 23,528 304.9

EBITDA 265,147 132,872 99.6

FINANCIAL INDICATORS 2015 2014

Gross margin 17.9% 19.2%

Operating margin 14.9% 9.2%

Net Margin 7.8% 2.2%

EBITDA Margin 21.8% 12.2%

Net financial debt / EBITDA

0.98x 7.18x

EBITDA reached COP

265,147 million with a margin of 21.8%.

FINANCIAL SUMMARY

Total assets represented COP 3.07 trillion at the end of the year. Notable was the 39% growth of the current assets as a result of 1) liquidity provided by Vinci's capitalization, 2) in-creased portfolio in proportion to the increase in income, and 3) growth in inventories as a result of applying the IFRS in the housing busi-ness accounting. This increase in current as-sets was offset by the 22.2% reduction in the non-current asset, product of the contribution of the real estate assets to Pactia, which was reflected in a reduction in the investment prop-erties account and increase in the Investment account in subsidiaries and joint ventures.

The variation in the non-current liabilities of -37.4% is explained by the debt contrib-uted to Pactia associated to the transferred real estate assets. This translated in a re-duction in total liabilities of -16.2%.

All of the above is reflected in an increase in equity of 39.6%, result of the better in-come for the year, along with the resources provided by Vinci Group.

CONSOLIDATED STATEMENT OF FINANCIAL POSITIONCOP MILLION 2015 2014 % VAR.

Current assets 1,579,598 1,136,558 39.0Non-current assets 1,494,550 1,921,400 -22.2TOTAL ASSETS 3,074,148 3,057,957 0.5Current liabilities 998,855 871,427 14.6Non-current liabilities 793,615 1,268,500 -37.4TOTAL LIABILITIES 1,792,469 2,139,927 -16.2TOTAL EQUITY 1,281,679 918,030 39.6TOTAL LIABILITY AND EQUITY 3,074,148 3,057,957 0.5

BORROWINGSCOP MILLION 2015 2014 % VAR.

Construction 157,150 107,533 46.1Investments 364,222 841,205 -56.7Housing 146,666 114,356 28.3Consortiums 163,222 208,217 -21.6Affiliates 25,293 24,297 4.1TOTAL BORROWINGS 856,553 1,295.608 -33.9


Consolidated Statement of Financial Position

Conconcreto — 23

FINANCIAL SUMMARY

350,000

300,000

250,000

200,000

1,500,000

1,000,000

500,000

0

ASSE

T

20152014

3,057,957

3,074,148

INVESTMENT PROPERTY132,924

CASH597,828

PROPERTY, PLANT AND EQUIPMENT

321,971

ACCOUNTS RECEIVABLE542,296

INVENTORIES455,117

31%

18%

15%

1%

1%

11% 4%

19%

CURRENT AND DEFERRED

TAX ASSETS42,718

OTHER15,430

INVESTMENTS965,863

LIABIL

ITIES

20152014

2,139,927

32%

18%

15%

15%

2%

26%

3%

0%HEDGE VALUATION7,254

1,792,469

FINANCIALOBLIGATIONS856,553

TRADE ACCOUNTS PAYABLE466,555

OTHER LIABILITIES399,555

FINANCE LEASE114,130

OTHER DEBTS47,194

CREDITS687,975

DEFERRED AND CURRENT TAXES69,807

EQUIT

Y

2014 2015

918,030

1,281,679

COP billion


Photo: Cristóbal Botero Arcila.Mechanical Engineer, equipment area.

Gran Plaza del Sol. Soledad, Atlántico.

Conconcreto — 25

02VINCI AND PACTIA

IN PARTNERSHIPS

WEBELIEVE

Conconcreto — 27Conconcreto — 27

02PARTNERSHIPS

In December 2015, we consolidated one of the most stra-tegic partnerships in the history of Constructora Concon-creto: Vinci Group of France, a world leader in the construc-tion sector, acquired 20% of the Company's Share Capital.

This new partner will add experience and knowledge in the development, structuring, design and execution of infra-structure projects in Colombia and in the region through the concession or PPP (Public-Private Partnerships) modality.

VINCI Group: A Powerful Partnership

9.8%

EMPLOYEES AROUND THE WORLD:

185,500

280,000

VINCI GROUP REVENUE 2015:

38.5

billion Euros

PRESENCE IN OVER 110 COUNTRIES AROUND THE WORLD

PROJECTS UNDERWAY

Net profit:

* The income figures are as of December 31, 2015.

billion Euros

2.1EBITDA Margin

Hallandsås Tunnel, Sweden.


PACTIAIn December 2014, Grupo Argos and Constructora Conconcreto joined their experience, knowledge and support to develop a winning, quality strategy in the real estate business. Pactia was born as a result of this partnership, and began operating in August 2015.

In this agreement, Conconcreto contributed 373,000 square meters of leasable area, a project inventory of 223,000 square meters, and lots in Me-dellín. Grupo Argos participated with 62,000 square meters of leasable area, 16,000 square meters more in development, lots in Medellín and Barranquilla, and over COP 200,000 million in cash.

At year-end, Pactia reported investment in the commerce, industry, offices, hotels and automobile storage sectors. These business lines are repre-sented in 57 assets in operation, 5 under develop-ment, and 2 land bank lots representing a total of COP 2 trillion.

Pactia has an investment plan of over COP 800,000 million, which is financed to be executed over the next 4 years, positioning it as one of the largest real estate companies in the country with the strongest projection for growth.

COP2.1421,047

1,200 + 2,568

ASSETS54

1396,500

trillionIN ASSETS

DIRECTINDIRECT

RETA

IL SP

ACES

MINI

WARE

HOUS

ES

m2 GLA

PRESENT IN 13 DEPARTMENTS 2 COUNTRIES

Jobs


Buró 26 Bogotá, Cundinamarca.

02PARTNERSHIPS

LINES OF BUSINESS

COMMERCE

OFFICES

INDUSTRY

HOTELS

SELF-STORAGE

THE REAL ESTATE DEVELOPERS WITH THE GREATEST GROWTH POTENTIAL IN COLOMBIA

13 shopping centers 8 independent commerce assets

547 rooms, 4 assets

2,500 mini warehouses, 8 assets+

2 industrial parks, 12 custom-made assets

7 corporate buildings

245,320 m2

186,164 m2

42,043 m2

15,382 m2

19,197 m2

Conconcreto — 31

03

IN SELF-GENERATED

WEBELIEVE

PROJECTS

Conconcreto — 33

SELF-GENERATED PROJECTS 03Self-generating is better than biddingSelf-generation is a business line that is part of our 2020 vision. We aim to do projects in attractive niches with structuring, management and financing as generators of value in infrastructure, building and housing.

Description: Construction of a

16 MW energy generating plant at its operating stage.

Location: Popayán, Cauca.

Patico Hydroelectric Power Plant

Area where the Patico hydroelectric power plant

will be built.


Description: Design, construction, financing, operation and maintenance and exploitation of a commuter train between Bogotá and Facatativá, going through the municipalities of Mosquera, Madrid, El Corzo and Facatativá. The RegioTram Occidente project was presented by Conconcreto, Vossloh and Torrescamara as a PPP to the National Infrastructure Agency, Transmilenio and Empresa Férrea de Cundinamarca. The electric Tram Trains will circulate over the old railways of the savanna, thereby reducing CO2 emissions and travel time between Bogotá and the municipalities in the western region.The development of this private initiative is now in a feasibility study.

Location: Cundinamarca.

RegioTram Occidente

This image is illustrative.

Airport

Facatativá 2

El Corzo

Madrid

Mosquera

Funza

Cra. 10a

Facatativá 1

Conconcreto — 35

CALI

Buenaventura

Buga

Loboguerrero

Dagua

Mulaló

Palmira

Yumbo

Calima

Description: Construction, operation and maintenance of

111 km of two-lane highway between Buenaventura and Buga, Valle del Cauca. Location: Buga, Buenaventura.

Vía al Puerto

SELF-GENERATED PROJECTS 03

Conconcreto — 37

Description: Construction of this pier will reduce travel time and transportation costs. By land, it will be 380 kilometers away from Medellín, 820 kilometers from Bogotá, and 574 kilometers from the Coffee Triangle region.It is expected to mobilize

680,000 tons, distributed as follows: 415,000 tons in containers, 150,000 tons of dry bulk and 115,000 tons in bulk.Construction of the Darién International Port is expected to drive the competitiveness of agro industrial products in the region and promote the logistical progress in that part of the country.

Location: Necoclí, Antioquia.

Darién International Port

SELF-GENERATED PROJECTS 03



Personnel, Hidroituango, Antioquia.

Conconcreto — 39

IN DEVELOPMENT04

LINES OF BUSINESS

WEBELIEVE

Conconcreto — 41

LINES OF BUSINESS 04Backlog COP billion

2018

2009

2010

2011

2012

2013

2014

2015

2016

2017

2019

2020

INFRASTRUCTURE 48% BUILDING 27% HOUSING 25%

1,218

8001,100

1,300

1,900 2,000 1,9002,551

781

64171317

Historical backlog (end of year) Backlog Execution

BACKLOG COMPOSITION Infrastructure Backlogby sector

EXECUTED CONTRACTED 20152014

1,087,7501,216,098

435,441

563,789

EXECUTED AND CONTRACTEDInfrastructure COP Million

Building Backlog by type

* Construction of Buildings for the Real Estate Portfolio.

73%PRIVATE

27%PUBLIC

23%EXTERNAL

6%CORPORATE BUILDINGS*

23%SHOPPING CENTERS*1%

WAREHOUSES*

47%HOUSING


2009

2009

2009

2010

2010

2010

2011

2011

2011

2012

2012

2012

2013

2013

2013

2014

2014

2014

2015

2015

2015


647,405704,479

380,157437,231


136,269

630,680

195,409

689,820

BuildingCOP Million

HousingCOP Million

VOLUME SHARE BY SECTOR

TYPE OF BUSINESS

LOCATION

51%

49%56%

44% 49%

51%

27%

73%

29%

71%

28%

72%

24%

76%

AVERAGE Public 37.63% Private 62.37%

AVERAGE External 26.50% Infrastructure 48.96%

Real Estate Portfolio 15.98% Housing 8.56%

AVERAGE National 84.23% International 15.77%

49% 53% 54%

32% 31% 33%

3% 3% 4%

16% 13% 9% 12%

20%

45%

23%13%

43%

28%

16% 12%

17%

47%

24%

95% 85% 75% 74% 82% 83%

15%25% 26%

18% 17%

95%

5% 5%

28%

52%

9%10%

Conconcreto — 43

LINES OF BUSINESS 04Hidroituango dam, Antioquia. Work in consortium.


This was 2015

Conconcreto's infrastructure business in 2015 performed very well. We surpassed the expectations established in the Business Plan present-ed at the end of 2014. Invoice volume reached COP 552,000 million, which represented an 11% increase over the anticipated budget, and a margin of nearly COP 70,000 million, which constituted 46% above the estimate.

The infrastructure Vice-President, with a clear and defined Company strategy, continued to bet on self-generated projects, which enabled us to gain new businesses and explore new market niches.

Playing a prominent role in this approach was the port of Aguadulce of SPIA, Sociedad Portuaria Industrial de Aguadulce in Buenaventura; the Patico hydroelectric power plant in the department of Cauca, which will have the capacity to generate 16 MW of power; and the Darién In-ternational Port in Necoclí, Antioquia, which will be a multi-purpose port with a strategic location in the Gulf of Urabá. Also the Road Concession to the Port, Buga-Buenaventura; the RegioTram in the western region in Cundinamarca, a private initiative which will be a mass transportation system expected to improve the quality of life of the residents and their

Infrastructure

Juan Guillermo Saldarriaga Saldarriaga,Infrastructure Vice-president

Tunnel at Km 6 Medellín - Bogotá

highway.

Conconcreto — 45

LINES OF BUSINESS0420

15 M

ILES

TONE

S

1Agreement with Empresas Públicas de Medellín to implement an acceleration

plan in the Ituango hydroelectric plant timeframe, which we built in consortium, aiming to begin operations with the first energy generation unit by November

2018.

2We were able to reach an agreement with the ANI for the partial construction of section 1 of sector 1 in the Ruta del Sol highway in Cundinamarca, which means the execution of five kilometers of a two-lane highway between the municipali-

ties of Guaduas and Villeta.

3Submitted feasibility studies of a private initiative with a group of strategic

partners to the ANI, for the construction of the missing works at the Buga-Bue-naventura two-lane highway in Valle del Cauca. Estimated length of the work is

111 kilometers.

4Early delivery to SPIA of the marine works at the port in Buenaventura: four

months ahead of schedule.

5Definition of the technical feasibility of the Patico project which will allow us to

being the process of development. This Small Hydropower Plant will be located in the department of Cauca with a capacity of 16 MW.

6As a decisive and transcendental fact, this strategic partnership with Vinci

will enable us to explore new opportunities in the concession business and in infrastructure projects through the PPP.

2015 in a word...

Strategy.

area of influence. The first line will run from the mu-nicipality of Facatativá to Carrera 10 in Bogotá.

With a policy of open doors and transparency, key elements in our Company, we should note that in 2015 we worked with our investors, using technical rigor, financial feasibility and responsibility to analyze the Company's participation in some public bids in the so-called 4G, or fourth generation roads. In some cases we concluded that it was not in our best inter-est to bet on a greater number of bids than those we presented in 2014.

2016 Challenges

With the demand expected for qualified and un-qualified manpower in the country and the need for teams to build the so-called 4G, Conconcreto will be challenged to assume this endeavor and mini-mize its impact.

As agreed with Empresas Públicas de Medellín, we must accelerate the pace of construction of one of Latin America's largest projects: the Ituango hy-droelectric plant, which is expected to generate 2.4 GW of energy. This project brings us new challenges and huge demands every day, such as the construc-tion of a 225-meter high dam that requires 20 million cubic meters of rock material; open excavation of 12.5 million cubic meters for the spillway, which will have the capacity to evacuate 22,600 cubic meters of water per second; nearly 2,190,000 cubic meters of underground excavation for rooms, tunnels, pen-stocks and gates.

We expect to make progress in the Road to the Port Concession Agreement, in the municipalities of Buga-Buenaventura, Valle del Cauca. This proj-ect will be executed under the PPP model, a Pub-lic-Private Partnership of private initiative which will construct 111 kilometers of road. In addition to the construction, the contract includes operation and maintenance of the highway.

With a strategic partner like the French Vinci Group, private initiative projects in public works will be a new route in the search for new market nich-es that represent greater technical challenges, less competition and larger margins, with the premise of adding value to the construction services.


PROJECTS DELIVERED

Conconcreto — 47

Pier and gangway of the Aguadulce Industrial Port SPIA.

Description: Design and construction of the port's marine structures:

The pier is 600 meters long and 46 meters wide. Gangway to reach and connect with the container yard, 165 meters long and 14 meters wide. Transition platform, 26 x 32 meters for transfer and temporary storage of containers. The project was built with innovative processes that improved the floor's cargo capacity, which reduced costs and facilitated construction.

30.742 m2 of marine structures completed.

Location: Buenaventura, Valle del Cauca.

LINES OF BUSINESS 04

Photo: Iber Cometa.Project Director


Tunnel at kilometer 6 Medellín-Bogotá highway

Description: Highway tunnel located at kilometer 6 of the Medellín-Bogotá highway. With

212 meters of tunnel, 78.4 m2 of cross-cutting section, and two fake tunnels measuring

33 and 20 meters in length.Location: Medellín, Antioquia.

PROJECTS DELIVERED

Conconcreto — 49

LINES OF BUSINESS 04Loboguerrero-Cisneros Corridor

Cusiana Transversal

Description: Construction of the second roadway in the Cisneros – Loboguerrero sector, which is part of the Bogotá – Buenaventura road Corridor in route 40, section 1 of the national highway. This project required the design and construction of 13 tunnels, 12 successive concrete cantilever bridges, 7 concrete bridges with post-tensioned beams, embankment stabilization, contention walls, open pavement, construction of a fake tunnel, and correction of an existing tunnel.

10 km of total constructed area.

Location: Dagua, Valle del Cauca.

Description: Construction took place in two sectors:Sector I: Refurbishment of 13.5 kilometers of paved road, approximately 6 meters wide.Sector II: Construction of 14 bridges using different construction systems, primarily the successive cantilever type.

2,107 meters of bridge work and

15.5 km of road refurbishment and maintenance.

Location: Sogamoso - Aguazul, Boyacá.

Work built in consortium.



North Cauca - Guachené Regional Aqueduct Construction

Description: Construction of the aqueduct includes the execution of structures that comprise the intake system (intake, sand excluder, purification plant, storage tanks), as well as the supply of PVC pipes and material, and water headrace and conduction network.

Location: Guachené, Cauca.

PROJECTS UNDERWAY

Soil movement and improvement at the SPIA container terminal.

Description: Excavation of one million cubic meters, with material coming from the excavations, stabilized with lime, 300,000 m3.

214,000 m2 of hydraulic and asphalt flooring.

290,000 m2 of intervention.

Location: Buenaventura, Valle del Cauca.


Photo: Diana Lucía Duque, Regional Human resources Manager in Bogotá.

Conconcreto — 51

Works adjacent to La Línea Tunnel

Description: Construction of this project has three major phases: completion of three tunnels that include lining, water management and paving.Construction of roadway: demolition and repairs of existing roadways in infrastructure and superstructure of new roadways. Completion of open air road: slope stabilization, construction of containment structures, structure and pavement.

1,897 linear meters of tunnel repairs.

Location: Calarcá, Quindío.

Completion of Pilot tunnel “Cruce de la cordillera Central” (Central Mountain Range Crossing)

Description: The Pilot Tunnel is part of the "Bogotá-Buenaventura Corridor" that connects the departments of Tolima and Quindío. The main activities in the highway sector include a tunnel repair, impermeability coating and installation of hydraulic flooring and paving.

8,560 meters constructed.

Location: Calarcá, Quindío-Cajamarca, Tolima.





Tienditas Binacional Bridge

Vías para la Equidad: access to the port of Barranquilla

Description: Construction of three parallel concrete bridges under the successive cantilever system. Two bridges with vehicular access, three roadways in one direction each, and a third bridge for pedestrian traffic. The second phase will comprise the construction of a one-kilometer long two-way road with electrical and hydraulic networks, tolls and

5 buildings for border control.

Location: Cúcuta, Colombia - Ureña, Venezuela.

BARRANQUILLA

Carrera 38

Calle 30

Calle 12

Calle 45

BarranquillaPort Society

Calle 30

MurilloAvenue

Calle 82Circunvalarde la prosperidad

Port Corridor

El Rubí

Description: Refurbish 2.5 km of two-way roadway at Carrera 38 inside the urban perimeter of Barranquilla.

Location: Barranquilla, Atlántico.

PROJECTS UNDERWAY



Conconcreto — 53

Ruta del Sol section 1- sector 1

Description: Construction of 5 kilometers of two-way roadways and complementary works, 2 tunnels measuring 1,857 and 1,880 meters long, and construction of 2 bridges measuring 100 meters long each; the San Miguel intersection, which connects section 2 A and 2 B (currently under operation) with section 1 and the Guaduas bypass. The project will have a toll station at section 1 and at the Guaduas bypass.

5 km of two-way road constructed.

Location: Guaduas, Quebradanegra and Villeta, Cundinamarca.


Work in consortium.

Carriageway 77 South “Rafael Uribe Uribe”

Description: Construction of the bridge running crosswise on both banks of the Medellín River from East to West. It will be one of the three longest overpasses in the metropolitan area. In the excavation phase, we innovated with a hiring model that included incentives for works personnel based on results related to quality, safety and productivity. We also implemented a biometric registration system for the entry and exit of works personnel. Two overpasses measuring

11 meters wide and 490 lineal meters long.Location: Municipalities of Envigado, Itagüí, Sabaneta, South of the Valle de Aburrá-Antioquia.

Conconcreto — 55

Ituango Hydroelectric Power Plant

Description: Project in consortium of the main works at the largest energy generation power plant in Colombia. The project will have a 225 meter tall embankment wall, 79-kilometer long dam and 2,720 million cubic meters of water, and a 405 meter long spillway leading to an open channel. The project is characterized for using innovative material like metakaolin, which is added to the concrete to improve its resistance, permeability and durability properties, as well as protecting it from chemical attacks that can impair it.

2.4 GW of energy generation.

Location: Ituango, Antioquia.

LINES OF BUSINESS04

1. Spillway2. Rooms3. Open air excavation.4. Winch.


Conconcreto — 57

WE GENERATE VALUE IN STRATEGIC PARTNERSHIPS


This was 2015

A year of big challenges. The creation of the Real Es-tate Portfolio Pactia S.A.S. in partnership with Grupo Argos and increasingly demanding market conditions meant that Conconcreto had to rethink its construc-tion strategies and the way we viewed construction.

The goals set out in the business plan were surpassed. Invoice volume in 2015 totaled COP 353,000 million. This figure surpassed the projected goal by 7.62%, and profits by 32%.

We assumed important changes by incorporating innovative ideas that optimized the construction pro-cesses with new prefabricated material, information technology and telecommunication and other cut-ting-edge resources that enabled us to achieve real savings in time and money. These are reflected in the Company's competitiveness indices.

2015

MIL

ESTO

NES

1Began works to build the Antares Shopping Center in Bogotá.

2Began the design and activities of the expansion project at

the Las Lomas Hotel in Rionegro, Antioquia.

3Culmination of the 180-meter high structure for the

Estelar Hotel in Cartagena, Bolívar.

4Completion of the works at the Buró 51 hotel and

business center in Barranquilla, Atlántico.

5Completion of the expansion works of the

Medellin Museum of Modern Art (MAMM), Antioquia.

6Was awarded and signed the contract for the structural

reinforcement and construction of new building at San José de las Vegas School in Medellín, Antioquia.

7Was awarded the project for the construction

of the new headquarters of the Medellín Chamber of Commerce in Antioquia.

8Began construction of the Dream Plaza

project in Panama.

9Began works to build the Garden Apartments, Stage III,

Marea II, Maui and Ilo housing projects in Panama.

10Completed construction of the shopping mall

City Plaza in Panama City.

11Completed Phase II of the Garden Apartments

project in Panama City.

Building

Juan Carlos Cubillos Escudero,Building Estate Vice President.

Conconcreto — 59

2015 in a word...

Integration.

2016 Challenges

The biggest challenge will be to consolidate the cul-ture of project efficiency and optimization by inte-grating engineering, design, management and con-struction to add greater value to the works and to the operation of buildings. We plan to coordinate and solidify the work with the Engineering and Design Workshop in order to ensure adequate and timely management of time, costs, sustainability and qual-ity in our projects, key components within the value chain.

Innovation is the motor that will drive our leader-ship and enable us to reach the objective of modern-izing construction with increasingly efficient projects and minimum impact on the environment. Innovating design, materials and processes will continue to be the strategic pathway we follow.


Buró 25 Bogotá, Cundinamarca.


Medellín Museum of Modern Art

Granulado Colcafé Tower

Description: Construction of the expansion works of the Medellín Museum of Modern Art. An iconic building for the city of Medellín, with five floors and a mezzanine with offices, an auditorium, multiple-purpose rooms and a restaurant. The facade was built with Glass Reinforced Concrete, or GRC, which achieved complex geometric shapes and lighter, thinner modules that met the architectural requirements of the project. The pre-fabricated concrete made it possible to achieve higher standards of quality for open concrete.

7,200 m2 of constructed area.

Location: Medellín, Antioquia.

Description: The building is four floors and 38.83 meters tall, with a reinforced concrete frame structure and brick masonry facade. Construction of this industrial building, which will be used to grind coffee, met the deadline with a high quality cast concrete finish.



PROJECTS DELIVERED

Conconcreto — 61

Buró 51 Hotel and Business CenterDescription: A corporate building with two basement levels for 541 parking spots, commercial area, lobby on the first level with 10 meters of natural light, auditorium for 350 people on the second level, four levels for offices and six for a hotel, 150 rooms, plus all the complementary services.

The construction process chosen to execute the concrete structure was pre-fabricated tiles produced at the plant. Also pre-fabricated bathrooms for the rooms and water-heating systems with solar panels, air conditioning technology and bio-climate characteristics that contribute to reduced energy consumption in the building's operation.



LINES OF BUSINESS04


Gran Plaza Bosa

Expansion of Guatapurí Plaza shopping center

Description: Two-story building with double height for commercial use, 100 new commercial premises and eight floors for parking with one thousand parking spots. At the construction stage we used innovative material like metakaolin reinforced concrete.


Location: Valledupar, Cesar.

PROJECTS UNDERWAY


Description: Design and construction of a four-story building for commercial use with two basements. The project will have an anchor store, department store, semi-anchor stores, food court, play area, movies, gym and parking. Building designed to be constructed with pre-fabricated tiles and implementing low-environmental impact construction processes.

50,722.83 m2 of total constructed area.

Location: Bosa, Bogotá.

Conconcreto — 63

Alpina Galapa Regional Distribution Center Description: Construction of a warehouse for Alpina. The construction process is based on pre-fabricated elements for the concrete structure.Construction of 750 m2 of offices and 6,300 m2 of space for maneuvers and parking. Innovative processes were used in refurbishing the soil's physical properties for greater load-bearing capacity, which helped to speed up the construction process and cut costs.

12,000 m2of constructed area.

Location: Galapa, Atlántico



Megacenter ExpansionDescription:Building to be used for self-storage with four floors, commercial premises on the first and second floors and a basement to be used for parking vehicles and technical rooms.The construction process for this building used the concept of pre-fabricated concrete tiles that guarantee high standards of quality for the structure, and a reduction in both execution times and environmental impacts of the process during the construction phase.

6,224 m2 of total area.


PROJECTS UNDERWAY

New headquarters of Empresa de Desarrollo Urbano -EDU

Description: Corporate building with concrete frame structure, 10 floors and 2 basements. The construction system includes the use of GRC (Glass Reinforced Concrete), fretwork for better heat absorption and shading coefficient. The building is expected to be a model for bio-climate, because it will be the first structure in the country that breathes.

3,562 m2 of total constructed area.



Conconcreto — 65

New production plant Terranova

Atlántica Torre Empresarial

Description: Construction of the production plant for Fresenius Medical Care, a world leader in products and services for people with kidney failure. The building will house the administrative offices, distribution center, dispatch area, production building and complementary areas to prepare pharmaceutical products. The scope includes the execution of special steam networks, air conditioning, compressed air, fire prevention network and wastewater treatment plant.


Location: Free Trade Zone - Intexzona, Cota.

Description: Corporate building with intelligent design from beginning to end, will feature LEED certificate. 21 floors (50 meters tall), all covered in glass. The Corporate Tower will have three auditoriums with capacity for 200 persons each, six meeting rooms, a gym, cafeteria, 2,512 square meters of common areas, five levels of basements, 440 parking spots and 112 for visitors.

32. 248 m2 of constructed area.




Two Towers

Antares Shopping Center

Description: The project's architectural design was inspired by a ship, a beached sailboat, with the bow facing the sea.

Two towers, Green and Blue, each 16 floors tall, and 216 apartments in total.

Three levels for parking, 346 spots, large common areas, bowling alley, swimming pools, Jacuzzi, gym, sauna, restaurant and recreation area. Its location ensured a private beach with green areas, a beach-bar, area for jet skis and surfboards.

53,000 m2of constructed area.

Location: Santa Marta, Magdalena.

Description: Design and construction of three floors for commercial use and two basement levels for 900 parking spots for vehicles and 300 motorcycles. Anchor store, semi-anchor stores, children's game room and six-plex movie theater, food court, department store and gym.

Three-dimensional monitoring (3D) that allows viewing each of the design disciplines in the building (architecture, structure, electro-mechanic grids)

Will develop information tools to speed the process of calculating the scope of the works and reinforced steel requirements.


Location: Soacha, Cundinamarca.

PROJECTS UNDERWAY


Conconcreto — 67

LINES OF BUSINESS 04Hotel Estelar,Cartagena

Description: Hotel with 50 floors, 179 meters tall, will feature 338 rooms, one story for extended stay apartments, convention center with the capacity to serve 1,200 people, rooms for events, commercial premises, casino, café-bar, restaurants, panoramic pool and wet zones. Five parking levels for vehicles. The building's facade is made of metallic structures and bio-climate and acoustic glass that optimize energy use and operating costs.


Location: Cartagena, Bolívar.


Lógika II Industrial Park

Multiplaza La Felicidad Shopping Center

Description: Construction of phases 2 and 3 of the Lógika II project, with 12 storage warehouses, office areas for each, maneuvering yard and two service buildings. Innovative construction processes were implemented at the site, including pre-fabricated elements for the structures, concrete columns and beams, and also in the procurement model used, with incentives for works personnel based on results related to quality and safety.

Description: A total area of 185,000 m2

of construction, 65,000 m2 destined for business premises, plus food court, gourmet restaurants, entertainment areas, movie theater and over 2,600 parking spaces.14 buildings of three levels and two basement levels. Construction will require 103,000 m3 of concrete and 10,500 tons of reinforced steel. Soil movement will total 450,000 m3 of excavation.

Location: Bogotá, Cundinamarca.

PROJECTS UNDERWAY


23,764.15 m2 of total constructed area in stage II.

2,202.07 m2of total constructed area in stage III.


Conconcreto — 69

Bodegas San FranciscoDescription: Construction of a logistics center with 27 warehouses for storage with

5,000 m2 on average each. We

developed innovative processes at the project, including pre-fabricated columns, and also the procurement model used, with incentives for works personnel based on results related to quality, safety and productivity in the various construction activities. Furthermore, we developed injection equipment for fissures in the concrete, and we used short tile pavement as a new method in industrial floor design that improves the transfer of cargo from the vehicle to the pavement.

Location: Madrid, Cundinamarca:


Description: Commercial building with four warehouse modules, commercial area in Syntheon panel and administrative area. With enclosure system and Cindu panel cover for the warehouses.

5,806 m2 of covered area.

4,909 m2 of total area paved in brick.

4,027 m2 total area paved in rigid flooring.

Location: Panamá.

City Plaza phase II


Buró 25 Corporate Center

Description: Construction of five corporate building with independent offices and a total constructed area of 18,200 m2

per tower and a complementary business building. Plants with areas of approximately 500 to 3,000 m2. We applied innovation with the use of an aerated mortar, new floor leveling system, optimizing time over 1,000 m2/day, three times less time than with the conventional mortar. This innovation offers benefits in terms of increased productivity and lighter buildings, thermo-acoustic properties and fewer environmental impacts in production.


Winner of winners in the Conconcreto Ideas que Valen Contest 2015.

Conconcreto — 71


Description: Construction of a corporate building with commercial premises and offices for lease. It will feature a basement for visitor parking, 2 levels of commercial premises, 6 private parking levels, 1 level for restaurants, and 9 levels for offices. This project features innovative processes of pre-assembly and hoisting steel frames for structural elements that will expedite construction times.


Location: Panamá.

Dream Plaza Corporate Center

Description: Construction of 14 business premises in module A, including an anchor store, two-story building with two business premises in module B and 29 business premises at the anchor supermarket in module C.

13,418 m2

of constructed buildings.

13,944 m2

of constructed parking.

Location: Panamá.

Azuero Terminal Plaza

Photo: Sherly Guadalupe Bultrón.

Conconcreto Costs and

Scheduling

Conconcreto — 73

WE USE CONSTRUCTION SYSTEMS AND EFFICIENT TOOLS


HousingThis was 2015

The goals set out in the business plan were successfully accomplished: From the sales volume, which exceeded COP 290,000 million, to construction, totaling 94,000 million, with revenue in excess of COP 15,000 million. Based on these results, we can say that 2015 was a very positive year.

As a strategic value for the Housing Vice President, new challenges were set with a view to optimizing and strengthen-ing our ability to manage, boosting com-petitiveness, and increasing the size of the sales force.

In keeping with the Company's vision, we point to a model that has been suc-cessful: new partnerships to entrust con-struction to third-parties, which is a model that has been successful and has helped us minimize risks, reduce costs, learn, and replicate good practices.

Fernando Ortiz Quiroz,Housing Vice President.

2015 in a word...

Evolution.

2016 Challenges

Out of awareness of the challenge posed by a high-risk eco-nomic environment borne of the increase in interest rates, high inflation, high input costs, tax rises and steep devaluation, an enormous challenge for us and for the Housing Vice President lies in achieving goals in projects under execution, from sales to final delivery to the customer.

As stated in the Conconcreto Manifesto, the Company trains and develops our employees. Accordingly, we created the CC Managers School, whose mission is to strengthen the knowledge of our management team in the areas of leader-ship, legislation, marketing, finances and customer service.

We must consolidate the alliances that allow us to strength-en our outsourcing model for the construction of housing for our own projects.

Conconcreto — 75

2015

MIL

ESTO

NES

1Commercial startup of the La Primavera projects

in Neiva; Mantia, Zanetti, and Valverde in Medellín; and Portal del Sol in Barranquilla.

2Lot acquisition, structuring and commercial startup of the Puerto Azul project in Girardot

(Cundinamarca).

3Award for Real Estate Excellence, delivered

by the International Federation of Real Estate Professionals (FIABCI, for the Spanish original)

as the best real estate company of 2015.

4Delivery of Almenara project in Bogotá.

5Delivery of the Tulipanes Residential Park, Stage

III, in Bello, Antioquia.

6Completion of the El Poblado project in Bogotá, with significant revenues and profits resulting.


Allegro Building. Barranquilla,

Atlántico.


Almenara Residential Complex

Tulipanes Residential Park, Stage III

Description: Housing project with 11 twelve-floor towers. The building has

528 apartments, four per floor. Features a parking area, green spaces, connection to the water and sewage mains and to the road infrastructure.


Description: Building with

120 apartmentsacross two fifteen-floor towers. Stage III hosts a private parking area, children's playground and waste management room. The project uses expanded clay that functions as a thermal insulator, and a biometric system for recording the entry and exit of works personnel.

Location: Bello, Antioquia.

PROJECTS DELIVERED

Conconcreto — 77

Garden Apartments II

Marea II

Description: Construction of 6 four-floor buildings with 14 apartments each. Concrete frame structure, post-tensioned slabs, metal casing and brick masonry.

17,022 m2of total constructed area.

Location: Panama.

Description: 166 m high building with 43 floors and 39 apartments, one of 700 m2 per floor.


Location: Panama.




Pontenovo Apartments

Delpino Apartments

Description: Construction of a sixteen-floor tower with 112 apartments, four commercial sites and two basements.



Description: Fourteen-floor building with 117 apartments, 5 of them luxury, as well as 124 ground-level parking spaces and a recreation area.

4,499 m2

of total constructed area.


PROJECTS IN EXECUTION


Conconcreto — 79

Torremolinos II

Venice Building

Description: Construction of 80 three-floor homes at the second stage, with brick exteriors and gardens.

8,974 m2

of total constructed area.


Description: Housing project of

140 min height, 31 floors, 58 apartments, two per floor, three basement floors for parking and ample social areas.


LINES OF BUSINESS04



Description: Construction of 3 towers with a total of

251 apartments. In the construction process, innovation is notable in the procurement model used, with incentives for works personnel based on results related to quality, safety and productivity in finishing activities. A biometric system was implemented to record the entry and exit of works personnel, low water/cement ratio mortar that reduces post-sales grievances, GICO mobile that optimizes works logistics and warehouse management and the comprehensive waste management system that contributes to preventing, reducing, reusing and recycling waste.


Finito Apartments


Winner of the Project with greatest openness to innovation, in the 2015 Conconcreto Ideas Que Valen contest.

Conconcreto — 81

Description: Housing project of ten towers, each with thirteen floors and a total of 480 apartments. Innovation in this project stands out, given the use of ICT to facilitate process control, as well as implementation of innovative tools and equipment that improve productivity.

50,215 m2

of constructed area.


Description: Housing project with

143 apartments,eleven floors, two basement levels for parking and one for common services. During the project, innovation was applied in foundation and concrete structure construction activities through the procurement model used, with incentives for works personnel based on results related to quality, safety and productivity.


El Poblado residential complex

MadeiroApartments



Description: Construction of 480 residential units distributed across five, twelve-floor towers. The project encompasses common and social areas, swimming pool, gatehouse and above-level car parking.


Location: Neiva, Huila.

Caminos de La Primavera

Puerto Azul




Description: Construction of 960 apartments across nine twelve-floor towers. The building will have 1,074 parking spaces, one for each apartment, in addition to visitor parking. The structure will be built using an industrialized system of concrete slabs and walls.

Location: Ricaurte, Cundinamarca.

Conconcreto — 83

Description: Construction of 36 exclusive houses with constructed areas of between

117and120 m². Four bedrooms, inner patio and two parking areas.

Location: La Estrella, Antioquia.

Description: Construction of

240 LIHapartmentswith two and three bedrooms, constructed areas of 64 m2, 69 m2 and 77 m2, two swimming pools, multi-use playing fields, playgrounds, indoor and outdoor gym, rest areas, tricycle track and social room.

Location: Itagüí, Antioquia.

Bilbao Houses

Mantia Apartments






Description: Construction of a

29-floor tower,19 of them for apartments. The mezzanine for commercial sites will be housed on the first floor, as well as five levels for parking, terrace, machine room and reserve water tank.

Location: Panama.

Alegría/ Verona Tower

Description: 30-floor building of apartments from 53 m2, with six parking levels and floor with common areas.


Location: Panama.

Maui

Description: Residential complex with apartments of

125 m2, 130 m2 and 149 m2.The project includes pedestrian paths, social room, fitness center and swimming pools for adults and children. The project applies innovation in the waterproofing activities through the procurement model used, with incentives for works personnel based on results related to quality, safety and productivity. It incorporates large-format masonry, compacted mortar subflooring, and biometric registration system for the entry and exit of works personnel.


Allegro Apartments


Conconcreto — 85

Description: Construction of nine four-floor residential buildings, 14 apartments and a constructed area of

2,901 m2 each.

Location: Panama.

Garden Apartments Building - Stage III

LINES OF BUSINESS 04PROJECTS IN EXECUTION

Description: Construction of one 31-floor apartment tower. The building will have 22 floors of apartments, two for parking, one basement and a social area.

14,907.14 m2of total constructed area.

Location: Panama.

Description: Construction of three residential towers with 376 apartments across 16 floors – eight per floor and four for parking.


Location: Panama.

Simja / Siena Tower

ILO - Balboa Towers

Conconcreto — 87

WE ARE A QUALIFIED, INNOVATIVE, EFFICIENT AND HAPPY TEAM.

88 2015 MANAGEMENT REPORT 88 2015 MANAGEMENT REPORT

Shared Services

This was 2015

It was a historic year for Conconcreto. The consolidation of alliances with Grupo Argos and VINCI, among other import-ant events, allowed the Center of Shared Services (CSS) to assume challenges that tested the actual capacity of the business support areas, as well as facilitating the analysis and timely submission of information to efficiently address new in-ternal and external requirements.

2016 Challenges

Our work will focus on strengthening the culture and commit-ment as key premises to meet the challenges set by new busi-ness models. The CSS will provide support through planning and control of companies in the group, with flexible, timely, ag-ile and better quality processes. Moreover, we will deliver bud-geted and real financial information from each line of business.

We will concentrate on the evolution of accounting, financial, and administrative processes that include the implementation of electronic invoicing to reduce handling of paper documents, yielding benefits in productivity, reduction in internal account-ing processes, elimination of paperwork and greater payment cycle optimization.

Human talent also poses a challenge in 2016: we will seek to attract and retain our best employees through adequate pol-icies, emotional salary and career development with incentives that go beyond the economic factor. We will transform and ac-celerate organizational learning which will form the basis of hu-man talent retention, and we will develop succession process for critical positions with effective training for key candidates.

The new strategies of the housing business require that we review and adapt our management to support and accompany the procedures that arise out of the apartment leasing model.

Ana Sofía Tobón Novoa,Vice President of Shared Services.

Conconcreto — 89

2015

MIL

ESTO

NES

1Consolidation of the Conconcreto-Grupo Argos partnership

and support in stabilization to start up operations of the company Pactia S.A.S.

2Timely reporting of financial information under IFRS standards.

3Addressing and response to requirements of new entities

such as the Pension and Parafiscal Management Unit (UGPP, for the Spanish original).

4Activation of digital platforms for automatic administrative processes placed at the service of the real estate business

and construction project management.

5Improvement and better efficiency in operating and business support processes, as a result of active participation in the

“2015 Ideas Que Valen” innovation fair.

2015 in a word...

Commitment.

Shared Services Managers.


Conconcreto — 91

WEBELIEVEIN INNOVATION AND

SUSTAINABILITY05

Conconcreto — 93

INNOVATION AND SUSTAINABILITY 05

This was 2015 At Conconcreto we are convinced that innovation is the driving force of business leadership and sustainabil-ity. In 2015 we consolidated our cul-ture of innovation across the Com-pany and strengthened connections with national and international knowl-edge networks to obtain high-impact results in terms of efficiency, time and cost in our projects and processes. In 2015, the Company invested 2% of its billing in supporting, boosting and strengthening innovation, resulting in 1.3% savings in costs and expenses.

Successful cases, experiences, developments, testimonials, good practices in innovation and corpo-rate responsibility, set out in the up-coming pages, reflect the culture of innovation that has spread across all areas of the Company.

Ana María Mesa Mejía, Innovation and Sustainability Manager. 20

15 M

ILES

TONE

S

Application for three patents:

1Dismantle caisson.

2Mobile bank for

pre-stressed elements.

3Basket with release mechanism

for moving and unloading material.

Innovation

2015 in a word...

Optimization.

2016 Challenges 2016 will bring us important challenges in continuing with time sav-ing and cost reduction: prefabrication and preassembly, construction logistics, and the use of ICT in construction processes will be central to the formulation of new innovation projects, added to the dynamic of innovation in our business and management models.

As to sustainability, we will continue to face the challenge of in-creasing efficiency in the use of water and energy, standardizing construction processes with the support of ICT and recycling in the production chain.

The comprehensive safety of our employees is a top priority. Accordingly, our occupational safety and health process will en-compass an innovative strategy linked to the individual and the families of employees to reinforce the culture of safe work across the Company.


Innovation in Materials

Success story in material innovationIn the Buró 25 project, in Bogotá, aerated mortar – a new tool for leveling floors – was developed and implemented. Compared with the traditional sys-tem, this innovation offers benefits in terms of increased productivity and light-er buildings, thermo-acoustic properties and fewer environmental impacts in production due to the absence of aggregates and stone material.

Real-time optimization: more than 1,000 m2/day, 300% less time than conventional mortar.

7% savings in cost compared with conventional mortar.

Lower CO2 emissions due to its thermal isolation properties.

At Constructora Conconcreto we promote the development and incorporation of inno-vative materials that are sustainable and al-low us to be more competitive in the industry.

Aerated mortar - Buró 25 Project

Avianca Tower

We innovate across all business areas.

Conconcreto — 95

Innovation in ProcessesInnovations that allow us to increase productivity in undertaking construction process activities.

Facade - Buró 25 Project Avianca Tower

Fredy Eduardo Pineda CáceresProject DirectorMEMBER OF THE TEAM AWARDED IN THE “WINNER OF WINNERS” CATEGORY IN IDEAS QUE VALEN 2015.

“Innovation is a method that allows for the creation of different ideas in any sphere of construction. Conconcreto is a modern, sector-leading company that constantly backs innovation to improve processes, optimizing times and visibly improving the quality of our products, to provide our customers with the best quality.”


Success story in process innovationThe facade stands as an integral part of a building, pro-jecting its image and providing comfort within the property. For the Buró 25 project in Bogotá, we implemented a new pre-fabricated and industrialized facade system to speed up the construction process, as well as giving the building a modern and innovative appearance. This type of system can be used in any curtain wall facade, and features a high-ly resistant, easily installed anchoring mechanism. 30% of savings in time compared with conventional

facades.

15% savings in cost compared with conventional

facades.


Standardization of storage sites - Estelar Hotel Project, Cartagena

Software for optimization of the steel cutting process.

Ever Méndez RiveraAntares Shopping MallTHIRD PLACE IN THE ICT CATEGORY IN IDEAS QUE VALEN 2015

“For Conconcreto, Innovation is one of the main tools for generating processes that optimize time and cost for the benefit of projects, thus being one of the leading companies in the sector. Ideas Que Valen has aggregated value, is a space for knowledge exchange and professional growth.”

111% increase in productive time of logistics resources on-site.

Up to 150% increase in material supply capacity to project sites.

42% optimization of lost costs due to vertical transportation equipment inef-

ficiencies.

Success story in process innovation Construction brings together different materials and processes through the Construction Logistics Plan by imple-menting solutions aimed at improving the flow of materials and logistics to works so that projects can be more profitable. Standardizing storage sites, establishing vertical transportation pol-icies, and activation of distribution cen-ters are some of the strategies put into practice.

Success story in process innovation We developed a software for optimization of the steel cutting process. Reinforcing steel is a fundamental part of the struc-tures we build, and cutting the time be-tween structural design and the usage of this material leads to fewer errors and en-hanced productivity. 90% saving of time invested in the

process.

Conconcreto — 97

Our human talent is full of ideas that matterIdeas que Valen is a space that recognizes the most innovative ini-tiatives of Conconcreto's human talent. The ingenuity and creativi-ty of our employees allows us to optimize time, reduce costs and innovate from design to materials.

Award ceremony, Ideas Que Valen.

254

1.3%

2%ideasapplied in 2015

million in prizes

20COP255

winning ideas

across all areas of the

Company

of profits in innovation

in costs

Conconcreto invests

In 2015 the innovation projects saved



Engagement with academia: key to innovation We believe in the co-creation and innovation on collaboration with academia in the development of solutions to the challenges facing the construction industry.

Use of GICO Mobile in the Finito project.

Increase in productivity of administrative storage and internal supply processes.

45% reduction in manual supply costs of materials within the project sites.

35 kg/year reduction of paper consumption in housing projects.

Intuitive application and easy to use.

Universidad EAFIT The development of GICO Mobile, web and mobile modules for managing material out-put through smartphones was completed, simplifying the process and adding safety and traceability. The app ascertains mate-rial availability and demand in real time, has direct connectivity to the company informa-tion system, is easy to use, and can be repli-cated in all construction projects.

Conconcreto — 99

99.25% saving in time and labor costs.

Reduction in waste and residues.

In the picture, Interacpediaprogram stu-dents visit the Finito project in Medellin.

2015 Interac-pedia Awards.

We were part of the first Interacpedia pilot, a col-laborative and innovative platform that brings to-gether companies, uni-versities and government to ensure that student projects have real appli-cations in society.

63 students: Corporación Universitaria Remington, Universidad

Pontificia Bolivariana and Universidad EAFIT.THE CHALLENGES ASSUMED BY THE STUDENTS:

Optimizing movement of materials in construction.

Reuse of wood residues in construction.

Universidad de MedellínIn conjunction with this university, we devel-oped software for the modulation of mate-rials that help with optimization and reuse, while increasing labor productivity.



In the picture, SENA students explain the

prototype to over-come the challenge.

SENA We participated in the “A problemas soluciones” contest in the SENA Construction Fair with the challenge: “Extraction of excavated material for the steering process.”

As part of the Sponsor Plan of the Great Pact for Innovation, we work toward

an innovative city.

Conconcreto — 101

—“As part of the alliance with EIA,

joint innovation projects were developed, including degree

projects with students.”—

2015 HIGHLIGHTSEngagement for construction of innovation networks and joint project development:

Institutions nationwide: Escuela de Ingeniería de Antioquia, Universidad de Medellín, Universidad EAFIT, SENA.

International institutions: Instituto de Ciencias de la Construcción Eduardo Torroja (Spain), Corpo-ración Tecnológica Tecnalia (Spain).

Industry: Productos Familia S.A., Omya, Stratos Group.

Technological missions abroad: • Camargo Corrêa – Brazil. • Vinci – France.• Idom – Spain. Engineering, architecture and

consulting service company.• Corporación Tecnológica Tecnalia – Spain.

Conconcreto Innovation Center: A space for strengthening networks and partnershipsIn March 2015, the inauguration of our Innovation Center marked an important milestone in the construction of innovation centers and engagement with domestic and international entities.

In 2015 we took part in the “Sponsor Plan” project, a Great Pact for Innovation strategy led by Ruta N and the National Association of Industrialists of Colom-bia, in which we helped the companies Laboratorio Médico Echavarría S.A. and Minero S.A. to strength-en their innovation management.

Conconcreto Innovation Center.



Engineering and Integrated DesignsAt Conconcreto we offer architectural, structural and network design solutions and the integration there-of based on methods, protocols and work tools that, added to our creativity and innovation, give rise to op-timal and efficient projects.

We identify, in advance, possible conflicts between systems, spatial distributions and the correlation between architecture and structure, offering timely solutions to prevent construction reprocesses.

In 2015 we designed a total of 400,000 m² for dif-ferent business units. We assured COP 4,700 million worth of projects for 2016.

Expanding our services to Central America, with designs for our own and third-party projects in Pana-ma City and Costa Rica, was a significant milestone.

Success story in integrated DesignsBURÓ 25 BUILDINGS (BOGOTÁ)This project achieved construction speeds 80% higher compared with the traditional system with a design that enabled 70% of total prefabrication and 90% of panel prefabrication.

MODULAR DESIGN - Ü – NUNCIATURA (COSTA RICA)With our partners, we have developed the concept of Commercial Modulation for apartments, which has enabled the flexible supply of different areas and lo-cations. This concept has strengthened and acceler-ated the project commercialization process.

THERMO-ACOUSTIC MATERIALIn Maui, a project located in Panama, we optimized the structure and reduced construction and opera-tion costs by incorporating thermo-acoustic material from the design stage so as to reduce the heating load and energy consumption, increase acoustic iso-lation, and reduce 3,000 tons of dead load.

IEA HANGAR (MEDELLÍN)We designed an executive aviation hangar with a metal structure of 60 meter in length, without inter-mediate supports.

LEEDWe designed seven industrial projects in which LEED certification is sought in different categories.

Conconcreto — 103

Maui Project, Panama.

Success story - Maui (Panama)We optimize designs

We maximize benefits by applying optimization strategies.

16%23%28%10%

INCREASE:

in number of apartments

in parking spaces

in sellable square meters

in efficiency




Collaborative BIM Management ModelWith the Building Information Modeling (BIM) collaborative man-agement model, we integrate and coordinate the different technical specialties, creating value in each project stage.

BIM ADVANTAGES:

Integrated and efficient work-flow.

Optimization of times in de-signs.

Reduction of reprocessing in carrying out activities.

Speed and precision in calcu-lating project-related quantities for budgets and construction.

Efficiency in change manage-ment.

Simulation of project construc-tion processes, in line with exe-cution schedules and budgets.

Coordination of different actors within the project through re-view and virtual communication systems (cloud).

—“We add value in each stage of a project

with the use of collaborative management models.”—

Ü – NunciaturaProject, Costa Rica.

Conconcreto — 105

BIM MODELING IN BUILDING PROJECT

BIM networks. BIM structural. BIM architecture.

BIM budgets and quantities.

BIM schedules and simulation.

BIM coordination in the cloud.

BIM MODELING IN CONSTRUCTION MANAGEMENT

SOME PROJECTS MANAGED WITH BIMNx1 (Aguachica, Florencia, Palermo, Pasto and Valledupar)City Plex Tower (Panama), Ü – Nunciatura (Costa Rica)Multi-environment (Cartagena and Montería).



21%SAVING OF

in energy consumption in our projects (comparison between 2015 and 2014) by way of:

ElectricityELECTRICITY INDICATOR

ELECTRICITY CONSUMPTION

Implementation of good practices, maintenance of sites, equipment and outlets.

Awareness building of staff on the conservation of natural resources.

Strategies for switching on/off the lights.

Reduction in the use of air conditioning.

Extensions in good condition to reduce losses.

Electric panels in accordance with RETIE.

50.00

100.00

150.00

200.00

250.00

JAN

MAY

SEP

FEB JUN

OCT

MAR

JUL

NOV

APR

AUG

DEC

89.41 11

5.41

115.5

9156.5

6

156.5

8 161.3

2

130.7

4 173.2

6

142.4

1 170.1

5

154.6

4

130.9

3

kWh/thousand MHW

2015142.0

2014179.4

kWh/thousands of man hours worked

SustainabilityAt Constructora Conconcreto, sustain-ability is part of the company's essence, and means a commitment to social, envi-ronmental and economic responsibility in each project and area in which we oper-ate. In this regard, we seek for and create innovative solutions that allow us to add value and be more competitive, minimiz-ing the impact on the environment and improving the quality of life of people.

COMMITMENT TO THE ENVIRONMENTProject environment management plans are complied with, placing a special em-phasis on the preservation of flora and fauna, solid waste management, and the saving and efficient use of water and en-ergy. We follow and comply with the line of guaranteeing the implementation of environmental management across all of the company’s work centers. We employ environmental specialists who lead the process on projects and from the head-quarters. The water and electricity con-sumption and waste generation graphs reflect the results of the application of these strategies in our projects.


10%SAVING OF

in water consumption in our projects (comparison between 2015 and 2014) by way of:

Potable WaterPOTABLE WATER INDICATOR

POTABLE WATER CONSUMPTION

Implementation of good practices, maintenance of site, fittings, equip-ment and outlets.

Awareness building of staff on the conservation of natural resources.

Water reuse and recirculation strategies.

2.00

4.00

6.00

8.00

10.00

12.00

14.00

JAN

MAY

SEP

FEB JUN

OCT

MAR

JUL

NOV

APR

AUG

DEC

5.44

8.33

5.12

7.01

6.68

9.59

6.53

9.96

7.48

10.82

13.14

6.45

m3/thousands MHW

20158.04 2014

8.9

m3/thousands of man hours worked

Recirculated water In 2015, 12,366 m3 of water

were recirculated in cutting activities (masonry and veneers).


Hotel Estelar, Cartagena.


DebrisDEBRIS INDICATOR

DEBRIS PRODUCTION

0.50

1.00

1.50

2.00

2.50

3.00

JAN

MAY

SEP

FEB JUN

OCT

MAR

JUL

NOV

APR

AUG

DEC

1.35

0.49

1.01

0.87

1.62 1.7

7 2.24

2.64

2.12

2.11

2.14

1.74

m3/thousands MHW

20151.75

20143.9

55%REDUCTION OF

in debris production (comparison between 2015 and 2014) by way of:

Reinforced waste management in pursuit of reduction, segregation and reuse.

Good practices united with modula-tion, prefabrication and pre-assembly strategies have allowed us to achieve results in relation to debris generation.

m3/thousands of man hours worked

Lógika II Industrial Park, Siberia, Cundinamarca.

Conconcreto — 109

RESULTS OF FINITO PROJECT IN MEDELLÍN - TOWER 3

Planned masonry: 12% savings,

equivalent to COP 51,905,865 of the direct project cost.

Planned veneers: 1% savings, equivalent to COP 4,021,027 of the direct project cost.

Planned ceiling: 2% savings, equivalent to COP 6,836,816 of the direct project cost.

Successful environmental story - Waste manage-ment system

Wilson Alberto ZapataFinito Project DirectorSPECIAL MENTION FOR THE PROJECTS FOR GREATEST OPENNESS TO INNOVATION IN IDEAS QUE VALEN 2015.

“The importance of innovating arises out of the need to implement tools that transform processes to achieveefficiency in productivity, minimize risks, reduce the environmental impact and consolidate ourselves on the market.”


Finito Building, Medellín.


For the CEDI Pastas Doria Encenillo project, which is 2,491 m2 and located in Mosquera, Cundinamarca, the client, Grupo Nutresa, sought to obtain LEED SILVER certification. With the help and advice of Conconcreto's sustainability team, LEED GOLD certification was achieved. These were the foremost results:

Success story in Sustainability - LEED Certification

37% ELECTRICITY savings, equivalent to 191,600 kWh/year and a saving of COP 97,000,000/year.

51% WATER savings, equivalent to 199 m3/year. A saving of COP 735,000/year in the water bill and COP 466,000/year in the sewage bill.

Presence of ten basic amenities within ½ mile (804 m) of the project (school, hospital, restaurants, supermarket, pharmacy, bank and church, among others).

CEDI Doria, Mosquera,

Cundinamarca.

Other Grupo Nutresa projects undergoing certification are located in Cartagena, Valledupar, Montería, Aguachica, Mosquera, Palermo, Florencia and Pasto.

Conconcreto — 111

This modern hotel and business center located in Bar-ranquilla, Atlántico, achieved:

35% savings in ELECTRICITY consumption through the implementation of efficient air conditioning sys-tems and the use of glass with solar protection and Chiller air conditioning systems.

29% savings in WATER consumption through the implementation of efficient sanitary fittings and effi-cient water use.

40% savings in consumption in lighting, through the implementation of LED technology and efficient use of artificial light.

Success story in Sustainability - Buró 51


COMPREHENSIVE SAFETY OF OUR EMPLOYEESA priority objective of Constructora Conconcreto has been to ensure the wellbeing of all employees. We set strategic guidelines that assure conditions for the com-prehensive development of individuals in safer, healthier and more harmonious en-vironments. In 2015, we strengthened our visible safety leadership by reasserting the commitment of all company stakeholders – managers, administrators, operators, customers, suppliers, visitors, families and contractors – under the premise that “we make our mark by working with quality, safety and out of respect for the environment.”

Safety, Health and Environment

Week


SAFE AND HEALTHY ENVIRONMENTSWe reached a total of 5,640 people with the implementation of prevention and promo-tion programs, thereby improving working conditions through adequate risk admin-istration in relation to activities associated with the business. The prevention of cata-strophic accidents and the 25% reduction of days lost due to occupational injuries at-tested to healthy environments for our em-ployees, as well as more free time to share with their families.

Fall protection program

Confined spaces program

Strategic road safety plan

Emergency response teams

Safety, Health and Environment Week

Healthy lifestyles

Safe behavior

Hazardous energy and hot works

Hands on deck program

Epidemiological, auditory conservation, respiratory, cardiovascular, musculo-skeletal and psychosocial monitoring programs

Conconcreto — 113

Work at height Hidroituango, Antioquia.

89%85%98%

Evaluation of the Colombian Safety Council:

OVERALL SCORE

BASIC SCORE

FIELD SCORE

INNOVATION AND SUSTAINABILITY 05SEVERITY INDEX OF DAYS LOST DUE TO OCCUPATIONAL ACCIDENTS

20.00

40.00

60.00

80.00

2014

2015

70.93

46.45


Corporate ResponsibilityTEAMWORK WITH THE COMMUNITIESAt Constructora Conconcreto we are committed to the communities where our projects are developed. In 2015, we led social and environmental activities that stressed community encounters through project progress meetings, donation of materials for the im-provement of community spaces and the application of productive projects for inhabitants of project areas of influence.

COMMITMENT TO OUR EMPLOYEESFor seven years the company has been working to-ward the personal development of all employees. In 2015, a positive step was taken in the direction of comprehensive personal, societal, company and fam-ily development. Out of awareness of this challenge, the·”Building Homes with Foundations of Love” pro-gram was created, seeking not only the construction of a sustainable social fabric but also the continued development thereof. This year we reached 22 family

Photo: Natalia Gómez Toro.Ituango, Antioquia.

Social management professional.

groups with the participation of 95 people.In adherence to these goals, we also held training

programs on skills, knowledge, and suitability for the role, encompassing 2,662 activities, 121,677 hours of training and 9,395 participants.

On the path to improving the quality of life of our employees, in a partnership with the Fundación Con-concreto, 37 families were benefited by the national housing subsidy for a total of COP 440,562,275.

SOCIAL INNOVATIONIn 2015 we took part in Giant (Global Innovation An-tioquia), a social innovation project carried out in alli-ance with the Universidad EAFIT, ANSPE and Etapa Zero. The project featured the participation of local and foreign students from different disciplines, who came together to develop solutions to improve the quality of life of residents of Low Income Housing (Vivienda de Interés Social, VIS) and Priority Interest Housing (Vivienda de Interés Prioritario, VIP).

Conconcreto — 115

Fundación ConconcretoFor 29 years, Fundación Conconcreto has been investing its resources and applying social transformation processes.

The Foundation, using its own teaching model and adapted to the peculiarities of the context and the environments, al-lowed its participants to develop life skills and abilities and to strengthen their values.


Recreational aboratory.

San Juan de Urabá.


Our Footprints in 20152,916

64,869 4337

beneficiaries (children, youth and adults) of

year-long train-ing processes

in life skills, citizen abilities,

and values.

beneficiaries of mass training activities, with

an emphasis on active citizen-ship-building. thanks to the support

and oversight of Fundación Conconcreto.

families of Constructora Conconcreto employees (172 people) with economic and technical support in the pro-cess of making their home-ownership dream come true.

families received the national housing subsidy, totaling

COP 440,562,275

Conconcreto — 117

youth with economic support in monthly main-tenance for their higher education

process.

2015 in a word...

Transformation

Child and youth camp, “Discovering Myself.”

2016 Challenges

In 2016 we will strengthen the training pro-cesses relating to life skills, citizen abilities and values with a focus on active participa-tion, encouraging participants to play a role in the transformation of their environments and to contribute to grassroots capabilities in the territories.

We need to go into greater depth in as-sessing the impact of training processes carried out at Fundación Conconcreto, and contribute to the training of Constructora Conconcreto employees with an emphasis on the comprehensive development of their families.

A foremost challenge will be to continue promoting improvement in the living condi-tions of Constructora Conconcreto employ-ees, as well as that of other communities.

Moreover, from Fundación Conconcreto we want to participate actively in the design and execution of social programs associat-ed with the company's works.

29 21 5families (160 people) from

the municipality of San Juan de

Urabá, Antioquia, with new homes and support in

training and com-prehensive family

development.

families of Con-structora Concon-creto employees

(95 people) participated ac-

tively in a training process for com-prehensive family

development.



Machinery in Hidroituango, Antioquia.

Conconcreto — 119

We miss and deeply regret the loss of Nicanor Restrepo Santamaría. We fondly recall his valuable contributions to our Board of Directors, where he was an active and brilliant mem-ber, drawing on his captivating personality, extensive experience, commitment to corporate social responsibility, and wise counsel at difficult times.

AUGUST 25, 1941 - MARCH 14, 2015 R.I.P.

Nicanor Restrepo Santamaría

TRIBUTE

“HUMAN TALENT AT CONCONCRETO HAS BEEN AND WILL CONTINUE TO BE THE GREATEST COMPETITIVE ADVANTAGE AND THE MOST IMPORTANT PILLAR TO SUPPORT THE COMPANY’S GROWTH STRATEGY.”JUAN LUIS ARISTIZÁBAL VÉLEZ CEO CONSTRUCTORA CONCONCRETO

Conconcreto — 121

CONSOLIDATED FINANCIAL STATEMENTS 01POR LOS AÑOS TERMINADOS EL 31 DE DICIEMBRE DE 2014 Y 2013 (En pesos colombianos)

Las notas adjuntas son parte integral de los estados financieros.Los suscritos representante legal y contador público certificamos que hemos verificado previamente las afirmaciones contenidas en estos estados financieros y los mismos han sido tomados fielmente de los libros de contabilidad.

ESTADOS DE RESULTADOS

JUAN LUIS ARISTIZÁBAL VÉLEZRepresentante legal

(ver certificación adjunta)

MARTHA LIGIA RAMÍREZ SIERRAContadora TP 20576-T


ELOÍSA MARÍA BARRERA BARRERARevisor Fiscal TP 168699-T

Crowe Horwath(ver dictamen adjunto)

01CONSOLIDATED FINANCIAL

STATEMENTS

122 MANAGEMENT REPORT 2015

Medellín, February 27, 2016

To the Shareholders of

CONSTRUCTORA CONCONCRETO S.A.

The undersigned, as the Company’s registered agent and accountant, do hereby certify that pursuant to Article 37 of Law 222 / 1995, the Separate and Consolidated Financial Statements: Statement of Financial Position, Statement of Income by Function, Statement of Changes in Equity, Statement of Comprehensive Income, Statement of Cash Flow and the Notes to the Financial Statements as at De-cember 31, 2015, have been prepared in accordance with International Financial Reporting Standards applicable to Colombia, were faithfully taken from the books, and the statements contained therein were verified pursuant to regulations.

JUAN LUIS ARISTIZÁBAL VÉLEZRegistered Agent

MARTHA LIGIA RAMÍREZ SIERRA Accountant

Professional License No. 20576-T

CERTIFICATION OF THE LEGAL REPRESENTATIVE AND OF THE ACCOUNTANT

Conconcreto — 123

CONSOLIDATED FINANCIAL STATEMENTS 0101




The undersigned, as the Company’s registered agent, does hereby certify that pursuant to Article 46 of Law 964 / 2005, the Separate and Consolidated Financial Statements: Statement of Financial Position, Statement of Income by Function, Statement of Changes in Equity, Statement of Comprehensive Inco-me, Statement of Cash Flow and the Notes to the Financial Statements as at December 31, 2015, as well as other reports issued that are relevant to third parties do not contain flaws, inaccuracies or errors that obscure the true nature of the Company’s assets, liabilities or operations.


CERTIFICATION FROM THE LEGAL REPRESENTATIVE


STATUTORY AUDITOR REPORT

February 26, 2016

To the General Meeting of Shareholders of CONSTRUCTORA CONCONCRETO S.A.

As at December 31, 2015, I have audited the CONSTRUCTORA CONCONCRETO S.A. consolidated financial statements, which include the consolidated statement of financial position, the consolidated statement of income by function, the consolidated statement of comprehensive income, the consoli-dated statement of changes in equity, the consolidated statement of cash flow and the corresponding notes to the financial statements providing a summary of the main accounting policies applied and other explanatory notes. The consolidated financial statements for 2014, prepared in accordance with the Generally Accepted Accounting Principles in Colombia in effect for that year, were audited by me, and I issued an unqualified opinion thereto in the report dated March 3, 2015. The financial statements as of December 31, 2014, including opening balances as of January 1, 2014, were adjusted to align them with Colombia’s Generally Accepted Accounting Principles and Financial Reporting Standards.

Note 1 to the consolidated financial statements presents a breakdown of the companies and trusts included in the consolidated financial information, and note 2.8 describes the bases of preparation of the consolidated financial statements as at December 31, 2015.

The administration is responsible for the adequate preparation and presentation of these consolida-ted financial statements in accordance with Colombia’s Generally Accepted Accounting Principles and Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining the proper internal control to prepare and present these consolidated financial statements free of material errors, whether by fraud or by mistake; selecting and applying the appropriate accounting policies; and establishing accounting estimates that are reasonable under the circumstances.

My responsibility consists of expressing an opinion on these consolidated financial statements, based on my audit. I obtained the information needed to comply with my functions of statutory auditor and I carried out my work in accordance with audit standards generally accepted in Colombia. These stan-dards require that I plan and carry out the audit in order to obtain reasonable certainty of whether the consolidated financial statements as a whole are free of material errors.

An audit includes carrying out procedures to obtain evidence of the amounts and disclosures on the consolidated financial statements. The procedures selected depend on the statutory auditor’s criteria, in-cluding an assessment of the risk of material errors in the consolidated financial statements. In that risk assessment, the statutory auditor takes into consideration the internal control relevant to the preparation

Conconcreto — 125


ELOÍSA MARÍA BARRERA BARRERAStatutory Auditor

Professional License No. 168.699-TMember of CROWE HORWATH CO S.A.

and presentation of the consolidated financial statements, with the aim of designing audit procedures that are adequate under the circumstances. An audit also includes assessing the use of appropriate accounting policies and ensuring accounting estimates made by the administration are reasonable, as well as assessing the presentation of the consolidated financial statements in general. I believe that the evidence obtained from the audit provides a reasonable basis for the opinion expressed below.

In my opinion, based on my audit, the consolidated financial statements, taken faithfully from the consolidated records, reasonably present the consolidated statement of financial position, the consoli-dated statement of income and the consolidated statement of cash flow for CONSTRUCTORA CON-CONCRETO S.A. as at December 31, 2015 , in all material respects, for the year ending on said date, pursuant to Colombia’s Generally Accepted Accounting Principles and Financial Reporting Standards, uniformly applied.

The consolidated financial statements for 2015 and 2014 are the first that the Company’s admi-nistration has prepared applying Colombia’s Generally Accepted Accounting Principles and Financial Reporting Standards. Note 2.6 to the 2015 consolidated financial statements explains how the applica-tion of the new technical standard framework affected the Company’s previously reported statement of financial position, statement of income and statement of cash flow.

FOR YEARS ENDED DECEMBER 31, 2015 AND 2014 (In thousands of Colombian Pesos)CONSOLIDATED STATEMENT OF FINANCIAL POSITION


ASSETS Comments DEC - 2015 DEC - 2014 Current assets Cash and cash equivalents 4.4 597.827.972 341.521.837 Current investments 166.908 159 Trade and other accounts receivable, current 4.5 439.367.403 394.997.259 Accounts receivable from related parties and associates, current 4.6 53.786.272 78.568.944 Current inventories 4.7 453.290.554 304.052.768 Current tax assets 4.8 32.603.601 14.959.944 Other financial assets, current 189.044 189.044 Other financial assets, non-current 1.932.847 2.047.618 Current assets other than non-current assets or groups of assets for disposal classified as held for sale or held to be distributed to owners 1.579.164.601 1.136.337.574

Non-current assets or groups of assets for disposal classified as held for sale or held to be distributed to owners 432.996 219.937

Current assets 1.579.597.597 1.136.557.511

Non-current assets Property, plant and equipment 4.12 321.971.347 313.601.948 Investment properties 4.13 132.924.325 1.388.340.569 Goodwill 4.11 7.973.595 7.973.595 Intangible assets other than goodwill 4.14 1.917.233 2.589.035 Investments reported using the equity method 4.10 965.695.817 140.113.338 Trade and other accounts receivable, non-current 4.5 3.464.402 7.968.883 Accounts receivable from related parties and associates, non-current 4.6 45.678.198 23.487.261 Non-current inventories 4.7 1.826.533 4.134.057 Deferred tax assets 4.15 10.114.644 28.807.530 Other financial assets, non-current 4.16 1.067.387 3.643.505 Other non-financial assets, non-current 1.917.013 740.264 Non-current assets 1.494.550.495 1.921.399.987 Assets 3.074.148.093 3.057.957.498


(See attached certification)

MARTHA LIGIA RAMÍREZ SIERRAAccountant’s Professional License: 20576-T


ELOÍSA MARÍA BARRERA BARRERAStatutory Auditor’s Professional License:

168699-TCrowe Horwath

(See attached opinion)

Conconcreto — 127


JUAN LUIS ARISTIZÁBAL VÉLEZRepresentante legal


MARTHA LIGIA RAMÍREZ SIERRAContadora TP 20576-T


ELOÍSA MARÍA BARRERA BARRERARevisor Fiscal TP 168699-T

Crowe Horwath(ver dictamen adjunto)

The attached notes are an integral part of these financial statements.

FOR YEARS ENDED DECEMBER 31, 2015 AND 2014 (In thousands of Colombian Pesos)CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Equity and liabilities Liabilities Current liabilities Current borrowings 4.17 326.738.319 261.472.579 Current provisions for employee benefits and other provisions 13.169.854 5.365.898 Trade and other accounts payable 4.18 415.033.437 395.353.695 Accounts payables from related parties and associates, current 17.629.891 8.383.752 Current tax liabilities 4.8 1.076.965 3.150.534 Other financial liabilities, current – 8.700.000 Other financial liabilities, non-current 4.19 225.206.321 189.000.171 Current liabilities 998.854.787 871.426.630

Non-current liabilities Non-current borrowings 4.17 529.814.717 1.034.135.741 Provisions for employee benefits and other provisions, non-current 3.822.819 3.754.703 Trade and other accounts payable, non-current 4.18 26.948.395 8.384.480 Accounts payables from related parties and associates, non-current 6.943.078 249.162 Deferred tax liability 4.15 68.729.760 48.268.479 Other financial liabilities, non-current – 79.250.000 Other non-financial liabilities, non-current 4.19 157.355.782 94.457.810 Non-current liabilities 793.614.552 1.268.500.374 Liabilities 1.792.469.340 2.139.927.004

Equity Issued capital 116.828.259 93.462.607 Issue premium 584.968.014 318.871.805 Statement of income 95.256.916 23.528.217 Retained earnings 223.634.562 256.791.575 Other equity interests 297.554 (605.442) Reserves 230.321.240 208.462.689 Other equity interests 22.019.507 (1.677.183) Equity attributable to owners of the controlling company 1.273.326.051 898.834.267 Non-controlling interests 8.352.703 19.196.227 Equity 4.20 1.281.678.754 918.030.493 Equity and liabilities 3.074.148.093 3.057.957.498


FOR YEARS ENDED DECEMBER 31, 2015 AND 2014 (In thousands of Colombian Pesos)CONSOLIDATED STATEMENT OF INCOME BY FUNCTION

Comments DEC - 2015 DEC - 2014Income from ordinary activities 4.21 1.216.231.195 1.088.110.830

Cost of sales 4.24 997.956.869 878.980.593

Gross profit 218.274.326 209.130.237 Other income 4.25 21.208.811 14.770.064 Expenses for employee benefits 4.26 56.562.720 51.460.800 Administrative and sales expenses 4.27 54.351.358 43.670.628 Other expenses by function 4.28 2.143.289 9.027.458 Other gains (losses) 4.29 54.946.103 (19.384.114)

Gains (losses) from operating activities 181.371.872 100.357.300 Gains (losses) derived from the net monetary position 4.30 9.796.285 1.805.526 Financial income 4.31 4.600.126 11.115.582 Financial costs 4.32 91.339.958 75.136.535 " Shares in the gains (losses) of associates and joint ventures reported using the equity method " 4.33 40.038.501 4.071.098

Gains (losses) before taxes 144.466.827 42.212.972 Expenses (income) from taxes, continued operations 4.34 45.202.964 17.641.794 Gains (losses) 99.263.862 24.571.177

Gains (losses) attributable to:Gains (losses) attributable to the owners of the controlling company 95.256.916 23.528.217 Gains (losses) attributable to non-controlling interests 4.35 4.006.947 1.042.962

The attached notes are an integral part of the financial statements.








Conconcreto — 129

CONSOLIDATED FINANCIAL STATEMENTS 01FOR YEARS ENDED DECEMBER 31, 2015 AND 2014 (In thousands of Colombian Pesos)CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


Issue

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Issue

pr

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Lega

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Temp

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reserv

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Othe

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erves

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res

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Othe

r eq

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nteres

ts

Retai

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earn

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Opening balance equity as of December 31, 2013

93.462.607 318.871.805 25.478.573 142.374.040 (28.590) 167.824.023 (56.725) 317.429.392 897.531.102 2.908.688 900.439.790

Changes in equity Gains (losses) - - - - - - - 23.528.216 23.528.216 - 23.528.216

Other comprehensive income

- - - - (1.648.594) (1.648.594) - - (1.648.594) - (1.648.594)

Consolidated statement of comprehensive income - - - - (1.648.594) (1.648.594) - 23.528.216 21.879.622 - 21.879.622

Dividends recognized as distributions to owners

- - - - - - - (20.000.000) (20.000.000) - (20.000.000)

Increases (reductions) due to other changes, in equity

- - 6.061.008 34.549.068 - 40.610.076 (548.716) (40.637.817) (576.457) 16.287.538 15.711.081

Increase (reduction) in equity - - 6.061.008 34.549.068 (1.648.594) 38.961.482 (548.716) (37.109.601) 1.303.165 16.287.538 17.590.703

Equity as at December 31, 2014

93.462.607 318.871.805 31.539.581 176.923.108 (1.677.183) 206.785.506 (605.442) 280.319.792 898.834.267 19.196.227 918.030.493

Opening balance equity as at December 31, 2014

93.462.607 318.871.805 31.539.581 176.923.108 (1.677.183) 206.785.506 (605.442) 280.319.792 898.834.267 19.196.227 918.030.493

Changes in equity

Gains (losses) - - - - - - - 95.256.916 95.256.916 - 95.256.916

Other comprehensive income

- - - - 24.287.242 24.287.242 - - 24.287.242 - 24.287.242

Consolidated statement of comprehensive income - - - - 24.287.242 24.287.242 - 95.256.916 119.544.158 - 119.544.158

Capitalization 23.365.652 266.096.209 - - - - - - 289.461.861 - 289.461.861


- - - - - - - (23.000.000) (23.000.000) - (23.000.000)

Increases (reductions) due to other changes, in equity

- - 5.180.868 16.677.684 (590.552) 21.267.999 902.994 (33.685.230) (11.514.237) (10.843.523) (22.357.760)

Increase (reduction) in equity 23.365.652 266.096.209 5.180.868 16.677.684 23.696.690 45.555.241 902.994 38.571.687 374.491.783 (10.843.523) 363.648.260

Equity as at December 31, 2015 116.828.259 584.968.014 36.720.448 193.600.792 22.019.507 252.340.747 297.554 318.891.479 1.273.326.051 8.352.703 1.281.678.754









FOR YEARS ENDED DECEMBER 31, 2015 AND 2014 (In thousands of Colombian Pesos)CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

DEC - 2015 DEC - 2014

Gains (losses) 99.263.862 24.571.177

Other comprehensive income Components of other comprehensive income that will not be reclassified at the end of the year, net of taxes Share from other comprehensive income of associates and joint ventures reported using the equity method that will not be reclassified at the end of the year, net of taxes 1.863.379 218.319

Other comprehensive income that will not be reclassified at the end of the year, net of taxes 1.863.379 218.319

Components of other comprehensive income that will not be reclassified at the end of the year, net of taxes Foreign exchange difference Gains (losses) from foreign exchange differences, net of taxes 16.412.179 8.424.453 Other comprehensive income, net of taxes, foreign exchange conversion differences 16.412.179 8.424.453 Cash flow hedge Gains (losses) from cash flow hedges, net of taxes 6.011.683 (10.291.365)Other comprehensive income, net of taxes, cash flow hedges 6.011.683 (10.291.365)

Other comprehensive income that will be reclassified at the end of the year, net of taxes 22.423.862 (1.866.912)Other comprehensive income 24.287.241 (1.648.593)Consolidated statement of comprehensive income 123.551.103 22.922.584

Comprehensive statement of income attributable to:Consolidated statement of comprehensive income attributable to the owners of the controlling company 119.544.156 21.879.623 Consolidated statement of comprehensive income attributable to non-controlling shareholders 4.006.947 1.042.962









Conconcreto — 131

CONSOLIDATED FINANCIAL STATEMENTS 01FOR YEARS ENDED DECEMBER 31, 2015 AND 2014 (In thousands of Colombian Pesos)CONSOLIDATED STATEMENT OF CASH FLOW








DEC - 2015 DEC - 2014 Cash flow from (used in) operating activities Gains (losses) 99.263.862 24.571.177

Adjustments to reconcile the gains (losses) Adjustments for income tax expense 45.202.964 17.641.794 Adjustments for financial costs 91.339.958 75.136.535 Adjustments for reductions (increases) in inventories (146.930.261) (39.629.250) Adjustments for reductions (increases) of trade accounts receivable (945.714) (58.596.740) Adjustments for reductions (increases) in other accounts receivable (41.287.056) (27.962.228) Adjustments for increases (reductions ) of trade accounts payable 21.706.453 (98.186.936) Adjustments for increases (reductions) in other accounts payable 49.946.985 5.909.294 Adjustments for depreciation and amortization of expenses 34.960.192 24.503.722 Adjustments for impairment (reversals for impairment losses) recognized in the statement of income for the period 6.317.018 3.335.377

Adjustments for provisions 1.556.469 586.354 Adjustments for losses (gains) of unrealized foreign currency 16.412.179 8.424.453 Adjustments for losses (gains) of fair value (54.946.103) 19.384.114 Adjustments for gains not distributed by application of the equity method (40.038.501) (4.071.098) Adjustments for losses (gains) for the disposal of non-current assets (15.517.626) (4.891.787) Other adjustments for which the effects on cash are investment or financing cash flow (38.916.914) (25.959.601) Other adjustments to reconcile the gains (losses) (12.676.135) 64.543 Other adjustments for entries other than cash 902.995 (551.472) Cash flow from (used in) operations Dividends paid (23.000.000) (20.000.000) Income tax expense paid (reimbursed) (12.924.486) (17.915.548) Other cash inflows (outflows) (20.992.264) (10.748.575) Cash flow from (used in) operating activities (40.565.985) (128.955.872)


FOR YEARS ENDED DECEMBER 31, 2015 AND 2014 (In thousands of Colombian Pesos)CONSOLIDATED STATEMENT OF CASH FLOW


DEC - 2015 DEC - 2014 Cash flow from (used in) investment activities Other expenses to acquire equity or debt instruments from other entities 3.240.309 8.076.495 Other charges for the sale of shares in joint ventures 6.237.371 7.365.926 Other payments to acquire shares in joint ventures (856.514.832) (14.829.974) Amounts from the sale of property, plant and equipment 28.313.847 32.782.358 Purchases of property, plant and equipment (60.527.418) (56.024.522) Amounts from the sales of intangible assets 17.755 – Purchases of intangible assets (747.406) (1.772.892)

Resources for long-term sales of other assets 1.440.540.652 248.452.302

Purchases of other long-term assets (59.796.412) (586.113.477) Dividends received 38.916.914 25.959.601 Cash flow from (used in) investment activities 539.680.780 (336.104.183)

Cash flow from (used in) financing activities Amounts from stock issues 289.461.861 – Amounts from loans 250.575.213 569.340.779 Loan reimbursements (594.392.146) (64.910.269) Liability payments for financial lease (86.103.358) (14.008.252) Interests paid (91.339.958) (75.136.535) Other cash inflows (outflows) (11.010.273) 16.262.394 Cash flow from (used in) financing activities (242.808.661) 431.548.117 " Increase (reduction) in cash and cash equivalents before the effect of changes in the exchange rate " 256.306.134 (33.511.939)

Increase (reduction) of cash and cash equivalents 256.306.134 (33.511.939) Cash and cash equivalents at the beginning of the year 341.521.837 375.033.775 Cash and cash equivalents at the end of the year 597.827.972 341.521.837








Conconcreto — 133

CONSOLIDATED FINANCIAL STATEMENTS 01Notes index to the consolidated financial statements

1. GENERAL INFORMATION 135

2. BASES FOR PREPARATION 139

2.1. Accounting Period 139

2.2. Disclaimer 139

2.3. Functional and presentation currency 139

2.4. Accounting estimates and judgments 139

2.5. Current and non-current assets and liabilities 140

2.6. Transition to International Financial Reporting Standards (IFRS) 140

2.6.1 Exceptions and exemptions applied 140

2.6.2 Comparative information prepared using previous GAAP 140

2.6.3 Effect of the transition on the statement of financial position reported 141

2.7. Relative importance and materiality 148

2.8. Bases for consolidation 148

2.9. Transactions and balances in foreign currency 149

2.10. Business segments 149

2.10.1 Construction 149

2.10.2 Investments 149

2.11. New standards 149

3. SIGNIFICANT ACCOUNTING POLICIES 150

3.1. Cash and cash equivalents 150

3.2. Commercial and other accounts receivable, current and non-current 151

3.3. Current and non-current accounts receivable from related parties and associates 151

3.4. Current and non-current inventories 151

3.5. Current and non-current tax assets 152

3.6. Other financial assets, current and non-current 152

3.7. Other non-current financial assets 152

3.8. Other non-financial assets, current and non-current 152

3.9. Assets held for sale 152

3.10. Investment properties 152

3.11. Property, plant and equipment 152

3.12. Finance and operating leases 153

3.13. Goodwill 153

3.14. Intangible assets other than goodwill 153

3.15. Investments accounted for using the equity method 153

3.16. Investments in subsidiaries, associates and joint ventures 153

3.17. Joint ventures 154

3.18. Deferred tax assets 154

3.19. Current and non-current borrowings 154

3.20. Provisions, contingent liabilities and contingent assets 154

3.21. Commercial and other accounts payable, current and non-current 155

3.22. Accounts payable to related parties and associates, current and non-current 155

3.23. Current tax liabilities, current and non-current 155

3.24. Deferred tax liability 155

3.25. Other financial liabilities, current and non-current 155

3.26. Employee benefits 156

3.27. Issued capital 156

3.28. Issue premium 156

3.29. Retained earnings 156

3.30. Other equity interests 156

3.31. Reserves 156


3.32. Equity attributable to the owners of the controlling Company 156

3.33. Non-controlling interests 156

3.34. Revenue recognition 156

3.35. Construction contracts 156

3.36. Distribution of dividends 157

3.37. Environment 157

3.38. Earnings per share 157

4. SPECIFIC NOTES 157

4.1. Accounting estimates and judgments or management criteria 157

4.2. Risk management 158

4.2.1. Environmental risks 158

4.2.2. Operational risk 158

4.2.3. Financial risk 159

4.2.4. Strategic risks 159

4.3. Information by segment 160

4.4. Cash and cash equivalents 161

4.5. Trade and other accounts receivable 163

4.6. Accounts receivable from related parties and associates 165

4.7. Inventories 165

4.8. Current tax assets and liabilities 167

4.9. Companies of the Group and trusts 168

4.10. Investments accounted for using the equity method 170

4.11. Net goodwill 174

4.12. Property, plant and equipment 174

4.13. Investment properties 174

4.14. Intangible assets other than goodwill 177

4.15. Deferred tax assets and liabilities 177

4.16. Other non-current financial assets 177

4.17. Borrowings, total loans 178

4.18. Trade and other accounts payable, current and non-current 199

4.19. Other non-financial liabilities, current and non-current 202

4.20. Net equity 202

4.21. Income from ordinary activities 204

4.22. Construction contracts 204

4.23. Joint ventures 206

4.24. Cost of sales 206

4.25. Other income 207

4.26. Personnel expenses 207

4.27. Administrative and sales expenses 207

4.28. Other expenses 207

4.29. Other gains (losses) 208

4.30. Foreign exchange difference 209

4.31. Financial income 209

4.32. Financial costs 209

4.33. Shares and profits (losses) of associates and joint ventures 209

4.34. Result of income tax 210

4.35. Non-controlling interest 210

4.36. Contingencies, judgments and others 211

4.37. Subsequent events 215

4.38. Relevant Information 215

4.39. Approval of the financial statements 216

4.40. Transactions between companies 216

4.41. Indicators 219

Conconcreto — 135

01CONSOLIDATED FINANCIAL STATEMENTS 01NOTES TO THE SEPARATE FINANCIAL STATEMENTS FOR YEARS ENDED DECEMBER 31, 2015 AND 2014

Company Equity participation Dec-15 Equity participation Dec-14Constructora Conconcreto S.A. 100,00% 100,00%

Industrial Conconcreto S.A.S. 100,00% 100,00%Inmobliliaria Conconcreto S.A.S. 100,00% 100,00%Conconcreto Internacional S.A. 100,00% 100,00%U-Storage S.A. 100,00% 100,00%Cas Mobiliario S.A. 100,00% 100,00%Inversiones Worldwide Storage S.A. 100,00% 100,00%Cantera la Borrascosa S.A.S. 100,00% 100,00%SCA Zona Franca S.A.S. 100,00% 100,00%Conconcreto Inversiones y Servicios 100,00% 0,00%Doblece Re Ltda 80,00% 0,00%Nayu Asset 51,00% 51,00%Viviendas Panamericanas S.A. 50,00% 70,00%Contintal S.A. 50,00% 50,00%Transamerican Services 50,00% 50,00%Centrans Company 50,00% 50,00%Consol S.A.S. 50,00% 50,00%Consalfa S.A.S. 50,00% 50,00%Aerotocumen S.A. 50,00% 51,00%Maui Properties I.N.C. 50,00% 0,00%Maui Development, I.N.C. 50,00% 0,00%Pactia S.A.S 50,00% 0,00%Soletanche Bachy Cimas S.A. 40,97% 40,97%Brighstar Management Corp. 40,00% 40,00%Civitar-Nunciatura 2 35,85% 0,00%Uno Sur S.A. 33,33% 0,00%Constructora San Diego Milenio S.A. 33,30% 33,30%Grupo Heróica S.A.S. 30,00% 30,00%Promotora Aldea del Viento S.A. 27,79% 27,79%Promotora Aldea del Viento S.A. 27,79% 27,79%Concesiones C.C.F.C S.A. 24,00% 24,00%Norval Ventures, INC 11,00% 11,00%Autopista de los Llanos S.A. 8,47% 8,47%Devimed S.A. 0,80% 0,80%

1. GENERAL INFORMATION

Operations: Constructora Conconcreto S.A. was established in accordance with Colombian law on December 26, 1961, with public instrument Number 8,597 and duration through December 31, 2100. Among other things, the corporate pur-pose is to study, design, plan, contract and execute all types of buildings, public works and real estate in general, and to do addition, improvement, modification, restoration and repair projects for these kinds of works. It also provides technical

and consulting services within the various fields of civil en-gineering. Real estate investments for resale or to develop building projects, for lease or commercial use.The entity is subject to the exclusive control of the Financial Superintendence of Colombia, registered on the Securities Market on July 22, 1983.

Corporate domicile: Constructora Conconcreto S.A. is located at Carrera 43 A 18 Sur 135, 4th Floor in the city of Medellín, Department of Antioquia.Companies and trusts included in these consolidated finan-cial statements:


Trusts Equity participation Dec-15 Equity participation Dec-14Valverde 100,00% 0,00%

Tulipanes 100,00% 100,00%Torre Salamanca 100,00% 0,00%Torre de Comuneros 100,00% 100,00%Tacaragua 100,00% 100,00%Lote Palma 100,00% 100,00%Lote Lagartos 100,00% 99,90%Lote Hayuelos 100,00% 99,90%Madeiro 100,00% 99,90%Hotel Cali 100,00% 100,00%Gran Plaza Cartago 100,00% 100,00%Fresenius 100,00% 100,00%El Poblado 100,00% 99,90%El Bosque 100,00% 100,00%Devioriente 100,00% 100,00%Bodegas Familia 100,00% 60,00%Anticipo Puente de la 77 100,00% 100,00%Ampliacion Megacenter 100,00% 0,00%Almenara 100,00% 100,00%Alcancia 100,00% 100,00%El Molino 100,00% 82,16%Las Chimeneas Vivienda 100,00% 0,00%Ampliacion Guatapuri 100,00% 0,00%Renta Vivienda 99,01% 0,00%Sports Plaza 87,77% 80,00%Lote Malachí 75,86% 0,00%P.A Pactia 58,24% 0,00%Tanque Cazuca 16,14% 0,00%Titularización 8,37% 12,23%Villa Viola 4,28% 4,28%Edificio CCI 4,02% 4,02%Deviplus 2,78% 2,78%Devimed 2,78% 2,78%Emgea 0,91% 1,64%Guatapurí Plaza Comercial 0,00% 100,00%Gran Plaza Florencia 0,00% 100,00%Bodega Impac 0,00% 100,00%Unilever 0,00% 100,00%Flamingo 0,00% 100,00%Almagrario 0,00% 100,00%Gran Plaza Soledad 0,00% 100,00%Alcaravan Yopal 0,00% 100,00%Coordenada sur 0,00% 86,00%Pitalito 0,00% 100,00%Tiendas Farmatodo 0,00% 100,00%Buró 24 0,00% 100,00%Gran Plaza Ipiales 0,00% 100,00%Buro 51 0,00% 100,00%Hotel Neiva 0,00% 90,00%Logika II 0,00% 78,30%Bodegas San Francisco 0,00% 100,00%Ensueño 0,00% 100,00%Hilanderias 0,00% 100,00%Alcaravan Yopal 0,00% 90,00%

Corporate group: The Company invests in various sectors of the Colombian economy through the following subsidiaries:

• The real estate business, in addition to being part of the corporate purpose of Conconcreto S.A., is also develo-ped through Inmobiliaria Conconcreto S.A.S.

• Industrial Conconcreto S.A.S. is in charge of the pre-fabricated construction, processing raw materials and industrial installations.

• General construction services and other related activi-ties are conducted through Conconcreto Internacional

S.A. at the international level, which is headquartered in Panama.

• Among other things, the corporate purpose of Ustorage S.A.S. is to provide leasing services.

• Inversiones Worldwide Storage S.A. invests in negotia-ble securities and stock.

• CAS Mobiliario S.A. promotes the supply, installation, assembly, maintenance, repositioning and use of street furniture, to provide marketing services and sell publici-ty in public spaces.

• DobleCC Re Ltda is a captive reinsurance company.

Conconcreto — 137

01CONSOLIDATED FINANCIAL STATEMENTS 01

Creation and Liquidation Report - Conconcreto group Subsidiaries (Subsidiaries Trusts)Contribution Amount % Equity Participation

Name Purpose Status DateOpening (Assets) / Closing

(Liabilities)Dec-15 Dec-14

Opening (Assets) / Closing


El Molino Investment project - housing Creation abr-14 9.000.000 19.000.000 11.491.447 78,29% 100% 82,16%

Anticipo puente de la 77

Handle construction project advance payments

Creation may-14 26.616.841 5.781.004 15.690.190 100% 100% 100%

Gran Plaza Cartago

Investment project - shopping mall

Creation ene-14 7.986.620 8.141.049 7.986.620 100% 100% 100%

Sports PlazaInvestment project - recreation

Creation sep-14 59.909 4.086.096 3.796.792 100% 88% 87,08%

Lote Cali Investment project - hotel Creation feb-14 1.952.256 2.566.214 1.958.416 100% 100% 100%

CREATIONS IN 2014 45.615.626 39.574.363 40.923.465

Lote Malachí Investment project - housing Creation ene-15 5.551.000 13.752.024 - 65% 76% 0%

Cedi Corona Warehouse rental Creation jun -15 4.746.000 - - 100% 0% 0%

Ampliación Megacenter

Project in pre-operation phase Creation ago-15 1.205.000 1.205.000 - 100% 100% 0%

Valverde Investment project - housing Creation may-15 1.000 4.247.000 - 100% 100% 0%

Renta vivienda

Investment project Creation Dec-15 20.964.698 20.964.698 - 99% 99% 0%

Ampliación Guatapuri


Creation Dec-15 1.000 1.000 - 100% 100% 0%

Chimeneas Investment project - housing Creation oct-15 1.000 1.000 - 100% 100% 0%

CREATIONS IN Q4 OF 2015 32.469.698 40.170.722 -

Lote Buró 51

Transfer lot to leasing (operating lease)

Liquidation nov-14 18.572.672 - - 100% 0% 100%

LIQUIDATIONS IN 2014 18.572.672

El Ensueño Investment project

Cesion (Aporte) ago-15 93.612.220 - 93.612.220 100% 0% 100%

Buró 25Investment project - warehouses

Transfer (contribution) ago-15 64.560.000 - 16.156.158 100% 0% 100%

Gran Plaza Alcaraván 1 y 2


Transfer (contribution) sep-15 40.503.247 - 37.192.985 100% 0% 100%

GuatapuriInvestment project - shopping mall


HilanderiasInvestment project - shopping mall

Transfer (contribution) ago-15 27.000.000 - - 100% 0% 0%

SoledadInvestment project - shopping mall


Flamingo Pereira

Investment project - warehouse


AlmagrarioInvestment project - warehouse


Gran Plaza Florencia



Hotel GHL Style Neiva

Investment project - hotel


Farmatodo 127



Buró 24 Investment project - hotel

Transfer (contribution) ago-15 9.376.755 - 997.065 100% 0% 100%

• Conconcreto Inversiones y Servicios is dedicated to the construction and execution of all types of buildings and public works.

• Cantera la Borrascosa is dedicated to mining explora-

tion and exploitation.• Nayu Assets Corporation buys, sells and trades real es-

tate and personal property.


Creation and Liquidation Report - Conconcreto group Subsidiaries (Subsidiaries Trusts)

Contribution Amount % Equity Participation

Name Purpose Status DatOpening (Assets) / Closing


Opening (Assets) / Closing


Hotel GHL Style Yopal

Investment project - hotel


San AntonioInvestment project - shopping mall


Gran Plaza Ipiales


Transfer (contribution) sep-15 (8.109.369) - 5.665 100% 0% 100%

Coordenada Nissan


Transfer (contribution) oct-15 5.524.634 - 7.596.994 100% 0% 100%

Coordenada Fibratore



Coordenada Frito Lay



Coordenada Maderas de Occidente



Coordenada Seracer



Bodega Impac


Transfer (contribution) Dec-15 7.070.168 - 514.379 100% 0% 100%

Cedi corona Girardota


Transfer (contribution) Dec-15 7.007.102 - - 100% 0% 100%

UnileverInvestment project - warehouse

Transfer (contribution) Dec-15 66.205.187 - 3.452.292 100% 0% 100%

Bodega Familia Sancela


Transfer (contribution) Dec-15 8.003.544 - 452.362 100% 0% 100%

Logika IIInvestment project - warehouse


Bodega San Francisco


Transfer (contribution) nov-15 66.801.790 - 2.301.457 100% 0% 100%

TOTAL 593.333.174 303.510.175

Employees:

Breakdown No. Employees Dec-2015

No. EmployeesDec-2014

Constructora Conconcreto S.A. 2.213 1.894

Industrial Conconcreto S.A.S. 551 606 Conconcreto Internacional S.A. 169 208 Inmobiliaria Conconcreto S.A.S. 103 89 CAS Mobiliario S.A. 28 23 Sistemas Constructivos Avanzados Zona Franca S.A.S. 22 - Cantera La Borrascosa S.A.S. 16 15 Ustorage S.A.S. - 17 Total employees 3.102 2.852

Conconcreto — 139

01CONSOLIDATED FINANCIAL STATEMENTS 01Br

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2. BASES FOR PREPARATION

The principal accounting policies adopted in preparing these consolidated financial statements are described below.

2.1 ACCOUNTING PERIODThese consolidated financial statements for Constructora Conconcreto S.A. group cover the following periods:

• Consolidated Statement of Financial Position as at De-cember 31, 2015 and 2014.

• Consolidated Statement of Income for the twelve-month periods beginning January 1 and ending December 31 of 2015 and 2014.

• Consolidated Statement of Comprehensive Income for the twelve-month periods beginning January 1 and en-ding December 31 of 2015 and 2014.

• Statement of Changes in Net Equity for the twelve-month periods beginning January 1 and ending December 31 of 2015 and 2014.

• Consolidated Statement of Cash Flow for the twelve-mon-th periods beginning January 1 and ending December 31 of 2015 and 2014.

PRESENTATION OF FINANCIAL STATEMENTSConsolidated statement of financial position:Constructora Conconcreto S.A. and its affiliates have chosen to present for this consolidated statement of fi-nancial position classifying it as current and non-current.Statement of comprehensive income:Constructora Conconcreto S.A. and its affiliates have chosen to present their consolidated statements of inco-me as classified by function.Statement of cash flow:Constructora Conconcreto S.A. and its affiliates present the statement of cash flow using the indirect method.

2.2 DISCLAIMERThe Management of Constructora Conconcreto S.A. and its subsidiaries is responsible for the information contained in these consolidated financial statements. The preparation of these statements, based on the International Financial Re-porting Standards, requires the use of judgments and es-timates, as well as the judgment of management to apply the accounting policies. These estimates have been prepa-red using the best information available on the date these condensed consolidated financial statements were issued. However, it is possible that future knowledge could require them to be changed in later periods. If this occurs, it would be done in accordance with the provisions established in IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors,” with retrospective restatement, recognizing the effects of the change to the estimate in the corresponding consolidated financial statements.

2.3 FUNCTIONAL AND PRESENTATION CURRENCYEntries to the financial statements are expressed in the cu-rrency of the primary economic environment where the entity operates (Colombian Pesos). The financial statements are presented in “Thousands of Colombian Pesos,” which is the Company’s functional and reporting currency.

2.4 ACCOUNTING ESTIMATES AND JUDGMENTSThe preparation of the financial statements in accordance with IFRS requires the use of certain critical accounting esti-mates. It also requires management to exercise judgment in the process of applying accounting policies.


The areas that involve a high degree of judgment or comple-xity, or areas where assumptions and estimates are signifi-cant for the financial statements, are described in Note 4.1.

2.5 CURRENT AND NON-CURRENT ASSETS AND LIABILITIES

ASSETSThe company classifies an asset as current when:

a) It expects to realize the asset, or has the intention of selling it or consuming it in the normal course of ope-rations.

b) It holds the asset primarily for negotiation purposes.c) It expects to realize the asset within the twelve mon-

ths following the period in which it is reported.d) The asset is cash or cash equivalent (as defined in

IAS 7) unless it is restricted and cannot be exchan-ged or used to pay a liability for a minimum period of twelve months after the fiscal period in which it is reported.

The company will classify all other assets as non-current.The term “non-current” includes tangible, intangible and fi-nancial assets that, by their very nature, are long-term.

LIABILITIESThe company classifies a liability as current when:

a) It expects to liquidate the asset in the normal course of operations.

b) It holds the liability primarily for negotiation purpo-ses.

c) It expects to liquidate the liability within the twelve months following the period in which it is reported.

d) It does not have the unconditional right to pos-tpone paying the liability for at least the twelve months following the date of the period in which it is reported. The conditions of a liability that could result, at the discretion of the other party or at the time of liquidation by issuing equity instruments, do not affect its classification.

The company classifies all other liabilities as non-current.

2.6 TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

These financial statements have been prepared in accor-dance with the International Financial Reporting Standards (NFIC, for the Spanish original) accepted in Colombia, esta-blished in Law 1314/2009, implemented by Sole Regula-tory Decree 2420/2015, amended by Decree 2496/2015. The NFIC are based on the International Financial Reporting Standards (IFRS), along with their interpretations, issued by the International Accounting Standards Board (IASB); the

standards correspond to those translated into Spanish and issued on January 1, 2012 and amendments made during 2012 by the IASB.

2.6.1 EXCEPTIONS AND EXEMPTIONS APPLIEDThe Company applied the following exceptions and exemp-tions contained in IFRS 1 for its transition process:

EXCEPTIONS• Estimates made were in line with estimates made for the

same date according to the previous GAAP, rather than using estimates required by the IFRS that were not pre-viously used.

• As planned, financial assets and liabilities were derecogni-zed according to IFRS 9.

• Financial assets (loans and accounts receivable) were me-asured at amortized cost in accordance with section 4.1.2 of IFRS 9.

EXEMPTIONS• The concept of reverse acquisitions under IFRS 3, Busi-

ness Combinations, was not applied. • IAS 21, The Effects of Changes in Foreign Exchange Ra-

tes, was not used for calculating goodwill as this was valid for the previous GAAP.

• The carrying amount for goodwill under IFRS will be the carrying amount on the date of transition to the IFRS ac-cording to previous GAAP, analyzing whether intangible assets should be reclassified to goodwill, while impairing their value.

• Cost of property, plant and equipment was reported at fair value.

• For the separate financial statements, cost was reported in line with the previous GAAP to record investments in subsidiaries, associates and joint ventures, considering all impairment losses.

• Transitional provisions as referenced in IFRS 11 were re-ported in the separated financial statements, and there-fore any investment in joint operations was derecognized. Then assets and liabilities were recognized based on per-cent holdings.

• Impairment losses calculated using the equity method were recognized for joint arrangements.

2.6.2 COMPARATIVE INFORMATION PREPARED USING PREVIOUS GAAP

In the following table, the value of assets, liabilities and equity under the previous GAAP is broken down, reflecting the main impacts for each item to match the value of the same items under the IFRS adopted. All adjustments made affect year-to-date earnings; therefore, there is no impact on the income or on other comprehensive income:

Conconcreto — 141

01CONSOLIDATED FINANCIAL STATEMENTS 01OPENING CONSOLIDATED BALANCE AS AT JANUARY 1, 2014

Variations between COLGAAP and IFRS at January 1, 2014Assets Liabilities Equity Minority

In millions of COPFinancial statements, Colombian Standards 1.619.404 611.073 1.006.022 2.309 Inclusion of consortium assets and liabilities (Helios losses) 517.471 536.818 (19.347) - Recognition of deferred taxes* 15.244 40.898 (25.654) - Returns on surplus housing (13.690) 3.001 (16.691) - Impairment of investments (goodwill)* (6.589) (6.589) Impairment of investments and equity method (20.167) - (20.167) - Changes in the fair value of investment properties and measuring property, plant and equipment (7.031) - (7.031) -

Consolidation of trusts - fair value of investment properties 277.614 273.638 3.376 600 Recognition of operating leases and adjustments to fair value 267.585 265.653 1.932 - Costs of construction contracts 5.925 11.627 (5.702) - Recognition of equity tax 3.969 (3.969) - Disposal of investments in the environment (Asoprobosques) (3.600) - (3.600) - Impairment of debts (2.878) - (2.878) - Other impacts* (2.973) (803) (2.170) - Elimination of intra-group transactions with joint operations (30.136) (30.136) 0 - Financial statements, International Standards 2.616.178 1.715.737 897.533 2.909

Variation 996.775 1.104.664 (108.489) 600 38,10% 64,38% -12,09% 20,63%

tiums principales fueron los siguientes:

Consortium AssetsCOP (millions)

LiabilitiesCOP (millions

Vial Helios 377.042 397.352

CCC Ituango 110.364 107.582ECC-Loboguerrero 28.112 3.972Hidrocucuana 23.189 23.338Other 38.320 31.008Elimination of Conconcreto current account (59.555) (26.433)Total 517.472 536.818

Equity adjustments because of the initial adoption were as follows:

*The lines indicated changed with respect to what was pre-sented in previous reports, primarily because of changes to the financial statements of associates and joint ventures, when implementing IFRS for the first time.

In addition, an impairment loss was recorded for one good-will entry, in line with IFRS 1.

On the statement of cash flow, significant impacts are presented, mainly in the consolidated financial statements since new entities are included according to the existing ac-counting standard that were not consolidated using previous GAAP. This provides more information about the generation and use of cash throughout the group.

Since the previous GAAP and IFRS have different struc-tures, a cash flow comparison was not prepared. However, it is important to note that all vehicles used for business even by consortiums and trusts, which were previously not recor-ded in the cash flow, are not present, providing valuable deci-sion-making information.

2.6.3 EFFECT OF THE TRANSITION ON THE STATEMENT OF FINANCIAL POSITION REPORTED

During the entire transition process, changes were being made to the information on the opening balance and the 2014 figures to ensure comparative statements could be produced against the 2015 report. These changes were pri-marily made due to the IFRS implementation processes of

the associates and joint ventures in which the company has holdings, which had primarily implemented their IFRS transi-tion after the company.

Equity reported in the opening balance varied 12.09%, basically due to recognizing future losses in construction contracts through consortiums, changes in the fair value of investment properties, recognizing deferred taxes, returns on surplus housing for not meeting the requirements to be con-sidered revenue and impairment of company holdings.

The following are the most significant impacts of first-time adoption:

INCLUSION OF CONSORTIUM ASSETS AND LIABILITIESConsortiums were interpreted as joint operations (IFRS 11). Assets and liabilities on the consortium balance sheets were included based on holdings.

In this process, the figures that had already been recogni-zed in COLGAAP were eliminated, so they would not be du-plicated (PP&E, leasing), and the current account reporting consortiums revenue was eliminated. In addition, reciprocal transactions have been eliminated.

In these consortiums, adjustments to the fair value of PP&E, the cost of construction contracts and other lesser adjustments were made for the derecognition of assets.

The list of assets and liabilities included under the primary consortiums were the following:


Consortium Construction ContractsCOP (millions)

OtherCOP (millions)

Vial Helios (20.667) (25)

CCC Ituango 1.002 -ECC-Loboguerrero 762 31Hidrocucuana - 55CC-MP-HV Cusiana 40 -CC-MP-HV-Palmeras (19) (19)CC- Conciviles (508) -Total (19.389) 42

RECOGNITION OF DEFERRED TAXESThis item comprises assets for deferred tax generated by temporary differences in deductibles, including fiscal losses from previous periods that have not been deducted by the consolidated companies (IAS 12 p.27).

Account heading AssetsCOP (millions)

LiabilitiesCOP (millions)

Consortium and joint ventures 6.408 -

Trust surplus 4.124 -Construction contracts 2.007 44Trusts 1.551 28.144Other, environment 825 -Investments 520 111Deferred and intangible 260 -Inventory (fixed assets and inventory) 243 -Other impacts 163 -Accounts receivable, amortized cost 70 -Tax losses 13 -Foreign currency revaluation - 4Fixed assets - leasing - 12.317Other - 278Deferred tax reversal (940) -Subtotal 15.244 40.898Net (25.653)

RETURNS ON SURPLUS HOUSINGADerecognition of surplus received from real estate investment trusts. Under IFRS, these will be recognized as income in later periods in proportion to the property deeds recorded.

Withdrawal of surplus from trusts Company Project Amount

COP (millions)Constructora Conconcreto S.A. El Poblado (10.900)

Inmobiliaria Conconcreto S.A.S El Poblado (3.100)Constructora Conconcreto S.A. Entreparques (907)Inmobiliaria Conconcreto S.A.S Entreparques (742)Constructora Conconcreto S.A. Prestige (323)Inmobiliaria Conconcreto S.A.S Prestige (265)Inmobiliaria Conconcreto S.A.S Ceylan (392)Inmobiliaria Conconcreto S.A.S Salento (63)Total (16.691)

Conconcreto — 143

01CONSOLIDATED FINANCIAL STATEMENTS 01IMPAIRMENT OF INVESTMENTSEquity of associates and joint ventures was impacted by first-time adoption; the company recognized its share of these equity impacts (using the equity method) in its consolidated financial statement.

InvestmentsCompany Classification Amount

COP (millions)Consalfa S.A.S. Joint venture (10.437)

Consol S.A.S. Joint venture (7.813)Autopista de los Llanos S.A. Associate (4.819)Centrans Company Associate 3.671Concesiones C.C.F.C S.A. Associate (987)Other impacts Other 218Total (20.167)

IMPAIRMENT OF GOODWILLImpairment tests were performed on goodwill, resulting in the following impacts:

GoodwillCompany Classification Amount

COP (millionsU-Storage S.A.S. Subsidiary (4.092)

IWWS Subsidiary (2.497) Total (6.589)

CHANGES IN THE FAIR VALUE OF INVESTMENT PROPERTIES AND MEASURING PROPERTY, PLANT AND EQUIPMENTThe impact on investment properties and Property, Plant and Equipment held directly by Conconcreto should be the measure of fair value and reported at that cost.

Property, plant and equipment / investment property COP (millions) COLGAAP Adjustment IFRSMachinery for manufacturing construction panels 3.633 1.276 4.909

Other assets, property, plant and equipment - leasing 81.255 335 81.590Grove telescopic crane, used 425 422 847Self-propelled telescopic crane 285 691 976Disassemble and repair Atlas Copco Boomer H170 30 (8) 22Cone crusher - 250 250Property, plant and equipment, Sistemas Constructivos Avanzados 9.875 (115) 9.760Formwork shuttle for docs 946 (304) 642Vibrocompactor SD 646 (516) 130Plant 1 - planta loro 1.555 (805) 750Property, plant and equipment, Industrial Conconcreto 111.155 (1.930) 109.225Corona Cucuta building space (investment) 4.279 (2.018) 2.261Other assets, investment 55.728 (4.309) 51.419Total 269.812 (7.031) 262.781

CONSOLIDATION OF TRUSTS - FAIR VALUE OF INVESTMENT PROPERTIESThe position of control in Trusts was analyzed and they were classified in to three groups: Subsidiaries, joint operations and associates. When these assets and liabilities were added, Conconcreto’s investment in Trusts (intangibles and valuations) and the different reciprocal transactions (accounts payable and receivable) was eliminated.


Consolidation of trusts - fair value of investment propertiesTrusts Amount

COP (millions)Joint operations (2.828)

Viva Sincelejo (Associate) 7.050Villa Viola (Associate) (486)Other (360)Total 3.376


RECOGNITION OF EQUITY TAXThe account payable corresponds to the last installment paid for equity tax.

DISPOSAL OF INVESTMENTS IN THE ENVIRONMENT The investment in the environment was adjusted, as it does not meet the condition of generating future economic benefits to be considered an asset.

IMPAIRMENT OF DEBTSLong-term entries at present value were measured and bad debt, deposits held for guarantees and accounts receivable from workers were derecognized.

RECOGNITION OF OPERATING LEASES Operating lease agreements were analyzed in accordance with IAS 17 and sections D9 and D9A of IFRS 1. This analysis resulted in recognizing assets and liabilities of these leases because they were classified as finance leases.

Assets were recognized at fair value (market value) and liabilities were recognized at the current value of minimum lease payments.

A large majority of these leases were made through subsidiary trusts, which were consolidated. Assets and liabilities were recognized as described in detail below:

LeasingCOP (millions)

Property Asset Liability AdjustmentLa Castellana 31.299 26.666 4.633

Pitalito 39.700 39.063 637Ejecutivos 12.070 11.930 140BBB Equipos 14.169 14.294 (125)Florencia 57.487 57.630 (143)Soledad 89.998 90.156 (158)Megacenter 9.700 10.222 (522)Meridiano 13.162 15.691 (2.529)Total 236.286 238.987 1.932

CONSTRUCTION CONTRACTSIFRS 1 does not have exceptions or exemptions applicable to construction contracts. Therefore, adjustments that are made correspond to the retroactive application of the cost of the

agreement plus the % down payment, a methodology selec-ted as company policy.

The main adjustments were made for the following projects:

CONSTRUCTION CONTRACTBuró 26Buró 24Buró 51 - BarranquillaBase Militar San Juan de RodasAcqua Power CenterHotel Estelar CartagenaOther projectsSUBTOTAL

PROFIT COP (MILLIONS)COLGAAP IFRS VARIATION

3.839 2.259 (1.580)5.310 4.880 (430)

608 190 (418)753 418 (335)

2.097 621 (1.476)545 192 (353)

28.673 27.562 (1.111) 41.824 36.122 (5.702)

Conconcreto — 145


OTHER IMPACTSOther lesser impacts were presented, due to first-time adoption of International Financial Reporting Standards.

Other impacts COP (millions)Account heading Assets Liabilities Equity

Deferred and intangible (850) - (850)

Accounts receivable, COP (millions) COLGAAP Adjustment IFRS Consortium Mercantil Colombiano S.A. 1.147 (217) 930

Horizons Institute Inc 425 (47) 378Other 285 264 276Adjustments for net present value 1.857 0 1.584Fundación Conconcreto 374 (374) (0)Promotora Casa del Mar 2.887 (1.067) 1.820Inversiones Monticello 138 (138) 0Estructuras M de O 483 (120) 363Accounts receivable – employees 256 (256) (0)Other accounts receivable 1.287 (922) 365Adjustments by derecognition 5.425 (2.878) 2.547 Total 7.282 (2.878) 4.132

Taxes (127) - (127)Inventories (1.049) (409) (640)Foreign currency valuation (719) (21) (698)Derecognition of liabilities - (305) 305Adjust liabilities using amortized cost - (68) 68Other (228) - (228)Total (2.973) (803) (2.170)

DESIGNATION OF FINANCIAL ASSETS OR FINANCIAL LIABILITIES• From the previous GAAP, the company managed the following classes of financial assets and liabilities:

FINANCIAL ASSETS• Cash• High liquidity investments• Clients and accounts receivable• Investments in non-controlled companies

FINANCIAL LIABILITIES• General financial obligations• Liabilities for financial derivatives• Suppliers and accounts payableAfter the analysis was performed, the company classified these assets and liabilities as follows:

FINANCIAL ASSETSPREVIOUS GAAP IFRS COMMENT

Cash Cash and cash equivalents

High liquidity investments Cash and cash equivalents

Clients and accounts receivable Loans and accounts receivable

Not all items that were managed or clients and accounts receivable under previous GAAP were classified as financial assets.


Investments in non-controlled companies

Financial assets measured at fair value through profit or loss

Financial assets held for sale

The company divided this type of investment into two groups:

1. Investments in shares traded on the stock market or that have information available to measure their fair value are classified as financial assets at fair value through other comprehensive income.

2. Investments in shares not traded on the stock market or that do not have information available to measure their fair value are classified as financial assets held for sale.

Some lesser investments that were reported under previous GAAP were not classified as financial assets.

Borrowings Borrowings and accounts payableSuppliers Borrowings and accounts payable

Accounts Payable Borrowings and accounts payable Some accounts payable were not classified as financial liabilities and were reclassified as miscellaneous.

Based on the above, the company did not designate financial assets and liabilities at fair value through profit or loss.The following table lists new items on the financial statements under IFRS, not previously presented for COLGAAP.

CONSOLIDATED FINANCIAL STATEMENTS (IFRS) AS AT DECEMBER 31, 2014 COP (MILLIONS)

Statement of financial position Note 2014 Opening balance Variation

Cash and cash equivalents 341.522 375.034 (33.512)

Trade accounts receivable 394.997 391.801 3.196Accounts receivable from related parties 78.569 21.736 56.833Current inventories 304.053 266.764 37.289Current tax assets 14.960 1.106 13.854Other financial assets 189 189 -Other non-financial assets 1 2.048 3.242 (1.195)Other non-current assets held for sale 220 220 -Total current assets 1.136.558 1.060.092 76.466Investment properties 2 1.388.341 1.039.316 349.025Property, plant and equipment 313.602 308.066 5.535Goodwill 3 7.974 7.974 -Intangible assets other than goodwill 2.589 3.006 (417)Investments in associates and joint ventures 4 140.113 159.629 (19.516)Trade accounts receivable 7.969 4.919 3.050Accounts receivable from related parties 23.487 2.822 20.665Non-current inventories 4.134 1.794 2.340Deferred tax assets 28.808 16.175 12.633Other non-current financial assets 5 3.644 11.435 (7.791)Other non-current non-financial assets 740 952 (212)Total non-current assets 1.921.400 1.556.087 365.525Total assets 3.057.958 2.616.179 441.991Current borrowings 261.473 150.523 110.950Current provisions 6 5.366 10.525 (5.159)Trade accounts payable 395.354 464.138 (68.784)Accounts payable to related parties 8.384 25.670 (17.286)Current tax liabilities 3.151 1.451 1.699Other financial liabilities 8.700 4.850 3.850Other non-financial liabilities 7 189.000 141.838 47.162Total current liabilities 871.427 798.995 72.432Non-current borrowings 1.034.136 638.275 395.861Non-current provisions 3.755 3.450 305Trade accounts payable 8.384 75.592 (67.207)Accounts payable to related parties 249 219 30Deferred tax liability 48.268 40.899 7.369Other financial liabilities 79.250 89.150 (9.900)Other non-financial liabilities 8 94.458 69.159 25.298

Conconcreto — 147

01CONSOLIDATED FINANCIAL STATEMENTS 01Total non-current liabilities 1.268.500 916.744 351.756Total liabilities 2.139.927 1.715.739 424.187Issued capital 93.463 93.463 -Issue premium 318.872 318.872 -Income for the period 23.528 60.610 (37.082)Retained earnings 256.792 256.819 (27)Other equity participation 9 (605) (57) (548)Reserves 208.463 167.853 40.610Other reserves (1.677) (27) (1.650)Parent company equity 898.835 897.532 2.953Minority interest 10 19.196 2.909 16.288Total equity 918.031 900.441 19.241

1. Prepaid expenses (deferred under COLGAAP)2. Real property that generates direct income (property, plant and equipment under COLGAAP)3. Goodwill (goodwill under COLGAAP)4. Investments where there is joint control or significant influence5. Investments in non-controlled companies (investments under COLGAAP)6. General provisions7. Current advance payments received (other liabilities under COLGAAP)8. Non-current advance received (other non-current liabilities under COLGAAP)9. The valuation of financial instruments not reported in the statement of income (hedge fund valuation) is included. The

effect of exchange rate conversions for offshore investments is also included.10. Minority shareholder stakes in affiliates (minority interest under COLGAAP).

CONSOLIDATED FINANCIAL STATEMENT (IFRS) AS AT DECEMBER 31, 2014 COP (MILLIONS)

Statement of income IFRS Note 2014Income from ordinary activities 1.088.111

Cost of sales (878.981)Gross profit 209.130 Other income 1 14.770 Administrative and sales expenses (43.671)Expenses from employee benefits 2 (51.461)Other expenses 3 (9.027)Other gains (losses) 4 (19.384)Operating profit 100.357 Exchange rate differences 1.806 Financial income 5 11.116 Financial costs 5 (75.137)Equity method for Associates and Joint Ventures. 6 4.071 Earnings before taxes 42.212 Income taxCurrent (17.915)Deferred 273 Net profit 24.570 Parent company profit 23.527 Profit to minority shareholders 1.043

1. Revenue from sale of assets and other income (non-operating income under COLGAAP)2. Personnel expenses (administration expenses and sales under COLGAAP)3. Loss from sale of assets and other additional expenses (non-operating expenses under COLGAAP)4. Fair value of investment properties (not applicable under COLGAAP)5. General financial instruments (includes financial instruments that were reported as cost of sales under COLGAAP)6. Equity method for Associates and Joint Ventures. (Not applicable under COLGAAP)

RECONCILIATIONS BETWEEN COLOMBIAN ACCOUNTING PRINCIPLES AND IFRSThe following reconciliations quantify the effects of the transition to IFRS as at January 1, 2014 (opening balance) and Decem-ber 31, 2014 (comparative statement of financial position) and for the 2014 period for the statement of comprehensive income.


IFRS AND COLGAAP RECONCILIATION - 2014 COP (MILLIONS)

COLGAAP versus IFRS in 2014 Equity Profit Consolidated financial statements, Colombian Standards 1.061.302 51.809

Adjustments to 2013 opening balance (108.561) -Insurance valuation (16.389) -Changes in valuation of intangibles that do not apply in IFRS (35.389) -Changes in valuation of investments that do not apply in IFRS 12.972 -Changes in valuation of fixed assets that do not apply in IFRS 2.294 -Changes in equity method surplus that do not apply in IFRS (7.430) -Reversal of equity tax impact in opening balance 3.961 -Deferred taxes, OCI 6.097 -Equity method for associates and joint ventures. 219 -Non-controlling interests presented in IFRS equity 19.196 -Effect of conversion presented in IFRS equity 8.395 -Difference between 2014 IFRS profit and COLGAAP profit (28.281) -Changes in the fair value of investment properties - (19.384)Returns from depreciation of investment properties in trusts - 15.892Equity method for associates and joint ventures. - 4.071Elimination of dividends associates and joint ventures - (23.894)Other impacts (356) (4.966)Consolidated Financial Statements, IFRS 918.030 23.528

Variation(143.272) (28.281)(15,61%) (120,20%)

2.7. RELATIVE IMPORTANCE AND MATERIALITYEconomic activities are reported based on their relative im-portance or materiality.

For disclosure purposes, a transaction, activity or opera-tion is material when, due to its amount or nature, its recog-nition or derecognition, considering surrounding circumstan-ces, influences decisions or evaluations that those using the accounting information could make.

In preparing and presenting the financial statements, materiality of the amount was determined based on, among other things, the total asset, total liability, total equity or in-come for the year, as applicable. In general terms, any entry that exceeds 5% of a total amount previously defined for the above is considered material.

2.8. BASES FOR CONSOLIDATIONThe consolidated financial statements combine the financial statements of the parent company, Constructora Conconcre-to S.A., and its controlled companies. The parent company controls an entity when it is exposed to, or has the right to va-riable returns from its involvement in this company and it has the capacity to influence those returns through the power it holds over that entity. Power is achieved when the parent company has rights that grant it the capacity to direct rele-vant activities that significantly affect the entity’s returns.

SUBSIDIARIES OR AFFILIATES These are the entities in which the parent com-

pany has the power to direct financial and operating policies, which generally is accompanied by a majo-

rity stake in voting rights. Affiliates are consolidated starting from the date control is transferred and are excluded from the consolidation as of the date this control is lost.

The parent company, Constructora Conconcreto S.A., consolidates its subsidiaries or affiliates using the comprehensive consolidation method. The com-prehensive consolidation method consists of including 100% of the assets, liabilities, revenue, expenses and cash flows of its affiliates, line by line; it eliminates the equity of affiliates against the value of each invest-ment reported, recognizes minority interest, elimina-tes intercompany transactions and profit and loss not from transactions between subsidiaries or affiliates of the parent company. When it is necessary to ensure uniformity with the policies adopted by Constructora Conconcreto S.A., the accounting policies of the sub-sidiaries or affiliates are modified.

JOINT ARRANGEMENTSA joint arrangement is an arrangement whereby two or more parties maintain joint control. There are two types of joint arrangements, depending on the rights and obligations of the parties to the arrangement.

JOINT OPERATION:This is a joint arrangement whereby the parties have joint control of the arrangement with the right to as-sets and obligations for liabilities under the arrange-ment. This type of operation takes into consideration

Conconcreto — 149

01CONSOLIDATED FINANCIAL STATEMENTS 01the legal structure of the arrangement, contractual clauses agreed upon by the parties and other factors and relevant circumstances.

JOINT VENTURE:This is a joint arrangement whereby the parties who have joint control of the arrangement have the right to net assets under the agreement, and they are known as stakeholders in the joint venture.

The parent company records this type of joint ven-ture using the equity method and points expressed in Note 4.10, Investments Reported Using the Equity Method.

TRANSACTIONS AND STAKES IN NON-CONTROLLED COMPANIESStakes in non-controlled companies are reported as net equity on the consolidated statement of financial position. Profit or loss from holdings in a non-controlled company is reported on the consolidated statement of comprehensive income after fiscal year earnings. Profit and loss from companies with shared ownership (joint venture) is recorded as equity and thus is shown on the consolidated statement of changes in equity.

ASSOCIATES These are all entities over which the parent company exercises a significant influence but does not have control. This generally results from a stake of between 20% and 50% of voting rights.

The Constructora Conconcreto S.A. group recog-nizes its stake in associates using the equity method. Under this method, investments in associates are recognized initially at cost, after which their carrying amount is increased or decreased to recognize the portion of profit and loss obtained by the associate that corresponds to the company for the fiscal year, after the date of acquisition.

2.9. TRANSACTIONS AND BALANCES IN FOREIGN CURRENCY

TRANSACTIONS AND BALANCESTransactions in foreign currency are converted to functional currency, using the exchange rates current on the dates of the transactions or the valuation when the entries are reas-sessed. Gains and losses from exchange rate differences that result from paying these types of transactions and the resulting currency translation are recorded in the consolida-ted statement of comprehensive income at the close of the year, for monetary assets and liabilities denominated in fo-reign currency.

Exchange rate gains from loans, cash and cash equiva-

lents are reported on the consolidated statement of compre-hensive income under “Financial income.” Exchange losses are reported on the consolidated statement of comprehensi-ve income under “Financial expenses”.

The statement of income and the statement of financial position for all entities in the Group (none of which have cu-rrency in a hyperinflationary economy) who have a functional currency that is different than the presentation currency are converted to presentation currency as follows:

(i) Assets and liabilities for each balance sheet presen-ted are converted at the closing exchange rate on the balance sheet date;

(ii) Income and expenses for each account in the state-ment of income are converted at the average exchan-ge rates; and

(iii) All resulting differences in exchange rates are recog-nized as a separate entry under net equity.

2.10. BUSINESS SEGMENTSTo facilitate understanding the company’s business, and consi-dering the internal reports that are examined by the Executive Committee when making decisions, Conconcreto S.A. classifies financial information into two segments of operations: Construc-tion and Investments. These are analyzed annually, to develop business strategies for operations in the following year.

DESCRIPTION OF THE SEGMENTS:

2.10.1 CONSTRUCTION This includes the development of construction projects as-sociated with infrastructure works that are generally in the public sector, building works in the private sector and the de-velopment of all housing works and sale of real estate pro-jects in primary and secondary cities throughout the country.

This line of business includes providing both structural and architectural design services and equipment leasing for the construction sector.

2.10.2 INVESTMENTSThe purpose of this business is to earn long-term revenue in different sectors. The segment includes: highway and other concessions, the real estate investment trust and holdings in other companies.

2.11. NEW STANDARDSNew standards and interpretations issued: Under Decree 2496 of December 2015, the new technical standard framework for financial information was issued, for preparers of financial in-formation that fall under Group 1 and as defined in Decree 2784/2012, amended by Decree 3023/2014.

The following table describes the new standards and pro-vides dates when they must be implemented.


IFRS amendments approved in Decree 2496/2015.

DESCRIPTION STANDARD/INTERPRETATION NAME OF PUBLICATION DATE OF APPLICATIONAmendment IAS 36 Impairment of Assets Information to Disclose on the Recoverable

Amount of Non-financial Assets January 1, 2016

New Interpretation IFRIC 21 - Levies IFRIC 21 - Levies January 1, 2016

Amendment IAS 39 - Financial Instruments: Recognition and Measurement

Novation of Derivatives and Continuation of Hedge Accounting January 1, 2016

Amendment IFRS 2 - Share-based Payment Definition of the vesting and non-vesting conditions for the concession. January 1, 2016

Amendment IFRS 3 - Business Combinations Accounting for contingent considerations in a business combination January 1, 2016

Amendment IFRS 8 - Operating SegmentsAggregation of operating segments. Reconciliation of the total assets for the segments which company assets should be reported in

January 1, 2016

Amendment IFRS 13 - Fair Value Measurement

Short-term commercial accounts receivable and payable January 1, 2016

Amendment IAS 16 - Property, Plant and Equipment

Revaluation method—proportionate restatement of accumulated depreciation January 1, 2016

Amendment IAS 24 - Related Party Disclosures Key management personnel January 1, 2016

Amendment IAS 38 - Intangible AssetsRevaluation method - proportionate restatement ofaccumulated amortization

January 1, 2016

Amendment IFRS 1 - First-Time Adoption Meaning of “current IFRS” January 1, 2016Amendment IFRS 3 - Business Combinations Scope of exceptions for joint ventures January 1, 2016Amendment IFRS 13 - Fair Value Measurement Scope of paragraph 52 (portfolio exception) January 1, 2016

Amendment IAS 40 - Investment PropertyClarifying the relationship between IFRS 3 and IAS 40 when classifying property as investment property or owner-occupied property

January 1, 2016

Amendment IAS 19 - Employee Benefits Benefit plans defined: Contributions to January 1, 2016

Amendment

IFRS 9 - Financial Instruments, IFRS 7 - Financial Instruments: Disclosures, and IAS 39 - Financial Instruments: Recognition and Measurement

IFRS 9 - Financial Instruments: Hedge Accounting and Amendments to IFRS 9, IFRS 7 and IAS 39

January 1, 2016

Issue of the standard

IFRS 14 - Regulatory Deferral Accounts Regulatory Deferral Accounts January 1, 2017 Advanced

application is permitted


IFRS 15 - Revenue from Contracts with Customers Revenue from Contracts with Customers

Monday, January 1, 2018 Advanced application is

permitted

Amendment IFRS 11 - Joint Arrangements Accounting for acquisitions of interests in joint operations

January 1, 2017 Advanced application is permitted

AmendmentIAS 16 - Property, Plant and Equipment and IAS 38 - Intangible Assets

Clarification of acceptable depreciation and amortization methods

January 1, 2017 Advanced application is permitted

AmendmentIAS 16 - Property, Plant and Equipment and IAS 41 - Agriculture

Agriculture: Producing Plants January 1, 2017 Advanced application is permitted

Amendment IAS 27 - Separate Financial Statements

Equity method in separated financial statements

January 1, 2017, retroactively Advanced application is

permitted

AmendmentIFRS 10 - Consolidated Financial Statements and IAS 28 - Investments in Associates and Joint Ventures

Addresses the inconsistency of requirements under both standards regarding treatment of the sale or contribution of assets between an investor and its associate or joint venture.

January 1, 2017, prospectively Advanced application is permitted

Improvement Annual improvement of IFRS Cycle 2012-2014

Amendments to IAS 34, IAS 19, IFRS 1, IFRS 7, IFRS 5

January 1, 2017, retroactively Advanced application is

permitted

Source: http://www.ctcp.gov.co/documentos2.php

3. SIGNIFICANT ACCOUNTING POLICIES

3.1. CASH AND CASH EQUIVALENTSCash and cash equivalents recognized in the financial sta-tements is comprised of the cash on hand and in bank ac-counts, term deposits and other liquid investments and in-vestments on demand with no restrictions on their use in the normal course of operations.

Cash equivalents are the highly liquid investments that are not affected by market volatility and are at minimum risk to loss of value. To the Company, investments redeemable in up to 3 months are considered highly liquid.

Cash and cash equivalents must be derecognized when the balances available in current or savings accounts are dis-

posed of, when rights on the cash equivalents expire or when the financial asset is transferred.

The Company will use the fair value for measurements co-rresponding to first-time adoption and the initial and subse-quent measurements.

Statement of cash flow: Provides details of the cash re-ceived and paid throughout the period, and the mana-gement and variation thereof during the year, through three flows:Operating activities: Includes the transactions that cons-titute the main source of the Company’s ordinary income. It starts with the operating income, less the items that affect it but do not generate increases or decreases in cash. Other non-operating entries that

Conconcreto — 151

01CONSOLIDATED FINANCIAL STATEMENTS 01also affected income and generated or used cash are added to operating income.Investment activities: Cash flows from investment acti-vities should include the transactions that constitute disbursements of financial resources that are going to produce future income and cash flows. Only disburse-ments that lead to the recognition of an asset in the balance sheet meet the conditions for classification as investment activities.

This item shows how the cash was generated or used in activities other than operating activities, throu-gh the purchase or sale of assets in general and other investments.Financing activities: Use or generation of cash through loans from third parties or partners.

Constructora Conconcreto S.A uses the indirect cash flow method.

3.2. COMMERCIAL AND OTHER ACCOUNTS RECEIVABLE, CURRENT AND NON-CURRENT

Accounts receivable are financial instruments corresponding to contracts that give rise to the obligation of providing a ser-vice or delivering goods for which cash, cash equivalents or other financial instruments will be received as payment. The Company records accounts to be paid within the operating cycle or in up to one year as current accounts receivable, and those to be paid after the operating cycle or in more than one year as non-current.

Using the effective interest rate method, accounts recei-vable carried at amortized cost are tested for impairment at least once each reporting period to identify whether there is evidence of impairment.

This heading does not include accounts receivable from related parties and associates.

Initial and subsequent measurement: The Company measu-res these assets at transaction value, for the initial and subse-quent measurement, which is usually their fair value according to IAS 39. They will also be subject to impairment testing.

If a special term (greater than estimated) is agreed at the beginning of the negotiation, the implicit interest must be cal-culated and deferred income is recorded, which will be amor-tized during the agreed collection period. At the end of each period, the balances due that remain in the portfolio will be assessed to estimate a possible term of payment and calcu-late impairment (net present value).

3.3. CURRENT AND NON-CURRENT ACCOUNTS RECEIVABLE FROM RELATED PARTIES AND ASSOCIATES

Accounts receivable from related parties are active financial instruments that arise from relationships and/or contracts with related companies; such relations will give rise to the right to receive cash, cash equivalents or other financial ins-truments as payment. The Company records accounts to be received within the operating cycle or in up to one year as current accounts receivable, and those to be received after the operating cycle or in more than one year as non-current.

Related party: An entity is related to a reporting entity if any of the following conditions apply:

• The entity and the reporting entity are members of the same group.

• The entity is an associate or joint venture of a member of the group to which the other entity is a member.

• The entity is controlled or jointly controlled by one person; it exercises control, joint control over a reporting entity; it exercises significant influence over the reporting entity, or it is a key member of the management of the reporting entity or a controller of the reporting entity.

Initial and subsequent measurement: The Company me-asures these assets at transaction value, for the initial and subsequent measurement, which is usually their fair value according to IAS 39. They will also be subject to impairment testing.

3.4. CURRENT AND NON-CURRENT INVENTORIES

CURRENT INVENTORIESInventories are the assets acquired for sale, for the pro-duction process and for consumption, except those owned for construction contracts, which will be measured accor-ding to IAS 11, and important replacement parts that are classified as property, plant and equipment.

Initial measurement: Inventories shall be recognized at acquisition and processing cost, in addition to any other costs incurred to arrive at their current condition.

Conditioned trade discounts identified initially will be recorded as a lower value of the inventory.

Subsequent measurement: Inventories for sale shall be measured by the lower value between the carrying amount and the net realizable value.

Trade discounts and conditioned discounts that were not identified since the initial measurement of the inven-tories that generated them shall be recognized as a lower value of the cost of sales.Inventories are assets:

1. Held for sale in the normal course of the operation.2. In production processes with a view to sale.3. In the form of materials or supplies to be consumed

in the construction process.4. During the course of a construction contract (wor-

ks in progress), which includes materials as well as services.

Company inventories are mainly:• Works in progress: These are the disbursements

made under the construction contracts and they are valued at cost.

• Housing units in stock: Housing units available for sale, which are valued at cost.

• Materials inventory: This is the stock of materials purchased and not yet used in the construction pro-cess. They are recorded at cost.

Inventories are analyzed periodically in order to establish whether they require an allowance for possible losses asso-ciated with their net realizable value. Losses associated with the disposal of slow-moving, obsolete and damaged invento-ries are recorded in the statement of income.

The valuation of inventories includes all the costs derived from their acquisition and processing, as well as any other costs incurred to arrive at their current condition and location.

The net realizable value is the estimated cost of sales of an asset in the normal course of the operation, less the esti-mated costs to complete the process and any others neces-sary to carry out the sale.

The Company values its finished housing units at the lower cost between construction cost and net realizable value.

The net realizable value is the estimated sale price, less the corresponding selling expenses.

The cost of construction of the housing units and land for the Real Estate Development line of business inclu-des the costs of acquiring land, design, materials, direct labor, depreciation of fixed industrial assets, other direct costs and related direct expenses, in addition to the cost of interest if the conditions are met to be designated as qualifying assets.

In the cases where the net realizable value is lower than


the construction cost, a provision is made for the difference in value and recorded to the statement of income.

The acquisition cost of construction materials includes the purchase price, import tariffs, transport, storage and other costs directly attributable to the acquisition of the goods, ma-terials or services purchased.

NON-CURRENT INVENTORIESNon-current inventories are generally land-property to be used for real estate projects, or property in the process of being sold, estimated to take more than one year.

3.5. CURRENT AND NON-CURRENT TAX ASSETSCurrent tax assets are the tax credits that can be carried forward with the income tax balance payable. These are ge-nerated by taxes withheld at the source by third parties and surplus on personal tax returns from previous periods that can still be carried forward. This tax is considered by IAS 12.

Non-current tax assets are the amounts that can be ca-rried forward with the income tax balance payable, generated by taxes withheld at the source by third parties and surplus on personal tax returns from previous periods that can still be carried forward and are expected to be used in a period of more than one year.

Initial and subsequent measurement: These will be mea-sured by the value expected to be recovered from the tax authority, based on the regulations and rates it approves for income tax receivables, corresponding to withholding certi-ficates issued by Company customers that exceed income taxes owed.

3.6. OTHER FINANCIAL ASSETS, CURRENT AND NON-CURRENT

Under this heading of the statement of financial position, the Company presents short-term investments in non-controlled companies, for which the conversion to cash is subject to a time variable and for which returns are generally subject to market variables. This heading also presents investments in collective portfolios that, while liquid, have minimum term clau-ses and involve a risk because they are in stock portfolios that involve some volatility. Any investment considered highly liquid will not be included under in this heading and should be in cash and cash equivalents.

Initial and subsequent measurement: Initial and subse-quent measurements will also be measured at fair value through profit or loss.

Long-term balances retained from contractors are mea-sured at amortized cost by project, taking an average rate for financing.

3.7. OTHER NON-CURRENT FINANCIAL ASSETSOther non-current financial assets are the assets acquired by the Company through a contract or purchase, the right to receive cash or a financial instrument as payment, but with no intent to sell or liquidate in the short term.

This heading groups together mainly investments in non-controlled companies and non-controlled trust rights.

3.8. OTHER NON-FINANCIAL ASSETS, CURRENT AND NON-CURRENT

Under this heading, the Company recognizes the assets that do not meet the conditions to be considered financial instruments and are not included under other headings of the statement of financial position, but that meet the defini-tion of asset considered in the conceptual framework, the use of which is less than one year; that is to say, a resource controlled by the Company as a result of past events, from which future economic gains are expected and for which

cost can be reliably measured. Mainly, other financial as-sets include insurance policies and prepaid deposits.

They are classified as non-current when their use or ge-neration of economic gains is greater than one year.

Initial measurement: They are measured at acquisition cost, which consists of the purchase price, import tariffs and non-recoverable indirect taxes on the purchase, after deducting discounts and any cost directly attributable to the preparation of the asset for its intended use.

Subsequent measurement: The asset will be amortized over the time in which it generates economic and it will be impairment tested if there are any signs of impairment.

3.9. ASSETS HELD FOR SALEThe fundamental requirements for the classification of these assets are: The asset is available for sale, a demonstrable effort to sale is in place and there is a high probability that the transaction will take place in the following 12 months.

Initial measurement: The asset is measured at the lower value between its carrying amount and fair value less cost of sales. When there is a business combination, it will be mea-sured at fair value less cost of sales.

Subsequent measurement: The asset will be measured at the lower value between its carrying amount and fair value less cost of sales. When the sale is expected to be made in a period of more than one year, the cost of sales shall be calculated at present value and, after that, the increases due to the value of money over time will affect the statement of income as a financial expense.

3.10. INVESTMENT PROPERTIESThese are properties (land, buildings) held for income or goodwill. They are recognized as investment properties if it is likely that future economic gains will flow in the entity, the cost of the asset can be reliably measured and there is con-trol over the asset and the future economic gains.

Initial measurement: They are measured at acquisition cost, which consists of the purchase price and any directly attributable disbursement. When the investment property is acquired through an operating lease, the initial value will be the fair value of the leased asset or the present value of the minimum lease payments, whichever is lower.

Subsequent measurement: The Company will use the fair value model for both investment properties acquired on its own account and those acquired through a finance lease.

Investment properties consist mainly of lands for the de-velopment of future real estate projects, hotels, warehouses, shopping centers and buildings for income or goodwill, which are acquired through direct purchase or bank financing.

The fair value of investment properties is measured using the income approach, based on the premise that the proper-ties are acquired for the potential to generate income. This approach considers the annual return produced by the capital invested and the return on capital. This valuation technique places special consideration on the current contractual inco-me, projected market income and other sources of income, reserves for vacancy and projected expenses associated with the efficient operation and management of the property.

The ratio of this estimated income to the value of the pro-perty is calculated based on the discounted cash flow analy-sis, which measures the value of the property at the discoun-ted value of future benefits.

Fair value measurement will correct any impairment incu-rred in the investment properties.

3.11. PROPERTY, PLANT AND EQUIPMENTThese are tangible assets held by the Company for its own use, to supply of goods and services, to be leased to third parties or for administrative purposes; they are expected to

Conconcreto — 153

01CONSOLIDATED FINANCIAL STATEMENTS 01last more than one accounting year. They are recognized as assets if they are likely to generate future economic gains and their cost can be reliably measured.

Initial measurement: They are measured at acquisition cost, which consists of the purchase price, import tariffs and non-recoverable indirect taxes on the purchase, after deduc-ting discounts, installation and assembly and estimated dis-mantling.

Subsequent measurement: The Company will use the cost model, which involves depreciation and impairment testing.

The financing costs incurred for the construction of an as-set are activated during the period necessary to construct and prepare the asset for its intended use. Other financing costs are recorded in expenses when incurred.

DEPRECIATIONThe depreciation of property, plant and equipment is calcu-lated using the method that will recognize wear on the asset according to its useful life and according to asset class. Resi-dual value and useful life are reviewed and adjusted if neces-sary at each balance sheet date. When the value of an asset is higher than its estimated recoverable amount, the value is imMediumtely reduced to its recoverable amount established through impairment tests.

Gains and losses from the sale of property, plant and equi-pment are calculated by comparing the income obtained with the carrying value and included in the consolidated statement of comprehensive income.

Useful Life Buildings and offices: 50 years with a residual value

of 15% Computers: In office 3 years, at construc-

tion sites 1 year Office equipment: 0 years Machinery and equipment: Between 3 and 25 years Transportation equipment: Between 12 and 15 years

3.12. FINANCE AND OPERATING LEASESLeases are classified as finance leases whenever the lease terms substantially transfer all the risks and rewards of the property to the lessee. All other leases are classified as ope-rating leases.

At the beginning of the finance lease term, it is recogni-zed in the statement of financial position as an asset and a liability for the same amount, equal to the fair value of the leased asset, or at the present value of the minimum lease payments, whichever is lower, determined at the beginning of the lease.

When calculating the present value of the minimum lease payments, the interest rate implicit in the lease is taken as the discount factor, provided it can be determined, otherwise the lessee’s incremental borrowing interest rate is used.

Operating lease payments are recorded as an expense on a straight-line basis over the lease term, unless another sys-tematic basis is more representative of the time pattern for recognizing economic gains of the leased asset.

3.13. GOODWILLGoodwill represents the excess acquisition cost over the fair value of the parent Company’s share in the identifiable net assets of the subsidiary or affiliate, on the date of acquisi-tion, and it is recorded at cost less accumulated impairment losses. Goodwill related to acquisitions of joint ventures or associates is included in the book value of the investment. This asset will be recognized only in the consolidated finan-cial statements.

Initial measurement: The initial value will be the result of the following calculation: The value paid in the acquisition

less the fair value of recorded and identifiable assets and liabilities, less any identified intangible asset in line with IAS 38, that is not on the books with the acquisition.

Subsequent measurement: In the case of goodwill with a finite useful life, amortization will be recorded in accordance with the time in which economic gains are expected to be generated and impairment will be calculated, if any. When the goodwill has an indefinite useful life, it is not amortized but is subject to impairment testing.

IMPAIRMENTGoodwill recognized separately is subject to impairment tes-ting on a yearly basis and valued at cost less accumulated impairment losses. Gains and losses from the sale of an en-tity include the carrying amount of the goodwill related to the entity sold.

3.14. INTANGIBLE ASSETS OTHER THAN GOODWILLThese are identifiable, non-monetary assets without physi-cal substance. They are recognized as intangible if the asset is separately identifiable, is likely to generate future econo-mic gains for the entity, the cost of the asset can be reliably measured and there is control over the asset and the future economic gains.

Initial measurement: Acquisition price including import ta-riffs and non-recoverable taxes on the acquisition, after de-ducting trade discounts and any other cost directly attributa-ble to the preparation of the asset for its intended use.

Subsequent measurement: The Company will use the cost model that consists of initial cost less accumulated amortiza-tion, less impairment, if any.

The following are the main types of intangible assets, other than goodwill:

LicensesLicenses have a defined useful life and are recorded at cost less accumulated depreciation. Amortization is calculated using the straight-line method to allocate the cost to income in the term of estimated useful life (10 years).SoftwareCosts associated with software maintenance are re-cognized as an expense when incurred. Amortization is calculated using the straight-line method to allocate the cost to income in the term of estimated useful life (10 years).

The estimated useful life and amortization method of intangibles is reviewed at the end of each financial period.TrademarksThe trademarks of the Conconcreto group are classi-fied as intangible assets with an indefinite useful life.

3.15. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

Investments in associates and joint ventures are grouped un-der this heading, including certain companies and trusts that meet the characteristics necessary for this classification. This heading is presented in the consolidated financial statement.

Initial measurement: Investments in associates and joint ventures will be recognized at the investment cost.

Subsequent measurement: The equity method will be used.

3.16. INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

Investments in subsidiaries are controlled entities over which power is exercised to govern the financial and operating policies to obtain economic gains. The Company classified


companies and trusts that met the characteristics to be con-sidered controlled entities as subsidiaries.

Investments in associates are those over which significant influence is exercised with involvement in financial policies and decisions, without holding control or joint control.

Joint ventures are joint agreements in which the parties agree to share control of significant financial policies and de-cisions and there is interest in the entity’s net assets.

Initial measurement in the separate financial statement: These investments will be recognized at transaction cost.

Subsequent measurement in the separate financial sta-tement: Investments in associates and joint ventures will be accounted for at transaction cost. The equity method will be used in investments in subsidiaries.

Consolidated financial statement: Subsidiaries will be in-cluded line by line 100%, thus eliminating equity methods, intra-group transactions, investment and equity, and calcula-ting non-controlling shares and the corresponding goodwi-ll. Associates and joint ventures will be measured using the equity method.

INVESTMENTS CONTROL DECISION MAKING CONSOLIDATED STATEMENT OF INCOME EXAMPLES

SUBSIDIARYHas total control over relevant administrative and financial decisions.

Votes > 50% Direct 100%. Calculate minority interest.

Inmobiliaria CC Industrial CC

Conconcreto Internancional Trusts 100%

ASSOCIATE Has significant influence in decision making.

Votes >= 20% Votes < 50%

Equity method, straight line

Grupo Heroica 30%Soletanche Colombia 41.35%Trust without control but with

influence over decisions.Soletanche Colombia 41.35%Trust without control but with

influence over decisions.

JOINT VENTURES

Joint control. There is an interest in net assets.

Equity is separate.Joint control agreement. Generally

unanimous.

Consalfa 50%Consol 50%

Areotocumen 50%

JOINT OPERATIONS

Joint control. Rights to assets and obligated to

liabilitiesDirectly proportional to the equity

participationConsortiums and joint ventures

Trusts with joint control

OTHER No type of control or significant influence. Votes < 20% At cost or fair value if shares are

traded.

CovialOdinsa

FogansaTrust without control

3.17. JOINT VENTURESJoint ventures are an agreement of shared control between two or more stakeholders, who have a proportional right to the share in assets and obligations resulting from liabilities. This is the case of consortia and trusts that meet the require-ments for this classification.

Initial and subsequent measurement: Consortia and trusts classified as joint ventures. They are included line by line, in proportion with their share in the assets, liabilities, income, costs and expenses, based on the financial statements ac-cording to IFRS issued by the consortia and trust companies.

3.18. DEFERRED TAX ASSETSDeferred tax assets will be recognized by the Company only when it establishes a reasonable probability that there will be sufficient future taxable profits to realize the asset. For the initial and subsequent measurement of the recognized defe-rred tax asset, it will be reduced as it becomes less likely that the tax gain will be realized based on the new calculations used. It is measured based on the temporary deductible di-fferences, including tax losses of previous periods that were not subject to deduction. This heading is considered under the IAS 12 standard.

Initial and subsequent measurement: Provides for the cal-culation of the deferred income tax based on the resulting temporary deductible differences, including tax losses and excess presumptive income to be offset in the future. It is measured using the current rates for the period.

3.19. CURRENT AND NON-CURRENT BORROWINGSBorrowings are financial liabilities in which the Company enters into a commitment to pay a financial entity, as a cash consideration for the financing of different activities.

Initial and subsequent measurement: The Company me-asures borrowings at amortized cost; any associated tran-saction cost is taken into account to calculate the internal rate of return to be used to measure the capital and interest

component.The effective interest method is used to calculate the

amortized cost of a financial liability and the allocate an interest expense during the relevant period. The effective interest rate is the rate that discounts future cash pay-ments (including all the commissions and basis points paid or received that are an integral part of the effective inte-rest rate, transaction costs and other premiums or deduc-tion) throughout the expected life of the borrowing or, if applicable, a shorter period than the net book value in the initial recognition.

Any fees incurred to obtain the loans are recognized as transaction costs to the extent that it is likely that a part or the entire loan will be received. In this case, the fees are deferred until the loan is received.

Loans are classified in current liabilities unless there is an unconditional right to defer the payment of the borrowing for at least 12 months from the balance sheet date.

The Company derecognizes financial liabilities when and only when the obligations are settled, paid or expire. The di-fference between the carrying value of the derecognized fi-nancial liability and the consideration paid and to be paid is recognized in income.

Borrowings due in less than one year are classified as cu-rrent, and borrowings due in more than one year are classi-fied as non-current.

3.20. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provision: Liabilities for which the amount and maturity is un-certain, but which can be reliably estimated..Recognition: When the following criteria are met:

• There is a present obligation as a result of a past event.• High probability the obligation will be paid.• Reliable estimate of the obligation.

Contingent liability: Possible obligation arising from past events, whose existence must be confirmed by uncertain future

Conconcreto — 155

01CONSOLIDATED FINANCIAL STATEMENTS 01events that are not fully under the Company’s control.

Grounds for not recognizing in the financial statements:• The outflow of resources will not likely be required.• The amount of the obligation cannot be reliably

measured.

Procedure: If the probability of occurrence is average, the con-tingent obligation must be revealed. If the probability of occu-

rrence is low, nothing is done.

Contingent asset: Possible right arising from past events, whose existence must be confirmed by uncertain future events that are not fully under the Company’s control.Recognition: The Company should not recognize any contin-gent assets unless the realization of the income is virtually certain.

Measurement:

1. HIGH PROBABILITY: A reasonable estimate is made (including a probability analysis) brought to present value defined by the entity’s management, along with experience in similar cases and occasionally by experts.

Probability of occurrence from 81% to 100% Create provision

2. AVERAGE PROBABILITY: No record is made in the financial statements. The likely events that could affect the obligation but which are not directly under the entity’s control must be revealed.

Probability of occurrence from 51% to 80%

Disclose in the financial statements

3. LOW PROBABILITY: No adjustments or disclosures are made. Probability of occurrence from 0% to 50% Nothing is done

3.21. COMMERCIAL AND OTHER ACCOUNTS PAYABLE, CURRENT AND NON-CURRENT

Accounts payable are financial instruments that generate the obligation to make a payment in cash or other financial instru-ment in exchange for a service received or goods purchased. Under this heading of the financial statements, the Company records the accounts payable that must be paid within the ope-rating cycle or in a term of up to one year; those to be paid after the operating cycle or in more than one year are classified as non-current.

This heading does not include accounts payable to related parties and associates.

Initial and subsequent measurement: The Company uses the transaction value measurement, which is normally the fair value according to IAS 39. The accounts can be derecogni-zed if they do not meet the condition to be a liability.

3.22. ACCOUNTS PAYABLE TO RELATED PARTIES AND ASSOCIATES, CURRENT AND NON-CURRENT

Accounts payable to related parties are financial liabilities that arise from relationships and/or contracts with related compa-nies; these relationships generate the obligation to make pay-ments in cash or other financial instrument in exchange for a service, goods or a loan received. Under this heading of the financial statements the Company records the accounts paya-ble that will be paid within the operating cycle or in a term of up to one year as current; those to be paid after the operating cycle or in more than one year are non-current.

Related party: A related party is understood by the Com-pany as the entity or person that has the capacity to influence the financial and operating policies through the presence of control, joint control or significant influence that can generate effects on the entity’s income and financial position.

The following are considered related parties:• Subsidiaries• Associates• Joint Ventures• Joint Operations• Board Members• Key management staff (CEO, Chief Officers, Manager)

Initial and subsequent measurement: The Company will use the transaction value measurement, which is normally the fair value according to IAS 39. The accounts can be de-recognized if they do not meet the condition to be a liability.

In general, loans are listed under these headings, but not commercial accounts payable. If there are any loans between

the companies, they are provided at market rates. However, there may be specific loans provided at zero interest or at less than market rates. In these cases, the amortized cost will be applied only when they are generated in the long term (more than one year).

3.23. CURRENT TAX LIABILITIES, CURRENT AND NON-CURRENT

Current income and CREE tax is the tax payable in the year on taxable income, and it is calculated based on the rate and regulations in force on the balance sheet closing date.

Non-current income and CREE tax is the tax payable in the future for agreements or rulings between the Company and the tax authorities.

Initial and subsequent measurement: Current tax liabilities are measured based on the amount expected to be paid to the tax authorities on account of income tax in the corres-ponding period.

3.24. DEFERRED TAX LIABILITYThe deferred tax liability is the temporary taxable differences between the carrying value of the assets and liabilities for financial effects and the values used for tax purposes. The deferred tax is amortized over the periods in which the tem-porary differences that gave rise thereto are reversed.

Initial and subsequent measurement: The deferred income tax is calculated based on the resulting temporary taxable di-fferences. It is measured using the current rates for the period.

3.25. OTHER FINANCIAL LIABILITIES, CURRENT AND NON-CURRENT

In this concept, the Company groups together the liabilities that are not considered financial instruments, but meet the definition of a liability in the conceptual framework. It inclu-des mainly the prepayments and advance payments received from customers to carry out projects and deferred income liabilities that will later be recognized as income in the state-ment of income.

In the non-current financial liabilities, the Company lists the liabilities that are not considered financial instruments, but meet the definition of liability in the conceptual framework and are amortized or paid after the operating cycle or in more than one year when they do not correspond to the operating cycle. Non-current financial liabilities mainly include prepayments and advance payments received from customers to carry out projects.

Initial and subsequent measurement: The Company mea-sures these liabilities at transaction value less any reduction


due to derecognition in accounts.

An advance payment received by a customer can be re-classified as other financial liabilities if it meets the necessary conditions. For instance, an advance payment received for a contract that has already been completed or was not carried out, giving rise to the obligation to return the money; this ad-vance payment will be considered a financial liability.

When prepayments are received for the delivery of goods or the provision of services in future periods, a non-financial liability must be recognized at the fair value of the considera-tion received.

The recognized liability shall be transferred to income as the sale of the asset is realized or the service is provided. In any case, the recognized liability must be transferred to inco-me in full when the obligation to deliver the goods or provide the service for which the advance payment was made has been concluded.

3.26. EMPLOYEE BENEFITSThe employee benefits in the Company are mostly conside-red short term and therefore, they are measured at transac-tion value as a fair value.

Non-current benefits are rights acquired by employees de-fined by law or agreements with professional associations. This heading includes the post-employment or long-term be-nefits to which employees are entitled either due to the mini-mum age requirement or time of service with the Company.

Initial and subsequent measurement: The methodology of fair value measurement is applied, because the Company, at the end of each period, carries out the analysis with ac-tuarial calculations to establish the present value of long-term obligations.

3.27. ISSUED CAPITALThis concept includes the value of the Company’s capital at nominal value. It is measured at transaction value.

3.28. ISSUE PREMIUMThis is the highest value paid by a new shareholder on the nominal value of the shares acquired. It is measured at tran-saction value.

3.29. RETAINED EARNINGS Retained earnings reflect the income generated in the bu-siness and usually flow through the statement of income. However, there may be transactions that do not go through the statement of income and are directly reclassified in the statement of retained earnings, such as the adjustments in the initial adoption of the IFRS and the revaluation surplus of property, plant and equipment when it is realized, among others.

3.30. OTHER EQUITY INTERESTSThis heading includes other comprehensive income and changes in equity methods due to equity variations in subse-quent measurement.

3.31. RESERVESIncludes mandatory reserves, non-recurring reserves or re-serves defined by the highest decision-making body to pro-tect possible losses or contingencies or for future investment. Reserves are measured in accordance with the defined per-centage or value based on profit or loss.

3.32. EQUITY ATTRIBUTABLE TO THE OWNERS OF THE CONTROLLING COMPANY

This concept applies for the consolidated financial state-ments and shows the portion of equity corresponding to the

parent Company, proportionally including the corresponding amounts of subsidiary equity.

3.33. NON-CONTROLLING INTERESTSThis concept applies for the consolidated financial state-ments and shows the part of the consolidated equity corres-ponding to minority shareholders.

3.34. REVENUE RECOGNITIONRevenue includes the fair value of the consideration received or to be received from the sale of goods and services during the ordinary course of activities of the Conconcreto group. Revenue is shown net of VAT, returns, rebates and discounts and after eliminating intra-group sales.

The Conconcreto group recognizes revenue when the amount of revenue can be reliably measured, it is likely that future economic gain will flow into the entity and the specific conditions for each of the group’s activities have been met.

Rental income: Income from ordinary activities, correspon-ding to leases is recognized on a monthly basis during the term of the contract.

Recognition of interest and dividends: The Conconcreto group recognizes income from ordinary activities arising from the use of financial assets that produce interest, provided that:

• It is likely that the entity will receive the economic gain associated with the transaction.

• The amount of income can be reliably measured.

Measurement: The Conconcreto group shall recognize the income from ordinary activities based on the following:

• Interest shall be recognized using the effective interest method, as set forth in the chapter on financial instru-ments.

• Dividends shall be recognized when the shareholder’s right to receive them is established.

The Company shall recognize default interests, which are billed only at the time of payment, due to the uncertainty of the recovery thereof.

3.35. CONSTRUCTION CONTRACTSThe costs of the contracts are recognized when incurred. The cost of the contract includes the direct costs, indirect costs attributable to contract activity, as well as the costs to insure the contract and financial costs related to specific contracts.

When the outcome of a construction contract cannot be reliably estimated, contract revenue is recognized only to the extent of the contract costs incurred that are expected to be recovered.

When the outcome of a construction contract can be esti-mated reliably and the contract is likely to be profitable, con-tract revenue is recognized during the term of the contract; contract revenue includes the initially agreed revenue, va-riations in the construction contract and additional incentive payments.

When the contract costs are likely to exceed the total re-venue thereof, the expected loss is recognized imMediumtely as an expense. All costs directly related to revenue reported for the current stage of completion are recognized in the con-solidated statement of comprehensive income. This means that the materials not incorporated in the project, advance payments to subcontractors and, in general, any cost incu-rred in relation to the activities to be carried out in the future (work in progress) are not a part of the cost recognized in the statement income for that period.

The materials not incorporated and the advance payments to subcontractors are classified as inventories and/or pre-payments, respectively.

When unpaid income and withholding tax are greater than the advance payments of all the contracts underway, the Con-

Conconcreto — 157

01CONSOLIDATED FINANCIAL STATEMENTS 01concreto group presents it as an asset payable by customers. The partial billings not yet paid by customers and withholding taxes are included in “Trade and other accounts receivable”. When the advance payments are greater than the withhol-ding and unpaid income of all the contracts underway, the Conconcreto group presents it as a liability payable to custo-mers. In these cases the advance payment balance is shown in “Other non-financial liabilities”. In addition, the Company offsets advance payments according to agreements with clients at the time of generating invoices.

The Conconcreto group handles two types of construction contracts:

a) Fixed-price contracts: Where the contractor agreed on a fixed price or fixed amount per unit of product and, in some cases, these prices will be subject to revision clauses should the costs increase.

b) Cost plus contracts or delegated management con-tracts: In which the contractor receives reimburse-ment for the allowable costs defined in the contract, at the expense of the customer, obtaining fees cal-culated as a percentage of these costs or determi-ned as a fixed amount. Noncompliance and/or fines associated with the execution of contracts with third parties shall be recognized when they occur and they affect the projected income from construction works. They are recognized as a provision.

Contract costs shall include: Costs of labor, materials used in the construction, depreciation of property, plant and equipment used in the construction, trans-port costs, rental costs of property, plant and equip-ment, cost of designs and technical assistance, rec-tification and guarantee costs and third party claims, among others. These costs can be reduced by any income that has not been included in the ordinary ac-tivities of the contract, for instance: Sale of materials or liquidation of property, plant and equipment once the contract has concluded.

3.36. DISTRIBUTION OF DIVIDENDSThe distribution of profits will be approved by the General Meeting of Shareholders if passed by a plural number of shareholders representing at least 78% of the shares at the meeting.

If this majority is not obtained, at least 50% of the net pro-fit or the balance thereof must be distributed, if losses from previous periods have to be covered.

3.37. ENVIRONMENT The costs of business activities aimed at protecting and im-proving the environment are recorded as a cost for the period in which they are incurred. When they involve additions to property, plant and equipment, with the purpose of minimi-zing environmental impact and protecting and improving the environment, they are recorded as a higher value of the fixed assets.

The performance principle of Constructora Conconcreto S.A. is the sustainability of its operations based on the premi-ses of preventing pollution, conserving natural resources and the promoting the wellbeing of the community and emplo-yees of the organization.

We monitor the environmental legal requirements associa-ted with our activity and that of our contractors and providers on a continuous basis, incorporating applicable obligations in the contracts and ensuring the fulfillment thereof through tools for pre-qualification, inspection, auditing and perfor-mance evaluation.

Constructora Conconcreto S.A. has not been sanctioned for environmental violations, nor has it generated disburse-

ments or investments that go against environmental protec-tion and conservation.

3.38. EARNINGS PER SHARE Basic earnings per share are calculated by dividing the ear-nings attributable to shareholders of the Conconcreto group, by the weighted average of common shares outstanding du-ring the year, excluding any common shares acquired by the group and held as treasury shares.

4. SPECIFIC NOTES

4.1. ACCOUNTING ESTIMATES AND JUDGMENTS OR MANAGEMENT CRITERIA

The estimates used by the Conconcreto group in these con-solidated financial statements relate basically to:

ASSET IMPAIRMENTThe Conconcreto group evaluates annually, or before if there is any sign of impairment, the recoverable value of all non-cu-rrent assets subject to impairment, to assess whether there are any impairment losses in the value of these assets.

USEFUL LIFE AND RESIDUAL VALUEThe Conconcreto group has estimated the useful life of de-preciable assets based on the period during which each as-set is expected to be used, considering the need to allocate a different useful life to a significant part of an item of property, plant and equipment, if necessary.

The residual value of the assets is estimated by calculating the amount that the Conconcreto group could obtain when selling the item at the end of its useful life life, deducting the estimated cost of sales.

The Conconcreto group reviews useful life and residual value annually based on new expectations and any changes in the assumptions used.

REVENUE RECOGNITIONThe Conconcreto group uses the percentage of completion method to recognize the revenue from its construction con-tracts with third parties. This method for recognizing revenue requires the Company to estimate the actual costs incurred to date as a percentage of the total projected costs.

CONSTRUCTION CONTRACTSThe most commonly used estimates when preparing financial statements are cost and revenue projections in construction contracts. However, they are verified by qualified staff and a detailed control of construction site budgets is kept. With regard to estimated income, the Company uses the contracts signed with customers as support, along with any highly cer-tain claim according to the criteria of IAS 11.

CONTINGENT PROVISIONS AND LIABILITIESThe probability analysis considers the classification of contin-gencies as low (0% to 50%), medium (51% to 80%) or high (81% to 100%). Experts on the specific topic must participa-te in this classification.

The Company is the defendant in various administrative and judicial proceedings in administrative, civil, commercial and labor disputes for which an unfavorable decision would represent a liability. Company management, together with its external and internal legal advisers, considers that the likely resolution of these contingencies will not materially affect the Company’s financial position or performance.

In addition, for contingencies considered risks that could result in rulings against the Company, it has taken out in-surance policies to cover liability for material damage or


personal injury caused by or in connection with the normal course of the work, operations and properties belonging to Constructora Conconcreto S.A. or those for which it may be liable, including but not limited to contractors, subcontractors, employees and executive staff.

Contingent liabilities are disclosed and recorded pursuant to Note 4.36 Contingencies, Judgments and Other.

DEFERRED TAX ASSETSThese assets are recognized on account of temporary tax di-fferences, to the extent that they are likely to generate future tax profits. Future earnings are estimated using operations projections and budgets.

4.2. RISK MANAGEMENTAt Constructora Conconcreto, risk management is an on-going process, recognized by the Organization as part of the corporate best practices, for all levels of the Organization to safeguard the sustainability, growth and stability of the busi-ness by maximizing probabilities and consequences of posi-tive events or minimizing the likelihood and consequences of adverse events.

This helps in the implementation of risk prevention, protec-tion, control, response and transfer strategies and contribu-tes scenarios for decision-making.

Our risk management process consists of contextualizing identifying, analyzing, evaluating and dealing with risks, while they are communicated and monitored as part of a perma-nent activity.

CONSTRUCTION BUSINESSi. Infrastructure

We have the technical and human capacity to de-sign, build, maintain and operate major works, such as tunnels, bridges, airports, hydroelectric power plants, roads, interchanges and mass transit systems. The specialized construction services of this area have set the standard in the history of Constructora Con-concreto, due to the administrative and engineering complexity of the projects carried out.

ii. BuildingWe build industrial, commercial, institutional and hou-sing projects. The construction works we have deve-loped include production plants, electrical substations, slipped silos, wharves, department stores, universities, libraries, clinics, cultural centers and all kinds of hou-sing projects.

RENTALS AND INVESTMENT BUSINESSAt Conconcreto, investing means identifying opportunities where construction becomes the vehicle to offer real estate and infrastructure solutions that generate income in the long-term, with multiple attributes and comprehensive service with high value added, as the main differentiating factor.

There are four risk categories at the Company, where the ones to which it is exposed are identified:

4.2.1. ENVIRONMENTAL RISKSExternal risks arising from the organization’s environment.

4.2.1.1. RISKS DUE TO EXPOSURE TO ECONOMIC CYCLES

The construction industry is an engine of the economy and a major player in generating jobs. However, this industry is highly vulnerable to changes in the economic cycles, as well as changes in economic variables, such as inflation, unemplo-yment, interest rates and financing conditions.

At the Company, exposure to this risk is minimized by using the diversification strategy, the inclusion of different lines of

business, internationalization, innovation, specialized markets with little competition and long-term rentals, which are some of the ways we deal with the impacts of this type of risk.

4.2.1.2. COUNTRY, REGULATORY AND TAX RISKColombia is a country whose economic growth is attracti-ve for investment, with clearly established political institu-tions. However its internal conflicts and recognized political divisions lead to uncertainty in the political, regulatory and economic conditions that can affect the Company’s financial results at any given time.

Global risk maps place Colombia as a country with the in-tention of stability, but rate it as moderately unstable.

Its ideological diversity has a significant impact on the de-partmental and municipal legislation, and this aspect have a clear impact on activities such as real estate.

In tax terms, in Colombia, the state’s cost of operation, the need for investment programs with public spending and the tax deficit are threats that can affect the attractiveness of certain businesses and, in turn, are opportunities for participating in new businesses, whose structuring implies the proper assessment in order not to compromise the Company’s generation of cash flow.

The countries in which it operates have an economic repu-tation and political stability, and do not represent a risk to the continuity of the business.

4.2.1.3. RISK OF PUBLIC ORDERThe disruption of public order is understood as a drawback for the achievement of organizational objectives when it takes pla-ce through different forms of crime, public protest, revolt, social disobedience, riots, rebellion, sedition, revolution or subversion. This contingency has a high probability of occurrence in Co-lombia and increases depending on the geographic location of many of the projects or business in which we are involved.

4.2.1.4. CONFLICT RESOLUTION RISKAt the Company, conflict resolution is defined as the way to settle the differences that arise with the entities with which we interact, which can be: Customers, suppliers, employees, government, inspection bodies, communities, partners.

4.2.1.5. RISK OF COMPETITIONIn Colombia and Central America, where most of the Com-pany’s operations are concentrated, there is a large number of local and foreign competitors.

The Company has recognized experience, financial and technical capacity, and the reputation to play an active role in the business niches of its interest.

The innovation and development of state-of-the-art mo-dels have made the Company a leading competitor on the markets in which it is involved.

Joint ventures with other companies in projects where the sum of experiences is important is another strategy that has increased the probabilities of success to operate and take part in businesses on the market.

4.2.2. OPERATIONAL RISKSRisks associated with the implementation of the Company’s pro-jects and businesses, in administrative and technical processes.

4.2.2.1. CONTRACTUAL RISKSTo the Company, contractual risks fall within the possibility of contract fulfillment and the terms that have to do with the performance agreement with the customer, such as: Delivery of the final product, specifications, term and price.

During the execution of contracts, projects are covered by all-risk construction policies, which protect the Company’s equity in the occurrence of events that endanger or compro-mise the works already carried out.

Conconcreto — 159

01CONSOLIDATED FINANCIAL STATEMENTS 014.2.2.2. RISK OF COST OVERRUNS IN

SUPPLIES AND LABORChanges in the cost of construction supplies, such as con-crete, steel and labor, have a significant impact on the outco-me of the projects.

4.2.2.3. COUNTERPARTY RISKWe understand this risk as the failure to deliver goods or ser-vices on the agreed date.

4.2.2.4. LEGAL RISKAt the Company, there is a legal risk with commercial obli-gations, contracts and agreements; it is associated with the possibility of being fined or required to pay compensation for damages as a result of non-fulfillment.

This occurs when situations arise that are justified by judi-cial or legal voids, imperfections or ambiguity of the contracts.

4.2.2.5 WORK QUALITY RISKSWork not done correctly, with less than the desired technical or operating specifications, unintended aesthetic results, among others, are part of the list of factors that materialize this risk.

They commonly involve a reprocessing and/or recons-truction component, in addition to the imMediumte cost of response, which in most cases gives rise to collateral conse-quences on reputation.

4.2.2.6 RISK OF OCCUPATIONAL ACCIDENTSThe construction sector has one of the highest accident and death rates in the industry.

The activities carried out in this field involve high risk and the Company is no stranger to this problem.

4.2.2.7 MODEL RISK (BID)In our area of business, we are continually faced with:

• In construction, the models used for the preparation of an economic tender may contain human error as a result of measurements, hypotheses, the variables assumed, or

• In investments, the assets may have been valued using the wrong model or with the right model for the wrong parameters.

In both worlds, once the decisions to tender or invest are clo-sed, in most cases, this means dealing with cost overruns or preparing action plans to control losses.

4.2.3. FINANCIAL RISKSThe Company understands financial risk as the events asso-ciated with financial management.

4.2.3.1 FOREIGN EXCHANGE RISKThe Company recognizes all transactions carried out in currencies other than the contract operating currencies. Varying exchange rate vs. local currency or contract cu-rrency leads to situations where the revenue can be higher or lower, purchases can be above or below the amount expected in the contract and the liabilities can be signifi-cantly higher or lower than initially agreed.

4.2.3.2 RISK DUE TO EXPOSURE TO VARIABLE INTEREST RATES

This risk refers to the exposure of the Company’s debt in view of macroeconomic variables or debt restatement in-dices. It represents a risk when the debt increase is not in correlation with revenue, thus causing an undesired eco-nomic effect on the Company’s performance.

4.2.3.3 CREDIT RISKThis risk is related to third parties’ ability to fulfill their finan-cial obligations with the Company.

ACCOUNTS RECEIVABLE At present, the Company has a diversified customer portfolio, i.e. its operation does not depend on just one customer or a particular group of customers.

INVESTMENT OF SURPLUS CASHIn the placement of surplus cash, the Company manages a clear methodology that allows it to make decisions based on the rating and risk of the products in which it invests surplus cash temporarily. The management of these funds is always aimed at creating a benefit and sustaining the value over time, without compromising the future commitments of the Orga-nization and without exposing said funds to risks other than those of the business operation.

4.2.3.4 LIQUIDITY RISKThis risk is associated with the Company’s capacity to fulfill its obligations on the dates agreed.

4.2.3.5 RISK OF FRAUDAt the Company, the risk of fraud is associated with the con-tamination of processes with personal interests not in line with the Organization’s corporate purpose, false instructions, the diversion of funds or resources for personal interests, the alteration of documents and the simulation of activities. The-se are just some of the most significant events.

4.2.4. STRATEGIC RISKSStrategic risks are those associated with the Organization’s strategic activities regarding the products and services or markets and businesses.

4.2.4.1 RISK OF MERGERS AND ACQUISITIONSWe generate value in strategic alliances and we grow through the sum of experiences, so the acquisition of companies that add value to the process, expand the service portfolio and allow cost integrations is part of our business. We are aware that these investments represent threats and opportunities that must be assessed, making our best effort to maintain the profitability of investments and the productivity of our assets.

4.2.4.2 RISK OF INNOVATIONWe are innovating all the areas of business. Innovation is one of the Company’s distinguishing factors that enables it to stay at the forefront as a construction and makes us more effi-cient in all our processes. However, this distinguishing factor represents a risk due to the use of new materials, the testing of new construction processes and trial and error of certain systems or equipment; in any case, taking the risk to chan-ge often involves taking the path never before traveled. To minimize this risk, the Company pays special attention to the traceability and constant monitoring of the performance of each new initiative. It seeks the opinion of experts, the expe-rience and qualifications of its professionals and the proper selection of suppliers and materials.

4.2.4.3 RISK SHARING IN INTERNATIONAL PROJECTSAt the Company, this risk is associated with the decision to take part in projects where we do not have an established headquarters, branch, subsidiary or associate, where we are not familiar with the regulations and we do not have knowle-dge of the area.

4.2.4.4 IMAGE AND CREDIBILITY RISKThese are events that can affect the Company’s good name on the market in a positive or negative manner.

As a risk, the activities of its officers and community rela-tions are assessed.


4.3. INFORMATION BY SEGMENT

STATEMENT OF FINANCIAL POSITION CONSTRUCTION INVESTMENT ELIMINATIONS TOTAL %

CONSTRUCTION%

INVESTMENT

Cash and cash equivalents 308.359.496 289.468.476 - 597.827.972 52% 48%

Current investments 158.954 7.954 - 166.908 95% 5%Trade and other accounts receivable 420.393.363 50.218.046 (31.244.006) 439.367.403 89% 11%

Accounts receivable from related parties 76.564.560 17.260.119 (40.038.407) 53.786.272 82% 18%

Current inventories 322.607.309 130.683.244 - 453.290.554 71% 29%

Current tax assets 8.006.875 24.596.726 - 32.603.601 25% 75%

Other financial assets 189.044 - - 189.044 100% 0%

Other non-financial assets 1.702.413 230.433 - 1.932.847 88% 12%

Non-current assets held for sale - 432.996 - 432.996 0% 100%

CURRENT ASSETS 1.137.982.016 512.897.995 (71.282.414) 1.579.597.597 69% 31%

Investment properties 8.220.228 124.704.097 - 132.924.325 6% 94%

Property, plant and equipment 165.666.745 156.304.601 - 321.971.347 51% 49%

Goodwill 7.973.595 - - 7.973.595 100% 0%Intangible assets other than goodwill 354.854 1.562.380 - 1.917.233 19% 81%

Investments in associates and joint ventures 10.502.108 955.193.707 - 965.695.816 1% 99%

Trade and other accounts receivable 2.890.225 4.986.538 (4.412.360) 3.464.402 37% 63%

Accounts receivable from related parties 23.724.272 44.378.584 (22.424.658) 45.678.198 35% 65%

Non-current inventories 1.826.533 - - 1.826.534 100% 0%

Deferred tax assets 9.120.431 994.213 - 10.114.645 90% 10%Other non-current financial assets 407.873 659.514 - 1.067.387 38% 62%

Other non-current non-financial assets - 1.917.013 - 1.917.013 0% 100%

NON-CURRENT ASSETS 230.686.865 1.290.700.647 (26.837.018) 1.494.550.495 15% 85%

ASSET 1.368.668.881 1.803.598.642 (98.119.432) 3.074.148.092 43% 57%

Current borrowings 166.873.559 159.864.760 - 326.738.319 51% 49%

Current provisions 12.878.652 291.202 - 13.169.854 98% 2%Trade and other accounts payable 413.611.292 60.971.041 (59.548.897) 415.033.437 87% 13%

Accounts payable to related parties 16.161.112 4.661.401 (3.192.621) 17.629.891 78% 22%

Current tax liabilities 409.431 667.533 - 1.076.965 38% 62%

Other financial liabilities, current 159.823.261 95.869.923 (30.486.862) 225.206.321 63% 37%

CURRENT LIABILITIES 769.757.306 322.325.862 (93.228.380) 998.854.787 70% 30%

Non-current borrowings 196.982.495 332.832.221 - 529.814.717 37% 63%

Non-current provisions 222.583 3.600.236 - 3.822.819 6% 94%Trade and other accounts payable 26.396.104 552.291 - 26.948.395 98% 2%

Accounts payable to related parties 6.775.134 167.944 - 6.943.078 98% 2%

Deferred tax liability 2.857.613 65.872.147 - 68.729.760 4% 96%Other financial liabilities, non-current 86.449.857 75.796.977 (4.891.051) 157.355.782 53% 47%

NON-CURRENT LIABILITIES 319.683.786 478.821.817 (4.891.051) 793.614.552 40% 60%

LIABILITY 1.089.441.092 801.147.679 (98.119.432) 1.792.469.340 58% 42%

EQUITY 279.227.789 1.002.450.963 - 1.281.678.754 22% 78%

Conconcreto — 161

01CONSOLIDATED FINANCIAL STATEMENTS 01STATEMENT OF INCOME CONSTRUCTION INVESTMENT ELIMINATIONS TOTAL %

CONSTRUCTION%

INVESTMENTIncome from ordinary activities 1.048.975.747 184.802.283 (17.546.836) 1.216.231.195 85% 15%Cost of sales (916.019.431) (98.491.747) 16.554.309 (997.956.869) 90% 10%GROSS PROFIT 132.956.316 86.310.537 (992.527) 218.274.326 61% 39%Other income 10.739.105 10.543.954 (74.247) 21.208.811 50% 50%Administrative and sales expenses (28.028.110) (27.390.023) 1.066.774 (54.351.358) 51% 49%

Expenses from employee benefits (36.613.469) (19.949.251) - (56.562.720) 65% 35%

Other expenses (3.965.340) 1.822.051 - (2.143.289) 185% (85%)Other gains (losses) - 54.946.103 - 54.946.103 0% 100%OPERATING PROFIT 75.088.501 106.283.371 - 181.371.872 41% 59%Gains (losses) from exchange rate differences 9.190.746 605.539 - 9.796.285 94% 6%

Financial income 2.961.298 1.638.828 - 4.600.126 64% 36%Financial costs (21.501.189) (69.838.768) - (91.339.958) 24% 76%Participation in associates and joint ventures (377.321) 40.415.822 - 40.038.501 (1%) 101%

EARNINGS BEFORE TAXES 65.362.034 79.104.792 - 144.466.827 45% 55%Deferred tax expenses (14.170.447) (18.108.031) - (32.278.478) 44% 56%Current tax expenses (5.380.015) (7.544.471) - (12.924.486) 42% 58%NET PROFIT 45.811.572 53.452.291 - 99.263.862 46% 54%Non-controlling interests 2.041 4.004.906 - 4.006.947 0% 100%PROFIT ATTRIBUTABLE TO THE CONTROLLING COMPANY

45.809.531 49.447.385 - 95.256.915 48% 52%

4.4. CASH AND CASH EQUIVALENTS

BREAKDOWN DEC-15 DEC-14

Banks (1) 483.327.085 197.862.702 Short-term investments 114.346.688 143.162.953 Cash on hand 154.198 496.182 CASH AND CASH EQUIVALENTS 597.827.972 341.521.837

(1) Funds in banks are as follows:

COMPANY DEC-15 DEC-14

Constructora Conconcreto S.A. 462.682.299 163.208.126 Trusts 10.101.630 16.052.010 Conconcreto Internacional S.A. 5.787.332 16.207.720 Industrial Conconcreto S.A.S. 2.385.803 1.647.217 DobleCe RE 788.608 - Inmobiliaria Conconcreto S.A.S. 636.870 319.397 SCA Zona Franca 329.275 175.187 Ustorage 243.439 38.135 CAS Mobiliario S.A. 231.626 138.227 Cantera La Borrascosa 140.203 76.683 TOTAL 483.327.085 197.862.702

(2) Funds in short-term investments or mutual funds are as follows:


COMPANY ENTITY PROFITABILITY DEC-15 DEC-14

Constructora Conconcreto S.A. Fiducolombia 4,94% 28.454.404 25.523.231 Constructora Conconcreto S.A. - Consortium Vial Helios Fiducolombia 4,94% 24.327.169 35.601.870 Constructora Conconcreto S.A. - Consortium CCC Ituango Fiducolombia 4,94% 13.242.140 25.394.817 Inmobiliaria Conconcreto Fiducolombia 4,94% 8.075.905 215.466 La Campana Trust Alianza Fiduciaria 3,24% 7.045.292 159.933 Lote Malachí Trust FiduCredicorp 3,44% 5.538.314 - Constructora Conconcreto S.A. - Consortium Conlinea3 Fiducolombia 4,94% 4.629.656 - Industrial Conconcreto Fiducolombia 4,94% 4.217.712 316.016 Constructora Conconcreto S.A. Alianza Fiduciaria 4,64% 2.320.379 1.769.233 El Poblado Trust Acción Fiduciaria 3,52% 2.138.233 819.988 Constructora Conconcreto S.A. - Mint Trust Fiducolombia 4,94% 1.554.783 11.872 CAS Mobiliario Banco Corpbanca 4,83% 1.268.987 699.579 Lote Hayuelos Trust Alianza Fiduciaria 3,24% 1.207.655 353.400 CAS Mobiliario Fiducolombia 4,93% 1.152.855 Cantera La Borrascosa Fiducolombia 4,94% 1.012.469 209 Constructora Conconcreto S.A. - Bali Trust Fiducolombia 4,94% 993.322 472.547 Constructora Conconcreto S.A. - Ciudad del Bosque Trust Fiducolombia 4,94% 957.529 299.710 CAS Mobiliario Banco Corpbanca 4,83% 826.222 3.598.819 Constructora Conconcreto S.A. - Life Trust Fiducolombia 4,94% 804.115 74.995 Constructora Conconcreto S.A. - Consortium CCC Ituango FONVAL 4,56% 655.792 579.706 Constructora Conconcreto S.A. - Consortium CCC Ituango Fiducolombia 4,94% 512.627 723.128 Constructora Conconcreto S.A. - Finito Trust Alianza Fiduciaria 3,85% 437.863 374.837 Constructora Conconcreto S.A. - Select Trust Alianza Fiduciaria 3,24% 421.433 96.377 Lote Lagartos Trust Alianza Fiduciaria 3,02% 399.304 - Inmobiliaria Conconcreto - Finito Trust Alianza Fiduciaria 3,85% 358.252 306.685 Constructora Conconcreto S.A. - Allegro Trust Alianza Fiduciaria 3,02% 344.394 169.321 Constructora Conconcreto S.A. - Portal del Sol Trust Alianza Fiduciaria 3,24% 286.226 508 Constructora Conconcreto S.A. - Consortium Columbus BTG Pactual 4,52% 241.674 253.380 Industrial Conconcreto BTG Pactual 4,52% 238.401 6.541 Constructora Conconcreto S.A. - Consortium CCC Porce II Fiducolombia 4,94% 204.994 498.586 Bodegas Familia Trust Fiducolombia 4,94% 120.749 82.074 Constructora Conconcreto S.A. - Living Trust Fiducolombia 4,94% 82.148 101.275 Tulipanes Trust FiduBogota 3,12% 74.649 86.291 Inmobiliaria Conconcreto - Living Trust Fiducolombia 4,94% 67.442 82.862 Sports Plaza Trust Fiducolombia 4,94% 26.694 21.532 Constructora Conconcreto S.A. - Consortium SBCC Aguadulce Boscoal Fiducolombia 4,94% 20.529 8.457.083

Constructora Conconcreto S.A. - Other Small Trusts* Fiducolombia 4,94% 14.831 25.521 Almenara Trust FiduBogota 3,12% 13.306 1.720.404 Constructora Conconcreto S.A. - Consortium RDS1 Fiducolombia 4,94% 10.420 58.975 Constructora Conconcreto S.A. BTG Pactual 5,30% 8.425 149.692 Hotel Cali Trust Fiducolombia 4,94% 6.346 6.129 Constructora Conconcreto S.A. - Entreparques Trust Alianza Fiduciaria 2,74% 5.512 214.395 Constructora Conconcreto S.A. - Consortium Conlinea2 Fiducolombia 4,94% 4.987 74.640 Fresenius Trust Fiducolombia 4,94% 4.788 1.157 Inmobiliaria Conconcreto - Entreparques Trust Alianza Fiduciaria 2,74% 4.510 175.414 Inmobiliaria Conconcreto - Toscano Trust Alianza Fiduciaria 2,74% 4.407 28.721 Tacaragua Trust Fiduciaria Central 2,84% 3.150 3.221 Constructora Conconcreto S.A. - Consortium CC-MP-HV Cusiana FiduDavivienda 4,27% 2.024 983.297

Cartago Trust FiduDavivienda 3,68% 1.087 1.054 Valverde Trust Alianza Fiduciaria 2,74% 1.016 - Constructora Conconcreto - Other Small* Fiducolombia 4,94% 1.007 - Constructora Conconcreto S.A. - Small Consortiums** FiduDavivienda 4,27% 327 315 Ustorage Fiducolombia 4,94% 229 13.774 CAS Mobiliario Fiducolombia 4,93% 2 2 Other small Other trusts - - 32.554.371 TOTAL 114.346.688 143.162.953

* Alboran Trust and Chimeneas Trust (Dec 2015).** Consortium Palmeras and Manso Amani (Dec 2015) - Consortium Palmeras (Dec 2014).

Conconcreto — 163

01CONSOLIDATED FINANCIAL STATEMENTS 01Funds in foreign currencies are as follows:

FINANCIAL POSITION DEC-15 DEC-14USD Equivalent USD Equivalent

Assets 16.648 50.945.909 18.365 42.676.075 Liabilities (14.241) (40.479.544) (32.984) (71.790.444)Net position 2.407 10.466.365 (14.619) (29.114.369)

EUR Equivalent EUR Equivalent Assets 630 1.994.941 459 1.290.307 Liabilities (361) (1.248.453) (243) (658.160)Net position 269 746.489 216 632.147

VEB Equivalent VEB Equivalent Assets 273 116.194 5.791 1.204.715 Liabilities (5.847) (1.204.080) (5.847) (1.204.080)Net position (5.574) (1.087.886) (56) 635

GBP Equivalent GBP Equivalent Liabilities - - 9 33.005 Liabilities (1) (5.638) (0) (592)Net position (1) (5.638) 9 32.413

USD: Dollar VEB: Venezuelan BolivarEUR: Euro GBP: British Pound

4.5. TRADE AND OTHER ACCOUNTS RECEIVABLEThe breakdown of trade and other accounts receivable follows:

BREAKDOWN DEC-15 DEC-14Current Non-current Current Non-current

Other accounts receivable (1) 155.679.094 - 118.440.095 6.589.668 Domestic clients (2) 142.651.166 3.309.885 135.865.083 1.195.341 Advance payments to suppliers (3) 96.760.943 - 100.879.125 - Other accounts receivable 24.246.501 154.518 23.858.542 183.874 Withholdings from construction contracts 14.359.393 - 8.912.559 - Other taxes 5.670.305 - 7.041.855 - TOTAL 439.367.403 3.464.402 394.997.259 7.968.883

(1) This heading is made up of service operations with customers and the estimated income arising from the cost of construction contracts.

(2) This includes individual trade accounts and provisions. Domestic customers are mostly represented by portfolios of up to one year, as the average collection term is between 30 and 90 days in all companies. The balances included under this heading have a high turnover.

(3) These are advance payments to suppliers of materials and service providers for the implementation of projects and advance payments for the purchase of lots.

The trade and other accounts receivable broken down by Company follows:


Constructora Conconcreto S.A. 341.752.180 2.937.166 319.554.450 304.882 Trusts 36.030.635 - 23.600.658 - Conconcreto Internacional S.A. 34.342.409 267.334 27.320.469 584.197 Industrial Conconcreto S.A.S. 13.466.563 - 16.093.909 - Conconcreto Inversiones y Servicios 6.298.940 - - - Other small 7.476.676 259.902 8.427.772 7.079.804 TOTAL 439.367.403 3.464.402 394.997.259 7.968.883


Details of portfolio by maturities - domestic customers

BREAKDOWN TOTAL DEC 2015 NOT LATE 30

DAYS60

DAYS180

DAYS360

DAYSRuta del Sol Sector Uno 14.553.699 - 5.568 18.560 502.108 14.027.462 Sociedad Puerto Industrial Aguadulce 9.302.769 9.302.769 - - - - Hoteles Estelar S.A. 6.776.842 47.162 5.642.771 620.668 379.121 87.120 Metropolitan Area of Valle de Aburrá 6.602.239 6.602.239 - - - - Cimcol SA 4.390.853 4.086.641 304.212 - - - Promotora Parque Washington 3.767.740 505.526 2.558.241 609.521 18.329 76.122 Devimed S.A. 2.654.852 1.398.710 1.256.142 - - - Constructora Perfil Urbano S.A 1.321.425 - 520 61.557 647.332 612.016 Asistencia Técnica Trust 1.291.005 785.247 - 329.953 175.805 - Cerromatoso S.A. 1.289.093 1.289.093 - - - - Compañía de Servicios e Inversiones 1.178.079 - 1.178.079 - - - Sohinco Empresarial S.A.S. 990.921 990.921 - - - - Gaseosas Posada Tobón S.A. 920.631 - - 920.631 - - Arquitectura y Concreto S.A.S 871.749 801.520 29.968 21.167 18.517 577 Mensula S.A. 859.221 687.862 163.463 6.999 895 - Internacional Premium Holding SA 850.023 - - - - 850.023 Fondo Global de Construcción SAC 815.883 - - - - 815.883 Fresenius Medical Care Andina S.A.S 734.968 - 734.968 - - - Muv Integrated Design Sl 726.549 726.549 - - - - Constructora Castello S.A.S 631.452 - 631.452 - - - Pijao Grupo de Empresas 511.754 267.983 157.176 793 41.063 44.738 Corporación Museo de Arte Moderno 461.898 - 3.152 458.747 - - Top-Style-Toscana Constructores S.A 439.848 - - 404.270 35.577 - Inversiones Jiménez Silva y CIA 366.127 347.235 - 10.017 8.593 283 Consortium Estructuras Metálicas Mod 331.446 - - - - 331.446 Hotel Metro Yopal 330.556 157.154 - - (3.625) 177.028 Irotama S.A. 304.674 - 304.674 - - - Saldarriaga Fernandez Juan Alejandro 296.604 - - - - 296.604 Sohinco Constructora S.A.S 293.788 870 6.098 286.820 - - Sistemas Especiales de Construcción 267.733 267.733 - - - - Global Inversiones Hoteleras S.A.S 257.854 - - - - 257.854 La Quinta S.A. 245.214 245.214 - - - - Schlumberger Surenco S.A. 215.050 14.074 - - - 200.975 Agrupación Guinovart Obras y Servicios 180.583 105.757 74.825 - - - Sacyr Construcción S.A Sucursal Colombia 159.013 159.013 - - - -

Fiduciaria Central 142.112 - 7.947 134.165 - - Meals Mercadeo de Alimentos De Colombia 130.879 560 130.319 - - -

Pavimentos Colombia S.A.S. 126.221 126.221 - - - - Alimentos Cárnicos S.A.S 125.579 - 105.859 19.720 - - Carbones del Cerrejon Limited 125.280 - 125.280 - - - Smart Office Center Joint Venture 123.046 7.446 - - 12.781 102.819 Horizons Institute Inc 120.000 - - - 10.000 110.000 Obregón de Herrera Beatriz 115.732 - - - - 115.732 Arquitectura y Construcciones S.A. 108.479 53.695 48.997 5.788 - - Constructora Venice S.A.S. 107.398 53.556 12.941 40.901 - - Soluciones Civiles S.A. 104.692 74.930 29.762 - - - Despachadora Internacional de Colombia 104.290 67.404 36.886 - - - Optima S.A. Vivienda y Construcción 104.055 65.005 39.051 - - - Almacenes Éxito S.A. 101.092 46.587 28.687 - - 25.818 Ramírez Mendoza Gustavo Adolfo 100.414 - 100.414 - - - Fondo Global De Construccion S.A.S. 100.000 - - - - 100.000 Accounts receivable (costs) 148.480.687 148.480.687 - - - - Advance payments to suppliers 96.760.943 - 96.760.943 - - - Domestic clients (participation) 42.961.928 42.961.928 - - - - Other accounts 28.614.164 28.614.164 - - - - Other accounts receivable (participation) 11.631.924 11.631.924 - - - - Other accounts receivable, Almenara trust 10.181.264 - 10.181.264 - - - Almenara trust clients 8.942.820 - 8.942.820 - - - Conconcreto Inversiones y Servicios 6.298.940 - 6.298.940 - - - Tax receivables 5.670.305 5.670.305 - - - - Cas Mobiliario 4.058.277 - 4.058.277 - - - Clients Tulipanes trust 3.759.520 - 3.759.520 - - - Retained on guarantee (participation) 3.517.226 - 3.517.226 - - - Other 1.458.002 1.458.002 - - - - TOTAL 439.367.403 268.101.685 147.236.442 3.950.278 1.846.497 18.232.501

Conconcreto — 165

01CONSOLIDATED FINANCIAL STATEMENTS 014.6. ACCOUNTS RECEIVABLE FROM RELATED PARTIES AND ASSOCIATES


Domestic clients (1) 29.176.255 23.103.844 40.249.421 1.460.372 Other accounts receivable (2) 23.534.130 22.574.354 37.298.754 22.026.889 Advance payments to suppliers 1.015.958 - 1.020.769 - Withholdings from construction contracts 59.930 - - - TOTAL 53.786.272 45.678.198 78.568.944 23.487.261

(1) This heading includes individual trade accounts, accounts receivable from partners and accounts receivable due to real estate surplus. Related party customers are mostly represented by portfolios of up to one year, as the average collection term is between 30 and 90 days in all companies. The balances

included under this heading have a high turnover. (2) This heading is comprised of the loans granted

to associated companies and related parties.

The details of accounts receivable from related parties and associates, broken down by Company, are as follows:


Constructora Conconcreto S.A. 47.151.566 22.641.609 73.976.245 22.370.474 Nayu Assets Corporation - 22.131.189 - - Other small 6.634.706 905.400 4.592.700 1.116.787 TOTAL 53.786.272 45.678.198 78.568.944 23.487.261

The aging report for subsidiaries follows:

BREAKDOWN TOTAL DEC 2015 NOT LATE 30

DAYS60

DAYS180

DAYS360

DAYSConsortium Vial Helios 15.012.976 7.127.336 1.411.781 223.989 1.973.076 4.276.794 Pactia Trust 8.625.309 1.056.030 2.218.544 4.176.757 1.173.978 - Consortium C.C. 6.645.486 - 12.960 26.090 65.494 6.540.941 Banco Corpbanca Colombia S.A 6.386.258 3.663.982 2.722.276 - - - Soletanche Bachy Cimas S.A. 2.963.481 2.195.910 240.623 - 526.947 - Promotora Casa del Mar 2.947.358 12.334 2.608 8.978 5.966 2.917.472 Logika II Trust 2.778.937 - 2.778.937 - - - Consortium Hidrocucuana 2.685.864 2.255.778 430.087 - - - Consortium CCC Ituango 2.201.342 2.201.342 - - - - Consortium San Mateo 1.654.694 1.079.565 575.129 - - - Consortium Obra Puerto Brisa 1.108.299 - - - - 1.108.299 Other 776.269 776.269 - - - - TOTAL 53.786.272 20.368.547 10.392.944 4.435.814 3.745.461 14.843.507

4.7. INVENTORIES

INVENTORIES DEC-15 DEC-14Current inventories 453.290.554 304.052.768 Non-current inventories 1.826.533 4.134.057 TOTAL 455.117.086 308.186.825

Trusts (1) 232.264.949 156.724.040 Constructora Conconcreto S.A. (2) 198.660.336 122.969.660 Inmobiliaria Conconcreto S.A.S. 14.030.272 16.765.611 Industrial Conconcreto S.A.S. 5.726.332 6.128.643 Conconcreto Internacional S.A. 1.501.978 988.190 SCA Zona Franca S.A.S. 911.988 266.297 Cantera la Borrascosa S.A.S. 181.161 201.287 Ustorage S.A.S. 13.538 9.042 CURRENT 453.290.554 304.052.768

Constructora Conconcreto S.A. (2) 1.826.533 4.134.057 NON-CURRENT 1.826.533 4.134.057


(1) The breakdown of current Trust Inventories follows:

BREAKDOWN DEC-15 DEC-14Tacaragua 6.007 60.691 REAL ESTATE FOR SALE 6.007 60.691 Fresenius 84.125.494 36.445.365 La Campana 36.424.147 21.529.736 Lote Lagartos 20.168.054 57.709 Lote Hayuelos 19.197.452 7.972.115 El molino 19.000.000 - Guatapurí 12.496.388 - Gran plaza cartago 8.140.000 - Tulipanes 4.760.187 3.623.189 Valverde 4.246.000 - El Bosque 1.311.918 1.311.918 La Alcancía 12.684.425 66.664.651 Other minor - 3.622.081 HOUSING CONSTRUCTION PROJECTS IN PROGRESS 222.554.064 141.226.764 El Bosque 9.704.878 7.236.585 Lote Lagartos - 8.200.000 DEVELOPED LANDS TO BUILD ON 9.704.878 15.436.585 TOTAL 232.264.949 156.724.040

(2) The breakdown of inventories follows:

BREAKDOWN DEC-15 DEC-14Property inventory (3) 131.377.219 61.789.834 Other inventory (4) 40.428.970 30.704.643 Work in progress products (5) 21.921.082 23.986.763 Replacement parts 3.756.623 3.309.065 Stock 1.176.441 3.179.354 CURRENT 198.660.336 122.969.660 Property inventory 1.533.085 3.970.325 Replacement parts 293.448 163.732 NON-CURRENT 1.826.533 4.134.057

(3) The most significant part of the real estate inventory consists of constructions in progress and Trust housing, which are broken down as follows:

BREAKDOWN DEC-15 DEC-14Ciudad del Bosque Trust, Phase 1 (property) 19.377.445 9.919.613 Select 13.040.055 5.689.670 Finito Trust 12.360.847 8.148.160 Allegro 11.948.861 5.224.577 Bali 11.743.719 5.163.254 Peñalisa 6.506.333 - Life 3.094.875 - Entreparques Trust 2.746.623 2.635.442 Mint 450.780 - Toscano Trust 15.170 5.956 Other minor 619 2.854.615 HOUSING TRUST CONSTRUCTION PROJECTS IN PROGRESS 81.285.326 39.641.285 Real estate for sale 30.297.645 912.352 Developed lands to build on 12.817.464 12.817.464 Inventory for housing projects 6.976.784 8.418.733 TOTAL 131.377.219 61.789.834

(4) The breakdown of other inventories follows:

BREAKDOWN DEC-15 DEC-14Inventory of materials for consortiums and joints ventures 15.263.764 16.650.969 Inventory of materials: 18.821.118 11.100.717 Inventory of materials, managed construction works 6.529.136 3.119.139 Inventory provisions (185.047) (166.181)TOTAL 40.428.970 30.704.643

Conconcreto — 167

01CONSOLIDATED FINANCIAL STATEMENTS 01(5) The breakdown of products in process follows:

BREAKDOWN DEC-15 DEC-14Consortium CC 4.064.908 - El Molino - Urbanismo 2.605.589 470.152 Chimeneas Patinodromo 1.925.138 - Puerto Azul 1.839.724 - Gran Plaza Cartago Indirect 1.710.721 1.687.089 Chimeneas Phase 3 Zanetti 1.219.833 1.055 Allegro Apartments 1.213.885 - Buró 25 future phases - 8.313.561 Gran Plaza Ensueño - 3.944.943 Guatapurí Ampliación - 1.427.370 Gran Plaza Hilanderías - 1.791.065 Proyecto el Vínculo Soacha 1.174.866 827.083 Other minor 6.166.418 5.524.446 TOTAL 21.921.082 23.986.763

4.8. CURRENT TAX ASSETS AND LIABILITIES

a) Current tax assets

The composition of this heading is as follows:

BREAKDOWN DEC-15 DEC-14Conconcreto income tax and CREE tax credit 27.177.568 10.044.969 Industrial income tax and CREE tax credit 3.198.594 1.972.131 Inmobiliaria income tax and CREE tax credit 449.040 -Ustorage income tax and CREE tax credit 132.696 - SCA ZF income tax and CREE tax credit 16.485 - Borrascosa income tax and CREE tax credit - 21.539 Self-withholdings at the source 1.629.218 1.428.490 Third party withholdings - 1.492.816 TOTAL 32.603.601 14.959.944

b) Current tax liabilities

The composition of this heading is as follows:

BREAKDOWN DEC-15 DEC-14Provision for income tax and CREE tax, current 1.076.965 3.150.534 TOTAL 1.076.965 3.150.534

Current taxes are the values expected to be recovered (as-sets) or paid (liabilities) on account of the taxable income of

the period for the group’s companies, based on the tax rates at December 2015.


4.9. COMPANIES OF THE GROUP AND TRUSTS

EQUITY PARTICIPATION

COMPANY CORPORATE PURPOSE BUSINESS ADDRESS

GEOGRAPHICAL AREA OF

OPERATIONSDATE OF

INCORPORATION % DIRECTINDIRECT

COMPREHENSIVE CONSOLIDATION METHOD USED

Soletanche Bachy Cimas S.A.

Perform studies, planning, consulting, management, execution of technical construction works, specialized in soils, geotechnical and foundations.

Cr. 23 No 124 87 Of. 703 Torre 1 Bogotá D.C.

Bogotá D.C. Sep 16, 97 40,75%0,22%

“DirectIndirect”

Equity method

Concesiones C.C.F.C S.A.

Construction of public works through the concession system, as well as the total and partial development of public and private work through other alternate systems.

Av. Cl 26 No. 59 41 Of. 901 Bogotá D.C. Jun. 27, 95 24,00% Direct

Autopista de los Llanos S.A.

Structuring, management and execution of concession agreements, construction contracts and any other type of contracts with public or private entities of any order and nature in the following activities: studies, design, construction, operation, maintenance and distribution.

Cr. 22 No. 4 -105 Villavicencio

Villavicencio (Meta) Sep 7, 2012 8,47% Direct Equity

method

Viviendas Panamericanas S.A.

Real estate activityPanama, Republic of Panama

Panamá June 6, 1996 50,00% Indirect

Civitar-Nunciatura 2 Real estate activity San Jose,

Costa Rica San José - 35,85% Indirect

Equity methodGrupo Heróica

S.A.S.

Be the exclusively assigned to financially benefit from the Centro de Convenciones de CArtagena de Indias. Under its responsibility and risk, assume the management, operation, investment and maintenance of the Convention Center.

Cr. 8 Getsemaní Centro de Convenciones Cartagena de Indias

Cartagena (Bolivar) Jun. 8, 2011 30,00% Direct

Uno Sur S.A. Acquire, manage and sell rural and urban real estate, and execute all types of contracts related with these activities.

Medellín Medellín Nov. 18, 1981 33,33% Indirect Equity method

Norval Ventures, INC Investor Virgin Islands BVI Mar. 3, 2009 11% Indirect

Promotora Aldea del Viento S.A.

Acquisition of urban and rural real estate of any type for the purpose of renting, processing, improving, trading, transforming or selling them. Promotion and development of professional and industrial plans for housing and shopping malls

Cl 7 D 43 A 99 IN 601 Medellín

Medellín (Ant) Sep. 18, 1998 27,79% Direct

Equity method

Contintal S.A.

Promote, execute and invest in property and real estate projects directly or through lands owned by the Company or others; programs or plans for subdivision, urbanization or division of properties, single or multi-family housing, shopping malls, industrial facilities or offices; and sale, rental or otherwise use the respective lots, parcels, houses, apartments, offices or store fronts.

Bogotá Bogotá May 30, 1994 50% Indirect

Conconcreto — 169

01CONSOLIDATED FINANCIAL STATEMENTS 01EQUITY

PARTICIPATION



OPERATIONSDATE OF



Devimed S.A.

Draw up plans, execute infrastructure projects and engage in construction of public works, through the concession system or other forms of contracting.

Cr. 43 A Of. 807 Medellín Medellín (Ant) May 9, 1996 0,80% Direct

Equity method

Constructora San Diego Milenio S.A.

Execution of construction works and all other activities necessary to adapt Calle 26 (Jorge Elicer Gaitán) and Carrera 10 (Av. Fernando Mazuera) for the Transmilenio and to maintain them thereafter in Bogotá, D.C.

Cl 30 B 7 A 88 SUR Bogotá D.C.

Bogotá D.C. Dec. 31, 1997 33,30% Direct

Transamerican Services Transportation

Panama, Republic of Panama

Aerop. Int. Tocumen Feb. 7, 2007 50,00% Indirect

Equity methodCentrans

CompanyHolding shares in other companies


Guatemala Dec. 18, 2008 50,00% Indirect

Consol S.A.S.Trade, acquire, manage, subscribe, buy and sell assets and shares in other companies.

Cr. 6 No. 115 65 IN. 308 Bogotá D.C. Dec 14, 2012 50,00% Direct

Equity methodBrighstar

Management Corp.

Promote and develop propertiesPanama, Republic of Panama

Panamá Jun 17, 1994 40,00% Indirect

Consalfa S.A.S.

Study, design, plan, contract and execute all types of mechanical and industrial assembly works, buildings, civil works and property.

Cl. 110 No. 9 25 Of. 801 Bogotá D.C.

Bogotá D.C. May 17, 2010 50,00% DirectEquity

method

Aerotocumen S.A.

Construction and building all types of buildings and civil works.


Panamá Apr. 21, 2009 40%10%

“DirectIndirect”

Maui Properties I.N.C. Real estate activity


Panamá Jun. 04, 2014 50,00% IndirectEquity

methodMaui Development, I.N.C.

Real estate activityPanama, Republic of Panama

Panamá Jul. 17, 2014 50,00% Indirect

Pactia S.A.S.

Professional management and administration, directly or providing professional management services for real estate development funds and projects, regardless of the legal nature by which these are structured, including but not limited to operating and renting shopping malls, corporate buildings, warehouses, distribution centers, logistic parks, hotels and other similar projects; administering projects, managing third party assets and providing economic, administrative, marketing, financial and other related consulting services.

Carrera 43 A 18 Sur 135 P 4 Medellín

Medellín Jul. 10, 2015 50% Direct Equity method

EQUITY PARTICIPATION

TRUST CORPORATE PURPOSE BUSINESS ADDRESS


OPERATIONSDATE OF



Deviplus Road Concessions Cr 48 26-85 Medellín- Antioquia

Medellín 29-dic-05 3% Direct Global

Emgea Promotion of energy generation projects

Cl 8 43A-115 Medellín-Antioquia

Medellín 18-mar-10 1% Direct Global

Villa Viola Office rental Cr 15 100 - 43 Bogotá Bogotá 1-sep-00 4% Direct Global

Devimed Road Concessions Cr 43 a 7 of 807 Medellín- Antioquia

Medellín 4-jun-96 3% Direct Global

Edificio CCI Office and parking lot rental Cr 13 27- 47 Bogotá Bogotá 31-oct-07 4% Direct Global

Tanque Cazuca In Construction Cl 34 6 - 61 Piso 2 Bogotá Bogotá 30-nov-15 16% Indirect Global

Securitization Securitization investmentsCl 8 43A-115 Medellín-Antioquia

Medellín 3-nov-10 8% Direct Global

Pactia Trust Acquire, maintain and transfer legal ownership of properties

Calle 31A Nro. 6-39 Medellín 30-jul-15 50% Direct Global


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Conconcreto — 171

01CONSOLIDATED FINANCIAL STATEMENTS 01CO

MPAN

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Conconcreto — 173

01CONSOLIDATED FINANCIAL STATEMENTS 01CO

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4


4.11. NET GOODWILLa) The composition of this heading is as follows:

HEAD COMPANY INVESTOR BREAKDOWN DEC-15 DEC-14Constructora Conconcreto S.A. Conconcreto Internacional S.A. 7.973.595 7.973.595 TOTAL 7.973.595 7.973.595

b) Reconciliation of changes in goodwill

The movement of goodwill is as follows:

MOVEMENTS IN GOODWILL - NET DEC-15 DEC-14Starting balance 7.973.595 7.973.595 Other movements - - Net closing balance 7.973.595 7.973.595 Assign to intangible - - Goodwill purchased 7.973.595 7.973.595 TOTAL 7.973.595 7.973.595

By policy, the Company conducts impairment testing on an annual basis.

4.12. PROPERTY, PLANT AND EQUIPMENT

BREA

KDOW

N

LAND

CONS

TRUC

TION

AND

BUILD

INGS

, NET

CONS

TRUC

TION

IN

PROG

RESS

, NET

MACH

INER

Y, NE

T

INFO

RMAT

ION

TECH

NOLO

GY EQ

UIPM

ENT,

NET

OFFIC

E EQU

IPMEN

T, NE

T

MOTO

R VE

HICL

ES, N

ET

OTHE

R PR

OPER

TY, P

LANT

AN

D EQ

UIPM

ENT,

NET

PROP

ERTY

, PLA

NT AN

D EQ

UIPM

ENT,

NET

Opening balance as at 1/1/2015

97.682.500 13.887.574 4.036.775 157.512.503 2.653.879 3.733.522 33.473.348 621.848 313.601.948

Shares - 10.176.518 177.327 49.755.241 2.043.570 338.647 3.473.271 86.806 66.051.379

Withdrawals - (1.902.803) (1.936.758) (23.398.111) (708.098) (455.168) (1.928.166) (14.672) (30.343.778)

Depreciation - (1.384.797) - (22.686.923) (964.336) (585.597) (7.478.095) (971.798) (34.071.546)Other increases (decreases) - 2.874.770 (1.978.765) 3.317.149 16.751 15.018 (3.206.089) 5.694.509 6.733.343

CLOSING BALANCE AT 12/31/2015

97.682.500 23.651.261 298.579 164.499.858 3.041.765 3.046.421 24.334.269 5.416.692 321.971.347

4.13. INVESTMENT PROPERTIES

BREAKDOWN DEC-15 DEC-14Opening balance as at 1/1/2015 1.388.340.569 976.271.031 Acquisitions 60.461.121 307.441.171 Shares 115.256.055 122.618.831 Adjustment to fair value 54.946.103 (17.990.464)Contributions to the fund (1.475.443.855) - Retirements (10.635.669) - NET CLOSING BALANCE AT 12/31/2015 132.924.325 1.388.340.569

Conconcreto — 175

01CONSOLIDATED FINANCIAL STATEMENTS 01The breakdown of investment properties follows:

INVESTMENT PROPERTY DEC-14 ACQUISITIONS SHARES ADJUSTMENT TO

FAIR VALUEPACTIA TRUST

CONTRIBUTIONS RETIREMENTS DEC-15

LOW COST WAREHOUSESBodegas San Francisco 113.225.427 - 4.237.769 - (117.463.196) - -

SHOPPING MALLSSoledad 102.300.000 - - 7.167.903 (109.467.903) - - Gran Plaza el Ensueño 93.612.220 - - - (93.612.220) - -

San Pedro 2 y 3 61.208.840 - 673.380 (212.402) (61.669.818) - - Florencia 58.440.000 - - 7.626.604 (66.066.604) - - Alcaraván 1 y 2 56.600.000 - 11.885.576 (651.658) (67.833.918) - - Ipiales 48.600.000 - 103.200 5.296.826 (54.000.026) - - San Antonio 42.118.438 - - (2.368.668) (39.749.770) - - Éxito Castellanas 32.786.000 - - (1.304.399) (31.481.601) - - Guatapurí 31.290.000 - - (641.935) (30.648.065) - - San Pedro 1 (Partner, Grupo Éxito 51%) 20.452.600 - - (653.664) (19.798.936) - -

Gran Plaza Xentral 12.601.401 - 15.904.083 1.356.916 (29.862.400) - - Éxito Ejecutivos 12.660.000 - - (707.401) (11.952.599) - - Gran Plaza Cartago 8.140.000 - - - - (8.140.000) - Cable Plaza 1.329.689 - - (764.769) - - 564.920 CORPORATE SOLUTIONSUnilever 92.704.000 - - 18.757.159 (111.461.159) - - Blue Logistics and Parque Logístico 58.600.607 - 25.097.337 1.692.653 (85.390.597) - -

Buró 25 - Etapas 2 a 5 64.560.000 - - - (64.560.000) - -

Buró 24 40.804.309 - 68.646 8.988.744 (49.861.699) - - Familia 1 32.584.000 - (3.023.081) (11.032.361) - - 19.039.137 Hotel Movich 26 (Partner, Movich 50%)

31.087.484 - 524.391 (2.220.421) (29.391.453) - -

Hotel Neiva (Partner, GHL 10%) 14.023.005 - 537.793 6.855.602 (21.416.400) - -

Buró 26 (Partner, Movich 50%) 21.382.157 - 318.171 2.390.445 (24.090.772) - -

Buro 51 Oficinas (Partner, Movich 50%)

- - 38.791.998 3.039.105 (41.831.103) - -

Buró 51 (Partner, Movich 50%) - - 18.103.140 (1.351.323) (16.751.817) - -

Familia Sancela 19.232.000 - (2.166.129) 3.208.269 (20.274.140) - - Flamingo Pereira 18.029.000 - - 675.896 (18.704.896) - - Impac 15.830.000 - - (692.527) (14.628.918) - - Frito Lay 15.315.000 - - 5.100.013 (20.415.013) - - Hotel Sonesta VUP (Partner, GHL 10%) 20.007.000 - 52.360 (5.296.147) (14.763.212) - -

Previously - BBB Equipos 14.200.000 - - (1.900.000) - - 12.300.000

Farmatodo 167 14.932.000 - - (1.175.085) (13.756.915) - - Farmatodo la Esperanza 10.230.000 - - 2.282.599 (12.512.599) - -

Hotel Yopal (Partner, GHL 10%) 12.897.597 - 147.227 (3.682.931) (9.361.893) - -

Almagrario 11.159.000 - - (151.328) (11.007.672) - - Farmatodo 127 9.591.000 - 235.141 237.832 (10.063.974) - - Nissan 7.283.000 - - (1.805.319) (5.477.681) - - Fibratore 7.200.000 - - (232.607) (6.967.393) - - Carulla Pontevedra 5.760.000 - - (300.872) (5.459.128) - - Stihl 3.418.110 - - 1.259.523 (4.677.633) - - Previously - Maderas de Occidente 4.660.000 - - - (4.660.000) - -

Seracer 3.046.000 - - 125.807 (3.171.807) - - Corona Ricaute 3.500.000 - - (619.251) (2.880.749) - - Corona Cúcuta 2.509.000 - - (178.281) (2.330.719) - - Corona Guayabal 2.070.000 - - 415.846 (2.485.846) - - Cedi Corona - 6.915.545 - (341.024) (6.572.495) - -


INVESTMENT PROPERTY DEC-14 ACQUISITIONS SHARES ADJUSTMENT TO

FAIR VALUEPACTIA TRUST

CONTRIBUTIONS RETIREMENTS DEC-15

U-STORAGEMeridiano 15.000.000 - 356.517 4.039.194 (19.395.711) - - Megacenter 11.800.000 - 112.173 2.791.071 (14.703.243) - - 46 - Granadillo 12.188.809 - 764.001 4.911.693 (17.864.504) - - Crespo 11.895.413 - 22.822 2.130.013 (14.048.248) - - Prado Pinzon 7.390.000 - 2.509.540 (1.246.142) (8.653.398) - - Megacenter Expansion - 1.205.000 - - - - 1.205.000

FUTURE PROJECTS PROSPECTUSLote Palma 45.719.760 - - - (5.119.760) - 40.600.000 Hilanderías - 27.000.000 - - (27.000.000) - - El Vinculo 20.398.692 - - 1.091.606 - - 21.490.298 Lote Malachí - 4.375.879 - - - - 4.375.879 Lote Asdesillas 3.464.686 - - - - - 3.464.686 Lote Caldas 2.944.743 - - - - - 2.944.743 Lote Cali 2.560.000 - - - - - 2.560.000 El Molino 2.495.669 - - - - (2.495.669) - HOUSING FUNDTorre Salamanca - 20.964.697 - 3.035.303 - - 24.000.000 INMOBILIARIA CONCONCRETO S.A. INVESTMENT PROPERTIESCostructora Conconcreto S.A. investment properties

503.915 - - - (124.252) - 379.663

TOTAL 1.388.340.569 60.461.121 115.256.055 54.946.103 (1.475.443.855) (10.635.669) 132.924.325

The breakdown of investment properties with a finance lease follows:

INVESTMENT PROPERTIES ON FINANCIAL LEASE DEC-15 DEC-14Previously - BBB Equipos 12.300.000 14.200.000 Soledad - 102.300.000 Florencia - 58.440.000 Ipiales - 48.600.000 San Antonio - 42.118.438 Buró 24 - 40.804.309 Éxito Castellanas - 32.786.000 Hotel Movich 26 (Partner, Movich 50%) - 31.087.484 Buró 26 (Partner, Movich 50%) - 21.382.157 Meridiano - 15.000.000 Éxito Ejecutivos - 12.660.000 46 - Granadillo - 12.188.809 Crespo - 11.895.413 Megacenter - 11.800.000 Stihl - 3.418.110 TOTAL 12.300.000 458.680.719

The corporate purpose of Constructora Conconcreto inclu-des the acquisition, construction, management and operation of real estate assets, such as hotels, mini-deposits, shopping centers, distribution centers, convenience stores, offices and shops, and any other legal act related to said real estate as-sets. To carry out its corporate purpose, the Company can: Ac-quire, encumber, dispose of, circumscribe and pledge all kinds of real estate, furniture, equipment and elements to carry out the works, engineering and constructions and the provision of services related to such activities.

In December 2014, Grupo Argos and Constructora Con-concreto joined their experience, knowledge and support to develop a winning, quality strategy in the real estate business. Pactia was born as a result of this partnership, and began

operating in August 2015.The Company chose to measure investment properties

using the fair value model, where the respective measure-ments are to be made on a yearly basis, by recognizing the change in the fair value in the statement of income for the period.

The purpose of measuring the fair value of investment pro-perties is to find the current commercial value of the property based on tenancy rights and freehold.

Constructora Conconcreto directly aims to generate inco-me in investment properties through residential leasing ser-vices, which are currently operating under a mandate agree-ment by Cáceres & Ferro Finca Raíz S.A through the housing unit rental Trust holding Company, which began operating in

Conconcreto — 177

01CONSOLIDATED FINANCIAL STATEMENTS 01December 2015 with the leasing of the fifth building of the Poblado housing project called Torre Salamanca located in the city of Bogotá.

4.14. INTANGIBLE ASSETS OTHER THAN GOODWILL

BREAKDOWN COMPUTER PROGRAMS BRANDS

INTANGIBLE ASSETS FROM CONCESSION RIGHTS, LICENSES

AND FRANCHISESOTHER NET ASSETS AT

12/31/2015Opening balance as at 12/31/2014 545.648 195.090 138.061 1.710.236 2.589.035 Shares 122.804 - 707.749 - 830.553 Other increases (decreases) (366.437) - (4.133) - (370.570)Amortization (151.560) - (301.232) (678.992) (1.131.784)CLOSING BALANCE AT 12/31/2015 150.454 195.090 540.445 1.031.243 1.917.233

4.15. DEFERRED TAX ASSETS AND LIABILITIESDeferred tax assets and liabilities are comprised of the following items:

BREAKDOWN DEC-15 DEC-14Assets Liabilities Assets Liabilities

Investments 2.771 140.127 521.258 110.503 Accounts receivable, amortized cost 56.171 - 138.777 - Inventories 608.093 - 442.518 - Fixed assets and leasing 885 10.986.026 - 15.085.563 Operating leases 9.447 - 100.648 732.884 Deferred and intangible 91.294 5.160 222.503 - Liabilities, amortized cost - 536.918 - 119.897 Other hedging 2.974.016 - 6.097.325 - Construction contracts 2.363.561 1.139.099 2.778.188 38.900 Consortiums and joint ventures - 892.130 10.267.583 - Trusts 130.127 48.933.593 71.765 29.795.482 Trust surplus 2.977.780 - 7.203.400 - Foreign currency valuation - 984.583 2.584 1.417.042 Adjustment for converstion, consolidated - 2.752.181 - 445.961 Other 900.500 2.359.942 960.981 522.246 TOTAL 10.114.644 68.729.760 28.807.530 48.268.479

4.16. OTHER NON-CURRENT FINANCIAL ASSETSBy the end of June 2015, the investment cost review iden-tified an adjustment due to the withdrawal of the cost of in-vestment of Odinsa S.A., which should have been derecogni-zed due to the sale of the investment in previous years (May 2014); therefore, the adjustment was made pursuant to IAS

8 “Accounting policies, changes in accounting estimates and errors”, in the form of a retroactive restatement, recognizing the effects of the change in estimate in the corresponding consolidated financial statements.The effect of the adjustment on each of the previous periods is as follows:

BREAKDOWN DEC-14 CORRECTION ODINSA

NEW BALANCE DEC 2014

Asset 2.448.561.600 (2.891.137) 2.445.670.463 Liability 1.524.303.308 - 1.524.303.308 Equity 924.258.292 2.891.137 921.367.155 PROFIT Revenue 901.485.412 (2.259.731) 899.225.681 Expenses 78.939.643 631.405 79.571.048 Costs 776.790.214 - 776.790.214 TOTAL 45.755.556 (2.891.137) 42.864.419

OTHER NON-CURRENT FINANCIAL ASSETS DEC-15 DEC-14INVESTMENTS HELD FOR SALEInvestment costs, not controlled 2.925.366 6.351.410 (Trusts) wholesale and retail shares 291.059 233.129 Fiduciary rights, investments in local currency 252.340 501.788 Trust Investments in shares 149.607 - Other required investments 3.440 3.440 Provisions (2.554.424) (3.446.262)TOTAL 1.067.387 3.643.505


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Conconcreto — 179

01CONSOLIDATED FINANCIAL STATEMENTS 01FIN

ANCIA

L EN

TITY

LOAN

NUM

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PITAL

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Ban

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Sem

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ual

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ual

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17

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Ban

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ual

CPI

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EA

R35

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17

- -

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co O

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Sem

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ual

IBR

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EA

R18

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18

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18

.207

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20

.09.

2017

-

4.55

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4.55

1.85

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718

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Ban

co O

ccid

ente

4500

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4500

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Ban

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Ban

co P

opul

ar18

0202

3675

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+ 2

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R83

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58

30.0

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62

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-

-

Ban

co P

opul

ar18

0202

3442

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onth

lyC

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3,8

0% E

AR

5.98

6.81

1 5.

983.

043

- 15

.07.

2016

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3445

-0M

onth

lyC

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3,8

0% E

AR

4.83

6.94

5 4.

836.

945

- 31

.07.

2016

-

- -

- -

- -


FINAN

CIAL

ENTIT

YLO

AN N

UM.

AMOR

TIZAT

ION

SCHE

DULE

RATE

CAPIT

ALBA

LANC

E AT

DECE

MBER

20

14

BALA

NCE A

TDE

CEMB

ER

2015

MATU

RITY

DAT

EMA

TURI

TY

DATE

IN TH

REE

MONT

HSIN

SIX

MONT

HSIN

ONE

YEAR

IN 3

YEAR

SIN

5 YE

ARS

MORE

TH

AN 5

YEAR

SCo

nstru

ctor

a Co

ncon

cret

o S.

A.B

anco

Pop

ular

1802

0234

53-0

Mon

thly

CPI

+ 3

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700.

000

5.70

0.00

0 -

26.0

8.20

16

- -

- -

- -

-

Ban

co P

opul

ar18

0202

3475

-5M

onth

lyC

PI +

3,8

0% E

AR

1.11

8.12

7 1.

118.

127

- 30

.09.

2016

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3474

-6M

onth

lyC

PI +

3,8

0% E

AR

4.40

0.00

0 4.

400.

000

- 27

.09.

2016

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3476

-4M

onth

lyC

PI +

3,8

0% E

AR

592.

935

592.

935

- 30

.09.

2016

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3472

-8M

onth

lyC

PI +

3,8

0% E

AR

8.11

7.74

3 8.

117.

743

- 26

.09.

2016

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3478

-2M

onth

lyC

PI +

3,8

0% E

AR

1.88

0.00

0 1.

880.

000

- 26

.09.

2016

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3480

-8M

onth

lyC

PI +

3,8

0% E

AR

2.66

0.00

0 2.

660.

000

- 18

.10.

2016

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3481

-7M

onth

lyC

PI +

3,8

0% E

AR

7.09

9.53

3 7.

099.

533

- 22

.10.

2016

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3515

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onth

lyC

PI +

3,8

0% E

AR

12.0

00.0

00

12.0

00.0

00

- 12

.02.

2017

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3576

-1M

onth

lyC

PI +

4,0

0% E

AR

529.

168

529.

168

- 21

.08.

2017

-

- -

- -

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Ban

co P

opul

ar18

0202

3579

-9M

onth

lyC

PI +

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0% E

AR

5.89

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899.

999

- 25

.08.

2017

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3575

-2M

onth

lyC

PI +

4,0

0% E

AR

2.94

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944.

019

- 20

.08.

2017

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3577

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onth

lyC

PI +

4,0

0% E

AR

7.10

8.18

9 7.

108.

189

- 22

.08.

2017

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3588

-8M

onth

lyC

PI +

4,0

0% E

AR

2.70

0.00

0 2.

700.

000

- 19

.09.

2017

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3598

-6M

onth

lyC

PI +

3,8

0% E

AR

2.52

5.65

6 2.

525.

656

- 30

.10.

2017

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3606

-1M

onth

lyC

PI +

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0% E

AR

1.10

0.00

0 1.

100.

000

- 19

.11.

2017

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3602

-5M

onth

lyC

PI +

3,8

0% E

AR

600.

000

600.

000

- 06

.11.

2017

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3422

-7M

onth

lyC

PI +

3,8

0% E

AR

3.67

9.61

9 3.

679.

619

- 16

.04.

2016

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3528

-9M

onth

lyC

PI +

3,8

0% E

AR

900.

000

900.

000

- 14

.04.

2017

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3479

-1M

onth

lyC

PI +

3,8

0% E

AR

256.

179

256.

179

- 15

.10.

2016

-

- -

- -

- -

Ban

co P

opul

ar18

0202

3594

-1M

onth

lyC

PI +

3,9

4% E

AR

1.22

3.47

8 1.

223.

478

- 16

.10.

2017

-

- -

- -

- -

Ban

colo

mbi

a59

8005

6032

Qua

rterly

IB

R +

2,1

9% N

AM

V81

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81.6

18.7

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16.0

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18

- -

- 20

.404

.698

61

.214

.094

-

-

Ban

colo

mbi

a59

8005

7639

Sem

i-ann

ual

DTF

+ 4

.20%

ann

ual r

ate

11.5

00.0

00

- 11

.500

.000

13

.10.

2018

-

- -

- 11

.500

.000

-

-

Ban

colo

mbi

a59

8005

6903

Sem

i-ann

ual

IBR

+ 2

,59%

EA

R11

.184

.611

-

11.1

84.6

11

15.0

7.20

18

- -

- -

11.1

84.6

11

- -

Ban

colo

mbi

a59

8005

8089

Sem

i-ann

ual

IBR

+ 4

.45%

NA

MV

7.46

2.62

5 -

7.46

2.62

5 04

.12.

2018

-

- -

- 7.

462.

625

- -

Ban

colo

mbi

a59

8005

7850

Sem

i-ann

ual

IBR

+ 4

.35%

NA

MV

5.54

7.03

3 -

5.54

7.03

3 04

.11.

2018

-

- -

- 5.

547.

033

- -

Ban

colo

mbi

a59

8005

8194

Sem

i-ann

ual

IBR

+ 3

.60%

NA

MV

3.79

9.76

8 -

3.79

9.76

8 16

.06.

2016

-

- 3.

799.

768

- -

- -

Ban

colo

mbi

a59

8005

7747

Sem

i-ann

ual

DTF

+ 4

.40%

ann

ual r

ate

3.10

2.69

5 -

3.10

2.69

5 22

.10.

2018

-

- -

- 3.

102.

695

- -

Ban

colo

mbi

a59

8005

7064

Sem

i-ann

ual

IBR

+ 2

,59%

NA

MV

593.

750

- 59

3.75

0 05

.08.

2018

-

- -

- 59

3.75

0 -

-

Ban

colo

mbi

a59

8004

9679

Qua

rterly

C

PI +

3.9

5% E

AR

9.50

3.62

6 7.

127.

719

- 30

.04.

2016

-

- -

- -

- -

Ban

colo

mbi

a59

8004

9681

Qua

rterly

C

PI +

3.9

5% E

AR

1.19

7.99

3 89

8.49

5 -

30.0

4.20

16

- -

- -

- -

-

Ban

colo

mbi

a59

8004

9704

Qua

rterly

C

PI +

3.9

5% E

AR

500.

000

374.

498

- 02

.05.

2016

-

- -

- -

- -

Ban

colo

mbi

a59

8004

9761

Qua

rterly

C

PI +

3.9

5% E

AR

1.70

0.00

0 1.

273.

293

- 07

.05.

2016

-

- -

- -

- -

Ban

colo

mbi

a59

8004

9930

Qua

rterly

C

PI +

3.9

5% E

AR

1.59

0.00

0 1.

191.

457

- 20

.05.

2016

-

- -

- -

- -

Ban

colo

mbi

a59

8004

9878

Qua

rterly

C

PI +

3.9

5% E

AR

2.23

4.69

0 1.

676.

017

- 16

.05.

2016

-

- -

- -

- -

Ban

colo

mbi

a59

8004

9879

Qua

rterly

C

PI +

3.9

5% E

AR

1.92

0.00

0 33

4.80

8 -

16.0

5.20

16

- -

- -

- -

-

Conconcreto — 181


ANCIA

L EN

TITY

LOAN

NUM

.AM

ORTIZ

ATIO

N SC

HEDU

LERA

TECA

PITAL

BALA

NCE A

T DE

CEMB

ER

2014

BALA

NCE A

TDE

CEMB

ER

2015

MATU

RITY

DAT

EMA

TURI

TY

DATE

IN TH

REE

MONT

HSIN

SIX

MONT

HSIN

ONE

YEAR

IN 3

YEAR

SIN

5 YE

ARS

MORE

TH

AN 5

YEAR

SCo

nstru

ctor

a Co

ncon

cret

o S.

A.B

anco

lom

bia

5980

0498

80Q

uarte

rly

CPI

+ 3

.95%

EA

R5.

306.

485

3.97

9.08

0 -

17.0

5.20

16

- -

- -

- -

-

Ban

colo

mbi

a59

8004

9881

Qua

rterly

C

PI +

3.9

5% E

AR

1.06

2.60

3 79

6.95

2 -

16.0

5.20

16

- -

- -

- -

-

Ban

colo

mbi

a59

8004

9882

Qua

rterly

C

PI +

3.9

5% E

AR

1.07

4.19

9 80

5.65

0 -

16.0

5.20

16

- -

- -

- -

-

Ban

colo

mbi

a59

8004

9884

Qua

rterly

C

PI +

3.9

5% E

AR

4.00

0.00

0 3.

000.

000

- 16

.05.

2016

-

- -

- -

- -

Ban

colo

mbi

a59

8004

9885

Qua

rterly

C

PI +

3.9

5% E

AR

2.96

0.00

0 2.

220.

000

- 16

.05.

2016

-

- -

- -

- -

Ban

colo

mbi

a59

8004

9886

Qua

rterly

C

PI +

3.9

5% E

AR

3.40

0.00

0 2.

550.

000

- 16

.05.

2016

-

- -

- -

- -

Ban

colo

mbi

a59

8005

3593

Sem

i-ann

ual

DTF

+ 2

,05%

ann

ual r

ate

829.

056

8.80

0.00

0 -

18.0

7.20

17

- -

- -

- -

-

Ban

colo

mbi

a59

8005

4931

Whe

n lo

an

mat

ures

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+ 1

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ann

ual r

ate

2.00

0.00

0 2.

000.

000

- 16

.06.

2015

- -

- -

- -

-

Ban

colo

mbi

a59

8005

4901

Sem

i-ann

ual

DTF

+ 2

,94%

ann

ual r

ate

6.00

0.00

0 6.

000.

000

- 15

.12.

2019

- -

- -

- -

-

Ban

colo

mbi

a59

8005

4898

Sem

i-ann

ual

DTF

+ 2

,94%

ann

ual r

ate

206.

743

12.0

00.0

00

- 12

.12.

2019

- -

- -

- -

-

Ban

colo

mbi

a59

8005

4980

Sem

i-ann

ual

DTF

+ 2

,79%

ann

ual r

ate

206.

743

4.41

8.45

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19.1

2.20

17-

- -

- -

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BB

VA50

0-96

0005

9886

Qua

rterly

D

TF +

1.9

5% E

AR

50.0

97.7

75

- 42

.316

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18

.11.

2018

-

- -

- 42

.316

.076

-

-

BB

VA50

0-96

0005

9902

Qua

rterly

IB

R +

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5% E

AR

10.1

20.6

77

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20

.11.

2018

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843.

340

843.

340

1.68

6.67

9 6.

746.

718

- -

BB

VA50

0-96

0006

0090

Qua

rterly

D

TF +

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AR

6.59

6.00

0 -

6.59

6.00

0 26

.11.

2018

-

549.

667

549.

667

1.09

9.33

3 4.

397.

333

- -

BB

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Whe

n lo

an

mat

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252.

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15

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-

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1388

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i-ann

ual

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R24

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24

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-

01.0

9.20

17

- -

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-

Cons

tructo

ra Co

ncon

creto

S.A. -

Entre

parqu

es Tr

ust

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colo

mbi

a10

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loan

mat

ures

UVR

+ 5

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3.35

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28.0

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15

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Ban

colo

mbi

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7601

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hen

loan

mat

ures

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Ban

colo

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loan

mat

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Ban

colo

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a10

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7664

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loan

mat

ures

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Cons

tructo

ra Co

ncon

creto

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Finito

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-

Conconcreto — 183


ANCIA

L EN

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LOAN

NUM

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IN TH

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loan

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loan

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loan

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2015

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loan

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loan

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loan

mat

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EA

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CIAL

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loan

mat

ures

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loan

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loan

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loan

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6.20

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Almen

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colo

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a20

9901

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loan

mat

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colo

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loan

mat

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2015

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colo

mbi

a20

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loan

mat

ures

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R77

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2015

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loan

mat

ures

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EA

R75

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6.72

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2015

Ban

colo

mbi

a20

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6989

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loan

mat

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R63

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2015

Ban

colo

mbi

a20

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6423

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loan

mat

ures

UVR

+ 5

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EA

R53

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2015

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mbi

a20

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hen

loan

mat

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R44

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2015

Ban

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a20

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6616

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loan

mat

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EA

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2015

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Whe

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- 31

.10.

2015

-

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blado

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tB

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bia

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Whe

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.09.

2015

-

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Ban

colo

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9901

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loan

mat

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15

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loan

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988

- -

Conconcreto — 187

01CONSOLIDATED FINANCIAL STATEMENTS 01B

orro

win

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FINAN

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FINAN

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3.93

3.42

3 -

3.83

5.87

1 23

.10.

2020

48

.628

11

9.08

4 17

8.62

6 36

5.90

9 1.

420.

355

1.70

3.26

9 -

Leas

ing

Ban

colo

mbi

a17

1105

Mon

thly

CD

+ 2

.10%

T.A

.3.

638.

138

- 3.

014.

939

10.1

1.20

19

49.5

32

99.8

89

151.

920

311.

505

1.35

4.69

5 1.

047.

398

-

Leas

ing

Ban

colo

mbi

a18

3648

Mon

thly

CD

+ 2

.52%

T.A

.2.

683.

762

- 2.

575.

846

14.1

1.20

16

54.4

26

109.

797

167.

084

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9 -

- -

Leas

ing

Ban

colo

mbi

a16

7536

Mon

thly

CP

I + 4

.40%

ann

ual r

ate

2.82

1.18

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725.

111

2.28

9.46

9 20

.09.

2019

36

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3.59

0 24

7.10

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068.

954

749.

170

-

Leas

ing

Ban

colo

mbi

a17

6219

Mon

thly

IBR

+ 3

,00%

NA

MV

1.61

7.10

9 -

1.45

2.30

7 01

.04.

2020

20

.682

49

.801

74

.701

15

2.64

6 59

4.36

2 56

0.11

5 -

Leas

ing

Ban

colo

mbi

a17

0786

Mon

thly

CD

+ 2

.10%

T.A

.1.

301.

265

- 1.

131.

215

13.0

2.20

20

17.4

30

35.1

50

53.4

59

109.

616

476.

704

438.

856

-

Leas

ing

Ban

colo

mbi

a17

6220

Mon

thly

IBR

+ 3

,00%

NA

MV

1.09

5.50

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970.

156

25.0

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20

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62

50.7

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103.

787

404.

144

363.

516

-

Leas

ing

Ban

colo

mbi

a14

0709

Mon

thly

CD

+ 3

,65%

T.A

.1.

184.

110

739.

391

521.

988

27.0

8.20

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18.8

50

38.1

03

58.1

76

120.

127

286.

732

- -

Leas

ing

Ban

colo

mbi

a14

6138

Mon

thly

CD

+ 3

.95%

T.A

.73

1.66

5 51

9.43

9 39

1.04

3 25

.02.

2018

11

.138

22

.522

34

.409

71

.132

25

1.84

3 -

-

Leas

ing

Ban

colo

mbi

a13

6277

Mon

thly

CD

+ 4

,65%

T.A

.55

6.88

2 31

8.15

2 21

2.44

0 18

.04.

2017

9.

251

18.7

13

28.6

06

59.1

97

96.6

73

- -

Leas

ing

Ban

colo

mbi

a11

8287

Mon

thly

CD

+ 2

,80%

T.A

.92

0.94

8 36

6.91

7 16

8.06

9 02

.09.

2016

17

.199

34

.733

52

.947

63

.190

-

- -

Leas

ing

Ban

colo

mbi

a18

4693

Mon

thly

IBR

+ 3

.25%

NA

MV

152.

900

- 15

2.90

0 10

.12.

2017

5.

267

11.5

08

17.2

62

34.5

24

84.3

38

- -

Leas

ing

Ban

colo

mbi

a17

4028

Mon

thly

CD

+ 2

.41%

T.A

.17

6.90

0 -

151.

639

20.0

1.20

20

2.37

8 4.

797

7.29

8 14

.974

65

.262

56

.930

-

Leas

ing

Ban

colo

mbi

a18

4692

Mon

thly

IBR

+ 3

.25%

NA

MV

147.

900

- 14

7.90

0 10

.12.

2017

5.

095

11.1

32

16.6

98

33.3

95

81.5

80

- -

Leas

ing

Ban

colo

mbi

a18

4681

Mon

thly

IBR

+ 3

.25%

NA

MV

147.

900

- 14

7.90

0 10

.12.

2017

5.

095

11.1

32

16.6

98

33.3

95

81.5

80

- -

Leas

ing

Ban

colo

mbi

a15

9993

Mon

thly

CP

I + 5

.57%

ann

ual r

ate

203.

000

177.

300

144.

912

03.0

2.20

19

2.77

0 5.

615

8.61

1 17

.925

82

.034

27

.956

-

Leas

ing

Ban

colo

mbi

a18

1897

Mon

thly

IBR

+ 2

.60%

NA

MV

147.

000

- 14

1.43

5 01

.09.

2020

1.

823

4.46

1 6.

692

13.7

06

53.2

12

61.5

42

-

Leas

ing

Ban

colo

mbi

a16

8364

Mon

thly

CP

I + 4

.90%

ann

ual r

ate

156.

512

150.

672

126.

716

03.0

9.20

19

2.02

3 4.

099

6.28

4 13

.593

59

.223

41

.495

-

Leas

ing

Ban

colo

mbi

a17

3750

Mon

thly

CD

+ 3

.13%

T.A

.13

4.38

6 -

121.

325

26.0

5.20

20

1.89

5 3.

828

5.83

8 12

.031

53

.218

44

.514

-

Leas

ing

Ban

colo

mbi

a18

4824

Mon

thly

IBR

+ 3

.60%

NA

MV

117.

875

- 11

7.87

5 08

.02.

2017

-

4.80

7 9.

616

22.4

37

81.0

16

- -

Leas

ing

Ban

colo

mbi

a15

1266

Mon

thly

CP

I + 5

.65%

ann

ual r

ate

166.

304

125.

076

96.9

56

17.0

5.20

18

2.42

3 4.

914

7.54

5 15

.740

66

.335

-

-

Leas

ing

Ban

colo

mbi

a13

6726

Mon

thly

CD

+ 4

,65%

T.A

.26

1.17

4 14

5.23

9 95

.269

21

.03.

2017

4.

347

8.80

3 13

.481

28

.055

40

.584

-

-

Leas

ing

Ban

colo

mbi

a18

4415

Mon

thly

IBR

+ 3

.33%

NA

MV

115.

990

- 90

.869

18

.11.

2020

1.

107

2.77

8 4.

167

8.55

9 33

.112

41

.146

-

Leas

ing

Ban

colo

mbi

a18

0561

Mon

thly

IBR

+ 2

.60%

NA

MV

92.9

00

- 88

.135

01

.08.

2020

1.

167

2.82

5 4.

237

8.66

6 33

.703

37

.536

-

Conconcreto — 189


ANCIA

L EN

TITY

LOAN

NUM

.AM

ORTIZ

ATIO

N SC

HEDU

LERA

TECA

PITAL

BALA

NCE A

T DE

CEMB

ER

2014

BALA

NCE A

TDE

CEMB

ER

2015

MATU

RITY

DAT

EMA

TURI

TY

DATE

IN TH

REE

MONT

HSIN

SIX

MONT

HSIN

ONE

YEAR

IN 3

YEAR

SIN

5 YE

ARS

MORE

THAN

5 Y

EARS

Cons

tructo

ra Co

ncon

creto

S.A.

Leas

ing

Ban

colo

mbi

a14

5670

Mon

thly

CD

+ 3

,95%

T.A

.16

9.00

5 11

4.88

8 84

.917

24

.12.

2017

2.

590

5.24

0 8.

013

16.7

42

52.3

32

- -

Leas

ing

Ban

colo

mbi

a17

6196

Mon

thly

IBR

+ 3

,00%

NA

MV

93.9

55

- 83

.204

25

.03.

2020

1.

205

2.90

4 4.

356

8.90

1 34

.661

31

.177

-

Leas

ing

Ban

colo

mbi

a11

8289

Mon

thly

CD

+ 2

.80%

T.A

.64

4.73

1 22

2.74

5 81

.160

01

.06.

2016

12

.252

24

.743

44

.165

-

- -

-

Leas

ing

Ban

colo

mbi

a18

4422

Mon

thly

IBR

+ 3

.33%

NA

MV

91.9

90

- 77

.456

10

.11.

2020

94

7 2.

368

3.55

2 7.

293

28.2

26

35.0

71

-

Leas

ing

Ban

colo

mbi

a16

1788

Mon

thly

CP

I + 5

.50%

ann

ual r

ate

124.

400

93.4

86

76.5

07

25.0

2.20

19

1.45

2 2.

945

4.52

1 9.

427

43.3

92

14.7

68

-

Leas

ing

Ban

colo

mbi

a18

4423

Mon

thly

IBR

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NA

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91.9

90

- 75

.482

10

.11.

2020

92

2 2.

308

3.46

1 7.

107

27.5

06

34.1

77

-

Leas

ing

Ban

colo

mbi

a11

8847

Mon

thly

CD

+ 2

.39%

T.A

.85

3.60

1 26

2.62

2 74

.191

01

.04.

2016

16

.276

32

.827

25

.088

-

- -

-

Leas

ing

Ban

colo

mbi

a16

2024

Mon

thly

CP

I + 5

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ann

ual r

ate

124.

000

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68

73.2

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1.39

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022

41.5

27

14.1

33

-

Leas

ing

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colo

mbi

a14

7815

Mon

thly

CD

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1.00

0 84

.411

62

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08

.01.

2016

2.

303

7.00

7 7.

007

7.00

7 39

.621

-

-

Leas

ing

Ban

colo

mbi

a15

0803

Mon

thly

CP

I + 5

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ann

ual r

ate

90.9

90

67.1

73

51.6

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16.0

4.20

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1.34

4 2.

725

4.18

0 8.

704

34.7

33

- -

Leas

ing

Ban

colo

mbi

a15

4195

Mon

thly

CP

I + 4

.20%

ann

ual r

ate

95.0

00

63.2

10

50.1

42

20.0

8.20

18

1.11

5 2.

258

3.45

8 7.

176

36.1

36

- -

Leas

ing

Ban

colo

mbi

a14

1179

Mon

thly

CD

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T.A

.18

1.36

8 70

.140

48

.877

18

.07.

2017

1.

851

3.73

9 5.

703

11.7

57

25.8

28

- -

Leas

ing

Ban

colo

mbi

a14

7780

Mon

thly

CD

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T.A

.85

.900

61

.716

48

.094

27

.12.

2017

1.

177

2.38

2 3.

642

7.60

9 33

.284

-

-

Leas

ing

Ban

colo

mbi

a15

1581

Mon

thly

CP

I + 5

.65%

ann

ual r

ate

76.8

00

57.7

50

44.7

67

10.0

5.20

18

1.11

9 2.

269

3.48

4 7.

267

30.6

29

- -

Leas

ing

Ban

colo

mbi

a15

9981

Mon

thly

CP

I + 5

.57%

ann

ual r

ate

114.

950

55.0

29

44.5

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2.20

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889

1.80

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772

5.98

1 33

.142

-

-

Leas

ing

Ban

colo

mbi

a16

6467

Mon

thly

CP

I + 4

,95%

ann

ual r

ate

55.0

00

52.2

65

43.8

29

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19

717

1.45

2 2.

227

4.63

4 21

.185

13

.615

-

Leas

ing

Ban

colo

mbi

a17

3791

Mon

thly

CD

+ 3

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T.A

.63

.000

-

36.7

89

13.0

1.20

20

567

1.14

6 1.

746

3.59

3 15

.824

13

.913

-

Leas

ing

Ban

colo

mbi

a17

6204

Mon

thly

IBR

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,00%

NA

MV

39.7

88

- 35

.235

25

.03.

2020

51

0 1.

230

1.84

5 3.

769

14.6

78

13.2

03

-

Leas

ing

Ban

colo

mbi

a15

2831

Mon

thly

CP

I + 5

.65%

ann

ual r

ate

54.2

00

42.2

55

33.2

11

05.0

7.20

18

788

1.59

5 2.

444

5.07

8 23

.306

-

-

Leas

ing

Ban

colo

mbi

a16

1924

Mon

thly

CP

I + 5

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ann

ual r

ate

55.0

75

42.6

42

25.0

36

17.0

3.20

17

1.52

6 3.

095

4.75

5 9.

967

5.69

3 -

-

Leas

ing

Ban

colo

mbi

a15

1377

Mon

thly

CP

I + 5

,65%

ann

ual r

ate

37.6

00

28.8

03

22.4

93

24.0

6.20

18

540

1.09

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685

3.60

8 15

.563

-

-

Leas

ing

Ban

colo

mbi

a15

0499

Mon

thly

CP

I + 5

.50%

ann

ual r

ate

100.

240

52.6

85

21.2

04

19.0

4.20

16

2.75

8 5.

590

12.8

56

- -

- -

Leas

ing

Ban

colo

mbi

a14

9576

Mon

thly

CP

I + 5

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ann

ual r

ate

102.

000

51.0

19

18.7

58

13.0

3.20

16

2.82

5 15

.933

-

- -

- -

Leas

ing

Ban

colo

mbi

a16

6508

Mon

thly

CD

+ 4

,65%

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.29

.516

26

.636

17

.499

06

.08.

2017

79

8 1.

615

2.47

0 5.

116

7.50

1 -

-

Leas

ing

Ban

colo

mbi

a15

3981

Mon

thly

CP

I + 5

.41%

ann

ual r

ate

12.1

88.8

09

8.87

3.11

3 -

14.1

0.20

15

- -

- -

- -

-


FINAN

CIAL

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AN N

UM.

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TIZAT

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DULE

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DECE

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20

14

BALA

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ER

2015

MATU

RITY

DAT

EMA

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TY

DATE

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YEAR

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EARS

Cons

tructo

ra Co

ncon

creto

S.A.

Leas

ing

Ban

colo

mbi

a14

6958

Mon

thly

CD

+ 3

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T.A

.12

1.00

0 52

.303

-

12.1

2.20

15

- -

- -

- -

-

Leas

ing

Ban

colo

mbi

a14

3328

Mon

thly

CD

+ 3

,85%

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.10

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0 37

.254

-

11.1

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15

- -

- -

- -

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Leas

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colo

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a14

7153

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.570

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15

- -

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Leas

ing

Ban

colo

mbi

a14

7151

Mon

thly

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15

- -

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Leas

ing

Ban

colo

mbi

a14

9818

Mon

thly

CP

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ann

ual r

ate

84.9

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61.4

81

- 13

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2018

-

- -

- -

- -

Leas

ing

Ban

colo

mbi

a14

9819

Mon

thly

CP

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ann

ual r

ate

84.9

00

57.1

47

- 13

.03.

2018

-

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- -

Leas

ing

Ban

colo

mbi

a14

9821

Mon

thly

CP

I + 5

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ann

ual r

ate

69.9

00

50.6

19

- 13

.03.

2018

-

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- -

- -

Leas

ing

Ban

colo

mbi

a15

2433

Mon

thly

CP

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ann

ual r

ate

56.1

44

42.9

88

- 13

.01.

2015

-

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- -

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Leas

ing

Ban

colo

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a15

3984

Mon

thly

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ual r

ate

3.41

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0 1.

629.

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- 06

.02.

2019

-

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- -

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Leas

ing

Ban

colo

mbi

a15

2464

Mon

thly

CP

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ann

ual r

ate

124.

000

17.5

30

- 18

.06.

2015

-

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Leas

ing

Ban

colo

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3981

Mon

thly

CP

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ann

ual r

ate

3.63

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591.

502

- 10

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2019

-

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Leas

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Leas

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l rat

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Leas

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% a

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Leas

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15

.772

.207

-

15.0

5.20

23

- -

- -

- -

-

Leas

ing

Ban

colo

mbi

a14

9962

Whe

n lo

an

mat

ures

0,64

% a

nnua

l rat

e11

.895

.413

11

.919

.742

-

02.0

7.20

24

- -

- -

- -

-

Cons

tructo

ra Co

ncon

creto

S.A. -

Buro

26 Tr

ust

Leas

ing

Ban

colo

mbi

a14

6343

Whe

n lo

an

mat

ures

0,64

% a

nnua

l rat

e24

.599

.812

27

.866

.409

-

02.0

7.20

24

- -

- -

- -

-

Leas

ing

Ban

colo

mbi

a14

6343

Whe

n lo

an

mat

ures

0,64

% a

nnua

l rat

e24

.599

.812

21

.419

.776

-

22.0

7.20

24

- -

- -

- -

-

Cons

tructo

ra Co

ncon

creto

S.A. -

Cons

ortium

Vial

Helio

sLe

asin

g B

anco

lom

bia

1198

87Q

uarte

rlyC

D +

4.2

0% T

.A.

12.5

00.0

00

12.5

00.0

00

12.5

00.0

00

31.1

2.20

16

- -

- 12

.500

.000

-

- -

Leas

ing

Ban

colo

mbi

a11

7967

Qua

rterly

CD

+ 4

.20%

T.A

.2.

455.

041

19.0

62

19.0

62

15.0

3.20

16

- 19

.062

-

- -

- -

Leas

ing

Ban

colo

mbi

a11

8314

Qua

rterly

CD

+ 4

.20%

T.A

.1.

276.

769

10.7

58

10.7

58

15.0

3.20

16

- 10

.758

-

- -

- -

Leas

ing

Ban

colo

mbi

a11

7678

Qua

rterly

CD

+ 4

.20%

T.A

.1.

236.

750

9.97

6 9.

976

15.0

3.20

16

- 9.

976

- -

- -

-

Leas

ing

Ban

colo

mbi

a11

7676

Qua

rterly

CD

+ 4

.20%

T.A

.1.

196.

014

9.20

5 9.

205

15.0

3.20

16

- 9.

205

- -

- -

-

Conconcreto — 191


ANCIA

L EN

TITY

LOAN

NUM

.AM

ORTIZ

ATIO

N SC

HEDU

LERA

TECA

PITAL

BALA

NCE A

T DE

CEMB

ER

2014

BALA

NCE A

TDE

CEMB

ER

2015

MATU

RITY

DAT

EMA

TURI

TY

DATE

IN TH

REE

MONT

HSIN

SIX

MONT

HSIN

ONE

YEAR

IN 3

YEAR

SIN

5 YE

ARS

MORE

THAN

5 Y

EARS

Cons

tructo

ra Co

ncon

creto

S.A. -

Cons

ortium

Vial

Helio

sLe

asin

g B

anco

lom

bia

1198

68Q

uarte

rlyC

D +

4.2

0% T

.A.

654.

530

6.38

8 6.

388

15.0

3.20

16

- 6.

388

- -

- -

-

Leas

ing

Ban

colo

mbi

a11

7677

Qua

rterly

CD

+ 4

.20%

T.A

.78

4.45

2 61

.658

6.

161

15.0

3.20

16

- 6.

161

- -

- -

-

Leas

ing

Ban

colo

mbi

a11

7679

Qua

rterly

CD

+ 4

.20%

T.A

.53

4.00

8 4.

027

4.02

7 15

.03.

2016

-

4.02

7 -

- -

- -

Leas

ing

Ban

colo

mbi

a11

7675

Qua

rterly

CD

+ 4

.20%

T.A

.30

4.57

1 2.

297

2.29

7 15

.03.

2016

-

2.29

7 -

- -

- -

Leas

ing

Ban

colo

mbi

a11

9866

Qua

rterly

CD

+ 4

.20%

T.A

.18

0.89

5 1.

263

1.26

3 15

.03.

2016

-

1.26

3 -

- -

- -

Leas

ing

Ban

colo

mbi

a11

9532

Qua

rterly

CD

+ 4

.20%

T.A

.11

6.50

0 17

17

15

.03.

2016

-

17

- -

- -

-

Leas

ing

Ban

colo

mbi

a11

9531

Qua

rterly

CD

+ 4

.20%

T.A

.27

.849

3

3 15

.03.

2016

-

3 -

- -

- -

Leas

ing

Ban

colo

mbi

a10

7194

Qua

rterly

CD

+ 4

.20%

T.A

.52

8.10

5 12

3.40

2 -

15.0

6.20

15

- -

- -

- -

-

Leas

ing

Ban

colo

mbi

a11

2285

Qua

rterly

CD

+ 4

.20%

T.A

.1.

078.

344

242.

219

- 18

.06.

2015

-

- -

- -

- -

Leas

ing

Ban

colo

mbi

a11

8395

Qua

rterly

CD

+ 4

.20%

T.A

.27

8.72

1 52

.047

-

25.0

6.20

15

- -

- -

- -

-

Leas

ing

Ban

colo

mbi

a11

9188

Qua

rterly

CD

+ 4

.20%

T.A

.27

8.72

1 0

- 25

.07.

2015

-

- -

- -

- -

Leas

ing

Ban

colo

mbi

a11

9530

Qua

rterly

CD

+ 4

.20%

T.A

.90

.306

9.

060

- 26

.03.

2015

-

- -

- -

- -

Leas

ing

Ban

colo

mbi

a13

4377

Qua

rterly

CD

+ 5

.40%

T.A

.47

3.47

7 28

1.08

9 -

24.1

0.20

15

- -

- -

- -

-

Leas

ing

Ban

colo

mbi

a13

4379

Qua

rterly

CD

+ 5

.40%

T.A

.27

1.22

8 15

8.09

0 -

06.1

0.20

15

- -

- -

- -

-

Leas

ing

Ban

colo

mbi

a13

4380

Qua

rterly

CD

+ 5

.40%

T.A

.72

.854

13

.358

-

14.1

0.20

15

- -

- -

- -

-

Leas

ing

Ban

colo

mbi

a13

5102

Qua

rterly

CD

+ 5

.40%

T.A

.20

4.30

9 37

.470

-

27.1

0.20

15

- -

- -

- -

-

Leas

ing

Ban

colo

mbi

a13

5139

Qua

rterly

CD

+ 5

.40%

T.A

.56

.446

33

.487

-

01.1

0.20

15

- -

- -

- -

-

Leas

ing

Ban

colo

mbi

a13

5367

Qua

rterly

CD

+ 5

.40%

T.A

.30

.000

26

.364

-

16.1

1.20

15

- -

- -

- -

-

Leas

ing

Ban

colo

mbi

a13

5460

Qua

rterly

CD

+ 5

.40%

T.A

.1.

188.

750

858.

734

- 21

.10.

2015

-

- -

- -

- -

Leas

ing

Ban

colo

mbi

a13

5462

Qua

rterly

CD

+ 5

.40%

T.A

.39

.749

22

.178

-

11.1

0.20

15

- -

- -

- -

-

Leas

ing

Ban

colo

mbi

a13

5542

Qua

rterly

CD

+ 5

.40%

T.A

.1.

101.

526

795.

430

- 01

.10.

2015

-

- -

- -

- -

Cons

tructo

ra Co

ncon

creto

S.A. -

Cons

ortium

Agua

dulce

Leas

ing

Ban

colo

mbi

a12

0017

Mon

thly

IPC

142.

903

53.1

44

- 24

.02.

2015

-

- -

- -

- -

Cons

tructo

ra Co

ncon

creto

S.A. -

Cons

ortium

Hidro

cucu

ana

Leas

ing

Ban

colo

mbi

a14

6891

Mon

thly

CD

+ 3

.85%

T.A

.1.

021.

591

245.

229

- 01

.05.

2015

-

- -

- -

- -


FINAN

CIAL

ENTIT

YLO

AN N

UM.

AMOR

TIZAT

ION

SCHE

DULE

RATE

CAPIT

ALBA

LANC

E AT

DECE

MBER

20

14

BALA

NCE A

TDE

CEMB

ER

2015

MATU

RITY

DAT

EMA

TURI

TY

DATE

IN TH

REE

MONT

HSIN

SIX

MONT

HSIN

ONE

YEAR

IN 3

YEAR

SIN

5 YE

ARS

MORE

THAN

5 Y

EARS

Cons

tructo

ra Co

ncon

creto

S.A. -

Cons

ortium

Hidro

cucu

ana

Leas

ing

Ban

colo

mbi

a14

6492

Mon

thly

CD

+ 3

.85%

T.A

.76

6.41

8 10

9.77

7 -

14.0

2.20

15

- -

- -

- -

-

Leas

ing

Ban

colo

mbi

a14

9567

Mon

thly

CD

+ 3

.85%

T.A

.36

1.98

9 83

.155

-

22.0

5.20

15

- -

- -

- -

-

Leas

ing

Ban

colo

mbi

a14

3275

Mon

thly

CD

+ 3

.85%

T.A

.14

7.83

9 36

.775

-

25.0

4.20

15

- -

- -

- -

-

Leas

ing

Ban

colo

mbi

a14

2888

Mon

thly

CD

+ 3

.85%

T.A

.99

.528

13

.696

-

27.0

1.20

15

- -

- -

- -

-

Cons

tructo

ra Co

ncon

creto

S.A. -

Cons

ortium

CCC I

tuang

oLe

asin

g B

anco

lom

bia

1477

12Q

uarte

rlyC

PI +

5,2

1% a

nnua

l rat

e9.

493.

390

9.49

3.39

0 9.

493.

390

01.1

1.20

19

- -

- -

9.49

3.39

0 -

-

Leas

ing

Ban

colo

mbi

a15

2558

Qua

rterly

CP

I + 5

,21%

ann

ual r

ate

3.83

6.19

7 3.

836.

197

3.83

6.19

7 27

.12.

2019

-

- -

- 3.

836.

197

- -

Leas

ing

Ban

colo

mbi

a14

8918

Qua

rterly

CP

I + 5

,21%

ann

ual r

ate

3.68

9.43

9 3.

689.

439

3.61

9.76

3 27

.12.

2019

-

- -

- 3.

619.

763

- -

Leas

ing

Ban

colo

mbi

a15

1649

Qua

rterly

CP

I + 5

,21%

ann

ual r

ate

3.25

2.17

5 3.

252.

175

3.25

2.17

5 27

.12.

2019

-

- -

- 3.

252.

175

- -

Leas

ing

Ban

colo

mbi

a14

7687

Qua

rterly

CP

I + 5

,21%

ann

ual r

ate

3.21

4.83

5 3.

214.

835

3.17

5.94

3 21

.08.

2019

-

- -

204.

152

2.97

1.79

1 -

-

Leas

ing

Ban

colo

mbi

a14

7192

Qua

rterly

CP

I + 5

,21%

ann

ual r

ate

4.81

2.18

5 4.

812.

185

3.17

3.83

0 21

.08.

2019

-

- -

204.

294

2.96

9.53

6 -

-

Leas

ing

Ban

colo

mbi

a14

9420

Qua

rterly

CP

I + 5

,21%

ann

ual r

ate

3.24

3.34

0 3.

243.

340

3.12

0.05

4 10

.09.

2019

-

- -

195.

552

2.92

4.50

2 -

-

Leas

ing

Ban

colo

mbi

a14

8557

Qua

rterly

CP

I + 5

,21%

ann

ual r

ate

4.37

8.52

6 4.

378.

526

2.17

1.13

4 27

.12.

2019

-

- -

- 2.

171.

134

- -

Leas

ing

Ban

colo

mbi

a14

8688

Qua

rterly

CP

I + 5

,21%

ann

ual r

ate

2.15

8.63

3 2.

158.

633

2.11

1.68

1 18

.12.

2019

-

- -

- 2.

111.

681

- -

Leas

ing

Ban

colo

mbi

a15

2368

Qua

rterly

CP

I + 5

,21%

ann

ual r

ate

1.36

4.07

5 1.

364.

075

1.36

4.07

5 27

.12.

2019

-

- -

- 1.

364.

075

- -

Leas

ing

Ban

colo

mbi

a15

0591

Qua

rterly

CP

I + 5

,21%

ann

ual r

ate

1.32

3.50

5 1.

323.

505

1.32

3.50

5 01

.11.

2019

-

- -

- 1.

323.

505

- -

Leas

ing

Ban

colo

mbi

a14

8239

Qua

rterly

CP

I + 5

,21%

ann

ual r

ate

1.00

9.24

0 1.

009.

240

1.00

9.24

0 15

.08.

2019

-

- -

68.7

18

940.

522

- -

Leas

ing

Ban

colo

mbi

a15

1968

Qua

rterly

CP

I + 5

,21%

ann

ual r

ate

819.

166

819.

166

819.

166

27.1

2.20

19

- -

- -

819.

166

- -

Leas

ing

Ban

colo

mbi

a15

1233

Qua

rterly

CP

I + 5

,21%

ann

ual r

ate

758.

513

758.

513

758.

513

27.1

2.20

19

- -

- -

758.

513

- -

Leas

ing

Ban

colo

mbi

a15

0445

Qua

rterly

CP

I + 5

,21%

ann

ual r

ate

754.

016

754.

016

754.

016

27.1

2.20

19

- -

- -

754.

016

- -

Leas

ing

Ban

colo

mbi

a14

8680

Qua

rterly

CP

I + 5

,21%

ann

ual r

ate

617.

057

617.

057

617.

057

18.1

2.20

19

- -

- -

617.

057

- -

Leas

ing

Ban

colo

mbi

a14

7315

Qua

rterly

CP

I + 5

,21%

ann

ual r

ate

456.

505

456.

505

456.

505

01.0

2.20

19

- -

30.8

96

63.5

16

362.

093

- -

Leas

ing

Ban

colo

mbi

a17

4729

Qua

rterly

CP

I + 5

,55%

ann

ual r

ate

1.21

5.81

7 -

160.

647

23.0

6.20

19

- -

- -

160.

647

- -

Leas

ing

Ban

colo

mbi

a16

0106

Qua

rterly

CP

I + 6

,15%

ann

ual r

ate

1.05

4.52

1 -

138.

273

01.0

4.20

21

- -

- -

138.

273

- -

Leas

ing

Ban

colo

mbi

a16

0255

Qua

rterly

CP

I + 6

,15%

ann

ual r

ate

767.

285

767.

285

97.7

35

15.1

0.20

20

- -

- -

97.7

35

- -

Conconcreto — 193


ANCIA

L EN

TITY

LOAN

NUM

.AM

ORTIZ

ATIO

N SC

HEDU

LERA

TECA

PITAL

BALA

NCE A

T DE

CEMB

ER

2014

BALA

NCE A

TDE

CEMB

ER

2015

MATU

RITY

DAT

EMA

TURI

TY

DATE

IN TH

REE

MONT

HSIN

SIX

MONT

HSIN

ONE

YEAR

IN 3

YEAR

SIN

5 YE

ARS

MORE

THAN

5 Y

EARS

Cons

tructo

ra Co

ncon

creto

S.A. -

Cons

ortium

CCC I

tuang

oLe

asin

g B

anco

lom

bia

1618

92Q

uarte

rlyC

PI +

6,1

5% a

nnua

l rat

e43

9.35

6 43

9.35

6 50

.501

27

.05.

2020

-

- -

- 50

.501

-

-

Leas

ing

Ban

colo

mbi

a15

9837

Qua

rterly

CP

I + 6

,15%

ann

ual r

ate

391.

369

391.

369

40.1

88

25.0

4.20

20

- -

- -

40.1

88

- -

Leas

ing

Ban

colo

mbi

a14

8589

Qua

rterly

CP

I + 5

,21%

ann

ual r

ate

2.38

3.64

6 2.

382.

050

- 28

.11.

2015

-

- -

- -

- -

Leas

ing

Ban

colo

mbi

a15

2746

Qua

rterly

CP

I + 5

,21%

ann

ual r

ate

2.57

7.24

5 2.

577.

245

- 27

.12.

2015

-

- -

- -

- -

Leas

ing

Ban

colo

mbi

a15

9842

Qua

rterly

CP

I + 6

,15%

ann

ual r

ate

2.07

4.90

7 2.

074.

907

- 27

.06.

2015

-

- -

- -

- -

Leas

ing

Ban

colo

mbi

a16

1677

Qua

rterly

CP

I + 6

,15%

ann

ual r

ate

376.

424

376.

424

- 01

.05.

2015

-

- -

- -

- -

Leas

ing

Ban

colo

mbi

a16

2328

Qua

rterly

CP

I + 6

,15%

ann

ual r

ate

380.

603

380.

603

- 21

.03.

2015

-

- -

- -

- -

Indus

trial C

onco

ncret

oLe

asin

g B

anco

de

Bog

ota

8795

- 8

Mon

thly

CP

I + 4

.96%

ann

ual r

ate

94.3

57

91.7

86

76.0

71

24.1

0.20

19

1.36

4 2.

759

4.22

0 8.

742

39.3

50

19.6

36

-

Leas

ing

Ban

colo

mbi

a17

0243

Mon

thly

CD

+ 2

.10%

T.A

.1.

421.

027

1.42

1.02

7 1.

195.

301

01.1

2.20

19

19.0

60

38.4

57

58.5

35

122.

126

523.

377

433.

746

-

Leas

ing

Ban

colo

mbi

a17

3308

Mon

thly

CD

+ 2

.25%

T.A

.1.

111.

753

- 1.

111.

753

22.1

2.20

20

13.7

80

27.8

21

42.3

91

87.2

10

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990

-

Leas

ing

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colo

mbi

a15

1168

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thly

CP

I + 5

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ual r

ate

1.42

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Leas

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colo

mbi

a15

4500

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thly

CP

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ann

ual r

ate

1.17

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2018

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5.88

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7 -

-

Leas

ing

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colo

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CP

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ann

ual r

ate

912.

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-

Leas

ing

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colo

mbi

a18

3017

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thly

CD

+ 2

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42.5

33

563.

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-

Leas

ing

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colo

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a14

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CD

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17.9

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Leas

ing

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colo

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0942

Mon

thly

CP

I + 5

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ann

ual r

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734.

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67.6

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949

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Leas

ing

Ban

colo

mbi

a16

5030

Mon

thly

CP

I + 5

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ann

ual r

ate

600.

000

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Leas

ing

Ban

colo

mbi

a14

4655

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thly

CD

+ 3

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T.A

.83

3.11

2 55

7.11

2 40

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2017

12

.984

26

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40

.122

82

.966

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5.27

8 -

-

Leas

ing

Ban

colo

mbi

a17

3972

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thly

CD

+ 2

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367.

365

20.0

7.20

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20

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Leas

ing

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colo

mbi

a14

6097

Mon

thly

DTF

+ 3

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0 03

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2018

7.

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15.9

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05

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197.

307

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Leas

ing

Ban

colo

mbi

a15

5491

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ann

ual r

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426.

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-

Leas

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colo

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a14

4853

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thly

CD

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2017

4.

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9.77

4 14

.941

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.131

97

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-

-

Leas

ing

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colo

mbi

a15

2607

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thly

CP

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ann

ual r

ate

469.

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39.2

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90

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-

Leas

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colo

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a18

2474

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thly

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+ 2

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6.43

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126.

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20

- -

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8.87

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7.55

7 -


FINAN

CIAL

ENTIT

YLO

AN N

UM.

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SCHE

DULE

RATE

CAPIT

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DECE

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20

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ER

2015

MATU

RITY

DAT

EMA

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TY

DATE

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5 YE

ARS

MORE

THAN

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Indus

trial C

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ncret

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g B

anco

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1198

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.A.

313.

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204.

602

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6.20

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8.73

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-

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-

Leas

ing

Ban

colo

mbi

a16

3917

Mon

thly

CP

I + 5

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ann

ual r

ate

111.

000

78.9

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06.0

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34.1

55

16.7

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-

Leas

ing

Ban

colo

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a13

5613

Mon

thly

CD

+ 5

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4 13

9.89

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.04.

2016

6.

999

14.1

67

38.9

93

- -

- -

Leas

ing

Ban

colo

mbi

a15

9748

Mon

thly

CP

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ann

ual r

ate

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Leas

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a15

4658

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thly

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ann

ual r

ate

54.7

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2016

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-

Leas

ing

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colo

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a10

5371

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thly

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-

02.0

3.20

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- -

- -

- -

-

Leas

ing

Ban

colo

mbi

a10

5368

Mon

thly

CD

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9.27

5 20

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-

15.0

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-

Leas

ing

Ban

colo

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a10

5370

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thly

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-

Leas

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Ban

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a10

6184

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thly

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Leas

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Ban

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5300

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ann

ual r

ate

475.

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426.

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- 25

.03.

2015

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Leas

ing

Ban

colo

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a14

1160

Mon

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CD

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Leas

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thly

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-

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Conc

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to Int

ernac

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Dav

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da P

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ann

ual r

ate

141.

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Dav

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da P

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ual r

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28.3

88

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.08.

2018

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38

- -

Fina

nzas

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eral

es08

-01-

0482

3-9

Mon

thly

6,00

% a

nnua

l rat

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.06.

2018

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294

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-

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laza S

oleda

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tLe

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anco

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hen

loan

m

atur

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ann

ual r

ate

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-

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laza I

piales

Trus

tLe

asin

g B

anco

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1583

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hen

loan

m

atur

es0,

64%

ann

ual r

ate

64.7

75.6

26

64.7

75.6

26

- 03

.12.

2024

-

- -

- -

- -

Gran P

laza F

loren

cia Tr

ust

Leas

ing

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colo

mbi

a13

9716

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n lo

an

mat

ures

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% a

nnua

l rat

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-

30.0

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- -

- -

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Buro

24 Tr

ust

Leas

ing

Ban

colo

mbi

a14

7876

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n lo

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mat

ures

0,64

% a

nnua

l rat

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40

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-

Gran P

laza P

italito

Trus

tLe

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g B

anco

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1308

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hen

loan

m

atur

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65%

ann

ual r

ate

39.0

63.1

23

39.0

63.1

24

- 18

.08.

2022

-

- -

- -

- -

SUB

TOTA

L 61

3.93

3.76

5 54

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0.43

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4.13

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899.

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44.6

63

57.6

97.0

42

15.3

76.9

49

15.0

35.2

66

Conconcreto — 195

01CONSOLIDATED FINANCIAL STATEMENTS 01B

orro

win

gs, t

otal

fina

nce

leas

e

FINAN

CIAL

ENTIT

YLO

AN N

UM.

AMOR

TIZAT

ION

SCHE

DULE

RATE

CAPIT

ALBA

LANC

E AT

DECE

MBER

20

14

BALA

NCE A

TDE

CEMB

ER

2015

MATU

RITY

DAT

EMA

TURI

TY

DATE

IN TH

REE

MONT

HSIN

SIX M

ONTH

SIN

ONE

YEAR

IN 3

YEAR

SIN

5 YE

ARS

MORE

THAN

5 Y

EARS

Cons

tructo

ra Co

ncon

creto

S.A.

Ban

colo

mbi

aC

all o

ptio

nN

A2.

113,

02

1.24

0,03

21

1.38

6 1.

313.

574

28.0

3.20

16

- 1.

313.

574

- -

- -

-

Ban

colo

mbi

aC

all o

ptio

nN

A2.

232,

79

1.24

0,03

21

5.28

5 1.

166.

879

28.0

3.20

16

- 1.

166.

879

- -

- -

-

Ban

colo

mbi

aC

all o

ptio

nN

A3.

575,

47

3.25

4,00

(3

03)

739.

241

30.0

5.20

17

- -

- -

739.

241

- -

Ban

colo

mbi

aC

all o

ptio

nN

A3.

315,

58

3.95

2,97

(0

)64

6.33

6 29

.07.

2016

-

- 64

6.33

6 -

- -

-

Ban

colo

mbi

aC

all o

ptio

nN

A2.

139,

62

620,

02

244.

641

640.

496

28.0

3.20

16

- 64

0.49

6 -

- -

- -

Ban

colo

mbi

aC

all o

ptio

nN

A3.

245,

27

4.71

9,40

91

.958

60

2.63

1 29

.04.

2016

-

602.

631

- -

- -

-

Ban

colo

mbi

aC

all o

ptio

nN

A3.

269,

32

4.10

1,96

58

.649

58

2.56

8 31

.05.

2016

-

582.

568

- -

- -

-

Ban

colo

mbi

aC

all o

ptio

nN

A3.

341,

68

2.98

3,85

(3

)51

6.92

1 30

.08.

2016

-

- 51

6.92

1 -

- -

-

Ban

colo

mbi

aC

all o

ptio

nN

A3.

208,

42

2.63

9,04

16

1.08

5 43

6.97

1 31

.05.

2016

-

436.

971

- -

- -

-

Ban

colo

mbi

aC

all o

ptio

nN

A3.

267,

85

2.29

7,03

10

6.39

9 41

4.81

2 29

.07.

2016

-

- 41

4.81

2 -

- -

-

Ban

colo

mbi

aC

all o

ptio

nN

A3.

292,

39

2.44

8,96

21

7.08

2 37

6.40

3 30

.06.

2016

-

- 37

6.40

3 -

- -

-

Ban

colo

mbi

aC

all o

ptio

nN

A3.

299,

86

1.92

9,15

92

.853

36

2.09

4 30

.08.

2016

-

- 36

2.09

4 -

- -

-

Ban

colo

mbi

aC

all o

ptio

nN

A2.

085,

11

325,

81

246.

125

348.

673

25.0

1.20

16

348.

673

- -

- -

- -

Ban

colo

mbi

aC

all o

ptio

nN

A3.

174,

13

2.07

0,60

10

7.63

7 32

5.51

1 29

.04.

2016

-

325.

511

- -

- -

-

Ban

colo

mbi

aC

all o

ptio

nN

A2.

213,

67

325,

81

201.

381

306.

918

25.0

1.20

16

306.

918

- -

- -

- -

Ban

colo

mbi

aC

all o

ptio

nN

A3.

199,

94

2.82

0,10

79

.292

26

3.24

9 29

.02.

2016

26

3.24

9 -

- -

- -

-

Ban

colo

mbi

aC

all o

ptio

nN

A3.

238,

03

1.44

6,04

18

4.01

2 25

1.37

0 30

.06.

2016

-

- 25

1.37

0 -

- -

-

Ban

colo

mbi

aC

all o

ptio

nN

A3.

232,

88

883,

00

131.

452

245.

604

27.1

2.20

16

- -

245.

604

- -

- -

Ban

colo

mbi

aC

all o

ptio

nN

A3.

360,

10

1.11

2,58

11

2.83

4 22

2.31

0 31

.10.

2016

-

- 22

2.31

0 -

- -

-

Ban

colo

mbi

aC

all o

ptio

nN

A3.

329,

94

1.11

4,24

95

.561

21

6.56

6 30

.09.

2016

-

- 21

6.56

6 -

- -

-

Ban

colo

mbi

aC

all o

ptio

nN

A3.

390,

21

1.03

6,00

90

.032

21

1.69

8 30

.11.

2016

-

- 21

1.69

8 -

- -

-

Ban

colo

mbi

aC

all o

ptio

nN

A3.

222,

86

1.77

9,79

77

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19

9.24

1 30

.03.

2016

-

199.

241

- -

- -

-

Ban

colo

mbi

aC

all o

ptio

nN

A2.

112,

43

162,

91

207.

796

169.

900

25.0

1.20

16

169.

900

- -

- -

- -

Ban

colo

mbi

aC

all o

ptio

nN

A3.

121,

83

995,

90

168.

250

129.

613

29.0

2.20

16

129.

613

- -

- -

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Ban

colo

mbi

aC

all o

ptio

nN

A3.

177,

33

1.86

4,72

92

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12

7.38

6 29

.01.

2016

12

7.38

6 -

- -

- -

-

Ban

colo

mbi

aC

all o

ptio

nN

A3.

397,

62

664,

42

(34)

124.

695

31.1

0.20

16

- -

124.

695

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- -

Ban

colo

mbi

aC

all o

ptio

nN

A3.

367,

48

665,

76

(10)

121.

020

30.0

9.20

16

- -

121.

020

- -

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Ban

colo

mbi

aC

all o

ptio

nN

A3.

144,

36

428,

13

127.

882

62.7

71

30.0

3.20

16

- 62

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-

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- -

Ban

colo

mbi

aC

all o

ptio

nN

A3.

452,

42

280,

61

(14)

59.6

95

30.0

1.20

17

- -

- -

59.6

95

- -

Ban

colo

mbi

aC

all o

ptio

nN

A3.

100,

62

295,

53

179.

522

31.8

90

29.0

1.20

16

31.8

90

- -

- -

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Ban

colo

mbi

aC

all o

ptio

nN

A3.

457,

97

158,

39

(55)

31.1

53

29.1

2.20

16

- -

31.1

53

- -

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Ban

colo

mbi

aC

all o

ptio

nN

A3.

159,

70

105,

00

160.

139

25.8

67

26.0

8.20

16

- -

25.8

67

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Ban

colo

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91

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Ban

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Ban

colo

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FINAN

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940,

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Ban

colo

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940,

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568,

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Ban

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Ban

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940,

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Ban

colo

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940,

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Ban

colo

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940,

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988,

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-

Ban

colo

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all o

ptio

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920,

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1.18

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Ban

colo

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aC

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920,

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Ban

colo

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920,

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Ban

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Ban

colo

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920,

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Ban

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920,

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Ban

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100,

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Ban

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Ban

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Ban

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Ban

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Ban

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Ban

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Ban

colo

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15

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-

Ban

colo

mbi

aP

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960,

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Ban

colo

mbi

aP

ut o

ptio

nN

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100,

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23

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Ban

colo

mbi

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900,

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295,

53

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Ban

colo

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900,

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428,

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16

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Ban

colo

mbi

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ut o

ptio

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900,

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995,

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29.0

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409)

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- -

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Ban

colo

mbi

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ut o

ptio

nN

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900,

00

280,

61

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554)

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925)

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17

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925)

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Ban

colo

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115,

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158,

39

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Ban

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ut o

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900,

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2.07

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325)

- -

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-

Ban

colo

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ut o

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900,

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1.11

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2016

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-

Ban

colo

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ut o

ptio

nN

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900,

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1.44

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-

Ban

colo

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ptio

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900,

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1.03

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2016

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Ban

colo

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ut o

ptio

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900,

00

1.11

2,58

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9.06

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Ban

colo

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aP

ut o

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nN

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115,

00

665,

76

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76)

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16

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893)

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Ban

colo

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115,

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664,

42

147.

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621)

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(95.

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- -

Conconcreto — 197


ANCIA

L EN

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LOAN

NUM

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HEDU

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2014

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2015

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DATE

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Ban

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ut o

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115,

00

1.86

4,72

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29.0

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-

Ban

colo

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ptio

nN

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900,

00

2.63

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-

Ban

colo

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900,

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1.92

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-

Ban

colo

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ptio

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900,

00

2.29

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50)

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-

Ban

colo

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aP

ut o

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115,

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1.77

9,79

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- -

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Ban

colo

mbi

aP

ut o

ptio

nN

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115,

00

2.82

0,10

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00)

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2016

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92)

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- -

Ban

colo

mbi

aP

ut o

ptio

nN

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115,

00

2.44

8,96

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05)

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Ban

colo

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aP

ut o

ptio

nN

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900,

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3.25

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2.49

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Ban

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115,

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2.98

3,85

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31)

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2016

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46)

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Ban

colo

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ut o

ptio

nN

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115,

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1,96

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- -

Ban

colo

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ptio

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115,

00

4.71

9,40

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97)

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2016

-

(491

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- -

- -

Ban

colo

mbi

aP

ut o

ptio

nN

A3.

115,

00

3.95

2,97

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60)

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2016

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- (5

12.3

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Cons

tructo

ra Co

ncon

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Cons

ortium

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Ban

colo

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aC

all o

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nN

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392,

46

785,

48

(2)

- 28

.01.

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- -

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Ban

colo

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aC

all o

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nN

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392,

46

207,

59

(40)

- 26

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2015

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- -

- -

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Ban

colo

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aC

all o

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nN

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392,

46

502,

58

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- 27

.02.

2015

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- -

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- -

Ban

colo

mbi

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all o

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nN

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392,

46

852,

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24.0

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- -

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Ban

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all o

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392,

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641,

20

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28.0

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Ban

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392,

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616,

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Ban

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392,

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all o

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392,

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392,

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Ban

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392,

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Ban

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392,

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785,

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331

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Ban

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392,

46

641,

20

167.

726

- 28

.05.

2015

-

- -

- -

- -

Ban

colo

mbi

aP

ut o

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nN

A2.

392,

46

616,

79

157.

603

- 26

.06.

2015

-

- -

- -

- -

Ban

colo

mbi

aP

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nN

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392,

46

600,

28

148.

774

- 24

.07.

2015

-

- -

- -

- -

Ban

colo

mbi

aP

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nN

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392,

46

502,

58

141.

277

- 27

.02.

2015

-

- -

- -

- -

Ban

colo

mbi

aP

ut o

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nN

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392,

46

322,

21

78.1

77

- 27

.08.

2015

-

- -

- -

- -

Ban

colo

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ut o

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nN

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392,

46

273,

65

64.6

07

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.09.

2015

-

- -

- -

- -

Ban

colo

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ut o

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392,

46

207,

59

57.4

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- 26

.03.

2015

-

- -

- -

- -

BB

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rwar

dN

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993,

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1.03

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278.

321

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rwar

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597,

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421

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.06.

2015

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- -

- -

- -


FINAN

CIAL

ENTIT

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AN N

UM.

AMOR

TIZAT

ION

SCHE

DULE

RATE

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ncon

creto

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Cons

ortium

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003,

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587,

87

266.

814

- 27

.01.

2016

-

- -

- -

- -

BB

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rwar

dN

A1.

988,

20

587,

87

266.

654

- 27

.10.

2015

-

- -

- -

- -

BB

VAFo

rwar

dN

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007,

94

587,

87

266.

637

- 26

.02.

2016

-

- -

- -

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BB

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rwar

dN

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017,

89

587,

87

266.

189

- 27

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2016

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- -

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BB

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rwar

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978,

41

587,

87

266.

144

- 27

.08.

2015

-

- -

- -

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BB

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rwar

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983,

54

570,

16

258.

440

- 28

.09.

2015

-

- -

- -

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BB

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rwar

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956,

46

556,

45

255.

171

- 27

.05.

2015

-

- -

- -

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BB

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rwar

dN

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998,

21

477,

23

216.

725

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.12.

2015

-

- -

- -

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rwar

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012,

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477,

23

216.

284

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2016

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80

395,

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799

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2016

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BB

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rwar

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940,

64

377,

41

171.

429

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2015

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rwar

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952,

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342,

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Conconcreto — 199

01CONSOLIDATED FINANCIAL STATEMENTS 014.18. TRADE AND OTHER ACCOUNTS PAYABLE, CURRENT AND NON-CURRENT

ACCOUNTS PAYABLE DEC-15 DEC-14Current Non-current Current Non-current

Cost and expenses payable (1) 131.788.744 - 124.125.359 - Deferred (2) 87.616.960 - 79.917.069 - Domestic suppliers (3) 71.145.248 - 73.978.988 - Other accounts payable 46.137.336 10.673.113 35.677.028 5.618.325 Labor obligations 30.738.586 - 25.451.960 - Taxes, encumbrances and duties 8.921.268 - 6.565.548 - Official creditors 8.575.647 - 10.607.227 - Other liabilities 7.826.638 15.812.373 12.825.240 2.414.511 Other current trade accounts 4.771.641 - 6.844.668 - Withholdings and payroll contributions 4.379.556 - 4.002.016 - Foreign suppliers 3.640.931 462.909 5.277.741 351.644 Financial costs and expenses payable 3.234.304 - 3.969.891 - Royalties payable 2.999.200 - 1.554.228 - Accounts payable to contractors 1.274.211 - 2.119.142 - Estimated liabilities and payroll provisions 1.071.145 - 520.117 - Installments payable 590.104 - - - Tax withholdings at the source 295.630 - 1.329.140 - Dividends and/or stock payable 26.289 - 588.331 - TOTAL 415.033.437 26.948.395 395.353.695 8.384.480

(1) The heading of costs and expenses payable is made up of the accounts of several services to wit: Commissions, travel expenses, fees, public relations spending, insurance, transportation, legal fees, public utilities, maintenance, customs costs and other of which the most significant figure for this period was that of other credits from Consortium Ruta del Sol.

(2) Under the deferred heading, there is unearned income, as a result of the costs according to the IFRS.(3) The heading of suppliers includes the entries corresponding to the borrowings generated in favor of third parties for

the purchase of materials and services to carry out the projects. .

The breakdown by Company follows:

ACCOUNTS PAYABLE DEC-15 DEC-14Current Non-current Current Non-current

Constructora Conconcreto S.A. 348.242.487 26.775.288 354.826.923 8.166.155 Conconcreto Internacional S.A. 29.913.831 - 15.098.017 - Industrial Conconcreto S.A.S. 11.806.787 155.306 7.460.092 - Trusts 11.553.430 - 12.961.466 - Conconcreto Inversiones y Servicios S.A. 6.298.940 - - - CAS Mobiliario S.A. 4.880.857 - 3.017.223 - Inmobiliaria Conconcreto S.A.S. 1.121.615 17.801 1.527.819 218.325 Cantera La Borrascosa S.A.S 445.891 - 143.809 - Zona Franca S.A.S 384.674 - 205.384 - Doblece RE 197.935 - - - U-Storage 186.990 - 97.751 - IWWS - - 15.211 - TOTAL 415.033.437 26.948.395 395.353.695 8.384.480

Accounts payable aging report:

ACCOUNTS PAYABLE AGING REPORT:

TOTAL DEC-2015

0-30 DAYS

31-60 DAYS

61-90 DAYS

91-180 DAYS

181-360 DAYS

MORE THAN 360

U.A.E. Direccion de Impuestos y Aduanas Nacionales

7.382.321 7.381.279 - - - 1.041 -

Cementos Argos S.A. 3.122.109 2.721.370 119.739 98.402 179.536 3.064 - Epc Chile S.A. 1.519.407 1.139.556 379.852 - - - - Grupo Argos S.A. 1.513.125 1.513.125 - - - - - Inversiones Bejumar S.A.S 1.205.000 - - - 1.205.000 - - Municipio de Buenaventura 1.146.346 1.146.294 - - - - 52 Zona Franca Permanente Especial 973.513 955.395 17.599 - - 520 -

Baluarte Construcciones y Diseños S.A. 957.960 - - 957.960 - - -

Contexto Urbano S.A. 928.898 848.511 - 80.387 - - - Holcim Colombia S.A. 761.724 761.724 - - - - -



TOTAL DEC-2015

0-30 DAYS

31-60 DAYS

61-90 DAYS

91-180 DAYS

181-360 DAYS

MORE THAN 360

A & A Arroyo y Asociados 595.004 595.004 - - - - - Transamerican Services Inc 590.104 - 590.104 - - - - Mexichem Colombia S.A.S. 570.427 570.427 - - - - - Ticbridge SAS 538.837 538.837 - - - - - Banco Davivienda S.A. 499.512 519.919 15.595 14.675 41.769 38.946 (131.392)Restrepo Mesa Olga Patricia 496.893 - - - 496.893 - - Cemento Bayano S.A. 458.544 458.544 - - - - - Argos Panamá S.A. 442.393 442.393 - - - - - Montebianco SAS 439.209 439.209 - - - - - Protección S.A. 409.297 409.297 - - - - - Eficiencias en Riesgos y Seguros Ltda 382.696 371.354 725 498 6.725 0 3.393

Banco de Bogotá S.A. 381.842 382.326 4.915 (2.700) (2.700) - - Blue Investments S.A.S. 375.675 375.675 - - - - - Plastimetal S.A. 373.776 373.776 - - - - - Pensiones Obligatorias Porvenir 363.933 363.933 - - - - -

Alcaldía de Barranquilla 360.057 352.436 - - - 7.620 - Productora de Alambres Colombianos 358.338 358.338 - - - - -

Seguro Social 354.711 354.711 - - - - - Comercializadora S. y E. y Cia. S.A 343.879 343.879 - - - - -

Municipio de Sabaneta 338.754 333.941 - - 4.813 - - Metales (24 Dic) S.A. 323.532 323.532 - - - - - Liberty Seguros de Vida S A 314.721 314.721 - - - - - Modos Exhibición Inmobiliaria S.A.S 305.781 305.781 - - - - -

Corporacion Aceros Arequipa S.A. 298.703 - 298.703 - - - -

Municipio de Rionegro 298.204 297.927 - - - 78 199 Ladrillera Las Mercedes Ltda 284.712 284.712 - - - - - Organización Terpel S A 283.405 283.405 - - - - - Iluminaciones Técnicas S.A. 279.156 279.156 - - - - - Integracion S.A. 275.052 270.871 1.350 - 121 76 2.634 Industrias de Aluminio Arquitectónico 270.973 - - - 270.973 - -

Promotora Sun Village 269.488 - - - - (945) 270.432 Marcos Avila Aparicio 269.135 252.811 - - - - 16.321 Grupo Nova S.A. 254.685 254.685 - - - - - Alambres y Mallas S A Almasa 249.616 249.651 - - (34) - -

Fondo de Empleados Conconcreto 233.420 233.420 - - - - -

Cindu de Panamá S.A. 219.357 219.357 - - - - - Coval Comercial S.A. 218.004 218.004 - - - - - Municipio de Valledupar 217.089 217.141 - - - (44) (7)Ulma C y E, S. Coop 216.763 34.899 181.864 - - - - Fiduciaria La Previsora S.A. 213.367 213.367 - - - - - Mora Leon Pedro 213.099 213.099 - - - - - Familia Martínez Henao 424.628 - - - 424.628 - - O & M Obras y Maquinarias S.A. 210.246 210.246 - - - - -

Zapata Moyano Gloria Amparo 201.796 - - - 201.796 - -

Imega Ga S.A.S 188.955 245.512 (10.480) (5.731) (9.147) (13.090) (18.109)Municipio de Girardota 186.905 186.905 - - - - - Equipos del Norte S.A. Equinorte S 184.402 70.740 10.074 19.481 59.221 24.886 -

Municipio de Tenjo 184.015 184.015 - - - - - Sura 180.758 180.733 - - - - 25 Construcciones Mecánicas Panamá S.A 180.143 180.143 - - - - -

Martínez Restrepo Juan Esteban 172.252 - - - 172.252 - -

European Owens Corning Fiberglass S 171.432 - - 171.432 - - -

Bbva Asset Mangt Sa Soc Fid Mun Val 170.525 170.525 - - - - -

Ferrasa S.A.S. 167.832 167.832 - - - - - Comfama 166.409 166.409 - - - - - Almacenes e Industrias Roca S.A 159.899 159.766 - - 133 - -

Conconcreto — 201

01CONSOLIDATED FINANCIAL STATEMENTS 01ACCOUNTS PAYABLE AGING

REPORT: TOTAL

DEC-20150-30 DAYS

31-60 DAYS

61-90 DAYS

91-180 DAYS

181-360 DAYS

MORE THAN 360

Compunet S.A. 157.689 78.844 39.422 39.422 - - - Equipos Gleason S.A. 153.455 129.924 21.443 - 2.089 - - Municipio de La Estrella 151.243 151.243 - - - - - Municipio de Medellín 151.032 151.032 - - - - - Pinturas Nacionales SAS 145.338 145.338 - - - - - Jm Dycom S.A. 143.679 143.679 - - - - - Concierto Inmobiliario S.A. 142.653 142.653 - - - - - Robert Bosch Ltda 138.902 138.902 - - - - - Granitos y Marmoles S.A. 138.402 12.386 - - 18.233 - 107.782 Acevedo Deperez María Margarita 135.431 135.431 - - - - -

Decorceramica S.A.S 135.253 135.253 - - - - - Alvarez y Pérez Construcciones S.A 134.514 134.514 - - - - -

Veco Rental S.A.S. 131.300 131.300 - - - - - Gómez Pinzón Zuleta Abogados S.A.S 130.536 130.536 - - - - -

Freyssinet Tierra Armada Colombia S 128.406 128.406 - - - - -

Cochez y CIA S.A. 126.580 122.278 1.515 2.787 - - - Rodríguez y Londoño S.A. 125.960 128.010 - - (2.049) - - Municipio de Palmira 123.994 123.994 - - - - - Metecno de Colombia S.A. 123.368 123.368 - - - - - Construcciones Avila, S.A. 121.579 121.579 - - - - - Grucon Panamá S.A. 119.715 119.715 - - - - - Arquitectos e Ingenieros Asociados 118.800 118.800 - - - - -

Municipio de Madrid 116.793 116.793 - - - - - Municipio de Yopal 114.625 114.625 - - - - - Esquema Publicidad S.A. 113.911 114.338 477 1.770 - - (2.674)Celsus S.A.S 111.086 111.086 - - - - - Arqindec S.A. 110.861 110.861 - - - - - Exponencial Banca de Inversión S.A. 109.293 109.293 - - - - -

Souland S.A.S 109.040 34.800 37.120 37.120 - - - Impermeabilizadora del Istmo S. A. 108.071 108.071 - - - - -

Concretos el Dorado SAS 108.013 108.013 - - - - - Dotakondor S.A.S 107.044 107.044 - - - - - Ascensores Schindler De Colombia S 106.590 - - 106.590 - - -

Uniples S.A. 105.878 105.878 - - - - - Municipio de Facatativa 105.815 105.815 - - - - - Decoblock S.A. 105.373 105.373 - - - - - Fondo de Pensiones Protección 105.281 105.360 - - 471 - (550)

Grainger Colombia S.A.S 103.793 102.078 506 - 350 860 - Procesadora de Cales Procecal S.A.S 103.673 103.673 - - - - -

Sika Colombia S.A.S 102.349 102.349 - - - - - Coomeva Entidad Promotora de Salud 101.854 101.853 - - 1 - -

Instituto Colombiano de Bienestar Familiar 101.444 101.444 - - - - -

Other minor 17.839.281 30.134.824 (16.530.583) 1.345.299 3.195.380 (117.900) (187.735)Accounts payable to consortiums 205.011.934 - 205.011.934 - - - -

Deferred income 76.766.779 76.766.779 - - - - - Other accounts payable 28.835.505 28.835.505 - - - - - Labor obligations 24.423.134 24.423.134 - - - - - Other liabilities, withholdings for guarantees 7.037.721 7.037.721 - - - - -

Accounts payable to trusts 4.699.745 - 4.699.745 - - - - Royalties payable 2.999.200 2.999.200 - - - - - Financial costs and expenses 2.009.035 2.009.035 - - - - -

Taxes, encumbrances and duties 1.607.696 1.607.696 - - - - -

Estimated liabilities and payroll provisions 1.071.145 1.071.145 - - - - -

Installments payable 590.104 590.104 - - - - - Tax withholdings at the source 244.464 244.464 - - - - -

Accounts payable, provisions 219.293 219.293 - - - - -



TOTAL DEC-2015

0-30 DAYS

31-60 DAYS

61-90 DAYS

91-180 DAYS

181-360 DAYS

MORE THAN 360

Costs and expenses payable, revaluations 77.100 77.100 - - - - -

Foreign suppliers, foreign currency revaluation 61.282 61.282 - - - - -

Withholdings and payroll contributions 47.815 47.815 - - - - -

Dividends 26.289 26.289 - - - - - (IFRS) Derecognition of foreign suppliers (305.447) (305.447) - - - - -

CURRENT 415.033.437 211.002.492 194.891.618 2.867.391 6.266.451 (54.886) 60.372 Withholding of guarantees 15.812.373 15.812.373 - - - - - Las Mercedes Lot 3.600.000 3.600.000 - - - - - Mint Lot 2.718.204 2.718.204 - - - - - Lift Lot 2.278.274 2.278.274 - - - - - Torees del Parque Lot 1.210.500 1.210.500 - - - - - Transfer of rights in el Molino 833.333 833.333 - - - - - Johnson Controls Be Do Brasil Ltda. 289.567 289.567 - - - - -

Other minor 15.000 15.000 - - - - - Foreign suppliers, foreign currency revaluation 173.342 173.342 - - - - -

Dario Aristizábal C y Cía S en C 17.801 17.801 - - - - -

NON-CURRENT 26.948.395 26.948.395 - - - - - TOTAL 441.981.832 237.950.887 194.891.618 2.867.391 6.266.451 (54.886) 60.372

4.19. OTHER NON-FINANCIAL LIABILITIES, CURRENT AND NON-CURRENT


Advanced payments received from clients 225.205.303 157.355.782 188.994.247 94.457.810 Securities received from third parties 1.019 - 5.924 - TOTAL 225.206.321 157.355.782 189.000.171 94.457.810

The breakdown by Company follows:


Constructora Conconcreto S.A. 128.990.321 52.678.480 116.927.464 33.716.713 Trusts 78.149.520 95.511.531 48.740.115 54.375.601 Industrial Conconcreto S.A.S. 5.167.781 - 8.820.842 - Inmobiliaria Conconcreto S.A.S. 4.270.470 9.165.771 1.503.303 6.365.496 Conconcreto Internacional S.A. 8.341.596 - 12.613.665 - Zona Franca S.A.S 177.841 - 317.682 - Cantera la Borrascosa S.A.S. 107.772 - 74.540 - CAS Mobiliario S.A. 1.019 - 2.560 - TOTAL 225.206.321 157.355.782 189.000.171 94.457.810

4.20. NET EQUITYCapital and reserves

a) Capital management and equity financing The Company’s objective for capital management is to

maintain a proper level of capitalization that will ensure its access to financial markets to carry out its objectives in the medium and long-term, by optimizing the return for its share-

holders and maintaining a solid financial position.b) Capital and number of shares At December 31, 2015, the Company’s capital consisted

of the following:

BREAKDOWNNumber of shares

Paid With Right to Vote 1.134.254.939 1.134.254.939

CapitalPaid

116.828.259

BREAKDOWN DEC-14Gains (losses) attributable to the Company shareholders 23.528.217 Weighted average of common shares outstanding 907.403.951 Basic and diluted earnings (losses) per share 25,93

Conconcreto — 203

01CONSOLIDATED FINANCIAL STATEMENTS 01c) Capital movements In the period ending December 31, 2015, 1,134,254,939

shares have been subscribed and paid. The shares in which the Company’s capital is divided are registered shares in pa-per or dematerialized form, as decided by the Board of Direc-tors. When the Company decides to dematerialize its shares, they shall be represented by a share certificate, which will be kept in custody and managed by the central securities depository.

d) Distribution of dividendsIn its ordinary session held on March 27, 2015, the Gene-

ral Meeting of Shareholders proposed to Shareholders the distribution of profits obtained in the period from January 1 to December 31, 2014, as a dividend for a total of COP 23,000,000 (twenty three billion Colombian pesos), in two payments, which were made in the year 2015.

e) ReservesThe breakdown of reserves follows:


Legal reserve 36.720.448 31.539.581 OTHER RESERVESTemporary reserves 184.550.916 176.923.108 Wealth Tax 9.049.876 - TOTAL 230.321.240 208.462.689

1. In its ordinary session held on March 27, 2015, the Ge-neral Meeting of Shareholders authorized a reserve for donations of COP 1,300,000 and working capital for COP 22,327,808.

2. Considering that Law 1739 / 2014 created the wealth tax and stated, in Article 10, the possibility for the taxpa-yers to allocate the tax against equity reserves, the Ge-

neral Meeting of Shareholders held on March 27, 2015 authorized the Company to allocate the wealth tax for the years 2015, 2016 and 2017 for a value of approximately COP 16,000,000 debiting a portion of the non-recurring working reserve. Accordingly, the movement of the new reserve is as follows:

BREAKDOWN OF THE WEALTH TAX RESERVE DEC-15 DEC-14

Amount in the reserve 16.000.000 - Tax amount in 2015 (6.950.124) - BALANCE IN THE WEALTH TAX RESERVE 9.049.876 -

Summary net equity:

SUMMARY OF EQUITY DEC-15 DEC-14

Capital 116.828.259 93.462.607 Issue premium 584.968.014 318.871.805 Retained earnings 223.634.562 256.791.575 Profit of the year 95.256.916 23.528.217 Other equity interests 297.554 (605.442)Non-controlling interests 8.352.703 19.196.227 Legal reserve 36.720.448 31.539.581 OTHER RESERVESTemporary reserves 206.570.423 175.245.925 Wealth Tax 9.049.876 - TOTAL 1.281.678.754 918.030.493

Equity reconciliation:

RECONCILIATION OF EQUITY DEC-15 DEC-14

SEPARATE EQUITY BALANCE 1.264.219.819 905.779.515 Increase in profit for the year using the associates and joint ventures method 1.507.162 (19.823.472)Decrease in accumulated earnings using the associates and joint ventures method (19.823.472) - OCI using the equity method for joint ventures in the current period 1.863.379 218.319 OCI using the equity method for joint ventures in the previous periods 218.319 - Adjustments for foreign currency conversions 24.769.632 8.395.864 Non-controlling interests 8.352.703 19.196.226 Other headings to be consolidated 571.212 4.264.041 CONSOLIDATED EQUITY BALANCE 1.281.678.754 918.030.493


4.21. INCOME FROM ORDINARY ACTIVITIESThe breakdown of this heading follows:


Services 1.112.693.196 996.614.604 Other income from ordinary activities 103.562.405 85.309.812 Dividends - 6.324.388 Discounts extended (24.407) (137.974)TOTAL 1.216.231.195 1.088.110.830

4.22. CONSTRUCTION CONTRACTSPursuant to IAS 11, the following is the detailed information relevant to construction contracts at December 31, 2015:

NAME OF THE CONSTRUCTION WORK

INCOME FOR THEPERIOD

COSTS FOR THEPERIOD

GAINSLOSSES

FOR THE PERIOD

BALANCE OF ADVANCE PAYMENTS

RECEIVED

BALANCE OFWITHHOLDINGS

AMOUNTRECEIVABLE

AMOUNTPAYABLE

INVOICING FORPROGRESS IN

CONSTRUCTION WORKSCONSTRUCTORA CONCONCRETO S.A.Hidroituango balance 170.979.985 153.020.119 17.959.866 - - 1.291.807 - 357.275.656 Tierras Puerto Aguadulce movement 73.674.829 64.297.110 9.377.720 - - 95.424 - 82.750.671

Puerto Aguadulce balance 64.076.363 56.099.402 7.976.961 7.220.023 - 6.604.939 - 81.215.673

Construcción Interconexión Vial Calle 77S

48.073.698 43.005.459 5.068.239 (32.952) - 21.145.622 - 60.633.076

Buró 25 47.781.012 43.869.450 3.911.562 3.628.139 - - - 63.026.127

Hotel Estelar Cartagena 44.258.447 43.726.061 532.386 - - - - 1.927.494

Buró 51 41.476.679 37.535.578 3.941.101 11.131.944 1.202.119 18.368.592 - 73.573.505

Multiplaza la Felicidad 34.816.530 32.362.081 2.454.449 - - 2.381.987 - 24.112.103

Puente Binacional 34.243.427 29.139.439 5.103.989 217.008 1.291.005 - - 31.680.142

Ruta del Sol balance 30.354.405 31.066.308 (711.903) 2.294 - 4.567.846 - 112.968.468

Colinea 2 balance 28.066.668 24.637.056 3.429.612 - - - - 31.237.375 Fresenius - Terranova indirect 26.211.099 25.007.200 1.203.899 - - - - 1.802.643

Parque Industrial Logika II 24.932.589 22.192.681 2.739.909 - - - - 46.816.420

Consortium SBCC-Boscoal balance 20.579.042 18.934.799 1.644.242 - - - - 23.689.376

Gran Plaza Central balance 19.846.675 18.510.733 1.335.941 - - - - 22.786.180

Construction of the North of Cauca Aqueduct

17.197.080 13.147.937 4.049.143 - - - - 25.619.881

Devimed 2014 15.211.738 9.963.791 5.247.947 19.746.054 3.627.012 5.606.818 - 17.854.805 Atlántica Torre Empresarial 14.108.358 13.992.747 115.610 - - 460.225 - 1.095.792

Acqua Power Center 14.094.794 13.055.979 1.038.815 - - - - 4.050.416 Consortium Hidrocucuana balance 10.579.052 9.086.592 1.492.460 236 - 1.578.842 - 115.365.745

Medellín Museum of Modern Art 10.393.515 10.383.825 9.690 3.712 172.398 6.322.049 - 8.786

Torremolinos Pijao Housing Phase 10.003.347 9.141.927 861.420 88 - 524.122 - 993.991

Guatapuri Shopping Mall Phase II 9.842.773 9.194.135 648.639 - - - - 11.392.755

Two Towers 9.734.304 8.290.974 1.443.331 - 157.154 177.028 - 1.642.970 Buró 25 Future Phases, Indirect 8.935.591 8.935.591 - - - 106.228 - 8.848.386

Certificate of Collection Puerto Aguadulce 8.074.694 1.119.619 6.955.075 12.852.933 - 5.004.066 - 11.846.720

Buró Barranquilla, Indirect 7.749.313 7.749.313 - - - - - 15.926.445

Servicio Carque y Acarreo Cerromatoso 7.146.611 3.999.666 3.146.945 17.335 - 807.351 - 29.413.402

Boscoal Terminal Granos y Carbón Phase 1 7.008.801 5.887.393 1.121.408 - - - - 7.632.084

Cedi Alpina 6.888.708 6.503.133 385.574 - - - - 7.270.947 Consortium Conlinea 3 balance 6.448.550 5.932.666 515.884 3.448.455 923.309 6.387.251 - 9.842.631

Consortium ECC Loboguerrero balance 5.951.719 7.594.060 (1.642.341) - - 1 - 251.424.798

Gran Plaza Ensueño, Indirect 5.371.086 5.371.086 - - - - - 5.346.415

Conconcreto — 205

01CONSOLIDATED FINANCIAL STATEMENTS 01NAME OF THE CONSTRUCTION

WORKINCOME FOR THE

PERIODCOSTS FOR THE

PERIOD

GAINSLOSSES

FOR THE PERIOD

BALANCE OF ADVANCE PAYMENTS

RECEIVED


AMOUNTRECEIVABLE

AMOUNTPAYABLE


CONSTRUCTION WORKSTorre de Granulado Colcafé 5.109.696 4.682.559 427.138 - - - - 7.652.633

Torre Atlántica 4.863.114 4.839.410 23.705 1.077.816 - - - 23.916

Cedi Corona Girardota 4.751.445 3.622.241 1.129.203 - - - - 4.770.584 Buró 25 Phase 2 Tower 3 4.743.543 4.364.059 379.483 - - 6.160.574 - 936.067

Bodegas San Francisco Centro Madrid 3.704.750 3.326.070 378.680 2.786.400 - 1.178.079 - 56.583.763

Transversal Cusiana balance 3.680.010 3.106.042 573.967 - - 308.172 - 99.145.560

Tulipanes Phase III 3.532.394 2.939.088 593.306 163.216 - - - 7.065.846 Guatapuri Expansion, Indirect 3.463.449 3.463.449 - - - - - 1.099.834

Gran Plaza Hilanderías, Indirect 3.434.941 3.434.941 - - - - - 3.606.433

Certificate of Collection Boscoal 3.396.686 1.907.183 1.489.503 111 - 2.020.115 - 3.403.667

Hotel Metro Yopal Construction 3.042.355 2.855.081 187.274 265.337 656.777 2.146.239 - 345.454

Buró 51 Funding 2.823.018 2.823.018 - - - - - 5.490.442

Edu New Office 2.741.927 2.601.957 139.971 - - - - 152.525 Movich-Buró 26, Indirect Costs 2.254.244 2.254.244 - - - - - 17.533.953

Gran Plaza Ipiales Shopping Mall 2.071.709 942.824 1.128.885 - - - - 45.065.529

Blu Logistics, Indirect Costs 2.063.325 241.458 1.821.867 - - 432.279 - 7.041.023

Hotel Estelar Cartagena 2.053.827 2.053.827 - - - 36.565 - -

Other 28.139.775 27.555.607 584.169 280.682.569 7.044.186 169.744.393 - 3.013.787.797

SUBTOTAL 969.981.689 869.766.966 100.214.723 343.210.719 15.073.960 263.456.614 - 4.814.776.906 INDUSTRIAL CONCONCRETO 97B Sur Logistic Park 8.402.030 7.407.298 994.733 1.012.966 972.950 - - 8.402.030

Multiplaza la Felicidad 3.360.094 22.245 3.337.849 - - - - 3.360.094 Medellín River Parks Phase 1.1 1.752.579 1.445.893 306.686 - - 180.583 - 1.752.579

Aventura Shopping Mall 1.599.878 1.559.341 40.537 3.552 159.434 617.110 - 1.599.878

Nortiko Warehouse 1.444.003 848.242 595.760 - - - - 1.444.003

Cedi Nutresa Pasto 1.415.641 942.871 472.770 - 141.031 - - 1.415.641

Cedi Nutresa Palermo 1.153.622 815.457 338.165 - 115.008 2.116 - 1.153.622

Antares Shopping Mall 1.000.796 10.013 990.783 - - 1.005.010 - 1.000.796 Hotel Estelar Cartagena de Indias 942.159 1.628.669 (686.511) 664.557 93.986 - - 942.159

Cedi Nutresa Valledupar 860.777 572.097 288.681 - 86.078 123.716 - 860.777 Metal Palafitte Platforms 860.760 288.823 571.937 229.651 - - - 860.760

Pino Muros Building 815.035 703.761 111.275 - - 98.828 - 815.035 Atlántica Torre Empresarial 720.839 573.110 147.729 10.949 49.874 15.023 - 720.839

Toscana de Chía Tower A 632.446 447.308 185.138 - - 439.848 - 632.446

Cedi Nutresa Aguachica 593.684 437.128 156.556 - 59.334 - - 593.684 Buro 51 Business Center 517.258 325.826 191.432 - 36.068 - - 517.258

Cedi Nutresa Florencia 512.784 357.846 154.939 - 51.098 52.348 - 512.784Centro Empresarial de las Américas 3 502.449 303.889 198.560 504 60.772 - - 502.449

Other 5.188.938 4.258.154 930.784 1.534.757 304.316 565.039 - 5.188.938

SUBTOTAL 32.275.772 22.947.970 9.327.802 3.456.935 2.129.948 3.099.620 - 32.275.772CONCONCRETO INTERNACIONAL CCIAzuero Terminal Plaza 20.998.606 21.251.182 (252.576) - 1.647.033 7.736.465 157.417 24.366.132

Citi Plaza 13.052.693 13.843.680 (790.987) - 955.882 20.869 56.442 13.052.693

Marea Dos 781.175 736.331 44.844 2.924.508 22.986 625.377 371.339 691.837

SUBTOTAL 34.832.474 35.831.193 (998.719) 2.924.508 2.625.902 8.382.710 585.197 38.110.661

TOTAL 1.037.089.935 928.546.129 108.543.807 349.592.162 19.829.810 274.938.945 585.197 4.885.163.339


When the result of a construction contract can be reliably es-timated, the income associated with it will be recorded in the statement of income based on the percentage of completion.

In the percentage of completion method, income is calcu-lated based on the percentage of total revenue set for the contract; this percentage is established for the ratio between costs incurred to date and the projected costs.

4.23. JOINT VENTURES

COMPANY PERCENTAGE PARTICIPATION IN RESULTS

PARTICIPATION IN GAINS (LOSSES) BALANCE AT 12/31/2015

ConsortiumsHidroituango 35% 17.959.866 Puerto Aguadulce 35% 7.976.961 Puente Binacional 50% 5.103.989 Conlinea 2 35% 3.429.612 Consortium SBCC-Boscoal 35% 1.644.242 Consortium Hidrocucuana 60% 1.492.460 Transversal Cusiana 60% 573.967 Central Porce III 32% (50.366)Other 281.882 SUBTOTAL 38.412.612 TrustsSan Pedro Plaza 49,0% 4.212.300 Buró 51 50,0% 1.598.701 El Vinculo 27,6% 1.339.069 Lote Soacha 50,0% 1.311.191 Urbanizacion Living 22,5% 252.280 Bali 40,0% 41.157 Mint 33,3% 24.945 Life 33,3% 21.254 Entreparques 50,0% 16.439 Ciudad del Bosque ET. 1 50,0% 11.922 Portal del Sol 50,0% 1.718 Las Mercedes 50,0% 24 Asdesillas 25,0% 17 Park 68 50,0% 16 Toscano 50,0% (3.127)Allegro 40,0% (7.556)Select 40,0% (36.354)Prestige 40,0% (38.456)Finito 50,0% (43.310)Buró 26 50,0% (557.484)Cable Plaza II 9,7% (722.040)SUBTOTAL 7.422.707 TOTAL 45.835.320

4.24. COST OF SALESThe breakdown of this heading follows:


Materials, industry and services 998.226.408 878.834.260 Loss from the disposal of property, plant and equipment 466.932 328.271 Loss from the disposal of other assets 47.317 290.969 Penalties, fines and settlements 33.224 93.565 Conditional financial discounts (817.012) (566.472)TOTAL 997.956.869 878.980.593

Conconcreto — 207

01CONSOLIDATED FINANCIAL STATEMENTS 014.25. OTHER INCOMEThe breakdown of this heading follows:


Other miscellaneous operating income 15.000.405 11.016.434 Gains from the disposal of non-current assets 3.126.681 259.750 Gains from legal settlements 1.669.427 1.030.320 Gains from the disposal of investments 948.324 927.353 Gains from the disposal of property, plant and equipment 408.375 1.480.997 Income from rentals 55.600 3.793 Gains from the fair value of financial derivatives - 51.074 Penalties, fines and settlements - 342 TOTAL 21.208.811 14.770.064

4.26. PERSONNEL EXPENSESThe breakdown of this heading follows:


Salaries and benefits 41.453.453 38.921.512 Contributions to social security 11.012.761 7.976.438 Other benefits 4.096.506 4.562.851 TOTAL 56.562.720 51.460.800

4.27. ADMINISTRATIVE AND SALES EXPENSESThe breakdown of this heading follows:

REGULAR BUSINESS EXPENSES DEC-15 DEC-14

Professional fees 13.130.234 7.188.113 Other expenses 6.632.998 2.438.197 Miscellaneous 5.129.360 5.176.544 Rental 5.014.776 3.815.538 Repair and maintenance 4.730.858 3.724.837 Services 4.531.887 4.826.236 Depreciation and amortization 3.670.026 5.933.688 Taxes other than income tax 3.077.463 3.047.508 Contributions and affiliations 2.714.229 2.734.329 Travel expenses 2.008.038 2.019.962 Insurance 1.389.334 1.019.564 Legal 1.131.811 249.340 Fuel and energy 760.192 869.274 Transportation 430.152 627.499 TOTAL 54.351.358 43.670.628

4.28. OTHER EXPENSESThe breakdown of this heading follows:


Expenses for employment bonus and commissions 4.702.918 5.818.290 Penalties, fines and settlements 885.989 84.172 Other miscellaneous operating expenses 489.016 1.640.259 Loss from disposal of other non-current assets 300.302 763.153 Losses from the disposal of property, plant and equipment 71.720 79.039 Losses from the disposal of investments (4.306.656) 642.544 TOTAL 2.143.289 9.027.458


4.29. OTHER GAINS (LOSSES)The breakdown of this heading follows:


Gains in investment properties at fair value (39.530.517) 38.312.979 Losses in investment properties at fair value 94.476.621 (57.697.093)TOTAL 54.946.103 (19.384.114)

BREAKDOWN CLASSIFICATION BALANCE OF OTHER GAINS AND LOSSES BY ASSET, DEC-15

Unilever Inv. Subsidiary 18.757.159 Buró 24 Inv. Subsidiary 8.988.744 Gran Plaza Florencia Inv. Subsidiary 7.626.604 Soledad Inv. Subsidiary 7.167.903 Hotel Neiva (Partner, GHL 10%) Inv. Subsidiary 6.855.602 Gran Plaza Ipiales Inv. Subsidiary 5.296.826 Fritolay Inv. Subsidiary 5.100.013 Granadillo Investment Property 4.911.693 Meridiano Investment Property 4.039.194 Familia Sancela Inv. Subsidiary 3.208.269 Buro 51 Oficinas (Partner, Movich 50%) Joint Venture 3.039.105 Torre Salamanca Inv. Subsidiary 3.035.303 Megacenter Investment Property 2.791.071 Buró 26 Joint Venture 2.390.445 Farmatodo la Esperanza Investment Property 2.282.599 Crespo Investment Property 2.130.013 Logika II - Blu Logistics Inv. Subsidiary 1.692.653 Gran Plaza Central Joint Venture 1.356.916 Stihl Investment Property 1.259.523 Vinculo Joint Venture 1.091.606 Flamingo Pereira Inv. Subsidiary 675.896 Corona Guayabal Investment Property 415.846 Farmatodo 127 Inv. Subsidiary 237.832 Seracer Inv. Subsidiary 125.807 Almagrario Inv. Subsidiary (151.328)Corona Cúcuta Investment Property (178.281)San Pedro 2 y 3 Joint Venture (212.402)Fibratore Inv. Subsidiary (232.607)Carulla Pontevedra Investment Property (300.872)Cedi Corona Inv. Subsidiary (341.024)Corona Ricaurte Investment Property (619.251)Guatapuri Inv. Subsidiary (641.935)Gran Plaza Alcaraván 1 y 2 Inv. Subsidiary (651.658)San Pedro 1 Joint Venture (653.664)Impac Inv. Subsidiary (692.527)Éxito Ejecutivos Investment Property (707.401)Cable Plaza Joint Venture (764.769)Farmatodo 167 Investment Property (1.175.085)Prado Pinzon Investment Property (1.246.142)Éxito Castellana Investment Property (1.304.399)Buró 51 (Partner, Movich 50%) Joint Venture (1.351.323)Nissan Inv. Subsidiary (1.805.319)Antes BBB Equipos Investment Property (1.900.000)Hotel Movich 26 Joint Venture (2.220.421)San Antonio Inv. Subsidiary (2.368.668)Hotel GHL Style Yopal Inv. Subsidiary (3.682.931)Hotel Sonesta VUP (Partner, GHL 10%) Investment Property (5.296.147)Familia I Inv. Subsidiary (11.032.361)TOTAL 54.946.103

Conconcreto — 209

01CONSOLIDATED FINANCIAL STATEMENTS 014.30. FOREIGN EXCHANGE DIFFERENCEThe breakdown of this heading follows:

BREAKDOWN DEC-15 DEC-14Exchange rate differences 9.796.285 1.805.526 TOTAL 9.796.285 1.805.526

4.31. FINANCIAL INCOMEThe breakdown of this heading follows:

BREAKDOWN DEC-15 DEC-14Financial income 4.600.126 11.115.582 TOTAL 4.600.126 11.115.582

The reason for the difference is the recognition of interest on loans for El Poblado project in 2014 (construction mana-gement contract) for COP 4,022 million, the high financial returns of Consortium Aguadulce for COP 3,391 million, and returns on the Trusts that were transferred to Alianza Argos

Conconcreto for COP 1,199 million, which did not take place in 2015.

4.32. FINANCIAL COSTSThe breakdown of this heading follows:

BREAKDOWN DEC-15 DEC-14Financing interest 59.486.694 49.031.898 Finance lease 31.482.931 25.009.915 Other financial instruments 370.333 1.094.722 TOTAL 91.339.958 75.136.535

4.33. SHARES AND PROFITS (LOSSES) OF ASSOCIATES AND JOINT VENTURES

The breakdown of this heading follows:

BREAKDOWN DEC-15 DEC-14ASSOCIATES Companies 8.978.271 3.915.530 Trusts 21.707.036 21.473.098 JOINT VENTURES Companies 693.706 (21.317.532)Trusts 8.659.488 TOTAL 40.038.501 4.071.098

BREAKDOWN DEC-15 DEC-14ASSOCIATESCOMPANIESConcesiones C.C.F.C S.A. 6.843.360 2.616.993 Soletanche Bachy Cimas S.A. 1.604.434 (323.452)Autopista de los Llanos S.A. 656.538 1.179.605 Grupo Heróica S.A.S. 219.146 90.855 Promotora Aldea del Viento S.A. 33.524 65.607 Devimed S.A. 1.841 360 Civitar-Nunciatura 2 (1.069)Viviendas Panamericanas S.A. (15.077) (31.404)Contintal S.A. (29.947) - Constructora San Diego Milenio S.A. (334.479) 316.966 TRUSTSDevimed S.A 21.859.987 17.961.548 Villa Viola 236.892 872 Tanque Cazuca Trust 50.047 - Deviplus 34.454 15.608 Securitization 7.980 - Edificio CCI 225 942 Emgea (474) (526)Viva Sincelejo (482.075) 3.494.655 SUBTOTAL 30.685.307 25.388.629


BREAKDOWN DEC-15 DEC-14JOINT VENTURESConsalfa S.A.S. 2.995.429 (18.814.391)Centrans Company 975.968 845.108 Pactia S.A.S 2.574 Maui Properties I.N.C. 1.127 - Maui Development, I.N.C. - - Aerotocumen S.A. (365.821) (53.285)Consol S.A.S. (370.221) (2.941.493)Brighstar Management Corp. (400.677)Transamerican Services (2.144.673) (353.472)EquityPactia Trust 8.659.488 - SUBTOTAL 9.353.194 (21.317.533)TOTAL 40.038.501 4.071.098

4.34. RESULT OF INCOME TAXa) Income tax expense

The breakdown of this heading follows::

BREAKDOWN DEC-15 DEC-14Current tax expenses 12.924.486 17.915.548 Adjustments for deferred tax assets 15.788.125 (7.004.260)Adjustments for deferred tax liabilities 16.490.352 6.730.506 TOTAL 45.202.964 17.641.794

The tax expense for the period consists of the income tax, income tax for equality and the deferred tax

The current tax is the tax expected to be paid for the ta-xable income of the period and it is calculated based on the tax laws enacted or substantially enacted on the date of the statement of financial position.

The following criteria were taken into account to calculate the current income tax provision:

• Income tax rate of 25%, • CREE rate of 9% (based on Law 1739 / 2014, this rate

will be permanent) • CREE surcharge to be paid by taxpayers with a taxable

base greater than COP 800 million, which will be 5%, 6%, 8% and 9% for the years 2015, 2016, 2017 and 2018 respectively.

• Irregular earnings are cleared separately from liquid inco-me and are taxed at a rate of 10%. If the liquid income obtained is less than presumptive income (3% of the liquid equity for the year 2014), the tax is calculated using this

value as a base.

Deferred taxes are recognized by the temporary differen-ces between the carrying value of the assets and liabilities for financial information purposes and the amounts used for tax purposes.

Deferred taxes are not recognized for differences regar-ding investments in subsidiaries that will probably not be reversed in the future. In addition, deferred taxes are not re-cognized for permanent differences. Deferred taxes are cal-culated at the tax rates expected to be applied on the tempo-rary differences when they are reversed, based on the laws mentioned above.

b) Reconciliation of income tax expense The reconciliation between the income tax expense shown in the statement of income and the value determined by mul-tiplying the legal tax rate at the end of the period by income before taxes is as follows:

BREAKDOWN DEC-15 DEC-14Tax expenses at the legal tax rate 54.811.731 14.002.928 Tax effect of ordinary untaxed income (5.936.705) (5.856.655)Tax effect non-deductible expenses 7.666.962 4.173.516 Other tax effects from reconciling accounting profit with taxable profit (11.339.024) 5.322.005 Total adjustment to tax expenses at the legal tax rate (9.608.767) 3.638.866 TAX EXPENSES AT THE EFFECTIVE TAX RATE 45.202.964 17.641.794

4.35. NON-CONTROLLING INTEREST

NON-CONTROLLING INTERESTS PERCENT SHARE GAINS (LOSSES)

GAINS (LOSSES) ATTRIBUTABLE TO NON-

CONTROLLING INTERESTSEQUITY NON-CONTROLLING

INTERESTSCas Mobiliario S.A. 51% 1.780.794 872.589 6.352.727 3.112.836 Cantera La Borrascosa S.A.S. 80% 724.923 144.985 829.895 165.979 P.A. Sports Plaza 88% (917.503) (112.211) 3.739.206 457.305 P.A. Lote Malachí 76% 8.456 2.041 18.136.619 4.378.180 P.A. Renta Vivienda 99% 2.904.367 28.756 24.078.712 238.403 SUBSIDIARIES SUBTOTAL 4.501.037 936.160 53.137.159 8.352.703

Conconcreto — 211

01CONSOLIDATED FINANCIAL STATEMENTS 01NON-CONTROLLING INTERESTS PERCENT

SHAREGAINS

(LOSSES)

GAINS (LOSSES) ATTRIBUTABLE TO NON-CONTROLLING

INTERESTSEQUITY NON-CONTROLLING

INTERESTS

TRUSTS THAT ARE NO LONGER SUBSIDIARIES AND ARE TRANSFERRED TO PACTIA (JOINT VENTURE)

Trust Hotel Neiva 90% 7.968.392 796.839 - - Trust Alcaraván Yopal 90% (4.326.181) (432.618) - - Trust Logika II 51% 5.523.603 2.706.565 - - TRANSFERRED SUBSIDIARIES SUBTOTAL 7.968.392 3.070.787 - -

TOTAL 12.469.429 4.006.947 53.137.159 8.352.703

4.36. CONTINGENCIES, JUDGMENTS AND OTHERSThe details of labor claims at December 31, 2015 are as follows:

N° CASE NO. EVENT PLAINTIFF DEFENDANT DESCRIPTION OF PROCEEDING PROBABILITY OF OCCURRENCE

1 2010-00216 Labor Amado Arias Cuervo Conconcreto S.A. Workman’s compensation due to

employer errors Medium

2 2009-00636 Labor

Bienvenida Mendoza /Tomas Acosta Mendoza

Conconcreto S.A./ Macroequipos

Workman’s compensation due to employer errors Medium

3 2009-00491 Labor José Domingo Cetina

Construcciones Electricas OYP LTDA; as the direct employer of the plaintiff, Constructora Conconcreto S.A.; Cusezar S.A.; Otacc Ltda; Beltrán Pinzón y CIA S.A. and Construcciones BYP; all comprising the joint venture, Penitenciaria de Girón Santander and the Colombian Government-Ministry of Internal Affairs and Department of Justice.

Solidarity between the Colombian Government-Ministry of Justice and CUSEZAR S.A, CONCONCRETO, OTACC and BP, with the employer CONSTRUCCIONES ELECTRICAS O Y P LTDA. Full compensation for objective and subjective damages, pain and suffering resulting from the work accident caused to him and his immediate family. Reimbursement for payments not made since the loss beginning on September 1, 2003, social benefits, transportation and clothing allowance, contributions to the social security system, payment for medical expenses, indexing and costs.

Medium

4 2013-01727 LaborMaria Elena Gonzalez Palacio

Constructora Conconcreto S.A. and others

The plaintiff claims a labor agreement is in place, and therfore the right salary reimbursements and benefits since November 2, 2010 and compensation for work accidents due to faults of Mr. Nelson Antonio Martinez.

Medium

5 2013-01490 LaborInocencia Leudo Mosquera

Constructora Conconcreto S.A.

The plaintiff claims a labor agreement is in place between Hector Mosquera Palacio and Conconcreto, and claims rights to full compensation for damages resulting from work accidents for which the employer is responsible.

Medium

6 2014-00204 LaborHernando Antonio Charry Gutierrez

Consortium Lithos

Recognition of compensation for damages resulting from work accidents caused by the employer, compensation for wrongful dismissal and compensation for 180 days.

Medium

7 2015-00258 Labor Aurora Sanabria Leal

Consortium ECC Lobo Guerrero

Recognition and payment in full to compensate for damages resulting from a work accident at the fault of the employer.

Medium

8 2015-00589 Labor Alexander Leyton Aldana


Recognition and payment to compensate for damages resulting from a work accident

Medium

9 2014-00590 Labor Dulfer Castillo Constructora Conconcreto S.A.


Medium

10 2015-00568 Labor Juan de la Cruz Pájaro Consortium Lithos

Recognition to compensate for damages resulting from a fatal work accident at the fault of the employer.

Medium

11 2015-00445 Labor Viviana Maria Sossa Cadavid

Constructora Conconcreto S.A. Not defined

In process of direct

notification

12 2015-01519 LaborRafael Arcangel Giraldo Zuluaga

Constructora Conconcreto S.A. Not clear


notification

13 2015-01347 Labor Maria Berenice Macias Industrial Conconcreto Not clear


notification

14 2015-00388 Labor Jhon Jairo Diaz Estrada

Constructora Conconcreto S.A. and others Not clear


notification


The details of tax proceedings at December 31, 2015 are as follows:

N° CASE NO. EVENT PLAINTIFF DEFENDANT DESCRIPTION OF PROCEEDING PROBABILITY OF OCCURRENCE

1 2001- 04303 FiscalConstructora Conconcreto S.A.

U.A.E. - DIANNullification of the administrative acts by which the request to return registration taxes was rejected

Medium

2 2013-01507 FiscalConstructora Conconcreto S.A.

U.A.E. - DIAN

Partial nullification of the administrative acts by which the tax and title to reestablish the right to receive compensation for the 2008 tax year income tax and the tax credit for the 2007 tax year to be returned without requesting the refund was officially determined. Second a return for the amounts paid in excess for the failure to recognize the 2007 tax year credit in a timely manner, both affecting income tax and late payment interests in 2008.

Medium

3 2014-00874 Fiscal Conconcreto S.A. U.A.E. - DIAN

Nullification of administrative acts, reestablishing the right: (a) that the maximum income tax to pay for the 2009 tax year be one hundred and two thousand pesos (COP 102,000).(b) that the company is only required to pay a penalty for lack of precision of one hundred and sixty three thousand pesos (COP 163,000) and(c) that a tax credit for the 2009 tax year will be determined subject to the previous claims.

Medium

4 2015 - 02409 FiscalConstructora Conconcreto S.A.

Ministry of Commerce, Industry and Tourism

Nullification of the administrative acts by which the request to sign the legal stability contract was rejected

Medium

The details of civil proceedings at December 31, 2015 are as follows:

N° CASE NO. EVENT PLAINTIFF DEFENDANT DESCRIPTION OF PROCEEDING

PROBABILITY OF OCCURRENCE COMMENTS

1 2010-0040 Non-contractual civil liability

Fundación para el Desarrollo de la Investigación FDI

Constructora Conconcreto S.A. and Bancolombia S.A.

Non-contractual civil liability, compenstation for damages and losses, indirect damages and loss of profit

MediumProbable that Conconcreto

loses

2 2012-0018900Non-contractual civil liability claim

José Rubio Pirateque


Non-contractual civil liability for damages occurring in the plaintiff’s home in Yopal (Casanare)


loses

3 2015-0102600 Single Executive Proceeding

Constructora Conconcreto S.A. and Others

Puerto Brisa S.A.

To free the payment order in favor of plaintiff and against PUERTO BRISA S.A., declaring the cautionary measures necessary.


wins


Joint venture SOE

Puerto Brisa S.A.

To free the payment order in favor of plaintiff and against Puerto Brisa S.A., declaring the cautionary measures necessary.


wins

5 2015 234 Non-contractual civil liability

Mildred Patiño representing her son Kevin Stiven Pinzón Patiño, who is underage, and Sirli Yulied Pinzón Patiño

Constructora Concocreto S.A.

Declaring Constructora Conconcreto to have civil responsibility for each and every one of the material damages and losses inflicted upon my clients, Mrs. MILDRED PATIÑO residing in the city of Yopal (Casanare), identified.


loses

Conconcreto — 213

01CONSOLIDATED FINANCIAL STATEMENTS 01The details of administrative proceedings at December 31, 2015 are as follows:

N° CASE NO. EVENT PLAINTIFF DEFENDANT DESCRIPTION OF PROCEEDING PROBABILITY OF OCCURRENCE COMMENTS

1

66001-23-31-000-1999-00435-01. 11-001-03-15-

000-2013-01919-01

Contractual proceeding

Conconcreto S.A.

Instituto Nacional de Vías

Claims that the Instituto Nacional de Vías did not fulfill contract No. 352/1994 and therefore is condemned to pay for damages and excess costs affecting the plaintiffs


wins

2 2008-0051 Contractual proceeding

Consortium Bibliotecas del distrito (Conconcreto S.A. and Cuzesar S.A.)

Secretaria de educación del distrito

Claims resolutions 1468 and 3441 of April 17 and August 24, 2007 null. The first makes the stability insurance policy No. P-A0025628 issued by Mudial de Seguros on Feb 18, 2002 effective and the second confirms the first for the Biblioteca Virgilio Barco.


wins

3 2003-4172

Nullification and reestablishing rights

Conconcreto S.A. - Cali Branch

SENA - Seccional del Valle del Cauca

Parafiscal contributions to SENA for year 1997, 1998, 19999 and 2000 and from January to October of 2001.


wins

4 2002-03492 Contractual Consortium Dragados Conconcreto

Empresas publicas de Medellín.

Due to failure to meet contractual conditions, claims compensation per Parragraph 1, Clause 2 of the bilateral agreement dated Nov. 7, 2000 to be null, along with damages and excess costs related with the Porce II Hydroelectric Power Plan Project.


loses

5 1168-2004 Direct reliefPaula Andrea Diaz Echeverry

Constructora Conconcreto S.A. y Municipio de Pereira

Direct relief MediumProbable that Conconcreto

loses

6 2010-00090 Direct relief

Julieth Paola Barajas Orozco and others

La Nación (Ministerio de Transporte, Instituto Nacional de Vias INVIAS, Conconcreto S.A. y Procopal S.A.

Direct relief from unlawful damage caused by the death of Mr. Luis Adolfo Polanco Rivera in a traffic accident in the Caucasia to Nechí Highway


loses

7 1100133103043 2012 00403 00 Foreclosure

Ferrovial Agroman S.A. Colombia Branch and Conconcreto S.A.

Agencia Nacional de Infraestructura ANI

According to the major foreclosure proceedings in process and in line with the court decision (Arbitral Award) issued on September 25, 2008 by the Court of Arbitration of CONCESIONES CCFC S.A. against INSTITUTO NACIONAL DE CONCESIONES (INCO), including the legal transfer of loans and rights thereto, a free order of payment is requested.


wins


YURI GUTIERREZ AND OTHERS

Consortium ECC, Conconcreto S.A., Estyma Estudios y Manejos S.A., CSS Constructores S.A., Luis Hector Solarte, Carlos Alberto Solarte

Compensation by the defendants for damages and losses resulting from the death of Mr. Harvey Arnulfo Diaz.


loses


Dagoberto Vergara, Digno Vergara Severiche and Others

Constructora Conconcreto S.A. Almacenes Éxito , Municipio de Sincelejo, Curaduría Urbana No 1

Direct relief for property damages Medium

Probable that Conconcreto

loses


N° CASE NO. EVENT PLAINTIFF DEFENDANT DESCRIPTION OF PROCEEDING PROBABILITY OF OCCURRENCE COMMENTS

10 110013103-02720070070700

SANQUIANGA ordindary suit

Sanquianga S.A. En Liquidación


The Sanquianga S.A. en Liquidación settlement company sued Fiduciaria Central S.A., Espacios Inmobiliarios S.A. and Cononcreto S.A. so that through the judgment res judicata declares the fiduciary was contractually obligated to the trustee and in obligation to follow the judgment handed down to transfer both the land named Área de afectaciones viales and the land name Área de Uso Restringido, Roadway Area and Restricted Area, respectively in English. The judgment in the first instance was in favor of the defendants, and therefore the plaintiff appealed the courts decision.


wins

11 2010-0235600 y 2010-00235601 Direct relief

Guillermo Velasquez and others

Colombian Government - Ministry of Defense - National Police Municipality of Bello and Inmobiliriaria Conconcreto S.A.S

Declare the defendants solely and severally responsible for damages and losses to the plaintiffs because of the service outage resulting from permitting Espacios Inmobiliarios to take over the land owned by the plaintiffs.


loses.

12 2012-00370-01

Nullification and reestablishing rights

Fiduciaria Bogotá as liaison for Almenara Trust - Fidubogotá Trust and Sociedad Inmobiliaria Conconcreto Trust

District Department of Planning - Special Tax Unit of the District Real Estate Tax Registry

Seeks to nullify the administrative measure taken through Resolution No. 0707 of June 12, 2012 issued by the District Secretary of Planning, “through which the goodwill effect on the lands subject to development is settled.”

Medium

Probable that Conconcreto

loses This has been paid. It is

requested to be judged null and for money paid to be returned, which it is not

likely

The details of pledges at December 31, 2015 are as follows:

PROPERTY COMMITTED BUYERS COMMITTED SELLERS COMMENTS

Life

1. Constructora Conconcreto S.A.2. AyC S.A.S.3. Londoño Gomez S.A.S.

El Heraldo S.A. The parties signed Notarial Instrument NO. 3773 on September 30, 2015 at Notary 3 in Barranquilla.

Las Chimeneas Constructora Conconcreto S.A. Galpon Medellín S.A. In progress

Uno surConstructora Conconcreto S.A.Grupo Argos S.A.

Uno Sur S.A. En Liquidación -

Hilanderías Constructora Conconcreto S.A. Hilanderías Bogotá S.A. -

18 Palma Real P.H. Lot - Tarso

Joaquín Sierra Jaramillo, Gloria Marín Pérez, Catalina Sierra Marín e Ignacio Sierra Marín

Constructora Conconcreto S.A. Notarial instrument No. 2762 of June 4, 2015 from Notary 25 of Medellín, duly registered on July 28, 2015

Peñalisa Lot

Baluarte construcciones & Diseños S.A.S.Constructora Conconcreto S.A.

Luis Alejandro Cortez Abril, Carlos Fernando Cortez Abril, Diana Carolina Cortez Abril, Andrés Fernando Cortez Bermúdez, Clara Yaneth Cortez De Alfaro Y Paula Andrés Cortez Bermúdez

-

Casa 111 Torremolinos


Pijao Grupo de Empresas Constructoras S.A. -

Malachí Constructora Conconcreto S.A. Malachí S.A.S. -

Neiva Constructora Conconcreto S.A. Inversiones PTC S.A. -

Ciudad del Bosque

1. Constructora Conconcreto S.A.2. AyC S.A.S.3. Inversiones Trucca S.A.S.

Asociación de Criadores de Caballos Criollos Colombianos de Silla -Asdesilla-

Assignment of rights promise by Asdesilla Fiduciary on April 28, 2014, where Asdesilla promises to assign rights to Constructora Conconcreto and Arquitectura y Concreto representing their investments in Phases 3 and 4 of the Ciudad del Bosque Project.

Conconcreto — 215

01CONSOLIDATED FINANCIAL STATEMENTS 01The details of endorsements at December 3, 2015 are as follows:

ENTITY BACKED FINANCIAL ENTITY AMOUNT BACKED % BACKED BALANCE AT DEC 2015

BALANCE AT DEC 2015 % BACKED REGISTRY


Consalfa S.A.S. Not specified 2.000.000 50,00% 400.000 200.000 Record 570 of February 21, 2014

Consalfa SAS Bancolombia S.A. 36.000.000 50,00% 36.000.000 18.000.000 Record 561 of April 19, 2013

Consalfa SAS Corpbanca S.A. 16.600.000 50,00% 701.100 350.550 Record 561 of April 19, 2013

Consortium CCC Ituango

Leasing Bancolombia

S.A143.228.385 35,00% 118.695.969 41.543.589 Record 554 of October 4, 2012

Consortium CCC Ituango

Bancolombia S.A. 111.992.644 35,00% 99.492.644 34.822.426 Record 554 of October 4, 2012

ALLEGRO Trust Bancolombia S.A. 10.200.000 40,00%

13.262.639 5.305.056 Record 571 of April 25, 2014

ALLEGRO Trust Bancolombia S.A. 12.500.000 40,00% Record 590 of October 23,

2015Devioriente Trust Not specified 24.500.000 100,00% 22.916.994 22.916.994 Record 574 of August 22, 2014

Finito Trust Bancolombia S.A.

4.537.500 27,50% 16.137.243 4.437.742

Record 573 of July 25, 2014

15.586.230 Record 551 of May 18, 2012 and Record 562 May 17, 2013

Hayuelos TrustBanco

Davivienda S.A.

17.995.500 100,00% 10.577.897 10.577.897 Record 574 of August 22, 2014

Lote Lagartos Trust Colpatria 20.834.000 100,00% 3.506.768 3.506.768 Record 581 of February 27, 2015

Life Trust Bancolombia S.A. 2.053.237 30,00% 2.053.237 615.971 Record 587 of July 10, 2015

Portal del Sol Trust Bancolombia S.A. 568.000 50,00% 568.000 284.000 Record 587 of July 10, 2015

Bali Trust Trust Bancolombia S.A. 8.616.000 40,00% 9.914.160 3.965.664 Record 571 of April 25, 2014

Ciudad del Bosque Trusts Phase I Trust

Bancolombia S.A. 16.344.500 50,00% 16.784.089 8.392.045 Record 573 of July 25, 2014

San Mateo Trust Fiduciaria Bancolombia 117.980.000 50,00% 28.081.214 14.040.607 Record 584 of April 24, 2015

SELECT Trust Bancolombia S.A. 6.316.000 40,00% 9.689.681 3.875.872 Record 571 of April 25, 2014

Bodega San Francisco Trust

Banco de Bogota 36.026.116 100,00% 51.105.729 51.105.729 Record 567 of October 18,

2013TOTAL 223.940.909 INMOBILIARIA CONCONCRETO S.A.S.Finito Tower 2 Construction Trust

Bancolombia S.A. 14.500.000 22,50% 8.833.949 1.987.639 Record 129 of March 21, 2013

Finito Tower 3 Pre-operations Trust

Bancolombia S.A. 1.500.000 22,50% 982.141 220.982 Record 133 of June 9, 2014

Finito Tower 3 Construction Trust

Bancolombia S.A. 4.000.000 22,50% 6.321.153 1.422.259 Record 133 of June 9, 2014

TOTAL 3.630 .880

TOTAL 227.571.789

4.37. SUBSEQUENT EVENTSOn January 25, 2016, an Extraordinary General Meeting of Shareholders was held to reform the Company Bylaws, who-se most relevant reforms have to do with the change in the number of Board Members, which currently consists of 10 le-vels, and the modification of the arbitration clause, where two instances were created: a national court for national disputes and an international court for disputes with shareholder Vin-ci Colombie SAS. In addition, a regulation was added regar-ding two committees of the Board of Directors, to wit: the corporate governance committee and the appointments and remuneration committee. Finally, the Board of Directors was appointed at said meeting, in accordance with the approved bylaw reform, currently made up of ten members.

In addition, the modification of Grupo Empresarial Cons-tructora Conconcreto S.A. was listed in the business register, including a Company controlled directly by Conconcreto In-ternacional S.A. and indirectly by Constructora Conconcreto S.A., called Conconcreto Inversiones y Servicios, S.A., with headquarters in the Republic of Panama..

4.38. RELEVANT INFORMATION

RELEVANT CONTRACTS SIGNED The construction of the Connecting Road to the Port of Ba-rranquilla was awarded to Consortium CC–SOFAN–DUMAR, of which Constructora Conconcreto S.A own 75% holdkings. The purpose of the project is the improvement, property, social and environmental management of two segments that connect La Prosperidad Bypass with the port corridor of Barranquilla, Atlántico. The project is for a total of COP 90,400 million.

It is also important to mention that the Master Plan for the construction of Colegio San José de Las Vegas (school) was awarded to Constructora Conconcreto for approximately COP 50,000 million.

In addition, in the first quarter of 2016, the deal was clo-sed to begin the construction of the first small hydroelectric power plant in the department of Nariño. Patico, as the mi-cro-plant will be called, will have a capacity of 16 MW and materializes the investment in power generation, for approxi-mately COP 145,000 million.


Finally, there are plans to invest in a project in Necoclí, Antioquia for the construction of a multi-purpose Port. The project will have an investment of about USD 1 billion.

ACQUISITION OF CAPITAL BY VINCI COLOMBIE SAS:Constructora Conconcreto S.A received a conditional offer from Vinci S.A. to subscribe 226,850,988 ordinary shares in the Company, representing 20% of the share capital. The subscription price offered was 1,276 per share, which re-presents an investment for COP 289,461,861. This private investment would be aimed at Vinci Colombia SAS, a Vinci S.A. subsidiary. After carrying out the legal procedures with the Financial Superintendence of Colombia for the approval of the regulation for the issue and private placement of the shares, the transaction was completed based on the accep-tance of the bid submitted. This circumstance was revealed to the market in December 2015.

CONSALFA S.A.SAcquired 20% of the subscribed shares outstanding in IMI as re-corded in Board Meeting Minutes No. 31 / November 26, 2015.

INTERCOASTAL MARINE, INC (IMI)Changed its equity in 2013 and 2014 due to restructuring, as a result of the management’s assessment of the estimate used to recognize income and expenses of several contracts, checking that the income and expenses of each project matched. The net effect of this adjustment amounted to B/ 9,270,270 (COP 18,324,830).

4.39. APPROVAL OF THE FINANCIAL STATEMENTSThe consolidated financial statements and the attached no-tes were approved by the Board of Directors and the Regis-tered Agent according to Minutes No. 593 / February 26, 2016, to be submitted to the General Meeting of Sharehol-ders, which may approve or modify them.

4.40. TRANSACTIONS BETWEEN COMPANIES

TRANSACTIONS WITH RELATED COMPANIES

OF CONSTRUCTORA CONCONCRETO

S.A.

OF INDUSTRIAL CONCONCRETO

S.A.S.


S.A.

OF INMOBILIARIA

CONCONCRETO S.A.S.


S.A.

OF USTORAGE

S.A.S.


S.A.

OF CAS

MOBILIARIO S.A.


S.A.

OF CANTERA LA BORRASCOSA

S.A.S.


S.A.

WITH SISTEMAS

CONSTRUCTIVOS AVANZADOS

ZONA FRANCA S.A.S.


S.A.S.

OFCAS

MOBILIARIO S.A.


S.A.S

OF ANTERA LA

BORRASCOSA S.A.S.

OF INDUSTRIAL

CONCONCRETO S.A.S.

OF SISTEMAS


ZONA FRANCA S.A.S.


S.A.S.

OF INMOBILIARIA

CONCONCRETO S.A.S.

OF U-STORAGE

S.A.S.

OF CAS MOBILIARIO

S.A.


S.A.S.

OF SISTEMAS


ZONA FRANCA S.A.S.

WITH INDUSTRIAL

CONCONCRETO S.A.S.

WITH CONSTRUCTORA CONCONCRETO

S.A.

WITH INMOBILIARIA

CONCONCRETO S.A.S.


S.A.

WITH USTORAGE

S.A.S.


S.A.

WITH CAS MOBILIARIO

S.A.


S.A.

WITH CANTERA LA BORRASCOSA

S.A.S.


S.A.

WITH SISTEMAS


ZONA FRANCA S.A.S.


S.A.

WITH CAS

MOBILIARIO S.A.

WITH INDUSTRIAL

CONCONCRETO S.A.S.


S.A.S.

WITH INDUSTRIAL

CONCONCRETO S.A.S.

WITH SISTEMAS


ZONA FRANCA S.A.S.

WITH INDUSTRIAL

CONCONCRETO S.A.S.

WITH INMOBILIARIA

CONCONCRETO S.A.S.

WITH INDUSTRIAL

CONCONCRETO S.A.S.

WITH CAS MOBILIARIO

S.A.

WITH U-STORAGE

S.A.S.

WITH SISTEMAS


ZONA FRANCA S.A.S.

WITH INDUSTRIAL

CONCONCRETO S.A.S.

SALES

Leases (1.163.289) (1.439.513) (140.783) (135.134) - - - - (111.174) - - - - - (914.448) - - - - - - - - -

Sales taxes (266.718) (521.755) (58.891) (3.309) (5.236) (256.004) (146.880) - (21.432) - (3.442) - (661) - (156.871) - (303) - - - (32.000) - (303) -

Services (136.920) (9.054.824) (3.439.746) (1.157.999) - (1.600.000) (918.000) - (360) - - - - - - - (1.891) - - - (200.000) - (1.891) -

Inventories and materials

(761.348) (2.504.927) (15.356) - (371) - - - (3.057) - (2.996) (319.419) (4.130) - (262.216) - (1.258.259) (955.641) - - - - (1.258.259) (955.641)

Reimbursements for delegated management

- - - - (62) - - - - - - - - - - - - - - - - - - -

Refund expenses 14.115 (850) (48.693) (1.323) (23.568) - - - - - - - - - (71.957) - - - 19.953 - - - - -

Sale of assets - (238.889) - - - - - - - - - - - - - - - - - - - - - -

Other income (667.942) (94.730) (57.442) - (32.351) - - - (21.558) - (70.897) - - - (65.932) - - - - - - - - -

TOTAL SALES (2.982.103) (13.855.488) (3.760.911) (1.297.764) (61.588) (1.856.004) (1.064.880) - (157.581) - (77.334) (319.419) (4.791) - (1.471.424) - (1.260.453) (955.641) 19.953 - (232.000) - (1.260.453) (955.641)

PURCHASES

Leases 1.001.987 973.654 - 163.308 - - - - - 111.174 - 560 - - - 914.448 - - - - - - - -

Sales taxes 140.117 148.759 - (714) 256.004 5.400 - 146.880 - 21.432 - - - 661 - 156.870 - - - (19.953) - 32.000 - -

Services 7.918.242 955.522 477.735 3.098.283 1.600.000 56.188 - 918.000 - 21.918 - 73.299 - - - 137.890 - 97.002 - - - 200.000 - 97.002

Purchase fixed assets

201.331 133.412 - - - - - - - - - - - - - - - - - - - - - -

Purchases for third parties

3.112.320 - 820.029 500.034 - - - - - - 46.643 - - - - - - - - - - - - -


1.481.491 770.757 - - - - - - - 3.057 272.777 3.475 - 4.130 - 262.216 955.641 1.163.451 - - - - 955.641 1.163.451

TOTAL PURCHASES

13.855.488 2.982.103 1.297.764 3.760.911 1.856.004 61.588 - 1.064.880 - 157.581 319.419 77.334 - 4.791 - 1.471.424 955.641 1.260.453 - (19.953) - 232.000 955.641 1.260.453

Conconcreto — 217


4.40. TRANSACTIONS BETWEEN COMPANIES

TRANSACTIONS WITH RELATED COMPANIES


S.A.


S.A.S.


S.A.

OF INMOBILIARIA

CONCONCRETO S.A.S.


S.A.

OF USTORAGE

S.A.S.


S.A.

OF CAS

MOBILIARIO S.A.


S.A.

OF CANTERA LA BORRASCOSA

S.A.S.


S.A.

WITH SISTEMAS


ZONA FRANCA S.A.S.


S.A.S.

OFCAS

MOBILIARIO S.A.


S.A.S

OF ANTERA LA

BORRASCOSA S.A.S.

OF INDUSTRIAL

CONCONCRETO S.A.S.

OF SISTEMAS


ZONA FRANCA S.A.S.


S.A.S.

OF INMOBILIARIA

CONCONCRETO S.A.S.

OF U-STORAGE

S.A.S.

OF CAS MOBILIARIO

S.A.


S.A.S.

OF SISTEMAS


ZONA FRANCA S.A.S.

WITH INDUSTRIAL

CONCONCRETO S.A.S.


S.A.

WITH INMOBILIARIA

CONCONCRETO S.A.S.


S.A.

WITH USTORAGE

S.A.S.


S.A.

WITH CAS MOBILIARIO

S.A.


S.A.


S.A.S.


S.A.

WITH SISTEMAS


ZONA FRANCA S.A.S.


S.A.

WITH CAS

MOBILIARIO S.A.

WITH INDUSTRIAL

CONCONCRETO S.A.S.


S.A.S.

WITH INDUSTRIAL

CONCONCRETO S.A.S.

WITH SISTEMAS


ZONA FRANCA S.A.S.

WITH INDUSTRIAL

CONCONCRETO S.A.S.

WITH INMOBILIARIA

CONCONCRETO S.A.S.

WITH INDUSTRIAL

CONCONCRETO S.A.S.

WITH CAS MOBILIARIO

S.A.

WITH U-STORAGE

S.A.S.

WITH SISTEMAS


ZONA FRANCA S.A.S.

WITH INDUSTRIAL

CONCONCRETO S.A.S.

SALES

Leases (1.163.289) (1.439.513) (140.783) (135.134) - - - - (111.174) - - - - - (914.448) - - - - - - - - -

Sales taxes (266.718) (521.755) (58.891) (3.309) (5.236) (256.004) (146.880) - (21.432) - (3.442) - (661) - (156.871) - (303) - - - (32.000) - (303) -

Services (136.920) (9.054.824) (3.439.746) (1.157.999) - (1.600.000) (918.000) - (360) - - - - - - - (1.891) - - - (200.000) - (1.891) -


(761.348) (2.504.927) (15.356) - (371) - - - (3.057) - (2.996) (319.419) (4.130) - (262.216) - (1.258.259) (955.641) - - - - (1.258.259) (955.641)

Reimbursements for delegated management

- - - - (62) - - - - - - - - - - - - - - - - - - -

Refund expenses 14.115 (850) (48.693) (1.323) (23.568) - - - - - - - - - (71.957) - - - 19.953 - - - - -

Sale of assets - (238.889) - - - - - - - - - - - - - - - - - - - - - -

Other income (667.942) (94.730) (57.442) - (32.351) - - - (21.558) - (70.897) - - - (65.932) - - - - - - - - -

TOTAL SALES (2.982.103) (13.855.488) (3.760.911) (1.297.764) (61.588) (1.856.004) (1.064.880) - (157.581) - (77.334) (319.419) (4.791) - (1.471.424) - (1.260.453) (955.641) 19.953 - (232.000) - (1.260.453) (955.641)

PURCHASES

Leases 1.001.987 973.654 - 163.308 - - - - - 111.174 - 560 - - - 914.448 - - - - - - - -

Sales taxes 140.117 148.759 - (714) 256.004 5.400 - 146.880 - 21.432 - - - 661 - 156.870 - - - (19.953) - 32.000 - -

Services 7.918.242 955.522 477.735 3.098.283 1.600.000 56.188 - 918.000 - 21.918 - 73.299 - - - 137.890 - 97.002 - - - 200.000 - 97.002

Purchase fixed assets

201.331 133.412 - - - - - - - - - - - - - - - - - - - - - -

Purchases for third parties

3.112.320 - 820.029 500.034 - - - - - - 46.643 - - - - - - - - - - - - -


1.481.491 770.757 - - - - - - - 3.057 272.777 3.475 - 4.130 - 262.216 955.641 1.163.451 - - - - 955.641 1.163.451

TOTAL PURCHASES

13.855.488 2.982.103 1.297.764 3.760.911 1.856.004 61.588 - 1.064.880 - 157.581 319.419 77.334 - 4.791 - 1.471.424 955.641 1.260.453 - (19.953) - 232.000 955.641 1.260.453


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Conconcreto — 219

01CONSOLIDATED FINANCIAL STATEMENTS 01INDICATORS

LIQUI

DITY

DIC-15 DIC-14Liquidity Ratios Liquidity measures company’s capacity to pay out liabilities in the short term

Current Ratio: Current AssetsCurrent Liabilities 1,58 1,30

For each peso that the Company must pay in its short-term liabilities, it has at least as many pesos in short-term current assets as reflected by the current ratio.

Acid Liquidity Ratio Liquid AssetsCurrent Liabilities 1,13 0,96

Capacity of the company to cover short-term liabilities, immediately, without having sell off inventory, since these, sometimes, may be difficult to sell.Working Capital: Current Assets - Current Liabilities 580.742.810 265.130.881This provides the value of the company after paying all its short-term liabilities, giving management a decision making tool for short-term investments.

EFFIC

IENCY

Efficiency Ratios The efficiency and profitability ratios help to measure the results of the managerial decisions made in managing resources.

Gross Profit Margin Gross ProfitRevenue 17,95% 19,22%

This reflects a company’s ability to manage its revenue to generate gross profit; i.e. before administrative expenses and costs of sales, other income, other expenses and taxes. It represents the percentage of gross profit the company generates from its revenue.

Operating Profit Margin Operating IncomeRevenue 14,91% 9,22%

Profitability of the company from doing the business defined in its corporate purpose. It reflects how each peso of revenue performs in generating operating profit.

Net Profit Margin Net IncomeRevenue 7,83% 2,16%

This is the percentage of revenue that generates a profit in the company after taxes; i.e. for each peso of operating income it reflects the pesos of profit, regardless of whether they are generated from the company performing ordinary business defined in its corporate purpose.

DEBT

Debt Ratios These ratios measure the percentage of funds provisioned to pay creditors financing a portion of the company’s investments.

Indebtedness: Total LiabilitiesTotal Assets 58,31% 69,98%

For each peso invested in assets, how much is financed by third parties and what guarantee is the company’s guarantee to its creditors.






168699-T Crowe Horwath (See attached opinion)

01SEPARATE FINANCIAL

STATEMENTS


CERTIFICATION OF THE LEGAL REPRESENTATIVE AND OF THE ACCOUNTANTMedellín, February 27, 2016



The undersigned, as the Company’s registered agent and accountant, do hereby certify that pursuant to Article 37 of Law 222 / 1995, the Separate and Consolidated Financial Statements: Statement of Financial Position, Statement of Income by Function, Statement of Changes in Equity, Statement of Comprehensive Income, Statement of Cash Flow and the Notes to the Financial Statements as at De-cember 31, 2015, have been prepared in accordance with International Financial Reporting Standards applicable to Colombia, were faithfully taken from the books, and the statements contained therein were verified pursuant to regulations.


MARTHA LIGIA RAMÍREZ SIERRAAccountant

Professional License No. 20576-T

Conconcreto — 222

SEPARATE FINANCIAL STATEMENTS 01

CERTIFICATION FROM THE LEGAL REPRESENTATIVE




The undersigned, as the Company’s registered agent, does hereby certify that pursuant to Article 46 of Law 964 / 2005, the Separate and Consolidated Financial Statements: Statement of Financial Posi-tion, Statement of Income by Function, Statement of Changes in Equity, Statement of Comprehensive Income, Statement of Cash Flow and the Notes to the Financial Statements as at December 31, 2015, as well as other reports issued that are relevant to third parties do not contain flaws, inaccuracies or er-rors that obscure the true nature of the Company’s assets, liabilities or operations.



STATUTORY AUDITOR REPORT

February 26, 2016

To the General Meeting of Shareholders of CONSTRUCTORA CONCONCRETO S.A.

As at December 31, 2015, I have audited the CONSTRUCTORA CONCONCRETO S.A. financial state-ments, which include the statement of financial position, the statement of income by function, the state-ment of comprehensive income, the statement of changes in equity, the statement of cash flow and the corresponding notes to the financial statements providing a summary of the main accounting policies applied and other explanatory notes. The financial statements for 2014, prepared in accordance with the Generally Accepted Accounting Principles in Colombia in effect for that year, were audited by me, and I issued an unqualified opinion thereto in the report dated March 3, 2015. The financial statements as with Colombia’s Generally Accepted Accounting Principles and Financial Reporting Standards.

The administration is responsible for the correct preparation and presentation of these financial state-ments in accordance with Colombia’s Generally Accepted Accounting Principles and Financial Report-ing Standards. This responsibility includes: designing, implementing and maintaining the proper internal control to ensure these financial statements are free of material errors, whether by fraud or by mistake; selecting and applying the appropriate accounting policies; and establishing accounting estimates that are reasonable under the circumstances.

My responsibility consists of expressing an opinion on these financial statements, based on my audit. I obtained the information needed to comply with my functions of statutory auditor and I carried out my work in accordance with audit standards generally accepted in Colombia. These standards require that I plan and carry out the audit in order to obtain reasonable certainty of whether the financial statements are free of material errors.

Among other things an audit of these financial statements includes carrying out procedures to obtain audit evidence of the amounts and disclosures on the financial statements. The procedures selected depend on the statutory auditor’s criteria, including an assessment of the risk of material errors in the financial statements. In the risk assessment, the statutory auditor takes into consideration the entity’s internal control relevant to the preparation and reasonable presentation of the consolidated financial statements, with the aim of designing audit procedures that are appropriate under the circumstances. An audit also includes assessing the use of appropriate accounting policies and ensuring accounting estimates made by the administration are reasonable, as well as assessing the presentation of the fi-nancial statements in general. I believe that the evidence obtained from the audit provides a reasonable basis for the opinion expressed below.

Conconcreto — 224


ELOÍSA MARÍA BARRERA BARRERASTATUTORY AUDITOR

PROFESSIONAL LICENSE NO. 168.699-TMEMBER OF CROWE HORWATH CO S.A.

In my opinion, the financial statements audited by me, reasonably present the statement of financial position, the statement of income and the statement of cash flow for CONSTRUCTORA CONCONCRE-TO S.A. as at December 31, 2015, in all material respects, for the year ending on said date, pursuant to Colombia’s Generally Accepted Accounting Principles and Financial Reporting Standards, uniformly applied.

The financial statements as at December 31, 2015 and 2014 are the first that the Company’s ad-ministration has prepared applying Colombia’s Generally Accepted Accounting Principles and Financial Reporting Standards. Note 2.6 to the financial statements, as at December 31, 2015, explains how the application of the new technical standard framework affected the Company’s previously reported state-ment of financial position, statement of income and statement of cash flow.

Based on the result of my audit, I hereby declare that in 2015, the Company books were kept in accor-dance with applicable legislation and accounting techniques; the operations recorded in the books and administrator actions carried out by administrators are in line with Company Bylaws and the decisions of the General Meeting of Shareholders; the correspondence, the account vouchers and the Book of Min-utes are duly kept; there are appropriate internal control measures for the conservation and custody of Company assets and those of third parties under its possession; the attached financial statements agree with the management report prepared by the administrators, which includes management’s certifica-tion that invoices issued by vendors or suppliers are freely circulated throughout the company and that information contained in the self-declaration that contributions have been made to the Comprehensive Social Security System, particularly those relating to affiliates and their base income used for making contributions, have been taken from the accounting records and supporting documents. Likewise, the Company is not late in paying any of its contributions to the Comprehensive Social Security System.



FOR YEARS ENDED DECEMBER 31, 2015 AND 2014 (In thousands of Colombian Pesos)STATEMENT OF FINANCIAL POSITION

Assets Notes DEC - 2015 DEC - 2014Current assets Cash and cash equivalents 4.3 543.312.476 272.785.228 Current investments 45.034 159 Trade and other accounts receivable, current 4.4 341.913.898 319.554.450 Accounts receivable from related parties and associates, current 4.5 77.764.250 121.473.876 Current inventories 4.6 198.660.336 122.969.660 Current tax assets 4.7 28.806.786 12.953.680 Other financial assets, current 189.044 189.044 Other financial assets, non-current 1.805.845 1.806.553 Current assets 1.192.497.669 851.732.651

Non-current assets Property, plant and equipment 4.10 181.737.638 181.557.233 Investment properties 4.11 40.764.647 355.216.623 Intangible assets other than goodwill 4.12 726.575 834.659 Investments in subsidiaries, joint ventures and associates 4.9 1.287.675.765 986.581.725 Trade and other accounts receivable, non-current 4.4 2.937.166 304.882 Accounts receivable from related parties and associates, non-current 4.5 22.641.609 22.370.474 Non-current inventories 4.6 1.826.533 4.134.057 Deferred tax assets 4.13 7.400.287 26.083.441 Other financial assets, non-current 4.14 512.574 1.267.080 Non-current assets 1.546.222.793 1.578.350.172Assets 2.738.720.462 2.430.082.823

Equity and liabilitiesLiabilities Current liabilities Current borrowings 4.15 294.853.076 228.115.204 Current provisions 8.646.246 3.590.042 Trade and other accounts payable 4.16 348.856.206 355.669.324 Accounts payables from related parties and associates, current 18.930.898 15.337.581 Other financial liabilities, non-current 4.17 148.963.375 138.185.006 Current liabilities 820.249.802 740.897.157

Non-current liabilities Non-current borrowings 4.15 502.737.239 629.461.945 Non-current provisions 928.667 2.324.210 Trade and other accounts payable, non-current 4.16 26.775.288 14.986.431 Accounts payables from related parties and associates, non-current 6.751.570 249.162 Deferred tax liability 4.13 52.896.165 36.526.553 Other non-financial liabilities, non-current 4.17 64.161.912 99.857.851 Non-current liabilities 654.250.841 783.406.151 Liabilities 1.474.500.643 1.524.303.308

Equity Issued capital 116.828.259 93.462.607 Issue premium 584.968.014 318.871.805 Statement of income 93.514.506 38.482.205 Retained earnings 243.458.034 256.791.575 Reserves 230.321.240 208.462.689 Other equity interests (4.870.233) (10.291.365)Equity 4.18 1.264.219.819 905.779.515 Equity and liabilities 2.738.720.462 2.430.082.823







Conconcreto — 226



FOR YEARS ENDED DECEMBER 31, 2015 AND 2014 (In thousands of Colombian Pesos)STATEMENT OF INCOME BY FUNCTION

Notes DEC - 2015 DEC - 2014

Income from ordinary activities 4.19 1.015.683.216 867.737.883

Cost of sales 4.22 858.485.948 748.656.440 Gross profit 157.197.268 119.081.443 Other income 4.23 92.899.334 8.208.761 Administrative and sales expenses 4.24 36.033.441 27.528.905 Expenses for employee benefits 4.25 46.508.485 42.166.352 Other expenses by function 4.26 13.656.401 4.759.643 Other gains (losses) 4.27 (7.777.852) 19.668.207 Gains (losses) from operating activities 161.676.128 72.503.512 Gains (losses) derived from the net monetary position 4.28 9.086.014 1.752.513 Financial income 4.29 3.678.075 9.568.850 Financial costs 4.30 60.840.793 41.641.482 Shares in the gains (losses) of subsidiaries and joint ventures reported using the equity method 4.31 19.992.332 9.327.973

Gains (losses) before taxes 133.591.755 51.511.366 Expenses (income) from taxes, continued operations 4.32 40.077.249 13.029.161 Gains (losses) 93.514.506 38.482.205








FOR YEARS ENDED DECEMBER 31, 2015 AND 2014 (In thousands of Colombian Pesos)STATEMENT OF NET CHANGES IN EQUITY

Issuedcapital

Issuepremium

Legal reserve

Temporary reserve

Otherreserves

Total reserves

Retained earnings

Total equity

Opening balance equity as of December 31, 2013

93.462.607 318.871.805 25.478.573 142.374.040 - 167.852.613 317.426.636 897.613.660

Changes in equity Gains (losses) - - - - - - 38.482.205 38.482.205Statement of comprehensive income

- - - - - - 38.482.205 38.482.205


- - - - - - (20.000.000) (20.000.000)

Increases (reductions) due to other changes in equity

- - 6.061.008 34.549.068 (10.291.365) 30.318.711 (40.635.060) (10.316.349)

Increase (reduction) in equity

- - 6.061.008 34.549.068 (10.291.365) 30.318.711 (22.152.855) 8.165.856


93.462.607 318.871.805 31.539.581 176.923.108 (10.291.365) 198.171.324 295.273.780 905.779.515

Changes in equity Gains (losses) - - - - - - 93.514.506 93.514.506Other comprehensive income

- - - - 6.011.684 6.011.684 - 6.011.684

Statement of comprehensive income

- - - - 6.011.684 6.011.684 93.514.506 99.526.190

Capitalization 23.365.652 266.096.209 - - - - - 289.461.861Dividends recognized as distributions to owners

- - - - - - (23.000.000) (23.000.000)

Increases (reductions) due to other changes in equity

- - 5.180.868 16.677.684 (590.552) 21.267.999 (28.815.745) (7.547.746)

Increase (reduction) in equity

23.365.652 266.096.209 5.180.868 16.677.684 5.421.132 27.279.683 41.698.761 358.440.305


116.828.259 584.968.014 36.720.448 193.600.792 (4.870.233) 225.451.007 336.972.540 1.264.219.819








Conconcreto — 228

SEPARATE FINANCIAL STATEMENTS 01FOR YEARS ENDED DECEMBER 31, 2015 AND 2014 (In thousands of Colombian Pesos)STATEMENT OF COMPREHENSIVE INCOME

DEC - 2015 DEC - 2014

Gains (losses) 93.514.506 38.482.205

Other comprehensive income Components of other comprehensive income that will not be reclassified at the end of the year, net of taxes Cash flow hedge Gains (losses) from cash flow hedges, net of taxes 6.011.684 (10.291.365)Other comprehensive income, net of taxes, cash flow hedges 6.011.684 (10.291.365)

Other comprehensive income that will be reclassified at the end of the year, net of taxes 6.011.684 (10.291.365)Other comprehensive income 6.011.684 (10.291.365)Statement of comprehensive income 99.526.190 28.190.840









FOR YEARS ENDED DECEMBER 31, 2015 AND 2014 (In thousands of Colombian Pesos)STATEMENTS OF CASH FLOW

DEC - 2015 DEC - 2014Cash flow from (used in) operating activities Gains (losses) 93.514.506 38.482.205 Adjustments to reconcile the gains (losses) Adjustments for income tax expense 40.077.249 13.029.161 Adjustments for financial costs 60.840.793 41.641.482 Adjustments for reductions (increases) in inventories (73.383.152) (48.111.250)Adjustments for reductions (increases) of trade accounts receivable 28.003.512 (40.509.599)Adjustments for reductions (increases) in other accounts receivable (13.248.379) (9.300.962)Adjustments for increases (reductions ) of trade accounts payable 11.047.604 (88.137.431)Adjustments for increases (reductions) in other accounts payable (18.753.330) 23.337.039 Adjustments for depreciation and amortization of expenses 28.136.164 17.017.578 Adjustments for impairment (reversals for impairment losses) recognized in the statement of income for the period 5.933.808 2.246.966 Adjustments for provisions 1.520.284 507.634 Adjustments for losses (gains) of fair value (7.777.852) (19.668.207)Adjustments for equity method 19.992.332 9.327.973 Adjustments for losses (gains) for the disposal of non-current assets 6.459.121 (2.537.689)Other adjustments to reconcile the gains (losses) (6.957.194) - Other adjustments for which the effects on cash are investment and financing cash flow (19.556.345) (10.161.756)Cash flow from (used in) operations 22.349.951 (129.975.008)Dividends paid (23.000.000) (20.000.000)Income tax expense paid (reimbursed) (8.147.792) (11.628.351)Other cash inflows (outflows) (15.852.398) (11.716.963)Cash flow from (used in) operating activities 68.864.267 (134.838.117)Cash flow from (used in) investment activities Cash flows used to gain control over subsidiaries or other businesses 352.240.227 - Other costs for the sale of equity or debt instruments in other entities 1.418.697 6.688.058 Other payments to acquire shares in new subsidiaries (62.111.461) - Other costs for the sale of shares in joint ventures 815.115 12.981.266 Other payments to acquire shares in joint ventures (856.483.337) - Amounts from the sale of property, plant and equipment 28.922.966 15.667.695 Purchases of property, plant and equipment (55.735.077) (28.601.416)Amounts from the sales of intangible assets 486.232 - Purchases of intangible assets (685.628) (1.037.613)Resources for long-term sales of other assets 386.570.945 104.066.899 Purchases of other long-term assets (23.282.812) (193.573.044)Dividends received 46.503.174 10.161.756 Cash flow from (used in) investment activities (181.340.960) (73.646.400)Cash flow from (used in) financing activities Resources from changes in shareholdings in subsidiaries that do not result in a loss of control 234.626.791 190.792.183 Payments for changes to shareholdings in subsidiaries (29.347.200) (340.541.998)Amounts from loans 216.507.777 371.482.512 Amounts from stock issues 289.461.861 - Loan reimbursements (183.655.059) (16.693.919)Liability payments for financial lease (83.704.560) (11.418.267)Interests paid (60.840.793) (41.641.482)Other cash inflows (outflows) (44.876) (25.144)Cash flow from (used in) financing activities 383.003.941 151.953.886 Increase (reduction) in cash and cash equivalents before the effect of changes in the exchange rate 270.527.248 (56.530.632)Effect of variations in the exchange rate on cash and cash equivalents Increase (reduction) of cash and cash equivalents 270.527.248 (56.530.632)Cash and cash equivalents at the beginning of the year 272.785.228 329.315.860 Cash and cash equivalents at the end of the year 543.312.476 272.785.228








Conconcreto — 230

SEPARATE FINANCIAL STATEMENTS 011. GENERAL INFORMATION 232

2. BASES FOR PREPARATION 232

2.1 Accounting period 323

2.2 Disclaimer 232

2.3 Functional and presentation currency 232

2.4 Accounting estimates and judgments 232

2.5 Current and non-current assets and liabilities 232

2.6 Transition to International Financial Reporting Standards (IFRS) 233

2.7 Relative importance and materiality 238

2.8 Transactions and balances in foreign currency 238

2.9 New standards 238

3. SIGNIFICANT ACCOUNTING POLICIES 239

3.1 Cash and cash equivalents 239

3.2 Commercial and other accounts receivable, current and non-current 239

3.3 Current and non-current accounts receivable from related parties and associates 239

3.4 Current and non-current inventories 240

3.5 Tax assets, current and non-current 240

3.6 Other financial assets, current and non-current 240

3.7 Other financial assets, non-current 240

3.8 Other non-financial assets, current and non-current 241

3.9 Assets held for sale 241

3.10 Investment properties 241

3.11 Property, plant and equipment 241

3.12 Finance and operating leases 241

3.13 Intangible assets other than goodwill 242

3.14 Investments in subsidiaries, associates and joint ventures 242

3.15 Joint operations 242

3.16 Deferred tax assets 242

3.17 Borrowings, current and non-current 243

3.18 Provisions, contingent liabilities and contingent assets 243

3.19 Trade and other accounts payable, current and non-current 243

3.20 Accounts payable from related parties and associates, current and non-current 243

3.21 Tax liabilities, current and non-current 244

3.22 Deferred tax liability 244

3.23 Other non-financial liabilities, current and non-current 244

3.24 Employee benefits 244

3.25 Issued capital 244

3.26 Issue premium 244

3.27 Retained earnings 244

3.28 Reserves 244

3.29 Other reserves 244

3.30 Revenue recognition 244

3.31 Construction contracts 245

3.32 Distribution of dividends 245

3.33 Environment 245

3.34 Earnings per share 245

Notes index to the separate financial statements


4. SPECIFIC NOTES 245

4.1 Accounting estimates and judgments or management criteria 245

4.2 Risk management 246

4.3 Cash and cash equivalents 248

4.4 Trade and other accounts receivable 250

4.5 Accounts receivable from related parties and associates 253

4.6 Inventory 255

4.7 Tax assets and liabilities 256

4.8 Companies of the Group and trusts 256

4.9 Investments in subsidiaries, associates and joint ventures 259

4.10 Property, plant and equipment 263

4.11 Investment properties 263

4.12 Intangible assets other than goodwill 265

4.13 Deferred tax assets and liabilities 265

4.14 Other financial assets, non-current 265

4.15 Borrowings, total loans 265

4.16 Trade and other accounts payable, current and non-current 287

4.17 Other non-financial liabilities, current and non-current 291

4.18 Summary net equity 292

4.19 Income from ordinary activities 294

4.20 Joint operations 294

4.21 Construction contracts 294

4.22 Cost of sales 295

4.23 Other income 296

4.24 Administrative and sales expenses 296

4.25 Expenses from employee benefits 297

4.26 Other expenses 297

4.27 Other gains (losses) 297

4.28 Gains (losses) derived from the net monetary position 298

4.29 Financial income 298

4.30 Financial costs 298

4.31 Shares and profits (losses) of associates and joint ventures 298

4.32 Result of income tax 299

4.33 Contingencies, judgments and others 300

4.34 Subsequent events 304

4.35 Relevant Information 304

4.36 Approval of the financial statements 304

4.37 Indicators 304

Conconcreto — 232

SEPARATE FINANCIAL STATEMENTS 0101NOTES TO THE SEPARATE FINANCIAL STATEMENTS FOR YEARS ENDED DECEMBER 31, 2015 AND 2014

1. GENERAL INFORMATION

Operations: Constructora Conconcreto S.A. was established in accordance with Colombian law on December 26, 1961, with public instrument Number 8,597 and duration through December 31, 2100. Among other things, the corporate pur-pose is to study, design, plan, contract and execute all types of buildings, public works and real estate in general, and to do addition, improvement, modification, restoration and repair projects for these kinds of works. It also provides technical and consulting services within the various fields of civil en-gineering. Real estate investments for resale or to develop building projects, for lease or commercial use.

The entity is subject to the exclusive control of the Finan-cial Superintendence of Colombia, registered on the Securi-ties Market on July 22, 1983.Corporate domicile: Constructora Conconcreto S.A. is located at Carrera 43 A 18 Sur 135, 4th Floor in the city of Medellín, Department of Antioquia.

2. BASES FOR PREPARATION

These separate financial statements for Constructora Con-concreto S.A. cover the following periods:

2.1 ACCOUNTING PERIODThese separate financial statements for Constructora Con-concreto S.A. cover the following periods:• Separate Statement of Financial Position as at December

31, 2015 and 2014.• Separate Statement of Income for the twelve-month pe-

riods beginning January 1 and ending December 31 of 2015 and 2014.

• Separate Statement of Comprehensive Income for the twelve-month periods beginning January 1 and ending December 31 of 2015 and 2014.

• Statement of Changes in Net Equity for the twelve-month periods beginning January 1 and ending December 31 of 2015 and 2014.

• Separate Statement of Cash Flow for the twelve-month periods beginning January 1 and ending December 31 of 2015 and 2014.

PRESENTATION OF FINANCIAL STATEMENTSStatement of financial position:Constructora Conconcreto has chosen to present this separate statement of financial position classifying it as current and non-current.Statement of comprehensive income:Constructora Conconcreto S.A. has chosen to present is separate statement of income classified by function.Statement of cash flow:Constructora Conconcreto S.A. presents the statement of cash flow using the indirect method.

2.2 DISCLAIMERThe Management of Constructora Conconcreto S.A. is re-sponsible for the information contained in these separate

financial statements. The preparation of these statements, based on the International Financial Reporting Standards, requires the use of judgments and estimates, as well as the judgment of management to apply the accounting policies. These estimates have been prepared using the best informa-tion available on the date the separate financial statements were issued. However, it is possible that future knowledge could require them to be changed in later periods. If this oc-curs, it would be done in accordance with the provisions es-tablished in IAS 8 “Accounting Policies, Changes in Account-ing Estimates and Errors,” with retrospective restatement, recognizing the effects of the change to the estimate in the corresponding separate financial statements.

2.3 FUNCTIONAL AND PRESENTATION CURRENCYEntries to the financial statements are expressed in the cur-rency of the primary economic environment where the entity operates (Colombian Pesos). The financial statements are presented in “Thousands of Colombian Pesos,” which is the Company’s functional and reporting currency.

2.4 ACCOUNTING ESTIMATES AND JUDGMENTSThe preparation of the financial statements in accordance with IFRS requires the use of certain critical accounting esti-mates. It also requires management to exercise judgment in the process of applying accounting policies.

The areas that involve a high degree of judgment or com-plexity, or areas where assumptions and estimates are signif-icant for the financial statements, are described in Note 4.1.

2.5 CURRENT AND NON-CURRENT ASSETS AND LIABILITIES

ASSETSThe company classifies an asset as current when:

a) It expects to realize the asset, or has the intention of selling it or consuming it in the normal course of operations.

b) It holds the asset primarily for negotiation purposes.c) It expects to realize the asset within the twelve

months following the period in which it is reported.d) The asset is cash or a cash equivalent (as defined

in IAS 7) unless it is restricted and cannot be ex-changed or used to pay a liability for a minimum pe-riod of twelve months after the fiscal period in which it is reported.

The company will classify all other assets as non-current.The term “non-current” includes tangible, intangible and

financial assets that, by their very nature, are long-term.

LIABILITIESThe company classifies a liability as current when:

a) It expects to liquidate the asset in the normal course of operations.

b) It holds the liability primarily for negotiation purposes.c) It expects to liquidate the liability within the twelve

months following the period in which it is reported.d) It does not have the unconditional right to postpone

paying the liability for at least the twelve months fol-lowing the date of the period in which it is reported. The conditions of a liability that could result, at the


ESTADOS FINANCIEROS INDIVIDUALES 01discretion of the other party or at the time of liquida-tion by issuing equity instruments, do not affect its classification.

The company classifies all other liabilities as non-current.

2.6 TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

These financial statements have been prepared in accor-dance with the Accounting and Reporting Standards (NFIC, for the Spanish original) accepted in Colombia, established in Law 1314/2009, implemented by Sole Regulatory Decree 2420/2015, amended by Decree 2496/2015. The NFIC are based on the International Financial Reporting Standards (IFRS), along with their interpretations, issued by the Interna-tional Accounting Standards Board (IASB); the standards cor-respond to those translated into Spanish and issued on Janu-ary 1, 2012 and amendments made during 2012 by the IASB.

2.6.1EXCEPTIONS AND EXEMPTIONS APPLIEDThe Company applied the following exceptions and exemp-tions contained in IFRS 1 for its transition process:

EXCEPTIONS• Estimates made were in line with estimates made for the

same date according to the previous GAAP, rather than using estimates required by the IFRS that were not pre-viously used.

• As planned, financial assets and liabilities were derecog-nized according to IFRS 9.

• Financial assets (loans and accounts receivable) were measured at amortized cost in accordance with section 4.1.2 of IFRS 9.

EXEMPTIONS• The concept of reverse acquisitions under IFRS 3, Busi-

ness Combinations, was not applied. • IAS 21, The Effects of Changes in Foreign Exchange

Rates, was not used for calculating goodwill as this was valid for the previous GAAP.

• The carrying amount for goodwill under IFRS will be the carrying amount on the date of transition to the IFRS ac-cording to previous GAAP, analyzing whether intangible assets should be reclassified to goodwill, while impairing their value.

• Cost of property, plant and equipment was reported at fair value.

• For the separate financial statements, cost was reported in line with the previous GAAP to record investments in subsidiaries, associates and joint ventures, considering all impairment losses.

• Transitional provisions as referenced in IFRS 11 were re-ported in the separate financial statements, and therefore any investment in joint operations was derecognized. Then assets and liabilities were recognized based on percent holdings.

• Impairment losses calculated using the equity method were recognized for joint arrangements.

2.6.2 COMPARATIVE INFORMATION PREPARED USING PREVIOUS GAAP

In the following table, the value of assets, liabilities and equity under the previous GAAP is broken down, reflecting the main impacts for each item to match the value of the same items under the IFRS adopted. All adjustments made affect accu-mulated earnings, and therefore do not impact the statement of income or on other comprehensive income:

CONCONCRETO SEPARATE FINANCIAL STATEMENTSVARIATIONS IN IFRS COLGAAP 2013 ASSETS LIABILITIES EQUITY

IN MILLIONS OF COPFINANCIAL STATEMENTS, COLOMBIAN STANDARDS 1.546.108 540.121 1.005.987 Inclusion of consortium assets and liabilities 517.472 536.818 (19.346) Recognition of operating leases 80.401 78.804 1.597

Costs of construction contracts 448 6.310 (5.862)

Returns on surplus housing (10.848) 1.282 (12.130) Recognition of deferred taxes 13.631 29.586 (15.955) Changes in the fair value of investment properties in controlled trusts 5.974 - 5.974 Elimination of intra-group transactions with joint operations (29.381) (29.381) - Disposal of investments in the environment (3.300) - (3.300) Recognition of equity tax 3.961 (3.961) Trusts with investment properties at fair value 59.110 56.282 2.828 Other impacts (3.267) (787) (2.480) Eliminating revaluation of PP&E in COLGAAP (27.001) - (27.001) Adjustments to the equity method and impairment of investments* (27.673) - (27.673) Impairment of investments in subsidiaries, associates and joint ventures* (24.188) - (24.188) Changes in the fair value of investment properties and PP&E 23.124 - 23.124 FINANCIAL STATEMENTS, INTERNATIONAL STANDARDS 2.120.610 1.222.996 897.615

VARIATION 574.502 682.875 (108.372)

27,09% 55,84% (12,07%)

*The lines indicated changed with respect to what was pre-sented in previous reports, primarily because of changes to the financial statements of associates and joint ventures, when implementing IFRS for the first time.

In addition, an impairment loss was recorded for one goodwill entry, in line with IFRS 1.

On the statement of cash flow, significant impacts are

presented, mainly in the consolidated financial statements since new entities are included according to the existing ac-counting standard that were not consolidated using previous GAAP. This provides more information about the generation and use of cash throughout the group.

Since the previous GAAP and IFRS have different struc-tures, a cash flow comparison was not prepared. However, it

Conconcreto — 234

SEPARATE FINANCIAL STATEMENTS 0101is important to note that all vehicles used for business even by consortiums and trusts, which were previously not record-ed in the cash flow, are now present, providing valuable deci-sion-making information.

2.6.3 EFFECT OF THE TRANSITION ON THE STATEMENT OF FINANCIAL POSITION REPORTED

During the entire transition process, changes were being made to the information on the opening balance and the 2014 figures to ensure comparative statements could be produced against the 2015 report. These changes were pri-marily made due to the IFRS implementation processes of the associates and joint ventures in which the company has holdings, which had primarily implemented their IFRS transi-tion after the company.

Equity reported in the opening balance varied 12.07%, basically due to recognizing future losses in construction contracts through consortiums, changes in the fair value of investment properties, recognizing deferred taxes, returns on surplus housing for not meeting the requirements to be con-

sidered revenue and impairment of company holdings.The following are the most significant impacts of first-time

adoption:

INCLUSION OF CONSORTIUM ASSETS AND LIABILITIESConsortiums were interpreted as joint operations (IFRS 11). Assets and liabilities on the consortium balance sheets were included based on holdings.

In this process, the figures that had already been recog-nized in COLGAAP were eliminated, so they would not be du-plicated (PP&E, leasing), and the current account reporting consortiums revenue was eliminated. In addition, reciprocal transactions have been eliminated.

In these consortiums, adjustments to the fair value of PP&E, the cost of construction contracts and other lesser adjustments were made for the derecognition of assets.

The list of assets and liabilities included under the primary consortiums were the following:

CONSORTIUM ASSETS LIABILITIESCOP (MILLIONS) COP (MILLIONS)

Helios 377,042 397,352 Ituango 110,364 107,582 Loboguerrero 28,112 3,972 Hidrocucuana 23,189 23,338 Other 38,320 31,008 Elimination of Conconcreto current account (59,555) (26,433)TOTAL 517,472 536,818


CONSORTIUM CONSTRUCTION CONTRACTS OTHER

COP (MILLIONS)CCC Ituango 1.002 - ECC-Loboguerrero 762 31 CC-MP-HV Cusiana 40 - Hidrocucuana - 55 CC-MP-HV-Palmeras (19) (19)CC- Conciviles (508) - Helios (20.667) (25)TOTAL (19.389) 42

RECOGNITION OF OPERATING LEASES AS FINANCE LEASESOperating lease agreements were analyzed in accordance

with IAS 17 and sections D9 and D9A of IFRS 1. This analy-sis resulted in recognizing assets and liabilities of these leas-es because they were classified as finance leases.

Assets were recognized at fair value (market value) and

liabilities were recognized at the current value of minimum lease payments.

A large majority of these leases were made through sub-sidiary trusts, which were consolidated. Assets and liabilities were recognized as described in detail below:


LEASESPROPERTY ASSETS LIABILITIES ADJUSTMENT

COP (MILLIONS)La Castellana 31.300 26.666 4.634 BBB Equipos 14.169 14.294 (125)Meridiano 13.162 15.691 (2.529)Ejecutivos 12.070 11.930 140 Megacenter 9.700 10.222 (522)TOTAL 80.401 78.803 1.597

CONSTRUCTION CONTRACTSIFRS 1 does not have exceptions or exemptions applicable to construction contracts. Therefore, adjustments that are made correspond to the retroactive application of the cost of the

agreement plus the % down payment, a methodology select-ed as company policy.

The main adjustments were made for the following projects:

CONSTRUCTION CONTRACTS

Buró 24Buró 26Acqua Power CenterBase Militar San Juan de RodasBuró 51 - BarranquillaHotel Estelar CartagenaOther projects

RETURNS ON SURPLUS HOUSINGDerecognition of surplus received from real estate invest-

ment trusts. Under IFRS, these will be recognized as income in later periods in proportion to the property deeds recorded.

WITHDRAWAL OF SURPLUS FROM TRUSTS

PROJECT APPRAISAL COP (MILLIONS)

El Poblado (10.900) Entreparques (907) Prestige (323) TOTAL (12.130)

RECOGNITION OF DEFERRED TAXESThis item comprises assets for deferred tax generated by temporary differences in deductibles, including fiscal losses

from previous periods that have not been deducted by the consolidated companies (IAS 12 p.27).

DEFERRED TAX

ACCOUNT HEADINGASSETS LIABILITIES

COP (MILLIONS)Consortiums and joint ventures 6.408 - Investments 520 - Trust surplus 4.124 - Foreign currency revaluation - 4 Accounts receivable, amortized cost 70 - Construction contracts 1.999 - Inventory adjustment 233 - Fixed assets and leasing - 2.606 Operating leases - 160 Trusts - 26.699 Deferred and intangible 256 - Other, environment 825 - Derecognition of liabilities - 96 Liabilities, amortized cost - 22 Tax losses 13 - Deferred tax reversal, COLGAAP (817) - SUBTOTAL 13.631 29.587 NET (15.955)

PROFITCOLGAAP IFRS VARIATION

COLGAAP 5.310 4.880 (429) 3.839 2.259 (1.579) 2.097 621 (1.476)

753 418 (334) 608 190 (418) 545 192 (352)

27.602 26.329 (1.273) 40.753 34.891 (5.862)

Conconcreto — 236

SEPARATE FINANCIAL STATEMENTS 0101CHANGES IN THE FAIR VALUE OF INVESTMENT PROPERTIES IN TRUSTSThe impact on the fair value of investment properties in trusts is reflected in Conconcreto using its holdings in said entity. In general, when Conconcreto is the only trustee and is in

charge of making the relevant financial and administrative decisions, the trust is classified as a subsidiary.

Some trusts classified as associates or joint operations also have an impact on fair value.

CHANGE IN FAIR VALUE IN TRUSTS

DESCRIPTIONAPPRAISAL

COP (MILLIONS)Viva Sincelejo (Asociada) 7.655 Coordenada Sur 4.145 San Pedro Plaza II y III 3.510 Pitalito 636 San Pedro Plaza I 607 Tiendas Farmatodo (92)Gran Plaza Florencia (142)Gran Plaza Soledad (158)Hotel Neiva (224)Bodegas Familia Sancela (1.267)Bodega Impac (2.693)Bodegas Familia (3.175)TOTAL 8.802

DISPOSAL OF INVESTMENTS IN THE ENVIRONMENT The investment in the environment was adjusted, as it does not meet the condition of generating future economic bene-fits to be considered an asset.

RECOGNITION OF EQUITY TAXThe account payable corresponds to the last installment paid for equity tax.

ELIMINATING REVALUATION OF PROPERTY, PLANT AND EQUIP-MENT IN COLGAAPRevaluation of PP&E was eliminated in the international standard. In the absence of this accounting tool, the fair value of these assets was calculated.

PROPERTY, PLANT AND EQUIPMENT / LEASING / INVESTMENT PROPERTY COP (MILLIONS)Disassemble and repair Jumbo Atlas Copco Boomer H170 183 Self-propelled telescopic crane (1) Grove telescopic crane, used (425) Vibrocompactor SD (519) Machinery for manufacturing construction panels (1.286) Corona Cucuta building space (investment) (2.458) Other assets, property, plant and equipment - leasing (8.704) Other assets, investment (13.791) TOTAL (27.001)

ADJUSTMENTS TO THE EQUITY METHOD FOR INVESTMENTSEquity of subsidiaries was impacted by first-time adoption;

Conconcreto recognized its share of these equity impacts (using the equity method) in its separate financial statement.

INVESTMENTS IN SUBSIDIARIES

COMPANY DESCRIPTION APPRAISAL COP (MILLIONS)

Industrial Conconcreto SAS Equity Method, IFRS (19.851)Inmobiliaria Conconcreto SAS Equity Method, IFRS (6.206)Sistemas Constructivos Avanzados SAS Equity Method, IFRS (370)U Storage SA Impairment of goodwill (6.589)Conconcreto Internacional SA Foreign currency valuation 5.343

(27.673)

IMPAIRMENT OF INVESTMENTS IN ASSOCIATES AND JOINT VENTURESEquity of associates and joint ventures was impacted by first-time adoption, and accordingly Conconcreto recognized im-pairment for these investments.


INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

COMPANY DESCRIPTION APPRAISAL COP (MILLIONS)

Consalfa SAS Impairment in joint ventures (10.438) Consol SAS Impairment in joint ventures (7.813) Autopista de los Llanos SA Impairment in associates (4.819) Concesiones CCFC SA Impairment in associates (987) Constructora San Diego Milenio SA Impairment in associates (387) Other Investments - 255

(24.188)

CHANGES IN THE FAIR VALUE OF INVESTMENT PROPERTIES AND PROPERTY, PLANT AND EQUIPMENTThe impact on investment properties and Property, Plant and

Equipment held directly by Conconcreto should be the mea-sure of fair value and reported at that cost.

PROPERTY, PLANT AND EQUIPMENT / LEASING / INVESTMENT PROPERTY COLGAAP ADJUSTMENT IFRS COP (MILLIONS)

Other PP&E assets - leasing 67.046 10.016 77.062 Machinery for manufacturing construction panels 2.347 2.562 4.909 Corona Cucuta building space (investment) 1.822 439 2.261 Formwork shuttle for docs 946 (304) 642 Self-propelled telescopic crane 284 692 976 Disassemble and repair Atlas Copco Boomer H170 213 (191) 22 Vibrocompactor SD 127 3 130 Grove telescopic crane, used - 425 425 Other assets, investment 41.937 9.482 51.419 TOTAL 114.722 23.124 137.846

OTHER IMPACTSOther lesser impacts were presented, due to first-time adop-tion of International Financial Reporting Standards.

OTHER IMPACTSACCOUNT HEADING ASSETS LIABILITIES LIABILITIES

COP (MILLIONS)Amortized cost of accounts receivable (258) - (258) Derecognition of accounts receivable (583) - (583) Adjustments to inventory (930) 409 (521) Derecognition of deferred and intangible (776) - (776) Exchange rate differences (719) 20 (699) Derecognition of liabilities - 290 290 Amortized cost of liabilities - 68 68 TOTAL (3.267) 787 (2.480)

2.6.4 DESIGNATION OF FINANCIAL ASSETS OR FINANCIAL LIABILITIES

From the previous GAAP, the company managed the follow-ing classes of financial assets and liabilities:

FINANCIAL ASSETS• Cash• High liquidity investments• Clients and accounts receivable• Investments in non-controlled companies

FINANCIAL LIABILITIES• General financial obligations• Liabilities for financial derivatives• Suppliers and accounts payable

After the analysis was performed, the company classified these assets and liabilities as follows:

FINANCIAL ASSETSPREVIOUS GAAP IFRS COMMENTS

Cash Cash and cash equivalents

High liquidity investments Cash and cash equivalentsClients and accounts receivable Loans and accounts receivable Not all items that were managed or clients and accounts receivable under previous

GAAP were classified as financial assets.

Investments in non-controlled companies

Financial assets measured at fair value through profit or loss Financial assets held for sale

The company divided this type of investment into two groups: 1. Investments in shares traded on the stock market or that have information available to measure their fair value are classified as financial assets at fair value through other comprehensive income. 2. Investments in shares not traded on the stock market or that do not have information available to measure their fair value are classified as financial assets held for sale.Some lesser investments that were reported under previous GAAP were not classified as financial assets.

Conconcreto — 238

SEPARATE FINANCIAL STATEMENTS 0101FINANCIAL ASSETS

PREVIOUS GAAP IFRS COMMENTBorrowings Borrowings and accounts

payable

Suppliers Borrowings and accounts payable

Accounts Payable Borrowings and accounts payable

Some accounts payable were not classified as financial liabilities and were reclassified as miscellaneous.

After the analysis was performed, the company classified these assets and liabilities as follows:

2.7 RELATIVE IMPORTANCE AND MATERIALITYEconomic activities are reported based on their relative im-portance or materiality.

For disclosure purposes, a transaction, activity or opera-tion is material when, due to its amount or nature, its recogni-tion or derecognition, considering surrounding circumstanc-es, influences decisions or evaluations that those using the accounting information could make.

In preparing and presenting the financial statements, ma-teriality of the amount was determined based on, among oth-er things, the total asset, total liability, total equity or income for the year, as applicable. In general terms, any entry that ex-ceeds 5% of a total amount previously defined for the above is considered material.

2.8 TRANSACTIONS AND BALANCES IN FOREIGN CURRENCY

TRANSACTIONS AND BALANCESTransactions in foreign currency are converted to functional currency, using the exchange rates current on the dates of the transactions or the valuation when the entries are reas-sessed. Gains and losses from exchange rate differences that result from paying these types of transactions and the resulting currency translation are recorded in the consolidat-ed statement of comprehensive income at the close of the year, for monetary assets and liabilities denominated in for-eign currency.

Exchange rate gains from loans, cash and cash equiva-lents are reported on the consolidated statement of compre-hensive income under “Financial income.” Exchange losses are reported on the consolidated statement of comprehen-sive income under “Financial expenses”.

Entries in the statement of income and the statement of financial position for Constructora Conconcreto S.A., which have a functional currency that is different than the presen-tation currency are converted to presentation currency as follows:

(i) Assets and liabilities are converted at the closing ex-change rate on the balance sheet date;

(ii) Income and expenses for each account in the state-ment of income are converted at the average ex-change rate; and

(iii) All resulting differences in exchange rates are recog-nized as a separate entry under net equity.

2.9 NEW STANDARDSNew standards and interpretations issued: Under Decree 2496 of December 2015, the new technical standard frame-work for financial information was issued, for preparers of financial information that fall under Group 1 and as defined in Decree 2784/2012, amended by Decree 3023/2014.

The following table describes the new standards and pro-vides dates when they must be implemented.

DESCRIPTION STANDARD/INTERPRETATION NAME OF PUBLICATION DATE OF APPLICATION

Amendment IAS 36 - Impairment of Assets Information to Disclose on the Recoverable Amount of Non-financial Assets January 1, 2016

New Interpretation IFRIC 21 - Levies IFRIC 21 - Levies January 1, 2016

Amendment IAS 39 - Financial Instruments: Recognition and Measurement

Novation of Derivatives and Continuation of Hedge Accounting January 1, 2016

Amendment IFRS 2 - Share-based Payment Definition of the vesting and non-vesting conditions for the concession. January 1, 2016

Amendment IFRS 3 - Business Combinations Accounting for contingent considerations in a business combination January 1, 2016

Amendment IFRS 8 - Operating SegmentsAggregation of operating segments. Reconciliation of the total assets for the segments which company assets should be reported in

January 1, 2016

Amendment IFRS 13 - Fair Value Measurement

Short-term commercial accounts receivable and payable January 1, 2016

Amendment IAS 16 - Property, Plant and Equipment

Revaluation method—proportionate restatement of accumulated depreciation January 1, 2016

Amendment IAS 24 - Related Party Disclosures Key management personnel January 1, 2016

Amendment IAS 38 - Intangible Assets Revaluation method - proportionate restatement of accumulated amortization January 1, 2016

Amendment IFRS 1 - First-Time Adoption Meaning of “current IFRS” January 1, 2016Amendment IFRS 3 - Business Combinations Scope of exceptions for joint ventures January 1, 2016

Amendment IFRS 13 - Fair Value Measurement Scope of paragraph 52 (portfolio exception) January 1, 2016

Amendment IAS 40 - Investment PropertyClarifying the relationship between IFRS 3 and IAS 40 when classifying property as investment property or owner-occupied property

January 1, 2016

Amendment IAS 19 - Employee Benefits Benefit plans defined: Contributions to January 1, 2016

Amendment

IFRS 9 - Financial Instruments, IFRS 7 - Financial Instruments: Disclosures, and IAS 39 - Financial Instruments: Recognition and Measurement

IFRS 9 - Financial Instruments: Hedge Accounting and Amendments to IFRS 9, IFRS 7 and IAS 39

January 1, 2016


DESCRIPTION STANDARD/INTERPRETATION NAME OF PUBLICATION DATE OF APPLICATIONIssue of the standard

IFRS 14 - Regulatory Deferral Accounts Regulatory Deferral Accounts

Sunday, January 1, 2017 Advanced application is permitted


IFRS 15 - Revenue from Contracts with Customers Revenue from Contracts with Customers

Monday, January 1, 2018 Advanced application is permitted

Amendment IFRS 11 - Joint Arrangements Accounting for acquisitions of interests in joint operations


AmendmentIAS 16 - Property, Plant and Equipment and IAS 38 - Intangible Assets

Clarification of acceptable depreciation and amortization methods


AmendmentIAS 16 - Property, Plant and Equipment and IAS 41 - Agriculture

Agriculture: Producing PlantsSunday, January 1, 2017 Advanced application is permitted

Amendment IAS 27 - Separate Financial Statements

Equity method in separated financial statements

January 1, 2017, retroactively Advanced application is permitted

AmendmentIFRS 10 - Consolidated Financial Statements and IAS 28 - Investments in Associates and Joint Ventures

Addresses the inconsistency of requirements under both standards regarding treatment of the sale or contribution of assets between an investor and its associate or joint venture.

January 1, 2017, prospectively Advanced application is permitted

Improvement Annual improvement of IFRS Cycle 2012-2014

Amendments to IAS 34, IAS 19, IFRS 1, IFRS 7, IFRS 5

January 1, 2017, retroactively Advanced application is permitted

Source: http://www.ctcp.gov.co/documentos2.php

3. SIGNIFICANT ACCOUNTING POLICIES

3.1 CASH AND CASH EQUIVALENTSCash and cash equivalents recognized in the financial state-ments is comprised of the cash on hand and in bank ac-counts, term deposits and other liquid investments and in-vestments on demand with no restrictions on their use in the normal course of operations.

Cash equivalents are the highly liquid investments that are not affected by market volatility and are at minimum risk to loss of value. To the Company, investments redeemable in up to 3 months are considered highly liquid.

Cash and cash equivalents must be derecognized when the balances available in current or savings accounts are dis-posed of, when rights on the cash equivalents expire or when the financial asset is transferred.

The Company will use the fair value for measurements cor-responding to first-time adoption and the initial and subsequent measurements.

Statement of cash flow. Provides details of the cash received and paid throughout the period, and the management and variation thereof during the year, through three flows:

Operating activities. Includes the transactions that constitute the main source of the Company’s ordinary income. It starts with the op-erating income, less the items that affect it but do not generate increases or decreases in cash. Other non-op-erating entries that also affected income and generated or used cash are added to operating income.

Investment activities.Cash flows from investment activities should include the transactions that constitute disbursements of fi-nancial resources that are going to produce future income and cash flows. Only disbursements that lead to the recognition of an asset in the balance sheet meet the conditions for classification as investment activities.

This item shows how the cash was generated or used in activities other than operating activities, through the

purchase or sale of assets in general and other invest-ments.

Financing activities. Presents the use or generation of cash through loans from third parties or partners.

Constructora Conconcreto S.A. uses the indirect cash flow method.

3.2 COMMERCIAL AND OTHER ACCOUNTS RECEIVABLE, CURRENT AND NON-CURRENT

Accounts receivable are financial instruments corresponding to contracts that give rise to the obligation of providing a ser-vice or delivering goods for which cash, cash equivalents or other financial instruments will be received as payment. The Company records accounts to be paid within the operating cycle or in up to one year as current accounts receivable, and those to be paid after the operating cycle or in more than one year as non-current.

Using the effective interest rate method, accounts receiv-able carried at amortized cost are tested for impairment at least once each reporting period to identify whether there is evidence of impairment.

This heading does not include accounts receivable from related parties and associates.

Initial and subsequent measurement: The Company mea-sures these assets at transaction value, for the initial and subsequent measurement, which is usually their fair value according to IAS 39, and it measures loans and accounts receivable at amortized cost in line with paragraph 4.1.2 of IFRS 9. They will also be subject to impairment testing.

If a special term (greater than estimated) is agreed at the beginning of the negotiation, the implicit interest must be calculated and deferred income is recorded, which will be amortized during the agreed collection period. At the end of each period, the balances due that remain in the portfolio will be assessed to estimate a possible term of payment and calculate impairment (net present value).

3.3 CURRENT AND NON-CURRENT ACCOUNTS RECEIVABLE FROM RELATED PARTIES AND ASSOCIATES

Accounts receivable from related parties are active finan-cial instruments that arise from relationships and/or con-

Conconcreto — 240

SEPARATE FINANCIAL STATEMENTS 0101tracts with related companies; such relations will give rise to the right to receive cash, cash equivalents or other financial instruments as payment. The Company records accounts to be received within the operating cycle or in up to one year as current accounts receivable, and those to be re-ceived after the operating cycle or in more than one year as non-current.

Related party: A related party is understood by the Com-pany as the entity or person that has the capacity to influence the financial and operating policies through the presence of control, joint control or significant influence that can gener-ate effects on the entity’s income and financial position.

The following are considered related parties:• Subsidiaries:• Associates• Joint ventures• Joint operations• Board Members• Key management staff (CEO, Chief Officers, Managers)

Initial and subsequent measurement: The Company mea-sures these assets at transaction value, for the initial and sub-sequent measurement, which is usually their fair value accord-ing to IAS 39. They will also be subject to impairment testing.

3.4 CURRENT AND NON-CURRENT INVENTORIESCURRENT INVENTORIESInventories are the assets acquired for sale, for the produc-tion process and for consumption, except those owned for construction contracts, which will be measured according to IAS 11, and important replacement parts that are classified as property, plant and equipment.

Initial measurement: Inventories shall be recognized at ac-quisition and processing cost, in addition to any other costs incurred to arrive at their current condition.

Conditioned trade discounts identified initially will be re-corded as a lower value of the inventory.

Subsequent measurement: Inventories for sale shall be measured by the lower value between the carrying amount and the net realizable value.

Trade discounts and conditioned discounts that were not identified since the initial measurement of the inventories that generated them shall be recognized as a lower value of the cost of sales.

Inventories are assets:1. Held for sale in the normal course of the operation.2. In production processes with a view to sale.3. In the form of materials or supplies to be consumed in the

construction process.4. During the course of a construction contract (works in

progress), which includes materials as well as services.

Company inventories are mainly:• Works in progress: disbursements made under the con-

struction contracts, and they are valued at cost.• Housing units in stock: housing units available for sale,

which are valued at cost.• Materials inventory: stock of materials purchased and not

yet used in the construction process; they are recorded at cost.

Inventories are analyzed periodically in order to establish whether they require an allowance for possible losses asso-ciated with their net realizable value. Losses associated with the disposal of slow-moving, obsolete and damaged invento-ries are recorded in the statement of income.

The valuation of inventories includes all the costs derived from their acquisition and processing, as well as any other

costs incurred to arrive at their current condition and location.The net realizable value is the estimated cost of sales of

an asset in the normal course of the operation, less the esti-mated costs to complete the process and any others neces-sary to carry out the sale.

The Company values its finished housing units at the low-er cost between construction cost and net realizable value.

The net realizable value is the estimated sale price, less the corresponding selling expenses.

The cost of construction of the housing units and land for the Real Estate Development line of business includes the costs of acquiring land, design, materials, direct labor, de-preciation of fixed industrial assets, other direct costs and related direct expenses, in addition to the cost of interest if the conditions are met to be designated as qualifying assets.

In the cases where the net realizable value is lower than the construction cost, a provision is made for the difference in value and recorded to the statement of income.

The acquisition cost of construction materials includes the purchase price, import tariffs, transport, storage and other costs directly attributable to the acquisition of the goods, ma-terials or services purchased.

NON-CURRENT INVENTORIESNon-current inventories are generally land-property to be used for real estate projects, or property in the process of being sold, estimated to take more than one year.

3.5 TAX ASSETS, CURRENT AND NON-CURRENTCurrent tax assets are the tax credits that can be carried forward with the income tax balance payable. These are generated by taxes withheld at the source by third parties and surplus on personal tax returns from previous periods that can still be carried forward. This tax is considered by IAS 12.

Non-current tax assets are the amounts that can be car-ried forward with the income tax balance payable, generated by taxes withheld at the source by third parties and surplus on personal tax returns from previous periods that can still be carried forward and are expected to be used in a period of more than one year.

Initial and subsequent measurement: These will be measured by the value expected to be recovered from the tax authority, based on the regulations and rates it approves for income tax receivables, corresponding to withholding certificates issued by Company customers that exceed income taxes owed.

3.6 OTHER FINANCIAL ASSETS, CURRENT AND NON-CURRENT

Under this heading of the statement of financial position, the Company presents short-term investments in non-controlled companies, for which the conversion to cash is subject to a time variable and for which returns are generally subject to market variables. This heading also presents investments in collective portfolios that, while liquid, have minimum term clauses and involve a risk because they are in stock portfo-lios that involve some volatility. Any investment considered highly liquid will not be included under in this heading and should be in cash and cash equivalents.

Initial and subsequent measurement: Initial and subse-quent measurements will also be measured at fair value through profit or loss.

Long-term balances retained from contractors are mea-sured at amortized cost by project, taking an average rate for financing.

3.7 OTHER FINANCIAL ASSETS, NON-CURRENTOther non-current financial assets are the assets acquired


by the Company through a contract or purchase, the right to receive cash or a financial instrument as payment, but with no intent to sell or liquidate in the short term.

This heading groups together mainly investments in non-controlled companies and non-controlled trust rights.

3.8 OTHER NON-FINANCIAL ASSETS, CURRENT AND NON-CURRENT

Under this heading, the Company recognizes the assets that do not meet the conditions to be considered financial instru-ments and are not included under other headings of the statement of financial position, but that meet the definition of asset considered in the conceptual framework, the use of which is less than one year; that is to say, a resource con-trolled by the Company as a result of past events, from which future economic gains are expected and for which cost can be reliably measured. Mainly, other financial assets include insurance policies and prepaid deposits.

They are classified as non-current when their use or gen-eration of economic gains is greater than one year.

Initial measurement: They are measured at acquisition cost, which consists of the purchase price, import tariffs and non-recoverable indirect taxes on the purchase, after de-ducting discounts and any cost directly attributable to the preparation of the asset for its intended use.

Subsequent measurement: The asset will be amortized over the time in which it generates economic and it will be impairment tested if there are any signs of impairment.

3.9 ASSETS HELD FOR SALEThe fundamental requirements for the classification of these assets are: The asset is available for sale, a demonstrable ef-fort to sale is in place and there is a high probability that the transaction will take place in the following 12 months.

Initial measurement: The asset is measured at the lower value between its carrying amount and fair value less cost of sales. When there is a business combination, it will be mea-sured at fair value less cost of sales.

Subsequent measurement: The asset will be measured at the lower value between its carrying amount and fair value less cost of sales. When the sale is expected to be made in a period of more than one year, the cost of sales shall be calculated at present value and, after that, the increases due to the value of money over time will affect the statement of income as a financial expense.

3.10 INVESTMENT PROPERTIESThese are properties (land, buildings) held for income or capital gains. They are recognized as investment properties if it is likely that future economic gains will flow in the entity, the cost of the asset can be reliably measured and there is control over the asset and the future economic gains.

Initial measurement: They are measured at acquisition cost, which consists of the purchase price and any directly attributable disbursement. When the investment property is acquired through an operating lease, the initial value will be the fair value of the leased asset or the present value of the minimum lease payments, whichever is lower.

Subsequent measurement: The Company will use the fair value model for both investment properties acquired on its own account and those acquired through a finance lease.

Investment properties consist mainly of lands for the de-velopment of future real estate projects, hotels, warehouses, shopping centers and buildings for income or goodwill, which are acquired through direct purchase or bank financing.

The fair value of investment properties is measured using the income approach, based on the premise that the proper-ties are acquired for the potential to generate income. This

approach considers the annual return produced by the capital invested and the return on capital. This valuation technique places special consideration on the current contractual in-come, projected market income and other sources of income, reserves for vacancy and projected expenses associated with the efficient operation and management of the property.

The ratio of this estimated income to the value of the prop-erty is calculated based on the discounted cash flow analysis, which measures the value of the property at the discounted value of future benefits.

Fair value measurement will correct any impairment in-curred in the investment properties.

3.11 PROPERTY, PLANT AND EQUIPMENTThese are tangible assets held by the Company for its own use, to supply of goods and services, to be leased to third parties or for administrative purposes; they are expected to last more than one accounting year. They are recognized as assets if they are likely to generate future economic gains and their cost can be reliably measured.

Initial measurement: They are measured at acquisition cost, which consists of the purchase price, import tariffs and non-recoverable indirect taxes on the purchase, after de-ducting discounts, installation and assembly and estimated dismantling.

Subsequent measurement: The Company will use the cost model, which involves depreciation and impairment testing.

The financing costs incurred for the construction of an as-set are activated during the period necessary to construct and prepare the asset for its intended use. Other financing costs are recorded in expenses when incurred.

DEPRECIATIONThe depreciation of property, plant and equipment is calcu-lated using the method that will recognize wear on the as-set according to its useful life and according to asset class. Residual value and useful life are reviewed and adjusted if necessary at each balance sheet date. When the value of an asset is higher than its estimated recoverable amount, the value is immediately reduced to its recoverable amount es-tablished through impairment tests.

Gains and losses from the sale of property, plant and equipment are calculated by comparing the income obtained with the carrying value and included in the consolidated statement of comprehensive income.

Useful Life Buildings and offices: 50 years with a residual value of 15% Computers: In office 3 years, at construction sites 1 year Office equipment: 10 years Machinery and equipment: Between 3 and 25 years Transportation equipment: Between 12 and 15 years

3.12 FINANCE AND OPERATING LEASESLeases are classified as finance leases whenever the lease terms substantially transfer all the risks and rewards of the property to the lessee. All other leases are classified as op-erating leases.

The assets and liabilities are recorded through finance leases, recognizing the present value of future cash flows or the market value of the leased asset, whichever is lower.

At the beginning of the finance lease term, it is recog-nized in the statement of financial position as an asset and a liability for the same amount, equal to the fair value of the leased asset, or at the present value of the minimum lease payments, whichever is lower, determined at the beginning of the lease.

Conconcreto — 242

SEPARATE FINANCIAL STATEMENTS 0101When calculating the present value of the minimum lease

payments, the interest rate implicit in the lease is taken as the discount factor, provided it can be determined, otherwise the lessee’s incremental borrowing interest rate is used.

Operating lease payments are recorded as an expense on a straight-line basis over the lease term, unless another sys-tematic basis is more representative of the time pattern for recognizing economic gains of the leased asset.

3.13 INTANGIBLE ASSETS OTHER THAN GOODWILLThese are identifiable, non-monetary assets without physical substance. They are recognized as intangible if the asset is separately identifiable, is likely to generate future econom-ic gains for the entity, the cost of the asset can be reliably measured and there is control over the asset and the future economic gains.

Initial measurement: Acquisition price including import tariffs and non-recoverable taxes on the acquisition, after deducting trade discounts and any other cost directly attrib-utable to the preparation of the asset for its intended use.

Subsequent measurement: The Company will use the cost model that consists of initial cost less accumulated amortiza-tion, less impairment, if any.

The following are the main types of intangible assets, other than goodwill:

LicensesLicenses have a defined useful life and are recorded at cost less accumulated depreciation. Amortization is calculated using the straight-line method to allocate the cost to income in the term of estimated useful life (10 years).

SoftwareCosts associated with software maintenance

are recognized as an expense when incurred. Amortization is calculated using the straight-line method to allocate the cost to income in the term of estimated useful life (10 years) .

The estimated useful life and amortization method of intangibles is reviewed at the end of each financial period.

TrademarksTrademarks are classified as intangible assets with an indefinite useful life.

3.14 INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

Investments in subsidiaries are controlled entities over which power is exercised to govern the financial and operating policies to obtain economic gains. The Company classified companies and trusts that met the characteristics to be con-sidered controlled entities as subsidiaries.

Investments in associates are those over which significant influence is exercised with involvement in financial policies and decisions, without holding control or joint control.

Joint ventures are joint agreements in which the parties agree to share control of significant financial policies and de-cisions and there is interest in the entity’s net assets.

Initial measurement: These investments will be recognized at transaction cost.

Subsequent measurement: Investments in associates and joint ventures will be accounted for at transaction cost. The equity method will be used in investments in subsidiaries.

INVESTMENTS CONTROL DECISION MAKING SEPARATE FINANCIAL STATEMENTS EXAMPLES

SUBSIDIARYHas total control over relevant administrative and financial decisions.

Votes > 50%

Opening Balance: Value of equity under IFRS using the percent

equity share.

Subsequent Investments: Equity method, straight line

Inmobiliaria CC Industrial CC

Conconcreto Internancional Trusts 100%

ASSOCIATE Has significant influence in decision making

Votes >= 20% Votes < 50%

Opening Balance: Value of equity under IFRS using the percent

equity share.

Subsequent Investments: At cost. Dividends are reported as income.

Grupo Heroica 30%Soletanche Colombia 41.35%Trust without control but with

influence over decisions.Soletanche Colombia 41.35%Trust without control but with

influence over decisions.

JOINT VENTURES

Joint control. There is an interest in net assets.

Equity is separate.Joint control agreement. Generally

unanimous.

Consalfa 50%Consol 50%

Areotocumen 50%

JOINT OPERATIONS

Joint control. Rights to assets and obligated to

liabilitiesDirectly proportional to the equity

participationConsortiums and joint ventures

Trusts with joint control

OTHER No type of control or significant influence. Votes < 20% At cost or fair value if shares are

traded.

CovialOdinsa

FogansaTrust without control

3.15 JOINT OPERATIONSJoint ventures are an agreement of shared control between two or more stakeholders, who have a proportional right to the share in assets and obligations resulting from liabilities. This is the case of consortia and trusts that meet the require-ments for this classification.

Initial and subsequent measurement: Consortia and trusts classified as joint ventures. They are included line by line, in proportion with their share in the assets, liabilities, income, costs and expenses, based on the financial statements ac-cording to IFRS issued by the consortia and trust companies.

3.16 DEFERRED TAX ASSETSDeferred income tax assets will be recognized by the Com-pany only when it establishes a reasonable probability that there will be sufficient future taxable profits to realize the as-set. For the initial and subsequent measurement of the rec-ognized deferred tax asset, it will be reduced as it becomes less likely that the tax gain will be realized based on the new calculations used. It is measured based on the temporary de-ductible differences, including tax losses of previous periods that were not subject to deduction. This heading is consid-ered under the IAS 12 standard.


Initial and subsequent measurement: Provides for the cal-culation of the deferred income tax based on the resulting temporary deductible differences, including tax losses and ex-cess presumptive income to be offset in the future. It is mea-sured using the current rates for the period.

3.17 BORROWINGS, CURRENT AND NON-CURRENTBorrowings are financial liabilities in which the Company en-ters into a commitment to pay a financial entity, as a cash consideration for the financing of different activities.

Initial and subsequent measurement: The Company mea-sures borrowings at amortized cost; any associated transac-tion cost is taken into account to calculate the internal rate of return to be used to measure the capital and interest com-ponent.

The effective interest method is used to calculate the amortized cost of a financial liability and the allocate an inter-est expense during the relevant period. The effective interest rate is the rate that discounts future cash payments (includ-ing all the commissions and basis points paid or received that are an integral part of the effective interest rate, transaction costs and other premiums or deduction) throughout the ex-pected life of the borrowing or, if applicable, a shorter period than the net book value in the initial recognition.

Any fees incurred to obtain the loans are recognized as transaction costs to the extent that it is likely that a part or the entire loan will be received. In this case, the fees are de-ferred until the loan is received.

Loans are classified in current liabilities unless there is an unconditional right to defer the payment of the borrowing for at least 12 months from the balance sheet date.

The Company derecognizes financial liabilities when and only when the obligations are settled, paid or expire. The difference between the carrying value of the derecognized financial liability and the consideration paid and to be paid is

recognized in income.Borrowings due in less than one year are classified as cur-

rent, and borrowings due in more than one year are classified as non-current.

3.18 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provision: Liabilities for which the amount and maturity is un-certain, but which can be reliably estimated.

Recognition: When the following 3 criteria are met:• There is a present obligation as a result of a past event.• High probability the obligation will be paid.• Reliable estimate of the obligation.

Contingent liability: Possible obligation (liability) arising from past events, the existence of which must be confirmed by uncertain future events that are not fully under the Compa-ny’s control.

Grounds for not recognizing in the financial statements:• The outflow of resources will not likely be required.• The amount of the obligation cannot be reliably measured.

Procedure: If the probability of occurrence is AVERAGE, the contingent obligation must be revealed. If the probability of occurrence is LOW, nothing is done.

Contingent asset: Possible right (Asset) arising from past events, the existence of which must be confirmed by uncertain fu-ture events that are not fully under the Company’s control.

Recognition: The Company should not recognize any contin-gent assets unless the realization of the income is virtually certain.

Measurement:

1. HIGH PROBABILITY: A reasonable estimate is made (including a probability analysis) brought to present value defined by the entity’s management, along with experience in similar cases and occasionally by experts

Probability of occurrence from 81% to 100% Create provision

2. AVERAGE PROBABILITY: No record is made in the financial statements. The likely events that could affect the obligation but which are not directly under the entity’s control must be revealed.

Probability of occurrence from 51% to 80%

Disclose in the financial statements

3. LOW PROBABILITY: No adjustments or disclosures are made. Probability of occurrence from 0% to 50% Nothing is done

3.19 TRADE AND OTHER ACCOUNTS PAYABLE, CURRENT AND NON-CURRENT

Accounts payable are financial instruments that generate the obligation to make a payment in cash or other financial instrument in exchange for a service received or goods pur-chased. Under this heading of the financial statements, the Company records the accounts payable that must be paid within the operating cycle or in a term of up to one year; those to be paid after the operating cycle or in more than one year are classified as non-current.

This heading does not include accounts payable to related parties and associates.

Initial and subsequent measurement: The Company uses the transaction value measurement, which is normally the fair value according to IAS 39. The accounts can be derecog-nized if they do not meet the condition to be a liability.

3.20 ACCOUNTS PAYABLE FROM RELATED PARTIES AND ASSOCIATES, CURRENT AND NON-CURRENT

Accounts payable to related parties are financial liabilities that arise from relationships and/or contracts with related companies; these relationships generate the obligation to make payments in cash or other financial instrument in ex-change for a service, goods or a loan received. Under this heading of the financial statements the Company records the accounts payable that will be paid within the operating cycle or in a term of up to one year as current; those to be paid after the operating cycle or in more than one year are non-current.

Related party: An entity is related to a reporting entity if any of the following conditions apply:

Conconcreto — 244

SEPARATE FINANCIAL STATEMENTS 0101• The entity and the reporting entity are members of the

same group.• The entity is an associate or joint venture of a member of

the group to which the other entity is a member. • The entity is controlled or jointly controlled by one per-

son; it exercises control, joint control over a reporting en-tity; it exercises significant influence over the reporting entity, or it is a key member of the management of the reporting entity or a controller of the reporting entity.

Initial and subsequent measurement: The Company will use the transaction value measurement, which is normally the fair value according to IAS 39. The accounts can be derecog-nized if they do not meet the condition to be a liability.

In general, loans are listed under these headings, but not trade accounts payable. If there are any loans between the companies, they are provided at market rates. However, there may be specific loans provided at zero interest or at less than market rates. In these cases, the amortized cost will be applied only when they are generated in the long term (more than one year).

3.21 TAX LIABILITIES, CURRENT AND NON-CURRENTCurrent income and CREE tax is the tax payable in the year on taxable income, and it is calculated based on the rate and regulations in force on the balance sheet closing date.

Non-current income and CREE tax is the tax payable in the future for agreements or rulings between the Company and the tax authorities.

Initial and subsequent measurement: Current tax liabilities are measured based on the amount expected to be paid to the tax authorities on account of income tax in the corre-sponding period.

3.22 DEFERRED TAX LIABILITYThe deferred tax liability is the temporary taxable differences between the carrying value of the assets and liabilities for financial effects and the values used for tax purposes. The deferred tax is amortized over the periods in which the tem-porary differences that gave rise thereto are reversed.

Initial and subsequent measurement: The deferred in-come tax is calculated based on the resulting temporary tax-able differences. It is measured using the current rates for the period.

3.23 OTHER NON-FINANCIAL LIABILITIES, CURRENT AND NON-CURRENT

In this concept, the Company groups together the liabili-ties that are not considered financial instruments, but meet the definition of a liability in the conceptual framework. It includes mainly the prepayments and advance payments received from customers to carry out projects and deferred income liabilities that will later be recognized as income in the statement of income.

In the non-current financial liabilities, the Company lists the liabilities that are not considered financial instruments, but meet the definition of liability in the conceptual frame-work and are amortized or paid after the operating cycle. Non-current financial liabilities mainly include prepayments and advance payments received from customers to carry out projects.

Initial and subsequent measurement: The Company mea-sures these liabilities at transaction value less any reduction due to derecognition in accounts.

An advance payment received by a customer can be re-classified as other financial liabilities if it meets the neces-sary conditions. For instance, an advance payment received for a contract that has already been completed or was not carried out, giving rise to the obligation to return the money;

this advance payment will be considered a financial liability.When prepayments are received for the delivery of goods

or the provision of services in future periods, a non-financial liability must be recognized at the fair value of the consider-ation received.

The recognized liability shall be transferred to income as the sale of the asset is realized or the service is provided. In any case, the recognized liability must be transferred to income in full when the obligation to deliver the goods or pro-vide the service for which the advance payment was made has been concluded.

3.24 EMPLOYEE BENEFITSThe employee benefits in the Company are mostly consid-ered short term and therefore, they are measured at transac-tion value as a fair value.

Non-current benefits are rights acquired by employees defined by law or agreements with professional associations. This heading includes the post-employment or long-term benefits to which employees are entitled either due to the minimum age requirement or time of service with the Com-pany.

Initial and subsequent measurement: The methodology of fair value measurement is applied, because the Company, at the end of each period, carries out the analysis with actuarial calculations to establish the present value of long-term ob-ligations.

3.25 ISSUED CAPITALThis concept includes the value of the Company’s capital at nominal value. It is measured at transaction value.

3.26 ISSUE PREMIUMThis is the highest value paid by a new shareholder on the nominal value of the shares acquired. It is measured at trans-action value.

3.27 RETAINED EARNINGSRetained earnings reflect the income generated in the busi-ness and usually flow through the statement of income. However, there may be transactions that do not go through the statement of income and are directly reclassified in the statement of retained earnings, such as the adjustments in the initial adoption of the IFRS and the revaluation surplus of property, plant and equipment when it is realized, among others.

3.28 RESERVESIncludes mandatory reserves, non-recurring reserves or re-serves defined by the highest decision-making body to pro-tect possible losses or contingencies or for future investment. Reserves are measured in accordance with the defined per-centage or value based on profit or loss.

3.29 OTHER RESERVESThis heading includes the Company’s other comprehensive income and its holdings in subsidiaries.

3.30 REVENUE RECOGNITIONRevenue includes the fair value of the consideration received or to be received from the sale of goods and services during the ordinary course of business activities. Revenue is shown net of VAT, returns, rebates and discounts and after eliminat-ing intra-group sales.

The Company recognizes revenue when the amount of revenue can be reliably measured, it is likely that future eco-nomic gain will flow into the entity and the specific conditions for each of the group’s activities have been met.


Rental income: Income from ordinary activities, corresponding to leases is recognized on a monthly basis during the term of the contract.

Recognition of interest and dividends: The Company recognizes in-come from ordinary activities arising from the use of financial assets that produce interest, provided that:• It is likely that the entity will receive the economic gain as-

sociated with the transaction.• The amount of income can be reliably measured.

Measurement: The Company shall recognize the income from ordinary activities based on the following:• Interest are recognized using the effective interest meth-

od, as set forth in the chapter on financial instruments.• Dividends are recognized when the shareholder’s right to

receive them is established.

The Company recognizes default interests, which are billed only at the time of payment, due to the uncertainty of the recovery thereof.

3.31 CONSTRUCTION CONTRACTSThe costs of the contracts are recognized when incurred. The cost of the contract includes the direct costs, indirect costs attributable to contract activity, as well as the costs to insure the contract and financial costs related to specific contracts. When the outcome of a construction contract cannot be reli-ably estimated, contract revenue is recognized only to the extent of the contract costs incurred that are expected to be recovered.

When the outcome of a construction contract can be estimated reliably and the contract is likely to be profitable, contract revenue is recognized during the term of the con-tract; contract revenue includes the initially agreed revenue, variations in the construction contract and additional incen-tive payments.

When the contract costs are likely to exceed the total rev-enue thereof, the expected loss is recognized immediately as a cost. All costs directly related to revenue reported for the current stage of completion are recognized in the consoli-dated statement of comprehensive income. This means that the materials not incorporated in the project, advance pay-ments to subcontractors and, in general, any cost incurred in relation to the activities to be carried out in the future (work in progress) are not a part of the cost recognized in the state-ment income for that period.

The materials not incorporated and the advance payments to subcontractors are classified as inventories and/or pre-payments, respectively.

When unpaid income and withholding taxes are greater than the advance payments of all the contracts underway, the Company presents it as an asset payable by customers. The partial billings not yet paid by customers and withholding taxes are included in “Trade and other accounts receivable”. When the advance payments are greater than the withhold-ing and unpaid income of all the contracts underway, the Company presents it as a liability payable to customers. In these cases the advance payment balance is shown in “Oth-er non-financial liabilities”. In addition, the Company offsets advance payments according to agreements with clients at the time of generating invoices.

The Company handles two types of construction contracts: a) Fixed-price contracts: Where the contractor agreed

on a fixed price or fixed amount per unit of product and, in some cases, these prices will be subject to revision clauses should the costs increase.

b) Cost plus contracts or delegated management con-tracts: In which the contractor receives reimburse-ment for the allowable costs defined in the contract, at the expense of the customer, obtaining fees calcu-lated as a percentage of these costs or determined as a fixed amount. Noncompliance and/or fines as-sociated with the execution of contracts with third parties shall be recognized when they occur and they affect the projected income from construction works. They are recognized as a provision.

Contract costs shall include: Costs of labor, materials used in the construction, depreciation of property, plant and equipment used in the construction, transport costs, rent-al costs of property, plant and equipment, cost of designs and technical assistance, rectification and guarantee costs and third party claims, among others. These costs can be reduced by any income that has not been included in the ordinary activities of the contract, for instance: Sale of mate-rials or liquidation of property, plant and equipment once the contract has concluded.

3.32 DISTRIBUTION OF DIVIDENDSThe distribution of profits will be approved by the General Meeting of Shareholders if passed by a plural number of shareholders representing at least 78% of the shares at the meeting.

If this majority is not obtained, at least 50% of the net profit or the balance thereof must be distributed, if losses from previous periods have to be covered.

3.33 ENVIRONMENT The costs of business activities aimed at protecting and im-proving the environment are recorded as a cost for the period in which they are incurred. When they involve additions to property, plant and equipment, with the purpose of minimiz-ing environmental impact and protecting and improving the environment, they are recorded as a higher value of the fixed assets.

The performance principle of Company is the sustainabil-ity of its operations based on the premises of preventing pol-lution, conserving natural resources and the promoting the wellbeing of the community and employees of the organiza-tion.

We monitor the environmental legal requirements associ-ated with our activity and that of our contractors and provid-ers on a continuous basis, incorporating applicable obliga-tions in the contracts and ensuring the fulfillment thereof through tools for pre-qualification, inspection, auditing and performance evaluation.

The Company has not been sanctioned for environmental violations, nor has it generated disbursements or investments that go against environmental protection and conservation.

3.34 EARNINGS PER SHARE Basic earnings per share are calculated by dividing the earn-ings attributable to Company shareholders, by the weighted average of common shares outstanding during the year, ex-cluding any common shares acquired and held as treasury shares.

4. SPECIFIC NOTES

4.1 ACCOUNTING ESTIMATES AND JUDGMENTS OR MANAGEMENT CRITERIA

The estimates used by the Company in these separate finan-cial statements relate basically to:

Conconcreto — 246

SEPARATE FINANCIAL STATEMENTS 0101ASSET IMPAIRMENTThe Company evaluates annually, or before if there is any sign of impairment, the recoverable value of all non-current assets subject to impairment, to assess whether there are any impairment losses in the value of these assets.

USEFUL LIFE AND RESIDUAL VALUEThe Company has estimated the useful life of depreciable assets based on the period during which each asset is ex-pected to be used, considering the need to allocate a differ-ent useful life to a significant part of an item of property, plant and equipment, if necessary.

The residual value of the assets is estimated by calculat-ing the amount that the Company could obtain when selling the item at the end of its useful life, deducting the estimated cost of sales.

The Company reviews useful life and residual value an-nually based on new expectations and any changes in the assumptions used.

REVENUE RECOGNITIONThe Company uses the percentage of completion method to recognize the revenue from its construction contracts with third parties. This method for recognizing revenue requires the Company to estimate the actual costs incurred to date as a percentage of the total projected costs.

CONSTRUCTION CONTRACTSThe most commonly used estimates when preparing finan-cial statements are cost and revenue projections in construc-tion contracts. However, they are verified by qualified staff and supported by construction site budgets. With regard to estimated income, the Company uses the contracts signed with customers as support, along with any highly certain claim according to the criteria of IAS 11.

CONTINGENT PROVISIONS AND LIABILITIESThe probability analysis considers the classification of con-tingencies as low (0% to 50%), medium (51% to 80%) or high (81% to 100%). Experts on the specific topic must par-ticipate in this classification.

The Company is the defendant in various administrative and judicial proceedings in administrative, civil, commercial and labor disputes for which an unfavorable decision would represent a liability. Company management, together with its external and internal legal advisers, considers that the likely resolution of these contingencies will not materially affect the Company’s financial position or performance.

In addition, for contingencies considered risks that could result in rulings against the Company, it has taken out in-surance policies to cover liability for material damage or personal injury caused by or in connection with the normal course of the work, operations and properties belonging to Constructora Conconcreto S.A. or those for which it may be liable, including but not limited to contractors, subcontractors, employees and executive staff.

Contingent liabilities are disclosed and recorded pursuant to Note 4.35 Contingencies, Judgments and Other.

DEFERRED TAX ASSETSThe Company recognizes deferred tax assets on account of temporary tax differences, to the extent that they are likely to generate future tax profits. Future earnings are estimated using operations projections and budgets.

4.2 RISK MANAGEMENTAt our Company, risk management is an ongoing process, recognized by the Organization as part of the corporate best

practices on all levels to safeguard the sustainability, growth and stability of the business by maximizing probabilities and consequences of positive events or minimizing the likelihood and consequences of adverse events.

This helps in the implementation of risk prevention, pro-tection, control, response and transfer strategies and contrib-utes scenarios for decision-making.

Our risk management process consists of contextualiz-ing identifying, analyzing, evaluating and dealing with risks, while they are constantly communicated and monitored.

CONSTRUCTION BUSINESSi. Infrastructure

We have the technical and human capacity to design, build, maintain and operate major works, such as tun-nels, bridges, airports, hydroelectric power plants, roads, carriageways, projects for Public-Private Part-nerships (PPP) and mass transit systems. Both our public and private services contribute to the develop-ment of the country. The specialized construction services of this area have set the standard our Company’s history, due to the administrative and engineering complexity of the projects carried out.

ii. BuildingConstruimos proyectos de tipo industrial, comercial, institucional y de vivienda, plantas de producción, subestaciones eléctricas, silos deslizados, centros de distribución, grandes superficies, universidades, bibliotecas, clínicas, centros culturales y todo tipo de proyectos de vivienda, hacen parte de las obras de edificación que hemos desarrollado.

RENTALS AND INVESTMENT BUSINESSFor our Company, investing means identifying opportunities where construction becomes the vehicle to offer real estate and infrastructure solutions that generate income in the long-term, with multiple attributes and comprehensive ser-vice with high value added, as the main differentiating factor.

Rentals are diversified in sectors such as: highway con-cessions, urban service concessions, warehouse rentals and storefront rentals.

There are four risk categories at the Company, where the ones to which it is exposed are identified:

4.2.1 ENVIRONMENTAL RISKSExternal risks arising from the organization’s environment.

4.2.1.1 RISKS DUE TO EXPOSURE TO ECONOMIC CYCLES

The construction industry is an engine of the economy and a major player in generating jobs. However, this industry is highly vulnerable to changes in the economic cycles, as well as changes in economic variables, such as inflation, unem-ployment, interest rates and financing conditions.

At the Company, exposure to this risk is minimized by using the diversification strategy, the inclusion of different lines of business, internationalization, innovation, specialized markets with little competition and long-term rentals, which are some of the ways we deal with the impacts of this type of risk.

4.2.1.2 COUNTRY, REGULATORY AND TAX RISKColombia is a country whose economic growth is attractive for investment, with clearly established political institutions. However its internal conflicts and recognized political divi-sions lead to uncertainty in the political, regulatory and eco-


nomic conditions that can affect the Company’s financial re-sults at any given time.

Global risk maps place Colombia as a country with the intention of stability, but rate it as moderately unstable.

Its ideological diversity has a significant impact on the de-partmental and municipal legislation, and this aspect have a clear impact on activities such as real estate.

In tax terms, in Colombia, the state’s cost of operation, the need for investment programs with public spending and the tax deficit are threats that can affect the attractiveness of certain businesses and, in turn, are opportunities for par-ticipating in new businesses, whose structuring implies the proper assessment in order not to compromise the Compa-ny’s generation of cash flow.

The countries in which it operates have an economic repu-tation and political stability, and do not represent a risk to the continuity of the business.

4.2.1.3 RISK OF PUBLIC ORDERThe disruption of public order is understood as a drawback for the achievement of organizational objectives when it takes place through different forms of crime, public protest, revolt, social disobedience, riots, rebellion, sedition, revolu-tion or subversion. This contingency has a high probability of occurrence in Colombia and increases depending on the geographic location of many of the projects or business in which we are involved.

4.2.1.4 CONFLICT RESOLUTION RISKAt the Company, conflict resolution is defined as the way to settle the differences that arise with the entities with which we interact, which can be: Customers, suppliers, employees, government, inspection bodies, communities, partners.

4.2.1.5 RISK OF COMPETITIONIn Colombia and Central America, where most of the Com-pany’s operations are concentrated, there is a large number of local and foreign competitors.

The Company has recognized experience, financial and technical capacity, and the reputation to play an active role in the business niches of its interest.

The innovation and development of state-of-the-art mod-els have made the Company a leading competitor on the markets in which it is involved.

Joint ventures with other companies in projects where the sum of experiences is important is another strategy that has increased the probabilities of success to operate and take part in businesses on the market.

4.2.2. OPERATIONAL RISKSRisks associated with the implementation of the Company’s projects and businesses, in administrative and technical processes.

4.2.2.1 CONTRACTUAL RISKSTo the Company, contractual risks fall within the possibility of contract fulfillment and the terms that have to do with the performance agreement with the customer, such as: Delivery of the final product, specifications, term and price.

During the execution of contracts, projects are covered by all-risk construction policies, which protect the Company’s equity in the occurrence of events that endanger or compro-mise the works already carried out.

4.2.2.2 RISK OF COST OVERRUNS IN SUPPLIES AND LABOR

Changes in the cost of construction supplies, such as con-crete, steel and labor, have a significant impact on the out-come of the projects..

4.2.2.3 COUNTERPARTY RISKWe understand this risk as the failure to deliver goods or ser-vices on the agreed date.

4.2.2.4 LEGAL RISKAt the Company, there is a legal risk with commercial obli-gations, contracts and agreements; it is associated with the possibility of being fined or required to pay compensation for damages as a result of non-fulfillment.

This occurs when situations arise that are justified by judi-cial or legal voids, imperfections or ambiguity of the contracts.

4.2.2.5 WORK QUALITY RISKSWork not done correctly, with less than the desired technical or operating specifications, unintended aesthetic results, among others, are part of the list of factors that materialize this risk.

They commonly involve a reprocessing and/or recon-struction component, in addition to the immediate cost of response, which in most cases gives rise to collateral conse-quences on reputation.

4.2.2.6 RISK OF OCCUPATIONAL ACCIDENTSThe construction sector has one of the highest accident and death rates in the industry.

The activities carried out in this field involve high risk and the Company is no stranger to this problem.

4.2.2.7 MODEL RISK (BID)In our area of business, we are continually faced with: • In construction, the models used for the preparation of an

economic tender may contain human error as a result of measurements, hypotheses, the variables assumed, or

• In investments, the assets may have been valued using the wrong model or with the right model for the wrong parameters.

In both worlds, once the decisions to tender or invest are closed, in most cases, this means dealing with cost overruns or preparing action plans to control losses.

4.2.3. FINANCIAL RISKSThe Company understands financial risk as the events as-sociated with financial management.

4.2.3.1 FOREIGN EXCHANGE RISKThe Company recognizes all transactions carried out in currencies other than the contract operating currencies. Varying exchange rate vs. local currency or contract cur-rency leads to situations where the revenue can be higher or lower, purchases can be above or below the amount expected in the contract and the liabilities can be signifi-cantly higher or lower than initially agreed.

4.2.3.2 RISK DUE TO EXPOSURE TO VARIABLE INTEREST RATES

This risk refers to the exposure of the Company’s debt in view of macroeconomic variables or debt restatement indi-ces. It represents a risk when the debt increase is not in cor-relation with revenue, thus causing an undesired economic effect on the Company’s performance.

4.2.3.3 CREDIT RISKThis risk is related to third parties’ ability to fulfill their finan-cial obligations with the Company.

ACCOUNTS RECEIVABLE At present, the Company has a diversified customer portfolio, i.e. its operation does not depend on just one customer or a particular group of customers.

Conconcreto — 248

SEPARATE FINANCIAL STATEMENTS 0101INVESTMENT OF SURPLUS CASHIn the placement of surplus cash, the Company manages a clear methodology that allows it to make decisions based on the rating and risk of the products in which it invests surplus cash temporarily. The management of these funds is always aimed at creating a benefit and sustaining the value over time, without compromising the future commitments of the Orga-nization and without exposing said funds to risks other than those of the business operation.

4.2.3.4 LIQUIDITY RISKThis risk is associated with the Company’s capacity to fulfill its obligations on the dates agreed.

4.2.3.5 RISK OF FRAUDAt the Company, the risk of fraud is associated with the con-tamination of processes with personal interests not in line with the Organization’s corporate purpose, false instructions, the diversion of funds or resources for personal interests, the alteration of documents and the simulation of activities. These are just some of the most significant events.

4.2.4. STRATEGIC RISKSStrategic risks are those associated with the Organization’s strategic activities regarding the products and services or markets and businesses.

4.2.4.1 RISK OF MERGERS AND ACQUISITIONSWe generate value in strategic alliances and we grow through the sum of experiences, so the acquisition of companies that add value to the process, expand the service portfolio and allow cost integrations is part of our business. We are aware that these investments represent

threats and opportunities that must be assessed, making our best effort to maintain the profitability of investments and the productivity of our assets.

4.2.4.2 RISK OF INNOVATIONWe are innovating all the areas of business. Innovation is one of the Company’s distinguishing factors that enables it to stay at the forefront as a construction and makes us more efficient in all our processes. However, this distinguishing factor represents a risk due to the use of new materials, the testing of new construction processes and trial and error of certain systems or equipment; in any case, taking the risk to change often involves taking the path never before traveled. To minimize this risk, the Company pays special attention to the traceability and constant monitoring of the performance of each new initiative. It seeks the opinion of experts, the experience and qualifications of its professionals and the proper selection of suppliers and materials.

4.2.4.3 RISK SHARING IN INTERNATIONAL PROJECTSAt the Company, this risk is associated with the decision to take part in projects where we do not have an es-tablished headquarters, branch, subsidiary or associate, where we are not familiar with the regulations and we do not have knowledge of the area.

4.2.4.4 IMAGE AND CREDIBILITY RISKThese are events that can affect the Company’s good name on the market in a positive or negative manner.

As a risk, the activities of its officers and community rela-tions are assessed.

4.3 CASH AND CASH EQUIVALENTS

BREAKDOWN DEC-15 DEC-14Banks (1) 462.682.299 163.208.126 Short-term investments 80.537.704 109.134.792 Cash on hand 92.473 442.310 CASH AND CASH EQUIVALENTS 543.312.476 272.785.228

(1) Funds in banks are as follows:

COMPANY DEC-15 DEC-14Constructora Conconcreto S.A. * 325.351.478 18.447.174 Constructora Conconcreto S.A. - Consortium Vial Helios 118.893.650 115.108.413 Constructora Conconcreto S.A. - Consortium Binacional 7.675.458 14.003.649 Constructora Conconcreto S.A. - Constructor Obras CCFC 3.572.095 - Constructora Conconcreto S.A. - Consortium Conlinea 3 2.688.187 - Constructora Conconcreto S.A. - Consortium Conlinea 2 1.029.983 3.120.766 Constructora Conconcreto S.A. - Consortium Hidrocucuana 1.015.167 70.292 Constructora Conconcreto S.A. - Consortiums San Mateo 909.257 - Constructora Conconcreto S.A. - Consortium CC - Conciviles 607.645 837.169 Constructora Conconcreto S.A. - Consortium Aguadulce 468.611 3.910.982 Constructora Conconcreto S.A. - Consortium ECC - Loboguerrero 176.803 4.559.703 Constructora Conconcreto S.A. - Consortium CC-MP-HV Cusiana 147.532 1.418.948 Constructora Conconcreto S.A. - Consortium CCC Ituango 74.263 13.534 Constructora Conconcreto S.A. - Consortium SBCC Aguadulce (Boscoal) 44.833 50.805 Constructora Conconcreto S.A. - Other Consortiums - Minor ** 20.986 38.478 Constructora Conconcreto S.A. - Mint Trust 5.461 2.939 Constructora Conconcreto S.A. - Consortium CC-MP-HV Palmeras 619 1.498.619 Constructora Conconcreto S.A. - Lote Soacha Trust 195 100 Constructora Conconcreto S.A. - Other Minor Trusts*** 76 238 Constructora Conconcreto S.A. - Buró 26 Trust - 314 Constructora Conconcreto S.A. - Ciudad del Bosque Trust - 25.082 Constructora Conconcreto S.A. - San Pedro II Trust - 100.924 TOTAL 462.682.299 163.208.126


* This balance includes COP 289,461,861 for capitalizing Vinci.** Porce III, Manso Amani, Puerto Brisa, Columbus and CC-Sofan-Dumar consortiums (Dec 2015). Porce III, Manso

Amani, Puerto Brisa and Columbus consortiums (Dec 2014).*** Living Trust, Cable Plaza and Asdesillas (Dec 2015) and Living Trust, Ciudad del Bosque and Asdesillas (Dec 2014).

Funds in short-term investments or mutual funds are as follows:

COMPANY ENTITY PROFITABILITYDEC 2015 DEC-15 DEC-14

Constructora Conconcreto S.A. Fiducolombia 4,94% 28.454.404 25.523.231 Constructora Conconcreto S.A. - Consortium Vial Helios Fiducolombia 4,94% 24.327.169 35.601.870 Constructora Conconcreto S.A. - Consortium CCC Ituango Fiducolombia 4,94% 13.242.140 25.394.817 Constructora Conconcreto S.A. - Consortium Conlinea3 Fiducolombia 4,94% 4.629.656 - Constructora Conconcreto S.A. Alianza Fiduciaria 4,64% 2.320.379 1.769.233 Constructora Conconcreto S.A. - Mint Trust Fiducolombia 4,94% 1.554.783 11.872 Constructora Conconcreto S.A. - Bali Trust Fiducolombia 4,94% 993.322 472.547 Constructora Conconcreto S.A. - Ciudad del Bosque Trust Fiducolombia 4,94% 957.529 299.710 Constructora Conconcreto S.A. - Life Trust Fiducolombia 4,94% 804.115 74.995 Constructora Conconcreto S.A. - Consortium CCC Ituango FONVAL 4,56% 655.792 579.706 Constructora Conconcreto S.A. - Consortium CCC Ituango Fiducolombia 4,94% 512.627 723.128 Constructora Conconcreto S.A. - Finito Trust Alianza Fiduciaria 3,85% 437.863 374.837 Constructora Conconcreto S.A. - Select Trust Alianza Fiduciaria 3,24% 421.433 96.377 Constructora Conconcreto S.A. - Allegro Trust Alianza Fiduciaria 3,02% 344.394 169.321 Constructora Conconcreto S.A. - Portal del Sol Trust Alianza Fiduciaria 3,24% 286.226 508 Constructora Conconcreto S.A. - Consortium Columbus BTG Pactual 4,52% 241.674 253.380 Constructora Conconcreto S.A. - Consortium CCC Porce II Fiducolombia 4,94% 204.994 498.586 Constructora Conconcreto S.A. - Living Trust Fiducolombia 4,94% 82.148 101.275 Constructora Conconcreto S.A. - Consortium SBCC Aguadulce Boscoal Fiducolombia 4,94% 20.529 8.457.083

Constructora Conconcreto S.A. - Other Small Trusts* Fiducolombia 4,94% 14.831 25.521 Constructora Conconcreto S.A. - Consortium RDS1 Fiducolombia 4,94% 10.420 58.975 Constructora Conconcreto S.A. BTG Pactual 5,30% 8.425 149.692 Constructora Conconcreto S.A. - Entreparques Trust Alianza Fiduciaria 2,74% 5.512 214.395 Constructora Conconcreto S.A. - Consortium Conlinea2 Fiducolombia 4,94% 4.987 74.640 Constructora Conconcreto S.A. - Consortium CC-MP-HV Cusiana FiduDavivienda 4,27% 2.024 983.297

Constructora Conconcreto S.A. - Other Minor Consortiums * FiduDavivienda 4,27% 327 315 Constructora Conconcreto S.A. - San Pedro Plaza Trust Phase 2 and 3 Fiducolombia - - 5.188.531

Constructora Conconcreto S.A. - San Pedro Plaza Trust Fiducolombia - - 1.783.674 Constructora Conconcreto S.A. - Buró 26 Oficinas Trust Alianza Fiduciaria - - 129.913 Constructora Conconcreto S.A. - Prestige Trust Alianza Fiduciaria - - 71.886 Constructora Conconcreto S.A. - Arvore Trust Alianza Fiduciaria - - 45.305 Constructora Conconcreto S.A. - Hotel Movich Trust Alianza Fiduciaria - - 6.171 TOTAL 80.537.704 109.134.792

* Palmeras and Manso Amani consortiums (Dec 2015) - Palmeras consortium (Dec 2014).*Toscano Trust, Park68, Las Mercedes, Cable Plaza, El Vínculo and Asdesillas (Dec 2015)*Toscano Trust, Park68, Las Mercedes, Cable Plaza, Lote Soacha, Buro 51, El Vínculo and Asdesillas (Dec 2014)

Conconcreto — 250

SEPARATE FINANCIAL STATEMENTS 0101Funds in foreign currencies are as follows:

FINANCIAL POSITIONDEC-15 DEC-14

USD EQUIVALENT USD EQUIVALENTAssets 15.436 48.209.208 17.425 40.740.583 Liabilities (13.270) (38.184.231) (31.764) (69.013.092)Net position 2.166 10.024.976 (14.339) (28.272.509)

EUR EQUIVALENT EUR EQUIVALENT Assets 624 1.979.335 453 1.274.700 Liabilities (343) (1.186.278) (242) (656.544)Net position 280 793.057 210 618.156

VEB EQUIVALENT VEB EQUIVALENT Assets 273 116.194 5.791 1.204.715 Liabilities (5.847) (1.204.080) (5.847) (1.204.080)Net position (5.574) (1.087.886) (56) 635

GBP EQUIVALENT GBP EQUIVALENT Assets - - 9 33.005

Liabilities (1) (5.638) (0) (592)Net position (1) (5.638) 9 32.413

USD: Dollar VEB: Venezuelan EUR: Euro GBP: British Pound

4.4 TRADE AND OTHER ACCOUNTS RECEIVABLE

BREAKDOWN DEC-15 DEC-14Other accounts receivable (1) 145.710.222 116.850.092 Domestic clients (2) 94.885.689 94.008.968 Advance payments (3) 74.362.430 81.478.794 Other accounts receivable 14.510.392 15.776.644 Withholdings from construction contracts 7.168.625 5.875.794 Other taxes 4.420.943 3.213.213 Sales tax 855.597 2.350.945 CURRENT 341.913.898 319.554.450 Domestic clients (4) 2.937.166 304.882 NON-CURRENT 2.937.166 304.882 TOTAL 344.851.064 319.859.332

(1) The breakdown of other accounts receivable follows:

BREAKDOWN DEC-15 DEC-14CURRENT

Ruta del Sol (Share) 69.411.005 48.961.414 Hidroituango (Share) 32.204.214 28.644.268 Multiplaza la Felicidad 10.704.428 - Puente Binacional 6.990.551 4.427.652 Tierras Puerto Aguadulce movement 4.826.694 2.139.541 Buró 25 Phase 2 and 3 3.807.475 - Buró 25 3.422.252 1.881.845 Guatapuri Expansion 2.363.615 - Porce III 2.012.155 2.012.155 Consortium CCFC "4C" (Share) 2.004.190 - Tierras Aguadulce Movement Mandate 1.626.605 - Fresenius 943.074 - BSF Centro Madrid 590.976 - San Pedro Plaza 485.148 485.148 Highway 77 Carriageways 484.087 2.318.033 Acqua Power Center 403.212 403.212 Coca-Cola 391.296 391.296 Calle 26 Project 251.600 7.375.817 Gran Plaza Central (Share) 225.120 - Puerto Agua Dulce (Share) 220.463 8.191.795 Other 2.342.063 9.617.916 TOTAL 145.710.222 116.850.092

This heading is comprised of income estimated using costs under IFRS, bad debtors, other claims, balances from holdings in consortiums and accounts receivable from employees.


(2) The breakdown of domestic clients follows:


Consortium Hidroituango (Share) 20.579.724 12.328.316 Ruta del Sol Sector Uno 14.553.699 14.828.407 Hoteles Estelar S.A. 6.604.445 6.471.978 Metropolitan Area of Valle de Aburrá 6.602.239 3.493.589 Consortium SBCC-Boscoal (Share) 6.342.736 - Sociedad Puerto Industrial Aguadulce 5.924.787 6.227.199 Puente Binacional (Share) 4.578.594 1.609.348 Consortium Cusiana (Share) 4.567.846 1.025.037 Cimcol S.A. 4.390.853 14.361.342 Promotora Parque Washington 3.110.222 5.907 Devimed S.A. 2.654.852 864.908 Gran Plaza Central (Share) 2.295.710 - Consortium Conlinea 2 (Share) 1.777.015 1.230.958 Cerromatoso S.A. 1.289.093 1.519.733 Compañía de Servicios e Inversiones 1.178.079 - Consortium Loboguerrero (Share) 1.172.223 2.336.354 Other 7.263.573 27.705.892 TOTAL 94.885.689 94.008.968

Balances with domestic clients correspond to accounts receivable for national construction and leasing services, warehouses and storage spaces and holdings in consortiums.

(3) The breakdown of advance payments follows:


Multiplaza La Felicidad 11.870.027 -Hotel Estelar Cartagena 10.387.994 8.345.277Atlántica Torre Empresarial 5.179.444 973.654Housing Bogotá, General Business 4.418.414 4.905.807Guatapuri II Shopping Mall 3.175.856 -Lote Asdesillas Pre-operations 3.018.713 2.009.753Equipment Medellín, General Business 3.000.540 75.085Las Chimeneas, Pre-operations 2.600.000 2.613.078Mint, Pre-operations 2.304.493 279.500Gran Plaza, Balance 2.254.215 -Housing Bogotá, General Real Estate 2.109.016 -Highway 77 Carriageways 1.950.627 6.327.721Select, General 1.679.851 994.426CI Bogotá, Real Estate Development 1.400.000 1.400.000Fresenius - Terranova indirect 1.172.013 1.599.804Medellín, General Treasury 1.136.113 379.505Allegro Apartments 980.509 340.059Bali, General 942.636 1.316.138Parque Industrial Logika II 853.955 1.792.051Buró 51 Funding 788.465 -General Park 68 665.000 350.000Consorc SBCC-Boscoal, Balance 650.825 228.948Apartamentos del Pino 649.954 585.431 General Trusts Life 643.248 - Cedi Alpina 606.428 - Ciudad del Bosque, General 586.478 336.180 Lote Lagartos, Indirect 568.239 14.900 Torremolinos Pijao Housing Phase 559.987 509.097 Buró 25 478.046 611.447 Puente Binacional 477.422 1.419.079 Hidroituango balance 339.935 1.622.068 Buró 51 201.517 5.645.800 Tierras Puerto Aguadulce Movement 197.726 2.794.130 El Poblado, Indirect 36.485 1.093.782 Bogotá, Infrastructure License 29.000 2.421.086 Gran Plaza, Indirect 20.403 14.019.720 Other minor 6.428.856 16.475.269 TOTAL 74.362.430 81.478.794

These are advance payments to suppliers for the implementation of projects and advance payments for the purchase of lots.

Conconcreto — 252

SEPARATE FINANCIAL STATEMENTS 0101(4) The breakdown of non-current domestic clients follows:


Compañía operadora Petrocolombia 2.752.284 - Horizont Institute Inc 184.882 304.882 TOTAL 2.937.166 304.882

Aging report for current trade and other accounts receivable:

BREAKDOWN TOTAL DEC 2015 NOT LATE 30 DAYS 90 DAYS 180 DAYS 360 DAYSRuta del Sol Sector Uno 14.553.699 - 5.568 18.560 502.108 14.027.462 Sociedad Puerto Industrial Aguadulce 9.302.769 9.302.769 - - - - Hoteles Estelar S.A. 6.776.842 47.162 5.642.771 620.668 379.121 87.120 Metropolitan Area of Valle de Aburrá 6.602.239 6.602.239 - - - - Cimcol SA 4.390.853 4.086.641 304.212 - - - Promotora Parque Washington 3.767.740 505.526 2.558.241 609.521 18.329 76.122 Devimed S.A. 2.654.852 1.398.710 1.256.142 - - - Asistencia Técnica Trust 1.291.005 785.247 - 329.953 175.805 - Cerromatoso S.A. 1.289.093 1.289.093 - - - -Compañía de Servicios e Inversiones 1.178.079 - 1.178.079 - - -Agencia Nacional de Infraestructura 928.054 - - - - 928.054Gaseosas Posada Tobón S.A. 920.631 - - 920.631 - -Fresenius Medical Care Andina S.A.S 734.968 - 734.968 - - -Muv Integrated Design Sl 726.549 726.549 - - - -Constructora Castello S.A.S 631.452 - 631.452 - - -Corporación Museo de Arte Moderno 461.898 - 3.152 458.747 - -Pijao Grupo de Empresas 428.571 267.983 157.945 509 - 2.133Inversiones Jiménez Silva y CIA 366.127 347.235 - 10.017 8.593 283Hotel Metro Yopal 330.556 157.154 - - (3.625) 177.028Irotama S.A. 304.674 - 304.674 - - -Saldarriaga Fernandez Juan Alejandro 296.604 - - - - 296.604Sistemas Especiales de Construcción 267.733 267.733 - - - -Global Inversiones Hoteleras S.A.S 257.854 - - - - 257.854 La Quinta S.A. 245.214 245.214 - - - - Schlumberger Surenco S.A. 215.050 14.074 - - - 200.975 Sacyr Construcción S.A Sucursal Colombia 159.013 159.013 - - - -

Meals Mercadeo de Alimentos De Colombia 130.879 560 130.319 - - -

Pavimentos Colombia S.A.S. 126.221 126.221 - - - - Alimentos Cárnicos S.A.S 125.579 - 105.859 19.720 - - Carbones del Cerrejón Limited 125.280 - 125.280 - - - Horizons Institute Inc 120.000 - - - 10.000 110.000 Constructora Venice S.A.S. 107.398 53.556 12.941 40.901 - - Despachadora Internacional de Colombia 104.290 67.404 36.886 - - -

Garbrecht Olarte Edwin 95.661 92.979 - 2.682 - - Kanzen Environmental Services S.A.S 91.451 - - 91.451 - - Inversiones Jimenez Garbrecht y CIA 89.280 89.280 - - - - Obregón de Herrera Beatriz 81.012 - - - - 81.012 Optima S.A. Vivienda y Construcción 80.480 57.318 23.162 - - - Garbrecht Villamarin Ronald Alfredo 71.458 69.454 - 2.004 - - Ramírez Monsalve Maria Clara 65.000 - 65.000 - - - Familia Garbrecht Olarte 189.494 189.494 - - - - Garbrecht Helo Ltda 62.983 62.983 - - - - Global Operadora Hotelera S.A.S. 57.926 - - 57.926 - - Familia Suarez Jimenez 227.540 227.540 - - - - Almacenes Exito S.A. 52.691 - 26.873 - - 25.818 Ags Consultores S.A.S. 52.478 - 18.741 33.737 - - Inversiones Campo Isleño S.A. 51.356 - 51.356 - - - Compañía de Galletas Noel S.A.S 45.540 40.727 4.813 - - - Compañía Nacional de Chocolates S.A 45.540 45.540 - - - - Instituto Nacional de Vías 41.244 - - 41.244 - - Inversiones Aeropuerto 26 S.A.S 39.532 - - - 39.532 - Inversiones Bejumar S.A.S. 30.125 - 30.125 - - - Ramírez Londoño Clara Ines 25.400 - 25.400 - - -


BREAKDOWN TOTAL DEC 2015 NOT LATE 30 DAYS 90 DAYS 180 DAYS 360 DAYSGestion Cargo Zona Franca S.A.S 22.505 - 22.505 - - - Consortium Plan Vial 2015 20.724 - 19.448 1.276 - - Suministros de Colombia S.A.S 20.305 - - 20.305 - - Familia Herrera Obregon 81.012 - - - - 81.012 Rocales y Concretos S.A 20.000 - - 20.000 - - Other minor 403.642 - 403.642 - - - Conconcreto Costs and Share 144.699.383 144.699.383 - - - - Advance payments to suppliers 74.362.430 - 74.362.430 - - - Share in Client Consortiums 42.961.928 42.961.928 - - - - Taxes 5.276.540 5.276.540 - - - - Other accounts 12.627.471 12.627.471 - - - - TOTAL 341.913.898 232.890.720 88.241.985 3.299.853 1.129.863 16.351.477

4.5 ACCOUNTS RECEIVABLE FROM RELATED PARTIES AND ASSOCIATESAccounts receivable from related parties and associates classified by heading follow:

BREAKDOWN DEC-15 DEC-14Domestic clients (1) 50.721.638 85.545.167 Other accounts receivable (2) 24.364.023 34.002.936 Advance payments to suppliers 2.678.588 1.925.774 CURRENT 77.764.250 121.473.876 Other accounts receivable (3) 22.532.445 22.006.398 Domestic clients 109.164 364.076 NON-CURRENT 22.641.609 22.370.474 TOTAL 100.405.859 143.844.350

(1) National clients of related parties


Pactia Trust 8.625.309 - El Poblado Trust 7.745.507 33.012.883 Madeiro Trust 7.674.844 370.723 Banco Corpbanca Colombia S.A 6.386.258 21.711.506 Soletanche Bachy Cimas S.A. 2.963.481 949.384 Logika II Trust 2.778.937 - Ampliacion Guatapurí Trust 2.211.015 - Consortium CCC Ituango 2.201.342 1.823.180


Consortium C.C. 1.856.758 1.678.877 Consortium Obra Puerto Brisa 1.108.299 1.283.872 Consortium Aguadulce 1.035.025 3.920 Consortium Vial Helios 1.015.130 375.897 Lote Lagartos Trust 909.262 46.903 Industrial Conconcreto 893.110 2.662.894 Lote Hayuelos Trust 829.154 3.058.086 Inmobiliaria Conconcreto S.A.S. 598.036 5.973.680 Consortium San Mateo 471.888 - Consortium SBCC Aguadulce 191.176 1.383.304 Consortium Binacional Batalla de Cucuta 136.153 135 Entreparques Trust 30.082 457.110 Puente Binacional (Share) - 8.105.495 Other 1.060.872 2.647.319 TOTAL 50.721.638 85.545.167

Balances with national clients of related parties correspond to accounts receivable for administration in construction services and works.

Conconcreto — 254

SEPARATE FINANCIAL STATEMENTS 0101(2) Other current accounts receivable for related parties


Consortium Vial Helios 13.457.846 7.112.944 Consortium C.C. 4.788.728 6.697.384 El Poblado Trust 2.810.913 2.802.608 Consortium Hidrocucuana 2.679.786 9.739.791 Consortium Manso Amani 267.926 267.926 Grupo Heróica S.A.S 184.817 - Consortium CC-Sofan-Dumar 122.500 - Consortium Binacional Batalla De Cucuta 49.047 158 Consortium San Mateo 1.182 - Consortium CC Hl Columbus 550 - Otros 728 7.382.125 TOTAL 24.364.023 34.002.936

Breakdown of current accounts receivable aging report for related parties and associates:

BREAKDOWN TOTAL DEC 2015 NOT LATE 30 DAYS 90 DAYS 180 DAYS 360 DAYS

Consortium Vial Helios 14.811.353 7.127.336 1.411.781 223.989 1.973.076 4.075.171 El Poblado Trust 10.557.877 1.175.819 493.727 1.922.654 6.866.678 98.999 Madeiro Trust 7.674.844 1.195.038 747.979 1.921.394 3.709.937 100.497 Pactia Trust 8.625.309 1.056.030 2.218.544 4.176.757 1.173.978 - Consortium C.C. 6.645.486 - 12.960 26.090 65.494 6.540.941 Consortium Hidrocucuana 2.685.864 2.255.778 190.087 240.000 - - Banco Corpbanca Colombia S.A 6.386.258 3.663.982 2.722.276 - - - Consortium CCC Ituango 2.201.342 1.156.941 1.043.177 1.225 - - Soletanche Bachy Cimas S.A. 2.963.481 2.195.910 240.623 - 526.947 - Trust Logika II 2.778.937 - 2.778.937 - - - Ampliacion Guatapurí Trust 2.211.015 2.211.015 - - - - Consortium Aguadulce 1.489.405 855.031 488.785 145.590 - - Consortium Obra Puerto Brisa 1.108.299 - - - - 1.108.299 Entreparques Trust 283.857 - 38.743 19.701 - 225.413 Consortium San Mateo 944.958 74.555 504.900 97.523 141.792 126.188 Lote Lagartos Trust 909.262 43.747 754.549 110.965 - - Industrial Conconcreto 893.110 10.696 (97.586) - - 980.000 Lote Hayuelos Trust 829.154 829.154 - - - - Inmobiliaria Conconcreto S.A.S. 598.036 564.045 14.185 19.806 - - Consortium CC-Sofan-Dumar 122.500 - 122.500 - - - Consortium Binacional Batalla de Cúcuta 370.399 174.534 97.785 97.794 31 255

Consortium SBCC Aguadulce 294.117 - 46.198 247.919 - - Consortium Manso Amani 290.663 - - - - 290.663 Grupo Heróica S.A.S 184.817 184.817 - - - - Villa Viola Trust 176.274 176.274 - - - - Buró 26 Trust 160.961 - - - 160.961 - Unilever Trust 119.482 81.702 37.780 - - - Consortium Conlinea 3 74.424 61.289 13.136 - - - Consortium ECC 42.254 42.254 - - - - Bodegas Familia Trust 37.000 - - - - 37.000 Consortium Conlinea 2 35.288 35.288 - - - - Arvore Trust 29.147 29.147 - - - - Carmona Tobón Maria Eugenia 16.000 - 16.000 - - - Consalfa S.A.S. 5.539 - 5.539 - - - Prestige Barranquilla Trust 4.823 - 4.823 - - - Aristizabal Mesa Jorge Mario 3.974 - 1.814 2.160 - - Buró 26 Trust 3.220 - 193 3.027 - - Consol S.A.S. 2.889 - 2.889 - - - Consortium CC Hl Columbus 550 - 550 - - - Pactia S.A.S 419 - 303 116 - - Fundación Conconcreto 382 382 - - - - Consortium Constructor RdS1 13 - 1 4 2 5 Share in Client Consortiums 1.191.268 1.191.268 - - - - TOTAL 77.764.250 26.392.031 13.913.179 9.256.713 14.618.896 13.583.430


(2) Other non-current accounts receivable for related parties


Consalfa S.A.S 21.991.651 21.077.410 Grupo Heróica S.A.S 497.100 928.989 Comercol S.A 43.694 - TOTAL 22.532.445 22.006.398

This heading is comprised of long term loans to related parties, subsidiaries and associates.

4.6 INVENTORYA breakdown of current and non-current inventory follows:

INVENTORIES DEC-15 DEC-14Current inventories 198.660.336 122.969.660 Non-current inventories 1.826.533 4.134.057 TOTAL 200.486.869 127.103.717

The breakdown corresponds to:

BREAKDOWN DEC-15 DEC-14Property inventory (1) 131.377.219 61.789.834 Other inventory (2) 40.428.970 30.704.643 Work in progress products (3) 21.921.082 23.986.763 Replacement parts 3.756.623 3.309.065 Stock 1.176.441 3.179.354 CURRENT 198.660.336 122.969.660 Property inventory 1.533.085 3.970.325 Replacement parts 293.448 163.732 NON-CURRENT 1.826.533 4.134.057

(1) The most significant part of the real estate inventory consists of constructions in progress and Trust housing, which are broken down as follows:

BREAKDOWN DEC-15 DEC-14Ciudad del Bosque Trust, Phase 1 (property) 19.377.445 9.919.613 Select 13.040.055 5.689.670 Finito Trust 12.360.847 8.148.160 Allegro 11.948.861 5.224.577 Bali 11.743.719 5.163.254 Peñalisa 6.506.333 - Life 3.094.875 -

BREAKDOWN DEC-15 DEC-14Entreparques Trust 2.746.623 2.635.442 Mint 450.780 - Toscano Trust 15.170 5.956 Trust Living Apartamentos Urban Development 619 1.022.315 Prestige Barranquilla Trust - 1.735.268 Arvore Trust - 97.032 HOUSING CONSTRUCTION PROJECTS IN PROGRESS TRUSTS 81.285.326 39.641.285 Real estate for sale 30.297.645 912.352 Developed lands to build on 12.817.464 12.817.464 Inventory for housing projects 6.976.784 8.418.733 TOTAL 131.377.219 61.789.834

(2) Other inventories follows:

BREAKDOWN DEC-15 DEC-14Inventory of materials for consortiums and joints ventures 15.263.764 16.650.969 Inventory of materials 18.821.118 11.100.717 Inventory of materials, managed construction works 6.529.136 3.119.139 Inventory provisions (185.047) (166.181)TOTAL 40.428.970 30.704.643

Conconcreto — 256

SEPARATE FINANCIAL STATEMENTS 0101(3) The breakdown of products in process follows:

BREAKDOWN DEC-15 DEC-14Conciviles 4.064.908 - Other minor 3.510.824 4.920.371 El Molino - Urbanismo 2.605.589 470.152 Chimeneas Patinodromo 1.925.138 - Puerto Azul 1.839.724 - Gran Plaza Cartago Indirect 1.710.721 1.687.089 Chimeneas Phase 3 Zanetti 1.219.833 1.055 Allegro Apartments 1.213.885 - Proyecto el Vínculo Soacha 1.174.866 827.083 Chimeneas Urbanismo 573.854 - Malachi, Indirect 565.795 153.913 Monte blanco 509.524 - Hotel Cali 503.638 412.027 Lote Lagartos, Indirect 502.784 38.135 Other minor - 15.476.938 TOTAL 21.921.082 23.986.763

4.7 TAX ASSETS AND LIABILITIES

BREAKDOWN DEC-15 DEC-14Tax credits in private liquidation 27.177.568,01 10.044.968,84 Self-withholdings at the source 1.629.218 1.428.490 Third party withholdings - 1.480.221 TOTAL 28.806.786 12.953.680

4.8 COMPANIES OF THE GROUP AND TRUSTS



OPERATIONSDATE OF

INCORPORATIONEQUITY PARTICIPATION COMPREHENSIVE

CONSOLIDATION METHOD USED% DIRECT

INDIRECTIndustrial Conconcreto S.A.S.

Exploration and exploitation of beach material.

Calle 5B Nro. 21-24 Girardota (Antioquia)

Girardota, Antioquia 21-Oct-70 100% Direct Global

Conconcreto Internacional S.A.

Manufacturing and marketing of panels and construction systems, for construction service provision.

República de Panamá

Republic of Panama 13-Dec-95 100% Direct Global

Inmobiliaria Conconcreto S.A.S.

General construction and other related activities.

Carrera 42 Nro. 75-125 Itagúi (Antioquia)

Itagüí, Antioquia 24-Sep-85 100% Direct Global

Ustorage S.A.S.

Promotion, acquisition, development, construction and sale of property and general performance of business on real estate.

Calle 143 Nro. 50-27 Bogotá Bogotá 9-Oct-97 65,59%

34,41% Direct Global

Inversiones Worldwide Storage S.A.

Provision of public ground transportation services and provision of removal, moving, hauling and courier services.

República de Panamá

Republic of Panama 23-Jun-11 100% Indirect Global

Cas Mobiliario S.A.

Investment in all kinds of property and property management. Likewise, purchase and acquisition, sale and transfer of all kinds of credits and shares or securities in general.

Calle 14 Nro. 40A- 8 Medellín Medellín 24-May-06 50,2% Direct Global

Soletanche Bachy Cimas S.A.

Supply, installation, mounting, maintenance, replacement and use of street furniture, nationwide and abroad; construction work; provision of advertising services and sale of outdoor advertising.

Cr. 23 No 124 87 Of. 703 Torre 1 Bogotá D.C.

Bogotá D.C. 16 sept./97 40,75%0,22% Direct Global

Concesiones C.C.F.C S.A.

Construction of public works through the concession system, as well as the total and partial development of public and private work through other alternate systems.

Av. Cl 26 No. 59 41 Of. 901 Bogotá D.C. Jun. 27, 95 24% Direct Equity method




OPERATIONSDATE OF

INCORPORATIONEQUITY PARTICIPATION

INDIRECT"% DIRECTINDIRECT

Autopista de los Llanos S.A.

Structuring, management and execution of concession agreements, construction contracts and any other type of contracts with public or private entities of any order and nature in the following activities: studies, design, construction, operation, maintenance and distribution.

Cr. 22 No. 4 -105 Villavicencio

Villavicencio (Meta) Sept 7/2012 8,47% Direct Equity method


Acquisition of urban and rural real estate of any type for the purpose of renting, processing, improving, trading, transforming or selling them. Promotion and development of professional and industrial plans for housing and shopping malls

Cl 7 D 43 A 99 IN 601 Medellín

Medellín (Antioquia)

Sept. 18/1998 27,79% Direct Equity method


Execution of construction works and all other activities necessary to adapt Calle 26 (Jorge Elicer Gaitán) and Carrera 10 (Av. Fernando Mazuera) for the Transmilenio and to maintain them thereafter in Bogotá, D.C.

Cl 30 B 7 A 88 SUR Bogotá D.C.

Bogotá D.C. Dic. 31/1997 33,20% Direct Equity method

Devimed S.A.

Draw up plans, execute infrastructure projects and engage in construction of public works, through the concession system or other forms of contracting.

Cr. 43 A Of. 807 Medellín Medellín (Ant) Mayo 9/1996 0,80% Direct Equity method

Grupo Heróica S.A.S.

Be the exclusively assigned to financially benefit from the Centro de Convenciones de CArtagena de Indias. Under its responsibility and risk, assume the management, operation, investment and maintenance of the Convention Center.

Cr. 8 Getsemaní Centro de Convenciones Cartagena de Indias

Cartagena (Bolivar) Junio 8/2011 30,00% Direct Equity method

Consol S.A.S.Trade, acquire, manage, subscribe, buy and sell assets and shares in other companies.

Cr. 6 No. 115 65 IN. 308 Bogotá D.C. Dic 14/2012 50,00% Direct Equity method

Consalfa S.A.S.

Study, design, plan, contract and execute all types of mechanical and industrial assembly works, buildings, civil works and property.

Cl. 110 No. 9 25 Of. 801 Bogotá D.C.

Bogotá D.C. May. 17/2010 50,00% Direct Equity method

Aerotocumen S.A.

Construction and building all types of buildings and civil works.

Panamá, República de Panamá

Panamá Abril 21/2009 40%10%

DirectIndirect Equity method

Pactia S.A.S.

Professional management and administration, directly or providing professional management services for real estate development funds and projects, regardless of the legal nature by which these are structured, including but not limited to operating and renting shopping malls, corporate buildings, warehouses, distribution centers, logistic parks, hotels and other similar projects; administering projects, managing third party assets and providing economic, administrative, marketing, financial and other related consulting services.

Carrera 43 A 18 Sur 135 P 4 Medellín

Medellín 10-jul-15 50% Direct Equity method

El Bosque Housing project in pre-sale phase

Carrera 15 No. 100 - 43 Pisos 3 y 4

Bucaramanga 12-jun-13 100% Direct Global

Madeiro House sale projectCarrera 15 No. 100 - 43 Pisos 3 y 4

Bogotá 12-jun-13 100% Direct Global

Conconcreto — 258

SEPARATE FINANCIAL STATEMENTS 0101COMPANY CORPORATE PURPOSE BUSINESS

ADDRESSGEOGRAPHICAL

AREA OF OPERATIONS

DATE OF INCORPORATION

EQUITY PARTICIPATION INDIRECT"% DIRECT

Lote Lagartos House sale project

Carrera 15 No. 100 - 43 Pisos 3 y 4

Bogotá 7-feb-13 100% Direct Global

El Poblado House sale project Calle 85 No. 9 - 65 Bogotá 10-ago-11 100% Direct Global

El Molino Project in pre-operation phaseCarrera 15 No. 100 - 43 Pisos 3 y 4

Neiva 1-abr-14 100% Direct Global

Lote Malachí Project in pre-operation phase Calle 34 No. 6 - 61 Piso 2

Soacha Cundinamarca 31-oct-14 76% Direct Global

Gran Plaza Cartago Project in pre-operation phase

Avenida el Dorado No 68B - 85 Piso 2

Cartago - Valle 31-ago-12 100% Direct Global

Sports Plaza Recreation Service Calle 31A Nro. 6-39

Yopal - Casanare 13-may-14 88% Direct Global

Puente de la 77 Advance Payment

Construction Contract Calle 31A Nro. 6-39 Sabaneta 31-dic-13 100% Direct Global

Bodegas Familia Warehouse Rental Calle 31A Nro.

6-39Girardota Antioquia 1-ene-06 100% Direct Global

Lote Palma Project in pre-operation phase Carrera 7 No. 27- 18 Piso 19 Medellín 24-jun-04 100% Direct Global

Hotel Cali Hotel Calle 31A Nro. 6-39 Cali 26-dic-13 100% Direct Global

Fresenius In Construction Calle 31A Nro. 6-39 Bogotá 16-dic-13 100% Direct Global

Devioriente Beneficiary Concesión Vial - Devimed

Calle 31A Nro. 6-39 Medellín 29-dic-05 100% Direct Global

Valverde House sale projectCarrera 15 No. 100 - 43 Pisos 3 y 4

Itagüí - Antioquia 21-may-15 100% Direct Global

Megacenter Expansion Project in pre-operation phase Calle 31A Nro.

6-39 Medellín 28-jul-15 100% Direct Global

Las Chimeneas Vivienda

Project in pre-operation phase Calle 8 Nro. 43A-115 Medellín 21-sep-15 100% Direct Global

Guatapuri Expansion In Construction Calle 31A Nro.

6-39 Valledupar 1-jun-15 100% Direct Global

Renta Vivienda Apartment rental Calle 31A Nro.

6-39 Medellín 22-oct-15 99% Direct Global

Deviplus Road Concessions Cr 48 Nro. 26-85 Medellín- Antioquia

Medellín 29-dic-05 3% Direct Global

Emgea Promotion of energy generation projects

Cl 8 43A-115 Medellín-Antioquia

Medellín 18-mar-10 1% Direct Global

Villa Viola Office rental Cr 15 Nro. 100 - 43 Bogotá Bogotá 1-sep-00 4% Direct Global

Devimed Road Concessions Cr 43 a 7 of 807 Medellín- Antioquia

Medellín 4-jun-96 3% Direct Global

Edificio CCI Office and parking lot rental Cr 13 Nro. 27- 47 Bogotá Bogotá 31-oct-07 4% Direct Global

Tanque Cazuca In Construction Cl 34 Nro. 6 - 61

Piso 2 Bogotá Bogotá 30-nov-15 16% Indirect Global

Securitization Securitization investmentsCl 8 Nro. 43A-115 Medellín-Antioquia

Medellín 3-nov-10 8% Direct Global

Pactia Trust Acquire, maintain and transfer legal ownership of properties

Calle 31A Nro. 6-39 Medellín 30-jul-15 50% Direct Global


4.9 INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

COMPANY NIT % NO. SHARES IFRS COST, DEC-14 SHARES CONTRIBUTIONS

TO TRUSTSDIVIDENDS RECEIVED

EQUITY METHOD, STATEMENT OF

INCOME

EQUITY METHOD,

STATEMENT OF EQUITY

BALANCEDEC-15

Investments Subsidiaries:Industrial Conconcreto S.A.S.

890,908,901 100,00% 5.312.359.978 127.168.450 - - (7.350.001) 4.549.250 (405.673) 123.962.026

ConConcreto Internacional S.A. 48,152,133 100,00% 428 53.340.254 - - (432.990) - 52.907.265

Inmobiliaria ConConcrero S.A.S.

890,939,355 100,00% 16.999.217 14.968.326 - - - 702.403 (184.879) 15.485.850

U Storage S.A.S. 830,037,895 65,59% 46.130 478.227 - - - 782.034 - 1.260.261Inversiones Worlwide Storage S.A.

REDI 1996315 100,00% 112 215.138 - - - 17.432 - 232.571

Cas Mobiliario S.A. 900,093,352 50,20% 125.500 3.122.921 - - (1.183.202) 1.249.350 - 3.189.069

SUBTOTAL 199.293.317 - - (8.533.203) 6.867.480 (590.552) 197.037.042

AssociatesSoletanche Bachy Cimas S.A. 830,035,702 40,75% 2.937.040 9.429.433 1.884.620 - - - - 11.314.053

Concesiones C.C.F.C S.A. 830,006,021 24,00% 140.636.000 7.829.290 - - - - - 7.829.290

Autopista de los Llanos S.A. 800,235,437 8,47% 65.487 3.690.179 - - - - - 3.690.179

Promotora Aldea del Viento S.A. 811,015,538 27,79% 83.373 107.246 - - - - - 107.246


900,192,595 33,20% 16.600 16.600 - - - - - 16.600

Devimed S.A. 811,005,050 0,80% 408.765 8.284 - - - - - 8.284Grupo Heróica S.A.S. 900,360,261 30,00% 15.000 169.644 - - - - - 169.644

SUBTOTAL 21.250.676 1.884.620 - - - 23.135.296

Joint venturesConsol S.A.S. 900,577,591 50,00% 88.065 4.244.014 15.226.000 - - - - 19.470.014

Consalfa S.A.S. 900,357,889 50,00% 30.793.100 5.320.399 13.422.701 - - - - 18.743.100 Aerotocumen S.A. 444,444,438 40,00% 40 2.656.608 - - - - - 2.656.608

Pactia S.A.S 900,866,992 50,00% 50 - 5.000 - - - - 5.000

Devimed S.A. 800.141.021 100,00% - 45.572.698 - - - (58.825) - 45.513.869

SUBTOTAL 12.221.020 28.653.701 40.874.722Grupo Heróica S.A.S. 830.054.539 60,00% - 20.280.792 103.291 (4.517.895) - (7.608.772) - 8.257.416

Torre Salamanca 830.053.700 100,00% - - 2.469.898 (2.469.898) - - - -

Fresenius Etapa I 830.054.539 100,00% - 16.156.174 29.999 - - 2 - 16.186.175

El Molino 830.053.812 86,00% - 11.461.813 7.538.187 - - - - 19.000.000

El Bosque 830.053.812 100,00% - 8.548.503 2.468.293 - - - - 11.016.796

El Poblado 805.012.921 100,00% - 9.398.141 6.792.932 (9.261.113) - 175.970 - 7.105.930

Lote Lagartos 830.053.812 100,00% - 8.200.000 - - - (24.697) - 8.175.303

Lote Malachí 900.542.247 75,86% - - 13.752.608 - - 5.831 - 13.758.439Gran Plaza Cartago 830.053.700 100,00% - 8.141.052 - (2) - 35 - 8.141.085

Madeiro 830.053.812 100,00% - 7.672.077 - (4.608) - 115.534 7.783.003Puente de la 77 Advance Payment

830.054.539 100,00% - 15.676.140 22.708 (9.917.844) - (25.754) - 5.755.250

Valverde 830.053.812 100,00% - - 4.247.000 - - 16 - 4.247.016

Lote Hayuelos 830.053.812 100,00% - 4.018.337 - (14) - (74.626) 3.943.697

Sports Plaza 830.054.539 87.77% - 3.740.774 345.322 - - (804.230) 3.281.866

Lote Cali 830.054.539 100,00% 2.566.226 - (12) - 217 - 2.566.431

Megacenter 830.054.539 100,00% - - 1.205.000 - - - - 1.205.000

Devioriente 830.054.539 100,00% - 24.016 - - (17.257.539) 17.257.539 24.016

Las Chimeneas 830.053.812 100,00% - - 1.000 - - 7 - 1.007 Trust Renta Vivienda 830.054.539 99,01% - - 20.964.697 - - 2.875.611 - 23.840.308

Ampliación Guatapuri 830.054.539 100,00% - - 1.000 - - 134.905 - 135.905

El Ensueño 830.054.539 100,00% - 93.612.220 - (93.612.220) - - - -

Conconcreto — 260

SEPARATE FINANCIAL STATEMENTS 0101Alcaravan Centro Comercial - Hotel 830.054.539 100,00% - 49.712.341 5.428.895 (51.970.699) - (3.170.537) - -

COMPANY NIT % NO. SHARES IFRS COST, DEC-14 SHARES CONTRIBUTIONS

TO TRUSTSDIVIDENDS RECEIVED

EQUITY METHOD, STATEMENT OF EQUITY

EQUITY METHOD,

STATEMENT OF EQUITY

BALANCEDEC-15

Guatapurí Plaza Comercial 830.054.539 100,00% - 33.176.550 - (33.904.714) - 728.164 - -

Flamingo 830.053.700 100,00% - 19.245.154 1.015.214 (21.951.478) - 1.691.110 - - Gran Plaza Soledad 830.054.539 100,00% - 17.015.848 700.428 (26.686.708) - 8.970.432 - -

Almagrario 830.053.700 100,00% - 12.022.490 - (12.496.813) - 474.323 - -

Farmatodo 127 830.054.539 100,00% - 10.114.136 53.965 (10.801.789) - 633.688 - -

Pitalito 830.054.539 100,00% - 4.731.991 463.385 (2.368.668) - (2.826.708) - -

Hotel Neiva 830.054.539 90,00% - 3.897.443 - (11.068.996) - 7.171.553 - - Gran Plaza Florencia 830.054.539 100,00% - 3.220.620 147.268 (11.251.215) - 7.883.327 - -

Buro 24 830.054.539 100,00% - (12.520) 485.733 (9.480.651) - 9.007.438 - -

Gran Plaza Ipiales 830.053.700 100,00% - (16.149.963) 2.604.235 8.101.423 - 5.444.305 - - Fresenius Phase II to V 830.054.539 100,00% - 64.560.000 - (64.560.000) - - - -

Bodegas San Francisco 830.055.897 100,00% - 62.379.886 4.849.983 (67.281.791) - 51.922 - -

Unilever 830.053.700 100,00% - 74.022.465 - (97.587.507) - 23.565.042 - -

Logika II 830.054.539 51,00% - 45.884.578 3.911.899 (52.613.520) - 2.817.043 - -

Coordenada Sur 830.053.700 100,00% - 36.881.130 3.512.385 (45.712.064) - 5.318.549 - -

Impac 830.054.539 100,00% - 12.204.715 - (11.374.510) - (830.205) - -

Cedi Corona 830.054.539 96,00% - - 6.603.394 (6.699.567) - 96.173 - -

Familia II 830.054.539 86,00% - 11.570.946 6.839.438 (21.893.116) - 3.482.732 - -

Securitization 830.053.812 10,00% - 284.564 - (284.564) - - -

Associates - - - Viva Sincelejo 830.054.539 49,00% - 44.006.725 251.203 (44.257.928) - - - -

Devimed 830.054.539 2,78% - 7.996.574 (520.396) - - - 7.476.177

Deviplus 830.054.539 2,78% - 718.337 3.228.151 (3.841.509) - - 104.978

Villa Viola 830.053.812 4,28% - 978.165 - - - - - 978.165

Tanque Cazuca 830.055.897 6,88% - - 542.823 - - - - 542.823

Emgea 830.053.812 1,63% - 279.583 3.389 - - - - 282.972

Edificio CCI 830.054.076 4,02% - 5.992 - - - - 5.992

Securitization 830.053.812 10,00% - - 284.564 - - - - 284.564

Joint venturesPactia 830.054.539 58,24% - - 827.014.521 - - - 827.014.521

SUBTOTAL TRUSTS 753.816.712 927.882.808 (720.290.386) (17.257.539) 82.477.116 - 1.026.628.706

TOTAL 986.581.725 958.421.129 (720.290.386) (25.790.742) 89.344.596 (590.552) 1.287.675.765

The following breaks down contributions to Trusts. Pactia as at December 31, 2015:

CONTRIBUTIONS TO PACTIA TRUST, DECEMBER 2015

BREAKDOWNPUBLIC

INSTRUMENT ASSIGNMENT

AGENCY AGREEMENT ASSIGNMENT

TRANSFER FIDUCIARY

RIGHTS

TRANSFER LEASING

AGREEMENT OBLIGATIONS

ZONA FRANCA SHARES

COMMERCIAL ESTABLISHMENTS

TRANSFER ADVANCE PAYMENT

ASSETS LAND BUILDING HOTEL ALLOWANCES

FIDUCIARY RIGHTS

LEASING OBLIGATIONS

ZONA FRANCA SHARES

CAÑAVERALEJO NORTH, SOUTH

BRANCHES LOTE UNO

SUR

Hotel Sonesta VUP 5.001.750 8.249.026 1.512.437 - - - - -

Farmatodo 167 10.452.400 3.304.515 - - - - - -

Farmatodo Esperanza 3.069.000 9.443.599 - - - - - -

Carulla Pontevedra 2.304.000 3.155.128 - - - - - -

Corona Ricaute 1.400.000 1.480.749 - - - - - -

Corona Guayabal 1.393.030 1.092.816 - - - - - -

Corona Cúcuta 501.800 1.828.919 - - - - - -

Sthil 1.230.000 3.447.633 - - - - - -

Éxito Castellana 6.557.200 24.924.401 - - - - - -

Éxito Ejecutivos 2.532.000 9.420.599 - - - - - -

Prado Pinzón 2.336.000 6.317.398 - - - - - -

Meridiano 3.782.823 15.612.889 - - - - - -

Megacenter 2.187.008 12.516.235 - - - - - -

Crespo 4.501.110 9.547.138 - - - - - -

Granadillo 2.689.727 15.174.777 - - - - - -


Lote Uno sur - - - - - - - 6.300.000

Zona Franca Shares - - - - - 1.033.273 - -

CONTRIBUTIONS TO PACTIA TRUST, DECEMBER 2015

BREAKDOWNPUBLIC

INSTRUMENT ASSIGNMENT

AGENCY AGREEMENT ASSIGNMENT

TRANSFER FIDUCIARY

RIGHTS

TRANSFER LEASING

AGREEMENT OBLIGATIONS

ZONA FRANCA SHARES

COMMERCIAL ESTABLISHMENTS

TRANSFER ADVANCE PAYMENT

ASSETS LAND BUILDING HOTEL ALLOWANCES

FIDUCIARY RIGHTS

LEASING OBLIGATIONS

ZONA FRANCA SHARES

CAÑAVERALEJO NORTH, SOUTH

BRANCHES LOTE UNO

SUR Cañaveralejo North, South Branches - - - - - - 600.000 -

Shopping Mall Trust - - - 62.065.342 - - - -

Buró 24 Trust - - - 9.376.755 - - - -Gran Plaza Florencia Trust - - - 11.236.036 - - - -

Gran Plaza Soledad Trust - - - 22.013.462 - - - -

Trust Alcaravan Hotel - - - 40.503.247 - - - -

Trust Alcaravan Yopal - - - 7.963.108 - - - -

Trust El Ensueño - - - 93.612.220 - - - -

Trust Fresenius - - - 64.560.000 - - - -

Trust Guatapurí - - - 30.871.208 - - - -

Trust Hotel Neiva - - - 11.068.996 - - - -

Trust Lote Hilandería - - - 27.000.000 - - - -Trust Tiendas Farmatodo - - - 9.945.802 - - - -

Trust Inmuebles Pitalito - - - 2.057.827 - - - -

Alianza GACC Almagrario Trust - - - 11.385.849 - - - -

Alianza GACC Flamingo Bodegas Trust

- - - 18.755.086 - - - -

Alianza GACC Gran Plaza Ipiales Trust - - - (8.109.369) - - - -

Fibratore Trust - - - 7.020.991 - - - -

Fritolay Trust - - - 20.807.390 - - - -Maderas de Occidente Trust - - - 4.617.455 - - - -

Nissan Trust - - - 5.524.634 - - - -

Seracer Trust - - - 3.174.769 - - - -

Buro 26 Trust - - - 2.684.714 - - - -

Hotel Movich 26 Trust - - - 1.911.281 - - - -

Logika II Trust - - - 44.859.917 - - - -

San Pedro 1 Trust - - - 19.870.560 - - - -

Viva Sincelejo Trust - - - 40.689.925 - - - - Bodega San Francisco Trust - - - 66.801.790 - - - -

Lote Soacha Trust - - - 20.774.706 - - - -

Familia II Trust - - - 8.003.544 - - - -

Impac - - - 7.070.168 - - - -

Unilever - - - 66.205.189 - - - -

Cedi Corona - - - 7.007.102 - - - -

Buró 51 Hotel - - - 1.097.874 - - - -

Buró 51 Offices - - - 3.097.577 - - - -

Megacenter - - - - (10.323.542) - - -

Meridiano - - - - (15.843.751) - - -

Crespo - - - - (11.970.369) - - -

Granadillo - - - - (8.813.951) - - -

Castellana - - - - (26.856.606) - - -

Ejecutivos - - - - (12.015.025) - - -

Stihl - - - - (1.435.836) - - -

Viva Sincelejo - - - - (16.150.933) - - -

Subtotal 49.937.848 125.515.821 1.512.437 745.525.155 (103.410.013) 1.033.273 600.000 6.300.000* SUTOTAL CONTRIBUTIONS IN INVESTMENT PROPERTIES

176.966.106

TOTAL 827.014.521

Conconcreto — 262

SEPARATE FINANCIAL STATEMENTS 0101* See note 4.11, investment properties.

Investments in subsidiaries, associates and joint ventures, financial information

COMPANYCOUNTRY

WHERE IT ISESTABLISHED

ADDRESS % CURRENT ASSETS

NON-CURRENT ASSETS

CURRENTLIABILITIES

NON-CURRENT

LIABILITIESEQUITY

INCOME FROM

ORDINARY ACTIVITIES

GAINS (LOSSES)

Subsidiaries - CompaniesInmobiliaria Conconcreto S.A.S.

ColombiaCr 42 75 - 125 Medellín- Antioquia

100,0% 30.548.251 6.696.266 12.147.176 9.611.491 15.485.850 5.577.905 702.403

Conconcreto Internacional S.A.

Panamá Panamá 100,0% 45.158.823 80.497.243 51.880.598 1.427.971 72.347.497 67.907.417 723.099

Industrial Conconcreto S.A.S.

Colombia

Calle 5B Nro. 21-24 Girardota (Antioquia)

100,0% 33.974.710 134.597.206 27.737.144 16.872.741 123.962.031 64.723.879 4.536.836

Ustorage S.A.S. Colombia Cl 143 50 - 27 Bogotá 65,6% 1.629.035 9.452 186.990 - 1.451.497 1.833.510 782.034

Cas Mobiliario S.A. Colombia

Cl 14 40 A 8 IN 110 Medellín- Antioquia

50,2% 9.339.764 8.244.966 6.204.602 5.027.401 6.352.727 14.809.038 1.780.794

Inversiones Worldwide Storage S.A.

Panamá Panamá 100,0% - 340.555 - - 340.555 - 17.432

Subsidiaries - Trusts

El Bosque ColombiaCarrera 15 No. 100 - 43 Pisos 3 y 4

100,0% 11.016.796 - - - 11.016.796 - -

Madeiro ColombiaCarrera 15 No. 100 - 43 Pisos 3 y 4

100,0% 43.469.439 - 17.576.609 18.108.828 7.784.002 143.065 115.534

Lote Hayuelos ColombiaCarrera 15 No. 100 - 43 Pisos 3 y 4

100,0% 21.424.746 - 1.339.177 16.140.872 3.944.697 35.495 (74.626)

Lote Lagartos ColombiaCarrera 15 No. 100 - 43 Pisos 3 y 4

100,0% 20.572.902 - 2.708.755 9.688.844 8.175.303 93.548 (24.697)

El Poblado Colombia Calle 85 No. 9 - 65 100,0% 12.684.425 - 5.895.761 - 6.788.664 136.798 -

El Molino ColombiaCarrera 15 No. 100 - 43 Pisos 3 y 4

100,0% 19.000.000 - - - 19.000.000 - -

Lote Malachí Colombia Calle 34 No. 6 - 61 Piso 2 75,9% 11.110.544 7.026.075 - - 18.136.619 - 8.456

Gran Plaza Cartago Colombia

Avenida el Dorado No 68B - 85 Piso 2

100,0% 8.141.087 - 2 - 8.141.085 - 35

Sports Plaza Colombia Calle 31A Nro. 6-39 87,8% 77.700 3.842.957 181.450 - 3.739.206 545.204 (917.503)

Puente de la 77 Advance Payment

Colombia Calle 31A Nro. 6-39 100,0% 5.762.295 - 7.045 - 5.755.250 - (25.754)

Bodegas Familia Colombia Calle 31A Nro.

6-39 100,0% 154.213 23.634.844 156.197 9.897.684 13.735.177 2.743.126 (12.652.363)

Lote Palma Colombia Carrera 7 No. 27- 18 Piso 19 100,0% - 45.660.935 - - 45.660.935 - (58.825)

Hotel Cali Colombia Calle 31A Nro. 6-39 100,0% 6.443 2.560.000 11 - 2.566.431 - 217

Fresenius Colombia Calle 31A Nro. 6-39 100,0% 94.708.609 - 78.522.433 - 16.186.175 - 2

Devioriente Colombia Calle 31A Nro. 6-39 100,0% 16.726.812 21.198.099 48.528 37.852.367 24.016 19.366.525 17.257.539

Valverde ColombiaCarrera 15 No. 100 - 43 Pisos 3 y 4

100,0% 4.247.017 - 1 - 4.247.016 - 16

Megacenter Expansion Colombia Calle 31A Nro.

6-39 100,0% - 1.205.000 - - 1.205.000 - -

Las Chimeneas Vivienda Colombia Calle 8 # 43A-

115 100,0% 1.007 - - - 1.007 - 7

Guatapuri Expansion Colombia Calle 31A Nro.

6-39 100,0% 15.543.311 - 2.226.925 13.180.482 135.905 176.272 134.905

Renta Vivienda Colombia Calle 31A Nro. 6-39 99,0% 66.678 24.057.930 45.897 - 24.078.712 54.161 2.904.368

SUBSIDIARIES SUBTOTAL 405.364.609 359.571.529 206.865.303 137.808.680 420.262.154 178.145.943 15.209.909

Associates - CompaniesConstructora San Diego Milenio S.A.

Colombia Cl 30B 7A 88Sur Bogotá 33,2% 4.295.414 - 82.346 9.420.032 (5.206.963) 2.408.905 (7.011.438)


Grupo Heróica S.A.S. Colombia Cl 24 8 A 344

Cartagena 30,0% 5.136.638 3.985.368 4.775.148 2.748.042 1.598.816 19.774.904 730.486

Autopista de los Llanos S.A. Colombia Cr 22 4 -105

Villa/cio 8,5% 60.269.791 2.525.941 5.468.338 1.222.067 56.105.327 12.887.208 7.751.332

COMPANYCOUNTRY

WHERE IT ISESTABLISHED

ADDRESS % CURRENT ASSETS

NON-CURRENT ASSETS

CURRENTLIABILITIES

NON-CURRENT

LIABILITIESEQUITY

INCOME FROM

ORDINARY ACTIVITIES

GAINS (LOSSES)


Colombia

Cl 7D 43 A 99 IN 601 Medellín- Antioquia

27,8% 6.934.244 - - 6.191.616 742.628 595.000 120.632

Soletanche Bachy Cimas Colombia Cr 23 124 87

of 703 Bogotá 40,4% 165.427.998 58.543.232 172.309.693 18.629.857 33.031.680 274.974.514 3.916.118

Concesiones CCFC S.A. Colombia Av Cl 26 59 41

of 901 24,0% 101.658.000 60.852.000 56.961.000 71.928.000 33.622.000 19.669.000 15.111.000

Devimed S.A. ColombiaCr 43 a 7 of 807 Medellín- Antioquia

0,8% 11.762.996 272.374 - 10.720.347 1.315.023 38.894.794 231.341

Associates - Trusts

Deviplus ColombiaCr 48 26-85 Medellín- Antioquia

2,8% 4.464.386 51.868.311 17.301 51.755.323 4.560.073 - 219.298

Emgea ColombiaCl 8 43A-115 Medellín-Antioquia

1,6% 45.059 21.642.589 1.121 - 21.686.527 - (52.127)

Villa Viola Colombia Cr 15 100 - 43 Bogotá 4,3% 4.587.926 22.510.038 4.239.300 - 22.858.664 1.385.542 5.545.848

Devimed ColombiaCr 43 a 7 of 807 Medellín- Antioquia

2,8% 183.970.512 360.951.328 383.694.907 98.166.604 63.060.328 - 90.778.415

Edificio CCI Colombia Cr 13 27- 47 Bogotá 4,0% 172.390 5.049.364 58.252 - 5.163.502 4 5.606

Tanque Cazuca Colombia Cl 34 6 - 61 Piso 2 Bogotá 6,9% 9.866.872 21.110.136 - 1.092.973 29.884.035 - 205.026

Securitization ColombiaCl 8 43A-115 Medellín-Antioquia

8,4% 83.323.993 10.493.889 69.368.238 3.461.866 7.645.159 35.298

SUTOTAL ASSOCIATES 641.916.220 609.310.681 638.101.296 341.243.099 271.883.506 378.235.030 238.062.561

Joint ventures - CompaniesAerotocumen S.A. Panamá Aerop. Int.

Tocumen 40,0% 12.012.960 5.847.665 6.420.768 6.523.337 4.916.521 - (731.641)

Consalfa S.A.S. ColombiaCarrera 6 Nro. 115-65 Of. 409 Bogotá

50,0% 24.834.348 78.072.972 26.116.451 70.941.457 5.849.412 - 5.990.858

Pactia S.A.S Colombia Carrera 43 A n. 18 Sur - 135 50,0% 7.578.291 170.491 7.671.224 62.410 15.148 - 5.148

Consol S.A.S. ColombiaCarrera 6 Nro. 115-65 Of. 308 Bogotá

50,0% 119.999 32.154.781 41.243 - 32.233.537 - (823.505)

Joint Ventures - TrustsPactia Trust Colombia Calle 31A Nro.

6-39 58,24% 198.278.374 1.276.128.120 14.061.196 105.779.773 1.354.565.526 44.648.747 -

SUBTOTAL JOINT VENTURES

242.823.973 1.392.374.029 54.310.881 183.306.977 1.397.580.144 44.648.747 4.440.859

TOTAL 1.290.104.802 2.361.256.238 899.277.480 662.358.756 2.089.725.804 601.029.720 257.713.329

4.10 PROPERTY, PLANT AND EQUIPMENT

BREAKDOWN LANDCONSTRUCTION AND BUILDINGS, NET

CONSTRUCTION IN PROGRESS, NET

MACHINERY, NET

INFORMATION TECHNOLOGY EQUIPMENT, NET

OFFICE EQUIPMENT, NET

MOTOR VEHICLES, NET

OTHER PROPERTY, PLANT AND EQUIPMENT, NET

PROPERTY, PLANT AND EQUIPMENT

Opening balance as at 1/1/2015

862.000 9.477.614 2.380.089 133.613.605 2.226.070 2.768.955 30.227.943 956 181.557.233

Shares - 4.977.409 78.992 45.503.923 1.673.165 320.513 3.177.573 3.502 55.735.077

Withdrawals - (1.405.808) (1.936.758,08) (21.625.603) (682.149) (39.386) (2.054.762) - (27.744.467)

Depreciation - (310.554) - (18.934.176) (800.216) (495.832) (7.286.718) (1.188,46) (27.828.683)Other increases (decreases) - 226.532 (223.745) 581.610 11.733 - (577.651) - 18.478

CLOSING BALANCE AT 12/31/2015

862.000 12.965.192 298.579 139.139.359 2.428.603 2.554.250 23.486.385 3.270 181.737.638

4.11 INVESTMENT PROPERTIES

BREAKDOWN DEC-15 DEC-14Opening balance as at 1/1/2015 355.216.623 325.709.807 Shares 105.132.576 8.444.959 Adjustment to fair value 7.777.852 21.061.857

Conconcreto — 264

SEPARATE FINANCIAL STATEMENTS 0101Contributions to the fund (427.362.404) - NET CLOSING BALANCE AT 12/31/2015 40.764.647 355.216.623

The breakdown of investment properties follows:

BREAKDOWN BALANCE AT DEC 2014 SHARES ADJUSTMENT TO

FAIR VALUETRUST ALLIANCE CONTRIBUTIONS

BALANCE AT DEC 2015

Shopping MallsSan Pedro 2 y 3 61.208.840 673.380 (212.402) (61.669.818) - Éxito Castellanas 32.786.000 - (1.304.399) (31.481.601) - San Pedro 1 (Partner, Grupo Éxito 51%) 20.452.600 - (653.664) (19.798.936) -

Gran Plaza Xentral 12.601.401 15.904.083 1.356.916 (29.862.400) - Éxito Ejecutivos 12.660.000 - (707.401) (11.952.599) - Cable Plaza 1.329.689 - (764.769) - 564.920 Hilanderías - 27.000.000 - (27.000.000) - Corporate solutionsBuró 26 (Partner, Movich 50%) 21.382.157 318.171 2.390.445 (24.090.772) - Hotel Movich 26 (Partner, Movich 50%) 31.087.484 524.391 (2.220.421) (29.391.453) -

Hotel Sonesta VUP (Partner, GHL 10%) 20.007.000 52.360 (5.296.147) (14.763.212) - Buro 51 Oficinas (Partner, Movich 50%) - 38.791.998 3.039.105 (41.831.103) - Buró 51 (Partner, Movich 50%) - 18.103.140 (1.351.323) (16.751.817) - Farmatodo 167 14.932.000 (1.175.085) (13.756.915) - Previously - BBB Equipos 14.200.000 - (1.900.000) - 12.300.000 Farmatodo la Esperanza 10.230.000 - 2.282.599 (12.512.599) - Carulla Pontevedra 5.760.000 - (300.872) (5.459.128) - Corona Ricaute 3.500.000 - (619.251) (2.880.749) - Stihl 3.418.110 - 1.259.523 (4.677.633) - Corona Cúcuta 2.509.000 - (178.281) (2.330.719) - Corona Guayabal 2.070.000 - 415.846 (2.485.846) - U-StorageMeridiano 15.000.000 356.517 4.039.194 (19.395.711) -Megacenter 11.800.000 112.173 2.791.070 (14.703.243) -46 - Granadillo 12.188.809 764.001 4.911.693 (17.864.504) -Crespo 11.895.413 22.822 2.130.013 (14.048.248) -Prado Pinzon 7.390.000 2.509.540 (1.246.142) (8.653.398) -Future Projects ProspectusEl Vinculo 20.398.692 - 1.091.606 - 21.490.298 Lote Asdesillas 3.464.686 - - - 3.464.686 Lote Caldas 2.944.743 - - - 2.944.743 TOTAL 355.216.623 105.132.576 7.777.852 (427.362.404) 40.764.647

* The breakdown of investment properties with a finance lease follows:

BREAKDOWN DEC-15 DEC-14Hotel Movich 26 (Socio Movich 50%) - 31.087.484 Buró 26 (Socio Movich 50%) - 21.382.157 Antes - BBB Equipos 12.300.000 14.200.000 Meridiano - 15.000.000 Megacenter - 11.800.000 46 - Granadillo - 12.188.809 Crespo - 11.895.413 Éxito Castellanas - 32.786.000 Éxito Ejecutivos - 12.660.000 Stihl - 3.418.110 TOTAL 12.300.000 166.417.972

The corporate purpose of Constructora Conconcreto in-cludes the acquisition, construction, management and opera-tion of real estate assets, such as hotels, mini-deposits, shop-ping centers, distribution centers, convenience stores, offices and shops, and any other legal act related to said real estate assets. To carry out its corporate purpose, the Company can: Acquire, encumber, dispose of, circumscribe and pledge all kinds of real estate, furniture, equipment and elements to carry out the works, engineering and constructions and the provision of services related to such activities.

In December 2014, Grupo Argos and Constructora Con-

concreto joined their experience, knowledge and support to develop a winning, quality strategy in the real estate business. Pactia was born as a result of this partnership, and began operating in August 2015.

The Company chose to measure investment properties us-ing the fair value model, where the respective measurements are to be made on a yearly basis, by recognizing the change in the fair value in the statement of income for the period.

The purpose of measuring the fair value of investment properties is to find the current commercial value of the prop-erty based on tenancy rights and freehold.


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08.

604.

177

--

Ban

co

Dav

ivien

da70

0097

920

Sem

i-ann

ual

IPC

+ 3

,90%

EA

R8.

718.

346

-8.

718.

300

16.0

2.20

18-

--

2.17

9.57

56.

538.

725

--

Ban

co

Dav

ivien

da70

0241

515

Sem

i-ann

ual

IPC

+ 3

,90%

EA

R7.

870.

095

7.87

0.10

57.

870.

095

24.1

1.20

17-

-1.

967.

526

1.96

7.52

63.

935.

042

--

Ban

co

Dav

ivien

da70

0096

963

Sem

i-ann

ual

IPC

+ 3

,90%

EA

R3.

963.

706

-3.

963.

693

28.0

1.20

18-

--

990.

923

2.97

2.77

0-

-

Ban

co

Dav

ivien

da70

0097

433

Sem

i-ann

ual

IPC

+ 3

,90%

EA

R3.

779.

414

-3.

779.

414

05.0

2.20

18-

--

944.

853

2.83

4.56

0-

-

Ban

co

Dav

ivien

da70

0081

890

Mon

thly

IPC

+ 4

,60%

EA

R2.

889.

450

2.88

9.45

02.

167.

088

05.0

5.20

17-

722.

363

722.

363

-72

2.36

3-

-

Ban

co

Dav

ivien

da70

0081

866

Mon

thly

IPC

+ 4

,60%

EA

R1.

177.

897

1.17

7.89

788

3.42

305

.05.

2017

--

294.

474

294.

474

294.

474

--

Constructora Conconcreto directly aims to generate income in investment properties through residential leasing services, which are currently operating under a mandate agreement by Cáceres & Ferro Finca Raíz S.A through the housing unit rental Trust holding Company, which began operating in December 2015 with the leasing of the fifth building of the Poblado hous-ing project called Torre Salamanca located in the city of Bogotá.

4.12 INTANGIBLE ASSETS OTHER THAN GOODWILL

BREAKDOWN COMPUTER PROGRAMS BRANDS

INTANGIBLE ASSETS FROM CONCESSION

RIGHTS, LICENSES AND FRANCHISES

OTHER NET ASSETS

Opening balance as at 12/31/2014 115.937 195.090 135.632 388.000 834.659 Shares - - 659.103 - 659.103 Other increases (decreases) (115.937) - (4.133) - (120.070)Amortization - - (259.118) (388.000) (647.118)CLOSING BALANCE AT 12/31/2015 - 195.090 531.484 - 726.575

4.13 DEFERRED TAX ASSETS AND LIABILITIESDeferred tax assets and liabilities are comprised of the following items:

BREAKDOWN DEC-15 DEC-14ASSETS LIABILITIES ASSETS LIABILITIES

Investments - - 518.970 - Accounts receivable, amortized cost 33.887 - 122.392 - Inventories 420.984 - 312.799 - Fixed assets and leasing - 1.627.286 - 5.463.818 Operating leases 9.447 - - 732.884 Deferred and intangible 90.028 - 197.022 - Liabilities, amortized cost - 531.047 - 119.897 Other hedging 2.974.016 - 6.097.325 - Construction contracts 663.739 - 2.392.104 - Consortiums and joint ventures - 892.130 10.267.583 - Trusts - 48.933.150 - 28.464.248 Trust surplus 2.383.185 - 5.350.246 - Foreign currency valuation - 705.858 - 1.389.654 Other 825.000 206.693 825.000 356.053 TOTAL 7.400.287 52.896.165 26.083.441 36.526.553

4.14 OTHER FINANCIAL ASSETS, NON-CURRENTBy the end of June 2015, the investment cost review iden-tified an adjustment due to the withdrawal of the cost of in-vestment of Odinsa S.A., which should have been derecog-nized due to the sale of the investment in previous years (May 2014); therefore, the adjustment was made pursuant to IAS 8 “Accounting policies, changes in accounting estimates and

errors”, in the form of a retroactive restatement, recognizing the effects of the change in estimate in the corresponding separate financial statements.

The effect of the adjustment on each of the previous pe-riods is as follows:

BREAKDOWN DEC-14 CORRECCIÓN ODINSA NUEVO SALDO DIC 2014Assets 2.448.561.600 (2.891.137) 2.445.670.463 Liabilities 1.524.303.308 - 1.524.303.308 Equity 924.258.292 2.891.137 921.367.155 Profit Revenue 901.485.412 (2.259.731) 899.225.681 Expenses 78.939.643 631.405 79.571.048 Costs 776.790.214 - 776.790.214 TOTAL 45.755.556 (2.891.137) 42.864.419

4.15 BORROWINGS, TOTAL LOANS

OTHER NON-CURRENT FINANCIAL ASSETS DEC-15 DEC-14Mint Trust 149.607 - Investments in Trust shares 149.607 - Metrodistrito S.A 1.769.853 1.769.853 Fogansa S.A 323.300 258.133 CCI Market Place S.A 112.296 112.296 Bessac Andina S.A 105.446 105.446 SIN Escombros S.A.S. 40.000 40.000 Promotora de proyectos 18.325 18.325 Setas Colombianas S.A 7.655 7.655 Edificaciones y Proyectos S.A 5.173 5.173 Promotora Nacional de Zonas Francas - 1.710.930 Odinsa - 159.798 Investment costs, not controlled 2.382.048 4.187.609 Provisions (2.019.081) (2.920.529)TOTAL 512.574 1.267.080

Conconcreto — 266

SEPARATE FINANCIAL STATEMENTS 0101FIN

ANCIA

L EN

TITY

LOAN

NUM

.AM

ORTIZ

ATIO

N SC

HEDU

LERA

TECA

PITAL

BALA

NCE

DECE

MBER

-14

BALA

NCE

DECE

MBER

-15

MATU

RITY

DA

TEIN

ONE

MON

THIN

THRE

E MO

NTHS

IN SI

X MON

THS

IN O

NE YE

ARIN

3 YE

ARS

IN 5

YEAR

SMO

RE

THAN

5 YE

ARS

Cons

truct

ora

Conc

oncr

eto

S.A.

Ban

co A

V Vi

llas

1835

193-

3Se

mi-a

nnua

l IB

R +

2,0

0% a

nnua

l rat

e4.

357.

938

4.35

7.93

84.

357.

938

12.0

9.20

17-

1.08

9.48

41.

089.

484

-2.

178.

969

--

Ban

co A

V Vi

llas

1838

460-

4Se

mi-a

nnua

l IB

R +

2,0

0% a

nnua

l rat

e3.

800.

000

3.80

0.00

03.

800.

000

19.0

9.20

17-

950.

000

-95

0.00

01.

900.

000

--

Ban

co A

V Vi

llas

2013

493-

9Se

mi-a

nnua

l IB

R +

2,0

0% a

nnua

l ra

te3.

000.

000

-2.

754.

414

02.1

0.20

18-

--

-2.

754.

414

--

Ban

co A

V Vi

llas

1741

055-

4Se

mi-a

nnua

l IB

R +

2,0

0% a

nnua

l ra

te2.

450.

000

2.45

0.00

01.

531.

250

06.0

2.20

17-

306.

250

306.

250

612.

500

306.

250

--

Ban

co A

V Vi

llas

1740

453-

7Se

mi-a

nnua

l IB

R +

2,0

0% a

nnua

l ra

te2.

587.

500

2.29

9.99

61.

437.

498

05.0

2.20

17-

287.

500

287.

500

574.

999

287.

500

--

Ban

co A

V Vi

llas

1698

892-

4Se

mi-a

nnua

l IB

R +

2,0

0% a

nnua

l ra

te2.

700.

000

2.70

0.00

01.

350.

000

22.1

0.20

16-

-67

5.00

067

5.00

0-

--

Ban

co A

V Vi

llas

2015

009-

9Se

mi-a

nnua

l IB

R +

2,0

0% a

nnua

l ra

te1.

163.

628

-1.

163.

465

07.1

0.20

18-

--

-1.

163.

465

--

Ban

co A

V Vi

llas

1651

778-

0Se

mi-a

nnua

l IB

R +

2,0

0% a

nnua

l ra

te2.

299.

624

2.29

9.62

41.

150.

000

12.0

7.20

1657

5.00

0-

-57

5.00

0-

--

Ban

co A

V Vi

llas

1644

838-

5Se

mi-a

nnua

l IB

R +

2,0

0% a

nnua

l ra

te4.

350.

000

3.26

2.50

01.

085.

419

26.0

6.20

16-

-1.

085.

419

--

--

Ban

co A

V Vi

llas

1644

886-

3Se

mi-a

nnua

l IB

R +

2,0

0% a

nnua

l ra

te2.

230.

000

1.67

2.50

055

6.43

626

.06.

2016

--

556.

436

--

--

Ban

co A

V Vi

llas

1644

904-

8Se

mi-a

nnua

l IB

R +

2,0

0% a

nnua

l ra

te2.

011.

914

1.50

8.93

650

2.01

826

.06.

2016

--

502.

018

--

--

Ban

co A

V Vi

llas

1643

824-

2Se

mi-a

nnua

l IB

R +

2,0

0% a

nnua

l ra

te1.

127.

413

845.

560

281.

495

25.0

6.20

16-

--

281.

495

--

-

Ban

co A

V Vi

llas

1645

217-

9Se

mi-a

nnua

l IB

R +

2,0

0% a

nnua

l ra

te1.

059.

000

794.

250

264.

750

27.0

6.20

16-

-26

4.75

0-

--

-

Ban

co A

V Vi

llas

1645

307-

0Se

mi-a

nnua

l IB

R +

2,0

0% a

nnua

l ra

te59

5.00

044

6.24

814

8.74

827

.06.

2016

--

148.

748

--

--

Ban

co A

V Vi

llas

1645

891-

7Se

mi-a

nnua

l IB

R +

2,0

0% a

nnua

l ra

te74

4.83

233

1.44

010

9.10

528

.06.

2016

--

109.

105

--

--

Ban

co A

V Vi

llas

1638

185-

8Se

mi-a

nnua

l IB

R +

2,0

0% a

nnua

l ra

te26

3.31

819

7.48

765

.829

11.0

6.20

16-

-65

.829

--

--

Ban

co

Cor

pban

ca

(Hel

m B

ank)

0085

9228

4-00

Sem

i-ann

ual

IBR

+ 2

,68%

NA

MV

53.7

31.1

1053

.731

.110

53.7

31.1

1019

.05.

2017

13.4

32.7

78-

-13

.432

.778

26.8

65.5

55-

-

Ban

co

Dav

ivien

da70

0094

083

Sem

i-ann

ual

IPC

+ 3

,90%

EA

R17

.202

.177

17.1

96.0

0017

.202

.177

01.1

2.20

17-

-4.

299.

000

4.29

9.00

08.

604.

177

--

Ban

co

Dav

ivien

da70

0097

920

Sem

i-ann

ual

IPC

+ 3

,90%

EA

R8.

718.

346

-8.

718.

300

16.0

2.20

18-

--

2.17

9.57

56.

538.

725

--

Ban

co

Dav

ivien

da70

0241

515

Sem

i-ann

ual

IPC

+ 3

,90%

EA

R7.

870.

095

7.87

0.10

57.

870.

095

24.1

1.20

17-

-1.

967.

526

1.96

7.52

63.

935.

042

--

Ban

co

Dav

ivien

da70

0096

963

Sem

i-ann

ual

IPC

+ 3

,90%

EA

R3.

963.

706

-3.

963.

693

28.0

1.20

18-

--

990.

923

2.97

2.77

0-

-

Ban

co

Dav

ivien

da70

0097

433

Sem

i-ann

ual

IPC

+ 3

,90%

EA

R3.

779.

414

-3.

779.

414

05.0

2.20

18-

--

944.

853

2.83

4.56

0-

-

Ban

co

Dav

ivien

da70

0081

890

Mon

thly

IPC

+ 4

,60%

EA

R2.

889.

450

2.88

9.45

02.

167.

088

05.0

5.20

17-

722.

363

722.

363

-72

2.36

3-

-

Ban

co

Dav

ivien

da70

0081

866

Mon

thly

IPC

+ 4

,60%

EA

R1.

177.

897

1.17

7.89

788

3.42

305

.05.

2017

--

294.

474

294.

474

294.

474

--


FINAN

CIAL

ENTIT

YLO

AN N

UM.

WHE

N LO

AN

MATU

RES

RATE

CAPIT

ALBA

LANC

EDE

CEMB

ER -1

4BA

LANC

EDE

CEMB

ER -1

5MA

TURI

TY

DATE

IN O

NE M

ONTH

IN TH

REE

MONT

HSIN

SIX M

ONTH

SIN

ONE

YEAR

IN 3

YEAR

SIN

5 YE

ARS

MORE

TH

AN 5

YEAR

SCo

nstru

ctor

a Co

ncon

cret

o S.

A.B

anco

D

avivi

enda

7000

8100

7W

hen

loan

m

atur

esIP

C +

4,7

0% E

.A:

4.90

0.00

04.

900.

000

-13

.04.

2015

--

--

--

-

Ban

co

Dav

ivien

da70

0196

183

Qua

rterly

IP

C +

5,4

0% E

AR

4.00

0.00

03.

661.

538

-30

.10.

2015

--

--

--

-

Ban

co

Dav

ivien

da70

0081

593

Whe

n lo

an

mat

ures

IPC

+ 4

,60%

EA

R1.

100.

000

1.10

0.00

0-

13.0

4.20

15-

--

--

--

Ban

co

Dav

ivien

da70

0080

405

Whe

n lo

an

mat

ures

IPC

+ 4

,75%

EA

R1.

500.

000

1.50

0.00

0-

13.0

4.20

15-

--

--

--

Ban

co

Dav

ivien

da70

0197

884

Qua

rterly

IPC

+ 5

.40%

EA

R15

.256

.601

13.9

70.0

52-

30.1

0.20

15-

--

--

--

Ban

co

Dav

ivien

da70

0081

445

Whe

n lo

an

mat

ures

IPC

+ 4

,60%

EA

R8.

000.

000

8.00

0.00

0-

13.0

4.20

15-

--

--

--

Ban

co d

e B

ogot

á25

7523

576

Sem

i-ann

ual

IBR

+ 1

,99%

NA

MV

109.

553.

584

-10

9.55

3.60

810

.04.

2018

--

-27

.388

.402

82.1

65.2

06-

-

Ban

co d

e B

ogot

á25

7524

799

Sem

i-ann

ual

IBR

+ 1

,99%

NA

MV

15.4

98.4

84-

15.4

98.4

6110

.04.

2018

--

-3.

874.

621

11.6

23.8

39-

-

Ban

co d

e B

ogot

á15

7513

525

Sem

i-ann

ual

IPC

+ 4

,00%

EA

R1.

598.

098

599.

287

-26

.03.

2016

--

--

--

-

Ban

co d

e B

ogot

á15

7990

536

Sem

i-ann

ual

IPC

+ 3

,91%

EA

R2.

500.

000

937.

500

-23

.05.

2016

--

--

--

-

Ban

co d

e B

ogot

á15

9542

232

Sem

i-ann

ual

IPC

+ 4

,36%

EA

R45

6.96

460

8.20

2-

29.1

0.20

16-

--

--

--

Ban

co d

e B

ogot

á15

9560

122

Qua

rterly

IP

C +

4,0

6% E

AR

6.00

0.00

03.

498.

057

-31

.10.

2016

--

--

--

-

Ban

co d

e B

ogot

á15

9622

627

Qua

rterly

IP

C +

4.1

% E

AR

4.00

0.00

03.

000.

000

-08

.11.

2016

--

--

--

-

Ban

co d

e B

ogot

á15

9682

116

Qua

rterly

IPC

+ 4

,40%

EA

R1.

800.

000

975.

000

-18

.11.

2016

--

--

--

-

Ban

co d

e B

ogot

á15

9694

078

Qua

rterly

IPC

+ 4

,40%

EA

R93

5.84

570

1.88

4-

18.1

1.20

16-

--

--

--

Ban

co d

e B

ogot

á15

9720

218

Qua

rterly

IPC

+ 4

,40%

EA

R1.

579.

469

1.18

4.60

2-

22.1

1.20

16-

--

--

--

Ban

co d

e B

ogot

á15

9720

502

Qua

rterly

IPC

+ 4

,40%

EA

R1.

250.

000

937.

500

-22

.11.

2016

--

--

--

-

Ban

co d

e B

ogot

á15

9769

023

Qua

rterly

IPC

+ 4

,40%

EA

R1.

955.

638

1.46

3.85

4-

26.1

1.20

16-

--

--

--

Ban

co d

e B

ogot

á15

9719

961

Qua

rterly

IPC

+ 4

,40%

EA

R8.

000.

000

5.99

1.96

8-

27.1

1.20

16-

--

--

--

Ban

co d

e B

ogot

á25

3005

377

Sem

i-ann

ual

IPC

+ 4

,50%

EA

R24

.353

.055

10.8

75.0

00-

23.1

2.20

16-

--

--

--

Ban

co d

e B

ogot

á25

3392

895

Sem

i-ann

ual

IPC

+ 4

,85%

EA

R1.

580.

000

1.58

0.00

0-

05.0

2.20

17-

--

--

--

Ban

co d

e B

ogot

á25

3662

558

Sem

i-ann

ual

IPC

+ 4

,85%

EA

R5.

400.

000

3.95

5.00

0-

28.0

2.20

17-

--

--

--

Ban

co d

e B

ogot

á25

3720

291

Sem

i-ann

ual

IPC

+ 4

,85%

EA

R5.

000.

000

4.98

0.00

0-

07.0

3.20

17-

--

--

--

Ban

co d

e B

ogot

á25

3904

654

Sem

i-ann

ual

IPC

+ 4

,85%

EA

R7.

800.

000

7.80

0.00

0-

28.0

3.20

17-

--

--

--

Ban

co d

e B

ogot

á25

4674

801

Sem

i-ann

ual

IPC

+ 4

,23%

EA

R11

.875

.000

11.8

75.0

00-

20.0

6.20

17-

--

--

--

Conconcreto — 268


ANCIA

L EN

TITY

LOAN

NUM

.AM

ORTIZ

ATIO

N SC

HEDU

LERA

TECA

PITAL

BALA

NCE

DECE

MBER

-14

BALA

NCE

DECE

MBER

-15

MATU

RITY

DA

TEIN

ONE

MON

THIN

THRE

E MO

NTHS

IN SI

X MON

THS

IN O

NE YE

ARIN

3 YE

ARS

IN 5

YEAR

SMO

RE

THAN

5 YE

ARS

Cons

truct

ora

Conc

oncr

eto

S.A.

Ban

co d

e B

ogot

á25

4762

742

Sem

i-ann

ual

IPC

+ 4

,29%

EA

R5.

891.

266

5.89

1.26

6-

01.0

7.20

17-

--

--

--

Ban

co d

e B

ogot

á25

5352

059

Sem

i-ann

ual

IPC

+ 4

,00%

EA

R6.

480.

000

6.48

0.00

0-

01.0

9.20

17-

--

--

--

Ban

co d

e B

ogot

á25

5951

198

Sem

i-ann

ual

IPC

+ 3

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EA

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200.

000

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28.1

0.20

17-

--

--

--

Ban

co d

e B

ogot

á25

6173

651

Sem

i-ann

ual

IPC

+ 3

,91%

EA

R2.

643.

125

2.64

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5-

19.1

1.20

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--

--

--

Ban

co d

e B

ogot

á25

6307

810

Sem

i-ann

ual

IPC

+ 3

,87%

EA

R35

.000

.000

35.0

00.0

00-

01.1

2.20

17-

--

--

--

Ban

co

Occ

iden

te45

0000

5822

8Se

mi-a

nnua

lIB

R +

2,0

0% N

AM

V18

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.750

18.2

12.7

5018

.207

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20.0

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4.55

1.85

9-

4.55

1.85

99.

103.

718

--

Ban

co

Occ

iden

te45

0000

5966

4Se

mi-a

nnua

lIB

R +

2,0

0% N

AM

V8.

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000

-8.

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000

16.0

4.20

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--

2.15

0.00

06.

450.

000

--

Ban

co

Occ

iden

te45

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9Se

mi-a

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lIB

R +

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000

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000.

000

17.1

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-1.

500.

000

1.50

0.00

03.

000.

000

--

Ban

co

Occ

iden

te45

0000

5827

3Se

mi-a

nnua

lIB

R +

2,0

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AM

V5.

000.

000

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0.00

05.

000.

000

24.0

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250.

000

1.25

0.00

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000

--

Ban

co

Popu

lar

1802

0236

75Se

mi-a

nnua

lIB

R +

2,0

0% N

AM

V83

.838

.583

-83

.838

.558

30.0

4.20

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--

20.9

59.6

4062

.878

.919

--

Ban

co

Popu

lar

1802

0235

15-3

Mon

thly

IP

C +

3,8

0% E

AR

12.0

00.0

0012

.000

.000

-12

.02.

2017

--

--

--

-

Ban

co

Popu

lar

1802

0234

72-8

Mon

thly

IP

C +

3,8

0% E

AR

8.11

7.74

38.

117.

743

-26

.09.

2016

--

--

--

-

Ban

co

Popu

lar

1802

0235

77-0

Mon

thly

IP

C +

4,0

0% E

AR

7.10

8.18

97.

108.

189

-22

.08.

2017

--

--

--

-

Ban

co

Popu

lar

1802

0234

81-7

Mon

thly

IP

C +

3,8

0% E

AR

7.09

9.53

37.

099.

533

-22

.10.

2016

--

--

--

-

Ban

co

Popu

lar

1802

0234

42-3

Mon

thly

IP

C +

3,8

0% E

AR

5.98

6.81

15.

983.

043

-15

.07.

2016

--

--

--

-

Ban

co

Popu

lar

1802

0235

79-9

Mon

thly

IP

C +

4,0

0% E

AR

5.89

9.99

95.

899.

999

-25

.08.

2017

--

--

--

-

Ban

co

Popu

lar

1802

0234

53-0

Mon

thly

IP

C +

3,8

0% E

AR

5.70

0.00

05.

700.

000

-26

.08.

2016

--

--

--

-

Ban

co

Popu

lar

1802

0234

45-0

Mon

thly

IP

C +

3,8

0% E

AR

4.83

6.94

54.

836.

945

-31

.07.

2016

--

--

--

-

Ban

co

Popu

lar

1802

0234

74-6

Mon

thly

IP

C +

3,8

0% E

AR

4.40

0.00

04.

400.

000

-27

.09.

2016

--

--

--

-

Ban

co

Popu

lar

1802

0234

22-7

Mon

thly

IP

C +

3,8

0% E

AR

3.67

9.61

93.

679.

619

-16

.04.

2016

--

--

--

-

Ban

co

Popu

lar

1802

0235

75-2

Mon

thly

IP

C +

4,0

0% E

AR

2.94

4.01

92.

944.

019

-20

.08.

2017

--

--

--

-

Ban

co

Popu

lar

1802

0235

88-8

Mon

thly

IP

C +

4,0

0% E

AR

2.70

0.00

02.

700.

000

-19

.09.

2017

--

--

--

-

Ban

co

Popu

lar

1802

0234

80-8

Mon

thly

IP

C +

3,8

0% E

AR

2.66

0.00

02.

660.

000

-18

.10.

2016

--

--

--

-

Ban

co

Popu

lar

1802

0235

98-6

Mon

thly

IPC

+ 3

,80%

EA

R2.

525.

656

2.52

5.65

6-

30.1

0.20

17-

--

--

--


FINAN

CIAL

ENTIT

YLO

AN N

UM.

AMOR

TIZAT

ION

SCHE

DULE

RATE

CAPIT

ALBA

LANC

EDE

CEMB

ER -1

4BA

LANC

EDE

CEMB

ER -1

5MA

TURI

TY

DATE

IN O

NE M

ONTH

IN TH

REE

MONT

HSIN

SIX M

ONTH

SIN

ONE

YEAR

IN 3

YEAR

SIN

5 YE

ARS

MORE

TH

AN 5

YEAR

SCo

nstru

ctor

a Co

ncon

cret

o S.

A.B

anco

Po

pula

r18

0202

3478

-2M

onth

ly

IPC

+ 3

,80%

EA

R1.

880.

000

1.88

0.00

0-

26.0

9.20

16-

--

--

--

Ban

co

Popu

lar

1802

0235

94-1

Mon

thly

IP

C +

3,9

4% E

AR

1.22

3.47

81.

223.

478

-16

.10.

2017

--

--

--

-

Ban

co

Popu

lar

1802

0234

75-5

Mon

thly

IP

C +

3,8

0% E

AR

1.11

8.12

71.

118.

127

-30

.09.

2016

--

--

--

-

Ban

co

Popu

lar

1802

0236

06-1

Mon

thly

IP

C +

3,8

0% E

AR

1.10

0.00

01.

100.

000

-19

.11.

2017

--

--

--

-

Ban

co

Popu

lar

1802

0235

28-9

Mon

thly

IP

C +

3,8

0% E

AR

900.

000

900.

000

-14

.04.

2017

--

--

--

-

Ban

co

Popu

lar

1802

0236

02-5

Mon

thly

IP

C +

3,8

0% E

AR

600.

000

600.

000

-06

.11.

2017

--

--

--

-

Ban

co

Popu

lar

1802

0234

76-4

Mon

thly

IP

C +

3,8

0% E

AR

592.

935

592.

935

-30

.09.

2016

--

--

--

-

Ban

co

Popu

lar

1802

0235

76-1

Mon

thly

IP

C +

4,0

0% E

AR

529.

168

529.

168

-21

.08.

2017

--

--

--

-

Ban

co

Popu

lar

1802

0234

79-1

Mon

thly

IP

C +

3,8

0% E

AR

256.

179

256.

179

-15

.10.

2016

--

--

--

-

Ban

colo

mbi

a59

8005

6032

Qua

rterly

IBR

+ 2

,19%

NA

MV

81.6

18.7

92-

81.6

18.7

9216

.04.

2018

--

-20

.404

.698

61.2

14.0

94-

-

Ban

colo

mbi

a59

8005

7639

Sem

i-ann

ual

DTF

+ 4

.20%

ann

ual

rate

11.5

00.0

00-

11.5

00.0

0013

.10.

2018

--

--

11.5

00.0

00-

-

Ban

colo

mbi

a59

8005

6903

Sem

i-ann

ual

IBR

+ 2

,59%

NA

MV

11.1

84.6

11-

11.1

84.6

1115

.07.

2018

--

--

11.1

84.6

11-

-B

anco

lom

bia

5980

0580

89Se

mi-a

nnua

lIB

R +

4.4

5% N

AM

V7.

462.

625

-7.

462.

625

04.1

2.20

18-

--

-7.

462.

625

--

Ban

colo

mbi

a59

8005

7850

Sem

i-ann

ual

IBR

+ 4

.35%

NA

MV

5.54

7.03

3-

5.54

7.03

304

.11.

2018

--

--

5.54

7.03

3-

-B

anco

lom

bia

5980

0581

94Se

mi-a

nnua

lIB

R +

3.6

0% N

AM

V3.

799.

768

-3.

799.

768

16.0

6.20

16-

-3.

799.

768

--

--

Ban

colo

mbi

a59

8005

7747

Sem

i-ann

ual

DTF

+ 4

.40%

ann

ual

rate

3.10

2.69

5-

3.10

2.69

522

.10.

2018

--

--

3.10

2.69

5-

-

Ban

colo

mbi

a59

8005

7064

Sem

i-ann

ual

IBR

+ 2

,59%

NA

MV

593.

750

-59

3.75

005

.08.

2018

--

--

593.

750

--

Ban

colo

mbi

a59

8004

9679

Qua

rterly

IPC

+ 3

.95%

E.A

:9.

503.

626

7.12

7.71

9-

30.0

4.20

16-

--

--

--

Ban

colo

mbi

a59

8004

9681

Qua

rterly

IPC

+ 3

.95%

E.A

:1.

197.

993

898.

495

-30

.04.

2016

--

--

--

-B

anco

lom

bia

5980

0497

04Q

uarte

rlyIP

C +

3.9

5% E

.A:

500.

000

374.

498

-02

.05.

2016

--

--

--

-B

anco

lom

bia

5980

0497

61Q

uarte

rlyIP

C +

3.9

5% E

.A:

1.70

0.00

01.

273.

293

-07

.05.

2016

--

--

--

-B

anco

lom

bia

5980

0499

30Q

uarte

rlyIP

C +

3.9

5% E

.A:

1.59

0.00

01.

191.

457

-20

.05.

2016

--

--

--

-B

anco

lom

bia

5980

0498

78Q

uarte

rlyIP

C +

3.9

5% E

.A:

2.23

4.69

01.

676.

017

-16

.05.

2016

--

--

--

-B

anco

lom

bia

5980

0498

79Q

uarte

rlyIP

C +

3.9

5% E

.A:

1.92

0.00

033

4.80

8-

16.0

5.20

16-

--

--

--

Ban

colo

mbi

a59

8004

9880

Qua

rterly

IPC

+ 3

.95%

E.A

:5.

306.

485

3.97

9.08

0-

17.0

5.20

16-

--

--

--

Ban

colo

mbi

a59

8004

9881

Qua

rterly

IPC

+ 3

.95%

E.A

:1.

062.

603

796.

952

-16

.05.

2016

--

--

--

-B

anco

lom

bia

5980

0498

82Q

uarte

rlyIP

C +

3.9

5% E

.A:

1.07

4.19

980

5.65

0-

16.0

5.20

16-

--

--

--

Ban

colo

mbi

a59

8004

9884

Qua

rterly

IPC

+ 3

.95%

E.A

:4.

000.

000

3.00

0.00

0-

16.0

5.20

16-

--

--

--

Ban

colo

mbi

a59

8004

9885

Qua

rterly

IPC

+ 3

.95%

E.A

:2.

960.

000

2.22

0.00

0-

16.0

5.20

16-

--

--

--

Ban

colo

mbi

a59

8004

9886

Qua

rterly

IPC

+ 3

.95%

E.A

:3.

400.

000

2.55

0.00

0-

16.0

5.20

16-

--

--

--

Ban

colo

mbi

a59

8005

3593

Sem

i-ann

ual

DTF

+ 2

,05%

ann

ual

rate

829.

056

8.80

0.00

0-

18.0

7.20

17-

--

--

--

Ban

colo

mbi

a59

8005

4931

Whe

n lo

an

mat

ures

DTF

+ 1

,94%

ann

ual

rate

2.00

0.00

02.

000.

000

-16

.06.

2015

--

--

--

-

Ban

colo

mbi

a59

8005

4901

Sem

i-ann

ual

DTF

+ 2

,94%

ann

ual

rate

6.00

0.00

06.

000.

000

-15

.12.

2019

--

--

--

-

Conconcreto — 270


ANCIA

L EN

TITY

LOAN

NUM

.AM

ORTIZ

ATIO

N SC

HEDU

LERA

TECA

PITAL

BALA

NCE

DECE

MBER

-14

BALA

NCE

DECE

MBER

-15

MATU

RITY

DA

TEIN

ONE

MON

THIN

THRE

E MO

NTHS

IN SI

X MON

THS

IN O

NE YE

ARIN

3 YE

ARS

IN 5

YEAR

SMO

RE

THAN

5 YE

ARS

Cons

truct

ora

Conc

oncr

eto

S.A.

Ban

colo

mbi

a59

8005

4898

Sem

i-ann

ual

DTF

+ 2

,94%

ann

ual r

ate

206.

743

12.0

00.0

00-

12.1

2.20

19-

--

--

--

Ban

colo

mbi

a59

8005

4980

Sem

i-ann

ual

DTF

+ 2

,79%

ann

ual r

ate

206.

743

4.41

8.45

6-

19.1

2.20

17-

--

--

--

BB

VA50

0-96

0005

9886

Qua

rterly

DTF

+ 1

.95%

ann

ual r

ate

50.0

97.7

75-

42.3

16.0

7618

.11.

2018

--

--

42.3

16.0

76-

-B

BVA

500-

9600

0599

02Q

uarte

rlyIB

R +

3,2

5% E

AR

10.1

20.6

77-

10.1

20.0

7720

.11.

2018

-84

3.34

084

3.34

01.

686.

679

6.74

6.71

8-

-B

BVA

500-

9600

0600

90Q

uarte

rlyD

TF +

1.2

5% E

AR

6.59

6.00

0-

6.59

6.00

026

.11.

2018

-54

9.66

754

9.66

71.

099.

333

4.39

7.33

3-

-B

BVA

500-

9600

0513

88Se

mi-a

nnua

lIP

C +

3,5

0% E

AR

24.4

85.2

0124

.485

.201

-01

.09.

2017

--

--

--

-B

BVA

500-

9600

0473

78W

hen

loan

mat

ures

DTF

+ 1

,00%

EA

R2.

252.

108

2.25

2.10

8-

14.0

2.20

15-

--

--

--

Cons

truct

ora C

onco

ncre

to S

.A. -

Entre

parq

ues T

rust

Ban

colo

mbi

a10

9902

8605

3W

hen

loan

mat

ures

UVR

+ 5

,40%

EA

R67

9.25

071

3.35

8-

28.0

8.20

15-

--

--

--

Ban

colo

mbi

a10

9902

7601

5W

hen

loan

mat

ures

UVR

+ 5

,40%

EA

R33

0.00

023

0.81

8-

21.0

7.20

15-

--

--

--

Ban

colo

mbi

a10

9902

8407

8W

hen

loan

mat

ures

UVR

+ 5

,40%

EA

R55

0.00

018

1.44

8-

28.0

8.20

15-

--

--

--

Ban

colo

mbi

a10

9902

7664

5W

hen

loan

mat

ures

UVR

+ 5

,40%

EA

R11

3.85

014

0.28

7-

21.0

7.20

15-

--

--

--

Cons

truct

ora C

onco

ncre

to S

.A. -F

inito

Trus

tB

anco

lom

bia

1099

0292

309

Whe

n lo

an m

atur

esU

VR +

5,4

0% E

AR

825.

000

-84

8.18

328

.10.

2016

--

-84

8.18

3-

--

Ban

colo

mbi

a10

9902

9515

0W

hen

loan

mat

ures

UVR

+ 5

,45%

EA

R82

5.00

0-

831.

328

28.0

9.20

16-

--

831.

328

--

-B

anco

lom

bia

1099

0293

116

Whe

n lo

an m

atur

esU

VR +

5,4

0% E

AR

550.

000

-56

4.23

828

.10.

2016

--

-56

4.23

8-

--

Ban

colo

mbi

a10

9902

8685

3W

hen

loan

mat

ures

UVR

+ 5

,40%

EA

R41

2.50

041

5.12

044

0.28

928

.10.

2016

--

-44

0.28

9-

--

Ban

colo

mbi

a10

9902

8883

9W

hen

loan

mat

ures

UVR

+ 5

,40%

EA

R41

2.50

0-

435.

648

28.1

0.20

16-

--

435.

648

--

-B

anco

lom

bia

1099

0287

177

Whe

n lo

an m

atur

esU

VR +

5,4

0% E

AR

275.

000

275.

820

293.

260

28.1

0.20

16-

--

293.

260

--

-B

anco

lom

bia

1099

0289

955

Whe

n lo

an m

atur

esU

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Conconcreto — 272


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ust

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18.1

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48.3

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Cons

truct

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Conc

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Ban

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2018

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1.66

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32.

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333

--

Ban

colo

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a59

8004

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Tim

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AM

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1.66

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1.66

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--

Ban

colo

mbi

a59

8004

9692

Tim

estra

lIB

R +

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AM

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2.91

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anco

lom

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5980

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85Ti

mes

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IBR

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NA

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027

.06.

2019

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--

Ban

colo

mbi

a59

8005

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Tim

estra

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R +

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lom

bia

5980

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mes

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MV

3.50

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3.49

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618

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2019

--

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anco

lom

bia

5980

0493

75Ti

mes

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MV

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2019

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8.33

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anco

lom

bia

5980

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000

1.75

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029

.05.

2019

--

-29

1.66

71.

458.

333

--

Ban

colo

mbi

a59

8005

0730

Tim

estra

lIB

R +

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AM

V1.

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1.75

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16.0

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1.60

4.16

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anco

lom

bia

5980

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10Ti

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MV

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022

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2019

--

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5.83

31.

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167

--

Ban

colo

mbi

a59

8005

4941

Sem

i-ann

ual

IBR

+ 2

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MV

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000

1.57

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2016

--

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000

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anco

lom

bia

5980

0538

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20.0

8.20

1661

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7.50

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--

Ban

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a59

8005

5793

Sem

i-ann

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MV

1.75

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2017

-43

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Ban

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a59

8005

6669

Sem

i-ann

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NA

MV

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2.50

025

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2017

--

437.

500

437.

500

437.

500

--

Ban

colo

mbi

a59

8005

3312

Sem

i-ann

ual

IBR

+ 3

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NA

MV

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01.

575.

000

525.

000

19.0

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5.00

0-

--

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anco

lom

bia

5980

0528

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lIB

R +

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AM

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000

1.31

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043

7.50

024

.07.

2016

--

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500

--

--

Ban

colo

mbi

a59

8005

3314

Sem

i-ann

ual

IBR

+ 3

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NA

MV

1.05

0.00

078

7.50

026

2.50

026

.07.

2016

--

262.

500

--

--

Ban

colo

mbi

a59

8005

1708

Qua

rterly

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+ 3

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NA

MV

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000

-18

.01.

2015

--

--

--

-


FINAN

CIAL

ENTIT

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AN N

UM.

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SCHE

DULE

RATE

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ER

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MATU

RITY

DA

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X MON

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2273

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2015

--

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anco

lom

bia

5980

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R +

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Ban

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a59

8005

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Qua

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IBR

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MV

1.75

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5.00

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26.0

1.20

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--

--

--

Ban

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a59

8005

1333

Qua

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IBR

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700.

000

350.

000

-24

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2015

--

--

--

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Cons

truct

ora

Conc

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S.A.

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l Hel

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25.0

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.06.

2016

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--

-

Cons

truct

ora

Conc

oncr

eto

S.A.

- Co

nsor

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n lo

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Sem

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2016

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Cons

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S.A.

- Co

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Whe

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BO

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) + 2

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3.06

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985

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2015

--

--

--

-

BB

VA

Col

ombi

a S

.A.

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356

Whe

n lo

an m

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BO

R (6

) + 1

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2.92

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02.

293.

200

-27

.04.

2015

--

--

--

-

BB

VA

Col

ombi

a S

.A.

F023

345

Whe

n lo

an m

atur

esLI

BO

R (6

) + 1

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1.81

5.00

21.

383.

074

-27

.04.

2015

--

--

--

-

BB

VA

Col

ombi

a S

.A.

500-

9600

0522

07W

hen

loan

mat

ures

DTF

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EA

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431.

400

1.13

8.56

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--

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TOTA

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599.

597

547.

931.

340

638.

280.

303

14.8

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57.3

59.8

2913

1.84

4.39

941

8.85

6.45

5-

-

Conconcreto — 274

SEPARATE FINANCIAL STATEMENTS 0101B

orro

win

gs, t

otal

fina

nce

leas

es:

FINAN

CIAL

ENTIT

YLO

AN N

UM.

AMOR

TIZAT

ION

SCHE

DULE

RATE

CAPIT

ALBA

LANC

EDE

CEMB

ER -

14

BALA

NCE

DECE

MBER

- 15

MATU

RITY

DA

TEIN

ONE

MO

NTH

IN TH

REE

MONT

HSIN

SIX

MONT

HSIN

ONE

YEAR

IN 3

YEAR

SIN

5 YE

ARS

MORE

THAN

5 YE

ARS

Cons

truct

ora

Conc

oncr

eto

S.A.

Ban

co B

BVA

1057

3M

onth

ly

IPC

+ 3

,42%

EA

R1.

040.

557

986.

973

-31

.03.

2015

--

--

--

-B

anco

BB

VA10

210

Mon

thly

IP

C +

3,4

2% E

AR

943.

524

895.

022

-31

.03.

2015

--

--

--

-B

anco

BB

VA11

068

Mon

thly

IP

C +

3,4

2% E

AR

744.

904

735.

447

-31

.03.

2015

--

--

--

-B

anco

BB

VA10

363

Mon

thly

IP

C +

3,4

2% E

AR

640.

795

632.

659

-31

.03.

2015

--

--

--

-B

anco

BB

VA10

366

Mon

thly

IP

C +

3,4

2% E

AR

608.

554

600.

828

-31

.03.

2015

--

--

--

-B

anco

BB

VA10

395

Mon

thly

IP

C +

3,4

2% E

AR

568.

908

561.

685

-31

.03.

2015

--

--

--

-B

anco

BB

VA11

186

Mon

thly

IP

C +

3,4

2% E

AR

547.

081

540.

136

-31

.03.

2015

--

--

--

-B

anco

BB

VA10

393

Mon

thly

IP

C +

3,4

2% E

AR

486.

950

480.

768

-31

.03.

2015

--

--

--

-B

anco

BB

VA11

454

Mon

thly

IP

C +

3,4

2% E

AR

479.

871

473.

779

-31

.03.

2015

--

--

--

-B

anco

BB

VA10

881

Mon

thly

IP

C +

3,4

2% E

AR

449.

156

426.

026

-31

.03.

2015

--

--

--

-B

anco

BB

VA10

362

Mon

thly

IP

C +

3,4

2% E

AR

345.

085

340.

704

-31

.03.

2015

--

--

--

-B

anco

BB

VA10

348

Mon

thly

IP

C +

3,4

2% E

AR

325.

747

308.

972

-31

.03.

2015

--

--

--

-B

anco

BB

VA11

069

Mon

thly

IP

C +

3,4

2% E

AR

284.

773

281.

158

-31

.03.

2015

--

--

--

-B

anco

BB

VA11

192

Mon

thly

IP

C +

3,4

2% E

AR

200.

798

198.

249

-31

.03.

2015

--

--

--

-B

anco

BB

VA11

483

Mon

thly

IP

C +

3,4

2% E

AR

196.

818

194.

319

-31

.03.

2015

--

--

--

-B

anco

BB

VA10

920

Mon

thly

IP

C +

3,4

2% E

AR

183.

773

174.

310

-31

.03.

2015

--

--

--

-B

anco

BB

VA11

127

Mon

thly

IP

C +

3,4

2% E

AR

104.

329

103.

004

-31

.03.

2015

--

--

--

-B

anco

BB

VA11

493

Mon

thly

IP

C +

3,4

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AR

39.7

8839

.283

-6.

08.2

017

--

--

--

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anco

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orpb

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(H

elm

Ban

k)11

5677

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onth

ly

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+ 5

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EA

R78

5.70

766

3.51

853

2.38

930

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2018

11.3

5122

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34.8

6571

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391.

665

--

Ban

co

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ca

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m B

ank)

1169

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AR

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2019

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co

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1169

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Mon

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AR

79.6

8468

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55.6

5309

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2019

1.12

22.

171

3.33

97.

404

32.1

159.

500

-

Ban

co

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1152

26-3

Mon

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IP

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AR

82.5

9063

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49.9

8623

.07.

2018

1.21

32.

451

3.73

97.

712

34.8

71-

-

Ban

co d

e O

ccid

ente

1803

22M

onth

ly

DTF

+ 4

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ann

ual

rate

3.10

0.00

01.

775.

384

1.14

4.59

213

.07.

2017

54.7

1711

0.50

116

8.99

235

0.43

445

9.94

8-

-

Ban

co d

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ccid

ente

180-

8053

7M

onth

ly

DTF

+ 4

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ann

ual

rate

1.55

9.21

599

1.93

168

4.05

829

.11.

2017

26.6

8853

.991

82.5

4817

1.37

134

9.46

1-

-

Ban

co d

e O

ccid

ente

180-

6965

6M

onth

ly

DTF

+ 2

,80%

ann

ual

rate

1.87

9.98

964

9.90

523

6.83

421

.06.

2016

35.7

3072

.191

128.

914

--

--

Ban

co d

e O

ccid

ente

1803

08M

onth

ly

DTF

+ 4

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ann

ual

rate

660.

504

324.

175

184.

869

27.0

2.20

1712

.101

24.4

8637

.448

77.6

2133

.213

--

Ban

co d

e O

ccid

ente

169-

6965

5M

onth

ly

DTF

+ 2

,80%

ann

ual

rate

2.25

9.97

765

9.65

415

4.62

015

.03.

2016

43.7

1811

0.90

2-

--

--


FINAN

CIAL

ENTIT

YLO

AN N

UM.

AMOR

TIZAT

ION

SCHE

DULE

RATE

CAPIT

ALBA

LANC

EDE

CEMB

ER -

14

BALA

NCE

DECE

MBER

- 15

MATU

RITY

DA

TEIN

ONE

MO

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IN TH

REE

MONT

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SIX

MONT

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ONE

YEAR

IN 3

YEAR

SIN

5 YE

ARS

MORE

THAN

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ARS

Cons

truct

ora

Conc

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S.A.

Leas

ing

Ban

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mbi

a13

2467

Whe

n lo

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72%

EA

R14

.294

.470

14.2

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.294

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05.0

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--

--

-14

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Leas

ing

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6225

Mon

thly

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AM

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641.

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2012

3.31

029

6.91

844

5.37

891

0.10

13.

543.

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3.33

9.49

2-

Leas

ing

Ban

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mbi

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2498

Mon

thly

D

TF +

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8% a

nnua

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01.0

1.20

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4.54

5.09

774

0.79

6

Leas

ing

Ban

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mbi

a18

1442

Mon

thly

IB

R +

2.6

0% N

AM

V3.

933.

423

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835.

871

23.1

0.20

2048

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119.

084

178.

626

365.

909

1.42

0.35

51.

703.

269

-

Leas

ing

Ban

colo

mbi

a17

1105

Mon

thly

D

TF +

2.1

0% a

nnua

l ra

te3.

638.

138

-3.

014.

939

10.1

1.20

1949

.532

99.8

8915

1.92

031

1.50

51.

354.

695

1.04

7.39

8-

Leas

ing

Ban

colo

mbi

a18

3648

Mon

thly

D

TF +

2.5

2% a

nnua

l ra

te2.

683.

762

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575.

846

14.1

1.20

1654

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109.

797

167.

084

2.24

4.53

9-

--

Leas

ing

Ban

colo

mbi

a16

7536

Mon

thly

IP

C +

4.4

0% E

AR

2.82

1.18

22.

725.

111

2.28

9.46

920

.09.

2019

36.5

6074

.087

113.

590

247.

107

1.06

8.95

474

9.17

0-

Leas

ing

Ban

colo

mbi

a17

6219

Mon

thly

IB

R +

3,0

0% N

AM

V1.

617.

109

-1.

452.

307

01.0

4.20

2020

.682

49.8

0174

.701

152.

646

594.

362

560.

115

-

Leas

ing

Ban

colo

mbi

a17

0786

Mon

thly

D

TF +

2.1

0% a

nnua

l ra

te1.

301.

265

-1.

131.

215

13.0

2.20

2017

.430

35.1

5053

.459

109.

616

476.

704

438.

856

-

Leas

ing

Ban

colo

mbi

a17

6220

Mon

thly

IB

R +

3,0

0% N

AM

V1.

095.

504

-97

0.15

625

.03.

2020

14.0

5333

.862

50.7

9310

3.78

740

4.14

436

3.51

6-

Leas

ing

Ban

colo

mbi

a14

0709

Mon

thly

D

TF +

3,6

5% a

nnua

l ra

te1.

184.

110

739.

391

521.

988

27.0

8.20

1718

.850

38.1

0358

.176

120.

127

286.

732

--

Leas

ing

Ban

colo

mbi

a14

6138

Mon

thly

D

TF +

3.9

5% a

nnua

l ra

te73

1.66

551

9.43

939

1.04

325

.02.

2018

11.1

3822

.522

34.4

0971

.132

251.

843

--

Leas

ing

Ban

colo

mbi

a13

6277

Mon

thly

D

TF +

4,6

5% a

nnua

l ra

te55

6.88

231

8.15

221

2.44

018

.04.

2017

9.25

118

.713

28.6

0659

.197

96.6

73-

-

Leas

ing

Ban

colo

mbi

a11

8287

Mon

thly

D

TF +

2,8

0% a

nnua

l ra

te92

0.94

836

6.91

716

8.06

902

.09.

2016

17.1

9934

.733

52.9

4763

.190

--

-

Leas

ing

Ban

colo

mbi

a18

4693

Mon

thly

IB

R +

3.2

5% N

AM

V15

2.90

0-

152.

900

10.1

2.20

175.

267

11.5

0817

.262

34.5

2484

.338

--

Leas

ing

Ban

colo

mbi

a17

4028

Mon

thly

D

TF +

2.4

1% a

nnua

l ra

te17

6.90

0-

151.

639

20.0

1.20

202.

378

4.79

77.

298

14.9

7465

.262

56.9

30-

Leas

ing

Ban

colo

mbi

a18

4692

Mon

thly

IB

R +

3.2

5% N

AM

V14

7.90

0-

147.

900

10.1

2.20

175.

095

11.1

3216

.698

33.3

9581

.580

--

Leas

ing

Ban

colo

mbi

a18

4681

Mon

thly

IB

R +

3.2

5% N

AM

V14

7.90

0-

147.

900

10.1

2.20

175.

095

11.1

3216

.698

33.3

9581

.580

--

Leas

ing

Ban

colo

mbi

a15

9993

Mon

thly

IP

C +

5.5

7% E

AR

203.

000

177.

300

144.

912

03.0

2.20

192.

770

5.61

58.

611

17.9

2582

.034

27.9

56-

Leas

ing

Ban

colo

mbi

a18

1897

Mon

thly

IB

R +

2.6

0% N

AM

V14

7.00

0-

141.

435

01.0

9.20

201.

823

4.46

16.

692

13.7

0653

.212

61.5

42-

Leas

ing

Ban

colo

mbi

a16

8364

Mon

thly

IP

C +

4.9

0% E

AR

156.

512

150.

672

126.

716

03.0

9.20

192.

023

4.09

96.

284

13.5

9359

.223

41.4

95-

Leas

ing

Ban

colo

mbi

a17

3750

Mon

thly

D

TF +

3.1

3% a

nnua

l ra

te13

4.38

6-

121.

325

26.0

5.20

201.

895

3.82

85.

838

12.0

3153

.218

44.5

14-

Leas

ing

Ban

colo

mbi

a18

4824

Mon

thly

IB

R +

3.6

0% N

AM

V11

7.87

5-

117.

875

08.0

2.20

17-

4.80

79.

616

22.4

3781

.016

--

Leas

ing

Ban

colo

mbi

a15

1266

Mon

thly

IP

C +

5.6

5% E

AR

166.

304

125.

076

96.9

5617

.05.

2018

2.42

34.

914

7.54

515

.740

66.3

35-

-

Conconcreto — 276


ANCIA

L EN

TITY

LOAN

NUM

.AM

ORTIZ

ATIO

N SC

HEDU

LERA

TECA

PITAL

BALA

NCE

DECE

MBER

- 14

BA

LANC

EDE

CEMB

ER -

15MA

TURI

TY

DATE

IN O

NE

MONT

HIN

THRE

E MO

NTHS

IN SI

X MO

NTHS

IN O

NE YE

ARIN

3 YE

ARS

IN 5

YEAR

SMO

RE TH

AN 5

YEAR

SCo

nstru

ctor

a Co

ncon

cret

o S.

A.Le

asin

g B

anco

lom

bia

1367

26M

onth

ly

DTF

+ 4

,65%

ann

ual

rate

261.

174

145.

239

95.2

6921

.03.

2017

4.34

78.

803

13.4

8128

.055

40.5

84-

-

Leas

ing

Ban

colo

mbi

a18

4415

Mon

thly

IB

R +

3.3

3% N

AM

V11

5.99

0-

90.8

6918

.11.

2020

1.10

72.

778

4.16

78.

559

33.1

1241

.146

-

Leas

ing

Ban

colo

mbi

a18

0561

Mon

thly

IB

R +

2.6

0% N

AM

V92

.900

-88

.135

01.0

8.20

201.

167

2.82

54.

237

8.66

633

.703

37.5

36-

Leas

ing

Ban

colo

mbi

a14

5670

Mon

thly

D

TF +

3,9

5% a

nnua

l ra

te16

9.00

511

4.88

884

.917

24.1

2.20

172.

590

5.24

08.

013

16.7

4252

.332

--

Leas

ing

Ban

colo

mbi

a17

6196

Mon

thly

IB

R +

3,0

0% N

AM

V93

.955

-83

.204

25.0

3.20

201.

205

2.90

44.

356

8.90

134

.661

31.1

77-

Leas

ing

Ban

colo

mbi

a11

8289

Mon

thly

D

TF +

2.8

0% a

nnua

l ra

te64

4.73

122

2.74

581

.160

01.0

6.20

1612

.252

24.7

4344

.165

--

--

Leas

ing

Ban

colo

mbi

a18

4422

Mon

thly

IB

R +

3.3

3% N

AM

V91

.990

-77

.456

10.1

1.20

2094

72.

368

3.55

27.

293

28.2

2635

.071

-

Leas

ing

Ban

colo

mbi

a16

1788

Mon

thly

IP

C +

5.5

0% E

AR

124.

400

93.4

8676

.507

25.0

2.20

191.

452

2.94

54.

521

9.42

743

.392

14.7

68-

Leas

ing

Ban

colo

mbi

a18

4423

Mon

thly

IB

R +

3.3

3% N

AM

V91

.990

-75

.482

10.1

1.20

2092

22.

308

3.46

17.

107

27.5

0634

.177

-

Leas

ing

Ban

colo

mbi

a11

8847

Mon

thly

D

TF +

2.3

9% a

nnua

l ra

te85

3.60

126

2.62

274

.191

01.0

4.20

1616

.276

32.8

2725

.088

--

--

Leas

ing

Ban

colo

mbi

a16

2024

Mon

thly

IP

C +

5.5

0% E

AR

124.

000

89.4

6873

.219

27.0

2.20

191.

390

2.81

94.

327

9.02

241

.527

14.1

33-

Leas

ing

Ban

colo

mbi

a14

7815

Mon

thly

D

TF +

3.9

5% a

nnua

l ra

te12

1.00

084

.411

62.9

4508

.01.

2016

2.30

37.

007

7.00

77.

007

39.6

21-

-

Leas

ing

Ban

colo

mbi

a15

0803

Mon

thly

IP

C +

5.7

0% E

AR

90.9

9067

.173

51.6

8616

.04.

2018

1.34

42.

725

4.18

08.

704

34.7

33-

-

Leas

ing

Ban

colo

mbi

a15

4195

Mon

thly

IP

C +

4.2

0% E

AR

95.0

0063

.210

50.1

4220

.08.

2018

1.11

52.

258

3.45

87.

176

36.1

36-

-

Leas

ing

Ban

colo

mbi

a14

1179

Mon

thly

D

TF +

3,6

5% a

nnua

l ra

te18

1.36

870

.140

48.8

7718

.07.

2017

1.85

13.

739

5.70

311

.757

25.8

28-

-

Leas

ing

Ban

colo

mbi

a14

7780

Mon

thly

D

TF +

3.9

5% a

nnua

l ra

te85

.900

61.7

1648

.094

27.1

2.20

171.

177

2.38

23.

642

7.60

933

.284

--

Leas

ing

Ban

colo

mbi

a15

1581

Mon

thly

IP

C +

5.6

5% E

AR

76.8

0057

.750

44.7

6710

.05.

2018

1.11

92.

269

3.48

47.

267

30.6

29-

-

Leas

ing

Ban

colo

mbi

a15

9981

Mon

thly

IP

C +

5.5

7% E

AR

114.

950

55.0

2944

.587

23.1

2.20

1888

91.

804

2.77

25.

981

33.1

42-

-

Leas

ing

Ban

colo

mbi

a16

6467

Mon

thly

IP

C +

4,9

5% E

AR

55.0

0052

.265

43.8

2921

.08.

2019

717

1.45

22.

227

4.63

421

.185

13.6

15-

Leas

ing

Ban

colo

mbi

a17

3791

Mon

thly

D

TF +

3,2

2% a

nnua

l ra

te63

.000

-36

.789

13.0

1.20

2056

71.

146

1.74

63.

593

15.8

2413

.913

-

Leas

ing

Ban

colo

mbi

a17

6204

Mon

thly

IB

R +

3,0

0% N

AM

V39

.788

-35

.235

25.0

3.20

2051

01.

230

1.84

53.

769

14.6

7813

.203

-

Leas

ing

Ban

colo

mbi

a15

2831

Mon

thly

IP

C +

5.6

5% E

AR

54.2

0042

.255

33.2

1105

.07.

2018

788

1.59

52.

444

5.07

823

.306

--

Leas

ing

Ban

colo

mbi

a16

1924

Mon

thly

IP

C +

5.4

0% E

AR

55.0

7542

.642

25.0

3617

.03.

2017

1.52

63.

095

4.75

59.

967

5.69

3-

-

Leas

ing

Ban

colo

mbi

a15

1377

Mon

thly

IP

C +

5,6

5% E

AR

37.6

0028

.803

22.4

9324

.06.

2018

540

1.09

61.

685

3.60

815

.563

--


FINAN

CIAL

ENTIT

YLO

AN N

UM.

AMOR

TIZAT

ION

SCHE

DULE

RATE

CAPIT

ALBA

LANC

EDE

CEMB

ER -

14

BALA

NCE

DECE

MBER

- 15

MA

TURI

TY

DATE

IN O

NE

MONT

HIN

THRE

E MO

NTHS

IN SI

X MO

NTHS

IN O

NE YE

ARIN

3 YE

ARS

IN 5

YEAR

SMO

RE TH

AN 5

YEAR

SCo

nstru

ctor

a Co

ncon

cret

o S.

A.Le

asin

g B

anco

lom

bia

1504

99M

onth

ly

IPC

+ 5

.50%

EA

R10

0.24

052

.685

21.2

0419

.04.

2016

2.75

85.

590

12.8

56-

--

-

Leas

ing

Ban

colo

mbi

a14

9576

Mon

thly

IP

C +

5.5

0% E

AR

102.

000

51.0

1918

.758

13.0

3.20

162.

825

15.9

33-

--

--

Leas

ing

Ban

colo

mbi

a16

6508

Mon

thly

D

TF +

4,6

5% a

nnua

l ra

te29

.516

26.6

3617

.499

06.0

8.20

1779

81.

615

2.47

05.

116

7.50

1-

-

Leas

ing

Ban

colo

mbi

a15

3981

Mon

thly

IP

C +

5.4

1% E

AR

12.1

88.8

098.

873.

113

-14

.10.

2015

--

--

--

-

Leas

ing

Ban

colo

mbi

a14

6958

Mon

thly

D

TF +

3,9

5% a

nnua

l ra

te12

1.00

052

.303

-12

.12.

2015

--

--

--

-

Leas

ing

Ban

colo

mbi

a14

3328

Mon

thly

D

TF +

3,8

5% a

nnua

l ra

te10

0.00

037

.254

-11

.10.

2015

--

--

--

-

Leas

ing

Ban

colo

mbi

a14

7153

Mon

thly

D

TF +

3,9

5% a

nnua

l ra

te12

3.00

037

.570

-26

.12.

2015

--

--

--

-

Leas

ing

Ban

colo

mbi

a14

7151

Mon

thly

D

TF +

3,9

5% a

nnua

l ra

te12

1.00

037

.392

-26

.12.

2015

--

--

--

-

Leas

ing

Ban

colo

mbi

a14

9818

Mon

thly

IP

C +

5,7

0% E

AR

84.9

0061

.481

-13

.03.

2018

--

--

--

-

Leas

ing

Ban

colo

mbi

a14

9819

Mon

thly

IP

C +

5,7

0% E

AR

84.9

0057

.147

-13

.03.

2018

--

--

--

-

Leas

ing

Ban

colo

mbi

a14

9821

Mon

thly

IP

C +

5,7

0% E

AR

69.9

0050

.619

-13

.03.

2018

--

--

--

-

Leas

ing

Ban

colo

mbi

a15

2433

Mon

thly

IP

C +

5,6

5% E

AR

56.1

4442

.988

-13

.01.

2015

--

--

--

-

Leas

ing

Ban

colo

mbi

a15

3984

Mon

thly

IP

C +

5,2

5% E

AR

3.41

8.11

01.

629.

883

-06

.02.

2019

--

--

--

-

Leas

ing

Ban

colo

mbi

a15

2464

Mon

thly

IP

C +

5,6

5% E

AR

124.

000

17.5

30-

18.0

6.20

15-

--

--

--

Leas

ing

Ban

colo

mbi

a15

3981

Mon

thly

IP

C +

5,4

1% E

AR

3.63

8.13

83.

591.

502

-10

.11.

2019

--

--

--

-

Leas

ing

Ban

colo

mbi

a13

4480

Whe

n lo

an

mat

ures

0,60

% E

AR

26.5

09.0

0026

.772

.422

-16

.05.

2022

--

--

--

-

Leas

ing

Ban

colo

mbi

a13

8487

Whe

n lo

an

mat

ures

0,60

% E

AR

11.8

72.0

0011

.977

.783

-03

.08.

2022

--

--

--

-

Leas

ing

Ban

colo

mbi

a14

0282

Whe

n lo

an

mat

ures

0,64

% E

AR

10.1

70.7

9910

.275

.949

-28

.12.

2022

--

--

--

-

Leas

ing

Ban

colo

mbi

a14

0320

Whe

n lo

an

mat

ures

0,64

% E

AR

15.6

45.9

1515

.772

.207

-15

.05.

2023

--

--

--

-

Leas

ing

Ban

colo

mbi

a14

9962

Whe

n lo

an

mat

ures

0,64

% E

AR

11.8

95.4

1311

.919

.742

-02

.07.

2024

--

--

--

-

Cons

truct

ora

Conc

oncr

eto

S.A.

- B

uro

26 Tr

ust

Leas

ing

Ban

colo

mbi

a14

6343

Whe

n lo

an

mat

ures

0,64

% E

AR

24.5

99.8

1227

.866

.409

-02

.07.

2024

--

--

--

-

Leas

ing

Ban

colo

mbi

a14

6343

Whe

n lo

an

mat

ures

0,64

% E

AR

24.5

99.8

1221

.419

.776

-22

.07.

2024

--

--

--

-

Conconcreto — 278


ANCIA

L EN

TITY

LOAN

NUM

.AM

ORTIZ

ATIO

N SC

HEDU

LERA

TECA

PITAL

BALA

NCE

DECE

MBER

- 14

BA

LANC

EDE

CEMB

ER -

15MA

TURI

TY

DATE

IN O

NE

MONT

HIN

THRE

E MO

NTHS

IN SI

X MO

NTHS

IN O

NE YE

ARIN

3 YE

ARS

IN 5

YEAR

SMO

RE TH

AN 5

YEAR

SCo

nstru

ctor

a Co

ncon

cret

o S.

A. -

Cons

ortiu

m V

ial H

elio

sLe

asin

g B

anco

lom

bia

1198

87Q

uarte

rlyD

TF +

4.2

0% a

nnua

l ra

te12

.500

.000

12.5

00.0

0012

.500

.000

31.1

2.20

16-

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12.5

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Leas

ing

Ban

colo

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a11

7967

Qua

rterly

DTF

+ 4

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ann

ual

rate

2.45

5.04

119

.062

19.0

6215

.03.

2016

-19

.062

--

--

-

Leas

ing

Ban

colo

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a11

8314

Qua

rterly

DTF

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ual

rate

1.27

6.76

910

.758

10.7

5815

.03.

2016

-10

.758

--

--

-

Leas

ing

Ban

colo

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a11

7678

Qua

rterly

DTF

+ 4

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ann

ual

rate

1.23

6.75

09.

976

9.97

615

.03.

2016

-9.

976

--

--

-

Leas

ing

Ban

colo

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a11

7676

Qua

rterly

DTF

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ann

ual

rate

1.19

6.01

49.

205

9.20

515

.03.

2016

-9.

205

--

--

-

Leas

ing

Ban

colo

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a11

9868

Qua

rterly

DTF

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ann

ual

rate

654.

530

6.38

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388

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6.38

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--

--

Leas

ing

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7677

Qua

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ual

rate

784.

452

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161

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Leas

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7679

Qua

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ual

rate

534.

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rate

304.

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Leas

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Qua

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ann

ual

rate

180.

895

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--

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Leas

ing

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ual

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116.

500

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--

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Leas

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9531

Qua

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ual

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27.8

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315

.03.

2016

-3

--

--

-

Leas

ing

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colo

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a10

7194

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ann

ual

rate

528.

105

123.

402

-15

.06.

2015

--

--

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Leas

ing

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colo

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Qua

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ual

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1.07

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--

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Leas

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ann

ual

rate

278.

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--

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Leas

ing

Ban

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Qua

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ual

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278.

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Leas

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a11

9530

Qua

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DTF

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ann

ual

rate

90.3

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060

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.03.

2015

--

--

--

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Leas

ing

Ban

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a13

4377

Qua

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ann

ual

rate

473.

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281.

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2015

--

--

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Leas

ing

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colo

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4379

Qua

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ual

rate

271.

228

158.

090

-06

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2015

--

--

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4380

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ann

ual

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72.8

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-14

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2015

--

--

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Leas

ing

Ban

colo

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ual

rate

204.

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--

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Leas

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5139

Qua

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ual

rate

56.4

4633

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2015

--

--

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ann

ual

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30.0

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2015

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5460

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1.18

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FINAN

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Leas

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Conconcreto — 280


ANCIA

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SD 1

.929

,15

92.8

5336

2.09

430

.08.

2016

--

362.

094

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A2.

085,

11U

SD 3

25,8

124

6.12

534

8.67

325

.01.

2016

348.

673

--

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A3.

174,

13U

SD 2

.070

,60

107.

637

325.

511

29.0

4.20

16-

325.

511

--

--

-B

anco

lom

bia

Cal

l opt

ion

NA

2.21

3,67

USD

325

,81

201.

381

306.

918

25.0

1.20

1630

6.91

8-

--

--

-B

anco

lom

bia

Cal

l opt

ion

NA

3.19

9,94

USD

2.8

20,1

079

.292

263.

249

29.0

2.20

1626

3.24

9-

--

--

-B

anco

lom

bia

Cal

l opt

ion

NA

3.23

8,03

USD

1.4

46,0

418

4.01

225

1.37

030

.06.

2016

--

251.

370

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A3.

232,

88U

SD 8

83,0

013

1.45

224

5.60

427

.12.

2016

--

245.

604

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A3.

360,

10U

SD 1

.112

,58

112.

834

222.

310

31.1

0.20

16-

-22

2.31

0-

--

-B

anco

lom

bia

Cal

l opt

ion

NA

3.32

9,94

USD

1.1

14,2

495

.561

216.

566

30.0

9.20

16-

-21

6.56

6-

--

-B

anco

lom

bia

Cal

l opt

ion

NA

3.39

0,21

USD

1.0

36,0

090

.032

211.

698

30.1

1.20

16-

-21

1.69

8-

--

-B

anco

lom

bia

Cal

l opt

ion

NA

3.22

2,86

USD

1.7

79,7

977

.963

199.

241

30.0

3.20

16-

199.

241

--

--

-B

anco

lom

bia

Cal

l opt

ion

NA

2.11

2,43

USD

162

,91

207.

796

169.

900

25.0

1.20

1616

9.90

0-

--

--

-

Conconcreto — 282


ANCIA

L EN

TITY

LOAN

NUM

.AM

ORTIZ

ATIO

N SC

HEDU

LEST

RIKE

RAT

EAP

PRAIS

AL

COBE

RTUR

ABA

LANC

EDE

CEMB

ER -

14

BALA

NCE

DECE

MBER

- 15

MATU

RITY

DA

TEIN

ONE

MO

NTH

IN TH

REE

MONT

HSIN

SIX

MONT

HSIN

ONE

YEAR

IN 3

YEAR

SIN

5 YE

ARS

MORE

THAN

5 Y

EARS

Cons

truct

ora

Conc

oncr

eto

S.A.

Ban

colo

mbi

aC

all o

ptio

nN

A3.

121,

83U

SD 9

95,9

016

8.25

012

9.61

329

.02.

2016

129.

613

--

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A3.

177,

33U

SD 1

.864

,72

92.2

1812

7.38

629

.01.

2016

127.

386

--

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A3.

397,

62U

SD 6

64,4

2(3

4)12

4.69

531

.10.

2016

--

124.

695

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A3.

367,

48U

SD 6

65,7

6(1

0)12

1.02

030

.09.

2016

--

121.

020

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A3.

144,

36U

SD 4

28,1

312

7.88

262

.771

30.0

3.20

16-

62.7

71-

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A3.

452,

42U

SD 2

80,6

1(1

4)59

.695

30.0

1.20

17-

--

-59

.695

--

Ban

colo

mbi

aC

all o

ptio

nN

A3.

100,

62U

SD 2

95,5

317

9.52

231

.890

29.0

1.20

1631

.890

--

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A3.

457,

97U

SD 1

58,3

9(5

5)31

.153

29.1

2.20

16-

-31

.153

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A3.

159,

70U

SD 1

05,0

016

0.13

925

.867

26.0

8.20

16-

-25

.867

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A1.

980,

00U

SD 1

62,9

112

5.07

30

25.0

1.20

16-

--

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A1.

960,

00U

SD 1

.240

,03

(4.9

09)

-28

.03.

2016

--

--

--

-B

anco

lom

bia

Cal

l opt

ion

NA

1.96

0,00

USD

325

,81

(852

)-

25.0

1.20

16-

--

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A1.

940,

00U

SD 6

80,6

4(1

.094

)-

22.1

2.20

15-

--

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A1.

940,

00U

SD 5

68,8

8(7

83)

-25

.11.

2015

--

--

--

-B

anco

lom

bia

Cal

l opt

ion

NA

1.94

0,00

USD

568

,88

(637

)-

26.1

0.20

15-

--

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A1.

940,

00U

SD 6

50,2

4(5

55)

-25

.09.

2015

--

--

--

-B

anco

lom

bia

Cal

l opt

ion

NA

1.94

0,00

USD

1.1

28,2

7(6

43)

-25

.08.

2015

--

--

--

-B

anco

lom

bia

Cal

l opt

ion

NA

1.94

0,00

USD

988

,04

(350

)-

27.0

7.20

15-

--

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A1.

920,

00U

SD 1

.185

,65

(148

)-

25.0

6.20

15-

--

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A1.

920,

00U

SD 1

.406

,69

(105

)-

26.0

5.20

15-

--

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A1.

920,

00U

SD 1

.843

,25

(61)

-27

.04.

2015

--

--

--

-B

anco

lom

bia

Cal

l opt

ion

NA

1.92

0,00

USD

1.9

66,9

8(1

6)-

25.0

3.20

15-

--

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A1.

920,

00U

SD 1

.844

,69

(4)

-25

.02.

2015

--

--

--

-B

anco

lom

bia

Cal

l opt

ion

NA

1.92

0,00

USD

1.6

16,3

8(0

)-

26.0

1.20

15-

--

--

--


FINAN

CIAL

ENTIT

YLO

AN N

UM.

AMOR

TIZAT

ION

SCHE

DULE

STRI

KE R

ATE

COVE

RAGE

AM

OUNT

BALA

NCE

DECE

MBER

- 14

BA

LANC

EDE

CEMB

ER -

15

MATU

RITY

DA

TEIN

ONE

MO

NTH

IN TH

REE

MONT

HSIN

SIX

MONT

HSIN

ONE

YEAR

IN 3

YEAR

SIN

5 YE

ARS

MORE

THAN

5 Y

EARS

Cons

truct

ora

Conc

oncr

eto

S.A.

Ban

colo

mbi

aC

all o

ptio

nN

A2.

100,

00U

SD 3

25,8

122

5.90

4(0

)25

.01.

2016

--

--

--

-B

anco

lom

bia

Cal

l opt

ion

NA

1.98

0,00

USD

620

,02

461.

802

(0)

28.0

3.20

16-

(0)

--

--

-B

anco

lom

bia

Cal

l opt

ion

NA

2.70

0,00

USD

105

,00

140.

397

(2.7

62)

26.0

8.20

16-

-(2

.762

)-

--

-B

anco

lom

bia

Cal

l opt

ion

NA

2.70

0,00

USD

883

,00

158.

424

(34.

324)

27.1

2.20

16-

-(3

4.32

4)-

--

-B

anco

lom

bia

Put

opt

ion

NA

1.96

0,00

USD

325

,81

380.

860

025

.01.

2016

--

--

--

-B

anco

lom

bia

Put

opt

ion

NA

2.06

2,04

USD

1.1

85,6

542

7.81

6-

25.0

6.20

15-

--

--

--

Ban

colo

mbi

aP

ut o

ptio

nN

A2.

046,

02U

SD 1

.406

,69

521.

439

-26

.05.

2015

--

--

--

-B

anco

lom

bia

Put

opt

ion

NA

2.03

1,14

USD

1.8

43,2

570

0.44

9-

27.0

4.20

15-

--

--

--

Ban

colo

mbi

aP

ut o

ptio

nN

A2.

014,

18U

SD 1

.966

,98

768.

880

-25

.03.

2015

--

--

--

-B

anco

lom

bia

Put

opt

ion

NA

2.00

0,62

USD

1.8

44,6

973

6.30

9-

25.0

2.20

15-

--

--

--

Ban

colo

mbi

aP

ut o

ptio

nN

A1.

988,

02U

SD 1

.616

,38

657.

479

-26

.01.

2015

--

--

--

-B

anco

lom

bia

Put

opt

ion

NA

1.96

0,00

USD

1.2

40,0

342

6.57

8(0

)28

.03.

2016

-(0

)-

--

--

Ban

colo

mbi

aP

ut o

ptio

nN

A2.

100,

00U

SD 1

.240

,03

236.

338

(1)

28.0

3.20

16-

(1)

--

--

-B

anco

lom

bia

Put

opt

ion

NA

2.90

0,00

USD

295

,53

(596

)(1

.919

)29

.01.

2016

(1.9

19)

--

--

--

Ban

colo

mbi

aP

ut o

ptio

nN

A2.

900,

00U

SD 4

28,1

3(1

.134

)(1

1.43

1)30

.03.

2016

-(1

1.43

1)-

--

--

Ban

colo

mbi

aP

ut o

ptio

nN

A2.

900,

00U

SD 9

95,9

0(1

.032

)(1

7.40

9)29

.02.

2016

(17.

409)

--

--

--

Ban

colo

mbi

aP

ut o

ptio

nN

A2.

900,

00U

SD 2

80,6

1(1

6.55

4)(2

2.92

5)30

.01.

2017

--

--

(22.

925)

--

Ban

colo

mbi

aP

ut o

ptio

nN

A3.

115,

00U

SD 1

58,3

916

8.60

5(2

3.85

2)29

.12.

2016

--

(23.

852)

--

--

Ban

colo

mbi

aP

ut o

ptio

nN

A2.

900,

00U

SD 2

.070

,60

(1.2

06)

(74.

325)

29.0

4.20

16-

(74.

325)

--

--

-B

anco

lom

bia

Put

opt

ion

NA

2.90

0,00

USD

1.1

14,2

4(2

.869

)(7

4.40

4)30

.09.

2016

--

(74.

404)

--

--

Ban

colo

mbi

aP

ut o

ptio

nN

A2.

900,

00U

SD 1

.446

,04

(3.6

02)

(74.

581)

30.0

6.20

16-

-(7

4.58

1)-

--

-B

anco

lom

bia

Put

opt

ion

NA

2.90

0,00

USD

1.0

36,0

0(3

.411

)(7

7.45

7)30

.11.

2016

--

(77.

457)

--

--

Ban

colo

mbi

aP

ut o

ptio

nN

A2.

900,

00U

SD 1

.112

,58

(3.7

24)

(79.

068)

31.1

0.20

16-

-(7

9.06

8)-

--

-B

anco

lom

bia

Put

opt

ion

NA

3.11

5,00

USD

665

,76

(2.9

76)

(92.

893)

30.0

9.20

16-

-(9

2.89

3)-

--

-

Conconcreto — 284


ANCIA

L EN

TITY

LOAN

NUM

.AM

ORTIZ

ATIO

N SC

HEDU

LEST

RIKE

RAT

EAP

PRAIS

AL

COBE

RTUR

ABA

LANC

EDE

CEMB

ER -

14

SALD

O DI

CIEMB

RE-1

5MA

TURI

TY

DATE

IN O

NE

MONT

HIN

THRE

E MO

NTHS

IN SI

X MO

NTHS

IN O

NE YE

ARIN

3 YE

ARS

IN 5

YEAR

SMO

RE TH

AN

5 YEA

RSCo

nstru

ctor

a Co

ncon

cret

o S.

A.B

anco

lom

bia

Put

opt

ion

NA

3.11

5,00

USD

664

,42

147.

876

(95.

621)

31.1

0.20

16-

-(9

5.62

1)-

--

-B

anco

lom

bia

Put

opt

ion

NA

3.11

5,00

USD

1.8

64,7

2(7

5)(1

01.9

74)

29.0

1.20

16(1

01.9

74)

--

--

--

Ban

colo

mbi

aP

ut o

ptio

nN

A2.

900,

00U

SD 2

.639

,04

(2.4

77)

(117

.477

)31

.05.

2016

-(1

17.4

77)

--

--

-B

anco

lom

bia

Put

opt

ion

NA

2.90

0,00

USD

1.9

29,1

5(2

.574

)(1

20.4

88)

30.0

8.20

16-

-(1

20.4

88)

--

--

Ban

colo

mbi

aP

ut o

ptio

nN

A2.

900,

00U

SD 2

.297

,03

(2.5

51)

(131

.350

)29

.07.

2016

--

(131

.350

)-

--

-B

anco

lom

bia

Put

opt

ion

NA

3.11

5,00

USD

1.7

79,7

9(3

55)

(162

.842

)30

.03.

2016

-(1

62.8

42)

--

--

-B

anco

lom

bia

Put

opt

ion

NA

3.11

5,00

USD

2.8

20,1

0(2

00)

(218

.292

)29

.02.

2016

(218

.292

)-

--

--

-B

anco

lom

bia

Put

opt

ion

NA

3.11

5,00

USD

2.4

48,9

6(4

05)

(302

.085

)30

.06.

2016

--

(302

.085

)-

--

-B

anco

lom

bia

Put

opt

ion

NA

2.90

0,00

USD

3.2

54,0

034

2.49

8(3

03.7

79)

30.0

5.20

17-

--

-(3

03.7

79)

--

Ban

colo

mbi

aP

ut o

ptio

nN

A3.

115,

00U

SD 2

.983

,85

(531

)(4

03.4

46)

30.0

8.20

16-

-(4

03.4

46)

--

--

Ban

colo

mbi

aP

ut o

ptio

nN

A3.

115,

00U

SD 4

.101

,96

(335

)(4

71.7

93)

31.0

5.20

16-

(471

.793

)-

--

--

Ban

colo

mbi

aP

ut o

ptio

nN

A3.

115,

00U

SD 4

.719

,40

(297

)(4

91.5

02)

29.0

4.20

16-

(491

.502

)-

--

--

Ban

colo

mbi

aP

ut o

ptio

nN

A3.

115,

00U

SD 3

.952

,97

(560

)(5

12.3

60)

29.0

7.20

16-

-(5

12.3

60)

--

--

Cons

truct

ora

Conc

oncr

eto

S.A.

- Co

nsor

tium

Agu

adul

ceB

anco

lom

bia

Cal

l opt

ion

NA

2.39

2,46

USD

785

,48

(2)

-28

.01.

2015

--

--

--

-B

anco

lom

bia

Cal

l opt

ion

NA

2.39

2,46

USD

207

,59

(40)

-26

.03.

2015

--

--

--

-B

anco

lom

bia

Cal

l opt

ion

NA

2.39

2,46

USD

502

,58

(42)

-27

.02.

2015

--

--

--

-B

anco

lom

bia

Cal

l opt

ion

NA

2.39

2,46

USD

852

,46

(354

)-

24.0

4.20

15-

--

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A2.

392,

46U

SD 6

41,2

0(4

86)

-28

.05.

2015

--

--

--

-B

anco

lom

bia

Cal

l opt

ion

NA

2.39

2,46

USD

616

,79

(635

)-

26.0

6.20

15-

--

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A2.

392,

46U

SD 3

22,2

1(7

21)

-27

.08.

2015

--

--

--

-B

anco

lom

bia

Cal

l opt

ion

NA

2.39

2,46

USD

273

,65

(815

)-

28.0

9.20

15-

--

--

--

Ban

colo

mbi

aC

all o

ptio

nN

A2.

392,

46U

SD 6

00,2

8(9

08)

-24

.07.

2015

--

--

--

-B

anco

lom

bia

Put

opt

ion

NA

2.39

2,46

USD

852

,46

227.

691

-24

.04.

2015

--

--

--

-


FINAN

CIAL

ENTIT

YLO

AN N

UM.

AMOR

TIZAT

ION

SCHE

DULE

STRI

KE R

ATE

APPR

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Conconcreto — 286


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4.16 TRADE AND OTHER ACCOUNTS PAYABLE, CURRENT AND NON-CURRENT

BREAKDOWNSACCOUNTS PAYABLE DEC-15 DEC-14

Cost and expenses payable (1) 130.318.974 122.775.911 Domestic suppliers (2) 66.167.196 70.377.657 Deferred (3) 65.268.821 75.954.091 Other accounts payable (4) 33.761.741 25.333.647 Labor obligations 17.113.396 14.772.474 Official creditors 8.347.629 8.824.161 Taxes, encumbrances and duties 6.810.272 5.952.237 Other trade accounts payable (5) 4.771.641 6.844.668 Other liabilities (6) 4.607.995 11.405.098 Payroll withholdings and contributions 3.762.343 3.368.019 Foreign suppliers (7) 3.404.601 4.520.038 Financial costs and expenses payable 3.186.492 2.764.813 Accounts payable to contractors 1.267.163 2.075.353 Tax withholdings at the source 48.700 386.953 Dividends and/or stock payable 19.243 314.204 CURRENT 348.856.206 355.669.324 Withholdings of guarantees (8) 15.657.067 2.414.511 Other accounts payable (9) 10.655.312 5.400.000 Foreign suppliers 462.909 351.644 Financial costs and expenses payable (10) - 6.820.276 NON-CURRENT 26.775.288 14.986.431 TOTAL 375.631.494 370.655.755

(1) The breakdown of costs and expenses follows:

COST AND EXPENSES PAYABLE DEC-15 DEC-14Ruta del Sol balance 125.733.453 117.226.598 Other minor 4.585.521 5.549.313 TOTAL 130.318.974 122.775.911

(2) The breakdown of domestic suppliers follows:

DOMESTIC SUPPLIERS DEC-15 DEC-14Ruta del Sol balance 20.573.997 25.241.933 Hidroituango balance 11.006.374 8.582.702 Hotel Estelar Cartagena 3.550.096 1.553.708 Balance Consortium Boscoal 2.434.053 109.550 Tierras Puerto Aguadulce movement 2.211.078 1.186.907 OxA Zona Franca Puerto Industrial Aguadulce 2.208.206 148.291 Fresenius - Terranova 1.615.846 876.485 Highway 77 Carriageways 1.543.582 1.423.366 Atlántica Torre Empresarial 1.298.427 323.246 Cedi Alpina 1.296.189 - General Megacenter Expansion 1.205.000 - Multiplaza La Felicidad 1.020.777 - Buró 51 626.220 626.499 Buró 25 404.161 425.448 Acqua Power Center 249.587 8.662.935 Other minor 14.923.601 21.216.587 TOTAL 66.167.196 70.377.657

Conconcreto — 288

SEPARATE FINANCIAL STATEMENTS 0101(3) The breakdown of deferred expenses follows:

DIFERIDOS DEC-15 DEC-14Hotel Estelar Cartagena 13.971.249 10.129.122 Atlántica Torre Empresarial 7.004.089 1.425.415 Buro 51 6.461.735 20.955.249 Parque Industrial Logika 5.441.401 7.043.138 Buró Barranquilla, Indirect 3.532.187 145.585 Consortium Conlinea 3 balance 3.394.081 - Gran Plaza, Balance 3.164.625 - Buró 51 Allowances 2.667.424 - Consortium SBCC-Boscoal Balance 2.187.473 - Conlinea Balance 2.104.545 292.972 Blu Logistics, Indirect 2.035.504 774.971 Guatapuri Shopping Mall 1.549.981 - Parque Industrial Logika, Indirect 1.329.404 36.896 Devimed 2014 744.170 4.127.637 Gran Plaza Ipiales Shopping Mall 210.482 2.282.153 Torre Granulada Colcafé 100.368 3.746.488 Other minor 9.370.102 24.994.465 TOTAL 65.268.821 75.954.091

(4) The breakdown of miscellaneous accounts payable follows:

OTHER ACCOUNTS PAYABLE DEC-15 DEC-14Puente Binacional 9.382.348 5.610 Hidrocucuana Balance 7.070.045 9.568.346 Consortium 4C Balance 3.113.972 - Ciudad del Bosque, General 2.653.852 3.077.144 General Las Mercedes 1.800.000 1.800.000 Trust Valverde 1.657.120 - Sunset Boulevard 1.513.125 - Consortium SBCC-Boscoal Balance 1.094.878 36.926 Baluarte Trust 957.960 - Other minor 4.518.440 10.845.620 TOTAL 33.761.741 25.333.647

(5) The breakdown of other trade accounts follows:

OTHER CURRENT TRADE ACCOUNTS DEC-15 DEC-14Conciviles CCC Balance 4.771.641 6.844.668 TOTAL 4.771.641 6.844.668

(6) The breakdown of liabilities follows:

OTHER LIABILITIES DEC-15 DEC-14Fresenius - Terranova indirect 1.892.021 684.243 Entreparques OxA 300.344 315.176 Conciviles Ccc Balance 258.349 702.146 Gran Plaza Ipiales Shopping Mall 247.004 863.285 Living Urban Development 200.518 171.553 Rds1 Balance 180.270 107.817 El Poblado, Indirect 178.800 669 Hotel Metro Yopal 164.856 378.401 Ruta del Sol balance 150.977 667.801 U-Storage Crespo 133.889 176.426 Torre Granulada Colcafe 116.605 136.686 Prestige Apartamentos Urban Development 115.168 296.229 Cedi Corona Girardota 108.353 74.312 New Office Equipment 103.184 - Acqua Power Center 65.362 1.627.996 Hotel Estelar Cartagena 26.999 386.419 Finito Urban Development 14.362 257.483 Buro 51 7.543 512.869 Other minor 343.391 4.045.587 TOTAL 4.607.995 11.405.098


(7) The breakdown of foreign suppliers follows:

FOREIGN SUPPLIERS DEC-15 DEC-14Hidroituango Reimburseable Expenses 1.817.318 310.325 Consortium SBCC-Boscoal Balance 1.104.075 - Puerto Aguadulce Balance 263.442 3.678.402 Obra Puerto Brisa Balance 163.870 163.870 Other minor 55.895 367.441 TOTAL 3.404.601 4.520.038

(8) The breakdown of withholdings from non-current guarantees follows:

WITHHOLDING OF NON-CURRENT GUARANTEES DEC-15 DEC-14Buro 51 2.722.930 - Hotel Estelar Cartagena 2.394.030 - Buro 25 1.761.347 634.922 Multiplaza La Felicidad 749.326 - Allegro Apartments 703.143 90.673 Torremolinos Pijao Housing Phase 690.835 - Tierras Puerto Aguadulce movement 677.939 130.405 Gran Plaza, Balance 665.619 - Atlántica Torre Empresarial 655.885 224.323 Two Towers 505.267 - Puente Binacional 456.850 - Parque Industrial Logika II 419.355 710.921 North Aqueduct Construction 417.679 - Apartamentos del Pino 416.545 22.023 OxA Madeiro 393.853 15.833 Highway 77 Carriageways 381.562 - Buro 25 Phase 2 T 3 372.009 - Guatapuri Shopping Mall 354.169 - Finito Urban Development 313.378 - Torre Atlántica 282.145 - Cedi Alpina 109.568 - Other minor 213.631 585.411 TOTAL 15.657.067 2.414.511

(9) The breakdown of non-current miscellaneous accounts payable follows:

MISCELLANEOUS NON-CURRENT ACCOUNTS PAYABLE DEC-15 DEC-14General Las Mercedes 3.600.000 5.400.000 General Trusts Mint 2.718.204 - General Trusts Life 2.278.274 - Sunset Boulevard 1.210.500 - El Molino, General 833.333 - Medellín, General Treasury 15.000 - TOTAL 10.655.312 5.400.000

(10) The breakdown of costs and expenses payable for non-current financing follows:

NON-CURRENT FINANCIAL COSTS AND EXPENSES PAYABLE DEC-15 DEC-14 Unilever, General - 4.881.318 Impac, General - 789.618 Familia I, General - 231.004 Familia II, General - 918.337 TOTAL - 6.820.276

Conconcreto — 290

SEPARATE FINANCIAL STATEMENTS 0101Accounts payable aging report, current and non-current

ACCOUNTS PAYABLE AGING REPORT TOTAL DEC 2015 0-30 DAYS 31-60 DAYS 60-90 DAYS 91-180

DAYS181-360

DAYSMORE

THAN 360DAYS

U.A.E. Colombian Tax Authority 7.382.321 7.381.279 - - - 1.041 - Cementos Argos S.A. 3.122.109 2.721.370 119.739 98.402 179.536 3.064 - Aire Caribe S.A. 1.917.104 1.917.104 - - - - - EPC Chile S.A. 1.519.407 1.139.556 379.852 - - - - Grupo Argos S.A. 1.513.125 1.513.125 - - - - - Lhoist Colombia S.A.S. 1.337.800 1.337.800 - - - - - Inversiones Bejumar S.A.S 1.205.000 - - - 1.205.000 - - Municipality of Buenaventura 1.146.346 1.146.294 - - - - 52 PC Mejía S.A. 1.096.531 1.096.531 - - - - - Special Permanent Free Trade Zone 973.513 955.395 17.599 - - 520 - Baluarte Construcciones y Diseños 957.960 - - 957.960 - - - Contexto Urbano S.A. 928.898 848.511 - 80.387 - - - Mega Construequipos S.A. 877.382 877.382 - - - - - Holcim Colombia S.A. 761.724 761.724 - - - - - Grupo Aluman Colombia S.A.S. 758.801 758.801 - - - - - M y G Ingenieros Asociados Ltda. 740.443 740.104 - - - 340 - Industrial Conconcreto S.A.S. 613.719 613.719 - - - - - Mexichem Colombia S.A.S. 570.427 570.427 - - - - - S2R Ingenieros S A 552.616 552.616 - - - - - Constructora Gómez y Cía. S.A.S 550.615 550.615 - - - - - Ticbridge S.A.S. 538.837 538.837 - - - - - Pavimentar S.A. 524.298 455.465 - - 68.833 - - CI. Energía Solar S.A. es Windows 507.503 507.503 - - - - - Banco Davivienda S.A. 499.512 388.527 15.595 14.675 41.769 38.946 - Restrepo Mesa Olga Patricia 496.893 - - - 496.893 - - Cortes Cañón Ingenieros Civiles S A 466.475 466.475 - - - - - Aire Ambiente S A 440.041 440.041 - - - - - Montebianco S.A.S 439.209 439.209 - - - - - Seracis Ltda. 425.005 407.144 13.042 4.819 - - - Madoc S.A.S. 424.616 424.616 - - - - - Protección S.A. 409.297 409.297 - - - - - F.P. Reflectar Panels y Glass S.A.S 408.953 408.953 - - - - - Construcciones A y J S.A.S 394.304 394.304 - - - - - Soletanche Bachy Cimas S.A. 389.034 389.034 - - - - - NGM Construcciones S.A.S. 388.315 388.314 Dry Wall de La Costa S.A.S 382.999 382.999 - - - - - Eficiencias en Riesgos y Seguros Ltda. 382.696 371.354 725 498 6.725 0 3.393 Banco de Bogotá S.A. 381.842 376.926 4.915 - - - - Blue Investments S.A.S. 375.675 375.675 - - - - - Soluciones Verticales S.A.S 372.686 372.686 - - - - - Pensiones Obligatorias Porvenir 363.933 363.933 - - - - - City Hall of Barranquilla 360.057 352.436 - - - 7.620 - Productora de Alambres Colombianos 358.338 358.338 - - - - - Social Security 354.711 354.711 - - - - - Comercializadora S. y E. y Cía. 343.879 343.879 - - - - - Municipality of Sabaneta 338.754 333.941 - - 4.813 - - Sociedad R y S Construcciones S.A.S 330.343 330.343 Erty Seguros de Vida S A 314.721 314.721 - - - - - Luis A Zapata S.A.S. 308.180 308.181 - - - - - Inversiones E Ingeniería Ltda. 307.444 307.444 - - - - - Muebleideas S.A.S 306.119 306.119 - - - - - Modos Exhibición Inmobiliaria S.A.S 305.781 305.781 - - - - - Geoteco S.A.S. 301.470 266.773 - - - 34.697 - Dis Arq Constructor S.A.S 300.926 300.926 - - - - - Other accounts payable 20.890.978 18.483.165 1.059.261 195.451 1.153.101 - - Accounts payable to consortiums 214.794.313 - 214.794.313 - - - - Deferred 54.418.640 54.418.640 - - - - - Labor obligations 10.797.944 10.797.944 - - - - - Accounts payable to trusts 4.280.652 - 4.280.652 - - - - Financial costs and expenses 1.961.439 1.961.439 - - - - - Accounts payable, provisions 112.481 112.481 - - - - - Costs and expenses payable, revaluations 76.575 76.575 - - - - -

Payroll withholdings and contributions 56.481 56.481 - - - - - Tax withholdings at the source (13) (13) - - - - -


ACCOUNTS PAYABLE AGING REPORT: TOTAL DEC 2015 0-30 DAYS 31-60 DAYS 60-90 DAYS 91-180

DAYS181-360

DAYSMORE

THAN 360DAYS

Domestic suppliers, foreign currency revaluation (142) (142) - - - - -

Foreign suppliers, foreign currency revaluation (12.260) (12.260) - - - - -

(IFRS) derecognition of foreign suppliers (289.567) (289.567) - - - - -

SUBTOTAL CURRENT ACCOUNTS PAYABLE AGING REPORT 348.856.206 123.571.979 220.685.694 1.352.190 3.156.669 86.228 3.446

El Heraldo S.A. 4.996.479 4.996.479 - - - - - Grupo Argos S.A. 1.210.500 1.210.500 - - - - - Inversiones P.T.C. S.A. 833.333 833.333 - - - - - Ladrillera Las Mercedes Ltda. 569.424 569.424 - - - - - Johnson Controls Be Do Brasil Ltda. 289.567 289.567 - - - - - Acevedo Deperez María Margarita 266.402 266.402 - - - - - Pavory de Tobón Gilma 146.913 146.913 - - - - - Pavory de Pérez Myriam 146.854 146.854 - - - - - Other minor 2.485.406 2.485.406 - - - - - Withholding of guarantees 15.657.067 15.657.067 - - - - - Foreign suppliers, foreign currency revaluation 173.342 173.342 - - - - -

SUBTOTAL NON-CURRENT ACCOUNTS PAYABLE AGING REPORT

26.775.288 26.775.288 - - - - -

TOTAL ACCOUNTS PAYABLE 375.631.494 150.347.267 220.685.694 1.352.190 3.156.669 86.228 3.446

4.17 OTHER NON-FINANCIAL LIABILITIES, CURRENT AND NON-CURRENT

OTHER NON-FINANCIAL LIABILITIESACCOUNTS PAYABLE DEC-15 DEC-14

Advanced payments received from clients (1) 148.963.375 138.181.641 Securities received from third parties - 3.364 Current 148.963.375 138.185.006 Advanced payments received from clients (2) 64.161.912 99.857.851 Non-current 64.161.912 99.857.851 TOTAL 213.125.286 238.042.856

(1) Short-term prepayments and advances received are as follows:

SHORT TERM DOWN PAYMENTS AND ADVANCE PAYMENTS RECEIVED FROM CLIENTS DEC-15 DEC-14Corporación de Inversiones (La Felicidad) 54.160.904 - Sociedad Puerto Industrial Aguadulce 19.746.054 12.986.199 Puente Binacional (Share) 12.852.933 23.737.619 Devioriente Trust 9.559.542 - Fresenius Trust 9.378.227 - RDS1 (Share) 7.708.174 11.015.000 Metropolitan Area of Valle de Aburrá 7.218.029 23.175.289 Consortium Conlinea 3 (Share) 5.381.148 - Consortium Aguadulce 4.067.974 - Consortium SBCC Boscoal (Share) 3.464.035 8.750.000 Rutal del Sol (Share) 3.016.250 - Compañía de Servicios e Inversiones 2.786.400 - Devimed S.A. 1.527.900 3.470.726 Empresa de desarrollo Urbano 1.249.946 - Consortium CCFC "4C" 1.137.781 - Constructora Jiménez S.A. 1.077.816 238.494 Arquitectura y Concreto S.A.S 913.507 100.000 Lote Hayuelos Trust 898.260 3.000.000 Allegro Barranquilla Trust 636.302 - Deviplus Trust 555.600 - Saavedra Troncoso Walter Jose 400.000 - Consortium Conlinea 3 268.986 - Promotora Parque Washington 265.337 176.654 Asistencia Técnica Trust 217.008 - Schlumberger Surenco S.A. 206.707 192.632 Constructora Venice S.A.S. 200.000 37.435Consortium Puerto Agua Dulce (Share) - 11.474.062 Buro 25 Trust - 18.000.208 Other 68.555 21.827.322 TOTAL 148.963.375 138.181.641

Conconcreto — 292

SEPARATE FINANCIAL STATEMENTS 0101(2) Long-term prepayments and advances received are as follows:

LONG TERM DOWN PAYMENTS AND ADVANCE PAYMENTS RECEIVED FROM CLIENTS DEC-15 DEC-14

Select 10.669.862 4.174.711 Finito 9.380.835 2.855.923 Bali 9.104.043 4.585.076 Ciudad del Bosque 8.485.800 4.827.810 Devioriente Trust 7.071.072 15.878.611 Allegro 6.549.198 3.741.489 Bodegas Familia Trust 4.412.360 11.927.312 Devimed S.A. 1.817.662 2.588.409 Mint Trust 1.684.448 14.550 Entreparques 1.648.379 430.794 Life Trust 1.458.288 74.591 Deviplus Trust 882.034 2.730.683 Bodega Impac Trust 423.140 4.727.483 Ciudad del Bosque 286.881 - Bodega Familia Sancela Trust 261.322 7.283.365 Consortium Binacional - 5.949.525 Sociedad Puerto Industrial Aguadulce - 649.310 Unilever Trust - 26.324.368 Other 26.587 1.093.842 TOTAL 64.161.912 99.857.851

4.18 SUMMARY NET EQUITYCapital and reserves

a) Capital management and equity financing The Company’s objective as regards capital manage-ment is to maintain a proper level of capitalization that will ensure its access to financial markets to carry out

its objectives in the medium and long-term, by optimiz-ing the return for its shareholders and maintaining a solid financial position.

b) Capital and number of shares At December 31, 2015, capital consisted of the following:

BREAKDOWNNumber of shares

SUBSCRIBED PAID WITH RIGHT TO VOTE1.134.254.939 1.134.254.939 1.134.254.939

CapitalSUBSCRIBED PAID

116.828.259 116.828.259

BREAKDOWN DEC-15 DEC-14Gains (losses) attributable to the Company shareholders 38.482.205 Weighted average of common shares outstanding 907.403.951 Basic and diluted earnings (losses) per share 42,41

Capital movementsIn the period ending December 31, 2015, 1,134,254,939 shares have been subscribed and paid. The shares in which the Company’s capital is divided are registered shares in paper or dematerial-ized form, as decided by the Board of Directors. When the Company decides to dematerialize its shares, they shall be represented by a share certificate, which will be kept in custody and managed by the central secu-rities depository.

c) Distribution of dividendsIn its ordinary session held on March 27, 2015, the General Meeting of Shareholders proposed to Share-holders the distribution of profits obtained in the pe-riod from January 1 to December 31, 2014, as a div-idend for a total of COP 23,000,000 (twenty three billion Colombian pesos), in two payments, which were made in the year 2015.

d) ReservesThe breakdown of reserves follows:

BREAKDOWN DEC-15 DEC-14Legal reserve 36.720.448 31.539.581 Other reservesCash flow hedge, deferred tax (4.870.233) (10.291.365)Beneficiary and civil funds 3.883.000 2.583.000 Working Capital 178.668.218 172.340.410 Wealth Tax 9.049.876 - Available to the maximum corporate body 1.499.698 1.499.698 Other 500.000 500.000 TOTAL 225.451.007 198.171.324


Working capital variation was due to an increase in prof-its for COP 22,327,808, which decreased to appropriate funds to pay the wealth tax for COP 16,000,000, as de-scribed below:

1. In its ordinary session held on March 27, 2015, the Ge-neral Shareholders Meeting authorized a reserve for do-nations for COP 1,300,000 and working capital for COP 22,327,808.

2. Considering that Law 1739 / 2014 created the wealth tax and stated, in Article 10, the possibility for the taxpa-yers to allocate the tax against equity reserves, the Ge-neral Meeting of Shareholders held on March 27, 2015 authorized the Company to allocate the wealth tax for the years 2015, 2016 and 2017 for a value of approximately COP 16,000,000 debiting a portion of the non-recurring working reserve. Accordingly, the movement of the new reserve is as follows:

BREAKDOWN OF THE WEALTH TAX RESERVE DEC-15Amount in the reserve 16.000.000 Tax amount in 2015 (6.950.124)BALANCE IN THE WEALTH TAX RESERVE 9.049.876

Summary net equity:

SUMMARY OF EQUITY DEC-15 DEC-14Summary of equity 116.828.259 93.462.607 Issue premium 584.968.014 318.871.805 Retained earnings 243.458.034 256.791.575 Profit of the year 93.514.506 38.482.205 Legal reserve 36.720.448 31.539.581 Other reservesCash flow hedge, deferred tax (4.870.233) (10.291.365)Beneficiary and civil funds 3.883.000 2.583.000 Working Capital 178.668.218 172.340.410 Wealth Tax 9.049.876 - Available to the maximum corporate body 1.499.698 1.499.698 Other 500.000 500.000 TOTAL 1.264.219.819 905.779.515

Constructora Conconcreto S.A. Principal Shareholders.

IDENTIFICATION SHAREHOLDER NAME NUMBER OF SHARES % EQUITY PARTICIPATION

9009191356 Vinci Colombie S.A.S. 226.850.988 20,00%8300545390 Patrimonio Autónomo San Luis 84.766.211 7,47%9003570900 Aristizábal Cuatro S.A.S 59.926.518 5,28%9001254535 Eme Mesa y Cia S.C.A. (Civil) 44.803.997 3,95%9004061379 Inversiones M.I.R.M y Cia S.C.A. Civil 43.858.188 3,87%9004061537 Inversiones C.C.J. Restrepo y Cia S.C.A. Civil 43.061.487 3,80%8300545390 T.A.J.Y Trust 39.600.781 3,49%9006045370 Nts Re Mora y Cia S.C.A. Civil 39.253.271 3,46%9004061361 Inversiones C.C.P.L. y Cia. S.C.A. Civil 38.773.143 3,42%9001253393 A. Mesa y Cia S.C.A. 32.009.898 2,82%8002297390 Fondo de Pensiones Obligatorias Protección Moderado 30.783.376 2,71%8300545390 Inverdi Trust 29.805.125 2,63%9003227992 Dibari S.A.S. 29.300.549 2,58%9003269657 J.A. Aristizábal S.A.S 29.300.549 2,58%9003300516 F.J.A. Inversiones S.A.S. 27.065.672 2,39%9004480324 Sebarita S.A.S 23.848.653 2,10%9004432969 Ardennes S.A.S 23.834.965 2,10%9004388302 Tintom S.A.S 23.824.561 2,10%9003261906 Farbu S.A.S. 23.709.758 2,09%8002279406 Fondo de Pensiones Obligatorias Colfondos Moderado 22.985.786 2,03%

Other 2.015 shareholders 216.891.463 19,12%TOTAL 1.134.254.939 100%

Conconcreto — 294

SEPARATE FINANCIAL STATEMENTS 01014.19 INCOME FROM ORDINARY ACTIVITIESThe breakdown of this heading follows:

BREAKDOWN DEC-15 DEC-14Services 978.085.398 838.350.624 Dividends 19.202.342 14.317.555 Other income from ordinary activities 18.398.896 15.069.704 Discounts extended (3.420) - TOTAL 1.015.683.216 867.737.883

4.20 JOINT OPERATIONS

COMPANY PERCENTAGE PARTICIPATION IN RESULTS

PARTICIPATION IN GAINS (LOSSES)

BALANCE AT 12/31/2015

PARTICIPATION IN GAINS (LOSSES)

BALANCE AT 12/31/2014TrustsHidroituango 35,0% 17.959.866 10.808.660 Puerto Aguadulce 35,0% 7.976.961 1.880.537 Puente Binacional 50,0% 5.103.989 310.016 Conlinea 2 35,0% 3.429.612 63.160 Consortium SBCC-Boscoal 35,0% 1.644.242 131.131 Consortium Hidrocucuana 60,0% 1.492.460 (5.030.985)Transversal Cusiana 60,0% 573.967 1.129.586 Central Porce III 32,0% (50.366) 3.676.675 Otros 281.882 (710.451)SUBTOTAL CONSORTIUMS 38.412.612 12.258.329 TrustsSan Pedro Plaza 49,0% 4.212.300 3.866.418 Buró 51 50,0% 1.598.701 4 El Vinculo 27,6% 1.339.069 (161.003)Lote Soacha 50,0% 1.311.191 (30)Urbanizacion Living 12,3% 138.540 309.850 Bali 40,0% 41.157 35.286 Mint 33,3% 24.945 (39)Life 33,3% 21.254 108 Ciudad del Bosque phase 1 50,0% 11.922 33.568 Entreparques 27,5% 9.041 (1.101)Portal del Sol 50,0% 1.718 8 Las Mercedes 50,0% 24 24 Asdesillas 25,0% 17 1.013.353 Park 68 50,0% 16 16 Arvore 27,5% 0 16.209 Toscano 7,5% (469) 261.741 Allegro 40,0% (7.556) 35.704 Prestige 22,0% (21.151) 362.598 Finito 27,5% (23.820) 1.898.979 Select 40,0% (36.354) 12.106 Buró 26 50,0% (557.484) (1.158.758)Cable Plaza II 9,7% (722.040) 42.502 TRUSTS SUBTOTAL 7.341.023 6.567.545 TOTAL 45.753.635 18.825.874

4.21 CONSTRUCTION CONTRACTSPursuant to IAS 11, the following is the detailed information relevant to construction contracts at December 31, 2015:


INCOME FOR THE

PERIOD

COSTS FOR THE

PERIOD

GAINSLOSSESFOR THE PERIOD

BALANCE OF ADVANCE

PAYMENTS RECEIVED


AMOUNTRECEIVABLE


CONSTRUCTION WORKS

Hidroituango balance 170.979.985 153.020.119 17.959.866 - - 1.291.807 357.275.656 Tierras Puerto Aguadulce movement 73.674.829 64.297.110 9.377.720 - - 95.424 82.750.671

Puerto Aguadulce Balance 64.076.363 56.099.402 7.976.961 7.220.023 - 6.604.939 81.215.673

Construcción Interconexión Vial Calle 77S

48.073.698 43.005.459 5.068.239 (32.952) - 21.145.622 60.633.076

Buró 25 44.258.447 43.726.061 532.386 - - - 1.927.494 Hotel Estelar Cartagena



INCOME FOR THE

PERIOD

COSTS FOR THE

PERIOD

GAINSLOSSESFOR THE PERIOD

BALANCE OF ADVANCE

PAYMENTS RECEIVED


AMOUNTRECEIVABLE


CONSTRUCTION WORKS

Buró 51 41.476.679 37.535.578 3.941.101 11.131.944 1.202.119 18.368.592 73.573.505 Multiplaza la Felicidad 34.816.530 32.362.081 2.454.449 - - 2.381.987 24.112.103 Puente Binacional 34.243.427 29.139.439 5.103.989 217.008 1.291.005 - 31.680.142 Ruta del Sol balance 30.354.405 31.066.308 (711.903) 2.294 - 4.567.846 112.968.468 Colinea 2 balance 28.066.668 24.637.056 3.429.612 - - - 31.237.375 Fresenius - Terranova indirect 26.211.099 25.007.200 1.203.899 - - - 1.802.643

Parque Industrial Logika II 24.932.589 22.192.681 2.739.909 - - - 46.816.420

Consortium SBCC-Boscoal balance 20.579.042 18.934.799 1.644.242 - - - 23.689.376

Gran Plaza Central balance 19.846.675 18.510.733 1.335.941 - - - 22.786.180

Construction of the North of Cauca Aqueduct

17.197.080 13.147.937 4.049.143 - - - 25.619.881

Devimed 2014 15.211.738 9.963.791 5.247.947 19.746.054 3.627.012 5.606.818 17.854.805 Atlántica Torre Empresarial 14.108.358 13.992.747 115.610 - - 460.225 1.095.792

Acqua Power Center 14.094.794 13.055.979 1.038.815 - - - 4.050.416 Consortium Hidrocucuana balance 10.579.052 9.086.592 1.492.460 236 - 1.578.842 115.365.745

Medellín Museum of Modern Art 10.393.515 10.383.825 9.690 3.712 172.398 6.322.049 8.786

Torremolinos Pijao Housing Phase 10.003.347 9.141.927 861.420 88 - 524.122 993.991

Guatapuri Shopping Mall Phase II 9.842.773 9.194.135 648.639 - - - 11.392.755

Two Towers 9.734.304 8.290.974 1.443.331 - 157.154 177.028 1.642.970 Buró 25 Future Phases, Indirect 8.935.591 8.935.591 - - - 106.228 8.848.386

Certificate of Collection Puerto Aguadulce 8.074.694 1.119.619 6.955.075 12.852.933 - 5.004.066 11.846.720

Buró Barranquilla, Indirect 7.749.313 7.749.313 - - - - 15.926.445

Servicio Carque y Acarreo Cerromatoso 7.146.611 3.999.666 3.146.945 17.335 - 807.351 29.413.402

Boscoal Terminal Granos y Carbón Phase 1

7.008.801 5.887.393 1.121.408 - - - 7.632.084

Cedi Alpina 6.888.708 6.503.133 385.574 - - - 7.270.947 Consortium Conlinea 3 balance 6.448.550 5.932.666 515.884 3.448.455 923.309 6.387.251 9.842.631

Consortium ECC Loboguerrero balance 5.951.719 7.594.060 (1.642.341) - - 1 251.424.798

Gran Plaza Ensueño, Indirect 5.371.086 5.371.086 - - - - 5.346.415

Torre de Granulado Colcafé 5.109.696 4.682.559 427.138 - - - 7.652.633

Torre Atlántica 4.863.114 4.839.410 23.705 1.077.816 - - 23.916 Cedi Corona Girardota 4.751.445 3.622.241 1.129.203 - - - 4.770.584 Buró 25 Phase 2 Tower 3 4.743.543 4.364.059 379.483 - - 6.160.574 936.067

Bodegas San Francisco Centro Madrid

3.704.750 3.326.070 378.680 2.786.400 - 1.178.079 56.583.763

Transversal Cusiana balance 3.680.010 3.106.042 573.967 - - 308.172 99.145.560

Tulipanes Phase III 3.532.394 2.939.088 593.306 163.216 - - 7.065.846 Guatapuri Expansion, Indirect 3.463.449 3.463.449 - - - - 1.099.834

Other 52.021.809 46.670.140 5.351.669 280.948.017 7.700.963 174.379.592 3.096.426.823 TOTAL 969.981.689 869.766.966 100.214.723 343.210.719 15.073.960 263.456.614 4.814.776.906

When the result of a construction contract can be reliably es-timated, the income associated with it will be recorded in the statement of income based on the percentage of completion.

In the percentage of completion method, income is calcu-lated based on the percentage of total revenue set for the

contract; this percentage is established for the ratio between costs incurred to date and the projected costs.

4.22 COST OF SALESThe breakdown of this heading follows:

BREAKDOWN DEC-15 DEC-14Materials and services 858.815.863 749.133.899 Loss from the disposal of property, plant and equipment 454.000 2.354 Penalties, fines and settlements 322 72.639 Conditional financial discounts (784.237) (552.452)TOTAL 858.485.948 748.656.440

Conconcreto — 296

SEPARATE FINANCIAL STATEMENTS 01014.23 OTHER INCOME

BREAKDOWN DEC-15 DEC-14Gains from the disposal of investments (1) 79.490.592 7.903.773 Other miscellaneous operating income 8.578.411 - Gains from the disposal of non-current assets 3.077.252 262.251 Gains from legal settlements 1.669.427 - Income from rentals 50.600 - Gains from the disposal of investments 33.052 42.738 TOTAL 92.899.334 8.208.761

(1) The breakdown of profits from investments as at December 2015 follows:

BREAKDOWN DEC-15Unilever 23.565.042 Buró 24 9.007.438 Gran Plaza Soledad 8.970.432 Gran Plaza Florencia 7.883.328 Hotel Neiva 7.171.553 Coordenada Sur Frito Lay 6.401.368 Gran Plaza Ipiales 5.444.305 Familia 2 3.405.586 Lógika II 2.817.043 Flamingo 1.691.110 Guataurí Plaza Comercial 728.165 Farmatodo 127 633.688 Almagrario 474.323 Coordenada Sur - Fibratore 222.836 Coordenada Sur - Seracer 178.580 Cedi Corona Girardota 173.319 Bodegas San Francisco 51.922 Profits from pulling investments in subsidiaries 78.820.039 Profits from contributions from investments, not controlled 409.688 Profits from contributions from investments, joint ventures 169.955 Sale of share sales 90.909 TOTAL 79.490.592

4.24 ADMINISTRATIVE AND SALES EXPENSESThe breakdown of this heading follows:

REGULAR BUSINESS EXPENSES DEC-15 DEC-14Professional fees 10.339.164 5.220.316 Other expenses 7.399.747 3.915.811 Rental 3.998.552 3.313.063 Administrative services 2.926.587 3.312.223 Repair and maintenance 2.620.947 2.261.226 Taxes 1.920.140 1.375.345 Depreciation 1.905.242 3.974.084 Travel expenses 1.584.772 1.548.852 Legal 1.063.113 148.106 Insurance 986.423 785.262 Fuel and energy 504.511 662.991 Transportation 305.296 579.795 Amortization 243.011 126.432 Contributions and affiliations 235.936 305.399 TOTAL 36.033.441 27.528.905

Professional fees for the board of directors and the statutory auditor follow:

BREAKDOWN DEC-15 DEC-14Board of directors professional fees 231.700 231.000 Auditing firm 150.304 126.293 TOTAL 382.004 357.293


4.25 EXPENSES FROM EMPLOYEE BENEFITSThe breakdown of personnel expenses reported in administrative and sales expenses follows:

BREAKDOWN DEC-15 DEC-14Salaries and benefits 34.305.800 32.035.717 Contributions to social security 9.268.665 6.578.284 Other benefits 2.934.020 3.552.351 TOTAL 46.508.485 42.166.352

4.26 OTHER EXPENSESThe breakdown of this heading follows:

BREAKDOWN DEC-15 DEC-14Losses from the disposal of investments (1) 9.158.069 631.405 Other miscellaneous operating expenses 3.143.366 3.538.445 Penalties, fines and settlements 826.613 21.719 Expenses for employment bonus and commissions 424.742 365.024 Losses from the disposal of property, plant and equipment 63.169 78.664 Loss from disposal of other non-current assets 40.441 124.385 TOTAL 13.656.401 4.759.643

(1) The breakdown of losses from investments as at December 2015 follows:

BREAKDOWN DEC-15Hotel Yopal 3.862.225 Gran Plaza San Antonio 2.826.708 Coordenada Sur - Nissan 1.453.332 Impac 830.205 Coordenada Sur - Maderas de Occidente 30.904 Gran Plaza Alcaraván (691.688)Loss or retirement of investments in subsidiaries 8.311.685 Loss from sale or retirement of investments in associates 846.384 TOTAL 9.158.069

4.27 OTHER GAINS (LOSSES)The breakdown of this heading follows:

BREAKDOWN DEC-15 DEC-14Gains in investment properties at fair value 17.930.158 21.521.479 Losses in investment properties at fair value (25.708.010) (1.853.272)TOTAL (7.777.852) 19.668.207

BREAKDOWN DEC-15 DEC-14Granadillo Investment Property (4.911.693)Meridiano Investment Property (4.039.194)Buró 51 Oficinas (Partner, Movich 50%) Joint Venture (3.039.105)Megacenter Investment Property (2.791.070)Buró 26 Joint Venture (2.390.445)Farmatodo la Esperanza Investment Property (2.282.599)Crepo Investment Property (2.130.013)Gran Plaza Central Joint Venture (1.356.916)Stihl Investment Property (1.259.523)Vinculo Joint Venture (1.091.606)Corona Guayabal Investment Property (415.846)Corona Cúcuta Investment Property 178.281 San Pedro 2 y 3 Joint Venture 212.402 Carulla Pontevedra Investment Property 300.872 Corona Ricaurte Investment Property 619.251 San Pedro 1 Joint Venture 653.664 Éxito Ejecutivos Investment Property 707.401 Cable Plaza Joint Venture 764.769 Farmatodo 167 Investment Property 1.175.085 Prado Pinzón Investment Property 1.246.142 Éxito Castellana Investment Property 1.304.399 Buró 51 (Hotel Movich 50%) Joint Venture 1.351.323

Conconcreto — 298

SEPARATE FINANCIAL STATEMENTS 0101BBB EQUIPOS INVESTMENT PROPERTY DEC-14

BBB Equipos Investment Property 1.900.000 Hotel Movich 26 Joint Venture 2.220.421 Hotel Sonesta VUP (Partner, GHL 10%) Investment Property 5.296.147 TOTAL (7.777.852)

4.28 GAINS (LOSSES) DERIVED FROM THE NET MONETARY POSITION


BREAKDOWN DEC-15 DEC-14Foreign exchange differences, Concocreto (245.821) 1.749.322 Foreign exchange differences, consortiums and joint ventures 9.331.835 3.192 TOTAL 9.086.014 1.752.513

This increase most significantly affected Consortium Aguadulce since that contract is in USD.

4.29 FINANCIAL INCOMEThe breakdown of this heading follows:

BREAKDOWN DEC-15 DEC-14Interests from banks, corporations and consortiums 887.000 - Interests from banks and corporations 664.812 56.607 Late payment interests charged 659.093 56.740 Fiduciary order yields 531.517 703.908 Loan interests (1) 373.863 4.475.984 Fiduciary order yields for trusts 282.097 - Fiduciary order yields for consortiums and joint ventures 279.692 - Financial income, consortiums - 4.275.610 TOTAL 3.678.075 9.568.850

(1) The difference arises because in 2014, interests were recognized for El Poblado project loans (Administration Works) for COP 4,022,015 and also Consortium Aguadulce reported high financial yields for COP 3,390,644. Neither of the afore-mentioned occurred in 2015.

4.30 FINANCIAL COSTSThe breakdown of this heading follows:

BREAKDOWN DEC-15 DEC-14Financing interest 43.670.152 32.167.084 Finance lease 16.962.496 8.619.362 Other financial instruments 208.146 855.036 TOTAL 60.840.793 41.641.482

4.31 SHARES AND PROFITS (LOSSES) OF ASSOCIATES AND JOINT VENTURES


BREAKDOWN DEC-15 DEC-14SubsidiariesIndustrial Conconcreto SAS 4.549.250 (1.861.073)Inmobiliaria Conconcreto SAS 702.403 2.716.151 Cas Mobiliario SA 1.249.350 1.314.669 Ustorage SAS 782.034 685.192 Conconcreto Internacional SAS 723.098 12.696.323 Inversiones Wordwide Storage SAS 17.432 - TrustsDevioriente 17.257.539 13.223.443 Trust Renta Vivienda 2.875.611 - El Poblado 175.970 38.313 Ampliación Guatapuri 134.905 - Madeiro 115.534 (9.691)Lote Malachí 5.831 - Gran Plaza Alcaravan - (19.256.994)Gran Plaza Ipiales - (16.155.654)


BREAKDOWN DEC-15 DEC-14Gran Plaza San Antonio - (3.732.427)Maderas de Occidente - (3.145.991)Seracer - (2.302.337)Hotel Style Neiva - (1.858.015)Buró 24 - (1.102.858)Fibratore - (981.746)Bodega Familia II - (424.539)Bodega San Francisco - (332.266)Hotel Style Yopal - (310.906)Guatapurí Plaza Comercial - 1.439.512 Almagrario - 2.124.084 Farmatodo 127 - 2.435.508 Fritolay - 2.592.485 Nissan - 3.003.860 Flamingo Pereira - 3.137.162 Unilever - 3.786.174 Gran Plaza Soledad - 12.398.875 Lote Lagartos (24.697) - Anticipo Puente de la 77 (25.754) (14.050)Lote Palmas (58.825) (2.733.024)Lote Hayuelos (74.626) 18.337 Sports Plaza (804.230) (43.722)Familia I (7.608.772) (421.858)Other minor 278 2.405.037 TOTAL 19.992.332 9.327.973

4.32 RESULT OF INCOME TAXa) Income tax expense


BREAKDOWN DEC-15 DEC-14Adjustments for deferred tax liabilities 16.369.611,92 6.939.754,76 Adjustments for deferred tax assets 15.559.845,32 (5.538.945,13)Current tax expenses 8.147.791,58 11.628.351,33 TOTAL 40.077.249 13.029.161

The tax expense for the period consists of the income tax, income tax for equality and the deferred tax

The current tax is the tax expected to be paid for the tax-able income of the period and it is calculated based on the tax laws enacted or substantially enacted on the date of the statement of financial position.

The following criteria were taken into account to calculate the current income tax provision:• Income tax rate of 25%,• CREE rate of 9% (based on Law 1739 / 2014, this rate

will be permanent) • CREE surcharge to be paid by taxpayers with a taxable

base greater than COP 800 million, which will be 5%, 6%, 8% and 9% for the years 2015, 2016, 2017 and 2018 respectively.

• Irregular earnings are cleared separately from liquid in-come and are taxed at a rate of 10%. If the liquid income obtained is less than presumptive income (3% of the liquid equity for the year 2014), the tax is calculated using this value as a base.

Deferred taxes are recognized by the temporary differences between the carrying value of the assets and liabilities for financial information purposes and the amounts used for tax purposes.

Deferred taxes are not recognized for differences re-garding investments in subsidiaries that will probably not be reversed in the future. In addition, deferred taxes are not recognized for permanent differences. Deferred taxes are calculated at the tax rates expected to be applied on the temporary differences when they are reversed, based on the laws mentioned above.

b) Reconciliation of income tax expense The reconciliation between the income tax expense shown

in the statement of income and the value determined by multiplying the legal tax rate at the end of the period by income before taxes is as follows:

BREAKDOWN DEC-15 DEC-14Tax expenses at the legal tax rate 52.100.784,30 17.513.864,44 Tax effect of ordinary untaxed income (5.880.476,86) (5.075.050,15)Tax effect non-deductible expenses 7.857.674,52 3.184.153,85 Other tax effects from reconciling accounting profit with taxable profit (14.000.733,15) (2.593.807,19)Total adjustment to tax expenses at the legal tax rate (12.023.535) (4.484.703)TAX EXPENSES AT THE EFFECTIVE TAX RATE 40.077.249 13.029.161

Conconcreto — 300

SEPARATE FINANCIAL STATEMENTS 01014.33 CONTINGENCIES, JUDGMENTS AND OTHERSThe breakdown of labor claims at December 31, 2015 follows:

NO. CASE NO. EVENT PLAINTIFF DEFENDANT DESCRIPTION OF PROCEEDING PROBABILITY OF OCCURENCE

1 2010-00216 Labor Amado Arias Cuervo Conconcreto S.A. Workman’s compensation due to employer errors Medium

2 2009-00636 LaborBienvenida Mendoza /Tomas Acosta Mendoza

Conconcreto S.A./ Macroequipos

Workman’s compensation for death of employee in a word accident Medium

3 2009-00491 Labor José Domingo Cetina

CONSTRUCCIONES ELECTRICAS OYP LTDA; as the direct employer of the plaintiff, CONCONCRETO S.A.; CUSEZAR S.A.; OTACC LTDA; BELTRÁN PINZÓN Y CIA S.A. and CONSTRUCCIONES BYP; all comprising the joint venture, Penitenciaria de Girón Santander and the COLOMBIAN GOVERNMENT-MINISTRY OF INTERNAL AFFAIRS AND DEPARTMENT OF JUSTICE.

Solidarity between the Colombian Government-Ministry of Justice and CUSEZAR S.A, CONCONCRETO, OTACC and BP, with the employer CONSTRUCCIONES ELECTRICAS O Y P LTDA. Full compensation for objective and subjective damages, pain and suffering resulting from the work accident caused to him and his immediate family. Reimbursement for payments not made since the loss beginning on September 1, 2003, social benefits, transportation and clothing allowance, contributions to the social security system, payment for medical expenses, indexing and costs.

Medium

4 2013-01727 Labor Maria Elena Gonzalez Palacio


The plaintiff claims a labor agreement is in place, and therfore the right salary reimbursements and benefits since November 2, 2010 and compensation for work accidents due to faults of Mr. Nelson Antonio Martinez.

Medium

5 2013-01490 Labor Inocencia Leudo Mosquera


The plaintiff claims a labor agreement is in place between Hector Mosquera Palacio and Conconcreto, and claims rights to full compensation for damages resulting from work accidents for which the employer is responsible.

Medium

6 2014-00204 Labor Hernando Antonio Charry Gutierrez Consortium Lithos

Recognition of compensation for damages resulting from work accidents caused by the employer, compensation for wrongful dismissal and compensation for 180 days.

Medium

7 2015-00258 Labor Aurora Sanabria Leal

Consortium ECC Lobo Guerrero

Recognition and payment in full to compensate for damages resulting from a work accident at the fault of the employer.

Medium

8 2015-00589 Labor Alexander Leyton Aldana



Medium

9 2014-00590 Labor Dulfer Castillo Constructora Conconcreto S.A.


Medium

10 2015-00445 Labor Viviana Maria Sossa Cadavid

Constructora Conconcreto S.A. Not defined


notification

11 2015-00568 Labor Juan de la Cruz Pájaro Consortium Lithos

Recognition to compensate for damages resulting from a fatal work accident at the fault of the employer.

Medium

12 2015-01519 Labor Rafael Arcangel Giraldo Zuluaga

Constructora Conconcreto S.A. Not clear


notification

13 2015-00388 Labor Jhon Jairo Diaz Estrada


Not clearIn process of direct

notification


The breakdown of tax proceedings at December 31, 2015 follows:

NO. CASE NO. EVENT PLAINTIFF DEFENDANT DESCRIPTION OF PROCEEDING PROBABILITY OF OCCURENCE

1 2001- 04303 Fiscal Conconcreto S.A. U.A.E. - DIAN Nullification of the administrative acts by which the

request to return registration taxes was rejected MEDIUM


Partial nullification of the administrative acts by which the tax and title to reestablish the right to receive compensation for the 2008 tax year income tax and the tax credit for the 2007 tax year to be returned without requesting the refund was officially determined. Second a return for the amounts paid in excess for the failure to recognize the 2007 tax year credit in a timely manner, both affecting income tax and late payment interests in 2008.

MEDIUM


Nullification of administrative acts, reestablishing the right: (a) that the maximum income tax to pay for the 2009 tax year be one hundred and two thousand pesos (COP 102,000).(b) that the company is only required to pay a penalty for lack of precision of one hundred and sixty three thousand pesos (COP 163,000) and(c) that a tax credit for the 2009 tax year will be determined subject to the previous claims.

MEDIUM

4 2015 - 02409 Fiscal Conconcreto S.A.

Ministry of Commerce, Industry and Tourism

Nullification of the administrative acts by which the request to sign the legal stability contract was rejected

MEDIUM

The breakdown of civil proceedings at December 31, 2015 follows:

NO. CASE NO. EVENT PLAINTIFF DEFENDANT DESCRIPTION OF PROCEEDING

PROBABILITY OF OCCURENCE COMMENTS

1 2010-0040 Non-contractual civil liability

Fundación para el Desarrollo de la Investigación FDI

Conconcreto S.A. .and Bancolombia S.A.

Non-contractual civil liability, compenstation for damages and losses, indirect damages and loss of profit

MEDIUMProbable that Conconcreto

loses

2 2012-0018900Non-contractual

civil liability claim

José Rubio Pirateque


Non-contractual civil liability for damages occurring in the plaintiff’s home in Yopal (Casanare)


loses


Constructora Conconcreto S.A. and Others

Puerto Brisa S.A.

To free the payment order in favor of plaintiff and against PUERTO BRISA S.A., declaring the cautionary measures necessary.


wins


Joint venture SOE

Puerto Brisa S.A.

To free the payment order in favor of plaintiff and against Puerto Brisa S.A., declaring the cautionary measures necessary.


wins

5 2015 234 Non-contractual civil liability

Mildred Patiño representing her son Kevin Stiven Pinzón Patiño, who is underage, and Sirly Yulied Pinzón Patiño

Concreto S.A.

Declaring Constructora Conconcreto to have civil responsibility for each and every one of the material damages and losses inflicted upon my clients, Mrs. MILDRED PATIÑO residing in the city of Yopal (Casanare), identified.


loses

Conconcreto — 302

SEPARATE FINANCIAL STATEMENTS 0101The breakdown of administrative proceedings at December 31, 2015 follows:

NO. CASE NO. EVENT PLAINTIFF DEFENDANT DESCRIPTION OF PROCEEDING PROBABILITY OF OCCURENCE COMMENTS

1

66001-23-31-000-1999-00435-01. 11-001-03-15-000-2013-01919-01

Acción contractual

Conconcreto S.A.

Instituto Nacional de Vías

Claims that the Instituto Nacional de Vías did not fulfill contract No. 352/1994 and therefore is condemned to pay for damages and excess costs affecting the plaintiffs

MEDIUM Probable that Conconcreto wins

2 2008-0051 Acción contractual

Consortium Bibliotecas del distrito (Conconcreto S.A. and Cuzesar S.A.)

District Department of Education

Claims resolutions 1468 and 3441 of April 17 and August 24, 2007 null. The first makes the stability insurance policy No. P-A0025628 issued by Mudial de Seguros on Feb 18, 2002 effective and the second confirms the first for the Biblioteca Virgilio Barco.


3 2003-4172

Acción de Nulidad y Restablec.

Del Derecho

Conconcreto S.A. - Cali Branch

SENA - Valle del Cauca Branch

Parafiscal contributions to SENA for year 1997, 1998, 19999 and 2000 and from January to October of 2001.


4 2002-03492 ContractualConsortium Dragados Conconcreto

Empresas Publicas de Medellín.

Due to failure to meet contractual conditions, claims compensation per Parragraph 1, Clause 2 of the bilateral agreement dated Nov. 7, 2000 to be null, along with damages and excess costs related with the Porce II Hydroelectric Power Plan Project.

MEDIUM Probable that Conconcreto loses

5 1168-2004Acción de Reparació

directa

Paula Andrea Diaz Echeverry

Conconcreto S.A. and Municipality of Pereira

Direct relief MEDIUM Probable that Conconcreto loses

6 2010-00090 Reparacion directa

Julieth Paola Barajas Orozco y otros

Colombian Government (Ministry of Transportation, Instituto Nacional de Vias (INVIAS), Conconcreto S.A., Procopal S.A.)

Direct relief from unlawful damage caused by the death of Mr. Luis Adolfo Polanco Rivera in a traffic accident in the Caucasia to Nechí Highway


7 1100133103043 2012 00403 00 Ejecutivo

Ferrovial Agroman S.A. Sucursal Colombia y Conconcreto S.A.

Agencia Nacional de Infraestructura ANI

According to the major foreclosure proceedings in process and in line with the court decision (Arbitral Award) issued on September 25, 2008 by the Court of Arbitration of CONCESIONES CCFC S.A. against INSTITUTO NACIONAL DE CONCESIONES (INCO), including the legal transfer of loans and rights thereto, a free order of payment is requested.


8 2014-0095 Reparacion directa

YURI GUTIERREZ Y OTROS

Consortium ECC, CONCONCRETO S.A., Estyma Estudios y Manejos S.A., CSS Constructores S.A., Luis Hector Solarte, Carlos Alberto Solarte

Compensation by the defendants for damages and losses resulting from the death of Mr. Harvey Arnulfo Diaz.


9 2009-118Acción de

Reparación directa

Dagoberto Vergara, Digno Vergara Severiche y Otros

Conconcreto S.A., Almacenes Éxito , Municipalityof Sincelejo, Curaduría Urbana No 1

Direct relief for property damages MEDIUM Probable that Conconcreto loses

10 110013103-02720070070700

Ordinario Sanquianga

Sanquianga S.A. En Liquidación

Conconcreto S.A. and Others

The Sanquianga S.A. en Liquidación settlement company sued Fiduciaria Central S.A., Espacios Inmobiliarios S.A. and Cononcreto S.A. so that through the judgment res judicata declares the fiduciary was contractually obligated to the trustee and in obligation to follow the judgment handed down to transfer both the land named Área de afectaciones viales and the land name Área de Uso Restringido, Roadway Area and Restricted Area, respectively in English. The judgment in the first instance was in favor of the defendants, and therefore the plaintiff appealed the courts decision.



The breakdown of pledges at December 31, 2015 follows:

PROPERTY COMMITTED BUYERS COMMITTED SELLERS COMMENTS

Life1. Conconcreto S.A.2. AyC S.A.S.3. Londoño Gomez S.A.S.

El Heraldo S.A.The parties signed Notarial Instrument NO. 3773 on September 30, 2015 at Notary 3 in Barranquilla.

Las Chimeneas Conconcreto S.A. Galpon Medellín S.A. In progress

Uno sur Conconcreto S.A.Grupo Argos S.A. Uno Sur S.A. En Liquidación -

Hilanderías Conconcreto S.A. Hilanderías Bogotá S.A. -

Lote 18 Palma Real P.H. - Tarso

Joaquín Sierra Jaramillo, Gloria Marín Pérez, Catalina Sierra Marín e Ignacio Sierra Marín

Conconcreto S.A.Notarial instrument No. 2762 of June 4, 2015 from Notary 25 of Medellín, duly registered on July 28, 2015

Lote PeñalisaBaluarte construcciones & Diseños S.A.S.Conconcreto S.A.

El Heraldo S.A.Galpon Medellín S.A.Uno Sur S.A. En LiquidaciónHilanderías Bogotá S.A.Conconcreto S.A.

-

Casa 111 Torremolinos Constructora Conconcreto S.A.

Pijao Grupo de Empresas Constructoras S.A. -

Malachí Constructora Conconcreto S.A. Malachí S.A.S. -

Neiva Constructora Conconcreto S.A. Inversiones PTC S.A. -

Ciudad del Bosque1. Conconcreto S.A.2. AyC S.A.S.3. Inversiones Trucca S.A.S.

Asociación de Criadores de Caballos Criollos Colombianos de Silla -Asdesilla-

Assignment of rights promise by Asdesilla Fiduciary on April 28, 2014, where Asdesilla promises to assign rights to Constructora Conconcreto and Arquitectura y Concreto representing their investments in Phases 3 and 4 of the Ciudad del Bosque Project.

The breakdown of guarantees issued by the Company follows:

ENTITY BACKED FINANCIAL ENTITY AMOUNT BACKED % BACKED BALANCE

DEC-2015BALANCE DEC-2015 % BACKED

REGISTRY

Consalfa S.A.S. Not specified 2.000.000 50,00% 400.000 200.000 Record No. 570 of February 21, 2014

Consalfa SAS Bancolombia S.A. 36.000.000 50,00% 36.000.000 18.000.000 Record 561 of April 19, 2013

Consalfa SAS Corpbanca S.A. 16.600.000 50,00% 701.100 350.550 Record 561 of April 19, 2013

Consortium CCC Ituango Leasing Bancolombia S.A 143.228.385 35,00% 118.695.969 41.543.589 Record 554 of

October 4, 2012

Consortium CCC Ituango Bancolombia S.A. 111.992.644 35,00% 99.492.644 34.822.426 Record 554 of October 4, 2012

Allegro Trust Bancolombia S.A. 10.200.000 40,00% 13.262.639 5.305.056 Record 571 of April 19, 2013

Allegro Trust Bancolombia S.A. 12.500.000 40,00% Record 590 of October 23, 2015

Devioriente Trust Not specified 24.500.000 100,00% 22.916.994 22.916.994 Record 574 of April 22, 2014

Finito Trust Bancolombia S.A.

4.537.500

27,50% 16.137.243 4.437.742

Record 573 of June 25, 2014

15.586.230 Record 551 of May

18, 2012 and Record 562 May 17, 2013

Hayuelos Trust Banco Davivienda S.A. 17.995.500 100,00% 10.577.897 10.577.897 Record 574 of April

22, 2014

Lote Lagartos Trust Colpatria 20.834.000 100,00% 3.506.768 3.506.768 Record No. 581 of February 27, 2015

Life Trust Bancolombia S.A. 2.053.237 30,00% 2.053.237 615.971 Record 587 of July 10, 2015

Portal del Sol Trust Bancolombia S.A. 568.000 50,00% 568.000 284.000 Record 587 of July 10, 2015

Bali Trust Bancolombia S.A. 8.616.000 40,00% 9.914.160 3.965.664 Record 571 of April 19, 2013

Ciudad del Bosque Trusts Phase I Bancolombia S.A. 16.344.500 50,00% 16.784.089 8.392.045 Record 573 of June

25, 2014

San Mateo Trust Fiduciaria Bancolombia 117.980.000 50,00% 28.081.214 14.040.607 Record 584 of April

24, 2015

Select Trust Bancolombia S.A. 6.316.000 40,00% 9.689.681 3.875.872 Record 571 of April 19, 2013

Bodega San Francisco Trust Banco de Bogota 36.026.116 100,00% 51.105.729 51.105.729 Record 567 of

October 18, 2013223.940.909

Conconcreto — 304

SEPARATE FINANCIAL STATEMENTS 01014.34 SUBSEQUENT EVENTSOn January 25, 2016, an Extraordinary General Meeting of Shareholders was held to reform the Company Bylaws, whose most relevant reforms have to do with the change in the number of Board Members, which currently consists of 10 levels, and the modification of the arbitration clause, where two instances were created: a national court for na-tional disputes and an international court for disputes with shareholder Vinci Colombie SAS. In addition, a regulation was added regarding two committees of the Board of Direc-tors, to wit: the corporate governance committee and the ap-pointments and remuneration committee. Finally, the Board of Directors was appointed at said meeting, in accordance with the approved bylaw reform, currently made up of ten members.

In addition, the modification of Grupo Empresarial Con-structora Conconcreto S.A. was listed in the business regis-ter, including a Company controlled directly by Conconcreto Internacional S.A. and indirectly by Constructora Conconcre-to S.A., called Conconcreto Inversiones y Servicios, S.A., with headquarters in the Republic of Panama.

4.35 RELEVANT INFORMATIONRELEVANT CONTRACTS SIGNED The construction of the Connecting Road to the Port of Bar-ranquilla was awarded to Consortium CC–SOFAN–DUMAR, of which the Company owns 75% holdings. The purpose of the project is the improvement, property, social and environ-mental management of two segments that connect La Pros-peridad Bypass with the port corridor of Barranquilla, Atlánti-co. The project is for a total of COP 90,400 million.

It is also important to mention that the Master Plan for the construction of Colegio San José de Las Vegas (school) was

awarded to the Company for approximately COP 50,000 million. In addition, in the first quarter of 2016, the deal was

closed to begin the construction of the first small hydroelec-tric power plant in the department of Nariño. Patico, as the micro-plant will be called, will have a capacity of 16 MW and materializes the investment in power generation, for approxi-mately COP 145,000 million.

Finally, there are plans to invest in a project in Necoclí, Antioquia for the construction of a multi-purpose port. The project will have an investment of about USD 1 billion.

ACQUISITION OF CAPITAL BY VINCI COLOMBIE SAS:Constructora Conconcreto S.A received a conditional offer from Vinci S.A. to subscribe 226,850,988 ordinary shares in the Company, representing 20% of the share capital. The subscription price offered was 1,276 per share, which rep-resents an investment of COP 289,461,861. This private investment would be aimed at Vinci Colombie SAS, a Vinci S.A. subsidiary. After carrying out the legal procedures with the Financial Superintendence of Colombia for the approval of the regulation for the issue and private placement of the shares, the transaction was completed based on the accep-tance of the bid submitted. This circumstance was revealed to the market in December 2015.

4.36 APPROVAL OF THE FINANCIAL STATEMENTSThe separate financial statements and the attached notes were approved by the Board of Directors and the Registered Agent according to Minutes No. 593 / February 26, 2016, to be submitted to the General Meeting of Shareholders, which may approve or modify them.

4.37 INDICATORS

LIQUI

DITY

DEC-15 DEC-14Liquidity Ratios Liquidity measures company’s capacity to pay out liabilities in the short term

Current Ratio: Current AssetsCurrent Liabilities 1,45 1,15

For each peso that the Company must pay in its short-term liabilities, it has at least as many pesos in short-term current assets as reflected by the current ratio.

Acid Liquidity Ratio Liquid AssetsCurrent Liabilities 1,21 0,98

Capacity of the company to cover short-term liabilities, immediately, without having sell off inventory, since these, sometimes, may be difficult to sell.Working Capital: Current Assets - Current Liabilities 372.247.867 110.835.494 This provides the value of the company after paying all its short-term liabilities, giving management a decision making tool for short-term investments.

EFICI

ENCY

Efficiency Ratios The efficiency and profitability ratios help to measure the results of the managerial decisions made in managing resources.

Gross Profit Margin Gross ProfitRevenue 15,48% 13,72%

This reflects a company’s ability to manage its revenue to generate gross profit; i.e. before administrative expenses and costs of sales, other income, other expenses and taxes. It represents the percentage of gross profit the company generates from its revenue.

Operating Profit Margin Operating IncomeRevenue 15,92% 8,36%

Profitability of the company from doing the business defined in its corporate purpose. It reflects how each peso of revenue performs in generating operating profit.

Net Profit Margin Net IncomeRevenue 9,21% 4,43%

This is the percentage of revenue that generates a profit in the company after taxes; i.e. for each peso of operating income it reflects the pesos of profit, regardless of whether they are generated from the company performing ordinary business defined in its corporate purpose.

DEBT

Debt Ratios These ratios measure the percentage of funds provisioned to pay creditors financing a portion of the company’s investments.

Indebtedness:: Total LiabilitiesTotal Assets 53,84% 62,73%

For each peso invested in assets, how much is financed by third parties and what guarantee is the company’s guarantee to its creditors.

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