Investments in associates and joint ventures

Schedule of movement of investments in associates and joint ventures

For the year ended December 31, 2023:


	Associates	Joint ventures	Total
Opening balance	2,692,999	6,803,601	9,496,600
Capital contributions	—	853	853
Effects of equity method through:
Profit or loss	197,732	607,617	805,349
Other comprehensive income	(168,566)	(1,181,002)	(1,349,568)
Dividends declared (1)	(178,548)	(348,067)	(526,615)
Impairment (Note 17)	—	(7,987)	(7,987)
Closing balance	2,543,617	5,875,015	8,418,632

(1)	During 2023, Ecopetrol Business Group received dividends of $482,124 from its investments Transmissora Aliança de Energía Elétrica, Interligação Elétrica Paraguaçu, Interligação Elétrica Aimorés, Gases del Caribe, Gas Natural del Oriente, Gases de la Guajira and Extrucol.

For the year ended December 31, 2022:


	Associates	Joint ventures	Total
Opening balance	2,608,156	5,749,030	8,357,186
Capital contributions	—	329,377	329,377
Effects of equity method through:
Profit or loss	126,329	642,093	768,422
Other comprehensive income	149,165	1,450,948	1,600,113
Dividends declared (1)	(190,651)	(1,365,755)	(1,556,406)
Impairment (Note 17)	—	(2,092)	(2,092)
Closing balance	2,692,999	6,803,601	9,496,600

(1)

During 2022, Ecopetrol Business Group received dividends of $1,471,134 from its investments Transmissora Aliança de Energia Elétrica S.A., Interligação Elétrica do Madeira S.A., Gas Natural del Oriente S.A. E.S.P, Gases del Caribe S.A. E.S.P., Extrucol S.A., Gases de la Guajira S.A. E.S.P. and E2 Energía Eficiente S.A. E.S.P.

For the year ended December 31, 2021:


	Associates	Joint ventures	Total
Opening balance	1,791,249	1,383,379	3,174,628
Capital contributions	—	44,735	44,735
Business combination	783,494	4,231,255	5,014,749
Effects of equity method through:
Profit or loss	193,367	232,797	426,164
Other comprehensive income	12,142	121,856	133,998
Dividends declared (1)	(171,238)	(177,870)	(349,108)
Impairment (Note 17)	(858)	(83,644)	(84,502)
Others	—	(3,478)	(3,478)
Closing balance	2,608,156	5,749,030	8,357,186

(1)

During 2021, the Group received dividends of $206,048 from Ecodiesel, Transmissora Aliança de Energia Elétrica S.A., Interligação Elétrica do Madeira S.A., Gas Natural del Oriente S.A. E.S.P, Gases del Caribe S.A. E.S.P., Extrucol S.A., Gases de la Guajira S.A. E.S.P. and E2 Energía Eficiente S.A. E.S.P.

Schedule of reconciliation of equity of the significant investments and carrying amount of investments


	2023						2022
	Interligação		Transmissora		Equion		Interligação		Transmissora		Equion
	Elétrica do		Aliança de		Energía		Elétrica do		Aliança de		Energía
	Madeira		Energia Elétrica		Limited		Madeira		Energia Elétrica		Limited
Equity of the joint venture	3,160,818		5,273,100		1,329,394		3,438,987		6,091,281		1,639,264
% of Ecopetrol’s ownership	51	%	14.88	%	51	%	51	%	14.88	%	51	%
Ecopetrol’s ownership	1,612,017		784,637		677,991		1,753,883		906,383		836,025
Additional value of the investment	—		177,988		375,694		—		230,828		375,694
Impairment	—		—		(408,183)		—		—		(400,196)
Unrealized gain	—		—		(16,267)		—		—		(20,565)
Carrying amount of the investment	1,612,017		962,625		629,235		1,753,883		1,137,211		790,958