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Equity | 12 Months Ended
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Dec. 31, 2024
Equity |
Equity | 24.Equity
24.1 | Subscribed and paid–in capital
Ecopetrol’s authorized capital amounts to $36,540,000, and is comprised of 60,000,000,000 ordinary shares, of which 41,116,694,690 are outstanding, and 11.51% (4,731,906,273 shares) are held privately and 88.49% (36,384,788,417 shares) are held by the Colombian Government. The value of the reserve shares amounts to $11,499,933 comprised of 18,883,305,310 shares. As of December 31, 2024, and 2023, subscribed and paid–in capital amounts to COP$25,040,067. There are no potentially dilutive shares. 24.2 Additional paid–in capital Additional paid–in capital mainly corresponds to: (i) share premium from the Ecopetrol Business Group’s capitalization in 2007, for $4,457,997, (ii) share premium from the sale of shares awarded in the second capitalization, which took place in September 2011, of $2,118,468, iii) a $31,377 share premium from the placement of shares on the secondary market, arising from the calling of guarantees from debtors in arrears, according to the provisions of Article 397 of the Code of Commerce, and (iv) additional paid–in capital receivables for ($143). 24.3 Equity reserves The following is the composition of the Ecopetrol Business Group’s reserves as of December 31, 2024, and 2023: ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Legal reserve |  | 11,654,095 | ​ | 9,747,885
Fiscal and statutory reserves |  | 509,082 | ​ | 509,082
Occasional reserves |  | 11,993,230 | ​ | 7,665,758
​ |  | 24,156,407 | ​ | 17,922,725
​ The General Shareholders’ Meeting of Ecopetrol S.A., held on March 22, 2024, approved the 2023 profit distribution project and the establishment of a reserve for $11,993,230, to support the financial sustainability of the Company and flexibility in the development of its strategy. The movement of equity reserves is the following for the years ended December 31, 2024, and 2023: ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Opening balance |  | 17,922,725 |  | 8,898,633
Release of reserves |  | (8,174,839) |  | (2,491,377)
Allocation to reserves |  | 14,408,521 |  | 11,515,469
Closing balance |  | 24,156,407 |  | 17,922,725
​ 24.4 Retained earnings and dividends Ecopetrol Business Group distributes dividends based on its financial statements prepared under International Financial Reporting Standards accepted in Colombia (NCIF, as its acronym in Spanish). The Ordinary General Assembly of Shareholders of Ecopetrol S.A., held on March 22, 2024, approved the profit distribution project for fiscal year 2023 and defined the distribution of dividends in the amount of $12,828,409 (distribution during 2023: $24,382,199). The payment of dividends to minority shareholders was made in two equal installments on April 3 and June 26, 2024. Dividends were paid as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Ecopetrol S.A. |  | 12,802,893 |  | 2,747,231 |  | 11,622,778
Interconexión Eléctrica S.A. ESP |  | 1,426,106 |  | 1,506,799 |  | 572,260
Oleoducto Central S.A. - Ocensa |  | 852,318 |  | 809,302 |  | 752,530
Oleoducto de los Llanos Orientales S.A. - ODL |  | 213,457 |  | 254,464 |  | 179,202
Invercolsa S.A. |  | 201,511 |  | 171,290 |  | 138,939
Oleoducto de Colombia S.A. - ODC |  | 68,779 |  | 81,790 |  | 91,238
Total |  | 15,565,064 |  | 5,570,876 |  | 13,356,947
(1) | Of the total amount paid to the majority shareholder Ecopetrol S.A., $7,352,053 was paid with National Government Securities (TES), obtained as part of the collections of the Price Stabilization Fund and which were immediately allocated to the payment of dividends.
​ In July 2024, Oleoducto Central S.A. acquired 100% of the shares of the company Repsol Ductos de Colombia – RDC (named as of October 2, 2024, as Ocensa Ductos S.A.S), an entity dedicated to investment activities that currently has a 7.14% investment in Oleoducto de Colombia (ODC), which is a subsidiary of the Ecopetrol Business Group. The effect of this transaction on retained earnings was ($102,329) and on non-controlling interest ($55,990). ​ 24.5 Other comprehensive income attributable to owners of parent The following is the composition of the other comprehensive income attributable to the shareholders of the parent, Ecopetrol, net of tax: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Foreign currency translation |  | 22,661,759 | ​ | 15,055,305 | ​ | 28,816,983
Hedge of a net investment in a foreign operation |  | (6,396,431) | ​ | (3,165,320) | ​ | (9,219,271)
Actuarial gain on defined benefit plans |  | (2,691,402) | ​ | (3,942,417) | ​ | (1,331,361)
Cash flow hedges for future exports | ​ | (1,577,649) | ​ | 601,744 | ​ | (2,473,999)
Cash flow hedge with derivative instruments |  | 57,453 | ​ | 124,384 | ​ | 1,290
Others |  | (141,521) | ​ | 952 | ​ | 3,077
​ |  | 11,912,209 | ​ | 8,674,648 | ​ | 15,796,719
​ 24.6 Earnings per share ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Profit attributable to Ecopetrol’s shareholders | ​ | ​ | 13,841,153 | ​ | ​ | 21,060,798 | ​ | ​ | 31,604,781
Weighted average number of outstanding shares | ​ | ​ | 41,116,694,690 | ​ | ​ | 41,116,694,690 | ​ | ​ | 41,116,694,690
Net basic earnings per share (Colombian pesos) | ​ | COP $ | 336.6 | ​ | COP $ | 512.2 | ​ | COP $ | 768.7
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