Investments in associates and joint ventures

Schedule of movement of investments in associates and joint ventures

For the year ended December 31, 2024:


		Joint
	Associates	ventures	Total
Opening balance	2,543,617	5,875,015	8,418,632
Capital contributions	—	20,430	20,430
Effects of equity method through:
Profit or loss	135,144	629,222	764,366
Other comprehensive income	78,450	(117,716)	(39,266)
Dividends declared (1)	(178,593)	(349,070)	(527,663)
Impairment recovery (Note 18)	—	15,374	15,374
Closing balance	2,578,618	6,073,255	8,651,873

(1)

During 2024, dividends of $425,191 (2023:482,124) were received from: i) the joint ventures of Interconexión Eléctrica S.A.: Transmissora Aliança de Energía Elétrica, Interligação Elétrica Paraguaçu Interligação Elétrica Aimorés, Interligação Elétrica do Madeira S.A., and Interligação Elétrica Ivaí S.A. and ii) of the associates of Invercolsa: Gases del Caribe, Gas Natural del Oriente, Gases de la Guajira, and Extrucol.

For the year ended December 31, 2023:


		Joint
	Associates	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 18)	—	(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 (2022: $1,471,134) 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:


		Joint
	Associates	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 18)	—	(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 (2021: $206,048) 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.

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


	2024						2023
	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	3,119,012		4,942,790		1,597,163		3,160,818		5,273,100		1,329,394
% of Ecopetrol’s ownership	51.00	%	14.88	%	51.00	%	51	%	14.88	%	51	%
Ecopetrol’s ownership	1,590,696		735,487		814,553		1,612,017		784,637		677,991
Additional value of the investment	—		142,820		375,694		—		177,988		375,694
Impairment	—		—		(392,809)		—		—		(408,183)
Unrealized gain	—		—		(11,968)		—		—		(16,267)
Carrying amount of the investment	1,590,696		878,307		785,470		1,612,017		962,625		629,235