(1)	In July 2022, ISA Inversiones Chile incorporated the company Conexion Kimal Lo Aguirre S.A. together with Transelec and China Southern Power Grid International (CSG). This company will build and operate the Kimal-Lo Aguirre project in Chile awarded in 2021.

The following is the movement of investments in associates and joint ventures:

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 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 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 (Note 12)	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 18)	(858)	(83,644)	(84,502)
Foreign currency translation	—	(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.

For the year ended December 31, 2020:


	Associates	Joint ventures	Total
Opening balance	1,826,757	1,418,315	3,245,072
Effects of equity method through:
Profit or loss	114,779	(38,443)	76,336
Other comprehensive income	(2,923)	—	(2,923)
Dividends declared (1)	(148,665)	(9,017)	(157,682)
Impairment reversal (loss) (Note 18)	2,529	(69,041)	(66,512)
Foreign currency translation	(1,228)	81,565	80,337
Closing balance	1,791,249	1,383,379	3,174,628

(1)

During 2020, the Group received dividends of $157,241 from its investments.

13.2Additional information about associates and joint ventures

The following is the detail of assets, liabilities, and results of the main investments in associates and joint ventures, as of December 31, 2021, and 2020:

2022

2021

Interligação

Transmissora

Equion

Interligação

Transmissora

Equion

Elétrica do

Aliança de

Energía

Elétrica do

Aliança de

Energía

Madeira

Energia Elétrica

Limited

Madeira

Energia Elétrica

Limited

Statement of financial position

Current assets

689,613

1,967,310

1,684,029

593,389

1,233,296

3,054,020

Non–current assets

5,890,932

12,351,913

27,943

4,432,664

8,985,539

3,850

Total assets

6,580,545

14,319,223

1,711,972

5,026,053

10,218,835

3,057,870

Current liabilities

376,203

753,445

41,336

325,049

711,592

62,157

Non–current liabilities

2,765,355

7,474,497

31,372

2,196,231

4,633,422

35,316

Total liabilities

3,141,558

8,227,942

72,708

2,521,280

5,345,014

97,473

Equity

3,438,987

6,091,281

1,639,264

2,504,773

4,873,821

2,960,397

Other complementary information

Cash and cash equivalents

200,091

700,313

52,370

207,703

128,256

106,858


	2022			2021
	Interligação	Transmissora	Equion	Interligação	Transmissora	Equion
	Elétrica do	Aliança de	Energía	Elétrica do	Aliança de	Energía
	Madeira	Energia Elétrica	Limited	Madeira	Energia Elétrica	Limited
Statement of profit or loss
Sales revenue	603,362	2,598,283	4,263	639,356	2,953,672	63,169
Costs	(20,098)	(410,106)	(23,726)	(18,021)	(450,666)	(45,201)
Other operating income (expenses), net	—	(198,835)	(945)	—	(117,526)	(8,553)
Financial (expenses) income	(88,991)	(606,837)	48,040	(129,094)	(562,549)	65,611
Income tax (expense)	(106,292)	(129,531)	23,151	(112,574)	(285,702)	(22,091)
Financial year results	387,981	1,252,974	50,783	379,667	1,537,229	52,935
Other comprehensive results	—	8,565	1,144,801	—	15,599	1,632,400
Other complementary information
Depreciation and amortization	881	20,551	47	3,708	15,076	399

This is a reconciliation of equity of the significant investments and the carrying amount of investments as of December 31:


	2022						2021
	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	3,438,987		6,091,281		1,639,264		2,504,773		4,873,821		2,960,397
% of Ecopetrol’s ownership	51	%	14.88	%	51	%	51	%	14.88	%	51	%
Ecopetrol’s ownership	1,753,883		906,382		836,025		1,277,434		725,185		1,509,802
Additional value of the investment	—		230,828		375,694		—		197,070		375,694
Impairment	—		—		(400,196)		—		—		(398,104)
Unrealized gain	—		—		(20,565)		—		—		(24,862)
Carrying amount of the investment	1,753,883		1,137,210		790,958		1,277,434		922,255		1,462,530

The information on assets, liabilities, and profit of the other associated companies and joint ventures is found in exhibits 1 and 2.