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Empresas Copec S.A INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2019 IFRS - International Financial Reporting Standards IAS - International Accounting Standards NIFCH - Chilean Financial Reporting Standards IFRIC - International Financial Reporting Interpretations Committee US$ - United States dollars ThUS$ - Thousands of United States dollars MUS$ - Millions of US dollars MCh$ - Millions of Chilean Pesos COP$ - Colombian pesos S./ - Peruvian new sol WorldReginfo - e743b0e2-2e98-46e1-8fd6-1bfadf25e54f Empresas Copec S.A. - Interim Consolidated Financial Statements as of March 31, 2019 Index to the interim consolidated financial statements of Empresas Copec S.A. and affiliates Notes Page INTERIM CONSOLIDATED CLASSIFIED STATEMENTS OF FINANCIAL POSITION - ASSETS ........................ 1 INTERIM CONSOLIDATED CLASSIFIED STATEMENTS OF FINANCIAL POSITION - LIABILITIES .................. 2 INTERIM CONSOLIDATED STATEMENTS OF INCOME BY FUNCTION.............................................................. 3 INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME....................................................... 4 INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ................................................................ 6 INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW, DIRECT METHOD ................................................ 8 NOTE 1. CORPORATE INFORMATION ................................................................................................................ 10 NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ...................................................................... 12 2.1 BASES OF PRESENTATION ............................................................................................................. 12 2.2 BASIS OF CONSOLIDATION ............................................................................................................ 14 2.3 FINANCIAL INFORMATION OF OPERATING SEGMENTS .............................................................. 18 2.4 TRANSACTIONS IN CURRENCIES OTHER THAN THE FUNCTIONAL CURRENCY ..................... 18 2.5 PROPERTY, PLANT AND EQUIPMENT ........................................................................................... 20 2.6 BIOLOGICAL ASSETS ....................................................................................................................... 21 2.7 INVESTMENT PROPERTY ................................................................................................................ 22 2.8 INTANGIBLE ASSETS ....................................................................................................................... 22 2.9 INTEREST COSTS ............................................................................................................................ 25 2.10 IMPAIRMENT LOSSES FOR NON-FINANCIAL ASSETS ................................................................. 25 2.11 FINANCIAL INSTRUMENTS .............................................................................................................. 25 2.12 INVENTORIES ................................................................................................................................... 29 2.13 CASH AND CASH EQUIVALENTS .................................................................................................... 30 2.14 CAPITAL ............................................................................................................................................ 30 2.15 INCOME TAX AND DEFERRED TAX ................................................................................................ 30 2.16 EMPLOYEE BENEFITS ..................................................................................................................... 31 2.17 PROVISIONS ..................................................................................................................................... 32 2.18 REVENUE RECOGNITION ................................................................................................................ 32 2.19 LEASES ............................................................................................................................................. 33 2.20 NON-CURRENT ASSETS HELD FOR SALE .................................................................................... 34 2.21 DIVIDEND DISTRIBUTION ................................................................................................................ 34 2.22 ENVIRONMENT ................................................................................................................................. 34 2.23 BUSINESS COMBINATIONS ............................................................................................................. 35 2.24 LOYALTY PROGRAM ........................................................................................................................ 35 2.25 IMPAIRMENT ..................................................................................................................................... 36 2.26 STATEMENT OF CASH FLOWS ....................................................................................................... 37 2.27 EARNINGS PER SHARE ................................................................................................................... 37 2.28 CLASSIFICATION OF CURRENT AND NON-CURRENT BALANCES ............................................. 37 i WorldReginfo - e743b0e2-2e98-46e1-8fd6-1bfadf25e54f Empresas Copec S.A. - Interim Consolidated Financial Statements as of March 31, 2019 2.29 OFFSETTING BALANCES AND TRANSACTIONS ........................................................................... 38 NOTE 3. FINANCIAL INSTRUMENTS ................................................................................................................... 38 3.1 CASH AND CASH EQUIVALENTS ................................................................................................. 38 3.2 OTHER FINANCIAL ASSETS .......................................................................................................... 39 3.3 TRADE AND OTHER RECEIVABLES ............................................................................................. 40 3.4 OTHER FINANCIAL LIABILITIES .................................................................................................... 43 3.5 OTHER FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS ................... 61 3.6 FAIR VALUE HIERARCHY ............................................................................................................... 62 3.7 HEDGING FINANCIAL INSTRUMENTS ........................................................................................... 63 NOTE 4. FINANCIAL RISK MANAGEMENT ......................................................................................................... 65 NOTE 5. ESTIMATES, JUDGEMENTS AND ACCOUNTING CHANGES ............................................................. 83 NOTE 6. INVENTORIES ........................................................................................................................................ 85 NOTE 7. BIOLOGICAL ASSETS ........................................................................................................................... 86 NOTE 8. CURRENT TAX ASSETS AND LIABILITIES .......................................................................................... 90 NOTE 9. OTHER NON FINANCIAL ASSETS ........................................................................................................ 91 NOTE 10. INTANGIBLE ASSETS .......................................................................................................................... 92 NOTE 11. GOODWILL ........................................................................................................................................... 95 NOTE 12. PROPERTY, PLANT AND EQUIPMENT .............................................................................................. 97 NOTE 13. LEASES .............................................................................................................................................. 100 NOTE 14. INVESTMENT PROPERTIES .............................................................................................................. 101 NOTE 15. DEFERRED TAXES ............................................................................................................................ 102 NOTE 16. TRADE AND OTHER PAYABLES ...................................................................................................... 106 NOTE 17. BALANCES AND TRANSACTIONS WITH RELATED PARTIES ...................................................... 107 17.1 RELATED PARTY RECEIVABLES .................................................................................................. 108 17.2 RELATED PARTY PAYABLES ........................................................................................................ 109 17.3 RELATED PARTY TRANSACTIONS ............................................................................................... 110 17.4 BOARD OF DIRECTORS AND SENIOR EXECUTIVES .................................................................. 112 NOTE 18. PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES ....................................... 112 NOTE 19. EMPLOYEE BENEFITS OBLIGATIONS ............................................................................................ 131 NOTE 20. INVESTMENTS IN
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