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Empresas Copec S.A. Consolidated Financial

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Empresas Copec S.A. Consolidated Financial EMPRESAS COPEC S.A. CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2018 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 US dollars MUS$ - Millions of US dollars MCh$ - Millions of Chilean Pesos COP$ - Colombian pesos S./ - Peruvian nuevo sol WorldReginfo - d6a34cd4-9970-4f3e-9bfb-af0f71482286 INDEPENDENT AUDITORS' REPORT Santiago, March 8, 2019 Dear Shareholders and Directors Empresas Copec S.A. We have audited the accompanying consolidated financial statements of Empresas Copec S.A. and affiliates, which comprise a consolidated statement of financial position as of December 31, 2018 and 2017, the corresponding consolidated statements of income by function, consolidated comprehensive income, consolidated changes in equity and consolidated cash flow for the years ending on these dates, and the corresponding notes to the consolidated financial statements. Management's responsibility for the consolidated financial statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). This responsibility includes the design, implementation and maintenance of relevant internal controls for the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We have not audited the financial statements of the affiliates Compañía de Petróleos de Chile Copec S.A., Pesquera Iquique Guanaye S.A. and Sociedad Nacional de Oleoductos S.A., whose financial statements reflect total net assets and net income representing 28.17% and 27.47% in 2018 and 27.44% and 45.46% in 2017, respectively, of the consolidated totals as of December 31, 2018 and 2017 and for the years then ended. We also did not audit the financial statements of the associated companies Metrogas S.A. and Aprovisionadora Global de Energía S.A. These investments were accounted for using the equity method, and include net assets and net income representing 0.60% and 4.26% in 2018 and 0.80% and 7.29% in 2017, respectively, of the consolidated totals as of December 31, 2018 and 2017 and for the years then ended. The statements mentioned above were audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for these companies, is based solely on the report of these auditors. We conducted our audit in accordance with generally accepted auditing standards in Chile. Those standards require that we plan and perform our work to obtain reasonable assurance that the consolidated financial statements are free of material misstatement. WorldReginfo - d6a34cd4-9970-4f3e-9bfb-af0f71482286 i Santiago, March 8, 2019 Empresas Copec S.A. 2 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we do not express such an opinion. An audit also includes evaluating the accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our opinion. Opinion In our opinion, based on our audit and the reports of other auditors, the consolidated financial statements referred to above present fairly, in all material aspects, the financial position of Empresas Copec S.A. and affiliates as of December 31, 2018 and 2017, and the results of their operations and cash flows for the years then ended, in accordance with International Financial Reporting Standards. Renzo Corona Spedaliere Chilean ID Number: 6.373.028-9 WorldReginfo - d6a34cd4-9970-4f3e-9bfb-af0f71482286 i Empresas Copec S.A.- Consolidated Financial Statements as of December 31, 2018 Index to the consolidated financial statements of Empresas Copec S.A. and affiliates Notes Page CONSOLIDATED CLASSIFIED STATEMENTS OF FINANCIAL POSITION - ASSETS ........................................ 1 CONSOLIDATED CLASSIFIED STATEMENTS OF FINANCIAL POSITION - LIABILITIES .................................. 2 CONSOLIDATED STATEMENTS OF INCOME BY FUNCTION .............................................................................. 3 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ....................................................................... 4 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ................................................................................. 6 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 ............................................................................................................ 18 2.3 FINANCIAL INFORMATION OF OPERATING SEGMENTS ............................................................. 22 2.4 TRANSACTIONS IN CURRENCIES OTHER THAN THE FUNCTIONAL CURRENCY .................... 22 2.5 PROPERTY, PLANT AND EQUIPMENT ........................................................................................... 25 2.6 BIOLOGICAL ASSETS ...................................................................................................................... 26 2.7 INVESTMENT PROPERTY ................................................................................................................ 27 2.8 INTANGIBLE ASSETS ....................................................................................................................... 27 2.9 INTEREST COSTS ............................................................................................................................. 30 2.10 IMPAIRMENT LOSSES FOR NON-FINANCIAL ASSETS ................................................................. 30 2.11 FINANCIAL INSTRUMENTS .............................................................................................................. 30 2.12 INVENTORIES .................................................................................................................................... 34 2.13 CASH AND CASH EQUIVALENTS .................................................................................................... 35 2.14 CAPITAL............................................................................................................................................. 35 2.15 INCOME TAX AND DEFERRED TAX ................................................................................................ 36 2.16 EMPLOYEE BENEFITS ..................................................................................................................... 37 2.17 PROVISIONS ...................................................................................................................................... 37 2.18 REVENUE RECOGNITION................................................................................................................. 38 2.19 LEASES .............................................................................................................................................. 39 2.20 NON-CURRENT ASSETS HELD FOR SALE .................................................................................... 39 2.21 DIVIDEND DISTRIBUTION................................................................................................................. 40 2.22 ENVIRONMENT .................................................................................................................................. 40 2.23 BUSINESS COMBINATIONS ............................................................................................................. 41 2.24 LOYALTY PROGRAM ........................................................................................................................ 41 2.25 IMPAIRMENT ..................................................................................................................................... 42 2.26 STATEMENT OF CASH FLOWS ....................................................................................................... 43 2.27 EARNINGS PER SHARE ..................................................................................................................
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