Grupo de Inversiones Suramericana S A : 2024 Q1 Separate financial statements

FINANCIAL STATEMENTS

SEPARATE

For the three-month period from January 1st, 2024 to March 31st, 2024

GRUPO DE INVERSIONES SURAMERICANA S.A.

Cra. 43A #5A - 113

Medellín, Colombia

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SEPARATE FINANCIAL STATEMENTS

TABLE OF CONTENT
NOTE 1. REPORTING ENTITY	17
NOTE 2. BASIS OF PRESENTATION OF SEPARATE FINANCIAL STATEMENTS AND
SIGNIFICANT ACCOUNTING POLICIES	17
2.1. Statement of compliance	17
2.2. Basis of presentation	18
2.3. Significant accounting policies	18
NOTE 3. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES, AND CAUSES OF
UNCERTAINTY IN THE PREPARATION OF THE FINANCIAL STATEMENTS	19
NOTE 4. NORMS ISSUED NOT EFFECTIVE YET	22
NOTE 5. FINANCIAL INSTRUMENTS	23
5.1. Financial Assets	23
5.1.1 Cash and cash equivalents	23
5.1.2. Investments	24
5.1.3. Other accounts receivable	24
5.2. Financial liabilities	25
5.2.1. Derivative instruments	26
5.2.2. Bonds issued	29
5.2.3. Commitments with non-controlling shareholders	30
5.2.4. Other accounts payable	32
NOTE 6. TAXES	32
6.1. Current income tax	32
6.2. Deferred tax	34
6.3. Tax matters in Colombia	34
6.4. Deferred Tax Assets Not Recognized	35
6.5. Uncertainty regarding income tax treatments	35
NOTE 7. INVESTMENTS IN SUBSIDIARIES AND ASSOCIATES	35
7.1. Investment in associates	35
7.2. Investments in subsidiaries	37
NOTE 8. NON-CURRENT ASSETS HELD FOR SALE	38
NOTE 9. PREFERRED SHARES	40
NOTE 10. EQUITY	40
10.1. Issued capital	40
10.2. Issuance premium	41
10.3. Reserves	41
10.3.1. legal reserves	41
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SEPARATE FINANCIAL STATEMENTS
10.3.2. Occasional reserves	41
10.4. Reserve for share repurchase	41
10.5 Retained Earnings	42
NOTE 11. DIVIDENDS PAID AND DECLARED	42
NOTE 12. OTHER COMPREHENSIVE INCOME	43
12.1. New defined benefit plan measures	43
12.2. Gain (loss) from investment in equity instruments	43
12.3. Cash flow derivative hedges	43

12.4. Equity in other comprehensive income of subsidiaries accounted for using the equity method

...........................................................................................................................................43

NOTE 13. INCOME	44
NOTE 14. ADMINISTRATIVE EXPENSES	45
NOTE 15. FEES	45
NOTE 16. FINANCIAL RESULTS	45
16.1. Foreign exchange difference (Net)	45
16.2. interests	46
NOTE 17. EARNINGS PER SHARE	46
NOTE 18. RISK MANAGEMENT	46
NOTE 19. RELATED PARTY DISCLOSURES	54
NOTE 20. EVENTS AFTER THE REPORTING DATE	56
NOTE 21. APPROVAL OF THE FINANCIAL STATEMENTS	58
ANALYSIS OF FINANCIAL RESULTS (UNAUDITED)	60

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SEPARATE FINANCIAL STATEMENTS

RESPONSIBILITIES OF THE DIRECTORS OVER THE ACCOUNTS

The Directors are required to prepare the separate condensed interim financial statements for each financial period that present fairly the financial position, results of operations and cash flows of the Company as of March 31, 2024 with comparative figures as of March 31 and December 31, 2023. For the preparation of these financial statements, it is necessary that the Directors:

Select appropriate accounting policies and apply them consistently.

• Present information, including accounting policies, that are relevant, reliable, comparable, and comprehensive.
• Make judgments, and reasonable, prudent estimates.
• State whether applicable accounting standards have been followed, subject to any significant deviation revealed, and explained, in the accounts.
• Prepare the accounts, based on the ongoing business, unless it is inappropriate to presume that the Company will continue in business.

The Directors confirm that the accounts meet the above requirements.

In addition, the Directors consider that they are responsible for maintaining appropriate accounting records, which reveal, with reasonable accuracy, at any time, the financial situation of the Company. They are also responsible for safeguarding the assets of the company and, therefore, for taking reasonable steps to prevent and detect fraud, and other irregularities.

Ricardo Jaramillo Mejía	Juan Guillermo Chica Ramírez
President	Public Accountant
	Professional Card 64093-T

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SEPARATE FINANCIAL STATEMENTS

CERTIFICATION OF THE SEPARATE FINANCIAL STATEMENTS

The undersigned Legal Representative and Public Accountant, under whose responsibility the consolidated financial statements were prepared, certify:

That for the issuance of the statement of financial position, at March 31, 2024, and of the separate income statement for the year, as well as, the statement of other comprehensive income, changes in equity statement, and the cash flow statement, for the year ended on that date, which are in compliance with the norms, and are made available to shareholders and third parties, and whose information, contained in them, have been previously verified and the figures taken faithfully from the books.

Said affirmations, explicit and implicit, are the following:

Existence: The assets and liabilities of Grupo de Inversiones Suramericana S.A., exist on the cut-off date and the transactions recorded, have been realized during the year.

Integrity: All economic events have been recognized.

Rights and obligations: The assets represent probable future economic benefits, and liabilities represent probable future economic sacrifices, obtained or under the charge of Grupo de Inversiones Suramericana S.A., on the cut-off date.

Valuation: All elements have been recognized, in the appropriate amounts.

Presentation and disclosure: Economic events have been correctly classified, described, and disclosed.

According to article 46 of Law 964 of 2005, in my capacity as legal representative of Grupo de Inversiones Suramericana S.A., the financial statements and other reports relevant to the public, related to the financial year ending 31 March 2024 and 31 March and December 2023 do not contain defects, inaccuracies or errors that prevent the true financial position or operations of the Company from being known.

Ricardo Jaramillo Mejía	Juan Guillermo Chica Ramírez
President	Public Accountant
	Professional Card 64093-T

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SEPARATE FINANCIAL STATEMENTS

AUDITORS REPORT

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SEPARATE FINANCIAL STATEMENTS

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SEPARATE FINANCIAL STATEMENTS

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SEPARATE FINANCIAL STATEMENTS

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CHAPTER I

CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS