Ecopetrol Sa · BVC:ECOPETROL
Ecopetrol Sa — Corporate Update (May 2017)
13 slides from Ecopetrol Sa's corporate update, May 2017
Slide 1: 20F 2016 Filing
20F 2016 Filing Ecopetrol S.A. May 2017
Slide 2: Disclaimer
• This document was prepared by Ecopetrol S.A. (the “Company” or “Ecopetrol”) with the DISCLAIMER purpose of providing the market and interested parties certain financial and other information of the Company. • This document may include strategy discussions and forward-looking statements regarding t
Slide 3: Management Participants
MANAGEMENT Juan Carlos Echeverry PARTICIPANTS CEO Felipe Bayón COO María Fernanda Suárez CFO Mónica Jiménez Secretary General María Juliana Albán Vice-president of Compliance Fernán Bejarano Vice-president of Legal Affairs and General Counsel María Catalina Escobar Head of Corporate Finance and Inve
Slide 4: Our 20F filing process was as planned
Our 20 F filing process was as planned 20F 2014 20F 2016 preparation Filed with PWC and KPMG consents and Clean opinion Earnings Conversion Approval by Company´s clean opinions on 2016 report 2016 of Financial the BOD of planned audited Statements the 20F date of the 20F 2015 Financial to full IFRS
Slide 5: Announcement of the Prosecutor's Office on April 27, 2017
Announcement of the Prosecutor´s Office on April 27, 2017 The Prosecutor’s Office is conducting a confidential investigation. In connection therewith, on April 27, 2017, the Prosecutor’s Office announced in a press release his intention to pursue charges (including document forgery, illegal inte
Slide 6: Our 20F filing process was postponed given the Prosecutor's announcement
To be prudent, our 20 F filing process was postponed given the announcement of the Prosecutor´s office Filing Period Filing of the 2016 Prosecutor´s First deadline Notification of Management Due audited Financial Deadline for Notification Office for 20F filing late filing 12b-25 Diligence Statements
Slide 7: Effects on the non-filing of the 20F
Effects on the non-filing of the 20F The Company cannot issue in the U.S. market until it complies with its filing obligations. In the worst-case scenario we will have to request and obtain a waiver from bondholders and lenders before August 10th. Ongoing communication with SEC about Reficar m
Slide 8: The Company has been recognizing impairments over Reficar investment
The Company has been recognizing Preliminary impairments over Reficar investment analysis Total impairment recognized over Reficar investment in 2014, 2015 and 2016 amounts to approximately USD 1.7 billion. Total amount involved in the alleged charges is about USD 200 million. If the investiga
Slide 9: We believe our control system over financial statements remains effective
We believe our control system over financial statements remains effective Creation of Compliance Vice-President role at Ecopetrol S.A (July 2015), centralizing the compliance function and directly reporting to the Audit Committee of the Board. Strengthened internal controls at the time of IFRS a
Slide 10: Next steps toward the filing
Next steps toward the filing Third party investigation. PWC to continue with its due diligence in order to release consent and opinion Management Ongoing disclosure to the market committed to file as soon as possible Managing bondholders and lenders through the process
Slide 11: Ecopetrol: business as usual
Ecopetrol: business as usual The Company reported a strong cash position of COP 17.5 Tn as of March 31, 2017. We will continue executing our business plan Management as announced committed to file The Company does not have debt as soon as possible requirements for 2017. Cash available provid
Slide 12: Q&A
Q&A
Slide 13: 2COPETROMEA
2COPETROMEA