Corporación de Ferias y Exposiciones S A Usuario Operador de Zona Franca : Consolidated financial statements June 2022

CORPORACIÓN DE FERIAS Y EXPOSICIONES S.A. USUARIO OPERADOR DE ZONA FRANCA BENEFICIO E INTERES COLECTIVO AND SUBSIDIARIES

Consolidated Interim Condensed Statements of Financial Position

At June 30,2022

(Figures in thousands of Colombian pesos )

	Note		June 30, 2022		December 31, 2021
ASSETS
Current assets
Cash and cash equivalent	3	$	31.114.215	36.592.626
Joint venture investments	4		-	-
Accounts receivable	5 and 23		28.865.456	22.340.582
Tax assets	6		5.057.985	3.248.606
Inventories	7		1.016.981	616.024
Other non-financial assets	8 and 23		1.116.081		310.070
Total current assets			67.170.718	63.107.908
Non-current assets
Accounts receivable	4		141.767	-
Other financial assets	9		6.147.920	6.109.829
Investments in associates	10		76.030.993	76.208.895
Intangibles	11		10.720.299	11.657.079
Property and equipment	12		478.474.551	482.290.455
Investment properties	13		79.676.854	79.676.854
Deferred Tax Assets			97.814		235.496
Total non-current assets			651.290.198	656.178.608
Total assets		$	718.460.916	719.286.516
LIABILITIES
Current liabilities
Financial debt	14		21.909.769	11.783.461
Accounts payable	15 and 23		28.747.925	37.028.460
Income received in advance	16		26.732.638	17.259.899
Other non-financial liabilities	18		369.634		354.686
Total current liabilities			77.759.966	66.426.506
Non-current liabilities
Financial debt	14		137.314.888	146.750.890
Employee benefits	17		1.623.330	1.611.330
Other provisions	17		5.109.793	5.109.793
Deferred tax liability, net			41.398.950		40.204.754
Total non-current liabilities			185.446.961	193.676.767
Total liabilities		$	263.206.927	260.103.273
EQUITY
Capital			1.673.920	1.673.920
Share Placement Premium			43.451.721	43.451.721
Reserves	19		142.210.054	142.210.054
Accumulated profit	20		279.767.155	283.088.341
Other equity interests in equity			(7.919.607)	(7.919.607)
Result for the period			(3.929.254)		(3.321.186)
Total equity		$	455.253.989	459.183.243
Total liabilities and equity		$	718.460.916	719.286.516
			-	-

See the Notes that form part of the Condensed Interim Consolidated Financial Statements.

(Original in spanish signed)	(Original in spanish signed)	(Original in spanish signed)
Andrés López Valderrama	Juan Carlos Sánchez	Diego Alejandro Corredor Ortiz
Legal Representative	Chief Accountant	Statutory Auditor
	T.P. 102419 - T	Corporación de Ferias y Exposiciones S.A.
		Usuario Operador de Zona Franca
		Beneficio e Interes Colectivo
		T.P. 199078 - T
		Member of KPMG S.A.S.
		(See my Report of August 12, 2022 )

CORPORACIÓN DE FERIAS Y EXPOSICIONES S.A. USUARIO OPERADOR DE ZONA FRANCA BENEFICIO E INTERES COLECTIVO AND SUBSIDIARIES

Consolidated condensed interim statements of comprehensive income

For six and three months period ended June 30, 2022 and 2021

(Figures in thousands of Colombian pesos)

	Note
			1 January to June		1 January to June		1 April to June		1 April to June
			30, 2022		30, 2021		30, 2022		30, 2021
Income from ordinary activities	21a) and 23	$	60.091.327	10.166.866	44.310.636	4.476.143
Overhead	22a) and 23		24.258.956	20.132.452	15.146.175	11.846.716
Selling expenses	22b) and 23		31.153.704	6.340.162	23.055.521	3.216.807
Impairment of receivable	5 y 22g)		1.088.238	495.137	433.647	75.000
Recoveries of receivables	5 y 22g)		539.153	785.049	207.660	193.193
Other income	21b)		1.160.763	1.167.202	471.799	618.759
Cost of sales			1.137.396	98.772	612.632	52.438
Other expenses	22c)		404.469		181.966		243.164		62.406
Result on operating activities			3.748.480	(15.129.372)	5.498.956	(9.965.272)
	21c)
Financial income		1.162.444	323.208	906.945	77.203
Financial expenses	22d)		7.330.398		4.115.083		4.144.870		2.029.995
Financial cost, net			(6.167.954)		(3.791.875)		(3.237.925)		(1.952.792)
Entity loss for the period	22f)		(177.902)		(338.591)		(85.509)		(247.246)
Result before tax			(2.597.376)	(19.259.838)	2.175.522	(12.165.310)
Recovery income tax	22e)		(1.331.878)		661.177		(381.187)		579.424
Result for the period		$	(3.929.254)		(18.598.661)		1.794.335		(11.585.886)
Other Comprehensive Income			-		-		-		-
Result for the period and other comprehensive income		$	(3.929.254)		(18.598.661)		1.794.335		(11.585.886)

See the Notes that form part of the Condensed Interim Consolidated Financial Statements.

(Original in spanish signed)	(Original in spanish signed)	(Original in spanish signed)
Andrés López Valderrama	Juan Carlos Sánchez	Diego Alejandro Corredor Ortiz
Legal Representative	Chief Accountant	Statutory Auditor
	T.P. 102419 - T	Corporación de Ferias y Exposiciones S.A.
		Usuario Operador de Zona Franca
		Beneficio e Interes Colectivo
		T.P. 199078 - T
		Member of KPMG S.A.S.
		(See my Report of August 12, 2022 )

CORPORACIÓN DE FERIAS Y EXPOSICIONES S.A. USUARIO OPERADOR DE ZONA FRANCA BENEFICIO E INTERES COLECTIVO AND SUBSIDIARIES

Consolidated condensed interim statements of changes in equity

For six months period ended June 30, 2022 and 2021

(Figures in thousands of Colombian pesos)

		Subscribed	Share
		and paid	Placement		Accumulated	Other equity	Result for	Total
Note		Capital	Premium	Reserves	profits	interests in equity	the period	equity
Initial as of January 1, 2021	$	1.673.920	43.451.721	142.210.054	328.909.463	(4.807.429)	(43.740.311)	467.697.418
Loss carryforward to accumulated losses		-	-	-	(43.740.311)	-	43.740.311	-
Withholding taxes applicable to shareholders		-	-	-	(136.557)	-	-	(136.557)
Result for the period		-	-	-	-	-	(18.598.661)	(18.598.661)
Balance as of June 31, 2021
$	1.673.920	43.451.721	142.210.054	285.032.595	(4.807.429,00)	(18.598.661)	448.962.200
Initial as of January 1, 2022	$	1.673.920	43.451.721	142.210.054	283.088.341	(7.919.607)	(3.321.186)	459.183.243
Loss carryforward to accumulated losses		-	-	-	(3.321.186)	-	3.321.186	-
Result for the period		-	-	-	-	-	(3.929.254)	(3.929.254)
Balance as of June 31, 2022
$	1.673.920	43.451.721	142.210.054	279.767.155	(7.919.607)	(3.929.254)	455.253.989

See the Notes that form part of the Condensed Interim Consolidated Financial Statements.

(Original in spanish signed)	(Original in spanish signed)	(Original in spanish signed)
Andrés López Valderrama	Juan Carlos Sánchez	Diego Alejandro Corredor Ortiz
Legal Representative	Chief Accountant	Statutory Auditor
	T.P. 102419 - T	Corporación de Ferias y Exposiciones S.A.
		Usuario Operador de Zona Franca
		Beneficio e Interes Colectivo
		T.P. 199078 - T
		Member of KPMG S.A.S.
		(See my Report of August 12, 2022 )

CORPORACIÓN DE FERIAS Y EXPOSICIONES S.A. USUARIO OPERADOR DE ZONA FRANCA BENEFICIO E INTERES COLECTIVO AND SUBSUDIARIES

Condensed interim statements of cash flows

For six months period ended June 30, 2022 and 2022 y 2021

(Figures expresssed in thousands of Colombian pesos)

	Note		1 January to June		1 January to June 30,
			30, 2022		2021
Result for the period		$	(3.929.254)	(18.598.661)
Adjustments to reconciliation between the profit for the period and net cash (used in)
operating activities:
Depreciations	12 and 22a)		3.993.372	4.106.348
Amortization intangibles	11 and 22a)		1.971.291	1.508.935
Impairment accounts receivable	5 and 22g)		1.088.238	495.137
Recoveries of receivables	5 and 22g)		(539.153)	(785.049)
Impairment of investments in other financial assets			10	-
Loss on sale and withdrawals of property and equipment	12 and 22c)		-	286
Recovery of provision for accounts payable	21b)		(1.037.242)	(56.661)
Loss equity method	22f)		177.902	338.591
Implied interest contractual liability	18		14.948	2.885
Gain on valuation of investments in other financial assets	21c)		(53.313)	(30.561)
Income tax	22e)		1.331.878	(661.177)
Effect of changes in foreign exchange difference on cash held for cash equivalents			(70.904)	(44.068)
			2.947.773		(13.723.995)
Changes in assets and liabilities:
Accounts receivable			(7.215.726)	(1.111.514)
Inventories			(400.957)	14.970
Other non-financial assets			(806.011)	(1.088.340)
Net tax			(1.809.379)	(319.187)
Accounts payable			(7.243.293)	(201.813)
Employee benefits			12.000	18.000
Provision			-	(106.995)
Income received in advance			9.472.739	2.492.550
Interest paid financial obligations	14		(4.235.758)	(5.094.895)
Payment of income tax			-	(214.533)
NET CASH USED IN OPERATING ACTIVITIES			(9.278.612)		(19.335.752)
CASH FLOWS FROM INVESTMENT ACTIVITIES
Redemptions of investments in other financial assets	9		15.212	13.128
Dividends received in cash from investments in other financial assets			-	570.391
Purchase of intangibles	11		(1.034.511)	(1.902.008)
Purchase of property and equipment	12		(177.468)	(622.020)
NET CASH USED IN INVESTING ACTIVITIES			(1.196.767)	(1.940.509)
CASH FLOWS FROM FINANCING ACTIVITIES
Disbursement of financial obligations	14		6.624.748	4.019.381
Disbursement financial obligations			-	4.500.000
Capital payments of financial obligations	14		(1.698.684)	(1.332.093)
NET CASH PROVIDE IN FINANCING ACTIVITIES			4.926.064		7.187.288
DECREASE NET, IN CASH AND CASH EQUIVALENTS			(5.549.315)	(14.088.973)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIODO			36.592.626	17.490.960
Effect of changes in foreign exchange difference on cash held			70.904		44.068
CASH AND CASH EQUIVALENTS AT END OF PERIOD		$	31.114.215	3.446.055
See the notes that form an integral part of the condensed interim financial statements.

(Original in spanish signed)	(Original in spanish signed)	(Original in spanish signed)
Andrés López Valderrama	Juan Carlos Sánchez	Diego Alejandro Corredor Ortiz
Legal Representative	Chief Accountant	Statutory Auditor
	T.P. 102419 - T	Corporación de Ferias y Exposiciones S.A.
		Usuario Operador de Zona Franca
		Beneficio e Interes Colectivo
		T. P. 199078 - T
		Member of KPMG S.A.S.
		(See my Report of August 12, 2022 )