UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15b-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of January, 2015

Commission File Number 001-35591

GRAÑA Y MONTERO S.A.A.

(Exact name of registrant as specified in its charter)

GRAÑA Y MONTERO GROUP

(Translation of registrant’s name into English)

Republic of Peru

(Jurisdiction of incorporation or organization)

Avenida Paseo de la República 4667, Lima 34,

Surquillo, Lima

Peru

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.

The Group achieved Revenues of S/. 7,008.7 MMduring 2014, a 17.5% growth compared to 2013 Gross Profit amounted to S/. 951.3 MMin 2014, decreasing 5.3% compared to 2013 EBITDA was S/.915.2 MMin 2014, lower by 11.2% than the result obtained in 2013 Net Income registered a decrease of 6.5%, reaching S/. 299.6 MM Backlog amounted to US$ 3,765.4 MM as of 4Q2014, equivalent to 1.7x the annual revenues, and the recurrent businesses amounted to US$ 580.0 MM, reaching a total of US$ 4,345.5 MM Executive Summary CONSOLIDATED QUARTERLY CUMULATIVE REVENUES (S/. MM) Consolidated Results Report –2014 REVENUES BY SEGMENT as of 2014 EBITDA BY SEGMENT as of 2014 NET INCOME BY SEGMENT as of 2014

Consolidated Results Revenues. Consolidated revenues reached S/. 7,008.7 MM during 2014, an increase of 17.5% compared to 2013. In terms of Business Segments, revenues in the Engineering and Construction segment increased 23.6% in 2014, contributing with 68.5% of the Group’s revenues. The Infrastructure Segment increased in 29.9%, due mainly to an increase in the revenues of Norvial and GyM Ferrovías, while the Real Estate Area registered a decrease of 28.4% due to a reduction in the housing units delivered. Finally, the Technical Services Segment achieved a 3.3% revenue growth, in 2014. Gross Profit. Consolidated Gross Profit reduced from S/. 1,004.7 MM to S/. 951.3 MM, equivalent to a decrease of 5.3% and a Gross Margin of 13.6% in 2014. The decrease in Gross Margin is mainly explained by lower results in the Technical Services and Real Estate segments, as well as in the Engineering and Construction segment. Operating Income. Additionally to the Gross Profit variation, the Operating Income variation is explained by the higher general expenses, and a lower result in other operational expenses. Dividends perceived in 2014 belong to our minority participation in Transportadora de Gas del Peru (TgP). The “Participation in Associates” account registers the profit generated in projects where Vial y Vives and CAM have minority participation and are not consolidated. Exchange rate difference. During 2014, the Nuevo Sol depreciated against the US Dollar, from S/. 2.796 per dollar as of December 31, 2013, to S/. 2.989 per dollar as of December 31, 2014; while the Chilean Peso, experienced a devaluation from 524.6 to 606.75 Pesos per dollar. Nevertheless, the exchange rate difference has been lower compared to previous years due to the conversion of dollar-denominated debt to soles.

Consolidated Results Report – 2014 Net Income. Consolidated Net Income was S/. 299.6 MM in 2014, equivalent to a 6.5% reduction compared to 2013. EBITDA. Consolidated EBITDA was S/. 915.2 MM in 2014, which represents a decrease of 11.2% compared to 2013, explained by the operating results. EBITDA Margin in 2014 was 13.1%, lower than the one reported in 2013. A further detail of the results is described in the each of the business segments sections. Stable Cash Flows. Regarding stable long term cash flows, during 2014, 47.6% of the consolidated EBITDA is originated from Stable Cash Flows businesses. The EBITDA generated from these businesses allows us to cover the Interest Expenses and General Expenses of the company businesses that not generate cash flows in 1.3x times.

Consolidated Results Report – 2014 Consolidated Results Backlog. Consolidated Backlog (US$ 3,765.4 MM) and recurrent businesses (US$ 580.0 MM) reached a total amount of US$ 4,345.5 by the end of the year, similar amount to the reported at the end of 2013. From the total consolidated Backlog of 2014, US$ 1,842.1 MM will be executed during 2015, US$ 1,150.0 MM in 2016, and the remaining in 2017 and the following years. The recurrent businesses are the Oil and Gas segment and the Norvial toll road are businesses. For further detail of the backlog, please go to the appendix page. Consolidated Results Report –2014 For further detail of the backlog, please go to the appendix page. 3,935 3,988 3,865 3,596 3,765 394 396 446 443 580 1.94 1.83 1.71 1.58 1.70 0.00 0.50 1.00 1.50 2.00 2.50 - 1,000 2,000 3,000 4,000 5,000 4T'13 1T'14 2T'14 3T'14 4T'14 Backlog Recurrent Businesses Backlog/Revenues Ratio Capital Expenditures. Capital Expenditures (CAPEX) by the end of 2014 amounted to S/. 1,152.2 MM (US$ 385.5 MM). The CAPEX distribution per Business Segment is as follows: Engineering and Construction represents 42%, followed by Infrastructure (20%), by Real Estate (10%), and Technical Services (10%) . The difference corresponds to the acquisition of 51% of COGA (Tecgas) and the purchase of minority shares from GyM.

Indebtedness. Consolidated Financial Gross Debt amounted to S/. 1,748.4 MM (US$ 584.9MM) for 2014. The increase in debt compared to the closing of 2013, is explained by a short term facility provided by BBVA and BCP for Line One of the Lima Metro, which will be replaced with the coming bond issuance for the Lima Metro in February 2015; as well as to working capital in the Engineering & Construction Segment. Maturity of financial debt Financial Indicators Less than Between 1 Between 2 More than 1 year and 2 years and 5 years 5 years Other loans 1,297,131 80,077 42,220 - 1,419,428 Leasing 123,232 80,969 115,124 9,617 328,942 Total debt S/. 1,420,363 161,046 157,344 9,617 1,748,370 Total debt US$ 475,197 53,880 52,641 3,217 584,935 Total Gross Debt/Equity 0.5x Net Debt/ Equity 0.3x Gross Debt/EBITDA 1.9x Net Debt/EBITDA 1.0x In terms of tenor, 81.2% of the consolidated financial debt (S/. 1,420.4 MM), corresponds to short-term financial obligations and the remaining (S/. 328.0 MM) corresponds to long-term financial obligations. In terms of currency, 39.0% of the consolidated financial debt is denominated in Nuevos Soles and 54.3% in Dollars, while the balance is denominated in other currencies corresponding to our CAM subsidiaries. Consolidated leverage, measured through the Gross Financial Debt/Equity, reached 0.5x , while the Gross Financial Debt/EBITDA reached 1.9x in 2014. It’s worth mentioning that the total Available Cash is S/. 818.4 MM as of 2014

Engineering and Construction The Engineering & Construction Segment achieved a 23.6% revenue growth in 2014, compared to the amount reported in 2013, mainly due to higher revenues in electromechanical division of GyM and civil works division, as well as an increase in sales in mining services. Moreover, revenues from Vial y Vives-DSD, companies acquired in 2012 and 2013, which were merged during 2014, reflected also a significant increase. Gross Profit reduced 4.4% in 2014 compared to 2013. Gross Margin decreased from 13.7% to 10.6%. This was because of lower margins in the civil works division, due to higher costs in two contracts. Operational Income decreased 23.0% as a consequence of general expenses increase and a lower result in the Other Operational Income/Expense account. The result in this account, included in 2013 the reversion of liabilities related to the acquisition of Vial y Vives, and an extraordinary income from a project concluded in the previous years. Moreover, the Engineering and Construction segment registers the profit for the minority participation Vial y Vives- DSD holds in several of its projects, as well as the minority participation of GyM in Viva GyM in the line “Participation in Associates”. Financial Results (Thousands S/.) 2013 2014 Var % Revenues 4,075,070 5,035,674 23.6% GROSS PROFIT 560,083 535,247 -4.4% General Expenses (217,927) (263,868) Other Operational Expenses 10,762 346 Other Expenses - - Profit from sale of investment OPERATIONAL INCOME 352,918 271,725 -23.0% Financial Expenses 3,140 (16,383) Dividends received - - Participation in Associates 41,971 48,242 Exchange rate difference (29,775) (46,040) PRETAX INCOME 368,254 257,544 -30.1%Taxes (111,348) (61,143) -45.1% Minority Interests (44,965) (29,533) NET INCOME 211,941 166,868 -21.3% EBITDA 546,047 464,202 -15.0% Financial Ratios 2013 2014 Gross Margin 13.7% 10.6% Operating Margin 8.7% 5.4% Net Margin 5.2% 3.3% EBITDA Margin 13.4% 9.2% Financial Debt 322,150 770,456 Financial Debt / EBITDA 0.6 1.7 ROE 33.4% 17.8% Consolidated Results Report –2014 Net Income in 2014 was S/. 166.9 MM, which represents a Net Margin of 3.3%, lower compared to the same period in 2013. EBITDA was S/. 464.2MM in 2014, lower by 15.0% compared to 2013, due to lower operational income.

Capital Expenditures. Capital expenditures (CAPEX) for 2014 amounted to S/. 485.0 MM (US$ 162.2 MM) , from which US$ 110.0 MM correspond to the acquisition of 70% of Morelco and the purchase of a 13.49% stake in Stracon GyM. The difference corresponds to the purchase of machinery for construction, and the purchase of mining equipment for the mining services contracts. Backlog. The Engineering and Construction segment reported a Backlog of US$ 2,835.5 MM as of 2014, amount that is equivalent to a 13.7% increase compared to the amount registered at the end of 3Q2014. During 2014, new contracts were awarded such as Ñuble Hydroelectric Plant for an amount of US$ 187.6 MM, as well as a contract for Kelar Thermoelectric Central for US$ 85 MM, both for for Vial y Vives-DSD in Chile. Also, a contract from Rio Alto for the Shahuindo Project was added for US$ 240 mm, as well as US$ 349 MM of Backlog from Morelco’s acquisition. The total Backlog will be executed as follows: US$ 1,456.3 MM in 2015, US$ 836.0 MM in 2016 and US$ 542.9 MM in the following years. Consolidated Results Report –2014 Backlog (Million of US$) as of 2014 Backlog by type of contract Cost plus Fee 36% EPC 5% Lump Sum 12% Unit Prices 48%

Infrastructure Consolidated Results Report –2014 Gross Profit increased 31.5% due to the higher amount of trains in operation, and on the other side due to the better results in the Gas Plant, and higher production of daily oil barrels. On the other hand, the accounting registry of advanced works in the construction of Norvial second stage impacted the segment’s gross profit. In 2014 financial expenses increased mainly due to the related expenses to the pre payment of the long term debt Norvial owed to IDB and IFC, and replaced with a short term bridge facility that will be repaid through a bond issuance that will finance the second stage of the concession. The Infrastructure Segment achieved revenues of S/. 884.8 million in 2014, higher by 29.9% compared to 2013. This was mainly due to the increase in revenues of Line 1 Metro de Lima due to the increase in trains in operation since July 2014, as well as to the registration of the work progress for the second stage of the Norvial toll road as revenues, and additionally due to a higher production in GMP. In GyM Ferrovias, in July 2014 the second tranche of Line 1 Metro de Lima started operations, which in turn increased the number of trains in operation reaching its full capacity. This lead to a revenue increase from S/. 118.5 million in 2013 to S/.167.0 million in 2014. GMP increased its revenues due to an increase in the level of daily barrels produced. In 2014, crude oil production was higher by 10% compared to 2013 (1,754 BPD in 2013 vs 1,595 BPD for 2014 in average), with an average price per basket of crude oils of US$ 97.1 in 2014 and US$ 106.25 in 2013. Moreover, the processing levels at the Pariñas Gas Plant increased from an average of 18.10 MMCF (million cubic feet) during 2013 to 27.34 MMCF in 2014. Financial Results (Thousands S/.) 2013 2014 Var % Revenues 680,988 884,766 29.9% GROSS PROFIT 186,799 245,568 31.5% General Expenses (31,007) (40,322) Other Operational Expenses (3,130) (4,377) Other Expenses 290 (116) Profit from sale of investment - - OPERATIONAL INCOME 152,952 200,753 31.3% Financial Expenses (13,690) (19,127) Dividends received - - Participation in Associates 1,587 29 Exchange rate difference (30,958) (6,377) PRETAX INCOME 109,891 175,279 59.5% Taxes (35,441) (56,988) 60.8% Minority Interests (14,507) (16,881) NET INCOME 59,943 101,410 69.2% EBITDA 244,322 307,824 26.0% Financial Ratios 2013 2014 Gross Margin 27.4% 27.8% Operating Margin 22.5% 22.7% Net Margin 8.8% 11.5% EBITDA Margin 35.9% 34.8% Financial Debt 181,837 670,794 Financial Debt / EBITDA 0.7 2.2 ROE 15.8% 21.8%

Consolidated Results Report –2014 Net Income increased to S/. 101.4 million, a 69.2% significant growth during 2014, explained in detail above, together with a lower exchange rate difference due to the conversion of US denominated debt to soles. Net Margin increased from 8.8% to 11.5% in the same period. EBITDA in 2014 reached S/. 307.8 MM representing an EBITDA margin of 34.8%. Capital Expenditures. Capital expenditures (CAPEX) for 2014 amounted to a S/. 226.8 MM (US$ 75.9 MM) corresponding mainly to investments in GMP and road maintenance of Norvial toll road . Backlog (Million of US$) as of 2014 Backlog. The Infrastructure Area reported a Backlog of US$ 311.6 MM as of 2014, and a total of US$ 580.0 MM of recurrent businesses. The total Backlog of the Infrastructure Segment will be executed as follows: US$ 134.3 MM in 2015, US$ 84.2 MM in 2016 and US$ 93.2 MM in the following years. The main contracts obtained during 2014 as recurrent businesses were the operation of the Central Terminal and the awarding of the Blocks III and IV in Talara. 320 323 319 329 312 394 396 446 443 580- 200 400 600 800 1,000 4Q13 1Q14 2Q14 3Q14 4Q14 Backlog Recurrent Businesses

Real Estate Real Estate segment registered revenues of S/. 224.6 million in 2014, a 28.4% decrease compared to 2013 which is explained by the lower amount of units delivered in 2014 (831 units) compared to the delivered housing units in 2013 (1,757 units). Additionally, it is also explained by the fact that in 2013 a piece of land from Almonte was sold for US$ 5.8 MM. Main projects under development are Parques del Callao, Parques de San Martin de Porres, Parques de Villa El Salvador II, Parques de Carabayllo II, Parque Comas, y Parques Naranjal. Moreover, a building in Pezet and other in Barranco are also under execution, while the offices under construction are Real Ocho, Real Dos, Rivera Navarrete and Panorama. A total of 79% of the projects are been executed in Lima, whilst 21% of them are been executed in other provinces of Peru. Gross Profit decrease during 2014 is explained by lower margins reported in the delivered housing units, considering that in 2013 there was a higher delivery of units of affordable housing projects, whose margins were higher, along with the margin for the sale of the piece of land of Almonte. Consolidated Results Report –2014 Net Income was S/. 9.5 MM in 2014, representing a decrease of 50.3% compared to last year, which is explained by the lower quantity of delivered units, as well as to an increase in financial expenses due to a working capital debt increase as a consequence of the deceleration of sales, and for the purchase of land for the development of future projects. EBITDA was S/. 73.0 in 2014, which was lower in 46.0% compared to 3013 reaching an EBITDA Margin of 32.5% due to the factors described above. Financial Results (Thousands S/.) 2013 2014 Var % Revenues 313,731 224,560 -28.4% GROSS PROFIT 113,732 62,412 -45.1% General Expenses (20,993) (21,058) Other Operational Expenses (727) (846) Other Expenses (1,023) (6) Profit from sale of investment 3,197 - OPERATIONAL INCOME 94,186 40,503 -57.0% Financial Expenses (4,264) (8,904) Dividends received - - Participation in Associates 64 12,178 Exchange rate difference (9,518) (5,810) PRETAX INCOME 80,468 37,967 -52.8% Taxes (21,427) (11,452) -46.6% Minority Interests (39,887) (16,988) NET INCOME 19,154 9,527 -50.3% EBITDA 135,176 73,013 -46.0% Financial Ratios 2013 2014 Gross Margin 36.3% 27.8% Operating Margin 30.0% 18.0% Net Margin 6.1% 4.2% EBITDA Margin 43.1% 32.5% Financial Debt 130,173 160,682 Financial Debt / EBITDA 1.4 2.2 ROE 13.6% 5.6%The Participation in Associates account includes the profit generated for the sale of a piece of land in the south ofLima, property of Prinsur, which is a company in which we hold a minority stake.

Capital Expenditures. Capital Expenditures (CAPEX) in 2014 amounted to S/. 119.4 MM (US$ 40.0 MM), corresponding to the purchase of land for projects and to the investment for 35% of the offices project named “Panorama”. Consolidated Results Report –2014 Backlog. The Real Estate Segment reported a Backlog of US$ 81.3 MM as of 2014. The main projects included in the Backlog are: Parque Central, Los Parques de Piura, Los Parques de San Martin de Porres, Real 8 offices (San Isidro), El Sol de Barranco and Rivera Navarrete offices. The total Backlog of the Real Estate Segment will be executed as follows: US$ 33.8 MM in 2015, US$ 43.9 MM in 2016 and the rest in the remaining years. Backlog (Million of US$) as of 2014 66 89 84 101 81 – 20 40 60 80 100 120 4T13 1T14 2T14 3T14 4T14

Technical Services Revenues for the Technical Services Segment in 2014 were similar to the ones registered in 2013. While CAM increased sales by including contracts with Movistar as well as with other business operators of Coasin, which is an acquisition CAM made, this is offset by a reduction in Concar’s revenues due to the termination of a contract with the Regional Government of Cusco. Gross Profit decreased in 20.6%, is mainly explained by the impact generated because of the cancellation of one of the road maintenance contracts with the Regional Government. In addition, the Other Income / Expense account, includes the reversion of liabilities related to the acquisition of CAM. These reversions were higher in 2013 compared to the ones registered in 2014. For a further details please refer to the audited financial statements of 2013. The minority participation of CAM in projects that are not consolidated are reported in the line “Participation in Associates”. Net Income in 2014 was negative by S/. 5.4 million, affected by the negative results obtained in Concar, which were explained above, together with higher financial expenses. EBITDA in 2014 was S/. 63.3 MM, lower by 42.3% compared to the result from 2013. Financial Results (Thousands S/.) 2013 2014 Var % Revenues 1,169,115 1,208,168 3.3% GROSS PROFIT 179,175 142,180 -20.6% General Expenses (132,486) (125,264) Other Operational Expenses 24,669 10,711 Other Expenses – 42 Profit from sale of investment - (2,139) OPERATIONAL INCOME 71,358 25,530 -64.2% Financial Expenses (8,780) (16,027) Dividends received - - Participation in Associates 1,070 591 Exchange rate difference (7,073) (9,545) PRETAX INCOME 56,575 549 -99.0% Taxes (16,655) (5,744) -65.5% Minority Interests (5,624) (233) NET INCOME 34,296 (5,429) -115.8% EBITDA 109,647 63,306 -42.3% Financial Ratios 2013 2014 Gross Margin 15.3% 11.8% Operating Margin 6.1% 2.1% Net Margin 2.9% -0.4% EBITDA Margin 9.4% 5.2% Financial Debt 158,239 143,601 Financial Debt / EBITDA 1.4 2.3 ROE 27.0% -2.3%

Consolidated Results Report –2014 Capital Expenditures. Capital Expenditures (CAPEX) in 2014 amounted to S/. 120.9 MM (US$ 40.4 MM), which correspond to the electric services and information technology businesses. Backlog. The Technical Segment reported a Backlog of US$ 646.3 MM as of 2014. The main contracts awarded have been in the electric service business for a total amount of US$ 266.2 MM. Additionally, Concar’s backlog includes the new contract for the maintenance of the Pasco-TingoMaria road for US$ 41.2, as well as the elimination of the contract with the Regional Government of Cusco which was resolved in the first quarter of 2014. The total Backlog of the Technical Services Segment will be executed as follows: US$ 263.5 MM in 2015, US$ 217.6 MM in 2016 and the remaining in the following years. Backlog (Million of US$) as of 2014 Figures in Thousands of S/.

Appendix: Profits & Losses Statement per Company Consolidated Results Report –2014 Figures in Thousands of S/. Appendix: Balance Sheet per Company Revenues 4,861,362 174,312 350,339 178,170 140,298 9,056 166,951 29,323 224,560 247,862 364,360 595,946 GROSS PROFIT 493,013 42,234 124,455 55,036 16,834 4,853 42,109 2,307 62,412 46,462 8,169 87,549 General Expenses (239,049) (24,819) (17,256) (3,729) (2,703) (1,413) (14,714) (317) (21,058) (28,379) (31,216) (65,669) Other Operational Expenses 242 104 (4,544) 2 31 - 18 - (852) (2,320) 629 10,305 Profit from sale of investment - OPERATIONAL INCOME 254,206 17,519 102,655 51,309 14,162 3,440 27,413 1,990 40,503 15,763 (22,418) 32,185 Financial Expenses (14,440) (1,943) (5,662) (8,812) (1,471) (118) (3,015) (38) (8,904) (3,246) (3,914) (8,867)Participation in Associates 48,242 - 29 - 12,178 - 591 Exchange rate difference (43,696) (2,344) (5,782) (499) 956 130 (1,503) (2) (5,810) (1,231) (947) (7,367) PRETAX INCOME 244,312 13,232 91,240 41,998 13,647 3,452 22,895 1,951 37,967 11,286 (27,279) 16,542 Taxes (56,548) (4,595) (29,400) (10,908) (4,093) (1,122) (10,842) (588) (11,452) (5,312) 762 (1,194) Minority Interests (28,618) (915) (3,606) (10,260) (1) (1) (3,013) - (16,988) (648) 5,187 (4,772) NET INCOME 159,146 7,722 58,234 20,830 9,553 2,329 9,040 1,363 9,527 5,326 (21,330) 10,576 Amortization 15,635 853 36,698 10,712 33 0 251 52 142 6,868 309 1,207 Depreciation 125,918 1,829 21,446 326 147 27 656 0 3,679 11,733 6,778 10,290 EBITDA 444,001 20,201 160,828 62,347 14,342 3,467 64,841 2,042 73,013 34,364 (15,331) 44,273 SURVIAL CANCH Financial Results (Thousands of S/.) GYM GMI GMP NORVIAL GYM FERROVIAS GMD CONCAR CAM LA CHIRA Viva GyM Engineering & Construction Infrastructure Real Estate Technical Services Cash and Cash Equivalents 282,721 2,646 54,085 5,500 41,933 4,540 51,522 8,407 54,268 94,200 6,027 34,452 Other Current Assets 2,340,038 62,837 62,931 592 53,165 2,657 121,513 18,532 706,547 101,813 181,306 199,665 Current Assets 2,622,759 65,483 117,016 6,092 95,098 7,197 173,035 26,938 760,815 196,013 187,333 234,117 Non Current Assets 1,302,088 17,215 378,583 230,401 7,448 201 611,911 2,687 117,352 99,665 37,986 113,865 Total Assets 3,924,847 82,698 495,599 236,493 102,546 7,398 784,946 29,625 878,167 295,678 225,319 347,982 Borrowings 608,710 15,782 69,577 89,615 6,287 - 404,915 - 144,314 18,553 18,446 43,532 Other Current Liabilities 1,961,173 41,375 60,266 19,519 61,354 1,404 293,543 13,348 122,263 90,256 138,742 125,179 Current Liabilities 2,569,883 57,157 129,843 109,134 67,641 1,404 698,458 13,348 266,576 108,809 157,188 168,711 Borrowings 145,964 0 99,767 633 0 0 0 0 16,368 23,603 2,949 36,518 Other Non Current Liabilities 130,548 0 11,637 0 0 495 6,977 325 122,512 49,636 31,277 68,877 Non Current Liabilities 276,512 - 111,404 633 - 495 6,977 325 138,880 73,239 34,226 105,395 Total Liabilities 2,846,395 57,157 241,247 109,767 67,641 1,899 705,435 13,672 405,456 182,048 191,414 274,106 Equity attributable to controlling interest in the Company 909,968 22,835 236,148 84,906 34,902 5,497 59,633 15,953 157,275 45,136 33,817 51,882 Non-controlling Interest 168,484 2,706 18,204 41,820 3 2 19,878 - 315,436 68,494 87 21,994 Total Equity 1,078,452 25,541 254,352 126,726 34,905 5,499 79,511 15,953 472,711 113,630 33,905 73,876 Total Liabilities and Equity 3,924,847 82,698 495,599 236,493 102,546 7,398 784,946 29,625 878,167 295,678 225,319 347,982 Balance Sheet GYM GMI GMP NORVIAL CONCAR CAM Engineering & Construction Infrastructure Real Estate Technical Services SURVIAL CANCH GYM FERROVIAS LA CHIRA Viva GyM GMD Figures in Thousands of S/. Figures in Thousands of S/.

Appendix: Backlog Report to December 2014 Appendix: Recurrent Businesses Report to December 2014 Consolidated Results Report –2014 TOTAL IQ - 2014 IIQ - 2014 IIIQ - 2013 IVQ - 2014 2015 2016 2017+ GyM 1,504,204 959,369 430,551 118,473 212,077 25,992 74,009 975,386 665,366 181,867 128,154 Stracon GyM 1,255,979 439,670 395,663 104,112 50,432 1,520 239,598 1,211,972 377,168 420,012 414,792 Vial y Vives-DSD 219,806 227,379 262,482 -13,965 14,610 133,768 128,068 254,909 182,099 72,810 0 Morelco 0 0 349,091 0 0 0 349,091 349,091 187,751 161,340 0 GMI 63,965 58,318 38,309 7,932 12,311 10,134 7,932 43,956 43,956 0 0 ENGINEERING & CONSTRUCTION 3,043,954 1,684,735 1,476,094 216,552 289,430 171,414 798,698 2,835,313 1,456,339 836,028 542,946 SURVIAL 64,791 46,938 52,797 1,562 2,660 30,587 17,987 70,649 45,224 9,267 16,158 CANCHAQUE 12,653 3,030 6,129 836 713 3,999 580 15,752 10,338 2,707 2,707 LA CHIRA 27,216 9,810 -2,248 -552 377 -2,849 776 15,157 12,785 1,186 1,186 LINEA 1 METRO DE LIMA 215,513 55,855 50,428 22,124 12,697 15,672 -66 210,086 65,920 71,042 73,124 INFRASTRUCTURE 320,173 115,633 107,105 23,971 16,446 47,410 19,278 311,645 134,267 84,202 93,175 VIVA GYM 85,022 75,129 71,468 22,573 12,138 29,399 7,359 81,362 33,815 43,874 3,673 REAL ESTATE 85,022 75,129 71,468 22,573 12,138 29,399 7,359 81,362 33,815 43,874 3,673 GMD 73,424 82,925 101,330 44,018 17,780 14,483 25,050 91,830 39,081 52,748 CONCAR 224,209 121,407 50,980 -2,302 32,028 11,766 9,488 153,782 72,370 41,796 39,615 CAM 321,358 199,380 278,696 255,961 49,177 29,360 -55,802 400,674 152,024 123,030 125,620 TECHNICAL SERVICES 618,991 403,712 431,007 297,676 98,986 55,609 -21,264 646,285 263,476 217,575 165,235 ELIMINATIONS -133,182 -63,818 -39,793 572 -13,794 -7,269 -19,303 -109,158 -45,810 -31,659 -31,689 TOTAL 3,934,958 2,215,391 2,045,881 561,344 403,206 296,563 784,768 3,765,447 1,842,087 1,150,020 773,340 Company Initial Backlog Executed Backlog Total Backlog ANNUAL BACKLOG New Requests TOTAL IQ - 2014 IIQ - 2014 IIIQ - 2013 IVQ - 2014 2015 2016 2017+ GMP 289,583 117,209 324,281 34,072 76,212 38,558 175,439 496,655 144,446 162,805 189,405 NORVIAL 113,701 59,609 56,635 7,206 15,582 5,625 28,223 110,727 34,503 37,369 38,855 ELIMINATIONS -9,406 -47,878 -65,851 -5,302 -7,137 -21,642 -31,769 -27,379 -8,212 -9,583 -9,583 TOTAL 403,284 176,818 380,917 41,278 91,794 44,183 203,661 607,383 178,950 200,173 228,259 Annual Company Initial Executed Total New Requests Figures in Thousands of S/.

Appendix: Corporate Structure Consolidated Results Report –2014 Figures in Thousands of S/. (1) 38.97% of the share capital in Viva Gym is held by our subsidary Gym.

i) EBITDA As of the information reported in the prospectus regarding the shares issuance registered before the SEC, the international market practice for the EBITDA calculation has been adopted. The EBITDA calculation will start from the net income, figure to which the taxes, exchange rate differences and interests expenses will be returned to, whilst the depreciation and amortization will be added. We previously reported the EBITDA calculated as operational income plus depreciation and amortization. As mentioned on the Consolidated Results Report for the third quarter of 2013, we will report EBITDA calculated as follows: Real Estate EBITDA: the proportional part of the land component of the units delivered during the period, will be added; Metro de Lima : the financial expenses considered, as well as the capital amortization applied to the corresponding long-term account receivable during the period, will be added. ii) Backlog As of the information reported in the prospectus regarding the shares issuance registered before the SEC, the reporting method of the company’s Backlog will have modifications in the Infrastructure and Real Estate segments according to what is following described. Engineering and Construction and Technical Services will continue to report their backlog according to the local market, therefore the total signed contracts will be reported. Infrastructure: the Oil & Gas business and the Norvial highway are not included as backlog. Real Estate: only the sold units which are pending of delivery are reported as backlog. Appendix: Notes to the Consolidated Results

Consolidated Results Report –2014 Contacts: Mónica Miloslavich Hart Chief Financial Officer (511) 213 6565 mmiloslavich@gym.com.pe Dennis Gray Febres Corporate Finance and Investor Relations Officer (511) 213 6583 dgray@gym.com.pe Samantha Ratcliffe Leiva Financial Analyst– Investor Relations (511) 2136573 samantha.ratcliffe@gym.com.pe www.granaymontero.com.pe Consolidated Results Report –2014

/s/ Dennis Gray Febres
__________________________
Dennis Gray Febres
Stock Market Representative
Graña y Montero S.A.A.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.