CONTENTS
|
Page
|
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
1 - 2
|
|
|
Consolidated Statement of Financial Position
|
3
|
|
|
Consolidated Statement of Income
|
4
|
|
|
Consolidated Statement of Comprehensive Income
|
5
|
|
|
Consolidated Statement of Changes in Equity
|
6
|
|
|
Consolidated Statement of Cash Flows
|
7
|
|
|
Notes to the Consolidated Financial Statements
|
8 – 107
|
ASSETS
|
||||||||||||
As at
|
As at
|
|||||||||||
December 31,
|
December 31,
|
|||||||||||
Note
|
2018
|
2019
|
||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
9
|
801,140
|
948,978
|
|||||||||
Trade accounts receivables, net
|
10
|
1,007,828
|
821,737
|
|||||||||
Work in progress, net
|
11
|
28,538
|
49,457
|
|||||||||
Accounts receivable from related parties
|
12
|
34,903
|
36,658
|
|||||||||
Other accounts receivable
|
13
|
588,451
|
444,500
|
|||||||||
Inventories, net
|
14
|
514,047
|
552,573
|
|||||||||
Prepaid expenses
|
10,549
|
11,348
|
||||||||||
2,985,456
|
2,865,251
|
|||||||||||
Non-current assets as held for sale
|
247,798
|
205,418
|
||||||||||
Total current assets
|
3,233,254
|
3,070,669
|
||||||||||
Non-current assets
|
||||||||||||
Long-term trade accounts receivable, net
|
10
|
1,020,067
|
753,202
|
|||||||||
Long-term work in progress, net
|
11
|
32,212
|
23,117
|
|||||||||
Long-term accounts receivable from related parties
|
12
|
778,226
|
546,941
|
|||||||||
Prepaid expenses
|
33,697
|
27,934
|
||||||||||
Other long-term accounts receivable
|
13
|
302,957
|
300,323
|
|||||||||
Investments in associates and joint ventures
|
15
|
257,765
|
37,035
|
|||||||||
Investment property
|
29,133
|
28,326
|
||||||||||
Property, plant and equipment, net
|
16
|
470,554
|
443,870
|
|||||||||
Intangible assets, net
|
17
|
847,095
|
853,315
|
|||||||||
Right-of-use assets, net
|
16
|
-
|
78,813
|
|||||||||
Deferred income tax asset
|
24
|
425,436
|
240,919
|
|||||||||
Total non-current assets
|
4,197,142
|
3,333,795
|
||||||||||
Total assets
|
7,430,396
|
6,404,464
|
||||||||||
LIABILITIES AND EQUITY
|
||||||||||||
As at
|
As at
|
|||||||||||
December 31,
|
December 31,
|
|||||||||||
Note
|
2018
|
2019
|
||||||||||
Current liabilities
|
||||||||||||
Borrowings
|
18
|
826,474
|
454,260
|
|||||||||
Bonds
|
19
|
39,167
|
44,737
|
|||||||||
Trade accounts payable
|
20
|
1,079,531
|
1,136,121
|
|||||||||
Accounts payable to related parties
|
12
|
55,941
|
38,916
|
|||||||||
Current income tax
|
25,807
|
47,999
|
||||||||||
Other accounts payable
|
21
|
632,669
|
635,305
|
|||||||||
Provisions
|
22
|
6,197
|
113,483
|
|||||||||
Total current liabilities
|
2,665,786
|
2,470,821
|
||||||||||
Non-current liabilities as held for sale
|
225,828
|
210,025
|
||||||||||
Total current liabilities
|
2,891,614
|
2,680,846
|
||||||||||
Non-current liabilities
|
||||||||||||
Borrowings
|
18
|
376,198
|
344,806
|
|||||||||
Long-term bonds
|
19
|
897,875
|
879,305
|
|||||||||
Other long-term accounts payable
|
21
|
574,110
|
273,101
|
|||||||||
Long-term accounts payable to related parties
|
12
|
21,849
|
22,583
|
|||||||||
Provisions
|
22
|
103,411
|
214,952
|
|||||||||
Derivative financial instruments
|
61
|
52
|
||||||||||
Deferred income tax liability
|
24
|
75,347
|
112,734
|
|||||||||
Total non-current liabilities
|
2,048,851
|
1,847,533
|
||||||||||
Total liabilities
|
4,940,465
|
4,528,379
|
||||||||||
Equity
|
||||||||||||
Capital
|
23
|
729,434
|
871,918
|
|||||||||
Legal reserve
|
132,011
|
132,011
|
||||||||||
Voluntary reserve
|
29,974
|
29,974
|
||||||||||
Share Premium
|
992,144
|
1,132,179
|
||||||||||
Other reserves
|
(170,620
|
)
|
(177,506
|
)
|
||||||||
Retained earnings
|
375,417
|
(510,766
|
)
|
|||||||||
Equity attributable to controlling interest in the Company
|
2,088,360
|
1,477,810
|
||||||||||
Non-controlling interest
|
401,571
|
398,275
|
||||||||||
Total equity
|
2,489,931
|
1,876,085
|
||||||||||
Total liabilities and equity
|
7,430,396
|
6,404,464
|
CONSOLIDATED STATEMENT OF INCOME
|
||||||||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
||||||||||||
For the period
|
||||||||||||
ended December 31,
|
||||||||||||
Note
|
2018
|
2019
|
||||||||||
Revenues from construction activities
|
1,961,100
|
2,411,880
|
||||||||||
Revenues from services provided
|
1,003,623
|
1,089,465
|
||||||||||
Revenue from real estate and sale of goods
|
934,739
|
583,659
|
||||||||||
3,899,462
|
4,085,263
|
|||||||||||
Cost of construction activities
|
(1,921,112
|
)
|
(2,351,563
|
)
|
||||||||
Cost of services provided
|
(741,172
|
)
|
(866,326
|
)
|
||||||||
Cost of real estate and sale of goods
|
(562,689
|
)
|
(425,352
|
)
|
||||||||
26
|
(3,224,973
|
)
|
(3,643,241
|
)
|
||||||||
Gross profit
|
674,489
|
441,763
|
||||||||||
Administrative expenses
|
26
|
(278,433
|
)
|
(213,908
|
)
|
|||||||
Other income and expenses
|
28
|
(61,335
|
)
|
(326,754
|
)
|
|||||||
Loss from the sale of investments
|
(7
|
)
|
-
|
|||||||||
Operating profit (loss)
|
334,714
|
(98,899
|
)
|
|||||||||
Financial expenses
|
27
|
(247,982
|
)
|
(231,709
|
)
|
|||||||
Financial income
|
27
|
50,925
|
74,656
|
|||||||||
Share of the profit or loss in associates and joint ventures
|
(3,709
|
)
|
(218,774
|
)
|
||||||||
Profit (loss) before income tax
|
133,948
|
(474,726
|
)
|
|||||||||
Income tax
|
29
|
(113,318
|
)
|
(319,957
|
)
|
|||||||
Profit (loss) from continuing operations
|
20,630
|
(794,683
|
)
|
|||||||||
Profit (loss) from discontinued operations
|
36
|
36,785
|
(43,959
|
)
|
||||||||
Profit (loss) for the period
|
57,415
|
(838,642
|
)
|
|||||||||
Profit (loss) attributable to:
|
||||||||||||
Owners of the Company
|
(83,188
|
)
|
(884,721
|
)
|
||||||||
Non-controlling interest
|
140,603
|
46,079
|
||||||||||
57,415
|
(838,642
|
)
|
||||||||||
Loss per share attributable to owners of the
|
||||||||||||
Company during the year
|
34
|
(0.125
|
)
|
(1.076
|
)
|
|||||||
Loss per share from continuing operations
|
||||||||||||
attributable to owners of the Company during the year
|
(0.099
|
)
|
(1.023
|
)
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||||||||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
||||||||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
||||||||||||
For the year
|
||||||||||||
ended December 31,
|
||||||||||||
Note
|
2018
|
2019
|
||||||||||
Profit (loss) for the year
|
57,415
|
(838,642
|
)
|
|||||||||
Other comprehensive income:
|
||||||||||||
Items that will not be reclassified to profit or loss
|
||||||||||||
Remeasurement of actuarial gains and losses, net of tax
|
16,589
|
-
|
||||||||||
Items that may be subsequently reclassified to profit or loss
|
||||||||||||
Cash flow hedge, net of tax
|
30
|
119
|
6
|
|||||||||
Foreign currency translation adjustment, net of tax
|
30
|
5,733
|
(8,170
|
)
|
||||||||
Exchange difference from net investment in a foreign operation, net of tax
|
30
|
(8,147
|
)
|
(456
|
)
|
|||||||
(2,295
|
)
|
(8,620
|
)
|
|||||||||
Other comprehensive income for the year, net of tax
|
14,294
|
(8,620
|
)
|
|||||||||
Total comprehensive income for the year
|
71,709
|
(847,262
|
)
|
|||||||||
Comprehensive income attributable to:
|
||||||||||||
Owners of the Company
|
(67,548
|
)
|
(891,607
|
)
|
||||||||
Non-controlling interest
|
139,257
|
44,345
|
||||||||||
71,709
|
(847,262
|
)
|
||||||||||
Comprehensive income attributable to owners of the Company:
|
||||||||||||
Continuing operations
|
(131,284
|
)
|
(848,994
|
)
|
||||||||
Discontinued operations
|
63,736
|
(42,613
|
)
|
|||||||||
(67,548
|
)
|
(891,607
|
)
|
Attributable to the controlling interests of the Company
|
||||||||||||||||||||||||||||||||||||||||
Number
|
||||||||||||||||||||||||||||||||||||||||
of shares
|
Legal
|
Voluntary
|
Share
|
Other
|
Retained
|
Non-controlling
|
||||||||||||||||||||||||||||||||||
In thousands
|
Capital
|
reserve
|
reserve
|
premium
|
reserves
|
earnings
|
Total
|
interest
|
Total
|
|||||||||||||||||||||||||||||||
Balances as of January 1, 2018
|
660,054
|
660,054
|
132,011
|
29,974
|
881,795
|
(169,671
|
)
|
589,167
|
2,123,330
|
465,748
|
2,589,078
|
|||||||||||||||||||||||||||||
- IFRS adoption
|
-
|
-
|
-
|
-
|
-
|
-
|
(52,564
|
)
|
(52,564
|
)
|
(979
|
)
|
(53,543
|
)
|
||||||||||||||||||||||||||
Initial balances restated
|
660,054
|
660,054
|
132,011
|
29,974
|
881,795
|
(169,671
|
)
|
536,603
|
2,070,766
|
464,769
|
2,535,535
|
|||||||||||||||||||||||||||||
(Loss) profit for the year
|
-
|
-
|
-
|
-
|
-
|
-
|
(83,188
|
)
|
(83,188
|
)
|
140,603
|
57,415
|
||||||||||||||||||||||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
113
|
-
|
113
|
6
|
119
|
||||||||||||||||||||||||||||||
Adjustment for actuarial gains and losses
|
-
|
-
|
-
|
-
|
-
|
-
|
16,589
|
16,589
|
-
|
16,589
|
||||||||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
6,930
|
-
|
6,930
|
(1,197
|
)
|
5,733
|
|||||||||||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
(7,992
|
)
|
-
|
(7,992
|
)
|
(155
|
)
|
(8,147
|
)
|
||||||||||||||||||||||||||
Comprehensive income of the year
|
-
|
-
|
-
|
-
|
-
|
(949
|
)
|
(66,599
|
)
|
(67,548
|
)
|
139,257
|
71,709
|
|||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(102,772
|
)
|
(102,772
|
)
|
||||||||||||||||||||||||||||
- Contributions (devolution) of non-controlling shareholders, net
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(84,442
|
)
|
(84,442
|
)
|
||||||||||||||||||||||||||||
- Additional acquisition of non-controlling
|
-
|
-
|
-
|
-
|
(9,583
|
)
|
-
|
-
|
(9,583
|
)
|
(4,050
|
)
|
(13,633
|
)
|
||||||||||||||||||||||||||
- Capital Increase
|
69,380
|
69,380
|
-
|
-
|
68,223
|
-
|
-
|
137,603
|
-
|
137,603
|
||||||||||||||||||||||||||||||
- Deconsolidation CAM Group
|
-
|
-
|
-
|
-
|
-
|
-
|
(42,878
|
)
|
(42,878
|
)
|
18,221
|
(24,657
|
)
|
|||||||||||||||||||||||||||
- Deconsolidation Stracon GyM
|
-
|
-
|
-
|
-
|
51,709
|
-
|
(51,709
|
)
|
-
|
(29,412
|
)
|
(29,412
|
)
|
|||||||||||||||||||||||||||
Total transactions with shareholders
|
69,380
|
69,380
|
-
|
-
|
110,349
|
-
|
(94,587
|
)
|
85,142
|
(202,455
|
)
|
(117,313
|
)
|
|||||||||||||||||||||||||||
Balances as of December 31, 2018
|
729,434
|
729,434
|
132,011
|
29,974
|
992,144
|
(170,620
|
)
|
375,417
|
2,088,360
|
401,571
|
2,489,931
|
|||||||||||||||||||||||||||||
Balances as of January 1, 2019
|
729,434
|
729,434
|
132,011
|
29,974
|
992,144
|
(170,620
|
)
|
375,417
|
2,088,360
|
401,571
|
2,489,931
|
|||||||||||||||||||||||||||||
- IFRS adoption
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,462
|
)
|
(1,462
|
)
|
-
|
(1,462
|
)
|
|||||||||||||||||||||||||||
Initial balances restated
|
729,434
|
729,434
|
132,011
|
29,974
|
992,144
|
(170,620
|
)
|
373,955
|
2,086,898
|
401,571
|
2,488,469
|
|||||||||||||||||||||||||||||
(Loss) profit for the year
|
-
|
-
|
-
|
-
|
-
|
-
|
(884,721
|
)
|
(884,721
|
)
|
46,079
|
(838,642
|
)
|
|||||||||||||||||||||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
6
|
-
|
6
|
-
|
6
|
||||||||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(6,440
|
)
|
-
|
(6,440
|
)
|
(1,730
|
)
|
(8,170
|
)
|
||||||||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
(452
|
)
|
-
|
(452
|
)
|
(4
|
)
|
(456
|
)
|
||||||||||||||||||||||||||
Comprehensive income of the year
|
-
|
-
|
-
|
-
|
-
|
(6,886
|
)
|
(884,721
|
)
|
(891,607
|
)
|
44,345
|
(847,262
|
)
|
||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(12,762
|
)
|
(12,762
|
)
|
||||||||||||||||||||||||||||
- Contributions (devolution) of non-controlling shareholders, net
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(32,996
|
)
|
(32,996
|
)
|
||||||||||||||||||||||||||||
-
Additional acquisition of non-controlling |
- |
- |
- |
- |
1,883 |
- |
- |
1,883 |
(1,883 |
) |
- | |||||||||||||||||||||||||||||
- Capital increase
|
142,484
|
142,484
|
-
|
-
|
138,152
|
-
|
-
|
280,636
|
-
|
280,636
|
||||||||||||||||||||||||||||||
Total transactions with shareholders
|
142,484
|
142,484
|
-
|
-
|
140,035
|
-
|
-
|
282,519
|
(47,641
|
)
|
234,878
|
|||||||||||||||||||||||||||||
Balances as of December 31, 2019
|
871,918
|
871,918
|
132,011
|
29,974
|
1,132,179
|
(177,506
|
)
|
(510,766
|
)
|
1,477,810
|
398,275
|
1,876,085
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS
|
||||||||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
||||||||||||
For the year
|
||||||||||||
ended December 31,
|
||||||||||||
Note
|
2018
|
2019
|
||||||||||
OPERATING ACTIVITIES
|
||||||||||||
Profit (loss) before income tax
|
170,202
|
(535,271
|
)
|
|||||||||
Adjustments to profit not affecting cash flows from
|
||||||||||||
operating activities:
|
||||||||||||
Depreciation
|
26
|
125,419
|
97,352
|
|||||||||
Amortization
|
26
|
112,072
|
105,278
|
|||||||||
Impairment of inventories
|
26
|
-
|
4,503
|
|||||||||
Impairment of accounts receivable and other accounts receivable
|
26
|
65,076
|
290,491
|
|||||||||
Reversal of impairment of inventories
|
(26,993
|
)
|
(4,752
|
)
|
||||||||
Debt condonation
|
-
|
(18,186
|
)
|
|||||||||
Impairment of property, plant and equipment
|
26
|
5,664
|
20,018
|
|||||||||
Impairment of intangible assets
|
28
|
-
|
45,821
|
|||||||||
Reversal of impairment of accounts receivable
|
-
|
(19,448
|
)
|
|||||||||
Reversal of impairment of intangible assets
|
-
|
(20,676
|
)
|
|||||||||
Indemnification
|
686
|
-
|
||||||||||
Change in the fair value of the liability for put option
|
28
|
(6,122
|
)
|
4,697
|
||||||||
Other provisions
|
22
|
75,369
|
186,894
|
|||||||||
Financial expense,net
|
177,649
|
152,970
|
||||||||||
Impairment of investments
|
-
|
384 |
||||||||||
Share of the profit and loss in associates and joint ventures under the equity method of accounting
|
15 a) b
|
)
|
3,709
|
218,774
|
||||||||
Reversal of provisions
|
22
|
(6,218
|
)
|
(7,471
|
)
|
|||||||
Disposal of assets
|
16,327
|
833
|
||||||||||
Loss (profit) on sale of property, plant and equipment
|
16
|
7,105
|
(11,892
|
)
|
||||||||
Loss on sale from available-for-sale financial assets
|
|
1,529
|
-
|
|||||||||
Profit on sale of investments in subsidiaries
|
(73,642
|
)
|
-
|
|||||||||
Loss on remeasurement of accounts receivable
|
25,110
|
45,363
|
||||||||||
Net variations in assets and liabilities:
|
||||||||||||
Trade accounts receivable and unbilled working in progress
|
(236,011
|
)
|
457,709
|
|||||||||
Other accounts receivable
|
190,354
|
148,833
|
||||||||||
Other accounts receivable from related parties
|
24,609
|
(11,178
|
) |
|||||||||
Inventories
|
200,575
|
(34,575
|
)
|
|||||||||
Pre-paid expenses and other assets
|
18,309
|
4,964
|
||||||||||
Trade accounts payable
|
10,917
|
58,973
|
||||||||||
Other accounts payable
|
(311,848
|
)
|
(283,526
|
)
|
||||||||
Other accounts payable to related parties
|
92,613
|
(24,461
|
)
|
|||||||||
Other provisions
|
(6,615
|
)
|
(2,178
|
)
|
||||||||
Interest payment
|
(188,704
|
)
|
(157,475
|
)
|
||||||||
Payments for purchases of intangibles - Concessions
|
(10,305
|
)
|
(25,917
|
)
|
||||||||
Payment of income tax
|
(177,563
|
)
|
(94,669
|
)
|
||||||||
Net cash provided by operating activities
|
279,273
|
592,182
|
||||||||||
INVESTING ACTIVITIES
|
||||||||||||
Sale of investment
|
222,971
|
-
|
||||||||||
Sale of property, plant and equipment
|
31,852
|
18,607
|
||||||||||
Sale of non-current assets held for sale, net
|
16,244
|
-
|
||||||||||
Interest received
|
36,508
|
6,552
|
||||||||||
Dividends received
|
15 a) b
|
)
|
1,823
|
1,517
|
||||||||
Payment for purchase of investments properties
|
(209
|
)
|
(88
|
)
|
||||||||
Payments for intangible purchase
|
(86,799
|
)
|
(80,709
|
)
|
||||||||
Payments for purchase and contributions on investment in associate and joint ventures
|
(3,770
|
)
|
-
|
|||||||||
Payments for property, plant and equipment purchase
|
(80,765
|
)
|
(76,707
|
)
|
||||||||
Net cash provided by (applied to) investing activities
|
137,855
|
(130,828
|
)
|
|||||||||
FINANCING ACTIVITIES
|
||||||||||||
Loans received
|
1,018,744
|
581,637
|
||||||||||
Amortization of loans received
|
(1,265,920
|
)
|
(1,074,259
|
)
|
||||||||
Amortization of bonds issued
|
(28,914
|
)
|
(31,335
|
)
|
||||||||
Payment for transaction costs for debt
|
-
|
(4,770
|
)
|
|||||||||
Dividends paid to non-controlling interest
|
35 d
|
)
|
(102,772
|
)
|
(12,762
|
)
|
||||||
Cash received (return of contributions) from non-controlling shareholders
|
(59,053
|
)
|
(32,996
|
)
|
||||||||
Capital increase
|
23
|
137,603
|
281,391
|
|||||||||
Acquisition or sale of interest in a subsidiary of non-controlling shareholders
|
389
|
-
|
||||||||||
Net cash applied to financing activities
|
(299,923
|
)
|
(293,094
|
)
|
||||||||
Net increase in cash
|
117,205
|
168,260
|
||||||||||
Exchange difference
|
57,756
|
(20,303
|
)
|
|||||||||
Cash and cash equivalents at the beginning of the period
|
626,060
|
801,021
|
||||||||||
Cash and cash equivalents at the end of the period
|
9
|
801,021
|
948,978
|
|||||||||
NON-CASH TRANSACTIONS:
|
||||||||||||
Capitalization of interests
|
3,361
|
7,229
|
||||||||||
Acquisition of assets through finance leases
|
2,365
|
3,851
|
||||||||||
Accounts payable to the non-controlling interest for purchase of investments
|
14,022
|
-
|
||||||||||
Contribution in inventories
|
25,389
|
-
|
||||||||||
Acquisition of right-of-use assets
|
-
|
101,745
|
||||||||||
Deconsolidation from non-controlling interest
|
54,069
|
- |
||||||||||
Transaction costs due to capital increase pending payment |
- |
755 |
1
|
GENERAL INFORMATION
|
a)
|
Incorporation and operations
|
b)
|
Authorization for the issue of the financial statements
|
c)
|
Current situation of the Company
|
●
|
On January 9, 2017, the Board of Directors approved the performance of an independent investigation related to six projects developed in association with companies of the Odebrecht Group.
|
●
|
On March 30, 2017, the Board of Directors created a Risk, Compliance and Sustainability Committee, who was in charge of the oversight of the investigation independently of Management. The external
investigation was entrusted to the law firm Simpson, Thacher and Bartlett, who reported exclusively to the Risk, Compliance and Sustainability Committee in order to preserve the independence of the investigation.
|
●
|
The external investigation concluded on November 2, 2017 and found no evidence that the Group or any of its former or current directors or executives had intentionally or knowngly participated in acts
of corruption related to the six projects developed in association with Odebrecht.
|
●
|
As new information about the cases emerged, the Company's Board of Directors continued to investigate the facts that were the subject of the criminal investigations described above, including matters
that were beyond the scope of the investigation conducted by Simpson, Thacher and Barlett. After an extensive and detailed review process, the Company obtained relevant findings for the criminal investigations in process and, in line
with its commitment to transparency and integrity, decided to share them in their entirety with the authorities within the framework of a plea bargain process.
|
●
|
As a result of its contribution to the investigations, on December 27, 2019, the Company signed a preliminary agreement whereby the Anti-Corruption Prosecutor and the Ad hoc Prosecutor's Office promise
to execute a final plea bargain agreement with the Company that would provide The Company with certain regarding the contingencies it faces as a result of the above-mentioned processes. Additionally, in the aforementioned preliminary
agreement, the Anti-Corruption Prosecutor and the Ad Hoc Attorney General's Office authorize the Company to disclose its existence but maintain the legal reserve on its content
|
●
|
On the other hand, over the last three years the new administration together with the new board initiated a transformation process based on the principles of Truth, Transparency and Integrity, making
profound changes in the organization such as the reconfiguration of a board of directors with an independent majority, new composition shareholding, as well as the creation of new instances of government such as the Corporate Risk
Management and autonomous Compliance, with direct report to the Board of Directors, among other actions.
|
●
|
IIRSA Sur
|
●
|
Electric Train construction project
|
●
|
Gasoducto Sur Peruano (GSP)
|
•
|
The obligation to set up a trust that will guarantee any eventual payment obligation of an eventual civil compensation in favor of the Peruvian Government;
|
•
|
The obligation not to transfer funds abroad without the prior consent of the Ministry of Justice;
|
•
|
The implementation of a compliance program; and
|
•
|
The obligation to disclose information to the authorities and to collaborate in the investigation.
|
2
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
2.1
|
Basis of preparation
|
2.2
|
Consolidation of financial statements
|
a)
|
Subsidiaries
|
b)
|
Changes in ownership interests in subsidiaries without change of control
|
c)
|
Disposal of subsidiaries
|
d)
|
Joint arrangements
|
e)
|
Associates
|
2.3
|
Segment reporting
|
2.4
|
Foreign currency translation
|
a)
|
Functional and presentation currency
|
b)
|
Transactions and balances
|
c)
|
Group companies
|
i)
|
Assets and liabilities for each statement of financial position are translated using the closing exchange rate prevailing at the date of the consolidated
statement of financial position;
|
ii)
|
income and expenses for each income statement are translated at the average exchange rate (unless this average is not a reasonable approximation of the cumulative
effect of the rates prevailing on the transaction dates, in which case income and expenses are translated using the exchange rate on the date of the transaction);
|
iii)
|
capital is translated by using the historical exchange rate for each capital contribution made; and
|
iv)
|
all exchange differences are recognized as separate components in other comprehensive income, within foreign currency translations adjustment.
|
2.5
|
Concession agreements
|
a)
|
It is recognized as a financial asset to the extent that it has a contractual right to receive cash or other financial assets either because the Government secures the payment of
specified or determinable amounts or because the Government will cover any difference arising from the amounts actually received from public service users in relation with the specified or determinable amounts. These financial assets are
recognized initially at fair value and subsequently at amortized cost (financial asset model).
|
b)
|
It is recognized as an intangible asset to the extent that the service agreement grants the Group a contractual right to charge users of the public service. The
resulting intangible asset is measured at cost and is amortized as described in Note 2.15 (intangible asset model).
|
c)
|
It is recognized as a financial asset and an intangible asset when the Group recovers its investment partially by a financial asset and partially by an intangible
asset (bifurcated model).
|
2.6
|
Cash and cash equivalents
|
2.7
|
Financial assets
|
2.7.1
|
Classification and measurement
|
2.7.2
|
Derecognition of financial assets
|
2.8
|
Impairment of financial assets
|
2.9
|
Derivative financial instruments and hedging activities
|
2.10
|
Trade accounts receivables
|
2.11
|
Work in progress
|
2.12
|
Inventories
|
a)
|
Real estate activity
|
b)
|
Exploration and extraction activities
|
c)
|
Other activities
|
2.13
|
Investment property
|
2.14
|
Property, plant and equipment
|
|
Years
|
|
Buildings and facilities
|
Between 3 and 33
|
|
Machinery and equipment
|
Between 4 and 10
|
|
Vehicles
|
Between 2 and 10
|
|
Furniture and fixtures
|
Between 2 and 10
|
|
Other equipment
|
Between 2 and 10
|
|
2.15
|
Intangible assets
|
i)
|
Goodwill
|
ii)
|
Trademarks
|
iii)
|
Concession rights
|
iv)
|
Contractual relationships with customers
|
v)
|
Cost of development wells
|
vi)
|
Software and development costs
|
-
|
technically feasible to complete the software product so that it will be available for use;
|
-
|
management intends to complete the software product and use or sell it;
|
-
|
there is the ability to use or sell the software product;
|
-
|
it can be demonstrated how the software product will probably generate future economic benefits;
|
-
|
technical, financial and other resources are available to complete the development and to use or sell the software product; and
|
-
|
expenses incurred during its development can be reliably measured.
|
vii)
|
Land use rights
|
2.16
|
Impairment of non-financial assets
|
2.17
|
Financial liabilities
|
2.18
|
Trade accounts payable
|
2.19
|
Other financial liabilities
|
2.20
|
Borrowing costs
|
2.21
|
Current and deferred income tax
|
2.22
|
Employee benefits
|
a)
|
Current salaries and wages
|
b)
|
Annual paid absences
|
c)
|
Workers’ profit sharing and incentives
|
2.23
|
Provisions
|
a)
|
General
|
|
b) Provision for the closure of production wells
|
2.24
|
Put option arrangement
|
2.25
|
Capital
|
2.26
|
Revenue recognition from contracts with customers
|
ii) |
Real-estate – Real estate, urban and industrial lots
|
2.27
|
Recognition of cost and expenses
|
2.28
|
Leases
|
●
|
If you have the right to control the use of the identified asses,
|
●
|
If the contract term is longer that twelve months,
|
●
|
If the underlying asset amount is a material amount, and,
|
●
|
That the fees to be paid are not entirely variable.
|
2.29
|
Dividend distribution
|
2.30
|
Significant non-operating items
|
2.31
|
Reclassified discontinued operations as of December 31, 2018
|
Reclassification
|
||||||||||||
2018
|
discontinued
|
2018
|
||||||||||
Audited
|
operations
|
Reclassified
|
||||||||||
Profit for the year
|
57,415
|
-
|
57,415
|
|||||||||
Other comprehensive income:
|
||||||||||||
Items that will not be reclassified to profit or loss
|
||||||||||||
Remeasurement of actuarial gains and losses, net of tax
|
16,589
|
-
|
16,589
|
|||||||||
Items that may be subsequently reclassified to profit or loss
|
||||||||||||
Cash flow hedge, net of tax
|
119
|
-
|
119
|
|||||||||
Foreign currency translation adjustment, net of tax
|
5,733
|
-
|
5,733
|
|||||||||
Exchange difference from net investment in a foreign operation, net of tax
|
(8,147
|
)
|
-
|
(8,147
|
)
|
|||||||
(2,295
|
)
|
-
|
(2,295
|
)
|
||||||||
Other comprehensive income for the year, net of tax
|
14,294
|
-
|
14,294
|
|||||||||
Total comprehensive income for the year
|
71,709
|
-
|
71,709
|
|||||||||
Comprehensive income attributable to:
|
||||||||||||
Owners of the Company
|
(67,548
|
)
|
-
|
(67,548
|
)
|
|||||||
Non-controlling interest
|
139,257
|
-
|
139,257
|
|||||||||
71,709
|
-
|
71,709
|
||||||||||
Comprehensive income attributable to owners of the Company:
|
||||||||||||
Continuing operations
|
(98,942
|
)
|
(32,342
|
)
|
(131,284
|
)
|
||||||
Discontinued operations
|
31,394
|
32,342
|
63,736
|
|||||||||
(67,548
|
)
|
-
|
(67,548
|
)
|
3
|
STANDARDS, AMENDMENTS, AND INTERPRETATION ADOPTED IN 2019
|
a)
|
IFRS 16 “Leases”
|
At
|
||||
December 31,
|
||||
Impact on assets
|
2019
|
|||
Right-of-use
|
||||
Right-of-use buildings
|
59,599
|
|||
Right-of-use vehicles
|
20,211
|
|||
Right-of-use machinery
|
17,896
|
|||
Impact of implementation 2019
|
97,706
|
|||
Adjustments on contract fees
|
4,039
|
|||
Total right-of-use assets
|
101,745
|
|||
Cumulative depreciation
|
(22,958
|
)
|
||
Foreign currency translation effect
|
26
|
|||
Impact on assets (Note 16.2)
|
78,813
|
At
|
||||
December 31,
|
||||
Impact on liabilities
|
2019
|
|||
Impact of implementation 2019
|
97,706
|
|||
Adjustments on contract fees
|
4,039
|
|||
Addition of liabilities for right-of-use
|
101,745
|
|||
Accrued interest
|
5,617
|
|||
Amortization
|
(20,326
|
)
|
||
Interest paid
|
(5,368
|
)
|
||
Foreign currency translation effect
|
(11
|
)
|
||
Exchange difference
|
(1,441
|
)
|
||
Impact on liabilities
|
80,216
|
|||
Short-term liabilities for right-of-use
|
18,246
|
|||
Long-term liabilities for right-of-use
|
61,970
|
|||
Impact on liabilities (Note 18)
|
80,216
|
b)
|
IFRIC 23 “Uncertainty over income tax treatments”
|
a) |
International Financial Reporting Standard 17 (IFRS 17 “Insurance Contracts”), effective as of January 1, 2021. It has no impact on the Group.
|
b) |
Amendments to the Rules
|
- |
Modification to references to the Conceptual Framework of International Financial Reporting Standards (IFRS), effective as of January 1, 2020.
|
- |
Definition of a Business (amendments to IFRS 3 “Business Combinations”), effective as of January 1, 2020.
|
- |
Definition of Materiality (amendments to IAS 1 “Presentation of Financial Statements” and IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”), effective as of January 1, 2020.
|
- |
Sale or contribution of assets between an investor and its associate or joint arrangement, with no defined effective date, but its application is optionally allowed.
|
4
|
FINANCIAL RISK MANAGEMENT
|
a) |
Market risks
|
i)
|
Foreign exchange risk
|
|
2018
|
2019
|
||||||||||||||
|
S/(000
|
)
|
USD(000)
|
S/(000
|
)
|
USD(000)
|
||||||||||
|
||||||||||||||||
Assets
|
2,273,132
|
674,753
|
2,859,324
|
862,021
|
||||||||||||
Liabilities
|
2,042,176
|
604,383
|
1,751,479
|
528,031
|
|
2018
|
2019
|
||||||
|
||||||||
|
||||||||
Gain
|
382,104
|
389,008
|
||||||
Loss
|
(405,380
|
)
|
(422,578
|
)
|
|
2018
|
2019
|
||||||||||||||
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
||||||||||||
|
||||||||||||||||
Chilean Pesos
|
48,129,848
|
49,728,313
|
19,915,617
|
39,193,917
|
||||||||||||
Colombian Pesos
|
163,560,697
|
76,978,655
|
187,119,204
|
76,446,723
|
ii)
|
Price risk
|
iii)
|
Cash flow and fair value interest rate risk
|
b) |
Credit risk
|
Less than
|
1-2
|
2-5
|
More than
|
|||||||||||||||||
1 year
|
years
|
years
|
5 years
|
Total
|
||||||||||||||||
At December 31, 2018
|
||||||||||||||||||||
Other financial liabilities (except
|
||||||||||||||||||||
for finance leases)
|
816,122
|
273,079
|
129,233
|
41,577
|
1,260,011
|
|||||||||||||||
Finance leases
|
15,151
|
7,489
|
14,094
|
-
|
36,734
|
|||||||||||||||
Bonds
|
111,080
|
153,287
|
355,667
|
1,174,404
|
1,794,438
|
|||||||||||||||
Trade accounts payables (except
|
||||||||||||||||||||
non-financial liabilities)
|
980,723
|
-
|
-
|
-
|
980,723
|
|||||||||||||||
Accounts payables to related
|
||||||||||||||||||||
parties
|
55,941
|
21,849
|
-
|
-
|
77,790
|
|||||||||||||||
Other accounts payables (except
|
||||||||||||||||||||
non-financial liabilities)
|
116,806
|
17,777
|
338,627
|
-
|
473,210
|
|||||||||||||||
Other non-financial liabilities
|
-
|
61
|
-
|
-
|
61
|
|||||||||||||||
2,095,823
|
473,542
|
837,621
|
1,215,981
|
4,622,967
|
Less than
|
1-2
|
2-5
|
More than
|
|||||||||||||||||
1 year
|
years
|
years
|
5 years
|
Total
|
||||||||||||||||
At December 31, 2019
|
||||||||||||||||||||
Other financial liabilities (except
|
||||||||||||||||||||
for finance leases and lease
|
||||||||||||||||||||
liability for right-of-use asset)
|
479,000
|
147,473
|
177,018
|
-
|
803,491
|
|||||||||||||||
Finance leases
|
10,826
|
3,467
|
13,346
|
-
|
27,639
|
|||||||||||||||
Lease liability for right-of-use asset
|
24,966
|
38,788
|
31,167
|
7,603
|
102,524
|
|||||||||||||||
Bonds
|
115,690
|
157,516
|
358,461
|
1,077,960
|
1,709,627
|
|||||||||||||||
Trade accounts payables (except
|
||||||||||||||||||||
non-financial liabilities)
|
966,620
|
-
|
-
|
-
|
966,620
|
|||||||||||||||
Accounts payables to related
|
||||||||||||||||||||
parties
|
38,916
|
21,747
|
-
|
836
|
61,499
|
|||||||||||||||
Other accounts payables (except
|
||||||||||||||||||||
non-financial liabilities)
|
200,098
|
2,505
|
194,908
|
-
|
397,511
|
|||||||||||||||
Other non-financial liabilities
|
-
|
52
|
-
|
-
|
52
|
|||||||||||||||
1,836,116
|
371,548
|
774,900
|
1,086,399
|
4,068,963
|
4.2
|
Capital management risk
|
2018
|
2019
|
|||||||
Total financial liabilities and bonds
|
2,139,714
|
1,723,108
|
||||||
Less: Cash and cash equivalents
|
(801,140
|
)
|
(948,978
|
)
|
||||
Net debt
|
1,338,574
|
774,130
|
||||||
Total equity
|
2,489,931
|
1,876,085
|
||||||
Total capital
|
3,828,505
|
2,650,215
|
||||||
Gearing ratio
|
0.35
|
0.29
|
4.3
|
Fair value estimation
|
-
|
Level 1:
|
Measurement based on quoted prices in active markets for identical assets or liabilities.
|
-
|
Level 2:
|
Measurement based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices)
or indirectly (that is, derived from prices).
|
-
|
Level 3:
|
Measurement based on inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs, generally based on internal
estimates and assumptions of the Group).
|
|
Level 2
|
At December 31, 2018
|
|
|
|
Financial liabilities
|
|
Derivatives used for hedging
|
61
|
|
|
At December 31, 2019
|
|
|
|
Financial liabilities
|
|
Derivatives used for hedging
|
52
|
a) |
Estimated impairment of goodwill and other intangible assets with an indefinite useful life
|
Difference between recoverable amount and carrying amounts | ||||||||||||||||
2018
|
2019
|
|||||||||||||||
Goodwill
|
||||||||||||||||
Gross margin
|
(10
|
%)
|
+10
|
%
|
(10
|
%)
|
+10
|
%
|
||||||||
Engineering and construction
|
0.51
|
%
|
41.12
|
%
|
(25.54
|
%)
|
(4.25
|
%)
|
||||||||
Electromechanical
|
(9.73
|
%)
|
38.89
|
%
|
35.63
|
%
|
52.97
|
%
|
||||||||
Discount rate:
|
(10
|
%)
|
+10
|
%
|
(10
|
%)
|
+10
|
%
|
||||||||
Engineering and construction
|
39.19
|
%
|
6.65
|
%
|
(4.30
|
%)
|
(23.09
|
%)
|
||||||||
Electromechanical
|
29.36
|
%
|
2.97
|
%
|
48.89
|
%
|
39.92
|
%
|
||||||||
Terminal growth rate:
|
(10
|
%)
|
+10
|
%
|
(10
|
%)
|
+10
|
%
|
||||||||
Engineering and construction
|
18.48
|
%
|
23.30
|
%
|
(16.31
|
%)
|
(13.38
|
%)
|
||||||||
Electromechanical
|
12.90
|
%
|
16.34
|
%
|
42.36
|
%
|
46.32
|
%
|
||||||||
Trademarks
|
||||||||||||||||
Revenue growth rate:
|
(10
|
%)
|
+10
|
%
|
(10
|
%)
|
+10
|
%
|
||||||||
Morelco
|
75.00
|
%
|
116.27
|
%
|
22.14
|
%
|
60.11
|
%
|
||||||||
Vial y Vives - DSD
|
27.40
|
%
|
55.71
|
%
|
110.69
|
%
|
72.38
|
%
|
||||||||
Discount rate:
|
(10
|
%)
|
+10
|
%
|
(10
|
%)
|
+10
|
%
|
||||||||
Morelco
|
126.00
|
%
|
72.33
|
%
|
63.02
|
%
|
23.56
|
%
|
||||||||
Vial y Vives - DSD
|
29.54
|
%
|
55.99
|
%
|
78.72
|
%
|
106.64
|
%
|
||||||||
Terminal growth rate:
|
(10
|
%)
|
+10
|
%
|
(10
|
%)
|
+10
|
%
|
||||||||
Morelco
|
91.70
|
%
|
99.82
|
%
|
37.49
|
%
|
44.02
|
%
|
||||||||
Vial y Vives - DSD
|
38.99
|
%
|
44.26
|
%
|
88.07
|
%
|
95.20
|
%
|
b) |
Income taxes
|
c) |
Percentage of completion revenue recognition
|
|
2018
|
2019
|
||||||
Revenues
|
1,961,100
|
2,411,880
|
||||||
Gross profit
|
32,685
|
60,317
|
||||||
%
|
1.67
|
2.50
|
||||||
Plus 10%
|
1.84
|
2.75
|
||||||
Increase in profit before income tax
|
3,399
|
6,010
|
||||||
|
36,084
|
66,327
|
||||||
|
||||||||
Less 10%
|
1.50
|
2.25
|
||||||
Decrease in profit before income tax
|
(3,399
|
)
|
(6,010
|
)
|
||||
|
29,286
|
54,307
|
d) |
Provision for well closure costs
|
e) |
Impairment of investment in associate and account receivable to Gasoducto Sur Peruano S.A. (GSP)
|
a)
|
Main subsidiaries
|
Name
|
|
Country
|
|
Economic activity
|
|
|
|
|
|
Engineering and Construction:
|
|
|
|
|
|
|
|
|
|
GyM S.A. | Peru, and Colombia | Civil construction, electro-mechanic assembly, buildings management and implementing housing development projects and other related services. | ||
|
|
|
|
|
GyM Chile S.p.A.
|
|
Chile
|
|
Investment funds, investment companies and similar financial entities.
|
|
|
|
|
|
Vial y Vives - DSD S.A. | Chile | Construction engineering projects, civil construction and related technical consultancy, rental of agricultural machinery and equipment, forestry, construction and civil engineering without operator. | ||
|
|
|
|
|
GMI S.A.
|
|
Peru, Mexico, and Bolivia
|
|
Advisory and consultancy services in engineering, carrying out studies and projects, managing projects and supervision of works.
|
Name |
Country |
Economic activity |
||
Morelco S.A.S.
|
|
Colombia and Ecuador
|
|
Providing construction and assembly services, supply of equipment Ecuador and materials, operation and maintenance and engineering services in the specialties of mechanics, instrumentation and civil works.
|
Infrastructure:
|
|
|
|
|
|
|
|
|
|
GMP S.A.
|
|
Peru
|
|
Oil and oil by-products extraction, operation and exploration services, as well as providing storage and fuel dispatch services.
|
Oiltanking Andina Services S.A.
|
|
Peru
|
|
Operation of the gas processing plant of Pisco - Camisea.
|
|
|
|
|
|
Transportadora de Gas Natural Comprimido Andino S.A.C.
|
|
Peru
|
|
Supply, process and market natural gas and its derivative products.
|
|
|
|
|
|
Concar S.A.
|
|
Peru
|
|
Highway and roads concessions operation and maintenance.
|
|
|
|
|
|
GyM Ferrovias S.A.
|
|
Peru
|
|
Concession for the operation of the public transportation system of Lima Metro (Metro de Lima Metropolitana).
|
|
|
|
|
|
Survial S.A.
|
|
Peru
|
|
Concession for constructing, operating and maintaining Section 1 of the “Southern Inter-oceanic” highway.
|
|
|
|
|
|
Norvial S.A.
|
|
Peru
|
|
Concession for restoring, operating and maintaining the “Ancon - Huacho - Pativilca” section of the Panamericana Norte road.
|
|
|
|
|
|
Concesionar Canchaque S.A.C.
|
|
Peru
|
|
Concession for operating and maintaining of the Buenos Aires – Canchaque provincial road highway.
|
|
|
|
|
|
Concesionaria Via Expresa Sur S.A.
|
|
Peru
|
|
Concession for designing, constructing, operating and maintaining the Via Expresa - Paseo de la Republica in Lima.
|
|
|
|
|
|
Real estate:
|
|
|
|
|
|
|
|
|
|
VIVA GyM S.A.
|
|
Peru
|
|
Developing and managing real estate projects directly or together with other partners.
|
|
|
|
|
|
Parent company operation:
|
|
|
|
|
|
|
|
|
|
Adexus S.A.
|
|
Chile, Peru,Colombia and Ecuador Ecuador
|
|
IT solutions services.
|
|
|
|
|
|
CAM Holding S.p.A.
|
|
Chile
|
|
Investment company.
|
|
|
|
|
|
Qualys S.A.
|
|
Peru
|
|
Human, economic and technological services to the Group´s companies.
|
|
|
|
|
|
Promotora Larcomar S.A.
|
|
Peru
|
|
Building a hotel complex on a plot of land located in thedistrict of Miraflores.
|
|
|
|
|
|
Promotores Asociados de Inmobiliarias S.A.
|
|
Peru
|
|
Operating in the real-estate industry and engaged in the development and sale of office premises in Peru.
|
|
|
|
|
|
Negocios del Gas S.A.
|
|
Peru
|
|
Investment company for construction, operation, and maintenance of the pipeline system to transport natural gas and liquids.
|
|
|
|
|
|
Inversiones en Autopistas S.A.
|
|
Peru
|
|
Holding company of shares, participation or any other credit instrument or investment document.
|
Percentage
of common
shares
directly held
by Parent
(%)
|
Percentage
of common
shares held
by
Subsidiaries (%)
|
Percentage
of common
shares held
by the
Group (%)
|
Percentage
of common shares held
by non-
controlling
interests (%)
|
|||||||||||||
Engineering and Construction:
|
||||||||||||||||
GyM S.A.
|
98.87
|
%
|
-
|
98.87
|
%
|
1.13
|
%
|
|||||||||
- Morelco S.A.S.
|
-
|
70.00
|
%
|
70.00
|
%
|
30.00
|
%
|
|||||||||
- GyM Chile S.p.A.
|
-
|
100.00
|
%
|
100.00
|
%
|
-
|
||||||||||
- Vial y Vives – DSD S.A.
|
-
|
94.49
|
%
|
94.49
|
%
|
5.51
|
%
|
|||||||||
GMI S.A.
|
89.41
|
%
|
-
|
89.41
|
%
|
10.59
|
%
|
|||||||||
- Ecología Tecnología Ambiental S.A.C.
|
-
|
100.00
|
%
|
100.00
|
%
|
-
|
||||||||||
- GM Ingenieria y Construcción de CV
|
-
|
99.00
|
%
|
99.00
|
%
|
1.00
|
%
|
|||||||||
- GM Ingenieria Bolivia S.R.L.
|
-
|
98.57
|
%
|
98.57
|
%
|
1.43
|
%
|
|||||||||
Infrastructure:
|
||||||||||||||||
GMP S.A.
|
95.00
|
%
|
-
|
95.00
|
%
|
5.00
|
%
|
|||||||||
- Oiltanking Andina Services S.A.
|
-
|
50.00
|
%
|
50.00
|
%
|
50.00
|
%
|
|||||||||
- Transportadora de Gas Natural
|
||||||||||||||||
Comprimido Andino S.A.C.
|
-
|
99.93
|
%
|
99.93
|
%
|
0.07
|
%
|
|||||||||
Concar S.A.
|
100.00
|
%
|
-
|
100.00
|
%
|
-
|
||||||||||
GyM Ferrovias S.A.
|
75.00
|
%
|
-
|
75.00
|
%
|
25.00
|
%
|
|||||||||
Survial S.A.
|
100.00
|
%
|
-
|
100.00
|
%
|
-
|
||||||||||
Norvial S.A.
|
18.20
|
%
|
48.80
|
%
|
67.00
|
%
|
33.00
|
%
|
||||||||
Concesión Canchaque S.A.
|
99.96
|
%
|
0.04
|
%
|
100.00
|
%
|
-
|
|||||||||
Concesionaria Vía Expresa Sur S.A.
|
99.98
|
%
|
0.02
|
%
|
100.00
|
%
|
-
|
|||||||||
Real Estate:
|
||||||||||||||||
Viva GyM S.A.
|
56.22
|
%
|
43.32
|
%
|
99.54
|
%
|
0.46
|
%
|
||||||||
Parent company operations:
|
||||||||||||||||
Qualys S.A (Previously Generadora Arabesco S.A.)
|
100.00
|
%
|
-
|
100.00
|
%
|
-
|
||||||||||
Promotora Larcomar S.A.
|
46.55
|
%
|
-
|
46.55
|
%
|
53.45
|
%
|
|||||||||
Negocios del Gas S.A.
|
99.99
|
%
|
0.01
|
%
|
100.00
|
%
|
-
|
|||||||||
Agenera S.A.
|
99.00
|
%
|
1.00
|
%
|
100.00
|
%
|
-
|
|||||||||
Inversiones en Autopistas S.A.
|
1.00
|
%
|
99.00
|
%
|
100.00
|
%
|
-
|
|||||||||
Cam Holding S.p.A.
|
100.00
|
%
|
-
|
100.00
|
%
|
-
|
||||||||||
Adexus S.A.
|
100.00
|
%
|
-
|
100.00
|
%
|
-
|
Percentage
of common
shares
directly held
by Parent
(%)
|
Percentage
of common
shares held
by
Subsidiaries
(%)
|
Percentage
of common
shares held
by the Group (%) |
Percentage
of common
shares held
by non-
controlling
interests (%)
|
|||||||||||||
Engineering and Construction:
|
||||||||||||||||
GyM S.A.
|
98.24
|
%
|
-
|
98.24
|
%
|
1.76
|
%
|
|||||||||
- Morelco S.A.S.
|
-
|
70.00
|
%
|
70.00
|
%
|
30.00
|
%
|
|||||||||
- GyM Chile S.p.A.
|
-
|
94.49
|
%
|
99.99
|
%
|
0.01
|
%
|
|||||||||
- Vial y Vives – DSD S.A.
|
-
|
94.49
|
%
|
94.49
|
%
|
5.51
|
%
|
|||||||||
GMI S.A.
|
89.41
|
%
|
-
|
89.41
|
%
|
10.59
|
%
|
|||||||||
- Ecología Tecnología Ambiental S.A.C.
|
-
|
-
|
99.99
|
%
|
0.01
|
%
|
||||||||||
- GM Ingenieria y Construcción de CV
|
-
|
-
|
99.00
|
%
|
1.00
|
%
|
||||||||||
- GM Ingenieria Bolivia S.R.L.
|
-
|
-
|
99.00
|
%
|
1.00
|
%
|
||||||||||
Infrastructure:
|
||||||||||||||||
GMP S.A.
|
95.00
|
%
|
-
|
95.00
|
%
|
5.00
|
%
|
|||||||||
- Oiltanking Andina Services S.A.
|
-
|
50.00
|
%
|
50.00
|
%
|
50.00
|
%
|
|||||||||
- Transportadora de Gas Natural
|
||||||||||||||||
Comprimido Andino S.A.C.
|
-
|
99.93
|
%
|
99.93
|
%
|
0.07
|
%
|
|||||||||
Concar S.A.
|
99.99
|
%
|
-
|
99.99
|
%
|
0.01
|
%
|
|||||||||
GyM Ferrovias S.A.
|
75.00
|
%
|
-
|
75.00
|
%
|
25.00
|
%
|
|||||||||
Survial S.A.
|
99.99
|
%
|
-
|
99.99
|
%
|
0.01
|
%
|
|||||||||
Norvial S.A.
|
67.00
|
%
|
-
|
67.00
|
%
|
33.00
|
%
|
|||||||||
Concesión Canchaque S.A.
|
99.96
|
%
|
-
|
99.96
|
%
|
0.04
|
%
|
|||||||||
Concesionaria Vía Expresa Sur S.A.
|
99.98
|
%
|
0.02
|
%
|
100.00
|
%
|
-
|
|||||||||
Real Estate:
|
||||||||||||||||
Viva GyM S.A.
|
63.44
|
%
|
36.10
|
%
|
99.54
|
%
|
0.46
|
%
|
||||||||
Parent company operations:
|
||||||||||||||||
Qualys S.A (Previously Generadora Arabesco S.A.)
|
99.00
|
%
|
-
|
99.00
|
%
|
1.00
|
%
|
|||||||||
Promotora Larcomar S.A.
|
46.55
|
%
|
-
|
46.55
|
%
|
53.45
|
%
|
|||||||||
Negocios del Gas S.A.
|
99.99
|
%
|
0.01
|
%
|
100.00
|
%
|
-
|
|||||||||
Agenera S.A.
|
99.00
|
%
|
1.00
|
%
|
100.00
|
%
|
-
|
|||||||||
Inversiones en Autopistas S.A.
|
100.00
|
%
|
-
|
-
|
-
|
|||||||||||
Cam Holding S.p.A.
|
100.00
|
%
|
-
|
100.00
|
%
|
-
|
||||||||||
Adexus S.A.
|
99.99
|
%
|
0.01
|
%
|
100.00
|
%
|
-
|
Non Controlling Participation
|
2018
|
2019
|
||||||
|
||||||||
Viva GyM S.A. and subsidiaries
|
168,612
|
168,839
|
||||||
GyM S.A. and subsidiaries
|
67,639
|
61,569
|
||||||
Norvial S.A.
|
65,918
|
63,031
|
||||||
GMP S.A.
|
23,424
|
24,413
|
||||||
GyM Ferrovias S.A.
|
55,986
|
77,564
|
||||||
Promotora Larcomar S.A.
|
13,121
|
3,058
|
||||||
Other
|
6,871
|
(199
|
) | |||||
|
401,571
|
398,275
|
Viva GyM S.A.
|
GyM S.A.
|
|||||||||||||||||||||||||||||||
and subsidiaries
|
and subsidiaries
|
Norvial S.A.
|
GyM Ferrovías S.A.
|
|||||||||||||||||||||||||||||
At December 31,
|
At December 31,
|
At December 31,
|
At December 31,
|
|||||||||||||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||||||||
Current:
|
||||||||||||||||||||||||||||||||
Assets
|
720,976
|
591,402
|
1,262,588
|
1,232,486
|
109,778
|
84,889
|
534,148
|
449,180
|
||||||||||||||||||||||||
Liabilities
|
(310,132
|
)
|
(263,592
|
)
|
(1,467,953
|
)
|
(1,491,747
|
)
|
(66,506
|
)
|
(53,715
|
)
|
(563,081
|
)
|
(93,879
|
)
|
||||||||||||||||
Current net assets (liabilities)
|
410,844
|
327,810
|
(205,365
|
)
|
(259,261
|
)
|
43,272
|
31,174
|
(28,933
|
)
|
355,301
|
|||||||||||||||||||||
Non-current:
|
||||||||||||||||||||||||||||||||
Assets
|
98,504
|
121,529
|
980,653
|
1,100,218
|
462,739
|
442,186
|
974,688
|
623,033
|
||||||||||||||||||||||||
Liabilities
|
(37,154
|
)
|
(37,851
|
)
|
(413,026
|
)
|
(486,924
|
)
|
(306,261
|
)
|
(282,358
|
)
|
(716,946
|
)
|
(668,080
|
)
|
||||||||||||||||
Non-current net assets (liabilities)
|
61,350
|
83,678
|
567,627
|
613,294
|
156,478
|
159,828
|
257,742
|
(45,047
|
)
|
|||||||||||||||||||||||
Net assets
|
472,194
|
411,488
|
362,262
|
354,033
|
199,750
|
191,002
|
228,809
|
310,254
|
Viva GyM S.A.
|
GyM S.A.
|
|||||||||||||||||||||||||||||||
and subsidiaries
|
and subsidiaries
|
Norvial S.A.
|
GyM Ferrovías S.A.
|
|||||||||||||||||||||||||||||
For the year ended
|
For the year ended
|
For the year ended
|
For the year ended
|
|||||||||||||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||||||||
Revenue
|
630,130
|
264,401
|
1,704,998
|
2,279,786
|
163,117
|
272,679
|
577,993
|
397,853
|
||||||||||||||||||||||||
Profit (loss) before income tax
|
226,945
|
30,729
|
(154,452
|
)
|
(116,081
|
)
|
21,104
|
24,067
|
116,822
|
121,079
|
||||||||||||||||||||||
Income tax
|
(69,166
|
)
|
(7,000
|
)
|
18,559
|
(30,843
|
)
|
(3,885
|
)
|
(6,815
|
)
|
(35,524
|
)
|
(39,634
|
)
|
|||||||||||||||||
Profit (loss) for the year
|
157,779
|
23,729
|
(135,893
|
)
|
(146,924
|
)
|
17,219
|
17,252
|
81,298
|
81,445
|
||||||||||||||||||||||
Discontinued operations
|
-
|
-
|
44,096
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
(14,061
|
)
|
(7,436
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||
Total comprehensive income for the year
|
157,779
|
23,729
|
(105,858
|
)
|
(154,360
|
)
|
17,219
|
17,252
|
81,298
|
81,445
|
||||||||||||||||||||||
Dividends paid to non-controlling
|
||||||||||||||||||||||||||||||||
interest (Note 35-d)
|
84,870
|
-
|
4,241
|
-
|
8,184
|
8,580
|
-
|
-
|
Viva GyM S.A.
|
GyM S.A.
|
|||||||||||||||||||||||||||||||
and subsidiaries
|
and subsidiaries
|
Norvial S.A.
|
GyM Ferrovías S.A.
|
|||||||||||||||||||||||||||||
For the year ended
|
For the year ended
|
For the year ended
|
For the year ended
|
|||||||||||||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||||||||
Net cash provided from
|
||||||||||||||||||||||||||||||||
operating activities
|
259,992
|
28,791
|
148,754
|
(25,502
|
)
|
70,939
|
12,514
|
(161,318
|
)
|
379,882
|
||||||||||||||||||||||
Net cash (applied to) provided from
|
||||||||||||||||||||||||||||||||
investing activities
|
(8,460
|
)
|
(2,613
|
)
|
233,150
|
(20,173
|
)
|
(2
|
)
|
(33
|
)
|
1,928
|
2,845
|
|||||||||||||||||||
Net cash (applied to) provided from
|
||||||||||||||||||||||||||||||||
financing activities
|
(255,979
|
)
|
(58,722
|
)
|
(388,836
|
)
|
209,514
|
(43,536
|
)
|
(46,045
|
)
|
189,495
|
(273,009
|
)
|
||||||||||||||||||
(Decrease) increase in cash
|
||||||||||||||||||||||||||||||||
and cash equivalents, net
|
(4,447
|
)
|
(32,544
|
)
|
(6,932
|
)
|
163,839
|
27,401
|
(33,564
|
)
|
30,105
|
109,718
|
||||||||||||||||||||
Cash and cash equivalents
|
||||||||||||||||||||||||||||||||
at the beginning of the year
|
97,709
|
93,262
|
179,560
|
172,628
|
72,449
|
99,850
|
161,073
|
191,178
|
||||||||||||||||||||||||
Cash and cash equivalents
|
||||||||||||||||||||||||||||||||
at the end of the year
|
93,262
|
60,718
|
172,628
|
336,467
|
99,850
|
66,286
|
191,178
|
300,896
|
b)
|
Public services concessions
|
Name of
|
|
|
|
Estimated
|
Ordinary
|
Concession | Accounting | |||||
Concession
|
Description |
|
investment |
Consideration
|
shares held | termination | model | |||||
Survial S.A.
|
This company operates and maintains
|
US$99 million
|
Transaction secured by
|
99.90%
|
2032
|
Financial asset
|
||||||
a 750 km road from the San Juan de
|
the Peruvian Government
|
|||||||||||
Marcona port to Urcos, Peru, which is
|
involving from annual
|
|||||||||||
connected to an interoceanic road.
|
payments for the
|
|||||||||||
The road has five toll stations and
|
maintenance and operation
|
|||||||||||
three weigh stations.
|
of the road, which is in
|
|||||||||||
charge of the Peruvian
|
||||||||||||
Ministry of Transport and
|
||||||||||||
Communications (MTC).
|
||||||||||||
Canchaque S.A.C.
|
This company operates and periodically
|
US$31 million
|
Transaction secured by
|
99.96%
|
2025
|
Financial asset
|
||||||
maintains a 78 km road which connects the towns
|
the Peruvian Government
|
|||||||||||
of Buenos Aires and Canchaque, in Peru.
|
regardless the traffic
|
|||||||||||
The road has one toll station.
|
volume.
|
|||||||||||
Revenue is secured by
|
||||||||||||
an annual minimum
|
||||||||||||
amount of US$0.3 million.
|
||||||||||||
Concesionaria.
|
Designing, financing, constructing,
|
S/250 million
|
Transaction secured by
|
50.00%
|
2036
|
Financial asset
|
||||||
La Chira S.A.
|
operating and maintaining project
|
the Peruvian Government
|
||||||||||
called “Planta de Tratamiento de Aguas
|
consisting of monthly and
|
|||||||||||
Residuales y Emisario Submarino La Chira”.
|
quarterly payments settled by
|
|||||||||||
The Project will treat approximately 25%
|
Sedapal´s collection trust.
|
|||||||||||
of wastewaters in Lima.
|
||||||||||||
GyM Ferrovias S.A.
|
Concession for the operation of Line 1
|
S/642 million
|
Transaction secured by
|
75.00%
|
2041
|
Financial asset
|
||||||
of Lima Metro, Peru’s only urban
|
the Peruvian Government
|
|||||||||||
railway system in Lima city, which
|
involving a quarterly
|
|||||||||||
includes (i) operation and maintenance
|
payment received from
|
|||||||||||
of the existing trains (24 initial investment
|
MTC based on km travelled
|
|||||||||||
trains and 20 additional trains), (ii) operation
|
per train.
|
|||||||||||
and maintenance of the railway system
|
||||||||||||
(railway and infrastructure).
|
Name of
|
Estimated | Ordinary | Concession | Accounting | ||||||||
concession
|
Description
|
investment | Consideration | shares held | termination | model | ||||||
Norvial S.A.
|
The Company operates and maintains
|
US$187 million
|
From users (self-financed
|
67.00%
|
2028
|
Intangible
|
||||||
the highway that connects
|
concession; revenue is
|
|||||||||||
Lima to the northwest of Peru.
|
derived from collection of
|
|||||||||||
This 183 km road known as Red Vial 5
|
tolls).
|
|||||||||||
runs from the cities of Ancon to Pativilca
|
||||||||||||
and has three toll stations.
|
||||||||||||
Via Expresa Sur S.A.
|
The Company obtained the concession
|
US$197 million
|
The contract gives the right
|
99.98%
|
2053
|
Bifurcated
|
||||||
for designing, financing, building,
|
of collection from users; however
|
|||||||||||
operating and maintaining the
|
the Peruvian Government shall pay
|
|||||||||||
infrastructure associated with the Via
|
the difference when the operating
|
|||||||||||
Expresa Sur Project.
|
revenue obtained is below
|
|||||||||||
This project involves the second stage
|
US$18 million during the first
|
|||||||||||
expansion of the Via Expresa - Paseo
|
two years and US$19.7 million
|
|||||||||||
de la Republica,between Av. Republica
|
from the third year to the
|
|||||||||||
de Panama and and Panamericana
|
fifteenth year of the effective
|
|||||||||||
highway.
|
period of the financing, with a ceiling
|
|||||||||||
of US$10 million. In June 2017,
|
||||||||||||
the contract was suspended temporarily
|
||||||||||||
for one year by agreement between
|
||||||||||||
the Concessionaire and the grantor.
|
||||||||||||
The suspension was extended until
|
||||||||||||
June 2020.
|
c)
|
Main joint operations
|
Percentage of interest
|
||||||||
Joint operations
|
2018
|
2019
|
||||||
Graña y Montero S.A.A.
|
||||||||
- Concesionaria La Chira S.A.
|
50
|
%
|
50
|
%
|
||||
GyM S.A.
|
||||||||
- Consorcio CDEM
|
85
|
%
|
-
|
|||||
- Consorcio Huacho Pativilca
|
67
|
%
|
67
|
%
|
||||
- Consorcio GyM – CONCIVILES
|
67
|
%
|
67
|
%
|
||||
- Consorcio AMDP norte
|
-
|
50
|
%
|
|||||
- Consorcio Chicama - Ascope
|
50
|
%
|
50
|
%
|
||||
- Consorcio Constructor Alto Cayma
|
50
|
%
|
50
|
%
|
||||
- Consorcio Energía y Vapor
|
50
|
%
|
-
|
|||||
- Consorcio Ermitaño
|
50
|
%
|
50
|
%
|
||||
- Consorcio GyM Sade Skanska
|
50
|
%
|
50
|
%
|
||||
- Consorcio GYM-OSSA
|
-
|
50
|
%
|
|||||
- Consorcio GyM-Stracon
|
-
|
50
|
%
|
|||||
- Consorcio HV GyM
|
50
|
%
|
50
|
%
|
||||
- Consorcio La Chira
|
50
|
%
|
50
|
%
|
||||
- Consorcio Lima Actividades Comerciales Sur
|
50
|
%
|
50
|
%
|
||||
- Consorcio Menegua
|
50
|
%
|
-
|
|||||
- Consorcio para la Atención y Mantenimiento de Ductos
|
50
|
%
|
-
|
|||||
- Consorcio Rio Mantaro
|
50
|
%
|
50
|
%
|
||||
- Consorcio Río Urubamba
|
50
|
%
|
50
|
%
|
||||
- Consorcio TNT Vial y Vives - DSD Chile LTDA
|
50
|
%
|
-
|
|||||
- Constructora Incolur DSD Limitada
|
50
|
%
|
-
|
|||||
- Consorcio Alto Cayma
|
49
|
%
|
49
|
%
|
||||
- Consorcio La Gloria
|
49
|
%
|
49
|
%
|
||||
- Consorcio Norte Pachacutec
|
49
|
%
|
49
|
%
|
||||
- Consorcio Italo Peruano
|
48
|
%
|
48
|
%
|
||||
- Consorcio Vial Quinua
|
46
|
%
|
46
|
%
|
||||
- Consorcio Chiquintirca
|
40
|
%
|
40
|
%
|
||||
- Consorcio Constructor Ductos del Sur
|
29
|
%
|
29
|
%
|
||||
- Consorcio Constructor Chavimochic
|
27
|
%
|
27
|
%
|
||||
- Consorcio Construcciones y Montajes CCM
|
25
|
%
|
25
|
%
|
||||
- Consorcio Vial ICAPAL
|
10
|
%
|
10
|
%
|
||||
GMP S.A.
|
||||||||
- Consorcio Terminales
|
50
|
%
|
50
|
%
|
||||
- Terminales del Perú
|
50
|
%
|
50
|
%
|
Percentage of interest
|
||||||||
Joint operations
|
2018
|
2019
|
||||||
CONCAR S.A.
|
||||||||
- Consorcio Ancón-Pativilca
|
67
|
%
|
67
|
%
|
||||
- Consorcio Peruano de Conservación
|
50
|
%
|
50
|
%
|
||||
- Consorcio Manperán
|
67
|
%
|
67
|
%
|
||||
- Consorcio Vial Sierra
|
100
|
%
|
50
|
%
|
||||
- Consorcio Vial Ayahuaylas
|
99
|
%
|
99
|
%
|
||||
- Consorcio Vial Sullana
|
99
|
%
|
99
|
%
|
||||
- Consorcio Vial del Sur
|
99
|
%
|
99
|
%
|
||||
GMI S.A.
|
||||||||
- Consorcio Vial la Concordia
|
88
|
%
|
88
|
%
|
||||
- Consorcio GMI- Haskoningdhv
|
70
|
%
|
70
|
%
|
||||
- Consorcio Supervisor Ilo
|
55
|
%
|
55
|
%
|
||||
- Consorcio Poyry-GMI
|
40
|
%
|
40
|
%
|
||||
- Consorcio Internacional Supervisión Valle Sagrado
|
33
|
%
|
33
|
%
|
||||
- Consorcio Ecotec - GMI - PIM
|
30
|
%
|
30
|
%
|
||||
- Consorcio Ribereño Chinchaycamac
|
-
|
40
|
%
|
Joint Operations in
|
Economic activity
|
|
Graña y Montero S.A.A.
|
Construction, operation and maintenance of La Chira wastewater treatment plant in the south of Lima. The project is aimed to solve Lima’s environmental problems
caused by sewage discharged directly into the sea.
|
|
GyM S.A.
|
These joint operations were created exclusively to development of construction contracts.
|
|
GMP S.A.
|
Consorcio Terminales and Terminales del Peru provide services for receiving, storing, shipping and transporting liquid hydrocarbons, such as gasoline, jet fuel,
diesel fuel and residual among others.
|
|
CONCAR S.A.
|
Concar’s joint operations provides rehabilitation service, routine and periodic maintenance of the road; and road conservation and preservation services.
|
|
GMI S.A.
|
Engineering consulting services in, study and project execution, project management and Works supervision.
|
7 |
SEGMENT REPORTING
|
a)
|
Engineering and construction: This segment includes from traditional engineering services such as structural, civil and design engineering, and architectural
planning to advanced specialties including process design, simulation, and environmental services at three divisions; i) civil works, such as the construction of hydroelectric power stations and other large infrastructure facilities;
(ii) electro-mechanic construction, such as concentrator plants, oil, and natural gas pipelines, and transmission lines; iii) building construction, such as office buildings, residential buildings, hotels, affordable housing projects,
shopping centers, and industrial facilities.
|
b)
|
Infrastructure: The Group has long-term concessions or similar contractual arrangements in Peru for three toll roads, the Lima Metro, a wastewater treatment
plant in Lima, four producing oil fields, a gas processing plant and operation and maintenance services for infrastructure assets.
|
c)
|
Real Estate: The Group develops and sells homes targeted to low and middle-income population sectors which are experiencing a significant increase in
disposable income, as well as, office and commercial space to a lesser extent.
|
d)
|
Parent Company Operation corresponds to services provided to related entities of the Group such as strategic and functional advisory services and operational
leasing of offices.
|
2018
|
2019
|
|||||||
Net profit (loss)
|
57,415
|
(838,642
|
)
|
|||||
Financial income and expenses
|
197,057
|
157,053
|
||||||
Income tax
|
113,318
|
319,957
|
||||||
Impairment of investments
|
-
|
218,276
|
||||||
Impairment of accounts receivables
|
-
|
311,309
|
||||||
Impairment of goodwill
|
-
|
33,089
|
||||||
Provisions: civil repair and legal litigartion
|
-
|
118,105
|
||||||
Impairment recovery
|
-
|
(40,124
|
)
|
|||||
Depreciation and amortization
|
189,508
|
202,630
|
||||||
EBITDA (*)
|
557,298
|
481,653
|
2018
|
2019
|
|||||||
Engineering and construction
|
19,243
|
15,298
|
||||||
Infrastructure
|
411,502
|
403,295
|
||||||
Real estate
|
240,991
|
56,791
|
||||||
Parent company operations
|
(27,803
|
)
|
(477,400
|
)
|
||||
Intercompany eliminations
|
(86,635
|
)
|
483,669
|
|||||
EBITDA
|
557,298
|
481,653
|
Anual Backlog
|
||||||||||||||||
2019
|
2020
|
2021
|
2022
|
+
|
||||||||||||
Engineering and Construction
|
3,018,822
|
2,592,976
|
425,846
|
-
|
||||||||||||
Infrastructure
|
1,837,305
|
643,999
|
586,760
|
606,546
|
||||||||||||
Real estate
|
209,893
|
209,894
|
- |
-
|
||||||||||||
Intercompany eliminations
|
(434,039
|
)
|
(144,389
|
)
|
(144,589
|
)
|
(145,061
|
)
|
||||||||
4,631,981
|
3,302,480
|
868,017
|
461,485
|
Operating segments financial position
|
||||||||||||||||||||||||||||||||||||
Segment reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
As of December 31, 2018
|
Engineering and construction
|
Energy
|
Toll roads
|
Transportation
|
Water
treatment
|
Real estate
|
Parent
Company operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||
Cash and cash equivalent
|
177,455
|
34,816
|
168,460
|
191,178
|
6,700
|
93,262
|
129,269
|
-
|
801,140
|
|||||||||||||||||||||||||||
Trade accounts receivables, net
|
583,842
|
54,350
|
78,013
|
226,919
|
598
|
63,038
|
1,068
|
-
|
1,007,828
|
|||||||||||||||||||||||||||
Work in progress, net
|
24,962
|
-
|
-
|
-
|
-
|
-
|
3,576
|
-
|
28,538
|
|||||||||||||||||||||||||||
Accounts receivable from related parties
|
203,583
|
492
|
40,820
|
758
|
9,930
|
60,759
|
98,308
|
(379,747
|
)
|
34,903
|
||||||||||||||||||||||||||
Other accounts receivable
|
386,467
|
37,611
|
28,492
|
31,012
|
199
|
55,508
|
49,160
|
2
|
588,451
|
|||||||||||||||||||||||||||
Inventories, net
|
27,852
|
18,823
|
9,206
|
25,282
|
-
|
448,328
|
-
|
(15,444
|
)
|
514,047
|
||||||||||||||||||||||||||
Prepaid expenses
|
3,825
|
1,345
|
3,068
|
874
|
135
|
81
|
1,221
|
-
|
10,549
|
|||||||||||||||||||||||||||
1,407,986
|
147,437
|
328,059
|
476,023
|
17,562
|
720,976
|
282,602
|
(395,189
|
)
|
2,985,456
|
|||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
-
|
-
|
-
|
-
|
-
|
-
|
247,798
|
-
|
247,798
|
|||||||||||||||||||||||||||
Total current assets
|
1,407,986
|
147,437
|
328,059
|
476,023
|
17,562
|
720,976
|
530,400
|
(395,189
|
)
|
3,233,254
|
||||||||||||||||||||||||||
Long-term trade accounts receivable, net
|
14,455
|
-
|
33,380
|
966,202
|
-
|
6,030
|
-
|
-
|
1,020,067
|
|||||||||||||||||||||||||||
Long-term work in progress, net
|
-
|
-
|
32,212
|
-
|
-
|
-
|
-
|
-
|
32,212
|
|||||||||||||||||||||||||||
Long-term accounts receivable from related parties
|
254,660
|
-
|
39,341
|
-
|
-
|
-
|
744,655
|
(260,430
|
)
|
778,226
|
||||||||||||||||||||||||||
Prepaid expenses
|
-
|
-
|
28,214
|
5,152
|
840
|
-
|
-
|
(509
|
)
|
33,697
|
||||||||||||||||||||||||||
Other long-term accounts receivable
|
77,028
|
63,797
|
7,058
|
64,817
|
7,346
|
30,268
|
52,645
|
(2
|
)
|
302,957
|
||||||||||||||||||||||||||
Investments in associates and joint ventures
|
114,676
|
7,230
|
-
|
-
|
-
|
5,604
|
2,213,023
|
(2,082,768
|
)
|
257,765
|
||||||||||||||||||||||||||
Investment property
|
-
|
-
|
-
|
-
|
-
|
29,133
|
-
|
-
|
29,133
|
|||||||||||||||||||||||||||
Property, plant and equipment, net
|
205,678
|
171,430
|
14,585
|
1,586
|
109
|
9,237
|
69,088
|
(1,159
|
)
|
470,554
|
||||||||||||||||||||||||||
Intangible assets, net
|
160,088
|
183,614
|
466,153
|
749
|
-
|
1,105
|
23,514
|
11,872
|
847,095
|
|||||||||||||||||||||||||||
Deferred income tax asset
|
166,624
|
5,025
|
11,876
|
-
|
620
|
17,127
|
218,201
|
5,963
|
425,436
|
|||||||||||||||||||||||||||
Total non-current assets
|
993,209
|
431,096
|
632,819
|
1,038,506
|
8,915
|
98,504
|
3,321,126
|
(2,327,033
|
)
|
4,197,142
|
||||||||||||||||||||||||||
Total assets
|
2,401,195
|
578,533
|
960,878
|
1,514,529
|
26,477
|
819,480
|
3,851,526
|
(2,722,222
|
)
|
7,430,396
|
||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||
Borrowings
|
232,409
|
26,621
|
15,384
|
209,463
|
-
|
133,105
|
209,492
|
-
|
826,474
|
|||||||||||||||||||||||||||
Bonds
|
-
|
-
|
25,745
|
13,422
|
-
|
-
|
-
|
-
|
39,167
|
|||||||||||||||||||||||||||
Trade accounts payable
|
777,130
|
49,254
|
61,233
|
104,652
|
121
|
31,173
|
55,968
|
-
|
1,079,531
|
|||||||||||||||||||||||||||
Accounts payable to related parties
|
179,351
|
1,933
|
46,099
|
65,256
|
58
|
35,085
|
91,754
|
(363,595
|
)
|
55,941
|
||||||||||||||||||||||||||
Current income tax
|
5,898
|
2,797
|
1,398
|
9,888
|
226
|
4,219
|
1,381
|
-
|
25,807
|
|||||||||||||||||||||||||||
Other accounts payable
|
389,896
|
13,147
|
72,823
|
11,677
|
631
|
106,286
|
38,209
|
-
|
632,669
|
|||||||||||||||||||||||||||
Provisions
|
521
|
5,412
|
-
|
-
|
-
|
264
|
-
|
-
|
6,197
|
|||||||||||||||||||||||||||
Non-current liabilities classified as held for sale
|
-
|
-
|
-
|
-
|
-
|
-
|
225,828
|
-
|
225,828
|
|||||||||||||||||||||||||||
Total current liabilities
|
1,585,205
|
99,164
|
222,682
|
414,358
|
1,036
|
310,132
|
622,632
|
(363,595
|
)
|
2,891,614
|
||||||||||||||||||||||||||
Borrowings
|
9,314
|
87,166
|
556
|
-
|
-
|
10,684
|
268,478
|
-
|
376,198
|
|||||||||||||||||||||||||||
Long-term bonds
|
-
|
-
|
299,637
|
598,238
|
-
|
-
|
-
|
-
|
897,875
|
|||||||||||||||||||||||||||
Other long-term accounts payable
|
357,146
|
-
|
31,477
|
154,756
|
1,656
|
26,470
|
2,605
|
-
|
574,110
|
|||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
8,880
|
-
|
1,167
|
81,207
|
23,445
|
-
|
183,826
|
(276,676
|
)
|
21,849
|
||||||||||||||||||||||||||
Provisions
|
32,122
|
20,234
|
-
|
-
|
-
|
-
|
51,055
|
-
|
103,411
|
|||||||||||||||||||||||||||
Derivative financial instruments
|
-
|
61
|
-
|
-
|
-
|
-
|
-
|
-
|
61
|
|||||||||||||||||||||||||||
Deferred income tax liability
|
5,564
|
24,541
|
7,010
|
37,178
|
-
|
-
|
1,054
|
-
|
75,347
|
|||||||||||||||||||||||||||
Total non-current liabilities
|
413,026
|
132,002
|
339,847
|
871,379
|
25,101
|
37,154
|
507,018
|
(276,676
|
)
|
2,048,851
|
||||||||||||||||||||||||||
Total liabilities
|
1,998,231
|
231,166
|
562,529
|
1,285,737
|
26,137
|
347,286
|
1,129,650
|
(640,271
|
)
|
4,940,465
|
||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
331,178
|
323,943
|
332,406
|
171,594
|
340
|
193,483
|
2,708,803
|
(1,973,387
|
)
|
2,088,360
|
||||||||||||||||||||||||||
Non-controlling interest
|
71,786
|
23,424
|
65,943
|
57,198
|
-
|
278,711
|
13,073
|
(108,564
|
)
|
401,571
|
||||||||||||||||||||||||||
Total liabilities and equity
|
2,401,195
|
578,533
|
960,878
|
1,514,529
|
26,477
|
819,480
|
3,851,526
|
(2,722,222
|
)
|
7,430,396
|
Operating segments financial position
|
||||||||||||||||||||||||||||||||||||
Segment reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
As of December 31, 2019
|
Engineering and construction
|
Energy
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
Parent Company operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||
Cash and cash equivalent
|
372,991
|
53,118
|
123,020
|
300,896
|
6,388
|
60,718
|
31,847
|
-
|
948,978
|
|||||||||||||||||||||||||||
Trade accounts receivables, net
|
531,591
|
63,402
|
44,513
|
97,059
|
1,168
|
83,019
|
985
|
-
|
821,737
|
|||||||||||||||||||||||||||
Work in progress, net
|
49,457
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
49,457
|
|||||||||||||||||||||||||||
Accounts receivable from related parties
|
202,181
|
369
|
43,852
|
1,853
|
-
|
1,144
|
99,794
|
(312,535
|
)
|
36,658
|
||||||||||||||||||||||||||
Other accounts receivable
|
327,977
|
30,853
|
30,228
|
18,548
|
109
|
9,509
|
27,274
|
2
|
444,500
|
|||||||||||||||||||||||||||
Inventories, net
|
57,093
|
32,366
|
7,109
|
30,594
|
-
|
437,012
|
-
|
(11,601
|
)
|
552,573
|
||||||||||||||||||||||||||
Prepaid expenses
|
6,812
|
1,271
|
2,779
|
231
|
133
|
-
|
122
|
-
|
11,348
|
|||||||||||||||||||||||||||
1,548,102
|
181,379
|
251,501
|
449,181
|
7,798
|
591,402
|
160,022
|
(324,134
|
)
|
2,865,251
|
|||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
2,398
|
-
|
-
|
-
|
-
|
-
|
203,020
|
-
|
205,418
|
|||||||||||||||||||||||||||
Total current assets
|
1,550,500
|
181,379
|
251,501
|
449,181
|
7,798
|
591,402
|
363,042
|
(324,134
|
)
|
3,070,669
|
||||||||||||||||||||||||||
Long-term trade accounts receivable, net
|
97,256
|
-
|
36,273
|
619,086
|
-
|
587
|
-
|
-
|
753,202
|
|||||||||||||||||||||||||||
Long-term work in progress, net
|
-
|
-
|
23,117
|
-
|
-
|
-
|
-
|
-
|
23,117
|
|||||||||||||||||||||||||||
Long-term accounts receivable from related parties
|
290,966
|
-
|
836
|
-
|
10,475
|
-
|
552,687
|
(308,023
|
)
|
546,941
|
||||||||||||||||||||||||||
Prepaid expenses
|
-
|
887
|
24,462
|
2,307
|
788
|
-
|
-
|
(510
|
)
|
27,934
|
||||||||||||||||||||||||||
Other long-term accounts receivable
|
113,879
|
63,649
|
5,156
|
-
|
7,346
|
50,449
|
59,844
|
-
|
300,323
|
|||||||||||||||||||||||||||
Investments in associates and joint ventures
|
109,839
|
8,006
|
-
|
-
|
-
|
6,062
|
1,495,422
|
(1,582,294
|
)
|
37,035
|
||||||||||||||||||||||||||
Investment property
|
1,450
|
-
|
-
|
-
|
-
|
26,876
|
-
|
-
|
28,326
|
|||||||||||||||||||||||||||
Property, plant and equipment, net
|
186,589
|
184,819
|
11,106
|
841
|
153
|
11,742
|
49,779
|
(1,159
|
)
|
443,870
|
||||||||||||||||||||||||||
Intangible assets, net
|
136,547
|
244,901
|
443,420
|
794
|
-
|
1,029
|
19,490
|
7,134
|
853,315
|
|||||||||||||||||||||||||||
Right-of-use assets, net
|
5,638
|
24,038
|
3,860
|
5
|
7
|
5,048
|
55,532
|
(15,315
|
)
|
78,813
|
||||||||||||||||||||||||||
Deferred income tax asset
|
176,740
|
4,741
|
13,054
|
-
|
720
|
19,736
|
20,752
|
5,176
|
240,919
|
|||||||||||||||||||||||||||
Total non-current assets
|
1,118,904
|
531,041
|
561,284
|
623,033
|
19,489
|
121,529
|
2,253,506
|
(1,894,991
|
)
|
3,333,795
|
||||||||||||||||||||||||||
Total assets
|
2,669,404
|
712,420
|
812,785
|
1,072,214
|
27,287
|
712,931
|
2,616,548
|
(2,219,125
|
)
|
6,404,464
|
||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||
Borrowings
|
180,535
|
42,760
|
2,383
|
5
|
6
|
116,231
|
121,379
|
(9,039
|
)
|
454,260
|
||||||||||||||||||||||||||
Bonds
|
-
|
-
|
28,995
|
15,742
|
-
|
-
|
-
|
-
|
44,737
|
|||||||||||||||||||||||||||
Trade accounts payable
|
932,142
|
67,444
|
34,762
|
28,508
|
132
|
39,645
|
33,488
|
-
|
1,136,121
|
|||||||||||||||||||||||||||
Accounts payable to related parties
|
206,907
|
2,233
|
35,554
|
21,024
|
-
|
23,437
|
58,951
|
(309,190
|
)
|
38,916
|
||||||||||||||||||||||||||
Current income tax
|
18,451
|
961
|
3,710
|
23,887
|
-
|
704
|
286
|
-
|
47,999
|
|||||||||||||||||||||||||||
Other accounts payable
|
441,271
|
16,721
|
53,987
|
4,713
|
835
|
83,345
|
34,433
|
-
|
635,305
|
|||||||||||||||||||||||||||
Provisions
|
6,031
|
18,459
|
6,183
|
-
|
-
|
230
|
82,580
|
-
|
113,483
|
|||||||||||||||||||||||||||
Non-current liabilities classified as held for sale
|
-
|
-
|
-
|
-
|
-
|
-
|
210,025
|
-
|
210,025
|
|||||||||||||||||||||||||||
Total current liabilities
|
1,785,337
|
148,578
|
165,574
|
93,879
|
973
|
263,592
|
541,142
|
(318,229
|
)
|
2,680,846
|
||||||||||||||||||||||||||
Borrowings
|
32,620
|
116,218
|
2,070
|
-
|
-
|
11,010
|
190,671
|
(7,783
|
)
|
344,806
|
||||||||||||||||||||||||||
Long-term bonds
|
-
|
-
|
276,550
|
602,755
|
-
|
-
|
-
|
-
|
879,305
|
|||||||||||||||||||||||||||
Other long-term accounts payable
|
222,887
|
-
|
15,989
|
2,176
|
2,106
|
26,841
|
3,102
|
-
|
273,101
|
|||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
120,255
|
-
|
836
|
22,583
|
23,784
|
-
|
165,286
|
(310,161
|
)
|
22,583
|
||||||||||||||||||||||||||
Provisions
|
80,125
|
40,268
|
24,691
|
1,394
|
-
|
-
|
68,474
|
-
|
214,952
|
|||||||||||||||||||||||||||
Derivative financial instruments
|
-
|
52
|
-
|
-
|
-
|
-
|
-
|
-
|
52
|
|||||||||||||||||||||||||||
Deferred income tax liability
|
31,037
|
36,476
|
5,806
|
39,172
|
-
|
-
|
243
|
-
|
112,734
|
|||||||||||||||||||||||||||
Total non-current liabilities
|
486,924
|
193,014
|
325,942
|
668,080
|
25,890
|
37,851
|
427,776
|
(317,944
|
)
|
1,847,533
|
||||||||||||||||||||||||||
Total liabilities
|
2,272,261
|
341,592
|
491,516
|
761,959
|
26,863
|
301,443
|
968,918
|
(636,173
|
)
|
4,528,379
|
||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
330,992
|
346,415
|
258,223
|
232,692
|
424
|
137,542
|
1,644,707
|
(1,473,185
|
)
|
1,477,810
|
||||||||||||||||||||||||||
Non-controlling interest
|
66,151
|
24,413
|
63,046
|
77,563
|
-
|
273,946
|
2,923
|
(109,767
|
)
|
398,275
|
||||||||||||||||||||||||||
Total liabilities and equity
|
2,669,404
|
712,420
|
812,785
|
1,072,214
|
27,287
|
712,931
|
2,616,548
|
(2,219,125
|
)
|
6,404,464
|
Operating segment performance
|
||||||||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2018 -
|
Engineering and construction
|
Energy
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
Parent Company operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||
Revenue
|
1,960,863
|
560,506
|
733,148
|
586,329
|
3,270
|
630,130
|
62,098
|
(636,882
|
)
|
3,899,462
|
||||||||||||||||||||||||||
Gross profit (loss)
|
62,095
|
120,360
|
107,092
|
122,567
|
592
|
287,959
|
(10,564
|
)
|
(15,612
|
)
|
674,489
|
|||||||||||||||||||||||||
Administrative expenses
|
(136,066
|
)
|
(20,898
|
)
|
(35,626
|
)
|
(12,007
|
)
|
(296
|
)
|
(50,730
|
)
|
(62,890
|
)
|
40,080
|
(278,433
|
)
|
|||||||||||||||||||
Other income and expenses, net
|
(13,515
|
)
|
1,243
|
(11
|
)
|
31
|
-
|
(1,971
|
)
|
(47,779
|
)
|
660
|
(61,342
|
)
|
||||||||||||||||||||||
Operating (loss) profit
|
(87,486
|
)
|
100,705
|
71,455
|
110,591
|
296
|
235,258
|
(121,233
|
)
|
25,128
|
334,714
|
|||||||||||||||||||||||||
Financial expenses
|
(82,861
|
)
|
(15,631
|
)
|
(26,691
|
)
|
(20,604
|
)
|
6
|
(11,859
|
)
|
(115,077
|
)
|
24,735
|
(247,982
|
)
|
||||||||||||||||||||
Financial income
|
15,122
|
4,593
|
2,560
|
35,147
|
554
|
3,556
|
31,752
|
(42,359
|
)
|
50,925
|
||||||||||||||||||||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
8,344
|
(8,344
|
)
|
-
|
||||||||||||||||||||||||||
Share of profit or loss in associates
|
||||||||||||||||||||||||||||||||||||
and joint ventures
|
11,366
|
1,608
|
-
|
-
|
-
|
(10
|
)
|
84,138
|
(100,811
|
)
|
(3,709
|
)
|
||||||||||||||||||||||||
(Loss) profit before income tax
|
(143,859
|
)
|
91,275
|
47,324
|
125,134
|
856
|
226,945
|
(112,076
|
)
|
(101,651
|
)
|
133,948
|
||||||||||||||||||||||||
Income tax
|
14,361
|
(26,275
|
)
|
(15,737
|
)
|
(38,017
|
)
|
(517
|
)
|
(69,166
|
)
|
22,867
|
(834
|
)
|
(113,318
|
)
|
||||||||||||||||||||
(Loss) profit from continuing operations
|
(129,498
|
)
|
65,000
|
31,587
|
87,117
|
339
|
157,779
|
(89,209
|
)
|
(102,485
|
)
|
20,630
|
||||||||||||||||||||||||
Profit (Loss) from discontinuing operations
|
44,096
|
-
|
-
|
-
|
-
|
-
|
(3,709
|
)
|
(3,602
|
)
|
36,785
|
|||||||||||||||||||||||||
(Loss) profit for the year
|
(85,402
|
)
|
65,000
|
31,587
|
87,117
|
339
|
157,779
|
(92,918
|
)
|
(106,087
|
)
|
57,415
|
||||||||||||||||||||||||
(Loss) profit from attributable to:
|
||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(86,857
|
)
|
59,866
|
26,731
|
65,338
|
339
|
28,921
|
(85,715
|
)
|
(91,811
|
)
|
(83,188
|
)
|
|||||||||||||||||||||||
Non-controlling interest
|
1,455
|
5,134
|
4,856
|
21,779
|
-
|
128,858
|
(7,203
|
)
|
(14,276
|
)
|
140,603
|
|||||||||||||||||||||||||
(85,402
|
)
|
65,000
|
31,587
|
87,117
|
339
|
157,779
|
(92,918
|
)
|
(106,087
|
)
|
57,415
|
Operating segment performance
|
||||||||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2019
|
Engineering and construction
|
Energy
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
Parent Company operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||
Revenue
|
2,797,326
|
552,584
|
633,301
|
397,853
|
3,555
|
264,401
|
87,476
|
(651,492
|
)
|
4,085,004
|
||||||||||||||||||||||||||
Gross profit (loss)
|
98,362
|
108,291
|
96,164
|
119,464
|
500
|
70,787
|
(2,168
|
)
|
(49,637
|
)
|
441,763
|
|||||||||||||||||||||||||
Administrative expenses
|
(141,421
|
)
|
(24,230
|
)
|
(28,623
|
)
|
(17,991
|
)
|
(397
|
)
|
(22,045
|
)
|
(40,402
|
)
|
61,201
|
(213,908
|
)
|
|||||||||||||||||||
Other income and expenses, net
|
9,937
|
606
|
(47,998
|
)
|
(2,661
|
)
|
12
|
20,020
|
(305,749
|
)
|
(921
|
)
|
(326,754
|
)
|
||||||||||||||||||||||
Gain from sale of investments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Operating (loss) profit
|
(33,122
|
)
|
84,667
|
19,543
|
98,812
|
115
|
68,762
|
(348,319
|
)
|
10,643
|
(98,899
|
)
|
||||||||||||||||||||||||
Financial expenses
|
(74,171
|
)
|
(13,266
|
)
|
(27,297
|
)
|
(10,948
|
)
|
(12
|
)
|
(42,320
|
)
|
(101,914
|
)
|
38,219
|
(231,709
|
)
|
|||||||||||||||||||
Financial income
|
5,643
|
2,033
|
2,245
|
33,215
|
826
|
3,829
|
73,832
|
(46,967
|
)
|
74,656
|
||||||||||||||||||||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
12,688
|
(12,688
|
)
|
-
|
||||||||||||||||||||||||||
Share of profit or loss in associates
|
||||||||||||||||||||||||||||||||||||
and joint ventures
|
(3,558
|
)
|
2,293
|
-
|
-
|
-
|
458
|
(711,962
|
)
|
493,995
|
(218,774
|
)
|
||||||||||||||||||||||||
(Loss) profit before income tax
|
(105,208
|
)
|
75,727
|
(5,509
|
)
|
121,079
|
929
|
30,729
|
(1,075,675
|
)
|
483,202
|
(474,726
|
)
|
|||||||||||||||||||||||
Income tax
|
(35,457
|
)
|
(22,911
|
)
|
(17,112
|
)
|
(39,634
|
)
|
(506
|
)
|
(7,000
|
)
|
(196,219
|
)
|
(1,118
|
)
|
(319,957
|
)
|
||||||||||||||||||
(Loss) profit from continuing operations
|
(140,665
|
)
|
52,816
|
(22,621
|
)
|
81,445
|
423
|
23,729
|
(1,271,894
|
)
|
482,084
|
(794,683
|
)
|
|||||||||||||||||||||||
Loss from discontinuing operations
|
-
|
-
|
-
|
-
|
-
|
-
|
(42,857
|
)
|
(1,102
|
)
|
(43,959
|
)
|
||||||||||||||||||||||||
(Loss) profit for the year
|
(140,665
|
)
|
52,816
|
(22,621
|
)
|
81,445
|
423
|
23,729
|
(1,314,751
|
)
|
480,982
|
(838,642
|
)
|
|||||||||||||||||||||||
(Loss) profit from attributable to:
|
||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(137,110
|
)
|
48,056
|
(28,270
|
)
|
61,084
|
423
|
(4,995
|
)
|
(1,304,675
|
)
|
480,766
|
(884,721
|
)
|
||||||||||||||||||||||
Non-controlling interest
|
(3,555
|
)
|
4,760
|
5,649
|
20,361
|
-
|
28,724
|
(10,076
|
)
|
216
|
46,079
|
|||||||||||||||||||||||||
(140,665
|
)
|
52,816
|
(22,621
|
)
|
81,445
|
423
|
23,729
|
(1,314,751
|
)
|
480,982
|
(838,642
|
)
|
Segments by geographical areas
|
||||||||
2018
|
2019
|
|||||||
Revenues:
|
||||||||
- Peru
|
3,347,540
|
3,454,959
|
||||||
- Chile
|
226,891
|
388,284
|
||||||
- Colombia
|
325,031
|
241,761
|
||||||
3,899,462
|
4,085,004
|
|||||||
Non-current assets:
|
||||||||
- Peru
|
3,896,920
|
3,063,146
|
||||||
- Chile
|
142,383
|
146,891
|
||||||
- Colombia
|
157,839
|
123,758
|
||||||
4,197,142
|
3,333,795
|
At December, 31
|
||||||||
2018
|
2019
|
|||||||
Financial assets according to the statement of financial position
|
||||||||
Loans and accounts receivable at amortized cost:
|
||||||||
- Cash and cash equivalents
|
801,140
|
948,978
|
||||||
- Trade accounts receivable and other accounts receivable
|
||||||||
(excluding financial assets)
|
1,302,358
|
1,258,476
|
||||||
- Financial assets related to concession agreements
|
1,227,994
|
748,365
|
||||||
- Accounts receivable from related parties
|
813,129
|
36,658
|
||||||
4,144,621
|
2,992,477
|
At December, 31
|
||||||||
2018
|
2019
|
|||||||
Financial liabilities according to the statement of financial position
|
||||||||
Other financial liabilities at amortized cost:
|
||||||||
- Other financial liabilities
|
1,169,184
|
695,870
|
||||||
- Finance leases
|
33,488
|
22,980
|
||||||
- Lease liability for right-of-use asset
|
-
|
80,216
|
||||||
- Bonds
|
937,042
|
924,042
|
||||||
- Trade and other accounts payable
|
||||||||
(excluding non-financial liabilities)
|
1,453,933
|
1,364,131
|
||||||
- Accounts payable to related parties
|
77,790
|
61,499
|
||||||
3,671,437
|
3,148,738
|
|||||||
Hedging derivatives:
|
||||||||
- Derivative financial instruments
|
61
|
52
|
At December 31,
|
||||||||
2018
|
2019
|
|||||||
Cash and cash equivalents (*)
|
||||||||
Banco de Credito del Peru (A+)
|
350,403
|
302,743
|
||||||
Banco Continental (A+) | 114,067 |
186,238 |
||||||
Citibank (A)
|
134,990
|
183,719
|
||||||
Banco Scotiabank (A+)
|
73,039
|
64,101
|
||||||
Banco de la Nacion (A)
|
23,766
|
56,085
|
||||||
Credicorp Capital Colombia (AAA)
|
-
|
44,338
|
||||||
Banco Interbank (A)
|
14,075
|
41,681
|
||||||
JP Morgan (AAA)
|
257
|
17,853
|
||||||
Santander Colombia (AAA)
|
-
|
15,183
|
||||||
Banco Scotiabank - Chile (A+)
|
-
|
9,801
|
||||||
Banco Bogota (BB+)
|
16,782
|
7,255
|
||||||
Banco Santander - Chile (AAA)
|
3,325
|
5,817
|
||||||
Banco Santander - Perú (A)
|
12,221
|
114
|
||||||
Fondo de Inversion Alianza (AA+)
|
39,051
|
46
|
||||||
Banco de crédito e Inversiones - Chile (AA+)
|
5,909
|
-
|
||||||
Others
|
8,312
|
7,017
|
||||||
796,197
|
941,991
|
A:
|
New customers/related parties (less than six months),
|
B:
|
Existing customers/related parties (with more than six months of trade relationship) with no previous default history; and
|
C:
|
Existing customers/related parties (with more than six months of trade relationship) with previous default history.
|
2018
|
2019
|
|||||||
Trade accounts receivable (Note 10)
|
||||||||
Counterparties with no external risk rating
|
||||||||
A
|
302,369
|
58,999
|
||||||
B
|
1,579,400
|
1,373,424
|
||||||
C
|
146,126
|
142,516
|
||||||
2,027,895
|
1,574,939
|
|||||||
Receivable from related parties and
|
||||||||
joint operators (Note 12)
|
||||||||
B
|
813,129
|
583,599
|
2018
|
2019
|
|||||||
Cash on hand
|
1,377
|
1,323
|
||||||
Remittances in-transit | 3,566 |
5,664 |
||||||
Bank accounts
|
313,253
|
223,378
|
||||||
Escrow account (a)
|
334,579
|
552,439
|
||||||
Time deposits (b)
|
148,365
|
166,174
|
||||||
801,140
|
948,978
|
(a)
|
The Group maintains trust accounts in local and foreign banks that includes reserve funds for bond payments issued by the subsidiaries GyM Ferrovias S.A.
and Norvial S.A. for the year 2019 S/181 million and S/18 million, respectively (for the year 2018 S/133 million and S/13 million, respectively), as shown in the following detail:
|
2018
|
2019
|
|||||||
Reserve funds issued bonds
|
146,590
|
199,192
|
||||||
Real estate projects
|
38,961
|
31,794
|
||||||
Engineering and construction projects Colombia
|
39,084
|
44,457
|
||||||
Engineering and construction projects Perú
|
47,537
|
192,069
|
||||||
Infrastructure projects
|
62,406
|
84,926
|
||||||
334,579
|
552,439
|
(b)
|
Time deposits have maturities less than 90 days and may be renewed upon maturity. These deposits earn interest that fluctuates between 1.15% and 2.85%.
|
Financial |
Interest
|
|||||||||||||
entities | rate |
2018
|
2019 | |||||||||||
GyM Ferrovias S.A.
|
Banco de crédito del Perú
|
2.70
|
%
|
32,000
|
32,300
|
|||||||||
GyM Ferrovias S.A.
|
Banco Continental
|
1.15
|
%
|
-
|
69,531
|
|||||||||
GyM S.A.
|
Banco de crédito del Perú
|
2.40
|
%
|
1,906
|
28,213
|
|||||||||
Survial S.A.
|
Banco de crédito del Perú
|
2.85
|
%
|
-
|
15,400
|
|||||||||
GMI S.A.
|
Banco de crédito del Perú
|
2.52
|
%
|
-
|
9,993
|
|||||||||
Graña y Montero S.A.A.
|
Banco de crédito del Perú
|
2.40
|
%
|
110,281
|
5,312
|
|||||||||
Norvial S.A.
|
Banco de crédito del Perú
|
2.85
|
%
|
-
|
4,763
|
|||||||||
Concesión Canchaque S.A.C.
|
Banco de crédito del Perú
|
2.85
|
%
|
-
|
662
|
|||||||||
Concesionaria la Chira S.A.
|
Banco de crédito del Perú
|
2.50
|
%
|
4,170
|
-
|
|||||||||
GMP S.A.
|
Banco de crédito del Perú
|
2.50
|
%
|
7
|
-
|
|||||||||
Viva GyM S.A.
|
Banco de crédito del Perú
|
2.50
|
%
|
1
|
-
|
|||||||||
148,365
|
166,174
|
2018
|
2019
|
|||||||
Cash and Cash Equivalent on consolidated statement of financial position
|
801,140
|
948,978
|
||||||
Bank overdrafts (Note 18)
|
(119
|
)
|
-
|
|||||
Balances per consolidated statement of cash flows
|
801,021
|
948,978
|
||||||
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||
Receivables (a)
|
1,376,517
|
923,316
|
907,007
|
380,135
|
469,510
|
543,181
|
||||||||||||||||||
Unbilled receivables - Subsidiaries (b)
|
79,847
|
421,841
|
79,847
|
336,272
|
-
|
85,569
|
||||||||||||||||||
Unbilled receivables - Concessions (c)
|
584,174
|
234,688
|
33,617
|
110,236
|
550,557
|
124,452
|
||||||||||||||||||
2,040,538
|
1,579,845
|
1,020,471
|
826,643
|
1,020,067
|
753,202
|
|||||||||||||||||||
Impairment of account receivables
|
(12,643
|
)
|
(4,906
|
)
|
(12,643
|
)
|
(4,906
|
)
|
-
|
-
|
||||||||||||||
2,027,895
|
1,574,939
|
1,007,828
|
821,737
|
1,020,067
|
753,202
|
2018
|
2019
|
|||||||
Current
|
890,100
|
802,341
|
||||||
Past due up to 30 days
|
259,062
|
28,216
|
||||||
Past due from 31 days up to 180 days
|
28,575
|
21,490
|
||||||
Past due from 181 days up to 360 days
|
152,732
|
28,327
|
||||||
Past due over 360 days
|
33,405
|
38,036
|
||||||
1,363,874
|
918,410
|
2018
|
2019
|
|||||||
GYM S.A.
|
14,455
|
384,660
|
||||||
Concar S.A.
|
38,770
|
10,737
|
||||||
GMI S.A.
|
26,622
|
24,787
|
||||||
GMP S.A.
|
-
|
1,657
|
||||||
79,847
|
421,841
|
2018
|
2019
|
|||||||
Infrastructure
|
||||||||
Operation and maintenance of roads
|
38,066
|
9,837
|
||||||
Oil services
|
-
|
1,657
|
||||||
Others
|
703
|
901
|
||||||
38,769
|
12,395
|
|||||||
Engineering and Construction
|
||||||||
Talara Refinery
|
-
|
190,831
|
||||||
North Concentrator Plant - Quellaveco
|
-
|
52,488
|
||||||
Oxide Plant - Marcobre
|
-
|
26,658
|
||||||
Civil works, assembly and electromechanics - Acero Arequipa
|
-
|
16,449
|
||||||
Project Mina Gold Fields La Cima S.A.
|
11,980
|
3,409
|
||||||
Generating Plant Machu Picchu
|
-
|
13,098
|
||||||
Others
|
29,098
|
106,513
|
||||||
41,078
|
409,446
|
|||||||
79,847
|
421,841
|
2018
|
2019
|
|||||||
Linea 1 - Metro de Lima
|
558,179
|
208,205
|
||||||
Operation and maintenance of roads
|
25,397
|
25,315
|
||||||
Others
|
598
|
1,168
|
||||||
584,174
|
234,688
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||
Unbilled receivable concessions in progress
|
32,212
|
23,117
|
-
|
-
|
32,212
|
23,117
|
||||||||||||||||||
Work in progress
|
28,538
|
)
|
49,457
|
28,538
|
49,457
|
)
|
-
|
-
|
||||||||||||||||
60,750
|
72,574
|
28,538
|
49,457
|
32,212
|
23,117
|
2018
|
2019
|
|||||||
Infrastructure
|
||||||||
Road operation and maintenance
|
32,212
|
23,117
|
||||||
32,212
|
23,117
|
|||||||
Engineering and construction
|
||||||||
Engineering and Construction Works - GYM Chile S.p.A.
|
13,007
|
19,531
|
||||||
Talara Refinery
|
-
|
20,126
|
||||||
North Concentrator Plant of Quellaveco
|
-
|
1,033
|
||||||
Others
|
15,531
|
8,767
|
||||||
28,538
|
49,457
|
|||||||
60,750
|
72,574
|
a)
|
Transactions with related parties
|
2018
|
2019
|
|||||||
Revenue from sales of goods and services:
|
||||||||
- Joint operations
|
56,560
|
44,130
|
||||||
- Associates | 1,704 |
108 |
||||||
58,264
|
44,238
|
|||||||
Purchase of goods and services:
|
||||||||
- Joint operations
|
601
|
1,765
|
||||||
- Associates
|
2,130
|
-
|
||||||
2,731
|
1,765
|
b)
|
Key management compensation
|
c)
|
Balances at the end of the year were:
|
At December 31,
|
At December 31,
|
|||||||||||||||
2018
|
2019
|
|||||||||||||||
Receivable
|
Payable
|
Receivable
|
Payable
|
|||||||||||||
Current portion:
|
||||||||||||||||
Joint operations
|
||||||||||||||||
Consorcio Rio Urubamba
|
9,122
|
-
|
9,042
|
-
|
||||||||||||
Consorcio Peruano de Conservacion
|
6,417
|
-
|
3,592
|
-
|
||||||||||||
Consorcio Italo Peruano
|
3,322
|
4,996
|
1,011
|
363
|
||||||||||||
Consorcio Constructor Chavimochic
|
2,138
|
6,199
|
-
|
5,953
|
||||||||||||
Consorcio GyM Conciviles
|
1,855
|
-
|
1,257
|
1,958
|
||||||||||||
Consorcio La Gloria
|
1,369
|
1,006
|
1,750
|
1,017
|
||||||||||||
Consorcio Ermitaño
|
781
|
624
|
831
|
440
|
||||||||||||
Consorcio Terminales del Peru S.A.
|
459
|
-
|
1,176
|
-
|
||||||||||||
Consorcio TNT Vial y Vives - DSD Chile Ltda
|
-
|
11,804
|
-
|
1,088
|
||||||||||||
Consorcio Rio Mantaro
|
-
|
6,655
|
-
|
5,869
|
||||||||||||
Consorcio Vial Quinua
|
-
|
1,970
|
-
|
2,048
|
||||||||||||
Consorcio Huacho Pativilca
|
-
|
475
|
1,419
|
5,895
|
||||||||||||
Consorcio CDEM
|
-
|
-
|
638
|
-
|
||||||||||||
Consorcio GyM-Stracon
|
-
|
-
|
2,230
|
-
|
||||||||||||
Consorcio GyM-OSSA
|
-
|
-
|
7,202
|
-
|
||||||||||||
Consorcio Chicama Ascope
|
-
|
-
|
2,471
|
-
|
||||||||||||
Other minors
|
9,215
|
11,323
|
1,407
|
2,102
|
||||||||||||
34,678
|
45,052
|
34,026
|
26,733
|
|||||||||||||
Other related parties
|
||||||||||||||||
Ferrovías Argentina
|
-
|
10,242
|
-
|
12,183
|
||||||||||||
Perú Piping Spools S.A.C.
|
225
|
-
|
2,632
|
-
|
||||||||||||
Other minors
|
-
|
647
|
-
|
-
|
||||||||||||
225
|
10,889
|
2,632
|
12,183
|
|||||||||||||
Current portion
|
34,903
|
55,941
|
36,658
|
38,916
|
||||||||||||
Non-current portion
|
||||||||||||||||
Gasoducto Sur Peruano S.A.
|
773,927
|
-
|
544,842
|
-
|
||||||||||||
Ferrovías Participaciones
|
-
|
21,849
|
-
|
22,583
|
||||||||||||
Other minors
|
4,299
|
-
|
2,099
|
-
|
||||||||||||
Non-current
|
778,226
|
21,849
|
546,941
|
22,583
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||
Advances to suppliers (a)
|
146,536
|
135,481
|
81,719
|
135,481
|
64,817
|
-
|
||||||||||||||||||
Income tax on-account payments (b)
|
91,353
|
70,647
|
91,353
|
70,647
|
-
|
-
|
||||||||||||||||||
VAT credit (c)
|
105,238
|
45,910
|
79,076
|
31,646
|
26,162
|
14,264
|
||||||||||||||||||
Guarantee deposits (d)
|
180,010
|
181,400
|
167,769
|
98,046
|
12,241
|
83,354
|
||||||||||||||||||
Claims to third parties (e)
|
62,163
|
79,772
|
62,163
|
38,875
|
-
|
40,897
|
||||||||||||||||||
Petroleos del Peru S.A.- Petroperu S.A. (f)
|
75,750
|
80,941
|
11,953
|
17,292
|
63,797
|
63,649
|
||||||||||||||||||
ITAN and other tax receivable
|
45,890
|
60,883
|
20,246
|
30,233
|
25,644
|
30,650
|
||||||||||||||||||
Restricted funds (g)
|
67,972
|
15,974
|
39,394
|
973
|
28,578
|
15,001
|
||||||||||||||||||
Rental and sale of equipment - GyM S.A. projects
|
34,768
|
30,798
|
34,768
|
30,798
|
-
|
-
|
||||||||||||||||||
Accounts receivable from personneel
|
3,479
|
2,836
|
3,479
|
2,836
|
-
|
-
|
||||||||||||||||||
Consorcio Constructor Ductos del Sur (h)
|
52,114
|
27,782
|
-
|
-
|
52,114
|
27,782
|
||||||||||||||||||
Consorcio Panorama
|
27,132
|
23,491
|
5,306
|
-
|
21,826
|
23,491
|
||||||||||||||||||
Other minors
|
23,837
|
16,488
|
16,059
|
15,253
|
7,778
|
1,235
|
||||||||||||||||||
916,242
|
772,403
|
613,285
|
472,080
|
302,957
|
300,323
|
|||||||||||||||||||
Impairment
|
(24,834
|
)
|
(27,580
|
)
|
(24,834
|
)
|
(27,580
|
)
|
-
|
-
|
||||||||||||||
891,408
|
744,823
|
588,451
|
444,500
|
302,957
|
300,323
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||
Alsthom Transporte - Linea 1
|
66,395
|
2,597
|
1,578
|
2,597
|
64,817
|
-
|
||||||||||||||||||
Advances - Refineria Talara
|
9,755
|
48,303
|
9,755
|
48,303
|
-
|
-
|
||||||||||||||||||
Advances - joint operations vendors
|
42,410
|
49,181
|
42,410
|
49,181
|
-
|
-
|
||||||||||||||||||
Others
|
27,976
|
35,400
|
27,976
|
35,400
|
-
|
-
|
||||||||||||||||||
146,536
|
135,481
|
81,719
|
135,481
|
64,817
|
-
|
Current
|
||||||||
2018
|
2019
|
|||||||
GyM S.A.
|
55,377
|
45,628
|
||||||
GMI S.A.
|
3,877
|
7,203
|
||||||
GMP S.A.
|
8,511
|
2,400
|
||||||
Concar S.A.
|
8,563
|
3,709
|
||||||
Viva GyM S.A.
|
8,114
|
3,485
|
||||||
Graña y Montero S.A.A.
|
6,463
|
2,895
|
||||||
Norvial S.A.
|
-
|
4,266
|
||||||
Survial S.A.
|
334
|
426
|
||||||
Others
|
114
|
635
|
||||||
91,353
|
70,647
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||
GyM S.A.
|
39,183
|
12,963
|
38,653
|
12,963
|
530
|
-
|
||||||||||||||||||
GyM Ferrovias S.A.
|
25,453
|
11,970
|
25,453
|
11,970
|
-
|
-
|
||||||||||||||||||
Graña y Montero S.A.A.
|
9,821
|
-
|
9,821
|
-
|
-
|
-
|
||||||||||||||||||
Concar S.A.
|
2,382
|
1,653
|
2,382
|
1,653
|
-
|
-
|
||||||||||||||||||
Survial SA.
|
-
|
1,817
|
-
|
1,817
|
-
|
-
|
||||||||||||||||||
GMI S.A.
|
589
|
1,513
|
589
|
1,513
|
-
|
-
|
||||||||||||||||||
Viva GyM S.A.
|
7,255
|
6,874
|
511
|
513
|
6,744
|
6,361
|
||||||||||||||||||
Negocios del Gas S.A.
|
8,411
|
-
|
-
|
-
|
8,411
|
-
|
||||||||||||||||||
GMP S.A.
|
456
|
396
|
456
|
396
|
-
|
-
|
||||||||||||||||||
Norvial S.A.
|
1,997
|
-
|
-
|
-
|
1,997
|
-
|
||||||||||||||||||
Concesionaria Vesur S.A.
|
6,074
|
-
|
1,015
|
-
|
5,059
|
-
|
||||||||||||||||||
Others
|
3,617
|
8,724
|
196
|
821
|
3,421
|
7,903
|
||||||||||||||||||
105,238
|
45,910
|
79,076
|
31,646
|
26,162
|
14,264
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||
Talara Refinery
|
72,992
|
55,567
|
72,992
|
308
|
-
|
55,259
|
||||||||||||||||||
Retention Toquepala
|
15,633
|
19,630
|
15,633
|
19,630
|
-
|
-
|
||||||||||||||||||
Retention Minera Teck
|
2,848
|
16,075
|
2,848
|
16,075
|
-
|
-
|
||||||||||||||||||
Retention Quellaveco
|
2,996
|
15,926
|
2,996
|
15,926
|
-
|
-
|
||||||||||||||||||
Joint operations retention
|
43,268
|
29,575
|
43,268
|
15,654
|
-
|
13,921
|
||||||||||||||||||
Retention Morelco
|
16,282
|
15,261
|
16,282
|
15,261
|
-
|
-
|
||||||||||||||||||
Retention Marcobre
|
-
|
5,052
|
-
|
5,052
|
-
|
-
|
||||||||||||||||||
SBLC guarantees - Sale of CAM Chile S.p.A.
|
20,221
|
14,726
|
7,980
|
3,576
|
12,241
|
11,150
|
||||||||||||||||||
Others
|
5,770
|
9,588
|
5,770
|
6,564
|
-
|
3,024
|
||||||||||||||||||
180,010
|
181,400
|
167,769
|
98,046
|
12,241
|
83,354
|
2018
|
2019
|
|||||||
Land
|
230,689
|
183,218
|
||||||
Work in progress - Real estate | 135,376 |
158,010 |
||||||
Finished properties
|
76,027
|
86,190
|
||||||
Construction materials
|
27,852
|
59,879
|
||||||
Merchandise and supplies
|
53,310
|
74,959
|
||||||
523,254
|
562,256
|
|||||||
Impairment of inventories
|
(9,207
|
)
|
(9,683
|
)
|
||||
514,047
|
552,573
|
2018
|
2019
|
|||||||
Lurin (a)
|
72,080
|
71,902
|
||||||
San Isidro (b)
|
49,664
|
51,285
|
||||||
San Miguel (c)
|
28,811
|
-
|
||||||
Nuevo Chimbote (d)
|
17,262
|
17,457
|
||||||
Barranco (e)
|
13,585
|
14,202
|
||||||
Huancayo (f)
|
8,282
|
-
|
||||||
Piura
|
8,105
|
11,805
|
||||||
Carabayllo III
|
14,941
|
16,567
|
||||||
Others (g)
|
8,752
|
-
|
||||||
221,482
|
183,218
|
(a)
|
Plot of land of 107 hectares that corresponds to Inmobiliaria Almonte S.A.C. and a land 210 hectares that corresponds to Inmobiliaria Almonte 2 S.A.C.; both
lands located in the district of Lurin, province of Lima, destined for the purposes of industrial development and public housing.
|
(b)
|
Land located on David Samanez Ocampo street N° 140 in San Isidro district where a 15-story building with 24 apartments and 124 parking lots will be built.
|
(c)
|
Regarding the Parques del Mar project located in San Miguel, a traditional multi-family housing condominium with 248 apartments and 185 parking lots is
developed. In December 2019, the construction of the condominium began, which is why it is shown in products in process.
|
(d)
|
Land located in Chimbote of 11.5 hectares for the development of a real estate social housing project.
|
(e)
|
Land located in Paul Harris St. N°332 and N°336 in Barranco district, for the development of a residential building project.
|
(f)
|
With respect to the project located in the province of Huancayo, in December 2019, the deliveries of land from the second stage began; That is why the stock
of them is shown in finished products.
|
(g)
|
With respect to others, it includes the Strip project that delivered commercial premises and was transferred from land to finished products for S/22.9
million, as of December 2019 there is a stock in finished products of S/6.3 million.
|
2018
|
2019
|
|||||||
Los Parques de Comas
|
69,743
|
77,757
|
||||||
Los Parques del Callao
|
46,697
|
35,549
|
||||||
Los Parques de Piura
|
11,066
|
5,658
|
||||||
Los Parques del Mar
|
-
|
32,183
|
||||||
Inmobiliaria Pezet 417 S.A.C.
|
3,563
|
4,091
|
||||||
Others
|
4,307
|
2,772
|
||||||
135,376
|
158,010
|
2018
|
2019
|
|||||||
El Rancho
|
19,314
|
2,347
|
||||||
Los Parques de San Martín de Porres
|
4,029
|
903
|
||||||
Los Parques de Callao
|
389
|
10,914
|
||||||
Rivera Navarrete
|
4,053
|
131
|
||||||
Los Parques de Carabayllo
|
942
|
168
|
||||||
Los Parques de Comas
|
18,785
|
37,605
|
||||||
Los Parques de Villa El Salvador II
|
4,277
|
117
|
||||||
Klimt
|
5,911
|
5,978
|
||||||
Huancayo
|
15,546
|
19,672
|
||||||
Others
|
2,781
|
3,900
|
||||||
76,027
|
81,735
|
2018
|
2019
|
|||||||
Associates
|
250,282
|
28,875
|
||||||
Joint ventures
|
7,483
|
8,160
|
||||||
257,765
|
37,035
|
2018
|
2019
|
|||||||
Associates
|
(5,308
|
)
|
(220,993
|
)
|
||||
Joint ventures
|
1,599
|
2,219
|
||||||
(3,709
|
)
|
(218,774
|
)
|
Carrying amount
|
||||||||||||||||||
Class |
Interest in capital
|
At December 31,
|
||||||||||||||||
Entity
|
of share
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||
%
|
%
|
|||||||||||||||||
Gasoducto Sur Peruano S.A. (*)
|
Common
|
21.49
|
21.49
|
218,276
|
-
|
|||||||||||||
Concesionaria Chavimochic S.A.C.
|
Common
|
26.50
|
26.50
|
20,524
|
18,320
|
|||||||||||||
Peru Piping Spools S.A.C.
|
Common
|
33.33
|
33.33
|
5,102
|
4,166
|
|||||||||||||
Obratres S.A.C.
|
Common
|
37.50
|
37.50
|
3,758
|
3,756
|
|||||||||||||
Inversiones Majes S.A.
|
Common
|
9.59
|
9.59
|
1,846
|
2,306
|
|||||||||||||
Others
|
776
|
327
|
||||||||||||||||
250,282
|
28,875
|
2018
|
2019
|
|||||||
Opening balance
|
250,053
|
250,282
|
||||||
Contributions received
|
5,616
|
-
|
||||||
Equity interest in results
|
(5,308
|
)
|
(220,993
|
)
|
||||
Decrease in capital
|
(30
|
)
|
-
|
|
||||
Impairment of investment
|
-
|
(374
|
)
|
|||||
Conversion adjustment
|
(49
|
)
|
(40
|
)
|
||||
Final balance
|
250,282
|
28,875
|
i)
|
Gasoducto Sur Peruano S.A.
|
ii)
|
Concesionaria Chavimochic S.A.C.
|
Gasoducto Sur
Peruano S.A.
|
Concesionaria
Chavimochic S.A.C.
|
|||||||||||
At December, 31
|
At December, 31
|
|||||||||||
Entity
|
2018
|
2018
|
2019
|
|||||||||
(Liquidation base)
|
||||||||||||
Current
|
||||||||||||
Assets
|
7,006,473
|
66,052
|
55,586
|
|||||||||
Liabilities
|
(5,294,214
|
)
|
(2,183
|
)
|
(1,521
|
)
|
||||||
Non-current
|
||||||||||||
Assets
|
-
|
13,580
|
16,007
|
|||||||||
Liabilities
|
-
|
- |
-
|
|||||||||
Net assets
|
1,712,259
|
77,449
|
70,072
|
Gasoducto Sur
|
Concesionaria
|
|||||||||||
Peruano S.A.
|
Chavimochic S.A.C.
|
|||||||||||
Entity
|
2018
|
2018
|
2019
|
|||||||||
Administrative expenses |
(8,455 |
) |
(11,916 |
) |
||||||||
Loss of the year before tax
|
-
|
(8,455
|
)
|
(11,916
|
)
|
|||||||
Income tax
|
-
|
2,543
|
3,600
|
|||||||||
Loss of the year
|
-
|
(5,912
|
)
|
(8,316
|
)
|
|||||||
Other comprehensive loss
|
-
|
-
|
-
|
|||||||||
Total comprehensive loss
|
-
|
(5,912
|
)
|
(8,316
|
)
|
b) |
Investment in Joint Ventures
|
Carrying amount
|
|||||||||||||||||
Class | Interest in capital |
At December 31, |
|||||||||||||||
Entity
|
of share
|
2018
|
2019
|
2018
|
2019
|
||||||||||||
%
|
%
|
||||||||||||||||
Logistica Químicos del Sur S.A.C.
|
Common
|
50.00
|
50.00
|
7,230
|
8,006
|
||||||||||||
Constructora SK-VyV Ltda.
|
Common
|
50.00
|
50.00
|
34
|
29
|
||||||||||||
Others
|
-
|
-
|
219
|
125
|
|||||||||||||
7,483
|
8,160
|
2018
|
2019
|
|||||||
Opening balance
|
18,618
|
7,483
|
||||||
Equity interest in results
|
1,599
|
2,219
|
||||||
Disposal of Investment
|
(10,112
|
)
|
-
|
|||||
Dividends received
|
(1,823
|
)
|
(1,517
|
)
|
||||
Conversion adjustment
|
79
|
(14
|
)
|
|||||
Write-off of Investment
|
(878
|
)
|
(11
|
)
|
||||
Final balance
|
7,483
|
8,160
|
At December, 31
|
||||||||
Logistica Quimicos del Sur S.A.C.
|
2018
|
2019
|
||||||
Current
|
||||||||
Cash and cash equivalents
|
1,520
|
2,131
|
||||||
Other current assets
|
1,549
|
2,416
|
||||||
Total current assets
|
3,069
|
4,547
|
||||||
Other current liabilities
|
(3,513
|
)
|
(4,381
|
)
|
||||
Total current liabilities
|
(3,513
|
)
|
(4,381
|
)
|
||||
Non-current
|
||||||||
Total non-current assets
|
37,349
|
37,620
|
||||||
Total non-current liabilities
|
(22,445
|
)
|
(21,773
|
)
|
||||
Net assets
|
14,460
|
16,013
|
||||||
Revenue
|
11,399
|
12,622
|
||||||
Depreciation and amortization
|
(2,313
|
)
|
(2,505
|
)
|
||||
Interest expense
|
(668
|
)
|
(644
|
)
|
||||
Profit from continuing operations
|
4,698
|
6,500
|
||||||
Income tax expense
|
(1,482
|
)
|
(1,913
|
)
|
||||
Profit from continuing operations
after income tax
|
3,216
|
4,587
|
||||||
Other comprehensive income
|
-
|
-
|
||||||
Total comprehensive income
|
3,216
|
4,587
|
Furniture
|
||||||||||||||||||||||||||||||||||||
and
|
Other
|
Replacement
|
Work in
|
|||||||||||||||||||||||||||||||||
Land
|
Buildings
|
Machinery
|
Vehicles
|
fixtures
|
equipment
|
units
|
progress
|
Total
|
||||||||||||||||||||||||||||
At January 1, 2018
|
||||||||||||||||||||||||||||||||||||
Cost
|
23,678
|
157,949
|
998,207
|
380,724
|
62,435
|
180,409
|
22,882
|
19,047
|
1,845,331
|
|||||||||||||||||||||||||||
Accumulated depreciation and impairment
|
-
|
(44,988
|
)
|
(553,937
|
)
|
(199,474
|
)
|
(47,451
|
)
|
(133,385
|
)
|
(9
|
)
|
(352
|
)
|
(979,596
|
)
|
|||||||||||||||||||
Net carrying amount
|
23,678
|
112,961
|
444,270
|
181,250
|
14,984
|
47,024
|
22,873
|
18,695
|
865,735
|
|||||||||||||||||||||||||||
Net initial carrying amount
|
23,678
|
112,961
|
444,270
|
181,250
|
14,984
|
47,024
|
22,873
|
18,695
|
865,735
|
|||||||||||||||||||||||||||
Additions
|
-
|
13,216
|
11,318
|
9,377
|
2,145
|
14,122
|
5,577
|
27,431
|
83,186
|
|||||||||||||||||||||||||||
Desconsolidation, net
|
(3,183
|
)
|
(33,989
|
)
|
(108,993
|
)
|
(110,859
|
)
|
(1,539
|
)
|
(32,878
|
)
|
-
|
(715
|
)
|
(292,156
|
)
|
|||||||||||||||||||
Reclassifications
|
-
|
17,129
|
16,626
|
(1,415
|
)
|
(1,430
|
)
|
75
|
(10,577
|
)
|
(20,408
|
)
|
-
|
|||||||||||||||||||||||
Deduction for sale of assets
|
-
|
(3,527
|
)
|
(55,567
|
)
|
(32,399
|
)
|
(2,164
|
)
|
(2,200
|
)
|
(124
|
)
|
-
|
(95,981
|
)
|
||||||||||||||||||||
Disposals, net
|
-
|
(9,723
|
)
|
(2,607
|
)
|
(1,418
|
)
|
(292
|
)
|
(461
|
)
|
-
|
(118
|
)
|
(14,619
|
)
|
||||||||||||||||||||
Depreciation charge
|
-
|
(14,257
|
)
|
(67,430
|
)
|
(19,391
|
)
|
(3,954
|
)
|
(18,068
|
)
|
-
|
-
|
(123,100
|
)
|
|||||||||||||||||||||
Impairment loss
|
-
|
-
|
(5,664
|
)
|
-
|
-
|
-
|
-
|
-
|
(5,664
|
)
|
|||||||||||||||||||||||||
Depreciation for sale deductions
|
-
|
1,189
|
37,452
|
14,868
|
1,813
|
1,702
|
-
|
-
|
57,024
|
|||||||||||||||||||||||||||
Translations adjustments
|
(286
|
)
|
3,383
|
(3,310
|
)
|
(788
|
)
|
(134
|
)
|
(2,415
|
)
|
-
|
(321
|
)
|
(3,871
|
)
|
||||||||||||||||||||
Net final carrying amount
|
20,209
|
86,382
|
266,095
|
39,225
|
9,429
|
6,901
|
17,749
|
24,564
|
470,554
|
|||||||||||||||||||||||||||
At December 31, 2018
|
||||||||||||||||||||||||||||||||||||
Cost
|
20,209
|
112,548
|
694,284
|
83,345
|
57,222
|
106,068
|
17,758
|
24,916
|
1,116,350
|
|||||||||||||||||||||||||||
Accumulated depreciation and impairment
|
-
|
(26,166
|
)
|
(428,189
|
)
|
(44,120
|
)
|
(47,793
|
)
|
(99,167
|
)
|
(9
|
)
|
(352
|
)
|
(645,796
|
)
|
|||||||||||||||||||
Net carrying amount
|
20,209
|
86,382
|
266,095
|
39,225
|
9,429
|
6,901
|
17,749
|
24,564
|
470,554
|
Furniture
|
Replacement |
|||||||||||||||||||||||||||||||||||
and
|
Other
|
and in-transit
|
Work in
|
|||||||||||||||||||||||||||||||||
Land
|
Buildings
|
Machinery
|
Vehicles
|
fixtures
|
equipment
|
units
|
progress
|
Total
|
||||||||||||||||||||||||||||
At January 1, 2019
|
||||||||||||||||||||||||||||||||||||
Cost
|
20,209
|
112,548
|
694,284
|
83,345
|
57,222
|
106,068
|
17,758
|
24,916
|
1,116,350
|
|||||||||||||||||||||||||||
Accumulated depreciation and impairment
|
-
|
(26,166
|
)
|
(428,189
|
)
|
(44,120
|
)
|
(47,793
|
)
|
(99,167
|
)
|
(9
|
)
|
(352
|
)
|
(645,796
|
)
|
|||||||||||||||||||
Net carrying amount
|
20,209
|
86,382
|
266,095
|
39,225
|
9,429
|
6,901
|
17,749
|
24,564
|
470,554
|
|||||||||||||||||||||||||||
Net initial carrying amount
|
20,209
|
86,382
|
266,095
|
39,225
|
9,429
|
6,901
|
17,749
|
24,564
|
470,554
|
|||||||||||||||||||||||||||
Additions
|
290
|
396
|
23,011
|
861
|
687
|
8,693
|
7,036
|
39,584
|
80,558
|
|||||||||||||||||||||||||||
Transfer to investment property (i)
|
(273
|
)
|
(1,187
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,460
|
)
|
||||||||||||||||||||||||
Reclassifications
|
-
|
1,544
|
40,840
|
1,033
|
118
|
2,054
|
(14,163
|
)
|
(31,426
|
)
|
-
|
|||||||||||||||||||||||||
Deduction for sale of assets
|
-
|
(78
|
)
|
(22,885
|
)
|
(9,531
|
)
|
(133
|
)
|
(2,789
|
)
|
(9
|
)
|
-
|
(35,425
|
)
|
||||||||||||||||||||
Disposals, net
|
-
|
-
|
(316
|
)
|
(101
|
)
|
(187
|
)
|
(229
|
)
|
-
|
(804
|
)
|
(1,637
|
)
|
|||||||||||||||||||||
Depreciation charge
|
-
|
(5,992
|
)
|
(48,035
|
)
|
(9,782
|
)
|
(2,092
|
)
|
(6,137
|
)
|
-
|
-
|
(72,038
|
)
|
|||||||||||||||||||||
Impairment loss
|
-
|
-
|
(4,226
|
)
|
-
|
-
|
-
|
-
|
(15,786
|
)
|
(20,012
|
)
|
||||||||||||||||||||||||
Depreciation for sale deductions
|
-
|
78
|
20,597
|
5,232
|
86
|
2,717
|
-
|
-
|
28,710
|
|||||||||||||||||||||||||||
Translations adjustments
|
(525
|
)
|
(360
|
)
|
(3,725
|
)
|
(726
|
)
|
(13
|
)
|
(31
|
)
|
-
|
-
|
(5,380
|
)
|
||||||||||||||||||||
Net final carrying amount
|
19,701
|
80,783
|
271,356
|
26,211
|
7,895
|
11,179
|
10,613
|
16,132
|
443,870
|
|||||||||||||||||||||||||||
At December 31, 2019
|
||||||||||||||||||||||||||||||||||||
Cost
|
19,974
|
113,339
|
726,167
|
74,434
|
55,710
|
111,696
|
10,624
|
32,270
|
1,144,214
|
|||||||||||||||||||||||||||
Accumulated depreciation and impairment
|
(273
|
)
|
(32,556
|
)
|
(454,811
|
)
|
(48,223
|
)
|
(47,815
|
)
|
(100,517
|
)
|
(11
|
)
|
(16,138
|
)
|
(700,344
|
)
|
||||||||||||||||||
Net carrying amount
|
19,701
|
80,783
|
271,356
|
26,211
|
7,895
|
11,179
|
10,613
|
16,132
|
443,870
|
2018
|
2019
|
|||||||
Cost of services and goods (Note 26)
|
81,199
|
95,445
|
||||||
Administrative expenses (Note 26)
|
5,135
|
1,907
|
||||||
(+) Depreciation discontinued operations
|
39,085
|
-
|
||||||
Total depreciation related to property, plant and
equipment and investment property
|
125,419
|
97,352
|
||||||
(-) Depreciation related to investment property
|
(2,319
|
)
|
(2,356
|
)
|
||||
(-) Depreciation related to right-of-use assets
|
-
|
(22,958
|
)
|
|||||
Total depreciation of property, plant
and equipment
|
123,100
|
72,038
|
At December 31,
|
||||||||
2018
|
2019
|
|||||||
Cost of acquisition
|
86,881
|
67,310
|
||||||
Accumulated depreciation
|
(38,026
|
)
|
(44,671
|
)
|
||||
Net carrying amount
|
48,855
|
22,639
|
Buildings
|
Machinery
and
equipments
|
Vehicles
|
Total
|
|||||||||||||
At January 1, 2019
|
||||||||||||||||
Additions
|
63,479
|
18,597
|
19,669
|
101,745
|
||||||||||||
Depreciation charge
|
(7,541
|
)
|
(6,899
|
)
|
(8,518
|
)
|
(22,958
|
)
|
||||||||
Translations adjustments
|
26
|
-
|
-
|
26
|
||||||||||||
Net final carrying amount
|
55,964
|
11,698
|
11,151
|
78,813
|
||||||||||||
At December 31, 2019
|
||||||||||||||||
Cost
|
63,505
|
18,597
|
19,669
|
101,771
|
||||||||||||
Accumulated depreciation
|
(7,541
|
)
|
(6,899
|
)
|
(8,518
|
)
|
(22,958
|
)
|
||||||||
Net carrying amount
|
55,964
|
11,698
|
11,151
|
78,813
|
2019
|
||||
Cost of services and goods
|
20,011
|
|||
Administrative expenses
|
2,947
|
|||
22,958
|
Contractual
|
Software and
|
Costs of
|
Land
|
|||||||||||||||||||||||||||||||||
Trade-
|
Concession
|
relations
|
development
|
development
|
use
|
Other
|
||||||||||||||||||||||||||||||
Goodwill
|
marks
|
rights
|
with clients
|
costs
|
of wells
|
rights
|
assets
|
Total
|
||||||||||||||||||||||||||||
At January 1, 2018
|
||||||||||||||||||||||||||||||||||||
Cost
|
197,547
|
110,486
|
841,229
|
98,607
|
59,913
|
396,806
|
13,288
|
59,324
|
1,777,200
|
|||||||||||||||||||||||||||
Accumulated amortization and impairment
|
(80,743
|
)
|
(45,386
|
)
|
(313,002
|
)
|
(64,342
|
)
|
(42,289
|
)
|
(280,073
|
)
|
-
|
(11,295
|
)
|
(837,130
|
)
|
|||||||||||||||||||
Net cost
|
116,804
|
65,100
|
528,227
|
34,265
|
17,624
|
116,733
|
13,288
|
48,029
|
940,070
|
|||||||||||||||||||||||||||
Net initial cost
|
116,804
|
65,100
|
528,227
|
34,265
|
17,624
|
116,733
|
13,288
|
48,029
|
940,070
|
|||||||||||||||||||||||||||
Additions
|
-
|
-
|
23,803
|
-
|
3,267
|
68,544
|
-
|
5,067
|
100,681
|
|||||||||||||||||||||||||||
Capitalization of interest
|
-
|
-
|
3,361
|
-
|
-
|
-
|
-
|
-
|
3,361
|
|||||||||||||||||||||||||||
Desconsolidation, net
|
(20,086
|
)
|
(8,358
|
)
|
(22,758
|
)
|
(8,909
|
)
|
(10,153
|
)
|
-
|
-
|
(1,863
|
)
|
(72,127
|
)
|
||||||||||||||||||||
Transfers from assets under construction
|
-
|
-
|
-
|
-
|
199
|
-
|
-
|
(199
|
)
|
-
|
||||||||||||||||||||||||||
Derecognition - cost
|
-
|
-
|
(16
|
)
|
-
|
(1,941
|
)
|
(4,126
|
)
|
-
|
-
|
(6,083
|
)
|
|||||||||||||||||||||||
Amortization
|
-
|
-
|
(50,776
|
)
|
(7,996
|
)
|
(5,834
|
)
|
(41,930
|
)
|
-
|
(5,536
|
)
|
(112,072
|
)
|
|||||||||||||||||||||
Translations adjustments
|
(3,430
|
)
|
(4,301
|
)
|
199
|
(303
|
)
|
830
|
-
|
-
|
270
|
(6,735
|
)
|
|||||||||||||||||||||||
Net final cost
|
93,288
|
52,441
|
482,040
|
17,057
|
3,992
|
139,221
|
13,288
|
45,768
|
847,095
|
|||||||||||||||||||||||||||
At December 31, 2018
|
||||||||||||||||||||||||||||||||||||
Cost
|
174,031
|
97,097
|
836,254
|
85,482
|
16,177
|
461,224
|
13,288
|
58,267
|
1,741,820
|
|||||||||||||||||||||||||||
Accumulated amortization and impairment
|
(80,743
|
)
|
(44,656
|
)
|
(354,214
|
)
|
(68,425
|
)
|
(12,185
|
)
|
(322,003
|
)
|
-
|
(12,499
|
)
|
(894,725
|
)
|
|||||||||||||||||||
Net cost
|
93,288
|
52,441
|
482,040
|
17,057
|
3,992
|
139,221
|
13,288
|
45,768
|
847,095
|
Contractual
|
Software and
|
Costs of
|
Land
|
|||||||||||||||||||||||||||||||||
Trade-
|
Concession
|
relations
|
development
|
development
|
use
|
Other
|
||||||||||||||||||||||||||||||
Goodwill
|
marks
|
rights
|
with clients
|
costs
|
of wells
|
rights
|
assets
|
Total
|
||||||||||||||||||||||||||||
At January 1, 2019
|
||||||||||||||||||||||||||||||||||||
Cost
|
174,031
|
97,097
|
836,254
|
85,482
|
16,177
|
461,224
|
13,288
|
58,267
|
1,741,820
|
|||||||||||||||||||||||||||
Accumulated amortization and impairment
|
(80,743
|
)
|
(44,656
|
)
|
(354,214
|
)
|
(68,425
|
)
|
(12,185
|
)
|
(322,003
|
)
|
-
|
(12,499
|
)
|
(894,725
|
)
|
|||||||||||||||||||
Net cost
|
93,288
|
52,441
|
482,040
|
17,057
|
3,992
|
139,221
|
13,288
|
45,768
|
847,095
|
|||||||||||||||||||||||||||
Net initial cost
|
93,288
|
52,441
|
482,040
|
17,057
|
3,992
|
139,221
|
13,288
|
45,768
|
847,095
|
|||||||||||||||||||||||||||
Additions
|
-
|
-
|
26,645
|
-
|
3,745
|
102,022
|
-
|
5,212
|
137,624
|
|||||||||||||||||||||||||||
Capitalization of interest expenses
|
-
|
-
|
2,725
|
-
|
-
|
-
|
-
|
802
|
3,527
|
|||||||||||||||||||||||||||
Transfers from assets under construction
|
-
|
-
|
-
|
-
|
672
|
-
|
-
|
(672
|
)
|
-
|
||||||||||||||||||||||||||
Derecognition - net
|
(930
|
) |
-
|
-
|
-
|
(2,015
|
) |
-
|
|
-
|
(4,106
|
)
|
(7,051
|
)
|
||||||||||||||||||||||
Amortization
|
-
|
-
|
(49,049
|
)
|
(3,682
|
)
|
(5,308
|
)
|
(43,552
|
)
|
-
|
(3,687
|
)
|
(105,278
|
)
|
|||||||||||||||||||||
Impairment loss
|
(33,089
|
)
|
-
|
(3,257
|
)
|
-
|
-
|
-
|
(2,468
|
)
|
-
|
(38,770
|
)
|
|||||||||||||||||||||||
Impairment reversal
|
-
|
20,676
|
-
|
-
|
-
|
-
|
-
|
-
|
20,676
|
|||||||||||||||||||||||||||
Translations adjustments
|
(1,902
|
)
|
(2,471
|
)
|
-
|
(114
|
)
|
(21
|
)
|
-
|
-
|
-
|
|
(4,508
|
)
|
|||||||||||||||||||||
Reclassifications |
- | 49 | (15,198 | ) |
(12,760 | ) |
19,410 | (3,717 | ) |
- | 12,216 | - | ||||||||||||||||||||||||
Net final cost
|
57,367
|
70,695
|
443,950
|
501
|
20,475
|
193,974
|
10,820
|
55,533
|
853,315
|
|||||||||||||||||||||||||||
At December 31, 2019
|
||||||||||||||||||||||||||||||||||||
Cost
|
93,887
|
73,836
|
710,290
|
72,810
|
48,073
|
558,530
|
13,288
|
113,057
|
1,683,771
|
|||||||||||||||||||||||||||
Accumulated amortization and impairment
|
(36,520
|
)
|
(3,141
|
)
|
(266,340
|
)
|
(72,309
|
)
|
(27,598
|
)
|
(364,556
|
)
|
(2,468
|
)
|
(57,524
|
)
|
(830,456
|
)
|
||||||||||||||||||
Net cost
|
57,367
|
70,695
|
443,950
|
501
|
20,475
|
193,974
|
10,820
|
55,533
|
853,315
|
a)
|
Goodwill
|
2018
|
2019
|
|||||||
Engineering and construction
|
71,621
|
36,632
|
||||||
Electromechanical
|
20,737
|
20,735
|
||||||
IT equipment and services
|
930
|
-
|
||||||
93,288
|
57,367
|
Engineering
|
||||||||
and
|
Electro-
|
|||||||
construction
|
mechanical
|
|||||||
%
|
%
|
|||||||
2018
|
||||||||
Gross margin
|
12.67
|
%
|
7.63
|
%
|
||||
Terminal growth rate
|
3.00
|
%
|
2.00
|
%
|
||||
Discount rate
|
12.55
|
%
|
11.44
|
%
|
||||
2019
|
||||||||
Gross margin
|
12.43
|
%
|
8.86
|
%
|
||||
Terminal growth rate
|
3.00
|
%
|
2.00
|
%
|
||||
Discount rate
|
11.83
|
%
|
11.40
|
%
|
b)
|
Trademarks
|
Engineering
|
||||||||
and construction
|
||||||||
Morelco
|
Vial y Vives-DSD
|
|||||||
%
|
%
|
|||||||
2018
|
||||||||
Average revenue growth rate
|
12.25
|
%
|
19.58
|
%
|
||||
Terminal growth rate
|
3.00
|
%
|
3.00
|
%
|
||||
Discount rate
|
12.55
|
%
|
14.00
|
%
|
||||
2019
|
||||||||
Average revenue growth rate
|
5.70
|
%
|
19.58
|
%
|
||||
Terminal growth rate
|
3.00
|
%
|
2.00
|
%
|
||||
Discount rate
|
11.83
|
%
|
14.12
|
%
|
c)
|
Concessions
|
2018
|
2019
|
|||||||
EPC Contract
|
70,133
|
62,319
|
||||||
Construction of the second tranch of the “Ancon-
|
||||||||
Huacho-Pativilca” highway
|
12,463
|
4,809
|
||||||
Cost of capitalized indebtedness at effective interest
|
||||||||
rates between 7.14% and 8.72%
|
9,836
|
950
|
||||||
Road improvement
|
15,558
|
14,449
|
||||||
Implementation for road safety
|
6,283
|
8,152
|
||||||
Work capitalization of second roadway
|
310,417
|
314,614
|
||||||
Disbursements for land adquisition
|
4,757
|
4,233
|
||||||
Other intangible assets contracted for the
|
||||||||
delivery process
|
6,775
|
7,477
|
||||||
Total Norvial S.A. |
436,222 |
417,003 |
||||||
Other concessions |
45,818 |
|
26,947 |
|||||
482,040
|
443,950
|
d)
|
Cost of well’s development
|
e)
|
Amortization of intangible assets
|
2018
|
2019
|
|||||||
Cost of sales and services (Note 26)
|
98,318
|
99,589
|
||||||
Administrative expenses (Note 26)
|
4,856
|
5,689
|
||||||
(+) Amortization discontinued operations
|
8,898
|
-
|
||||||
112,072
|
105,278
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||
Bank overdrafts (Note 9)
|
119
|
-
|
119
|
-
|
-
|
-
|
||||||||||||||||||
Bank loans (a)
|
1,023,481
|
553,658
|
810,188
|
424,362
|
213,293
|
129,296
|
||||||||||||||||||
Finance leases (b)
|
33,488
|
22,980
|
13,514
|
9,749
|
19,974
|
13,231
|
||||||||||||||||||
Lease liability for right-of-use asset (c)
|
-
|
80,216
|
-
|
18,246
|
-
|
61,970
|
||||||||||||||||||
Other financial entities (d)
|
145,584
|
142,212
|
2,653
|
1,903
|
142,931
|
140,309
|
||||||||||||||||||
1,202,672
|
799,066
|
826,474
|
454,260
|
376,198
|
344,806
|
|||||||||||||||||||
Current
|
Non-current
|
|||||||||||||||||||||||
Interest
|
Date of
|
At December, 31
|
At December, 31
|
|||||||||||||||||||||
rate
|
maturity
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||
GyM S.A.
|
1.00% / 11.00
|
%
|
2022
|
227,770
|
170,798
|
(iii) |
-
|
26,401
|
||||||||||||||||
Graña y Montero S.A.A.
|
9.10% / 10.10
|
%
|
2022
|
206,836
|
(ii) |
112,854
|
(iv) |
125,547
|
(i)
|
-
|
||||||||||||||
Viva GyM S.A.
|
7.00% / 12.00
|
%
|
2020
|
129,617
|
110,343
|
2,102
|
-
|
|||||||||||||||||
GMP S.A.
|
5.05% / 6.04
|
%
|
2026
|
22,587
|
30,367
|
85,644
|
102,895
|
|||||||||||||||||
GyM Ferrovías S.A.
|
Libor USD 1M
|
2019
|
209,463
|
-
|
-
|
-
|
||||||||||||||||||
+ 2% | ||||||||||||||||||||||||
Concar S.A.
|
6.85
|
%
|
2019
|
13,915
|
-
|
-
|
-
|
|||||||||||||||||
810,188
|
424,362
|
213,293
|
129,296
|
|||||||||||||||||||||
i)
|
Credit Suisse Syndicated Loan
|
ii)
|
GSP Bridge Loan
|
iii)
|
Financial Stability Framework Agreement
|
iv)
|
CS Peru Infrastructure Holdings LLC Loan
|
Current
|
Non-current
|
|||||||||||||||||||||||
Interest
|
Date of
|
At December, 31
|
At December, 31
|
|||||||||||||||||||||
rate
|
maturity
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||
Viva GyM S.A.
|
7.79% / 9.04
|
%
|
2023
|
3,488
|
4,297
|
8,582
|
7,399
|
|||||||||||||||||
GyM S.A.
|
1.98% / 9.07
|
%
|
2023
|
4,523
|
3,395
|
9,314
|
5,678
|
|||||||||||||||||
GMP S.A.
|
4.02% / 6.28
|
%
|
2022
|
4,034
|
1,511
|
1,522
|
154
|
|||||||||||||||||
Concar S.A.
|
4.30% / 5.05
|
%
|
2020
|
1,469
|
546
|
556
|
-
|
|||||||||||||||||
13,514
|
9,749
|
19,974
|
13,231
|
At December 31,
|
||||||||
2018
|
2019
|
|||||||
Up to 1 year
|
15,151
|
10,826
|
||||||
From 1 to 5 years
|
21,583
|
16,813
|
||||||
36,734
|
27,639
|
|||||||
Future financial charges
|
(3,246
|
)
|
(4,659
|
)
|
||||
Present value of the obligations for finance lease contracts
|
33,488
|
22,980
|
At December 31,
|
||||||||
2018
|
2019
|
|||||||
Up to 1 year
|
13,514
|
9,749
|
||||||
From 1 year to 5 years
|
19,974
|
13,231
|
||||||
33,488
|
22,980
|
|
Lease liability for right-of-use asset (Note 3.1)
|
At December, 31
|
||||||||||||||||
Interest
|
Date of
|
2019
|
||||||||||||||
rate
|
maturity
|
Current
|
Non-current
|
|||||||||||||
GMP S.A.
|
6.59% / 7.80
|
%
|
2023
|
10,584
|
10,261
|
|||||||||||
Graña y Montero S.A.A.
|
7.88
|
%
|
2027
|
4,888
|
50,362
|
|||||||||||
GyM S.A.
|
7.65
|
%
|
2022
|
1,592
|
541
|
|||||||||||
Concar S.A.
|
5.55
|
%
|
2024
|
1,171
|
806
|
|||||||||||
Other minors
|
6.31% / 10.00
|
%
|
2020
|
11
|
-
|
|||||||||||
18,246
|
61,970
|
At
|
||||
December 31,
|
||||
2019
|
||||
Up to 1 year
|
24,966
|
|||
From 1 to 5 years
|
69,955
|
|||
Over 5 years
|
7,603
|
|||
102,524
|
||||
Future financial charges
|
(22,308
|
)
|
||
Present value of the lease liability for right-of-use asset obligations
|
80,216
|
At
|
||||
December 31,
|
||||
2019
|
||||
Up to 1 year
|
18,247
|
|||
From 1 year to 5 years
|
54,595
|
|||
Over 5 years
|
7,374
|
|||
80,216
|
c)
|
Other financial entities
|
e) |
Fair value of debt
|
Carrying amount
|
Fair value
|
|||||||||||||||
At December, 31
|
At December, 31
|
|||||||||||||||
2018
|
2019
|
2018
|
2019
|
|||||||||||||
Bank overdrafts
|
119
|
-
|
119
|
-
|
||||||||||||
Bank loans
|
1,023,481
|
553,658
|
1,152,885
|
572,019
|
||||||||||||
Finance leases
|
33,488
|
22,980
|
38,399
|
23,027
|
||||||||||||
Lease liability for right-of-use asset
|
-
|
80,216
|
-
|
96,799
|
||||||||||||
Other financial entities
|
145,584
|
142,212
|
145,584
|
142,212
|
||||||||||||
1,202,672
|
799,066
|
1,336,987
|
834,057
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||
GyM Ferrovías S.A. (a)
|
611,660
|
618,497
|
13,422
|
15,742
|
598,238
|
602,755
|
||||||||||||||||||
Norvial S.A. (b)
|
325,382
|
305,545
|
25,745
|
28,995
|
299,637
|
276,550
|
||||||||||||||||||
937,042
|
924,042
|
39,167
|
44,737
|
897,875
|
879,305
|
a)
|
GyM Ferrovias S.A.
|
2018
|
2019
|
|||||||
Balance at January, 1
|
603,657
|
611,660
|
||||||
Amortization
|
(10,178
|
)
|
(11,330
|
)
|
||||
Accrued interest
|
48,130
|
48,253
|
||||||
Interest paid
|
(29,949
|
)
|
(30,086
|
)
|
||||
Balance at December, 31
|
611,660
|
618,497
|
-
|
Debt service coverage ratio not less than 1.2 times;
|
-
|
Maintain a minimum balance in the trust equal to one-quarter of operating and maintenance costs (including VAT);
|
-
|
Maintain a constant balance in the minimum trust equal to the following two coupons according to the bond schedule.
|
b)
|
Norvial S.A.
|
2018
|
2019 | |||||||
Balance at January, 1
|
343,910
|
325,382 | ||||||
Amortization
|
(18,736
|
)
|
(20,005 | ) | ||||
Accrued interest
|
24,170
|
23,482 | ||||||
Capitalized interest
|
3,361
|
2,725 | ||||||
Interest paid
|
(27,323
|
)
|
(26,039 | ) | ||||
Balance at December, 31
|
325,382
|
305,545 |
-
|
Debt service coverage ratio not less than 1.3 times;
|
-
|
Proforma leverage ratio less than 4 times.
|
2018
|
2019
|
|||||||
Invoices payable (a)
|
591,619
|
352,287
|
||||||
Provision of contract costs (b)
|
378,670
|
746,408
|
||||||
Notes payable
|
109,242
|
37,426
|
||||||
1,079,531
|
1,136,121
|
2018
|
2019
|
|||||||
Infrastructure
|
||||||||
Linea 1 - Metro de Lima
|
93,463
|
15,125
|
||||||
Oil services
|
49,254
|
46,932
|
||||||
Operation and maintenance - Roads
|
60,334
|
16,131
|
||||||
203,051
|
78,188
|
|||||||
Engineering and Construction
|
||||||||
Works and Consortiums
|
128,159
|
64,571
|
||||||
Talara Refinery
|
101,103
|
59,740
|
||||||
Engineering and Construction Works VYV - DSD Chile Ltda.
|
26,184
|
26,368
|
||||||
Civil Works, Assembly and Electromechanics - Toquepala
|
23,957
|
10,325
|
||||||
North Concentrator Plant - Quellaveco
|
7,564
|
26,589
|
||||||
Engineering and Construction Works - Morelco S.A.S.
|
19,504
|
8,141
|
||||||
Generating Plant Machu Picchu
|
7,789
|
6,575
|
||||||
Project Mina Gold Fields La Cima S.A.
|
5,060
|
5,302
|
||||||
Civil works, assembly and electromechanics - Acero Arequipa
|
3,062
|
5,421
|
||||||
Others
|
5,319
|
15,091
|
||||||
327,701
|
228,123
|
|||||||
Real Estate
|
18,365
|
26,072
|
||||||
Parent Company Operation
|
42,502
|
19,904
|
||||||
591,619
|
352,287
|
2018
|
2019
|
|||||||
Infrastructure
|
||||||||
Linea 1 - Metro de Lima
|
11,189
|
13,383
|
||||||
Oil services
|
-
|
20,512
|
||||||
Operation and maintenance - Roads
|
1,020
|
18,763
|
||||||
12,209
|
52,658
|
|||||||
Engineering and Construction
|
||||||||
Talara Refinery
|
115,870
|
418,540
|
||||||
Works and Consortiums
|
105,681
|
68,239
|
||||||
Engineering and Construction Works VYV - DSD
|
51,412
|
68,140
|
||||||
Engineering and Construction Works - Morelco SAS
|
27,570
|
34,804
|
||||||
North Concentrator Plant - Quellaveco
|
10,030
|
24,185
|
||||||
Mina Project of Gold Fields La Cima S.A.
|
8,520
|
15,050
|
||||||
Civil Works, Assembly and Electromechanics - Acero Arequipa
|
4,932
|
17,382
|
||||||
Civil Works, Assembly and Electromechanics - Toquepala
|
5,283
|
5,055
|
||||||
Generating Plant Machu Picchu
|
2,376
|
4,633
|
||||||
Others
|
8,513
|
23,063
|
||||||
340,187
|
679,091
|
|||||||
Real estate
|
12,808
|
13,573
|
||||||
Parent Company Operation
|
13,466
|
1,086
|
||||||
378,670
|
746,408
|
Total | Current | Non-current | |||||||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
||||||||||||||||||||
Advances received from customers (a)
|
496,547
|
307,839
|
301,868
|
270,714
|
194,679
|
37,125
|
|||||||||||||||||||
Consorcio Ductos del Sur - payable (b)
|
234,978
|
148,076
|
-
|
-
|
234,978
|
148,076
|
|||||||||||||||||||
Salaries and other payable
|
97,774
|
87,869
|
97,774
|
87,869
|
-
|
-
|
|||||||||||||||||||
Put option liability on Morelco acquisition (Note 32-b)
|
103,649
|
106,444
|
-
|
71,341
|
103,649
|
35,103
|
|||||||||||||||||||
Third-party loans
|
11,560
|
11,619
|
11,560
|
9,545
|
-
|
2,074
|
|||||||||||||||||||
Other taxes payable
|
132,775
|
104,444
|
111,444
|
84,235
|
21,331
|
20,209
|
|||||||||||||||||||
Acquisition of additional non-controlling interest
|
22,963
|
22,697
|
22,963
|
22,697
|
-
|
-
|
|||||||||||||||||||
Guarantee deposits
|
15,137
|
13,201
|
15,137
|
13,201
|
-
|
-
|
|||||||||||||||||||
Consorcio Rio Mantaro - payables
|
35,531
|
35,625
|
35,531
|
35,625
|
-
|
-
|
|||||||||||||||||||
Other accounts payables
|
55,865
|
70,592
|
36,392
|
40,078
|
19,473
|
30,514
|
|||||||||||||||||||
1,206,779
|
908,406
|
632,669
|
635,305
|
574,110
|
273,101
|
(a)
|
Advances received from customers relate mainly to construction projects, and are discounted from invoicing, in accordance with the terms of the contracts.
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||
Advances Customers Consortiums
|
154,660
|
115,250
|
146,764
|
113,093
|
7,896
|
2,157
|
||||||||||||||||||
Autoridad Autonoma del Sistema Electrico de Transporte
|
164,218
|
-
|
9,781
|
-
|
154,437
|
-
|
||||||||||||||||||
Customer advances for real estate projects
|
67,519
|
66,258
|
67,519
|
66,258
|
-
|
-
|
||||||||||||||||||
Concentradora Norte - Quellaveco
|
-
|
64,118
|
-
|
44,932
|
-
|
19,186
|
||||||||||||||||||
Special National Transportation Infrastructure Project
|
69,943
|
42,030
|
38,959
|
26,534
|
30,984
|
15,496
|
||||||||||||||||||
Talara Refinery
|
10,835
|
-
|
10,835
|
-
|
-
|
-
|
||||||||||||||||||
Others
|
29,372
|
20,183
|
28,010
|
19,897
|
1,362
|
286
|
||||||||||||||||||
496,547
|
307,839
|
301,868
|
270,714
|
194,679
|
37,125
|
(b)
|
The other accounts payable of Consorcio Constructor Ductos del Sur correspond to payment obligations to suppliers and the main subcontractors for S/235 million, assumed by the subsidiary GyM S.A; as a
result of the termination of GSP operations.
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||
Legal claims
|
84,728
|
278,319
|
6,049
|
103,635
|
78,679
|
174,684
|
||||||||||||||||||
Contingent liabilities from the acquisition of subsidiaries
|
4,498
|
-
|
-
|
-
|
4,498
|
-
|
||||||||||||||||||
Provision for well closure (Note 5.1 d)
|
20,382
|
50,116
|
148
|
9,848
|
20,234
|
40,268
|
||||||||||||||||||
109,608
|
328,435
|
6,197
|
113,483
|
103,411
|
214,952
|
Contingent
|
||||||||||||||||
liabilities
|
Provision
|
|||||||||||||||
Legal
|
resulting from
|
for well
|
||||||||||||||
Other provisions
|
claims
|
acquisitions
|
closure
|
Total
|
||||||||||||
At January 1, 2018
|
23,364
|
7,249
|
16,804
|
47,417
|
||||||||||||
Additions
|
75,369
|
-
|
3,578
|
78,947
|
||||||||||||
Reversals of provisions
|
(4,875
|
)
|
(1,343
|
)
|
-
|
(6,218
|
)
|
|||||||||
Deconsolidation of subsidiaries
|
(2,340
|
)
|
-
|
-
|
(2,340
|
)
|
||||||||||
Reclasification liabilities classified as held for sale
|
-
|
(1,093
|
)
|
-
|
(1,093
|
)
|
||||||||||
Payments
|
(6,615
|
)
|
-
|
-
|
(6,615
|
)
|
||||||||||
Translation adjustments
|
(175
|
)
|
(315
|
)
|
-
|
(490
|
)
|
|||||||||
At December 31, 2018
|
84,728
|
4,498
|
20,382
|
109,608
|
||||||||||||
At January 1, 2019
|
84,728
|
4,498
|
20,382
|
109,608
|
||||||||||||
Additions
|
197,721
|
-
|
30,998
|
228,719
|
||||||||||||
Reversals of provisions
|
(3,122
|
)
|
(4,349
|
)
|
-
|
(7,471
|
)
|
|||||||||
Payments
|
(914
|
)
|
-
|
(1,264
|
)
|
(2,178
|
)
|
|||||||||
Translation adjustments
|
(94
|
)
|
(149
|
)
|
-
|
(243
|
)
|
|||||||||
At December 31, 2019
|
278,319
|
-
|
50,116
|
328,435
|
a)
|
Capital
|
Total
|
||||||||
Percentage of individual
|
Number of
|
percentage of
|
||||||
interest in outstanding capital
|
shareholders
|
interest
|
||||||
Up to 1.00
|
1,725
|
12.19
|
%
|
|||||
From 1.01 to 5.00
|
16
|
30.98
|
%
|
|||||
From 5.01 to 10.00
|
2
|
18.34
|
%
|
|||||
Over 10
|
2
|
38.49
|
%
|
|||||
1,745
|
100.00
|
%
|
b)
|
Legal reserve
|
c)
|
Voluntary reserve
|
d)
|
Share premium
|
e)
|
Retained earnings
|
At December 31,
|
||||||||
2018
|
2019
|
|||||||
Deferred income tax asset:
|
||||||||
Reversal expected in the following twelve months
|
48,889
|
37,927
|
||||||
Reversal expected after twelve months
|
376,547
|
202,992
|
||||||
Total deferred tax asset
|
425,436
|
240,919
|
||||||
Deferred income tax liability:
|
||||||||
Reversal expected in the following twelve months
|
(9,067
|
)
|
(19,791
|
)
|
||||
Reversal expected after twelve months
|
(66,280
|
)
|
(92,943
|
)
|
||||
Total deferred tax liability
|
(75,347
|
)
|
(112,734
|
)
|
||||
Deferred income tax asset, net
|
350,089
|
128,185
|
||||||
The gross movement of the deferred income tax item is as follows:
|
||||||||
At December 31,
|
||||||||
2018
|
2019
|
|||||||
Opening balance
|
364,225
|
350,089
|
||||||
Debit (credit) to income statement (Note 29)
|
25,118
|
(206,273
|
)
|
|||||
Adjustment for changes in rates of income tax
|
(1,524
|
)
|
(622
|
)
|
||||
Sale of a subsidiary
|
(40,460
|
)
|
-
|
|||||
IFRIC 23 adoption
|
-
|
(986
|
)
|
|||||
Debit (credit) to equity
|
(95
|
)
|
(3
|
)
|
||||
Other movements
|
2,825
|
(14,020
|
)
|
|||||
Final balance
|
350,089
|
128,185
|
Difference in
|
Work
|
Borrowing
|
||||||||||||||||||||||||||||||||||
Deferred income
|
depreciation
|
Deferred
|
in
|
Tax
|
costs
|
|||||||||||||||||||||||||||||||
tax liabilities
|
rates
|
income
|
process
|
receivable
|
capitalized
|
PPA
|
Others
|
Total
|
||||||||||||||||||||||||||||
At January 1, 2018
|
165,851
|
-
|
2,530
|
32,189
|
19,945
|
15,338
|
9,357
|
245,210
|
||||||||||||||||||||||||||||
(Charge) credit to P&L
|
(74,679
|
)
|
13,574
|
2,926
|
689
|
(4,229
|
)
|
(11,699
|
)
|
7,828
|
(65,590
|
)
|
||||||||||||||||||||||||
Sale of subsidiary
|
(16,189
|
)
|
-
|
-
|
-
|
-
|
(5,201
|
)
|
(3,377
|
)
|
(24,767
|
)
|
||||||||||||||||||||||||
At December 31, 2018
|
74,983
|
13,574
|
5,456
|
32,878
|
15,716
|
(1,562
|
)
|
13,808
|
154,853
|
|||||||||||||||||||||||||||
(Charge) credit to P&L
|
9,937
|
10,571
|
33,403
|
3,312
|
(780
|
)
|
11,385
|
18,821
|
86,649
|
|||||||||||||||||||||||||||
At December 31, 2019
|
84,920
|
24,145
|
38,859
|
36,190
|
14,936
|
9,823
|
32,629
|
241,502
|
||||||||||||||||||||||||||||
Accelerated
|
Accrual for
|
|||||||||||||||||||||||||||||||||||
Deferred income
|
tax
|
Tax
|
Work
|
unpaid
|
Tax
|
|||||||||||||||||||||||||||||||
tax assets
|
Provisions
|
depreciation
|
losses
|
in process
|
vacations
|
Impairment
|
Goodwill
|
Others
|
Total
|
|||||||||||||||||||||||||||
At January 1, 2018
|
52,439
|
86,651
|
144,089
|
39,487
|
13,440
|
224,780
|
20,413
|
28,136
|
609,435
|
|||||||||||||||||||||||||||
Charge (credit) to P&L
|
702
|
(83,561
|
)
|
25,733
|
(5,482
|
)
|
1,784
|
35,289
|
(2,365
|
)
|
(14,096
|
)
|
(41,996
|
)
|
||||||||||||||||||||||
Charge (credit) to equity
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(95
|
)
|
(95
|
)
|
|||||||||||||||||||||||||
Sale of subsidiary
|
(14,775
|
)
|
(2,169
|
)
|
(33,512
|
)
|
-
|
(6,215
|
)
|
(6,462
|
)
|
-
|
(944
|
)
|
(64,077
|
)
|
||||||||||||||||||||
Others
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,675
|
1,675
|
|||||||||||||||||||||||||||
At December 31, 2018
|
38,366
|
921
|
136,310
|
34,005
|
9,009
|
253,607
|
18,048
|
14,676
|
504,942
|
|||||||||||||||||||||||||||
Charge (credit) to P&L
|
804
|
7,512
|
14,343
|
11,715
|
1,842
|
(205,265
|
)
|
(4,526
|
)
|
53,329
|
(120,246
|
)
|
||||||||||||||||||||||||
Charge (credit) to equity
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(3
|
)
|
(3
|
)
|
|||||||||||||||||||||||||
IFRIC 23 adoption
|
-
|
-
|
(986
|
)
|
-
|
-
|
-
|
-
|
-
|
(986
|
)
|
|||||||||||||||||||||||||
Others
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(14,020
|
)
|
(14,020
|
)
|
|||||||||||||||||||||||||
At December 31, 2019
|
39,170
|
8,433
|
149,667
|
45,720
|
10,851
|
48,342
|
13,522
|
53,982
|
369,687
|
Tax loss
|
||||||||||||||||||||||||
Tax
|
aplication
|
Application
|
Statute of
|
|||||||||||||||||||||
loss
|
method
|
2020
|
2021
|
Forward
|
limitations
|
|||||||||||||||||||
GyM S.A.
|
328,946
|
B |
23,985
|
13,270
|
291,691
|
|||||||||||||||||||
Vial y Vives-DSD S.A.
|
115,027
|
N/A
|
71,010
|
6,018
|
37,999
|
|||||||||||||||||||
Viva GyM S.A.
|
21,530
|
A |
16,917
|
4,613
|
-
|
2022
|
||||||||||||||||||
Graña y Montero S.A.A.
|
17,875
|
A |
-
|
-
|
17,875
|
2022
|
||||||||||||||||||
TGNCA S.A.C.
|
15,989
|
B |
-
|
-
|
15,989
|
|||||||||||||||||||
Morelco S.A.S.
|
5,650
|
N/A
|
5,650
|
-
|
-
|
|||||||||||||||||||
GMP S.A.
|
4,869
|
A |
4,869
|
-
|
-
|
2021
|
||||||||||||||||||
GyM Chile S.p.A.
|
4,052
|
N/A
|
-
|
-
|
4,052
|
|||||||||||||||||||
Survial S.A.
|
2,053
|
A |
|
1,437
|
616
|
-
|
2023
|
|||||||||||||||||
Incolur DSD
|
1,278
|
N/A
|
-
|
-
|
1,278
|
|||||||||||||||||||
Others
|
47
|
47
|
-
|
-
|
||||||||||||||||||||
517,316
|
123,915
|
24,517
|
368,884
|
1.
|
System A, it is allowed to offset the tax loss in future years up to the following four (4) years from the date the loss is incurred.
|
2.
|
System B. The tax loss may be offset in future years up to 50% of the net rent of each year. This option does not consider a statute of limitations.
|
2018
|
2019
|
|||||||
Cost of sales of goods and services
|
5,274
|
4,661
|
||||||
Administrative expenses
|
2,588
|
1,679
|
||||||
7,862
|
6,340
|
Cost
|
||||||||||||
of goods
|
Administrative
|
|||||||||||
and services
|
expenses
|
Total
|
||||||||||
2018
|
||||||||||||
Services provided by third-parties
|
1,064,687
|
98,060
|
1,162,747
|
|||||||||
Salaries, wages and fringe benefits (i)
|
817,392
|
105,505
|
922,897
|
|||||||||
Purchase of goods
|
755,209
|
-
|
755,209
|
|||||||||
Other management charges
|
375,308
|
43,533
|
418,841
|
|||||||||
Amortization
|
98,318
|
4,856
|
103,174
|
|||||||||
Depreciation
|
81,199
|
5,135
|
86,334
|
|||||||||
Impairment of accounts receivable (ii)
|
45,658
|
19,418
|
65,076
|
|||||||||
Taxes
|
8,727
|
1,926
|
10,653
|
|||||||||
Impairment of property, plant and equipment
|
5,468
|
-
|
5,468
|
|||||||||
Inventory recovery
|
(26,993
|
)
|
-
|
(26,993
|
)
|
|||||||
3,224,973
|
278,433
|
3,503,406
|
||||||||||
Cost
|
||||||||||||
of goods
|
Administrative
|
|||||||||||
and services
|
expenses
|
Total
|
||||||||||
2019
|
||||||||||||
Services provided by third-parties
|
1,450,577
|
58,728
|
1,509,305
|
|||||||||
Salaries, wages and fringe benefits (i)
|
951,455
|
117,426
|
1,068,881
|
|||||||||
Purchase of goods
|
855,743
|
-
|
855,743
|
|||||||||
Other management charges
|
174,678
|
27,708
|
202,386
|
|||||||||
Amortization
|
99,589
|
5,689
|
105,278
|
|||||||||
Depreciation
|
95,445
|
1,907
|
97,352
|
|||||||||
Impairment of accounts receivable (ii)
|
4,900
|
-
|
4,900
|
|||||||||
Taxes
|
6,941
|
2,450
|
9,391
|
|||||||||
Impairment of property, plant and equipment
|
3,907
|
-
|
3,907
|
|||||||||
Impairment of investments
|
255
|
-
|
255
|
|||||||||
Inventory recovery
|
(249
|
)
|
-
|
(249
|
)
|
|||||||
3,643,241
|
213,908
|
3,857,149
|
2018
|
2019
|
|||||||
Salaries
|
629,641
|
786,346
|
||||||
Statutory gratification
|
80,697
|
88,369
|
||||||
Social contributions
|
73,297
|
61,533
|
||||||
Employee’s severance indemnities
|
50,852
|
49,944
|
||||||
Vacations
|
39,221
|
39,298
|
||||||
Workers' profit sharing (Note 25)
|
7,862
|
6,340
|
||||||
Others
|
41,327
|
37,051
|
||||||
922,897
|
1,068,881
|
2018
|
2019
|
|||||||
Trade accounts receivables
|
3,065
|
955
|
||||||
Other accounts receivable
|
44,252
|
2,421
|
||||||
Accounts receivable from related parties
|
17,759
|
1,524
|
||||||
65,076
|
4,900
|
2018
|
2019
|
|||||||
Financial income:
|
||||||||
Interest on loans to third parties
|
27,060
|
36,876
|
||||||
Fair value of accounts receivables
|
9,786
|
30,408
|
||||||
Interest on short-term bank deposits
|
3,811
|
4,056
|
||||||
Commissions and collaterals
|
1,448
|
535
|
||||||
Exchange rate gain, net
|
-
|
-
|
||||||
Others
|
8,820
|
2,781
|
||||||
50,925
|
74,656
|
|||||||
Financial expenses:
|
||||||||
Interest expense:
|
||||||||
- Bank loans
|
90,349
|
78,293
|
||||||
- Bonds
|
27,388
|
26,113
|
||||||
- Commissions and collaterals
|
31,668
|
24,521
|
||||||
- Loans from third parties
|
31,296
|
14,162
|
||||||
- Right-of-use
|
-
|
5,472
|
||||||
- Financial lease
|
2,908
|
2,042
|
||||||
Loss by measurement of financial asset fair value
|
25,796
|
41,131
|
||||||
Exchange difference loss, net
|
23,276
|
32,570
|
||||||
Derivative financial instruments
|
268
|
92
|
||||||
Other financial expenses
|
23,200
|
14,542
|
||||||
Less capitalized interest
|
(8,167
|
)
|
(7,229
|
)
|
||||
247,982
|
231,709
|
2018
|
2019
|
|||||||
Other income:
|
||||||||
Profit from Mizuho Agreement (a)
|
-
|
89,688
|
||||||
Recovery of provisions and accounting impairments
|
-
|
23,279
|
||||||
Trademarks revaluation
|
-
|
20,676
|
||||||
Supplier debt forgiveness
|
-
|
19,026
|
||||||
Sale of fixed assets
|
26,007
|
12,748
|
||||||
Sale of investments
|
13,475
|
-
|
||||||
Present value of the liability from put option
|
6,122
|
-
|
||||||
Others
|
12,815
|
14,368
|
||||||
58,419
|
179,785
|
|||||||
Other expenditures:
|
||||||||
Asset impairment (b)
|
-
|
296,581
|
||||||
Civil repair to the Peruvian Government (c )
|
73,500
|
69,150
|
||||||
Legal litigation (class action) (Note 22)
|
-
|
49,754
|
||||||
Impairment of goodwill and trademarks (Note 17 a)
|
-
|
33,089
|
||||||
Net cost of fixed assets disposal
|
36,931
|
21,061
|
||||||
Others
|
9,323
|
36,904
|
||||||
119,754
|
506,539
|
|||||||
(61,335
|
)
|
(326,754
|
)
|
a)
|
Each company in the Group is individually subject to the applicable taxes in Peru, Chile and Colombia. Management considers that it has determined the taxable income under general income tax laws in
accordance with the tax legislation current effective of each country.
|
b)
|
Changes in the Income Tax Law in Colombia -
|
c)
|
The income tax expense shown in the consolidated statement of income comprises:
|
2018
|
2019
|
|||||||
Current income tax
|
150,020
|
113,062
|
||||||
Deferred income tax (Note 24)
|
(23,594
|
)
|
206,895
|
|||||
126,426
|
319,957
|
|||||||
(-) Discontinued Operations
|
(13,108
|
)
|
||||||
Income tax expense
|
113,318
|
319,957
|
|
d) The Group’s income tax differs from the theoretical amount that would have resulted from applying the weighted-average income tax rate applicable to the profit reported by of the consolidated companies, as follows:
|
2018
|
2019
|
|||||||
Profit (loss) before income tax
|
133,948
|
(474,726
|
)
|
|||||
Income tax by applying local applicable tax
|
||||||||
rates on profit generated in the respective countries
|
40,507
|
(141,370
|
)
|
|||||
Tax effect on:
|
||||||||
- Reversal of deferred income tax asset
|
-
|
174,716
|
||||||
- Non-recoverable item
|
-
|
85,301
|
||||||
- Non-deductible expenses
|
70,052
|
84,832
|
||||||
- Unrecognized deferred income tax asset
|
8,592
|
82,424
|
||||||
- Change in prior years estimations
|
3,235
|
36,529
|
||||||
- Provision of tax contingencies
|
-
|
7,079
|
||||||
- Adjustment for changes in rates of income tax
|
1,524
|
622
|
||||||
- Non-taxable income
|
(1,691
|
)
|
(1,195
|
)
|
||||
- Equity method (profit) loss
|
(1,094
|
)
|
(64
|
)
|
||||
- Others
|
(7,807
|
)
|
(8,917
|
)
|
||||
Income tax
|
113,318
|
319,957
|
e)
|
The theoretical tax disclosed is the result of applying the income tax rate in accordance with the tax legislation of the country where each company that is part of the Group is domiciled. In this sense,
companies domiciled in Peru, Chile, and Colombia applied in 2019 income tax rates of 29.5%, 27% and 33% respectively (29.5%, 27% and 37% for 2018). Norvial S.A., GyM Ferrovias S.A., Concesionaria Via Expresa Sur S.A. and GMP S.A.
(Blocks III and IV) have legal stability contracts signed with the Peruvian Government in force during the term of the associated concessions. Therefore, the consolidated theoretical amount is obtained from the weighting of the profit
or loss before income tax and the applicable income tax rate.
|
Taxes
|
before the
|
|||||||||||
local
|
Tax
|
Tax
|
||||||||||
Country
|
Applicable
|
to Rent
|
to rent
|
|||||||||
(A)
|
(B)
|
(A)*(B)
|
||||||||||
2018
|
||||||||||||
Peru
|
29.50
|
%
|
151,627
|
44,730
|
||||||||
Peru - Norvial S.A.
|
27.00
|
%
|
21,104
|
5,698
|
||||||||
Peru - GyM Ferrovías S.A.
|
30.00
|
%
|
125,136
|
37,541
|
||||||||
Peru - Vía Expresa Sur S.A.
|
30.00
|
%
|
2,951
|
885
|
||||||||
Peru - GMP S.A.
|
29.00
|
%
|
35,421
|
10,272
|
||||||||
Chile
|
27.00
|
%
|
(20,768
|
)
|
(5,607
|
)
|
||||||
Colombia - Morelco S.A.
|
37.00
|
%
|
11,851
|
4,385
|
||||||||
Colombia - GyM S.A. Branch
|
33.00
|
%
|
1,984
|
655
|
||||||||
Bolivia
|
25.00
|
%
|
(137
|
)
|
(34
|
)
|
||||||
Unrealized gains
|
(195,221
|
)
|
(58,018
|
)
|
||||||||
133,948
|
40,507
|
|||||||||||
2019
|
||||||||||||
Peru
|
29.50
|
%
|
(1,612,192
|
)
|
(475,597
|
)
|
||||||
Peru - Norvial S.A.
|
27.00
|
%
|
24,066
|
6,498
|
||||||||
Peru - GyM Ferrovías S.A.
|
30.00
|
%
|
121,080
|
36,324
|
||||||||
Peru - Vía Expresa Sur S.A.
|
30.00
|
%
|
(17,752
|
)
|
(5,326
|
)
|
||||||
Peru - GMP S.A.
|
29.00
|
%
|
35,421
|
10,272
|
||||||||
Chile
|
27.00
|
%
|
(36,917
|
)
|
(9,967
|
)
|
||||||
Colombia - GyM S.A. Branch
|
33.00
|
%
|
(11,824
|
)
|
(3,902
|
)
|
||||||
Bolivia
|
25.00
|
%
|
681
|
170
|
||||||||
Unrealized gains
|
1,022,711
|
300,158
|
||||||||||
(474,726
|
)
|
(141,370
|
)
|
f)
|
Peruvian tax authorities have the right to examine, and, if necessary, amend the income tax determined by the Company in the last four years - from January 1 of the year after the date when the tax
returns are filed (open fiscal year). Therefore, years 2015 through 2019 are subject to examination by the tax authorities. Management considers that no significant liabilities will arise as a result of these possible tax examinations.
Additionally, income tax returns for fiscal years 2017 to 2019 remain open for examination by the Chilean tax authorities who have the right to carry out said examination within the three years following the date the income tax returns
have been filed. Fiscal years 2016 to 2019 are open for tax audit by Colombian tax authorities. Colombian tax authorities are entitled to audit two consecutive years following the date the income tax returns were filed.
|
g)
|
In accordance with Peruvian current legislation, for determination of income tax and general sales tax, the transfer prices transactions with related companies and companies resident in territories with
low or no taxation must be considered. For this purpose, documentation and information must be available to support the valuation methods used and the criteria considered for their determination (transfer pricing rules). The Tax
Administration is authorized to request this information from the taxpayer. Based on the analysis of the Company's operations, Management and its legal advisors estimate that the transfer prices of transactions with related companies
are based on market conditions, similar to those agreed with third parties, at 31 December 2019.
|
i)
|
The recoverability of the deferred income tax asset registered in Business of Gas at the end of 2018, related to the impairment of investments in GSP has been evaluated, finally ending in a
write-off of S/172 million.
|
j) |
In 2019, certain operations have not been recognized to have impact on income tax such as: additional impairment of investments in GSP (Negocios Gas S.A.) S/67 million, impairment of accounts
receivable in GyM S.A. amount to S/7.7 million and work in progress in Concesionaria Vesur S.A. and Promotora Larcomar S.A. equal to S/10.8 million.
|
k) |
The current income tax payable, after applying the corresponding tax credits and whose due date is up to the first week of April of the following year, includes mainly: |
-
|
GyM Ferrovias S.A.
|
S/7 million in 2019 and S/20 million in 2018
|
||
-
|
Inmobiliaria Almonte S.A.
|
S/10 million in 2018
|
Exchange
|
||||||||||||||||||||
Foreign
|
Increase in
|
difference from
|
||||||||||||||||||
currency
|
fair value of
|
net investment
|
||||||||||||||||||
Cash flow
|
translations
|
available-for
|
in a foreign
|
|||||||||||||||||
hedge
|
adjustment
|
sale assets
|
operation
|
Total
|
||||||||||||||||
At January 1, 2018
|
371
|
(63,722
|
)
|
7,461
|
(1,962
|
)
|
(57,852
|
)
|
||||||||||||
(Charge) credit for the year
|
160
|
(7,875
|
)
|
-
|
(10,800
|
)
|
(18,515
|
)
|
||||||||||||
Tax effects
|
(47
|
)
|
-
|
-
|
2,808
|
2,761
|
||||||||||||||
Transfer to profit or loss (*)
|
-
|
14,805
|
-
|
-
|
14,805
|
|||||||||||||||
Other comprehensive income of the year
|
113
|
6,930
|
-
|
(7,992
|
)
|
(949
|
)
|
|||||||||||||
At December 31, 2018
|
484
|
(56,792
|
)
|
7,461
|
(9,954
|
)
|
(58,801
|
)
|
||||||||||||
(Charge) credit for the year
|
8
|
(6,892
|
)
|
-
|
-
|
(6,884
|
)
|
|||||||||||||
Tax effects
|
(2
|
)
|
-
|
-
|
-
|
(2
|
)
|
|||||||||||||
Other comprehensive income of the year
|
6
|
(6,892
|
)
|
-
|
-
|
(6,886
|
)
|
|||||||||||||
At December 31, 2019
|
490
|
(63,684
|
)
|
7,461
|
(9,954
|
)
|
(65,687
|
)
|
||||||||||||
2018
|
2019
|
|||||||
Controlling interest
|
(949
|
)
|
(6,886
|
)
|
||||
Non-controlling interest
|
(1,346
|
)
|
(1,734
|
)
|
||||
Adjustment for actuarial gains and
|
||||||||
losses, net of tax
|
16,589
|
-
|
||||||
Total value in OCI
|
14,294
|
(8,620
|
)
|
a)
|
Morelco S.A.S. acquisition
|
2018
|
2019
|
|||||||||||
Loss attributable to owners of the Company
|
||||||||||||
during the year
|
(83,188
|
)
|
(884,721
|
)
|
||||||||
Weighted average number of shares in issue
|
||||||||||||
at S/1.00 each, at December 31,
|
665,835,490
|
822,213,119
|
||||||||||
Basic loss per share (in S/)
|
(
|
*)
|
(0.125
|
)
|
(1.076
|
)
|
||||||
2018
|
2019
|
|||||||||||
Loss from continuing operations attributable to owners
|
||||||||||||
of the Company during the year
|
(65,888
|
)
|
(840,762
|
)
|
||||||||
Weighted average number of shares in issue
|
||||||||||||
at S/1.00 each, at December 31,
|
665,835,490
|
822,213,119
|
||||||||||
Basic loss per share (S/)
|
(
|
*)
|
(0.099
|
)
|
(1.023
|
)
|
||||||
(*) The Group does not have common shares with dilutive effects at December 31, 2018 and 2019.
|
a)
|
Acquisition of additional non-controlling interest
|
b)
|
Contributions (returns) from non-controlling shareholders
|
2018
|
2019
|
|||||||
Viva GyM S.A.
|
||||||||
Contributions received
|
3,399
|
152
|
||||||
Returns of contributions
|
(87,856
|
)
|
(33,148
|
)
|
||||
(84,457
|
)
|
(32,996
|
)
|
|||||
Plus (less):
|
||||||||
Contributions from other subsidiaries
|
15,120
|
-
|
||||||
Increase (decrease) in equity of non controlling parties
|
(69,337
|
)
|
(32,996
|
)
|
Discontinued operations
|
||||||||||||
At December 31,
|
||||||||||||
2018
|
2019
|
|||||||||||
Grupo CAM and
|
||||||||||||
Stracon GyM
|
Adexus S.A.
|
Adexus S.A.
|
||||||||||
(Completed)
|
(Planned)
|
(Planned)
|
||||||||||
Revenues
|
1,010,739
|
302,936
|
252,857
|
|||||||||
Operating costs
|
(968,375
|
)
|
(263,455
|
)
|
(244,183
|
)
|
||||||
Gross profit
|
42,364
|
39,481
|
8,674
|
|||||||||
Administrative expenses
|
(56,950
|
)
|
(32,730
|
)
|
(34,744
|
)
|
||||||
Other (expenses) income, net
|
860
|
(4,519
|
)
|
(12,740
|
)
|
|||||||
Operating (loss) profit
|
(13,726
|
)
|
2,232
|
(38,810
|
)
|
|||||||
Financial expenses
|
(19,971
|
)
|
(12,786
|
)
|
(24,359
|
)
|
||||||
Financial income
|
6,253
|
610
|
2,625
|
|||||||||
Loss before income tax
|
(27,444
|
)
|
(9,944
|
)
|
(60,544
|
)
|
||||||
Income tax
|
7,112
|
2,325
|
16,585
|
|||||||||
Loss from discontinued operations (a)
|
(20,332
|
)
|
(7,619
|
)
|
(43,959
|
)
|
Discontinued operations
|
||||||||||||
At December 31,
|
||||||||||||
2018
|
2019
|
|||||||||||
Completed
|
Planned
|
Planned
|
||||||||||
Cash flows relating to the discontinued operations are as follows:
|
||||||||||||
Operating cash flows
|
6,967
|
36,450
|
437
|
|||||||||
Investing cash flows
|
(11,474
|
)
|
(18,141
|
)
|
-
|
|||||||
Financing cash flows
|
526
|
(21,422
|
)
|
(1,250
|
)
|
|||||||
Net increase generated in subsidiary
|
(3,981
|
)
|
(3,113
|
)
|
(813
|
)
|
i)
|
CAM Servicios del Peru S.A. and CAM Chile S.A.
|
ii)
|
Stracon GyM S.A.
|
At December 31,
|
||||||||
2018
|
2019
|
|||||||
ASSETS
|
||||||||
Cash and cash equivalets
|
6,074
|
1,723
|
||||||
Accounts receivables, net
|
157,351
|
129,739
|
||||||
Inventories, net
|
3,999
|
2,828
|
||||||
Other assets, net
|
80,374
|
68,730
|
||||||
Total assets
|
247,798
|
203,020
|
||||||
LIABILITIES
|
||||||||
Borrowings
|
71,810
|
91,529
|
||||||
Accounts payable
|
148,817
|
118,497
|
||||||
Deferred income tax liabilities
|
5,201
|
-
|
||||||
Total liabilities
|
225,828
|
210,026
|
||||||
Total net assets
|
21,970
|
(7,006
|
)
|
1.
|
On January 9, 2020, the Company communicated that the creditors committee of Adexus S.A. approved with the favorable vote of more than 80% of the pledge creditors and 85% of the unsecured creditors,
respectively, the judicial reorganization agreement proposed by Adexus S.A. in the framework of the reorganization procedure. According to the terms of the judicial reorganization agreement, Adexus S.A. will restructure and pay the
total of its reorganized liabilities within a maximum period of six years, according to the new agreed conditions, being authorized to continue with its commercial activities normally. As a result of the financial protection provided
by the Chilean law and with the support of its creditors, Adexus S.A. has achieved the restructuring of its liabilities while continuing to serve all its customers.
|
2.
|
On February 3, 2020, the General Shareholders Meeting of the Company approved the decision to enter into the Preliminary Agreement and the withdrawal and dismissal of the Request for Arbitration filed
by the Company pursuant to the Preliminary Agreement. In addition, the ratification of the Act of Mutual Understanding for the Completion of Plea Agreement Procedure with the Peruvian Third Bureau of the Supraprovincial Corporate
Prosecutor’s Office Specialized in Crimes of Corruption of Officials – Special Team and the Ad Hoc Peruvian National State Counsel.
|