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Interest in Other Entities (Tables)
 12 Months Ended
Dec. 31, 2017
Summary of Principal Direct and Indirect Subsidiaries Classified by Operating Segment

The following table shows the principal direct and indirect subsidiaries classified by operating segment (Note 7):

 

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.
Stracon GyM S.A.    Peru and Panama    Mining contracting activities, providing mining services and carrying out drilling, demolition and any other activity related to construction and mining operations.
GyM Chile S.p.A.    Chile    Electromechanical assemblies and services to energy, oil, gas and mining sector.
Vial y Vives - DSD S.A.    Chile    Electromechanical assemblies and services. Develop activities related to the construction of engineering projects, civil construction projects and electromechanical assemblies, as well as architectural design and installations in general. Construction and assemblies and electromechanical services in the sectors of energy, oil, gas and mining.
GMI S.A.    Peru    Advisory and consultancy services in engineering, carrying out studies and projects, managing projects and supervision of works.
Morelco S.A.S    Colombia and Ecuador    Providing construction and assembly services, supplying equipment and material to design, build, assemble, operate and maintain all types of mechanical engineering, instrumentation and civil work.

Name

   

Country

   

Economic activity
Infrastructure:      
GMP S.A.    Peru    Natural oil and oil by-products extraction 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 derivates.
Concar S.A.    Peru    Operating and maintaining roads.
GyM Ferrovías S.A.    Peru    Concession for the operation of the public transportation system (Metro de Lima Metropolitana).
Survial S.A.    Peru    Concession for constructing, operating and maintaining the Section 1 of the “Southern Inter-oceanic” road.
Norvial S.A.    Peru    Concession for restoring, operating and maintaining the “Ancón - Huacho - Pativilca” section of the Panamericana Norte road.
Concesión Canchaque S.A.    Peru    Concession for operating and maintaining the Buenos Aires - Canchaque road.
Concesionaria Vía Expresa Sur S.A.    Peru    Concession for designing, constructing, operating and maintaining the Via Expresa - Paseo de la República in Lima.
Real estate:      
VIVA GyM S.A.    Peru    Developing and managing real estate projects directly or together with other partners.
Technical services:      
CAM Holding S.p.A.    Chile and Colombia    Electric and technological services for the power industry.
Coasin Instalaciones Ltda.    Chile    Installing and maintaining network and equipment for telecommunications.
Adexus S.A.    Chile, Peru, Colombia and Ecuador    IT solutions services.
Parent company operation:      
Generadora Arabesco S.A.    Peru    Implementing projects related to electric power-generating activities.
Larcomar S.A.    Peru    Exploiting land right to use the Larcomar Shopping Center.
Promotora Larcomar S.A.    Peru    Building a hotel complex on a plot of land located in the district of Miraflores.
Promotores Asociados de Inmobiliarias S.A.    Peru    Operating in the real-estate industry and engaged in the development and selling office facilities in Peru.
Negocios del Gas S.A.    Peru    Construction, operation and maintenance of the pipeline system to transport natural gas and liquids of natural gas.
Summary of Group's Subsidiaries and Related Interests

The following are the Group’s subsidiaries and related interests at December 31, 2017:

 

     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.

      98.23 %      —         98.23 %      1.77 % 

- GyM S.A. subsidiaries

      —         87.06 %      87.06 %      12.94 % 

Stracon GyM S.A.

      —         87.59 %      87.59 %      12.41 % 

GyM Chile SpA

      —         99.99 %      99.99 %      0.01 % 

Vial y Vives - DSD S.A.

      —         94.49 %      94.49 %      5.51 % 

Morelco S.A.S.

      —         70.00 %      70.00 %      30.00 % 

GMI S.A.

      89.41 %      —         89.41 %      10.59 % 

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.

      99.75 %      —         99.75 %      0.25 % 

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 % 

- Viva GyM S.A. subsidiaries

      —         60.51 %      60.51 %      39.49 % 

Services:

         

Cam Holding S.p.A.

      100.00 %      —         100.00 %      —    

Coasin Instalaciones Ltda.

      —         100.00 %      100.00 %      —    

CAM Servicios del Perú S.A.

      73.16 %      —         73.16 %      26.84 % 

Adexus S.A.

      91.03 %      —         91.03 %      8.97 % 

Parent company operations:

         

Generadora Arabesco S.A.

      99.00 %      —         99.00 %      1.00 % 

Larcomar S.A.

      79.66 %      —         79.66 %      20.34 % 

Promotora Larcomar S.A.

      46.55 %      —         46.55 %      53.45 % 

Promotores Asociados de Inmobiliarias S.A.

      99.99 %      —         99.99 %      0.01 % 

Negocios del Gas S.A.

      99.99 %      0.01 %      100.00 %      —    

Agenera S.A.

      99.00 %      1.00 %      100.00 %      —    

 

The following are the Group’s subsidiaries and related interests at December 31, 2016:

 

     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.

      98.23 %      —         98.23 %      1.77 % 

- GyM S.A. subsidiaries

      —         87.06 %      87.06 %      12.94 % 

Stracon GyM S.A.

      —         87.59 %      87.59 %      12.41 % 

GyM Chile SpA

      —         99.99 %      99.99 %      0.01 % 

Vial y Vives – DSD S.A.

      —         94.49 %      94.49 %      5.51 % 

Morelco S.A.S.

      —         70.00 %      70.00 %      30.00 % 

GMI S.A.

      89.41 %      —         89.41 %      10.59 % 

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 % 

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 % 

- Viva GyM S.A. subsidiaries

      —         60.51 %      60.51 %      39.49 % 

Services:

         

GMD S.A.

      89.23 %      —         89.23 %      10.77 % 

Cam Holding S.p.A.

      100.00 %      —         100.00 %      —    

Concar S.A.

      99.75 %      —         99.75 %      0.25 % 

Gestión de Servicios Digitales S.A.

      —         100.00 %      100.00 %      —    

Coasin Instalaciones Ltda.

      —         100.00 %      100.00 %      —    

CAM Servicios del Perú S.A.

      73.16 %      —         73.16 %      26.84 % 

Adexus S.A.

      91.03 %      —         91.03 %      8.97 % 

Parent company operations:

         

Generadora Arabesco S.A.

      99.00 %      —         99.00 %      1.00 % 

Larcomar S.A.

      79.66 %      —         79.66 %      20.34 % 

Promotora Larcomar S.A.

      46.55 %      —         46.55 %      53.45 % 

Promotores Asociados de

         

Inmobiliarias S.A.

      99.99 %      —         99.99 %      0.01 % 

Negocios del Gas S.A.

      99.99 %      0.01 %      100.00 %      —    

Agenera S.A.

      99.00 %      1.00 %      100.00 %      —    
Summary of Group's Subsidiaries Non-controlling Interests

The following are the Group’s subsidiaries non-controlling interests at December 31:

 

     2016      2017  

NON-CONTROLLING PARTICIPATION

      

Viva GyM S.A. and subsidiaries

      241,140        224,345  

Viva GyM S.A.

      1,700        1,576  

GyM S.A. and subsidiaries

      100,840        95,052  

GyM S.A.

      9,354        8,118  

Norvial S.A.

      61,349        68,419  

CAM Holding S.p.A.

      26,589        (6,417 ) 

GMP S.A.

      20,879        22,263  

GyM Ferrovias S.A.

      30,548        35,419  

Promotora Larcomar S.A.

      13,539        13,395  

Other

      3,375        3,578  
  

 

 

     

 

 

  
     509,313        465,748  
  

 

 

     

 

 

  
Summarized Financial Information of Subsidiaries With Material Non-controlling Interests

Summarized financial information of subsidiaries with material non-controlling interests

Set out below is the summarized financial information for each subsidiary that has non-controlling interests that are material to the Group.

Summarized statement of financial position

 

     Viva GYM S.A. and subsidiaries     GyM S.A. and subsidiaries     Norvial S.A.  
     At December 31,     At December 31,     At December 31,  
     2016     2017     2016     2017     2016     2017  

Current:

             

Assets

      1,117,065       884,591       1,849,077       1,875,231       107,838       88,077  

Liabilities

      (515,781 )      (352,125 )      (2,050,803 )      (2,142,618 )      (49,721 )      (45,613 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Current net assets (liabilities)

      601,284       532,466       201,726       (267,387 )      58,117       42,464  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-current:

             

Assets

      113,594       78,457       1,326,599       1,368,460       467,449       492,803  

Liabilities

      (104,179 )      (44,068 )      (471,424 )      (546,342 )      (339,661 )      (327,936 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-current net assets (liabilities)

      9,415       34,389       855,175       822,118       127,788       164,867  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net assets

      610,699       566,855       653,449       554,731       185,905       207,331  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Summarized income statement    

 

     Viva GyM S.A. and subsidiaries     GyM S.A. and subsidiaries     Norvial S.A.  
     For the year ended     For the year ended     For the year ended  
     2016     2017     2016     2017     2016     2017  

Revenue

      411,518       647,535       4,036,226       3,184,833       216,260       149,467  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Profit (loss) before income tax

      104,223       153,602       (85,857 )      18,827       63,582       68,104  

Income tax

      (27,054 )      (35,900 )      (11,228 )      (13,482 )      (16,262 )      (18,678 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Profit (loss) for the period

      77,169       117,702       (97,085 )      5,345       47,320       49,426  

Other comprehensive Income

      —         —         19,486       (2,641 )      —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total comprehensive Income for the period

      77,169       117,702       (77,599 )      2,704       47,320       49,426  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Dividends paid to non-controlling interest Note (36-c)

      5,050       21,165       8,288       4,056       7,260       9,240  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Summarized statement of cash flows

 

     Viva GyM S.A. and subsidiaries     GyM S.A. and subsidiaries     Norvial S.A.  
     For the year ended     For the year ended     For the year ended  
     2016     2017     2016     2017     2016     2017  

Cash flows from operating activities provided by (used in), net

      44,910       164,852       224,428       239,935       (42,051 )      25,041  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash flows from investing activities provided by (used in), net

      (546 )      79,471       (29,853 )      44,020       —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash flows from financing activities provided by (used in), net

      (59,931 )      (203,958 )      (283,296 )      (191,689 )      99,193       (48,010 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Increase (decrease) in cash and cash equivalents, net

      (15,567 )      38,817       (88,721 )      92,266       57,142       (22,969 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash and cash equivalents at the beginning of the year

      74,459       58,892       167,620       87,294       38,276       95,418  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash and cash equivalents at the end of the year

      58,892       97,709       78,899       179,560       95,418       72,449  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Summary of Group's Public Services Concessions

The concessions held by the Group are as follows at December 31, 2017:

 

Name of Concession

  

Description

   Estimated
investment		  

Consideration

   Ordinary
shares held		     Concession
termination		     Accounting
model		  

Survial S.A.

   This company operates and maintains a 750 km road from the San Juan de Marcona port to Urcos, Peru, which is connected to an interoceanic road. The road has five toll stations and three weigh stations.   US$98.9 million   Transaction secured by the Peruvian Government involving from annual payments for the maintenance and operation of the road, which is in charge of the Peruvian Ministry of Transport and Communications (MTC).     99.9 %      2032       Financial asset  

Canchaque S.A.C.

   This company operates and periodically maintains a 78 km road from the towns of Buenos Aires to Canchaque, in Peru The road has one toll station.   US$29 million   Transaction secured by the Peruvian Government regardless the traffic volume. Revenue is secured by an annual minimum amount of US$0.3 million.     99.96 %      2025       Financial asset  

Concesionaria. La Chira S.A.

   Designing, financing, constructing, operating and maintaining project called “Planta de Tratamiento de Aguas Residuales y Emisario Submarino La Chira”. The Project will treat approximately 25% of waste waters in Lima.   S/250 million   Transaction secured by the Peruvian Government consisting of monthly and quarterly payments settled by Sedapal´s collection trust.     50.00 %      2036       Financial asset  

GyM Ferrovías S.A.

   Concession for the operation of Line 1 of the Lima Metro, Peru’s only urban railway system in Lima city, which includes (i) operation and maintenance of the five existing trains, (ii) operation and maintenance and the acquisition of 19 trains on behalf of the Peruvian Government and (iii) design and construction of the repair yard and maintenance of railway.   S/548.8 million   Transaction secured by the Peruvian Government involving a quarterly payment received from MTC based on km travelled per train.     75.00 %      2041       Financial asset  

 

Name of concession

  

Description

   Estimated
investment		    

Consideration

   Ordinary
shares held		     Concession
termination		     Accounting
model		  

Norvial S.A.

   The Company operates and maintains part of the only highway that connects Lima to the northwest of Peru. This 183 km road known as Red Vial 5 runs from the cities of Ancón to Pativilca and has three toll stations.   US$ 152 million     From users (self-financed concession; revenue is derived from collection of tolls).     67.00 %      2028       Intangible  

Vía Expresa Sur S.A.

   The Company obtained the concession for designing, financing, building, operating and maintaining the infrastructure associated with the Vía Expresa Sur Project. This project involves the second stage expansion of the Via Expresa - Paseo de la República,between Av. República de Panamá and and Panamericana highway.   US$ 196.8 million     Contract give the right of collection from users; however the Peruvian Government shall pay the difference when the operating revenue obtained is below US$18 million during the first two years and below US$19.7 million from the third year to the fifteenth year of the effective 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 Concessionaire and grantor.     99.98 %      2053       Bifurcated  

Recaudo Trujillo S.A.C.

   Design, implementation, operation, technological maintenance and renewal (estimate) of the single system of electronic collection. Design, implementation, operation and maintenance of the Clearing house Implementation of the Fleet Control Center, as well as training to personnel.   US$ 40.2 million     Economic consideration resulting from applying the “price for validation” considering daily validations input on the system to be managed through a trust.     95.00 %      2036       Intangible  
Summary of Group's Major Joint Operations

The table below lists the Group’s major Joint Operations.

 

     Percentage of interest  

Joint operations

    2016     2017  

Graña y Montero S.A.A.

     

- Concesionaria la Chira S.A.

      50.00 %      50.00 % 

GyM S.A.

     

- Consorcio Constructor Alto Cayma

      50.00 %      50.00 % 

- Consorcio Rio Pallca – Huanza

      40.00 %      40.00 % 

- Consorcio Alto Cayma

      49.00 %      49.00 % 

- Consorcio Lima Actividades Comerciales

      50.00 %      50.00 % 

- Consorcio Atocongo

      40.00 %      40.00 % 

- Consorcio Norte Pachacutec

      49.00 %      49.00 % 

- Consorcio La Chira

      50.00 %      50.00 % 

- Consorcio Río Urubamba

      50.00 %      50.00 % 

- Consorcio Vial Quinua

      46.00 %      46.00 % 

- Consorcio Rio Mantaro

      50.00 %      50.00 % 

- Consorcio GyM – CONCIVILES

      66.70 %      66.70 % 

- Consorcio Toromocho

      55.00 %      55.00 % 

- Consorcio Construcciones y Montajes CCN

      25.00 %      25.00 % 

- Consorcio HV GyM

      50.00 %      50.00 % 

- Consorcio Stracon Motta Engil JV

      50.00 %      50.00 % 

- Consorcio Huacho Pativilca

      67.00 %      67.00 % 

- Consorcio Constructor Chavimochic

      26.50 %      26.50 % 

- Consorcio Constructor Ductos del Sur

      29.00 %      29.00 % 

- Consorcio Italo Peruano

      48.00 %      48.00 % 

- Consorcio Menegua

      50.00 %      50.00 % 

- Consorcio Energía y Vapor

      50.00 %      50.00 % 

- Consorcio Ermitaño

      50.00 %      50.00 % 

- Consorcio para la Atención y Mantenimiento de Ductos

      50.00 %      50.00 % 

- Consorcio Lima Actividades Comerciales Sur

      50.00 %      50.00 % 

- Consorcio CDEM

      —         85.00 % 

- Consorcio AMDP Norte

      —         50.00 % 

- Consorcio Chicama - Ascope

      —         50.00 % 

- Consorcio TNT Vial y Vives - DSD Chile LTDA

      —         50.00 % 

- Consorcio La Gloria

      49.00 %      49.00 % 

- Consorcio GyM Sade Skanska

      50.00 %      50.00 % 

- Constructora Incolur DSD Limitada

      50.00 %      50.00 % 

GMP S.A.

     

- Consorcio Terminales

      50.00 %      50.00 % 

- Terminales del Perú

      50.00 %      50.00 % 

 

     Percentage of interest  

Joint operations

    2016     2017  

GMD S.A.

     

- Consorcio Cosapi-Data – GMD S.A.

      70.00 %      —    

- Consorcio The Louis Berger Group Inc. - GMD

      66.45 %      —    

- Consorcio Procesos Digitales

      43.65 %      —    

- Consorcio GMD S.A. – Indra S.A.

      50.00 %      —    

- Consorcio Fábrica de Software

      50.00 %      —    

- Consorcio Gestión de Procesos Electorales (ONPE)

      50.00 %      —    

- Consorcio Lima Actividades Sur

      50.00 %      —    

- Consorcio Latino de Actividades Comerciales de

     

Clientes Especiales

      50.00 %      —    

- Consorcio Latino de Actividades Comerciales

      75.00 %      —    

- Consorcio Gestión de Procesos Junta de Gobernadores

      45.00 %      —    

- Consorcio Soluciones Digitales

      38.00 %      —    

- Consorcio de Gestión de la Información

      56.00 %      —    

- Consorcio de la Disponibilidad PKI

      70.00 %      —    

CONCAR S.A.

     

- Consorcio Ancón-Pativilca

      67.00 %      67.00 % 

- Consorcio Peruano de Conservación

      50.00 %      50.00 % 

- Consorcio Manperán

      67.00 %      67.00 % 

- Consorcio Vial Sierra

      50.00 %      50.00 % 

Viva GyM S.A.

     

- Consorcio Panorama

      35.00 %      35.00 % 

CAM HOLDING S.p.A

     

- Consorcio Mecam

      50.00 %      50.00 % 

- Consorcio Seringel

      50.00 %      50.00 % 

All of the joint arrangements listed above operate in Peru, Chile and Colombia.

The table below provides a description of the major activities carried out by these joint operations:

 

Joint Operations in

   

Economic activity
Graña y Montero S.A.A.    Construction, operation and maintenance of La Chira waste water treatment plant south of Lima. The project is aimed to solve Lima’s environmental problems caused by sewage discharged directly into the sea.
GyM S.A.    Theses joint operations carried out activities through the four divisions of the engineering and construction segment (Note 7).
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.    Joint operations Concar provides rehabilitation service, routine and periodic maintenance of the road; and road preservation services.
Viva GyM S.A.    Construction of a five-star hotel with a convention center, a business center and entertainment center.
CAM Holding S.p.A.    Execution of outsourcing services to the electric power sector.
GMD S.A.    Outsourcing service of online BPO processes (Business Process Outsourcing).