Transactions with Related Parties and Joint Operators

12 Months Ended

Dec. 31, 2019

Transactions with Related Parties and Joint Operators

12	TRANSACTIONS WITH RELATED PARTIES AND JOINT OPERATORS

Transactions with related parties

Major transactions between the Company and its related parties are summarized as follows:


	2017		2018		2019
Revenue from sales of goods and services:
- Joint operations		18,138		56,560		44,130
- Associates		3,367		1,704		108

		21,505		58,264		44,238

Purchase of goods and services:
- Joint operations		14,191		601		1,765
- Associates		2,776		2,130		—

		16,967		2,731		1,765

Transactions between related parties are made based on current price lists and the terms and conditions are the same as those agreed with third parties.

Key management compensation

The key management includes directors (executives and

non-executives),

members of the Executive Committee and Internal Audit Management. Compensation paid or payable to key management in 2019 amounted to S/87.4 million, which includes S/0.4 million of discontinued operations (in 2018, the balance of S/58 million includes S/0.4 million corresponding to discontinued operations, S/90.5 million in 2017, which includes S/25.6 million to discontinued operations) and It only includes short-term benefits.

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

Accounts receivable and payable are mainly of current maturity and have no specific guarantees; except for accounts receivable from GSP and Ferrovías participations. These balances do not generate interest considering their maturity in the short term. The balance of the GyM Conciviles Consortium includes S/31 million registered in 2018. These accounts do not bearn interests due to

their

short-term nature.

The

non-current

balance corresponds to the obligations arising from the early termination of the GSP project (Note 15

a-i).

As of December 31, 2019, the book value of the

non-current

account receivable registered by the Company, for S/331 million, was recorded using the discounted cash flow method, at a rate of 3.46% that originated a discount of S/57 million (S/17.8 million in 2018). Additionally, as a result of the early termination of the GSP, and related facts, the subsidiary GyM S.A. it has balances from the Cons

orcio

Constructo

Ductos del Sur to those who had previously deteriorated in 2016, it was integrated in the consolidation under the proportional participation method. The value of accounts receivable from CCDS corresponds mainly to collection rights to GSP for S/270 million.

Transactions with

non-controlling

interests are disclosed in Note 35.