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Transactions with Related Parties and Joint Operators
 12 Months Ended
Dec. 31, 2020
Text block [abstract]  
Transactions with Related Parties and Joint Operators
12
TRANSACTIONS WITH RELATED PARTIES AND JOINT OPERATORS
 
 a)
Transactions with related parties
Major transactions between the Company and its related parties are summarized as follows:
 
   
2018
   
2019
   
2020
 
Revenue from sales of goods and services:
               
- Joint operations
   56,560    44,130    15,903 
- Associates
   1,704    108    5 
   
 
 
   
 
 
   
 
 
 
    58,264    44,238    15,908 
   
 
 
   
 
 
   
 
 
 
Purchase of goods and services:
               
- Joint operations
   601    1,765    —   
- Associates
   2,130    —      1,225 
   
 
 
   
 
 
   
 
 
 
    2,731    1,765    1,225 
   
 
 
   
 
 
   
 
 
 
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.
 
 
b)
Key Management compensation
Key Management includes directors (executives and
non-executives),
members of the Executive Committee and Internal Audit Management and only includes short-term benefits. Compensation paid or payable to key management in 2020 amounted to S/64.5 million (S/87.4 million in 2019 and S/58 million in 2018).
 
 
c)
Balances at the end of the year were:
 
 
  
As of December 31,
 
  
As of December 31,
 
 
  
2019
 
  
2020
 
 
  
Receivable
 
  
Payable
 
  
Receivable
 
  
Payable
 
Current portion:
  
   
  
   
  
   
  
   
Joint operations
  
   
  
   
  
   
  
   
Consorcio Rio Urubamba
  
 
9,042
 
  
 
—  
 
  
 
9,357
 
  
 
—  
 
Consorcio Peruano de Conservacion
  
 
3,592
 
  
 
—  
 
  
 
3,156
 
  
 
—  
 
Consorcio Italo Peruano
  
 
1,011
 
  
 
363
 
  
 
1,520
 
  
 
217
 
Consorcio Constructor Chavimochic
  
 
—  
 
  
 
5,953
 
  
 
—  
 
  
 
6,208
 
Consorcio GyM Conciviles
  
 
1,257
 
  
 
1,958
 
  
 
1,341
 
  
 
1,472
 
Consorcio La Gloria
  
 
1,750
 
  
 
1,017
 
  
 
69
 
  
 
113
 
Consorcio Ermitaño
  
 
831
 
  
 
440
 
  
 
890
 
  
 
474
 
Terminales del Peru
  
 
1,176
 
  
 
—  
 
  
 
501
 
  
 
161
 
Consorcio TNT Vial y Vives —   DSD Chile Ltda
  
 
—  
 
  
 
1,088
 
  
 
—  
 
  
 
1,015
 
Consorcio Rio Mantaro
  
 
—  
 
  
 
5,869
 
  
 
—  
 
  
 
7,655
 
Consorcio Vial Quinua
  
 
—  
 
  
 
2,048
 
  
 
—  
 
  
 
2,051
 
Consorcio Huacho Pativilca
  
 
1,419
 
  
 
5,895
 
  
 
4
 
  
 
85
 
Consorcio CDEM
  
 
638
 
  
 
—  
 
  
 
1,111
 
  
 
—  
 
Consorcio
GyM-Stracon
  
 
2,230
 
  
 
—  
 
  
 
—  
 
  
 
644
 
Consorcio
GyM-OSSA
  
 
7,202
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
Consorcio Chicama Ascope
  
 
2,471
 
  
 
—  
 
  
 
2,922
 
  
 
—  
 
Consorcio Inti Punku
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
6,556
 
Consorcio Manperan
  
 
—  
 
  
 
—  
 
  
 
1,057
 
  
 
656
 
Consorcio Norte Pachacutec
  
 
—  
 
  
 
—  
 
  
 
1,077
 
  
 
1,192
 
Other minors
  
 
1,407
 
  
 
2,102
 
  
 
2,373
 
  
 
1,503
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
 
34,026
 
  
 
26,733
 
  
 
25,378
 
  
 
30,002
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Other related parties
  
   
  
   
  
   
  
   
Ferrovias S.A.
  
 
—  
 
  
 
12,183
 
  
 
—  
 
  
 
11,139
 
Perú Piping Spools S.A.C.
  
 
2,632
 
  
 
—  
 
  
 
1,960
 
  
 
2,677
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
 
2,632
 
  
 
12,183
 
  
 
1,960
 
  
 
13,816
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Current portion
  
 
36,658
 
  
 
38,916
 
  
 
27,338
 
  
 
43,818
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Non-current
portion
  
   
  
   
  
   
  
   
Gasoducto Sur Peruano S.A. (GSP)
  
 
572,624
 
  
 
—  
 
  
 
620,071
 
  
 
—  
 
Ferrovias S.A.
  
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
12,862
 
Ferrovias Participaciones S.A.
  
 
—  
 
  
 
22,583
 
  
 
—  
 
  
 
23,435
 
Other minors
  
 
2,099
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Non-current
  
 
574,723
 
  
 
22,583
 
  
 
620,071
 
  
 
36,297
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
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
non-current
balance corresponds to the obligations arising from the early termination of the GSP project (Note 15
a-i).
As of December 31, 2020, the book value of the
non-current
account receivable registered by the Company, for S/364 million, was recorded using the discounted cash flow method, at a rate of 1.6% (3.46% in 2019) that originated a value of discount of S/44 million equivalent to US$12 million (S/333 million and S/57 million equivalent to US$17.8 million, as of December 31, 2019, respectively). Additionally, as a result of the early termination of the GSP, and related facts, the subsidiary Cumbra Peru S.A. it has balances from the Consorcio Constructor Ductos del Sur (CCDS) to those who had previously deteriorated in 2016, it was integrated in the consolidation under the proportional participation method. As of December 31, 2020, the value of accounts receivable from CCDS corresponds mainly to collection rights to GSP for S/299 million, which includes S/267 million receivable from CCDS and S/32 million for lost profits (as of December 31, 2019, S/298 million which includes S/270 million and S/28 million, respectively).
 
Transactions with
non-controlling
interests are disclosed in Note 35.