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Interests in Other Entities
 12 Months Ended
Dec. 31, 2022
Interest in Other Entities [Abstract]  
Interests in Other Entities

6. Interests in Other Entities

 

The consolidated financial statements include the accounts of the Company and its subsidiaries. Additionally, the consolidated financial statements include interests in joint operations in which the Company or certain subsidiaries have joint control with their partners (Note 2.B).

 

A. Main subsidiaries

 

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

 

Name   Country   Economic activity
Engineering and Construction:        
         
Cumbra Peru S.A.   Peru, Chile, and Colombia   Service of civil construction, electromechanical assembly, and building, management and implementation of real estate 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 advisory, rental of agriculture and livestock, forest, construction and civil engineering machinery and equipment without operators.
Morelco S.A.S.   Colombia, Ecuador, and Peru   Provision of construction and assembly services, supply of equipment and materials, operation and maintenance, and engineering services in the specialties of mechanics, instrumentation, and civil works.
Cumbra Ingenieria S.A.   Peru, Mexico, and Bolivia   Engineering advisory and consultancy, project execution, and project studies and supervision, and work management.
Energy:        
Unna Energia S.A.   Peru   Oil and natural gas products and byproducts extraction, operation and exploitation services, as well as fuel storage and 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. (TGNCA)   Peru   Trade of natural gas through a virtual system and compression service.

 

Name   Country   Economic activity
Infrastructure:        
Unna Transporte S.A.C.   Peru   Operation and maintenance of highways and concessions.
Tren Urbano de Lima S.A.   Peru   Concession to operate the metro transportation system of Lima Metropolitana.
Carretera Andina del Sur S.A.   Peru   Concession to construct, operate, and maintain Section 1 of “Interoceanica Sur” highway.
Red Vial 5 S.A.   Peru   Concession to restore, operate, and maintain the “Ancon - Huacho - Pativilca” Section of “Panamericana Norte” Highway.
Carretera Sierra Piura S.A.C.   Peru   Concession to operate and maintain the Buenos Aires - Canchaque provincial highway.
Concesionaria Via Expresa Sur S.A.   Peru   Concession to design, construct, operate, and maintain Via Expresa - Paseo de la Republica in Lima.
Real estate:        
Viva Negocio Inmobiliario S.A.C.   Peru   Development and management of real estate projects directly or jointly to other partners.
Parent company operation:        
CAM Holding S.p.A.   Chile   Investment company.
Qualys S.A.   Peru   Provision of human, economic and technological services to the Corporation’s companies.
Promotores Asociados de Inmobiliarias S.A.   Peru   It operates in the real estate industry and is engaged in development and sale of offices.
Negocios del Gas S.A.   Peru   Investment company for construction, operation, and maintenance of natural gas and natural gas liquids transportation systems.
Inversiones en Autopistas S.A.   Peru   Company holding shares, interests, or other any ownership or credit investment.
Operadores de Infraestructura S.A.C.   Peru   Activities related to the leasing of advertising space and commercial premises on Line 1 of the Lima Metro.

 

The following table shows the Corporation’s subsidiaries and related interest as of December 31, 2022:

 

In percentage  Percentage of common shares directly held by Parent Company
(%)		   Percentage of common shares directly held by Subsidiaries
(%)		   Percentage of common shares directly held by the Group
(%)		   Percentage of common shares directly held by non-controlling interest
(%)		 
Engineering and Construction:                
Cumbra Peru S.A.   99.39%   
-
    99.39%   0.61%
- Morelco S.A.S.   
-
    100.00%   100.00%   
-
 
- GyM Chile S.p.A.   
-
    100.00%   100.00%   
-
 
- Vial y Vives - DSD S.A.   
-
    99.16%   99.16%   0.84%
- Cumbra Inversiones Colombia S.A.S.   
-
    100.00%   100.00%   
-
 
Cumbra Ingenieria S.A.   89.41%   
-
    89.41%   10.59%
- Ecologia Tecnologia Ambiental S.A.C.   
-
    100.00%   100.00%   
-
 
- GM Ingenieria y Construccion de CV   
-
    100.00%   100.00%   
-
 
- GM Ingenieria Bolivia S.R.L.   
-
    98.57%   98.57%   1.43%
Energy:                    
Unna Energia 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.   
-
    100.00%   100.00%   
-
 
Infrastructure:                    
Unna Transporte S.A.C.   100.00%   
-
    100.00%   
-
 
Tren Urbano de Lima S.A.   75.00%   
-
    75.00%   25.00%
Carretera Andina del Sur S.A.C   100.00%   
-
    100.00%   
-
 
Red Vial 5 S.A.   18.20%   48.80%   67.00%   33.00%
Carretera Sierra Piura S.A.C.   99.96%   0.04%   100.00%   
-
 
Concesionaria Via Expresa Sur S.A.   98.89%   1.11%   100.00%   
-
 
Real Estate:                    
Viva Negocio Inmobiliario S.A.C.   99.54%   -    99.54%   0.46%
Parent company operations:                    
Qualys 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%   
-
 

 

The following table shows the Corporation’s subsidiaries and related interest as of December 31, 2021:

 

In percentage  Percentage of common shares directly held by Parent Company
(%)		   Percentage of common shares directly held by Subsidiaries
(%)		   Percentage of common shares directly held by the Group
(%)		   Percentage of common shares directly held by non-controlling interest
(%)		 
Engineering and Construction:                
Cumbra Peru S.A.   99.39%   -    99.39%   0.61%
- Morelco S.A.S.   -    100.00%   100.00%   - 
- GyM Chile S.p.A.   -    100.00%   100.00%   - 
- Vial y Vives - DSD S.A.   -    94.49%   94.49%   5.51%
- Cumbra Inversiones Colombia S.A.S.   -    100.00%   100.00%   - 
Cumbra Ingenieria S.A.   89.41%   -    89.41%   10.59%
- Ecologia Tecnologia Ambiental S.A.C.   -    100.00%   100.00%   - 
- GM Ingenieria y Construccion de CV   -    100.00%   100.00%   - 
- GM Ingenieria Bolivia S.R.L.   -    100.00%   100.00%   1.43%
Energy:                    
Unna Energia 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.   -    100.00%   100.00%   - 
Infrastructure:                    
Unna Transporte S.A.C.   100.00%   -    100.00%   - 
Tren Urbano de Lima S.A.   75.00%   -    75.00%   25.00%
Carretera Andina del Sur S.A.C   100.00%   -    100.00%   - 
Red Vial 5 S.A.   18.20%   48.80%   67.00%   33.00%
Carretera Sierra Piura S.A.C.   99.96%   0.04%   100.00%   - 
Concesionaria Via Expresa Sur S.A.   99.98%   0.02%   100.00%   - 
Real Estate:                    
Viva Negocio Inmobiliario S.A.C.   56.22%   43.32%   99.54%   0.46%
Parent company operations:                    
Qualys 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%   - 

 

B. Public service concessions

 

The Corporation has public service concessions. When applicable, the income attributable to the construction or restoration of infrastructure has been accounted for by applying the models described in Note 2.E (financial asset model and intangible assets).

 

In all Corporation’s concessions, the infrastructure returns to the Grantor at the end of the Agreement.

 

Find below the concessions held by the Corporation as of December 31, 2021 and 2022:

 

Name of Concessionaire   Description   Estimated investment   Consideration   Interest     Concession termination     Accounting model
Carretera Andina del Sur S.A.   This company operates and maintains a highway of 750 km from San Juan de Marcona Port to Urcos, Peru, which is connected to the Interoceanica highway. The highway has five tolls and three weigh stations.   US$ 99 million   Transaction secured by the Peruvian Government comprising annual payments for highway maintenance and operation, under responsibility of the Ministry of Transportation and Communications (MTC).     100.00 %     2032     Financial asset
                                 
Carretera Sierra Piura S.A.C.   This company regularly operates and maintains a highway of 78 km, which connects Buenos Aires and Canchaque towns in Peru. The highway has one toll.   US$ 31 million   Transaction secured by the Peruvian Government regardless traffic volume. Revenue is secured by an estimated annual amount of US$ 1.4 million.     100.00 %     2025     Financial asset
                                 
Concesionaria La Chira S.A.   Design, financing, construction, operation, and maintenance of “Planta de Tratamiento de Aguas Residuales y Emisario Submarino La Chira” project. About 25% of sewage of Lima is treated under this project.   S/ 450 million   Transaction secured by the Peruvian Government consisting of monthly and quarterly payments settled by Sedapal´s collection trust.     50.00 %     2036     Financial asset
                                 
Tren Urbano de Lima S.A.   Concession to operate the Electric Mass Transportation System of Lima and Callao, Line 1 Villa El Salvador - Avenida Grau - San Juan de Lurigancho, the only railway system in Lima Metropolitana, including (i) operation and maintenance of existing trains (24 trains as initial investment and 20 additional trains) and (ii) operation and maintenance of the railway system (railway and infrastructure).   S/ 566 million   Transaction secured by the Peruvian Government through a quarterly payment made by the MTC based on kilometers per train.     75.00 %     2041     Financial asset
                                 
Red Vial 5 S.A.   Operation and maintenance of the highway connecting Lima to the northwest of Peru. This highway, known as Red Vial, is 183 km long from Ancon to Pativilca and has three tolls.   US$ 187 million   Collected from users (self-funded concession; revenue comes from toll collection).     67.00 %     2028     Intangible
                                 
Concesionaria Via Expresa Sur S.A.   Concession to design, finance, construction, operation, and maintenance of the infrastructure associated with the Via Expresa Sur project. This project comprises the second stage expansion of Via Expresa – Paseo de la Republica, between Av. Republica de Panama and and Panamericana highway.   -   By virtue of this agreement, the users had to pay the respective tolls and the Peruvian Government guaranteed to pay the amount to cover the deficit resulting from collection to users and the annual limits established in such an agreement. On December 16, 2022, the Municipality of Lima and Concesionaria Via Expresa Sur declared the expiration of the Concession Agreement.     100.00 %     2053    

Financial

asset

 

C. Hydrocarbon and gas contracts

 

As of December 31, 2022, the subsidiary Unna Energia S.A. has mainly three contracts signed with Perupetro S.A. In 2021, it had four contracts signed with Perupetro S.A. and one contract signed with ENEL, as indicated below:

 

i. Service contract for exploration and exploitation of hydrocarbons (Lot V)

 

This contract was signed with Perupetro S.A. in 1993 for a period of twenty years. In March 2010 the Extension Agreement to the oil services contract was signed until October 2023. The lot is located in the provinces of Talara and Contralmirante Villar, departments of Piura and Tumbes, Grau region, northeastern Peru. As of December 31, 2022, the Company held a total of 95 wells of which 39 wells were active and 56 wells were inactive (as of December 31, 2021 it held 95 wells of which 40 wells were active and 55 wells were inactive).

 

ii. License agreement for the exploitation of hydrocarbons (Lot III)

 

Subscribed with Perupetro S.A. in March 2015 for a period of thirty years for oil, and forty years for non-associated natural gas counted from April 5, 2015, the date corresponding to the start of operations. The lot is located in the provinces of Talara and Paita, Grau region, northeastern Peru. As of December 31, 2022, the Company held a total of 505 wells of which 172 wells were active and 333 wells were inactive (as of December 31, 2021 it held 498 wells of which 134 wells were active and 364 wells were inactive).

 

iii. License agreement for the exploitation of hydrocarbons (Lot IV)

 

Subscribed with Perupetro S.A. in March 2015 for a period of thirty years for oil, and forty years for non-associated natural gas counted from April 5, 2015, the date corresponding to the start of operations. The lot is located in the provinces of Talara and Contralmirante Villar, department of Piura and Tumbes, Grau region, northeastern Peru. As of December 31, 2022, the Company had a total of 578 wells of which 361 wells were active and 217 wells were inactive (as of December 31, 2021 it had 528 wells of which 337 wells were active and 191 wells were inactive).

 

iv. Service contract for exploration and exploitation of hydrocarbons (Lot I)

 

Contract terminated on December 26, 2021, signed in 1991 by Cavelcas del Peru S.A. (CAVELCAS) and Perupetro S.A. for a period of twenty years. On July 31, 1995 CAVELCAS made the assignment of the contractual position for 100% of the participation to the Company, the latter assuming the technical, economic and financial responsibility of the operations. In March 2010 an extension agreement was signed for this contract until December 2021. To date, the Company is in the process of obtaining the approval of the Abandonment Plan, in order to execute the activities under its responsibility due to the termination of the Contract.

 

v. Contract for the operation of hydrocarbon supply terminals.

 

On July 16, 2014, Petroperu S.A. signed contracts for the operation of the North and Central hydrocarbon supply terminals with the subsidiary Unna Energia S.A. and Oiltanking Peru S.A.C., for the provision of reception, storage and dispatch services for a term of twenty years from the date of signing the contracts, for which the Terminales del Peru Consortium was formed, which began operating on September 2, 2014. Unna Energia S.A. is the operator and both consortium members exercise joint control of the business and have a 50% shareholding.

 

D. Joint operations

 

As of December 31, 2020, 2021 and 2022, the Corporation participates in 41, 39 and 38 joint operations with third parties, respectively. The table below lists the main joint operations in which the Corporation participates.

 

   Percentage of interest   
Joint operations  2020   2021   2022   
AENZA S.A.A.              
 - Concesionaria La Chira S.A.   50%   50%   50 % 
Cumbra Peru S.A.                 
- Consorcio Huacho Pativilca   67%   67%   67 % 
- Consorcio GyM – CONCIVILES   67%   67%   67 % 
- Consorcio Chicama - Ascope   50%   50%   50 % 
- Consorcio Constructor Alto Cayma   50%   50%   50 % 
- Consorcio Ermitaño   50%   50%   50 % 
- Consorcio GyM-Stracon   50%   50%   50 % 
- Consorcio HV GyM   50%   50%   50 % 
- Consorcio La Chira   50%   50%   50 % 
- Consorcio Lima Actividades Comerciales Sur   50%   50%   50 % 
- Consorcio Lima Actividades Sur   50%   50%   50 % 
- Consorcio Rio Urubamba   50%   50%   50 % 
- Consorcio Alto Cayma   49%   49%   49 % 
- Consorcio La Gloria   49%   49%   49 % 
- Consorcio Norte Pachacutec   49%   49%   49 % 
- Consorcio Italo Peruano   48%   48%   48 % 
- Consorcio Vial Quinua   46%   46%   46 % 
- Consorcio Constructor Ductos del Sur   29%   29%   29 % 
- Consorcio Constructor Chavimochic   27%   27%   27 % 
- Consorcio Inti Punku   49%   49%   49 % 
- Consorcio Pasco   1%   1%   1 % 
Unna Energia S.A.                 
- Consorcio Terminales   50%   50%   50 % 
- Terminales del Peru   50%   50%   50 % 
Unna Transporte S.A.C.                 
- Consorcio Ancon-Pativilca   67%   
-
    
-
   
- Consorcio Peruano de Conservacion   50%   50%   50 % 
- Consorcio Manperan   67%   67%   67 % 
- Consorcio Vial Sierra   50%   50%   50 % 
- Consorcio Vial Ayahuaylas   99%   99%   99 % 
- Consorcio Vial ICAPAL   10%   
-
      - 
- Consorcio Vial Sullana   99%   99%   99 % 
- Consorcio Vial del Sur   99%   99%   99 % 
- Consorcio Obras Viales   99%   99%   
-
   
Cumbra Ingenieria S.A.                 
- Consorcio Vial la Concordia   88%   88%   88 % 
- Consorcio GMI- Haskoningdhv   70%   70%   70 % 
- Consorcio Supervisor Ilo   55%   55%   55 % 
- Consorcio Poyry-GMI   40%   40%   40 % 
- Consorcio Internacional Supervision Valle Sagrado   33%   33%   33 % 
- Consorcio Ecotec - GMI - PIM   30%   30%   30 % 
- Consorcio Ribereno Chinchaycamac   40%   40%   40 % 
- Consorcio Supervisor GRH   64%   83%   83 % 
- Consorcio Ecotec - GMI   20%   20%   20 % 

 

All joint agreements listed above are operated in Peru.

 

The main activities of the joint operations correspond to:

 

Joint agreements  Economic activity
AENZA S.A.A.  Construction, operation, and maintenance of the raw sewage treatment plant of La Chira to the south of Lima. The purpose of the project is to face enviromental problems of Lima, due to raw sewage flowing into the sea.
    
Cumbra Peru S.A.  Consortiums created only to come into construction contracts.
    
Unna Energia S.A.  Consorcio Terminales and Terminales del Peru provide services of reception, storage, shipment, and transportation of liquid hydrocarbons such as gasoline, fuel for aircrafts, diesel and residual fuel, among others.
    
Unna Transporte S.A.C.  Services of refurbishment, routinary and regular maintenance of highways, and highway preservation and conservation services.
    
Cumbra Ingenieria S.A.  Engineering advisory and consulting services, execution of studies and projects, project management, and work supervision.