Revenue from contracts with customers

12 Months Ended

Dec. 31, 2022

Revenue from Contracts with Customers [Abstract]

Revenue from contracts with customers

24. Revenue from contracts with customers

For the years ended December 31, the Corporation’s income is derived principally from:

In thousands of soles	2020		2021		2022
Construction activities		1,854,819		2,467,477		2,451,067
Services rendered		936,485		1,094,439		1,104,900
Sale of real estate and goods		394,249		579,482		849,157
Revenue from contracts with customers		3,185,553		4,141,398		4,405,124

A. Revenues from contracts with customers are mainly broken down by:

For the year ended December 31,	Engineering and construction						Energy						Infrastructure						Real estate						Parent Company operations						Total
In thousands of soles	2020		2021		2022		2020		2021		2022		2020		2021		2022		2020		2021		2022		2020		2021		2022		2020		2021		2022
Primary geographical markets
Peru		1,355,589		1,862,176		1,794,735		369,798		541,859		633,792		594,723		638,358		745,750		182,439		239,391		367,276		7,865		2,889		2,912		2,510,414		3,284,673		3,544,465
Chile		521,076		750,565		708,996		-		-		-		-		-		-		-		-		-		-		-		-		521,076		750,565		708,996
Colombia		151,876		106,160		151,663		-		-		-		-		-		-		-		-		-		-		-		-		151,876		106,160		151,663
Mexico		2,187		-		-		-		-		-		-		-		-		-		-		-		-		-		-		2,187		-		-
		2,030,728		2,718,901		2,655,394		369,798		541,859		633,792		594,723		638,358		745,750		182,439		239,391		367,276		7,865		2,889		2,912		3,185,553		4,141,398		4,405,124
Major products/ service lines
Construction activities		1,854,819		2,467,477		2,451,067		-		-		-		-		-		-		-		-		-		-		-		-		1,854,819		2,467,477		2,451,067
Engineering services		175,909		251,424		204,327		-		-		-		-		-		-		-		-		-		-		-		-		175,909		251,424		204,327
Oil and gas extraction, storage and dispatching services		-		-		-		149,095		192,103		145,874		-		-		-		-		-		-		-		-		-		149,095		192,103		145,874
Transportation services		-		-		-		-		-		-		343,870		347,377		387,049		-		-		-		-		-		-		343,870		347,377		387,049
Road concession services		-		-		-		-		-		-		247,494		287,331		354,289		-		-		-		-		-		-		247,494		287,331		354,289
Water treatment service		-		-		-		-		-		-		3,359		3,650		4,412		-		-		-		-		-		-		3,359		3,650		4,412
Property rental		-		-		-		-		-		-		-		-		-		8,893		9,665		6,037		-		-		-		8,893		9,665		6,037
Parent company services and others		-		-		-		-		-		-		-		-		-		-		-		-		7,865		2,889		2,912		7,865		2,889		2,912
Sale of real estate and lots		-		-		-		-		-		-		-		-		-		173,546		229,726		361,239		-		-		-		173,546		229,726		361,239
Sale of oil and gas		-		-		-		220,703		349,756		487,918		-		-		-		-		-		-		-		-		-		220,703		349,756		487,918
		2,030,728		2,718,901		2,655,394		369,798		541,859		633,792		594,723		638,358		745,750		182,439		239,391		367,276		7,865		2,889		2,912		3,185,553		4,141,398		4,405,124
Timing of revenue recognition
Transferred at a point in time		-		-		-		369,798		541,859		633,792		-		-		-		182,439		239,391		367,276		7,865		2,889		2,912		560,102		784,139		1,003,980
transferred over time		2,030,728		2,718,901		2,655,394		-		-		-		594,723		638,358		745,750		-		-		-		-		-		-		2,625,451		3,357,259		3,401,144
		2,030,728		2,718,901		2,655,394		369,798		541,859		633,792		594,723		638,358		745,750		182,439		239,391		367,276		7,865		2,889		2,912		3,185,553		4,141,398		4,405,124
Revenue from contracts with customers		2,030,728		2,718,901		2,655,394		369,798		541,859		633,792		594,723		638,358		745,750		182,439		239,391		367,276		7,865		2,889		2,912		3,185,553		4,141,398		4,405,124

B. The balances of contract assets and liabilities are mainly comprised for:

In thousands of soles	Note		2021			2022
Receivables		10.a		773,575			894,571
Unbilled receivables		10.b and c		744,363			907,880
Guarantee deposits		12.a		139,019			194,885
Advances received from customers		20.a		(322,680	)		(365,730	)

Contract assets refer primarily to rights to consideration for work performed but not billed at the reporting date.

Contract liabilities refer mainly to advance consideration received from customers whose income is recognized over time.

The movement in contract liabilities as of December 31, 2021 and 2022 is detailed below:

In thousands of soles	2020			2021			2022
Initial balance		307,839			280,970			322,680
Advances received from customers		743,431			707,009			769,504
Compensation of customer advances		(770,300	)		(665,299	)		(726,454	)
Final balance		280,970			322,680			365,730

Revenue from contract liabilities recognized as of December 31, 2022 is S/726.4 million (S/665.2 million as of December 31, 2021).

The composition of the portfolio of projects pending to be executed (“backlog”) refers to the expected future income from signed contracts. The detail by operating segments as of December 31, 2022, and the dates on which they are estimated to be carried out, is shown in the following table:

	Annual Backlog
In thousands of soles	2023			2024			2025+			Total
Engineering and Construction		2,463,484			1,197,101			-			3,660,585
Infrastructure		730,702			646,764			631,645			2,009,111
Real estate		149,295			18,611			-			167,906
Intercompany eliminations		(172,416	)		(172,418	)		(165,131	)		(509,965	)
		3,171,065			1,690,058			466,514			5,327,637