Basis of Preparation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Basis of Preparation and Significant Accounting Policies [Abstract]

Schedule of estimated useful lives

	Years
Buildings and premises	3 to 50
Machinery and equipment	2 to 20
Vehicles	2 to 10
Furniture and fixtures	2 to 10
Other equipment	2 to 10

Schedule of consolidated statement of financial position

	As of December 31, 2020
In thousands of soles	Reported		Adjustment				Revised
ASSETS
Current assets
Trade accounts receivables, net		687,514		61,059		(a)		748,573
Work in progress, net		186,433		(173,701	)	(b)		12,732
Other accounts receivable		404,743		4,563		(a)		409,306
Other current assets		1,502,478		-				1,502,478
Total current assets		2,781,168		(108,079	)			2,673,089
Non-current assets
Deferred tax asset		262,165		6,909		(c)		269,074
Other non-current assets		2,983,417		-				2,983,417
Total non-current assets		3,245,582		6,909				3,252,491
Total assets		6,026,750		(101,170	)			5,925,580

LIABILITIES AND EQUITY
Current liabilities
Trade accounts payable	1,064,416	(95,697	)	(b)	968,719
Other current liabilities	1,389,115	-			1,389,115
Total current liabilities	2,453,531	(95,697	)		2,357,834
Non-current liabilities
Deferred tax liability	102,907	8,031		(c)	110,938
Other non-current liabilities	1,875,016	-			1,875,016
Total non-current liabilities	1,977,923	8,031			1,985,954
Total liabilities	4,431,454	(87,666	)		4,343,788
Equity
Equity attributable to controlling interest in the Company	1,267,606	(15,744	)		1,251,862
Non-controlling interest	327,690	2,240			329,930
Total equity	1,595,296	(13,504	)		1,581,792
Total liabilities and equity	6,026,750	(101,170	)		5,925,580

	As of December 31, 2021
In thousands of soles	Reported		Adjustment				Revised
ASSETS
Current assets
Trade accounts receivables, net		590,280		244,352		(a)		834,632
Work in progress, net		309,063		(309,063	)	(b)		-
Other current assets		1,985,521		-				1,985,521
Total current assets		2,884,864		(64,711	)			2,820,153
Non-current assets
Deferred tax asset		275,076		1,270		(c)		276,346
Other non-current assets		2,740,632		-				2,740,632
Total non-current assets		3,015,708		1,270				3,016,978
Total assets		5,900,572		(63,441	)			5,837,131
LIABILITIES AND EQUITY
Current liabilities
Trade accounts payable		980,767		(67,941	)	(b)		912,826
Other provisions		154,829		716		(c)		155,545
Other current liabilities		1,212,121		-				1,212,121
Total current liabilities		2,347,717		(67,225	)			2,280,492
Non-current liabilities
Deferred tax liability		97,367		1,040		(c)		98,407
Other non-current liabilities		2,002,222		-				2,002,222
Total non-current liabilities		2,099,589		1,040				2,100,629
Total liabilities		4,447,306		(66,185	)			4,381,121
Equity
Equity attributable to controlling interest in the Company		1,199,816		3,229				1,203,045
Non-controlling interest		253,450		(485	)			252,965
Total equity		1,453,266		2,744				1,456,010
Total liabilities and equity		5,900,572		(63,441	)			5,837,131

Schedule of consolidated statement of income

	For the year ended December 31, 2020
In thousands of soles	Reported			Adjustment				Revised
Revenues from construction activities		1,815,671			39,148		(a)		1,854,819
Revenues from services provided		936,485			-				936,485
Revenue from real estate and sale of goods		394,249			-				394,249
		3,146,405			39,148				3,185,553
Cost of construction activities		(1,716,309	)		(76,410	)	(b)		(1,792,719	)
Cost of services provided		(811,505	)		4,392		(b)		(807,113	)
Cost of real estate and  sale of goods		(308,339	)		-				(308,339	)
		(2,836,153	)		(72,018	)			(2,908,171	)
Gross profit (loss)		310,252			(32,870	)			277,382
Administrative expenses		(134,013	)		-				(134,013	)
Other income and expenses		(181,182	)		-				(181,182	)
Operating loss		(4,943	)		(32,870	)			(37,813	)
Financial expenses		(146,355	)		-				(146,355	)
Financial income		39,316			-				39,316
Share of the profit or loss of associates and joint   ventures accounted for using the equity method		770			-				770
Loss before income tax		(111,212	)		(32,870	)			(144,082	)
Income tax expense		(62,208	)		8,036		(c)		(54,172	)
Loss from continuing operations		(173,420	)		(24,834	)			(198,254	)
Loss from discontinued operations		(16,924	)		-				(16,924	)
Loss for the year		(190,344	)		(24,834	)			(215,178	)
(Loss) profit attributable to:
Controlling interest in the Company		(217,871	)		(23,526	)			(241,397	)
Non-controlling interest		27,527			(1,308	)			26,219
		(190,344	)		(24,834	)			(215,178	)
Loss per share attributable to controlling interest in the Company during the year		(0.250	)		(0.027	)			(0.277	)
Total comprehensive income for the year Comprehensive income attributable to:
Controlling interest in the Company		(209,599	)		(30,205	)			(239,804	)
Non-controlling interest		27,641			(1,362	)			26,279
		(181,958	)		(31,567	)			(213,525	)

	For the year ended December 31, 2021
In thousands of soles	Reported			Adjustment				Revised
Revenue from construction activities		2,272,561			194,916		(a)		2,467,477
Revenue from services provided		1,094,439			-				1,094,439
Revenue from real estate and sale of goods		579,482			-				579,482
		3,946,482			194,916				4,141,398
Cost of construction activities		(2,178,648	)		(194,834	)	(b)		(2,373,482	)
Cost of services provided		(918,212	)		17,895		(b)		(900,317	)
Cost of real estate and  sale of goods		(454,484	)		-				(454,484	)
		(3,551,344	)		(176,939	)			(3,728,283	)
Gross profit		395,138			17,977				413,115
Administrative expenses		(179,613	)		-				(179,613	)
Other income and expenses		(4,477	)		-				(4,477	)
Operating profit		211,048			17,977				229,025
Financial expenses		(262,574	)		-				(262,574	)
Financial income		5,773			-				5,773
Share of the profit or loss of associates and joint   ventures accounted for using the equity method		(861	)		-				(861	)
Loss before income tax		(46,614	)		17,977				(28,637	)
Income tax expense		(43,700	)		(2,705	)	(c)		(46,405	)
Loss from continuing operations		(90,314	)		15,272				(75,042	)
Loss from discontinued operations		(26,774	)		-				(26,774	)
Loss for the year		(117,088	)		15,272				(101,816	)
(Loss) profit attributable to:
Controlling interest in the Company		(153,210	)		11,440				(141,770	)
Non-controlling interest		36,122			3,832				39,954
		(117,088	)		15,272				(101,816	)
Loss per share attributable to controlling interest in the Company during the year		(0.176	)		0.013				(0.163	)
Total comprehensive income for the year Comprehensive income attributable to:
Controlling interest in the Company		(159,592	)		12,167				(147,425	)
Non-controlling interest		36,089			4,083				40,172
		(123,503	)		16,250				(107,253	)

(a) As discussed in Note 2.W, revenue from engineering and construction contracts is recognized over time as the Corporation fulfills its obligations, as there is a continuous transfer of control of the deliverable to the customer and revenue is recognized using the percentage-of-completion method for each contract through the date of the consolidated financial statements.

(b) Before the immaterial correction, the Corporation presented the net position of construction contracts as either an asset or a liability. The contract was considered an asset when the gross margin earned at the measurement date was less than the Corporation’s estimated gross margin at contract completion. This asset was presented as “Work in progress”. If the gross margin obtained was greater than the estimated gross margin at completion, it was presented as a liability under “Accounts payable – Provision for estimated contract costs by stage of completion, both with an effect on the cost of construction activities account.

(c) Corresponds to the recognition of the tax effects related to the adjustments described in (a) and (b) above.

Schedule of segment information by geographic area

	For the year ended December 31, 2020
In thousands of soles	Reported		Adjustment		Revised
Revenue
Peru		2,477,435		32,980		2,510,415
Chile		514,907		6,169		521,076
Colombia		151,876		-		151,876
Mexico		2,187		-		2,187
		3,146,405		39,148		3,185,553

	For the year ended December 31, 2021
In thousands of soles	Reported		Adjustment		Revised
Revenue
Peru		3,255,214		29,460		3,284,674
Chile		585,317		165,248		750,565
Colombia		105,951		209		106,160
		3,946,482		194,916		4,141,398

Schedule of the balances in the consolidated statement of cash flows

	For the year ended December 31, 2020
In thousands of soles	Reported			Adjustment				Revised
OPERATING ACTIVITIES
(Loss) profit before income tax		(131,900	)		(32,870	)	(a,b)		(164,770	)
Adjustments to profit not affecting cash flows from operating activities:
Other adjustments		630,525			-				630,525
Net variations in assets and liabilities:
Trade accounts receivable and working in progress		131,674			77,726		(a,b)		209,400
Other accounts receivable		(46,117	)		(4,563	)	(a)		(50,680	)
Trade accounts payable		(42,062	)		(36,156	)	(b)		(78,218	)
Other accounts payable		(58,011	)		(4,137	)	(c)		(62,148	)
Other variations		(258,085	)		-				(258,085	)
Net cash provided by operating activities		226,024			-				226,024
INVESTING ACTIVITIES
Net cash applied to investing activities		(64,733	)		-				(64,733	)
FINANCING ACTIVITIES
Net cash applied to financing activities		(225,637	)		-				(225,637	)
Net decrease in cash		(64,346	)		-				(64,346	)
Exchange difference		13,813			-				13,813
Cash and cash equivalents at the beginning of the year		950,701			-				950,701
Cash and cash equivalents at the end of the year		900,168			-				900,168
NON-CASH TRANSACTIONS:
Capitalization of interests		4,887			-				4,887
Acquisition of assets through finance leases		71			-				71
Acquisition of right-of-use assets		12,075			-				12,075
Reclassification to other accounts receivable by Concesionaria Vía Expresa Sur		24,157			-				24,157
Acquisition of supplier bonds		25,871			-				25,871

	For the year ended December 31, 2021
In thousands of soles	Reported			Adjustment				Revised
OPERATING ACTIVITIES
(Loss) profit before income tax		(78,350	)		17,977		(a,b)		(60,373	)
Adjustments to  profit not affecting cash flows from operating activities:
Other provisions		62,246			716		(c)		62,962
Incremental cost of acquiring interest in joint operation		-			12,732		(b)		12,732
Other adjustments		490,819			-				490,819
Net variations in assets and liabilities:
Trade accounts receivable and working in progress		(82,527	)		(60,663	)	(a,b)		(143,190	)
Other accounts receivable		41,626			507		(a)		42,133
Trade accounts payable		(55,131	)		27,756		(b)		(27,375	)
Other accounts payable		72,991			975		(c)		73,966
Other variations		(257,166	)		-				(257,166	)
Net cash provided by operating activities		194,508			-				194,508
INVESTING ACTIVITIES
Net cash applied to investing activities		(88,189	)		-				(88,189	)
FINANCING ACTIVITIES
Net cash applied to financing activities		(50,425	)		-				(50,425	)
Net decrease in cash		55,894			-				55,894
Exchange difference		1,116			-				1,116
Cash and cash equivalents at the beginning of the year		900,168			-				900,168
Cash and cash equivalents at the end of the year		957,178			-				957,178
NON-CASH TRANSACTIONS:
Capitalization of interests		1,244			-				1,244
Acquisition of assets through finance leases		104			-				104
Dividends declared to non-controlling interest		17,281			-				17,281
Acquisition of right-of-use assets		7,988			-				7,988

(a) As discussed in Note 2.W, revenue from engineering and construction contracts is recognized over time as the Corporation fulfills its obligations, as there is a continuous transfer of control of the deliverable to the customer and revenue is recognized using the percentage-of-completion method for each contract through the date of the consolidated financial statements.

(b) Before the immaterial correction, the Corporation presented the net position of construction contracts as either an asset or a liability. The contract was considered an asset when the gross margin earned at the measurement date was less than the Corporation’s estimated gross margin at contract completion. This asset was presented as “Work in progress”. If the gross margin obtained was greater than the estimated gross margin at completion, it was presented as a liability under “Accounts payable – Provision for estimated contract costs by stage of completion, both with an effect on the cost of construction activities account.