Trade Accounts Receivable, Net

12 Months Ended

Dec. 31, 2023

Trade Accounts Receivable, Net [Abstract]

Trade Accounts Receivable, net

10. Trade Accounts Receivable, net

As of December 31, this account comprises:

In thousands of soles	2022		2023
Receivables (a)		357,704		204,167
Unbilled receivables - Subsidiaries (b)		584,217		718,408
Unbilled receivables - Concessions (c)		860,530		908,197
		1,802,451		1,830,772
Current portion		1,078,582		1,061,801
Non-current portion		723,869		768,971
		1,802,451		1,830,772

As of December 31, 2022 and 2023, trade accounts receivable are denominated in local and foreign currency, have current maturities, do not accrue interest and do not have specific guarantees. The fair value of current accounts receivable is similar to carrying amount since its average collection period is less than sixty (60) days.

As of December 31, the balance of accounts receivable corresponds to:

In thousands of soles	2022		2023
Tren Urbano de Lima S.A.		818,354		884,326
Cumbra Peru S.A.		647,113		750,109
Unna Energia S.A.		80,245		119,948
Cumbra Ingenieria S.A.		53,205		33,866
Carretera Andina del Sur S.A.C.		13,035		14,512
Unna Transporte S.A.C.		9,852		11,134
Viva Negocio Inmobiliario S.A.C. (i)		150,285		6,392
Carretera Sierra Piura S.A.C.		3,439		5,459
Concesionaria La Chira S.A.		2,290		2,396
Red Vial 5 S.A.		24,072		1,678
Others		561		952
		1,802,451		1,830,772

The balances of trade accounts receivable described above are mainly related to the economic activity detailed in note 6.

(i) As of December 31, 2022, invoices receivable correspond mainly to the sale of land to SEDAPAL in Inmobiliaria Almonte 2 S.A.C. for S/ 140 million (located in the district of Lurin, province of Lima, with an area of 209.59 hectares). In August 2023 the collection has been fully completed.

(a) Invoices receivables are recognized net of impairment for S/ 43.4 million and discounted at current value for S/ 0.5 millions. (S/ 44.7 million for impairment and S/ 0.7 million at current value as of December 31, 2022).

As of December 31, 2022 and 2023 the Management performed the assessment of credit risk exposure on trade receivables.

Maturity as of 31 of December, 2022 and 2023 is detailed below:

In thousands of soles	2022		2023
Current		316,664		153,678
Past due up to 30 days		29,078		29,375
Past due from 31 days up to 90 days		2,049		11,932
Past due from 91 days up to 120 days		1,437		317
Past due from 121 days up to 360 days		4,100		2,192
Past due over 360 days		4,376		6,673
		357,704		204,167

As of December 31, 2023, the amount of due debts over three hundred and sixty (360) days mainly includes invoices receivable from subsidiaries: Unna Transporte S.A.C. for S/ 4.6 million, Cumbra Peru S.A. for S/ 1.2 million and Cumbra Ingenieria S.A. for S/ 0.9 million (Cumbra Peru S.A. for S/ 3.4 million and Cumbra Ingenieria S.A. for S/ 0.9 million as of December 31, 2022).

(b) Correspond to documents related to the estimates for services provided that were not invoiced, valuations under preparation or approval pending. These rights are recognized discounted at current value for S/ 2.3 million (S/ 2.8 million as of December 31, 2022). The following is a breakdown by subsidiary:

In thousands of soles	2022		2023
Cumbra Peru S.A.		533,389		683,927
Cumbra Ingenieria S.A.		38,922		20,655
Unna Transporte S.A.C.		6,192		6,560
Unna Energia S.A.		5,617		7,183
Others		97		83
		584,217		718,408

Find below the Contract Assets corresponding to subsidiaries grouped by main projects:

In thousands of soles	2022		2023
Infrastructure
Operation and maintenance of roads		5,440		6,324
Others		752		236
		6,192		6,560
Energy		5,617		7,183
Engineering and Construction
Cumbra Peru S.A. and subsidiaries
Cumbra Peru S.A. - Jorge Chavez Airport		167,360		208,633
Cumbra Peru S.A. - Compañia Minera Buenaventura Project		1,288		69,869
Cumbra Peru S.A. - EPC Planta Hidrogeno UA – PMRT		45,926		48,453
Cumbra Peru S.A. - Concentrator Plant and tunnel of Quellaveco		54,996		37,607
Cumbra Peru S.A. - EPC Captacion Agua Mar y Afluentes UA - PMRT		28,420		34,321
Cumbra Peru S.A. - EPC Edificios UA – PMRT		3,102		3,016
Cumbra Peru S.A. - Toquepala Concentrator Maintenance Project		11,213		2,405
Cumbra Peru S.A. - Rio Urubamba Consortium		7,417		-
Cumbra Peru S.A. - Quebrada Honda Test Plant Project		5,417		-
Cumbra Peru S.A. - Gasoducto Piura Project		2,320		-
Vial y Vives - DSD S.A. -  Quebrada Blanca Project		148,354		105,937
Vial y Vives - DSD S.A. - Engineering and Construction works		3,336		12,141
Morelco S.A.S. - Santa Monica Project		1,158		104,043
Morelco S.A.S. - Termosuria Project		25,811		31,545
Morelco S.A.S. - Engineering and Construction Works		31,105		28,673
Cumbra Ingenieria S.A.
Cumbra Ingenieria S.A. - Mina Gold Fields La Cima S.A. Project		22,455		3,763
Others		12,633		14,176
		572,311		704,582
Others		97		83
		584,217		718,408

In the Engineering and Construction segment, as of December 31, 2023, contract assets correspond mainly to the project related to the construction of the Jorge Chavez Airport Terminal (Intipunku Consortium), and the Santa Monica project of the indirect subsidiary Morelco and the Quebrada Blanca project of the subsidiary Vial y Vives. The Company expects to realize these assets in the normal course of business.

(c) Correspond to future collections to the Grantor according to the terms of the concession agreement as detailed below:

In thousands of soles	2022		2023
Tren Urbano de Lima S.A. (c.1)		818,354		884,317
Red Vial 5 S.A. (c.2)		24,072		1,637
Carretera Andina del Sur S.A.C.		12,796		14,403
Carretera Sierra Piura S.A.C.		3,018		5,444
Concesionaria La Chira S.A.		2,290		2,396
		860,530		908,197

(c.1) The contract assets from Tren Urbano de Lima S.A. include: i) the quarterly remuneration to be received by the Concessionaire for the kilometers traveled (PKT) pending settlement by the Grantor; ii) account receivable from the Peruvian State in the long term, plus accrued interest according to the amortized cost method (note 2.E).

The fair value of the financial assets related to concession agreements for disclosure purposes is estimated discounting future contractual cash flows with the long-term sovereign interest rate. This measurement is classified under level 2 hierarchy according with previous description:

	Carrying amount				Fair value
In thousands of soles	2022		2023		2022		2023
Tren Urbano de Lima S.A.		818,354		884,326		810,539		844,542

(c.2) As of December 31, 2023, the variation corresponds to: (a) collection of S/ 15.2 million to the Ministerio de Transporte y Comunicaciones related to the application of clause 9. 9 Tariff Guarantee of the Concession Contract, by which the Grantor is obliged to recognize and pay the Concessionaire the corresponding tariff difference in the event that any public entity does not allow the Concessionaire to collect the tariff as stipulated in the contract; and (b) collection of S/ 9.1 million related to complementary works in the Panamericana Norte Km148, overpass.

(d) The movement of impairment of trade accounts receivable is as follows:

In thousands of soles	Note	2021			2022			2023
Balance at January, 1			(56,630	)		(49,604	)		(48,484	)
Impairment	25(iv)		(1,061	)		(54,766	)		-
Impairment recovery			84			56			388
Write-off (i)			8,340			55,744			1,482
Exchange difference			(336	)		32			14
Translation adjustments			(1	)		54			(155	)
Balance at December, 31			(49,604	)		(48,484	)		(46,755	)

(i) Corresponds to the write-off recorded in 2022 in the subsidiary Cumbra Peru S.A. for S/ 55.7 million for the agreement with Tecnicas Reunidas in Talara S.A. In 2021 corresponds mainly to Cumbra Peru S.A. for S/ 4.2 million, Tren Urbano de Lima S.A. for S/ 3.5 million and others for S/ 0.6 million.

Management, after evaluating the receivable balances at the date of the consolidated financial statements, considers that, except for theimpairment registered, there are no accounts at risk of uncollectability.

In the opinion of Corporate management, the expected credit loss allowance and allowance for trade receivables adequately cover the risk of uncollectability as of December 31, 2022 and 2023.