Other Accounts Receivable, Net

12 Months Ended

Dec. 31, 2023

Other Accounts Receivable, Net [Abstract]

Other Accounts Receivable, Net

12. Other Accounts Receivable, Net

As of December 31, this caption comprises:

In thousands of soles	2022		2023
Claims and accounts receivable from third parties (a)		251,339		254,750
Guarantee deposits (b)		194,885		163,740
Credits and recoverable taxes (c)		113,923		104,654
Advances to suppliers (d)		53,658		98,021
Restricted fund (e)		52,014		25,419
Accounts receivable from personnel		2,359		1,925
Others		10,747		10,967
		678,925		659,476
Current portion		393,195		348,072
Non-current portion		285,730		311,404
		678,925		659,476

The fair value of the other short-term accounts receivable is similar to their carrying amount due to their short-term maturity. The other non-current accounts receivable corresponds mainly to claims to third parties and maturities range from two (2) to five (5) years.

Maximum exposure to credit risk at the reporting date is the carrying amount of every class of other accounts receivable.

(a) As of December 31, 2022 and 2023, they correspond to the following items:

In thousands of soles	2022		2023
Additional investments for operating contracts (a.1)		105,002		98,047
Account receivable to the Ministerio de Desarrollo Agrario y Riego (a.2)		-		32,062
Real estate project receivable (a.3)		26,084		30,012
Claims to tax authorities (a.4)		27,968		29,976
Accounts receivable from joint ventures (a.5)		21,100		21,878
Settlement agreement with third parties (a.6)		21,081		21,136
Account receivable from out-of-court settlement with third parties (a.7)		36,266		-
Insurance claims for losses		-		6,778
Others		13,838		14,861
		251,339		254,750

(a.1) Correspond to additional investments directly related to the modernization, expansion, adaptation to current regulations and other operating or commercial requirements established in the operating contracts signed between Terminales del Peru and Petroleos del Peru Petroperu S.A.

As of December 31, these additional investments recognized by the Company comprise:

In thousands of soles	2022		2023
Credited investments		30,478		49,369
Non-credited investments		74,524		48,678
		105,002		98,047

The additional investments are accredited based on the inspection report of the contracting party, both of the capital invested by the operator and of the compliance with the operational aspects, technical, safety, environmental and social standards and requirements of the project that is the subject of the additional investment. In accordance with the contracts for the operation of the North and Central hydrocarbon supply terminals, these accounts receivable from Petroperu do not accrue interest.

(a.2) The balance corresponds to the claim to the Ministerio de Desarrollo Agrario y Riego (hereinafter MIDAGRI) made by Concesionaria Chavimochic for US$ 8.9 million equivalent to S/ 32.1 million for the execution of the total amount of the Performance Bond, derived from the arbitration process followed against the Regional Government of La Libertad and MIDAGRI for the early termination procedure of the Concession Contract for breach of contract by the Grantor (note 14.a.ii).

(a.3) Corresponds to a claim in favor of the Corporation, resulting from the termination of the contract called “Ciudad Alameda de Ancon”, signed by the subsidiary VIVA, the Ministerio de Vivienda, Construcción y Saneamiento and Fondo Mi Vivienda S.A. As of December 31, 2023 the net amount of the claim corresponds to its fair value, which amounts to S/ 30 million (S/ 26 million at December 31, 2022) and results from the discount of the gross amount of the claim, to be collected over 5 years, at a rate of 6.58%. The gross amount of the claim amounting to S/46.7 million includes the full amount of the services rendered by VIVA in the Ancon Project and is part of the amount of the claim filed by VIVA against the Ministerio de Vivienda, Construcción y Saneamiento , Construction and Sanitation for the amount of S/ 116.3 million, which also includes an indemnity for damages (consequential damages and loss of profits). According to Management and legal advisors, it is expected that the amount of the claim will be collected within a maximum period of 11 years.

(a.4) Corresponds to the claim of the company before the Specialized Court in Administrative Litigation of the Court of Justice of Lima against the Tax Administration for deductions of loss on investments. The balance as of December 31, 2023 is S/ 29.9 million (S/ 27.9 million as of December 31, 2022). In the opinion of Management and its legal advisors, this account will be recovered over a period of five years, which is the estimated date for the end of the judicial process.

(a.5) As of December 31, 2023, the balance corresponds to the attributions of the results mainly to Cotinavec Montaje Peru S.A.C. for S/ 14.9 million, the balance is in arbitration process whose maturity date is June 2025 and other minor for S/ 7 million (S/ 13 million and S/ 7.9 million, as of December 31, 2022).

(a.6) Corresponds to the settlement agreement of Consorcio Panorama signed by VIVA Negocio Inmobiliario S.A.C. and Inversiones Maje S.A.C. on December 14, 2018. Such balance comprises the refund for contributions and profit earned totaling US$ 6.8 million (equivalent to S/ 26 million), based on future sales of the properties held in the project, which has an estimated collection date of August 2025. As of December 31, 2023 the net balance of the discount value and amortization amounts to US$ 5.7 million equivalent to S/ 21.1 million (US$ 5.5 million equivalent to S/ 21.1 million in 2022).

(a.7) Until the end of 2022, Cumbra Peru S.A. had a lawsuit pending against Tecnicas Reunidas de Talara S.A.C. (TRT) for approximately US$ 78 million as compensation for damages suffered as a result of various contractual breaches. In exchange, TRT filed a counterclaim for approximately US$ 81 million alleging that Cumbra Peru S.A. had breached the subcontract entered into between the two companies. On the other hand, on December 28, 2020, TRT executed two letters of guarantee issued by Banco Santander Peru, the first for US$ 16 million for Fullfilment Performance and the second letter of guarantee for US$ 7.7 million for advance payment, despite the fact that the obligations guaranteed by the letter of guarantee were being litigated in the process described in this paragraph.

In December 2022, the Company reached an agreement with TRT in order to put an end to the claims of both parties. As a result of this agreement, the Company impaired collection rights for US$ 29.6 million equivalent to S/ 113 million (note 12.f). Also, the Company would receive payments for outstanding invoices in the amount of US$ 10.3 million (equivalent to S/ 36.3 million). On January 31, 2023, the Company received payment in full of the outstanding invoices.

(b) Corresponds to funds retained by customers for contracts mainly of the subsidiary Cumbra Peru S.A. These deposits are retained by customers in order to guarantee the subsidiary performs its obligations under the contracts. The amounts withheld will be recovered upon completion of the work.

In thousands of soles	2022		2023
Withholding funds on projects and Consortiums		113,473		124,699
Withholding on V&V guarantees - DSD		54,236		4,490
Quellaveco Project		11,436		9,704
Gasoducto Piura		7,187		4,286
Obras Electromecanicas Toquepala		5,817		5,799
Withholding guarantees on Morelco		2,403		12,652
Others		333		2,110
		194,885		163,740
Current portion		110,507		77,903
Non-current portion		84,378		85,837
		194,885		163,740

(c) As of December 31, 2022 and 2023, corresponds to:

In thousands of soles	2022		2023
VAT credit (c.1)		50,172		39,706
Income tax on-account payments (c.2)		48,729		45,263
ITAN and other recoverable taxes		15,022		19,685
		113,923		104,654

(c.1) As of December 31, 2022 and 2023, corresponds to the VAT credit from to the following subsidiaries:

In thousands of soles	2022		2023
Cumbra Peru S.A.		14,492		14,336
Tren Urbano de Lima S.A.		8,501		4,724
Viva Negocio Inmobiliario S.A.C.		8,077		9,138
Unna Transporte S.A.C.		5,033		3,640
Carretera Andina del Sur S.A.C.		4,313		2,308
Unna Energia S.A.		3,511		1,701
Cumbra Ingenieria S.A.		2,023		212
AENZA S.A.A.		879		116
Others		3,343		3,531
		50,172		39,706

(c.2) As of December 31, 2022 and 2023, corresponds to the income tax credit related to advance payments to the following subsidiaries:

In thousands of soles	2022		2023
Cumbra Peru S.A.		23,079		38,885
Unna Energia S.A.		15,739		2,292
Unna Transporte S.A.C.		5,119		416
Cumbra Ingenieria S.A.		2,754		2,332
AENZA S.A.A.		1,055		644
Carretera Andina del Sur S.A.C.		482		515
AENZA Servicios Corporativos S.A.C.		156		-
Others		345		179
		48,729		45,263

(d) As of December 31, 2022 and 2023, corresponds to advance payments to suppliers related to:

In thousands of soles	2022		2023
Cumbra Peru S.A. - Aeropuerto Jorge Chavez		18,353		44,778
Cumbra Peru S.A. - Projects and Consortiums		15,220		41,767
Tren Urbano de Lima S.A. - Alstom Transporte		3,691		97
Others		16,394		11,379
		53,658		98,021

(e) As of December 31, 2023, the restricted funds correspond to bank guarantee certificates composed of Cumbra Ingenieria S.A for S/ 18.1 million and a restricted fund of Concesionaria La Chira S.A. for S/ 7.3 million. (As of December 31, 2022, Cumbra Peru S.A. for S/ 29.9 million EPC Talara, Cumbra Ingenieria S.A for S/ 14.7 million and Concesionaria La Chira S.A. for S/ 7.3 million, other S/ 1.7 million).

(f) The movement in impairment of other accounts receivables in 2021, 2022 and 2023 was as follows:

In thousands of soles	Tax credit			Claims to third parties			Total
At January 1, 2021		(6,222	)		(95,828	)		(102,050	)
Additions		-			(21,178	)		(21,178	)
Write-off		-			986			986
Exchange difference		-			(2,400	)		(2,400	)
Translations adjustments		-			(4,927	)		(4,927	)
At December 31, 2021		(6,222	)		(123,347	)		(129,569	)
At January 1, 2022		(6,222	)		(123,347	)		(129,569	)
Recovery		-			(127,348	)		(127,348	)
Write-off		-			113,037			113,037
Exchange difference		-			2,646			2,646
Translations adjustments		-			603			603
At December 31, 2022		(6,222	)		(134,409	)		(140,631	)
At January 1, 2023		(6,222	)		(134,409	)		(140,631	)
Write-off		-			5,631			5,631
Exchange difference		-			745			745
Translations adjustments		-			576			576
At December 31, 2023		(6,222	)		(127,457	)		(133,679	)

As of December 31, 2022, the additions correspond to: a) Cumbra Peru S.A. for S/ 115.6 million (Tecnicas Reunidas Talara S.A. S/ 113 million, Consorcio Chavimochic for S/ 1.9 million and Morelco S.A.S. for S/ 0.7 million); b) AENZA S.A.A. for S/ 3.1 million from Mota Engil; and c) Cumbra Ingenieria S.A. for S/ 0.6 million from Consorcio Supervisor Red Vial 4 (note 25.iv); and d) additions in the subsidiary Viva Negocio Inmobiliario S.A.C. recorded in other expenses for S/ 8.1 million mainly explained from Ancon Project (note 27.c).

As of December 31, 2021, the additions corresponded to: a) Cumbra Peru S.A. for S/ 1 million (Morelco S.A.S. for S/ 0.6 million, Construyendo Pais S.A. for S/ 0.5 million); b) Unna Transporte S.A.C. for S/ 0.2 million from Obras de Ingenieria S.A. (note 25.iv). Likewise, additions in AENZA S.A.A. recorded in other expenses for S/ 19.9 million coming from Adexus S.A. (note 27.C).