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Borrowings
 12 Months Ended
Dec. 31, 2023
Borrowings [Abstract]  
Borrowings
17.Borrowings

 

As of December 31, this caption includes:

 

   Date of  Interest      Current   Non-current 
In thousands of soles  maturity  rate   Currency  2022   2023   2022   2023 
Bank loans                          
Bridge loan (a)  2024   Term SOFR 3M + de 9.75% a 11.25%   USD   463,773    379,928    
-
    
-
 
Banco de Credito del Peru (b)  2028   6.04% / 7.68%   USD   32,104    33,338    93,960    82,658 
Banco Interamericano de Desarrollo (c)  2032   
7.84%
   USD   
-
    744    
-
    73,058 
Banco de Credito del Peru (d)  2024   
10.00%
   USD   
-
    29,628    
-
    
-
 
Banco de Credito del Peru  2024   12.50%   PEN   
-
    8,024    
-
    
-
 
Banco BBVA Peru  2024   7.94%   USD   1    1,486    1,528    
-
 
Bancolombia  2024   17.96% / 22.89%   COP   6,344    16,209    
-
    
-
 
Banco de Bogota  2024   12.20%   COP   4,330    3    
-
    
-
 
Banco de Credito del Peru  2023   7.00%   PEN   36,562    
-
    
-
    
-
 
Banco Interamericano de Finanzas  2024   11.35%   PEN   4,671    
-
    7,965    
-
 
Banco BBVA Peru  2023   7.94%   PEN   587    
-
    
-
    
-
 
Other financial entities                               
BCI Management Administradora General de Fondos (e)  2027   
9.97%
   USD   8,725    18,401    154,025    122,214 
Other  2024   11.25% / 13.54%   PEN / CLP   3,451    14,159    1,947    295 
Right-of-use-liabilities (f)  2027   5.40% / 22.66%   USD   12,879    14,109    46,206    28,453 
Finance leases (g)  2023   5.32% / 9.04%   USD   835    
-
    
-
    
-
 
               574,262    516,029    305,631    306,678 

 

(a)On March 17, 2022, the Company entered into a bridge loan agreement for up to US$ 120 million, with a group of financial institutions comprised by Banco BTG Pactual - Cayman Branch, Banco Santander Peru, HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero HSBC, and Natixis, New York Branch. The financing will be repaid over a period of 18 months, in quarterly interest installments and is secured, subject to the fulfillment of certain precedent conditions, by a flow trust (first lien), a pledge over the shares in Unna Energia S.A. (first lien), and a trust on the shares of Viva Negocio Inmobiliario S.A.C. (second lien). On April 5, 2022, the Company received a bridge loan for up to US$ 120 million.

 

On October 5, 2023 and December 27, 2023 payments of US$ 8 million (equivalent to S/ 29.1 million) and US$ 12 million (equivalent to S/ 43.6 million), respectively, were made. In addition, on December 27, 2023, the term extension of the bridge loan agreement was signed for up to US$ 100 million for a period of twelve months.

 

As of December 31, 2023, the loan amounts to S/ 379.9 million (as of December 31, 2022, it amounted to S/ 463.8 million), comprising principal of S/ 371.3 million, plus interest and net deferred charges of S/ 8.6 million (as of December 31, 2022, S/ 458.4 million and S/ 5.4 million, respectively).

 

As of December 31, 2022 and 2023, the Company has complied with the covenants established in the loan agreement.

 

(b)Terminales del Peru (hereinafter “TP”), a joint operation of the subsidiary Unna Energia S.A., has a medium-term loan agreement with Banco de Credito del Peru (hereinafter BCP) to finance investments arising from the operation agreement of North and Center terminals for 2015 to 2019 period, ending its availability period on December 31, 2022 with a maximum exposure limit of US$ 80 million. This funding is repaid within eight (8) years. for a credit line amount of US$ 100 million, which was authorized and fully utilized.

 

In addition, in November 2019, TP signed a loan agreement to finance the additional investments from 2019 to 2023 for a credit line of US$ 46 million with BCP. This agreement includes an assignee as interest holder, so BD Capital (BDC) acquired 50% of the BCP contractual position through the signature of an accession agreement. During 2023, additional disbursements of US$ 13.5 million, equivalent to S/ 50.9 million, were requested for the additional investments. On December 20, 2023, an addendum was signed to extend the period of availability until November 15, 2024.

 

As of December 31, 2023, the amount recorded for the loans equivalent to the 50% interest held by the subsidiary Unna Energia S.A. is S/ 116 million, which includes principal plus interest and net deferred charges (S/ 126.1 million as of 31 December 2022).

 

As of December 31, 2022 and 2023, TP is in compliance with the covenants established in the loan agreement.

 

(c)In December 2022, Viva Negocio Inmobiliario S.A.C. signed a loan agreement with the Banco Interamericano de Desarollo, with a ten (10) year term and a two (2) year grace period for principal repayment, for the purpose of building social housing. The loan was fully disbursed in January 2023, for US$ 20 million, equivalent to S/ 72.2 million. As of December 31, 2023, the loan balance payable amounts to US$ 20.2 million, equivalent to S/ 73.8 million, comprising principal of S/ 74.3 million, plus interest of S/ 0.7 million and the negative effect of deferred charges of S/ 1.2 million.

 

As of December 31, 2022 and 2023, Viva Negocio Inmobiliario S.A.C. has complied with the covenants established in the loan agreement.

 

(d)On February 15, 2023 and May 15, 2023, the Ministerio de Desarrollo Agrario y Riego - MIDAGRI executed the bank guarantee letter for a total amount of US$ 9.5 million that had been issued on behalf of Concesionaria Chavimochic S.A.C. as a guarantee under the Concession contract. As a result, the Company entered into a short-term loan under tranche C1 of the syndicated financing agreement. The balance of the loan at December 31, 2023 is US$ 7.9 million (equivalent to S/ 29.6 million).

 

(e)On May 29, 2018, the Company and Inversiones Concesiones Vial S.A.C. (“BCI Peru”) came into an investment agreement with the intervention of Fondo de Inversiones BCI NV (“BCI Fund”) and BCI Management Administradora General de Fondos S.A. (“BCI” Asset Management”) to monetize future dividends from Red Vial 5 S.A. to the Company. Upon the signature of this agreement, the Company had to indirectly transfer its economic rights over 48.8% of the share capital of Red Vial 5 S.A. by transferring its B class shares (equivalent to 48.8% of the capital of Red Vial S.A.) to a vehicle specially incorporated for such purposes called Inversiones en Autopistas S.A. The amount of the transaction was US$ 42.3 million (equivalent to S/ 138 million) and was completed on June 11, 2018.

 

In addition, it has been agreed that the Company would have purchase options on 48.8% of Red Vial 5’s economic rights that BCI Peru will maintain through its interest in Inversiones en Autopistas S.A. These options would be subject to certain conditions such as the expiration of different terms, recovery of the investment made with the proceeds of BCI Fund (according to different economic calculations) and/or to control changes.

 

As of December 31, 2023, the loan balance payable amounts to US$ 39.2 million, equivalent to S/ 145.4 million (as of December 31, 2022, US$ 42.6 million, equivalent to S/ 162.8 million) and includes the negative effect of the present value of S/ 2.4 million (as of December 31, 2022, S/ 16.6 million) (note 26.B.ii). Accrued interest amounts to S/ 8.3 million (in 2022, S/ 9.3 million).

 

(f)The composition of right-of-use liabilities is detailed below:

 

   Interest  Date of  Total 
In thousands of soles  rate  maturity  2022   2023 
               
AENZA S.A.A.  9.67%  2027   41,456    32,234 
Unna Energia S.A.  7.10% / 19.6%  2024   11,640    7,198 
Unna Transporte S.A.C.  5.40% / 11.72%  2025   4,960    2,227 
Other minors  4.5% / 22.66%  2024 / 2037   1,029    903 
          59,085    42,562 

 

The minimum payments to be made according to their maturity and current value of obligations for right-of-use liabilities are the following:

 

In thousands of soles  2022   2023 
Up to 1 year   19,075    17,754 
From 1 to 5 years   55,092    32,212 
Over 5 years   112    73 
    74,279    50,039 
Future financial charges   (15,194)   (7,477)
Present value of the lease liability for right-of-use asset obligations   59,085    42,562 

 

The current value of obligations for right-of-use liabilities is detailed as follows:

 

In thousands of soles  2022   2023 
Up to 1 year   12,879    14,109 
From 1 year to 5 years   46,094    28,380 
Over 5 years   112    73 
    59,085    42,562 

 

(g)The composition of finance leases is detailed below:

 

   Interest  Date of        
In thousands of soles  rate  maturity  2022   2023 
Viva Negocio Inmobiliario S.A.C.  9.04%  2023   76    
-
 
Cumbra Peru S.A.  5.32% / 7.67%  2023   759    
-
 
          835    
-
 

 

The minimum payments to be made according to their maturity and current value of obligations for finance lease agreements are the following:

 

In thousands of soles  2022 
Up to 1 year   873 
Future financial charges   (38)
Present value of the obligations for finance lease contracts   835 

 

The current value of obligations for finance lease agreements is detailed as follows:

 

In thousands of soles  2022 
Up to 1 year   835 

 

(h)As of December 31, the carrying amount and fair value of indebtedness are as follows:

 

   Carrying amount   Fair value 
In thousands of soles  2022   2023   2022   2023 
Bank loans   651,825    625,076    638,620    616,120 
Other financial entities   168,148    155,069    168,148    155,069 
Lease liability for right-of-use asset   59,085    42,562    58,719    43,078 
Finance leases   835    
-
    776    
-
 
    879,893    822,707    866,263    814,267 

 

As of December 31, 2023, fair values are based on discounted cash flows using borrowing rates between 4.7% and 22.7% (between 4.7% and 17.6% as of December 31, 2022) and are within Level 2 of the fair value accounting hierarchy.

 

(i)The movement in other financial liabilities, included in financing activities is as follows:

 

   2021 
In thousands of soles  Bank loans   Other financial
entities		   Lease liability
for right-of-use
asset		   Finance leases 
Balance at January, 1   528,564    244,639    72,726    52,391 
Additions   281,079    
-
    7,988    104 
Amortization   (473,693)   (42,605)   (26,520)   (5,542)
Accrued interest   47,246    11,439    4,549    3,260 
Interest paid   (48,034)   (9,732)   (4,335)   (3,224)
Subsidiary deconsolidation   (22,919)   (59,190)   (6,881)   (36,757)
Fair value   
-
    12,402    
-
    
-
 
Others   8,446    31,915    12,980    (396)
Balance at December, 31   320,689    188,868    60,507    9,836 

 

   2022 
In thousands of soles  Bank loans   Other financial
entities		   Lease liability
for right-of-use
asset		   Finance leases 
Balance at January, 1   320,689    188,868    60,507    9,836 
Additions   492,961    
-
    21,567    70 
Amortization   (171,239)   (28,758)   (16,198)   (8,536)
Accrued interest   49,099    9,273    4,845    474 
Interest paid   (39,748)   (10,525)   (4,732)   (514)
Fair value   
-
    16,629    
-
    
-
 
Others   63    (7,339)   (6,904)   (495)
Balance at December, 31   651,825    168,148    59,085    835 

 

   2023 
In thousands of soles  Bank loans   Other financial
entities		   Lease liability
for right-of-use
asset		   Finance leases 
Balance at January, 1   651,825    168,148    59,085    835 
Additions   215,942    65,711    3,792    
-
 
Amortization   (226,804)   (72,106)   (15,425)   (819)
Accrued interest   80,138    8,876    4,966    9 
Interest paid   (77,081)   (8,934)   (4,967)   (9)
Fair value   
-
    (2,358)   
-
    
-
 
Others   (18,944)   (4,268)   (4,889)   (16)
Balance at December, 31   625,076    155,069    42,562    
-