(All amounts are expressed in thousands of S/. unless otherwise stated)
UNAUDITED
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
AT DECEMBER 31, 2013 (AUDITED) AND AT DECEMBER 31, 2014 (UNAUDITED)
|
ASSETS
|
LIABILITIES AND EQUITY
|
||||||||||||||||||||||
At
|
At
|
At
|
At
|
||||||||||||||||||||
December 31,
|
December 31,
|
|
December 31,
|
December 31,
|
|||||||||||||||||||
Note
|
2013
|
2014
|
Note
|
2013
|
2014
|
||||||||||||||||||
Current assets
|
Current liabilities
|
||||||||||||||||||||||
Cash and cash equivalents
|
959,415 | 818,402 |
Borrowings
|
12 | 486,119 | 1,420,363 | |||||||||||||||||
Financial assets available for sale
|
- | 7,105 |
Trade accounts payable
|
991,397 | 1,183,223 | ||||||||||||||||||
Trade accounts receivables
|
521,872 | 1,100,539 |
Accounts payable to related parties
|
9 | 25,585 | 83,027 | |||||||||||||||||
Outstanding work in progress
|
971,743 | 1,157,164 |
Current taxes
|
159,234 | 206,950 | ||||||||||||||||||
Accounts receivable from related parties
|
9 | 83,850 | 99,061 |
Other accounts payable
|
745,094 | 1,016,309 | |||||||||||||||||
Other accounts receivable
|
556,696 | 578,515 |
Other provisions
|
13 | 8,895 | 11,441 | |||||||||||||||||
Inventories
|
762,797 | 833,570 |
Total current liabilities
|
2,416,324 | 3,921,313 | ||||||||||||||||||
Prepaid expenses
|
25,686 | 26,444 | |||||||||||||||||||||
Non-current assets classified as held for sale
|
21,474 | 14,457 |
Non-current liabilities
|
||||||||||||||||||||
Total current assets
|
3,903,533 | 4,635,257 |
Borrowings
|
12 | 309,703 | 328,007 | |||||||||||||||||
Long-term trade accounts payable
|
2,157 | 3,779 | |||||||||||||||||||||
Non-current assets
|
Other long-term accounts payable
|
205,396 | 132,917 | ||||||||||||||||||||
Long-term trade accounts receivable
|
591,917 | 579,955 |
Other provisions
|
13 | 43,418 | 48,089 | |||||||||||||||||
Long-term outstanding work in progress
|
- | 35,971 |
Derivative financial instruments
|
3,911 | 2,999 | ||||||||||||||||||
Other long-term accounts receivable
|
38,151 | 44,553 |
Deferred income tax liability
|
138,554 | 78,993 | ||||||||||||||||||
Available-for-sale financial assets
|
8 | 88,333 | 93,144 |
Total non-current liabilities
|
703,139 | 594,784 | |||||||||||||||||
Investments in associates and joint ventures
|
10 | 87,967 | 229,563 |
Total liabilities
|
3,119,463 | 4,516,097 | |||||||||||||||||
Investment property
|
36,945 | 36,244 | |||||||||||||||||||||
Property, machinery and equipment
|
11 | 952,906 | 1,146,392 |
Equity
|
14 | ||||||||||||||||||
Intangible assets
|
11 | 480,885 | 865,152 |
Capital
|
660,054 | 660,054 | |||||||||||||||||
Deferred income tax asset
|
135,521 | 137,041 |
Legal reserve
|
111,657 | 132,011 | ||||||||||||||||||
Prepaid expenses
|
- | 9,478 |
Premium for share issuance
|
1,027,533 | 899,312 | ||||||||||||||||||
Total non-current assets
|
2,412,625 | 3,177,493 |
Other comprehensive income
|
18,423 | (6,385 | ) | |||||||||||||||||
Retained earnings
|
947,766 | 1,116,102 | |||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
|
2,765,433 | 2,801,094 | ||||||||||||||||||||
Non-controlling interest
|
431,262 | 495,559 | |||||||||||||||||||||
Total equity
|
3,196,695 | 3,296,653 | |||||||||||||||||||||
6,316,158 | 7,812,750 | 6,316,158 | 7,812,750 |
(All amounts are expressed in thousands of S/. unless otherwise stated)
UNAUDITED
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
CONDENSED INTERIM CONSOLIDATED STATEMENT OF INCOME
|
For the period
|
|||||||||||
ended December 31,
|
|||||||||||
Note
|
2013
|
2014
|
|||||||||
Revenues from construction activities
|
3,820,393 | 4,825,832 | |||||||||
Revenues from services provided
|
1,748,127 | 1,835,973 | |||||||||
Revenue from real estate and sale of goods
|
398,980 | 346,875 | |||||||||
5,967,500 | 7,008,680 | ||||||||||
Cost of construction activities
|
(3,354,420 | ) | (4,336,501 | ) | |||||||
Cost of services provided
|
(1,349,850 | ) | (1,489,736 | ) | |||||||
Cost of real estate and goods sold
|
(259,108 | ) | (231,150 | ) | |||||||
15 | (4,963,378 | ) | (6,057,387 | ) | |||||||
Gross profit
|
1,004,122 | 951,293 | |||||||||
Administrative expenses
|
15 | (361,792 | ) | (429,439 | ) | ||||||
Other income and expenses
|
26,034 | 17,581 | |||||||||
Gain (loss) from the sale of investments
|
5,722 | - | |||||||||
Other gains, net
|
(733 | ) | (80 | ) | |||||||
Operating profit
|
673,353 | 539,355 | |||||||||
Financial expenses
|
(583,452 | ) | (460,149 | ) | |||||||
Financial income
|
469,834 | 368,796 | |||||||||
Dividends received
|
1,170 | 9,350 | |||||||||
Share of the profit or loss in associates and joint
|
|||||||||||
ventures under the equity method of accounting
|
33,562 | 53,445 | |||||||||
Profit before income tax
|
594,467 | 510,797 | |||||||||
Income tax
|
16 | (182,323 | ) | (149,674 | ) | ||||||
Profit for the period
|
412,144 | 361,123 | |||||||||
Profit attributable to:
|
|||||||||||
Owners of the Company
|
320,016 | 299,655 | |||||||||
Non-controlling interest
|
92,128 | 61,468 | |||||||||
412,144 | 361,123 | ||||||||||
Earnings per share from continuing operations
|
|||||||||||
attributable to owners of the Company during
|
|||||||||||
the twelve-month period ended
|
0.485 | 0.454 | |||||||||
Weighted average number of shares in issue
|
|||||||||||
at S/.1.00 each, at December 31,
|
660,054 | 660,054 |
(All amounts are expressed in thousands of S/. unless otherwise stated)
UNAUDITED
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
For the period
|
||||||||
ended December 31,
|
||||||||
2013
|
2014
|
|||||||
Profit for the period
|
412,144 | 361,123 | ||||||
Other comprehensive income:
|
||||||||
Items that will not be reclassified to profit or loss
|
||||||||
Adjustment for actuarial gains and losses, net of tax
|
(6,121 | ) | 1,549 | |||||
Items that may be subsequently reclassified to profit or loss
|
||||||||
Cash flow hedge, net of tax
|
3,733 | 568 | ||||||
Foreign currency translation adjustment, net of tax
|
(1,071 | ) | (20,943 | ) | ||||
Change in value of available-for-sale financial assets
|
19,060 | 2,084 | ||||||
Exchange difference of investments
|
- | (12,794 | ) | |||||
21,722 | (31,085 | ) | ||||||
Other comprenhensive income for the period, net of tax
|
15,601 | (29,536 | ) | |||||
Total comprehensive income for the period
|
427,745 | 331,587 | ||||||
Comprehensive income attributable to:
|
||||||||
Controlling interest in the Company
|
337,564 | 276,009 | ||||||
Non-controlling interest
|
90,181 | 55,578 | ||||||
427,745 | 331,587 |
(All amounts are expressed in thousands of S/. unless otherwise stated)
UNAUDITED
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN NET SHAREHOLDERS' EQUITY
|
FOR THE PERIODO ENDED DECEMBER 31, 2013 AND DECEMBER 31, 2014
|
Attributable to the controlling interests of the Company
|
|||||||||||||||||||||||||||
Number
of shares |
Legal
|
Premium
for issuance |
Other
comprehensive |
Retained
|
Non-controlling
|
|
|||||||||||||||||||||
In thousands
|
Capital
|
reserve
|
of shares
|
income
|
earnings
|
Total
|
interest
|
Total
|
|||||||||||||||||||
Balances as of January 1, 2013
|
558,284 | 558,284 | 107,011 | 6,656 | (3,716 | ) | 723,972 | 1,392,207 | 391,034 | 1,783,241 | |||||||||||||||||
Profit for the period
|
- | - | - | - | - | 320,016 | 320,016 | 92,128 | 412,144 | ||||||||||||||||||
Cash flow hedge
|
- | - | - | - | 3,546 | - | 3,546 | 187 | 3,733 | ||||||||||||||||||
Adjustment for actuarial gains and losses
|
- | - | - | - | - | (4,591 | ) | (4,591 | ) | (1,530 | ) | (6,121 | ) | ||||||||||||||
Foreign currency translation adjustment
|
- | - | - | - | (467 | ) | - | (467 | ) | (604 | ) | (1,071 | ) | ||||||||||||||
Change in value of available-for-sale financial assets
|
19,060 | - | 19,060 | - | 19,060 | ||||||||||||||||||||||
Comprehensive income of the period
|
- | - | - | - | 22,139 | 315,425 | 337,564 | 90,181 | 427,745 | ||||||||||||||||||
Transactions with shareholders:
|
|||||||||||||||||||||||||||
- Transfer to legal reserve
|
- | - | 4,646 | - | - | (4,646 | ) | - | - | - | |||||||||||||||||
- Dividend distribution
|
- | - | - | - | - | (86,985 | ) | (86,985 | ) | (51,794 | ) | (138,779 | ) | ||||||||||||||
- Issuance of shares
|
101,770 | 101,770 | - | 1,055,488 | - | - | 1,157,258 | - | 1,157,258 | ||||||||||||||||||
- Contributions of non-controlling shareholders
|
- | - | - | - | - | - | - | 34,774 | 34,774 | ||||||||||||||||||
- Additional acquisition of non-controlling
|
- | - | - | (34,611 | ) | - | - | (34,611 | ) | (29,257 | ) | (63,868 | ) | ||||||||||||||
- Deconsolidation of subsidiaries
|
- | - | - | - | - | - | - | (19,377 | ) | (19,377 | ) | ||||||||||||||||
- Purchase of subsidiaries
|
- | - | - | - | - | - | - | 15,701 | 15,701 | ||||||||||||||||||
Total transactions with shareholders
|
101,770 | 101,770 | 4,646 | 1,020,877 | - | (91,631 | ) | 1,035,662 | (49,953 | ) | 985,709 | ||||||||||||||||
Balances as of December 31, 2013
|
660,054 | 660,054 | 111,657 | 1,027,533 | 18,423 | 947,766 | 2,765,433 | 431,262 | 3,196,695 | ||||||||||||||||||
Balances as of January 1, 2014
|
660,054 | 660,054 | 111,657 | 1,027,533 | 18,423 | 947,766 | 2,765,433 | 431,262 | 3,196,695 | ||||||||||||||||||
Profit for the period
|
- | - | - | - | - | 299,655 | 299,655 | 61,468 | 361,123 | ||||||||||||||||||
Cash flow hedge
|
- | - | - | - | 540 | - | 540 | 28 | 568 | ||||||||||||||||||
Adjustment for actuarial gains and losses
|
- | - | - | - | - | 1,162 | 1,162 | 387 | 1,549 | ||||||||||||||||||
Foreign currency translation adjustment
|
- | - | - | - | (14,871 | ) | - | (14,871 | ) | (6,072 | ) | (20,943 | ) | ||||||||||||||
Change in value of available-for-sale financial assets
|
|
2,084 | - | 2,084 | - | 2,084 | |||||||||||||||||||||
Exchange difference of investments
|
(12,561 | ) | - | (12,561 | ) | (233 | ) | (12,794 | ) | ||||||||||||||||||
Comprehensive income of the period
|
- | - | - | - | (24,808 | ) | 300,817 | 276,009 | 55,578 | 331,587 | |||||||||||||||||
Transactions with shareholders:
|
|||||||||||||||||||||||||||
- Transfer to legal reserve
|
- | - | 20,354 | - | - | (20,354 | ) | - | - | - | |||||||||||||||||
- Dividend distribution
|
- | - | - | - | - | (112,127 | ) | (112,127 | ) | (64,496 | ) | (176,623 | ) | ||||||||||||||
- Contributions of non-controlling shareholders
|
- | - | - | - | - | - | - | 56,535 | 56,535 | ||||||||||||||||||
- Additional acquisition of non-controlling
|
- | - | - | (128,221 | ) | - | - | (128,221 | ) | (50,109 | ) | (178,330 | ) | ||||||||||||||
- Returns additional capital from non-controlling interests
|
- | - | - | - | - | - | - | (4,240 | ) | (4,240 | ) | ||||||||||||||||
- Sale of non-controlling Chile SPA. In VyV DSD
|
- | - | - | - | - | - | - | 1,627 | 1,627 | ||||||||||||||||||
- Desconsolidation Concar
|
- | - | - | - | - | - | - | 2,284 | 2,284 | ||||||||||||||||||
- Purchase of subsidiaries
|
- | - | - | - | - | - | - | 67,118 | 67,118 | ||||||||||||||||||
Total transactions with shareholders
|
- | - | 20,354 | (128,221 | ) | - | (132,481 | ) | (240,348 | ) | 8,719 | (231,629 | ) | ||||||||||||||
Balances as of December 31, 2014
|
660,054 | 660,054 | 132,011 | 899,312 | (6,385 | ) | 1,116,102 | 2,801,094 | 495,559 | 3,296,653 |
(All amounts are expressed in thousands of S/. unless otherwise stated)
|
||||||||||||
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||||||||
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
|
||||||||||||
For the year ended
|
||||||||||||
December 31,
|
||||||||||||
Note
|
2013
|
2014
|
||||||||||
OPERATING ACTIVITIES
|
||||||||||||
Profit before income tax
|
594,467 | 510,797 | ||||||||||
Adjustments to profit not affecting cash flows from
|
||||||||||||
operating activities:
|
||||||||||||
Depreciation
|
15 | 181,479 | 185,309 | |||||||||
Amortization of other assets
|
15 | 78,387 | 74,730 | |||||||||
Impairment of inventory
|
2,239 | 218 | ||||||||||
Impairment of accounts receivable
|
110 | - | ||||||||||
Impairment of other assets
|
774 | - | ||||||||||
Provisions
|
15,084 | 15,127 | ||||||||||
Share of the profit and loss in associates
|
||||||||||||
under the equity method of accounting
|
(33,562 | ) | (53,445 | ) | ||||||||
Reversal of impairment
|
- | (1,169 | ) | |||||||||
Reversal of provisions
|
(14,556 | ) | (20,446 | ) | ||||||||
Profit on sale of property, plant and equipment
|
(734 | ) | (4,659 | ) | ||||||||
Profit on sale of investments in associates
|
(5,722 | ) | - | |||||||||
Net variations in assets and liabilities:
|
||||||||||||
Decrease in trade accounts receivable
|
(783,965 | ) | (541,911 | ) | ||||||||
Decrease in other accounts receivable
|
(33,606 | ) | (26,330 | ) | ||||||||
Decrease in other accounts receivable from related parties
|
(34,089 | ) | (15,291 | ) | ||||||||
Decrease in inventories
|
(21,071 | ) | (52,105 | ) | ||||||||
Increase in pre-paid expenses and other assets
|
(539 | ) | (2,032 | ) | ||||||||
Increase in trade accounts payable
|
56,836 | 3,445 | ||||||||||
Increase (decrease) in other accounts payable
|
(145,380 | ) | 66,494 | |||||||||
Increase in other accounts payable to related parties
|
(14,677 | ) | 58,342 | |||||||||
Decrease in other provisions
|
(16,269 | ) | (7,208 | ) | ||||||||
Payments for intangible purchase - Concessions
|
(2,329 | ) | (82,698 | ) | ||||||||
Payment of income tax
|
(190,556 | ) | (154,134 | ) | ||||||||
Net cash provided by (applied to) operating activities
|
(367,679 | ) | (46,968 | ) | ||||||||
INVESTING ACTIVITIES
|
||||||||||||
Sale of investment in associates
|
6,800 | - | ||||||||||
Sale of property, machinery and equipment
|
15,861 | 43,015 | ||||||||||
Dividends received
|
4,688 | 36,718 | ||||||||||
Payment for purchase of available-for-sale investment
|
(56,100 | ) | - | |||||||||
Payment for purchase of property investments
|
(2,974 | ) | (1,450 | ) | ||||||||
Payments for intangible purchase
|
(22,375 | ) | (60,846 | ) | ||||||||
Payments for investments purchase
|
- | (129,685 | ) | |||||||||
Direct cash inflow (outflow) from acquisition of subsidiaries
|
(88,342 | ) | (169,869 | ) | ||||||||
Payments for fixed asset purchase
|
(197,553 | ) | (265,989 | ) | ||||||||
Net cash applied to investing activities
|
(339,995 | ) | (548,105 | ) | ||||||||
FINANCING ACTIVITIES
|
||||||||||||
Loans received
|
1,351,964 | 2,853,304 | ||||||||||
Amortization of loans received
|
(1,378,359 | ) | (2,053,422 | ) | ||||||||
Interest payment
|
(61,013 | ) | (46,411 | ) | ||||||||
Dividends paid to owners of the parent
|
(86,986 | ) | (112,127 | ) | ||||||||
Dividends paid to non-controlling interest
|
(51,794 | ) | (60,424 | ) | ||||||||
Cash received (contribution return) to non-controlling shareholders
|
34,774 | 52,295 | ||||||||||
Acquisition or sale of interest in a subsidiary of non-controlling shareholders
|
(63,868 | ) | (176,703 | ) | ||||||||
Issuance of shares, net of related expenses
|
1,147,418 | - | ||||||||||
Net cash (applied to) provided by financing activities
|
892,136 | 456,511 | ||||||||||
(Net decrease) net increase in cash
|
184,463 | (138,562 | ) | |||||||||
Cash decrease in deconsolidation
|
(5,162 | ) | (2,451 | ) | ||||||||
Cash and cash equivalents at the beginning of the year
|
780,114 | 959,415 | ||||||||||
Cash and cash equivalents at the end of the year
|
959,415 | 818,402 | ||||||||||
NON-CASH TRANSACTIONS:
|
||||||||||||
Debt capitalization
|
7,989 | - | ||||||||||
Acquisition of assets through finance leases
|
43,812 | 160,190 | ||||||||||
Adjustment for deconsolidation
|
(19,943 | ) | 2,284 | |||||||||
Change in fair vaue of available-for-sale financial asset
|
19,060 | 3,367 | ||||||||||
The accompanying notes on pages 7 to 24 are an integral part of the consolidated financial statements.
|
1
|
GENERAL INFORMATION
|
2
|
BASIS OF PREPARATION
|
3
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
4
|
FINANCIAL RISK MANAGEMENT
|
Less than 1 year
|
From 1 to 2 years
|
From 2 to 5 years
|
Over
5 years
|
Total
|
||||||||||||||||
As of December 31, 2013
|
||||||||||||||||||||
Borrowing (except for
|
||||||||||||||||||||
finance leases)
|
371,302 | 118,347 | 64,698 | - | 554,347 | |||||||||||||||
Finance leases liabilities
|
115,698 | 82,492 | 87,829 | 22,912 | 308,931 | |||||||||||||||
Trade accounts payable
|
991,397 | 2,157 | - | - | 993,554 | |||||||||||||||
Accounts payable to related parties
|
25,585 | - | - | - | 25,585 | |||||||||||||||
Other accounts payable
|
215,413 | 28,745 | 5,197 | 2,354 | 251,709 | |||||||||||||||
Trading and net settled derivative financial instruments
|
||||||||||||||||||||
(interest rate swaps)
|
1,773 | 2,138 | - | - | 3,911 | |||||||||||||||
1,721,168 | 233,879 | 157,724 | 25,266 | 2,138,037 | ||||||||||||||||
As of December 31, 2014
|
||||||||||||||||||||
Borrowing (except for
|
||||||||||||||||||||
finance leases)
|
1,314,733 | 89,896 | 43,091 | - | 1,447,720 | |||||||||||||||
Finance leases liabilities
|
137,301 | 90,645 | 122,378 | 11,224 | 361,548 | |||||||||||||||
Trade accounts payable
|
1,183,223 | 3,779 | - | - | 1,187,002 | |||||||||||||||
Accounts payable to related parties
|
83,027 | - | - | - | 83,027 | |||||||||||||||
Other accounts payable
|
555,149 | 38,887 | 12,961 | 1,249 | 608,246 | |||||||||||||||
Trading and net settled derivative
|
||||||||||||||||||||
financial instruments
|
||||||||||||||||||||
(interest rate swaps)
|
772 | 2,227 | - | - | 2,999 | |||||||||||||||
3,274,205 | 225,434 | 178,430 | 12,473 | 3,690,542 |
December 31,
|
December 31,
|
|||||||
2013
|
2014
|
|||||||
Total borrowing
|
795,822 | 1,748,370 | ||||||
Less: Cash and cash equivalents
|
( 959,415 | ) | (818,402 | ) | ||||
Net debt
|
( 163,593 | ) | 929,968 | |||||
Total equity
|
3,196,695 | 3,296,653 | ||||||
Total capital
|
3,033,102 | 4,226,621 | ||||||
Gearing ratio
|
0.00 | 0.22 |
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Liabilities:
|
||||||||||||||||
Derivative financial instruments - Cash
|
||||||||||||||||
flow hedging
|
- | 2,999 | - | 2,999 | ||||||||||||
Total liabilities
|
- | 2,999 | - | 2,999 |
5
|
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
|
6
|
SEASONALITY OF OPERATIONS
|
7
|
SEGMENT REPORTING
|
(All the amounts are expressed in thousand of S/. unless otherwise stated)
|
||||||||||||||||||||||||||||||||||||||||
UNAUDITED
|
||||||||||||||||||||||||||||||||||||||||
Operating segments financial position
|
||||||||||||||||||||||||||||||||||||||||
Segment reporting
|
||||||||||||||||||||||||||||||||||||||||
Engineering
|
Infrastructure
|
Parent
|
||||||||||||||||||||||||||||||||||||||
and
construction
|
Energy
|
Toll
roads
|
Mass
transit
|
Water treatment
|
Real
estate
|
Technical
services
|
Company
Operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||||
As of December 31, 2013
|
||||||||||||||||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
265,788 | 17,764 | 80,785 | 23,318 | 445 | 43,026 | 46,469 | 481,820 | - | 959,415 | ||||||||||||||||||||||||||||||
Trade Accounts receivable
|
265,544 | 29,527 | 12,347 | 4,090 | - | 17,938 | 192,382 | 44 | - | 521,872 | ||||||||||||||||||||||||||||||
Outstanding work in progress
|
734,976 | 6,966 | 2,433 | 31,187 | 37,489 | - | 158,692 | - | - | 971,743 | ||||||||||||||||||||||||||||||
Accounts receivable from related parties
|
107,732 | 4,083 | 18,660 | 163 | - | 561 | 53,845 | 733,645 | (834,839 | ) | 83,850 | |||||||||||||||||||||||||||||
Other accounts receivable
|
364,414 | 26,840 | 11,180 | 34,263 | 4,557 | 17,939 | 65,794 | 33,469 | (1,760 | ) | 556,696 | |||||||||||||||||||||||||||||
Inventories
|
90,671 | 7,741 | - | 11,927 | - | 590,567 | 63,912 | 487 | (2,508 | ) | 762,797 | |||||||||||||||||||||||||||||
Prepaid expenses
|
7,440 | 1,318 | 5,442 | 4,394 | 3 | 2,596 | 4,130 | 363 | - | 25,686 | ||||||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
21,474 | - | - | - | - | - | - | - | - | 21,474 | ||||||||||||||||||||||||||||||
Total Current assets
|
1,858,039 | 94,239 | 130,847 | 109,342 | 42,494 | 672,627 | 585,224 | 1,249,828 | (839,107 | ) | 3,903,533 | |||||||||||||||||||||||||||||
Long-term trade accounts receivable
|
- | - | - | 591,917 | - | - | - | - | - | 591,917 | ||||||||||||||||||||||||||||||
Long-term trade accounts receivable from related parties
|
- | - | - | - | - | - | - | 57,501 | (57,501 | ) | - | |||||||||||||||||||||||||||||
Other long-term accounts receivable
|
- | - | 10,081 | - | 1,858 | 11,811 | 12,301 | 2,100 | - | 38,151 | ||||||||||||||||||||||||||||||
Available-for-sale financial asset
|
- | 1,058 | - | - | - | - | 2 | 88,333 | (1,060 | ) | 88,333 | |||||||||||||||||||||||||||||
Investments in associates and joint ventures
|
153,556 | 7,287 | - | - | - | 16,297 | 10,454 | 1,301,315 | (1,400,942 | ) | 87,967 | |||||||||||||||||||||||||||||
Investment property
|
- | - | - | - | - | 36,945 | - | - | - | 36,945 | ||||||||||||||||||||||||||||||
Property, plant and equipment
|
534,067 | 190,844 | 3,919 | 6,724 | - | 5,636 | 114,081 | 103,840 | (6,205 | ) | 952,906 | |||||||||||||||||||||||||||||
Intangible assets
|
174,771 | 101,978 | 145,711 | 6,450 | 1,151 | 957 | 18,883 | 15,282 | 15,702 | 480,885 | ||||||||||||||||||||||||||||||
Deferred income tax asset
|
68,699 | 644 | 4,258 | 8,765 | - | 4,860 | 42,119 | 1,264 | 4,912 | 135,521 | ||||||||||||||||||||||||||||||
Total non-current assets
|
931,093 | 301,811 | 163,969 | 613,856 | 3,009 | 76,506 | 197,840 | 1,569,635 | (1,445,094 | ) | 2,412,625 | |||||||||||||||||||||||||||||
Total assets
|
2,789,132 | 396,050 | 294,816 | 723,198 | 45,503 | 749,133 | 783,064 | 2,819,463 | (2,284,201 | ) | 6,316,158 | |||||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||||||
Borrowings
|
195,083 | 33,847 | 46,007 | - | 5,869 | 77,854 | 126,872 | 587 | - | 486,119 | ||||||||||||||||||||||||||||||
Trade accounts payable
|
751,097 | 19,950 | 3,353 | 9,912 | 280 | 42,484 | 160,104 | 4,217 | - | 991,397 | ||||||||||||||||||||||||||||||
Accounts payable to related parties
|
43,373 | 877 | 25,572 | 642,510 | 24,058 | 21,493 | 77,613 | 24,928 | (834,839 | ) | 25,585 | |||||||||||||||||||||||||||||
Current taxes
|
117,087 | 3,477 | 2,515 | 81 | 366 | 3,161 | 30,498 | 2,049 | - | 159,234 | ||||||||||||||||||||||||||||||
Other accounts payable
|
526,994 | 10,882 | 42,891 | 879 | - | 72,617 | 79,050 | 11,781 | - | 745,094 | ||||||||||||||||||||||||||||||
Other provisions
|
- | 4,207 | 3,846 | - | - | - | 842 | - | - | 8,895 | ||||||||||||||||||||||||||||||
Total current liabilities
|
1,633,634 | 73,240 | 124,184 | 653,382 | 30,573 | 217,609 | 474,979 | 43,562 | (834,839 | ) | 2,416,324 | |||||||||||||||||||||||||||||
Borrowings
|
127,067 | 86,334 | 9,780 | - | - | 52,318 | 31,367 | 2,837 | - | 309,703 | ||||||||||||||||||||||||||||||
Long-term trade accounts payable
|
- | - | - | 2,157 | - | - | - | - | - | 2,157 | ||||||||||||||||||||||||||||||
Accounts payables to related parties
|
- | - | - | - | - | 28,500 | 29,001 | - | (57,501 | ) | - | |||||||||||||||||||||||||||||
Other long-term accounts payable
|
124,344 | - | 462 | - | - | 9,723 | 69,957 | 910 | - | 205,396 | ||||||||||||||||||||||||||||||
Other provisions
|
14,832 | 4,668 | - | - | - | - | 23,918 | - | - | 43,418 | ||||||||||||||||||||||||||||||
Derivative financial instruments
|
- | 3,563 | - | 201 | - | 147 | - | - | - | 3,911 | ||||||||||||||||||||||||||||||
Deferred income tax liability
|
119,367 | 453 | 166 | - | 340 | 7,074 | 5,864 | 3,599 | 1,691 | 138,554 | ||||||||||||||||||||||||||||||
Total non-current liabilities
|
385,610 | 95,018 | 10,408 | 2,358 | 340 | 97,762 | 160,107 | 7,346 | -55,810 | 703,139 | ||||||||||||||||||||||||||||||
Total liabilities
|
2,019,244 | 168,258 | 134,592 | 655,740 | 30,913 | 315,371 | 635,086 | 50,908 | (890,649 | ) | 3,119,463 | |||||||||||||||||||||||||||||
Equity
|
622,900 | 211,431 | 120,407 | 50,594 | 14,590 | 152,713 | 125,736 | 2,758,671 | (1,291,609 | ) | 2,765,433 | |||||||||||||||||||||||||||||
Non-controlling interest
|
146,988 | 16,361 | 39,817 | 16,864 | - | 281,049 | 22,242 | 9,884 | (101,943 | ) | 431,262 | |||||||||||||||||||||||||||||
Total liabilities and equity
|
2,789,132 | 396,050 | 294,816 | 723,198 | 45,503 | 749,133 | 783,064 | 2,819,463 | -2,284,201 | 6,316,158 |
(All the amounts are expressed in thousand of S/. unless otherwise stated)
|
||||||||||||||||||||||||||||||||||||||||
UNAUDITED
|
||||||||||||||||||||||||||||||||||||||||
Operating segments financial position
|
||||||||||||||||||||||||||||||||||||||||
Segment reporting
|
||||||||||||||||||||||||||||||||||||||||
Engineering
|
Infrastructure
|
Parent
|
||||||||||||||||||||||||||||||||||||||
and construction
|
Energy
|
Toll
roads
|
Mass
transit
|
Water treatment
|
Real
estate
|
Technical
services
|
Company
Operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||||
As of December 31, 2014
|
||||||||||||||||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
285,367 | 54,085 | 53,312 | 51,522 | 8,407 | 54,268 | 134,678 | 176,763 | - | 818,402 | ||||||||||||||||||||||||||||||
Available-for-sale financial assets
|
7,105 | - | - | - | - | - | - | - | - | 7,105 | ||||||||||||||||||||||||||||||
Trade Accounts receivable
|
596,281 | 35,201 | 46,598 | 71,817 | - | 57,584 | 293,024 | 34 | - | 1,100,539 | ||||||||||||||||||||||||||||||
Outstanding work in progress
|
1,140,778 | 1,414 | - | - | 14,972 | - | - | - | - | 1,157,164 | ||||||||||||||||||||||||||||||
Accounts receivable from related parties
|
121,989 | 6,723 | - | 216 | - | 6,561 | 65,242 | 371,765 | (473,435 | ) | 99,061 | |||||||||||||||||||||||||||||
Other accounts receivable
|
384,482 | 10,781 | 9,042 | 29,515 | 3,154 | 11,409 | 63,797 | 65,275 | 1,060 | 578,515 | ||||||||||||||||||||||||||||||
Inventories
|
126,293 | 7,921 | - | 13,909 | - | 630,758 | 55,601 | 486 | (1,398 | ) | 833,570 | |||||||||||||||||||||||||||||
Prepaid expenses
|
11,490 | 891 | 822 | 6,056 | 407 | 235 | 5,119 | 1,424 | - | 26,444 | ||||||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
14,457 | - | - | - | - | - | - | - | - | 14,457 | ||||||||||||||||||||||||||||||
Total Current assets
|
2,688,242 | 117,016 | 109,774 | 173,035 | 26,940 | 760,815 | 617,461 | 615,747 | (473,773 | ) | 4,635,257 | |||||||||||||||||||||||||||||
Long-term trade accounts receivable
|
- | - | - | 579,955 | - | - | - | - | - | 579,955 | ||||||||||||||||||||||||||||||
Long-term outstanding work in progress
|
- | 25,387 | 10,584 | - | - | - | - | - | - | 35,971 | ||||||||||||||||||||||||||||||
Long-term trade accounts receivable from related parties
|
- | - | 408 | - | - | - | 433 | 171,048 | (171,889 | ) | - | |||||||||||||||||||||||||||||
Other long-term accounts receivable
|
6,192 | 4,449 | 11,776 | 4,130 | 1,587 | 9,705 | 4,496 | 2,218 | - | 44,553 | ||||||||||||||||||||||||||||||
Available-for-sale financial assets
|
- | 1,058 | - | - | - | - | 2 | 93,144 | (1,060 | ) | 93,144 | |||||||||||||||||||||||||||||
Investments in associates and joint ventures
|
161,938 | 7,316 | - | - | - | 62,863 | 10,059 | 1,873,754 | (1,886,367 | ) | 229,563 | |||||||||||||||||||||||||||||
Investment property
|
- | - | - | - | - | 36,244 | - | - | - | 36,244 | ||||||||||||||||||||||||||||||
Property, plant and equipment
|
650,538 | 193,182 | 2,036 | 14,271 | - | 7,344 | 166,323 | 119,483 | (6,785 | ) | 1,146,392 | |||||||||||||||||||||||||||||
Intangible assets
|
410,312 | 146,477 | 234,923 | 6,247 | 1,100 | 1,187 | 32,838 | 17,417 | 14,651 | 865,152 | ||||||||||||||||||||||||||||||
Deferred income tax asset
|
90,323 | 714 | 4,604 | 244 | - | 9 | 37,364 | 925 | 2,858 | 137,041 | ||||||||||||||||||||||||||||||
Prepaid expenses
|
- | - | 2,416 | 7,062 | - | - | - | - | - | 9,478 | ||||||||||||||||||||||||||||||
Total non-current assets
|
1,319,303 | 378,583 | 266,747 | 611,909 | 2,687 | 117,352 | 251,515 | 2,277,989 | (2,048,592 | ) | 3,177,493 | |||||||||||||||||||||||||||||
Total assets | 4,007,545 | 495,599 | 376,521 | 784,944 | 29,627 | 878,167 | 868,976 | 2,893,736 | (2,522,365) | 7,812,750 | ||||||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||||||
Borrowings
|
624,492 | 69,577 | 95,902 | 404,915 | - | 144,314 | 80,531 | 632 | - | 1,420,363 | ||||||||||||||||||||||||||||||
Trade accounts payable
|
944,417 | 27,148 | 3,250 | 12,385 | 159 | 31,690 | 155,713 | 8,461 | - | 1,183,223 | ||||||||||||||||||||||||||||||
Accounts payable to related parties
|
89,445 | 1,061 | 55,679 | 278,819 | 13,052 | 24,106 | 82,203 | 12,421 | (473,759 | ) | 83,027 | |||||||||||||||||||||||||||||
Current taxes
|
169,566 | 6,881 | 3,726 | 198 | 138 | 2,186 | 21,624 | 2,631 | - | 206,950 | ||||||||||||||||||||||||||||||
Other accounts payable
|
799,120 | 16,762 | 22,599 | 2,141 | - | 64,280 | 91,607 | 19,800 | - | 1,016,309 | ||||||||||||||||||||||||||||||
Other provisions
|
- | 8,414 | - | - | - | - | 3,027 | - | - | 11,441 | ||||||||||||||||||||||||||||||
Total current liabilities
|
2,627,040 | 129,843 | 181,156 | 698,458 | 13,349 | 266,576 | 434,705 | 43,945 | (473,759 | ) | 3,921,313 | |||||||||||||||||||||||||||||
Borrowings
|
145,964 | 99,767 | 633 | - | - | 16,368 | 63,070 | 2,205 | - | 328,007 | ||||||||||||||||||||||||||||||
Long-term trade accounts payable
|
- | - | 1,622 | 2,157 | - | - | - | - | - | 3,779 | ||||||||||||||||||||||||||||||
Accounts payables to related parties
|
- | - | - | - | - | 109,126 | 62,522 | - | (171,648 | ) | - | |||||||||||||||||||||||||||||
Other long-term accounts payable
|
54,949 | 349 | 495 | 4,820 | - | 4,679 | 66,745 | 880 | - | 132,917 | ||||||||||||||||||||||||||||||
Other provisions
|
26,878 | 6,959 | - | - | - | - | 14,252 | - | - | 48,089 | ||||||||||||||||||||||||||||||
Derivative financial instruments
|
- | 2,999 | - | - | - | - | - | - | - | 2,999 | ||||||||||||||||||||||||||||||
Deferred income tax liability
|
48,721 | 1,330 | - | - | 325 | 8,707 | 6,271 | 13,639 | - | 78,993 | ||||||||||||||||||||||||||||||
Total non-current liabilities
|
276,512 | 111,404 | 2,750 | 6,977 | 325 | 138,880 | 212,860 | 16,724 | (171,648 | ) | 594,784 | |||||||||||||||||||||||||||||
Total liabilities
|
2,903,552 | 241,247 | 183,906 | 705,435 | 13,674 | 405,456 | 647,565 | 60,669 | (645,407 | ) | 4,516,097 | |||||||||||||||||||||||||||||
Equity
|
932,803 | 236,149 | 150,788 | 59,633 | 15,953 | 157,276 | 130,833 | 2,823,454 | (1,705,795 | ) | 2,801,094 | |||||||||||||||||||||||||||||
Non-controlling interest
|
171,190 | 18,203 | 41,827 | 19,876 | - | 315,435 | 90,578 | 9,613 | (171,163 | ) | 495,559 | |||||||||||||||||||||||||||||
Total liabilities and equity
|
4,007,545 | 495,599 | 376,521 | 784,944 | 29,627 | 878,167 | 868,976 | 2,893,736 | (2,522,365 | ) | 7,812,750 |
Operating segment performance | ||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||
Engineering
|
Infrastructure
|
Parent
|
||||||||||||||||||||||||||||
and
|
Mass
|
Water
|
Real
|
Technical
|
Company
|
|||||||||||||||||||||||||
construction
|
Energy
|
Toll roads
|
transit
|
treatment
|
estate
|
services
|
operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||
Year 2013 -
|
||||||||||||||||||||||||||||||
Revenue
|
4,075,255 | 321,097 | 195,861 | 118,541 | 45,489 | 313,731 | 1,169,115 | 51,525 | (323,114 | ) | 5,967,500 | |||||||||||||||||||
Gross profit
|
559,544 | 97,495 | 66,455 | 19,670 | 3,179 | 113,732 | 179,175 | (4,031 | ) | (31,097 | ) | 1,004,122 | ||||||||||||||||||
Administrative expenses
|
(217,927 | ) | (16,170 | ) | (6,600 | ) | (8,025 | ) | (212 | ) | (20,993 | ) | (132,486 | ) | (8,616 | ) | 49,237 | (361,792 | ) | |||||||||||
Other income and expenses
|
10,762 | (3,851 | ) | (35 | ) | 758 | (2 | ) | (727 | ) | 24,669 | (2,689 | ) | (2,851 | ) | 26,034 | ||||||||||||||
Gains from the sale of investments
|
- | - | - | - | - | 3,197 | - | 2,525 | - | 5,722 | ||||||||||||||||||||
Other gains (losses) , net
|
- | 290 | - | - | - | (1,023 | ) | - | - | - | (733 | ) | ||||||||||||||||||
Profit before interests and taxes
|
352,379 | 77,764 | 59,820 | 12,403 | 2,965 | 94,186 | 71,358 | (12,811 | ) | 15,289 | 673,353 | |||||||||||||||||||
Financial expenses
|
(318,447 | ) | (28,534 | ) | (22,392 | ) | (60,292 | ) | (47 | ) | (27,010 | ) | (35,235 | ) | (95,722 | ) | 4,227 | (583,452 | ) | |||||||||||
Financial income
|
291,812 | 14,303 | 17,982 | 34,315 | 17 | 13,227 | 19,382 | 108,617 | (29,821 | ) | 469,834 | |||||||||||||||||||
Dividends received
|
- | - | - | - | - | - | - | - | 1,170 | 1,170 | ||||||||||||||||||||
Share of the profit or loss
in associates under the equity
method of accounting
|
41,971 | 1,587 | - | - | - | 64 | 1,070 | 320,362 | (331,492 | ) | 33,562 | |||||||||||||||||||
Profit before income tax
|
367,715 | 65,120 | 55,410 | (13,574 | ) | 2,935 | 80,467 | 56,575 | 320,446 | (340,627 | ) | 594,467 | ||||||||||||||||||
Income tax
|
(111,240 | ) | (20,066 | ) | (14,971 | ) | 477 | (881 | ) | (21,427 | ) | (16,655 | ) | (781 | ) | 3,221 | (182,323 | ) | ||||||||||||
Net profit for the period
|
256,475 | 45,054 | 40,439 | (13,097 | ) | 2,054 | 59,040 | 39,920 | 319,665 | (337,406 | ) | 412,144 | ||||||||||||||||||
Profit attributable to:
|
||||||||||||||||||||||||||||||
Controlling interest in the Group
|
211,594 | 41,635 | 26,077 | (9,823 | ) | 2,054 | 19,154 | 34,296 | 319,762 | (324,733 | ) | 320,016 | ||||||||||||||||||
Non-controlling interest
|
44,881 | 3,419 | 14,362 | (3,274 | ) | - | 39,886 | 5,624 | (97 | ) | (12,673 | ) | 92,128 | |||||||||||||||||
Net profit for the period
|
256,475 | 45,054 | 40,439 | (13,097 | ) | 2,054 | 59,040 | 39,920 | 319,665 | (337,406 | ) | 412,144 |
Operating segment performance | ||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||
Engineering | Infrastructure | Parent | ||||||||||||||||||||||||||||
and | Mass | Water | Real | Technical | Company | |||||||||||||||||||||||||
construction | Energy | Toll roads | transit | treatment | estate | Services | operations | Eliminations | Consolidated | |||||||||||||||||||||
Year 2014 -
|
||||||||||||||||||||||||||||||
Revenue
|
5,035,674 | 350,339 | 338,153 | 166,951 | 29,323 | 224,560 | 1,208,168 | 53,241 | (397,729 | ) | 7,008,680 | |||||||||||||||||||
Gross profit
|
535,247 | 124,455 | 76,697 | 42,109 | 2,307 | 62,413 | 142,180 | (7,574 | ) | (26,541 | ) | 951,293 | ||||||||||||||||||
Administrative expenses
|
(263,868 | ) | (17,256 | ) | (8,035 | ) | (14,714 | ) | (317 | ) | (21,058 | ) | (125,264 | ) | (35,444 | ) | 56,517 | (429,439 | ) | |||||||||||
Other income and expenses
|
346 | (4,428 | ) | 33 | 18 | - | (846 | ) | 10,711 | 12,713 | (966 | ) | 17,581 | |||||||||||||||||
Loss from the sale of investments
|
- | - | - | - | - | - | (2,139 | ) | - | 2,139 | - | |||||||||||||||||||
Other gains (losses) , net
|
- | (116 | ) | - | - | - | (6 | ) | 42 | - | - | (80 | ) | |||||||||||||||||
Profit before interests and taxes
|
271,725 | 102,655 | 68,695 | 27,413 | 1,990 | 40,503 | 25,530 | (30,305 | ) | 31,149 | 539,355 | |||||||||||||||||||
Financial expenses
|
(256,901 | ) | (30,640 | ) | (19,037 | ) | (39,782 | ) | (57 | ) | (30,353 | ) | (39,891 | ) | (59,048 | ) | 15,560 | (460,149 | ) | |||||||||||
Financial income
|
194,478 | 19,196 | 9,535 | 35,264 | 18 | 15,639 | 14,319 | 117,216 | (36,869 | ) | 368,796 | |||||||||||||||||||
Dividends received
|
- | - | - | - | - | - | - | 264,951 | (255,601 | ) | 9,350 | |||||||||||||||||||
Share of the profit or loss
in associates under the equity
method of accounting
|
48,242 | 29 | - | - | - | 12,178 | 591 | - | (7,595 | ) | 53,445 | |||||||||||||||||||
Profit before income tax
|
257,544 | 91,240 | 59,193 | 22,895 | 1,951 | 37,967 | 549 | 292,814 | (253,356 | ) | 510,797 | |||||||||||||||||||
Income tax
|
(61,143 | ) | (29,400 | ) | (16,158 | ) | (10,842 | ) | (588 | ) | (11,452 | ) | (5,744 | ) | (14,581 | ) | 234 | (149,674 | ) | |||||||||||
Net profit for the period
|
196,401 | 61,840 | 43,035 | 12,053 | 1,363 | 26,515 | (5,195 | ) | 278,233 | (253,122 | ) | 361,123 | ||||||||||||||||||
Profit attributable to:
|
||||||||||||||||||||||||||||||
Controlling interest in the Group
|
166,868 | 58,234 | 32,774 | 9,040 | 1,363 | 9,527 | (5,428 | ) | 278,505 | (251,228 | ) | 299,655 | ||||||||||||||||||
Non-controlling interest
|
29,533 | 3,606 | 10,261 | 3,013 | - | 16,988 | 233 | (272 | ) | (1,894 | ) | 61,468 | ||||||||||||||||||
Net profit for the period
|
196,401 | 61,840 | 43,035 | 12,053 | 1,363 | 26,515 | (5,195 | ) | 278,233 | (253,122 | ) | 361,123 |
8
|
FINANCIAL ASSETS AVAILABLE FOR SALE
|
9
|
TRANSACTIONS WITH RELATED PARTIES
|
From the period
ended December 31,
|
||||||||
2013
|
2014
|
|||||||
Revenue from sale of goods and services:
|
||||||||
- Associates
|
4,915 | 6,040 | ||||||
- Joint operations
|
67,601 | 43,897 | ||||||
72,516 | 49,937 |
At December 31,
2013
|
At December 31,
2014
|
|||||||||||||||
Receivable | Payable | Receivable | Payable | |||||||||||||
Consorcio GyM Conciviles
|
33,405 | - | 48,581 | - | ||||||||||||
Consorcio Peruano de Conservación
|
15,080 | - | 15,365 | - | ||||||||||||
Consorcio Tren Eléctrico
|
2,499 | - | 7,380 | - | ||||||||||||
Consorcio Terminales
|
4,294 | - | 6837 | - | ||||||||||||
Consorcio Rio Urubamba
|
2,798 | - | 5,107 | 3,796 | ||||||||||||
Consorcio Sistemas SEC
|
- | - | 4,349 | - | ||||||||||||
Consorcio La Gloria
|
3,696 | 3,398 | 3,805 | 3,423 | ||||||||||||
Consorcio Constructor Alto Cayma
|
566 | 4,881 | 1,424 | - | ||||||||||||
Consorcio JV Panamá
|
1,323 | - | 1,043 | - | ||||||||||||
Consorcio Lima
|
312 | - | 877 | - | ||||||||||||
Consorcio Norte Pachacutec
|
556 | 952 | 531 | 1,068 | ||||||||||||
Consorcio HV GyM
|
- | - | 387 | - | ||||||||||||
Consorcio Huacho Pativilca
|
- | - | 369 | 4,555 | ||||||||||||
Comerciales Sur
|
206 | - | 294 | - | ||||||||||||
Consorcio Pasco
|
- | - | 248 | - | ||||||||||||
Consorcio Constructora Incolur-DSD Limitada
|
- | - | 246 | 404 | ||||||||||||
Consorcio Toromocho
|
62 | 34 | 210 | - | ||||||||||||
Consorcio Rio Pallca
|
3,903 | - | 187 | 282 | ||||||||||||
Consorcio Constructor Chavimochic
|
- | - | 141 | 2,896 | ||||||||||||
Consorcio Proyecto Chiquintirca
|
134 | - | 134 | - | ||||||||||||
Consorcio Alto Cayma
|
5,557 | 666 | 121 | 700 | ||||||||||||
Consorcio Construcciones y Montajes
|
- | - | 116 | 1,198 | ||||||||||||
Consorcio Vial Quinua
|
37 | 1,315 | 115 | - | ||||||||||||
Bechtel Vial y Vives Servicios Complementarios Ltda.
|
- | - | 96 | 4,648 | ||||||||||||
Consorcio Atocongo
|
712 | - | - | 915 | ||||||||||||
Consorcio Brocal Pasco
|
1,913 | 41 | - | - | ||||||||||||
Consorcio Ingenieria y Construcción Bechtel
|
- | 3,924 | - | 570 | ||||||||||||
Consorcio La Chira
|
- | 51 | - | - | ||||||||||||
Consorcio Rio Mantaro
|
3,822 | - | - | 5,140 | ||||||||||||
Consorcio Vial Ipacal
|
283 | - | - | - | ||||||||||||
Consorcio Vial Sullana
|
470 | - | - | - | ||||||||||||
Consorcio Vial Sur
|
737 | - | - | - | ||||||||||||
Consorcio EIMISA
|
- | - | - | 2,955 | ||||||||||||
Ingenieria y Construccion Sigdo Koppers-Vial y Vives OGP1 Ltda.
|
- | - | - | 35,302 | ||||||||||||
Others
|
1,485 | 965 | 1,098 | 1,082 | ||||||||||||
83,850 | 16,227 | 99,061 | 68,934 | |||||||||||||
Ferrovias Argentina SA
|
- | 8,771 | - | 14,093 | ||||||||||||
Besco
|
- | 587 | - | - | ||||||||||||
- | 9,358 | - | 14,093 | |||||||||||||
83,850 | 25,585 | 99,061 | 83,027 |
10
|
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
|
At December 31,
2013
|
At December 31,
2014
|
|||||||
Beginning balance
|
37,446 | 87,967 | ||||||
Acquisition and/or contributions received
|
10,598 | 129,685 | ||||||
Share of the profit and loss in associates
under the equity method of accounting
|
33,562 | 53,445 | ||||||
Dividends received
|
(4,687 | ) | (36,718 | ) | ||||
Sale of investments
|
(6,683 | ) | - | |||||
Adjustment LQS
|
7,408 | - | ||||||
Adjustment SEC
|
9,379 | - | ||||||
Other
|
944 | (4,816 | ) | |||||
Ending balances
|
87,967 | 229,563 |
11
|
PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
|
Property,
plant and
equipment
|
Intangible
assets
|
|||||||
At January 1, 2013
|
953,531 | 480,398 | ||||||
Additions
|
241,365 | 24,704 | ||||||
Acquisition of subsidiary - net
|
52,922 | 13,719 | ||||||
Transfers, disposals and adjustments
|
(100,298 | ) | 40,451 | |||||
Deductions for sale of assets
|
(15,127 | ) | - | |||||
Depreciation, amortization
|
(179,487 | ) | (78,387 | ) | ||||
Net cost at December 31, 2013
|
952,906 | 480,885 |
Property,
plant and
equipment
|
Intangible
assets
|
|||||||
At January 1, 2014
|
952,906 | 480,885 | ||||||
Additions
|
425,954 | 143,544 | ||||||
Acquisition of subsidiary - net
|
70,614 | 260,100 | ||||||
Transfers, disposals and adjustments
|
(81,614 | ) | 55,399 | |||||
Deductions for sale of assets
|
(38,310 | ) | (46 | ) | ||||
Depreciation, amortization
|
(183,158 | ) | (74,730 | ) | ||||
Net cost at December 31, 2014
|
1,146,392 | 865,152 |
|
At December
|
At December
|
||||||
31, 2013 | 31, 2014 | |||||||
Construction - Engineering
|
36,812 | 232,828 | ||||||
Construction - Mining services
|
13,366 | 13,366 | ||||||
Construction - Electromechanical
|
20,737 | 20,737 | ||||||
IT services
|
4,172 | 4,172 | ||||||
Telecommunications Services
|
- | 5,743 | ||||||
75,087 | 276,846 |
12
|
BORROWINGS
|
Total | Current | Non-current | ||||||||||||||||||||||
At
December 31,
2013
|
At
December 31,
2014
|
At
December 31,
2013
|
At
December 31,
2014
|
At
December 31,
2013
|
At
December 31,
2014
|
|||||||||||||||||||
Bank loans
|
514,228 | 1,419,428 | 381,005 | 1,297,131 | 133,223 | 122,297 | ||||||||||||||||||
Leases
|
281,594 | 328,942 | 105,114 | 123,232 | 176,480 | 205,710 | ||||||||||||||||||
795,822 | 1,748,370 | 486,119 | 1,420,363 | 309,703 | 328,007 |
Carrying amounts | Fair value | |||||||||||||||
At December
31, 2013
|
At December
31, 2014
|
At December
31, 2013
|
At December
31, 2014
|
|||||||||||||
Other loans
|
753,223 | 1,748,370 | 642,842 | 1,702,634 | ||||||||||||
Loans from multilateral organizations
|
42,599 | - | 44,384 | - | ||||||||||||
795,822 | 1,748,370 | 687,226 | 1,702,634 |
13
|
PROVISIONS
|
At December
31, 2013
|
At December
31, 2014
|
|||||||
Current portion
|
8,895 | 11,441 | ||||||
Non-current portion
|
43,418 | 48,089 | ||||||
52,313 | 59,530 |
Contingent
|
Provisions for the
|
Provision
|
Provision
|
|||||||||||||||||||||
Legal
|
liabilities from
|
for the acquisition
|
for well
|
for periodic
|
||||||||||||||||||||
claims
|
acquisitions
|
of CAM
|
closure
|
maintenance
|
Total
|
|||||||||||||||||||
At January 1, 2013
|
11,380 | 6,006 | 35,220 | 4,897 | - | 57,503 | ||||||||||||||||||
Additions
|
2,039 | - | - | 154 | 12,868 | 15,061 | ||||||||||||||||||
Additions from business combinations
|
- | 3,846 | - | - | - | 3,846 | ||||||||||||||||||
Reversals
|
(882 | ) | - | (13,674 | ) | - | 6,728 | (7,828 | ) | |||||||||||||||
Payments
|
(320 | ) | - | - | (199 | ) | (15,750 | ) | (16,269 | ) | ||||||||||||||
At December 31, 2013
|
12,217 | 9,852 | 21,546 | 4,852 | 3,846 | 52,313 | ||||||||||||||||||
At January 1, 2014
|
12,217 | 9,852 | 21,546 | 4,852 | 3,846 | 52,313 | ||||||||||||||||||
Additions
|
9,944 | - | - | 2,696 | 2,487 | 15,127 | ||||||||||||||||||
Additions from business combinations
|
17,086 | 2,658 | - | - | - | 19,744 | ||||||||||||||||||
Reversals
|
(4,072 | ) | (4,116 | ) | (12,258 | ) | - | - | (20,446 | ) | ||||||||||||||
Payments
|
(537 | ) | - | - | (338 | ) | (6,333 | ) | (7,208 | ) | ||||||||||||||
At December 31, 2014
|
34,638 | 8,394 | 9,288 | 7,210 | - | 59,530 |
14
|
CAPITAL
|
15
|
EXPENSES BY NATURE
|
Cost of
services
and goods
|
Adminis-
trative-
expenses
|
Total
|
||||||||||
2013 | ||||||||||||
Purchase of goods
|
212,819 | - | 212,819 | |||||||||
Personnel charges
|
1,527,146 | 169,469 | 1,696,615 | |||||||||
Services provided by third-parties
|
1,520,254 | 93,666 | 1,613,920 | |||||||||
Taxes
|
8,930 | 614 | 9,544 | |||||||||
Other management charges
|
533,544 | 72,413 | 605,957 | |||||||||
Depreciation
|
168,090 | 13,389 | 181,479 | |||||||||
Amortization
|
67,254 | 11,133 | 78,387 | |||||||||
Impairment
|
2,349 | 764 | 3,113 | |||||||||
Variation of inventories
|
922,992 | 344 | 923,336 | |||||||||
4,963,378 | 361,792 | 5,325,170 | ||||||||||
2014 | ||||||||||||
Purchase of goods
|
1,016,429 | 836 | 1,017,265 | |||||||||
Personnel charges
|
1,864,216 | 210,028 | 2,074,244 | |||||||||
Services provided by third-parties
|
2,137,178 | 120,697 | 2,257,875 | |||||||||
Taxes
|
11,356 | 6,212 | 17,568 | |||||||||
Other management charges
|
824,928 | 71,197 | 896,125 | |||||||||
Depreciation
|
170,784 | 14,525 | 185,309 | |||||||||
Amortization
|
68,089 | 6,641 | 74,730 | |||||||||
Impairment
|
1,238 | 87 | 1,325 | |||||||||
Reversal of impairment
|
(1,169 | ) | - | (1,169 | ) | |||||||
Variation of inventories
|
(35,662 | ) | (784 | ) | (36,446 | ) | ||||||
6,057,387 | 429,439 | 6,486,826 |
16
|
INCOME TAX
|
17
|
CONTINGENCIES, COMMITTMENTS AND GUARANTEES
|
18
|
DIVIDENDS
|
19
|
BUSINESS COMBINATIONS
|
S/.000 | US$000 | |||||||
Cash and cash equivalents
|
3 | 1 | ||||||
Trade accounts receivable
|
4,675 | 1,564 | ||||||
Inventories
|
276 | 92 | ||||||
Prepaid expenses
|
33 | 11 | ||||||
Property, plant and equipment
|
711 | 238 | ||||||
Intangibles (“Order backlog”)
|
1,377 | 461 | ||||||
Deferred income tax
|
(178 | ) | (60 | ) | ||||
Trade accounts payable
|
(3,592 | ) | (1,202 | ) | ||||
Contingent liabilities
|
(2,658 | ) | (889 | ) | ||||
Fair value of net assets
|
647 | 216 | ||||||
Goodwill
|
5,743 | 1,921 | ||||||
Total paid for acquisition
|
6,390 | 2,137 | ||||||
Cash payment for acquisition
|
6,390 | 2,137 | ||||||
Cash and cash equivalent of the acquired subsidiary
|
(3 | ) | (1 | ) | ||||
Direct cash outflow from acquisition
|
6,387 | 2,136 |
S/.000 | US$000 | |||||||
Cash and cash equivalents
|
68,148 | 22,800 | ||||||
Trade accounts receivable
|
81,121 | 27,140 | ||||||
Outstanding work in progress
|
98,946 | 33,103 | ||||||
Other accounts receivable
|
62,319 | 20,850 | ||||||
Inventories
|
17,577 | 5,881 | ||||||
Prepaid expenses
|
2,079 | 696 | ||||||
Available for sale financial assets
|
7,105 | 2,377 | ||||||
Property, plant and equipment
|
69,903 | 23,387 | ||||||
Intangibles
|
52,560 | 17,585 | ||||||
Deferred income tax
|
7,826 | 2,618 | ||||||
Borrowings
|
(39,486 | ) | (13,211 | ) | ||||
Trade accounts payable
|
(101,096 | ) | (33,823 | ) | ||||
Other accounts payable
|
(85,624 | ) | (28,646 | ) | ||||
Contingent liability
|
17,085 | ) | (5,716 | ) | ||||
Deferred income tax
|
(641 | ) | (215 | ) | ||||
Fair value of net assets
|
223,652 | 74,826 | ||||||
Non-controlling interest (30.00%)
|
(67,096 | ) | (22,448 | ) | ||||
Goodwill
|
200,420 | 67,053 | ||||||
Total paid for acquisition
|
356,977 | 119,431 | ||||||
Cash payment for the acquisition
|
237,630 | 77,495 | ||||||
Cash and cash equivalent of the acquired subsidiary
|
(68,148 | ) | (22,800 | ) | ||||
Direct cash outflow from acquisition
|
163,482 | 54,695 |
Previous reported | Revised | |||||||||||||||
S/.000 | US$000 | S/.000 | US$000 | |||||||||||||
Cash and cash equivalents
|
15,530 | 5,562 | 15,530 | 5,562 | ||||||||||||
Trade accounts receivable
|
74,502 | 26,684 | 74,317 | 26,618 | ||||||||||||
Accounts receivable from related parties
|
6,605 | 2,366 | 10,083 | 3,611 | ||||||||||||
Prepaid expenses
|
1,032 | 369 | 1,032 | 369 | ||||||||||||
Investments
|
2,608 | 935 | 2,608 | 935 | ||||||||||||
Property, plant and equipment
|
52,504 | 18,805 | 52,922 | 18,955 | ||||||||||||
Intangibles
|
5,741 | 2,056 | 7,591 | 2,719 | ||||||||||||
Deferred income tax
|
2,192 | 785 | 2,192 | 785 | ||||||||||||
Trade accounts payable
|
(5,328 | ) | (1,908 | ) | (5,328 | ) | (1,908 | ) | ||||||||
Other accounts payable
|
(38,679 | ) | (13,854 | ) | (38,679 | ) | (13,854 | ) | ||||||||
Contingent liabilities
|
(815 | ) | (292 | ) | (3,846 | ) | (1,378 | ) | ||||||||
Deferred income tax liability
|
(4,187 | ) | (1,500 | ) | (4,692 | ) | (1,681 | ) | ||||||||
Fair value of net assets
|
111,705 | 40,008 | 113,730 | 40,733 | ||||||||||||
Non-controlling interest (14.05%)
|
(15,701 | ) | (5,624 | ) | (15,986 | ) | (5,725 | ) | ||||||||
Goodwill
|
7,868 | 2,802 | 6,128 | 2,178 | ||||||||||||
Total paid for acquisition
|
103,872 | 37,186 | 103,872 | 37,186 | ||||||||||||
Cash payment for the acquisition
|
103,872 | 37,186 | 103,872 | 37,186 | ||||||||||||
Cash and cash equivalent
of the acquired subsidiary
|
(15,530 | ) | (5,562 | ) | (15,530 | ) | (5,562 | ) | ||||||||
Direct cash outflow from acquisition
|
88,342 | 31,624 | 88,342 | 31,624 |
20
|
EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION
|