(All amounts are expressed in thousands of S/. unless otherwise stated)
UNAUDITED
|
||||||||||||||||||||||||||
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
||||||||||||||||||||||||||
ASSETS
|
LIABILITIES AND EQUITY
|
|||||||||||||||||||||||||
At
|
At
|
|||||||||||||||||||||||||
December 31,
|
June 30,
|
December 31,
|
June 30,
|
|||||||||||||||||||||||
Note
|
2014
|
2015
|
Note
|
2014
|
2015
|
|||||||||||||||||||||
Current assets
|
Current liabilities
|
|||||||||||||||||||||||||
Cash and cash equivalents
|
818,402 | 720,354 |
Borrowings
|
12 | 1,425,455 | 1,498,467 | ||||||||||||||||||||
Financial asset at fair value through profit or loss |
|
7,105 | 3,103 |
Bonds
|
13 | - | 28,914 | |||||||||||||||||||
Trade accounts receivables
|
1,108,345 | 1,238,976 |
Trade accounts payable
|
1,178,849 | 1,221,894 | |||||||||||||||||||||
Unbilled work in progress
|
1,152,790 | 1,257,779 |
Accounts payable to related parties
|
9 | 83,027 | 102,133 | ||||||||||||||||||||
Accounts receivable from related parties
|
9 | 99,061 | 105,901 |
Current income tax
|
89,615 | 13,501 | ||||||||||||||||||||
Other accounts receivable
|
584,975 | 747,022 |
Other accounts payable
|
1,007,743 | 982,478 | |||||||||||||||||||||
Inventories
|
833,570 | 873,193 |
Provisions
|
14 | 11,441 | 9,951 | ||||||||||||||||||||
Prepaid expenses
|
26,444 | 41,128 |
Total current liabilities
|
3,796,130 | 3,857,338 | |||||||||||||||||||||
Non-current assets classified as held for sale |
|
9,513 | 8,705 | |||||||||||||||||||||||
Total current assets
|
4,640,205 | 4,996,161 |
Non-current liabilities
|
|||||||||||||||||||||||
Borrowings
|
12 | 326,124 | 301,847 | |||||||||||||||||||||||
Non-current assets
|
Long-term bonds
|
13 | - | 581,039 | ||||||||||||||||||||||
Long-term trade accounts receivable
|
579,956 | 575,583 |
Long-term trade accounts payable
|
3,779 | 3,930 | |||||||||||||||||||||
Long-term unbilled work in progress
|
35,971 | 52,558 |
Other long-term accounts payable
|
281,651 | 209,767 | |||||||||||||||||||||
Prepaid expenses
|
9,478 | 24,259 |
Provisions
|
14 | 46,904 | 42,794 | ||||||||||||||||||||
Other long-term accounts receivable
|
44,553 | 52,342 |
Derivative financial instruments
|
2,999 | 2,798 | |||||||||||||||||||||
Available-for-sale financial assets
|
8 | 93,144 | 99,174 |
Deferred income tax liability
|
79,155 | 81,080 | ||||||||||||||||||||
Investments in associates and joint ventures
|
10 | 229,563 | 235,808 |
Total non-current liabilities
|
740,612 | 1,223,255 | ||||||||||||||||||||
Investment property
|
36,244 | 35,508 |
Total liabilities
|
4,536,742 | 5,080,593 | |||||||||||||||||||||
Property, plant and equipment
|
11 | 1,148,651 | 1,187,453 | |||||||||||||||||||||||
Intangible assets
|
11 | 762,898 | 826,517 |
Equity
|
||||||||||||||||||||||
Deferred income tax asset
|
136,001 | 143,978 |
Capital
|
15 | 660,054 | 660,054 | ||||||||||||||||||||
Total non-current assets
|
3,076,459 | 3,233,180 |
Legal reserve
|
132,011 | 132,011 | |||||||||||||||||||||
Optional reserve
|
- | 29,974 | ||||||||||||||||||||||||
Share Premium
|
899,311 | 898,417 | ||||||||||||||||||||||||
Other reserves
|
(113,895 | ) | (108,540 | ) | ||||||||||||||||||||||
Retained earnings
|
1,113,697 | 1,017,056 | ||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
|
2,691,178 | 2,628,972 | |||||||||||||||||||||||
Non-controlling interest
|
488,744 | 519,776 | ||||||||||||||||||||||||
Total equity
|
3,179,922 | 3,148,748 | ||||||||||||||||||||||||
Total assets
|
7,716,664 | 8,229,341 |
Total liabilities and equity
|
7,716,664 | 8,229,341 | |||||||||||||||||||||
The accompanying notes on pages 8 to 25 are an integral part of the consolidated financial statements.
|
(All amounts are expressed in thousands of S/. unless otherwise stated)
UNAUDITED
|
||||||||||||
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||||||||
CONSOLIDATED INCOME STATEMENT
|
||||||||||||
For the six-month period
|
||||||||||||
ended June 30,
|
||||||||||||
Note
|
2014
|
2015
|
||||||||||
Revenues from construction activities
|
2,152,159 | 2,766,692 | ||||||||||
Revenues from services provided
|
790,466 | 865,182 | ||||||||||
Revenue from real estate and sale of goods
|
142,274 | 132,235 | ||||||||||
3,084,899 | 3,764,109 | |||||||||||
Cost of construction activities
|
(1,909,723 | ) | (2,600,492 | ) | ||||||||
Cost of services provided
|
(644,606 | ) | (732,229 | ) | ||||||||
Cost of real estate and goods sold
|
(102,851 | ) | (79,250 | ) | ||||||||
16 | (2,657,180 | ) | (3,411,971 | ) | ||||||||
Gross profit
|
427,719 | 352,138 | ||||||||||
Administrative expenses
|
16 | (196,141 | ) | (206,217 | ) | |||||||
Other income and expenses
|
20,227 | 7,250 | ||||||||||
Operating profit
|
251,805 | 153,171 | ||||||||||
Financial expenses
|
(42,784 | ) | (75,391 | ) | ||||||||
Financial income
|
13,534 | 9,542 | ||||||||||
Share of the profit or loss in associates and joint
|
||||||||||||
ventures under the equity method of accounting
|
14,659 | 15,607 | ||||||||||
Profit before income tax
|
237,214 | 102,929 | ||||||||||
Income tax
|
17 | (73,306 | ) | (33,581 | ) | |||||||
Profit for the year
|
163,908 | 69,348 | ||||||||||
Profit attributable to:
|
||||||||||||
Owners of the Company
|
134,481 | 39,948 | ||||||||||
Non-controlling interest
|
29,427 | 29,400 | ||||||||||
163,908 | 69,348 | |||||||||||
Earnings per share from continuing operations
|
||||||||||||
attributable to owners of the Company during
|
||||||||||||
the year
|
0.204 | 0.061 | ||||||||||
The accompanying notes on pages 8 to 25 are an integral part of the consolidated financial statements.
|
(All amounts are expressed in thousands of S/. unless otherwise stated)
UNAUDITED
|
||||||||||||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
||||||||||||
For the six-month period
|
||||||||||||
ended June 30,
|
||||||||||||
Note
|
2014
|
2015
|
||||||||||
Profit for the year
|
163,908 | 69,348 | ||||||||||
Other comprehensive income:
|
||||||||||||
Items that will not be reclassified to profit or loss
|
||||||||||||
Remeasurement of actuarial gains and losses, net of tax
|
(1,852 | ) | (2,431 | ) | ||||||||
Items that may be subsequently reclassified to profit or loss
|
||||||||||||
Cash flow hedge, net of tax
|
110 | 278 | ||||||||||
Foreign currency translation adjustment, net of tax
|
(14,522 | ) | (722 | ) | ||||||||
Change in value of available-for-sale financial assets, net of tax
|
9 | - | 4,341 | |||||||||
Exchange difference from net investment in a foreign operation, net of tax
|
- | 866 | ||||||||||
(14,412 | ) | 4,763 | ||||||||||
Other comprenhensive income for the year, net of tax
|
(16,264 | ) | 2,332 | |||||||||
Total comprehensive income for the year
|
147,644 | 71,680 | ||||||||||
Comprehensive income attributable to:
|
||||||||||||
Owners of the Company
|
122,993 | 43,600 | ||||||||||
Non-controlling interest
|
24,651 | 28,080 | ||||||||||
147,644 | 71,680 | |||||||||||
The accompanying notes on pages 8 to 25 are an integral part of the consolidated financial statements.
|
|
||||||||||||||||||||||||||||||||||||||||
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||||||||||||||
FOR THE PERIOD OF THE SIX MONTHS ENDED JUNE 30, 2014 AND 2015
|
||||||||||||||||||||||||||||||||||||||||
Attributable to the controlling interests of the Company
|
||||||||||||||||||||||||||||||||||||||||
Number
|
Premium
|
Other
|
||||||||||||||||||||||||||||||||||||||
of shares
|
Legal
|
Optional
|
for issuance
|
reserves
|
Retained
|
Non-controlling
|
||||||||||||||||||||||||||||||||||
In thousands
|
Capital
|
reserve
|
reserve
|
of shares
|
earnings
|
Total
|
interest
|
Total
|
||||||||||||||||||||||||||||||||
In thousands
|
||||||||||||||||||||||||||||||||||||||||
Balances as of January 1, 2014
|
660,054 | 660,054 | 111,657 | - | 1,027,533 | 18,423 | 947,433 | 2,765,100 | 431,301 | 3,196,401 | ||||||||||||||||||||||||||||||
Profit for the year
|
- | - | - | - | - | - | 134,481 | 134,481 | 29,427 | 163,908 | ||||||||||||||||||||||||||||||
Cash flow hedge
|
- | - | - | - | - | 105 | - | 105 | 5 | 110 | ||||||||||||||||||||||||||||||
Adjustment for actuarial gains and losses
|
- | - | - | - | - | - | (1,389 | ) | (1,389 | ) | (463 | ) | (1,852 | ) | ||||||||||||||||||||||||||
Foreign currency translation adjustment
|
- | - | - | - | - | (10,204 | ) | - | (10,204 | ) | (4,318 | ) | (14,522 | ) | ||||||||||||||||||||||||||
Comprehensive income of the year
|
- | - | - | - | - | (10,099 | ) | 133,092 | 122,993 | 24,651 | 147,644 | |||||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Transfer to legal reserve
|
- | - | 20,354 | - | - | - | (20,354 | ) | - | - | - | |||||||||||||||||||||||||||||
- Dividend distribution
|
- | - | - | - | - | - | (112,127 | ) | (112,127 | ) | (44,652 | ) | (156,779 | ) | ||||||||||||||||||||||||||
- Contributions of non-controlling shareholders
|
- | - | - | - | - | - | - | - | 34,494 | 34,494 | ||||||||||||||||||||||||||||||
- Returns additional capital from non-controlling interests
|
- | - | - | - | - | - | - | - | (1,500 | ) | (1,500 | ) | ||||||||||||||||||||||||||||
Total transactions with shareholders
|
- | - | 20,354 | - | - | - | (132,481 | ) | (112,127 | ) | (11,658 | ) | (123,785 | ) | ||||||||||||||||||||||||||
Balances as of June 30, 2014
|
660,054 | 660,054 | 132,011 | - | 1,027,533 | 8,324 | 948,044 | 2,775,966 | 444,294 | 3,220,260 | ||||||||||||||||||||||||||||||
Balances as of January 1, 2015
|
660,054 | 660,054 | 132,011 | - | 899,311 | (113,895 | ) | 1,113,697 | 2,691,178 | 488,744 | 3,179,922 | |||||||||||||||||||||||||||||
Profit for the year
|
- | - | - | - | - | - | 39,948 | 39,948 | 29,400 | 69,348 | ||||||||||||||||||||||||||||||
Cash flow hedge
|
- | - | - | - | - | 264 | - | 264 | 14 | 278 | ||||||||||||||||||||||||||||||
Adjustment for actuarial gains and losses
|
- | - | - | - | - | - | (1,703 | ) | (1,703 | ) | (728 | ) | (2,431 | ) | ||||||||||||||||||||||||||
Foreign currency translation adjustment
|
- | - | - | - | - | (103 | ) | - | (103 | ) | (619 | ) | (722 | ) | ||||||||||||||||||||||||||
Change in value of available-for-sale financial assets
|
- | - | - | - | - | 4,341 | - | 4,341 | - | 4,341 | ||||||||||||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
- | - | - | - | - | 853 | - | 853 | 13 | 866 | ||||||||||||||||||||||||||||||
Comprehensive income of the year
|
- | - | - | - | - | 5,355 | 38,245 | 43,600 | 28,080 | 71,680 | ||||||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Transfer to Optional reserve
|
- | - | - | 29,974 | - | - | (29,974 | ) | - | - | - | |||||||||||||||||||||||||||||
- Dividend distribution
|
- | - | - | - | - | - | (104,912 | ) | (104,912 | ) | (3,857 | ) | (108,769 | ) | ||||||||||||||||||||||||||
- Contributions of non-controlling shareholders
|
- | - | - | - | - | - | - | - | 5,335 | 5,335 | ||||||||||||||||||||||||||||||
- Additional acquisition of non-controlling
|
- | - | - | - | (894 | ) | - | - | (894 | ) | (971 | ) | (1,865 | ) | ||||||||||||||||||||||||||
- Sale to non-controlling interest
|
- | - | - | - | - | - | - | 2,445 | 2,445 | |||||||||||||||||||||||||||||||
Total transactions with shareholders
|
- | - | - | 29,974 | (894 | ) | - | (134,886 | ) | (105,806 | ) | 2,952 | (102,854 | ) | ||||||||||||||||||||||||||
Balances as of June 30, 2015
|
660,054 | 660,054 | 132,011 | 29,974 | 898,417 | (108,540 | ) | 1,017,056 | 2,628,972 | 519,776 | 3,148,748 | |||||||||||||||||||||||||||||
The accompanying notes on pages 8 to 25 are an integral part of the consolidated financial statements.
|
(All amounts are expressed in thousands of S/. unless otherwise stated)
|
||||||||||||
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS
|
||||||||||||
For the six-month period
|
||||||||||||
ended June 30,
|
||||||||||||
Note
|
2014
|
2015
|
||||||||||
OPERATING ACTIVITIES
|
||||||||||||
Profit before income tax
|
237,214 | 102,929 | ||||||||||
Adjustments to profit not affecting cash flows from
|
||||||||||||
operating activities:
|
||||||||||||
Depreciation
|
11 | 86,401 | 103,537 | |||||||||
Amortization of other assets
|
11 | 40,258 | 40,436 | |||||||||
Impairment of inventories
|
- | 293 | ||||||||||
Impairment of other assets
|
- | 3,563 | ||||||||||
Profit on fair value of financial asset at fair value through profit or loss
|
- | (987 | ) | |||||||||
Other Provisions
|
14 | 6,282 | 145 | |||||||||
Share of the profit and loss in associates
|
||||||||||||
under the equity method of accounting
|
10 | (14,659 | ) | (15,607 | ) | |||||||
Reversal of provisions
|
14 | (5,222 | ) | (4,036 | ) | |||||||
Profit on sale of property, plant and equipment
|
(6,225 | ) | (3,616 | ) | ||||||||
Loss on financial asset at fair value through profit or loss
|
- | 279 | ||||||||||
Loss on sale of non-current assets classified as held for sale
|
- | 141 | ||||||||||
Foreign exchange gains on investing activities
|
(9,720 | ) | - | |||||||||
Net variations in assets and liabilities:
|
||||||||||||
Decrease in trade accounts receivable
|
(272,215 | ) | (247,835 | ) | ||||||||
Increase (decrease) in other accounts receivable
|
(34,324 | ) | (169,836 | ) | ||||||||
Decrease in other accounts receivable from related parties
|
(4,418 | ) | (6,840 | ) | ||||||||
Decrease in inventories
|
(104,310 | ) | (39,909 | ) | ||||||||
Increase (decrease) in pre-paid expenses and other assets
|
(15,418 | ) | (48,505 | ) | ||||||||
Increase in trade accounts payable
|
94,028 | 43,423 | ||||||||||
Increase (decrease) in other accounts payable
|
135,193 | (104,560 | ) | |||||||||
Increase (decrease) in other accounts payable to related parties
|
8,408 | 19,105 | ||||||||||
Decrease in other provisions
|
(6,668 | ) | (818 | ) | ||||||||
Payments related to Norvial Concession
|
(527 | ) | (65,330 | ) | ||||||||
Payment of income tax
|
(160,292 | ) | (117,437 | ) | ||||||||
Net cash provided by (applied to) operating activities
|
(26,214 | ) | (511,465 | ) | ||||||||
INVESTING ACTIVITIES
|
||||||||||||
Sale of property, plant and equipment
|
25,870 | 12,047 | ||||||||||
Sale of financial asset at fair value through profit or loss
|
- | 4,604 | ||||||||||
Sale of non-current assets classified as held for sale
|
- | 736 | ||||||||||
Dividends received
|
10 | 19,728 | 9,937 | |||||||||
Payment for purchase of investments properties
|
(1,200 | ) | (379 | ) | ||||||||
Payments for intangible purchase
|
(38,736 | ) | (14,120 | ) | ||||||||
Payments for purchase and contributions on investment in associate and joint ventures
|
(41,335 | ) | - | |||||||||
Direct cash outflow from acquisition of subsidiaries
|
(6,387 | ) | - | |||||||||
Payments for property, plant and equipment purchase
|
(118,787 | ) | (128,257 | ) | ||||||||
Net cash applied to investing activities
|
(160,847 | ) | (115,432 | ) | ||||||||
FINANCING ACTIVITIES
|
||||||||||||
Loans received
|
882,917 | 2,609,038 | ||||||||||
Amortization of loans received
|
(595,805 | ) | (1,928,970 | ) | ||||||||
Interest payment
|
(18,455 | ) | (48,367 | ) | ||||||||
Dividends paid to owners of the parent
|
(112,127 | ) | (104,911 | ) | ||||||||
Dividends paid to non-controlling interest
|
(44,652 | ) | (3,857 | ) | ||||||||
Cash received from non-controlling shareholders
|
27,886 | 5,335 | ||||||||||
Acquisition or sale of interest in a subsidiary of non-controlling shareholders
|
- | 581 | ||||||||||
Capital contribution
|
2,823 | - | ||||||||||
Net cash (applied to) provided by financing activities
|
142,587 | 528,849 | ||||||||||
Net increase (net decrease) in cash
|
(44,474 | ) | (98,048 | ) | ||||||||
Cash and cash equivalents at the beginning of the year
|
959,415 | 818,402 | ||||||||||
Cash and cash equivalents at the end of the year
|
914,941 | 720,354 | ||||||||||
NON-CASH TRANSACTIONS:
|
||||||||||||
Acquisition of assets through finance leases
|
73,158 | 49,751 | ||||||||||
The accompanying notes on pages 8 to 25 are an integral part of the consolidated financial statements.
|
||||||||||||
Less than 1
year
|
From 1 to
2 years
|
From 2 to
5 years
|
Over
5 years
|
Total
|
||||||||||||||||
Other financial liabilities (except finance leases)
|
1,318,817 | 72,696 | 56,206 | - | 1,447,719 | |||||||||||||||
Finance leases
|
138,988 | 92,242 | 122,378 | 11,224 | 364,832 | |||||||||||||||
Trade payables
|
1,178,849 | 3,779 | - | - | 1,182,628 | |||||||||||||||
Payables to related parties
|
83,027 | - | - | - | 83,027 | |||||||||||||||
Other payables
|
337,692 | 32,449 | - | - | 370,141 | |||||||||||||||
Other non-financial liabilities
|
- | 2,999 | - | - | 2,999 | |||||||||||||||
3,057,373 | 204,165 | 178,584 | 11,224 | 3,451,346 |
At June 30, 2015 | ||||||||||||||||||||
Other financial liabilities (except finance leases)
|
1,386,155 | 56,226 | 60,658 | - | 1,503,039 | |||||||||||||||
Finance leases
|
147,917 | 131,294 | 68,891 | 16,302 | 364,404 | |||||||||||||||
Bonds payable
|
73,424 | 112,662 | 274,698 | 1,032,550 | 1,493,334 | |||||||||||||||
Trade payables
|
1,221,894 | 3,930 | - | - | 1,225,824 | |||||||||||||||
Payables to related parties
|
102,133 | - | - | - | 102,133 | |||||||||||||||
Other payables
|
504,853 | 55,581 | 36,722 | 3,052 | 600,208 | |||||||||||||||
Other non-financial liabilities
|
- | 2,798 | - | - | 2,798 | |||||||||||||||
3,436,376 | 362,491 | 440,969 | 1,051,904 | 5,291,740 |
December 31, | June 30, | |||||||||||
2014 | 2015 | |||||||||||
Total borrowing and bonds
|
1,751,579 | 2,410,267 | ||||||||||
Less: Cash and cash equivalents
|
(818,402 | ) | (720,354 | ) | ||||||||
Net debt
|
933,177 | 1,689,913 | ||||||||||
Total equity
|
3,179,922 | 3,148,748 | ||||||||||
Total capital
|
4,113,099 | 4,838,661 | ||||||||||
Gearing ratio
|
0.23 | 0.35 |
5
|
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
|
6
|
SEASONALITY OF OPERATIONS
|
7
|
SEGMENT REPORTING
|
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 | ||||||||||||||||||||||||||||||
Financial asset at fair value through profit or loss
|
7,105 | - | - | - | - | - | - | - | - | 7,105 | ||||||||||||||||||||||||||||||
Trade Accounts receivable
|
604,951 | 35,201 | 46,598 | 71,817 | - | 57,584 | 292,160 | 34 | - | 1,108,345 | ||||||||||||||||||||||||||||||
Unbilled work in progress
|
1,136,404 | 1,414 | - | - | 14,972 | - | - | - | - | 1,152,790 | ||||||||||||||||||||||||||||||
Accounts receivable from related parties
|
121,989 | 6,723 | - | 216 | - | 6,561 | 65,242 | 371,765 | (473,435 | ) | 99,061 | |||||||||||||||||||||||||||||
Other accounts receivable
|
389,805 | 10,781 | 9,042 | 29,515 | 3,154 | 11,409 | 63,797 | 66,414 | 1,058 | 584,975 | ||||||||||||||||||||||||||||||
Inventories
|
126,293 | 7,921 | - | 13,909 | - | 630,758 | 55,601 | 486 | (1,398 | ) | 833,570 | |||||||||||||||||||||||||||||
Prepaid expenses
|
11,489 | 891 | 822 | 6,056 | 407 | 235 | 5,120 | 1,424 | - | 26,444 | ||||||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
9,513 | - | - | - | - | - | - | - | - | 9,513 | ||||||||||||||||||||||||||||||
Total Current assets | 2,692,916 | 117,016 | 109,774 | 173,035 | 26,940 | 760,815 | 616,598 | 616,886 | (473,775 | ) | 4,640,205 | |||||||||||||||||||||||||||||
Long-term trade accounts receivable
|
- | - | - | 579,956 | - | - | - | - | - | 579,956 | ||||||||||||||||||||||||||||||
Long-term unbilled work in progress
|
- | 25,387 | 10,584 | - | - | - | - | - | - | 35,971 | ||||||||||||||||||||||||||||||
Long-term trade accounts receivable from related parties
|
- | - | 408 | - | - | - | 433 | 182,548 | (183,389 | ) | - | |||||||||||||||||||||||||||||
Prepaid expenses
|
- | - | 2,416 | 7,062 | - | - | - | - | - | 9,478 | ||||||||||||||||||||||||||||||
Other long-term accounts receivable
|
6,192 | 4,449 | 11,776 | 4,131 | 1,587 | 9,705 | 4,496 | 2,217 | - | 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 | 1,729,640 | (1,742,253 | ) | 229,563 | |||||||||||||||||||||||||||||
Investment property
|
- | - | - | - | - | 36,244 | - | - | - | 36,244 | ||||||||||||||||||||||||||||||
Property, plant and equipment
|
652,797 | 193,183 | 2,036 | 14,270 | - | 7,344 | 166,323 | 119,483 | (6,785 | ) | 1,148,651 | |||||||||||||||||||||||||||||
Intangible assets
|
307,387 | 146,477 | 234,923 | 6,247 | 1,100 | 1,187 | 33,508 | 17,417 | 14,652 | 762,898 | ||||||||||||||||||||||||||||||
Deferred income tax asset
|
91,361 | 714 | 4,604 | 244 | - | 9 | 37,557 | 926 | 586 | 136,001 | ||||||||||||||||||||||||||||||
Total non-current assets
|
1,219,675 | 378,584 | 266,747 | 611,910 | 2,687 | 117,352 | 252,378 | 2,145,375 | (1,918,249 | ) | 3,076,459 | |||||||||||||||||||||||||||||
Total assets
|
3,912,591 | 495,600 | 376,521 | 784,945 | 29,627 | 878,167 | 868,976 | 2,762,261 | (2,392,024 | ) | 7,716,664 | |||||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||||||
Borrowings
|
629,584 | 69,577 | 95,902 | 404,915 | - | 144,314 | 80,531 | 632 | - | 1,425,455 | ||||||||||||||||||||||||||||||
Trade accounts payable
|
940,042 | 27,148 | 3,250 | 12,385 | 159 | 31,690 | 155,714 | 8,461 | - | 1,178,849 | ||||||||||||||||||||||||||||||
Accounts payable to related parties
|
89,445 | 1,061 | 55,679 | 278,819 | 24,552 | 24,106 | 82,203 | 12,421 | (485,259 | ) | 83,027 | |||||||||||||||||||||||||||||
Current taxes
|
71,288 | 5,493 | 249 | 32 | 138 | 1,150 | 11,259 | 6 | - | 89,615 | ||||||||||||||||||||||||||||||
Other accounts payable
|
771,127 | 18,518 | 26,076 | 2,308 | - | 65,316 | 101,973 | 22,425 | - | 1,007,743 | ||||||||||||||||||||||||||||||
Provisions
|
- | 8,414 | - | - | - | - | 3,027 | - | - | 11,441 | ||||||||||||||||||||||||||||||
Total current liabilities
|
2,501,486 | 130,211 | 181,156 | 698,459 | 24,849 | 266,576 | 434,707 | 43,945 | (485,259 | ) | 3,796,130 | |||||||||||||||||||||||||||||
Borrowings
|
144,081 | 99,767 | 633 | - | - | 16,368 | 63,070 | 2,205 | - | 326,124 | ||||||||||||||||||||||||||||||
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
|
201,227 | 349 | 495 | 4,820 | - | 4,679 | 69,201 | 880 | - | 281,651 | ||||||||||||||||||||||||||||||
Provisions
|
26,878 | 5,774 | - | - | - | - | 14,252 | - | - | 46,904 | ||||||||||||||||||||||||||||||
Derivative financial instruments
|
- | 2,999 | - | - | - | - | - | - | - | 2,999 | ||||||||||||||||||||||||||||||
Deferred income tax liability
|
51,556 | 1,331 | - | - | 325 | 8,707 | 7,021 | 10,215 | - | 79,155 | ||||||||||||||||||||||||||||||
Total non-current liabilities
|
423,742 | 110,220 | 2,750 | 6,977 | 325 | 138,880 | 216,066 | 13,300 | (171,648 | ) | 740,612 | |||||||||||||||||||||||||||||
Total liabilities
|
2,925,228 | 240,431 | 183,906 | 705,436 | 25,174 | 405,456 | 650,773 | 57,245 | (656,907 | ) | 4,536,742 | |||||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
817,356 | 236,925 | 150,788 | 59,633 | 4,453 | 157,276 | 128,429 | 2,695,401 | (1,559,083 | ) | 2,691,178 | |||||||||||||||||||||||||||||
Non-controlling interest
|
170,007 | 18,244 | 41,827 | 19,876 | - | 315,435 | 89,774 | 9,615 | (176,034 | ) | 488,744 | |||||||||||||||||||||||||||||
Total liabilities and equity
|
3,912,591 | 495,600 | 376,521 | 784,945 | 29,627 | 878,167 | 868,976 | 2,762,261 | (2,392,024 | ) | 7,716,664 |
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 June 30, 2015
|
||||||||||||||||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
131,628 | 38,217 | 86,302 | 115,825 | 13,111 | 79,417 | 44,421 | 211,433 | - | 720,354 | ||||||||||||||||||||||||||||||
Financial asset at fair value through profit or loss
|
3,103 | - | - | - | - | - | - | - | - | 3,103 | ||||||||||||||||||||||||||||||
Trade Accounts receivable
|
755,539 | 66,584 | 9,870 | 72,541 | - | 50,614 | 283,828 | - | - | 1,238,976 | ||||||||||||||||||||||||||||||
Unbilled work in progress
|
1,237,143 | 1,155 | - | - | 19,481 | - | - | - | - | 1,257,779 | ||||||||||||||||||||||||||||||
Accounts receivable from related parties
|
136,012 | 1,284 | 68 | 281 | - | 4,104 | 38,256 | 258,835 | (332,939 | ) | 105,901 | |||||||||||||||||||||||||||||
Other accounts receivable
|
533,959 | 19,080 | 8,018 | 28,943 | 4,564 | 13,790 | 71,237 | 67,428 | 3 | 747,022 | ||||||||||||||||||||||||||||||
Inventories
|
124,426 | 9,907 | - | 15,273 | - | 662,392 | 64,303 | 386 | (3,494 | ) | 873,193 | |||||||||||||||||||||||||||||
Prepaid expenses
|
10,680 | 1,939 | 1,531 | 11,425 | 424 | 225 | 11,917 | 2,987 | - | 41,128 | ||||||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
8,705 | - | - | - | - | - | - | - | - | 8,705 | ||||||||||||||||||||||||||||||
Total Current assets | 2,941,195 | 138,166 | 105,789 | 244,288 | 37,580 | 810,542 | 513,962 | 541,069 | (336,430 | ) | 4,996,161 | |||||||||||||||||||||||||||||
Long-term trade accounts receivable
|
- | - | - | 575,583 | - | - | - | - | - | 575,583 | ||||||||||||||||||||||||||||||
Long-term unbilled work in progress
|
- | 37,592 | 14,966 | - | - | - | - | - | - | 52,558 | ||||||||||||||||||||||||||||||
Long-term trade accounts receivable from related parties
|
- | - | 408 | - | - | - | 466 | 209,813 | (210,687 | ) | - | |||||||||||||||||||||||||||||
Prepaid expenses
|
- | - | 13,586 | 10,673 | - | - | - | - | - | 24,259 | ||||||||||||||||||||||||||||||
Other long-term accounts receivable
|
6,260 | 5,948 | 21,483 | 4,584 | 1,589 | 8,467 | 2,231 | 1,780 | - | 52,342 | ||||||||||||||||||||||||||||||
Available-for-sale financial assets
|
- | - | - | - | - | - | 2 | 99,174 | (2 | ) | 99,174 | |||||||||||||||||||||||||||||
Investments in associates and joint ventures
|
165,691 | 7,804 | - | - | - | 57,767 | 10,624 | 1,704,068 | (1,710,146 | ) | 235,808 | |||||||||||||||||||||||||||||
Investment property
|
- | - | - | - | - | 35,507 | - | 1 | - | 35,508 | ||||||||||||||||||||||||||||||
Property, plant and equipment
|
648,341 | 215,275 | 1,824 | 13,803 | - | 11,099 | 176,677 | 126,799 | (6,365 | ) | 1,187,453 | |||||||||||||||||||||||||||||
Intangible assets
|
302,343 | 148,008 | 294,759 | 6,155 | 1,074 | 1,169 | 35,359 | 23,523 | 14,127 | 826,517 | ||||||||||||||||||||||||||||||
Deferred income tax asset
|
101,084 | 776 | 4,210 | - | - | 219 | 36,681 | 1,072 | (64 | ) | 143,978 | |||||||||||||||||||||||||||||
Total non-current assets
|
1,223,719 | 415,403 | 351,236 | 610,798 | 2,663 | 114,228 | 262,040 | 2,166,230 | (1,913,137 | ) | 3,233,180 | |||||||||||||||||||||||||||||
Total assets
|
4,164,914 | 553,569 | 457,025 | 855,086 | 40,243 | 924,770 | 776,002 | 2,707,299 | (2,249,567 | ) | 8,229,341 | |||||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||||||
Borrowings
|
985,891 | 87,653 | 159,670 | - | - | 168,179 | 96,418 | 656 | - | 1,498,467 | ||||||||||||||||||||||||||||||
Bonds
|
- | - | - | 28,914 | - | - | - | - | - | 28,914 | ||||||||||||||||||||||||||||||
Trade accounts payable
|
974,284 | 30,756 | 3,357 | 25,323 | 263 | 15,423 | 153,257 | 19,231 | - | 1,221,894 | ||||||||||||||||||||||||||||||
Accounts payable to related parties
|
155,831 | 1,796 | 27,711 | 116,108 | 11,172 | 28,639 | 83,899 | 9,543 | (332,566 | ) | 102,133 | |||||||||||||||||||||||||||||
Current taxes
|
8,600 | 717 | 1,716 | - | 150 | 175 | 2,133 | 10 | - | 13,501 | ||||||||||||||||||||||||||||||
Other accounts payable
|
696,467 | 12,970 | 38,523 | 1,292 | 64 | 105,293 | 108,816 | 19,054 | (1 | ) | 982,478 | |||||||||||||||||||||||||||||
Provisions
|
- | 8,334 | - | - | - | - | 1,617 | - | - | 9,951 | ||||||||||||||||||||||||||||||
Total current liabilities
|
2,821,073 | 142,226 | 230,977 | 171,637 | 11,649 | 317,709 | 446,140 | 48,494 | (332,567 | ) | 3,857,338 | |||||||||||||||||||||||||||||
Borrowings
|
129,913 | 90,982 | 310 | - | - | 19,464 | 59,307 | 1,871 | - | 301,847 | ||||||||||||||||||||||||||||||
Long-term bonds
|
- | - | - | 581,039 | - | - | - | - | - | 581,039 | ||||||||||||||||||||||||||||||
Long-term trade accounts payable
|
- | - | 1,773 | 2,157 | - | - | - | - | - | 3,930 | ||||||||||||||||||||||||||||||
Accounts payables to related parties
|
- | 42,779 | - | - | 24,035 | 109,126 | 35,114 | - | (211,054 | ) | - | |||||||||||||||||||||||||||||
Other long-term accounts payable
|
136,418 | - | 493 | 6,476 | - | 5,191 | 60,480 | 709 | - | 209,767 | ||||||||||||||||||||||||||||||
Provisions
|
26,636 | 5,876 | - | - | - | - | 10,282 | - | - | 42,794 | ||||||||||||||||||||||||||||||
Derivative financial instruments
|
- | 2,798 | - | - | - | - | - | - | - | 2,798 | ||||||||||||||||||||||||||||||
Deferred income tax liability
|
48,489 | 2,398 | - | 4,165 | 315 | 8,347 | 4,490 | 12,876 | - | 81,080 | ||||||||||||||||||||||||||||||
Total non-current liabilities
|
341,456 | 144,833 | 2,576 | 593,837 | 24,350 | 142,128 | 169,673 | 15,456 | (211,054 | ) | 1,223,255 | |||||||||||||||||||||||||||||
Total liabilities
|
3,162,529 | 287,059 | 233,553 | 765,474 | 35,999 | 459,837 | 615,813 | 63,950 | (543,621 | ) | 5,080,593 | |||||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
813,719 | 247,130 | 175,572 | 67,210 | 4,244 | 151,059 | 126,338 | 2,633,892 | (1,590,192 | ) | 2,628,972 | |||||||||||||||||||||||||||||
Non-controlling interest
|
188,666 | 19,380 | 47,900 | 22,402 | - | 313,874 | 33,851 | 9,457 | (115,754 | ) | 519,776 | |||||||||||||||||||||||||||||
Total liabilities and equity
|
4,164,914 | 553,569 | 457,025 | 855,086 | 40,243 | 924,770 | 776,002 | 2,707,299 | (2,249,567 | ) | 8,229,341 |
Operating segment performance
|
||||||||||||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||||||||||||
Engineering
|
Infrastructure
|
Parent
|
||||||||||||||||||||||||||||||||||||||
and
construction
|
Energy
|
Toll roads
|
Mass
transit
|
Water
treatment
|
Real
estate
|
Technical
services
|
Company
operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||||
For the six-month period
|
||||||||||||||||||||||||||||||||||||||||
ended June 30, 2014
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
2,252,136 | 158,931 | 94,643 | 71,864 | 15,256 | 99,347 | 517,970 | 25,894 | (151,142 | ) | 3,084,899 | |||||||||||||||||||||||||||||
Gross profit
|
267,510 | 58,443 | 29,035 | 18,255 | 1,190 | 20,238 | 54,767 | (6,756 | ) | (14,963 | ) | 427,719 | ||||||||||||||||||||||||||||
Administrative expenses
|
(122,654 | ) | (8,078 | ) | (3,795 | ) | (4,508 | ) | (140 | ) | (10,564 | ) | (60,370 | ) | (13,802 | ) | 27,770 | (196,141 | ) | |||||||||||||||||||||
Other income and expenses
|
3,936 | (1,335 | ) | 62 | 20 | - | (415 | ) | 4,735 | 14,030 | (806 | ) | 20,227 | |||||||||||||||||||||||||||
Profit before interests
|
||||||||||||||||||||||||||||||||||||||||
and taxes
|
148,792 | 49,030 | 25,302 | 13,767 | 1,050 | 9,259 | (868 | ) | -6,528 | 12,001 | 251,805 | |||||||||||||||||||||||||||||
Financial expenses
|
(20,511 | ) | (3,083 | ) | (8,569 | ) | (2,507 | ) | (30 | ) | (3,934 | ) | (9,864 | ) | (942 | ) | 6,656 | (42,784 | ) | |||||||||||||||||||||
Financial income
|
10,761 | 39 | 472 | 273 | 6 | 48 | 1,195 | 22,126 | (21,386 | ) | 13,534 | |||||||||||||||||||||||||||||
Share of the profit or loss
|
||||||||||||||||||||||||||||||||||||||||
in associates and joint ventures under the equity
|
||||||||||||||||||||||||||||||||||||||||
method of accounting
|
16,513 | (247 | ) | - | - | - | - | 886 | 123,442 | (125,935 | ) | 14,659 | ||||||||||||||||||||||||||||
Profit before income tax
|
155,555 | 45,739 | 17,205 | 11,533 | 1,026 | 5,373 | (8,651 | ) | 138,098 | (128,664 | ) | 237,214 | ||||||||||||||||||||||||||||
Income tax
|
(44,454 | ) | (14,604 | ) | (4,719 | ) | (3,613 | ) | (245 | ) | (1,496 | ) | (814 | ) | (4,106 | ) | 745 | (73,306 | ) | |||||||||||||||||||||
Net profit for the period
|
111,101 | 31,135 | 12,486 | 7,920 | 781 | 3,877 | (9,465 | ) | 133,992 | (127,919 | ) | 163,908 | ||||||||||||||||||||||||||||
Profit attributable to:
|
||||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
87,169 | 29,471 | 8,514 | 5,940 | 781 | 1,657 | (7,128 | ) | 134,103 | (126,026 | ) | 134,481 | ||||||||||||||||||||||||||||
Non-controlling interest
|
23,932 | 1,664 | 3,972 | 1,980 | - | 2,220 | (2,337 | ) | (111 | ) | (1,893 | ) | 29,427 | |||||||||||||||||||||||||||
Net profit for the period
|
111,101 | 31,135 | 12,486 | 7,920 | 781 | 3,877 | (9,465 | ) | 133,992 | (127,919 | ) | 163,908 |
Operating segment performance
|
||||||||||||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||||||||||||
Engineering
|
Infrastructure
|
Parent
|
||||||||||||||||||||||||||||||||||||||
and
construction
|
Energy
|
Toll roads
|
Mass
transit
|
Water
treatment
|
Real
estate
|
Technical
services
|
Company
operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||||
For the six-month period
|
||||||||||||||||||||||||||||||||||||||||
ended June 30, 2015
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
2,890,918 | 182,535 | 171,692 | 101,785 | 17,166 | 47,766 | 537,801 | 35,927 | (221,481 | ) | 3,764,109 | |||||||||||||||||||||||||||||
Gross profit
|
205,509 | 33,180 | 33,082 | 21,902 | 1,319 | 13,309 | 81,808 | (4,482 | ) | (33,489 | ) | 352,138 | ||||||||||||||||||||||||||||
Administrative expenses
|
(136,587 | ) | (8,602 | ) | (4,603 | ) | (5,502 | ) | (149 | ) | (10,157 | ) | (64,512 | ) | (12,694 | ) | 36,589 | (206,217 | ) | |||||||||||||||||||||
Other income and expenses
|
(1,901 | ) | 115 | - | - | - | 655 | 5,069 | 3,835 | (523 | ) | 7,250 | ||||||||||||||||||||||||||||
Profit before interests
|
||||||||||||||||||||||||||||||||||||||||
and taxes
|
67,021 | 24,693 | 28,479 | 16,400 | 1,170 | 3,807 | 22,365 | (13,341 | ) | 2,577 | 153,171 | |||||||||||||||||||||||||||||
Financial expenses
|
(53,862 | ) | (10,452 | ) | (2,433 | ) | (2,380 | ) | (22 | ) | (6,246 | ) | (13,788 | ) | (1,204 | ) | 14,996 | (75,391 | ) | |||||||||||||||||||||
Financial income
|
5,046 | 90 | 4,814 | 540 | 35 | 232 | 990 | 20,210 | (22,415 | ) | 9,542 | |||||||||||||||||||||||||||||
Share of the profit or loss
|
||||||||||||||||||||||||||||||||||||||||
in associates and joint ventures under the equity
|
||||||||||||||||||||||||||||||||||||||||
method of accounting
|
8,037 | 483 | - | - | - | 4,742 | 466 | 34,003 | (32,124 | ) | 15,607 | |||||||||||||||||||||||||||||
Profit before income tax
|
26,242 | 14,814 | 30,860 | 14,560 | 1,183 | 2,535 | 10,033 | 39,668 | (36,966 | ) | 102,929 | |||||||||||||||||||||||||||||
Income tax
|
(9,985 | ) | (4,106 | ) | (8,421 | ) | (4,457 | ) | (356 | ) | (668 | ) | (5,557 | ) | (837 | ) | 806 | (33,581 | ) | |||||||||||||||||||||
Net profit for the period
|
16,257 | 10,708 | 22,439 | 10,103 | 827 | 1,867 | 4,476 | 38,831 | (36,160 | ) | 69,348 | |||||||||||||||||||||||||||||
Profit attributable to:
|
||||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(2,042 | ) | 9,529 | 16,367 | 7,577 | 827 | 1,072 | 3,390 | 39,002 | (35,774 | ) | 39,948 | ||||||||||||||||||||||||||||
Non-controlling interest
|
18,299 | 1,179 | 6,072 | 2,526 | - | 795 | 1,086 | (171 | ) | (386 | ) | 29,400 | ||||||||||||||||||||||||||||
Net profit for the period
|
16,257 | 10,708 | 22,439 | 10,103 | 827 | 1,867 | 4,476 | 38,831 | (36,160 | ) | 69,348 |
8
|
AVAILABLE-FOR-SALE FINANCIAL ASSETS
|
-
|
Discounted cash flows from operating activities of TGP net of cash flows from investment activities (CAPEX).
|
-
|
Cash flows were estimated for a 30 year term.
|
-
|
The discount rate used is 8% corresponding to the Company’s WACC.
|
-
|
The interest of the Company in TGP is 1.64% as of December 31, 2014
|
9
|
TRANSACTIONS WITH RELATED PARTIES
|
From the period
ended June 30
|
||||||||
2014 | 2015 | |||||||
Revenue from sale of goods and services:
|
||||||||
- Associates
|
- | 18,198 | ||||||
- Joint operations
|
16,937 | 21,649 | ||||||
16,937 | 39,847 |
At December 31, | At June 30 | |||||||||||||||
2014 | 2015 | |||||||||||||||
Receivable
|
Payable | Receivable | Payable | |||||||||||||
Consorcio GyM Conciviles
|
48,581 | - | 52,721 | - | ||||||||||||
Consorcio Peruano de Conservación
|
15,365 | - | 5,609 | - | ||||||||||||
Ingenieria y Construccion Becthek Vial y Vives OG
|
- | - | 16,998 | - | ||||||||||||
Consorcio Tren Electrico
|
7,380 | - | - | - | ||||||||||||
Consorcio Terminales
|
6,837 | - | 687 | - | ||||||||||||
Consorcio Rio Urubamba
|
5,107 | 3,796 | 9,801 | 2,626 | ||||||||||||
Consorcio Sistemas SEC
|
4,349 | - | - | - | ||||||||||||
Consorcio La Gloria
|
3,805 | 3,423 | 3,823 | 3,018 | ||||||||||||
Consorcio Constructor Alto Cayma
|
1,424 | - | 1,320 | - | ||||||||||||
Consorcio JV Panamá
|
1,043 | - | 1,133 | - | ||||||||||||
Consorcio Lima
|
877 | - | - | - | ||||||||||||
Consorcio Norte Pachacutec
|
531 | 1,068 | 977 | 915 | ||||||||||||
Consorcio Huacho Pativilca
|
369 | 4,555 | - | - | ||||||||||||
Consorcio Rio Pallca
|
187 | 282 | 1,266 | - | ||||||||||||
Consorcio Constructor Chavimochic
|
141 | 2,896 | - | 2,854 | ||||||||||||
Consorcio Alto Cayma
|
121 | 700 | - | - | ||||||||||||
Consorcio Construcciones y Montajes
|
115 | 1,198 | - | 4,228 | ||||||||||||
Consorcio Vial Quinua
|
116 | - | 564 | 1,075 | ||||||||||||
Bechtel Vial y Vives Servicios Complementarios Ltd
|
96 | 4,648 | 206 | 5,102 | ||||||||||||
Consorcio Atocongo
|
- | 915 | - | - | ||||||||||||
Consorcio Ingenieria y Construcción Bechtel
|
- | 5,140 | - | - | ||||||||||||
Consorcio Rio Mantaro
|
- | - | 2,261 | 11,829 | ||||||||||||
Consorcio EIM ISA
|
- | 2,955 | - | 2,984 | ||||||||||||
Ingeniería y Construcción Sigdo Koppers-Vial | - | 35,302 | - | 46,434 | ||||||||||||
Consorcio Lima Actividades Comerciales
|
- | - | 1,361 | - | ||||||||||||
Consorcio Huacho-Pativilca
|
- | - | - | 3,559 | ||||||||||||
Terminales del Perú
|
- | - | 1,302 | - | ||||||||||||
Constructora INCOLUR-DSD Limitada
|
- | - | 774 | - | ||||||||||||
Other minor
|
2,617 | 2,056 | 3,436 | 1,721 | ||||||||||||
99,061 | 68,934 | 104,239 | 86,345 | |||||||||||||
Other related parties:
|
||||||||||||||||
Ferrovias Argentina | - | 14,093 | - | 15,788 | ||||||||||||
Besco
|
- | - | 1,662 | - | ||||||||||||
- | 14,093 | 1,662 | 15,788 | |||||||||||||
99,061 | 83,027 | 105,901 | 102,133 |
10
|
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
|
2014 | 2015 | |||||||
Beginning balance
|
87,967 | 229,563 | ||||||
Acquisition and/or contributions received
|
41,335 | - | ||||||
Share of the profit and loss in associates
|
||||||||
under the equity method of accounting
|
14,659 | 15,607 | ||||||
Dividends received
|
(19,728 | ) | (9,937 | ) | ||||
Other
|
(2,240 | ) | 575 | |||||
Ending balances
|
121,993 | 235,808 |
11
|
PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
|
Property, | ||||||||
plant and | Intangible | |||||||
equipment | assets | |||||||
At January 1, 2014
|
952,906 | 480,885 | ||||||
Additions
|
191,945 | 41,080 | ||||||
Acquisition of subsidiary - net
|
711 | 7,790 | ||||||
Transfers, disposals and adjustments
|
(31,410 | ) | 15,236 | |||||
Deductions for sale of assets
|
(19,599 | ) | (46 | ) | ||||
Depreciation, amortization
|
(85,333 | ) | (40,258 | ) | ||||
Net cost at June 30, 2014
|
1,009,220 | 504,687 |
At January 1, 2015
|
1,148,651 | 762,898 | ||||||
Additions
|
178,008 | 79,450 | ||||||
Transfers, disposals and adjustments
|
(28,353 | ) | 24,605 | |||||
Deductions for sale of assets
|
(8,431 | ) | - | |||||
Depreciation, amortization
|
(102,422 | ) | (40,436 | ) | ||||
Net cost at June 30, 2015
|
1,187,453 | 826,517 |
At December | At June | |||||||
31, 2014 | 30, 2015 | |||||||
Construction - Engineering
|
119,616 | 119,937 | ||||||
Construction - Mining services
|
13,366 | 13,366 | ||||||
Construction - Electromechanical
|
20,737 | 20,737 | ||||||
IT services
|
4,172 | 4,172 | ||||||
Telecommunications Services
|
6,413 | 6,413 | ||||||
164,304 | 164,625 |
12
|
BORROWINGS
|
Total | Current | Non-current | ||||||||||||||||||||||
At | At | At | At | At | At | |||||||||||||||||||
December | June | December | June | December | June | |||||||||||||||||||
31, 2014 | 30, 2015 | 31, 2014 | 30, 2015 | 31, 2014 | 30, 2015 | |||||||||||||||||||
Bank loans
|
1,419,428 | 1,470,498 | 1,300,636 | 1,364,256 | 118,792 | 106,242 | ||||||||||||||||||
Leases
|
332,151 | 329,816 | 124,819 | 134,211 | 207,332 | 195,605 | ||||||||||||||||||
1,751,579 | 1,800,314 | 1,425,455 | 1,498,467 | 326,124 | 301,847 |
Carrying amounts | Fair value | |||||||||||||||
At December | At June | At December | At June | |||||||||||||
31, 2014 | 30, 2015 | 31, 2014 | 30, 2015 | |||||||||||||
Other loans
|
1,751,579 | 1,800,314 | 1,705,843 | 1,787,370 | ||||||||||||
1,751,579 | 1,800,314 | 1,705,843 | 1,787,370 |
13
|
BONDS
|
14
|
PROVISIONS
|
At December | At June | |||||||
31, 2014 | 30, 2015 | |||||||
Current portion
|
11,441 | 9,951 | ||||||
Non-current portion
|
46,904 | 42,794 | ||||||
58,345 | 52,745 |
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, 2014
|
12,217 | 9,852 | 21,546 | 4,852 | 3,846 | 52,313 | ||||||||||||||||||
Additions
|
3,847 | - | - | 1,957 | 2,487 | 8,291 | ||||||||||||||||||
Additions from business combinations
|
- | 2,658 | - | - | - | 2,658 | ||||||||||||||||||
Translation adjustment
|
163 | (354 | ) | - | - | - | (191 | ) | ||||||||||||||||
Reversals
|
(399 | ) | (4,309 | ) | (4,823 | ) | - | - | (9,531 | |||||||||||||||
Payments
|
- | - | - | (335 | ) | (6,333 | ) | (6,668 | ) | |||||||||||||||
At June 30, 2014
|
15,828 | 7,847 | 16,723 | 6,474 | - | 46,872 | ||||||||||||||||||
At January 1, 2015
|
13,056 | 25,927 | 12,152 | 7,210 | - | 58,345 | ||||||||||||||||||
Additions
|
435 | - | - | 405 | - | 840 | ||||||||||||||||||
Translation adjustment
|
(157 | ) | (734 | ) | - | - | - | (891 | ) | |||||||||||||||
Reversals
|
( 695 | ) | - | (4,036 | ) | - | - | (4,731 | ) | |||||||||||||||
Payments
|
( 814 | ) | - | - | ( 4 | ) | - | (818 | ) | |||||||||||||||
At June 30, 2015
|
11,825 | 25,193 | 8,116 | 7,611 | - | 52,745 |
15
|
CAPITAL
|
16
|
EXPENSES BY NATURE
|
Cost of | Adminis- | |||||||
services | trative- | |||||||
and goods
|
expenses
|
|||||||
2014
|
||||||||
Purchas e of goods
|
92,316 | - | ||||||
Pers onnel charges
|
826,240 | 107,949 | ||||||
Services provided by third-parties
|
872,276 | 60,814 | ||||||
Taxes
|
6,043 | 764 | ||||||
Other management charges
|
374,780 | 16,220 | ||||||
Depreciation
|
79,482 | 6,919 | ||||||
Amortization
|
36,784 | 3,475 | ||||||
Variation of inventories
|
369,259 | - | ||||||
2,657,180 | 196,141 | |||||||
2015
|
||||||||
Purchas e of goods
|
559,777 | - | ||||||
Pers onnel charges
|
1,095,268 | 109,854 | ||||||
Services provided by third-parties
|
1,312,644 | 56,725 | ||||||
Taxes
|
8,236 | 1,642 | ||||||
Other management charges
|
342,674 | 26,725 | ||||||
Depreciation
|
95,446 | 8,091 | ||||||
Amortization
|
37,256 | 3,180 | ||||||
Impairm ent
|
293 | - | ||||||
Variation of inventories
|
(39,623 | ) | - | |||||
3,411,971 | 206,217 |
17
|
INCOME TAX
|
18
|
CONTINGENCIES, COMMITTMENTS AND GUARANTEES
|
19
|
DIVIDENDS
|
20
|
BUSINESS COMBINATIONS
|
a)
|
Acquisition of Coasin Instalaciones Limitada.
|
Previous reported | Revised | |||||||||||||||
S/.000 | US000 | S/.000 | US000 | |||||||||||||
Cash and cash equivalents
|
3 | 1 | 3 | 1 | ||||||||||||
Trade accounts receivable
|
4,675 | 1,564 | 3,811 | 1,275 | ||||||||||||
Inventories
|
276 | 92 | 276 | 92 | ||||||||||||
Prepaid expenses
|
33 | 11 | 33 | 11 | ||||||||||||
Property, plant and equipment
|
711 | 238 | 711 | 238 | ||||||||||||
Intangibles
|
1,377 | 461 | 1,377 | 461 | ||||||||||||
Deferred income tax
|
(178 | ) | (60 | ) | 16 | 4 | ||||||||||
Trade accounts payable
|
(3,592 | ) | (1,202 | ) | (3,592 | ) | (1,202 | ) | ||||||||
Contingent liabilities
|
(2,658 | ) | (889 | ) | (2,658 | ) | (889 | ) | ||||||||
Fair value of net assets
|
647 | 216 | (23 | ) | (9 | ) | ||||||||||
Goodwill
|
5,743 | 1,921 | 6,413 | 2,146 | ||||||||||||
Total paid for acquisition
|
6,390 | 2,137 | 6,390 | 2,137 | ||||||||||||
Cash payment for the acquisition
|
6,390 | 2,137 | 6,390 | 2,137 | ||||||||||||
Cash and cash equivalent
|
||||||||||||||||
of the acquired subsidiary
|
(3 | ) | (1 | ) | (3 | ) | (1 | ) | ||||||||
Direct cash outflow from acquisition
|
6,387 | 2,136 | 6,387 | 2,136 |
b)
|
Acquisition of DSD Construcciones y Montajes S.A. (DSD)
|
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 |
c)
|
Acquisition of Morelco S.A.S.
|
Previous reported | Revised | |||||||||||||||
S/.000 | US$000 | S/.000 | US$000 | |||||||||||||
Cash and cash equivalents
|
69,930 | 23,514 | 69,930 | 23,514 | ||||||||||||
Trade receivables
|
92,138 | 30,981 | 92,138 | 30,981 | ||||||||||||
Outstanding work account
|
||||||||||||||||
in progress – receivables from clients
|
101,533 | 34,140 | 101,533 | 34,140 | ||||||||||||
Other receivables
|
63,949 | 21,503 | 63,949 | 21,503 | ||||||||||||
Inventories
|
18,037 | 6,065 | 18,037 | 6,065 | ||||||||||||
Prepaid expenses
|
2,133 | 717 | 2,133 | 717 | ||||||||||||
Investments held for sale
|
7,291 | 2,452 | 7,291 | 2,452 | ||||||||||||
Property, plant and equipment
|
70,756 | 23,792 | 70,756 | 23,792 | ||||||||||||
Intangibles
|
64,491 | 21,685 | 64,491 | 21,685 | ||||||||||||
Deferred income tax assets
|
8,031 | 2,700 | 8,031 | 2,700 | ||||||||||||
Short-term borrowings
|
(31,204 | ) | (10,492 | ) | (31,204 | ) | (10,492 | ) | ||||||||
Long-term borrowings
|
(9,315 | ) | (3,132 | ) | (9,315 | ) | (3,132 | ) | ||||||||
Trade accounts payables
|
(103,739 | ) | (34,882 | ) | (103,739 | ) | (34,882 | ) | ||||||||
Other accounts payables
|
(87,863 | ) | (29,544 | ) | (87,863 | ) | (29,544 | ) | ||||||||
Contingent liabilities
|
(17,533 | ) | (5,895 | ) | (17,533 | ) | (5,895 | ) | ||||||||
Deferred income tax liability
|
(3,801 | ) | (1,278 | ) | (3,801 | ) | (1,278 | ) | ||||||||
Fair value of net assets (provisional)
|
244,834 | 82,326 | 244,834 | 82,326 | ||||||||||||
Non-controlling interest (30.00%)
|
(73,450 | ) | (24,697 | ) | (73,450 | ) | (24,697 | ) | ||||||||
Goodwill (Note 17)
|
105,764 | 36,118 | 87,208 | 29,911 | ||||||||||||
Initial purchase consideration
|
277,148 | 93,747 | 258,592 | 87,540 | ||||||||||||
Cash payment for acquisition
|
231,464 | 78,462 | 231,464 | 78,462 | ||||||||||||
Cash and cash equivalents of the acquired subsidiary
|
(69,930 | ) | (23,514 | ) | (69,930 | ) | (23,514 | ) | ||||||||
Direct cash outflow during the year for the acquisition
|
161,534 | 54,948 | 161,534 | 54,948 |
20
|
EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION
|