(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,
|
September 30,
|
December 31,
|
September 30,
|
||||||||||||||||||||
Note
|
2014
|
2015
|
Note
|
2014
|
2015
|
||||||||||||||||||
Current assets
|
Current liabilities
|
||||||||||||||||||||||
Cash and cash equivalents
|
818,402 | 730,519 |
Borrowings
|
12 | 1,425,455 | 1,334,900 | |||||||||||||||||
Financial asset at fair value through profit or loss
|
7,105 | 3,033 |
Bonds
|
13 | - | 46,587 | |||||||||||||||||
Trade accounts receivables
|
1,108,345 | 1,206,101 |
Trade accounts payable
|
1,178,849 | 1,216,856 | ||||||||||||||||||
Unbilled work in progress
|
1,152,790 | 1,229,629 |
Accounts payable to related parties
|
9 | 83,027 | 62,445 | |||||||||||||||||
Accounts receivable from related parties
|
9 | 99,061 | 87,728 |
Current income tax
|
89,615 | 22,715 | |||||||||||||||||
Other accounts receivable
|
584,975 | 729,544 |
Other accounts payable
|
1,007,743 | 1,000,350 | ||||||||||||||||||
Inventories
|
833,570 | 1,070,086 |
Provisions
|
14 | 11,441 | 12,497 | |||||||||||||||||
Prepaid expenses
|
26,444 | 41,851 |
Total current liabilities
|
3,796,130 | 3,696,350 | ||||||||||||||||||
Non-current assets classified as held for sale
|
9,513 | 8,073 | |||||||||||||||||||||
Total current assets
|
4,640,205 | 5,106,564 |
Non-current liabilities
|
||||||||||||||||||||
Borrowings
|
12 | 326,124 | 542,826 | ||||||||||||||||||||
Non-current assets
|
Long-term bonds
|
13 | - | 759,437 | |||||||||||||||||||
Long-term trade accounts receivable
|
579,956 | 583,593 |
Long-term trade accounts payable
|
3,779 | - | ||||||||||||||||||
Long-term unbilled work in progress
|
35,971 | 55,204 |
Other long-term accounts payable
|
281,651 | 202,319 | ||||||||||||||||||
Prepaid expenses
|
9,478 | 20,548 |
Provisions
|
14 | 46,904 | 37,005 | |||||||||||||||||
Other long-term accounts receivable
|
44,553 | 61,576 |
Derivative financial instruments
|
2,999 | 3,016 | ||||||||||||||||||
Available-for-sale financial assets
|
8 | 93,144 | 100,611 |
Deferred income tax liability
|
79,155 | 66,419 | |||||||||||||||||
Investments in associates and joint ventures
|
10 | 229,563 | 262,638 |
Total non-current liabilities
|
740,612 | 1,611,022 | |||||||||||||||||
Investment property
|
36,244 | 35,187 |
Total liabilities
|
4,536,742 | 5,307,372 | ||||||||||||||||||
Property, plant and equipment
|
11 | 1,148,651 | 1,166,814 | ||||||||||||||||||||
Intangible assets
|
11 | 762,898 | 839,176 |
Equity
|
|||||||||||||||||||
Deferred income tax asset
|
136,001 | 126,505 |
Capital
|
15 | 660,054 | 660,054 | |||||||||||||||||
Total non-current assets
|
3,076,459 | 3,251,852 |
Legal reserve
|
132,011 | 132,011 | ||||||||||||||||||
Optional reserve
|
- | 29,974 | |||||||||||||||||||||
Share Premium
|
899,311 | 898,417 | |||||||||||||||||||||
Other reserves
|
(113,895 | ) | (161,228 | ) | |||||||||||||||||||
Retained earnings
|
1,113,697 | 983,025 | |||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
2,691,178 | 2,542,253 | |||||||||||||||||||||
Non-controlling interest
|
488,744 | 508,791 | |||||||||||||||||||||
Total equity
|
3,179,922 | 3,051,044 | |||||||||||||||||||||
Total assets
|
7,716,664 | 8,358,416 |
Total liabilities and equity
|
7,716,664 | 8,358,416 | ||||||||||||||||||
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 nine-month period
|
||||||||||||
ended September 30,
|
||||||||||||
Note
|
2014
|
2015
|
||||||||||
Revenues from construction activities
|
3,403,546 | 4,064,096 | ||||||||||
Revenues from services provided
|
1,271,878 | 1,342,132 | ||||||||||
Revenue from real estate and sale of goods
|
223,592 | 211,677 | ||||||||||
4,899,016 | 5,617,905 | |||||||||||
Cost of construction activities
|
(3,034,568 | ) | (3,876,589 | ) | ||||||||
Cost of services provided
|
(1,034,911 | ) | (1,156,472 | ) | ||||||||
Cost of real estate and goods sold
|
(144,061 | ) | (117,164 | ) | ||||||||
16 | (4,213,540 | ) | (5,150,225 | ) | ||||||||
Gross profit
|
685,476 | 467,680 | ||||||||||
Administrative expenses
|
16 | (307,515 | ) | (296,611 | ) | |||||||
Other income and expenses
|
19,489 | 10,510 | ||||||||||
Operating profit
|
397,450 | 181,579 | ||||||||||
Financial expenses
|
(64,414 | ) | (124,162 | ) | ||||||||
Financial income
|
20,919 | 34,985 | ||||||||||
Share of the profit or loss in associates and joint
|
||||||||||||
ventures under the equity method of accounting
|
33,308 | 21,236 | ||||||||||
Profit before income tax
|
387,263 | 113,638 | ||||||||||
Income tax
|
17 | (105,047 | ) | (75,928 | ) | |||||||
Profit for the year
|
282,216 | 37,710 | ||||||||||
Profit attributable to:
|
||||||||||||
Owners of the Company
|
235,293 | 6,709 | ||||||||||
Non-controlling interest
|
46,923 | 31,001 | ||||||||||
282,216 | 37,710 | |||||||||||
Earnings per share from continuing operations
|
||||||||||||
attributable to owners of the Company during
|
||||||||||||
the year
|
0.356 | 0.010 | ||||||||||
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 STATEMENT OF COMPREHENSIVE INCOME
|
||||||||||||
For the nine-month period
|
||||||||||||
ended September 30,
|
||||||||||||
Note
|
2014
|
2015
|
||||||||||
Profit for the year
|
282,216 | 37,710 | ||||||||||
Other comprehensive income:
|
||||||||||||
Items that will not be reclassified to profit or loss
|
||||||||||||
Remeasurement of actuarial gains and losses, net of tax
|
(1,931 | ) | (3,617 | ) | ||||||||
Items that may be subsequently reclassified to profit or loss
|
||||||||||||
Cash flow hedge, net of tax
|
485 | 109 | ||||||||||
Foreign currency translation adjustment, net of tax
|
(32,812 | ) | (60,686 | ) | ||||||||
Change in value of available-for-sale financial assets, net of tax
|
8 | - | 5,377 | |||||||||
Exchange difference from net investment in a foreign operation, net of tax
|
- | (11,680 | ) | |||||||||
(32,327 | ) | (66,880 | ) | |||||||||
Other comprenhensive income for the year, net of tax
|
(34,258 | ) | (70,497 | ) | ||||||||
Total comprehensive income for the year
|
247,958 | (32,787 | ) | |||||||||
Comprehensive income attributable to:
|
||||||||||||
Owners of the Company
|
208,628 | (43,120 | ) | |||||||||
Non-controlling interest
|
39,330 | 10,333 | ||||||||||
247,958 | (32,787 | ) | ||||||||||
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 STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||||||||||||||
FOR THE PERIOD OF THE NINE MONTHS ENDED SEPTEMBER 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 | 947,766 | 2,765,433 | 431,262 | 3,196,695 | ||||||||||||||||||||||||||||||
Profit for the year
|
- | - | - | - | - | - | 235,293 | 235,293 | 46,923 | 282,216 | ||||||||||||||||||||||||||||||
Cash flow hedge
|
- | - | - | - | - | 461 | - | 461 | 24 | 485 | ||||||||||||||||||||||||||||||
Adjustment for actuarial gains and losses
|
- | - | - | - | - | - | (1,467 | ) | (1,467 | ) | (464 | ) | (1,931 | ) | ||||||||||||||||||||||||||
Foreign currency translation adjustment
|
- | - | - | - | - | (25,659 | ) | - | (25,659 | ) | (7,153 | ) | (32,812 | ) | ||||||||||||||||||||||||||
Comprehensive income of the year
|
- | - | - | - | - | (25,198 | ) | 233,826 | 208,628 | 39,330 | 247,958 | |||||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Transfer to legal reserve
|
- | - | 20,354 | - | - | - | (20,354 | ) | - | - | - | |||||||||||||||||||||||||||||
- Dividend distribution
|
- | - | - | - | - | - | (112,127 | ) | (112,127 | ) | (50,705 | ) | (162,832 | ) | ||||||||||||||||||||||||||
- Contributions of non-controlling shareholders
|
- | - | - | - | - | - | - | - | 49,979 | 49,979 | ||||||||||||||||||||||||||||||
- Additional acquisition of non-controlling
|
- | - | - | - | (51,423 | ) | - | - | (51,423 | ) | (15,209 | ) | (66,632 | ) | ||||||||||||||||||||||||||
- Returns additional capital from non-controlling interests
|
- | - | - | - | - | - | - | - | (4,241 | ) | (4,241 | ) | ||||||||||||||||||||||||||||
Total transactions with shareholders
|
- | - | 20,354 | - | (51,423 | ) | - | (132,481 | ) | (163,550 | ) | (20,176 | ) | (183,726 | ) | |||||||||||||||||||||||||
Balances as of September 30, 2014
|
660,054 | 660,054 | 132,011 | - | 976,110 | (6,775 | ) | 1,049,111 | 2,810,511 | 450,416 | 3,260,927 | |||||||||||||||||||||||||||||
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
|
- | - | - | - | - | - | 6,709 | 6,709 | 31,001 | 37,710 | ||||||||||||||||||||||||||||||
Cash flow hedge
|
- | - | - | - | - | 104 | - | 104 | 5 | 109 | ||||||||||||||||||||||||||||||
Adjustment for actuarial gains and losses
|
- | - | - | - | - | - | (2,496 | ) | (2,496 | ) | (1,121 | ) | (3,617 | ) | ||||||||||||||||||||||||||
Foreign currency translation adjustment
|
- | - | - | - | - | (41,314 | ) | - | (41,314 | ) | (19,372 | ) | (60,686 | ) | ||||||||||||||||||||||||||
Change in value of available-for-sale financial assets
|
- | - | - | - | - | 5,377 | - | 5,377 | - | 5,377 | ||||||||||||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
- | - | - | - | - | (11,500 | ) | - | (11,500 | ) | (180 | ) | (11,680 | ) | ||||||||||||||||||||||||||
Comprehensive income of the year
|
- | - | - | - | - | (47,333 | ) | 4,213 | (43,120 | ) | 10,333 | (32,787 | ) | |||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Transfer to Optional reserve
|
- | - | - | 29,974 | - | - | (29,974 | ) | - | - | - | |||||||||||||||||||||||||||||
- Dividend distribution
|
- | - | - | - | - | - | (104,911 | ) | (104,911 | ) | (4,316 | ) | (109,227 | ) | ||||||||||||||||||||||||||
- Contributions of non-controlling shareholders
|
- | - | - | - | - | - | - | - | 12,556 | 12,556 | ||||||||||||||||||||||||||||||
- 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 | ) | - | (134,885 | ) | (105,805 | ) | 9,714 | (96,091 | ) | ||||||||||||||||||||||||||
Balances as of September 30, 2015
|
660,054 | 660,054 | 132,011 | 29,974 | 898,417 | (161,228 | ) | 983,025 | 2,542,253 | 508,791 | 3,051,044 | |||||||||||||||||||||||||||||
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 STATEMENT OF CASH FLOWS
|
||||||||||||
For the nine-month period
|
||||||||||||
ended September 30,
|
||||||||||||
Note
|
2014
|
2015
|
||||||||||
OPERATING ACTIVITIES
|
||||||||||||
Profit before income tax
|
387,263 | 113,638 | ||||||||||
Adjustments to profit not affecting cash flows from
|
||||||||||||
operating activities:
|
||||||||||||
Depreciation
|
11 | 135,736 | 158,205 | |||||||||
Amortization of other assets
|
11 | 60,891 | 61,457 | |||||||||
Impairment of inventories
|
16 | - | 1,086 | |||||||||
Impairment of accounts receivable
|
16 | - | 4,832 | |||||||||
Impairment of property, plant and equipment
|
16 | - | 14 | |||||||||
Reversal of impairment of inventories
|
- | (630 | ) | |||||||||
Profit on fair value of financial asset at fair value through profit or loss
|
- | (1,420 | ) | |||||||||
Other Provisions
|
14 | 8,655 | 2,701 | |||||||||
Interest
|
- | 89,445 | ||||||||||
Foreign exchange loss on loans
|
- | 15,718 | ||||||||||
Adjustments to PPA of loans
|
- | (58 | ) | |||||||||
Share of the profit and loss in associates
|
||||||||||||
under the equity method of accounting
|
10 | (33,308 | ) | (21,236 | ) | |||||||
Reversal of provisions
|
14 | (7,748 | ) | (5,613 | ) | |||||||
Lower of fixed and intangible assets
|
- | 4,892 | ||||||||||
Profit on sale of property, plant and equipment
|
(5,693 | ) | (4,203 | ) | ||||||||
Loss on financial asset at fair value through profit or loss
|
- | 420 | ||||||||||
Foreign exchange gains on investing activities
|
(23,685 | ) | - | |||||||||
Foreign exchange gains on operating activities
|
(11,370 | ) | - | |||||||||
Net variations in assets and liabilities:
|
||||||||||||
Decrease in trade accounts receivable
|
(450,356 | ) | (202,298 | ) | ||||||||
Increase (decrease) in other accounts receivable
|
(14,932 | ) | (161,592 | ) | ||||||||
Decrease in other accounts receivable from related parties
|
(21,659 | ) | 11,333 | |||||||||
Decrease in inventories
|
(121,134 | ) | (236,972 | ) | ||||||||
Increase (decrease) in pre-paid expenses and other assets
|
(15,897 | ) | (28,364 | ) | ||||||||
Increase in trade accounts payable
|
82,122 | 35,036 | ||||||||||
Increase (decrease) in other accounts payable
|
12,319 | (132,697 | ) | |||||||||
Increase (decrease) in other accounts payable to related parties
|
18,826 | (16,410 | ) | |||||||||
Decrease in other provisions
|
(5,607 | ) | (1,076 | ) | ||||||||
Payments related to Norvial Concession
|
(41,873 | ) | (103,824 | ) | ||||||||
Payment of income tax
|
(185,242 | ) | (148,159 | ) | ||||||||
Net cash provided by (applied to) operating activities
|
(232,692 | ) | (565,775 | ) | ||||||||
INVESTING ACTIVITIES
|
||||||||||||
Sale of property, plant and equipment
|
34,226 | 14,664 | ||||||||||
Sale of financial asset at fair value through profit or loss
|
- | 4,604 | ||||||||||
Dividends received
|
10 | 18,822 | 50,303 | |||||||||
Payment for purchase of investments properties
|
(1,326 | ) | (600 | ) | ||||||||
Payments for intangible purchase
|
(54,085 | ) | (21,282 | ) | ||||||||
Payments for purchase and contributions on investment in associate and joint ventures
|
(54,868 | ) | (66,391 | ) | ||||||||
Direct cash outflow from acquisition of subsidiaries
|
(6,387 | ) | - | |||||||||
Payments for property, plant and equipment purchase
|
(188,254 | ) | (157,536 | ) | ||||||||
Net cash applied to investing activities
|
(251,872 | ) | (176,238 | ) | ||||||||
FINANCING ACTIVITIES
|
||||||||||||
Loans received
|
1,522,923 | 4,046,979 | ||||||||||
Amortization of loans received
|
(900,377 | ) | (3,196,162 | ) | ||||||||
Payment for transaction costs by issuing bonds
|
- | (18,518 | ) | |||||||||
Interest payment
|
(27,205 | ) | (77,907 | ) | ||||||||
Dividends paid to owners of the parent
|
(112,127 | ) | (104,911 | ) | ||||||||
Dividends paid to non-controlling interest
|
(50,706 | ) | (4,316 | ) | ||||||||
Cash received from non-controlling shareholders
|
43,454 | 8,384 | ||||||||||
Acquisition or sale of interest in a subsidiary of non-controlling shareholders
|
(66,632 | ) | 581 | |||||||||
Net cash (applied to) provided by financing activities
|
409,330 | 654,130 | ||||||||||
Net increase (net decrease) in cash
|
(75,234 | ) | (87,883 | ) | ||||||||
Cash decrease in deconsolidation
|
1,915 | - | ||||||||||
Exchange gains on cash and cash equivalents
|
11,370 | - | ||||||||||
Cash and cash equivalents at the beginning of the year
|
959,415 | 818,402 | ||||||||||
Cash and cash equivalents at the end of the year
|
897,466 | 730,519 | ||||||||||
NON-CASH TRANSACTIONS:
|
||||||||||||
Acquisition of assets through finance leases
|
141,836 | 79,819 | ||||||||||
The accompanying notes on pages 8 to 25 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
|
From 1 to
|
From 2 to
|
Over
|
|||||||||||||||||
year
|
2 years
|
5 years
|
5 years
|
Total
|
||||||||||||||||
At December 31, 2014
|
||||||||||||||||||||
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 September 30, 2015
|
||||||||||||||||||||
Other financial liabilities (except
|
||||||||||||||||||||
finance leases)
|
1,218,362 | 322,607 | 53,017 | - | 1,593,986 | |||||||||||||||
Finance leases
|
152,274 | 123,684 | 56,512 | 14,988 | 347,458 | |||||||||||||||
Bonds payable
|
91,759 | 182,359 | 380,910 | 1,118,432 | 1,773,460 | |||||||||||||||
Trade payables
|
1,216,856 | - | - | 1,216,856 | ||||||||||||||||
Payables to related parties
|
62,445 | - | - | - | 62,445 | |||||||||||||||
Other payables
|
409,335 | 52,377 | 28,201 | 3,052 | 492,965 | |||||||||||||||
Other non-financial liabilities
|
- | 3,016 | - | - | 3,016 | |||||||||||||||
3,151,031 | 684,043 | 518,640 | 1,136,472 | 5,490,186 |
December 31,
|
September 30,
|
|||||||
2014
|
2015
|
|||||||
Total borrowing and bonds
|
1,751,579 | 2,683,750 | ||||||
Less: Cash and cash equivalents
|
(818,402 | ) | (730,519 | ) | ||||
Net debt
|
933,177 | 1,953,231 | ||||||
Total equity
|
3,179,922 | 3,051,044 | ||||||
Total capital
|
4,113,099 | 5,004,275 | ||||||
Gearing ratio
|
0.23 | 0.39 |
-
|
Level 1: Measurement based on quoted prices in active markets for identical assets or liabilities.
|
-
|
Level 2: Measurement based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
|
-
|
Level 3: Measurement based on inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs, generally based on internal estimates and assumptions of the Group).
|
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
|
||||||||||||||||||||||||||||||||||||||||
Parent
|
||||||||||||||||||||||||||||||||||||||||
Engineering
|
Infrastructure
|
Technical |
Company
|
|||||||||||||||||||||||||||||||||||||
and construction
|
Energy
|
Toll roads
|
Mass transit
|
Water treatment
|
Real estate
|
services
|
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 receivables
|
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 income tax
|
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 |
(All the amounts are expressed in thousand of S/. unless otherwise stated)
|
||||||||||||||||||||||||||||||||||||||||
UNAUDITED
|
||||||||||||||||||||||||||||||||||||||||
Operating segments financial position
|
||||||||||||||||||||||||||||||||||||||||
Segment reporting
|
||||||||||||||||||||||||||||||||||||||||
Parent
|
||||||||||||||||||||||||||||||||||||||||
Engineering
|
Infrastructure
|
Technical |
Company
|
|||||||||||||||||||||||||||||||||||||
and construction
|
Energy
|
Toll roads
|
Mass transit
|
Water treatment
|
Real estate
|
services
|
Operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||||
As of September 30, 2015
|
||||||||||||||||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
108,804 | 57,128 | 101,632 | 126,539 | 7,483 | 87,873 | 35,128 | 205,932 | - | 730,519 | ||||||||||||||||||||||||||||||
Financial asset at fair value
through profit or loss |
3,033 | - | - | - | - | - | - | - | - | 3,033 | ||||||||||||||||||||||||||||||
Trade accounts receivables
|
732,063 | 61,617 | 17,787 | 61,744 | - | 56,262 | 276,628 | - | - | 1,206,101 | ||||||||||||||||||||||||||||||
Unbilled work in progress
|
1,205,632 | 211 | - | - | 23,786 | - | - | - | - | 1,229,629 | ||||||||||||||||||||||||||||||
Accounts receivable from related
parties |
153,934 | 1,267 | 63 | 281 | - | 4,163 | 58,236 | 198,899 | (329,115 | ) | 87,728 | |||||||||||||||||||||||||||||
Other accounts receivable
|
506,741 | 24,184 | 4,926 | 22,714 | 4,347 | 12,017 | 75,089 | 79,523 | 3 | 729,544 | ||||||||||||||||||||||||||||||
Inventories
|
111,093 | 10,305 | - | 15,943 | - | 875,427 | 63,055 | 389 | (6,126 | ) | 1,070,086 | |||||||||||||||||||||||||||||
Prepaid expenses
|
12,070 | 3,246 | 1,168 | 10,332 | 431 | 186 | 11,340 | 3,078 | - | 41,851 | ||||||||||||||||||||||||||||||
Non-current assets classified as
held for sale |
8,073 | - | - | - | - | - | - | - | - | 8,073 | ||||||||||||||||||||||||||||||
Total current assets ) | 2,841,443 | 157,958 | 125,576 | 237,553 | 36,047 | 1,035,928 | 519,476 | 487,821 | (335,238 | ) | 5,106,564 | |||||||||||||||||||||||||||||
Long-term trade accounts
receivable |
- | - | - | 583,593 | - | - | - | - | - | 583,593 | ||||||||||||||||||||||||||||||
Long-term unbilled work in
progress |
- | 38,731 | 16,473 | - | - | - | - | - | - | 55,204 | ||||||||||||||||||||||||||||||
Long-term trade accounts
receivable from related parties |
- | - | 408 | - | - | - | 472 | 221,419 | (222,299 | ) | - | |||||||||||||||||||||||||||||
Prepaid expenses
|
- | - | 9,963 | 10,585 | - | - | - | - | - | 20,548 | ||||||||||||||||||||||||||||||
Other long-term accounts
receivable |
6,263 | 8,887 | 27,653 | 5,080 | 1,589 | 8,520 | 1,792 | 1,792 | - | 61,576 | ||||||||||||||||||||||||||||||
Available-for-sale financial assets
|
- | - | - | - | - | - | 2 | 100,611 | (2 | ) | 100,611 | |||||||||||||||||||||||||||||
Investments in associates and
joint ventures |
144,247 | 8,007 | - | - | - | 62,850 | 8,499 | 1,654,185 | (1,615,150 | ) | 262,638 | |||||||||||||||||||||||||||||
Investment property
|
- | - | - | - | - | 35,187 | - | - | - | 35,187 | ||||||||||||||||||||||||||||||
Property, plant and equipment
|
633,057 | 210,311 | 1,725 | 18,466 | - | 12,930 | 168,090 | 129,409 | (7,174 | ) | 1,166,814 | |||||||||||||||||||||||||||||
Intangible assets
|
284,709 | 139,445 | 335,301 | 6,101 | 1,061 | 1,150 | 33,841 | 23,705 | 13,863 | 839,176 | ||||||||||||||||||||||||||||||
Deferred income tax asset
|
79,407 | 359 | 4,590 | - | - | 199 | 39,987 | 1,259 | 704 | 126,505 | ||||||||||||||||||||||||||||||
Total non-current assets
|
1,147,683 | 405,740 | 396,113 | 623,825 | 2,650 | 120,836 | 252,683 | 2,132,380 | (1,830,058 | ) | 3,251,852 | |||||||||||||||||||||||||||||
Total assets
|
3,989,126 | 563,698 | 521,689 | 861,378 | 38,697 | 1,156,764 | 772,159 | 2,620,201 | (2,165,296 | ) | 8,358,416 | |||||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||||||
Borrowings
|
914,236 | 89,069 | 8,587 | - | - | 214,651 | 108,357 | - | - | 1,334,900 | ||||||||||||||||||||||||||||||
Bonds
|
- | - | 13,839 | 32,748 | - | - | - | - | - | 46,587 | ||||||||||||||||||||||||||||||
Trade accounts payable
|
996,959 | 34,873 | 3,090 | 23,921 | 134 | 14,086 | 130,633 | 13,160 | - | 1,216,856 | ||||||||||||||||||||||||||||||
Accounts payable to related
parties |
62,254 | 1,986 | 62,133 | 120,534 | 9,482 | 45,785 | 79,902 | 9,906 | (329,537 | ) | 62,445 | |||||||||||||||||||||||||||||
Current income tax
|
14,387 | 736 | 1,360 | - | 139 | 35 | 6,050 | 8 | - | 22,715 | ||||||||||||||||||||||||||||||
Other accounts payable
|
589,664 | 13,793 | 3,240 | 1,364 | 65 | 260,629 | 117,993 | 13,602 | - | 1,000,350 | ||||||||||||||||||||||||||||||
Provisions
|
139 | 8,631 | - | - | - | - | 3,727 | - | - | 12,497 | ||||||||||||||||||||||||||||||
Total current liabilities
|
2,577,639 | 149,088 | 92,249 | 178,567 | 9,820 | 535,186 | 446,662 | 36,676 | (329,537 | ) | 3,696,350 | |||||||||||||||||||||||||||||
Borrowings
|
365,046 | 84,760 | 2,702 | - | - | 19,901 | 70,417 | - | - | 542,826 | ||||||||||||||||||||||||||||||
Long-term bonds
|
- | - | 183,346 | 576,091 | - | - | - | - | - | 759,437 | ||||||||||||||||||||||||||||||
Long-term trade accounts
payable |
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Accounts payables to related
parties |
- | 43,156 | - | - | 24,035 | 118,766 | 35,903 | - | (221,860 | ) | - | |||||||||||||||||||||||||||||
Other long-term accounts
payable |
139,818 | - | 495 | 7,368 | - | 5,339 | 48,589 | 710 | - | 202,319 | ||||||||||||||||||||||||||||||
Provisions
|
23,813 | 5,739 | - | - | - | - | 7,453 | - | - | 37,005 | ||||||||||||||||||||||||||||||
Derivative financial instruments
|
- | 3,016 | - | - | - | - | - | - | - | 3,016 | ||||||||||||||||||||||||||||||
Deferred income tax liability
|
26,422 | 3,491 | 85 | 5,888 | 286 | 8,525 | 5,488 | 16,234 | - | 66,419 | ||||||||||||||||||||||||||||||
Total non-current liabilities
|
555,099 | 140,162 | 186,628 | 589,347 | 24,321 | 152,531 | 167,850 | 16,944 | (221,860 | ) | 1,611,022 | |||||||||||||||||||||||||||||
Total liabilities
|
3,132,738 | 289,250 | 278,877 | 767,914 | 34,141 | 687,717 | 614,512 | 53,620 | (551,397 | ) | 5,307,372 | |||||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
691,146 | 254,035 | 191,191 | 70,099 | 4,556 | 150,600 | 130,401 | 2,552,932 | (1,502,707 | ) | 2,542,253 | |||||||||||||||||||||||||||||
Non-controlling interest
|
165,242 | 20,413 | 51,621 | 23,365 | - | 318,447 | 27,246 | 13,649 | (111,192 | ) | 508,791 | |||||||||||||||||||||||||||||
Total liabilities and equity
|
3,989,126 | 563,698 | 521,689 | 861,378 | 38,697 | 1,156,764 | 772,159 | 2,620,201 | (2,165,296 | ) | 8,358,416 |
(All amounts are expressed in thousands of S/. unless otherwise stated)
|
||||||||||||||||||||||||||||||||||||||||
UNAUDITED
|
||||||||||||||||||||||||||||||||||||||||
Operating segment performance
|
||||||||||||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||||||||||||
Parent
|
||||||||||||||||||||||||||||||||||||||||
Engineering
|
Infrastructure
|
Technical |
Company
|
|||||||||||||||||||||||||||||||||||||
and construction
|
Energy
|
Toll roads
|
Mass transit
|
Water treatment
|
Real estate
|
services
|
operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||||
For the nine-month period
|
||||||||||||||||||||||||||||||||||||||||
ended September 30, 2014
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
3,552,475 | 255,007 | 206,868 | 115,806 | 24,156 | 138,323 | 841,286 | 39,971 | (274,876 | ) | 4,899,016 | |||||||||||||||||||||||||||||
Gross profit
|
401,210 | 96,258 | 52,108 | 27,387 | 1,916 | 37,548 | 96,682 | (6,696 | ) | (20,937 | ) | 685,476 | ||||||||||||||||||||||||||||
Administrative expenses
|
(192,597 | ) | (11,624 | ) | (6,605 | ) | (7,955 | ) | (260 | ) | (15,154 | ) | (92,909 | ) | (23,121 | ) | 42,710 | (307,515 | ) | |||||||||||||||||||||
Other income and expenses
|
521 | (2,539 | ) | 94 | 23 | - | (434 | ) | 8,032 | 14,615 | (823 | ) | 19,489 | |||||||||||||||||||||||||||
Profit before interests
|
||||||||||||||||||||||||||||||||||||||||
and taxes
|
209,134 | 82,095 | 45,597 | 19,455 | 1,656 | 21,960 | 11,805 | (15,202 | ) | 20,950 | 397,450 | |||||||||||||||||||||||||||||
Financial expenses
|
(40,531 | ) | (6,850 | ) | (9,705 | ) | (3,845 | ) | (43 | ) | (7,753 | ) | (19,171 | ) | (1,332 | ) | 24,816 | (64,414 | ) | |||||||||||||||||||||
Financial income
|
15,795 | 58 | 1,195 | 589 | 12 | 93 | 1,250 | 44,455 | (42,528 | ) | 20,919 | |||||||||||||||||||||||||||||
Share of the profit or loss
|
||||||||||||||||||||||||||||||||||||||||
in associates and joint ventures
under the equity |
||||||||||||||||||||||||||||||||||||||||
method of accounting
|
32,639 | (100 | ) | - | - | - | 4,811 | 873 | 212,493 | (217,408 | ) | 33,308 | ||||||||||||||||||||||||||||
Profit before income tax
|
217,037 | 75,203 | 37,087 | 16,199 | 1,625 | 19,111 | (5,243 | ) | 240,414 | (214,170 | ) | 387,263 | ||||||||||||||||||||||||||||
Income tax
|
(45,340 | ) | (23,717 | ) | (10,416 | ) | (6,803 | ) | (490 | ) | (5,669 | ) | (2,883 | ) | (10,009 | ) | 280 | (105,047 | ) | |||||||||||||||||||||
Net profit for the period
|
171,697 | 51,486 | 26,671 | 9,396 | 1,135 | 13,442 | (8,126 | ) | 230,405 | (213,890 | ) | 282,216 | ||||||||||||||||||||||||||||
Profit attributable to:
|
||||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
138,762 | 48,555 | 19,907 | 7,047 | 1,135 | 4,938 | (5,796 | ) | 230,580 | (209,835 | ) | 235,293 | ||||||||||||||||||||||||||||
Non-controlling interest
|
32,935 | 2,931 | 6,764 | 2,349 | - | 8,504 | (2,330 | ) | (175 | ) | (4,055 | ) | 46,923 | |||||||||||||||||||||||||||
Net profit for the period
|
171,697 | 51,486 | 26,671 | 9,396 | 1,135 | 13,442 | (8,126 | ) | 230,405 | (213,890 | ) | 282,216 |
(All amounts are expressed in thousands of S/. unless otherwise stated)
|
||||||||||||||||||||||||||||||||||||||||
UNAUDITED
|
||||||||||||||||||||||||||||||||||||||||
Operating segment performance
|
||||||||||||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||||||||||||
Parent
|
||||||||||||||||||||||||||||||||||||||||
Engineering
|
Infrastructure
|
Technical |
Company
|
|||||||||||||||||||||||||||||||||||||
and construction
|
Energy
|
Toll roads
|
Mass transit
|
Water treatment
|
Real estate
|
services
|
operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||||
For the nine-month period
|
||||||||||||||||||||||||||||||||||||||||
ended September 30, 2015
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
4,241,095 | 289,044 | 301,579 | 151,983 | 21,470 | 75,121 | 844,588 | 53,203 | (360,178 | ) | 5,617,905 | |||||||||||||||||||||||||||||
Gross profit
|
239,495 | 52,979 | 56,803 | 30,460 | 1,720 | 26,621 | 117,504 | (5,037 | ) | (52,865 | ) | 467,680 | ||||||||||||||||||||||||||||
Administrative expenses
|
(208,831 | ) | (13,562 | ) | (7,183 | ) | (8,003 | ) | (252 | ) | (15,024 | ) | (78,984 | ) | (22,375 | ) | 57,603 | (296,611 | ) | |||||||||||||||||||||
Other income and expenses
|
(1,039 | ) | 306 | - | - | - | 1,038 | 7,391 | 3,835 | (1,021 | ) | 10,510 | ||||||||||||||||||||||||||||
Profit before interests
|
||||||||||||||||||||||||||||||||||||||||
and taxes
|
29,625 | 39,723 | 49,620 | 22,457 | 1,468 | 12,635 | 45,911 | (23,577 | ) | 3,717 | 181,579 | |||||||||||||||||||||||||||||
Financial expenses
|
(88,656 | ) | (13,935 | ) | (3,564 | ) | (3,716 | ) | (33 | ) | (8,413 | ) | (24,754 | ) | (1,877 | ) | 20,786 | (124,162 | ) | |||||||||||||||||||||
Financial income
|
8,343 | 116 | 5,351 | 1,347 | 109 | 433 | 1,261 | 47,684 | (29,659 | ) | 34,985 | |||||||||||||||||||||||||||||
Share of the profit or loss
|
||||||||||||||||||||||||||||||||||||||||
in associates and joint ventures
under the equity |
||||||||||||||||||||||||||||||||||||||||
method of accounting
|
10,304 | 686 | - | - | - | 9,826 | (17 | ) | (12,144 | ) | 12,581 | 21,236 | ||||||||||||||||||||||||||||
Profit before income tax
|
(40,384 | ) | 26,590 | 51,407 | 20,088 | 1,544 | 14,481 | 22,401 | 10,086 | 7,425 | 113,638 | |||||||||||||||||||||||||||||
Income tax
|
(29,124 | ) | (7,777 | ) | (13,400 | ) | (6,132 | ) | (407 | ) | (3,986 | ) | (10,361 | ) | (5,889 | ) | 1,148 | (75,928 | ) | |||||||||||||||||||||
Net profit for the period
|
(69,508 | ) | 18,813 | 38,007 | 13,956 | 1,137 | 10,495 | 12,040 | 4,197 | 8,573 | 37,710 | |||||||||||||||||||||||||||||
Profit attributable to:
|
||||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(79,765 | ) | 16,594 | 28,214 | 10,467 | 1,137 | 4,372 | 11,714 | 4,425 | 9,551 | 6,709 | |||||||||||||||||||||||||||||
Non-controlling interest
|
10,257 | 2,219 | 9,793 | 3,489 | - | 6,123 | 326 | (228 | ) | (978 | ) | 31,001 | ||||||||||||||||||||||||||||
Net profit for the period
|
(69,508 | ) | 18,813 | 38,007 | 13,956 | 1,137 | 10,495 | 12,040 | 4,197 | 8,573 | 37,710 |
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 September 30,
|
||||||||
2014
|
2015
|
|||||||
Revenue from sale of goods and services:
|
||||||||
- Associates
|
8,272 | 1,032 | ||||||
- Joint operations
|
31,701 | 37,243 | ||||||
39,973 | 38,275 |
At December 31, | At September 30, | |||||||||||||||
2014 | 2015 | |||||||||||||||
Receivable | Payable | Receivable | Payable | |||||||||||||
Consorcio GyM Conciviles
|
48,581 | - | 53,823 | - | ||||||||||||
Consorcio Peruano de Conservación
|
15,365 | - | 5,729 | - | ||||||||||||
Consorcio Tren Electrico
|
7,380 | - | - | - | ||||||||||||
Consorcio Terminales
|
6,837 | - | - | - | ||||||||||||
Consorcio Rio Urubamba
|
5,107 | 3,796 | 10,386 | 2,676 | ||||||||||||
Consorcio Sistemas SEC
|
4,349 | - | - | - | ||||||||||||
Consorcio La Gloria
|
3,805 | 3,423 | 3,053 | 3,008 | ||||||||||||
Consorcio Constructor Alto Cayma
|
1,424 | - | 387 | - | ||||||||||||
Consorcio JV Panamá
|
1,043 | - | 1,150 | - | ||||||||||||
Consorcio Lima
|
877 | - | - | - | ||||||||||||
Consorcio Norte Pachacutec
|
531 | 1,068 | 986 | 963 | ||||||||||||
Consorcio Huacho Pativilca
|
369 | 4,555 | - | - | ||||||||||||
Consorcio Rio Pallca
|
187 | 282 | 109 | 666 | ||||||||||||
Consorcio Constructor Chavimochic
|
141 | 2,896 | 1,401 | 4,869 | ||||||||||||
Consorcio Alto Cayma
|
121 | 700 | - | - | ||||||||||||
Consorcio Construcciones y Montajes
|
115 | 1,198 | - | 3,048 | ||||||||||||
Consorcio Vial Quinua
|
116 | - | 919 | 1,170 | ||||||||||||
Bechtel Vial y Vives Servicios Complementarios Ltda.
|
96 | 4,648 | - | 4,952 | ||||||||||||
Ingenieria y Construccion Becthek Vial y Vives OGP1 Ltda. | - | - | 2,829 | - | ||||||||||||
Consorcio Atocongo
|
- | 915 | - | - | ||||||||||||
Consorcio Ingenieria y Construcción Bechtel
|
- | 5,140 | - | - | ||||||||||||
Consorcio Rio Mantaro
|
- | - | - | 7,835 | ||||||||||||
Consorcio EIM ISA
|
- | 2,955 | - | 2,767 | ||||||||||||
Ingeniería y Construcción Sigdo Koppers-Vial
|
- | 35,302 | - | 2,996 | ||||||||||||
Consorcio Lima Actividades Comerciales | - | - | 1,343 | - | ||||||||||||
Consorcio Huacho-Pativilca | - | - | - | 8,723 | ||||||||||||
Terminales del Perú
|
- | - | 1,346 | - | ||||||||||||
Constructora INCOLUR-DSD Limitada
|
- | - | 1,207 | - | ||||||||||||
Other minor
|
2,617 | 2,056 | 2,491 | 716 | ||||||||||||
|
99,061 | 68,934 | 87,159 | 44,389 | ||||||||||||
Other related parties:
|
||||||||||||||||
Ferrovias Argentina
|
- | 14,093 | - | 17,909 | ||||||||||||
Besco
|
- | - | 569 | 147 | ||||||||||||
- | 14,093 | 569 | 18,056 | |||||||||||||
99,061 | 83,027 | 87,728 | 62,445 |
10
|
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
|
2014
|
2015
|
|||||||
Beginning balance
|
87,967 | 229,563 | ||||||
Acquisition and/or contributions received
|
54,868 | 66,391 | ||||||
Share of the profit and loss in associates
|
||||||||
under the equity method of accounting
|
33,308 | 21,236 | ||||||
Dividends received
|
(18,822 | ) | (50,303 | ) | ||||
Other
|
(5,232 | ) | (4,249 | ) | ||||
Ending balance
|
152,089 | 262,638 |
11
|
PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
|
Property,
plant and equipment |
Intangible
assets |
|||||||
At January 1, 2014
|
952,906 | 480,885 | ||||||
Additions
|
330,089 | 95,960 | ||||||
Acquisition of subsidiary - net
|
711 | 7,790 | ||||||
Transfers, disposals and adjustments
|
(48,616 | ) | 20,782 | |||||
Deductions for sale of assets
|
(28,487 | ) | (46 | ) | ||||
Depreciation, amortization
|
(134,126 | ) | (60,891 | ) | ||||
Net cost at September 30, 2014
|
1,072,477 | 544,480 |
At January 1, 2015
|
1,148,651 | 762,898 | ||||||
Additions
|
238,650 | 129,910 | ||||||
Transfers, disposals and adjustments
|
(54,213 | ) | 7,825 | |||||
Deductions for sale of assets
|
(9,725 | ) | - | |||||
Depreciation, amortization
|
(156,549 | ) | (61,457 | ) | ||||
Net cost at September 30, 2015
|
1,166,814 | 839,176 |
At December
|
At September
|
|||||||
31, 2014 | 30, 2015 | |||||||
Construction - Engineering
|
119,616 | 117,557 | ||||||
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 | 162,245 |
12
|
BORROWINGS
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||||||||||||||
December
|
September
|
December
|
September
|
December
|
September
|
|||||||||||||||||||
31, 2014 | 30, 2015 | 31, 2014 | 30, 2015 | 31, 2014 | 30, 2015 | |||||||||||||||||||
Bank loans
|
1,419,428 | 1,558,966 | 1,300,636 | 1,194,901 | 118,792 | 364,065 | ||||||||||||||||||
Leases
|
332,151 | 318,760 | 124,819 | 139,999 | 207,332 | 178,761 | ||||||||||||||||||
1,751,579 | 1,877,726 | 1,425,455 | 1,334,900 | 326,124 | 542,826 |
Carrying amounts
|
Fair value
|
|||||||||||||||
At December
|
At September
|
At December
|
At September
|
|||||||||||||
31, 2014 | 30, 2015 | 31, 2014 | 30, 2015 | |||||||||||||
Other loans
|
1,751,579 | 1,877,726 | 1,705,843 | 1,823,258 |
13
|
BONDS
|
14
|
PROVISIONS
|
At December
31, 2014 |
At September 30, 2015
|
|||||||
Current portion
|
11,441 | 12,497 | ||||||
Non-current portion
|
46,904 | 37,005 | ||||||
58,345 | 49,502 |
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
|
5,819 | - | - | 1,759 | 2,487 | 10,065 | ||||||||||||||||||
Additions from business combinations
|
- | 2,658 | - | - | - | 2,658 | ||||||||||||||||||
Reversals
|
(588 | ) | (4,119 | ) | (7,160 | ) | - | (11,867 | ) | |||||||||||||||
Payments
|
(346 | ) | - | - | (338 | ) | (6,333 | ) | (7,017 | ) | ||||||||||||||
At September 30, 2014
|
17,102 | 8,391 | 14,386 | 6,273 | - | 46,152 | ||||||||||||||||||
At January 1, 2015
|
13,056 | 25,927 | 12,152 | 7,210 | - | 58,345 | ||||||||||||||||||
Additions
|
2,110 | - | - | 591 | - | 2,701 | ||||||||||||||||||
Translation adjustment
|
(46 | ) | (5,723 | ) | 914 | - | - | (4,855 | ) | |||||||||||||||
Reversals
|
- | - | (5,613 | ) | - | - | (5,613 | ) | ||||||||||||||||
Payments
|
(1,072 | ) | - | - | (4 | ) | - | (1,076 | ) | |||||||||||||||
At September 30, 2015
|
14,048 | 20,204 | 7,453 | 7,797 | - | 49,502 |
15
|
CAPITAL
|
16
|
EXPENSES BY NATURE
|
Cost of
services and goods |
Administrative
expenses |
|||||||
2014
|
||||||||
Purchase of goods
|
703,999 | - | ||||||
Personnel charges
|
1,244,725 | 161,117 | ||||||
Services provided by third-parties
|
1,444,041 | 87,256 | ||||||
Taxes
|
8,629 | 1,229 | ||||||
Other management charges
|
614,070 | 40,920 | ||||||
Depreciation
|
124,702 | 11,034 | ||||||
Amortization
|
54,932 | 5,959 | ||||||
Variation of inventories
|
18,442 | - | ||||||
4,213,540 | 307,515 | |||||||
2015
|
||||||||
Purchase of goods
|
876,340 | - | ||||||
Personnel charges
|
1,664,353 | 158,721 | ||||||
Services provided by third-parties
|
2,237,150 | 102,203 | ||||||
Taxes
|
15,960 | 825 | ||||||
Other management charges
|
386,138 | 16,697 | ||||||
Depreciation
|
145,846 | 12,360 | ||||||
Amortization
|
55,652 | 5,805 | ||||||
Impairment
|
5,302 | - | ||||||
Variation of inventories
|
(236,516 | ) | - | |||||
5,150,225 | 296,611 |
17
|
INCOME TAX
|
18
|
CONTINGENCIES, COMMITTMENTS AND GUARANTEES
|
19
|
DIVIDENDS
|
20
|
BUSINESS COMBINATIONS
|
Previous reported
|
Revised | |||||||||||||||
S/.000 | US$000 | S/.000 | US$000 | |||||||||||||
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 |
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 |
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 accounts 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 |
21
|
EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION
|