GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
|||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
|||||||||||||||||||||||||
ASSETS
|
LIABILITIES AND EQUITY
|
||||||||||||||||||||||
At
|
At
|
||||||||||||||||||||||
December 31,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||||||
Note
|
2014
|
2015
|
Note
|
2014
|
2015
|
||||||||||||||||||
Current assets
|
Current liabilities
|
||||||||||||||||||||||
Cash and cash equivalents
|
818,402 | 554,002 |
Borrowings
|
12 | 1,425,455 | 1,228,020 | |||||||||||||||||
Financial asset at fair value through profit or loss
|
5,601 | 26,273 |
Bonds
|
13 | - | 37,083 | |||||||||||||||||
Trade accounts receivables
|
1,084,544 | 1,050,791 |
Trade accounts payable
|
1,177,581 | 1,635,760 | ||||||||||||||||||
Unbilled work in progress
|
1,161,798 | 1,319,187 |
Accounts payable to related parties
|
9 | 83,027 | 73,540 | |||||||||||||||||
Accounts receivable from related parties
|
9 | 99,061 | 280,153 |
Current income tax
|
89,614 | 34,100 | |||||||||||||||||
Other accounts receivable
|
584,975 | 824,556 |
Other accounts payable
|
1,007,743 | 1,072,141 | ||||||||||||||||||
Inventories
|
833,570 | 1,159,154 |
Provisions
|
14 | 11,441 | 13,513 | |||||||||||||||||
Prepaid expenses
|
26,438 | 40,023 |
Total current liabilities
|
3,794,861 | 4,094,157 | ||||||||||||||||||
Non-current assets classified as held for sale
|
9,513 | 214 | |||||||||||||||||||||
Total current assets
|
4,623,902 | 5,254,433 |
Non-current liabilities
|
||||||||||||||||||||
Borrowings
|
12 | 326,124 | 553,336 | ||||||||||||||||||||
Non-current assets
|
Long-term bonds
|
13 | - | 757,008 | |||||||||||||||||||
Long-term trade accounts receivable
|
579,956 | 621,831 |
Long-term trade accounts payable
|
3,779 | - | ||||||||||||||||||
Long-term unbilled work in progress
|
35,971 | 59,754 |
Other long-term accounts payable
|
281,651 | 250,792 | ||||||||||||||||||
Long-term accounts receivable from related parties
|
9 | - | 12,018 |
Long-term accounts payable to related parties
|
9 | - | 32,154 | ||||||||||||||||
Prepaid expenses
|
9,478 | 22,386 |
Provisions
|
14 | 54,174 | 35,618 | |||||||||||||||||
Other long-term accounts receivable
|
44,553 | 65,929 |
Derivative financial instruments
|
2,999 | 2,331 | ||||||||||||||||||
Available-for-sale financial assets
|
8 | 93,144 | 120,134 |
Deferred income tax liability
|
93,386 | 102,360 | |||||||||||||||||
Investments in associates and joint ventures
|
10 | 229,563 | 650,388 |
Total non-current liabilities
|
762,113 | 1,733,599 | |||||||||||||||||
Investment property
|
36,244 | 34,702 |
Total liabilities
|
4,556,974 | 5,827,756 | ||||||||||||||||||
Property, plant and equipment
|
11 | 1,147,018 | 1,116,442 | ||||||||||||||||||||
Intangible assets
|
11 | 778,743 | 876,335 |
Equity
|
|||||||||||||||||||
Deferred income tax asset
|
152,109 | 172,981 |
Capital
|
15 | 660,054 | 660,054 | |||||||||||||||||
Total non-current assets
|
3,106,779 | 3,752,900 |
Legal reserve
|
132,011 | 132,011 | ||||||||||||||||||
Optional reserve
|
- | 29,974 | |||||||||||||||||||||
Share Premium
|
899,311 | 898,417 | |||||||||||||||||||||
Other reserves
|
(113,895 | ) | (129,660 | ) | |||||||||||||||||||
Retained earnings
|
1,113,696 | 1,064,269 | |||||||||||||||||||||
Equity attributable to controlling interest in
the Company
|
2,691,177 | 2,655,065 | |||||||||||||||||||||
Non-controlling interest
|
482,530 | 524,512 | |||||||||||||||||||||
Total equity
|
3,173,707 | 3,179,577 | |||||||||||||||||||||
Total assets
|
7,730,681 | 9,007,333 |
Total liabilities and equity
|
7,730,681 | 9,007,333 | ||||||||||||||||||
The accompanying notes on pages 8 to 26 are an integral part of the consolidated financial statements.
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||||||||
CONSOLIDATED INCOME STATEMENT
|
||||||||||||
For the year
|
||||||||||||
ended December 31,
|
||||||||||||
Note
|
2014
|
2015
|
||||||||||
Revenues from construction activities
|
4,749,159 | 5,513,655 | ||||||||||
Revenues from services provided
|
1,912,646 | 1,901,498 | ||||||||||
Revenue from real estate and sale of goods
|
346,875 | 417,280 | ||||||||||
7,008,680 | 7,832,433 | |||||||||||
Cost of construction activities
|
(4,336,388 | ) | (5,309,999 | ) | ||||||||
Cost of services provided
|
(1,489,574 | ) | (1,523,358 | ) | ||||||||
Cost of real estate and goods sold
|
(231,150 | ) | (296,267 | ) | ||||||||
16 | (6,057,112 | ) | (7,129,624 | ) | ||||||||
Gross profit
|
951,568 | 702,809 | ||||||||||
Administrative expenses
|
16 | (421,367 | ) | (410,789 | ) | |||||||
Other income and expenses
|
15,136 | 30,097 | ||||||||||
Operating profit
|
545,337 | 322,117 | ||||||||||
Financial expenses
|
(102,816 | ) | (178,948 | ) | ||||||||
Financial income
|
11,462 | 38,107 | ||||||||||
Share of the profit or loss in associates and joint
|
||||||||||||
ventures under the equity method of accounting
|
53,445 | 38,375 | ||||||||||
Profit before income tax
|
507,428 | 219,651 | ||||||||||
Income tax
|
17 | (146,196 | ) | (76,799 | ) | |||||||
Profit for the year
|
361,232 | 142,852 | ||||||||||
Profit attributable to:
|
||||||||||||
Owners of the Company
|
299,743 | 89,084 | ||||||||||
Non-controlling interest
|
61,489 | 53,768 | ||||||||||
361,232 | 142,852 | |||||||||||
Earnings per share from continuing operations
|
||||||||||||
attributable to owners of the Company during
|
||||||||||||
the year
|
0.454 | 0.135 | ||||||||||
The accompanying notes on pages 8 to 26 are an integral part of the consolidated financial statements.
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
For the year
|
||||||||||||
ended December 31,
|
||||||||||||
Note
|
2014
|
2015
|
||||||||||
Profit for the year
|
361,232 | 142,852 | ||||||||||
Other comprehensive income:
|
||||||||||||
Items that will not be reclassified to profit or loss
|
||||||||||||
Remeasurement of actuarial gains and losses, net of tax
|
(1,777 | ) | (5,072 | ) | ||||||||
Items that may be subsequently reclassified to profit or loss
|
||||||||||||
Cash flow hedge, net of tax
|
568 | 723 | ||||||||||
Foreign currency translation adjustment, net of tax
|
(20,463 | ) | (44,710 | ) | ||||||||
Change in value of available-for-sale financial assets, net of tax
|
8 | 4,649 | 19,433 | |||||||||
Exchange difference from net investment in a foreign operation, net of tax
|
(12,794 | ) | (5,220 | ) | ||||||||
(28,040 | ) | (29,774 | ) | |||||||||
Other comprenhensive income for the year, net of tax
|
(29,817 | ) | (34,846 | ) | ||||||||
Total comprehensive income for the year
|
331,415 | 108,006 | ||||||||||
Comprehensive income attributable to:
|
||||||||||||
Owners of the Company
|
277,912 | 69,693 | ||||||||||
Non-controlling interest
|
53,503 | 38,313 | ||||||||||
331,415 | 108,006 | |||||||||||
The accompanying notes on pages 8 to 26 are an integral part of the consolidated financial statements.
|
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
|
- | - | - | - | - | - | 299,743 | 299,743 | 61,489 | 361,232 | ||||||||||||||||||||||||||||||
Cash flow hedge
|
- | - | - | - | - | 540 | - | 540 | 28 | 568 | ||||||||||||||||||||||||||||||
Adjustment for actuarial gains and losses
|
- | - | - | - | - | - | (1,332 | ) | (1,332 | ) | (445 | ) | (1,777 | ) | ||||||||||||||||||||||||||
Foreign currency translation adjustment
|
- | - | - | - | - | (13,086 | ) | - | (13,086 | ) | (7,377 | ) | (20,463 | ) | ||||||||||||||||||||||||||
Change in value of available-for-sale financial assets
|
- | - | - | - | - | 4,649 | - | 4,649 | - | 4,649 | ||||||||||||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
- | - | - | - | - | (12,602 | ) | - | (12,602 | ) | (192 | ) | (12,794 | ) | ||||||||||||||||||||||||||
Comprehensive income of the year
|
- | - | - | - | - | (20,499 | ) | 298,411 | 277,912 | 53,503 | 331,415 | |||||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Transfer to legal reserve
|
- | - | 20,354 | - | - | - | (20,354 | ) | - | - | - | |||||||||||||||||||||||||||||
- Dividend distribution
|
- | - | - | - | - | - | (112,127 | ) | (112,127 | ) | (68,062 | ) | (180,189 | ) | ||||||||||||||||||||||||||
- Contributions of non-controlling shareholders
|
- | - | - | - | - | - | - | - | 47,376 | 47,376 | ||||||||||||||||||||||||||||||
- Additional acquisition of non-controlling
|
- | - | - | - | (128,222 | ) | - | - | (128,222 | ) | (50,109 | ) | (178,331 | ) | ||||||||||||||||||||||||||
- Sale to non-controlling interest in GyM Chile Spa
|
- | - | - | - | - | 1,627 | 1,627 | |||||||||||||||||||||||||||||||||
- Deconsolidation of subsidiaries
|
- | - | - | - | - | 2,284 | 2,284 | |||||||||||||||||||||||||||||||||
- Put option liability from acquisition of non-controlling
|
- | - | - | - | (111,819 | ) | (111,819 | ) | (2,010 | ) | (113,829 | ) | ||||||||||||||||||||||||||||
- Purchase of subsidiaries
|
- | - | - | - | - | - | - | - | 66,659 | 66,659 | ||||||||||||||||||||||||||||||
Total transactions with shareholders
|
- | - | 20,354 | - | (128,222 | ) | (111,819 | ) | (132,481 | ) | (352,168 | ) | (2,235 | ) | (354,403 | ) | ||||||||||||||||||||||||
Balances as of December 31, 2014
|
660,054 | 660,054 | 132,011 | - | 899,311 | (113,895 | ) | 1,113,696 | 2,691,177 | 482,530 | 3,173,707 | |||||||||||||||||||||||||||||
Balances as of January 1, 2015
|
660,054 | 660,054 | 132,011 | - | 899,311 | (113,895 | ) | 1,113,696 | 2,691,177 | 482,530 | 3,173,707 | |||||||||||||||||||||||||||||
Profit for the year
|
- | - | - | - | - | - | 89,084 | 89,084 | 53,768 | 142,852 | ||||||||||||||||||||||||||||||
Cash flow hedge
|
- | - | - | - | - | 687 | - | 687 | 36 | 723 | ||||||||||||||||||||||||||||||
Adjustment for actuarial gains and losses
|
- | - | - | - | - | - | (3,626 | ) | (3,626 | ) | (1,446 | ) | (5,072 | ) | ||||||||||||||||||||||||||
Foreign currency translation adjustment
|
- | - | - | - | - | (30,748 | ) | - | (30,748 | ) | (13,962 | ) | (44,710 | ) | ||||||||||||||||||||||||||
Change in value of available-for-sale financial assets
|
- | - | - | - | - | 19,433 | - | 19,433 | - | 19,433 | ||||||||||||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
- | - | - | - | - | (5,137 | ) | - | (5,137 | ) | (83 | ) | (5,220 | ) | ||||||||||||||||||||||||||
Comprehensive income of the year
|
- | - | - | - | - | (15,765 | ) | 85,458 | 69,693 | 38,313 | 108,006 | |||||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Transfer to Optional reserve
|
- | - | - | 29,974 | - | - | (29,974 | ) | - | - | - | |||||||||||||||||||||||||||||
- Dividend distribution
|
- | - | - | - | - | - | (104,911 | ) | (104,911 | ) | (4,535 | ) | (109,446 | ) | ||||||||||||||||||||||||||
- Contributions of non-controlling shareholders
|
- | - | - | - | - | - | - | - | 6,730 | 6,730 | ||||||||||||||||||||||||||||||
- 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 | ) | 3,669 | (102,136 | ) | ||||||||||||||||||||||||||
Balances as of December 31, 2015
|
660,054 | 660,054 | 132,011 | 29,974 | 898,417 | (129,660 | ) | 1,064,269 | 2,655,065 | 524,512 | 3,179,577 | |||||||||||||||||||||||||||||
The accompanying notes on pages 8 to 26 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 year
|
|||||||||||
ended December 31,
|
||||||||||||
Note
|
2014
|
2015
|
||||||||||
OPERATING ACTIVITIES
|
||||||||||||
Profit before income tax
|
507,428 | 219,651 | ||||||||||
Adjustments to profit not affecting cash flows from
|
||||||||||||
operating activities:
|
||||||||||||
Depreciation
|
11 | 185,310 | 217,070 | |||||||||
Amortization of other assets
|
11 | 74,730 | 89,355 | |||||||||
Impairment of inventories
|
16 | 62 | - | |||||||||
Impairment of accounts receivable
|
16 | 71 | 5,019 | |||||||||
Impairment of property, plant and equipment
|
16 | 2,415 | 3,813 | |||||||||
Impairment of others assets
|
14,170 | - | ||||||||||
Reversal of impairment of inventories
|
(1,169 | ) | - | |||||||||
Profit on fair value of financial asset at fair value through profit or loss
|
- | (3,614 | ) | |||||||||
Gain for the upgrade put options liability
|
- | (19,220 | ) | |||||||||
Other Provisions
|
14 | 6,559 | 6,398 | |||||||||
Interest income
|
(18,855 | ) | ||||||||||
Interest expense
|
- | 121,161 | ||||||||||
Foreign exchange loss on loans
|
- | 44,451 | ||||||||||
Adjustments to PPA of loans
|
- | 169 | ||||||||||
Share of the profit and loss in associates
|
||||||||||||
under the equity method of accounting
|
10 | (53,445 | ) | (38,375 | ) | |||||||
Reversal of provisions
|
14 | (9,394 | ) | (9,012 | ) | |||||||
Lower of fixed and intangible assets
|
- | 9,281 | ||||||||||
Lower of investments
|
- | 2,755 | ||||||||||
Profit on sale of property, plant and equipment
|
(4,845 | ) | (14,788 | ) | ||||||||
Loss on financial asset at fair value through profit or loss
|
- | 279 | ||||||||||
Loss on sale of investments
|
- | 5,953 | ||||||||||
Net variations in assets and liabilities:
|
||||||||||||
Decrease in trade accounts receivable
|
(594,993 | ) | (101,474 | ) | ||||||||
Increase (decrease) in other accounts receivable
|
32,159 | (158,063 | ) | |||||||||
Decrease in other accounts receivable from related parties
|
(15,291 | ) | (142,421 | ) | ||||||||
Decrease in inventories
|
(51,489 | ) | (220,653 | ) | ||||||||
Increase (decrease) in pre-paid expenses and other assets
|
(8,634 | ) | 10,262 | |||||||||
Increase in trade accounts payable
|
82,051 | 199,400 | ||||||||||
Increase (decrease) in other accounts payable
|
(19,731 | ) | (57,061 | ) | ||||||||
Increase (decrease) in other accounts payable to related parties
|
58,342 | 19,621 | ||||||||||
Decrease in other provisions
|
(7,208 | ) | (6,770 | ) | ||||||||
Payments related to Norvial Concession
|
(82,698 | ) | (145,489 | ) | ||||||||
Payment of income tax
|
(154,878 | ) | (150,604 | ) | ||||||||
Net cash provided by (applied to) operating activities
|
(40,478 | ) | (131,761 | ) | ||||||||
INVESTING ACTIVITIES
|
||||||||||||
Sale of investment in associates
|
- | 1,009 | ||||||||||
Sale of property, plant and equipment
|
42,968 | 62,207 | ||||||||||
Sale of financial asset at fair value through profit or loss
|
- | 4,604 | ||||||||||
Sale of non-current assets classified as held for sale
|
- | 327 | ||||||||||
Return of contributions
|
- | 481 | ||||||||||
Dividends received
|
10 | 36,718 | 51,960 | |||||||||
Payment for purchase of available-for-sale investment
|
- | - | ||||||||||
Payment for purchase of financial asset at fair value through profit or loss
|
- | (22,245 | ) | |||||||||
Payment for purchase of investments properties
|
(1,450 | ) | (748 | ) | ||||||||
Payments for intangible purchase
|
(60,846 | ) | (30,348 | ) | ||||||||
Payments for purchase and contributions on investment in associate and joint ventures
|
(129,859 | ) | (481,639 | ) | ||||||||
Direct cash outflow from acquisition of subsidiaries
|
(167,921 | ) | - | |||||||||
Payments for property, plant and equipment purchase
|
(265,567 | ) | (195,690 | ) | ||||||||
Net cash applied to investing activities
|
(545,957 | ) | (610,082 | ) | ||||||||
FINANCING ACTIVITIES
|
||||||||||||
Loans received
|
2,852,271 | 5,256,873 | ||||||||||
Amortization of loans received
|
(2,053,422 | ) | (4,565,078 | ) | ||||||||
Payment for transaction costs by issuing bonds
|
- | (18,517 | ) | |||||||||
Interest payment
|
(46,411 | ) | (111,251 | ) | ||||||||
Dividends paid to owners of the parent
|
(112,127 | ) | (104,911 | ) | ||||||||
Dividends paid to non-controlling interest
|
(63,990 | ) | (4,535 | ) | ||||||||
Cash received from non-controlling shareholders
|
47,376 | 6,730 | ||||||||||
Acquisition or sale of interest in a subsidiary of non-controlling shareholders
|
(175,824 | ) | 580 | |||||||||
Net cash (applied to) provided by financing activities
|
447,873 | 459,891 | ||||||||||
Net increase (net decrease) in cash
|
(138,562 | ) | (281,952 | ) | ||||||||
Cash decrease in deconsolidation
|
(2,451 | ) | - | |||||||||
Cash from acquiisition of Joint Venture
|
- | 17,552 | ||||||||||
Cash and cash equivalents at the beginning of the year
|
959,415 | 818,402 | ||||||||||
Cash and cash equivalents at the end of the year
|
818,402 | 554,002 | ||||||||||
NON-CASH TRANSACTIONS:
|
||||||||||||
Acquisition of assets through finance leases
|
163,399 | 92,093 | ||||||||||
Adjustment for deconsolidation of former subsidiaries
|
2,284 | - | ||||||||||
Change in fair vaue of available-for-sale financial asset
|
4,649 | 19,433 | ||||||||||
Account payable - acquisition of Morelco
|
45,684 | - | ||||||||||
Put option liability from acquisition of non-controlling
|
113,829 | - | ||||||||||
The accompanying notes on pages 8 to 26 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 December 31, 2015
|
||||||||||||||||||||
Other financial liabilities (except
|
||||||||||||||||||||
finance leases)
|
1,102,855
|
181,729
|
223,713
|
- |
1,508,297
|
|||||||||||||||
Finance leases
|
157,957 |
118,311
|
42,513
|
10,431 |
329,212
|
|||||||||||||||
Bonds payable
|
97,391 | 173,994 | 350,721 | 1,124,826 | 1,746,932 | |||||||||||||||
Trade payables
|
1,635,760
|
- | - | - |
1,635,760
|
|||||||||||||||
Payables to related parties
|
73,540 | 31,746 | - | 408 | 105,694 | |||||||||||||||
Other payables
|
636,790
|
51,709 | 34,953 | 7,034 |
730,486
|
|||||||||||||||
Other non-financial liabilities
|
- | 2,331 | - | - | 2,331 | |||||||||||||||
3,704,293
|
559,820
|
651,900
|
1,142,699 |
6,058,712
|
December 31,
|
December 31,
|
|||||||
2014
|
2015
|
|||||||
Total borrowing and bonds
|
1,751,579 | 2,575,447 | ||||||
Less: Cash and cash equivalents
|
(818,402 | ) | (554,002 | ) | ||||
Net debt
|
933,177 | 2,021,445 | ||||||
Total equity
|
3,173,707 |
3,179,577
|
||||||
Total capital
|
4,106,884 |
5,201,022
|
||||||
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
|
Operating segments financial position
|
||||||||||||||||||||||||||||||||||||||||
Segment reporting
|
||||||||||||||||||||||||||||||||||||||||
Engineering
|
Infrastructure
|
Parent
|
||||||||||||||||||||||||||||||||||||||
and | Water | Real | Technical | Company | ||||||||||||||||||||||||||||||||||||
construction
|
Energy
|
Toll roads
|
Mass transit
|
treatment
|
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
|
5,601 | - | - | - | - | - | - | - | - | 5,601 | ||||||||||||||||||||||||||||||
Trade accounts receivables
|
581,150 | 35,201 | 46,598 | 71,817 | - | 57,584 | 292,160 | 34 | - | 1,084,544 | ||||||||||||||||||||||||||||||
Unbilled work in progress
|
1,145,412 | 1,414 | - | - | 14,972 | - | - | - | - | 1,161,798 | ||||||||||||||||||||||||||||||
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
|
11,483 | 891 | 822 | 6,056 | 407 | 235 | 5,120 | 1,424 | - | 26,438 | ||||||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
9,513 | - | - | - | - | - | - | - | - | 9,513 | ||||||||||||||||||||||||||||||
Total current assets
|
2,676,613 | 117,016 | 109,774 | 173,035 | 26,940 | 760,815 | 616,598 | 616,886 | (473,775 | ) | 4,623,902 | |||||||||||||||||||||||||||||
Long-term trade accounts receivable
|
- | - | - | 579,956 | - | - | - | - | - | 579,956 | ||||||||||||||||||||||||||||||
Long-term unbilled work in progress
|
- | 25,387 | 10,584 | - | - | - | - | - | - | 35,971 | ||||||||||||||||||||||||||||||
Long-term 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
|
651,165 | 193,183 | 2,036 | 14,270 | - | 7,344 | 166,322 | 119,483 | (6,785 | ) | 1,147,018 | |||||||||||||||||||||||||||||
Intangible assets
|
323,231 | 146,477 | 234,923 | 6,247 | 1,100 | 1,187 | 33,508 | 17,417 | 14,653 | 778,743 | ||||||||||||||||||||||||||||||
Deferred income tax asset
|
107,469 | 714 | 4,604 | 244 | - | 9 | 37,557 | 926 | 586 | 152,109 | ||||||||||||||||||||||||||||||
Total non-current assets
|
1,249,995 | 378,584 | 266,747 | 611,910 | 2,687 | 117,352 | 252,377 | 2,145,375 | (1,918,248 | ) | 3,106,779 | |||||||||||||||||||||||||||||
Total assets
|
3,926,608 | 495,600 | 376,521 | 784,945 | 29,627 | 878,167 | 868,975 | 2,762,261 | (2,392,023 | ) | 7,730,681 | |||||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||||||
Borrowings
|
629,584 | 69,577 | 95,902 | 404,915 | - | 144,314 | 80,531 | 632 | - | 1,425,455 | ||||||||||||||||||||||||||||||
Trade accounts payable
|
938,774 | 27,148 | 3,250 | 12,385 | 159 | 31,690 | 155,714 | 8,461 | - | 1,177,581 | ||||||||||||||||||||||||||||||
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
|
71,287 | 5,493 | 249 | 32 | 138 | 1,150 | 11,259 | 6 | - | 89,614 | ||||||||||||||||||||||||||||||
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
|
2,500,217 | 130,211 | 181,156 | 698,459 | 24,849 | 266,576 | 434,707 | 43,945 | (485,259 | ) | 3,794,861 | |||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
Other long-term accounts payable
|
201,227 | 349 | 495 | 4,820 | - | 4,679 | 69,201 | 880 | - | 281,651 | ||||||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
- | - | - | - | - | 109,126 | 62,522 | - | (171,648 | ) | - | |||||||||||||||||||||||||||||
Provisions
|
34,148 | 5,774 | - | - | - | - | 14,252 | - | - | 54,174 | ||||||||||||||||||||||||||||||
Derivative financial instruments
|
- | 2,999 | - | - | - | - | - | - | - | 2,999 | ||||||||||||||||||||||||||||||
Deferred income tax liability
|
65,787 | 1,331 | - | - | 325 | 8,707 | 7,021 | 10,215 | - | 93,386 | ||||||||||||||||||||||||||||||
Total non-current liabilities
|
445,243 | 110,220 | 2,750 | 6,977 | 325 | 138,880 | 216,066 | 13,300 | (171,648 | ) | 762,113 | |||||||||||||||||||||||||||||
Total liabilities
|
2,945,460 | 240,431 | 183,906 | 705,436 | 25,174 | 405,456 | 650,773 | 57,245 | (656,907 | ) | 4,556,974 | |||||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
817,751 | 236,925 | 150,788 | 59,633 | 4,453 | 157,276 | 128,428 | 2,695,401 | (1,559,478 | ) | 2,691,177 | |||||||||||||||||||||||||||||
Non-controlling interest
|
163,397 | 18,244 | 41,827 | 19,876 | - | 315,435 | 89,774 | 9,615 | (175,638 | ) | 482,530 | |||||||||||||||||||||||||||||
Total liabilities and equity
|
3,926,608 | 495,600 | 376,521 | 784,945 | 29,627 | 878,167 | 868,975 | 2,762,261 | (2,392,023 | ) | 7,730,681 |
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, 2015
|
||||||||||||||||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
172,116 | 42,638 | 58,640 | 111,454 | 9,094 | 74,459 | 60,193 | 25,408 | - | 554,002 | ||||||||||||||||||||||||||||||
Financial asset at fair value through profit or loss
|
26,273 | - | - | - | - | - | - | - | - | 26,273 | ||||||||||||||||||||||||||||||
Trade accounts receivables
|
614,917 | 43,260 | 22,045 | 63,516 | - | 59,108 | 247,945 | - | - | 1,050,791 | ||||||||||||||||||||||||||||||
Unbilled work in progress
|
1,301,501 | - | - | - | 17,686 | - | - | - | - | 1,319,187 | ||||||||||||||||||||||||||||||
Accounts receivable from related parties
|
316,188 | 12,145 | 18,820 | 301 | - | 34,724 | 48,520 | 132,735 | (283,280 | ) | 280,153 | |||||||||||||||||||||||||||||
Other accounts receivable
|
599,127 | 25,857 | 5,699 | 25,668 | 10,250 | 20,535 | 102,251 | 35,249 | - | 824,636 | ||||||||||||||||||||||||||||||
Inventories
|
159,557 | 10,025 | - | 13,678 | - | 920,092 | 61,734 | 389 | (6,321 | ) | 1,159,154 | |||||||||||||||||||||||||||||
Prepaid expenses
|
12,899 | 2,207 | 1,401 | 10,787 | 458 | 349 | 11,402 | 520 | - | 40,023 | ||||||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
214 | - | - | - | - | - | - | - | - | 214 | ||||||||||||||||||||||||||||||
Total current assets | 3,202,792 | 136,132 | 106,605 | 225,404 | 37,488 | 1,109,267 | 532,045 | 194,301 | (289,601 | ) | 5,254,433 | |||||||||||||||||||||||||||||
Long-term trade accounts receivable
|
- | - | - | 621,831 | - | - | - | - | - | 621,831 | ||||||||||||||||||||||||||||||
Long-term unbilled work in progress
|
- | 40,727 | 19,027 | - | - | - | - | - | - | 59,754 | ||||||||||||||||||||||||||||||
Long-term accounts receivable from related parties
|
- | - | 408 | - | - | - | 500 | 256,022 | (244,912 | ) | 12,018 | |||||||||||||||||||||||||||||
Prepaid expenses
|
- | 3,692 | 15,584 | 2,112 | 998 | - | - | - | - | 22,386 | ||||||||||||||||||||||||||||||
Other long-term accounts receivable
|
534 | 14,214 | 30,473 | 2,198 | 1,589 | 14,727 | (1 | ) | 2,195 | - | 65,929 | |||||||||||||||||||||||||||||
Available-for-sale financial assets
|
- | - | - | - | - | - | - | 120,134 | - | 120,134 | ||||||||||||||||||||||||||||||
Investments in associates and joint ventures
|
122,717 | 8,265 | - | - | - | 28,732 | 9,228 | 2,587,270 | (2,105,824 | ) | 650,388 | |||||||||||||||||||||||||||||
Investment property
|
- | - | - | - | - | 34,702 | - | - | - | 34,702 | ||||||||||||||||||||||||||||||
Property, plant and equipment
|
606,158 | 198,774 | 1,624 | 217 | - | 11,302 | 175,322 | 130,137 | (7,092 | ) | 1,116,442 | |||||||||||||||||||||||||||||
Intangible assets
|
302,992 | 137,130 | 364,819 | 311 | - | 1,043 | 32,903 | 23,537 | 13,600 | 876,335 | ||||||||||||||||||||||||||||||
Deferred income tax asset
|
126,471 | 1,325 | 3,003 | - | - | 1,171 | 39,034 | 656 | 1,321 | 172,981 | ||||||||||||||||||||||||||||||
Total non-current assets
|
1,158,872 | 404,127 | 434,938 | 626,669 | 2,587 | 91,677 | 256,986 | 3,119,951 | (2,342,907 | ) | 3,752,900 | |||||||||||||||||||||||||||||
Total assets
|
4,361,664 | 540,259 | 541,543 | 852,073 | 40,075 | 1,200,944 | 789,031 | 3,314,252 | (2,632,508 | ) | 9,007,333 | |||||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||||||
Borrowings
|
652,974 | 101,096 | 55,428 | - | - | 224,380 | 91,366 | 102,776 | - | 1,228,020 | ||||||||||||||||||||||||||||||
Bonds
|
- | - | 5,537 | 31,546 | - | - | - | - | - | 37,083 | ||||||||||||||||||||||||||||||
Trade accounts payable
|
1,409,981 | 35,428 | 3,768 | 24,498 | 154 | 14,334 | 134,974 | 12,623 | - | 1,635,760 | ||||||||||||||||||||||||||||||
Accounts payable to related parties
|
114,089 | 3,990 | 40,578 | 9,962 | 10,560 | 58,790 | 39,476 | 79,711 | (283,616 | ) | 73,540 | |||||||||||||||||||||||||||||
Current income tax
|
19,322 | - | 753 | - | 166 | 26 | 13,750 | 83 | - | 34,100 | ||||||||||||||||||||||||||||||
Other accounts payable
|
649,602 | 20,340 | 2,841 | 1,682 | - | 257,616 | 127,207 | 12,853 | - | 1,072,141 | ||||||||||||||||||||||||||||||
Provisions
|
- | 6,341 | - | - | - | - | 7,172 | - | - | 13,513 | ||||||||||||||||||||||||||||||
Total current liabilities
|
2,845,968 | 167,195 | 108,905 | 67,688 | 10,880 | 555,146 | 413,945 | 208,046 | (283,616 | ) | 4,094,157 | |||||||||||||||||||||||||||||
Borrowings
|
375,952 | 83,307 | - | - | - | 27,562 | 66,515 | - | - | 553,336 | ||||||||||||||||||||||||||||||
Long-term bonds
|
- | - | 180,686 | 576,322 | - | - | - | - | - | 757,008 | ||||||||||||||||||||||||||||||
Long-term trade accounts payable
|
- | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
Other long-term accounts payable
|
178,789 | - | 493 | - | - | - | 70,296 | 1,214 | - | 250,792 | ||||||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
- | - | - | 94,172 | 24,035 | 120,083 | 38,332 | - | (244,468 | ) | 32,154 | |||||||||||||||||||||||||||||
Provisions
|
24,624 | 7,034 | - | - | - | - | 3,960 | - | - | 35,618 | ||||||||||||||||||||||||||||||
Derivative financial instruments
|
- | 2,331 | - | - | - | - | - | - | - | 2,331 | ||||||||||||||||||||||||||||||
Deferred income tax liability
|
52,593 | 4,250 | 107 | 9,723 | 270 | 11,937 | 2,742 | 20,738 | - | 102,360 | ||||||||||||||||||||||||||||||
Total non-current liabilities
|
631,958 | 96,922 | 181,286 | 680,217 | 24,305 | 159,582 | 181,845 | 21,952 | (244,468 | ) | 1,733,599 | |||||||||||||||||||||||||||||
Total liabilities
|
3,477,926 | 264,117 | 290,191 | 747,905 | 35,185 | 714,728 | 595,790 | 229,998 | (528,084 | ) | 5,827,756 | |||||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
719,053 | 255,032 | 198,345 | 78,127 | 4,890 | 158,605 | 158,561 | 3,071,802 | (1,989,350 | ) | 2,655,065 | |||||||||||||||||||||||||||||
Non-controlling interest
|
164,685 | 21,110 | 53,007 | 26,041 | - | 327,611 | 34,680 | 12,452 | (115,074 | ) | 524,512 | |||||||||||||||||||||||||||||
Total liabilities and equity
|
4,361,664 | 540,259 | 541,543 | 852,073 | 40,075 | 1,200,944 | 789,031 | 3,314,252 | (2,632,508 | ) | 9,007,333 |
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 period
|
||||||||||||||||||||||||||||||||||||||||
ended December 31, 2014
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
5,035,674 | 350,339 | 338,153 | 166,951 | 29,323 | 224,560 | 1,208,168 | 53,241 | (397,729 | ) | 7,008,680 | |||||||||||||||||||||||||||||
Gross profit
|
535,360 | 124,455 | 76,697 | 42,109 | 2,307 | 62,413 | 142,342 | (7,574 | ) | (26,541 | ) | 951,568 | ||||||||||||||||||||||||||||
Administrative expenses
|
(258,554 | ) | (17,256 | ) | (8,035 | ) | (14,714 | ) | (317 | ) | (21,058 | ) | (122,506 | ) | (35,444 | ) | 56,517 | (421,367 | ) | |||||||||||||||||||||
Other income and expenses
|
(9,796 | ) | (3,359 | ) | 33 | 18 | - | (852 | ) | 5,856 | 22,063 | 1,173 | 15,136 | |||||||||||||||||||||||||||
Operating profit
|
267,010 | 103,840 | 68,695 | 27,413 | 1,990 | 40,503 | 25,692 | (20,955 | ) | 31,149 | 545,337 | |||||||||||||||||||||||||||||
Financial expenses
|
(69,046 | ) | (11,564 | ) | (11,321 | ) | (5,245 | ) | (55 | ) | (14,807 | ) | (27,393 | ) | (1,725 | ) | 38,340 | (102,816 | ) | |||||||||||||||||||||
Financial income
|
6,623 | 120 | 1,819 | 727 | 16 | 93 | 1,821 | 59,893 | (59,650 | ) | 11,462 | |||||||||||||||||||||||||||||
Share of the profit or loss
|
||||||||||||||||||||||||||||||||||||||||
in associates and joint ventures under the equity
|
||||||||||||||||||||||||||||||||||||||||
method of accounting
|
48,242 | 29 | - | - | - | 12,178 | 590 | 270,045 | (277,639 | ) | 53,445 | |||||||||||||||||||||||||||||
Profit before income tax
|
252,829 | 92,425 | 59,193 | 22,895 | 1,951 | 37,967 | 710 | 307,258 | (267,800 | ) | 507,428 | |||||||||||||||||||||||||||||
Income tax
|
(59,252 | ) | (29,768 | ) | (16,158 | ) | (10,842 | ) | (588 | ) | (11,452 | ) | (5,788 | ) | (12,582 | ) | 234 | (146,196 | ) | |||||||||||||||||||||
Profit for the year
|
193,577 | 62,657 | 43,035 | 12,053 | 1,363 | 26,515 | (5,078 | ) | 294,676 | (267,566 | ) | 361,232 | ||||||||||||||||||||||||||||
Profit attributable to:
|
||||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
164,095 | 59,010 | 32,774 | 9,040 | 1,363 | 9,527 | (5,342 | ) | 294,948 | (265,672 | ) | 299,743 | ||||||||||||||||||||||||||||
Non-controlling interest
|
29,482 | 3,647 | 10,261 | 3,013 | - | 16,988 | 264 | (272 | ) | (1,894 | ) | 61,489 | ||||||||||||||||||||||||||||
193,577 | 62,657 | 43,035 | 12,053 | 1,363 | 26,515 | (5,078 | ) | 294,676 | (267,566 | ) | 361,232 |
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 period
|
||||||||||||||||||||||||||||||||||||||||
ended December 31, 2015
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
5,841,559 | 389,377 | 394,462 | 211,279 | 27,994 | 215,764 | 1,152,544 | 70,531 | (471,077 | ) | 7,832,433 | |||||||||||||||||||||||||||||
Gross profit
|
357,278 | 63,530 | 78,544 | 48,804 | 2,225 | 51,755 | 178,303 | (7,004 | ) | (70,626 | ) | 702,809 | ||||||||||||||||||||||||||||
Administrative expenses
|
(287,553 | ) | (18,214 | ) | (10,319 | ) | (10,529 | ) | (310 | ) | (19,521 | ) | (115,018 | ) | (29,882 | ) | 80,557 | (410,789 | ) | |||||||||||||||||||||
Other income and expenses
|
12,880 | 1,365 | 55 | 2 | - | 1,759 | 5,894 | 11,114 | (2,972 | ) | 30,097 | |||||||||||||||||||||||||||||
Operating profit
|
82,605 | 46,681 | 68,280 | 38,277 | 1,915 | 33,993 | 69,179 | (25,772 | ) | 6,959 | 322,117 | |||||||||||||||||||||||||||||
Financial expenses
|
(129,529 | ) | (19,953 | ) | (4,713 | ) | (5,303 | ) | (45 | ) | (11,642 | ) | (32,246 | ) | (2,818 | ) | 27,301 | (178,948 | ) | |||||||||||||||||||||
Financial income
|
8,875 | 158 | 8,722 | 2,316 | 121 | 746 | 2,145 | 56,101 | (41,077 | ) | 38,107 | |||||||||||||||||||||||||||||
Share of the profit or loss
|
||||||||||||||||||||||||||||||||||||||||
in associates and joint ventures under the equity
|
||||||||||||||||||||||||||||||||||||||||
method of accounting
|
15,035 | 944 | - | - | - | 14,888 | 589 | 80,659 | (73,740 | ) | 38,375 | |||||||||||||||||||||||||||||
Profit before income tax
|
(23,014 | ) | 27,830 | 72,289 | 35,290 | 1,991 | 37,985 | 39,667 | 108,170 | (80,557 | ) | 219,651 | ||||||||||||||||||||||||||||
Income tax
|
(29,750 | ) | (7,650 | ) | (18,794 | ) | (10,630 | ) | (520 | ) | (7,649 | ) | 5,231 | (9,208 | ) | 2,171 | (76,799 | ) | ||||||||||||||||||||||
Profit for the year
|
(52,764 | ) | 20,180 | 53,495 | 24,660 | 1,471 | 30,336 | 44,898 | 98,962 | (78,386 | ) | 142,852 | ||||||||||||||||||||||||||||
Profit attributable to:
|
||||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(65,755 | ) | 17,072 | 40,010 | 18,495 | 1,471 | 12,983 | 38,519 | 99,704 | (73,415 | ) | 89,084 | ||||||||||||||||||||||||||||
Non-controlling interest
|
12,991 | 3,108 | 13,485 | 6,165 | - | 17,353 | 6,379 | (742 | ) | (4,971 | ) | 53,768 | ||||||||||||||||||||||||||||
(52,764 | ) | 20,180 | 53,495 | 24,660 | 1,471 | 30,336 | 44,898 | 98,962 | (78,386 | ) | 142,852 |
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 December 31,
|
||||||||
2014 | 2015 | |||||||
Revenue from sale of goods and services:
|
||||||||
- Associates
|
6,040 | 1,400 | ||||||
- Joint operations
|
43,897 | 52,384 | ||||||
|
49,937 | 53,784 |
At December 31,
|
At December 31, | |||||||||||||||
2014 | 2015 | |||||||||||||||
Receivable | Payable | Receivable | Payable | |||||||||||||
Consorcio Constructor Ductos del Sur
|
- | - | 154,383 | - | ||||||||||||
Consorcio GyM Conciviles
|
48,581 | - | 57,679 | - | ||||||||||||
Consorcio Rio Urubamba
|
5,107 | 3,796 | 10,856 | 2,819 | ||||||||||||
Consorcio Terminales del Perú
|
- | - | 9,459 | - | ||||||||||||
Adexus S.A.
|
- | - | 8,521 | - | ||||||||||||
Consorcio Peruano de Conservación
|
15365 | - | 6,270 | - | ||||||||||||
Consorcio Rio Mantaro
|
- | - | 6,021 | 15,941 | ||||||||||||
Energía y Vapor
|
- | - | 3,328 | - | ||||||||||||
Consorcio Terminales
|
6,837 | - | 3,235 | - | ||||||||||||
Consorcio La Gloria
|
3,805 | 3,423 | 3,116 | 3,077 | ||||||||||||
Ingenieria y Construccion Sigdo Koppers-Vial y Vives O
|
- | 35,302 | 2,659 | 3,900 | ||||||||||||
Consorcio Constructor Chavimochic
|
141 | 2,896 | 2,558 | 6,422 | ||||||||||||
Consorcio Menegua
|
- | - | 1,910 | - | ||||||||||||
Constructora incolur DSD Ltda
|
- | - | 1,681 | - | ||||||||||||
Consorcio Lima
|
877 | - | 1,430 | - | ||||||||||||
Consorcio Norte Pachacutec
|
531 | 1,068 | 1,026 | 669 | ||||||||||||
Revamps U250
|
- | - | 970 | 965 | ||||||||||||
Monterrey
|
- | - | 807 | - | ||||||||||||
Consorcio Italo Peruano
|
- | - | 465 | 21,907 | ||||||||||||
Consorcio Constructor Alto Cayma
|
1,424 | - | 387 | - | ||||||||||||
Genorsac
|
- | - | 327 | - | ||||||||||||
Consorcio Construcciones y Montajes
|
116 | 1,198 | 112 | 2,533 | ||||||||||||
Consorcio Rio Pallca
|
187 | 282 | 109 | 811 | ||||||||||||
Bechtel Vial y Vives Servicios Complementarios Ltda.
|
96 | 4,648 | 84 | 6,957 | ||||||||||||
Consorcio Huacho Pativilca
|
369 | 4,555 | 80 | 5,041 | ||||||||||||
Consorcio Tren Electrico
|
7,380 | - | - | - | ||||||||||||
Consorcio Sistemas SEC
|
4,349 | - | - | - | ||||||||||||
Consorcio JV PAnamá
|
1,043 | - | - | - | ||||||||||||
Consorcio Alto Cayma
|
121 | 700 | - | - | ||||||||||||
Consorcio Vial Quinua
|
115 | - | - | - | ||||||||||||
Consorcio Ingenieria y Construcción Bechtel
|
- | 5,140 | - | - | ||||||||||||
Consorcio EIMISA
|
- | 2,955 | - | - | ||||||||||||
Consorcio Atocongo
|
- | 915 | - | - | ||||||||||||
Other minor
|
2,617 | 2,056 | 2,680 | 2,498 | ||||||||||||
99,061 | 68,934 | 280,153 | 73,540 | |||||||||||||
Ferrovias Argentina S.A.
|
- | 14,093 | - | 20,136 | ||||||||||||
Concesionaria La Chira
|
- | - | 12,018 | 12,018 | ||||||||||||
- | 14,093 | 12,018 | 32,154 | |||||||||||||
99,061 | 83,027 | 292,171 | 105,694 |
10
|
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
|
2014 | 2015 | |||||||
Beginning balance
|
87,967 | 229,563 | ||||||
Acquisition and/or contributions received
|
129,859 | 481,639 | ||||||
Reduction of capital
|
- | (3,364 | ) | |||||
Share of the profit and loss in associates
|
||||||||
under the equity method of accounting
|
53,445 | 38,375 | ||||||
Dividends received
|
(36,718 | ) | (51,960 | ) | ||||
Asociación Panorama
|
- | (39,180 | ) | |||||
Other
|
(4,990 | ) | (4,685 | ) | ||||
Ending balance
|
229,563 | 650,388 |
11
|
PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
|
|
Property, | |||||||
|
plant and | Intangible | ||||||
|
equipment | assets | ||||||
At January 1, 2014
|
952,906 | 480,885 | ||||||
Additions
|
428,966 | 143,544 | ||||||
Acquisition of subsidiary - net
|
69,835 | 175,334 | ||||||
Transfers, disposals and adjustments
|
( 83,407 | ) | 53,710 | |||||
Deductions for sale of assets
|
( 38,123 | ) | - | |||||
Depreciation, amortization
|
(183,159 | ) | (74,730 | ) | ||||
Net cost at December 31, 2014
|
1,147,018 | 778,743 | ||||||
At January 1, 2015
|
1,147,018 | 778,743 | ||||||
Additions
|
300,491 | 180,602 | ||||||
Transfers, disposals and adjustments
|
( 77,840 | ) | 6,345 | |||||
Deductions for sale of assets
|
( 38,447 | ) | - | |||||
Depreciation, amortization
|
(214,780 | ) | (89,355 | ) | ||||
Net cost at December 31, 2015
|
1,116,442 | 876,335 |
At December
|
At December
|
|||||||
31, 2014 | 31, 2015 | |||||||
Construction - Engineering
|
135,461 | 140,090 | ||||||
Construction - Mining services
|
13,366 | 13,366 | ||||||
Construction - Electromechanical
|
20,737 | 20,737 | ||||||
IT services
|
4,172 | 4,172 | ||||||
Telecommunications Services
|
6,413 | 6,443 | ||||||
180,149 | 184,808 |
12
|
BORROWINGS
|
Total | Current | Non-current | ||||||||||||||||||||||
At | At | At | At | At | At | |||||||||||||||||||
December | December | December | December | December | December | |||||||||||||||||||
31, 2014 | 31, 2015 | 31, 2014 | 31, 2015 | 31, 2014 | 31, 2015 | |||||||||||||||||||
Bank loans
|
1,419,428 | 1,480,071 | 1,300,636 | 1,082,860 | 118,792 | 397,211 | ||||||||||||||||||
Leases
|
332,151 | 301,285 | 124,819 | 145,160 | 207,332 | 156,125 | ||||||||||||||||||
1,751,579 | 1,781,356 | 1,425,455 | 1,228,020 | 326,124 | 553,336 |
Carrying amounts | Fair value | |||||||||||||||
At December | At December | At December | At December | |||||||||||||
31, 2014 | 31, 2015 | 31, 2014 | 31, 2015 | |||||||||||||
Other loans
|
1,751,579 | 1,781,356 | 1,705,843 | 1,792,046 |
13
|
BONDS
|
14
|
PROVISIONS
|
At December
|
At December
|
|||||||
31, 2014 | 31, 2015 | |||||||
Current portion
|
11,441 | 13,513 | ||||||
Non-current portion
|
54,174 | 35,618 | ||||||
65,615 | 49,131 |
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
|
1,376 | - | - | 2,696 | 2,487 | 6,559 | ||||||||||||||||||
Additions from business combinations
|
- | 27,651 | - | - | - | 27,651 | ||||||||||||||||||
Reversals
|
(4,306 | ) | (9,394 | ) | - | (13,700 | ) | |||||||||||||||||
Payments
|
(537 | ) | - | - | (338 | ) | (6,333 | ) | (7,208 | ) | ||||||||||||||
At December 31, 2014
|
13,056 | 33,197 | (12,152 | ) | 7,210 | - | 65,615 | |||||||||||||||||
At January 1, 2015
|
13,056 | 33,197 | 12,152 | 7,210 | - | 65,615 | ||||||||||||||||||
Additions
|
5,748 | 549 | - | 101 | - | 6,398 | ||||||||||||||||||
Translation adjustment
|
(375 | ) | (3,835 | ) | ( 537 | ) | - | - | (4,747 | ) | ||||||||||||||
Reversals
|
- | (3,569 | ) | (7,796 | ) | - | - | (11,365 | ) | |||||||||||||||
Payments
|
(1,580 | ) | ( 5,186 | ) | - | (4 | ) | - | (6,770 | ) | ||||||||||||||
At December 31, 2015
|
16,849 | 21,156 | 3,819 | 7,307 | - | 49,131 |
15
|
CAPITAL
|
16
|
EXPENSES BY NATURE
|
Cost of services and goods
|
Administrative expenses
|
|||||||
2014 | ||||||||
Purchase of goods | 1,218,522 | 836 | ||||||
Personnel charges | 1,864,053 | 210,028 | ||||||
Services provided by third-parties | 2,105,226 | 120,714 | ||||||
Taxes | 11,356 | 6,212 | ||||||
Other management charges | 686,593 | 63,124 | ||||||
Depreciation | 170,785 | 14,525 | ||||||
Amortization | 68,089 | 6,641 | ||||||
Impairment | 2,477 | 71 | ||||||
Variation of inventories | (69,989 | ) | (784 | ) | ||||
6,057,112 | 421,367 | |||||||
2015 | ||||||||
Purchase of goods | 1,420,420 | - | ||||||
Personnel charges | 2,128,130 | 215,101 | ||||||
Services provided by third-parties | 2,915,591 | 137,980 | ||||||
Taxes | 37,129 | 1,919 | ||||||
Other management charges | 656,301 | 30,220 | ||||||
Depreciation | 199,013 | 18,055 | ||||||
Amortization | 81,841 | 7,514 | ||||||
Impairment | 8,633 | - | ||||||
Variation of inventories | (325,584 | ) | - | |||||
7,121,474 | 410,789 |
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 | 67,716 | 22,769 | ||||||||||||
Outstanding work accounts
|
||||||||||||||||
in progress – receivables from clients
|
101,533 | 34,140 | 110,777 | 37,248 | ||||||||||||
Other receivables
|
63,949 | 21,503 | 63,949 | 21,504 | ||||||||||||
Inventories
|
18,037 | 6,065 | 18,037 | 6,065 | ||||||||||||
Prepaid expenses
|
2,133 | 717 | 2,127 | 715 | ||||||||||||
Investments held for sale
|
7,291 | 2,452 | 5,747 | 1,932 | ||||||||||||
Property, plant and equipment
|
70,756 | 23,792 | 69,081 | 23,228 | ||||||||||||
Intangibles
|
64,491 | 21,685 | 64,491 | 21,685 | ||||||||||||
Deferred income tax assets
|
8,031 | 2,700 | 24,560 | 8,258 | ||||||||||||
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 | ) | (102,438 | ) | (34,444 | ) | ||||||||
Other accounts payables
|
(87,863 | ) | (29,544 | ) | (87,863 | ) | (29,544 | ) | ||||||||
Contingent liabilities
|
(17,533 | ) | (5,895 | ) | (24,993 | ) | (8,404 | ) | ||||||||
Deferred income tax liability
|
(3,801 | ) | (1,278 | ) | (18,404 | ) | (6,188 | ) | ||||||||
Fair value of net assets (provisional)
|
244,834 | 82,326 | 222,198 | 74,714 | ||||||||||||
Non-controlling interest (30.00%)
|
(73,450 | ) | (24,697 | ) | (66,659 | ) | (22,414 | ) | ||||||||
Goodwill (Note 17)
|
105,764 | 36,118 | 103,055 | 35,240 | ||||||||||||
Initial purchase consideration
|
277,148 | 93,747 | 258,594 | 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
|