CONTENTS | Pages |
Independent auditor’s report | 1 - 2 |
Consolidated Statement of Financial Position | 3 |
Consolidated Income Statement | 4 |
Consolidated Statement of Comprehensive Income | 5 |
Consolidated Statement of Changes in Equity | 6 |
Consolidated Statement of Cash Flows | 7 |
Notes to the Consolidated Financial Statements | 8 - 109 |
(Free translation from the original in Spanish)
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(All amounts are expressed in thousands of S/ unless otherwise stated)
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GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
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ASSETS
|
LIABILITIES AND EQUITY
|
|||||||||||||||||||||||
At December 31
|
At December 31
|
|||||||||||||||||||||||
Note
|
2014
|
2015
|
Note
|
2014
|
2015
|
|||||||||||||||||||
Current assets
|
Current liabilities
|
|||||||||||||||||||||||
Cash and cash equivalents
|
8 | 818,402 | 554,002 |
Other financial liabilities
|
18 | 1,425,455 | 1,228,020 | |||||||||||||||||
Financial asset at fair value through profit or loss
|
5,601 | 3,153 |
Bonds
|
19 | - | 37,083 | ||||||||||||||||||
Trade accounts receivables
|
10 | 1,084,544 | 1,050,791 |
Trade accounts payable
|
20 | 1,177,581 | 1,635,760 | |||||||||||||||||
Unbilled work in progress
|
11 | 1,161,798 | 1,319,187 |
Accounts payable to related parties
|
12 | 83,027 | 77,830 | |||||||||||||||||
Accounts receivable from related parties
|
12 | 99,061 | 280,153 |
Current income tax
|
89,614 | 34,116 | ||||||||||||||||||
Other accounts receivable
|
13 | 584,975 | 824,589 |
Other accounts payable
|
21 | 1,007,743 | 1,066,000 | |||||||||||||||||
Inventories
|
14 | 833,570 | 1,159,154 |
Other provisions
|
22 | 11,441 | 13,468 | |||||||||||||||||
Prepaid expenses
|
26,438 | 40,023 |
Total current liabilities
|
3,794,861 | 4,092,277 | |||||||||||||||||||
4,614,389 | 5,231,052 | |||||||||||||||||||||||
Non-current liabilities
|
||||||||||||||||||||||||
Non-current assets classified as held for sale
|
9,513 | 22,511 |
Other financial liabilities
|
18 | 326,124 | 553,336 | ||||||||||||||||||
Long-term bonds
|
19 | - | 757,008 | |||||||||||||||||||||
Total current assets
|
4,623,902 | 5,253,563 |
Long-term trade accounts payable
|
20 | 3,779 | - | ||||||||||||||||||
Other long-term accounts payable
|
21 | 281,651 | 246,396 | |||||||||||||||||||||
Non-current assets
|
Long-term accounts payable to related parties
|
12 | - | 20,136 | ||||||||||||||||||||
Long-term trade accounts receivable
|
10 | 579,956 | 621,831 |
Other provisions
|
22 | 54,174 | 35,618 | |||||||||||||||||
Long-term unbilled work in progress
|
11 | 35,971 | 59,754 |
Derivative financial instruments
|
2,999 | 2,331 | ||||||||||||||||||
Prepaid expenses
|
9,478 | 22,386 |
Deferred income tax liabilities
|
24 | 93,386 | 101,664 | ||||||||||||||||||
Other long-term accounts receivable
|
13 | 44,553 | 65,929 |
Total non-current liabilities
|
762,113 | 1,716,489 | ||||||||||||||||||
Available-for-sale financial assets
|
9 | 93,144 | 120,134 |
Total liabilities
|
4,556,974 | 5,808,766 | ||||||||||||||||||
Investments in associates and joint ventures
|
15 | 229,563 | 646,884 | |||||||||||||||||||||
Investment property
|
36,244 | 34,702 |
Equity
|
23 | ||||||||||||||||||||
Property, plant and equipment
|
16 | 1,147,018 | 1,111,757 |
Capital
|
660,054 | 660,054 | ||||||||||||||||||
Intangible assets
|
17 | 778,743 | 881,020 |
Other capital reserves
|
132,011 | 132,011 | ||||||||||||||||||
Deferred income tax asset
|
24 | 152,109 | 173,851 |
Voluntary reserve
|
- | 29,974 | ||||||||||||||||||
Total non-current assets
|
3,106,779 | 3,738,248 |
Share premium
|
899,311 | 897,532 | |||||||||||||||||||
Other reserves
|
(113,895 | ) | (129,059 | ) | ||||||||||||||||||||
Retained earnings
|
1,113,696 | 1,064,044 | ||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
|
2,691,177 | 2,654,556 | |||||||||||||||||||||
Non-controlling interest
|
482,530 | 528,489 | ||||||||||||||||||||||
Total equity
|
3,173,707 | 3,183,045 | ||||||||||||||||||||||
Total assets
|
7,730,681 | 8,991,811 |
Total liabilities and equity
|
7,730,681 | 8,991,811 |
(Free translation from the original in Spanish)
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(All amounts are expressed in thousands of S/ unless otherwise stated)
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GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
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CONSOLIDATED INCOME STATEMENT
|
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For the year ended
|
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December 31,
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Note
|
2013
|
2014
|
2015
|
|||||||||||
Revenues from construction activities
|
3,820,393 | 4,749,159 | 5,513,655 | |||||||||||
Revenues from services provided
|
1,748,127 | 1,912,646 | 1,901,498 | |||||||||||
Revenue from real estate and sale of goods
|
398,980 | 346,875 | 417,280 | |||||||||||
5,967,500 | 7,008,680 | 7,832,433 | ||||||||||||
Cost of construction activities
|
(3,354,420 | ) | (4,336,388 | ) | (5,310,003 | ) | ||||||||
Cost of services provided
|
(1,349,850 | ) | (1,489,574 | ) | (1,523,358 | ) | ||||||||
Cost of real estate and goods sold
|
(259,108 | ) | (231,150 | ) | (296,267 | ) | ||||||||
26 | (4,963,378 | ) | (6,057,112 | ) | (7,129,628 | ) | ||||||||
Gross profit
|
1,004,122 | 951,568 | 702,805 | |||||||||||
Administrative expenses
|
26 | (361,792 | ) | (421,367 | ) | (413,380 | ) | |||||||
Other income and expenses
|
28 | 25,302 | 15,136 | 57,287 | ||||||||||
Profit /(loss) from the sale of investments
|
15 - 5a | 5,722 | - | (8,289 | ) | |||||||||
Operating profit
|
673,354 | 545,337 | 338,423 | |||||||||||
Financial expenses
|
27 | (152,802 | ) | (102,816 | ) | (176,802 | ) | |||||||
Financial income
|
27 | 40,353 | 11,462 | 38,107 | ||||||||||
Share of the profit or loss in associates and joint
|
||||||||||||||
ventures under the equity method of accounting
|
15 | 33,562 | 53,445 | 17,603 | ||||||||||
Profit before income tax
|
594,467 | 507,428 | 217,331 | |||||||||||
Income tax
|
29 | (182,323 | ) | (146,196 | ) | (75,619 | ) | |||||||
Profit for the year
|
412,144 | 361,232 | 141,712 | |||||||||||
Profit attributable to:
|
||||||||||||||
Owners of the Company
|
320,016 | 299,743 | 88,154 | |||||||||||
Non-controlling interest
|
92,128 | 61,489 | 53,558 | |||||||||||
412,144 | 361,232 | 141,712 | ||||||||||||
Basic and Diluted earnings per share from continuing operations
|
||||||||||||||
attributable to owners of the Company during the year
|
34 | 0.533 | 0.454 | 0.134 |
(Free translation from the original in Spanish)
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(All amounts are expressed in thousands of S/ unless otherwise stated)
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GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
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For the year ended
|
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December 31,
|
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Note
|
2013
|
2014
|
2015
|
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Profit for the year
|
412,144 | 361,232 | 141,712 | |||||||||||
Other comprehensive income:
|
||||||||||||||
Items that will not be reclassified to profit or loss
|
||||||||||||||
Remeasurement of actuarial gains and losses, net of tax
|
30 | (6,121 | ) | (1,777 | ) | (3,860 | ) | |||||||
Items that may be subsequently reclassified to profit or loss
|
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Cash flow hedge, net of tax
|
30 | 3,733 | 568 | 723 | ||||||||||
Foreign currency translation adjustment, net of tax
|
(1,071 | ) | (20,463 | ) | (44,649 | ) | ||||||||
Change in value of available-for-sale financial assets, net of tax
|
9 | 19,060 | 4,649 | 19,973 | ||||||||||
Exchange difference from net investment in a foreign operation, net of tax
|
30 | - | (12,794 | ) | (5,221 | ) | ||||||||
21,722 | (28,040 | ) | (29,174 | ) | ||||||||||
Other comprenhensive income for the year, net of tax
|
15,601 | (29,817 | ) | (33,034 | ) | |||||||||
Total comprehensive income for the year
|
427,745 | 331,415 | 108,678 | |||||||||||
Comprehensive income attributable to:
|
||||||||||||||
Owners of the Company
|
337,564 | 277,912 | 70,069 | |||||||||||
Non-controlling interest
|
90,181 | 53,503 | 38,609 | |||||||||||
427,745 | 331,415 | 108,678 |
(Free translation from the original in Spanish)
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(All amounts are expressed in thousands of S/ unless otherwise stated)
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GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
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CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
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FOR THE YEARS ENDED DECENBER 31, 2013, 2014 AND 2015
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Attributable to the controlling interests of the Company
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Other
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Number of
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Issued
|
capital
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Voluntary
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Share
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Other
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Retained
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Non-controlling
|
|||||||||||||||||||||||||||||||||
shares in
|
capital
|
reserves
|
reserves
|
premium
|
reserves
|
earnings
|
Total
|
interest
|
Total
|
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In thousands
|
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Balances as of January 1, 2013
|
558,284 | 558,284 | 107,011 | - | 6,656 | (3,716 | ) | 723,972 | 1,392,207 | 391,034 | 1,783,241 | |||||||||||||||||||||||||||||
Profit for the year
|
- | - | - | - | - | - | 320,016 | 320,016 | 92,128 | 412,144 | ||||||||||||||||||||||||||||||
Cash flow hedge
|
- | - | - | - | - | 3,546 | - | 3,546 | 187 | 3,733 | ||||||||||||||||||||||||||||||
Adjustment for actuarial gains and losses
|
- | - | - | - | - | - | (4,591 | ) | (4,591 | ) | (1,530 | ) | (6,121 | ) | ||||||||||||||||||||||||||
Foreign currency translation adjustment
|
- | - | - | - | - | (467 | ) | - | (467 | ) | (604 | ) | (1,071 | ) | ||||||||||||||||||||||||||
Change in value of available-for-sale financial assets
|
- | - | - | - | - | 19,060 | - | 19,060 | - | 19,060 | ||||||||||||||||||||||||||||||
Comprehensive income of the year
|
- | - | - | - | - | 22,139 | 315,425 | 337,564 | 90,181 | 427,745 | ||||||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Transfer to legal reserve
|
- | - | 4,646 | - | - | - | (4,646 | ) | - | - | - | |||||||||||||||||||||||||||||
- Dividend distribution (Note 33 and 35 g)
|
- | - | - | - | - | - | (86,985 | ) | (86,985 | ) | (51,794 | ) | (138,779 | ) | ||||||||||||||||||||||||||
- Issuance of shares (Note 23 c)
|
101,770 | 101,770 | - | - | 1,055,488 | - | - | 1,157,258 | - | 1,157,258 | ||||||||||||||||||||||||||||||
- Contributions of non-controlling shareholders (Note 35 d)
|
- | - | - | - | - | - | - | - | 34,774 | 34,774 | ||||||||||||||||||||||||||||||
- Additional acquisition of non-controlling (Note 35 a)
|
- | - | - | - | (34,611 | ) | - | - | (34,611 | ) | (29,257 | ) | (63,868 | ) | ||||||||||||||||||||||||||
- Deconsolidation of former subsidiaries (Note 35 e)
|
- | - | - | - | - | - | - | - | (19,377 | ) | (19,377 | ) | ||||||||||||||||||||||||||||
- Purchase of subsidiaries (Note 32 c)
|
- | - | - | - | - | - | - | - | 15,701 | 15,701 | ||||||||||||||||||||||||||||||
Total transactions with shareholders
|
101,770 | 101,770 | 4,646 | - | 1,020,877 | - | (91,631 | ) | 1,035,662 | (49,953 | ) | 985,709 | ||||||||||||||||||||||||||||
Balances as of December 31, 2013
|
660,054 | 660,054 | 111,657 | - | 1,027,533 | 18,423 | 947,766 | 2,765,433 | 431,262 | 3,196,695 | ||||||||||||||||||||||||||||||
Balances as of January 1, 2014
|
660,054 | 660,054 | 111,657 | - | 1,027,533 | 18,423 | 947,766 | 2,765,433 | 431,262 | 3,196,695 | ||||||||||||||||||||||||||||||
Profit for the 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 (Note 33 and 35 g)
|
- | - | - | - | - | - | (112,127 | ) | (112,127 | ) | (68,062 | ) | (180,189 | ) | ||||||||||||||||||||||||||
- Contributions of non-controlling shareholders (Note 35 d)
|
- | - | - | - | - | - | - | - | 47,376 | 47,376 | ||||||||||||||||||||||||||||||
- Additional acquisition of non-controlling (Note 35 a)
|
- | - | - | - | (128,222 | ) | - | - | (128,222 | ) | (50,109 | ) | (178,331 | ) | ||||||||||||||||||||||||||
- Sale to non-controlling interest in GyM Chile Spa (Note 35 b)
|
- | - | - | - | - | - | - | - | 1,627 | 1,627 | ||||||||||||||||||||||||||||||
- Deconsolidation of subsidiaries (Note 35 e)
|
- | - | - | - | - | - | - | - | 2,284 | 2,284 | ||||||||||||||||||||||||||||||
- Put option liability from acquisition of non-controlling (Note 21)
|
- | - | - | - | - | (111,819 | ) | (111,819 | ) | (2,010 | ) | (113,829 | ) | |||||||||||||||||||||||||||
- Purchase of subsidiaries (Note 32 a)
|
- | - | - | - | - | - | - | - | 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
|
- | - | - | - | - | - | 88,154 | 88,154 | 53,558 | 141,712 | ||||||||||||||||||||||||||||||
Cash flow hedge
|
- | - | - | - | - | 687 | - | 687 | 36 | 723 | ||||||||||||||||||||||||||||||
Adjustment for actuarial gains and losses
|
- | - | - | - | - | - | (2,921 | ) | (2,921 | ) | (939 | ) | (3,860 | ) | ||||||||||||||||||||||||||
Foreign currency translation adjustment
|
- | - | - | - | - | (30,687 | ) | - | (30,687 | ) | (13,962 | ) | (44,649 | ) | ||||||||||||||||||||||||||
Change in value of available-for-sale financial assets
|
- | - | - | - | - | 19,973 | - | 19,973 | - | 19,973 | ||||||||||||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
- | - | - | - | - | (5,137 | ) | - | (5,137 | ) | (84 | ) | (5,221 | ) | ||||||||||||||||||||||||||
Comprehensive income for the year
|
- | - | - | - | - | (15,164 | ) | 85,233 | 70,069 | 38,609 | 108,678 | |||||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Transfer to legal reserve
|
- | - | - | 29,974 | - | - | (29,974 | ) | - | - | - | |||||||||||||||||||||||||||||
- Dividend distribution (Note 33 and 35 f)
|
- | - | - | - | - | - | (104,911 | ) | (104,911 | ) | (4,535 | ) | (109,446 | ) | ||||||||||||||||||||||||||
- Contributions of non-controlling shareholders (Note 35 d)
|
- | - | - | - | - | - | - | - | 10,329 | 10,329 | ||||||||||||||||||||||||||||||
- Additional acquisition of non-controlling (Note 35 a)
|
- | - | - | - | (894 | ) | - | - | (894 | ) | (971 | ) | (1,865 | ) | ||||||||||||||||||||||||||
- Sale to non-controlling interest (Nota 35 b)
|
- | - | - | - | (885 | ) | - | - | (885 | ) | 2,527 | 1,642 | ||||||||||||||||||||||||||||
Total transactions with shareholders
|
- | - | - | 29,974 | (1,779 | ) | - | (134,885 | ) | (106,690 | ) | 7,350 | (99,340 | ) | ||||||||||||||||||||||||||
Balances at December 31, 2015
|
660,054 | 660,054 | 132,011 | 29,974 | 897,532 | (129,059 | ) | 1,064,044 | 2,654,556 | 528,489 | 3,183,045 |
(Free translation from the original in Spanish)
|
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(All amounts are expressed in thousands of S/ unless otherwise stated)
|
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GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
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CONSOLIDATED STATEMENT OF CASH FLOWS
|
||||||||||||||
For the year ended
|
||||||||||||||
December 31
|
||||||||||||||
Note
|
2013
|
2014
|
2015
|
|||||||||||
OPERATING ACTIVITIES
|
||||||||||||||
Profit before income tax
|
594,467 | 507,428 | 217,331 | |||||||||||
Adjustments to profit not affecting cash flows from
|
||||||||||||||
operating activities:
|
||||||||||||||
Depreciation
|
16 | 181,479 | 185,310 | 217,070 | ||||||||||
Amortization of other assets
|
17 | 78,387 | 74,730 | 89,355 | ||||||||||
Impairment of inventory
|
2,239 | 62 | 17 | |||||||||||
Impairment of accounts receivable and other accounts receivable
|
110 | 71 | 5,806 | |||||||||||
Impairment of property, plant and equipment
|
- | 2,415 | 9,677 | |||||||||||
Impairment of other assets
|
774 | 14,170 | - | |||||||||||
Recovery of impairment of inventory
|
- | (1,169 | ) | - | ||||||||||
Change in the fair value of a financial asset through profit or loss
|
- | - | (2,740 | ) | ||||||||||
Change in the fair value of the liability for put option
|
21 | - | - | (18,627 | ) | |||||||||
Provisions
|
22 | 15,084 | 6,559 | 6,398 | ||||||||||
Dividends income from available-for-sale financial assets
|
28 | (1,170 | ) | (9,350 | ) | (7,215 | ) | |||||||
Financial expenses, net
|
94,483 | 76,102 | 129,365 | |||||||||||
Share in the profits of associates and joint ventures
|
||||||||||||||
under the equity method
|
15 a-b | (33,562 | ) | (53,445 | ) | (34,872 | ) | |||||||
Reversal of provisions
|
28 | (14,556 | ) | (9,394 | ) | (7,796 | ) | |||||||
Derecognition of investments
|
15 | - | - | 2,755 | ||||||||||
Profit on sale of property, plant and equipment
|
16 | (734 | ) | (4,845 | ) | (17,385 | ) | |||||||
Profit on sale of investments in associates
|
15 a | (5,722 | ) | - | - | |||||||||
Loss on sale of a financial asset through profit or loss
|
- | - | 279 | |||||||||||
Loss on sale of non-current asset held for sale
|
- | - | 171 | |||||||||||
Loss on sale of investments in subsidiaries
|
- | - | 8,289 | |||||||||||
Net variations in assets and liabilities:
|
||||||||||||||
Decrease in trade accounts receivable and unbilled work in progress
|
(783,965 | ) | (594,993 | ) | (99,446 | ) | ||||||||
(Decrease) increase in other accounts receivable
|
(33,606 | ) | 32,159 | (188,053 | ) | |||||||||
Decrease in other accounts receivable from related parties
|
(34,089 | ) | (15,291 | ) | (133,286 | ) | ||||||||
Decrease in inventories
|
(21,071 | ) | (51,489 | ) | (215,196 | ) | ||||||||
Increase (decrease) in prepaid expenses and other assets
|
(539 | ) | (8,634 | ) | 11,667 | |||||||||
Increase in trade accounts payables
|
56,836 | 82,051 | 199,400 | |||||||||||
Decrease in other accounts payable
|
(145,379 | ) | (19,731 | ) | (45,096 | ) | ||||||||
Increase (decrease) in other accounts payable to related parties
|
(15,177 | ) | 55,316 | 13,961 | ||||||||||
Decrease in other provisions
|
(16,269 | ) | (7,208 | ) | (6,770 | ) | ||||||||
Sale of a financial asset through profit or loss
|
- | - | 4,604 | |||||||||||
Payments for purchases of intangibles - Concessions
|
(2,329 | ) | (82,698 | ) | (142,575 | ) | ||||||||
Interest paid
|
(61,013 | ) | (46,411 | ) | (114,027 | ) | ||||||||
Income tax paid
|
(190,556 | ) | (154,878 | ) | (150,434 | ) | ||||||||
Net cash applied to operating activities
|
(335,878 | ) | (23,163 | ) | (267,373 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||||
Sale of investment in associates
|
6,800 | - | - | |||||||||||
Sale of investment in subsidiary
|
- | - | 26 | |||||||||||
Sale of property, plant and equipment
|
15,861 | 42,968 | 55,832 | |||||||||||
Sale of non-current assets held for sale
|
- | - | 8,801 | |||||||||||
Return of contributions
|
- | - | 481 | |||||||||||
Interest received
|
21,601 | 8,909 | 32,162 | |||||||||||
Dividends received
|
15 - 28 | 5,858 | 46,068 | 59,175 | ||||||||||
Payment for purchase of a non-current asset held for sale
|
- | - | (22,297 | ) | ||||||||||
Payment for purchase of available-for-sale financial assets
|
(56,100 | ) | - | - | ||||||||||
Payments for purchase of property, plant and equipment
|
(197,553 | ) | (265,567 | ) | (193,156 | ) | ||||||||
Payment for purchae of investment property
|
(2,974 | ) | (1,450 | ) | (748 | ) | ||||||||
Payment for purchase of intangibles
|
(22,375 | ) | (60,846 | ) | (32,883 | ) | ||||||||
Payment for purchase and contributions to associates and joint ventures
|
15 -a,b | - | (129,859 | ) | (463,103 | ) | ||||||||
Direct cash outflows for acquisition of subsidiaries
|
32 | (93,504 | ) | (170,372 | ) | - | ||||||||
Net cash applied to investing activities
|
(322,386 | ) | (530,149 | ) | (555,710 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||||
Loans received
|
1,351,964 | 2,770,286 | 4,442,858 | |||||||||||
Bonds issued
|
- | - | 814,016 | |||||||||||
Payment of loans received
|
(1,493,943 | ) | (2,053,422 | ) | (4,563,855 | ) | ||||||||
Payment of issued bonds
|
- | - | (16,480 | ) | ||||||||||
Payment of bond issuance costs
|
- | - | (18,516 | ) | ||||||||||
Dividends paid to owners of the parent
|
(86,986 | ) | (112,127 | ) | (104,911 | ) | ||||||||
Dividends paid to non-controlling interest
|
(51,794 | ) | (63,990 | ) | (4,535 | ) | ||||||||
Cash received from non-controlling shareholders
|
35-d | 34,774 | 47,376 | 10,329 | ||||||||||
Acquisition of interest in a subsidiary of non-controlling shareholders
|
35-a | (63,868 | ) | (177,451 | ) | (1,865 | ) | |||||||
Sale of interest in a subsidiary of non-controlling shareholders
|
35-b | - | 1,627 | 1,642 | ||||||||||
Issuance of shares, net of related expenses
|
1,147,418 | - | - | |||||||||||
Net cash provided by financing activities
|
837,565 | 412,299 | 558,683 | |||||||||||
Net incresase(decrease) in cash
|
179,301 | (141,013 | ) | (264,400 | ) | |||||||||
Cash and cash equivalents at the beginning of the year
|
780,114 | 959,415 | 818,402 | |||||||||||
Cash and cash equivalents at the end of the year
|
959,415 | 818,402 | 554,002 | |||||||||||
NON-CASH TRANSACTIONS:
|
||||||||||||||
Debt capitalization
|
7,989 | - | - | |||||||||||
Acquisition of assets through finance leases
|
43,812 | 163,399 | 92,093 | |||||||||||
Adjustment for deconsolidation of subsidiaries
|
(19,943 | ) | 2,284 | 9,298 | ||||||||||
Change in fair value of available-for-sale financial assets
|
19,060 | 4,649 | 19,973 | |||||||||||
Accounts payable - acquisition of Morelco
|
- | 45,684 | - | |||||||||||
Liability for put option on the acquisition of non-controlling interest
|
- | 113,829 | - | |||||||||||
Establishment of joint operation - Panorama Plaza de negocios (net assets)
|
- | - | 36,180 |
1
|
GENERAL INFORMATION
|
a)
|
Incorporation and operations -
|
b)
|
Issuance of new common shares -
|
c)
|
Authorization for issue of the financial statements -
|
2
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
2.1
|
Basis of preparation -
|
2.2
|
Consolidation of financial statements -
|
a)
|
Subsidiaries -
|
b)
|
Changes in ownership interests in subsidiaries without change of control -
|
c)
|
Disposal of subsidiaries -
|
d)
|
Joint arrangements -
|
e)
|
Associates -
|
2.3
|
Segment reporting -
|
2.4
|
Foreign currency translation -
|
a)
|
Functional and presentation currency -
|
b)
|
Transactions and balances -
|
c)
|
Group companies -
|
|
i)
|
assets and liabilities for each statement of the financial position presented are translated using the closing rate at the date of the statement of financial position;
|
|
ii)
|
income and expenses for each income statement are translated at the average exchange rate (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated using the rate on the date of the transaction);
|
|
iii)
|
capital is translated by using the historical exchange rate for each capital contribution made; and
|
|
iv)
|
all resulting exchange differences are recognized as separate components in other comprehensive income.
|
2.5
|
Public services concession agreements -
|
a)
|
Recognizes a financial asset to the extent that it has a contractual right to receive cash or another financial assets either because the Government secures the payment of specified or determinable amounts or because the Government will cover any difference arising from the amounts actually received from public service users in relation with the specified or determinable amounts. These financial assets are recognized initially at fair value and subsequently at amortized cost (the financial model).
|
b)
|
Recognizes an intangible asset to the extent that the service agreement grants the Group a contractual right to charge users of the public service. The resulting intangible asset is measured at cost and is amortized as described in Note 2.15 (intangible asset model).
|
c)
|
Recognizes a financial asset and an intangible asset when the Group recovers its investment partially by a financial asset and partially by an intangible asset (the bifurcated model).
|
2.6
|
Cash and cash equivalents -
|
2.7
|
Financial assets -
|
2.7.1
|
Classification -
|
a)
|
Financial assets at fair value through profit or loss -
|
b)
|
Loans and accounts receivable -
|
c)
|
Available-for-sale financial assets -
|
2.7.2
|
Recognition and measurement -
|
2.8
|
Impairment of financial assets -
|
a)
|
Assets carried at amortized cost -
|
b)
|
Assets classified as available-for-sale -
|
2.9
|
Derivative financial instruments and hedging activities -
|
2.10
|
Trade receivables -
|
2.11
|
Unbilled work in progress -
|
2.12
|
Inventories -
|
2.13
|
Investment properties -
|
2.14
|
Property, plant and equipment -
|
Years | |
Buildings and facilities | Between 3 and 50 |
Machinery and equipment | Between 4 and 10 |
Vehicles | Between 2 and 10 |
Furniture and fixtures | Between 2 and 10 |
Other equipment | Between 2 and 10 |
2.15
|
Intangible assets -
|
a)
|
Goodwill -
|
b)
|
Trademarks -
|
c)
|
Concession rights -
|
d)
|
Contractual relationships with customers -
|
e)
|
Cost of development of wells -
|
f)
|
Internally generated software and development costs -
|
●
|
it is technically feasible to complete the software product so that it will be available for use;
|
●
|
management intends to complete the software product and use or sell it;
|
●
|
there is an ability to use or sell the software product;
|
●
|
it can be demonstrated how the software product will generate probable future economic benefits;
|
●
|
adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and
|
●
|
the expenditure attributable to the software product during its development can be reliably measured.
|
g)
|
Rights of use of land -
|
2.16
|
Impairment of non-financial assets -
|
2.17
|
Trade payables -
|
2.18
|
Other financial liabilities -
|
2.19
|
Borrowing costs -
|
2.20
|
Current and deferred income tax -
|
2.21
|
Employee benefits -
|
a)
|
Profit sharing -
|
b)
|
Bonuses -
|
c)
|
Severance indemnities -
|
d)
|
Vacation leave -
|
e)
|
Pension plans -
|
2.22
|
Other provisions -
|
a)
|
General -
|
b)
|
Provision for the closure of production wells -
|
c)
|
Provision for periodic maintenance -
|
2.23
|
Put option arrangement -
|
2.24
|
Capital -
|
2.25
|
Revenue recognition -
|
i)
|
Revenue from construction activities -
|
ii)
|
Revenue from engineering, advisory, consulting services and other services -
|
iii)
|
Sales of real-estate properties -
|
iv)
|
Revenue from IT services -
|
v)
|
Interest income -
|
vi)
|
Dividend income -
|
vii)
|
Revenue for concession services -
|
2.26
|
Construction contract costs -
|
2.27
|
Leases -
|
2.28
|
Dividend distribution -
|
2.29
|
Significant non-operating items -
|
2.30
|
New standards, amendments and interpretations -
|
a)
|
New standards, amendments and interpretations adopted by the Group in 2015
|
-
|
IFRS annual improvements for 2010-2012 and 2011-2013 cycles.
|
-
|
Defined Benefit Plans: Employee contributions – amendment to IAS 19, ‘Employee Benefits’.
|
b)
|
New standards and amendments and interpretations effective for the financial statements for annual periods beginning on or after January 1, 2016 not yet adopted -
|
-
|
IFRS 9, ‘Financial instruments,’ addresses the classification, measurement and recognition of financial assets and financial liabilities. The complete version of IFRS 9 was issued in July 2015. It replaces the guidance in IAS 39 that relates to the classification and measurement of financial instruments.
|
-
|
IFRS 15, ‘Revenue from contracts with customers’
|
-
|
Amendments to IFRS 11, ‘Joint arrangements’.
|
-
|
IAS 1 “Presentation of financial statements” disclosure initiative.
|
(i)
|
Materiality: an entity should not aggregate or disaggregate information in a manner that obscures useful information. Where items are material, sufficient information must be provided to explain the impact on the financial position or performance.
|
(ii)
|
Disaggregation and subtotals: line items specified in IAS 1 may need to be disaggregated where this is relevant to an understanding of the entity’s financial position or performance. There is also new guidance on the use of subtotals.
|
(iii)
|
OCI arising from investments accounted for under the equity method: The amendments require that the share of other comprehensive income arising from investments accounted for under the equity method is grouped based on whether the items will or will not subsequently be reclassified to profit or loss. Each group should then be presented as a single line item in the statement of other comprehensive income.
|
(iv)
|
Notes: confirmation that the notes do not need to be presented in a particular order.
|
-
|
IFRS 16 “Leases”
|
2.31
|
Reclassifications -
|
3
|
FINANCIAL RISK MANAGEMENT
|
3.1
|
Financial risk factors
|
a)
|
Market risks -
|
i)
|
Foreign exchange risk -
|
ii)
|
Price risk -
|
iii)
|
Cash flow and fair value interest rate risk -
|
b)
|
Credit risk -
|
c)
|
Liquidity risk -
|
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
|
||||||||||||||||||||
for 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 accounts payables
|
1,177,581 | 3,779 | - | - | 1,181,360 | |||||||||||||||
Accounts payables to related parties
|
83,027 | - | - | - | 83,027 | |||||||||||||||
Other accounts payables
|
77,213 | 31,352 | 146,278 | - | 254,843 | |||||||||||||||
Other non-financial liabilities
|
- | 2,999 | - | - | 2,999 | |||||||||||||||
2,795,626 | 203,068 | 324,862 | 11,224 | 3,334,780 | ||||||||||||||||
At December 31, 2015
|
||||||||||||||||||||
Other financial liabilities (except
|
||||||||||||||||||||
for 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
|
69,823 | 82,916 | 217,418 | 1,445,187 | 1,815,344 | |||||||||||||||
Trade accounts payables
|
1,635,760 | - | - | - | 1,635,760 | |||||||||||||||
Accounts payables to related parties
|
77,830 | 19,728 | - | 408 | 97,966 | |||||||||||||||
Other accounts payables
|
181,113 | 36,456 | 121,678 | - | 339,247 | |||||||||||||||
Other non-financial liabilities
|
- | 2,331 | - | - | 2,331 | |||||||||||||||
3,225,338 | 441,471 | 605,322 | 1,456,026 | 5,728,157 |
3.2
|
Capital management -
|
2014
|
2015 | |||||||
Total financial liabilities
|
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 | 3,183,045 | ||||||
Total capital
|
4,106,884 | 5,204,490 | ||||||
Gearing ratio
|
0.23 | 0.39 |
3.3
|
Fair value estimation -
|
-
|
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).
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
At December 31, 2014
|
||||||||||||||||
Financial assets
|
||||||||||||||||
Financial assets at fair value through profit or loss:
|
||||||||||||||||
- Mutual funds
|
18,724 | - | - | 18,724 | ||||||||||||
Derivatives used for hedging
|
- | 2,999 | - | 2,999 | ||||||||||||
Available-for-sale financial assets:
|
||||||||||||||||
- TGP S.A. investment (i)
|
- | - | 93,144 | 93,144 | ||||||||||||
Financial liabilities
|
||||||||||||||||
Financial liabilities at fair value through profit or loss:
|
||||||||||||||||
- Put option (ii)
|
- | - | 113,829 | 113,829 | ||||||||||||
At December 31, 2015
|
||||||||||||||||
Financial assets
|
||||||||||||||||
Financial assets at fair value through profit or loss:
|
||||||||||||||||
- Mutual funds
|
10,104 | - | - | 10,104 | ||||||||||||
Derivatives used for hedging
|
- | 2,331 | - | 2,331 | ||||||||||||
Available-for-sale financial assets:
|
||||||||||||||||
- TGP S.A. investment (i)
|
- | - | 120,134 | 120,134 | ||||||||||||
Financial liabilities
|
||||||||||||||||
Financial liabilities at fair value through profit or loss:
|
||||||||||||||||
- Put option (ii)
|
- | - | 111,349 | 111,349 |
i)
|
The fair value of the investment held in Transportadora de Gas del Perú S.A. (TGP) classified as available-for-sale financial asset was based on observable inputs in the market and unobservable inputs. The Group calculated its fair value based on its discounted cash flows as of the financial statement date. The information used to determine the fair value of this investment corresponds to Level 3 (Note 9).
|
|
2014
|
2015
|
||||||
Opening balance
|
88,333 | 93,144 | ||||||
Gains recognised in the period
|
4,811 | 26,990 | ||||||
Closing balance
|
93,144 | 120,134 |
ii)
|
The fair value of the liability for put option was determined on the basis of the discounted cash flows (EBITDA) over a period of three years. The discount rate is a risk-free rate available to comparable market participants (FED rates). The information used to determine the fair value of this put option corresponds to Level 3 (Note 21).
|
|
2014
|
2015
|
||||||
Opening balance
|
- | 113,829 | ||||||
Additions
|
113,829 | |||||||
Gains recognised in the period
|
- | (2,480 | ) | |||||
Closing balance
|
113,829 | 111,349 |
4
|
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
|
4.1
|
Critical accounting estimates and assumptions
|
a)
|
Estimated impairment of goodwill and other intangible assets with indefinite useful life -
|
|
Difference between recoverble amount and carrying amounts
|
|||||||||||||||
Goodwill
|
2015
|
2014
|
||||||||||||||
Gross margin:
|
-10 | % | +10 | % | -10 | % | +10 | % | ||||||||
Mining construction services
|
68.69 | %) | 184.39 | % | 37.86 | %) | 151.26 | %) | ||||||||
Engineering and construction
|
(17.96 | %) | 30.43 | % | 22.72 | %) | 70.93 | %) | ||||||||
Electromechanical
|
159.40 | %) | 240.58 | % | 38.42 | %) | 105.92 | %) | ||||||||
IT equipment and services
|
92.38 | %) | 98.22 | % | (2.63 | %) | 30.12 | %) | ||||||||
Telecommunication services
|
205.49 | %) | 619.81 | % | 156.17 | %) | 280.58 | %) | ||||||||
Discount rate:
|
-10 | % | +10 | % | -10 | % | +10 | % | ||||||||
Mining construction services
|
116.77 | %) | 136.90 | % | 123.73 | %) | 64.31 | %) | ||||||||
Engineering and construction
|
(8.77 | %) | 26.15 | % | 68.06 | %) | 30.29 | %) | ||||||||
Electromechanical
|
234.27 | %) | 172.83 | % | 95.54 | %) | 48.78 | %) | ||||||||
IT equipment and services
|
132.94 | %) | 98.22 | % | 1.14 | %) | 25.88 | %) | ||||||||
Telecommunication services
|
468.23 | %) | 367.15 | % | 231.18 | %) | 199.01 | %) | ||||||||
Trademarks
|
||||||||||||||||
Revenue:
|
-10 | % | +10 | % | -10 | % | +10 | % | ||||||||
Morelco
|
46.23 | %) | 78.73 | % | - | - | ||||||||||
VyV-DSD
|
32.87 | %) | 47.60 | % | 19.19 | % | 29.12 | %) | ||||||||
Discount rate:
|
-10 | % | +10 | % | -10 | % | +10 | % | ||||||||
Morelco
|
89.07 | %) | 42.12 | % | - | - | ||||||||||
VyV-DSD
|
61.96 | %) | 23.43 | % | 27.16 | % | 8.97 | %) |
b)
|
Income taxes -
|
c)
|
Percentage of completion revenue recognition -
|
2013
|
2014
|
2015
|
||||||||||
Sales
|
3,820,393 | 4,749,159 | 5,513,655 | |||||||||
Gross profit
|
465,973 | 412,771 | 203,652 | |||||||||
%
|
12.20 | 8.69 | 3.69 | |||||||||
Plus 10%
|
13.42 | 9.56 | 4.06 | |||||||||
Increase in pre-tax profit
|
46,597 | 41,249 | 20,198 | |||||||||
512,570 | 454,020 | 223,850 | ||||||||||
Less 10%
|
10.98 | 7.82 | 3.32 | |||||||||
Decrease in pre-tax profit
|
(46,597 | ) | (41,249 | ) | (20,198 | ) | ||||||
419,376 | 371,522 | 183,454 |
d)
|
Provision for well closure costs -
|
4.2
|
Critical judgments in applying the entity’s accounting policies
|
5
|
INTERESTS IN OTHER ENTITIES
|
a)
|
Principal subsidiaries -
|
Name
|
Country
|
Economic activity
|
||
Engineering and Construction:
|
||||
GyM S.A.
|
Peru and
Dominican Republic
|
Civil construction, electro-mechanic assembly, buildings, management and implementing
housing development projects and other related services.
|
||
Stracon GyM S.A.
|
Peru and
Panama
|
Mining contracting activities, providing mining services and carrying out drilling,
demolition and any other activity related to construction and electromechanics;
services in the power sector, as well as mining operations.
|
||
GyM Chile S.p.A.
|
Chile
|
Electromechanical assemblies and services to energy, oil, gas and mining sector.
|
||
V y V - DSD S.A. (*)
|
Chile
|
Electromechanical assemblies and services.
|
||
Develop activities related to the construction of engineering projects, civil construction
projects and electromechanical assemblies, as well as architectural design and
installations in general. Construction and electromechanical assemblies and services in
the areas of energy, oil and gas and mining.
|
||||
GMI S.A.
|
Peru
|
Advisory and consultancy services in engineering, carrying out studies and projects,
managing projects and supervision of works.
|
||
Morelco S.A.S
|
Colombia and
Ecuador
|
Providing construction and assembly services, supplying equipment and material to
design, build, assemble, operate and maintain all types of mechanical engineering,
instrumentation and civil work.
|
Name
|
Country
|
Economic activity
|
||
Infrastructure:
|
||||
GMP S.A.
|
Peru
|
Concession of services for treating and selling oil, natural gas and by-products as well
as for storing and dispatching fuel extracted from demonstrated feasible fields.
|
||
Oiltanking Andina
Services S.A.
|
Peru
|
Operation of the gas processing plant of Pisco – Camisea.
|
||
|
||||
Transportadora de Gas
Natural Comprimido Andino
S.A.C.
|
Peru
|
Concession for constructing, operating and maintaining the supply
system of compressed natural gas in certain provinces of Peru.
|
||
|
||||
GyM Ferrovías S.A.
|
Peru
|
Concession for operating the Lima Metro transportation system.
|
||
Survial S.A.
|
Peru
|
Concession for constructing, operating and maintaining the Section 1 of the
“Southern Inter-oceanic” road.
|
||
Norvial S.A.
|
Peru
|
Concession for restoring, operating and maintaining the “Ancón - Huacho - Pativilca”
section of the Panamericana Norte road.
|
||
Concesión Canchaque S.A.
|
Peru | Concession for operating and maintaining the Buenos Aires - Canchaque road. | ||
Concesionaria Vía
Expresa Sur S.A.
|
Peru
|
Concession for designing, constructing, operating and maintaining the Via Expresa -
Paseo de la República in Lima.
|
||
|
||||
Real estate:
|
||||
VIVA GyM S.A.
|
Peru
|
Developing and managing real estate projects directly or together with other partners.
|
||
Technical services:
|
||||
GMD S.A.
|
Peru
|
Information technology services.
|
||
Gestión de Servicios
Digitales S.A.
|
Peru
|
Information technology services.
|
||
CAM Holding S.p,A.
|
Chile,
Brazil and
Colombia
|
Electric and technological services for the power industry.
|
||
|
||||
Concar S.A.
|
Peru
|
Operating and maintaining roads under concession.
|
||
Coasin Instalaciones Ltda.
|
Chile |
Installing and maintaining network and equipment for telecommunications.
|
||
Parent company operation:
|
||||
Generadora Arabesco S.A.
|
Peru | Implementing projects related to electric power-generating activities. | ||
Larcomar S.A.
|
Peru
|
Exploiting land right to use the Larcomar Shopping Center.
|
||
Promotora Larcomar S.A.
|
Peru |
Building a hotel complex on a plot of land located in the district of Miraflores.
|
Name
|
Country
|
Economic activity
|
||
Promotores Asociados de
Inmobiliarias S.A.
|
Peru
|
Operating in the real-estate industry and engaged in the development and selling office
facilities in Peru.
|
||
|
|
|||
Negocios del Gas S.A.
|
Peru
|
Construction, operation and maintenance of the pipeline system to transport natural gas
and liquids of natural gas.
|
(*) |
The subsidiaries Ingeniería y Construcción, Vial y Vives S.A., DSD Construcciones y Montajes S.A. and GyM Minería S.A. (all from Chile) merged and combined in July 2014, The merged entity’s name is V y V – DSD S.A.
|
Percentage of
|
||||||||||||||||
Percentage of
|
Percentage of
|
Percentage of
|
ordinary shares
|
|||||||||||||
ordinary shares
|
ordinary shares
|
ordinary shares
|
held by non-
|
|||||||||||||
directly held by
|
held by
|
held by
|
controlling
|
|||||||||||||
Parent (%)
|
Subsidiaries (%)
|
the Group (%)
|
interests (%)
|
|||||||||||||
Engineering and Construction:
|
||||||||||||||||
GyM S.A.
|
98.23 | % | - | 98.23 | % | 1.77 | % | |||||||||
- GyM S.A. subsidiarias
|
- | 82.49 | % | 82.49 | % | 17.51 | % | |||||||||
Stracon GyM S.A.
|
- | 87.59 | % | 87.59 | % | 12.41 | % | |||||||||
GyM Chile SpA
|
- | 99.99 | % | 99.99 | % | 0.01 | % | |||||||||
V y V – DSD S.A.
|
- | 80.79 | % | 80.79 | % | 19.21 | % | |||||||||
GMI S.A.
|
89.41 | % | - | 89.41 | % | 10.59 | % | |||||||||
Morelco S.A.S.
|
- | 70.00 | % | 70.00 | % | 30.00 | % | |||||||||
Infrastructure:
|
||||||||||||||||
GMP S.A.
|
95.00 | % | - | 95.00 | % | 5.00 | % | |||||||||
Oiltanking Andina Services S.A.
|
- | 50.00 | % | 50.00 | % | 50.00 | % | |||||||||
Transportadora de Gas Natural Comprimido
|
||||||||||||||||
Andino S.A.C
|
- | 99.93 | % | 99.93 | % | 0.07 | % | |||||||||
GyM Ferrovias S.A.
|
75.00 | % | - | 75.00 | % | 25.00 | % | |||||||||
Survial S.A.
|
99.99 | % | - | 99.99 | % | 0.01 | % | |||||||||
Norvial S.A.
|
67.00 | % | - | 67.00 | % | 33.00 | % | |||||||||
Concesión Canchaque S.A.
|
99.96 | % | - | 99.96 | % | 0.04 | % | |||||||||
Concesionaria Vía Expresa Sur S.A.
|
99.98 | % | - | 99.98 | % | 0.02 | % | |||||||||
Real Estate:
|
||||||||||||||||
Viva GyM S.A.
|
60.62 | % | 38.97 | % | 99.59 | % | 0.41 | % | ||||||||
- Viva GyM S.A. subsidiarias
|
- | 53.81 | % | 53.81 | % | 46.19 | % | |||||||||
Services:
|
||||||||||||||||
GMD S.A.
|
89.37 | % | - | 89.37 | % | 10.63 | % | |||||||||
Cam Holding S.p.A.
|
100.00 | % | - | 100.00 | % | - | ||||||||||
Concar S.A.
|
99.81 | % | - | 99.81 | % | 0.19 | % | |||||||||
Gestión de Servicios Digitales S.A.
|
- | 100.00 | % | 100.00 | % | - | ||||||||||
Coasin Instalaciones Ltda.
|
- | 100.00 | % | 100.00 | % | - | ||||||||||
CAM Servicios Perú
|
73.16 | % | - | 73.16 | % | 26.84 | % | |||||||||
Parent company operations:
|
||||||||||||||||
Generadora Arabesco S.A.
|
99.00 | % | - | 99.00 | % | 1.00 | % | |||||||||
Larcomar S.A.
|
79.66 | % | - | 79.66 | % | 20.34 | % | |||||||||
Promotora Larcomar S.A.
|
46.55 | % | - | 46.55 | % | 53.45 | % | |||||||||
Promotores Asociados de
|
||||||||||||||||
Inmobiliarias S.A.
|
99.99 | % | - | 99.99 | % | 0.01 | % | |||||||||
Negocios del Gas S.A.
|
99.99 | % | - | 99.99 | % | 0.01 | % | |||||||||
Agenera S.A.
|
99.00 | % | - | 99.00 | % | 1.00 | % | |||||||||
GYM Colombia S.A.
|
66.20 | % | 33.80 | % | 100.00 | % | - |
Percentage of
|
||||||||||||||||
Percentage of
|
Percentage of
|
Percentage of
|
ordinary shares
|
|||||||||||||
ordinary shares
|
ordinary shares
|
ordinary shares
|
held by non-
|
|||||||||||||
directly held by
|
held by
|
held by
|
controlling
|
|||||||||||||
Parent (%)
|
Subsidiaries (%)
|
the Group (%)
|
interests (%)
|
|||||||||||||
Engineering and Construction:
|
||||||||||||||||
GyM S.A.
|
98.23 | % | - | 98.23 | % | 1.77 | % | |||||||||
- GyM S.A. subsidiarias
|
- | 84.04 | % | 84.04 | % | 15.96 | % | |||||||||
Stracon GyM S.A.
|
- | 87.64 | % | 87.64 | % | 12.36 | % | |||||||||
GyM Chile SpA
|
- | 99.99 | % | 99.99 | % | 0.01 | % | |||||||||
V y V – DSD S.A.
|
- | 82.04 | % | 82.04 | % | 17.96 | % | |||||||||
GMI S.A.
|
89.41 | % | - | 89.41 | % | 10.59 | % | |||||||||
Morelco S.A.S.
|
- | 70.00 | % | 70.00 | % | 30.00 | % | |||||||||
Infrastructure:
|
||||||||||||||||
GMP S.A.
|
95.00 | % | - | 95.00 | % | 5.00 | % | |||||||||
Oiltanking Andina Services S.A.
|
- | 50.00 | % | 50.00 | % | 50.00 | % | |||||||||
Transportadora de Gas Natural Comprimido
|
||||||||||||||||
Andino S.A.C
|
- | 99.93 | % | 99.93 | % | 0.07 | % | |||||||||
GyM Ferrovias S.A.
|
75.00 | % | - | 75.00 | % | 25.00 | % | |||||||||
Survial S.A.
|
99.99 | % | - | 99.99 | % | 0.01 | % | |||||||||
Norvial S.A.
|
67.00 | % | - | 67.00 | % | 33.00 | % | |||||||||
Concesión Canchaque S.A.
|
99.96 | % | - | 99.96 | % | 0.04 | % | |||||||||
Concesionaria Vía Expresa Sur S.A.
|
99.98 | % | - | 99.98 | % | 0.02 | % | |||||||||
Real Estate:
|
||||||||||||||||
Viva GyM S.A.
|
60.62 | % | 38.97 | % | 99.59 | % | 0.41 | % | ||||||||
- Viva GyM S.A. subsidiarias
|
- | 54.88 | % | 54.88 | % | 45.12 | % | |||||||||
Services:
|
||||||||||||||||
GMD S.A.
|
89.15 | % | - | 89.15 | % | 10.85 | % | |||||||||
Cam Holding S.p.A.
|
100.00 | % | - | 100.00 | % | - | ||||||||||
Concar S.A.
|
99.74 | % | - | 99.74 | % | 0.26 | % | |||||||||
Gestión de Servicios Digitales S.A.
|
- | 100.00 | % | 100.00 | % | - | ||||||||||
Coasin Instalaciones Ltda.
|
- | 100.00 | % | 100.00 | % | - | ||||||||||
Parent company operations:
|
||||||||||||||||
Generadora Arabesco S.A.
|
99.00 | % | - | 99.00 | % | 1.00 | % | |||||||||
Larcomar S.A.
|
79.66 | % | - | 79.66 | % | 20.34 | % | |||||||||
Promotora Larcomar S.A.
|
42.80 | % | - | 42.80 | % | 57.20 | % | |||||||||
Promotores Asociados de Inmobiliarias S.A.
|
99.99 | % | - | 99.99 | % | 0.01 | % | |||||||||
Agenera S.A.
|
99.00 | % | - | 99.00 | % | 1.00 | % | |||||||||
GYM Colombia S.A.
|
100.00
|
% | - | 100.00 | % | - | % |
|
2014
|
2015
|
||||||
Viva GyM S.A. and subsidiaries
|
191,826 | 214,260 | ||||||
Viva GyM S.A.
|
8,414 | 1,481 | ||||||
GyM S.A. and subsidiaries
|
141,446 | 148,198 | ||||||
GyM S.A.
|
18,953 | 12,329 | ||||||
Norvial S.A.
|
41,820 | 52,993 | ||||||
CAM Holding S.p.A.
|
24,137 | 27,652 | ||||||
GMP S.A.
|
18,204 | 21,110 | ||||||
GyM Ferrovias S.A.
|
19,878 | 26,043 | ||||||
Promotora Larcomar S.A.
|
9,697 | 13,609 | ||||||
Others
|
8,155 | 10,814 | ||||||
482,530 | 528,489 |
|
Viva GYM S.A.
|
GyM S.A.
|
Norvial S.A.
|
|||||||||||||||||||||
At December 31,
|
At December 31,
|
At December 31,
|
||||||||||||||||||||||
2014
|
2015
|
2014
|
2015
|
2014
|
2015
|
|||||||||||||||||||
Current:
|
||||||||||||||||||||||||
Assets
|
760,815 | 1,109,270 | 2,611,130 | 3,140,222 | 6,092 | 43,513 | ||||||||||||||||||
Current liabilities, net
|
(266,576 | ) | (555,148 | ) | (2,443,061 | ) | (2,809,890 | ) | (109,134 | ) | (79,634 | ) | ||||||||||||
494,239 | 554,122 | 168,069 | 330,332 | (103,042 | ) | (36,121 | ) | |||||||||||||||||
Non-current:
|
||||||||||||||||||||||||
Assets
|
117,352 | 91,677 | 1,232,781 | 1,144,066 | 230,401 | 377,392 | ||||||||||||||||||
Liabilities
|
(138,880 | ) | (159,583 | ) | (445,242 | ) | (628,670 | ) | (633 | ) | (180,686 | ) | ||||||||||||
Total non-current net assets
|
||||||||||||||||||||||||
(liabilities), net
|
(21,528 | ) | (67,906 | ) | 787,539 | 515,396 | 229,768 | 196,706 | ||||||||||||||||
Net assets
|
472,711 | 486,216 | 955,608 | 845,728 | 126,726 | 160,585 |
|
Viva GYM S.A.
|
GyM S.A.
|
Norvial S.A.
|
|||||||||||||||||||||||||||||||||
At December 31,
|
At December 31,
|
At December 31,
|
||||||||||||||||||||||||||||||||||
2013
|
2014
|
2015
|
2013
|
2014
|
2015
|
2013
|
2014
|
2015
|
||||||||||||||||||||||||||||
Revenue
|
313,731 | 224,560 | 215,764 | 3,904,101 | 4,861,362 | 5,672,856 | 92,252 | 178,170 | 246,231 | |||||||||||||||||||||||||||
Pre-tax profit
|
80,467 | 37,967 | 36,985 | 350,687 | 239,597 | (41,874 | ) | 40,341 | 41,998 | 54,470 | ||||||||||||||||||||||||||
Income tax
|
(21,427 | ) | (11,452 | ) | (7,649 | ) | (105,674 | ) | (54,657 | ) | (23,395 | ) | (10,245 | ) | (10,908 | ) | (13,611 | ) | ||||||||||||||||||
Post-tax profit
|
59,040 | ) | 26,515 | 29,336 | 245,013 | 184,940 | (65,269 | ) | 30,096 | 31,090 | 40,859 | |||||||||||||||||||||||||
Other comprehensive
|
||||||||||||||||||||||||||||||||||||
Income
|
- | (25 | ) | - | (1,240 | ) | (26,199 | ) | (45,370 | ) | - | - | - | |||||||||||||||||||||||
Total comprehensive
|
||||||||||||||||||||||||||||||||||||
income
|
59,040 | 26,490 | 29,336 | 243,773 | 158,741 | (110,639 | ) | 30,096 | 31,090 | 40.859 |
|
Viva GYM S.A.
|
GyM S.A.
|
Norvial S.A.
|
|||||||||||||||||||||||||||||||||
At December 31,
|
At December 31,
|
At December 31,
|
||||||||||||||||||||||||||||||||||
2013
|
2014
|
2015
|
2013
|
2014
|
2015
|
2013
|
2014
|
2015
|
||||||||||||||||||||||||||||
Cash flows from operating
|
||||||||||||||||||||||||||||||||||||
activities (used), net
|
(52,174 | ) | 9,916 | (68,360 | ) | 49,708 | 147,249 | (301,676 | ) | 37,192 | (30,858 | ) | (111,423 | ) | ||||||||||||||||||||||
Cash flows from investing
|
||||||||||||||||||||||||||||||||||||
activities (used), net
|
(4,854 | ) | (39,351 | ) | 23,865 | (122,020 | ) | (208,314 | ) | 8,496 | (96 | ) | (32 | ) | - | |||||||||||||||||||||
Cash flows from financing
|
||||||||||||||||||||||||||||||||||||
activities (used), net
|
27,050 | 40,677 | 64,686 | (86,237 | ) | 79,432 | 176,984 | (30,917 | ) | 17,262 | 144,199 | |||||||||||||||||||||||||
Increase (decrease) in cash
|
||||||||||||||||||||||||||||||||||||
And cash equivalents, net
|
(29,978 | ) | 11,242 | 20,191 | (158,549 | ) | 18,367 | (115,101 | ) | 6,179 | (13,628 | ) | 32,776 | |||||||||||||||||||||||
Cash and cash equivalents
|
||||||||||||||||||||||||||||||||||||
and overdrafts at the
|
||||||||||||||||||||||||||||||||||||
beginning of the year
|
73,004 | 43,026 | 54,268 | 422,901 | 264,353 | 282,721 | 12,949 | 19,128 | 5,500 | |||||||||||||||||||||||||||
Cash and cash equivalents
|
||||||||||||||||||||||||||||||||||||
at the end of the year
|
43,026 | 54,268 | 74,459 | 264,352 | 282,720 | 167,620 | 19,128 | 5,500 | 38,276 |
b)
|
Public services concessions -
|
Name of
|
Returnable
|
Ordinary
|
Concession
|
Accounting
|
||||||||||
concession
|
Description
|
Investment
|
assets
|
Consideration
|
shares held
|
termination
|
model
|
|||||||
Survial S.A.
|
The Company operates and maintains
|
US$98.9 million
|
Infraestructure is returned
|
Transaction secured by
|
99.9%
|
2032
|
Financial asset
|
|||||||
a 750 km road from the San Juan de
|
to the grantor at the end of
|
the Peruvian Government
|
||||||||||||
Marcona port to Urcos, Peru, which is
|
concession agreement
|
involving from annual
|
||||||||||||
connected to an interoceanic road.
|
payments for the
|
|||||||||||||
The road has five toll stations and
|
maintenance and operation
|
|||||||||||||
three weigh stations.
|
of the road, which is in
|
|||||||||||||
charge of the Peruvian
|
||||||||||||||
Ministry of Transport and
|
||||||||||||||
Communications (MTC).
|
||||||||||||||
Canchaque S.A.C.
|
Under the Canchaque concession,
|
US$26.1 million
|
Infraestructure is returned
|
Transaction secured by
|
99.96%
|
2021
|
Financial asset
|
|||||||
the Company operates and periodically
|
to the grantor at the end of
|
the Peruvian Government
|
||||||||||||
maintains a 78 km road from the towns of
|
concession agreement
|
regardless the traffic
|
||||||||||||
Buenos Aires to Canchaque, in Peru
|
volume.
|
|||||||||||||
The road has one toll station.
|
Revenue is secured by
|
|||||||||||||
an annual minimum
|
||||||||||||||
amount of US$0.3 million.
|
||||||||||||||
La Chira S.A.
|
Designing, financing, constructing,
|
S/250 million
|
Infraestructure is returned
|
Transaction secured by
|
50.00%
|
2036
|
Financial asset
|
|||||||
operating and maintening project
|
(estimated)
|
to the grantor at the end of
|
the Peruvian Government
|
|||||||||||
called “Planta de Tratamiento de Aguas
|
concession agreement
|
consisting of annual payment settled by
Sedapal S.A.
|
||||||||||||
Residuales y Emisario Submarino La Chira”.
|
|
|||||||||||||
The Project will treat approximately 25%
|
|
|||||||||||||
of waste waters in Lima.
|
||||||||||||||
GyM Ferrovías S.A.
|
Concession for the operation of Line 1
|
S/548.8 million
|
Infraestructure is returned
|
Transaction secured by
|
75.00%
|
2041
|
Financial asset
|
|||||||
of the Lima Metro, Peru’s only urban
|
to the grantor at the end of
|
the Peruvian Government
|
||||||||||||
railway system.
|
concession agreement
|
involving a quarterly
|
|
|||||||||||
The obligations under the contract include
|
payment received from
MTC based on km travelled per train
|
|||||||||||||
(i) the operation and maintenance of the
|
|
|||||||||||||
five existing trains, (ii) the operation and
|
.
|
|||||||||||||
maintenance and the acquisition of 19
|
||||||||||||||
trains on behalf of the Peruvian
|
||||||||||||||
|
government and (iii) the design and
|
|||||||||||||
|
|
construction of the railway maintenance
|
||||||||||||
|
and repair yard.
|
|||||||||||||
Transportadora de
|
Concession to design, finance, build,
|
US$14.4 million
|
Infraestructure is returned
|
Transaction secured by
|
99.93%
|
2023
|
Financial asset
|
|||||||
Gas Natural
|
maintain and operate the system supply
|
(estimated)
|
to the grantor at the end of
|
the Peruvian Government
|
With option
|
|||||||||
Comprimido Andino
|
of compressed natural gas in Jauja,
|
concession agreement
|
involving a monthly
|
of extension
|
||||||||||
S.A.C.
|
Huancayo, Huancavelica, Huamanga,
|
remuneration corresponding
|
to 20
|
|||||||||||
Huanta, Andahuaylas, Abancay,
|
to investment, maintenance
|
additional
|
||||||||||||
Cusco, Juliaca and Puno.
|
and operation costs.
|
years
|
Name of
|
Returnable
|
Ordinary
|
Concession
|
Accounting
|
||||||||||
concession
|
Description
|
Investment
|
assets
|
Consideration
|
shares held
|
termination
|
model
|
|||||||
Norvial S.A.
|
The Company operates and maintains
|
US$152 million
|
Infrastructure is returned
|
From users (self-financed
|
67.00%
|
|
2028
|
|
Intangible
|
|||||
part of the only highway that connects
|
(estimated)
|
to the grantor at the end of
|
concession; revenue is
|
|||||||||||
Lima to the northwest of Peru.
|
concession agreement
|
derived from collection of
|
||||||||||||
This 183 km road known as Red Vial 5
|
tolls).
|
|||||||||||||
runs from the cities of Ancón to Pativilca
|
||||||||||||||
and has three toll stations.
|
||||||||||||||
Vía Expresa Sur S.A.
|
|
The Company obtained the concession
|
US$196.8 million
|
Infraestructure is returned
|
Contract give the right
|
|
99.98%
|
|
2053
|
|
Bifurcated
|
|||
for designing, financing, building,
|
(estimated)
|
to the grantor at the end of
|
of collection from users; however
|
|||||||||||
operating and maintaining the
|
concession agreement
|
the Peruvian government
|
||||||||||||
infrastructure associated with the Vía
|
shall pay the difference
|
|||||||||||||
Expresa Sur Project.
|
when the operating
|
|||||||||||||
This project involves the second stage
|
revenue obtained
|
|||||||||||||
expansion of the Via Expresa - Paseo
|
is below US$18 million
|
|||||||||||||
de la República,between Av. República
|
|
during the first two years
|
||||||||||||
de Panamá and and Panamericana
|
and below US$19.7 million
|
|||||||||||||
highway.
|
from the third year to the
|
|||||||||||||
fifteenth year of the effective
|
||||||||||||||
period of the financing,
|
||||||||||||||
with a ceiling of US$10
|
||||||||||||||
million.
|
c)
|
Principal Joint Operations -
|
Percentage of interest
|
||||||||
Joint Operations
|
2014
|
2015
|
||||||
Graña y Montero S.A.A.
|
||||||||
- Concesionaria la Chira S.A.
|
50.00 | % | 50.00 | % | ||||
GyM S.A.
|
||||||||
- Consorcio Constructor Alto Cayma
|
50.00 | % | 50.00 | % | ||||
- Consorcio Rio Pallca – Huanza
|
40.00 | % | 40.00 | % | ||||
- Consorcio Alto Cayma
|
49.00 | % | 49.00 | % | ||||
- Consorcio Vial Ayacucho
|
50.00 | % | 50.00 | % | ||||
- Consorcio Lima Actividades Comerciales
|
50.00 | % | 50.00 | % | ||||
- Consorcio GyM – COSAPI
|
50.00 | % | 50.00 | % | ||||
- Consorcio Atocongo
|
40.00 | % | 40.00 | % | ||||
- Consorcio Norte Pachacutec
|
49.00 | % | 49.00 | % | ||||
- Consorcio La Chira
|
50.00 | % | 50.00 | % | ||||
- Consorcio Río Urubamba
|
50.00 | % | 60.00 | % | ||||
- Consorcio Vial Quinua
|
46.00 | % | 46.00 | % | ||||
- Consorcio Rio Mantaro
|
50.00 | % | 50.00 | % | ||||
- Consorcio GyM – CONCIVILES
|
66.70 | % | 66.70 | % | ||||
- Consorcio Toromocho
|
55.00 | % | 55.00 | % | ||||
- Consorcio Construcciones y Montajes CCN
|
25.00 | % | 25.00 | % | ||||
- Consorcio CGB
|
50.00 | % | 50.00 | % | ||||
- Consorcio HV GyM
|
50.00 | % | 50.00 | % | ||||
- Consorcio Stracon Motta Engil JV
|
50.00 | % | 50.00 | % | ||||
- Consorcio Huacho Pativilca
|
67.00 | % | 67.00 | % | ||||
- Consorcio Constructor Chavimochic
|
26.50 | % | 26.50 | % | ||||
- Consorcio Constructor Ductos del Sur
|
- | 29.00 | % | |||||
- Consorcio Italo Peruano
|
- | 48.00 | % | |||||
- Consorcio Incolur
|
- | 50.00 | % | |||||
- Consorcio Menegua
|
- | 50.00 | % | |||||
- Consorcio Energía y Vapor
|
- | 50.00 | % | |||||
GMP S.A.
|
||||||||
- Consorcio Terminales
|
50.00 | % | 50.00 | % | ||||
- Terminales del Perú
|
50.00 | % | 50.00 | % | ||||
CONCAR S.A.
|
||||||||
- Consorcio Ancón-Pativilca
|
50.10 | % | 67.00 | % | ||||
- Consorcio Peruano de Conservación
|
50.00 | % | 50.00 | % | ||||
- Consorcio Manperán
|
- | 67.00 | % |
|
Percentage of interest
|
|||||||
Joint Operations
|
2014
|
2015
|
||||||
GMD S.A.
|
||||||||
- Consorcio Cosapi-Data – GMD S.A.
|
70.00 | % | 70.00 | % | ||||
- Consorcio The Louis Berger Group Inc. - GMD
|
66.45 | % | 66.45 | % | ||||
- Consorcio Procesos digitales
|
43.65 | % | 43.65 | % | ||||
- Consorcio GMD S.A. – Indra S.A.
|
50.00 | % | 50.00 | % | ||||
- Consorcio Fábrica de Software
|
50.00 | % | 50.00 | % | ||||
- Consorcio Gestión de Procesos Electorales (ONPE)
|
50.00 | % | 50.00 | % | ||||
- Consorcio Lima Actividades Sur
|
50.00 | % | 50.00 | % | ||||
- Consorcio Latino de Actividades Comerciales de
|
||||||||
Clientes Especiales
|
- | 50.00 | % | |||||
- Consorcio Latino de Actividades Comerciales
|
- | 75.00 | % | |||||
- Consorcio Gestión de Procesos Junta de Gobernadores
|
- | 45.00 | % | |||||
- Consorcio Soluciones Digitales
|
- | 38.00 | % | |||||
- Consorcio de Gestión de Información
|
- | 56.00 | % | |||||
Viva GyM S.A.
|
||||||||
- Consorcio Panorama
|
- | 35.00 | % | |||||
Cam Holding S.p.A.
|
||||||||
- Consorcio Mecam
|
50.00 | % | 50.00 | % | ||||
- Consorcio Seringel
|
50.00 | % | 50.00 | % |
Joint arrangements in
|
Economic activity
|
|
Graña y Montero S.A.A.
|
Construction, operation and maintenance of La Chira waste water treatment plant in the south of Lima. The project is aimed to solve Lima’s environmental problems caused by sewage discharged directly into the sea.
|
|
GyM S.A.
|
The activities of the joint operations in each of the divisions are:
|
|
|
Civil works division: construction in general in the energy, mining, infrastructure, industry.
|
|
|
Electromechanical Division: assembly, installation and supply of materials and / or electromechanical equipment and laying of transmission lines.
|
|
|
Building division: building houses, offices and commercial premises.
|
|
|
Services division: mining services.
|
|
GMP S.A.
|
Consorcio Terminales and Terminales del Peru provide services for reception, storing, shipping and transportation for liquid hydrocarbons, such as gasoline, jet fuel, diesel fuel and residual among others.
|
Joint arrangements in
|
Economic activity
|
|
CONCAR S.A.
|
Joint operations Concar provides rehabilitation service, routine and periodic maintenance of the road, further provides conservation services and supervision.
|
|
GMD S.A.
|
Outsourcing service of online BPO processes (Business Process Outsourcing).
|
|
Viva GyM S.A.
|
Construction of a five-star hotel with a convention center, a business center and entertainment center.
|
|
CAM Holding S.p.A.
|
Execution of outsourcing services to the electric power sector.
|
6
|
SEGMENT REPORTING
|
a)
|
Engineering and construction: This segment includes: (i) engineering, from traditional engineering services such as structural, civil and design engineering, and architectural planning to advanced specialties including process design, simulation, and environmental services; (ii) civil works, such as the construction of hydroelectric power stations and other large infrastructure facilities; (iii) electro mechanic construction, such as concentrator plants, oil and natural gas pipelines, and transmission lines; (iv) building construction, such as office buildings, residential buildings, hotels, affordable housing projects, shopping centers and industrial facilities; (v) contract mining, such as earthworks, blasting, loading and hauling ore.
|
b)
|
Infrastructure: The Group has long-term concessions or similar contractual arrangements in Peru for three toll roads, the Lima Metro, a waste water treatment plant in Lima, multiple fuel storage facilities, four producing oil fields, and a gas processing plant.
|
c)
|
Real Estate: The Group develops and sells homes targeted to low and middle-income population sectors which are experiencing a significant increase in disposable income, as well as, to a lesser extent, office and commercial space.
|
d)
|
Technical Services: The Group provides: (i) operation and maintenance services for infrastructure assets; (ii) information technology (IT) services, including IT outsourcing, systems integration, application outsourcing and business process outsourcing services; and (iii) electricity networks services (maintenance) in telecommunications.
|
e)
|
Parent Company Operation corresponds to the services which the Holding company provides, managing, logistics and accounting services, among others, to the different related entities of the Group.
|
Operating segments financial position
|
||||||||||||||||||||||||||||||||||||||||
Segment reporting
|
||||||||||||||||||||||||||||||||||||||||
Engineering
|
Infrastructure
|
Parent
|
||||||||||||||||||||||||||||||||||||||
and construction
|
Energy
|
Toll roads
|
Mass transit
|
Water treatment
|
Real estate
|
Technical services
|
Company Operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||||
As of December 31, 2014
|
||||||||||||||||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
285,367 | 54,085 | 53,312 | 51,522 | 8,407 | 54,268 | 134,678 | 176,763 | - | 818,402 | ||||||||||||||||||||||||||||||
Financial asset at fair value through profit or loss
|
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 |
Operating segments financial position
|
||||||||||||||||||||||||||||||||||||||||
Segment reporting
|
||||||||||||||||||||||||||||||||||||||||
Engineering
|
Infrastructure
|
Parent
|
||||||||||||||||||||||||||||||||||||||
and construction
|
Energy
|
Toll roads
|
Mass
transit
|
Water treatment
|
Real
estate
|
Technical services
|
Company Operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||||
As of December 31, 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
|
3,153 | - | - | - | - | - | - | - | - | 3,153 | ||||||||||||||||||||||||||||||
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 | 102,204 | 35,249 | - | 824,589 | ||||||||||||||||||||||||||||||
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
|
22,511 | - | - | - | - | - | - | - | - | 22,511 | ||||||||||||||||||||||||||||||
Total current assets
|
3,201,969 | 136,132 | 106,605 | 225,404 | 37,488 | 1,109,267 | 531,998 | 194,301 | (289,601 | ) | 5,253,563 | |||||||||||||||||||||||||||||
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 | (256,930 | ) | - | |||||||||||||||||||||||||||||
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 | 14,726 | - | 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 | 2,582,913 | (2,104,971 | ) | 646,884 | |||||||||||||||||||||||||||||
Investment property
|
- | - | - | - | - | 34,702 | - | - | - | 34,702 | ||||||||||||||||||||||||||||||
Property, plant and equipment
|
606,158 | 198,774 | 1,624 | 217 | - | 11,303 | 170,660 | 130,113 | (7,092 | ) | 1,111,757 | |||||||||||||||||||||||||||||
Intangible assets
|
302,992 | 137,130 | 364,819 | 311 | - | 1,043 | 37,564 | 23,561 | 13,600 | 881,020 | ||||||||||||||||||||||||||||||
Deferred income tax asset
|
126,550 | 1,325 | 3,003 | - | - | 1,171 | 39,825 | 656 | 1,321 | 173,851 | ||||||||||||||||||||||||||||||
Total non-current assets
|
1,158,951 | 404,127 | 434,938 | 626,669 | 2,587 | 91,677 | 257,777 | 3,115,594 | (2,354,072 | ) | 3,738,248 | |||||||||||||||||||||||||||||
Total assets
|
4,360,920 | 540,259 | 541,543 | 852,073 | 40,075 | 1,200,944 | 789,775 | 3,309,895 | (2,643,673 | ) | 8,991,811 | |||||||||||||||||||||||||||||
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
|
1,409,982 | 35,428 | 3,768 | 24,498 | 154 | 14,334 | 134,973 | 12,623 | - | 1,635,760 | ||||||||||||||||||||||||||||||
Accounts payable to related parties
|
118,381 | 3,990 | 40,578 | 9,962 | 10,560 | 58,790 | 39,476 | 79,709 | (283,616 | ) | 77,830 | |||||||||||||||||||||||||||||
Current income tax
|
19,337 | - | 753 | - | 166 | 26 | 13,750 | 84 | - | 34,116 | ||||||||||||||||||||||||||||||
Other accounts payable
|
645,648 | 20,340 | 2,841 | 1,682 | - | 257,616 | 125,020 | 12,853 | - | 1,066,000 | ||||||||||||||||||||||||||||||
Provisions
|
- | 6,341 | - | - | - | - | 7,127 | - | - | 13,468 | ||||||||||||||||||||||||||||||
Total current liabilities
|
2,846,322 | 167,195 | 108,905 | 67,688 | 10,880 | 555,146 | 411,712 | 208,045 | (283,616 | ) | 4,092,277 | |||||||||||||||||||||||||||||
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
|
176,644 | - | 493 | - | - | - | 68,045 | 1,214 | - | 246,396 | ||||||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
- | - | - | 94,172 | 24,035 | 120,083 | 38,332 | - | (256,486 | ) | 20,136 | |||||||||||||||||||||||||||||
Provisions
|
24,624 | 7,034 | - | - | - | - | 3,960 | - | - | 35,618 | ||||||||||||||||||||||||||||||
Derivative financial instruments
|
- | 2,331 | - | - | - | - | - | - | - | 2,331 | ||||||||||||||||||||||||||||||
Deferred income tax liability
|
52,016 | 4,250 | 107 | 9,723 | 270 | 11,937 | 3,164 | 20,197 | - | 101,664 | ||||||||||||||||||||||||||||||
Total non-current liabilities
|
629,236 | 96,922 | 181,286 | 680,217 | 24,305 | 159,582 | 180,016 | 21,411 | (256,486 | ) | 1,716,489 | |||||||||||||||||||||||||||||
Total liabilities
|
3,475,558 | 264,117 | 290,191 | 747,905 | 35,185 | 714,728 | 591,728 | 229,456 | (540,102 | ) | 5,808,766 | |||||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
720,722 | 255,032 | 198,345 | 78,127 | 4,890 | 158,605 | 162,550 | 3,067,987 | (1,991,702 | ) | 2,654,556 | |||||||||||||||||||||||||||||
Non-controlling interest
|
164,640 | 21,110 | 53,007 | 26,041 | - | 327,611 | 35,497 | 12,452 | (111,869 | ) | 528,489 | |||||||||||||||||||||||||||||
Total liabilities and equity
|
4,360,920 | 540,259 | 541,543 | 852,073 | 40,075 | 1,200,944 | 789,775 | 3,309,895 | (2,643,673 | ) | 8,991,811 |
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
|
|||||||||||||||||||||||||||||||
Year 2013 -
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
4,075,255 | 321,097 | 195,861 | 118,541 | 45,489 | 313,731 | 1,169,115 | 51,525 | (323,114 | ) | 5,967,500 | |||||||||||||||||||||||||||||
Gross profit
|
559,544 | 97,495 | 66,455 | 19,670 | 3,179 | 113,732 | 179,175 | (4,031 | ) | (31,097 | ) | 1,004,122 | ||||||||||||||||||||||||||||
Administrative expenses
|
(217,927 | ) | (16,170 | ) | (6,600 | ) | (8,025 | ) | (212 | ) | (20,993 | ) | (132,486 | ) | (8,616 | ) | 49,237 | (361,792 | ) | |||||||||||||||||||||
Other income and expenses
|
10,762 | (3,561 | ) | (35 | ) | 758 | (2 | ) | (1,749 | ) | 24,669 | (2,689 | ) | (2,851 | ) | 25,302 | ||||||||||||||||||||||||
Gains from the sale of investments
|
- | - | - | - | - | 3,197 | - | 2,525 | - | 5,722 | ||||||||||||||||||||||||||||||
Profit before interests
|
||||||||||||||||||||||||||||||||||||||||
and taxes
|
352,379 | 77,764 | 59,820 | 12,403 | 2,965 | 94,187 | 71,358 | (12,811 | ) | 15,289 | 673,354 | |||||||||||||||||||||||||||||
Financial expenses
|
(49,349 | ) | (14,264 | ) | (7,416 | ) | (40,012 | ) | (44 | ) | (14,639 | ) | (17,881 | ) | (21,615 | ) | 12,418 | (152,802 | ) | |||||||||||||||||||||
Financial income
|
22,714 | 33 | 3,006 | 14,035 | 14 | 855 | 2,028 | 35,680 | (38,012 | ) | 40,353 | |||||||||||||||||||||||||||||
Share of the profit or loss
|
||||||||||||||||||||||||||||||||||||||||
in associates and joint ventures
under the equity
|
||||||||||||||||||||||||||||||||||||||||
method of accounting
|
41,971 | 1,587 | - | - | - | 64 | 1,070 | 318,705 | (329,835 | ) | 33,562 | |||||||||||||||||||||||||||||
Profit before income tax
|
367,715 | 65,120 | 55,410 | (13,574 | ) | 2,935 | 80,467 | 56,575 | 319,959 | (340,140 | ) | 594,467 | ||||||||||||||||||||||||||||
Income tax
|
(111,240 | ) | (20,066 | ) | (14,971 | ) | 477 | (881 | ) | (21,427 | ) | (16,655 | ) | (781 | ) | 3,221 | (182,323 | ) | ||||||||||||||||||||||
Net profit for the period
|
256,475 | 45,054 | 40,439 | (13,097 | ) | 2,054 | 59,040 | 39,920 | 319,178 | (336,919 | ) | 412,144 | ||||||||||||||||||||||||||||
Profit attributable to:
|
||||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
211,594 | 41,635 | 26,077 | (9,823 | ) | 2,054 | 19,154 | 34,296 | 319,275 | (324,246 | ) | 320,016 | ||||||||||||||||||||||||||||
Non-controlling interest
|
44,881 | 3,419 | 14,362 | (3,274 | ) | - | 39,886 | 5,624 | (97 | ) | (12,673 | ) | 92,128 | |||||||||||||||||||||||||||
Net profit for the period
|
256,475 | 45,054 | 40,439 | (13,097 | ) | 2,054 | 59,040 | 39,920 | 319,178 | (336,919 | ) | 412,144 |
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
|
|||||||||||||||||||||||||||||||
Year 2014 -
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
5,035,674 | 350,339 | 338,153 | 166,951 | 29,323 | 224,560 | 1,208,168 | 53,241 | (397,729 | ) | 7,008,680 | |||||||||||||||||||||||||||||
Gross profit
|
535,360 | 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
|
|||||||||||||||||||||||||||||||
Year 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
|
357,274 | 63,530 | 78,544 | 48,804 | 2,225 | 51,755 | 178,303 | (7,004 | ) | (70,626 | ) | 702,805 | ||||||||||||||||||||||||||||
Administrative expenses
|
(289,144 | ) | (18,214 | ) | (10,319 | ) | (10,529 | ) | (310 | ) | (20,521 | ) | (115,018 | ) | (29,882 | ) | 80,557 | (413,380 | ) | |||||||||||||||||||||
Other income and expenses
|
30,616 | 1,365 | 55 | 2 | - | 1,759 | 15,348 | 11,114 | (2,972 | ) | 57,287 | |||||||||||||||||||||||||||||
Loss from the sale of investments
|
- | - | - | - | - | - | (8,289 | ) | - | - | (8,289 | ) | ||||||||||||||||||||||||||||
Operating profit
|
98,746 | 46,681 | 68,280 | 38,277 | 1,915 | 32,993 | 70,344 | (25,772 | ) | 6,959 | 338,423 | |||||||||||||||||||||||||||||
Financial expenses
|
(127,383 | ) | (19,953 | ) | (4,713 | ) | (5,303 | ) | (45 | ) | (11,642 | ) | (32,246 | ) | (2,818 | ) | 27,301 | (176,802 | ) | |||||||||||||||||||||
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
|
(2,234 | ) | 944 | - | - | - | 14,888 | 589 | 76,226 | (72,810 | ) | 17,603 | ||||||||||||||||||||||||||||
Profit before income tax
|
(21,996 | ) | 27,830 | 72,289 | 35,290 | 1,991 | 36,985 | 40,832 | 103,737 | (79,627 | ) | 217,331 | ||||||||||||||||||||||||||||
Income tax
|
(29,441 | ) | (7,650 | ) | (18,794 | ) | (10,630 | ) | (520 | ) | (7,649 | ) | 6,102 | (9,208 | ) | 2,171 | (75,619 | ) | ||||||||||||||||||||||
Profit for the year
|
(51,437 | ) | 20,180 | 53,495 | 24,660 | 1,471 | 29,336 | 46,934 | 94,529 | (77,456 | ) | 141,712 | ||||||||||||||||||||||||||||
Profit attributable to:
|
||||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(64,379 | ) | 17,072 | 40,010 | 18,495 | 1,471 | 12,377 | 40,322 | 95,271 | (72,485 | ) | 88,154 | ||||||||||||||||||||||||||||
Non-controlling interest
|
12,942 | 3,108 | 13,485 | 6,165 | - | 16,959 | 6,612 | (742 | ) | (4,971 | ) | 53,558 | ||||||||||||||||||||||||||||
(51,437 | ) | 20,180 | 53,495 | 24,660 | 1,471 | 29,336 | 46,934 | 94,529 | (77,456 | ) | 141,712 |
2013
|
2014
|
2015 | ||||||||||
Revenue:
|
||||||||||||
- Peru
|
5,072,251 | 5,611,844 | 5,707,098 | |||||||||
- Chile
|
631,883 | 1,011,822 | 944,198 | |||||||||
- Colombia
|
112,573 | 125,929 | 778,333 | |||||||||
- Panama
|
76,394 | 139,666 | 206,137 | |||||||||
- Guyana
|
- | 49,525 | 111,924 | |||||||||
- Brazil
|
74,399 | 68,045 | 39,253 | |||||||||
- Bolivia
|
- | 1,849 | 45,490 | |||||||||
5,967,500 | 7,008,680 | 7,832,433 | ||||||||||
Non-current assets:
|
||||||||||||
- Peru
|
2,461,288 | 3,268,907 | ||||||||||
- Chile
|
359,686 | 320,094 | ||||||||||
- Colombia
|
272,543 | 124,820 | ||||||||||
- Guyana
|
2,974 | 8,800 | ||||||||||
- Brazil
|
8,398 | - | ||||||||||
- Bolivia
|
1,890 | 15,043 | ||||||||||
- Panama
|
- | 584 | ||||||||||
3,106,779 | 3,738,248 |
7
|
FINANCIAL INSTRUMENTS
|
7.1
|
Financial instruments by category -
|
|
At December 31,
|
|||||||
2014
|
2015
|
|||||||
Assets according to the statement of financial position
|
||||||||
Loans and accounts receivable:
|
||||||||
- Cash and cash equivalents
|
818,402 | 554,002 | ||||||
- Trade and other accounts receivable
|
||||||||
not including advances to suppliers
|
1,206,057 | 1,291,133 | ||||||
- Unbilled work in progress
|
1,197,769 | 1,378,941 | ||||||
- Financial assets related to concession agreements
|
698,371 | 707,392 | ||||||
- Accounts receivable from related parties
|
99,061 | 280,153 | ||||||
4,019,660 | 4,211,621 | |||||||
Available-for-sale financial asset (Note 9)
|
93,144 | 120,134 | ||||||
Financial asset at fair value through profit and loss
|
5,601 | 3,153 |
At December 31,
|
||||||||
2014
|
2015
|
|||||||
Liabilities according to the statement of financial position
|
||||||||
Other financial liabilities at amortized cost
|
||||||||
- Other financial liabilities
|
1,419,428 | 1,480,071 | ||||||
- Finance leases
|
332,151 | 301,285 | ||||||
- Bonds
|
- | 794,091 | ||||||
- Trade and other accounts payable
|
||||||||
(excluding non-financial liabilities)
|
1,434,377 | 1,967,268 | ||||||
- Accounts payable to related parties
|
83,027 | 97,966 | ||||||
3,268,983 | 4,640,681 | |||||||
Hedging derivatives:
|
||||||||
- Derivative financial instruments
|
2,999 | 2,331 |
7.2
|
Credit quality of financial assets -
|
At December 31,
|
||||||||
2014
|
2015
|
|||||||
Cash and cash equivalents (*)
|
||||||||
Banco de Crédito del Perú (A+)
|
451,956 | 237,870 | ||||||
Citibank (A)
|
677 | 82,471 | ||||||
Banco de la Nación (A)
|
56,028 | 64,456 | ||||||
Banco Continental (A+)
|
76,408 | 43,074 | ||||||
Banco Scotiabank (A+)
|
11,611 | 38,345 | ||||||
Banco Santander - Perú (A)
|
183 | 21,660 | ||||||
Banco Interbank (A)
|
64,962 | 17,145 | ||||||
Banco Santander - Chile (AAA)
|
40,577 | 7,181 | ||||||
Scotiabank Chile (AAA)
|
- | 6,758 | ||||||
Banco de Crédito e Inversiones - Chile (AA+)
|
10,597 | 6,331 | ||||||
Banco Scotiabank de Guyana (A)
|
- | 5,462 | ||||||
Banco Bogotá (A)
|
67,959 | 4,124 | ||||||
Larrain Vial de Chile (A)
|
- | 3,368 | ||||||
Banco de Chile (AAA)
|
5,328 | 1,523 | ||||||
Banco Continental Chile (A)
|
7,396 | - | ||||||
ITAU - Chile (AA)
|
7,391 | - | ||||||
Others
|
6,932 | 5,064 | ||||||
808,005 | 544,832 |
(*)
|
The difference between the balances shown above with the balances shown in the statement of financial position corresponds to cash on hand and in-transit remittances (Note 8).
|
A:
|
new customers/related parties (less than 6 months),
|
B:
|
existing customers/related parties (with more than 6 months of trade relationship) with no previous default history; and
|
C:
|
existing customers/related parties (with more than 6 months of trade relationship) with previous default history.
|
2014 | 2015 | |||||
Trade accounts receivable (Note 10 and Note 11)
|
||||||
Counterparties with no external risk rating
|
||||||
A | 36,187 | 540,573 | ||||
B | 2,700,295 | 2,168,513 | ||||
C | 125,787 | 342,477 | ||||
2,862,269 | 3,051,563 | |||||
Receivable from related parties (Note 12)
|
||||||
B | 99,061 | 280,153 |
8
|
CASH AND CASH EQUIVALENTS
|
At December 31,
|
||||||||
2014
|
2015
|
|||||||
Cash on hand
|
8,411 | 6,116 | ||||||
Checking accounts
|
530,246 | 411,695 | ||||||
Time deposits (a)
|
259,035 | 123,033 | ||||||
In-transit remittances
|
1,986 | 3,054 | ||||||
Mutual funds
|
18,724 | 10,104 | ||||||
818,402 | 554,002 |
(a)
|
At December 31, 2015, this balance mostly comprises short-term deposits for GyM S.A., ViVa GyM S.A., GyM Ferrovías S.A. and Concar S.A. for S/36.7 million, S/33.0 million, S/23.0 million, and S/11.1 million, respectively. Interest rates range between 0.10% and 4.70% (GMH, GyM S.A., GyM Ferrovías S.A. and ViVa GyM S.A. for S/168 million, S/29 million, S/29 million and S/18 million, respectively with interest rates range between 0.10% and 3.97% at December 31,2014).
|
9
|
OTHER 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 7.5% corresponding to estimated TGP’s WACC (8.1% at December 31,2014)
|
-
|
The interest of the Company in TGP is 1.64% at December 31, 2015 and 2014.
|
10
|
TRADE ACCOUNTS RECEIVABLE
|
At December 31
|
||||||||
2014
|
2015
|
|||||||
Invoices receivable
|
1,397,084 | 1,548,669 | ||||||
Collection rights
|
277,547 | 140,087 | ||||||
1,674,631 | 1,688,756 | |||||||
Impairment of receivables
|
(10,131 | ) | (16,134 | ) | ||||
1,664,500 | 1,672,622 | |||||||
Less: non-current portion
|
||||||||
Invoices receivable
|
(529,201 | ) | (610,695 | ) | ||||
Collection rights
|
(50,755 | ) | (11,136 | ) | ||||
Total non-current
|
(579,956 | ) | (621,831 | ) | ||||
Total current
|
1,084,544 | 1,050,791 |
At December 31
|
||||||||
2014
|
2015
|
|||||||
Current
|
1,410,199 | 1,250,086 | ||||||
Past due up to 30 days
|
174,633 | 256,743 | ||||||
Past due over 30 days
|
89,799 | 181,927 | ||||||
1,674,631 | 1,688,756 |
11
|
UNBILLED WORK IN PROGRESS
|
At December 31
|
||||||||
2014
|
2015
|
|||||||
Unbilled rights receivable
|
966,924 | 1,163,473 | ||||||
Deferred costs of work in progress
|
230,845 | 215,468 | ||||||
1,197,769 | 1,378,941 | |||||||
Less: non-current portion
|
||||||||
Unbilled rights receivable
|
(25,387 | ) | (40,727 | ) | ||||
Deferred costs of work in progress
|
(10,584 | ) | (19,027 | ) | ||||
Total non-current
|
(35,971 | ) | (59,754 | ) | ||||
Total current
|
1,161,798 | 1,319,187 |
12
|
TRANSACTIONS WITH RELATED PARTIES AND JOINT OPERATORS
|
2013
|
2014
|
2015
|
||||||||||
Revenue from sale of goods and services:
|
||||||||||||
- Associates
|
4,915 | 6,040 | 1,400 | |||||||||
- Joint operations
|
67,601 | 43,897 | 52,384 | |||||||||
72,516 | 49,937 | 53,784 |
2013 | 2014 | 2015 | |||||||
Expenses from purchase of goods
|
|||||||||
and services:
|
|||||||||
- Associates
|
5 | 42 | 18 | ||||||
- Joint operations
|
6,068 | 715 | 489 | ||||||
6,073 | 757 | 507 |
b)
|
Key management compensation -
|
c)
|
Balances at the end of the year resulting from the sale/purchase of goods/services -
|
At December 31,
|
At December 31,
|
|||||||||||||||
2014
|
2015
|
|||||||||||||||
Receivable
|
Payable
|
Receivable
|
Payable
|
|||||||||||||
Joint operations:
|
||||||||||||||||
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
|
15,365 | - | 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 | ||||||||||||
Ingeniería y Construcción Sigdo Koppers-Vial
|
- | 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 | ||||||||||||
Consorcio Italo Peruano
|
- | - | 465 | 21,907 | ||||||||||||
Consorcio Constructor Alto Cayma
|
1,424 | - | 387 | - | ||||||||||||
Consorcio Construcciones y Montajes
|
115 | 1,198 | 112 | 2,533 | ||||||||||||
Bechtel Vial y Vives Servicios Complementarios Ltda.
|
96 | 4,648 | 84 | 6,956 | ||||||||||||
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 Ingenieria y Construcción Bechtel
|
- | 5,140 | - | - | ||||||||||||
Consorcio EIM ISA
|
- | 2,955 | - | - | ||||||||||||
Others
|
3,041 | 3,953 | 4,893 | 4,275 | ||||||||||||
99,061 | 68,934 | 280,153 | 73,540 | |||||||||||||
Other related parties:
|
||||||||||||||||
Ferrovias Argentina
|
- | 14,093 | - | 20,136 | ||||||||||||
Arturo Serna
|
- | - | - | 4,290 | ||||||||||||
- | 14,093 | - | 24,426 | |||||||||||||
99,061 | 83,027 | 280,153 | 97,966 | |||||||||||||
Less non-current portion:
|
||||||||||||||||
Ferrovias Argentina
|
- | - | - | (20,136 | ) | |||||||||||
Current portion
|
99,061 | 83,027 | 280,153 | 77,830 |
13
|
OTHER ACCOUNTS RECEIVABLE
|
At December 31,
|
||||||||
2014
|
2015
|
|||||||
Advances to suppliers (a)
|
162,544 | 170,126 | ||||||
Fiscal credit (b)
|
95,891 | 146,785 | ||||||
Income tax on-account payments (c)
|
90,088 | 165,705 | ||||||
Guarantee deposits (d)
|
103,086 | 115,573 | ||||||
Loans to third parties
|
11,904 | 83,657 | ||||||
Taxes receivable (e)
|
5,938 | 42,404 | ||||||
Temporary tax on net assets
|
19,223 | 20,051 | ||||||
Claims to SUNAT (pre-paid taxes)
|
14,572 | 19,544 | ||||||
Rental and sale of equipment
|
11,336 | 9,919 | ||||||
Guarantee deposits
|
9,938 | 9,696 | ||||||
Petróleos del Perú S.A.- Petroperú S.A.
|
2,518 | 8,891 | ||||||
Receivables from personnel
|
11,886 | 8,168 | ||||||
Claims to third parties
|
20,571 | 17,846 | ||||||
Advances pending liquidation
|
1,788 | 3,478 | ||||||
Account receivable from sale of investments
|
23,822 | - | ||||||
Legal deposits
|
4,170 | - | ||||||
Other
|
40,253 | 68,675 | ||||||
629,528 | 890,518 | |||||||
Less non-current portion:
|
||||||||
Fiscal credit (b)
|
(35,926 | ) | (55,663 | ) | ||||
Petróleos del Perú S.A.- Petroperú S.A.
|
- | (7,948 | ) | |||||
Advances to suppliers (a)
|
(4,131 | ) | (2,200 | ) | ||||
Legal deposits
|
(4,170 | ) | - | |||||
Other
|
(326 | ) | (118 | ) | ||||
(44,553 | ) | (65,929 | ) | |||||
Current portion
|
584,975 | 824,589 |
(a)
|
Advances to suppliers -
|
At December 31, | ||||||||
2014
|
2015
|
|||||||
Consorcio Río Mantaro
|
81,153 | 76,417 | ||||||
Antucoya - Vial Vives
|
4,042 | 11,433 | ||||||
Alsthom Transporte
|
6,928 | 11,141 | ||||||
Real state projects
|
- | 10,925 | ||||||
Costa Norte
|
- | 7,670 | ||||||
Gaseoducto del Sur
|
- | 6,017 | ||||||
Panorama Plaza Negocios
|
17,270 | 5,864 | ||||||
OFP Administración Central
|
2,087 | 4,232 | ||||||
Centro de producción América TV.
|
3,754 | |||||||
Consorcio Bionergy
|
- | 2,363 | ||||||
Poliducto de Occidente
|
2,980 | 2,031 | ||||||
Stracon GyM projects
|
2,771 | 1,912 | ||||||
ICHMA
|
- | 1,825 | ||||||
Consorcio constructor Chavimochic
|
1,368 | 1,781 | ||||||
Servicios Codensa
|
- | 1,730 | ||||||
30K Project - Fase I - Morelco
|
- | 1,461 | ||||||
ABB AB Importaciones
|
1,353 | 1,223 | ||||||
Serv. ICAP
|
- | 1,116 | ||||||
Oficinas Rivera Navarrete
|
2,179 | 137 | ||||||
EPC Planta Minera Inmaculada
|
9,387 | 107 | ||||||
ABB Inc.
|
3,487 | - | ||||||
Harvin Electric
|
2,007 | - | ||||||
Centro Empresarial Leuro
|
1,651 | 298 | ||||||
Consorcio Peruano de Conservación
|
1,350 | 317 | ||||||
Nuevo Campus Universitario UTEC
|
1,104 | - | ||||||
Projects for minor amounts
|
21,427 | 16,372 | ||||||
162,544 | 170,126 |
(b)
|
Fiscal credit -
|
(c)
|
Income tax on-account payment -
|
(d)
|
Guarantee deposits -
|
At December 31 | ||||||||
2014
|
2015
|
|||||||
Machupicchu project
|
11,495 | 13,622 | ||||||
Security deposits (rental)
|
2,222 | 11,310 | ||||||
Las Acacias 30K-STAP 7
|
- | 8,813 | ||||||
Panorama Plaza Negocios
|
3,104 | 6,844 | ||||||
Serv. ICAP
|
- | 5,977 | ||||||
Warranty on sale agreement CAM Brasil
|
- | 5,689 | ||||||
Minera Antucoya
|
12,279 | 5,545 | ||||||
Construcción Planta de Cal Pachachaca
|
6,299 | 5,434 | ||||||
Samsung Engineering Chile
|
- | 5,419 | ||||||
Poliducto de Occidente Medellín
|
- | 4,999 | ||||||
Costa Norte Santa Marta
|
- | 4,751 | ||||||
La Zanja
|
1,818 | 4,636 | ||||||
Termosuria Villavicencio
|
- | 4,309 | ||||||
Oficina principal
|
- | 3,868 | ||||||
Minera Inmaculada
|
1,069 | 3,648 | ||||||
Oficina Rivera Navarrete 2
|
670 | 2,374 | ||||||
7005 OPR
|
1,000 | 2,277 | ||||||
San Pedro del Sur
|
2,068 | 1,255 | ||||||
Centro Empresarial Leuro
|
3,130 | 756 | ||||||
Empresa Colombiana de Petróleos S.A.
|
38,100 | - | ||||||
Minera los Pelambres
|
5,168 | - | ||||||
Nuevo Campus Universitario UTEC
|
3,735 | - | ||||||
Metapetroleum Corp
|
2,966 | - | ||||||
Maersk Container Industry San Antonio SPA
|
1,562 | - | ||||||
Other projects
|
6,401 | 14,047 | ||||||
103,086 | 115,573 |
(e)
|
Taxes receivable -
|
14
|
INVENTORIES
|
At December 31
|
||||||||
2014
|
2015
|
|||||||
Work in progress - Real estate
|
84,683 | 415,538 | ||||||
Land
|
494,024 | 361,082 | ||||||
Construction material
|
125,665 | 160,475 | ||||||
Finished properties
|
51,767 | 136,621 | ||||||
Merchandise and supplies
|
83,752 | 87,643 | ||||||
839,891 | 1,161,359 | |||||||
Impairment of inventories
|
(6,321 | ) | (2,205 | ) | ||||
833,570 | 1,159,154 |
2014
|
2015
|
|||||||
El Rancho
|
- | 166,256 | ||||||
Klimt
|
- | 67,910 | ||||||
Los Parques de Comas I
|
- | 65,433 | ||||||
Los Parques del Callao
|
- | 57,672 | ||||||
2da etapa Proyecto Los Parques de San Martín
|
35,103 | 19,063 | ||||||
Los Parques de Comas II
|
- | 11,913 | ||||||
Villa El Salvador 2
|
17,377 | 9,918 | ||||||
Real 2
|
- | 7,497 | ||||||
Rivera Navarrete
|
22,330 | - | ||||||
Parques de Piura
|
9,751 | - | ||||||
Other minors
|
122 | 9,876 | ||||||
84,683 | 415,538 |
2014
|
2015
|
|||||||
Lurin (a)
|
91,000 | 92,071 | ||||||
Miraflores (b)
|
78,700 | 79,971 | ||||||
San Miguel (c)
|
67,300 | 69,859 | ||||||
Ancón (d)
|
- | 33,068 | ||||||
Villa el Salvador (e)
|
19,143 | 19,143 | ||||||
Nuevo Chimbote
|
15,507 | 15,834 | ||||||
San Martín de Porres
|
12,600 | 12,978 | ||||||
Huancayo
|
11,210 | 11,324 | ||||||
Comas (f)
|
61,000 | - | ||||||
San Isidro (g)
|
52,000 | - | ||||||
Callao (h)
|
52,800 | - | ||||||
Others
|
32,764 | 26,834 | ||||||
494,024 | 361,082 |
(a)
|
Plot of land of 750 hectares located in the district of Lurin, province Lima, for industrial development and public housing.
|
(b)
|
Plot of land located in Av. El Ejército, Urbanizacion. Santa Cruz, Miraflores, development complex consisting of a 5-star hotel, convention, business, cultural, commercial and residential building center.
|
(c)
|
Plot of land located in the district San Miguel of 1.4 hectares to develop a traditional mulit-family building of 1,004 apartments in 4 stages.
|
(d)
|
A 108-hectare land property in which a mega housing-project will be implemented, including appartments ranging from 55 m2 to 75 m2, as well as houses of 75 m2.
|
(e)
|
A 2.5-hectare land property in which a project will be implemented consisting of 2 condominiums of 18 buildings; each condo with 720 apartments.
|
(f)
|
Plot of land located in the district of Comas, which will be used to develop the project of approximately 8,000 social housing projects called Los Parques de Comas.
|
(g)
|
Plot of land located at Av. Pezet 583, San Isidro, development consisting of building with 32 apartments each of more than 300 m2 each.
|
(h)
|
Plot of land located at Av. Argentina 2430-Callao, for the project of approximately 984 housing in 3 phases called Los Parques del Callao.
|
2014
|
2015
|
|||||||
Gaseoducto del Sur
|
- | 68,268 | ||||||
Mina Constancia
|
20,382 | 20,119 | ||||||
Cerro del Aguila – Kallpa
|
13,881 | 12,846 | ||||||
Central de equipos
|
4,361 | 6,875 | ||||||
Planta Concentradora Cerro Verde 2 - 1era fase
|
10,604 | 5,220 | ||||||
La Zanja
|
3,266 | 3,632 | ||||||
Carretera Quinua San Franciso tramo 2
|
- | 3,123 | ||||||
Shahuindo
|
- | 2,179 | ||||||
Chavimochic
|
- | 2,076 | ||||||
Construcción de Montaje Electromecánico
|
3,373 | 2,001 | ||||||
Planta Minera Inmaculada
|
24,734 | - | ||||||
Termoeléctrica Kelar
|
3,790 | - | ||||||
Planta de Cal de Pachachaca
|
3,500 | - | ||||||
Other minors
|
37,774 | 34,136 | ||||||
125,665 | 160,475 |
2014
|
2015
|
|||||||
Panorama
|
- | 70,951 | ||||||
Los Parques de San Martín de Porres
|
23,579 | 21,557 | ||||||
Rivera Navarrete
|
- | 14,085 | ||||||
Villa El Salvador 2
|
12,899 | 12,604 | ||||||
Los Parques de Carabayllo 2da etapa
|
- | 9,848 | ||||||
Los Parques de Comas II
|
- | 4,115 | ||||||
Parque Central
|
5,524 | - | ||||||
El Sol
|
4,432 | - | ||||||
Otros menores
|
5,333 | 3,461 | ||||||
51,767 | 136,621 |
15
|
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
|
At December 31,
|
||||||||
2014
|
2015
|
|||||||
Associates
|
82,494 | 500,581 | ||||||
Joint ventures
|
147,069 | 146,303 | ||||||
229,563 | 646,884 |
2013
|
2014
|
2015
|
||||||||||
Associates
|
11,104 | 29,132 | 32,679 | |||||||||
Joint ventures
|
22,458 | 24,313 | 2,193 | |||||||||
33,562 | 53,445 | 34,872 |
a)
|
Investment in associates
|
Carrying amount | ||||||||||||||||||
Class | Interest in capital | At December 31, | ||||||||||||||||
Entity | of share | 2014 | 2015 | 2014 | 2015 | |||||||||||||
% | % | |||||||||||||||||
Gasoducto Sur Peruano S.A.
|
Common
|
- | 20.00 | - | 447,372 | |||||||||||||
Asociación en Participación Panorama
|
||||||||||||||||||
Plaza de Negocios
|
Common
|
35.00 | - | 38,932 | - | |||||||||||||
Promoción Inmobiliaria del Sur S.A.
|
Common
|
22.50 | 22.50 | 23,930 | 28,733 | |||||||||||||
Concesionaria Chavimochic S.A.C.
|
Common
|
26.50 | 26.50 | 13,336 | 17,202 | |||||||||||||
Betchel Vial y Vives Servicios
|
||||||||||||||||||
Complementarios Ltda.
|
Common
|
40.00 | 40.00 | 2,345 | 6,187 | |||||||||||||
JV Panama
|
Common
|
15.00 | - | 2,755 | - | |||||||||||||
Others
|
1,196 | 1,087 | ||||||||||||||||
82,494 | 500,581 |
Gasoducto Sur | Promoción Inmobiliaria | Asociación en | ||||||||||||||||||||||
Peruano | del Sur S.A. | Chavimochic S.A.C. | Participación Panorama | |||||||||||||||||||||
At December 31, | At December 31, | At December 31, | Plaza de Negocios | |||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||
Current
|
||||||||||||||||||||||||
Cash and cash equivalents
|
223,405 | 48,545 | 40,704 | 5,200 | 18,778 | 52,748 | ||||||||||||||||||
Other current assets (excluding cash)
|
79,814 | 25,806 | 84,183 | 81,324 | 152,622 | 216,296 | ||||||||||||||||||
Total current assets
|
303,219 | 74,351 | 124,887 | 86,524 | 171,400 | 269,044 | ||||||||||||||||||
Financial liabilities (excluding trade accounts payables)
|
2,209,045 | - | - | 30,288 | 105,617 | 2,385 | ||||||||||||||||||
Other current liabilities
|
||||||||||||||||||||||||
(including trade accounts payables)
|
1,148,463 | 34,351 | 32,072 | 14,834 | 5,182 | 200,590 | ||||||||||||||||||
Total current liabilities
|
3,357,508 | 34,351 | 32,072 | 45,122 | 110,799 | 202,975 | ||||||||||||||||||
Non-current
|
||||||||||||||||||||||||
Assets
|
4,943,392 | 49,365 | 47,699 | 8,980 | 8,608 | 61,945 | ||||||||||||||||||
Financial liabilities
|
- | - | - | - | - | 16,418 | ||||||||||||||||||
Other liabilities
|
7,442 | - | 13,090 | 57 | 2,547 | 247 | ||||||||||||||||||
Net assets
|
1,881,661 | 89,365 | 127,424 | 50,325 | 66,662 | 111,349 |
Asociación en
|
|||||||||||||||||||||||||||
Gasoducto Sur
|
Participación Panorama
|
||||||||||||||||||||||||||
Peruano
|
Promoción Inmobiliaria del Sur S.A.
|
Chavimochic S.A.C.
|
Plaza de Negocios
|
||||||||||||||||||||||||
2015
|
2013
|
2014
|
2015
|
2014
|
2015
|
2014 | |||||||||||||||||||||
Revenue
|
3,007,799 | 44,552 | 88,870 | 90,970 | 67,473 | 376,124 | 9 | ||||||||||||||||||||
Depreciation and amortization
|
(256 | ) | (69 | ) | (73 | ) | - | (216 | ) | (371 | ) | (489 | ) | ||||||||||||||
Interest income
|
- | 52 | 29 | 54 | 61 | 203 | 10,918 | ||||||||||||||||||||
Interest expenses
|
(31,953 | ) | (2 | ) | (3 | ) | ( 25 | ) | (126 | ) | (1,426 | ) | (7,420 | ) | |||||||||||||
Profit or loss from continuing
|
|||||||||||||||||||||||||||
operations
|
69,191 | 43,234 | 82,080 | 80,372 | 175 | 22,995 | 955 | ||||||||||||||||||||
Income tax
|
19,828 | (13,365 | ) | (24,521 | ) | (25,373 | ) | 57 | (6,656 | ) | 654 | ||||||||||||||||
Post-tax profit from continuin
|
|||||||||||||||||||||||||||
operations
|
49,363 | 29,971 | 61,402 | 65,245 | 118 | 16,339 | 301 | ||||||||||||||||||||
Other comprehensive income
|
- | - | - | - | - | - | - | ||||||||||||||||||||
Total comprehensive income
|
49,363 | 29,971 | 61,402 | 65,245 | 118 | 16,339 | 301 |
2013
|
2014
|
2015
|
||||||||||
Opening balance
|
24,719 | 28,209 | 82,494 | |||||||||
Acquisition through business combinations (Note 31)
|
346 | - | - | |||||||||
Acquisition of Gaseoducto Sur Peruano (Note 15 a-i)
|
- | - | 437,494 | |||||||||
Acquisitions
|
- | 51,244 | - | |||||||||
Equity interest in results
|
11,104 | 29,132 | 32,679 | |||||||||
Change in corporate structure of Panorama Project (Note 15 a-ii)
|
- | - | (39,180 | ) | ||||||||
Dividends received
|
(2,980 | ) | (25,191 | ) | (9,838 | ) | ||||||
Sale of investments
|
(6,684 | ) | - | - | ||||||||
Derecognition of investments
|
- | - | (2,755 | ) | ||||||||
Conversion adjustment
|
1,704 | (900 | ) | (313 | ) | |||||||
Final balance
|
28,209 | 82,494 | 500,581 |
-
|
In March 2014, Constructora Norberto Odebrecht S.A. and Odebrecht Partipacoes e Investimentos S.A. formed Concesionaria Chavimochic S.A.C., in which the Company has 26.5% interest based on a capital contribution of S/13.3 million .
|
-
|
During 2015 the Group received dividends from Promoción Inmobiliaria del Sur S.A. amounting to 9.8 million (from Promoción Inmobiliaria del Sur S.A., Ingeniería y Construcción Vial y Vives OGP -1 Limitada y Betchel Vial y Vives Servicios Complementarios Ltda. for S/3.4 million , S/16.6 million and S/4.9 million, respectively during 2014).
|
-
|
The “share of the profit or loss in associates and joint ventures under the equity method” shown in the income statement includes S/17.3 million as expenses that subsidiary GyM S.A. had to pay in 2015 for the execution of the letter of guarantee by lower investment in JV Panama.
|
Constructora SK-VyV Ltda. | Sistemas SEC | Tecgas N.V | Adexus S.A. | |||||||||||||||||||||||||
At December 31, | At December 31, | At December 31, | At December 31, | |||||||||||||||||||||||||
2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2015 | ||||||||||||||||||||||
Current
|
||||||||||||||||||||||||||||
Cash and cash equivalents
|
692 | 80 | 68 | 1,915 | 35,009 | 71,903 | 13,626 | |||||||||||||||||||||
Other current assets
|
||||||||||||||||||||||||||||
(excluding cash)
|
91,606 | 7,810 | 18,329 | 8,611 | 53,370 | 41,219 | 128,616 | |||||||||||||||||||||
Total current assets
|
92,298 | 7,890 | 18,397, | 10,526 | 88,379 | 113,122 | 142,242 | |||||||||||||||||||||
Financial liabilities
|
||||||||||||||||||||||||||||
(excluding trade accounts payables)
|
68 | 1,091 | 42 | - | - | - | 100,618 | |||||||||||||||||||||
Other current liabilities
|
||||||||||||||||||||||||||||
(including trade accounts payables)
|
7,921 | 269 | 8,867 | 11,765 | 81,917 | 103,941 | 68,116 | |||||||||||||||||||||
Total current liabilities
|
7,989 | 1,360 | 8,909 | 11,765 | 81,917 | 103,941 | 168,734 | |||||||||||||||||||||
Non-current
|
||||||||||||||||||||||||||||
Assets
|
103 | 45 | 16,239 | 22,794 | 201,362 | 192,360 | 174,159 | |||||||||||||||||||||
Other liabilities
|
91 | - | 5,198 | 2,724 | 59,126 | 47,686 | 63,397 | |||||||||||||||||||||
Net assets
|
84,321 | 6,575 | 20,529 | 18,831 | 148,698 | 153,855 | 84,270 | |||||||||||||||||||||
Revenue
|
298,156 | 10,702 | 362 | 26,136 | - | 426,487 | 334,376 | |||||||||||||||||||||
Depreciation and amortization
|
(426 | ) | - | (2,069 | ) | 424 | - | (11,749 | ) | (18,387 | ) | |||||||||||||||||
Interest income
|
83 | - | 1,409 | 58 | - | 138 | 47 | |||||||||||||||||||||
Interest expenses
|
- | - | (1,065 | ) | (278 | ) | - | (122 | ) | (23,026 | ) | |||||||||||||||||
Profit or loss from continuing operations
|
6,916 | 7,826 | 2,474 | 1,374 | - | 1,876 | (35,573 | ) | ||||||||||||||||||||
Income tax expense
|
(8,964 | ) | (1,289 | ) | (1,305 | ) | (188 | ) | - | (892 | ) | 2,391 | ||||||||||||||||
Post-tax profit from
|
||||||||||||||||||||||||||||
continuing operations
|
37,952 | 6,537 | (1,169 | ) | 1,186 | - | 984 | (33,182 | ) | |||||||||||||||||||
Other comprehensive income
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Total comprehensive income
|
37,952 | 6,537 | (1,169 | ) | 1,186 | - | 984 | (33,182 | ) |
2013
|
2014
|
2015
|
||||||||||
Opening balance
|
12,727 | 59,758 | 147,069 | |||||||||
Acquisition through business
|
||||||||||||
combination (Note 31)
|
2,262 | - | - | |||||||||
Acquisitions
|
- | 78,615 | 44,145 | |||||||||
Decrease in capital
|
- | - | (3,364 | ) | ||||||||
Debt capitalization
|
7,989 | - | - | |||||||||
Equity interests in results
|
22,458 | 24,313 | 2,193 | |||||||||
Dividends received
|
(1,708 | ) | (11,527 | ) | (42,122 | ) | ||||||
Adjustment SEC (vi)
|
9,379 | - | - | |||||||||
Adjustment LQS (vi)
|
7,408 | - | - | |||||||||
Conversion adjustment
|
(757 | ) | (4,090 | ) | (1,618 | ) | ||||||
Final balance
|
59,758 | 147,069 | (146,303 | ) |
i)
|
In December 2015 a share capital of Consorcio DSD Echevarría Izquierdo was decreased by S/3.3 million, which did not affect the interest of each party in the joint operation (50%). The purpose of the capital decrease resulted from the settlement of the obligations that the joint operation held with its partners Vial y Vives - DSD S.A. y Echevarría Izquierdo Montajes Industriales S.A.
|
|
|
ii)
|
In August 2015 the Company acquired a 44% interest in the share capital of Adexus S.A., amounting to S/44.1 million. This investment includes goodwill arising from the acquisition for S/20.7 million.
|
iii)
|
In December 2014, the Company acquired 51% of the share capital of Tecgas N.C. (current strategic partner of Transportadora de Gas del Perú), which holds 100% the share capital of Compañía Operadora de Gas del Amazonas (hereinafter COGA) for a total of S/75.8 million. This investment includes goodwill resulting from the purchase amounting to S/61.4 million.
|
iv)
|
In July 2014, the Company acquired 50% interest in the share capital of G.S.J.V. SCC, through its subsidiary GyM S.A. for S/2.78 million.
|
v)
|
The Group received dividends in 2015 from Constructora SK – VyV Ltda., for S/41.1 million (S/11.5 million in 2014).
|
vi)
|
In 2013 the Company re-evaluated the nature of the rights attributable to its partners under the provisions of IFRS 10 and concluded that the parties have joint control and are not subsidiaries; accordingly, Logística de Químicos del Sur S.A.C. (hereinafter LQS) and Sistemas SEC S.A. (hereinafter SEC) were removed from the Group consolidation and are recorded under the equity method of accounting. The effect of this re-evaluation on the total assets and equity is not significant for the years of the presented financial statements.
|
16
|
PROPERTY, PLANT AND EQUIPMENT
|
Furniture and
|
Other
|
Replacement
|
In-transit
|
Work
|
||||||||||||||||||||||||||||||||||||
Land
|
Buildings
|
Machinery
|
Vehicles
|
fixtures
|
equipment
|
units
|
units
|
inprogress
|
Total | |||||||||||||||||||||||||||||||
At January 1, 2013
|
||||||||||||||||||||||||||||||||||||||||
Cost
|
26,515 | 99,613 | 751,936 | 358,067 | 38,066 | 135,918 | 10,204 | 19,323 | 97,055 | 1,536,697 | ||||||||||||||||||||||||||||||
Accumulated depreciation
|
- | (20,728 | ) | (311,975 | ) | (135,669 | ) | (19,247 | ) | (95,494 | ) | (53 | ) | - | - | (583,166 | ) | |||||||||||||||||||||||
Net cost
|
26,515 | 78,885 | 439,961 | 222,398 | 18,819 | 40,424 | 10,151 | 19,323 | 97,055 | 953,531 | ||||||||||||||||||||||||||||||
Net opening cost
|
26,515 | 78,885 | 439,961 | 222,398 | 18,819 | 40,424 | 10,151 | 19,323 | 97,055 | 953,531 | ||||||||||||||||||||||||||||||
Additions
|
6,713 | 63,155 | 31,445 | 3,419 | 22,061 | 3,537 | 19,585 | 91,450 | 241,365 | |||||||||||||||||||||||||||||||
Acquisition of subsidiary – DSD (Note 31)
|
2,965 | 624 | 44,493 | 2,973 | 94 | 1,773 | - | - | - | 52,922 | ||||||||||||||||||||||||||||||
Deconsolidation SEC and LQS
|
- | (1,555 | ) | (5,187 | ) | (119 | ) | (382 | ) | (158 | ) | - | - | (19,108 | ) | (26,509 | ) | |||||||||||||||||||||||
Reclassifications
|
147 | 10,184 | (35,627 | ) | 6,193 | 1,108 | (4,417 | ) | (2,494 | ) | (15,823 | ) | (30,525 | ) | - | |||||||||||||||||||||||||
Transfers to intangibles (Note 17)
|
- | - | (948 | ) | - | - | - | - | - | (38,656 | ) | (39,604 | ) | |||||||||||||||||||||||||||
Deduction for sale of assets
|
- | (2,467 | ) | (20,432 | ) | (19,213 | ) | (2,579 | ) | (2,676 | ) | - | - | - | (47,367 | ) | ||||||||||||||||||||||||
Transfer to held for sale assets
|
- | - | (5,706 | ) | (15,767 | ) | - | - | - | - | - | (21,473 | ) | |||||||||||||||||||||||||||
Adjustments of cost - derecognition
|
- | (2,641 | ) | (5,752 | ) | (1,592 | ) | (2,074 | ) | (3,004 | ) | (601 | ) | ( 1,256 | ) | (2,173 | ) | (19,093 | ) | |||||||||||||||||||||
Depreciation charge
|
- | (7,387 | ) | (84,454 | ) | (59,126 | ) | (9,247 | ) | (19,235 | ) | (38 | ) | - | - | (179,487 | ) | |||||||||||||||||||||||
Depreciation for transfers
|
- | (144 | ) | (2,623 | ) | (1,746 | ) | (12 | ) | 1,010 | 23 | - | - | - | ||||||||||||||||||||||||||
Depreciation for sales deductions
|
- | 1,587 | 14,984 | 11,961 | 2,432 | 1,276 | - | - | - | 32,240 | ||||||||||||||||||||||||||||||
Adjustments of accumulated depreciation - derecognition
|
- | 542 | 3,787 | 295 | 2,168 | 2,138 | - | - | - | 8,930 | ||||||||||||||||||||||||||||||
Translations adjustments
|
( 285 | ) | (15 | ) | (2,102 | ) | ( 111 | ) | 23 | ( 59 | ) | - | - | - | (2,549 | ) | ||||||||||||||||||||||||
Net final cost
|
29,342 | 84,326 | 474,803 | 181,083 | 13,769 | 39,133 | 10,578 | 21,829 | 98,043 | 952,906 | ||||||||||||||||||||||||||||||
At December 31, 2013
|
||||||||||||||||||||||||||||||||||||||||
Cost
|
29,342 | 110,456 | 855,084 | 361,876 | 37,675 | 149,438 | 10,646 | 21,829 | 98,043 | 1,674,389 | ||||||||||||||||||||||||||||||
Accumulated depreciation
|
- | (26,130 | ) | (380,281 | ) | (180,793 | ) | (23,906 | ) | (110,305 | ) | (68 | ) | - | - | (721,483 | ) | |||||||||||||||||||||||
Net cost
|
29,342 | 84,326 | 474,803 | 181,083 | 13,769 | 39,133 | 10,578 | 21,829 | 98,043 | 952,906 |
Furniture and
|
Other |
Replacement
|
In-transit
|
Work | ||||||||||||||||||||||||||||||||||||
Land
|
Buildings
|
Machinery
|
Vehicles
|
fixtures
|
equipment
|
units
|
units
|
in progress
|
Total
|
|||||||||||||||||||||||||||||||
At January 1, 2014
|
||||||||||||||||||||||||||||||||||||||||
Cost
|
29,342 | 110,456 | 855,084 | 361,876 | 37,675 | 149,438 | 10,646 | 21,829 | 98,043 | 1,674,389 | ||||||||||||||||||||||||||||||
Accumulated depreciation
|
- | (26,130 | ) | (380,281 | ) | (180,793 | ) | (23,906 | ) | (110,305 | ) | (68 | ) | - | - | (721,483 | ) | |||||||||||||||||||||||
Net cost
|
29,342 | 84,326 | 474,803 | 181,083 | 13,769 | 39,133 | 10,578 | 21,829 | 98,043 | 952,906 | ||||||||||||||||||||||||||||||
Net opening cost
|
29,342 | 84,326 | 474,803 | 181,083 | 13,769 | 39,133 | 10,578 | 21,829 | 98,043 | 952,906 | ||||||||||||||||||||||||||||||
Additions
|
17 | 19,349 | 133,230 | 87,958 | 8,434 | 40,125 | 98 | 19,982 | 119,773 | 428,966 | ||||||||||||||||||||||||||||||
Acquisition of subsidiary - Morelco (Note 31 a)
|
1,993 | 8,869 | 53,942 | 1,844 | 254 | 1,653 | - | - | 526 | 69,081 | ||||||||||||||||||||||||||||||
Acquisition of subsidiary - Coasin (Note 31 b)
|
- | - | - | - | - | 711 | - | - | - | 711 | ||||||||||||||||||||||||||||||
Reclassifications
|
- | 67,454 | 24,523 | (3,048 | ) | 468 | (3,316 | ) | (2,043 | ) | (31,415 | ) | (52,623 | ) | - | |||||||||||||||||||||||||
Transfers to intangibles (Note 17)
|
- | - | - | - | - | - | - | (66,604 | ) | (66,604 | ) | |||||||||||||||||||||||||||||
Deduction for sale of assets
|
- | (3,066 | ) | (61,508 | ) | (52,364 | ) | (2,514 | ) | (3,087 | ) | (851 | ) | (830 | ) | - | (124,220 | ) | ||||||||||||||||||||||
Adjustments of cost - derecognition
|
- | (2,327 | ) | (10,404 | ) | (1,402 | ) | (585 | ) | (8,319 | ) | ( 605 | ) | - | 801 | (22,841 | ) | |||||||||||||||||||||||
Depreciation charge
|
- | (11,996 | ) | (89,463 | ) | (52,697 | ) | (6,896 | ) | (22,100 | ) | (7 | ) | - | - | (183,159 | ) | |||||||||||||||||||||||
Depreciation for transfers
|
- | (2,222 | ) | 375 | (3,036 | ) | 958 | 3,925 | - | - | - | |||||||||||||||||||||||||||||
Depreciation for sale deductions
|
- | 2,959 | 45,001 | 33,458 | 2,214 | 2,394 | 71 | - | - | 86,097 | ||||||||||||||||||||||||||||||
Adjustments of accumulated depreciation - derecognition
|
- | 1,910 | 8,339 | 1,253 | 351 | 5,753 | - | - | - | 17,606 | ||||||||||||||||||||||||||||||
Translations adjustments
|
(677 | ) | (285 | ) | (8,380 | ) | (787 | ) | (586 | ) | (336 | ) | - | (389 | ) | (85 | ) | (11,525 | ) | |||||||||||||||||||||
Net final cost
|
30,675 | 164,971 | 570,458 | 192,262 | 15,867 | 56,536 | 7,241 | 9,177 | 99,831 | 1,147,018 | ||||||||||||||||||||||||||||||
At December 31, 2014
|
||||||||||||||||||||||||||||||||||||||||
Cost
|
30,675 | 200,450 | (986,487 | ) | 394,077 | 43,146 | 176,869 | 7,245 | 9,177 | 99,831 | 1,947,957 | |||||||||||||||||||||||||||||
Accumulated depreciation
|
- | (35,479 | ) | 416,029 | (201,815 | ) | (27,279 | ) | (120,333 | ) | (4 | ) | - | - | (800,939 | ) | ||||||||||||||||||||||||
Net cost
|
30,675 | 164,971 | 570,458 | 192,262 | 15,867 | 56,536 | 7,241 | 9,177 | 99,831 | 1,147,018 |
Land
|
Buildings
|
Machinery
|
Vehicles
|
Furniture and fixtures
|
Other equipment
|
Replacement units
|
In-transit units
|
Work in progress
|
Total
|
|||||||||||||||||||||||||||||||
At January 1, 2015
|
||||||||||||||||||||||||||||||||||||||||
Cost
|
30,675 | 200,450 | 986,487 | 394,077 | 43,146 | 176,869 | 7,245 | 9,177 | 99,831 | 1,947,957 | ||||||||||||||||||||||||||||||
Accumulated depreciation
|
- | (35,479 | ) | (416,029 | ) | (201,815 | ) | (27,279 | ) | (120,333 | ) | (4 | ) | - | - | (800,939 | ) | |||||||||||||||||||||||
Net cost
|
30,675 | 164,971 | 570,458 | 192,262 | 15,867 | 56,536 | 7,241 | 9,177 | 99,831 | 1,147,018 | ||||||||||||||||||||||||||||||
Net initial cost
|
30,675 | 164,971 | 570,458 | 192,262 | 15,867 | 56,536 | 7,241 | 9,177 | 99,831 | 1,147,018 | ||||||||||||||||||||||||||||||
Additions
|
- | 9,021 | 105,575 | 86,923 | 12,684 | 22,802 | - | 16,018 | 44,933 | 297,956 | ||||||||||||||||||||||||||||||
CAM Brazil deconsolidation
|
- | (839 | ) | (1,462 | ) | (633 | ) | (70 | ) | - | - | - | - | (3,004 | ) | |||||||||||||||||||||||||
Reclassifications
|
- | 36,180 | 32,389 | 9,300 | 1,245 | 7,272 | 10,529 | (23,092 | ) | (73,823 | ) | - | ||||||||||||||||||||||||||||
Transfers to intangibles (Note 17)
|
- | - | 68 | - | - | - | - | - | (36,785 | ) | (36,717 | ) | ||||||||||||||||||||||||||||
Transfers to accounts receivable
|
- | (3,635 | ) | - | - | (777 | ) | (4,442 | ) | - | - | (5,168 | ) | (14,022 | ) | |||||||||||||||||||||||||
Deduction for sale of assets
|
(2,001 | ) | (1,235 | ) | (35,118 | ) | (42,464 | ) | (1,491 | ) | (7,979 | ) | (14,185 | ) | (104,473 | ) | ||||||||||||||||||||||||
Adjustments of cost- derecognition
|
- | (5,057 | ) | (10,224 | ) | (362 | ) | (2,299 | ) | (1,810 | ) | (2,326 | ) | (89 | ) | (1,206 | ) | (23,373 | ) | |||||||||||||||||||||
Depreciation charge
|
- | (13,598 | ) | (116,993 | ) | (54,808 | ) | (5,156 | ) | (24,225 | ) | - | - | - | (214,780 | ) | ||||||||||||||||||||||||
Depreciation for sale deductions
|
- | 1,003 | 23,907 | 32,566 | 799 | 7,751 | - | - | - | 66,026 | ||||||||||||||||||||||||||||||
Adjustments of accumulated depreciation - derecognition
|
- | 3,060 | 4,373 | 323 | 503 | 1,331 | - | - | - | 9,950 | ||||||||||||||||||||||||||||||
Translations adjustments
|
(265 | ) | (306 | ) | (8,288 | ) | (2,221 | ) | (128 | ) | (506 | ) | - | (197 | ) | (553 | ) | (12,464 | ) | |||||||||||||||||||||
Net final cost
|
28,409 | 189,565 | 564,685 | 220,886 | 21,177 | 56,730 | 15,444 | 1,817 | 13,044 | 1,111,757 | ||||||||||||||||||||||||||||||
At December 31, 2015
|
||||||||||||||||||||||||||||||||||||||||
Cost
|
28,409 | 231,029 | 1,074,195 | 443,239 | 52,225 | 191,238 | 15,448 | 1,817 | 13,044 | 2,050,644 | ||||||||||||||||||||||||||||||
Accumulated depreciation
|
- | (41,464 | ) | (509,510 | ) | (222,353 | ) | (31,048 | ) | (134,508 | ) | (4 | ) | - | - | (938,887 | ) | |||||||||||||||||||||||
Net cost
|
28,409 | 189,565 | 564,685 | 220,886 | 21,177 | 56,730 | 15,444 | 1,817 | 13,044 | 1,111,757 |
2013 |
2014
|
2015
|
||||||||||
Cost of services and goods
|
166,098 | 168,634 | 196,725 | |||||||||
Administrative expenses
|
13,389 | 14,525 | 18,055 | |||||||||
Total depreciation related to property, plant and equipment
|
179,487 | 183,159 | 214,780 | |||||||||
(+) Depreciation related to investment property
|
1,992 | 2,151 | 2,290 | |||||||||
Total depreciation charged to expenses
|
181,479 | 185,310 | 217,070 |
At December 31,
|
||||||||
2014
|
2015
|
|||||||
Cost
|
643,498 | 735,591 | ||||||
Accumulated depreciation
|
264,343 | 327,465 | ||||||
Net cost
|
379,155 | 408,126 |
17
|
INTANGIBLE ASSETS
|
Goodwill |
Trade-
marks
|
Concession
rights
|
Contractual
relations
with clients
|
Internally
generated
software and
development
costs
|
Costs of
development
of wells
|
Development
costs
|
Land use
rights
|
Other
assets
|
Totals | |||||||||||||||||||||||||||||||
At January 1, 2013
|
|
|||||||||||||||||||||||||||||||||||||||
Cost
|
89,214 | 75,845 | 417,645 | 50,518 | 23,095 | 178,910 | 3,623 | 13,288 | 9,401 | 861,539 | ||||||||||||||||||||||||||||||
Accumulated amortization and impairment
|
(21,995 | ) | (410 | ) | (239,033 | ) | (12,054 | ) | (16,360 | ) | (87,376 | ) | (3,623 | ) | - | (290 | ) | (381,141 | ) | |||||||||||||||||||||
Net cost
|
67,219 | 75,435 | 178,612 | 38,464 | 6,735 | 91,534 | - | 13,288 | 9,111 | 480,398 | ||||||||||||||||||||||||||||||
Net opening cost
|
67,219 | 75,435 | 178,612 | 38,464 | 6,735 | 91,534 | - | 13,288 | 9,111 | 480,398 | ||||||||||||||||||||||||||||||
Additions
|
- | - | 14,622 | - | 5,106 | - | - | - | 4,976 | 24,704 | ||||||||||||||||||||||||||||||
Acquisition of subsidiary - DSD (Note 31)
|
6,128 | - | 218 | 7,373 | - | - | - | - | - | 13,719 | ||||||||||||||||||||||||||||||
Desconsolidation SEC and LQS
|
- | - | (1,203 | ) | - | (902 | ) | - | - | - | (5 | ) | (2,110 | ) | ||||||||||||||||||||||||||
Transfers from work in progress (Note 16)
|
- | - | 2,122 | - | 290 | 38,621 | - | - | (1,429 | ) | 39,604 | |||||||||||||||||||||||||||||
Derecognition - cost
|
- | (33 | ) | (1,965 | ) | (100 | ) | (42 | ) | (317 | ) | - | - | (1,307 | ) | (3,764 | ) | |||||||||||||||||||||||
Amortization charge
|
- | (2,458 | ) | (18,816 | ) | (16,202 | ) | (7,084 | ) | (31,236 | ) | - | - | (2,591 | ) | (78,387 | ) | |||||||||||||||||||||||
Derecognition – accumulated amortization
|
- | - | (323 | ) | - | (6 | ) | - | - | - | 322 | (7 | ) | |||||||||||||||||||||||||||
Translations adjustments
|
- | - | 6,728 | - | - | - | - | - | - | 6,728 | ||||||||||||||||||||||||||||||
Net final cost
|
73,347 | 72,944 | 179,995 | 29,535 | 4,097 | 98,602 | - | 13,288 | 9,077 | 480,885 | ||||||||||||||||||||||||||||||
At December 31, 2013
|
||||||||||||||||||||||||||||||||||||||||
Cost
|
95,342 | 75,812 | 438,167 | 57,791 | 27,547 | 217,214 | 3,623 | 13,288 | 11,636 | 940,420 | ||||||||||||||||||||||||||||||
Accumulated amortization and impairment
|
(21,995 | ) | (2,868 | ) | (258,172 | ) | (28,256 | ) | (23,450 | ) | (118,612 | ) | (3,623 | ) | - | (2,559 | ) | (459,535 | ) | |||||||||||||||||||||
Net cost
|
73,347 | 72,944 | 179,995 | 29,535 | 4,097 | 98,602 | - | 13,288 | 9,077 | 480,885 |
Goodwill |
Trade-
marks
|
Concession
rights
|
Contractual
relations
with clients
|
Internally
generated
software and
development
costs
|
Costs of
development
of wells
|
Development
costs
|
Land use
rights
|
Other
assets
|
Totals | |||||||||||||||||||||||||||||||
At January 1, 2014
|
|
|||||||||||||||||||||||||||||||||||||||
Cost
|
95,342 | 75,812 | 438,167 | 57,791 | 27,5477 | 217,214 | 3,623 | 13,288 | 11,636 | 940,420 | ||||||||||||||||||||||||||||||
Accumulated amortization and impairment
|
(21,995 | ) | (2,868 | ) | (258,172 | ) | (28,256 | ) | (23,450 | ) | (118,612 | ) | (3,623 | ) | - | (2,559 | ) | (459,535 | ) | |||||||||||||||||||||
Net cost
|
73,347 | 72,944 | 179,995 | 29,535 | 4,097 | 98,602 | - | 13,288 | 9,077 | 480,885 | ||||||||||||||||||||||||||||||
Net initial cost
|
73,347 | 72,944 | 179,995 | 29,535 | 4,097 | 98,602 | - | 13,288 | 9,077 | 480,885 | ||||||||||||||||||||||||||||||
Additions
|
- | - | 135,502 | - | 2,804 | - | - | - | 5,238 | 143,544 | ||||||||||||||||||||||||||||||
Acquisition of subsidiary - Morelco (Note 31 a)
|
103,055 | 33,326 | 847 | 30,318 | - | - | - | - | - | 167,546 | ||||||||||||||||||||||||||||||
Acquisition of subsidiary - Coasin (Note 31 b)
|
6,413 | - | 6 | - | 1,371 | - | - | - | - | 7,790 | ||||||||||||||||||||||||||||||
Transfers from assets under construction (Note 16)
|
- | - | 1,845 | - | 1,677 | 64,759 | - | - | (1,677 | ) | 66,604 | |||||||||||||||||||||||||||||
Reclassifications
|
- | - | 920 | - | 180 | (251 | ) | - | - | (849 | ) | - | ||||||||||||||||||||||||||||
Derecognition - cost
|
- | - | (16,016 | ) | - | (29 | ) | - | - | - | (91 | ) | (16,136 | ) | ||||||||||||||||||||||||||
Amortization charge
|
- | - | (26,823 | ) | (14,987 | ) | (3,013 | ) | (31,780 | ) | - | - | (778 | ) | (77,381 | ) | ||||||||||||||||||||||||
Derecognition - accumulated amortization
|
- | - | 15,491 | - | 1 | - | - | - | - | 15,492 | ||||||||||||||||||||||||||||||
Amortization reversal (Vial y Vives)
|
- | 2,651 | - | - | - | - | - | 2,651 | ||||||||||||||||||||||||||||||||
Translations adjustments
|
(2,666 | ) | (6,303 | ) | (88 | ) | (1,876 | ) | (1,319 | ) | - | - | (12,252 | ) | ||||||||||||||||||||||||||
Net final cost
|
180,149 | 102,618 | 291,679 | 42,990 | 5,769 | 131,330 | - | 13,288 | 10,920 | 778,743 | ||||||||||||||||||||||||||||||
At December 31, 2014
|
||||||||||||||||||||||||||||||||||||||||
Cost
|
202,144 | 102,835 | 561,183 | 86,233 | 32,231 | 281,722 | 3,623 | 13,288 | 14,257 | 1,297,516 | ||||||||||||||||||||||||||||||
Accumulated amortization and impairment
|
(21,995 | ) | (217 | ) | (269,504 | ) | (43,243 | ) | (26,462 | ) | (150,392 | ) | (3,623 | ) | - | (3,337 | ) | (518,773 | ) | |||||||||||||||||||||
Net cost
|
180,149 | 102,618 | 291,679 | 42,990 | 5,769 | 131,330 | - | 13,288 | 10,920 | 778,743 |
Goodwill |
Trade-
marks
|
Concession
rights
|
Contractual
relations
with clients
|
Internally
generated
software and
development
costs
|
Costs of
development
of wells
|
Development
costs
|
Land use
rights
|
Other
assets
|
Totals | |||||||||||||||||||||||||||||||
At January 1, 2015
|
|
|||||||||||||||||||||||||||||||||||||||
Cost
|
202,144 | 102,835 | 561,183 | 86,233 | 32,231 | 281,722 | 3,623 | 13,288 | 14,257 | 1,297,516 | ||||||||||||||||||||||||||||||
Accumulated amortization and impairment
|
(21,995 | ) | (217 | ) | (269,504 | ) | (43,243 | ) | (26,462 | ) | (150,392 | ) | (3,623 | ) | - | (3,337 | ) | (518,773 | ) | |||||||||||||||||||||
Net cost
|
180,149 | 102,618 | 291,679 | 42,990 | 5,769 | 131,330 | - | 13,288 | 10,920 | 778,743 | ||||||||||||||||||||||||||||||
Net initial cost
|
180,149 | 102,618 | 291,679 | 42,990 | 5,769 | 131,330 | - | 13,288 | 10,920 | 778,743 | ||||||||||||||||||||||||||||||
Additions
|
5,418 | - | 165,149 | - | 9,141 | - | - | - | 3,429 | 183,137 | ||||||||||||||||||||||||||||||
CAM Brazil Desconsolidation | (129 | ) | ( 129 | ) | ||||||||||||||||||||||||||||||||||||
Transfers from assets under construction (Note 16) | - | - | - | (68 | ) | 1,562 | 33,396 | - | - | 1,827 | 36,717 | |||||||||||||||||||||||||||||
Transfers to accounts receivable | - | - | (2,278 | ) | - | - | - | - | - | - | (2,278 | ) | ||||||||||||||||||||||||||||
Transfers to pre-paid expenses | - | - | (10,923 | ) | - | - | - | - | - | (3,684 | ) | (14,607 | ) | |||||||||||||||||||||||||||
Reclassifications | - | - | - | - | 188 | (188 | ) | - | - | (3 | ) | (3 | ) | |||||||||||||||||||||||||||
Amortization charge | - | - | (25,683 | ) | (14,697 | ) | (6,033 | ) | (42,117 | ) | - | - | (825 | ) | (89,355 | ) | ||||||||||||||||||||||||
Translations adjustments | (759 | ) | (6,084 | ) | (51 | ) | (4,031 | ) | (280 | ) | - | - | - | - | (11,205 | ) | ||||||||||||||||||||||||
Net final cost | 184,808 | 96,534 | 417,893 | 24,194 | 10,218 | 122,42 | - | 13,288 | 11,664 | 881,020 | ||||||||||||||||||||||||||||||
At December 31, 2015 | ||||||||||||||||||||||||||||||||||||||||
Cost | 206,803 | 96,751 | 716,125 | 82,134 | 42,761 | 314,881 | 3,623 | 13,288 | 15,425 | 1,491,791 | ||||||||||||||||||||||||||||||
Accumulated amortization and impairment | (21,995 | ) | (217 | ) | (298,232 | ) | (57,940 | ) | (32,543 | ) | (192,460 | ) | (3,623 | ) | - | (3,761 | ) | (610,771 | ) | |||||||||||||||||||||
Net cost | 184,808 | 96,534 | 417,893 | 24,194 | 10,218 | 122,421 | - | 13,288 | 11,664 | 881,020 |
At December 31,
|
||||||||
2014
|
2015
|
|||||||
Engineering and construction (Note 32 a and c)
|
135,461 | 140,090 | ||||||
Electromechanical
|
20,737 | 20,737 | ||||||
Mining construction services
|
13,366 | 13,366 | ||||||
Telecommunications services (Note 32 b)
|
6,413 | 6,443 | ||||||
IT equipment and services
|
4,172 | 4,172 | ||||||
182,149 | 184,808 |
Mining
construction
services
|
Engineering and
construction
|
Electro-
mechanical
|
IT equipment
and services
|
Telecommu-
nication
services
|
||||||||||||||||
2014 - | ||||||||||||||||||||
Gross margin
|
11.46 | % | 13.00% / 9.04 | % | 10.35 | % | 30.91 | % | 11.10 | % | ||||||||||
Growth rate
|
2.00 | % | 3.00% / 4.00 | % | 2.00 | % | - | 5.00 | % | |||||||||||
Discount rate
|
13.00 | % | 8.36% / 9.30 | % | 13.00 | % | 13.00 | % | 10.76 | % | ||||||||||
2015 - | ||||||||||||||||||||
Gross margin
|
11.81 | % | 11.50% / 10.80 | % | 10.33 | % | 24.31 | % | 14.39 | % | ||||||||||
Growth rate
|
2.00 | % | 3.00% / 3.00 | % | 2.00 | % | - | - | ||||||||||||
Discount rate
|
11.71 | % | 9.66% / 12.72 | % | 11.01 | % | 21.74 | % | 10.02 | % |
Engineering and construction
|
||||||||||||||||
2015
|
2014
|
|||||||||||||||
VyV-DSD
|
Morelco
|
VyV - DSD
|
Morelco
|
|||||||||||||
Revenue
|
4.95 | % | 9.85 | % | 10.80 | % | 10.70 | % | ||||||||
Growth rate
|
3.00 | % | 3.00 | % | 4.00 | % | 3.00 | % | ||||||||
Discount rate
|
9.66 | % | 12.72 | % | 9.30 | % | 8.36 | % |
2013
|
2014
|
2015
|
||||||||||
Cost of sales (Note 26)
|
67,254 | 68,089 | 81,841 | |||||||||
Administrative expenses (Note 26)
|
11,133 | 6,641 | 7,514 | |||||||||
78,387 | 74,730 | 89,355 |
18
|
OTHER FINANCIAL LIABILITIES
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
As of December 31,
|
As of December 31,
|
As of December 31,
|
||||||||||||||||||||||
2014 |
2015
|
2014
|
2015
|
2014
|
2015
|
|||||||||||||||||||
Bank loans
|
1,419,428 | 1,480,071 | 1,300,636 | 1,082,860 | 118,792 | 397,211 | ||||||||||||||||||
Finance 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 |
Current
|
Non-current
|
|||||||||||||||||||||||
Interest
|
Date of
|
At December 31
|
At December 31
|
|||||||||||||||||||||
rate
|
maturity
|
2014
|
2015
|
2014
|
2015
|
|||||||||||||||||||
GyM S.A. (1)
|
1.00% / 9.45 | % | 2016 / 2020 | 510,357 | 535,776 | 15,518 | 286,671 | |||||||||||||||||
Viva GyM S.A.
|
5.24% / 8.50 | % | 2016 | 140,369 | 220,423 | - | 8,372 | |||||||||||||||||
Graña y Montero S.A.A.
|
2.75 | % | 2016 | - | 102,776 - | - | - | |||||||||||||||||
GMP S.A.
|
2.13% / 5.95 | % | 2016 / 2020 | 67,195 | 95,824 | 82,258 | 70,220 | |||||||||||||||||
Norvial S.A.
|
5.85% / 8.37 | % | 2016 / 2020 | 88,957 | 54,706 | - | - | |||||||||||||||||
CAM Holding S.A.
|
4.85% / 13.07 | % | 2016 / 2018 | 38,699 | 42,534 | 21,016 | 31,948 | |||||||||||||||||
GMD S.A.
|
4.90% / 6.30 | % | 2016 | 13,632 | 30,107 | - | - | |||||||||||||||||
GMI
|
5.56 | % | 2016 | 15,659 | 714 | - | - | |||||||||||||||||
GyM Ferrovías S.A.
|
5.75% / 5.90 | % | 2015 | 404,915 | - | - | - | |||||||||||||||||
Concar S.A.
|
5.48% / 5.60 | % | 2015 | 14,566 | - | - | - | |||||||||||||||||
Survial S.A.
|
7.05 | % | 2015 | 6,287 | - | - | - | |||||||||||||||||
1,300,636 | 1,082,860 | 118,792 | 397,211 |
Current | Non-current | |||||||||||||||||||||||
Interest
|
Date of
|
At December 31
|
At December 31
|
|||||||||||||||||||||
rate
|
maturity
|
2014
|
2015
|
2014
|
2015
|
|||||||||||||||||||
GyM S.A.
|
1.90% / 8.96 | % | 2016 / 2023 | 103,445 | 116,205 | 128,563 | 88,715 | |||||||||||||||||
GMD S.A.
|
4.99% / 7.00 | % | 2016 / 2020 | 4,921 | 10,474 | 23,603 | 20,024 | |||||||||||||||||
GMP S.A.
|
2.65% / 7.20 | % | 2016 / 2018 | 2,382 | 5,272 | 17,509 | 13,087 | |||||||||||||||||
CAM Holding S.A.
|
7.19% / 9.27 | % | 2016 / 2020 | 4,833 | 4,633 | 15,502 | 12,382 | |||||||||||||||||
Viva GyM S.A.
|
7.30% / 8.95 | % | 2018 / 2022 | 3,945 | 3,957 | 16,368 | 19,190 | |||||||||||||||||
Concar S.A.
|
3.23% / 5.48 | % | 2016 / 2018 | 3,880 | 3,618 | 2,949 | 2,161 | |||||||||||||||||
Norvial S.A.
|
5.15 | % | 2016 | 658 | 722 | 633 | - | |||||||||||||||||
GMI S.A.
|
6.90 | % | 2018 | 123 | 279 | - | 566 | |||||||||||||||||
Graña y Montero S.A.A.
|
3.50% / 7.70 | % | 2015 | 632 | - | 2,205 | - | |||||||||||||||||
124,819 | 145,160 | 207,332 | 156,125 |
At December 31,
|
||||||||
2014
|
2015
|
|||||||
Up to 1 year
|
138,988 | 157,957 | ||||||
From 1 to 5 years
|
214,620 | 160,824 | ||||||
Over 5 years
|
11,224 | 10,431 | ||||||
364,832 | 329,212 | |||||||
Future financial charges on finance leases
|
(32,681 | ) | (27,927 | ) | ||||
Present value of the obligations for finance lease contracts
|
332,151 | 301,285 |
At December 31,
|
||||||||
2014
|
2015
|
|||||||
Up to 1 year
|
124,819 | 145,160 | ||||||
From 1 year to 5 years
|
197,716 | 146,316 | ||||||
Over 5 years
|
9,616 | 9,809 | ||||||
332,151 | 301,285 |
Carying amount
|
Fair value
|
|||||||||||||||
2014
|
2015
|
2014
|
2015
|
|||||||||||||
Loans
|
1,014,513 | 1,480,071 | 984,786 | 1,493,981 | ||||||||||||
Leases
|
737,066 | 301,285 | 750,559 | 308,202 | ||||||||||||
1,751,579 | 1,781,356 | 1,735,345 | 1,802,183 |
19
|
BONDS
|
Total
|
Current
|
Non-current
|
||||||||||
GyM Ferrovías (a)
|
607,868 | 31,546 | 576,322 | |||||||||
Norvial (b)
|
186,223 | 5,537 | 180,686 | |||||||||
794,091 | 37,083 | 757,008 |
-
|
Debt service coverage ratio of not less than 1.2 times.
|
-
|
Keeping a constant minimum balance of trust equal to a quarter of operating and maintenance costs (including VAT)
|
-
|
Keeping a constant minimum balance of trust equal to two coupons as per schedule.
|
-
|
Debt service coverage ratio of not less than 1.3 times.
|
-
|
Proforma gearing ratio lower than 4 times.
|
20
|
TRADE ACCOUNTS PAYABLE
|
At December 31
|
||||||||
2014
|
2015
|
|||||||
Invoices payable
|
728,363 | 911,793 | ||||||
Unbilled services received
|
452,976 | 703,799 | ||||||
Bills of exchange payable
|
21 | 20,168 | ||||||
1,181,360 | 1,635,760 | |||||||
Non-current:
|
||||||||
Invoices payable
|
(3,779 | ) | - | |||||
Total current
|
1,177,581 | 1,635,760 |
21 |
OTHER ACCOUNTS PAYABLE
|
At December 31
|
||||||||
2014
|
2015
|
|||||||
Advances from customers
|
684,256 | 607,097 | ||||||
Salaries and profit sharing payable
|
220,212 | 232,102 | ||||||
Put option liability - Morelco acquisition (*)
|
113,829 | 111,349 | ||||||
Third-party loans
|
24,217 | 94,553 | ||||||
VAT payable
|
45,043 | 77,461 | ||||||
Supplier funding
|
31,808 | 59,992 | ||||||
Other taxes payable
|
71,876 | 51,893 | ||||||
Guarantee deposits
|
14,599 | 26,806 | ||||||
Post-retirement benefits
|
9,850 | 9,043 | ||||||
Interest payable to Oiltanking Perú S.A.C.
|
6,408 | 9,015 | ||||||
Payables - Morelco acquisition (Note 32-a)
|
32,449 | - | ||||||
Other accounts payables
|
34,847 | 33,085 | ||||||
1,289,394 | 1,312,396 | |||||||
Less non-curent portion:
|
||||||||
Put option liability - Morelco acquisition
|
(113,829 | ) | (111,349 | ) | ||||
Advances received from clients - GyM S.A.
|
(95,317 | ) | (80,936 | ) | ||||
Supplier funding
|
(19,603 | ) | (33,031 | ) | ||||
Post-retirement benefits
|
(9,850 | ) | (9,043 | ) | ||||
Payables - Morelco acquisition (Note 32-a)
|
(32,449 | ) | - | |||||
Others
|
(10,603 | ) | (12,037 | ) | ||||
(281,651 | ) | (246,396 | ) | |||||
Current portion
|
(1,007,743 | ) | 1,066,000 |
(*)
|
The balance of put option liability corresponds to the agreement signed by the subsidiary GyM S.A. associated with the purchase of Morelco (Note 32 a). Changes in the fair value of the put option amounting to S/2.5 million were recognized in 2015 in the statement of comprehensive income (result of an increase of S/18.6 million within “Other income and expenses” and a decrease of S/16.1 million within “Exchange difference loss, net”). At December 31, 2015 the discount rate used to determine the present value of the redeemable amounts was 0.65% for the first year 1.31% for the third year and 1.76% for the fourth year (fiscal 2019, the period when the option expires). At December 31, 2014 the deemed discount rate was 1.65%.
|
At December 31,
|
||||||||
2014
|
2015
|
|||||||
El nuevo Rancho
|
2,156 | 122,435 | ||||||
Proyecto Gasoducto del Sur
|
- | 120,273 | ||||||
Pezet 583
|
1,895 | 58,091 | ||||||
Central Hidroeléctrica Macchu Picchu
|
46,274 | 45,407 | ||||||
Consorcio Panorama
|
16,143 | 30,218 | ||||||
Proyecto 1016 Stracon GyM Internacional SAC (Pánama)
|
- | 26,167 | ||||||
Proyectos de edificaciones - Open Plaza Huancayo (CAM)
|
- | 25,377 | ||||||
Provías
|
29,671 | 20,848 | ||||||
Proyecto ampliación del INEN
|
- | 20,563 | ||||||
Consorcio Construcciones y Montajes
|
21,844 | 16,432 | ||||||
Real 8-9
|
7,259 | 15,536 | ||||||
Proyecto Kelar - Chile
|
24,940 | 13,494 | ||||||
Consorcio Vial La Quinua
|
27,013 | 11,360 | ||||||
CER- Consorcio Menegua
|
11,376 | 8,999 | ||||||
Chilectra S.A.
|
22,167 | 8,755 | ||||||
Proyecto Antucoya
|
11,474 | 5,818 | ||||||
EPC Planta Minera Inmaculada
|
32,330 | 5,631 | ||||||
Consorcio Río Mantaro
|
102,780 | - | ||||||
Túnel Santa Rosa II
|
15,967 | 3,775 | ||||||
Proyecto HidroÑuble - Chile
|
84,488 | - | ||||||
Proyectos de Stracon GyM
|
34,871 | - | ||||||
Proyecto Navarrete
|
24,447 | - | ||||||
Planta Concentradora Cerro Verde 2 Fase 1
|
22,675 | - | ||||||
Pad I Fase III - Sociedad Minera Cerro Verde
|
11,974 | - | ||||||
Construcción Planta de Cal
|
11,710 | - | ||||||
G&M Construcciones y Montajes - Bolivia
|
9,806 | - | ||||||
156-SK Refineria Esmeraldas-Ecuador
|
7,989 | - | ||||||
Chancadora Primaria CV2
|
7,614 | - | ||||||
K117 Montaje Eléctrico - Sociedad Minera Cerro Verde
|
7,381 | - | ||||||
Nuevo campus universitario UTEC
|
6,685 | - | ||||||
Oficinas Navarrete
|
6,642 | - | ||||||
Shougan Hierro Perú SAA
|
5,172 | - | ||||||
Los Parques de San Martín y Piura
|
4,397 | - | ||||||
Centro Cívico
|
4,289 | - | ||||||
Other projects
|
60,827 | 47,918 | ||||||
684,256 | 607,097 |
22 |
OTHER PROVISIONS
|
At December 31,
|
||||||||
2014
|
2015
|
|||||||
Legal claims
|
14,427 | 15,000 | ||||||
Contingent liabilities from the acquisition of Morelco
|
24,356 | 15,374 | ||||||
Contingent liabilities from the acquisition of Coasin and VyV-DSD
|
7,470 | 7,586 | ||||||
Contingent liabilities from CAM acquisition
|
12,152 | 3,819 | ||||||
Provision for well closure
|
7,210 | 7,307 | ||||||
65,615 | 49,086 | |||||||
Less:
|
||||||||
Non-current portion
|
(54,174 | ) | (35,618 | ) | ||||
Current portion
|
11,441 | 13,468 |
Provisions
|
||||||||||||||||||||||||
Contingent
|
for the
|
Provision
|
Provisions
|
|||||||||||||||||||||
Legal
|
liabilities from
|
acquisition
|
for well
|
for periodic
|
||||||||||||||||||||
Other provisions
|
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
|
||||||||||||||||||||||||
Morelco (Note 31-a)
|
- | 24,993 | - | - | - | 24,993 | ||||||||||||||||||
Additions from business combinations
|
||||||||||||||||||||||||
Coasin (Note 31-b)
|
- | 2,658 | - | - | - | 2,658 | ||||||||||||||||||
Reversals
|
- | - | (9,394 | ) | - | - | (9,394 | ) | ||||||||||||||||
Offsetting
|
- | (4,116 | ) | - | - | - | (4,116 | ) | ||||||||||||||||
Payments
|
(537 | ) | - | - | (338 | ) | (6,333 | ) | (7,208 | ) | ||||||||||||||
Translations adjustment
|
- | (190 | ) | - | - | - | (190 | ) | ||||||||||||||||
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
|
6,297 | - | - | 101 | - | 6,398 | ||||||||||||||||||
Reversals
|
- | - | (7,796 | ) | - | - | (7,796 | ) | ||||||||||||||||
Offsetting
|
- | (1,216 | ) | - | - | - | (1,216 | ) | ||||||||||||||||
CAM Brasil deconsolidation
|
(2,353 | ) | - | - | - | - | (2,353 | ) | ||||||||||||||||
Payments
|
(1,580 | ) | (5,186 | ) | - | (4 | ) | - | (6,770 | ) | ||||||||||||||
Translations adjustment
|
(420 | ) | ( 3,835 | ) | (537 | ) | - | - | (4,792 | ) | ||||||||||||||
At December 31, 2015
|
15,000 | 22,960 | 3,819 | 7,307 | - | 49,086 |
23 |
EQUITY
|
Total
|
||||||||
Percentage of individual
|
Number of
|
percentage of
|
||||||
interest in capital
|
shareholders
|
interest
|
||||||
Up to 1.00
|
1,805 | 14,56 | ||||||
From 1.01 to 5.00
|
11 | 24.48 | ||||||
From 5.01 to 10.00
|
1 | 5.12 | ||||||
Over 10
|
2 | 55.84 | ||||||
1,819 | 100.00 |
24 |
DEFERRED INCOME TAX
|
At December 31,
|
||||||||
2014
|
2015
|
|||||||
Deferred income tax asset:
|
||||||||
Reversal expected in the following 12 months
|
116,700 | 102,396 | ||||||
Reversal expected after 12 months
|
35,409 | 71,455 | ||||||
Total deferred tax asset
|
152,109 | 173,851 | ||||||
Deferred income tax liability:
|
||||||||
Reversal expected in the following 12 months
|
(50,733 | ) | (18,434 | ) | ||||
Reversal expected after 12 months
|
(42,653 | ) | (83,230 | ) | ||||
Total deferred tax liability
|
(93,386 | ) | (101,664 | ) | ||||
Deferred income tax (liability) asset, net
|
58,723 | 72,187 |
2013
|
2014
|
2015
|
||||||||||
Deferred income tax asset (liability), net as of January 1
|
(17,364 | ) | (3,033 | ) | 58,723 | |||||||
Credit (charge) to income statement (Note 29)
|
5,704 | 66,373 | 21,176 | |||||||||
Tax charged to other comprehensive income
|
(8,159 | ) | (1,328 | ) | (7,298 | ) | ||||||
Tax charged to equity
|
9,840 | - | - | |||||||||
Acquisition of subsidiary (Morelco)
|
- | 6,156 | - | |||||||||
Acquisition of subsidiary (Coasin)
|
- | 16 | - | |||||||||
Acquisition of subsidiary (DSD)
|
(2,499 | ) | - | - | ||||||||
Acquisition of joint venture (Consorcio Ductos del Sur)
|
- | - | 312 | |||||||||
Acquisition of joint venture (Consorcio Panorama)
|
- | - | 1,164 | |||||||||
Recovery PPUA charged to account receivable
|
- | (5,938 | ) | - | ||||||||
Deconsolidation of SEC and LQS
|
835 | - | - | |||||||||
Other increases
|
8,610 | (3,523 | ) | (1,890 | ) | |||||||
Total as of December 31
|
(3,033 | ) | 58,723 | 72,187 |
Difference in
|
||||||||||||||||||||||||||||||||||||
Difference
|
Fair
|
Outstanding
|
depreciation
|
Receivables
|
Borrowing
|
|||||||||||||||||||||||||||||||
Deferred income tax
|
Non-taxable
|
in depreciation
|
value
|
work in
|
rates of assets
|
from local
|
costs recognized
|
|||||||||||||||||||||||||||||
liability
|
income
|
rates
|
gains
|
progress
|
leased
|
Government
|
as assets
|
Others
|
Total
|
|||||||||||||||||||||||||||
At January 1, 2013
|
4,236 | 13,419 | 16,795 | 29,592 | 9,045 | - | - | 15,078 | 88,165 | |||||||||||||||||||||||||||
Charge (credit) to P&L
|
9,954 | (270 | ) | 34 | 38,448 | (50 | ) | - | - | 4,461 | 52,577 | |||||||||||||||||||||||||
Charge (credit) to OCI
|
- | - | 8,169 | - | - | - | - | 1,520 | 9,689 | |||||||||||||||||||||||||||
Acquisition of DSD (Note 30-a)
|
- | 1,148 | 4,269 | - | - | - | - | (835 | ) | 4,582 | ||||||||||||||||||||||||||
Other additions
|
- | (1,176 | ) | (1,410 | ) | 18,734 | 1,505 | - | - | (16,596 | ) | 1,057 | ||||||||||||||||||||||||
At December 31, 2013
|
14,190 | 13,121 | 27,857 | 86,774 | 10,500 | - | 3,628 | 156,070 | ||||||||||||||||||||||||||||
Charge (credit) to P&L
|
- | 9,936 | (8,585 | ) | (72,488 | ) | 219 | - | - | 5,754 | (65,164 | ) | ||||||||||||||||||||||||
Charge (credit) to OCI
|
- | - | - | - | - | - | - | 1,328 | 1,328 | |||||||||||||||||||||||||||
Reclassification of prior years
|
- | 13,458 | (5,540 | ) | 82 | (274 | ) | - | - | 7,777 | 15,503 | |||||||||||||||||||||||||
Other additions
|
- | - | - | - | - | - | - | 3,047 | 3,047 | |||||||||||||||||||||||||||
At December 31, 2014
|
14,190 | 36,515 | 13,732 | 14,368 | 10,445 | - | - | 21,534 | 110,784 | |||||||||||||||||||||||||||
Charge (credit) to P&L
|
- | 2,791 | 15,338 | 17,545 | - | 9,986 | 15,178 | 1,347 | 62,185 | |||||||||||||||||||||||||||
Charge (credit) to OCI
|
- | - | 7,016 | - | - | - | - | 281 | 7,297 | |||||||||||||||||||||||||||
Reclassification of prior years
|
(14,190 | ) | 5,849 | (5,402 | ) | (6,038 | ) | (10,445 | ) | 15,557 | - | (11,354 | ) | (26,023 | ) | |||||||||||||||||||||
At December 31, 2015
|
- | 45,155 | 30,684 | 25,875 | - | 25,543 | 15,178 | 11,808 | 154,243 |
Accelerated
|
Outstanding
|
Provision for
|
||||||||||||||||||||||||||||||||||
Deferred income tax
|
tax
|
Tax
|
work in
|
unpaid
|
Investments in
|
Tax
|
||||||||||||||||||||||||||||||
asset
|
Provisions
|
depreciation
|
losses
|
progress
|
vacations
|
subsidiaries
|
goodwill
|
Others
|
Total
|
|||||||||||||||||||||||||||
At January 1, 2013
|
16,727 | 13,006 | 17,936 | 14,193 | 2,936 | - | 6,003 | 70,801 | ||||||||||||||||||||||||||||
Credit (charge) to P&L
|
3,788 | (6,499 | ) | 23,544 | 33,242 | 1,984 | - | - | 2,115 | 58,174 | ||||||||||||||||||||||||||
Charge (credit) to OCI
|
1,530 | - | - | - | - | - | - | - | 1,530 | |||||||||||||||||||||||||||
Credit (charge) to equity (Note 21-c)
|
- | - | 9,840 | - | - | - | - | - | 9,840 | |||||||||||||||||||||||||||
Acquisition of DSD (Note 30-a)
|
- | - | - | 966 | 684 | - | - | 542 | 2,192 | |||||||||||||||||||||||||||
Other additions
|
1,842 | 1,836 | 1,560 | 3,244 | 1,690 | - | - | 330 | 10,502 | |||||||||||||||||||||||||||
At December 31, 2013
|
23,887 | 8,343 | 52,880 | 51,645 | 7,294 | - | - | 8,990 | 153,039 | |||||||||||||||||||||||||||
Credit (charge) to results
|
1,579 | 9,054 | 2,492 | (24,886 | ) | 4,083 | 5,613 | - | 3,274 | 1,209 | ||||||||||||||||||||||||||
Acquisition of Coasin (Note 31-a)
|
16 | - | - | - | - | - | - | - | 16 | |||||||||||||||||||||||||||
Acquisition of Morelco (Note 31-b)
|
- | - | - | - | - | 6,156 | - | - | 6,156 | |||||||||||||||||||||||||||
PPUA,charged to accounts receivable
|
- | - | - | - | - | - | - | (5,938 | ) | (5,938 | ) | |||||||||||||||||||||||||
Other additions
|
- | - | - | - | - | - | - | (473 | ) | (473 | ) | |||||||||||||||||||||||||
Reclassification of prior years
|
324 | 5,953 | 3,664 | (2,818 | ) | 5,596 | - | - | 2,783 | 15,502 | ||||||||||||||||||||||||||
At December 31, 2014
|
25,806 | 23,350 | 59,036 | 23,941 | 16,973 | 11,769 | - | 8,636 | 169,511 | |||||||||||||||||||||||||||
Credit (charge) to P&L
|
342 | 4,076 | 26,661 | 19,782 | 772 | 9,668 | 17,522 | 4,538 | 83,361 | |||||||||||||||||||||||||||
Acquisition of joint venture
|
||||||||||||||||||||||||||||||||||||
(Consorcio Panorama)
|
- | - | - | - | - | 1,164 | - | - | 1,164 | |||||||||||||||||||||||||||
Acquisition of joint venture
|
||||||||||||||||||||||||||||||||||||
(Consorcio Ductos del Sur)
|
- | - | - | - | - | 312 | - | 312 | ||||||||||||||||||||||||||||
Other increases
|
- | - | - | - | - | (1,892 | ) | (1,892 | ) | |||||||||||||||||||||||||||
Reclassification of prior years
|
(5,175 | ) | (12,534 | ) | 29,169 | (18,461 | ) | (2,768 | ) | (21,437 | ) | - | 5,184 | (26,023 | ) | |||||||||||||||||||||
At December 31, 2015
|
20,973 | 14,892 | 114,866 | 25,262 | 14,977 | 1,476 | 17,522 | 16,466 | 226,434 |
25 |
WORKERS’ PROFIT SHARING
|
2013
|
2014
|
2015
|
||||||||||
Cost of sales
|
12,990 | 27,396 | 27,618 | |||||||||
Administrative expenses
|
3,060 | 9,541 | 7,263 | |||||||||
16,050 | 36,937 | 34,881 |
26 |
EXPENSES BY NATURE
|
Goods and
|
Administrative
|
|||||||
services
|
expenses
|
|||||||
2013:
|
||||||||
Inventories, materials and consumables used
|
1,135,811 | 344 | ||||||
Personnel charges
|
1,527,146 | 169,469 | ||||||
Services provided by third-parties
|
1,520,254 | 93,666 | ||||||
Taxes
|
8,930 | 614 | ||||||
Other management charges
|
533,544 | 72,413 | ||||||
Depreciation
|
168,090 | 13,389 | ||||||
Amortization
|
67,254 | 11,133 | ||||||
Impairment (inventories and accounts receivable)
|
2,349 | 764 | ||||||
4,963,378 | 361,792 | |||||||
2014:
|
||||||||
Inventories, materials and consumables used
|
1,148,533 | 52 | ||||||
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 (inventories and accounts receivable)
|
2,477 | 71 | ||||||
6,057,112 | 421,367 | |||||||
2015:
|
||||||||
Inventories, materials and consumables used
|
1,094,836 | - | ||||||
Personnel charges
|
2,128,130 | 215,101 | ||||||
Services provided by third-parties
|
2,924,711 | 137,980 | ||||||
Taxes
|
37,129 | 1,919 | ||||||
Other management charges
|
651,057 | 30,220 | ||||||
Depreciation
|
199,015 | 18,055 | ||||||
Amortization
|
81,841 | 7,514 | ||||||
Impairment (inventories and accounts receivable)
|
5,823 | - | ||||||
Impairment of property, plant and equipment
|
7,086 | 2,591 | ||||||
7,129,628 | 413,380 |
2013
|
2014
|
2015
|
||||||||||
Salaries
|
1,296,908 | 1,579,515 | 1,792,723 | |||||||||
Social security
|
100,449 | 133,760 | 177,307 | |||||||||
Gratuities
|
106,795 | 134,892 | 135,980 | |||||||||
Employee's severance indemnities
|
70,124 | 91,100 | 98,604 | |||||||||
Vacations
|
57,200 | 69,417 | 79,354 | |||||||||
Worker's profit sharing (note 25)
|
16,050 | 36,937 | 34,881 | |||||||||
Others
|
49,089 | 28,460 | 24,382 | |||||||||
1,696,615 | 2,074,081 | 2,343,231 |
27 |
FINANCIAL INCOME AND EXPENSES
|
2013
|
2014
|
2015
|
||||||||||
Financial income:
|
||||||||||||
Interest from loans to third parties
|
16,371 | 899 | 19,749 | |||||||||
Interest from short-term bank deposits
|
5,230 | 8,010 | 12,413 | |||||||||
Commissions and collaterals
|
2,053 | 969 | 3,026 | |||||||||
Derivative financial instruments
|
13,972 | - | - | |||||||||
Others
|
2,727 | 1,584 | 2,919 | |||||||||
40,353 | 11,462 | 38,107 | ||||||||||
Financial expenses:
|
||||||||||||
Interest expense:
|
||||||||||||
- Bank loans
|
40,000 | 21,307 | 61,397 | |||||||||
- Financial lease
|
14,164 | 12,872 | 15,243 | |||||||||
- Commissions and collaterals
|
5,155 | 4,927 | 9,368 | |||||||||
- Loans from third parties
|
895 | 2,432 | 6,335 | |||||||||
- Interest on loans from related parties
|
500 | 3,026 | 814 | |||||||||
- Multilateral loans
|
4,975 | 5,022 | - | |||||||||
Exchange difference loss, net
|
70,418 | 44,282 | 82,851 | |||||||||
Derivative financial instruments
|
15,903 | 1,819 | 1,691 | |||||||||
Other financial expenses
|
6,840 | 9,992 | 12,256 | |||||||||
Less capitalized interest
|
(6,048 | ) | (2,863 | ) | (13,153 | ) | ||||||
152,802 | 102,816 | 176,802 |
28 |
OTHER INCOME AND EXPENSES
|
29 |
INCOME TAX EXPENSES
|
a) |
In accordance with current legislation in Perú, Chile, Brazil, Colombia, Ecuador, Bolivia, Guyana and Panamá, each Company in the Group is individually subject to the applicable taxes. Management considers that it has determined the taxable income under general income tax laws in accordance with the current tax legislation of each country.
|
b) |
Changes in the Peruvian Income Tax Law -
|
c) |
Amendments to Income Tax Law in Chile -
|
i) |
Attributable income system: the tax rate applicable on entities will be progressively increased, 21% in 2014, 22.5% in 2015, 24% in 2016, up to 25% in 2017. Its choice is being restricted to companies whose partners are individuals domiciled or resident in Chile or individuals or legal persons non-domiciled and non-resident in Chile. This system levies the shareholders of Chilean entities with taxes on an annual basis regardless of any effective distribution of profits from the local entity; and entitles them to use the total taxes paid as income tax fiscal credit.
|
ii) |
Partially integrated system. The tax rate applicable on entities will be progressively increased, 21% in 2014, 22.5% in 2015, 24% in 2016, 25.5% in 2017, up to 27% in 2018. Subject to this system are corporations and entities in which at least one of its owners is not an individual (whether domiciled or not) or non-domiciled legal entity. This system levies the shareholders of Chilean entities that distribute dividends and entitle them to use such distribution as a fiscal credit at a 65% of the total taxes paid. This limit does not apply to investors with whom Chile had signed double taxation agreements, such as Peru.
|
d) |
Changes in the Income Tax Law in Colombia -
|
– |
Setting the CREE tax rate at 9% and creating an incremental additional overrate effective until 2018, as follows: for fiscal 2015, 2016, 2017 and 2018 the applicable CREE tax overrate will be 5%, 6%, 8% and 9%, respectively.
|
||
– |
Starting 2015 tax losses can be offset to the CREE taxable amount.
|
||
– |
The tax on wealth levies the wealth owned by an individual or legal entity that are income taxpayers; this is determined on the basis of the gross equity less current debts that are equal to or higher than a 1,000 million Colombian pesos (S/1.1 million approximately) at January 01, 2015.
|
||
– |
The tax on wealth rates are marginal and cascaded in ranges of taxable base ranging from 0.2% to 1.15% in 2015, from 0.15% to 1% in 2016 and from 0.05% to 0.4% in 2017.
|
e) |
The income tax expense shown in the consolidated income statement comprises:
|
2013
|
2014
|
2015
|
||||||||||
Current income tax
|
188,027 | 212,569 | 138,154 | |||||||||
Deferred income tax (Note 24)
|
(5,704 | ) | (66,373 | ) | (21,176 | ) | ||||||
PPUA - subject to refund (Note 24)
|
- | - | (41,359 | ) | ||||||||
Income tax expense
|
182,323 | 146,196 | 75,619 |
f) |
The Group’s income tax differs from the theoretical amount that would have resulted from applying the weighted-average income tax rate applicable to the profit of the consolidated companies, as follows:
|
2013
|
2014
|
2015
|
||||||||||
Pre-tax profit
|
594,467 | 507,428 | 217,331 | |||||||||
Income tax by applying local applicable tax rates
|
||||||||||||
on profit generated in the respective countries
|
211,234 | 236,114 | 40,400 | |||||||||
Tax effect on:
|
||||||||||||
- Non-taxable income
|
(39,494 | ) | (104,421 | ) | (3,008 | ) | ||||||
- Associates net profit
|
(9,348 | ) | 1,790 | (5,865 | ) | |||||||
- Non-deductible expenses
|
24,160 | 25,967 | 8,640 | |||||||||
- Unrecognized deferred tax
|
||||||||||||
asset income
|
- | 13,922 | 771 | |||||||||
- Adjustment for changes in rates of income tax
|
- | (2,746 | ) | - | ||||||||
- Tax goodwill
|
- | (20,542 | ) | - | ||||||||
- (PPUA) Excess PPUA
|
- | (5,938 | ) | 15,296 | ||||||||
- Prior years adjustment
|
104 | 3,891 | 15,449 | |||||||||
- Others
|
(4,333 | ) | (1,841 | ) | 3,936 | |||||||
Income tax charge
|
182,323 | 146,196 | 75,619 |
g) |
Peruvian tax authorities have the right to examine, and, if necessary, amend the income tax determined by the Company in the last four years - from January 1 of the year after the date when the tax returns are filed (years subject to examination). Therefore, years 2011 through 2015 are subject to examination by the tax authorities. Since differences may arise over the interpretation by the tax authorities of the regulations applicable to the Company, it is not possible at present to estimate if any additional tax liabilities will arise as a result of any eventual examinations. Any additional tax, fines and interest, if they occur, will be recognized in the results of the period when such differences with the tax authorities are resolved. Management considers that no significant liabilities will arise as a result of these possible tax examinations. Additionally, income tax returns for fiscal years 2012 to 2014 and those to be filed for fiscal year 2015 remain open for examination by the Chilean tax authorities who have the right to carry out said examination within the three years following the date the income tax returns have been filed. Fiscal years 2013 and 2014 are open for tax audit by Colombian tax authorities; fiscal 2015 will be open for audit too. Colombian tax authorities are entitled to audit two consecutive years following the date the income tax return was filed.
|
h) |
As established under regulations in force in Peru, for purposes of determining income tax and the general sales tax, transfer pricing must be taken into account for operations with related parties and/or tax havens, which must have documentation and information supporting the methods and valuation criteria applied in their determination. Peruvian tax authorities are entitled to request such information from the taxpayer.
|
i) |
Temporary tax on net assets -
The temporary tax on net assets is applied by the companies which operate in Peru, to third category income generators subject to the Peruvian Income Tax General Regime. Effective in the year 2012, the tax rate is 0.4%, applicable to the amount of the net assets exceeding S/1 million.
The amount effectively paid may be used as a credit against payments on account of income tax under the General Regime or against the provisional tax payment of the income tax of the related period.
|
j) |
The weighted-average tax rate was 35% (29.30% in 2014 and 30.7% in 2013). The higher income tax rate in relation with the previous year mainly reflects the lower consolidated pre-tax profits during 2015 and the net tax adjustments not accepted by the Peruvian Tax Authorities are proportionally lower than what was determined for fiscal 2014.
|
30 |
ACCUMULATED OTHER COMPREHENSIVE INCOME
|
Exchange
|
||||||||||||||||||||
Foreign
|
Increase in
|
difference from
|
||||||||||||||||||
Cash
|
currency
|
fair value of
|
net investment
|
|||||||||||||||||
flow
|
translations
|
available-for
|
in a foreign
|
|||||||||||||||||
hedge
|
adjustment
|
sale assets
|
operation (a)
|
Total
|
||||||||||||||||
Additions (*)
|
5,066 | (467 | ) | 27,229 | - | 31,828 | ||||||||||||||
Tax effects (*)
|
(1,520 | ) | - | (8,169 | ) | - | (9,689 | ) | ||||||||||||
Other comprehensive income
|
||||||||||||||||||||
of the year
|
3,546 | (467 | ) | 19,060 | - | 22,139 | ||||||||||||||
At December 31, 2013
|
(2,153 | ) | (5,944 | ) | 26,520 | - | 18,423 | |||||||||||||
Additions (*)
|
750 | (13,086 | ) | 4,811 | (17,030 | ) | (24,555 | ) | ||||||||||||
Tax effects (*)
|
(210 | ) | - | (1,251 | ) | 4,428 | 2,967 | |||||||||||||
Adjustment for changes
|
||||||||||||||||||||
in rates of income tax
|
- | - | 1,089 | - | 1,089 | |||||||||||||||
Other comprehensive income
|
||||||||||||||||||||
of the year
|
540 | (13,086 | ) | 4,649 | (12,602 | ) | (20,499 | ) | ||||||||||||
At December 31, 2014
|
(1,613 | ) | (19,030 | ) | 31,169 | (12,602 | ) | (2,076 | ) | |||||||||||
Additions (*)
|
954 | (30,687 | ) | 26,991 | (6,942 | ) | (9,684 | ) | ||||||||||||
Tax effects (*)
|
267 | ) | - | (7,018 | ) | 1,805 | (5,480 | ) | ||||||||||||
Other comprehensive income
|
||||||||||||||||||||
of the year
|
687 | (30,687 | ) | 19,973 | (5,137 | ) | (15,164 | ) | ||||||||||||
At December 31, 2015
|
(926 | ) | (49,717 | ) | 51,142 | (17,739 | ) | (17,240 | ) |
(*)
|
Amounts in the table above represent only amounts attributable to the Company’s controlling interest net of taxes. Below is the movement in Other Comprehensive Income for each year:
|
2013
|
2014
|
2015
|
||||||||||
Controlling interest
|
22,139 | (20,499 | ) | (15,164 | ) | |||||||
Non-controlling interest
|
(1,947 | ) | (7,986 | ) | (14,949 | ) | ||||||
Adjustment for actuarial gains and losses, net of tax
|
(4,591 | ) | (1,332 | ) | (2,921 | ) | ||||||
Total value in OCI
|
15,601 | (29,817 | ) | (33,034 | ) |
31 |
CONTINGENCIES, COMMITTMENTS AND GUARANTEES
|
i)
|
Civil court actions mainly involving costs and damages and contract terminations as well as work accidents amounting to S/1.1 million (S/0.5 million for GyM S.A., S/0.3 million for Concar SA. and S/0.3 million for Viva GyM).
|
ii)
|
Arbitration processes amounting to S/122.3 million related to an action brought by Contugas S.A.C. and IMECON S.A. against the court action brought by GyM S.A. involving recognition of expenses and indemnification for costs and damages for S/112.3 million and S/10 million, respectively.
|
iii)
|
Challenge administrative actions amounting to S/4 million, comprising an action brought by the Peruvian mining and energy regulator - OSINERMIN for the alleged noncompliance of GMP S.A. and Consorcio Terminales).
|
iv)
|
Administrative actions amounting to S/3.1 million (S/2 million comprising an action brought by the Peruvian Mining and Energy regulator (OSINERMIN or OEFA) for the alleged noncompliance of GMP S.A., Consorcio Terminales and Terminales del Peru; S/0.9 million of GyM Ferrovías S.A. comprising an action brought by Municipality of La Victoria, Lima, Villa María del Triunfo and San Juan de Lurigancho for property tax; and S/.0.2 million compromising action brought against Morelco S.A.S.
|
v)
|
Labor-related processes amounting to S/3.7 million (S/1.4 million were actions against Vial y Vives-DSD S.A., S/0.9 million against GMP S.A., S/0.6 million against GyM S.A, S/0.2 million against GMD S.A, S/0.2 million against Concar S.A, S/0.1 million against Stracon GyM S.A. and S/0.1 million against CAM Perú S.A.).
|
i)
|
Civil court actions mainly involving costs and damages and contract terminations as well as work accidents amounting to S/5.8 million (S/3.0 million for GyM S.A., S/2.5 million for GMI SA. and S/0.27 million for Viva GyM).
|
ii)
|
Arbitration processes amounting to S/110.59 million related to an action brought by Contugas S.A.C. against the court action brought by GyM S.A. involving recognition of expenses and indemnification for costs and damages.
|
iii)
|
Challenge administrative actions amounting to S/1.1 million (S/0.8 million comprising an action brought by the Peruvian mining and energy regulator (OSINERMIN) for the alleged noncompliance of GMP S.A. and Consorcio Terminales and S/0.2 million of GyM S.A. comprising an action brought by the Peruvian Labor Ministry).
|
iv)
|
Administrative actions amounting to S/1.8 million (S/0.9 comprising an action brought by the Peruvian agency for the protection of the consumer ("Instituto Nacional de Defensa de la Competencia y de la Protección de la Propiedad Intelectual- INDECOPI) against Viva GyM S.A. for the alleged lack of adequate construction techniques and finishing implemented in housing developments).
|
v)
|
Labor-related processes amounting to S/2.8 million (S/2.5 million were actions against GMP S.A., S/0.12 million against Cam Peru S.A. and S/0.14 million against GyM S.A.).
|
32 |
BUSINESS COMBINATIONS
|
Provisional values
|
Final amounts
|
|||||||||||||||
S/
|
US$000
|
S/
|
US$000
|
|||||||||||||
Cash and cash equivalents
|
69,930 | 23,514 | 69,930 | 23,514 | ||||||||||||
Trade receivables
|
92,138 | 30,981 | 67,716 | 22,769 | ||||||||||||
Work in progress remaining to collect
|
||||||||||||||||
from customers
|
101,533 | 34,140 | 110,777 | 37,248 | ||||||||||||
Other accounts 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 | ||||||||||||
Financial asset through profit or loss
|
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 asset
|
8,031 | 2,700 | 24,560 | 8,258 | ||||||||||||
Other short-term financial liabilities
|
(31,204 | ) | (10,492 | ) | (31,204 | ) | (10,492 | ) | ||||||||
Other long-term financial liabilities
|
(9,315 | ) | (3,132 | ) | (9,315 | ) | (3,132 | ) | ||||||||
Trade accounts payables
|
(103,739 | ) | (34,882 | ) | (102,438 | ) | (34,444 | ) | ||||||||
Other accounts payable
|
(87,863 | ) | (29,544 | ) | (87,863 | ) | (29,544 | ) | ||||||||
Contingent liabilities
|
(17,533 | ) | (5,895 | ) | (24,993 | ) | (8,404 | ) | ||||||||
Deferred income tax liabilities
|
(3,801 | ) | (1,278 | ) | (18,404 | ) | (6,188 | ) | ||||||||
Fair value of net assets
|
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 | ||||||||||||
Purchase consideration
|
277,148 | 93,747 | 258,594 | 87,540 | ||||||||||||
Cash paid at year-end
|
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 outflows for acquisition for the year
|
161,534 | 54,948 | 161,534 | 54,948 |
Provisional values | Final amounts | |||||||||||||||
S/ | US$000 | S/ | US$000 | |||||||||||||
Cash and cash equivalents
|
3 | 1 | 3 | 1 | ||||||||||||
Trade accounts receivables
|
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 liability
|
(178 | ) | (60 | ) | 16 | 4 | ||||||||||
Trade accounts payables
|
(3,592 | ) | (1,202 | ) | (3,592 | ) | (1,202 | ) | ||||||||
Contingent liabilities
|
(2,658 | ) | (889 | ) | (2,658 | ) | (889 | ) | ||||||||
Fair value of net assets (provisional)
|
647 | 216 | (23 | ) | (9 | ) | ||||||||||
Goodwill (Note 17)
|
5,743 | 1,921 | 6,413 | 2,146 | ||||||||||||
Consideration provided for the acquisition
|
6,390 | 2,137 | 6,390 | 2,137 | ||||||||||||
Payment for the acquisition settled in cash
|
6,390 | 2,137 | 6,390 | 2,137 | ||||||||||||
Cash and cash equivalents of the subsidiary
|
||||||||||||||||
acquired
|
(3 | ) | (1 | ) | (3 | ) | (1 | ) | ||||||||
Direct outflow of cash for the acquisition
|
6,387 | 2,136 | 6,387 | 2,136 |
Provisional values
|
Final amounts
|
|||||||||||||||
S/
|
US$000
|
S/
|
US$000
|
Cash and cash equivalents
|
15,530 | 5,562 | 15,530 | 5,562 | ||||||||||||
Trade accounts receivables
|
74,502 | 26,684 | 74,317 | 26,618 | ||||||||||||
Receivables 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 assets
|
2,192 | 785 | 2,192 | 785 | ||||||||||||
Trade accounts payables
|
(5,328 | ) | (1,908 | ) | (5,328 | ) | (1,908 | ) | ||||||||
Other accounts payables
|
(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 (Note 17)
|
7,868 | 2,802 | 6,128 | 2,178 | ||||||||||||
Total paid for the purchase
|
103,872 | 37,186 | 103,872 | 37,186 | ||||||||||||
Cash payment for acquisition
|
103,872 | 37,186 | 103,872 | 37,186 | ||||||||||||
Cash and cash equivalents of the
|
||||||||||||||||
acquired subsidiary
|
(15,530 | ) | (5,562 | ) | (15,530 | ) | (5,562 | ) | ||||||||
Direct outflow of cash flows for the acquisition
|
88,342 | 31,624 | 88,342 | 31,624 |
33 |
DIVIDENDS
|
34 |
EARNINGS PER SHARE
|
2013 | 2014 | 2015 | ||||||||||
Profit attributable to the controlling interest in the Company | 320,016 | 299,743 | 88,154 | |||||||||
Weighted average number of shares in issue at S/1.00 each, at December 31, 2013, 2014 and 2015) | 600,346,925 | 660,053,790 | 660,053,790 | |||||||||
Basic and diluted earnings per share (in S/) | 0.533 | 0.454 | 0.134 |
35 |
TRANSACTIONS WITH NON-CONTROLLING INTERESTS
|
i) |
In January 2015, the Company acquired 0.102% of additional shares in GyM S.A. at a price of S/1.87 million. The carrying amount of non-controlling interest at the acquisition date was S/0.97 million. The Group eliminated the non-controlling interest and recognized a decrease in equity attributable to the parent owners of S/0.89 million.
|
|
ii) |
In July 2014, GyM S.A. acquired 13.49% of additional shares in Stracon GyM at a price of US$24.9 million (equivalent to S/72.8 million). The carrying amount of non-controlling interest at the acquisition date was S/22.5 million. The Group eliminated the non-controlling interest and recognized a decrease in equity attributable to the parent owners of S/50.7 million.
|
|
iii) |
In August, November and December 2014, the Company acquired 4.567% (2.25%, 1.95% and 0.367% respectively) additional shares in GyM S.A. at a total purchase price of S/93.2 million. The carrying amount of the non-controlling interest at the acquisition date was S/24.6 million. The Group eliminated non-controlling interest and recognized a decrease in equity attributable to the owners of the parent for S/71.5 million.
|
|
iv) |
In August 2014, the Company acquired 1.37% additional shares in Viva GyM S.A. at a price of S/9.4 million. The carrying amount of the non-controlling interest at the acquisition date was S/3.4 million. The Group eliminated non-controlling interest and recorded a decrease in equity attributable to the parent owners of S/6.03 million.
|
v) |
In 2013, the Company acquired additional shares of Ingeniería y Contrucción Vial y Vives S.A., GMD S.A., Viva GyM S.A., and Concar S.A. representing the 6.4%; 0.47%; 0.13% and 0.18% of their corresponding issued shares. The carrying amount of the non-controlling interests in such subsidiaries was S/9.5 million and the purchase consideration was S/2.4 million. The Group derecognized non-controlling interest and accounted a decrease in equity attributable to owners of the Parent of S/2.9 million.
|
|
vi) |
In 2013, the Company acquired an additional 16.9% of the outstanding shares of Norvial S.A from the former shareholder Besco S.A. at the purchase consideration of S/51.4 million. The carrying amount of the no-controlling interests at the acquisition date was S/19.7 milion. The Group derecognized its non-controlling interest and recorded a decrease in equity attributable to owners of the Parent of S/31.7 million.
|
2013 | 2014 |
2015
|
||||||||||
Carrying amount of non-controlling interest acquired
|
29,257 | 50,109 | 971 | |||||||||
Consideration provided for non-controlling interest
|
(63,868 | ) | (178,331 | ) | (1,865 | ) | ||||||
Higher payment attributable to the Company’s
|
||||||||||||
controlling interest
|
(34,611 | ) | (128,222 | ) | (894 | ) |
i) |
In March 2015, GyM S.A. sold 0.048% (S/97) of its total 87.64% interest held in Stracon GyM for a payment of S/377. The carrying amount of this non-controling interest in Stracon GyM at the date of disposal was S/23.7 million (a 12.36% interest).
|
|
ii) |
In June 2015, GyM S.A. sold 1.92% (S/385) of its total 82.04% interest held in VyV - DSD S.A. for a payment of S/385. The carrying amount of this non-controling interest in VyV - DSD S.A. a date of disposal was S/3.6 million (a 17.96% interest).
|
|
iii) |
In April 2015, CAM Holding Spa sold a 2.45% (S/2,045) of its total 75.61% interest held in CAM Chile S.A. for S/880. The carrying amount of the non-controlling interest in CAM Chile at the disposal date was S/20.4 million (a 24.39% interest).
|
|
iv) |
In November 2014, GyM Chile Spa sold 1.01% (S/1.6 million) of its total 82.04% interest held in Vial y Vives - DSD for a total US$0.582 million (equivalent to S/1.6 million). The carrying amount of this non-controlling interest in Vial y Vives – DSD at the date of disposal was S/1.6 million
|
2014 | 2015 | |||||||
Carrying amount of the non-controlling interest sold
|
(1,627 | ) | (2,527 | ) | ||||
Consideration received from non-controlling interest
|
1,627 | 1,642 | ||||||
Decrease in equity of the Company‘s controlling interest
|
- | (885 | ) |
2013 | 2014 | 2015 | ||||||||||
Changes in equity attributable to the Company’s
|
||||||||||||
controlling interest arising from:
|
||||||||||||
Acquisition of additional interest in subsidiary
|
(34,611 | ) | (128,222 | ) | (894 | ) | ||||||
Disposal of interest in subsidiary without losing control
|
- | - | (885 | ) | ||||||||
Decrease in equity of the Company’s controlling interest
|
(34,611 | ) | (128,222 | ) | (1,779 | ) |
2013 | 2014 | 2015 | ||||||||||
Contributions from Viva GyM S.A.
|
59,387 | 48,793 | 20,446 | |||||||||
Returns of contributions
|
(24,613 | ) | (4,240 | ) | (14,987 | ) | ||||||
Contribution of non-controlling shareholders – Viva GyM
|
34,774 | 44,553 | 5,459 | |||||||||
Plus:
|
||||||||||||
Contributions from CAM Servicios Perú S.A.
|
- | - | 1,272 | |||||||||
Contributions from Promotora Larcomar S.A.
|
- | - | 3,598 | |||||||||
Contributions from GyM Ferrovías S.A.
|
- | 2,823 | - | |||||||||
Increase in equity of non controlling parties
|
34,774 | 47,376 | 10,329 |
36 |
EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION
|