(All amounts are expressed in thousands of S/. unless otherwise stated)
|
||||||||||||||||||||
UNAUDITED | ||||||||||||||||||||
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||||||||||||||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
||||||||||||||||||||
ASSETS
|
LIABILITIES AND EQUITY
|
|||||||||||||||||||
At
|
At
|
|||||||||||||||||||
December 31,
|
September 30,
|
December 31,
|
September 30,
|
|||||||||||||||||
Note
|
2015
|
2016
|
Note
|
2015
|
2016
|
|||||||||||||||
Current assets
|
Current liabilities
|
|||||||||||||||||||
Cash and cash equivalents
|
554,002
|
696,269
|
Borrowings
|
12
|
1,228,020
|
1,084,732
|
||||||||||||||
Financial asset at fair value through profit or loss
|
3,153
|
743
|
Bonds
|
13
|
37,083
|
44,554
|
||||||||||||||
Trade accounts receivables
|
1,050,791
|
981,053
|
Trade accounts payable
|
1,635,760
|
1,577,505
|
|||||||||||||||
Unbilled work in progress
|
1,319,187
|
1,176,140
|
Accounts payable to related parties
|
9
|
77,830
|
135,426
|
||||||||||||||
Accounts receivable from related parties
|
9
|
280,153
|
236,163
|
Current income tax
|
34,116
|
13,932
|
||||||||||||||
Other accounts receivable
|
824,589
|
763,699
|
Other accounts payable
|
1,066,000
|
1,064,438
|
|||||||||||||||
Inventories
|
1,159,154
|
1,234,343
|
Provisions
|
14
|
13,468
|
16,912
|
||||||||||||||
Prepaid expenses
|
40,023
|
45,049
|
Total current liabilities
|
4,092,277
|
3,937,499
|
|||||||||||||||
5,231,052
|
5,133,459
|
|||||||||||||||||||
Non-current assets classified as held for sale
|
22,511
|
22,527
|
Non-current liabilities
|
|||||||||||||||||
Borrowings
|
12
|
553,336
|
940,488
|
|||||||||||||||||
Total current assets
|
5,253,563
|
5,155,986
|
Long-term bonds
|
13
|
757,008
|
927,430
|
||||||||||||||
Other long-term accounts payable
|
246,396
|
503,411
|
||||||||||||||||||
Non-current assets
|
Long-term accounts payable to related parties
|
9
|
20,136
|
22,153
|
||||||||||||||||
Long-term trade accounts receivable
|
621,831
|
667,614
|
Provisions
|
14
|
35,618
|
23,548
|
||||||||||||||
Long-term unbilled work in progress
|
59,754
|
63,242
|
Derivative financial instruments
|
2,331
|
2,023
|
|||||||||||||||
Prepaid expenses
|
22,386
|
32,516
|
Deferred income tax liability
|
101,664
|
92,137
|
|||||||||||||||
Other long-term accounts receivable
|
65,929
|
321,576
|
Total non-current liabilities
|
1,716,489
|
2,511,190
|
|||||||||||||||
Available-for-sale financial assets
|
8
|
120,134
|
-
|
Total liabilities
|
5,808,766
|
6,448,689
|
||||||||||||||
Investments in associates and joint ventures
|
10
|
646,884
|
1,065,419
|
|||||||||||||||||
Investment property
|
34,702
|
33,192
|
Equity
|
|||||||||||||||||
Property, plant and equipment
|
11
|
1,111,757
|
1,135,611
|
Capital
|
15
|
660,054
|
660,054
|
|||||||||||||
Intangible assets
|
11
|
881,020
|
1,045,642
|
Legal reserve
|
132,011
|
132,011
|
||||||||||||||
Deferred income tax asset
|
173,851
|
198,286
|
Optional reserve
|
29,974
|
29,974
|
|||||||||||||||
Total non-current assets
|
3,738,248
|
4,563,099
|
Share Premium
|
897,532
|
879,349
|
|||||||||||||||
Other reserves
|
(129,059
|
)
|
(138,907
|
)
|
||||||||||||||||
Retained earnings
|
1,064,044
|
1,173,179
|
||||||||||||||||||
Equity attributable to controlling interest in the Company
|
2,654,556
|
2,735,660
|
||||||||||||||||||
Non-controlling interest
|
528,489
|
534,736
|
||||||||||||||||||
Total equity
|
3,183,045
|
3,270,396
|
||||||||||||||||||
Total assets
|
8,991,811
|
9,719,085
|
Total liabilities and equity
|
8,991,811
|
9,719,085
|
|||||||||||||||
The accompanying notes on pages 8 to 22 are an integral part of the consolidated financial statements.
|
(All amounts are expressed in thousands of S/. unless otherwise stated)
|
|||||||||||
UNAUDITED | |||||||||||
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
|||||||||||
CONSOLIDATED INCOME STATEMENT
|
|||||||||||
For the period of nine months
|
|||||||||||
ended September 30,
|
|||||||||||
Note
|
2015
|
2016
|
|||||||||
Revenues from construction activities
|
4,064,096
|
2,534,546
|
|||||||||
Revenues from services provided
|
1,342,132
|
1,418,346
|
|||||||||
Revenue from real estate and sale of goods
|
211,677
|
285,436
|
|||||||||
5,617,905
|
4,238,328
|
||||||||||
Cost of construction activities
|
(3,876,589
|
)
|
(2,363,914
|
)
|
|||||||
Cost of services provided
|
(1,156,472
|
)
|
(1,209,854
|
)
|
|||||||
Cost of real estate and goods sold
|
(117,164
|
)
|
(214,502
|
)
|
|||||||
16
|
(5,150,225
|
)
|
(3,788,270
|
)
|
|||||||
Gross profit
|
467,680
|
450,058
|
|||||||||
Administrative expenses
|
16
|
(296,611
|
)
|
(289,000
|
)
|
||||||
Other income and expenses
|
10,510
|
46,289
|
|||||||||
Gain from the sale of investments
|
8
|
-
|
31,768
|
||||||||
Operating profit
|
181,579
|
239,115
|
|||||||||
Financial expenses
|
(124,162
|
)
|
(103,189
|
)
|
|||||||
Financial income
|
34,985
|
21,324
|
|||||||||
Share of the profit or loss in associates and joint
|
|||||||||||
ventures under the equity method of accounting
|
21,236
|
51,741
|
|||||||||
Profit before income tax
|
113,638
|
208,991
|
|||||||||
Income tax
|
17
|
(75,928
|
)
|
(46,905
|
)
|
||||||
Profit for the period
|
37,710
|
162,086
|
|||||||||
Profit attributable to:
|
|||||||||||
Owners of the Company
|
6,709
|
138,642
|
|||||||||
Non-controlling interest
|
31,001
|
23,444
|
|||||||||
37,710
|
162,086
|
||||||||||
Earnings per share from continuing operations
|
|||||||||||
attributable to owners of the Company during
|
|||||||||||
the period
|
0.010
|
0.210
|
|||||||||
The accompanying notes on pages 8 to 22 are an integral part of the consolidated financial statements.
|
(All amounts are expressed in thousands of S/. unless otherwise stated)
|
|||||||||||
UNAUDITED | |||||||||||
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
|||||||||||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|||||||||||
For the period of nine months
|
|||||||||||
ended September 30,
|
|||||||||||
Note
|
2015 | 2016 | |||||||||
Profit for the period
|
37,710
|
162,086
|
|||||||||
Other comprehensive income:
|
|||||||||||
Items that will not be reclassified to profit or loss
|
|||||||||||
Remeasurement of actuarial gains and losses, net of tax
|
(3,617
|
)
|
(575
|
)
|
|||||||
Items that may be subsequently reclassified to profit or loss
|
|||||||||||
Cash flow hedge, net of tax
|
109
|
217
|
|||||||||
Foreign currency translation adjustment, net of tax
|
(60,686
|
)
|
32,213
|
||||||||
Change in value of available-for-sale financial assets, net of tax
|
8
|
5,377
|
(43,681
|
)
|
|||||||
Exchange difference from net investment in a foreign operation, net of tax
|
(11,680
|
)
|
11,712
|
||||||||
(66,880
|
)
|
461
|
|||||||||
Other comprenhensive income for the period, net of tax
|
(70,497
|
)
|
(114
|
)
|
|||||||
Total comprehensive income for the period
|
(32,787
|
)
|
161,972
|
||||||||
Comprehensive income attributable to:
|
|||||||||||
Owners of the Company
|
(43,120
|
)
|
128,372
|
||||||||
Non-controlling interest
|
10,333
|
33,600
|
|||||||||
(32,787
|
)
|
161,972
|
|||||||||
The accompanying notes on pages 8 to 22 are an integral part of the consolidated financial statements.
|
(All amounts are expressed in thousands of S/. unless otherwise stated)
|
||||||||||||||||||||||||||||||
UNAUDITED | ||||||||||||||||||||||||||||||
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||||
FOR THE PERIOD OF THE NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2016
|
||||||||||||||||||||||||||||||
Attributable to the controlling interests of the Company
|
||||||||||||||||||||||||||||||
Number
of shares |
Legal
|
Optional
|
Premium
for issuance |
Other
|
Retained
|
Non-controlling
|
||||||||||||||||||||||||
In thousands
|
Capital
|
reserve
|
reserve
|
of shares
|
reserves |
earnings
|
Total
|
interest
|
Total
|
|||||||||||||||||||||
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 period
|
-
|
-
|
-
|
-
|
-
|
-
|
6,709
|
6,709
|
31,001
|
37,710
|
||||||||||||||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
104
|
-
|
104
|
5
|
109
|
||||||||||||||||||||
Adjustment for actuarial gains and losses
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,496
|
)
|
(2,496
|
)
|
(1,121
|
)
|
(3,617
|
)
|
||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(41,314
|
)
|
-
|
(41,314
|
)
|
(19,372
|
)
|
(60,686
|
)
|
||||||||||||||||
Change in value of available-for-sale financial assets
|
-
|
-
|
-
|
-
|
-
|
5,377
|
-
|
5,377
|
-
|
5,377
|
||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
(11,500
|
)
|
-
|
(11,500
|
)
|
(180
|
)
|
(11,680
|
)
|
||||||||||||||||
Comprehensive income of the year
|
-
|
-
|
-
|
-
|
-
|
(47,333
|
)
|
4,213
|
(43,120
|
)
|
10,333
|
(32,787
|
)
|
|||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||
- Transfer to Optional reserve
|
-
|
-
|
-
|
29,974
|
-
|
-
|
(29,974
|
)
|
-
|
-
|
-
|
|||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
(104,911
|
)
|
(104,911
|
)
|
(4,316
|
)
|
(109,227
|
)
|
||||||||||||||||
- Contributions of non-controlling shareholders
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
12,556
|
12,556
|
||||||||||||||||||||
- Additional acquisition of non-controlling
|
-
|
-
|
-
|
-
|
(894
|
)
|
-
|
-
|
(894
|
)
|
(971
|
)
|
(1,865
|
)
|
||||||||||||||||
- Sale to non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2,445
|
2,445
|
||||||||||||||||||||
Total transactions with shareholders
|
-
|
-
|
-
|
29,974
|
(894
|
)
|
-
|
(134,885
|
)
|
(105,805
|
)
|
9,714
|
(96,091
|
)
|
||||||||||||||||
Balances as of September 30, 2015
|
660,054
|
660,054
|
132,011
|
29,974
|
898,417
|
(161,228
|
)
|
983,024
|
2,542,252
|
502,577
|
3,044,829
|
|||||||||||||||||||
Balances as of January 1, 2016
|
660,054
|
660,054
|
132,011
|
29,974
|
897,532
|
(129,059
|
)
|
1,064,044
|
2,654,556
|
528,489
|
3,183,045
|
|||||||||||||||||||
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
138,642
|
138,642
|
23,444
|
162,086
|
||||||||||||||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
206
|
-
|
206
|
11
|
217
|
||||||||||||||||||||
Adjustment for actuarial gains and losses
|
-
|
-
|
-
|
-
|
-
|
-
|
(422
|
)
|
(422
|
)
|
(153
|
)
|
(575
|
)
|
||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
22,122
|
-
|
22,122
|
10,091
|
32,213
|
||||||||||||||||||||
Change in value of available-for-sale financial assets
|
-
|
-
|
-
|
-
|
-
|
(43,681
|
)
|
-
|
(43,681
|
)
|
-
|
(43,681
|
)
|
|||||||||||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
11,505
|
-
|
11,505
|
207
|
11,712
|
||||||||||||||||||||
Comprehensive income of the period
|
-
|
-
|
-
|
-
|
-
|
(9,848
|
)
|
138,220
|
128,372
|
33,600
|
161,972
|
|||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
(30,853
|
)
|
(30,853
|
)
|
(20,965
|
)
|
(51,818
|
)
|
||||||||||||||||
- Contributions of non-controlling shareholders
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(3,432
|
)
|
(3,432
|
)
|
||||||||||||||||||
- Additional acquisition of non-controlling
|
-
|
-
|
-
|
-
|
(18,183
|
)
|
-
|
-
|
(18,183
|
)
|
(3,487
|
)
|
(21,670
|
)
|
||||||||||||||||
- Sale to non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
(292
|
)
|
(292
|
)
|
494
|
202
|
||||||||||||||||||
- Deconsolidation of former subsidiary
|
-
|
-
|
-
|
-
|
-
|
-
|
2,060
|
2,060
|
37
|
2,097
|
||||||||||||||||||||
Total transactions with shareholders
|
-
|
-
|
-
|
-
|
(18,183
|
)
|
-
|
(29,085
|
)
|
(47,268
|
)
|
(27,353
|
)
|
(74,621
|
)
|
|||||||||||||||
Balances as of September 30, 2016
|
660,054
|
660,054
|
132,011
|
29,974
|
879,349
|
(138,907
|
)
|
1,173,179
|
2,735,660
|
534,736
|
3,270,396
|
|||||||||||||||||||
The accompanying notes on pages 8 to 22 are an integral part of the consolidated financial statements.
|
(All amounts are expressed in thousands of S/. unless otherwise stated)
|
|||||||||||
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
|||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|||||||||||
For the period of nine months
|
|||||||||||
ended September 30,
|
|||||||||||
Note
|
2015
|
2016
|
|||||||||
OPERATING ACTIVITIES
|
|||||||||||
Profit before income tax
|
113,638
|
208,991
|
|||||||||
Adjustments to profit not affecting cash flows from
|
|||||||||||
operating activities:
|
|||||||||||
Depreciation
|
11
|
158,205
|
148,090
|
||||||||
Amortization of other assets
|
11
|
61,457
|
62,274
|
||||||||
Impairment of inventories
|
16
|
1,086
|
1,329
|
||||||||
Impairment of accounts receivable
|
16
|
4,832
|
-
|
||||||||
Impairment of property, plant and equipment
|
16
|
14
|
279
|
||||||||
Lower of intangible assets
|
-
|
1,621
|
|||||||||
Reversal of impairment of inventories
|
(630
|
)
|
-
|
||||||||
Profit on fair value of financial asset at fair value through profit or loss
|
(1,420
|
)
|
34
|
||||||||
Other Provisions
|
14
|
2,701
|
5,470
|
||||||||
Interest income,net
|
77,142
|
105,449
|
|||||||||
Adjustments to PPA of loans
|
(58
|
)
|
-
|
||||||||
Foreign exchange loss (gain) on loans
|
15,728
|
(38,635
|
)
|
||||||||
Share of the profit and loss in associates
|
|||||||||||
under the equity method of accounting
|
10
|
(21,236
|
)
|
(51,741
|
)
|
||||||
Reversal of provisions
|
14
|
(5,613
|
)
|
(16,180
|
)
|
||||||
Lower of fixed assets
|
4,892
|
3,376
|
|||||||||
Lower of investments
|
-
|
1,295
|
|||||||||
Profit on sale of property, plant and equipment
|
(4,203
|
)
|
(15,223
|
)
|
|||||||
Gain on financial asset at fair value through profit or loss
|
420
|
(31,667
|
)
|
||||||||
Loss on sale of investments
|
-
|
(24
|
)
|
||||||||
Net variations in assets and liabilities:
|
|||||||||||
Trade accounts receivable
|
(202,298
|
)
|
331,500
|
||||||||
Other accounts receivable
|
(161,592
|
)
|
(203,123
|
)
|
|||||||
Other accounts receivable from related parties
|
11,333
|
43,990
|
|||||||||
Inventories
|
(236,972
|
)
|
(66,308
|
)
|
|||||||
Pre-paid expenses and other assets
|
(28,364
|
)
|
(2,886
|
)
|
|||||||
Trade accounts payable
|
35,036
|
(143,365
|
)
|
||||||||
Other accounts payable
|
(142,381
|
)
|
188,602
|
||||||||
Other accounts payable to related parties
|
(20,205
|
)
|
46,971
|
||||||||
Other provisions
|
(1,076
|
)
|
(570
|
)
|
|||||||
Interest payment
|
(80,085
|
)
|
(120,419
|
)
|
|||||||
Payments related to Norvial Concession
|
(103,824
|
)
|
(57,765
|
)
|
|||||||
Payment of income tax
|
(148,159
|
)
|
(95,663
|
)
|
|||||||
Net cash provided by (applied to) operating activities
|
(671,633
|
)
|
305,702
|
||||||||
INVESTING ACTIVITIES
|
|||||||||||
Sale of available-for-sale investment
|
-
|
1,384
|
|||||||||
Sale of property, plant and equipment
|
14,664
|
50,407
|
|||||||||
Sale of financial asset at fair value through profit or loss
|
4,604
|
-
|
|||||||||
Return of contributions
|
-
|
1,390
|
|||||||||
Interest received
|
14,548
|
10,734
|
|||||||||
Dividends received
|
10
|
50,303
|
18,347
|
||||||||
Payment for purchase of investments properties
|
(600
|
)
|
(228
|
)
|
|||||||
Payments for intangible purchase
|
(21,282
|
)
|
(28,693
|
)
|
|||||||
Payments for purchase and contributions on investment in associate and joint ventures
|
(66,391
|
)
|
(404,776
|
)
|
|||||||
Payments for property, plant and equipment purchase
|
(157,536
|
)
|
(119,771
|
)
|
|||||||
Net cash applied to investing activities
|
(161,690
|
)
|
(363,865
|
)
|
|||||||
FINANCING ACTIVITIES
|
|||||||||||
Loans received
|
3,251,060
|
2,905,500
|
|||||||||
Bonds issued
|
825,016
|
178,375
|
|||||||||
Amortization of loans received
|
(3,201,138
|
)
|
(2,769,831
|
)
|
|||||||
Amortization of bonds issued
|
(10,719
|
)
|
(16,380
|
)
|
|||||||
Payment for transaction costs for debt
|
(18,518
|
)
|
(13,747
|
)
|
|||||||
Dividends paid to owners of the parent
|
(104,911
|
)
|
(30,853
|
)
|
|||||||
Dividends paid to non-controlling interest
|
(4,316
|
)
|
(19,600
|
)
|
|||||||
Cash received from non-controlling shareholders
|
8,384
|
(11,566
|
)
|
||||||||
Acquisition or sale of interest in a subsidiary of non-controlling shareholders
|
581
|
(21,468
|
)
|
||||||||
Net cash (applied to) provided by financing activities
|
745,439
|
200,430
|
|||||||||
Net increase (net decrease) in cash
|
(87,883
|
)
|
142,267
|
||||||||
Cash and cash equivalents at the beginning of the year
|
818,402
|
554,002
|
|||||||||
Cash and cash equivalents at the end of the period
|
730,519
|
696,269
|
|||||||||
NON-CASH TRANSACTIONS:
|
|||||||||||
Debt capitalization
|
-
|
22,308
|
|||||||||
Acquisition of assets through finance leases
|
79,819
|
29,089
|
|||||||||
Change in fair vaue of available-for-sale financial asset
|
-
|
(43,681
|
)
|
||||||||
The accompanying notes on pages 8 to 22 are an integral part of the consolidated financial statements.
|
1
|
GENERAL INFORMATION
|
2
|
BASIS OF PREPARATION
|
3
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
4
|
FINANCIAL RISK MANAGEMENT
|
4.1
|
Financial risk factors
|
4.1.1
|
Market risk –
|
4.1.2
|
Credit risk –
|
4.1.3
|
Liquidity risk -
|
Less than 1
year
|
From 1 to
2 years
|
From 2 to
5 years
|
Over
5 years
|
Total
|
||||||||||||||||
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
|
||||||||||||||||
At September 30, 2016
|
||||||||||||||||||||
Other financial liabilities (except for finance leases)
|
992,712
|
258,113
|
587,735
|
-
|
1,838,560
|
|||||||||||||||
Finance leases
|
137,475
|
80,006
|
23,807
|
20,631
|
261,919
|
|||||||||||||||
Bonds
|
108,346
|
164,059
|
327,428
|
1,413,434
|
2,013,267
|
|||||||||||||||
Trade accounts payables
|
1,576,843
|
-
|
-
|
- | 1,576,843 | |||||||||||||||
Accounts payables to related parties
|
135,426
|
22,153
|
-
|
- | 157,579 | |||||||||||||||
Other accounts payables
|
139,445
|
11,293
|
141,586
|
-
|
292,324
|
|||||||||||||||
Other non-financial liabilities
|
-
|
2,023
|
-
|
-
|
2,023
|
|||||||||||||||
3,090,247
|
537,647
|
1,080,556
|
1,434,065
|
6,142,515
|
4.2
|
Capital management -
|
December 31, | September 30, | |||||||
2015 | 2016 | |||||||
Total borrowing and bonds | 2,575,447 | 2,997,204 | ||||||
Less: Cash and cash equivalents | (554,002 | ) | (696,269 | ) | ||||
Net debt | 2,021,445 | 2,300,935 | ||||||
Total equity | 3,183,045 | 3,270,396 | ||||||
Total capital | 5,204,490 | 5,571,331 | ||||||
Gearing ratio | 0.39 | 0.41 |
4.3
|
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).
|
5
|
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
|
6
|
SEASONALITY OF OPERATIONS
|
7
|
SEGMENT REPORTING
|
(All the amounts are expressed in thousand of S/. unless otherwise stated)
|
||||||||||||||||||||||||||||||
UNAUDITED
|
||||||||||||||||||||||||||||||
Operating segments financial position
|
||||||||||||||||||||||||||||||
Segment reporting
|
||||||||||||||||||||||||||||||
Engineering
|
Infrastructure
|
Parent
|
||||||||||||||||||||||||||||
and construction
|
Energy
|
Toll roads
|
Mass transit
|
Water treatment
|
Real estate
|
Technical services
|
Company Operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||
As of December 31, 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
|
||||||||||||||||||||
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
|
(All the amounts are expressed in thousand of S/. unless otherwise stated)
|
||||||||||||||||||||||||||||||
NOT AUDITED
|
||||||||||||||||||||||||||||||
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 September 30, 2016
|
||||||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||
Cash and cash equivalents
|
159,715
|
24,291
|
109,344
|
147,743
|
10,483
|
83,570
|
35,495
|
125,628
|
-
|
696,269
|
||||||||||||||||||||
Financial asset at fair value through profit or loss
|
743
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
743
|
||||||||||||||||||||
Trade accounts receivables
|
319,749
|
52,516
|
22,171
|
64,279
|
214
|
12,483
|
509,641
|
-
|
-
|
981,053
|
||||||||||||||||||||
Unbilled work in progress
|
1,175,908
|
-
|
-
|
-
|
232
|
-
|
-
|
-
|
-
|
1,176,140
|
||||||||||||||||||||
Accounts receivable from related parties
|
340,560
|
2,794
|
19,674
|
404
|
4,903
|
12,232
|
42,995
|
125,834
|
(313,233
|
)
|
236,163
|
|||||||||||||||||||
Other accounts receivable
|
489,867
|
56,009
|
5,930
|
21,154
|
5,155
|
21,027
|
126,479
|
38,078
|
-
|
763,699
|
||||||||||||||||||||
Inventories
|
122,693
|
12,303
|
-
|
16,174
|
-
|
1,019,945
|
73,841
|
389
|
(11,002
|
)
|
1,234,343
|
|||||||||||||||||||
Prepaid expenses
|
11,620
|
3,847
|
1,669
|
5,192
|
245
|
80
|
21,226
|
1,170
|
-
|
45,049
|
||||||||||||||||||||
Non-current assets classified as held for sale
|
22,527
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
22,527
|
||||||||||||||||||||
Total current assets
|
2,643,382
|
151,760
|
158,788
|
254,946
|
21,232
|
1,149,337
|
809,677
|
291,099
|
(324,235
|
)
|
5,155,986
|
|||||||||||||||||||
Long-term trade accounts receivable
|
-
|
-
|
-
|
640,240
|
-
|
-
|
27,374
|
-
|
-
|
667,614
|
||||||||||||||||||||
Long-term unbilled work in progress
|
-
|
40,596
|
22,646
|
-
|
-
|
-
|
-
|
-
|
-
|
63,242
|
||||||||||||||||||||
Long-term accounts receivable from related parties
|
-
|
-
|
408
|
-
|
-
|
-
|
498
|
158,525
|
(159,431
|
)
|
-
|
|||||||||||||||||||
Prepaid expenses
|
-
|
3,440
|
25,879
|
2,241
|
956
|
-
|
-
|
-
|
-
|
32,516
|
||||||||||||||||||||
Other long-term accounts receivable
|
5,675
|
30,865
|
32,791
|
225,565
|
8,934
|
15,463
|
2,056
|
227
|
-
|
321,576
|
||||||||||||||||||||
Investments in associates and joint ventures
|
122,551
|
8,183
|
-
|
-
|
-
|
26,942
|
10,409
|
3,647,886
|
(2,750,551
|
)
|
1,065,420
|
|||||||||||||||||||
Investment property
|
-
|
-
|
-
|
-
|
-
|
33,192
|
-
|
-
|
-
|
33,192
|
||||||||||||||||||||
Property, plant and equipment
|
587,782
|
185,024
|
1,362
|
298
|
17
|
11,794
|
227,905
|
130,599
|
(9,170
|
)
|
1,135,611
|
|||||||||||||||||||
Intangible assets
|
310,388
|
107,051
|
443,155
|
280
|
-
|
984
|
147,637
|
22,998
|
13,149
|
1,045,642
|
||||||||||||||||||||
Deferred income tax asset
|
131,909
|
4,155
|
2,775
|
-
|
-
|
608
|
55,203
|
625
|
3,011
|
198,286
|
||||||||||||||||||||
Total non-current assets
|
1,158,305
|
379,314
|
529,016
|
868,624
|
9,907
|
88,983
|
471,082
|
3,960,860
|
(2,902,992
|
)
|
4,563,099
|
|||||||||||||||||||
Total assets
|
3,801,687
|
531,074
|
687,804
|
1,123,570
|
31,139
|
1,238,320
|
1,280,759
|
4,251,959
|
(3,227,227
|
)
|
9,719,085
|
|||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||
Borrowings
|
590,068
|
84,452
|
67
|
-
|
-
|
214,089
|
194,436
|
1,620
|
-
|
1,084,732
|
||||||||||||||||||||
Bonds
|
-
|
-
|
22,795
|
21,759
|
-
|
-
|
-
|
-
|
-
|
44,554
|
||||||||||||||||||||
Trade accounts payable
|
1,211,634
|
32,146
|
1,330
|
10,927
|
250
|
20,368
|
291,574
|
9,276
|
-
|
1,577,505
|
||||||||||||||||||||
Accounts payable to related parties
|
136,298
|
3,331
|
26,722
|
13,069
|
1,868
|
72,397
|
63,042
|
131,977
|
(313,278
|
)
|
135,426
|
|||||||||||||||||||
Current income tax
|
1,398
|
2,600
|
1,370
|
-
|
1,193
|
-
|
7,369
|
2
|
-
|
13,932
|
||||||||||||||||||||
Other accounts payable
|
521,244
|
14,255
|
10,918
|
16,059
|
321
|
308,490
|
172,461
|
20,690
|
-
|
1,064,438
|
||||||||||||||||||||
Provisions
|
-
|
6,411
|
-
|
-
|
-
|
155
|
10,346
|
-
|
-
|
16,912
|
||||||||||||||||||||
Total current liabilities
|
2,460,642
|
143,195
|
63,202
|
61,814
|
3,632
|
615,499
|
739,228
|
163,565
|
(313,278
|
)
|
3,937,499
|
|||||||||||||||||||
Borrowings
|
250,116
|
91,120
|
-
|
-
|
-
|
16,509
|
85,390
|
497,353
|
-
|
940,488
|
||||||||||||||||||||
Long-term bonds
|
-
|
-
|
344,149
|
583,281
|
-
|
-
|
-
|
-
|
-
|
927,430
|
||||||||||||||||||||
Other long-term accounts payable
|
150,925
|
-
|
493
|
246,533
|
-
|
-
|
81,464
|
2,067
|
21,929
|
503,411
|
||||||||||||||||||||
Long-term accounts payable to related parties
|
-
|
-
|
-
|
84,741
|
23,445
|
39,679
|
33,278
|
395
|
(159,385
|
)
|
22,153
|
|||||||||||||||||||
Provisions
|
13,746
|
7,433
|
-
|
-
|
-
|
-
|
2,369
|
-
|
-
|
23,548
|
||||||||||||||||||||
Derivative financial instruments
|
-
|
2,023
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2,023
|
||||||||||||||||||||
Deferred income tax liability
|
23,696
|
3,954
|
-
|
16,833
|
254
|
10,962
|
27,604
|
8,834
|
-
|
92,137
|
||||||||||||||||||||
Total non-current liabilities
|
438,483
|
104,530
|
344,642
|
931,388
|
23,699
|
67,150
|
230,105
|
508,649
|
(137,456
|
)
|
2,511,190
|
|||||||||||||||||||
Total liabilities
|
2,899,125
|
247,725
|
407,844
|
993,202
|
27,331
|
682,649
|
969,333
|
672,214
|
(450,734
|
)
|
6,448,689
|
|||||||||||||||||||
Equity attributable to controlling interest in the Company
|
746,504
|
262,305
|
218,749
|
97,777
|
3,808
|
216,080
|
263,981
|
3,566,150
|
(2,639,694
|
)
|
2,735,660
|
|||||||||||||||||||
Non-controlling interest
|
156,058
|
21,044
|
61,211
|
32,591
|
-
|
339,591
|
47,445
|
13,595
|
(136,799
|
)
|
534,736
|
|||||||||||||||||||
Total liabilities and equity
|
3,801,687
|
531,074
|
687,804
|
1,123,570
|
31,139
|
1,238,320
|
1,280,759
|
4,251,959
|
(3,227,227
|
)
|
9,719,085
|
(All amounts are expressed in thousands of S/. unless otherwise stated)
|
|||||||||||||||||||||||||||||||||||||||
UNAUDITED
|
|||||||||||||||||||||||||||||||||||||||
Operating segment performance
|
|||||||||||||||||||||||||||||||||||||||
Segment Reporting
|
|||||||||||||||||||||||||||||||||||||||
Engineering
|
Infrastructure
|
Parent
|
|||||||||||||||||||||||||||||||||||||
and
construction
|
Energy
|
Toll roads
|
Mass
transit
|
Water
treatment
|
Real
estate
|
Technical
services
|
Company
operations
|
Eliminations
|
Consolidated
|
||||||||||||||||||||||||||||||
For the nine-month period
|
|||||||||||||||||||||||||||||||||||||||
ended September 30, 2015
|
|||||||||||||||||||||||||||||||||||||||
Revenue
|
4,241,095
|
289,044
|
301,579
|
151,983
|
21,470
|
75,121
|
844,588
|
53,203
|
(360,178
|
)
|
5,617,905
|
||||||||||||||||||||||||||||
Gross profit (loss)
|
239,495
|
52,979
|
56,803
|
30,460
|
1,720
|
26,621
|
117,504
|
(5,037
|
)
|
(52,865
|
)
|
467,680
|
|||||||||||||||||||||||||||
Administrative expenses
|
(208,831
|
)
|
(13,562
|
)
|
(7,183
|
)
|
(8,003
|
)
|
(252
|
)
|
(15,024
|
)
|
(78,984
|
)
|
(22,375
|
)
|
57,603
|
(296,611
|
)
|
||||||||||||||||||||
Other income and expenses
|
(1,039
|
)
|
306
|
-
|
-
|
-
|
1,038
|
7,391
|
3,835
|
(1,021
|
)
|
10,510
|
|||||||||||||||||||||||||||
Operating profit (loss)
|
29,625
|
39,723
|
49,620
|
22,457
|
1,468
|
12,635
|
45,911
|
(23,577
|
)
|
3,717
|
181,579
|
||||||||||||||||||||||||||||
Financial expenses
|
(88,656
|
)
|
(13,935
|
)
|
(3,564
|
)
|
(3,716
|
)
|
(33
|
)
|
(8,413
|
)
|
(24,754
|
)
|
(1,877
|
)
|
20,786
|
(124,162
|
)
|
||||||||||||||||||||
Financial income
|
8,343
|
116
|
5,351
|
1,347
|
109
|
433
|
1,261
|
47,684
|
(29,659
|
)
|
34,985
|
||||||||||||||||||||||||||||
Share of the profit or loss
|
|||||||||||||||||||||||||||||||||||||||
in associates and joint ventures under the equity
|
|||||||||||||||||||||||||||||||||||||||
method of accounting
|
10,304
|
686
|
-
|
-
|
-
|
9,826
|
(17
|
)
|
(12,144
|
)
|
12,581
|
21,236
|
|||||||||||||||||||||||||||
Profit (loss) before income tax
|
(40,384
|
)
|
26,590
|
51,407
|
20,088
|
1,544
|
14,481
|
22,401
|
10,086
|
7,425
|
113,638
|
||||||||||||||||||||||||||||
Income tax
|
(29,124
|
)
|
(7,777
|
)
|
(13,400
|
)
|
(6,132
|
)
|
(407
|
)
|
(3,986
|
)
|
(10,361
|
)
|
(5,889
|
)
|
1,148
|
(75,928
|
)
|
||||||||||||||||||||
Profit (loss) for the period
|
(69,508
|
)
|
18,813
|
38,007
|
13,956
|
1,137
|
10,495
|
12,040
|
4,197
|
8,573
|
37,710
|
||||||||||||||||||||||||||||
Profit (loss) attributable to:
|
|||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(79,765
|
)
|
16,594
|
28,214
|
10,467
|
1,137
|
4,372
|
11,714
|
4,425
|
9,551
|
6,709
|
||||||||||||||||||||||||||||
Non-controlling interest
|
10,257
|
2,219
|
9,793
|
3,489
|
-
|
6,123
|
326
|
(228
|
)
|
(978
|
)
|
31,001
|
|||||||||||||||||||||||||||
(69,508
|
)
|
18,813
|
38,007
|
13,956
|
1,137
|
10,495
|
12,040
|
4,197
|
8,573
|
37,710
|
(All amounts are expressed in thousands of S/. unless otherwise stated)
|
|||||||||||||||||||||||||||||||||||||||
UNAUDITED
|
|||||||||||||||||||||||||||||||||||||||
Operating segment performance
|
|||||||||||||||||||||||||||||||||||||||
Segment Reporting
|
|||||||||||||||||||||||||||||||||||||||
Engineering
|
Infrastructure
|
Parent
|
|||||||||||||||||||||||||||||||||||||
and
construction
|
Energy
|
Toll roads
|
Mass
transit
|
Water
treatment
|
Real
estate
|
Technical
services
|
Company
operations
|
Eliminations
|
Consolidated
|
||||||||||||||||||||||||||||||
For the nine-month period
|
|||||||||||||||||||||||||||||||||||||||
ended September 30, 2016
|
|||||||||||||||||||||||||||||||||||||||
Revenue
|
2,714,934
|
277,452
|
210,923
|
174,750
|
17,629
|
138,863
|
993,087
|
45,355
|
(334,665
|
)
|
4,238,328
|
||||||||||||||||||||||||||||
Gross profit (loss)
|
190,584
|
31,120
|
54,470
|
43,480
|
5,764
|
38,638
|
139,699
|
(4,079
|
)
|
(49,618
|
)
|
450,058
|
|||||||||||||||||||||||||||
Administrative expenses
|
(189,779
|
)
|
(10,749
|
)
|
(7,331
|
)
|
(8,373
|
)
|
(545
|
)
|
(14,779
|
)
|
(85,953
|
)
|
(26,269
|
)
|
54,778
|
(289,000
|
)
|
||||||||||||||||||||
Other income and expenses
|
47,036
|
(1,943
|
)
|
110
|
(2
|
)
|
-
|
707
|
3,158
|
1,847
|
(4,624
|
)
|
46,289
|
||||||||||||||||||||||||||
Gain from the sale of investments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
31,768
|
-
|
31,768
|
|||||||||||||||||||||||||||||
Operating profit
|
47,841
|
18,428
|
47,249
|
35,105
|
5,219
|
24,566
|
56,904
|
3,267
|
536
|
239,115
|
|||||||||||||||||||||||||||||
Financial expenses
|
(43,900
|
)
|
(6,897
|
)
|
(3,881
|
)
|
(2,120
|
)
|
(36
|
)
|
(10,141
|
)
|
(21,589
|
)
|
(24,451
|
)
|
9,826
|
(103,189
|
)
|
||||||||||||||||||||
Financial income
|
15,710
|
1,679
|
849
|
4,538
|
104
|
1,687
|
4,196
|
12,360
|
(19,799
|
)
|
21,324
|
||||||||||||||||||||||||||||
Share of the profit or loss
|
|||||||||||||||||||||||||||||||||||||||
in associates and joint ventures under the equity
|
|||||||||||||||||||||||||||||||||||||||
method of accounting
|
12,409
|
1,282
|
-
|
-
|
-
|
2,022
|
459
|
176,269
|
(140,700
|
)
|
51,741
|
||||||||||||||||||||||||||||
Profit before income tax
|
32,060
|
14,492
|
44,217
|
37,523
|
5,287
|
18,134
|
39,970
|
167,445
|
(150,137
|
)
|
208,991
|
||||||||||||||||||||||||||||
Income tax
|
(13,238
|
)
|
(3,962
|
)
|
(11,591
|
)
|
(11,325
|
)
|
(1,481
|
)
|
(4,610
|
)
|
(13,799
|
)
|
10,556
|
2,545
|
(46,905
|
)
|
|||||||||||||||||||||
Profit for the period
|
18,822
|
10,530
|
32,626
|
26,198
|
3,806
|
13,524
|
26,171
|
178,001
|
(147,592
|
)
|
162,086
|
||||||||||||||||||||||||||||
Profit attributable to:
|
|||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
22,406
|
7,711
|
21,126
|
19,649
|
3,806
|
3,736
|
24,014
|
178,912
|
(142,718
|
)
|
138,642
|
||||||||||||||||||||||||||||
Non-controlling interest
|
(3,584
|
)
|
2,819
|
11,500
|
6,549
|
-
|
9,788
|
2,157
|
(911
|
)
|
(4,874
|
)
|
23,444
|
||||||||||||||||||||||||||
18,822
|
10,530
|
32,626
|
26,198
|
3,806
|
13,524
|
26,171
|
178,001
|
(147,592
|
)
|
162,086
|
8
|
AVAILABLE-FOR-SALE FINANCIAL ASSETS
|
9
|
TRANSACTIONS WITH RELATED PARTIES
|
a)
|
Transactions with related parties -
|
From the period | ||||||||
ended September 30, | ||||||||
2015
|
2016
|
|||||||
Revenue from sale of goods and services:
- Associates
|
1,032
|
-
|
||||||
- Joint operations
|
37,243
|
22,304
|
||||||
38,275
|
22,304
|
b)
|
Balances of transactions with related parties
|
At December 31 | At September 30 | |||||||||||||||
|
2015 | 2016 | ||||||||||||||
Receivable | Payable | Receivable | Payable | |||||||||||||
Joint operations: | ||||||||||||||||
Consorcio Constructor Ductos del Sur | 154,383 | - | 120,279 | - | ||||||||||||
Consorcio GyM Conciviles | 57,679 | - | 60,753 | - | ||||||||||||
Consorcio Rio Urubamba | 10,856 | 2,819 | 9,036 | - | ||||||||||||
Terminales del Peru | 9,459 | - | 3,241 | - | ||||||||||||
Adexus S.A. | 8,521 | - | - | - | ||||||||||||
Consorcio Peruano de Conservacion | 6,270 | - | 8,525 | - | ||||||||||||
Consorcio Rio Mantaro | 6,021 | 15,941 | 4,633 | 12,137 | ||||||||||||
Energia y Vapor | 3,328 | - | - | 662 | ||||||||||||
Consorcio Terminales | 3,235 | - | 1,200 | - | ||||||||||||
Consorcio La Gloria | 3,116 | 3,077 | 3,131 | 3,077 | ||||||||||||
Ingenieria y Construccion Sigdo Koppers-Vial | 2,659 | 3,900 | - | 3,411 | ||||||||||||
Consorcio Constructor Chavimochic | 2,558 | 6,422 | 4,316 | 15,837 | ||||||||||||
Consorcio Menegua | 1,910 | - | - | 1,918 | ||||||||||||
Constructora Incolur DSD Ltda. | 1,681 | - | ||||||||||||||
Consorcio Lima | 1,430 | - | ||||||||||||||
Consorcio Norte Pachacutec | 1,026 | 669 | 1,017 | |||||||||||||
Consorcio Italo Peruano | 465 | 21,907 | 3,070 | 17,920 | ||||||||||||
Consorcio Constructor Alto Cayma | 387 | - | - | |||||||||||||
Consorcio Construcciones y Montajes | 112 | 2,533 | - | |||||||||||||
Bechtel Vial y Vives Servicios | - | - | - | 6,527 | ||||||||||||
Complementarios Ltda. | 84 | 6,956 | - | |||||||||||||
Consorcio Huacho Pativilca | 80 | 5,041 | - | 4,151 | ||||||||||||
Consorcio para la atencion y mantenimiento de ductos | - | - | - | 26,192 | ||||||||||||
Consorcio Ermitano | - | - | 519 | 9,092 | ||||||||||||
Consorcio Vial Sierra | - | - | 647 | 5,749 | ||||||||||||
Gasoducto Sur Peruano | - | - | - | 20,527 | ||||||||||||
Consorcio Vial Quinua | - | - | 3,662 | - | ||||||||||||
Consorcio Lima Actividades Comerciales | - | - | 1,285 | - | ||||||||||||
Other | 4,893 | 4,275 | 4,047 | 3,548 | ||||||||||||
280,153 | 73,540 | 229,361 | 130,747 | |||||||||||||
Other related parties: | ||||||||||||||||
Peru Piping Spools SAC | - | - | 6,802 | - | ||||||||||||
Ferrovias Argentina | - | 20,136 | - | 22,153 | ||||||||||||
Arturo Serna | - | 4,290 | - | 4,679 | ||||||||||||
- | 24,426 | 6,802 | 26,832 | |||||||||||||
Less non-current portion: | 280,153 | 97,966 | 236,163 | 157,579 | ||||||||||||
Ferrovias Argentina | - | (20,136 | ) | - | (22,153 | ) | ||||||||||
Non-current portion | 280,153 | 77,830 | 236,163 | 135,426 |
Accounts receivable and payable have no specific guarantees.
10
|
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
|
2015
|
2016
|
|||||||
Beginning balance
|
229,563
|
646,884
|
||||||
Acquisition and/or contributions received
|
66,391
|
850
|
||||||
Increase in capital
|
-
|
389,662
|
||||||
Share of the profit and loss in associates under the equity method of accounting
|
21,236
|
51,741
|
||||||
Dividends received
|
(50,303
|
)
|
(18,347
|
)
|
||||
Acquisition of control - Adexus
|
-
|
(26,432
|
)
|
|||||
Contract adjustment - Gasoducto Sur Peruano
|
-
|
20,554
|
||||||
Other
|
(4,249
|
)
|
507
|
|||||
Ending balance
|
262,638
|
1,065,419
|
11
|
PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
|
Property, | ||||||||
plant and | Intangible | |||||||
equipment | assets | |||||||
At January 1, 2015 | 1,147,018 | 778,743 | ||||||
Additions | 238,650 | 129,910 | ||||||
Transfers, disposals and adjustme | (54,213 | ) | 7,825 | |||||
Deductions for sale of assets | (9,725 | ) | - | |||||
Depreciation, amortization | (156,549 | ) | (61,457 | ) | ||||
Net cost at September 30, 2015 | 1,165,181 | 855,021 | ||||||
At January 1, 2016 | 1,111,757 | 881,020 |
Additions |
148,861
|
102,367 | ||||||
Acquisition of subsidiary - net
|
47,165
|
101,534
|
||||||
Transfers, disposals and adjustme
|
9,364
|
22,995
|
||||||
Deductions for sale of assets
|
(35,184
|
)
|
-
|
|||||
Depreciation, amortization
|
(146,352
|
)
|
(62,274
|
)
|
||||
Net cost at September 30, 2016
|
1,135,611
|
1,045,642
|
Goodwill by cash-generating units is broken down as follows:
|
At December 31,
|
At September 30,
|
||||||
2015
|
2016
|
|||||||
Engineering and construction
|
140,090
|
142,910
|
||||||
Electromechanical
|
20,737
|
20,737
|
||||||
Mining and construction services
|
13,366
|
13,366
|
||||||
Telecommunications services
|
6,443
|
6,933
|
||||||
IT equipment and services
|
4,172
|
4,172
|
||||||
184,808
|
188,118
|
12
|
BORROWINGS
|
Total |
Current |
Non-current |
||||||||||||||||||||||
At |
At |
At |
At |
At |
At |
|||||||||||||||||||
Bank Loans |
1,480,071 |
1,784,363 |
1,082,860 |
958,952 |
397,211 |
825,411 |
||||||||||||||||||
Leases |
301,285 |
240,857 |
145,160 |
125,780 |
156,125 |
115,077 |
||||||||||||||||||
|
1,781,356 |
2,025,220 |
1,228,020 |
1,084,732 |
553,336 |
940,488 |
Current |
Non-current |
||||||||||||||||||||||
At | At | At | At | ||||||||||||||||||||
Interest |
Date of |
December
31, 2015
|
September |
December
31, 2015
|
September |
||||||||||||||||||
GyM S.A. | 1.00% / 7.80% | 2016 / 2020 | 535,776 | 500,242 | 286,671 | 204,442 | |||||||||||||||||
Graña y Montero S.A.A. | Libor USD 3M +4.9 | 2016 / 2020 | 102,776 | 1,620 | - | 497,353 | |||||||||||||||||
Viva GyM S.A. | 7.80% / 9.46% | 2016 / 2017 | 220,423 | 209,701 | 8,372 | - | |||||||||||||||||
GMP S.A. | 3.50% / 6.04% | 2016 / 2020 | 95,824 | 80,267 | 70,220 | 81,015 | |||||||||||||||||
CAM Holding S.A. | 4.55% / 14.16% | 2016 / 2020 | 42,534 | 65,747 | 31,948 | 24,905 | |||||||||||||||||
Adexus S.A. | 3.63% / 5.90% | 2016 / 2019 | - | 56,693 | - | 17,696 | |||||||||||||||||
GMD S.A. | 5.56% / 6.60% | 2016 / 2017 | 30,107 | 25,319 | - | - | |||||||||||||||||
CONCAR S.A. | 6.00% | 2017 | - | 11,152 | - | - | |||||||||||||||||
CAM Servicios Perú S.A. | 6.05% / 7.27% | 2016 | - | 5,779 | - | - | |||||||||||||||||
GMI S.A. | 5.56% / 6.55% | 2016 | 714 | 2,432 | - | - | |||||||||||||||||
Norvial S.A. | 8.37% | 2016 | 54,706 | - | - | - | |||||||||||||||||
1,082,860 | 958,952 | 397,211 | 825,411 |
As of September 30, 2016, the Company maintained unused credit limits for S/3,952 million, which expire within one year (S/4,666 million as of December 31, 2015).
b)
|
Fair value of borrowings -
|
Carrying amounts
|
Fair value
|
|||||||||||||||
At December
|
At September
|
At December
|
At September
|
|||||||||||||
31, 2015 | 30, 2016 | 31, 2015 | 30, 2016 | |||||||||||||
Total loans
|
1,781,356
|
2,025,220
|
1,802,183
|
2,117,226
|
13
|
BONDS
|
Total | Current | Non-current | ||||||||||||||||||||||
At | At | At | At | At | At | |||||||||||||||||||
December | September | December | September | December | September | |||||||||||||||||||
31, 2015 | 30, 2016 | 31, 2015 | 30, 2016 | 31, 2015 | 30, 2016 | |||||||||||||||||||
GyM Ferrovías (a)
|
607,868
|
605,040
|
31,546
|
21,759
|
576,322
|
583,281
|
||||||||||||||||||
Norvial (b)
|
186,223
|
366,944
|
5,537
|
22,795
|
180,686
|
344,149
|
||||||||||||||||||
794,091
|
971,984
|
37,083
|
44,554
|
757,008
|
927,430
|
-
|
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.
|
b)
|
Norvial S.A. -
|
-
|
Debt service coverage ratio of not less than 1.3 times.
|
-
|
Proforma gearing ratio lower than 4 times.
|
14
|
PROVISIONS
|
At December
31, 2015 |
At September
30, 2016 |
|||||||
Current portion
|
13,468
|
16,912
|
||||||
Non-current portion
|
35,618
|
23,548
|
||||||
49,086
|
40,460
|
Contingent | Provisions | Provision | ||||||||||||||||||
Legal | liabilities from | for the acquisition | for well | |||||||||||||||||
claims | acquisitions | of CAM | closure | Total | ||||||||||||||||
At January 1, 2015 |
13,056
|
25,927
|
12,152
|
7,210
|
58,345
|
|||||||||||||||
Additions
|
2,110
|
-
|
-
|
591 | 2,701 | |||||||||||||||
Translation adjustment
|
(46
|
)
|
(5,723 | ) | 914 | - |
(4,855
|
)
|
||||||||||||
Reversals
|
-
|
- | (5,613 | ) | - |
(5,613
|
)
|
|||||||||||||
Payments
|
(1,072
|
)
|
- | - | (4 | ) |
(1,076
|
)
|
||||||||||||
At September 30, 2015
|
14,048
|
20,204
|
7,453 | 7,797 |
49,502
|
|||||||||||||||
At January 1, 2016
|
15,000
|
22,960
|
3,819
|
7,307
|
49,086
|
|||||||||||||||
Additions
|
3,508
|
1,562 |
-
|
400
|
5,470
|
|||||||||||||||
Translation adjustment
|
471
|
1,888
|
295
|
-
|
2,654
|
|||||||||||||||
Reversals
|
(237
|
)
|
(13,882
|
)
|
(2,061
|
)
|
-
|
(16,180
|
)
|
|||||||||||
Payments
|
(299
|
)
|
(271
|
)
|
-
|
-
|
(570
|
)
|
||||||||||||
At September 30, 2016
|
18,443
|
21,012 |
2,053
|
7,707
|
40,460
|
15
|
CAPITAL
|
16
|
EXPENSES BY NATURE
|
Cost of | ||||||||
services | Administrative | |||||||
and goods | expenses | |||||||
2015 | ||||||||
Inventories, materials and consumables used
|
639,824
|
-
|
||||||
Personnel charges
|
1,664,353
|
158,721
|
||||||
Services provided by third-parties
|
2,237,150
|
102,203
|
||||||
Taxes
|
15,960
|
825
|
||||||
Other management charges
|
386,138
|
16,697
|
||||||
Depreciation
|
145,846
|
12,360
|
||||||
Amortization
|
55,652
|
5,805
|
||||||
Impairment
|
5,302
|
-
|
||||||
5,150,225
|
296,611
|
|||||||
|
||||||||
2016
|
||||||||
Inventories, materials and consumables used
|
566,846
|
-
|
||||||
Personnel charges
|
1,060,428
|
168,522
|
||||||
Services provided by third-parties
|
1,693,085
|
82,134
|
||||||
Taxes
|
14,078
|
6,512
|
||||||
Other management charges
|
262,978
|
13,088
|
||||||
Depreciation
|
136,323
|
11,767
|
||||||
Amortization
|
55,682
|
6,592
|
||||||
Impairment
|
1,592
|
16
|
||||||
3,791,012
|
288,631
|
17
|
INCOME TAX
|
18
|
CONTINGENCIES, COMMITTMENTS AND GUARANTEES
|
19
|
DIVIDENDS
|
20
|
EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION
|