ASSETS
|
At
|
LIABILITIES AND EQUITY
|
At
|
||||||||||||||||||||||
December 31,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||||||||
Note
|
2015
|
2016
|
Note
|
2015
|
2016
|
||||||||||||||||||||
Current assets | Current liabilities | ||||||||||||||||||||||||
Cash and cash equivalents
|
554,002
|
621,016
|
Borrowings
|
12 |
1,228,020
|
1,113,646
|
|||||||||||||||||||
Financial asset at fair value through profit or loss
|
3,153
|
352
|
Bonds
|
13 |
37,083
|
46,091
|
|||||||||||||||||||
Trade accounts receivables
|
1,050,791
|
1,129,367
|
Trade accounts payable
|
1,635,760
|
1,708,165
|
||||||||||||||||||||
Unbilled work in progress
|
1,319,187
|
1,267,095
|
Accounts payable to related parties
|
9 |
77,830
|
81,416
|
|||||||||||||||||||
Accounts receivable from related parties
|
9 |
280,153
|
234,789
|
Current income tax
|
34,116
|
28,781
|
|||||||||||||||||||
Other accounts receivable
|
824,589
|
1,375,104
|
Other accounts payable
|
1,066,000
|
1,012,060
|
||||||||||||||||||||
Inventories
|
1,159,154
|
1,141,185
|
Provisions
|
14 |
13,468
|
20,318
|
|||||||||||||||||||
Prepaid expenses
|
40,023
|
50,789
|
Total current liabilities
|
4,092,277
|
4,010,477
|
||||||||||||||||||||
5,231,052
|
5,819,697
|
||||||||||||||||||||||||
Non-current liabilities | |||||||||||||||||||||||||
Non-current assets classified as held for sale
|
22,511
|
22,385
|
Borrowings
|
12
|
553,336
|
825,705
|
|||||||||||||||||||
Total current assets
|
5,253,563
|
5,842,082
|
Long-term bonds
|
13
|
757,008
|
921,623
|
|||||||||||||||||||
Other long-term accounts payable
|
246,396
|
502,184
|
|||||||||||||||||||||||
Non-current assets
|
Long-term accounts payable to related parties
|
9 |
20,136
|
23,647
|
|||||||||||||||||||||
Long-term trade accounts receivable
|
621,831
|
652,278
|
Provisions
|
14 |
35,618
|
30,670
|
|||||||||||||||||||
Long-term unbilled work in progress
|
59,754
|
24,165
|
Derivative financial instruments
|
2,331
|
1,081
|
||||||||||||||||||||
Prepaid expenses
|
22,386
|
23,526
|
Deferred income tax liability
|
101,664
|
90,829
|
||||||||||||||||||||
Other long-term accounts receivable
|
65,929
|
327,882
|
Total non-current liabilities
|
1,716,489
|
2,395,739
|
||||||||||||||||||||
Available-for-sale financial assets
|
8 |
120,134
|
-
|
Total liabilities
|
5,808,766
|
6,406,216
|
|||||||||||||||||||
Investments in associates and joint ventures
|
10 |
646,884
|
176,623
|
||||||||||||||||||||||
Investment property
|
34,702
|
49,357
|
Equity
|
||||||||||||||||||||||
Property, plant and equipment
|
11 |
1,111,757
|
1,139,326
|
Capital
|
15 |
660,054
|
660,054
|
||||||||||||||||||
Intangible assets
|
11 |
881,020
|
1,029,815
|
Legal reserve
|
132,011
|
132,011
|
|||||||||||||||||||
Deferred income tax asset
|
173,851
|
265,818
|
Optional reserve
|
29,974
|
29,974
|
||||||||||||||||||||
Total non-current assets
|
3,738,248
|
3,688,790
|
Share Premium
|
897,532
|
882,464
|
||||||||||||||||||||
Other reserves
|
(129,059
|
)
|
(146,361
|
)
|
|||||||||||||||||||||
Retained earnings
|
1,064,044
|
1,042,738
|
|||||||||||||||||||||||
Equity attributable to controlling interest in
the Company |
2,654,556
|
2,600,880
|
|||||||||||||||||||||||
Non-controlling interest
|
528,489
|
523,776
|
|||||||||||||||||||||||
Total equity
|
3,183,045
|
3,124,656
|
|||||||||||||||||||||||
Total assets
|
8,991,811
|
9,530,872
|
Total liabilities and equity
|
8,991,811
|
9,530,872
|
For the year | ||||||||||||
ended December 31, | ||||||||||||
Note
|
2015
|
2016
|
||||||||||
Revenues from construction activities
|
5,513,655
|
3,500,221
|
||||||||||
Revenues from services provided
|
1,901,498
|
1,911,631
|
||||||||||
Revenue from real estate and sale of goods
|
417,280
|
643,434
|
||||||||||
7,832,433
|
6,055,286
|
|||||||||||
Cost of construction activities
|
(5,310,003
|
)
|
(3,281,080
|
)
|
||||||||
Cost of services provided
|
(1,523,358
|
)
|
(1,693,779
|
)
|
||||||||
Cost of real estate and goods sold
|
(296,267
|
)
|
(440,843
|
)
|
||||||||
16 |
(7,129,628
|
)
|
(5,415,702
|
)
|
||||||||
Gross profit
|
702,805
|
639,584
|
||||||||||
Administrative expenses
|
16 |
(413,380
|
)
|
(463,974
|
)
|
|||||||
Other income and expenses
|
57,287
|
48,904
|
||||||||||
Gain from the sale of investments
|
8 |
(8,289
|
)
|
30,357
|
||||||||
Operating profit
|
338,423
|
254,871
|
||||||||||
Financial expenses
|
(176,802
|
)
|
(162,453
|
)
|
||||||||
Financial income | 38,107 | 24,178 | ||||||||||
Share of the profit or loss in associates and joint ventures under the equity method of accounting
|
17,603
|
(1,349)
|
|
|||||||||
Profit before income tax
|
217,331
|
115,247
|
||||||||||
Income tax
|
17 |
(75,619
|
)
|
(43,585
|
)
|
|||||||
Profit for the period
|
141,712
|
71,662
|
||||||||||
Profit attributable to: | ||||||||||||
Owners of the Company
|
88,154
|
8,605
|
|
|||||||||
Non-controlling interest
|
53,558
|
63,057
|
||||||||||
141,712
|
71,662
|
|||||||||||
Earnings per share from continuing operations attributable to owners of the Company during the period
|
0.134
|
0.013
|
For the year | ||||||||||||
ended December 31, | ||||||||||||
Note
|
2015
|
2016
|
||||||||||
Profit for the period
|
141,712
|
71,662
|
||||||||||
Other comprehensive income:
|
||||||||||||
Items that will not be reclassified to profit or loss
|
||||||||||||
Remeasurement of actuarial gains and losses, net of tax
|
(3,860
|
)
|
(1,529
|
)
|
||||||||
Items that may be subsequently reclassified to profit or loss | ||||||||||||
Cash flow hedge, net of tax
|
723
|
883
|
||||||||||
Foreign currency translation adjustment, net of tax
|
(44,649
|
)
|
18,403
|
|||||||||
Change in value of available-for-sale financial assets, net of tax
|
8 |
19,973
|
(43,681
|
)
|
||||||||
Exchange difference from net investment in a foreign operation, net of tax
|
(5,221
|
)
|
14,832
|
|||||||||
(29,174
|
)
|
(9,563
|
)
|
|||||||||
Other comprenhensive income for the period, net of tax
|
(33,034
|
)
|
(11,092
|
)
|
||||||||
Total comprehensive income for the period
|
108,678
|
60,570
|
||||||||||
Comprehensive income attributable to: | ||||||||||||
Owners of the Company
|
70,069
|
(9,816
|
)
|
|||||||||
Non-controlling interest
|
38,609
|
70,386
|
||||||||||
108,678
|
60,570
|
Attributable to the controlling interests of the Company
|
||||||||||||||||||||||||||||||||||||||||
Number
|
Premium
|
Other
|
Non- | |||||||||||||||||||||||||||||||||||||
of shares
|
Legal
|
Optional
|
for issuance
|
reserves
|
Retained
|
controlling
|
||||||||||||||||||||||||||||||||||
In thousands
|
Capital
|
reserve
|
reserve
|
of shares
|
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
|
-
|
-
|
-
|
-
|
-
|
-
|
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 of 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
|
-
|
-
|
-
|
-
|
-
|
-
|
(104,911
|
)
|
(104,911
|
)
|
(4,535
|
)
|
(109,446
|
)
|
||||||||||||||||||||||||||
- Contributions of non-controlling shareholders
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
10,329
|
10,329
|
||||||||||||||||||||||||||||||
- Additional acquisition of non-controlling
|
-
|
-
|
-
|
-
|
(894
|
)
|
-
|
-
|
(894
|
)
|
(971
|
)
|
(1,865
|
)
|
||||||||||||||||||||||||||
- Sale to non-controlling interest
|
-
|
-
|
-
|
-
|
(885
|
)
|
-
|
-
|
(885
|
)
|
2,527
|
1,642
|
||||||||||||||||||||||||||||
Total transactions with shareholders
|
-
|
-
|
-
|
29,974
|
(1,779
|
)
|
-
|
(134,885
|
)
|
(106,690
|
)
|
7,350
|
(99,340
|
)
|
||||||||||||||||||||||||||
Balances as of September 30, 2015
|
660,054
|
660,054
|
132,011
|
29,974
|
897,532
|
(129,059
|
)
|
1,064,044
|
2,654,556
|
528,489
|
3,183,045
|
|||||||||||||||||||||||||||||
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
|
-
|
-
|
-
|
-
|
-
|
-
|
8,605
|
|
8,605
|
|
63,057
|
71,662
|
||||||||||||||||||||||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
839
|
-
|
839
|
44
|
883
|
||||||||||||||||||||||||||||||
Adjustment for actuarial gains and losses
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,119
|
)
|
(1,119
|
)
|
(410
|
)
|
(1,529
|
)
|
||||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
10,846
|
-
|
10,846
|
7,557
|
18,403
|
||||||||||||||||||||||||||||||
Change in value of available-for-sale
financial assets |
-
|
-
|
-
|
-
|
-
|
(43,681
|
)
|
-
|
(43,681
|
)
|
-
|
(43,681
|
)
|
|||||||||||||||||||||||||||
Exchange difference from net investment
in a foreign operation |
-
|
-
|
-
|
-
|
-
|
14,694
|
-
|
14,694
|
138
|
14,832
|
||||||||||||||||||||||||||||||
Comprehensive income of the period
|
-
|
-
|
-
|
-
|
-
|
(17,302
|
)
|
7,486
|
|
(9,816
|
)
|
70,386
|
60,570
|
|||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
(30,853
|
)
|
(30,853
|
)
|
(25,473
|
)
|
(56,326
|
)
|
||||||||||||||||||||||||||
- Contributions (devolution) of
non-controlling shareholders,net |
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(13,927
|
)
|
(13,927
|
)
|
||||||||||||||||||||||||||||
- Additional acquisition of non-controlling
|
-
|
-
|
-
|
-
|
(15,167
|
)
|
-
|
-
|
(15,167
|
)
|
(35,972
|
)
|
(51,139
|
)
|
||||||||||||||||||||||||||
- Sale to non-controlling interest
|
-
|
-
|
-
|
-
|
99
|
-
|
-
|
99
|
236
|
335
|
||||||||||||||||||||||||||||||
- Deconsolidation of former subsidiary
|
-
|
-
|
-
|
-
|
-
|
-
|
2,061
|
2,061
|
37
|
2,098
|
||||||||||||||||||||||||||||||
Total transactions with shareholders
|
-
|
-
|
-
|
-
|
(15,068
|
)
|
-
|
(28,792
|
)
|
(43,860
|
)
|
(75,099
|
)
|
(118,959
|
)
|
|||||||||||||||||||||||||
Balances as of September 30, 2016
|
660,054
|
660,054
|
132,011
|
29,974
|
882,464
|
(146,361
|
)
|
1,042,738
|
2,600,880
|
523,776
|
3,124,656
|
|||||||||||||||||||||||||||||
The accompanying notes on pages 8 to 24 are an integral part of the consolidated financial statements.
|
For the year
|
||||||||||||
ended December 31,
|
||||||||||||
Note
|
2015
|
2016
|
||||||||||
OPERATING ACTIVITIES
|
||||||||||||
Profit before income tax
|
217,331
|
115,247
|
||||||||||
Adjustments to profit not affecting cash flows from
|
||||||||||||
operating activities:
|
||||||||||||
Depreciation
|
11
|
217,070
|
203,457
|
|||||||||
Amortization of other assets
|
11
|
89,355
|
84,457
|
|||||||||
Impairment of inventories
|
16
|
17
|
851
|
|||||||||
Impairment of accounts receivable and other accounts receivable
|
16
|
5,806
|
81,369
|
|||||||||
Impairment of property, plant and equipment
|
16
|
9,677
|
2,754
|
|||||||||
Lower of intangible assets
|
-
|
-
|
||||||||||
Reversal of impairment of inventories
|
-
|
-
|
||||||||||
Profit on fair value of financial asset at fair value through profit or loss
|
(2,740
|
)
|
31
|
|||||||||
Change in the fair value of the liability for put option
|
(18,627
|
)
|
(983
|
)
|
||||||||
Other Provisions
|
14
|
6,398
|
9,767
|
|||||||||
Dividends income from available-for-sale financial assets
|
(7,215
|
)
|
-
|
|||||||||
Financial expense,net
|
129,365
|
139,442
|
||||||||||
Adjustments to PPA of loans
|
-
|
-
|
||||||||||
Foreign exchange loss (gain) on loans
|
-
|
(47,448
|
)
|
|||||||||
Share of the profit and loss in associates and joint ventures
|
-
|
-
|
||||||||||
under the equity method of accounting
|
10
|
(34,872
|
)
|
1,349
|
||||||||
Reversal of provisions
|
14
|
(7,796
|
)
|
(18,778
|
)
|
|||||||
Lower of fixed assets
|
-
|
17,440
|
||||||||||
Lower of investments
|
2,755
|
1,227
|
||||||||||
Profit on sale of property, plant and equipment
|
(17,385
|
)
|
(15,698
|
)
|
||||||||
Gain (loss) on financial asset at fair value through profit or loss
|
279
|
221
|
||||||||||
Loss on sale of non-current asset held for sale
|
171
|
-
|
||||||||||
Profit on sale from available-for-sale financial assets
|
-
|
(31,667
|
)
|
|||||||||
Loss on sale of investments in subsidiaries
|
8,289
|
-
|
||||||||||
Loss on remeasurement of accounts receivable
|
-
|
13,440
|
||||||||||
Profit on remeasurement of investment in joint ventures
|
-
|
(2,045
|
)
|
|||||||||
Net variations in assets and liabilities:
|
||||||||||||
Trade accounts receivable
|
(99,446
|
)
|
86,989
|
|||||||||
Other accounts receivable
|
(188,053
|
)
|
(95,543
|
)
|
||||||||
Other accounts receivable from related parties
|
(133,286
|
)
|
45,364
|
|||||||||
Inventories
|
(215,196
|
)
|
30,921
|
|||||||||
Pre-paid expenses and other assets
|
11,667
|
(319
|
)
|
|||||||||
Trade accounts payable
|
199,400
|
(70,933
|
)
|
|||||||||
Other accounts payable
|
(45,096
|
)
|
232,402
|
|||||||||
Other accounts payable to related parties
|
13,961
|
7,855
|
||||||||||
Other provisions
|
(6,770
|
)
|
(600
|
)
|
||||||||
Sale of a financial asset through profit or loss
|
4,604
|
-
|
||||||||||
Interest payment
|
(114,027
|
)
|
(172,281
|
)
|
||||||||
Payments related to Norvial Concession
|
(142,575
|
)
|
(75,168
|
)
|
||||||||
Payment of income tax
|
(150,434
|
)
|
(125,481
|
)
|
||||||||
Net cash applied to operating activities
|
(267,373
|
)
|
417,639
|
|||||||||
INVESTING ACTIVITIES
|
||||||||||||
Sale of available-for-sale investment
|
26
|
107,341
|
||||||||||
Sale of available-for-sale investment
|
-
|
-
|
||||||||||
Sale of property, plant and equipment
|
55,832
|
68,371
|
||||||||||
Sale of financial asset at fair value through profit or loss
|
-
|
1,427
|
||||||||||
Sale of non-current assets held for sale
|
8,801
|
117
|
||||||||||
Return of contributions
|
481
|
1,963
|
||||||||||
Interest received
|
32,162
|
21,605
|
||||||||||
Dividends received
|
10
|
59,175
|
27,992
|
|||||||||
Payment for purchase of a non-current asset held for sale
|
(22,297
|
)
|
-
|
|||||||||
Payment for purchase of investments properties
|
(748
|
)
|
(17,543
|
)
|
||||||||
Payments for intangible purchase
|
(32,883
|
)
|
(23,161
|
)
|
||||||||
Payments for purchase and contributions on investment
|
||||||||||||
in associate and joint ventures
|
(463,103
|
)
|
(403,697
|
)
|
||||||||
Payments for property, plant and equipment purchase
|
(193,156
|
)
|
(200,786
|
)
|
||||||||
Net cash applied to investing activities
|
(555,710
|
)
|
(416,371
|
)
|
||||||||
FINANCING ACTIVITIES
|
||||||||||||
Loans received
|
4,442,858
|
3,953,840
|
||||||||||
Bonds issued
|
814,016
|
178,639
|
||||||||||
Amortization of loans received
|
(4,563,855
|
)
|
(3,914,572
|
)
|
||||||||
Amortization of bonds issued
|
(16,480
|
)
|
(25,281
|
)
|
||||||||
Payment for transaction costs for debt
|
(18,516
|
)
|
(650
|
)
|
||||||||
Dividends paid to owners of the parent
|
(104,911
|
)
|
(30,853
|
)
|
||||||||
Dividends paid to non-controlling interest
|
(4,535
|
)
|
(25,473
|
)
|
||||||||
Cash received from non-controlling shareholders
|
10,329
|
(19,100
|
)
|
|||||||||
Acquisition or sale of interest in a subsidiary of non-controlling shareholders
|
(223
|
)
|
(50,804
|
)
|
||||||||
Net cash provided by financing activities
|
558,683
|
65,746
|
||||||||||
Net increase (net decrease) in cash
|
(264,400
|
)
|
67,014
|
|||||||||
Cash and cash equivalents at the beginning of the year
|
818,402
|
554,002
|
||||||||||
Cash and cash equivalents at the end of the period
|
554,002
|
621,016
|
||||||||||
NON-CASH TRANSACTIONS:
|
||||||||||||
Debt capitalization
|
-
|
8,308
|
||||||||||
Acquisition of assets through finance leases
|
92,093
|
68,905
|
||||||||||
Change in fair value of available-for-sale financial assets
|
19,973
|
(43,681
|
)
|
|||||||||
Settlement of joint venture
|
-
|
811,380
|
||||||||||
Adjustment for deconsolidation of former subsidiaries
|
9,298
|
-
|
||||||||||
Establishment of joint operation - Panorama Plaza de negocios (net assets)
|
36,180
|
-
|
The accompanying notes on pages 8 to 24 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
|
-
|
- | - | ||||||||||||||||
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 December 31, 2016
|
||||||||||||||||||||
Other financial liabilities (except for finance leases)
|
1,018,058
|
255,148
|
460,111
|
-
|
1,733,317
|
|||||||||||||||
Finance leases
|
127,490
|
86,016
|
26,780
|
19,506
|
259,792
|
|||||||||||||||
Bonds
|
113,299
|
180,431
|
365,697
|
1,334,485
|
1,993,912
|
|||||||||||||||
Trade accounts payables
|
1,708,165
|
-
|
-
|
-
|
1,708,165
|
|||||||||||||||
Accounts payables to related parties
|
81,416
|
23,647
|
-
|
-
|
105,063
|
|||||||||||||||
Other accounts payables
|
124,720
|
13,813
|
133,986
|
-
|
272,519
|
|||||||||||||||
Other non-financial liabilities
|
-
|
1,081
|
-
|
-
|
1,081
|
|||||||||||||||
3,173,148
|
560,136
|
986,574
|
1,353,991
|
6,073,849
|
4.2
|
Capital management - |
December 31,
|
December 31,
|
|||||||
2015
|
2016
|
|||||||
Total borrowing and bonds
|
2,575,447
|
2,907,065
|
||||||
Less: Cash and cash equivalents
|
(554,002
|
)
|
(621,016
|
)
|
||||
Net debt
|
2,021,445
|
2,286,049
|
||||||
Total equity
|
3,183,045
|
3,124,656
|
||||||
Total capital
|
5,204,490
|
5,410,705
|
||||||
Gearing ratio
|
0.39
|
0.42
|
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
|
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
|
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, 2016
|
||||||||||||||||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
93,543
|
35,396
|
110,007
|
139,414
|
3,229
|
58,892
|
53,521
|
126,464
|
550
|
621,016
|
||||||||||||||||||||||||||||||
Financial asset at fair value through profit or loss
|
352
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
352
|
||||||||||||||||||||||||||||||
Trade accounts receivables
|
358,280
|
84,996
|
23,579
|
97,079
|
256
|
83,704
|
481,473
|
-
|
-
|
1,129,367
|
||||||||||||||||||||||||||||||
Unbilled work in progress
|
1,267,095
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,267,095
|
||||||||||||||||||||||||||||||
Accounts receivable from related parties
|
374,979
|
3,255
|
19,684
|
392
|
12,379
|
7,284
|
48,538
|
61,528
|
(293,250
|
)
|
234,789
|
|||||||||||||||||||||||||||||
Other accounts receivable
|
407,196
|
58,232
|
6,189
|
25,895
|
4,841
|
20,198
|
100,420
|
752,133
|
-
|
1,375,104
|
||||||||||||||||||||||||||||||
Inventories
|
109,883
|
12,561
|
-
|
16,862
|
-
|
946,657
|
68,336
|
388
|
(13,502
|
)
|
1,141,185
|
|||||||||||||||||||||||||||||
Prepaid expenses
|
9,205
|
2,614
|
1,429
|
17,265
|
167
|
329
|
19,475
|
305
|
-
|
50,789
|
||||||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
22,385
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
22,385
|
||||||||||||||||||||||||||||||
Total current assets
|
2,642,918
|
197,054
|
160,888
|
296,907
|
20,872
|
1,117,064
|
771,763
|
940,818
|
(306,202
|
)
|
5,842,082
|
|||||||||||||||||||||||||||||
Long-term trade accounts receivable
|
-
|
-
|
-
|
629,310
|
-
|
-
|
22,968
|
-
|
-
|
652,278
|
||||||||||||||||||||||||||||||
Long-term unbilled work in progress
|
-
|
-
|
24,165
|
-
|
-
|
-
|
-
|
-
|
-
|
24,165
|
||||||||||||||||||||||||||||||
Long-term accounts receivable from related parties
|
-
|
-
|
408
|
-
|
-
|
-
|
492
|
156,791
|
(157,691
|
)
|
-
|
|||||||||||||||||||||||||||||
Prepaid expenses
|
-
|
-
|
20,554
|
2,029
|
943
|
-
|
-
|
-
|
-
|
23,526
|
||||||||||||||||||||||||||||||
Other long-term accounts receivable
|
10,025
|
31,618
|
22,924
|
225,565
|
7,347
|
17,887
|
1,406
|
11,110
|
-
|
327,882
|
||||||||||||||||||||||||||||||
Investments in associates and joint ventures
|
117,593
|
8,530
|
-
|
-
|
-
|
31,769
|
9,591
|
2,689,979
|
(2,680,839
|
)
|
176,623
|
|||||||||||||||||||||||||||||
Investment property
|
-
|
-
|
-
|
-
|
-
|
49,357
|
-
|
-
|
-
|
49,357
|
||||||||||||||||||||||||||||||
Property, plant and equipment
|
602,236
|
192,167
|
1,243
|
193
|
21
|
13,008
|
217,730
|
130,420
|
(17,692
|
)
|
1,139,326
|
|||||||||||||||||||||||||||||
Intangible assets
|
305,494
|
123,672
|
456,000
|
269
|
-
|
950
|
101,989
|
22,794
|
18,647
|
1,029,815
|
||||||||||||||||||||||||||||||
Deferred income tax asset
|
162,862
|
4,983
|
1,839
|
-
|
-
|
623
|
61,862
|
26,555
|
7,094
|
265,818
|
||||||||||||||||||||||||||||||
Total non-current assets
|
1,198,210
|
360,970
|
527,133
|
857,366
|
8,311
|
113,594
|
416,038
|
3,037,649
|
(2,830,481
|
)
|
3,688,790
|
|||||||||||||||||||||||||||||
Total assets
|
3,841,128
|
558,024
|
688,021
|
1,154,273
|
29,183
|
1,230,658
|
1,187,801
|
3,978,467
|
(3,136,683
|
)
|
9,530,872
|
|||||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||||||
Borrowings
|
576,417
|
82,063
|
-
|
-
|
-
|
206,456
|
158,146
|
90,564
|
-
|
1,113,646
|
||||||||||||||||||||||||||||||
Bonds
|
-
|
-
|
25,540
|
20,551
|
-
|
-
|
-
|
-
|
-
|
46,091
|
||||||||||||||||||||||||||||||
Trade accounts payable
|
1,299,935
|
59,830
|
2,310
|
23,882
|
599
|
30,618
|
284,288
|
6,703
|
-
|
1,708,165
|
||||||||||||||||||||||||||||||
Accounts payable to related parties
|
118,665
|
3,902
|
27,757
|
33,009
|
237
|
66,190
|
56,528
|
67,685
|
(292,557
|
)
|
81,416
|
|||||||||||||||||||||||||||||
Current income tax
|
1,098
|
3,631
|
44
|
-
|
1,064
|
17,944
|
5,000
|
-
|
-
|
28,781
|
||||||||||||||||||||||||||||||
Other accounts payable
|
579,346
|
11,706
|
10,512
|
14,622
|
27
|
194,441
|
182,963
|
18,443
|
-
|
1,012,060
|
||||||||||||||||||||||||||||||
Provisions
|
-
|
6,441
|
-
|
-
|
-
|
131
|
13,746
|
-
|
-
|
20,318
|
||||||||||||||||||||||||||||||
Total current liabilities
|
2,575,461
|
167,573
|
66,163
|
92,064
|
1,927
|
515,780
|
700,671
|
183,395
|
(292,557
|
)
|
4,010,477
|
|||||||||||||||||||||||||||||
Borrowings
|
246,315
|
80,657
|
-
|
-
|
-
|
16,541
|
76,077
|
406,115
|
-
|
825,705
|
||||||||||||||||||||||||||||||
Long-term bonds
|
-
|
-
|
338,143
|
583,480
|
-
|
-
|
-
|
-
|
-
|
921,623
|
||||||||||||||||||||||||||||||
Other long-term accounts payable
|
135,740
|
-
|
493
|
246,522
|
-
|
32,000
|
84,996
|
2,433
|
-
|
502,184
|
||||||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
-
|
-
|
-
|
87,200
|
23,445
|
40,074
|
30,197
|
395
|
(157,664
|
)
|
23,647
|
|||||||||||||||||||||||||||||
Provisions
|
12,283
|
17,115
|
-
|
-
|
-
|
-
|
1,272
|
-
|
-
|
30,670
|
||||||||||||||||||||||||||||||
Derivative financial instruments
|
-
|
1,081
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,081
|
||||||||||||||||||||||||||||||
Deferred income tax liability
|
32,578
|
4,112
|
1,518
|
16,983
|
283
|
15,564
|
14,471
|
5,320
|
-
|
90,829
|
||||||||||||||||||||||||||||||
Total non-current liabilities
|
426,916
|
102,965
|
340,154
|
934,185
|
23,728
|
104,179
|
207,013
|
414,263
|
(157,664
|
)
|
2,395,739
|
|||||||||||||||||||||||||||||
Total liabilities
|
3,002,377
|
270,538
|
406,317
|
1,026,249
|
25,655
|
619,959
|
907,684
|
597,658
|
(450,221
|
)
|
6,406,216
|
|||||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
718,719
|
266,532
|
220,337
|
96,019
|
3,528
|
234,449
|
236,603
|
3,367,228
|
(2,542,535
|
)
|
2,600,880
|
|||||||||||||||||||||||||||||
Non-controlling interest
|
120,032
|
20,954
|
61,367
|
32,005
|
-
|
376,250
|
43,514
|
13,581
|
(143,927
|
)
|
523,776
|
|||||||||||||||||||||||||||||
Total liabilities and equity
|
3,841,128
|
558,024
|
688,021
|
1,154,273
|
29,183
|
1,230,658
|
1,187,801
|
3,978,467
|
(3,136,683
|
)
|
9,530,872
|
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 (loss)
|
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 (loss)
|
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 (loss) 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 (loss) for the year
|
(51,437
|
)
|
20,180
|
53,495
|
24,660
|
1,471
|
29,336
|
46,934
|
94,529
|
(77,456
|
)
|
141,712
|
||||||||||||||||||||||||||||
Profit (loss) 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
|
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 2016 -
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
3,730,785
|
382,211
|
264,384
|
247,040
|
18,459
|
411,518
|
1,419,011
|
60,575
|
(478,697
|
)
|
6,055,286
|
|||||||||||||||||||||||||||||
Gross profit (loss)
|
245,146
|
42,129
|
75,780
|
42,473
|
5,698
|
136,540
|
190,677
|
(6,027
|
)
|
(92,832
|
)
|
639,584
|
||||||||||||||||||||||||||||
Administrative expenses
|
(251,179
|
)
|
(14,848
|
)
|
(10,185
|
)
|
(12,952
|
)
|
(786
|
)
|
(28,430
|
)
|
(120,156
|
)
|
(108,960
|
)
|
83,522
|
(463,974
|
)
|
|||||||||||||||||||||
Other income and expenses
|
45,688
|
(1,897
|
)
|
128
|
10
|
-
|
838
|
4,221
|
3,838
|
(3,922
|
)
|
48,904
|
||||||||||||||||||||||||||||
Gain from the sale of investments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
30,357
|
-
|
30,357
|
||||||||||||||||||||||||||||||
Operating profit (loss)
|
39,655
|
25,384
|
65,723
|
29,531
|
4,912
|
108,948
|
74,742
|
(80,792
|
)
|
(13,232
|
)
|
254,871
|
||||||||||||||||||||||||||||
Financial expenses
|
(61,329
|
)
|
(8,852
|
)
|
(6,478
|
)
|
(2,810
|
)
|
(38
|
)
|
(14,388
|
)
|
(31,062
|
)
|
(49,135
|
)
|
11,639
|
(162,453
|
)
|
|||||||||||||||||||||
Financial income
|
12,728
|
1,035
|
1,145
|
8,037
|
86
|
2,816
|
4,212
|
17,916
|
(23,797
|
)
|
24,178
|
|||||||||||||||||||||||||||||
Share of the profit or loss
|
||||||||||||||||||||||||||||||||||||||||
in associates and joint ventures under the equity
|
||||||||||||||||||||||||||||||||||||||||
method of accounting
|
17,586
|
1,629
|
-
|
-
|
-
|
6,850
|
360
|
5,155
|
(32,929
|
)
|
(1,349
|
)
|
||||||||||||||||||||||||||||
Profit before income tax
|
8,640
|
19,196
|
60,390
|
34,758
|
4,960
|
104,226
|
48,252
|
(106,856
|
)
|
(58,319
|
)
|
115,247
|
||||||||||||||||||||||||||||
Income tax
|
(10,116
|
)
|
(5,872
|
)
|
(15,490
|
)
|
(10,904
|
)
|
(1,433
|
)
|
(27,054
|
)
|
(19,282
|
)
|
39,999
|
6,567
|
(43,585
|
)
|
||||||||||||||||||||||
Profit (loss) for the year
|
(1,476
|
)
|
13,324
|
44,900
|
23,854
|
3,527
|
77,172
|
28,970
|
(66,857
|
)
|
(51,752
|
)
|
71,662
|
|||||||||||||||||||||||||||
Profit (loss) attributable to:
|
||||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
1,851
|
10,661
|
29,284
|
17,891
|
3,527
|
22,106
|
26,271
|
(65,982
|
)
|
(37,004
|
)
|
8,605
|
||||||||||||||||||||||||||||
Non-controlling interest
|
(3,327
|
)
|
2,663
|
15,616
|
5,963
|
-
|
55,066
|
2,699
|
(875
|
)
|
(14,748
|
)
|
63,057
|
|||||||||||||||||||||||||||
(1,476
|
)
|
13,324
|
44,900
|
23,854
|
3,527
|
77,172
|
28,970
|
(66,857
|
)
|
(51,752
|
)
|
71,662
|
8
|
AVAILABLE-FOR-SALE FINANCIAL ASSETS
|
9
|
TRANSACTIONS WITH RELATED PARTIES
|
a)
|
Transactions with related parties -
|
From the period
ended December 31,
|
||||||||
2015 | 2016 | |||||||
Revenue from sale of goods and services:
|
||||||||
- Associates
|
1,400
|
112,524
|
||||||
- Joint operations
|
52,384
|
36,901
|
||||||
53,784
|
149,425
|
b)
|
Balances of transactions with related parties
|
At December 31, | At December 31, | |||||||||||||||
2015 | 2016 | |||||||||||||||
Receivable
|
Payable | Receivable | Payable | |||||||||||||
Joint operations: | ||||||||||||||||
Consorcio Constructor Ductos del Sur | 154,383 | - | 117,461 | - | ||||||||||||
Consorcio GyM Conciviles | 57,679 | - | 61,006 | - | ||||||||||||
Consorcio Rio Urubamba
|
10,856
|
2,819 | 9,072 | - | ||||||||||||
Consorcio Peruano de Conservación
|
6,270
|
- | 8,784 | - | ||||||||||||
Consorcio Vial Quinua
|
-
|
-
|
4,198
|
738
|
||||||||||||
Consorcio Italo Peruano
|
465
|
21,907
|
4,174
|
17,325
|
||||||||||||
Consorcio La Gloria
|
3,116
|
3,077
|
3,521
|
3,080
|
||||||||||||
Terminales del Perú
|
9,459
|
-
|
3,215
|
259
|
||||||||||||
Consorcio Rio Mantaro
|
6,021
|
15,941
|
3,191
|
6,886
|
||||||||||||
Bechtel Vial y Vives Servicios
|
-
|
-
|
1,818
|
67
|
Consorcio Terminales
|
3,235 | - | 1,326 | - | ||||||||||||
Consorcio Lima Actividades Comerciales
|
-
|
- | 1,283 | 77 | ||||||||||||
Consorcio Norte Pachacutec |
1,026
|
669 | 1,017 | 620 | ||||||||||||
Consorcio Vial Sierra
|
-
|
-
|
940 |
5,400
|
||||||||||||
Consorcio Constructor Chavimochic
|
2,558
|
6,422
|
915 |
2,471
|
||||||||||||
Consorcio Constructor Alto Cayma
|
387
|
-
|
510 |
37
|
||||||||||||
Energía y Vapor
|
3,328
|
-
|
491 |
3,203
|
||||||||||||
Consorcio Lima
|
1,430
|
-
|
153 |
157
|
||||||||||||
Consorcio Construcciones y Montajes
|
112
|
2,533 | 112 | - | ||||||||||||
Consorcio Ermitaño
|
-
|
-
|
83 |
6,372
|
||||||||||||
Consorcio Menegua
|
1,910
|
- | 30 | 3,803 | ||||||||||||
Consorcio Huacho Pativilca
|
80
|
5,041 | - | 3,434 | ||||||||||||
Consorcio para la atención y mantenimiento de ductos
|
- |
-
|
- |
21,791
|
||||||||||||
Adexus S.A.
|
8,521
|
- | - | - | ||||||||||||
Ingeniería y Construcción Sigdo Koppers-Vial
|
2,659
|
3,900 | - | - | ||||||||||||
Constructora Incolur DSD Ltda.
|
1,681
|
- | - | - | ||||||||||||
Complementarios Ltda.
|
84
|
6,956 | - | - | ||||||||||||
Other minor
|
4,893
|
4,275
|
2,412
|
1,260
|
||||||||||||
280,153
|
73,540
|
225,712
|
76,980
|
|||||||||||||
Other related parties:
|
||||||||||||||||
Peru Piping Spools SAC | - | - |
9,077
|
- | ||||||||||||
Ferrovias Argentina
|
-
|
20,136
|
-
|
23,647
|
||||||||||||
Arturo Serna
|
-
|
4,290
|
4,436
|
|||||||||||||
-
|
24,426
|
9,077
|
28,083
|
|||||||||||||
Less non-current portion:
|
280,153
|
97,966
|
234,789
|
105,063
|
||||||||||||
Ferrovias Argentina
|
-
|
(20,136
|
)
|
-
|
(23,647
|
)
|
||||||||||
Current portion
|
280,153
|
77,830
|
234,789
|
81,416
|
10
|
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
|
2015 | 2016 | |||||||
Beginning balance
|
229,563
|
646,884
|
||||||
Acquisition and/or contributions received
|
481,639
|
-
|
||||||
Increase in capital
|
-
|
405,703
|
||||||
Decrease in capital
|
(3,364
|
)
|
(1,963
|
)
|
||||
Change in corporate structure of Panorama project
|
(39,180
|
)
|
-
|
|||||
Share of the profit and loss in associates
|
||||||||
under the equity method of accounting
|
34,872
|
(1,349
|
)
|
|||||
Dividends received
|
(51,960
|
)
|
(27,992
|
)
|
||||
Acquisition of control - Adexus
|
-
|
(46,126
|
)
|
|||||
Contract adjustment - Gasoducto Sur Peruano
|
-
|
(811,380
|
)
|
|||||
Remediation in invesment
|
-
|
10,256
|
||||||
Other
|
(4,686
|
)
|
2,590
|
|||||
Ending balance
|
646,884
|
176,623
|
11
|
PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
|
Property,
|
||||||||
plant and
|
Intangible
|
|||||||
equipment
|
assets
|
|||||||
At January 1, 2015
|
1,147,018
|
778,743
|
||||||
Additions
|
297,956
|
183,136
|
||||||
Transfers, disposals and adjustments
|
(79,990
|
)
|
8,496
|
|||||
Deductions for sale of assets
|
(38,447
|
)
|
-
|
|||||
Depreciation, amortization
|
(214,780
|
)
|
(89,355
|
)
|
||||
Net cost at December 31, 2015
|
1,111,757
|
881,020
|
||||||
At January 1, 2016
|
1,111,757
|
881,020
|
Additions
|
269,691
|
138,480
|
||||||
Acquisition of subsidiary - net
|
41,988
|
62,551
|
||||||
Transfers, disposals and adjustments
|
(30,890
|
)
|
32,221
|
|||||
Deductions for sale of assets
|
(52,084
|
)
|
-
|
|||||
Depreciation, amortization
|
(201,136
|
)
|
(84,457
|
)
|
||||
Net cost at December 31, 2016
|
1,139,326
|
1,029,815
|
|
At December 31,
|
At December 31,
|
||||||
2015
|
2016
|
|||||||
Engineering and construction
|
140,090
|
141,734
|
||||||
Electromechanical
|
20,737
|
20,737
|
||||||
Mining and construction services
|
13,366
|
13,366
|
||||||
Telecommunications services
|
6,443
|
6,728
|
||||||
IT equipment and services
|
4,172
|
11,275
|
||||||
184,808
|
193,840
|
12
|
BORROWINGS
|
Total | Current | Non-current | ||||||||||||||||||||||
At
December
31, 2015
|
At
December
31, 2016
|
At
December
31, 2015
|
At
December
31, 2016
|
At
December 31, 2015
|
At
December 31, 2016
|
|||||||||||||||||||
Bank loans
|
1,480,071
|
1,699,188
|
1,082,860
|
996,344
|
397,211
|
702,844
|
||||||||||||||||||
Leases
|
301,285
|
240,163
|
145,160
|
117,302
|
156,125
|
122,861
|
||||||||||||||||||
1,781,356
|
1,939,351
|
1,228,020
|
1,113,646
|
553,336
|
825,705
|
Current
|
Non-current | |||||||||||||||||||||||
Interest
rate
|
Date of
maturity
|
At
December
31, 2015
|
At
December
31, 2016
|
At
December
31, 2015
|
At
December
31, 2016
|
|||||||||||||||||||
GyM S.A.
|
1.00% / 7.80% |
|
2016 / 2020
|
535,776
|
495,464
|
286,671
|
187,029
|
|||||||||||||||||
Graña y Montero S.A.A.
|
Libor USD 3M +4.9%
|
2016 / 2020
|
102,776
|
90,564
|
-
|
406,114
|
||||||||||||||||||
Viva GyM S.A.
|
6.75% / 8.90% |
|
2016 / 2017
|
220,423
|
201,609
|
8,372
|
-
|
|||||||||||||||||
GMP S.A.
|
3.65% / 6.04% |
|
2016 / 2020
|
95,824
|
77,857
|
70,220
|
71,622
|
|||||||||||||||||
CAM Holding S.A.
|
1.30% / 14.43% |
|
2016 / 2020
|
42,534
|
69,702
|
31,948
|
24,889
|
|||||||||||||||||
Adexus S.A.
|
5.90% |
|
2019
|
-
|
42,782
|
-
|
13,190
|
|||||||||||||||||
GMD S.A.
|
6.20% / 7.47% |
|
2016 / 2017
|
30,107
|
14,746
|
-
|
-
|
|||||||||||||||||
CAM Servicios Perú S.A.
|
6.39% / 7.18% |
|
2017
|
-
|
3,620
|
-
|
-
|
|||||||||||||||||
GMI S.A.
|
5.56% / 6.55% |
|
2016
|
714
|
-
|
-
|
-
|
|||||||||||||||||
Norvial S.A.
|
8.37% |
|
2016
|
54,706
|
-
|
-
|
-
|
|||||||||||||||||
1,082,860
|
996,344
|
397,211
|
702,844
|
b)
|
Fair value of borrowings -
|
|
Carrying amounts | Fair value | ||||||||||||||
|
At December
31, 2015
|
At December
31, 2016
|
At December
31, 2015
|
At December
31, 2016
|
||||||||||||
Total loans
|
1,781,356
|
1,939,351
|
1,802,183
|
2,057,400
|
13
|
BONDS
|
Total | Current | Non-current | ||||||||||||||||||||||
At
December
31, 2015
|
At
December
31, 2016
|
At
December
31, 2015
|
At
December
31, 2016
|
At
December
31, 2015
|
At
December
31, 2016
|
|||||||||||||||||||
GyM Ferrovías (a)
|
607,868
|
604,031
|
31,546
|
20,551
|
576,322
|
583,480
|
||||||||||||||||||
Norvial (b)
|
186,223
|
363,683
|
5,537
|
25,540
|
180,686
|
338,143
|
||||||||||||||||||
794,091
|
967,714
|
37,083
|
46,091
|
757,008
|
921,623
|
a)
|
GyM Ferrovías S.A. -
|
-
|
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 December 31, 2016
|
|||||||
Current portion
|
13,468
|
20,318
|
||||||
Non-current portion
|
35,618
|
30,670
|
||||||
49,086
|
50,988
|
Legal
claims
|
Contingent
liabilities from
acquisitions
|
Provisions
for the acquisition
of CAM
|
Provision
for well
closure
|
Total | ||||||||||||||||
At January 1, 2015
|
13,056
|
33,197
|
12,152
|
7,210
|
65,615
|
)
|
||||||||||||||
Additions
|
6,297
|
-
|
-
|
1,707 | 6,398 | |||||||||||||||
101 |
6,398
|
-
|
||||||||||||||||||
Translation adjustment
|
(420
|
)
|
(3,835
|
)
|
(537
|
)
|
-
|
(4,792 | ) | |||||||||||
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
|
)
|
|||||||||||
At December 31, 2015
|
15,000
|
22,960
|
3,819 |
7,307
|
49,086
|
)
|
||||||||||||||
At January 1, 2016
|
15,000
|
22,960
|
3,819
|
7,307
|
49,086
|
|||||||||||||||
Additions
|
2,838
|
6,467
|
12,304
|
21,609
|
||||||||||||||||
Acquisition of subsidiaries
|
1,149
|
1,149
|
||||||||||||||||||
Translation adjustment
|
12
|
559
|
346
|
-
|
917
|
|||||||||||||||
Reversals
|
(895
|
)
|
(14,064
|
)
|
(3,819
|
)
|
-
|
(18,778
|
)
|
|||||||||||
Payments
|
(298
|
)
|
(302
|
)
|
-
|
-
|
(600
|
)
|
||||||||||||
At December 31, 2016
|
16,657
|
10,302
|
6,813
|
17,216
|
50,988
|
15
|
CAPITAL
|
16
|
EXPENSES BY NATURE
|
Cost of
services
and goods
|
Adminis-
trative-
expenses
|
|||||||
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
|
12,909
|
2,591
|
||||||
7,129,628
|
413,380
|
|||||||
2016
|
||||||||
Inventories, materials and consumables used
|
942,354
|
-
|
||||||
Personnel charges
|
1,559,387
|
235,623
|
||||||
Services provided by third-parties
|
2,260,800
|
90,996
|
||||||
Taxes
|
13,913
|
1,759
|
||||||
Other management charges
|
359,635
|
42,321
|
||||||
Depreciation
|
191,367
|
12,090
|
||||||
Amortization
|
75,452
|
9,005
|
||||||
Impairment
|
12,794
|
72,180
|
||||||
5,415,702
|
463,974
|
17
|
INCOME TAX
|
18
|
CONTINGENCIES, COMMITTMENTS AND GUARANTEES
|
19
|
DIVIDENDS
|
20
|
BUSINESS COMBINATIONS
|
a)
|
Acquisition of Adexus S.A.
|
Provisional values | ||||||||
S/000 | US$000 | |||||||
Cash and cash equivalents
|
7,737
|
2,303
|
||||||
Trade accounts receivables
|
107,426
|
31,972
|
||||||
Accounts receivable from related parties
|
2,610
|
777
|
||||||
Other accounts receivable
|
1,160
|
345
|
||||||
Inventories
|
1,647
|
490
|
||||||
Prepaid expenses
|
11,587
|
3,449
|
||||||
Long-term trade accounts receivable
|
29,829
|
8,878
|
||||||
Other long-term accounts receivable
|
2,063
|
|
614
|
|||||
Property, plant and equipment
|
41,988
|
12,946
|
||||||
Intangible assets
|
55,448
|
16,503
|
||||||
Deferred income tax asset
|
11,815
|
3,516
|
||||||
Borrowings
|
(108,808
|
)
|
(32,383
|
)
|
||||
Trade accounts payable
|
(59,399
|
)
|
(17,678
|
)
|
||||
Accounts payable to related parties
|
(29,724
|
)
|
(8,846
|
)
|
||||
Other accounts payable
|
(10,643
|
)
|
(3,168
|
)
|
||||
Other provisions
|
(1,926
|
)
|
(573
|
)
|
||||
Contingent liabilities
|
(1,149
|
)
|
(342
|
)
|
||||
Deferred income tax liability Fair value of net assets
|
(12,390
|
)
|
(3,688
|
)
|
||||
49,270 | 14,664 | |||||||
Non-controlling interest (8.97%)
|
(4,420
|
)
|
(1,315
|
)
|
||||
Fair value of the subsidiary
|
44,850
|
13,349
|
||||||
Amount paid for the purchase
|
14,040
|
4,179
|
||||||
Fair value of interest | ||||||||
Previously purchased | 37,914 | 11,284 | ||||||
Fair value consideration
|
51,954
|
15,463
|
||||||
Godwill (Nota 11)
|
7,103
|
2,114
|
21
|
EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION
|