ASSETS
|
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||
At
|
At
|
||||||||||||||||||||||||
December 31,
|
March 31,
|
December 31,
|
March 31,
|
||||||||||||||||||||||
Note
|
2016
|
2017
|
Note
|
2016
|
2017
|
||||||||||||||||||||
Current assets
|
Current liabilities
|
||||||||||||||||||||||||
Cash and cash equivalents
|
606,949
|
521,430
|
Borrowings
|
12
|
1,294,945
|
1,133,539
|
|||||||||||||||||||
Financial asset at fair value through profit or loss
|
352
|
327
|
Bonds
|
13
|
46,091
|
46,656
|
|||||||||||||||||||
Trade accounts receivables
|
1,113,293
|
1,153,804
|
Trade accounts payable
|
1,238,093
|
1,000,193
|
||||||||||||||||||||
Unbilled work in progress
|
920,092
|
664,321
|
Accounts payable to related parties
|
8
|
81,422
|
67,925
|
|||||||||||||||||||
Accounts receivable from related parties
|
8
|
121,276
|
170,904
|
Current income tax
|
33,016
|
36,320
|
|||||||||||||||||||
Other accounts receivable
|
656,407
|
672,994
|
Other accounts payable
|
1,128,882
|
1,115,321
|
||||||||||||||||||||
Inventories
|
1,107,361
|
1,015,745
|
Provisions
|
14
|
16,198
|
13,447
|
|||||||||||||||||||
Prepaid expenses
|
48,341
|
49,240
|
|
3,838,647
|
3,413,401
|
||||||||||||||||||||
|
4,574,071
|
4,248,765
|
|
||||||||||||||||||||||
|
Non-current assets classified as held for sale
|
-
|
236,882
|
||||||||||||||||||||||
Non-current assets classified as held for sale
|
9
|
22,385
|
986,406
|
|
|||||||||||||||||||||
|
Total current liabilities
|
3,838,647
|
3,650,283
|
||||||||||||||||||||||
Total current assets
|
4,596,456
|
5,235,171
|
|||||||||||||||||||||||
Non-current liabilities
|
|||||||||||||||||||||||||
Non-current assets
|
Borrowings
|
12
|
1,085,515
|
1,083,157
|
|||||||||||||||||||||
Long-term trade accounts receivable
|
667,370
|
662,242
|
Long-term bonds
|
13
|
921,623
|
917,305
|
|||||||||||||||||||
Long-term unbilled work in progress
|
24,165
|
24,619
|
Other long-term accounts payable
|
502,184
|
507,305
|
||||||||||||||||||||
Long-term accounts receivable from related parties
|
8
|
608,247
|
591,451
|
Long-term accounts payable to related parties
|
8
|
23,648
|
22,222
|
||||||||||||||||||
Prepaid expenses
|
23,526
|
29,992
|
Provisions
|
14
|
30,670
|
31,727
|
|||||||||||||||||||
Other long-term accounts receivable
|
325,797
|
327,761
|
Derivative financial instruments
|
1,081
|
788
|
||||||||||||||||||||
Investments in associates and joint ventures
|
10
|
901,832
|
181,037
|
Deferred income tax liability
|
90,176
|
89,118
|
|||||||||||||||||||
Investment property
|
49,357
|
49,622
|
Total non-current liabilities
|
2,654,897
|
2,651,622
|
||||||||||||||||||||
Property, plant and equipment
|
11
|
1,128,111
|
1,104,289
|
Total liabilities
|
6,493,544
|
6,301,905
|
|||||||||||||||||||
Intangible assets
|
11
|
1,004,982
|
1,017,833
|
|
|||||||||||||||||||||
Deferred income tax asset
|
262,240
|
251,348
|
Equity
|
||||||||||||||||||||||
Total non-current assets
|
4,995,627
|
4,240,194
|
Capital
|
15
|
660,054
|
660,054
|
|||||||||||||||||||
Legal reserve
|
132,011
|
132,011
|
|||||||||||||||||||||||
Optional reserve
|
29,974
|
29,974
|
|||||||||||||||||||||||
Share Premium
|
882,464
|
882,464
|
|||||||||||||||||||||||
Other reserves
|
(166,650
|
)
|
(173,930
|
)
|
|||||||||||||||||||||
Retained earnings
|
1,037,633
|
1,116,756
|
|||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
2,575,486
|
2,647,329
|
|||||||||||||||||||||||
Non-controlling interest
|
523,053
|
526,131
|
|||||||||||||||||||||||
Total equity
|
3,098,539
|
3,173,460
|
|||||||||||||||||||||||
Total assets
|
9,592,083
|
9,475,365
|
Total liabilities and equity
|
9,592,083
|
9,475,365
|
(All amounts are expressed in thousands of S/. unless otherwise stated)
|
||||
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||
CONSOLIDATED INCOME STATEMENT
|
For the period of three months
|
||||||||||||
ended March 31,
|
||||||||||||
Note
|
2016
|
2017
|
||||||||||
Revenues from construction activities
|
952,051
|
568,221
|
||||||||||
Revenues from services provided
|
411,616
|
559,762
|
||||||||||
Revenue from real estate and sale of goods
|
69,382
|
290,382
|
||||||||||
1,433,049
|
1,418,365
|
|||||||||||
Cost of construction activities
|
(889,521
|
)
|
(601,941
|
)
|
||||||||
Cost of services provided
|
(359,543
|
)
|
(421,261
|
)
|
||||||||
Cost of real estate and goods sold
|
(40,559
|
)
|
(183,989
|
)
|
||||||||
16
|
(1,289,623
|
)
|
(1,207,191
|
)
|
||||||||
Gross profit
|
143,426
|
211,174
|
||||||||||
Administrative expenses
|
16
|
(94,135
|
)
|
(96,916
|
)
|
|||||||
Other income and expenses
|
6,410
|
749
|
||||||||||
Gain from the sale of investments
|
31,667
|
25,768
|
||||||||||
Operating profit
|
87,368
|
140,775
|
||||||||||
Financial expenses
|
(27,127
|
)
|
(45,895
|
)
|
||||||||
Financial income
|
13,161
|
27,416
|
||||||||||
Share of the profit or loss in associates and joint
|
||||||||||||
ventures under the equity method of accounting
|
21,515
|
5,482
|
||||||||||
Profit before income tax
|
94,917
|
127,778
|
||||||||||
Income tax
|
17
|
(13,940
|
)
|
(39,684
|
)
|
|||||||
Profit for the period
|
80,977
|
88,094
|
||||||||||
Profit attributable to:
|
||||||||||||
Owners of the Company
|
70,874
|
79,123
|
||||||||||
Non-controlling interest
|
10,103
|
8,971
|
||||||||||
80,977
|
88,094
|
|||||||||||
Earnings per share from continuing operations
|
||||||||||||
attributable to owners of the Company during
|
||||||||||||
the period
|
0.107
|
0.120
|
For the period of three months
|
||||||||||||
ended March 31,
|
||||||||||||
Note
|
2016
|
2017
|
||||||||||
Profit for the period
|
80,977
|
88,094
|
||||||||||
Other comprehensive income:
|
||||||||||||
Items that will not be reclassified to profit or loss
|
||||||||||||
Remeasurement of actuarial gains and losses, net of tax
|
(1,025
|
)
|
-
|
|||||||||
Items that may be subsequently reclassified to profit or loss
|
||||||||||||
Cash flow hedge, net of tax
|
(48
|
)
|
198
|
|||||||||
Foreign currency translation adjustment, net of tax
|
8,942
|
(5,031
|
)
|
|||||||||
Transfer to profit or loss of available-for-sale financial assets
|
(43,681
|
)
|
-
|
|||||||||
Exchange difference from net investment in a foreign operation, net of tax
|
5,528
|
(3,616
|
)
|
|||||||||
(29,259
|
)
|
(8,449
|
)
|
|||||||||
Other comprenhensive income for the period, net of tax
|
(30,284
|
)
|
(8,449
|
)
|
||||||||
Total comprehensive income for the period
|
50,693
|
79,645
|
||||||||||
Comprehensive income attributable to:
|
||||||||||||
Owners of the Company
|
37,931
|
71,843
|
||||||||||
Non-controlling interest
|
12,762
|
7,802
|
||||||||||
50,693
|
79,645
|
(All amounts are expressed in thousands of S/. unless otherwise stated)
|
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
|
|
FOR THE PERIOD OF THE THREE MONTHS ENDED MARCH 31, 2016 AND 2017
|
Attributable to the controlling interests of the Company
|
||||||||||||||||||||||||||||||||||||||||
Number
of shares
In thousands
|
Capital
|
Legal
reserve
|
Optional
reserve
|
Premium
for issuance
of shares
|
Other
reserves
|
Retained
earnings
|
Total
|
Non-controlling
interest
|
Total
|
|||||||||||||||||||||||||||||||
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
|
-
|
-
|
-
|
-
|
-
|
-
|
70,874
|
70,874
|
10,103
|
80,977
|
||||||||||||||||||||||||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
(46
|
)
|
-
|
(46
|
)
|
(2
|
)
|
(48
|
)
|
||||||||||||||||||||||||||
Adjustment for actuarial gains and losses
|
-
|
-
|
-
|
-
|
-
|
-
|
(572
|
)
|
(572
|
)
|
(453
|
)
|
(1,025
|
)
|
||||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
5,925
|
-
|
5,925
|
3,017
|
8,942
|
||||||||||||||||||||||||||||||
Change in value of available-for-sale financial assets
|
-
|
-
|
-
|
-
|
-
|
(43,681
|
)
|
-
|
(43,681
|
)
|
-
|
(43,681
|
)
|
|||||||||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
5,431
|
-
|
5,431
|
97
|
5,528
|
||||||||||||||||||||||||||||||
Comprehensive income of the year
|
-
|
-
|
-
|
-
|
-
|
(32,371
|
)
|
70,302
|
37,931
|
12,762
|
50,693
|
|||||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
(30,853
|
)
|
(30,853
|
)
|
(2,311
|
)
|
(33,164
|
)
|
||||||||||||||||||||||||||
- Contributions of non-controlling shareholders
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,599
|
)
|
(1,599
|
)
|
||||||||||||||||||||||||||||
Total transactions with shareholders
|
-
|
-
|
-
|
-
|
-
|
-
|
(30,853
|
)
|
(30,853
|
)
|
(3,910
|
)
|
(34,763
|
)
|
||||||||||||||||||||||||||
Balances as of March 31, 2016
|
660,054
|
660,054
|
132,011
|
29,974
|
897,532
|
(161,430
|
)
|
1,103,493
|
2,661,634
|
537,341
|
3,198,975
|
|||||||||||||||||||||||||||||
Balances as of January 1, 2017
|
660,054
|
660,054
|
132,011
|
29,974
|
882,464
|
(166,650
|
)
|
1,037,633
|
2,575,486
|
523,053
|
3,098,539
|
|||||||||||||||||||||||||||||
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
79,123
|
79,123
|
8,971
|
88,094
|
||||||||||||||||||||||||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
188
|
-
|
188
|
10
|
198
|
||||||||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(4,274
|
)
|
-
|
(4,274
|
)
|
(757
|
)
|
(5,031
|
)
|
||||||||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
(3,194
|
)
|
-
|
(3,194
|
)
|
(422
|
)
|
(3,616
|
)
|
||||||||||||||||||||||||||
Comprehensive income of the period
|
-
|
-
|
-
|
-
|
-
|
(7,280
|
)
|
79,123
|
71,843
|
7,802
|
79,645
|
|||||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,558
|
)
|
(4,558
|
)
|
||||||||||||||||||||||||||||
- Contributions (devolution) of non-controlling shareholders,net
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(166
|
)
|
(166
|
)
|
||||||||||||||||||||||||||||
Total transactions with shareholders
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,724
|
)
|
(4,724
|
)
|
||||||||||||||||||||||||||||
Balances as of March 31, 2017
|
660,054
|
660,054
|
132,011
|
29,974
|
882,464
|
(173,930
|
)
|
1,116,756
|
2,647,329
|
526,131
|
3,173,460
|
For the period of three months
|
||||||||||||
ended March 31,
|
||||||||||||
Note
|
2016
|
2017
|
||||||||||
OPERATING ACTIVITIES
|
||||||||||||
Profit before income tax
|
94,917
|
127,778
|
||||||||||
Adjustments to profit not affecting cash flows from
|
||||||||||||
operating activities:
|
||||||||||||
Depreciation
|
11
|
45,286
|
50,249
|
|||||||||
Amortization of other assets
|
11
|
19,668
|
23,622
|
|||||||||
Impairment of inventories
|
16
|
117
|
301
|
|||||||||
Impairment of accounts receivable and other accounts receivable
|
16
|
15
|
85
|
|||||||||
Impairment of property, plant and equipment
|
16
|
269
|
333
|
|||||||||
Profit on fair value of financial asset at fair value through profit or loss
|
(163
|
)
|
(37
|
)
|
||||||||
Other Provisions
|
14
|
2,209
|
962
|
|||||||||
Financial expense,net
|
30,227
|
47,157
|
||||||||||
Foreign exchange loss (gain) on loans
|
(32,209
|
)
|
(47,766
|
)
|
||||||||
Share of the profit and loss in associates and joint ventures
|
||||||||||||
under the equity method of accounting
|
10
|
(21,515
|
)
|
(5,482
|
)
|
|||||||
Reversal of provisions
|
14
|
(660
|
)
|
(20
|
)
|
|||||||
Lower of fixed assets
|
-
|
3,410
|
||||||||||
Lower of investments
|
-
|
64
|
||||||||||
Profit on sale of property, plant and equipment
|
(828
|
)
|
(2,511
|
)
|
||||||||
Gain (loss) on financial asset at fair value through profit or loss
|
(31,606
|
)
|
-
|
|
||||||||
Loss on sale of non-current asset held for sale
|
(22
|
)
|
(25,724
|
) | ||||||||
Net variations in assets and liabilities:
|
||||||||||||
Trade accounts receivable
|
274,849
|
(2,177
|
)
|
|||||||||
Other accounts receivable
|
39,839
|
(35,142
|
)
|
|||||||||
Other accounts receivable from related parties
|
(14,118
|
)
|
11,393
|
|||||||||
Inventories
|
(23,358
|
)
|
77,353
|
|||||||||
Pre-paid expenses and other assets
|
(331
|
)
|
(7,086
|
)
|
||||||||
Trade accounts payable
|
(174,915
|
)
|
(64,374
|
)
|
||||||||
Other accounts payable
|
(189,508
|
)
|
21,018
|
|||||||||
Other accounts payable to related parties
|
51,581
|
(22,383
|
)
|
|||||||||
Other provisions
|
(202
|
)
|
(2,501
|
)
|
||||||||
Interest payment
|
(31,710
|
)
|
(46,882
|
)
|
||||||||
Payments related to Norvial Concession
|
(26,732
|
)
|
(3,178
|
)
|
||||||||
Payment of income tax
|
(59,711
|
)
|
(26,545
|
)
|
||||||||
Net cash applied to operating activities
|
(48,611
|
)
|
71,917
|
|||||||||
INVESTING ACTIVITIES
|
||||||||||||
Sale of available-for-sale investment
|
1,262
|
-
|
||||||||||
Sale of property, plant and equipment
|
4,917
|
15,860
|
||||||||||
Sale of non-current assets held for sale
|
-
|
43,364
|
||||||||||
Interest received
|
1,722
|
1,700
|
||||||||||
Payment for purchase of investments properties
|
-
|
(840
|
)
|
|||||||||
Payments for intangible purchase
|
(2,402
|
)
|
(21,768
|
)
|
||||||||
Payments for purchase and contributions on investment
|
||||||||||||
in associate and joint ventures
|
(199,001
|
)
|
-
|
|||||||||
Payments for property, plant and equipment purchase
|
(32,433
|
)
|
(47,304
|
)
|
||||||||
Net cash applied to investing activities
|
(225,935
|
)
|
(8,988
|
)
|
||||||||
FINANCING ACTIVITIES
|
||||||||||||
Loans received
|
1,270,564
|
453,988
|
||||||||||
Bonds issued
|
100,013
|
-
|
||||||||||
Amortization of loans received
|
(1,038,836
|
)
|
(588,705
|
)
|
||||||||
Amortization of bonds issued
|
(5,411
|
)
|
(8,134
|
)
|
||||||||
Payment for transaction costs for debt
|
(13,876
|
)
|
(873
|
)
|
||||||||
Dividends paid to non-controlling interest
|
(2,311
|
)
|
(4,558
|
)
|
||||||||
Cash received from non-controlling shareholders
|
(1,598
|
)
|
(166
|
)
|
||||||||
Net cash provided by financing activities
|
308,545
|
(148,448
|
)
|
|||||||||
Net increase (net decrease) in cash
|
33,999
|
(85,445
|
)
|
|||||||||
Cash and cash equivalents at the beginning of the year
|
554,002
|
606,949
|
||||||||||
Cash and cash equivalents at the end of the period
|
588,001
|
521,430
|
||||||||||
NON-CASH TRANSACTIONS:
|
||||||||||||
Dividends declared
|
30,853
|
-
|
||||||||||
Debt capitalization
|
8,308
|
-
|
||||||||||
Acquisition of assets through finance leases
|
12,047
|
22,193
|
||||||||||
Change in fair value of available-for-sale financial assets
|
(43,681
|
)
|
-
|
|||||||||
Investment available for sale
|
120,134
|
-
|
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, 2016
Other financial liabilities (except for finance leases)
|
1,226,484
|
400,329
|
611,664
|
-
|
2,238,477 | |||||||||||||||
Finance leases
|
127,492
|
86,016
|
26,780
|
19,506
|
259,794 | |||||||||||||||
Bonds
|
113,299
|
180,431
|
365,697
|
1,334,485
|
1,993,912 | |||||||||||||||
Trade accounts payables
|
1,238,093
|
-
|
-
|
-
|
1,238,093 | |||||||||||||||
Accounts payables to related parties
|
81,422
|
23,648
|
-
|
-
|
105,070 | |||||||||||||||
Other accounts payables
|
304,270
|
46,525
|
133,169
|
-
|
483,964 | |||||||||||||||
Other non-financial liabilities
|
-
|
1,081
|
-
|
-
|
1,081 | |||||||||||||||
3,091,060
|
738,030
|
1,137,310
|
1,353,991
|
6,320,391 | ||||||||||||||||
At March 31, 2017
|
||||||||||||||||||||
Other financial liabilities (except for finance leases)
|
1,061,453
|
578,352
|
432,723
|
-
|
2,072,528 | |||||||||||||||
Finance leases
|
111,953
|
76,999
|
26,967
|
18,081
|
234,000 | |||||||||||||||
Bonds
|
113,470
|
177,712
|
364,223
|
1,322,157
|
1,977,562 | |||||||||||||||
Trade accounts payables
|
1,000,193
|
-
|
-
|
-
|
1,000,193 | |||||||||||||||
Accounts payables to related parties
|
67,925
|
22,222
|
-
|
-
|
90,147 | |||||||||||||||
Other accounts payables
|
210,797
|
30,937
|
110,743
|
-
|
352,477 | |||||||||||||||
Other non-financial liabilities
|
-
|
788
|
-
|
-
|
788 | |||||||||||||||
2,565,791
|
887,010
|
934,656
|
1,340,238
|
5,727,695 |
4.2
|
Capital management -
|
December 31,
2016
|
March 31,
2017
|
|||||||
Total borrowing and bonds
|
3,348,174
|
3,180,657
|
||||||
Less: Cash and cash equivalents
|
(606,949
|
)
|
(521,430
|
)
|
||||
Net debt
|
2,741,225
|
2,659,227
|
||||||
Total equity
|
3,098,539
|
3,173,460
|
||||||
Total capital
|
5,839,764
|
5,832,687
|
||||||
Gearing ratio | 0.47 | 0.46 |
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, 2016
|
||||||||||||||||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
93,543
|
35,396
|
110,007
|
139,414
|
3,229
|
58,892
|
53,521
|
112,397
|
550
|
606,949
|
||||||||||||||||||||||||||||||
Financial asset at fair value through profit or loss
|
352
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
352
|
||||||||||||||||||||||||||||||
Trade accounts receivables
|
357,298
|
84,996
|
23,579
|
97,079
|
256
|
83,704
|
466,381
|
-
|
-
|
1,113,293
|
||||||||||||||||||||||||||||||
Unbilled work in progress
|
920,092
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
920,092
|
||||||||||||||||||||||||||||||
Accounts receivable from related parties
|
259,966
|
3,255
|
19,684
|
392
|
12,379
|
7,284
|
48,538
|
50,582
|
(280,804
|
)
|
121,276
|
|||||||||||||||||||||||||||||
Other accounts receivable
|
398,495
|
58,235
|
6,189
|
25,895
|
4,841
|
20,198
|
100,420
|
42,134
|
-
|
656,407
|
||||||||||||||||||||||||||||||
Inventories
|
76,059
|
12,561
|
-
|
16,862
|
-
|
946,657
|
68,336
|
388
|
(13,502
|
)
|
1,107,361
|
|||||||||||||||||||||||||||||
Prepaid expenses
|
6,757
|
2,614
|
1,429
|
17,265
|
167
|
329
|
19,475
|
305
|
-
|
48,341
|
||||||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
22,385
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
22,385
|
||||||||||||||||||||||||||||||
Total current assets
|
2,134,947
|
197,057
|
160,888
|
296,907
|
20,872
|
1,117,064
|
756,671
|
205,806
|
(293,756
|
)
|
4,596,456
|
|||||||||||||||||||||||||||||
Long-term trade accounts receivable
|
-
|
-
|
-
|
629,310
|
-
|
-
|
38,060
|
-
|
-
|
667,370
|
||||||||||||||||||||||||||||||
Long-term unbilled work in progress
|
-
|
-
|
24,165
|
-
|
-
|
-
|
-
|
-
|
-
|
24,165
|
||||||||||||||||||||||||||||||
Long-term accounts receivable from related parties
|
-
|
-
|
408
|
-
|
-
|
-
|
492
|
777,478
|
(170,131
|
)
|
608,247
|
|||||||||||||||||||||||||||||
Prepaid expenses
|
-
|
-
|
20,554
|
2,029
|
943
|
-
|
-
|
-
|
-
|
23,526
|
||||||||||||||||||||||||||||||
Other long-term accounts receivable
|
10,024
|
29,533
|
22,924
|
225,565
|
7,347
|
17,887
|
1,408
|
11,109
|
-
|
325,797
|
||||||||||||||||||||||||||||||
Investments in associates and joint ventures
|
115,812
|
8,516
|
-
|
-
|
-
|
31,768
|
9,590
|
3,407,874
|
(2,671,728
|
)
|
901,832
|
|||||||||||||||||||||||||||||
Investment property
|
-
|
-
|
-
|
-
|
-
|
49,357
|
-
|
-
|
-
|
49,357
|
||||||||||||||||||||||||||||||
Property, plant and equipment
|
591,019
|
192,167
|
1,243
|
193
|
21
|
13,008
|
217,730
|
130,422
|
(17,692
|
)
|
1,128,111
|
|||||||||||||||||||||||||||||
Intangible assets
|
301,023
|
123,672
|
456,000
|
269
|
-
|
950
|
94,597
|
22,794
|
5,677
|
1,004,982
|
||||||||||||||||||||||||||||||
Deferred income tax asset
|
159,784
|
4,983
|
1,839
|
-
|
-
|
623
|
61,862
|
26,055
|
7,094
|
262,240
|
||||||||||||||||||||||||||||||
Total non-current assets
|
1,177,662
|
358,871
|
527,133
|
857,366
|
8,311
|
113,593
|
423,739
|
4,375,732
|
(2,846,780
|
)
|
4,995,627
|
|||||||||||||||||||||||||||||
Total assets
|
3,312,609
|
555,928
|
688,021
|
1,154,273
|
29,183
|
1,230,657
|
1,180,410
|
4,581,538
|
(3,140,536
|
)
|
9,592,083
|
|||||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||||||
Borrowings
|
582,260
|
82,063
|
-
|
-
|
-
|
206,456
|
158,146
|
266,020
|
-
|
1,294,945
|
||||||||||||||||||||||||||||||
Bonds
|
-
|
-
|
25,540
|
20,551
|
-
|
-
|
-
|
-
|
-
|
46,091
|
||||||||||||||||||||||||||||||
Trade accounts payable
|
829,865
|
59,830
|
2,310
|
23,882
|
599
|
30,617
|
284,287
|
6,703
|
-
|
1,238,093
|
||||||||||||||||||||||||||||||
Accounts payable to related parties
|
118,665
|
3,902
|
27,757
|
33,009
|
237
|
66,190
|
44,152
|
67,685
|
(280,175
|
)
|
81,422
|
|||||||||||||||||||||||||||||
Current income tax
|
1,098
|
3,631
|
44
|
-
|
1,064
|
17,944
|
9,235
|
-
|
-
|
33,016
|
||||||||||||||||||||||||||||||
Other accounts payable
|
525,163
|
11,711
|
10,512
|
14,622
|
27
|
194,441
|
182,963
|
189,443
|
-
|
1,128,882
|
||||||||||||||||||||||||||||||
Provisions
|
115
|
6,441
|
-
|
-
|
-
|
131
|
9,511
|
-
|
-
|
16,198
|
||||||||||||||||||||||||||||||
Total current liabilities
|
2,057,166
|
167,578
|
66,163
|
92,064
|
1,927
|
515,779
|
688,294
|
529,851
|
(280,175
|
)
|
3,838,647
|
|||||||||||||||||||||||||||||
Borrowings
|
246,315
|
80,488
|
-
|
-
|
-
|
16,541
|
76,077
|
666,094
|
-
|
1,085,515
|
||||||||||||||||||||||||||||||
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
|
42,573
|
395
|
(170,039
|
)
|
23,648
|
|||||||||||||||||||||||||||||
Provisions
|
12,283
|
17,115
|
-
|
-
|
-
|
-
|
1,272
|
-
|
-
|
30,670
|
||||||||||||||||||||||||||||||
Derivative financial instruments
|
-
|
1,081
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,081
|
||||||||||||||||||||||||||||||
Deferred income tax liability
|
32,524
|
3,546
|
1,518
|
16,983
|
283
|
15,564
|
13,463
|
6,295
|
-
|
90,176
|
||||||||||||||||||||||||||||||
Total non-current liabilities
|
426,862
|
102,230
|
340,154
|
934,185
|
23,728
|
104,179
|
218,381
|
675,217
|
(170,039
|
)
|
2,654,897
|
|||||||||||||||||||||||||||||
Total liabilities
|
2,484,028
|
269,808
|
406,317
|
1,026,249
|
25,655
|
619,958
|
906,675
|
1,205,068
|
(450,214
|
)
|
6,493,544
|
|||||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
707,450
|
265,241
|
220,337
|
96,019
|
3,528
|
234,449
|
230,793
|
3,362,889
|
(2,545,220
|
)
|
2,575,486
|
|||||||||||||||||||||||||||||
Non-controlling interest
|
121,131
|
20,879
|
61,367
|
32,005
|
-
|
376,250
|
42,942
|
13,581
|
(145,102
|
)
|
523,053
|
|||||||||||||||||||||||||||||
Total liabilities and equity
|
3,312,609
|
555,928
|
688,021
|
1,154,273
|
29,183
|
1,230,657
|
1,180,410
|
4,581,538
|
(3,140,536
|
)
|
9,592,083
|
|||||||||||||||||||||||||||||
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 March 31, 2017
|
||||||||||||||||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
130,051
|
30,467
|
109,495
|
129,956
|
2,520
|
46,929
|
59,908
|
12,638
|
(534
|
)
|
521,430
|
|||||||||||||||||||||||||||||
Financial asset at fair value through profit or loss
|
327
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
327
|
||||||||||||||||||||||||||||||
Trade accounts receivables
|
320,972
|
81,631
|
23,396
|
105,995
|
246
|
230,445
|
391,119
|
-
|
-
|
1,153,804
|
||||||||||||||||||||||||||||||
Unbilled work in progress
|
664,321
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
664,321
|
||||||||||||||||||||||||||||||
Accounts receivable from related parties
|
270,076
|
2,745
|
31,244
|
343
|
12,379
|
13,607
|
45,112
|
53,963
|
(258,565
|
)
|
170,904
|
|||||||||||||||||||||||||||||
Other accounts receivable
|
395,036
|
64,697
|
4,725
|
29,005
|
4,255
|
17,597
|
110,794
|
46,885
|
-
|
672,994
|
||||||||||||||||||||||||||||||
Inventories
|
64,353
|
13,831
|
-
|
17,809
|
-
|
863,690
|
69,580
|
388
|
(13,906
|
)
|
1,015,745
|
|||||||||||||||||||||||||||||
Prepaid expenses
|
6,739
|
2,218
|
1,010
|
14,038
|
95
|
296
|
24,500
|
344
|
-
|
49,240
|
||||||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
260,645
|
-
|
-
|
-
|
-
|
-
|
-
|
725,761
|
-
|
986,406
|
||||||||||||||||||||||||||||||
Total current assets
|
2,112,520
|
195,589
|
169,870
|
297,146
|
19,495
|
1,172,564
|
701,013
|
839,979
|
(273,005
|
)
|
5,235,171
|
|||||||||||||||||||||||||||||
Long-term trade accounts receivable
|
-
|
-
|
-
|
627,485
|
-
|
-
|
34,757
|
-
|
-
|
662,242
|
||||||||||||||||||||||||||||||
Long-term unbilled work in progress
|
-
|
-
|
24,619
|
-
|
-
|
-
|
-
|
-
|
-
|
24,619
|
||||||||||||||||||||||||||||||
Long-term accounts receivable from related parties
|
-
|
-
|
408
|
-
|
-
|
-
|
475
|
761,164
|
(170,596
|
)
|
591,451
|
|||||||||||||||||||||||||||||
Prepaid expenses
|
-
|
-
|
23,572
|
5,489
|
931
|
-
|
-
|
-
|
-
|
29,992
|
||||||||||||||||||||||||||||||
Other long-term accounts receivable
|
9,793
|
31,979
|
21,337
|
225,565
|
7,347
|
18,994
|
1,638
|
11,108
|
-
|
327,761
|
||||||||||||||||||||||||||||||
Investments in associates and joint ventures
|
136,385
|
9,045
|
-
|
-
|
-
|
31,769
|
9,474
|
2,741,314
|
(2,746,950
|
)
|
181,037
|
|||||||||||||||||||||||||||||
Investment property
|
-
|
-
|
-
|
-
|
-
|
49,622
|
-
|
-
|
-
|
49,622
|
||||||||||||||||||||||||||||||
Property, plant and equipment
|
566,213
|
187,839
|
1,153
|
497
|
20
|
12,335
|
224,084
|
129,871
|
(17,723
|
)
|
1,104,289
|
|||||||||||||||||||||||||||||
Intangible assets
|
298,133
|
136,152
|
462,972
|
258
|
-
|
944
|
90,981
|
22,904
|
5,489
|
1,017,833
|
||||||||||||||||||||||||||||||
Deferred income tax asset
|
152,441
|
4,323
|
2,520
|
-
|
-
|
1,292
|
59,631
|
26,080
|
5,061
|
251,348
|
||||||||||||||||||||||||||||||
Total non-current assets
|
1,162,965
|
369,338
|
536,581
|
859,294
|
8,298
|
114,956
|
421,040
|
3,692,441
|
(2,924,719
|
)
|
4,240,194
|
|||||||||||||||||||||||||||||
Total assets
|
3,275,485
|
564,927
|
706,451
|
1,156,440
|
27,793
|
1,287,520
|
1,122,053
|
4,532,420
|
(3,197,724
|
)
|
9,475,365
|
|||||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||||||
Borrowings
|
599,876
|
73,424
|
-
|
-
|
-
|
205,702
|
168,754
|
85,783
|
-
|
1,133,539
|
||||||||||||||||||||||||||||||
Bonds
|
-
|
-
|
27,600
|
19,056
|
-
|
-
|
-
|
-
|
-
|
46,656
|
||||||||||||||||||||||||||||||
Trade accounts payable
|
627,744
|
50,584
|
1,650
|
18,901
|
251
|
32,903
|
248,544
|
19,616
|
-
|
1,000,193
|
||||||||||||||||||||||||||||||
Accounts payable to related parties
|
99,192
|
3,124
|
35,537
|
32,151
|
39
|
62,631
|
35,140
|
58,968
|
(258,857
|
)
|
67,925
|
|||||||||||||||||||||||||||||
Current income tax
|
1,191
|
4,847
|
-
|
-
|
101
|
21,619
|
8,558
|
4
|
-
|
36,320
|
||||||||||||||||||||||||||||||
Other accounts payable
|
489,132
|
11,556
|
10,773
|
27,979
|
49
|
198,042
|
180,603
|
197,187
|
-
|
1,115,321
|
||||||||||||||||||||||||||||||
Provisions
|
115
|
6,442
|
-
|
-
|
-
|
111
|
6,779
|
-
|
-
|
13,447
|
||||||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
236,882
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
236,882
|
||||||||||||||||||||||||||||||
Total current liabilities
|
2,054,132
|
149,977
|
75,560
|
98,087
|
440
|
521,008
|
648,378
|
361,558
|
(258,857
|
)
|
3,650,283
|
|||||||||||||||||||||||||||||
Borrowings
|
184,610
|
95,139
|
-
|
-
|
-
|
15,524
|
70,047
|
717,837
|
-
|
1,083,157
|
||||||||||||||||||||||||||||||
Long-term bonds
|
-
|
-
|
332,660
|
584,645
|
-
|
-
|
-
|
-
|
-
|
917,305
|
||||||||||||||||||||||||||||||
Other long-term accounts payable
|
157,617
|
-
|
493
|
233,559
|
51
|
32,057
|
81,059
|
2,469
|
-
|
507,305
|
||||||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
-
|
-
|
-
|
86,716
|
23,445
|
40,461
|
41,623
|
394
|
(170,417
|
)
|
22,222
|
|||||||||||||||||||||||||||||
Provisions
|
12,388
|
17,993
|
-
|
-
|
-
|
-
|
1,346
|
-
|
-
|
31,727
|
||||||||||||||||||||||||||||||
Derivative financial instruments
|
-
|
788
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
788
|
||||||||||||||||||||||||||||||
Deferred income tax liability
|
32,784
|
4,728
|
3,467
|
19,025
|
290
|
13,831
|
13,052
|
1,941
|
-
|
89,118
|
||||||||||||||||||||||||||||||
Total non-current liabilities
|
387,399
|
118,648
|
336,620
|
923,945
|
23,786
|
101,873
|
207,127
|
722,641
|
(170,417
|
)
|
2,651,622
|
|||||||||||||||||||||||||||||
Total liabilities
|
2,441,531
|
268,625
|
412,180
|
1,022,032
|
24,226
|
622,881
|
855,505
|
1,084,199
|
(429,274
|
)
|
6,301,905
|
|||||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
714,070
|
274,375
|
228,978
|
100,807
|
3,567
|
268,810
|
224,997
|
3,434,663
|
(2,602,938
|
)
|
2,647,329
|
|||||||||||||||||||||||||||||
Non-controlling interest
|
119,884
|
21,927
|
65,293
|
33,601
|
-
|
395,829
|
41,551
|
13,558
|
(165,512
|
)
|
526,131
|
|||||||||||||||||||||||||||||
Total liabilities and equity
|
3,275,485
|
564,927
|
706,451
|
1,156,440
|
27,793
|
1,287,520
|
1,122,053
|
4,532,420
|
(3,197,724
|
)
|
9,475,365
|
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 three-month period
|
||||||||||||||||||||||||||||||||||||||||
ended March 31, 2016
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
1,002,627
|
86,383
|
70,992
|
53,181
|
4,331
|
32,299
|
262,846
|
14,488
|
(94,098
|
)
|
1,433,049
|
|||||||||||||||||||||||||||||
Gross profit (loss)
|
70,128
|
6,964
|
19,724
|
11,594
|
420
|
18,582
|
31,081
|
(1,539
|
)
|
(13,528
|
)
|
143,426
|
||||||||||||||||||||||||||||
Administrative expenses
|
(64,794
|
)
|
(3,870
|
)
|
(2,338
|
)
|
(2,760
|
)
|
(132
|
)
|
(4,100
|
)
|
(23,340
|
)
|
(9,548
|
)
|
16,747
|
(94,135
|
)
|
|||||||||||||||||||||
Other income and expenses
|
7,390
|
(504
|
)
|
9
|
-
|
-
|
727
|
1,158
|
718
|
(3,088
|
)
|
6,410
|
||||||||||||||||||||||||||||
Gain from the sale of investments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
31,667
|
-
|
31,667
|
||||||||||||||||||||||||||||||
Operating profit (loss)
|
12,724
|
2,590
|
17,395
|
8,834
|
288
|
15,209
|
8,899
|
21,298
|
131
|
87,368
|
||||||||||||||||||||||||||||||
Financial expenses
|
(13,193
|
)
|
(2,378
|
)
|
(3,297
|
)
|
(699
|
)
|
(9
|
)
|
(5,058
|
)
|
(6,118
|
)
|
(3,160
|
)
|
6,785
|
(27,127
|
)
|
|||||||||||||||||||||
Financial income
|
7,257
|
1,748
|
339
|
1,053
|
23
|
72
|
3,543
|
9,630
|
(10,504
|
)
|
13,161
|
|||||||||||||||||||||||||||||
Share of the profit or loss
|
||||||||||||||||||||||||||||||||||||||||
in associates and joint ventures under the equity
|
||||||||||||||||||||||||||||||||||||||||
method of accounting
|
6,856
|
646
|
-
|
-
|
-
|
-
|
144
|
57,092
|
(43,223
|
)
|
21,515
|
|||||||||||||||||||||||||||||
Profit before income tax
|
13,644
|
2,606
|
14,437
|
9,188
|
302
|
10,223
|
6,468
|
84,860
|
(46,811
|
)
|
94,917
|
|||||||||||||||||||||||||||||
Income tax
|
(4,149
|
)
|
(805
|
)
|
(3,763
|
)
|
(2,778
|
)
|
(85
|
)
|
(2,690
|
)
|
(2,808
|
)
|
2,332
|
806
|
(13,940
|
)
|
||||||||||||||||||||||
Profit for the period
|
9,495
|
1,801
|
10,674
|
6,410
|
217
|
7,533
|
3,660
|
87,192
|
(46,005
|
)
|
80,977
|
|||||||||||||||||||||||||||||
Profit attributable to:
|
||||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
11,505
|
1,086
|
6,807
|
4,807
|
217
|
1,697
|
3,542
|
87,255
|
(46,042
|
)
|
70,874
|
|||||||||||||||||||||||||||||
Non-controlling interest
|
(2,010
|
)
|
715
|
3,867
|
1,603
|
-
|
5,836
|
118
|
(63
|
)
|
37
|
10,103
|
||||||||||||||||||||||||||||
9,495
|
1,801
|
10,674
|
6,410
|
217
|
7,533
|
3,660
|
87,192
|
(46,005
|
)
|
80,977
|
||||||||||||||||||||||||||||||
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 three-month period
|
||||||||||||||||||||||||||||||||||||||||
ended March 31, 2017
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
684,495
|
103,882
|
44,570
|
62,108
|
755
|
219,925
|
378,179
|
16,515
|
(92,064
|
)
|
1,418,365
|
|||||||||||||||||||||||||||||
Gross profit (loss)
|
52,614
|
19,286
|
18,739
|
12,765
|
174
|
86,477
|
40,880
|
(5,395
|
)
|
(14,366
|
)
|
211,174
|
||||||||||||||||||||||||||||
Administrative expenses
|
(51,843
|
)
|
(4,205
|
)
|
(2,283
|
)
|
(3,346
|
)
|
(62
|
)
|
(4,851
|
)
|
(36,386
|
)
|
(10,902
|
)
|
16,962
|
(96,916
|
)
|
|||||||||||||||||||||
Other income and expenses
|
1,619
|
(708
|
)
|
11
|
6
|
-
|
(145
|
)
|
219
|
406
|
(659
|
)
|
749
|
|||||||||||||||||||||||||||
Gain from the sale of investments
|
25,768
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
25,768
|
||||||||||||||||||||||||||||||
Operating profit (loss)
|
28,158
|
14,373
|
16,467
|
9,425
|
112
|
81,481
|
4,713
|
(15,891
|
)
|
1,937
|
140,775
|
|||||||||||||||||||||||||||||
Financial expenses
|
(11,143
|
)
|
(2,986
|
)
|
(2,718
|
)
|
(1,070
|
)
|
(1
|
)
|
(7,971
|
)
|
(8,615
|
)
|
(20,359
|
)
|
8,968
|
(45,895
|
)
|
|||||||||||||||||||||
Financial income
|
14,771
|
2,552
|
371
|
947
|
3
|
58
|
1,801
|
18,401
|
(11,488
|
)
|
27,416
|
|||||||||||||||||||||||||||||
Share of the profit or loss
|
||||||||||||||||||||||||||||||||||||||||
in associates and joint ventures under the equity
|
||||||||||||||||||||||||||||||||||||||||
method of accounting
|
20,845
|
529
|
-
|
-
|
-
|
-
|
124
|
92,510
|
(108,526
|
)
|
5,482
|
|||||||||||||||||||||||||||||
Profit before income tax
|
52,631
|
14,468
|
14,120
|
9,302
|
114
|
73,568
|
(1,977
|
)
|
74,661
|
(109,109
|
)
|
127,778
|
||||||||||||||||||||||||||||
Income tax
|
(13,183
|
)
|
(4,484
|
)
|
(3,491
|
)
|
(2,920
|
)
|
(75
|
)
|
(19,460
|
)
|
(401
|
)
|
4,373
|
(43
|
)
|
(39,684
|
)
|
|||||||||||||||||||||
Profit (loss) for the year
|
39,448
|
9,984
|
10,629
|
6,382
|
39
|
54,108
|
(2,378
|
)
|
79,034
|
(109,152
|
)
|
88,094
|
||||||||||||||||||||||||||||
Profit (loss) attributable to:
|
||||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
36,200
|
8,947
|
6,704
|
4,787
|
39
|
34,362
|
(1,760
|
)
|
79,057
|
(89,213
|
)
|
79,123
|
||||||||||||||||||||||||||||
Non-controlling interest
|
3,248
|
1,037
|
3,925
|
1,595
|
-
|
19,746
|
(618
|
)
|
(23
|
)
|
(19,939
|
)
|
8,971
|
|||||||||||||||||||||||||||
39,448
|
9,984
|
10,629
|
6,382
|
39
|
54,108
|
(2,378
|
)
|
79,034
|
(109,152
|
)
|
88,094
|
|||||||||||||||||||||||||||||
8
|
TRANSACTIONS WITH RELATED PARTIES
|
a)
|
Transactions with related parties -
|
From the period
ended March 31,
|
||||||||
2016
|
2017
|
|||||||
Revenue from sale of goods and services:
- Associates
|
163
|
554
|
||||||
- Joint operations
|
8,730
|
3,388
|
||||||
8,893
|
3,942
|
|
At December 31,
|
At March 31, | ||||||||||||||
2016 | 2017 | |||||||||||||||
Joint operations:
|
Receivable
|
Payable | Receivable | Payable | ||||||||||||
Consorcio Constructor Ductos del Sur
|
2,513
|
- | 46,754 | - | ||||||||||||
Consorcio GyM Conciviles | 61,006 | - | 61,299 | - | ||||||||||||
Consorcio Rio Urubamba | 9,072 | - | 9,000 | - | ||||||||||||
Consorcio Peruano de Conservación | 8,784 | - | 7,006 | - | ||||||||||||
Consorcio Vial Quinua | 4,198 | 738 | 4,189 | 638 | ||||||||||||
Consorcio Italo Peruano | 4,174 | 17,325 | 18,590 | 17,238 | ||||||||||||
Consorcio La Gloria | 3,521 | 3,080 | 1,696 | 1,358 | ||||||||||||
Consorcio Terminales del Perú | 3,215 | 259 | 971 | - | ||||||||||||
Consorcio para la atención y mantenimiento de ductos | - | 21,791 | - | 21,148 | ||||||||||||
Consorcio Rio Mantaro | 3,191 | 6,886 | 2,680 | 5,149 | ||||||||||||
Consorcio Ermitaño | 83 | 6,372 | 503 | - | ||||||||||||
Consorcio Vial Sierra | 940 | 5,400 | 1,083 | 5,532 | ||||||||||||
Consorcio Menegua | 30 | 3,803 | - | 1,364 | ||||||||||||
Consorcio Huacho Pativilca | - | 3,434 | 1,424 | 3,761 | ||||||||||||
Consorcio Energía y Vapor | 491 | 3,203 | - | 74 | ||||||||||||
Consorcio Constructor Chavimochic | 915 | 2,471 | 889 | 3,116 | ||||||||||||
Consorcio Manperan | - | - | 3,062 | 2,779 | ||||||||||||
Terminales del Perú | - | - | 2,782 | 165 | ||||||||||||
Other minor | 10,066 | 2,226 | 5,180 | 1,136 | ||||||||||||
112,199 | 76,988 | 167,108 | 63,458 | |||||||||||||
Other related parties:
|
||||||||||||||||
Gaseoducto Sur Peruano S.A
|
608,247
|
-
|
593,215
|
- | ||||||||||||
Perú Piping Spools S.A.C.
|
9,077
|
-
|
2,033
|
- | ||||||||||||
Ferrovias Participaciones
|
-
|
20,813
|
-
|
21,008
|
||||||||||||
Ferrovias Argentina
|
-
|
2,835
|
-
|
1,214
|
||||||||||||
Arturo Serna
|
-
|
4,434
|
-
|
4,467
|
||||||||||||
617,324
|
28,082
|
595,248
|
26,689
|
|||||||||||||
|
729,523
|
105,070
|
762,355
|
90,147
|
||||||||||||
Less non-current portion:
|
||||||||||||||||
Gaseoducto Sur Peruano S.A
|
(608,247
|
)
|
-
|
(591,451
|
)
|
-
|
||||||||||
Ferrovias Participaciones |
-
|
(20,813
|
)
|
-
|
(21,008
|
)
|
||||||||||
Ferrovias Argentina
|
-
|
(2,835
|
)
|
-
|
(1,214
|
)
|
||||||||||
Current portion
|
121,276
|
81,422
|
170,904
|
67,925
|
9
|
NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE
|
10
|
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
|
2016
|
2017
|
|||||||
Beginning balance
|
646,884
|
901,832
|
||||||
Acquisition and/or contributions received
|
199,001
|
-
|
||||||
Debt capitalization
|
8,308
|
-
|
||||||
Share of the profit and loss in associates
|
||||||||
under the equity method of accounting
|
21,515
|
5,482
|
||||||
Dividends received
|
-
|
(240
|
)
|
|||||
Reclassification discontinuous operation
|
-
|
(725,761
|
)
|
|||||
Other
|
489
|
(277
|
)
|
|||||
Ending balance
|
876,197
|
181,036
|
11
|
PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
|
Property,
plant and
equipment
|
Intangible
assets
|
|||||||
At January 1, 2016
|
1,111,757
|
881,020
|
||||||
Additions
|
44,480
|
34,085
|
||||||
Transfers, disposals and adjustments
|
3,933
|
4,997
|
||||||
Deductions for sale of assets
|
(4,089
|
)
|
-
|
|||||
Depreciation, amortization
|
(44,716
|
)
|
(19,668
|
)
|
||||
Net cost at March 31, 2015
|
1,111,365
|
900,434
|
At January 1, 2017 |
1,128,111
|
1,004,982
|
||||||
Additions
|
69,497
|
31,413
|
||||||
Transfers, disposals and adjustments
|
(30,296
|
)
|
5,060
|
|||||
Deductions for sale of assets
|
(13,349
|
)
|
-
|
|||||
Depreciation, amortization
|
(49,674
|
)
|
(23,622
|
)
|
||||
Net cost at March 31, 2017
|
1,104,289
|
1,017,833
|
At December 31,
2016
|
At March 31,
2017
|
|||||||
Engineering and construction
|
137,267
|
137,064
|
||||||
Electromechanical
|
20,737
|
20,737
|
||||||
Mining and construction services
|
13,366
|
13,366
|
||||||
Telecommunications services
|
6,728
|
6,560
|
||||||
IT equipment and services
|
4,172
|
4,172
|
||||||
182,270
|
181,899
|
12
|
BORROWINGS
|
Total | Current | Non-current | ||||||||||||||||||||||
At
December
31, 2016
|
At
March
31, 2017
|
At
December
31, 2016
|
At
March
31, 2017
|
At
December
31, 2016
|
At
March
31, 2017
|
|||||||||||||||||||
Bank loans
|
2,140,296
|
2,001,666
|
1,177,642
|
1,032,526
|
962,654
|
969,140
|
||||||||||||||||||
Leases
|
240,164
|
215,030
|
117,303
|
101,013
|
122,861
|
114,017
|
||||||||||||||||||
2,380,460
|
2,216,696
|
1,294,945
|
1,133,539
|
1,085,515
|
1,083,157
|
a)
|
Bank loans -
|
Current
|
Non-current
|
|||||||||||||||||||||||
At
|
At |
At
|
At | |||||||||||||||||||||
Interest
|
Date of
|
December
|
March |
December
|
March | |||||||||||||||||||
rate
|
maturity
|
31, 2016 | 31, 2017 | 31, 2016 | 31,2017 | |||||||||||||||||||
GyM S.A.
|
1.55% / 8.00% |
|
2017 / 2020
|
501,306
|
535,900
|
187,029
|
134,597
|
|||||||||||||||||
Graña y Montero S.A.A.
|
Libor USD 3M +4.9%
|
2017 / 2020
|
266,020
|
85,783
|
666,093
|
717,837
|
||||||||||||||||||
Viva GyM S.A.
|
7.00% / 8.98% |
|
2017
|
201,609
|
200,819
|
-
|
-
|
|||||||||||||||||
GMP S.A.
|
3.65% / 6.04% |
|
2017 / 2020
|
77,857
|
69,247
|
71,453
|
87,164
|
|||||||||||||||||
CAM Holding S.A.
|
2.59% / 14.43% |
|
2017 / 2020
|
69,702
|
80,025
|
24,889
|
17,740
|
|||||||||||||||||
Adexus S.A.
|
5.90% |
|
2019
|
42,782
|
38,767
|
13,190
|
11,802
|
|||||||||||||||||
GMD S.A.
|
5.69% / 9.00% |
|
2017
|
14,746
|
19,826
|
-
|
-
|
|||||||||||||||||
CAM Servicios Perú S.A.
|
7.15% / 8.86% |
|
2017
|
3,620
|
2,159
|
-
|
-
|
|||||||||||||||||
1,177,642
|
1,032,526
|
962,654
|
969,140
|
b)
|
Fair value of borrowings -
|
|
Carrying amounts
|
Fair value
|
||||||||||||||
|
At December
31, 2016
|
At March
31, 2017
|
At December
31, 2016
|
At March
31, 2017
|
||||||||||||
|
||||||||||||||||
Total loans
|
2,380,460
|
2,216,696
|
2,391,398
|
2,301,932 |
13
|
BONDS
|
Total | Current | Non-current | ||||||||||||||||||||||
At
December
31, 2016
|
At
March
31, 2017
|
At
December
31, 2016
|
At
March
31, 2017
|
At
December
31, 2016
|
At
March
31, 2017
|
|||||||||||||||||||
GyM Ferrovías (a)
|
604,031
|
603,701
|
20,551
|
19,056
|
583,480
|
584,645
|
||||||||||||||||||
Norvial (b)
|
363,683
|
360,260
|
25,540
|
27,600
|
338,143
|
332,660
|
||||||||||||||||||
967,714
|
963,961
|
46,091
|
46,656
|
921,623
|
917,305
|
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, 2016
|
At March
31, 2017
|
|||||||
Current portion
|
16,198
|
13,447
|
||||||
Non-current portion
|
30,670
|
31,727
|
||||||
46,868
|
45,174
|
Other provisions
|
Legal
claims
|
Contingent
liabilities
resulting from
acquisitions
|
Provisions
for the acquisition
of CAM
|
Provision
for well
closure
|
Total | |||||||||||||||
|
||||||||||||||||||||
At January 1, 2016
|
15,000
|
22,960
|
3,819
|
7,307
|
49,086
|
|||||||||||||||
Additions
|
67
|
1,903
|
-
|
239
|
2,209
|
|||||||||||||||
Reversals of provisions
|
-
|
-
|
(660
|
)
|
-
|
(660
|
)
|
|||||||||||||
Payments
|
(202
|
)
|
-
|
-
|
-
|
(202
|
)
|
|||||||||||||
Translation adjustments
|
247
|
662
|
-
|
-
|
909
|
|||||||||||||||
At March 31, 2016
|
15,112
|
25,525
|
3,159
|
7,546
|
51,342
|
|||||||||||||||
|
||||||||||||||||||||
At January 1, 2017
|
19,350
|
10,302
|
-
|
17,216
|
46,868
|
|||||||||||||||
Additions
|
83
|
-
|
-
|
879
|
962
|
|||||||||||||||
Reversals of provisions
|
(20
|
)
|
-
|
-
|
-
|
(20
|
)
|
|||||||||||||
Payments
|
(2,501
|
)
|
-
|
-
|
-
|
(2,501
|
)
|
|||||||||||||
Translation adjustments
|
(2
|
)
|
(133
|
)
|
-
|
-
|
(135
|
)
|
||||||||||||
At March 31, 2017
|
16,910
|
10,169
|
-
|
18,095
|
45,174
|
15 |
CAPITAL
|
16 |
EXPENSES BY NATURE
|
Cost of
services
and goods
|
Adminis- trative- expenses
|
|||||||
2016
|
||||||||
Inventories, materials and consumables used
|
243,106
|
-
|
||||||
Personnel charges
|
328,001
|
54,117
|
||||||
Services provided by third-parties
|
555,275
|
30,585
|
||||||
Taxes
|
4,032
|
1,735
|
||||||
Other management charges
|
98,881
|
2,670
|
||||||
Depreciation
|
42,021
|
3,266
|
||||||
Amortization
|
17,922
|
1,746
|
||||||
Impairment of inventories
|
117
|
-
|
||||||
Impairment of accounts receivable
|
15
|
-
|
||||||
Impairment of property, plant and equipment
|
253
|
16
|
||||||
1,289,623
|
94,135
|
|||||||
2017
|
||||||||
Inventories, materials and consumables used
|
260,411
|
-
|
||||||
Personnel charges
|
374,273
|
55,833
|
||||||
Services provided by third-parties
|
361,757
|
15,529
|
||||||
Taxes
|
3,708
|
562
|
||||||
Other management charges
|
141,012
|
16,432
|
||||||
Depreciation
|
45,637
|
4,612
|
||||||
Amortization
|
19,693
|
3,929
|
||||||
Impairment of inventories
|
301
|
-
|
||||||
Impairment of accounts receivable
|
85
|
-
|
||||||
Impairment of property, plant and equipment
|
314
|
19
|
||||||
1,207,191
|
96,916
|
17
|
INCOME TAX
|
18
|
CONTINGENCIES, COMMITTMENTS AND GUARANTEES
|
19
|
DIVIDENDS
|
20
|
EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION
|