CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
|||||||||
ASSETS
|
LIABILITIES AND EQUITY
|
||||||||
December 31,
|
December 31,
|
||||||||
2016
|
2016
|
||||||||
Current assets
|
Current liabilities
|
||||||||
Cash and cash equivalents
|
606,949
|
Borrowings
|
1,961,043
|
||||||
Financial asset at fair value through profit or loss
|
Bonds
|
46,091
|
|||||||
Trade accounts receivables
|
1,086,913
|
Trade accounts payable
|
1,278,387
|
||||||
Unbilled work in progress
|
683,242
|
Accounts payable to related parties
|
80,217
|
||||||
Accounts receivable from related parties
|
181,664
|
Current income tax
|
62,160
|
||||||
Other accounts receivable
|
659,377
|
Other accounts payable
|
1,096,307
|
||||||
Inventories
|
1,107,702
|
Provisions
|
14,531
|
||||||
Prepaid expenses
|
51,348
|
Total current liabilities
|
4,538,736
|
||||||
4,377,547
|
|||||||||
Non-current liabilities
|
|||||||||
Non-current assets classified as held for sale
|
Borrowings
|
419,395
|
|||||||
Long-term bonds
|
921,623
|
||||||||
Total current assets
|
4,399,932
|
Other long-term accounts payable
|
512,803
|
||||||
Long-term accounts payable to related parties
|
|||||||||
Non-current assets
|
Provisions
|
31,155
|
|||||||
Long-term trade accounts receivable
|
667,519
|
Derivative financial instruments
|
1,081
|
||||||
Long-term unbilled work in progress
|
197,586
|
Deferred income tax liability
|
75,983
|
||||||
Long-term accounts receivable from related parties
|
Total non-current liabilities
|
2,027,360
|
|||||||
Prepaid expenses
|
23,526
|
Total liabilities
|
6,566,096
|
||||||
Other long-term accounts receivable
|
357,952
|
||||||||
Available-for-sale financial assets
|
-
|
Equity
|
|||||||
Investments in associates and joint ventures
|
Capital
|
660,054
|
|||||||
Investment property
|
49,357
|
Legal reserve
|
132,011
|
||||||
Property, plant and equipment
|
1,113,599
|
Optional reserve
|
29,974
|
||||||
Intangible assets
|
960,286
|
Share Premium
|
882,464
|
||||||
Deferred income tax asset
|
292,375
|
Other reserves
|
(167,572
|
)
|
|||||
Total non-current assets
|
5,137,029
|
Retained earnings
|
916,396
|
||||||
Equity attributable to controlling interest in the Company
|
|||||||||
Non-controlling interest
|
517,538
|
||||||||
Total equity
|
2,970,865
|
||||||||
Total assets
|
9,536,961
|
Total liabilities and equity
|
9,536,961
|
CONSOLIDATED INCOME STATEMENT
|
|||||||||
For the year
|
|||||||||
ended December 31,
|
|||||||||
|
Note |
2015
|
2016
|
||||||
Revenues from construction activities
|
5,513,655
|
3,945,599
|
|||||||
Revenues from services provided
|
1,901,498
|
1,895,296
|
|||||||
Revenue from real estate and sale of goods
|
417,280
|
643,373
|
|||||||
7,832,433
|
6,484,268
|
||||||||
Cost of construction activities
|
(5,310,003
|
)
|
(3,757,032
|
)
|
|||||
Cost of services provided
|
(1,523,358
|
)
|
(1,671,783
|
)
|
|||||
Cost of real estate and goods sold
|
(296,267
|
)
|
(440,786
|
)
|
|||||
(7,129,628
|
)
|
(5,869,601
|
)
|
||||||
Gross profit
|
702,805
|
614,667
|
|||||||
Administrative expenses
|
(413,380
|
)
|
(398,695
|
)
|
|||||
Other income and expenses
|
57,287
|
(13,270
|
)
|
||||||
Gain from the sale of investments
|
(8,289
|
)
|
46,336
|
||||||
Operating profit
|
338,423
|
249,038
|
|||||||
Financial expenses
|
(176,802
|
)
|
(174,789
|
)
|
|||||
Financial income
|
38,107
|
20,792
|
|||||||
Share of the profit or loss in associates and joint
|
|||||||||
ventures under the equity method of accounting
|
17,603
|
(102,491
|
)
|
||||||
Profit before income tax
|
217,331
|
(7,450
|
)
|
||||||
Income tax
|
(75,619
|
)
|
(48,960
|
)
|
|||||
Profit for the period
|
141,712
|
(56,410
|
)
|
||||||
Profit attributable to:
|
|||||||||
Owners of the Company
|
88,154
|
(117,735
|
)
|
||||||
Non-controlling interest
|
53,558
|
61,325
|
|||||||
141,712
|
(56,410
|
)
|
|||||||
Earnings per share from continuing operations
|
|||||||||
attributable to owners of the Company during
|
|||||||||
the period
|
0.134
|
-0.178
|
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|||||||||
For the year
|
|||||||||
ended December 31,
|
|||||||||
|
Note |
2015
|
2016
|
||||||
OPERATING ACTIVITIES
|
|||||||||
Profit before income tax
|
217,331
|
(7,450
|
)
|
||||||
Adjustments to profit not affecting cash flows from
|
|||||||||
operating activities:
|
|||||||||
Depreciation
|
217,070
|
205,522
|
|||||||
Amortization of other assets
|
89,355
|
82,743
|
|||||||
Impairment of inventories
|
17
|
36,353
|
|||||||
Impairment of accounts receivable and other accounts receivable
|
5,806
|
419,584
|
|||||||
Debt forgiveness
|
-
|
(431,484
|
)
|
||||||
Impairment of property, plant and equipment
|
9,677
|
9,263
|
|||||||
Impairment of intangible assets
|
-
|
54,308
|
|||||||
Financial expenses-CCDS
|
-
|
7,004
|
|||||||
Expenses for liquidation of works - CCDS
|
-
|
164
|
|||||||
Indemnification for lost profit
|
-
|
(33,600
|
)
|
||||||
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
|
)
|
(984
|
)
|
|||||
Other Provisions
|
6,398
|
6,500
|
|||||||
Dividends income from available-for-sale financial assets
|
(7,215
|
)
|
-
|
||||||
Return receipt from Morelco
|
-
|
(6,658
|
)
|
||||||
Remeasurement of purchase consideration of Morelco
|
-
|
(7,166
|
)
|
||||||
Financial expense,net
|
129,365
|
106,742
|
|||||||
Other provisions in CCDS
|
-
|
24,915
|
|||||||
Share of the profit and loss in associates and joint ventures
|
|||||||||
under the equity method of accounting
|
(34,872
|
)
|
102,491
|
||||||
Reversal of provisions
|
(7,796
|
)
|
(20,853
|
)
|
|||||
Lower of fixed assets
|
-
|
3,951
|
|||||||
Lower of investments
|
2,755
|
1,227
|
|||||||
Profit on sale of property, plant and equipment
|
(17,385
|
)
|
(18,393
|
)
|
|||||
Loss on financial asset at fair value through profit or loss
|
279
|
221
|
|||||||
Loss on sale of non-current asset held for sale
|
171
|
22
|
|||||||
Profit on sale from available-for-sale financial assets
|
-
|
(46,337
|
)
|
||||||
Loss on sale of investments in subsidiaries
|
8,289
|
-
|
|||||||
Loss on remeasurement of accounts receivable
|
-
|
20,274
|
|||||||
Loss on remeasurement of investment
|
-
|
6,832
|
|||||||
Net variations in assets and liabilities:
|
|||||||||
Trade accounts receivable
|
(99,446
|
)
|
108,358
|
||||||
Other accounts receivable
|
(188,053
|
)
|
(82,838
|
)
|
|||||
Other accounts receivable from related parties
|
(133,286
|
)
|
84,449
|
||||||
Inventories
|
(215,196
|
)
|
30,300
|
||||||
Pre-paid expenses and other assets
|
11,667
|
(146
|
)
|
||||||
Trade accounts payable
|
199,400
|
(85,781
|
)
|
||||||
Other accounts payable
|
(45,096
|
)
|
114,476
|
||||||
Other accounts payable to related parties
|
13,961
|
45,908
|
|||||||
Other provisions
|
(6,770
|
)
|
(2,756
|
)
|
|||||
Interest payment
|
(114,027
|
)
|
(171,572
|
)
|
|||||
Payments related to Norvial Concession
|
(142,575
|
)
|
(97,711
|
)
|
|||||
Payment of income tax
|
(150,434
|
)
|
(125,433
|
)
|
|||||
Net cash applied to operating activities
|
(271,977
|
)
|
332,476
|
||||||
INVESTING ACTIVITIES
|
|||||||||
Sale of available-for-sale investment
|
26
|
107,341
|
|||||||
Sale of a financial asset through profit or loss
|
4,604
|
-
|
|||||||
Sale of property, plant and equipment
|
55,832
|
66,086
|
|||||||
Sale of financial asset at fair value through profit or loss
|
-
|
1,427
|
|||||||
Sale of non-current assets held for sale
|
8,801
|
117
|
|||||||
Refunding for price adjustment
|
-
|
6,658
|
|||||||
Return of contributions
|
481
|
1,963
|
|||||||
Interest received
|
32,162
|
15,368
|
|||||||
Dividends received
|
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
|
)
|
(45,706
|
)
|
|||||
Payments for purchase and contributions on investment in associate and joint ventures
|
(463,103
|
)
|
(389,658
|
)
|
|||||
Payments for property, plant and equipment purchase
|
(193,156
|
)
|
(147,732
|
)
|
|||||
Net cash applied to investing activities
|
(551,106
|
)
|
(373,687
|
)
|
|||||
FINANCING ACTIVITIES
|
|||||||||
Loans received
|
4,442,858
|
3,941,750
|
|||||||
Bonds issued
|
814,016
|
178,640
|
|||||||
Amortization of loans received
|
(4,563,855
|
)
|
(3,914,570
|
)
|
|||||
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
|
8,034
|
|||||||
Acquisition or sale of interest in a subsidiary of non-controlling shareholders
|
(223
|
)
|
(45,835
|
)
|
|||||
Net cash provided by financing activities
|
558,683
|
85,762
|
|||||||
Net increase (net decrease) in cash
|
(264,400
|
)
|
44,551
|
||||||
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
|
598,553
|
|||||||
NON-CASH TRANSACTIONS:
|
|||||||||
Indemnification for lost profit
|
-
|
33,600
|
|||||||
Debt capitalization
|
-
|
8,308
|
|||||||
Acquisition of assets through finance leases
|
92,093
|
65,336
|
|||||||
Recognition of debt as guarantor
|
-
|
608,247
|
|||||||
Change in fair value of available-for-sale financial assets
|
19,973
|
-
|
|||||||
Adjustment for deconsolidation of former subsidiaries
|
9,298
|
-
|
|||||||
Establishment of joint operation - Panorama Plaza de negocios (net assets)
|
36,180
|
-
|
Provision rebate / miscellaneous adjustments
|
(a) |
S/ 5.36 million
|
Sunat Audit for Year 2001
|
(b) |
S/ 14,17 million
|
Total
|
S/ 19.53 million
|
Goodwill deterioration – Vial y Vives
|
(c) |
S/ 54.93 million
|
Redemption of the acquisition value of Adexus
|
(d) |
S/ 8,87 million
|
Total
|
S/ 63.80 million
|
Conversion to company in liquidation (CCDS)
|
(e) |
S/ 15.16 million
|
Discount of the account receivable from GSP
|
(f) |
S/ 33,61 million
|
Total
|
S/ 48.77 million
|
TOTAL GROSS EFFECTS
|
S/ 132.1 million
|
TOTAL NET EFFECTS
|
S/ 126.3 million
|