GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES | ||||||||||||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||||||||||||||
ASSETS
|
LIABILITIES AND EQUITY
|
|||||||||||||
At
|
At
|
|||||||||||||
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||
Note
|
2016
|
2017
|
Note
|
2016
|
2017
|
|||||||||
Current assets
|
Current liabilities
|
|||||||||||||
Cash and cash equivalents
|
8
|
606,949
|
638,212
|
Borrowings
|
13
|
1,961,043
|
1,056,764
|
|||||||
Financial asset at fair value through profit or loss
|
352
|
181
|
Bonds
|
14
|
46,091
|
36,655
|
||||||||
Trade accounts receivables
|
1,086,913
|
1,034,662
|
Trade accounts payable
|
1,278,387
|
1,511,430
|
|||||||||
Unbilled work in progress
|
683,242
|
681,566
|
Accounts payable to related parties
|
9
|
80,217
|
55,084
|
||||||||
Accounts receivable from related parties
|
9
|
181,664
|
136,973
|
Current income tax
|
62,160
|
80,307
|
||||||||
Other accounts receivable
|
659,377
|
775,714
|
Other accounts payable
|
1,096,307
|
833,400
|
|||||||||
Inventories
|
1,107,702
|
769,904
|
Provisions
|
15
|
14,531
|
13,503
|
||||||||
Prepaid expenses
|
51,348
|
37,738
|
4,538,736
|
3,587,143
|
||||||||||
4,377,547
|
4,074,950
|
|||||||||||||
Non-current liabilities classified as held for sale
|
-
|
248,459
|
||||||||||||
Non-current assets classified as held for sale
|
10
|
22,385
|
634,120
|
|||||||||||
Total current liabilities
|
4,538,736
|
3,835,602
|
||||||||||||
Total current assets
|
4,399,932
|
4,709,070
|
||||||||||||
Non-current liabilities
|
||||||||||||||
Non-current assets
|
Borrowings
|
13
|
419,395
|
633,302
|
||||||||||
Long-term trade accounts receivable
|
667,519
|
843,981
|
Long-term bonds
|
14
|
921,623
|
910,912
|
||||||||
Long-term unbilled work in progress
|
197,586
|
28,413
|
Other long-term accounts payable
|
512,803
|
601,906
|
|||||||||
Long-term accounts receivable from related parties
|
9
|
587,973
|
514,736
|
Long-term accounts payable to related parties
|
9
|
65,320
|
25,954
|
|||||||
Prepaid expenses
|
23,526
|
67,188
|
Provisions
|
15
|
31,155
|
35,595
|
||||||||
Other long-term accounts receivable
|
357,952
|
444,068
|
Derivative financial instruments
|
1,081
|
383
|
|||||||||
Investments in associates and joint ventures
|
11
|
886,856
|
50,264
|
Deferred income tax liability
|
75,983
|
78,240
|
||||||||
Investment property
|
49,357
|
45,687
|
Total non-current liabilities
|
2,027,360
|
2,286,292
|
|||||||||
Property, plant and equipment
|
12
|
1,113,599
|
869,714
|
Total liabilities
|
6,566,096
|
6,121,894
|
||||||||
Intangible assets
|
12
|
960,286
|
961,710
|
|||||||||||
Deferred income tax asset
|
292,375
|
408,362
|
Equity
|
|||||||||||
Total non-current assets
|
5,137,029
|
4,234,123
|
Capital
|
16
|
660,054
|
660,054
|
||||||||
Legal reserve
|
132,011
|
132,011
|
||||||||||||
Optional reserve
|
29,974
|
29,974
|
||||||||||||
Share Premium
|
882,464
|
881,795
|
||||||||||||
Other reserves
|
(167,572)
|
(166,478)
|
||||||||||||
Retained earnings
|
916,396
|
780,909
|
||||||||||||
Equity attributable to controlling interest in the Company
|
2,453,327
|
2,318,265
|
||||||||||||
Non-controlling interest
|
517,538
|
503,034
|
||||||||||||
Total equity
|
2,970,865
|
2,821,299
|
||||||||||||
Total assets
|
9,536,961
|
8,943,193
|
Total liabilities and equity
|
9,536,961
|
8,943,193
|
|||||||||
The accompanying notes on pages 8 to 26 are an integral part of the consolidated financial statements.
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||
CONSOLIDATED INCOME STATEMENT
|
||||||
For the year
|
||||||
ended December 31,
|
||||||
Note
|
2016
|
2017
|
||||
Revenues from construction activities
|
3,945,599
|
3,318,907
|
||||
Revenues from services provided
|
1,895,296
|
2,008,352
|
||||
Revenue from real estate and sale of goods
|
643,373
|
952,506
|
||||
6,484,268
|
6,279,765
|
|||||
Cost of construction activities
|
(3,757,032)
|
(3,110,158)
|
||||
Cost of services provided
|
(1,671,783)
|
(1,725,782)
|
||||
Cost of real estate and goods sold
|
(440,786)
|
(727,446)
|
||||
17
|
(5,869,601)
|
(5,563,386)
|
||||
Gross profit
|
614,667
|
716,379
|
||||
Administrative expenses
|
17
|
(398,695)
|
(418,304)
|
|||
Other income and expenses
|
(13,270)
|
401
|
||||
Gain from the sale of investments
|
46,336
|
274,363
|
||||
Operating profit
|
249,038
|
572,839
|
||||
Financial expenses
|
(174,789)
|
(247,968)
|
||||
Financial income
|
20,792
|
16,135
|
||||
Share of the profit or loss in associates and joint
|
||||||
ventures under the equity method of accounting
|
(102,491)
|
(382,939)
|
||||
Profit (loss) before income tax
|
(7,450)
|
(41,933)
|
||||
Income tax
|
18
|
(48,960)
|
(19,492)
|
|||
Profit (loss) for the year
|
(56,410)
|
(61,425)
|
||||
Profit (loss) attributable to:
|
||||||
Owners of the Company
|
(117,735)
|
(132,753)
|
||||
Non-controlling interest
|
61,325
|
71,328
|
||||
(56,410)
|
(61,425)
|
|||||
Earnings per share from continuing operations
|
||||||
attributable to owners of the Company during
|
||||||
the year
|
-0.178
|
-0.201
|
||||
The accompanying notes on pages 8 to 26 are an integral part of the consolidated financial statements.
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
||||||
For the year
|
||||||
ended December 31,
|
||||||
Note
|
2016
|
2017
|
||||
Profit (loss) for the year
|
(56,410)
|
(61,425)
|
||||
Other comprehensive income:
|
||||||
Items that will not be reclassified to profit or loss
|
||||||
Remeasurement of actuarial gains and losses, net of tax
|
(1,530)
|
(3,739)
|
||||
Items that may be subsequently reclassified to profit or loss
|
||||||
Cash flow hedge, net of tax
|
883
|
482
|
||||
Foreign currency translation adjustment, net of tax
|
(890)
|
(8,023)
|
||||
Transfer to profit or loss of available-for-sale financial assets
|
(2,220)
|
-
|
||||
Exchange difference from net investment in a foreign operation, net of tax
|
9,427
|
7,941
|
||||
(34,261)
|
400
|
|||||
Other comprenhensive income for the year, net of tax
|
(35,791)
|
(3,339)
|
||||
Total comprehensive income for the year
|
|
(92,201)
|
(64,764)
|
|||
Comprehensive income attributable to:
|
||||||
Owners of the Company
|
(157,368)
|
(134,393)
|
||||
Non-controlling interest
|
65,167
|
69,629
|
||||
(92,201)
|
(64,764)
|
|||||
The accompanying notes on pages 8 to 26 are an integral part of the consolidated financial statements.
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
|||||||||||||||||||
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
|
|||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2016 AND 2017
|
Attributable to the controlling interests of the Company
|
|||||||||||||||||||
Number
|
Premium
|
Other
|
|||||||||||||||||
of shares
|
Legal
|
Optional
|
for issuance
|
reserves
|
Retained
|
Non-controlling
|
|||||||||||||
In thousands
|
Capital
|
reserve
|
reserve
|
of shares
|
earnings
|
Total
|
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 (loss) for the year
|
-
|
-
|
-
|
-
|
-
|
-
|
(117,735)
|
(117,735)
|
61,325
|
(56,410)
|
|||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
839
|
-
|
839
|
44
|
883
|
|||||||||
Adjustment for actuarial gains and losses
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,120)
|
(1,120)
|
(410)
|
(1,530)
|
|||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(4,960)
|
-
|
(4,960)
|
4,070
|
(890)
|
|||||||||
Change in value of available-for-sale financial assets
|
-
|
-
|
-
|
-
|
-
|
(2,220)
|
-
|
(2,220)
|
-
|
(2,220)
|
|||||||||
Transfer to profit or loss for sale of investment of available-for-sale financial assets
|
-
|
-
|
-
|
-
|
-
|
(41,461)
|
-
|
(41,461)
|
-
|
(41,461)
|
|||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
9,289
|
-
|
9,289
|
138
|
9,427
|
|||||||||
Comprehensive income of the year
|
-
|
-
|
-
|
-
|
-
|
(38,513)
|
(118,855)
|
(157,368)
|
65,167
|
(92,201)
|
|||||||||
Transactions with shareholders:
|
|||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
(30,853)
|
(30,853)
|
(25,473)
|
(56,326)
|
|||||||||
- Contributions of non-controlling shareholders
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(19,099)
|
(19,099)
|
|||||||||
- Additional acquisition of non-controlling
|
-
|
-
|
-
|
-
|
(15,167)
|
-
|
-
|
(15,167)
|
(35,972)
|
(51,139)
|
|||||||||
- Sale to non-controlling interest
|
-
|
-
|
-
|
-
|
99
|
-
|
-
|
99
|
236
|
335
|
|||||||||
- Purchase of subsidiaries
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4,153
|
4,153
|
|||||||||
- Deconsolidation of former subsidiary
|
-
|
-
|
-
|
-
|
-
|
-
|
2,060
|
2,060
|
37
|
2,097
|
|||||||||
Total transactions with shareholders
|
-
|
-
|
-
|
-
|
(15,068)
|
-
|
(28,793)
|
(43,861)
|
(76,118)
|
(119,979)
|
|||||||||
Balances as of December 31, 2016
|
660,054
|
660,054
|
132,011
|
29,974
|
882,464
|
(167,572)
|
916,396
|
2,453,327
|
517,538
|
2,970,865
|
|||||||||
Balances as of January 1, 2017
|
660,054
|
660,054
|
132,011
|
29,974
|
882,464
|
(167,572)
|
916,396
|
2,453,327
|
517,538
|
2,970,865
|
|||||||||
Profit for the year
|
-
|
-
|
-
|
-
|
-
|
-
|
(132,753)
|
(132,753)
|
71,328
|
(61,425)
|
|||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
458
|
-
|
458
|
24
|
482
|
|||||||||
Adjustment for actuarial gains and losses
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,734)
|
(2,734)
|
(1,005)
|
(3,739)
|
|||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(7,188)
|
-
|
(7,188)
|
(835)
|
(8,023)
|
|||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
7,824
|
-
|
7,824
|
117
|
7,941
|
|||||||||
Comprehensive income of the year
|
-
|
-
|
-
|
-
|
-
|
1,094
|
(135,487)
|
(134,393)
|
69,629
|
(64,764)
|
|||||||||
Transactions with shareholders:
|
|||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(42,862)
|
(42,862)
|
|||||||||
- Contributions (devolution) of non-controlling shareholders,net
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(33,197)
|
(33,197)
|
|||||||||
- Additional acquisition of non-controlling
|
-
|
-
|
-
|
-
|
(669)
|
-
|
-
|
(669)
|
(273)
|
(942)
|
|||||||||
- Deconsolidation of former subsidiary
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(7,801)
|
(7,801)
|
|||||||||
Total transactions with shareholders
|
-
|
-
|
-
|
-
|
(669)
|
-
|
-
|
(669)
|
(84,133)
|
(84,802)
|
|||||||||
Balances as of December 31, 2017
|
660,054
|
660,054
|
132,011
|
29,974
|
881,795
|
(166,478)
|
780,909
|
2,318,265
|
503,034
|
2,821,299
|
|||||||||
The accompanying notes on pages 8 to 26 are an integral part of the consolidated financial statements.
|
CONSOLIDATED STATEMENT OF CASH FLOWS
|
||||||
For the year
|
||||||
ended December 31,
|
||||||
Note
|
2016
|
2017
|
||||
OPERATING ACTIVITIES
|
||||||
Loss before income tax
|
(7,450)
|
(41,933)
|
||||
Adjustments to profit not affecting cash flows from
|
||||||
operating activities:
|
||||||
Depreciation
|
17
|
205,522
|
199,793
|
|||
Amortization of other assets
|
17
|
82,743
|
86,557
|
|||
Impairment of inventories
|
17
|
36,353
|
37,457
|
|||
Impairment of accounts receivable and other accounts receivable
|
17
|
419,584
|
726
|
|||
Debt condonation
|
(431,484)
|
-
|
||||
Impairment of property, plant and equipment
|
17
|
9,263
|
14,681
|
|||
Impairment of intangible assets
|
12
|
54,308
|
29,541
|
|||
Financial expenses-CCDS
|
7,004
|
-
|
||||
Expenses for liquidation of works - CCDS
|
164
|
-
|
||||
Indemnification income
|
(33,600)
|
-
|
||||
Profit on fair value of financial asset at fair value through profit or loss
|
31
|
-
|
||||
Change in the fair value of the liability for put option
|
(984)
|
(1,400)
|
||||
Other Provisions
|
15
|
6,500
|
6,788
|
|||
Return receipt from adquisition of Morelco
|
(6,658)
|
-
|
||||
Remeasurement of purchase consideration of Morelco
|
(7,166)
|
-
|
||||
Financial expense,net
|
106,742
|
176,511
|
||||
Other provisions in CCDS
|
24,915
|
-
|
||||
Foreign exchange loss (gain) on loans
|
-
|
(35,280)
|
||||
Share of the profit and loss in associates and joint ventures
|
||||||
under the equity method of accounting
|
11
|
102,491
|
382,939
|
|||
Reversal of provisions
|
15
|
(20,853)
|
(1,305)
|
|||
Disposal of fixed assets
|
3,951
|
2,420
|
||||
Disposal of investments
|
1,227
|
106
|
||||
Profit on sale of property, plant and equipment
|
(18,393)
|
(26,902)
|
||||
Loss on financial asset at fair value through profit or loss
|
221
|
(244,313)
|
||||
Loss on sale of non-current asset held for sale
|
22
|
45
|
||||
Profit on sale from available-for-sale financial assets
|
(46,337)
|
(25,768)
|
||||
Loss on remeasurement of accounts receivable
|
20,274
|
133,602
|
||||
Loss on remeasurement of investment
|
6,832
|
-
|
||||
Net variations in assets and liabilities:
|
||||||
Trade accounts receivable and unbilled working in progress
|
108,358
|
(230,317)
|
||||
Other accounts receivable
|
(82,838)
|
(286,748)
|
||||
Other accounts receivable from related parties
|
84,449
|
(2,503)
|
||||
Inventories
|
30,300
|
284,991
|
||||
Pre-paid expenses and other assets
|
(146)
|
(40,930)
|
||||
Trade accounts payable
|
(85,781)
|
520,015
|
||||
Other accounts payable
|
114,476
|
(58,719)
|
||||
Other accounts payable to related parties
|
45,908
|
(67,141)
|
||||
Other provisions
|
(2,756)
|
(1,680)
|
||||
Interest payment
|
(171,572)
|
(175,673)
|
||||
Payments for purchases of intangibles - Concessions
|
(97,711)
|
(20,178)
|
||||
Payment of income tax
|
(125,433)
|
(149,579)
|
||||
Net cash applied to operating activities
|
332,476
|
465,803
|
||||
INVESTING ACTIVITIES
|
||||||
Sale of available-for-sale investment
|
107,341
|
391,786
|
||||
Sale of property, plant and equipment
|
66,086
|
127,241
|
||||
Sale of financial asset at fair value through profit or loss
|
1,427
|
98
|
||||
Sale of non-current assets held for sale
|
117
|
43,367
|
||||
Refunding for price adjustment - Morelco
|
6,658
|
-
|
||||
Return of contributions
|
1,963
|
-
|
||||
Interest received
|
15,368
|
7,041
|
||||
Dividends received
|
27,992
|
3,758
|
||||
Payment for purchase of investments properties
|
(17,543)
|
(1,183)
|
||||
Payments for intangible purchase
|
(45,706)
|
(97,112)
|
||||
Payments for purchase and contributions on investment in associate and joint ventures
|
(389,658)
|
(2,108)
|
||||
Payments for property, plant and equipment purchase
|
(147,732)
|
(122,571)
|
||||
Net cash applied to investing activities
|
(373,687)
|
350,317
|
||||
FINANCING ACTIVITIES
|
||||||
Loans received
|
3,941,750
|
1,406,717
|
||||
Bonds issued
|
178,640
|
-
|
||||
Amortization of loans received
|
(3,914,570)
|
(2,044,256)
|
||||
Amortization of bonds issued
|
(25,281)
|
(39,151)
|
||||
Payment for transaction costs for debt
|
(650)
|
(31,286)
|
||||
Dividends paid to owners of the parent
|
(30,853)
|
-
|
||||
Dividends paid to non-controlling interest
|
(25,473)
|
(42,862)
|
||||
Cash received from non-controlling shareholders
|
8,034
|
(33,197)
|
||||
Acquisition or sale of interest in a subsidiary of non-controlling shareholders
|
(45,835)
|
(942)
|
||||
Net cash provided by financing activities
|
85,762
|
(784,977)
|
||||
Net increase (net decrease) in cash
|
44,551
|
31,143
|
||||
Cash and cash equivalents at the beginning of the year
|
554,002
|
606,949
|
||||
Cash and cash equivalents at the end of the period
|
8
|
598,553
|
638,092
|
|||
NON-CASH TRANSACTIONS:
|
||||||
Debt capitalization
|
8,308
|
-
|
||||
Acquisition of assets through finance leases
|
65,336
|
48,507
|
||||
Recognition of debt due to termination of GSP
|
608,247
|
-
|
||||
Recognition of non-current assets available for sale by the operations of the CCDS
|
-
|
255,898
|
||||
Reclassification of the investment in the associate GSP to non-current assets classified as held for sale
|
-
|
714,554
|
||||
The accompanying notes on pages 8 to 27 are an integral part of the consolidated financial statements.
|
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)
|
1,936,825
|
128,508
|
173,145
|
-
|
2,238,478
|
||||
Finance leases | 127,496 | 85,989 | 26,780 | 19,506 | 259,771 | ||||
Bonds
|
113,299
|
180,431
|
365,697
|
1,334,485
|
1,993,912
|
||||
Trade accounts payables
|
1,278,387
|
-
|
-
|
-
|
1,278,387
|
||||
Accounts payables to related parties
|
80,217
|
28,082
|
37,238.00
|
-
|
145,537 | ||||
Other accounts payables
|
303,827
|
49,064
|
131,556
|
-
|
484,447 | ||||
Other non-financial liabilities
|
-
|
1,081
|
-
|
-
|
1,081 | ||||
3,840,051
|
473,155
|
734,416
|
1,353,991
|
6,401,613 | |||||
At December 31, 2017
|
|||||||||
Other financial liabilities (except for finance leases)
|
1,003,500
|
336,913
|
290,253
|
-
|
1,630,666
|
||||
Finance leases
|
72,864
|
41,880
|
24,022
|
638
|
139,404
|
||||
Bonds
|
109,746
|
148,986
|
353,349
|
1,272,647
|
1,884,728
|
||||
Trade accounts payables
|
1,511,430
|
-
|
-
|
-
|
1,511,430
|
||||
Accounts payables to related parties
|
55,084
|
25,954
|
-
|
-
|
81,038
|
||||
Other accounts payables
|
175,123
|
2,469
|
359,863
|
-
|
537,455
|
||||
Other non-financial liabilities
|
-
|
786
|
-
|
-
|
786
|
||||
2,927,747
|
556,988
|
1,027,487
|
1,273,285
|
5,785,507
|
At December 31,
2016
|
At December 31,
2017
|
||
Total borrowing and bonds
|
3,348,152
|
2,637,633
|
|
Less: Cash and cash equivalents
|
(606,949)
|
|
(638,212)
|
Net debt
|
2,741,203
|
1,999,421
|
|
Total equity
|
2,970,865
|
2,821,299
|
|
Total capital
|
5,712,068
|
4,820,720
|
|
Gearing ratio
|
0.48
|
0.41
|
-
|
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).
|
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
|
125,853
|
139,414
|
3,229
|
58,892
|
37,675
|
112,397
|
550
|
606,949
|
||||||||||||||||||||||||||||||
Financial asset at fair value through profit or loss
|
352
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
352
|
||||||||||||||||||||||||||||||
Trade accounts receivables
|
334,426
|
84,996
|
77,615
|
97,079
|
256
|
83,704
|
411,041
|
-
|
(2,204
|
)
|
1,086,913
|
|||||||||||||||||||||||||||||
Unbilled work in progress
|
683,242
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
683,242
|
||||||||||||||||||||||||||||||
Accounts receivable from related parties
|
327,385
|
3,255
|
55,907
|
392
|
12,379
|
7,284
|
12,468
|
50,582
|
(287,988
|
)
|
181,664
|
|||||||||||||||||||||||||||||
Other accounts receivable
|
408,379
|
58,235
|
28,779
|
25,895
|
4,841
|
20,198
|
70,917
|
42,133
|
-
|
659,377
|
||||||||||||||||||||||||||||||
Inventories
|
76,059
|
12,561
|
9,839
|
16,862
|
-
|
946,657
|
58,839
|
387
|
(13,502
|
)
|
1,107,702
|
|||||||||||||||||||||||||||||
Prepaid expenses
|
9,205
|
2,614
|
2,005
|
17,265
|
167
|
329
|
19,458
|
305
|
-
|
51,348
|
||||||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
22,385
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
22,385
|
||||||||||||||||||||||||||||||
Total current assets
|
1,954,976
|
197,057
|
299,998
|
296,907
|
20,872
|
1,117,064
|
610,398
|
205,804
|
(303,144
|
)
|
4,399,932
|
|||||||||||||||||||||||||||||
Long-term trade accounts receivable
|
149
|
-
|
15,092
|
629,310
|
-
|
-
|
22,968
|
-
|
-
|
667,519
|
||||||||||||||||||||||||||||||
Long-term unbilled work in progress
|
171,752
|
-
|
24,165
|
-
|
-
|
-
|
-
|
-
|
1,669
|
197,586
|
||||||||||||||||||||||||||||||
Long-term accounts receivable from related parties
|
-
|
-
|
408
|
-
|
-
|
-
|
492
|
757,204
|
(170,131
|
)
|
587,973
|
|||||||||||||||||||||||||||||
Prepaid expenses
|
-
|
-
|
20,554
|
2,029
|
943
|
-
|
-
|
-
|
-
|
23,526
|
||||||||||||||||||||||||||||||
Other long-term accounts receivable
|
42,511
|
29,533
|
22,926
|
225,565
|
7,347
|
17,887
|
1,075
|
11,108
|
-
|
357,952
|
||||||||||||||||||||||||||||||
Investments in associates and joint ventures
|
117,331
|
8,516
|
-
|
-
|
-
|
31,768
|
9,589
|
3,288,773
|
(2,569,121
|
)
|
886,856
|
|||||||||||||||||||||||||||||
Investment property
|
-
|
-
|
-
|
-
|
-
|
49,357
|
-
|
-
|
-
|
49,357
|
||||||||||||||||||||||||||||||
Property, plant and equipment
|
592,191
|
176,486
|
23,508
|
193
|
21
|
13,008
|
195,462
|
130,422
|
(17,692
|
)
|
1,113,599
|
|||||||||||||||||||||||||||||
Intangible assets
|
246,715
|
139,353
|
457,163
|
269
|
-
|
950
|
78,687
|
22,793
|
14,356
|
960,286
|
||||||||||||||||||||||||||||||
Deferred income tax asset
|
185,957
|
4,983
|
13,244
|
-
|
-
|
623
|
50,450
|
29,361
|
7,757
|
292,375
|
||||||||||||||||||||||||||||||
Total non-current assets
|
1,356,606
|
358,871
|
577,060
|
857,366
|
8,311
|
113,593
|
358,723
|
4,239,661
|
(2,733,162
|
)
|
5,137,029
|
|||||||||||||||||||||||||||||
Total assets
|
3,311,582
|
555,928
|
877,058
|
1,154,273
|
29,183
|
1,230,657
|
969,121
|
4,445,465
|
(3,036,306
|
)
|
9,536,961
|
|||||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||||||
Borrowings
|
582,260
|
82,063
|
3,014
|
-
|
-
|
206,456
|
155,137
|
932,113
|
-
|
1,961,043
|
||||||||||||||||||||||||||||||
Bonds
|
-
|
-
|
25,540
|
20,551
|
-
|
-
|
-
|
-
|
-
|
46,091
|
||||||||||||||||||||||||||||||
Trade accounts payable
|
876,847
|
59,830
|
31,857
|
23,882
|
599
|
30,617
|
248,991
|
6,703
|
(939
|
)
|
1,278,387
|
|||||||||||||||||||||||||||||
Accounts payable to related parties
|
119,989
|
3,902
|
38,219
|
33,009
|
237
|
66,190
|
33,749
|
67,685
|
(282,763
|
)
|
80,217
|
|||||||||||||||||||||||||||||
Current income tax
|
30,576
|
3,631
|
3,401
|
-
|
1,064
|
17,944
|
5,544
|
-
|
-
|
62,160
|
||||||||||||||||||||||||||||||
Other accounts payable
|
485,247
|
11,711
|
43,614
|
14,622
|
27
|
194,441
|
157,201
|
189,444
|
-
|
1,096,307
|
||||||||||||||||||||||||||||||
Provisions
|
6,615
|
6,441
|
-
|
-
|
-
|
131
|
1,344
|
-
|
-
|
14,531
|
||||||||||||||||||||||||||||||
Total current liabilities
|
2,101,534
|
167,578
|
145,645
|
92,064
|
1,927
|
515,779
|
601,966
|
1,195,945
|
(283,702
|
)
|
4,538,736
|
|||||||||||||||||||||||||||||
Borrowings
|
246,315
|
80,488
|
2,510
|
-
|
-
|
16,541
|
73,541
|
-
|
-
|
419,395
|
||||||||||||||||||||||||||||||
Long-term bonds
|
-
|
-
|
338,143
|
583,480
|
-
|
-
|
-
|
-
|
-
|
921,623
|
||||||||||||||||||||||||||||||
Other long-term accounts payable
|
147,839
|
-
|
44,451
|
246,522
|
-
|
32,000
|
39,558
|
2,433
|
-
|
512,803
|
||||||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
41,672
|
-
|
408
|
87,200
|
23,445
|
40,074
|
42,259
|
394
|
(170,132
|
)
|
65,320
|
|||||||||||||||||||||||||||||
Provisions
|
12,283
|
17,115
|
-
|
-
|
-
|
-
|
1,757
|
-
|
-
|
31,155
|
||||||||||||||||||||||||||||||
Derivative financial instruments
|
-
|
1,081
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,081
|
||||||||||||||||||||||||||||||
Deferred income tax liability
|
28,278
|
3,546
|
1,525
|
16,983
|
283
|
15,564
|
9,491
|
313
|
-
|
75,983
|
||||||||||||||||||||||||||||||
Total non-current liabilities
|
476,387
|
102,230
|
387,037
|
934,185
|
23,728
|
104,179
|
166,606
|
3,140
|
(170,132
|
)
|
2,027,360
|
|||||||||||||||||||||||||||||
Total liabilities
|
2,577,921
|
269,808
|
532,682
|
1,026,249
|
25,655
|
619,958
|
768,572
|
1,199,085
|
(453,834
|
)
|
6,566,096
|
|||||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
616,916
|
265,241
|
282,851
|
96,019
|
3,528
|
234,449
|
158,641
|
3,232,803
|
(2,437,121
|
)
|
2,453,327
|
|||||||||||||||||||||||||||||
Non-controlling interest
|
116,745
|
20,879
|
61,525
|
32,005
|
-
|
376,250
|
41,908
|
13,577
|
(145,351
|
)
|
517,538
|
|||||||||||||||||||||||||||||
Total liabilities and equity
|
3,311,582
|
555,928
|
877,058
|
1,154,273
|
29,183
|
1,230,657
|
969,121
|
4,445,465
|
(3,036,306
|
)
|
9,536,961
|
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, 2017
|
||||||||||||||||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
183,901
|
43,878
|
121,901
|
161,073
|
4,204
|
97,709
|
21,914
|
3,632
|
-
|
638,212
|
||||||||||||||||||||||||||||||
Financial asset at fair value through profit or loss
|
181
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
181
|
||||||||||||||||||||||||||||||
Trade accounts receivables
|
368,302
|
64,364
|
128,124
|
109,388
|
604
|
45,897
|
317,564
|
419
|
-
|
1,034,662
|
||||||||||||||||||||||||||||||
Unbilled work in progress
|
670,272
|
-
|
-
|
-
|
-
|
-
|
-
|
11,294
|
-
|
681,566
|
||||||||||||||||||||||||||||||
Accounts receivable from related parties
|
266,915
|
2,746
|
65,909
|
3,072
|
8,852
|
69,382
|
9,947
|
66,059
|
(355,909
|
)
|
136,973
|
|||||||||||||||||||||||||||||
Other accounts receivable
|
536,732
|
55,959
|
66,765
|
31,384
|
1,922
|
27,504
|
42,709
|
12,739
|
-
|
775,714
|
||||||||||||||||||||||||||||||
Inventories
|
46,500
|
15,093
|
8,685
|
19,457
|
-
|
643,882
|
56,162
|
189
|
(20,064
|
)
|
769,904
|
|||||||||||||||||||||||||||||
Prepaid expenses
|
4,469
|
1,168
|
2,354
|
10,312
|
164
|
216
|
18,294
|
761
|
-
|
37,738
|
||||||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
302,884
|
-
|
-
|
-
|
-
|
-
|
-
|
331,236
|
-
|
634,120
|
||||||||||||||||||||||||||||||
Total current assets
|
2,380,156
|
183,208
|
393,738
|
334,686
|
15,746
|
884,590
|
466,590
|
426,329
|
(375,973
|
)
|
4,709,070
|
|||||||||||||||||||||||||||||
Long-term trade accounts receivable
|
-
|
-
|
14,747
|
802,695
|
-
|
-
|
26,539
|
-
|
-
|
843,981
|
||||||||||||||||||||||||||||||
Long-term unbilled work in progress
|
-
|
-
|
28,413
|
-
|
-
|
-
|
-
|
-
|
-
|
28,413
|
||||||||||||||||||||||||||||||
Long-term accounts receivable from related parties
|
-
|
-
|
24,276
|
-
|
-
|
-
|
474
|
636,226
|
(146,240
|
)
|
514,736
|
|||||||||||||||||||||||||||||
Prepaid expenses
|
-
|
-
|
24,585
|
42,221
|
892
|
-
|
-
|
-
|
(510
|
)
|
67,188
|
|||||||||||||||||||||||||||||
Other long-term accounts receivable
|
26,340
|
53,917
|
11,159
|
277,084
|
7,348
|
9,811
|
1,712
|
56,697
|
-
|
444,068
|
||||||||||||||||||||||||||||||
Investments in associates and joint ventures
|
111,385
|
7,344
|
-
|
-
|
-
|
1
|
10,113
|
2,178,834
|
(2,257,413
|
)
|
50,264
|
|||||||||||||||||||||||||||||
Investment property
|
-
|
-
|
-
|
-
|
-
|
45,687
|
-
|
-
|
-
|
45,687
|
||||||||||||||||||||||||||||||
Property, plant and equipment
|
509,700
|
171,226
|
18,572
|
3,047
|
60
|
11,621
|
102,448
|
70,627
|
(17,587
|
)
|
869,714
|
|||||||||||||||||||||||||||||
Intangible assets
|
223,458
|
160,288
|
492,424
|
323
|
-
|
1,022
|
48,903
|
24,032
|
11,260
|
961,710
|
||||||||||||||||||||||||||||||
Deferred income tax asset
|
171,608
|
5,507
|
11,057
|
-
|
-
|
10,316
|
36,932
|
163,145
|
9,797
|
408,362
|
||||||||||||||||||||||||||||||
Total non-current assets
|
1,042,491
|
398,282
|
625,233
|
1,125,370
|
8,300
|
78,458
|
227,121
|
3,129,561
|
(2,400,693
|
)
|
4,234,123
|
|||||||||||||||||||||||||||||
Total assets
|
3,422,647
|
581,490
|
1,018,971
|
1,460,056
|
24,046
|
963,048
|
693,711
|
3,555,890
|
(2,776,666
|
)
|
8,943,193
|
|||||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||||||
Borrowings
|
591,987
|
46,924
|
2,589
|
-
|
-
|
162,031
|
139,821
|
113,412
|
-
|
1,056,764
|
||||||||||||||||||||||||||||||
Bonds
|
-
|
-
|
24,361
|
12,294
|
-
|
-
|
-
|
-
|
-
|
36,655
|
||||||||||||||||||||||||||||||
Trade accounts payable
|
962,593
|
62,658
|
85,329
|
132,195
|
132
|
43,724
|
189,326
|
36,412
|
(939
|
)
|
1,511,430
|
|||||||||||||||||||||||||||||
Accounts payable to related parties
|
114,198
|
3,664
|
60,857
|
83,841
|
14
|
37,396
|
14,429
|
115,387
|
(374,702
|
)
|
55,084
|
|||||||||||||||||||||||||||||
Current income tax
|
30,938
|
1,282
|
1,122
|
-
|
161
|
45,299
|
1,505
|
-
|
-
|
80,307
|
||||||||||||||||||||||||||||||
Other accounts payable
|
492,396
|
12,487
|
68,994
|
27,058
|
49
|
63,654
|
93,449
|
75,313
|
-
|
833,400
|
||||||||||||||||||||||||||||||
Provisions
|
6,682
|
5,204
|
-
|
-
|
-
|
20
|
1,597
|
-
|
-
|
13,503
|
||||||||||||||||||||||||||||||
Non-current liabilities classified as held for sale
|
248,459
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
248,459
|
||||||||||||||||||||||||||||||
Total current liabilities
|
2,447,253
|
132,219
|
243,252
|
255,388
|
356
|
352,124
|
440,127
|
340,524
|
(375,641
|
)
|
3,835,602
|
|||||||||||||||||||||||||||||
Borrowings
|
127,776
|
101,549
|
1,945
|
-
|
-
|
12,010
|
26,458
|
363,564
|
-
|
633,302
|
||||||||||||||||||||||||||||||
Long-term bonds
|
-
|
-
|
319,549
|
591,363
|
-
|
-
|
-
|
-
|
-
|
910,912
|
||||||||||||||||||||||||||||||
Other long-term accounts payable
|
129,022
|
-
|
52,349
|
349,987
|
158
|
32,058
|
35,863
|
2,469
|
-
|
601,906
|
||||||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
4,306
|
-
|
836
|
89,023
|
23,445
|
-
|
30,739
|
5,261
|
(127,656
|
)
|
25,954
|
|||||||||||||||||||||||||||||
Provisions
|
13,201
|
16,707
|
-
|
-
|
-
|
-
|
1,847
|
3,840
|
-
|
35,595
|
||||||||||||||||||||||||||||||
Derivative financial instruments
|
-
|
383
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
383
|
||||||||||||||||||||||||||||||
Deferred income tax liability
|
26,631
|
8,958
|
8,606
|
24,341
|
210
|
-
|
9,494
|
-
|
-
|
78,240
|
||||||||||||||||||||||||||||||
Total non-current liabilities
|
300,936
|
127,597
|
383,285
|
1,054,714
|
23,813
|
44,068
|
104,401
|
375,134
|
(127,656
|
)
|
2,286,292
|
|||||||||||||||||||||||||||||
Total liabilities
|
2,748,189
|
259,816
|
626,537
|
1,310,102
|
24,169
|
396,192
|
544,528
|
715,658
|
(503,297
|
)
|
6,121,894
|
|||||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
562,183
|
299,411
|
323,987
|
112,467
|
(123
|
)
|
217,290
|
115,464
|
2,826,861
|
(2,139,275
|
)
|
2,318,265
|
||||||||||||||||||||||||||||
Non-controlling interest
|
112,275
|
22,263
|
68,447
|
37,487
|
-
|
349,566
|
33,719
|
13,371
|
(134,094
|
)
|
503,034
|
|||||||||||||||||||||||||||||
Total liabilities and equity
|
3,422,647
|
581,490
|
1,018,971
|
1,460,056
|
24,046
|
963,048
|
693,711
|
3,555,890
|
(2,776,666
|
)
|
8,943,193
|
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
|
4,159,538
|
382,211
|
527,104
|
247,040
|
18,459
|
411,518
|
1,153,723
|
62,070
|
(477,395
|
)
|
6,484,268
|
|||||||||||||||||||||||||||||
Gross profit (loss)
|
218,810
|
42,129
|
121,114
|
42,473
|
5,698
|
136,540
|
143,567
|
(171
|
)
|
(95,493
|
)
|
614,667
|
||||||||||||||||||||||||||||
Administrative expenses
|
(257,861
|
)
|
(17,260
|
)
|
(35,085
|
)
|
(12,952
|
)
|
(786
|
)
|
(28,430
|
)
|
(94,103
|
)
|
(35,740
|
)
|
83,522
|
(398,695
|
)
|
|||||||||||||||||||||
Other income and expenses
|
(9,250
|
)
|
542
|
263
|
10
|
-
|
838
|
4,093
|
(5,843
|
)
|
(3,923
|
)
|
(13,270
|
)
|
||||||||||||||||||||||||||
Gain from the sale of investments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
46,336
|
-
|
46,336
|
||||||||||||||||||||||||||||||
Operating profit (loss)
|
(48,301
|
)
|
25,411
|
86,292
|
29,531
|
4,912
|
108,948
|
53,557
|
4,582
|
(15,894
|
)
|
249,038
|
||||||||||||||||||||||||||||
Financial expenses
|
(64,946
|
)
|
(10,801
|
)
|
(7,390
|
)
|
(2,810
|
)
|
(38
|
)
|
(14,388
|
)
|
(30,077
|
)
|
(58,635
|
)
|
14,296
|
(174,789
|
)
|
|||||||||||||||||||||
Financial income
|
11,216
|
1,040
|
2,225
|
8,037
|
86
|
2,816
|
3,140
|
18,686
|
(26,454
|
)
|
20,792
|
|||||||||||||||||||||||||||||
Share of the profit or loss
|
||||||||||||||||||||||||||||||||||||||||
in associates and joint ventures under the equity
|
||||||||||||||||||||||||||||||||||||||||
method of accounting
|
17,321
|
1,615
|
-
|
-
|
-
|
6,850
|
360
|
(198,418
|
)
|
69,781
|
(102,491
|
)
|
||||||||||||||||||||||||||||
Profit (loss) before income tax
|
(84,710
|
)
|
17,265
|
81,127
|
34,758
|
4,960
|
104,226
|
26,980
|
(233,785
|
)
|
41,729
|
(7,450
|
)
|
|||||||||||||||||||||||||||
Income tax
|
(10,858
|
)
|
(5,308
|
)
|
(22,213
|
)
|
(10,904
|
)
|
(1,433
|
)
|
(27,054
|
)
|
(11,665
|
)
|
33,242
|
7,233
|
(48,960
|
)
|
||||||||||||||||||||||
Profit (loss) for the year
|
(95,568
|
)
|
11,957
|
58,914
|
23,854
|
3,527
|
77,172
|
15,315
|
(200,543
|
)
|
48,962
|
(56,410
|
)
|
|||||||||||||||||||||||||||
Profit (loss) attributable to:
|
||||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(89,129
|
)
|
9,370
|
43,656
|
17,891
|
3,527
|
22,106
|
12,159
|
(199,667
|
)
|
62,352
|
(117,735
|
)
|
|||||||||||||||||||||||||||
Non-controlling interest
|
(6,439
|
)
|
2,587
|
15,258
|
5,963
|
-
|
55,066
|
3,156
|
(876
|
)
|
(13,390
|
)
|
61,325
|
|||||||||||||||||||||||||||
(95,568
|
)
|
11,957
|
58,914
|
23,854
|
3,527
|
77,172
|
15,315
|
(200,543
|
)
|
48,962
|
(56,410
|
)
|
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 2017 -
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
3,418,907
|
436,876
|
642,127
|
365,772
|
3,152
|
647,535
|
1,203,733
|
70,049
|
(508,386
|
)
|
6,279,765
|
|||||||||||||||||||||||||||||
Gross profit (loss)
|
281,206
|
71,825
|
139,196
|
52,212
|
445
|
147,384
|
112,434
|
(32,515
|
)
|
(55,808
|
)
|
716,379
|
||||||||||||||||||||||||||||
Administrative expenses
|
(211,264
|
)
|
(16,620
|
)
|
(32,454
|
)
|
(15,279
|
)
|
(317
|
)
|
(21,189
|
)
|
(84,952
|
)
|
(99,216
|
)
|
62,987
|
(418,304
|
)
|
|||||||||||||||||||||
Other income and expenses
|
(22,028
|
)
|
5,139
|
1,062
|
5
|
-
|
(3,700
|
)
|
8,852
|
10,512
|
559
|
401
|
||||||||||||||||||||||||||||
Gain from the sale of investments
|
25,768
|
-
|
-
|
-
|
-
|
49,002
|
-
|
195,378
|
4,215
|
274,363
|
||||||||||||||||||||||||||||||
Operating profit
|
73,682
|
60,344
|
107,804
|
36,938
|
128
|
171,497
|
36,334
|
74,159
|
11,953
|
572,839
|
||||||||||||||||||||||||||||||
Financial expenses
|
(52,855
|
)
|
(13,423
|
)
|
(6,893
|
)
|
(8,022
|
)
|
(50
|
)
|
(21,917
|
)
|
(32,643
|
)
|
(137,488
|
)
|
25,323
|
(247,968
|
)
|
|||||||||||||||||||||
Financial income
|
9,418
|
1,964
|
3,256
|
3,606
|
26
|
3,569
|
4,250
|
32,770
|
(42,724
|
)
|
16,135
|
|||||||||||||||||||||||||||||
Share of the profit or loss
|
||||||||||||||||||||||||||||||||||||||||
in associates and joint ventures under the equity
|
||||||||||||||||||||||||||||||||||||||||
method of accounting
|
29,685
|
1,584
|
-
|
-
|
-
|
455
|
1,203
|
(486,931
|
)
|
71,065
|
(382,939
|
)
|
||||||||||||||||||||||||||||
Profit before income tax
|
59,930
|
50,469
|
104,167
|
32,522
|
104
|
153,604
|
9,144
|
(517,490
|
)
|
65,617
|
(41,933
|
)
|
||||||||||||||||||||||||||||
Income tax
|
(35,042
|
)
|
(13,151
|
)
|
(32,290
|
)
|
(10,593
|
)
|
(227
|
)
|
(35,900
|
)
|
(5,652
|
)
|
110,363
|
3,000
|
(19,492
|
)
|
||||||||||||||||||||||
Profit (loss) for the year
|
24,888
|
37,318
|
71,877
|
21,929
|
(123
|
)
|
117,704
|
3,492
|
(407,127
|
)
|
68,617
|
(61,425
|
)
|
|||||||||||||||||||||||||||
Profit (loss) attributable to:
|
||||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
22,578
|
33,351
|
55,620
|
16,447
|
(123
|
)
|
48,648
|
3,012
|
(406,940
|
)
|
94,654
|
(132,753
|
)
|
|||||||||||||||||||||||||||
Non-controlling interest
|
2,310
|
3,967
|
16,257
|
5,482
|
-
|
69,056
|
480
|
(187
|
)
|
(26,037
|
)
|
71,328
|
||||||||||||||||||||||||||||
24,888
|
37,318
|
71,877
|
21,929
|
(123
|
)
|
117,704
|
3,492
|
(407,127
|
)
|
68,617
|
(61,425
|
)
|
|
At December 31,
|
At December 31,
|
||||||
2016
|
2017
|
|||||||
Cash on hand
|
5,943
|
16,468
|
||||||
In-transit remittances
|
7,931
|
1,036
|
||||||
Bank accounts
|
475,025
|
397,883
|
||||||
Time deposits
|
112,023
|
115,010
|
||||||
Mutual funds
|
6,027
|
107,815
|
||||||
606,949
|
638,212
|
At December 31, | At December 31, | |||||||
2016 | 2017 | |||||||
Cash and Cash Equivalent on Balance Sheet
|
606,949
|
638,212
|
||||||
Bank overdrafts (note 13)
|
(8,396
|
)
|
(120
|
)
|
||||
Balances per statement of cash flows
|
598,553
|
638,092
|
From the year
ended December 31,
|
||||||||
2016
|
2017 | |||||||
Revenue from sale of goods and services:
|
||||||||
- Associates
|
-
|
3,367
|
||||||
- Joint operations
|
22,304
|
18,138
|
||||||
22,304
|
21,505
|
At December 31, | At December 31, | |||||||||||||||
2016 | 2017 | |||||||||||||||
Receivable | Payable | Receivable | Payable | |||||||||||||
Joint operations
|
||||||||||||||||
Consorcio Constructor Ductos del Sur
|
62,834
|
37,238
|
18,214
|
-
|
||||||||||||
Consorcio GyM Conciviles
|
61,006
|
-
|
61,764
|
-
|
||||||||||||
Consorcio Rio Urubamba
|
9,072
|
-
|
8,964
|
-
|
||||||||||||
Consorcio Peruano de Conservación
|
8,784
|
-
|
7,417
|
-
|
||||||||||||
Consorcio Vial Quinu
|
4,198
|
738
|
-
|
2,262
|
||||||||||||
Consorcio Italo Peruano
|
4,174
|
17,325
|
14,536
|
18,849
|
||||||||||||
Consorcio La Gloria
|
3,521
|
3,080
|
1,688
|
1,358
|
||||||||||||
Consorcio Terminales del Perú
|
3,215
|
259
|
3,290
|
-
|
||||||||||||
Consorcio Rio Mantaro
|
3,191
|
6,886
|
1,134
|
763
|
||||||||||||
Consorcio Vial Sierra
|
940
|
5,400
|
2,355
|
1,854
|
||||||||||||
Consorcio Constructor Chavimochic
|
915
|
2,471
|
1,959
|
5,817
|
||||||||||||
Consorcio Energía y Vapor
|
491
|
3,203
|
- |
72
|
||||||||||||
Consorcio Ermitaño
|
83
|
6,372
|
1,067
|
6
|
||||||||||||
Consorcio Menegua
|
30
|
3,803
|
39 |
-
|
||||||||||||
Consorcio para la Atención y Mantenimiento de Ductos
|
- |
21,790
|
- |
12,074
|
||||||||||||
Consorcio Huacho Pativilca
|
-
|
3,434 | - |
2,377
|
||||||||||||
Ingeniería y Construcción Sigdo Koppers-Vial
|
- | - | - | - | ||||||||||||
Complementarios Ltda.
|
- | - | - | - | ||||||||||||
Other minors
|
10,133
|
2,472
|
11,859
|
6,883
|
||||||||||||
172,587
|
114,471
|
134,286
|
52,215
|
Other related parties:
|
||||||||||||||||
Adexus S.A.
|
- | - | - | - | ||||||||||||
Gaseoducto Sur Peruano S.A
|
587,973
|
-
|
517,144
|
-
|
||||||||||||
Perú Piping Spools S.A.C.
|
9,077
|
-
|
279
|
185
|
||||||||||||
Ferrovias Participaciones
|
-
|
20,813
|
-
|
21,648
|
||||||||||||
Ferrovias Argentina
|
-
|
2,835
|
-
|
2,684
|
||||||||||||
Arturo Serna
|
-
|
7,418
|
-
|
4,306
|
||||||||||||
597,050
|
31,066
|
517,423
|
28,823
|
|||||||||||||
769,637
|
145,537
|
651,709
|
81,038
|
Less non-current portion:
|
||||||||||||||||
Gaseoducto Sur Peruano S.A
|
(587,973
|
)
|
-
|
(514,736
|
)
|
-
|
||||||||||
Consorcio Constructor Ductos del Sur
|
-
|
(37,238
|
)
|
-
|
-
|
|||||||||||
Ferrovias Participaciones
|
-
|
(20,813
|
)
|
-
|
(21,648
|
)
|
||||||||||
Ferrovias Argentina
|
-
|
(2,835
|
)
|
-
|
-
|
|||||||||||
Arturo Serna
|
-
|
(4,434
|
)
|
-
|
(4,306
|
)
|
||||||||||
Portion current
|
181,664
|
80,217
|
136,973
|
55,084
|
|
2016
|
2017
|
||||||
Beginning balance
|
646,884
|
886,856
|
||||||
Acquisition and/or contributions received
|
-
|
2,108
|
||||||
Increase in capital
|
397,395
|
-
|
||||||
Debt capitalization
|
8,308
|
-
|
||||||
Share of the profit and loss in associates
|
(102,490
|
)
|
379
|
|||||
under the equity method of accounting
|
||||||||
Sale of investments
|
-
|
(120,779
|
)
|
|||||
Dividends received
|
(27,992
|
)
|
(4,017
|
)
|
||||
Acquisition of control – Adexus
|
(35,870
|
)
|
-
|
|||||
Reclassification discontinuous operation
|
-
|
(714,554
|
)
|
|||||
Other
|
621
|
271
|
||||||
Ending balance
|
886,856
|
50,264
|
Property,
|
||||||||
plant and
|
Intangible
|
|||||||
equipment
|
assets
|
|||||||
At January 1, 2016
|
1,111,757
|
881,020
|
||||||
Additions
|
213,068
|
183,568
|
||||||
Acquisition of subsidiary - net
|
41,988
|
33,133
|
||||||
Transfers, disposals and adjustments
|
6,376
|
(384
|
)
|
|||||
Deductions for sale of assets
|
(47,126
|
)
|
-
|
|||||
Depreciation, amortization
|
(203,201
|
)
|
(82,743
|
)
|
||||
Impairment
|
(9,263
|
)
|
(54,308
|
)
|
||||
Net cost at December 31, 2016
|
1,113,599
|
960,286
|
||||||
#REF!
|
#REF!
|
|||||||
At January 1, 2017
|
1,113,599
|
960,286
|
||||||
Additions
|
171,078
|
143,305
|
||||||
Subsidiary deconsolidation
|
(83,441
|
)
|
(23,666
|
)
|
||||
Reclassification to non-current assets available for sale
|
-
|
-
|
||||||
Transfers, disposals and adjustments
|
(19,020
|
)
|
(2,117
|
)
|
||||
Deductions for sale of assets
|
(100,338
|
)
|
-
|
|||||
Depreciation, amortization
|
(197,483
|
)
|
(86,557
|
)
|
||||
Impairment
|
(14,681
|
)
|
(29,541
|
)
|
||||
Net cost at December 31, 2017
|
869,714
|
961,710
|
2016
|
2017
|
|||||||
Engineering and construction
|
98,587
|
95,119
|
||||||
Electromechanical
|
20,737
|
20,737
|
||||||
Mining and construction services
|
13,366
|
13,366
|
||||||
Telecommunications services
|
6,728
|
6,720
|
||||||
IT equipment and services
|
5,102
|
930
|
||||||
144,520
|
136,872
|
Total | Current | Non-current | ||||||||||||||||||||||
At
December
31, 2016
|
At
December
31, 2017
|
At
December
31, 2016
|
At
December
31, 2017
|
At
December
31, 2016
|
At
December
31, 2017
|
|||||||||||||||||||
Bank overdrafts
|
8,396
|
120
|
8,396
|
120
|
-
|
-
|
||||||||||||||||||
Bank loans
|
2,131,901
|
1,561,634
|
1,835,340
|
990,467
|
296,561
|
571,167
|
||||||||||||||||||
Leases
|
240,141
|
128,312
|
117,307
|
66,177
|
122,834
|
62,135
|
||||||||||||||||||
2,380,438
|
1,690,066
|
1,961,043
|
1,056,764
|
419,395
|
633,302
|
Current |
Non-current
|
|||||||||||||||||||||||
Interest
rate
|
Date of
maturity
|
At
December
31, 2016
|
At
December
31, 2017
|
At
December
31, 2016
|
At
December
31, 2017
|
|||||||||||||||||||
GyM S.A.
|
3.30% / 8.73%
|
|
2018 / 2019
|
492,910
|
551,413
|
187,029
|
95,376
|
|||||||||||||||||
Graña y Montero S.A.A. |
|
Libor USD 3M +
de 4.9% a 5.5%
|
2018 / 2020
|
932,114
|
113,412
|
-
|
363,564
|
|||||||||||||||||
Viva GyM S.A.
|
7.00% / 10.67%
|
|
2018
|
201,609
|
157,592
|
-
|
-
|
|||||||||||||||||
GMP S.A.
|
4.45% / 6.04%
|
|
2018 / 2020
|
77,857
|
42,911
|
71,453
|
96,245
|
|||||||||||||||||
CAM Holding S.A.
|
4.44% / 13.93%
|
|
2018 / 2020
|
69,702
|
77,775
|
24,889
|
12,807
|
|||||||||||||||||
Adexus S.A.
|
3.63% / 5.90%
|
|
2018 / 2019
|
42,782
|
46,552
|
13,190
|
3,175
|
|||||||||||||||||
CONCAR S.A.
|
7.50%
|
|
2018
|
-
|
812
|
-
|
-
|
|||||||||||||||||
CAM Servicios Perú S.A.
|
6.39% / 7.18%
|
|
2017
|
3,620
|
-
|
-
|
-
|
|||||||||||||||||
GMD S.A.
|
6.20% / 7.47%
|
|
2017
|
14,746
|
-
|
-
|
-
|
|||||||||||||||||
1,835,340
|
990,467
|
296,561
|
571,167
|
Carrying amounts | Fair value | |||||||||||||||
At December
31, 2016
|
At December
31, 2017
|
At December
31, 2016
|
At December
31, 2017
|
|||||||||||||
Total loans
|
2,380,438
|
1,690,066
|
2,391,375
|
1,768,160
|
Total | Current | Non-current | ||||||||||||||||||||||
At
December
31, 2016
|
At
December
31, 2017
|
At
December
31, 2016
|
At
December
31, 2017
|
At
December
31, 2016
|
At
December
31, 2017
|
|||||||||||||||||||
GyM Ferrovías (a)
|
604,031
|
603,657
|
20,551
|
12,294
|
583,480
|
591,363
|
||||||||||||||||||
Norvial (b)
|
363,683
|
343,910
|
25,540
|
24,361
|
338,143
|
319,549
|
||||||||||||||||||
967,714
|
947,567
|
46,091
|
36,655
|
921,623
|
910,912
|
At December
31, 2016
|
At December
31, 2017
|
|||||||
Current portion
|
14,531
|
13,503
|
||||||
Non-current portion
|
31,155
|
35,595
|
||||||
45,686
|
49,098
|
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
|
6,500
|
- |
-
|
12,304 | 18,804 | |||||||||||||||
Reversals of provisions |
(2,970
|
)
|
(14,064 | ) |
(3,819
|
)
|
(2,395 | ) |
(23,248
|
)
|
||||||||||
Payments
|
(298
|
)
|
(2,458
|
)
|
- |
-
|
(2,756
|
)
|
||||||||||||
Translation adjustments
|
187 |
538
|
-
|
-
|
725
|
|||||||||||||||
At December 31, 2016
|
20,345
|
8,125
|
-
|
17,216
|
45,686
|
|||||||||||||||
|
||||||||||||||||||||
At January 1, 2017
|
20,345
|
8,125
|
-
|
17,216
|
45,686
|
|||||||||||||||
Additions
|
5,344
|
1,444
|
-
|
-
|
6,788
|
|||||||||||||||
Reversals of provisions
|
(199
|
)
|
(1,106
|
)
|
-
|
(412 | ) |
(1,717
|
)
|
|||||||||||
Payments
|
(1,680
|
)
|
-
|
-
|
-
|
(1,680
|
)
|
|||||||||||||
Translation adjustments
|
88
|
(67
|
)
|
- |
-
|
21
|
||||||||||||||
At December 31, 2017
|
23,898
|
8,396
|
-
|
16,804
|
49,098
|
Cost of
|
Adminis-
|
|||||||
services
|
trative-
|
|||||||
and goods
|
expenses
|
|||||||
2016
|
||||||||
Inventories, materials and consumables used
|
942,354
|
-
|
||||||
Personnel charges
|
1,544,128
|
234,474
|
||||||
Services provided by third-parties
|
2,364,899
|
117,777
|
||||||
Taxes
|
13,922
|
1,771
|
||||||
Other management charges
|
270,815
|
24,691
|
||||||
Depreciation
|
193,434
|
12,088
|
||||||
Amortization
|
74,849
|
7,894
|
||||||
Impairment of inventories
|
36,353
|
-
|
||||||
Impairment of accounts receivable
|
419,584
|
-
|
||||||
Impairment of property, plant and equipment
|
9,263
|
-
|
||||||
5,869,601
|
398,695
|
|||||||
2017
|
||||||||
Inventories, materials and consumables used
|
1,141,224
|
140
|
||||||
Personnel charges
|
1,701,666
|
212,962
|
||||||
Services provided by third-parties
|
1,731,478
|
121,757
|
||||||
Taxes
|
14,876
|
6,823
|
||||||
Other management charges
|
657,535
|
54,015
|
||||||
Depreciation
|
185,901
|
13,892
|
||||||
Amortization
|
77,886
|
8,671
|
||||||
Impairment of inventories
|
37,457
|
-
|
||||||
Impairment of accounts receivable
|
705
|
21
|
||||||
Impairment of property, plant and equipment
|
14,658
|
23
|
||||||
5,563,386
|
418,304
|