GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES | |||
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED AT JUNE 30, 2017 AND 2018 (UNAUDITED);
AND CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT DECEMBER 31, 2017 (AUDITED)
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CONTENTS
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Page
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Condensed Interim Consolidated Statement of Financial Position
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1
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Condensed Interim Consolidated Income Statement
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2
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Condensed Interim Consolidated Statement of Comprehensive Income
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3
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Condensed Interim Consolidated Statement of changes in Equity
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4
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Condensed Interim Consolidated Statement of Cash Flows
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5
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Notes to the Condensed Interim Consolidated Financial Statements
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6 - 26
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ASSETS
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LIABILITIES AND EQUITY
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||||||||||||||||||||||||
As at
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As at
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As at
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As at
|
||||||||||||||||||||||
December 31,
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June 30,
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December 31,
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June 30,
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||||||||||||||||||||||
Note
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2017
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2018
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Note
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2017
|
2018
|
||||||||||||||||||||
Current assets
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Current liabilities
|
||||||||||||||||||||||||
Cash and cash equivalents
|
8
|
626,180
|
648,412
|
Borrowings
|
12
|
1,056,764
|
954,181
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||||||||||||||||||
Financial asset at fair value through profit or loss
|
181 | 212 |
Bonds
|
13 |
36,655
|
36,293
|
|||||||||||||||||||
Trade accounts receivables, net
|
992,724
|
837,947
|
Trade accounts payable
|
1,453,046
|
1,436,693
|
||||||||||||||||||||
Unbilled work in progress, net
|
584,753
|
414,904
|
Accounts payable to related parties
|
9
|
55,174
|
60,122
|
|||||||||||||||||||
Accounts receivable from related parties
|
9
|
100,752
|
63,255
|
Current income tax
|
85,543
|
74,611
|
|||||||||||||||||||
Other accounts receivable
|
765,445
|
827,736
|
Other accounts payable
|
848,500
|
755,394
|
||||||||||||||||||||
Inventories, net
|
770,711
|
751,992
|
Provisions
|
14
|
13,503
|
13,724
|
|||||||||||||||||||
Prepaid expenses
|
33,478
|
43,071
|
3,549,185
|
3,331,018
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|||||||||||||||||||||
3,874,224
|
3,587,529
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||||||||||||||||||||||||
Non-current liabilities
|
|||||||||||||||||||||||||
Non-current assets classified as held for sale
|
17,722
|
- |
Borrowings
|
12
|
633,299
|
592,733
|
|||||||||||||||||||
Long-term bonds
|
13
|
910,912
|
905,118
|
||||||||||||||||||||||
Total current assets
|
3,891,946
|
3,587,529
|
Other long-term accounts payable
|
852,473
|
854,718
|
||||||||||||||||||||
Long-term accounts payable to related parties
|
9
|
25,954
|
22,069
|
||||||||||||||||||||||
Non-current assets
|
Provisions
|
14
|
33,914
|
33,835
|
|||||||||||||||||||||
Long-term trade accounts receivable, net
|
848,590
|
1,079,221
|
Derivative financial instruments
|
383
|
136
|
||||||||||||||||||||
Long-term unbilled work in progress, net
|
87,410
|
29,928
|
Deferred income tax liability
|
72,472
|
87,857
|
||||||||||||||||||||
Long-term accounts receivable from related parties
|
9
|
773,930
|
760,082
|
Total non-current liabilities
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2,529,407
|
2,496,466
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|||||||||||||||||||
Prepaid expenses
|
38,082
|
51,121
|
Total liabilities
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6,078,592
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5,827,484
|
||||||||||||||||||||
Other long-term accounts receivable
|
470,852
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488,883
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|||||||||||||||||||||||
Investments in associates and joint ventures
|
10
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268,671
|
266,830
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Equity
|
|||||||||||||||||||||
Investment property
|
45,687
|
44,612
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Capital
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15
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660,054
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660,054
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|||||||||||||||||||
Property, plant and equipment, net
|
11
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865,735
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592,520
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Legal reserve
|
132,011
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132,011
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|||||||||||||||||||
Intangible assets, net
|
11
|
940,070
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955,069
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Optional reserve
|
29,974
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29,974
|
|||||||||||||||||||
Deferred income tax asset
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436,697
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472,292
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Share Premium
|
881,795
|
871,945
|
||||||||||||||||||||
Total non-current assets
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4,775,724
|
4,740,558
|
Other reserves
|
(169,671
|
)
|
(162,171
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)
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||||||||||||||||||
Retained earnings
|
589,167
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562,742
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|||||||||||||||||||||||
Equity attributable to controlling interest in the Company
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2,123,330
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2,094,555
|
|||||||||||||||||||||||
Non-controlling interest
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465,748
|
406,048
|
|||||||||||||||||||||||
Total equity
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2,589,078
|
2,500,603
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|||||||||||||||||||||||
Total assets
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8,667,670
|
8,328,087
|
Total liabilities and equity
|
8,667,670
|
8,328,087
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||||||||||||||||||||
The accompanying notes on pages 6 to 26 are an integral part of the consolidated financial statements.
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CONSOLIDATED INCOME STATEMENT
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||||||||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
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||||||||||||
For the period of six months
|
||||||||||||
ended June 30,
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||||||||||||
Note
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2017
|
2018
|
||||||||||
Revenues from construction activities
|
980,701
|
999,857
|
||||||||||
Revenues from services provided
|
856,996
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852,755
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Revenue from real estate and sale of goods
|
443,058
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389,131
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2,280,755
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2,241,743
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Cost of construction activities
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(897,951
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)
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(1,006,261
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)
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Cost of services provided
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(795,994
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)
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(738,331
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)
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Cost of real estate and goods sold
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(293,226
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)
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(259,003
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)
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16
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(1,987,171
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)
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(2,003,595
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)
|
||||||||
Gross profit
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293,584
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238,148
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||||||||||
Administrative expenses
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16
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(160,550
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)
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(164,618
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)
|
|||||||
Other income and expenses
|
68
|
6,346
|
||||||||||
Gain from the sale of investments
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98,700
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41,895
|
||||||||||
Operating profit
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231,802
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121,771
|
||||||||||
Financial expenses
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(86,342
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)
|
(137,870
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)
|
||||||||
Financial income
|
24,342
|
14,086
|
||||||||||
Share of the profit or loss in associates and joint
|
||||||||||||
ventures under the equity method of accounting
|
13,112
|
(2,425
|
)
|
|||||||||
Profit before income tax
|
182,914
|
(4,438
|
)
|
|||||||||
Income tax
|
17
|
(53,701
|
)
|
(10,878
|
)
|
|||||||
Profit (loss) for the year from continuing operations
|
129,213
|
(15,316
|
)
|
|||||||||
Profit for the year from discontinued operations
|
46,004
|
8,591
|
||||||||||
Profit (loss) for the period
|
175,217
|
(6,725
|
)
|
|||||||||
Profit (loss) attributable to:
|
||||||||||||
Owners of the Company
|
148,693
|
(28,387
|
)
|
|||||||||
Non-controlling interest
|
26,524
|
21,662
|
||||||||||
175,217
|
(6,725
|
)
|
||||||||||
Earnings (loss) per share from continuing operations
|
||||||||||||
attributable to owners of the Company during
|
||||||||||||
the period
|
0.225
|
(0.043
|
)
|
|||||||||
The accompanying notes on pages 6 to 26 are an integral part of the consolidated financial statements.
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
||||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
||||||||
For the period of six months
|
||||||||
ended June 30,
|
||||||||
Note
|
2017
|
2018
|
||||||
Profit (Loss) for the period
|
175,217
|
(6,725
|
)
|
|||||
Other comprehensive income:
|
||||||||
Items that will not be reclassified to profit or loss
|
||||||||
Remeasurement of actuarial gains and losses, net of tax
|
(104
|
)
|
2,682
|
|||||
Items that may be subsequently reclassified to profit or loss
|
||||||||
Cash flow hedge, net of tax
|
199
|
175
|
||||||
Foreign currency translation adjustment, net of tax
|
(17,019
|
)
|
10,447
|
|||||
Exchange difference from net investment in a foreign operation, net of tax
|
(3,249
|
)
|
(145
|
)
|
||||
(20,069
|
)
|
10,477
|
||||||
Other comprenhensive income for the period, net of tax
|
(20,173
|
)
|
13,159
|
|||||
Total comprehensive income for the period
|
155,044
|
6,434
|
||||||
Comprehensive income attributable to:
|
||||||||
Owners of the Company
|
132,860
|
(18,925
|
)
|
|||||
Non-controlling interest
|
22,184
|
25,359
|
||||||
155,044
|
6,434
|
|||||||
Comprehensive income attributable to owners of the Company:
|
||||||||
Continuing operations
|
128,520
|
(15,228
|
)
|
|||||
Discontinued operations
|
26,524
|
21,662
|
||||||
155,044
|
6,434
|
|||||||
The accompanying notes on pages 6 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 PERIOD OF THE SIX MONTHS ENDED JUNE 30, 2017 AND 2018
|
||||||||||||||||||||||||||||||||||||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
||||||||||||||||||||||||||||||||||||||||
Attributable to the controlling interests of the Company
|
||||||||||||||||||||||||||||||||||||||||
Number
|
Premium
|
|||||||||||||||||||||||||||||||||||||||
of shares
|
Legal
|
Optional
|
for issuance
|
Other
|
Retained
|
Non-controlling
|
||||||||||||||||||||||||||||||||||
In thousands
|
Capital
|
reserve
|
reserve
|
of shares
|
reserves
|
earnings
|
Total
|
interest
|
Total
|
|||||||||||||||||||||||||||||||
Balances as of January 1, 2017
|
660,054
|
660,054
|
132,011
|
29,974
|
882,464
|
(168,112
|
) |
1,008,084
|
2,544,475
|
522,084
|
3,066,559
|
|||||||||||||||||||||||||||||
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
148,693
|
148,693
|
26,524
|
175,217
|
||||||||||||||||||||||||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
189
|
-
|
189
|
10
|
199
|
||||||||||||||||||||||||||||||
Adjustment for actuarial gains and losses
|
-
|
-
|
-
|
-
|
-
|
-
|
-76
|
-76
|
-28
|
(104
|
) | |||||||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(12,746
|
) |
-
|
(12,746
|
) |
(4,273
|
) |
(17,019
|
) | ||||||||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
(3,200
|
) |
-
|
(3,200
|
) |
(49
|
) |
(3,249
|
) | ||||||||||||||||||||||||||
Comprehensive income of the period
|
-
|
-
|
-
|
-
|
-
|
(15,757
|
) |
148,617
|
132,860
|
22,184
|
155,044
|
|||||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(28,873
|
) |
(28,873
|
) | ||||||||||||||||||||||||||||
- Contributions (devolution) of non-controlling shareholders, net
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(295
|
) |
(295
|
) | ||||||||||||||||||||||||||||
- Additional acquisition of non-controlling
|
-
|
-
|
-
|
-
|
(408
|
) |
-
|
-
|
(408
|
) |
(153
|
) |
(561
|
) | ||||||||||||||||||||||||||
- Deconsolidation of former subsidiary
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(7,801
|
) |
(7,801
|
) | ||||||||||||||||||||||||||||
Total transactions with shareholders
|
-
|
-
|
-
|
-
|
(408
|
) |
-
|
-
|
(408
|
) |
(37,122
|
) |
(37,530
|
) | ||||||||||||||||||||||||||
Balances as of June 30, 2017
|
660,054
|
660,054
|
132,011
|
29,974
|
882,056
|
(183,869
|
) |
1,156,701
|
2,676,927
|
507,146
|
3,184,073
|
|||||||||||||||||||||||||||||
Balances as of January 1, 2018
|
660,054
|
660,054
|
132,011
|
29,974
|
881,795
|
(169,671
|
) |
589,167
|
2,123,330
|
465,748
|
2,589,078
|
|||||||||||||||||||||||||||||
Profit (loss) for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
(28,387
|
) |
(28,387
|
) |
21,662
|
(6,725
|
) | |||||||||||||||||||||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
166
|
-
|
166
|
9
|
175
|
||||||||||||||||||||||||||||||
Adjustment for actuarial gains and losses
|
-
|
-
|
-
|
-
|
-
|
-
|
1,962
|
1,962
|
720
|
2,682
|
||||||||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
7,479
|
-
|
7,479
|
2,968
|
10,447
|
||||||||||||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
(145
|
) |
-
|
(145
|
) |
-
|
(145
|
) | |||||||||||||||||||||||||||
Comprehensive income of the period
|
-
|
-
|
-
|
-
|
-
|
7,500
|
(26,425
|
) |
(18,925
|
) |
25,359
|
6,434
|
||||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(9,585
|
(9,585
|
) | |||||||||||||||||||||||||||||
- Contributions (devolution) of non-controlling shareholders, net
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(38,845
|
) |
(38,845
|
) | ||||||||||||||||||||||||||||
- Additional acquisition of non-controlling
|
-
|
-
|
-
|
-
|
(9,850
|
) |
-
|
-
|
(9,850
|
) |
(4,172
|
) |
(14,022
|
) | ||||||||||||||||||||||||||
- Deconsolidation of former subsidiary
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(32,457
|
) |
(32,457
|
) | ||||||||||||||||||||||||||||
Total transactions with shareholders
|
-
|
-
|
-
|
-
|
(9,850
|
) |
-
|
-
|
(9,850
|
) |
(85,059
|
) |
(94,909
|
) | ||||||||||||||||||||||||||
Balances as of June 30, 2018
|
660,054
|
660,054
|
132,011
|
29,974
|
871,945
|
(162,171
|
) |
562,742
|
2,094,555
|
406,048
|
2,500,603
|
|||||||||||||||||||||||||||||
The accompanying notes on pages 6 to 26 are an integral part of the consolidated financial statements.
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS
|
||||||||
For the period of six months
|
||||||||
ended June 30,
|
||||||||
2017
|
2018
|
|||||||
OPERATING ACTIVITIES
|
||||||||
Loss before income tax
|
238,344
|
4,153
|
||||||
Adjustments to profit not affecting cash flows from
|
||||||||
operating activities:
|
||||||||
Depreciation
|
100,715
|
71,547
|
||||||
Amortization of other assets
|
48,049
|
52,758
|
||||||
Impairment of inventories
|
497
|
(13,923
|
)
|
|||||
Impairment of accounts receivable and other accounts receivable
|
88
|
243
|
||||||
Impairment of property, plant and equipment
|
334
|
-
|
||||||
Profit on fair value of financial asset at fair value through profit or loss
|
(32
|
)
|
-
|
|||||
Other Provisions
|
224
|
2,731
|
||||||
Financial expense,net
|
91,358
|
86,562
|
||||||
Foreign exchange loss (gain) on loans
|
(33,723
|
)
|
17,016
|
|||||
under the equity method of accounting
|
(13,112
|
)
|
2,425
|
|||||
Reversal of provisions
|
(940
|
)
|
(3,982
|
)
|
||||
Disposal of fixed assets
|
5,722
|
4,596
|
||||||
Disposal of investments at fair value through profit or loss
|
46
|
-
|
||||||
Profit on sale of property, plant and equipment
|
(3,328
|
)
|
3,420
|
|||||
Profit on financial asset at fair value through profit or loss
|
(96,305
|
)
|
-
|
|||||
Loss on sale from available-for-sale financial assets
|
-
|
1,478
|
||||||
Profit on sale of investments in subsidiaries
|
-
|
(41,895
|
)
|
|||||
Loss on remeasurement of accounts receivable
|
-
|
22,072
|
||||||
Net variations in assets and liabilities:
|
||||||||
Trade accounts receivable and unbilled working in progress
|
86,040
|
(154,315
|
)
|
|||||
Other accounts receivable
|
7,363
|
(87,732
|
)
|
|||||
Other accounts receivable from related parties
|
(1,318
|
)
|
23,818
|
|||||
Inventories
|
97,865
|
(8,462
|
)
|
|||||
Pre-paid expenses and other assets
|
(19,814
|
)
|
(23,015
|
)
|
||||
Trade accounts payable
|
46,805
|
110,908
|
||||||
Other accounts payable
|
(39,132
|
)
|
7,823
|
|||||
Other accounts payable to related parties
|
2,270
|
61,898
|
||||||
Other provisions
|
(1,618
|
)
|
(761
|
)
|
||||
Interest payment
|
(96,091
|
)
|
(74,319
|
)
|
||||
Payments for purchases of intangibles - Concessions
|
(7,759
|
)
|
(5,726
|
)
|
||||
Payment of income tax
|
(63,222
|
)
|
(57,099
|
)
|
||||
Net cash provided by operating activities
|
349,326
|
2,219
|
||||||
INVESTING ACTIVITIES
|
||||||||
Sale of available-for-sale investment
|
249,711
|
197,230
|
||||||
Sale of property, plant and equipment
|
21,057
|
18,436
|
||||||
Sale of financial asset at fair value through profit or loss
|
64
|
-
|
||||||
Sale of non-current assets held for sale
|
43,364
|
16,244
|
||||||
Interest received
|
4,161
|
13,298
|
||||||
Dividends received
|
1,136
|
653
|
||||||
Payment for purchase of investments properties
|
(1,296
|
)
|
(84
|
)
|
||||
Payments for intangible purchase
|
(58,729
|
)
|
(75,605
|
)
|
||||
Payments for purchase and contributions on investment in associate and joint ventures
|
-
|
(3,770
|
)
|
|||||
Payments for property, plant and equipment purchase
|
(63,483
|
)
|
(31,543
|
)
|
||||
Net cash provided by investing activities
|
195,985
|
134,859
|
||||||
FINANCING ACTIVITIES
|
||||||||
Loans received
|
860,313
|
527,996
|
||||||
Amortization of loans received
|
(1,338,930
|
)
|
(603,219
|
)
|
||||
Amortization of bonds issued
|
(18,479
|
)
|
(15,001
|
)
|
||||
Payment for transaction costs for debt
|
(30,897
|
)
|
-
|
|||||
Dividends paid to non-controlling interest
|
(28,873
|
)
|
(9,585
|
)
|
||||
Cash received (return of contributions )from non-controlling shareholders
|
(295
|
)
|
(13,456
|
)
|
||||
Acquisition or sale of interest in a subsidiary of non-controlling shareholders
|
-
|
(1,581
|
)
|
|||||
Net cash applied to financing activities
|
(557,161
|
)
|
(114,846
|
)
|
||||
Net increase (net decrease) in cash
|
(11,850
|
)
|
22,232
|
|||||
Cash and cash equivalents at the beginning of the period
|
606,949
|
626,180
|
||||||
Cash and cash equivalents at the end of the period
|
595,099
|
648,412
|
||||||
NON-CASH TRANSACTIONS:
|
||||||||
Acquisition of assets through finance leases
|
27,330
|
226
|
||||||
Accounts payable to the non-controlling interest for purchase of investments
|
-
|
12,441
|
||||||
Contribution in inventories
|
-
|
25,389
|
||||||
The accompanying notes on pages 6 to 26 are an integral part of the consolidated financial statements.
|
4.1
|
Financial risk factors
|
a)
|
Market risks
|
i.
|
Foreign Exchange risk
|
ii.
|
Price risk
|
iii.
|
Cash flow and fair value interest rate risk
|
b)
|
Credit risk
|
c)
|
Liquidity risk
|
Less than
|
1-2
|
2-5
|
More than
|
|||||||||||||||||
1 year
|
years
|
years
|
5 years
|
Total
|
||||||||||||||||
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
|
41,877
|
24,022
|
638
|
139,401
|
|||||||||||||||
Bonds
|
109,746
|
148,986
|
353,349
|
1,272,647
|
1,884,728
|
|||||||||||||||
Trade accounts payable
|
1,453,046
|
-
|
-
|
-
|
1,453,046
|
|||||||||||||||
Accounts payable to related parties
|
55,174
|
25,954
|
-
|
-
|
81,128
|
|||||||||||||||
Other accounts payable
|
153,498
|
34,527
|
371,976
|
-
|
560,001
|
|||||||||||||||
Other non-financial liabilities
|
-
|
383
|
-
|
-
|
383
|
|||||||||||||||
2,847,828
|
588,640
|
1,039,600
|
1,273,285
|
5,749,353
|
||||||||||||||||
At June 30, 2018
|
||||||||||||||||||||
Other financial liabilities (except for finance leases)
|
942,493
|
245,030
|
351,650
|
56,612
|
1,595,785
|
|||||||||||||||
Finance leases
|
37,947
|
19,995
|
16,729
|
-
|
74,671
|
|||||||||||||||
Bonds
|
108,670
|
150,378
|
354,037
|
1,222,246
|
1,835,331
|
|||||||||||||||
Trade accounts payable
|
1,436,696
|
-
|
-
|
-
|
1,436,696
|
|||||||||||||||
Accounts payable to related parties
|
60,122
|
22,069
|
-
|
-
|
82,191
|
|||||||||||||||
Other accounts payable
|
177,462
|
2,797
|
496,788
|
-
|
677,047
|
|||||||||||||||
Other non-financial liabilities
|
-
|
136
|
-
|
-
|
136
|
|||||||||||||||
2,763,390
|
440,405
|
1,219,204
|
1,278,858
|
5,701,857
|
4.2
|
Capital management
|
At
|
At
|
|||||
December 31,
|
June 30,
|
|||||
2017
|
2018
|
|||||
Total borrowings and bonds
|
2,637,630
|
2,488,325
|
||||
Less: Cash and cash equivalents
|
(626,180)
|
(648,412)
|
||||
Net debt
|
2,011,450
|
1,839,913
|
||||
Total equity
|
2,589,078
|
2,500,603
|
||||
Total capital
|
4,600,528
|
4,340,516
|
||||
Gearing ratio
|
0.44
|
0.42
|
4.3
|
Fair value estimation
|
-
|
Level 1: Measurement based on quoted prices in active markets for identical assets or liabilities.
|
-
|
Level 2: Measurement based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
|
-
|
Level 3: Measurement based on inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs, generally based on internal estimates and assumptions of the Group).
|
Operating segments financial position
|
||||||||||||||||||||||||||||||||||||||||
Segment reporting
|
||||||||||||||||||||||||||||||||||||||||
Engineering
|
Infrastructure
|
Parent
|
||||||||||||||||||||||||||||||||||||||
and
construction
|
Oil &
Gas
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
Technical services
|
Company Operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||||
As of December 31, 2017
|
||||||||||||||||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalent
|
184,401
|
43,878
|
121,901
|
161,073
|
4,204
|
85,187
|
21,904
|
3,632
|
-
|
626,180
|
||||||||||||||||||||||||||||||
Financial asset at fair value through profit or loss
|
181
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
181
|
||||||||||||||||||||||||||||||
Trade accounts receivables
|
368,303
|
64,364
|
128,124
|
108,706
|
604
|
45,897
|
274,103
|
419
|
2,204
|
992,724
|
||||||||||||||||||||||||||||||
Work in progress
|
578,723
|
-
|
-
|
-
|
-
|
-
|
-
|
6,030
|
-
|
584,753
|
||||||||||||||||||||||||||||||
Accounts receivable from related parties
|
230,607
|
2,746
|
62,525
|
3,072
|
8,852
|
69,382
|
9,947
|
66,059
|
(352,438
|
)
|
100,752
|
|||||||||||||||||||||||||||||
Other accounts receivable
|
518,123
|
55,959
|
66,765
|
31,381
|
1,922
|
40,026
|
38,527
|
12,742
|
-
|
765,445
|
||||||||||||||||||||||||||||||
Inventories
|
46,499
|
15,093
|
8,685
|
19,457
|
-
|
643,882
|
45,512
|
190
|
(8,607
|
)
|
770,711
|
|||||||||||||||||||||||||||||
Prepaid expenses
|
4,470
|
1,168
|
2,354
|
10,312
|
164
|
216
|
14,037
|
757
|
-
|
33,478
|
||||||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
17,722
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
17,722
|
||||||||||||||||||||||||||||||
Total current assets
|
1,949,029
|
183,208
|
390,354
|
334,001
|
15,746
|
884,590
|
404,030
|
89,829
|
(358,841
|
)
|
3,891,946
|
|||||||||||||||||||||||||||||
Long-term trade accounts receivable
|
-
|
-
|
14,747
|
793,991
|
-
|
-
|
39,852
|
-
|
-
|
848,590
|
||||||||||||||||||||||||||||||
Long-term work in progress
|
58,997
|
-
|
28,413
|
-
|
-
|
-
|
-
|
-
|
-
|
87,410
|
||||||||||||||||||||||||||||||
Long-term accounts receivable from related parties
|
258,479
|
-
|
27,660
|
-
|
-
|
-
|
474
|
636,941
|
(149,624
|
)
|
773,930
|
|||||||||||||||||||||||||||||
Prepaid expenses
|
-
|
-
|
24,585
|
13,115
|
892
|
-
|
-
|
-
|
(510
|
)
|
38,082
|
|||||||||||||||||||||||||||||
Other long-term accounts receivable
|
75,030
|
53,917
|
11,159
|
255,179
|
7,348
|
9,811
|
1,712
|
56,696
|
-
|
470,852
|
||||||||||||||||||||||||||||||
Investments in associates and joint ventures
|
111,513
|
7,344
|
-
|
-
|
-
|
1
|
10,113
|
2,206,230
|
(2,066,530
|
)
|
268,671
|
|||||||||||||||||||||||||||||
Investment property
|
-
|
-
|
-
|
-
|
-
|
45,687
|
-
|
-
|
-
|
45,687
|
||||||||||||||||||||||||||||||
Property, plant and equipment
|
509,700
|
171,226
|
18,572
|
580
|
60
|
11,621
|
100,936
|
70,627
|
(17,587
|
)
|
865,735
|
|||||||||||||||||||||||||||||
Intangible assets
|
203,390
|
160,288
|
492,424
|
323
|
-
|
1,022
|
47,332
|
24,031
|
11,260
|
940,070
|
||||||||||||||||||||||||||||||
Deferred income tax asset
|
165,227
|
5,507
|
11,057
|
-
|
-
|
10,316
|
46,470
|
192,088
|
6,032
|
436,697
|
||||||||||||||||||||||||||||||
Total non-current assets
|
1,382,336
|
398,282
|
628,617
|
1,063,188
|
8,300
|
78,458
|
246,889
|
3,186,613
|
(2,216,959
|
)
|
4,775,724
|
|||||||||||||||||||||||||||||
Total assets
|
3,331,365
|
581,490
|
1,018,971
|
1,397,189
|
24,046
|
963,048
|
650,919
|
3,276,442
|
(2,575,800
|
)
|
8,667,670
|
|||||||||||||||||||||||||||||
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
|
955,015
|
62,659
|
85,329
|
81,161
|
132
|
43,724
|
189,553
|
36,412
|
(939
|
)
|
1,453,046
|
|||||||||||||||||||||||||||||
Accounts payable to related parties
|
114,198
|
3,664
|
60,857
|
83,841
|
14
|
37,396
|
14,428
|
88,546
|
(347,770
|
)
|
55,174
|
|||||||||||||||||||||||||||||
Current income tax
|
29,379
|
1,282
|
1,122
|
-
|
161
|
45,299
|
8,300
|
-
|
-
|
85,543
|
||||||||||||||||||||||||||||||
Other accounts payable
|
492,362
|
12,487
|
68,994
|
27,058
|
49
|
63,654
|
109,904
|
73,992
|
-
|
848,500
|
||||||||||||||||||||||||||||||
Provisions
|
6,682
|
5,204
|
-
|
-
|
-
|
20
|
1,597
|
-
|
-
|
13,503
|
||||||||||||||||||||||||||||||
Total current liabilities
|
2,189,623
|
132,220
|
243,252
|
204,354
|
356
|
352,124
|
463,603
|
312,362
|
(348,709
|
)
|
3,549,185
|
|||||||||||||||||||||||||||||
Borrowings
|
127,773
|
101,549
|
1,945
|
-
|
-
|
12,010
|
26,458
|
363,564
|
-
|
633,299
|
||||||||||||||||||||||||||||||
Long-term bonds
|
-
|
-
|
319,549
|
591,363
|
-
|
-
|
-
|
-
|
-
|
910,912
|
||||||||||||||||||||||||||||||
Other long-term accounts payable
|
379,043
|
-
|
52,349
|
349,987
|
158
|
32,058
|
36,409
|
2,469
|
-
|
852,473
|
||||||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
4,306
|
-
|
836
|
89,023
|
23,445
|
-
|
30,739
|
32,102
|
(154,497
|
)
|
25,954
|
|||||||||||||||||||||||||||||
Provisions
|
8,587
|
16,707
|
-
|
-
|
-
|
-
|
3,365
|
5,255
|
-
|
33,914
|
||||||||||||||||||||||||||||||
Derivative financial instruments
|
-
|
383
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
383
|
||||||||||||||||||||||||||||||
Deferred income tax liability
|
26,633
|
8,957
|
8,606
|
20,789
|
210
|
-
|
7,277
|
-
|
-
|
72,472
|
||||||||||||||||||||||||||||||
Total non-current liabilities
|
546,342
|
127,596
|
383,285
|
1,051,162
|
23,813
|
44,068
|
104,248
|
403,390
|
(154,497
|
)
|
2,529,407
|
|||||||||||||||||||||||||||||
Total liabilities
|
2,735,965
|
259,816
|
626,537
|
1,255,516
|
24,169
|
396,192
|
567,851
|
715,752
|
(503,206
|
)
|
6,078,592
|
|||||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
487,923
|
299,411
|
323,987
|
106,256
|
(123
|
)
|
217,290
|
82,100
|
2,547,328
|
(1,940,842
|
)
|
2,123,330
|
||||||||||||||||||||||||||||
Non-controlling interest
|
107,477
|
22,263
|
68,447
|
35,417
|
-
|
349,566
|
968
|
13,362
|
(131,752
|
)
|
465,748
|
|||||||||||||||||||||||||||||
Total liabilities and equity
|
3,331,365
|
581,490
|
1,018,971
|
1,397,189
|
24,046
|
963,048
|
650,919
|
3,276,442
|
(2,575,800
|
)
|
8,667,670
|
|||||||||||||||||||||||||||||
Operating segments financial position
|
||||||||||||||||||||||||||||||||||||||||
Segment reporting
|
||||||||||||||||||||||||||||||||||||||||
Engineering
|
Infrastructure
|
Parent
|
||||||||||||||||||||||||||||||||||||||
and
construction
|
Oil &
Gas
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
Technical services
|
Company Operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||||
As of June, 2018
|
||||||||||||||||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalent
|
213,690
|
28,773
|
84,442
|
145,203
|
4,897
|
59,792
|
13,563
|
98,052
|
-
|
648,412
|
||||||||||||||||||||||||||||||
Financial asset at fair value through profit or loss
|
212
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
212
|
||||||||||||||||||||||||||||||
Trade accounts receivables
|
162,038
|
89,299
|
90,279
|
182,111
|
1,227
|
29,135
|
283,571
|
287
|
-
|
837,947
|
||||||||||||||||||||||||||||||
Work in progress
|
398,063
|
-
|
-
|
-
|
-
|
-
|
-
|
16,841
|
-
|
414,904
|
||||||||||||||||||||||||||||||
Accounts receivable from related parties
|
210,291
|
2,608
|
43,637
|
2,652
|
8,852
|
60,637
|
20,335
|
60,145
|
(345,902
|
)
|
63,255
|
|||||||||||||||||||||||||||||
Other accounts receivable
|
542,353
|
54,469
|
56,875
|
46,917
|
653
|
46,462
|
51,555
|
28,452
|
-
|
827,736
|
||||||||||||||||||||||||||||||
Inventories
|
38,493
|
15,723
|
11,587
|
26,951
|
-
|
622,612
|
43,156
|
2,129
|
(8,659
|
)
|
751,992
|
|||||||||||||||||||||||||||||
Prepaid expenses
|
4,296
|
1,159
|
2,948
|
20,185
|
258
|
148
|
12,274
|
1,803
|
-
|
43,071
|
||||||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Total current assets
|
1,569,436
|
192,031
|
289,768
|
424,019
|
15,887
|
818,786
|
424,454
|
207,709
|
(354,561
|
)
|
3,587,529
|
|||||||||||||||||||||||||||||
Long-term trade accounts receivable
|
58,997
|
-
|
40,738
|
964,249
|
-
|
-
|
15,237
|
-
|
-
|
1,079,221
|
||||||||||||||||||||||||||||||
Long-term work in progress
|
-
|
-
|
29,928
|
-
|
-
|
-
|
-
|
-
|
-
|
29,928
|
||||||||||||||||||||||||||||||
Long-term accounts receivable from related parties
|
258,479
|
-
|
28,386
|
-
|
-
|
-
|
1,079
|
660,045
|
(187,907
|
)
|
760,082
|
|||||||||||||||||||||||||||||
Prepaid expenses
|
-
|
-
|
39,952
|
10,813
|
866
|
-
|
-
|
-
|
(510
|
)
|
51,121
|
|||||||||||||||||||||||||||||
Other long-term accounts receivable
|
252,262
|
61,220
|
9,991
|
130,768
|
7,346
|
8,352
|
774
|
18,170
|
-
|
488,883
|
||||||||||||||||||||||||||||||
Investments in associates and joint ventures
|
106,951
|
7,502
|
-
|
-
|
-
|
3,768
|
9,308
|
2,237,149
|
(2,097,848
|
)
|
266,830
|
|||||||||||||||||||||||||||||
Investment property
|
-
|
-
|
-
|
-
|
-
|
44,612
|
-
|
-
|
-
|
44,612
|
||||||||||||||||||||||||||||||
Property, plant and equipment
|
249,175
|
164,886
|
16,412
|
826
|
55
|
10,343
|
89,007
|
69,601
|
(7,785
|
)
|
592,520
|
|||||||||||||||||||||||||||||
Intangible assets
|
194,517
|
200,690
|
480,163
|
560
|
-
|
1,115
|
43,496
|
23,753
|
10,775
|
955,069
|
||||||||||||||||||||||||||||||
Deferred income tax asset
|
175,498
|
4,803
|
11,363
|
-
|
-
|
14,220
|
46,633
|
215,260
|
4,515
|
472,292
|
||||||||||||||||||||||||||||||
Total non-current assets
|
1,295,879
|
439,101
|
656,933
|
1,107,216
|
8,267
|
82,410
|
205,534
|
3,223,978
|
(2,278,760
|
)
|
4,740,558
|
|||||||||||||||||||||||||||||
Total assets
|
2,865,315
|
631,132
|
946,701
|
1,531,235
|
24,154
|
901,196
|
629,988
|
3,431,687
|
(2,633,321
|
)
|
8,328,087
|
|||||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||||||
Borrowings
|
329,521
|
46,995
|
2,721
|
117,873
|
-
|
148,258
|
157,659
|
151,154
|
-
|
954,181
|
||||||||||||||||||||||||||||||
Bonds
|
-
|
-
|
23,566
|
12,727
|
-
|
-
|
-
|
-
|
-
|
36,293
|
||||||||||||||||||||||||||||||
Trade accounts payable
|
899,039
|
99,764
|
63,775
|
110,726
|
151
|
27,560
|
192,272
|
43,406
|
-
|
1,436,693
|
||||||||||||||||||||||||||||||
Accounts payable to related parties
|
104,660
|
2,130
|
38,473
|
95,421
|
-
|
36,453
|
17,396
|
103,844
|
(338,255
|
)
|
60,122
|
|||||||||||||||||||||||||||||
Current income tax
|
30,550
|
1,970
|
29
|
-
|
206
|
21,493
|
20,363
|
-
|
-
|
74,611
|
||||||||||||||||||||||||||||||
Other accounts payable
|
384,447
|
21,466
|
57,341
|
27,655
|
67
|
128,067
|
79,735
|
56,616
|
-
|
755,394
|
||||||||||||||||||||||||||||||
Provisions
|
6,682
|
5,164
|
-
|
-
|
-
|
70
|
1,808
|
-
|
-
|
13,724
|
||||||||||||||||||||||||||||||
Total current liabilities
|
1,754,899
|
177,489
|
185,905
|
364,402
|
424
|
361,901
|
469,233
|
355,020
|
(338,255
|
)
|
3,331,018
|
|||||||||||||||||||||||||||||
Borrowings
|
14,061
|
90,705
|
1,211
|
-
|
-
|
11,494
|
10,575
|
464,687
|
-
|
592,733
|
||||||||||||||||||||||||||||||
Long-term bonds
|
-
|
-
|
310,398
|
594,720
|
-
|
-
|
-
|
-
|
-
|
905,118
|
||||||||||||||||||||||||||||||
Other long-term accounts payable
|
507,481
|
-
|
41,353
|
258,733
|
261
|
14,975
|
29,379
|
2,536
|
-
|
854,718
|
||||||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
-
|
-
|
836
|
98,600
|
23,322
|
-
|
35,764
|
59,104
|
(195,557
|
)
|
22,069
|
|||||||||||||||||||||||||||||
Provisions
|
7,910
|
18,845
|
-
|
-
|
-
|
-
|
1,825
|
5,255
|
-
|
33,835
|
||||||||||||||||||||||||||||||
Derivative financial instruments
|
-
|
136
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
136
|
||||||||||||||||||||||||||||||
Deferred income tax liability
|
24,408
|
16,351
|
9,377
|
28,874
|
202
|
-
|
8,645
|
-
|
-
|
87,857
|
||||||||||||||||||||||||||||||
Total non-current liabilities
|
553,860
|
126,037
|
363,175
|
980,927
|
23,785
|
26,469
|
86,188
|
531,582
|
(195,557
|
)
|
2,496,466
|
|||||||||||||||||||||||||||||
Total liabilities
|
2,308,759
|
303,526
|
549,080
|
1,345,329
|
24,209
|
388,370
|
555,421
|
886,602
|
(533,812
|
)
|
5,827,484
|
|||||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
482,445
|
304,067
|
330,433
|
139,431
|
(55
|
)
|
214,313
|
65,455
|
2,531,781
|
(1,973,315
|
)
|
2,094,555
|
||||||||||||||||||||||||||||
Non-controlling interest
|
74,111
|
23,539
|
67,188
|
46,475
|
-
|
298,513
|
9,112
|
13,304
|
(126,194
|
)
|
406,048
|
|||||||||||||||||||||||||||||
Total liabilities and equity
|
2,865,315
|
631,132
|
946,701
|
1,531,235
|
24,154
|
901,196
|
629,988
|
3,431,687
|
(2,633,321
|
)
|
8,328,087
|
|||||||||||||||||||||||||||||
Engineering
|
Infrastructure
|
Parent
|
||||||||||||||||||||||||||||||||||||||
and
construction
|
Oil &
Gas
|
Toll roads
|
Transportation |
Water
treatment
|
Real
estate
|
Technical
services
|
Company
operations
|
Eliminations |
Consolidated |
|||||||||||||||||||||||||||||||
Period 2017 -
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
1,064,317
|
207,272
|
212,413
|
119,188
|
1,509
|
317,227
|
505,172
|
31,383
|
(177,726
|
)
|
2,280,755
|
|||||||||||||||||||||||||||||
Gross profit (loss)
|
80,946
|
32,879
|
52,561
|
23,376
|
95
|
112,107
|
47,745
|
(23,053
|
)
|
(33,072
|
)
|
293,584
|
||||||||||||||||||||||||||||
Administrative expenses
|
(80,407
|
)
|
(8,206
|
)
|
(16,140
|
)
|
(6,359
|
)
|
(206
|
)
|
(8,003
|
)
|
(47,259
|
)
|
(29,272
|
)
|
35,302
|
(160,550
|
)
|
|||||||||||||||||||||
Other income and expenses
|
2,193
|
291
|
455
|
5
|
-
|
(2,586
|
)
|
(113
|
)
|
1,072
|
(1,249
|
)
|
68
|
|||||||||||||||||||||||||||
Gain from the sale of investments
|
-
|
-
|
-
|
-
|
-
|
47,115
|
-
|
47,370
|
4,215
|
98,700
|
||||||||||||||||||||||||||||||
Operating profit (loss)
|
2,732
|
24,964
|
36,876
|
17,022
|
(111
|
)
|
148,633
|
373
|
(3,883
|
)
|
5,196
|
231,802
|
||||||||||||||||||||||||||||
Financial expenses
|
(19,714
|
)
|
(6,194
|
)
|
(4,071
|
)
|
(2,268
|
)
|
(1
|
)
|
(12,089
|
)
|
(14,257
|
)
|
(36,802
|
)
|
9,054
|
(86,342
|
)
|
|||||||||||||||||||||
Financial income
|
9,532
|
2,143
|
1,484
|
1,866
|
1
|
1,023
|
139
|
21,745
|
(13,591
|
)
|
24,342
|
|||||||||||||||||||||||||||||
Share of the profit or loss
|
||||||||||||||||||||||||||||||||||||||||
in associates and joint ventures under the equity
|
||||||||||||||||||||||||||||||||||||||||
method of accounting
|
33,686
|
877
|
-
|
-
|
-
|
455
|
248
|
163,144
|
(185,298
|
)
|
13,112
|
|||||||||||||||||||||||||||||
Profit (loss) before income tax
|
26,236
|
21,790
|
34,289
|
16,620
|
(111
|
)
|
138,022
|
(13,497
|
)
|
144,204
|
(184,639
|
)
|
182,914
|
|||||||||||||||||||||||||||
Income tax
|
(2,127
|
)
|
(6,880
|
)
|
(9,282
|
)
|
(5,114
|
)
|
(74
|
)
|
(38,069
|
)
|
2,555
|
4,324
|
966
|
(53,701
|
)
|
|||||||||||||||||||||||
Profit (loss) from continuing operations
|
24,109
|
14,910
|
25,007
|
11,506
|
(185
|
)
|
99,953
|
(10,942
|
)
|
148,528
|
(183,673
|
)
|
129,213
|
|||||||||||||||||||||||||||
Profit from discontinued operations
|
43,510
|
-
|
-
|
-
|
-
|
-
|
2,317
|
-
|
177
|
46,004
|
||||||||||||||||||||||||||||||
Profit (loss) for the period
|
67,619
|
14,910
|
25,007
|
11,506
|
(185
|
)
|
99,953
|
(8,625
|
)
|
148,528
|
(183,496
|
)
|
175,217
|
|||||||||||||||||||||||||||
Profit (loss) attributable to:
|
||||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
65,271
|
13,065
|
16,942
|
8,630
|
(185
|
)
|
55,444
|
(7,123
|
)
|
148,575
|
(151,926
|
)
|
148,693
|
|||||||||||||||||||||||||||
Non-controlling interest
|
2,348
|
1,845
|
8,065
|
2,876
|
-
|
44,509
|
(1,502
|
)
|
(47
|
)
|
(31,570
|
)
|
26,524
|
|||||||||||||||||||||||||||
67,619
|
14,910
|
25,007
|
11,506
|
(185
|
)
|
99,953
|
(8,625
|
)
|
148,528
|
(183,496
|
)
|
175,217
|
Engineering |
Infrastructure
|
Parent
|
||||||||||||||||||||||||||||||||||||||
and construction |
Oil &
Gas
|
Toll roads
|
Transportation |
Water
treatment
|
Real
estate
|
Technical
services
|
Company Operations |
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||||
Period 2018 -
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
920,117
|
269,314
|
304,879
|
304,965
|
1,598
|
143,559
|
557,900
|
43,219
|
(303,808
|
)
|
2,241,743
|
|||||||||||||||||||||||||||||
Gross profit (loss)
|
34,849
|
61,750
|
50,068
|
53,173
|
209
|
25,059
|
30,293
|
(6,426
|
)
|
(10,827
|
)
|
238,148
|
||||||||||||||||||||||||||||
Administrative expenses
|
(64,565
|
)
|
(9,824
|
)
|
(15,221
|
)
|
(5,361
|
)
|
(118
|
)
|
(9,147
|
)
|
(46,945
|
)
|
(32,912
|
)
|
19,475
|
(164,618
|
)
|
|||||||||||||||||||||
Other income and expenses
|
8,920
|
(15
|
)
|
2
|
2
|
-
|
(1,118
|
)
|
(4,745
|
)
|
628
|
2,672
|
6,346
|
|||||||||||||||||||||||||||
Gain from the sale of investments
|
41,895
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
41,895
|
||||||||||||||||||||||||||||||
Operating profit (loss)
|
21,099
|
51,911
|
34,849
|
47,814
|
91
|
14,794
|
(21,397
|
)
|
(38,710
|
)
|
11,320
|
121,771
|
||||||||||||||||||||||||||||
Financial expenses
|
(34,447
|
)
|
(7,366
|
)
|
(13,801
|
)
|
(3,719
|
)
|
-
|
(11,146
|
)
|
(16,636
|
)
|
(62,480
|
)
|
11,725
|
(137,870
|
)
|
||||||||||||||||||||||
Financial income
|
6,331
|
337
|
2,004
|
11,091
|
30
|
2,844
|
706
|
14,651
|
(23,908
|
)
|
14,086
|
|||||||||||||||||||||||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2,196
|
(2,196
|
)
|
-
|
|||||||||||||||||||||||||||||
Share of the profit or loss
|
||||||||||||||||||||||||||||||||||||||||
in associates and joint ventures under the equity
|
||||||||||||||||||||||||||||||||||||||||
method of accounting
|
(4,522
|
)
|
709
|
-
|
-
|
-
|
-
|
736
|
35,876
|
(35,224
|
)
|
(2,425
|
)
|
|||||||||||||||||||||||||||
(Loss)/profit before income tax
|
(11,539
|
)
|
45,591
|
23,052
|
55,186
|
121
|
6,492
|
(36,591
|
)
|
(48,467
|
)
|
(38,283
|
)
|
(4,438
|
)
|
|||||||||||||||||||||||||
Income tax
|
(2,618
|
)
|
(13,564
|
)
|
(7,203
|
)
|
(16,788
|
)
|
(177
|
)
|
(1,837
|
)
|
7,952
|
22,547
|
810
|
(10,878
|
)
|
|||||||||||||||||||||||
(Loss)/Profit from continuing operations
|
(14,157
|
)
|
32,027
|
15,849
|
38,398
|
(56
|
)
|
4,655
|
(28,639
|
)
|
(25,920
|
)
|
(37,473
|
)
|
(15,316
|
)
|
||||||||||||||||||||||||
Profit from discontinued operations
|
8,591
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
8,591
|
||||||||||||||||||||||||||||||
(Loss)/profit for the period
|
(5,566
|
)
|
32,027
|
15,849
|
38,398
|
(56
|
)
|
4,655
|
(28,639
|
)
|
(25,920
|
)
|
(37,473
|
)
|
(6,725
|
)
|
||||||||||||||||||||||||
Profit (loss) attributable to:
|
||||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(7,582
|
)
|
29,496
|
13,149
|
28,799
|
(56
|
)
|
(2,978
|
)
|
(24,220
|
)
|
(25,851
|
)
|
(39,144
|
)
|
(28,387
|
)
|
|||||||||||||||||||||||
Non-controlling interest
|
2,016
|
2,531
|
2,700
|
9,599
|
-
|
7,633
|
(4,419
|
)
|
(69
|
)
|
1,671
|
21,662
|
||||||||||||||||||||||||||||
(5,566
|
)
|
32,027
|
15,849
|
38,398
|
(56
|
)
|
4,655
|
(28,639
|
)
|
(25,920
|
)
|
(37,473
|
)
|
(6,725
|
)
|
At
|
At
|
|||||||
December 31,
|
June 30,
|
|||||||
2017
|
2018
|
|||||||
Cash on hand
|
16,468
|
2,145
|
||||||
In-transit remittances
|
2,798
|
2,458
|
||||||
Bank accounts
|
493,666
|
621,268
|
||||||
Time deposits
|
113,248
|
22,541
|
||||||
626,180
|
648,412
|
At
|
At
|
|||||||
December 31,
|
June 30,
|
|||||||
2017
|
2018
|
|||||||
Cash and cash equivalent
|
626,180
|
648,412
|
||||||
Bank overdrafts (Note 12)
|
(120
|
)
|
-
|
|||||
Balances of the statement of cash flows
|
626,060
|
648,412
|
At
|
At
|
|||||||
December 31,
|
June 30,
|
|||||||
2017
|
2018
|
|||||||
Revenue from sales of goods and services:
|
||||||||
- Associates
|
3,367
|
1,691
|
||||||
- Joint operations
|
18,138
|
15,782
|
||||||
21,505
|
17,473
|
At December 31, 2017 | At June 30, 2018 | |||||||||||||||
Receivable
|
Payable
|
Receivable
|
Payable
|
|||||||||||||
Current portion:
|
||||||||||||||||
Joint operations:
|
||||||||||||||||
Consorcio GyM Conciviles
|
43,435
|
-
|
18,722
|
-
|
||||||||||||
Consorcio Rio Urubamba
|
8,964
|
-
|
8,987
|
-
|
||||||||||||
Consorcio Peruano de Conservación
|
7,417
|
-
|
7,198
|
-
|
||||||||||||
Consorcio Vial Quinua
|
-
|
2,162
|
-
|
2,119
|
||||||||||||
Consorcio Italo Peruano
|
14,536
|
18,849
|
7,597
|
11,585
|
||||||||||||
Consorcio La Gloria
|
1,688
|
1,358
|
1,353
|
1,025
|
||||||||||||
Terminales del Perú
|
3,290
|
-
|
2,524
|
-
|
||||||||||||
Consorcio Rio Mantaro
|
1,134
|
763
|
2,121
|
17,651
|
||||||||||||
Consorcio Vial Sierra
|
2,355
|
1,854
|
3,592
|
-
|
||||||||||||
Consorcio Constructor Chavimochic
|
1,959
|
5,817
|
2,121
|
5,961
|
||||||||||||
Consorcio Energía y Vapor
|
-
|
72
|
-
|
-
|
||||||||||||
Consorcio Ermitaño
|
1,067
|
6
|
1,066
|
478
|
||||||||||||
Consorcio Menegua
|
39
|
-
|
40
|
-
|
||||||||||||
Consorcio para la Atención y Mant. de Ductos
|
-
|
12,074
|
-
|
-
|
||||||||||||
Consorcio Huacho Pativilca
|
-
|
2,377
|
-
|
387
|
||||||||||||
Other minors
|
12,182
|
6,973
|
5,493
|
11,350
|
||||||||||||
98,066
|
52,305
|
60,814
|
50,556
|
|||||||||||||
Other related parties:
|
||||||||||||||||
Gaseoducto Sur Peruano S.A
|
2,407
|
-
|
2,407
|
-
|
||||||||||||
Perú Piping Spools S.A.C.
|
279
|
185
|
34
|
58
|
||||||||||||
Ferrovías Argentina
|
-
|
2,684
|
-
|
5,084
|
||||||||||||
Arturo Serna
|
-
|
-
|
-
|
4,424
|
||||||||||||
2,686
|
2,869
|
2,441
|
9,566
|
|||||||||||||
Current portion
|
100,752
|
55,174
|
63,255
|
60,122
|
||||||||||||
Non-current portion:
|
||||||||||||||||
Gasoducto Sur Peruano S.A
|
773,930
|
-
|
760,082
|
-
|
||||||||||||
Ferrovías Participaciones
|
-
|
21,648
|
-
|
22,069
|
||||||||||||
Arturo Serna
|
-
|
4,306
|
-
|
-
|
||||||||||||
Non-current portion
|
773,930
|
25,954
|
760,082
|
22,069
|
-
|
In February 2017 subsidiary Viva GyM S.A. signed a purchase-sales agreement comprising its equity interest (representing 22.5%) held in associate Promoción Inmobiliaria del Sur S.A. The agreed selling price was US$25 million (equivalent to S/81 million), which was fully paid.
|
-
|
On April 24, 2017 the Company signed a purchase-sale agreement for their total capital stock (representing 51%) held in their joint venture with Compañía Operadora de Gas del Amazonas
|
-
|
In June 2018, the subsidiary Viva GyM S.A. signed a partnership agreement with the company OBRATRES S.A.C, percentage of interest 37.5%, to develop a real estate project located at Calle Tacna 544 in Barranco, the project will consist of 31 departments, 52 parking lots and 24 warehouses.
|
Property,
|
||||||||
plant and
|
Intangibles
|
|||||||
equipment
|
assets
|
|||||||
Net cost at January 1, 2017
|
1,113,599
|
960,286
|
||||||
Additions
|
90,811
|
79,456
|
||||||
Subsidiary deconsolidation
|
(279,643
|
)
|
(26,765
|
)
|
||||
Transfers, disposals and adjustments
|
(26,623
|
)
|
(11,929
|
)
|
||||
Deductions for sale of assets
|
(17,729
|
)
|
-
|
|||||
Depreciation, amortization
|
(99,562
|
)
|
(48,049
|
)
|
||||
Net cost at June 30, 2017
|
780,853
|
952,999
|
Property, | ||||||||
plant and | Intangibles | |||||||
equipment | assets | |||||||
Net cost at January 1, 2018
|
865,735
|
940,070
|
||||||
Additions
|
31,769
|
83,258
|
||||||
Subsidiary deconsolidation
|
(207,243
|
)
|
(16,509
|
)
|
||||
Transfers, disposals and adjustments
|
(5,496
|
)
|
1,008
|
|||||
Deductions for sale of assets
|
(21,856
|
)
|
-
|
|||||
Depreciation, amortization
|
(70,389
|
)
|
(52,758
|
)
|
||||
Net cost at June 30, 2018
|
592,520
|
955,069
|
a)
|
Property, plant and equipment
|
2017
|
2018
|
|||||||
Cost of services and goods
|
62,042
|
56,829
|
||||||
Administrative expenses
|
6,045
|
4,571
|
||||||
(+) Depreciation discontinued operation
|
32,628
|
10,148
|
||||||
Total depreciation of property, plant and equipment and investment property
|
100,715
|
71,548
|
||||||
(-) Depreciation of investment property
|
(1,153
|
)
|
(1,159
|
) | ||||
Total depreciation of property, plant and equipment
|
99,562
|
70,389
|
b)
|
Intangible assets
|
i)
|
Goodwill
|
At
|
At
|
|||||||
December 31, | June 30, | |||||||
2017
|
2018
|
|||||||
Engineering and construction
|
75,051
|
76,947
|
||||||
Electromechanical
|
20,737
|
20,737
|
||||||
Telecommunications services
|
6,720
|
6,973
|
||||||
IT equipment and services
|
930
|
930
|
||||||
Mining and construction services
|
13,366
|
-
|
||||||
116,804
|
105,587
|
ii)
|
Trademarks
|
Total | Current | Non-current | ||||||||||||||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||||||||||||||
December 31,
|
June 30,
|
December 31,
|
June 30,
|
December 31,
|
June 30,
|
|||||||||||||||||||
2017
|
2018
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||||||||
Bank overdrafts
|
120
|
-
|
120
|
-
|
-
|
-
|
||||||||||||||||||
Bank loans
|
1,561,634
|
1,339,345
|
990,467
|
900,549
|
571,167
|
438,796
|
||||||||||||||||||
Finance leases
|
128,309
|
68,342
|
66,177
|
34,672
|
62,132
|
33,670
|
||||||||||||||||||
Other financial entities
|
-
|
139,227
|
-
|
18,960
|
-
|
120,267
|
||||||||||||||||||
1,690,063
|
1,546,914
|
1,056,764
|
954,181
|
633,299
|
592,733
|
a)
|
Bank loans
|
Current | Non-current | |||||||||||||||||||||||
At
|
At
|
At
|
At
|
|||||||||||||||||||||
Interest
|
Date of
|
December 31,
|
June 30,
|
December 31,
|
June 30,
|
|||||||||||||||||||
rate
|
maturity
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||||||||
GyM S.A.
|
4.33% / 8.73
|
%
|
2018 / 2020
|
551,413
|
316,667
|
95,376
|
2,591
|
|||||||||||||||||
Graña y Montero S.A.A.
|
Libor USD 3M +
from 4.9% a 5.5%
|
2018 / 2020
|
113,412
|
132,194
|
363,564
|
344,420
|
||||||||||||||||||
GyM Ferrovías S.A.
|
Libor USD 1M +
de 2%
|
2018
|
-
|
117,873
|
-
|
-
|
||||||||||||||||||
Viva GyM S.A.
|
7.00% / 11.09
|
%
|
2018 / 2019
|
157,592
|
144,610
|
-
|
1,218
|
|||||||||||||||||
CAM Holding S.A.
|
6.05% / 13.76
|
%
|
2018 / 2020
|
77,775
|
89,454
|
12,807
|
3,213
|
|||||||||||||||||
Adexus S.A.
|
3.63% / 5.90
|
%
|
2018 / 2019
|
46,552
|
55,447
|
3,175
|
-
|
|||||||||||||||||
GMP S.A.
|
4.45% / 6.04
|
%
|
2018 / 2020
|
42,911
|
43,136
|
96,245
|
87,354
|
|||||||||||||||||
CONCAR S.A.
|
6.50% / 12.00
|
%
|
2018
|
812
|
1,168
|
-
|
-
|
|||||||||||||||||
990,467
|
900,549
|
571,167
|
438,796
|
i)
|
Credit Suisse Syndicated Loan
|
ii)
|
GSP Bridge Loan
|
b)
|
Other financial entities
|
c)
|
Fair value of borrowings
|
Book value | Fair value | |||||||||||||||
At
|
At
|
At
|
At
|
|||||||||||||
December 31,
|
June 30,
|
December 31,
|
June 30,
|
|||||||||||||
2017
|
2018
|
2017
|
2018
|
|||||||||||||
Bank overdrafts
|
120
|
-
|
120
|
-
|
||||||||||||
Bank loans
|
1,561,634
|
1,339,345
|
1,627,000
|
1,442,970
|
||||||||||||
Finance leases
|
128,309
|
68,342
|
141,040
|
73,185
|
||||||||||||
Other financial entities
|
-
|
139,227
|
-
|
139,227
|
||||||||||||
1,690,063
|
1,546,914
|
1,768,160
|
1,655,382
|
Total | Current | Non-current | ||||||||||||||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||||||||||||||
December 31,
|
June 30,
|
December 31,
|
June 30,
|
December 31,
|
June 30,
|
|||||||||||||||||||
2017
|
2018
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||||||||
GyM Ferrovías
|
603,657
|
607,447
|
12,294
|
12,727
|
591,363
|
594,720
|
||||||||||||||||||
Norvial
|
343,910
|
333,964
|
24,361
|
23,566
|
319,549
|
310,398
|
||||||||||||||||||
947,567
|
941,411
|
36,655
|
36,293
|
910,912
|
905,118
|
a)
|
GyM Ferrovías S.A.
|
|
2017
|
2018
|
||||||
Balance at January, 1
|
604,031
|
603,657
|
||||||
Amortization
|
(9,538
|
)
|
(5,064
|
)
|
||||
Accrued interest
|
24,386
|
23,814
|
||||||
Interest paid
|
(15,245
|
)
|
(14,960
|
)
|
||||
Balance at June, 30
|
603,634
|
607,447
|
-
|
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.
|
At
|
At
|
|||||||
June 30,
|
June 30,
|
|||||||
2017
|
2018
|
|||||||
Opening balance
|
363,684
|
343,910
|
||||||
Amortization
|
(8,941
|
)
|
(9,937
|
)
|
||||
Accrued interest
|
1,602
|
11,886
|
||||||
Capitalized interest
|
12,973
|
1,927
|
||||||
Interest paid
|
(14,558
|
)
|
(13,822
|
)
|
||||
Closing balance
|
354,760
|
333,964
|
-
|
Debt service coverage ratio of not less than 1.3 times.
|
-
|
Proforma gearing ratio lower than 4 times.
|
At
|
At
|
|||||||
December 31,
|
June 30,
|
|||||||
2017
|
2018
|
|||||||
Current portion
|
13,503
|
13,724
|
||||||
Non-current portion
|
33,914
|
33,835
|
||||||
47,417
|
47,559
|
Contingent
|
||||||||||||||||
liabilities
|
Provision
|
|||||||||||||||
Legal
|
resulting from
|
for well
|
||||||||||||||
claims
|
acquisitions
|
closure
|
Total
|
|||||||||||||
At January 1, 2017
|
15,732
|
8,125
|
17,216
|
41,073
|
||||||||||||
Additions
|
543
|
-
|
(319
|
)
|
224
|
|||||||||||
Reversals of provisions
|
(143
|
)
|
(797
|
)
|
-
|
(940
|
)
|
|||||||||
Payments
|
(1,618
|
)
|
-
|
-
|
(1,618
|
)
|
||||||||||
Translation adjustments
|
(48
|
)
|
(332
|
)
|
-
|
(380
|
)
|
|||||||||
At June 30, 2017
|
14,466
|
6,996
|
16,897
|
38,359
|
||||||||||||
At January 1, 2018
|
23,364
|
7,249
|
16,804
|
47,417
|
||||||||||||
Additions
|
2,731
|
-
|
2,139
|
4,870
|
||||||||||||
Reversals of provisions
|
(3,684
|
)
|
(298
|
)
|
-
|
(3,982
|
)
|
|||||||||
Payments
|
(761
|
)
|
-
|
-
|
(761
|
)
|
||||||||||
Translation adjustments
|
(20
|
)
|
35
|
-
|
15
|
|||||||||||
At June 30, 2018
|
21,630
|
6,986
|
18,943
|
47,559
|
Cost of
|
||||||||
goods
|
Administrative
|
|||||||
At June 30, 2017 |
and services
|
expenses
|
||||||
Salaries, wages and fringe benefits
|
588,467
|
93,669
|
||||||
Services provided by third-parties
|
579,725
|
20,417
|
||||||
Purchase of goods
|
387,815
|
27
|
||||||
Other management charges
|
323,311
|
33,283
|
||||||
Depreciation
|
62,042
|
6,045
|
||||||
Amortization of intangibles
|
38,204
|
5,428
|
||||||
Taxes
|
6,777
|
1,661
|
||||||
Impairment of inventories
|
428
|
-
|
||||||
Impairment of accounts receivable
|
88
|
-
|
||||||
Impairment of property, plant and equipment
|
314
|
20
|
||||||
1,987,171
|
160,550
|
|||||||
At June 30, 2018
|
||||||||
Salaries, wages and fringe benefits
|
699,677
|
76,264
|
||||||
Services provided by third-parties
|
545,623
|
49,574
|
||||||
Purchase of goods
|
421,196
|
35
|
||||||
Other management charges
|
239,570
|
31,086
|
||||||
Depreciation
|
56,829
|
4,571
|
||||||
Amortization of intangibles
|
48,257
|
2,610
|
||||||
Taxes
|
6,123
|
478
|
||||||
Impairment of accounts receivable
|
243
|
-
|
||||||
Recovery of impairment on inventory
|
(13,923
|
)
|
-
|
|||||
2,003,595
|
164,618
|
STRACON GyM S.A.
|
||||
(net of intercompany transactions)
|
||||
2018
|
||||
From January 1
|
||||
to Mar 31
|
||||
Revenue
|
236,368
|
|||
Operating costs
|
(226,288
|
)
|
||
Finance costs, net
|
1,393
|
|||
Operating profit from discontinued activities before taxation
|
11,473
|
|||
Income tax expense
|
(6,527 | ) | ||
Profit from discontinued ordinary activities after taxation
|
4,946
|
|||
Profit from discontinued activities attributable to owners of the | ||||
Company |
4,332
|
|||
Earnings per share relating to the discontinued operation are as follows
|
||||
Basic
|
0.0633
|
|||
Cash flows relating to the discontinued operation are as follows:
|
||||
Operating cash flows
|
22,129
|
|||
Investing cash flows
|
8,762
|
|||
Financing cash flows
|
(24,464
|
)
|
GMD S.A.
|
||||
(net of intercompany transactions)
|
||||
2017
|
||||
From January 1
|
||||
to May 31
|
||||
Revenue
|
7,204
|
|||
Operating costs
|
(10,567
|
)
|
||
Finance costs, net
|
(2,617
|
)
|
||
Operating loss from discontinued activities before taxation
|
(5,980
|
)
|
||
Income tax expense |
(1,171
|
) | ||
Loss from discontinued ordinary activities after taxation
|
(7,151
|
) | ||
Loss from discontinued activities attributable to owners of the | ||||
Company
|
(6,381
|
) | ||
Losses per share relating to the discontinued operation are as follows:
|
||||
Basic
|
(0.56
|
)
|
||
Cash flows relating to the discontinued operation are as follows:
|
||||
Operating cash flows
|
10,220
|
|||
Investing cash flows
|
(11,189
|
)
|
||
Financing cash flows
|
1,618
|