CONTENTS | Page |
Condensed Interim Consolidated Statement of Financial Position |
7
|
Condensed Interim Consolidated Income Statement |
8
|
Condensed Interim Consolidated Statement of Comprehensive Income |
9
|
Condensed Interim Consolidated Statement of changes in Equity |
10
|
Condensed Interim Consolidated Statement of Cash Flows |
11
|
Notes to the Condensed Interim Consolidated Financial Statements | 12 - 39 |
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
||||||||||||||||||||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
||||||||||||||||||||||||
ASSETS
|
LIABILITIES AND EQUITY
|
|||||||||||||||||||||||
As at
|
As at
|
As at
|
As at
|
|||||||||||||||||||||
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||||||||||||
Note
|
2017
|
2018
|
Note
|
2017
|
2018
|
|||||||||||||||||||
Current assets
|
Current liabilities
|
|||||||||||||||||||||||
Cash and cash equivalents
|
8
|
626,180
|
797,864
|
Borrowings
|
12
|
1,056,764
|
759,803
|
|||||||||||||||||
Financial asset at fair value through profit or loss
|
181
|
-
|
Bonds
|
13
|
36,655
|
39,167
|
||||||||||||||||||
Trade accounts receivables, net
|
992,724
|
752,976
|
Trade accounts payable
|
1,453,046
|
1,184,697
|
|||||||||||||||||||
Unbilled work in progress, net
|
584,753
|
387,766
|
Accounts payable to related parties
|
9
|
55,174
|
56,898
|
||||||||||||||||||
Accounts receivable from related parties
|
9
|
100,752
|
36,386
|
Current income tax
|
85,543
|
26,192
|
||||||||||||||||||
Other accounts receivable
|
765,445
|
627,201
|
Other accounts payable
|
848,500
|
656,268
|
|||||||||||||||||||
Inventories, net
|
770,711
|
518,046
|
Provisions
|
14
|
13,503
|
7,290
|
||||||||||||||||||
Prepaid expenses
|
33,478
|
16,562
|
Total current liabilities
|
3,549,185
|
2,730,315
|
|||||||||||||||||||
3,874,224
|
3,136,801
|
|||||||||||||||||||||||
Non-current liabilities
|
||||||||||||||||||||||||
Non-current assets classified as held for sale
|
17,722
|
-
|
Borrowings
|
12
|
633,299
|
514,679
|
||||||||||||||||||
Long-term bonds
|
13
|
910,912
|
897,875
|
|||||||||||||||||||||
Total current assets
|
3,891,946
|
3,136,801
|
Other long-term accounts payable
|
852,473
|
626,154
|
|||||||||||||||||||
Long-term accounts payable to related parties
|
9
|
25,954
|
22,375
|
|||||||||||||||||||||
Non-current assets
|
Provisions
|
14
|
33,914
|
106,347
|
||||||||||||||||||||
Long-term trade accounts receivable, net
|
848,590
|
1,080,796
|
Derivative financial instruments
|
383
|
61
|
|||||||||||||||||||
Long-term unbilled work in progress, net
|
87,410
|
32,212
|
Deferred income tax liability
|
72,472
|
77,997
|
|||||||||||||||||||
Long-term accounts receivable from related parties
|
9
|
773,930
|
778,662
|
Total non-current liabilities
|
2,529,407
|
2,245,488
|
||||||||||||||||||
Prepaid expenses
|
38,082
|
33,696
|
Total liabilities
|
6,078,592
|
4,975,803
|
|||||||||||||||||||
Other long-term accounts receivable
|
470,852
|
305,428
|
||||||||||||||||||||||
Investments in associates and joint ventures
|
10
|
268,671
|
258,644
|
Equity
|
||||||||||||||||||||
Investment property
|
45,687
|
29,133
|
Capital
|
15
|
660,054
|
729,434
|
||||||||||||||||||
Property, plant and equipment, net
|
11
|
865,735
|
503,584
|
Legal reserve
|
132,011
|
132,011
|
||||||||||||||||||
Intangible assets, net
|
11
|
940,070
|
866,900
|
Optional reserve
|
29,974
|
29,974
|
||||||||||||||||||
Deferred income tax asset
|
436,697
|
447,452
|
Share Premium
|
881,795
|
940,435
|
|||||||||||||||||||
Total non-current assets
|
4,775,724
|
4,336,507
|
Other reserves
|
(169,671
|
)
|
(167,716
|
)
|
|||||||||||||||||
Retained earnings
|
589,167
|
438,352
|
||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
2,123,330
|
2,102,490
|
||||||||||||||||||||||
Non-controlling interest
|
465,748
|
395,015
|
||||||||||||||||||||||
Total equity
|
2,589,078
|
2,497,505
|
||||||||||||||||||||||
Total assets
|
8,667,670
|
7,473,308
|
Total liabilities and equity
|
8,667,670
|
7,473,308
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
|||||||||||
CONSOLIDATED INCOME STATEMENT
|
|||||||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
|||||||||||
For the period |
|||||||||||
ended December 31, | |||||||||||
Note
|
2017
|
2018
|
|||||||||
Revenues from construction activities
|
2,213,529
|
1,960,784
|
|||||||||
Revenues from services provided
|
1,144,979
|
1,088,142
|
|||||||||
Revenue from real estate and sale of goods
|
938,951
|
1,151,983
|
|||||||||
4,297,459
|
4,200,909
|
||||||||||
Cost of construction activities
|
(2,105,714
|
)
|
(1,922,574
|
)
|
|||||||
Cost of services provided
|
(926,595
|
)
|
(911,849
|
)
|
|||||||
Cost of real estate and goods sold
|
(717,441
|
)
|
(660,363
|
)
|
|||||||
16
|
(3,749,750
|
)
|
(3,494,786
|
)
|
|||||||
Gross profit
|
547,709
|
706,123
|
|||||||||
Administrative expenses
|
16
|
(349,263
|
)
|
(307,530
|
)
|
||||||
Other income and expenses
|
(33,704
|
)
|
(58,972
|
)
|
|||||||
Gain from the sale of investments
|
34,545
|
(7
|
)
|
||||||||
Operating profit
|
199,287
|
339,614
|
|||||||||
Financial expenses
|
(161,532
|
)
|
(250,461
|
)
|
|||||||
Financial income
|
14,007
|
43,157
|
|||||||||
Share of the profit or loss in associates and joint
|
|||||||||||
ventures under the equity method of accounting
|
124
|
(3,709
|
)
|
||||||||
Profit before income tax
|
51,886
|
128,601
|
|||||||||
Income tax
|
(46,159
|
)
|
(107,281
|
)
|
|||||||
Profit (loss) for the year from continuing operations
|
17
|
5,727
|
21,320
|
||||||||
Profit for the year from discontinued operations
|
203,511
|
44,404
|
|||||||||
Profit (loss) for the period
|
209,238
|
65,724
|
|||||||||
Profit (loss) attributable to:
|
|||||||||||
Owners of the Company
|
148,738
|
(74,222
|
)
|
||||||||
Non-controlling interest
|
60,500
|
139,946
|
|||||||||
209,238
|
65,724
|
||||||||||
Earnings (loss) per share from continuing operations
|
|||||||||||
attributable to owners of the Company during
|
|||||||||||
the period
|
0.225
|
(0.111
|
)
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
|||||||||||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|||||||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
|||||||||||
For the period |
|||||||||||
ended December 31, | |||||||||||
Note
|
2017
|
2018
|
|||||||||
Profit (Loss) for the period
|
209,238
|
65,724
|
|||||||||
Other comprehensive income:
|
|||||||||||
Items that will not be reclassified to profit or loss
|
|||||||||||
Remeasurement of actuarial gains and losses, net of tax
|
(4,031
|
)
|
20,995
|
||||||||
Items that may be subsequently reclassified to profit or loss
|
|||||||||||
Cash flow hedge, net of tax
|
482
|
119
|
|||||||||
Foreign currency translation adjustment, net of tax
|
(11,341
|
)
|
10,693
|
||||||||
Exchange difference from net investment in a foreign operation, net of tax
|
6,610
|
(8,100
|
)
|
||||||||
(4,249
|
)
|
2,712
|
|||||||||
Other comprenhensive income for the period, net of tax
|
(8,280
|
)
|
23,707
|
||||||||
Total comprehensive income for the period
|
200,958
|
89,431
|
|||||||||
Comprehensive income attributable to:
|
|||||||||||
Owners of the Company
|
143,575
|
(55,678
|
)
|
||||||||
Non-controlling interest
|
57,383
|
145,109
|
|||||||||
200,958
|
89,431
|
||||||||||
Comprehensive income attributable to owners of the Company:
|
|||||||||||
Continuing operations
|
140,279
|
(87,072
|
)
|
||||||||
Discontinued operations
|
(1,036
|
)
|
31,394
|
||||||||
143,575
|
(55,678
|
)
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
|||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
|
|||||||||||||||||||||||||||||||||
FOR THE PERIOD ENDED DECEMBER 31, 2017 (AUDITED) AND 2018 (UNAUDITED)
|
|||||||||||||||||||||||||||||||||
(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
|
(167,456
|
)
|
443,377
|
1,980,424
|
509,313
|
2,489,737
|
||||||||||||||||||||||
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
148,738
|
148,738
|
60,500
|
209,238
|
|||||||||||||||||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
458
|
-
|
458
|
24
|
482
|
|||||||||||||||||||||||
Adjustment for actuarial gains and losses
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,948
|
)
|
(2,948
|
)
|
(1,083
|
)
|
(4,031
|
)
|
|||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(9,166
|
)
|
-
|
(9,166
|
)
|
(2,175
|
)
|
(11,341
|
)
|
|||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
6,493
|
-
|
6,493
|
117
|
6,610
|
|||||||||||||||||||||||
Comprehensive income of the period
|
-
|
-
|
-
|
-
|
-
|
(2,215
|
)
|
145,790
|
143,575
|
57,383
|
200,958
|
||||||||||||||||||||||
Transactions with shareholders:
|
|||||||||||||||||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(59,677
|
)
|
(59,677
|
)
|
|||||||||||||||||||||
- 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
|
)
|
(100,948
|
)
|
(101,617
|
)
|
|||||||||||||||||||
Balances as of December 31, 2017
|
660,054
|
660,054
|
132,011
|
29,974
|
881,795
|
(169,671
|
)
|
589,167
|
2,123,330
|
465,748
|
2,589,078
|
||||||||||||||||||||||
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
|
-
|
-
|
-
|
-
|
-
|
-
|
(74,222
|
)
|
(74,222
|
)
|
139,946
|
65,724
|
|||||||||||||||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
113
|
-
|
113
|
6
|
119
|
|||||||||||||||||||||||
Adjustment for actuarial gains and losses
|
-
|
-
|
-
|
-
|
-
|
-
|
16,589
|
16,589
|
4,406
|
20,995
|
|||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
9,787
|
-
|
9,787
|
906
|
10,693
|
|||||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
(7,945
|
)
|
-
|
(7,945
|
)
|
(155
|
)
|
(8,100
|
)
|
|||||||||||||||||||
Comprehensive income of the period
|
-
|
-
|
-
|
-
|
-
|
1,955
|
(57,633
|
)
|
(55,678
|
)
|
145,109
|
89,431
|
|||||||||||||||||||||
Transactions with shareholders:
|
|||||||||||||||||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(102,773
|
)
|
(102,773
|
)
|
|||||||||||||||||||||
- Contributions (devolution) of non-controlling shareholders, net
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(84,457
|
)
|
(84,457
|
)
|
|||||||||||||||||||||
- Additional acquisition of non-controlling
|
-
|
-
|
-
|
-
|
(9,583
|
)
|
-
|
-
|
(9,583
|
)
|
(4,050
|
)
|
(13,633
|
)
|
|||||||||||||||||||
- IFRS adoption
|
-
|
-
|
-
|
-
|
-
|
-
|
(52,974
|
)
|
(52,974
|
)
|
(959
|
)
|
(53,933
|
)
|
|||||||||||||||||||
- Capital Increase
|
69,380
|
69,380
|
-
|
-
|
68,223
|
-
|
-
|
137,603
|
-
|
137,603
|
|||||||||||||||||||||||
- Deconsolidation CAM Holding S.p.A.
|
-
|
-
|
-
|
-
|
-
|
-
|
(42,878
|
)
|
(42,878
|
)
|
5,614
|
(37,264
|
)
|
||||||||||||||||||||
- Deconsolidation CAM Servicios del Perú
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
181
|
181
|
|||||||||||||||||||||||
- Deconsolidation Stracon GyM
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(29,412
|
)
|
(29,412
|
)
|
|||||||||||||||||||||
- Others
|
-
|
-
|
-
|
-
|
-
|
-
|
2,670
|
2,670
|
14
|
2,684
|
|||||||||||||||||||||||
Total transactions with shareholders
|
69,380
|
69,380
|
-
|
-
|
58,640
|
-
|
(93,182
|
)
|
34,838
|
(215,842
|
)
|
(181,004
|
)
|
||||||||||||||||||||
Balances as of December 31, 2018
|
729,434
|
729,434
|
132,011
|
29,974
|
940,435
|
(167,716
|
)
|
438,352
|
2,102,490
|
395,015
|
2,497,505
|
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 year
|
||||||||||||
ended December 31,
|
||||||||||||
Note
|
2017
|
2018
|
||||||||||
OPERATING ACTIVITIES
|
||||||||||||
Loss before income tax
|
332,275
|
173,005
|
||||||||||
Adjustments to profit not affecting cash flows from
|
||||||||||||
operating activities:
|
||||||||||||
Depreciation
|
199,794
|
125,419
|
||||||||||
Amortization of other assets
|
86,557
|
111,075
|
||||||||||
Impairment of inventories
|
40,908
|
-
|
||||||||||
Impairment of accounts receivable and other accounts receivable
|
19,109
|
52,430
|
||||||||||
Reversal of impairment of inventories
|
-
|
(26,865
|
)
|
|||||||||
Impairment of property, plant and equipment
|
14,680
|
5,664
|
||||||||||
Impairment of intangible assets
|
49,609
|
-
|
||||||||||
Indemnification
|
3,220
|
-
|
||||||||||
Profit on fair value of financial asset at fair value through profit or loss
|
(34
|
)
|
-
|
|||||||||
Change in the fair value of the liability for put option
|
(1,400
|
)
|
-
|
|||||||||
Other Provisions
|
14
|
9,510
|
75,369
|
|||||||||
Financial expense,net
|
138,016
|
183,767
|
||||||||||
Share of the profit and loss in associates and joint ventures
|
||||||||||||
under the equity method of accounting
|
10
|
(1,327
|
)
|
3,709
|
||||||||
Reversal of provisions
|
14
|
(1,044
|
)
|
(3,282
|
)
|
|||||||
Disposal of assets
|
5,438
|
22,390
|
||||||||||
Disposal of investments at fair value through profit or loss
|
106
|
-
|
||||||||||
(Profit) loss on sale of property, plant and equipment
|
(26,883
|
)
|
7,062
|
|||||||||
Loss on sale of non-current asset held for sale
|
45
|
-
|
||||||||||
(Profit) loss on sale from available-for-sale financial assets
|
(25,768
|
)
|
1,529
|
|||||||||
Profit on sale of investments in subsidiaries
|
(244,313
|
)
|
(73,642
|
)
|
||||||||
Loss on remeasurement of accounts receivable
|
15,807
|
17,825
|
||||||||||
Net variations in assets and
liabilities:
|
||||||||||||
Trade accounts receivable and unbilled working in progress
|
(178,259
|
)
|
(289,789
|
)
|
||||||||
Other accounts receivable
|
33,196
|
215,921
|
||||||||||
Other accounts receivable from related parties
|
(245,688
|
)
|
26,679
|
|||||||||
Inventories
|
279,867
|
200,447
|
||||||||||
Pre-paid expenses and other assets
|
(6,494
|
)
|
16,208
|
|||||||||
Trade accounts payable
|
463,401
|
11,331
|
||||||||||
Other accounts payable
|
(62,280
|
)
|
(284,835
|
)
|
||||||||
Other accounts payable to related parties
|
(66,819
|
)
|
92,293
|
|||||||||
Other provisions
|
(1,680
|
)
|
(6,644
|
)
|
||||||||
Interest payment
|
(173,662
|
)
|
(198,878
|
)
|
||||||||
Payments for purchases of intangibles - Concessions
|
(20,178
|
)
|
(6,944
|
)
|
||||||||
Payment of income tax
|
(144,545
|
)
|
(175,864
|
)
|
||||||||
Net cash provided by operating activities
|
491,164
|
275,380
|
||||||||||
INVESTING ACTIVITIES
|
||||||||||||
Sale of available-for-sale investment
|
391,786
|
229,045
|
||||||||||
Sale of property, plant and equipment
|
127,221
|
31,895
|
||||||||||
Sale of financial asset at fair value through profit or loss
|
98
|
-
|
||||||||||
Sale of non-current assets held for sale
|
43,367
|
16,244
|
||||||||||
Interest received
|
6,992
|
38,020
|
||||||||||
Dividends received
|
3,758
|
1,823
|
||||||||||
Payment for purchase of investments properties
|
(1,183
|
)
|
(209
|
)
|
||||||||
Payments for intangible purchase
|
(97,112
|
)
|
(93,737
|
)
|
||||||||
Payments for purchase and contributions on investment in associate and joint ventures
|
(2,116
|
)
|
(3,770
|
)
|
||||||||
Payments for property, plant and equipment purchase
|
(123,941
|
)
|
(80,822
|
)
|
||||||||
Net cash provided by investing activities
|
348,870
|
138,489
|
||||||||||
FINANCING ACTIVITIES
|
||||||||||||
Loans received
|
1,406,717
|
1,018,623
|
||||||||||
Amortization of loans received
|
(2,044,256
|
)
|
(1,265,920
|
)
|
||||||||
Amortization of bonds issued
|
(39,151
|
)
|
(28,914
|
)
|
||||||||
Payment for transaction costs for debt
|
(31,286
|
)
|
-
|
|||||||||
Dividends paid to non-controlling interest
|
(43,942
|
)
|
(102,773
|
)
|
||||||||
Cash received (return of contributions )from non-controlling shareholders
|
(33,197
|
)
|
(59,068
|
)
|
||||||||
Capital increase
|
-
|
137,603
|
||||||||||
Acquisition or sale of interest in a subsidiary of non-controlling shareholders
|
(942
|
)
|
389
|
|||||||||
Net cash applied to financing activities
|
(786,057
|
)
|
(300,060
|
)
|
||||||||
Net increase (net decrease) in cash
|
53,977
|
113,809
|
||||||||||
Exchange difference
|
(34,867
|
)
|
57,756
|
|||||||||
Cash and cash equivalents at the beginning of the period
|
606,950
|
626,180
|
||||||||||
Cash and cash equivalents at the end of the period
|
8
|
626,060
|
797,745
|
|||||||||
NON-CASH TRANSACTIONS:
|
||||||||||||
Debt capitalization
|
26,015
|
3,361
|
||||||||||
Acquisition of assets through finance leases
|
48,507
|
2,365
|
||||||||||
Accounts payable to the non-controlling interest for purchase of investments
|
-
|
14,022
|
||||||||||
Contribution in inventories
|
-
|
25,389
|
||||||||||
Dividends declared to non-controlling interest
|
15,735
|
-
|
a)
|
Incorporation and operations
|
b)
|
Authorization for issue of the financial statements
|
c)
|
Current situation of the Company
|
1)
|
Projects conducted in association with companies of the Odebrecht Group
|
i)
|
IIRSA Sur
|
ii)
|
Electric Train
|
2)
|
The Constructor´s Club
|
3)
|
Anticorruption Law - effects on
the Group
|
•
|
The obligation to set up a trust that will guarantee any eventual payment obligation of an eventual
civil compensation in favor of the Peruvian State;
|
•
|
The obligation not to transfer funds abroad without the prior consent of the Ministry of Justice;
|
•
|
The implementation of a compliance program; and
|
•
|
The obligation to disclose information to the authorities and to collaborate in the investigation.
|
4)
|
Independent Investigation related to businesses with Odebrecht Group.
|
a)
|
Classification and measurement of financial assets
|
b)
|
Deterioration
|
c)
|
Hedge accounting treatment
|
a)
|
Market risks
|
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 December 31, 2018
|
||||||||||||||||||||
Other financial liabilities (except for finance
leases)
|
746,306
|
411,203
|
129,233
|
41,577
|
1,328,319
|
|||||||||||||||
Finance leases
|
19,141
|
7,783
|
14,162
|
-
|
41,086
|
|||||||||||||||
Bonds
|
111,080
|
153,287
|
355,667
|
1,174,404
|
1,794,438
|
|||||||||||||||
Trade accounts payable
|
1,184,697
|
-
|
-
|
-
|
1,184,697
|
|||||||||||||||
Accounts payable to related parties
|
56,898
|
22,375
|
-
|
-
|
79,273
|
|||||||||||||||
Other accounts payable
|
215,469
|
4,261
|
340,323
|
-
|
560,053
|
|||||||||||||||
Other non-financial liabilities
|
-
|
61
|
-
|
-
|
61
|
|||||||||||||||
2,333,591
|
598,970
|
839,385
|
1,215,981
|
4,987,927
|
At December 31,
2017
|
At December 31,
2018
|
|||||||
Total borrowings and bonds |
2,637,630
|
2,211,524
|
||||||
Less: Cash and cash equivalents |
(626,180
|
)
|
(797,864
|
)
|
||||
Net debt |
2,011,450
|
1,413,660
|
||||||
Total equity | 2,589,078 | 2,497,505 | ||||||
Total capital | 4,600,528 | 3,911,165 | ||||||
Gearing ratio | 0.44 | 0.36 |
-
|
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
|
||||||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||||||
Engineering
and
construction
|
Energy
|
Toll roads
|
Transportation
|
Water
treatment
|
Real estate
|
Technical services
|
Parent 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
|
||||||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||||||
Engineering
and
construction
|
Energy
|
Toll roads
|
Transportation
|
Water
treatment
|
Real estate
|
Technical services
|
Parent Company Operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||||
As of December 31, 2018
|
||||||||||||||||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalent
|
172,527
|
34,816
|
164,038
|
191,178
|
6,700
|
93,262
|
7,487
|
127,856
|
-
|
797,864
|
||||||||||||||||||||||||||||||
Trade accounts receivables
|
218,226
|
54,350
|
78,013
|
226,919
|
598
|
69,068
|
104,734
|
1,068
|
-
|
752,976
|
||||||||||||||||||||||||||||||
Work in progress
|
385,626
|
-
|
-
|
-
|
-
|
-
|
-
|
2,140
|
-
|
387,766
|
||||||||||||||||||||||||||||||
Accounts receivable from related parties
|
208,535
|
492
|
40,820
|
758
|
9,930
|
60,759
|
20,529
|
77,779
|
(383,216
|
)
|
36,386
|
|||||||||||||||||||||||||||||
Other accounts receivable
|
404,625
|
39,954
|
32,914
|
31,012
|
199
|
55,508
|
21,662
|
41,325
|
2
|
627,201
|
||||||||||||||||||||||||||||||
Inventories
|
27,852
|
18,823
|
9,206
|
25,282
|
-
|
448,328
|
3,999
|
-
|
(15,444
|
)
|
518,046
|
|||||||||||||||||||||||||||||
Prepaid expenses
|
3,824
|
1,345
|
3,068
|
874
|
135
|
81
|
6,014
|
1,221
|
-
|
16,562
|
||||||||||||||||||||||||||||||
Total current assets
|
1,421,215
|
149,780
|
328,059
|
476,023
|
17,562
|
727,006
|
164,425
|
251,389
|
(398,658
|
)
|
3,136,801
|
|||||||||||||||||||||||||||||
Long-term trade accounts receivable
|
14,455
|
-
|
33,380
|
994,815
|
-
|
-
|
38,146
|
-
|
-
|
1,080,796
|
||||||||||||||||||||||||||||||
Long-term work in progress
|
-
|
-
|
32,212
|
-
|
-
|
-
|
-
|
-
|
-
|
32,212
|
||||||||||||||||||||||||||||||
Long-term accounts receivable from related parties
|
254,660
|
-
|
39,341
|
-
|
-
|
-
|
436
|
744,655
|
(260,430
|
)
|
778,662
|
|||||||||||||||||||||||||||||
Prepaid expenses
|
-
|
-
|
28,216
|
5,152
|
840
|
-
|
-
|
-
|
(512
|
)
|
33,696
|
|||||||||||||||||||||||||||||
Other long-term accounts receivable
|
81,005
|
61,868
|
7,056
|
64,817
|
7,346
|
30,268
|
12,664
|
40,404
|
-
|
305,428
|
||||||||||||||||||||||||||||||
Investments in associates and joint ventures
|
115,554
|
7,231
|
-
|
-
|
-
|
5,604
|
-
|
2,231,252
|
(2,100,997
|
)
|
258,644
|
|||||||||||||||||||||||||||||
Investment property
|
-
|
-
|
-
|
-
|
-
|
29,133
|
-
|
-
|
-
|
29,133
|
||||||||||||||||||||||||||||||
Property, plant and equipment
|
205,678
|
171,430
|
14,585
|
1,586
|
109
|
9,237
|
33,030
|
69,088
|
(1,159
|
)
|
503,584
|
|||||||||||||||||||||||||||||
Intangible assets
|
160,088
|
183,614
|
466,153
|
749
|
-
|
1,105
|
20,955
|
23,514
|
10,722
|
866,900
|
||||||||||||||||||||||||||||||
Deferred income tax asset
|
168,151
|
5,025
|
11,876
|
-
|
621
|
17,127
|
21,502
|
216,856
|
6,294
|
447,452
|
||||||||||||||||||||||||||||||
Total non-current assets
|
999,591
|
429,168
|
632,819
|
1,067,119
|
8,916
|
92,474
|
126,733
|
3,325,769
|
(2,346,082
|
)
|
4,336,507
|
|||||||||||||||||||||||||||||
Total assets
|
2,420,806
|
578,948
|
960,878
|
1,543,142
|
26,478
|
819,480
|
291,158
|
3,577,158
|
(2,744,740
|
)
|
7,473,308
|
|||||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||||||
Borrowings
|
232,409
|
26,621
|
15,384
|
209,463
|
-
|
133,105
|
71,453
|
71,368
|
-
|
759,803
|
||||||||||||||||||||||||||||||
Bonds
|
-
|
-
|
25,745
|
13,422
|
-
|
-
|
-
|
-
|
-
|
39,167
|
||||||||||||||||||||||||||||||
Trade accounts payable
|
777,130
|
49,668
|
61,233
|
104,652
|
121
|
31,173
|
105,585
|
55,135
|
-
|
1,184,697
|
||||||||||||||||||||||||||||||
Accounts payable to related parties
|
179,351
|
1,933
|
46,099
|
65,256
|
58
|
35,085
|
-
|
96,706
|
(367,590
|
)
|
56,898
|
|||||||||||||||||||||||||||||
Current income tax
|
5,898
|
2,797
|
1,398
|
10,273
|
226
|
4,219
|
1,381
|
-
|
-
|
26,192
|
||||||||||||||||||||||||||||||
Other accounts payable
|
390,840
|
13,147
|
72,823
|
11,676
|
631
|
106,286
|
25,200
|
35,665
|
-
|
656,268
|
||||||||||||||||||||||||||||||
Provisions
|
521
|
5,412
|
-
|
-
|
-
|
264
|
1,093
|
-
|
-
|
7,290
|
||||||||||||||||||||||||||||||
Total current liabilities
|
1,586,149
|
99,578
|
222,682
|
414,742
|
1,036
|
310,132
|
204,712
|
258,874
|
(367,590
|
)
|
2,730,315
|
|||||||||||||||||||||||||||||
Borrowings
|
9,314
|
87,166
|
556
|
-
|
-
|
10,684
|
357
|
406,602
|
-
|
514,679
|
||||||||||||||||||||||||||||||
Long-term bonds
|
-
|
-
|
299,637
|
598,238
|
-
|
-
|
-
|
-
|
-
|
897,875
|
||||||||||||||||||||||||||||||
Other long-term accounts payable
|
357,146
|
-
|
31,477
|
189,007
|
1,656
|
26,470
|
17,793
|
2,605
|
-
|
626,154
|
||||||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
8,880
|
-
|
1,167
|
81,207
|
23,446
|
-
|
597
|
183,227
|
(276,149
|
)
|
22,375
|
|||||||||||||||||||||||||||||
Provisions
|
32,122
|
20,234
|
-
|
-
|
-
|
-
|
-
|
53,991
|
-
|
106,347
|
||||||||||||||||||||||||||||||
Derivative financial instruments
|
-
|
61
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
61
|
||||||||||||||||||||||||||||||
Deferred income tax liability
|
5,565
|
24,541
|
7,010
|
35,101
|
-
|
-
|
5,200
|
580
|
-
|
77,997
|
||||||||||||||||||||||||||||||
Total non-current liabilities
|
413,027
|
132,002
|
339,847
|
903,553
|
25,102
|
37,154
|
23,947
|
647,005
|
(276,149
|
)
|
2,245,488
|
|||||||||||||||||||||||||||||
Total liabilities
|
1,999,176
|
231,580
|
562,529
|
1,318,295
|
26,138
|
347,286
|
228,659
|
905,879
|
(643,739
|
)
|
4,975,803
|
|||||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
349,515
|
323,944
|
332,406
|
168,635
|
340
|
193,483
|
62,497
|
2,658,209
|
(1,986,539
|
)
|
2,102,490
|
|||||||||||||||||||||||||||||
Non-controlling interest
|
72,115
|
23,424
|
65,943
|
56,212
|
-
|
278,711
|
2
|
13,070
|
(114,462
|
)
|
395,015
|
|||||||||||||||||||||||||||||
Total liabilities and equity
|
2,420,806
|
578,948
|
960,878
|
1,543,142
|
26,478
|
819,480
|
291,158
|
3,577,158
|
(2,744,740
|
)
|
7,473,308
|
Operating segment performance
|
||||||||||||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||||||
Engineering and
construction
|
Energy
|
Toll roads
|
Transportation
|
Water
treatment
|
Real
estate
|
Technical
services
|
Parent Company
operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||||
Year 2017 -
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
2,331,328
|
436,876
|
642,127
|
365,771
|
3,152
|
647,535
|
284,154
|
70,049
|
(483,533
|
)
|
4,297,459
|
|||||||||||||||||||||||||||||
Gross profit (loss)
|
177,386
|
71,825
|
139,196
|
48,696
|
445
|
147,384
|
44,364
|
(37,772
|
)
|
(43,815
|
)
|
547,709
|
||||||||||||||||||||||||||||
Administrative expenses
|
(182,207
|
)
|
(15,854
|
)
|
(32,453
|
)
|
(15,279
|
)
|
(317
|
)
|
(21,189
|
)
|
(33,525
|
)
|
(100,687
|
)
|
52,248
|
(349,263
|
)
|
|||||||||||||||||||||
Other income and expenses
|
(46,446
|
)
|
5,138
|
1,061
|
5
|
-
|
(3,700
|
)
|
(834
|
)
|
10,512
|
560
|
(33,704
|
)
|
||||||||||||||||||||||||||
Gain from the sale of investments
|
-
|
-
|
-
|
-
|
-
|
49,002
|
-
|
(18,672
|
)
|
4,215
|
34,545
|
|||||||||||||||||||||||||||||
Operating profit (loss)
|
(51,267
|
)
|
61,109
|
107,804
|
33,422
|
128
|
171,497
|
10,005
|
(146,619
|
)
|
13,208
|
199,287
|
||||||||||||||||||||||||||||
Financial expenses
|
(46,655
|
)
|
(13,423
|
)
|
(6,892
|
)
|
(8,000
|
)
|
(50
|
)
|
(21,918
|
)
|
(11,726
|
)
|
(80,339
|
)
|
27,471
|
(161,532
|
)
|
|||||||||||||||||||||
Financial income
|
8,490
|
1,965
|
3,257
|
3,606
|
26
|
3,570
|
2,772
|
32,924
|
(42,603
|
)
|
14,007
|
|||||||||||||||||||||||||||||
Share of the profit or loss
|
||||||||||||||||||||||||||||||||||||||||
in associates and joint ventures under the equity
|
||||||||||||||||||||||||||||||||||||||||
method of accounting
|
30,633
|
1,584
|
-
|
-
|
-
|
455
|
-
|
142,594
|
(175,142
|
)
|
124
|
|||||||||||||||||||||||||||||
Profit (loss) before income tax
|
(58,799
|
)
|
51,235
|
104,169
|
29,028
|
104
|
153,604
|
1,051
|
(51,440
|
)
|
(177,066
|
)
|
51,886
|
|||||||||||||||||||||||||||
Income tax
|
877
|
(13,151
|
)
|
(32,290
|
)
|
(9,544
|
)
|
(228
|
)
|
(35,899
|
)
|
(269
|
)
|
44,446
|
(101
|
)
|
(46,159
|
)
|
||||||||||||||||||||||
Profit (loss) from continuing operations
|
(57,922
|
)
|
38,084
|
71,879
|
19,484
|
(124
|
)
|
117,705
|
782
|
(6,994
|
)
|
(177,167
|
)
|
5,727
|
||||||||||||||||||||||||||
Profit from discontinued operations
|
70,318
|
-
|
-
|
-
|
-
|
-
|
(26,447
|
)
|
150,111
|
9,529
|
203,511
|
|||||||||||||||||||||||||||||
Profit (loss) for the period
|
12,396
|
38,084
|
71,879
|
19,484
|
(124
|
)
|
117,705
|
(25,665
|
)
|
143,117
|
(167,638
|
)
|
209,238
|
|||||||||||||||||||||||||||
Profit (loss) attributable to:
|
||||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
12,076
|
33,714
|
55,620
|
14,613
|
(124
|
)
|
48,649
|
(18,094
|
)
|
143,278
|
(140,994
|
)
|
148,738
|
|||||||||||||||||||||||||||
Non-controlling interest
|
320
|
4,370
|
16,259
|
4,871
|
-
|
69,056
|
(7,571
|
)
|
(161
|
)
|
(26,644
|
)
|
60,500
|
|||||||||||||||||||||||||||
12,396
|
38,084
|
71,879
|
19,484
|
(124
|
)
|
117,705
|
(25,665
|
)
|
143,117
|
(167,638
|
)
|
209,238
|
Operating segment performance
|
||||||||||||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||||||
Engineering and
construction
|
Energy
|
Toll roads
|
Transportation
|
Water
treatment
|
Real
estate
|
Technical
services
|
Parent Company
operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||||||
Year 2018 -
|
||||||||||||||||||||||||||||||||||||||||
Revenue
|
1,960,863
|
560,506
|
733,149
|
586,012
|
3,270
|
630,130
|
305,502
|
62,098
|
(640,621
|
)
|
4,200,909
|
|||||||||||||||||||||||||||||
Gross profit (loss)
|
74,374
|
120,360
|
107,092
|
122,250
|
592
|
287,959
|
39,815
|
(27,853
|
)
|
(18,466
|
)
|
706,123
|
||||||||||||||||||||||||||||
Administrative expenses
|
(136,066
|
)
|
(20,898
|
)
|
(35,626
|
)
|
(12,007
|
)
|
(296
|
)
|
(50,730
|
)
|
(35,043
|
)
|
(59,804
|
)
|
42,940
|
(307,530
|
)
|
|||||||||||||||||||||
Other income and expenses
|
(12,630
|
)
|
1,243
|
(11
|
)
|
31
|
-
|
(1,971
|
)
|
(4,093
|
)
|
(40,902
|
)
|
(639
|
)
|
(58,972
|
)
|
|||||||||||||||||||||||
Gain from the sale of investments
|
-7
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(7
|
)
|
|||||||||||||||||||||||||||||
Operating profit (loss)
|
(74,329
|
)
|
100,705
|
71,455
|
110,274
|
296
|
235,258
|
679
|
(128,559
|
)
|
23,835
|
339,614
|
||||||||||||||||||||||||||||
Financial expenses
|
(78,879
|
)
|
(15,631
|
)
|
(28,762
|
)
|
(19,000
|
)
|
-
|
(14,700
|
)
|
(18,719
|
)
|
(113,674
|
)
|
38,904
|
(250,461
|
)
|
||||||||||||||||||||||
Financial income
|
15,122
|
4,593
|
4,631
|
28,222
|
559
|
6,397
|
1,064
|
38,160
|
(55,591
|
)
|
43,157
|
|||||||||||||||||||||||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
8,344
|
(8,344
|
)
|
-
|
|||||||||||||||||||||||||||||
Share of the profit or loss
|
||||||||||||||||||||||||||||||||||||||||
in associates and joint ventures under the equity
|
||||||||||||||||||||||||||||||||||||||||
method of accounting
|
11,366
|
1,608
|
-
|
-
|
-
|
(10
|
)
|
-
|
99,516
|
(116,189
|
)
|
(3,709
|
)
|
|||||||||||||||||||||||||||
(Loss)/profit before income tax
|
(126,720
|
)
|
91,275
|
47,324
|
119,496
|
855
|
226,945
|
(16,976
|
)
|
(96,213
|
)
|
(117,385
|
)
|
128,601
|
||||||||||||||||||||||||||
Income tax
|
15,888
|
(26,275
|
)
|
(15,737
|
)
|
(36,326
|
)
|
(517
|
)
|
(69,165
|
)
|
6,577
|
19,092
|
(818
|
)
|
(107,281
|
)
|
|||||||||||||||||||||||
(Loss)/Profit from continuing operations
|
(110,832
|
)
|
65,000
|
31,587
|
83,170
|
338
|
157,780
|
(10,399
|
)
|
(77,121
|
)
|
(118,203
|
)
|
21,320
|
||||||||||||||||||||||||||
Profit from discontinued operations
|
44,096
|
-
|
-
|
-
|
-
|
-
|
4,693
|
(1,085
|
)
|
(3,300
|
)
|
44,404
|
||||||||||||||||||||||||||||
(Loss)/profit for the period
|
(66,736
|
)
|
65,000
|
31,587
|
83,170
|
338
|
157,780
|
(5,706
|
)
|
(78,206
|
)
|
(121,503
|
)
|
65,724
|
||||||||||||||||||||||||||
Profit (loss) attributable to:
|
||||||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(68,520
|
)
|
59,866
|
26,732
|
62,378
|
338
|
28,921
|
1,169
|
(77,879
|
)
|
(107,227
|
)
|
(74,222
|
)
|
||||||||||||||||||||||||||
Non-controlling interest
|
1,784
|
5,134
|
4,855
|
20,792
|
-
|
128,859
|
(6,875
|
)
|
(327
|
)
|
(14,276
|
)
|
139,946
|
|||||||||||||||||||||||||||
(66,736
|
)
|
65,000
|
31,587
|
83,170
|
338
|
157,780
|
(5,706
|
)
|
(78,206
|
)
|
(121,503
|
)
|
65,724
|
At
|
At
|
|||||||
December 31,
|
December 31,
|
|||||||
2017
|
2018
|
|||||||
Cash on hand | 16,468 | 1,180 | ||||||
In-transit remittances | 2,798 | 3,566 | ||||||
Bank accounts | 493,666 | 754,705 | ||||||
Time deposits | 113,248 | 38,413 | ||||||
626,180 | 797,864 |
At
December 31,
2017
|
At
December 31,
2018
|
|||||||
Cash and cash equivalent |
626,180
|
797,864
|
||||||
Bank overdrafts (Note 12) |
(120
|
)
|
(119
|
)
|
||||
Balances of the statement of cash flows | 626,060 | 797,745 |
a)
|
Transactions with related parties -
|
At
|
At
|
|||||||
December 31,
|
December 31,
|
|||||||
Revenue from sales of goods and services:
|
2017
|
2018
|
||||||
- Associates
|
3,367
|
1,704
|
||||||
- Joint operations
|
18,138
|
56,560
|
||||||
21,505
|
58,264
|
b)
|
Balances of transactions with related parties
|
At December 31, 2017 |
At
December 31, 2018 |
|||||||||||||||
Receivable
|
Payable
|
Receivable
|
Payable
|
|||||||||||||
Current portion:
|
||||||||||||||||
Joint operations:
|
||||||||||||||||
Consorcio GyM Conciviles
|
43,435
|
-
|
1,855
|
-
|
||||||||||||
Consorcio Rio Urubamba
|
8,964
|
-
|
9,122
|
-
|
||||||||||||
Consorcio Peruano de Conservación
|
7,417
|
-
|
6,417
|
-
|
||||||||||||
Consorcio Vial Quinua
|
-
|
2,162
|
-
|
1,970
|
||||||||||||
Consorcio Italo Peruano
|
14,536
|
18,849
|
3,322
|
4,996
|
||||||||||||
Consorcio La Gloria
|
1,688
|
1,358
|
1,369
|
1,006
|
||||||||||||
Terminales del Perú
|
3,290
|
-
|
459
|
-
|
||||||||||||
Consorcio Rio Mantaro
|
1,134
|
763
|
-
|
6,655
|
||||||||||||
Consorcio Vial Sierra
|
2,355
|
1,854
|
-
|
-
|
||||||||||||
Consorcio Constructor Chavimochic
|
1,959
|
5,817
|
2,138
|
6,199
|
||||||||||||
Consorcio Energía y Vapor
|
-
|
72
|
-
|
-
|
||||||||||||
Consorcio Ermitaño
|
1,067
|
6
|
781
|
624
|
||||||||||||
Consorcio Menegua
|
39
|
-
|
38
|
-
|
||||||||||||
Consorcio para la Atención y Mant. de Ductos
|
-
|
12,074
|
-
|
-
|
||||||||||||
Consorcio Huacho Pativilca
|
-
|
2,377
|
-
|
475
|
||||||||||||
Consorcio TNT Vial y Vives - DSD Chile Ltda
|
-
|
-
|
-
|
11,804
|
||||||||||||
Other minors
|
12,182
|
6,973
|
10,660
|
8,810
|
||||||||||||
98,066
|
52,305
|
36,161
|
42,539
|
|||||||||||||
Other related parties:
|
||||||||||||||||
Gaseoducto Sur Peruano S.A
|
2,407
|
-
|
-
|
-
|
||||||||||||
Perú Piping Spools S.A.C.
|
279
|
185
|
225
|
-
|
||||||||||||
Ferrovías Argentina
|
-
|
2,684
|
-
|
10,242
|
||||||||||||
Other minors
|
-
|
-
|
-
|
4,117
|
||||||||||||
2,686
|
2,869
|
225
|
14,359
|
|||||||||||||
Current portion
|
100,752
|
55,174
|
36,386
|
56,898
|
||||||||||||
Non-current portion:
|
||||||||||||||||
Gasoducto Sur Peruano S.A
|
773,930
|
-
|
773,927
|
-
|
||||||||||||
Ferrovías Participaciones
|
-
|
21,648
|
-
|
22,375
|
||||||||||||
Other minors
|
-
|
4,306
|
4,735
|
-
|
||||||||||||
Non-current portion
|
773,930
|
25,954
|
778,662
|
22,375
|
At
|
At
|
|||||||
December 31,
|
December 31,
|
|||||||
2017
|
2018
|
|||||||
Opening balance
|
389,759
|
268,671
|
||||||
Contributions received
|
2,116
|
5,616
|
||||||
Dividends received
|
(4,017
|
)
|
(1,823
|
)
|
||||
Equity interest in results
|
1,327
|
(3,709
|
)
|
|||||
Decrease in capital
|
(111
|
)
|
(30
|
)
|
||||
Sale of Investment)
|
(120,779
|
)
|
-
|
|||||
Investment disposals
|
-
|
(10,112
|
)
|
|||||
Translation adjustment in foreign currency
|
376
|
31
|
||||||
Closing balance
|
268,671
|
258,644
|
-
|
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 S.A.C. (COGA). The selling price was agreed at US$21.5 million (equivalent to S/69.8 million), which was fully paid.
|
-
|
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.
|
-
|
The decline in Investments is due to the joint venture
Sistemas SEC S.A. from our indirect subsidiary CAM Chile SA that was sold to the ENGIE group, a French international company that operates in the fields of energy and services of various types.
|
Property,
|
||||||||
plant and
|
Intangibles
|
|||||||
equipment
|
assets
|
|||||||
Net cost at January 1, 2017
|
1,113,599
|
960,286
|
||||||
Additions
|
172,448
|
143,305
|
||||||
Subsidiary deconsolidation
|
(83,441
|
)
|
(23,666
|
)
|
||||
Transfers, disposals and adjustments
|
(39,049
|
)
|
(53,298
|
)
|
||||
Deductions for sale of assets
|
(100,338
|
)
|
-
|
|||||
Depreciation, amortization
|
(197,484
|
)
|
(86,557
|
)
|
||||
Net cost at December 31, 2017
|
865,735
|
940,070
|
||||||
Net cost at January 1, 2018
|
865,735
|
940,070
|
||||||
Additions
|
83,187
|
100,681
|
||||||
Subsidiary deconsolidation
|
(259,127
|
)
|
(51,180
|
)
|
||||
Transfers, disposals and adjustments
|
(24,154
|
)
|
(14,957
|
)
|
||||
Deductions for sale of assets
|
(38,957
|
)
|
-
|
|||||
Depreciation, amortization
|
(123,100
|
)
|
(111,075
|
)
|
||||
Net cost at December 31, 2018
|
503,584
|
866,900
|
a)
|
Property, plant and equipment
|
2017
|
2018
|
|||||||
Cost of services and goods
|
115,210
|
91,249
|
||||||
Administrative expenses
|
7,464
|
6,600
|
||||||
(+) Depreciation discontinued operation
|
77,120
|
27,570
|
||||||
Total depreciation of property, plant and equipment and investment property
|
199,794
|
125,419
|
||||||
(-) Depreciation of investment property
|
(2,310
|
)
|
(2,319
|
)
|
||||
Total depreciation of property, plant and equipment
|
197,484
|
123,100
|
b)
|
Intangible assets
|
i)
|
Goodwill
|
At
|
At | |||||||
December 31,
|
December 31, |
|||||||
2017
|
2018 | |||||||
Engineering and construction |
75,051
|
71,621
|
||||||
Electromechanical |
20,737
|
20,737
|
||||||
Telecommunications services |
6,720
|
-
|
||||||
IT equipment and services |
930
|
930
|
||||||
Mining and construction services |
13,366
|
-
|
||||||
116,804
|
93,288
|
Total
|
Total
|
Current
|
Current
|
Non-current
|
Non-current
|
|||||||||||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||||||||||||||
December 31,
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||||||||||
2017
|
2018
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||||||||
Bank overdrafts (Note 8)
|
120
|
119
|
120
|
119
|
-
|
-
|
||||||||||||||||||
Bank loans
|
1,561,634
|
1,091,127
|
990,467
|
739,710
|
571,167
|
351,417
|
||||||||||||||||||
Finance leases
|
128,309
|
37,652
|
66,177
|
17,321
|
62,132
|
20,331
|
||||||||||||||||||
Other financial entities
|
-
|
145,584
|
-
|
2,653
|
-
|
142,931
|
||||||||||||||||||
1,690,063
|
1,274,482
|
1,056,764
|
759,803
|
633,299
|
514,679
|
a)
|
Bank loans
|
Current
|
Current
|
Non-current
|
Non-current
|
|||||||||||||||||||||
At
|
At
|
At
|
At
|
|||||||||||||||||||||
Interest
|
Date of
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||||||||||
rate
|
maturity
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||||||||
Graña y Montero S.A.A.
|
Libor USD 3M + de 4.9% a 5.5
|
% |
2018 / 2020
|
113,412
|
68,712
|
363,564
|
263,671
|
|||||||||||||||||
GyM S.A.
|
1.60% / 8.73
|
%
|
2018 / 2019
|
551,413
|
227,770
|
95,376
|
-
|
|||||||||||||||||
GyM Ferrovías
|
Libor USD 1M + de 2
|
% |
2019
|
-
|
209,463
|
-
|
-
|
|||||||||||||||||
Viva GyM S.A.
|
7.00% / 12.00
|
%
|
2018 / 2020
|
157,592
|
129,617
|
-
|
2,102
|
|||||||||||||||||
CAM Holding S.A.
|
4.68% / 13.76
|
%
|
2018
|
77,775
|
-
|
12,807
|
-
|
|||||||||||||||||
Adexus S.A.
|
5.90
|
%
|
2018 / 2019
|
46,552
|
67,646
|
3,175
|
-
|
|||||||||||||||||
GMP S.A.
|
4.55% / 6.04
|
%
|
2018 / 2020
|
42,911
|
22,587
|
96,245
|
85,644
|
|||||||||||||||||
CONCAR S.A.
|
6.50% / 17.75
|
%
|
2019
|
812
|
13,915
|
-
|
-
|
|||||||||||||||||
990,467
|
739,710
|
571,167
|
351,417
|
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,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||||
2017
|
2018
|
2017
|
2018
|
|||||||||||||
Bank overdrafts
|
120
|
119
|
120
|
119
|
||||||||||||
Bank loans
|
1,561,634
|
1,091,127
|
1,627,000
|
1,211,272
|
||||||||||||
Finance leases
|
128,309
|
37,652
|
141,040
|
51,750
|
||||||||||||
Other financial entities
|
-
|
145,584
|
-
|
145,584
|
||||||||||||
1,690,063
|
1,274,482
|
1,768,160
|
1,408,725
|
Total | Current |
Non-current |
||||||||||||||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||||||||||||||
December 31,
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||||||||||
2017
|
2018
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||||||||
GyM Ferrovías
|
603,657
|
611,660
|
12,294
|
13,422
|
591,363
|
598,238
|
||||||||||||||||||
Norvial
|
343,910
|
325,382
|
24,361
|
25,745
|
319,549
|
299,637
|
||||||||||||||||||
947,567
|
937,042
|
36,655
|
39,167
|
910,912
|
897,875
|
a)
|
GyM Ferrovías S.A. |
2017
|
2018
|
|||||||
Balance at January, 1
|
604,031
|
603,657
|
||||||
Amortization
|
(19,141
|
)
|
(10,178
|
)
|
||||
Accrued interest
|
49,132
|
48,130
|
||||||
Interest paid
|
(30,365
|
)
|
(29,949
|
)
|
||||
Balance at December, 31
|
603,657
|
611,660
|
-
|
Debt service coverage ratio not less than 1.2 times.
|
-
|
Maintain a constant balance in the minimum trust equal to one quarter of operation and maintenance costs (including the IGV).
|
-
|
Maintain a constant balance in the minimum trust equal to the following two coupons according to the bond schedule.
|
b)
|
Norvial S.A. |
2017
|
2018
|
|||||||
Balance at January, 1
|
363,684
|
343,910
|
||||||
Amortization
|
(20,010
|
)
|
(18,736
|
)
|
||||
Accrued interest
|
2,987
|
24,170
|
||||||
Capitalized interest
|
26,011
|
3,361
|
||||||
Interest paid
|
(28,762
|
)
|
(27,323
|
)
|
||||
Balance at December, 31
|
343,910
|
325,382
|
-
|
Debt service coverage ratio of not less than 1.3 times.
|
-
|
Proforma gearing ratio lower than 4 times.
|
At
|
At
|
|||||||
December 31,
|
December 31,
|
|||||||
2017
|
2018
|
|||||||
Current portion
|
13,503
|
7,290
|
||||||
Non-current portion
|
33,914
|
106,347
|
||||||
47,417
|
113,637
|
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
|
9,510
|
-
|
-
|
9,510
|
||||||||||||
Reversals of provisions
|
(235
|
)
|
(809
|
)
|
(412
|
)
|
(1,456
|
)
|
||||||||
Payments
|
(1,680
|
)
|
-
|
-
|
(1,680
|
)
|
||||||||||
Translation adjustments
|
37
|
(67
|
)
|
-
|
(30
|
)
|
||||||||||
At December 31, 2017
|
23,364
|
7,249
|
16,804
|
47,417
|
||||||||||||
At January 1, 2018
|
23,364
|
7,249
|
16,804
|
47,417
|
||||||||||||
Additions
|
75,369
|
-
|
3,578
|
78,947
|
||||||||||||
Reversals of provisions
|
(2,984
|
)
|
(298
|
)
|
-
|
(3,282
|
)
|
|||||||||
Deconsolidation of subsidiaries
|
(2,340
|
)
|
-
|
-
|
(2,340
|
)
|
||||||||||
Payments
|
(6,644
|
)
|
-
|
-
|
(6,644
|
)
|
||||||||||
Translation adjustments
|
(174
|
)
|
(288
|
)
|
-
|
(462
|
)
|
|||||||||
At December 31, 2018
|
86,592
|
6,663
|
20,382
|
113,637
|
Cost of
|
||||||||
goods
|
Administrative
|
|||||||
At December 31, 2017
|
and services
|
expenses
|
||||||
Salaries, wages and fringe benefits
|
1,004,657
|
149,866
|
||||||
Services provided by third-parties
|
1,317,548
|
111,647
|
||||||
Purchase of goods
|
943,349
|
74
|
||||||
Other management charges
|
233,741
|
48,537
|
||||||
Depreciation
|
115,210
|
7,464
|
||||||
Amortization of intangibles
|
71,493
|
5,427
|
||||||
Taxes
|
7,486
|
7,822
|
||||||
Impairment of inventories
|
40,908
|
18,406
|
||||||
Impairment of accounts receivable
|
698
|
-
|
||||||
Impairment of property, plant and equipment
|
14,660
|
20
|
||||||
3,749,750
|
349,263
|
|||||||
At December 31, 2018
|
||||||||
Salaries, wages and fringe benefits
|
901,167
|
127,015
|
||||||
Services provided by third-parties
|
1,139,615
|
102,376
|
||||||
Purchase of goods
|
698,681
|
-
|
||||||
Other management charges
|
375,169
|
43,533
|
||||||
Depreciation
|
91,249
|
6,601
|
||||||
Amortization of intangibles
|
100,381
|
7,293
|
||||||
Exploration expenses
|
4,126
|
-
|
||||||
Taxes
|
12,478
|
1,294
|
||||||
Deterioration
|
11,811
|
-
|
||||||
Variation of existences
|
164,234
|
19,418
|
||||||
3,494,785
|
307,530
|
a)
|
Tax contingencies
|
b)
|
Other contingencies
|
i)
|
Civil lawsuits, mainly related to compensation for damages, contract resolutions and claims for work accidents amounting to
S/0.36 million (S/0.30 million correspond to GyM, and S/0.06 million correspond to Morelco).
|
ii)
|
Litigation proceedings amounting to S / 13.41 million (S / 9.64 million correspond to Consorcio Terminales and GMP, S / 2.67
correspond to GyM, S / 1.08 correspond to GyM Ferrovías, and the remaining S / 0.02 million correspond to Lomas - Real Estate).
|
iii)
|
Administrative processes amounting to S / 13.21 million (S / 8.13 million correspond to the Ductos del Sur Constructor
Consortium, S / 1.25 million correspond to Graña y Montero SAA, S / 2.13 million correspond to GyM Ferrovías, S / 0.85 million correspond to Viva GyM, and the remaining S / 0.85 million correspond to GMP, Terminales del Perú, Toromocho
Consortium and Canchaque Concession).
|
iv)
|
Labor processes amounting to S / 12.06 million (S /. 9.74 million correspond to GyM, its subsidiaries and consortiums, S / 0.69
million correspond to GMP, S / .33 million correspond to Vial y Vives - DSD, S /. 0.22 million correspond to Morelco, S / 0.50 million corresponds to
the Huacho-Pativilca Consortium); and, S / 0.58 million correspond to Servisel.
|
v)
|
Two class actions have been filed ("securities class action") against the company and certain of our former employees in
New York ("Eastern District of New York") during the first quarter of 2017. In both actions it is alleged that tendentious and false financial statements ("false and misleading statements") were presented during the period. In
particular, it is alleged that the defendant did not disclose, among other things, that: a) the Company knew that its Odebrecht partner was involved in illegal activities; and that, b) the Company profited from such activities in
violation of its own standards of corporate governance. All the parties have agreed to consolidate the legal action and appoint a single claimant, whose board will control this class action. On March 6, 2018, the Tribunal has appointed
Treasure Finance Holding Corp. as representative of the plaintiffs. The company submited an exception, in which the Court will be required to declare the claim to be inadmissible because even assuming that the facts alleged in it were
true, the plaintiffs would not have the right to sue. base that: (a) the omission to record the alleged illicit payments alleged by the plaintiffs would not have a significant impact on the company's financial statements even if they
existed; (b) the evidence offered by the plaintiffs should be dismissed by the Court; and (c) the plaintiffs have not alleged that the defendants acted with intent to deceive and to benefit. The procedural incident is expected to be
resolved in 2019. After this, the Court could dismiss the claim or admit it. Management considers that the claim will probably be dismissed by the corresponding courts for deficiency in the filing of the claim. Therefore, we are of the
opinion that the risk of significant losses for the Company is not probable at this date.
|
c)
|
Performance Bonds and Guarantees
|
a)
|
CAM Servicios del Perú S.A. y CAM Chile S.A.
|
GRUPO CAM
|
||||||||
(Net of intercompany transactions)
|
||||||||
From January 1 to November 30, 2018
|
||||||||
CAM SERVICIOS
|
CAM CHILE SPA
|
|||||||
DEL PERU
|
||||||||
Revenue
|
139,088
|
636,032
|
||||||
Operating costs
|
(139,836
|
)
|
(656,513
|
)
|
||||
Finance costs, net
|
(1,630
|
)
|
(14,894
|
)
|
||||
Operating loss from discontinued activities before taxation
|
(2,378
|
)
|
(35,375
|
)
|
||||
Income tax expense
|
399
|
13,240
|
||||||
Loss from discontinued ordinary activities after taxation
|
(1,979
|
)
|
(22,135
|
)
|
||||
Loss from discontinued activities attributable to owners of the Company
|
(1,448
|
)
|
(16,194
|
)
|
||||
Details of the sale of the subsidiary
|
||||||||
Revenues from the sale of investments
|
10,367
|
51,668
|
||||||
Cost from the sale of investments
|
(13,080
|
)
|
(17,208
|
)
|
||||
Income tax expense on gain
|
1,628
|
(4,144
|
)
|
|||||
(Loss) Gain on sale after income tax
|
(1,085
|
)
|
30,316
|
b)
|
STRACON GyM S.A.
|
STRACON GyM S.A.
|
||||
(net of intercompany transactions)
|
||||
2018
|
||||
From January 1
|
||||
to March 31,
|
||||
Revenue
|
235,619
|
|||
Operating costs
|
(223,306
|
)
|
||
Finance costs, net
|
2,806
|
|||
Operating profit from discontinued activities before taxation
|
15,119
|
|||
Income tax expense
|
(6,527
|
)
|
||
Profit from discontinued ordinary activities after taxation
|
8,592
|
|||
Profit from discontinued activities attributable to owners of the Company
|
7,525
|
|||
Details of the sale of the subsidiary
|
||||
Revenues from the sale of investments
|
248,820
|
|||
Cost from the sale of investments
|
(206,925
|
)
|
||
Income tax expense on gain
|
(6,390
|
) |
||
Gain on sale after income tax
|
35,504
|
c)
|
GMD S.A.
|
GMD S.A.
|
||||
(Net of intercompany transactions)
|
||||
2017
|
||||
From January 1
|
||||
to May 31,
|
||||
Revenue
|
111,950
|
|||
Operating costs
|
(104,600
|
)
|
||
Finance costs, net
|
(2,617
|
)
|
||
Income tax expense
|
4,733
|
|||
Profit from discontinued ordinary activities after taxation
|
(1,171
|
)
|
||
3,562
|
||||
Profit from discontinued activities attributable to owners of the Company
|
3,179
|
|||
Details of the sale of the subsidiary
|
||||
Revenues from the sale of investments
|
269,961
|
|||
Cost from the sale of investments
|
(55,913
|
)
|
||
Income tax expense on gain
|
(63,939
|
)
|
||
Gain on sale after income tax
|
150,109
|