CONTENTS
|
Page
|
Report of Independent Registered Public Accounting Firm
|
1-2
|
Consolidated Statement of Financial Position
|
3 |
Consolidated Statement of Income
|
4
|
Consolidated Statement of Comprehensive Income
|
5
|
Consolidated Statement of Changes in Equity
|
6
|
Consolidated Statement of Cash Flows
|
7
|
Notes to the Consolidated Financial Statements
|
8 – 101
|
(All amounts expressed in thousands of S/. unless otherwise stated)
To the Shareholders and Members of the Board of Directors of
Graña y Montero S.A.A.
We have audited the accompanying consolidated financial statements of Graña and Montero S.A.A. and Subsidiaries, which comprise the consolidated statement of financial position as of December 31, 2018 and 2017, the consolidated statement of income, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the years ended on those dates, and a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards – IFRS, issued by the International Accounting Standards Board (IASB). This responsibility includes design, implement and maintain the internal control that Management determines is necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error, as well as select and apply the appropriate accounting policies; and make reasonable accounting estimates according to the circumstances.
Auditor's Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted out audit in accordance with International Auditing Standards - ISAs - published by the International Auditing and Assurance Standards Board - IAASB - and approved for application in Peru by the Board of Deans of Public Accountants of Peru. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of risk of material misstatement of the consolidated financial statements whether due to fraud or error. In making those risk assessments, the auditor takes into consideration the Company's relevant internal control in the preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating whether the accounting policies applied are appropriate and whether the accounting estimates made by management are reasonable, as well as an evaluating of the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
(All amounts expressed in thousands of S/ unless otherwise stated)
Opinion
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial situation of Graña y Montero S.A.A. and Subsidiaries as of December 31, 2018 and 2017, as well as their financial performance and cash flows for the years ended on those dates, in accordance with International Financial Reporting Standards – IFRS, issued by the International Accounting Standards Board (IASB).
Emphasis of Certain Matters
As discussed in Note 1 to the financial statements, the Company has been included as third party responsible in the investigations in connection with the IIRSA Project and GyM S.A. (subsidiary of the Company) has been included as third party responsible in the IIRSA Project, the Electric Train and the Constructor´s Club. The Note also states that GyM S.A. is being investigated by a Peruvian regulatory entity for the existence of an alleged cartel called the Constructors’ Club. The Company´s Management does not rule out the possibility of finding adverse evidence, nor rules out that authorities or third parties will find adverse evidence not currently known, during the investigations being conducted. As at December 31, 2018 the Company has recorded the amount of S/73.5 million as a provision of the possible contingencies related to the cases described previously. We are not able to anticipate the final result of these investigations and the possible contingencies which may arise.
Lima, Perú
March 7, 2019
Countersigned by:
Jaime E. Vizcarra Moscoso |
Peruvian Public Accountant
|
Registration No. 06847
|
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
|
||||||||||||
As at
|
As at
|
|||||||||||
December 31,
|
December 31,
|
|||||||||||
Note
|
2017
|
2018
|
||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
9
|
626,180
|
801,140
|
|||||||||
Financial asset at fair value through profit or loss
|
181
|
-
|
||||||||||
Trade accounts receivables, net
|
10
|
1,515,673
|
1,007,828
|
|||||||||
Work in progress, net
|
11
|
61,804
|
28,538
|
|||||||||
Accounts receivable from related parties
|
12
|
100,752
|
34,903
|
|||||||||
Other accounts receivable
|
13
|
765,445
|
588,451
|
|||||||||
Inventories, net
|
14
|
770,711
|
514,047
|
|||||||||
Prepaid expenses
|
33,478
|
10,549
|
||||||||||
3,874,224
|
2,985,456
|
|||||||||||
Non-current assets classified as held for sale
|
36
|
17,722
|
247,798
|
|||||||||
Total current assets
|
3,891,946
|
3,233,254
|
||||||||||
Non-current assets
|
||||||||||||
Long-term trade accounts receivable, net
|
10
|
907,587
|
1,020,067
|
|||||||||
Long-term work in progress, net
|
11
|
28,413
|
32,212
|
|||||||||
Long-term accounts receivable from related parties
|
12
|
773,930
|
778,226
|
|||||||||
Prepaid expenses
|
38,082
|
33,697
|
||||||||||
Other long-term accounts receivable
|
13
|
470,852
|
302,957
|
|||||||||
Investments in associates and joint ventures
|
15
|
268,671
|
257,765
|
|||||||||
Investment property
|
45,687
|
29,133
|
||||||||||
Property, plant and equipment, net
|
16
|
865,735
|
470,554
|
|||||||||
Intangible assets, net
|
17
|
940,070
|
847,095
|
|||||||||
Deferred income tax asset
|
24
|
436,697
|
425,436
|
|||||||||
Total non-current assets
|
4,775,724
|
4,197,142
|
||||||||||
Total assets
|
8,667,670
|
7,430,396
|
||||||||||
The accompanying notes on pages 9 to 104 are an integral part of the consolidated financial statements.
|
LIABILITIES AND EQUITY
|
||||||||||||
As at
|
As at
|
|||||||||||
December 31,
|
December 31,
|
|||||||||||
Nota
|
2017
|
2018
|
||||||||||
Current liabilities
|
||||||||||||
Borrowings
|
18
|
1,056,764
|
826,474
|
|||||||||
Bonds
|
19
|
36,655
|
39,167
|
|||||||||
Trade accounts payable
|
20
|
1,453,046
|
1,079,531
|
|||||||||
Accounts payable to related parties
|
12
|
55,174
|
55,941
|
|||||||||
Current income tax
|
85,543
|
25,807
|
||||||||||
Other accounts payable
|
21
|
848,500
|
632,669
|
|||||||||
Provisions
|
22
|
13,503
|
6,197
|
|||||||||
Total current liabilities
|
3,549,185
|
2,665,786
|
||||||||||
Non-current liabilities classified as held for sale
|
36
|
-
|
225,828
|
|||||||||
Total current liabilities
|
3,549,185
|
2,891,614
|
||||||||||
Non-current liabilities
|
||||||||||||
Borrowings
|
18
|
633,299
|
376,198
|
|||||||||
Long-term bonds
|
19
|
910,912
|
897,875
|
|||||||||
Other long-term accounts payable
|
21
|
852,473
|
574,110
|
|||||||||
Long-term accounts payable to related parties
|
12
|
25,954
|
21,849
|
|||||||||
Provisions
|
22
|
33,914
|
103,411
|
|||||||||
Derivative financial instruments
|
383
|
61
|
||||||||||
Deferred income tax liability
|
24
|
72,472
|
75,347
|
|||||||||
Total non-current liabilities
|
2,529,407
|
2,048,851
|
||||||||||
Total liabilities
|
6,078,592
|
4,940,465
|
||||||||||
Equity
|
23
|
|||||||||||
Capital
|
660,054
|
729,434
|
||||||||||
Legal reserve
|
132,011
|
132,011
|
||||||||||
Voluntary reserve
|
29,974
|
29,974
|
||||||||||
Share Premium
|
881,795
|
992,144
|
||||||||||
Other reserves
|
(169,671
|
)
|
(170,620
|
)
|
||||||||
Retained earnings
|
589,167
|
375,417
|
||||||||||
Equity attributable to controlling interest in the Company
|
2,123,330
|
2,088,360
|
||||||||||
Non-controlling interest
|
465,748
|
401,571
|
||||||||||
Total equity
|
2,589,078
|
2,489,931
|
||||||||||
Total liabilities and equity
|
8,667,670
|
7,430,396
|
||||||||||
|
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||||||||
CONSOLIDATED STATEMENT OF INCOME
|
||||||||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
||||||||||||
For the year | ||||||||||||
ended December 31, | ||||||||||||
Note
|
2017
|
2018
|
||||||||||
Revenues from construction activities
|
2,214,108
|
1,961,100
|
||||||||||
Revenues from services provided
|
956,300
|
1,003,623
|
||||||||||
Revenue from real estate and sale of goods
|
843,605
|
934,739
|
||||||||||
4,014,013
|
3,899,462
|
|||||||||||
Cost of construction activities
|
(2,107,206
|
)
|
(1,921,112
|
)
|
||||||||
Cost of services provided
|
(770,792
|
)
|
(741,172
|
)
|
||||||||
Cost of real estate and goods sold
|
(633,563
|
)
|
(562,689
|
)
|
||||||||
26
|
(3,511,561
|
)
|
(3,224,973
|
)
|
||||||||
Gross profit
|
502,452
|
674,489
|
||||||||||
Administrative expenses
|
26
|
(322,454
|
)
|
(278,433
|
)
|
|||||||
Other income and expenses
|
28
|
(32,869
|
)
|
(61,335
|
)
|
|||||||
Gain from the sale of investments
|
34,545
|
(7
|
)
|
|||||||||
Operating profit
|
181,674
|
334,714
|
||||||||||
Financial expenses
|
27
|
(150,777
|
)
|
(247,982
|
)
|
|||||||
Financial income
|
27
|
13,742
|
50,925
|
|||||||||
Share of the profit or loss in associates and joint
|
||||||||||||
ventures under the equity method of accounting
|
473
|
(3,709
|
)
|
|||||||||
Profit before income tax
|
45,112
|
133,948
|
||||||||||
Income tax
|
29
|
(46,305
|
)
|
(113,318
|
)
|
|||||||
Profit (loss) for the year from continuing operations
|
(1,193
|
)
|
20,630
|
|||||||||
Profit for the year from discontinued operations
|
36
|
210,431
|
36,785
|
|||||||||
Profit (loss) for the year
|
209,238
|
57,415
|
||||||||||
Profit (loss) attributable to:
|
||||||||||||
Owners of the Company
|
148,738
|
(83,188
|
)
|
|||||||||
Non-controlling interest
|
60,500
|
140,603
|
||||||||||
209,238
|
57,415
|
|||||||||||
Earnings (loss) per share from continuing operations
|
||||||||||||
attributable to owners of the Company during
|
||||||||||||
the year
|
0.225
|
(0.125
|
)
|
|||||||||
The accompanying notes on pages 9 to 104 are an integral part of the consolidated financial statements.
|
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
||||||||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
||||||||||||
For the year
|
||||||||||||
ended December 31,
|
||||||||||||
Note
|
2017
|
2018
|
||||||||||
Profit for the year
|
209,238
|
57,415
|
||||||||||
Other comprehensive income:
|
||||||||||||
Items that will not be reclassified to profit or loss
|
||||||||||||
Remeasurement of actuarial gains and losses, net of tax
|
30
|
(4,031
|
)
|
16,589
|
||||||||
Items that may be subsequently reclassified to profit or loss
|
||||||||||||
Cash flow hedge, net of tax
|
30
|
482
|
119
|
|||||||||
Foreign currency translation adjustment, net of tax
|
30
|
(11,341
|
)
|
5,733
|
||||||||
Exchange difference from net investment in a foreign operation, net of tax
|
30
|
6,610
|
(8,147
|
)
|
||||||||
(4,249
|
)
|
(2,295
|
)
|
|||||||||
Other comprenhensive income for the year, net of tax
|
(8,280
|
)
|
14,294
|
|||||||||
Total comprehensive income for the year
|
200,958
|
71,709
|
||||||||||
Comprehensive income attributable to:
|
||||||||||||
Owners of the Company
|
143,575
|
(67,548
|
)
|
|||||||||
Non-controlling interest
|
57,383
|
139,257
|
||||||||||
200,958
|
71,709
|
|||||||||||
Comprehensive income attributable to owners of the Company:
|
||||||||||||
Continuing operations
|
140,279
|
(98,942
|
)
|
|||||||||
Discontinued operations
|
(1,036
|
)
|
31,394
|
|||||||||
143,575
|
(67,548
|
)
|
||||||||||
The accompanying notes on pages 9 to 104 are an integral part of the consolidated financial statements.
|
||||||||||||
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 year
|
-
|
-
|
-
|
-
|
-
|
-
|
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 year
|
-
|
-
|
-
|
-
|
-
|
(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
|
|||||||||||||||||||||||||||||
- IFRS adoption
|
-
|
-
|
-
|
-
|
-
|
-
|
(52,564
|
)
|
(52,564
|
)
|
(979
|
)
|
(53,543
|
)
|
||||||||||||||||||||||||||
Initial balances restated
|
660,054
|
660,054
|
132,011
|
29,974
|
881,795
|
(169,671
|
)
|
536,603
|
2,070,766
|
464,769
|
2,535,535
|
|||||||||||||||||||||||||||||
(Loss)/Profit for the year
|
-
|
-
|
-
|
-
|
-
|
-
|
(83,188
|
)
|
(83,188
|
)
|
140,603
|
57,415
|
||||||||||||||||||||||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
113
|
-
|
113
|
6
|
119
|
||||||||||||||||||||||||||||||
Adjustment for actuarial gains and losses
|
-
|
-
|
-
|
-
|
-
|
-
|
16,589
|
16,589
|
-
|
16,589
|
||||||||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
6,930
|
-
|
6,930
|
(1,197
|
)
|
5,733
|
|||||||||||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
(7,992
|
)
|
-
|
(7,992
|
)
|
(155
|
)
|
(8,147
|
)
|
||||||||||||||||||||||||||
Comprehensive income of the year
|
-
|
-
|
-
|
-
|
-
|
(949
|
)
|
(66,599
|
)
|
(67,548
|
)
|
139,257
|
71,709
|
|||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(102,772
|
)
|
(102,772
|
)
|
||||||||||||||||||||||||||||
- Contributions (devolution) of non-controlling shareholders, net
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(84,442
|
)
|
(84,442
|
)
|
||||||||||||||||||||||||||||
- Additional acquisition of non-controlling
|
-
|
-
|
-
|
-
|
(9,583
|
)
|
-
|
-
|
(9,583
|
)
|
(4,050
|
)
|
(13,633
|
)
|
||||||||||||||||||||||||||
- Capital Increase
|
69,380
|
69,380
|
-
|
-
|
68,223
|
-
|
-
|
137,603
|
-
|
137,603
|
||||||||||||||||||||||||||||||
- Deconsolidation CAM Group
|
-
|
-
|
-
|
-
|
-
|
-
|
(42,878
|
)
|
(42,878
|
)
|
18,221
|
(24,657
|
)
|
|||||||||||||||||||||||||||
- Deconsolidation Stracon GyM
|
-
|
-
|
-
|
-
|
51,709
|
-
|
(51,709
|
)
|
-
|
(29,412
|
)
|
(29,412
|
)
|
|||||||||||||||||||||||||||
Total transactions with shareholders
|
69,380
|
69,380
|
-
|
-
|
110,349
|
-
|
(94,587
|
)
|
85,142
|
(202,455
|
)
|
(117,313
|
)
|
|||||||||||||||||||||||||||
Balances as of December 31, 2018
|
729,434
|
729,434
|
132,011
|
29,974
|
992,144
|
(170,620
|
)
|
375,417
|
2,088,360
|
401,571
|
2,489,931
|
|||||||||||||||||||||||||||||
The accompanying notes on pages 9 to 104 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 year
|
||||||||||||
ended December 31,
|
||||||||||||
Note
|
2017
|
2018
|
||||||||||
OPERATING ACTIVITIES
|
||||||||||||
Loss before income tax
|
255,543
|
170,733
|
||||||||||
Adjustments to profit not affecting cash flows from
|
||||||||||||
operating activities:
|
||||||||||||
Depreciation
|
26
|
199,794
|
125,419
|
|||||||||
Amortization of other assets
|
26
|
86,557
|
112,072
|
|||||||||
Impairment of inventories
|
26
|
40,908
|
-
|
|||||||||
Impairment of accounts receivable and other accounts receivable
|
26
|
19,109
|
65,076
|
|||||||||
Reversal of inventories
|
26
|
-
|
(26,993
|
)
|
||||||||
Impairment of property, plant and equipment
|
26
|
14,680
|
5,664
|
|||||||||
Impairment of intangible assets
|
28
|
49,609
|
-
|
|||||||||
Indemnification
|
3,220
|
686
|
||||||||||
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
|
)
|
(6,122
|
)
|
||||||||
Other Provisions
|
22
|
9,510
|
75,369
|
|||||||||
Financial expense,net
|
138,016
|
177,649
|
||||||||||
Share of the profit and loss in associates and joint ventures
|
||||||||||||
under the equity method of accounting
|
15 a) b
|
)
|
(1,327
|
)
|
3,709
|
|||||||
Reversal of provisions
|
22
|
(1,044
|
)
|
(6,218
|
)
|
|||||||
Disposal of assets
|
5,438
|
16,327
|
||||||||||
Disposal of investments at fair value through profit or loss
|
106
|
-
|
||||||||||
(Profit) loss on sale of property, plant and equipment
|
16
|
(26,883
|
)
|
7,105
|
||||||||
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
|
25,110
|
||||||||||
Net variations in
assets and liabilities:
|
||||||||||||
Trade accounts receivable and unbilled working in progress
|
(213,126
|
)
|
(236,011
|
)
|
||||||||
Other accounts receivable
|
33,196
|
190,354
|
||||||||||
Other accounts receivable from related parties
|
(245,688
|
)
|
24,609
|
|||||||||
Inventories
|
279,867
|
200,575
|
||||||||||
Pre-paid expenses and other assets
|
(6,494
|
)
|
18,309
|
|||||||||
Trade accounts payable
|
463,401
|
10,917
|
||||||||||
Other accounts payable
|
49,319
|
(311,848
|
)
|
|||||||||
Other accounts payable to related parties
|
(66,819
|
)
|
92,613
|
|||||||||
Other provisions
|
(1,680
|
)
|
(6,615
|
)
|
||||||||
Interest payment
|
(173,662
|
)
|
(188,704
|
)
|
||||||||
Payments for purchases of intangibles - Concessions
|
(20,178
|
)
|
(10,305
|
)
|
||||||||
Payment of income tax
|
(144,545
|
)
|
(178,094
|
)
|
||||||||
Net cash provided by operating activities
|
491,164
|
279,273
|
||||||||||
INVESTING ACTIVITIES
|
||||||||||||
Sale of investment
|
391,786
|
222,971
|
||||||||||
Sale of property, plant and equipment
|
127,221
|
31,852
|
||||||||||
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
|
36,508
|
||||||||||
Dividends received
|
15 b
|
)-33
|
3,758
|
1,823
|
||||||||
Payment for purchase of investments properties
|
(1,183
|
)
|
(209
|
)
|
||||||||
Payments for intangible purchase
|
(97,112
|
)
|
(86,799
|
)
|
||||||||
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
|
)
|
(80,765
|
)
|
||||||||
Net cash provided by investing activities
|
348,870
|
137,855
|
||||||||||
FINANCING ACTIVITIES
|
||||||||||||
Loans received
|
1,406,717
|
1,018,624
|
||||||||||
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
|
)
|
(102,772
|
)
|
||||||||
Cash received (return of contributions) from non-controlling shareholders
|
(33,197
|
)
|
(59,053
|
)
|
||||||||
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
|
)
|
(300,043
|
)
|
||||||||
Net increase (net decrease) in cash
|
53,977
|
117,085
|
||||||||||
Exchange difference
|
(34,867
|
)
|
57,756
|
|||||||||
Cash and cash equivalents at the beginning of the year
|
606,950
|
626,180
|
||||||||||
Cash and cash equivalents at the end of the year
|
626,060
|
801,021
|
||||||||||
NON-CASH TRANSACTIONS:
|
||||||||||||
Interest 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
|
-
|
||||||||||
The accompanying notes on pages 9 to 104 are an integral part of the consolidated financial statements.
|
1
|
GENERAL INFORMATION
|
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 Construction Club
|
3)
|
Independent Investigation related to businesses with Odebrecht Group.
|
4)
|
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 Government;
|
•
|
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.
|
2
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
2.1
|
Basis of preparation
|
2.2
|
Consolidation of financial statements
|
a)
|
Subsidiaries
|
e)
|
Associates
|
2.3
|
Segment reporting
|
2.4
|
Foreign currency translation
|
a)
|
Functional and presentation currency
|
b)
|
Transactions and balances
|
c)
|
Group companies
|
i)
|
Assets and liabilities for each statement of financial position are translated using the closing exchange rate prevailing at the
date of the consolidated statement of financial position;
|
ii)
|
income and expenses for each income statement are translated at the average exchange rate (unless this average is not a
reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated using the exchange rate on the date of the transaction);
|
iii)
|
capital is translated by using the historical exchange rate for each capital contribution made; and
|
iv)
|
all exchange differences are recognized as separate components in other comprehensive income (loss), within foreign currency
translations adjustment.
|
2.5
|
Public services concession agreements
|
a)
|
It is recognized a financial asset to the extent that it has a contractual right to receive cash or other financial assets either
because the Government secures the payment of specified or determinable amounts or because the Government will cover any difference arising from the amounts actually received from public service users in relation with the specified or
determinable amounts. These financial assets are recognized initially at fair value and subsequently at amortized cost (the financial model).
|
b)
|
It is recognized an intangible asset to the extent that the service agreement grants the Group a contractual right to charge
users of the public service. The resulting intangible asset is measured at cost and is amortized as described in Note 2.15 (intangible asset model).
|
c)
|
It is recognized a financial asset and an intangible asset when the Group recovers its investment partially by a financial asset
and partially by an intangible asset (bifurcated model).
|
2.6
|
Cash and cash equivalents
|
2.7
|
Financial assets
|
2.7.1
|
Classification and measurement
|
a)
|
Amortized cost
|
i)
|
The financial asset is held within a business model with the objective of maintaining the financial assets to
obtain the contractual cash flows; and
|
ii)
|
The contractual terms of the financial asset generate cash flows, on specific dates, that are only payments
of the principal and interest on the amount of the outstanding principal.
|
b)
|
Financial assets at fair value through other comprehensive results
|
i)
|
keep them within a business model whose objective is achieved by obtaining contractual cash flows and selling
financial assets; and
|
ii)
|
the contractual terms of the financial asset give rise, on specific dates, to cash flows that are only
payments of the principal and interest on the outstanding principal amount.
|
c)
|
Financial assets at fair value through profit or loss
|
2.7.2
|
Derecognition of financial assets
|
2.8
|
Impairment of financial assets
|
2.9
|
Derivative financial instruments and hedging activities
|
2.10
|
Trade accounts receivables
|
2.11
|
Work in progress
|
2.12
|
Inventories
|
a)
|
Real estate activity
|
b)
|
Exploration and Extraction Activities
|
c)
|
Other activities
|
2.13
|
Investment property
|
2.14
|
Property, plant and equipment
|
|
Years |
Buildings and facilities
|
Between 3 and 33 |
Machinery and equipment | Between 4 and 10 |
Vehicles |
Between 2 and 10 |
Furniture and fixtures | Between 2 and 10 |
Other equipment | Between 2 and 10 |
2.15
|
Intangible assets
|
-
|
It is technically feasible to complete the software product so that it will be available for use;
|
-
|
management intends to complete the software product and use or sell it;
|
-
|
there is ability to use or sell the software product;
|
-
|
it can be demonstrated how the software product will probably generate future economic benefits;
|
-
|
technical, financial and other resources are available to complete the development and to use or sell the software product; and
|
-
|
expenses incurred during its development can be reliably measured.
|
vii)
|
Land use rights
|
2.16
|
Impairment of non-financial assets
|
2.17
|
Financial liabilities
|
2.18
|
Trade accounts payable
|
2.19
|
Other financial liabilities
|
2.20
|
Borrowing costs
|
2.21
|
Current and deferred income tax
|
2.22
|
Employee benefits
|
2.23
|
Provisions
|
a)
|
General
|
b)
|
Provision for the closure of production wells
|
2.24
|
Put option arrangement
|
2.25
|
Capital
|
2.26
|
Revenue recognition from contracts with customers
|
i)
|
Engineering and construction
|
iii)
|
Infrastructure
|
2.27
|
Recognition of cost and expenses
|
2.28
|
Leases
|
a)
|
The Group as a lessee
|
b)
|
Group as a lessor
|
2.29
|
Dividend distribution
|
2.30
|
Significant non-operating items
|
2.31
|
Reclassified Discontinued Operations from 2017
|
Reclassification | ||||||||||||||||
discontinued operations | ||||||||||||||||
2017 | Completed | Planned | 2017 | |||||||||||||
Reclassified | ||||||||||||||||
Ordinary activities income | 6,080,142 | (1,782,105 | ) | (284,024 | ) | 4,014,013 | ||||||||||
Costs of orinary activities | (5,407,355 | ) | 1,656,114 | 239,680 | (3,511,561 | ) | ||||||||||
Gross profit | 672,787 | (125,991 | ) | (44,344 | ) | 502,452 | ||||||||||
Administrative expenses | (429,181 | ) | 73,966 | 32,761 | (322,454 | ) | ||||||||||
Other (expenses) income, net | (20,545 | ) | (13,159 | ) | 835 | (32,869 | ) | |||||||||
Profit from the sale of Investments | 274,363 | (239,818 | ) | - | 34,545 | |||||||||||
Profit (loss) of operation | 497,424 | (305,002 | ) | (10,748 | ) | 181,674 | ||||||||||
Financial expenses | (185,445 | ) | 23,913 | 10,755 | (150,777 | ) | ||||||||||
Financial income | 15,407 | (1,401 | ) | (264 | ) |
13,742 | ||||||||||
Participation in the results of associates and businesses sets by the equity
method |
1,327 | (854 | ) |
- | 473 | |||||||||||
Profit (loss) before income tax | 328,713 | (283,344 | ) | (257 | ) | 45,112 | ||||||||||
Income tax | (123,037 | ) | 76,878 | (146 | ) | (46,305 | ) | |||||||||
Profit (loss) of the year of continued operations | 205,676 | (206,466 | ) | (403 | ) | (1,193 | ) | |||||||||
Discontinued operation | 3,562 | 206,466 | 403 | 210,431 | ||||||||||||
Profit of the year | 209,238 | 209,238 |
3
|
STANDARDS, AMENDMENTS AND INTERPRETATION ADOPTED IN 2018
|
3.1.
|
Current standards, amendments and interpretations adopted
|
-
|
IFRS 9, financial instruments comprise mainly: i) the classification and measurement of financial assets and
financial liabilities; ii) the new impairment model for the recognition of expected credit losses; and
|
-
|
IFRS 15, income resulting from contracts with customers, outlines a single integral model for the entities
that will be used in accounting for the income derived from contracts with customers. It replaces the previous income recognition guide, including IAS 18, income, IAS 11, construction contracts and related interpretations.
|
-
|
The amendments to IFRS 15 clarify how to: i) identify a performance obligation in a contract; ii) determine if
a company is a director or an agent; and iii) determine whether the income from the granting of a license should be recognized at a specific time or over time. In addition, the amendments to IFRS 15 include two additional transition
exceptions.
|
-
|
The amendments to IFRS 2, payment on the basis of the shares, provide accounting requirements for:
|
-
|
The amendments to IAS 28, investments in associates and joint ventures, clarify that the choice to measure
at fair value through profit or loss an investment in an associate or a joint venture that retains an entity that is a capital organization of the risk, or other qualifying entity, is available for each investment in an associate or
joint venture on the basis of investment by investment, after its initial recognition.
|
-
|
Interpretation of IFRIC 22, Transactions in foreign currency and anticipated consideration, clarifies that:
|
|
IAS 39 |
IFRS 9 |
||||||||
Financial Assets |
Measurement category |
Balance |
Measurement category |
Balance |
||||||
S/ 000 |
S/ 000 |
|||||||||
Cash and cash equivalents
|
Loans and accounts receivables
|
626,180 |
Amortized cost
|
626,180 | ||||||
Trade accounts receivables and other account receivables
|
Loans and accounts receivables
|
1,447,629 |
Amortized cost
|
1,447,629 | ||||||
Unbilled work in progress
|
Loans and accounts receivables
|
672,163 |
Amortized cost
|
672,163 | ||||||
Financial assets related to Concession arrangements
|
Loans and accounts receivables
|
952,780 |
Amortized cost
|
952,780 | ||||||
Accounts receivable from related parties
|
Loans and accounts receivables
|
874,682 |
Amortized cost
|
872,110 | ||||||
Other accounts receivable
|
Fair value through profit or loss
|
181 |
Fair value through profit or loss
|
181 |
IAS 39 | IFRS 9 | |||||||||
Financial liabilities | Measurement category | Balance | Measurement category | Balance | ||||||
S/ 000 | S/ 000 | |||||||||
Other financial loans | Amortized cost | 1,561,754 | Amortized cost | 1,561,754 | ||||||
Finance leases | Amortized cost | 128,309 | Amortized cost | 128,309 | ||||||
Bonds | Amortized cost | 947,567 | Amortized cost | 947,567 | ||||||
Accounts payable and other accounts payable | Amortized cost | 2,054,217 | Amortized cost | 2,054,217 | ||||||
Accounts payable to related parties | Amortized cost | 81,128 | Amortized cost | 81,128 | ||||||
Derivative financial instruments used in hedging transactions |
Fair value through other comprenhensive incomes |
383 |
Fair value through other comprenhensive incomes |
383 |
d)
|
Hedge accounting
|
Practical Resource | Description |
Contract
|
The Group applied IFRS 15 retrospectively only to contracts that have not been completed as of January 1, 2018.
|
Contract modifications
|
The Group did not separately evaluate the effects of each contract modification before January 1, 2018. Instead, it reflects the cumulative effect of all modifications that occurred prior to January 1, 2018
when:
i) satisfied and unsatisfied performance obligations were identified;
ii) the prices of the transaction were determined; and
iii) the transaction price was assigned to satisfied and unsatisfied performance obligations.
|
As January 1, 2018 | ||||||||||||||||
Balance | Adjustment | Adjustment | Balance | |||||||||||||
IAS18/39 | IFRS 9 | IFRS 9 | IFRS | |||||||||||||
Retained earnings | 589,167 | (2,572 | ) | (50,992 | ) | 535,603 |
4
|
FINANCIAL RISK MANAGEMENT
|
4.1
|
Financial Risk Factors
|
a)
|
Market risks
|
i)
|
Foreign exchange risk
|
2017 | 2018 | |||||||||||||||
S/(000 | ) | USD(000 | ) |
S/(000 | ) | USD(000 | ) |
|||||||||
Assets |
1,851,309
|
570,511
|
2,273,132
|
674,753
|
||||||||||||
Liabilities |
1,982,007
|
610,788
|
2,042,176
|
604,383
|
2017 |
2018 | |||||||
Gain | 329,751 | 382,104 | ||||||
Loss | (323,927 | ) | (405,380 | ) |
2017 | 2018 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
CLP | 77,199,082 | 74,447,874 | 48,129,848 | 49,728,313 | ||||||||||||
COP | 101,300,811 | 74,319,654 | 163,560,697 | 76,978,655 |
ii)
|
Price risk
|
iii)
|
Cash flow and fair value interest rate 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 payables
|
1,453,046
|
-
|
-
|
-
|
1,453,046
|
|||||||||||||||
Accounts payables to related
|
||||||||||||||||||||
parties
|
55,174
|
25,954
|
-
|
-
|
81,128
|
|||||||||||||||
Other accounts payables
|
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
|
Less than
|
1-2
|
2-5
|
More than
|
|||||||||||||||||
1 year
|
years
|
years
|
5 years
|
Total
|
||||||||||||||||
At December 31, 2018
|
||||||||||||||||||||
Other financial liabilities (except
|
||||||||||||||||||||
for finance leases)
|
816,122
|
273,079
|
129,233
|
41,577
|
1,260,011
|
|||||||||||||||
Finance leases
|
15,151
|
7,489
|
14,094
|
-
|
36,734
|
|||||||||||||||
Bonds
|
111,080
|
153,287
|
355,667
|
1,174,404
|
1,794,438
|
|||||||||||||||
Trade accounts payables
|
1,079,531
|
-
|
-
|
-
|
1,079,531
|
|||||||||||||||
Accounts payables to related
|
||||||||||||||||||||
parties
|
55,941
|
21,849
|
-
|
-
|
77,790
|
|||||||||||||||
Other accounts payables
|
116,806
|
17,777
|
338,627
|
-
|
473,210
|
|||||||||||||||
Other non-financial liabilities
|
-
|
61
|
-
|
-
|
61
|
|||||||||||||||
2,194,631
|
473,542
|
837,621
|
1,215,981
|
4,721,775
|
4.2
|
Capital management risk
|
2017
|
2018
|
|||||||
Total financial liabilities and bonds
|
2,637,630
|
2,139,714
|
||||||
Less: Cash and cash equivalents
|
(626,180
|
)
|
(801,140
|
)
|
||||
Net debt
|
2,011,450
|
1,338,574
|
||||||
Total equity
|
2,589,078
|
2,489,931
|
||||||
Total capital
|
4,600,528
|
3,828,505
|
||||||
Gearing ratio
|
0.44
|
0.35
|
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).
|
Level 1
|
Level 2
|
Total
|
|||
At December
31, 2017
|
|||||
Financial assets
|
|||||
Financial assets at fair value through profit or loss
|
181
|
-
|
181
|
||
Financial liabilities
|
|||||
Derivatives used for hedging
|
-
|
383
|
383
|
||
At December
31, 2018
|
|||||
Financial liabilities
|
|||||
Derivatives used for hedging
|
-
|
61
|
61
|
5
|
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
|
5.1
|
Critical accounting estimates and assumptions
|
a)
|
Estimated impairment of goodwill and other intangible assets with indefinite useful life
|
Difference between recoverable amount and carrying amounts
|
||||||||||||||||
2017
|
2018
|
|||||||||||||||
Goodwill
|
||||||||||||||||
Gross margin
|
(10
|
%)
|
+10
|
%)
|
(10
|
%)
|
+10
|
%)
|
||||||||
Engineering and construction
|
81.31
|
%
|
143.63
|
%
|
0.51
|
%
|
41.12
|
%
|
||||||||
Electromechanical
|
197.30
|
%
|
620.85
|
%
|
(9.73
|
%)
|
38.89
|
%
|
||||||||
IT equipment and services
|
0.32
|
%
|
38.87
|
%
|
42.60
|
%
|
101.27
|
%
|
||||||||
Telecommunication services
|
465.17
|
%
|
1339.26
|
%
|
-
|
-
|
||||||||||
Discount rate:
|
(10
|
%)
|
10
|
%
|
(10
|
%)
|
10.00
|
%
|
||||||||
Engineering and construction
|
146.07
|
%
|
86.86
|
%
|
39.19
|
%
|
6.65
|
%
|
||||||||
Electromechanical
|
478.08
|
%
|
354.39
|
%
|
29.36
|
%
|
2.97
|
%
|
||||||||
IT equipment and services
|
30.06
|
%
|
11.25
|
%
|
77.06
|
%
|
48.93
|
%
|
||||||||
Telecommunication services
|
2190.66
|
%
|
1967.37
|
%
|
-
|
-
|
||||||||||
Terminal growth rate:
|
(10
|
%)
|
+10
|
%)
|
(10
|
%)
|
+10
|
%)
|
||||||||
Engineering and construction
|
107.41
|
%
|
117.91
|
%
|
18.48
|
%
|
23.30
|
%
|
||||||||
Electromechanical
|
402.19
|
%
|
416.25
|
%
|
12.90
|
%
|
16.34
|
%
|
||||||||
IT equipment and services
|
18.54
|
%
|
20.52
|
%
|
59.73
|
%
|
62.91
|
%
|
||||||||
Telecommunication services
|
2232.86
|
%
|
2394.81
|
%
|
-
|
-
|
||||||||||
Trademarks
|
||||||||||||||||
Revenue growth rate:
|
(10
|
%)
|
+10
|
%)
|
(10
|
%)
|
+10
|
%)
|
||||||||
Morelco
|
16.37
|
%
|
(4.79
|
%)
|
75.00
|
%
|
116.27
|
%
|
||||||||
Vial y Vives - DSD
|
(40.72
|
%)
|
(63.32
|
%)
|
27.40
|
%
|
55.71
|
%
|
||||||||
Adexus
|
22.10
|
%
|
(0.10
|
%)
|
21.40
|
%
|
48.38
|
%
|
||||||||
Discount rate:
|
(10
|
%)
|
+10
|
%)
|
(10
|
%)
|
+10
|
%)
|
||||||||
Morelco
|
(7.21
|
%)
|
22.92
|
%
|
126.00
|
%
|
72.33
|
%
|
||||||||
Vial y Vives - DSD
|
(58.56
|
%)
|
(45.65
|
%)
|
29.54
|
%
|
55.99
|
%
|
||||||||
Adexus
|
(2.13
|
%)
|
28.02
|
%
|
56.26
|
%
|
18.49
|
%
|
||||||||
Terminal growth rate:
|
(10
|
%)
|
+10
|
%)
|
(10
|
%)
|
+10
|
%)
|
||||||||
Morelco
|
8.61
|
%
|
3.17
|
%
|
91.70
|
%
|
99.82
|
%
|
||||||||
Vial y Vives - DSD
|
(51.36
|
%)
|
(54.47
|
%)
|
38.99
|
%
|
44.26
|
%
|
||||||||
Adexus
|
13.27
|
%
|
8.86
|
%
|
31.90
|
%
|
48.38
|
%
|
2017
|
2018
|
|||||||
Revenues
|
2,214,108
|
1,961,100
|
||||||
Gross profit
|
106,902
|
32,685
|
||||||
%
|
4.83
|
1.67
|
||||||
Plus 10%
|
5.31
|
1.84
|
||||||
Increase in pre-tax profit
|
10,667
|
3,399
|
||||||
117,569
|
36,084
|
|||||||
Less 10%
|
4.35
|
1.50
|
||||||
Decrease in pre-tax profit
|
(10,667
|
)
|
(3,399
|
)
|
||||
96,235
|
29,286
|
5.2
|
Critical judgments in applying of the accounting policies
|
6.
|
INTERESTS IN OTHER ENTITIES
|
a)
|
Principal subsidiaries
|
Name | Country | Economic activity | ||
Engineering and Construction:
|
||||
GyM S.A. | Peru, and Colombia | Civil construction, electro-mechanic assembly, buildings management and implementing housing development projects and other related services. | ||
GyM Chile S.p.A. | Chile | Electromechanical assemblies and services to energy, oil, gas and mining sector. | ||
Vial y Vives - DSD S.A. | Chile | Electromechanical assemblies and services. Develop activities related to the construction of engineering projects, civil construction projects and electromechanical assemblies, as well as architectural design and installations in general. Construction and assemblies and electromechanical services in the sectors of energy, oil, gas and mining. | ||
|
||||
GMI S.A. | Peru, Mexico, and Bolivia | Advisory and consultancy services in engineering, carrying out studies and projects, managing projects and supervision of works. | ||
Morelco S.A.S | Colombia and Ecuador | Providing construction and assembly services, supplying equipment and material to design, build, assemble, operate and maintain all types of mechanical engineering, instrumentation and civil work. | ||
Infrastructure: | ||||
GMP S.A. | Peru | Oil and oil by-products extraction services, as well as providing storage and fuel dispatch services. | ||
Oiltanking Andina Services S.A. | Peru | Operation of the gas processing plant of Pisco - Camisea. | ||
Transportadora de Gas Natural Comprimido Andino S.A.C. | Peru | Supply, process and market natural gas and its derivative products. | ||
Concar S.A. | Peru | Highway and roads concessions operation and maintenance. | ||
GyM Ferrovías S.A. | Peru | Concession for the operation of the public transportation system of the Line 1 of the Lima Metro (Metro de Lima Metropolitana). | ||
Survial S.A. | Peru | Concession for constructing, operating and maintaining Section 1 of the “Southern Inter-oceanic” highway. | ||
Norvial S.A. | Peru | Concession for restoring, operating and maintaining the “Ancón - Huacho - Pativilca” section of the Panamericana Norte road. | ||
Concesión Canchaque S.A.C. | Peru | Concession for operating and maintaining of the Buenos Aires - Canchaque highway. | ||
Concesionaria Vía Expresa Sur S.A. | Peru | Concession for designing, constructing, operating and maintaining the Via Expresa - Paseo de la República in Lima. |
Name
|
|
Country
|
|
Economic activity
|
Real estate:
|
|
|
|
|
VIVA GyM S.A.
|
|
Peru
|
|
Developing and managing real estate projects directly or together with other partners.
|
|
|
|
|
|
Parent company operation:
|
|
|
|
|
|
|
|
|
|
Adexus S.A.
|
|
Chile, Peru, Colombia and Ecuador
|
|
IT solutions services.
|
|
|
|
|
|
CAM Holding S.p.A.
|
|
Chile
|
|
Electric and technological services for the power industry.
|
|
|
|
|
|
Generadora Arabesco S.A.
|
|
Peru
|
|
Implementing projects related to electric power-generating activities.
|
|
|
|
|
|
Larcomar S.A.
|
|
Peru
|
|
Exploiting land right to use the Larcomar Shopping Center.
|
|
|
|
|
|
Promotora Larcomar S.A.
|
|
Peru
|
|
Building a hotel complex on a plot of land located in the district of Miraflores.
|
|
|
|
|
|
Promotores Asociados de Inmobiliarias S.A.
|
|
Peru
|
|
Operating in the real-estate industry and engaged in the development and sale of office premises in Peru.
|
|
|
|
|
|
Negocios del Gas S.A.
|
|
Peru
|
|
Construction, operation and maintenance of the pipeline system to transport natural gas and liquids.
|
|
|
|
|
|
Inversiones en Autopistas S.A.
|
|
Peru
|
|
Holding company of shares, participations or any other credit instrument or investment document.
|
Percentage of
common shares
directly held by
Parent (%)
|
Percentage of
common shares
held by Subsidiaries
(%)
|
Percentage of
common shares
held by the group
(%)
|
Percentage of
common shares
held by non-
controlling interests (%)
|
|||||||||||||
Engineering and Construction:
|
||||||||||||||||
GyM S.A.
|
98.24
|
%
|
-
|
98.24
|
%
|
1.76
|
%
|
|||||||||
- Morelco S.A.S.
|
-
|
70.00
|
%
|
70.00
|
%
|
30.00
|
%
|
|||||||||
GyM Chile SpA
|
-
|
94.49
|
%
|
99.99
|
%
|
0.01
|
%
|
|||||||||
- V y V – DSD S.A.
|
-
|
94.49
|
%
|
94.49
|
%
|
5.51
|
%
|
|||||||||
GMI S.A.
|
89.41
|
%
|
-
|
89.41
|
%
|
10.59
|
%
|
|||||||||
- Ecotec
|
-
|
99.99
|
%
|
99.99
|
%
|
0.01
|
%
|
|||||||||
- Gm Ingenieria y Construcción de CV
|
-
|
99.00
|
%
|
99.00
|
%
|
1.00
|
%
|
|||||||||
- Gm Ingeniería Bolivia S.R.L.
|
-
|
99.00
|
%
|
99.00
|
%
|
1.00
|
%
|
|||||||||
- Consorcio Vial La Concordia
|
-
|
88.00
|
%
|
88.00
|
%
|
12.00
|
%
|
Percentage of
common shares
directly held by
Parent (%)
|
Percentage of
common shares
held by Subsidiaries
(%)
|
Percentage of
common shares
held by the group
(%)
|
Percentage of
common shares
held by non-
controlling interests
(%)
|
|||||||||||||
Infrastructure:
|
||||||||||||||||
GMP S.A.
|
95.00
|
%
|
-
|
95.00
|
%
|
5.00
|
%
|
|||||||||
- Oiltanking Andina Services S.A.
|
-
|
50.00
|
%
|
50.00
|
%
|
50.00
|
%
|
|||||||||
- Transportadora de Gas Natural
|
||||||||||||||||
Comprimido Andino S.A.C.
|
-
|
99.93
|
%
|
99.93
|
%
|
0.07
|
%
|
|||||||||
Concar S.A.
|
99.99
|
%
|
-
|
99.99
|
%
|
0.01
|
%
|
|||||||||
GyM Ferrovias S.A.
|
75.00
|
%
|
-
|
75.00
|
%
|
25.00
|
%
|
|||||||||
Survial S.A.
|
99.99
|
%
|
-
|
99.99
|
%
|
0.01
|
%
|
|||||||||
Norvial S.A.
|
67.00
|
%
|
-
|
67.00
|
%
|
33.00
|
%
|
|||||||||
Concesión Canchaque S.A.
|
99.96
|
%
|
-
|
99.96
|
%
|
0.04
|
%
|
|||||||||
Concesionaria Vía Expresa Sur S.A.
|
99.98
|
%
|
0.02
|
%
|
100.00
|
%
|
-
|
|||||||||
Real Estate:
|
||||||||||||||||
Viva GyM S.A.
|
63.44
|
%
|
36.10
|
%
|
99.54
|
%
|
0.46
|
%
|
||||||||
Parent company operations:
|
||||||||||||||||
Generadora Arabesco S.A.
|
99.00
|
%
|
-
|
99.00
|
%
|
1.00
|
%
|
|||||||||
Larcomar S.A.
|
79.66
|
%
|
-
|
79.66
|
%
|
20.34
|
%
|
|||||||||
Promotora Larcomar S.A.
|
46.55
|
%
|
-
|
46.55
|
%
|
53.45
|
%
|
|||||||||
Promotores Asociados de Inmobiliarias S.A.
|
99.99
|
%
|
-
|
99.99
|
%
|
0.01
|
%
|
|||||||||
Negocios del Gas S.A.
|
99.99
|
%
|
0.01
|
%
|
100.00
|
%
|
-
|
|||||||||
Agenera S.A.
|
99.00
|
%
|
1.00
|
%
|
100.00
|
%
|
-
|
|||||||||
Inversiones en Autopistas S.A.
|
100.00
|
%
|
-
|
-
|
-
|
|||||||||||
Cam Holding S.p.A.
|
100.00
|
%
|
-
|
100.00
|
%
|
-
|
||||||||||
Adexus S.A.
|
99.99
|
%
|
0.01
|
%
|
100.00
|
%
|
-
|
Percentage of common shares directly held by Parent (%)
|
Percentage of
common shares
held by
Subsidiaries
(%)
|
Percentage of
common shares
held by the group
(%)
|
Percentage of
common shares
held by non-
controlling
interests
(%)
|
|||||||||||||
Engineering and Construction:
|
||||||||||||||||
GyM S.A.
|
98.23
|
%
|
-
|
98.23
|
%
|
1.77
|
%
|
|||||||||
- GyM S.A. subsidiarias
|
-
|
87.06
|
%
|
87.06
|
%
|
12.94
|
%
|
|||||||||
Stracon GyM S.A.
|
-
|
87.59
|
%
|
87.59
|
%
|
12.41
|
%
|
|||||||||
GyM Chile SpA
|
-
|
99.99
|
%
|
99.99
|
%
|
0.01
|
%
|
|||||||||
V y V – DSD S.A.
|
-
|
94.49
|
%
|
94.49
|
%
|
5.51
|
%
|
|||||||||
Morelco S.A.S.
|
-
|
70.00
|
%
|
70.00
|
%
|
30.00
|
%
|
|||||||||
GMI S.A.
|
89.41
|
%
|
-
|
89.41
|
%
|
10.59
|
%
|
|||||||||
Infrastructure:
|
||||||||||||||||
GMP S.A.
|
95.00
|
%
|
-
|
95.00
|
%
|
5.00
|
%
|
|||||||||
Oiltanking Andina Services S.A.
|
-
|
50.00
|
%
|
50.00
|
%
|
50.00
|
%
|
|||||||||
Transportadora de Gas Natural
|
||||||||||||||||
Comprimido Andino S.A.C.
|
-
|
99.93
|
%
|
99.93
|
%
|
0.07
|
%
|
|||||||||
Concar S.A.
|
99.75
|
%
|
-
|
99.75
|
%
|
0.25
|
%
|
|||||||||
GyM Ferrovias S.A.
|
75.00
|
%
|
-
|
75.00
|
%
|
25.00
|
%
|
|||||||||
Survial S.A.
|
99.99
|
%
|
-
|
99.99
|
%
|
0.01
|
%
|
|||||||||
Norvial S.A.
|
67.00
|
%
|
-
|
67.00
|
%
|
33.00
|
%
|
|||||||||
Concesión Canchaque S.A.
|
99.96
|
%
|
-
|
99.96
|
%
|
0.04
|
%
|
Percentage of
common shares
directly held by
Parent (%)
|
Percentage of
common shares
held by
Subsidiaries
(%)
|
Percentage of
common shares
held by the group
(%)
|
Percentage of
common shares held by non-
controlling
interests
(%)
|
|||||||||||||
Real Estate:
|
||||||||||||||||
Viva GyM S.A.
|
63.44
|
%
|
36.10
|
%
|
99.54
|
%
|
0.46
|
%
|
||||||||
- Viva GyM S.A. subsidiarias
|
-
|
60.51
|
%
|
60.51
|
%
|
39.49
|
%
|
|||||||||
Parent company operations:
|
||||||||||||||||
Cam Holding S.p.A.
|
100.00
|
%
|
-
|
100.00
|
%
|
-
|
||||||||||
Coasin Instalaciones Ltda.
|
-
|
100.00
|
%
|
100.00
|
%
|
-
|
||||||||||
CAM Servicios del Perú S.A.
|
73.16
|
%
|
-
|
73.16
|
%
|
26.84
|
%
|
|||||||||
Adexus S.A.
|
99.99
|
%
|
0.01
|
%
|
100.00
|
%
|
-
|
|||||||||
Generadora Arabesco S.A.
|
99.00
|
%
|
-
|
99.00
|
%
|
1.00
|
%
|
|||||||||
Larcomar S.A.
|
79.66
|
%
|
-
|
79.66
|
%
|
20.34
|
%
|
|||||||||
Promotora Larcomar S.A.
|
46.55
|
%
|
-
|
46.55
|
%
|
53.45
|
%
|
|||||||||
Promotores Asociados de Inmobiliarias S.A.
|
99.99
|
%
|
-
|
99.99
|
%
|
0.01
|
%
|
|||||||||
Negocios del Gas S.A.
|
99.99
|
%
|
0.01
|
%
|
100.00
|
%
|
-
|
|||||||||
Agenera S.A.
|
99.00
|
%
|
1.00
|
%
|
100.00
|
%
|
-
|
|||||||||
Inversiones en Autopistas S.A.
|
99.99
|
%
|
0.01
|
%
|
100.00
|
%
|
-
|
Non-controlling participation
|
2017
|
2018
|
||||||
Viva GyM S.A. and subsidiaries
|
225,921
|
168,612
|
||||||
GyM S.A. and subsidiaries
|
103,170
|
67,639
|
||||||
Norvial S.A.
|
68,419
|
65,918
|
||||||
CAM Holding S.p.A.
|
(6,417
|
)
|
-
|
|||||
GMP S.A.
|
22,263
|
23,424
|
||||||
GyM Ferrovias S.A.
|
35,419
|
55,986
|
||||||
Promotora Larcomar S.A.
|
13,395
|
13,121
|
||||||
Other
|
3,578
|
6,871
|
||||||
465,748
|
401,571
|
Viva GyM S.A. and subsidiaries
|
GyM S.A. and subsidiaries
|
Norvial S.A.
|
||||||||||||||||||||||
At December 31,
|
At December 31,
|
At December 31,
|
||||||||||||||||||||||
2017
|
2018
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||||||||
Current:
|
||||||||||||||||||||||||
Assets
|
884,591
|
720,976
|
1,875,231
|
1,262,588
|
88,077
|
109,778
|
||||||||||||||||||
Liabilities
|
(352,125
|
)
|
(310,132
|
)
|
(2,142,618
|
)
|
(1,467,953
|
)
|
(45,613
|
)
|
(66,506
|
)
|
||||||||||||
Current net assets (liabilities)
|
532,466
|
410,844
|
(267,387
|
)
|
(205,365
|
)
|
42,464
|
43,272
|
||||||||||||||||
Non-current:
|
||||||||||||||||||||||||
Assets
|
78,457
|
98,504
|
1,368,460
|
980,653
|
492,803
|
462,739
|
||||||||||||||||||
Liabilities
|
(44,068
|
)
|
(37,154
|
)
|
(546,342
|
)
|
(413,026
|
)
|
(327,936
|
)
|
(306,261
|
)
|
||||||||||||
Current net assets (liabilities)
|
34,389
|
61,350
|
822,118
|
567,627
|
164,867
|
156,478
|
||||||||||||||||||
Net assets
|
566,855
|
472,194
|
554,731
|
362,262
|
207,331
|
199,750
|
Viva GyM S.A. y subsidiarias
|
GyM S.A. y subsidiarias
|
Norvial S.A.
|
||||||||||||||||||||||
Por el año terminado
|
Por el año terminado
|
Por el año terminado
|
||||||||||||||||||||||
2017
|
2018
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||||||||
Revenue
|
647,535
|
630,130
|
2,163,543
|
1,704,998
|
149,467
|
163,117
|
||||||||||||||||||
Profit (loss) before
|
||||||||||||||||||||||||
income tax
|
153,602
|
226,945
|
(75,977
|
)
|
(154,452
|
)
|
68,104
|
21,104
|
||||||||||||||||
Income tax
|
(35,900
|
)
|
(69,166
|
)
|
4,486
|
18,559
|
(18,678
|
)
|
(3,885
|
)
|
||||||||||||||
Profit (loss) for the period
))
|
117,702
|
157,779
|
(71,491
|
)
|
(135,893
|
)
|
49,426
|
17,219
|
||||||||||||||||
Discontinued Operations
|
-
|
-
|
76,837
|
44,096
|
-
|
-
|
||||||||||||||||||
Other comprehensive Income
|
-
|
-
|
(2,641
|
)
|
(14,061
|
)
|
-
|
-
|
||||||||||||||||
Total comprehensive Income for the period
|
117,702
|
157,779
|
2,705
|
(105,858
|
)
|
49,426
|
17,219
|
|||||||||||||||||
Dividends paid to non-controlling
|
||||||||||||||||||||||||
interest Note (35-d)
|
21,165
|
84,870
|
4,056
|
4,241
|
9,240
|
8,184
|
Viva GYM S.A. and subsidiaries
|
GyM S.A. and subsidiaries
|
Norvial S.A.
|
||||||||||||||||||||||
For the year ended
|
For the year ended
|
For the year ended
|
||||||||||||||||||||||
2017
|
2018
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||||||||
Cash flows from operating
|
||||||||||||||||||||||||
activities provided by (used in), net
|
163,304
|
259,992
|
239,935
|
148,852
|
25,041
|
70,939
|
||||||||||||||||||
Cash flows from investing
|
||||||||||||||||||||||||
activities provided by (used in), net
|
79,471
|
))
|
(8,460
|
) |
44,020
|
)
|
233,052
|
)
|
-
|
))
|
(2
|
)
|
||||||||||||
Cash flows from financing
|
||||||||||||||||||||||||
activities provided by (used in), net
|
(203,958
|
)
|
(255,979
|
)
|
(191,689
|
)
|
(388,956
|
)
|
(48,010
|
)
|
(43,536
|
)
|
||||||||||||
Increase (decrease) in cash
|
||||||||||||||||||||||||
and cash equivalents, net
|
38,817
|
(4,447
|
)
|
92,266
|
(7,052
|
)
|
(22,969
|
)
|
27,401
|
|||||||||||||||
Cash and cash equivalents
|
||||||||||||||||||||||||
at the beginning of the year
|
58,892
|
97,709
|
87,294
|
179,680
|
95,418
|
72,449
|
||||||||||||||||||
Cash and cash equivalents
|
||||||||||||||||||||||||
at the end of the year
|
97,709
|
93,262
|
179,560
|
172,628
|
72,449
|
99,850
|
b)
|
Public services concessions
|
Name of Concession | Description | Estimated investment | Consideration | Ordinary shares held | Concession termination | Accounting model | ||||||
Survial S.A. | This company operates and maintains a 750 km road from the San Juan de Marcona port to Urcos, Peru, which is connected to an interoceanic road. The road has five toll stations and three weigh stations. | US$98.9 million | Transaction secured by the Peruvian Government involving from annual payments for the maintenance and operation of the road, which is in charge of the Peruvian Ministry of Transport and Communications (MTC). | 99.90% | 2032 | Financial asset | ||||||
|
||||||||||||
Canchaque S.A.C. | This company operates and periodically maintains a 78 km road from the towns of Buenos Aires to Canchaque, in Peru The road has one toll station. | US$29 million | Transaction secured by the Peruvian Government regardless the traffic volume. Revenue is secured by an annual minimum amount of US$0.3 million. | 99.96% | 2025 | Financial asset | ||||||
|
||||||||||||
Concesionaria. La Chira S.A. | Designing, financing, constructing, operating and maintaining project called “Planta de Tratamiento de Aguas Residuales y Emisario Submarino La Chira”. The Project will treat approximately 25% of waste waters in Lima. | S/250 million | Transaction secured by the Peruvian Government consisting of monthly and quarterly payments settled by Sedapal´s collection trust. | 50.00% | 2036 | Financial asset | ||||||
|
|
|||||||||||
GyM Ferrovías S.A. | Concession for the operation of Line 1 of the Lima Metro, Peru’s only urban railway system in Lima city, which includes (i) operation and maintenance of the five existing trains, (ii) operation and maintenance and the acquisition of 19 trains on behalf of the Peruvian Government and (iii) design and construction of the repair yard and maintenance of railway. | S/549.8 million | Transaction secured by the Peruvian Government involving a quarterly payment received from MTC based on km travelled per train. | 75.00% | 2041 | Financial asset |
Name of Concession | Description | Estimated investment | Consideration | Ordinary shares held | Concession termination | Accounting model | ||||||
Norvial S.A. | The Company operates and maintains part of the only highway that connects Lima to the northwest of Peru. This 183 km road known as Red Vial 5 runs from the cities of Ancón to Pativilca and has three toll stations. | US$152 million | From users (self-financed concession; revenue is derived from collection of tolls). | 67.00% | 2028 | Intangible | ||||||
|
||||||||||||
Vía Expresa Sur S.A. | The Company obtained the concession for designing, financing, building, operating and maintaining the infrastructure associated with the Vía Expresa Sur Project. This project involves the second stage expansion of the Via Expresa - Paseo de la República,between Av. República de Panamá and and Panamericana highway. | US$196.8 million | Contract give the right of collection from users; however the Peruvian Government shall pay the difference when the operating revenue obtained is below US$18 million during the first two years and below US$19.7 million from the third year to the fifteenth year of the effective period of the financing, with a ceiling of US$10 million. In June 2017, the contract was suspended temporarily for one year by agreement between Concessionaire and grantor. | 99.98% | 2053 | Bifurcated | ||||||
|
||||||||||||
Recaudo Trujillo S.A.C.. | Design, implementation, operation, technological maintenance and renewal (estimate) of the single system of electronic collection. Design, implementation, operation and maintenance of the Clearing house Implementation of the Fleet Control Center, aswell as training to personnel. | US$40.2 million | Economic consideration resulting from applying the “price for validation” considering daily validations input on the system to be managed through a trust. | 95.00% | 2036 | Intangible | ||||||
|
|
c)
|
Principal Joint Operations
|
Percentage of interest
|
||||||||
Joint operations
|
2017
|
2018
|
||||||
Graña y Montero S.A.A.
|
||||||||
- Concesionaria la Chira S.A.
|
50.00
|
%
|
50.00
|
%
|
||||
GyM S.A.
|
||||||||
- Consorcio Constructor Alto Cayma
|
50.00
|
%
|
50.00
|
%
|
||||
- Consorcio Alto Cayma
|
49.00
|
%
|
49.00
|
%
|
||||
- Consorcio Lima Actividades Comerciales Sur
|
50.00
|
%
|
50.00
|
%
|
||||
- Consorcio Norte Pachacutec
|
49.00
|
%
|
49.00
|
%
|
||||
- Consorcio La Chira
|
50.00
|
%
|
50.00
|
%
|
||||
- Consorcio Rio Urubamba
|
50.00
|
%
|
50.00
|
%
|
||||
- Consorcio Vial Quinua
|
46.00
|
%
|
46.00
|
%
|
||||
- Consorcio Rio Mantaro
|
50.00
|
%
|
50.00
|
%
|
||||
- Consorcio GyM – CONCIVILES
|
66.70
|
%
|
66.70
|
%
|
||||
- Consorcio Construcciones y Montajes CCM
|
25.00
|
%
|
25.00
|
%
|
||||
- Consorcio HV GyM
|
50.00
|
%
|
50.00
|
%
|
||||
- Consorcio Huacho Pativilca
|
67.00
|
%
|
67.00
|
%
|
||||
- Consorcio Constructor Chavimochic
|
26.50
|
%
|
26.50
|
%
|
||||
- Consorcio Constructor Ductos del Sur
|
29.00
|
%
|
29.00
|
%
|
||||
- Consorcio Italo Peruano
|
48.00
|
%
|
48.00
|
%
|
||||
- Consorcio Menegua
|
50.00
|
%
|
50.00
|
%
|
||||
- Consorcio Energía y Vapor
|
50.00
|
%
|
50.00
|
%
|
||||
- Consorcio Ermitaño
|
50.00
|
%
|
50.00
|
%
|
||||
- Consorcio para la Atención y Mantenimiento de Ductos
|
50.00
|
%
|
50.00
|
%
|
||||
- Consorcio Lima Actividades Comerciales Sur
|
50.00
|
%
|
50.00
|
%
|
||||
- Consorcio CDEM
|
85.00
|
%
|
85.00
|
%
|
||||
- Consorcio Chicama - Ascope
|
50.00
|
%
|
50.00
|
%
|
||||
- Consorcio TNT Vial y Vives - DSD Chile LTDA
|
50.00
|
%
|
50.00
|
%
|
||||
- Consorcio La Gloria
|
49.00
|
%
|
49.00
|
%
|
||||
- Consorcio GyM Sade Skanska
|
50.00
|
%
|
50.00
|
%
|
||||
- Constructora Incolur DSD Limitada
|
50.00
|
%
|
50.00
|
%
|
||||
- Consorcio Chiquintirca
|
40.00
|
%
|
40.00
|
%
|
||||
GMP S.A.
|
||||||||
- Consorcio Terminales
|
50.00
|
%
|
50.00
|
%
|
||||
- Terminales del Perú
|
50.00
|
%
|
50.00
|
%
|
||||
CONCAR S.A.
|
||||||||
- Consorcio Ancon-Pativilca
|
67.00
|
%
|
67.00
|
%
|
||||
- Consorcio Peruano de Conservacion
|
50.00
|
%
|
50.00
|
%
|
||||
- Consorcio Manperan
|
67.00
|
%
|
67.00
|
%
|
||||
- Consorcio Vial Sierra
|
50.00
|
%
|
100.00
|
%
|
||||
- Consorcio Vial Ayahuaylas
|
99.00
|
%
|
99.00
|
%
|
||||
- Consorcio Vial Sullana
|
99.00
|
%
|
99.00
|
%
|
||||
- Consorcio Vial del Sur
|
99.00
|
%
|
99.00
|
%
|
Percentage of interest
|
||||||||
Joint operations
|
2017
|
2018
|
||||||
Viva GyM S.A.
|
||||||||
- Consorcio Panorama
|
35.00
|
%
|
-
|
|||||
CAM HOLDING S.p.A
|
||||||||
- Consorcio Mecam
|
50.00
|
%
|
-
|
|||||
- Consorcio Seringel
|
50.00
|
%
|
-
|
|||||
GMI S.A.
|
||||||||
- Consorcio Poyry-GMI
|
40.00
|
%
|
40.00
|
%
|
||||
- Consorcio Internacional Supervisión Valle Sagrado
|
33.00
|
%
|
33.00
|
%
|
||||
- Consorcio Supervisor Ilo
|
55.00
|
%
|
55.00
|
%
|
Joint Operations in |
Economic activity |
|
Graña y Montero S.A.A. |
Construction, operation and maintenance of La Chira waste water treatment plant in the south of Lima. The project is aimed to solve Lima’s environmental problems caused by sewage discharged directly into the sea. |
|
GyM S.A. |
Theses joint operations are carried out through the four divisions of the engineering and construction segment (Note 7). |
|
GMP S.A. |
Consorcio Terminales and Terminales del Peru provide services for receiving, storing, shipping and transporting liquid hydrocarbons, such as gasoline, jet fuel, diesel fuel and residual among others. |
|
CONCAR S.A. |
|
Joint operations Concar provides rehabilitation service, routine and periodic maintenance of the road; and road conservation and preservation services.
|
a)
|
Engineering and construction: This segment includes from traditional engineering services such as structural, civil and design
engineering, and architectural planning to advanced specialties including process design, simulation, and environmental services at three divisions; i) civil works, such as the construction of hydroelectric power stations and other
large infrastructure facilities; (ii) electro mechanic construction, such as concentrator plants, oil and natural gas pipelines, and transmission lines; iii) building construction, such as office buildings, residential buildings,
hotels, affordable housing projects, shopping centers and industrial facilities.
|
b)
|
Infrastructure: The Group has long-term concessions or similar contractual arrangements in Peru for three toll roads, the Lima
Metro, a waste water treatment plant in Lima, four producing oil fields, a gas processing plant and operation and maintenance services for infrastructure assets.
|
c)
|
Real Estate: The Group develops and sells homes targeted to low and middle-income population sectors which are experiencing a
significant increase in disposable income, as well as, office and commercial space to a lesser extent.
|
d)
|
Technical Services: The Group provides information technology (IT) services, including IT outsourcing, systems integration,
application and business process outsourcing services.
|
e)
|
Parent Company Operation corresponds to the services which the Holding company provides, management, logistics and accounting
services, among others.
|
2017
|
2018
|
|||||||
Profit before income tax
|
45,112
|
133,948
|
||||||
Financial cost, net
|
137,035
|
197,057
|
||||||
Depreciation
|
109,342
|
86,334
|
||||||
Amortization
|
70,383
|
103,174
|
||||||
EBITDA (*)
|
361,872
|
520,513
|
2017
|
2018
|
|||||||
Engineering and construction
|
42,801
|
(24,854
|
)
|
|||||
Infrastructure
|
300,935
|
411,502
|
||||||
Real state
|
177,285
|
240,991
|
||||||
Parent company operations
|
2,223
|
(24,094
|
)
|
|||||
Eliminations intercompany
|
(161,372
|
)
|
(83,032
|
)
|
||||
Total EBITDA
|
361,872
|
520,513
|
Anual Backlog
|
||||||||||||||||
2018
|
2019
|
2020
|
2021
|
+
|
||||||||||||
Engineering and construction
|
2,644,386
|
1,755,890
|
725,351
|
163,145
|
||||||||||||
Infrastructure
|
1,759,849
|
600,630
|
570,114
|
589,108
|
||||||||||||
Real state
|
195,566
|
-
|
177,135
|
18,431
|
||||||||||||
Intercompany eliminations
|
(351,865
|
)
|
(115,748
|
)
|
(119,221
|
)
|
(116,897
|
)
|
||||||||
4,247,936
|
2,240,772
|
1,353,379
|
653,787
|
Operating segments financial position
|
||||||||||||||||||||||||||||||||||||
Segment reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
Engineering and construction
|
Energy
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
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
|
25,536
|
-
|
626,180
|
|||||||||||||||||||||||||||
Financial asset at fair value through profit or loss
|
181
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
181
|
|||||||||||||||||||||||||||
Trade accounts receivables
|
891,252
|
64,364
|
128,124
|
108,706
|
604
|
45,897
|
274,522
|
2,204
|
1,515,673
|
|||||||||||||||||||||||||||
Work in progress
|
55,774
|
-
|
-
|
-
|
-
|
-
|
6,030
|
-
|
61,804
|
|||||||||||||||||||||||||||
Accounts receivable from related parties
|
230,607
|
2,746
|
62,525
|
3,072
|
8,852
|
69,382
|
76,006
|
(352,438
|
)
|
100,752
|
||||||||||||||||||||||||||
Other accounts receivable
|
518,123
|
55,959
|
66,765
|
31,381
|
1,922
|
40,026
|
51,269
|
-
|
765,445
|
|||||||||||||||||||||||||||
Inventories
|
46,499
|
15,093
|
8,685
|
19,457
|
-
|
643,882
|
45,702
|
(8,607
|
)
|
770,711
|
||||||||||||||||||||||||||
Prepaid expenses
|
4,470
|
1,168
|
2,354
|
10,312
|
164
|
216
|
14,794
|
-
|
33,478
|
|||||||||||||||||||||||||||
1,931,307
|
183,208
|
390,354
|
334,001
|
15,746
|
884,590
|
493,859
|
(358,841
|
)
|
3,874,224
|
|||||||||||||||||||||||||||
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
|
493,859
|
-358,841
|
3,891,946
|
|||||||||||||||||||||||||||
Long-term trade accounts receivable
|
58,997
|
-
|
14,747
|
793,991
|
-
|
-
|
39,852
|
-
|
907,587
|
|||||||||||||||||||||||||||
Long-term work in progress
|
-
|
-
|
28,413
|
-
|
-
|
-
|
-
|
-
|
28,413
|
|||||||||||||||||||||||||||
Long-term accounts receivable from related parties
|
258,479
|
-
|
27,660
|
-
|
-
|
-
|
637,415
|
(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
|
58,408
|
-
|
470,852
|
|||||||||||||||||||||||||||
Investments in associates and joint ventures
|
111,513
|
7,344
|
-
|
-
|
-
|
1
|
2,216,343
|
(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
|
171,563
|
(17,587
|
)
|
865,735
|
||||||||||||||||||||||||||
Intangible assets
|
203,390
|
160,288
|
492,424
|
323
|
-
|
1,022
|
71,363
|
11,260
|
940,070
|
|||||||||||||||||||||||||||
Deferred income tax asset
|
165,227
|
5,507
|
11,057
|
-
|
-
|
10,316
|
238,560
|
6,030
|
436,697
|
|||||||||||||||||||||||||||
Total non-current assets
|
1,382,336
|
398,282
|
628,617
|
1,063,188
|
8,300
|
78,458
|
3,433,504
|
(2,216,961
|
)
|
4,775,724
|
||||||||||||||||||||||||||
Total assets
|
3,331,365
|
581,490
|
1,018,971
|
1,397,189
|
24,046
|
963,048
|
3,927,363
|
(2,575,802
|
)
|
8,667,670
|
||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||
Borrowings
|
591,987
|
46,924
|
2,589
|
-
|
-
|
162,031
|
253,233
|
-
|
1,056,764
|
|||||||||||||||||||||||||||
Bonds
|
-
|
-
|
24,361
|
12,294
|
-
|
-
|
-
|
-
|
36,655
|
|||||||||||||||||||||||||||
Trade accounts payable
|
955,015
|
62,659
|
85,329
|
81,161
|
132
|
43,724
|
225,966
|
(940
|
)
|
1,453,046
|
||||||||||||||||||||||||||
Accounts payable to related parties
|
114,198
|
3,664
|
60,857
|
83,841
|
14
|
37,396
|
102,976
|
(347,772
|
)
|
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
|
183,895
|
1
|
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
|
775,967
|
(348,711
|
)
|
3,549,185
|
||||||||||||||||||||||||||
Borrowings
|
127,773
|
101,549
|
1,945
|
-
|
-
|
12,010
|
390,022
|
-
|
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
|
38,878
|
-
|
852,473
|
|||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
4,306
|
-
|
836
|
89,023
|
23,445
|
-
|
62,841
|
(154,497
|
)
|
25,954
|
||||||||||||||||||||||||||
Provisions
|
8,587
|
16,707
|
-
|
-
|
-
|
-
|
8,620
|
-
|
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
|
507,638
|
(154,497
|
)
|
2,529,407
|
||||||||||||||||||||||||||
Total liabilities
|
2,735,965
|
259,816
|
626,537
|
1,255,516
|
24,169
|
396,192
|
1,283,605
|
(503,208
|
)
|
6,078,592
|
||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
487,923
|
299,411
|
323,987
|
106,256
|
(123
|
)
|
217,290
|
2,629,428
|
(1,940,842
|
)
|
2,123,330
|
|||||||||||||||||||||||||
Non-controlling interest
|
107,477
|
22,263
|
68,447
|
35,417
|
-
|
349,566
|
14,330
|
(131,752
|
)
|
465,748
|
||||||||||||||||||||||||||
Total liabilities and equity
|
3,331,365
|
581,490
|
1,018,971
|
1,397,189
|
24,046
|
963,048
|
3,927,363
|
(2,575,802
|
)
|
8,667,670
|
Operating segments financial position
|
||||||||||||||||||||||||||||||||||||
Segment reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
Engineering and construction
|
Energy
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
Parent Company Operations
|
Eliminations
|
Consolidated
|
||||||||||||||||||||||||||||
As of December 31, 2018
|
||||||||||||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||
Cash and cash equivalent
|
177,455
|
34,816
|
168,460
|
191,178
|
6,700
|
93,262
|
129,269
|
-
|
801,140
|
|||||||||||||||||||||||||||
Financial asset at fair value through profit or loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Trade accounts receivables
|
583,842
|
54,350
|
78,013
|
226,919
|
598
|
63,038
|
1,068
|
-
|
1,007,828
|
|||||||||||||||||||||||||||
Work in progress
|
24,962
|
-
|
-
|
-
|
-
|
-
|
3,576
|
-
|
28,538
|
|||||||||||||||||||||||||||
Accounts receivable from related parties
|
203,583
|
492
|
40,820
|
758
|
9,930
|
60,759
|
98,308
|
(379,747
|
)
|
34,903
|
||||||||||||||||||||||||||
Other accounts receivable
|
386,467
|
37,611
|
28,492
|
31,012
|
199
|
55,508
|
49,160
|
2
|
588,451
|
|||||||||||||||||||||||||||
Inventories
|
27,852
|
18,823
|
9,206
|
25,282
|
-
|
448,328
|
-
|
(15,444
|
)
|
514,047
|
||||||||||||||||||||||||||
Prepaid expenses
|
3,825
|
1,345
|
3,068
|
874
|
135
|
81
|
1,221
|
-
|
10,549
|
|||||||||||||||||||||||||||
1,407,986
|
147,437
|
328,059
|
476,023
|
17,562
|
720,976
|
282,602
|
(395,189
|
)
|
2,985,456
|
|||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
-
|
-
|
-
|
-
|
-
|
-
|
247,798
|
-
|
247,798
|
|||||||||||||||||||||||||||
Total current assets
|
1,407,986
|
147,437
|
328,059
|
476,023
|
17,562
|
720,976
|
530,400
|
(395,189
|
)
|
3,233,254
|
||||||||||||||||||||||||||
Long-term trade accounts receivable
|
14,455
|
-
|
33,380
|
966,202
|
-
|
6,030
|
-
|
-
|
1,020,067
|
|||||||||||||||||||||||||||
Long-term work in progress
|
-
|
-
|
32,212
|
-
|
-
|
-
|
-
|
-
|
32,212
|
|||||||||||||||||||||||||||
Long-term accounts receivable from related parties
|
254,660
|
-
|
39,341
|
-
|
-
|
-
|
744,655
|
(260,430
|
)
|
778,226
|
||||||||||||||||||||||||||
Prepaid expenses
|
-
|
-
|
28,214
|
5,152
|
840
|
-
|
-
|
(509
|
)
|
33,697
|
||||||||||||||||||||||||||
Other long-term accounts receivable
|
77,028
|
63,797
|
7,058
|
64,817
|
7,346
|
30,268
|
52,645
|
(2
|
)
|
302,957
|
||||||||||||||||||||||||||
Investments in associates and joint ventures
|
114,676
|
7,230
|
-
|
-
|
-
|
5,604
|
2,213,023
|
(2,082,768
|
)
|
257,765
|
||||||||||||||||||||||||||
Investment property
|
-
|
-
|
-
|
-
|
-
|
29,133
|
-
|
-
|
29,133
|
|||||||||||||||||||||||||||
Property, plant and equipment
|
205,678
|
171,430
|
14,585
|
1,586
|
109
|
9,237
|
69,088
|
(1,159
|
)
|
470,554
|
||||||||||||||||||||||||||
Intangible assets
|
160,088
|
183,614
|
466,153
|
749
|
-
|
1,105
|
23,514
|
11,872
|
847,095
|
|||||||||||||||||||||||||||
Deferred income tax asset
|
166,624
|
5,025
|
11,876
|
-
|
620
|
17,127
|
218,201
|
5,963
|
425,436
|
|||||||||||||||||||||||||||
Total non-current assets
|
993,209
|
431,096
|
632,819
|
1,038,506
|
8,915
|
98,504
|
3,321,126
|
(2,327,033
|
)
|
4,197,142
|
||||||||||||||||||||||||||
Total assets
|
2,401,195
|
578,533
|
960,878
|
1,514,529
|
26,477
|
819,480
|
3,851,526
|
(2,722,222
|
)
|
7,430,396
|
||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||
Borrowings
|
232,409
|
26,621
|
15,384
|
209,463
|
-
|
133,105
|
209,492
|
-
|
826,474
|
|||||||||||||||||||||||||||
Bonds
|
-
|
-
|
25,745
|
13,422
|
-
|
-
|
-
|
-
|
39,167
|
|||||||||||||||||||||||||||
Trade accounts payable
|
777,130
|
49,254
|
61,233
|
104,652
|
121
|
31,173
|
55,968
|
-
|
1,079,531
|
|||||||||||||||||||||||||||
Accounts payable to related parties
|
179,351
|
1,933
|
46,099
|
65,256
|
58
|
35,085
|
91,754
|
(363,595
|
)
|
55,941
|
||||||||||||||||||||||||||
Current income tax
|
5,898
|
2,797
|
1,398
|
9,888
|
226
|
4,219
|
1,381
|
-
|
25,807
|
|||||||||||||||||||||||||||
Other accounts payable
|
389,896
|
13,147
|
72,823
|
11,677
|
631
|
106,286
|
38,209
|
-
|
632,669
|
|||||||||||||||||||||||||||
Provisions
|
521
|
5,412
|
-
|
-
|
-
|
264
|
-
|
-
|
6,197
|
|||||||||||||||||||||||||||
Non-current liabilities classified as held for sale
|
-
|
-
|
-
|
-
|
-
|
-
|
225,828
|
-
|
225,828
|
|||||||||||||||||||||||||||
Total current liabilities
|
1,585,205
|
99,164
|
222,682
|
414,358
|
1,036
|
310,132
|
622,632
|
(363,595
|
)
|
2,891,614
|
||||||||||||||||||||||||||
Borrowings
|
9,314
|
87,166
|
556
|
-
|
-
|
10,684
|
268,478
|
-
|
376,198
|
|||||||||||||||||||||||||||
Long-term bonds
|
-
|
-
|
299,637
|
598,238
|
-
|
-
|
-
|
-
|
897,875
|
|||||||||||||||||||||||||||
Other long-term accounts payable
|
357,146
|
-
|
31,477
|
154,756
|
1,656
|
26,470
|
2,605
|
-
|
574,110
|
|||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
8,880
|
-
|
1,167
|
81,207
|
23,445
|
-
|
183,826
|
(276,676
|
)
|
21,849
|
||||||||||||||||||||||||||
Provisions
|
32,122
|
20,234
|
-
|
-
|
-
|
-
|
51,055
|
-
|
103,411
|
|||||||||||||||||||||||||||
Derivative financial instruments
|
-
|
61
|
-
|
-
|
-
|
-
|
-
|
-
|
61
|
|||||||||||||||||||||||||||
Deferred income tax liability
|
5,564
|
24,541
|
7,010
|
37,178
|
-
|
-
|
1,054
|
-
|
75,347
|
|||||||||||||||||||||||||||
Total non-current liabilities
|
413,026
|
132,002
|
339,847
|
871,379
|
25,101
|
37,154
|
507,018
|
(276,676
|
)
|
2,048,851
|
||||||||||||||||||||||||||
Total liabilities
|
1,998,231
|
231,166
|
562,529
|
1,285,737
|
26,137
|
347,286
|
1,129,650
|
(640,271
|
)
|
4,940,465
|
||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
331,178
|
323,943
|
332,406
|
171,594
|
340
|
193,483
|
2,708,803
|
(1,973,387
|
)
|
2,088,360
|
||||||||||||||||||||||||||
Non-controlling interest
|
71,786
|
23,424
|
65,943
|
57,198
|
-
|
278,711
|
13,073
|
(108,564
|
)
|
401,571
|
||||||||||||||||||||||||||
Total liabilities and equity
|
2,401,195
|
578,533
|
960,878
|
1,514,529
|
26,477
|
819,480
|
3,851,526
|
(2,722,222
|
)
|
7,430,396
|
Operating segment performance
|
||||||||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
Engineering and
construction
|
Energy
|
Toll roads
|
Transportation
|
Water
treatment
|
Real
estate
|
Parent Company
operations
|
Eliminations
|
Consolidated
|
||||||||||||||||||||||||||||
Year 2017 -
|
||||||||||||||||||||||||||||||||||||
Revenue
|
2,331,907
|
436,876
|
642,127
|
365,771
|
3,152
|
647,535
|
70,050
|
(483,405
|
)
|
4,014,013
|
||||||||||||||||||||||||||
Gross profit (loss)
|
176,473
|
71,825
|
139,196
|
48,696
|
445
|
147,383
|
(37,771
|
)
|
(43,795
|
)
|
502,452
|
|||||||||||||||||||||||||
Administrative expenses
|
(188,162
|
)
|
(15,854
|
)
|
(32,453
|
)
|
(15,279
|
)
|
(317
|
)
|
(21,189
|
)
|
(100,968
|
)
|
51,768
|
(322,454
|
)
|
|||||||||||||||||||
Other income and expenses
|
(46,445
|
)
|
5,138
|
1,061
|
5
|
-
|
(3,700
|
)
|
10,512
|
560
|
(32,869
|
)
|
||||||||||||||||||||||||
Gain from the sale of investments
|
-
|
-
|
-
|
-
|
-
|
49,002
|
(18,672
|
)
|
4,215
|
34,545
|
||||||||||||||||||||||||||
Operating profit (loss)
|
(58,134
|
)
|
61,109
|
107,804
|
33,422
|
128
|
171,496
|
(146,899
|
)
|
12,748
|
181,674
|
|||||||||||||||||||||||||
Financial expenses
|
(46,655
|
)
|
(13,423
|
)
|
(6,892
|
)
|
(8,000
|
)
|
(50
|
)
|
(21,918
|
)
|
(81,310
|
)
|
27,471
|
(150,777
|
)
|
|||||||||||||||||||
Financial income
|
8,491
|
1,965
|
3,257
|
3,606
|
26
|
3,569
|
35,431
|
(42,603
|
)
|
13,742
|
||||||||||||||||||||||||||
Share of the profit or loss
|
||||||||||||||||||||||||||||||||||||
in associates and joint ventures under the equity
|
||||||||||||||||||||||||||||||||||||
method of accounting
|
30,982
|
1,584
|
-
|
-
|
-
|
456
|
142,595
|
(175,144
|
)
|
473
|
||||||||||||||||||||||||||
Profit (loss) before income tax
|
(65,316
|
)
|
51,235
|
104,169
|
29,028
|
104
|
153,603
|
(50,183
|
)
|
(177,528
|
)
|
45,112
|
||||||||||||||||||||||||
Income tax
|
877
|
(13,151
|
)
|
(32,290
|
)
|
(9,544
|
)
|
(228
|
)
|
(35,900
|
)
|
44,032
|
(101
|
)
|
(46,305
|
)
|
||||||||||||||||||||
Profit (loss) from continuing operations
|
(64,439
|
)
|
38,084
|
71,879
|
19,484
|
(124
|
)
|
117,703
|
(6,151
|
)
|
(177,629
|
)
|
(1,193
|
)
|
||||||||||||||||||||||
Profit from discontinued operations
|
76,837
|
-
|
-
|
-
|
-
|
-
|
123,603
|
9,991
|
210,431
|
|||||||||||||||||||||||||||
Profit (loss) for the period
|
12,398
|
38,084
|
71,879
|
19,484
|
(124
|
)
|
117,703
|
117,452
|
(167,638
|
)
|
209,238
|
|||||||||||||||||||||||||
Profit (loss) attributable to:
|
||||||||||||||||||||||||||||||||||||
Owners of the Company
|
12,078
|
33,714
|
55,620
|
14,613
|
(124
|
)
|
48,647
|
125,182
|
(140,992
|
)
|
148,738
|
|||||||||||||||||||||||||
Non-controlling interest
|
320
|
4,370
|
16,259
|
4,871
|
-
|
69,056
|
(7,730
|
)
|
(26,646
|
)
|
60,500
|
|||||||||||||||||||||||||
12,398
|
38,084
|
71,879
|
19,484
|
(124
|
) |
117,703
|
117,452
|
(167,638
|
) |
209,238
|
Operating segment performance
|
||||||||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
Engineering and
construction
|
Energy
|
Toll roads
|
Transportation
|
Water
treatment
|
Real
estate
|
Parent Company
operations
|
Eliminations
|
Consolidated
|
||||||||||||||||||||||||||||
Year 2018 -
|
||||||||||||||||||||||||||||||||||||
Revenue
|
1,960,863
|
560,506
|
733,148
|
586,329
|
3,270
|
630,130
|
62,098
|
(636,882
|
)
|
3,899,462
|
||||||||||||||||||||||||||
Gross profit (loss)
|
62,095
|
120,360
|
107,092
|
122,567
|
592
|
287,959
|
(10,564
|
)
|
(15,612
|
)
|
674,489
|
|||||||||||||||||||||||||
Administrative expenses
|
(136,066
|
)
|
(20,898
|
)
|
(35,626
|
)
|
(12,007
|
)
|
(295
|
)
|
(50,730
|
)
|
(62,891
|
)
|
40,080
|
(278,433
|
)
|
|||||||||||||||||||
Other income and expenses
|
(13,509
|
)
|
1,243
|
(11
|
)
|
31
|
-
|
(1,971
|
)
|
(47,778
|
)
|
660
|
(61,335
|
)
|
||||||||||||||||||||||
Gain from the sale of investments
|
(7
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(7
|
)
|
|||||||||||||||||||||||||
Operating profit (loss)
|
(87,487
|
)
|
100,705
|
71,455
|
110,591
|
297
|
235,258
|
(121,233
|
)
|
25,128
|
334,714
|
|||||||||||||||||||||||||
Financial expenses
|
(82,861
|
)
|
(15,631
|
)
|
(28,762
|
)
|
(20,604
|
)
|
-
|
(14,700
|
)
|
(121,938
|
)
|
36,514
|
(247,982
|
)
|
||||||||||||||||||||
Financial income
|
15,122
|
4,593
|
4,631
|
35,147
|
559
|
6,397
|
38,614
|
(54,138
|
)
|
50,925
|
||||||||||||||||||||||||||
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
|
)
|
84,138
|
(100,811
|
)
|
(3,709
|
)
|
||||||||||||||||||||||||
(Loss)/profit before income tax
|
(143,860
|
)
|
91,275
|
47,324
|
125,134
|
856
|
226,945
|
(112,075
|
)
|
(101,651
|
)
|
133,948
|
||||||||||||||||||||||||
Income tax
|
14,361
|
(26,275
|
)
|
(15,737
|
)
|
(38,018
|
)
|
(517
|
)
|
(69,166
|
)
|
22,866
|
(832
|
)
|
(113,318
|
)
|
||||||||||||||||||||
(Loss)/Profit from continuing operations
|
(129,499
|
)
|
65,000
|
31,587
|
87,116
|
339
|
157,779
|
(89,209
|
)
|
(102,483
|
)
|
20,630
|
||||||||||||||||||||||||
Profit from discontinued operations
|
44,096
|
-
|
-
|
-
|
-
|
-
|
(3,708
|
)
|
(3,603
|
)
|
36,785
|
|||||||||||||||||||||||||
(Loss)/profit for the period
|
(85,403
|
)
|
65,000
|
31,587
|
87,116
|
339
|
157,779
|
(92,917
|
)
|
(106,086
|
)
|
57,415
|
||||||||||||||||||||||||
Profit (loss) attributable to:
|
||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(86,857
|
)
|
59,866
|
26,731
|
65,337
|
339
|
28,921
|
(85,715
|
)
|
(91,810
|
)
|
(83,188
|
)
|
|||||||||||||||||||||||
Non-controlling interest
|
1,454
|
5,134
|
4,856
|
21,779
|
-
|
128,858
|
(7,202
|
)
|
(14,276
|
)
|
140,603
|
|||||||||||||||||||||||||
(85,403
|
)
|
65,000
|
31,587
|
87,116
|
339
|
157,779
|
(92,917
|
)
|
(106,086
|
)
|
57,415
|
Segments by geographical areas
|
||||||||
2017
|
2018
|
|||||||
Revenues:
|
||||||||
- Peru
|
3,232,945
|
3,347,540
|
||||||
- Chile
|
188,502
|
226,891
|
||||||
- Colombia
|
228,967
|
325,031
|
||||||
- Panama
|
361,450
|
-
|
||||||
- Bolivia
|
2,149
|
-
|
||||||
4,014,013
|
3,899,462
|
|||||||
Non-current assets:
|
||||||||
- Peru
|
4,164,342
|
3,922,042
|
||||||
- Chile
|
407,152
|
255,312
|
||||||
- Colombia
|
203,203
|
158,275
|
||||||
- Bolivia
|
149
|
-
|
||||||
- Guyana
|
878
|
878
|
||||||
4,775,724
|
4,336,507
|
8
|
FINANCIAL INSTRUMENTS
|
8.1
|
Financial instruments by category
|
At December, 31
|
||||||||
2017
|
2018
|
|||||||
Assets according to the statement of financial position
|
||||||||
Loans and accounts receivable:
|
||||||||
- Cash and cash equivalents
|
626,180
|
801,140
|
||||||
- Trade accounts receivable and other accounts receivable
|
||||||||
(excluding financial assets)
|
2,029,575
|
1,302,358
|
||||||
- Work in progress
|
90,217
|
60,750
|
||||||
- Financial assets related to concession agreements
|
952,780
|
1,227,994
|
||||||
- Accounts receivable from related parties
|
874,682
|
813,129
|
||||||
4,573,434
|
4,205,371
|
|||||||
Financial asset at fair value through profit or loss
|
||||||||
- Other financial asset
|
181
|
-
|
||||||
181
|
-
|
At December, 31
|
||||||||
2017
|
2018
|
|||||||
Financial liabilities according to the statement
|
||||||||
of financial position
|
||||||||
Other financial liabilities at amortized cost
|
||||||||
- Other financial liabilities
|
1,561,754
|
1,169,184
|
||||||
- Finance leases
|
128,309
|
33,488
|
||||||
- Bonds
|
947,567
|
937,042
|
||||||
- Trade and other accounts payable
|
||||||||
(excluding non-financial liabilities)
|
2,054,217
|
1,552,741
|
||||||
- Accounts payable to related parties
|
81,128
|
77,790
|
||||||
4,772,975
|
3,770,245
|
|||||||
Hedging derivatives:
|
||||||||
- Derivative financial instruments
|
383
|
61
|
8.2
|
Credit quality of financial assets
|
At December 31,
|
||||||||
2017
|
2018
|
|||||||
Cash and cash equivalents (*)
|
||||||||
Banco de Credito del Peru (A+)
|
224,834
|
350,403
|
||||||
Citibank (A)
)
|
110,846
|
134,990
|
||||||
Banco Continental (A+)
|
100,882
|
114,067
|
||||||
Banco Scotiabank (A+)
|
71,608
|
73,039
|
||||||
Fondo de Inversion Alianza
|
-
|
39,051
|
||||||
Banco de la Nacion (A)
|
17,776
|
23,766
|
||||||
Banco Bogota (A)
|
25,609
|
16,782
|
||||||
Banco Interbank (A)
|
14,937
|
14,075
|
||||||
Banco Santander - Peru (A)
|
-
|
12,221
|
||||||
Banco de Credito e Inversiones - Chile (AA+)
|
1,105
|
5,909
|
||||||
Banco Santander - Chile (AAA)
|
22,041
|
3,325
|
||||||
Banco de Chile (AAA)
|
4,337
|
49
|
||||||
Banco Interamericano de Finanzas (A)
|
5,551
|
126
|
||||||
Banco Scotiabank de Guyana (A)
|
-
|
121
|
||||||
Others
|
7,388
|
8,273
|
||||||
606,914
|
796,197
|
A: |
New customers/related parties (less than 6 months),
|
B: |
Existing customers/related parties (with more than 6 months of trade relationship) with no previous default history; and
|
2017
|
2018
|
|||||||
Trade accounts receivable (Note 10 and Note 11)
|
||||||||
Counterparties with no external risk rating
|
||||||||
A
|
6,042
|
140,594
|
||||||
B
|
2,313,187
|
1,762,557
|
||||||
C
|
194,248
|
185,494
|
||||||
2,513,477
|
2,088,645
|
|||||||
Receivable from related parties and
|
||||||||
joint operators (Note 12)
|
||||||||
B
|
874,682
|
813,129
|
9
|
CASH AND CASH EQUIVALENTS
|
2017
|
2018
|
|||||||
Cash on hand
|
16,468
|
1,377
|
||||||
Cash in-transit
)
|
2,798
|
3,566
|
||||||
Bank accounts (a)
|
493,666
|
647,832
|
||||||
Time deposits (b)
|
113,248
|
148,365
|
||||||
626,180
|
801,140
|
(a)
|
The Group maintains deposits in local and foreign banks, are available and earn interest at market rates. This
includes reserve funds for bond payments issued by subsidiaries GyM Ferrovias S.A. and Norvial S.A.; for the year 2018 S/133 million and S/13 million, respectively (for the year 2017 S/108 million and S/16 million, respectively).
|
(b)
|
Time deposits have maturities less than
90 days and may be renewed upon maturity. These deposits earn interest that fluctuates between 2.5% and 3.5%.
|
2017
|
2018
|
|||||||
Graña y Montero S.A.A.
|
-
|
110,281
|
||||||
GYM Ferrovias S.A.
|
36,757
|
32,000
|
||||||
GYM S.A.
|
30,497
|
1,906
|
||||||
Concesionaria la Chira S.A.
|
-
|
4,170
|
||||||
GMP S.A.
|
3,238
|
7
|
||||||
Viva GYM S.A.
|
17,879
|
1
|
||||||
Concar S.A.
|
13,611
|
-
|
||||||
Concesion Canchaque
|
11,000
|
-
|
||||||
Other minors
|
266
|
-
|
||||||
113,248
|
148,365
|
2017
|
2018
|
|||||||
Cash and cash equivalent on Consolidated statement of
|
626,180
|
801,140
|
||||||
financial position
|
||||||||
Bank overdrafts (Note 18)
|
(120
|
)
|
(119
|
)
|
||||
Balances per statement of cash flows
|
626,060
|
801,021
|
10
|
TRADE ACCOUNTS RECEIVABLE, NET
|
2017
|
2018
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Invoice receivables
|
459,722
|
819,699
|
907,007
|
569,510
|
||||||||||||
Unbilled receivables
|
1,069,299
|
87,888
|
113,464
|
550,557
|
||||||||||||
1,529,021
|
907,587
|
1,020,471
|
1,120,067
|
|||||||||||||
(-) Impairment of account receivables
|
(13,348
|
)
|
-
|
(12,643
|
)
|
-
|
||||||||||
1,515,673
|
907,587
|
1,007,828
|
1,120,067
|
|||||||||||||
The fair value of current receivables is similar to their carrying amount since their average collection turnover is less than 60 days.
These current receivables do not bear interest and have no specific guarantees. The non-current portion of the trade accounts receivable is related to the financial asset model (Note 2.5) of subsidiary GyM Ferrovías S.A. At December 31, 2018 the fair value of non-current accounts receivable amounted to S/1,060 million (S/835 million at December 31, 2017), which was calculated under the discounted cash flows method, using rates of 7.33% (6.33% at December 31, 2017). Unbilled receivable are documents related to estimates for services rendered that were not billed by the Engineering and Construction segment related to estimates of the completion advance percentage. Until such revenues are billed, they are recorded in the unbilled receivables account. As of December 31, 2018, the carrying value of non-current unbilled receivables is similar to their fair value, as they were recorded using the discounted cash flow method, using a rate of 1.71%. Rights for concessions in progress correspond to future collection rights for public service concessions that are still in the pre-operational stage. At December 31, 2018, current and non-current unbilled receivables primarily from the following subsidiaries are as follows: |
||||||||||||||||
Unbilled receivables
|
2017 |
2018 |
||||||||||||||
GYM S.A.
|
581,946
|
14,455
|
||||||||||||||
GyM Ferrovias |
354,763
|
558,179
|
||||||||||||||
Concar S.A.
|
52,508
|
38,770
|
||||||||||||||
Survial S.A.
|
30,647
|
19,138
|
||||||||||||||
GMI S.A.
|
19,699
|
26,622
|
||||||||||||||
Norvial S.A.
|
7,057
|
2,885
|
||||||||||||||
Cam Holding SPA
|
85,366
|
- | ||||||||||||||
Others
|
25,201
|
3,972
|
||||||||||||||
1,157,187
|
664,021
|
|||||||||||||||
2017
|
2018
|
|||||||
Current
|
2,157,656
|
1,966,913
|
||||||
Past due up to 30 days
|
118,158
|
37,750
|
||||||
Past due from 31 days up to 180 days
|
141,120
|
25,854
|
||||||
Past due from 181 days up to 360 days
|
1,962
|
17,660
|
||||||
Past due over 360 days
|
17,712
|
92,361
|
||||||
2,436,608
|
2,140,538
|
11
|
WORK IN PROGRESS, NET
|
2017
|
2018
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Unbilled receivable concessions in progress
|
-
|
28,413
|
-
|
32,212
|
||||||||||||
Work in Progress
)
|
61,804
|
-
|
)
|
28,538
|
-
|
|||||||||||
61,804
|
28,413
|
28,538
|
32,212
|
12
|
TRANSACTIONS WITH RELATED PARTIES AND JOINT OPERATORS
|
a)
|
Transactions with related parties
|
2017 | 2018 | |||||||
Revenue from sales of goods and services: | ||||||||
- Associates | 3,367 | 1,704 | ||||||
- Joint operations | 18,138 | 56,560 | ||||||
21,505 | 58,264 | |||||||
Purchase of goods and services: | ||||||||
- Associates | 2,776 | 2,130 | ||||||
- Joint operations | 14,191 | 601 | ||||||
16,967 | 2,731 |
b)
|
Key management compensation
|
c)
|
Balances at the end of the year were:
|
At December 31,
|
At December 31,
|
|||||||||||||||
2017
|
2018
|
|||||||||||||||
Receivable
|
Payable
|
Receivable
|
Payable
|
|||||||||||||
Current portion:
|
||||||||||||||||
Joint operations
|
||||||||||||||||
Consorcio Rio Urubamba
|
8,964
|
-
|
9,122
|
-
|
||||||||||||
Consorcio Peruano de Conservación
|
7,417
|
-
|
6,417
|
-
|
||||||||||||
Consorcio Italo Peruano
|
14,536
|
18,849
|
3,322
|
4,996
|
||||||||||||
Consorcio Constructor Chavimochic
|
1,959
|
5,817
|
2,138
|
6,199
|
||||||||||||
Consorcio GyM Conciviles
|
43,435
|
-
|
1,855
|
-
|
||||||||||||
Consorcio La Gloria
|
1,688
|
1,358
|
1,369
|
1,006
|
||||||||||||
Consorcio Ermitaño
|
1,067
|
6
|
781
|
624
|
||||||||||||
Terminales del Perú
|
3,290
|
-
|
459
|
-
|
||||||||||||
Consorcio TNT Vial y Vives - DSD Chile Ltda
|
-
|
-
|
-
|
11,804
|
||||||||||||
Consorcio Rio Mantaro
|
1,134
|
763
|
-
|
6,655
|
||||||||||||
Consorcio Vial Quinua
|
-
|
2,162
|
-
|
1,970
|
||||||||||||
Consorcio Huacho Pativilca
|
-
|
2,377
|
-
|
475
|
||||||||||||
Consorcio Vial Sierra
|
2,355
|
1,854
|
-
|
-
|
||||||||||||
Consorcio para la Atención y Mantenimiento de Ductos
|
-
|
12,074
|
-
|
-
|
||||||||||||
Other minors
|
12,221
|
7,045
|
9,215
|
11,323
|
||||||||||||
98,066
|
52,305
|
34,678
|
45,052
|
|||||||||||||
Other related parties
|
||||||||||||||||
Ferrovías Argentina
|
-
|
2,684
|
-
|
10,242
|
||||||||||||
Perú Piping Spools S.A.C.
|
279
|
185
|
225
|
-
|
||||||||||||
Gaseoducto Sur Peruano S.A
|
2,407
|
-
|
-
|
-
|
||||||||||||
Other minors
|
-
|
-
|
-
|
647
|
||||||||||||
2,686
|
2,869
|
225
|
10,889
|
|||||||||||||
Current portion
|
100,752
|
55,174
|
34,903
|
55,941
|
||||||||||||
Non-current portion:
|
||||||||||||||||
Gasoducto Sur Peruano S.A
|
773,930
|
-
|
773,927
|
-
|
||||||||||||
Ferrovías Participaciones
|
-
|
21,648
|
-
|
21,849
|
||||||||||||
Other minors
|
-
|
4,306
|
4,299
|
-
|
||||||||||||
Non-current
|
773,930
|
25,954
|
778,226
|
21,849
|
||||||||||||
Receivables and payables are mainly of current maturity and do not have specific guarantees, except for the receivable account from
GSP. Accounts receivable from related parties have maturity periods of 60 days and arise from sales of goods and services. These short-term balances are non-interest-bearing. As of December 31, 2018 an impairment was recognized for S/31
million in the balance of Consorcio GyM Conciviles (S/18 million as of December 31, 2017). The non-current balance corresponds to the obligations arising from the early termination of the GSP project (Note 15 a-i). As of December 31, 2018, the book value of the non-current account receivable recorded by the Company, for S/524 million, is similar to its fair value as it was recorded using the discounted cash flow method, at a 3.46% that originated a discount value of S/17.8 million (equivalent to S/8.1 million in 2017) (Note 27). Additionally, as a consequence of the early termination of the GSP, and the related facts, the subsidiary GyM SA reclassified as of December 31, 2017, the balances of the Consorcio Constructor Ductos del Sur to which adjustments for impairment had previously been applied (Note 5.1-f) and which, up to 2016, was included in the consolidation under the proportional share method. The value of accounts receivable from CCDS correspond mainly to collection rights to GSP for S/249 million. |
13
|
OTHER ACCOUNTS RECEIVABLE
|
2017
|
2018
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Advances to suppliers (a)
|
149,464
|
255,181
|
81,719
|
64,817
|
||||||||||||
Income tax on-account payments (b)
|
125,176
|
2,607
|
91,353
|
-
|
||||||||||||
Fiscal credit (c)
|
81,732
|
30,680
|
79,076
|
26,162
|
||||||||||||
Guarantee deposits (d)
|
113,429
|
-
|
167,769
|
12,241
|
||||||||||||
Claims to third parties (e )
|
109,491
|
11,808
|
62,163
|
-
|
||||||||||||
Petroleos del Peru S.A.- Petroperu S.A.
|
3,619
|
53,918
|
11,953
|
63,797
|
||||||||||||
Taxes receivable
|
66,083
|
33,428
|
20,246
|
25,644
|
||||||||||||
Restricted funds (f)
|
61,993
|
44,770
|
39,394
|
28,578
|
||||||||||||
Rental and sale of equipment
|
27,970
|
-
|
34,768
|
-
|
||||||||||||
Accounts receivable from personne
|
8,868
|
-
|
3,479
|
-
|
||||||||||||
Consorcio Constructor Ductos del sur
|
-
|
29,264
|
-
|
52,114
|
||||||||||||
Consorcio Panorama
|
-
|
-
|
5,306
|
21,826
|
||||||||||||
Other minors
)
|
19,018
|
9,196
|
16,059
|
7,778
|
||||||||||||
766,843
|
470,852
|
613,285
|
302,957
|
|||||||||||||
(-) Impairment
|
(1,398
|
)
|
-
|
(24,834
|
)
|
-
|
||||||||||
765,445
|
470,852
|
588,451
|
302,957
|
(a)
|
Advances to suppliers
|
2017
|
2018
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
Alsthom Transporte - Linea 1
|
9,985
|
223,387
|
1,578
|
64,817
|
||||||||||||
Obras Electromecanicas Refineria Talara
|
29,814
|
-
|
4,582
|
-
|
||||||||||||
Infraestructura Linea Amarilla
|
40,669
|
-
|
5,545
|
-
|
||||||||||||
Bombardier - Linea 1
|
-
|
29,142
|
-
|
-
|
||||||||||||
Advances - joint operations
|
-
|
-
|
21,647
|
-
|
||||||||||||
Other
|
68,996
|
2,652
|
48,367
|
-
|
||||||||||||
149,464
|
255,181
|
81,719
|
64,817
|
(b)
|
Income tax payments on account
|
2017
|
2018
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
GYM S.A.
|
84,923
|
-
|
55,377
|
-
|
||||||||||||
GMI S.A.
|
542
|
-
|
3,877
|
-
|
||||||||||||
GMP S.A.
|
19,318
|
-
|
8,511
|
-
|
||||||||||||
CONCAR S.A.
|
4,565
|
-
|
8,563
|
-
|
||||||||||||
VIVA GYM S.A.
|
6,121
|
-
|
8,114
|
-
|
||||||||||||
Graña y Montero S.A.A.
|
-
|
-
|
6,463
|
-
|
||||||||||||
GYM Ferrovías S.A.
|
3,606
|
-
|
-
|
-
|
||||||||||||
Others
|
6,101
|
2,607
|
466
|
-
|
||||||||||||
125,176
|
2,607
|
91,371
|
-
|
(c)
|
Tax credit related to VAT on the following subsidiaries:
|
2017
|
2018
|
|||||||||||||||
Current
|
Non-current
|
Current
|
Non-current
|
|||||||||||||
GYM S.A.
|
50,326
|
530
|
38,653
|
530
|
||||||||||||
VIVA GYM S.A.
|
10,894
|
9,983
|
511
|
6,744
|
||||||||||||
GYM Ferrovías S.A.
|
8,653
|
-
|
25,453
|
-
|
||||||||||||
Negocios del gas
|
-
|
8,411
|
-
|
8,411
|
||||||||||||
Concesionaria Vesur
|
-
|
5,319
|
1,015
|
5,059
|
||||||||||||
Graña y Montero S.A.A.
|
1,571
|
-
|
9,821
|
-
|
||||||||||||
GMP S.A.
|
3,992
|
-
|
456
|
-
|
||||||||||||
CONCAR S.A.
|
1,551
|
-
|
2,382
|
-
|
||||||||||||
NORVIAL S.A.
|
-
|
3,209
|
-
|
1,997
|
||||||||||||
Others
|
4,745
|
3,228
|
785
|
3,421
|
||||||||||||
81,732
|
30,680
|
79,076
|
26,162
|
(d)
|
Guarantee deposits
|
(e)
|
Third-Party Claims
|
(f)
|
Restricted Funds
|
(g)
|
Consorcio Constructor Ductos del Sur
|
14
|
INVENTORIES |
2017
|
2018
|
|||||||
Land
|
317,337
|
230,689
|
||||||
Work in progress - Real estate
)
|
150,537
|
135,376
|
||||||
Finished properties
|
203,209
|
76,027
|
||||||
Construction material
|
51,131
|
27,852
|
||||||
Merchandise and supplies
|
90,504
|
53,310
|
||||||
812,718
|
523,254
|
|||||||
(-) Impairment of inventories
|
(42,007
|
)
|
(9,207
|
)
|
||||
770,711
|
514,047
|
|||||||
Land |
2017
|
2018
|
|||||||
Lurin (a)
|
103,574
|
72,080
|
||||||
San Isidro (b)
|
58,441
|
49,664
|
||||||
San Miguel (c)
|
44,126
|
28,811
|
||||||
Nuevo Chimbote (d)
|
17,201
|
17,262
|
||||||
Barranco (e)
|
11,413
|
13,585
|
||||||
Huancayo (f)
|
13,572
|
8,282
|
||||||
Ancon (g)
|
37,823
|
-
|
||||||
Canta Callao
|
12,978
|
-
|
||||||
Piura
|
-
|
8,105
|
||||||
Carabaillo III
|
-
|
14,941
|
||||||
Otros
|
18,209
|
8,752
|
||||||
317,337
|
221,482
|
(a)
|
Plot of land of 318 hectares located in the district of Lurín, province of Lima, for industrial development and public housing.
|
(b)
|
A plot of land in the district of San Isidro in which a 15-story building will be built with 24 apartments and 124 parking spaces.
|
(c)
|
Land located in San Miguel of 1 hectare for the development of a multi-family housing project of 248 apartments and 185 parking
lots.
|
(d)
|
Land located in Chimbote, 11.5 hectares, for the development of a social housing project
|
(e)
|
Land located in Calle Paul Harris N°332 and N°336 in Barranco district, for the development of a residential
building project.
|
(f)
|
Land located in Huancayo, 8.5 hectares for the development of a land sale project.
|
(g)
|
A large scale housing-project was terminated and the subsidiary Viva GyM reclassified to accounts receivable to Ministerio de
Vivienda.
|
2017
|
2018
|
|||||||
Los Parques de Comas
|
70,647
|
69,743
|
||||||
Los Parques del Callao
|
53,441
|
46,697
|
||||||
Villa El Salvador 2
|
2,141
|
-
|
||||||
Others
|
24,308
|
18,936
|
||||||
150,537
|
135,376
|
2017
|
2018
|
||||||||||
El Rancho
|
82,796
|
19,314
|
|||||||||
Panorama
|
18,481
|
-
|
|||||||||
Los Parques de San Martín de Porres
|
16,687
|
4,029
|
|||||||||
Los Parques de Callao
|
486
|
389
|
|||||||||
Rivera Navarrete
|
7,870
|
4,053
|
|||||||||
Los Parques de Carabayllo 2da etapa
|
3,134
|
942
|
|||||||||
Los Parques de Comas
|
16,058
|
18,785
|
|||||||||
Los Parques de Villa El Salvador II
|
9,313
|
4,277
|
|||||||||
Klimt
|
44,103
|
5,911
|
|||||||||
Real 2
|
3,877
|
556
|
|||||||||
Huancayo
|
-
|
15,546
|
|||||||||
Others
|
404
|
2,225
|
|||||||||
203,209
|
76,027
|
15
|
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES |
At December 31 this account comprises: |
2017
|
2018
|
|||||||
Associates
|
250,053
|
250,282
|
||||||
Joint ventures
|
18,618
|
7,483
|
||||||
268,671
|
257,765
|
|||||||
The amounts recognized in the income statement are as follows: |
||||||||
2017
|
2018
|
|||||||
Associates
|
(5,915
|
)
|
(5,308
|
)
|
||||
Joint ventures
|
6,039
|
1,599
|
||||||
124
|
(3,709
|
)
|
a)
|
Investment in associates
|
Carrying amount
|
|||||||||||||||||
Class |
Interest in capital
|
At December 31,
|
|||||||||||||||
Entity
|
of share
|
2017
|
2018
|
2017
|
2018
|
||||||||||||
%
|
%
|
||||||||||||||||
Gasoducto Sur Peruano S.A.
|
Common
|
21.49
|
21.49
|
218,276
|
218,276
|
||||||||||||
Concesionaria Chavimochic S.A.C.
|
Common
|
26.50
|
26.50
|
22,091
|
20,524
|
||||||||||||
Betchel Vial y Vives Servicios
|
Common
|
||||||||||||||||
Complementarios Ltda.
|
40.00
|
40.00
|
102
|
94
|
|||||||||||||
Others
|
9,584
|
11,388
|
|||||||||||||||
250,053
|
250,282
|
i)
|
Gasoducto Sur Peruano S.A.
|
ii)
|
Concesionaria Chavimochic S.A.C.
|
Gasoducto Sur
|
Concesionaria
|
|||||||||||
Peruano S.A.
|
Chavimochic S.A.C.
|
|||||||||||
At December, 31
|
At December, 31
|
|||||||||||
Entity
|
2017
|
2017
|
2018
|
|||||||||
Current
|
||||||||||||
Assets
|
6,813,938
|
73,004
|
66,052
|
|||||||||
Liabilities
|
(5,028,381
|
)
|
(1,111
|
)
|
(2,183
|
)
|
||||||
Non-current
|
||||||||||||
Assets
|
-
|
11,809
|
13,580
|
|||||||||
Liabilities
|
-
|
(342
|
)
|
0
|
||||||||
Net assets
|
1,785,558
|
83,360
|
77,449
|
|||||||||
Gasoducto Sur
|
Concesionaria
|
|||||||||||
Entity
|
Peruano S.A. | Chavimochic S.A.C. | ||||||||||
2017
|
2017
|
2018
|
||||||||||
Revenues
|
-
|
-
|
||||||||||
Loss from
|
||||||||||||
continuing operations
|
(43,340
|
)
|
(8,455
|
)
|
||||||||
Income tax
|
-
|
3,185
|
2,543
|
|||||||||
Loss from continuing
|
||||||||||||
operations after income tax
|
-
|
(40,155
|
)
|
(5,912
|
)
|
|||||||
Other comprehensive loss
|
-
|
-
|
-
|
|||||||||
Total comprehensive loss
|
-
|
(40,155
|
)
|
(5,912
|
)
|
2017
|
2018
|
|||||||
Opening balance
|
103,356
|
18,618
|
||||||
Equity interest in results
|
6,039
|
1,599
|
||||||
Disposal of Investment
|
(88,556
|
)
|
(10,112
|
)
|
||||
Dividends received
|
(3,758
|
)
|
(1,823
|
)
|
||||
Conversion adjustment
|
334
|
79
|
||||||
Write-off of Investment
|
-
|
(878
|
)
|
|||||
Discontinued operations
|
1,203
|
-
|
||||||
Final balance
|
18,618
|
7,483
|
Furniture
|
||||||||||||||||||||||||||||||||||||||||
and
|
Other
|
Replacement
|
In-transit
|
Work in
|
||||||||||||||||||||||||||||||||||||
Land
|
Buildings
|
Machinery
|
Vehicles
|
fixtures
|
equipment
|
units
|
units
|
progress
|
Total
|
|||||||||||||||||||||||||||||||
At January 1, 2017
|
||||||||||||||||||||||||||||||||||||||||
Cost
|
32,614
|
241,352
|
1,090,460
|
443,641
|
59,593
|
246,102
|
17,923
|
3,778
|
18,853
|
2,154,316
|
||||||||||||||||||||||||||||||
Accumulated depreciation and impairment
|
-
|
(46,256
|
)
|
(556,907
|
)
|
(239,822
|
)
|
(39,422
|
)
|
(158,301
|
)
|
(9
|
)
|
-
|
-
|
(1,040,717
|
)
|
|||||||||||||||||||||||
Net carrying amount
|
32,614
|
195,096
|
533,553
|
203,819
|
20,171
|
87,801
|
17,914
|
3,778
|
18,853
|
1,113,599
|
||||||||||||||||||||||||||||||
Net initial carrying amount
|
32,614
|
195,096
|
533,553
|
203,819
|
20,171
|
87,801
|
17,914
|
3,778
|
18,853
|
1,113,599
|
||||||||||||||||||||||||||||||
Additions
|
157
|
2,724
|
48,207
|
36,594
|
11,607
|
36,179
|
925
|
22,877
|
13,178
|
172,448
|
||||||||||||||||||||||||||||||
Deconsolidation, net
|
(3,713
|
)
|
(26,109
|
)
|
-
|
(1,527
|
)
|
(2,153
|
)
|
(46,032
|
)
|
-
|
(3,903
|
)
|
(4
|
)
|
(83,441
|
)
|
||||||||||||||||||||||
Reclassifications, net
|
-
|
1,969
|
12,459
|
2,888
|
609
|
6,579
|
4,076
|
(21,600
|
)
|
(6,980
|
)
|
-
|
||||||||||||||||||||||||||||
Transfers to intangibles (Note 17)
|
-
|
-
|
2,119
|
724
|
-
|
-
|
-
|
(964
|
)
|
(2,048
|
)
|
(169
|
)
|
|||||||||||||||||||||||||||
Deduction for sale of assets
|
(5,616
|
)
|
(51,736
|
)
|
(149,202
|
)
|
(92,079
|
)
|
(4,200
|
)
|
(5,270
|
)
|
-
|
-
|
-
|
(308,103
|
)
|
|||||||||||||||||||||||
Disposals, net
|
-
|
(245
|
)
|
(4,032
|
)
|
(7,507
|
)
|
(422
|
)
|
(9,413
|
)
|
-
|
(230
|
)
|
(3,606
|
)
|
(25,455
|
)
|
||||||||||||||||||||||
Depreciation charge
|
-
|
(12,469
|
)
|
(100,976
|
)
|
(45,457
|
)
|
(11,654
|
)
|
(26,928
|
)
|
-
|
-
|
-
|
(197,484
|
)
|
||||||||||||||||||||||||
Impairment loss
|
-
|
-
|
(14,328
|
)
|
-
|
-
|
-
|
-
|
-
|
(352
|
)
|
(14,680
|
)
|
|||||||||||||||||||||||||||
Depreciation for sale deductions
|
-
|
3,579
|
115,864
|
84,145
|
1,049
|
3,128
|
-
|
-
|
-
|
207,765
|
||||||||||||||||||||||||||||||
Translations adjustments
|
236
|
152
|
606
|
(350
|
)
|
(23
|
)
|
980
|
-
|
-
|
(346
|
)
|
1,255
|
|||||||||||||||||||||||||||
Net final carrying amount
|
23,678
|
112,961
|
444,270
|
181,250
|
14,984
|
47,024
|
22,915
|
(42
|
)
|
18,695
|
865,735
|
|||||||||||||||||||||||||||||
At December 31, 2017
|
||||||||||||||||||||||||||||||||||||||||
Cost
|
23,678
|
157,949
|
998,207
|
380,724
|
62,435
|
180,409
|
22,924
|
(42
|
)
|
19,047
|
1,845,331
|
|||||||||||||||||||||||||||||
Accumulated depreciation and impairment
|
-
|
(44,988
|
)
|
(553,937
|
)
|
(199,474
|
)
|
(47,451
|
)
|
(133,385
|
)
|
(9
|
)
|
-
|
(352
|
)
|
(979,596
|
)
|
||||||||||||||||||||||
Net carrying amount
|
23,678
|
112,961
|
444,270
|
181,250
|
14,984
|
47,024
|
22,915
|
(42
|
)
|
18,695
|
865,735
|
Furniture
|
||||||||||||||||||||||||||||||||||||||||
and
|
Other
|
Replacement
|
In-transit
|
Work in
|
||||||||||||||||||||||||||||||||||||
Land
|
Buildings
|
Machinery
|
Vehicles
|
fixtures
|
equipment
|
units
|
units
|
progress
|
Total
|
|||||||||||||||||||||||||||||||
At January 1, 2018
|
||||||||||||||||||||||||||||||||||||||||
Cost
|
23,678
|
157,949
|
998,207
|
380,724
|
62,435
|
180,409
|
22,924
|
(42
|
)
|
19,047
|
1,845,331
|
|||||||||||||||||||||||||||||
Accumulated depreciation and impairment
|
-
|
(44,988
|
)
|
(553,937
|
)
|
(199,474
|
)
|
(47,451
|
)
|
(133,385
|
)
|
(9
|
)
|
-
|
(352
|
)
|
(979,596
|
)
|
||||||||||||||||||||||
Net carrying amount
|
23,678
|
112,961
|
444,270
|
181,250
|
14,984
|
47,024
|
22,915
|
(42
|
)
|
18,695
|
865,735
|
|||||||||||||||||||||||||||||
Net initial carrying amount
|
23,678
|
112,961
|
444,270
|
181,250
|
14,984
|
47,024
|
22,915
|
(42
|
)
|
18,695
|
865,735
|
|||||||||||||||||||||||||||||
Additions
|
-
|
13,216
|
11,318
|
9,377
|
2,145
|
14,122
|
-
|
5,577
|
27,431
|
83,186
|
||||||||||||||||||||||||||||||
Desconsolidation, net
|
(3,183
|
)
|
(33,989
|
)
|
(108,993
|
)
|
(110,859
|
)
|
(1,539
|
)
|
(32,878
|
)
|
-
|
-
|
(715
|
)
|
(292,156
|
)
|
||||||||||||||||||||||
Reclassifications
|
-
|
17,129
|
16,626
|
(1,415
|
)
|
(1,430
|
)
|
75
|
(5,257
|
)
|
(5,320
|
)
|
(20,408
|
)
|
-
|
|||||||||||||||||||||||||
Deduction for sale of assets
|
-
|
(3,527
|
)
|
(55,567
|
)
|
(32,399
|
)
|
(2,164
|
)
|
(2,200
|
)
|
(124
|
)
|
-
|
-
|
(95,981
|
)
|
|||||||||||||||||||||||
Disposals, net
|
-
|
(9,723
|
)
|
(3,340
|
)
|
(1,418
|
)
|
(292
|
)
|
(461
|
)
|
-
|
-
|
615
|
(14,619
|
)
|
||||||||||||||||||||||||
Depreciation charge
|
-
|
(14,257
|
)
|
(67,430
|
)
|
(19,391
|
)
|
(3,954
|
)
|
(18,068
|
)
|
-
|
-
|
-
|
(123,100
|
)
|
||||||||||||||||||||||||
Impairment loss
|
-
|
-
|
(5,664
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
(5,664
|
)
|
||||||||||||||||||||||||||||
Depreciation for sale deductions
|
-
|
1,189
|
37,452
|
14,868
|
1,813
|
1,702
|
-
|
-
|
-
|
57,024
|
||||||||||||||||||||||||||||||
Translations adjustments
|
(286
|
)
|
3,383
|
(3,310
|
)
|
(788
|
)
|
(134
|
)
|
(2,415
|
)
|
-
|
-
|
(321
|
)
|
(3,871
|
)
|
|||||||||||||||||||||||
Net final carrying amount
|
20,209
|
86,382
|
265,362
|
39,225
|
9,429
|
6,901
|
17,534
|
215
|
25,297
|
470,554
|
||||||||||||||||||||||||||||||
At December 31, 2018
|
||||||||||||||||||||||||||||||||||||||||
Cost
|
20,209
|
112,548
|
693,551
|
83,345
|
57,222
|
106,068
|
17,543
|
215
|
25,649
|
1,116,350
|
||||||||||||||||||||||||||||||
Accumulated depreciation and impairment
|
-
|
(26,166
|
)
|
(428,189
|
)
|
(44,120
|
)
|
(47,793
|
)
|
(99,167
|
)
|
(9
|
)
|
-
|
(352
|
)
|
(645,796
|
)
|
||||||||||||||||||||||
Net carrying amount
|
20,209
|
86,382
|
265,362
|
39,225
|
9,429
|
6,901
|
17,534
|
215
|
25,297
|
470,554
|
2017
|
2018
|
|||||||
Cost of services and goods
|
103,566
|
81,199
|
||||||
Administrative expenses
|
5,776
|
5,135
|
||||||
(+) Depreciation discontinued operations
|
90,452
|
39,085
|
||||||
Total depreciation related to property, plant and equipment
|
199,794
|
125,419
|
||||||
(-) Depreciation related to investment property
|
(2,310
|
)
|
(2,319
|
)
|
||||
Total depreciation related to property, plant and equipment
|
197,484
|
123,100
|
At December 31,
|
||||||||
2017
|
2018
|
|||||||
Cost of acquisition
|
650,301
|
589,269
|
||||||
Accumulated depreciation
|
(351,447
|
)
|
(329,613
|
)
|
||||
Net carrying amount
|
298,854
|
259,656
|
2017
|
2018
|
|||||||
Not later than 1 year
|
8,526
|
8,933
|
||||||
Within 2 to 5 years
|
35,161
|
47,397
|
||||||
Later than 5 years
|
46,451
|
30,532
|
||||||
90,138
|
86,862
|
Internally
|
||||||||||||||||||||||||||||||||||||||||
generated
|
||||||||||||||||||||||||||||||||||||||||
Contractual
|
software and
|
Costs of
|
||||||||||||||||||||||||||||||||||||||
Trade-
|
Concession
|
relations
|
development
|
development
|
Development
|
Land use
|
Other
|
|||||||||||||||||||||||||||||||||
Goodwill
|
marks
|
rights
|
with clients
|
costs
|
of wells
|
costs
|
rights
|
assets
|
Total
|
|||||||||||||||||||||||||||||||
At January 1, 2017
|
||||||||||||||||||||||||||||||||||||||||
Cost
|
205,195
|
109,511
|
844,213
|
95,127
|
60,607
|
342,100
|
3,623
|
13,288
|
34,294
|
1,707,958
|
||||||||||||||||||||||||||||||
Accumulated amortization and impairment
|
(60,675
|
)
|
(15,845
|
)
|
(326,453
|
)
|
(62,316
|
)
|
(40,586
|
)
|
(233,378
|
)
|
(3,623
|
)
|
-
|
(4,796
|
)
|
(747,672
|
)
|
|||||||||||||||||||||
Net cost
|
144,520
|
93,666
|
517,760
|
32,811
|
20,021
|
108,722
|
-
|
13,288
|
29,498
|
960,286
|
||||||||||||||||||||||||||||||
Net initial cost
|
144,520
|
93,666
|
517,760
|
32,811
|
20,021
|
108,722
|
-
|
13,288
|
29,498
|
960,286
|
||||||||||||||||||||||||||||||
Additions
|
-
|
-
|
38,156
|
5,274
|
3,330
|
49,698
|
-
|
-
|
20,832
|
117,290
|
||||||||||||||||||||||||||||||
Capitalization of interest
|
-
|
-
|
26,015
|
-
|
-
|
-
|
-
|
-
|
-
|
26,015
|
||||||||||||||||||||||||||||||
Deconsolidation, net
|
(3,524
|
)
|
-
|
(17,354
|
)
|
-
|
(21
|
)
|
-
|
-
|
-
|
(2,767
|
)
|
(23,666
|
)
|
|||||||||||||||||||||||||
Transfers from assets under construction (Note 16)
|
-
|
-
|
(11,217
|
)
|
-
|
2,761
|
5,008
|
-
|
-
|
3,617
|
169
|
|||||||||||||||||||||||||||||
Derecognition - cost
|
-
|
-
|
(537
|
)
|
-
|
(1,572
|
)
|
-
|
-
|
-
|
(355
|
)
|
(2,464
|
)
|
||||||||||||||||||||||||||
Amortization
|
-
|
-
|
(24,609
|
)
|
(4,189
|
)
|
(8,091
|
)
|
(46,695
|
)
|
-
|
-
|
(2,973
|
)
|
(86,557
|
)
|
||||||||||||||||||||||||
Impairment
|
(20,068
|
)
|
(29,541
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(49,609
|
)
|
|||||||||||||||||||||||||||
Translations adjustments
|
(4,124
|
)
|
975
|
13
|
369
|
1,196
|
-
|
-
|
-
|
177
|
(1,394
|
)
|
||||||||||||||||||||||||||||
Net final cost
|
116,804
|
65,100
|
528,227
|
34,265
|
17,624
|
116,733
|
-
|
13,288
|
48,029
|
940,070
|
||||||||||||||||||||||||||||||
At December 31, 2017
|
||||||||||||||||||||||||||||||||||||||||
Cost
|
197,547
|
110,486
|
841,229
|
98,607
|
59,913
|
396,806
|
3,623
|
13,288
|
55,701
|
1,777,200
|
||||||||||||||||||||||||||||||
Accumulated amortization and impairment
|
(80,743
|
)
|
(45,386
|
)
|
(313,002
|
)
|
(64,342
|
)
|
(42,289
|
)
|
(280,073
|
)
|
(3,623
|
)
|
-
|
(7,672
|
)
|
(837,130
|
)
|
|||||||||||||||||||||
Net cost
|
116,804
|
65,100
|
528,227
|
34,265
|
17,624
|
116,733
|
-
|
13,288
|
48,029
|
940,070
|
Internally
|
||||||||||||||||||||||||||||||||||||||||
generated
|
||||||||||||||||||||||||||||||||||||||||
Contractual
|
software and
|
Costs of
|
||||||||||||||||||||||||||||||||||||||
Trade-
|
Concession
|
relations
|
development
|
development
|
Development
|
Land use
|
Other
|
|||||||||||||||||||||||||||||||||
Goodwill
|
marks
|
rights
|
with clients
|
costs
|
of wells
|
costs
|
rights
|
assets
|
Total
|
|||||||||||||||||||||||||||||||
At January 1, 2018
|
||||||||||||||||||||||||||||||||||||||||
Cost
|
197,547
|
110,486
|
841,229
|
98,607
|
59,913
|
396,806
|
3,623
|
13,288
|
55,701
|
1,777,200
|
||||||||||||||||||||||||||||||
Accumulated amortization and impairment
|
(80,743
|
)
|
(45,386
|
)
|
(313,002
|
)
|
(64,342
|
)
|
(42,289
|
)
|
(280,073
|
)
|
(3,623
|
)
|
-
|
(7,672
|
)
|
(837,130
|
)
|
|||||||||||||||||||||
Net cost
|
116,804
|
65,100
|
528,227
|
34,265
|
17,624
|
116,733
|
-
|
13,288
|
48,029
|
940,070
|
||||||||||||||||||||||||||||||
Net initial cost
|
116,804
|
65,100
|
528,227
|
34,265
|
17,624
|
116,733
|
-
|
13,288
|
48,029
|
940,070
|
||||||||||||||||||||||||||||||
Additions
|
-
|
-
|
23,803
|
-
|
3,267
|
68,544
|
-
|
-
|
5,067
|
100,681
|
||||||||||||||||||||||||||||||
Capitalization of interest expenses
|
-
|
-
|
3,361
|
-
|
-
|
-
|
-
|
-
|
-
|
3,361
|
||||||||||||||||||||||||||||||
Desconsolidation, net
|
(20,086
|
)
|
(8,358
|
)
|
(22,758
|
)
|
(8,909
|
)
|
(10,153
|
)
|
-
|
-
|
-
|
(1,863
|
)
|
(72,127
|
)
|
|||||||||||||||||||||||
Transfers from assets under construction (Note 16)
|
-
|
-
|
-
|
-
|
199
|
-
|
-
|
-
|
(199
|
)
|
-
|
|||||||||||||||||||||||||||||
Derecognition - cost
|
-
|
-
|
(16
|
)
|
-
|
(1,941
|
)
|
(4,126
|
)
|
-
|
-
|
-
|
(6,083
|
)
|
||||||||||||||||||||||||||
Amortization
|
-
|
-
|
(50,776
|
)
|
(7,996
|
)
|
(5,834
|
)
|
(41,930
|
)
|
-
|
-
|
(5,592
|
)
|
(112,128
|
)
|
||||||||||||||||||||||||
Translations adjustments
|
(3,430
|
)
|
(4,301
|
)
|
199
|
(303
|
)
|
830
|
-
|
-
|
-
|
326
|
(6,679
|
)
|
||||||||||||||||||||||||||
Net final cost
|
93,288
|
52,441
|
482,040
|
17,057
|
3,992
|
139,221
|
-
|
13,288
|
45,768
|
847,095
|
||||||||||||||||||||||||||||||
At December 31, 2018
|
||||||||||||||||||||||||||||||||||||||||
Cost
|
174,031
|
97,097
|
836,254
|
85,482
|
16,177
|
461,224
|
3,623
|
13,288
|
54,644
|
1,741,820
|
||||||||||||||||||||||||||||||
Accumulated amortization and impairment
|
(80,743
|
)
|
(44,656
|
)
|
(354,214
|
)
|
(68,425
|
)
|
(12,185
|
)
|
(322,003
|
)
|
(3,623
|
)
|
-
|
(8,876
|
)
|
(894,725
|
)
|
|||||||||||||||||||||
Net cost
|
93,288
|
52,441
|
482,040
|
17,057
|
3,992
|
139,221
|
-
|
13,288
|
45,768
|
847,095
|
2017
|
2018
|
|||||||
Engineering and construction
|
75,051
|
71,621
|
||||||
Electromechanical
|
20,737
|
20,737
|
||||||
Mining and construction services
|
13,366
|
-
|
||||||
IT equipment and services
|
930
|
930
|
||||||
Telecommunications services
|
6,720
|
-
|
||||||
116,804
|
93,288
|
Engineering
|
IT equipment
|
Telecommu-
|
||||||||||||||
and
|
Electro-
|
and
|
nication
|
|||||||||||||
construction
|
mechanical
|
services
|
services
|
|||||||||||||
%
|
%
|
%
|
%
|
|||||||||||||
2017
|
||||||||||||||||
Gross margin
|
9.50
|
%
|
8.00
|
%
|
20.83
|
%
|
4.26
|
%
|
||||||||
Terminal growth rate
|
3.00
|
%
|
2.00
|
%
|
2.90
|
%
|
3.00
|
%
|
||||||||
Discount rate
|
11.18
|
%
|
11.48
|
%
|
10.17
|
%
|
4.02
|
%
|
||||||||
2018
|
||||||||||||||||
Gross margin
|
12.67
|
%
|
7.63
|
%
|
20.00
|
%
|
-
|
|||||||||
Terminal growth rate
|
3.00
|
%
|
2.00
|
%
|
2.90
|
%
|
-
|
|||||||||
Discount rate
|
12.55
|
%
|
11.44
|
%
|
15.39
|
%
|
-
|
IT
|
||||||||||||
Engineering
|
Equipment
|
|||||||||||
and construction
|
Services
|
|||||||||||
Morelco
|
Vial yVives-DSD
|
Adexus
|
||||||||||
%
|
%
|
%
|
||||||||||
2017
|
||||||||||||
Average revenue growth rate
|
9.60
|
%
|
25.00
|
%
|
9.19
|
%
|
||||||
Terminal growth rate
|
3.00
|
%
|
4.00
|
%
|
3.00
|
%
|
||||||
Discount rate
|
11.18
|
%
|
14.80
|
%
|
16.63
|
%
|
||||||
2018
|
||||||||||||
Average revenue growth rate
|
12.25
|
%
|
19.58
|
%
|
17.93
|
%
|
||||||
Terminal growth rate
|
3.00
|
%
|
3.00
|
%
|
2.90
|
%
|
||||||
Discount rate
|
12.55
|
%
|
14.00
|
%
|
12.40
|
%
|
2017
|
2018
|
|||||||
Cost of sales and services (Note 26)
|
67,381
|
98,318
|
||||||
Administrative expenses (Note 26)
|
3,002
|
4,856
|
||||||
(+) Amortization discontinued operations
|
16,174
|
8,898
|
||||||
86,557
|
112,072
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
2017
|
2018
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||||||||
Bank overdrafts
|
120
|
119
|
120
|
119
|
-
|
-
|
||||||||||||||||||
Bank loans
|
1,561,634
|
1,023,481
|
990,467
|
810,188
|
571,167
|
213,293
|
||||||||||||||||||
Finance leases
|
128,309
|
33,488
|
66,177
|
13,514
|
62,132
|
19,974
|
||||||||||||||||||
Other financial entities
|
-
|
145,584
|
-
|
2,653
|
-
|
142,931
|
||||||||||||||||||
1,690,063
|
1,202,672
|
1,056,764
|
826,474
|
633,299
|
376,198
|
Current
|
Non-current
|
|||||||||||||||||||||||
Interest
|
Date of
|
At December, 31
|
At December, 31
|
|||||||||||||||||||||
rate
|
maturity
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||||||||
GyM S.A.
|
1.63% / 8.91
|
%
|
2018 / 2019
|
551,413
|
227,770
|
95,376
|
-
|
|||||||||||||||||
Graña y Montero S.A.A.
|
Libor USD 3M + from 4.9% to 5.5
|
% |
2018 / 2020
|
113,412
|
206,836
|
363,564
|
125,547
|
|||||||||||||||||
GyM Ferrovías
|
Libor USD 1M + to 2
|
% |
2019
|
-
|
209,463
|
-
|
-
|
|||||||||||||||||
Viva GyM S.A.
|
7.00% / 12.00
|
%
|
2018 / 2020
|
157,592
|
129,617
|
-
|
2,102
|
|||||||||||||||||
GMP S.A.
|
4.55% / 6.04
|
%
|
2018 / 2020
|
42,911
|
22,587
|
96,245
|
85,644
|
|||||||||||||||||
CONCAR S.A.
|
15.75
|
%
|
2019
|
812
|
13,915
|
-
|
-
|
|||||||||||||||||
Adexus S.A.
|
5.90
|
%
|
2018 / 2019
|
46,552
|
-
|
3,175
|
-
|
|||||||||||||||||
CAM Holding S.A.
|
4.68% / 13.76
|
%
|
2018
|
77,775
|
-
|
12,807
|
-
|
|||||||||||||||||
990,467
|
810,188
|
571,167
|
213,293
|
Current
|
Non-current
|
|||||||||||||||||||||||
Interest
|
Date of
|
At December, 31
|
At December, 31
|
|||||||||||||||||||||
rate
|
maturity
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||||||||
GyM S.A.
|
0.40% / 9.27
|
%
|
2018 / 2023
|
40,107
|
4,523
|
32,397
|
9,314
|
|||||||||||||||||
GMP S.A.
|
0.25% / 4.50
|
%
|
2018 / 2021
|
4,013
|
4,034
|
5,304
|
1,522
|
|||||||||||||||||
Viva GyM S.A.
|
7.79% / 8.46
|
%
|
2018 / 2022
|
4,439
|
3,488
|
12,010
|
8,582
|
|||||||||||||||||
CONCAR S.A.
|
3.65% / 5.05
|
%
|
2018 / 2020
|
1,777
|
1,469
|
1,945
|
556
|
|||||||||||||||||
Adexus S.A.
|
3.36% / 12.31
|
%
|
2018 / 2022
|
8,567
|
-
|
4,363
|
-
|
|||||||||||||||||
GMI S.A.
|
5.56% / 6.90
|
%
|
2018
|
347
|
-
|
-
|
-
|
|||||||||||||||||
CAM Holding S.A.
|
3.01% / 14.76
|
%
|
2018
|
6,240
|
-
|
5,692
|
-
|
|||||||||||||||||
CAM Servicios Perú S.A.
|
6.79% / 7.75
|
%
|
2018
|
687
|
-
|
421
|
-
|
|||||||||||||||||
66,177
|
13,514
|
62,132
|
19,974
|
At December 31,
|
||||||||
2017
|
2018
|
|||||||
Up to 1 year
|
72,864
|
15,151
|
||||||
From 1 to 5 years
|
65,899
|
21,583
|
||||||
Over 5 years
|
638
|
-
|
||||||
139,401
|
36,734
|
|||||||
Future financial charges on finance leases
|
(11,092
|
)
|
(3,246
|
)
|
||||
Present value of the obligations for finance lease contracts
|
128,309
|
33,488
|
At December 31,
|
||||||||
2017
|
2018
|
|||||||
Up to 1 year
|
66,177
|
13,514
|
||||||
From 1 year to 5 years
|
61,501
|
19,974
|
||||||
Over 5 years
|
631
|
-
|
||||||
128,309
|
33,488
|
Carrying amount
|
Fair value
|
|||||||||||||||
At December, 31
|
At December, 31
|
|||||||||||||||
2017
|
2018
|
2017
|
2018
|
|||||||||||||
Bank overdrafts
|
120
|
119
|
120
|
119
|
||||||||||||
Bank loans
|
1,561,634
|
1,023,481
|
1,627,000
|
1,152,885
|
||||||||||||
Finance leases
|
128,309
|
33,488
|
141,040
|
38,399
|
||||||||||||
Other financial entities
|
-
|
145,584
|
-
|
145,584
|
||||||||||||
1,690,063
|
1,202,672
|
1,768,160
|
1,336,987
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
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
|
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
|
||||||
Less current portion of bonds
|
||||||||
Long-term bonds
|
(591,363
|
)
|
(598,238
|
)
|
||||
12,294
|
13,422
|
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 |
2017
|
2018
|
|||||||
Invoices payable
|
1,250,586
|
591,619
|
||||||
Unbilled services received
|
132,514
|
378,670
|
||||||
Notes payable
|
69,946
|
109,242
|
||||||
1,453,046
|
1,079,531
|
Total
|
Current
|
Not current
|
||||||||||||||||||||||
2017
|
2018
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||||||||
Advances received from customers (a)
|
726,294
|
496,548
|
316,891
|
301,868
|
409,403
|
194,680
|
||||||||||||||||||
Consorcio Ductos del Sur - payable (b)
|
250,021
|
234,978
|
-
|
-
|
250,021
|
234,978
|
||||||||||||||||||
Salaries and other payable
|
246,916
|
97,774
|
246,916
|
97,774
|
-
|
-
|
||||||||||||||||||
Put option liability on Morelco acquisition
|
||||||||||||||||||||||||
(Note 32-b)
|
105,418
|
103,649
|
-
|
-
|
105,418
|
103,649
|
||||||||||||||||||
Third-party loans
|
107,314
|
11,560
|
75,256
|
11,560
|
32,058
|
-
|
||||||||||||||||||
Other taxes payable
|
69,584
|
90,449
|
69,584
|
69,118
|
-
|
21,331
|
||||||||||||||||||
VAT payable
|
48,095
|
42,326
|
37,544
|
42,326
|
10,551
|
-
|
||||||||||||||||||
Consorcio Rio Mantaro - payables
|
35,531
|
35,531
|
35,531
|
35,531
|
-
|
-
|
||||||||||||||||||
Acquisition of non-controlling interest (Note 35-a)
|
22,407
|
22,963
|
22,407
|
22,963
|
-
|
-
|
||||||||||||||||||
Supplier funding
|
14,886
|
-
|
-
|
-
|
14,886
|
-
|
||||||||||||||||||
Guarantee deposits
|
15,580
|
15,137
|
15,580
|
15,137
|
-
|
-
|
||||||||||||||||||
Post-retirement benefits
|
8,914
|
-
|
-
|
-
|
8,914
|
-
|
||||||||||||||||||
Other accounts payables
|
50,013
|
55,864
|
28,791
|
36,392
|
21,222
|
19,472
|
||||||||||||||||||
1,700,973
|
1,206,779
|
848,500
|
632,669
|
852,473
|
574,110
|
Total
|
Current
|
Not current
|
||||||||||||||||||||||
2017
|
2018
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||||||||
Legal claims
|
23,364
|
84,728
|
12,220
|
6,049
|
11,144
|
78,679
|
||||||||||||||||||
Contingent liabilities from the acquisition of Morelco
|
4,224
|
4,039
|
-
|
-
|
4,224
|
4,039
|
||||||||||||||||||
Contingent liabilities from the acquisition of Coasin and Vial yVives - DSD
|
1,839
|
459
|
-
|
-
|
1,839
|
459
|
||||||||||||||||||
Contingent liabilities from the acquisition of Adexus
|
1,186
|
-
|
1,186
|
-
|
-
|
-
|
||||||||||||||||||
Provision for well closure (Note 5.1 d)
|
16,804
|
20,382
|
97
|
148
|
16,707
|
20,234
|
||||||||||||||||||
47,417
|
109,608
|
13,503
|
6,197
|
33,914
|
103,411
|
Contingent
|
||||||||||||||||
liabilities
|
Provision
|
|||||||||||||||
Legal
|
resulting from
|
for well
|
||||||||||||||
Other
provisions
|
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
|
(4,875
|
)
|
(1,343
|
)
|
-
|
(6,218
|
)
|
|||||||||
Deconsolidation of subsidiaries
|
(2,340
|
)
|
-
|
-
|
(2,340
|
)
|
||||||||||
Reclasification liabilities classified as held for sale
|
-
|
(1,093
|
)
|
-
|
(1,093
|
)
|
||||||||||
Payments
|
(6,615
|
)
|
-
|
-
|
(6,615
|
)
|
||||||||||
Translation adjustments
|
(175
|
)
|
(315
|
)
|
-
|
(490
|
)
|
|||||||||
At December 31, 2018
|
84,728
|
4,498
|
20,382
|
109,608
|
Total
|
||||||||
Percentage of individual
|
Number of
|
percentage of
|
||||||
interest in capital
|
shareholders
|
interest
|
||||||
Up to 1.00
|
1,926
|
16.37
|
||||||
From 1.01 to 5.00
|
12
|
26.54
|
||||||
From 5.01 to 10.00
|
2
|
12.47
|
||||||
Over 10
|
2
|
44.62
|
||||||
1,942
|
100.00
|
2017
|
2018
|
|||||||
Deferred income tax asset:
|
||||||||
Reversal expected in the following 12 months
|
73,883
|
48,889
|
||||||
Reversal expected after 12 months
|
362,814
|
376,547
|
||||||
Total deferred tax asset
|
436,697
|
425,436
|
||||||
Deferred income tax liability:
|
||||||||
Reversal expected in the following 12 months
|
(5,583
|
)
|
(9,067
|
)
|
||||
Reversal expected after 12 months
|
(66,889
|
)
|
(66,280
|
)
|
||||
Total deferred tax liability
|
(72,472
|
)
|
(75,347
|
)
|
||||
Deferred income tax asset, net
|
364,225
|
350,089
|
||||||
The movement in deferred income tax is as follows:
|
||||||||
2017
|
2018
|
|||||||
Deferred income tax asset, net as of January 1
|
353,839
|
364,225
|
||||||
Credit to income statement (Note 29)
|
42,779
|
25,118
|
||||||
Adjustment for changes in rates of income tax
|
1,951
|
(1,524
|
)
|
|||||
Acquisition of a subsidiary
|
(12,340
|
)
|
(40,460
|
)
|
||||
Acquisition of joint operation
|
(16,804
|
)
|
(95
|
)
|
||||
Other movements
|
(5,200
|
)
|
2,825
|
|||||
Total as of December 31
|
364,225
|
350,089
|
Difference
|
Receivables
|
Costs of
|
||||||||||||||||||||||||||||||||||||||
Tax liability
|
in depreciation
|
Fair value
|
Work
|
from local
|
indebtedness
|
|||||||||||||||||||||||||||||||||||
deferred
|
rates
|
gains
|
in Process
|
Government
|
activated
|
PPA
|
Others
|
Total
|
||||||||||||||||||||||||||||||||
At January 1, 2017
|
61,750
|
-
|
8,242
|
28,867
|
21,418
|
27,118
|
13,164
|
160,559
|
||||||||||||||||||||||||||||||||
(Charge) credit to P&L
|
104,101
|
-
|
(5,712
|
)
|
3,322
|
(1,473
|
)
|
(11,780
|
)
|
(3,724
|
)
|
84,734
|
||||||||||||||||||||||||||||
Sale of subsidiary (GMD S.A.)
|
-
|
-
|
-
|
-
|
-
|
-
|
(82
|
)
|
(82
|
)
|
||||||||||||||||||||||||||||||
At December 31, 2017
|
165,851
|
-
|
2,530
|
32,189
|
19,945
|
15,338
|
9,358
|
245,211
|
||||||||||||||||||||||||||||||||
(Charge) credit to P&L
|
(74,679
|
)
|
13,574
|
2,926
|
689
|
(4,229
|
)
|
(11,699
|
)
|
7,828
|
(65,590
|
)
|
||||||||||||||||||||||||||||
Sale of subsidiary (GMD S.A.)
|
(16,189
|
)
|
-
|
-
|
-
|
-
|
(5,201
|
)
|
(3,378
|
)
|
(24,768
|
)
|
||||||||||||||||||||||||||||
At December 31, 2018
|
74,983
|
13,574
|
5,456
|
32,878
|
15,716
|
(1,562
|
)
|
13,808
|
154,853
|
|||||||||||||||||||||||||||||||
Accelerated
|
Accrual for
|
|||||||||||||||||||||||||||||||||||||||
Active for taxes
|
tax
|
Tax
|
Work
|
unpaid
|
Investments
|
Provision
|
Tax
|
|||||||||||||||||||||||||||||||||
deferred
|
Provisions
|
depreciation
|
losses
|
in Process
|
vacations
|
in subsidiaries
|
for deterioration
|
Goodwill
|
Others
|
Total
|
||||||||||||||||||||||||||||||
At January 1, 2017
|
105,679
|
16,381
|
153,083
|
17,614
|
12,972
|
608
|
172,052
|
20,525
|
15,487
|
514,401
|
||||||||||||||||||||||||||||||
Charge (credit) to P&L
|
(12,614
|
)
|
79,637
|
(8,555
|
)
|
21,873
|
2,166
|
118
|
28,593
|
(112
|
)
|
18,358
|
129,464
|
|||||||||||||||||||||||||||
Charge (credit) to equity
|
(8,882
|
)
|
-
|
-
|
-
|
-
|
-
|
(7,493
|
)
|
-
|
(347
|
)
|
(16,722
|
)
|
||||||||||||||||||||||||||
Reclassification
|
(30,901
|
)
|
-
|
-
|
-
|
-
|
(726
|
)
|
31,627
|
-
|
-
|
-
|
||||||||||||||||||||||||||||
Sale of subsidiary (GMD S.A.)
|
(683
|
)
|
(9,367
|
)
|
(438
|
)
|
-
|
(1,697
|
)
|
-
|
-
|
-
|
(236
|
)
|
(12,421
|
)
|
||||||||||||||||||||||||
Others
|
(160
|
)
|
-
|
(1
|
)
|
-
|
(1
|
)
|
-
|
1
|
-
|
(5,126
|
)
|
(5,287
|
)
|
|||||||||||||||||||||||||
At December 31, 2017
|
52,439
|
86,651
|
144,089
|
39,487
|
13,440
|
-
|
224,780
|
20,413
|
28,136
|
609,435
|
||||||||||||||||||||||||||||||
Charge (credit) to P&L
|
702
|
(83,561
|
)
|
25,733
|
(5,482
|
)
|
1,784
|
-
|
35,289
|
(2,365
|
)
|
(14,096
|
)
|
(41,996
|
)
|
|||||||||||||||||||||||||
Charge (credit) to equity
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(95
|
)
|
(95
|
)
|
||||||||||||||||||||||||||||
Sale of subsidiary
|
(14,775
|
)
|
(2,169
|
)
|
(33,512
|
)
|
-
|
(6,215
|
)
|
-
|
(6,462
|
)
|
-
|
(944
|
)
|
(64,077
|
)
|
|||||||||||||||||||||||
Others
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,675
|
1,675
|
||||||||||||||||||||||||||||||
At December 31, 2018
|
38,366
|
921
|
136,310
|
34,005
|
9,009
|
-
|
253,607
|
18,048
|
14,676
|
504,942
|
Tax Loss
|
Application
|
Statute of
|
||||||||||||||||||||||
Company
|
Compensation |
2019
|
2020
|
Forward
|
Limitations | |||||||||||||||||||
GyM S.A.
|
277,541
|
B
|
8,801
|
19,417
|
249,323
|
|||||||||||||||||||
Vial y Vives
|
76,474
|
N/A
|
11,022
|
13,226
|
52,226
|
|||||||||||||||||||
Graña y Montero S.A.A.
|
56,906
|
A
|
46,278
|
10,628
|
-
|
2022
|
||||||||||||||||||
GMP
|
17,225
|
A
|
-
|
5,786
|
11,438
|
2020 / 2021
|
||||||||||||||||||
TGNCA
|
15,989
|
B
|
-
|
-
|
15,989
|
|||||||||||||||||||
Viva GyM
|
12,497
|
B
|
-
|
-
|
12,497
|
|||||||||||||||||||
Consorcio Italo Peruano
|
3,870
|
A
|
3,870
|
-
|
-
|
2020
|
||||||||||||||||||
Consorcio Peruano de Conservación
|
3,791
|
A
|
-
|
3,243
|
549
|
2020 / 2021
|
||||||||||||||||||
Consorcio Huacho-Pativilca
|
1,457
|
A
|
1,457
|
-
|
-
|
2022
|
||||||||||||||||||
Others
|
3,055
|
1,196
|
142
|
1,717
|
||||||||||||||||||||
468,805
|
72,624
|
52,442
|
343,739
|
2017
|
2018
|
|||||||
Cost of sales of goods and services
|
2,215
|
5,274
|
||||||
Administrative expenses
|
7,562
|
2,588
|
||||||
9,777
|
7,862
|
Cost of goods
|
Administrative
|
|||||||
and services
|
expenses
|
|||||||
2017
|
||||||||
Services provided by third-parties
|
1,268,665
|
104,950
|
||||||
Salaries, wages and fringe benefits
|
919,409
|
134,695
|
||||||
Purchase of goods
|
856,745
|
140
|
||||||
Impairment of accounts receivable
|
235,107
|
48,057
|
||||||
Depreciation
|
103,566
|
5,776
|
||||||
Amortization
|
67,381
|
3,002
|
||||||
Impairment of inventories
|
40,592
|
-
|
||||||
Impairment of property, plant and equipment
|
11,928
|
20
|
||||||
Taxes
|
7,470
|
7,408
|
||||||
Impairment of accounts receivable
|
698
|
18,406
|
||||||
Total report restated
|
3,511,561
|
322,454
|
||||||
Cost of goods
|
Administrative
|
|||||||
and services
|
expenses
|
|||||||
2018
|
||||||||
Services provided by third-parties
|
1,064,687
|
98,060
|
||||||
Salaries, wages and fringe benefits
|
817,392
|
105,505
|
||||||
Purchase of goods
|
755,209
|
-
|
||||||
Other management charges
|
375,308
|
43,533
|
||||||
Amortization of intangibles
|
98,318
|
4,856
|
||||||
Depreciation
|
81,199
|
5,135
|
||||||
Impairment of accounts receivable
|
45,658
|
19,418
|
||||||
Taxes
|
8,727
|
1,926
|
||||||
Impairment of property, plant and equipment
|
5,468
|
-
|
||||||
Inventory recovery
|
(26,993
|
)
|
-
|
|||||
3,224,973
|
278,433
|
|||||||
For the years ended on December 31, staff costs comprise the following:
|
||||||||
2017
|
2018
|
|||||||
Salaries
|
747,195
|
629,641
|
||||||
Social contributions
|
106,797
|
80,697
|
||||||
Statutory bonuses
|
76,330
|
73,297
|
||||||
Employee’s severance indemnities
|
43,399
|
50,852
|
||||||
Others
|
37,003
|
41,327
|
||||||
Vacations
|
33,603
|
39,221
|
||||||
Worker’s profit sharing (Note 25)
|
9,777
|
7,862
|
||||||
1,054,104
|
922,897
|
2017
|
2018
|
|||||||
Financial income:
|
||||||||
Interest on loans to third parties
|
577
|
27,060
|
||||||
Fair value of accounts receivables
|
-
|
9,786
|
||||||
Interest on short-term bank deposits
|
5,123
|
3,811
|
||||||
Commissions and collaterals
|
12
|
1,448
|
||||||
Exchange rate gain, net
|
5,603
|
-
|
||||||
Others
|
2,427
|
8,820
|
||||||
13,742
|
50,925
|
|||||||
Financial expenses:
|
||||||||
Interest expense:
|
||||||||
- Bank loans
|
93,238
|
114,376
|
||||||
- Loans from third parties
|
6,784
|
31,296
|
||||||
- Commissions and collaterals
|
15,537
|
31,668
|
||||||
- Financial lease
|
4,722
|
2,908
|
||||||
- Bonds
|
28,804
|
3,361
|
||||||
Exchange difference loss, net
|
-
|
23,276
|
||||||
Derivative financial instruments
|
739
|
268
|
||||||
Loss by measurement of financial asset fair value
|
8,059
|
25,796
|
||||||
Other financial expenses
|
24,802
|
23,200
|
||||||
Less capitalized interest
|
(31,908
|
)
|
(8,167
|
)
|
||||
150,777
|
247,982
|
2017
|
2018
|
|||||||
Other income:
|
||||||||
Sales of fixed assets
|
93,013
|
26,007
|
||||||
Sale of investments
|
-
|
13,475
|
||||||
Reversal of legal and tax provisions
|
79
|
20
|
||||||
Present value of the liability from put option
|
-
|
6,122
|
||||||
Others
|
6,466
|
12,795
|
||||||
99,558
|
58,419
|
|||||||
Other expenses:
|
||||||||
Net cost of fixed assets disposal
|
78,378
|
36,931
|
||||||
Impairment of goodwill and trademarks
|
49,608
|
-
|
||||||
Legal contingency - Law 30737 (Note 22)
|
-
|
73,500
|
||||||
Others
|
4,441
|
9,323
|
||||||
132,427
|
119,754
|
|||||||
(32,869
|
)
|
(61,335
|
)
|
2017
|
2018
|
|||||||
Current income tax
|
167,154
|
150,020
|
||||||
Deferred income tax (Note 24)
|
(44,730
|
)
|
(23,594
|
)
|
||||
PPUA
|
613
|
-
|
||||||
Total
|
123,037
|
126,426
|
||||||
(-) Discontinued Operations
|
(76,732
|
)
|
(13,108
|
)
|
||||
Income tax
|
46,305
|
113,318
|
2017
|
2018
|
|||||||
Profit (loss) before income tax
|
45,112
|
133,948
|
||||||
Income tax by applying local applicable tax
|
||||||||
rates on profit generated in the respective countries
|
13,811
|
40,507
|
||||||
Tax effect on:
|
||||||||
- Non-taxable income
|
(4
|
)
|
(1,691
|
)
|
||||
- Equity method (profit) loss
|
394
|
(1,094
|
)
|
|||||
- Non-deductible expenses
|
30,472
|
70,052
|
||||||
- Unrecognized deferred tax asset
|
||||||||
income (expense)
|
1,562
|
8,592
|
||||||
- Adjustment for changes in rates
|
||||||||
of income tax
|
27
|
1,524
|
||||||
- PPUA adjustment for changes in tax rates
|
(611
|
)
|
-
|
|||||
- Change in prior years estimations
|
9,005
|
3,235
|
||||||
- Others, net
|
(8,351
|
)
|
(7,807
|
)
|
||||
Income tax
|
46,305
|
113,318
|
Profit
|
||||||||||||
before
|
||||||||||||
Local tax
|
income
|
Income
|
||||||||||
Country
|
rate
|
tax
|
tax
|
|||||||||
(A)
|
(B)
|
(A)*(B)
|
||||||||||
2017
|
||||||||||||
Peru
|
28.00
|
%
|
420,421
|
124,024
|
||||||||
Peru – Norvial S.A.
|
27.00
|
%
|
68,104
|
18,388
|
||||||||
Peru – GyM Ferrovias S.A.
|
30.00
|
%
|
29,028
|
8,708
|
||||||||
Peru – Vesur
|
30.00
|
%
|
779
|
234
|
||||||||
Peru – GMP S.A.
|
30.00
|
%
|
20,941
|
6,073
|
||||||||
Chile
|
24.00
|
%
|
(93,031
|
)
|
(23,723
|
)
|
||||||
Colombia
|
40.00
|
%
|
(27,970
|
)
|
(11,188
|
)
|
||||||
Bolivia
|
25.00
|
%
|
(2,897
|
)
|
(724
|
)
|
||||||
Unrealized gains
|
(370,263
|
)
|
(107,981
|
)
|
||||||||
Total
|
45,112
|
13,811
|
||||||||||
2018
|
||||||||||||
Peru
|
0.00
|
%
|
-
|
-
|
||||||||
Peru – Norvial S.A.
|
29.50
|
%
|
151,627
|
44,730
|
||||||||
Peru – GyM Ferrovias S.A.
|
27.00
|
%
|
21,104
|
5,698
|
||||||||
Peru – Vesur
|
30.00
|
%
|
125,136
|
37,541
|
||||||||
Peru – GMP S.A.
|
30.00
|
%
|
2,951
|
885
|
||||||||
Chile
|
29.00
|
%
|
35,421
|
10,272
|
||||||||
Colombia
|
27.00
|
%
|
(20,768
|
)
|
(5,607
|
)
|
||||||
Colombia
|
37.00
|
%
|
11,851
|
4,385
|
||||||||
Bolivia
|
33.00
|
%
|
1,984
|
655
|
||||||||
Unrealized gains
|
(137
|
)
|
(34
|
)
|
||||||||
Total
|
329,169
|
98,524
|
Exchange
|
||||||||||||||||||||
Foreign
|
Increase in
|
difference from
|
||||||||||||||||||
currency
|
fair value of
|
net investment
|
||||||||||||||||||
Cash flow
|
translations
|
available-for
|
in a foreign
|
|||||||||||||||||
hedge
|
adjustment
|
sale assets
|
operation
|
Total
|
||||||||||||||||
At December 31, 2016
|
(87
|
)
|
(54,556
|
)
|
7,461
|
(8,455
|
)
|
(55,637
|
)
|
|||||||||||
(Charge) credit for the year
|
650
|
(9,166
|
)
|
0
|
9,222
|
706
|
||||||||||||||
Tax effects
|
(192
|
)
|
0
|
0
|
(2,729
|
)
|
(2,921
|
)
|
||||||||||||
Other comprehensive income of the year
|
458
|
(9,166
|
)
|
0
|
6,493
|
(2,215
|
)
|
|||||||||||||
At December 31, 2017
|
371
|
(63,722
|
)
|
7,461
|
(1,962
|
)
|
(57,852
|
)
|
||||||||||||
(Charge) credit for the year
|
160
|
(7,875
|
)
|
-
|
(10,800
|
)
|
(18,515
|
)
|
||||||||||||
Tax effects
|
(47
|
)
|
-
|
-
|
2,808
|
2,761
|
||||||||||||||
Transfer to profit or loss (*)
|
-
|
14,805
|
-
|
-
|
14,805
|
|||||||||||||||
Other comprehensive income of the year
|
113
|
6,930
|
0
|
(7,992
|
)
|
(949
|
)
|
|||||||||||||
At December 31, 2018
|
484
|
(56,792
|
)
|
7,461
|
(9,954
|
)
|
(58,801
|
)
|
2017
|
2018
|
|||||||
Controlling interest
|
(2,215
|
)
|
(949
|
)
|
||||
Non-controlling interest
|
(3,117
|
)
|
(1,346
|
)
|
||||
Adjustment for actuarial gains and losses, net of tax
|
(2,948
|
)
|
16,589
|
|||||
Total value in OCI
|
(8,280
|
)
|
14,294
|
31
|
CONTINGENCIES, COMMITMENTS AND WARRANTIES
|
a)
|
Tax contingencies
|
-
|
Since fiscal year 2016, there has been an appeal process before the Tax Court and another contentious-administrative
process before the Judicial Branch regarding the results of VAT and Income Tax audits from 1999 to 2002. The maximum exposure amount is S/6.9 million.
|
-
|
In our subsidiary GyM S.A., as a result of the audit processes corresponding to 1999, 2001 and 2010, SUNAT has issued
determination and fine resolutions that together amount to approximately S/19.1 million.
|
-
|
In fiscal year 2017, the tax litigation related to fiscal year 2001 was resolved, in which the Tax Court ordered SUNAT to
recalculate its observations, determining an amount lower than that initially claimed. Our subsidiary has decided to accept the conclusions of this resolution and submit requests for installment payment of the debt in reference
amounting to S/14.1 million.
|
-
|
Also, at the end of fiscal year 2017, the contentious-administrative process related to fiscal year 1999 was resolved
through which the Judicial Branch rejects our arguments and confirms what SUNAT has stated. With respect to this process, there was already a contingency provision of S/5 million.
|
-
|
The administrative tax process related to fiscal year 2010 is still ongoing; however, its resolution will not imply an
economic loss since it corresponds to a greater return of the balance in favor in 2011 already audited by the Tax Administration.
|
-
|
On the other hand, the Consortiums in which the subsidiary GyM S.A. participates initiated claims before SUNAT for the
results of the audits whose maximum exposure amount as of December 31, 2018 is S/2.6 million (as of December 31, 2017 it amounted to S/3 million).
|
-
|
In fiscal year 2017, Viva GyM challenged the results of the audit process corresponding to fiscal year 2009, whose
determination and fine resolutions as a whole generate a maximum exposure amount as of December 31, 2017 of S/1.5 million. In April 2018, the tax administration declared unfounded the claim for which an appeal has been filed
before the Tax Court.
|
b)
|
Other contingencies
|
i)
|
Civil lawsuits, mainly related to damages, termination of contracts 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)
|
Contentious-administrative proceedings amounting to S/13.41 million (S/9.64 million correspond to Consorcio Terminales and
GMP; S/2.67 million correspond to GyM; S/1.08 million correspond to GyM Ferrovías, and the remaining S/0.02 million correspond to Las Lomas -
Inmobiliaria).
|
iii)
|
Administrative processes amounting to S/13.21 million (S/8.13 million correspond to Consorcio Constructor Ductos del Sur;
S/1.25 million correspond to Graña y Montero S.A.A.; 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, Consorcio Toromocho
and Concesión Canchaque).
|
iv)
|
Labor processes amounting to S/12.06 million (S/9.74 million correspond to GyM, its subsidiaries and consortia; S/0.69
million correspond to GMP; S/0.33 million correspond to Vial and Vives - DSD; S/0.22 million correspond to Morelco; S/0.50 million correspond to
Consorcio Huacho-Pativilca); and, S/0.58 million correspond to Servisel.
|
v)
|
Two securities class action lawsuits have been filed against the company and certain of our former officers in New York
("Eastern District of New York") during the first quarter of 2017. Both actions allege that false and misleading statements were filed during the period. In particular, it is alleged that the defendant failed to disclose, among
other things, that: a) the Company knew that its partner Odebrecht was involved in illegal activities; and that, b) the Company profited from such activities in violation of its own corporate governance rules. On March 6, 2018,
the Court appointed Treasure Finance Holding Corp. to represent the plaintiffs. The company filed an exception requesting that the Court dismiss the lawsuit because even assuming that the facts alleged in the lawsuit were true,
the plaintiffs would not be entitled to sue on the basis that: (a) the failure by the plaintiffs to register alleged unlawful payments would not have a material impact on the company's financial statements even if they existed;
(b) the evidence provided 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 issue is expected to be resolved
during 2019. After that, the Court may dismiss the lawsuit or admit it. Legal counsel cannot predict the outcome of this class action or how it may impact the Company.
|
c)
|
Letters of Credit and Guarantees
|
32
|
BUSINESS COMBINATIONS
|
a)
|
Adexus S.A. acquisition
|
b)
|
Morelco S.A.S. acquisition
|
33
|
DIVIDENDS
|
34
|
EARNINGS (LOSS) PER SHARE
|
2017
|
2018
|
|||||||
Profit (Losses) attributable to the controlling
|
||||||||
interest in the Company
|
148,738
|
(83,188
|
)
|
|||||
Weighted average number of shares in issue
|
||||||||
at S/1.00 each, at December 31,
|
660,053,790
|
729,434,192
|
||||||
Basic earnings (loss) per share (in S/)
|
0.225
|
(0.125
|
)
|
2017
|
2018
|
|||||||
Viva GyM S.A.
|
||||||||
Contributions received
|
8,654
|
3,399
|
||||||
Returns of contributions
|
(45,053
|
)
|
(87,856
|
)
|
||||
(36,399
|
)
|
(84,457
|
)
|
|||||
Plus (less):
|
||||||||
Contributions from other subsidiaries
|
3,202
|
15,120
|
||||||
Increase (decrease) in equity of non controlling parties
|
(33,197
|
)
|
(69,337
|
)
|
2017
|
2018
|
|||||||||||||||
Completed
|
Planned
|
Completed
|
Planned
|
|||||||||||||
Revenue
|
1,894,055
|
284,025
|
1,010,739
|
302,936
|
||||||||||||
Operating costs, net
|
(1,795,753
|
)
|
(273,278
|
)
|
(1,024,465
|
)
|
(300,704
|
)
|
||||||||
Finance costs, net
|
(24,275
|
)
|
(10,490
|
)
|
(13,718
|
)
|
(12,176
|
)
|
||||||||
Operating profit from discontinued activities before taxation
|
74,027
|
257
|
(27,444
|
)
|
(9,944
|
)
|
||||||||||
Income tax expense
|
(14,109
|
)
|
147
|
7,112
|
2,325
|
|||||||||||
Profit from discontinued ordinary activities after taxation (a)
|
59,918
|
404
|
(20,332
|
)
|
(7,619
|
)
|
||||||||||
Details of the sale of the subsidiary
|
||||||||||||||||
Revenues from the sale of investments
|
269,961
|
-
|
310,855
|
-
|
||||||||||||
Cost from the sale of investments
|
(55,913
|
)
|
-
|
(237,213
|
)
|
-
|
||||||||||
Income tax expense on gain
|
(63,939
|
)
|
-
|
(8,906
|
)
|
-
|
||||||||||
Gain on sale after income tax (b)
|
150,109
|
-
|
64,736
|
-
|
||||||||||||
Net effect in consolidated (a) + (b)
|
210,027
|
404
|
44,404
|
(7,619
|
)
|
|||||||||||
Cash flows relating to the discontinued operations are as follows:
|
||||||||||||||||
Operating cash flows
|
149,687
|
36,450
|
6,967
|
6,083
|
||||||||||||
Investing cash flows
|
(10,377
|
)
|
(18,141
|
)
|
(11,474
|
)
|
(19,570
|
)
|
||||||||
Financing cash flows
|
(136,165
|
)
|
(21,422
|
) |
526
|
14,059
|
||||||||||
Net increase generated in subsidiary
|
3,145
|
(3,113
|
) |
(3,981
|
)
|
572
|
At December 31,
|
||||
2018
|
||||
Adexus S.A.
|
||||
planned
|
||||
ASSETS
|
||||
Cash and cash equivalets
|
6,074
|
|||
Trade accounts receivables, net
|
157,351
|
|||
Inventories, net
|
3,999
|
|||
Other accounts receivable
|
80,374
|
|||
Total assets
|
247,798
|
|||
LIABILITIES
|
||||
Other accounts payable
|
71,810
|
|||
Accounts payable
|
148,817
|
|||
Deferred income tax liabilities
|
5,201
|
|||
Total liabilities
|
225,828
|
|||
Total net assets
|
21,970
|