CONTENTS
|
Page
|
Consolidated Statement of Financial Position
|
1
|
Consolidated Statement of Income
|
2
|
Consolidated Statement of Comprehensive Income
|
3
|
Consolidated Statement of Changes in Equity
|
4
|
Consolidated Statement of Cash Flows
|
5
|
Notes to the Consolidated Financial Statements
|
6 - 26
|
|
S/
|
=
|
Peruvian Sol
|
|
US$
|
=
|
United States dollar
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||||||||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
||||||||||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
||||||||||||||
ASSETS
|
LIABILITIES AND EQUITY
|
|||||||||||||
As at
|
As at
|
As at
|
As at
|
|||||||||||
December 31,
|
June 30,
|
December 31,
|
June 30,
|
|||||||||||
Note
|
2018
|
2019
|
Note
|
2018
|
2019
|
|||||||||
Current assets
|
Current liabilities
|
|||||||||||||
Cash and cash equivalents
|
8
|
801,140
|
791,747
|
Borrowings
|
12
|
826,474
|
427,883
|
|||||||
Trade accounts receivables, net
|
1,007,828
|
1,056,859
|
Bonds
|
13
|
39,167
|
48,488
|
||||||||
Work in progress, net
|
28,538
|
46,859
|
Trade accounts payable
|
1,079,531
|
1,132,989
|
|||||||||
Accounts receivable from related parties
|
9
|
34,903
|
43,436
|
Accounts payable to related parties
|
9
|
55,941
|
64,846
|
|||||||
Other accounts receivable
|
588,451
|
653,996
|
Current income tax
|
25,807
|
38,951
|
|||||||||
Inventories, net
|
514,047
|
594,781
|
Other accounts payable
|
632,669
|
700,443
|
|||||||||
Prepaid expenses
|
10,549
|
16,522
|
Provisions
|
14
|
6,197
|
6,518
|
||||||||
2,985,456
|
3,204,200
|
Total current liabilities
|
2,665,786
|
2,420,118
|
||||||||||
Non-current assets classified as held for sale
|
247,798
|
250,233
|
Non-current liabilities classified as held for sale
|
225,828
|
237,724
|
|||||||||
Total current assets
|
3,233,254
|
3,454,433
|
Total current liabilities
|
2,891,614
|
2,657,842
|
|||||||||
Non-current assets
|
Non-current liabilities
|
|||||||||||||
Long-term trade accounts receivable, net
|
1,020,067
|
682,118
|
Borrowings
|
12
|
376,198
|
230,414
|
||||||||
Long-term work in progress, net
|
32,212
|
-
|
Long-term bonds
|
13
|
897,875
|
882,558
|
||||||||
Long-term accounts receivable from related parties
|
9
|
778,226
|
789,636
|
Other long-term accounts payable
|
574,110
|
452,867
|
||||||||
Prepaid expenses
|
33,697
|
43,712
|
Long-term accounts payable to related parties
|
9
|
21,849
|
22,919
|
||||||||
Other long-term accounts receivable
|
302,957
|
229,909
|
Provisions
|
14
|
103,411
|
114,972
|
||||||||
Investments in associates and joint ventures
|
10
|
257,765
|
255,534
|
Derivative financial instruments
|
61
|
105
|
||||||||
Investment property
|
29,133
|
27,998
|
Deferred income tax liability
|
75,347
|
77,871
|
|||||||||
Property, plant and equipment, net
|
11
|
470,554
|
449,213
|
Total non-current liabilities
|
2,048,851
|
1,781,706
|
||||||||
Intangible assets, net
|
11
|
847,095
|
866,032
|
Total liabilities
|
4,940,465
|
4,439,548
|
||||||||
Deferred income tax asset
|
425,436
|
421,835
|
||||||||||||
Total non-current assets
|
4,197,142
|
3,765,987
|
Equity
|
|||||||||||
Capital
|
15
|
729,434
|
871,918
|
|||||||||||
Legal reserve
|
132,011
|
132,011
|
||||||||||||
Voluntary reserve
|
29,974
|
29,974
|
||||||||||||
Share Premium
|
992,144
|
1,131,051
|
||||||||||||
Other reserves
|
(170,620)
|
(172,627)
|
||||||||||||
Retained earnings
|
375,417
|
402,457
|
||||||||||||
Equity attributable to controlling interest in the Company
|
2,088,360
|
2,394,784
|
||||||||||||
Non-controlling interest
|
401,571
|
386,088
|
||||||||||||
Total equity
|
2,489,931
|
2,780,872
|
||||||||||||
Total assets
|
7,430,396
|
7,220,420
|
Total liabilities and equity
|
7,430,396
|
7,220,420
|
|||||||||
The accompanying notes on pages 6 to 26 are an integral part of the consolidated financial statements. |
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||
CONSOLIDATED STATEMENT OF INCOME
|
||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
||||||
For the period
|
||||||
ended June 30,
|
||||||
Note
|
2018
|
2019
|
||||
Revenues from construction activities
|
993,952
|
927,841
|
||||
Revenues from services provided
|
409,024
|
482,089
|
||||
Revenue from real estate and sale of goods
|
286,269
|
219,052
|
||||
1,689,245
|
1,628,982
|
|||||
Cost of construction activities
|
(1,000,414)
|
(859,651)
|
||||
Cost of services provided
|
(262,028)
|
(374,206)
|
||||
Cost of real estate and goods sold
|
(218,692)
|
(168,788)
|
||||
16
|
(1,481,134)
|
(1,402,645)
|
||||
Gross profit
|
208,111
|
226,337
|
||||
Administrative expenses
|
16
|
(118,667)
|
(94,840)
|
|||
Other income and expenses
|
11,090
|
46,183
|
||||
Operating profit
|
100,534
|
177,680
|
||||
Financial expenses
|
(122,862)
|
(117,720)
|
||||
Financial income
|
14,015
|
44,389
|
||||
Share of the profit or loss in associates and joint ventures
|
(3,161)
|
(1,757)
|
||||
(Loss) profit before income tax
|
(11,474)
|
102,592
|
||||
Income tax
|
17
|
(11,941)
|
(54,804)
|
|||
(Loss) profit from continuing operations
|
(23,415)
|
47,788
|
||||
Profit (loss) from discontinued operations
|
20
|
16,690
|
(11,925)
|
|||
(Loss) profit for the period
|
(6,725)
|
35,863
|
||||
(Loss) profit attributable to:
|
||||||
Owners of the Company
|
(28,387)
|
27,040
|
||||
Non-controlling interest
|
21,662
|
8,823
|
||||
(6,725)
|
35,863
|
|||||
(Loss) earnings per share attributable to owners of the
|
||||||
Company during the period
|
(0.043)
|
0.035
|
||||
(Loss) earnings per share from continuing operations
|
||||||
attributable to owners of the Company during the period
|
(0.058)
|
0.057
|
||||
The accompanying notes on pages 6 to 26 are an integral part of the consolidated financial statements.
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
||||||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
||||||
For the period
|
||||||
ended June 30,
|
||||||
Note
|
2018
|
2019
|
||||
(Loss) profit for the period
|
(6,725)
|
35,863
|
||||
Other comprehensive income:
|
||||||
Items that will not be reclassified to profit or loss
|
||||||
Remeasurement of actuarial gains and losses, net of tax
|
2,682
|
-
|
||||
Items that may be subsequently reclassified to profit or loss
|
||||||
Cash flow hedge, net of tax
|
175
|
(32)
|
||||
Foreign currency translation adjustment, net of tax
|
10,447
|
(4,694)
|
||||
Exchange difference from net investment in a foreign operation, net of tax
|
(145)
|
(13)
|
||||
10,477
|
(4,739)
|
|||||
Other comprehensive income for the period, net of tax
|
13,159
|
(4,739)
|
||||
Total comprehensive income for the period
|
6,434
|
31,124
|
||||
Comprehensive income attributable to:
|
||||||
Owners of the Company
|
(18,925)
|
25,033
|
||||
Non-controlling interest
|
25,359
|
6,091
|
||||
6,434
|
31,124
|
|||||
Comprehensive income attributable to owners of the Company:
|
||||||
Continuing operations
|
(40,970)
|
36,451
|
||||
Discontinued operations
|
22,045
|
(11,418)
|
||||
(18,925)
|
25,033
|
|||||
The accompanying notes on pages 6 to 26 are an integral part of the consolidated financial statements.
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
|||||||||||||||||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
|||||||||||||||||||
FOR THE PERIOD ENDED JUNE 30, 2018 AND 2019
|
|||||||||||||||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
|||||||||||||||||||
Attributable to the controlling interests of the Company
|
|||||||||||||||||||
Number
|
|||||||||||||||||||
of shares
|
Legal
|
Voluntary
|
Share
|
Other
|
Retained
|
Non-controlling
|
|||||||||||||
In thousands
|
Capital
|
reserve
|
reserve
|
premium
|
reserves
|
earnings
|
Total
|
interest
|
Total
|
||||||||||
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 period
|
-
|
-
|
-
|
-
|
-
|
-
|
(28,387)
|
(28,387)
|
21,662
|
(6,725)
|
|||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
166
|
-
|
166
|
9
|
175
|
|||||||||
Adjustment for actuarial gains and losses
|
-
|
-
|
-
|
-
|
-
|
-
|
1,962
|
1,962
|
720
|
2,682
|
|||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
7,479
|
-
|
7,479
|
2,968
|
10,447
|
|||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
(145)
|
-
|
(145)
|
-
|
(145)
|
|||||||||
Comprehensive income of the period
|
-
|
-
|
-
|
-
|
-
|
7,500
|
(26,425)
|
(18,925)
|
25,359
|
6,434
|
|||||||||
Transactions with shareholders:
|
|||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(9,585)
|
(9,585)
|
|||||||||
- Contributions (devolution) of non-controlling shareholders, net
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(38,845)
|
(38,845)
|
|||||||||
- Additional acquisition of non-controlling
|
-
|
-
|
-
|
-
|
(9,850)
|
-
|
-
|
(9,850)
|
(4,172)
|
(14,022)
|
|||||||||
- Deconsolidation of former subsidiary
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(32,457)
|
(32,457)
|
|||||||||
Total transactions with shareholders
|
-
|
-
|
-
|
-
|
(9,850)
|
-
|
-
|
(9,850)
|
(85,059)
|
(94,909)
|
|||||||||
Balances as of June 30, 2018
|
660,054
|
660,054
|
132,011
|
29,974
|
871,945
|
(162,171)
|
510,178
|
2,041,991
|
405,069
|
2,447,060
|
|||||||||
Balances as of January 1, 2019
|
729,434
|
729,434
|
132,011
|
29,974
|
992,144
|
(170,620)
|
375,417
|
2,088,360
|
401,571
|
2,489,931
|
|||||||||
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
27,040
|
27,040
|
8,823
|
35,863
|
|||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
(30)
|
-
|
(30)
|
(2)
|
(32)
|
|||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(1,964)
|
-
|
(1,964)
|
(2,730)
|
(4,694)
|
|||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
(13)
|
-
|
(13)
|
-
|
(13)
|
|||||||||
Comprehensive income of the period
|
-
|
-
|
-
|
-
|
-
|
(2,007)
|
27,040
|
25,033
|
6,091
|
31,124
|
|||||||||
Transactions with shareholders:
|
|||||||||||||||||||
- Transfer to voluntary reserve
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(3,722)
|
(3,722)
|
|||||||||
- Contributions (devolution) of non-controlling shareholders, net
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(17,790)
|
(17,790)
|
|||||||||
- Capital Increase
|
142,484
|
142,484
|
-
|
-
|
138,907
|
-
|
-
|
281,391
|
-
|
281,391
|
|||||||||
- Others
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(62)
|
(62)
|
|||||||||
Total transactions with shareholders
|
142,484
|
142,484
|
-
|
-
|
138,907
|
-
|
-
|
281,391
|
(21,574)
|
259,817
|
|||||||||
Balances as of June 30, 2019
|
871,918
|
871,918
|
132,011
|
29,974
|
1,131,051
|
(172,627)
|
402,457
|
2,394,784
|
386,088
|
2,780,872
|
|||||||||
The accompanying notes on pages 6 to 26 are an integral part of the consolidated financial statements.
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
|||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
|||||
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|||||
(All amounts are expressed in thousands of S/ unless otherwise stated) |
|||||
For the period
|
|||||
ended June 30,
|
|||||
Note
|
2018
|
2019
|
|||
OPERATING ACTIVITIES
|
|||||
Profit before income tax
|
5,216
|
90,667
|
|||
Adjustments to profit not affecting cash flows from
|
|||||
operating activities:
|
|||||
Depreciation
|
71,547
|
37,964
|
|||
Amortization
|
52,758
|
49,644
|
|||
Impairment of inventories
|
(13,923)
|
-
|
|||
Impairment of accounts receivable and other accounts receivable
|
243
|
347
|
|||
Reversal of impairment of inventories
|
-
|
(1,323)
|
|||
Impairment (reversal) of property, plant and equipment
|
-
|
10,363
|
|||
Impairment of intangible assets
|
-
|
3,257
|
|||
Other Provisions
|
2,731
|
9,365
|
|||
Financial expense,net
|
86,562
|
80,644
|
|||
Foreign exchange loss (gain) on loans
|
17,016
|
(16,071)
|
|||
Share of the profit and loss in associates and joint ventures
|
2,425
|
1,757
|
|||
Reversal of provisions
|
(3,982)
|
(1,547)
|
|||
Disposal of assets
|
4,596
|
332
|
|||
Loss (profit) on sale of property, plant and equipment
|
3,420
|
(1,382)
|
|||
Loss on sale from available-for-sale financial assets
|
1,478
|
-
|
|||
Profit on sale of investments in subsidiaries
|
(41,895)
|
-
|
|||
Loss on remeasurement of accounts receivable
|
22,072
|
(23,693)
|
|||
Net variations in assets and liabilities:
|
|||||
Trade accounts receivable and unbilled working in progress
|
(154,315)
|
300,374
|
|||
Other accounts receivable
|
(87,732)
|
6,715
|
|||
Other accounts receivable from related parties
|
23,818
|
8,390
|
|||
Inventories
|
(8,462)
|
(77,284)
|
|||
Pre-paid expenses and other assets
|
(23,015)
|
(15,988)
|
|||
Trade accounts payable
|
110,908
|
65,354
|
|||
Other accounts payable
|
12,728
|
(44,254)
|
|||
Other accounts payable to related parties
|
61,898
|
9,962
|
|||
Other provisions
|
(761)
|
(250)
|
|||
Interest payment
|
(74,319)
|
(80,472)
|
|||
Payments for purchases of intangibles - Concessions
|
(5,726)
|
(9,385)
|
|||
Payment of income tax
|
(57,099)
|
(35,535)
|
|||
Net cash provided by operating activities
|
8,187
|
367,951
|
|||
INVESTING ACTIVITIES
|
|||||
Sale of available-for-sale investment
|
197,230
|
-
|
|||
Sale of property, plant and equipment
|
18,436
|
5,297
|
|||
Sale of non-current assets held for sale
|
16,244
|
-
|
|||
Interest received
|
13,298
|
15,084
|
|||
Dividends received
|
653
|
332
|
|||
Payment for purchase of investments properties
|
(84)
|
(35)
|
|||
Payments for intangible purchase
|
(75,605)
|
(65,798)
|
|||
Payments for purchase and contributions on investment in associate and joint ventures
|
(3,770)
|
-
|
|||
Payments for property, plant and equipment purchase
|
(31,543)
|
(27,359)
|
|||
Net cash provided by (applied to) investing activities
|
134,859
|
(72,479)
|
|||
FINANCING ACTIVITIES
|
|||||
Loans received
|
527,996
|
247,206
|
|||
Amortization of loans received
|
(603,219)
|
(787,967)
|
|||
Amortization of bonds issued
|
(15,001)
|
(14,843)
|
|||
Dividends paid to non-controlling interest
|
(9,585)
|
(3,721)
|
|||
Cash received (return of contributions )from non-controlling shareholders
|
(13,456)
|
263,601
|
|||
Acquisition or sale of interest in a subsidiary of non-controlling shareholders
|
(1,581)
|
-
|
|||
Net cash applied to financing activities
|
(114,846)
|
(295,724)
|
|||
Net increase (net decrease) in cash
|
28,200
|
(252)
|
|||
Exchange difference
|
(5,968)
|
(9,027)
|
|||
Cash and cash equivalents at the beginning of the period
|
626,180
|
801,021
|
|||
Cash and cash equivalents at the end of the period
|
8
|
648,412
|
791,742
|
||
NON-CASH TRANSACTIONS:
|
|||||
Capitalization of interests
|
-
|
3,525
|
|||
Acquisition of assets through finance leases
|
226
|
3,038
|
|||
Accounts payable to the non-controlling interest for purchase of investments
|
12,441
|
-
|
|||
Contribution in inventories
|
25,389
|
-
|
|||
The accompanying notes on pages 6 to 26 are an integral part of the consolidated financial statements.
|
1.
|
GENERAL INFORMATION
|
2.
|
BASIS OF PREPARATION
|
3.
|
SIGNIFICANT ACCOUNTING POLICIES
|
4.
|
FINANCIAL RISK MANAGEMENT
|
4.1
|
Financial risk factors
|
a)
|
Market risks
|
i.
|
Foreign Exchange risk
|
ii.
|
Price risk
|
iii.
|
Cash flow and fair value interest rate risk
|
b)
|
Credit risk
|
c)
|
Liquidity risk
|
Less than
|
1-2
|
2-5
|
More than
|
|||||||||||||||||
At December 31, 2018
|
1 year
|
years
|
years
|
5 years
|
Total
|
|||||||||||||||
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
|
||||||||||||||||
Less than
|
1-2
|
2-5
|
More than
|
|||||||||||||||||
At June 30, 2019
|
1 year
|
years
|
years
|
5 years
|
Total
|
|||||||||||||||
Other financial liabilities (except
|
||||||||||||||||||||
for finance leases)
|
418,353
|
214,192
|
-
|
-
|
632,545
|
|||||||||||||||
Finance leases
|
14,027
|
5,334
|
12,062
|
-
|
31,423
|
|||||||||||||||
Bonds
|
120,015
|
143,491
|
356,216
|
1,132,868
|
1,752,590
|
|||||||||||||||
Trade accounts payables
|
1,132,989
|
-
|
-
|
-
|
1,132,989
|
|||||||||||||||
Accounts payables to related
|
||||||||||||||||||||
parties
|
64,846
|
22,919
|
-
|
-
|
87,765
|
|||||||||||||||
Other accounts payables
|
243,843
|
2,079
|
336,540
|
-
|
582,462
|
|||||||||||||||
Other non-financial liabilities
|
-
|
105
|
-
|
-
|
105
|
|||||||||||||||
1,994,073
|
388,120
|
704,818
|
1,132,868
|
4,219,879
|
4.2
|
Capital management
|
At
|
At
|
|||||||
December 31,
|
June 30,
|
|||||||
2018
|
2019
|
|||||||
Total financial liabilities and bonds
|
2,139,714
|
1,589,343
|
||||||
Less: Cash and cash equivalents
|
(801,140
|
)
|
(791,747
|
)
|
||||
Net debt
)
|
1,338,574
|
797,596
|
||||||
Total equity
|
2,489,931
|
2,780,872
|
||||||
Total capital
|
3,828,505
|
3,578,468
|
||||||
Gearing ratio
|
0.35
|
0.22
|
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).
|
5.
|
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
|
6.
|
SEASONALITY OF OPERATIONS
|
7.
|
SEGMENT INFORMATION
|
Operating segments financial position
|
||||||||||||||||||||||||||||||||||||
Segment reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
As of December 31, 2018
|
Engineering and
construction
|
Energy
|
Toll roads
|
Transportation
|
Water
treatment
|
Real estate
|
Parent
Company
operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||
Cash and cash equivalent
|
177,455
|
34,816
|
168,460
|
191,178
|
6,700
|
93,262
|
129,269
|
-
|
801,140
|
|||||||||||||||||||||||||||
Trade accounts receivables, net
|
583,842
|
54,350
|
78,013
|
226,919
|
598
|
63,038
|
1,068
|
-
|
1,007,828
|
|||||||||||||||||||||||||||
Work in progress, net
|
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, net
|
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, net
|
14,455
|
-
|
33,380
|
966,202
|
-
|
6,030
|
-
|
-
|
1,020,067
|
|||||||||||||||||||||||||||
Long-term work in progress, net
|
-
|
-
|
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, net
|
205,678
|
171,430
|
14,585
|
1,586
|
109
|
9,237
|
69,088
|
(1,159
|
)
|
470,554
|
||||||||||||||||||||||||||
Intangible assets, net
|
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 segments financial position
|
||||||||||||||||||||||||||||||||||||
Segment reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
As of June 30, 2019
|
Engineering and
construction
|
Energy
|
Toll roads
|
Transportation
|
Water
treatment
|
Real estate
|
Parent
Company
operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||
Cash and cash equivalent
|
293,872
|
27,248
|
106,969
|
242,191
|
6,641
|
95,176
|
19,650
|
-
|
791,747
|
|||||||||||||||||||||||||||
Financial asset at fair value through profit or loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Trade accounts receivables, net
|
691,152
|
62,220
|
91,596
|
151,736
|
600
|
58,512
|
1,043
|
-
|
1,056,859
|
|||||||||||||||||||||||||||
Work in progress, net
|
43,889
|
-
|
-
|
-
|
-
|
-
|
2,970
|
-
|
46,859
|
|||||||||||||||||||||||||||
Accounts receivable from related parties
|
214,741
|
550
|
50,189
|
1,612
|
21
|
62,632
|
219,128
|
(505,437
|
)
|
43,436
|
||||||||||||||||||||||||||
Other accounts receivable
|
441,525
|
42,297
|
34,037
|
57,777
|
195
|
38,832
|
39,331
|
2
|
653,996
|
|||||||||||||||||||||||||||
Inventories, net
|
66,400
|
20,992
|
8,551
|
33,151
|
-
|
481,240
|
-
|
(15,553
|
)
|
594,781
|
||||||||||||||||||||||||||
Prepaid expenses
|
5,732
|
2,318
|
2,966
|
5,111
|
253
|
13
|
129
|
-
|
16,522
|
|||||||||||||||||||||||||||
1,757,311
|
155,625
|
294,308
|
491,578
|
7,710
|
736,405
|
282,251
|
(520,988
|
)
|
3,204,200
|
|||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
843
|
-
|
-
|
-
|
-
|
-
|
249,390
|
-
|
250,233
|
|||||||||||||||||||||||||||
Total current assets
|
1,758,154
|
155,625
|
294,308
|
491,578
|
7,710
|
736,405
|
531,641
|
(520,988
|
)
|
3,454,433
|
||||||||||||||||||||||||||
Long-term trade accounts receivable, net
|
-
|
-
|
58,537
|
619,808
|
-
|
3,773
|
-
|
-
|
682,118
|
|||||||||||||||||||||||||||
Long-term work in progress, net
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Long-term accounts receivable from related parties
|
256,371
|
-
|
39,683
|
-
|
10,044
|
-
|
714,261
|
(230,723
|
)
|
789,636
|
||||||||||||||||||||||||||
Prepaid expenses
|
-
|
17
|
41,096
|
2,295
|
814
|
-
|
-
|
(510
|
)
|
43,712
|
||||||||||||||||||||||||||
Other long-term accounts receivable
|
64,917
|
62,102
|
6,105
|
-
|
7,346
|
30,953
|
58,486
|
-
|
229,909
|
|||||||||||||||||||||||||||
Investments in associates and joint ventures
|
110,470
|
7,970
|
-
|
-
|
-
|
5,604
|
2,176,288
|
(2,044,798
|
)
|
255,534
|
||||||||||||||||||||||||||
Investment property
|
-
|
-
|
-
|
-
|
-
|
27,998
|
-
|
-
|
27,998
|
|||||||||||||||||||||||||||
Property, plant and equipment, net
|
195,500
|
175,263
|
12,505
|
853
|
157
|
9,539
|
56,555
|
(1,159
|
)
|
449,213
|
||||||||||||||||||||||||||
Intangible assets, net
|
155,765
|
225,497
|
450,396
|
833
|
-
|
1,085
|
23,865
|
8,591
|
866,032
|
|||||||||||||||||||||||||||
Deferred income tax asset
|
173,233
|
5,652
|
11,393
|
-
|
724
|
19,038
|
205,163
|
6,632
|
421,835
|
|||||||||||||||||||||||||||
Total non-current assets
|
956,256
|
476,501
|
619,715
|
623,789
|
19,085
|
97,990
|
3,234,618
|
(2,261,967
|
)
|
3,765,987
|
||||||||||||||||||||||||||
Total assets
|
2,714,410
|
632,126
|
914,023
|
1,115,367
|
26,795
|
834,395
|
3,766,259
|
(2,782,955
|
)
|
7,220,420
|
||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||
Borrowings
|
260,004
|
23,639
|
1,108
|
-
|
-
|
140,570
|
2,562
|
-
|
427,883
|
|||||||||||||||||||||||||||
Bonds
|
-
|
-
|
32,944
|
15,544
|
-
|
-
|
-
|
-
|
48,488
|
|||||||||||||||||||||||||||
Trade accounts payable
|
858,344
|
82,791
|
45,141
|
83,559
|
131
|
32,832
|
30,191
|
-
|
1,132,989
|
|||||||||||||||||||||||||||
Accounts payable to related parties
|
310,888
|
1,335
|
76,237
|
52,700
|
-
|
34,193
|
92,964
|
(503,471
|
)
|
64,846
|
||||||||||||||||||||||||||
Current income tax
|
29,505
|
1,955
|
2,650
|
4,354
|
216
|
-
|
271
|
-
|
38,951
|
|||||||||||||||||||||||||||
Other accounts payable
|
401,137
|
17,315
|
63,735
|
33,350
|
737
|
146,244
|
37,923
|
2
|
700,443
|
|||||||||||||||||||||||||||
Provisions
|
578
|
5,703
|
-
|
-
|
-
|
237
|
-
|
-
|
6,518
|
|||||||||||||||||||||||||||
Non-current liabilities classified as held for sale
|
-
|
-
|
-
|
-
|
-
|
-
|
237,724
|
-
|
237,724
|
|||||||||||||||||||||||||||
Total current liabilities
|
1,860,456
|
132,738
|
221,815
|
189,507
|
1,084
|
354,076
|
401,635
|
(503,469
|
)
|
2,657,842
|
||||||||||||||||||||||||||
Borrowings
|
8,224
|
75,166
|
108
|
-
|
-
|
7,749
|
139,167
|
-
|
230,414
|
|||||||||||||||||||||||||||
Long-term bonds
|
-
|
-
|
283,226
|
599,332
|
-
|
-
|
-
|
-
|
882,558
|
|||||||||||||||||||||||||||
Other long-term accounts payable
|
399,240
|
-
|
22,654
|
308
|
1,730
|
25,597
|
3,338
|
-
|
452,867
|
|||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
15,772
|
-
|
836
|
31,799
|
23,784
|
-
|
183,417
|
(232,689
|
)
|
22,919
|
||||||||||||||||||||||||||
Provisions
|
40,753
|
20,444
|
-
|
-
|
-
|
-
|
53,775
|
-
|
114,972
|
|||||||||||||||||||||||||||
Derivative financial instruments
|
-
|
105
|
-
|
-
|
-
|
-
|
-
|
-
|
105
|
|||||||||||||||||||||||||||
Deferred income tax liability
|
4,273
|
30,698
|
3,076
|
38,842
|
-
|
-
|
982
|
-
|
77,871
|
|||||||||||||||||||||||||||
Total non-current liabilities
|
468,262
|
126,413
|
309,900
|
670,281
|
25,514
|
33,346
|
380,679
|
(232,689
|
)
|
1,781,706
|
||||||||||||||||||||||||||
Total liabilities
|
2,328,718
|
259,151
|
531,715
|
859,788
|
26,598
|
387,422
|
782,314
|
(736,158
|
)
|
4,439,548
|
||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
314,775
|
347,646
|
315,579
|
191,684
|
197
|
187,774
|
2,977,148
|
(1,940,019
|
)
|
2,394,784
|
||||||||||||||||||||||||||
Non-controlling interest
|
70,917
|
25,329
|
66,729
|
63,895
|
-
|
259,199
|
6,797
|
(106,778
|
)
|
386,088
|
||||||||||||||||||||||||||
Total liabilities and equity
|
2,714,410
|
632,126
|
914,023
|
1,115,367
|
26,795
|
834,395
|
3,766,259
|
(2,782,955
|
)
|
7,220,420
|
Operating segment performance
|
||||||||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
For the six-month period ended June 30, 2018 -
|
Engineering and
construction
|
Energy
|
Toll roads
|
Transportation
|
Water
treatment
|
Real estate
|
Parent
Company
operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||
Revenue
|
920,117
|
269,314
|
304,879
|
304,965
|
1,598
|
143,559
|
43,219
|
(298,406
|
)
|
1,689,245
|
||||||||||||||||||||||||||
Gross profit (loss)
|
34,849
|
61,750
|
50,068
|
53,173
|
209
|
25,059
|
(6,426
|
)
|
(10,571
|
)
|
208,111
|
|||||||||||||||||||||||||
Administrative expenses
|
(64,565
|
)
|
(9,824
|
)
|
(15,221
|
)
|
(5,361
|
)
|
(118
|
)
|
(9,147
|
)
|
(33,272
|
)
|
18,841
|
(118,667
|
)
|
|||||||||||||||||||
Other income and expenses, net
|
8,920
|
(15
|
)
|
2
|
2
|
-
|
(1,118
|
)
|
628
|
2,671
|
11,090
|
|||||||||||||||||||||||||
Operating profit (loss)
|
(20,796
|
)
|
51,911
|
34,849
|
47,814
|
91
|
14,794
|
(39,070
|
)
|
10,941
|
100,534
|
|||||||||||||||||||||||||
Financial expenses
|
(34,447
|
)
|
(7,366
|
)
|
(13,801
|
)
|
(3,719
|
)
|
-
|
(11,146
|
)
|
(63,430
|
)
|
11,047
|
(122,862
|
)
|
||||||||||||||||||||
Financial income
|
6,331
|
337
|
2,004
|
11,091
|
30
|
2,844
|
14,610
|
(23,232
|
)
|
14,015
|
||||||||||||||||||||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
2,196
|
(2,196
|
)
|
-
|
||||||||||||||||||||||||||
Share of profit or loss in associates
|
||||||||||||||||||||||||||||||||||||
and joint ventures
|
(4,522
|
)
|
709
|
-
|
-
|
-
|
-
|
35,875
|
(35,223
|
)
|
(3,161
|
)
|
||||||||||||||||||||||||
(Loss) profit before income tax
|
(53,434
|
)
|
45,591
|
23,052
|
55,186
|
121
|
6,492
|
(49,819
|
)
|
(38,663
|
)
|
(11,474
|
)
|
|||||||||||||||||||||||
Income tax
|
3,772
|
(13,564
|
)
|
(7,203
|
)
|
(16,788
|
)
|
(177
|
)
|
(1,837
|
)
|
23,046
|
810
|
(11,941
|
)
|
|||||||||||||||||||||
(Loss) profit from continuing operations
|
(49,662
|
)
|
32,027
|
15,849
|
38,398
|
(56
|
)
|
4,655
|
(26,773
|
)
|
(37,853
|
)
|
(23,415
|
)
|
||||||||||||||||||||||
Loss from discontinuing operations
|
44,096
|
-
|
-
|
-
|
-
|
-
|
(27,786
|
)
|
380
|
16,690
|
||||||||||||||||||||||||||
(Loss) profit for the period
|
(5,566
|
)
|
32,027
|
15,849
|
38,398
|
(56
|
)
|
4,655
|
(54,559
|
)
|
(37,473
|
)
|
(6,725
|
)
|
||||||||||||||||||||||
(Loss) profit from attributable to:
|
||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(7,582
|
)
|
29,496
|
13,149
|
28,799
|
(56
|
)
|
(2,978
|
)
|
(50,071
|
)
|
(39,144
|
)
|
(28,387
|
)
|
|||||||||||||||||||||
Non-controlling interest
|
2,016
|
2,531
|
2,700
|
9,599
|
-
|
7,633
|
(4,488
|
)
|
1,671
|
21,662
|
||||||||||||||||||||||||||
(5,566
|
)
|
32,027
|
15,849
|
38,398
|
(56
|
)
|
4,655
|
(54,559
|
)
|
(37,473
|
)
|
(6,725
|
)
|
Operating segment performance
|
||||||||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
For the six-month period ended June 30, 2019 -
|
Engineering and
construction
|
Energy
|
Toll roads
|
Transportation
|
Water
treatment
|
Real estate
|
Parent
Company
operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||
Revenue
|
1,050,498
|
274,222
|
315,137
|
202,958
|
1,782
|
65,820
|
44,565
|
(326,000
|
)
|
1,628,982
|
||||||||||||||||||||||||||
Gross profit (loss)
|
103,187
|
57,749
|
46,323
|
37,459
|
393
|
8,883
|
(1,985
|
)
|
(25,672
|
)
|
226,337
|
|||||||||||||||||||||||||
Administrative expenses
|
(66,993
|
)
|
(12,322
|
)
|
(15,150
|
)
|
(7,317
|
)
|
(258
|
)
|
(11,008
|
)
|
(13,908
|
)
|
32,116
|
(94,840
|
)
|
|||||||||||||||||||
Other income and expenses, net
|
5,216
|
226
|
(16,911
|
)
|
(1
|
)
|
-
|
(144
|
)
|
56,917
|
880
|
46,183
|
||||||||||||||||||||||||
Gain from sale of investments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Operating profit (loss)
|
41,410
|
45,653
|
14,262
|
30,141
|
135
|
(2,269
|
)
|
41,024
|
7,324
|
177,680
|
||||||||||||||||||||||||||
Financial expenses
|
(36,505
|
)
|
(5,663
|
)
|
(14,521
|
)
|
(7,302
|
)
|
(11
|
)
|
(8,975
|
)
|
(52,078
|
)
|
7,335
|
(117,720
|
)
|
|||||||||||||||||||
Financial income
|
2,293
|
565
|
1,305
|
14,855
|
328
|
1,968
|
38,249
|
(15,174
|
)
|
44,389
|
||||||||||||||||||||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
3,904
|
(3,904
|
)
|
-
|
||||||||||||||||||||||||||
Share of profit or loss in associates
|
||||||||||||||||||||||||||||||||||||
and joint ventures
|
(4,063
|
)
|
1,073
|
-
|
-
|
-
|
-
|
(1,017
|
)
|
2,250
|
(1,757
|
)
|
||||||||||||||||||||||||
(Loss) profit before income tax
|
3,135
|
41,628
|
1,046
|
37,694
|
452
|
(9,276
|
)
|
30,082
|
(2,169
|
)
|
102,592
|
|||||||||||||||||||||||||
Income tax
|
(13,378
|
)
|
(12,046
|
)
|
(6,891
|
)
|
(10,925
|
)
|
(256
|
)
|
1,845
|
(13,181
|
)
|
28
|
(54,804
|
)
|
||||||||||||||||||||
(Loss) profit from continuing operations
|
(10,243
|
)
|
29,582
|
(5,845
|
)
|
26,769
|
196
|
(7,431
|
)
|
16,901
|
(2,141
|
)
|
47,788
|
|||||||||||||||||||||||
Loss from discontinuing operations
|
-
|
-
|
-
|
-
|
-
|
-
|
(11,844
|
)
|
(81
|
)
|
(11,925
|
)
|
||||||||||||||||||||||||
(Loss) profit for the period
|
(10,243
|
)
|
29,582
|
(5,845
|
)
|
26,769
|
196
|
(7,431
|
)
|
5,057
|
(2,222
|
)
|
35,863
|
|||||||||||||||||||||||
(Loss) profit from attributable to:
|
||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(10,539
|
)
|
27,001
|
(9,235
|
)
|
20,077
|
196
|
(5,709
|
)
|
10,471
|
(5,222
|
)
|
27,040
|
|||||||||||||||||||||||
Non-controlling interest
|
296
|
2,581
|
3,390
|
6,692
|
-
|
(1,722
|
)
|
(5,414
|
)
|
3,000
|
8,823
|
|||||||||||||||||||||||||
(10,243
|
)
|
29,582
|
(5,845
|
)
|
26,769
|
196
|
(7,431
|
)
|
5,057
|
(2,222
|
)
|
35,863
|
8.
|
CASH AND CASH EQUIVALENTS
|
At
|
At
|
|||||||
December 31,
|
June 30,
|
|||||||
2018
|
2019
|
|||||||
Cash on hand
|
1,377
|
1,515
|
||||||
Cash in-transit
|
3,566
|
3,942
|
||||||
Bank accounts
|
647,832
|
654,820
|
||||||
Time deposits
|
148,365
|
131,470
|
||||||
801,140
|
791,747
|
At
|
At
|
|||||||
December 31,
|
June 30,
|
|||||||
2018
|
2019
|
|||||||
Cash and cash equivalent on Consolidated statement of
|
||||||||
financial position
|
801,140
|
791,747
|
||||||
Bank overdrafts (Note 12)
|
(119
|
)
|
(5
|
)
|
||||
Balances per Consolidated statement of cash flows
|
801,021
|
791,742
|
9.
|
TRANSACTIONS WITH RELATED PARTIES
|
At June 30,
|
||||||||
2018
|
2019
|
|||||||
Revenue from sales of goods and services:
|
||||||||
- Associates
|
1,691
|
108
|
||||||
- Joint operations
|
15,782
|
20,418
|
||||||
17,473
|
20,526
|
At December 31,
|
At June 30,
|
|||||||||||||||
2018
|
2019
|
|||||||||||||||
Receivable
|
Payable
|
Receivable
|
Payable
|
|||||||||||||
Current portion:
|
||||||||||||||||
Joint operations
|
||||||||||||||||
Consorcio Rio Urubamba
|
9,122
|
-
|
9,007
|
-
|
||||||||||||
Consorcio Peruano de Conservacion
|
6,417
|
-
|
3,101
|
-
|
||||||||||||
Consorcio Italo Peruano
|
3,322
|
4,996
|
608
|
984
|
||||||||||||
Consorcio Constructor Chavimochic
|
2,138
|
6,199
|
-
|
6,531
|
||||||||||||
Consorcio GyM Conciviles
|
1,855
|
-
|
1,217
|
-
|
||||||||||||
Consorcio La Gloria
|
1,369
|
1,006
|
1,373
|
1,022
|
||||||||||||
Consorcio Ermitaño
|
781
|
624
|
877
|
507
|
||||||||||||
Terminales del Peru
|
459
|
-
|
2,470
|
-
|
||||||||||||
Consorcio TNT Vial y Vives - DSD Chile Ltda
|
-
|
11,804
|
-
|
3,565
|
||||||||||||
Consorcio Rio Mantaro
|
-
|
6,655
|
2,359
|
8,357
|
||||||||||||
Consorcio Vial Quinua
|
-
|
1,970
|
-
|
2,049
|
||||||||||||
Consorcio Huacho Pativilca
|
-
|
475
|
8,959
|
16,202
|
||||||||||||
Consorcio CDEM
|
-
|
-
|
2,294
|
-
|
||||||||||||
Consorcio GyM-Stracon
|
-
|
-
|
2,018
|
-
|
||||||||||||
Other minors
|
9,215
|
11,323
|
8,111
|
5,704
|
||||||||||||
34,678
|
45,052
|
42,394
|
44,921
|
|||||||||||||
Other related parties
|
||||||||||||||||
Ferrovias Argentina
|
-
|
10,242
|
-
|
15,861
|
||||||||||||
Peru Piping Spools S.A.C.
|
225
|
-
|
1,042
|
-
|
||||||||||||
Other minors
|
-
|
647
|
-
|
4,064
|
||||||||||||
225
|
10,889
|
1,042
|
19,925
|
|||||||||||||
Current portion
|
34,903
|
55,941
|
43,436
|
64,846
|
||||||||||||
Non-current portion:
|
||||||||||||||||
Gasoducto Sur Peruano S.A
|
773,927
|
-
|
787,553
|
-
|
||||||||||||
Ferrovias Participaciones
|
-
|
21,849
|
-
|
22,919
|
||||||||||||
Consorcio Constructor Chavimochic
|
-
|
-
|
2,083
|
-
|
||||||||||||
Other minors
|
4,299
|
-
|
-
|
-
|
||||||||||||
Non-current
|
778,226
|
21,849
|
789,636
|
22,919
|
10.
|
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
|
At June 30,
|
||||||||
2018
|
2019
|
|||||||
Beginning balance
|
268,671
|
257,765
|
||||||
Contributions received
|
3,770
|
-
|
||||||
Dividends received
|
(653
|
)
|
(332
|
)
|
||||
Share of the profit or loss in associates and joint ventures
|
(3,161
|
)
|
(1,757
|
)
|
||||
Write-off of investment
|
-
|
(142
|
)
|
|||||
Translation adjustments
|
(2,533
|
)
|
-
|
|||||
Discontinued operations
|
736
|
-
|
||||||
Ending balance
|
266,830
|
255,534
|
11.
|
PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
|
Property,
|
||||||||
plant and
|
Intangibles
|
|||||||
equipment
|
assets
|
|||||||
Net cost at January 1, 2018
|
865,735
|
940,070
|
||||||
Additions
|
31,769
|
83,258
|
||||||
Subsidiary deconsolidation
|
(207,243
|
)
|
(16,509
|
)
|
||||
Transfers, disposals and adjustments
|
(5,496
|
)
|
1,008
|
|||||
Deductions for sale of assets
|
(21,856
|
)
|
-
|
|||||
Depreciation, amortization
|
(70,389
|
)
|
(52,758
|
)
|
||||
Net cost at June 30, 2018
|
592,520
|
955,069
|
||||||
Net cost at January 1, 2019
|
470,554
|
847,095
|
||||||
Additions
|
30,652
|
74,544
|
||||||
Transfers, disposals and adjustments (*)
|
(11,327
|
)
|
(5,963
|
)
|
||||
Deductions for sale of assets
|
(3,872
|
)
|
-
|
|||||
Depreciation, amortization
|
(36,794
|
)
|
(49,644
|
)
|
||||
Net cost at June 30, 2019
|
449,213
|
866,032
|
At June 30,
|
||||||||
2018
|
2019
|
|||||||
Cost of services and goods (Note 16)
|
43,560
|
36,141
|
||||||
Administrative expenses (Note 16)
|
2,696
|
1,823
|
||||||
(+) Depreciation discontinued operation
|
25,291
|
-
|
||||||
Total depreciation related to property, plant and equipment and investment property
|
71,547
|
37,964
|
||||||
(-) Depreciation of investment property
|
(1,158
|
)
|
(1,170
|
)
|
||||
Total depreciation of property, plant and equipment
|
70,389
|
36,794
|
At June 30,
|
||||||||
2018
|
2019
|
|||||||
Cost of services and goods (Note 16)
|
46,769
|
46,822
|
||||||
Administrative expenses (Note 16)
|
1,299
|
2,822
|
||||||
(+) Amortization discontinued operations
|
4,690
|
-
|
||||||
52,758
|
49,644
|
At
|
At
|
|||||||
December 31,
|
June 30,
|
|||||||
2018
|
2019
|
|||||||
Engineering and construction
|
71,621
|
70,694
|
||||||
Electromechanical
|
20,737
|
20,737
|
||||||
IT services
|
930
|
930
|
||||||
93,288
|
92,361
|
12.
|
BORROWINGS
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||||||||||||||
December 31,
|
June 30,
|
December 31,
|
June 30,
|
December 31,
|
June 30,
|
|||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||
Bank overdrafts (Note 8)
|
119
|
5
|
119
|
5
|
-
|
-
|
||||||||||||||||||
Bank loans
|
1,023,481
|
487,663
|
810,188
|
412,724
|
213,293
|
74,939
|
||||||||||||||||||
Finance leases
|
33,488
|
28,905
|
13,514
|
12,597
|
19,974
|
16,308
|
||||||||||||||||||
Other financial entities
|
145,584
|
141,724
|
2,653
|
2,557
|
142,931
|
139,167
|
||||||||||||||||||
1,202,672
|
658,297
|
826,474
|
427,883
|
376,198
|
230,414
|
Current
|
Non-current
|
|||||||||||||||||||||||||
At
|
At
|
At
|
At
|
|||||||||||||||||||||||
Interest
|
Maturity
|
December 31,
|
June 30,
|
December 31,
|
June 30,
|
|||||||||||||||||||||
rate
|
date
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||
GyM S.A.
|
5.25% / 8.91%
|
|
2019
|
227,770
|
255,725
|
(iii)
|
-
|
-
|
||||||||||||||||||
Graña y Montero S.A.A.
|
Libor USD 3M + de 4.9%
a 5.5%
|
2018 / 2019
|
206,836
|
-
|
(ii)
|
125,547
|
-
|
(i)
|
||||||||||||||||||
GyM Ferrovías S.A.
|
Libor USD 1M
+ 2%
|
2019
|
209,463
|
-
|
-
|
-
|
||||||||||||||||||||
Viva GyM S.A.
|
7.00% / 12.00%
|
|
2018 / 2020
|
129,617
|
136,856
|
2,102
|
-
|
|||||||||||||||||||
GMP S.A.
|
4.55% / 6.04%
|
|
2018 / 2020
|
22,587
|
20,143
|
85,644
|
74,939
|
|||||||||||||||||||
CONCAR S.A.
|
15.75%
|
|
2019
|
13,915
|
-
|
-
|
-
|
|||||||||||||||||||
810,188
|
412,724
|
213,293
|
74,939
|
Carrying amount
|
Fair value
|
|||||||||||||||
At
|
At
|
At
|
At
|
|||||||||||||
December 31,
|
June 30,
|
December 31,
|
June 30,
|
|||||||||||||
2018
|
2019
|
2018
|
2019
|
|||||||||||||
Bank overdrafts (Note 8)
|
119
|
5
|
119
|
5
|
||||||||||||
Bank loans
|
1,023,481
|
487,663
|
1,152,885
|
487,612
|
||||||||||||
Finance leases
|
33,488
|
28,905
|
38,399
|
27,173
|
||||||||||||
Other financial entities
|
145,584
|
141,724
|
145,584
|
141,724
|
||||||||||||
1,202,672
|
658,297
|
1,336,987
|
656,514
|
13.
|
BONDS
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||||||||||||||
December 31,
|
June 30,
|
December 31,
|
June 30,
|
December 31,
|
June 30,
|
|||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||
GyM Ferrovías S.A.
|
611,660
|
614,876
|
13,422
|
15,544
|
598,238
|
599,332
|
||||||||||||||||||
Norvial S.A.
|
325,382
|
316,170
|
25,745
|
32,944
|
299,637
|
283,226
|
||||||||||||||||||
937,042
|
931,046
|
39,167
|
48,488
|
897,875
|
882,558
|
a)
|
GyM Ferrovías S.A.
|
2018
|
2019
|
|||||||
Balance at January, 1
|
603,657
|
611,660
|
||||||
Amortization
|
(5,064
|
)
|
(5,638
|
)
|
||||
Accrued interest
|
23,814
|
23,894
|
||||||
Interest paid
|
(14,960
|
)
|
(15,040
|
)
|
||||
Balance at June, 30
|
607,447
|
614,876
|
-
|
Debt service coverage ratio not less than 1.2 times.
|
-
|
Maintain a constant balance in the minimum trust equal to one quarter of operation and maintenance costs (including the IGV).
|
-
|
Maintain a constant balance in the minimum trust equal to the following two coupons according to the bond schedule.
|
b)
|
Norvial S.A.
|
2018
|
2019
|
|||||||
Balance at January, 1
|
343,910
|
325,382
|
||||||
Amortization
|
(9,937
|
)
|
(9,205
|
)
|
||||
Accrued interest
|
11,886
|
11,782
|
||||||
Capitalized interest
|
1,927
|
1,398
|
||||||
Interest paid
|
(13,822
|
)
|
(13,187
|
)
|
||||
Balance at June, 30
|
333,964
|
316,170
|
-
|
Debt service coverage ratio of not less than 1.3 times.
|
-
|
Proforma gearing ratio lower than 4 times.
|
14.
|
PROVISIONS
|
Contingent
|
||||||||||||||||
liabilities
|
Provision
|
|||||||||||||||
Legal
|
resulting from
|
for well
|
||||||||||||||
contingencies
|
acquisitions
|
closure
|
Total
|
|||||||||||||
At January 1, 2018
|
23,364
|
7,249
|
16,804
|
47,417
|
||||||||||||
Additions
|
2,731
|
-
|
2,139
|
4,870
|
||||||||||||
Reversals of provisions
|
(3,684
|
)
|
(298
|
)
|
-
|
(3,982
|
)
|
|||||||||
Payments
|
(761
|
)
|
-
|
-
|
(761
|
)
|
||||||||||
Translation adjustments
|
(20
|
)
|
35
|
-
|
15
|
|||||||||||
At June 30, 2018
|
21,630
|
6,986
|
18,943
|
47,559
|
||||||||||||
At January 1, 2019
|
84,728
|
4,498
|
20,382
|
109,608
|
||||||||||||
Additions
|
13,564
|
-
|
200
|
13,764
|
||||||||||||
Reversals of provisions
|
(1,091
|
)
|
(456
|
)
|
-
|
(1,547
|
)
|
|||||||||
Payments
|
(250
|
)
|
-
|
-
|
(250
|
)
|
||||||||||
Translation adjustments
|
(29
|
)
|
(56
|
)
|
-
|
(85
|
)
|
|||||||||
At June 30, 2019
|
96,922
|
3,986
|
20,582
|
121,490
|
15.
|
CAPITAL
|
16.
|
EXPENSES BY NATURE
|
Cost of
|
||||||||||||
goods and
|
Administrative
|
|||||||||||
services
|
expenses
|
Total
|
||||||||||
At June 30, 2018
|
||||||||||||
Salaries, wages and fringe benefits
|
444,201
|
50,682
|
494,883
|
|||||||||
Services provided by third-parties
|
455,457
|
42,755
|
498,212
|
|||||||||
Purchase of goods
|
340,658
|
-
|
340,658
|
|||||||||
Other management charges
|
158,310
|
20,859
|
179,169
|
|||||||||
Depreciation
|
43,560
|
2,696
|
46,256
|
|||||||||
Amortization
|
46,769
|
1,299
|
48,068
|
|||||||||
Taxes
|
5,859
|
376
|
6,235
|
|||||||||
Impairment of accounts receivable
|
243
|
-
|
243
|
|||||||||
Inventory recovery
|
(13,923
|
)
|
-
|
(13,923
|
)
|
|||||||
Total report reclassified (Note 20 C)
|
1,481,134
|
118,667
|
1,599,801
|
|||||||||
At June 30, 2019
|
||||||||||||
Salaries, wages and fringe benefits
|
378,778
|
58,403
|
437,181
|
|||||||||
Services provided by third-parties
|
500,917
|
19,054
|
519,971
|
|||||||||
Purchase of goods
|
246,355
|
-
|
246,355
|
|||||||||
Other management charges
|
190,766
|
12,438
|
203,204
|
|||||||||
Depreciation
|
36,141
|
1,823
|
37,964
|
|||||||||
Amortization
|
46,822
|
2,822
|
49,644
|
|||||||||
Taxes
|
4,150
|
300
|
4,450
|
|||||||||
Impairment of accounts receivable
|
347
|
-
|
347
|
|||||||||
Inventory recovery
|
(1,323
|
)
|
-
|
(1,323
|
)
|
|||||||
property, plant and equipment recovery
|
(308
|
)
|
-
|
(308
|
)
|
|||||||
Total report
|
1,402,645
|
94,840
|
1,497,485
|
17.
|
INCOME TAX
|
18.
|
CONTINGENCIES, COMMITTMENTS AND GUARANTEES
|
19.
|
DIVIDENDS
|
20.
|
DISCONTINUED OPERATIONS AND NON-CURRENT ASSET CLASSIFIED AS HELD FOR SALE
|
A.
|
Discontinued operations
|
B.
|
Non-current asset classified as held for sale
|
At
|
At
|
|||||||
December 31,
|
June 30,
|
|||||||
2018
|
2019
|
|||||||
ASSETS
|
||||||||
Cash and cash equivalets
|
6,074
|
3,555
|
||||||
Accounts receivables, net
|
157,351
|
152,710
|
||||||
Inventories, net
|
3,999
|
2,033
|
||||||
Other assets, net
|
80,374
|
91,092
|
||||||
Total assets
|
247,798
|
249,390
|
||||||
LIABILITIES
|
||||||||
Borrowings
|
71,810
|
100,476
|
||||||
Accounts payable
|
148,817
|
132,408
|
||||||
Deferred income tax liabilities
|
5,201
|
4,840
|
||||||
Total liabilities
|
225,828
|
237,724
|
||||||
Total net assets
|
21,970
|
11,666
|
C.
|
Consolidated statement of income
|
At June 30, 2018
|
Reclassification
discontinued operations
|
At June 30, 2018
|
||||||||||||||
Reported
|
Completed
|
Planned
|
Reclassified
|
|||||||||||||
Revenues
|
2,241,743
|
(417,353
|
)
|
(135,145
|
)
|
1,689,245
|
||||||||||
Operating costs
|
(2,003,595
|
)
|
401,207
|
121,254
|
(1,481,134
|
)
|
||||||||||
Gross profit (loss)
|
238,148
|
(16,146
|
)
|
(13,891
|
)
|
208,111
|
||||||||||
Administrative expenses
|
(164,618
|
)
|
26,562
|
19,389
|
(118,667
|
)
|
||||||||||
Other (expenses) income, net
|
6,346
|
1,977
|
2,767
|
11,090
|
||||||||||||
Gain from the sale of investments
|
41,895
|
(41,895
|
)
|
-
|
-
|
|||||||||||
Operating profit (loss)
|
121,771
|
(29,502
|
)
|
8,265
|
100,534
|
|||||||||||
Financial expenses
|
(137,870
|
)
|
9,288
|
5,720
|
(122,862
|
)
|
||||||||||
Financial income
|
14,086
|
(54
|
)
|
(17
|
)
|
14,015
|
||||||||||
Share of the profit or loss in associates and joint ventures
|
(2,425
|
)
|
(736
|
)
|
-
|
(3,161
|
)
|
|||||||||
(Loss) profit before income tax
|
(4,438
|
)
|
(21,004
|
)
|
13,968
|
(11,474
|
)
|
|||||||||
Income tax
|
(10,878
|
)
|
2,424
|
(3,487
|
)
|
(11,941
|
)
|
|||||||||
(Loss) profit from continuing operations
|
(15,316
|
)
|
(18,580
|
)
|
10,481
|
(23,415
|
)
|
|||||||||
Profit (loss) from discontinued operations
|
8,591
|
18,580
|
(10,481
|
)
|
16,690
|
|||||||||||
Loss of the period
|
(6,725
|
)
|
(6,725
|
)
|
21.
|
EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION |
Between June 30, 2019 and the date of approval of the condensed interim consolidated financial statements, there have been no subsequent events that may affect the reasonableness of the financial
statements issued. |