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 - 37
|
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
|
2018
|
2019
|
||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
8
|
801,140
|
948,978
|
|||||||||
Trade accounts receivables, net
|
1,007,828
|
845,548
|
||||||||||
Work in progress, net
|
28,538
|
32,747
|
||||||||||
Accounts receivable from related parties
|
9
|
34,903
|
40,892
|
|||||||||
Other accounts receivable
|
588,451
|
436,645
|
||||||||||
Inventories, net
|
514,047
|
552,573
|
||||||||||
Prepaid expenses
|
10,549
|
11,348
|
||||||||||
2,985,456
|
2,868,731
|
|||||||||||
Non-current assets as held for sale
|
247,798
|
204,769
|
||||||||||
Total current assets
|
3,233,254
|
3,073,500
|
||||||||||
Non-current assets
|
||||||||||||
Long-term trade accounts receivable, net
|
1,020,067
|
776,763
|
||||||||||
Long-term work in progress, net
|
32,212
|
-
|
||||||||||
Long-term accounts receivable from related parties
|
9
|
778,226
|
546,938
|
|||||||||
Prepaid expenses
|
33,697
|
27,963
|
||||||||||
Other long-term accounts receivable
|
302,957
|
308,241
|
||||||||||
Investments in associates and joint ventures
|
10
|
257,765
|
37,036
|
|||||||||
Investment property
|
29,133
|
28,326
|
||||||||||
Property, plant and equipment, net
|
11
|
470,554
|
443,870
|
|||||||||
Intangible assets, net
|
11
|
847,095
|
853,271
|
|||||||||
Right-of-use assets, net
|
11
|
-
|
78,813
|
|||||||||
Deferred income tax asset
|
425,436
|
229,940
|
||||||||||
Total non-current assets
|
4,197,142
|
3,331,161
|
||||||||||
Total assets
|
7,430,396
|
6,404,661
|
LIABILITIES AND EQUITY
|
||||||||||||
As at
|
As at
|
|||||||||||
December 31,
|
December 31,
|
|||||||||||
Note
|
2018
|
2019
|
||||||||||
Current liabilities
|
||||||||||||
Borrowings
|
12
|
826,474
|
453,509
|
|||||||||
Bonds
|
13
|
39,167
|
44,737
|
|||||||||
Trade accounts payable
|
1,079,531
|
1,138,348
|
||||||||||
Accounts payable to related parties
|
9
|
55,941
|
38,917
|
|||||||||
Current income tax
|
25,807
|
47,999
|
||||||||||
Other accounts payable
|
632,669
|
643,262
|
||||||||||
Provisions
|
14
|
6,197
|
113,483
|
|||||||||
Total current liabilities
|
2,665,786
|
2,480,255
|
||||||||||
Non-current liabilities as held for sale
|
225,828
|
212,627
|
||||||||||
Total current liabilities
|
2,891,614
|
2,692,406
|
||||||||||
Non-current liabilities
|
||||||||||||
Borrowings
|
12
|
376,198
|
344,806
|
|||||||||
Long-term bonds
|
13
|
897,875
|
879,305
|
|||||||||
Other long-term accounts payable
|
574,110
|
271,212
|
||||||||||
Long-term accounts payable to related parties
|
9
|
21,849
|
22,582
|
|||||||||
Provisions
|
14
|
103,411
|
209,882
|
|||||||||
Derivative financial instruments
|
61
|
52
|
||||||||||
Deferred income tax liability
|
75,347
|
102,822
|
||||||||||
Total non-current liabilities
|
2,048,851
|
1,830,661
|
||||||||||
Total liabilities
|
4,940,465
|
4,523,543
|
||||||||||
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
|
)
|
(177,506
|
)
|
||||||||
Retained earnings
|
375,417
|
(506,488
|
)
|
|||||||||
Equity attributable to controlling interest in the Company
|
2,088,360
|
1,480,960
|
||||||||||
Non-controlling interest
|
401,571
|
400,158
|
||||||||||
Total equity
|
2,489,931
|
1,881,118
|
||||||||||
Total liabilities and equity
|
7,430,396
|
6,404,661
|
|
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 December 31,
|
||||||||||||
Note
|
2018
|
2019
|
||||||||||
Revenues from construction activities
|
1,961,100
|
2,411,880
|
||||||||||
Revenues from services provided
|
1,003,623
|
1,089,724
|
||||||||||
Revenue from real estate and sale of goods
|
934,739
|
583,659
|
||||||||||
3,899,462
|
4,085,263
|
|||||||||||
Cost of construction activities
|
(1,921,112
|
)
|
(2,351,541
|
)
|
||||||||
Cost of services provided
|
(741,172
|
)
|
(866,330
|
)
|
||||||||
Cost of real estate and sale of goods
|
(562,689
|
)
|
(425,352
|
)
|
||||||||
16
|
(3,224,973
|
)
|
(3,643,223
|
)
|
||||||||
Gross profit
|
674,489
|
442,040
|
||||||||||
Administrative expenses
|
16
|
(278,433
|
)
|
(213,594
|
)
|
|||||||
Other income and expenses
|
17 |
(61,335
|
)
|
(545,592
|
)
|
|||||||
Loss from the sale of investments
|
(7
|
)
|
-
|
|||||||||
Operating profit (loss)
|
334,714
|
(317,146
|
)
|
|||||||||
Financial expenses
|
(247,982
|
)
|
(227,355
|
)
|
||||||||
Financial income
|
50,925
|
74,656
|
||||||||||
Share of the profit or loss in associates and joint ventures
|
(3,709
|
)
|
(499
|
)
|
||||||||
Profit (loss) before income tax
|
133,948
|
(470,344
|
)
|
|||||||||
Income tax
|
18
|
(113,318
|
)
|
(321,023
|
)
|
|||||||
Profit (loss) from continuing operations
|
20,630
|
(791,367
|
)
|
|||||||||
Profit (loss) from discontinued operations
|
21
|
36,785
|
(42,996
|
)
|
||||||||
Profit (loss) for the period
|
57,415
|
(834,363
|
)
|
|||||||||
Profit (loss) attributable to:
|
||||||||||||
Owners of the Company
|
(83,188
|
)
|
(880,443
|
)
|
||||||||
Non-controlling interest
|
140,603
|
46,080
|
||||||||||
57,415
|
(834,363
|
)
|
||||||||||
Loss per share attributable to owners of the
|
||||||||||||
Company during the year
|
(0.125
|
)
|
(1.071
|
)
|
||||||||
Loss per share from continuing operations
|
||||||||||||
attributable to owners of the Company during the year
|
(0.154
|
)
|
(1.019
|
)
|
||||||||
The accompanying notes on pages 6 to 37 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 year
|
|||||||||
ended December 31,
|
|||||||||
|
Note |
2018
|
2019
|
||||||
Profit for the year
|
57,415
|
(834,363
|
)
|
||||||
Other comprehensive income:
|
|||||||||
Items that will not be reclassified to profit or loss
|
|||||||||
Remeasurement of actuarial gains and losses, net of tax
|
16,589
|
-
|
|||||||
Items that may be subsequently reclassified to profit or loss
|
|||||||||
Cash flow hedge, net of tax
|
119
|
6
|
|||||||
Foreign currency translation adjustment, net of tax
|
5,733
|
(8,170
|
)
|
||||||
Exchange difference from net investment in a foreign operation, net of tax
|
(8,147
|
)
|
(457
|
)
|
|||||
-
|
-
|
||||||||
(2,295
|
)
|
(8,621
|
)
|
||||||
Other comprehensive income for the year, net of tax
|
14,294
|
(8,621
|
)
|
||||||
Total comprehensive income for the year
|
71,709
|
(842,984
|
)
|
||||||
Comprehensive income attributable to:
|
|||||||||
Owners of the Company
|
(67,548
|
)
|
(887,329
|
)
|
|||||
Non-controlling interest
|
139,257
|
44,345
|
|||||||
71,709
|
(842,984
|
)
|
|||||||
Comprehensive income attributable to owners of the Company:
|
|||||||||
Continuing operations
|
(131,284
|
)
|
(845,679
|
)
|
|||||
Discontinued operations
|
63,736
|
(41,650
|
)
|
||||||
(67,548
|
)
|
(887,329
|
)
|
||||||
The accompanying notes on pages 6 to 37 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 YEAR ENDED DECEMBER 31, 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 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
|
|||||||||||||||||||||||||||||
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
|
|||||||||||||||||||||||||||||
- IFRS adoption
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,462 | ) |
(1,462 | ) |
-
|
(1,462
|
) |
|||||||||||||||||||||||||||
Initial balances restated
|
729,434
|
729,434
|
132,011
|
29,974
|
992,144
|
(170,620
|
)
|
373,955
|
2,086,898
|
401,571
|
2,488,469
|
|||||||||||||||||||||||||||||
(Loss) profit for the year
|
-
|
-
|
-
|
-
|
-
|
-
|
(880,443
|
)
|
(880,443
|
)
|
46,080
|
(834,363
|
)
|
|||||||||||||||||||||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
6
|
-
|
6
|
-
|
6
|
||||||||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(6,440
|
)
|
-
|
(6,440
|
)
|
(1,730
|
)
|
(8,170
|
)
|
||||||||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
(452
|
)
|
-
|
(452
|
)
|
(5
|
)
|
(457
|
)
|
||||||||||||||||||||||||||
Comprehensive income of the year
|
-
|
-
|
-
|
-
|
-
|
(6,886
|
)
|
(880,443
|
)
|
(887,329
|
)
|
44,345
|
(842,984
|
)
|
||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(12,762
|
)
|
(12,762
|
)
|
||||||||||||||||||||||||||||
- Contributions (devolution) of non-controlling shareholders, net
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(32,996
|
)
|
(32,996
|
)
|
||||||||||||||||||||||||||||
- Capital increase
|
142,484
|
142,484
|
-
|
-
|
138,907
|
-
|
-
|
281,391
|
-
|
281,391
|
||||||||||||||||||||||||||||||
Total transactions with shareholders
|
142,484
|
142,484
|
-
|
-
|
138,907
|
-
|
-
|
281,391
|
(45,758
|
)
|
235,633
|
|||||||||||||||||||||||||||||
Balances as of December 31, 2019
|
871,918
|
871,918
|
132,011
|
29,974
|
1,131,051
|
(177,506
|
)
|
(506,488
|
)
|
1,480,960
|
400,158
|
1,881,118
|
||||||||||||||||||||||||||||
The accompanying notes on pages 6 to 37 are part of the consolidated financial statements.
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
|||||
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|||||
For the year
|
|||||
ended December 31,
|
|||||
Note
|
2018
|
2019
|
|||
OPERATING ACTIVITIES
|
|||||
Profit (loss) before income tax
|
170,733
|
(513,340)
|
|||
Adjustments to profit not affecting cash flows from
|
|||||
operating activities:
|
|||||
Depreciation
|
125,419
|
97,352
|
|||
Amortization
|
112,072
|
104,225
|
|||
Impairment of inventories
|
-
|
4,503
|
|||
Impairment of accounts receivable and other accounts receivable
|
65,076
|
295,346
|
|||
Reversal of impairment of inventories
|
(26,993)
|
(4,752)
|
|||
Debt condonation
|
-
|
(18,186)
|
|||
Impairment (reversal) of property, plant and equipment
|
-
|
17,756
|
|||
Impairment of intangible assets
|
5,664
|
38,814
|
|||
Reversal of impairment of accounts receivable
|
-
|
(19,448)
|
|||
Reversal of impairment of intangible assets
|
-
|
(20,676)
|
|||
Indemnification
|
686
|
-
|
|||
Change in the fair value of the liability for put option
|
(6,122)
|
4,697
|
|||
Other provisions
|
75,369
|
185,930
|
|||
Financial expense,net
|
177,649
|
152,218
|
|||
Foreign exchange loss (gain) on loans
|
-
|
-
|
|||
Impairment of investments
|
-
|
218,660
|
|||
Share of the profit and loss in associates and joint ventures
|
|||||
under the equity method of accounting
|
3,709
|
499
|
|||
Reversal of provisions
|
(6,218)
|
(9,789)
|
|||
Disposal of assets
|
16,327
|
5,386
|
|||
Loss (profit) on sale of property, plant and equipment
|
7,105
|
(10,815)
|
|||
Loss on sale from available-for-sale financial assets
|
1,529
|
-
|
|||
Profit on sale of investments in subsidiaries
|
(73,642)
|
-
|
|||
Loss on remeasurement of accounts receivable
|
25,110
|
42,739
|
|||
Net variations in assets and liabilities:
|
|||||
Trade accounts receivable and unbilled working in progress
|
(236,011)
|
460,316
|
|||
Other accounts receivable
|
190,354
|
141,304
|
|||
Other accounts receivable from related parties
|
24,609
|
260,679
|
|||
Inventories
|
200,575
|
(34,575)
|
|||
Pre-paid expenses and other assets
|
18,309
|
4,935
|
|||
Trade accounts payable
|
10,917
|
63,802
|
|||
Other accounts payable
|
(311,848)
|
(279,102)
|
|||
Other accounts payable to related parties
|
92,613
|
(299,464)
|
|||
Other provisions
|
(6,615)
|
(2,178)
|
|||
Interest payment
|
(188,704)
|
(157,476)
|
|||
Payments for purchases of intangibles - Concessions
|
(10,305)
|
(21,902)
|
|||
Payment of income tax
|
(178,094)
|
(111,254)
|
|||
Net cash provided by operating activities
|
279,273
|
596,204
|
|||
INVESTING ACTIVITIES
|
|||||
Sale of investment
|
222,971
|
-
|
|||
Sale of property, plant and equipment
|
31,852
|
18,607
|
|||
Sale of non-current assets held for sale, net
|
16,244
|
-
|
|||
Interest received
|
36,508
|
6,553
|
|||
Dividends received
|
1,823
|
1,517
|
|||
Payment for purchase of investments properties
|
(209)
|
(88)
|
|||
Payments for intangible purchase
|
(86,799)
|
(84,732)
|
|||
Payments for purchase and contributions on investment in associate and joint ventures
|
(3,770)
|
-
|
|||
Payments for property, plant and equipment purchase
|
(80,765)
|
(76,707)
|
|||
Net cash provided by (applied to) investing activities
|
137,855
|
(134,850)
|
|||
FINANCING ACTIVITIES
|
|||||
Loans received
|
1,018,624
|
581,637
|
|||
Amortization of loans received
|
(1,265,920)
|
(1,074,259)
|
|||
Amortization of bonds issued
|
(28,914)
|
(31,335)
|
|||
Payment for transaction costs for debt
|
-
|
(4,770)
|
|||
Dividends paid to non-controlling interest
|
(102,772)
|
(12,762)
|
|||
Cash received (return of contributions) from non-controlling shareholders
|
(59,053)
|
(32,996)
|
|||
Capital increase
|
137,603
|
281,391
|
|||
Acquisition or sale of interest in a subsidiary of non-controlling shareholders
|
389
|
-
|
|||
Net cash applied to financing activities
|
(300,043)
|
(293,094)
|
|||
Net increase (net decrease) in cash
|
117,085
|
168,260
|
|||
Exchange difference
|
57,756
|
(20,303)
|
|||
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
|
801,021
|
948,978
|
||
NON-CASH TRANSACTIONS:
|
|||||
Capitalization of interests
|
3,361
|
7,229
|
|||
Acquisition of assets through finance leases
|
2,365
|
3,851
|
|||
Accounts payable to the non-controlling interest for purchase of investments
|
14,022
|
-
|
|||
Contribution in inventories
|
25,389
|
-
|
|||
Acquisition of right-of-use assets
|
-
|
101,745
|
|||
The accompanying notes on pages 6 to 37 are an integral part of the consolidated financial statements.
|
|||||
1.
|
GENERAL INFORMATION
|
a)
|
Incorporation and operations
|
b)
|
Authorization for the 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)
|
Gasoducto Sur Peruano (GSP)
|
4)
|
External Investigations related to businesses with Odebrecht Group and to the facts under criminal investigation.
|
5)
|
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.
|
BASIS OF PREPARATION
|
3.
|
SIGNIFICANT ACCOUNTING POLICIES
|
Impact of application of IFRS 16
|
||
At
|
||
December 31,
|
||
Impact on assets
|
2019
|
|
Right-of-use
|
||
Right-of-use buildings
|
63,479
|
|
Right-of-use vehicles
|
19,669
|
|
Right-of-use machinery
|
18,597
|
|
Total right-of-use assets
|
101,745
|
|
Cumulative depreciation
|
(22,958)
|
|
Foreign currency translation effect
|
26
|
|
Impact on assets (Note 11)
|
78,813
|
|
At
|
||
December 31,
|
||
Impact on liabilities
|
2019
|
|
Addition of liabilities for right-of-use
|
101,745
|
|
Accrued interest
|
5,617
|
|
Amortization
|
(20,326)
|
|
Interest paid
|
(5,368)
|
|
Foreign currency translation effect
|
(11)
|
|
Exchange difference
|
(1,441)
|
|
Impact on liabilities
|
80,216
|
|
Short-term liabilities for right-of-use
|
18,246
|
|
Long-term liabilities for right-of-use
|
61,970
|
|
Impact on liabilities (Note 12)
|
80,216
|
|
3.2 |
IFRIC 23: Uncertainty over Income Tax Treatments.
|
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 December 31, 2019
|
1 year
|
years
|
years
|
5 years
|
Total
|
|||||||||||||||
Other financial liabilities (except
|
||||||||||||||||||||
for finance leases)
|
474,530
|
150,303
|
139,939
|
-
|
764,772
|
|||||||||||||||
Finance leases
|
10,826
|
3,467
|
13,346
|
-
|
27,639
|
|||||||||||||||
Lease liability for right-of-use asset
|
24,965
|
38,789
|
31,167
|
7,603
|
102,524
|
|||||||||||||||
Bonds
|
115,690
|
157,516
|
358,461
|
1,077,960
|
1,709,627
|
|||||||||||||||
Trade accounts payables
|
1,138,348
|
-
|
-
|
-
|
1,138,348
|
|||||||||||||||
Accounts payables to related
|
||||||||||||||||||||
parties
|
38,917
|
21,746
|
-
|
836
|
61,499
|
|||||||||||||||
Other accounts payables
|
203,143
|
36,497
|
194,908
|
-
|
434,548
|
|||||||||||||||
Other non-financial liabilities
|
-
|
52
|
-
|
-
|
52
|
|||||||||||||||
2,006,419
|
408,370
|
737,821
|
1,086,399
|
4,239,009
|
||||||||||||||||
4.2
|
Capital management
|
At
|
At
|
|||
December 31,
|
December 31,
|
|||
2018
|
2019
|
|||
Total financial liabilities and bonds (Note 12 and Note 13)
|
2,139,714
|
1,722,357
|
||
Less: Cash and cash equivalents (Note 8)
|
(801,140)
|
(948,978)
|
||
Net debt
|
)
|
1,338,574
|
773,379
|
|
Total equity
|
2,489,931
|
1,881,118
|
||
Total capital
|
3,828,505
|
2,654,497
|
||
Gearing ratio
|
0.35
|
0.29
|
||
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
|
5.1
|
Impairment of investment and receivables in Gasoducto Sur Peruano
|
5.2
|
Income taxes
|
6.
|
INTERESTS IN OTHER ENTITIES
|
7.
|
OPERATING SEGMENTS
|
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 December 31, 2019
|
Engineering and construction
|
Energy
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
Parent Company operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||
Cash and cash equivalent
|
372,991
|
53,118
|
123,020
|
300,896
|
6,388
|
60,718
|
31,847
|
-
|
948,978
|
|||||||||||||||||||||||||||
Financial asset at fair value through profit or loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Trade accounts receivables, net
|
551,122
|
63,402
|
48,793
|
97,059
|
1,168
|
83,019
|
985
|
-
|
845,548
|
|||||||||||||||||||||||||||
Work in progress, net
|
29,926
|
-
|
-
|
-
|
-
|
-
|
2,821
|
-
|
32,747
|
|||||||||||||||||||||||||||
Accounts receivable from related parties
|
202,181
|
369
|
29,664
|
1,853
|
-
|
1,144
|
100,864
|
(295,183
|
)
|
40,892
|
||||||||||||||||||||||||||
Other accounts receivable
|
327,977
|
30,853
|
25,925
|
18,548
|
109
|
9,509
|
23,722
|
2
|
436,645
|
|||||||||||||||||||||||||||
Inventories, net
|
57,093
|
32,366
|
7,109
|
30,594
|
-
|
437,012
|
-
|
(11,601
|
)
|
552,573
|
||||||||||||||||||||||||||
Prepaid expenses
|
6,812
|
1,271
|
2,779
|
231
|
133
|
-
|
122
|
-
|
11,348
|
|||||||||||||||||||||||||||
1,548,102
|
181,379
|
237,290
|
449,181
|
7,798
|
591,402
|
160,361
|
(306,782
|
)
|
2,868,731
|
|||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
2,398
|
-
|
-
|
-
|
-
|
-
|
202,371
|
-
|
204,769
|
|||||||||||||||||||||||||||
Total current assets
|
1,550,500
|
181,379
|
237,290
|
449,181
|
7,798
|
591,402
|
362,732
|
(306,782
|
)
|
3,073,500
|
||||||||||||||||||||||||||
Long-term trade accounts receivable, net
|
97,256
|
-
|
59,834
|
619,086
|
-
|
587
|
-
|
-
|
776,763
|
|||||||||||||||||||||||||||
Long-term accounts receivable from related parties
|
290,966
|
-
|
15,024
|
-
|
10,475
|
-
|
567,194
|
(336,721
|
)
|
546,938
|
||||||||||||||||||||||||||
Prepaid expenses
|
-
|
887
|
24,491
|
2,307
|
788
|
-
|
-
|
(510
|
)
|
27,963
|
||||||||||||||||||||||||||
Other long-term accounts receivable
|
113,879
|
63,649
|
9,459
|
-
|
7,346
|
50,449
|
63,459
|
-
|
308,241
|
|||||||||||||||||||||||||||
Investments in associates and joint ventures
|
109,839
|
8,006
|
-
|
-
|
-
|
6,062
|
1,505,467
|
(1,592,338
|
)
|
37,036
|
||||||||||||||||||||||||||
Investment property
|
1,450
|
-
|
-
|
-
|
-
|
26,876
|
-
|
-
|
28,326
|
|||||||||||||||||||||||||||
Property, plant and equipment, net
|
186,589
|
184,819
|
11,106
|
841
|
153
|
11,742
|
49,779
|
(1,159
|
)
|
443,870
|
||||||||||||||||||||||||||
Intangible assets, net
|
136,547
|
244,901
|
443,376
|
794
|
-
|
1,029
|
19,490
|
7,134
|
853,271
|
|||||||||||||||||||||||||||
Right-of-use assets, net
|
5,638
|
24,038
|
3,860
|
5
|
7
|
5,048
|
55,532
|
(15,315
|
)
|
78,813
|
||||||||||||||||||||||||||
Deferred income tax asset
|
166,828
|
4,741
|
13,054
|
-
|
720
|
19,736
|
19,685
|
5,176
|
229,940
|
|||||||||||||||||||||||||||
Total non-current assets
|
1,108,992
|
531,041
|
580,204
|
623,033
|
19,489
|
121,529
|
2,280,606
|
(1,933,733
|
)
|
3,331,161
|
||||||||||||||||||||||||||
Total assets
|
2,659,492
|
712,420
|
817,494
|
1,072,214
|
27,287
|
712,931
|
2,643,338
|
(2,240,515
|
)
|
6,404,661
|
||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||
Borrowings
|
180,535
|
42,760
|
2,383
|
5
|
6
|
116,231
|
120,628
|
(9,039
|
)
|
453,509
|
||||||||||||||||||||||||||
Bonds
|
-
|
-
|
28,995
|
15,742
|
-
|
-
|
-
|
-
|
44,737
|
|||||||||||||||||||||||||||
Trade accounts payable
|
932,142
|
67,444
|
34,762
|
31,792
|
132
|
39,645
|
32,431
|
-
|
1,138,348
|
|||||||||||||||||||||||||||
Accounts payable to related parties
|
206,907
|
2,233
|
35,554
|
21,024
|
-
|
23,437
|
45,360
|
(295,598
|
)
|
38,917
|
||||||||||||||||||||||||||
Current income tax
|
18,451
|
961
|
3,710
|
23,887
|
-
|
704
|
286
|
-
|
47,999
|
|||||||||||||||||||||||||||
Other accounts payable
|
441,271
|
16,721
|
58,267
|
4,713
|
835
|
83,345
|
38,110
|
-
|
643,262
|
|||||||||||||||||||||||||||
Provisions
|
6,031
|
18,459
|
6,183
|
-
|
-
|
230
|
82,580
|
-
|
113,483
|
|||||||||||||||||||||||||||
Non-current liabilities classified as held for sale
|
-
|
-
|
-
|
-
|
-
|
-
|
212,627
|
-
|
212,627
|
|||||||||||||||||||||||||||
Total current liabilities
|
1,785,337
|
148,578
|
169,854
|
97,163
|
973
|
263,592
|
532,022
|
(304,637
|
)
|
2,692,882
|
||||||||||||||||||||||||||
Borrowings
|
32,620
|
116,218
|
2,070
|
-
|
-
|
11,010
|
190,671
|
(7,783
|
)
|
344,806
|
||||||||||||||||||||||||||
Long-term bonds
|
-
|
-
|
276,550
|
602,755
|
-
|
-
|
-
|
-
|
879,305
|
|||||||||||||||||||||||||||
Other long-term accounts payable
|
222,887
|
-
|
15,989
|
286
|
2,107
|
26,841
|
3,102
|
-
|
271,212
|
|||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
120,255
|
-
|
836
|
22,583
|
23,784
|
-
|
190,223
|
(335,099
|
)
|
22,582
|
||||||||||||||||||||||||||
Provisions
|
80,125
|
40,268
|
24,691
|
-
|
-
|
-
|
64,798
|
-
|
209,882
|
|||||||||||||||||||||||||||
Derivative financial instruments
|
-
|
52
|
-
|
-
|
-
|
-
|
-
|
-
|
52
|
|||||||||||||||||||||||||||
Deferred income tax liability
|
21,125
|
36,476
|
5,806
|
39,172
|
-
|
-
|
243
|
-
|
102,822
|
|||||||||||||||||||||||||||
Total non-current liabilities
|
477,012
|
193,014
|
325,942
|
664,796
|
25,891
|
37,851
|
449,037
|
(342,882
|
)
|
1,830,661
|
||||||||||||||||||||||||||
Total liabilities
|
2,262,349
|
341,592
|
495,796
|
761,959
|
26,864
|
301,443
|
981,059
|
(647,519
|
)
|
4,523,543
|
||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
330,992
|
346,415
|
258,652
|
232,692
|
423
|
137,542
|
1,659,356
|
(1,485,112
|
)
|
1,480,960
|
||||||||||||||||||||||||||
Non-controlling interest
|
66,151
|
24,413
|
63,046
|
77,563
|
-
|
273,946
|
2,923
|
(107,884
|
)
|
400,158
|
||||||||||||||||||||||||||
Total liabilities and equity
|
2,659,492
|
712,420
|
817,494
|
1,072,214
|
27,287
|
712,931
|
2,643,338
|
(2,240,515
|
)
|
6,404,661
|
||||||||||||||||||||||||||
Operating segments financial position
|
||||||||||||||||||||||||||||||||||||
Segment reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
As of December 31, 2019
|
Engineering and construction
|
Energy
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
Parent Company operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||
Cash and cash equivalent
|
372,991
|
53,118
|
123,020
|
300,896
|
6,388
|
60,718
|
31,847
|
-
|
948,978
|
|||||||||||||||||||||||||||
Financial asset at fair value through profit or loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Trade accounts receivables, net
|
551,122
|
63,402
|
48,793
|
97,059
|
1,168
|
83,019
|
985
|
-
|
845,548
|
|||||||||||||||||||||||||||
Work in progress, net
|
29,926
|
-
|
-
|
-
|
-
|
-
|
2,821
|
-
|
32,747
|
|||||||||||||||||||||||||||
Accounts receivable from related parties
|
202,181
|
369
|
29,664
|
1,853
|
-
|
1,144
|
100,864
|
(295,183
|
)
|
40,892
|
||||||||||||||||||||||||||
Other accounts receivable
|
327,977
|
30,853
|
25,925
|
18,548
|
109
|
9,509
|
23,722
|
2
|
436,645
|
|||||||||||||||||||||||||||
Inventories, net
|
57,093
|
32,366
|
7,109
|
30,594
|
-
|
437,012
|
-
|
(11,601
|
)
|
552,573
|
||||||||||||||||||||||||||
Prepaid expenses
|
6,812
|
1,271
|
2,779
|
231
|
133
|
-
|
122
|
-
|
11,348
|
|||||||||||||||||||||||||||
1,548,102
|
181,379
|
237,290
|
449,181
|
7,798
|
591,402
|
160,361
|
(306,782
|
)
|
2,868,731
|
|||||||||||||||||||||||||||
Non-current assets classified as held for sale
|
2,398
|
-
|
-
|
-
|
-
|
-
|
202,371
|
-
|
204,769
|
|||||||||||||||||||||||||||
Total current assets
|
1,550,500
|
181,379
|
237,290
|
449,181
|
7,798
|
591,402
|
362,732
|
(306,782
|
)
|
3,073,500
|
||||||||||||||||||||||||||
Long-term trade accounts receivable, net
|
97,256
|
-
|
59,834
|
619,086
|
-
|
587
|
-
|
-
|
776,763
|
|||||||||||||||||||||||||||
Long-term accounts receivable from related parties
|
290,966
|
-
|
15,024
|
-
|
10,475
|
-
|
567,194
|
(336,721
|
)
|
546,938
|
||||||||||||||||||||||||||
Prepaid expenses
|
-
|
887
|
24,491
|
2,307
|
788
|
-
|
-
|
(510
|
)
|
27,963
|
||||||||||||||||||||||||||
Other long-term accounts receivable
|
113,879
|
63,649
|
9,459
|
-
|
7,346
|
50,449
|
63,459
|
-
|
308,241
|
|||||||||||||||||||||||||||
Investments in associates and joint ventures
|
109,839
|
8,006
|
-
|
-
|
-
|
6,062
|
1,505,467
|
(1,592,338
|
)
|
37,036
|
||||||||||||||||||||||||||
Investment property
|
1,450
|
-
|
-
|
-
|
-
|
26,876
|
-
|
-
|
28,326
|
|||||||||||||||||||||||||||
Property, plant and equipment, net
|
186,589
|
184,819
|
11,106
|
841
|
153
|
11,742
|
49,779
|
(1,159
|
)
|
443,870
|
||||||||||||||||||||||||||
Intangible assets, net
|
136,547
|
244,901
|
443,376
|
794
|
-
|
1,029
|
19,490
|
7,134
|
853,271
|
|||||||||||||||||||||||||||
Deferred income tax asset
|
166,828
|
4,741
|
13,054
|
-
|
720
|
19,736
|
20,671
|
5,176
|
230,926
|
|||||||||||||||||||||||||||
Total non-current assets
|
1,108,992
|
531,041
|
580,204
|
623,033
|
19,489
|
121,529
|
2,281,592
|
(1,933,733
|
)
|
3,332,147
|
||||||||||||||||||||||||||
Total assets
|
2,659,492
|
712,420
|
817,494
|
1,072,214
|
27,287
|
712,931
|
2,644,324
|
(2,240,515
|
)
|
6,405,647
|
||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||
Borrowings
|
180,535
|
42,760
|
2,383
|
5
|
6
|
116,231
|
120,628
|
(9,039
|
)
|
453,509
|
||||||||||||||||||||||||||
Bonds
|
-
|
-
|
28,995
|
15,742
|
-
|
-
|
-
|
-
|
44,737
|
|||||||||||||||||||||||||||
Trade accounts payable
|
932,142
|
67,444
|
34,762
|
31,792
|
132
|
39,645
|
32,431
|
-
|
1,138,348
|
|||||||||||||||||||||||||||
Accounts payable to related parties
|
206,907
|
2,233
|
35,554
|
21,024
|
-
|
23,437
|
45,360
|
(295,598
|
)
|
38,917
|
||||||||||||||||||||||||||
Current income tax
|
18,451
|
961
|
3,710
|
23,887
|
-
|
704
|
286
|
-
|
47,999
|
|||||||||||||||||||||||||||
Other accounts payable
|
441,271
|
16,721
|
58,267
|
4,713
|
835
|
83,345
|
37,634
|
-
|
642,786
|
|||||||||||||||||||||||||||
Provisions
|
6,031
|
18,459
|
6,183
|
-
|
-
|
230
|
82,580
|
-
|
113,483
|
|||||||||||||||||||||||||||
Non-current liabilities classified as held for sale
|
-
|
-
|
-
|
-
|
-
|
-
|
212,627
|
-
|
212,627
|
|||||||||||||||||||||||||||
Total current liabilities
|
1,785,337
|
148,578
|
169,854
|
97,163
|
973
|
263,592
|
531,546
|
(304,637
|
)
|
2,692,406
|
||||||||||||||||||||||||||
Borrowings
|
32,620
|
116,218
|
2,070
|
-
|
-
|
11,010
|
190,671
|
(7,783
|
)
|
344,806
|
||||||||||||||||||||||||||
Long-term bonds
|
-
|
-
|
276,550
|
602,755
|
-
|
-
|
-
|
-
|
879,305
|
|||||||||||||||||||||||||||
Other long-term accounts payable
|
222,887
|
-
|
15,989
|
286
|
2,107
|
26,841
|
3,102
|
-
|
271,212
|
|||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
120,255
|
-
|
836
|
22,583
|
23,784
|
-
|
190,223
|
(335,099
|
)
|
22,582
|
||||||||||||||||||||||||||
Provisions
|
80,125
|
40,268
|
24,691
|
-
|
-
|
-
|
64,798
|
-
|
209,882
|
|||||||||||||||||||||||||||
Derivative financial instruments
|
-
|
52
|
-
|
-
|
-
|
-
|
-
|
-
|
52
|
|||||||||||||||||||||||||||
Deferred income tax liability
|
21,125
|
36,476
|
5,806
|
39,172
|
-
|
-
|
243
|
-
|
102,822
|
|||||||||||||||||||||||||||
Total non-current liabilities
|
477,012
|
193,014
|
325,942
|
664,796
|
25,891
|
37,851
|
449,037
|
(342,882
|
)
|
1,830,661
|
||||||||||||||||||||||||||
Total liabilities
|
2,262,349
|
341,592
|
495,796
|
761,959
|
26,864
|
301,443
|
980,583
|
(647,519
|
)
|
4,523,067
|
||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
330,992
|
346,415
|
258,652
|
232,692
|
423
|
137,542
|
1,660,818
|
(1,485,112
|
)
|
1,482,422
|
||||||||||||||||||||||||||
Non-controlling interest
|
66,151
|
24,413
|
63,046
|
77,563
|
-
|
273,946
|
2,923
|
(107,884
|
)
|
400,158
|
||||||||||||||||||||||||||
Total liabilities and equity
|
2,659,492
|
712,420
|
817,494
|
1,072,214
|
27,287
|
712,931
|
2,644,324
|
(2,240,515
|
)
|
6,405,647
|
||||||||||||||||||||||||||
Operating segment performance
|
||||||||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2018 -
|
Engineering and construction
|
Energy
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
Parent Company operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||
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
|
)
|
(296
|
)
|
(50,730
|
)
|
(62,890
|
)
|
40,080
|
(278,433
|
)
|
|||||||||||||||||||
Other income and expenses, net
|
(13,515
|
)
|
1,243
|
(11
|
)
|
31
|
-
|
(1,971
|
)
|
(47,779
|
)
|
660
|
(61,342
|
)
|
||||||||||||||||||||||
Operating (loss) profit
|
(87,486
|
)
|
100,705
|
71,455
|
110,591
|
296
|
235,258
|
(121,233
|
)
|
25,128
|
334,714
|
|||||||||||||||||||||||||
Financial expenses
|
(82,861
|
)
|
(15,631
|
)
|
(26,691
|
)
|
(20,604
|
)
|
6
|
(11,859
|
)
|
(115,077
|
)
|
24,735
|
(247,982
|
)
|
||||||||||||||||||||
Financial income
|
15,122
|
4,593
|
2,560
|
35,147
|
554
|
3,556
|
31,752
|
(42,359
|
)
|
50,925
|
||||||||||||||||||||||||||
Share of profit or loss in associates
|
||||||||||||||||||||||||||||||||||||
and joint ventures
|
11,366
|
1,608
|
-
|
-
|
-
|
(10
|
)
|
84,138
|
(100,811
|
)
|
(3,709
|
)
|
||||||||||||||||||||||||
(Loss) profit before income tax
|
(143,859
|
)
|
91,275
|
47,324
|
125,134
|
856
|
226,945
|
(112,076
|
)
|
(101,651
|
)
|
133,948
|
||||||||||||||||||||||||
Income tax
|
14,361
|
(26,275
|
)
|
(15,737
|
)
|
(38,017
|
)
|
(517
|
)
|
(69,166
|
)
|
22,867
|
(834
|
)
|
(113,318
|
)
|
||||||||||||||||||||
(Loss) profit from continuing operations
|
(129,498
|
)
|
65,000
|
31,587
|
87,117
|
339
|
157,779
|
(89,209
|
)
|
(102,485
|
)
|
20,630
|
||||||||||||||||||||||||
Profit (Loss) from discontinuing operations
|
44,096
|
-
|
-
|
-
|
-
|
-
|
(3,709
|
)
|
(3,602
|
)
|
36,785
|
|||||||||||||||||||||||||
(Loss) profit for the period
|
(85,402
|
)
|
65,000
|
31,587
|
87,117
|
339
|
157,779
|
(92,918
|
)
|
(106,087
|
)
|
57,415
|
||||||||||||||||||||||||
(Loss) profit from attributable to:
|
||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(86,857
|
)
|
59,866
|
26,731
|
65,338
|
339
|
28,921
|
(85,715
|
)
|
(91,811
|
)
|
(83,188
|
)
|
|||||||||||||||||||||||
Non-controlling interest
|
1,455
|
5,134
|
4,856
|
21,779
|
-
|
128,858
|
(7,203
|
)
|
(14,276
|
)
|
140,603
|
|||||||||||||||||||||||||
(85,402
|
)
|
65,000
|
31,587
|
87,117
|
339
|
157,779
|
(92,918
|
)
|
(106,087
|
)
|
57,415
|
Operating segment performance
|
||||||||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure |
||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2019 -
|
Engineering and construction
|
Energy
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
Parent Company operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||
Revenue
|
2,797,326
|
552,584
|
633,561
|
397,853
|
3,555
|
264,401
|
87,476
|
(651,493
|
)
|
4,085,263
|
||||||||||||||||||||||||||
Gross profit (loss)
|
98,362
|
108,291
|
96,424
|
119,464
|
500
|
70,787
|
(2,168
|
)
|
(49,620
|
)
|
442,040
|
|||||||||||||||||||||||||
Administrative expenses
|
(141,421
|
)
|
(24,230
|
)
|
(28,623
|
)
|
(17,991
|
)
|
(397
|
)
|
(22,045
|
)
|
(40,102
|
)
|
61,215
|
(213,594
|
)
|
|||||||||||||||||||
Other income and expenses, net
|
9,937
|
606
|
(47,829
|
)
|
(2,661
|
)
|
12
|
20,020
|
(524,756
|
)
|
(921
|
)
|
(545,592
|
)
|
||||||||||||||||||||||
Operating profit (loss)
|
(33,122
|
)
|
84,667
|
19,972
|
98,812
|
115
|
68,762
|
(567,026
|
)
|
10,674
|
(317,146
|
)
|
||||||||||||||||||||||||
Financial expenses
|
(74,171
|
)
|
(13,266
|
)
|
(27,297
|
)
|
(10,948
|
)
|
(12
|
)
|
(42,320
|
)
|
(92,331
|
)
|
32,990
|
(227,355
|
)
|
|||||||||||||||||||
Financial income
|
5,643
|
2,033
|
2,245
|
33,215
|
826
|
3,829
|
68,616
|
(41,751
|
)
|
74,656
|
||||||||||||||||||||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
12,688
|
(12,688
|
)
|
-
|
||||||||||||||||||||||||||
Share of profit or loss in associates
|
||||||||||||||||||||||||||||||||||||
and joint ventures
|
(3,558
|
)
|
2,293
|
-
|
-
|
-
|
458
|
(496,299
|
)
|
496,607
|
(499
|
)
|
||||||||||||||||||||||||
(Loss) profit before income tax
|
(105,208
|
)
|
75,727
|
(5,080
|
)
|
121,079
|
929
|
30,729
|
(1,074,352
|
)
|
485,832
|
(470,344
|
)
|
|||||||||||||||||||||||
Income tax
|
(35,457
|
)
|
(22,911
|
)
|
(17,112
|
)
|
(39,634
|
)
|
(506
|
)
|
(7,000
|
)
|
(197,285
|
)
|
(1,118
|
)
|
(321,023
|
)
|
||||||||||||||||||
(Loss) profit from continuing operations
|
(140,665
|
)
|
52,816
|
(22,192
|
)
|
81,445
|
423
|
23,729
|
(1,271,637
|
)
|
484,714
|
(791,367
|
)
|
|||||||||||||||||||||||
Loss from discontinuing operations
|
-
|
-
|
-
|
-
|
-
|
-
|
(41,876
|
)
|
(1,120
|
)
|
(42,996
|
)
|
||||||||||||||||||||||||
(Loss) profit for the period
|
(140,665
|
)
|
52,816
|
(22,192
|
)
|
81,445
|
423
|
23,729
|
(1,313,513
|
)
|
483,594
|
(834,363
|
)
|
|||||||||||||||||||||||
(Loss) profit from attributable to:
|
||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(137,110
|
)
|
48,056
|
(27,842
|
)
|
61,084
|
423
|
(4,995
|
)
|
(1,303,437
|
)
|
483,378
|
(880,443
|
)
|
||||||||||||||||||||||
Non-controlling interest
|
(3,555
|
)
|
4,760
|
5,650
|
20,361
|
-
|
28,724
|
(10,076
|
)
|
216
|
46,080
|
|||||||||||||||||||||||||
(140,665
|
)
|
52,816
|
(22,192
|
)
|
81,445
|
423
|
23,729
|
(1,313,513
|
)
|
483,594
|
(834,363
|
)
|
8.
|
CASH AND CASH EQUIVALENTS
|
At
|
At
|
|||
December 31,
|
December 31,
|
|||
2018
|
2019
|
|||
Cash on hand
|
1,377
|
1,327
|
||
Cash in-transit
|
)
|
3,566
|
5,649
|
|
Bank accounts
|
647,832
|
785,811
|
||
Time deposits
|
148,365
|
127,978
|
||
801,140
|
948,978
|
|||
|
At
|
At
|
|||
December 31,
|
December 31,
|
||||
2018
|
2019
|
||||
Cash on hand
|
1,377
|
1,327
|
|||
Cash in-transit
|
)
|
3,566
|
312,637
|
||
Bank accounts
|
647,832
|
507,036
|
|||
Time deposits
|
148,365
|
127,978
|
|||
801,140
|
948,978
|
||||
At
|
At
|
||||
December 31,
|
December 31,
|
||||
2018
|
2019
|
||||
Cash and cash equivalent on Consolidated statement of
|
|||||
financial position
|
801,140
|
948,978
|
|||
Bank overdrafts (Note 12)
|
)
|
(119)
|
-
|
||
Balances per consolidated statement of cash flows
|
801,021
|
948,978
|
|||
9.
|
TRANSACTIONS WITH RELATED PARTIES
|
a)
|
Transactions with related parties
|
At December 31,
|
|||||
2018
|
2019
|
||||
Revenue from sales of goods and services:
|
|||||
- Associates
|
)
|
1,704
|
108
|
||
- Joint operations
|
56,560
|
44,130
|
|||
58,264
|
44,238
|
||||
At December 31,
|
At December 31,
|
|||||||||||||||
2018
|
2019
|
|||||||||||||||
Receivable
|
Payable
|
Receivable
|
Payable
|
|||||||||||||
Current portion:
|
||||||||||||||||
Joint operations
|
||||||||||||||||
Consorcio Rio Urubamba
|
9,122
|
-
|
9,042
|
-
|
||||||||||||
Consorcio Peruano de Conservacion
|
6,417
|
-
|
3,592
|
-
|
||||||||||||
Consorcio Italo Peruano
|
3,322
|
4,996
|
1,011
|
363
|
||||||||||||
Consorcio Constructor Chavimochic
|
2,138
|
6,199
|
-
|
5,953
|
||||||||||||
Consorcio GyM Conciviles
|
1,855
|
-
|
1,257
|
1,958
|
||||||||||||
Consorcio La Gloria
|
1,369
|
1,006
|
1,750
|
1,017
|
||||||||||||
Consorcio Ermitaño
|
781
|
624
|
831
|
440
|
||||||||||||
Terminales del Peru
|
459
|
-
|
1,176
|
-
|
||||||||||||
Consorcio TNT Vial y Vives - DSD Chile Ltda
|
-
|
11,804
|
-
|
1,088
|
||||||||||||
Consorcio Rio Mantaro
|
-
|
6,655
|
-
|
5,869
|
||||||||||||
Consorcio Vial Quinua
|
-
|
1,970
|
-
|
2,048
|
||||||||||||
Consorcio Huacho Pativilca
|
-
|
475
|
1,419
|
5,895
|
||||||||||||
Consorcio CDEM
|
-
|
-
|
638
|
-
|
||||||||||||
Consorcio GyM-Stracon
|
-
|
-
|
2,230
|
-
|
||||||||||||
Consorcio GyM-OSSA
|
-
|
-
|
7,202
|
-
|
||||||||||||
Consorcio Chicama Ascope
|
-
|
-
|
2,471
|
-
|
||||||||||||
Other minors
|
9,215
|
11,323
|
5,641
|
2,103
|
||||||||||||
34,678
|
45,052
|
38,260
|
26,734
|
|||||||||||||
Other related parties
|
||||||||||||||||
Ferrovias Argentina
|
-
|
10,242
|
-
|
12,183
|
||||||||||||
Peru Piping Spools S.A.C.
|
225
|
-
|
2,632
|
-
|
||||||||||||
Other minors
|
-
|
647
|
-
|
-
|
||||||||||||
225
|
10,889
|
2,632
|
12,183
|
|||||||||||||
Current portion
|
34,903
|
55,941
|
40,892
|
38,917
|
||||||||||||
Non-current portion:
|
||||||||||||||||
Gasoducto Sur Peruano S.A
|
773,927
|
-
|
544,839
|
-
|
||||||||||||
Ferrovias Participaciones
|
-
|
21,849
|
-
|
22,582
|
||||||||||||
Consorcio Constructor Chavimochic
|
-
|
-
|
2,099
|
-
|
||||||||||||
Other minors
|
4,299
|
-
|
-
|
-
|
||||||||||||
Non-current
|
778,226
|
21,849
|
546,938
|
22,582
|
||||||||||||
At December 31,
|
||||||||
2018
|
2019
|
|||||||
Beginning balance
|
268,671
|
257,765
|
||||||
Contributions received
|
5,616
|
-
|
||||||
Dividends received
|
(1,823
|
)
|
(1,517
|
)
|
||||
Share of the profit or loss in associates and joint ventures
|
(3,709
|
)
|
(499
|
)
|
||||
Decrease in capital
|
(30
|
)
|
-
|
|||||
Write-off of investment
|
(10,112
|
)
|
(218,659
|
)
|
||||
Translation adjustments
|
(848
|
)
|
(54
|
)
|
||||
Ending balance
|
257,765
|
37,036
|
Property,
|
||||||||||||
plant and
|
Intangibles
|
Right-of-use
|
||||||||||
equipment
|
assets
|
assets
|
||||||||||
Net cost at January 1, 2018
|
865,735
|
940,070
|
-
|
|||||||||
Additions
|
83,186
|
104,042
|
-
|
|||||||||
Subsidiary deconsolidation
|
(292,156
|
)
|
(72,127
|
)
|
-
|
|||||||
Transfers, disposals and adjustments
|
(24,154
|
)
|
(12,818
|
)
|
-
|
|||||||
Deductions for sale of assets
|
(38,957
|
)
|
-
|
-
|
||||||||
Depreciation, amortization
|
(123,100
|
)
|
(112,072
|
)
|
-
|
|||||||
Net cost at December 31, 2018
|
470,554
|
847,095
|
-
|
|||||||||
Net cost at January 1, 2019
|
470,554
|
847,095
|
-
|
|||||||||
Additions
|
80,558
|
137,624
|
101,745
|
|||||||||
Transfers, disposals and adjustments (*)
|
(27,412
|
)
|
(27,223
|
)
|
26
|
|||||||
Deductions for sale of assets
|
(7,792
|
)
|
-
|
-
|
||||||||
Depreciation, amortization
|
(72,038
|
)
|
(104,225
|
)
|
(22,958
|
)
|
||||||
Net cost at December 31, 2019
|
443,870
|
853,271
|
78,813
|
At December 31,
|
||||||||
2018
|
2019
|
|||||||
Cost of services and goods (Note 16)
|
81,199
|
95,445
|
||||||
Administrative expenses (Note 16)
|
5,135
|
1,907
|
||||||
(+) Depreciation discontinued operation
|
39,085
|
-
|
||||||
Total depreciation related to property, plant and equipment and investment property
|
125,419
|
97,352
|
||||||
(-) Depreciation of investment property
|
(2,319
|
)
|
(2,356
|
)
|
||||
(-) Depreciation of right-of-use asset
|
-
|
(22,958
|
)
|
|||||
Total depreciation of property, plant and equipment
|
123,100
|
72,038
|
At December 31,
|
||||||||
2018
|
2019
|
|||||||
Cost of services and goods (Note 16)
|
98,318
|
99,589
|
||||||
Administrative expenses (Note 16)
|
4,856
|
4,636
|
||||||
(+) Amortization discontinued operations
|
8,898
|
-
|
||||||
112,072
|
104,225
|
At
|
At
|
|||||||
December 31,
|
December 31,
|
|||||||
2018
|
2019
|
|||||||
Engineering and construction
|
71,621
|
36,632
|
||||||
Electromechanical
|
20,737
|
20,735
|
||||||
IT services
|
930
|
930
|
||||||
93,288
|
58,297
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||||||||||||||
December 31,
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||
Bank overdrafts (Note 8)
|
119
|
-
|
119
|
-
|
-
|
-
|
||||||||||||||||||
Bank loans (a)
|
1,023,481
|
553,658
|
810,188
|
424,362
|
213,293
|
129,296
|
||||||||||||||||||
Finance leases
|
33,488
|
22,980
|
13,514
|
9,749
|
19,974
|
13,231
|
||||||||||||||||||
Lease liability for right-of-use asset (Note 3.2)
|
-
|
80,216
|
-
|
18,246
|
-
|
61,970
|
||||||||||||||||||
Other financial entities (b)
|
145,584
|
141,461
|
2,653
|
1,152
|
142,931
|
140,309
|
||||||||||||||||||
1,202,672
|
798,315
|
826,474
|
453,509
|
376,198
|
344,806
|
Current
|
Non-current
|
|||||||||||||||||||||||
At
|
At
|
At
|
At
|
|||||||||||||||||||||
Interest
|
Maturity
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||||||||||
rate
|
date
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||
GyM S.A.
|
1.00% / 11.00
|
%
|
2023
|
227,770
|
170,798(iii)
|
-
|
26,401
|
|||||||||||||||||
Graña y Montero S.A.A.
|
9.10% / 10.10
|
%
|
2022
|
206,836(ii)
|
112,854(iv)
|
125,547(i
|
)
|
-
|
||||||||||||||||
Viva GyM S.A.
|
7.00% / 12.00
|
%
|
2020
|
129,617
|
110,343
|
2,102
|
-
|
|||||||||||||||||
GMP S.A.
|
5.05% / 6.04
|
%
|
2026
|
22,587
|
30,367
|
85,644
|
102,895
|
|||||||||||||||||
GyM Ferrovías | Libor USD 1M | 2019 |
209,463
|
-
|
-
|
-
|
||||||||||||||||||
+ 2%
|
||||||||||||||||||||||||
Other minors
|
6.85
|
%
|
2019
|
13,915
|
-
|
-
|
-
|
|||||||||||||||||
810,188
|
424,362
|
213,293
|
129,296
|
Carrying amount
|
Fair value
|
|||||||||||||||
At
|
At
|
At
|
At
|
|||||||||||||
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||||
2018
|
2019
|
2018
|
2019
|
|||||||||||||
Bank overdrafts (Note 8)
|
119
|
-
|
119
|
-
|
||||||||||||
Bank loans
|
1,023,481
|
553,658
|
1,152,885
|
571,776
|
||||||||||||
Finance leases
|
33,488
|
22,980
|
38,399
|
23,023
|
||||||||||||
Lease liability for right-of-use asset
|
-
|
80,216
|
-
|
96,753
|
||||||||||||
Other financial entities
|
145,584
|
141,461
|
145,584
|
141,461
|
||||||||||||
1,202,672
|
798,315
|
1,336,987
|
833,013
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||||||||||||||
December 31,
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
|||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2018
|
2019
|
|||||||||||||||||||
GyM Ferrovías S.A.
|
611,660
|
618,497
|
13,422
|
15,742
|
598,238
|
602,755
|
||||||||||||||||||
Norvial S.A.
|
325,382
|
305,545
|
25,745
|
28,995
|
299,637
|
276,550
|
||||||||||||||||||
937,042
|
924,042
|
39,167
|
44,737
|
897,875
|
879,305
|
2018
|
2019
|
|||||||
Balance at January, 1
|
603,657
|
611,660
|
||||||
Amortization
|
(10,178
|
)
|
(11,330
|
)
|
||||
Accrued interest
|
48,130
|
48,253
|
||||||
Interest paid
|
(29,949
|
)
|
(30,086
|
)
|
||||
Balance at December, 31
|
611,660
|
618,497
|
-
|
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.
|
2018
|
2019
|
|||||||
Balance at January, 1
|
343,910
|
325,382
|
||||||
Amortization
|
(18,736
|
)
|
(20,005
|
)
|
||||
Accrued interest
|
24,170
|
23,482
|
||||||
Capitalized interest
|
3,361
|
2,725
|
||||||
Interest paid
|
(27,323
|
)
|
(26,039
|
)
|
||||
Balance at December, 31
|
325,382
|
305,545
|
-
|
Debt service coverage ratio of not less than 1.3 times.
|
-
|
Proforma gearing ratio lower than 4 times.
|
Contingent
|
||||||||||||||||
liabilities
|
|
|||||||||||||||
Legal
|
resulting from
|
Provision
for well
|
||||||||||||||
contingencies
|
acquisitions
|
closure
|
Total
|
|||||||||||||
At January 1, 2018
|
23,364
|
7,249
|
16,804
|
47,417
|
||||||||||||
Additions (a)
|
75,369
|
-
|
3,578
|
78,947
|
||||||||||||
Reversals of provisions
|
(4,875
|
)
|
(1,343
|
)
|
-
|
(6,218
|
)
|
|||||||||
Deconsolidation of subsidiaries
|
(2,340
|
)
|
-
|
-
|
(2,340
|
)
|
||||||||||
Reclasification to 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
|
||||||||||||
At January 1, 2019
|
84,728
|
4,498
|
20,382
|
109,608
|
||||||||||||
Additions (a)
|
194,969
|
-
|
30,998
|
225,967
|
||||||||||||
Reversals of provisions
|
(5,440
|
)
|
(4,349
|
)
|
-
|
(9,789
|
)
|
|||||||||
Payments
|
(914
|
)
|
-
|
(1,264
|
)
|
(2,178
|
)
|
|||||||||
Translation adjustments
|
(94
|
)
|
(149
|
)
|
-
|
(243
|
)
|
|||||||||
At december 31, 2019
|
273,249
|
-
|
50,116
|
323,365
|
Cost of
|
||||||||||||
goods and
|
Administrative
|
|||||||||||
services
|
expenses
|
Total
|
||||||||||
At December 31, 2018
|
||||||||||||
Services provided by third-parties
|
1,064,687
|
98,060
|
1,162,747
|
|||||||||
Salaries, wages and fringe benefits
|
817,392
|
105,505
|
922,897
|
|||||||||
Purchase of goods
|
755,209
|
-
|
755,209
|
|||||||||
Other management charges
|
375,308
|
43,533
|
418,841
|
|||||||||
Amortization (Note 11 b)
|
98,318
|
4,856
|
103,174
|
|||||||||
Depreciation (Note 11 a)
|
81,199
|
5,135
|
86,334
|
|||||||||
Impairment of accounts receivable
|
45,658
|
19,418
|
65,076
|
|||||||||
Taxes
|
8,727
|
1,926
|
10,653
|
|||||||||
Inventory recovery
|
(26,993
|
)
|
-
|
(26,993
|
)
|
|||||||
Impairment of property, plant and equipment
|
5,468
|
-
|
5,468
|
|||||||||
Total
|
3,224,973
|
278,433
|
3,503,406
|
|||||||||
At December 31, 2019
|
||||||||||||
Services provided by third-parties
|
1,241,458
|
56,116
|
1,297,574
|
|||||||||
Salaries, wages and fringe benefits
|
929,356
|
117,371
|
1,046,727
|
|||||||||
Purchase of goods
|
647,502
|
-
|
647,502
|
|||||||||
Other management charges
|
618,016
|
31,113
|
649,129
|
|||||||||
Amortization (Note 11 b)
|
99,589
|
4,636
|
104,225
|
|||||||||
Depreciation (Note 11 a)
|
95,445
|
1,907
|
97,352
|
|||||||||
Impairment of accounts receivable
|
3,376
|
-
|
3,376
|
|||||||||
Taxes
|
4,568
|
2,451
|
7,019
|
|||||||||
Impariment of property, plant and equipment
|
3,907
|
-
|
3,907
|
|||||||||
Impairment of investments
|
255
|
-
|
255
|
|||||||||
Inventory recovery
|
(249
|
)
|
-
|
(249
|
)
|
|||||||
Total
|
3,643,223
|
213,594
|
3,856,817
|
2018
|
2019
|
|||||||
Other income:
|
||||||||
Sale of fixed assets
|
26,007
|
12,748
|
||||||
Sale of investments
|
13,475
|
-
|
||||||
Reversal of legal and tax provisions
|
20
|
-
|
||||||
Present value of the liability from put option
|
6,122
|
-
|
||||||
Debt forgiveness with suppliers
|
-
|
18,973
|
||||||
trademarks revaluation
|
-
|
20,676
|
||||||
Recovery of provisions and accounting impairments
|
-
|
23,279
|
||||||
Profit from Mizuho agreement
|
-
|
89,688
|
||||||
Others
|
12,795
|
13,708
|
||||||
58,419
|
179,072
|
|||||||
Other expenditures:
|
||||||||
Civil Repair to the Peruvian State (a)
|
73,500
|
69,150
|
||||||
Net cost of fixed assets disposal
|
36,931
|
25,318
|
||||||
Impairment of goodwill and trademarks
|
-
|
33,089
|
||||||
Asset impairment (b)
|
-
|
296,634
|
||||||
Investment impairment (c)
|
-
|
218,276
|
||||||
Legal litigation
|
-
|
49,754
|
||||||
Others
|
9,323
|
32,442
|
||||||
119,754
|
724,663
|
|||||||
(61,335
|
)
|
(545,592
|
)
|
At
|
At
|
|||||||
December 31,
|
December 31,
|
|||||||
2018
|
2019
|
|||||||
ASSETS
|
||||||||
Cash and cash equivalets
|
6,074
|
1,723
|
||||||
Accounts receivables, net
|
157,351
|
131,125
|
||||||
Inventories, net
|
3,999
|
2,828
|
||||||
Other assets, net
|
80,374
|
66,695
|
||||||
Total assets
|
247,798
|
202,371
|
||||||
LIABILITIES
|
||||||||
Borrowings
|
71,810
|
91,396
|
||||||
Accounts payable
|
148,817
|
121,232
|
||||||
Deferred income tax liabilities
|
5,201
|
-
|
||||||
Total liabilities
|
225,828
|
212,628
|
||||||
Total net assets
|
21,970
|
(10,257
|
)
|