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 - 40
|
AENZA S.A.A. AND SUBSIDIARIES
|
|||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
|||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
ASSETS
|
||||||||||||
As of
|
As of
|
|||||||||||
December31,
|
March 31,
|
|||||||||||
Note
|
2020
|
2021
|
||||||||||
(as restated)
|
||||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
8
|
900,168
|
799,155
|
|||||||||
Trade accounts receivables, net
|
9
|
703,167
|
768,849
|
|||||||||
Work in progress, net
|
10
|
186,433
|
230,545
|
|||||||||
Accounts receivable from related parties
|
11
|
27,338
|
23,555
|
|||||||||
Other accounts receivable
|
12
|
433,531
|
438,902
|
|||||||||
Inventories, net
|
552,000
|
562,426
|
||||||||||
Prepaid expenses
|
22,972
|
22,880
|
||||||||||
Total current assets
|
2,825,609
|
2,846,312
|
||||||||||
Non-current assets
|
||||||||||||
Trade accounts receivable, net
|
9
|
730,666
|
728,506
|
|||||||||
Accounts receivable from related parties
|
11
|
620,071
|
621,332
|
|||||||||
Prepaid expenses
|
22,264
|
22,247
|
||||||||||
Other accounts receivable
|
12
|
328,223
|
322,758
|
|||||||||
Investments in associates and joint ventures
|
13
|
35,516
|
36,538
|
|||||||||
Investment property
|
26,073
|
25,475
|
||||||||||
Property, plant and equipment, net
|
14
|
405,469
|
389,703
|
|||||||||
Intangible assets, net
|
14
|
791,990
|
770,624
|
|||||||||
Right-of-use assets, net
|
14
|
64,518
|
58,677
|
|||||||||
Deferred income tax asset
|
262,165
|
273,675
|
||||||||||
Total non-current assets
|
3,286,955
|
3,249,535
|
||||||||||
Total assets
|
6,112,564
|
6,095,847
|
LIABILITIES AND EQUITY
|
||||||||||||
As of
|
As of
|
|||||||||||
December 31,
|
March 31,
|
|||||||||||
Note
|
2020
|
2021
|
||||||||||
(as restated)
|
||||||||||||
Current liabilities
|
||||||||||||
Borrowings
|
15
|
452,884
|
476,025
|
|||||||||
Bonds
|
16
|
58,446
|
58,873
|
|||||||||
Trade accounts payable
|
17
|
1,097,167
|
1,109,345
|
|||||||||
Accounts payable to related parties
|
11
|
43,818
|
42,341
|
|||||||||
Current income tax
|
34,494
|
32,170
|
||||||||||
Other accounts payable
|
18
|
718,406
|
772,896
|
|||||||||
Other provisions
|
19
|
92,757
|
99,317
|
|||||||||
Total current liabilities
|
2,497,972
|
2,590,967
|
||||||||||
Non-current liabilities
|
||||||||||||
Borrowings
|
15
|
445,436
|
396,205
|
|||||||||
Bonds
|
16
|
874,313
|
865,649
|
|||||||||
Trade accounts payable
|
17
|
40,502
|
39,624
|
|||||||||
Other accounts payable
|
18
|
183,232
|
174,325
|
|||||||||
Accounts payable to related parties
|
11
|
36,297
|
36,981
|
|||||||||
Other provisions
|
19
|
336,609
|
340,390
|
|||||||||
Deferred income tax liability
|
102,907
|
104,288
|
||||||||||
Total non-current liabilities
|
2,019,296
|
1,957,462
|
||||||||||
Total liabilities
|
4,517,268
|
4,548,429
|
||||||||||
Equity
|
20
|
|||||||||||
Capital
|
871,918
|
871,918
|
||||||||||
Legal reserve
|
132,011
|
132,011
|
||||||||||
Voluntary reserve
|
29,974
|
29,974
|
||||||||||
Share Premium
|
1,131,574
|
1,131,574
|
||||||||||
Other reserves
|
(169,234
|
)
|
(173,585
|
)
|
||||||||
Retained earnings
|
(728,637
|
)
|
(763,334
|
)
|
||||||||
Equity attributable to controlling interest in the Company
|
1,267,606
|
1,228,558
|
||||||||||
Non-controlling interest
|
327,690
|
318,860
|
||||||||||
Total equity
|
1,595,296
|
1,547,418
|
||||||||||
Total liabilities and equity
|
6,112,564
|
6,095,847
|
The accompanying notes on pages 6 to 35 are an integral part of the consolidated financial statements.
|
AENZA S.A.A. AND SUBSIDIARIES
|
||||||||||||
CONSOLIDATED STATEMENT OF INCOME
|
||||||||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
||||||||||||
For the period
|
||||||||||||
ended March 31,
|
||||||||||||
Note
|
2020
|
2021
|
||||||||||
Revenues from construction activities
|
552,642
|
516,668
|
||||||||||
Revenues from services provided
|
271,582
|
280,061
|
||||||||||
Revenue from real estate and sale of goods
|
101,031
|
109,065
|
||||||||||
925,255
|
905,794
|
|||||||||||
Cost of construction activities
|
(547,275
|
)
|
(477,097
|
)
|
||||||||
Cost of services provided
|
(226,100
|
)
|
(237,954
|
)
|
||||||||
Cost of real estate and sale of goods
|
(79,971
|
)
|
(88,079
|
)
|
||||||||
21
|
(853,346
|
)
|
(803,130
|
)
|
||||||||
Gross profit
|
71,909
|
102,664
|
||||||||||
Administrative expenses
|
21
|
(44,423
|
)
|
(49,517
|
)
|
|||||||
Other income and expenses
|
22
|
(8,044
|
)
|
(1,609
|
)
|
|||||||
Operating profit (loss)
|
19,442
|
51,538
|
||||||||||
Financial expenses
|
23
|
(51,556
|
)
|
(71,153
|
)
|
|||||||
Financial income
|
23
|
3,466
|
1,728
|
|||||||||
Share of the profit or loss of associates and joint ventures accounted for using the equity method
|
13
|
1,164
|
1,006
|
|||||||||
Loss before income tax
|
(27,484
|
)
|
(16,881
|
)
|
||||||||
Income tax expense
|
(877
|
)
|
(10,502
|
)
|
||||||||
Loss for the period
|
(28,361
|
)
|
(27,383
|
)
|
||||||||
(Loss) profit attributable to:
|
||||||||||||
Owners of the Company
|
(30,444
|
)
|
(34,697
|
)
|
||||||||
Non-controlling interest
|
2,083
|
7,314
|
||||||||||
(28,361
|
)
|
(27,383
|
)
|
|||||||||
Loss per share attributable to owners of the
|
||||||||||||
Company during the period
|
27
|
(0.035
|
)
|
(0.040
|
)
|
|||||||
The accompanying notes on pages 6 to 35 are an integral part of the consolidated financial statements.
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
||||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
||||||||
For the period
|
||||||||
ended March 31,
|
||||||||
Nota
|
2020
|
2021
|
||||||
Loss for the period
|
(28,361
|
)
|
(27,383
|
)
|
||||
Other comprehensive income:
|
||||||||
Items that may be subsequently reclassified to profit or loss
|
||||||||
Cash flow hedge, net of tax
|
11
|
-
|
||||||
Foreign currency translation adjustment, net of tax
|
(35,182
|
)
|
(5,456
|
)
|
||||
Exchange difference from net investment in a foreign operation, net of tax
|
356
|
(29
|
)
|
|||||
Other comprehensive income for the period, net of tax
|
(34,815
|
)
|
(5,485
|
)
|
||||
Total comprehensive income for the period
|
(63,176
|
)
|
(32,868
|
)
|
||||
Comprehensive income attributable to:
|
||||||||
Owners of the Company
|
(57,459
|
)
|
(39,048
|
)
|
||||
Non-controlling interest
|
(5,717
|
)
|
6,180
|
|||||
(63,176
|
)
|
(32,868
|
)
|
|||||
The accompanying notes on pages 6 to 35 are an integral part of the consolidated financial statements.
|
AENZA S.A.A. AND SUBSIDIARIES
|
||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
||||||||||||||||||||||||||||||||||||||||
FOR THE PERIOD ENDED MARCH 31, 2020 AND 2021
|
||||||||||||||||||||||||||||||||||||||||
(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, 2020
|
871,918
|
871,918
|
132,011
|
29,974
|
1,132,179
|
(177,506
|
)
|
(510,766
|
)
|
1,477,810
|
398,275
|
1,876,085
|
||||||||||||||||||||||||||||
(Loss) profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
(30,444
|
)
|
(30,444
|
)
|
2,083
|
(28,361
|
)
|
|||||||||||||||||||||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
10
|
-
|
10
|
1
|
11
|
||||||||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(27,386
|
)
|
-
|
(27,386
|
)
|
(7,796
|
)
|
(35,182
|
)
|
||||||||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
361
|
-
|
361
|
(5
|
)
|
356
|
|||||||||||||||||||||||||||||
Comprehensive income of the period
|
-
|
-
|
-
|
-
|
-
|
(27,015
|
)
|
(30,444
|
)
|
(57,459
|
)
|
(5,717
|
)
|
(63,176
|
)
|
|||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(42,602
|
)
|
(42,602
|
)
|
||||||||||||||||||||||||||||
- Contributions (devolution) of non-controlling shareholders, net
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(6,438
|
)
|
(6,438
|
)
|
||||||||||||||||||||||||||||
Total transactions with shareholders
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(49,040
|
)
|
(49,040
|
)
|
||||||||||||||||||||||||||||
Balances as of March 31, 2020
|
871,918
|
871,918
|
132,011
|
29,974
|
1,132,179
|
(204,521
|
)
|
(541,210
|
)
|
1,420,351
|
343,518
|
1,763,869
|
||||||||||||||||||||||||||||
Balances as of January 1, 2021
|
871,918
|
871,918
|
132,011
|
29,974
|
1,131,574
|
(169,234
|
)
|
(728,637
|
)
|
1,267,606
|
327,690
|
1,595,296
|
||||||||||||||||||||||||||||
(Loss) profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
(34,697
|
)
|
(34,697
|
)
|
7,314
|
(27,383
|
)
|
|||||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(4,322
|
)
|
-
|
(4,322
|
)
|
(1,134
|
)
|
(5,456
|
)
|
||||||||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
(29
|
)
|
-
|
(29
|
)
|
-
|
(29
|
)
|
|||||||||||||||||||||||||||
Comprehensive income of the period
|
-
|
-
|
-
|
-
|
-
|
(4,351
|
)
|
(34,697
|
)
|
(39,048
|
)
|
6,180
|
(32,868
|
)
|
||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,249
|
)
|
(4,249
|
)
|
||||||||||||||||||||||||||||
- Contributions (devolution) of non-controlling shareholders, net
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(10,761
|
)
|
(10,761
|
)
|
||||||||||||||||||||||||||||
Total transactions with shareholders
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(15,010
|
)
|
(15,010
|
)
|
||||||||||||||||||||||||||||
Balances as of March 31, 2021
|
871,918
|
871,918
|
132,011
|
29,974
|
1,131,574
|
(173,585
|
)
|
(763,334
|
)
|
1,228,558
|
318,860
|
1,547,418
|
||||||||||||||||||||||||||||
The accompanying notes on pages 6 to 35 are an integral part of the consolidated financial statements.
|
AENZA S.A.A. AND SUBSIDIARIES
|
||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS
|
||||||||||||
(All amounts are expressed in thousands of S/ unless otherwise stated)
|
||||||||||||
For the period
|
||||||||||||
ended March 31,
|
||||||||||||
Note
|
2020
|
2021
|
||||||||||
OPERATING ACTIVITIES
|
||||||||||||
Loss before income tax
|
(27,484
|
)
|
(16,881
|
)
|
||||||||
Adjustments to profit not affecting cash flows from
|
||||||||||||
operating activities:
|
||||||||||||
Depreciation
|
21
|
25,498
|
25,319
|
|||||||||
Amortization
|
21
|
23,950
|
24,494
|
|||||||||
Impairment of inventories
|
-
|
190
|
||||||||||
Impairment of accounts receivable and other accounts receivable
|
210
|
255
|
||||||||||
Reversal of impairment of inventories
|
(644
|
)
|
(40
|
)
|
||||||||
Debt condonation
|
(183
|
)
|
-
|
|||||||||
Reversal of property, plant and equipment
|
(102
|
)
|
(1,023
|
)
|
||||||||
Reversal of impairment of intangible assets
|
-
|
(350
|
)
|
|||||||||
Change in the fair value of the liability for put option
|
309
|
-
|
||||||||||
Other provisions
|
8,623
|
4,350
|
||||||||||
Financial expense,net
|
57,924
|
68,643
|
||||||||||
Share of the profit and loss of associates and joint ventures accounted for using the equity method
|
13
|
(1,164
|
)
|
(1,006
|
)
|
|||||||
Reversal of provisions
|
(3,713
|
)
|
(1,593
|
)
|
||||||||
Disposal (reversal) of assets
|
(2,323
|
)
|
(138
|
)
|
||||||||
Loss (Profit) on sale of property, plant and equipment
|
1,682
|
(10
|
)
|
|||||||||
Loss (Profit) on remeasurement of accounts receivable
|
(2,474
|
)
|
22,054
|
|||||||||
Net variations in assets and liabilities:
|
||||||||||||
Trade accounts receivable and working in progress
|
76,852
|
(106,203
|
)
|
|||||||||
Other accounts receivable
|
49,999
|
(4,325
|
)
|
|||||||||
Other accounts receivable from related parties
|
(27,260
|
)
|
3,288
|
|||||||||
Inventories
|
(32,639
|
)
|
(9,657
|
)
|
||||||||
Pre-paid expenses and other assets
|
(11,830
|
)
|
109
|
|||||||||
Trade accounts payable
|
(7,887
|
)
|
11,145
|
|||||||||
Other accounts payable
|
146,012
|
31,140
|
||||||||||
Other accounts payable to related parties
|
(32,441
|
)
|
(24,080
|
)
|
||||||||
Other provisions
|
(1,212
|
)
|
(940
|
)
|
||||||||
Interest payment
|
(34,288
|
)
|
(35,633
|
)
|
||||||||
Payments for purchases of intangibles - Concessions
|
(655
|
)
|
(673
|
)
|
||||||||
Payment of income tax
|
(17,302
|
)
|
(15,443
|
)
|
||||||||
Net cash provided by (applied to) operating activities
|
187,458
|
(27,008
|
)
|
|||||||||
INVESTING ACTIVITIES
|
||||||||||||
Sale of property, plant and equipment
|
3,523
|
3,462
|
||||||||||
Interest received
|
1,390
|
656
|
||||||||||
Payment for purchase of investments properties
|
(20
|
)
|
(75
|
)
|
||||||||
Payments for intangible purchase
|
(26,882
|
)
|
(2,954
|
)
|
||||||||
Payments for property, plant and equipment purchase
|
(12,482
|
)
|
(4,987
|
)
|
||||||||
Net cash applied to investing activities
|
(34,471
|
)
|
(3,898
|
)
|
||||||||
FINANCING ACTIVITIES
|
||||||||||||
Loans received
|
43,271
|
21,380
|
||||||||||
Amortization of loans received
|
(109,116
|
)
|
(69,581
|
)
|
||||||||
Amortization of bonds issued
|
(8,257
|
)
|
(12,712
|
)
|
||||||||
Payment for transaction costs for debt
|
20
|
-
|
||||||||||
Dividends paid to non-controlling interest
|
(42,602
|
)
|
(4,249
|
)
|
||||||||
Cash received (return of contributions) from non-controlling shareholders
|
(6,438
|
)
|
(10,761
|
)
|
||||||||
Net cash applied to financing activities
|
(123,122
|
)
|
(75,923
|
)
|
||||||||
Net increase (net decrease) in cash
|
29,865
|
(106,829
|
)
|
|||||||||
Exchange difference
|
(5,888
|
)
|
5,816
|
|||||||||
Cash and cash equivalents at the beginning of the period
|
950,701
|
900,168
|
||||||||||
Cash and cash equivalents at the end of the period
|
8
|
974,678
|
799,155
|
|||||||||
NON-CASH TRANSACTIONS:
|
||||||||||||
Capitalization of interests
|
1,623
|
1,120
|
||||||||||
Acquisition of assets through finance leases
|
-
|
24
|
||||||||||
Acquisition of subsidiary debt
|
17,440
|
-
|
||||||||||
Acquisition of right-of-use assets
|
1,600
|
42
|
||||||||||
The accompanying notes on pages 6 to 35 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
|
•
|
On January 9, 2017, the Board of Directors approved the opening of an independent investigation related to six projects developed in association with companies of the Odebrecht Group.
|
•
|
On March 2, 2017, a new Chief Executive Officer was appointed and on March 31, 2017, the shareholders appointed a new Board of Directors with an independent majority, all non-executive directors, introducing
fundamental changes in the corporate governance and culture of the Corporation.
|
•
|
On March 30, 2017, the Board of Directors created the Risk and Compliance Committee, who was in charge of the oversight of the investigation independently from Management. The investigation was conducted by
an external law firm, with the assistance of forensic accountants, who reported exclusively to the Risk and Compliance Committee.
|
•
|
The external investigation concluded on November 2, 2017 and identified no evidence to conclude that any company personnel engaged in bribery in connection with any of our company’s public projects in Peru
with Odebrecht or its subsidiaries, or that any company personnel was aware of, or knowingly participated in, any corrupt payments made in relation to such projects.
|
•
|
As new information emerged, the Company's Board of Directors continued to investigate the facts that were the subject of the criminal investigations, including matters relating to the “Construction Club”,
which scope was outside of the prior investigation. After an extensive and detailed review process, it was decided to share all the findings with the Peruvian authorities within the framework of a plea bargain process, in line with the
Company’s commitment to transparency and integrity.
|
•
|
Subsequently, in August 2019, Jose Graña Miro Quesada, a shareholder and former chairman of our Company’s Board of Directors, publicly announced that he and Hernando Graña Acuña, a shareholder and former
member of the Company’s Board of Director’s, had initiated a process of plea bargaining to cooperate with Peruvian prosecutors in relation to the investigations of “Lava Jato” case and others in progress. Due to the reserved nature of the
plea bargain process, it is impossible for us to know or verify the statements made by the aforementioned persons within the scope of those processes. Any admission or other evidence provided that corroborate wrongdoing could be
inconsistent with the investigations carried out and could have a significant impact on the conclusions.
|
•
|
As a result of its contribution to the investigations, on December 27, 2019, the Company signed a preliminary agreement whereby the Anti-Corruption Prosecutor Office and the Ad Hoc Prosecutor's Office promise
to execute a final plea bargain agreement with the Company that would provide the Company with certainty regarding the contingencies it faces as a result of the above-mentioned processes. Additionally, in the aforementioned preliminary
agreement, the Anti-Corruption Prosecutor Office and the Ad Hoc Attorney General's Office authorize the Company to disclose the existence of the agreement but to maintain its content confidential.
|
•
|
The outbreak of the Covid-19 pandemic in Peru suspended the negotiations of the plea bargain agreement in March 2020 and such negotiations discussions resumed in July 2020. The Company has made substantial
progress in the negotiations and expects to execute an agreements soon which will then be submitted to judicial approval.
|
•
|
At the same time, since the beginning of year 2017, the new administration together with the new Board of Directors began a transformation process based on the principles of Truth, Transparency and Integrity,
making profound changes in the organization supported by a Board of Directors with an independent majority, as well as the creation of new governance practices, such as the Corporate Risk Management and autonomous Compliance function, with
direct report to the Board of Directors, among other actions.
|
•
|
IIRSA Sur
|
•
|
Electric Train Construction Project
|
•
|
Gasoducto Sur Peruano (GSP)
|
•
|
IIRSA Norte
|
-
|
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.
|
d)
|
Impact of the COVID-19 Pandemic
|
2. |
BASIS OF PREPARATION
|
3.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3.1
|
Account balance restated as of December 31, 2020
|
As of
|
As of
|
|||||||||||
December 31,
|
December 31,
|
|||||||||||
2020
|
Adjustment
|
2020
|
||||||||||
ASSETS
|
Audited
|
As restated
|
||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
900,168
|
-
|
900,168
|
|||||||||
Trade accounts receivables, net
|
703,167
|
-
|
703,167
|
|||||||||
Work in progress, net
|
186,433
|
-
|
186,433
|
|||||||||
Accounts receivable from related parties
|
27,338
|
-
|
27,338
|
|||||||||
Other accounts receivable
|
477,165
|
(43,634
|
)
|
433,531
|
||||||||
Inventories, net
|
552,000
|
-
|
552,000
|
|||||||||
Prepaid expenses
|
22,972
|
-
|
22,972
|
|||||||||
Total current assets
|
2,869,243
|
(43,634
|
)
|
2,825,609
|
||||||||
Non-current assets
|
||||||||||||
Trade accounts receivable, net
|
730,666
|
-
|
730,666
|
|||||||||
Accounts receivable from related parties
|
620,071
|
-
|
620,071
|
|||||||||
Prepaid expenses
|
22,264
|
-
|
22,264
|
|||||||||
Other accounts receivable
|
328,223
|
-
|
328,223
|
|||||||||
Investments in associates and joint ventures
|
35,516
|
-
|
35,516
|
|||||||||
Investment property
|
26,073
|
-
|
26,073
|
|||||||||
Property, plant and equipment, net
|
405,469
|
-
|
405,469
|
|||||||||
Intangible assets, net
|
791,990
|
-
|
791,990
|
|||||||||
Right-of-use assets, net
|
64,518
|
-
|
64,518
|
|||||||||
Deferred income tax asset
|
262,623
|
(458
|
)
|
262,165
|
||||||||
Total non-current assets
|
3,287,413
|
(458
|
)
|
3,286,955
|
||||||||
Total assets
|
6,156,656
|
(44,092
|
)
|
6,112,564
|
As of
|
As of
|
|||||||||||
December 31,
|
December 31,
|
|||||||||||
2020
|
Adjustment
|
2020
|
||||||||||
Audited
|
As restated
|
|||||||||||
LIABILITIES AND EQUITY
|
||||||||||||
Current liabilities
|
||||||||||||
Borrowings
|
452,884
|
-
|
452,884
|
|||||||||
Bonds
|
58,446
|
-
|
58,446
|
|||||||||
Trade accounts payable
|
1,097,167
|
-
|
1,097,167
|
|||||||||
Accounts payable to related parties
|
43,818
|
-
|
43,818
|
|||||||||
Current income tax
|
34,494
|
-
|
34,494
|
|||||||||
Other accounts payable
|
718,406
|
-
|
718,406
|
|||||||||
Provisions
|
141,744
|
(48,987
|
)
|
92,757
|
||||||||
Total current liabilities
|
2,546,959
|
(48,987
|
)
|
2,497,972
|
||||||||
Non-current liabilities
|
||||||||||||
Borrowings
|
445,436
|
-
|
445,436
|
|||||||||
Bonds
|
874,313
|
-
|
874,313
|
|||||||||
Trade accounts payable
|
40,502
|
-
|
40,502
|
|||||||||
Other accounts payable
|
183,230
|
2
|
183,232
|
|||||||||
Accounts payable to related parties
|
36,297
|
-
|
36,297
|
|||||||||
Provisions
|
237,836
|
98,773
|
336,609
|
|||||||||
Deferred income tax liability
|
102,907
|
-
|
102,907
|
|||||||||
Total non-current liabilities
|
1,920,521
|
98,775
|
2,019,296
|
|||||||||
Total liabilities
|
4,467,480
|
49,788
|
4,517,268
|
|||||||||
Equity
|
||||||||||||
Capital
|
871,918
|
-
|
871,918
|
|||||||||
Legal reserve
|
132,011
|
-
|
132,011
|
|||||||||
Voluntary reserve
|
29,974
|
-
|
29,974
|
|||||||||
Share Premium
|
1,131,574
|
-
|
1,131,574
|
|||||||||
Other reserves
|
(169,234
|
)
|
-
|
(169,234
|
)
|
|||||||
Retained earnings
|
(635,101
|
)
|
(93,536
|
)
|
(728,637
|
)
|
||||||
Equity attributable to controlling interest in the Company
|
1,361,142
|
(93,536
|
)
|
1,267,606
|
||||||||
Non-controlling interest
|
328,034
|
(344
|
)
|
327,690
|
||||||||
Total equity
|
1,689,176
|
(93,880
|
)
|
1,595,296
|
||||||||
Total liabilities and equity
|
6,156,656
|
(44,092
|
)
|
6,112,564
|
For the year ended
|
||||||||||||
December 31, 2020
|
||||||||||||
Audited
|
Adjustment
|
As restated
|
||||||||||
Revenues from construction activities
|
1,815,671
|
-
|
1,815,671
|
|||||||||
Revenues from services provided
|
1,055,423
|
-
|
1,055,423
|
|||||||||
Revenue from real estate and sale of goods
|
442,935
|
-
|
442,935
|
|||||||||
3,314,029
|
-
|
3,314,029
|
||||||||||
Cost of construction activities
|
(1,716,309
|
)
|
-
|
(1,716,309
|
)
|
|||||||
Cost of services provided
|
(929,206
|
)
|
-
|
(929,206
|
)
|
|||||||
Cost of real estate and sale of goods
|
(347,906
|
)
|
-
|
(347,906
|
)
|
|||||||
(2,993,421
|
)
|
-
|
(2,993,421
|
)
|
||||||||
Gross profit
|
320,608
|
-
|
320,608
|
|||||||||
Administrative expenses
|
(152,909
|
)
|
-
|
(152,909
|
)
|
|||||||
Other income and expenses
|
(87,232
|
)
|
(95,614
|
)
|
(182,846
|
)
|
||||||
Operating profit (loss)
|
80,467
|
(95,614
|
)
|
(15,147
|
)
|
|||||||
Financial expenses
|
(156,943
|
)
|
-
|
(156,943
|
)
|
|||||||
Financial income
|
37,231
|
2,189
|
39,420
|
|||||||||
Share of the profit or loss of associates and joint ventures accounted for using the equity method
|
770
|
-
|
770
|
|||||||||
Loss before income tax
|
(38,475
|
)
|
(93,425
|
)
|
(131,900
|
)
|
||||||
Income tax expense
|
(57,989
|
)
|
(455
|
)
|
(58,444
|
)
|
||||||
Loss from continuing operations
|
(96,464
|
)
|
(93,880
|
)
|
(190,344
|
)
|
||||||
(Loss) profit attributable to:
|
||||||||||||
Owners of the Company
|
(124,335
|
)
|
(93,536
|
)
|
(217,871
|
)
|
||||||
Non-controlling interest
|
27,871
|
(344
|
)
|
27,527
|
||||||||
(96,464
|
)
|
(93,880
|
)
|
(190,344
|
)
|
|||||||
Loss per share attributable to owners of the
|
||||||||||||
Company during the year
|
(0.143
|
)
|
(0.107
|
)
|
(0.250
|
)
|
3.2
|
Account balance reclassified as of March 31, 2020
|
For the period ended
|
||||||||||||
March 31, 2020
|
||||||||||||
Reported
|
Adexus
|
As restated
|
||||||||||
Revenues from construction activities
|
552,642
|
-
|
552,642
|
|||||||||
Revenues from services provided
|
240,487
|
31,095
|
271,582
|
|||||||||
Revenue from real estate and sale of goods
|
89,621
|
11,410
|
101,031
|
|||||||||
882,750
|
42,505
|
925,255
|
||||||||||
Cost of construction activities
|
(547,275
|
)
|
-
|
(547,275
|
)
|
|||||||
Cost of services provided
|
(195,869
|
)
|
(30,231
|
)
|
(226,100
|
)
|
||||||
Cost of real estate and sale of goods
|
(70,778
|
)
|
(9,193
|
)
|
(79,971
|
)
|
||||||
(813,922
|
)
|
(39,424
|
)
|
(853,346
|
)
|
|||||||
Gross profit
|
68,828
|
3,081
|
71,909
|
|||||||||
Administrative expenses
|
(39,413
|
)
|
(5,010
|
)
|
(44,423
|
)
|
||||||
Other income and expenses
|
(8,044
|
)
|
-
|
(8,044
|
)
|
|||||||
Operating loss
|
21,371
|
(1,929
|
)
|
19,442
|
||||||||
Financial expenses
|
(48,565
|
)
|
(2,991
|
)
|
(51,556
|
)
|
||||||
Financial income
|
3,438
|
28
|
3,466
|
|||||||||
Share of the profit or loss of associates and joint ventures accounted for using the equity method
|
1,164
|
-
|
1,164
|
|||||||||
Loss before income tax
|
(22,592
|
)
|
(4,892
|
)
|
(27,484
|
)
|
||||||
Income tax expense
|
(2,290
|
)
|
1,413
|
(877
|
)
|
|||||||
Loss from continuing operations
|
(24,882
|
)
|
(3,479
|
)
|
(28,361
|
)
|
||||||
(Loss) profit from discontinued operations
|
(3,479
|
)
|
3,479
|
-
|
||||||||
Loss for the year
|
(28,361
|
)
|
-
|
(28,361
|
)
|
|||||||
(Loss) profit attributable to:
|
||||||||||||
Owners of the Company
|
(30,444
|
)
|
-
|
(30,444
|
)
|
|||||||
Non-controlling interest
|
2,083
|
-
|
2,083
|
|||||||||
(28,361
|
)
|
-
|
(28,361
|
)
|
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
|
Less than
|
1-2
|
2-5
|
More than
|
|||||||||||||||||
As of December 31, 2020
|
1 year
|
years
|
years
|
5 years
|
Total
|
|||||||||||||||
Other financial liabilities (except
|
||||||||||||||||||||
for finance leases and lease
|
||||||||||||||||||||
liability for right-of-use asset)
|
433,318
|
183,796
|
197,785
|
23,953
|
838,852
|
|||||||||||||||
Finance leases
|
16,287
|
14,919
|
20,851
|
8,515
|
60,572
|
|||||||||||||||
Lease liability for right-of-use asset
|
24,714
|
32,006
|
19,847
|
11,131
|
87,698
|
|||||||||||||||
Bonds
|
137,090
|
168,673
|
385,919
|
971,543
|
1,663,225
|
|||||||||||||||
Trade accounts payables (except
|
||||||||||||||||||||
non-financial liabilities)
|
1,001,470
|
40,502
|
-
|
-
|
1,041,972
|
|||||||||||||||
Accounts payables to related parties
|
43,818
|
35,461
|
-
|
836
|
80,115
|
|||||||||||||||
Other accounts payables (except
|
||||||||||||||||||||
non-financial liabilities)
|
288,037
|
2,185
|
115,321
|
-
|
405,543
|
|||||||||||||||
1,944,734
|
477,542
|
739,723
|
1,015,978
|
4,177,977
|
||||||||||||||||
Less than
|
1-2
|
2-5
|
More than
|
|||||||||||||||||
As of March 31, 2021
|
1 year
|
years
|
years
|
5 years
|
Total
|
|||||||||||||||
Other financial liabilities (except
|
||||||||||||||||||||
for finance leases and lease
|
||||||||||||||||||||
liability for right-of-use asset)
|
466,854
|
53,344
|
245,980
|
47,784
|
813,962
|
|||||||||||||||
Finance leases
|
11,624
|
10,357
|
29,449
|
10,953
|
62,383
|
|||||||||||||||
Lease liability for right-of-use asset
|
22,883
|
24,599
|
22,082
|
12,791
|
82,355
|
|||||||||||||||
Bonds
|
129,034
|
170,870
|
384,867
|
944,851
|
1,629,622
|
|||||||||||||||
Trade accounts payables (except
|
||||||||||||||||||||
non-financial liabilities)
|
1,080,285
|
6,943
|
19,927
|
16,500
|
1,123,655
|
|||||||||||||||
Accounts payables to related parties
|
42,341
|
36,145
|
-
|
836
|
79,322
|
|||||||||||||||
Other accounts payables (except
|
||||||||||||||||||||
non-financial liabilities)
|
280,210
|
2,107
|
122,231
|
-
|
404,548
|
|||||||||||||||
2,033,231
|
304,365
|
824,536
|
1,033,715
|
4,195,847
|
4.2
|
Capital management risk
|
At
|
At
|
|||||||
December 31,
|
March 31,
|
|||||||
2020
|
2021
|
|||||||
Total financial liabilities and bonds (Note 15 and Note 16)
|
1,831,079
|
1,796,752
|
||||||
Less: Cash and cash equivalents (Note 8)
|
(900,168
|
)
|
(799,155
|
)
|
||||
Net debt
|
930,911
|
997,597
|
||||||
Total equity
|
1,595,296
|
1,547,418
|
||||||
Total capital
|
2,526,207
|
2,545,015
|
||||||
Gearing ratio
|
0.37
|
0.39
|
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 Corporation).
|
Level 3
|
||||
As of December 31, 2020
|
||||
Financial liabilities
|
||||
Other financial entities (Note 15-b)
|
152,523
|
|||
As of March 31, 2021
|
||||
Financial liabilities
|
||||
Other financial entities (Note 15-b)
|
155,536
|
Operating segments financial position
|
||||||||||||||||||||||||||||||||||||
Segment reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
Parent | ||||||||||||||||||||||||||||||||||||
As of December 31, 2020
|
Engineering and construction
|
Energy
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
Company operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||
Cash and cash equivalent
|
382,850
|
60,165
|
117,893
|
207,975
|
7,408
|
73,531
|
50,346
|
-
|
900,168
|
|||||||||||||||||||||||||||
Trade accounts receivables, net
|
425,939
|
37,614
|
25,014
|
111,602
|
565
|
38,043
|
64,390
|
-
|
703,167
|
|||||||||||||||||||||||||||
Work in progress, net
|
186,433
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
186,433
|
|||||||||||||||||||||||||||
Accounts receivable from related parties
|
107,495
|
35
|
31,868
|
2,624
|
30
|
1,342
|
102,103
|
(218,159
|
)
|
27,338
|
||||||||||||||||||||||||||
Other accounts receivable
|
323,084
|
27,900
|
23,631
|
13,220
|
197
|
10,446
|
35,051
|
2
|
433,531
|
|||||||||||||||||||||||||||
Inventories, net
|
58,653
|
36,016
|
8,496
|
31,861
|
-
|
418,341
|
360
|
(1,727
|
)
|
552,000
|
||||||||||||||||||||||||||
Prepaid expenses
|
7,798
|
1,964
|
6,485
|
328
|
116
|
-
|
6,281
|
-
|
22,972
|
|||||||||||||||||||||||||||
Total current assets
|
1,492,252
|
163,694
|
213,387
|
367,610
|
8,316
|
541,703
|
258,531
|
(219,884
|
)
|
2,825,609
|
||||||||||||||||||||||||||
Long-term trade accounts receivable, net
|
53,036
|
-
|
15,740
|
632,214
|
-
|
2,181
|
27,495
|
-
|
730,666
|
|||||||||||||||||||||||||||
Long-term accounts receivable from related parties
|
315,393
|
-
|
14,508
|
-
|
11,103
|
-
|
611,498
|
(332,431
|
)
|
620,071
|
||||||||||||||||||||||||||
Prepaid expenses
|
-
|
981
|
19,009
|
2,048
|
736
|
-
|
-
|
(510
|
)
|
22,264
|
||||||||||||||||||||||||||
Other long-term accounts receivable
|
134,719
|
70,694
|
531
|
-
|
7,346
|
54,237
|
60,696
|
-
|
328,223
|
|||||||||||||||||||||||||||
Investments in associates and joint ventures
|
109,870
|
8,080
|
-
|
-
|
-
|
6,095
|
1,322,865
|
(1,411,394
|
)
|
35,516
|
||||||||||||||||||||||||||
Investment property
|
1,467
|
-
|
-
|
-
|
-
|
24,606
|
44,521
|
(44,521
|
)
|
26,073
|
||||||||||||||||||||||||||
Property, plant and equipment, net
|
169,091
|
166,382
|
9,186
|
794
|
146
|
9,592
|
16,718
|
33,560
|
405,469
|
|||||||||||||||||||||||||||
Intangible assets, net
|
143,575
|
250,327
|
371,437
|
681
|
-
|
872
|
19,017
|
6,081
|
791,990
|
|||||||||||||||||||||||||||
Right-of-use assets, net
|
8,179
|
9,872
|
4,626
|
99
|
-
|
3,936
|
51,401
|
(13,595
|
)
|
64,518
|
||||||||||||||||||||||||||
Deferred income tax asset
|
174,269
|
4,717
|
5,037
|
-
|
779
|
18,704
|
53,536
|
5,123
|
262,165
|
|||||||||||||||||||||||||||
Total non-current assets
|
1,109,599
|
511,053
|
440,074
|
635,836
|
20,110
|
120,223
|
2,207,747
|
(1,757,687
|
)
|
3,286,955
|
||||||||||||||||||||||||||
Total assets
|
2,601,851
|
674,747
|
653,461
|
1,003,446
|
28,426
|
661,926
|
2,466,278
|
(1,977,571
|
)
|
6,112,564
|
||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||
Borrowings
|
230,682
|
32,550
|
2,405
|
42
|
-
|
95,709
|
102,469
|
(10,973
|
)
|
452,884
|
||||||||||||||||||||||||||
Bonds
|
4,546
|
-
|
32,819
|
21,081
|
-
|
-
|
-
|
-
|
58,446
|
|||||||||||||||||||||||||||
Trade accounts payable
|
861,833
|
51,225
|
51,221
|
32,637
|
61
|
42,565
|
57,625
|
-
|
1,097,167
|
|||||||||||||||||||||||||||
Accounts payable to related parties
|
185,104
|
1,083
|
17,738
|
21,531
|
-
|
19,074
|
15,708
|
(216,420
|
)
|
43,818
|
||||||||||||||||||||||||||
Current income tax
|
26,922
|
1,351
|
1,638
|
3,606
|
166
|
-
|
811
|
-
|
34,494
|
|||||||||||||||||||||||||||
Other accounts payable
|
525,195
|
12,905
|
35,997
|
6,719
|
766
|
91,976
|
40,252
|
4,596
|
718,406
|
|||||||||||||||||||||||||||
Provisions
|
8,876
|
18,943
|
1,659
|
-
|
-
|
492
|
62,787
|
-
|
92,757
|
|||||||||||||||||||||||||||
Total current liabilities
|
1,843,158
|
118,057
|
143,477
|
85,616
|
993
|
249,816
|
279,652
|
(222,797
|
)
|
2,497,972
|
||||||||||||||||||||||||||
Borrowings
|
25,273
|
103,154
|
2,291
|
59
|
-
|
11,021
|
328,753
|
(25,115
|
)
|
445,436
|
||||||||||||||||||||||||||
Long-term bonds
|
22,911
|
-
|
248,029
|
603,373
|
-
|
-
|
-
|
-
|
874,313
|
|||||||||||||||||||||||||||
Long-term trade accounts payable
|
-
|
-
|
-
|
-
|
-
|
-
|
40,502
|
-
|
40,502
|
|||||||||||||||||||||||||||
Other long-term accounts payable
|
140,605
|
-
|
11,623
|
231
|
2,762
|
23,357
|
4,654
|
-
|
183,232
|
|||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
104,432
|
-
|
836
|
36,297
|
24,207
|
-
|
186,886
|
(316,361
|
)
|
36,297
|
||||||||||||||||||||||||||
Provisions
|
122,503
|
37,599
|
26,034
|
1,925
|
-
|
-
|
148,548
|
-
|
336,609
|
|||||||||||||||||||||||||||
Deferred income tax liability
|
25,576
|
36,793
|
1,518
|
39,020
|
-
|
-
|
-
|
-
|
102,907
|
|||||||||||||||||||||||||||
Total non-current liabilities
|
441,300
|
177,546
|
290,331
|
680,905
|
26,969
|
34,378
|
709,343
|
(341,476
|
)
|
2,019,296
|
||||||||||||||||||||||||||
Total liabilities
|
2,284,458
|
295,603
|
433,808
|
766,521
|
27,962
|
284,194
|
988,995
|
(564,273
|
)
|
4,517,268
|
||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
261,501
|
354,982
|
161,710
|
177,694
|
464
|
138,933
|
1,474,398
|
(1,302,076
|
)
|
1,267,606
|
||||||||||||||||||||||||||
Non-controlling interest
|
55,892
|
24,162
|
57,943
|
59,231
|
-
|
238,799
|
2,885
|
(111,222
|
)
|
327,690
|
||||||||||||||||||||||||||
Total liabilities and equity
|
2,601,851
|
674,747
|
653,461
|
1,003,446
|
28,426
|
661,926
|
2,466,278
|
(1,977,571
|
)
|
6,112,564
|
Operating segments financial position
|
||||||||||||||||||||||||||||||||||||
Segment reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
Parent | ||||||||||||||||||||||||||||||||||||
As of March 31, 2021
|
Engineering and construction
|
Energy
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
Company operations
|
Eliminations
|
Consolidated
|
|||||||||||||||||||||||||||
Assets.-
|
||||||||||||||||||||||||||||||||||||
Cash and cash equivalent
|
281,776
|
59,201
|
114,097
|
203,694
|
6,573
|
87,281
|
46,533
|
-
|
799,155
|
|||||||||||||||||||||||||||
Trade accounts receivables, net
|
514,931
|
48,701
|
28,940
|
106,019
|
1,743
|
11,925
|
56,590
|
-
|
768,849
|
|||||||||||||||||||||||||||
Work in progress, net
|
230,545
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
230,545
|
|||||||||||||||||||||||||||
Accounts receivable from related parties
|
93,600
|
36
|
37,177
|
3,297
|
30
|
2,139
|
93,914
|
(206,638
|
)
|
23,555
|
||||||||||||||||||||||||||
Other accounts receivable
|
323,218
|
27,840
|
32,315
|
10,570
|
264
|
9,697
|
34,996
|
2
|
438,902
|
|||||||||||||||||||||||||||
Inventories, net
|
59,069
|
35,446
|
8,450
|
32,587
|
13
|
427,431
|
1,234
|
(1,804
|
)
|
562,426
|
||||||||||||||||||||||||||
Prepaid expenses
|
8,025
|
1,517
|
5,443
|
929
|
68
|
-
|
6,898
|
-
|
22,880
|
|||||||||||||||||||||||||||
Total current assets
|
1,511,164
|
172,741
|
226,422
|
357,096
|
8,691
|
538,473
|
240,165
|
(208,440
|
)
|
2,846,312
|
||||||||||||||||||||||||||
Long-term trade accounts receivable, net
|
52,247
|
-
|
15,782
|
633,447
|
-
|
-
|
27,030
|
-
|
728,506
|
|||||||||||||||||||||||||||
Long-term accounts receivable from related parties
|
325,289
|
-
|
14,647
|
-
|
11,211
|
-
|
621,563
|
(351,378
|
)
|
621,332
|
||||||||||||||||||||||||||
Prepaid expenses
|
-
|
981
|
19,044
|
2,009
|
723
|
-
|
-
|
(510
|
)
|
22,247
|
||||||||||||||||||||||||||
Other long-term accounts receivable
|
141,427
|
75,784
|
-
|
-
|
7,346
|
57,224
|
40,977
|
-
|
322,758
|
|||||||||||||||||||||||||||
Investments in associates and joint ventures
|
109,233
|
8,737
|
-
|
-
|
-
|
6,095
|
1,302,917
|
(1,390,444
|
)
|
36,538
|
||||||||||||||||||||||||||
Investment property
|
1,386
|
-
|
-
|
-
|
-
|
24,089
|
44,030
|
(44,030
|
)
|
25,475
|
||||||||||||||||||||||||||
Property, plant and equipment, net
|
162,981
|
159,799
|
8,553
|
745
|
140
|
8,827
|
15,589
|
33,069
|
389,703
|
|||||||||||||||||||||||||||
Intangible assets, net
|
142,697
|
243,017
|
358,980
|
653
|
-
|
829
|
18,630
|
5,818
|
770,624
|
|||||||||||||||||||||||||||
Right-of-use assets, net
|
6,958
|
8,086
|
4,834
|
90
|
30
|
3,517
|
49,315
|
(14,153
|
)
|
58,677
|
||||||||||||||||||||||||||
Deferred income tax asset
|
175,220
|
4,744
|
4,717
|
-
|
782
|
19,237
|
63,813
|
5,162
|
273,675
|
|||||||||||||||||||||||||||
Total non-current assets
|
1,117,438
|
501,148
|
426,557
|
636,944
|
20,232
|
119,818
|
2,183,864
|
(1,756,466
|
)
|
3,249,535
|
||||||||||||||||||||||||||
Total assets
|
2,628,602
|
673,889
|
652,979
|
994,040
|
28,923
|
658,291
|
2,424,029
|
(1,964,906
|
)
|
6,095,847
|
||||||||||||||||||||||||||
Liabilities.-
|
||||||||||||||||||||||||||||||||||||
Borrowings
|
232,437
|
27,529
|
2,763
|
46
|
18
|
90,724
|
134,387
|
(11,879
|
)
|
476,025
|
||||||||||||||||||||||||||
Bonds
|
4,097
|
-
|
33,001
|
21,775
|
-
|
-
|
-
|
-
|
58,873
|
|||||||||||||||||||||||||||
Trade accounts payable
|
909,597
|
36,007
|
42,727
|
24,390
|
219
|
36,747
|
59,658
|
-
|
1,109,345
|
|||||||||||||||||||||||||||
Accounts payable to related parties
|
168,407
|
671
|
30,477
|
23,890
|
61
|
20,057
|
15,426
|
(216,648
|
)
|
42,341
|
||||||||||||||||||||||||||
Current income tax
|
29,671
|
682
|
356
|
972
|
58
|
-
|
431
|
-
|
32,170
|
|||||||||||||||||||||||||||
Other accounts payable
|
547,861
|
17,528
|
39,462
|
7,248
|
898
|
112,386
|
42,920
|
4,593
|
772,896
|
|||||||||||||||||||||||||||
Provisions
|
12,292
|
19,509
|
1,559
|
-
|
-
|
503
|
65,454
|
-
|
99,317
|
|||||||||||||||||||||||||||
Total current liabilities
|
1,904,362
|
101,926
|
150,345
|
78,321
|
1,254
|
260,417
|
318,276
|
(223,934
|
)
|
2,590,967
|
||||||||||||||||||||||||||
Borrowings
|
22,059
|
103,111
|
2,188
|
46
|
13
|
7,854
|
286,370
|
(25,436
|
)
|
396,205
|
||||||||||||||||||||||||||
Long-term bonds
|
21,930
|
-
|
240,820
|
602,899
|
-
|
-
|
-
|
-
|
865,649
|
|||||||||||||||||||||||||||
Long-term trade accounts payable
|
-
|
-
|
-
|
-
|
-
|
-
|
39,624
|
-
|
39,624
|
|||||||||||||||||||||||||||
Other long-term accounts payable
|
131,109
|
-
|
10,977
|
199
|
2,892
|
24,544
|
4,604
|
-
|
174,325
|
|||||||||||||||||||||||||||
Long-term accounts payable to related parties
|
108,365
|
-
|
836
|
36,982
|
24,671
|
-
|
189,871
|
(323,744
|
)
|
36,981
|
||||||||||||||||||||||||||
Provisions
|
123,978
|
37,981
|
26,138
|
2,557
|
-
|
-
|
149,736
|
-
|
340,390
|
|||||||||||||||||||||||||||
Deferred income tax liability
|
24,381
|
39,731
|
279
|
39,897
|
-
|
-
|
-
|
-
|
104,288
|
|||||||||||||||||||||||||||
Total non-current liabilities
|
431,822
|
180,823
|
281,238
|
682,580
|
27,576
|
32,398
|
670,205
|
(349,180
|
)
|
1,957,462
|
||||||||||||||||||||||||||
Total liabilities
|
2,336,184
|
282,749
|
431,583
|
760,901
|
28,830
|
292,815
|
988,481
|
(573,114
|
)
|
4,548,429
|
||||||||||||||||||||||||||
Equity attributable to controlling interest in the Company
|
237,868
|
365,593
|
162,049
|
174,854
|
93
|
137,333
|
1,432,678
|
(1,281,910
|
)
|
1,228,558
|
||||||||||||||||||||||||||
Non-controlling interest
|
54,550
|
25,547
|
59,347
|
58,285
|
-
|
228,143
|
2,870
|
(109,882
|
)
|
318,860
|
||||||||||||||||||||||||||
Total liabilities and equity
|
2,628,602
|
673,889
|
652,979
|
994,040
|
28,923
|
658,291
|
2,424,029
|
(1,964,906
|
)
|
6,095,847
|
Operating segment performance
|
||||||||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
Parent | ||||||||||||||||||||||||||||||||||||
For the period ended March 31, 2020
|
Engineering and construction
|
Energy
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
Company operations
|
Elimination
|
Consolidated
|
|||||||||||||||||||||||||||
Revenue
|
661,706
|
106,024
|
113,773
|
88,473
|
916
|
25,827
|
62,925
|
(134,389
|
)
|
925,255
|
||||||||||||||||||||||||||
Gross profit (loss)
|
16,304
|
17,487
|
16,112
|
31,263
|
263
|
4,070
|
791
|
(14,381
|
)
|
71,909
|
||||||||||||||||||||||||||
Administrative expenses
|
(28,801
|
)
|
(5,001
|
)
|
(4,282
|
)
|
(3,713
|
)
|
(107
|
)
|
(7,831
|
)
|
(10,059
|
)
|
15,371
|
(44,423
|
)
|
|||||||||||||||||||
Other income and expenses, net
|
(3,600
|
)
|
(6,260
|
)
|
22
|
328
|
-
|
40
|
1,413
|
13
|
(8,044
|
)
|
||||||||||||||||||||||||
Operating (loss) profit
|
(16,097
|
)
|
6,226
|
11,852
|
27,878
|
156
|
(3,721
|
)
|
(7,855
|
)
|
1,003
|
19,442
|
||||||||||||||||||||||||
Financial expenses
|
(22,973
|
)
|
(5,577
|
)
|
(8,951
|
)
|
(2,129
|
)
|
(2
|
)
|
(3,791
|
)
|
(14,934
|
)
|
6,801
|
(51,556
|
)
|
|||||||||||||||||||
Financial income
|
1,359
|
224
|
2,324
|
2,358
|
144
|
2,228
|
2,395
|
(7,566
|
)
|
3,466
|
||||||||||||||||||||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
2,342
|
(2,342
|
)
|
-
|
||||||||||||||||||||||||||
Share of profit or loss in associates
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
and joint ventures
|
841
|
549
|
-
|
-
|
-
|
-
|
(11,409
|
)
|
11,183
|
1,164
|
||||||||||||||||||||||||||
(Loss) profit before income tax
|
(36,870
|
)
|
1,422
|
5,225
|
28,107
|
298
|
(5,284
|
)
|
(29,461
|
)
|
9,079
|
(27,484
|
)
|
|||||||||||||||||||||||
Income tax
|
4,822
|
(448
|
)
|
(1,715
|
)
|
(8,545
|
)
|
(159
|
)
|
749
|
4,414
|
5
|
(877
|
)
|
||||||||||||||||||||||
(Loss) profit for the year
|
(32,048
|
)
|
974
|
3,510
|
19,562
|
139
|
(4,535
|
)
|
(25,047
|
)
|
9,084
|
(28,361
|
)
|
|||||||||||||||||||||||
(Loss) profit from attributable to:
|
||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(32,143
|
)
|
274
|
3,026
|
14,671
|
139
|
(394
|
)
|
(25,031
|
)
|
9,014
|
(30,444
|
)
|
|||||||||||||||||||||||
Non-controlling interest
|
95
|
700
|
484
|
4,891
|
-
|
(4,141
|
)
|
(16
|
)
|
70
|
2,083
|
|||||||||||||||||||||||||
(32,048
|
)
|
974
|
3,510
|
19,562
|
139
|
(4,535
|
)
|
(25,047
|
)
|
9,084
|
(28,361
|
)
|
||||||||||||||||||||||||
Operating segment performance
|
||||||||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
Parent | ||||||||||||||||||||||||||||||||||||
For the Period ended March 31, 2021
|
Engineering and construction
|
Energy
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
Company operations
|
Elimination
|
Consolidated
|
|||||||||||||||||||||||||||
Revenue
|
578,572
|
111,477
|
114,349
|
85,824
|
862
|
29,238
|
57,541
|
(72,069
|
)
|
905,794
|
||||||||||||||||||||||||||
Gross profit (loss)
|
45,943
|
22,433
|
13,387
|
24,821
|
277
|
3,788
|
3,836
|
(11,821
|
)
|
102,664
|
||||||||||||||||||||||||||
Administrative expenses
|
(31,563
|
)
|
(3,182
|
)
|
(4,334
|
)
|
(4,432
|
)
|
(197
|
)
|
(3,716
|
)
|
(14,130
|
)
|
12,037
|
(49,517
|
)
|
|||||||||||||||||||
Other income and expenses, net
|
(4,512
|
)
|
109
|
391
|
1,267
|
(9
|
)
|
741
|
334
|
70
|
(1,609
|
)
|
||||||||||||||||||||||||
Operating profit (loss)
|
9,868
|
19,360
|
9,444
|
21,656
|
71
|
813
|
(9,960
|
)
|
286
|
51,538
|
||||||||||||||||||||||||||
Financial expenses
|
(27,143
|
)
|
(3,392
|
)
|
(7,092
|
)
|
(2,864
|
)
|
(26
|
)
|
(3,468
|
)
|
(33,245
|
)
|
6,077
|
(71,153
|
)
|
|||||||||||||||||||
Financial income
|
484
|
313
|
1,579
|
258
|
121
|
810
|
3,778
|
(5,615
|
)
|
1,728
|
||||||||||||||||||||||||||
Share of profit or loss in associates
|
||||||||||||||||||||||||||||||||||||
and joint ventures
|
(652
|
)
|
658
|
-
|
-
|
-
|
-
|
(1,744
|
)
|
2,744
|
1,006
|
|||||||||||||||||||||||||
(Loss) profit before income tax
|
(17,443
|
)
|
16,939
|
3,931
|
19,050
|
166
|
(1,845
|
)
|
(41,171
|
)
|
3,492
|
(16,881
|
)
|
|||||||||||||||||||||||
Income tax
|
(1,811
|
)
|
(4,943
|
)
|
(2,230
|
)
|
(5,836
|
)
|
(73
|
)
|
349
|
4,039
|
3
|
(10,502
|
)
|
|||||||||||||||||||||
(Loss) profit for the year
|
(19,254
|
)
|
11,996
|
1,701
|
13,214
|
93
|
(1,496
|
)
|
(37,132
|
)
|
3,495
|
(27,383
|
)
|
|||||||||||||||||||||||
(Loss) profit from attributable to:
|
||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(19,506
|
)
|
10,611
|
340
|
9,910
|
93
|
(1,601
|
)
|
(37,115
|
)
|
2,571
|
(34,697
|
)
|
|||||||||||||||||||||||
Non-controlling interest
|
252
|
1,385
|
1,361
|
3,304
|
-
|
105
|
(15
|
)
|
922
|
7,314
|
||||||||||||||||||||||||||
(19,254
|
)
|
11,996
|
1,701
|
13,214
|
93
|
(1,496
|
)
|
(37,130
|
)
|
3,493
|
(27,383
|
)
|
This account comprises: | ||||||||
At
|
At
|
|||||||
December 31,
|
March 31,
|
|||||||
2020
|
2021
|
|||||||
Cash on hand
|
996
|
1,041
|
||||||
Remittances in-transit
)
|
2,340
|
2,666
|
||||||
Bank accounts
|
300,552
|
232,690
|
||||||
Escrow account (a)
|
471,339
|
406,481
|
||||||
Deposits in financial institutions
|
124,941
|
156,277
|
||||||
900,168
|
799,155
|
|
(a)
|
The Corporation maintains trust accounts in local and foreign banks that includes reserve funds for bond payments issued by the subsidiaries Tren Urbano de Lima S.A. and Norvial S.A. amounting to S/122 million and S/24 million, as of
March 31, 2021, respectively (S/132 million and S/21 million, as of December 31, 2020, respectively), as shown as follows:
|
At
|
At
|
|||||||
December 31,
|
March 31,
|
|||||||
2020
|
2021
|
|||||||
Reserve funds issued bonds
|
153,075
|
146,181
|
||||||
Real estate projects
|
35,273
|
35,775
|
||||||
Engineering and construction projects
|
233,955
|
165,268
|
||||||
Infrastructure projects
|
49,036
|
59,257
|
||||||
471,339
|
406,481
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||||||||||||||
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
|||||||||||||||||||
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
|||||||||||||||||||
Receivables (net) (a)
|
753,693
|
701,545
|
254,587
|
214,793
|
499,106
|
486,752
|
||||||||||||||||||
Unbilled receivables (net) - Subsidiaries (b)
|
413,364
|
523,405
|
337,244
|
445,038
|
76,120
|
78,367
|
||||||||||||||||||
Unbilled receivables (net) - Concessions (c)
|
266,776
|
272,405
|
111,336
|
109,018
|
155,440
|
163,387
|
||||||||||||||||||
1,433,833
|
1,497,355
|
703,167
|
768,849
|
730,666
|
728,506
|
|||||||||||||||||||
a) |
Receivables are presented net of impairment and present value discount for S/47.3 million and S/0.9 million, respectively (S/47.2 million and S/0.9 million as of December 31, 2020). The ageing is detailed as follows:
|
At
|
At
|
|||||||
December 31,
|
March 31,
|
|||||||
2020
|
2021
|
|||||||
Current
|
718,220
|
651,049
|
||||||
Past due up to 30 days
|
5,737
|
23,961
|
||||||
Past due from 31 days up to 90 days
|
6,801
|
3,114
|
||||||
Past due from 91 days up to 120 days
|
2,279
|
2,944
|
||||||
Past due from 121 days up to 360 days
|
4,185
|
5,728
|
||||||
Past due over 360 days
|
16,471
|
14,749
|
||||||
753,693
|
701,545
|
b) |
Unbilled receivables from subsidiaries correspond to documents related to the estimates for services rendered that were not billed, valuations in process or pending approval. The balance includes present value discount for S/11.7 million
and impairment for S/5.9 million (present value discount for S/12.5 million and impairment for S/5.9 million, as of December 31, 2020), and detailed by subsidiary:
|
At
|
At
|
|||||||
Unbilled receivables - Subsidiaries
|
December 31,
|
March 31,
|
||||||
2020
|
2021
|
|||||||
Cumbra Peru S.A.
|
315,878
|
425,718
|
||||||
Concar S.A.C.
|
6,298
|
5,736
|
||||||
Cumbra Ingenieria S.A.
|
25,823
|
32,484
|
||||||
UNNA ENERGIA S.A.
|
1,512
|
1,812
|
||||||
Adexus S.A.
|
63,853
|
57,641
|
||||||
AENZA.S.A.A.
|
-
|
14
|
||||||
413,364
|
523,405
|
c) |
Unbilled receivables from concessions correspond to future invoice according to Concession Contract terms. As of December 31, 2020, this amount is presented net of impairment of S/3.5 million and was written off as of March 31, 2021, as
detailed below:
|
At
|
At
|
|||||||
December 31,
|
March 31,
|
|||||||
2020
|
2021
|
|||||||
Tren Urbano de Lima S.A.
|
235,763
|
237,850
|
||||||
Survial S.A.
|
10,611
|
11,920
|
||||||
Norvial S.A.
|
15,436
|
17,566
|
||||||
Concesión Canchaque S.A.C.
|
4,401
|
3,922
|
||||||
Concesionaria La Chira S.A.
|
565
|
1,147
|
||||||
266,776
|
272,405
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
As of
|
As of
|
As of
|
As of
|
As of
|
As of
|
|||||||||||||||||||
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
|||||||||||||||||||
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
|||||||||||||||||||
Work in progress
|
186,433
|
230,545
|
186,433
|
230,545
|
)
|
-
|
-
|
|||||||||||||||||
186,433
|
230,545
|
186,433
|
230,545
|
-
|
-
|
2020
|
2021
|
|||||||
Revenue from sales of goods and services:
|
||||||||
- Joint operations
|
8,100
|
2,871
|
||||||
- Associates
|
911
|
229
|
||||||
9,011
|
3,100
|
As of December 31,
|
As of March 31,
|
|||||||||||||||
2020
|
2021
|
|||||||||||||||
Receivable
|
Payable
|
Receivable
|
Payable
|
|||||||||||||
Current portion:
|
||||||||||||||||
Joint operations
|
||||||||||||||||
Consorcio Rio Urubamba
|
9,357
|
-
|
9,527
|
-
|
||||||||||||
Consorcio Peruano de Conservacion
|
3,156
|
-
|
542
|
2,416
|
||||||||||||
Consorcio Italo Peruano
|
1,520
|
217
|
1,383
|
216
|
||||||||||||
Consorcio Constructor Chavimochic
|
-
|
6,208
|
-
|
6,649
|
||||||||||||
Consorcio GyM Conciviles
|
1,341
|
1,472
|
1,390
|
840
|
||||||||||||
Consorcio La Gloria
|
69
|
113
|
140
|
-
|
||||||||||||
Consorcio Ermitaño
|
890
|
474
|
953
|
489
|
||||||||||||
Terminales del Peru
|
501
|
161
|
181
|
161
|
||||||||||||
Consorcio TNT Vial y Vives - DSD Chile Ltda
|
-
|
1,015
|
-
|
1,081
|
||||||||||||
Consorcio Rio Mantaro
|
-
|
7,655
|
-
|
7,756
|
||||||||||||
Consorcio Vial Quinua
|
-
|
2,051
|
-
|
2,048
|
||||||||||||
Consorcio Huacho Pativilca
|
4
|
85
|
6
|
94
|
||||||||||||
Consorcio CDEM
|
1,111
|
-
|
440
|
-
|
||||||||||||
Consorcio GyM-Stracon
|
-
|
644
|
-
|
173
|
||||||||||||
Consorcio GyM-OSSA
|
-
|
-
|
-
|
3
|
||||||||||||
Consorcio Chicama Ascope
|
2,922
|
-
|
3,173
|
-
|
||||||||||||
Consorcio Inti Punku
|
-
|
6,556
|
-
|
-
|
||||||||||||
Consorcio Manperan
|
1,057
|
656
|
1,223
|
1,649
|
||||||||||||
Consorcio Norte Pachacutec
|
1,077
|
1,192
|
1,100
|
1,188
|
||||||||||||
Other minors
|
2,373
|
1,503
|
706
|
1,796
|
||||||||||||
25,378
|
30,002
|
20,764
|
26,559
|
|||||||||||||
Other related parties
|
||||||||||||||||
Ferrovias S.A.
|
-
|
11,139
|
-
|
13,831
|
||||||||||||
Perú Piping Spools S.A.C.
|
1,960
|
2,677
|
2,791
|
1,951
|
||||||||||||
1,960
|
13,816
|
2,791
|
15,782
|
|||||||||||||
Current portion
|
27,338
|
43,818
|
23,555
|
42,341
|
||||||||||||
Non-current portion
|
||||||||||||||||
Gasoducto Sur Peruano S.A.
|
620,071
|
-
|
621,332
|
-
|
||||||||||||
Ferrovias S.A.
|
-
|
12,862
|
-
|
13,337
|
||||||||||||
Ferrovias Participaciones S.A.
|
-
|
23,435
|
-
|
23,644
|
||||||||||||
Non-current
|
620,071
|
36,297
|
621,332
|
36,981
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||||||||||||||
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
|||||||||||||||||||
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
|||||||||||||||||||
Advances to suppliers
|
76,200
|
80,722
|
76,200
|
80,722
|
-
|
-
|
||||||||||||||||||
Income tax on-account payments
|
48,054
|
49,842
|
48,052
|
49,842
|
2
|
-
|
||||||||||||||||||
VAT credit
|
54,076
|
57,209
|
43,498
|
46,189
|
10,578
|
11,020
|
||||||||||||||||||
Guarantee deposits
|
217,441
|
206,369
|
156,123
|
148,193
|
61,318
|
58,176
|
||||||||||||||||||
Claims to third parties
|
212,565
|
217,717
|
108,748
|
108,603
|
103,817
|
109,114
|
||||||||||||||||||
Petroleos del Peru S.A.- Petroperu S.A.
|
87,826
|
93,809
|
17,132
|
18,025
|
70,694
|
75,784
|
||||||||||||||||||
ITAN and other tax receivable
|
63,003
|
71,093
|
30,468
|
33,459
|
32,535
|
37,634
|
||||||||||||||||||
Restricted funds
|
29,121
|
9,483
|
2,092
|
2,137
|
27,029
|
7,346
|
||||||||||||||||||
Rental and sale of equipment - GyM S.A. projects
|
29,149
|
29,708
|
29,149
|
29,708
|
-
|
-
|
||||||||||||||||||
Accounts receivable from personneel
|
10,957
|
15,769
|
10,957
|
15,769
|
-
|
-
|
||||||||||||||||||
Consorcio Panorama
|
25,026
|
26,075
|
-
|
-
|
25,026
|
26,075
|
||||||||||||||||||
Other minors
|
10,386
|
6,519
|
9,738
|
5,649
|
648
|
870
|
||||||||||||||||||
863,804
|
864,315
|
532,157
|
538,296
|
331,647
|
326,019
|
|||||||||||||||||||
Impairment
|
(102,050
|
)
|
(102,655
|
)
|
(98,626
|
)
|
(99,394
|
)
|
(3,424
|
)
|
(3,261
|
)
|
||||||||||||
761,754
|
761,660
|
433,531
|
438,902
|
328,223
|
322,758
|
|||||||||||||||||||
At
|
At
|
|||||||
December 31,
|
March 31,
|
|||||||
2020
|
2021
|
|||||||
Associates
|
27,246
|
27,608
|
||||||
Joint ventures
|
8,270
|
8,930
|
||||||
35,516
|
36,538
|
2020
|
2021
|
|||||||
Opening balance
|
37,035
|
35,516
|
||||||
Equity interest in results
|
1,164
|
1,007
|
||||||
Conversion adjustment
|
(36
|
)
|
15
|
|||||
Final balance
|
38,163
|
36,538
|
Property,
|
||||||||||||
plant and
|
Intangibles
|
Right-of-use
|
||||||||||
equipment
|
assets
|
assets
|
||||||||||
Net cost at January 1, 2020
|
463,990
|
854,227
|
90,581
|
|||||||||
Additions
|
12,525
|
33,922
|
1,600
|
|||||||||
Reclassifications, disposals and adjustments (*)
|
(9,897
|
)
|
(14,131
|
)
|
(1,121
|
)
|
||||||
Deductions for sale of assets
|
(5,205
|
)
|
-
|
-
|
||||||||
Depreciation, amortization
|
(21,419
|
)
|
(24,207
|
)
|
(7,258
|
)
|
||||||
Net cost at March 31, 2020
|
439,994
|
849,811
|
83,802
|
|||||||||
Net cost at January 1, 2021
|
405,469
|
791,990
|
64,518
|
|||||||||
Additions
|
5,011
|
4,295
|
42
|
|||||||||
Reclassifications, disposals and adjustments (*)
|
1,568
|
(1,167
|
)
|
(60
|
)
|
|||||||
Deductions for sale of assets
|
(3,452
|
)
|
-
|
-
|
||||||||
Depreciation, amortization
|
(18,893
|
)
|
(24,494
|
)
|
(5,823
|
)
|
||||||
Net cost at March 31, 2021
|
389,703
|
770,624
|
58,677
|
2020
|
2021
|
|||||||
Cost of services and goods (Note 21)
|
27,615
|
22,005
|
||||||
Administrative expenses (Note 21)
|
1,663
|
3,314
|
||||||
Total depreciation
|
29,278
|
25,319
|
||||||
(-) Depreciation related to investment property
|
(601
|
)
|
(603
|
)
|
||||
(-) Depreciation related to right-of-use assets (Note 14)
|
(7,258
|
)
|
(5,823
|
)
|
||||
Total depreciation of property, plant
and equipment
|
21,419
|
18,893
|
2020
|
2021
|
|||||||
Cost of sales and services (Note 21)
|
23,114
|
23,520
|
||||||
Administrative expenses (Note 21)
|
1,093
|
974
|
||||||
24,207
|
24,494
|
At
|
At
|
|||||||
December 31,
|
March 31,
|
|||||||
2020
|
2021
|
|||||||
Engineering and construction
|
38,211
|
36,396
|
||||||
Electromechanical
|
20,735
|
20,735
|
||||||
58,946
|
57,131
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||||||||||||||
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
|||||||||||||||||||
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
|||||||||||||||||||
Bank loans (a)
|
571,659
|
546,434
|
409,272
|
429,331
|
162,387
|
117,103
|
||||||||||||||||||
Finance leases (b)
|
52,391
|
52,404
|
13,635
|
8,532
|
38,756
|
43,872
|
||||||||||||||||||
Lease liability for right-of-use asset (c)
|
72,726
|
69,220
|
19,950
|
18,639
|
52,776
|
50,581
|
||||||||||||||||||
Other financial entities (d)
|
201,544
|
204,172
|
10,027
|
19,523
|
191,517
|
184,649
|
||||||||||||||||||
898,320
|
872,230
|
452,884
|
476,025
|
445,436
|
396,205
|
a)
|
Bank loans
|
Current
|
Non-current
|
|||||||||||||||||||||||
At
|
At
|
At
|
At
|
|||||||||||||||||||||
Interest
|
Date of
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
|||||||||||||||||||
rate
|
maturity
|
2020
|
2021
|
2020
|
2021
|
|||||||||||||||||||
Cumbra Peru S.A. (i)
|
0.92% / 13.54
|
%
|
2022
|
222,924
|
225,526
|
19,977
|
16,588
|
|||||||||||||||||
UNNA ENERGIA S.A. (ii)
|
3.06% / 6.04
|
%
|
2027
|
24,950
|
20,818
|
99,474
|
100,184
|
|||||||||||||||||
AENZA S.A.A. (iii)
|
9.10% / 10.10
|
%
|
2022
|
51,977
|
81,629
|
39,618
|
-
|
|||||||||||||||||
Adexus S.A.
|
0.50% / 1.15
|
%
|
2021
|
19,224
|
15,409
|
-
|
-
|
|||||||||||||||||
Viva Negocio Inmobiliario S.A.
|
6.85% / 11.00
|
%
|
2023
|
90,197
|
85,949
|
3,318
|
331
|
|||||||||||||||||
409,272
|
429,331
|
162,387
|
117,103
|
i)
|
Financial Stability Framework Agreement
|
ii)
|
Terminales del Peru Loan
|
iii)
|
CS Peru Infrastructure Holdings LLC Loan
|
iv)
|
Banco Santander Loan
|
b)
|
Other financial entities
|
c)
|
Fair value of borrowings
|
Carrying amount
|
Fair value
|
|||||||||||||||
At
|
At
|
At
|
At
|
|||||||||||||
December 31,
|
March 31,
|
December 31,
|
March 31,
|
|||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
Bank loans
|
571,659
|
546,434
|
589,737
|
561,004
|
||||||||||||
Finance leases
|
52,391
|
52,404
|
54,343
|
53,946
|
||||||||||||
Lease liability for right-of-use asset
|
72,726
|
69,220
|
88,779
|
79,321
|
||||||||||||
Other financial entities
|
201,544
|
204,172
|
247,857
|
252,992
|
||||||||||||
898,320
|
872,230
|
980,716
|
947,263
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||||||||||||||
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
|||||||||||||||||||
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
|||||||||||||||||||
Tren Urbano de Lima S.A. (a)
|
624,454
|
624,674
|
21,081
|
21,775
|
603,373
|
602,899
|
||||||||||||||||||
Norvial S.A. (b)
|
280,848
|
273,821
|
32,819
|
33,001
|
248,029
|
240,820
|
||||||||||||||||||
Cumbra Peru S.A. (c)
|
27,457
|
26,027
|
4,546
|
4,097
|
22,911
|
21,930
|
||||||||||||||||||
932,759
|
924,522
|
58,446
|
58,873
|
874,313
|
865,649
|
a)
|
Tren Urbano de Lima S.A.
|
2020
|
2021
|
|||||||
Balance at January, 1
|
618,497
|
624,454
|
||||||
Amortization
|
(2,873
|
)
|
(4,014
|
)
|
||||
Accrued interest
|
11,946
|
11,757
|
||||||
Interest paid
|
(7,512
|
)
|
(7,523
|
)
|
||||
Balance at March, 31
|
620,058
|
624,674
|
-
|
Debt service coverage ratio not less than 1.2 times;
|
-
|
Maintain a constant balance in the minimum trust equal to one month of operation and maintenance costs (including VAT).
|
-
|
Maintain a constant balance in the minimum trust equal to the following two coupons according to the bond schedule.
|
2020
|
2021
|
|||||||
Balance at January, 1
|
305,545
|
280,848
|
||||||
Amortization
|
(5,384
|
)
|
(6,940
|
)
|
||||
Accrued interest
|
6,193
|
5,735
|
||||||
Capitalized interest
|
91
|
-
|
||||||
Interest paid
|
(6,283
|
)
|
(5,822
|
)
|
||||
Balance at March, 31
|
300,162
|
273,821
|
-
|
Debt service coverage ratio of not less than 1.3 times.
|
-
|
Proforma gearing ratio lower than 4 times.
|
c)
|
Cumbra Peru S.A.
|
2020
|
2021
|
|||||||
Balance at January, 1
|
-
|
27,457
|
||||||
Additions
|
26,781
|
-
|
||||||
Amortization
|
-
|
(1,758
|
)
|
|||||
Exchange difference
|
-
|
912
|
||||||
Accrued interest
|
431
|
536
|
||||||
Interest paid
|
-
|
(1,120
|
)
|
|||||
Balance at March, 31
|
27,212
|
26,027
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
|||||||||||||||||||
Invoices payable (a)
|
470,118
|
519,323
|
470,118
|
519,323
|
-
|
-
|
||||||||||||||||||
Provision of contract costs (b)
|
659,299
|
622,468
|
618,797
|
582,844
|
40,502
|
39,624
|
||||||||||||||||||
Notes payable
|
8,252
|
7,178
|
8,252
|
7,178
|
-
|
-
|
||||||||||||||||||
1,137,669
|
1,148,969
|
1,097,167
|
1,109,345
|
40,502
|
39,624
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||||||||||||||
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
|||||||||||||||||||
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
|||||||||||||||||||
Advances received from customers (a)
|
309,590
|
311,824
|
278,490
|
297,281
|
31,100
|
14,543
|
||||||||||||||||||
Consorcio Ductos del Sur - payable (b)
|
88,206
|
91,768
|
28,836
|
28,023
|
59,370
|
63,745
|
||||||||||||||||||
Salaries and other payable
|
77,386
|
109,092
|
77,386
|
109,092
|
-
|
-
|
||||||||||||||||||
Put option liability on Morelco acquisition
|
118,622
|
123,009
|
79,096
|
82,021
|
39,526
|
40,988
|
||||||||||||||||||
Third-party loans
|
11,608
|
11,617
|
9,533
|
9,542
|
2,075
|
2,075
|
||||||||||||||||||
Other taxes payable
|
115,862
|
120,920
|
102,240
|
107,250
|
13,622
|
13,670
|
||||||||||||||||||
Acquisition of additional non-controlling interest
|
27,596
|
29,304
|
27,596
|
29,304
|
-
|
-
|
||||||||||||||||||
Guarantee deposits
|
23,744
|
23,974
|
23,744
|
23,974
|
-
|
-
|
||||||||||||||||||
Consorcio Rio Mantaro - payables
|
58,129
|
60,279
|
58,129
|
60,279
|
-
|
-
|
||||||||||||||||||
Provision of interest for debt with suppliers
|
16,425
|
17,728
|
-
|
230
|
16,425
|
17,498
|
||||||||||||||||||
Other accounts payables
|
54,470
|
47,706
|
33,356
|
25,900
|
21,114
|
21,806
|
||||||||||||||||||
901,638
|
947,221
|
718,406
|
772,896
|
183,232
|
174,325
|
(a)
|
Advances received from customers relate mainly from construction projects, and are applied to progress billings, in accordance with contract terms.
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||||||||||||||
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
|||||||||||||||||||
2020
|
2021
|
2020
|
2021
|
2020
|
2021
|
|||||||||||||||||||
Advances Customers Consortiums
|
83,640
|
105,844
|
83,640
|
105,844
|
-
|
-
|
||||||||||||||||||
Customer advances for real estate projects
|
78,286
|
100,876
|
78,286
|
100,876
|
-
|
-
|
||||||||||||||||||
Concentradora Norte - Quellaveco
|
86,415
|
70,168
|
71,571
|
65,448
|
14,844
|
4,720
|
||||||||||||||||||
Special National Transportation Infrastructure Project
|
24,050
|
21,463
|
13,781
|
11,839
|
10,269
|
9,624
|
||||||||||||||||||
Others
|
37,199
|
13,473
|
31,212
|
13,274
|
5,987
|
199
|
||||||||||||||||||
309,590
|
311,824
|
278,490
|
297,281
|
31,100
|
14,543
|
(b)
|
The balance of other accounts payable from Consorcio Constructor Ductos del Sur corresponds to payment obligations to vendors and main subcontractors for S/91.7 million (S/88.2
million as of December 31, 2020), assumed by the subsidiary Cumbra Peru S.A. as a result of the termination of Gasoducto Sur Peruano S.A. operations.
|
Legal
|
Provision
|
|||||||||||
and tax
|
for well
|
|||||||||||
claims
|
closure
|
Total
|
||||||||||
At January 1, 2020
|
278,319
|
50,116
|
328,435
|
|||||||||
Additions
|
8,623
|
6,315
|
14,938
|
|||||||||
Reversals of provisions
|
(3,713
|
)
|
-
|
(3,713
|
)
|
|||||||
Payments
|
(395
|
)
|
(817
|
)
|
(1,212
|
)
|
||||||
Translation adjustments
|
1,716
|
-
|
1,716
|
|||||||||
At March 31, 2020
|
284,550
|
55,614
|
340,164
|
|||||||||
At January 1, 2021
|
376,417
|
52,949
|
429,366
|
|||||||||
Additions
|
5,697
|
772
|
6,469
|
|||||||||
Reversals of provisions
|
(1,593
|
)
|
-
|
(1,593
|
)
|
|||||||
Reclasification
|
157
|
-
|
157
|
|||||||||
Payments
|
(913
|
)
|
(27
|
)
|
(940
|
)
|
||||||
Translation adjustments
|
6,140
|
108
|
6,248
|
|||||||||
At March 31, 2021
|
385,905
|
53,802
|
439,707
|
a)
|
Civil compensation
|
b)
|
Proceso administrative Indecopi
|
c)
|
Securities Class actions NY SEC
|
Cost
|
||||||||||||
of goods
|
Administrative
|
|||||||||||
and services
|
expenses
|
Total
|
||||||||||
2020
|
||||||||||||
Services provided by third-parties
|
250,779
|
9,670
|
260,449
|
|||||||||
Salaries, wages and fringe benefits
|
309,920
|
27,224
|
337,144
|
|||||||||
Purchase of goods
|
171,193
|
-
|
171,193
|
|||||||||
Other management charges
|
69,362
|
4,481
|
73,843
|
|||||||||
Depreciation (Note 14)
|
27,615
|
1,663
|
29,278
|
|||||||||
Amortization (Note 14)
|
23,114
|
1,093
|
24,207
|
|||||||||
Impairment of accounts receivable
|
205
|
5
|
210
|
|||||||||
Taxes
|
1,904
|
287
|
2,191
|
|||||||||
Recovery of property, plant and equipment
|
(102
|
)
|
-
|
(102
|
)
|
|||||||
Inventory recovery
|
(644
|
)
|
-
|
(644
|
)
|
|||||||
853,346
|
44,423
|
897,769
|
||||||||||
Cost
|
||||||||||||
of goods
|
Administrative
|
|||||||||||
and services
|
expenses
|
Total
|
||||||||||
2021
|
||||||||||||
Services provided by third-parties
|
224,133
|
9,768
|
233,901
|
|||||||||
Salaries, wages and fringe benefits
|
301,827
|
31,083
|
332,910
|
|||||||||
Purchase of goods
|
183,398
|
-
|
183,398
|
|||||||||
Other management charges
|
47,971
|
4,364
|
52,335
|
|||||||||
Depreciation (Note 14)
|
22,005
|
3,314
|
25,319
|
|||||||||
Amortization (Note 14)
|
23,520
|
974
|
24,494
|
|||||||||
Impairment of accounts receivable
|
202
|
-
|
202
|
|||||||||
Taxes
|
947
|
14
|
961
|
|||||||||
Recovery of property, plant and equipment
|
(1,023
|
)
|
-
|
(1,023
|
)
|
|||||||
Impairment of inventory
|
150
|
-
|
150
|
|||||||||
803,130
|
49,517
|
852,647
|
||||||||||
2020
|
2021
|
|||||||
Other income:
|
||||||||
Sale of assets
|
3,523
|
3,462
|
||||||
Penalty income
|
-
|
465
|
||||||
Supplier debt forgiveness
|
183
|
-
|
||||||
Recovery of provisions and impairments
|
1,571
|
1,491
|
||||||
Others
|
979
|
1,772
|
||||||
6,256
|
7,190
|
|||||||
Other expenditures:
|
||||||||
Asset impairment
|
-
|
53
|
||||||
Net cost of fixed assets disposal
|
4,884
|
3,718
|
||||||
Legal and tax litigation
|
239
|
-
|
||||||
Provision for well closure
|
6,325
|
71
|
||||||
Administrative fine
|
2,403
|
4,790
|
||||||
Others
|
449
|
167
|
||||||
14,300
|
8,799
|
|||||||
(8,044
|
)
|
(1,609
|
)
|
2020
|
2021
|
|||||||
Financial income:
|
||||||||
Interest on loans to third parties
|
397
|
54
|
||||||
Profit for present value of financial asset or financial liability
|
1,402
|
897
|
||||||
Interest on short-term bank deposits
|
963
|
203
|
||||||
Others
|
704
|
574
|
||||||
3,466
|
1,728
|
|||||||
Financial expenses:
|
||||||||
Interest expense:
|
||||||||
- Bank loans
|
22,022
|
17,553
|
||||||
- Bonds
|
6,715
|
6,271
|
||||||
- Loans from third parties
|
2,543
|
1,833
|
||||||
- Right-of-use
|
1,442
|
1,058
|
||||||
- Financial lease
|
355
|
810
|
||||||
Commissions and collaterals
|
2,580
|
6,351
|
||||||
Interests of the Tax Administration
|
1,291
|
8,778
|
||||||
Loss for present value of financial asset or financial liability
|
577
|
25,769
|
||||||
Exchange difference loss, net
|
7,961
|
2,844
|
||||||
Derivative financial instruments
|
25
|
-
|
||||||
Other financial expenses
|
7,668
|
1,006
|
||||||
Less capitalized interest
|
(1,623
|
)
|
(1,120
|
)
|
||||
51,556
|
71,153
|
a)
|
The increase of S/25.8 million is generated by the effect of the discount rate applied to calculate the present value of the account receivable from Gasoducto Sur Peruano S.A. (financial asset), which
increased from 1.65% to 2.47%.
|
2020
|
2021
|
||||||||
Loss attributable to owners of the Company
|
|||||||||
during the period
|
(30,444
|
)
|
(34,697
|
)
|
|||||
Weighted average number of shares in issue
|
|||||||||
at S/1.00 each, at March 31,
|
871,917,855
|
871,917,855
|
|||||||
Basic loss per share (in S/)
|
(*)
|
(0.035
|
)
|
(0.040
|
)
|