UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15b-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2018
Commission File Number 001-35591
GRAÑA Y MONTERO S.A.A.
(Exact name of registrant as specified in its charter)
GRAÑA Y MONTERO GROUP
(Translation of registrant’s name into English)
Republic of Peru
(Jurisdiction of incorporation or organization)
Avenida Paseo de la República 4667, Lima 34,
Surquillo, Lima
Peru
(
Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___X____ Form 40-F _______
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No ___
X
____
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.
_______________________
/s/ Luis Francisco Diaz Olivero
Stock Market Representative
Graña y Montero S.A.A.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
GRAÑA Y MONTERO S.A.A.
By: /s/ LUIS FRANCISCO DIAZ OLIVERO
Name: Luis Francisco Diaz Olivero
Title: Stock Market Representative
April 26, 2018
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE
THREE-MONTH PERIOD ENDED AT MARCH 31, 2017 AND 2018 (UNAUDITED);
AND CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT
DECEMBER 31, 2017 AND MARCH 31, 2018 (UNAUDITED)
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE
THREE-MONTH PERIOD ENDED AT MARCH 31, 2017 AND 2018 (UNAUDITED);
AND CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT
DECEMBER 31, 2017 AND MARCH 31, 2018 (UNAUDITED)
CONTENTS
Condensed Interim Consolidated Statement of Financial Position
Condensed Interim Consolidated Income Statement
Condensed Interim Consolidated Statement of Comprehensive Income
Condensed Interim Consolidated Statement of Shareholders’ Equity
Condensed Interim Consolidated Statement of Cash Flows
Notes to the Condensed Interim Consolidated Financial Statements
S/
=
New Peruvian Sol
US$
=
United States dollar
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
(Free translation from the original in Spanish)
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(All amounts are expressed in thousands of S/ unless otherwise stated)
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GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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ASSETS
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LIABILITIES AND EQUITY
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As at
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As at
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As at
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As at
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December 31,
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March 31,
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December 31,
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March 31,
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Note
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2017
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2018
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Note
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2017
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2018
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Current assets
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Current liabilities
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Cash and cash equivalents
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8
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638,212
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630,097
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Borrowings
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13
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1,056,764
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1,195,982
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Financial asset at fair value through profit or loss
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181
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222
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Bonds
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14
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36,655
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35,662
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Trade accounts receivables, net
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1,027,087
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948,235
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Trade accounts payable
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1,456,219
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1,554,868
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Unbilled work in progress, net
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657,093
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708,327
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Accounts payable to related parties
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62,893
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62,425
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Accounts receivable from related parties
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9
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136,106
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131,322
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Current income tax
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78,748
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105,219
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Other accounts receivable
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769,653
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872,449
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Other accounts payable
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846,436
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804,397
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Inventories, net
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766,497
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756,830
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Provisions
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15
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13,503
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13,068
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Prepaid expenses
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37,695
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57,110
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3,551,218
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3,771,621
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4,032,524
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4,104,592
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Non-current liabilities classified as held for sale
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248,459
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251,080
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Non-current assets classified as held for sale
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10
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521,160
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503,438
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Total current liabilities
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3,799,677
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4,022,701
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Total current assets
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4,553,684
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4,608,030
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Non-current liabilities
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Non-current assets
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Borrowings
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13
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633,299
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586,640
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Long-term trade accounts receivable, net
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835,277
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918,732
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Long-term bonds
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14
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910,912
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908,189
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Long-term unbilled work in progress, net
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28,413
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28,902
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Other long-term accounts payable
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601,906
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511,972
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Long-term accounts receivable from related parties
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9
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518,834
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497,792
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Long-term accounts payable to related parties
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25,954
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27,292
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Prepaid expenses
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38,082
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51,562
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Provisions
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15
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32,396
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31,462
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Other long-term accounts receivable
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422,162
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358,950
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Derivative financial instruments
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383
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224
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Investments in associates and joint ventures
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11
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49,449
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46,583
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Deferred income tax liability
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77,190
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85,593
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Investment property
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45,687
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45,160
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Total non-current liabilities
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2,282,040
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2,151,372
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Property, plant and equipment, net
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12
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867,247
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828,244
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Total liabilities
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6,081,717
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6,174,073
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Intangible assets, net
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12
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941,642
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961,365
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Deferred income tax asset
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449,193
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472,483
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Equity
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Total non-current assets
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|
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4,195,986
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4,209,773
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Capital
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16
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660,054
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660,054
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|
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Legal reserve
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132,011
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132,011
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Optional reserve
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29,974
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29,974
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Share Premium
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881,795
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881,795
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Other reserves
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(165,446
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)
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(143,301
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)
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Retained earnings
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650,759
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636,581
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Equity attributable to controlling interest in the Company
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2,189,147
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2,197,114
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Non-controlling interest
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|
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478,806
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446,616
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Total equity
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|
|
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2,667,953
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|
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2,643,730
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Total assets
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|
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|
|
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8,749,670
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|
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|
8,817,803
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Total liabilities and equity
|
|
|
|
|
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8,749,670
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|
|
|
8,817,803
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The accompanying notes on pages 8 to 28 are an integral part of the consolidated financial statements.
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(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
(Free translation from the original in Spanish)
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(All amounts are expressed in thousands of S/. unless otherwise stated)
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GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
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CONSOLIDATED INCOME STATEMENT
|
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For the period of three months
|
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ended March 31,
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Note
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2017
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|
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2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Revenues from construction activities
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|
568,221
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|
708,158
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Revenues from services provided
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559,762
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418,473
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Revenue from real estate and sale of goods
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|
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|
290,382
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|
|
|
184,400
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|
|
|
|
|
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1,418,365
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1,311,031
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|
|
|
|
|
|
|
|
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|
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Cost of construction activities
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|
|
|
|
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(601,941
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)
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|
|
(695,069
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)
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Cost of services provided
|
|
|
|
|
|
(421,261
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)
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|
|
(342,701
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)
|
Cost of real estate and goods sold
|
|
|
|
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|
(183,989
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)
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|
|
(120,014
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)
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|
17
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|
|
|
(1,207,191
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)
|
|
|
(1,157,784
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)
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Gross profit
|
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|
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|
211,174
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153,247
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|
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|
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|
|
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Administrative expenses
|
|
|
17
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|
|
|
(96,916
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)
|
|
|
(92,990
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)
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Other income and expenses
|
|
|
|
|
|
|
749
|
|
|
|
14,247
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Gain from the sale of investments
|
|
|
|
|
|
|
25,768
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|
|
|
(1,529
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)
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Operating profit
|
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|
|
|
|
|
140,775
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|
|
|
72,975
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses
|
|
|
|
|
|
|
(45,895
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)
|
|
|
(69,122
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)
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Financial income
|
|
|
|
|
|
|
27,416
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|
|
|
4,919
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Share of the profit or loss in associates and joint
|
|
|
|
|
|
|
|
|
|
|
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ventures under the equity method of accounting
|
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|
|
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|
|
5,482
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|
|
|
(1,676
|
)
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Profit (loss) before income tax
|
|
|
|
|
|
|
127,778
|
|
|
|
7,096
|
|
Income tax
|
|
|
18
|
|
|
|
(39,684
|
)
|
|
|
(12,096
|
)
|
Loss for the year from continuing operations
|
|
|
|
|
|
|
88,094
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|
|
|
(5,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
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Profit for the year from discontinued operations
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
Loss for the year
|
|
|
|
|
|
|
88,094
|
|
|
|
(5,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company
|
|
|
|
|
|
|
79,123
|
|
|
|
(14,178
|
)
|
Non-controlling interest
|
|
|
|
|
|
|
8,971
|
|
|
|
9,178
|
|
|
|
|
|
|
|
|
88,094
|
|
|
|
(5,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to owners of the Company during
|
|
|
|
|
|
|
|
|
|
|
|
|
the year
|
|
|
|
|
|
|
0.120
|
|
|
|
(0.021
|
)
|
The accompanying notes on pages 8 to 28 are an integral part of the consolidated financial statements.
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
(Free translation from the original in Spanish)
|
|
(All amounts are expressed in thousands of S/. unless otherwise stated)
|
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
|
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
|
|
For the period of three months
|
|
|
|
|
|
|
ended March 31,
|
|
|
|
Note
|
|
|
2017
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (Loss) for the period
|
|
|
|
|
|
88,094
|
|
|
|
(5,000
|
)
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that may be subsequently reclassified to profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow hedge, net of tax
|
|
|
|
|
|
|
198
|
|
|
|
111
|
|
Foreign currency translation adjustment, net of tax
|
|
|
|
|
|
|
(5,031
|
)
|
|
|
15,201
|
|
Exchange difference from net investment in a foreign operation, net of tax
|
|
|
|
|
|
|
(3,616
|
)
|
|
|
1,498
|
|
|
|
|
|
|
|
|
(8,449
|
)
|
|
|
16,810
|
|
Other comprenhensive income for the year, net of tax
|
|
|
|
|
|
|
(8,449
|
)
|
|
|
16,810
|
|
Total comprehensive income for the year
|
|
|
|
|
|
|
79,645
|
|
|
|
11,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company
|
|
|
|
|
|
|
71,843
|
|
|
|
7,967
|
|
Non-controlling interest
|
|
|
|
|
|
|
7,802
|
|
|
|
3,843
|
|
|
|
|
|
|
|
|
79,645
|
|
|
|
11,810
|
|
The accompanying notes on pages 8 to 28 are an integral part of the consolidated financial statements.
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
(Free translation from the original in Spanish)
|
|
|
|
(All amounts are expressed in thousands of S/. unless otherwise stated)
|
|
|
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
|
|
|
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
|
FOR THE PERIOD OF THE THREE MONTHS ENDED MARCH 31, 2017 AND 2018
|
|
|
Attributable to the controlling interests of the Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal
|
|
|
Optional
|
|
|
|
|
|
Other
|
|
|
Retained
|
|
|
|
|
|
Non-controlling
|
|
|
|
|
|
|
In thousands
|
|
|
Capital
|
|
|
reserve
|
|
|
reserve
|
|
|
of shares
|
|
|
reserves
|
|
|
earnings
|
|
|
Total
|
|
|
interest
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of January 1, 2017
|
|
|
660,054
|
|
|
|
660,054
|
|
|
|
132,011
|
|
|
|
29,974
|
|
|
|
882,464
|
|
|
|
(167,299
|
)
|
|
|
471,395
|
|
|
|
2,008,599
|
|
|
|
512,809
|
|
|
|
2,521,408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the year
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
79,123
|
|
|
|
79,123
|
|
|
|
8,971
|
|
|
|
88,094
|
|
Cash flow hedge
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
188
|
|
|
|
-
|
|
|
|
188
|
|
|
|
10
|
|
|
|
198
|
|
Foreign currency translation adjustment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,274
|
)
|
|
|
-
|
|
|
|
(4,274
|
)
|
|
|
(757
|
)
|
|
|
(5,031
|
)
|
Exchange difference from net investment in a foreign operation
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,194
|
)
|
|
|
-
|
|
|
|
(3,194
|
)
|
|
|
(422
|
)
|
|
|
(3,616
|
)
|
Comprehensive income of the year
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(7,280
|
)
|
|
|
79,123
|
|
|
|
71,843
|
|
|
|
7,802
|
|
|
|
79,645
|
|
Transactions with shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Dividend distribution
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,558
|
)
|
|
|
(4,558
|
)
|
- Contributions (devolution) of non-controlling shareholders,net
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(166
|
)
|
|
|
(166
|
)
|
Total transactions with shareholders
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,724
|
)
|
|
|
(4,724
|
)
|
Balances as of March 31, 2017
|
|
|
660,054
|
|
|
|
660,054
|
|
|
|
132,011
|
|
|
|
29,974
|
|
|
|
882,464
|
|
|
|
(174,579
|
)
|
|
|
550,518
|
|
|
|
2,080,442
|
|
|
|
515,887
|
|
|
|
2,596,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of January 1, 2018
|
|
|
660,054
|
|
|
|
660,054
|
|
|
|
132,011
|
|
|
|
29,974
|
|
|
|
881,795
|
|
|
|
(165,446
|
)
|
|
|
650,759
|
|
|
|
2,189,147
|
|
|
|
478,806
|
|
|
|
2,667,953
|
|
Profit (loss) for the year
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(14,178
|
)
|
|
|
(14,178
|
)
|
|
|
9,178
|
|
|
|
(5,000
|
)
|
Cash flow hedge
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
105
|
|
|
|
-
|
|
|
|
105
|
|
|
|
6
|
|
|
|
111
|
|
Foreign currency translation adjustment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
20,573
|
|
|
|
-
|
|
|
|
20,573
|
|
|
|
(5,372
|
)
|
|
|
15,201
|
|
Exchange difference from net investment in a foreign operation
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,467
|
|
|
|
-
|
|
|
|
1,467
|
|
|
|
31
|
|
|
|
1,498
|
|
Comprehensive income of the year
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
22,145
|
|
|
|
(14,178
|
)
|
|
|
7,967
|
|
|
|
3,843
|
|
|
|
11,810
|
|
Transactions with shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Dividend distribution
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(5,032
|
)
|
|
|
(5,032
|
)
|
- Contributions (devolution) of non-controlling shareholders,net
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(31,001
|
)
|
|
|
(31,001
|
)
|
Total transactions with shareholders
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(36,033
|
)
|
|
|
(36,033
|
)
|
Balances as of March 31, 2018
|
|
|
660,054
|
|
|
|
660,054
|
|
|
|
132,011
|
|
|
|
29,974
|
|
|
|
881,795
|
|
|
|
(143,301
|
)
|
|
|
636,581
|
|
|
|
2,197,114
|
|
|
|
446,616
|
|
|
|
2,643,730
|
|
The accompanying notes on pages 8 to 28 are an integral part of the consolidated financial statements.
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
|
(All amounts are expressed in thousands of S/. unless otherwise stated)
|
|
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
|
|
|
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
|
|
|
|
For the period of three months
|
|
|
|
|
|
|
ended March 31,
|
|
|
|
|
|
|
Note
|
|
|
2017
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Loss before income tax
|
|
|
|
|
|
127,778
|
|
|
|
7,096
|
|
Adjustments to profit not affecting cash flows from
|
|
|
|
|
|
|
|
|
|
|
|
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
50,249
|
|
|
|
42,229
|
|
Amortization of other assets
|
|
|
|
|
|
23,622
|
|
|
|
23,123
|
|
Impairment of inventories
|
|
|
|
|
|
301
|
|
|
|
-
|
|
Impairment of accounts receivable and other accounts receivable
|
|
|
|
|
|
85
|
|
|
|
110
|
|
Debt condonation
|
|
|
|
|
|
|
|
|
|
-
|
|
Impairment of property, plant and equipment
|
|
|
12
|
|
|
|
333
|
|
|
|
-
|
|
Impairment of intangible assets
|
|
|
|
|
|
|
|
|
|
|
-
|
|
Financial expenses-CCDS
|
|
|
|
|
|
|
|
|
|
|
-
|
|
Expenses for liquidation of works - CCDS
|
|
|
|
|
|
|
|
|
|
|
-
|
|
Indemnification income
|
|
|
|
|
|
|
|
|
|
|
-
|
|
Profit on fair value of financial asset at fair value through profit or loss
|
|
|
|
|
|
|
(37
|
)
|
|
|
-
|
|
Change in the fair value of the liability for put option
|
|
|
|
|
|
|
|
|
|
|
-
|
|
Other Provisions
|
|
|
15
|
|
|
|
962
|
|
|
|
1,530
|
|
Dividends income from available-for-sale financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Return receipt from Morelco
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
Remeasurement of purchase consideration of Morelco
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
Financial expense,net
|
|
|
|
|
|
|
47,157
|
|
|
|
48,022
|
|
Other provisions in CCDS
|
|
|
|
|
|
|
|
|
|
|
-
|
|
Foreign exchange loss (gain) on loans
|
|
|
|
|
|
|
(47,766
|
)
|
|
|
(2,094
|
)
|
Share of the profit and loss in associates and joint ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
under the equity method of accounting
|
|
|
11
|
|
|
|
(5,482
|
)
|
|
|
1,676
|
|
Reversal of provisions
|
|
|
15
|
|
|
|
(20
|
)
|
|
|
(2,366
|
)
|
Disposal of fixed assets
|
|
|
|
|
|
|
3,410
|
|
|
|
719
|
|
Disposal of investments at fair value through profit or loss
|
|
|
|
|
|
|
64
|
|
|
|
-
|
|
Profit on sale of property, plant and equipment
|
|
|
|
|
|
|
(2,511
|
)
|
|
|
(24,563
|
)
|
Loss on financial asset at fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
-
|
|
Loss on sale of non-current asset held for sale
|
|
|
|
|
|
|
(25,724
|
)
|
|
|
-
|
|
Profit on sale from available-for-sale financial assets
|
|
|
|
|
|
|
-
|
|
|
|
1,478
|
|
Loss on sale of investments in subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on remeasurement of accounts receivable
|
|
|
|
|
|
|
-
|
|
|
|
15,066
|
|
Loss on remeasurement of investment
|
|
|
|
|
|
|
|
|
|
|
-
|
|
Net variations in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade accounts receivable and unbilled working in progress
|
|
|
|
|
|
|
(2,177
|
)
|
|
|
(78,871
|
)
|
Other accounts receivable
|
|
|
|
|
|
|
(35,142
|
)
|
|
|
(25,103
|
)
|
Other accounts receivable from related parties
|
|
|
|
|
|
|
11,393
|
|
|
|
16,698
|
|
Inventories
|
|
|
|
|
|
|
77,353
|
|
|
|
(17,970
|
)
|
Pre-paid expenses and other assets
|
|
|
|
|
|
|
(7,086
|
)
|
|
|
(32,901
|
)
|
Trade accounts payable
|
|
|
|
|
|
|
(64,374
|
)
|
|
|
104,474
|
|
Other accounts payable
|
|
|
|
|
|
|
21,018
|
|
|
|
(117,954
|
)
|
Other accounts payable to related parties
|
|
|
|
|
|
|
(22,383
|
)
|
|
|
42,679
|
|
Other provisions
|
|
|
|
|
|
|
(2,501
|
)
|
|
|
(419
|
)
|
Interest payment
|
|
|
|
|
|
|
(46,882
|
)
|
|
|
(39,070
|
)
|
Payments for purchases of intangibles - Concessions
|
|
|
|
|
|
|
(3,178
|
)
|
|
|
(2,186
|
)
|
Payment of income tax
|
|
|
|
|
|
|
(26,545
|
)
|
|
|
(512
|
)
|
Net cash applied to operating activities
|
|
|
|
|
|
|
71,917
|
|
|
|
(39,109
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of available-for-sale investment
|
|
|
|
|
|
|
-
|
|
|
|
(36,595
|
)
|
Sale of property, plant and equipment
|
|
|
|
|
|
|
15,860
|
|
|
|
37,963
|
|
Sale of non-current assets held for sale
|
|
|
|
|
|
|
43,364
|
|
|
|
18,865
|
|
Interest received
|
|
|
|
|
|
|
1,700
|
|
|
|
1,508
|
|
Payment for purchase of investments properties
|
|
|
|
|
|
|
(840
|
)
|
|
|
(52
|
)
|
Payments for intangible purchase
|
|
|
|
|
|
|
(21,768
|
)
|
|
|
(32,604
|
)
|
Payments for property, plant and equipment purchase
|
|
|
|
|
|
|
(47,304
|
)
|
|
|
(22,433
|
)
|
Net cash applied to investing activities
|
|
|
|
|
|
|
(8,988
|
)
|
|
|
(33,348
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans received
|
|
|
|
|
|
|
453,988
|
|
|
|
308,588
|
|
Amortization of loans received
|
|
|
|
|
|
|
(588,705
|
)
|
|
|
(225,717
|
)
|
Amortization of bonds issued
|
|
|
|
|
|
|
(8,134
|
)
|
|
|
(7,994
|
)
|
Payment for transaction costs for debt
|
|
|
|
|
|
|
(873
|
)
|
|
|
-
|
|
Dividends paid to non-controlling interest
|
|
|
|
|
|
|
(4,558
|
)
|
|
|
(5,032
|
)
|
Cash received (return of contributions )from non-controlling shareholders
|
|
|
|
|
|
|
(166
|
)
|
|
|
(5,612
|
)
|
Net cash provided by financing activities
|
|
|
|
|
|
|
(148,448
|
)
|
|
|
64,233
|
|
Net increase (net decrease) in cash
|
|
|
|
|
|
|
(85,519
|
)
|
|
|
(8,224
|
)
|
Cash and cash equivalents at the beginning of the year
|
|
|
|
|
|
|
606,949
|
|
|
|
638,212
|
|
Cash and cash equivalents at the end of the period
|
|
|
8
|
|
|
|
521,430
|
|
|
|
629,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CASH TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of assets through finance leases
|
|
|
|
|
|
|
22,193
|
|
|
|
-
|
|
The accompanying notes on pages 8 to 28 are an integral part of the consolidated financial statements.
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIOD ENDED AT MARCH 31, 2017 AND 2018 (UNAUDITED); AND CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT DECEMBER 31, 2017 AND MARCH 31, 2018 (UNAUDITED)
The Company is the parent company of the Graña y Montero Group (hereinafter the Group) and it is mainly engaged in holding the investments in the different companies of the Group. Additionally, the Company provides services of general management, financial management, commercial management, legal advisory and human resources management to the Group´s companies; it is also engaged in the leasing of offices to the Group’s companies.
The Group is a conglomerate of companies with operations including different business activities, of which the most significant are engineering and construction, infrastructure (public concession ownership and operation), real estate businesses and services.
These condensed interim consolidated financial statements as of March 31, 2018 have been prepared and authorized for issuance by the Chief Financial Officer on April 26, 2018.
These condensed interim consolidated financial statements for the period ended March 31, 2018 have been prepared in accordance with (IAS 34) “Interim financial reporting”.
To date, audited reports for the periods 2016 and 2017 have not been issued by our external auditors. As it is well known, we carried out complementary procedures and an internal investigation, since some projects involving minority and non-controlling companies were being investigated in Peru. The investigation concluded without findings in relation to acts of corruption in such projects.
On October 04, 2017, we informed through a Relevant Information Communication that Graña y Montero S.A.A (the “Company”) and Gaveglio, Aparicio y Asociados S.C. de R.L. (“PwC”), a registered public accounting firm and the member in Peru of the PricewaterhouseCoopers network of firms, have determined that PwC is not independent of the Company with respect to the fiscal year 2016 as a consequence of non-audit services provided by PwC to the Company beginning in the fourth quarter of fiscal year 2016. The services relate to the Company’s testing of controls in accordance with the U.S. Sarbanes-Oxley Act.
As a result, the Company and PwC mutually agreed to the Company’s dismissal of PwC as auditor of the Company’s consolidated financial statements for the fiscal year 2016. The shareholder meeting on November 02, 2017 approved the withdrawal of PwC as auditor and appointed Vizcarra & Asociados SCRL, member of Moore Stephens as new independent auditor for fiscal year 2016 and 2017.
In addition, on April 17, 2018 we reported as significant fact that on or about March 23, 2018, PwC informed the Company that it would not authorize the use of its 2015 audit opinion without conducting substantial additional procedures, which represents a difference in understanding from what the Company has had since October 2017 when PwC ceased to be the Company´s auditor. PwC could not give any assurance as to when it could complete such additional procedures and stated it could take several months.
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
Because of this situation, to avoid further delay in filing the 2016 Form 20-F, and in light of all the facts and circumstances, the Audit and Process Committee of the Company appointed Moore Stephens to audit the 2015 fiscal year. Among other factors, as the Company’s current auditor, Moore Stephens is in the process of completing its audit work with respect to the 2016 fiscal year and thus, in the Company’s view, can more timely and efficiently complete the 2015 processes as well.
The board of directors of the Company is calling a special shareholders’ meeting to ratify the appointment of Moore Stephens to audit the Company’s 2015 consolidated financial statements.
Considering that the audit of the Financial Statementes as of December 2016 and 2017 are not completed, the information for the periods 2016 and 2017 are preliminary and may be subject to subsequent modifications.
3
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
The accounting policies used in the preparation of these interim condensed consolidated financial statements are consistent with those applied in the preparation of the year-end financial statements at December 31, 2017, except for the new international financial information regulations (IFRS) effective as of January 1, 2018, which the Group is in the process of adoption.
4
|
FINANCIAL RISK MANAGEMENT
|
4.1
|
Financial risk factors
|
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk, price risk, fair value interest rate risk and cash flow interest rate risk), credit risk and liquidity risk.
Compared to year end, no new material market risk hedging arrangements have occurred.
Compared to year end, no new credit risk has been identified in the Group, considering that the level of lines used has remained the same as in the previous year
.
The Company has been working on identifying non-strategic assets for sale and allocating funds to debt amortization and other liabilities.
The following table categorizes the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the date of the statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows:
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
|
|
Less than 1
|
|
|
From 1 to
|
|
|
From 2 to
|
|
|
Over
|
|
|
|
|
|
|
year
|
|
|
2 years
|
|
|
5 years
|
|
|
5 years
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial liabilities (except
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
for finance leases)
|
|
|
1,003,500
|
|
|
|
336,913
|
|
|
|
290,253
|
|
|
|
-
|
|
|
|
1,630,666
|
|
Finance leases
|
|
|
72,864
|
|
|
|
41,877
|
|
|
|
24,022
|
|
|
|
638
|
|
|
|
139,401
|
|
Bonds
|
|
|
109,746
|
|
|
|
148,986
|
|
|
|
353,349
|
|
|
|
1,272,647
|
|
|
|
1,884,728
|
|
Trade accounts payables
|
|
|
1,456,219
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,456,219
|
|
Accounts payables to related parties
|
|
|
62,893
|
|
|
|
25,954
|
|
|
|
-
|
|
|
|
-
|
|
|
|
88,847
|
|
Other accounts payables
|
|
|
153,530
|
|
|
|
34,527
|
|
|
|
121,955
|
|
|
|
-
|
|
|
|
310,012
|
|
Other non-financial liabilities
|
|
|
-
|
|
|
|
383
|
|
|
|
-
|
|
|
|
-
|
|
|
|
383
|
|
|
|
|
2,858,752
|
|
|
|
588,640
|
|
|
|
789,579
|
|
|
|
1,273,285
|
|
|
|
5,510,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial liabilities (except
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
for finance leases)
|
|
|
1,149,118
|
|
|
|
325,866
|
|
|
|
263,932
|
|
|
|
-
|
|
|
|
1,738,916
|
|
Finance leases
|
|
|
64,235
|
|
|
|
35,165
|
|
|
|
20,797
|
|
|
|
159
|
|
|
|
120,356
|
|
Bonds
|
|
|
108,858
|
|
|
|
150,357
|
|
|
|
361,512
|
|
|
|
1,237,059
|
|
|
|
1,857,786
|
|
Trade accounts payables
|
|
|
1,526,349
|
|
|
|
7,180.00
|
|
|
|
6,911.00
|
|
|
|
-
|
|
|
|
1,540,440
|
|
Accounts payables to related parties
|
|
|
62,425
|
|
|
|
27,292
|
|
|
|
-
|
|
|
|
-
|
|
|
|
89,717
|
|
Other accounts payables
|
|
|
258,088
|
|
|
|
23,706
|
|
|
|
121,148
|
|
|
|
-
|
|
|
|
402,942
|
|
Other non-financial liabilities
|
|
|
-
|
|
|
|
224
|
|
|
|
-
|
|
|
|
-
|
|
|
|
224
|
|
|
|
|
3,169,073
|
|
|
|
569,790
|
|
|
|
774,300
|
|
|
|
1,237,218
|
|
|
|
5,750,381
|
|
The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including current and non-current borrowings), less cash and cash equivalents. Total capital is calculated as total ‘equity’ as shown in the consolidated statement of financial position plus net debt.
As of December 31, 2017 and and March 31, 2018, the gearing ratio is presented below indicating the Company’s strategy to keep it in a range from 0.10 to 0.70. The gearing ratio was as follows:
|
|
As at
|
|
|
As at
|
|
|
|
December 31,
|
|
|
March 31,
|
|
|
|
2017
|
|
|
2018
|
|
|
|
|
|
|
|
|
Total borrowing and bonds
|
|
|
2,637,630
|
|
|
|
2,726,473
|
|
Less: Cash and cash equivalents
|
|
|
(638,212
|
)
|
|
|
(630,097
|
)
|
Net debt
|
|
|
1,999,418
|
|
|
|
2,096,376
|
|
Total equity
|
|
|
2,667,953
|
|
|
|
2,643,730
|
|
Total capital
|
|
|
4,667,371
|
|
|
|
4,740,106
|
|
|
|
|
|
|
|
|
|
|
Gearing ratio
|
|
|
0.43
|
|
|
|
0.44
|
|
4.3
|
Fair value estimation
|
For the classification of the type of valuation used by the Group for its financial instruments at fair value, the following levels of measurement have been established.
-
|
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).
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
-
|
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).
|
The fair value of the financial assets classified as at fair value through profit or loss has been determined with observable information of Level 1.
Other financial instruments measured at fair value correspond to the interest rate swaps signed by subsidiary GMP S.A., by which a variable-interest instrument is changed to a fixed interest rate (cash flow hedge). The information used for determining the fair value of these instruments are Level 2 and has been determined based on the present value of discounted future cash flows applied to the interest-rate change projections of Citibank N.A.
The carrying amounts of cash and cash equivalents correspond to their fair values. The Company considers that the carrying amount of trade accounts receivable and payable is similar to their fair values. The fair value of financial liabilities, disclosed in Note 13-b), has been estimated by discounting the future contractual cash flows at the interest rate currently prevailing in the market and which is available to the Company for similar financial instruments (Level 2).
5
|
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
|
Preparation of the condensed interim consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these condensed interim consolidated financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of uncertainty were the same as those that applied to the consolidated financial statements for the year ended December 31, 2017.
6
|
SEASONALITY OF OPERATIONS
|
The Group shows no seasonality in the operations of any of its subsidiaries; operations are carried out regularly during the course of the period.
Business operating segments are reported consistent with the internal reports that are reviewed by the Corporate General Manager, who is the chief operating decision maker, responsible for allocating resources and evaluating the performance of each operating segment.
The Group's operating segments are assessed by the activity of the following business units: (i) engineering and construction, (ii) infrastructure, (iii) real estate, (iv) technical services and (v) the operation of the Parent Company (Holding).
As set forth under IFRS 8, reportable segments by significance of income are: ‘engineering and construction’ and ‘technical services’. However, the Group has voluntarily decided to report on all its operating segments as detailed in this Note.
Inter-segmental sales transactions are entered into at prices that are similar to those that would have been agreed to with unrelated third parties. Revenues from external customers reported to the Corporate General Manager are measured in a manner consistent with the basis of preparation of the financial statements.
Group sales and receivables are not concentrated on a few customers.
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
Operating segments financial position
|
|
Segment reporting
|
|
|
Engineering
|
|
|
Infrastructure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
|
|
|
|
|
|
|
|
|
|
and
construction
|
|
|
Energy
|
|
|
Toll roads
|
|
|
Mass transit
|
|
|
Water treatment
|
|
|
Real estate
|
|
|
Technical services
|
|
|
Company Operations
|
|
|
Eliminations
|
|
|
Consolidated
|
|
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets.-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
183,901
|
|
|
|
43,878
|
|
|
|
121,901
|
|
|
|
161,073
|
|
|
|
4,204
|
|
|
|
97,709
|
|
|
|
21,914
|
|
|
|
3,632
|
|
|
|
-
|
|
|
|
638,212
|
|
Financial asset at fair value through profit or loss
|
|
|
181
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
181
|
|
Trade accounts receivables
|
|
|
368,302
|
|
|
|
64,364
|
|
|
|
128,124
|
|
|
|
117,042
|
|
|
|
604
|
|
|
|
45,897
|
|
|
|
302,335
|
|
|
|
419
|
|
|
|
-
|
|
|
|
1,027,087
|
|
Unbilled work in progress
|
|
|
651,063
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6,030
|
|
|
|
-
|
|
|
|
657,093
|
|
Accounts receivable from related parties
|
|
|
269,432
|
|
|
|
2,746
|
|
|
|
62,525
|
|
|
|
3,072
|
|
|
|
8,852
|
|
|
|
69,382
|
|
|
|
9,947
|
|
|
|
66,059
|
|
|
|
(355,909
|
)
|
|
|
136,106
|
|
Other accounts receivable
|
|
|
530,820
|
|
|
|
55,959
|
|
|
|
66,765
|
|
|
|
31,381
|
|
|
|
1,922
|
|
|
|
27,504
|
|
|
|
42,561
|
|
|
|
12,741
|
|
|
|
-
|
|
|
|
769,653
|
|
Inventories
|
|
|
46,500
|
|
|
|
15,093
|
|
|
|
8,685
|
|
|
|
19,457
|
|
|
|
-
|
|
|
|
643,882
|
|
|
|
52,754
|
|
|
|
190
|
|
|
|
(20,064
|
)
|
|
|
766,497
|
|
Prepaid expenses
|
|
|
4,470
|
|
|
|
1,168
|
|
|
|
2,354
|
|
|
|
10,312
|
|
|
|
164
|
|
|
|
216
|
|
|
|
18,250
|
|
|
|
761
|
|
|
|
-
|
|
|
|
37,695
|
|
Non-current assets classified as held for sale
|
|
|
302,884
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
218,276
|
|
|
|
-
|
|
|
|
521,160
|
|
Total current assets
|
|
|
2,357,553
|
|
|
|
183,208
|
|
|
|
390,354
|
|
|
|
342,337
|
|
|
|
15,746
|
|
|
|
884,590
|
|
|
|
447,761
|
|
|
|
308,108
|
|
|
|
(375,973
|
)
|
|
|
4,553,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term trade accounts receivable
|
|
|
-
|
|
|
|
-
|
|
|
|
14,747
|
|
|
|
793,991
|
|
|
|
-
|
|
|
|
-
|
|
|
|
26,539
|
|
|
|
-
|
|
|
|
-
|
|
|
|
835,277
|
|
Long-term unbilled work in progress
|
|
|
-
|
|
|
|
-
|
|
|
|
28,413
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
28,413
|
|
Long-term accounts receivable from related parties
|
|
|
-
|
|
|
|
-
|
|
|
|
27,660
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
474
|
|
|
|
636,940
|
|
|
|
(146,240
|
)
|
|
|
518,834
|
|
Prepaid expenses
|
|
|
-
|
|
|
|
-
|
|
|
|
24,585
|
|
|
|
13,115
|
|
|
|
892
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(510
|
)
|
|
|
38,082
|
|
Other long-term accounts receivable
|
|
|
26,340
|
|
|
|
53,917
|
|
|
|
11,159
|
|
|
|
255,179
|
|
|
|
7,348
|
|
|
|
9,811
|
|
|
|
1,712
|
|
|
|
56,696
|
|
|
|
-
|
|
|
|
422,162
|
|
Investments in associates and joint ventures
|
|
|
110,565
|
|
|
|
7,344
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
10,113
|
|
|
|
2,053,881
|
|
|
|
(2,132,455
|
)
|
|
|
49,449
|
|
Investment property
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
45,687
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
45,687
|
|
Property, plant and equipment
|
|
|
509,700
|
|
|
|
171,226
|
|
|
|
18,572
|
|
|
|
580
|
|
|
|
60
|
|
|
|
11,621
|
|
|
|
102,448
|
|
|
|
70,627
|
|
|
|
(17,587
|
)
|
|
|
867,247
|
|
Intangible assets
|
|
|
203,390
|
|
|
|
160,288
|
|
|
|
492,424
|
|
|
|
323
|
|
|
|
-
|
|
|
|
1,022
|
|
|
|
48,903
|
|
|
|
24,032
|
|
|
|
11,260
|
|
|
|
941,642
|
|
Deferred income tax asset
|
|
|
178,317
|
|
|
|
5,507
|
|
|
|
11,057
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10,316
|
|
|
|
39,201
|
|
|
|
194,998
|
|
|
|
9,797
|
|
|
|
449,193
|
|
Total non-current assets
|
|
|
1,028,312
|
|
|
|
398,282
|
|
|
|
628,617
|
|
|
|
1,063,188
|
|
|
|
8,300
|
|
|
|
78,458
|
|
|
|
229,390
|
|
|
|
3,037,174
|
|
|
|
(2,275,735
|
)
|
|
|
4,195,986
|
|
Total assets
|
|
|
3,385,865
|
|
|
|
581,490
|
|
|
|
1,018,971
|
|
|
|
1,405,525
|
|
|
|
24,046
|
|
|
|
963,048
|
|
|
|
677,151
|
|
|
|
3,345,282
|
|
|
|
(2,651,708
|
)
|
|
|
8,749,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities.-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
591,987
|
|
|
|
46,924
|
|
|
|
2,589
|
|
|
|
-
|
|
|
|
-
|
|
|
|
162,031
|
|
|
|
139,821
|
|
|
|
113,412
|
|
|
|
-
|
|
|
|
1,056,764
|
|
Bonds
|
|
|
-
|
|
|
|
-
|
|
|
|
24,361
|
|
|
|
12,294
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
36,655
|
|
Trade accounts payable
|
|
|
960,188
|
|
|
|
62,658
|
|
|
|
85,329
|
|
|
|
81,161
|
|
|
|
132
|
|
|
|
43,724
|
|
|
|
187,554
|
|
|
|
36,412
|
|
|
|
(939
|
)
|
|
|
1,456,219
|
|
Accounts payable to related parties
|
|
|
122,007
|
|
|
|
3,664
|
|
|
|
60,857
|
|
|
|
83,841
|
|
|
|
14
|
|
|
|
37,396
|
|
|
|
14,429
|
|
|
|
115,387
|
|
|
|
(374,702
|
)
|
|
|
62,893
|
|
Current income tax
|
|
|
29,379
|
|
|
|
1,282
|
|
|
|
1,122
|
|
|
|
-
|
|
|
|
161
|
|
|
|
45,299
|
|
|
|
1,505
|
|
|
|
-
|
|
|
|
-
|
|
|
|
78,748
|
|
Other accounts payable
|
|
|
492,366
|
|
|
|
12,487
|
|
|
|
68,994
|
|
|
|
27,058
|
|
|
|
49
|
|
|
|
63,654
|
|
|
|
107,837
|
|
|
|
73,991
|
|
|
|
-
|
|
|
|
846,436
|
|
Provisions
|
|
|
6,682
|
|
|
|
5,204
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
20
|
|
|
|
1,597
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13,503
|
|
Non-current liabilities classified as held for sale
|
|
|
248,459
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
248,459
|
|
Total current liabilities
|
|
|
2,451,068
|
|
|
|
132,219
|
|
|
|
243,252
|
|
|
|
204,354
|
|
|
|
356
|
|
|
|
352,124
|
|
|
|
452,743
|
|
|
|
339,202
|
|
|
|
(375,641
|
)
|
|
|
3,799,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
127,773
|
|
|
|
101,549
|
|
|
|
1,945
|
|
|
|
-
|
|
|
|
-
|
|
|
|
12,010
|
|
|
|
26,458
|
|
|
|
363,564
|
|
|
|
-
|
|
|
|
633,299
|
|
Long-term bonds
|
|
|
-
|
|
|
|
-
|
|
|
|
319,549
|
|
|
|
591,363
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
910,912
|
|
Other long-term accounts payable
|
|
|
129,022
|
|
|
|
-
|
|
|
|
52,349
|
|
|
|
349,987
|
|
|
|
158
|
|
|
|
32,058
|
|
|
|
35,863
|
|
|
|
2,469
|
|
|
|
-
|
|
|
|
601,906
|
|
Long-term accounts payable to related parties
|
|
|
4,306
|
|
|
|
-
|
|
|
|
836
|
|
|
|
89,023
|
|
|
|
23,445
|
|
|
|
-
|
|
|
|
30,739
|
|
|
|
5,261
|
|
|
|
(127,656
|
)
|
|
|
25,954
|
|
Provisions
|
|
|
8,587
|
|
|
|
16,707
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,847
|
|
|
|
5,255
|
|
|
|
-
|
|
|
|
32,396
|
|
Derivative financial instruments
|
|
|
-
|
|
|
|
383
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
383
|
|
Deferred income tax liability
|
|
|
26,632
|
|
|
|
8,958
|
|
|
|
8,606
|
|
|
|
23,290
|
|
|
|
210
|
|
|
|
-
|
|
|
|
9,494
|
|
|
|
-
|
|
|
|
-
|
|
|
|
77,190
|
|
Total non-current liabilities
|
|
|
296,320
|
|
|
|
127,597
|
|
|
|
383,285
|
|
|
|
1,053,663
|
|
|
|
23,813
|
|
|
|
44,068
|
|
|
|
104,401
|
|
|
|
376,549
|
|
|
|
(127,656
|
)
|
|
|
2,282,040
|
|
Total liabilities
|
|
|
2,747,388
|
|
|
|
259,816
|
|
|
|
626,537
|
|
|
|
1,258,017
|
|
|
|
24,169
|
|
|
|
396,192
|
|
|
|
557,144
|
|
|
|
715,751
|
|
|
|
(503,297
|
)
|
|
|
6,081,717
|
|
Equity attributable to controlling interest in the Company
|
|
|
530,193
|
|
|
|
299,411
|
|
|
|
323,987
|
|
|
|
110,632
|
|
|
|
(123
|
)
|
|
|
217,290
|
|
|
|
105,911
|
|
|
|
2,616,168
|
|
|
|
(2,014,322
|
)
|
|
|
2,189,147
|
|
Non-controlling interest
|
|
|
108,284
|
|
|
|
22,263
|
|
|
|
68,447
|
|
|
|
36,876
|
|
|
|
-
|
|
|
|
349,566
|
|
|
|
14,096
|
|
|
|
13,363
|
|
|
|
(134,089
|
)
|
|
|
478,806
|
|
Total liabilities and equity
|
|
|
3,385,865
|
|
|
|
581,490
|
|
|
|
1,018,971
|
|
|
|
1,405,525
|
|
|
|
24,046
|
|
|
|
963,048
|
|
|
|
677,151
|
|
|
|
3,345,282
|
|
|
|
(2,651,708
|
)
|
|
|
8,749,670
|
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
Operating segments financial position
|
|
Segment reporting
|
|
|
Engineering
|
|
|
Infrastructure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
|
|
|
|
|
|
|
|
|
|
and
construction
|
|
|
Energy
|
|
|
Toll roads
|
|
|
Mass transit
|
|
|
Water
treatment
|
|
|
Real estate
|
|
|
Technical services
|
|
|
Company Operations
|
|
|
Eliminations
|
|
|
Consolidated
|
|
As of March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets.-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
154,243
|
|
|
|
41,010
|
|
|
|
90,696
|
|
|
|
243,276
|
|
|
|
5,121
|
|
|
|
80,065
|
|
|
|
8,409
|
|
|
|
7,277
|
|
|
|
-
|
|
|
|
630,097
|
|
Financial asset at fair value through profit or loss
|
|
|
222
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
222
|
|
Trade accounts receivables
|
|
|
359,001
|
|
|
|
68,699
|
|
|
|
99,719
|
|
|
|
195,307
|
|
|
|
682
|
|
|
|
46,921
|
|
|
|
177,405
|
|
|
|
501
|
|
|
|
-
|
|
|
|
948,235
|
|
Unbilled work in progress
|
|
|
564,671
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
130,241
|
|
|
|
13,415
|
|
|
|
-
|
|
|
|
708,327
|
|
Accounts receivable from related parties
|
|
|
297,339
|
|
|
|
2,663
|
|
|
|
55,232
|
|
|
|
3,259
|
|
|
|
8,852
|
|
|
|
70,699
|
|
|
|
18,900
|
|
|
|
75,149
|
|
|
|
(400,771
|
)
|
|
|
131,322
|
|
Other accounts receivable
|
|
|
558,316
|
|
|
|
52,539
|
|
|
|
75,637
|
|
|
|
35,784
|
|
|
|
1,108
|
|
|
|
22,531
|
|
|
|
111,622
|
|
|
|
14,912
|
|
|
|
-
|
|
|
|
872,449
|
|
Inventories
|
|
|
56,206
|
|
|
|
15,810
|
|
|
|
9,613
|
|
|
|
21,415
|
|
|
|
-
|
|
|
|
614,828
|
|
|
|
58,212
|
|
|
|
997
|
|
|
|
(20,251
|
)
|
|
|
756,830
|
|
Prepaid expenses
|
|
|
5,148
|
|
|
|
1,006
|
|
|
|
2,206
|
|
|
|
32,711
|
|
|
|
86
|
|
|
|
182
|
|
|
|
13,297
|
|
|
|
2,474
|
|
|
|
-
|
|
|
|
57,110
|
|
Non-current assets classified as held for sale
|
|
|
285,162
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
218,276
|
|
|
|
-
|
|
|
|
503,438
|
|
Total current assets
|
|
|
2,280,308
|
|
|
|
181,727
|
|
|
|
333,103
|
|
|
|
531,752
|
|
|
|
15,849
|
|
|
|
835,226
|
|
|
|
518,086
|
|
|
|
333,001
|
|
|
|
(421,022
|
)
|
|
|
4,608,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term trade accounts receivable
|
|
|
-
|
|
|
|
-
|
|
|
|
14,747
|
|
|
|
878,365
|
|
|
|
-
|
|
|
|
-
|
|
|
|
25,620
|
|
|
|
-
|
|
|
|
-
|
|
|
|
918,732
|
|
Long-term unbilled work in progress
|
|
|
-
|
|
|
|
-
|
|
|
|
28,902
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
28,902
|
|
Long-term accounts receivable from related parties
|
|
|
-
|
|
|
|
-
|
|
|
|
27,866
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,355
|
|
|
|
626,827
|
|
|
|
(158,256
|
)
|
|
|
497,792
|
|
Prepaid expenses
|
|
|
-
|
|
|
|
-
|
|
|
|
41,595
|
|
|
|
9,598
|
|
|
|
879
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(510
|
)
|
|
|
51,562
|
|
Other long-term accounts receivable
|
|
|
20,283
|
|
|
|
57,529
|
|
|
|
13,665
|
|
|
|
227,848
|
|
|
|
7,347
|
|
|
|
9,035
|
|
|
|
896
|
|
|
|
22,347
|
|
|
|
-
|
|
|
|
358,950
|
|
Investments in associates and joint ventures
|
|
|
107,311
|
|
|
|
7,847
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9,466
|
|
|
|
2,065,815
|
|
|
|
(2,143,856
|
)
|
|
|
46,583
|
|
Investment property
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
45,160
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
45,160
|
|
Property, plant and equipment
|
|
|
476,301
|
|
|
|
168,568
|
|
|
|
17,396
|
|
|
|
801
|
|
|
|
57
|
|
|
|
10,732
|
|
|
|
102,056
|
|
|
|
69,920
|
|
|
|
(17,587
|
)
|
|
|
828,244
|
|
Intangible assets
|
|
|
216,876
|
|
|
|
174,902
|
|
|
|
487,255
|
|
|
|
425
|
|
|
|
-
|
|
|
|
1,076
|
|
|
|
45,881
|
|
|
|
23,911
|
|
|
|
11,039
|
|
|
|
961,365
|
|
Deferred income tax asset
|
|
|
183,650
|
|
|
|
5,373
|
|
|
|
11,871
|
|
|
|
-
|
|
|
|
-
|
|
|
|
15,247
|
|
|
|
38,221
|
|
|
|
208,193
|
|
|
|
9,928
|
|
|
|
472,483
|
|
Total non-current assets
|
|
|
1,004,421
|
|
|
|
414,219
|
|
|
|
643,297
|
|
|
|
1,117,037
|
|
|
|
8,283
|
|
|
|
81,250
|
|
|
|
223,495
|
|
|
|
3,017,013
|
|
|
|
(2,299,242
|
)
|
|
|
4,209,773
|
|
Total assets
|
|
|
3,284,729
|
|
|
|
595,946
|
|
|
|
976,400
|
|
|
|
1,648,789
|
|
|
|
24,132
|
|
|
|
916,476
|
|
|
|
741,581
|
|
|
|
3,350,014
|
|
|
|
(2,720,264
|
)
|
|
|
8,817,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities.-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
563,672
|
|
|
|
47,174
|
|
|
|
1,628
|
|
|
|
148,553
|
|
|
|
-
|
|
|
|
148,205
|
|
|
|
163,914
|
|
|
|
122,836
|
|
|
|
-
|
|
|
|
1,195,982
|
|
Bonds
|
|
|
-
|
|
|
|
-
|
|
|
|
23,146
|
|
|
|
12,516
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
35,662
|
|
Trade accounts payable
|
|
|
974,672
|
|
|
|
72,991
|
|
|
|
56,793
|
|
|
|
172,379
|
|
|
|
217
|
|
|
|
38,553
|
|
|
|
197,072
|
|
|
|
43,130
|
|
|
|
(939
|
)
|
|
|
1,554,868
|
|
Accounts payable to related parties
|
|
|
126,702
|
|
|
|
2,703
|
|
|
|
58,917
|
|
|
|
114,969
|
|
|
|
22
|
|
|
|
34,279
|
|
|
|
17,948
|
|
|
|
130,684
|
|
|
|
(423,799
|
)
|
|
|
62,425
|
|
Current income tax
|
|
|
35,001
|
|
|
|
1,963
|
|
|
|
29
|
|
|
|
-
|
|
|
|
124
|
|
|
|
42,996
|
|
|
|
25,106
|
|
|
|
-
|
|
|
|
-
|
|
|
|
105,219
|
|
Other accounts payable
|
|
|
395,884
|
|
|
|
12,102
|
|
|
|
60,847
|
|
|
|
32,054
|
|
|
|
62
|
|
|
|
102,151
|
|
|
|
123,702
|
|
|
|
77,595
|
|
|
|
-
|
|
|
|
804,397
|
|
Provisions
|
|
|
6,682
|
|
|
|
5,163
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
20
|
|
|
|
1,203
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13,068
|
|
Non-current liabilities classified as held for sale
|
|
|
251,080
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
251,080
|
|
Total current liabilities
|
|
|
2,353,693
|
|
|
|
142,096
|
|
|
|
201,360
|
|
|
|
480,471
|
|
|
|
425
|
|
|
|
366,204
|
|
|
|
528,945
|
|
|
|
374,245
|
|
|
|
(424,738
|
)
|
|
|
4,022,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
119,239
|
|
|
|
95,293
|
|
|
|
1,580
|
|
|
|
-
|
|
|
|
-
|
|
|
|
11,985
|
|
|
|
18,997
|
|
|
|
339,546
|
|
|
|
-
|
|
|
|
586,640
|
|
Long-term bonds
|
|
|
-
|
|
|
|
-
|
|
|
|
315,182
|
|
|
|
593,007
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
908,189
|
|
Other long-term accounts payable
|
|
|
128,022
|
|
|
|
-
|
|
|
|
45,910
|
|
|
|
298,348
|
|
|
|
209
|
|
|
|
-
|
|
|
|
36,980
|
|
|
|
2,503
|
|
|
|
-
|
|
|
|
511,972
|
|
Long-term accounts payable to related parties
|
|
|
4,599
|
|
|
|
-
|
|
|
|
836
|
|
|
|
87,188
|
|
|
|
23,322
|
|
|
|
-
|
|
|
|
40,444
|
|
|
|
6,133
|
|
|
|
(135,230
|
)
|
|
|
27,292
|
|
Provisions
|
|
|
8,572
|
|
|
|
16,155
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,480
|
|
|
|
5,255
|
|
|
|
-
|
|
|
|
31,462
|
|
Derivative financial instruments
|
|
|
-
|
|
|
|
224
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
224
|
|
Deferred income tax liability
|
|
|
26,169
|
|
|
|
12,848
|
|
|
|
10,216
|
|
|
|
25,695
|
|
|
|
206
|
|
|
|
-
|
|
|
|
10,459
|
|
|
|
-
|
|
|
|
-
|
|
|
|
85,593
|
|
Total non-current liabilities
|
|
|
286,601
|
|
|
|
124,520
|
|
|
|
373,724
|
|
|
|
1,004,238
|
|
|
|
23,737
|
|
|
|
11,985
|
|
|
|
108,360
|
|
|
|
353,437
|
|
|
|
(135,230
|
)
|
|
|
2,151,372
|
|
Total liabilities
|
|
|
2,640,294
|
|
|
|
266,616
|
|
|
|
575,084
|
|
|
|
1,484,709
|
|
|
|
24,162
|
|
|
|
378,189
|
|
|
|
637,305
|
|
|
|
727,682
|
|
|
|
(559,968
|
)
|
|
|
6,174,073
|
|
Equity attributable to controlling interest in the Company
|
|
|
536,243
|
|
|
|
306,129
|
|
|
|
331,423
|
|
|
|
123,061
|
|
|
|
(30
|
)
|
|
|
215,488
|
|
|
|
97,640
|
|
|
|
2,609,007
|
|
|
|
(2,021,847
|
)
|
|
|
2,197,114
|
|
Non-controlling interest
|
|
|
108,192
|
|
|
|
23,201
|
|
|
|
69,893
|
|
|
|
41,019
|
|
|
|
-
|
|
|
|
322,799
|
|
|
|
6,636
|
|
|
|
13,325
|
|
|
|
(138,449
|
)
|
|
|
446,616
|
|
Total liabilities and equity
|
|
|
3,284,729
|
|
|
|
595,946
|
|
|
|
976,400
|
|
|
|
1,648,789
|
|
|
|
24,132
|
|
|
|
916,476
|
|
|
|
741,581
|
|
|
|
3,350,014
|
|
|
|
(2,720,264
|
)
|
|
|
8,817,803
|
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
Operating segment performance
|
|
Segment Reporting
|
|
|
Engineering
|
|
|
Infrastructure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
|
|
|
|
|
|
|
|
|
|
and
construction
|
|
|
Energy
|
|
|
Toll roads
|
|
|
Mass
transit
|
|
|
Water
treatment
|
|
|
Real
estate
|
|
|
Technical
services
|
|
|
Company
operations
|
|
|
Eliminations
|
|
|
Consolidated
|
|
For the three-month period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ended March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
684,495
|
|
|
|
103,882
|
|
|
|
95,160
|
|
|
|
62,108
|
|
|
|
755
|
|
|
|
219,925
|
|
|
|
327,589
|
|
|
|
16,515
|
|
|
|
(92,064
|
)
|
|
|
1,418,365
|
|
Gross profit (loss)
|
|
|
52,614
|
|
|
|
19,286
|
|
|
|
26,074
|
|
|
|
12,765
|
|
|
|
174
|
|
|
|
86,477
|
|
|
|
33,545
|
|
|
|
(5,395
|
)
|
|
|
(14,366
|
)
|
|
|
211,174
|
|
Administrative expenses
|
|
|
(51,843
|
)
|
|
|
(4,205
|
)
|
|
|
(7,965
|
)
|
|
|
(3,346
|
)
|
|
|
(62
|
)
|
|
|
(4,851
|
)
|
|
|
(30,704
|
)
|
|
|
(10,902
|
)
|
|
|
16,962
|
|
|
|
(96,916
|
)
|
Other income and expenses
|
|
|
1,619
|
|
|
|
(708
|
)
|
|
|
126
|
|
|
|
6
|
|
|
|
-
|
|
|
|
(145
|
)
|
|
|
105
|
|
|
|
405
|
|
|
|
(659
|
)
|
|
|
749
|
|
Gain from the sale of investments
|
|
|
25,768
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
25,768
|
|
Operating profit
|
|
|
28,158
|
|
|
|
14,373
|
|
|
|
18,235
|
|
|
|
9,425
|
|
|
|
112
|
|
|
|
81,481
|
|
|
|
2,946
|
|
|
|
(15,892
|
)
|
|
|
1,937
|
|
|
|
140,775
|
|
Financial expenses
|
|
|
(11,143
|
)
|
|
|
(2,986
|
)
|
|
|
(2,784
|
)
|
|
|
(1,070
|
)
|
|
|
(1
|
)
|
|
|
(7,971
|
)
|
|
|
(8,549
|
)
|
|
|
(20,359
|
)
|
|
|
8,968
|
|
|
|
(45,895
|
)
|
Financial income
|
|
|
14,771
|
|
|
|
2,552
|
|
|
|
806
|
|
|
|
947
|
|
|
|
3
|
|
|
|
58
|
|
|
|
1,366
|
|
|
|
18,401
|
|
|
|
(11,488
|
)
|
|
|
27,416
|
|
Share of the profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in associates and joint ventures under the equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
method of accounting
|
|
|
20,845
|
|
|
|
529
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
124
|
|
|
|
92,510
|
|
|
|
(108,526
|
)
|
|
|
5,482
|
|
Profit before income tax
|
|
|
52,631
|
|
|
|
14,468
|
|
|
|
16,257
|
|
|
|
9,302
|
|
|
|
114
|
|
|
|
73,568
|
|
|
|
(4,113
|
)
|
|
|
74,660
|
|
|
|
(109,109
|
)
|
|
|
127,778
|
|
Income tax
|
|
|
(13,183
|
)
|
|
|
(4,484
|
)
|
|
|
(4,237
|
)
|
|
|
(2,920
|
)
|
|
|
(75
|
)
|
|
|
(19,460
|
)
|
|
|
344
|
|
|
|
4,374
|
|
|
|
(43
|
)
|
|
|
(39,684
|
)
|
Profit (loss) for the period
|
|
|
39,448
|
|
|
|
9,984
|
|
|
|
12,020
|
|
|
|
6,382
|
|
|
|
39
|
|
|
|
54,108
|
|
|
|
(3,769
|
)
|
|
|
79,034
|
|
|
|
(109,152
|
)
|
|
|
88,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company
|
|
|
36,200
|
|
|
|
8,947
|
|
|
|
8,066
|
|
|
|
4,787
|
|
|
|
39
|
|
|
|
34,362
|
|
|
|
(3,122
|
)
|
|
|
79,057
|
|
|
|
(89,213
|
)
|
|
|
79,123
|
|
Non-controlling interest
|
|
|
3,248
|
|
|
|
1,037
|
|
|
|
3,954
|
|
|
|
1,595
|
|
|
|
-
|
|
|
|
19,746
|
|
|
|
(647
|
)
|
|
|
(23
|
)
|
|
|
(19,939
|
)
|
|
|
8,971
|
|
|
|
|
39,448
|
|
|
|
9,984
|
|
|
|
12,020
|
|
|
|
6,382
|
|
|
|
39
|
|
|
|
54,108
|
|
|
|
(3,769
|
)
|
|
|
79,034
|
|
|
|
(109,152
|
)
|
|
|
88,094
|
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
Operating segment performance
|
|
Segment Reporting
|
|
|
Engineering
|
|
|
Infrastructure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent
|
|
|
|
|
|
|
|
|
|
and
construction
|
|
|
Energy
|
|
|
Toll roads
|
|
|
Mass
transit
|
|
|
Water
treatment
|
|
|
Real
estate
|
|
|
Technical
services
|
|
|
Company
operations
|
|
|
Eliminations
|
|
|
Consolidated
|
|
For the three-month period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ended March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
674,767
|
|
|
|
124,596
|
|
|
|
148,501
|
|
|
|
151,168
|
|
|
|
807
|
|
|
|
71,372
|
|
|
|
265,608
|
|
|
|
26,069
|
|
|
|
(151,857
|
)
|
|
|
1,311,031
|
|
Gross profit (loss)
|
|
|
51,345
|
|
|
|
29,312
|
|
|
|
27,392
|
|
|
|
25,918
|
|
|
|
120
|
|
|
|
12,288
|
|
|
|
7,069
|
|
|
|
4,506
|
|
|
|
(4,703
|
)
|
|
|
153,247
|
|
Administrative expenses
|
|
|
(43,647
|
)
|
|
|
(4,285
|
)
|
|
|
(7,753
|
)
|
|
|
(2,417
|
)
|
|
|
(67
|
)
|
|
|
(4,112
|
)
|
|
|
(23,321
|
)
|
|
|
(18,169
|
)
|
|
|
10,781
|
|
|
|
(92,990
|
)
|
Other income and expenses
|
|
|
12,867
|
|
|
|
1,028
|
|
|
|
(46
|
)
|
|
|
523
|
|
|
|
-
|
|
|
|
(181
|
)
|
|
|
135
|
|
|
|
(111
|
)
|
|
|
32
|
|
|
|
14,247
|
|
Gain from the sale of investments
|
|
|
(1,529
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,529
|
)
|
Operating profit
|
|
|
19,036
|
|
|
|
26,055
|
|
|
|
19,593
|
|
|
|
24,024
|
|
|
|
53
|
|
|
|
7,995
|
|
|
|
(16,117
|
)
|
|
|
(13,774
|
)
|
|
|
6,110
|
|
|
|
72,975
|
|
Financial expenses
|
|
|
(18,603
|
)
|
|
|
(3,302
|
)
|
|
|
(6,608
|
)
|
|
|
(1,221
|
)
|
|
|
-
|
|
|
|
(5,830
|
)
|
|
|
(7,074
|
)
|
|
|
(33,637
|
)
|
|
|
7,153
|
|
|
|
(69,122
|
)
|
Financial income
|
|
|
7,377
|
|
|
|
318
|
|
|
|
630
|
|
|
|
907
|
|
|
|
14
|
|
|
|
1,216
|
|
|
|
247
|
|
|
|
7,009
|
|
|
|
(12,799
|
)
|
|
|
4,919
|
|
Share of the profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in associates and joint ventures under the equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
method of accounting
|
|
|
(2,977
|
)
|
|
|
401
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
362
|
|
|
|
12,827
|
|
|
|
(12,289
|
)
|
|
|
(1,676
|
)
|
Profit before income tax
|
|
|
4,833
|
|
|
|
23,472
|
|
|
|
13,615
|
|
|
|
23,710
|
|
|
|
67
|
|
|
|
3,381
|
|
|
|
(22,582
|
)
|
|
|
(27,575
|
)
|
|
|
(11,825
|
)
|
|
|
7,096
|
|
Income tax
|
|
|
(10,400
|
)
|
|
|
(6,780
|
)
|
|
|
(4,121
|
)
|
|
|
(7,140
|
)
|
|
|
(97
|
)
|
|
|
(974
|
)
|
|
|
3,927
|
|
|
|
12,681
|
|
|
|
808
|
|
|
|
(12,096
|
)
|
Profit (loss) for the period
|
|
|
(5,567
|
)
|
|
|
16,692
|
|
|
|
9,494
|
|
|
|
16,570
|
|
|
|
(30
|
)
|
|
|
2,407
|
|
|
|
(18,655
|
)
|
|
|
(14,894
|
)
|
|
|
(11,017
|
)
|
|
|
(5,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company
|
|
|
(6,667
|
)
|
|
|
15,352
|
|
|
|
7,745
|
|
|
|
12,428
|
|
|
|
(30
|
)
|
|
|
(1,801
|
)
|
|
|
(14,269
|
)
|
|
|
(14,857
|
)
|
|
|
(12,079
|
)
|
|
|
(14,178
|
)
|
Non-controlling interest
|
|
|
1,100
|
|
|
|
1,340
|
|
|
|
1,749
|
|
|
|
4,142
|
|
|
|
-
|
|
|
|
4,208
|
|
|
|
(4,386
|
)
|
|
|
(37
|
)
|
|
|
1,062
|
|
|
|
9,178
|
|
|
|
|
(5,567
|
)
|
|
|
16,692
|
|
|
|
9,494
|
|
|
|
16,570
|
|
|
|
(30
|
)
|
|
|
2,407
|
|
|
|
(18,655
|
)
|
|
|
(14,894
|
)
|
|
|
(11,017
|
)
|
|
|
(5,000
|
)
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
No major changes occurred in total assets as compared to the amount stated in previous year-end financial statements.
There are no differences as compared to previous year-end financial statements based on segmentation or measurement of financial performance by segment.
8
|
CASH AND CASH EQUIVALENTS
|
|
|
at December 31,
|
|
|
at March 31,
|
|
|
|
2017
|
|
|
2018
|
|
Cash on hand
|
|
|
16,468
|
|
|
|
2,172
|
|
In-transit remittances
|
|
|
1,036
|
|
|
|
1,039
|
|
Bank accounts
|
|
|
397,883
|
|
|
|
443,717
|
|
Time deposits
|
|
|
115,010
|
|
|
|
54,920
|
|
Mutual funds
|
|
|
107,815
|
|
|
|
128,249
|
|
|
|
|
638,212
|
|
|
|
630,097
|
|
Reconciliation to cash flow statement
The above figures reconcile to the amount of cash shown in the statement of cash flows at the end of:
|
|
at December 31,
|
|
|
at March 31,
|
|
|
|
2017
|
|
|
2018
|
|
Cash and Cash Equivalent on Balance Sheet
|
|
|
638,212
|
|
|
|
630,097
|
|
Bank overdrafts (note 13)
|
|
|
(120
|
)
|
|
|
(109
|
)
|
Balances per statement of cash flows
|
|
|
638,092
|
|
|
|
629,988
|
|
9
|
TRANSACTIONS WITH RELATED PARTIES
|
a)
|
Transactions with related parties
-
|
Major transactions between the Company and its related parties are summarized as follows:
|
|
For the year ended March 31,
|
|
|
|
2017
|
|
|
2018
|
|
Revenue from sale of goods and services:
|
|
|
|
|
|
|
-
Associates
|
|
|
554
|
|
|
|
70
|
|
-
Joint operations
|
|
|
3,388
|
|
|
|
8,313
|
|
|
|
|
3,942
|
|
|
|
8,383
|
|
Inter-company services were agreed upon under market terms as if they had been agreed to with third parties.
b)
|
Balances of transactions with related parties
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
|
|
At December 31, 2017
|
|
|
At March 31, 2018
|
|
|
|
Receivable
|
|
|
Payable
|
|
|
Receivable
|
|
|
Payable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Joint operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Consorcio GyM Conciviles
|
|
|
61,764
|
|
|
|
-
|
|
|
|
61,931
|
|
|
|
-
|
|
Consorcio Constructor Ductos del Sur
|
|
|
14,389
|
|
|
|
-
|
|
|
|
11,797
|
|
|
|
-
|
|
Consorcio Italo Peruano
|
|
|
14,536
|
|
|
|
18,849
|
|
|
|
11,449
|
|
|
|
16,654
|
|
Consorcio Rio Urubamba
|
|
|
8,964
|
|
|
|
-
|
|
|
|
8,927
|
|
|
|
-
|
|
Consorcio Peruano de Conservación
|
|
|
7,417
|
|
|
|
-
|
|
|
|
7,113
|
|
|
|
-
|
|
Consorcio Terminales del Perú
|
|
|
3,290
|
|
|
|
-
|
|
|
|
2,538
|
|
|
|
-
|
|
Consorcio Vial Sierra
|
|
|
2,355
|
|
|
|
1,854
|
|
|
|
2,537
|
|
|
|
561
|
|
Consorcio Constructor Chavimochic
|
|
|
1,959
|
|
|
|
5,817
|
|
|
|
2,044
|
|
|
|
5,833
|
|
Consorcio La Gloria
|
|
|
1,688
|
|
|
|
1,358
|
|
|
|
1,729
|
|
|
|
1,361
|
|
Consorcio Rio Mantaro
|
|
|
1,134
|
|
|
|
763
|
|
|
|
1,085
|
|
|
|
16,620
|
|
Consorcio Ermitaño
|
|
|
1,067
|
|
|
|
6
|
|
|
|
1,206
|
|
|
|
356
|
|
Consorcio Menegua
|
|
|
39
|
|
|
|
-
|
|
|
|
42
|
|
|
|
-
|
|
Consorcio para la Atención y Mantenimiento de Ductos
|
|
|
-
|
|
|
|
12,074
|
|
|
|
-
|
|
|
|
-
|
|
Consorcio Vial Quinua
|
|
|
-
|
|
|
|
2,162
|
|
|
|
-
|
|
|
|
2,130
|
|
Consorcio Huacho Pativilca
|
|
|
-
|
|
|
|
2,377
|
|
|
|
-
|
|
|
|
3,071
|
|
Consorcio Energía y Vapor
|
|
|
-
|
|
|
|
72
|
|
|
|
-
|
|
|
|
-
|
|
Other minor
|
|
|
14,818
|
|
|
|
14,692
|
|
|
|
15,529
|
|
|
|
13,778
|
|
|
|
|
133,420
|
|
|
|
60,024
|
|
|
|
127,927
|
|
|
|
60,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other related parties:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaseoducto Sur Peruano S.A
|
|
|
521,241
|
|
|
|
-
|
|
|
|
500,927
|
|
|
|
|
|
Perú Piping Spools S.A.C.
|
|
|
279
|
|
|
|
185
|
|
|
|
260
|
|
|
|
348
|
|
Ferrovias Participaciones
|
|
|
-
|
|
|
|
21,648
|
|
|
|
-
|
|
|
|
21,857
|
|
Ferrovias Argentina
|
|
|
-
|
|
|
|
2,684
|
|
|
|
-
|
|
|
|
2,549
|
|
Arturo Serna
|
|
|
-
|
|
|
|
4,306
|
|
|
|
-
|
|
|
|
4,599
|
|
|
|
|
521,520
|
|
|
|
28,823
|
|
|
|
501,187
|
|
|
|
29,353
|
|
|
|
|
654,940
|
|
|
|
88,847
|
|
|
|
629,114
|
|
|
|
89,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less non-current portion:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaseoducto Sur Peruano S.A
|
|
|
(518,834
|
)
|
|
|
-
|
|
|
|
(497,792
|
)
|
|
|
-
|
|
Ferrovias Participaciones
|
|
|
-
|
|
|
|
(21,648
|
)
|
|
|
-
|
|
|
|
(21,857
|
)
|
Arturo Serna
|
|
|
-
|
|
|
|
(4,306
|
)
|
|
|
-
|
|
|
|
(4,599
|
)
|
Other minor
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(836
|
)
|
Current Portion
|
|
|
136,106
|
|
|
|
62,893
|
|
|
|
131,322
|
|
|
|
62,425
|
|
Accounts receivable and payable have no specific guarantees.
Current accounts receivable from related parties mainly arise from sales transactions for goods and services with a maturity period of 60 days. These balances are non-interest-bearing because they have short-term maturities and do not require a provision for impairment.
Current accounts payable to related parties mainly arise from transactions to provide services of engineering, construction, maintenance and others and have a maturity period of 60 days. Such accounts are not interest bearing because they are short-term.
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
10
|
NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE
|
As of March 31, 2018, this item includes the balances of the Consorcio Constructor Ductos del Sur for S/285.2 million, and the reclassification of the investment in the associate Gasoducto Sur Peruano S.A. for S/218.2 million.
In February and March 2017, the Company sold through its brokerage operations part of its shares (representing 9.97%) in the Red Eagle Mining Corporation investment, obtaining a remaining interest of 2.70%. The sale price was agreed at US$13.3 million (equivalent to S/43 million), which were canceled in full.
In August 2017, the Company capitalized claims to Red Eagle Mining Corporation for US$4 million. As of December 31, 2017, the investment represents 6.18%. In January and March 2018, the Company sold through its brokerage operations the total of its shares in the Red Eagle Mining Corporation investment. The sale price was agreed at US$3.99 million (equivalent to S/16.24 million), which were canceled in full.
11
|
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
|
The movement of our investments in associates for the period ended March 31, 2017 and 2018 is as follows:
|
|
2017
|
|
|
2018
|
|
Beginning balance
|
|
|
389,755
|
|
|
|
49,449
|
|
Capital dercrease
|
|
|
-
|
|
|
|
(289
|
)
|
Share of the profit and loss in associates
|
|
|
10,075
|
|
|
|
(1,676
|
)
|
Sale of investments
|
|
|
(240
|
)
|
|
|
-
|
|
GSP adjustment
|
|
|
(218,276
|
)
|
|
|
-
|
|
Other
|
|
|
(277
|
)
|
|
|
(901
|
)
|
Ending balance
|
|
|
181,037
|
|
|
|
46,583
|
|
On November 2015, subsidiary Negocios del Gas SA. Adquired an interest of 20% of concessionaire Gasoducto Sur Peruano, which represents an investment of approximately US$248 million, at December 2015 the contribution was S/391 million and at December 2016 its contribution was increased in S/374 million.
According to a notification issued by the Ministry of Energy and Mines of Peru on January 24, 2017, the early termination of the Concession Contract was declared, based on the provisions of clause
6.7 of the Concession Agreement "Improvements to the country's energy security and development of the South Peru Gas Pipeline ", as GSP failed to certify the financial closing within the established contractual deadline and proceeded to the immediate execution of the performance guarantee. This situation generated the execution of the counter-guarantees offered by the Group to the company issuing the performance guarantee of the Concession Contract for US $ 52.5 million (S /. 176.6 million) and US $ 129 million (S / 433.3 million). for the corporate guarantee of the bridge loan granted to GSP.
On October 11, 2017, the agreement was signed for the delivery of the goods of the Southern Peru Gas Pipeline concession between GSP and the Ministry of Energy and Mines (MEM). As stated in the agreement, GSP delivered most of the Concession Assets in possession to the administrator designated by the MEM for its custody and conservation. The assets include all the works, equipment and facilities provided for the execution of the project, as well as the engineering studies that were prepared by the concessionaire company.
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
After the termination of the contract, the Peruvian Government, in accordance with the contract, had to hire a consultancy entity of recognized international prestige that calculated the Net Book Value ("VCN" for its Spanish definition “Valor Contable Neto”) of the Concession Assets and the subsequent call for up to three public auctions, being the base amount for the first of them 100% of the VCN, guaranteeing in any case that after the third auction, in case the concession has not been awarded, the payment to GSP would be at least 72.25% of the VCN. Having elapsed more than a year since the termination of the contract, the Peruvian Government has not taken any action to calculate the VCN and call for auctions. In the opinion of the external and internal legal advisors, since the previous procedure had not been done within the established deadlines, the Peruvian Government would be obliged to pay GSP 100% of the VCN. Regarding the amount of the VCN there is a previous calculation reviewed by an audit firm as an independent expert as of December 31, 2016, commissioned by GSP, which determined a VCN of 2,602 million dollars.
GSP as of December 4, 2017 entered into a bankruptcy proceeding that will be carried out by the National Institute for the Defense of Competition and Intellectual Protection of Peru (hereinafter, INDECOPI), and the Group has registered accounts receivable in 2017 charge for US $ 434,465.77 and the fiduciary based in its capacity as administrator of the trust constituted US $ 169,287,006
Based on the amount of the VCN, applying the payments foreseen in the insolvency proceedings, the subordination contracts and the loan cession agreements between the Group and GSP partners, the assumption that an international arbitration will be required to achieve the payment by the Government, and, in accordance with the conclusions of the internal and external legal advisors, it is estimated that the international arbitration would take approximately 5 years to resolve. This is why an impairment of the investment was recorded, which includes a finance update and estimation of costs for US $ 202.3 million before taxes at the income statement.
In addition, considering the early termination of the GSP contract, the Group evaluated the impairment of the financial statements of CCDS. As a result, a net loss before taxes of S / 15.2 million was determined that was recognized in gross profit in the Engineering and Construction segment.
Same as in the Emergency Decree 003, Law 30737 in its First Section, includes Odebrecht and its related companies, which include GSP. According to this Law, GSP will not be able to make transfers abroad, will require the consent of the Ministry of Justice in case it wishes to sell assets and must deposit the proceeds of such sale in a guarantee trust. Likewise, the entities of the Government that must make some payment to the entities included in the Law, must withheld according to the contract 10%, equivalent to the net profit margin, and deposit it in the aforementioned trust in guarantee. According to our internal and external legal advisors, Government payment for the VCN is not within the scope of the withholding, as this payment does not include net profit margin, nor is a sale of assets
As of March 31, 2017, the investment was reclassified to Non-current assets classified as held for sale.
In February 2017 subsidiary Viva GyM S.A. signed a purchase-sales agreement comprising its equity interest (representing 22.5%) held in associate Promoción Inmobiliaria del Sur S.A. The agreed selling price was US$25 million (equivalent to S/81 million), which was fully paid.
12
|
PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
|
For the period ended March 31, 2017 and 2018, the movement in property, plant and equipment and intangible assets accounts was as follows:
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
|
|
|
|
|
Intangible
|
|
|
|
equipment
|
|
|
assets
|
|
|
|
|
|
|
|
|
|
|
At January 1, 2017
|
|
|
1,113,599
|
|
|
|
960,286
|
|
Adiciones
|
|
|
69,497
|
|
|
|
31,413
|
|
Transfers, disposals and adjustments
|
|
|
(30,296
|
)
|
|
|
5,060
|
|
Deductions for sale of assets
|
|
|
(13,349
|
)
|
|
|
0
|
|
Depreciation, amortization
|
|
|
(49,674
|
)
|
|
|
(23,622
|
)
|
Net cost at March 31, 2017
|
|
|
1,089,777
|
|
|
|
973,137
|
|
|
|
|
|
|
|
|
|
|
At January 1, 2018
|
|
|
867,247
|
|
|
|
941,642
|
|
Additions
|
|
|
22,433
|
|
|
|
36,002
|
|
Subsidiary deconsolidation
|
|
|
(13,100
|
)
|
|
|
0
|
|
Transfers, disposals and adjustments
|
|
|
6,715
|
|
|
|
6,844
|
|
Deductions for sale of assets
|
|
|
(13,400
|
)
|
|
|
0
|
|
Depreciation, amortization
|
|
|
(41,651
|
)
|
|
|
(23,123
|
)
|
Net cost at March 31, 2018
|
|
|
828,244
|
|
|
|
961,365
|
|
i)
|
Property, plant and equipment
|
As of March 31, 2017 and 2018, additions to property, plant and equipment comprise of acquisition of machinery and equipment intended for the Group’s operations.
At December 31, 2017 the Group determined indicators of impairment of items of property, plant and equipment related to unused fixed assets and calculated the recoverable amount of these assets as the fair value determined by appraisals made by independent experts. The recognized impairment loss is mainly related to GyM S.A. for S/11.4 million, Morelco for S/0.24 million and Stracon GyM S.A. for S/ 2.7 million, which are shown within “Expenses by nature” (Note 17).
As of March 31, 2017 and 2018, additions registered in intangible assets mainly comprise of investments in building the second Ancón-Huacho-Pativilca road section of the Panamericana Norte highway (concession under intangible model) and in preparation of wells located in Lots I, III, IV and V to provide oil and hydrocarbon exploitation services.
Management reviews the results of its businesses based on the type of economic activity carried out.
Goodwill allocated to cash-generating units are:
|
|
at December 31,
|
|
|
at March 31,
|
|
|
|
2017
|
|
|
2018
|
|
Engineering and construction
|
|
|
75,052
|
|
|
|
79,992
|
|
Electromechanical
|
|
|
20,737
|
|
|
|
20,737
|
|
Mining and construction services
|
|
|
13,366
|
|
|
|
13,366
|
|
Telecommunications services
|
|
|
6,720
|
|
|
|
6,720
|
|
IT equipment and services
|
|
|
930
|
|
|
|
930
|
|
|
|
|
116,805
|
|
|
|
121,745
|
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
As a result of the impairment testing on goodwill performed by Management on an annual basis the recoverable amount of the related cash-generating unit (CGU) is determined based on the higher of its value in use and fair value less cost of disposal. Value in use is determined based on the future cash flows expected to be generated by the assessed CGU.
As of March 31, 2018 same criteria used as those applied in the impairment test at December 31, 2017 that concluded there was no impairment in the CGU
.
This item mainly comprises the trademarks acquired in the business combination processes with Vial y Vives S.A.C. (S/75.4 million) in October 2012; Morelco S.A.S. (S/33.3 million) in December 2014; and Adexus S.A. (S/9.1 million) in August 2016. Management determined that the brands obtained from Vial y Vives, Morelco and Adexus have indefinite lives; consequently, annual impairment tests are performed on these intangibles.
As a result of these tests, the VyV-DSD trademark was partially S/29.5 million as of December 31, 2017.
This item comprises:
|
|
Total
|
|
|
Current
|
|
|
Non Current
|
|
|
|
At December
31, 2017
|
|
|
At March
31, 2018
|
|
|
At December
31, 2017
|
|
|
At March
31, 2018
|
|
|
At December
31, 2017
|
|
|
At March
31, 2018
|
|
Bank overdrafts
|
|
|
120
|
|
|
|
109
|
|
|
|
120
|
|
|
|
109
|
|
|
|
-
|
|
|
|
-
|
|
Bank loans
|
|
|
1,561,634
|
|
|
|
1,670,738
|
|
|
|
990,467
|
|
|
|
1,136,356
|
|
|
|
571,167
|
|
|
|
534,382
|
|
Leases
|
|
|
128,309
|
|
|
|
111,775
|
|
|
|
66,177
|
|
|
|
59,517
|
|
|
|
62,132
|
|
|
|
52,258
|
|
|
|
|
1,690,063
|
|
|
|
1,782,622
|
|
|
|
1,056,764
|
|
|
|
1,195,982
|
|
|
|
633,299
|
|
|
|
586,640
|
|
As of December 31, 2017 and March 31, 2018, this item comprises bank loans in local and foreign currencies for working capital purposes. These obligations bear interest at fixed rates which fluctuated between 3.3% and 13.8% in 2017 and between 1.0% and 14.4% in 2018.
|
|
|
|
Current
|
|
Non-current
|
|
|
|
|
At
|
|
At
|
|
At
|
|
At
|
|
Interest
|
Date of
|
|
December
|
|
March
|
|
December
|
|
March
|
|
rate
|
maturity
|
|
31, 2017
|
|
31, 2018
|
|
31, 2017
|
|
31, 2018
|
GyM S.A.
|
3.30% / 8.73%
|
2018 / 2020
|
|
551,413
|
|
528,105
|
|
95,376
|
|
92,825
|
Graña y Montero S.A.A.
|
Libor USD 3M + de 4.9% a 5.5%
|
2018 / 2020
|
|
113,412
|
|
122,836
|
|
363,564
|
|
339,546
|
GyM Ferrovías
|
Libor USD 1M + de 2%
|
2018
|
|
-
|
|
148,553
|
|
-
|
|
-
|
Viva GyM S.A.
|
7.00% / 10.94%
|
2018 / 2018
|
|
157,592
|
|
144,132
|
|
-
|
|
861
|
CAM Holding S.A.
|
6.05% / 13.76%
|
2018 / 2020
|
|
77,775
|
|
91,160
|
|
12,807
|
|
10,190
|
GMP S.A.
|
4.45% / 6.04%
|
2018 / 2020
|
|
42,911
|
|
43,269
|
|
96,245
|
|
90,960
|
Adexus S.A.
|
3.63% / 3.98%
|
2018 / 2019
|
|
46,552
|
|
58,279
|
|
3,175
|
|
-
|
CONCAR S.A.
|
7.50%
|
2018
|
|
812
|
|
22
|
|
-
|
|
-
|
|
|
|
|
990,467
|
|
1,136,356
|
|
571,167
|
|
534,382
|
i)
|
Credit Suisse Syndicated Loan
|
In December 2015, the Group entered into a medium term loan credit agreement for up to US$200 million (equivalent to S/672 million), with Credit Suisse AG, Cayman Islands Branch and Credit Suisse Securities (USA) LLC. The initial term of the loan was set at five years, with quarterly installments starting to be paid on the 18th month. The loan accrued interest at a rate of three months Libor plus 3.9% per year. The proceeds were used to finance the equity interest in GSP. As of December 31, 2016, the outstanding balance amounted to US$148.5 million (equivalent to S/481.9 million), and it’s included within the current portion.
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
On June 27, 2017, the Group renegotiated the terms of this loan to clear breaches related to the termination of the GSP concession. The new terms require repayment by December, 2020, with required prepayments to be made with the proceeds of asset sales of 40% in the first year and an additional 30% in the second year of the amendment. The syndicated loan accrues interest at LIBOR plus 4.90% per year. Under the amendment, the Group is prohibited from paying dividends until the loan is fully repaid. The loan is secured by (i) a lien on Concar’s shares; (ii) a lien on Almonte’s shares; (iii) a mortgage over certain real estate properties in Miraflores and Surquillo; (iv) liens on certain accounts; (v) a lien on GyM’s share; (vi) a second lien on CAM’s shares; (vii) a second lien on CAM Servicios del Perú S.A.’s shares; and (viii) a first lien on cash flows from the sale of certain assets.
The agreement contains certain covenants, including the obligation by the Group to maintain the following financial ratios during the term of the agreement: (1) the Consolidated EBITDA to Consolidated Interest Expense Ratio shall not be less than 3.5:1.0 commencing on April 1, 2018 and thereafter; (2) the Consolidated Leverage Ratio (as defined therein) shall not be greater than 3.5:1.0 at any time during the period commencing on December 31, 2016 and ending on March 31, 2017; 3.5:1.0 at any time during the period commencing on July 1, 2017 and ending on September 30, 2017; and no greater than 2.5:1.0 at any time thereafter; and (3) the Debt Service Coverage Ratio as of the last day of any fiscal quarter of the borrower, falling on or after the first anniversary of the closing date, shall not be less than 1.5:1.0, commencing on April 1, 2018 and thereafter.
As of to date, the outstanding balance of the loan capital is US$76.3 million (equivalent to S/246.4 million).
ii) GSP Bridge Loan
At December 31, 2016, the current balance includes US$129 million (equivalent to S/433.3 million) of the corporate guarantee issued by the Company to secure the bridge loan given to GSP, which was enforceable at that date. On June, 2017, the Company has reached a new term loan with Natixis, BBVA, SMBC and MUFJ for US$78.7 million (equivalent to S/264.8 million), the proceeds of which were used to repay the GSP bridge loan.
The maturity is June, 2020, with required prepayments to be made with the proceeds of asset sales of 40% in the first year and an additional 30% in the second year. The new term contains the following covenant: the consolidated leverage ratio shall not be more than 3.5:1.0 at any time, and accrues interest at LIBOR plus 4.50% per year, which increases to 5.00% during the second year and 5.50% during the third year. Under the new term, the Group is prohibited from paying dividends until the loan is fully repaid. Also, the new term is secured by (i) a first lien on our rights to receive the termination payment derived from the GSP termination (the “VCN”), (ii) a second lien on our shares of GyM and Concar; (iii) a second lien on our shares of Almonte; (iv) a second lien on certain real estate properties in Miraflores and Surquillo; (v) a second lien on our shares of CAM; (vi) a second lien on our shares of CAM Servicios del Perú S.A.; and (vii) a first lien on cash flows from the sale of certain assets.
As of to date, the outstanding balance of the loan capital is US$72.5 million (equivalent to S/235.3 million)
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
b) Fair value of borrowings
The carrying amount and fair value of borrowings are broken down as follows:
|
|
Carrying amounts
|
|
|
Fair value
|
|
|
|
At December
31, 2017
|
|
|
At March
31, 2018
|
|
|
|
|
|
|
|
Total loans
|
|
|
1,690,063
|
|
|
|
1,782,622
|
|
|
|
1,768,160
|
|
|
|
1,878,017
|
|
The fair value is based on cash flows discounted using a rate based on the borrowing rate of 3.6% and 13.8% (2.4% and 13.8% in 2017). It should be noted that the interest rate used are those applicable and negotiated by each Company.
This item is broken down as follows:
|
|
Total
|
|
|
Current
|
|
|
Non-Current
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GyM Ferrovías (a)
|
|
|
603,657
|
|
|
|
605,523
|
|
|
|
12,294
|
|
|
|
12,516
|
|
|
|
591,363
|
|
|
|
593,007
|
|
Norvial (b)
|
|
|
343,910
|
|
|
|
338,328
|
|
|
|
24,361
|
|
|
|
23,146
|
|
|
|
319,549
|
|
|
|
315,182
|
|
|
|
|
947,567
|
|
|
|
943,851
|
|
|
|
36,655
|
|
|
|
35,662
|
|
|
|
910,912
|
|
|
|
908,189
|
|
In February 2015 subsidiary GyM Ferrovías issued corporate bonds under the U.S. Regulation S. This issue was carried out in Peruvian Soles VAC (the Spanish acronym for constant value update) for a total amount of S/629 million. The issues costs for this transactions were for S/22 million. Maturity of these bonds is November 2039 and bear interest at a rate of 4.75% (plus VAC adjustment), they have a risk rating of AA+ (local grading) granted by Apoyo & Asociados Internacionales Clasificadora de Riesgo and a collateral structure that includes a mortgage on the concession to which GyM Ferrovías is a concessionaire, security on the shares of GyM Ferrovías, Assignment of the collection rights arising from the Management Trust, a Cash Flow and Reserve Trust for the Service of the Debt, Operation and Maintenance and in-progress Capex. At March 31, 2018 the Group made a payment of S/60 million (2018 payments totals S/. 2.5 million).
Capital raised from bond issue were used in amortizing a short-term loan with Banco de Crédito del Perú – BCP for S/400 million, funding the reserve accounts, payment of costs of bond issue and partial repayment of the subordinated loan obtained from parent Company by GyM Ferrovías.
At March 31, 2018 the balance includes accrued interest payable for S/3 million.
As part of the process of bond structuring, GyM Ferrovías engaged to adhere to the following covenants:
-
|
Debt service coverage ratio of not less than 1.2 times.
|
-
|
Keeping a constant minimum balance of trust equal to a quarter of operating and maintenance costs (including VAT)
|
-
|
Keeping a constant minimum balance of trust equal to two coupons as per schedule.
|
As of December 31,2017 and March 31, 2018 the Company has complied with its covenants.
On August 23, 2017, GyM Ferrovias S. A. and Line One CPAO Purchaser LLC entered into the Sale and Purchase Agreement and Assignment of Rights Agreement regarding the CPAO (“Pago Anual por Inversiones Complementarias” in Spanish) derived from the Concession Agreement for up to US$ 316 million.
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
On August 23,2017, GyM Ferrovias S. A. as Borrower, Mizuho Bank, Ltd. and Sumintomo Mitsui Banking Corporation as Lenders and Mizuho Bank, Ltd. as Administrative Agent entered into a US$80 million Working Capital loan agreement to partially finance the Expansion Project of Line 1 Lima Metro. As of the close of this report,
USD 46 million has been disbursed.
In July 2015, Norvial S.A. issued the First Corporate Bond Program on the Lima Stock Exchange for a total S/365 million. The first issue was for S/80 million at 5 years, bearing an interest rate of 6.75% and funds were drawn on July 23, 2015. The second issue was for S/285 million at 11.5 years, bearing an interest rate of 8.375%, structured in 3 disbursements: the first disbursement of S/105 million was on July 23,2015; the second disbursement of S/100 million was on January 25, 2016; the third disbursement of S/80 million was received in July 25, 2016. The issuance costs corresponding to the first issue and to the first and second disbursements of the second issue were for S/3.9 million. Risk rating agencies Equilibrium y Apoyo & Asociados Internacionales graded this debt instrument AA. This financing transaction has been secured by (i) a cash flow trust, related to the consideration and the regulatory rate; (ii) a mortgage on the concession in which Norvial S.A. is a concessionaire; (iii) a security on shares: (iv) collection rights and (v) in general, all those additional collaterals given to the secured creditors. The capital raised is intended to finance the construction of the Second Phase of Red Vial No.5 and the financing of VAT arising from a project- related expenses.
As of March 31, 2018 the balance included interest payables for S/4.2 million (S/4.4 million at December 31, 2017)
As part of the process of bond structuring, Norvial engaged to adhere to the following covenants:
-
|
Debt service coverage ratio of not less than 1.3 times.
|
-
|
Proforma gearing ratio lower than 4 times.
|
As of December 31,2017 and March 31, 2018 the Company has complied with its covenants.
Fair value of the bonds of both Companies at March 31, 2018 amounted to S/1.061 million (at December 31,2017 amounted to S/1,036 million), which has been calculated based on the discounted cash flows, using rates between 4.38% and 5.90% (rates between 4.49% and 6.63% at December 31,2017) which are within level 2 of the fair value hierarchy.
This item is broken down based on the expectation of liquidation as follows:
|
|
At December
31, 2017
|
|
|
At March
31, 2018
|
|
Current portion
|
|
|
13,503
|
|
|
|
13,068
|
|
Non-current portion
|
|
|
32,396
|
|
|
|
31,462
|
|
|
|
|
45,899
|
|
|
|
44,530
|
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
The movement of this item for the period ended December 31, 2017 and March 31, 2018 is as follows:
|
|
|
|
|
Contingent
|
|
|
|
|
|
|
|
|
|
|
|
|
liabilities
|
|
|
Provision
|
|
|
|
|
|
|
Legal
|
|
|
resulting from
|
|
|
for well
|
|
|
|
|
Other provisions
|
|
claims
|
|
|
acquisitions
|
|
|
closure
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At January 1, 2017
|
|
|
15,732
|
|
|
|
8,125
|
|
|
|
17,216
|
|
|
|
41,073
|
|
Additions
|
|
|
83
|
|
|
|
-
|
|
|
|
879
|
|
|
|
962
|
|
Reversals of provisions
|
|
|
(20
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(20
|
)
|
Payments
|
|
|
(2,501
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,501
|
)
|
Translation adjustments
|
|
|
(2
|
)
|
|
|
(133
|
)
|
|
|
-
|
|
|
|
(135
|
)
|
At March 31, 2017
|
|
|
13,292
|
|
|
|
7,992
|
|
|
|
18,095
|
|
|
|
39,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At January 1, 2018
|
|
|
20,699
|
|
|
|
8,396
|
|
|
|
16,804
|
|
|
|
45,899
|
|
Additions
|
|
|
1,369
|
|
|
|
161
|
|
|
|
(554
|
)
|
|
|
976
|
|
Reversals of provisions
|
|
|
(1,928
|
)
|
|
|
(438
|
)
|
|
|
-
|
|
|
|
(2,366
|
)
|
Payments
|
|
|
(117
|
)
|
|
|
(302
|
)
|
|
|
-
|
|
|
|
(419
|
)
|
Translation adjustments
|
|
|
52
|
|
|
|
387
|
|
|
|
-
|
|
|
|
439
|
|
At March 31, 2018
|
|
|
20,076
|
|
|
|
8,204
|
|
|
|
16,250
|
|
|
|
44,530
|
|
As of December 31, 2016 and 2017, the authorized, subscribed and paid-in capital, according to the Company’s bylaws as amended, is represented by 660,053,790 common shares at S/1.00 par value each.
As of December 31, 2017, the amount of 259,302,745 common shares is represented by 51,860,549 ADSs, at 5 shares per ADS..
As of March 31, 2018, the amount of 257,977,735 common shares is represented by 51,595,547 ADSs, at 5 shares per ADS.
For the period ended March 31, 2017 and 2018, this item comprises:
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
|
|
Cost of
|
|
|
Adminis-
|
|
|
|
services
|
|
|
trative-
|
|
|
|
and goods
|
|
|
expenses
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
Inventories, materials and consumables used
|
|
|
260,411
|
|
|
|
-
|
|
Personnel charges
|
|
|
374,273
|
|
|
|
55,833
|
|
Services provided by third-parties
|
|
|
361,757
|
|
|
|
15,529
|
|
Taxes
|
|
|
3,708
|
|
|
|
562
|
|
Other management charges
|
|
|
141,012
|
|
|
|
16,432
|
|
Depreciation
|
|
|
45,637
|
|
|
|
4,612
|
|
Amortization
|
|
|
19,693
|
|
|
|
3,929
|
|
Impairment of inventories
|
|
|
301
|
|
|
|
-
|
|
Impairment of accounts receivable
|
|
|
85
|
|
|
|
-
|
|
Impairment of property, plant and equipment
|
|
|
314
|
|
|
|
19
|
|
|
|
|
1,207,191
|
|
|
|
96,916
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
|
|
|
|
|
|
Inventorie
s
, materials and consumables used
|
|
|
204,997
|
|
|
|
50
|
|
Personnel charges
|
|
|
387,874
|
|
|
|
44,110
|
|
Services provided by third-parties
|
|
|
360,976
|
|
|
|
28,989
|
|
Taxes
|
|
|
271
|
|
|
|
255
|
|
Other management charges
|
|
|
141,768
|
|
|
|
16,022
|
|
Depreciation
|
|
|
39,990
|
|
|
|
2,239
|
|
Amortization
|
|
|
21,801
|
|
|
|
1,322
|
|
Impairment of accounts receivable
|
|
|
107
|
|
|
|
3
|
|
|
|
|
1,157,784
|
|
|
|
92,990
|
|
As of December 31, 2017, the subsidiary Viva GyM found signs of impairment in inventories item, therefore, the subsidiary calculated the recoverable amount of such assets as the fair value determined by appraisals made by independent experts. As a result, impairment was recorded for S/ 37 million. Impaired assets corresponds mainly to the properties of the Nuevo Rancho project, apartments (S / 30 million) and land (S / 5.7 million).
These condensed interim consolidated financial statements for the period ended March 31, 2018, income tax expense is recognized based on management’s estimate of the weighted average annual income tax rate expected for the full financial year. The estimated average annual tax rate used for the year to March 31,2018 is 170.46% (31.06% for the period ended March 31, 2017). The variation of the effective rate as compared to the previous year is due to the effect of the permanent differences in the income tax calculation.
19
|
CONTINGENCIES, COMMITTMENTS AND GUARANTEES
|
As of March 31, 2018, contingencies held by the Group are substantially the same as those existing as of December 31, 2017.
In addition the Group had guarantee commitments with different financial institutions securing transactions in the amount of US$187.4 million.
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
As part of the covenants at the refinancing agreements mentioned in note 13, the Company is unable to pay dividends until the cancellation of all liabilities related to these borrowings.
For the period ended March 31, 2018, the Group has paid dividends to its non-controlling subsidiaries participate by S/5 million (S/4.5 million for the same period in 2017).
21
|
EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION
|
Between March 31, 2018 and the date of approval of the condensed interim consolidated financial statements, there have been no subsequent events that may affect the fairness of the financial statements issued.
Continuing with the non-strategic assets divestment process initiated by the Company, on March 28, 2018,
the subsidiary GYM sold its total share (87.59%) in Stracon GyM S.A. for a total of US $
76.8 million. All of the inflows will be used to amortize their financial obligations.
-27-
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