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Name | Symbol | Market | Type |
---|---|---|---|
Grana y Montero SAA | NYSE:GRAM | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.99 | 0 | 01:00:00 |
ASSETS
|
At
|
LIABILITIES AND EQUITY
|
At
|
||||||||||||||||||||
December 31,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||||||
Note
|
2015
|
2016
|
Note
|
2015
|
2016
|
||||||||||||||||||
Current assets
|
Current liabilities
|
||||||||||||||||||||||
Cash and cash equivalents
|
554,002
|
606,949
|
Borrowings
|
12
|
1,228,020
|
1,961,043
|
|||||||||||||||||
Financial asset at fair value through profit or loss
|
3,153
|
352
|
Bonds
|
13
|
37,083
|
46,091
|
|||||||||||||||||
Trade accounts receivables
|
1,050,791
|
1,086,913
|
Trade accounts payable
|
1,635,760
|
1,278,387
|
||||||||||||||||||
Unbilled work in progress
|
1,319,187
|
683,242
|
Accounts payable to related parties
|
9
|
77,830
|
80,217
|
|||||||||||||||||
Accounts receivable from related parties
|
9
|
280,153
|
181,664
|
Current income tax
|
34,116
|
62,160
|
|||||||||||||||||
Other accounts receivable
|
824,589
|
659,377
|
Other accounts payable
|
1,066,000
|
1,096,307
|
||||||||||||||||||
Inventories
|
1,159,154
|
1,107,702
|
Provisions
|
14
|
13,468
|
14,531
|
|||||||||||||||||
Prepaid expenses
|
40,023
|
51,348
|
Total current liabilities
|
4,092,277
|
4,538,736
|
||||||||||||||||||
5,231,052
|
4,377,547
|
||||||||||||||||||||||
Non-current liabilities
|
|||||||||||||||||||||||
Non-current assets classified as held for sale
|
22,511
|
22,385
|
Borrowings
|
12
|
553,336
|
419,395
|
|||||||||||||||||
Long-term bonds
|
13
|
757,008
|
921,623
|
||||||||||||||||||||
Total current assets
|
5,253,563
|
4,399,932
|
Other long-term accounts payable
|
246,396
|
512,803
|
||||||||||||||||||
Long-term accounts payable to related parties
|
9
|
20,136
|
65,320
|
||||||||||||||||||||
Non-current assets
|
Provisions
|
14
|
35,618
|
31,155
|
|||||||||||||||||||
Long-term trade accounts receivable
|
621,831
|
667,519
|
Derivative financial instruments
|
2,331
|
1,081
|
||||||||||||||||||
Long-term unbilled work in progress
|
59,754
|
197,586
|
Deferred income tax liability
|
101,664
|
75,983
|
||||||||||||||||||
Long-term accounts receivable from related parties
|
-
|
587,973
|
Total non-current liabilities
|
1,716,489
|
2,027,360
|
||||||||||||||||||
Prepaid expenses
|
22,386
|
23,526
|
Total liabilities
|
5,808,766
|
6,566,096
|
||||||||||||||||||
Other long-term accounts receivable
|
65,929
|
357,952
|
|||||||||||||||||||||
Available-for-sale financial assets
|
8
|
120,134
|
-
|
Equity
|
|||||||||||||||||||
Investments in associates and joint ventures
|
10
|
646,884
|
886,856
|
Capital
|
15
|
660,054
|
660,054
|
||||||||||||||||
Investment property
|
34,702
|
49,357
|
Legal reserve
|
132,011
|
132,011
|
||||||||||||||||||
Property, plant and equipment
|
11
|
1,111,757
|
1,113,599
|
Optional reserve
|
29,974
|
29,974
|
|||||||||||||||||
Intangible assets
|
11
|
881,020
|
960,286
|
Share Premium
|
897,532
|
882,464
|
|||||||||||||||||
Deferred income tax asset
|
173,851
|
292,375
|
Other reserves
|
(129,059
|
)
|
(167,572
|
)
|
||||||||||||||||
Total non-current assets
|
3,738,248
|
5,137,029
|
Retained earnings
|
1,064,044
|
916,396
|
||||||||||||||||||
Equity attributable to controlling interest in the Company
|
2,654,556
|
2,453,327
|
|||||||||||||||||||||
Non-controlling interest
|
528,489
|
517,538
|
|||||||||||||||||||||
Total equity
|
3,183,045
|
2,970,865
|
|||||||||||||||||||||
Total assets
|
8,991,811
|
9,536,961
|
Total liabilities and equity
|
8,991,811
|
9,536,961
|
For the year | ||||||||||||
ended December 31, | ||||||||||||
Note
|
2015
|
2016
|
||||||||||
Revenues from construction activities
|
5,513,655
|
3,945,599
|
||||||||||
Revenues from services provided
|
1,901,498
|
1,895,296
|
||||||||||
Revenue from real estate and sale of goods
|
417,280
|
643,373
|
||||||||||
7,832,433
|
6,484,268
|
|||||||||||
Cost of construction activities
|
(5,310,003
|
)
|
(3,757,032
|
)
|
||||||||
Cost of services provided
|
(1,523,358
|
)
|
(1,671,783
|
)
|
||||||||
Cost of real estate and goods sold
|
(296,267
|
)
|
(440,786
|
)
|
||||||||
16
|
(7,129,628
|
)
|
(5,869,601
|
)
|
||||||||
Gross profit
|
702,805
|
614,667
|
||||||||||
Administrative expenses
|
16
|
(413,380
|
)
|
(398,695
|
)
|
|||||||
Other income and expenses
|
57,287
|
(13,270
|
)
|
|||||||||
Gain from the sale of investments
|
8
|
(8,289
|
)
|
46,336
|
||||||||
Operating profit
|
338,423
|
249,038
|
||||||||||
Financial expenses
|
(176,802
|
)
|
(174,789
|
)
|
||||||||
Financial income
|
38,107
|
20,792
|
||||||||||
Share of the profit or loss in associates and joint ventures under the equity method of accounting
|
17,603
|
(102,491
|
)
|
|||||||||
Profit before income tax
|
217,331
|
(7,450
|
)
|
|||||||||
Income tax
|
17
|
(75,619
|
)
|
(48,960
|
)
|
|||||||
Profit for the period
|
141,712
|
(56,410
|
)
|
|||||||||
Profit attributable to: | ||||||||||||
Owners of the Company
|
88,154
|
(117,735
|
)
|
|||||||||
Non-controlling interest
|
53,558
|
61,325
|
||||||||||
141,712
|
(56,410
|
)
|
||||||||||
Earnings per share from continuing operations
attributable to owners of the Company during |
||||||||||||
the period
|
0.134
|
-0.178
|
For the year | ||||||||||||
ended December 31, | ||||||||||||
Note
|
2015 |
2016
|
||||||||||
Profit for the period
|
141,712
|
(56,410
|
)
|
|||||||||
Other comprehensive income:
Items that will not be reclassified to profit or loss
|
||||||||||||
Remeasurement of actuarial gains and losses, net of tax
|
(3,860
|
)
|
(1,530
|
)
|
||||||||
Items that may be subsequently reclassified to profit or loss | ||||||||||||
Cash flow hedge, net of tax
|
723
|
883
|
||||||||||
Foreign currency translation adjustment, net of tax
|
(44,649
|
)
|
(890
|
)
|
||||||||
Transfer to profit or loss of available-for-sale financial assets
|
8
|
19,973
|
(2,220
|
)
|
||||||||
Exchange difference from net investment in a foreign operation
|
-
|
(41,461
|
)
|
|||||||||
Exchange difference from net investment in a foreign operation, net of tax
|
(5,221
|
)
|
9,427
|
|||||||||
(29,174
|
)
|
(34,261
|
)
|
|||||||||
Other comprenhensive income for the period, net of tax
|
(33,034
|
)
|
(35,791
|
)
|
||||||||
Total comprehensive income for the period
|
108,678
|
(92,201
|
)
|
|||||||||
Comprehensive income attributable to: | ||||||||||||
Owners of the Company
|
70,069
|
(157,368
|
)
|
|||||||||
Non-controlling interest
|
38,609
|
65,167
|
||||||||||
108,678
|
(92,201
|
)
|
Attributable to the controlling interests of the Company
|
||||||||||||||||||||||||||||||||||||||||
Number
|
Premium
|
Other
|
Non- | |||||||||||||||||||||||||||||||||||||
of shares
|
Legal
|
Optional
|
for issuance
|
reserves
|
Retained
|
controlling
|
||||||||||||||||||||||||||||||||||
In thousands
|
Capital
|
reserve
|
reserve
|
of shares
|
earnings
|
Total
|
interest
|
Total
|
||||||||||||||||||||||||||||||||
Balances as of January 1, 2015
|
660,054
|
660,054
|
132,011
|
-
|
899,311
|
(113,895
|
)
|
1,113,696
|
2,691,177
|
482,530
|
3,173,707
|
|||||||||||||||||||||||||||||
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
88,154
|
88,154
|
53,558
|
141,712
|
||||||||||||||||||||||||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
687
|
-
|
687
|
36
|
723
|
||||||||||||||||||||||||||||||
Adjustment for actuarial gains and losses
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,921
|
)
|
(2,921
|
)
|
(939
|
)
|
(3,860
|
)
|
||||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(30,687
|
)
|
-
|
(30,687
|
)
|
(13,962
|
)
|
(44,649
|
)
|
||||||||||||||||||||||||||
Change in value of available-for-sale financial assets
|
-
|
-
|
-
|
-
|
-
|
19,973
|
-
|
19,973
|
-
|
19,973
|
||||||||||||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
(5,137
|
)
|
-
|
(5,137
|
)
|
(84
|
)
|
(5,221
|
)
|
||||||||||||||||||||||||||
Comprehensive income of the year
|
-
|
-
|
-
|
-
|
-
|
(15,164
|
)
|
85,233
|
70,069
|
38,609
|
108,678
|
|||||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Transfer to legal reserve
|
-
|
-
|
-
|
29,974
|
-
|
-
|
(29,974
|
)
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
(104,911
|
)
|
(104,911
|
)
|
(4,535
|
)
|
(109,446
|
)
|
||||||||||||||||||||||||||
- Contributions of non-controlling shareholders
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
10,329
|
10,329
|
||||||||||||||||||||||||||||||
- Additional acquisition of non-controlling
|
-
|
-
|
-
|
-
|
(894
|
)
|
-
|
-
|
(894
|
)
|
(971
|
)
|
(1,865
|
)
|
||||||||||||||||||||||||||
- Sale to non-controlling interest
|
-
|
-
|
-
|
-
|
(885
|
)
|
-
|
-
|
(885
|
)
|
2,527
|
1,642
|
||||||||||||||||||||||||||||
Total transactions with shareholders
|
-
|
-
|
-
|
29,974
|
(1,779
|
)
|
-
|
(134,885
|
)
|
(106,690
|
)
|
7,350
|
(99,340
|
)
|
||||||||||||||||||||||||||
Balances as of December 31, 2015
|
660,054
|
660,054
|
132,011
|
29,974
|
897,532
|
(129,059
|
)
|
1,064,044
|
2,654,556
|
528,489
|
3,183,045
|
|||||||||||||||||||||||||||||
Balances as of January 1, 2016
|
660,054
|
660,054
|
132,011
|
29,974
|
897,532
|
(129,059
|
)
|
1,064,044
|
2,654,556
|
528,489
|
3,183,045
|
|||||||||||||||||||||||||||||
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
(117,735
|
)
|
(117,735
|
)
|
61,325
|
(56,410
|
) | |||||||||||||||||||||||||||
Cash flow hedge
|
-
|
-
|
-
|
-
|
-
|
839
|
-
|
839
|
44
|
883
|
||||||||||||||||||||||||||||||
Adjustment for actuarial gains and losses
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,120
|
)
|
(1,120
|
)
|
(410
|
)
|
(1,530
|
)
|
||||||||||||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(4,960
|
) |
-
|
(4,960
|
) |
4,070
|
(890
|
) | |||||||||||||||||||||||||||
Change in value of available-for-sale financial assets
|
-
|
-
|
-
|
-
|
-
|
(2,220
|
)
|
-
|
(2,220
|
)
|
-
|
(2,220
|
)
|
|||||||||||||||||||||||||||
Transfer to profit or loss of available-for-sale financial assets | - | - | - | - | - | (41,461 | ) | - | (41,461 | ) | - | (41,461 | ) | |||||||||||||||||||||||||||
Exchange difference from net investment in a foreign operation
|
-
|
-
|
-
|
-
|
-
|
9,289
|
-
|
9,289
|
138
|
9,427
|
||||||||||||||||||||||||||||||
Comprehensive income of the period
|
-
|
-
|
-
|
-
|
-
|
(38,513
|
)
|
(118,855
|
)
|
(157,368
|
)
|
65,167
|
(92,201
|
) | ||||||||||||||||||||||||||
Transactions with shareholders:
|
||||||||||||||||||||||||||||||||||||||||
- Transfer to Optional reserve | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||
- Dividend distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
(30,853
|
)
|
(30,853
|
)
|
(25,473
|
)
|
(56,326
|
)
|
||||||||||||||||||||||||||
- Contributions (devolution) of non-controlling shareholders,net
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(19,099
|
)
|
(19,099
|
)
|
||||||||||||||||||||||||||||
- Additional acquisition of non-controlling
|
-
|
-
|
-
|
-
|
(15,167
|
)
|
-
|
-
|
(15,167
|
)
|
(35,972
|
)
|
(51,139
|
)
|
||||||||||||||||||||||||||
- Sale to non-controlling interest
|
-
|
-
|
-
|
-
|
99
|
-
|
-
|
99
|
236
|
335
|
||||||||||||||||||||||||||||||
- Acquisition of subsidiary Adexus | - | - | - | - | - | - | - | - | 4,153 | 4,153 | ||||||||||||||||||||||||||||||
- Deconsolidation of former subsidiary
|
-
|
-
|
-
|
-
|
-
|
-
|
2,060
|
2,060
|
37
|
2,097
|
||||||||||||||||||||||||||||||
Total transactions with shareholders
|
-
|
-
|
-
|
-
|
(15,068
|
)
|
-
|
(28,793
|
)
|
(43,861
|
)
|
(76,118
|
)
|
(119,979
|
)
|
|||||||||||||||||||||||||
Balances as of December 31, 2016
|
660,054
|
660,054
|
132,011
|
29,974
|
882,464
|
(167,572
|
)
|
916,396
|
2,453,327
|
517,538
|
2,970,865
|
|||||||||||||||||||||||||||||
The accompanying notes on pages 8 to 24 are an integral part of the consolidated financial statements.
|
For the year
ended December 31,
|
||||||||||||
Note
|
2015
|
2016
|
||||||||||
OPERATING ACTIVITIES | ||||||||||||
Profit before income tax
|
217,331
|
(7,450
|
)
|
|||||||||
Adjustments to profit not affecting cash flows from
|
||||||||||||
operating activities:
|
||||||||||||
Depreciation
|
11
|
217,070
|
205,522
|
|||||||||
Amortization of other assets
|
11
|
89,355
|
82,743
|
|||||||||
Impairment of inventories
|
16
|
17
|
36,353
|
|||||||||
Impairment of accounts receivable and other accounts receivable
|
16
|
5,806
|
419,584
|
|||||||||
Debt forgiveness
|
-
|
(431,484
|
)
|
|||||||||
Impairment of property, plant and equipment
|
16
|
9,677
|
9,263
|
|||||||||
Impairment of intangible assets
|
-
|
54,308
|
||||||||||
Financial expenses-CCDS
|
-
|
7,004
|
||||||||||
Expenses for liquidation of works - CCDS
|
-
|
164
|
||||||||||
Indemnification for lost profit
|
-
|
(33,600
|
)
|
|||||||||
Profit on fair value of financial asset at fair value through profit or loss
|
(2,740
|
)
|
31
|
|||||||||
Change in the fair value of the liability for put option
|
(18,627
|
)
|
(984
|
)
|
||||||||
Other Provisions
|
14
|
6,398
|
6,500
|
|||||||||
Dividends income from available-for-sale financial assets
|
(7,215
|
)
|
-
|
|||||||||
Return receipt from Morelco
|
-
|
(6,658
|
)
|
|||||||||
Remeasurement of purchase consideration of Morelco
|
-
|
(7,166
|
)
|
|||||||||
Financial expense,net
|
129,365
|
106,742
|
||||||||||
Other provisions in CCDS
|
-
|
24,915
|
||||||||||
Share of the profit and loss in associates and joint ventures
|
||||||||||||
under the equity method of accounting
|
10
|
(34,872
|
)
|
102,491
|
||||||||
Reversal of provisions
|
14
|
(7,796
|
)
|
(20,853
|
)
|
|||||||
Lower of fixed assets
|
-
|
3,951
|
||||||||||
Lower of investments
|
2,755
|
1,227
|
||||||||||
Profit on sale of property, plant and equipment
|
(17,385
|
)
|
(18,393
|
)
|
||||||||
Loss on financial asset at fair value through profit or loss
|
279
|
221
|
||||||||||
Loss on sale of non-current asset held for sale
|
171
|
22
|
||||||||||
Profit on sale from available-for-sale financial assets
|
-
|
(46,337
|
)
|
|||||||||
Loss on sale of investments in subsidiaries
|
8,289
|
-
|
||||||||||
Loss on remeasurement of accounts receivable
|
-
|
20,274
|
||||||||||
Loss on remeasurement of investment
|
-
|
6,832
|
||||||||||
Net variations in assets and liabilities: | ||||||||||||
Trade accounts receivable
|
(99,446
|
)
|
108,358
|
|||||||||
Other accounts receivable
|
(188,053
|
)
|
(82,838
|
)
|
||||||||
Other accounts receivable from related parties
|
(133,286
|
)
|
84,449
|
|||||||||
Inventories
|
(215,196
|
)
|
30,300
|
|||||||||
Pre-paid expenses and other assets
|
11,667
|
(146
|
)
|
|||||||||
Trade accounts payable
|
199,400
|
(85,781
|
)
|
|||||||||
Other accounts payable
|
(45,096
|
)
|
114,476
|
|||||||||
Other accounts payable to related parties
|
13,961
|
45,908
|
||||||||||
Other provisions
|
(6,770
|
)
|
(2,756
|
)
|
||||||||
Interest payment
|
(114,027
|
)
|
(171,572
|
)
|
||||||||
Payments related to Norvial Concession
|
(142,575
|
)
|
(97,711
|
)
|
||||||||
Payment of income tax
|
(150,434
|
)
|
(125,433
|
)
|
||||||||
Net cash applied to operating activities
|
(271,977
|
)
|
332,476
|
|||||||||
INVESTING ACTIVITIES | ||||||||||||
Sale of available-for-sale investment | 26 | 107,341 | ||||||||||
Sale of a financial asset through profit or loss | 4,604 | - | ||||||||||
Sale of property, plant and equipment | 55,832 | 66,086 | ||||||||||
Sale of financial asset at fair value through profit or loss | - | 1,427 | ||||||||||
Sale of non-current assets held for sale | 8,801 | 117 | ||||||||||
Refunding for price adjustment | - | 6,658 | ||||||||||
Return of contributions | 481 | 1,963 | ||||||||||
Interest received | 32,162 | 15,368 | ||||||||||
Dividends received | 10 | 59,175 | 27,992 | |||||||||
Payment for purchase of a non-current asset held for sale | (22,297 | ) | - | |||||||||
Payment for purchase of investments properties | (748 | ) | (17,543 | ) | ||||||||
Payments for intangible purchase | (32,883 | ) | (45,706 | ) | ||||||||
Payments for purchase and contributions on investment in associate and joint ventures | (463,103 | ) | (389,658 | ) | ||||||||
Payments for property, plant and equipment purchase | (193,156 | ) | (147,732 | ) | ||||||||
Net cash applied to investing activities | (551,106 | ) | (373,687 | ) | ||||||||
FINANCING ACTIVITIES | ||||||||||||
Loans received | 4,442,858 | 3,941,750 | ||||||||||
Bonds issued | 814,016 | 178,640 | ||||||||||
Amortization of loans received | (4,563,855 | ) | (3,914,570 | ) | ||||||||
Amortization of bonds issued | (16,480 | ) | (25,281 | ) | ||||||||
Payment for transaction costs for debt | (18,516 | ) | (650 | ) | ||||||||
Dividends paid to owners of the parent | (104,911 | ) | (30,853 | ) | ||||||||
Dividends paid to non-controlling interest | (4,535 | ) | (25,473 | ) | ||||||||
Cash received from non-controlling shareholders | 10,329 | 8,034 | ||||||||||
Acquisition or sale of interest in a subsidiary of non-controlling shareholders | (223 | ) | (45,835 | ) | ||||||||
Net cash provided by financing activities | 558,683 | 85,762 | ||||||||||
Net increase (net decrease) in cash | (264,400 | ) | 44,551 | |||||||||
Cash and cash equivalents at the beginning of the year | 818,402 | 554,002 | ||||||||||
Cash and cash equivalents at the end of the period | 554,002 | 598,553 | ||||||||||
NON-CASH TRANSACTIONS: | ||||||||||||
Indemnification for lost profit | - | 33,600 | ||||||||||
Debt capitalization | - | 8,308 | ||||||||||
Acquisition of assets through finance leases | 92,093 | 65,336 | ||||||||||
Recognition of debt as guarantor | - | 608,247 | ||||||||||
Change in fair value of available-for-sale financial assets | 19,973 | - | ||||||||||
Adjustment for deconsolidation of former subsidiaries | 9,298 | - | ||||||||||
Establishment of joint operation - Panorama Plaza de negocios (net assets) | 36,180 | - | ||||||||||
The accompanying notes on pages 8 to 24 are an integral part of the consolidated financial statements.
|
1
|
GENERAL INFORMATION
|
2
|
BASIS OF PREPARATION
|
3
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
4
|
FINANCIAL RISK MANAGEMENT
|
4.1
|
Financial risk factors
|
4.1.1
|
Market risk –
|
4.1.2
|
Credit risk –
|
4.1.3
|
Liquidity risk
-
|
Less than 1
year
|
From 1 to
2 years
|
From 2 to
5 years
|
Over
5 years
|
Total
|
||||||||||||||||
At December 31, 2015
|
||||||||||||||||||||
Other financial liabilities (except for finance leases)
|
1,102,855
|
181,729
|
223,713
|
-
|
1,508,297
|
|||||||||||||||
Finance leases
|
157,957
|
118,311
|
42,513
|
10,431
|
329,212
|
|||||||||||||||
Bonds
|
69,823
|
82,916
|
217,418
|
1,445,187
|
1,815,344
|
|||||||||||||||
Trade accounts payables
|
1,635,760
|
-
|
- | - | 1,635,760 | |||||||||||||||
Accounts payables to related parties
|
77,830
|
19,728
|
- | 408 | 97,966 | |||||||||||||||
Other accounts payables
|
181,113
|
36,456
|
121,678
|
-
|
339,247
|
|||||||||||||||
Other non-financial liabilities
|
-
|
2,331
|
-
|
-
|
2,331
|
|||||||||||||||
3,225,338
|
441,471
|
605,322
|
1,456,026
|
5,728,157
|
||||||||||||||||
At December 31, 2016
|
||||||||||||||||||||
Other financial liabilities (except for finance leases)
|
1,936,825
|
128,508
|
173,145
|
-
|
2,238,478
|
|||||||||||||||
Finance leases
|
127,496
|
85,989
|
26,780
|
19,506
|
259,771
|
|||||||||||||||
Bonds
|
113,299
|
180,431
|
365,697
|
1,334,485
|
1,993,912
|
|||||||||||||||
Trade accounts payables
|
1,278,387
|
-
|
-
|
-
|
1,278,387
|
|||||||||||||||
Accounts payables to related parties
|
80,217
|
28,082
|
37,238
|
-
|
145,537
|
|||||||||||||||
Other accounts payables
|
303,827
|
49,064
|
131,556
|
-
|
484,447
|
|||||||||||||||
Other non-financial liabilities
|
-
|
1,081
|
-
|
-
|
1,081
|
|||||||||||||||
3,840,051
|
473,155
|
734,416
|
1,353,991
|
6,401,613
|
4.2
|
Capital management
-
|
December 31,
|
December 31,
|
|||||||
2015
|
2016
|
|||||||
Total borrowing and bonds
|
2,575,447
|
3,348,152
|
||||||
Less: Cash and cash equivalents
|
(554,002
|
)
|
(606,949
|
)
|
||||
Net debt
|
2,021,445
|
2,741,203
|
||||||
Total equity
|
3,183,045
|
2,970,865
|
||||||
Total capital
|
5,204,490
|
5,712,068
|
||||||
Gearing ratio
|
0.39
|
0.48
|
4.3
|
Fair value estimation
-
|
-
|
Level 1: Measurement based on quoted prices in active markets for identical assets or liabilities.
|
-
|
Level 2: Measurement based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
|
-
|
Level 3: Measurement based on inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs, generally based on internal estimates and assumptions of the Group).
|
5
|
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
|
6
|
SEASONALITY OF OPERATIONS
|
7
|
SEGMENT REPORTING
|
8
|
AVAILABLE-FOR-SALE FINANCIAL ASSETS
|
9
|
TRANSACTIONS WITH RELATED PARTIES
|
a)
|
Transactions with related parties
-
|
From the period
ended December 31,
|
||||||||
2015 | 2016 | |||||||
Revenue from sale of goods and services:
|
||||||||
- Associates
|
1,400
|
1,746
|
||||||
- Joint operations
|
52,384
|
36,901
|
||||||
53,784
|
38,647
|
b)
|
Balances of transactions with related parties
|
At December 31, | At December 31, | |||||||||||||||
2015 | 2016 | |||||||||||||||
Receivable | Payable | Receivable | Payable | |||||||||||||
Joint operations: | ||||||||||||||||
Consorcio Constructor Ductos del Sur
|
154,383
|
-
|
62,834
|
37,238
|
||||||||||||
Consorcio GyM Conciviles
|
57,679
|
-
|
61,006
|
-
|
||||||||||||
Consorcio Rio Urubamba
|
10,856
|
2,819
|
9,072
|
-
|
||||||||||||
Consorcio Peruano de Conservación
|
6,270
|
-
|
8,784
|
-
|
||||||||||||
Consorcio Vial Quinua
|
1,036
|
89
|
4,198
|
738
|
||||||||||||
Consorcio Italo Peruano
|
465
|
21,907
|
4,174
|
17,325
|
||||||||||||
Consorcio La Gloria
|
3,116
|
3,077
|
3,521
|
3,080
|
||||||||||||
Terminales del Perú
|
9,459
|
-
|
3,215
|
259
|
||||||||||||
Consorcio Rio Mantaro
|
6,021
|
15,941
|
3,191
|
6,886
|
||||||||||||
Consorcio Vial Sierra
|
-
|
- | 940 | 5,400 | ||||||||||||
Consorcio Constructor Chavimochic
|
2,558
|
6,422 | 915 | 2,471 | ||||||||||||
Consorcio Energía y Vapor
|
3,328
|
- | 491 | 3,203 | ||||||||||||
Consorcio Ermitaño
|
-
|
83 | 6,372 | |||||||||||||
Consorcio Menegua
|
1,910
|
- | 30 | 3,803 | ||||||||||||
Consorcio para la Atención y Mantenimiento de Ductos
|
-
|
- | - | 21,790 | ||||||||||||
Consorcio Huacho Pativilca
|
80
|
5,041 | - | 3,434 | ||||||||||||
Ingeniería y Construcción Sigdo Koppers-Vial
|
2,659
|
3,900 | - | - | ||||||||||||
Complementarios Ltda.
|
84
|
6,956 | - | - | ||||||||||||
Other minors
|
11,728
|
7,388
|
10,133
|
2,472
|
||||||||||||
Carried forward:
|
271,632
|
73,540
|
172,587
|
114,471
|
10
|
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
|
2015 | 2016 | |||||||
Beginning balance
|
229,563
|
646,884
|
||||||
Acquisition and/or contributions received
|
481,639
|
-
|
||||||
Increase in capital
|
-
|
405,703
|
||||||
Decrease in capital
|
(
3,364
|
)
|
(
1,963
|
)
|
||||
Change in corporate structure of Panorama project
|
(
39,180
|
)
|
-
|
|||||
Share of the profit and loss in associates
|
||||||||
under the equity method of accounting
|
34,872
|
(
102,490
|
)
|
|||||
Dividends received
|
(
51,960
|
)
|
(
27,992
|
)
|
||||
Acquisition of control - Adexus
|
-
|
(
46,126
|
)
|
|||||
Remediation in invesment
|
-
|
10,256
|
||||||
Other
|
(
4,686
|
)
|
2,584
|
|||||
Ending balance
|
646,884
|
886,856
|
(i)
|
US$ 150 million loan structured for 5 years with a syndicate of banks led by Credit Suisse.
|
(ii)
|
US $ 129 million corresponding to the corporate guarantee issued by Graña y Montero S.A.A in relation to the Bridge Loan in favor of GSP to which will be applied a first payment of US$ 30 million already agreed as part of the structuring of the balance.
|
(iii)
|
US$ 52.5 million owed to Chubb Insurance Company, the issuer of the Guarantee of Fulfillment of the Concession Contract, with which the necessary actions have been taken in order to determine the terms for the payment of this debt.
|
11
|
PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
|
Additions
|
213,068
|
183,568
|
||||||
Acquisition of subsidiary
-
net
|
41,988
|
33,133
|
||||||
Transfers, disposals and adjustments
|
6,376
|
(384
|
) | |||||
Deductions for sale of assets
|
(47,126
|
)
|
-
|
|||||
Depreciation, amortization
|
(203,201
|
)
|
(82,743
|
)
|
||||
Impairment | (9,263 | ) | (54,308 | ) | ||||
Net cost at December 31, 2016
|
1,113,599
|
960,286
|
|
At December 31,
|
At December 31,
|
||||||
2015
|
2016
|
|||||||
Engineering and construction
|
140,090
|
98,587
|
||||||
Electromechanical
|
20,737
|
20,737
|
||||||
Mining and construction services
|
13,366
|
13,366
|
||||||
Telecommunications services
|
6,443
|
6,728
|
||||||
IT equipment and services
|
4,172
|
5,102
|
||||||
184,808
|
144,520
|
12
|
BORROWINGS
|
|
Total
|
Current
|
Non-current
|
|||||||||||||||||||||
At
December
31, 2015
|
At
December
31, 2016
|
At
December
31, 2015
|
At
December
31, 2016
|
At
December
31, 2015
|
At
December
31, 2016
|
|||||||||||||||||||
Bank loans
|
-
|
8,396 |
-
|
8,396 |
-
|
- | ||||||||||||||||||
Bank loans
|
1,480,071
|
2,131,901 |
1,082,860
|
1,835,340 |
397,211
|
296,561 | ||||||||||||||||||
Leases
|
301,285
|
240,141 |
145,160
|
117,307 |
156,125
|
122,834 | ||||||||||||||||||
1,781,356
|
2,380,438 |
1,228,020
|
1,961,043 |
553,336
|
419,395 |
a)
|
Bank loans
-
|
Current | Non-current | |||||||||||||||||||||||
|
Interest |
Date of
|
At December 31
|
At December 31
|
||||||||||||||||||||
rate
|
maturity
|
2015
|
2016
|
2015
|
2016
|
|||||||||||||||||||
Graña y Montero S.A.A.
|
Libor USD 3M +
|
|||||||||||||||||||||||
from 4.9% to 5.5
|
% |
2016 / 2020
|
102,776
|
932,114
|
-
|
-
|
||||||||||||||||||
GyM S.A.
|
1.00% / 7.80
|
%
|
2016 / 2020
|
535,776
|
492,910
|
286,671
|
187,029
|
|||||||||||||||||
Viva GyM S.A.
|
6.75% / 8.90
|
%
|
2016 / 2017
|
220,423
|
201,609
|
8,372
|
-
|
|||||||||||||||||
GMP S.A.
|
3.65% / 6.04
|
%
|
2016 / 2020
|
95,824
|
77,857
|
70,220
|
71,453
|
|||||||||||||||||
CAM Holding S.A.
|
1.30% / 14.43
|
%
|
2016 / 2018
|
42,534
|
69,702
|
31,948
|
24,889
|
|||||||||||||||||
Adexus S.A.
|
5.9
|
%
|
2019
|
-
|
42,782
|
-
|
13,190
|
|||||||||||||||||
GMD S.A.
|
6.20% / 7.47
|
%
|
2016 / 2017
|
30,107
|
14,746
|
-
|
-
|
|||||||||||||||||
Norvial S.A.
|
8.37
|
%
|
2016
|
54,706
|
-
|
-
|
-
|
|||||||||||||||||
Others
|
5.56% / 7.18
|
%
|
2016
|
714
|
3,620
|
-
|
-
|
|||||||||||||||||
1,082,860
|
1,835,340
|
397,211
|
296,561
|
b)
|
Fair value of borrowings
-
|
|
Carrying amounts | Fair value | ||||||||||||||
|
At December
31, 2015
|
At December
31, 2016
|
At December
31, 2015
|
At December
31, 2016
|
||||||||||||
Total loans
|
1,781,356
|
2,380,438
|
1,802,183
|
2,391,375
|
13
|
BONDS
|
a)
|
GyM Ferrovías S.A.
-
|
-
|
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.
|
b)
|
Norvial S.A.
-
|
-
|
Debt service coverage ratio of not less than 1.3 times.
|
-
|
Proforma gearing ratio lower than 4 times.
|
14
|
PROVISIONS
|
At December
31, 2015
|
At December
31, 2016
|
|||||||
Current portion
|
13,468
|
14,531
|
||||||
Non-current portion
|
35,618
|
31,155
|
||||||
49,086
|
45,686
|
Other provisions |
Legal
claims
|
Contingent
liabilities from
acquisitions
|
Provision
for well
closure
|
Total | ||||||||||||
At January 1, 2015
|
13,056
|
43,349
|
7,210
|
65,615
|
)
|
|||||||||||
Additions
|
6,297
|
-
|
101 | 6,398 | ||||||||||||
Reversals
|
-
|
(7,796
|
) |
-
|
(7,796 | ) | ||||||||||
Offsetting
|
-
|
(
1.216
|
)
|
-
|
(1,216 | ) | ||||||||||
Deconsolidation of CAM Brasil
|
(
2,353
|
)
|
-
|
-
|
(
2,353
|
)
|
||||||||||
Payments
|
(
1,580
|
)
|
(
5,1
86
|
)
|
(
4
|
)
|
(
6,7
70
|
)
|
||||||||
Translation adjustments | (420 | ) | (4,372 | ) | - | (4,792 | ) | |||||||||
At December 31, 2015
|
15,000
|
26,779
|
7,307
|
49,086
|
)
|
15
|
CAPITAL
|
16
|
EXPENSES BY NATURE
|
Goods and
|
Administrative
|
|||||||
services
|
expenses
|
|||||||
2015:
|
||||||||
Inventories, materials and consumables used
|
1,094,836
|
-
|
||||||
Personnel charges
|
2,128,130
|
215,101
|
||||||
Services provided by third-parties
|
2,924,711
|
137,980
|
||||||
Taxes
|
37,129
|
1,919
|
||||||
Other management charges
|
651,057
|
30,220
|
||||||
Depreciation
|
199,015
|
18,055
|
||||||
Amortization
|
81,841
|
7,514
|
||||||
Impairment
|
12,909
|
2,591
|
||||||
7,129,628
|
413,380
|
|||||||
2016:
|
||||||||
Inventories, materials and consumables used
|
942,354
|
-
|
||||||
Personnel charges
|
1,544,128
|
234,474
|
||||||
Services provided by third-parties
|
2,364,899
|
117,777
|
||||||
Taxes
|
13,922
|
1,771
|
||||||
Other management charges
|
270,815
|
24,691
|
||||||
Depreciation
|
193,434
|
12,088
|
||||||
Amortization
|
74,849
|
7,894
|
||||||
Impairment
|
465,200
|
-
|
||||||
5,869,601
|
398,695
|
17
|
INCOME TAX
|
18
|
CONTINGENCIES, COMMITTMENTS AND GUARANTEES
|
19
|
DIVIDENDS
|
20
|
BUSINESS COMBINATIONS
|
a)
|
Acquisition of Adexus S.A.
|
Provisional fair values
|
||||||||
S/ | US$000 | |||||||
Purchase consideration
|
14,040
|
4,179
|
||||||
Fair value of previously held interest
|
29,039
|
8,643
|
||||||
Total consideration (a)
|
43,079
|
12,822
|
||||||
Fair value of assets and liabilities of Adexus S.A.:
|
||||||||
Cash and cash equivalents
|
7,737
|
2,303
|
||||||
Trade receivables
|
107,426
|
31,972
|
||||||
Receivables from related parties
|
2,610
|
777
|
||||||
Other receivables
|
1,160
|
345
|
||||||
Inventories
|
1,647
|
490
|
||||||
Prepaid expenses
|
11,587
|
3,449
|
||||||
Long-term trade receivables
|
26,886
|
8,195
|
||||||
Other long-term receivables
|
2,063
|
614
|
||||||
Property, plant and equipment
|
41,988
|
12,496
|
||||||
Intangibles
|
32,204
|
9,585
|
||||||
Deferred income tax assets
|
18,115
|
5,198
|
||||||
Borrowings
|
(108,808
|
)
|
(32,383
|
)
|
||||
Trade payables
|
(59,399
|
)
|
(17,678
|
)
|
||||
Payables to related parties
|
(15,683
|
)
|
(4,667
|
)
|
||||
Current income tax
|
(2,763
|
)
|
(822
|
)
|
||||
Other payables
|
(10,291
|
)
|
(3,063
|
)
|
||||
Other provisions
|
(1,926
|
)
|
(573
|
)
|
||||
Contingent liabilities
|
(1,149
|
)
|
(342
|
)
|
||||
Deferred income tax liabilities
|
(7,102
|
)
|
(2,114
|
)
|
||||
Fair value of net identifiable assets
|
46,302
|
13,782
|
||||||
Non-controlling interest (8.97%)
|
(4,153
|
)
|
(1,236
|
)
|
||||
Fair value of net assets attributable to the Group (b)
|
42,149
|
12,546
|
||||||
Goodwill (a) - (b)
|
930
|
276
|
21
|
EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION
|
1 Year Grana y Montero SAA Chart |
1 Month Grana y Montero SAA Chart |
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