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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 |
CONTENTS
|
Page
|
Consolidated Statement of Financial Position
|
1
|
Consolidated Statement of Income
|
2
|
Consolidated Statement of Comprehensive Income
|
3
|
Consolidated Statement of Changes in Equity
|
4
|
Consolidated Statement of Cash Flows
|
5
|
Notes to the Consolidated Financial Statements
|
6 - 40
|
S/
|
=
|
Peruvian Sol
|
US$
|
=
|
United States dollar
|
a)
|
Incorporation and operations
|
b)
|
Authorization for the issue of the financial statements
|
c)
|
The Impact of the Ongoing Novel Coronavirus (COVID-19)
|
d)
|
Current situation of the Company
|
●
|
As a result of decisions of a previous administration, the Group is involved in a series of criminal investigations and administrative procedures
conducted by the Public Ministry that are based on events that occurred between 2004 and 2015. Such situations led to organizational changes at Group´s corporate governance structure, the initiation of independent investigations and the
adoption of measures to address and clarify such situations, as explained below:
|
●
|
On January 9, 2017, the Board of Directors approved the performance of an independent investigation related to six projects developed in
association with companies of the Odebrecht Group.
|
●
|
On March 30, 2017, the Board of Directors created a Risk, Compliance and Sustainability Committee, who was in charge of the oversight of
the investigation independently of Management. The external investigation was performed by the law firm Simpson Thacher & Bartlett LLP, with the assistance of forensic accountants, who reported exclusively to the Risk, Compliance and
Sustainability Committee.
|
●
|
The external investigation concluded on November 2, 2017 and identified no evidence to conclude that any company personnel
engaged in bribery in connection with any of our Company’s public projects in Peru with Odebrecht or its subsidiaries, or that any Company personnel was aware of, or knowingly participated in, any corrupt payments made in relation to such
projects.
|
●
|
Subsequently, in August 2019, José Graña Miró Quesada, a shareholder and the former chairman of our Company, indicated in
public statements to the media that he and Hernando Graña Acuña, a shareholder and former board member of our Company, had initiated a process of plea bargaining to cooperate with Peruvian prosecutors in respect of multiple projects in
which our Company participated with Odebrecht and in respect of the alleged “Construction Club”. Due to the confidential nature of the plea bargain process, the reported information is limited and difficult to verify. Any admission or other
evidence of wrongdoing would be inconsistent with information gathered during the internal investigation and would have a material impact on the findings of the prior internal investigation.
|
●
|
As new information about the various Peruvian criminal investigations of the Company emerged, and news that the Company’s
former chairman and director were plea bargaining with Peruvian authorities, the Company's Board of Directors continued to investigate the allegations that were the subject of the investigations, including matters relating to the
“Construction Club”, which was beyond the scope of the internal investigation conducted by Simpson Thacher & Bartlett LLP. After an extensive and detailed review process, the Company shared information relevant to the investigations
with the Peruvian authorities within the framework of a plea bargain process.
|
●
|
As a result of its contribution to the investigations, on December 27, 2019, the Company signed a preliminary settlement and
cooperation agreement whereby the Anti-Corruption Prosecutor and the Ad hoc Prosecutor's Office promise to execute a final plea bargain agreement with the Company that would provide the Company with certainty regarding the contingencies it
faces as a result of the above-mentioned processes. Additionally, in the aforementioned preliminary agreement, the Anti-Corruption Prosecutor and the Ad Hoc Attorney General's Office authorize the Company to disclose its existence but
maintain its content confidential.
|
●
|
IIRSA Sur
|
●
|
Electric Train construction project
|
●
|
Gasoducto Sur Peruano (GSP)
|
a.
|
The obligation to set up a trust that will guarantee any eventual payment obligation of an eventual civil compensation in favor of the Peruvian Government;
|
b.
|
The obligation not to transfer funds abroad without the prior consent of the Ministry of Justice;
|
c.
|
The implementation of a compliance program; and
|
d.
|
The obligation to disclose information to the authorities and to collaborate in the investigation.
|
1)
|
In the engineering and construction business we estimated figures revised 2020, considering a conservative scenario in which no new contracts are awarded in the rest of the year, therefore revenues for the
year will be equivalent to the remaining backlog. Revenues could be increased as a result of negotiations on going with our clients regarding higher costs due to stoppages and new operating standards due to the COVID-19 situation.
However, at the end of the third quarter, the backlog has increased with the award of the contract for the construction of the second runway at Jorge Chavez airport and the contract for the construction of the Piura gas pipeline.
|
2)
|
In the real estate business the shut down of projects has impacted the delivery of real estate units during the year, which impacts the revenues and results of the year.
|
3)
|
The infrastructure businesses continue operating because they were declared esencial services. However, there were some impacts on the different businesses:
|
a.
|
Line 1 of the Metro operates with less passengers but revenues are not impacted due to the fact that revenues don’t depend on traffic but on the amount of kms travelled by each train.
|
b.
|
Oil and gas business has been impacted by the reduction of the oil Price to levels below the estimations considered for 2020. In response to the sanitary crisis, Lots III and IV are in force majeure and due
to this situation, further investments on new wells have been cancelled and suppliers obligations are being renegotiated as well as a new schedule for investment commitments are under review.
|
c.
|
The sanitary emergency situation caused an impact on Norvial S.A. revenues and on the results of 2020 as a result of traffic reduction. However, the level of traffic carried has been gradually recovered. In
addition, in May the Republic Congress approved a law in order suspending the collection of toll, a measure that was in effect from May 9 to June 30, 2020. The Concession Contract clause 9.9, about operator contract guarantee, establishes
Grantor’s obligation to recognize and pay the Concessionaire the corresponding rate difference in the event that any public entity does not allow the Concessionaire to collect the rate in accordance to the Concession Contract. The estimate
compensation in application of the aforementioned clause will be claimed to the Government.
|
d.
|
In the case of the other two road concessions, Survial S.A. and Concesion Canchaque S.A., the suspension in the collection of tolls will not impact the results of the year because the revenues do not depend on
traffic.
|
3.1.1.
|
Account balance reclassified as of December 31, 2019
|
a)
|
The receivable balance to Consorcio Constructor Ductos del Sur amounting to S/27.8 million as of December 31, 2019 was reclassified from “other accounts receivable”
to “accounts receivable from related parties”. See reclassification performed:
|
b)
|
Information on the subsidiary Adexus S.A. is presented. (hereinafter “Adexus”), whose main activity is to provide information technology solutions mainly in Chile and Peru, as of December 31, 2019 the subsidiary was recognized as a
non-current asset held for sale; However, as of September 30, 2020, it was reclassified as a continuing operation for the reasons set forth in note 27.
|
As at
|
As at
|
|||||||
December 31,
|
December 31,
|
|||||||
2019
|
Reclassified (a)
|
Adexus (b)
|
2019
|
|||||
ASSETS
|
Audited
|
As restated
|
||||||
Current assets
|
||||||||
Cash and cash equivalents
|
948,978
|
-
|
1,723
|
950,701
|
||||
Trade accounts receivables, net
|
821,737
|
-
|
92,467
|
914,204
|
||||
Work in progress, net
|
49,457
|
-
|
-
|
49,457
|
||||
Accounts receivable from related parties
|
36,658
|
-
|
-
|
36,658
|
||||
Other accounts receivable
|
444,500
|
-
|
9,974
|
454,474
|
||||
Inventories, net
|
552,573
|
-
|
2,828
|
555,401
|
||||
Prepaid expenses
|
11,348
|
-
|
5,130
|
16,478
|
||||
2,865,251
|
-
|
112,122
|
2,977,373
|
|||||
Non-current assets as held for sale
|
205,418
|
-
|
(203,020)
|
2,398
|
||||
Total current assets
|
3,070,669
|
-
|
(90,898)
|
2,979,771
|
||||
Non-current assets
|
||||||||
Trade accounts receivable, net
|
753,202
|
-
|
26,407
|
779,609
|
||||
Work in progress, net
|
23,117
|
-
|
-
|
23,117
|
||||
Accounts receivable from related parties
|
546,941
|
27,782
|
-
|
574,723
|
||||
Prepaid expenses
|
27,934
|
-
|
-
|
27,934
|
||||
Other accounts receivable
|
300,323
|
(27,782)
|
891
|
273,432
|
||||
Investments in associates and joint ventures
|
37,035
|
-
|
-
|
37,035
|
||||
Investment property
|
28,326
|
-
|
-
|
28,326
|
||||
Property, plant and equipment, net
|
443,870
|
-
|
20,120
|
463,990
|
||||
Intangible assets, net
|
853,315
|
-
|
912
|
854,227
|
||||
Right-of-use assets, net
|
78,813
|
-
|
11,768
|
90,581
|
||||
Deferred income tax asset
|
240,919
|
-
|
30,800
|
271,719
|
||||
Total non-current assets
|
3,333,795
|
-
|
90,898
|
3,424,693
|
||||
Total assets
|
6,404,464
|
-
|
-
|
6,404,464
|
As at
|
As at
|
|||||||
December 31,
|
December 31,
|
|||||||
2019
|
Reclassified (a)
|
Adexus (b)
|
2019
|
|||||
Audited
|
As restated
|
|||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities
|
||||||||
Borrowings
|
454,260
|
-
|
27,269
|
481,529
|
||||
Bonds
|
44,737
|
-
|
-
|
44,737
|
||||
Trade accounts payable
|
1,136,121
|
-
|
22,954
|
1,159,075
|
||||
Accounts payable to related parties
|
38,916
|
-
|
-
|
38,916
|
||||
Current income tax
|
47,999
|
-
|
3,170
|
51,169
|
||||
Other accounts payable
|
635,305
|
-
|
34,369
|
669,674
|
||||
Provisions
|
113,483
|
-
|
-
|
113,483
|
||||
Total current liabilities
|
2,470,821
|
-
|
87,762
|
2,558,583
|
||||
Non-current liabilities as held for sale
|
210,025
|
-
|
(210,025)
|
-
|
||||
Total current liabilities
|
2,680,846
|
-
|
(122,263)
|
2,558,583
|
||||
Non-current liabilities
|
||||||||
Borrowings
|
344,806
|
-
|
64,260
|
409,066
|
||||
Bonds
|
879,305
|
-
|
-
|
879,305
|
||||
Trade accounts payable
|
-
|
-
|
34,814
|
34,814
|
||||
Other accounts payable
|
273,101
|
-
|
23,189
|
296,290
|
||||
Accounts payable to related parties
|
22,583
|
-
|
-
|
22,583
|
||||
Provisions
|
214,952
|
-
|
-
|
214,952
|
||||
Derivative financial instruments
|
52
|
-
|
-
|
52
|
||||
Deferred income tax liability
|
112,734
|
-
|
-
|
112,734
|
||||
Total non-current liabilities
|
1,847,533
|
-
|
122,263
|
1,969,796
|
||||
Total liabilities
|
4,528,379
|
-
|
-
|
4,528,379
|
||||
Equity
|
||||||||
Capital
|
871,918
|
-
|
-
|
871,918
|
||||
Legal reserve
|
132,011
|
-
|
-
|
132,011
|
||||
Voluntary reserve
|
29,974
|
-
|
-
|
29,974
|
||||
Share Premium
|
1,132,179
|
-
|
-
|
1,132,179
|
||||
Other reserves
|
(177,506)
|
-
|
-
|
(177,506)
|
||||
Retained earnings
|
(510,766)
|
-
|
-
|
(510,766)
|
||||
Equity attributable to controlling interest in the Company
|
1,477,810
|
-
|
-
|
1,477,810
|
||||
Non-controlling interest
|
398,275
|
-
|
-
|
398,275
|
||||
Total equity
|
1,876,085
|
-
|
-
|
1,876,085
|
||||
Total liabilities and equity
|
6,404,464
|
-
|
-
|
6,404,464
|
For the period ended
|
||||||
September 30, 2019
|
||||||
Reported
|
Adexus
|
As restated
|
||||
Revenues from construction activities
|
1,621,429
|
-
|
1,621,429
|
|||
Revenues from services provided
|
803,999
|
41,781
|
845,780
|
|||
Revenue from real estate and sale of goods
|
407,691
|
157,039
|
564,730
|
|||
2,833,119
|
198,820
|
3,031,939
|
||||
Cost of construction activities
|
(1,537,103)
|
-
|
(1,537,103)
|
|||
Cost of services provided
|
(632,162)
|
(36,911)
|
(669,073)
|
|||
Cost of real estate and sale of goods
|
(295,986)
|
(150,403)
|
(446,389)
|
|||
(2,465,251)
|
(187,314)
|
(2,652,565)
|
||||
Gross profit
|
367,868
|
11,506
|
379,374
|
|||
Administrative expenses
|
(143,735)
|
(20,578)
|
(164,313)
|
|||
Other income and expenses
|
40,866
|
1,276
|
42,142
|
|||
Operating profit (loss)
|
264,999
|
(7,796)
|
257,203
|
|||
Financial expenses
|
(144,182)
|
(13,332)
|
(157,514)
|
|||
Financial income
|
52,903
|
690
|
53,593
|
|||
Share of the profit or loss of associates and joint ventures accounted for using the equity method
|
(1,387)
|
-
|
(1,387)
|
|||
Profit (loss) before income tax
|
172,333
|
(20,438)
|
151,895
|
|||
Income tax expense
|
(88,170)
|
5,395
|
(82,775)
|
|||
Profit (loss) from continuing operations
|
84,163
|
(15,043)
|
69,120
|
|||
(Loss) profit from discontinued operations
|
(15,043)
|
15,043
|
-
|
|||
Profit for the period
|
69,120
|
-
|
69,120
|
|||
Profit attributable to:
|
||||||
Owners of the Company
|
34,944
|
-
|
34,944
|
|||
Non-controlling interest
|
34,176
|
-
|
34,176
|
|||
69,120
|
-
|
69,120
|
a) |
Market risks
|
i)
|
Foreign exchange risk
|
ii)
|
Price risk
|
iii)
|
Cash flow and fair value interest rate risk
|
b) |
Credit risk
|
c) |
Liquidity risk
|
Less than
|
1-2
|
2-5
|
More than
|
|||||||
At December 31, 2019
|
1 year
|
years
|
years
|
5 years
|
Total
|
|||||
Other financial liabilities (except
|
||||||||||
for finance leases and lease
|
||||||||||
liability for right-of-use asset)
|
501,864
|
147,473
|
235,222
|
-
|
884,559
|
|||||
Finance leases
|
11,438
|
3,531
|
13,346
|
-
|
28,315
|
|||||
Lease liability for right-of-use asset
|
31,036
|
40,808
|
32,562
|
11,551
|
115,957
|
|||||
Bonds
|
115,690
|
157,516
|
358,461
|
1,077,960
|
1,709,627
|
|||||
Trade accounts payables (except
|
||||||||||
non-financial liabilities)
|
989,574
|
-
|
34,814
|
-
|
1,024,388
|
|||||
Accounts payables to related parties
|
38,916
|
21,747
|
-
|
836
|
61,499
|
|||||
Other accounts payables (except
|
||||||||||
non-financial liabilities)
|
200,098
|
2,505
|
194,908
|
-
|
397,511
|
|||||
Other non-financial liabilities
|
-
|
52
|
-
|
-
|
52
|
|||||
1,888,616
|
373,632
|
869,313
|
1,090,347
|
4,221,908
|
Less than
|
1-2
|
2-5
|
More than
|
|||||||
At September 30, 2020
|
1 year
|
years
|
years
|
5 years
|
Total
|
|||||
Other financial liabilities (except
|
||||||||||
for finance leases and lease
|
|
|
|
|
|
|||||
liability for right-of-use asset)
|
392,198
|
207,684
|
193,906
|
20,447
|
814,235
|
|||||
Finance leases
|
15,743 | 10,132 | 26,098 |
|
9,347 | 61,320 | ||||
Lease liability for right-of-use asset
|
28,838
|
34,829
|
18,568
|
12,729
|
94,964
|
|||||
Bonds
|
127,715
|
166,431
|
382,737
|
1,001,773
|
1,678,656
|
|||||
Trade accounts payables (except
|
||||||||||
non-financial liabilities)
|
868,892
|
33,928
|
-
|
-
|
902,820
|
|||||
Accounts payables to related parties
|
41,219
|
35,123
|
-
|
836
|
77,178
|
|||||
Other accounts payables (except
|
||||||||||
non-financial liabilities)
|
273,714
|
3,924
|
182,869
|
-
|
460,507
|
|||||
1,748,319
|
492,051
|
804,178
|
1,045,132
|
4,089,680
|
4.2
|
Capital management risk
|
At
|
At
|
|||
December 31,
|
September 30,
|
|||
2019
|
2020
|
|||
Total financial liabilities and bonds (Note 15 and Note 16)
|
1,814,637
|
1,796,717
|
||
Less: Cash and cash equivalents (Note 8)
|
(950,701)
|
(820,163)
|
||
Net debt
|
863,936
|
976,554
|
||
Total equity
|
1,876,085
|
1,738,213
|
||
Total capital
|
2,740,021
|
2,714,767
|
||
Gearing ratio
|
0.32
|
0.36
|
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).
|
Level 2
|
||
At December 31, 2019
|
||
Financial liabilities
|
||
Derivatives used for hedging
|
52
|
Operating segments financial position
|
|||||||||||||||||
Segment reporting
|
|||||||||||||||||
Infrastructure
|
|||||||||||||||||
As of December 31, 2019
|
Engineering and construction
|
Energy
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
Parent Company operations
|
Eliminations
|
Consolidated
|
||||||||
Assets.-
|
|||||||||||||||||
Cash and cash equivalent
|
372,991
|
53,118
|
123,020
|
300,896
|
6,388
|
60,718
|
33,570
|
-
|
950,701
|
||||||||
Trade accounts receivables, net
|
531,591
|
63,402
|
44,513
|
97,059
|
1,168
|
83,019
|
93,452
|
-
|
914,204
|
||||||||
Work in progress, net
|
49,457
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
49,457
|
||||||||
Accounts receivable from related parties
|
202,181
|
369
|
43,852
|
1,853
|
-
|
1,144
|
99,794
|
(312,535)
|
36,658
|
||||||||
Other accounts receivable
|
327,977
|
30,853
|
30,228
|
18,548
|
109
|
9,509
|
37,248
|
2
|
454,474
|
||||||||
Inventories, net
|
57,093
|
32,366
|
7,109
|
30,594
|
-
|
437,012
|
2,828
|
(11,601)
|
555,401
|
||||||||
Prepaid expenses
|
6,812
|
1,271
|
2,779
|
231
|
133
|
-
|
5,252
|
-
|
16,478
|
||||||||
1,548,102
|
181,379
|
251,501
|
449,181
|
7,798
|
591,402
|
272,144
|
(324,134)
|
2,977,373
|
|||||||||
Non-current assets classified as held for sale
|
2,398
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2,398
|
||||||||
Total current assets
|
1,550,500
|
181,379
|
251,501
|
449,181
|
7,798
|
591,402
|
272,144
|
(324,134)
|
2,979,771
|
||||||||
Long-term trade accounts receivable, net
|
97,256
|
-
|
36,273
|
619,086
|
-
|
587
|
26,407
|
-
|
779,609
|
||||||||
Long-term work in progress, net
|
-
|
-
|
23,117
|
-
|
-
|
-
|
-
|
-
|
23,117
|
||||||||
Long-term accounts receivable from related parties
|
318,748
|
-
|
836
|
-
|
10,475
|
-
|
552,687
|
(308,023)
|
574,723
|
||||||||
Prepaid expenses
|
-
|
887
|
24,462
|
2,307
|
788
|
-
|
-
|
(510)
|
27,934
|
||||||||
Other long-term accounts receivable
|
86,097
|
63,649
|
5,156
|
-
|
7,346
|
50,449
|
60,735
|
-
|
273,432
|
||||||||
Investments in associates and joint ventures
|
109,839
|
8,006
|
-
|
-
|
-
|
6,062
|
1,495,422
|
(1,582,294)
|
37,035
|
||||||||
Investment property
|
1,450
|
-
|
-
|
-
|
-
|
26,876
|
-
|
-
|
28,326
|
||||||||
Property, plant and equipment, net
|
186,589
|
184,819
|
11,106
|
841
|
153
|
11,742
|
69,899
|
(1,159)
|
463,990
|
||||||||
Intangible assets, net
|
136,547
|
244,901
|
443,420
|
794
|
-
|
1,029
|
20,402
|
7,134
|
854,227
|
||||||||
Right-of-use assets, net
|
5,638
|
24,038
|
3,860
|
5
|
7
|
5,048
|
67,300
|
(15,315)
|
90,581
|
||||||||
Deferred income tax asset
|
176,740
|
4,741
|
13,054
|
-
|
720
|
19,736
|
51,552
|
5,176
|
271,719
|
||||||||
Total non-current assets
|
1,118,904
|
531,041
|
561,284
|
623,033
|
19,489
|
121,529
|
2,344,404
|
(1,894,991)
|
3,424,693
|
||||||||
Total assets
|
2,669,404
|
712,420
|
812,785
|
1,072,214
|
27,287
|
712,931
|
2,616,548
|
(2,219,125)
|
6,404,464
|
||||||||
Liabilities.-
|
|||||||||||||||||
Borrowings
|
180,535
|
42,760
|
2,383
|
5
|
6
|
116,231
|
148,648
|
(9,039)
|
481,529
|
||||||||
Bonds
|
-
|
-
|
28,995
|
15,742
|
-
|
-
|
-
|
-
|
44,737
|
||||||||
Trade accounts payable
|
932,142
|
67,444
|
34,762
|
28,508
|
132
|
39,645
|
56,442
|
-
|
1,159,075
|
||||||||
Accounts payable to related parties
|
206,907
|
2,233
|
35,554
|
21,024
|
-
|
23,437
|
58,951
|
(309,190)
|
38,916
|
||||||||
Current income tax
|
18,451
|
961
|
3,710
|
23,887
|
-
|
704
|
3,456
|
-
|
51,169
|
||||||||
Other accounts payable
|
441,271
|
16,721
|
53,987
|
4,713
|
835
|
83,345
|
68,802
|
-
|
669,674
|
||||||||
Provisions
|
6,031
|
18,459
|
6,183
|
-
|
-
|
230
|
82,580
|
-
|
113,483
|
||||||||
Total current liabilities
|
1,785,337
|
148,578
|
165,574
|
93,879
|
973
|
263,592
|
418,879
|
(318,229)
|
2,558,583
|
||||||||
Borrowings
|
32,620
|
116,218
|
2,070
|
-
|
-
|
11,010
|
254,931
|
(7,783)
|
409,066
|
||||||||
Long-term bonds
|
-
|
-
|
276,550
|
602,755
|
-
|
-
|
-
|
-
|
879,305
|
||||||||
Long-term trade accounts payable
|
-
|
-
|
-
|
-
|
-
|
-
|
34,814
|
-
|
34,814
|
||||||||
Other long-term accounts payable
|
222,887
|
-
|
15,989
|
2,176
|
2,106
|
26,841
|
26,291
|
-
|
296,290
|
||||||||
Long-term accounts payable to related parties
|
120,255
|
-
|
836
|
22,583
|
23,784
|
-
|
165,286
|
(310,161)
|
22,583
|
||||||||
Provisions
|
80,125
|
40,268
|
24,691
|
1,394
|
-
|
-
|
68,474
|
-
|
214,952
|
||||||||
Derivative financial instruments
|
-
|
52
|
-
|
-
|
-
|
-
|
-
|
-
|
52
|
||||||||
Deferred income tax liability
|
31,037
|
36,476
|
5,806
|
39,172
|
-
|
-
|
243
|
-
|
112,734
|
||||||||
Total non-current liabilities
|
486,924
|
193,014
|
325,942
|
668,080
|
25,890
|
37,851
|
550,039
|
(317,944)
|
1,969,796
|
||||||||
Total liabilities
|
2,272,261
|
341,592
|
491,516
|
761,959
|
26,863
|
301,443
|
968,918
|
(636,173)
|
4,528,379
|
||||||||
Equity attributable to controlling interest in the Company
|
330,992
|
346,415
|
258,223
|
232,692
|
424
|
137,542
|
1,644,707
|
(1,473,185)
|
1,477,810
|
||||||||
Non-controlling interest
|
66,151
|
24,413
|
63,046
|
77,563
|
-
|
273,946
|
2,923
|
(109,767)
|
398,275
|
||||||||
Total liabilities and equity
|
2,669,404
|
712,420
|
812,785
|
1,072,214
|
27,287
|
712,931
|
2,616,548
|
(2,219,125)
|
6,404,464
|
Operating segments financial position
|
|||||||||||||||||
Segment reporting
|
|||||||||||||||||
Infrastructure
|
|||||||||||||||||
As of September 30, 2020
|
Engineering and construction
|
Energy
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
Parent Company operations
|
Eliminations
|
Consolidated
|
||||||||
Assets.-
|
|||||||||||||||||
Cash and cash equivalent
|
273,649
|
58,474
|
130,090
|
250,299
|
7,421
|
71,184
|
29,046
|
-
|
820,163
|
||||||||
Trade accounts receivables, net
|
423,473
|
44,966
|
29,673
|
106,178
|
552
|
14,558
|
61,513
|
-
|
680,913
|
||||||||
Work in progress, net
|
144,949
|
-
|
-
|
-
|
-
|
-
|
153
|
-
|
145,102
|
||||||||
Accounts receivable from related parties
|
119,049
|
158
|
40,838
|
2,338
|
-
|
11,724
|
96,499
|
(243,647)
|
26,959
|
||||||||
Other accounts receivable
|
298,106
|
29,954
|
21,799
|
12,377
|
197
|
9,680
|
40,028
|
2
|
412,143
|
||||||||
Inventories, net
|
84,508
|
37,637
|
9,387
|
32,476
|
-
|
456,733
|
2,359
|
(1,656)
|
621,444
|
||||||||
Prepaid expenses
|
5,218
|
2,591
|
5,865
|
540
|
165
|
-
|
4,938
|
-
|
19,317
|
||||||||
Total current assets
|
1,348,952
|
173,780
|
237,652
|
404,208
|
8,335
|
563,879
|
234,536
|
(245,301)
|
2,726,041
|
||||||||
Long-term trade accounts receivable, net
|
92,383
|
-
|
49,565
|
624,690
|
-
|
-
|
23,506
|
-
|
790,144
|
||||||||
Long-term work in progress, net
|
-
|
-
|
37,227
|
-
|
-
|
-
|
-
|
-
|
37,227
|
||||||||
Long-term accounts receivable from related parties
|
335,721
|
-
|
916
|
-
|
10,771
|
-
|
610,771
|
(341,321)
|
616,858
|
||||||||
Prepaid expenses
|
-
|
981
|
20,713
|
2,087
|
749
|
-
|
-
|
(510)
|
24,020
|
||||||||
Other long-term accounts receivable
|
95,683
|
66,285
|
5,703
|
-
|
7,346
|
54,684
|
41,867
|
-
|
271,568
|
||||||||
Investments in associates and joint ventures
|
109,596
|
8,992
|
-
|
-
|
-
|
6,094
|
1,469,327
|
(1,555,713)
|
38,296
|
||||||||
Investment property
|
1,299
|
-
|
-
|
-
|
-
|
25,138
|
45,012
|
(45,012)
|
26,437
|
||||||||
Property, plant and equipment, net
|
172,473
|
170,783
|
9,202
|
720
|
144
|
10,443
|
16,786
|
34,051
|
414,602
|
||||||||
Intangible assets, net
|
130,664
|
254,633
|
382,881
|
709
|
-
|
914
|
19,510
|
6,344
|
795,655
|
||||||||
Right-of-use assets, net
|
4,238
|
15,590
|
5,865
|
110
|
3
|
3,846
|
52,637
|
(11,895)
|
70,394
|
||||||||
Deferred income tax asset
|
181,609
|
5,823
|
15,197
|
-
|
678
|
22,441
|
66,268
|
3,683
|
295,699
|
||||||||
Total non-current assets
|
1,123,666
|
523,087
|
527,269
|
628,316
|
19,691
|
123,560
|
2,345,684
|
(1,910,373)
|
3,380,900
|
||||||||
Total assets
|
2,472,618
|
696,867
|
764,921
|
1,032,524
|
28,026
|
687,439
|
2,580,220
|
(2,155,674)
|
6,106,941
|
||||||||
Liabilities.-
|
|||||||||||||||||
Borrowings
|
173,763
|
39,822
|
2,725
|
40
|
1
|
108,084
|
89,604
|
(9,941)
|
404,098
|
||||||||
Bonds
|
4,406
|
-
|
32,518
|
19,777
|
-
|
-
|
-
|
-
|
56,701
|
||||||||
Trade accounts payable
|
744,965
|
57,596
|
37,932
|
27,087
|
163
|
30,130
|
61,865
|
-
|
959,738
|
||||||||
Accounts payable to related parties
|
172,336
|
1,795
|
20,967
|
26,696
|
35
|
25,982
|
34,216
|
(240,808)
|
41,219
|
||||||||
Current income tax
|
25,851
|
1,793
|
1,411
|
1,777
|
247
|
70
|
905
|
-
|
32,054
|
||||||||
Other accounts payable
|
505,227
|
14,082
|
63,201
|
6,120
|
854
|
121,453
|
43,952
|
-
|
754,889
|
||||||||
Provisions
|
12,432
|
21,276
|
11,304
|
-
|
-
|
490
|
82,827
|
-
|
128,329
|
||||||||
Total current liabilities
|
1,638,980
|
136,364
|
170,058
|
81,497
|
1,300
|
286,209
|
313,369
|
(250,749)
|
2,377,028
|
||||||||
Borrowings
|
23,037
|
109,072
|
3,305
|
70
|
-
|
10,089
|
328,943
|
(19,767)
|
454,749
|
||||||||
Long-term bonds
|
22,752
|
-
|
255,234
|
603,183
|
-
|
-
|
-
|
-
|
881,169
|
||||||||
Long-term trade accounts payable
|
-
|
-
|
-
|
-
|
-
|
-
|
33,928
|
-
|
33,928
|
||||||||
Other long-term accounts payable
|
214,842
|
-
|
12,932
|
2,121
|
2,220
|
25,970
|
4,531
|
-
|
262,616
|
||||||||
Long-term accounts payable to related parties
|
130,021
|
10
|
836
|
35,994
|
24,207
|
-
|
172,656
|
(327,765)
|
35,959
|
||||||||
Provisions
|
85,688
|
38,720
|
25,195
|
1,394
|
-
|
-
|
78,436
|
-
|
229,433
|
||||||||
Deferred income tax liability
|
17,714
|
34,630
|
42
|
41,460
|
-
|
-
|
-
|
-
|
93,846
|
||||||||
Total non-current liabilities
|
494,054
|
182,432
|
297,544
|
684,222
|
26,427
|
36,059
|
618,494
|
(347,532)
|
1,991,700
|
||||||||
Total liabilities
|
2,133,034
|
318,796
|
467,602
|
765,719
|
27,727
|
322,268
|
931,863
|
(598,281)
|
4,368,728
|
||||||||
Equity attributable to controlling interest in the Company
|
288,557
|
352,315
|
237,644
|
200,104
|
299
|
135,720
|
1,645,468
|
(1,448,752)
|
1,411,355
|
||||||||
Non-controlling interest
|
51,027
|
25,756
|
59,675
|
66,701
|
-
|
229,451
|
2,889
|
(108,641)
|
326,858
|
||||||||
Total liabilities and equity
|
2,472,618
|
696,867
|
764,921
|
1,032,524
|
28,026
|
687,439
|
2,580,220
|
(2,155,674)
|
6,106,941
|
Operating segment performance
|
|||||||||||||||||
Segment Reporting
|
|||||||||||||||||
Infrastructure
|
|||||||||||||||||
For the period ended September 30, 2019
|
Engineering and construction
|
Energy
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
Parent Company operations
|
Elimination
|
Consolidated
|
||||||||
Revenue
|
1,866,047
|
420,606
|
491,955
|
307,564
|
2,680
|
168,578
|
267,338
|
(492,829)
|
3,031,939
|
||||||||
Gross profit (loss)
|
108,408
|
87,279
|
72,766
|
92,496
|
646
|
48,637
|
12,051
|
(42,909)
|
379,374
|
||||||||
Administrative expenses
|
(103,993)
|
(17,840)
|
(21,572)
|
(10,560)
|
(377)
|
(15,912)
|
(44,142)
|
50,083
|
(164,313)
|
||||||||
Other income and expenses, net
|
15,349
|
(1,439)
|
(16,856)
|
402
|
12
|
(6,940)
|
53,250
|
(1,636)
|
42,142
|
||||||||
Operating profit (loss)
|
19,764
|
68,000
|
34,338
|
82,338
|
281
|
25,785
|
21,159
|
5,538
|
257,203
|
||||||||
Financial expenses
|
(59,942)
|
(10,917)
|
(19,687)
|
(8,236)
|
(6)
|
(10,952)
|
(61,965)
|
14,191
|
(157,514)
|
||||||||
Financial income
|
4,940
|
1,165
|
2,106
|
22,095
|
464
|
3,203
|
42,159
|
(22,539)
|
53,593
|
||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
7,808
|
(7,808)
|
-
|
||||||||
Share of profit or loss in associates
|
|||||||||||||||||
and joint ventures
|
(3,748)
|
1,600
|
-
|
-
|
-
|
286
|
4,701
|
(4,226)
|
(1,387)
|
||||||||
(Loss) profit before income tax
|
(38,986)
|
59,848
|
16,757
|
96,197
|
739
|
18,322
|
13,862
|
(14,844)
|
151,895
|
||||||||
Income tax
|
(7,441)
|
(17,508)
|
(13,859)
|
(28,835)
|
(391)
|
(3,679)
|
(11,087)
|
25
|
(82,775)
|
||||||||
(Loss) profit for the year
|
(46,427)
|
42,340
|
2,898
|
67,362
|
348
|
14,643
|
2,775
|
(14,819)
|
69,120
|
||||||||
(Loss) profit from attributable to:
|
|||||||||||||||||
Owners of the Company
|
(43,950)
|
38,578
|
(1,442)
|
50,522
|
348
|
(5,292)
|
11,405
|
(15,225)
|
34,944
|
||||||||
Non-controlling interest
|
(2,477)
|
3,762
|
4,340
|
16,840
|
-
|
19,935
|
(8,630)
|
406
|
34,176
|
||||||||
(46,427)
|
42,340
|
2,898
|
67,362
|
348
|
14,643
|
2,775
|
(14,819)
|
69,120
|
Operating segment performance
|
|||||||||||||||||
Segment Reporting
|
|||||||||||||||||
Infrastructure
|
|||||||||||||||||
For the period ended September 30, 2020
|
Engineering and construction
|
Energy
|
Toll roads
|
Transportation
|
Water treatment
|
Real estate
|
Parent Company operations
|
Elimination
|
Consolidated
|
||||||||
Revenue
|
1,435,515
|
272,966
|
305,099
|
253,923
|
2,511
|
66,473
|
176,585
|
(290,035)
|
2,223,037
|
||||||||
Gross profit (loss)
|
82,102
|
41,264
|
30,314
|
80,122
|
640
|
13,958
|
1,251
|
(37,108)
|
212,543
|
||||||||
Administrative expenses
|
(78,484)
|
(11,758)
|
(12,502)
|
(9,932)
|
(299)
|
(14,150)
|
(33,629)
|
39,310
|
(121,444)
|
||||||||
Other income and expenses, net
|
3,756
|
(5,632)
|
(13,532)
|
66
|
13
|
730
|
(20,882)
|
(619)
|
(36,100)
|
||||||||
Operating profit (loss)
|
7,374
|
23,874
|
4,280
|
70,256
|
354
|
538
|
(53,260)
|
1,583
|
54,999
|
||||||||
Financial expenses
|
(43,863)
|
(14,724)
|
(24,865)
|
(4,721)
|
(27)
|
(8,665)
|
(14,031)
|
8,691
|
(102,205)
|
||||||||
Financial income
|
4,843
|
1,167
|
4,874
|
2,337
|
329
|
4,321
|
5,893
|
(9,803)
|
13,961
|
||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
2,342
|
(2,342)
|
-
|
||||||||
Share of profit or loss in associates
|
|||||||||||||||||
and joint ventures
|
(258)
|
1,686
|
-
|
-
|
-
|
32
|
(2,749)
|
3,234
|
1,945
|
||||||||
(Loss) profit before income tax
|
(31,904)
|
12,003
|
(15,711)
|
67,872
|
656
|
(3,774)
|
(61,805)
|
1,363
|
(31,300)
|
||||||||
Income tax
|
(3,003)
|
(3,059)
|
140
|
(20,651)
|
(357)
|
878
|
12,732
|
(1,476)
|
(14,796)
|
||||||||
(Loss) profit for the year
|
(34,907)
|
8,944
|
(15,571)
|
47,221
|
299
|
(2,896)
|
(49,073)
|
(113)
|
(46,096)
|
||||||||
(Loss) profit from attributable to:
|
|||||||||||||||||
Owners of the Company
|
(31,439)
|
6,504
|
(13,785)
|
35,416
|
299
|
(1,822)
|
(49,035)
|
(1,281)
|
(55,143)
|
||||||||
Non-controlling interest
|
(3,468)
|
2,440
|
(1,786)
|
11,805
|
-
|
(1,074)
|
(38)
|
1,168
|
9,047
|
||||||||
(34,907)
|
8,944
|
(15,571)
|
47,221
|
299
|
(2,896)
|
(49,073)
|
(113)
|
(46,096)
|
At
|
At
|
|||
December 31,
|
September 30,
|
|||
2019
|
2020
|
|||
Cash on hand
|
1,323
|
1,031
|
||
Remittances in-transit
|
|
5,664
|
1,917
|
|
Bank accounts
|
225,101
|
202,349
|
||
Escrow account (a)
|
552,439
|
495,755
|
||
Time deposits
|
166,174
|
119,111
|
||
950,701
|
820,163
|
(a) |
The Group maintains various administration or guarantee trusts depending on the purposes for which they were created. The balance corresponding to Reserve Funds Issued Bonds includes
operating reserve accounts, maintenance and debt service payments, among others, corresponding to the bond issuance of the subsidiaries. The balance includes reserve funds for bond payments issued by the subsidiaries GyM Ferrovias S.A. and
Norvial S.A. amounting to S/175 million and S/19 million, as of September 30, 2020, respectively (S/181 million and S/18 million, as of December 31, 2019, respectively), as shown as follows:
|
At
|
At
|
|||
December 31,
|
September 30,
|
|||
2019
|
2020
|
|||
Reserve funds issued bonds
|
199,192
|
193,950
|
||
Real estate projects
|
31,794
|
39,493
|
||
Engineering and construction projects
|
236,526
|
180,623
|
||
Infrastructure projects
|
84,927
|
81,689
|
||
552,439
|
495,755
|
At
|
At
|
|||
December 31,
|
September 30,
|
|||
2019
|
2020
|
|||
Cash and cash equivalent
|
950,701
|
820,163
|
||
Bank overdrafts (Note 15)
|
-
|
(84)
|
||
Balances per Consolidated statement of cash flows
|
950,701
|
820,079
|
Total
|
Current
|
Non-current
|
||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||
December 31,
|
September 30,
|
December 31,
|
September 30,
|
December 31,
|
September 30,
|
|||||||
2019
|
2020
|
2019
|
2020
|
2019
|
2020
|
|||||||
Receivables (net) (a)
|
1,037,284
|
720,409
|
467,696
|
177,300
|
569,588
|
543,109
|
||||||
Unbilled receivables (net) - Subsidiaries (b)
|
421,841
|
502,372
|
336,272
|
396,003
|
85,569
|
106,369
|
||||||
Unbilled receivables (net) - Concessions (c)
|
234,688
|
248,276
|
110,236
|
107,610
|
124,452
|
140,666
|
||||||
1,693,813
|
1,471,057
|
914,204
|
680,913
|
779,609
|
790,144
|
|
a) |
Receivables are presented net of impairment and present value discount for S/5.5 million and S/9 million, respectively (S/4.9 million and S/10.1 million as of December 31, 2019). The ageing
is detailed as follows:
|
At
|
At
|
|||||
December 31,
|
September 30,
|
|||||
2019
|
2020
|
|||||
Current
|
895,366
|
623,530
|
||||
Past due up to 30 days
|
45,922
|
24,686
|
||||
Past due from 31 days up to 90 days
|
28,662
|
6,949
|
||||
Past due from 91 days up to 120 days
|
1,319
|
2,860
|
||||
Past due from 121 days up to 360 days
|
9,204
|
3,002
|
||||
Past due over 360 days
|
56,811
|
59,382
|
||||
1,037,284
|
720,409
|
|
b) |
Unbilled receivables from subsidiaries correspond to services performed and valuations in process or pending approval. The balance is net of present value discount for S/15.1 million
(S/20.6 million as of December 31, 2019), and detailed by subsidiary:
|
At
|
At
|
|||||
December 31,
|
September 30,
|
|||||
2019
|
2020
|
|||||
GyM S.A.
|
384,660
|
400,649
|
||||
Concar S.A.
|
10,737
|
9,316
|
||||
GMI S.A.
|
24,787
|
30,325
|
||||
Graña y Montero Petrolera S.A.
|
1,657
|
1,749
|
||||
Qualys S.A.
|
-
|
141
|
||||
Adexus S.A.
|
-
|
60,192
|
||||
421,841
|
502,372
|
|
c) |
Unbilled receivables from concessions correspond to future invoice according to Concession Contract terms. This amount is presented net of impairment of S/3.5 million as of September 30,
2020 and December 31, 2019, as detailed below:
|
At
|
At
|
|||||
December 31,
|
September 30,
|
|||||
2019
|
2020
|
|||||
GyM Ferrovias S.A.
|
208,205
|
215,564
|
||||
Survial S.A.
|
16,466
|
12,991
|
||||
Norvial S.A. (*)
|
2,149
|
15,556
|
||||
Concesión Canchaque S.A.C.
|
6,700
|
3,613
|
||||
Concesionaria La Chira S.A.
|
1,168
|
552
|
||||
234,688
|
248,276
|
Total
|
Current
|
Non-current
|
||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||
December 31,
|
September 30,
|
December 31,
|
September 30,
|
December 31,
|
September 30,
|
|||||||
2019
|
2020
|
2019
|
2020
|
2019
|
2020
|
|||||||
Unbilled receivable concessions in progress (a)
|
23,117
|
37,227
|
-
|
-
|
23,117
|
37,227
|
||||||
Work in progress (b)
|
49,457
|
145,102
|
49,457
|
145,102
|
)
|
-
|
-
|
|||||
72,574
|
182,329
|
49,457
|
145,102
|
23,117
|
37,227
|
a) |
Includes the pre-operating costs incurred by the Concessionaire Vía Expresa Sur S.A for the concession contract for the Vía Expresa Sur project. The increase as of September 30, 2020,
corresponds to the reclassification of the intangible portion, according to the bifurcated model adopted by the Concession, due to the suspension signed with the Metropolitan Municipality of Lima since June 2020, to agree on the terms and
conditions to approve the Early Termination of the Concession Contract by mutual agreement, in accordance with the clause 16.3 of the aforementioned contract.
|
b) |
Includes mainly S/139.7 million corresponding to GyM S.A. and its subsidiary Vial y Vives - DSD S.A. (S/29.6 million as of December 31, 2019); and S/5.2 million from GMI S.A. (S/19.9 million as of December 31, 2019).
|
At September 30,
|
||||
2019
|
2020
|
|||
Revenue from sales of goods and services:
|
||||
- Associates
|
|
108
|
-
|
|
- Joint operations
|
31,158
|
13,389
|
||
31,266
|
13,389
|
At December 31,
|
At September 30,
|
|||||||
2019
|
2020
|
|||||||
Receivable
|
Payable
|
Receivable
|
Payable
|
|||||
Current portion:
|
||||||||
Joint operations
|
||||||||
Consorcio Rio Urubamba
|
9,042
|
-
|
9,326
|
-
|
||||
Consorcio Peruano de Conservacion
|
3,592
|
-
|
3,011
|
-
|
||||
Consorcio Italo Peruano
|
1,011
|
363
|
1,605
|
216
|
||||
Consorcio Constructor Chavimochic
|
-
|
5,953
|
-
|
10,729
|
||||
Consorcio GyM Conciviles
|
1,257
|
1,958
|
1,331
|
645
|
||||
Consorcio La Gloria
|
1,750
|
1,017
|
67
|
107
|
||||
Consorcio Ermitaño
|
831
|
440
|
848
|
471
|
||||
Terminales del Peru
|
1,176
|
-
|
704
|
-
|
||||
Consorcio TNT Vial y Vives - DSD Chile Ltda
|
-
|
1,088
|
-
|
843
|
||||
Consorcio Rio Mantaro
|
-
|
5,869
|
-
|
6,883
|
||||
Consorcio Vial Quinua
|
-
|
2,048
|
-
|
2,051
|
||||
Consorcio Huacho Pativilca
|
1,419
|
5,895
|
2
|
258
|
||||
Consorcio CDEM
|
638
|
-
|
695
|
36
|
||||
Consorcio GyM-Stracon
|
2,230
|
-
|
1
|
785
|
||||
Consorcio GyM-OSSA
|
7,202
|
-
|
-
|
1,396
|
||||
Consorcio Chicama Ascope
|
2,471
|
-
|
2,585
|
-
|
||||
Other minors
|
1,407
|
2,102
|
4,104
|
6,026
|
||||
34,026
|
26,733
|
24,279
|
30,446
|
At December 31,
|
At September 30,
|
|||||||
2019
|
2020
|
|||||||
Receivable
|
Payable
|
Receivable
|
Payable
|
|||||
Other related parties
|
||||||||
Ferrovias Argentina
|
-
|
12,183
|
-
|
10,773
|
||||
Peru Piping Spools S.A.C.
|
2,632
|
-
|
2,680
|
-
|
||||
2,632
|
12,183
|
2,680
|
10,773
|
|||||
Current portion
|
36,658
|
38,916
|
26,959
|
41,219
|
||||
Non-current portion:
|
||||||||
Gasoducto Sur Peruano S.A.
|
572,624
|
-
|
614,579
|
-
|
||||
Ferrovias Participaciones
|
-
|
22,583
|
-
|
35,959
|
||||
Other minors
|
2,099
|
-
|
2,279
|
-
|
||||
Non-current
|
574,723
|
22,583
|
616,858
|
35,959
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||||||||||||||
December 31,
|
At September 30,
|
December 31,
|
At September 30,
|
December 31,
|
At September 30,
|
|||||||||||||||||||
2019
|
2020
|
2019
|
2020
|
2019
|
2020
|
|||||||||||||||||||
Advances to suppliers
|
135,481
|
77,272
|
135,481
|
77,272
|
-
|
-
|
||||||||||||||||||
Income tax on-account prepaid
|
71,541
|
36,267
|
71,541
|
36,265
|
-
|
2
|
||||||||||||||||||
VAT credit
|
47,167
|
75,716
|
32,903
|
59,567
|
14,264
|
16,149
|
||||||||||||||||||
Guarantee deposits
|
189,210
|
210,660
|
104,965
|
140,934
|
84,245
|
69,726
|
||||||||||||||||||
Claims to third parties
|
79,771
|
105,040
|
38,874
|
47,479
|
40,897
|
57,561
|
||||||||||||||||||
Petroleos del Peru S.A.- Petroperu S.A.
|
80,942
|
84,943
|
17,293
|
18,658
|
63,649
|
66,285
|
||||||||||||||||||
ITAN and other tax receivable
|
60,883
|
64,007
|
30,233
|
33,053
|
30,650
|
30,954
|
||||||||||||||||||
Restricted funds
|
16,523
|
9,951
|
1,522
|
2,070
|
15,001
|
7,881
|
||||||||||||||||||
Rental and sale of equipment - GyM S.A. projects
|
30,798
|
28,239
|
30,798
|
28,239
|
-
|
-
|
||||||||||||||||||
Accounts receivable from personnel
|
2,940
|
7,914
|
2,940
|
7,914
|
-
|
-
|
||||||||||||||||||
Consorcio Panorama
|
23,491
|
25,320
|
-
|
-
|
23,491
|
25,320
|
||||||||||||||||||
Other minors
|
16,574
|
5,601
|
15,339
|
4,902
|
1,235
|
699
|
||||||||||||||||||
755,321
|
730,930
|
481,889
|
456,353
|
273,432
|
274,577
|
|||||||||||||||||||
Impairment
|
(27,415
|
)
|
(47,219
|
)
|
(27,415
|
)
|
(44,210
|
)
|
-
|
(3,009
|
)
|
|||||||||||||
727,906
|
683,711
|
454,474
|
412,143
|
273,432
|
271,568
|
At
|
At
|
|||||||
December 31,
|
September 30,
|
|||||||
2019
|
2020
|
|||||||
Associates
|
28,875
|
29,144
|
||||||
Joint ventures
|
8,160
|
9,152
|
||||||
37,035
|
38,296
|
At September 30,
|
||||||||
2019
|
2020
|
|||||||
Beginning balance
|
257,765
|
37,035
|
||||||
Dividends received
|
(332
|
)
|
(701
|
)
|
||||
Share of the profit or loss in associates and joint
|
||||||||
ventures
|
(1,387
|
)
|
1,945
|
|||||
Impairment of investment
|
(140
|
)
|
-
|
|||||
Translation adjustments
|
(19
|
)
|
17
|
|||||
Ending balance
|
255,887
|
38,296
|
Property,
|
||||||
plant and
|
Intangibles
|
Right-of-use
|
||||
equipment
|
assets
|
assets
|
||||
Net cost at January 1, 2019
|
503,584
|
868,050
|
-
|
|||
Additions
|
45,060
|
109,473
|
115,668
|
|||
Reclassifications, disposals and adjustments
|
(22,882)
|
(12,875)
|
830
|
|||
Deductions for sale of assets
|
(5,553)
|
-
|
-
|
|||
Depreciation, amortization
|
(62,072)
|
(80,482)
|
(22,049)
|
|||
Net cost at September 30, 2019
|
458,137
|
884,166
|
94,449
|
|||
Net cost at January 1, 2020
|
463,990
|
854,227
|
90,581
|
|||
Additions
|
27,396
|
44,081
|
9,673
|
|||
Reclassifications, disposals and adjustments (*)
|
(13,744)
|
(27,489)
|
(10,048)
|
|||
Deductions for sale of assets
|
(5,493)
|
-
|
-
|
|||
Depreciation, amortization
|
(57,547)
|
(75,164)
|
(19,812)
|
|||
Net cost at September 30, 2020
|
414,602
|
795,655
|
70,394
|
At September 30,
|
||||
2019
|
2020
|
|||
Cost of goods and services (Note 21)
|
81,377
|
73,265
|
||
Administrative expenses (Note 21)
|
4,499
|
5,902
|
||
Total depreciation related to property, plant and equipment, investment property and right-of-use assets
|
85,876
|
79,167
|
||
(-) Depreciation of investment property
|
(1,755)
|
(1,808)
|
||
(-) Depreciation of right-of-use asset
|
(22,049)
|
(19,812)
|
||
Total depreciation of property, plant and equipment
|
62,072
|
57,547
|
At September 30,
|
|||||
2019
|
2020
|
||||
Cost of goods and services (Note 21)
|
76,793
|
72,009
|
|||
Administrative expenses (Note 21)
|
3,689
|
3,155
|
|||
80,482
|
75,164
|
At
|
At
|
||||
December 31,
|
September 30,
|
||||
2019
|
2020
|
||||
Engineering and construction (*)
|
36,632
|
33,579
|
|||
Electromechanical
|
20,735
|
20,735
|
|||
57,367
|
54,314
|
Total
|
Current
|
Non-current
|
||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||
December 31,
|
September 30,
|
December 31,
|
September 30,
|
December 31,
|
September 30,
|
|||||||
2019
|
2020
|
2019
|
2020
|
2019
|
2020
|
|||||||
Bank overdrafts (Note 8)
|
-
|
84
|
-
|
84
|
-
|
-
|
||||||
Bank loans (a)
|
631,863
|
528,308
|
445,289
|
355,343
|
186,574
|
172,965
|
||||||
Finance leases
|
23,650
|
53,011
|
10,357
|
12,951
|
13,293
|
40,060
|
||||||
Lease liability for right-of-use asset
|
92,870
|
78,497
|
23,980
|
23,621
|
68,890
|
54,876
|
||||||
Other financial entities (b)
|
142,212
|
198,947
|
1,903
|
12,099
|
140,309
|
186,848
|
||||||
890,595
|
858,847
|
481,529
|
404,098
|
409,066
|
454,749
|
a)
|
Bank loans
|
Current
|
Non-current
|
|||||||||||
At
|
At
|
At
|
At
|
|||||||||
Interest
|
Maturity
|
December 31,
|
September 30,
|
December 31,
|
September 30,
|
|||||||
rate
|
date
|
2019
|
2020
|
2019
|
2020
|
|||||||
GyM S.A. (i)
|
0.67% / 11.00%
|
2023
|
170,798
|
165,544
|
26,401
|
17,300
|
||||||
GMP S.A. (ii)
|
3.25% / 6.04%
|
2027
|
30,367
|
28,042
|
102,895
|
103,341
|
||||||
Graña y Montero S.A.A. (iii)
|
9.10% / 10.10%
|
2022
|
112,854
|
38,237
|
-
|
52,324
|
||||||
Adexus S.A.
|
0.50% / 1.15%
|
2026
|
20,927
|
18,876
|
57,278
|
-
|
||||||
Viva GyM S.A.
|
6.84% / 8.88%
|
2021
|
110,343
|
104,644
|
-
|
-
|
||||||
445,289
|
355,343
|
186,574
|
172,965
|
i)
|
Financial Stability Framework Agreement
|
ii)
|
Terminales del Peru Loan
|
iii)
|
CS Peru Infrastructure Holdings LLC Loan
|
b)
|
Other financial entities
|
c)
|
Fair value of borrowings
|
Carrying amount
|
Fair value
|
|||||||||||||||
At
|
At
|
At
|
At
|
|||||||||||||
December 31,
|
September 30,
|
December 31,
|
September 30,
|
|||||||||||||
2019
|
2020
|
2019
|
2020
|
|||||||||||||
Bank overdrafts
|
-
|
84
|
-
|
84
|
||||||||||||
Bank loans
|
631,863
|
528,308
|
650,224
|
554,045
|
||||||||||||
Finance leases
|
23,650
|
53,011
|
23,697
|
38,882
|
||||||||||||
Lease liability for right-of-use asset
|
92,870
|
78,497
|
109,453
|
93,454
|
||||||||||||
Other financial entities
|
142,212
|
198,947
|
142,212
|
235,851
|
||||||||||||
890,595
|
858,847
|
925,586
|
922,316
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||||||||||||||
December 31,
|
September 30,
|
December 31,
|
September 30,
|
December 31,
|
September 30,
|
|||||||||||||||||||
2019
|
2020
|
2019
|
2020
|
2019
|
2020
|
|||||||||||||||||||
GyM Ferrovias S.A. (a)
|
618,497
|
622,960
|
15,742
|
19,777
|
602,755
|
603,183
|
||||||||||||||||||
Norvial S.A. (b)
|
305,545
|
287,752
|
28,995
|
32,518
|
276,550
|
255,234
|
||||||||||||||||||
GyM S.A. (c)
|
-
|
27,158
|
-
|
4,406
|
-
|
22,752
|
||||||||||||||||||
924,042
|
937,870
|
44,737
|
56,701
|
879,305
|
881,169
|
a)
|
GyM Ferrovias S.A.
|
2019
|
2020
|
|||
Balance at January, 1
|
611,660
|
618,497
|
||
Amortization
|
(8,481)
|
(8,669)
|
||
Accrued interest
|
36,111
|
35,695
|
||
Interest paid
|
(22,570)
|
(22,563)
|
||
Balance at September, 30
|
616,720
|
622,960
|
-
|
Debt service coverage ratio not less than 1.2 times.
|
-
|
Maintain a constant balance in the minimum trust equal to one quarter of operation and maintenance costs (including the IGV).
|
-
|
Maintain a constant balance in the minimum trust equal to the following two coupons according to the bond schedule.
|
b)
|
Norvial S.A.
|
2019
|
2020
|
|||
Balance at January, 1
|
325,382
|
305,545
|
||
Amortization
|
(14,607)
|
(17,880)
|
||
Accrued interest
|
17,637
|
18,616
|
||
Capitalized interest
|
2,103
|
-
|
||
Interest paid
|
(19,657)
|
(18,529)
|
||
Balance at September, 30
|
310,858
|
287,752
|
-
|
Debt service coverage ratio of not less than 1.3 times.
|
-
|
Proforma gearing ratio lower than 4 times.
|
c)
|
GyM S.A.
|
At
|
At
|
|||
December 31,
|
September 30,
|
|||
2019
|
2020
|
|||
Invoices payable
|
398,347
|
365,191
|
||
Provision of contract costs
|
758,116
|
614,298
|
||
Notes payable
|
37,426
|
14,177
|
||
1,193,889
|
993,666
|
Total
|
Current
|
Non-current
|
||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||
December 31,
|
September 30,
|
December 31,
|
September 30,
|
December 31,
|
September 30,
|
|||||||
2019
|
2020
|
2019
|
2020
|
2019
|
2020
|
|||||||
Advances received from customers (a)
|
307,839
|
384,524
|
270,714
|
345,934
|
37,125
|
38,590
|
||||||
Consorcio Ductos del Sur - payable (b)
|
148,076
|
128,021
|
-
|
-
|
148,076
|
128,021
|
||||||
Salaries and other payable
|
92,313
|
106,630
|
92,313
|
106,630
|
-
|
-
|
||||||
Other taxes payable
|
108,457
|
88,249
|
88,248
|
71,415
|
20,209
|
16,834
|
||||||
Put option liability on Morelco acquisition
|
106,444
|
116,463
|
71,341
|
77,406
|
35,103
|
39,057
|
||||||
Consorcio Rio Mantaro - payables
|
35,625
|
57,728
|
35,625
|
57,728
|
-
|
-
|
||||||
Acquisition of additional non-controlling interest
|
22,697
|
27,433
|
22,697
|
27,433
|
-
|
-
|
||||||
Guarantee deposits
|
16,445
|
21,107
|
16,445
|
21,107
|
-
|
-
|
||||||
Third-party loans
|
11,619
|
11,606
|
9,545
|
9,531
|
2,074
|
2,075
|
||||||
Other accounts payables
|
116,449
|
75,744
|
62,746
|
37,705
|
53,703
|
38,039
|
||||||
965,964
|
1,017,505
|
669,674
|
754,889
|
296,290
|
262,616
|
(a)
|
Advances received from customers relate mainly from construction projects, and are applied to progress billings, in accordance with contract terms.
|
Total
|
Current
|
Non-current
|
||||||||||
At
|
At
|
At
|
At
|
At
|
At
|
|||||||
December 31,
|
September 30,
|
December 31,
|
September 30,
|
December 31,
|
September 30,
|
|||||||
2019
|
2020
|
2019
|
2020
|
2019
|
2020
|
|||||||
Advances - Consortiums
|
115,250
|
108,014
|
113,093
|
106,551
|
2,157
|
1,463
|
||||||
Advances - Real estate projects
|
66,258
|
105,347
|
66,258
|
105,347
|
-
|
-
|
||||||
Advances - Engineering and construction
|
64,118
|
118,820
|
44,932
|
93,502
|
19,186
|
25,318
|
||||||
Advances - Road concessions
|
42,030
|
47,433
|
26,534
|
35,855
|
15,496
|
11,578
|
||||||
Others
|
20,183
|
4,910
|
19,897
|
4,679
|
286
|
231
|
||||||
307,839
|
384,524
|
270,714
|
345,934
|
37,125
|
38,590
|
(b)
|
The balance of other accounts payable from Consorcio Constructor Ductos del Sur corresponds to payment obligations to vendors and main subcontractors for S/128
million (S/148 million as of December 31, 2019), assumed by the subsidiary GyM S.A; as a result of the termination of GSP operations.
|
Contingent
|
||||||||||
liabilities
|
Provision
|
|||||||||
Legal
|
Tax
|
resulting from
|
for well
|
|||||||
contingencies
|
Contingent
|
acquisitions
|
closure
|
Total
|
||||||
At January 1, 2019
|
84,728
|
-
|
4,498
|
20,382
|
109,608
|
|||||
Additions
|
13,138
|
-
|
-
|
15,928
|
29,066
|
|||||
Reversals of provisions
|
(1,625)
|
-
|
(438)
|
-
|
(2,063)
|
|||||
Payments
|
(567)
|
-
|
-
|
-
|
(567)
|
|||||
Translation adjustments
|
(127)
|
-
|
(262)
|
-
|
(389)
|
|||||
At september 30, 2019
|
95,547
|
-
|
3,798
|
36,310
|
135,655
|
|||||
At January 1, 2020
|
278,319
|
-
|
-
|
50,116
|
328,435
|
|||||
Additions
|
34,432
|
-
|
-
|
3,075
|
37,507
|
|||||
Reversals of provisions
|
(7,108)
|
-
|
-
|
-
|
(7,108)
|
|||||
Payments
|
(4,166)
|
-
|
-
|
(1,181)
|
(5,347)
|
|||||
Translation adjustments
|
4,275
|
-
|
-
|
-
|
4,275
|
|||||
At september 30, 2020
|
305,752
|
-
|
-
|
52,010
|
357,762
|
a)
|
Civil compensation
|
b)
|
Securities Class actions NY SEC
|
Cost of
|
||||||
goods and
|
Administrative
|
|||||
services
|
expenses
|
Total
|
||||
At September 30, 2019
|
||||||
Salaries, wages and fringe benefits
|
691,110
|
100,946
|
792,056
|
|||
Services provided by third-parties
|
939,417
|
36,352
|
975,769
|
|||
Purchase of goods
|
515,441
|
28
|
515,469
|
|||
Other management costs
|
344,066
|
17,843
|
361,909
|
|||
Depreciation (Note 14 a)
|
81,377
|
4,499
|
85,876
|
|||
Amortization (Note 14 b)
|
76,793
|
3,689
|
80,482
|
|||
Impairment of accounts receivable
|
731
|
-
|
731
|
|||
Taxes
|
5,454
|
956
|
6,410
|
|||
Impariment of property, plant and equipment
|
(305)
|
-
|
(305)
|
|||
Inventory recovery
|
(1,519)
|
-
|
(1,519)
|
|||
Total
|
2,652,565
|
164,313
|
2,816,878
|
|||
At September 30, 2020
|
||||||
Services provided by third-parties
|
592,023
|
33,678
|
625,701
|
|||
Salaries, wages and fringe benefits
|
693,980
|
69,439
|
763,419
|
|||
Purchase of goods
|
393,696
|
72
|
393,768
|
|||
Other management costs
|
167,295
|
8,782
|
176,077
|
|||
Depreciation (Note 14 a)
|
73,265
|
5,902
|
79,167
|
|||
Amortization (Note 14 b)
|
72,009
|
3,155
|
75,164
|
|||
Impairment of accounts receivable
|
15,441
|
321
|
15,762
|
|||
Taxes
|
4,503
|
95
|
4,598
|
|||
Property, plant and equipment recovery
|
(258)
|
-
|
(258)
|
|||
Inventory recovery
|
(1,460)
|
-
|
(1,460)
|
|||
Total
|
2,010,494
|
121,444
|
2,131,938
|
At September 30,
|
|||||
2019
|
2020
|
||||
Other income:
|
|||||
Sale of assets
|
6,932
|
5,563
|
|||
Debt forgiveness to suppliers
|
14,017
|
205
|
|||
Recovery of provisions and impairments
|
2,538
|
4,322
|
|||
Profit from Mizuho Bank Ltd. agreement (a)
|
67,039
|
-
|
|||
Others
|
4,806
|
3,986
|
|||
95,332
|
14,076
|
||||
Other expenses:
|
|||||
Cost of assets disposal
|
6,044
|
5,468
|
|||
Asset impairment (b)
|
40,054
|
26,719
|
|||
Civil repair to the Peruvian Government
|
-
|
10,797
|
|||
Legal and tax litigation
|
-
|
239
|
|||
Provision for well closure
|
2,122
|
3,075
|
|||
Administrative fine
|
228
|
706
|
|||
Others
|
4,742
|
3,172
|
|||
53,190
|
50,176
|
||||
42,142
|
(36,100)
|
a)
|
Corresponds to: the profit from the refinancing operation executed by Mizuho, linked to the agreement signed between GyM Ferrovías S.A. and Mizuho Bank Ltd. Pursuant
to the terms of such agreement, the Company provided a stand-by letter of credit to guarantee a financial derivative required to execute the CPAOs purchase transaction related to the Expansion Project. Furthermore, the agreement stated that
in case Mizuho Bank refinanced the debt obtained for the purchase of the CPAOs, the Company would be entitled to receive 70% of the profit obtained from such refinancing.
|
b)
|
Corresponds to: i) to the impairment of intangibles at subsidiary Concesionaria Vía Expresa Sur S.A. for S/13.5 million, as a result of the Company's estimates on the recovery of the investment maintained in the project. The Concession
Contract has been suspended by mutual agreement with the Municipality of Lima since June 2017 (Note 10), ii) the impairment registered at CAM Holding S.P.A. for S/12.7 million due to claims against escrow account.
|
At September 30,
|
||||
2019
|
2020
|
|||
Earning (loss) attributable to owners of the Company
|
||||
during the period
|
34,944
|
(55,143)
|
||
Weighted average number of shares in issue
|
||||
at S/1.00 each, at September 30,
|
805,218,485
|
871,917,855
|
||
Basic earning (loss) per share (S/)
|
(*)
|
0.043
|
(0.063)
|
1 Year Grana y Montero SAA Chart |
1 Month Grana y Montero SAA Chart |
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