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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
|
LIABILITIES AND EQUITY
|
|||||||
As at
|
As at
|
||||||
December 31, | December 31, | ||||||
Note
|
2019
|
2020
|
|||||
(as restated)
|
|||||||
Current liabilities
|
|||||||
Borrowings
|
15
|
481,529
|
452,884
|
||||
Bonds
|
16
|
44,737
|
58,446
|
||||
Trade accounts payable
|
17
|
1,159,075
|
1,099,442
|
||||
Accounts payable to related parties
|
11
|
38,916
|
43,817
|
||||
Current income tax
|
51,169
|
34,494
|
|||||
Other accounts payable
|
18
|
669,674
|
793,585
|
||||
Provisions
|
19
|
113,483
|
138,780
|
||||
Total current liabilities
|
2,558,583
|
2,621,448
|
|||||
Non-current liabilities
|
|||||||
Borrowings
|
15
|
409,066
|
445,436
|
||||
Bonds
|
16
|
879,305
|
874,313
|
||||
Trade accounts payable
|
17
|
34,814
|
40,502
|
||||
Other accounts payable
|
18
|
296,290
|
201,593
|
||||
Accounts payable to related parties
|
11
|
22,583
|
36,298
|
||||
Provisions
|
19
|
214,952
|
234,951
|
||||
Derivative financial instruments
|
52
|
-
|
|||||
Deferred income tax liability
|
112,734
|
102,907
|
|||||
Total non-current liabilities
|
1,969,796
|
1,936,000
|
|||||
Total liabilities
|
4,528,379
|
4,557,448
|
|||||
Equity
|
|||||||
Capital
|
20
|
871,918
|
871,918
|
||||
Legal reserve
|
132,011
|
132,011
|
|||||
Voluntary reserve
|
29,974
|
29,974
|
|||||
Share Premium
|
1,132,179
|
1,131,574
|
|||||
Other reserves
|
(177,506)
|
(169,234
|
) | ||||
Retained earnings
|
(510,766)
|
(630,391
|
)
|
||||
Equity attributable to controlling interest in the
Company
|
1,477,810
|
1,365,852
|
|||||
Non-controlling interest
|
398,275
|
328,119
|
|||||
Total equity
|
1,876,085
|
1,693,971
|
|||||
Total liabilities and equity
|
6,404,464
|
6,251,419
|
The accompanying notes on pages 6 to 40 are an integral part of the consolidated financial statements.
|
|
|
● |
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 or our Subsidiaries
participated in respect of the alleged “Lava Jato” or others. 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
|
|
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.
|
|
2. |
IMPACT OF THE COVID-19 PANDEMIC
|
1) |
In the engineering and construction business the stoppage, specially form March to June, produce a reduction of 25% in revenues comparing to 2019. However, the gradual
normalization of activities and the result of negotiations with our clients regarding higher costs due to stoppages and new operating standards due to the COVID-19 situation prevented decrease in gross and operating margins from
deteriorating substantially. 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.
However, despite these adverse circumstances, a positive result was achieved for this business in 2020.
|
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 operated with less passengers but revenues were 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 was impacted by the reduction of the oil Price to levels below the estimations considered for 2020. During the sanitary crisis, the enforceability of
further investment obligation on new wells in Lots III and IV was suspended and suppliers obligations were renegotiated.
|
|
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 has been 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 did not impact the results of the year
because the revenues do not depend on traffic.
|
|
3. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
|
3.1 |
Basis of preparation
|
|
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”.
|
|
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 year ended
|
||||||||||||
December 31, 2019
|
||||||||||||
Reported
|
Adexus
|
As restated
|
||||||||||
Revenues from construction activities
|
2,411,880
|
-
|
2,411,880
|
|||||||||
Revenues from services provided
|
1,089,465
|
164,594
|
1,254,059
|
|||||||||
Revenue from real estate and sale of goods
|
583,659
|
88,263
|
671,922
|
|||||||||
4,085,004
|
252,857
|
4,337,861
|
||||||||||
Cost of construction activities
|
(2,351,563
|
)
|
-
|
(2,351,563
|
)
|
|||||||
Cost of services provided
|
(866,326
|
)
|
(168,925
|
)
|
(1,035,251
|
)
|
||||||
Cost of real estate and sale of goods
|
(425,352
|
)
|
(75,258
|
)
|
(500,610
|
)
|
||||||
(3,643,241
|
)
|
(244,183
|
)
|
(3,887,424
|
)
|
|||||||
Gross profit
|
441,763
|
8,674
|
450,437
|
|||||||||
Administrative expenses
|
(213,908
|
)
|
(34,744
|
)
|
(248,652
|
)
|
||||||
Other income and expenses
|
(326,754
|
)
|
(12,740
|
)
|
(339,494
|
)
|
||||||
Operating loss
|
(98,899
|
)
|
(38,810
|
)
|
(137,709
|
)
|
||||||
Financial expenses
|
(231,709
|
)
|
(21,425
|
)
|
(253,134
|
)
|
||||||
Financial income
|
74,656
|
(310
|
)
|
74,346
|
||||||||
Share of the profit or loss of associates and joint ventures accounted for using the equity method
|
(218,774
|
)
|
-
|
(218,774
|
)
|
|||||||
Loss before income tax
|
(474,726
|
)
|
(60,545
|
)
|
(535,271
|
)
|
||||||
Income tax expense
|
(319,957
|
)
|
16,586
|
(303,371
|
)
|
|||||||
Loss from continuing operations
|
(794,683
|
)
|
(43,959
|
)
|
(838,642
|
)
|
||||||
(Loss) profit from discontinued operations
|
(43,959
|
)
|
43,959
|
-
|
||||||||
Loss for the year
|
(838,642
|
)
|
-
|
(838,642
|
)
|
|||||||
(Loss) profit attributable to:
|
||||||||||||
Owners of the Company
|
(884,721
|
)
|
-
|
(884,721
|
)
|
|||||||
Non-controlling interest
|
46,079
|
-
|
46,079
|
|||||||||
(838,642
|
)
|
-
|
(838,642
|
)
|
|
3.2 |
Significant accounting policies
|
|
3.3 |
Standards, amendments, and interpretation adopted by the Group
|
|
4. |
FINANCIAL RISK MANAGEMENT
|
|
4.1 |
Financial risk factors
|
a) |
Market risks
|
|
i) |
Foreign exchange risk
|
|
ii) |
Price risk
|
|
iii) |
Cash flow and fair value interest rate risk
|
b) |
Credit risk
|
c) |
Liquidity risk
|
Less than
|
1-2
|
2-5
|
More than
|
|||||||||||||||||
At December 31, 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 December 31, 2020
|
1 year
|
years
|
years
|
5 years
|
Total
|
|||||||||||||||
|
||||||||||||||||||||
Other financial liabilities (except
|
||||||||||||||||||||
for finance leases and lease
|
||||||||||||||||||||
liability for right-of-use asset)
|
433,318
|
183,796
|
197,785
|
23,953
|
838,852
|
|||||||||||||||
Finance leases
|
16,287
|
14,919
|
20,851
|
8,515
|
60,572
|
|||||||||||||||
Lease liability for right-of-use asset
|
24,714
|
32,006
|
19,847
|
11,131
|
87,698
|
|||||||||||||||
Bonds
|
137,090
|
168,673
|
385,919
|
971,543
|
1,663,225
|
|||||||||||||||
Trade accounts payables (except
|
||||||||||||||||||||
non-financial liabilities)
|
1,003,745
|
40,502
|
-
|
-
|
1,044,247
|
|||||||||||||||
Accounts payables to related parties
|
43,817
|
35,462
|
-
|
836
|
80,115
|
|||||||||||||||
Other accounts payables (except
|
||||||||||||||||||||
non-financial liabilities)
|
273,278
|
2,185
|
133,684
|
-
|
409,147
|
|||||||||||||||
1,932,249
|
477,543
|
758,086
|
1,015,978
|
4,183,856
|
At December 31,
|
||||||||
2019
|
2020
|
|||||||
Total financial liabilities and bonds (Note 15 and Note 16)
|
1,814,637
|
1,831,079
|
||||||
Less: Cash and cash equivalents (Note 8)
|
(950,701
|
)
|
(900,168
|
)
|
||||
Net debt
|
863,936
|
930,911
|
||||||
Total equity
|
1,876,085
|
1,693,971
|
||||||
Total capital
|
2,740,021
|
2,624,882
|
||||||
Gearing ratio
|
0.32
|
0.35
|
- | 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
|
|
5. |
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
|
|
6. |
SEASONALITY OF OPERATIONS
|
|
7. |
OPERATING SEGMENTS
|
Operating segment performance
|
||||||||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2019
|
Engineering
and
construction
|
Energy
|
Toll roads
|
Transportation
|
Water
treatment
|
Real estate
|
Parent
Company
operations
|
Elimination
|
Consolidated
|
|||||||||||||||||||||||||||
Revenue
|
2,797,326
|
552,584
|
633,301
|
397,853
|
3,555
|
264,401
|
342,608
|
(653,767
|
)
|
4,337,861
|
||||||||||||||||||||||||||
Gross profit (loss)
|
98,362
|
108,291
|
96,164
|
119,464
|
500
|
70,787
|
6,584
|
(49,715
|
)
|
450,437
|
||||||||||||||||||||||||||
Administrative expenses
|
(141,421
|
)
|
(24,230
|
)
|
(28,623
|
)
|
(17,991
|
)
|
(397
|
)
|
(22,045
|
)
|
(75,146
|
)
|
61,201
|
(248,652
|
)
|
|||||||||||||||||||
Other income and expenses, net
|
9,937
|
606
|
(47,998
|
)
|
(2,661
|
)
|
12
|
20,020
|
(318,489
|
)
|
(921
|
)
|
(339,494
|
)
|
||||||||||||||||||||||
Operating (loss) profit
|
(33,122
|
)
|
84,667
|
19,543
|
98,812
|
115
|
68,762
|
(387,051
|
)
|
10,565
|
(137,709
|
)
|
||||||||||||||||||||||||
Financial expenses
|
(74,171
|
)
|
(13,266
|
)
|
(27,297
|
)
|
(10,948
|
)
|
(12
|
)
|
(42,320
|
)
|
(123,339
|
)
|
38,219
|
(253,134
|
)
|
|||||||||||||||||||
Financial income
|
5,644
|
2,033
|
2,245
|
33,214
|
826
|
3,829
|
74,546
|
(47,991
|
)
|
74,346
|
||||||||||||||||||||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
12,688
|
(12,688
|
)
|
-
|
||||||||||||||||||||||||||
Share of profit or loss in associates
|
||||||||||||||||||||||||||||||||||||
and joint ventures
|
(3,558
|
)
|
2,293
|
-
|
-
|
-
|
458
|
(711,962
|
)
|
493,995
|
(218,774
|
)
|
||||||||||||||||||||||||
(Loss) profit before income tax
|
(105,207
|
)
|
75,727
|
(5,509
|
)
|
121,078
|
929
|
30,729
|
(1,135,118
|
)
|
482,100
|
(535,271
|
)
|
|||||||||||||||||||||||
Income tax
|
(35,457
|
)
|
(22,911
|
)
|
(17,112
|
)
|
(39,634
|
)
|
(506
|
)
|
(7,000
|
)
|
(179,633
|
)
|
(1,118
|
)
|
(303,371
|
)
|
||||||||||||||||||
(Loss) profit for the year
|
(140,664
|
)
|
52,816
|
(22,621
|
)
|
81,444
|
423
|
23,729
|
(1,314,751
|
)
|
480,982
|
(838,642
|
)
|
|||||||||||||||||||||||
(Loss) profit from attributable to:
|
||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(137,109
|
)
|
48,056
|
(28,270
|
)
|
61,084
|
423
|
(4,995
|
)
|
(1,304,676
|
)
|
480,766
|
(884,721
|
)
|
||||||||||||||||||||||
Non-controlling interest
|
(3,555
|
)
|
4,760
|
5,649
|
20,360
|
-
|
28,724
|
(10,075
|
)
|
216
|
46,079
|
|||||||||||||||||||||||||
(140,664
|
)
|
52,816
|
(22,621
|
)
|
81,444
|
423
|
23,729
|
(1,314,751
|
)
|
480,982
|
(838,642
|
)
|
Operating segment performance
|
||||||||||||||||||||||||||||||||||||
Segment Reporting
|
||||||||||||||||||||||||||||||||||||
Infrastructure
|
||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2020
|
Engineering
and
construction
|
Energy
|
Toll roads
|
Transportation
|
Water
treatment
|
Real estate
|
Parent
Company
operations
|
Elimination
|
Consolidated
|
|||||||||||||||||||||||||||
Revenue
|
2,092,592
|
369,798
|
466,824
|
345,258
|
3,359
|
182,439
|
240,799
|
(387,040
|
)
|
3,314,029
|
||||||||||||||||||||||||||
Gross profit (loss)
|
115,993
|
53,251
|
40,858
|
107,918
|
366
|
40,345
|
8,134
|
(46,259
|
)
|
320,606
|
||||||||||||||||||||||||||
Administrative expenses
|
(102,519
|
)
|
(16,119
|
)
|
(16,584
|
)
|
(12,738
|
)
|
(289
|
)
|
(16,462
|
)
|
(42,543
|
)
|
54,811
|
(152,443
|
)
|
|||||||||||||||||||
Other income and expenses, net
|
(7,684
|
)
|
(4,185
|
)
|
(34,283
|
)
|
72
|
42
|
1,962
|
(52,704
|
)
|
65
|
(96,715
|
)
|
||||||||||||||||||||||
Operating profit (loss)
|
5,790
|
32,947
|
(10,009
|
)
|
95,252
|
119
|
25,845
|
(87,113
|
)
|
8,617
|
71,448
|
|||||||||||||||||||||||||
Financial expenses
|
(54,174
|
)
|
(17,525
|
)
|
(32,376
|
)
|
(9,316
|
)
|
(275
|
)
|
(12,647
|
)
|
(58,090
|
)
|
42,785
|
(141,618
|
)
|
|||||||||||||||||||
Financial income
|
6,603
|
2,239
|
4,326
|
1,586
|
897
|
4,584
|
60,303
|
(44,850
|
)
|
35,688
|
||||||||||||||||||||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
7,222
|
(7,222
|
)
|
-
|
||||||||||||||||||||||||||
Share of profit or loss in associates
|
||||||||||||||||||||||||||||||||||||
and joint ventures
|
-
|
2,391
|
-
|
-
|
-
|
34
|
(27,440
|
)
|
25,784
|
769
|
||||||||||||||||||||||||||
(Loss) profit before income tax
|
(41,781
|
)
|
20,052
|
(38,059
|
)
|
87,522
|
741
|
17,816
|
(105,118
|
)
|
25,114
|
(33,713
|
)
|
|||||||||||||||||||||||
Income tax
|
(3,614
|
)
|
(7,500
|
)
|
(13,477
|
)
|
(26,681
|
)
|
(277
|
)
|
(2,854
|
)
|
(3,517
|
)
|
(37
|
)
|
(57,957
|
)
|
||||||||||||||||||
(Loss) profit for the year
|
(45,395
|
)
|
12,552
|
(51,536
|
)
|
60,841
|
464
|
14,962
|
(108,635
|
)
|
25,077
|
(91,670
|
)
|
|||||||||||||||||||||||
(Loss) profit from attributable to:
|
||||||||||||||||||||||||||||||||||||
Owners of the Company
|
(42,836
|
)
|
9,176
|
(43,581
|
)
|
45,631
|
464
|
1,391
|
(108,595
|
)
|
18,725
|
(119,625
|
)
|
|||||||||||||||||||||||
Non-controlling interest
|
(2,559
|
)
|
3,376
|
(7,955
|
)
|
15,210
|
-
|
13,571
|
(40
|
)
|
6,352
|
27,955
|
||||||||||||||||||||||||
(45,395
|
)
|
12,552
|
(51,536
|
)
|
60,841
|
464
|
14,962
|
(108,635
|
)
|
25,077
|
(91,670
|
)
|
|
8. |
CASH AND CASH EQUIVALENTS
|
2019
|
2020
|
|||||||
Cash on hand
|
1,323
|
996
|
||||||
Remittances in-transit
|
|
5,664
|
|
|
|
2,340
|
||
Bank accounts
|
225,101
|
300,115
|
||||||
Escrow account (a)
|
552,439
|
501,015
|
||||||
Time deposits
|
166,174
|
95,702
|
||||||
950,701
|
900,168
|
(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/132 million and S/21 million, as of December 31, 2020, respectively (S/181 million and S/18 million, as of December 31, 2019, respectively), as shown as follows:
|
At December 31, | ||||||||
2019
|
2020
|
|||||||
Reserve funds issued bonds
|
199,192
|
153,075
|
||||||
Real estate projects
|
31,794
|
35,273
|
||||||
Engineering and construction projects
|
236,526
|
263,631
|
||||||
Infrastructure projects
|
84,927
|
49,036
|
||||||
552,439
|
501,015
|
|
9. |
TRADE ACCOUNTS RECEIVABLES, NET
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
2019
|
2020
|
2019
|
2020
|
2019
|
2020
|
|||||||||||||||||||
Receivables (net) (a)
|
959,151
|
753,690
|
415,970
|
248,807
|
543,181
|
504,883
|
||||||||||||||||||
Unbilled receivables (net) - Subsidiaries (b)
|
499,974
|
488,991
|
387,998
|
409,413
|
111,976
|
79,578
|
||||||||||||||||||
Unbilled receivables (net) - Concessions (c)
|
234,688
|
266,776
|
110,236
|
111,336
|
124,452
|
155,440
|
||||||||||||||||||
1,693,813
|
1,509,457
|
914,204
|
769,556
|
779,609
|
739,901
|
|
a)
|
Receivables are presented net of impairment and present value discount for S/47.2 million and S/0.9 million, respectively (S/4.9 million and S/10.1 million as of December 31, 2019). The ageing is
detailed as follows:
|
At December 31, | ||||||||
2019
|
2020
|
|||||||
Current
|
817,233
|
718,217
|
||||||
Past due up to 30 days
|
45,922
|
5,737
|
||||||
Past due from 31 days up to 90 days
|
27,364
|
6,801
|
||||||
Past due from 91 days up to 120 days
|
1,319
|
2,279
|
||||||
Past due from 121 days up to 360 days
|
10,502
|
4,185
|
||||||
Past due over 360 days
|
56,811
|
16,471
|
||||||
959,151
|
753,690
|
At December 31, | ||||||||
2019
|
2020
|
|||||||
GyM S.A.
|
384,660
|
391,505
|
||||||
Concar S.A.
|
10,737
|
6,298
|
||||||
GMI S.A.
|
24,787
|
25,823
|
||||||
Graña y Montero Petrolera S.A.
|
1,657
|
1,512
|
||||||
Adexus S.A.
|
78,133
|
63,853
|
||||||
499,974
|
488,991
|
|
10. |
WORK IN PROGRESS, NET
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
2019
|
2020
|
2019
|
2020
|
2019
|
2020
|
|||||||||||||||||||
Unbilled receivable concessions in progress (a)
|
23,117
|
-
|
-
|
-
|
23,117
|
-
|
||||||||||||||||||
Work in progress (b)
|
49,457
|
186,433
|
49,457
|
186,433
|
)
|
-
|
-
|
|||||||||||||||||
72,574
|
186,433
|
49,457
|
186,433
|
23,117
|
-
|
|
a)
|
Corresponds to accounts receivable from the Municipality of Lima related to mandatory investments from the Concession Contract and to the income guaranteed by the Grantor from the start of
exploitation. As of December 31, 2019, these accounts are presented as no current because they were expected to be collected once the operation stage began. To date, both the term of the Concession and most of the
obligations under the respective Concession Contract are still suspended by agreement between the parties until December 31, 2020 in order to conclude agreement on the terms and conditions to approve the Early Termination of
the Concession Contract by Mutual Agreement in accordance with the provisions of Clause 16.3 of the aforementioned Contract, as a consecuence, the balance has been reclassified to “Other accounts receivables – Claims to
third parties”.
|
|
b)
|
Includes mainly S/170.7 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/15.4 million from GMI S.A. (S/19.9 million as
of December 31, 2019).
|
|
11. |
TRANSACTIONS WITH RELATED PARTIES
|
2019
|
2020
|
|||||||
Revenue from sales of goods and services:
|
||||||||
- Associates
|
108
|
-
|
||||||
- Joint operations
|
31,158
|
6,814
|
||||||
31,266
|
6,814
|
At December 31,
|
At December 31,
|
|||||||||||||||
2019
|
2020
|
|||||||||||||||
Receivable
|
Payable
|
Receivable
|
Payable
|
|||||||||||||
Current portion:
|
||||||||||||||||
Joint operations
|
||||||||||||||||
Consorcio Rio Urubamba
|
9,042
|
-
|
9,357
|
-
|
||||||||||||
Consorcio Peruano de Conservacion
|
3,592
|
-
|
3,156
|
-
|
||||||||||||
Consorcio Italo Peruano
|
1,011
|
363
|
1,520
|
217
|
||||||||||||
Consorcio Constructor Chavimochic
|
-
|
5,953
|
-
|
6,208
|
||||||||||||
Consorcio GyM Conciviles
|
1,257
|
1,958
|
1,341
|
1,472
|
||||||||||||
Consorcio La Gloria
|
1,750
|
1,017
|
69
|
113
|
||||||||||||
Consorcio Ermitaño
|
831
|
440
|
890
|
474
|
||||||||||||
Terminales del Peru
|
1,176
|
-
|
501
|
161
|
||||||||||||
Consorcio TNT Vial y Vives - DSD Chile Ltda
|
-
|
1,088
|
-
|
1,015
|
||||||||||||
Consorcio Rio Mantaro
|
-
|
5,869
|
-
|
7,655
|
||||||||||||
Consorcio Vial Quinua
|
-
|
2,048
|
-
|
2,051
|
||||||||||||
Consorcio Huacho Pativilca
|
1,419
|
5,895
|
4
|
85
|
||||||||||||
Consorcio CDEM
|
638
|
-
|
1,111
|
-
|
||||||||||||
Consorcio GyM-Stracon
|
2,230
|
-
|
-
|
644
|
||||||||||||
Consorcio GyM-OSSA
|
7,202
|
-
|
-
|
-
|
||||||||||||
Consorcio Chicama Ascope
|
2,471
|
-
|
2,922
|
-
|
||||||||||||
Consorcio Inti Punku
|
-
|
-
|
-
|
6,556
|
||||||||||||
Consorcio Manperan
|
1
|
88
|
1,057
|
656
|
||||||||||||
Consorcio Norte Pachacutec
|
961
|
620
|
1,077
|
1,192
|
||||||||||||
Other minors
|
445
|
1,394
|
2,373
|
1,502
|
||||||||||||
34,026
|
26,733
|
25,378
|
30,001
|
|||||||||||||
Other related parties
|
||||||||||||||||
Ferrovias Argentina
|
-
|
12,183
|
-
|
11,139
|
||||||||||||
Peru Piping Spools S.A.C.
|
2,632
|
-
|
1,960
|
2,677
|
||||||||||||
2,632
|
12,183
|
1,960
|
13,816
|
|||||||||||||
Current portion
|
36,658
|
38,916
|
27,338
|
43,817
|
||||||||||||
Non-current portion:
|
||||||||||||||||
Gasoducto Sur Peruano S.A.
|
572,624
|
-
|
638,434
|
-
|
||||||||||||
Ferrovias Participaciones
|
-
|
22,583
|
-
|
36,298
|
||||||||||||
Other minors
|
2,099
|
-
|
-
|
-
|
||||||||||||
Non-current
|
574,723
|
22,583
|
638,434
|
36,298
|
|
12. |
OTHER ACCOUNTS RECEIVABLE
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
2019
|
2020
|
2019
|
2020
|
2019
|
2020
|
|||||||||||||||||||
Advances to suppliers
|
135,481
|
76,200
|
135,481
|
76,200
|
-
|
-
|
||||||||||||||||||
Income tax on-account prepaid
|
71,541
|
48,047
|
71,541
|
48,045
|
-
|
2
|
||||||||||||||||||
VAT credit
|
47,167
|
54,076
|
32,903
|
37,276
|
14,264
|
16,800
|
||||||||||||||||||
Guarantee deposits
|
189,210
|
223,573
|
104,965
|
171,093
|
84,245
|
52,480
|
||||||||||||||||||
Claims to third parties
|
79,771
|
221,403
|
38,874
|
59,123
|
40,897
|
162,280
|
||||||||||||||||||
Petroleos del Peru S.A.- Petroperu S.A.
|
80,942
|
87,826
|
17,293
|
17,132
|
63,649
|
70,694
|
||||||||||||||||||
ITAN and other tax receivable
|
60,883
|
61,479
|
30,233
|
30,487
|
30,650
|
30,992
|
||||||||||||||||||
Restricted funds
|
16,523
|
29,121
|
1,522
|
2,092
|
15,001
|
27,029
|
||||||||||||||||||
Rental and sale of equipment - GyM S.A. projects
|
30,798
|
29,149
|
30,798
|
29,149
|
-
|
-
|
||||||||||||||||||
Accounts receivable from personnel
|
2,940
|
10,957
|
2,940
|
10,957
|
-
|
-
|
||||||||||||||||||
Consorcio Panorama
|
23,491
|
25,026
|
-
|
-
|
23,491
|
25,026
|
||||||||||||||||||
Other minors
|
16,574
|
10,386
|
15,339
|
9,738
|
1,235
|
648
|
||||||||||||||||||
755,321
|
877,243
|
481,889
|
491,292
|
273,432
|
385,951
|
|||||||||||||||||||
Impairment
|
(27,415
|
)
|
(71,111
|
)
|
(27,415
|
)
|
(55,474
|
)
|
-
|
(15,637
|
)
|
|||||||||||||
727,906
|
806,132
|
454,474
|
435,818
|
273,432
|
370,314
|
|
13. |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
|
2019
|
2020
|
|||||||
Associates
|
28,875
|
27,246
|
||||||
Joint ventures
|
8,160
|
8,270
|
||||||
37,035
|
35,516
|
2019
|
2020
|
|||||||
Beginning balance
|
257,765
|
37,035
|
||||||
Dividends received
|
(1,517
|
)
|
(2,318
|
)
|
||||
Share of the profit or loss in associates and joint
|
||||||||
ventures
|
(218,774
|
)
|
770
|
|||||
Impairment of investment
|
(384
|
)
|
(38
|
)
|
||||
Translation adjustments
|
(55
|
)
|
67
|
|||||
Ending balance
|
37,035
|
35,516
|
|
14. |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND RIGHT-OF-USE ASSETS
|
Property,
|
||||||||||||
plant and
|
Intangibles
|
Right-of-use
|
||||||||||
equipment
|
assets
|
assets
|
||||||||||
Net cost at January 1, 2019
|
503,584
|
856,178
|
-
|
|||||||||
Additions
|
81,902
|
118,835
|
119,706
|
|||||||||
Reclassifications, disposals and adjustments
|
(34,215
|
)
|
(22,448
|
)
|
271
|
|||||||
Deductions for sale of assets
|
(6,715
|
)
|
-
|
-
|
||||||||
Depreciation, amortization
|
(80,566
|
)
|
(98,338
|
)
|
(29,396
|
)
|
||||||
Net cost at December 31, 2019
|
463,990
|
854,227
|
90,581
|
|||||||||
Net cost at January 1, 2020
|
463,990
|
854,227
|
90,581
|
|||||||||
Additions
|
36,065
|
50,405
|
12,075
|
|||||||||
Reclassifications, disposals and adjustments (*)
|
(9,230
|
)
|
(14,013
|
)
|
(20,607
|
)
|
||||||
Deductions for sale of assets
|
(6,796
|
)
|
(8
|
)
|
-
|
|||||||
Depreciation, amortization
|
(78,560
|
)
|
(98,621
|
)
|
(17,531
|
)
|
||||||
Net cost at December 31, 2020
|
405,469
|
791,990
|
64,518
|
At December 31, | ||||||||
2019
|
2020
|
|||||||
Cost of goods and services (Note 21)
|
108,066
|
90,145
|
||||||
Administrative expenses (Note 21)
|
4,252
|
8,359
|
||||||
Total depreciation related to property, plant and equipment, investment property and right-of-use assets
|
112,318
|
98,504
|
||||||
(-) Depreciation of investment property
|
(2,356
|
)
|
(2,413
|
)
|
||||
(-) Depreciation of right-of-use asset
|
(29,396
|
)
|
(17,531
|
)
|
||||
Total depreciation of property, plant and equipment
|
80,566
|
78,560
|
At December 31, | ||||||||
2019
|
2020
|
|||||||
Cost of goods and services (Note 21)
|
101,810
|
94,483
|
||||||
Administrative expenses (Note 21)
|
5,689
|
4,138
|
||||||
107,499
|
98,621
|
At December 31, | ||||||||
2019
|
2020
|
|||||||
Engineering and construction (*)
|
36,632
|
38,211
|
||||||
Electromechanical
|
20,735
|
20,735
|
||||||
57,367
|
58,946
|
|
15. |
BORROWINGS
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
2019
|
2020
|
2019
|
2020
|
2019
|
2020
|
|||||||||||||||||||
Bank loans (a)
|
631,863
|
571,659
|
445,289
|
409,272
|
186,574
|
162,387
|
||||||||||||||||||
Finance leases
|
23,650
|
52,391
|
10,357
|
13,635
|
13,293
|
38,756
|
||||||||||||||||||
Lease liability for right-of-use asset
|
92,870
|
72,726
|
23,980
|
19,950
|
68,890
|
52,776
|
||||||||||||||||||
Other financial entities (b)
|
142,212
|
201,544
|
1,903
|
10,027
|
140,309
|
191,517
|
||||||||||||||||||
890,595
|
898,320
|
481,529
|
452,884
|
409,066
|
445,436
|
Current | Non-current | |||||||||||||||||||||||
Interest
|
Maturity
|
At December 31,
|
At December 31,
|
|||||||||||||||||||||
rate
|
date
|
2019
|
2020
|
2019
|
2020
|
|||||||||||||||||||
GyM S.A. (i)
|
2.00% / 11.00
|
%
|
2023
|
170,798
|
222,924
|
26,401
|
19,977
|
|||||||||||||||||
GMP S.A. (ii)
|
3.25% / 6.04
|
%
|
2027
|
30,367
|
24,950
|
102,895
|
99,474
|
|||||||||||||||||
Aenza S.A.A. (formerly Graña y Montero S.A.A. (iii)
|
9.10% / 10.10
|
%
|
2022
|
112,854
|
51,977
|
-
|
39,618
|
|||||||||||||||||
Adexus S.A.
|
0.50% / 1.15
|
%
|
2026
|
20,927
|
19,224
|
57,278
|
-
|
|||||||||||||||||
Viva GyM S.A.
|
6.84% / 8.88
|
%
|
2021
|
110,343
|
90,197
|
-
|
3,318
|
|||||||||||||||||
445,289
|
409,272
|
186,574
|
162,387
|
Carrying amount | Fair value | |||||||||||||||
At December 31,
|
At December 31,
|
|||||||||||||||
2019
|
2020
|
2019
|
2020
|
|||||||||||||
Bank loans
|
631,863
|
571,659
|
650,224
|
589,781
|
||||||||||||
Finance leases
|
23,650
|
52,391
|
23,697
|
38,792
|
||||||||||||
Lease liability for right-of-use asset
|
92,870
|
72,726
|
109,453
|
88,779
|
||||||||||||
Other financial entities
|
142,212
|
201,544
|
142,212
|
247,916
|
||||||||||||
890,595
|
898,320
|
925,586
|
965,268
|
|
16. |
BONDS
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
2019
|
2020
|
2019
|
2020
|
2019
|
2020
|
|||||||||||||||||||
GyM Ferrovias S.A. (a)
|
618,497
|
624,454
|
15,742
|
21,081
|
602,755
|
603,373
|
||||||||||||||||||
Norvial S.A. (b)
|
305,545
|
280,848
|
28,995
|
32,819
|
276,550
|
248,029
|
||||||||||||||||||
GyM S.A. (c)
|
-
|
27,457
|
-
|
4,546
|
-
|
22,911
|
||||||||||||||||||
924,042
|
932,759
|
44,737
|
58,446
|
879,305
|
874,313
|
2019
|
2020
|
|||||||
Balance at January, 1
|
611,660
|
618,497
|
||||||
Amortization
|
(11,330
|
)
|
(11,582
|
)
|
||||
Accrued interest
|
48,253
|
47,615
|
||||||
Interest paid
|
(30,086
|
)
|
(30,076
|
)
|
||||
Balance at December, 31
|
618,497
|
624,454
|
|
- |
Debt service coverage ratio not less than 1.2 times.
|
|
- |
Maintain a constant balance in the minimum trust equal to one month of operation and maintenance costs (including the IGV).
|
|
- |
Maintain a constant balance in the minimum trust equal to the following two coupons according to the bond schedule.
|
2019
|
2020
|
|||||||
Balance at January, 1
|
325,382
|
305,545
|
||||||
Amortization
|
(20,005
|
)
|
(24,820
|
)
|
||||
Accrued interest
|
23,482
|
24,619
|
||||||
Capitalized interest
|
2,725
|
-
|
||||||
Interest paid
|
(26,039
|
)
|
(24,496
|
)
|
||||
Balance at December, 31
|
305,545
|
280,848
|
|
- |
Debt service coverage ratio of not less than 1.3 times.
|
|
- |
Proforma gearing ratio lower than 4 times.
|
|
17. |
TRADE ACCOUNTS PAYABLE
|
2019
|
2020
|
|||||||
Invoices payable
|
398,347
|
470,118
|
||||||
Provision of contract costs
|
758,116
|
661,574
|
||||||
Notes payable
|
37,426
|
8,252
|
||||||
1,193,889
|
1,139,944
|
|
18. |
OTHER ACCOUNTS PAYABLE
|
|
Total |
|
Current |
|
Non-current
|
|||||||||||||||||||
2019
|
2020
|
2019
|
2020
|
2019
|
2020
|
|||||||||||||||||||
Advances received from customers (a)
|
307,839
|
385,217
|
270,714
|
354,117
|
37,125
|
31,100
|
||||||||||||||||||
Consorcio Ductos del Sur - payable (b)
|
148,076
|
77,733
|
-
|
-
|
148,076
|
77,733
|
||||||||||||||||||
Salaries and other payable
|
92,313
|
77,386
|
92,313
|
77,386
|
-
|
-
|
||||||||||||||||||
Other taxes payable
|
108,457
|
115,414
|
88,248
|
101,792
|
20,209
|
13,622
|
||||||||||||||||||
Put option liability on Morelco acquisition
|
106,444
|
118,622
|
71,341
|
79,096
|
35,103
|
39,526
|
||||||||||||||||||
Consorcio Rio Mantaro - payables
|
35,625
|
58,129
|
35,625
|
58,129
|
-
|
-
|
||||||||||||||||||
Acquisition of additional non-controlling interest
|
22,697
|
27,596
|
22,697
|
27,596
|
-
|
-
|
||||||||||||||||||
Guarantee deposits
|
16,445
|
23,744
|
16,445
|
23,744
|
-
|
-
|
||||||||||||||||||
Third-party loans
|
11,619
|
11,608
|
9,545
|
9,533
|
2,074
|
2,075
|
||||||||||||||||||
Other accounts payables
|
116,449
|
99,729
|
62,746
|
62,192
|
53,703
|
37,537
|
||||||||||||||||||
965,964
|
995,178
|
669,674
|
793,585
|
296,290
|
201,593
|
Total
|
Current
|
Non-current
|
||||||||||||||||||||||
|
At December 31,
|
|
At December 31,
|
|
At December 31,
|
|||||||||||||||||||
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/77.7 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.
|
|
19. |
PROVISIONS
|
Contingent
|
||||||||||||||||
liabilities
|
Provision
|
|||||||||||||||
Legal
|
resulting from
|
for well
|
||||||||||||||
contingencies
|
acquisitions
|
closure
|
Total
|
|||||||||||||
At January 1, 2019
|
84,728
|
4,498
|
20,382
|
109,608
|
||||||||||||
Additions
|
197,721
|
-
|
30,998
|
228,719
|
||||||||||||
Reversals of provisions
|
(3,122
|
)
|
(4,349
|
)
|
-
|
(7,471
|
)
|
|||||||||
Payments
|
(914
|
)
|
-
|
(1,264
|
)
|
(2,178
|
)
|
|||||||||
Translation adjustments
|
(94
|
)
|
(149
|
)
|
-
|
(243
|
)
|
|||||||||
At december 31, 2019
|
278,319
|
-
|
50,116
|
328,435
|
||||||||||||
At January 1, 2020
|
278,319
|
-
|
50,116
|
328,435
|
||||||||||||
Additions
|
58,143
|
-
|
119
|
58,262
|
||||||||||||
Reversals of provisions
|
(14,310
|
)
|
-
|
-
|
(14,310
|
)
|
||||||||||
Reclasification
|
1,079
|
-
|
-
|
1,079
|
||||||||||||
Payments
|
(7,252
|
)
|
-
|
(1,799
|
)
|
(9,051
|
)
|
|||||||||
Translation adjustments
|
9,316
|
-
|
-
|
9,316
|
||||||||||||
At december 31, 2020
|
325,295
|
-
|
48,436
|
373,731
|
|
20. |
CAPITAL
|
|
21. |
EXPENSES BY NATURE
|
Cost of
|
||||||||||||
goods and
|
Administrative
|
|||||||||||
services
|
expenses
|
Total
|
||||||||||
At December 31, 2019
|
||||||||||||
Services provided by third-parties
|
1,504,180
|
65,154
|
1,569,334
|
|||||||||
Salaries, wages and fringe benefits
|
1,040,293
|
143,317
|
1,183,610
|
|||||||||
Purchase of goods
|
942,633
|
33
|
942,666
|
|||||||||
Other management costs
|
174,678
|
27,708
|
202,386
|
|||||||||
Depreciation (Note 14 a)
|
108,066
|
4,252
|
112,318
|
|||||||||
Amortization (Note 14 b)
|
101,810
|
5,689
|
107,499
|
|||||||||
Impairment of accounts receivable
|
4,900
|
-
|
4,900
|
|||||||||
Taxes
|
6,951
|
2,499
|
9,450
|
|||||||||
Impariment of property, plant and equipment
|
3,907
|
-
|
3,907
|
|||||||||
Impairment of investments
|
255
|
-
|
255
|
|||||||||
Inventory recovery
|
(249
|
)
|
-
|
(249
|
)
|
|||||||
Total
|
3,887,424
|
248,652
|
4,136,076
|
|||||||||
At December 31, 2020
|
||||||||||||
Services provided by third-parties
|
926,048
|
38,999
|
965,047
|
|||||||||
Salaries, wages and fringe benefits
|
1,010,315
|
86,943
|
1,097,258
|
|||||||||
Purchase of goods
|
608,424
|
73
|
608,497
|
|||||||||
Other management costs
|
226,936
|
13,856
|
240,792
|
|||||||||
Depreciation (Note 14 a)
|
90,145
|
8,359
|
98,504
|
|||||||||
Amortization (Note 14 b)
|
94,483
|
4,138
|
98,621
|
|||||||||
Impairment of accounts receivable
|
26,158
|
4
|
26,162
|
|||||||||
Taxes
|
5,956
|
71
|
6,027
|
|||||||||
Property, plant and equipment recovery
|
4,950
|
-
|
4,950
|
|||||||||
Impairment of investments
|
38
|
-
|
38
|
|||||||||
Inventory recovery
|
(30
|
)
|
-
|
(30
|
)
|
|||||||
Total
|
2,993,423
|
152,443
|
3,145,866
|
|
22. |
OTHER INCOME AND EXPENSES
|
|
||||||||
2019
|
2020
|
|||||||
Other income:
|
||||||||
Sale of assets
|
12,748
|
9,118
|
||||||
Penalty income
|
984
|
1,168
|
||||||
Supplier debt forgiveness
|
19,026
|
70
|
||||||
Recovery of provisions and impairments
|
23,279
|
6,501
|
||||||
Trademarks revaluation
|
20,676
|
-
|
||||||
Profit from Mizuho Bank Ltd. agreement (a)
|
89,688
|
-
|
||||||
Others
|
13,384
|
4,266
|
||||||
179,785
|
21,123
|
|||||||
Other expenses:
|
||||||||
Civil repair to the Peruvian Government
|
69,150
|
43,250
|
||||||
Asset impairment (b)
|
339,774
|
59,440
|
||||||
Cost of assets disposal
|
23,697
|
8,682
|
||||||
Legal and tax litigation
|
49,754
|
7,673
|
||||||
Renegotiation of contract with suppliers
|
-
|
4,889
|
||||||
Present value of the call option
|
4,697
|
2,326
|
||||||
Provision for well closure
|
4,055
|
112
|
||||||
Administrative fine
|
1,423
|
1,897
|
||||||
Others
|
26,729
|
708
|
||||||
519,279
|
128,977
|
|||||||
(339,494
|
)
|
(107,854
|
)
|
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) 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. iii) Impairment of accounts receivable at the subsidiary Concar S.A. for S/33.9 million to the Regional Government of Cusco.
|
|
23. |
INCOME TAX
|
|
24. |
CONTINGENCIES, COMMITTMENTS AND GUARANTEES
|
|
25. |
DIVIDENDS
|
|
26. |
LOSS PER SHARE
|
At December 31, | ||||||||
2019
|
2020
|
|||||||
Loss attributable to owners of the Company
|
||||||||
during the period
|
(884,721
|
)
|
(119,625
|
)
|
||||
Weighted average number of shares in issue
|
||||||||
at S/1.00 each, at December 31,
|
871,917,855
|
871,917,855
|
||||||
Basic loss per share (in S/)
|
(*) |
(1.076
|
)
|
(0.137
|
)
|
|
27. |
CONTINUING OPERATIONS
|
|
28. |
EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION
|
|
1.
|
Issuance of Convertible Bonds
|
|
2.
|
New State of emergency due to COVID
|
1 Year Grana y Montero SAA Chart |
1 Month Grana y Montero SAA Chart |
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