FORM 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15b-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2016
Commission File Number 001-35591
GRAÑA Y MONTERO S.A.A.
(Exact name of registrant as specified in its charter)
GRAÑA Y MONTERO GROUP
(Translation of registrant’s name into English)
Republic of Peru
(Jurisdiction of incorporation or organization)
Avenida Paseo de la República 4667, Lima 34,
Surquillo, Lima
Peru
(
Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___X____ Form 40-F _______
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No ___
X
____
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.
___________________________
/s/
Claudia Drago Morante
Stock Market Representative
Graña y Montero S.A.A.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
GRAÑA Y MONTERO S.A.A.
By: /s/ CLAUDIA DRAGO MORANTE
Name: Claudia Drago Morante
Title: Stock Market Representative
April 28, 2016
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
GRAÑA Y MONTERO S.A.A.
AND SUBSIDIARIES
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AT MARCH 31, 2015 AND 2016 AND FOR THE THREE-MONTH PERIOD ENDED IN THIS DATE
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
GRAÑA Y MONTERO S.A.A.
AND SUBSIDIARIES
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AT MARCH 31, 2015 AND 2016 AND FOR THE THREE-MONTH PERIOD ENDED IN THIS DATE
CONTENTS
Condensed Interim Consolidated Statement of Financial Position
Condensed Interim Consolidated Income Statement
Condensed Interim Consolidated Statement of Comprehensive Income
Condensed Interim Consolidated Statement of Shareholders’ Equity
Condensed Interim Consolidated Statement of Cash Flows
Notes to the Condensed Interim Consolidated Financial Statements
S/
=
New Peruvian Sol
US$
=
United States dollar
The accompanying notes on pages 8 to 22 are an integral part of the consolidated financial statements.
The accompanying notes on pages 8 to 22 are an integral part of the consolidated financial statements.
GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AT MARCH 31, 2015 AND 2016 (UNAUDITED), AND AT DECEMBER 31, 2015 (AUDITED)
The Company is the parent company of the Graña y Montero Group (hereinafter the Group) and it is mainly engaged in holding the investments in the different companies of the Group. Additionally, the Company provides services of general management, financial management, commercial management, legal advisory and human resources management to the Group´s companies; it is also engaged in the leasing of offices to the Group’s companies.
The Group is a conglomerate of companies with operations including different business activities, of which the most significant are engineering and construction, infrastructure (public concession ownership and operation), real estate businesses and services.
These condensed interim consolidated financial statements as of March 31, 2016 have been prepared and authorized for issuance by the Chief Financial Officer on April 28, 2016.
These condensed interim consolidated financial statements for the period ended March 31, 2016 have been prepared in accordance with (IAS 34) “Interim financial reporting”. The condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2015, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
3
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
The accounting policies used in the preparation of these interim condensed consolidated financial statements are consistent with those applied in the preparation of the year-end financial statements at December 31, 2015.
4
|
FINANCIAL RISK MANAGEMENT
|
4.1
|
Financial risk factors
|
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk, price risk, fair value interest rate risk and cash flow interest rate risk), credit risk and liquidity risk.
The condensed interim consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements; these should be read in conjunction with the Group’s annual financial statements as of December 31, 2015. There have been no changes since year-end in the risk management department of the Group or in any risk management policies.
Compared to year end, no new material market risk hedging arrangements have occurred.
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
Compared to year end, the Group has no exposure to any new relevant credit risk.
Compared to year end, no major changes in undiscounted contractual cash flows have occurred.
The following table categorizes the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the date of the statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows:
|
|
Less than 1
|
|
|
From 1 to
|
|
|
From 2 to
|
|
|
Over
|
|
|
|
|
|
|
year
|
|
|
2 years
|
|
|
5 years
|
|
|
5 years
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial liabilities (except
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
for finance leases)
|
|
|
1,102,855
|
|
|
|
181,729
|
|
|
|
223,713
|
|
|
|
-
|
|
|
|
1,508,297
|
|
Finance leases
|
|
|
157,957
|
|
|
|
118,311
|
|
|
|
42,513
|
|
|
|
10,431
|
|
|
|
329,212
|
|
Bonds
|
|
|
69,823
|
|
|
|
82,916
|
|
|
|
217,418
|
|
|
|
1,445,187
|
|
|
|
1,815,344
|
|
Trade accounts payables
|
|
|
1,635,760
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,635,760
|
|
Accounts payables to related parties
|
|
|
77,830
|
|
|
|
19,728
|
|
|
|
-
|
|
|
|
408
|
|
|
|
97,966
|
|
Other accounts payables
|
|
|
181,113
|
|
|
|
36,456
|
|
|
|
121,678
|
|
|
|
-
|
|
|
|
339,247
|
|
Other non-financial liabilities
|
|
|
-
|
|
|
|
2,331
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,331
|
|
|
|
|
3,225,338
|
|
|
|
441,471
|
|
|
|
605,322
|
|
|
|
1,456,026
|
|
|
|
5,728,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial liabilities (except
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
for finance leases)
|
|
|
1,012,939
|
|
|
|
235,116
|
|
|
|
520,927
|
|
|
|
-
|
|
|
|
1,768,982
|
|
Finance leases
|
|
|
147,851
|
|
|
|
95,745
|
|
|
|
25,772
|
|
|
|
23,432
|
|
|
|
292,800
|
|
Bonds
|
|
|
110,414
|
|
|
|
145,157
|
|
|
|
369,858
|
|
|
|
1,276,369
|
|
|
|
1,901,798
|
|
Trade accounts payables
|
|
|
1,460,845
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
1,460,845
|
|
Accounts payables to related parties
|
|
|
144,019
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
144,019
|
|
Other accounts payables
|
|
|
231,181
|
|
|
|
12,085
|
|
|
|
8,339
|
|
|
|
-
|
|
|
|
251,605
|
|
Other non-financial liabilities
|
|
|
-
|
|
|
|
2,339
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,339
|
|
|
|
|
3,107,249
|
|
|
|
490,442
|
|
|
|
924,896
|
|
|
|
1,299,801
|
|
|
|
5,822,388
|
|
The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including current and non-current borrowings), less cash and cash equivalents. Total capital is calculated as total ‘equity’ as shown in the consolidated statement of financial position plus net debt.
As of December 31, 2015 and March 31, 2016, the gearing ratio is presented below indicating the Company’s strategy to keep it in a range from 0.10 to 0.70. The gearing ratio was as follows:
|
|
December 31,
|
|
|
March 31,
|
|
|
|
2015
|
|
|
2016
|
|
|
|
|
|
|
|
|
Total borrowing and bonds
|
|
|
2,575,447
|
)
|
|
|
2,877,776
|
)
|
Less: Cash and cash equivalents
|
|
|
(554,002
|
)
|
|
|
(588,001
|
)
|
Net debt
|
|
|
2,021,445
|
)
|
|
|
2,289,775
|
)
|
Total equity
|
|
|
3,183,045
|
|
|
|
3,198,975
|
)
|
Total capital
|
|
|
5,204,490
|
|
|
|
5,488,750
|
|
|
|
|
|
|
|
|
|
|
Gearing ratio
|
|
|
0.39
|
|
|
|
0.42
|
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
4.3
|
Fair value estimation
-
|
For the classification of the type of valuation used by the Group for its financial instruments at fair value, the following levels of measurement have been established.
-
|
Level 1: Measurement based on quoted prices in active markets for identical assets or liabilities.
|
-
|
Level 2: Measurement based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
|
-
|
Level 3: Measurement based on inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs, generally based on internal estimates and assumptions of the Group).
|
The fair value of the investment held in Transportadora de Gas del Perú S.A. (TGP) classified as available-for-sale financial asset was based on unobservable inputs in the market; the Group calculated its fair value based on its discounted cash flows as of the financial statement date. The information used to determine the fair value of this investment corresponds to Level 3 (Note 8).
Financial assets classified as at fair value through profit or loss corresponds to investments in mutual funds and bonds. Their fair value has been determined with observable information of Level 2.
Other financial instruments measured at fair value correspond to the interest rate swaps signed by subsidiary GMP S.A., by which a variable-interest instrument is changed to a fixed interest rate (cash flow hedge). The information used for determining the fair value of these instruments are Level 2 and has been determined based on the present value of discounted future cash flows applied to the interest-rate change projections of Citibank N.A.
The carrying amounts of cash and cash equivalents correspond to their fair values. The Company considers that the carrying amount of trade accounts receivable and payable is similar to their fair values. The fair value of financial liabilities, disclosed in Note 12-b), has been estimated by discounting the future contractual cash flows at the interest rate currently prevailing in the market and which is available to the Company for similar financial instruments (Level 2).
5
|
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
|
Preparation of the condensed interim consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these condensed interim consolidated financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of uncertainty were the same as those that applied to the consolidated financial statements for the year ended December 31, 2015.
6
|
SEASONALITY OF OPERATIONS
|
The Group shows no material seasonality in the operations of any of its subsidiaries; operations are carried out regularly during the course of the period.
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
Operating segments are reported consistent with the internal reports that are reviewed by the Corporate General Manager, who is the chief operating decision maker, responsible for allocating resources and evaluating the performance of each operating segment.
The Group's operating segments are assessed by the activity of the following business units: (i) engineering and construction, (ii) infrastructure, (iii) real estate, (iv) technical services and (v) the operation of the Parent Company (Holding).
As set forth under IFRS 8, reportable segments by significance of income are: ‘engineering and construction’ and ‘technical services’. However, the Group has voluntarily decided to report on all its operating segments as detailed in this Note.
Inter-segmental sales transactions are entered into at prices that are similar to those that would have been agreed to with unrelated third parties. Revenues from external customers reported to the Corporate General Manager are measured in a manner consistent with the basis of preparation of the financial statements.
Group sales and receivables are not concentrated on a few customers.
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
Operating segments financial position
Segment reporting
|
|
Engineering
|
|
|
Infrastructure
|
|
|
|
|
|
|
|
Parent
|
|
|
|
|
|
|
|
|
|
and construction
|
|
|
Energy
|
|
|
Toll roads
|
|
|
Mass transit
|
|
|
Water treatment
|
|
|
Real estate
|
|
|
Technical services
|
|
|
Company Operations
|
|
|
Eliminations
|
|
|
Consolidated
|
|
As of December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets.-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
172,116
|
|
|
|
42,638
|
|
|
|
58,640
|
|
|
|
111,454
|
|
|
|
9,094
|
|
|
|
74,459
|
|
|
|
60,193
|
|
|
|
25,408
|
|
|
|
-
|
|
|
|
554,002
|
|
Financial asset at fair value through profit or loss
|
|
|
3,153
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,153
|
|
Trade accounts receivables
|
|
|
614,917
|
|
|
|
43,260
|
|
|
|
22,045
|
|
|
|
63,516
|
|
|
|
-
|
|
|
|
59,108
|
|
|
|
247,945
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,050,791
|
|
Unbilled work in progress
|
|
|
1,301,501
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
17,686
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,319,187
|
|
Accounts receivable from related parties
|
|
|
316,188
|
|
|
|
12,145
|
|
|
|
18,820
|
|
|
|
301
|
|
|
|
-
|
|
|
|
34,724
|
|
|
|
48,520
|
|
|
|
132,735
|
|
|
|
(283,280
|
)
|
|
|
280,153
|
|
Other accounts receivable
|
|
|
599,127
|
|
|
|
25,857
|
|
|
|
5,699
|
|
|
|
25,668
|
|
|
|
10,250
|
|
|
|
20,535
|
|
|
|
102,204
|
|
|
|
35,249
|
|
|
|
-
|
|
|
|
824,589
|
|
Inventories
|
|
|
159,557
|
|
|
|
10,025
|
|
|
|
-
|
|
|
|
13,678
|
|
|
|
-
|
|
|
|
920,092
|
|
|
|
61,734
|
|
|
|
389
|
|
|
|
(6,321
|
)
|
|
|
1,159,154
|
|
Prepaid expenses
|
|
|
12,899
|
|
|
|
2,207
|
|
|
|
1,401
|
|
|
|
10,787
|
|
|
|
458
|
|
|
|
349
|
|
|
|
11,402
|
|
|
|
520
|
|
|
|
-
|
|
|
|
40,023
|
|
Non-current assets classified as held for sale
|
|
|
22,511
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
22,511
|
|
Total current assets
|
|
|
3,201,969
|
|
|
|
136,132
|
|
|
|
106,605
|
|
|
|
225,404
|
|
|
|
37,488
|
|
|
|
1,109,267
|
|
|
|
531,998
|
|
|
|
194,301
|
|
|
|
(289,601
|
)
|
|
|
5,253,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term trade accounts receivable
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
621,831
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
621,831
|
|
Long-term unbilled work in progress
|
|
|
-
|
|
|
|
40,727
|
|
|
|
19,027
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
59,754
|
|
Long-term accounts receivable from related parties
|
|
|
-
|
|
|
|
-
|
|
|
|
408
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
500
|
|
|
|
256,022
|
|
|
|
(256,930
|
)
|
|
|
-
|
|
Prepaid expenses
|
|
|
-
|
|
|
|
3,692
|
|
|
|
15,584
|
|
|
|
2,112
|
|
|
|
998
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
22,386
|
|
Other long-term accounts receivable
|
|
|
534
|
|
|
|
14,214
|
|
|
|
30,473
|
|
|
|
2,198
|
|
|
|
1,589
|
|
|
|
14,726
|
|
|
|
-
|
|
|
|
2,195
|
|
|
|
-
|
|
|
|
65,929
|
|
Available-for-sale financial assets
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
120,134
|
|
|
|
-
|
|
|
|
120,134
|
|
Investments in associates and joint ventures
|
|
|
122,717
|
|
|
|
8,265
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
28,732
|
|
|
|
9,228
|
|
|
|
2,582,913
|
|
|
|
(2,104,971
|
)
|
|
|
646,884
|
|
Investment property
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
34,702
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
34,702
|
|
Property, plant and equipment
|
|
|
606,158
|
|
|
|
198,774
|
|
|
|
1,624
|
|
|
|
217
|
|
|
|
-
|
|
|
|
11,303
|
|
|
|
170,660
|
|
|
|
130,113
|
|
|
|
(7,092
|
)
|
|
|
1,111,757
|
|
Intangible assets
|
|
|
302,992
|
|
|
|
137,130
|
|
|
|
364,819
|
|
|
|
311
|
|
|
|
-
|
|
|
|
1,043
|
|
|
|
37,564
|
|
|
|
23,561
|
|
|
|
13,600
|
|
|
|
881,020
|
|
Deferred income tax asset
|
|
|
126,550
|
|
|
|
1,325
|
|
|
|
3,003
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,171
|
|
|
|
39,825
|
|
|
|
656
|
|
|
|
1,321
|
|
|
|
173,851
|
|
Total non-current assets
|
|
|
1,158,951
|
|
|
|
404,127
|
|
|
|
434,938
|
|
|
|
626,669
|
|
|
|
2,587
|
|
|
|
91,677
|
|
|
|
257,777
|
|
|
|
3,115,594
|
|
|
|
(2,354,072
|
)
|
|
|
3,738,248
|
|
Total assets
|
|
|
4,360,920
|
|
|
|
540,259
|
|
|
|
541,543
|
|
|
|
852,073
|
|
|
|
40,075
|
|
|
|
1,200,944
|
|
|
|
789,775
|
|
|
|
3,309,895
|
|
|
|
(2,643,673
|
)
|
|
|
8,991,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities.-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
652,974
|
|
|
|
101,096
|
|
|
|
55,428
|
|
|
|
-
|
|
|
|
-
|
|
|
|
224,380
|
|
|
|
91,366
|
|
|
|
102,776
|
|
|
|
-
|
|
|
|
1,228,020
|
|
Bonds
|
|
|
-
|
|
|
|
-
|
|
|
|
5,537
|
|
|
|
31,546
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
37,083
|
|
Trade accounts payable
|
|
|
1,409,982
|
|
|
|
35,428
|
|
|
|
3,768
|
|
|
|
24,498
|
|
|
|
154
|
|
|
|
14,334
|
|
|
|
134,973
|
|
|
|
12,623
|
|
|
|
-
|
|
|
|
1,635,760
|
|
Accounts payable to related parties
|
|
|
118,381
|
|
|
|
3,990
|
|
|
|
40,578
|
|
|
|
9,962
|
|
|
|
10,560
|
|
|
|
58,790
|
|
|
|
39,476
|
|
|
|
79,709
|
|
|
|
(283,616
|
)
|
|
|
77,830
|
|
Current income tax
|
|
|
19,337
|
|
|
|
-
|
|
|
|
753
|
|
|
|
-
|
|
|
|
166
|
|
|
|
26
|
|
|
|
13,750
|
|
|
|
84
|
|
|
|
-
|
|
|
|
34,116
|
|
Other accounts payable
|
|
|
645,648
|
|
|
|
20,340
|
|
|
|
2,841
|
|
|
|
1,682
|
|
|
|
-
|
|
|
|
257,616
|
|
|
|
125,020
|
|
|
|
12,853
|
|
|
|
-
|
|
|
|
1,066,000
|
|
Provisions
|
|
|
-
|
|
|
|
6,341
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,127
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13,468
|
|
Total current liabilities
|
|
|
2,846,322
|
|
|
|
167,195
|
|
|
|
108,905
|
|
|
|
67,688
|
|
|
|
10,880
|
|
|
|
555,146
|
|
|
|
411,712
|
|
|
|
208,045
|
|
|
|
(283,616
|
)
|
|
|
4,092,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
375,952
|
|
|
|
83,307
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
27,562
|
|
|
|
66,515
|
|
|
|
-
|
|
|
|
-
|
|
|
|
553,336
|
|
Long-term bonds
|
|
|
-
|
|
|
|
-
|
|
|
|
180,686
|
|
|
|
576,322
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
757,008
|
|
Other long-term accounts payable
|
|
|
176,644
|
|
|
|
-
|
|
|
|
493
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
68,045
|
|
|
|
1,214
|
|
|
|
-
|
|
|
|
246,396
|
|
Long-term accounts payable to related parties
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
94,172
|
|
|
|
24,035
|
|
|
|
120,083
|
|
|
|
38,332
|
|
|
|
-
|
|
|
|
(256,486
|
)
|
|
|
20,136
|
|
Provisions
|
|
|
24,624
|
|
|
|
7,034
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,960
|
|
|
|
-
|
|
|
|
-
|
|
|
|
35,618
|
|
Derivative financial instruments
|
|
|
-
|
|
|
|
2,331
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,331
|
|
Deferred income tax liability
|
|
|
52,016
|
|
|
|
4,250
|
|
|
|
107
|
|
|
|
9,723
|
|
|
|
270
|
|
|
|
11,937
|
|
|
|
3,164
|
|
|
|
20,197
|
|
|
|
-
|
|
|
|
101,664
|
|
Total non-current liabilities
|
|
|
629,236
|
|
|
|
96,922
|
|
|
|
181,286
|
|
|
|
680,217
|
|
|
|
24,305
|
|
|
|
159,582
|
|
|
|
180,016
|
|
|
|
21,411
|
|
|
|
(256,486
|
)
|
|
|
1,716,489
|
|
Total liabilities
|
|
|
3,475,558
|
|
|
|
264,117
|
|
|
|
290,191
|
|
|
|
747,905
|
|
|
|
35,185
|
|
|
|
714,728
|
|
|
|
591,728
|
|
|
|
229,456
|
|
|
|
(540,102
|
)
|
|
|
5,808,766
|
|
Equity attributable to controlling interest in the Company
|
|
|
720,722
|
|
|
|
255,032
|
|
|
|
198,345
|
|
|
|
78,127
|
|
|
|
4,890
|
|
|
|
158,605
|
|
|
|
162,550
|
|
|
|
3,067,987
|
|
|
|
(1,991,702
|
)
|
|
|
2,654,556
|
|
Non-controlling interest
|
|
|
164,640
|
|
|
|
21,110
|
|
|
|
53,007
|
|
|
|
26,041
|
|
|
|
-
|
|
|
|
327,611
|
|
|
|
35,497
|
|
|
|
12,452
|
|
|
|
(111,869
|
)
|
|
|
528,489
|
|
Total liabilities and equity
|
|
|
4,360,920
|
|
|
|
540,259
|
|
|
|
541,543
|
|
|
|
852,073
|
|
|
|
40,075
|
|
|
|
1,200,944
|
|
|
|
789,775
|
|
|
|
3,309,895
|
|
|
|
(2,643,673
|
)
|
|
|
8,991,811
|
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
Operating segments financial position
|
|
Engineering
|
|
|
Infrastructure
|
|
|
|
|
|
|
|
Parent
|
|
|
|
|
|
|
|
|
|
and construction
|
|
|
Energy
|
|
|
Toll roads
|
|
|
Mass transit
|
|
|
Water treatment
|
|
|
Real estate
|
|
|
Technical services
|
|
|
Company Operations
|
|
|
Eliminations
|
|
|
Consolidated
|
|
As of March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets.-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
103,794
|
|
|
|
34,840
|
|
|
|
65,994
|
|
|
|
110,477
|
|
|
|
1,298
|
|
|
|
81,552
|
|
|
|
65,878
|
|
|
|
124,168
|
|
|
|
-
|
|
|
|
588,001
|
|
Financial asset at fair value through profit or loss
|
|
|
2,141
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,141
|
|
Trade accounts receivables
|
|
|
445,276
|
|
|
|
40,269
|
|
|
|
23,787
|
|
|
|
63,943
|
|
|
|
-
|
|
|
|
56,529
|
|
|
|
256,512
|
|
|
|
-
|
|
|
|
-
|
|
|
|
886,316
|
|
Unbilled work in progress
|
|
|
1,189,423
|
|
|
|
39,711
|
|
|
|
-
|
|
|
|
-
|
|
|
|
21,420
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,250,554
|
|
Accounts receivable from related parties
|
|
|
316,731
|
|
|
|
12,433
|
|
|
|
11,805
|
|
|
|
390
|
|
|
|
-
|
|
|
|
34,299
|
|
|
|
39,643
|
|
|
|
124,542
|
|
|
|
(253,880
|
)
|
|
|
285,963
|
|
Other accounts receivable
|
|
|
528,608
|
|
|
|
30,849
|
|
|
|
7,255
|
|
|
|
19,877
|
|
|
|
12,042
|
|
|
|
21,789
|
|
|
|
118,598
|
|
|
|
137,210
|
|
|
|
-
|
|
|
|
876,228
|
|
Inventories
|
|
|
139,183
|
|
|
|
11,500
|
|
|
|
-
|
|
|
|
13,632
|
|
|
|
-
|
|
|
|
957,723
|
|
|
|
64,327
|
|
|
|
389
|
|
|
|
(2,459
|
)
|
|
|
1,184,295
|
|
Prepaid expenses
|
|
|
8,725
|
|
|
|
1,636
|
|
|
|
871
|
|
|
|
9,275
|
|
|
|
457
|
|
|
|
126
|
|
|
|
13,801
|
|
|
|
710
|
|
|
|
-
|
|
|
|
35,601
|
|
Non-current assets classified as held for sale
|
|
|
22,518
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
22,518
|
|
Total current assets
|
|
|
2,756,399
|
|
|
|
171,238
|
|
|
|
109,712
|
|
|
|
217,594
|
|
|
|
35,217
|
|
|
|
1,152,018
|
|
|
|
558,759
|
|
|
|
387,019
|
|
|
|
(256,339
|
)
|
|
|
5,131,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term trade accounts receivable
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
620,167
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
620,167
|
|
Long-term unbilled work in progress
|
|
|
-
|
|
|
|
-
|
|
|
|
19,662
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
19,662
|
|
Long-term accounts receivable from related parties
|
|
|
-
|
|
|
|
-
|
|
|
|
408
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
915
|
|
|
|
251,889
|
|
|
|
(253,212
|
)
|
|
|
-
|
|
Prepaid expenses
|
|
|
-
|
|
|
|
3,608
|
|
|
|
19,587
|
|
|
|
2,299
|
|
|
|
983
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
26,477
|
|
Other long-term accounts receivable
|
|
|
15,631
|
|
|
|
17,646
|
|
|
|
34,603
|
|
|
|
1,954
|
|
|
|
1,589
|
|
|
|
8,286
|
|
|
|
-
|
|
|
|
2,022
|
|
|
|
-
|
|
|
|
81,731
|
|
Investments in associates and joint ventures
|
|
|
125,833
|
|
|
|
8,911
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
28,733
|
|
|
|
9,673
|
|
|
|
3,029,023
|
|
|
|
(2,325,976
|
)
|
|
|
876,197
|
|
Investment property
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
34,132
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
34,132
|
|
Property, plant and equipment
|
|
|
608,431
|
|
|
|
193,664
|
|
|
|
1,540
|
|
|
|
209
|
|
|
|
-
|
|
|
|
11,999
|
|
|
|
171,722
|
|
|
|
129,163
|
|
|
|
(5,363
|
)
|
|
|
1,111,365
|
|
Intangible assets
|
|
|
305,797
|
|
|
|
126,423
|
|
|
|
393,833
|
|
|
|
302
|
|
|
|
-
|
|
|
|
996
|
|
|
|
36,374
|
|
|
|
23,372
|
|
|
|
13,337
|
|
|
|
900,434
|
|
Deferred income tax asset
|
|
|
143,343
|
|
|
|
3,195
|
|
|
|
2,927
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,164
|
|
|
|
42,415
|
|
|
|
659
|
|
|
|
(104
|
)
|
|
|
193,599
|
|
Total non-current assets
|
|
|
1,199,035
|
|
|
|
353,447
|
|
|
|
472,560
|
|
|
|
624,931
|
|
|
|
2,572
|
|
|
|
85,310
|
|
|
|
261,099
|
|
|
|
3,436,128
|
|
|
|
(2,571,318
|
)
|
|
|
3,863,764
|
|
Total assets
|
|
|
3,955,434
|
|
|
|
524,685
|
|
|
|
582,272
|
|
|
|
842,525
|
|
|
|
37,789
|
|
|
|
1,237,328
|
|
|
|
819,858
|
|
|
|
3,823,147
|
|
|
|
(2,827,657
|
)
|
|
|
8,995,381
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities.-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
685,683
|
|
|
|
84,257
|
|
|
|
2,480
|
|
|
|
-
|
|
|
|
-
|
|
|
|
240,253
|
|
|
|
103,874
|
|
|
|
77
|
|
|
|
-
|
|
|
|
1,116,624
|
|
Bonds
|
|
|
-
|
|
|
|
-
|
|
|
|
11,210
|
|
|
|
30,422
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
41,632
|
|
Trade accounts payable
|
|
|
1,232,313
|
|
|
|
29,340
|
|
|
|
3,177
|
|
|
|
11,006
|
|
|
|
402
|
|
|
|
17,111
|
|
|
|
161,783
|
|
|
|
5,713
|
|
|
|
-
|
|
|
|
1,460,845
|
|
Accounts payable to related parties
|
|
|
132,945
|
|
|
|
2,667
|
|
|
|
21,596
|
|
|
|
9,409
|
|
|
|
7,847
|
|
|
|
71,561
|
|
|
|
33,314
|
|
|
|
92,553
|
|
|
|
(227,873
|
)
|
|
|
144,019
|
|
Current income tax
|
|
|
13,514
|
|
|
|
625
|
|
|
|
625
|
|
|
|
-
|
|
|
|
89
|
|
|
|
-
|
|
|
|
892
|
|
|
|
520
|
|
|
|
-
|
|
|
|
16,265
|
|
Other accounts payable
|
|
|
485,415
|
|
|
|
20,613
|
|
|
|
3,219
|
|
|
|
1,495
|
|
|
|
40
|
|
|
|
263,811
|
|
|
|
127,250
|
|
|
|
43,300
|
|
|
|
-
|
|
|
|
945,143
|
|
Provisions
|
|
|
-
|
|
|
|
6,140
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7,441
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13,581
|
|
Total current liabilities
|
|
|
2,549,870
|
|
|
|
143,642
|
|
|
|
42,307
|
|
|
|
52,332
|
|
|
|
8,378
|
|
|
|
592,736
|
|
|
|
434,554
|
|
|
|
142,163
|
|
|
|
(227,873
|
)
|
|
|
3,738,109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
298,973
|
|
|
|
89,257
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
33,452
|
|
|
|
60,220
|
|
|
|
385,857
|
|
|
|
-
|
|
|
|
867,759
|
|
Long-term bonds
|
|
|
-
|
|
|
|
-
|
|
|
|
275,216
|
|
|
|
576,545
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
851,761
|
|
Other long-term accounts payable
|
|
|
120,760
|
|
|
|
-
|
|
|
|
493
|
|
|
|
438
|
|
|
|
-
|
|
|
|
-
|
|
|
|
82,905
|
|
|
|
1,368
|
|
|
|
-
|
|
|
|
205,964
|
|
Long-term accounts payable to related parties
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
90,878
|
|
|
|
28,924
|
|
|
|
121,692
|
|
|
|
37,724
|
|
|
|
-
|
|
|
|
(279,218
|
)
|
|
|
-
|
|
Provisions
|
|
|
26,919
|
|
|
|
7,272
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,570
|
|
|
|
-
|
|
|
|
-
|
|
|
|
37,761
|
|
Derivative financial instruments
|
|
|
-
|
|
|
|
2,339
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,339
|
|
Deferred income tax liability
|
|
|
49,102
|
|
|
|
4,288
|
|
|
|
-
|
|
|
|
11,754
|
|
|
|
269
|
|
|
|
10,301
|
|
|
|
2,819
|
|
|
|
14,180
|
|
|
|
-
|
|
|
|
92,713
|
|
Total non-current liabilities
|
|
|
495,754
|
|
|
|
103,156
|
|
|
|
275,709
|
|
|
|
679,615
|
|
|
|
29,193
|
|
|
|
165,445
|
|
|
|
187,238
|
|
|
|
401,405
|
|
|
|
(279,218
|
)
|
|
|
2,058,297
|
|
Total liabilities
|
|
|
3,045,624
|
|
|
|
246,798
|
|
|
|
318,016
|
|
|
|
731,947
|
|
|
|
37,571
|
|
|
|
758,181
|
|
|
|
621,792
|
|
|
|
543,568
|
|
|
|
(507,091
|
)
|
|
|
5,796,406
|
|
Equity attributable to controlling interest in the Company
|
|
|
744,530
|
|
|
|
256,064
|
|
|
|
207,381
|
|
|
|
82,935
|
|
|
|
218
|
|
|
|
154,167
|
|
|
|
162,432
|
|
|
|
3,267,191
|
|
|
|
(2,213,284
|
)
|
|
|
2,661,634
|
|
Non-controlling interest
|
|
|
165,280
|
|
|
|
21,823
|
|
|
|
56,875
|
|
|
|
27,643
|
|
|
|
-
|
|
|
|
324,980
|
|
|
|
35,634
|
|
|
|
12,388
|
|
|
|
(107,282
|
)
|
|
|
537,341
|
|
Total liabilities and equity
|
|
|
3,955,434
|
|
|
|
524,685
|
|
|
|
582,272
|
|
|
|
842,525
|
|
|
|
37,789
|
|
|
|
1,237,328
|
|
|
|
819,858
|
|
|
|
3,823,147
|
|
|
|
(2,827,657
|
)
|
|
|
8,995,381
|
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
Operating segment performance
|
|
Engineering
|
|
|
Infrastructure
|
|
|
|
|
|
|
|
Parent
|
|
|
|
|
|
|
|
|
|
and
construction
|
|
|
Energy
|
|
|
Toll roads
|
|
|
Mass
transit
|
|
|
Water
treatment
|
|
|
Real
estate
|
|
|
Technical
services
|
|
|
Company
operations
|
|
|
Eliminations
|
|
|
Consolidated
|
|
For the three-month period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ended Mar 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
1,310,454
|
|
|
|
72,437
|
|
|
|
67,812
|
|
|
|
50,677
|
|
|
|
12,402
|
|
|
|
23,773
|
|
|
|
243,000
|
|
|
|
17,031
|
|
|
|
(94,616
|
)
|
|
|
1,702,970
|
|
Gross profit (loss)
|
|
|
106,443
|
|
|
|
10,890
|
|
|
|
14,671
|
|
|
|
12,187
|
|
|
|
908
|
|
|
|
4,625
|
|
|
|
39,939
|
|
|
|
(1,696
|
)
|
|
|
(14,494
|
)
|
|
|
173,473
|
|
Administrative expenses
|
|
|
(69,127
|
)
|
|
|
(3,989
|
)
|
|
|
(2,370
|
)
|
|
|
(3,056
|
)
|
|
|
(69
|
)
|
|
|
(4,726
|
)
|
|
|
(36,014
|
)
|
|
|
(6,798
|
)
|
|
|
17,241
|
|
|
|
(108,908
|
)
|
Other income and expenses
|
|
|
(7,635
|
)
|
|
|
(986
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(591
|
)
|
|
|
3,719
|
|
|
|
1,614
|
|
|
|
(133
|
)
|
|
|
(4,012
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss)
|
|
|
29,681
|
|
|
|
5,915
|
|
|
|
12,301
|
|
|
|
9,131
|
|
|
|
839
|
|
|
|
(692
|
)
|
|
|
7,644
|
|
|
|
(6,880
|
)
|
|
|
2,614
|
|
|
|
60,553
|
|
Financial expenses
|
|
|
(25,521
|
)
|
|
|
(4,936
|
)
|
|
|
(1,276
|
)
|
|
|
(1,240
|
)
|
|
|
(9
|
)
|
|
|
(4,606
|
)
|
|
|
(7,864
|
)
|
|
|
(568
|
)
|
|
|
8,774
|
|
|
|
(37,246
|
)
|
Financial income
|
|
|
3,049
|
|
|
|
58
|
|
|
|
3,128
|
|
|
|
10
|
|
|
|
15
|
|
|
|
52
|
|
|
|
639
|
|
|
|
9,122
|
|
|
|
(12,335
|
)
|
|
|
3,738
|
|
Share of the profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in associates and joint ventures
under the equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
method of accounting
|
|
|
8,457
|
|
|
|
267
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4,663
|
|
|
|
332
|
|
|
|
15,581
|
|
|
|
(14,298
|
)
|
|
|
15,002
|
|
Profit (loss) before income tax
|
|
|
15,666
|
|
|
|
1,304
|
|
|
|
14,153
|
|
|
|
7,901
|
|
|
|
845
|
|
|
|
(583
|
)
|
|
|
751
|
|
|
|
17,255
|
|
|
|
(15,245
|
)
|
|
|
42,047
|
|
Income tax
|
|
|
(5,708
|
)
|
|
|
(564
|
)
|
|
|
(3,820
|
)
|
|
|
(2,392
|
)
|
|
|
(254
|
)
|
|
|
154
|
|
|
|
(1,226
|
)
|
|
|
(656
|
)
|
|
|
389
|
|
|
|
(14,077
|
)
|
Net profit (loss) for the period
|
|
|
9,958
|
|
|
|
740
|
|
|
|
10,333
|
|
|
|
5,509
|
|
|
|
591
|
|
|
|
(429
|
)
|
|
|
(475
|
)
|
|
|
16,599
|
|
|
|
(14,856
|
)
|
|
|
27,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company
|
|
|
3,944
|
|
|
|
416
|
|
|
|
7,364
|
|
|
|
4,132
|
|
|
|
591
|
|
|
|
(131
|
)
|
|
|
(388
|
)
|
|
|
16,693
|
|
|
|
(15,040
|
)
|
|
|
17,581
|
|
Non-controlling interest
|
|
|
6,014
|
|
|
|
324
|
|
|
|
2,969
|
|
|
|
1,377
|
|
|
|
-
|
|
|
|
(298
|
)
|
|
|
(87
|
)
|
|
|
(94
|
)
|
|
|
184
|
|
|
|
10,389
|
|
|
|
|
9,958
|
|
|
|
740
|
|
|
|
10,333
|
|
|
|
5,509
|
|
|
|
591
|
|
|
|
(429
|
)
|
|
|
(475
|
)
|
|
|
16,599
|
|
|
|
(14,856
|
)
|
|
|
27,970
|
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
Operating segment performance
|
|
Engineering
|
|
|
Infrastructure
|
|
|
|
|
|
|
|
Parent
|
|
|
|
|
|
|
|
|
|
and
construction
|
|
|
Energy
|
|
|
Toll roads
|
|
|
Mass
transit
|
|
|
Water
treatment
|
|
|
Real
estate
|
|
|
Technical
services
|
|
|
Company
operations
|
|
|
Eliminations
|
|
|
Consolidated
|
|
For the three-month period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ended Mar 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
1,002,627
|
|
|
|
86,383
|
|
|
|
70,992
|
|
|
|
53,181
|
|
|
|
4,331
|
|
|
|
32,299
|
|
|
|
262,846
|
|
|
|
14,488
|
|
|
|
(94,098
|
)
|
|
|
1,433,049
|
|
Gross profit (loss)
|
|
|
70,128
|
|
|
|
6,964
|
|
|
|
19,724
|
|
|
|
11,594
|
|
|
|
420
|
|
|
|
18,582
|
|
|
|
31,081
|
|
|
|
(1,539
|
)
|
|
|
(13,528
|
)
|
|
|
143,426
|
|
Administrative expenses
|
|
|
(64,794
|
)
|
|
|
(3,870
|
)
|
|
|
(2,338
|
)
|
|
|
(2,760
|
)
|
|
|
(132
|
)
|
|
|
(4,100
|
)
|
|
|
(23,340
|
)
|
|
|
(9,548
|
)
|
|
|
16,747
|
|
|
|
(94,135
|
)
|
Other income and expenses
|
|
|
7,390
|
|
|
|
(504
|
)
|
|
|
9
|
|
|
|
-
|
|
|
|
-
|
|
|
|
727
|
|
|
|
1,158
|
|
|
|
718
|
|
|
|
(3,088
|
)
|
|
|
6,410
|
|
Gain from the sale of investments
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
31,667
|
|
|
|
-
|
|
|
|
31,667
|
|
Operating profit (loss)
|
|
|
12,724
|
|
|
|
2,590
|
|
|
|
17,395
|
|
|
|
8,834
|
|
|
|
288
|
|
|
|
15,209
|
|
|
|
8,899
|
|
|
|
21,298
|
|
|
|
131
|
|
|
|
87,368
|
|
Financial expenses
|
|
|
(13,193
|
)
|
|
|
(2,378
|
)
|
|
|
(3,297
|
)
|
|
|
(699
|
)
|
|
|
(9
|
)
|
|
|
(5,058
|
)
|
|
|
(6,118
|
)
|
|
|
(3,160
|
)
|
|
|
6,785
|
|
|
|
(27,127
|
)
|
Financial income
|
|
|
7,257
|
|
|
|
1,748
|
|
|
|
339
|
|
|
|
1,053
|
|
|
|
23
|
|
|
|
72
|
|
|
|
3,543
|
|
|
|
9,630
|
|
|
|
(10,504
|
)
|
|
|
13,161
|
|
Share of the profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in associates and joint ventures
under the equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
method of accounting
|
|
|
6,856
|
|
|
|
646
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
144
|
|
|
|
57,092
|
|
|
|
(43,223
|
)
|
|
|
21,515
|
|
Profit before income tax
|
|
|
13,644
|
|
|
|
2,606
|
|
|
|
14,437
|
|
|
|
9,188
|
|
|
|
302
|
|
|
|
10,223
|
|
|
|
6,468
|
|
|
|
84,860
|
|
|
|
(46,811
|
)
|
|
|
94,917
|
|
Income tax
|
|
|
(4,149
|
)
|
|
|
(805
|
)
|
|
|
(3,763
|
)
|
|
|
(2,778
|
)
|
|
|
(85
|
)
|
|
|
(2,690
|
)
|
|
|
(2,808
|
)
|
|
|
2,332
|
|
|
|
806
|
|
|
|
(13,940
|
)
|
Profit for the period
|
|
|
9,495
|
|
|
|
1,801
|
|
|
|
10,674
|
|
|
|
6,410
|
|
|
|
217
|
|
|
|
7,533
|
|
|
|
3,660
|
|
|
|
87,192
|
|
|
|
(46,005
|
)
|
|
|
80,977
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company
|
|
|
11,505
|
|
|
|
1,086
|
|
|
|
6,807
|
|
|
|
4,807
|
|
|
|
217
|
|
|
|
1,697
|
|
|
|
3,542
|
|
|
|
87,255
|
|
|
|
(46,042
|
)
|
|
|
70,874
|
|
Non-controlling interest
|
|
|
(2,010
|
)
|
|
|
715
|
|
|
|
3,867
|
|
|
|
1,603
|
|
|
|
-
|
|
|
|
5,836
|
|
|
|
118
|
|
|
|
(63
|
)
|
|
|
37
|
|
|
|
10,103
|
|
|
|
|
9,495
|
|
|
|
1,801
|
|
|
|
10,674
|
|
|
|
6,410
|
|
|
|
217
|
|
|
|
7,533
|
|
|
|
3,660
|
|
|
|
87,192
|
|
|
|
(46,005
|
)
|
|
|
80,977
|
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
No major changes occurred in total assets as compared to the amount stated in the year-end financial statements.
There are no differences as compared to the year-end financial statements based on segmentation or measurement of financial performance by segment.
8
|
AVAILABLE-FOR-SALE FINANCIAL ASSETS
|
This account comprised the investment held by the Company, directly and indirectly, in Transportadora de Gas del Perú S.A. (TGP), a Peruvian entity engaged in providing gas transportation services.
At December 31, 2015, the fair value of the Group’s interest in TGP amounted to S/120.1 million; on March 31,2016 the Company decided to transfer its total interest of 1.64% to the company Enagás International S.L.U.; the amount of the transfer was for US$31.9 million (S/107.28 million),resulting in a profit of S/31.6 million.
9
|
TRANSACTIONS WITH RELATED PARTIES
|
a)
Transactions with related parties
-
Major transactions between the Company and its related parties are summarized as follows:
|
|
From the period
|
|
|
|
ended March 31,
|
|
|
|
2015
|
|
|
2016
|
|
|
|
|
|
|
|
|
Revenue from sale of goods and services:
|
|
|
|
|
|
|
- Associates
|
|
|
1,128
|
|
|
|
163
|
|
- Joint operations
|
|
|
10,536
|
|
|
|
8,730
|
|
|
|
|
11,664
|
|
|
|
8,893
|
|
Inter-company services were agreed upon under market terms as if they had been agreed to with third parties.
b)
Balances of transactions with related parties
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
|
|
At December 31
|
|
|
At March 31
|
|
|
|
2015
|
|
|
2016
|
|
|
|
Receivable
|
|
|
Payable
|
|
|
Receivable
|
|
|
Payable
|
|
Joint operations
:
|
|
|
|
|
|
|
|
|
|
|
|
|
Consorcio Constructor Ductos del Sur
|
|
|
154,383
|
|
|
|
-
|
|
|
|
152,423
|
|
|
|
-
|
|
Consorcio GyM Conciviles
|
|
|
57,679
|
|
|
|
-
|
|
|
|
58,707
|
|
|
|
-
|
|
Consorcio Rio Urubamba
|
|
|
10,856
|
|
|
|
2,819
|
|
|
|
10,892
|
|
|
|
1,609
|
)
|
Consorcio Terminales del Perú
|
|
|
9,459
|
|
|
|
-
|
|
|
|
9,426
|
|
|
|
-
|
|
Adexus S.A.
|
|
|
8,521
|
|
|
|
-
|
|
|
|
20,125
|
|
|
|
-
|
|
Consorcio Peruano de Conservación
|
|
|
6,270
|
|
|
|
-
|
|
|
|
8,080
|
|
|
|
-
|
|
Consorcio Rio Mantaro
|
|
|
6,021
|
|
|
|
15,941
|
|
|
|
-
|
|
|
|
13,165
|
)
|
Energía y Vapor
|
|
|
3,328
|
|
|
|
-
|
|
|
|
358
|
|
|
|
1,208
|
)
|
Consorcio Terminales
|
|
|
3,235
|
|
|
|
-
|
|
|
|
3,623
|
|
|
|
-
|
|
Consorcio La Gloria
|
|
|
3,116
|
|
|
|
3,077
|
|
|
|
3,120
|
|
|
|
3,081
|
)
|
Ingeniería y Construcción Sigdo Koppers-Vial
|
|
|
2,659
|
|
|
|
3,900
|
|
|
|
-
|
|
|
|
3,824
|
)
|
Consorcio Constructor Chavimochic
|
|
|
2,558
|
|
|
|
6,422
|
|
|
|
918
|
|
|
|
9,218
|
)
|
Consorcio Menegua
|
|
|
1,910
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,650
|
)
|
Constructora incolur DSD Ltda.
|
|
|
1,681
|
|
|
|
-
|
|
|
|
1,370
|
|
|
|
-
|
|
Consorcio Lima
|
|
|
1,430
|
|
|
|
-
|
|
|
|
1,285
|
|
|
|
-
|
|
Consorcio Norte Pachacutec
|
|
|
1,026
|
|
|
|
669
|
|
|
|
1,001
|
|
|
|
681
|
)
|
Consorcio Italo Peruano
|
|
|
465
|
|
|
|
21,907
|
|
|
|
4,513
|
|
|
|
23,655
|
)
|
Consorcio Constructor Alto Cayma
|
|
|
387
|
|
|
|
-
|
|
|
|
785
|
|
|
|
-
|
|
Consorcio Construcciones y Montajes
|
|
|
112
|
|
|
|
2,533
|
|
|
|
-
|
|
|
|
1,916
|
)
|
Bechtel Vial y Vives Servicios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Complementarios Ltda.
|
|
|
84
|
|
|
|
6,956
|
|
|
|
-
|
|
|
|
7,163
|
)
|
Consorcio Huacho Pativilca
|
|
|
80
|
|
|
|
5,041
|
|
|
|
-
|
|
|
|
2,572
|
)
|
Consorcio Turbogenerador
|
|
|
-
|
|
|
|
-
|
|
|
|
1,566
|
|
|
|
-
|
|
Consorcio Vial Quinua
|
|
|
-
|
|
|
|
-
|
|
|
|
1,413
|
|
|
|
-
|
|
Consorcio Revamps
|
|
|
-
|
|
|
|
-
|
|
|
|
1,143
|
|
|
|
1,860
|
|
Consorcio Manperan
|
|
|
-
|
|
|
|
-
|
|
|
|
984
|
|
|
|
948
|
|
Consorcio Ermitaño
|
|
|
-
|
|
|
|
-
|
|
|
|
350
|
|
|
|
12,507
|
|
Consorcio Vial Sierra
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6,138
|
|
Consorcio Monterrey
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,575
|
|
Gasoducto Sur Peruano
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
20,074
|
|
Consorcio Ingenieria y Construcción Bechtel
|
|
|
-
|
|
|
|
-
|
|
|
|
2,803
|
|
|
|
-
|
|
Other
|
|
|
4,893
|
|
|
|
4,275
|
|
|
|
1,078
|
|
|
|
4,832
|
)
|
|
|
|
280,153
|
|
|
|
73,540
|
|
|
|
285,963
|
|
|
|
117,676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other related parties:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ferrovias Argentina
|
|
|
-
|
|
|
|
20,136
|
|
|
|
-
|
|
|
|
21,983
|
)
|
Arturo Serna
|
|
|
-
|
|
|
|
4,290
|
|
|
|
-
|
|
|
|
4,360
|
)
|
|
|
|
-
|
|
|
|
24,426
|
|
|
|
-
|
|
|
|
26,343
|
)
|
|
|
|
280,153
|
|
|
|
97,966
|
|
|
|
285,963
(
|
|
|
|
144,019
|
|
Less non-current portion:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ferrovias Argentina
|
|
|
-
|
|
|
|
(20,136
|
)
|
|
|
-
|
|
|
|
-
|
|
Porción corriente
|
|
|
280,153
|
|
|
|
77,830
|
|
|
|
285,963
|
|
|
|
144,019
|
|
Accounts receivable and payable have no specific guarantees
.
Accounts receivable from related parties mainly arise from sales transactions for goods and services with a maturity period of 60 days. These balances are non-interest-bearing because they have short-term maturities and do not require a provision for impairment
.
Accounts payable to
related parties mainly arise from transactions to provide services of engineering, construction, maintenance and others and have a maturity period of 60 days. Such accounts are not interest bearing because they are short-term.
10
|
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
|
As of March 31, 2016, associates in which the Group has significant influence are similar to those existing as of December 31, 2015, except for the acquisitions mentioned.
The movement of our investments in associates for the period ended March 31,
2015 and December
31,
2016 is as follows:
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
|
|
2015
|
|
|
2016
|
|
|
|
|
|
|
|
|
Beginning balance
|
|
|
229,563
|
|
|
|
646,884
|
|
Acquisition and/or contributions received
|
|
|
-
|
)
|
|
|
199,001
|
|
Debt capitalization
|
|
|
-
|
|
|
|
8,308
|
|
Share of the profit and loss in associates
|
|
|
|
|
|
|
|
|
under the equity method of accounting
|
|
|
15,002
|
|
|
|
21,515
|
)
|
Dividends received
|
|
|
(99
|
)
|
|
|
-
|
|
Other
|
|
|
480
|
|
|
|
489
|
|
Ending balance
|
|
|
244,946
|
|
|
|
876,197
|
|
On January 04, 2016 the Company increased its interest in ADEXUS S.A. in 8% as a consequence of debt capitalization for S/8.3 million, resulting in a increase of its interest to 52% in this joint venture.
On November 2015, subsidiary Negocios del Gas SA. adquired an interest of 20% of concessionaire Gasoducto Sur Peruano, which represents an investment of approximately US$215 million, at December 2015 the contribution was S/391 million and at March 2016 its contribution was increased in S/198.3 million.
11
|
PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
|
For the period ended March 31,2015 and 2016, the movement in property, plant and equipment and intangible assets accounts was as follows:
|
|
Property,
|
|
|
|
|
|
|
plant and
|
|
|
Intangible
|
|
|
|
equipment
|
|
|
assets
|
|
|
|
|
|
|
|
|
At January 1, 2015
|
|
|
1,147,018
|
|
|
|
778,743
|
|
|
|
|
|
|
|
|
|
|
Additions
|
|
|
73,862
|
|
|
|
33,645
|
|
Transfers, disposals and adjustmer
|
|
|
(16,023
|
)
|
|
|
10,206
|
|
Deductions for sale of assets
|
|
|
(1,594
|
)
|
|
|
-
|
|
Depreciation, amortization
|
|
|
(47,717
|
)
|
|
|
(19,892
|
)
|
Net cost at March 31, 2015
|
|
|
1,155,546
|
|
|
|
802,702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At January 1, 2016
|
|
|
1,111,757
|
|
|
|
881,020
|
|
|
|
|
|
|
|
|
|
|
Additions
|
|
|
44,480
|
|
|
|
34,085
|
|
Transfers, disposals and adjustments
|
|
|
3,933
|
|
|
|
4,997
|
|
Deductions for sale of assets
|
|
|
(4,089
|
)
|
|
|
-
|
|
Depreciation, amortization
|
|
|
(44,716
|
)
|
|
|
(19,668
|
)
|
Net cost at March 31, 2016
|
|
|
1
,
111
,
365
|
|
|
|
900,434
|
|
As of March 31, 2015 and 2016, additions to property, plant and equipment comprise of acquisition of plant and equipment intended for the Group’s operations.
As of March 31, 2015 and 2016, the amounts registered in Intangible assets comprise of investments in building the second Ancón-Huacho-Pativilca road section of the Panamericana Norte highway (concession under intangible model ).
Goodwill -
Management reviews the results of its business operations based on the type of economic activity carried out. The economic activities that have given rise to goodwill for the Group were engineering and construction, electro-mechanical works, mining services, IT services and telecommunications services.
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
Goodwill by cash-generating units is broken down as follows:
|
|
At December 31,
|
|
|
At March 31,
|
|
|
|
2015
|
|
|
2016
|
|
|
|
|
|
|
|
|
Engineering and construction
|
|
|
140,090
|
|
|
|
141,344
|
|
Electromechanical
|
|
|
20,737
|
|
|
|
20,737
|
|
Mining and construction services
|
|
|
13,366
|
|
|
|
13,366
|
|
Telecommunications services
|
|
|
6,443
|
|
|
|
6,661
|
|
IT equipment and services
|
|
|
4,172
|
|
|
|
4,172
|
|
|
|
|
184,808
|
|
|
|
186,280
|
|
As a result of the impairment testing on goodwill performed by Management on an annual basis the recoverable amount of the related cash-generating unit (CGU) is determined based on its value in use. Value in use is determined based on the future cash flows expected to be generated by the assessed CGU
.
As a result of these assessments no provisions for impairment were required
.
As of march 31, 2016 same criteria were applied as those in test impairment at December 31, 2015
.
|
|
Total
|
|
|
Current
|
|
|
Non-current
|
|
|
|
At
|
|
|
At
|
|
|
At
|
|
|
At
|
|
|
At
|
|
|
At
|
|
|
|
December
|
|
|
March
|
|
|
December
|
|
|
March
|
|
|
December
|
|
|
March
|
|
|
|
31, 2015
|
|
|
31, 2016
|
|
|
31, 2015
|
|
|
31, 2016
|
|
|
31, 2015
|
|
|
31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank loans
|
|
|
1,480,071
|
|
|
|
1,714,856
|
|
|
|
1,082,860
|
|
|
|
980,655
|
|
|
|
397,211
|
|
|
|
734,201
|
|
Leases
|
|
|
301,285
|
|
|
|
269,527
|
|
|
|
145,160
|
|
|
|
135,969
|
|
|
|
156,125
|
|
|
|
133,558
|
|
|
|
|
1,781,356
|
|
|
|
1,984,383
|
|
|
|
1,228,020
|
|
|
|
1,116,624
|
|
|
|
553,336
|
|
|
|
867,759
|
|
a) Bank loans
-
As of March 31, 2016 and December 31, 2015, this item comprises bank loans in local and foreign currencies for working capital purposes. These obligations bear interest at fixed rates which fluctuated between 1% and 13.1% in 2016 and 2015.
|
|
|
|
|
|
|
|
Current
|
|
|
Non-current
|
|
|
|
Interest
|
|
|
Date of
|
|
|
At December 31,
|
|
|
At March 31,
|
|
|
At December 31,
|
|
|
At March 31,
|
|
|
|
rate
|
|
|
maturity
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GyM S.A.
|
|
|
1.00% / 7.80
|
%
|
|
|
2016 / 2020
|
|
|
|
535,776
|
|
|
|
577,805
|
|
|
|
286,671
|
|
|
|
226,266
|
|
Graña y Montero S.A.A.
|
|
|
|
|
2016 / 2020
|
|
|
|
102,776
|
|
|
|
77
|
|
|
|
-
|
|
|
|
385,857
|
|
GMP S.A.
|
|
|
3.50% / 6.04
|
%
|
|
|
2016 / 2020
|
|
|
|
95,824
|
|
|
|
79,450
|
|
|
|
70,220
|
|
|
|
77,207
|
|
Viva GyM S.A.
|
|
|
7.80% / 9.46
|
%
|
|
|
2016 / 2017
|
|
|
|
220,423
|
|
|
|
236,224
|
|
|
|
8,372
|
|
|
|
14,987
|
|
CAM Holding S.A.
|
|
|
1.70% / 13.07
|
%
|
|
|
2016 / 2020
|
|
|
|
42,534
|
|
|
|
56,114
|
|
|
|
31,948
|
|
|
|
29,884
|
|
GMD S.A.
|
|
|
5.00% / 6.30
|
%
|
|
|
2016
|
|
|
|
30,107
|
|
|
|
29,020
|
|
|
|
-
|
|
|
|
-
|
|
Norvial S.A.
|
|
|
8.37
|
%
|
|
|
2016
|
|
|
|
54,706
|
|
|
|
1,965
|
|
|
|
-
|
|
|
|
-
|
|
GMI
|
|
|
5.56
|
%
|
|
|
2016
|
|
|
|
714
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
1,082,860
|
|
|
|
980,655
|
|
|
|
397,211
|
|
|
|
734,201
|
|
As of March 31, 2016, the Company maintained unused credit limits for S/XXXX million, which expire within one year (S/4,666 million as of December 31, 2015).
b)
Fair value of borrowings
-
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
The carrying amount and fair value of borrowings are broken down as follows:
|
|
Carrying amounts
|
|
|
Fair value
|
|
|
|
At December
|
|
|
At March
|
|
|
At December
|
|
|
At March
|
|
|
|
31, 2015
|
|
|
31, 2016
|
|
|
31, 2015
|
|
|
31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
|
|
|
1,781,356
|
|
|
|
1,984,383
|
|
|
|
1,802,183
|
|
|
|
2,091,805
|
|
The fair value is based on cash flows discounted using a rate based on the borrowing rate of 4.7% and 13.1% (4.8% and 13.1% in 2015). It should be noted that the interest rate used are those applicable and negotiated by each Company.
This item is broken down as follows:
|
|
Total
|
|
|
Current
|
|
|
Non-current
|
|
|
|
At
|
|
|
At
|
|
|
At
|
|
|
At
|
|
|
At
|
|
|
At
|
|
|
|
December
|
|
|
March
|
|
|
December
|
|
|
March
|
|
|
December
|
|
|
March
|
|
|
|
31, 2015
|
|
|
31, 2016
|
|
|
31, 2015
|
|
|
31, 2016
|
|
|
31, 2015
|
|
|
31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GyM Ferrovías (a)
|
|
|
607,868
|
|
|
|
606,967
|
|
|
|
31,546
|
|
|
|
30,422
|
|
|
|
576,322
|
|
|
|
576,545
|
|
Norvial (b)
|
|
|
186,223
|
|
|
|
286,426
|
|
|
|
5,537
|
|
|
|
11,210
|
|
|
|
180,686
|
|
|
|
275,216
|
|
|
|
|
794,091
|
|
|
|
893,393
|
|
|
|
37,083
|
|
|
|
41,632
|
|
|
|
757,008
|
|
|
|
851,761
|
|
a) GyM Ferrovías S.A. -
In February 2015 subsidiary GyM Ferrovías issued corporate bonds under the U.S. Regulation S. This issue was carried out in Peruvian Soles VAC (the Spanish acronym for constant value update) for a total amount of S/629 million. The issues costs for this transactions were for S/22 million. Maturity of these bonds is November 2039 and bear interest at a rate of 4.75% (plus VAC adjustment), they have a risk rating of AA+ (local grading) granted by Apoyo & Asociados Internacionales Clasificadora de Riesgo and a collateral structure that includes a mortgage on the concession to which GyM Ferrovías is a concessionaire, security on the shares of GyM Ferrovías, Assignment of the collection rights arising from the Management Trust, a Cash Flow and Reserve Trust for the Service of the Debt, Operation and Maintenance and in-progress Capex. At March 31, 2016 the Group made a payment of S/21.3 million.
Capital raised from bond issue were used in amortizing a short-term loan with Banco de Crédito del Perú – BCP for S/400 million, funding the reserve accounts, payment of costs of bond issue and partial repayment of the subordinated loan obtained from parent Company by GyM Ferrovías.
At March 31, 2016 the balance includes accrued interest payable for S/21.6 million.
As part of the process of bond structuring, GyM Ferrovías engaged to adhere to the following covenants:
-
|
Debt service coverage ratio of not less than 1.2 times.
|
-
|
Keeping a constant minimum balance of trust equal to a quarter of operating and maintenance costs (including VAT)
|
-
|
Keeping a constant minimum balance of trust equal to two coupons as per schedule.
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
b) Norvial S.A. -
In July 2015, Norvial S.A. issued the First Corporate Bond Program on the Lima Stock Exchange for a total S/365 million. The first issue was for S/80 million at 5 years, bearing an interest rate of 6.75% and funds were drawn on July 23, 2015. The second issue was for S/285 million at 11.5 years, bearing an interest rate of 8.375%, structured in 3 disbursements: the first disbursement of S/105 million was on July 23; the second disbursement of S/100 million was on January 25, 2016; and the third disbursement of S/80 million will be made effective in July 2016. The issues costs corresponding to the first issue and to the first and second disbursements of the second issue were for S/3 million. Risk rating agencies Equilibrium y Apoyo & Asociados Internacionales graded this debt instrument AA. This financing transaction has been secured by (i) a cash flow trust, related to the consideration and the regulatory rate; (ii) a mortgage on the concession in which Norvial S.A. is a concessionaire; (iii) a security on shares: (iv) collection rights and (v) in general, all those additional collaterals given to the secured creditors. The capital raised is intended to finance the construction of the Second Phase of Red Vial No.5 and the financing of VAT arising from a project-related expenses.
At March 31, 2016 the balance included interest payables for S/4.4 million (S/2.7 million at March 31,2015)
As part of the process of bond structuring, Norvial engaged to adhere to the following covenants:
-
|
Debt service coverage ratio of not less than 1.3 times.
|
-
|
Proforma gearing ratio lower than 4 times.
|
As of March 31,2016 and December 31,2015 both Companies have complied with their covenants.
Fair value of the bonds of both Companies at March 31, 2016 amounted to S/
946.9 million (at December 31, 2015 amounted to S/769.5 million), which has been calculated based on the discounted cash flows, using rates between 4.42% and 8.09% (rates between 4.88% and 8.89% at December 31,2015 ) which are within level 2 of the fair value hierarchy.
This item is broken down based on the expectation of liquidation as follows:
|
|
At December
|
|
|
At March
|
|
|
|
31, 2015
|
|
|
31, 2016
|
|
|
|
|
|
|
|
|
|
|
Current portion
|
|
|
13,468
|
)
|
|
|
13,581
|
|
Non-current portion
|
|
|
35,618
|
|
|
|
37,761
|
|
|
|
|
49,086
|
|
|
|
51,342
|
|
The movement of this item for the period ended March
31
, 2015 and 2016 is as follows:
|
|
|
|
|
Contingent
|
|
|
Provisions for
|
|
|
Provision
|
|
|
|
|
|
|
Legal
|
|
|
liabilities from
|
|
|
the acquisition
|
|
|
for well
|
|
|
|
|
Other provisions
|
|
claims
|
|
|
acquisitions
|
|
|
of CAM
|
|
|
closure
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At January 1, 2015
|
|
|
13,056
|
|
|
|
25,927
|
|
|
|
12,152
|
|
|
|
7,210
|
|
|
|
58,345
|
|
Additions
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
|
|
330
|
|
|
|
330
|
|
Reversals
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,987
|
)
|
|
|
-
|
|
|
|
(1,987
|
)
|
Payments
|
|
|
(1,538
|
)
|
|
|
|
|
|
|
-
|
|
|
|
(4
|
)
|
|
|
(1,542
|
)
|
At March 31, 2015
|
|
|
11,518
|
|
|
|
25,927
|
|
|
|
10,165
|
|
|
|
7,536
|
|
|
|
55,146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At January 1, 2016
|
|
|
15,000
|
|
|
|
22,960
|
)
|
|
|
3,819
|
|
|
|
7,307
|
)
|
|
|
49,086
|
|
Additions
|
|
|
67
|
|
|
|
1,903
|
)
|
|
|
-
|
|
|
|
239
|
)
|
|
|
2,209
|
)
|
Translation adjustment
|
|
|
247
|
|
|
|
662
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
909
|
)
|
Reversals
|
|
|
-
|
|
|
|
-
|
|
|
|
(660
|
)
|
|
|
-
|
|
|
|
(660
|
)
|
Payments
|
|
|
(202
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(202
|
)
|
At March 31, 2016
|
|
|
15,112
|
|
|
|
25,525
|
|
|
|
3,159
|
|
|
|
7,546
|
|
|
|
51,342
|
|
Reversals for the period ended March 31, 2016 mainly consists of write-offs of provisions recognized in conjunction with the purchase price allocation related to acquisition of CAM Chile in S/0.7 million. (S/1.9 million as of March 31, 2015).
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
As of December
31
, 2015 and March 31, 2016,
the authorized, subscribed and paid-in capital, according to the Company’s bylaws as amended, is represented by
660,053,790
common shares
at
S/1.00
par value each
.
As of December 31, 2015, the amount of 250,860,370
common shares is represented by 50,172,074
ADSs, at 5 shares per ADS.
As of March 31, 2016, the amount of
252,923,750
common shares is represented by
50,584,750
ADSs, at 5 shares per ADS.
For the period ended
March
31, 2015 and 2016, this item comprises:
|
|
Cost of
services
and goods
|
|
|
Adminis-
trative
expenses
|
|
2015
|
|
|
|
|
|
|
Inventorie
s
,
materials and consumables used
|
|
|
209,541
|
|
|
|
-
|
|
Personnel charges
|
|
|
454,167
|
|
|
|
59,162
|
|
Services provided by third-parties
|
|
|
634,225
|
|
|
|
29,079
|
|
Taxes
|
|
|
4,259
|
|
|
|
735
|
|
Other management charges
|
|
|
165,830
|
|
|
|
13,311
|
|
Depreciation
|
|
|
44,247
|
|
|
|
4,032
|
|
Amortization
|
|
|
17,303
|
|
|
|
2,589
|
|
Impairment
|
|
|
194
|
|
|
|
-
|
|
Reversal of impairment
|
|
|
(269
|
)
|
|
|
-
|
|
|
|
|
1
,
529
,
497
|
|
|
|
108,908
|
|
2016
|
|
|
|
|
|
|
|
|
Inventorie
s
,
materials and consumables used
|
|
|
243,106
|
|
|
|
-
|
|
Personnel charges
|
|
|
328,001
|
|
|
|
54,117
|
|
Services provided by third-parties
|
|
|
555,275
|
|
|
|
30,585
|
|
Taxes
|
|
|
4,032
|
|
|
|
1,735
|
|
Other management charges
|
|
|
98,882
|
|
|
|
2,670
|
|
Depreciation
|
|
|
42,020
|
|
|
|
3,266
|
|
Amortization
|
|
|
17,922
|
|
|
|
1,746
|
|
Impairment
|
|
|
385
|
|
|
|
16
|
|
|
|
|
1,289,623
|
|
|
|
94,135
|
|
These condensed interim consolidated financial statements for the period ended March
31
, 2016, income tax expense is recognised based on management’s estimate of the weighted average annual income tax rate expected for the full financial year. The estimated average annual tax rate used for the year to 31 December 2016 is 14.69% (33.48% for the period ended March 31, 2015). The variation of the effective rate as compared to the previous year is due to the effect of the permanent differences in the income tax calculation.
18
|
CONTINGENCIES, COMMITTMENTS AND GUARANTEES
|
As of March 31, 2016, contingencies held by the Group are substantially the same as those existing as of December 31, 2015.
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
In addition the Group had guarantee commitments with different financial institutions securing transactions in the amount of US$XX million.
For the period ended March 31, 2016 , the Group has paid dividends to its non-controlling subsidiaries participate by S/2.3 million (S/2 million for the same period in 2015).
Dividends from the year ended December 31, 2015, of S/0.0467 per share totaling S/ 30,853,485 were approved at the General Shareholders’ meeting held on March 29, 2016, and will be paid on April 2016.
20
|
EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION
|
Between March 31, 2016 and the date of approval of the condensed interim consolidated financial statements, there have been no subsequent events that may affect the fairness of the financial statements issued.
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