Major transactions between the Company and its related parties are summarized as follows:
Inter-company services were agreed upon under market terms as if they had been agreed to with third parties.
|
|
At December 31
|
|
|
|
|
|
At June 30
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
Receivable
|
|
|
Payable
|
|
|
Receivable
|
|
|
Payable
|
|
Joint operations
:
|
|
|
|
|
|
|
|
|
|
|
|
|
Consorcio Constructor Ductos del Sur
|
|
|
154,383
|
|
|
|
-
|
|
|
|
145,573
|
|
|
|
-
|
|
Consorcio GyM Conciviles
|
|
|
57,679
|
|
|
|
-
|
|
|
|
59,642
|
|
|
|
-
|
|
Consorcio Rio Urubamba
|
|
|
10,856
|
|
|
|
2,819
|
|
|
|
8,885
|
|
|
|
80
|
)
|
Consorcio Terminales del Perú
|
|
|
9,459
|
|
|
|
-
|
|
|
|
2,823
|
|
|
|
-
|
|
Adexus S.A.
|
|
|
8,521
|
|
|
|
-
|
|
|
|
25,484
|
|
|
|
-
|
|
Consorcio Peruano de Conservación
|
|
|
6,270
|
|
|
|
-
|
|
|
|
8,474
|
|
|
|
-
|
|
Consorcio Rio Mantaro
|
|
|
6,021
|
|
|
|
15,941
|
|
|
|
1,357
|
|
|
|
14,403
|
)
|
Energía y Vapor
|
|
|
3,328
|
|
|
|
-
|
|
|
|
495
|
|
|
|
286
|
)
|
Consorcio Terminales
|
|
|
3,235
|
|
|
|
-
|
|
|
|
1,010
|
|
|
|
-
|
|
Consorcio La Gloria
|
|
|
3,116
|
|
|
|
3,077
|
|
|
|
3,125
|
|
|
|
3,083
|
|
Ingeniería y Construcción Sigdo Koppers-Vial
|
|
|
2,659
|
|
|
|
3,900
|
|
|
|
-
|
|
|
|
3,283
|
)
|
Consorcio Constructor Chavimochic
|
|
|
2,558
|
|
|
|
6,422
|
|
|
|
2,698
|
|
|
|
13,450
|
)
|
Consorcio Menegua
|
|
|
1,910
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Constructora Incolur DSD Ltda.
|
|
|
1,681
|
|
|
|
-
|
|
|
|
515
|
|
|
|
247
|
)
|
Consorcio Lima
|
|
|
1,430
|
|
|
|
-
|
|
|
|
1,285
|
|
|
|
157
|
)
|
Consorcio Norte Pachacutec
|
|
|
1,026
|
|
|
|
669
|
|
|
|
994
|
|
|
|
657
|
)
|
Consorcio Italo Peruano
|
|
|
465
|
|
|
|
21,907
|
|
|
|
3,506
|
|
|
|
19,243
|
)
|
Consorcio Constructor Alto Cayma
|
|
|
387
|
|
|
|
-
|
|
|
|
505
|
|
|
|
-
|
|
Consorcio Construcciones y Montajes
|
|
|
112
|
|
|
|
2,533
|
|
|
|
-
|
|
|
|
1,896
|
)
|
Bechtel Vial y Vives Servicios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Complementarios Ltda.
|
|
|
84
|
|
|
|
6,956
|
|
|
|
-
|
|
|
|
6,300
|
)
|
Consorcio Huacho Pativilca
|
|
|
80
|
|
|
|
5,041
|
|
|
|
-
|
|
|
|
2,951
|
|
Consorcio para la atención y mantenimiento de ductos
|
|
|
-
|
|
|
|
-
|
|
|
|
582
|
|
|
|
-
|
|
Consorcio Revamps
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
338
|
|
Consorcio Ermitaño
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8,439
|
|
Consorcio Vial Sierra
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6,199
|
|
Gasoducto Sur Peruano
|
|
|
-
|
|
|
|
-
|
|
|
|
421
|
|
|
|
19,857
|
|
Perú Piping Spools S.A.C.
|
|
|
-
|
|
|
|
-
|
|
|
|
3,544
|
|
|
|
-
|
|
Other
|
|
|
4,893
|
|
|
|
4,275
|
|
|
|
1,583
|
|
|
|
741
|
|
|
|
|
280,153
|
|
|
|
73,540
|
|
|
|
272,501
|
|
|
|
101,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other related parties:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ferrovias Argentina
|
|
|
-
|
|
|
|
20,136
|
|
|
|
-
|
|
|
|
19,677
|
|
Arturo Serna
|
|
|
-
|
|
|
|
4,290
|
|
|
|
-
|
|
|
|
4,470
|
|
|
|
|
-
|
|
|
|
24,426
|
|
|
|
-
|
|
|
|
24,147
|
|
|
|
|
280,153
|
|
|
|
97,966
|
|
|
|
272,501
|
|
|
|
125,757
|
|
Less non-current portion:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ferrovias Argentina
|
|
|
-
|
|
|
|
(20,136
|
)
|
|
|
-
|
|
|
|
(19,677
|
)
|
Porción corriente
|
|
|
280,153
|
|
|
|
77,830
|
|
|
|
272,501
|
|
|
|
106,080
|
|
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 June 30, 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 June 30, 2015 and June 30, 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
|
|
|
-
|
)
|
|
|
569
|
|
Increase in capital
|
|
|
|
|
|
|
258,000
|
)
|
Debt capitalization
|
|
|
-
|
|
|
|
8,308
|
)
|
Share of the profit and loss in associates
|
|
|
|
|
|
|
|
|
under the equity method of accounting
|
|
|
15,607
|
)
|
|
|
30,987
|
)
|
Dividends received
|
|
|
(9,937
|
)
|
|
|
( 13,168
|
)
|
Other
|
|
|
(
575
|
|
|
|
(
395
|
)
|
Ending balance
|
|
|
235,808
|
|
|
|
931,185
|
|
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 June 30,2015 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
|
|
|
178,008
|
|
|
|
79,450
|
|
Transfers, disposals and adjustment
|
|
|
(28,353
|
)
|
|
|
24,605
|
|
Deductions for sale of assets
|
|
|
(8,431
|
)
|
|
|
-
|
|
Depreciation, amortization
|
|
|
(102,422
|
)
|
|
|
(40,436
|
)
|
Net cost at June 30, 2015
|
|
|
1,185,820
|
|
|
|
842,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At January 1, 2016
|
|
|
1,111,757
|
|
|
|
881,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions
|
|
|
107,360
|
|
|
|
66,822
|
|
Transfers, disposals and adjustme
|
|
|
3,800
|
|
|
|
17,394
|
|
Deductions for sale of assets
|
|
|
(16,699
|
)
|
|
|
-
|
|
Depreciation, amortization
|
|
|
(94,553
|
)
|
|
|
(40,508
|
)
|
Net cost at June 30, 2016
|
|
|
1,111,665
|
|
|
|
924,728
|
|
As of June 30, 2015 and 2016, additions to property, plant and equipment comprise of acquisition of plant and equipment intended for the Group’s operations.
As of June 30, 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 ).
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
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.
Goodwill by cash-generating units is broken down as follows:
|
|
At December 31,
|
|
|
At June 30,
|
|
|
|
2015
|
|
|
2016
|
|
Engineering and construction
|
|
|
140,090
|
|
|
|
141,415
|
|
Electromechanical
|
|
|
20,737
|
|
|
|
20,737
|
|
Mining and construction services
|
|
|
13,366
|
|
|
|
13,366
|
|
Telecommunications services
|
|
|
6,443
|
|
|
|
6,673
|
|
IT equipment and services
|
|
|
4,172
|
|
|
|
4,172
|
|
|
|
|
184,808
|
|
|
|
186,363
|
|
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 June 30, 2016 same criteria were applied as those in test impairment at December 31, 2015.
This item comprises:
|
|
Total
|
|
|
|
|
|
Current
|
|
|
|
|
|
Non-current
|
|
|
|
|
|
|
At
|
|
|
At
|
|
|
At
|
|
|
At
|
|
|
At
|
|
|
At
|
|
|
|
December
|
|
|
June
|
|
|
December
|
|
|
June
|
|
|
December
|
|
|
June
|
|
|
|
31, 2015
|
|
|
30, 2016
|
|
|
31, 2015
|
|
|
30, 2016
|
|
|
31, 2015
|
|
|
30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank loans
|
|
|
1,480,071
|
|
|
|
1,588,474
|
|
|
|
1,082,860
|
|
|
|
897,041
|
|
|
|
397,211
|
|
|
|
691,433
|
|
Leases
|
|
|
301,285
|
|
|
|
240,272
|
|
|
|
145,160
|
|
|
|
124,989
|
|
|
|
156,125
|
|
|
|
115,283
|
|
|
|
|
1,781,356
|
|
|
|
1,828,746
|
|
|
|
1,228,020
|
|
|
|
1,022,030
|
|
|
|
553,336
|
|
|
|
806,716
|
|
As of June 30, 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 1.0% and 13.1% in 2016 and 2015.
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
Non-current
|
|
|
|
|
|
Interest
|
|
|
|
|
|
Date of
|
|
|
At December 31,
|
|
|
At June 30,
|
|
|
At December 31,
|
|
|
At June 30,
|
|
|
rate
|
|
|
|
|
|
maturity
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GyM S.A.
|
|
|
1.00
|
%
|
/
|
|
7.80
|
%
|
|
|
2016 / 2020
|
|
|
|
535,776
|
|
|
|
522,616
|
|
|
|
286,671
|
|
|
|
217,737
|
|
Graña y Montero S.A.A.
|
LiborUSD
|
|
|
3M+49
|
%
|
|
|
2016 / 2020
|
|
|
|
102,776
|
|
|
|
1,437
|
|
|
|
-
|
|
|
|
381,943
|
|
Viva GyM S.A.
|
|
|
7.80
|
%
|
/
|
|
9.46
|
%
|
|
|
2016 / 2017
|
|
|
|
220,423
|
|
|
|
198,609
|
|
|
|
8,372
|
|
|
|
-
|
|
GMP S.A.
|
|
|
3.50
|
%
|
/
|
|
6.04
|
%
|
|
|
2016 / 2020
|
|
|
|
95,824
|
|
|
|
66,148
|
|
|
|
70,220
|
|
|
|
71,826
|
|
CAM Holding S.A.
|
|
|
4.55
|
%
|
/
|
|
13.07
|
%
|
|
|
2016 / 2020
|
|
|
|
42,534
|
|
|
|
62,082
|
|
|
|
31,948
|
|
|
|
19,927
|
|
GMD S.A.
|
|
|
5.00
|
%
|
/
|
|
6.30
|
%
|
|
|
2016
|
|
|
|
30,107
|
|
|
|
26,273
|
|
|
|
-
|
|
|
|
-
|
|
Norvial S.A.
|
|
|
|
|
|
|
8.37
|
%
|
|
|
2016
|
|
|
|
54,706
|
|
|
|
11,580
|
|
|
|
-
|
|
|
|
-
|
|
Concesionaria La Chira S.A.
|
|
|
|
|
|
|
6.80
|
%
|
|
|
2016
|
|
|
|
-
|
|
|
|
6,576
|
|
|
|
-
|
|
|
|
-
|
|
GMI S.A.
|
|
|
5.56
|
%
|
/
|
|
6.55
|
%
|
|
|
2016
|
|
|
|
714
|
|
|
|
720
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,082,860
|
|
|
|
897,041
|
|
|
|
397,211
|
|
|
|
691,433
|
|
As of June 30, 2016, the Company maintained unused credit limits for S/4,765 million, which expire within one year (S/4,666 million as of December 31, 2015).
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
b)
|
Fair value of borrowings
-
|
The carrying amount and fair value of borrowings are broken down as follows:
|
|
Carrying amounts
|
|
|
Fair value
|
|
|
|
|
|
|
At December
|
|
|
At June
|
|
|
At December
|
|
|
At June
|
|
|
|
31, 2015
|
|
|
30, 2016
|
|
|
31, 2015
|
|
|
30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
|
|
|
1,781,356
|
|
|
|
1,828,746
|
|
|
|
1,802,183
|
|
|
|
1,948,642
|
|
The fair value is based on cash flows discounted using a rate based on the borrowing rate of 1.5% 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
|
|
|
|
June
|
|
|
|
December
|
|
|
|
June
|
|
|
|
December
|
|
|
|
June
|
|
|
|
|
31, 2015
|
|
|
|
30, 2016
|
|
|
|
31, 2015
|
|
|
|
30, 2016
|
|
|
|
31, 2015
|
|
|
|
30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GyM Ferrovías (a)
|
|
|
607,868
|
|
|
|
605,975
|
|
|
|
31,546
|
|
|
|
22,590
|
|
|
|
576,322
|
|
|
|
583,385
|
|
Norvial (b)
|
|
|
186,223
|
|
|
|
286,507
|
|
|
|
5,537
|
|
|
|
16,061
|
|
|
|
180,686
|
|
|
|
270,446
|
|
|
|
|
794,091
|
|
|
|
892,482
|
|
|
|
37,083
|
|
|
|
38,651
|
|
|
|
757,008
|
|
|
|
853,831
|
|
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 June 30, 2016 the Group made a payment of S/27.4 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 June 30, 2016 the balance includes accrued interest payable for S/25.9 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
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/3.7 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 June 30, 2016 the balance included interest payables for S/4.5 million (S/2.7 million at December 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 June 31,2016 and December 31,2015 both Companies have complied with their covenants.
Fair value of the bonds of both Companies at June 30, 2016 amounted to S/1,030 million (at December 31,2015 amounted to S/769.5 million), which has been calculated based on the discounted cash flows, using rates between 3.87% and 8.06% (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 June
|
|
|
|
31, 2015
|
|
|
30, 2016
|
|
|
|
|
|
|
|
|
|
|
Current portion
|
|
|
13,468
|
|
|
|
16,399
|
|
Non-current portion
|
|
|
35,618
|
|
|
|
36,027
|
|
|
|
|
49,086
|
|
|
|
52,426
|
|
The movement of this item for the period ended June 30, 2015 and 2016 is as follows:
|
|
|
|
|
Contingent
|
|
|
Provisions
|
|
|
Provision
|
|
|
|
|
|
|
Legal
|
|
|
liabilities from
|
|
|
for the acquisition
|
|
|
or well
|
|
|
|
|
|
|
claims
|
|
|
acquisitions
|
|
|
of CAM
|
|
|
closure
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At January 1, 2015
|
|
|
13,056
|
|
|
|
25,927
|
|
|
|
12,152
|
|
|
|
7,210
|
|
|
|
58,345
|
|
Additions
|
|
|
435
|
|
|
|
-
|
|
|
|
-
|
|
|
|
405
|
|
|
|
840
|
|
Translation adjustment
|
|
|
(
157
|
)
|
|
|
(734
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(891
|
)
|
Reversals
|
|
|
(
695
|
)
|
|
|
-
|
|
|
|
(4,036
|
)
|
|
|
-
|
|
|
|
(4,731
|
)
|
Payments
|
|
|
(
814
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(4
|
)
|
|
|
(
818
|
)
|
At June 30, 2015
|
|
|
11,825
|
|
|
|
25,193
|
|
|
|
8,116
|
)
|
|
|
7,611
|
|
|
|
52,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At January 1, 2016
|
|
|
15,000
|
|
|
|
22,960
|
|
|
|
3,819
|
|
|
|
7,307
|
|
|
|
49,086
|
|
Additions
|
|
|
3,128
|
|
|
|
677
|
|
|
|
-
|
|
|
|
)
203
|
|
|
|
4,008
|
|
Translation adjustment
|
|
|
336
|
|
|
|
1,114
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,450
|
|
Reversals
|
|
|
(
237
|
)
|
|
|
-
|
|
|
|
(1,323
|
)
|
|
|
-
|
|
|
|
(1,560
|
)
|
Payments
|
|
|
(
297
|
)
|
|
|
(
261
|
)
|
|
|
(
-
|
|
|
|
-
|
|
|
|
(
558
|
)
|
At June 30, 2016
|
|
|
17,930
|
|
|
|
24,490
|
|
|
|
)
2,496
|
|
|
|
7,510
|
|
|
|
52,426
|
|
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
Reversals for the period ended June 30, 2016 mainly consists of write-offs of provisions recognized in conjunction with the purchase price allocation related to acquisition of CAM Chile in S/1.3 million. (S/4.0 million as of June 30, 2015).
As of December 31, 2015 and June 30, 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 June 30, 2016, the amount of 257,238,045 common shares is represented by 51,447,609 ADSs, at 5 shares per ADS.
For the period ended June 30, 2015 and 2016, this item comprises:
|
|
Cost of
|
|
|
Adminis-
|
|
|
|
services
|
|
|
trative-
|
|
|
|
and goods
|
|
|
expenses
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
|
Inventorie
s
, materials and consumables used
|
|
|
520,154
|
|
|
|
-
|
|
Personnel charges
|
|
|
1,095,268
|
|
|
|
109,854
|
|
Services provided by third-parties
|
|
|
1,312,644
|
|
|
|
56,725
|
|
Taxes
|
|
|
8,236
|
|
|
|
1,642
|
|
Other management charges
|
|
|
342,674
|
|
|
|
26,725
|
|
Depreciation
|
|
|
95,446
|
|
|
|
8,091
|
|
Amortization
|
|
|
37,256
|
|
|
|
3,180
|
|
Impairment
|
|
|
293
|
|
|
|
-
|
|
|
|
|
3,411,971
|
|
|
|
206,217
|
|
2016
|
|
|
|
|
|
|
|
|
Inventorie
s
, materials and consumables used
|
|
|
414,234
|
|
|
|
-
|
|
Personnel charges
|
|
|
685,070
|
|
|
|
110,560
|
|
Services provided by third-parties
|
|
|
1,084,208
|
|
|
|
63,192
|
|
Taxes
|
|
|
7,770
|
|
|
|
2,218
|
|
Other management charges
|
|
|
173,636
|
|
|
|
1,440
|
|
Depreciation
|
|
|
89,375
|
|
|
|
6,319
|
|
Amortization
|
|
|
37,059
|
|
|
|
3,449
|
|
Impairment
|
|
|
1,141
|
|
|
|
16
|
|
|
|
|
2,492,493
|
|
|
|
187,194
|
|
These condensed interim consolidated financial statements for the period ended June 30, 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 December 31,2016 is 23.98% (32.63% for the period ended June 30, 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.
(All amounts are expressed in thousands of S/ unless otherwise stated)
UNAUDITED
18
|
CONTINGENCIES, COMMITTMENTS AND GUARANTEES
|
As of June 30, 2016, contingencies held by the Group are substantially the same as those existing as of December 31, 2015.
In addition the Group had guarantee commitments with different financial institutions securing transactions in the amount of US$342.5 million and S/6.6 million.
For the period ended June 30, 2016 , the Group has paid dividends to its non-controlling subsidiaries participate by S/6.2 million (S/3.8 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 and was paid on April 27, 2016.
20
|
EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION
|
Between June 30, 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.