|
|
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
|
The accounting policies used in the preparation of these condensed interim consolidated financial statements are consistent with those applied in the preparation of the consolidated financial
statements at December 31, 2019.
|
3.3
|
Standards, amendments, and interpretation adopted by the Group
|
Standards, amendments and interpretation that have entered in force as of January 1, 2020, have not had impact on the condensed interim consolidated financial statements as of December 31, 2020, and fo this reason thay have not been
disclosed. The Group has not adopted in advance any amendment and modification that are not yet effective.
|
4.
|
FINANCIAL RISK MANAGEMENT
|
Financial risk management is carried out by the Group’s Management. Management oversees the general management of risks in specific areas, such as foreign exchange rate risk, price risk, cash
flow and fair value interest rate risk, credit risk, the use of derivative and non-derivative financial instruments and the investment of excess liquidity, which are supervised and monitored periodically.
|
4.1
|
Financial risk factors
|
The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, price risk, fair value interest rate risk and cash flow interest rate risk),
credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. The Group uses derivative
financial instruments to hedge certain risk exposures in one of its subsidiaries and considers the use of other derivatives in the event that it identifies risks that may generate an adverse effect for the Group in the short and medium-term.
The Group is exposed to exchange rate risk as a result of the transactions carried out locally in foreign currency and due to its operations abroad. As of December
31, 2019 and December 31, 2020, this exposure is mainly concentrated in fluctuations of U.S. dollar, the Chilean and Colombian Pesos.
Management considers that the exposure of the Group to the price risk of its investments in mutual funds, bonds, and equity securities is low since the invested
amounts are not significant. Any fluctuation in their fair value will not have any significant impact on the balances reported in the consolidated financial statements.
|
iii)
|
Cash flow and fair value interest rate risk
|
The Group’s interest rate risk mainly arises from its long-term borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk.
Borrowings issued at fixed rates expose the Group to fair value interest rate risk.
Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as customer credit counterparties, including the outstanding balance of
accounts receivable and committed transactions. For banks and financial institutions, only independently rated parties with a minimum rating of ‘A’ are accepted.
Concerning to loans to related parties, the Group has measures in place to ensure the recovery of these loans through the controls maintained by the Corporate Finance Management and
the performance evaluation conducted by the Board of Directors.
Management does not expect the Group to incur any losses from the performance by these counterparties, except for the ones already recorded at the financial statements.
Prudent liquidity risk management implies maintaining sufficient cash and cash equivalents, the availability of funding through an adequate number of sources of committed credit facilities and the capacity to close out positions in the
market. Historically, the Group cash flows enabled it to meet its obligations. However, since 2017, the Group experienced liquidity problems due to the early termination of the GSP concession agreement and the obligations assumed. As a
consequence, the Group started a disinvestment plan to be able to meet the obligations resulting from this scenario. This plan was met and the GSP debt was terminated. Due to the COVID-19 pandemic (Note 2), the Group considered diverse
measures to reduce its liquidity risk exposure and developed a financial plan with the objective to meet its obligations at the corporate as well as the subsidiary level.
The Group’s Corporate Finance Officemonitors rolling forecasts of the Group’s liquidity requirements to ensure it exists sufficient cash to meet operational needs so that the Group
does not breach borrowing limits or covenants, where applicable, on any of its borrowing facilities. Less significant financing transactions are controlled by the Finance Management of each subsidiary.
Such forecasting takes into consideration the Group’s debt financing plans, covenant compliance, compliance with internal ratio targets in the statement of financial position and, if
applicable, external regulatory or legal requirements, for example, foreign currency restrictions.
Surplus cash held by the operating entities over the balance required for working capital management is invested in interest-bearing checking accounts or time deposits, selecting
instruments with appropriate maturities and sufficient liquidity.
The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the date of the consolidated statement of financial
position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows, which include interest to be applied according to the established schedule.
|
|
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
|
|
4.2 Capital management risk
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders, benefits for other stakeholders
and to maintain an optimal capital structure to minimize the cost of capital. In 2017 the situation of the Group had lead Management to monitor deviations that might cause the non-compliance of covenants and may hinder the renegotiation of
liabilities (Note15). In extraordinary events as explained in Note 2, the Group identifies the possible deviations and requirements and establishes a plan.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to
reduce debt.
The Group monitors capital based on 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 ‘equity’ as shown in the consolidated statement of financial position plus net debt.
As of December 31, 2019 and December 31, 2020, the gearing ratio is presented below indicating the Group’s strategy to keep it in a range from 0.10 to 0.70.
|
|
|
|
|
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
|
|
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 table below shows the Group’s liabilities measured at fair value:
|
|
Level 2
|
At December 31, 2019
|
|
|
|
|
|
Financial liabilities
|
|
|
Derivatives used for hedging
|
|
52
|
As of December 31, 2020, this financial liability was settled.
|
5.
|
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
|
Estimates and judgments used are continuously evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable
under the circumstances.
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, 2019.
|
6.
|
SEASONALITY OF OPERATIONS
|
The Group does not present seasonality in the operations of any of its subsidiaries; however, economic activities temporarily restricted during last seven months, due to COVID-19 pandemic and
government measures implemented to contain the spread of the virus. As a result, this situation affected negatively Group's revenues and financial position (Note 2).
Operating segments are reported consistently with the internal reports that are reviewed by the Group’ chief decision-maker; that is, the Executive Committee, which is led by the Chief
Executive Officer. This Committee acts as the highest authority in making operational decisions, responsible for allocating resources and evaluating the performance of each operating segment.
The Group's operating segments are assessed by the activities of the following business units: (i) engineering and construction, (ii) infrastructure, and (iii) real estate.
As set forth under IFRS 8, reportable segments by significance of income are: ‘engineering and construction’ and ‘infraestructure’. However, the Group has voluntarily decided to report on all
its operating segments.
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
are measured in a manner consistent with the basis of preparation of the financial statements. Sales of goods are related to Real State segment. Revenues from services are related to other segments.
Group sales and receivables are not concentrated on a few customers. There is no external customer that represents 10% or more of the Goup’s revenue.
The table below shows the Group’s financial statements by operating segments:
Operating segments financial position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment reporting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Infrastructure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2019
|
|
Engineering and construction
|
|
|
Energy
|
|
|
Toll roads
|
|
|
Transportation
|
|
|
Water
treatment
|
|
|
Real estate
|
|
|
Parent
Company
operations
|
|
|
Eliminations
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets.-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalent
|
|
|
372,991
|
|
|
|
53,118
|
|
|
|
123,020
|
|
|
|
300,896
|
|
|
|
6,388
|
|
|
|
60,718
|
|
|
|
33,570
|
|
|
|
-
|
|
|
|
950,701
|
|
Trade accounts receivables, net
|
|
|
531,591
|
|
|
|
63,402
|
|
|
|
44,513
|
|
|
|
97,059
|
|
|
|
1,168
|
|
|
|
83,019
|
|
|
|
93,452
|
|
|
|
-
|
|
|
|
914,204
|
|
Work in progress, net
|
|
|
49,457
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
49,457
|
|
Accounts receivable from related parties
|
|
|
202,181
|
|
|
|
369
|
|
|
|
43,852
|
|
|
|
1,853
|
|
|
|
-
|
|
|
|
1,144
|
|
|
|
99,794
|
|
|
|
(312,535
|
)
|
|
|
36,658
|
|
Other accounts receivable
|
|
|
327,977
|
|
|
|
30,853
|
|
|
|
30,228
|
|
|
|
18,548
|
|
|
|
109
|
|
|
|
9,509
|
|
|
|
37,248
|
|
|
|
2
|
|
|
|
454,474
|
|
Inventories, net
|
|
|
57,093
|
|
|
|
32,366
|
|
|
|
7,109
|
|
|
|
30,594
|
|
|
|
-
|
|
|
|
437,012
|
|
|
|
2,828
|
|
|
|
(11,601
|
)
|
|
|
555,401
|
|
Prepaid expenses
|
|
|
6,812
|
|
|
|
1,271
|
|
|
|
2,779
|
|
|
|
231
|
|
|
|
133
|
|
|
|
-
|
|
|
|
5,252
|
|
|
|
-
|
|
|
|
16,478
|
|
|
|
|
1,548,102
|
|
|
|
181,379
|
|
|
|
251,501
|
|
|
|
449,181
|
|
|
|
7,798
|
|
|
|
591,402
|
|
|
|
272,144
|
|
|
|
(324,134
|
)
|
|
|
2,977,373
|
|
Non-current assets classified as held for sale
|
|
|
2,398
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,398
|
|
Total current assets
|
|
|
1,550,500
|
|
|
|
181,379
|
|
|
|
251,501
|
|
|
|
449,181
|
|
|
|
7,798
|
|
|
|
591,402
|
|
|
|
272,144
|
|
|
|
(324,134
|
)
|
|
|
2,979,771
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term trade accounts receivable, net
|
|
|
97,256
|
|
|
|
-
|
|
|
|
36,273
|
|
|
|
619,086
|
|
|
|
-
|
|
|
|
587
|
|
|
|
26,407
|
|
|
|
-
|
|
|
|
779,609
|
|
Long-term work in progress, net
|
|
|
-
|
|
|
|
-
|
|
|
|
23,117
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
23,117
|
|
Long-term accounts receivable from related parties
|
|
|
318,748
|
|
|
|
-
|
|
|
|
836
|
|
|
|
-
|
|
|
|
10,475
|
|
|
|
-
|
|
|
|
552,687
|
|
|
|
(308,023
|
)
|
|
|
574,723
|
|
Prepaid expenses
|
|
|
-
|
|
|
|
887
|
|
|
|
24,462
|
|
|
|
2,307
|
|
|
|
788
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(510
|
)
|
|
|
27,934
|
|
Other long-term accounts receivable
|
|
|
86,097
|
|
|
|
63,649
|
|
|
|
5,156
|
|
|
|
-
|
|
|
|
7,346
|
|
|
|
50,449
|
|
|
|
60,735
|
|
|
|
-
|
|
|
|
273,432
|
|
Investments in associates and joint ventures
|
|
|
109,839
|
|
|
|
8,006
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6,062
|
|
|
|
1,495,422
|
|
|
|
(1,582,294
|
)
|
|
|
37,035
|
|
Investment property
|
|
|
1,450
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
26,876
|
|
|
|
-
|
|
|
|
-
|
|
|
|
28,326
|
|
Property, plant and equipment, net
|
|
|
186,589
|
|
|
|
184,819
|
|
|
|
11,106
|
|
|
|
841
|
|
|
|
153
|
|
|
|
11,742
|
|
|
|
69,899
|
|
|
|
(1,159
|
)
|
|
|
463,990
|
|
Intangible assets, net
|
|
|
136,547
|
|
|
|
244,901
|
|
|
|
443,420
|
|
|
|
794
|
|
|
|
-
|
|
|
|
1,029
|
|
|
|
20,402
|
|
|
|
7,134
|
|
|
|
854,227
|
|
Right-of-use assets, net
|
|
|
5,638
|
|
|
|
24,038
|
|
|
|
3,860
|
|
|
|
5
|
|
|
|
7
|
|
|
|
5,048
|
|
|
|
67,300
|
|
|
|
(15,315
|
)
|
|
|
90,581
|
|
Deferred income tax asset
|
|
|
176,740
|
|
|
|
4,741
|
|
|
|
13,054
|
|
|
|
-
|
|
|
|
720
|
|
|
|
19,736
|
|
|
|
51,552
|
|
|
|
5,176
|
|
|
|
271,719
|
|
Total non-current assets
|
|
|
1,118,904
|
|
|
|
531,041
|
|
|
|
561,284
|
|
|
|
623,033
|
|
|
|
19,489
|
|
|
|
121,529
|
|
|
|
2,344,404
|
|
|
|
(1,894,991
|
)
|
|
|
3,424,693
|
|
Total assets
|
|
|
2,669,404
|
|
|
|
712,420
|
|
|
|
812,785
|
|
|
|
1,072,214
|
|
|
|
27,287
|
|
|
|
712,931
|
|
|
|
2,616,548
|
|
|
|
(2,219,125
|
)
|
|
|
6,404,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities.-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
180,535
|
|
|
|
42,760
|
|
|
|
2,383
|
|
|
|
5
|
|
|
|
6
|
|
|
|
116,231
|
|
|
|
148,648
|
|
|
|
(9,039
|
)
|
|
|
481,529
|
|
Bonds
|
|
|
-
|
|
|
|
-
|
|
|
|
28,995
|
|
|
|
15,742
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
44,737
|
|
Trade accounts payable
|
|
|
932,142
|
|
|
|
67,444
|
|
|
|
34,762
|
|
|
|
28,508
|
|
|
|
132
|
|
|
|
39,645
|
|
|
|
56,442
|
|
|
|
-
|
|
|
|
1,159,075
|
|
Accounts payable to related parties
|
|
|
206,907
|
|
|
|
2,233
|
|
|
|
35,554
|
|
|
|
21,024
|
|
|
|
-
|
|
|
|
23,437
|
|
|
|
58,951
|
|
|
|
(309,190
|
)
|
|
|
38,916
|
|
Current income tax
|
|
|
18,451
|
|
|
|
961
|
|
|
|
3,710
|
|
|
|
23,887
|
|
|
|
-
|
|
|
|
704
|
|
|
|
3,456
|
|
|
|
-
|
|
|
|
51,169
|
|
Other accounts payable
|
|
|
441,271
|
|
|
|
16,721
|
|
|
|
53,987
|
|
|
|
4,713
|
|
|
|
835
|
|
|
|
83,345
|
|
|
|
68,802
|
|
|
|
-
|
|
|
|
669,674
|
|
Provisions
|
|
|
6,031
|
|
|
|
18,459
|
|
|
|
6,183
|
|
|
|
-
|
|
|
|
-
|
|
|
|
230
|
|
|
|
82,580
|
|
|
|
-
|
|
|
|
113,483
|
|
Total current liabilities
|
|
|
1,785,337
|
|
|
|
148,578
|
|
|
|
165,574
|
|
|
|
93,879
|
|
|
|
973
|
|
|
|
263,592
|
|
|
|
418,879
|
|
|
|
(318,229
|
)
|
|
|
2,558,583
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
32,620
|
|
|
|
116,218
|
|
|
|
2,070
|
|
|
|
-
|
|
|
|
-
|
|
|
|
11,010
|
|
|
|
254,931
|
|
|
|
(7,783
|
)
|
|
|
409,066
|
|
Long-term bonds
|
|
|
-
|
|
|
|
-
|
|
|
|
276,550
|
|
|
|
602,755
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
879,305
|
|
Long-term trade accounts payable
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
34,814
|
|
|
|
-
|
|
|
|
34,814
|
|
Other long-term accounts payable
|
|
|
222,887
|
|
|
|
-
|
|
|
|
15,989
|
|
|
|
2,176
|
|
|
|
2,106
|
|
|
|
26,841
|
|
|
|
26,291
|
|
|
|
-
|
|
|
|
296,290
|
|
Long-term accounts payable to related parties
|
|
|
120,255
|
|
|
|
-
|
|
|
|
836
|
|
|
|
22,583
|
|
|
|
23,784
|
|
|
|
-
|
|
|
|
165,286
|
|
|
|
(310,161
|
)
|
|
|
22,583
|
|
Provisions
|
|
|
80,125
|
|
|
|
40,268
|
|
|
|
24,691
|
|
|
|
1,394
|
|
|
|
-
|
|
|
|
-
|
|
|
|
68,474
|
|
|
|
-
|
|
|
|
214,952
|
|
Derivative financial instruments
|
|
|
-
|
|
|
|
52
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
52
|
|
Deferred income tax liability
|
|
|
31,037
|
|
|
|
36,476
|
|
|
|
5,806
|
|
|
|
39,172
|
|
|
|
-
|
|
|
|
-
|
|
|
|
243
|
|
|
|
-
|
|
|
|
112,734
|
|
Total non-current liabilities
|
|
|
486,924
|
|
|
|
193,014
|
|
|
|
325,942
|
|
|
|
668,080
|
|
|
|
25,890
|
|
|
|
37,851
|
|
|
|
550,039
|
|
|
|
(317,944
|
)
|
|
|
1,969,796
|
|
Total liabilities
|
|
|
2,272,261
|
|
|
|
341,592
|
|
|
|
491,516
|
|
|
|
761,959
|
|
|
|
26,863
|
|
|
|
301,443
|
|
|
|
968,918
|
|
|
|
(636,173
|
)
|
|
|
4,528,379
|
|
Equity attributable to controlling interest in the Company
|
|
|
330,992
|
|
|
|
346,415
|
|
|
|
258,223
|
|
|
|
232,692
|
|
|
|
424
|
|
|
|
137,542
|
|
|
|
1,644,707
|
|
|
|
(1,473,185
|
)
|
|
|
1,477,810
|
|
Non-controlling interest
|
|
|
66,151
|
|
|
|
24,413
|
|
|
|
63,046
|
|
|
|
77,563
|
|
|
|
-
|
|
|
|
273,946
|
|
|
|
2,923
|
|
|
|
(109,767
|
)
|
|
|
398,275
|
|
Total liabilities and equity
|
|
|
2,669,404
|
|
|
|
712,420
|
|
|
|
812,785
|
|
|
|
1,072,214
|
|
|
|
27,287
|
|
|
|
712,931
|
|
|
|
2,616,548
|
|
|
|
(2,219,125
|
)
|
|
|
6,404,464
|
|
Operating segments financial position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment reporting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Infrastructure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2020
|
|
Engineering and construction
|
|
|
Energy
|
|
|
Toll roads
|
|
|
Transportation
|
|
|
Water
treatment
|
|
|
Real estate
|
|
|
Parent
Company
operations
|
|
|
Eliminations
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets.-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalent
|
|
|
382,850
|
|
|
|
60,165
|
|
|
|
117,893
|
|
|
|
207,975
|
|
|
|
7,408
|
|
|
|
73,531
|
|
|
|
50,346
|
|
|
|
-
|
|
|
|
900,168
|
|
Trade accounts receivables, net
|
|
|
492,328
|
|
|
|
37,614
|
|
|
|
25,014
|
|
|
|
111,602
|
|
|
|
565
|
|
|
|
38,043
|
|
|
|
64,390
|
|
|
|
-
|
|
|
|
769,556
|
|
Work in progress, net
|
|
|
186,433
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
186,433
|
|
Accounts receivable from related parties
|
|
|
107,495
|
|
|
|
35
|
|
|
|
31,868
|
|
|
|
2,624
|
|
|
|
30
|
|
|
|
1,342
|
|
|
|
104,007
|
|
|
|
(220,063
|
)
|
|
|
27,338
|
|
Other accounts receivable
|
|
|
323,084
|
|
|
|
27,900
|
|
|
|
23,631
|
|
|
|
13,220
|
|
|
|
197
|
|
|
|
10,446
|
|
|
|
37,338
|
|
|
|
2
|
|
|
|
435,818
|
|
Inventories, net
|
|
|
58,653
|
|
|
|
36,016
|
|
|
|
8,496
|
|
|
|
31,861
|
|
|
|
-
|
|
|
|
418,341
|
|
|
|
360
|
|
|
|
(1,727
|
)
|
|
|
552,000
|
|
Prepaid expenses
|
|
|
7,798
|
|
|
|
1,964
|
|
|
|
6,485
|
|
|
|
328
|
|
|
|
116
|
|
|
|
-
|
|
|
|
6,281
|
|
|
|
-
|
|
|
|
22,972
|
|
Total current assets
|
|
|
1,558,641
|
|
|
|
163,694
|
|
|
|
213,387
|
|
|
|
367,610
|
|
|
|
8,316
|
|
|
|
541,703
|
|
|
|
262,722
|
|
|
|
(221,788
|
)
|
|
|
2,894,285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term trade accounts receivable, net
|
|
|
62,271
|
|
|
|
-
|
|
|
|
15,740
|
|
|
|
632,214
|
|
|
|
-
|
|
|
|
2,181
|
|
|
|
27,495
|
|
|
|
-
|
|
|
|
739,901
|
|
Long-term accounts receivable from related parties
|
|
|
333,756
|
|
|
|
-
|
|
|
|
14,508
|
|
|
|
-
|
|
|
|
11,103
|
|
|
|
-
|
|
|
|
606,618
|
|
|
|
(327,551
|
)
|
|
|
638,434
|
|
Prepaid expenses
|
|
|
-
|
|
|
|
981
|
|
|
|
19,009
|
|
|
|
2,048
|
|
|
|
736
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(510
|
)
|
|
|
22,264
|
|
Other long-term accounts receivable
|
|
|
134,719
|
|
|
|
70,694
|
|
|
|
44,165
|
|
|
|
-
|
|
|
|
7,346
|
|
|
|
54,237
|
|
|
|
59,153
|
|
|
|
-
|
|
|
|
370,314
|
|
Investments in associates and joint ventures
|
|
|
109,870
|
|
|
|
8,080
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6,095
|
|
|
|
1,435,162
|
|
|
|
(1,523,691
|
)
|
|
|
35,516
|
|
Investment property
|
|
|
1,467
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
24,606
|
|
|
|
44,521
|
|
|
|
(44,521
|
)
|
|
|
26,073
|
|
Property, plant and equipment, net
|
|
|
169,091
|
|
|
|
166,382
|
|
|
|
9,186
|
|
|
|
794
|
|
|
|
146
|
|
|
|
9,592
|
|
|
|
16,718
|
|
|
|
33,560
|
|
|
|
405,469
|
|
Intangible assets, net
|
|
|
143,575
|
|
|
|
250,327
|
|
|
|
371,437
|
|
|
|
681
|
|
|
|
-
|
|
|
|
872
|
|
|
|
19,017
|
|
|
|
6,081
|
|
|
|
791,990
|
|
Right-of-use assets, net
|
|
|
8,179
|
|
|
|
9,872
|
|
|
|
4,626
|
|
|
|
99
|
|
|
|
-
|
|
|
|
3,936
|
|
|
|
51,401
|
|
|
|
(13,595
|
)
|
|
|
64,518
|
|
Deferred income tax asset
|
|
|
174,269
|
|
|
|
4,717
|
|
|
|
5,037
|
|
|
|
-
|
|
|
|
779
|
|
|
|
18,704
|
|
|
|
54,026
|
|
|
|
5,123
|
|
|
|
262,655
|
|
Total non-current assets
|
|
|
1,137,197
|
|
|
|
511,053
|
|
|
|
483,708
|
|
|
|
635,836
|
|
|
|
20,110
|
|
|
|
120,223
|
|
|
|
2,314,111
|
|
|
|
(1,865,104
|
)
|
|
|
3,357,134
|
|
Total assets
|
|
|
2,695,838
|
|
|
|
674,747
|
|
|
|
697,095
|
|
|
|
1,003,446
|
|
|
|
28,426
|
|
|
|
661,926
|
|
|
|
2,576,833
|
|
|
|
(2,086,892
|
)
|
|
|
6,251,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities.-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
230,682
|
|
|
|
32,550
|
|
|
|
2,405
|
|
|
|
42
|
|
|
|
-
|
|
|
|
95,709
|
|
|
|
102,469
|
|
|
|
(10,973
|
)
|
|
|
452,884
|
|
Bonds
|
|
|
4,546
|
|
|
|
-
|
|
|
|
32,819
|
|
|
|
21,081
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
58,446
|
|
Trade accounts payable
|
|
|
861,833
|
|
|
|
51,225
|
|
|
|
51,221
|
|
|
|
32,637
|
|
|
|
61
|
|
|
|
42,565
|
|
|
|
59,900
|
|
|
|
-
|
|
|
|
1,099,442
|
|
Accounts payable to related parties
|
|
|
185,104
|
|
|
|
1,083
|
|
|
|
19,642
|
|
|
|
21,531
|
|
|
|
-
|
|
|
|
19,074
|
|
|
|
15,708
|
|
|
|
(218,325
|
)
|
|
|
43,817
|
|
Current income tax
|
|
|
26,922
|
|
|
|
1,351
|
|
|
|
1,638
|
|
|
|
3,606
|
|
|
|
166
|
|
|
|
-
|
|
|
|
811
|
|
|
|
-
|
|
|
|
34,494
|
|
Other accounts payable
|
|
|
600,356
|
|
|
|
12,905
|
|
|
|
35,997
|
|
|
|
6,719
|
|
|
|
766
|
|
|
|
91,976
|
|
|
|
40,270
|
|
|
|
4,596
|
|
|
|
793,585
|
|
Provisions
|
|
|
16,635
|
|
|
|
18,943
|
|
|
|
6,694
|
|
|
|
-
|
|
|
|
-
|
|
|
|
492
|
|
|
|
96,016
|
|
|
|
-
|
|
|
|
138,780
|
|
Total current liabilities
|
|
|
1,926,078
|
|
|
|
118,057
|
|
|
|
150,416
|
|
|
|
85,616
|
|
|
|
993
|
|
|
|
249,816
|
|
|
|
315,174
|
|
|
|
(224,702
|
)
|
|
|
2,621,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
25,273
|
|
|
|
103,154
|
|
|
|
2,291
|
|
|
|
59
|
|
|
|
-
|
|
|
|
11,021
|
|
|
|
328,753
|
|
|
|
(25,115
|
)
|
|
|
445,436
|
|
Long-term bonds
|
|
|
22,911
|
|
|
|
-
|
|
|
|
248,029
|
|
|
|
603,373
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
874,313
|
|
Long-term trade accounts payable
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
40,502
|
|
|
|
-
|
|
|
|
40,502
|
|
Other long-term accounts payable
|
|
|
158,968
|
|
|
|
-
|
|
|
|
11,623
|
|
|
|
231
|
|
|
|
2,761
|
|
|
|
23,357
|
|
|
|
4,653
|
|
|
|
-
|
|
|
|
201,593
|
|
Long-term accounts payable to related parties
|
|
|
104,432
|
|
|
|
-
|
|
|
|
836
|
|
|
|
36,297
|
|
|
|
24,207
|
|
|
|
-
|
|
|
|
182,006
|
|
|
|
(311,480
|
)
|
|
|
36,298
|
|
Provisions
|
|
|
81,044
|
|
|
|
37,599
|
|
|
|
17,436
|
|
|
|
1,925
|
|
|
|
-
|
|
|
|
-
|
|
|
|
96,947
|
|
|
|
-
|
|
|
|
234,951
|
|
Deferred income tax liability
|
|
|
25,576
|
|
|
|
36,793
|
|
|
|
1,518
|
|
|
|
39,020
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
102,907
|
|
Total non-current liabilities
|
|
|
418,204
|
|
|
|
177,546
|
|
|
|
281,733
|
|
|
|
680,905
|
|
|
|
26,968
|
|
|
|
34,378
|
|
|
|
652,861
|
|
|
|
(336,595
|
)
|
|
|
1,936,000
|
|
Total liabilities
|
|
|
2,344,282
|
|
|
|
295,603
|
|
|
|
432,149
|
|
|
|
766,521
|
|
|
|
27,961
|
|
|
|
284,194
|
|
|
|
968,035
|
|
|
|
(561,297
|
)
|
|
|
4,557,448
|
|
Equity attributable to controlling interest in the Company
|
|
|
295,244
|
|
|
|
354,982
|
|
|
|
206,993
|
|
|
|
177,694
|
|
|
|
465
|
|
|
|
138,933
|
|
|
|
1,605,914
|
|
|
|
(1,414,373
|
)
|
|
|
1,365,852
|
|
Non-controlling interest
|
|
|
56,312
|
|
|
|
24,162
|
|
|
|
57,953
|
|
|
|
59,231
|
|
|
|
-
|
|
|
|
238,799
|
|
|
|
2,884
|
|
|
|
(111,222
|
)
|
|
|
328,119
|
|
Total liabilities and equity
|
|
|
2,695,838
|
|
|
|
674,747
|
|
|
|
697,095
|
|
|
|
1,003,446
|
|
|
|
28,426
|
|
|
|
661,926
|
|
|
|
2,576,833
|
|
|
|
(2,086,892
|
)
|
|
|
6,251,419
|
|
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
|
)
|
There are no differences as compared to previous year-end consolidated financial statements based on segmentation or measurement of financial performance by segment.
|
8.
|
CASH AND CASH EQUIVALENTS
|
At December 31, this account comprises:
|
|
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
|
At December 31, this account comprises:
|
|
|
|
|
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
|
|
As of December 31, 2020, the amount overdue for more than 360 days mainly includes invoices receivable from subsidiaries: Concar S.A. for S/2.7 million and GyM S.A. for
S/12.5 million (as of December 31, 2019 Concar S.A. for S/35.4 million and GyM S.A. for S/18.9 million).
b) Unbilled receivables from subsidiaries
correspond to documents related to the estimates for services rendered that were not billed, valuations in process or pending approval. The balance includes present value discount for S/12.5 million and impairment for S/5.9 million
(S/20.6 million as of December 31, 2019 to present value), and detailed by subsidiary:
|
|
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
|
|
c) Unbilled receivables from concessions correspond to future invoice according to Concession Contract terms. This amount is presented net of impairment of
S/3.5 million as of December 31, 2020 and 2019, as detailed below:
|
|
At December 31,
|
|
|
|
2019
|
|
|
2020
|
|
|
|
|
|
|
|
|
GyM Ferrovias S.A.
|
|
|
208,205
|
|
|
|
235,763
|
|
Survial S.A.
|
|
|
16,466
|
|
|
|
10,611
|
|
Norvial S.A. (*)
|
|
|
2,149
|
|
|
|
15,436
|
|
Concesión Canchaque S.A.C.
|
|
|
6,700
|
|
|
|
4,401
|
|
Concesionaria La Chira S.A.
|
|
|
1,168
|
|
|
|
565
|
|
|
|
|
234,688
|
|
|
|
266,776
|
|
(*) The increase as of December 31, 2020, corresponds to the approximate present value of S/13.2 million (S/15.2 million at nominal
value), due to the compensation estimate in application of the tariff guarantee calculated based on real traffic controlled during the period from May 10, 2020 to June 30,
2020 (stage of suspension of toll collection) ordered by the Peruvian Government.
|
10.
|
WORK IN PROGRESS, NET
|
At December 31, this account comprises:
|
|
|
|
|
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
|
|
|
|
-
|
|
Work in progress costs include all those expenses incurred by the Group for construction contracts as detailed below:
|
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
|
a) Transactions with related parties
Major transactions between the Company and its related parties are summarized as follows:
|
|
2019
|
|
|
2020
|
|
Revenue from sales of goods and services:
|
|
|
|
|
|
|
- Associates
|
|
|
108
|
|
|
|
-
|
|
- Joint operations
|
|
|
31,158
|
|
|
|
6,814
|
|
|
|
|
31,266
|
|
|
|
6,814
|
|
Inter-company services are agreed based on market terms and conditions as if they had been agreed with third parties.
b) Balances of transactions with related parties
|
|
|
|
|
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
|
|
Receivables and payables are mainly current and do not have specific guarantees.
Accounts receivable from related parties are mainly to sales of goods and services. These balances do not bear
interest and as of December 2020 do not require a provision for impairment. The account receivable from GSP is presented net of impairment and present value discount .
Accounts payable to related parties mainly related to services of engineering, construction, maintenance and others. Such accounts are not interest bearing because they are short-term.
|
12.
|
OTHER ACCOUNTS RECEIVABLE
|
At December 31, this account comprises:
|
|
|
|
|
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
|
|
The fair value of the other short-term accounts receivable is similar to their book value due to their short-term maturity. The non-current portion corresponds mainly to non-financial assets
such as advances to suppliers and tax credits. Other non-current accounts receivable have maturities that vary between 2 and 5 years.
The maximum exposure to credit risk as of the reporting date is the carrying amount of each class of other accounts receivable mentioned.
|
13.
|
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
|
At December 31, this account comprises:
|
|
2019
|
|
|
2020
|
|
Associates
|
|
|
28,875
|
|
|
|
27,246
|
|
Joint ventures
|
|
|
8,160
|
|
|
|
8,270
|
|
|
|
|
37,035
|
|
|
|
35,516
|
|
The movement of our investments in associates for the years ended December 31, 2019 and 2020 is as follows:
|
|
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
|
|
Concesionaria Chavimochic S.A.C.
The entity was awarded the concesion of the Chavimochic irrigation project, including a) design and construction of the work required for the third-phase of the Chavimochic irrigation project
in the province of La Libertad; b) operation and maintenance of works; and c) water supply to the Project users. Construction activities started in 2015; the effective concession period is 25 years, and the total investment amounts was
estimated in US$647 million.
The civil works of the third stage of the Chavimochic Irrigation Project were structured in two phases. To date, the works of the first phase (Palo Redondo Dam) are 70% completed. However, at
the beginning of 2017, the procedure for early termination of the Concession Contract was initiated due to the breach of contract by the Grantor, and all activities were suspended in December 2017. Due to the fact that no agreement was
reached, the Concessionaire initiated an arbitration process at the UNCID. The arbitration proceedings are suspended, as a consequence of the of the National Emergency.
Moreover, from 2018 to date, the Peruvian Government (“the Grantor”) has been evaluating the modification of the Concession Contract, to determine a mechanism that allow the completion of the
project, without resolution as of to date.
Finally, the Grantor and the Ministry of Agriculture and Irrigation (MINAGRI), and the Chavimochic Special Project, have signed an Agreement in order to allow MINAGRI to
subrogate the ownership of the Project, within the framework of the provisions of the Emergency Decree N ° 021-2020.
|
14.
|
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND RIGHT-OF-USE ASSETS
|
The movement in property, plant and equipment, intangible assets and right-of-use assets accounts for the years ended December 31, 2019 and 2020, is as follows:
|
|
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
|
|
(*) Includes translation adjustments in the subsidiary GyM S.A. in property plant and equipment and intangibles, amounted to S/2.2 million and S/3.7 million, respectively.
a) Property, plant and equipment and right-of-use assets
As of December 31, 2020, additions to property, plant and equipment mainly corresponds to S/17.1 million in machinery in the engineering and construction; and, in works in progress for S/8.5 and S/2.8 million in the infrastructure and
engineering and construction segments, respectively (S/19.1 million in machinery of the engineering and construction and real estate segment; S/7.9 million in equipment of the engineering and construction segment; and S/44.6 million units
to be received and works in progress in the segment infrastructure as of December 31, 2019).
As of December 31, 2020, additions to right-of-use assets comprise lease agreements signed by the Group.
Depreciation of property, plant and equipment, investment property and right-of-use assets is presented in the Statement of Income as follows:
|
|
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
|
|
b) Intangible assets
As of December 31, 2019 and 2020, additions registered in intangible assets mainly comprise of investments in preparation of wells located in Lots I, III, IV and V to provide oil explotation
services.
Amortization of intangibles is broken down in the statement of income as follows:
|
|
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
|
|
Goodwill
Management reviews businesses results based on the type of economic activity carried out.
Goodwill allocated to cash-generating units are:
|
|
At December 31,
|
|
|
|
2019
|
|
|
2020
|
|
|
|
|
|
|
|
|
Engineering and construction (*)
|
|
|
36,632
|
|
|
|
38,211
|
|
Electromechanical
|
|
|
20,735
|
|
|
|
20,735
|
|
|
|
|
57,367
|
|
|
|
58,946
|
|
(*) The variation reported in engineering and construction segment is due to translation adjustment of foreign business of the subsidiary GyM S.A.
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 the
higher of its value in use and fair value less cost of disposal. Value in use is determined based on the future cash flows expected to be generated by the assessed CGU.
As of December 31, this item comprises:
|
|
|
|
|
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
|
|
As of December 31, 2019 and 2020, this item comprises bank loans in local and foreign currencies for working capital purposes. These obligations accrue fixed interest
rates that fluctuate between 1.0% and 12.0% in 2019 and between 0.5% and 11.0% in 2020.
|
|
|
|
|
|
|
|
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
|
|
i) Financial Stability Framework Agreement
In July 2017, the Company and its subsidiaries (GyM S.A., Construyendo Pais S.A., Vial y Vives-DSD S.A. and Concesionaria Vía Expresa Sur S.A.) entered into a Financial Stability Framework
Agreement with the following financial entities: Scotiabank Perú S.A., Banco Internacional del Perú S.A.A., BBVA Banco Continental, Banco de Crédito del Perú, Citibank del Peru SA and Citibank N.A. The Framework Agreement aims to: (i) grant
GyM a syndicated revolving line of credit for working capital for up to US$1.6 million and S/143.9 million, which may be increased by an additional US$14 million subject to certain conditions; (ii) grant GyM S.A. a line of credit of up to
US$51.6 million and S/33.6 million; (iii) grant the Company, GyM S.A., Construyendo Pais S.A., Vial y Vives - DSD S.A. and Concesionaria Vía Expresa Sur S.A. a non-revolving line of credit to finance repayment commitments subject to
performance bonds; (iv) grant a syndicated line of credit in favor of Graña y Montero S.A.A. and GyM S.A. for the issuance of performance bonds up to an amount of US$100 million (which may be increased by an additional US$50 million subject
to compliance with certain conditions); and (v) commit to maintain existing standby letters of credit issued at the request of GyM S.A. and the Company, as well as the request of Construyendo Pais S.A., Vial y Vives – DSD and Concesionaria
Vía Expresa Sur S.A.
In July 2020, an addendum to the Framework Agreement, the Financing Agreement and the Syndicated Line of Guarantee Letter was signed, with the purpose of modifying certain provisions of the
aforementioned documents and extending the term of their validity until September 30, 2020.
On October 6, 2020, the financial entities unanimously agreed to extend the term of the financing documents until October 31, 2020; as well as granting a waiver of the
obligation to maintain the composition of invoices and provisions during the months of April to October 2020.
As of December 31, 2020, GyM has complied with the conditions of the addendum, cancelling US$10 million to Tranche A. The outstanding balance will be fully amortized
until March 31, 2021.
As of December 31, 2020 the pending balance of the Financial Stability Framework Agreement is US$30.7 million (equivalent to S/111 million).
In accordance with the Financial Stability Framework Agreement, the Company must comply quarterly with two ratios, related to its invoices and sales provisions: (i) the
calculated value of 90% of its bills receivable, and (ii) the calculated value of 80% of its income provisions must be greater than 50% of the amount of Tranche A pending payment.
As of December 31, 2020 due to the stoppage of activities generated by the COVID-19 pandemic, the account receivable rate and unbilled receivable rate reached 56% and
142%, respectively. In relation to account receivable rate, the Company does not comply with the requirement of the Financial Stability Framework Agreement.
ii) Terminales del Peru Loan
Terminales del Peru (hereinafter “TP”), a joint operation of the subsidiary GMP S.A., has a medium-term loan agreement with Banco de Credito del Peru (hereinafter BCP) up to US$30 million to
finance the investments committed and up to US$70 million to finance the additional investments from the operation contract of the North and Center terminals for the period 2015 to 2019 with a maximum exposure limit of US$80 million. These
facilities are repaid within 8 years. As of December 31, 2020, these loans amount to US$23.2 million (equivalent to S/84.1 million), this amount corresponds to the 50% interest held by the subsidiary GMP and due in 2027.
In addition, in November 2019, TP signed a loan agreement to finance the additional investments from 2019 to 2023, for a credit line amount to US$46 million with BCP. The contract confirmed
the participation of an assignee, so BD Capital (BDC) acquired 50% of the BCP contractual position through the subscription of the accession contract and in November 2019 disbursed to TP US$23 million. As of December 31, 2020, the loan
amounts to US$11 million (equivalent to S/40 million), this amount corresponds to the 50% interest held by the subsidiary GMP and is due in 2026.
As of December 31, 2020 and the date of this report, TP is in compliance with the ratios established in the contract loan.
iii) CS Peru Infrastructure Holdings LLC Loan
In July 2019, the Company entered into a medium term loan credit agreement for up to US$35 million with CS Peru Infrastructure Holdings LLC. The term of the loan is three years, with
quarterly installments of principal starting on the 18th month. The loan accrued interest at the following rates per annum: (i) for the period from and including the July 31, 2019 (“Closing Date”) to but excluding the date that is 6 months
after the Closing Date, 9.10%; (ii) for the period from and including the date that is 6 months after the Closing Date to but excluding the date that is 1 year after the Closing Date, 9.35%; (iii) for the period between the first annual
anniversary of the Closing Date and the day before the thirtieth month of the Closing Date, 9.60%, and (iv) for the period from the thirtieth month of the Closing Date to the third annual anniversary of the Closing Date, 10.10%.
The loan was used for working capital in the Company, GyM S.A. and Adexus S.A. In February 2020, US$10 million was partially paid. As of the date of this report, the principal amount
outstanding under this loan is US$25.7 million (equivalent to S/93.2 million).
On November 21, 2019, as a result of the initiation of a preventive insolvency process by the Chilean subsidiary, Adexus SA, the Company received a communication from CS Peru Infrastructure
Holdings LLC reporting the occurrence of a default event under the loan contract, in accordance with the provisions of Section 7.02 (e) and 9.09 of the same contract. As a consequence, as of December 31, 2019, the loan was classified as
current liabilities. On February 28, 2020, the waiver was obtained by the Company, so it was reclassified to non-current liabilities. As of December 31, 2020 and as of the date of this report, the Company is in compliance with the covenants
established in the loan contract.
On November 13, 2020, as a consequence of the health crisis caused by COVID-19, the Company notified CS Peru Infrastructure Holdings LLC of the breach of the leverage
ratio in accordance with Section 8.10 (b) for the period ended September 30. On December 23, 2020, the Company obtained a waiver from CS Infrastructure Holdings LLC for the non-applicability of the leverage ratio for the period ended
September 30, 2020 and December 31, 2020.
b) Other financial entities
Monetization of Norvial dividends
At May 29, 2018 the Company subscribes an agreement between the Company and Inversiones Concesiones Vial S.A.C. ("BCI Peru") -whith the intervention of Fondo de Inversiones BCI NV (“Fondo
BCI”) and BCI Management Administradora General de Fondos S.A. (“BCI” Asset Management”) - to monetize future dividends from Norvial S.A. to the Company. With the signing of this agreement, the Company obligated itself to indirectly
transfer its economic rights over 48.8% of the share capital of Norvial S.A. by transferring its class B shares (equivalent to 48.8% of the capital of Norvial S.A.) to a vehicle specially constituted for such purposes named Inversiones en
Autopistas S.A. The amount of the transaction was US$42.3 millions (equivalent to S/138 million) and was completed on June 11, 2018.
Likewise, it has been agreed that the Company will have purchase options on 48.8% of Norvial's economic rights that BCI Peru will maintain through its participation in Inversiones en
Autopistas S.A. These options will be subject to certain conditions such as the expiration of different terms, recovery of the investment made with the funds of the BCI Fund (according to different economic calculations) and / or that a
change of control occurs. As of December 31, 2020, the loan principal remains at US$42.3 million, the balance of the loan payable amounts to S/153.3 million and S/142.2 million as of December 31, 2020 and December 31, 2019, respectively.
c) Fair value of borrowings
The carrying amount and fair value of borrowings are broken down as follows:
|
|
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
|
|
As of December 31, 2020, the fair value is based on cash flows discounted using a rate based on the borrowing rate of 0.7% and 11% (2.9% and 11% as of December 31, 2019) and are included as
Level 2 in the level of measurement.
As of December 31, this item
includes:
(Missing Graphic Reference)
|
|
|
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
|
|
In February 2015, the subsidiary GyM Ferrovias S.A. made an international issue of corporate bonds under Regulation S of Unites States of America. The issue
was made in soles VAC (adjusted for the Constant Update Value) for an amount of S/629 million. The bonds mature in November 2039 and earn interest at a rate of 4.75% (plus the VAC adjustment), present a risk rating of AA+ (local scale)
granted by Apoyo & Asociados Internacionales Clasico de Riesgo. As of December 31, 2020, an amortization has been made up to S/90.6 million (S/79 million
as of December 31, 2019).
As of December 31, 2020, the balance includes accrued interest payable and VAC adjustments for S/103.4 million (S/86.8 million as of December 31, 2019).
The account movement for the years ended December 31, 2019 and 2020 is as follows:
|
|
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
|
|
As part of the structuring process of the bond, GyM Ferrovias S.A. committed to report and verify compliance with the following, measured based on their individual
financial statements (covenants):
|
-
|
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.
|
As of December 31, 2019 and December 31, 2020, GyM Ferrrovias S.A. has complied with the covenants.
As of December 31, 2020, the fair value amounts to S/710 million (S/686.8 million as of December 31, 2019), is based on discounted cash flows using rate 3.6% (4.32% as of December 31, 2019) and is within level 2 of the fair value hierarchy.
Between 2015 and 2016, the subsidiary Norvial S.A. issued the First Corporate Bond Program on the Lima Stock Exchange for a total S/365 million. Risk rating agencies
Equilibrium y Apoyo & Asociados Internacionales graded this debt instrument AA.
The capital raised was used to finance the construction of the second phase of Red Vial No.5 and the financing of VAT arising from a project-related expenses.
The account movement for the years ended at December 31, 2019 and 2020 is as follows:
|
|
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
|
|
As part of the process of bond structuring, Norvial S.A. 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 December 31, 2019 and December 31, 2020, Norvial S.A. has complied with the covenants.
As of December 31, 2020, the fair value amounts to S/304.7 million (S/327.2 million as of December 31, 2019), is based on discounted cash flows using rate between
6.73% and 8.07% (between 6.20% and 7.59% as of December 31, 2019) and is within level 2 of the fair value hierarchy.
At the beginning of 2020, the subsidiary GyM S.A. prepared the First Private Bond Program, up to a maximum amount of US$8 million.
In the first quarter of the year, bonds issued amounts to US$7.8 million (equivalent to S/25.9 million) under the debt swap modality, related to its outstanding trade
accounts.
The bonds mature in December 2027 and bear interest at a rate of 8.5%, payment is semi-annual and have a risk rating of B-, granted by the rating company Moody’s Peru.
As of December 31, 2020, the balance includes accrued interest payable for US$0.6 million (equivalent to S/2.2 million).
As of December 31, 2020, GyM S.A. has complied with the covenants.
As of December 31, 2020, the fair value amounts to S/28.6 million, is based on discounted cash flows using rate 7.14% and is within level 3 of the fair value hierarchy.
|
17.
|
TRADE ACCOUNTS PAYABLE
|
As of December 31, this item includes:
|
|
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
|
|
As of December 31, 2020, the contract cost provisions include: i) estimate costs to come according to the the completion porcentage of projects amounting to S/95.7
million, for GyM S.A. and GMI S.A. (S/169.5 million as of December 31, 2019 for GyM S.A. and GMI S.A); and ii) services received not invoiced S/565.9 million (S/588.6 million as of December 31, 2019).
|
18.
|
OTHER ACCOUNTS PAYABLE
|
As of December 31, this item includes:
|
|
|
|
|
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
|
|
(a) Advances received from customers relate mainly from construction projects, and are applied to progress billings, in accordance with contract terms.
|
|
|
|
|
Total
|
|
|
|
|
|
Current
|
|
|
|
|
|
Non-current
|
|
|
|
|
|
|
At 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.
|
The fair value of short-term accounts approximates their book value due to their short-term maturities. The non-current part mainly includes non-financial liabilities such as advances
received from customers; the remaining balance is not significant in the financial statements for the periods shown.
The movement for the years ended at December 31, 2019 and 2020 is as follows:
|
|
|
|
|
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
|
|
Legal contingencies
Corresponding to the legal contingency estimated by management for exposure of the Company and its subsidiaries to a probable compensation in relation to their participation as minority
partners in certain entities that developed infrastructure projects in Peru with companies belonging to the Odebrecht group and projects related to “Club de la Construcción”. As of December 31, 2020, the present value of the estimated
provision totals S/186 million (S/154 million as of December 31, 2019).
b) Securities Class actions NY SEC
During the first quarter of 2017 two securities class actions have been filed against the Company, and certain former employees in the Eastern District of New York.
Both complaints allege false and misleading statements during the class period. In particular, they allege that the Company failed to disclose, among other things, that a) the Company knew that its partner Odebrecht was engaged in illegal
activities, and b) the Company profited from such activities in violation of its own corporate governance standards.
As of the date of this report, the Company has signed the definitive settlement agreement with the plaintiffs'
attorneys, by which the parties agree to terminate the class action, subject to the court approval and the payment of the transaction amount by the Company. The amount agreed for the termination of the class action is equivalent to US$20
million. As of December 31, 2020, the Company registered a provision of US$14.7 million (equivalent to S/53.1 million) the difference of US$ 5 million will be covered by the professional liability insurance policy in
accordance with the agreement signed with the insurance company.
As of December 31, 2020 and as of December 31, 2019, the capital of the Company is represented by
871,917,855 shares of a nominal value of S/1.00 each, all registered in the Public Registries.
As of December 31, 2020, a total of 190,863,050 shares were represented in ADS, equivalent to 38,172,610 ADSs at a rate of 5 shares per ADS.
As of December 31, 2019, a total of 218,043,480 shares were represented by ADS, equivalent to 43,608,696 ADSs at a rate of 5 shares per ADS.
For the years ended December 31, 2019 and 2020, this item comprises:
|
|
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
|
For the years ended December 31, 2019 and 2020, this item comprises:
|
|
|
|
|
|
|
|
|
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.
|
The condensed interim consolidated financial statements for the year ended December 31, 2020, income tax expense is recognized based on management’s estimate of the annual income tax rate
expected for the full financial year. The estimated annual tax rate as of December 31, 2020 is 171.92% (56.68% for the period ended in December 31, 2019).
|
24.
|
CONTINGENCIES, COMMITTMENTS AND GUARANTEES
|
As of December 31, 2020, contingencies held by the Group are substantially the same as those existing as of December 31, 2019.
The Group maintains guarantees and letters of credit in force in various financial entities guaranteeing operations for US$427.5 million (US$390 million, as of December 31, 2019).
As part of the covenants at the refinancing agreements mentioned in Note 15, the Company is unable to pay
dividends as established in the Financial Stability Framework Agreement.
For the year ended December 31, 2020, the Group’s subsidiaries have paid dividends to its non-controlling interests in the amount of S/82.4 million (S/12.8 million for the year ended in December 31, 2019).
The basic earnings (loss) per common share has been calculated by dividing the loss of the period attributable to the Group’s common shareholders by the weighted average of the number of
common shares outstanding during that period. No diluted loss per common share has been calculated because there is no potential diluent common or investment shares (ie, financial instruments or agreements that entitle to obtain common or
investment shares); therefore, it is the same as the earnings (loss) per basic share.
The basic loss per common share is as follows:
|
|
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
|
)
|
(*) The Group does not have common shares with dilutive effects at December 31, 2019 and December 31, 2020.
|
27.
|
CONTINUING OPERATIONS
|
As of December 31, 2020, the financial information of the subsidiary Adexus S.A. (hereinafter Adexus) was reclassified as continuous operation. The subsidiary that have
been reclassified as a non-current assets held for sale at December 31, 2018, has as main activity to provide information technology solutions mainly in Chile and Peru. Despite the fact that the Company has been committed to a pan to carry
out the sale, the circumstances that arose in the subsidiary during this period, which are explained below, have forced us to change initial plan, focusing in negotiating with vendors liabilities terms sale resulting in a viable plan again.
On November 19, 2019, Adexus filed an application for reorganization under law 20720 with the Chilean courts of justice. The Company impaired the total investment
value as of December 31, 2019.
On January 9, 2020, the Company communicated that the creditors committee of Adexus approved with the favorable vote of more than 80% of the pledge creditors and 85% of the unsecured creditors, respectively,
the judicial reorganization agreement proposed by Adexus in the framework of the reorganization procedure. According to the terms of the judicial reorganization agreement, Adexus will restructure and pay the total of its reorganized
liabilities within a maximum period of six years, according to the new agreed conditions, being authorized to continue with its commercial activities normally. As a result of the financial protection provided by the Chilean law and with the
support of its creditors, Adexus has achieved the restructuring of its liabilities while continuing to serve all its customers. In 2020, Adexus S.A. has complied with the payment schedule agreed with the creditors. On December 28, the
creditor’s committee signed a debt reorganization agreement with the pledge creditors and unsecured creditors.
The Group decided that Adexus will be subject to the patrimonial protection law; after achieving this restructuring, the Group will focus on honoring
it in the terms agreed while finding the right shareholder for the future development of the subsidiary.
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28.
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EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION
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1.
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Issuance of Convertible Bonds
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On January 13, 2021, the Board of Directors approved terms and conditions for the issuance of convertible bonds to be placed by private offering, including the registration and delivery
dates, for the exercise of the preemptive subscription right, both in the first and second subscription round. The convertible bonds to be issued have not been and will not be registered under the U.S. Securities Act, or under the
securities laws of any state or jurisdiction outside Peru.
Additionally, on the same date, a contract was signed with Kallpa Securities Sociedad Agencia de Bolsa SA, who will act as Representative of the Bondholders for the issuance of the
convertible bonds.
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2.
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New State of emergency due to COVID
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On January 26, 2021, the Government of Peru established new measures in order to contain the spread of COVID 19 infections. This is in response to the substantial increase in cases
registered between the months of December 2020 and January 2021, the identification of potential new virus and the saturation of hospital care capacity throughout the country.
These measures include restrictions on the mobilization of people, closure of certain economic activities and various limitations. Although the announced measures are temporary (15 days
as of January 31, 2020) and establish that a relevant component of economic activities will continue to carry out their tasks normally, it is not possible to rule out that measures will be extended for an additional period or that
restrictions become more acute, generating impacts that are difficult to quantify.