Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document and entity information [abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Trading Symbol | GRAM |
Entity Registrant Name | Grana & Montero S.A.A. |
Entity Central Index Key | 0001572621 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 729,434,192 |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Accounting Standard | IFRS |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | S/ 801,140 | S/ 626,180 |
Financial asset at fair value through profit or loss | 181 | |
Trade accounts receivables, net | 1,007,828 | 1,515,673 |
Work in progress, net | 28,538 | 61,804 |
Accounts receivable from related parties | 34,903 | 100,752 |
Other accounts receivable | 588,451 | 765,445 |
Inventories, net | 514,047 | 770,711 |
Prepaid expenses | 10,549 | 33,478 |
Current assets before non-current assets classified as held for sale | 2,985,456 | 3,874,224 |
Non-current assets classified as held for sale | 247,798 | 17,722 |
Total current assets | 3,233,254 | 3,891,946 |
Non-current assets | ||
Long-term trade accounts receivable, net | 1,020,067 | 907,587 |
Long-term work in progress, net | 32,212 | 28,413 |
Long-term accounts receivable from related parties | 778,226 | 773,930 |
Prepaid expenses | 33,697 | 38,082 |
Other long-term accounts receivable | 302,957 | 470,852 |
Investments in associates and joint ventures | 257,765 | 268,671 |
Investment property | 29,133 | 45,687 |
Property, plant and equipment, net | 470,554 | 865,735 |
Intangible assets, net | 847,095 | 940,070 |
Deferred income tax asset | 425,436 | 436,697 |
Total non-current assets | 4,197,142 | 4,775,724 |
Total assets | 7,430,396 | 8,667,670 |
Current liabilities | ||
Borrowings | 826,474 | 1,056,764 |
Bonds | 39,167 | 36,655 |
Trade accounts payable | 1,079,531 | 1,453,046 |
Accounts payable to related parties | 55,941 | 55,174 |
Current income tax | 25,807 | 85,543 |
Other accounts payable | 632,669 | 848,500 |
Provisions | 6,197 | 13,503 |
Total current liabilities | 2,665,786 | 3,549,185 |
Non-current liabilities classified as held for sale | 225,828 | |
Total current liabilities | 2,891,614 | 3,549,185 |
Non-current liabilities | ||
Borrowings | 376,198 | 633,299 |
Long-term bonds | 897,875 | 910,912 |
Other long-term accounts payable | 574,110 | 852,473 |
Long-term accounts payable to related parties | 21,849 | 25,954 |
Provisions | 103,411 | 33,914 |
Derivative financial instruments | 61 | 383 |
Deferred income tax liability | 75,347 | 72,472 |
Total non-current liabilities | 2,048,851 | 2,529,407 |
Total liabilities | 4,940,465 | 6,078,592 |
Equity | ||
Capital | 729,434 | 660,054 |
Legal reserve | 132,011 | 132,011 |
Voluntary reserve | 29,974 | 29,974 |
Share Premium | 992,144 | 881,795 |
Other reserves | (170,620) | (169,671) |
Retained earnings | 375,417 | 589,167 |
Equity attributable to controlling interest in the Company | 2,088,360 | 2,123,330 |
Non-controlling interest | 401,571 | 465,748 |
Total equity | 2,489,931 | 2,589,078 |
Total liabilities and equity | S/ 7,430,396 | S/ 8,667,670 |
Consolidated Statement of Incom
Consolidated Statement of Income - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Profit or loss [abstract] | |||
Revenues from construction activities | S/ 1,961,100 | S/ 2,214,108 | S/ 2,713,013 |
Revenues from services provided | 1,003,623 | 956,300 | 869,106 |
Revenue from real estate and sale of goods | 934,739 | 843,605 | 555,190 |
Revenue | 3,899,462 | 4,014,013 | 4,137,309 |
Cost of construction activities | (1,921,112) | (2,107,206) | (2,683,703) |
Cost of services provided | (741,172) | (770,792) | (763,193) |
Cost of real estate and goods sold | (562,689) | (633,563) | (374,324) |
Cost of sales | (3,224,973) | (3,511,561) | (3,821,220) |
Gross profit | 674,489 | 502,452 | 316,089 |
Administrative expenses | (278,433) | (322,454) | (278,303) |
Other income and expenses | (61,335) | (32,869) | (22,360) |
Gain (loss) from the sale of investments | (7) | 34,545 | 46,336 |
Operating profit | 334,714 | 181,674 | 61,762 |
Financial expenses | (247,982) | (150,777) | (198,055) |
Financial income | 50,925 | 13,742 | 18,225 |
Share of the profit or loss in associates and joint ventures | (3,709) | 473 | (590,066) |
(Loss) profit before income tax | 133,948 | 45,112 | (708,134) |
Income tax | (113,318) | (46,305) | 152,182 |
(Loss) profit from continuing operations | 20,630 | (1,193) | (555,952) |
Profit from discontinued operations | 36,785 | 210,431 | 104,354 |
(Loss) profit for the year | 57,415 | 209,238 | (451,598) |
(Loss) profit attributable to: | |||
Owners of the Company | (83,188) | 148,738 | (509,699) |
Non-controlling interest | 140,603 | 60,500 | 58,101 |
Profit (loss) for the year | S/ 57,415 | S/ 209,238 | S/ (451,598) |
Earnings (loss) per share from continuing operations attributable to owners of the Company during the year | S/ (0.125) | S/ 0.225 | S/ (0.772) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of comprehensive income [abstract] | |||
Profit (loss) for the period | S/ 57,415 | S/ 209,238 | S/ (451,598) |
Items that will not be reclassified to profit or loss | |||
Remeasurement of actuarial gains and losses, net of tax | 16,589 | (4,031) | (1,531) |
Items that may be subsequently reclassified to profit or loss | |||
Cash flow hedge, net of tax | 119 | 482 | 883 |
Foreign currency translation adjustment, net of tax | 5,733 | (11,341) | 14,307 |
Change in value of available-for-sale financial assets, net of tax | (2,220) | ||
Transfer to profit or loss from sales of available-for-sale financial assets, net of tax | (41,461) | ||
Exchange difference from net investment in a foreign operation, net of tax | (8,147) | 6,610 | 7,860 |
Exchange difference from foreign net investment, net of tax | 1,563 | ||
Items that may be subsequently reclassified to profit or loss | (2,295) | (4,249) | (19,068) |
Other comprehensive income for the period, net of tax | 14,294 | (8,280) | (20,599) |
Comprehensive income of the year | 71,709 | 200,958 | (472,197) |
Comprehensive income attributable to: | |||
Owners of the Company | (67,548) | 143,575 | (534,492) |
Non-controllinginterest | 139,257 | 57,383 | 62,295 |
Total comprehensive income for the year | 71,709 | 200,958 | (472,197) |
Comprehensive income attributable to owners of the Company: | |||
Continuing operations | (131,284) | (62,773) | (639,371) |
Discontinued operations | 63,736 | 206,348 | 104,879 |
Total comprehensive income for the year | S/ (67,548) | S/ 143,575 | S/ (534,492) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - PEN (S/) shares in Thousands, S/ in Thousands | Total | CAM Group [member] | Stracon GyM S.A. [member] | Issued capital [member] | Legal reserve [member] | Voluntary reserve [member] | Share premium [member] | Share premium [member]Stracon GyM S.A. [member] | Other reserves [member] | Retained earnings [member] | Retained earnings [member]CAM Group [member] | Retained earnings [member]Stracon GyM S.A. [member] | Equity attributable to owners of parent [member] | Equity attributable to owners of parent [member]CAM Group [member] | Non-controlling interests [member] | Non-controlling interests [member]CAM Group [member] | Non-controlling interests [member]Stracon GyM S.A. [member] |
Beginning balance, shares at Dec. 31, 2015 | 660,054 | ||||||||||||||||
Beginning balance at Dec. 31, 2015 | S/ 3,081,912 | S/ 660,054 | S/ 132,011 | S/ 29,974 | S/ 897,532 | S/ (143,784) | S/ 982,987 | S/ 2,558,774 | S/ 523,138 | ||||||||
Statement [LineItems] | |||||||||||||||||
Profit (loss) for the year | (451,598) | (509,699) | (509,699) | 58,101 | |||||||||||||
Cash flow hedge | 883 | 839 | 839 | 44 | |||||||||||||
Adjustment for actuarial gains and losses | (1,531) | (1,121) | (1,121) | (410) | |||||||||||||
Foreign currency translation adjustment | 14,307 | 9,885 | 9,885 | 4,422 | |||||||||||||
Change in value of available-for-sale financial assets | (2,220) | (2,220) | (2,220) | ||||||||||||||
Transfer to profit or loss for sale of investment of available-for-sale financial assets, net of tax | (41,461) | (41,461) | (41,461) | ||||||||||||||
Exchange difference from net investment in a foreign operation | 7,860 | 7,722 | 7,722 | 138 | |||||||||||||
Transfer to profit or loss of exchange difference from net investment in a foreign operation, net of tax | 1,563 | 1,563 | 1,563 | ||||||||||||||
Comprehensive income of the year | (472,197) | (23,672) | (510,820) | (534,492) | 62,295 | ||||||||||||
- Dividend distribution (Note 36 d) | (56,326) | (30,853) | (30,853) | (25,473) | |||||||||||||
- Contributions (devolution) of non-controlling shareholders, net | (19,099) | (19,099) | |||||||||||||||
- Additional acquisition of non-controlling interest (Note 36 a) | (51,139) | (15,167) | (15,167) | (35,972) | |||||||||||||
- Sale to non-controllinginterest | 335 | 99 | 99 | 236 | |||||||||||||
- Purchase of subsidiaries | 4,153 | 4,153 | |||||||||||||||
- Deconsolidation of former subsidiary | 2,098 | 2,063 | 2,063 | 35 | |||||||||||||
Total transactions with shareholders | (119,978) | (15,068) | (28,790) | (43,858) | (76,120) | ||||||||||||
Ending balance, shares at Dec. 31, 2016 | 660,054 | ||||||||||||||||
Ending balance at Dec. 31, 2016 | 2,489,737 | S/ 660,054 | 132,011 | 29,974 | 882,464 | (167,456) | 443,377 | 1,980,424 | 509,313 | ||||||||
Statement [LineItems] | |||||||||||||||||
Profit (loss) for the year | Restated balance [member] | 209,238 | ||||||||||||||||
Profit (loss) for the year | 209,238 | 148,738 | 148,738 | 60,500 | |||||||||||||
Cash flow hedge | 482 | 458 | 458 | 24 | |||||||||||||
Adjustment for actuarial gains and losses | (4,031) | (2,948) | (2,948) | (1,083) | |||||||||||||
Foreign currency translation adjustment | (11,341) | (9,166) | (9,166) | (2,175) | |||||||||||||
Exchange difference from net investment in a foreign operation | 6,610 | 6,493 | 6,493 | 117 | |||||||||||||
Comprehensive income of the year | 200,958 | (2,215) | 145,790 | 143,575 | 57,383 | ||||||||||||
- Dividend distribution (Note 36 d) | (59,677) | (59,677) | |||||||||||||||
- Contributions (devolution) of non-controlling shareholders, net | (33,197) | (33,197) | |||||||||||||||
- Additional acquisition of non-controlling interest (Note 36 a) | (942) | (669) | (669) | (273) | |||||||||||||
- Deconsolidation of former subsidiary | (7,801) | (7,801) | |||||||||||||||
Total transactions with shareholders | (101,617) | (669) | (669) | (100,948) | |||||||||||||
Ending balance, shares at Dec. 31, 2017 | 660,054 | ||||||||||||||||
Ending balance at Dec. 31, 2017 | 2,589,078 | S/ 660,054 | 132,011 | 29,974 | 881,795 | (169,671) | 589,167 | 2,123,330 | 465,748 | ||||||||
Statement [LineItems] | |||||||||||||||||
Profit (loss) for the year | 57,415 | (83,188) | (83,188) | 140,603 | |||||||||||||
Cash flow hedge | 119 | 113 | 113 | 6 | |||||||||||||
Adjustment for actuarial gains and losses | 16,589 | 16,589 | 16,589 | ||||||||||||||
Foreign currency translation adjustment | 5,733 | 6,930 | 6,930 | (1,197) | |||||||||||||
Exchange difference from net investment in a foreign operation | (8,147) | (7,992) | (7,992) | (155) | |||||||||||||
Comprehensive income of the year | 71,709 | (949) | (66,599) | (67,548) | 139,257 | ||||||||||||
- Dividend distribution (Note 36 d) | (102,772) | (102,772) | |||||||||||||||
- Contributions (devolution) of non-controlling shareholders, net | (84,442) | (84,442) | |||||||||||||||
- Additional acquisition of non-controlling interest (Note 36 a) | (13,633) | (9,583) | (9,583) | (4,050) | |||||||||||||
- Capital Increase | 137,603 | S/ 69,380 | 68,223 | 137,603 | |||||||||||||
- Capital Increase, shares | 69,380 | ||||||||||||||||
- Deconsolidation of former subsidiary | S/ (24,657) | S/ (29,412) | S/ 51,709 | S/ (42,878) | S/ (51,709) | S/ (42,878) | S/ 18,221 | S/ (29,412) | |||||||||
Total transactions with shareholders | (117,313) | S/ 69,380 | 110,349 | (94,587) | 85,142 | (202,455) | |||||||||||
Total transactions with shareholders, shares | 69,380 | ||||||||||||||||
Ending balance, shares (Restated balance [member]) at Dec. 31, 2018 | 660,054 | ||||||||||||||||
Ending balance, shares at Dec. 31, 2018 | 729,434 | ||||||||||||||||
Ending balance (Increase (decrease) due to changes in accounting policy required by IFRSs [member]) at Dec. 31, 2018 | (53,543) | (52,564) | (52,564) | (979) | |||||||||||||
Ending balance (Restated balance [member]) at Dec. 31, 2018 | 2,535,535 | S/ 660,054 | 132,011 | 29,974 | 881,795 | (169,671) | 536,603 | 2,070,766 | 464,769 | ||||||||
Ending balance at Dec. 31, 2018 | S/ 2,489,931 | S/ 729,434 | S/ 132,011 | S/ 29,974 | S/ 992,144 | S/ (170,620) | S/ 375,417 | S/ 2,088,360 | S/ 401,571 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - PEN (S/) S/ in Thousands | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | |
OPERATING ACTIVITIES | ||||
(Loss) profit before income tax | S/ 170,733 | S/ 255,543 | S/ (603,780) | |
Adjustments to profit not affecting cash flows from operating activities: | ||||
Depreciation | 125,419 | 199,794 | 205,522 | |
Amortization of other assets | 112,072 | 86,557 | 82,743 | |
Impairment of inventories | 40,908 | 36,353 | ||
Impairment of accounts receivable and other accounts receivable | 65,076 | 19,109 | 419,584 | S/ 503,769 |
Reversal of impairment of inventories | (26,993) | |||
Debt condonation | (431,484) | |||
Impairment of property, plant and equipment | 5,664 | 14,680 | 9,263 | |
Impairment of intangible assets | 49,609 | 54,308 | ||
Financial expenses-CCDS | 7,004 | |||
Expenses for liquidation of works - CCDS | 164 | |||
Indemnification | 686 | 3,220 | (33,600) | |
Profit on fair value of financial asset at fair value through profit or loss | (34) | 31 | ||
Change in the fair value of the liability for put option | (6,122) | (1,400) | (984) | |
Provisions | 75,369 | 9,510 | 9,486 | |
Proceeds from the returned sale of Morelco | (6,658) | |||
Remeasurement of purchase consideration of Morelco | (7,166) | |||
Financial expense,net | 177,649 | 138,016 | 106,739 | |
Other provisions in CCDS | 24,915 | |||
Share of the profit and loss in associates and joint ventures under the equity method of accounting | 3,709 | (1,327) | 589,710 | |
Reversal of provisions | (6,218) | (1,044) | (17,883) | |
Disposal of assets | 16,327 | 5,438 | 3,951 | |
Disposal of investments | 106 | 1,227 | ||
(Profit) loss on sale of property, plant and equipment | 7,105 | (26,883) | (18,393) | |
Loss on sale of financial assets at fair value through profit or loss | 221 | |||
Loss on sale of non-currentasset held for sale | 45 | 22 | ||
(Profit) loss on sale of available-for-sale financial assets | 1,529 | (25,768) | (46,337) | |
Profit on sale of investments in subsidiaries | (73,642) | (244,313) | ||
Loss on remeasurement of accounts receivable | 25,110 | 15,807 | 76,864 | |
Loss on remeasurement of investment | 6,832 | |||
Net variations in assets and liabilities: | ||||
Trade accounts receivable and unbilled working in progress | (236,011) | (213,126) | 115,263 | |
Other accounts receivable | 190,354 | 33,196 | (85,234) | |
Other accounts receivable from related parties | 24,609 | (245,688) | 84,448 | |
Inventories | 200,575 | 279,867 | 33,709 | |
Pre-paid expenses and other assets | 18,309 | (6,494) | (99) | |
Trade accounts payable | 10,917 | 463,401 | (87,553) | |
Other accounts payable | (311,848) | 49,319 | 156,261 | |
Other accounts payable to related parties | 92,613 | (66,819) | 45,902 | |
Provisions | (6,615) | (1,680) | (2,756) | |
Interest payment | (188,704) | (173,662) | (171,572) | |
Payments for purchases of intangibles - Concessions | (10,305) | (20,178) | (97,711) | |
Payment of income tax | (178,094) | (144,545) | (125,619) | |
Net cash provided by operating activities | 279,273 | 491,164 | 333,693 | |
INVESTING ACTIVITIES | ||||
Sale of investment | 222,971 | 391,786 | 107,341 | |
Sale of property, plant and equipment | 31,852 | 127,221 | 66,086 | |
Sale of financial asset at fair value through profit or loss | 98 | 1,427 | ||
Sale of non-current assets held for sale | 16,244 | 43,367 | 117 | |
Refunding for price adjustment - Morelco | 6,658 | |||
Return of contributions | 1,963 | |||
Interest received | 36,508 | 6,992 | 15,370 | |
Dividends received | 1,823 | 3,758 | 27,992 | |
Payment for purchase of investments properties | (209) | (1,183) | (17,543) | |
Payments for intangible purchase | (86,799) | (97,112) | (45,706) | |
Payments for purchase and contributions on investment in associate and joint ventures | (3,770) | (2,116) | (389,657) | (3,770) |
Payments for property, plant and equipment purchase | (80,765) | (123,941) | (147,732) | |
Net cash (applied to) provided by investing activities | 137,855 | 348,870 | (373,684) | |
FINANCING ACTIVITIES | ||||
Loans received | 1,018,744 | 1,415,113 | 3,941,750 | |
Bonds issued | 137,603 | 178,640 | ||
Amortization of loans received | (1,265,920) | (2,044,256) | (3,914,570) | |
Amortization of bonds issued | (28,914) | (39,151) | (25,281) | |
Payment for transaction costs for debt | (31,286) | (650) | ||
Dividends paid to owners of the parent | (30,853) | |||
Dividends paid to non-controlling interest | (102,772) | (43,942) | (25,473) | |
Cash received (return of contributions) from non-controlling shareholders | (59,053) | (33,197) | (19,099) | |
Capital increase | 137,603 | 178,640 | ||
Acquisition or sale of interest in a subsidiary of non-controlling shareholders | 389 | (942) | (18,702) | |
Net cash provided by (applied to) financing activities | (299,923) | (777,661) | 85,762 | |
Net increase (net decrease) in cash | 117,205 | 62,373 | 45,771 | |
Exchange difference | 57,756 | (34,867) | (1,219) | |
Cash and cash equivalents at the beginning of the year | 626,060 | 598,554 | 554,002 | 554,002 |
Cash and cash equivalents at the end of the year | 801,021 | 626,060 | 598,554 | S/ 801,021 |
NON-CASHTRANSACTIONS: | ||||
Debt capitalization | 8,308 | |||
Interest debt capitalization | 3,361 | 26,015 | ||
Acquisition of assets through finance leases | 2,365 | 48,507 | 65,336 | |
Recognition of debt due to termination of GSP | S/ 608,247 | |||
Accounts payable to the non-controlling interest for purchase of investments | 14,022 | |||
Return of contribution in inventories | 25,389 | |||
Dividends declared to non-controlling interest | 15,735 | |||
Deconsolidation from non-controlling interest | S/ 54,069 | S/ 7,801 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
General Information | 1 GENERAL INFORMATION a) Incorporation and operations Graña y Montero S.A.A. (hereinafter the Company) was incorporated in Peru on August 12, 1996, as a result of the equity spin-off The Company is the parent of the Graña y Montero Group that includes the Company and its subsidiaries (hereinafter, the “Group”) and is mainly engaged in holding investments in different Group companies. Additionally, the Company provides services of general management, financial management, commercial management, legal advisory, human resources management and leases office space to the Group companies. The Group is a conglomerate of companies with operations including different business activities, the most significant are engineering and construction, infrastructure (public concession ownership and operation) and real estate businesses. See details of operating segments in Note 7. b) Authorization for the issue of the financial statements The consolidated financial statements for the year ended December 31, 2018, have been prepared and issued with Management and Board of Directors’ authorization on March 7, 2019, and will be submitted for consideration and approval at the General Shareholders’ Meeting to be held within the term established by Peruvian law. Management expects that the consolidated financial statements as of December 31, 2018, will be approved with no changes. c) Current situation of the Company 1) Projects conducted in association with companies of the Odebrecht Group Our company and one of its subsidiaries participated as minority partners in certain entities that developed six infrastructure projects in Peru with companies belonging to the group Odebrecht (hereinafter Odebrecht). In 2016, Odebrecht entered into a Plea Agreement with the authorities of the United States Department of Justice and the Office of the District Attorney for the Eastern District of New York by which it admitted corruption acts in connection with two of these projects (tranches 2 and 3 of the Interoceanica Sur highway (“IIRSA Sur”) and the project to construct the Lima Metro (Electric Train)). As a result of this agreement, the Peruvian authorities opened investigations for admitted illicit activities. i) IIRSA Sur With respect to the investigations conducted in relation to IIRSA Sur, the Public Prosecutor’s Office indicted the former Chairman of the Board of Directors, for collusion; a former Director, and a former executive of the Company, for money laundering. Subsequently, Graña y Montero S.A.A. and GyM S.A. were incorporated as subjects investigated in the case described above. The companies appealed this decision, and later the Superior Court ruled in favor of both companies. In addition, Graña y Montero S.A.A. and GyM S.A. have been incorporated as civilly liable third parties in the investigation process, which means that the court will assess whether these entities are obligated to compensate the Peruvian Government for damages suffered as a result of the facts under investigation. ii) Electric Train GyM S.A. has been incorporated as a civilly liable third party in the process related to the Electric Train construction project, tranches 1 and 2. However, hitherto, no current or past director or officer of the Company has been incorporated in the investigation. 2) The Construction Club On July 11, 2017, the Peruvian Commission for Free Competition (“Indecopi”) initiated an investigation against several construction companies, including GyM S.A., about the existence of an alleged cartel called the Construction Club. Throughout the investigation, GyM S.A. has provided to Indecopi with all the information requested and continues collaborating with the ongoing investigations. The Company’s former commercial manager is under a criminal investigation, as well as other individuals related to other construction companies. GyM S.A. has been incorporated in the criminal proceedings as a civilly liable third party along with 11 other construction companies. 3) Independent Investigation related to businesses with Odebrecht Group On January 9, 2017, the Board of Directors approved a plan to conduct an internal investigation related to six projects executed in association with Odebrecht. On March 30, 2017, the Board of Directors created a Risk, Compliance and Sustainability Committee who was in charge of the oversight of the investigation independent from management. The external investigation was entrusted to the law firm Simpson, Thatcher and Bartlett, who reported exclusively to the Risk, Compliance and Sustainability Committee in order to preserve the independence of the investigation. The independent investigation concluded on November 2, 2017, and found no evidence for determining that the Group or any of its former or current directors or executives had intentionally or knowingly participated in acts of corruption related to the six projects developed in association with Odebrecht. We were informed by the press in February 2019, that Odebrecht has signed an effective collaboration agreement with the Prosecutor´s Office and the Ad Hoc Prosecutor’s Office in which, among other things, it is determined that Odebrecht will pay the Peruvian Government an indemnity calculated according to the parameters established in Law No. 30737 and that Odebrecht will collaborate with the Prosecutor’s Office providing all the relevant information it has about the facts under investigation. 4) Anticorruption Law - effects on the Group Law 30737 and its regulation issued by Supreme Decree 096-2018-EF have mitigated the Company and subsidiaries exposure to the cases described in subsections 1) and 2) above. These rules set clear guidelines to estimate the potential compensation reducing the uncertainty derived from the legal proceedings, by among other things, preventing the imposition of liens or attachments of assets that would impair its ability to operate. The benefits of the mentioned rules are subject to the fulfillment of the following obligations: • The obligation to set up a trust that will guarantee any eventual payment obligation of an eventual civil compensation in favor of the Peruvian Government; • The obligation not to transfer funds abroad without the prior consent of the Ministry of Justice; • The implementation of a compliance program; and • The obligation to disclose information to the authorities and to collaborate in the investigation. The Group has designed a compliance program which is currently under implementation. In addition, it fully cooperates with the authorities in its investigations and has executed a trust agreement with the Ministry of Justice that provides to the terms and conditions that govern the trust that will secure its contingent obligations for an amount confirmed by authorities of S/73.5 million (equivalent to US$22.3 million) (Note 23). On the other hand, based on the standards indicated and their guidelines, management has estimated that the value of the contingency for the cases described above should not exceed US$45.8 million (equivalent to S/148.4 million). If The Construction Club case is deemed incorporated within the scope of the referenced law, then the value of the assets assigned to the trust would need to be increased by approximately US$3 million (equivalent to S/10.1 million), and the potential contingency would increase by approximately US$3.1 million (equivalent to S/10.5 million). Nonetheless, the Company, through its external attorneys, continues to conduct an ongoing evaluation of the information related to the criminal investigations described in this Note 1 in order to keep its defense prepared in the event of any new charges arises during those investigations. In conducting the aforementioned evaluation, the Company does not rule out the possibility of finding, in the future, adverse evidence nor does rule out that authorities or third parties will find, in the future, adverse evidence not currently known to date during the investigations being conducted. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Significant Accounting Policies | 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied in all the years presented, unless otherwise stated. 2.1 Basis of preparation The consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations Committee (IFRIC) applicable to companies reporting under IFRS. The financial statements comply with IFRS as issued by the IASB in force as of December 31, 2017, and December 31, 2018, respectively. The consolidated financial statements have been prepared under the historical cost convention, except for derivative financial instruments, financial assets at fair value through profit or loss, and available-for-sale The preparation of the consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates. Also requires that the management exercise its critical judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5. 2.2 Consolidation of financial statements a) Subsidiaries Subsidiaries are entities over which the Company has control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The Group applies the acquisition method to account for business combinations. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group evaluates the measurement of the non-controlling acquisition-by-acquisition non-controlling non-controlling Business acquisition-related costs are expensed as incurred. Any contingent consideration assumed by the Group with the selling party is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognized in accordance with IFRS 9 “Financial Instruments” as profit or loss. Goodwill is initially measured as the excess of the acquisition cost, the fair value at the acquisition date of any interest previously acquired plus the fair value of the non-controlling For consolidating subsidiaries, balances, income, and expenses from transactions between Group companies are eliminated. Profits and losses resulting from inter-company transactions that are recognized as assets are also eliminated. Group companies use common accounting practices, except for those that are specifically required for specific businesses. b) Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling non-controlling c) Disposal of subsidiaries When the Group ceases to have control over a subsidiary, any retained interest in the entity is re-measured d) Joint arrangements Contracts in which the Group and one or more of the contracting parties have joint control on the relevant joint activities are called joint arrangements. Investments in joint arrangements are classified as either joint operations joint ventures joint ventures joint operations Joint ventures The Group assesses on an annual basis whether there is any objective evidence that the investment in the joint ventures and associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the impairment loss in share of the profit or loss in associates and joint ventures under the equity method of accounting in the income statement. In addition, the Group stops the use of the equity method if the entity ceases to be an operating entity. Joint operations In the Group, joint operations mainly relate to consortiums (entities without legal personality) created exclusively for the development of a construction contract. Considering that the only objective of the consortium is to develop a specific project, all revenue and costs are included within revenue from construction activities and cost of construction activities, respectively. e) Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a holding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method (see section d) above). Profits and losses resulting from transactions between the Group and its associates are recognized in the Group’s consolidated financial statements only to the extent of unrelated investor’s interests in the associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates are changed where necessary to ensure consistency with the policies adopted by the Group. Impairment losses are measured and recorded in accordance with section d) above. 2.3 Segment reporting Operating segments are reported in a consistent manner with internal reporting provided to Management of the Group. If an entity changes the structure of its internal organization in a manner that causes the composition of its reportable segments to change, the Group restates the information for earlier periods unless the information is not available. 2.4 Foreign currency translation a) Functional and presentation currency The consolidated financial statements are presented in soles, which is the functional and presentation currency of the Group. All subsidiaries, joint arrangements, and associates use the Peruvian Sol as their functional currency, except for foreign entities, for which the functional currency is the currency of the country in which they operate. b) Transactions and balances Foreign currency transactions are translated into the functional currency using prevailing the exchange rates at the date of the transactions or valuation when items are re-measured. Exchange differences arising on loans from the Company to its subsidiaries in foreign currencies are recognized in the separate financial statements of the Company and separate financial statements of the subsidiaries. In the consolidated financial statements, such exchange differences are recognized in other comprehensive income and are re-classified Foreign exchange gains and losses of all monetary items are included in the income statement within financial income or expense. c) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency of the Group are translated into the presentation currency as follows: i) Assets and liabilities for each statement of financial position are translated using the closing exchange rate prevailing at the date of the consolidated statement of financial position; ii) income and expenses for each income statement are translated at the average exchange rate (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated using the exchange rate on the date of the transaction); iii) capital is translated by using the historical exchange rate for each capital contribution made; and iv) all exchange differences are recognized as separate components in other comprehensive income (loss), within foreign currency translations adjustment. Goodwill and fair value adjustments arising from the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at the closing exchange rate. Exchange differences are recognized in other comprehensive income. 2.5 Public services concession agreements Concession agreements signed between the Group and the Peruvian Government entitle the Group, as a Concessionaire, to assume obligations for the construction or improvement of infrastructure and which qualify as public service concessions are accounted as defined by IFRIC 12 “Service Concession Arrangements”. The consideration to be received from the Government for the services of constructing or improving public infrastructure is recognized as a financial asset or as an intangible asset, as set forth below. a) It is recognized as a financial asset to the extent that it has a contractual right to receive cash or other financial assets either because the Government secures the payment of specified or determinable amounts or because the Government will cover any difference arising from the amounts actually received from public service users in relation with the specified or determinable amounts. These financial assets are recognized initially at fair value and subsequently at amortized cost (the financial model). b) It is recognized as an intangible asset to the extent that the service agreement grants the Group a contractual right to charge users of the public service. The resulting intangible asset is measured at cost and is amortized as described in Note 2.15 (intangible asset model). c) It is recognized as a financial asset and an intangible asset when the Group recovers its investment partially by a financial asset and partially by an intangible asset (bifurcated model). 2.6 Cash and cash equivalents In the consolidated statements of financial position and cash flows, cash and cash equivalents include cash on hand, on-demand 2.7 Financial assets 2.7.1 Classification and measurement The Group classifies its financial assets, according to its subsequent measurement, in the following categories: i) amortized cost; ii) financial assets at fair value through other comprehensive income and iii) financial assets at fair value through profit or loss. The classification depends on the purpose for which the financial assets were acquired on the basis of the Group’s business model for managing the financial assets and the characteristics of the contractual cash flows of the financial asset. Management determines the classification of its financial assets at the date of its initial recognition and re-evaluates a) Amortized cost This category is the most relevant for the Group. The Group measures financial assets at amortized cost if the following conditions are met: i) The financial asset is held within a business model with the objective of maintaining the financial assets to obtain the contractual cash flows; and ii) The contractual terms of the financial asset generate cash flows, on specific dates, that are only payments of the principal and interest on the amount of the outstanding principal. Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Profits and losses are recognized in profits or losses when the asset is written off, modified or impaired. Trade accounts receivable, accounts receivable from related companies, other accounts receivable, work in progress and cash and cash equivalents are included in current assets except for those over twelve months after the date of the consolidated statement of financial position. The latter are classified as non-current b) Financial assets at fair value through other comprehensive results Financial assets at fair value through other comprehensive income of the Group are classified in this category when they meet the following conditions: i) keep them within a business model whose objective is achieved by obtaining contractual cash flows and selling financial assets; and ii) the contractual terms of the financial asset give rise, on specific dates, to cash flows that are only payments of the principal and interest on the outstanding principal amount. The investment account at Inversiones en Autopistas S.A. is included in this category. c) Financial assets at fair value through profit or loss Financial assets that do not meet the criteria of amortized costs or fair value through other comprehensive income are measured at fair value through profit or loss. The result in a debt investment that is subsequently measured at fair value through gains and losses is recognized in the consolidated statement of comprehensive income in the period in which it occurs. Financial assets at fair value through profit or loss are non-derivative 2.7.2 Derecognition of financial assets The Group derecognizes a financial asset when the contractual rights over the cash flows of the financial asset expire, or when it transfers the rights to receive the contractual cash flows in a transaction in which all the risks and benefits of ownership of the financial asset are substantially transferred, or does not transfer or retain substantially all the risks and benefits related to the property and does not retain control over the assets transferred. The Group participates in transactions in which it transfers the assets recognized in its statement of financial position but retains all or substantially all the risks and advantages of the assets transferred, and/or control over them. In these cases, the assets transferred are not derecognized and are measured on a basis that reflects rights and obligations that the Group has retained. 2.8 Impairment of financial assets IFRS 9 requires to register expected credit losses of all financial assets, except for those that are carried at fair value with an effect on results, estimating it over 12 months or for the entire life of the financial instrument (“lifetime”). In accordance with the provisions of the standard, the Group applies the simplified approach (which estimates the loss for the entire life of the financial instrument), for the commercial debtors of the rental business line of the real estate sector, and the general approach for the trade accounts receivables, work in progress and other accounts receivable; the same that requires evaluating whether or not a significant increase in risk exists to determine whether the loss should be estimated based on 12 months after the reporting date or during the entire life of the asset. The Group has established a policy to conduct an evaluation, at the end of each reporting period, to identify whether the asset has suffered a significant increase in credit risk since the initial date. Both the credit losses expected at 12 months and the expected credit losses during the life of the asset are calculated individually or collectively, depending on the nature of the portfolio. For financial assets for which the Group has no reasonable expectation of recovering, either the entire outstanding amount or a portion thereof, the gross carrying amount of the financial asset is reduced. This is considered a decrease in (partial) accounts of the financial asset. 2.9 Derivative financial instruments and hedging activities Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured The Group designates certain derivatives as hedges of a particular risk associated with a recognized asset or liability (fair value hedge) or a highly probable forecast transaction (cash flow hedge). Derivatives are initially recognized at fair value on the date of subscription of the contract and are subsequently recognized at their fair value. The method to recognize the gain or loss resulting from changes in the fair values of the derivatives depends on the nature of the item being covered. The Group documents, at the inception of the transaction, the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The fair values of various derivative instruments used for hedging purposes and changes in the account reserves for hedging in equity are disclosed in Note 8. The full fair value of a hedging derivative is classified as a non-current Cash flow hedge The effective portion of changes in the fair value of derivatives that are designated and qualify as fair value hedges is recognized as other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss (for example, when the forecasted sale that is hedged takes place). The gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognized in the income statement as “Financial income or Financial expenses”. However, when the forecasted transaction that is hedged results in the recognition of a non-financial non-financial When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecasted transaction is ultimately recognized in the income statement. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement within “other income and expenses, net”. 2.10 Trade accounts receivables Trade receivables are amounts due from customers for goods or services sold by the Group. If the collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less any provision for impairment, except for receivables of less than one year that are stated at a nominal amount which is similar to their fair values since they are short term. Also includes the management estimates related to the engineering and construction, corresponding to rights of executed services that have not been approved by customers (Progress level valuation). 2.11 Work in progress This account includes the balance of work in progress costs incurred that relates to future activities of the construction contracts and the constructions phase in concessions (see Note 2.26 for detail on Revenue from construction activities). Changes in estimates of contract revenues and costs can increase or decrease the estimated margin. When a change in the estimate is known, the cumulative impact of the change is recorded in the period in which it is known. 2.12 Inventories The inventories include land, works in progress and finished buildings related to the real estate activity, materials used in the construction activity. a) Real estate activity Land used for the execution of real estate projects is recognized at acquisition cost. Work in progress and finished real estate includes the costs of design, materials, direct labor, borrowing costs (directly attributable to the acquisition, construction, production of the asset), other indirect costs and general expenses related to the construction phase. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. The Group reviews annually whether inventories have been impaired identifying three groups of inventories to measure their net realizable value: i) land bought for future real estate projects which are compared to their net appraisal value; if the acquisition value is higher, a provision of impairment is made; ii) land under construction, impairment is measured based on cost projections; if these costs are higher than selling prices of each real estate unit, an estimate is made for impairment; and iii) completed real estate units; these inventory items are compared to the selling prices less selling expenses; if these selling expenses are higher, a provision for impairment is made. For the reductions in the carrying amount of these inventories to their net realizable value, a provision is made for impairment of inventories with a charge to profit or loss for the year in which those reductions occur. b) Exploration and extraction activities Inventories are valued at production costs or net realizable value (NRV), the one with the lowest result, on the basis of the weighted average method. The NRV represents the value at which it is estimated to make oil, gas and its derivatives LPG and HAS, which is calculated on the basis of international prices at which discounts that are usually granted are deducted. Miscellaneous supplies, materials, and spare parts are valued at cost or replacement value, whichever is less based on the average method. The cost of inventories excludes financing expenses and exchange differences. Inventories to be received are recorded at cost by the specific identification method. The Group constitutes a devaluation of materials charged to income for the year in cases in which the book value exceeds its recoverable value. c) Other activities Materials and supplies are recorded at cost by the weighted average method or at their replacement value, the lower. The cost of these items includes freight and non-refundable The devaluation of these items is estimated on the basis of specific analysis made by the Management on its rotation. If it is identified that the book value of the stocks of materials and supplies exceeds their replacement value, the difference is charged to income in the year in which this situation is determined. 2.13 Investment property Investment properties are shown at cost less accumulated depreciation and impairment losses, if any. Subsequent costs attributable to investment properties are capitalized only if it is probable that future economic benefits will flow to the Company and the cost of these assets can be measured reliably; if not, they are recognized as expenses when incurred. Repair and maintenance expenses are recognized in profit and loss when they are incurred. If the property’s carrying amount is greater than its estimated recoverable amount, an adjustment to reduce the carrying amount to the recoverable amount is recognized. Depreciation is determined at rates calculated to write off cost, less estimated residual value, of each asset on a straight-line basis over its estimated useful life. Significant components with useful lives substantially different are treated separately for depreciation purposes. The estimated useful lives of those properties range from 3 to 33 years. The investment properties held by the Group correspond to: (i) “Agustino Plaza” Shopping Center, located in the El Agustino District, and (ii) the stores situated within the stations of Line 1 of the Lima Metro; the properties owned by the subsidiary VIVA GyM SA have an estimated fair value of US$19.2 million, equivalent to S/64.3 million as of December 31, 2018 (US$34.5 million, equivalent to S/112.7 million, as of December 31 of 2017). These investment properties have been leased under the modality of an operating lease. 2.14 Property, plant and equipment Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses, if any. Historical cost includes expenditure that is directly attributable to the acquisition of these items. Subsequent costs are included in the asset’s carrying amount or are recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance expense are charged to the income statement during the financial period in which they are incurred. Assets under construction are capitalized as a separate component. At their completion, the cost of such assets is transferred to their definitive category. Replacement units are major spare parts in which depreciation starts when the units are installed for use within the related asset. Depreciation of machinery, equipment and vehicles recognized as “Major equipment” are depreciated based on their hours of use. Under this method, the total number of work hours that machinery and equipment is capable of producing is estimated and a charge per hour is determined. The depreciation of other assets that do not qualify as “Major equipment” is calculated under the straight-line method to allocate their cost less their residual values over their estimated useful lives, as follows: Years Buildings and facilities Between 3 and 33 Machinery and equipment Between 4 and 10 Vehicles Between 2 and 10 Furniture and fixtures Between 2 and 10 Other equipment Between 2 and 10 Residual values and useful lives are reviewed and adjusted as appropriate at each reporting date. Gains and losses on disposals are recognized in “Other income and expenses, net” in the income statement. Regarding joint operations that carry out construction activities, the difference between the proceeds from disposals of fixed assets and their carrying amount is shown within “revenue from construction activities” and “cost of construction activities”, respectively. 2.15 Intangible assets i) Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the purchase consideration, the amount of any non-controlling interest and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the net identifiable assets acquired. If the total of the consideration transferred, the non-controlling interest recognized and previously held interest measured at fair value is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statement of income. Goodwill acquired in a business combination is allocated to each cash-generating units (CGU), or group of CGUs, that is expected to benefit from the synergies of the combination. Goodwill is monitored at the operating segment level. Goodwill impairment reviews are performed at least annually and when events or changes in circumstances indicate a potential impairment. Any impairment is recognized immediately as an expense in item “Other income and expenses, net” and cannot be reversed later. ii) Trademarks Trademarks acquired separately are shown at historical cost. Trademarks acquired in a business combination are recognized at fair value at the acquisition date. Management has determined that these trademarks have indefinite useful lives. Trademark impairment reviews are performed at least annually and when events or changes in circumstances indicate a potential impairment. Any impairment is recognized immediately as an expense in item “Other income and expenses, net”. iii) Concession rights The intangible asset consisting of the right to charge users for the services related to service concessions agreements (Note 2.5 and Note 6.b) is initially recorded at the fair value of construction or improvement services. Before amortization is started, an impairment test is performed; it is amortized under the straight-line method, from the date revenue starts using the lower of its estimated expected useful life or effective period of the concession agreement. iv) Contractual relationships with customers Contractual relationships with customers are assets resulting from business combinations that were initially recognized at fair value as determined based on the expected cash flows from those relations over an estimated period of time based on the time period those customers will remain as customers of the Group (the estimation of useful life is based on the contract terms which fluctuate between 5 and 9 years). The useful life and the impairment of these assets are individually assessed. v) Cost of development wells Costs incurred in preparing wells to extract hydrocarbons in Blocks I, III, IV, and V, located in Talara, are capitalized as part of intangible assets. These costs are amortized over the useful lives of the wells (estimated to be five years for Blocks I and V and the unit of production method for Blocks III and IV), which is less than the period of the service agreement signed with Perupetro. vi) Software and development costs Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met: • It is technically feasible to complete the software product so that it will be available for use; • management intends to complete the software product and use or sell it; • there is the ability to use or sell the software product; • it can be demonstrated how the software product will probably generate future economic benefits; • technical, financial and other resources are available to complete the development and to use or sell the software product; and • expenses incurred during its development can be reliably measured. Other development expenditures that do not meet these criteria are expensed as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Computer software development costs recognized as assets are amortized over their estimated useful lives, which fluctuate between 2 to 15 years. vii) Land use rights Refers to the rights maintained by the subsidiary Promotora Larcomar S.A. Land use of rights are stated at historical cost less amortization and any accumulated impairment losses. The useful life of this asset is based on the agreement signed (60 years) and may be extended if agreed by parties. Amortization will begin when it becomes ready for its intended use by Management. 2.16 Impairment of non-financial Assets subject to amortization are subject to impairment tests when events or circumstances occur that indicate that their book value may not be recovered. Impairment losses are measured as the amount by which the book value of the asset exceeds its recoverable value. The recoverable value of the assets corresponds to the higher of its fair value and its value in use. For purposes of the impairment assessment, assets are grouped at the lowest levels in which they generate identifiable cash flows (cash-generating units). The book value of non-financial 2.17 Financial liabilities The financial liabilities of the Group include trade accounts payable, accounts payable to related parties, remuneration and other accounts payable. All financial liabilities are initially recognized at fair value and subsequently valued at amortized cost using the effective interest rate method. Financial liabilities are classified as current liabilities if the payment must be made within a year or less (or in the normal operating cycle of the business if it is greater). Otherwise, they are presented as non-current 2.18 Trade accounts payable Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current Accounts payable are initially recognized at their fair value and subsequently are amortized at amortized cost using the effective interest method, except for accounts payable within less than one year that are recorded at their nominal value that is similar to their fair value due to its maturity in the short term. 2.19 Other financial liabilities Corresponds to the loans and bonds issued by the Group, which are initially recognized at their fair value, net of the costs incurred in the transaction. These financial liabilities are subsequently recorded at amortized cost; any difference between the funds received (net of transaction costs) and the redemption value is recognized in the income statement during the period of the loan using the effective interest method. The costs incurred to obtain these financial liabilities are recognized as transaction costs to the extent that it is probable that part or the entire loan will be received. In this case, these charges are deferred until the time the loan is received. 2.20 Borrowing costs Debt costs are r |
Standards, Amendments and Inter
Standards, Amendments and Interpretation Adopted in 2018 | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Standards, Amendments and Interpretation Adopted in 2018 | 3 STANDARDS, AMENDMENTS, AND INTERPRETATION ADOPTED IN 2018 3.1. Current standards, amendments, and interpretations adopted The following current standards, amendments to the policies and interpretations were adopted by the Group on January 1, 2018: • IFRS 9, financial instruments comprise mainly: i) the classification and measurement of financial assets and financial liabilities; ii) the new impairment model for the recognition of expected credit losses; and iii) the new hedge accounting model. • IFRS 15, income resulting from revenues from contracts with customers, outlines a single integral model for the entities that will be used in accounting for the income derived from contracts with customers. It replaces the previous income recognition guide, including IAS 18, income, IAS 11, construction contracts and related interpretations. • The amendments to IFRS 15 clarify how to: i) identify a performance obligation in a contract; ii) determine if a company is a director or an agent and iii) determine whether the income from the granting of a license should be recognized at a specific time or over time. In addition, the amendments to IFRS 15 include two additional transition exceptions. • The amendments to IFRS 2, payment on the basis of the shares, provide accounting requirements for i) the effects of the conditions of becoming and not becoming a beneficiary (Vesting and no-Vesting) • The amendments to IAS 28, investments in associates and joint ventures, clarify that the choice to measure at fair value through profit or loss an investment in an associate or a joint venture that retains an entity that is a capital organization of the risk, or other qualifying entity, is available for each investment in an associate or joint venture on the basis of investment by investment, after its initial recognition. • Interpretation of IFRIC 22, Transactions in foreign currency and anticipated consideration, clarifies that: i) the date of the transaction, in order to determine the exchange rate, is the date of initial recognition of the non-monetary • Transfers of real estate investments (amendments to IAS 40, real estate investments) state that an entity will transfer real property to, or from, real estate investments when, and only when, there is evidence of a change in use. A change in use occurs if the property meets, or fails to meet, the definition of real estate investment. A change in management’s intentions for the use of a property by itself does not constitute evidence of a change in use. Current standards, amendments, and interpretations adoption did not have a significant impact on the Group’s financial statements, except for IFRS 9, IFRS 15 and the amendments to IFRS 15, described below. IFRS 9 “Financial Instruments” a) Transition IFRS 9, financial instruments, replaced IAS 39, financial instruments: recognition and measurement and was applied in accordance with the transitional provisions of IFRS 9, which require an entity to apply IFRS 9 in accordance with IAS 8, Accounting policies, change in accounting estimates and errors. The transitional provisions of IFRS 9 for the classification and measurement of financial assets and financial liabilities require an entity to retrospectively apply the requirements of IFRS 9. In accordance with the optional exception of IFRS 9, the Group chose not to redo comparative figures. IFRS 9 does not apply to financial assets and financial liabilities that have been written off on the date of the initial adoption (i.e. the date an entity applies IFRS 9 for the first time), which for the Group corresponds to January 1, 2018). b) Main changes In general, the main changes introduced by IFRS 9 relating to the classification and measurement of financial assets, the introduction of a new impairment model based on expected credit losses (instead of losses incurred under IAS 39) and the accounting treatment of hedges. Classification and measurement of financial assets and liabilities The table below explains the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of financial assets of the Group and financial liabilities as of January 1, 2018: IAS 39 IFRS 9 Financial assets Measurement category Balance Measurement category Balance Cash and cash equivalents Loans and accounts receivables 626,180 Amortized cost 626,180 Trade accounts receivables and other account receivables Loans and accounts receivables 1,447,629 Amortized cost 1,447,629 Unbilled work in progress Loans and accounts receivables 672,163 Amortized cost 672,163 Financial assets related to Concession arrangements Loans and accounts receivables 952,780 Amortized cost 952,780 Accounts receivable from related parties Loans and accounts receivables 874,682 Amortized cost 872,110 Other accounts receivable Fair value through profit or loss 181 Fair value through profit or loss 181 IAS 39 IFRS 9 Financial liabilites Measurement category Balance Measurement category Balance Other financial loans Amortized cost 1,561,754 Amortized cost 1,561,754 Finance leases Amortized cost 128,309 Amortized cost 128,309 Accounts payable and other accounts payable Amortized cost 2,054,217 Amortized cost 2,054,217 Accounts payable to related parties Amortized cost 81,128 Amortized cost 81,128 Derivative financial instruments used in hedging transactions Fair value through other comprehensive income 383 Fair value through other comprehensive income 383 c) New Impairment Model The model of credit loss incurred by IAS 39 was replaced by the expected credit loss model by IFRS 9. The expected credit losses are the present value of all unpaid amounts over the expected life of the financial instrument. The new impairment model generally requires entities to recognize the expected credit losses in gains and losses for all financial assets, including those that originated or acquired recently. Although IFRS 9 does not require recognition of a provision for the loss in the initial recognition of the new financial asset, it is required for the following reporting date. This treatment is different from that of IAS 39, which did not require recognizing any impairment unless and until a loss event occurred after the initial recognition of the financial asset. Under IFRS 9, impairment is measured as i) expected credit losses in 12 months; or ii) expected credit losses over the life of the instrument. The Group applies the simplified approach (which estimates the lifetime loss of the financial instrument), for the commercial debtors of the Real Estate business line of income, and the general approach for trade accounts receivable, pending work in progress receivable and other accounts receivable; the same that requires evaluating whether or not a significant increase in risk exists to determine whether the loss should be estimated based on 12 months after the reporting date or during the entire life of the asset. The Group has established a policy to conduct an evaluation, at the end of each reporting period, to identify whether the asset has suffered a significant increase in credit risk since the initial date. Both the credit losses expected at 12 months and the expected credit losses during the life of the asset are calculated individually or collectively, depending on the nature of the portfolio. d) Hedge accounting As permitted by IFRS 9, the Group continues to apply the requirements contained in IAS 39 for hedge accounting. At the beginning of a hedging operation, the Group documents the relationship between the hedging instruments and the elements covered, as well as its risk management objectives and its strategy for carrying out various hedging transactions. The Group also documents its assessment, both at the beginning of the hedges and subsequently as to whether the derivative financial instruments used in hedging transactions are highly effective in offsetting changes in the fair values or cash flows of the hedged items. The effective portion of changes in the fair value of derivative financial instruments that are designated as hedges of a particular risk associated with a recognized asset or liability or with a highly probable projected transaction is recognized in Other Comprehensive Income (OCI). The gain or loss related to the ineffective part, if any, is recognized immediately in the consolidated statement of profit and loss. The realized gain or loss recognized in the settlement of a hedging instrument designated as a cash flow hedge will be reclassified to the gains on the same basis as the cash flows received from the hedged item. When a hedging instrument no longer meets the criteria for hedge accounting, the accumulated gains or losses existing in OCI at that time are recognized in the profits immediately. IFRS 15 “Revenue from Contracts with Customers” and amendments of IFRS 15 IFRS 15 introduces a 5-step a) Transition The Group chose to adopt IFRS 15 using the modified retrospective method, with the recognition of transitory adjustments in the opening of retained income at the date of initial application (January 1, 2018), without restating comparative figures. IFRS 15 provides for certain optional practical expedients, including those related to the initial adoption of the standard. The Group applied the following practical expedients after the adoption of IFRS 15 on January 1, 2018: Practical Resource Description Contract The Group applied IFRS 15 retrospectively only to contracts that have not been completed as of January 1, 2018. Contract modifications The Group did not separately evaluate the effects of each contract modification before January 1, 2018. Instead, it reflects the cumulative effect of all modifications that occurred prior to January 1, 2018, when: i) satisfied and unsatisfied performance obligations were identified; ii) the prices of the transaction were determined, and iii) the transaction price was assigned to satisfied and unsatisfied performance obligations. The Group evaluated the impact of the adoption of IFRS 9 and IFRS 15 in its consolidated financial statements; the impacts in Equity as of January 1, 2018, are shown as follows: As of 1 January 2018 IAS 18/39 IFRS 9 IFRS 15 IFRS Retained earnings 589,167 (2,572 ) (49,992 ) 536,603 As a result of the evaluation of IFRS 15, an adjustment of S/49.99 million has been made, which corresponds mainly to the reversal of variable considerations that came from customer claims for reimbursement of costs that are currently in the process of arbitration. In relation to the evaluation of IFRS 9, S/2.57 million was adjusted corresponding to the impairment of financial assets with related parties. The adoption of the new standards did not affect the other comprehensive results. The new accounting policies on revenue recognition are described in note 2.26. 3.2. Standards and amendments issued to be adopted at a later date The following standard has been issued and is applicable to the Group for annual periods as of January 1, 2019, and after, its early application is permitted for entities that adopted IFRS 15: • IFRS 16, leases, provides a complete model for the identification of lease agreements and their treatment in the financial statements of both tenants and lessors. It will replace IAS 17, leases, and its interpretation guides. Considerations in the application of IFRS 16: It is required that IFRS 16 be applied for annual reporting periods as of January 1, 2019. The Group is not adopting IFRS 16 in advance. IFRS 16 introduces a single-lease accounting model for lessees that will result in the recognition in the balance sheet of most of its leases with few potential exceptions. The Group expects that the adoption of IFRS 16 will result in a substantial increase in its assets and liabilities due to the recognition of assets for the right to use the underlying asset and a lease liability that reflects the present value of the lease payments futures. The depreciation expense of the right-of-use During the year 2018, the Group evaluated the impact of the application of IFRS 16 in its consolidated financial statements. In this way, the Group is reviewing its leasing portfolio and is working on the change of certain internal processes and controls, including the implementation of a new lease management and accounting system. The Group is also evaluating the options of transition and the practical resources available in IFRS 16. The following amendments to the standards have been issued and are applicable to the Group for its annual periods as of January 1, 2019, and subsequently, its early application is permitted: • The functions of a prepayment with negative compensation (amendments to IFRS 9, financial instruments) allow financial assets with a prepayment option that could result in the holder of the option receiving compensation for early termination to meet the single payments of the principal and interest if certain specific criteria are met. • Long-term interests in associates and joint ventures (amendments to IAS 28, investments in associates and joint ventures) clarify that an entity applies IFRS 9, including its impairment requirements, to long-term investments in an associate or joint venture which is part of the net investment in the associate or joint venture, but to which the equity participation method is not applied. • Amendments to IFRS 3, business combinations, indicate that an entity will reimburse its previously held interest in a joint operation when it obtains control of the business. • Amendments to IFRS 11, joint agreements, indicate that an entity will not reimburse its previously held interest in a joint operation when it obtains joint control of the business. • Amendments to IAS 12, income tax, clarify that all the consequences of dividend income tax (that is, the distribution of profits) must be recognized in profit or loss, regardless of how the tax arises. • Amendments to IAS 23, borrowing costs, clarify that, if a specific loan is still pending after the related asset is ready for its intended use or sale, that loan becomes part of the funds that an entity borrows in general when calculating the capitalization rate on general loans. • Modification of the plan, reduction or liquidation (amendments to IAS 19, benefits for employees) specifies how an entity determines pension expenses when changes occur in a defined benefit pension plan. When carried out - a correction, restriction or settlement - IAS 19 requires an entity to set aside its net defined benefit or net asset liability. The amendments require an entity to use the updated assumptions of this remeasurement to determine the current cost of the service and the net interest for the rest of the reporting period after the change in the plan. It is not expected that other IFRS or IFRIC interpretations that are not yet implemented may have a significant impact on the consolidated financial statements. |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Financial Risk Management | 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 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. a) Market risks i) Foreign exchange risk 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, 2017, and 2018 this exposure is mainly concentrated in fluctuations of U.S. dollar, the Chilean and Colombian Pesos. The foreign exchange risk of the investments in Mexico, Bolivia, and Panama are not significant due to the volume of operations. At December 31, 2018, the consolidated statement of financial position includes the following: 2017 2018 S/(000) USD(000) S/(000) USD(000) Assets 1,851,309 570,511 2,273,132 674,753 Liabilities 1,982,007 610,788 2,042,176 604,383 The Group’s exchange gains and losses for the Peruvian Sol, the Chilean and Colombian Pesos exposure against the U.S. dollar was: 2016 2017 2018 Gain 742,930 329,751 382,104 Loss (755,680 ) (323,927 ) (405,380 ) If at December 31, 2018 the Peruvian Sol, the Chilean and Colombian Pesos had strengthened/weakened by 2% against the U.S. dollar, with all other variables held constant, the pre-tax The consolidated statement of changes in equity comprises a foreign currency translation adjustment originated by its subsidiaries. The statement financial position includes assets and liabilities in functional currency equivalent to: 2017 2018 Assets Liabilities Assets Liabilities CLP 77,199,082 74,447,874 48,129,848 49,728,313 COP 101,300,811 74,319,654 163,560,697 76,978,655 The Group’s foreign exchange translation adjustment for 2018 was positive for S/5.7 million (negative for S/11.3 million in 2017). ii) Price risk 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. Group policy is to maintain most of its borrowings at fixed rate instruments; 46.9% of total debt in 2018 (57.8% in 2017) was contracted at fixed rates and 53.1% at variable rates (42.2% in 2017) which consisted of a 27.7% fixed rate plus VAC (adjusted for inflation) and the remaining 25.4% at a variable rate (22.9% fixed rate + VAC and the remaining 19.3% at a variable rate in 2017). The debt subject to fixed rate plus VAC is related to a bond issued in Peruvian Sol to finance the GyM Ferrovias Project, Metro Line 1 (Note 20). Any increase in the interest rate resulting from higher inflation will have no significant impact on the Group’s profit because these revenues are also adjusted for inflation. During 2018 and 2017 borrowings at variable rates are denominated in Peruvian Sol, and U.S. dollars and the Group’s policy is to manage their cash flow risk by using interest-rate swaps, which are recognized under hedge accounting. However, regarding the variable rate loans related to GSP (Note 19 a-ii), Management decided to assume the risk since it expects to pre-pay them before due. If at December 31, 2018, the Libor rate plus three months had increased/decreased by 5%, with all other variables held constant, the pre-tax b) Credit 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. No credit limits were exceeded during the reporting period, and 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. c) Liquidity risk 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 maintain sufficient cash to meet its obligations. However, as of December 31, 2016, the Group started to experienced liquidity risk due to the early termination of the GSP concession agreement and the obligations assumed (Note 16 a-i). Group Corporate Finance monitors rolling forecasts of the Group’s liquidity requirements to ensure it has 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 statement of financial position ratio targets 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 statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Less than 1-2 2-5 More than 1 year years years 5 years Total At December 31, 2017 Other financial liabilities (except for finance leases) 1,003,500 336,913 290,253 — 1,630,666 Finance leases 72,864 41,877 24,022 638 139,401 Bonds 109,746 148,986 353,349 1,272,647 1,884,728 Trade accounts payables 1,453,046 — — — 1,453,046 Accounts payables to related parties 55,174 25,954 — — 81,128 Other accounts payables 153,498 34,527 371,976 — 560,001 Other non-financial — 383 — — 383 2,847,828 588,640 1,039,600 1,273,285 5,749,353 Less than 1-2 2-5 More than 1 year years years 5 years Total At December 31, 2018 Other financial liabilities (except for finance leases) 816,122 273,079 129,233 41,577 1,260,011 Finance leases 15,151 7,489 14,094 — 36,734 Bonds 111,080 153,287 355,667 1,174,404 1,794,438 Trade accounts payables 1,079,531 — — — 1,079,531 Accounts payables to related parties 55,941 21,849 — — 77,790 Other accounts payables 116,806 17,777 338,627 — 473,210 Other non-financial liabilities — 61 — — 61 2,194,631 473,542 837,621 1,215,981 4,721,775 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 reduce the cost of capital. In 2017 the situation of the Group had lead Management to monitor deviations that might cause the non-compliance (Note19-a). 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 As of December 31, 2017, and 2018, the gearing ratio is presented below indicating the Group’s strategy to keep it in a range from 0.10 to 0.70. 2017 2018 Total financial liabilities and bonds 2,637,630 2,139,714 Less: Cash and cash equivalents (626,180 ) (801,140 ) Net debt 2,011,450 1,338,574 Total equity 2,589,078 2,489,931 Total capital 4,600,528 3,828,505 Gearing ratio 0.44 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 assets and liabilities measured at fair value on December 31, 2017, and 2018: Level 1 Level 2 Total At December 31, 2017 Financial assets Financial assets at fair value through profit or loss 181 — 181 Financial liabilities Derivatives used for hedging — 383 383 At December 31, 2018 Financial liabilities Derivatives used for hedging — 61 61 There were no transfers between levels 1 and 2 during the year. |
Critical Accounting Estimates a
Critical Accounting Estimates and Judgements | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Critical Accounting Estimates and Judgements | 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. 5.1 Critical accounting estimates and assumptions The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. a) Estimated impairment of goodwill and other intangible assets with an indefinite useful life Impairment reviews are undertaken annually to determine if goodwill arising from business acquisitions and other intangible assets with indefinite useful life are impaired, in accordance with the policy described in Note 2.15-i). value-in-use If the Group experiences a significant drop in revenues or a drastic increase in costs or changes in other factors, the fair value of their business units might decrease. If management determines that the factors reducing the fair value of the business are permanent, those economic factors will be taken into consideration to determine the recoverable amount of those business units and therefore, goodwill, as well as other intangible assets with indefinite useful life may be deemed to be impaired, which may cause their write-down. In accordance with the impairment evaluations carried out by Management, losses due to deterioration of goodwill and trademarks have been recognized; they were generated by the decrease in the expected flows as a reduction of the contracts’ “backlog”. At December 31, 2017, and 2018 the Group has performed a sensitivity analysis increasing or decreasing the assumptions of gross margin, discount rate, and revenue and terminal growth rate by a 10%, with all the other variables held constant, as follows: Difference between recoverable amount and carrying amounts 2017 2018 Goodwill Gross margin (10 %) +10 % (10 %) +10 % Engineering and construction 81.31 % 143.63 % 0.51 % 41.12 % Electromechanical 197.30 % 620.85 % (9.73 %) 38.89 % IT equipment and services 0.32 % 38.87 % 42.60 % 101.27 % Telecommunication services 465.17 % 1339.26 % — — Discount rate: (10 %) 10 % (10 %) 10.00 % Engineering and construction 146.07 % 86.86 % 39.19 % 6.65 % Electromechanical 478.08 % 354.39 % 29.36 % 2.97 % IT equipment and services 30.06 % 11.25 % 77.06 % 48.93 % Telecommunication services 2190.66 % 1967.37 % — — Terminal growth rate: (10 %) +10 % (10 %) +10 % Engineering and construction 107.41 % 117.91 % 18.48 % 23.30 % Electromechanical 402.19 % 416.25 % 12.90 % 16.34 % IT equipment and services 18.54 % 20.52 % 59.73 % 62.91 % Telecommunication services 2232.86 % 2394.81 % — — Difference between recoverable amount and carrying amounts 2017 2018 Trademarks Revenue growth rate: (10 %) +10 % (10 %) +10 % Morelco 16.37 % (4.79 %) 75.00 % 116.27 % Vial y Vives - DSD (40.72 %) (63.32 %) 27.40 % 55.71 % Adexus 22.10 % (0.10 %) 21.40 % 48.38 % Discount rate: (10 %) +10 % (10 %) +10 % Morelco (7.21 %) 22.92 % 126.00 % 72.33 % Vial y Vives - DSD (58.56 %) (45.65 %) 29.54 % 55.99 % Adexus (2.13 %) 28.02 % 56.26 % 18.49 % Terminal growth rate: (10 %) +10 % (10 %) +10 % Morelco 8.61 % 3.17 % 91.70 % 99.82 % Vial y Vives - DSD (51.36 %) (54.47 %) 38.99 % 44.26 % Adexus 13.27 % 8.86 % 31.90 % 48.38 % In 2018, if the discount rate or terminal growth rate had been 10% below or 10% above Management’s estimates, the Group would not have recognized a provision for impairment of goodwill; however, at the same variation, the Group would have to recognized a provision for impairment of the Electromechanical GMA (in 2017 would nor have recognized a provision for impairment). In 2018, if the revenue growth rate, terminal growth rate or the discount rate had been 10% or had been 10% above Management’s estimates, the Group would have not recognized a provision for impairment in trademarks (in 2017, would have recognized a provision for impairment of trademark in Morelco, Vial y Vives-DSD At December 31, 2017, as a result of these evaluations, an impairment was identified and recorded in the Engineering and Construction CGU, trademark impairment in Vial y Vives-DSD b) Income taxes Determination of the tax obligations and expenses requires interpretations of the applicable tax laws and regulations. The Group seeks legal and tax counsel before making any decision on tax matters. Deferred tax assets and liabilities are calculated on the temporary differences arising between the tax basis of assets and liabilities and the amounts stated in the financial statement of each entity that makes up the Group, using the tax rates in effect in each of the years in which the difference is expected to reverse. Any change in tax rates will affect the deferred income tax assets and liabilities. This change will be recognized in the income statement in the period in which the change takes effect. Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which deductible temporary differences and tax loss carryforwards can be utilized. For this purpose, the Group takes into consideration all available evidence, including factors such as historical data, projected income, current operations, and tax planning strategies. A tax benefit related to a tax position is only recognized if it is more likely than not that the benefit will ultimately be realized. The Group’s maximum exposure to tax contingencies amounts to S/15.7 million. c) Percentage of completion revenue recognition Revenues from construction contracts are recognized using the percentage-of-completion As of December 31, 2016, 2017 and 2018, a sensitivity analysis was performed considering a 10% increase/decrease in the Group’s gross margins, as follows: 2016 2017 2018 Revenues 2,713,013 2,214,108 1,961,100 Gross profit 29,310 106,902 32,685 % 1.08 4.83 1.67 Plus 10% 1.19 5.31 1.84 Increase in profit before income tax 2,975 10,667 3,399 32,285 117,569 36,084 Less 10% 0.97 4.35 1.50 Decrease in profit before income tax (2,975 ) (10,667 ) (3,399 ) 26,335 96,235 29,286 d) Provision for well closure costs At December 31, 2018, the present value of the estimated provision for the closure of 158 wells located in Talara amounted to S/20.3 million (S/16.8 million as of December 31, 2017, for the closure of 144 wells). The well closure liability is adjusted to reflect the changes that resulted from the passage of time and from reviews of either the date of occurrence or the amount of the present value of the originally estimated obligations (Note 18-d). The Group estimates the present value of its future obligation for well closure costs, or well closure liability, and increases the carrying amount of the asset that will be withdrawn in the future and that is shown under the heading of intangibles in the consolidated statement of financial position. The pre-tax 30-year If on December 31, 2017, and 2018, the estimated rate had increased or decreased by 10%, with all variables held constant, the impact on pre-tax e) Impairment of investment in Gasoducto Sur Peruano Based on the termination of the concession agreement, on which Gasoducto Sur Peruano S.A. (GSP) acts as concessionaire (Note 16 a-i), In that process, the Group has applied judgment to weight the various uncertainties surrounding the amount that can be recovered from this investment. Management has determined the recoverable amount assuming two key factors: (i) the amount that GSP will recover as a result of the public auction, and (ii) the validity of its right to subordinate the Odebrecht Group’s debts in GSP. With relation to the amount to be recovered by GSP, the Group is assuming recovery of the minimum amount established in the concession agreement, which is equivalent to 72.25% of the Net Carrying Amount (NCA) of the Concession assets. This amount, in substance, represents a minimum payment to be obtained by GSP based on a public auction (liquidation) to be set up for the adequate transfer of the Concession’s assets to a new Concessionaire within a year, under the relevant contractual terms and conditions. With relation to the validity of its right to subordinate the Odebrecht Group’s liabilities in GSP, Management´s assessment, in consultation with its legal advisors, is that although some uncertainties exist, these do not represent a material risk for exercising this right. The concession agreement also established two additional tranches of 85% or 100% of the NCA to be recovered as a result of a public auction, depending on several factors. In any of these scenarios, the Group would be able to recover its total investment, and no additional impairment would be necessary to be recognized. The calculation of the impairment estimate assumes a GSP settlement process in accordance with Peruvian legislation, whereby the value of the asset to be recovered is applied first to the payments of liabilities in the different categories of creditors and the remainder, if the case, to the payment of the shareholders, taking into account the existing subordination agreements. f) Impairment of the joint operation in Consorcio Constructor Ductos del Sur (CCDS) CCDS was mainly engaged in performing the engineering, procurement and construction work for Gasoducto Sur Peruano S.A. (GSP). Due to the early termination of GSP, the Group applied the rules stated in IAS 36 “Impairment of assets” and IAS 37 “Provisions” to determine the recoverable amounts of the assets and liabilities to be recorded, respectively. As of December 31, 2016, adjustments were made to the audited financial statements of CCDS; as a result, the following adjustments were included in the financial statements of our subsidiary GyM S.A., resulting in a loss of S/15.2 million: S/000 Income for debt forgiveness (i) 431,484 Indemnification income 33,600 Work in progress impairment (ii) (410,199 ) Other provisions (24,915 ) Inventories impairment (iii) (33,824 ) Financial expenses (7,004 ) Property, plant and equipment impairment (4,143 ) Others (liability) asset, net (164 ) (15,165 ) (i) The extinguished trade accounts payable relates to the recognition of the project estimated margin recorded as a liability (Note 2.17). (ii) The recoverable of work in progress relates to the minimum secured payment to be obtained from GSP. (iii) Inventories are assets specific in nature and cannot be traded in an active market. 5.2 Critical judgments in applying the accounting policies Consolidation of entities in which the Group holds less than 50% The Group owns some direct and indirect subsidiaries of which the Group has control even though it has less than 50% of the voting rights. These subsidiaries mainly comprise indirect subsidiaries in the real estate business owned through Viva GyM S.A., having the power to affect the relevant activities that impact the subsidiaries’ returns, even though the Group holds interest between 30% and 50%. Additionally, the Group has control de facto Consolidation of entities in which the Group does not have joint control but holds rights and obligations over the assets and liabilities The Group assesses, on an ongoing basis, the nature of the contracts signed with one or more parties. If no control or joint control is determined to be held by the Group, but it has rights over assets and obligations for liabilities under the arrangement, then the Group recognizes its assets, liabilities, revenue and expenses and its share of any jointly controlled assets or liabilities and any revenue or expense arising under the arrangement as a joint operation in accordance with IFRS 11 - Joint arrangements (Note 2.2-d). |
Interest in Other Entities
Interest in Other Entities | 12 Months Ended |
Dec. 31, 2018 | |
Investments accounted for using equity method [abstract] | |
Interest in Other Entities | 6. INTERESTS IN OTHER ENTITIES The consolidated financial statements include the accounts of the Group and its subsidiaries. Additionally, the consolidated financial statements of the Group include its interest in joint operations in which the Company or certain subsidiaries have joint control with their partners (Note 2.2-d). a) Main subsidiaries The following table shows the principal direct and indirect subsidiaries classified by operating segment (Note 7): Name Country Economic activity Engineering and Construction: GyM S.A. Peru, and Colombia Civil construction, electro-mechanic assembly, buildings management and implementing housing development projects and other related services. GyM Chile S.p.A. Chile Electromechanical assemblies and services to energy, oil, gas and mining sector. Vial y Vives - DSD S.A. Chile Electromechanical assemblies and services. Develop activities related to the construction of engineering projects, civil construction projects and electromechanical assemblies, as well as architectural design and installations in general. Construction and assemblies and electromechanical services in the sectors of energy, oil, gas and mining. GMI S.A. Peru, Mexico, and Bolivia Advisory and consultancy services in engineering, carrying out studies and projects, managing projects and supervision of works. Morelco S.A.S Colombia and Ecuador Providing construction and assembly services, supplying equipment and material to design, build, assemble, operate and maintain all types of mechanical engineering, instrumentation, and civil work. Infrastructure: GMP S.A. Peru Oil and oil by-products Oiltanking Andina Services S.A. Peru Operation of the gas processing plant of Pisco - Camisea. Transportadora de Gas Natural Comprimido Andino S.A.C. Peru Supply, process and market natural gas and its derivative products. Concar S.A. Peru Highway and roads concessions operation and maintenance. GyM Ferrovias S.A. Peru Concession for the operation of the public transportation system of the Line 1 of the Lima Metro (Metro de Lima Metropolitana). Survial S.A. Peru Concession for constructing, operating and maintaining Section 1 of the “Southern Inter-oceanic” highway. Norvial S.A. Peru Concession for restoring, operating and maintaining the “Ancon - Huacho - Pativilca” section of the Panamericana Norte road. Concesion Canchaque S.A.C. Peru Concession for operating and maintaining of the Buenos Aires - Canchaque highway. Concesionaria Via Expresa Sur S.A. Peru Concession for designing, constructing, operating and maintaining the Via Expresa - Paseo de la Republica in Lima. Real estate: VIVA GyM S.A. Peru Developing and managing real estate projects directly or together with other partners. Parent company operation: Adexus S.A. Chile, Peru, Colombia and Ecuador IT solutions services. CAM Holding S.p.A. Chile Electric and technological services for the power industry. Generadora Arabesco S.A. Peru Implementing projects related to electric power-generating activities. Larcomar S.A. Peru Exploiting land right to use the Larcomar Shopping Center. Promotora Larcomar S.A. Peru Building a hotel complex on a plot of land located in the district of Miraflores. Promotores Asociados de Inmobiliarias S.A. Peru Operating in the real-estate industry and engaged in the development and sale of office premises in Peru. Negocios del Gas S.A. Peru Construction, operation, and maintenance of the pipeline system to transport natural gas and liquids. Inversiones en Autopistas S.A. Peru Holding company of shares, participation or any other credit instrument or investment document. The following table shows the Group’s subsidiaries and related interest as of December 31, 2018: Percentage of Percentage of Percentage of Percentage of held by non- controlling Engineering and Construction: GyM S.A. 98.24 % — 98.24 % 1.76 % - Morelco S.A.S. — 70.00 % 70.00 % 30.00 % GyM Chile SpA — 94.49 % 99.99 % 0.01 % - V y V – DSD S.A. — 94.49 % 94.49 % 5.51 % GMI S.A. 89.41 % — 89.41 % 10.59 % - Ecotec — 99.99 % 99.99 % 0.01 % - Gm Ingenieria y Construcción de CV — 99.00 % 99.00 % 1.00 % - Gm Ingeniería Bolivia S.R.L. — 99.00 % 99.00 % 1.00 % - Consorcio Vial La Concordia — 88.00 % 88.00 % 12.00 % Infrastructure: GMP S.A. 95.00 % — 95.00 % 5.00 % - Oiltanking Andina Services S.A. — 50.00 % 50.00 % 50.00 % - Transportadora de Gas Natural Comprimido Andino S.A.C. — 99.93 % 99.93 % 0.07 % Concar S.A. 99.99 % — 99.99 % 0.01 % GyM Ferrovias S.A. 75.00 % — 75.00 % 25.00 % Survial S.A. 99.99 % — 99.99 % 0.01 % Norvial S.A. 67.00 % — 67.00 % 33.00 % Concesión Canchaque S.A. 99.96 % — 99.96 % 0.04 % Concesionaria Vía Expresa Sur S.A. 99.98 % 0.02 % 100.00 % — Percentage of Percentage of Percentage of Percentage of held by non- controlling Real Estate: Viva GyM S.A. 63.44 % 36.10 % 99.54 % 0.46 % Parent company operations: Generadora Arabesco S.A. 99.00 % — 99.00 % 1.00 % Larcomar S.A. 79.66 % — 79.66 % 20.34 % Promotora Larcomar S.A. 46.55 % — 46.55 % 53.45 % Promotores Asociados de Inmobiliarias S.A. 99.99 % — 99.99 % 0.01 % Negocios del Gas S.A. 99.99 % 0.01 % 100.00 % — Agenera S.A. 99.00 % 1.00 % 100.00 % — Inversiones en Autopistas S.A. 100.00 % — — — Cam Holding S.p.A. 100.00 % — 100.00 % — Adexus S.A. 99.99 % 0.01 % 100.00 % — The following table shows the Group’s subsidiaries and related interest as of December 31, 2017: Percentage of Percentage of Percentage of common shares held by the group (%) Percentage of held by non- controlling Engineering and Construction: GyM S.A. 98.23 % — 98.23 % 1.77 % Stracon GyM S.A. — 87.59 % 87.59 % 12.41 % GyM Chile SpA — 99.99 % 99.99 % 0.01 % V y V – DSD S.A. — 94.49 % 94.49 % 5.51 % Morelco S.A.S. — 70.00 % 70.00 % 30.00 % GMI S.A. 89.41 % — 89.41 % 10.59 % Infrastructure: GMP S.A. 95.00 % — 95.00 % 5.00 % Oiltanking Andina Services S.A. — 50.00 % 50.00 % 50.00 % Transportadora de Gas Natural Comprimido Andino S.A.C. — 99.93 % 99.93 % 0.07 % Concar S.A. 99.75 % — 99.75 % 0.25 % GyM Ferrovias S.A. 75.00 % — 75.00 % 25.00 % Survial S.A. 99.99 % — 99.99 % 0.01 % Norvial S.A. 67.00 % — 67.00 % 33.00 % Concesión Canchaque S.A. 99.96 % — 99.96 % 0.04 % Real Estate: Viva GyM S.A. 63.44 % 36.10 % 99.54 % 0.46 % Parent company operations: Cam Holding S.p.A. 100.00 % — 100.00 % — Coasin Instalaciones Ltda. — 100.00 % 100.00 % — CAM Servicios del Perú S.A. 73.16 % — 73.16 % 26.84 % Adexus S.A. 99.99 % 0.01 % 100.00 % — Generadora Arabesco S.A. 99.00 % — 99.00 % 1.00 % Larcomar S.A. 79.66 % — 79.66 % 20.34 % Promotora Larcomar S.A. 46.55 % — 46.55 % 53.45 % Promotores Asociados de Inmobiliarias S.A. 99.99 % — 99.99 % 0.01 % Negocios del Gas S.A. 99.99 % 0.01 % 100.00 % — Agenera S.A. 99.00 % 1.00 % 100.00 % — Inversiones en Autopistas S.A. 99.99 % 0.01 % 100.00 % — In June 2018, the Company increased its interest in the shares of Adexus S.A. to 100% (Note 33-a). In 2017, the Group sold GMD S.A. and, in 2018, the subsidiary Cam Servicios del Peru S.A. was sold as well as the following indirect subsidiaries: i) Stracon GyM S.A. through GyM S.A. and ii) Cam Chile SpA, through Cam Holding SpA. These investments were deconsolidated from the Company, and their operations are shown in Note 37. In August 2016, the Company had acquired additional interest in the share capital of Adexus S.A. to obtain control (Note 33-a). The following table shows the Group’s subsidiaries non-controlling Non-controlling 2017 2018 Viva GyM S.A. and subsidiaries 225,921 168,612 GyM S.A. and subsidiaries 103,170 67,639 Norvial S.A. 68,419 65,918 CAM Holding S.p.A. (6,417 ) — GMP S.A. 22,263 23,424 GyM Ferrovias S.A. 35,419 55,986 Promotora Larcomar S.A. 13,395 13,121 Other 3,578 6,871 465,748 401,571 Summarized financial information of subsidiaries with material non-controlling Set out below is the summarized financial information for each subsidiary that has non-controlling Summarized statement of financial position Viva GyM S.A. and GyM S.A. and subsidiaries Norvial S.A. At December 31, At December 31, At December 31, 2017 2018 2017 2018 2017 2018 Current: Assets 884,591 720,976 1,875,231 1,262,588 88,077 109,778 Liabilities (352,125 ) (310,132 ) (2,142,618 ) (1,467,953 ) (45,613 ) (66,506 ) Current net assets (liabilities) 532,466 410,844 (267,387 ) (205,365 ) 42,464 43,272 Non-current: Assets 78,457 98,504 1,368,460 980,653 492,803 462,739 Liabilities (44,068 ) (37,154 ) (546,342 ) (413,026 ) (327,936 ) (306,261 ) Current net assets 34,389 61,350 822,118 567,627 164,867 156,478 Net assets 566,855 472,194 554,731 362,262 207,331 199,750 Summarized income statement Viva GyM S.A. and GyM S.A. and Norvial S.A. At December 31, At December 31, At December 31, 2017 2018 2017 2018 2017 2018 Revenue 647,535 630,130 2,163,543 1,704,998 149,467 163,117 Profit (loss) before income tax 153,602 226,945 (75,977 ) (154,452 ) 68,104 21,104 Income tax (35,900 ) (69,166 ) 4,486 18,559 (18,678 ) (3,885 ) Profit (loss) for the period 117,702 157,779 (71,491 ) (135,893 ) 49,426 17,219 Discontinued operations — — 76,837 44,096 — — Other comprehensive Income — — (2,641 ) (14,061 ) — — Total comprehensive income/loss for the period 117,702 157,779 2,705 (105,858 ) 49,426 17,219 Dividends paid to non-controlling (36-d) 21,165 84,870 4,056 4,241 9,240 8,184 Summarized statement of cash flows Viva GYM S.A. and GyM S.A. and Norvial S.A. For the year ended For the year ended For the year ended 2017 2018 2017 2018 2017 2018 Cash flows from operating activities provided by, net 163,304 259,992 211,315 148,754 25,041 70,939 Cash flows from investing activities provided by (applied to), net 79,471 (8,460 ) 72,438 233,150 — (2 ) Cash flows from financing activities applied to, net (203,958 ) (255,979 ) (183,092 ) (388,836 ) (48,010 ) (43,536 ) Increase (decrease) in cash and cash equivalents, net 38,817 (4,447 ) 100,661 (6,932 ) (22,969 ) 27,401 Cash and cash equivalents at the beginning of the year 58,892 97,709 78,899 179,560 95,418 72,449 Cash and cash equivalents at the end of the year 97,709 93,262 179,560 172,628 72,449 99,850 The information above is the amount before inter-company eliminations. b) Public services concessions The Group operates various public service concessions. When applicable, revenue attributable to the construction or restoration of infrastructure has been accounted for by applying the models set forth in Note 2.5 (financial asset, intangible asset; and bifurcated models). The subsidiary Transportadora de Gas Natural Comprimido Andino S.A.C. (hereinafter TGNCA) held a concession to design, finance, construct, maintain and operate the compressed natural gas supply system to be implemented in certain cities. In September 2016 the Concession Agreement was terminated. As of December 14, 2018; the Ministry of Energy and Mines paid the remaining balance related to trade accounts receivable for S/17.3 million. Under all of the Group concessions, the infrastructure is returned to the grantor at the end of the concession agreement. The concessions held by the Group are as follows as of December 31, 2018: Name of Concession Description Estimated investment Consideration Ordinary Concession Accounting Survial S.A. This company operates and maintains a 750 km road from the San Juan de Marcona port to Urcos, Peru, which is connected to an interoceanic road. The road has five toll stations and three weigh stations. US$98.9 million Transaction secured by the Peruvian Government involving from annual payments for the maintenance and operation of the road, which is in charge of the Peruvian Ministry of Transport and Communications (MTC). 99.90% 2032 Financial asset Canchaque S.A.C. This company operates and periodically maintains a 78 km road which connects the towns of Buenos Aires and Canchaque, in Peru The road has one toll station. US$29 million Transaction secured by the Peruvian Government regardless the traffic volume. Revenue is secured by an annual minimum amount of US$ 0.3 million. 99.96% 2025 Financial asset Concesionaria. La Chira S.A. Designing, financing, constructing, operating and maintaining project called “Planta de Tratamiento de Aguas Residuales y Emisario Submarino La Chira”. The Project will treat approximately 25% of wastewaters in Lima. S/250 million Transaction secured by the Peruvian Government consisting of monthly and quarterly payments settled by Sedapal’s collection trust. 50.00% 2036 Financial asset GyM Ferrovias S.A. Concession for the operation of Line 1 of the Lima Metro, Peru’s only urban railway system in Lima city, which includes (i) operation and maintenance of the five existing trains, (ii) operation and maintenance and the acquisition of 19 trains on behalf of the Peruvian Government and (iii) design and construction of the repair yard and maintenance of railway. S/549.8 million Transaction secured by the Peruvian Government involving a quarterly payment received from MTC based on km travelled per train. 75.00% 2041 Financial asset Norvial S.A. The Company operates and maintains part of the only highway that connects Lima to the northwest of Peru. This 183 km road known as Red Vial 5 runs from the cities of Ancón to Pativilca and has three toll stations. US$152 million From users (self-financed concession; revenue is derived from collection of tolls). 67.00% 2028 Intangible Via Expresa Sur S.A. The Company obtained the concession for designing, financing, building, operating and maintaining the infrastructure associated with the Vía Expresa Sur Project. This project involves the second stage expansion of the Via Expresa - Paseo de la Republica, between Av. Republica de Panama and and Panamericana highway. US$196.8 million The contract gives the right of collection from users; however the Peruvian Government shall pay the difference when the operating revenue obtained is below US$18 million during the first two years and below US$19.7 million from the third year to the fifteenth year of the effective period of the financing, with a ceiling of US$10 million. In June 2017, the contract was suspended temporarily for one year by agreement between the Concessionaire and the grantor. The suspension was extended for an additional year. 99.98% 2053 Bifurcated Recaudo Trujillo S.A.C. Design, implementation, operation, technological maintenance and renewal (estimate) of the single system of electronic collection. Design, implementation, operation and maintenance of the Clearing house Implementation of the Fleet Control Center, as well as training to personnel. US$40.2 million Economic consideration resulting from applying the “price for validation” considering daily validations input on the system to be managed through a trust. 95.00% 2036 Intangible c) Main joint operations At December 31, 2018, the Group is a partner to 46 Joint Operations with third parties (64 at December 31, 2017, and 69 at December 31, 2016). The table below lists the Group’s major Joint Operations. Percentage of interest Joint operations 2016 2017 2018 Graña y Montero S.A.A. - Concesionaria la Chira S.A. 50.00 % 50.00 % 50.00 % GyM S.A. - Consorcio Constructor Alto Cayma 50.00 % 50.00 % 50.00 % - Consorcio Alto Cayma 49.00 % 49.00 % 49.00 % - Consorcio Lima Actividades Comerciales 50.00 % 50.00 % 50.00 % - Consorcio Norte Pachacutec 49.00 % 49.00 % 49.00 % - Consorcio La Chira 50.00 % 50.00 % 50.00 % - Consorcio Río Urubamba 50.00 % 50.00 % 50.00 % - Consorcio Vial Quinua 46.00 % 46.00 % 46.00 % - Consorcio Rio Mantaro 50.00 % 50.00 % 50.00 % - Consorcio GyM – CONCIVILES 66.70 % 66.70 % 66.70 % - Consorcio Construcciones y Montajes CCM 25.00 % 25.00 % 25.00 % - Consorcio HV GyM 50.00 % 50.00 % 50.00 % - Consorcio Stracon Motta Engil JV 50.00 % 50.00 % — - Consorcio Huacho Pativilca 67.00 % 67.00 % 67.00 % - Consorcio Constructor Chavimochic 26.50 % 26.50 % 26.50 % - Consorcio Constructor Ductos del Sur 29.00 % 29.00 % 29.00 % - Consorcio Italo Peruano 48.00 % 48.00 % 48.00 % - Consorcio Menegua 50.00 % 50.00 % 50.00 % - Consorcio Energia y Vapor 50.00 % 50.00 % 50.00 % - Consorcio Ermitaño 50.00 % 50.00 % 50.00 % - Consorcio para la Atención y Mantenimiento de Ductos 50.00 % 50.00 % 50.00 % - Consorcio Lima Actividades Comerciales Sur 50.00 % 50.00 % 50.00 % - Consorcio CDEM — 85.00 % 85.00 % - Consorcio Chicama - Ascope — 50.00 % 50.00 % - Consorcio TNT Vial y Vives - DSD Chile LTDA — 50.00 % 50.00 % - Consorcio La Gloria 49.00 % 49.00 % 49.00 % - Consorcio GyM Sade Skanska 50.00 % 50.00 % 50.00 % - Constructora Incolur DSD Limitada 50.00 % 50.00 % 50.00 % - Consorcio Chiquintirca — 40.00 % 40.00 % - Consorcio Vial ICAPAL — 10.00 % 10.00 % GMP S.A. - Consorcio Terminales 50.00 % 50.00 % 50.00 % - Terminales del Peru 50.00 % 50.00 % 50.00 % GMD S.A. - Consorcio Cosapi-Data - GMD S.A. 70.00 % — — - Consorcio The Louis Berger Group Inc. - GMD 66.45 % — — - Consorcio Procesos Digitales 43.65 % — — - Consorcio GMD S.A. - Indra S.A. 50.00 % — — - Consorcio Fabrica de Software 50.00 % — — - Consorcio Gestion de Procesos Electorales (ONPE) 50.00 % — — - Consorcio Lima Actividades Sur 50.00 % — — - Consorcio Latino de Actiuvidades Comerciales de Clientes Especiales 50.00 % — — - Consorcio Latino de Actividades Comerciales de 75.00 % — — - Consorcio Gestion de Procesos Junta de Gobernadores 45.00 % — — - Consorcio Soluciones Digitales 38.00 % — — - Consorcio de Gestion de la Informacion 56.00 % — — - Consorcio de la disponibilidad PKI 70.00 % — — CONCAR S.A. - Consorcio Ancón-Pativilca 67.00 % 67.00 % 67.00 % - Consorcio Peruano de Conservación 50.00 % 50.00 % 50.00 % - Consorcio Manperán 67.00 % 67.00 % 67.00 % - Consorcio Vial Sierra 50.00 % 50.00 % 100.00 % - Consorcio Vial Ayahuaylas — 99.00 % 99.00 % - Consorcio Vial Sullana — 99.00 % 99.00 % -Consorcio Vial del Sur — 99.00 % 99.00 % Viva GyM S.A. - Consorcio Panorama 35.00 % 35.00 % — CAM HOLDING S.p.A - Consorcio Mecam 50.00 % 50.00 % — - Consorcio Seringel 50.00 % 50.00 % — GMI S.A. - Consorcio Poyry-GMI — 40.00 % 40.00 % - Consorcio Internacional Supervisión Valle Sagrado — 33.00 % 33.00 % - Consorcio Supervisor Ilo — 55.00 % 55.00 % All of the joint arrangements listed above operate in Peru, Chile, and Colombia. The table below provides a description of the main activities carried out by these joint operations: Joint Operations in Economic activity Graña y Montero S.A.A. Construction, operation and maintenance of La Chira wastewater treatment plant in the south of Lima. The project is aimed to solve Lima’s environmental problems caused by sewage discharged directly into the sea. GyM S.A. Theses joint operations are carried out through the four divisions of the engineering and construction segment (Note 7). GMP S.A. Consorcio Terminales and Terminales del Peru provide services for receiving, storing, shipping and transporting liquid hydrocarbons, such as gasoline, jet fuel, diesel fuel and residual among others. CONCAR S.A. Concar’s joint operations provides rehabilitation service, routine and periodic maintenance of the road; and road conservation and preservation services. The consolidated financial statements do not include any other type of entities in addition to those mentioned above, such as trust funds or special purpose entities. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Segment Reporting | 7 SEGMENT REPORTING Operating segments are reported consistently with the internal reports that are reviewed by the Group’s chief decision-maker; that is, the Executive Committee, which is led by the Corporate General Manager. This Committee acts as the maximum authority in operations decision making and is 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 based on the level of revenue is: ‘engineering and construction’. However, the Group has voluntarily decided to report on all its operating segments as detailed in this Note. The revenues derived from foreign operations (Chile, Colombia, Bolivia, and Guyana) comprise 14.2% of the Group’s total revenue reported in 2018 (10.6% in 2017 and 13.2% in 2016). Sales between segments are carried out at arm’s length, are not material, and are eliminated on consolidation. The revenue from external parties is measured in a manner consistent with that in the income statement. Sale of goods relate to the real estate segment. Revenue from services relate to all other segments. Group sales and receivables are not concentrated in a few customers. There is no external customer that represents 10% or more of the Group’s revenue. The principal activities of the Group in each operating segments are as follows: a) Engineering and construction: This segment includes from traditional engineering services such as structural, civil and design engineering, and architectural planning to advanced specialties including process design, simulation, and environmental services at three divisions; i) civil works, such as the construction of hydroelectric power stations and other large infrastructure facilities; (ii) electro-mechanic construction, such as concentrator plants, oil, and natural gas pipelines, and transmission lines; iii) building construction, such as office buildings, residential buildings, hotels, affordable housing projects, shopping centers, and industrial facilities. b) Infrastructure: The Group has long-term concessions or similar contractual arrangements in Peru for three toll roads, the Lima Metro, a wastewater treatment plant in Lima, four producing oil fields, a gas processing plant and operation and maintenance services for infrastructure assets. c) Real Estate: The Group develops and sells homes targeted to low and middle-income population sectors which are experiencing a significant increase in disposable income, as well as, office and commercial space to a lesser extent. d) Parent Company Operation corresponds to the services which the Holding company provides, management, logistics and accounting services, among others. The Executive Committee uses adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) to assess the performance of operating segments. Profit before income tax reconciles to EBITDA as follows: 2016 2017 2018 (as restated) (Loss)/profit before income tax (708,134 ) 45,112 133,948 Discontinued operations 104,354 210,431 36,785 Financial cost, net 179,829 137,035 197,057 Depreciation 118,832 109,342 86,335 Amortization 64,572 70,383 103,174 EBITDA (*) (240,546 ) 572,303 557,299 EBITDA for each segment is as follows: 2016 2017 2018 Engineering and construction 19,255 119,987 19,242 Infrastructure 237,752 300,935 411,502 Real state 121,420 177,286 240,991 Parent company operations (1,025,197 ) 125,938 (27,802 ) Intercompany eliminations 406,546 (151,843 ) (86,634 ) Total EBITDA (240,546 ) 572,303 557,299 Backlog refers to the expected future revenue under signed contracts and legally binding letters of intent. The breakdown by operating segments as of December 31, 2018, and the dates in which they are estimated to be realized is shown in the following table: Annual Backlog 2018 2019 2020 2021+ Engineering and construction 2,644,386 1,755,890 725,351 163,145 Infrastructure 1,759,849 600,630 570,114 589,108 Real state 195,566 — 177,135 18,431 Intercompany eliminations (351,865 ) (115,748 ) (119,221 ) (116,897 ) 4,247,936 2,240,772 1,353,379 653,787 The following table shows the Group’s financial statements by operating segments: Infrastructure Engineering Energy Toll Transportation Water Real Parent Eliminations Consolidated As of December 31, 2017 Assets.- Cash and cash equivalent 184,401 43,878 121,901 161,073 4,204 85,187 25,536 — 626,180 Financial asset at fair value through profit or loss 181 — — — — — — — 181 Trade accounts receivables 891,252 64,364 128,124 108,706 604 45,897 274,522 2,204 1,515,673 Work in progress 55,774 — — — — — 6,030 — 61,804 Accounts receivable from related parties 230,607 2,746 62,525 3,072 8,852 69,382 76,006 (352,438 ) 100,752 Other accounts receivable 518,123 55,959 66,765 31,381 1,922 40,026 51,269 — 765,445 Inventories 46,499 15,093 8,685 19,457 — 643,882 45,702 (8,607 ) 770,711 Prepaid expenses 4,470 1,168 2,354 10,312 164 216 14,794 — 33,478 1,931,307 183,208 390,354 334,001 15,746 884,590 493,859 (358,841 ) 3,874,224 Non-current 17,722 — — — — — — — 17,722 Total current assets 1,949,029 183,208 390,354 334,001 15,746 884,590 493,859 (358,841 ) 3,891,946 Long-term trade accounts receivable 58,997 — 14,747 793,991 — — 39,852 — 907,587 Long-term work in progress — — 28,413 — — — — — 28,413 Long-term accounts receivable from related parties 258,479 — 27,660 — — — 637,415 (149,624 ) 773,930 Prepaid expenses — — 24,585 13,115 892 — — (510 ) 38,082 Other long-term accounts receivable 75,030 53,917 11,159 255,179 7,348 9,811 58,408 — 470,852 Investments in associates and joint ventures 111,513 7,344 — — — 1 2,216,343 (2,066,530 ) 268,671 Investment property — — — — — 45,687 — — 45,687 Property, plant and equipment 509,700 171,226 18,572 580 60 11,621 171,563 (17,587 ) 865,735 Intangible assets 203,390 160,288 492,424 323 — 1,022 71,363 11,260 940,070 Deferred income tax asset 165,227 5,507 11,057 — — 10,316 238,560 6,030 436,697 Total non-current 1,382,336 398,282 628,617 1,063,188 8,300 78,458 3,433,504 (2,216,961 ) 4,775,724 Total assets 3,331,365 581,490 1,018,971 1,397,189 24,046 963,048 3,927,363 (2,575,802 ) 8,667,670 Liabilities.- Borrowings 591,987 46,924 2,589 — — 162,031 253,233 — 1,056,764 Bonds — — 24,361 12,294 — — — — 36,655 Trade accounts payable 955,015 62,659 85,329 81,161 132 43,724 225,966 (940 ) 1,453,046 Accounts payable to related parties 114,198 3,664 60,857 83,841 14 37,396 102,976 (347,772 ) 55,174 Current income tax 29,379 1,282 1,122 — 161 45,299 8,300 — 85,543 Other accounts payable 492,362 12,487 68,994 27,058 49 63,654 183,895 1 848,500 Provisions 6,682 5,204 — — — 20 1,597 — 13,503 Total current liabilities 2,189,623 132,220 243,252 204,354 356 352,124 775,967 (348,711 ) 3,549,185 Borrowings 127,773 101,549 1,945 — — 12,010 390,022 — 633,299 Long-term bonds — — 319,549 591,363 — — — — 910,912 Other long-term accounts payable 379,043 — 52,349 349,987 158 32,058 38,878 — 852,473 Long-term accounts payable to related parties 4,306 — 836 89,023 23,445 — 62,841 (154,497 ) 25,954 Provisions 8,587 16,707 — — — — 8,620 — 33,914 Derivative financial instruments — 383 — — — — — — 383 Deferred income tax liability 26,633 8,957 8,606 20,789 210 — 7,277 — 72,472 Total non-current 546,342 127,596 383,285 1,051,162 23,813 44,068 507,638 (154,497 ) 2,529,407 Total liabilities 2,735,965 259,816 626,537 1,255,516 24,169 396,192 1,283,605 (503,208 ) 6,078,592 Equity attributable to controlling interest in the Company 487,923 299,411 323,987 106,256 (123 ) 217,290 2,629,428 (1,940,842 ) 2,123,330 Non-controlling 107,477 22,263 68,447 35,417 — 349,566 14,330 (131,752 ) 465,748 Total liabilities and equity 3,331,365 581,490 1,018,971 1,397,189 24,046 963,048 3,927,363 (2,575,802 ) 8,667,670 Operating segments financial position Segment reporting Infrastructure Engineering Energy Toll Transportation Water Real Parent Eliminations Consolidated As of December 31, 2018 Assets.- Cash and cash equivalent 177,455 34,816 168,460 191,178 6,700 93,262 129,269 — 801,140 Financial asset at fair value through profit or loss — — — — — — — — — Trade accounts receivables 583,842 54,350 78,013 226,919 598 63,038 1,068 — 1,007,828 Work in progress 24,962 — — — — — 3,576 — 28,538 Accounts receivable from related parties 203,583 492 40,820 758 9,930 60,759 98,308 (379,747 ) 34,903 Other accounts receivable 386,467 37,611 28,492 31,012 199 55,508 49,160 2 588,451 Inventories 27,852 18,823 9,206 25,282 — 448,328 — (15,444 ) 514,047 Prepaid expenses 3,825 1,345 3,068 874 135 81 1,221 — 10,549 1,407,986 147,437 328,059 476,023 17,562 720,976 282,602 (395,189 ) 2,985,456 Non-current — — — — — — 247,798 — 247,798 Total current assets 1,407,986 147,437 328,059 476,023 17,562 720,976 530,400 (395,189 ) 3,233,254 Long-term trade accounts receivable 14,455 — 33,380 966,202 — 6,030 — — 1,020,067 Long-term work in progress — — 32,212 — — — — — 32,212 Long-term accounts receivable from related parties 254,660 — 39,341 — — — 744,655 (260,430 ) 778,226 Prepaid expenses — — 28,214 5,152 840 — — (509 ) 33,697 Other long-term accounts receivable 77,028 63,797 7,058 64,817 7,346 30,268 52,645 (2 ) 302,957 Investments in associates and joint ventures 114,676 7,230 — — — 5,604 2,213,023 (2,082,768 ) 257,765 Investment property — — — — — 29,133 — — 29,133 Property, plant and equipment 205,678 171,430 14,585 1,586 109 9,237 69,088 (1,159 ) 470,554 Intangible assets 160,088 183,614 466,153 749 — 1,105 23,514 11,872 847,095 Deferred income tax asset 166,624 5,025 11,876 — 620 17,127 218,201 5,963 425,436 Total non-current 993,209 431,096 632,819 1,038,506 8,915 98,504 3,321,126 (2,327,033 ) 4,197,142 Total assets 2,401,195 578,533 960,878 1,514,529 26,477 819,480 3,851,526 (2,722,222 ) 7,430,396 Liabilities.- Borrowings 232,409 26,621 15,384 209,463 — 133,105 209,492 — 826,474 Bonds — — 25,745 13,422 — — — — 39,167 Trade accounts payable 777,130 49,254 61,233 104,652 121 31,173 55,968 — 1,079,531 Accounts payable to related parties 179,351 1,933 46,099 65,256 58 35,085 91,754 (363,595 ) 55,941 Current income tax 5,898 2,797 1,398 9,888 226 4,219 1,381 — 25,807 Other accounts payable 389,896 13,147 72,823 11,677 631 106,286 38,209 — 632,669 Provisions 521 5,412 — — — 264 — — 6,197 Non-current — — — — — — 225,828 — 225,828 Total current liabilities 1,585,205 99,164 222,682 414,358 1,036 310,132 622,632 (363,595 ) 2,891,614 Borrowings 9,314 87,166 556 — — 10,684 268,478 — 376,198 Long-term bonds — — 299,637 598,238 — — — — 897,875 Other long-term accounts payable 357,146 — 31,477 154,756 1,656 26,470 2,605 — 574,110 Long-term accounts payable to related parties 8,880 — 1,167 81,207 23,445 — 183,826 (276,676 ) 21,849 Provisions 32,122 20,234 — — — — 51,055 — 103,411 Derivative financial instruments — 61 — — — — — — 61 Deferred income tax liability 5,564 24,541 7,010 37,178 — — 1,054 — 75,347 Total non-current 413,026 132,002 339,847 871,379 25,101 37,154 507,018 (276,676 ) 2,048,851 Total liabilities 1,998,231 231,166 562,529 1,285,737 26,137 347,286 1,129,650 (640,271 ) 4,940,465 Equity attributable to controlling interest in the Company 331,178 323,943 332,406 171,594 340 193,483 2,708,803 (1,973,387 ) 2,088,360 Non-controlling 71,786 23,424 65,943 57,198 — 278,711 13,073 (108,564 ) 401,571 Total liabilities and equity 2,401,195 578,533 960,878 1,514,529 26,477 819,480 3,851,526 (2,722,222 ) 7,430,396 Operating segment performance Segment Reporting Infrastructure Engineering Parent and Water Real Company construction Energy Toll roads Electric Train treatment estate operations Eliminations Consolidated Year 2016 - Revenue 2,936,831 382,211 527,104 247,040 18,459 411,518 62,070 (447,924 ) 4,137,309 Gross profit (loss) 60,191 42,129 121,114 42,474 5,698 136,539 (171 ) (91,885 ) 316,089 Administrative expenses (212,048 ) (17,260 ) (35,084 ) (12,951 ) (787 ) (28,429 ) (35,967 ) 64,223 (278,303 ) Other income and expenses (14,246 ) 542 262 9 — 835 (5,842 ) (3,920 ) (22,360 ) Gain from the sale of investments — — — — — — 46,336 — 46,336 Operating (loss) profit (166,103 ) 25,411 86,292 29,532 4,911 108,945 4,356 (31,582 ) 61,762 Financial expenses (60,806 ) (10,801 ) (7,390 ) (2,810 ) (37 ) (14,388 ) (116,554 ) 14,731 (198,055 ) Financial income 9,987 1,040 2,225 8,037 86 2,817 20,924 (26,891 ) 18,225 Share of the profit or loss in associates and joint ventures 16,505 1,615 — — — 6,850 (1,036,888 ) 421,852 (590,066 ) (Loss) profit before income tax (200,417 ) 17,265 81,127 34,759 4,960 104,224 (1,128,162 ) 378,110 (708,134 ) Income tax 19,731 (5,308 ) (22,213 ) (10,904 ) (1,433 ) (27,054 ) 192,131 7,232 152,182 (Loss) profit from continuing operations (180,686 ) 11,957 58,914 23,855 3,527 77,170 (936,031 ) 385,342 (555,952 ) Profit from discontinued operations 87,239 — — — — — 1,423 15,692 104,354 (Loss) profit for the year (93,447 ) 11,957 58,914 23,855 3,527 77,170 (934,608 ) 401,034 (451,598 ) (Loss) profit attributable to: Owners of the Company (87,710 ) 9,369 43,656 17,892 3,527 22,105 (932,961 ) 414,423 (509,699 ) Non-controlling (5,737 ) 2,588 15,258 5,963 — 55,065 (1,647 ) (13,389 ) 58,101 (93,447 ) 11,957 58,914 23,855 3,527 77,170 (934,608 ) 401,034 (451,598 ) Operating segment performance Segment Reporting Infrastructure Engineering Parent and Water Real Company construction Energy Toll roads Transportation treatment estate operations Eliminations Consolidated (as restated) Year 2017 - Revenue 2,331,907 436,876 642,127 365,771 3,152 647,535 70,050 (483,405 ) 4,014,013 Gross profit (loss) 176,473 71,825 139,196 48,696 445 147,383 (37,771 ) (43,795 ) 502,452 Administrative expenses (188,162 ) (15,854 ) (32,453 ) (15,279 ) (317 ) (21,189 ) (100,968 ) 51,768 (322,454 ) Other income and expenses (46,445 ) 5,138 1,061 5 — (3,700 ) 10,512 560 (32,869 ) Gain from the sale of investments — — — — — 49,002 (18,672 ) 4,215 34,545 Operating (loss) profit (58,134 ) 61,109 107,804 33,422 128 171,496 (146,899 ) 12,748 181,674 Financial expenses (46,655 ) (13,423 ) (6,892 ) (8,000 ) (50 ) (21,918 ) (81,310 ) 27,471 (150,777 ) Financial income 8,491 1,965 3,257 3,606 26 3,569 35,431 (42,603 ) 13,742 Share of the profit or loss in associates and joint ventures 30,982 1,584 — — — 456 142,595 (175,144 ) 473 Profit (loss) before income tax (65,316 ) 51,235 104,169 29,028 104 153,603 (50,183 ) (177,528 ) 45,112 Income tax 877 (13,151 ) (32,290 ) (9,544 ) (228 ) (35,900 ) 44,032 (101 ) (46,305 ) Profit (loss) from continuing operations (64,439 ) 38,084 71,879 19,484 (124 ) 117,703 (6,151 ) (177,629 ) (1,193 ) Profit from discontinued operations 76,837 — — — — — 123,603 9,991 210,431 Profit (loss) for the period 12,398 38,084 71,879 19,484 (124 ) 117,703 117,452 (167,638 ) 209,238 Profit (loss) attributable to: Owners of the Company 12,078 33,714 55,620 14,613 (124 ) 48,647 125,182 (140,992 ) 148,738 Non-controlling 320 4,370 16,259 4,871 — 69,056 (7,730 ) (26,646 ) 60,500 12,398 38,084 71,879 19,484 (124 ) 117,703 117,452 (167,638 ) 209,238 Operating segment performance Segment Reporting Infrastructure Engineering Energy Toll roads Transportation Water Real Parent Eliminations Consolidated Year 2018 - Revenue 1,960,863 560,506 733,148 586,329 3,270 630,130 62,098 (636,882 ) 3,899,462 Gross profit (loss) 62,095 120,360 107,092 122,567 592 287,959 (10,564 ) (15,612 ) 674,489 Administrative expenses (136,066 ) (20,898 ) (35,626 ) (12,007 ) (295 ) (50,730 ) (62,891 ) 40,080 (278,433 ) Other income and expenses (13,509 ) 1,243 (11 ) 31 — (1,971 ) (47,778 ) 660 (61,335 ) Gain from the sale of investments (7 ) — — — — — — — (7 ) Operating profit (loss) (87,487 ) 100,705 71,455 110,591 297 235,258 (121,233 ) 25,128 334,714 Financial expenses (82,861 ) (15,631 ) (28,762 ) (20,604 ) — (14,700 ) (121,938 ) 36,514 (247,982 ) Financial income 15,122 4,593 4,631 35,147 559 6,397 38,614 (54,138 ) 50,925 Dividends — — — — — — 8,344 (8,344 ) — Share of the profit or loss in associates and joint ventures 11,366 1,608 — — — (10 ) 84,138 (100,811 ) (3,709 ) (Loss)/profit before income tax (143,860 ) 91,275 47,324 125,134 856 226,945 (112,075 ) (101,651 ) 133,948 Income tax 14,361 (26,275 ) (15,737 ) (38,018 ) (517 ) (69,166 ) 22,866 (832 ) (113,318 ) (Loss) profit from continuing operations (129,499 ) 65,000 31,587 87,116 339 157,779 (89,209 ) (102,483 ) 20,630 Profit from discontinued operations 44,096 — — — — — (3,708 ) (3,603 ) 36,785 (Loss) profit for the period (85,403 ) 65,000 31,587 87,116 339 157,779 (92,917 ) (106,086 ) 57,415 Profit (loss) attributable to: Owners of the Company (86,857 ) 59,866 26,731 65,337 339 28,921 (85,715 ) (91,810 ) (83,188 ) Non-controlling 1,454 5,134 4,856 21,779 — 128,858 (7,202 ) (14,276 ) 140,603 (85,403 ) 65,000 31,587 87,116 339 157,779 (92,917 ) (106,086 ) 57,415 Segments by geographical area 2016 2017 2018 Revenues: - Peru 3,590,772 3,589,048 3,347,540 - Chile 163,990 371,986 226,891 - Colombia 363,311 50,829 325,031 - Guyana 717 — — - Ecuador 3,682 — — - Bolivia 14,837 2,150 — 4,137,309 4,014,013 3,899,462 Non-current - Peru 3,995,453 4,164,342 3,896,920 - Chile 446,998 407,152 142,383 - Colombia 260,732 203,203 157,839 - Bolivia 13,043 149 — - Ecuador 888 — — - Guyana 862 878 — 4,717,976 4,775,724 4,197,142 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
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Financial Instruments | 8 FINANCIAL INSTRUMENTS 8.1 Financial instruments by category The classification of financial assets and liabilities by category is as follows: At December 31 2017 2018 Assets according to the statement of financial position Loans and accounts receivable at amortized cost: - Cash and cash equivalents 626,180 801,140 - Trade accounts receivable and other accounts receivable (excluding financial assets) 2,029,575 1,302,358 - Work in progress 90,217 60,750 - Financial assets related to concession agreements 952,780 1,227,994 - Accounts receivable from related parties 874,682 813,129 4,573,434 4,205,371 Financial asset at fair value through profit or loss - Other financial asset 181 — 181 — Financial assets related to concession agreements are recorded in the consolidated statement of financial position as the line items short-term trade accounts receivable and long-term trade accounts receivable. At December 31 2017 2018 Financial liabilities according to the statement of financial position Other financial liabilities at amortized cost - Other financial liabilities 1,561,754 1,169,184 - Finance leases 128,309 33,488 - Bonds 947,567 937,042 - Trade and other accounts payable (excluding non-financial 2,054,217 1,552,741 - Accounts payable to related parties 81,128 77,790 4,772,975 3,770,245 Hedging derivatives: - Derivative financial instruments 383 61 8.2 Credit quality of financial assets The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external risk ratings (if available) or historical information about counterparty default rates. At December 31 the credit quality of financial assets is shown as follows: At December 31, 2017 2018 Cash and cash equivalents (*) Banco de Credito del Peru (A+) 224,834 350,403 Citibank (A) 110,846 134,990 Banco Continental (A+) 100,882 114,067 Banco Scotiabank (A+) 71,608 73,039 Fondo de Inversion Alianza — 39,051 Banco de la Nacion (A) 17,776 23,766 Banco Bogota (A) 25,609 16,782 Banco Interbank (A) 14,937 14,075 Banco Santander - Peru (A) — 12,221 Banco de Credito e Inversiones - Chile (AA+) 1,105 5,909 Banco Santander - Chile (AAA) 22,041 3,325 Banco de Chile (AAA) 4,337 49 Banco Interamericano de Finanzas (A) 5,551 126 Banco Scotiabank de Guyana (A) — 121 Others 7,388 8,273 606,914 796,197 The ratings in the table above “A” and “AAA” represent high-quality credit ratings. For banks located in Peru, the ratings are derived from risk rating agencies authorized by the Peruvian banking and insurance regulator “Superintendencia de Banca, Seguros y AFP” (SBS). For banks located in Chile, the ratings are derived from risk rating agencies authorized by the Chilean Securities and Insurance Supervisor “Superintendencia de Valores y Seguros” (SVS). (*) The difference between the balances shown above with the balances shown in the statement of financial position corresponds to cash on hand and in-transit The credit quality of customers is assessed in three categories (internal classification): A: New customers/related parties (less than six months), B: Existing customers/related parties (with more than six months of trade relationship) with no previous default history; and C: Existing customers/related parties (with more than six months of trade relationship) with previous default history. 2017 2018 Trade accounts receivable (Note 11 and Note 12) Counterparties with no external risk rating A 6,042 140,594 B 2,313,187 1,762,557 C 194,248 185,494 2,513,477 2,088,645 Receivable from related parties and joint operators (Note 13) B 874,682 813,129 The total balance of trade accounts receivable and receivable from related parties is in compliance with contract terms and conditions; none have been re-negotiated. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2018 | |
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Cash and Cash Equivalents | 9 CASH AND CASH EQUIVALENTS At December 31 this account comprises: 2017 2018 Cash on hand 16,468 1,377 Cash in-transit 2,798 3,566 Bank accounts (a) 493,666 647,832 Time deposits (b) 113,248 148,365 626,180 801,140 (a) The Group maintains deposits in local and foreign banks, are available and earn interest at market rates. This includes reserve funds for bond payments issued by subsidiaries GyM Ferrovias S.A. and Norvial S.A.; for the year 2018 S/133 million and S/13 million, respectively (for the year 2017 S/108 million and S/16 million, respectively). (b) Time deposits have maturities less than 90 days and may be renewed upon maturity. These deposits earn interest that fluctuates between 2.5% and 3.5%. As of December 31, 2017, and 2018, time deposits are mainly from subsidiaries: 2017 2018 Graña y Montero S.A.A. — 110,281 GyM Ferrovias S.A. 36,757 32,000 GyM S.A. 30,497 1,906 Concesionaria la Chira S.A. — 4,170 GMP S.A. 3,238 7 Viva GyM S.A. 17,879 1 Concar S.A. 13,611 — Concesion Canchaque 11,000 — Other minors 266 — 113,248 148,365 Reconciliation to the cash flow statement The above figures reconcile to the amount of cash shown in the statement of cash flows at the end of the financial year as follows: 2016 2017 2018 Cash and cash equivalent on Consolidated statement of financial position 606,950 626,180 801,140 Bank overdrafts (Note 19) (8,396 ) (120 ) (119 ) Balances per consolidated statement of cash flows 598,554 626,060 801,021 |
Other Financial Assets
Other Financial Assets | 12 Months Ended |
Dec. 31, 2018 | |
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Other Financial Assets | 10 OTHER FINANCIAL ASSETS On April 2016, the Company sold their 1.64% of interest held in Transportadora de Gas del Peru S.A. (TGP) for S/107.3 million, resulting in a net profit of S/46.3 million, as shown in the income statement, within “Profit (loss) on sale of investments”. The balance of its investment at the date of sale was S/117.1 million. The cumulative amount of fair values at the date of sale amounting to S/41.5 million (S/56 million of gain on fair value and S/14.6 million of income tax), as recognized in the statement of comprehensive income was transferred to profits for the period. |
Trade Accounts Receivable, Net
Trade Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2018 | |
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Trade Accounts Receivable, Net | 11 TRADE ACCOUNTS RECEIVABLES, NET At December 31 this account comprises: 2017 2018 Current Non-current Current Non-current Invoice receivables 459,722 819,699 907,007 469,510 Unbilled receivables 1,069,299 87,888 113,464 550,557 1,529,021 907,587 1,020,471 1,020,067 (-) Impairment of account receivables (13,348 ) — (12,643 ) — 1,515,673 907,587 1,007,828 1,020,067 The fair value of current receivables is similar to their carrying amount since their average collection turnover is less than 60 days. These current receivables do not bear interest and have no specific guarantees. The non-current At December 31, 2018, the fair value of non-current Unbilled receivables are documents related to estimates for services rendered that were not billed by the Engineering and Construction segment related to estimates of the completion advance percentage. Until such revenues are billed, they are recorded in the unbilled receivables account. As of December 31, 2018, the carrying value of non-current Rights for concessions in progress correspond to future collection rights for public service concessions that are still in the pre-operational At December 31, 2018, current and non-current unbilled receivables mainly from the following subsidiaries are as follows: Unbilled receivables 2017 2018 GyM S.A. 581,946 14,455 GyM Ferrovias 354,763 558,179 Concar S.A. 52,508 38,770 Survial S.A. 30,647 19,138 GMI S.A. 19,699 26,622 Norvial S.A. 7,057 2,885 Cam Holding SPA 85,366 — Others 25,201 3,972 1,157,187 664,021 Aging of trade accounts receivable is as follows: 2017 2018 Current 2,157,656 1,866,913 Past due up to 30 days 118,158 37,750 Past due from 31 days up to 180 days 141,120 25,854 Past due from 181 days up to 360 days 1,962 17,660 Past due over 360 days 17,712 92,361 2,436,608 2,040,538 The Group has recognized impairment amounting to S/3.1 million (S/0.7 million in 2017 and S/3.1 in 2016) in the consolidated statement of income (Note 27). The maximum exposure to credit risk at the reporting date is the carrying amount of the accounts receivable and unbilled work in progress (Note 12). |
Work in Progress, Net
Work in Progress, Net | 12 Months Ended |
Dec. 31, 2018 | |
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Work in Progress, Net | 12 WORK IN PROGRESS, NET At December 31 this account comprises: 2017 2018 Current Non-current Current Non-current Unbilled receivable concessions in progress — 28,413 — 32,212 Work in Progress 61,804 — 28,538 — 61,804 28,413 28,538 32,212 Concession rights in progress correspond to future collection rights for public service in Concesionaria Via Expresa Sur S.A. that is in the pre-operational stage and has been suspended until July 2019 (Note 6-b). Work in progress include all expenses incurred by the Group comprising future activities to be carried out under construction contracts currently effective. The Group estimates that all incurred cost will be billed and collected. At December 31, 2018 and 2017 work in progress that remained to be billed are shown net of any advances received from customers for S/13.5 million and S/15.3 million, respectively, under the terms and conditions set forth in each specific agreement. These advances are mostly related to subsidiary GyM S.A. |
Transactions with Related Parti
Transactions with Related Parties and Joint Operators | 12 Months Ended |
Dec. 31, 2018 | |
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Transactions with Related Parties and Joint Operators | 13 TRANSACTIONS WITH RELATED PARTIES AND JOINT OPERATORS a) Transactions with related parties Major transactions between the Company and its related parties are summarized as follows: 2016 2017 2018 Revenue from sales of goods and services: - Associates — 3,367 1,704 - Joint operations 36,901 18,138 56,560 36,901 21,505 58,264 Purchase of goods and services: - Associates 739 2,776 2,130 - Joint operations 3,228 14,191 601 3,967 16,967 2,731 Inter-company transactions are based on prevailing price lists and terms and conditions that would be agreed with third parties. b) Key management compensation Key management includes directors (executive and non-executive), c) Balances at the end of the year were: At December 31, At December 31, 2017 2018 Receivable Payable Receivable Payable Current portion: Joint operations Consorcio Rio Urubamba 8,964 — 9,122 — Consorcio Peruano de Conservacion 7,417 — 6,417 — Consorcio Italo Peruano 14,536 18,849 3,322 4,996 Consorcio Constructor Chavimochic 1,959 5,817 2,138 6,199 Consorcio GyM Conciviles 43,435 — 1,855 — Consorcio La Gloria 1,688 1,358 1,369 1,006 Consorcio Ermitaño 1,067 6 781 624 Terminales del Perú 3,290 — 459 — Consorcio TNT Vial y Vives - DSD Chile Ltda — — — 11,804 Consorcio Rio Mantaro 1,134 763 — 6,655 Consorcio Vial Quinua — 2,162 — 1,970 Consorcio Huacho Pativilca — 2,377 — 475 Consorcio Vial Sierra 2,355 1,854 — — Consorcio para la Atencion y Mantenimiento de Ductos — 12,074 — — Other minors 12,221 7,045 9,215 11,323 98,066 52,305 34,678 45,052 At December 31, At December 31, 2017 2018 Receivable Payable Receivable Payable Other related parties Ferrovias Argentina — 2,684 — 10,242 Peru Piping Spools S.A.C. 279 185 225 — Gasoducto Sur Peruano S.A 2,407 — — — Other minors — — — 647 Current portion 100,752 55,174 34,903 55,941 Non-current Gasoducto Sur Peruano S.A 773,930 — 773,927 — Ferrovias Participaciones — 21,648 — 21,849 Other minors — 4,306 4,299 — Non-current 773,930 25,954 778,226 21,849 Receivables and payables are mainly of short-term and do not have specific guarantees, except for the receivable account from GSP. Accounts receivable from related parties have maturity periods of 60 days and arise from sales of goods and services. These short-term balances are non-interest-bearing. The non-current balance corresponds to the obligations arising from the early termination of the GSP project (Note 16 a-i). As of December 31, 2018, the book value of the non-current account receivables recorded by the Group totaling S/773.9 million (S/524.9 million in the Company and S/249 in GyM S.A.). The amount of S/524.9 million is similar to its fair value as it was recorded using the discounted cash flow method, at an annual rate of 3.46% that originated a discount value of S/17.8 million (equivalent to S/8.1 million in 2017) (Note 28). Additionally, as a consequence of the early termination of the GSP, and the related facts, the subsidiary GyM S.A. reclassified as of December 31, 2017, the balances of the Consorcio Constructor Ductos del Sur to which adjustments for impairment had previously been applied (Note 5.1-f) and which, up to 2016, was included in the consolidation under the proportional share method. The value of accounts receivable from CCDS corresponds mainly to collection rights to GSP for S/249 million. Accounts payable to related parties have maturity periods of 60 days and arise from engineering, construction, maintenance, and other services received. These balances are not interest-bearing due to their short-term maturities. Transactions with non-controlling |
Other Accounts Receivable
Other Accounts Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Other Accounts Receivable | 14 OTHER ACCOUNTS RECEIVABLE At December 31 this account comprises: 2017 2018 Current Non-current Current Non-current Advances to suppliers (a) 149,464 255,181 81,719 64,817 Income tax on-account 125,176 2,607 91,353 — VAT credit (c) 81,732 30,680 79,076 26,162 Guarantee deposits (d) 113,429 — 167,769 12,241 Claims to third parties (e ) 109,491 11,808 62,163 — Petroleos del Peru S.A.- Petroperu S.A. 3,619 53,918 11,953 63,797 Taxes receivable 66,083 33,428 20,246 25,644 Restricted funds (f) 61,993 44,770 39,394 28,578 Rental and sale of equipment 27,970 — 34,768 — Accounts receivable from personnel 8,868 — 3,479 — Consorcio Constructor Ductos del Sur (g) — 29,264 — 52,114 Consorcio Panorama — — 5,306 21,826 Other minors 19,018 9,196 16,059 7,778 766,843 470,852 613,285 302,957 (-) Impairment (1,398 ) — (24,834 ) — 765,445 470,852 588,451 302,957 Other non-current The fair value of the short-term receivables approximates their carrying amount due to their short-term maturities. The non-current non-financial The maximum exposure to credit risk at the reporting date is the carrying amounts of each class of above-mentioned other receivables. The Group does not demand guarantees. The following paragraph contains a description of major accounts receivable: (a) Advances to suppliers The balance mainly comprises advances to: 2017 2018 Current Non-current Current Non-current Alsthom Transporte - Linea 1 9,985 223,387 1,578 64,817 Electromechanical works Refineria Talara 29,814 — 4,582 — Infrastructure Linea Amarilla 40,669 — 5,545 — Bombardier - Linea 1 — 29,142 — — Advances - joint operations vendors — — 21,647 — Other 68,996 2,652 48,367 — 149,464 255,181 81,719 64,817 (b) Income tax on-account payments This balance mainly consists of income tax payments and credits in the following subsidiaries: 2017 2018 Current Non-current Current Non-current GyM S.A. 84,923 — 55,377 — GMI S.A. 542 — 3,877 — GMP S.A. 19,318 — 8,511 — CONCAR S.A. 4,565 — 8,563 — VIVA GyM S.A. 6,121 — 8,114 — Graña y Montero S.A.A. — — 6,463 — GyM Ferrovías S.A. 3,606 — — — Others 6,101 2,607 448 — 125,176 2,607 91,353 — (c) Tax credit related to VAT on the following subsidiaries: 2017 2018 Current Non-current Current Non-current GyM S.A. 50,326 530 38,653 530 VIVA GyM S.A. 10,894 9,983 511 6,744 GyM Ferrovías S.A. 8,653 — 25,453 — Negocios del gas S.A. — 8,411 — 8,411 Concesionaria Vesur S.A. — 5,319 1,015 5,059 Graña y Montero S.A.A. 1,571 — 9,821 — GMP S.A. 3,992 — 456 — CONCAR S.A. 1,551 — 2,382 — NORVIAL S.A. — 3,209 — 1,997 Others 4,745 3,228 785 3,421 81,732 30,680 79,076 26,162 Management considers that this VAT-fiscal credit will be recovered in the normal course of future operations of these subsidiaries. (d) Guarantee deposits Guarantee deposits are the funds retained by customers for work contracts assumed basically by the subsidiary GyM S.A. These deposits are retained by the customers to secure the Subsidiary’s compliance with its obligations under the contracts. The amounts retained will be recovered once the contracted work is completed. (e) Third-Party Claims Includes mainly an amount of S/27.2 million related to the claim from the resolution of the Sale and Purchase Contract for the Development of the Large Scale Real Estate Project for Social Housing Construction “Ciudad Alameda de Ancon” subscribed by the subsidiary Viva GyM together with the Ministry of Housing, and Fondo Mi Vivienda. This Sale and Purchase Contract was rightfully terminated due to the impossibility of executing its terms and conditions since it became impossible to install proper potable water and sewerage services for the housing units that were to be developed within the term limit established in the Contract. As a consequence, and in accordance with the provisions of Civil Code 1372, the parties are obliged to fully reimburse the executed benefits to date, which results in the reimbursement of S/22 million by the Ministry of Housing and S/5.2 million by the Fondo Mi Vivienda to Viva GyM. (f) Restricted Funds Includes guarantee accounts for the credit agreement subscribed between the Company and Credit Suisse AG amounting to S/28 million, as reserve for the payment of interest; and S/11 million from Viva GyM S.A. for bank guarantee. (g) Consorcio Constructor Ductos del Sur In 2018, it refers to the recognition of debts to subcontractors for S/21.6 million and rights for the collection of a penalty for termination of the contract for S/30.6 million. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
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Inventories | 15 INVENTORIES At December 31 this account comprises: 2017 2018 Land 317,337 230,689 Work in progress - real estate 150,537 135,376 Finished properties 203,209 76,027 Construction materials 51,131 27,852 Merchandise and supplies 90,504 53,310 812,718 523,254 (-) Impairment of inventories (42,007 ) (9,207 ) 770,711 514,047 Land Land comprises properties, net of impairment, for the implementation of projects of the subsidiary Viva GyM. As of December 2018, the impairment provision amounts to S/9.2 million (nil at 2017): 2017 2018 Lurin (a) 103,574 72,080 San Isidro (b) 58,441 49,664 San Miguel (c) 44,126 28,811 Nuevo Chimbote (d) 17,201 17,262 Barranco (e) 11,413 13,585 Huancayo (f) 13,572 8,282 Ancon (g) 37,823 — Canta Callao 12,978 — Piura — 8,105 Carabayllo II — 14,941 Others 18,209 8,752 317,337 221,482 (a) Plot of land of 318 hectares located in the district of Lurin, province of Lima, for industrial development and public housing. (b) A plot of land in the district of San Isidro in which a 15-story (c) Land located in San Miguel of 1 hectare for the development of a multi-family housing project of 248 apartments and 185 parking lots. (d) Land located in Chimbote, 11.5 hectares, for the development of a social housing project (e) Land located in Paul Harris St. N°332 and N°336 in Barranco district, for the development of a residential building project. (f) Land located in Huancayo, 8.5 hectares for the development of a land sale project. (g) In Ancon, a large scale housing-project was terminated and the subsidiary Viva GyM reclassified to accounts receivable from Ministry of Housing. Land properties correspond to assets maintained since 2015, for which construction has not yet begun. Variance in these balances over 2018 is mainly due to engineering, license paperwork, and other smaller costs. Construction in these land properties is expected to begin in late 2019 and the second half of 2020. Real estate - work in progress At December 31, real state work in progress comprises the following projects: 2017 2018 Los Parques de Comas 70,647 69,743 Los Parques del Callao 53,441 46,697 Villa El Salvador 2 2,141 — Others 24,308 18,936 150,537 135,376 During 2018 the Group has capitalized financing costs of these construction projects (Note 2.20) amounting to S/7.9 million at annual interest rates between 7.0% and 12.0% (S/5.9 million in 2017 at interest rates between 7.0% and 11.22%). Finished properties At December 31, the balance of finished properties consists of the following investment properties: 2017 2018 El Rancho 82,796 19,314 Panorama 18,481 — Los Parques de San Martín de Porres 16,687 4,029 Los Parques de Callao 486 389 Rivera Navarrete 7,870 4,053 Los Parques de Carabayllo 2da etapa 3,134 942 Los Parques de Comas 16,058 18,785 Los Parques de Villa El Salvador II 9,313 4,277 Klimt 44,103 5,911 Real 2 3,877 556 Huancayo — 15,546 Others 404 2,225 203,209 76,027 Construction materials At December 31, 2018, construction materials correspond mainly to different projects of the subsidiary GyM S.A. for S/27.8 million (Stracon GyM S.A., Morelco S.A., and GyM S.A. for S/50 million at December 31, 2017). |
Investments in Associates and J
Investments in Associates and Joint Ventures | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Investments in Associates and Joint Ventures | 16 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES At December 31 this account comprises: 2017 2018 Associates 250,053 250,282 Joint ventures 18,618 7,483 268,671 257,765 The amounts recognized in the income statement are as follows: 2017 2018 Associates (5,566 ) (5,308 ) Joint ventures 6,039 1,599 473 (3,709 ) a) Investment in associates Set out in the table below are the associates of the Group at December 31, 2017, and 2018. The associates listed below have share capital solely consisting of common shares, which are held directly by the Group. None of the associates are listed companies; therefore, there is no quoted market price available for their shares. Carrying amount Class Interest in capital At December 31, Entity of share 2017 2018 2017 2018 % % Gasoducto Sur Peruano S.A. Common 21.49 21.49 218,276 218,276 Concesionaria Chavimochic S.A.C. Common 26.50 26.50 22,091 20,524 Betchel Vial y Vives Servicios Complementarios Ltda. Common 40.00 40.00 102 94 Others 9,584 11,388 250,053 250,282 The most significant associates are described as follows: i) Gasoducto Sur Peruano S.A. In November 2015, the group acquired a 20% interest in Gasoducto Sur Peruano (hereafter “GSP”) and obtained a 29% interest in Consorcio Constructor Ductos del Sur (CCDS) through its subsidiary GyM S.A. GSP signed on July 22, 2014, a concession contract with the Peruvian Government (Grantor) to build, operate and maintain the pipelines transportation system of natural gas to meet the demand of cities in the Peruvian southern region. Additionally, GSP signed an engineering, procurement, and construction (EPC) contract with CCDS. The Group made an investment of US$242.5 million (S/819 million) and was required to assume 20% of the performance guarantee established in the concession contract for US$262.5 million (equivalent to S/887 million) and 21.49% of the guarantee for a bridge loan obtained by GSP of US$600 million (equivalent to S/2,027 million). Early termination of the Concession Agreement On January 24, 2017 the Ministry of Energy and Mining (MEM) notified the early termination of the Concession Contract based on the provisions of clause 6.7 of the concession agreement “Improvements to the country’s energy security and development of the South Peru Gas Pipeline”, as GSP failed to certify the financial closing within the established contractual deadline and proceeded to the immediate execution of the performance guarantee. This situation generated the execution of the collaterals offered by the Group for US$52.5 million (S/177.4 million nominal value) and US$129 million (S/435.9 million nominal value) for the corporate guarantee of the bridge loan granted to GSP. Under the concession agreement, guarantees were paid on behalf of GSP, therefore the Company recognized a right to collect of US$181.5 million (S/613.3 million nominal value) and it was recorded in 2016 as accounts receivable from related parties. (Note 13) On October 11, 2017, the delivery of the assets of GSP was formalized by agreement with MEM. As stated in the agreement, in December 2017, GSP substantially finalized the process of delivery of the concession’s assets to the administrator designated by the MEM for its custody and conservation. The assets include all the works, equipment and facilities provided for the execution of the project, as well as the engineering studies that were prepared by the concessionaire. After the termination of the contract, the Peruvian Government had the obligation to apply Clause 20 of the contract, having to appoint a recognized international audit firm to calculate the Net Book Value (“VCN” for its Spanish definition “Valor Contable Neto”) of the concession assets and the subsequent call for up to three public auctions, being the base amount for the first of them 100% of the VCN, guaranteeing in any case that after the third auction, in case the concession has not been awarded, the payment to GSP would be at least 72.25% of the VCN. Having elapsed more than a year since the termination of the contract, the Peruvian Government has not taken any action to calculate the VCN or call for auctions. In the opinion of the external and internal legal advisors, since the previous procedure had not been completed within the established deadlines, the Peruvian Government would be obliged to pay GSP 100% of the VCN. Regarding the amount of the VCN, there is a previous calculation commissioned by GSP and reviewed by an independent audit firm as of December 31, 2016, determining a VCN of US$2,602 million. As of December 4, 2017, GSP entered into a bankruptcy proceeding that will be carried out by the National Institute for the Defense of Competition and Intellectual Protection of Peru (hereinafter, INDECOPI). The Group registered a claim for accounts receivable for US$0.4 million (S/1.4 million) and the fiduciary as administrator of the accounts receivable for US$169.3 million (S/572.1 million). The process is in the debt recognition stage to determine the Creditors’ Meeting. The fair value of the investment in GSP is based on the amount of the VCN, taking into consideration the payments anticipated in the insolvency proceedings, the subordination contracts and the loan cession agreements between the Group and GSP partners. Based on management’s estimate of such payments, an impairment of the investment was determined for US$175.5 million (S/593.0 million). In addition, according to the conclusions of internal and external legal advisors, international arbitration will be required to receive the payment from the Government. The estimated time frame for international arbitration is five years. Therefore, management has applied a discount in 2016 to the long-term account receivable from GSP of US$22.8 million (S/77 million). These two effects amounted US$199.3 million (S/670 million) before taxes recorded in the income statement for the year ended December 31, 2016. In addition, on December 31, 2016, the Group evaluated the impairment of the assets of CCDS. As a result, a net loss before taxes of S/15.2 million was determined (Note 5.1-f). In the opinion of our internal and external legal advisors, the obligation of the Peruvian Government to GSP equivalent to the VCN of the concession’s assets is not within the scope of the retention provided for in Law 30737 since this payment does not include a net profit margin, nor does it correspond to the sale of assets. On December 21, 2018, Graña y Montero S.A.A. submitted to the Peruvian Government a request for direct negotiations towards the payment of the VCN in favor of GSP. This request is based on the right that any creditor has to initiate the actions that its debtor does not take in order to collect a credit that would allow it to pay its debt, by virtue of article 1219 of the Peruvian Civil Code. After the term of six months since the beginning of direct negotiations, Graña y Montero S.A.A. under the same title may demand the payment from the Peruvian Government through arbitration to the CIADI (Centro Internacional de Arreglo de Diferencias Relativas a Inversiones). ii) Concesionaria Chavimochic S.A.C. The entity was awarded the implementation 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 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% complete. 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. Not having reached an agreement, the arbitration process was initiated before the CNUDI, and the Arbitral Tribunal was installed. Moreover, during 2018, the Grantor initiated the procedure of negotiation and commencement of the modification of the Concession Contract, in order to determine a mechanism that would allow restarting the execution of the project, without satisfactory resolution to date. The following table shows the financial information of the principal associates: Summarized financial information for associates – Gasoducto Sur Concesionaria At December, 31 At December, 31 Entity 2017 2017 2018 Liquidation Base Current Assets 6,813,938 73,004 66,052 Liabilities (5,028,381 ) (1,111 ) (2,183 ) Non-current Assets — 11,809 13,580 Liabilities — (342 ) — Net assets 1,785,557 83,360 77,449 Entity Gasoducto Sur Concesionaria Chavimochic S.A.C. 2017 2017 2018 Revenues — — Loss from continuing operations (43,340 ) (8,455 ) Income tax — 3,185 2,543 Loss from continuing operations after income tax — (40,155 ) (5,912 ) Other comprehensive loss — — — Total comprehensive loss — (40,155 ) (5,912 ) The movement of the investments in associates is as follows: 2016 2017 2018 Opening balance 490,702 286,403 250,053 Contributions received 390,506 2,116 5,616 Impairment of GSP (593,101 ) — — Dividends received (10,149 ) (259 ) — Equity interest in results 8,304 (5,566 ) (5,308 ) Decrease in capital (166 ) (111 ) (30 ) Disposal of Investment — (32,223 ) — Conversion adjustment 311 42 (49 ) Discontinued operations (4 ) (349 ) — Final balance 286,403 250,053 250,282 In 2017, the sale of investments referred to the purchase-sale contract subscribed by the subsidiary VIVA GyM S.A. for the total of shares (representing 22.5%) of the associate Promocion Inmobiliaria del Sur S.A. The sale price was agreed in US$25 million (equivalent to S/81 million), which was fully paid. During 2016, cash contributions were mainly made to Gasoducto Sur Peruano S.A. and Concesionaria Chavimochic amounting to S/373.9 million and S/15.7 million, respectively. In 2016 the Group obtained dividends mainly from Bechtel Vial y Vives and Promocion Inmobiliaria del Sur S.A. amounting to S/6.3 million and S/3.8 million, respectively. In 2016, the Group included an impairment provision of GSP for S/593.1 million (US$176.49 million). b) Investment in Joint Ventures Set out below are the joint ventures of the Group as of December 31: Carrying amount Class Interest in capital At December 31, Entity of share 2017 2018 2017 2018 % % Sistemas SEC Common 49.00 — 10,112 — Logistica Químicos del Sur S.A.C. Common 50.00 50.00 7,343 7,230 G.S.J.V. SCC Common 50.00 50.00 878 — Constructora SK-VyV Common 50.00 50.00 49 34 Others — — 236 219 18,618 7,483 i) Tecgas N.V. This entity provides operation and maintenance services for hydrocarbon pipelines and related activities, it concentrates its activities substantially in fulfilling the obligations arising from the operation and maintenance of the pipeline gas transport system related to the concession contract for Gas Concession Peru S.A.A. (TGP, its main client). In April 2017, the Company entered into a purchase-sale contract for all of its shares (representing 51%) in the investment in a joint venture with Compañia Operadora del Gas del Amazonas S.A.C. (COGA). The sale price was agreed at US$21.5 million (equivalent to S/69.8), which is fully paid. ii) Sistemas SEC The company’s activities include the renovation and automation of the electrical system and signaling of railways and communications within the Santiago - Chillan - Bulnes - Caravans and Conception areas. The contract was awarded in 2005 for a period of 16 years. In December 2018, the SEC contract was transferred to Engie S.A. as part of the CAM Group investment sale (Note 37). The following table shows the financial information of the principal joint ventures: Summarized financial information for joint ventures Logistica Quimicos del Sur S.A.C. At December, 31 Entity 2017 2018 Current Cash and cash equivalents 2,076 1,520 Other current assets 1,652 1,549 Total current assets 3,728 3,069 Other current liabilities (3,104 ) (3,513 ) Total current liabilities (3,104 ) (3,513 ) Non-current Total non-current 39,327 37,349 Net assets 14,267 14,904 Revenues 10,750 11,399 Depreciation and amortization (2,039 ) (2,313 ) Interest expense (675 ) (668 ) Profit from continuing operations 4,988 4,698 Income tax expense (1,614 ) (1,482 ) Profit from continuing operations after income tax 3,374 3,216 Other comprehensive income — — Total comprehensive income 3,374 3,216 The movement of the investments in joint ventures was as follows: 2016 2,017 2,018 Opening balance 146,303 103,356 18,618 Equity interest in results (5,269 ) 6,039 1,599 Debt capitalization 8,308 — — Contributions received 6,889 — — Transfer to Adexus from acquisition of control (35,870 ) — — Disposal of Investment — (88,556 ) (10,112 ) Dividends received (17,843 ) (3,758 ) (1,823 ) Conversion adjustment 2,276 334 79 Write-off (1,798 ) — (878 ) Discontinued operations 360 1,203 — Final balance 103,356 18,618 7,483 In 2018, 2017 and 2016 the following significant movements were carried out: • The Group obtained dividends in 2018 from Logistica Quimicos del Sur S.A. for S/1.8 million (from Consorcio Sistemas SEC for S/1 million and from Logistica Quimicos del Sur S.A. for S/2.8 million in 2017 and S/13.1 million and S/3.3 million from G.S.J.V. in 2016). • On April 24, 2017, the Company signed a purchase-sale agreement for their total capital stock (representing 51%) held in their joint venture with Compañia Operadora de Gas del Amazonas S.A.C. (COGA). The selling price was agreed at US$21.5 million (equivalent to S/69.8 million), which was fully paid. • In February 2016 the Group acquired 8% of additional interest by capitalizing debt for S/8.3 million. In August 2016, the Group obtained control over Adexus S.A. The balance of the investment at that date was transferred to investments in subsidiaries for S/35.9 million. From that date, the Company consolidated the financial statements of Adexus S.A. (Note 33-a). |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Property, Plant and Equipment, Net | 17 PROPERTY, PLANT AND EQUIPMENT, NET The movement in property, plant and equipment accounts and its related accumulated depreciation for the year ended December 31, 2016, 2017 and 2018 is as follows: Land Buildings Machinery Vehicles Furniture Other Replacement In-transit Work in Total At January 1, 2016 Cost 28,409 231,029 1,074,195 443,239 52,225 191,238 15,448 1,817 13,044 2,050,644 Accumulated depreciation and impairment — (41,464 ) (509,510 ) (222,353 ) (31,048 ) (134,508 ) (4 ) — — (938,887 ) Net carrying amount 28,409 189,565 564,685 220,886 21,177 56,730 15,444 1,817 13,044 1,111,757 Net initial carrying amount 28,409 189,565 564,685 220,886 21,177 56,730 15,444 1,817 13,044 1,111,757 Additions 6,238 12,126 81,378 50,574 4,423 24,870 553 19,312 13,594 213,068 Adquisition of subsidiaries - Adexus (Note 33 a) — 13,913 — 420 1,525 26,130 — — — 41,988 Reclassifications — (281 ) 4,423 (1,639 ) 4,547 14,338 2,583 (17,349 ) (6,622 ) — Transfers to inventories 2,941 — — — — — — — — 2,941 Transfers to intangibles — — — — — — — — (1,257 ) (1,257 ) Deduction for sale of assets (5,256 ) (14,333 ) (60,374 ) (48,521 ) (1,724 ) (5,766 ) — — — (135,974 ) Disposals, net — (1,232 ) (15,149 ) (1,354 ) (1,579 ) (4,364 ) (661 ) (2 ) — (24,341 ) Depreciation charge — (14,842 ) (104,638 ) (48,041 ) (7,548 ) (28,127 ) (5 ) — — (203,201 ) Impairment loss — (73 ) (5,190 ) (317 ) (3,301 ) (382 ) — — — (9,263 ) Depreciation for sale deductions — 8,113 48,266 29,536 1,026 1,907 — — — 88,848 Disposals - accumulated depreciation — 2,010 14,165 1,353 1,449 2,809 — — — 21,786 Translations adjustments 282 130 5,987 922 176 (344 ) — — 94 7,247 Net final carrying amount 32,614 195,096 533,553 203,819 20,171 87,801 17,914 3,778 18,853 1,113,599 At December 31, 2016 Cost 32,614 241,352 1,090,460 443,641 59,593 246,102 17,923 3,778 18,853 2,154,316 Accumulated depreciation and impairment — (46,256 ) (556,907 ) (239,822 ) (39,422 ) (158,301 ) (9 ) — — (1,040,717 ) Net carrying amount 32,614 195,096 533,553 203,819 20,171 87,801 17,914 3,778 18,853 1,113,599 Land Buildings Machinery Vehicles Furniture Other Replacement In-transit Work in Total At January 1, 2017 Cost 32,614 241,352 1,090,460 443,641 59,593 246,102 17,923 3,778 18,853 2,154,316 Accumulated depreciation and impairment — (46,256 ) (556,907 ) (239,822 ) (39,422 ) (158,301 ) (9 ) — — (1,040,717 ) Net carrying amount 32,614 195,096 533,553 203,819 20,171 87,801 17,914 3,778 18,853 1,113,599 Net initial carrying amount 32,614 195,096 533,553 203,819 20,171 87,801 17,914 3,778 18,853 1,113,599 Additions 157 2,724 48,207 36,594 11,607 36,179 925 22,877 13,178 172,448 Deconsolidation, net (3,713 ) (26,109 ) — (1,527 ) (2,153 ) (46,032 ) — (3,903 ) (4 ) (83,441 ) Reclassifications, net — 1,969 12,459 2,888 609 6,579 4,076 (21,600 ) (6,980 ) — Transfers to intangibles — — 2,119 724 — — — (964 ) (2,048 ) (169 ) Deduction for sale of assets (5,616 ) (51,736 ) (149,202 ) (92,079 ) (4,200 ) (5,270 ) — — — (308,103 ) Disposals, net — (245 ) (4,032 ) (7,507 ) (422 ) (9,413 ) — (230 ) (3,606 ) (25,455 ) Depreciation charge — (12,469 ) (100,976 ) (45,457 ) (11,654 ) (26,928 ) — — — (197,484 ) Impairment loss — — (14,328 ) — — — — — (352 ) (14,680 ) Depreciation for sale deductions — 3,579 115,864 84,145 1,049 3,128 — — — 207,765 Translations adjustments 236 152 606 (350 ) (23 ) 980 — — (346 ) 1,255 Net final carrying amount 23,678 112,961 444,270 181,250 14,984 47,024 22,915 (42 ) 18,695 865,735 At December 31, 2017 Cost 23,678 157,949 998,207 380,724 62,435 180,409 22,924 (42 ) 19,047 1,845,331 Accumulated depreciation and impairment — (44,988 ) (553,937 ) (199,474 ) (47,451 ) (133,385 ) (9 ) — (352 ) (979,596 ) Net carrying amount 23,678 112,961 444,270 181,250 14,984 47,024 22,915 (42 ) 18,695 865,735 Land Buildings Machinery Vehicles Furniture Other Replacement In-transit Work in Total At January 1, 2018 Cost 23,678 157,949 998,207 380,724 62,435 180,409 22,924 (42 ) 19,047 1,845,331 Accumulated depreciation and impairment — (44,988 ) (553,937 ) (199,474 ) (47,451 ) (133,385 ) (9 ) — (352 ) (979,596 ) Net carrying amount 23,678 112,961 444,270 181,250 14,984 47,024 22,915 (42 ) 18,695 865,735 Net initial carrying amount 23,678 112,961 444,270 181,250 14,984 47,024 22,915 (42 ) 18,695 865,735 Additions — 13,216 11,318 9,377 2,145 14,122 — 5,577 27,431 83,186 Deconsolidation, net (3,183 ) (33,989 ) (108,993 ) (110,859 ) (1,539 ) (32,878 ) — — (715 ) (292,156 ) Reclassifications — 17,129 16,626 (1,415 ) (1,430 ) 75 (5,257 ) (5,320 ) (20,408 ) — Deduction for sale of assets — (3,527 ) (55,567 ) (32,399 ) (2,164 ) (2,200 ) (124 ) — — (95,981 ) Disposals, net — (9,723 ) (2,607 ) (1,418 ) (292 ) (461 ) — — (118 ) (14,619 ) Depreciation charge — (14,257 ) (67,430 ) (19,391 ) (3,954 ) (18,068 ) — — — (123,100 ) Impairment loss — — (5,664 ) — — — — — — (5,664 ) Depreciation for sale deductions — 1,189 37,452 14,868 1,813 1,702 — — — 57,024 Translations adjustments (286 ) 3,383 (3,310 ) (788 ) (134 ) (2,415 ) — — (321 ) (3,871 ) Net final carrying amount 20,209 86,382 266,095 39,225 9,429 6,901 17,534 215 24,564 470,554 At December 31, 2018 Cost 20,209 112,548 694,284 83,345 57,222 106,068 17,543 215 24,916 1,116,350 Accumulated depreciation and impairment — (26,166 ) (428,189 ) (44,120 ) (47,793 ) (99,167 ) (9 ) — (352 ) (645,796 ) Net carrying amount 20,209 86,382 266,095 39,225 9,429 6,901 17,534 215 24,564 470,554 In 2016, 2017 and 2018, additions to cost correspond to acquisitions of fixed assets made under financial leases or direct purchases. The balance of work in progress as of December 31, 2018, is related to investments made by the subsidiary GMP S.A. for S/17.3 million (S/11.0 million as of December 31, 2017, and S/19.0 million as of December 31, 2016) for drilling activities to increase the exploitation of oil and gas. Additionally, the balance includes the construction works of the Larcomar Hotel Project for S/15.8 million (S/15.6 million in 2017 and S/14.4 million in 2016). In 2018 the sale of fixed assets amounted to S/31.9 million (S/127.2 million in 2017 and S/70.5 million in 2016), generating a loss of S/7.1 million (gain of S/26.9 million in 2017 and gain of S/18.41 million in 2016), which is shown in the statement of income under the caption “other income and expenses, net” (Note 29). The difference of income from the sale of fixed assets and the gain generated are presented under the caption “income from construction activities” and in “gross profit”, respectively. In September 2017, the Company signed a sale contract for the corporate building located in Miraflores with Volcomcapital Petit Thouars S.A.C. The sale was made in October 2017, the amount of the purchase-sale amount to US$20.5 million. This operation includes a 5-year lease period that can be extended up to 10 years as well as a purchase option on the building. The sale of the mentioned property generates a profit of US$3.5 million. Depreciation of property, plant and equipment and investment property is distributed in the income statement as follows: 2016 2017 2018 Cost of services and goods 111,404 103,566 81,199 Administrative expenses 7,428 5,776 5,135 (+) Depreciation discontinued operations 86,690 90,452 39,085 Total depreciation related to property, plant and equipment and investment property 205,522 199,794 125,419 (-) Depreciation related to investment property (2,321 ) (2,310 ) (2,319 ) Total depreciation of property, plant and equipment 203,201 197,484 123,100 At 31 December 2018, the Group had fully depreciated assets in use of S/424 million (S/154 million in 2017 and S/151.6 million in 2016). The net carrying amount of machinery and equipment, vehicles and furniture and fixtures acquired under finance lease contracts is broken down as follows: At December 31, 2016 2017 2018 Cost of acquisition 800,927 650,301 589,269 Accumulated depreciation (386,411 ) (351,447 ) (329,613 ) Net carrying amount 414,516 298,854 259,656 Other financial liabilities are secured by property, plant and equipment for S/321.1 million (S/368.1 million in 2017 and S/617.9 million in 2016). Operating lease commitments: In connection with the lease agreement for the sale of the corporate building located in Miraflores mentioned on the previous page, the Company has outstanding commitments for non-cancellable 2017 2018 Up to 1 year 8,526 8,933 Within 2 to 5 years 35,161 47,397 Over 5 years 46,451 30,532 90,138 86,862 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Intangible Assets | 18 INTANGIBLE ASSETS The movement in intangible assets and the related accumulated amortization as of December 31, 2016, 2017 and 2018 is as follows: Goodwill Trade- Concession Contractual Software Costs of Development Land Other Total At January 1, 2016 Cost 192,227 96,751 716,125 82,134 42,761 326,723 3,623 13,288 15,425 1,489,057 Accumulated amortization and impairment (21,995 ) (217 ) (298,232 ) (57,940 ) (32,543 ) (192,460 ) (3,623 ) — (3,761 ) (610,771 ) Net carrying amount 170,232 96,534 417,893 24,194 10,218 134,263 — 13,288 11,664 878,286 Net initial carrying amount 170,232 96,534 417,893 24,194 10,218 134,263 — 13,288 11,664 878,286 Additions — — 118,222 — 16,477 17,772 — — 19,255 171,726 Acquisition of subsidiary – Adexus (Note 33 a) 930 9,088 6,090 12,822 — — — — 4,203 33,133 Transfers from assets under construction (Note 17) — — — — — — — — 1,257 1,257 Reclasifications — — 5,258 — 345 — — — (5,603 ) — Disposals – net cost — — (1,395 ) — — (2,395 ) — — — (3,790 ) Amortization — — (28,206 ) (4,376 ) (8,043 ) (40,918 ) — — (1,200 ) (82,743 ) Impairment loss (38,680 ) (15,628 ) — — — — — — — (54,308 ) Translations adjustments 12,038 3,672 (102 ) 171 1,024 — — — (78 ) 16,725 Net final carrying amount 144,520 93,666 517,760 32,811 20,021 108,722 — 13,288 29,498 960,286 At December 31, 2016 Cost 205,195 109,511 844,213 95,127 60,607 342,100 3,623 13,288 34,294 1,707,958 Accumulated amortization and impairment (60,675 ) (15,845 ) (326,453 ) (62,316 ) (40,586 ) (233,378 ) (3,623 ) — (4,796 ) (747,672 ) Net carrying amount 144,520 93,666 517,760 32,811 20,021 108,722 — 13,288 29,498 960,286 Goodwill Trade- Concession Contractual Software Costs of Development Land Other Total At January 1, 2017 Cost 205,195 109,511 844,213 95,127 60,607 342,100 3,623 13,288 34,294 1,707,958 Accumulated amortization and impairment (60,675 ) (15,845 ) (326,453 ) (62,316 ) (40,586 ) (233,378 ) (3,623 ) — (4,796 ) (747,672 ) Net cost 144,520 93,666 517,760 32,811 20,021 108,722 — 13,288 29,498 960,286 Net initial cost 144,520 93,666 517,760 32,811 20,021 108,722 — 13,288 29,498 960,286 Additions — — 38,156 5,274 3,330 49,698 — — 20,832 117,290 Capitalization of interest — — 26,015 — — — — — — 26,015 Deconsolidation, net (3,524 ) — (17,354 ) — (21 ) — — — (2,767 ) (23,666 ) Transfers from assets under construction (Note 17) — — (11,217 ) — 2,761 5,008 — — 3,617 169 Derecognition - cost — — (537 ) — (1,572 ) — — — (355 ) (2,464 ) Amortization — — (24,609 ) (4,189 ) (8,091 ) (46,695 ) — — (2,973 ) (86,557 ) Impairment (20,068 ) (29,541 ) — — — — — — — (49,609 ) Translations adjustments (4,124 ) 975 13 369 1,196 — — — 177 (1,394 ) Net final cost 116,804 65,100 528,227 34,265 17,624 116,733 — 13,288 48,029 940,070 At December 31, 2017 Cost 197,547 110,486 841,229 98,607 59,913 396,806 3,623 13,288 55,701 1,777,200 Accumulated amortization and impairment (80,743 ) (45,386 ) (313,002 ) (64,342 ) (42,289 ) (280,073 ) (3,623 ) — (7,672 ) (837,130 ) Net cost 116,804 65,100 528,227 34,265 17,624 116,733 — 13,288 48,029 940,070 Goodwill Trade- Concession Contractual Software Costs of Development Land use Other Total At January 1, 2018 Cost 197,547 110,486 841,229 98,607 59,913 396,806 3,623 13,288 55,701 1,777,200 Accumulated amortization and impairment (80,743 ) (45,386 ) (313,002 ) (64,342 ) (42,289 ) (280,073 ) (3,623 ) — (7,672 ) (837,130 ) Net cost 116,804 65,100 528,227 34,265 17,624 116,733 — 13,288 48,029 940,070 Net initial cost 116,804 65,100 528,227 34,265 17,624 116,733 — 13,288 48,029 940,070 Additions — — 23,803 — 3,267 68,544 — — 5,067 100,681 Capitalization of interest expenses — — 3,361 — — — — — — 3,361 Desconsolidation, net (20,086 ) (8,358 ) (22,758 ) (8,909 ) (10,153 ) — — — (1,863 ) (72,127 ) Transfers from assets under construction (Note 17) — — — — 199 — — — (199 ) — Derecognition - cost — — (16 ) — (1,941 ) (4,126 ) — — — (6,083 ) Amortization — — (50,776 ) (7,996 ) (5,834 ) (41,930 ) — — (5,536 ) (112,072 ) Translations adjustments (3,430 ) (4,301 ) 199 (303 ) 830 — — — 270 (6,735 ) Net final cost 93,288 52,441 482,040 17,057 3,992 139,221 — 13,288 45,768 847,095 At December 31, 2018 Cost 174,031 97,097 836,254 85,482 16,177 461,224 3,623 13,288 54,644 1,741,820 Accumulated amortization and impairment (80,743 ) (44,656 ) (354,214 ) (68,425 ) (12,185 ) (322,003 ) (3,623 ) — (8,876 ) (894,725 ) Net cost 93,288 52,441 482,040 17,057 3,992 139,221 — 13,288 45,768 847,095 a) Goodwill Management reviews the results of its businesses on the basis of the type of economic activity carried on. At December 31, the goodwill of the cash-generating units (CGUs) is distributed as follows: 2016 2017 2018 Engineering and construction 98,587 75,051 71,621 Electromechanical 20,737 20,737 20,737 Mining and construction services 13,366 13,366 — IT equipment and services 5,102 930 930 Telecommunications services 6,728 6,720 — 144,520 116,804 93,288 As a result of management’s annual impairment tests on goodwill, the recoverable amount of cash-generating units was determined on the basis of the greater their value in use and fair value less disposal costs. The value in use was determined on the basis of expected future cash flows generated by the evaluation of CGUs. As a result of these assessments, an impairment was identified in 2016 and 2017 in two CGU’s, Vial y Vives-DSD, The main assumptions used by the Group to determine fair value less disposal costs and value in use are as follows: Engineering and construction Electro- IT equipment and services Telecommu- % % % % 2016 Gross margin 9.50% - 12.99% 11.10% 15.00% - 23.19% 11.75% Terminal growth rate 3.00% - 4.00% 2.00% 2.00% - 3.00% 3.00% Discount rate 9.66% - 12.72% 11.01% 21.74% 10.02% 2017 Gross margin 9.50% 8.00% 20.83% 4.26% Terminal growth rate 3.00% 2.00% 2.90% 3.00% Discount rate 11.18% 11.48% 10.17% 4.02% 2018 Gross margin 12.67% 7.63% 20.00% — Terminal growth rate 3.00% 2.00% 2.90% — Discount rate 12.55% 11.44% 15.39% — These assumptions have been used for the analysis of each CGUs for a period of 5 years. Management determines budgeted gross margins based on past results and market development expectations. Average growth rates are consistent with those prevailing in the industry. The discount rates used are pre-tax post-tax, b) Trademarks This item mainly includes the brands acquired in the business combination processes with Vial y Vives S.A.C. (S/75.4 million) in August 2013, Morelco S.A.S. (S/33.33 million) in December 2014 and Adexus S.A. (S/9.1 million) in August 2016. Management determined that the brands from Vial y Vives, Morelco and Adexus have indefinite useful lives; consequently, annual impairment tests are performed on these intangible assets as explained in paragraph a) above. As a result of these evaluations, as of December 31, 2017, and 2016, the Vial y Vives - DSD brand partially deteriorated, the amount of the impairment was S/29.5 million and S/15.6 million respectively. It was not necessary to evaluate the impairment of goodwill in Stracon GyM S.A. because in March 2018 the Company sold its interest (87.59%) for a total of US$76.8 million (equivalent to S/248.8 million), generating a profit of S/41.9 million. The main assumptions used by the Group to determine fair value less cost of sales are as follows: Engineering and IT Morelco Vial yVives- Adexus % % % 2016 Average revenue growth rate 14.39 % 24.53 % 12.60 % Terminal growth rate 3.00 % 4.00 % 3.00 % Discount rate 11.85 % 9.87 % 16.05 % 2017 Average revenue growth rate 9.60 % 25.00 % 9.19 % Terminal growth rate 3.00 % 4.00 % 3.00 % Discount rate 11.18 % 14.80 % 16.63 % 2018 Average revenue growth rate 12.25 % 19.58 % 17.93 % Terminal growth rate 3.00 % 3.00 % 2.90 % Discount rate 12.55 % 14.00 % 12.40 % c) Concessions The intangibles of Norvial S.A. as of December 31, 2018, mainly comprise: i) the EPC Contract for S/70 million (S/78 million as of December 31, 2017), ii) the construction of the second section of the “Ancon-Huacho-Pativilca” d) Cost of well’s development Through one of its subsidiaries, GMP S.A., the Group operates and extracts oil from two fields (Lot I and Lot V) located in the province of Talara, in northern Peru. Both fields are operated under long-term service contracts in which the Group provides hydrocarbon extraction services to Perupetro. On December 10, 2014, the Peruvian State granted the subsidiary GMP S.A. the right to exploit for 30 years the oil lots III and IV (owned by the Peruvian State - Perupetro) located in the Talara basin, Piura, of 230 and 330 wells, respectively. The total expected investment in both lots amounts to US$350 million; operations began in April 2015. As part of the Group’s obligations under the service contracts, it is necessary to incur certain costs to prepare the wells located in Lots I, III, IV and V. These costs are capitalized as part of the intangible assets with a value of S/68 million during 2018 (S/99 million in 2017 and S/80 million in 2016), which includes the capitalization of the provision for dismantling wells for S/3 million (S/50 million during 2017). The lots are amortized on the basis of the useful lives of the wells (determined as five years for lots I and V and units produced for lots III and IV), which is less than the total service contract period with Perupetro. e) Amortization of intangible assets Amortization of intangibles is broken down in the income statement as follows: 2016 2017 2018 Cost of sales and services (Note 27) 59,682 67,381 98,318 Administrative expenses (Note 27) 4,890 3,002 4,856 (+) Amortization discontinued operations 18,171 16,174 8,898 82,743 86,557 112,072 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Borrowings | 19 BORROWINGS As of December 31, this item includes: Total Current Non-current 2017 2018 2017 2018 2017 2018 Bank overdrafts 120 119 120 119 — — Bank loans 1,561,634 1,023,481 990,467 810,188 571,167 213,293 Finance leases 128,309 33,488 66,177 13,514 62,132 19,974 Other financial entities — 145,584 — 2,653 — 142,931 1,690,063 1,202,672 1,056,764 826,474 633,299 376,198 a) Bank Loans As of December 31, 2017, and 2018 includes bank loans in local and foreign currency for working capital. These obligations bear fixed interest rates ranging from 1.6% to 15.8% in 2018 and from 3.3% to 13.9% in 2017. Current Non-current Interest Date of At December, 31 At December, 31 rate maturity 2017 2018 2017 2018 GyM S.A. 1.63% /8.91% 2018 / 2019 551,413 227,770 (iii) 95,376 — Graña y Montero S.A.A. Libor USD 3M + from 4.9% to 5.5% 2018 / 2020 113,412 206,836 (ii) 363,564 125,547 (i) GyM Ferrovías Libor USD 1M + to 2% 2019 — 209,463 — — Viva GyM S.A. 7.00% / 12.00% 2018 / 2020 157,592 129,617 — 2,102 GMP S.A. 4.55% /6.04% 2018 / 2020 42,911 22,587 96,245 85,644 CONCAR S.A. 15.75% 2019 812 13,915 — — Adexus S.A. 5.90% 2018 / 2019 46,552 — 3,175 — CAM Holding S.A. 4.68% / 13.76% 2018 77,775 — 12,807 — 990,467 810,188 571,167 213,293 i) Credit Suisse Syndicated Loan In December 2015, the Company entered into a US$200 million medium-term loan agreement with Credit Suisse AG, Cayman Islands Branch and Credit Suisse Securities (USA) LLC. The loan term is five years with quarterly installments starting on the 18th month. The loan bears interest at a rate of three months Libor plus 4.9% per year (3.8% in 2017). The funds were used to finance the equity participation in GSP. On June 27, 2017, the Company renegotiated the terms of this loan to correct defaults related to the cancellation of the GSP concession. As of December 31, 2018, the principal balance of the loan amounts to US$37.5 million (equivalent to S/126.7 million). The Company is in compliance with its obligations to do and not to do under the credit agreement. ii) GSP Bridge Loan As of December 31, 2016, the balance of bank loans included US$129 million (S/433 million) of the corporate guarantee issued by the Company to guarantee the bridge loan granted to GSP, which was due as of December 31, 2016. However, on June 27, 2017, the Company reached a refinancing agreement with Natixis, BBVA, SMBC and MUFJ for US$78.7 million (S/256.3 million), this amount was used to repay the GSP bridge loan. The new loan matures in June 2020, with prepayments coming from the sale of assets for 40% in the first year and an additional 30% in the second year. As of December 31, 2018, the principal balance of the loan was US$63.5 million (equivalent to S/214.5 million). Although as of December 31, 2018, the company had breached some of its obligations under the credit agreement, it has requested a waiver. Due to this default, the loan balance was reclassified as current. This waiver was granted at the closing of this report. iii) Financial Stability Framework Agreement On July 31, 2017, we, and certain of our subsidiaries, GyM, Construyendo Pais S.A., Vial y Vives — DSD and Concesionaria Vía Expresa Sur S.A., entered into a Financial Stability Framework Agreement (together with certain complementary contracts, the “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 a line of credit of up to US$51.6 million and S/33.6 million; (iii) grant Graña y Montero S.A.A., GyM, Construyendo Pais S.A., Vial y Vives – DSD and Concesionaria Vía Expresa Sur S.A. a non-revolving line of credit to finance reimbursement obligations under performance bonds; (iv) grant a syndicated line of credit in favor of Graña y Montero S.A.A. and GyM 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) to commit to maintain existing standby letters of credit issued at the request of GyM and Graña y Montero S.A.A., as well as the request of Construyendo Pais S.A., Vial y Vives – DSD and Concesionaria Vía Expresa Sur S.A. In April of 2018, the Group repaid US$72.7 million (equivalent to S/245.8 million) of the facility with the proceeds of the sale of Stracon GyM S.A., and in July of 2018, an additional of US$15.4 million (equivalent to S/52.1 million). As of December 31, 2018, and the date of this annual report, there was US$59.4 million (equivalent to S/200.8 million) outstanding under this agreement. As of December 31, 2018 and as of the date hereof, our construction subsidiary GyM is under a continuing default under the Financial Stability Framework Agreement with respect to its failure to comply with certain ratios between Tranche A (client invoices (facturas)) and Tranche B (project valuations (valorizaciones)). No event of default has been formally noticed to GyM by the lenders, and our subsidiary has requested a waiver from the lenders, which is pending. If duly noticed to GyM by the lenders, the consequence of this default would be to transfer certain amounts due under Tranche B to Tranche A, for which payment is not due until July 2019. As of December 31, 2018, there was US$43.7 million (S/.147.8 million) outstanding under Tranche A and US$15.7 million (S/.53.0 million) outstanding under Tranche B of the facility, for a total of US$59.4 million (S/200.8 million). b) Financial Leases Current Non-current Interest Date of At December, 31 At December, 31 rate maturity 2017 2018 2017 2018 GyM S.A. 0.40% /9.27% 2018 / 2023 40,107 4,523 32,397 9,314 GMP S.A. 0.25% /4.50% 2018 / 2021 4,013 4,034 5,304 1,522 Viva GyM S.A. 7.79% /8.46% 2018 / 2022 4,439 3,488 12,010 8,582 CONCAR S.A. 3.65% /5.05% 2018 / 2020 1,777 1,469 1,945 556 Adexus S.A. 3.36% /12.31% 2018 / 2022 8,567 — 4,363 — GMI S.A. 5.56% /6.90% 2018 347 — — — CAM Holding S.A. 3.01% /14.76% 2018 6,240 — 5,692 — CAM Servicios Perú S.A. 6.79% /7.75% 2018 687 — 421 — 66,177 13,514 62,132 19,974 The minimum payments to be made according to their maturity and the present value of the leasing obligations are as follows: At December 31, 2017 2018 Up to 1 year 72,864 15,151 From 1 to 5 years 65,899 21,583 Over 5 years 638 — 139,401 36,734 Future financial charges on finance leases (11,092 ) (3,246 ) Present value of the obligations for finance lease contracts 128,309 33,488 The present value of the finance lease agreements obligations are as follows: At December 31, 2017 2018 Up to 1 year 66,177 13,514 From 1 year to 5 years 61,501 19,974 Over 5 years 631 — 128,309 33,488 c) Other financial entities Monetization of Norvial dividends On May 29, 2018, an investment agreement was signed between the Company and Inversiones Concesion Vial S.A.C. (“BCI Peru”) - with the intervention of Fondo de Inversion BCI NV (“Fondo BCI”) and BCI Management Administradora General de Fondos S.A. (“BCI Asset Management”) to monetize the future dividends on Norvial S.A. that our Company will receive for a period of seven years. The transaction amount is US$42.3 million (equivalent to S/138 million) and was completed on June 11, 2018. It has also been agreed that the Company will have call options on 48.8% of the economic rights of Norvial that BCI Peru will maintain through its participation in Inversiones en Autopistas S.A. Such options will be subject to certain conditions such as the maturity of different terms, recovery of the investment made with the funds of the BCI Fund (according to different economic estimates) and/or the occurrence of a change of control. d) Fair value of debt The book value and fair value of financial liabilities are as follows: Carrying amount Fair value At December, 31 At December, 31 2017 2018 2017 2018 Bank overdrafts 120 119 120 119 Bank loans 1,561,634 1,023,481 1,627,000 1,152,885 Finance leases 128,309 33,488 141,040 38,399 Other financial entities — 145,584 — 145,584 1,690,063 1,202,672 1,768,160 1,336,987 In 2018, fair values are based on discounted cash flows using debt rates between 2.4% and 8.9% (between 2.4% and 13.8% in 2017) and are within level 2 of the fair value hierarchy. |
Bonds
Bonds | 12 Months Ended |
Dec. 31, 2018 | |
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Bonds | 20 BONDS As of December 31, this item includes: Total Current Non-current 2017 2018 2017 2018 2017 2018 GyM Ferrovías 603,657 611,660 12,294 13,422 591,363 598,238 Norvial 343,910 325,382 24,361 25,745 319,549 299,637 947,567 937,042 36,655 39,167 910,912 897,875 a) GyM Ferrovias S.A. In February 2015, the subsidiary GyM Ferrovias S.A. completed an international corporate bond issue under “Regulation S” of the United States of America. The issue was made in soles VAC (adjusted by the Constant Update Value) for an amount of S/629 million. Issuance costs amounted to S/22 million. The bonds mature in November 2039 and bear interest at a rate of 4.75% (plus the VAC adjustment), have a risk rating of AA+ (local scale) granted by Apoyo & Asociados Internacionales Clasificadora de Riesgo and a guarantee scheme that includes a mortgage on the concession of which GyM Ferrovias S.A. is the concessionaire, collateral on the shares of GyM Ferrovias S.A., Assignment of the Collection Rights of the Administration Trust, a Flows Trust and Reserve Accounts for the Debt Service, Operation, and Maintenance and the ongoing Capex. At December 31, 2018, S/67.7 million have been amortized (S/57.5 million at December 31, 2017). As of December 31, 2018, the balance includes accrued interest and VAC adjustments for S/72.0 million (S/60.5 million as of December 31, 2017). As of December 31, 2017, and 2018, the movement in this account is as follows: 2017 2018 Balance at January, 1 604,031 603,657 Amortization (19,141 ) (10,178 ) Accrued interest 49,132 48,130 Interest paid (30,365 ) (29,949 ) Balance at December, 31 603,657 611,660 As part of the bond structuring process, GyM Ferrovias S.A. undertook to report and verify compliance with the following covenants, measured by its individual financial statements: • Debt service coverage ratio not less than 1.2 times; • Maintain a minimum balance in the trust equal to one-quarter of operating and maintenance costs (including VAT); • Maintain a constant balance in the minimum trust equal to the following two coupons according to the bond schedule. On August 23, 2017, GyM Ferrovias S.A. and Line One CPAO Purchaser LLC signed the purchase-sale contract and assignment of collection rights for the “Annual Payment for Complementary Investment (PAO Complementary)” derived from the Concession Contract for an amount equivalent to US$316 million. On August 23, 2017, GyM Ferrovias S.A. as Borrower, Mizuho Bank, Ltd., and Sumitomo Mitsui Banking Corporation as Lenders and Mizuho Bank, Ltd. as Administrative Agent signed a Working Capital loan agreement for an amount equivalent to US$80 million to partially finance the Lima Metro Line 1 Expansion Project. As of December 31, 2018, the balance payable amounts to US$62 million. b) Norvial S.A. Between 2015 and 2016, the subsidiary, Norvial S.A., issued the First Corporate Bond Program on the Lima Stock Exchange for S/365 million. The rating companies Equilibrium Risk and Apoyo & Asociados Internacionales gave the rating of AA to this debt instrument. The purpose of the awarded funds was to finance the construction works of the Second Stage of the Road Network No. 5 and the financing of the VAT linked to the execution of the expenses of the Project. As of December 31, 2017, and 2018, the movement in this account is as follows: 2017 2018 Balance at January, 1 363,684 343,910 Amortization (20,010 ) (18,736 ) Accrued interest 2,987 24,170 Capitalized interest 26,011 3,361 Interest paid (28,762 ) (27,323 ) Balance at December, 31 343,910 325,382 As part of the bond structuring process, Norvial S.A. undertook to periodically report and verify compliance with the following covenants: • Debt service coverage ratio not less than 1.3 times; • Proforma leverage ratio less than 4 times. The fair value of both obligations at December 31, 2018 amounts to S/1,037 million (at December 31, 2017, amounts to S/1,040 million), and is based on discounted cash flows using rates between 4.09% and 5.45% (between 4.49% and 6.63% at December 31, 2017) corresponding to level 2 of the fair value hierarchy. As of December 31, 2017, and 2018, the Company has complied with the covenants of both types of bonds. |
Trade Accounts Payable
Trade Accounts Payable | 12 Months Ended |
Dec. 31, 2018 | |
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Trade Accounts Payable | 21 TRADE ACCOUNTS PAYABLE As of December 31, this item includes: 2017 2018 Invoices payable 1,250,586 591,619 Unbilled services received 132,514 378,670 Notes payable 69,946 109,242 1,453,046 1,079,531 The balance of services received but not billed includes the estimate made by management corresponding to the valuation by the degree of completion, which amounted to S/378.7 million at December 31, 2018 (S/132.5 million at December 31, 2017). |
Other Accounts Payable
Other Accounts Payable | 12 Months Ended |
Dec. 31, 2018 | |
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Other Accounts Payable | 22 OTHER ACCOUNTS PAYABLE As of December 31, this item includes: Total Current Not current 2017 2018 2017 2018 2017 2018 Advances received from customers (a) 726,294 496,548 316,891 301,868 409,403 194,680 Consorcio Constructor Ductos del Sur - payable (b) 250,021 234,978 — — 250,021 234,978 Salaries and other payable 246,916 97,774 246,916 97,774 — — Put option liability on Morelco acquisition (Note 33-b) 105,418 103,649 — — 105,418 103,649 Third-party loans 107,314 11,560 75,256 11,560 32,058 — Other taxes payable 69,584 90,449 69,584 69,118 — 21,331 VAT payable 48,095 42,326 37,544 42,326 10,551 — Consorcio Rio Mantaro - payables 35,531 35,531 35,531 35,531 — — Acquisition of non-controlling 36-a) 22,407 22,963 22,407 22,963 — — Supplier funding 14,886 — — — 14,886 — Guarantee deposits 15,580 15,137 15,580 15,137 — — Post-retirement benefits 8,914 — — — 8,914 — Other accounts payables 50,013 55,864 28,791 36,392 21,222 19,472 1,700,973 1,206,779 848,500 632,669 852,473 574,110 (a) Advances received from customers relate mainly to construction projects, and are discounted from invoicing, in accordance with the terms of the contracts. (b) The other accounts payable of Consorcio Constructor Ductos del Sur correspond to payment obligations to suppliers and main subcontractors for S/235 million, as a consequence of the termination of GSP’s operations. The fair value of short-term accounts approximates their carrying amount due to their short-term maturities. The non-current non-financial |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2018 | |
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Provisions | 23 PROVISIONS As of December 31, this item includes: Total Current Not current 2017 2018 2017 2018 2017 2018 Legal contingencies 23,364 84,728 12,220 6,049 11,144 78,679 Contingent liabilities from the acquisition of Morelco 4,224 4,039 — — 4,224 4,039 Contingent liabilities from the acquisition of Coasin and Vial yVives - DSD 1,839 459 — — 1,839 459 Contingent liabilities from the acquisition of Adexus 1,186 — 1,186 — — — Provision for well closure (Note 5.1 d) 16,804 20,382 97 148 16,707 20,234 47,417 109,608 13,503 6,197 33,914 103,411 As of December 31, 2018, legal contingencies correspond mainly to the present value of the estimated provision of S/73.5 million (approximately US$22.3 million), related to the contingency described in Note 1 c-4). Legal contingencies also include proceedings brought against the Group by the Peruvian energy regulator (OSINERGMIN), related to the storage of hydrocarbons and applicable environmental laws and regulations for S/5.3 million (S/5.1 million as of December 31, 2017). The gross movement of other provisions is as follows: Other provisions Legal contingencies Contingent Provision Total At January 1, 2017 15,732 8,125 17,216 41,073 Additions 9,510 — — 9,510 Reversals of provisions (235 ) (809 ) (412 ) (1,456 ) Payments (1,680 ) — — (1,680 ) Translation adjustments 37 (67 ) — (30 ) At December 31, 2017 23,364 7,249 16,804 47,417 At January 1, 2018 23,364 7,249 16,804 47,417 Additions 75,369 — 3,578 78,947 Reversals of provisions (4,875 ) (1,343 ) — (6,218 ) Deconsolidation of subsidiaries (2,340 ) — — (2,340 ) Reclasification liabilities classified as held for sale — (1,093 ) — (1,093 ) Payments (6,615 ) — — (6,615 ) Translation adjustments (175 ) (315 ) — (490 ) At December 31, 2018 84,728 4,498 20,382 109,608 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
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Equity | 24 EQUITY a) Capital The General Shareholders’ Meeting held on November 6, 2018, approved a capital increase of up to US$130 million (equivalent to S/434 million, approximately), equivalent to 211,864,065 shares at a price of US$0.6136. As of December 31, 2018, during the first stage of the placement and the conclusion of two preferred subscription rounds, a total of 69,380,402 shares were subscribed. Therefore, the Company’s capital is represented by 729,434,192 shares with a par value of S/1.00 each, out of which 660,053,790 are registered in the Public Registry, and 69,380,402 are in the process of registration. As of December 31, 2017, the issued, authorized, subscribed, and paid-in capital in accordance with the Company’s bylaws and amendments thereto was represented by 660,053,790 common shares. The company will continue its efforts to place the balance or part of the shares pending subscription. As of December 31, 2017, a total of 259,302,745 shares were represented in ADS, equivalent to 51,860,549 ADSs at the rate of 5 shares per ADS; and 207,931,660 shares were represented in ADSs equivalent to 41,586,332 ADS as of December 31, 2018. As of December 31, 2018, the Company’s shareholding structure is as follows: Percentage of individual interest in capital Number of Total Up to 1.00 1,926 16.37 From 1.01 to 5.00 12 26.54 From 5.01 to 10.00 2 12.47 Over 10 2 44.62 1,942 100.00 As of December 31, 2018, the Company’s shares had a year-end b) Legal reserve In accordance with the Peruvian General Law of Corporations, the legal reserve of the Company is constituted with the transfer of 10% of the annual profit until reaching an amount equivalent to 20% of the paid-in capital. In the absence of profits or unrestricted reserves, the legal reserve must be applied to the compensation of losses and must be replenished with the profits of subsequent years. This reserve may be capitalized; and its replacement is also mandatory. As of December 31, 2018, the balance of the legal reserve reached the aforementioned limit. c) Voluntary reserve As of December 31, 2017, and 2018, this S/29.97 million reserve is related to the excess of the legal reserve; this reserve is above the requirement to constitute a reserve until it reaches the equivalent of 20% of the paid-in capital. d) Share premium This item includes the excess of total income obtained by shares issued in 2013 compared to their nominal value of S/1,055.5 million and by shares issued in 2018 an amount of S/68.2 million. In addition, this account recognizes the difference between the nominal value and the transaction value for acquisitions of shares in non-controlling e) Retained earnings Dividends distributed to shareholders other than domiciled legal entities are subject to the rates of 4.1% (earnings until 2014), 6.8% (2015 and 2016 earnings) and 5.00% (2017 and thereafter) for income tax charged to these shareholders; such tax is withheld and settled by the Company. Dividends for fiscal years 2017 and 2018 were not distributed (Note 34). |
Deferred Income Tax
Deferred Income Tax | 12 Months Ended |
Dec. 31, 2018 | |
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Deferred Income Tax | 25 DEFERRED INCOME TAX Deferred income tax is classified by its estimated reversal term as follows: 2017 2018 Deferred income tax asset: Reversal expected in the following 12 months 73,883 48,889 Reversal expected after 12 months 362,814 376,547 Total deferred tax asset 436,697 425,436 Deferred income tax liability: Reversal expected in the following 12 months (5,583 ) (9,067 ) Reversal expected after 12 months (66,889 ) (66,280 ) Total deferred tax liability (72,472 ) (75,347 ) Deferred income tax asset, net 364,225 350,089 The movement in deferred income tax is as follows: 2016 2017 2018 Deferred income tax asset, net as of January 1 48,682 353,839 364,225 Credit to income statement (Note 30) 263,806 42,599 25,118 Adjustment for changes in rates of income tax 17,105 1,951 (1,524 ) Credit to other comprehensive income 15,004 — — Tax charged to equity 159 — — Acquisition of a subsidiary 10,363 (12,160 ) (40,460 ) Acquisition of joint operation — (16,804 ) (95 ) Other movements (1,280 ) (5,200 ) 2,825 Total as of December 31 353,839 364,225 350,089 The movement in deferred tax assets and liabilities in the year, without considering the offsetting of balances, is as follows: Deferred income tax liabilities Difference in Deferred Fair value Work Tax Borrowing Purchase Others Total At January 1, 2016 45,155 — 30,684 24,723 25,543 15,178 — 11,810 153,093 (Charge) credit to P&L 16,595 — 13,587 (16,481 ) 3,324 6,240 — 2,618 25,883 (Charge) credit to OCI — — (15,348 ) — — — — — (15,348 ) Reclassification of previous years — — (28,923 ) — — — 30,187 (1,264 ) — Acquisition of subsidiary — — — — — — (3,069 ) — (3,069 ) At December 31, 2016 61,750 — — 8,242 28,867 21,418 27,118 13,164 160,559 (Charge) credit to P&L 104,101 — — (5,712 ) 3,322 (1,473 ) (11,780 ) (3,724 ) 84,734 Sale of subsidiary — — — — — — — (83 ) (83 ) At December 31, 2017 165,851 — — 2,530 32,189 19,945 15,338 9,357 245,210 (Charge) credit to P&L (74,679 ) 13,574 — 2,926 689 (4,229 ) (11,699 ) 7,828 (65,590 ) Sale of subsidiaries (16,189 ) — — — — — (5,201 ) (3,377 ) (24,767 ) At December 31, 2018 74,983 13,574 — 5,456 32,878 15,716 (1,562 ) 13,808 154,853 Deferred income tax assets Provisions Accelerated Tax Work in Accrual for Investments in Impairment Tax Others Total At January 1, 2016 20,949 14,892 91,313 24,103 14,977 1,476 — 17,522 16,543 201,775 Charge (credit) to P&L 84,571 1,489 51,163 (6,489 ) (2,005 ) (312 ) 172,052 3,003 3,322 306,794 Charge (credit) to equity 159 — — — — — — — — 159 Charge (credit) to ORI — — — — — — — — (343 ) (343 ) Adquisition of subsidiary (Adexus) — — 10,607 — — — — — (3,313 ) 7,294 Others — — — — — (556 ) — — (725 ) (1,281 ) At December 31, 2016 105,679 16,381 153,083 17,614 12,972 608 172,052 20,525 15,484 514,398 Charge (credit) to P&L (12,614 ) 79,637 (8,555 ) 21,873 2,166 118 28,593 (112 ) 18,358 129,464 Charge (credit) to equity (8,882 ) — — — — — (7,493 ) — (347 ) (16,722 ) Reclassification (30,901 ) — — — — (726 ) 31,627 — — — Sale of subsidiary (GMD S.A.) (683 ) (9,367 ) (438 ) — (1,697 ) — — — (236 ) (12,421 ) Others (160 ) — (1 ) — (1 ) — 1 — (5,123 ) (5,284 ) At December 31, 2017 52,439 86,651 144,089 39,487 13,440 — 224,780 20,413 28,136 609,435 Charge (credit) to P&L 702 (83,561 ) 25,733 (5,482 ) 1,784 — 35,289 (2,365 ) (14,096 ) (41,996 ) Charge (credit) to equity — — — — — — — — (95 ) (95 ) Sale of subsidiary (14,775 ) (2,169 ) (33,512 ) — (6,215 ) — (6,462 ) — (944 ) (64,077 ) Others — — — — — — — — 1,675 1,675 At December 31, 2018 38,366 921 136,310 34,005 9,009 — 253,607 18,048 14,676 504,942 As of December 31, 2018, the total tax loss amounts to S/468.8 million and is composed as follows: Company Tax loss apli- Application Statute of 2019 2020 Forward GyM S.A. 277,541 B 8,801 19,417 249,323 Vial y Vives - DSD 76,474 N/A 11,022 13,226 52,226 Graña y Montero S.A.A. 56,906 A 46,278 10,628 — 2022 GMP S.A. 17,225 A — 5,786 11,438 2020 / 2021 TGNCA 15,989 B — — 15,989 Viva GyM S.A. 12,497 B — — 12,497 Consorcio Italo Peruano 3,870 A 3,870 — — 2020 Consorcio Peruano de Conservación 3,791 A — 3,243 549 2020 / 2021 Consorcio Huacho-Pativilca 1,457 A 1,457 — — 2022 Others 3,055 1,195 142 1,718 468,806 72,624 52,442 343,739 According to Peruvian legislation, there are two ways to compensate for tax losses: 1. System A, it is allowed to offset the tax loss in future years up to the following four (4) years from the date the loss is incurred. 2. System B. The tax loss may be offset in future years up to 50% of the net rent of each year. This option does not consider a statute of limitations. The taxable goodwill relates to the tax credit generated in the reorganization of the Chilean subsidiaries in 2014, in accordance with such legislation. In 2016, the arbitration related to the Collahuasi project was closed, and an additional payment to the sellers of the Chilean subsidiary was determined, which originated the increase of this temporary item. Deferred income corresponds to income that, according to Colombian tax regulations, is not recognized as such for tax purposes until certain requirements are met. |
Workers' Profit Sharing
Workers' Profit Sharing | 12 Months Ended |
Dec. 31, 2018 | |
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Workers' Profit Sharing | 26 WORKERS’ PROFIT SHARING The distribution of the workers’ profit sharing included in Note 27-i) for the years ended December 31 is shown below: 2016 2017 2018 Cost of sales of goods and services 8,547 2,215 5,274 Administrative expenses 1,297 7,562 2,588 9,844 9,777 7,862 |
Expenses by Nature
Expenses by Nature | 12 Months Ended |
Dec. 31, 2018 | |
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Expenses by Nature | 27 EXPENSES BY NATURE For the years ended December 31, the detail of this item is as follows: Cost of Administrative 2016 Services provided by third-parties 1,417,412 89,328 Salaries, wages and fringe benefits 875,470 153,927 Purchase of goods 629,765 — Impairment of accounts receivable (ii) 419,584 — Other management charges 256,541 21,361 Depreciation 111,404 7,428 Amortization 59,682 4,890 Impairment of inventories 37,454 — Taxes 6,982 1,369 Impairment of property, plant and equipment 6,926 — Total report reclassified 3,821,220 278,303 2017 Services provided by third-parties 1,268,665 104,950 Salaries, wages and fringe benefits 919,409 134,695 Purchase of goods 856,745 140 Other management charges 235,102 48,057 Depreciation 103,566 5,776 Amortization 67,381 3,002 Impairment of inventories 40,592 — Impairment of property, plant and equipment 11,928 20 Taxes 7,470 7,408 Impairment of accounts receivable (ii) 703 18,406 Total report reclassified 3,511,561 322,454 2018 Services provided by third-parties 1,064,687 98,060 Salaries, wages and fringe benefits (i) 817,392 105,505 Purchase of goods 755,209 — Other management charges 375,308 43,533 Amortization 98,318 4,856 Depreciation 81,199 5,135 Impairment of accounts receivable (ii) 45,658 19,418 Taxes 8,727 1,926 Impairment of property, plant and equipment 5,468 — Inventory recovery (26,993 ) — Total report reclassified 3,224,973 278,433 (i) For the years ended on December 31, salaries, wages and fringe benefits comprise the following: 2,016 2,017 2,018 Salaries 773,630 747,195 629,641 Social contributions 87,460 106,797 80,697 Statutory gratification 57,974 76,330 73,297 Employee’s severance indemnities 40,411 43,399 50,852 Others 23,436 37,003 41,327 Vacations 36,642 33,603 39,221 Worker’s profit sharing (Note 26) 9,844 9,777 7,862 1,029,397 1,054,104 922,897 (ii) Detail of impairment of accounts receivable: Year Trade Other Work in Accounts Total 2016 3,052 6,333 410,199 — 419,584 2017 724 — — 18,385 19,109 2018 3,065 44,252 — 17,759 65,076 Total 6,841 50,585 410,199 36,144 503,769 |
Financial Income and Expenses
Financial Income and Expenses | 12 Months Ended |
Dec. 31, 2018 | |
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Financial Income and Expenses | 28 FINANCIAL INCOME AND EXPENSES For the years ended on December 31, these items include the following: 2016 2017 2018 Financial income: Interest on loans to third parties 6,142 577 27,060 Fair value of accounts receivables — — 9,786 Interest on short-term bank deposits 7,277 5,123 3,811 Commissions and collaterals — 12 1,448 Exchange rate gain, net — 5,603 — Others 4,806 2,427 8,820 18,225 13,742 50,925 Financial expenses: Interest expense: - Bank loans 88,828 93,238 114,376 - Loans from third parties 264 6,784 31,296 - Commissions and collaterals 9,156 15,537 31,668 - Financial lease 5,943 4,722 2,908 - Bonds 25,352 28,804 3,361 Exchange difference loss, net 12,750 — 23,276 Derivative financial instruments 1,248 739 268 Loss by measurement of financial asset fair value (Note 13) 76,864 8,059 25,796 Other financial expenses 14,481 24,802 23,200 Less; capitalized interest (36,831 ) (31,908 ) (8,167 ) 198,055 150,777 247,982 |
Other Income and Expenses, Net
Other Income and Expenses, Net | 12 Months Ended |
Dec. 31, 2018 | |
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Other Income and Expenses, Net | 29 OTHER INCOME AND EXPENSES, NET For the years ended December 31, these items include the following: 2016 2017 2018 Other income: Sales of property, plant and equipment 26,034 93,013 26,007 Sale of investments 46 — 13,475 Reversal of legal and tax provisions 14,959 79 20 Present value of the liability from put option — — 6,122 Legal indemnities 8,957 — — Others 18,033 6,466 12,795 68,029 99,558 58,419 Other expenses: Legal contingency - Law 30737 (Note 23) — — 73,500 Net cost of property, plant and equipment disposal 22,305 78,378 36,931 Impairment of goodwill and trademarks 54,308 49,608 — Loss on remeasurement of previously held interest (Note 33-a) 6,832 — — Others 6,944 4,441 9,323 90,389 132,427 119,754 (22,360 ) (32,869 ) (61,335 ) |
Tax Situation
Tax Situation | 12 Months Ended |
Dec. 31, 2018 | |
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Tax Situation | 30 TAX SITUATION a) In accordance with the current legislation in Peru, Chile, Colombia, Ecuador, Bolivia, and Panama, each Group Company is individually subject to the applicable taxes. Management considers that it has determined the taxable amount of income tax in accordance with the tax legislation in force in each country. b) Amendments to the Peruvian income tax law By means of legislative decree No. 1261, enacted on December 10, 2016, amendments have been made to the income tax Law, effective from 2017 onwards. This amendment establishes the third category income tax rate at 29.5%. Likewise, the aforementioned decree establishes the dividend tax rate for natural persons and legal persons not domiciled at 5% for dividends from 2017 onwards. The accumulated profits until December 31, 2016, remained affected at the rate of 6.8%, independent of the date when the distribution is agreed or occurs in subsequent periods. c) Amendments to the Chilean Income Tax Law On February 1, 2016, law No. 20899 was enacted, which simplifies and clarifies the application of the tax reform defined in the aforementioned law. With respect to income tax, two systems have been established: i. Attributable income system: This system gradually increases the first category tax rate, 21% in 2014, 22.5% in 2015, 24% in 2016, to 25% in 2017. Their choice is restricted to companies whose partners are natural persons domiciled or resident in Chile or natural or legal persons without domicile or residence in Chile. This system imposes taxes on the partners of Chilean entities on an annual basis regardless of any effective distribution of the local entity’s profits, with the right to use the tax paid in full as a tax credit. ii. Partially integrated system: The first category tax rate is gradually increased by 21% in 2014, 22.5% in 2015, 24% in 2016, 25.5% in 2017, to 27% in 2018. Corporations, open or closed, and companies in which at least one of their owners is not a natural person (domiciled or not) or a legal person not domiciled are subject to this system. This system burdens the shareholders of Chilean entities that distribute dividends and entitles them to use said distribution as a tax credit in 65% of the total taxes paid. This limit does not apply to investors with whom Chile has signed double taxation avoidance agreements, as is the case with Peru. d) Amendments to the Colombian income tax legislation In December 2016, law No. 1819 was published modifying the tax Code, effective from 2017. The main modifications are as follows: • The income tax rates in force until 2016 (income tax + cree + surcharge) have been simplified to a single income tax rate of 34% and a temporary surcharge of 6% by 2017 and an income tax rate of 33% and a temporary surcharge of 4% by 2018 on a taxable income greater than S/895 thousand (equivalent to COP800 million). • The presumptive income, applicable when there are tax losses or when it is greater than ordinary income, will have as its taxable base 3.5% of liquid equity (formerly 3%) and may be compensated with future taxable income. • Tax losses may be offset in the following twelve (12) years from their generation. • The special rate for dividends and participations received by foreign companies will be 5%. • The VAT rate changes from 16% to 19%. • As of tax year 2017, the term of the firmness of the declarations will be three (3) years. However, some terms may be longer, as is the case of companies that are obliged to transfer prices whose firmness of the declarations will be six (6) years. For the declarations that generate tax losses the term of firmness will be from twelve (12) to fifteen (15) years. In December 2018, law No. 1943 was published modifying the tax statute, whose application or validity begins in 2019. The main modifications are as follows: • Presumptive rent rate reduced to 1.5% for taxable years 2019 and 2020, and to 0% beginning with the taxable year 2021 • The general income tax rate applicable to national companies shall be reduced as follows: 33% by 2019, 32% by 2020, 31% by 2021 and 30% by 2022. e) The income tax expense shown in the consolidated statement of income comprises 2016 2017 2018 (as restated) Current income tax 169,428 168,143 150,020 Deferred income tax (Note 25) (280,911 ) (44,550 ) (23,594 ) PPUA (7,789 ) 613 — (119,272 ) 124,206 126,426 (-) Discontinued operations (32,910 ) (77,901 ) (13,108 ) Income tax (152,182 ) 46,305 113,318 Under Chilean legislation, when a company has tax losses, it may request a refund of first category taxes paid in prior years, up to the amount of tax calculable on the tax loss and provided that it has not distributed dividends on the income associated with the refund. The amount returned by the Chilean tax administration in this respect is called the provisional payment on absorbed earnings (PPUA). The company recognizes income tax income and an account receivable when requesting this refund. f) The Group’s income tax differs from the notional amount that would result from applying the group companies weighted average rate of income tax applicable to consolidated pre-tax 2016 2017 2018 (Loss) profit before income tax (708,134 ) 45,112 133,948 Income tax by applying local applicable tax rates on profit generated in the respective countries (191,225 ) 13,811 40,507 Tax effect on: - Non-taxable (1,534 ) (4 ) (1,691 ) - Equity method (profit) loss 3,673 394 (1,094 ) - Non-deductible 56,805 30,472 70,052 - Unrecognized deferred tax asset income (expense) (4,099 ) 1,562 8,592 - Adjustment for changes in rates of income tax (18,676 ) 27 1,524 - PPUA adjustment for changes in tax rates 4,871 (611 ) — - Change in prior years estimations (4,471 ) 9,005 3,235 - Others, net 2,474 (8,351 ) (7,807 ) Income tax (152,182 ) 46,305 113,318 g) The theoretical tax disclosed is the result of applying the income tax rate in accordance with the tax legislation of the country where each company that is part of the Group is domiciled. In this sense, companies domiciled in Peru, Chile, and Colombia applied in 2018 income tax rates of 29.5%, 27% and 37% respectively (29.5%, 25.5% and 40% for 2017). Norvial, GyM Ferrovias, Vesur and GMP (Blocks III and IV) have legal stability contracts signed with the Peruvian Government in force during the term of the associated concessions. Therefore, the consolidated theoretical amount is obtained from the weighting of the profit or loss before income tax and the applicable income tax rate. Country Local tax (Loss) Profit Income (A) (B) (A)*(B) 2016 Peru 28.00 % (1,544,221 ) (432,382 ) Peru - Norvial S.A. 27.00 % 63,583 17,167 Peru - GyM Ferrovías S.A. 30.00 % 34,760 10,428 Peru - Vesur S.A. 30.00 % 888 267 Peru - GMP S.A. 30.00 % 8,602 2,581 Chile 24.00 % (81,119 ) (19,468 ) Colombia 40.00 % (27,511 ) (11,004 ) Bolivia 25.00 % (703 ) (176 ) Unrealized gains 837,587 241,362 Total (708,134 ) (191,225 ) 2017 Peru 28.00 % 420,421 124,024 Peru – Norvial S.A. 27.00 % 68,104 18,388 Peru – GyM Ferrovias S.A. 30.00 % 29,028 8,708 Peru – Vesur S.A. 30.00 % 779 234 Peru – GMP S.A. 30.00 % 20,941 6,073 Chile 24.00 % (93,031 ) (23,723 ) Colombia 40.00 % (27,970 ) (11,188 ) Bolivia 25.00 % (2,897 ) (724 ) Unrealized gains (370,263 ) (107,981 ) Total 45,112 13,811 2018 Peru 29.50 % 151,627 44,730 Peru – Norvial S.A. 27.00 % 21,104 5,698 Peru – GyM Ferrovias S.A. 30.00 % 125,136 37,541 Peru – Vesur 30.00 % 2,951 885 Peru – GMP S.A. 29.00 % 35,421 10,272 Chile 27.00 % (20,768 ) (5,607 ) Colombia – Morelco S.A. 37.00 % 11,851 4,385 Colombia – GyM S.A. Branch 33.00 % 1,984 655 Bolivia 25.00 % (137 ) (34 ) Unrealized gains (195,221 ) (58,018 ) Total 133,948 40,507 A company located in Colombia does not exceed the taxable income of COP 800 million, therefore applies the rate of 33%. (Note 30-d) h) The Peruvian tax administration has the power to review and, if applicable, correct the calculation of the income tax determined by the Company in the last four years, starting on January 1 of the year following the filing of the corresponding tax return (years open for review). Years 2014 to 2018 are open for review. Management believes that no significant liabilities will arise as a result of these tax audits. In addition, the Chilean tax administration has not yet audited the income tax returns for 2016, 2017 and 2018, and the Chilean tax administration has the authority to carry out such audits within three years from the filing date of the respective tax returns. Also, in Colombia, years 2016, 2017 and 2018 are pending audit by the Colombian tax administration, which has the power to perform audits in the two years following the filing of the tax return. i) In accordance with current legislation, for the purposes of determining income tax and general sales tax, the transfer prices of transactions with related companies and with companies’ resident in low or nil tax territories must be considered. For this purpose, documentation and information must be available to support the valuation methods used and the criteria considered for their determination (transfer pricing rules). The Tax Administration is empowered to request this information from the taxpayer. Based on the analysis of the Company’s operations, management and its legal advisors estimate that transfer prices of transactions with related companies are based on market conditions, similar to those agreed with third parties, as of December 31, 2018. j) Temporary tax on net assets (ITAN) Taxes third category income generators in Peru subject to the general Income Tax regime. Beginning in 2012, the tax rate is 0.4% applicable to the amount of net assets exceeding S/1 million. The amount effectively paid may be used as a tax credit against payments on account of income tax under the general regime, or against payment of the provisional income tax for the corresponding year. k) The unrecognized deferred income tax asset amounts to S/10.8 million for 2018 and is mainly related to the tax loss carryforwards generated in Consorcio Ermitaño, Consorcio Conciviles and Consorcio Mantaro for which there is no expectation of recovery in the future. l) The current income tax payable, after applying the corresponding tax credits and whose due date is up to the first week of April of the following year, includes mainly: – Proyectos Inmobiliarios Consultores S.A. S/22 million in 2017 – Viva GyM S.A. S/22 million in 2017 – Graña y Montero S.A.A. S/7 million in 2017 – GyM Ferrovias S.A. S/20 million in 2018 – Inversiones Almonte S.A. S/10 million in 2018 |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
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Other Comprehensive Income | 31 OTHER COMPREHENSIVE INCOME The analysis of this account is reflected below: Cash flow Foreign Increase in available-for Exchange difference Total At January 31, 2016 (926 ) (64,441 ) 51,142 (17,740 ) (31,965 ) Credit (charge) for the year 1,190 9,885 (3,149 ) 10,965 18,891 Tax effects (351 ) — 929 (3,243 ) (2,665 ) Transfer to profit or loss (Note 10) — — (41,461 ) 1,563 (39,898 ) Other comprehensive income of the year 839 9,885 (43,681 ) 9,285 (23,672 ) At December 31, 2016 (87 ) (54,556 ) 7,461 (8,455 ) (55,637 ) Credit (charge) for the year 650 (9,166 ) — 9,222 706 Tax effects (192 ) — — (2,729 ) (2,921 ) Other comprehensive income of the year 458 (9,166 ) — 6,493 (2,215 ) At December 31, 2017 371 (63,722 ) 7,461 (1,962 ) (57,852 ) Credit (charge) for the year 160 (7,875 ) — (10,800 ) (18,515 ) Tax effects (47 ) — — 2,808 2,761 Transfer to profit or loss (*) — 14,805 — — 14,805 Other comprehensive income of the year 113 6,930 — (7,992 ) (949 ) At December 31, 2018 484 (56,792 ) 7,461 (9,954 ) (58,801 ) (*) The amount of S/14.8 million corresponds to the recognition of the translation adjustment from CAM Chile S.A., an indirect subsidiary sold in December 2018. The amounts in the above table only represent amounts attributable to the Company’s controlling interest, net of tax. The table below shows the movement in other comprehensive income per year: 2016 2017 2018 Controlling interest (23,672 ) (2,215 ) (949 ) Non-controlling 4,194 (3,117 ) (1,346 ) Adjustment for actuarial gains and losses, net of tax (1,121 ) (2,948 ) 16,589 Total value in OCI (20,599 ) (8,280 ) 14,294 |
Contingencies, Committments and
Contingencies, Committments and Warranties | 12 Months Ended |
Dec. 31, 2018 | |
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Contingencies, Committments and Warranties | 32 CONTINGENCIES, COMMITMENTS, AND WARRANTIES In the opinion of management and its legal advisors, the provisions recorded primarily for labor and tax claims are sufficient to cover the results of these probable contingencies. (Note 23) a) Tax contingencies • Since the fiscal year 2016, there has been an appeal process before the Tax Court and another contentious-administrative process before the Judicial Branch regarding the results of VAT and Income Tax audits from 1999 to 2002. The maximum exposure amount is S/6.9 million. • In our subsidiary GyM S.A., as a result of the audit processes corresponding to 1999, 2001 and 2010, SUNAT has issued determination and fine resolutions that together amount to approximately S/19.1 million. • In the fiscal year 2017, the tax litigation related to the fiscal year 2001 was resolved, in which the Tax Court ordered SUNAT to recalculate its observations, determining an amount lower than that initially claimed. Our subsidiary has decided to accept the conclusions of this resolution and submitted requests for installment payment of the debt amounting S/14.1 million. • Also, at the end of the fiscal year 2017, the contentious-administrative process related to the fiscal year 1999 was resolved through which the Judicial Branch rejected our arguments and confirmed what SUNAT had stated. With respect to this process, there is already a contingency provision of S/5 million accounted for. • The administrative tax process related to the fiscal year 2010 is still ongoing; however, its resolution will not imply an economic loss since it corresponds to a greater return of the balance in favor in 2011 already audited by the Tax Administration. • On the other hand, the Consortiums in which the subsidiary GyM S.A. participates initiated claims before SUNAT for the results of audits with a maximum exposure amount as of December 31, 2018, of S/2.6 million (as of December 31, 2017, S/3 million). • In the fiscal year 2017, Viva GyM challenged the results of the audit process corresponding to the fiscal year 2009, whose determination and fine resolutions as a whole generate a maximum exposure amount as of December 31, 2017, of S/1.5 million. In April 2018, the tax administration declared unfounded the claim for which an appeal has been filed before the Tax Court. Management estimates that all of the above processes will be favorable considering their characteristics and the evaluation of their legal advisors. b) Other contingencies i) Civil lawsuits, mainly related to damages, termination of contracts and claims for work accidents amounting to S/. 0.92 million (S/0.86 million correspond to GyM, and S/0.06 million correspond to Morelco). ii) Contentious-administrative proceedings amounting to S/13.59 million (S/9.64 million correspond to Consorcio Terminales and GMP; S/2.85 million correspond to GyM; S/1.08 million correspond to GyM Ferrovias, and the remaining S/0.02 million correspond to Las Lomas - Inmobiliaria). iii) Administrative processes amounting to S/14.96 million (S/9.88 million correspond to GyM S.A. mainly due to Consorcio Constructor Ductos del Sur; S/1.25 million correspond to Graña y Montero S.A.A.; S/2.13 million correspond to GyM Ferrovias; S/0.85 million correspond to Viva GyM; and, the remaining S/0.85 million correspond to GMP, Terminales del Peru, Consorcio Toromocho, and Concesion Canchaque). iv) Labor processes amounting to S/17.25 million (S/14.93 million correspond to GyM, its subsidiaries, and consortia; S/0.69 million correspond to GMP; S/0.33 million correspond to Vial and Vives - DSD; S/0.22 million correspond to Morelco; S/0.50 million correspond to Consorcio Huacho-Pativilca); and, S/0.58 million correspond to Servisel. v) Two securities class action lawsuits have been filed against the company and certain current and former officers in New York (“Eastern District of New York”) during the first quarter of 2017. Both actions allege that false and misleading statements were filed during the period. In particular, it is alleged that the defendant failed to disclose, among other things, that: a) the Company knew that its partner Odebrecht was involved in illegal activities; and that, b) the Company profited from such activities in violation of its own corporate governance rules. On March 6, 2018, the Court appointed Treasure Finance Holding Corp. to represent the plaintiffs. The company filed an exception requesting that the Court dismiss the lawsuit because even assuming that the facts alleged in the lawsuit were true, the plaintiffs would not be entitled to sue on the basis that: (a) the failure by the plaintiffs to register alleged unlawful payments would not have a material impact on the company’s financial statements even if they existed; (b) the evidence provided by the plaintiffs should be dismissed by the Court; and (c) the plaintiffs have not alleged that the defendants acted with intent to deceive and to benefit. The court has not yet ruled on that motion, but has granted plaintiffs leave to file a further amended complaint. The procedural issue is expected to be resolved during 2019. After that, the Court may dismiss the lawsuit or admit it. Legal counsel cannot predict the outcome of this class action or how it may impact the Company. c) Letters of Credit and Guarantees As of December 31, 2018, the Group has letters of credit and guarantees in force in various financial entities guaranteeing operations for US$471.6 and US$13.9 million, respectively (US$959.7 and US$202.2 million, respectively, as of December 31, 2017), equivalent to S/1,593.5 million and S/46.9 million (S/3,114.2 million and S/656.1 million, respectively, as of December 31, 2017). |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2018 | |
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Business Combinations | 33 BUSINESS COMBINATIONS a) Adexus S.A. acquisition In June 2015, the Company acquired 44% of the shares of the Chilean entity Adexus S.A., whose principal economic activity is the provision of information technology solutions. At December 31, 2015, the Company concluded that joint control existed and that the type of joint agreement qualified as a joint venture; therefore, the investment was accounted for using the equity method in the Group’s consolidated financial statements (Note 16-b). In January 2016, the Group acquired an additional shareholding of 8%, reaching a 52% shareholding; the agreed consideration of S/8.3 million was contributed through debt capitalization. The increase in participation did not change the classification of the investment as a joint venture. Subsequently, in August 2016, the Group obtained an additional stake of 39.03%, reaching 91.03% of its capital and obtaining control. The agreed consideration of S/14 million was initially disbursed as debt and then capitalized in the same period. Losses arising from the re-measurement Upon obtaining control, the Company has applied the acquisition method set forth in IFRS 3 “Business Combinations” to determine the goodwill acquired. In June 2018, the company acquired an additional 8.96% interest and obtained 99.99%. The consideration was S/14 million, which arises from a debt capitalization. b) Morelco S.A.S. acquisition On December 23, 2014, the Company acquired control of Morelco S.A.S. (Morelco) through it’s subsidiary GyM S.A., with the purchase of 70% of its shares representing the capital stock. Morelco is an entity domiciled in Colombia, whose principal economic activity is the provision of construction and assembly services. This acquisition forms part of the Group’s expansion plans in markets with high growth potential such as Colombia and in attractive industries such as mining and energy. At December 31, 2014, the Company determined goodwill on this acquisition based on an estimated purchase price of US$93.7 million (equivalent to S/277.1 million) which included cash payments made of US$78.5 million (S/237.5 million, approximately) and estimated payables of US$15.1 million (equivalent to S/45.7 million), which according to what was agreed between the parties, would be defined after the review of the balance sheet of the acquired entity mainly referring to working capital, cash and financial debt and the determination of the definitive value of the contracted works pending to execute (backlog) of the acquired business. The estimated purchase price was distributed among the provisional fair values of the assets acquired, and liabilities assumed. As a result of this distribution, a goodwill of US$36.1 million (equivalent to S/105.8 million) was determined. Non-controlling In accordance with the shareholders’ agreement entered into for the purchase of Morelco, the subsidiary GyM entered into a put and call option contract on 30% of the shares of Morelco held by the non-controlling non-controlling The subsidiary GyM obtains the right to purchase the same shares for a period of 10 years and at a determined price similar to that of the aforementioned put options, except that the minimum value applies to the entire term of the option (call options). Under IFRS, the put option represents an obligation for the Company to purchase shares of the non-controlling The value of the liability for the put option was estimated by the present value of the expected redemption amounts based on the weighted estimates of Morelco’s financial results and the exercise dates of the option. The Company expects the put options to be exercised on the day following the transfer date of the option. The expected redemption of the non-controlling |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Dividends | 34 DIVIDENDS In compliance with certain covenants, the company will not pay dividends for the years 2017 and 2018, except for transactions with non-controlling 36-d). |
Earnings (Losses) Per Share
Earnings (Losses) Per Share | 12 Months Ended |
Dec. 31, 2018 | |
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Earnings (Losses) Per Share | 35 EARNINGS (LOSS) PER SHARE Basic earnings per common share have been calculated by dividing the profit for the year attributable to the Group’s common shareholders by the weighted average number of common shares outstanding during the year. Diluted earnings per common share have not been calculated because there are no common shares or potential dilutive investment shares (i.e., financial instruments or agreements giving the right to obtain common or investment shares); therefore, it is the same as basic earnings per share. The basic gain (loss) per common share results as follows: 2016 2017 (as Restated) 2018 (Loss) earnings per share attributable to owners of the Company during the year (509,699 ) 148,738 (83,188 ) Weighted average number of shares in issue at S/1.00 each, at December 31, 660,053,790 660,053,790 729,434,192 Basic (loss) earnings per share (in S/) (*) (0.772 ) 0.225 (0.125 ) 2016 2017 (as Restated) 2018 (Loss) earnings per share from continuing operations attributable to owners of the Company during the year (604,361 ) (66,577 ) (102,486 ) Weighted average number of shares in issue at S/1.00 each, at December 31, 660,053,790 660,053,790 729,434,192 Basic (loss) earnings per share (in S/) (*) (0.916 ) (0.101 ) (0.154 ) (*) The group does not have common shares with dilutive effects at December 31, 2016, 2017 and 2018. |
Transactions with Non-Controlli
Transactions with Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Transactions with Non-Controlling Interests | 36 TRANSACTIONS WITH NON-CONTROLLING a) Acquisition of additional non-controlling In May, November and December 2016, GyM Chile SPA acquired 5.43%, 6.77%, and 1.49%, respectively of additional shares in Vial y Vives - DSD S.A. at a total purchase price of S/21.6 million, S/25.7 million and S/3.8 million, respectively. The carrying values of the non-controlling non-controlling b) Contributions (returns) from non-controlling Corresponds to the contributions and returns made by the partners of the subsidiary Viva GyM S.A. for the realization of real estate projects. As of December 31, balances comprise: 2017 2018 Viva GyM S.A. Contributions received 8,654 3,399 Returns of contributions (45,053 ) (87,856 ) (36,399 ) (84,457 ) Plus (less): Contributions from other subsidiaries 3,202 15,120 Decrease in equity of non controlling parties (33,197 ) (69,337 ) In 2018, the contributions correspond mainly to the project Los Parques de Callao for S/3.3 million. Returns correspond mainly to the Klimt projects for S/25.3 million, Los parques de Comas for S/13.4 million, Los parques de San Martin for S/7.5 million, Los Parques de Villa El Salvador for S/4.3 million, liquidation of Los Parques de Piura project for S/8.6 million, Los Parques del Mar for S/11 million, Los Parques de Chiclayo for S/6.2 million and Los Parques de Carabayllo 3 for S/8.2 million (returns in 2017 mainly include “Los Parques de Comas” for S/6.8 million, “Asociacion Parques de Mar” for S/27.8 million and “Klimt” for S/8 million). c) Deconsolidation of non-controlling Correspond to the deconsolidation of the non-controlling d) Dividends As of December 31, 2016, 2017 and 2018, dividends of S/25.5 million, S/59.7 million and S/102.8 million, respectively, were distributed to the non-controlling |
Discountinued Operations and No
Discountinued Operations and Non-current Asset Classified as Held for Sale | 12 Months Ended |
Dec. 31, 2018 | |
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Discountinued Operations and Non-current Asset Classified as Held for Sale | 37 DISCONTINUED OPERATIONS AND NON-CURRENT ASSET CLASSIFIED AS HELD FOR SALE As part of the non-strategic asset divestment process initiated by the Company in 2017 with the sale of GMD S.A., in 2018, CAM Servicios del Peru S.A. and CAM Chile S.A., and Stracon GyM S.A. were sold (“completed”). Additionally, information is presented on Adexus S.A., a subsidiary that has been reclassified as a non-current asset available for sale (“planned”) as of December 31, 2018 (Note 38-b). A. Discontinued operations i) CAM Servicios del Peru S.A. and CAM Chile S.A. On December 4, 2018, the Company entered into a purchase and sale agreement for all of its shares (representing 73.16%) of CAM Servicios del Peru S.A. and CAM Chile S.A. The Group received for its participation in CAM Chile S.A. and CAM Servicios del Peru S.A. the sum of (i) US$15.78 million (equivalent to S/51.7 million) for the shares of CAM Chile S.A. and (ii) US$3.0 million (equivalent to S/10.4 million) for the shares of CAM Servicios del Peru S.A., respectively. The net gain on the sale of both subsidiaries amounted to S/31.7 million. ii) STRACON GyM S.A. On March 28, 2018, the Company entered into a purchase and sale agreement for all of its shares (representing 87.59%) in STRACON GyM S.A. The sale price was agreed in US$76.8 million (equivalent to S/248.8 million), which is fully paid. The net gain on the sale amounted to S/41.9 million. iii) GMD S.A. On June 6, 2017, the Company entered into a sales contract for all of its shares (representing 89.19%) in GMD S.A. The sales price was agreed at US$84.7 million (equivalent to S/269.9 million), which is fully paid. The net gain on the sale amounted to S/218.3 million (US$64.6 million approximately). B. Non-current asset classified as held for sale At December 31, 2018, non-current assets and liabilities held for sale correspond to investments in the company Adexus S.A., whose main activity is to provide information technology solutions mainly in Chile and Peru. Account balances are classified as assets held for sale taking into account that the Group has a sales plan defined within the next 12 months. At December 31, 2018 (planned) Assets Cash and cash equivalents 6,074 Trade accounts receivables, net 157,351 Inventories, net 3,999 Other accounts receivable 80,374 Total assets 247,798 Liabilities Other accounts payable 71,810 Accounts payable 148,817 Deferred income tax liabilities 5,201 Total liabilities 225,828 Total net assets 21,970 As of December 31, 2017, this item includes Red Eagle Mining Corporation investment representing 6.18% of shares. In January and March 2018, the Company sold the total of its shares. The sale price was agreed at US$3.99 million (equivalent to S/16.24 million), which were paid in full. C. Consolidated statement of income and consolidated cash flow The Company reclassified financial results and present cash flow of discontinued operations, GMD S.A., Stracon GyM S.A., CAM Servicios del Peru S.A., CAM Chile S.A. (completed) and Adexus S.A. (planned) for 2016 and 2017 as follows: Reclassification 2016 discontinued operations 2016 Audited Completed Planned Reclassified Revenues 6,190,317 (1,939,983 ) (113,025 ) 4,137,309 Operating costs (5,633,022 ) 1,714,498 97,304 (3,821,220 ) Gross profit (loss) 557,295 (225,485 ) (15,721 ) 316,089 Administrative expenses (382,393 ) 87,855 16,235 (278,303 ) Other (expenses) income, net (13,374 ) (9,162 ) 176 (22,360 ) Gain from the sale of investments 46,336 — — 46,336 Operating profit (loss) 207,864 (146,792 ) 690 61,762 Financial expenses (221,664 ) 18,384 5,225 (198,055 ) Financial income 20,645 (2,420 ) — 18,225 Share of the profit or loss in associates and joint ventures (589,710 ) (356 ) — (590,066 ) (Loss) profit before income tax (582,865 ) (131,184 ) 5,915 (708,134 ) Income tax 119,272 34,772 (1,862 ) 152,182 (Loss) profit from continuing operations (463,593 ) (96,412 ) 4,053 (555,952 ) Profit (loss) from discontinued operations 11,995 96,412 (4,053 ) 104,354 Loss of the year (451,598 ) (451,598 ) (Loss) earnings per share from continuing operations attributable to owners of the company during the year (0.790 ) (0.916 ) Discontinued operations Completed Planned Cash flows relating to the discontinued operations are as follows: Operating cash flows 125,048 39,318 Investing cash flows (73,127 ) 17,639 Financing cash flows (111,303 ) 66,886 Net increase generated in subsidiary (59,382 ) 123,843 Reclassification 2017 discontinued operations 2017 Restated (i) Completed Planned Reclassified Revenues 6,080,142 (1,782,105 ) (284,024 ) 4,014,013 Operating costs (5,407,355 ) 1,656,114 239,680 (3,511,561 ) Gross profit (loss) 672,787 (125,991 ) (44,344 ) 502,452 Administrative expenses (429,181 ) 73,966 32,761 (322,454 ) Other (expenses) income, net (20,545 ) (13,159 ) 835 (32,869 ) Gain (loss) from the sale of investments 56,099 (21,554 ) — 34,545 Operating profit (loss) 279,160 (86,738 ) (10,748 ) 181,674 Financial expenses (185,445 ) 23,913 10,755 (150,777 ) Financial income 15,407 (1,401 ) (264 ) 13,742 Share of the profit or loss in associates and joint ventures 1,327 (854 ) — 473 Profit (loss) before income tax 110,449 (65,080 ) (257 ) 45,112 Income tax (59,097 ) 12,939 (147 ) (46,305 ) Profit (loss) from continuing operations 51,352 (52,141 ) (404 ) (1,193 ) Profit from discontinued operations 157,886 52,141 404 210,431 Profit of the year 209,238 209,238 (Loss) earnings per share from continuing operations attributable to owners of the company during the year (0.014 ) (0.101 ) (i) See Nota 2.31 Discontinued operations Completed Planned Cash flows relating to the discontinued operations are as follows: Operating cash flows 149,687 6,083 Investing cash flows (10,377 ) (19,570 ) Financing cash flows (136,165 ) 14,059 Net increase generated in subsidiary 3,145 572 Discontinued operations as at December 31, 2018 are as follows: Discontinued operations Grupo CAM and Adexus S.A. (Completed) (Planned) Revenues 1,010,739 302,936 Operating costs (968,375 ) (263,455 ) Gross profit 42,364 39,481 Administrative expenses (56,950 ) (32,730 ) Other (expenses) income, net 860 (4,519 ) Operating (loss) profit (13,726 ) 2,232 Financial expenses (19,971 ) (12,786 ) Financial income 6,253 611 Loss before income tax (27,444 ) (9,943 ) Income tax 7,112 2,325 Loss from discontinued operations (20,332 ) (7,618 ) Cash flows relating to the discontinued operations are as follows: Operating cash flows 6,967 36,450 Investing cash flows (11,474 ) (18,141 ) Financing cash flows 526 (21,422 ) Net increase generated in subsidiary (3,981 ) (3,113 ) |
Events After the Date of the St
Events After the Date of the Statement of Financial Position | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Events After the Date of the Statement of Financial Position | 38 EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION a) On April 2, 2019, the Company concluded the capital increase process by completing the subscription of 142,483,663 new common shares. In the private offer completed, 55,291,877 shares were paid in full, and 87,191,786 shares were paid by 50%, both at a price per share of US$0.6136. b) On March 15, 2019, the Company communicated that Adexus S.A., subsidiary of Graña y Montero S.A.A., is again available for sale to potential parties interested in its acquisition. Negotiations with Advent International S.A.C., and the obligations assumed within the framework of the potential transaction have been terminated by mutual agreement, without responsibility for the parties. The Company ratifies its intention to continue with the sale plan of Adexus S.A., in order to find the best possible offer for the interests of the Company and its investors. c) On March 13, 2019, the Peruvian Tax Court delivered its decision to confirm SUNAT’s rejection to our appeal to SUNAT’s payment orders regarding 2007 and 2008. SUNAT and the Peruvian Tax Court objected to the deduction of the loss of the investment because both consider there is not enough evidence that OPQ S.A. is not an “on-going business”. The Company is currently working on the preparation of a contentious administrative claim. However, according to Peruvian legal framework, SUNAT is entitle to start a coercive collection processes. The Company and its legal counsel believe there are solid legal grounds to consider the contingency remote and obtain a favorable ruling. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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Basis of preparation | 2.1 Basis of preparation The consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations Committee (IFRIC) applicable to companies reporting under IFRS. The financial statements comply with IFRS as issued by the IASB in force as of December 31, 2017, and December 31, 2018, respectively. The consolidated financial statements have been prepared under the historical cost convention, except for derivative financial instruments, financial assets at fair value through profit or loss, and available-for-sale The preparation of the consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates. Also requires that the management exercise its critical judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5. |
Consolidation of financial statements | 2.2 Consolidation of financial statements a) Subsidiaries Subsidiaries are entities over which the Company has control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The Group applies the acquisition method to account for business combinations. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group evaluates the measurement of the non-controlling acquisition-by-acquisition non-controlling non-controlling Business acquisition-related costs are expensed as incurred. Any contingent consideration assumed by the Group with the selling party is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognized in accordance with IFRS 9 “Financial Instruments” as profit or loss. Goodwill is initially measured as the excess of the acquisition cost, the fair value at the acquisition date of any interest previously acquired plus the fair value of the non-controlling For consolidating subsidiaries, balances, income, and expenses from transactions between Group companies are eliminated. Profits and losses resulting from inter-company transactions that are recognized as assets are also eliminated. Group companies use common accounting practices, except for those that are specifically required for specific businesses. b) Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling non-controlling c) Disposal of subsidiaries When the Group ceases to have control over a subsidiary, any retained interest in the entity is re-measured d) Joint arrangements Contracts in which the Group and one or more of the contracting parties have joint control on the relevant joint activities are called joint arrangements. Investments in joint arrangements are classified as either joint operations joint ventures joint ventures joint operations Joint ventures The Group assesses on an annual basis whether there is any objective evidence that the investment in the joint ventures and associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the impairment loss in share of the profit or loss in associates and joint ventures under the equity method of accounting in the income statement. In addition, the Group stops the use of the equity method if the entity ceases to be an operating entity. Joint operations In the Group, joint operations mainly relate to consortiums (entities without legal personality) created exclusively for the development of a construction contract. Considering that the only objective of the consortium is to develop a specific project, all revenue and costs are included within revenue from construction activities and cost of construction activities, respectively. e) Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a holding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method (see section d) above). Profits and losses resulting from transactions between the Group and its associates are recognized in the Group’s consolidated financial statements only to the extent of unrelated investor’s interests in the associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates are changed where necessary to ensure consistency with the policies adopted by the Group. Impairment losses are measured and recorded in accordance with section d) above. |
Segment reporting | 2.3 Segment reporting Operating segments are reported in a consistent manner with internal reporting provided to Management of the Group. If an entity changes the structure of its internal organization in a manner that causes the composition of its reportable segments to change, the Group restates the information for earlier periods unless the information is not available. |
Foreign currency translation | 2.4 Foreign currency translation a) Functional and presentation currency The consolidated financial statements are presented in soles, which is the functional and presentation currency of the Group. All subsidiaries, joint arrangements, and associates use the Peruvian Sol as their functional currency, except for foreign entities, for which the functional currency is the currency of the country in which they operate. b) Transactions and balances Foreign currency transactions are translated into the functional currency using prevailing the exchange rates at the date of the transactions or valuation when items are re-measured. Exchange differences arising on loans from the Company to its subsidiaries in foreign currencies are recognized in the separate financial statements of the Company and separate financial statements of the subsidiaries. In the consolidated financial statements, such exchange differences are recognized in other comprehensive income and are re-classified Foreign exchange gains and losses of all monetary items are included in the income statement within financial income or expense. c) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency of the Group are translated into the presentation currency as follows: i) Assets and liabilities for each statement of financial position are translated using the closing exchange rate prevailing at the date of the consolidated statement of financial position; ii) income and expenses for each income statement are translated at the average exchange rate (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated using the exchange rate on the date of the transaction); iii) capital is translated by using the historical exchange rate for each capital contribution made; and iv) all exchange differences are recognized as separate components in other comprehensive income (loss), within foreign currency translations adjustment. Goodwill and fair value adjustments arising from the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at the closing exchange rate. Exchange differences are recognized in other comprehensive income. |
Public services concession agreements | 2.5 Public services concession agreements Concession agreements signed between the Group and the Peruvian Government entitle the Group, as a Concessionaire, to assume obligations for the construction or improvement of infrastructure and which qualify as public service concessions are accounted as defined by IFRIC 12 “Service Concession Arrangements”. The consideration to be received from the Government for the services of constructing or improving public infrastructure is recognized as a financial asset or as an intangible asset, as set forth below. a) It is recognized as a financial asset to the extent that it has a contractual right to receive cash or other financial assets either because the Government secures the payment of specified or determinable amounts or because the Government will cover any difference arising from the amounts actually received from public service users in relation with the specified or determinable amounts. These financial assets are recognized initially at fair value and subsequently at amortized cost (the financial model). b) It is recognized as an intangible asset to the extent that the service agreement grants the Group a contractual right to charge users of the public service. The resulting intangible asset is measured at cost and is amortized as described in Note 2.15 (intangible asset model). c) It is recognized as a financial asset and an intangible asset when the Group recovers its investment partially by a financial asset and partially by an intangible asset (bifurcated model). |
Cash and cash equivalents | 2.6 Cash and cash equivalents In the consolidated statements of financial position and cash flows, cash and cash equivalents include cash on hand, on-demand |
Financial assets | 2.7 Financial assets 2.7.1 Classification and measurement The Group classifies its financial assets, according to its subsequent measurement, in the following categories: i) amortized cost; ii) financial assets at fair value through other comprehensive income and iii) financial assets at fair value through profit or loss. The classification depends on the purpose for which the financial assets were acquired on the basis of the Group’s business model for managing the financial assets and the characteristics of the contractual cash flows of the financial asset. Management determines the classification of its financial assets at the date of its initial recognition and re-evaluates a) Amortized cost This category is the most relevant for the Group. The Group measures financial assets at amortized cost if the following conditions are met: i) The financial asset is held within a business model with the objective of maintaining the financial assets to obtain the contractual cash flows; and ii) The contractual terms of the financial asset generate cash flows, on specific dates, that are only payments of the principal and interest on the amount of the outstanding principal. Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Profits and losses are recognized in profits or losses when the asset is written off, modified or impaired. Trade accounts receivable, accounts receivable from related companies, other accounts receivable, work in progress and cash and cash equivalents are included in current assets except for those over twelve months after the date of the consolidated statement of financial position. The latter are classified as non-current b) Financial assets at fair value through other comprehensive results Financial assets at fair value through other comprehensive income of the Group are classified in this category when they meet the following conditions: i) keep them within a business model whose objective is achieved by obtaining contractual cash flows and selling financial assets; and ii) the contractual terms of the financial asset give rise, on specific dates, to cash flows that are only payments of the principal and interest on the outstanding principal amount. The investment account at Inversiones en Autopistas S.A. is included in this category. c) Financial assets at fair value through profit or loss Financial assets that do not meet the criteria of amortized costs or fair value through other comprehensive income are measured at fair value through profit or loss. The result in a debt investment that is subsequently measured at fair value through gains and losses is recognized in the consolidated statement of comprehensive income in the period in which it occurs. Financial assets at fair value through profit or loss are non-derivative 2.7.2 Derecognition of financial assets The Group derecognizes a financial asset when the contractual rights over the cash flows of the financial asset expire, or when it transfers the rights to receive the contractual cash flows in a transaction in which all the risks and benefits of ownership of the financial asset are substantially transferred, or does not transfer or retain substantially all the risks and benefits related to the property and does not retain control over the assets transferred. The Group participates in transactions in which it transfers the assets recognized in its statement of financial position but retains all or substantially all the risks and advantages of the assets transferred, and/or control over them. In these cases, the assets transferred are not derecognized and are measured on a basis that reflects rights and obligations that the Group has retained. |
Impairment of financial assets | 2.8 Impairment of financial assets IFRS 9 requires to register expected credit losses of all financial assets, except for those that are carried at fair value with an effect on results, estimating it over 12 months or for the entire life of the financial instrument (“lifetime”). In accordance with the provisions of the standard, the Group applies the simplified approach (which estimates the loss for the entire life of the financial instrument), for the commercial debtors of the rental business line of the real estate sector, and the general approach for the trade accounts receivables, work in progress and other accounts receivable; the same that requires evaluating whether or not a significant increase in risk exists to determine whether the loss should be estimated based on 12 months after the reporting date or during the entire life of the asset. The Group has established a policy to conduct an evaluation, at the end of each reporting period, to identify whether the asset has suffered a significant increase in credit risk since the initial date. Both the credit losses expected at 12 months and the expected credit losses during the life of the asset are calculated individually or collectively, depending on the nature of the portfolio. For financial assets for which the Group has no reasonable expectation of recovering, either the entire outstanding amount or a portion thereof, the gross carrying amount of the financial asset is reduced. This is considered a decrease in (partial) accounts of the financial asset. |
Derivative financial instruments and hedging activities | 2.9 Derivative financial instruments and hedging activities Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured The Group designates certain derivatives as hedges of a particular risk associated with a recognized asset or liability (fair value hedge) or a highly probable forecast transaction (cash flow hedge). Derivatives are initially recognized at fair value on the date of subscription of the contract and are subsequently recognized at their fair value. The method to recognize the gain or loss resulting from changes in the fair values of the derivatives depends on the nature of the item being covered. The Group documents, at the inception of the transaction, the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The fair values of various derivative instruments used for hedging purposes and changes in the account reserves for hedging in equity are disclosed in Note 8. The full fair value of a hedging derivative is classified as a non-current Cash flow hedge The effective portion of changes in the fair value of derivatives that are designated and qualify as fair value hedges is recognized as other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss (for example, when the forecasted sale that is hedged takes place). The gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognized in the income statement as “Financial income or Financial expenses”. However, when the forecasted transaction that is hedged results in the recognition of a non-financial non-financial When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecasted transaction is ultimately recognized in the income statement. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement within “other income and expenses, net”. |
Trade accounts receivables | 2.10 Trade accounts receivables Trade receivables are amounts due from customers for goods or services sold by the Group. If the collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less any provision for impairment, except for receivables of less than one year that are stated at a nominal amount which is similar to their fair values since they are short term. Also includes the management estimates related to the engineering and construction, corresponding to rights of executed services that have not been approved by customers (Progress level valuation). |
Work in progress | 2.11 Work in progress This account includes the balance of work in progress costs incurred that relates to future activities of the construction contracts and the constructions phase in concessions (see Note 2.26 for detail on Revenue from construction activities). Changes in estimates of contract revenues and costs can increase or decrease the estimated margin. When a change in the estimate is known, the cumulative impact of the change is recorded in the period in which it is known. |
Inventories | 2.12 Inventories The inventories include land, works in progress and finished buildings related to the real estate activity, materials used in the construction activity. a) Real estate activity Land used for the execution of real estate projects is recognized at acquisition cost. Work in progress and finished real estate includes the costs of design, materials, direct labor, borrowing costs (directly attributable to the acquisition, construction, production of the asset), other indirect costs and general expenses related to the construction phase. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. The Group reviews annually whether inventories have been impaired identifying three groups of inventories to measure their net realizable value: i) land bought for future real estate projects which are compared to their net appraisal value; if the acquisition value is higher, a provision of impairment is made; ii) land under construction, impairment is measured based on cost projections; if these costs are higher than selling prices of each real estate unit, an estimate is made for impairment; and iii) completed real estate units; these inventory items are compared to the selling prices less selling expenses; if these selling expenses are higher, a provision for impairment is made. For the reductions in the carrying amount of these inventories to their net realizable value, a provision is made for impairment of inventories with a charge to profit or loss for the year in which those reductions occur. b) Exploration and extraction activities Inventories are valued at production costs or net realizable value (NRV), the one with the lowest result, on the basis of the weighted average method. The NRV represents the value at which it is estimated to make oil, gas and its derivatives LPG and HAS, which is calculated on the basis of international prices at which discounts that are usually granted are deducted. Miscellaneous supplies, materials, and spare parts are valued at cost or replacement value, whichever is less based on the average method. The cost of inventories excludes financing expenses and exchange differences. Inventories to be received are recorded at cost by the specific identification method. The Group constitutes a devaluation of materials charged to income for the year in cases in which the book value exceeds its recoverable value. c) Other activities Materials and supplies are recorded at cost by the weighted average method or at their replacement value, the lower. The cost of these items includes freight and non-refundable The devaluation of these items is estimated on the basis of specific analysis made by the Management on its rotation. If it is identified that the book value of the stocks of materials and supplies exceeds their replacement value, the difference is charged to income in the year in which this situation is determined. |
Investment property | 2.13 Investment property Investment properties are shown at cost less accumulated depreciation and impairment losses, if any. Subsequent costs attributable to investment properties are capitalized only if it is probable that future economic benefits will flow to the Company and the cost of these assets can be measured reliably; if not, they are recognized as expenses when incurred. Repair and maintenance expenses are recognized in profit and loss when they are incurred. If the property’s carrying amount is greater than its estimated recoverable amount, an adjustment to reduce the carrying amount to the recoverable amount is recognized. Depreciation is determined at rates calculated to write off cost, less estimated residual value, of each asset on a straight-line basis over its estimated useful life. Significant components with useful lives substantially different are treated separately for depreciation purposes. The estimated useful lives of those properties range from 3 to 33 years. The investment properties held by the Group correspond to: (i) “Agustino Plaza” Shopping Center, located in the El Agustino District, and (ii) the stores situated within the stations of Line 1 of the Lima Metro; the properties owned by the subsidiary VIVA GyM SA have an estimated fair value of US$19.2 million, equivalent to S/64.3 million as of December 31, 2018 (US$34.5 million, equivalent to S/112.7 million, as of December 31 of 2017). These investment properties have been leased under the modality of an operating lease. |
Property, plant and equipment | 2.14 Property, plant and equipment Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses, if any. Historical cost includes expenditure that is directly attributable to the acquisition of these items. Subsequent costs are included in the asset’s carrying amount or are recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance expense are charged to the income statement during the financial period in which they are incurred. Assets under construction are capitalized as a separate component. At their completion, the cost of such assets is transferred to their definitive category. Replacement units are major spare parts in which depreciation starts when the units are installed for use within the related asset. Depreciation of machinery, equipment and vehicles recognized as “Major equipment” are depreciated based on their hours of use. Under this method, the total number of work hours that machinery and equipment is capable of producing is estimated and a charge per hour is determined. The depreciation of other assets that do not qualify as “Major equipment” is calculated under the straight-line method to allocate their cost less their residual values over their estimated useful lives, as follows: Years Buildings and facilities Between 3 and 33 Machinery and equipment Between 4 and 10 Vehicles Between 2 and 10 Furniture and fixtures Between 2 and 10 Other equipment Between 2 and 10 Residual values and useful lives are reviewed and adjusted as appropriate at each reporting date. Gains and losses on disposals are recognized in “Other income and expenses, net” in the income statement. Regarding joint operations that carry out construction activities, the difference between the proceeds from disposals of fixed assets and their carrying amount is shown within “revenue from construction activities” and “cost of construction activities”, respectively. |
Intangible assets | 2.15 Intangible assets i) Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the purchase consideration, the amount of any non-controlling interest and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the net identifiable assets acquired. If the total of the consideration transferred, the non-controlling interest recognized and previously held interest measured at fair value is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statement of income. Goodwill acquired in a business combination is allocated to each cash-generating units (CGU), or group of CGUs, that is expected to benefit from the synergies of the combination. Goodwill is monitored at the operating segment level. Goodwill impairment reviews are performed at least annually and when events or changes in circumstances indicate a potential impairment. Any impairment is recognized immediately as an expense in item “Other income and expenses, net” and cannot be reversed later. ii) Trademarks Trademarks acquired separately are shown at historical cost. Trademarks acquired in a business combination are recognized at fair value at the acquisition date. Management has determined that these trademarks have indefinite useful lives. Trademark impairment reviews are performed at least annually and when events or changes in circumstances indicate a potential impairment. Any impairment is recognized immediately as an expense in item “Other income and expenses, net”. iii) Concession rights The intangible asset consisting of the right to charge users for the services related to service concessions agreements (Note 2.5 and Note 6.b) is initially recorded at the fair value of construction or improvement services. Before amortization is started, an impairment test is performed; it is amortized under the straight-line method, from the date revenue starts using the lower of its estimated expected useful life or effective period of the concession agreement. iv) Contractual relationships with customers Contractual relationships with customers are assets resulting from business combinations that were initially recognized at fair value as determined based on the expected cash flows from those relations over an estimated period of time based on the time period those customers will remain as customers of the Group (the estimation of useful life is based on the contract terms which fluctuate between 5 and 9 years). The useful life and the impairment of these assets are individually assessed. v) Cost of development wells Costs incurred in preparing wells to extract hydrocarbons in Blocks I, III, IV, and V, located in Talara, are capitalized as part of intangible assets. These costs are amortized over the useful lives of the wells (estimated to be five years for Blocks I and V and the unit of production method for Blocks III and IV), which is less than the period of the service agreement signed with Perupetro. vi) Software and development costs Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met: • It is technically feasible to complete the software product so that it will be available for use; • management intends to complete the software product and use or sell it; • there is the ability to use or sell the software product; • it can be demonstrated how the software product will probably generate future economic benefits; • technical, financial and other resources are available to complete the development and to use or sell the software product; and • expenses incurred during its development can be reliably measured. Other development expenditures that do not meet these criteria are expensed as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Computer software development costs recognized as assets are amortized over their estimated useful lives, which fluctuate between 2 to 15 years. vii) Land use rights Refers to the rights maintained by the subsidiary Promotora Larcomar S.A. Land use of rights are stated at historical cost less amortization and any accumulated impairment losses. The useful life of this asset is based on the agreement signed (60 years) and may be extended if agreed by parties. Amortization will begin when it becomes ready for its intended use by Management. |
Impairment of non-financial assets | 2.16 Impairment of non-financial Assets subject to amortization are subject to impairment tests when events or circumstances occur that indicate that their book value may not be recovered. Impairment losses are measured as the amount by which the book value of the asset exceeds its recoverable value. The recoverable value of the assets corresponds to the higher of its fair value and its value in use. For purposes of the impairment assessment, assets are grouped at the lowest levels in which they generate identifiable cash flows (cash-generating units). The book value of non-financial |
Financial liabilities | 2.17 Financial liabilities The financial liabilities of the Group include trade accounts payable, accounts payable to related parties, remuneration and other accounts payable. All financial liabilities are initially recognized at fair value and subsequently valued at amortized cost using the effective interest rate method. Financial liabilities are classified as current liabilities if the payment must be made within a year or less (or in the normal operating cycle of the business if it is greater). Otherwise, they are presented as non-current |
Trade accounts payables | 2.18 Trade accounts payable Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current Accounts payable are initially recognized at their fair value and subsequently are amortized at amortized cost using the effective interest method, except for accounts payable within less than one year that are recorded at their nominal value that is similar to their fair value due to its maturity in the short term. |
Other financial liabilities | 2.19 Other financial liabilities Corresponds to the loans and bonds issued by the Group, which are initially recognized at their fair value, net of the costs incurred in the transaction. These financial liabilities are subsequently recorded at amortized cost; any difference between the funds received (net of transaction costs) and the redemption value is recognized in the income statement during the period of the loan using the effective interest method. The costs incurred to obtain these financial liabilities are recognized as transaction costs to the extent that it is probable that part or the entire loan will be received. In this case, these charges are deferred until the time the loan is received. |
Borrowing costs | 2.20 Borrowing costs Debt costs are recognized at the income statement in the period in which they have been incurred, except for intangible assets and inventories in which the borrowing costs are capitalized. General and specific borrowing costs directly attributable to the acquisition, construction or production of qualified assets, which are assets that necessarily take a substantial period (more than 12 months) to reach their condition of use or sale, are added to the cost of said assets until the period when the assets are substantially ready for use or sale. The Group suspends the capitalization of borrowing costs during the periods in which the development of activities of a qualified asset has been suspended. The income obtained from the temporary investment of specific loans that have not yet been invested in qualified assets is deducted from the borrowing costs eligible for capitalization. |
Current and deferred income tax | 2.21 Current and deferred income tax Income tax expense comprises current and deferred tax. Tax expense is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or equity. In this case, tax is also recognized in the statement of comprehensive income or directly in equity, respectively. The current income tax is calculated based on the tax laws enacted at the date of the statement of financial position in the countries where the Company and its subsidiaries operate and generate taxable income. Management, where appropriate, establishes provisions based on amounts expected to be paid to the tax authorities. Deferred tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is determined using tax rates (and legislation) that have been enacted as of the date of the statement of financial position and that are expected to be applicable when the deferred income tax is realized or paid. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group, and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax arising from the initial recognition of goodwill is not recognized; likewise, the deferred tax is not recorded if it arises from the initial recognition of an asset or liability in a transaction that is not a combination of businesses that does not affect the accounting or tax profit or loss at the time of the transaction |
Employee benefits | 2.22 Employee benefits The Group recognizes a liability when the employee has rendered services in exchange for which is entitled to receive future payments and an expense when the Group has consumed the economic benefit from the service provided by the employee in exchange for the benefits in question. The Group determines employee benefits in accordance with current labor and legal regulations and classifies them as short-term benefits, post-employment benefits, long-term benefits, and termination benefits. Short-term benefits are those other than termination indemnities, whose payment is settled in the twelve months following the end of the period in which the employees have rendered the services; they correspond to current remunerations (salaries, and salaries and contributions to social security), annual paid and sick absences, participation in profits and incentives and other non-monetary Post-employment benefits are those other than termination benefits that are paid after completing the period of employment with the entity. Retirement benefits or post-employment benefit plans can be classified into (i) Defined contribution plans and (ii) Defined benefit plans. The Group maintains defined benefit plans and therefore assumes the actuarial risk. Long-term benefits are those benefits that must be paid more than twelve months after the end of the period in which the services were rendered. As of December 31, 2017, and 2018, the Group does not grant benefits in this category. Termination benefits are those benefits payable as a result of (i) the entity’s decision to terminate the employee’s contract before the retirement date, and (ii) the employee’s decision to voluntarily accept the conclusion of the relationship of work. Short-term benefits: a) Current salaries and wages The current remunerations are constituted by salaries, wages, contributions to social security, statutory bonuses and compensation for the time of services. Salaries, wages, and contributions to social security are settled on a monthly basis. Entities of the Group recognize the expense and the related liability for statutory bonuses based on applicable laws and regulations effective in Peru, Chile, Bolivia, Guyana, and Colombia. In Peru bonuses correspond to two monthly payments, settled one in July and one in December of each year. The compensation for time of service corresponds to the indemnification rights of the staff, and is accrued based on the consideration of the service calculated according to the legislation in force in each country in which the entities that make up the Group operate and determine as follows: (i) in Peru it is equivalent to half the remuneration in force at the date of payment and this is effected by deposit in bank accounts designated by the workers in the months of May and November of each year; (ii) In Colombia, it is equivalent to 8.33% of the monthly remuneration, (iii) in Bolivia, the calculation is made taking into account the average salary or wages of the last three months. In Chile and Guyana, this benefit is not available. b) Annual paid absences Annual holidays are recognized on an accrual basis. The provision for the estimated obligation resulting from the services rendered by employees is recognized on the date of the consolidated statement of financial position and corresponds; (i) one month for personnel in Peru, (ii) fifteen days for personnel in Colombia, and (iii) in the case of Chile, they are subject to the worker’s seniority and range from fifteen to thirty days. c) Workers’ profit sharing and incentives The workers’ profit sharing is determined on the basis of the legal provisions in force in each country where the entities that make up the Group operate, as follows: (i) in Peru it is equivalent to 5% of the taxable base determined by each Company of the Group, in accordance with current income tax legislation, (ii) in Chile, workers’ participation is a component of the remuneration (equivalent to 4.75 minimum wages per year) and not a determinable percentage of the profit, (iii) in Colombia these benefits are not provided to employees. Post-employment benefits The indirect subsidiary Cam Chile Spa has a pension plan for its staff. The liability recognized in the statement of financial position with respect to defined benefit plan is measured based on the present value of the obligation at the end of the reporting period less the fair value of the planned assets. The present value of the defined benefit obligations is determined by discounting the estimated future cash flows using the interest rates of high-quality corporate bonds denominated in the currency in which the benefits will be paid and with maturity periods similar to the obligations for pension plans. In countries where there is no market with instruments with similar characteristics, the market rate of government bonds will be used. The remeasurements that arise from adjustments and changes in the actuarial assumptions are recorded in other comprehensive income in the period in which they arise. Termination benefits The Group entities recognize the liability and expense for severance payments when they occur, based on the legal provisions in force in each country. In accordance with the legislation of Peru, the compensation for arbitrary dismissal for personnel with an indefinite contract amounts to 1.5 times the monthly remuneration for each year worked. In Colombian legislation, compensation depends on the remuneration received; in the legislation of Chile is granted compensation of 30 days of salary for each year worked with a maximum salary of 330 days. |
Provisions | 2.23 Provisions a) General Provisions are recognized when i) the Group has a present legal or constructive obligation as a result of past events; ii) it is probable that an outflow of resources will be required to settle the obligation; and iii) the amount has been reliably estimated. Provisions are reviewed at year - end. If the time value of money is significant, provisions are discounted using a pre-tax Contingent obligations when their existence will only be confirmed by future events or their amount cannot be reliably measured. Contingent assets are not recognized, and are disclosed only if it is probable that the Group will generate an income from economic benefits in the future. b) Provision for the closure of production wells The subsidiary GMP S.A. recognizes a provision for the closure of operating units that correspond to the legal obligation to close oil production wells once the production phase has been completed. At the initial date of recognition, the liability that arises from this obligation measured at its fair value and discounted at its present value, according to the valuation techniques established by IFRS 13, “Fair Value Measurement”, and is simultaneously charged to the intangible account in the consolidated statement of financial position. Subsequently, the liability is increased in each period to reflect the financial cost considered in the initial measurement of the discount, and the capitalized cost is depreciated based on the useful life of the related asset. When a liability is settled, the subsidiaries recognize any gain or loss that may arise. The fair value changes estimated for the initial obligation and the interest rates used to discount the flows they are recognized as an increase or decrease in the book value of the obligation and the asset to which they relate to, any decrease in the provision, and any decrease of the asset that may exceed the carrying amount of said asset is immediately recognized in the consolidated statement of income. If the review of the estimated obligation results in the need to increase the provision and, accordingly, increase the carrying amount of the asset, the subsidiaries should also take into consideration if the said increase corresponds to an indicator that the asset has been impaired and, if so, impairment tests are to be carried out (Note 2.16). |
Put option arrangement | 2.24 Put option arrangement The subsidiary GyM S.A. signed a sale option contract on the equity of its subsidiary Morelco SAS (Note 33 b) that allows the shareholder to reallocate its shares over a period of 10 years. The amount payable under the option is initially recognized at the present value of the reimbursement under “Other accounts payable”, directly charged to equity. The charge to equity is recorded separately as put options subscribed on the non-controlling non-controlling Subsequently, the financial liability is updated by changes in the assumptions on which the estimation of the expected cash flows is based and by the financial component due to the passage of time. The effects of this update are recognized in results. In the event that the option expires without being exercised, the liability is written off with the corresponding adjustment to equity. |
Capital | 2.25 Capital Common shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity, as a deduction, of the proceeds, net of taxes. When any Group company purchases Company’s equity shares (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the company’s equity holders until the shares are canceled, placed or reissued. When such shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects is included in equity attributable to the Group’s equity holders. |
Revenue recognition from contracts with customers | 2.26 Revenue recognition from contracts with customers Revenues from contracts with customers are recognized, for each performance obligation, either during a period of time or at a specific time, depending on which method best reflects the transfer of control of the underlying products or services to the obligation of particular performance with the client. The Group recognizes the income through the application of the five steps defined in the regulation i) identification of the contract with the client; ii) identification of performance obligations in the contract; iii) determination of the price of the transaction; iv) allocation of the transaction price for performance obligations; and v) recognition of income when (or as) a performance obligation is satisfied. Subsequently, the Group policy of recognition of each type of income according to IFRS 15: i) Engineering and construction The Company recognizes revenues from engineering and construction contracts over time, as performance obligations are satisfied, due to the continuous transfer of control to the customer. Engineering and construction contracts are generally accounted for as a single unit of account (a single performance obligation) and are not segmented between types of services. Construction Revenues from construction contracts are recognized using the percentage-of-completion The contract generates assets when the costs incurred are greater than the cost associated with those revenues. Otherwise liabilities are generated for the accrued costs not invoiced. When it is probable that the total costs of the contract will exceed the related revenue, the expected loss is immediately recognized. When the construction contract profit cannot be estimated reliably, the associated revenue is recognized to the extent of costs incurred are recoverable. Revenue is billed once approval is received by the owners of the work in progress. Revenues for additional works come from a modification or instruction received from the client to make a change in the scope of work or the price, or both, and which may result in an increase or decrease in contract revenue. A modification is included in the contract revenue when the customer is likely to approve the modification, as well as when the amount of income arising from such modification can be measured reliably. A claim is an amount that the Group seeks to collect from the customer or third party as reimbursement for costs not included in the contract price. Claims are included in contract revenue only when it is probable that the cost incurred are recoverable and the amount can be reliably measured. Engineering Revenues from engineering services are recognized using the method of the level of progress on the basis of the progress or percentage of completion in the accounting periods in which the services are provided. In this type of income there is a single performance obligation, which is performed when the service is provided over time, based on the degree of progress. ii) Real-estate Sale of Real estate Revenue from sales of real estate properties is recognized when control over the property has been transferred to the client with the delivery record. Revenue is measured based on the price agreed under the contract. Until this is met, the incomes received will be counted as customer advances. These sales contracts have two performance obligations: i) the one corresponding to the transfer of the property, which includes the common areas of the building where these real estate are located, and ii) the one corresponding to the transfer of the common area outside the real estate assets but that are part of the real estate projects, which are recognized when the common area has been delivered. Sale of urban lots Revenue related to sales of urban lots is recognized when control over the property is transferred to the customer. Until this is met, the incomes received will be recognized as customer advances. Revenue is measured based on the transaction price agreed under the contract. These sales contracts have a single performance obligation for the sale of lots, which is executed upon delivery of the sale of the assets. Sale of industrial lots Revenue related to sales of industrial lots is recognized when control over the property has been transferred to the customer. Until this is met, the incomes received will be counted as customer advances. These sales contracts have two performance obligations: i) transfer of the industrial lot and ii) urban authorization of the industrial lot. iii) Infrastructure Income for provided services of oil and gas extraction, fuel dispatch and other services Revenues from the provision of these services are recognized using the level of advance method based on the progress or percentage of completion in the accounting periods in which the provision of the service takes place. In this type of income there is a single performance obligation, which is performed when the service is provided over time, based on the level of progress. Income from the sale of oil and derivative products Revenue from the sale of goods is recognized when the control of the assets is transferred to the customer, which is when the goods are delivered. In this type of income there is only one performance obligation for the sale of oil; which is executed at the delivery of the goods. Income from concession services Revenues from concession services correspond to operation and maintenance services, and are recognized according to its nature in the accounting periods in which the service is provided. In this type of income there is only one performance obligation, executed when the service is provided. |
Recognition of cost and expenses | 2.27 Recognition of cost and expenses Construction contracts The costs of construction contracts are recognized as an expense in the period in which they are incurred. Contract costs include all direct costs such as materials, labor, subcontracting costs, manufacturing and supply costs of equipment, start-up percentage-of-completion. When the outcome of a construction work cannot be estimated reliably, the revenue of the contract is recognized only up to the amount of the contractual costs incurred and that are likely to be recovered. Costs for sale of oil and derivative products The costs of the services rendered and the costs of sales of petroleum and derivative products are recognized when they are incurred, simultaneously with the recognition of related revenues. Other costs and expenses are recognized as they accrue, regardless of when they are paid and are recorded in the accounting periods to which they relate. Costs for concession operation services The costs of the operation and maintenance services are recognized when they are incurred, simultaneously with the recognition of related revenues. Other costs and expenses are recognized as they are accrued, regardless of when they are paid and are recorded in the accounting periods with which they are related. |
Leases | 2.28 Leases a) The Group as a lessee Operating leases Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases, including prepayments (net of any incentives received from lessor) are recognized in the consolidated income statement under the straight-line method over the lease term. The Group’s major kinds of operating leases are leases of machinery, computer equipment, printing equipment, among others. Finance leases Leases in which the Group assumes substantially all the risks and rewards of ownership of an asset are classified as finance leases. Each lease payment is allocated between the liability and finance charges so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The corresponding rental obligations, net of finance charges, are included in other payables, short- and long-term in the consolidated statement of financial position. The interest element of the finance cost is charged to the consolidated income statement of over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases are depreciated over the useful life of the asset or the lease term. b) The Group as a lessor Operating leases and the leased assets are stated in the statement of financial position based on the nature of the asset. Revenue from operating leases are recognized under the straight-line method over the lease term and the incentives given to lessees reduce the revenue obtained from leases. |
Dividend distribution | 2.29 Dividend distribution Dividend distribution to the Group shareholders is recognized as a liability in the financial statements in the period in which the dividends are approved. |
Significant non-operating items | 2.30 Significant non-operating Significant non-operating |
Restatement of the Statement of Income as of December 31, 2017 | 2.31 Restatement of the Statement of Income as of December 31, 2017 The consolidated statement of income for the year ended December 31, 2017 included the net gain on the sale of our former subsidiary GMD (S/218.3 million (US$64.6)) under the “Gain from the sale of investments” line item, rather than the “Profit from discontinued operations” line item in accordance with IAS 8, Accounting Policies, changes in Accounting Estimates and errors, such amount has been restated in application of IFRS 5 paragraph 33 a). 2017 Restatement 2017 Revenues 6,080,142 — 6,080,142 Operating costs (5,407,355 ) — (5,407,355 ) Gross profit (loss) 672,787 — 672,787 Administrative expenses (429,181 ) — (429,181 ) Other (expenses) income, net (20,545 ) — (20,545 ) Gain (loss) from the sale of investments 274,363 (218,264 ) 56,099 Operating profit (loss) 497,424 (218,264 ) 279,160 Financial expenses (185,445 ) — (185,445 ) Financial income 15,407 — 15,407 Share of the profit or loss in associates and joint ventures 1,327 — 1,327 Profit (loss) before income tax 328,713 (218,264 ) 110,449 Income tax (123,037 ) 63,940 (59,097 ) Profit (loss) from continuing operations 205,676 (154,324 ) 51,352 Profit from discontinued operations 3,562 154,324 157,886 Profit of the year 209,238 209,238 Earnings per share attributable to owners of the Company during the year 0.225 0.225 Loss per share from continuing operations attributable to owners of the Company during the year 0.220 (0.014 ) (i) In application of IAS 8 paragraph 42, line items affected of the Statement of Income are disclosed. |
Reclassified Discontinued Operations from 2017 | 2.32 Reclassified discontinued operations from 2016 and 2017 As part of the divestment process, the results of operations of the following entities have been reclassified to discontinued operations for the year ended December 31, 2016 and 2017: i) sale of investments in subsidiaries completed in 2018 (Stracon GyM S.A., CAM Chile SpA, CAM Servicios del Peru S.A., and; ii) planned sale of subsidiary Adexus S.A. See Note 37. These reclassifications have no effect on net profit (loss) as previously reported. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Estimated Useful Life of Property, Plant and Equipment | The depreciation of other assets that do not qualify as “Major equipment” is calculated under the straight-line method to allocate their cost less their residual values over their estimated useful lives, as follows: Years Buildings and facilities Between 3 and 33 Machinery and equipment Between 4 and 10 Vehicles Between 2 and 10 Furniture and fixtures Between 2 and 10 Other equipment Between 2 and 10 |
Summary of Restatement of Statement of Income | 2017 Restatement 2017 Revenues 6,080,142 — 6,080,142 Operating costs (5,407,355 ) — (5,407,355 ) Gross profit (loss) 672,787 — 672,787 Administrative expenses (429,181 ) — (429,181 ) Other (expenses) income, net (20,545 ) — (20,545 ) Gain (loss) from the sale of investments 274,363 (218,264 ) 56,099 Operating profit (loss) 497,424 (218,264 ) 279,160 Financial expenses (185,445 ) — (185,445 ) Financial income 15,407 — 15,407 Share of the profit or loss in associates and joint ventures 1,327 — 1,327 Profit (loss) before income tax 328,713 (218,264 ) 110,449 Income tax (123,037 ) 63,940 (59,097 ) Profit (loss) from continuing operations 205,676 (154,324 ) 51,352 Profit from discontinued operations 3,562 154,324 157,886 Profit of the year 209,238 209,238 Earnings per share attributable to owners of the Company during the year 0.225 0.225 Loss per share from continuing operations attributable to owners of the Company during the year 0.220 (0.014 ) (i) In application of IAS 8 paragraph 42, line items affected of the Statement of Income are disclosed. |
Standards, Amendments and Int_2
Standards, Amendments and Interpretation Adopted in 2018 (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Original Measurement Categories under IAS 39 and New Measurement Categories under IFRS 9 for Each Class of Financial Assets and Financial Liabilities Explanatory | The table below explains the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of financial assets of the Group and financial liabilities as of January 1, 2018: IAS 39 IFRS 9 Financial assets Measurement category Balance Measurement category Balance Cash and cash equivalents Loans and accounts receivables 626,180 Amortized cost 626,180 Trade accounts receivables and other account receivables Loans and accounts receivables 1,447,629 Amortized cost 1,447,629 Unbilled work in progress Loans and accounts receivables 672,163 Amortized cost 672,163 Financial assets related to Concession arrangements Loans and accounts receivables 952,780 Amortized cost 952,780 Accounts receivable from related parties Loans and accounts receivables 874,682 Amortized cost 872,110 Other accounts receivable Fair value through profit or loss 181 Fair value through profit or loss 181 IAS 39 IFRS 9 Financial liabilites Measurement category Balance Measurement category Balance Other financial loans Amortized cost 1,561,754 Amortized cost 1,561,754 Finance leases Amortized cost 128,309 Amortized cost 128,309 Accounts payable and other accounts payable Amortized cost 2,054,217 Amortized cost 2,054,217 Accounts payable to related parties Amortized cost 81,128 Amortized cost 81,128 Derivative financial instruments used in hedging transactions Fair value through other comprehensive income 383 Fair value through other comprehensive income 383 |
Schedule of Adoption of IFRS 9 and IFRS 15 with Impact in Equity | The Group evaluated the impact of the adoption of IFRS 9 and IFRS 15 in its consolidated financial statements; the impacts in Equity as of January 1, 2018, are shown as follows: As of 1 January 2018 IAS 18/39 IFRS 9 IFRS 15 IFRS Retained earnings 589,167 (2,572 ) (49,992 ) 536,603 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Consolidated Statement of Financial Position | At December 31, 2018, the consolidated statement of financial position includes the following: 2017 2018 S/(000) USD(000) S/(000) USD(000) Assets 1,851,309 570,511 2,273,132 674,753 Liabilities 1,982,007 610,788 2,042,176 604,383 |
Schedule of Foreign Currency Exchange Gains and Losses Exposure against US Dollar | The Group’s exchange gains and losses for the Peruvian Sol, the Chilean and Colombian Pesos exposure against the U.S. dollar was: 2016 2017 2018 Gain 742,930 329,751 382,104 Loss (755,680 ) (323,927 ) (405,380 ) |
Schedule of Assets and Liabilities Equivalent to Functional Currency | The consolidated statement of changes in equity comprises a foreign currency translation adjustment originated by its subsidiaries. The statement financial position includes assets and liabilities in functional currency equivalent to: 2017 2018 Assets Liabilities Assets Liabilities CLP 77,199,082 74,447,874 48,129,848 49,728,313 COP 101,300,811 74,319,654 163,560,697 76,978,655 |
Schedule of Undiscounted Cash Flows of Financial Liabilities | The table below analyzes the Group’s financial liabilities into relevant maturity groupings based on the remaining period from the date of the statement of financial position to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Less than 1-2 2-5 More than 1 year years years 5 years Total At December 31, 2017 Other financial liabilities (except for finance leases) 1,003,500 336,913 290,253 — 1,630,666 Finance leases 72,864 41,877 24,022 638 139,401 Bonds 109,746 148,986 353,349 1,272,647 1,884,728 Trade accounts payables 1,453,046 — — — 1,453,046 Accounts payables to related parties 55,174 25,954 — — 81,128 Other accounts payables 153,498 34,527 371,976 — 560,001 Other non-financial — 383 — — 383 2,847,828 588,640 1,039,600 1,273,285 5,749,353 Less than 1-2 2-5 More than 1 year years years 5 years Total At December 31, 2018 Other financial liabilities (except for finance leases) 816,122 273,079 129,233 41,577 1,260,011 Finance leases 15,151 7,489 14,094 — 36,734 Bonds 111,080 153,287 355,667 1,174,404 1,794,438 Trade accounts payables 1,079,531 — — — 1,079,531 Accounts payables to related parties 55,941 21,849 — — 77,790 Other accounts payables 116,806 17,777 338,627 — 473,210 Other non-financial liabilities — 61 — — 61 2,194,631 473,542 837,621 1,215,981 4,721,775 |
Schedule of Information About Gearing Ratio | As of December 31, 2017, and 2018, the gearing ratio is presented below indicating the Group’s strategy to keep it in a range from 0.10 to 0.70. 2017 2018 Total financial liabilities and bonds 2,637,630 2,139,714 Less: Cash and cash equivalents (626,180 ) (801,140 ) Net debt 2,011,450 1,338,574 Total equity 2,589,078 2,489,931 Total capital 4,600,528 3,828,505 Gearing ratio 0.44 0.35 |
Schedule of Assets and Liabilities Measured at Fair Value | The table below shows the Group’s assets and liabilities measured at fair value on December 31, 2017, and 2018: Level 1 Level 2 Total At December 31, 2017 Financial assets Financial assets at fair value through profit or loss 181 — 181 Financial liabilities Derivatives used for hedging — 383 383 At December 31, 2018 Financial liabilities Derivatives used for hedging — 61 61 |
Critical Accounting Estimates_2
Critical Accounting Estimates and Judgements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Sensitivity Analysis Based on 10% Increase/Decrease in Assumptions of Gross Margin, Discount Rate, Terminal Growth Rate (Details) | At December 31, 2017, and 2018 the Group has performed a sensitivity analysis increasing or decreasing the assumptions of gross margin, discount rate, and revenue and terminal growth rate by a 10%, with all the other variables held constant, as follows: Difference between recoverable amount and carrying amounts 2017 2018 Goodwill Gross margin (10 %) +10 % (10 %) +10 % Engineering and construction 81.31 % 143.63 % 0.51 % 41.12 % Electromechanical 197.30 % 620.85 % (9.73 %) 38.89 % IT equipment and services 0.32 % 38.87 % 42.60 % 101.27 % Telecommunication services 465.17 % 1339.26 % — — Discount rate: (10 %) 10 % (10 %) 10.00 % Engineering and construction 146.07 % 86.86 % 39.19 % 6.65 % Electromechanical 478.08 % 354.39 % 29.36 % 2.97 % IT equipment and services 30.06 % 11.25 % 77.06 % 48.93 % Telecommunication services 2190.66 % 1967.37 % — — Terminal growth rate: (10 %) +10 % (10 %) +10 % Engineering and construction 107.41 % 117.91 % 18.48 % 23.30 % Electromechanical 402.19 % 416.25 % 12.90 % 16.34 % IT equipment and services 18.54 % 20.52 % 59.73 % 62.91 % Telecommunication services 2232.86 % 2394.81 % — — Difference between recoverable amount and carrying amounts 2017 2018 Trademarks Revenue growth rate: (10 %) +10 % (10 %) +10 % Morelco 16.37 % (4.79 %) 75.00 % 116.27 % Vial y Vives - DSD (40.72 %) (63.32 %) 27.40 % 55.71 % Adexus 22.10 % (0.10 %) 21.40 % 48.38 % Discount rate: (10 %) +10 % (10 %) +10 % Morelco (7.21 %) 22.92 % 126.00 % 72.33 % Vial y Vives - DSD (58.56 %) (45.65 %) 29.54 % 55.99 % Adexus (2.13 %) 28.02 % 56.26 % 18.49 % Terminal growth rate: (10 %) +10 % (10 %) +10 % Morelco 8.61 % 3.17 % 91.70 % 99.82 % Vial y Vives - DSD (51.36 %) (54.47 %) 38.99 % 44.26 % Adexus 13.27 % 8.86 % 31.90 % 48.38 % |
Summary of Sensitivity Analysis Performed Considering a 10% Increase/Decrease in Group's Gross Margins | As of December 31, 2016, 2017 and 2018, a sensitivity analysis was performed considering a 10% increase/decrease in the Group’s gross margins, as follows: 2016 2017 2018 Revenues 2,713,013 2,214,108 1,961,100 Gross profit 29,310 106,902 32,685 % 1.08 4.83 1.67 Plus 10% 1.19 5.31 1.84 Increase in profit before income tax 2,975 10,667 3,399 32,285 117,569 36,084 Less 10% 0.97 4.35 1.50 Decrease in profit before income tax (2,975 ) (10,667 ) (3,399 ) 26,335 96,235 29,286 |
Disclosure of Adjustments of Financial Statements | as a result, the following adjustments were included in the financial statements of our subsidiary GyM S.A., resulting in a loss of S/15.2 million: S/000 Income for debt forgiveness (i) 431,484 Indemnification income 33,600 Work in progress impairment (ii) (410,199 ) Other provisions (24,915 ) Inventories impairment (iii) (33,824 ) Financial expenses (7,004 ) Property, plant and equipment impairment (4,143 ) Others (liability) asset, net (164 ) (15,165 ) (i) The extinguished trade accounts payable relates to the recognition of the project estimated margin recorded as a liability (Note 2.17). (ii) The recoverable of work in progress relates to the minimum secured payment to be obtained from GSP. (iii) Inventories are assets specific in nature and cannot be traded in an active market. |
Interest in Other Entities (Tab
Interest in Other Entities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments accounted for using equity method [abstract] | |
Summary of Principal Direct and Indirect Subsidiaries Classified by Operating Segment | The following table shows the principal direct and indirect subsidiaries classified by operating segment (Note 7): Name Country Economic activity Engineering and Construction: GyM S.A. Peru, and Colombia Civil construction, electro-mechanic assembly, buildings management and implementing housing development projects and other related services. GyM Chile S.p.A. Chile Electromechanical assemblies and services to energy, oil, gas and mining sector. Vial y Vives - DSD S.A. Chile Electromechanical assemblies and services. Develop activities related to the construction of engineering projects, civil construction projects and electromechanical assemblies, as well as architectural design and installations in general. Construction and assemblies and electromechanical services in the sectors of energy, oil, gas and mining. GMI S.A. Peru, Mexico, and Bolivia Advisory and consultancy services in engineering, carrying out studies and projects, managing projects and supervision of works. Morelco S.A.S Colombia and Ecuador Providing construction and assembly services, supplying equipment and material to design, build, assemble, operate and maintain all types of mechanical engineering, instrumentation, and civil work. Infrastructure: GMP S.A. Peru Oil and oil by-products Oiltanking Andina Services S.A. Peru Operation of the gas processing plant of Pisco - Camisea. Transportadora de Gas Natural Comprimido Andino S.A.C. Peru Supply, process and market natural gas and its derivative products. Concar S.A. Peru Highway and roads concessions operation and maintenance. GyM Ferrovias S.A. Peru Concession for the operation of the public transportation system of the Line 1 of the Lima Metro (Metro de Lima Metropolitana). Survial S.A. Peru Concession for constructing, operating and maintaining Section 1 of the “Southern Inter-oceanic” highway. Norvial S.A. Peru Concession for restoring, operating and maintaining the “Ancon - Huacho - Pativilca” section of the Panamericana Norte road. Concesion Canchaque S.A.C. Peru Concession for operating and maintaining of the Buenos Aires - Canchaque highway. Concesionaria Via Expresa Sur S.A. Peru Concession for designing, constructing, operating and maintaining the Via Expresa - Paseo de la Republica in Lima. Real estate: VIVA GyM S.A. Peru Developing and managing real estate projects directly or together with other partners. Parent company operation: Adexus S.A. Chile, Peru, Colombia and Ecuador IT solutions services. CAM Holding S.p.A. Chile Electric and technological services for the power industry. Generadora Arabesco S.A. Peru Implementing projects related to electric power-generating activities. Larcomar S.A. Peru Exploiting land right to use the Larcomar Shopping Center. Promotora Larcomar S.A. Peru Building a hotel complex on a plot of land located in the district of Miraflores. Promotores Asociados de Inmobiliarias S.A. Peru Operating in the real-estate industry and engaged in the development and sale of office premises in Peru. Negocios del Gas S.A. Peru Construction, operation, and maintenance of the pipeline system to transport natural gas and liquids. Inversiones en Autopistas S.A. Peru Holding company of shares, participation or any other credit instrument or investment document. |
Summary of Group's Subsidiaries and Related Interests | The following table shows the Group’s subsidiaries and related interest as of December 31, 2018: Percentage of Percentage of Percentage of Percentage of held by non- controlling Engineering and Construction: GyM S.A. 98.24 % — 98.24 % 1.76 % - Morelco S.A.S. — 70.00 % 70.00 % 30.00 % GyM Chile SpA — 94.49 % 99.99 % 0.01 % - V y V – DSD S.A. — 94.49 % 94.49 % 5.51 % GMI S.A. 89.41 % — 89.41 % 10.59 % - Ecotec — 99.99 % 99.99 % 0.01 % - Gm Ingenieria y Construcción de CV — 99.00 % 99.00 % 1.00 % - Gm Ingeniería Bolivia S.R.L. — 99.00 % 99.00 % 1.00 % - Consorcio Vial La Concordia — 88.00 % 88.00 % 12.00 % Infrastructure: GMP S.A. 95.00 % — 95.00 % 5.00 % - Oiltanking Andina Services S.A. — 50.00 % 50.00 % 50.00 % - Transportadora de Gas Natural Comprimido Andino S.A.C. — 99.93 % 99.93 % 0.07 % Concar S.A. 99.99 % — 99.99 % 0.01 % GyM Ferrovias S.A. 75.00 % — 75.00 % 25.00 % Survial S.A. 99.99 % — 99.99 % 0.01 % Norvial S.A. 67.00 % — 67.00 % 33.00 % Concesión Canchaque S.A. 99.96 % — 99.96 % 0.04 % Concesionaria Vía Expresa Sur S.A. 99.98 % 0.02 % 100.00 % — Percentage of Percentage of Percentage of Percentage of held by non- controlling Real Estate: Viva GyM S.A. 63.44 % 36.10 % 99.54 % 0.46 % Parent company operations: Generadora Arabesco S.A. 99.00 % — 99.00 % 1.00 % Larcomar S.A. 79.66 % — 79.66 % 20.34 % Promotora Larcomar S.A. 46.55 % — 46.55 % 53.45 % Promotores Asociados de Inmobiliarias S.A. 99.99 % — 99.99 % 0.01 % Negocios del Gas S.A. 99.99 % 0.01 % 100.00 % — Agenera S.A. 99.00 % 1.00 % 100.00 % — Inversiones en Autopistas S.A. 100.00 % — — — Cam Holding S.p.A. 100.00 % — 100.00 % — Adexus S.A. 99.99 % 0.01 % 100.00 % — The following table shows the Group’s subsidiaries and related interest as of December 31, 2017: Percentage of Percentage of Percentage of common shares held by the group (%) Percentage of held by non- controlling Engineering and Construction: GyM S.A. 98.23 % — 98.23 % 1.77 % Stracon GyM S.A. — 87.59 % 87.59 % 12.41 % GyM Chile SpA — 99.99 % 99.99 % 0.01 % V y V – DSD S.A. — 94.49 % 94.49 % 5.51 % Morelco S.A.S. — 70.00 % 70.00 % 30.00 % GMI S.A. 89.41 % — 89.41 % 10.59 % Infrastructure: GMP S.A. 95.00 % — 95.00 % 5.00 % Oiltanking Andina Services S.A. — 50.00 % 50.00 % 50.00 % Transportadora de Gas Natural Comprimido Andino S.A.C. — 99.93 % 99.93 % 0.07 % Concar S.A. 99.75 % — 99.75 % 0.25 % GyM Ferrovias S.A. 75.00 % — 75.00 % 25.00 % Survial S.A. 99.99 % — 99.99 % 0.01 % Norvial S.A. 67.00 % — 67.00 % 33.00 % Concesión Canchaque S.A. 99.96 % — 99.96 % 0.04 % Real Estate: Viva GyM S.A. 63.44 % 36.10 % 99.54 % 0.46 % Parent company operations: Cam Holding S.p.A. 100.00 % — 100.00 % — Coasin Instalaciones Ltda. — 100.00 % 100.00 % — CAM Servicios del Perú S.A. 73.16 % — 73.16 % 26.84 % Adexus S.A. 99.99 % 0.01 % 100.00 % — Generadora Arabesco S.A. 99.00 % — 99.00 % 1.00 % Larcomar S.A. 79.66 % — 79.66 % 20.34 % Promotora Larcomar S.A. 46.55 % — 46.55 % 53.45 % Promotores Asociados de Inmobiliarias S.A. 99.99 % — 99.99 % 0.01 % Negocios del Gas S.A. 99.99 % 0.01 % 100.00 % — Agenera S.A. 99.00 % 1.00 % 100.00 % — Inversiones en Autopistas S.A. 99.99 % 0.01 % 100.00 % — |
Summary of Group's Subsidiaries Non-controlling Interests | The following table shows the Group’s subsidiaries non-controlling Non-controlling 2017 2018 Viva GyM S.A. and subsidiaries 225,921 168,612 GyM S.A. and subsidiaries 103,170 67,639 Norvial S.A. 68,419 65,918 CAM Holding S.p.A. (6,417 ) — GMP S.A. 22,263 23,424 GyM Ferrovias S.A. 35,419 55,986 Promotora Larcomar S.A. 13,395 13,121 Other 3,578 6,871 465,748 401,571 |
Summarized Financial Information of Subsidiaries With Material Non-controlling Interests | Summarized financial information of subsidiaries with material non-controlling Set out below is the summarized financial information for each subsidiary that has non-controlling Summarized statement of financial position Viva GyM S.A. and GyM S.A. and subsidiaries Norvial S.A. At December 31, At December 31, At December 31, 2017 2018 2017 2018 2017 2018 Current: Assets 884,591 720,976 1,875,231 1,262,588 88,077 109,778 Liabilities (352,125 ) (310,132 ) (2,142,618 ) (1,467,953 ) (45,613 ) (66,506 ) Current net assets (liabilities) 532,466 410,844 (267,387 ) (205,365 ) 42,464 43,272 Non-current: Assets 78,457 98,504 1,368,460 980,653 492,803 462,739 Liabilities (44,068 ) (37,154 ) (546,342 ) (413,026 ) (327,936 ) (306,261 ) Current net assets 34,389 61,350 822,118 567,627 164,867 156,478 Net assets 566,855 472,194 554,731 362,262 207,331 199,750 Summarized income statement Viva GyM S.A. and GyM S.A. and Norvial S.A. At December 31, At December 31, At December 31, 2017 2018 2017 2018 2017 2018 Revenue 647,535 630,130 2,163,543 1,704,998 149,467 163,117 Profit (loss) before income tax 153,602 226,945 (75,977 ) (154,452 ) 68,104 21,104 Income tax (35,900 ) (69,166 ) 4,486 18,559 (18,678 ) (3,885 ) Profit (loss) for the period 117,702 157,779 (71,491 ) (135,893 ) 49,426 17,219 Discontinued operations — — 76,837 44,096 — — Other comprehensive Income — — (2,641 ) (14,061 ) — — Total comprehensive income/loss for the period 117,702 157,779 2,705 (105,858 ) 49,426 17,219 Dividends paid to non-controlling (36-d) 21,165 84,870 4,056 4,241 9,240 8,184 Summarized statement of cash flows Viva GYM S.A. and GyM S.A. and Norvial S.A. For the year ended For the year ended For the year ended 2017 2018 2017 2018 2017 2018 Cash flows from operating activities provided by, net 163,304 259,992 211,315 148,754 25,041 70,939 Cash flows from investing activities provided by (applied to), net 79,471 (8,460 ) 72,438 233,150 — (2 ) Cash flows from financing activities applied to, net (203,958 ) (255,979 ) (183,092 ) (388,836 ) (48,010 ) (43,536 ) Increase (decrease) in cash and cash equivalents, net 38,817 (4,447 ) 100,661 (6,932 ) (22,969 ) 27,401 Cash and cash equivalents at the beginning of the year 58,892 97,709 78,899 179,560 95,418 72,449 Cash and cash equivalents at the end of the year 97,709 93,262 179,560 172,628 72,449 99,850 |
Summary of Group's Public Services Concessions | The concessions held by the Group are as follows as of December 31, 2018: Name of Concession Description Estimated investment Consideration Ordinary Concession Accounting Survial S.A. This company operates and maintains a 750 km road from the San Juan de Marcona port to Urcos, Peru, which is connected to an interoceanic road. The road has five toll stations and three weigh stations. US$98.9 million Transaction secured by the Peruvian Government involving from annual payments for the maintenance and operation of the road, which is in charge of the Peruvian Ministry of Transport and Communications (MTC). 99.90% 2032 Financial asset Canchaque S.A.C. This company operates and periodically maintains a 78 km road which connects the towns of Buenos Aires and Canchaque, in Peru The road has one toll station. US$29 million Transaction secured by the Peruvian Government regardless the traffic volume. Revenue is secured by an annual minimum amount of US$ 0.3 million. 99.96% 2025 Financial asset Concesionaria. La Chira S.A. Designing, financing, constructing, operating and maintaining project called “Planta de Tratamiento de Aguas Residuales y Emisario Submarino La Chira”. The Project will treat approximately 25% of wastewaters in Lima. S/250 million Transaction secured by the Peruvian Government consisting of monthly and quarterly payments settled by Sedapal’s collection trust. 50.00% 2036 Financial asset GyM Ferrovias S.A. Concession for the operation of Line 1 of the Lima Metro, Peru’s only urban railway system in Lima city, which includes (i) operation and maintenance of the five existing trains, (ii) operation and maintenance and the acquisition of 19 trains on behalf of the Peruvian Government and (iii) design and construction of the repair yard and maintenance of railway. S/549.8 million Transaction secured by the Peruvian Government involving a quarterly payment received from MTC based on km travelled per train. 75.00% 2041 Financial asset Norvial S.A. The Company operates and maintains part of the only highway that connects Lima to the northwest of Peru. This 183 km road known as Red Vial 5 runs from the cities of Ancón to Pativilca and has three toll stations. US$152 million From users (self-financed concession; revenue is derived from collection of tolls). 67.00% 2028 Intangible Via Expresa Sur S.A. The Company obtained the concession for designing, financing, building, operating and maintaining the infrastructure associated with the Vía Expresa Sur Project. This project involves the second stage expansion of the Via Expresa - Paseo de la Republica, between Av. Republica de Panama and and Panamericana highway. US$196.8 million The contract gives the right of collection from users; however the Peruvian Government shall pay the difference when the operating revenue obtained is below US$18 million during the first two years and below US$19.7 million from the third year to the fifteenth year of the effective period of the financing, with a ceiling of US$10 million. In June 2017, the contract was suspended temporarily for one year by agreement between the Concessionaire and the grantor. The suspension was extended for an additional year. 99.98% 2053 Bifurcated Recaudo Trujillo S.A.C. Design, implementation, operation, technological maintenance and renewal (estimate) of the single system of electronic collection. Design, implementation, operation and maintenance of the Clearing house Implementation of the Fleet Control Center, as well as training to personnel. US$40.2 million Economic consideration resulting from applying the “price for validation” considering daily validations input on the system to be managed through a trust. 95.00% 2036 Intangible |
Summary of Group's Major Joint Operations | The table below lists the Group’s major Joint Operations. Percentage of interest Joint operations 2016 2017 2018 Graña y Montero S.A.A. - Concesionaria la Chira S.A. 50.00 % 50.00 % 50.00 % GyM S.A. - Consorcio Constructor Alto Cayma 50.00 % 50.00 % 50.00 % - Consorcio Alto Cayma 49.00 % 49.00 % 49.00 % - Consorcio Lima Actividades Comerciales 50.00 % 50.00 % 50.00 % - Consorcio Norte Pachacutec 49.00 % 49.00 % 49.00 % - Consorcio La Chira 50.00 % 50.00 % 50.00 % - Consorcio Río Urubamba 50.00 % 50.00 % 50.00 % - Consorcio Vial Quinua 46.00 % 46.00 % 46.00 % - Consorcio Rio Mantaro 50.00 % 50.00 % 50.00 % - Consorcio GyM – CONCIVILES 66.70 % 66.70 % 66.70 % - Consorcio Construcciones y Montajes CCM 25.00 % 25.00 % 25.00 % - Consorcio HV GyM 50.00 % 50.00 % 50.00 % - Consorcio Stracon Motta Engil JV 50.00 % 50.00 % — - Consorcio Huacho Pativilca 67.00 % 67.00 % 67.00 % - Consorcio Constructor Chavimochic 26.50 % 26.50 % 26.50 % - Consorcio Constructor Ductos del Sur 29.00 % 29.00 % 29.00 % - Consorcio Italo Peruano 48.00 % 48.00 % 48.00 % - Consorcio Menegua 50.00 % 50.00 % 50.00 % - Consorcio Energia y Vapor 50.00 % 50.00 % 50.00 % - Consorcio Ermitaño 50.00 % 50.00 % 50.00 % - Consorcio para la Atención y Mantenimiento de Ductos 50.00 % 50.00 % 50.00 % - Consorcio Lima Actividades Comerciales Sur 50.00 % 50.00 % 50.00 % - Consorcio CDEM — 85.00 % 85.00 % - Consorcio Chicama - Ascope — 50.00 % 50.00 % - Consorcio TNT Vial y Vives - DSD Chile LTDA — 50.00 % 50.00 % - Consorcio La Gloria 49.00 % 49.00 % 49.00 % - Consorcio GyM Sade Skanska 50.00 % 50.00 % 50.00 % - Constructora Incolur DSD Limitada 50.00 % 50.00 % 50.00 % - Consorcio Chiquintirca — 40.00 % 40.00 % - Consorcio Vial ICAPAL — 10.00 % 10.00 % GMP S.A. - Consorcio Terminales 50.00 % 50.00 % 50.00 % - Terminales del Peru 50.00 % 50.00 % 50.00 % GMD S.A. - Consorcio Cosapi-Data - GMD S.A. 70.00 % — — - Consorcio The Louis Berger Group Inc. - GMD 66.45 % — — - Consorcio Procesos Digitales 43.65 % — — - Consorcio GMD S.A. - Indra S.A. 50.00 % — — - Consorcio Fabrica de Software 50.00 % — — - Consorcio Gestion de Procesos Electorales (ONPE) 50.00 % — — - Consorcio Lima Actividades Sur 50.00 % — — - Consorcio Latino de Actiuvidades Comerciales de Clientes Especiales 50.00 % — — - Consorcio Latino de Actividades Comerciales de 75.00 % — — - Consorcio Gestion de Procesos Junta de Gobernadores 45.00 % — — - Consorcio Soluciones Digitales 38.00 % — — - Consorcio de Gestion de la Informacion 56.00 % — — - Consorcio de la disponibilidad PKI 70.00 % — — CONCAR S.A. - Consorcio Ancón-Pativilca 67.00 % 67.00 % 67.00 % - Consorcio Peruano de Conservación 50.00 % 50.00 % 50.00 % - Consorcio Manperán 67.00 % 67.00 % 67.00 % - Consorcio Vial Sierra 50.00 % 50.00 % 100.00 % - Consorcio Vial Ayahuaylas — 99.00 % 99.00 % - Consorcio Vial Sullana — 99.00 % 99.00 % -Consorcio Vial del Sur — 99.00 % 99.00 % Viva GyM S.A. - Consorcio Panorama 35.00 % 35.00 % — CAM HOLDING S.p.A - Consorcio Mecam 50.00 % 50.00 % — - Consorcio Seringel 50.00 % 50.00 % — GMI S.A. - Consorcio Poyry-GMI — 40.00 % 40.00 % - Consorcio Internacional Supervisión Valle Sagrado — 33.00 % 33.00 % - Consorcio Supervisor Ilo — 55.00 % 55.00 % All of the joint arrangements listed above operate in Peru, Chile, and Colombia. The table below provides a description of the main activities carried out by these joint operations: Joint Operations in Economic activity Graña y Montero S.A.A. Construction, operation and maintenance of La Chira wastewater treatment plant in the south of Lima. The project is aimed to solve Lima’s environmental problems caused by sewage discharged directly into the sea. GyM S.A. Theses joint operations are carried out through the four divisions of the engineering and construction segment (Note 7). GMP S.A. Consorcio Terminales and Terminales del Peru provide services for receiving, storing, shipping and transporting liquid hydrocarbons, such as gasoline, jet fuel, diesel fuel and residual among others. CONCAR S.A. Concar’s joint operations provides rehabilitation service, routine and periodic maintenance of the road; and road conservation and preservation services. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Disclosure of Profit before Income Tax Reconciles to EBITDA | Profit before income tax reconciles to EBITDA as follows: 2016 2017 2018 (as restated) (Loss)/profit before income tax (708,134 ) 45,112 133,948 Discontinued operations 104,354 210,431 36,785 Financial cost, net 179,829 137,035 197,057 Depreciation 118,832 109,342 86,335 Amortization 64,572 70,383 103,174 EBITDA (*) (240,546 ) 572,303 557,299 |
Disclosure of Detailed Information About EBITDA for Each Segment | EBITDA for each segment is as follows: 2016 2017 2018 Engineering and construction 19,255 119,987 19,242 Infrastructure 237,752 300,935 411,502 Real state 121,420 177,286 240,991 Parent company operations (1,025,197 ) 125,938 (27,802 ) Intercompany eliminations 406,546 (151,843 ) (86,634 ) Total EBITDA (240,546 ) 572,303 557,299 |
Summary of Breakdown by Operating Segments | Backlog refers to the expected future revenue under signed contracts and legally binding letters of intent. The breakdown by operating segments as of December 31, 2018, and the dates in which they are estimated to be realized is shown in the following table: Annual Backlog 2018 2019 2020 2021+ Engineering and construction 2,644,386 1,755,890 725,351 163,145 Infrastructure 1,759,849 600,630 570,114 589,108 Real state 195,566 — 177,135 18,431 Intercompany eliminations (351,865 ) (115,748 ) (119,221 ) (116,897 ) 4,247,936 2,240,772 1,353,379 653,787 |
Disclosure of Detailed Information About Operating Segments Financial Position | The following table shows the Group’s financial statements by operating segments: Infrastructure Engineering Energy Toll Transportation Water Real Parent Eliminations Consolidated As of December 31, 2017 Assets.- Cash and cash equivalent 184,401 43,878 121,901 161,073 4,204 85,187 25,536 — 626,180 Financial asset at fair value through profit or loss 181 — — — — — — — 181 Trade accounts receivables 891,252 64,364 128,124 108,706 604 45,897 274,522 2,204 1,515,673 Work in progress 55,774 — — — — — 6,030 — 61,804 Accounts receivable from related parties 230,607 2,746 62,525 3,072 8,852 69,382 76,006 (352,438 ) 100,752 Other accounts receivable 518,123 55,959 66,765 31,381 1,922 40,026 51,269 — 765,445 Inventories 46,499 15,093 8,685 19,457 — 643,882 45,702 (8,607 ) 770,711 Prepaid expenses 4,470 1,168 2,354 10,312 164 216 14,794 — 33,478 1,931,307 183,208 390,354 334,001 15,746 884,590 493,859 (358,841 ) 3,874,224 Non-current 17,722 — — — — — — — 17,722 Total current assets 1,949,029 183,208 390,354 334,001 15,746 884,590 493,859 (358,841 ) 3,891,946 Long-term trade accounts receivable 58,997 — 14,747 793,991 — — 39,852 — 907,587 Long-term work in progress — — 28,413 — — — — — 28,413 Long-term accounts receivable from related parties 258,479 — 27,660 — — — 637,415 (149,624 ) 773,930 Prepaid expenses — — 24,585 13,115 892 — — (510 ) 38,082 Other long-term accounts receivable 75,030 53,917 11,159 255,179 7,348 9,811 58,408 — 470,852 Investments in associates and joint ventures 111,513 7,344 — — — 1 2,216,343 (2,066,530 ) 268,671 Investment property — — — — — 45,687 — — 45,687 Property, plant and equipment 509,700 171,226 18,572 580 60 11,621 171,563 (17,587 ) 865,735 Intangible assets 203,390 160,288 492,424 323 — 1,022 71,363 11,260 940,070 Deferred income tax asset 165,227 5,507 11,057 — — 10,316 238,560 6,030 436,697 Total non-current 1,382,336 398,282 628,617 1,063,188 8,300 78,458 3,433,504 (2,216,961 ) 4,775,724 Total assets 3,331,365 581,490 1,018,971 1,397,189 24,046 963,048 3,927,363 (2,575,802 ) 8,667,670 Liabilities.- Borrowings 591,987 46,924 2,589 — — 162,031 253,233 — 1,056,764 Bonds — — 24,361 12,294 — — — — 36,655 Trade accounts payable 955,015 62,659 85,329 81,161 132 43,724 225,966 (940 ) 1,453,046 Accounts payable to related parties 114,198 3,664 60,857 83,841 14 37,396 102,976 (347,772 ) 55,174 Current income tax 29,379 1,282 1,122 — 161 45,299 8,300 — 85,543 Other accounts payable 492,362 12,487 68,994 27,058 49 63,654 183,895 1 848,500 Provisions 6,682 5,204 — — — 20 1,597 — 13,503 Total current liabilities 2,189,623 132,220 243,252 204,354 356 352,124 775,967 (348,711 ) 3,549,185 Borrowings 127,773 101,549 1,945 — — 12,010 390,022 — 633,299 Long-term bonds — — 319,549 591,363 — — — — 910,912 Other long-term accounts payable 379,043 — 52,349 349,987 158 32,058 38,878 — 852,473 Long-term accounts payable to related parties 4,306 — 836 89,023 23,445 — 62,841 (154,497 ) 25,954 Provisions 8,587 16,707 — — — — 8,620 — 33,914 Derivative financial instruments — 383 — — — — — — 383 Deferred income tax liability 26,633 8,957 8,606 20,789 210 — 7,277 — 72,472 Total non-current 546,342 127,596 383,285 1,051,162 23,813 44,068 507,638 (154,497 ) 2,529,407 Total liabilities 2,735,965 259,816 626,537 1,255,516 24,169 396,192 1,283,605 (503,208 ) 6,078,592 Equity attributable to controlling interest in the Company 487,923 299,411 323,987 106,256 (123 ) 217,290 2,629,428 (1,940,842 ) 2,123,330 Non-controlling 107,477 22,263 68,447 35,417 — 349,566 14,330 (131,752 ) 465,748 Total liabilities and equity 3,331,365 581,490 1,018,971 1,397,189 24,046 963,048 3,927,363 (2,575,802 ) 8,667,670 Operating segments financial position Segment reporting Infrastructure Engineering Energy Toll Transportation Water Real Parent Eliminations Consolidated As of December 31, 2018 Assets.- Cash and cash equivalent 177,455 34,816 168,460 191,178 6,700 93,262 129,269 — 801,140 Financial asset at fair value through profit or loss — — — — — — — — — Trade accounts receivables 583,842 54,350 78,013 226,919 598 63,038 1,068 — 1,007,828 Work in progress 24,962 — — — — — 3,576 — 28,538 Accounts receivable from related parties 203,583 492 40,820 758 9,930 60,759 98,308 (379,747 ) 34,903 Other accounts receivable 386,467 37,611 28,492 31,012 199 55,508 49,160 2 588,451 Inventories 27,852 18,823 9,206 25,282 — 448,328 — (15,444 ) 514,047 Prepaid expenses 3,825 1,345 3,068 874 135 81 1,221 — 10,549 1,407,986 147,437 328,059 476,023 17,562 720,976 282,602 (395,189 ) 2,985,456 Non-current — — — — — — 247,798 — 247,798 Total current assets 1,407,986 147,437 328,059 476,023 17,562 720,976 530,400 (395,189 ) 3,233,254 Long-term trade accounts receivable 14,455 — 33,380 966,202 — 6,030 — — 1,020,067 Long-term work in progress — — 32,212 — — — — — 32,212 Long-term accounts receivable from related parties 254,660 — 39,341 — — — 744,655 (260,430 ) 778,226 Prepaid expenses — — 28,214 5,152 840 — — (509 ) 33,697 Other long-term accounts receivable 77,028 63,797 7,058 64,817 7,346 30,268 52,645 (2 ) 302,957 Investments in associates and joint ventures 114,676 7,230 — — — 5,604 2,213,023 (2,082,768 ) 257,765 Investment property — — — — — 29,133 — — 29,133 Property, plant and equipment 205,678 171,430 14,585 1,586 109 9,237 69,088 (1,159 ) 470,554 Intangible assets 160,088 183,614 466,153 749 — 1,105 23,514 11,872 847,095 Deferred income tax asset 166,624 5,025 11,876 — 620 17,127 218,201 5,963 425,436 Total non-current 993,209 431,096 632,819 1,038,506 8,915 98,504 3,321,126 (2,327,033 ) 4,197,142 Total assets 2,401,195 578,533 960,878 1,514,529 26,477 819,480 3,851,526 (2,722,222 ) 7,430,396 Liabilities.- Borrowings 232,409 26,621 15,384 209,463 — 133,105 209,492 — 826,474 Bonds — — 25,745 13,422 — — — — 39,167 Trade accounts payable 777,130 49,254 61,233 104,652 121 31,173 55,968 — 1,079,531 Accounts payable to related parties 179,351 1,933 46,099 65,256 58 35,085 91,754 (363,595 ) 55,941 Current income tax 5,898 2,797 1,398 9,888 226 4,219 1,381 — 25,807 Other accounts payable 389,896 13,147 72,823 11,677 631 106,286 38,209 — 632,669 Provisions 521 5,412 — — — 264 — — 6,197 Non-current — — — — — — 225,828 — 225,828 Total current liabilities 1,585,205 99,164 222,682 414,358 1,036 310,132 622,632 (363,595 ) 2,891,614 Borrowings 9,314 87,166 556 — — 10,684 268,478 — 376,198 Long-term bonds — — 299,637 598,238 — — — — 897,875 Other long-term accounts payable 357,146 — 31,477 154,756 1,656 26,470 2,605 — 574,110 Long-term accounts payable to related parties 8,880 — 1,167 81,207 23,445 — 183,826 (276,676 ) 21,849 Provisions 32,122 20,234 — — — — 51,055 — 103,411 Derivative financial instruments — 61 — — — — — — 61 Deferred income tax liability 5,564 24,541 7,010 37,178 — — 1,054 — 75,347 Total non-current 413,026 132,002 339,847 871,379 25,101 37,154 507,018 (276,676 ) 2,048,851 Total liabilities 1,998,231 231,166 562,529 1,285,737 26,137 347,286 1,129,650 (640,271 ) 4,940,465 Equity attributable to controlling interest in the Company 331,178 323,943 332,406 171,594 340 193,483 2,708,803 (1,973,387 ) 2,088,360 Non-controlling 71,786 23,424 65,943 57,198 — 278,711 13,073 (108,564 ) 401,571 Total liabilities and equity 2,401,195 578,533 960,878 1,514,529 26,477 819,480 3,851,526 (2,722,222 ) 7,430,396 |
Disclosure of Detailed Information About Operating Segment Performance | Operating segment performance Segment Reporting Infrastructure Engineering Parent and Water Real Company construction Energy Toll roads Electric Train treatment estate operations Eliminations Consolidated Year 2016 - Revenue 2,936,831 382,211 527,104 247,040 18,459 411,518 62,070 (447,924 ) 4,137,309 Gross profit (loss) 60,191 42,129 121,114 42,474 5,698 136,539 (171 ) (91,885 ) 316,089 Administrative expenses (212,048 ) (17,260 ) (35,084 ) (12,951 ) (787 ) (28,429 ) (35,967 ) 64,223 (278,303 ) Other income and expenses (14,246 ) 542 262 9 — 835 (5,842 ) (3,920 ) (22,360 ) Gain from the sale of investments — — — — — — 46,336 — 46,336 Operating (loss) profit (166,103 ) 25,411 86,292 29,532 4,911 108,945 4,356 (31,582 ) 61,762 Financial expenses (60,806 ) (10,801 ) (7,390 ) (2,810 ) (37 ) (14,388 ) (116,554 ) 14,731 (198,055 ) Financial income 9,987 1,040 2,225 8,037 86 2,817 20,924 (26,891 ) 18,225 Share of the profit or loss in associates and joint ventures 16,505 1,615 — — — 6,850 (1,036,888 ) 421,852 (590,066 ) (Loss) profit before income tax (200,417 ) 17,265 81,127 34,759 4,960 104,224 (1,128,162 ) 378,110 (708,134 ) Income tax 19,731 (5,308 ) (22,213 ) (10,904 ) (1,433 ) (27,054 ) 192,131 7,232 152,182 (Loss) profit from continuing operations (180,686 ) 11,957 58,914 23,855 3,527 77,170 (936,031 ) 385,342 (555,952 ) Profit from discontinued operations 87,239 — — — — — 1,423 15,692 104,354 (Loss) profit for the year (93,447 ) 11,957 58,914 23,855 3,527 77,170 (934,608 ) 401,034 (451,598 ) (Loss) profit attributable to: Owners of the Company (87,710 ) 9,369 43,656 17,892 3,527 22,105 (932,961 ) 414,423 (509,699 ) Non-controlling (5,737 ) 2,588 15,258 5,963 — 55,065 (1,647 ) (13,389 ) 58,101 (93,447 ) 11,957 58,914 23,855 3,527 77,170 (934,608 ) 401,034 (451,598 ) Operating segment performance Segment Reporting Infrastructure Engineering Parent and Water Real Company construction Energy Toll roads Transportation treatment estate operations Eliminations Consolidated (as restated) Year 2017 - Revenue 2,331,907 436,876 642,127 365,771 3,152 647,535 70,050 (483,405 ) 4,014,013 Gross profit (loss) 176,473 71,825 139,196 48,696 445 147,383 (37,771 ) (43,795 ) 502,452 Administrative expenses (188,162 ) (15,854 ) (32,453 ) (15,279 ) (317 ) (21,189 ) (100,968 ) 51,768 (322,454 ) Other income and expenses (46,445 ) 5,138 1,061 5 — (3,700 ) 10,512 560 (32,869 ) Gain from the sale of investments — — — — — 49,002 (18,672 ) 4,215 34,545 Operating (loss) profit (58,134 ) 61,109 107,804 33,422 128 171,496 (146,899 ) 12,748 181,674 Financial expenses (46,655 ) (13,423 ) (6,892 ) (8,000 ) (50 ) (21,918 ) (81,310 ) 27,471 (150,777 ) Financial income 8,491 1,965 3,257 3,606 26 3,569 35,431 (42,603 ) 13,742 Share of the profit or loss in associates and joint ventures 30,982 1,584 — — — 456 142,595 (175,144 ) 473 Profit (loss) before income tax (65,316 ) 51,235 104,169 29,028 104 153,603 (50,183 ) (177,528 ) 45,112 Income tax 877 (13,151 ) (32,290 ) (9,544 ) (228 ) (35,900 ) 44,032 (101 ) (46,305 ) Profit (loss) from continuing operations (64,439 ) 38,084 71,879 19,484 (124 ) 117,703 (6,151 ) (177,629 ) (1,193 ) Profit from discontinued operations 76,837 — — — — — 123,603 9,991 210,431 Profit (loss) for the period 12,398 38,084 71,879 19,484 (124 ) 117,703 117,452 (167,638 ) 209,238 Profit (loss) attributable to: Owners of the Company 12,078 33,714 55,620 14,613 (124 ) 48,647 125,182 (140,992 ) 148,738 Non-controlling 320 4,370 16,259 4,871 — 69,056 (7,730 ) (26,646 ) 60,500 12,398 38,084 71,879 19,484 (124 ) 117,703 117,452 (167,638 ) 209,238 Operating segment performance Segment Reporting Infrastructure Engineering Energy Toll roads Transportation Water Real Parent Eliminations Consolidated Year 2018 - Revenue 1,960,863 560,506 733,148 586,329 3,270 630,130 62,098 (636,882 ) 3,899,462 Gross profit (loss) 62,095 120,360 107,092 122,567 592 287,959 (10,564 ) (15,612 ) 674,489 Administrative expenses (136,066 ) (20,898 ) (35,626 ) (12,007 ) (295 ) (50,730 ) (62,891 ) 40,080 (278,433 ) Other income and expenses (13,509 ) 1,243 (11 ) 31 — (1,971 ) (47,778 ) 660 (61,335 ) Gain from the sale of investments (7 ) — — — — — — — (7 ) Operating profit (loss) (87,487 ) 100,705 71,455 110,591 297 235,258 (121,233 ) 25,128 334,714 Financial expenses (82,861 ) (15,631 ) (28,762 ) (20,604 ) — (14,700 ) (121,938 ) 36,514 (247,982 ) Financial income 15,122 4,593 4,631 35,147 559 6,397 38,614 (54,138 ) 50,925 Dividends — — — — — — 8,344 (8,344 ) — Share of the profit or loss in associates and joint ventures 11,366 1,608 — — — (10 ) 84,138 (100,811 ) (3,709 ) (Loss)/profit before income tax (143,860 ) 91,275 47,324 125,134 856 226,945 (112,075 ) (101,651 ) 133,948 Income tax 14,361 (26,275 ) (15,737 ) (38,018 ) (517 ) (69,166 ) 22,866 (832 ) (113,318 ) (Loss) profit from continuing operations (129,499 ) 65,000 31,587 87,116 339 157,779 (89,209 ) (102,483 ) 20,630 Profit from discontinued operations 44,096 — — — — — (3,708 ) (3,603 ) 36,785 (Loss) profit for the period (85,403 ) 65,000 31,587 87,116 339 157,779 (92,917 ) (106,086 ) 57,415 Profit (loss) attributable to: Owners of the Company (86,857 ) 59,866 26,731 65,337 339 28,921 (85,715 ) (91,810 ) (83,188 ) Non-controlling 1,454 5,134 4,856 21,779 — 128,858 (7,202 ) (14,276 ) 140,603 (85,403 ) 65,000 31,587 87,116 339 157,779 (92,917 ) (106,086 ) 57,415 |
Disclosure of Geographical Areas | Segments by geographical area 2016 2017 2018 Revenues: - Peru 3,590,772 3,589,048 3,347,540 - Chile 163,990 371,986 226,891 - Colombia 363,311 50,829 325,031 - Guyana 717 — — - Ecuador 3,682 — — - Bolivia 14,837 2,150 — 4,137,309 4,014,013 3,899,462 Non-current - Peru 3,995,453 4,164,342 3,896,920 - Chile 446,998 407,152 142,383 - Colombia 260,732 203,203 157,839 - Bolivia 13,043 149 — - Ecuador 888 — — - Guyana 862 878 — 4,717,976 4,775,724 4,197,142 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Financial Assets and Liabilities by Category | The classification of financial assets and liabilities by category is as follows: At December 31 2017 2018 Assets according to the statement of financial position Loans and accounts receivable at amortized cost: - Cash and cash equivalents 626,180 801,140 - Trade accounts receivable and other accounts receivable (excluding financial assets) 2,029,575 1,302,358 - Work in progress 90,217 60,750 - Financial assets related to concession agreements 952,780 1,227,994 - Accounts receivable from related parties 874,682 813,129 4,573,434 4,205,371 Financial asset at fair value through profit or loss - Other financial asset 181 — 181 — Financial assets related to concession agreements are recorded in the consolidated statement of financial position as the line items short-term trade accounts receivable and long-term trade accounts receivable. At December 31 2017 2018 Financial liabilities according to the statement of financial position Other financial liabilities at amortized cost - Other financial liabilities 1,561,754 1,169,184 - Finance leases 128,309 33,488 - Bonds 947,567 937,042 - Trade and other accounts payable (excluding non-financial 2,054,217 1,552,741 - Accounts payable to related parties 81,128 77,790 4,772,975 3,770,245 Hedging derivatives: - Derivative financial instruments 383 61 |
Summary of Credit Quality of Financial Assets | At December 31, 2017 2018 Cash and cash equivalents (*) Banco de Credito del Peru (A+) 224,834 350,403 Citibank (A) 110,846 134,990 Banco Continental (A+) 100,882 114,067 Banco Scotiabank (A+) 71,608 73,039 Fondo de Inversion Alianza — 39,051 Banco de la Nacion (A) 17,776 23,766 Banco Bogota (A) 25,609 16,782 Banco Interbank (A) 14,937 14,075 Banco Santander - Peru (A) — 12,221 Banco de Credito e Inversiones - Chile (AA+) 1,105 5,909 Banco Santander - Chile (AAA) 22,041 3,325 Banco de Chile (AAA) 4,337 49 Banco Interamericano de Finanzas (A) 5,551 126 Banco Scotiabank de Guyana (A) — 121 Others 7,388 8,273 606,914 796,197 |
Summary of Credit Quality of Customers | 2017 2018 Trade accounts receivable (Note 11 and Note 12) Counterparties with no external risk rating A 6,042 140,594 B 2,313,187 1,762,557 C 194,248 185,494 2,513,477 2,088,645 Receivable from related parties and joint operators (Note 13) B 874,682 813,129 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Cash and Cash Equivalents | At December 31 this account comprises: 2017 2018 Cash on hand 16,468 1,377 Cash in-transit 2,798 3,566 Bank accounts (a) 493,666 647,832 Time deposits (b) 113,248 148,365 626,180 801,140 (a) The Group maintains deposits in local and foreign banks, are available and earn interest at market rates. This includes reserve funds for bond payments issued by subsidiaries GyM Ferrovias S.A. and Norvial S.A.; for the year 2018 S/133 million and S/13 million, respectively (for the year 2017 S/108 million and S/16 million, respectively). (b) Time deposits have maturities less than 90 days and may be renewed upon maturity. These deposits earn interest that fluctuates between 2.5% and 3.5%. |
Summary of Time Deposits from Subsidiaries | As of December 31, 2017, and 2018, time deposits are mainly from subsidiaries: 2017 2018 Graña y Montero S.A.A. — 110,281 GyM Ferrovias S.A. 36,757 32,000 GyM S.A. 30,497 1,906 Concesionaria la Chira S.A. — 4,170 GMP S.A. 3,238 7 Viva GyM S.A. 17,879 1 Concar S.A. 13,611 — Concesion Canchaque 11,000 — Other minors 266 — 113,248 148,365 Reconciliation to the cash flow statement |
Summary of Reconcile to the Amount of Cash Shown in the Statement of Cash Flow | The above figures reconcile to the amount of cash shown in the statement of cash flows at the end of the financial year as follows: 2016 2017 2018 Cash and cash equivalent on Consolidated statement of financial position 606,950 626,180 801,140 Bank overdrafts (Note 19) (8,396 ) (120 ) (119 ) Balances per consolidated statement of cash flows 598,554 626,060 801,021 |
Trade Accounts Receivable, Net
Trade Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Trade Accounts Receivables | At December 31 this account comprises: 2017 2018 Current Non-current Current Non-current Invoice receivables 459,722 819,699 907,007 469,510 Unbilled receivables 1,069,299 87,888 113,464 550,557 1,529,021 907,587 1,020,471 1,020,067 (-) Impairment of account receivables (13,348 ) — (12,643 ) — 1,515,673 907,587 1,007,828 1,020,067 |
Schedule of Current and Non-Current Unbilled Receivables | At December 31, 2018, current and non-current unbilled receivables mainly from the following subsidiaries are as follows: Unbilled receivables 2017 2018 GyM S.A. 581,946 14,455 GyM Ferrovias 354,763 558,179 Concar S.A. 52,508 38,770 Survial S.A. 30,647 19,138 GMI S.A. 19,699 26,622 Norvial S.A. 7,057 2,885 Cam Holding SPA 85,366 — Others 25,201 3,972 1,157,187 664,021 |
Summary of Aging of Trade Accounts Receivable | Aging of trade accounts receivable is as follows: 2017 2018 Current 2,157,656 1,866,913 Past due up to 30 days 118,158 37,750 Past due from 31 days up to 180 days 141,120 25,854 Past due from 181 days up to 360 days 1,962 17,660 Past due over 360 days 17,712 92,361 2,436,608 2,040,538 |
Work in Progress, Net (Tables)
Work in Progress, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Work in Progress | At December 31 this account comprises: 2017 2018 Current Non-current Current Non-current Unbilled receivable concessions in progress — 28,413 — 32,212 Work in Progress 61,804 — 28,538 — 61,804 28,413 28,538 32,212 |
Transactions with Related Par_2
Transactions with Related Parties and Joint Operators (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Disclosure of Transactions Between Related Parties | Major transactions between the Company and its related parties are summarized as follows: 2016 2017 2018 Revenue from sales of goods and services: - Associates — 3,367 1,704 - Joint operations 36,901 18,138 56,560 36,901 21,505 58,264 Purchase of goods and services: - Associates 739 2,776 2,130 - Joint operations 3,228 14,191 601 3,967 16,967 2,731 |
Summary of Sale Purchase of Goods Services | Balances at the end of the year were: At December 31, At December 31, 2017 2018 Receivable Payable Receivable Payable Current portion: Joint operations Consorcio Rio Urubamba 8,964 — 9,122 — Consorcio Peruano de Conservacion 7,417 — 6,417 — Consorcio Italo Peruano 14,536 18,849 3,322 4,996 Consorcio Constructor Chavimochic 1,959 5,817 2,138 6,199 Consorcio GyM Conciviles 43,435 — 1,855 — Consorcio La Gloria 1,688 1,358 1,369 1,006 Consorcio Ermitaño 1,067 6 781 624 Terminales del Perú 3,290 — 459 — Consorcio TNT Vial y Vives - DSD Chile Ltda — — — 11,804 Consorcio Rio Mantaro 1,134 763 — 6,655 Consorcio Vial Quinua — 2,162 — 1,970 Consorcio Huacho Pativilca — 2,377 — 475 Consorcio Vial Sierra 2,355 1,854 — — Consorcio para la Atencion y Mantenimiento de Ductos — 12,074 — — Other minors 12,221 7,045 9,215 11,323 98,066 52,305 34,678 45,052 At December 31, At December 31, 2017 2018 Receivable Payable Receivable Payable Other related parties Ferrovias Argentina — 2,684 — 10,242 Peru Piping Spools S.A.C. 279 185 225 — Gasoducto Sur Peruano S.A 2,407 — — — Other minors — — — 647 Current portion 100,752 55,174 34,903 55,941 Non-current Gasoducto Sur Peruano S.A 773,930 — 773,927 — Ferrovias Participaciones — 21,648 — 21,849 Other minors — 4,306 4,299 — Non-current 773,930 25,954 778,226 21,849 |
Other Accounts Receivable (Tabl
Other Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Other Accounting Recivables | At December 31 this account comprises: 2017 2018 Current Non-current Current Non-current Advances to suppliers (a) 149,464 255,181 81,719 64,817 Income tax on-account 125,176 2,607 91,353 — VAT credit (c) 81,732 30,680 79,076 26,162 Guarantee deposits (d) 113,429 — 167,769 12,241 Claims to third parties (e ) 109,491 11,808 62,163 — Petroleos del Peru S.A.- Petroperu S.A. 3,619 53,918 11,953 63,797 Taxes receivable 66,083 33,428 20,246 25,644 Restricted funds (f) 61,993 44,770 39,394 28,578 Rental and sale of equipment 27,970 — 34,768 — Accounts receivable from personnel 8,868 — 3,479 — Consorcio Constructor Ductos del Sur (g) — 29,264 — 52,114 Consorcio Panorama — — 5,306 21,826 Other minors 19,018 9,196 16,059 7,778 766,843 470,852 613,285 302,957 (-) Impairment (1,398 ) — (24,834 ) — 765,445 470,852 588,451 302,957 |
Schedule of Advances to Suppliers | (a) Advances to suppliers The balance mainly comprises advances to: 2017 2018 Current Non-current Current Non-current Alsthom Transporte - Linea 1 9,985 223,387 1,578 64,817 Electromechanical works Refineria Talara 29,814 — 4,582 — Infrastructure Linea Amarilla 40,669 — 5,545 — Bombardier - Linea 1 — 29,142 — — Advances - joint operations vendors — — 21,647 — Other 68,996 2,652 48,367 — 149,464 255,181 81,719 64,817 |
Schedule of Income Tax Payments | (b) Income tax on-account payments This balance mainly consists of income tax payments and credits in the following subsidiaries: 2017 2018 Current Non-current Current Non-current GyM S.A. 84,923 — 55,377 — GMI S.A. 542 — 3,877 — GMP S.A. 19,318 — 8,511 — CONCAR S.A. 4,565 — 8,563 — VIVA GyM S.A. 6,121 — 8,114 — Graña y Montero S.A.A. — — 6,463 — GyM Ferrovías S.A. 3,606 — — — Others 6,101 2,607 448 — 125,176 2,607 91,353 — |
Schedule of Tax Credit Related to VAT on Subsidiaries | (c) Tax credit related to VAT on the following subsidiaries: 2017 2018 Current Non-current Current Non-current GyM S.A. 50,326 530 38,653 530 VIVA GyM S.A. 10,894 9,983 511 6,744 GyM Ferrovías S.A. 8,653 — 25,453 — Negocios del gas S.A. — 8,411 — 8,411 Concesionaria Vesur S.A. — 5,319 1,015 5,059 Graña y Montero S.A.A. 1,571 — 9,821 — GMP S.A. 3,992 — 456 — CONCAR S.A. 1,551 — 2,382 — NORVIAL S.A. — 3,209 — 1,997 Others 4,745 3,228 785 3,421 81,732 30,680 79,076 26,162 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Inventories | At December 31 this account comprises: 2017 2018 Land 317,337 230,689 Work in progress - real estate 150,537 135,376 Finished properties 203,209 76,027 Construction materials 51,131 27,852 Merchandise and supplies 90,504 53,310 812,718 523,254 (-) Impairment of inventories (42,007 ) (9,207 ) 770,711 514,047 |
Schedule of Inventories of Land | As of December 2018, the impairment provision amounts to S/9.2 million (nil at 2017): 2017 2018 Lurin (a) 103,574 72,080 San Isidro (b) 58,441 49,664 San Miguel (c) 44,126 28,811 Nuevo Chimbote (d) 17,201 17,262 Barranco (e) 11,413 13,585 Huancayo (f) 13,572 8,282 Ancon (g) 37,823 — Canta Callao 12,978 — Piura — 8,105 Carabayllo II — 14,941 Others 18,209 8,752 317,337 221,482 (a) Plot of land of 318 hectares located in the district of Lurin, province of Lima, for industrial development and public housing. (b) A plot of land in the district of San Isidro in which a 15-story (c) Land located in San Miguel of 1 hectare for the development of a multi-family housing project of 248 apartments and 185 parking lots. (d) Land located in Chimbote, 11.5 hectares, for the development of a social housing project (e) Land located in Paul Harris St. N°332 and N°336 in Barranco district, for the development of a residential building project. (f) Land located in Huancayo, 8.5 hectares for the development of a land sale project. (g) In Ancon, a large scale housing-project was terminated and the subsidiary Viva GyM reclassified to accounts receivable from Ministry of Housing. |
Schedule of Inventories of Work In Progress | At December 31, real state work in progress comprises the following projects: 2017 2018 Los Parques de Comas 70,647 69,743 Los Parques del Callao 53,441 46,697 Villa El Salvador 2 2,141 — Others 24,308 18,936 150,537 135,376 |
Schedule of Inventories of Finished Properties | At December 31, the balance of finished properties consists of the following investment properties: 2017 2018 El Rancho 82,796 19,314 Panorama 18,481 — Los Parques de San Martín de Porres 16,687 4,029 Los Parques de Callao 486 389 Rivera Navarrete 7,870 4,053 Los Parques de Carabayllo 2da etapa 3,134 942 Los Parques de Comas 16,058 18,785 Los Parques de Villa El Salvador II 9,313 4,277 Klimt 44,103 5,911 Real 2 3,877 556 Huancayo — 15,546 Others 404 2,225 203,209 76,027 |
Investments in Associates and_2
Investments in Associates and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Amounts Recognised in Balance Sheet | At December 31 this account comprises: 2017 2018 Associates 250,053 250,282 Joint ventures 18,618 7,483 268,671 257,765 |
Schedule of Amounts Recognised in Income Statement | The amounts recognized in the income statement are as follows: 2017 2018 Associates (5,566 ) (5,308 ) Joint ventures 6,039 1,599 473 (3,709 ) |
Summary of Detailed Information about Associates | Set out in the table below are the associates of the Group at December 31, 2017, and 2018. The associates listed below have share capital solely consisting of common shares, which are held directly by the Group. None of the associates are listed companies; therefore, there is no quoted market price available for their shares. Carrying amount Class Interest in capital At December 31, Entity of share 2017 2018 2017 2018 % % Gasoducto Sur Peruano S.A. Common 21.49 21.49 218,276 218,276 Concesionaria Chavimochic S.A.C. Common 26.50 26.50 22,091 20,524 Betchel Vial y Vives Servicios Complementarios Ltda. Common 40.00 40.00 102 94 Others 9,584 11,388 250,053 250,282 |
Summary of Financial Information for Associates | Summarized financial information for associates – Gasoducto Sur Concesionaria At December, 31 At December, 31 Entity 2017 2017 2018 Liquidation Base Current Assets 6,813,938 73,004 66,052 Liabilities (5,028,381 ) (1,111 ) (2,183 ) Non-current Assets — 11,809 13,580 Liabilities — (342 ) — Net assets 1,785,557 83,360 77,449 Entity Gasoducto Sur Concesionaria Chavimochic S.A.C. 2017 2017 2018 Revenues — — Loss from continuing operations (43,340 ) (8,455 ) Income tax — 3,185 2,543 Loss from continuing operations after income tax — (40,155 ) (5,912 ) Other comprehensive loss — — — Total comprehensive loss — (40,155 ) (5,912 ) |
Schedule of Movement of Investments in Associates | The movement of the investments in associates is as follows: 2016 2017 2018 Opening balance 490,702 286,403 250,053 Contributions received 390,506 2,116 5,616 Impairment of GSP (593,101 ) — — Dividends received (10,149 ) (259 ) — Equity interest in results 8,304 (5,566 ) (5,308 ) Decrease in capital (166 ) (111 ) (30 ) Disposal of Investment — (32,223 ) — Conversion adjustment 311 42 (49 ) Discontinued operations (4 ) (349 ) — Final balance 286,403 250,053 250,282 |
Summary of Detailed Information about Joint Ventures | Set out below are the joint ventures of the Group as of December 31: Carrying amount Class Interest in capital At December 31, Entity of share 2017 2018 2017 2018 % % Sistemas SEC Common 49.00 — 10,112 — Logistica Químicos del Sur S.A.C. Common 50.00 50.00 7,343 7,230 G.S.J.V. SCC Common 50.00 50.00 878 — Constructora SK-VyV Common 50.00 50.00 49 34 Others — — 236 219 18,618 7,483 |
Summary of Financial Information for Joint Ventures | Summarized financial information for joint ventures Logistica Quimicos del Sur S.A.C. At December, 31 Entity 2017 2018 Current Cash and cash equivalents 2,076 1,520 Other current assets 1,652 1,549 Total current assets 3,728 3,069 Other current liabilities (3,104 ) (3,513 ) Total current liabilities (3,104 ) (3,513 ) Non-current Total non-current 39,327 37,349 Net assets 14,267 14,904 Revenues 10,750 11,399 Depreciation and amortization (2,039 ) (2,313 ) Interest expense (675 ) (668 ) Profit from continuing operations 4,988 4,698 Income tax expense (1,614 ) (1,482 ) Profit from continuing operations after income tax 3,374 3,216 Other comprehensive income — — Total comprehensive income 3,374 3,216 |
Schedule of Movement of Investments in Joint Ventures | The movement of the investments in joint ventures was as follows: 2016 2,017 2,018 Opening balance 146,303 103,356 18,618 Equity interest in results (5,269 ) 6,039 1,599 Debt capitalization 8,308 — — Contributions received 6,889 — — Transfer to Adexus from acquisition of control (35,870 ) — — Disposal of Investment — (88,556 ) (10,112 ) Dividends received (17,843 ) (3,758 ) (1,823 ) Conversion adjustment 2,276 334 79 Write-off (1,798 ) — (878 ) Discontinued operations 360 1,203 — Final balance 103,356 18,618 7,483 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Movement in Property, Plant and Equipment Accounts and Its Related Accumulated Depreciation | The movement in property, plant and equipment accounts and its related accumulated depreciation for the year ended December 31, 2016, 2017 and 2018 is as follows: Land Buildings Machinery Vehicles Furniture Other Replacement In-transit Work in Total At January 1, 2016 Cost 28,409 231,029 1,074,195 443,239 52,225 191,238 15,448 1,817 13,044 2,050,644 Accumulated depreciation and impairment — (41,464 ) (509,510 ) (222,353 ) (31,048 ) (134,508 ) (4 ) — — (938,887 ) Net carrying amount 28,409 189,565 564,685 220,886 21,177 56,730 15,444 1,817 13,044 1,111,757 Net initial carrying amount 28,409 189,565 564,685 220,886 21,177 56,730 15,444 1,817 13,044 1,111,757 Additions 6,238 12,126 81,378 50,574 4,423 24,870 553 19,312 13,594 213,068 Adquisition of subsidiaries - Adexus (Note 33 a) — 13,913 — 420 1,525 26,130 — — — 41,988 Reclassifications — (281 ) 4,423 (1,639 ) 4,547 14,338 2,583 (17,349 ) (6,622 ) — Transfers to inventories 2,941 — — — — — — — — 2,941 Transfers to intangibles — — — — — — — — (1,257 ) (1,257 ) Deduction for sale of assets (5,256 ) (14,333 ) (60,374 ) (48,521 ) (1,724 ) (5,766 ) — — — (135,974 ) Disposals, net — (1,232 ) (15,149 ) (1,354 ) (1,579 ) (4,364 ) (661 ) (2 ) — (24,341 ) Depreciation charge — (14,842 ) (104,638 ) (48,041 ) (7,548 ) (28,127 ) (5 ) — — (203,201 ) Impairment loss — (73 ) (5,190 ) (317 ) (3,301 ) (382 ) — — — (9,263 ) Depreciation for sale deductions — 8,113 48,266 29,536 1,026 1,907 — — — 88,848 Disposals - accumulated depreciation — 2,010 14,165 1,353 1,449 2,809 — — — 21,786 Translations adjustments 282 130 5,987 922 176 (344 ) — — 94 7,247 Net final carrying amount 32,614 195,096 533,553 203,819 20,171 87,801 17,914 3,778 18,853 1,113,599 At December 31, 2016 Cost 32,614 241,352 1,090,460 443,641 59,593 246,102 17,923 3,778 18,853 2,154,316 Accumulated depreciation and impairment — (46,256 ) (556,907 ) (239,822 ) (39,422 ) (158,301 ) (9 ) — — (1,040,717 ) Net carrying amount 32,614 195,096 533,553 203,819 20,171 87,801 17,914 3,778 18,853 1,113,599 Land Buildings Machinery Vehicles Furniture Other Replacement In-transit Work in Total At January 1, 2017 Cost 32,614 241,352 1,090,460 443,641 59,593 246,102 17,923 3,778 18,853 2,154,316 Accumulated depreciation and impairment — (46,256 ) (556,907 ) (239,822 ) (39,422 ) (158,301 ) (9 ) — — (1,040,717 ) Net carrying amount 32,614 195,096 533,553 203,819 20,171 87,801 17,914 3,778 18,853 1,113,599 Net initial carrying amount 32,614 195,096 533,553 203,819 20,171 87,801 17,914 3,778 18,853 1,113,599 Additions 157 2,724 48,207 36,594 11,607 36,179 925 22,877 13,178 172,448 Deconsolidation, net (3,713 ) (26,109 ) — (1,527 ) (2,153 ) (46,032 ) — (3,903 ) (4 ) (83,441 ) Reclassifications, net — 1,969 12,459 2,888 609 6,579 4,076 (21,600 ) (6,980 ) — Transfers to intangibles — — 2,119 724 — — — (964 ) (2,048 ) (169 ) Deduction for sale of assets (5,616 ) (51,736 ) (149,202 ) (92,079 ) (4,200 ) (5,270 ) — — — (308,103 ) Disposals, net — (245 ) (4,032 ) (7,507 ) (422 ) (9,413 ) — (230 ) (3,606 ) (25,455 ) Depreciation charge — (12,469 ) (100,976 ) (45,457 ) (11,654 ) (26,928 ) — — — (197,484 ) Impairment loss — — (14,328 ) — — — — — (352 ) (14,680 ) Depreciation for sale deductions — 3,579 115,864 84,145 1,049 3,128 — — — 207,765 Translations adjustments 236 152 606 (350 ) (23 ) 980 — — (346 ) 1,255 Net final carrying amount 23,678 112,961 444,270 181,250 14,984 47,024 22,915 (42 ) 18,695 865,735 At December 31, 2017 Cost 23,678 157,949 998,207 380,724 62,435 180,409 22,924 (42 ) 19,047 1,845,331 Accumulated depreciation and impairment — (44,988 ) (553,937 ) (199,474 ) (47,451 ) (133,385 ) (9 ) — (352 ) (979,596 ) Net carrying amount 23,678 112,961 444,270 181,250 14,984 47,024 22,915 (42 ) 18,695 865,735 Land Buildings Machinery Vehicles Furniture Other Replacement In-transit Work in Total At January 1, 2018 Cost 23,678 157,949 998,207 380,724 62,435 180,409 22,924 (42 ) 19,047 1,845,331 Accumulated depreciation and impairment — (44,988 ) (553,937 ) (199,474 ) (47,451 ) (133,385 ) (9 ) — (352 ) (979,596 ) Net carrying amount 23,678 112,961 444,270 181,250 14,984 47,024 22,915 (42 ) 18,695 865,735 Net initial carrying amount 23,678 112,961 444,270 181,250 14,984 47,024 22,915 (42 ) 18,695 865,735 Additions — 13,216 11,318 9,377 2,145 14,122 — 5,577 27,431 83,186 Deconsolidation, net (3,183 ) (33,989 ) (108,993 ) (110,859 ) (1,539 ) (32,878 ) — — (715 ) (292,156 ) Reclassifications — 17,129 16,626 (1,415 ) (1,430 ) 75 (5,257 ) (5,320 ) (20,408 ) — Deduction for sale of assets — (3,527 ) (55,567 ) (32,399 ) (2,164 ) (2,200 ) (124 ) — — (95,981 ) Disposals, net — (9,723 ) (2,607 ) (1,418 ) (292 ) (461 ) — — (118 ) (14,619 ) Depreciation charge — (14,257 ) (67,430 ) (19,391 ) (3,954 ) (18,068 ) — — — (123,100 ) Impairment loss — — (5,664 ) — — — — — — (5,664 ) Depreciation for sale deductions — 1,189 37,452 14,868 1,813 1,702 — — — 57,024 Translations adjustments (286 ) 3,383 (3,310 ) (788 ) (134 ) (2,415 ) — — (321 ) (3,871 ) Net final carrying amount 20,209 86,382 266,095 39,225 9,429 6,901 17,534 215 24,564 470,554 At December 31, 2018 Cost 20,209 112,548 694,284 83,345 57,222 106,068 17,543 215 24,916 1,116,350 Accumulated depreciation and impairment — (26,166 ) (428,189 ) (44,120 ) (47,793 ) (99,167 ) (9 ) — (352 ) (645,796 ) Net carrying amount 20,209 86,382 266,095 39,225 9,429 6,901 17,534 215 24,564 470,554 |
Summary of Depreciation of Property, Plant and Equipment and Investment Property | Depreciation of property, plant and equipment and investment property is distributed in the income statement as follows: 2016 2017 2018 Cost of services and goods 111,404 103,566 81,199 Administrative expenses 7,428 5,776 5,135 (+) Depreciation discontinued operations 86,690 90,452 39,085 Total depreciation related to property, plant and equipment and investment property 205,522 199,794 125,419 (-) Depreciation related to investment property (2,321 ) (2,310 ) (2,319 ) Total depreciation of property, plant and equipment 203,201 197,484 123,100 |
Summary of Net Carrying Amount of Machinery and Equipment, Vehicles and Furniture and Fixtures Acquired Under Finance Lease Contracts | The net carrying amount of machinery and equipment, vehicles and furniture and fixtures acquired under finance lease contracts is broken down as follows: At December 31, 2016 2017 2018 Cost of acquisition 800,927 650,301 589,269 Accumulated depreciation (386,411 ) (351,447 ) (329,613 ) Net carrying amount 414,516 298,854 259,656 |
Summary of Outstanding Commitments for Non-Cancellable Operating Leases | In connection with the lease agreement for the sale of the corporate building located in Miraflores mentioned on the previous page, the Company has outstanding commitments for non-cancellable 2017 2018 Up to 1 year 8,526 8,933 Within 2 to 5 years 35,161 47,397 Over 5 years 46,451 30,532 90,138 86,862 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Movement of Intangible Assets and That of Their Related Accumulated Amortization | The movement in intangible assets and the related accumulated amortization as of December 31, 2016, 2017 and 2018 is as follows: Goodwill Trade- Concession Contractual Software Costs of Development Land Other Total At January 1, 2016 Cost 192,227 96,751 716,125 82,134 42,761 326,723 3,623 13,288 15,425 1,489,057 Accumulated amortization and impairment (21,995 ) (217 ) (298,232 ) (57,940 ) (32,543 ) (192,460 ) (3,623 ) — (3,761 ) (610,771 ) Net carrying amount 170,232 96,534 417,893 24,194 10,218 134,263 — 13,288 11,664 878,286 Net initial carrying amount 170,232 96,534 417,893 24,194 10,218 134,263 — 13,288 11,664 878,286 Additions — — 118,222 — 16,477 17,772 — — 19,255 171,726 Acquisition of subsidiary – Adexus (Note 33 a) 930 9,088 6,090 12,822 — — — — 4,203 33,133 Transfers from assets under construction (Note 17) — — — — — — — — 1,257 1,257 Reclasifications — — 5,258 — 345 — — — (5,603 ) — Disposals – net cost — — (1,395 ) — — (2,395 ) — — — (3,790 ) Amortization — — (28,206 ) (4,376 ) (8,043 ) (40,918 ) — — (1,200 ) (82,743 ) Impairment loss (38,680 ) (15,628 ) — — — — — — — (54,308 ) Translations adjustments 12,038 3,672 (102 ) 171 1,024 — — — (78 ) 16,725 Net final carrying amount 144,520 93,666 517,760 32,811 20,021 108,722 — 13,288 29,498 960,286 At December 31, 2016 Cost 205,195 109,511 844,213 95,127 60,607 342,100 3,623 13,288 34,294 1,707,958 Accumulated amortization and impairment (60,675 ) (15,845 ) (326,453 ) (62,316 ) (40,586 ) (233,378 ) (3,623 ) — (4,796 ) (747,672 ) Net carrying amount 144,520 93,666 517,760 32,811 20,021 108,722 — 13,288 29,498 960,286 Goodwill Trade- Concession Contractual Software Costs of Development Land Other Total At January 1, 2017 Cost 205,195 109,511 844,213 95,127 60,607 342,100 3,623 13,288 34,294 1,707,958 Accumulated amortization and impairment (60,675 ) (15,845 ) (326,453 ) (62,316 ) (40,586 ) (233,378 ) (3,623 ) — (4,796 ) (747,672 ) Net cost 144,520 93,666 517,760 32,811 20,021 108,722 — 13,288 29,498 960,286 Net initial cost 144,520 93,666 517,760 32,811 20,021 108,722 — 13,288 29,498 960,286 Additions — — 38,156 5,274 3,330 49,698 — — 20,832 117,290 Capitalization of interest — — 26,015 — — — — — — 26,015 Deconsolidation, net (3,524 ) — (17,354 ) — (21 ) — — — (2,767 ) (23,666 ) Transfers from assets under construction (Note 17) — — (11,217 ) — 2,761 5,008 — — 3,617 169 Derecognition - cost — — (537 ) — (1,572 ) — — — (355 ) (2,464 ) Amortization — — (24,609 ) (4,189 ) (8,091 ) (46,695 ) — — (2,973 ) (86,557 ) Impairment (20,068 ) (29,541 ) — — — — — — — (49,609 ) Translations adjustments (4,124 ) 975 13 369 1,196 — — — 177 (1,394 ) Net final cost 116,804 65,100 528,227 34,265 17,624 116,733 — 13,288 48,029 940,070 At December 31, 2017 Cost 197,547 110,486 841,229 98,607 59,913 396,806 3,623 13,288 55,701 1,777,200 Accumulated amortization and impairment (80,743 ) (45,386 ) (313,002 ) (64,342 ) (42,289 ) (280,073 ) (3,623 ) — (7,672 ) (837,130 ) Net cost 116,804 65,100 528,227 34,265 17,624 116,733 — 13,288 48,029 940,070 Goodwill Trade- Concession Contractual Software Costs of Development Land use Other Total At January 1, 2018 Cost 197,547 110,486 841,229 98,607 59,913 396,806 3,623 13,288 55,701 1,777,200 Accumulated amortization and impairment (80,743 ) (45,386 ) (313,002 ) (64,342 ) (42,289 ) (280,073 ) (3,623 ) — (7,672 ) (837,130 ) Net cost 116,804 65,100 528,227 34,265 17,624 116,733 — 13,288 48,029 940,070 Net initial cost 116,804 65,100 528,227 34,265 17,624 116,733 — 13,288 48,029 940,070 Additions — — 23,803 — 3,267 68,544 — — 5,067 100,681 Capitalization of interest expenses — — 3,361 — — — — — — 3,361 Desconsolidation, net (20,086 ) (8,358 ) (22,758 ) (8,909 ) (10,153 ) — — — (1,863 ) (72,127 ) Transfers from assets under construction (Note 17) — — — — 199 — — — (199 ) — Derecognition - cost — — (16 ) — (1,941 ) (4,126 ) — — — (6,083 ) Amortization — — (50,776 ) (7,996 ) (5,834 ) (41,930 ) — — (5,536 ) (112,072 ) Translations adjustments (3,430 ) (4,301 ) 199 (303 ) 830 — — — 270 (6,735 ) Net final cost 93,288 52,441 482,040 17,057 3,992 139,221 — 13,288 45,768 847,095 At December 31, 2018 Cost 174,031 97,097 836,254 85,482 16,177 461,224 3,623 13,288 54,644 1,741,820 Accumulated amortization and impairment (80,743 ) (44,656 ) (354,214 ) (68,425 ) (12,185 ) (322,003 ) (3,623 ) — (8,876 ) (894,725 ) Net cost 93,288 52,441 482,040 17,057 3,992 139,221 — 13,288 45,768 847,095 |
Summary of Goodwill Allocated to Cash-Generating Units (CGU) | At December 31, the goodwill of the cash-generating units (CGUs) is distributed as follows: 2016 2017 2018 Engineering and construction 98,587 75,051 71,621 Electromechanical 20,737 20,737 20,737 Mining and construction services 13,366 13,366 — IT equipment and services 5,102 930 930 Telecommunications services 6,728 6,720 — 144,520 116,804 93,288 |
Summary of Major Assumptions Used by the Group in Determining the Fair Value Less Cost of Disposal | The main assumptions used by the Group to determine fair value less disposal costs and value in use are as follows: Engineering and construction Electro- IT equipment and services Telecommu- % % % % 2016 Gross margin 9.50% - 12.99% 11.10% 15.00% - 23.19% 11.75% Terminal growth rate 3.00% - 4.00% 2.00% 2.00% - 3.00% 3.00% Discount rate 9.66% - 12.72% 11.01% 21.74% 10.02% 2017 Gross margin 9.50% 8.00% 20.83% 4.26% Terminal growth rate 3.00% 2.00% 2.90% 3.00% Discount rate 11.18% 11.48% 10.17% 4.02% 2018 Gross margin 12.67% 7.63% 20.00% — Terminal growth rate 3.00% 2.00% 2.90% — Discount rate 12.55% 11.44% 15.39% — The main assumptions used by the Group to determine fair value less cost of sales are as follows: Engineering and IT Morelco Vial yVives- Adexus % % % 2016 Average revenue growth rate 14.39 % 24.53 % 12.60 % Terminal growth rate 3.00 % 4.00 % 3.00 % Discount rate 11.85 % 9.87 % 16.05 % 2017 Average revenue growth rate 9.60 % 25.00 % 9.19 % Terminal growth rate 3.00 % 4.00 % 3.00 % Discount rate 11.18 % 14.80 % 16.63 % 2018 Average revenue growth rate 12.25 % 19.58 % 17.93 % Terminal growth rate 3.00 % 3.00 % 2.90 % Discount rate 12.55 % 14.00 % 12.40 % |
Summary of Amortization of Intangibles | Amortization of intangibles is broken down in the income statement as follows: 2016 2017 2018 Cost of sales and services (Note 27) 59,682 67,381 98,318 Administrative expenses (Note 27) 4,890 3,002 4,856 (+) Amortization discontinued operations 18,171 16,174 8,898 82,743 86,557 112,072 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Summary of Other Financial Liabilities | As of December 31, this item includes: Total Current Non-current 2017 2018 2017 2018 2017 2018 Bank overdrafts 120 119 120 119 — — Bank loans 1,561,634 1,023,481 990,467 810,188 571,167 213,293 Finance leases 128,309 33,488 66,177 13,514 62,132 19,974 Other financial entities — 145,584 — 2,653 — 142,931 1,690,063 1,202,672 1,056,764 826,474 633,299 376,198 |
Summary of Bank Loan | Current Non-current Interest Date of At December, 31 At December, 31 rate maturity 2017 2018 2017 2018 GyM S.A. 1.63% /8.91% 2018 / 2019 551,413 227,770 (iii) 95,376 — Graña y Montero S.A.A. Libor USD 3M + from 4.9% to 5.5% 2018 / 2020 113,412 206,836 (ii) 363,564 125,547 (i) GyM Ferrovías Libor USD 1M + to 2% 2019 — 209,463 — — Viva GyM S.A. 7.00% / 12.00% 2018 / 2020 157,592 129,617 — 2,102 GMP S.A. 4.55% /6.04% 2018 / 2020 42,911 22,587 96,245 85,644 CONCAR S.A. 15.75% 2019 812 13,915 — — Adexus S.A. 5.90% 2018 / 2019 46,552 — 3,175 — CAM Holding S.A. 4.68% / 13.76% 2018 77,775 — 12,807 — 990,467 810,188 571,167 213,293 |
Summary of Finance Lease Obligations | Current Non-current Interest Date of At December, 31 At December, 31 rate maturity 2017 2018 2017 2018 GyM S.A. 0.40% /9.27% 2018 / 2023 40,107 4,523 32,397 9,314 GMP S.A. 0.25% /4.50% 2018 / 2021 4,013 4,034 5,304 1,522 Viva GyM S.A. 7.79% /8.46% 2018 / 2022 4,439 3,488 12,010 8,582 CONCAR S.A. 3.65% /5.05% 2018 / 2020 1,777 1,469 1,945 556 Adexus S.A. 3.36% /12.31% 2018 / 2022 8,567 — 4,363 — GMI S.A. 5.56% /6.90% 2018 347 — — — CAM Holding S.A. 3.01% /14.76% 2018 6,240 — 5,692 — CAM Servicios Perú S.A. 6.79% /7.75% 2018 687 — 421 — 66,177 13,514 62,132 19,974 |
Summary of Minimum Payment by Maturity and Present Value of Finance Lease Obligations | The minimum payments to be made according to their maturity and the present value of the leasing obligations are as follows: At December 31, 2017 2018 Up to 1 year 72,864 15,151 From 1 to 5 years 65,899 21,583 Over 5 years 638 — 139,401 36,734 Future financial charges on finance leases (11,092 ) (3,246 ) Present value of the obligations for finance lease contracts 128,309 33,488 |
Summary of Carrying Amount and Fair Value of Borrowings | The book value and fair value of financial liabilities are as follows: Carrying amount Fair value At December, 31 At December, 31 2017 2018 2017 2018 Bank overdrafts 120 119 120 119 Bank loans 1,561,634 1,023,481 1,627,000 1,152,885 Finance leases 128,309 33,488 141,040 38,399 Other financial entities — 145,584 — 145,584 1,690,063 1,202,672 1,768,160 1,336,987 |
Obligations under finance leases [member] | |
Statement [LineItems] | |
Summary of Present value of Finance Lease Obligations | The present value of the finance lease agreements obligations are as follows: At December 31, 2017 2018 Up to 1 year 66,177 13,514 From 1 year to 5 years 61,501 19,974 Over 5 years 631 — 128,309 33,488 |
Bonds (Tables)
Bonds (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Summary of Bonds Issued | As of December 31, this item includes: Total Current Non-current 2017 2018 2017 2018 2017 2018 GyM Ferrovías 603,657 611,660 12,294 13,422 591,363 598,238 Norvial 343,910 325,382 24,361 25,745 319,549 299,637 947,567 937,042 36,655 39,167 910,912 897,875 |
GyM Ferrovias S.A. [member] | |
Statement [LineItems] | |
Bonds | 2017 2018 Balance at January, 1 604,031 603,657 Amortization (19,141 ) (10,178 ) Accrued interest 49,132 48,130 Interest paid (30,365 ) (29,949 ) Balance at December, 31 603,657 611,660 |
Norvial S.A. [member] | |
Statement [LineItems] | |
Bonds | 2017 2018 Balance at January, 1 363,684 343,910 Amortization (20,010 ) (18,736 ) Accrued interest 2,987 24,170 Capitalized interest 26,011 3,361 Interest paid (28,762 ) (27,323 ) Balance at December, 31 343,910 325,382 |
Trade Accounts Payable (Tables)
Trade Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Trade Accounts Payable | As of December 31, this item includes: 2017 2018 Invoices payable 1,250,586 591,619 Unbilled services received 132,514 378,670 Notes payable 69,946 109,242 1,453,046 1,079,531 |
Other Accounts Payable (Tables)
Other Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Other Accounts Payable | As of December 31, this item includes: Total Current Not current 2017 2018 2017 2018 2017 2018 Advances received from customers (a) 726,294 496,548 316,891 301,868 409,403 194,680 Consorcio Constructor Ductos del Sur - payable (b) 250,021 234,978 — — 250,021 234,978 Salaries and other payable 246,916 97,774 246,916 97,774 — — Put option liability on Morelco acquisition (Note 33-b) 105,418 103,649 — — 105,418 103,649 Third-party loans 107,314 11,560 75,256 11,560 32,058 — Other taxes payable 69,584 90,449 69,584 69,118 — 21,331 VAT payable 48,095 42,326 37,544 42,326 10,551 — Consorcio Rio Mantaro - payables 35,531 35,531 35,531 35,531 — — Acquisition of non-controlling 36-a) 22,407 22,963 22,407 22,963 — — Supplier funding 14,886 — — — 14,886 — Guarantee deposits 15,580 15,137 15,580 15,137 — — Post-retirement benefits 8,914 — — — 8,914 — Other accounts payables 50,013 55,864 28,791 36,392 21,222 19,472 1,700,973 1,206,779 848,500 632,669 852,473 574,110 (a) Advances received from customers relate mainly to construction projects, and are discounted from invoicing, in accordance with the terms of the contracts. (b) The other accounts payable of Consorcio Constructor Ductos del Sur correspond to payment obligations to suppliers and main subcontractors for S/235 million, as a consequence of the termination of GSP’s operations. |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Provisions | As of December 31, this item includes: Total Current Not current 2017 2018 2017 2018 2017 2018 Legal contingencies 23,364 84,728 12,220 6,049 11,144 78,679 Contingent liabilities from the acquisition of Morelco 4,224 4,039 — — 4,224 4,039 Contingent liabilities from the acquisition of Coasin and Vial yVives - DSD 1,839 459 — — 1,839 459 Contingent liabilities from the acquisition of Adexus 1,186 — 1,186 — — — Provision for well closure (Note 5.1 d) 16,804 20,382 97 148 16,707 20,234 47,417 109,608 13,503 6,197 33,914 103,411 |
Summary Gross Movement of Other Provisions | The gross movement of other provisions is as follows: Other provisions Legal contingencies Contingent Provision Total At January 1, 2017 15,732 8,125 17,216 41,073 Additions 9,510 — — 9,510 Reversals of provisions (235 ) (809 ) (412 ) (1,456 ) Payments (1,680 ) — — (1,680 ) Translation adjustments 37 (67 ) — (30 ) At December 31, 2017 23,364 7,249 16,804 47,417 At January 1, 2018 23,364 7,249 16,804 47,417 Additions 75,369 — 3,578 78,947 Reversals of provisions (4,875 ) (1,343 ) — (6,218 ) Deconsolidation of subsidiaries (2,340 ) — — (2,340 ) Reclasification liabilities classified as held for sale — (1,093 ) — (1,093 ) Payments (6,615 ) — — (6,615 ) Translation adjustments (175 ) (315 ) — (490 ) At December 31, 2018 84,728 4,498 20,382 109,608 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Company's Corporate Structure | As of December 31, 2018, the Company’s shareholding structure is as follows: Percentage of individual interest in capital Number of Total Up to 1.00 1,926 16.37 From 1.01 to 5.00 12 26.54 From 5.01 to 10.00 2 12.47 Over 10 2 44.62 1,942 100.00 |
Deferred Income Tax (Tables)
Deferred Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Deferred Income Tax | Deferred income tax is classified by its estimated reversal term as follows: 2017 2018 Deferred income tax asset: Reversal expected in the following 12 months 73,883 48,889 Reversal expected after 12 months 362,814 376,547 Total deferred tax asset 436,697 425,436 Deferred income tax liability: Reversal expected in the following 12 months (5,583 ) (9,067 ) Reversal expected after 12 months (66,889 ) (66,280 ) Total deferred tax liability (72,472 ) (75,347 ) Deferred income tax asset, net 364,225 350,089 |
Summary of Movement of Deferred Income Tax | The movement in deferred income tax is as follows: 2016 2017 2018 Deferred income tax asset, net as of January 1 48,682 353,839 364,225 Credit to income statement (Note 30) 263,806 42,599 25,118 Adjustment for changes in rates of income tax 17,105 1,951 (1,524 ) Credit to other comprehensive income 15,004 — — Tax charged to equity 159 — — Acquisition of a subsidiary 10,363 (12,160 ) (40,460 ) Acquisition of joint operation — (16,804 ) (95 ) Other movements (1,280 ) (5,200 ) 2,825 Total as of December 31 353,839 364,225 350,089 |
Summary of Movements of Deferred Tax Assets and Liabilities | The movement in deferred tax assets and liabilities in the year, without considering the offsetting of balances, is as follows: Deferred income tax liabilities Difference in Deferred Fair value Work Tax Borrowing Purchase Others Total At January 1, 2016 45,155 — 30,684 24,723 25,543 15,178 — 11,810 153,093 (Charge) credit to P&L 16,595 — 13,587 (16,481 ) 3,324 6,240 — 2,618 25,883 (Charge) credit to OCI — — (15,348 ) — — — — — (15,348 ) Reclassification of previous years — — (28,923 ) — — — 30,187 (1,264 ) — Acquisition of subsidiary — — — — — — (3,069 ) — (3,069 ) At December 31, 2016 61,750 — — 8,242 28,867 21,418 27,118 13,164 160,559 (Charge) credit to P&L 104,101 — — (5,712 ) 3,322 (1,473 ) (11,780 ) (3,724 ) 84,734 Sale of subsidiary — — — — — — — (83 ) (83 ) At December 31, 2017 165,851 — — 2,530 32,189 19,945 15,338 9,357 245,210 (Charge) credit to P&L (74,679 ) 13,574 — 2,926 689 (4,229 ) (11,699 ) 7,828 (65,590 ) Sale of subsidiaries (16,189 ) — — — — — (5,201 ) (3,377 ) (24,767 ) At December 31, 2018 74,983 13,574 — 5,456 32,878 15,716 (1,562 ) 13,808 154,853 Deferred income tax assets Provisions Accelerated Tax Work in Accrual for Investments in Impairment Tax Others Total At January 1, 2016 20,949 14,892 91,313 24,103 14,977 1,476 — 17,522 16,543 201,775 Charge (credit) to P&L 84,571 1,489 51,163 (6,489 ) (2,005 ) (312 ) 172,052 3,003 3,322 306,794 Charge (credit) to equity 159 — — — — — — — — 159 Charge (credit) to ORI — — — — — — — — (343 ) (343 ) Adquisition of subsidiary (Adexus) — — 10,607 — — — — — (3,313 ) 7,294 Others — — — — — (556 ) — — (725 ) (1,281 ) At December 31, 2016 105,679 16,381 153,083 17,614 12,972 608 172,052 20,525 15,484 514,398 Charge (credit) to P&L (12,614 ) 79,637 (8,555 ) 21,873 2,166 118 28,593 (112 ) 18,358 129,464 Charge (credit) to equity (8,882 ) — — — — — (7,493 ) — (347 ) (16,722 ) Reclassification (30,901 ) — — — — (726 ) 31,627 — — — Sale of subsidiary (GMD S.A.) (683 ) (9,367 ) (438 ) — (1,697 ) — — — (236 ) (12,421 ) Others (160 ) — (1 ) — (1 ) — 1 — (5,123 ) (5,284 ) At December 31, 2017 52,439 86,651 144,089 39,487 13,440 — 224,780 20,413 28,136 609,435 Charge (credit) to P&L 702 (83,561 ) 25,733 (5,482 ) 1,784 — 35,289 (2,365 ) (14,096 ) (41,996 ) Charge (credit) to equity — — — — — — — — (95 ) (95 ) Sale of subsidiary (14,775 ) (2,169 ) (33,512 ) — (6,215 ) — (6,462 ) — (944 ) (64,077 ) Others — — — — — — — — 1,675 1,675 At December 31, 2018 38,366 921 136,310 34,005 9,009 — 253,607 18,048 14,676 504,942 |
Summary Of Tax Loss Carry forward | As of December 31, 2018, the total tax loss amounts to S/468.8 million and is composed as follows: Company Tax loss apli- Application Statute of 2019 2020 Forward GyM S.A. 277,541 B 8,801 19,417 249,323 Vial y Vives - DSD 76,474 N/A 11,022 13,226 52,226 Graña y Montero S.A.A. 56,906 A 46,278 10,628 — 2022 GMP S.A. 17,225 A — 5,786 11,438 2020 / 2021 TGNCA 15,989 B — — 15,989 Viva GyM S.A. 12,497 B — — 12,497 Consorcio Italo Peruano 3,870 A 3,870 — — 2020 Consorcio Peruano de Conservación 3,791 A — 3,243 549 2020 / 2021 Consorcio Huacho-Pativilca 1,457 A 1,457 — — 2022 Others 3,055 1,195 142 1,718 468,806 72,624 52,442 343,739 |
Workers' Profit Sharing (Tables
Workers' Profit Sharing (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Worker's Profit Sharing | The distribution of the workers’ profit sharing included in Note 27-i) for the years ended December 31 is shown below: 2016 2017 2018 Cost of sales of goods and services 8,547 2,215 5,274 Administrative expenses 1,297 7,562 2,588 9,844 9,777 7,862 |
Expenses by Nature (Tables)
Expenses by Nature (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Information about Expense by Nature | For the years ended December 31, the detail of this item is as follows: Cost of Administrative 2016 Services provided by third-parties 1,417,412 89,328 Salaries, wages and fringe benefits 875,470 153,927 Purchase of goods 629,765 — Impairment of accounts receivable (ii) 419,584 — Other management charges 256,541 21,361 Depreciation 111,404 7,428 Amortization 59,682 4,890 Impairment of inventories 37,454 — Taxes 6,982 1,369 Impairment of property, plant and equipment 6,926 — Total report reclassified 3,821,220 278,303 2017 Services provided by third-parties 1,268,665 104,950 Salaries, wages and fringe benefits 919,409 134,695 Purchase of goods 856,745 140 Other management charges 235,102 48,057 Depreciation 103,566 5,776 Amortization 67,381 3,002 Impairment of inventories 40,592 — Impairment of property, plant and equipment 11,928 20 Taxes 7,470 7,408 Impairment of accounts receivable (ii) 703 18,406 Total report reclassified 3,511,561 322,454 2018 Services provided by third-parties 1,064,687 98,060 Salaries, wages and fringe benefits (i) 817,392 105,505 Purchase of goods 755,209 — Other management charges 375,308 43,533 Amortization 98,318 4,856 Depreciation 81,199 5,135 Impairment of accounts receivable (ii) 45,658 19,418 Taxes 8,727 1,926 Impairment of property, plant and equipment 5,468 — Inventory recovery (26,993 ) — Total report reclassified 3,224,973 278,433 |
Summary of Salaries, Wages and Fringe Benefits | For the years ended on December 31, salaries, wages and fringe benefits comprise the following: 2,016 2,017 2,018 Salaries 773,630 747,195 629,641 Social contributions 87,460 106,797 80,697 Statutory gratification 57,974 76,330 73,297 Employee’s severance indemnities 40,411 43,399 50,852 Others 23,436 37,003 41,327 Vacations 36,642 33,603 39,221 Worker’s profit sharing (Note 26) 9,844 9,777 7,862 1,029,397 1,054,104 922,897 |
Summary of impairment of accounts receivable | Detail of impairment of accounts receivable: Year Trade Other Work in Accounts Total 2016 3,052 6,333 410,199 — 419,584 2017 724 — — 18,385 19,109 2018 3,065 44,252 — 17,759 65,076 Total 6,841 50,585 410,199 36,144 503,769 |
Financial Income and Expenses (
Financial Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Financial Income and Expenses | For the years ended on December 31, these items include the following: 2016 2017 2018 Financial income: Interest on loans to third parties 6,142 577 27,060 Fair value of accounts receivables — — 9,786 Interest on short-term bank deposits 7,277 5,123 3,811 Commissions and collaterals — 12 1,448 Exchange rate gain, net — 5,603 — Others 4,806 2,427 8,820 18,225 13,742 50,925 Financial expenses: Interest expense: - Bank loans 88,828 93,238 114,376 - Loans from third parties 264 6,784 31,296 - Commissions and collaterals 9,156 15,537 31,668 - Financial lease 5,943 4,722 2,908 - Bonds 25,352 28,804 3,361 Exchange difference loss, net 12,750 — 23,276 Derivative financial instruments 1,248 739 268 Loss by measurement of financial asset fair value (Note 13) 76,864 8,059 25,796 Other financial expenses 14,481 24,802 23,200 Less; capitalized interest (36,831 ) (31,908 ) (8,167 ) 198,055 150,777 247,982 |
Other Income and Expenses, Net
Other Income and Expenses, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Other Income and Expenses, Net | For the years ended December 31, these items include the following: 2016 2017 2018 Other income: Sales of property, plant and equipment 26,034 93,013 26,007 Sale of investments 46 — 13,475 Reversal of legal and tax provisions 14,959 79 20 Present value of the liability from put option — — 6,122 Legal indemnities 8,957 — — Others 18,033 6,466 12,795 68,029 99,558 58,419 Other expenses: Legal contingency - Law 30737 (Note 23) — — 73,500 Net cost of property, plant and equipment disposal 22,305 78,378 36,931 Impairment of goodwill and trademarks 54,308 49,608 — Loss on remeasurement of previously held interest (Note 33-a) 6,832 — — Others 6,944 4,441 9,323 90,389 132,427 119,754 (22,360 ) (32,869 ) (61,335 ) |
Tax Situation (Tables)
Tax Situation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Income Tax Expense | e) The income tax expense shown in the consolidated statement of income comprises 2016 2017 2018 (as restated) Current income tax 169,428 168,143 150,020 Deferred income tax (Note 25) (280,911 ) (44,550 ) (23,594 ) PPUA (7,789 ) 613 — (119,272 ) 124,206 126,426 (-) Discontinued operations (32,910 ) (77,901 ) (13,108 ) Income tax (152,182 ) 46,305 113,318 |
Summary of Weighted-Average Income Tax Rate Applicable To Pre-tax Income | f) The Group’s income tax differs from the notional amount that would result from applying the group companies weighted average rate of income tax applicable to consolidated pre-tax 2016 2017 2018 (Loss) profit before income tax (708,134 ) 45,112 133,948 Income tax by applying local applicable tax rates on profit generated in the respective countries (191,225 ) 13,811 40,507 Tax effect on: - Non-taxable (1,534 ) (4 ) (1,691 ) - Equity method (profit) loss 3,673 394 (1,094 ) - Non-deductible 56,805 30,472 70,052 - Unrecognized deferred tax asset income (expense) (4,099 ) 1,562 8,592 - Adjustment for changes in rates of income tax (18,676 ) 27 1,524 - PPUA adjustment for changes in tax rates 4,871 (611 ) — - Change in prior years estimations (4,471 ) 9,005 3,235 - Others, net 2,474 (8,351 ) (7,807 ) Income tax (152,182 ) 46,305 113,318 |
Summary of Weighted Average Pre-tax Profit or Loss and Applicable Income Tax Rate | g) The theoretical tax disclosed is the result of applying the income tax rate in accordance with the tax legislation of the country where each company that is part of the Group is domiciled. In this sense, companies domiciled in Peru, Chile, and Colombia applied in 2018 income tax rates of 29.5%, 27% and 37% respectively (29.5%, 25.5% and 40% for 2017). Norvial, GyM Ferrovias, Vesur and GMP (Blocks III and IV) have legal stability contracts signed with the Peruvian Government in force during the term of the associated concessions. Therefore, the consolidated theoretical amount is obtained from the weighting of the profit or loss before income tax and the applicable income tax rate. Country Local tax (Loss) Profit Income (A) (B) (A)*(B) 2016 Peru 28.00 % (1,544,221 ) (432,382 ) Peru - Norvial S.A. 27.00 % 63,583 17,167 Peru - GyM Ferrovías S.A. 30.00 % 34,760 10,428 Peru - Vesur S.A. 30.00 % 888 267 Peru - GMP S.A. 30.00 % 8,602 2,581 Chile 24.00 % (81,119 ) (19,468 ) Colombia 40.00 % (27,511 ) (11,004 ) Bolivia 25.00 % (703 ) (176 ) Unrealized gains 837,587 241,362 Total (708,134 ) (191,225 ) 2017 Peru 28.00 % 420,421 124,024 Peru – Norvial S.A. 27.00 % 68,104 18,388 Peru – GyM Ferrovias S.A. 30.00 % 29,028 8,708 Peru – Vesur S.A. 30.00 % 779 234 Peru – GMP S.A. 30.00 % 20,941 6,073 Chile 24.00 % (93,031 ) (23,723 ) Colombia 40.00 % (27,970 ) (11,188 ) Bolivia 25.00 % (2,897 ) (724 ) Unrealized gains (370,263 ) (107,981 ) Total 45,112 13,811 2018 Peru 29.50 % 151,627 44,730 Peru – Norvial S.A. 27.00 % 21,104 5,698 Peru – GyM Ferrovias S.A. 30.00 % 125,136 37,541 Peru – Vesur 30.00 % 2,951 885 Peru – GMP S.A. 29.00 % 35,421 10,272 Chile 27.00 % (20,768 ) (5,607 ) Colombia – Morelco S.A. 37.00 % 11,851 4,385 Colombia – GyM S.A. Branch 33.00 % 1,984 655 Bolivia 25.00 % (137 ) (34 ) Unrealized gains (195,221 ) (58,018 ) Total 133,948 40,507 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Accumulated Other Comprehensive Income Loss | The analysis of this account is reflected below: Cash flow Foreign Increase in available-for Exchange difference Total At January 31, 2016 (926 ) (64,441 ) 51,142 (17,740 ) (31,965 ) Credit (charge) for the year 1,190 9,885 (3,149 ) 10,965 18,891 Tax effects (351 ) — 929 (3,243 ) (2,665 ) Transfer to profit or loss (Note 10) — — (41,461 ) 1,563 (39,898 ) Other comprehensive income of the year 839 9,885 (43,681 ) 9,285 (23,672 ) At December 31, 2016 (87 ) (54,556 ) 7,461 (8,455 ) (55,637 ) Credit (charge) for the year 650 (9,166 ) — 9,222 706 Tax effects (192 ) — — (2,729 ) (2,921 ) Other comprehensive income of the year 458 (9,166 ) — 6,493 (2,215 ) At December 31, 2017 371 (63,722 ) 7,461 (1,962 ) (57,852 ) Credit (charge) for the year 160 (7,875 ) — (10,800 ) (18,515 ) Tax effects (47 ) — — 2,808 2,761 Transfer to profit or loss (*) — 14,805 — — 14,805 Other comprehensive income of the year 113 6,930 — (7,992 ) (949 ) At December 31, 2018 484 (56,792 ) 7,461 (9,954 ) (58,801 ) (*) The amount of S/14.8 million corresponds to the recognition of the translation adjustment from CAM Chile S.A., an indirect subsidiary sold in December 2018. |
Summary of Other Comprehensive Income | The table below shows the movement in other comprehensive income per year: 2016 2017 2018 Controlling interest (23,672 ) (2,215 ) (949 ) Non-controlling 4,194 (3,117 ) (1,346 ) Adjustment for actuarial gains and losses, net of tax (1,121 ) (2,948 ) 16,589 Total value in OCI (20,599 ) (8,280 ) 14,294 |
Earnings (Losses) Per Share (Ta
Earnings (Losses) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Basic Earnings Per Share | The basic gain (loss) per common share results as follows: 2016 2017 (as Restated) 2018 (Loss) earnings per share attributable to owners of the Company during the year (509,699 ) 148,738 (83,188 ) Weighted average number of shares in issue at S/1.00 each, at December 31, 660,053,790 660,053,790 729,434,192 Basic (loss) earnings per share (in S/) (*) (0.772 ) 0.225 (0.125 ) 2016 2017 (as Restated) 2018 (Loss) earnings per share from continuing operations attributable to owners of the Company during the year (604,361 ) (66,577 ) (102,486 ) Weighted average number of shares in issue at S/1.00 each, at December 31, 660,053,790 660,053,790 729,434,192 Basic (loss) earnings per share (in S/) (*) (0.916 ) (0.101 ) (0.154 ) (*) The group does not have common shares with dilutive effects at December 31, 2016, 2017 and 2018. |
Transactions with Non-Control_2
Transactions with Non-Controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Contributions of Non-controlling Shareholders | As of December 31, balances comprise: 2017 2018 Viva GyM S.A. Contributions received 8,654 3,399 Returns of contributions (45,053 ) (87,856 ) (36,399 ) (84,457 ) Plus (less): Contributions from other subsidiaries 3,202 15,120 Decrease in equity of non controlling parties (33,197 ) (69,337 ) |
Discountinued Operations and _2
Discountinued Operations and Non-current Asset Classified as Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Summary of Non-current Assets and Liabilities Held for Sale | At December 31, 2018 (planned) Assets Cash and cash equivalents 6,074 Trade accounts receivables, net 157,351 Inventories, net 3,999 Other accounts receivable 80,374 Total assets 247,798 Liabilities Other accounts payable 71,810 Accounts payable 148,817 Deferred income tax liabilities 5,201 Total liabilities 225,828 Total net assets 21,970 |
CAM Servicios del Peru SA and CAM Chile SA[member] | |
Statement [LineItems] | |
Summary on the Financial Performance and Cash Flow Information | The Company reclassified financial results and present cash flow of discontinued operations, GMD S.A., Stracon GyM S.A., CAM Servicios del Peru S.A., CAM Chile S.A. (completed) and Adexus S.A. (planned) for 2016 and 2017 as follows: Reclassification 2016 discontinued operations 2016 Audited Completed Planned Reclassified Revenues 6,190,317 (1,939,983 ) (113,025 ) 4,137,309 Operating costs (5,633,022 ) 1,714,498 97,304 (3,821,220 ) Gross profit (loss) 557,295 (225,485 ) (15,721 ) 316,089 Administrative expenses (382,393 ) 87,855 16,235 (278,303 ) Other (expenses) income, net (13,374 ) (9,162 ) 176 (22,360 ) Gain from the sale of investments 46,336 — — 46,336 Operating profit (loss) 207,864 (146,792 ) 690 61,762 Financial expenses (221,664 ) 18,384 5,225 (198,055 ) Financial income 20,645 (2,420 ) — 18,225 Share of the profit or loss in associates and joint ventures (589,710 ) (356 ) — (590,066 ) (Loss) profit before income tax (582,865 ) (131,184 ) 5,915 (708,134 ) Income tax 119,272 34,772 (1,862 ) 152,182 (Loss) profit from continuing operations (463,593 ) (96,412 ) 4,053 (555,952 ) Profit (loss) from discontinued operations 11,995 96,412 (4,053 ) 104,354 Loss of the year (451,598 ) (451,598 ) (Loss) earnings per share from continuing operations attributable to owners of the company during the year (0.790 ) (0.916 ) Discontinued operations Completed Planned Cash flows relating to the discontinued operations are as follows: Operating cash flows 125,048 39,318 Investing cash flows (73,127 ) 17,639 Financing cash flows (111,303 ) 66,886 Net increase generated in subsidiary (59,382 ) 123,843 Reclassification 2017 discontinued operations 2017 Restated (i) Completed Planned Reclassified Revenues 6,080,142 (1,782,105 ) (284,024 ) 4,014,013 Operating costs (5,407,355 ) 1,656,114 239,680 (3,511,561 ) Gross profit (loss) 672,787 (125,991 ) (44,344 ) 502,452 Administrative expenses (429,181 ) 73,966 32,761 (322,454 ) Other (expenses) income, net (20,545 ) (13,159 ) 835 (32,869 ) Gain (loss) from the sale of investments 56,099 (21,554 ) — 34,545 Operating profit (loss) 279,160 (86,738 ) (10,748 ) 181,674 Financial expenses (185,445 ) 23,913 10,755 (150,777 ) Financial income 15,407 (1,401 ) (264 ) 13,742 Share of the profit or loss in associates and joint ventures 1,327 (854 ) — 473 Profit (loss) before income tax 110,449 (65,080 ) (257 ) 45,112 Income tax (59,097 ) 12,939 (147 ) (46,305 ) Profit (loss) from continuing operations 51,352 (52,141 ) (404 ) (1,193 ) Profit from discontinued operations 157,886 52,141 404 210,431 Profit of the year 209,238 209,238 (Loss) earnings per share from continuing operations attributable to owners of the company during the year (0.014 ) (0.101 ) (i) See Nota 2.31 Discontinued operations Completed Planned Cash flows relating to the discontinued operations are as follows: Operating cash flows 149,687 6,083 Investing cash flows (10,377 ) (19,570 ) Financing cash flows (136,165 ) 14,059 Net increase generated in subsidiary 3,145 572 Discontinued operations as at December 31, 2018 are as follows: Discontinued operations Grupo CAM and Adexus S.A. (Completed) (Planned) Revenues 1,010,739 302,936 Operating costs (968,375 ) (263,455 ) Gross profit 42,364 39,481 Administrative expenses (56,950 ) (32,730 ) Other (expenses) income, net 860 (4,519 ) Operating (loss) profit (13,726 ) 2,232 Financial expenses (19,971 ) (12,786 ) Financial income 6,253 611 Loss before income tax (27,444 ) (9,943 ) Income tax 7,112 2,325 Loss from discontinued operations (20,332 ) (7,618 ) Cash flows relating to the discontinued operations are as follows: Operating cash flows 6,967 36,450 Investing cash flows (11,474 ) (18,141 ) Financing cash flows 526 (21,422 ) Net increase generated in subsidiary (3,981 ) (3,113 ) |
General Information - Additiona
General Information - Additional Information (Detail) - 12 months ended Dec. 31, 2018 S/ in Millions, $ in Millions | PEN (S/) | USD ($) | USD ($) |
General Information [abstract] | |||
Payments to secure trust contingent obligations | S/ 73.5 | $ 22.3 | |
Maximum eventual liability | 148.4 | $ 45.8 | |
Increase in trust assets worth | 10.1 | 3 | |
Increase in trust liability | S/ 10.5 | $ 3.1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) S/ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018PEN (S/) | Dec. 31, 2018USD ($) | Dec. 31, 2017PEN (S/) | Dec. 31, 2017USD ($) | |
Viva GyM SA [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Estimated fair value | S/ 64.3 | $ 19.2 | S/ 112.7 | $ 34.5 |
Morelco S.A.S. [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Put option period | 10 years | 10 years | ||
GMD SA [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Net gain on sale of former subsidiary | S/ 218.3 | $ 64.6 | ||
Chile (member) | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Employees indemnity period | 330 days | 330 days | ||
Peru (member) | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Workers' profit sharing on taxable income, Percentage | 5.00% | 5.00% | ||
Block one [member] | Capitalised development expenditure [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Estimated useful life | 5 years | 5 years | ||
Block III [member] | Capitalised development expenditure [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Estimated useful life | 5 years | 5 years | ||
Block IV [member] | Capitalised development expenditure [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Estimated useful life | 5 years | 5 years | ||
Block five [member] | Capitalised development expenditure [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Estimated useful life | 5 years | 5 years | ||
Right-of-use assets [member] | Land [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Estimated useful life | 60 years | 60 years | ||
Bottom of range [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Percentage of voting rights held | 20.00% | 20.00% | ||
Bottom of range [member] | Chile (member) | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Workers' profit sharing on taxable income, Percentage | 4.75% | 4.75% | ||
Bottom of range [member] | Contractual relationships with clients [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Estimated useful life | 5 years | 5 years | ||
Bottom of range [member] | Computer software [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Estimated useful life | 2 years | 2 years | ||
Bottom of range [member] | Investment property [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Estimated useful life of property | 3 years | 3 years | ||
Top of range [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Percentage of voting rights held | 50.00% | 50.00% | ||
Top of range [member] | Contractual relationships with clients [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Estimated useful life | 9 years | 9 years | ||
Top of range [member] | Computer software [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Estimated useful life | 15 years | 15 years | ||
Top of range [member] | Investment property [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [line items] | ||||
Estimated useful life of property | 33 years | 33 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Life of Property, Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Bottom of range [member] | Buildings [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [line items] | |
Property, plant and equipment, estimated useful life | 3 years |
Bottom of range [member] | Machinery [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [line items] | |
Property, plant and equipment, estimated useful life | 4 years |
Bottom of range [member] | Vehicles [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [line items] | |
Property, plant and equipment, estimated useful life | 2 years |
Bottom of range [member] | Furniture and fixture [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [line items] | |
Property, plant and equipment, estimated useful life | 2 years |
Bottom of range [member] | Other equipment [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [line items] | |
Property, plant and equipment, estimated useful life | 2 years |
Top of range [member] | Buildings [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [line items] | |
Property, plant and equipment, estimated useful life | 33 years |
Top of range [member] | Machinery [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [line items] | |
Property, plant and equipment, estimated useful life | 10 years |
Top of range [member] | Vehicles [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [line items] | |
Property, plant and equipment, estimated useful life | 10 years |
Top of range [member] | Furniture and fixture [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [line items] | |
Property, plant and equipment, estimated useful life | 10 years |
Top of range [member] | Other equipment [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [line items] | |
Property, plant and equipment, estimated useful life | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Restatement of Statement of Income (Detail) - PEN (S/) S/ / shares in Units, S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Restatement [line items] | |||
Revenues | S/ 3,899,462 | S/ 4,014,013 | S/ 4,137,309 |
Gross profit | 674,489 | 502,452 | 316,089 |
Administrative expenses | (278,433) | (322,454) | (278,303) |
Other (expenses) income, net | (61,335) | (32,869) | (22,360) |
Gain (loss) from the sale of investments | (7) | 34,545 | 46,336 |
Operating profit (loss) | 334,714 | 181,674 | 61,762 |
Financial expenses | (247,982) | (150,777) | (198,055) |
Financial income | 50,925 | 13,742 | 18,225 |
Share of the profit or loss in associates and joint ventures | (3,709) | 473 | (590,066) |
Profit (loss) before income tax | 133,948 | 45,112 | (708,134) |
Income tax | (113,318) | (46,305) | 152,182 |
Profit (loss) from continuing operations | 20,630 | (1,193) | (555,952) |
Profit from discontinued operations | 36,785 | 210,431 | 104,354 |
Profit of the year | S/ 57,415 | S/ 209,238 | S/ (451,598) |
Earnings per share attributable to owners of the Company during the year | S/ (0.125) | S/ 0.225 | S/ (0.772) |
Audited [member] | |||
Disclosure Of Restatement [line items] | |||
Revenues | S/ 6,080,142 | ||
Operating costs | (5,407,355) | ||
Gross profit | 672,787 | ||
Administrative expenses | (429,181) | ||
Other (expenses) income, net | (20,545) | ||
Gain (loss) from the sale of investments | 274,363 | ||
Operating profit (loss) | 497,424 | ||
Financial expenses | (185,445) | ||
Financial income | 15,407 | ||
Share of the profit or loss in associates and joint ventures | 1,327 | ||
Profit (loss) before income tax | 328,713 | ||
Income tax | (123,037) | ||
Profit (loss) from continuing operations | 205,676 | ||
Profit from discontinued operations | 3,562 | ||
Profit of the year | S/ 209,238 | ||
Earnings per share attributable to owners of the Company during the year | S/ 0.225 | ||
Loss per share from continuing operations attributable to owners of the Company during the year | S/ 0.220 | ||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | |||
Disclosure Of Restatement [line items] | |||
Gain (loss) from the sale of investments | S/ (218,264) | ||
Operating profit (loss) | (218,264) | ||
Profit (loss) before income tax | (218,264) | ||
Income tax | 63,940 | ||
Profit (loss) from continuing operations | (154,324) | ||
Profit from discontinued operations | 154,324 | ||
Restated balance [member] | |||
Disclosure Of Restatement [line items] | |||
Revenues | 6,080,142 | ||
Operating costs | (5,407,355) | ||
Gross profit | 672,787 | ||
Administrative expenses | (429,181) | ||
Other (expenses) income, net | (20,545) | ||
Gain (loss) from the sale of investments | 56,099 | ||
Operating profit (loss) | 279,160 | ||
Financial expenses | (185,445) | ||
Financial income | 15,407 | ||
Share of the profit or loss in associates and joint ventures | 1,327 | ||
Profit (loss) before income tax | 110,449 | ||
Income tax | (59,097) | ||
Profit (loss) from continuing operations | 51,352 | ||
Profit from discontinued operations | 157,886 | ||
Profit of the year | S/ 209,238 | ||
Earnings per share attributable to owners of the Company during the year | S/ 0.225 | ||
Loss per share from continuing operations attributable to owners of the Company during the year | S/ (0.014) |
Standards, Amendments and Int_3
Standards, Amendments and Interpretation Adopted in 2018 - Schedule of Original Measurement Categories under IAS 39 and New Measurement Categories under IFRS 9 for Each Class of Financial Assets and Financial Liabilities Explanatory (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets | ||||
Cash and cash equivalents | S/ 801,140 | S/ 626,180 | S/ 606,950 | |
Unbilled work in progress | 28,538 | 61,804 | ||
Financial liabilites | ||||
Accounts payable to related parties | 55,941 | 55,174 | ||
Derivative financial instruments used in hedging transactions | S/ 61 | S/ 383 | ||
IAS 39 [member] | Amortized Cost Member [member] | ||||
Financial liabilites | ||||
Other financial loans | S/ 1,561,754 | |||
Finance leases | 128,309 | |||
Accounts payable and other accounts payable | 2,054,217 | |||
Accounts payable to related parties | 81,128 | |||
IAS 39 [member] | Fair Value Through Profit or Loss Category [member] | ||||
Financial assets | ||||
Other accounts receivable | 181 | |||
IAS 39 [member] | Fair Value Through Other Comprehensive Income Category [member] | ||||
Financial liabilites | ||||
Derivative financial instruments used in hedging transactions | 383 | |||
IAS 39 [member] | Loans And Account Receivables [member] | ||||
Financial assets | ||||
Cash and cash equivalents | 626,180 | |||
Trade accounts receivables and other account receivables | 1,447,629 | |||
Unbilled work in progress | 672,163 | |||
Financial assets related to Concession arrangements | 952,780 | |||
Accounts receivable from related parties | 874,682 | |||
IFRS9 [member] | Amortized Cost Member [member] | ||||
Financial assets | ||||
Cash and cash equivalents | 626,180 | |||
Trade accounts receivables and other account receivables | 1,447,629 | |||
Unbilled work in progress | 672,163 | |||
Financial assets related to Concession arrangements | 952,780 | |||
Accounts receivable from related parties | 872,110 | |||
Financial liabilites | ||||
Other financial loans | 1,561,754 | |||
Finance leases | 128,309 | |||
Accounts payable and other accounts payable | 2,054,217 | |||
Accounts payable to related parties | 81,128 | |||
IFRS9 [member] | Fair Value Through Profit or Loss Category [member] | ||||
Financial assets | ||||
Other accounts receivable | 181 | |||
IFRS9 [member] | Fair Value Through Other Comprehensive Income Category [member] | ||||
Financial liabilites | ||||
Derivative financial instruments used in hedging transactions | S/ 383 |
Standards, Amendments and Int_4
Standards, Amendments and Interpretation Adopted in 2018 - Schedule of Adoption of IFRS 9 and IFRS 15 with Impact in Equity (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Disclosure Of Classification and measurement of financial assets and liabilities [line items] | |||
Retained earnings | S/ 375,417 | S/ 589,167 | |
Previously stated [member] | |||
Disclosure Of Classification and measurement of financial assets and liabilities [line items] | |||
Retained earnings | S/ 589,167 | ||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | |||
Disclosure Of Classification and measurement of financial assets and liabilities [line items] | |||
Retained earnings | (2,572) | ||
Increase (decrease) due to application of IFRS 15 [member] | |||
Disclosure Of Classification and measurement of financial assets and liabilities [line items] | |||
Retained earnings | (49,992) | ||
Balance IFRS [member] | |||
Disclosure Of Classification and measurement of financial assets and liabilities [line items] | |||
Retained earnings | S/ 536,603 |
Standards, Amendments and Int_5
Standards, Amendments and Interpretation Adopted in 2018 - Additional Information (Detail) S/ in Thousands | Jan. 01, 2018PEN (S/) |
Increase (decrease) due to application of IFRS 15 [member] | |
Disclosure Of Classification and measurement of financial assets and liabilities [line items] | |
Adjustments for reversal of variable considerations | S/ 49,990 |
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | |
Disclosure Of Classification and measurement of financial assets and liabilities [line items] | |
Adjustments for impairment loss on financial assets with related parties | S/ 2,570 |
Financial Risk Management - Sch
Financial Risk Management - Schedule of Consolidated Statement of Financial Position (Detail) S/ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | Dec. 31, 2018PEN (S/) | Dec. 31, 2018USD ($) | Dec. 31, 2018CLP ($) | Dec. 31, 2018COP ($) | Dec. 31, 2017PEN (S/) | Dec. 31, 2017USD ($) | Dec. 31, 2017CLP ($) | Dec. 31, 2017COP ($) |
Disclosure Of Financial Risk Management [line items] | ||||||||
Liabilities | S/ 2,139,714 | S/ 2,637,630 | ||||||
Foreign exchange risk [member] | ||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||
Assets | 2,273,132 | $ 674,753 | $ 48,129,848 | $ 163,560,697 | 1,851,309 | $ 570,511 | $ 77,199,082 | $ 101,300,811 |
Liabilities | S/ 2,042,176 | $ 604,383 | $ 49,728,313 | $ 76,978,655 | S/ 1,982,007 | $ 610,788 | $ 74,447,874 | $ 74,319,654 |
Financial Risk Management - S_2
Financial Risk Management - Schedule of Foreign Currency Exchange Gains and Losses Exposure against US Dollar (Detail) - Foreign exchange risk [member] - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Financial Risk Management [line items] | |||
Gain | S/ 382,104 | S/ 329,751 | S/ 742,930 |
Loss | S/ (405,380) | S/ (323,927) | S/ (755,680) |
Financial Risk Management - Add
Financial Risk Management - Additional Information (Detail) - PEN (S/) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Financial Risk Management [line items] | |||
Percentage of debt at fixed rate | 46.90% | 57.80% | |
Percentage of debt at variable rate | 53.10% | 42.20% | |
Increase / decrease in libor plus spread rate | 5.00% | ||
Increase / decrease in pretax profit | S/ 750,000 | S/ 490,000 | |
Transfers from level 1 to 2, Fair value assets | 0 | ||
Transfers from level 1 to 2, Fair value liabilities | 0 | ||
Transfers from level 2 to 1, Fair value assets | 0 | ||
Transfers from level 2 to 1, Fair value liabilities | S/ 0 | ||
Bottom of range [member] | |||
Disclosure Of Financial Risk Management [line items] | |||
Gearing ratio | 10.00% | 10.00% | |
Top of range [member] | |||
Disclosure Of Financial Risk Management [line items] | |||
Gearing ratio | 70.00% | 70.00% | |
Foreign exchange risk [member] | |||
Disclosure Of Financial Risk Management [line items] | |||
Percentage change in foreign currency | 2.00% | ||
Increase / decrease in pretax profit | S/ 500,000 | S/ 100,000 | S/ 300,000 |
Foreign currency translation adjustments | S/ 5,700,000 | S/ (11,300,000) | |
Valor Adquisitivo Constante [member] | |||
Disclosure Of Financial Risk Management [line items] | |||
Percentage of debt at fixed rate plus inflation rate | 27.70% | 22.90% | |
Percentage of debt at variable rate plus inflation rate | 25.40% | 19.30% |
Financial Risk Management - S_3
Financial Risk Management - Schedule of Assets and Liabilities Equivalent to Functional Currency (Detail) S/ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | Dec. 31, 2018PEN (S/) | Dec. 31, 2018USD ($) | Dec. 31, 2018CLP ($) | Dec. 31, 2018COP ($) | Dec. 31, 2017PEN (S/) | Dec. 31, 2017USD ($) | Dec. 31, 2017CLP ($) | Dec. 31, 2017COP ($) |
Disclosure Of Financial Risk Management [line items] | ||||||||
Liabilities | S/ 2,139,714 | S/ 2,637,630 | ||||||
Foreign exchange risk [member] | ||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||
Assets | 2,273,132 | $ 674,753 | $ 48,129,848 | $ 163,560,697 | 1,851,309 | $ 570,511 | $ 77,199,082 | $ 101,300,811 |
Liabilities | S/ 2,042,176 | $ 604,383 | $ 49,728,313 | $ 76,978,655 | S/ 1,982,007 | $ 610,788 | $ 74,447,874 | $ 74,319,654 |
Financial Risk Management - S_4
Financial Risk Management - Schedule of Undiscounted Cash Flows of Financial Liabilities (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Undiscounted Cash Flows Financial Liabilities [line items] | ||
Bonds | S/ 937,042 | S/ 947,567 |
Accounts payables to related parties | 55,941 | 55,174 |
Other accounts payables | 55,864 | 50,013 |
Liquidity risk [member] | ||
Disclosure Of Undiscounted Cash Flows Financial Liabilities [line items] | ||
Other financial liabilities (except for finance leases) | 1,260,011 | 1,630,666 |
Finance leases | 36,734 | 139,401 |
Bonds | 1,794,438 | 1,884,728 |
Trade accounts payables | 1,079,531 | 1,453,046 |
Accounts payables to related parties | 77,790 | 81,128 |
Other accounts payables | 473,210 | 560,001 |
Other non-financial liabilities | 61 | 383 |
Derivative financial liabilities undiscounted cash flows | 4,721,775 | 5,749,353 |
Liquidity risk [member] | Up to 1 year [member] | ||
Disclosure Of Undiscounted Cash Flows Financial Liabilities [line items] | ||
Other financial liabilities (except for finance leases) | 816,122 | 1,003,500 |
Finance leases | 15,151 | 72,864 |
Bonds | 111,080 | 109,746 |
Trade accounts payables | 1,079,531 | 1,453,046 |
Accounts payables to related parties | 55,941 | 55,174 |
Other accounts payables | 116,806 | 153,498 |
Derivative financial liabilities undiscounted cash flows | 2,194,631 | 2,847,828 |
Liquidity risk [member] | From 1 to 2 years [member] | ||
Disclosure Of Undiscounted Cash Flows Financial Liabilities [line items] | ||
Other financial liabilities (except for finance leases) | 273,079 | 336,913 |
Finance leases | 7,489 | 41,877 |
Bonds | 153,287 | 148,986 |
Accounts payables to related parties | 21,849 | 25,954 |
Other accounts payables | 17,777 | 34,527 |
Other non-financial liabilities | 61 | 383 |
Derivative financial liabilities undiscounted cash flows | 473,542 | 588,640 |
Liquidity risk [member] | Within 2 to 5 years [member] | ||
Disclosure Of Undiscounted Cash Flows Financial Liabilities [line items] | ||
Other financial liabilities (except for finance leases) | 129,233 | 290,253 |
Finance leases | 14,094 | 24,022 |
Bonds | 355,667 | 353,349 |
Other accounts payables | 338,627 | 371,976 |
Derivative financial liabilities undiscounted cash flows | 837,621 | 1,039,600 |
Liquidity risk [member] | Over 5 years [member] | ||
Disclosure Of Undiscounted Cash Flows Financial Liabilities [line items] | ||
Other financial liabilities (except for finance leases) | 41,577 | |
Finance leases | 638 | |
Bonds | 1,174,404 | 1,272,647 |
Derivative financial liabilities undiscounted cash flows | S/ 1,215,981 | S/ 1,273,285 |
Financial Risk Management - S_5
Financial Risk Management - Schedule of Information About Gearing Ratio (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Gearing Ratio [abstract] | ||||
Total financial liabilities and bonds | S/ 2,139,714 | S/ 2,637,630 | ||
Less: Cash and cash equivalent | (801,140) | (626,180) | S/ (606,950) | |
Net debt | 1,338,574 | 2,011,450 | ||
Total equity | 2,489,931 | 2,589,078 | S/ 2,489,737 | S/ 3,081,912 |
Total capital | S/ 3,828,505 | S/ 4,600,528 | ||
Gearing ratio | 0.35% | 0.44% |
Financial Risk Management - S_6
Financial Risk Management - Schedule of Assets and Liabilities Measured at Fair Value (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial liabilities | ||
Derivatives used for hedging | S/ 2,139,714 | S/ 2,637,630 |
Financial assets at fair value through profit or loss, category [member] | ||
Financial assets | ||
Financial assets at fair value through profit or loss | 181 | |
Derivatives used for hedging [member] | ||
Financial liabilities | ||
Derivatives used for hedging | 61 | 383 |
Level 1 of fair value hierarchy [member] | Financial assets at fair value through profit or loss, category [member] | ||
Financial assets | ||
Financial assets at fair value through profit or loss | 181 | |
Level 2 of fair value hierarchy [member] | Derivatives used for hedging [member] | ||
Financial liabilities | ||
Derivatives used for hedging | S/ 61 | S/ 383 |
Critical Accounting Estimates_3
Critical Accounting Estimates And Judgments - Summary of Sensitivity Analysis Based on 10% Increase/Decrease in Assumptions of Gross Margin, Discount Rate, Terminal Growth Rate (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [member] | Engineering and construction [member] | ||
Disclosure Of Sensitivity Analysis [line items] | ||
Effect of ten percent decrease in assumptions of gross margin on percentage of recoverable amount, percent | 0.51% | 81.31% |
Effect of ten percent decrease in assumptions of discount rate on percentage of recoverable amount, percent | 39.19% | 146.07% |
Effect of ten percent decrease in assumptions of terminal growth rate on percentage of recoverable amount, percent | 18.48% | 107.41% |
Effect of ten percent increase in assumptions of gross margin on percentage of recoverable amount, percent | 41.12% | 143.63% |
Effect of ten percent increase in assumptions of discount rate on percentage of recoverable amount, percent | 6.65% | 86.86% |
Effect of ten percent increase in assumptions of terminal growth rate on percentage of recoverable amount, percent | 23.30% | 117.91% |
Goodwill [member] | Electromechanical [member] | ||
Disclosure Of Sensitivity Analysis [line items] | ||
Effect of ten percent decrease in assumptions of gross margin on percentage of recoverable amount, percent | (9.73%) | 197.30% |
Effect of ten percent decrease in assumptions of discount rate on percentage of recoverable amount, percent | 29.36% | 478.08% |
Effect of ten percent decrease in assumptions of terminal growth rate on percentage of recoverable amount, percent | 12.90% | 402.19% |
Effect of ten percent increase in assumptions of gross margin on percentage of recoverable amount, percent | 38.89% | 620.85% |
Effect of ten percent increase in assumptions of discount rate on percentage of recoverable amount, percent | 2.97% | 354.39% |
Effect of ten percent increase in assumptions of terminal growth rate on percentage of recoverable amount, percent | 16.34% | 416.25% |
Goodwill [member] | IT equipment and services [member] | ||
Disclosure Of Sensitivity Analysis [line items] | ||
Effect of ten percent decrease in assumptions of gross margin on percentage of recoverable amount, percent | 42.60% | 0.32% |
Effect of ten percent decrease in assumptions of discount rate on percentage of recoverable amount, percent | 77.06% | 30.06% |
Effect of ten percent decrease in assumptions of terminal growth rate on percentage of recoverable amount, percent | 59.73% | 18.54% |
Effect of ten percent increase in assumptions of gross margin on percentage of recoverable amount, percent | 101.27% | 38.87% |
Effect of ten percent increase in assumptions of discount rate on percentage of recoverable amount, percent | 48.93% | 11.25% |
Effect of ten percent increase in assumptions of terminal growth rate on percentage of recoverable amount, percent | 62.91% | 20.52% |
Goodwill [member] | Telecommunications services [member] | ||
Disclosure Of Sensitivity Analysis [line items] | ||
Effect of ten percent decrease in assumptions of gross margin on percentage of recoverable amount, percent | 465.17% | |
Effect of ten percent decrease in assumptions of discount rate on percentage of recoverable amount, percent | 2190.66% | |
Effect of ten percent decrease in assumptions of terminal growth rate on percentage of recoverable amount, percent | 2232.86% | |
Effect of ten percent increase in assumptions of gross margin on percentage of recoverable amount, percent | 1339.26% | |
Effect of ten percent increase in assumptions of discount rate on percentage of recoverable amount, percent | 1967.37% | |
Effect of ten percent increase in assumptions of terminal growth rate on percentage of recoverable amount, percent | 2394.81% | |
Trademark [member] | Morelco S.A.S. [member] | ||
Disclosure Of Sensitivity Analysis [line items] | ||
Effect of ten percent decrease in assumptions of revenue growth rate on percentage of recoverable amount, percent | 75.00% | 16.37% |
Effect of ten percent increase in assumptions of revenue growth rate on percentage of recoverable amount, percent | 116.27% | (4.79%) |
Effect of ten percent decrease in assumptions of discount rate on percentage of recoverable amount, percent | 126.00% | (7.21%) |
Effect of ten percent decrease in assumptions of terminal growth rate on percentage of recoverable amount, percent | 91.70% | 8.61% |
Effect of ten percent increase in assumptions of discount rate on percentage of recoverable amount, percent | 72.33% | 22.92% |
Effect of ten percent increase in assumptions of terminal growth rate on percentage of recoverable amount, percent | 99.82% | 3.17% |
Trademark [member] | Vial y Vives-DSD [member] | ||
Disclosure Of Sensitivity Analysis [line items] | ||
Effect of ten percent decrease in assumptions of revenue growth rate on percentage of recoverable amount, percent | 27.40% | (40.72%) |
Effect of ten percent increase in assumptions of revenue growth rate on percentage of recoverable amount, percent | 55.71% | (63.32%) |
Effect of ten percent decrease in assumptions of discount rate on percentage of recoverable amount, percent | 29.54% | (58.56%) |
Effect of ten percent decrease in assumptions of terminal growth rate on percentage of recoverable amount, percent | 38.99% | (51.36%) |
Effect of ten percent increase in assumptions of discount rate on percentage of recoverable amount, percent | 55.99% | (45.65%) |
Effect of ten percent increase in assumptions of terminal growth rate on percentage of recoverable amount, percent | 44.26% | (54.47%) |
Trademark [member] | Adexus S.A. [member] | ||
Disclosure Of Sensitivity Analysis [line items] | ||
Effect of ten percent decrease in assumptions of revenue growth rate on percentage of recoverable amount, percent | 21.40% | 22.10% |
Effect of ten percent increase in assumptions of revenue growth rate on percentage of recoverable amount, percent | 48.38% | (0.10%) |
Effect of ten percent decrease in assumptions of discount rate on percentage of recoverable amount, percent | 56.26% | (2.13%) |
Effect of ten percent decrease in assumptions of terminal growth rate on percentage of recoverable amount, percent | 31.90% | 13.27% |
Effect of ten percent increase in assumptions of discount rate on percentage of recoverable amount, percent | 18.49% | 28.02% |
Effect of ten percent increase in assumptions of terminal growth rate on percentage of recoverable amount, percent | 48.38% | 8.86% |
Critical Accounting Estimates_4
Critical Accounting Estimates and Judgments - Additional Information (Detail) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018PEN (S/)Well | Dec. 31, 2017PEN (S/)Well | Dec. 31, 2016PEN (S/) | |
Disclosure of critical accounting estimates and judgments [line items] | |||
Maximum exposure to tax contingencies | S/ 15,700 | ||
Percentage of increase/ decrease in Group's gross margins considered for sensitivity analysis | 10.00% | 10.00% | |
Pre-tax discount rate used for present value calculation, bond rate period description | 3, 5 and 30-year rate used on U.S. bonds | ||
Block one [member] | |||
Disclosure of critical accounting estimates and judgments [line items] | |||
Pre-tax discount rate used for present value calculation | 2.46% | 2.09% | |
Block five [member] | |||
Disclosure of critical accounting estimates and judgments [line items] | |||
Pre-tax discount rate used for present value calculation | 2.51% | 2.27% | |
Block III [member] | |||
Disclosure of critical accounting estimates and judgments [line items] | |||
Pre-tax discount rate used for present value calculation | 2.98% | 2.72% | |
Block IV [member] | |||
Disclosure of critical accounting estimates and judgments [line items] | |||
Pre-tax discount rate used for present value calculation | 2.98% | 2.72% | |
Gasoducto Sur Peruano [member] | |||
Disclosure of critical accounting estimates and judgments [line items] | |||
Percentage of Net Carrying Amount (NCA) of the Concession assets | 72.25% | ||
Bottom of range [member] | Viva GyM SA [member] | |||
Disclosure of critical accounting estimates and judgments [line items] | |||
Percentage of voting rights held in subsidiaries | 30.00% | ||
Top of range [member] | Viva GyM SA [member] | |||
Disclosure of critical accounting estimates and judgments [line items] | |||
Percentage of voting rights held in subsidiaries | 50.00% | ||
Parent company operation [member] | Promotora Larcomar S.A. [member] | |||
Disclosure of critical accounting estimates and judgments [line items] | |||
Percentage of equity interest in subsidiaries | 46.55% | 46.55% | |
Consorcio Constructor Ductos del Sur [member] | GyM S A [member] | |||
Disclosure of critical accounting estimates and judgments [line items] | |||
Adjustment for reconcile profit (loss) | S/ (15,165) | ||
Tranche one [member] | |||
Disclosure of critical accounting estimates and judgments [line items] | |||
Percentage of Net Carrying Amount (NCA) of the Concession assets to be recovered | 85.00% | ||
Tranche two [member] | |||
Disclosure of critical accounting estimates and judgments [line items] | |||
Percentage of Net Carrying Amount (NCA) of the Concession assets to be recovered | 100.00% | ||
Talara, Piura [member] | |||
Disclosure of critical accounting estimates and judgments [line items] | |||
Number of wells closed | Well | 158 | 144 | |
Present value of estimated provision for closure of wells | S/ 20,300 | S/ 16,800 |
Critical Accounting Estimates_5
Critical Accounting Estimates and Judgments - Summary of Sensitivity Analysis Performed Considering a 10% Increase/Decrease in Group's Gross Margins (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Sensitivity Analysis [line items] | |||
Sales | S/ 1,961,100 | S/ 2,214,108 | S/ 2,713,013 |
Gross profit | 674,489 | 502,452 | 316,089 |
Profit loss before tax | 133,948 | 45,112 | (708,134) |
Sensitivity analysis [member] | |||
Disclosure Of Sensitivity Analysis [line items] | |||
Sales | 1,961,100 | 2,214,108 | 2,713,013 |
Gross profit | S/ 32,685 | S/ 106,902 | S/ 29,310 |
Percentage of gross profit | 1.67% | 4.83% | 1.08% |
Percentage of gross profit, Plus 10% | 1.84% | 5.31% | 1.19% |
Increase in profit before income tax | S/ 3,399 | S/ 10,667 | S/ 2,975 |
Profit loss before tax | S/ 36,084 | S/ 117,569 | S/ 32,285 |
Profit loss before tax, Less 10% | 1.50% | 4.35% | 0.97% |
Decrease in profit before income tax | S/ (3,399) | S/ (10,667) | S/ (2,975) |
Profit loss before tax on ten percentage decrease in gross margin | S/ 29,286 | S/ 96,235 | S/ 26,335 |
Critical Accounting Estimates_6
Critical Accounting Estimates and Judgements - Disclosure of Adjustments of Financial Statements (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of retrospective adjustments of financial statements [Line items] | |||
Indemnification income | S/ 686 | S/ 3,220 | S/ (33,600) |
Inventories impairment | S/ 40,908 | 36,353 | |
GyM S A [member] | Consorcio Constructor Ductos del Sur [member] | |||
Disclosure of retrospective adjustments of financial statements [Line items] | |||
Income for debt forgiveness | 431,484 | ||
Indemnification income | 33,600 | ||
Work in progress impairment | (410,199) | ||
Other provisions | (24,915) | ||
Inventories impairment | (33,824) | ||
Financial expenses | (7,004) | ||
Property, plant and equipment impairment | (4,143) | ||
Others (liability) asset, net | (164) | ||
Adjustment for reconcile profit (loss) | S/ (15,165) |
Interests in Other Entities - S
Interests in Other Entities - Summary of Principal Direct and Indirect Subsidiaries Classified by Operating Segment (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Engineering and construction [member] | GyM S A [member] | |
Disclosure of subsidiaries [line items] | |
Name | GyM S.A. |
Country | Peru, and Colombia |
Economic activity | Civil construction, electro-mechanic assembly, buildings management and implementing housing development projects and other related services. |
Engineering and construction [member] | GyM Chile S.p.A. [member] | |
Disclosure of subsidiaries [line items] | |
Name | GyM Chile S.p.A. |
Country | Chile |
Economic activity | Electromechanical assemblies and services to energy, oil, gas and mining sector. |
Engineering and construction [member] | Vial y Vives-DSD S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Name | Vial y Vives - DSD S.A. |
Country | Chile |
Economic activity | Electromechanical assemblies and services. Develop activities related to the construction of engineering projects, civil construction projects and electromechanical assemblies, as well as architectural design and installations in general. Construction and assemblies and electromechanical services in the sectors of energy, oil, gas and mining. |
Engineering and construction [member] | GMI SA [member] | |
Disclosure of subsidiaries [line items] | |
Country | Peru, Mexico, and Bolivia |
Economic activity | Advisory and consultancy services in engineering, carrying out studies and projects, managing projects and supervision of works. |
Engineering and construction [member] | Morelco S.A.S. [member] | |
Disclosure of subsidiaries [line items] | |
Country | Colombia and Ecuador |
Economic activity | Providing construction and assembly services, supplying equipment and material to design, build, assemble, operate and maintain all types of mechanical engineering, instrumentation, and civil work. |
Infrastructure [member] | GMP S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country | Peru |
Economic activity | Oil and oil by-products extraction services, as well as providing storage and fuel dispatch services. |
Infrastructure [member] | Oiltanking Andina Services S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Country | Peru |
Economic activity | Operation of the gas processing plant of Pisco - Camisea. |
Infrastructure [member] | Transportadora de Gas Natural Comprimido Andino S.A.C. [member] | |
Disclosure of subsidiaries [line items] | |
Name | Transportadora de Gas Natural Comprimido Andino S.A.C. |
Country | Peru |
Economic activity | Supply, process and market natural gas and its derivative products. |
Infrastructure [member] | CONCARSA [member] | |
Disclosure of subsidiaries [line items] | |
Name | Concar S.A. |
Country | Peru |
Economic activity | Highway and roads concessions operation and maintenance. |
Infrastructure [member] | GyM Ferrovias SA. [member] | |
Disclosure of subsidiaries [line items] | |
Name | GyM Ferrovias S.A. |
Country | Peru |
Economic activity | Concession for the operation of the public transportation system of the Line 1 of the Lima Metro (Metro de Lima Metropolitana). |
Infrastructure [member] | Survial S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Name | Survial S.A. |
Country | Peru |
Economic activity | Concession for constructing, operating and maintaining Section 1 of the "Southern Inter-oceanic" highway. |
Infrastructure [member] | Norvial S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Name | Norvial S.A. |
Country | Peru |
Economic activity | Concession for restoring, operating and maintaining the "Ancon - Huacho - Pativilca" section of the Panamericana Norte road. |
Infrastructure [member] | Concesin Canchaque S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Name | Concesion Canchaque S.A.C. |
Country | Peru |
Economic activity | Concession for operating and maintaining of the Buenos Aires - Canchaque highway. |
Infrastructure [member] | Concesionaria Va Expresa Sur SA[member] | |
Disclosure of subsidiaries [line items] | |
Name | Concesionaria Via Expresa Sur S.A. |
Country | Peru |
Economic activity | Concession for designing, constructing, operating and maintaining the Via Expresa - Paseo de la Republica in Lima. |
Real estate [member] | Viva GyM SA [member] | |
Disclosure of subsidiaries [line items] | |
Name | VIVA GyM S.A. |
Country | Peru |
Economic activity | Developing and managing real estate projects directly or together with other partners. |
Parent company operation [member] | Adexus S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Name | Adexus S.A. |
Country | Chile, Peru, |
Economic activity | IT solutions services. |
Parent company operation [member] | CAM Holding S.p.A. [member] | |
Disclosure of subsidiaries [line items] | |
Name | CAM Holding S.p.A. |
Country | Chile |
Economic activity | Electric and technological services for the power industry. |
Parent company operation [member] | Generadora Arabesco S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Name | Generadora Arabesco S.A. |
Country | Peru |
Economic activity | Implementing projects related to electric power-generating activities. |
Parent company operation [member] | Larcomar S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Name | Larcomar S.A. |
Country | Peru |
Economic activity | Exploiting land right to use the Larcomar Shopping Center. |
Parent company operation [member] | Promotora Larcomar S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Name | Promotora Larcomar S.A. |
Country | Peru |
Economic activity | Building a hotel complex on a plot of land located in the district of Miraflores. |
Parent company operation [member] | Promotores Asociados de Inmobiliarias S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Name | Promotores Asociados de Inmobiliarias S.A. |
Country | Peru |
Economic activity | Operating in the real-estate industry and engaged in the development and sale of office premises in Peru. |
Parent company operation [member] | Negocios del Gas S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Name | Negocios del Gas S.A. |
Country | Peru |
Economic activity | Construction, operation, and maintenance of the pipeline system to transport natural gas and liquids. |
Parent company operation [member] | Inversiones en Autopistas S.A.[member] | |
Disclosure of subsidiaries [line items] | |
Name | Inversiones en Autopistas S.A. |
Country | Peru |
Economic activity | Holding company of shares, participation or any other credit instrument or investment document. |
Interests in Other Entities -_2
Interests in Other Entities - Summary of Group's Subsidiaries and Related Interests (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Engineering and construction [member] | GyM S A [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 98.24% | 98.23% |
Percentage of common shares held by the Group (%) | 98.24% | 98.23% |
Percentage of common shares held by non-controlling interests (%) | 1.76% | 1.77% |
Engineering and construction [member] | Stracon GyM S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares held by Subsidiaries (%) | 87.59% | |
Percentage of common shares held by the Group (%) | 87.59% | |
Percentage of common shares held by non-controlling interests (%) | 12.41% | |
Engineering and construction [member] | GyM Chile S.p.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares held by Subsidiaries (%) | 94.49% | 99.99% |
Percentage of common shares held by the Group (%) | 99.99% | 99.99% |
Percentage of common shares held by non-controlling interests (%) | 0.01% | 0.01% |
Engineering and construction [member] | V y V - DSD S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares held by Subsidiaries (%) | 94.49% | 94.49% |
Percentage of common shares held by the Group (%) | 94.49% | 94.49% |
Percentage of common shares held by non-controlling interests (%) | 5.51% | 5.51% |
Engineering and construction [member] | Morelco S.A.S. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares held by Subsidiaries (%) | 70.00% | 70.00% |
Percentage of common shares held by the Group (%) | 70.00% | 70.00% |
Percentage of common shares held by non-controlling interests (%) | 30.00% | 30.00% |
Engineering and construction [member] | GMI SA [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 89.41% | 89.41% |
Percentage of common shares held by the Group (%) | 89.41% | 89.41% |
Percentage of common shares held by non-controlling interests (%) | 10.59% | 10.59% |
Engineering and construction [member] | Ecotec [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares held by Subsidiaries (%) | 99.99% | |
Percentage of common shares held by the Group (%) | 99.99% | |
Percentage of common shares held by non-controlling interests (%) | 0.01% | |
Engineering and construction [member] | Gm Ingenieria y Construccin de CV [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares held by Subsidiaries (%) | 99.00% | |
Percentage of common shares held by the Group (%) | 99.00% | |
Percentage of common shares held by non-controlling interests (%) | 1.00% | |
Engineering and construction [member] | Gm ingeniera bolivia s r l [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares held by Subsidiaries (%) | 99.00% | |
Percentage of common shares held by the Group (%) | 99.00% | |
Percentage of common shares held by non-controlling interests (%) | 1.00% | |
Engineering and construction [member] | Consorcio vial la concordia [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares held by Subsidiaries (%) | 88.00% | |
Percentage of common shares held by the Group (%) | 88.00% | |
Percentage of common shares held by non-controlling interests (%) | 12.00% | |
Infrastructure [member] | GMP S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 95.00% | 95.00% |
Percentage of common shares held by the Group (%) | 95.00% | 95.00% |
Percentage of common shares held by non-controlling interests (%) | 5.00% | 5.00% |
Infrastructure [member] | Oiltanking Andina Services S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares held by Subsidiaries (%) | 50.00% | 50.00% |
Percentage of common shares held by the Group (%) | 50.00% | 50.00% |
Percentage of common shares held by non-controlling interests (%) | 50.00% | 50.00% |
Infrastructure [member] | Transportadora de Gas Natural Comprimido Andino S.A.C. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares held by Subsidiaries (%) | 99.93% | 99.93% |
Percentage of common shares held by the Group (%) | 99.93% | 99.93% |
Percentage of common shares held by non-controlling interests (%) | 0.07% | 0.07% |
Infrastructure [member] | CONCARSA [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 99.99% | 99.75% |
Percentage of common shares held by the Group (%) | 99.99% | 99.75% |
Percentage of common shares held by non-controlling interests (%) | 0.01% | 0.25% |
Infrastructure [member] | GyM Ferrovias SA. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 75.00% | 75.00% |
Percentage of common shares held by the Group (%) | 75.00% | 75.00% |
Percentage of common shares held by non-controlling interests (%) | 25.00% | 25.00% |
Infrastructure [member] | Survial S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 99.99% | 99.99% |
Percentage of common shares held by the Group (%) | 99.99% | 99.99% |
Percentage of common shares held by non-controlling interests (%) | 0.01% | 0.01% |
Infrastructure [member] | Norvial S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 67.00% | 67.00% |
Percentage of common shares held by the Group (%) | 67.00% | 67.00% |
Percentage of common shares held by non-controlling interests (%) | 33.00% | 33.00% |
Infrastructure [member] | Concesin Canchaque S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 99.96% | 99.96% |
Percentage of common shares held by the Group (%) | 99.96% | 99.96% |
Percentage of common shares held by non-controlling interests (%) | 0.04% | 0.04% |
Infrastructure [member] | Concesionaria Va Expresa Sur SA[member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 99.98% | |
Percentage of common shares held by Subsidiaries (%) | 0.02% | |
Percentage of common shares held by the Group (%) | 100.00% | |
Real estate [member] | Viva GyM SA [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 63.44% | 63.44% |
Percentage of common shares held by Subsidiaries (%) | 36.10% | 36.10% |
Percentage of common shares held by the Group (%) | 99.54% | 99.54% |
Percentage of common shares held by non-controlling interests (%) | 0.46% | 0.46% |
Parent company operation [member] | CAM Holding S.p.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 100.00% | 100.00% |
Percentage of common shares held by the Group (%) | 100.00% | 100.00% |
Parent company operation [member] | Coasin Instalaciones Ltda [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares held by Subsidiaries (%) | 100.00% | |
Percentage of common shares held by the Group (%) | 100.00% | |
Parent company operation [member] | CAM Servicios del Peru SA [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 73.16% | |
Percentage of common shares held by the Group (%) | 73.16% | |
Percentage of common shares held by non-controlling interests (%) | 26.84% | |
Parent company operation [member] | Adexus S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 99.99% | 99.99% |
Percentage of common shares held by Subsidiaries (%) | 0.01% | 0.01% |
Percentage of common shares held by the Group (%) | 100.00% | 100.00% |
Parent company operation [member] | Generadora Arabesco S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 99.00% | 99.00% |
Percentage of common shares held by the Group (%) | 99.00% | 99.00% |
Percentage of common shares held by non-controlling interests (%) | 1.00% | 1.00% |
Parent company operation [member] | Larcomar S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 79.66% | 79.66% |
Percentage of common shares held by the Group (%) | 79.66% | 79.66% |
Percentage of common shares held by non-controlling interests (%) | 20.34% | 20.34% |
Parent company operation [member] | Promotora Larcomar S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 46.55% | 46.55% |
Percentage of common shares held by the Group (%) | 46.55% | 46.55% |
Percentage of common shares held by non-controlling interests (%) | 53.45% | 53.45% |
Parent company operation [member] | Promotores Asociados de Inmobiliarias S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 99.99% | 99.99% |
Percentage of common shares held by the Group (%) | 99.99% | 99.99% |
Percentage of common shares held by non-controlling interests (%) | 0.01% | 0.01% |
Parent company operation [member] | Negocios del Gas S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 99.99% | 99.99% |
Percentage of common shares held by Subsidiaries (%) | 0.01% | 0.01% |
Percentage of common shares held by the Group (%) | 100.00% | 100.00% |
Parent company operation [member] | Agenera S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 99.00% | 99.00% |
Percentage of common shares held by Subsidiaries (%) | 1.00% | 1.00% |
Percentage of common shares held by the Group (%) | 100.00% | 100.00% |
Parent company operation [member] | Inversiones en Autopistas S.A.[member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 100.00% | 99.99% |
Percentage of common shares held by Subsidiaries (%) | 0.01% | |
Percentage of common shares held by the Group (%) | 100.00% |
Interests in Other Entities - A
Interests in Other Entities - Additional Information (Detail) - PEN (S/) S/ in Thousands | 1 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of subsidiaries [line items] | |||
Trade accounts receivables | S/ 1,007,828 | S/ 1,515,673 | |
Ministry Of Energy And Mining [member] | |||
Disclosure of subsidiaries [line items] | |||
Trade accounts receivables | S/ 17,300 | ||
Adexus S.A. [member] | |||
Disclosure of subsidiaries [line items] | |||
Increase in proportion of ownership interest in subsidiary | 100.00% |
Interests in Other Entities -_3
Interests in Other Entities - Summary of Group's Subsidiaries Non-controlling Interests (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Subsidiaries noncontrolling interests [line items] | ||
Non controlling interests | S/ 401,571 | S/ 465,748 |
Viva GyM S.A. and subsidiaries [member] | ||
Disclosure of Subsidiaries noncontrolling interests [line items] | ||
Non controlling interests | 168,612 | 225,921 |
GyM SA and subsidiaries [member] | ||
Disclosure of Subsidiaries noncontrolling interests [line items] | ||
Non controlling interests | 67,639 | 103,170 |
Norvial S.A. [member] | ||
Disclosure of Subsidiaries noncontrolling interests [line items] | ||
Non controlling interests | 65,918 | 68,419 |
CAM Holding S A [member] | ||
Disclosure of Subsidiaries noncontrolling interests [line items] | ||
Non controlling interests | (6,417) | |
GMP S.A. [member] | ||
Disclosure of Subsidiaries noncontrolling interests [line items] | ||
Non controlling interests | 23,424 | 22,263 |
GyM Ferrovias SA. [member] | ||
Disclosure of Subsidiaries noncontrolling interests [line items] | ||
Non controlling interests | 55,986 | 35,419 |
Promotora Larcomar S.A. [member] | ||
Disclosure of Subsidiaries noncontrolling interests [line items] | ||
Non controlling interests | 13,121 | 13,395 |
Others [member] | ||
Disclosure of Subsidiaries noncontrolling interests [line items] | ||
Non controlling interests | S/ 6,871 | S/ 3,578 |
Interests in Other Entities -_4
Interests in Other Entities - Summarized Financial Information of Subsidiaries With Material Non-controlling Interests (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of summarized financial information [line items] | |||
Assets | S/ 3,233,254 | S/ 3,891,946 | |
Liabilities | (2,891,614) | (3,549,185) | |
Assets | 4,197,142 | 4,775,724 | S/ 4,717,976 |
Liabilities | (2,048,851) | (2,529,407) | |
Revenue | 3,899,462 | 4,014,013 | 4,137,309 |
Profit (loss) before income tax | 133,948 | 45,112 | (708,134) |
Income tax | (113,318) | (46,305) | 152,182 |
(Loss) profit for the year | 57,415 | 209,238 | (451,598) |
Discontinued operations | 63,736 | 206,348 | 104,879 |
Other comprehensive income | 14,294 | (8,280) | (20,599) |
Comprehensive income of the year | 71,709 | 200,958 | (472,197) |
Cash flows from operating activities provided by, net | 279,273 | 491,164 | 333,693 |
Cash flows from investing activities provided by (applied to), net | 137,855 | 348,870 | (373,684) |
Cash flows from financing activities applied to, net | (299,923) | (777,661) | 85,762 |
Increase (decrease) in cash and cash equivalents, net | 117,205 | 62,373 | 45,771 |
Cash and cash equivalents at the beginning of the year | 626,180 | 606,950 | |
Cash and cash equivalents at the end of the year | 801,140 | 626,180 | 606,950 |
Viva GyM S.A. and subsidiaries [member] | |||
Disclosure of summarized financial information [line items] | |||
Assets | 720,976 | 884,591 | |
Liabilities | (310,132) | (352,125) | |
Current net assets (liabilities) | 410,844 | 532,466 | |
Assets | 98,504 | 78,457 | |
Liabilities | (37,154) | (44,068) | |
Non-current net assets (liabilities) | 61,350 | 34,389 | |
Net assets | 472,194 | 566,855 | |
Revenue | 630,130 | 647,535 | |
Profit (loss) before income tax | 226,945 | 153,602 | |
Income tax | (69,166) | (35,900) | |
(Loss) profit for the year | 157,779 | 117,702 | |
Comprehensive income of the year | 157,779 | 117,702 | |
Dividends paid to non-controlling interest Note (36-d) | 84,870 | 21,165 | |
Cash flows from operating activities provided by, net | 259,992 | 163,304 | |
Cash flows from investing activities provided by (applied to), net | (8,460) | 79,471 | |
Cash flows from financing activities applied to, net | (255,979) | (203,958) | |
Increase (decrease) in cash and cash equivalents, net | (4,447) | 38,817 | |
Cash and cash equivalents at the beginning of the year | 97,709 | 58,892 | |
Cash and cash equivalents at the end of the year | 93,262 | 97,709 | 58,892 |
GyM SA and subsidiaries [member] | |||
Disclosure of summarized financial information [line items] | |||
Assets | 1,262,588 | 1,875,231 | |
Liabilities | (1,467,953) | (2,142,618) | |
Current net assets (liabilities) | (205,365) | (267,387) | |
Assets | 980,653 | 1,368,460 | |
Liabilities | (413,026) | (546,342) | |
Non-current net assets (liabilities) | 567,627 | 822,118 | |
Net assets | 362,262 | 554,731 | |
Revenue | 1,704,998 | 2,163,543 | |
Profit (loss) before income tax | (154,452) | (75,977) | |
Income tax | 18,559 | 4,486 | |
(Loss) profit for the year | (135,893) | (71,491) | |
Discontinued operations | 44,096 | 76,837 | |
Other comprehensive income | (14,061) | (2,641) | |
Comprehensive income of the year | (105,858) | 2,705 | |
Dividends paid to non-controlling interest Note (36-d) | 4,241 | 4,056 | |
Cash flows from operating activities provided by, net | 148,754 | 211,315 | |
Cash flows from investing activities provided by (applied to), net | 233,150 | 72,438 | |
Cash flows from financing activities applied to, net | (388,836) | (183,092) | |
Increase (decrease) in cash and cash equivalents, net | (6,932) | 100,661 | |
Cash and cash equivalents at the beginning of the year | 179,560 | 78,899 | |
Cash and cash equivalents at the end of the year | 172,628 | 179,560 | 78,899 |
Norvial S.A. [member] | |||
Disclosure of summarized financial information [line items] | |||
Assets | 109,778 | 88,077 | |
Liabilities | (66,506) | (45,613) | |
Current net assets (liabilities) | 43,272 | 42,464 | |
Assets | 462,739 | 492,803 | |
Liabilities | (306,261) | (327,936) | |
Non-current net assets (liabilities) | 156,478 | 164,867 | |
Net assets | 199,750 | 207,331 | |
Revenue | 163,117 | 149,467 | |
Profit (loss) before income tax | 21,104 | 68,104 | |
Income tax | (3,885) | (18,678) | |
(Loss) profit for the year | 17,219 | 49,426 | |
Comprehensive income of the year | 17,219 | 49,426 | |
Dividends paid to non-controlling interest Note (36-d) | 8,184 | 9,240 | |
Cash flows from operating activities provided by, net | 70,939 | 25,041 | |
Cash flows from investing activities provided by (applied to), net | (2) | ||
Cash flows from financing activities applied to, net | (43,536) | (48,010) | |
Increase (decrease) in cash and cash equivalents, net | 27,401 | (22,969) | |
Cash and cash equivalents at the beginning of the year | 72,449 | 95,418 | |
Cash and cash equivalents at the end of the year | S/ 99,850 | S/ 72,449 | S/ 95,418 |
Interests in Other Entities -_5
Interests in Other Entities - Summary of Group's Public Services Concessions (Detail) S/ in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2018PEN (S/) | Dec. 31, 2018USD ($) | |
Survial S.A. [member] | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Description | This company operates and maintains a 750 km road from the San Juan de Marcona port to Urcos, Peru, which is connected to an interoceanic road. The road has five toll stations and three weigh stations. | |
Estimated investment | $ 98.9 | |
Consideration | Transaction secured by the Peruvian Government involving from annual payments for the maintenance and operation of the road, which is in charge of the Peruvian Ministry of Transport and Communications (MTC). | |
Ordinary shares held | 99.90% | 99.90% |
Accounting model | Financial asset | |
Concesin Canchaque S.A. [member] | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Description | This company operates and periodically maintains a 78 km road which connects the towns of Buenos Aires and Canchaque, in Peru The road has one toll station. | |
Estimated investment | $ 29 | |
Consideration | Transaction secured by the Peruvian Government regardless the traffic volume. Revenue is secured by an annual minimum amount of US$ 0.3 million. | |
Ordinary shares held | 99.96% | 99.96% |
Accounting model | Financial asset | |
La Chira S.A. [member] | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Description | Designing, financing, constructing, operating and maintaining project called "Planta de Tratamiento de Aguas Residuales y Emisario Submarino La Chira". The Project will treat approximately 25% of wastewaters in Lima. | |
Estimated investment | S/ | S/ 250.0 | |
Consideration | Transaction secured by the Peruvian Government consisting of monthly and quarterly payments settled by Sedapal's collection trust. | |
Ordinary shares held | 50.00% | 50.00% |
Accounting model | Financial asset | |
GyM Ferrovias SA. [member] | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Description | Concession for the operation of Line 1 of the Lima Metro, Peru's only urban railway system in Lima city, which includes (i) operation and maintenance of the five existing trains, (ii) operation and maintenance and the acquisition of 19 trains on behalf of the Peruvian Government and (iii) design and construction of the repair yard and maintenance of railway. | |
Estimated investment | S/ | S/ 549.8 | |
Consideration | Transaction secured by the Peruvian Government involving a quarterly payment received from MTC based on km travelled per train. | |
Ordinary shares held | 75.00% | 75.00% |
Accounting model | Financial asset | |
Norvial S.A. [member] | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Description | The Company operates and maintains part of the only highway that connects Lima to the northwest of Peru. This 183 km road known as Red Vial 5 runs from the cities of Ancón to Pativilca and has three toll stations. | |
Estimated investment | $ 152 | |
Consideration | From users (self-financed concession; revenue is derived from collection of tolls). | |
Ordinary shares held | 67.00% | 67.00% |
Accounting model | Intangible | |
Va Expresa Sur S.A. [member] | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Description | The Company obtained the concession for designing, financing, building, operating and maintaining the infrastructure associated with the Vía Expresa Sur Project. This project involves the second stage expansion of the Via Expresa - Paseo de la Republica, between Av. Republica de Panama and and Panamericana highway. | |
Estimated investment | $ 196.8 | |
Consideration | The contract gives the right of collection from users; however the Peruvian Government shall pay the difference when the operating revenue obtained is below US$18 million during the first two years and below US$19.7 million from the third year to the fifteenth year of the effective period of the financing, with a ceiling of US$10 million. In June 2017, the contract was suspended temporarily for one year by agreement between the Concessionaire and the grantor. The suspension was extended for an additional year. | |
Ordinary shares held | 99.98% | 99.98% |
Accounting model | Bifurcated | |
Recaudo Trujillo S.A.C. [member] | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Description | Design, implementation, operation, technological maintenance and renewal (estimate) of the single system of electronic collection. Design, implementation, operation and maintenance of the Clearing house Implementation of the Fleet Control Center, as well as training to personnel. | |
Estimated investment | $ 40.2 | |
Consideration | Economic consideration resulting from applying the "price for validation" considering daily validations input on the system to be managed through a trust. | |
Ordinary shares held | 95.00% | 95.00% |
Accounting model | Intangible |
Interests on Other Entities - S
Interests on Other Entities - Summary of Group's Major Joint Operations (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | |
Concesionaria la Chira S.A. [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | 50.00% |
Consorcio Constructor Alto Cayma [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | 50.00% |
Consorcio Alto Cayma [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 49.00% | 49.00% | 49.00% |
Consorcio Lima Actividades Sur [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | 50.00% |
Consorcio Norte Pachacutec [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 49.00% | 49.00% | 49.00% |
Consorcio La Chira [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | 50.00% |
Consorcio Rio Urubamba [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | 50.00% |
Consorcio Vial Quinua [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 46.00% | 46.00% | 46.00% |
Consorcio Rio Mantaro [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | 50.00% |
Consorcio GyM Conciviles [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 66.70% | 66.70% | 66.70% |
Consorcio Construcciones y Montajes CCN [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 25.00% | 25.00% | 25.00% |
Consorcio HV GyM [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | 50.00% |
Consorcio Huacho Pativilca [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 67.00% | 67.00% | 67.00% |
Consorcio Constructor Chavimochic [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 26.50% | 26.50% | 26.50% |
Consorcio Constructor Ductos del Sur [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 29.00% | 29.00% | 29.00% |
Consorcio Italo Peruano [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 48.00% | 48.00% | 48.00% |
Consorcio Menegua [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | 50.00% |
Consorcio Energa y Vapor [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | 50.00% |
Consorcio Ermitano [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | 50.00% |
Consorcio para la Atencionn y Mantenimiento de Ductos [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | 50.00% |
Consorcio Lima Actividades Comerciales Sur [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | 50.00% |
Consorcio CDEM [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 85.00% | 85.00% | |
Consorcio Chicama Ascope [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | |
Consorcio TNT Vial y Vives - DSD Chile LTDA [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | |
Consorcio La Gloria [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 49.00% | 49.00% | 49.00% |
Consorcio GyM Sade Skanska [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | 50.00% |
Constructora Incolur DSD Limitada [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | 50.00% |
Consorcio Chiquintirca [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 40.00% | 40.00% | |
Consorcio Vial ICAPAL [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 10.00% | 10.00% | |
Consorcio Terminales [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | 50.00% |
Terminales del Peru [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | 50.00% |
Consorcio Cosapi-Data - GMD S.A. [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 70.00% | ||
Consorcio The Louis Berger Group Inc.-GMD [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 66.45% | ||
Consorcio Procesos digitales [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 43.65% | ||
Consorcio GMD S.A. - Indra S.A. [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | ||
Consorcio Fabrica de Software [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | ||
Consorcio Gestion de Procesos Electorales (ONPE) [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | ||
Consorcio Latino de Actividades Comerciales de Clientes Especiales [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | ||
Consorcio Latino de Actividades Comerciales [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 75.00% | ||
Consorcio Gestin de Procesos Junta de Gobernadores [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 45.00% | ||
Consorcio Soluciones Digitales [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 38.00% | ||
Consorcio de Gestion de la Informacin [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 56.00% | ||
Consorcio de la Disponibilidad PKI [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 70.00% | ||
Consorcio Ancon-Pativilca [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 67.00% | 67.00% | 67.00% |
Consorcio Peruano de Conservacion [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | 50.00% |
Consorcio Manperan [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 67.00% | 67.00% | 67.00% |
Consorcio Vial Sierra [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 100.00% | 50.00% | 50.00% |
Consorcio Vial Ayahuaylas [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 99.00% | 99.00% | |
Consorcio Vial Sullana [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 99.00% | 99.00% | |
Consorcio Vial del Sur [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 99.00% | 99.00% | |
Consorcio Panorama [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 35.00% | 35.00% | |
Consorcio Mecam [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | |
Consorcio Seringel [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 50.00% | 50.00% | |
Consorcio Poyry-GMI [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 40.00% | 40.00% | |
Consorcio Internacional Supervisin Valle Sagrado [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 33.00% | 33.00% | |
Consorcio Supervisor Ilo [member] | |||
Disclosure of joint operations [line items] | |||
Percentage of interest | 55.00% | 55.00% |
Segment Reporting- Additional I
Segment Reporting- Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of operating segments [line items] | |||
Number of External customer that represents 10% or more of the Group's revenue | 10.00% | ||
Foreign countries [member] | |||
Disclosure of operating segments [line items] | |||
Percentage of revenues derived from foreign operations | 14.20% | 10.60% | 13.20% |
Segment Reporting - Disclosure
Segment Reporting - Disclosure of Profit before Income Tax Reconciles to EBITDA (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of operating segments [abstract] | |||
(Loss)/profit before income tax | S/ 133,948 | S/ 45,112 | S/ (708,134) |
Discontinued operations | 36,785 | 210,431 | 104,354 |
Financial cost, net | 197,057 | 137,035 | 179,829 |
Depreciation | 86,335 | 109,342 | 118,832 |
Amortization | 103,174 | 70,383 | 64,572 |
EBITDA | S/ 557,299 | S/ 572,303 | S/ (240,546) |
Segment Reporting - Disclosur_2
Segment Reporting - Disclosure of Detailed Information about EBITDA for Each Segment (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Breakdown By Operating Segments [line items] | |||
EBITDA | S/ 557,299 | S/ 572,303 | S/ (240,546) |
Parent company operations [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
EBITDA | (27,802) | 125,938 | (1,025,197) |
Elimination of intersegment amounts [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
EBITDA | (86,634) | (151,843) | 406,546 |
Engineering and construction [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
EBITDA | 19,242 | 119,987 | 19,255 |
Infrastructure [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
EBITDA | 411,502 | 300,935 | 237,752 |
Real estate [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
EBITDA | S/ 240,991 | S/ 177,286 | S/ 121,420 |
Segment Reporting - Summary of
Segment Reporting - Summary of Breakdown by Operating Segments (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | S/ 3,899,462 | S/ 4,014,013 | S/ 4,137,309 |
Elimination of intersegment amounts [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | (636,882) | S/ (483,405) | S/ (447,924) |
Annual Backlog Two Thousand Eighteen [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 4,247,936 | ||
Annual Backlog Two Thousand Eighteen [member] | Engineering and construction [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 2,644,386 | ||
Annual Backlog Two Thousand Eighteen [member] | Infrastructure [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 1,759,849 | ||
Annual Backlog Two Thousand Eighteen [member] | Real estate [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 195,566 | ||
Annual Backlog Two Thousand Eighteen [member] | Elimination of intersegment amounts [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | (351,865) | ||
Annual Backlog Two Thousand Nineteen [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 2,240,772 | ||
Annual Backlog Two Thousand Nineteen [member] | Engineering and construction [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 1,755,890 | ||
Annual Backlog Two Thousand Nineteen [member] | Infrastructure [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 600,630 | ||
Annual Backlog Two Thousand Nineteen [member] | Elimination of intersegment amounts [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | (115,748) | ||
Annual Backlog Two Thousand Twenty [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 1,353,379 | ||
Annual Backlog Two Thousand Twenty [member] | Engineering and construction [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 725,351 | ||
Annual Backlog Two Thousand Twenty [member] | Infrastructure [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 570,114 | ||
Annual Backlog Two Thousand Twenty [member] | Real estate [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 177,135 | ||
Annual Backlog Two Thousand Twenty [member] | Elimination of intersegment amounts [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | (119,221) | ||
Annual Backlog Two Thousand Twenty One [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 653,787 | ||
Annual Backlog Two Thousand Twenty One [member] | Engineering and construction [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 163,145 | ||
Annual Backlog Two Thousand Twenty One [member] | Infrastructure [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 589,108 | ||
Annual Backlog Two Thousand Twenty One [member] | Real estate [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 18,431 | ||
Annual Backlog Two Thousand Twenty One [member] | Elimination of intersegment amounts [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | S/ (116,897) |
Segment Reporting - Disclosur_3
Segment Reporting - Disclosure of Detailed Information About Operating Segments Financial Position (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets.- | ||||
Cash and cash equivalent | S/ 801,140 | S/ 626,180 | S/ 606,950 | |
Financial asset at fair value through profit or loss | 181 | |||
Trade accounts receivables | 1,007,828 | 1,515,673 | ||
Work in progress | 28,538 | 61,804 | ||
Accounts receivable from related parties | 34,903 | 100,752 | ||
Other accounts receivable | 588,451 | 765,445 | ||
Inventories | 514,047 | 770,711 | ||
Prepaid expenses | 10,549 | 33,478 | ||
Current assets before non-current assets classified as held for sale | 2,985,456 | 3,874,224 | ||
Non-current assets classified as held for sale | 247,798 | 17,722 | ||
Total current assets | 3,233,254 | 3,891,946 | ||
Long-term trade accounts receivable | 1,020,067 | 907,587 | ||
Long-term work in progress | 32,212 | 28,413 | ||
Long-term accounts receivable from related parties | 778,226 | 773,930 | ||
Prepaid expenses | 33,697 | 38,082 | ||
Other long-term accounts receivable | 302,957 | 470,852 | ||
Investments in associates and joint ventures | 257,765 | 268,671 | ||
Investment property | 29,133 | 45,687 | ||
Property, plant and equipment | 470,554 | 865,735 | 1,113,599 | S/ 1,111,757 |
Intangible assets | 847,095 | 940,070 | 960,286 | S/ 878,286 |
Deferred income tax asset | 425,436 | 436,697 | ||
Total non-current assets | 4,197,142 | 4,775,724 | S/ 4,717,976 | |
Total assets | 7,430,396 | 8,667,670 | ||
LIABILITIES AND EQUITY | ||||
Borrowings | 826,474 | 1,056,764 | ||
Bonds | 39,167 | 36,655 | ||
Trade accounts payable | 1,079,531 | 1,453,046 | ||
Accounts payable to related parties | 55,941 | 55,174 | ||
Current income tax | 25,807 | 85,543 | ||
Other accounts payable | 632,669 | 848,500 | ||
Provisions | 6,197 | 13,503 | ||
Non-current liabilities classified as held for sale | 225,828 | |||
Total current liabilities | 2,891,614 | 3,549,185 | ||
Borrowings | 376,198 | 633,299 | ||
Long-term bonds | 897,875 | 910,912 | ||
Other long-term accounts payable | 574,110 | 852,473 | ||
Long-term accounts payable to related parties | 21,849 | 25,954 | ||
Provisions | 103,411 | 33,914 | ||
Derivative financial instruments | 61 | 383 | ||
Deferred income tax liability | 75,347 | 72,472 | ||
Total non-current liabilities | 2,048,851 | 2,529,407 | ||
Total liabilities | 4,940,465 | 6,078,592 | ||
Equity attributable to controlling interest in the Company | 2,088,360 | 2,123,330 | ||
Non-controllinginterest | 401,571 | 465,748 | ||
Total liabilities and equity | 7,430,396 | 8,667,670 | ||
Parent company operations [member] | ||||
Assets.- | ||||
Cash and cash equivalent | 129,269 | 25,536 | ||
Trade accounts receivables | 1,068 | 274,522 | ||
Work in progress | 3,576 | 6,030 | ||
Accounts receivable from related parties | 98,308 | 76,006 | ||
Other accounts receivable | 49,160 | 51,269 | ||
Inventories | 45,702 | |||
Prepaid expenses | 1,221 | 14,794 | ||
Current assets before non-current assets classified as held for sale | 282,602 | 493,859 | ||
Non-current assets classified as held for sale | 247,798 | |||
Total current assets | 530,400 | 493,859 | ||
Long-term trade accounts receivable | 39,852 | |||
Long-term accounts receivable from related parties | 744,655 | 637,415 | ||
Other long-term accounts receivable | 52,645 | 58,408 | ||
Investments in associates and joint ventures | 2,213,023 | 2,216,343 | ||
Property, plant and equipment | 69,088 | 171,563 | ||
Intangible assets | 23,514 | 71,363 | ||
Deferred income tax asset | 218,201 | 238,560 | ||
Total non-current assets | 3,321,126 | 3,433,504 | ||
Total assets | 3,851,526 | 3,927,363 | ||
LIABILITIES AND EQUITY | ||||
Borrowings | 209,492 | 253,233 | ||
Trade accounts payable | 55,968 | 225,966 | ||
Accounts payable to related parties | 91,754 | 102,976 | ||
Current income tax | 1,381 | 8,300 | ||
Other accounts payable | 38,209 | 183,895 | ||
Provisions | 1,597 | |||
Non-current liabilities classified as held for sale | 225,828 | |||
Total current liabilities | 622,632 | 775,967 | ||
Borrowings | 268,478 | 390,022 | ||
Other long-term accounts payable | 2,605 | 38,878 | ||
Long-term accounts payable to related parties | 183,826 | 62,841 | ||
Provisions | 51,055 | 8,620 | ||
Deferred income tax liability | 1,054 | 7,277 | ||
Total non-current liabilities | 507,018 | 507,638 | ||
Total liabilities | 1,129,650 | 1,283,605 | ||
Equity attributable to controlling interest in the Company | 2,708,803 | 2,629,428 | ||
Non-controllinginterest | 13,073 | 14,330 | ||
Total liabilities and equity | 3,851,526 | 3,927,363 | ||
Elimination of intersegment amounts [member] | ||||
Assets.- | ||||
Trade accounts receivables | 2,204 | |||
Accounts receivable from related parties | (379,747) | (352,438) | ||
Other accounts receivable | 2 | |||
Inventories | (15,444) | (8,607) | ||
Current assets before non-current assets classified as held for sale | (395,189) | (358,841) | ||
Total current assets | (395,189) | (358,841) | ||
Long-term accounts receivable from related parties | (260,430) | (149,624) | ||
Prepaid expenses | (509) | (510) | ||
Other long-term accounts receivable | (2) | |||
Investments in associates and joint ventures | (2,082,768) | (2,066,530) | ||
Property, plant and equipment | (1,159) | (17,587) | ||
Intangible assets | 11,872 | 11,260 | ||
Deferred income tax asset | 5,963 | 6,030 | ||
Total non-current assets | (2,327,033) | (2,216,961) | ||
Total assets | (2,722,222) | (2,575,802) | ||
LIABILITIES AND EQUITY | ||||
Trade accounts payable | (940) | |||
Accounts payable to related parties | (363,595) | (347,772) | ||
Other accounts payable | 1 | |||
Total current liabilities | (363,595) | (348,711) | ||
Long-term accounts payable to related parties | (276,676) | (154,497) | ||
Total non-current liabilities | (276,676) | (154,497) | ||
Total liabilities | (640,271) | (503,208) | ||
Equity attributable to controlling interest in the Company | (1,973,387) | (1,940,842) | ||
Non-controllinginterest | (108,564) | (131,752) | ||
Total liabilities and equity | (2,722,222) | (2,575,802) | ||
Operating segments [member] | Engineering and construction [member] | ||||
Assets.- | ||||
Cash and cash equivalent | 177,455 | 184,401 | ||
Financial asset at fair value through profit or loss | 181 | |||
Trade accounts receivables | 583,842 | 891,252 | ||
Work in progress | 24,962 | 55,774 | ||
Accounts receivable from related parties | 203,583 | 230,607 | ||
Other accounts receivable | 386,467 | 518,123 | ||
Inventories | 27,852 | 46,499 | ||
Prepaid expenses | 3,825 | 4,470 | ||
Current assets before non-current assets classified as held for sale | 1,407,986 | 1,931,307 | ||
Non-current assets classified as held for sale | 17,722 | |||
Total current assets | 1,407,986 | 1,949,029 | ||
Long-term trade accounts receivable | 14,455 | 58,997 | ||
Long-term accounts receivable from related parties | 254,660 | 258,479 | ||
Other long-term accounts receivable | 77,028 | 75,030 | ||
Investments in associates and joint ventures | 114,676 | 111,513 | ||
Property, plant and equipment | 205,678 | 509,700 | ||
Intangible assets | 160,088 | 203,390 | ||
Deferred income tax asset | 166,624 | 165,227 | ||
Total non-current assets | 993,209 | 1,382,336 | ||
Total assets | 2,401,195 | 3,331,365 | ||
LIABILITIES AND EQUITY | ||||
Borrowings | 232,409 | 591,987 | ||
Trade accounts payable | 777,130 | 955,015 | ||
Accounts payable to related parties | 179,351 | 114,198 | ||
Current income tax | 5,898 | 29,379 | ||
Other accounts payable | 389,896 | 492,362 | ||
Provisions | 521 | 6,682 | ||
Total current liabilities | 1,585,205 | 2,189,623 | ||
Borrowings | 9,314 | 127,773 | ||
Other long-term accounts payable | 357,146 | 379,043 | ||
Long-term accounts payable to related parties | 8,880 | 4,306 | ||
Provisions | 32,122 | 8,587 | ||
Deferred income tax liability | 5,564 | 26,633 | ||
Total non-current liabilities | 413,026 | 546,342 | ||
Total liabilities | 1,998,231 | 2,735,965 | ||
Equity attributable to controlling interest in the Company | 331,178 | 487,923 | ||
Non-controllinginterest | 71,786 | 107,477 | ||
Total liabilities and equity | 2,401,195 | 3,331,365 | ||
Operating segments [member] | Energy infrastructure [member] | ||||
Assets.- | ||||
Cash and cash equivalent | 34,816 | 43,878 | ||
Trade accounts receivables | 54,350 | 64,364 | ||
Accounts receivable from related parties | 492 | 2,746 | ||
Other accounts receivable | 37,611 | 55,959 | ||
Inventories | 18,823 | 15,093 | ||
Prepaid expenses | 1,345 | 1,168 | ||
Current assets before non-current assets classified as held for sale | 147,437 | 183,208 | ||
Total current assets | 147,437 | 183,208 | ||
Other long-term accounts receivable | 63,797 | 53,917 | ||
Investments in associates and joint ventures | 7,230 | 7,344 | ||
Property, plant and equipment | 171,430 | 171,226 | ||
Intangible assets | 183,614 | 160,288 | ||
Deferred income tax asset | 5,025 | 5,507 | ||
Total non-current assets | 431,096 | 398,282 | ||
Total assets | 578,533 | 581,490 | ||
LIABILITIES AND EQUITY | ||||
Borrowings | 26,621 | 46,924 | ||
Trade accounts payable | 49,254 | 62,659 | ||
Accounts payable to related parties | 1,933 | 3,664 | ||
Current income tax | 2,797 | 1,282 | ||
Other accounts payable | 13,147 | 12,487 | ||
Provisions | 5,412 | 5,204 | ||
Total current liabilities | 99,164 | 132,220 | ||
Borrowings | 87,166 | 101,549 | ||
Provisions | 20,234 | 16,707 | ||
Derivative financial instruments | 61 | 383 | ||
Deferred income tax liability | 24,541 | 8,957 | ||
Total non-current liabilities | 132,002 | 127,596 | ||
Total liabilities | 231,166 | 259,816 | ||
Equity attributable to controlling interest in the Company | 323,943 | 299,411 | ||
Non-controllinginterest | 23,424 | 22,263 | ||
Total liabilities and equity | 578,533 | 581,490 | ||
Operating segments [member] | Toll roads infrastructure [member] | ||||
Assets.- | ||||
Cash and cash equivalent | 168,460 | 121,901 | ||
Trade accounts receivables | 78,013 | 128,124 | ||
Accounts receivable from related parties | 40,820 | 62,525 | ||
Other accounts receivable | 28,492 | 66,765 | ||
Inventories | 9,206 | 8,685 | ||
Prepaid expenses | 3,068 | 2,354 | ||
Current assets before non-current assets classified as held for sale | 328,059 | 390,354 | ||
Total current assets | 328,059 | 390,354 | ||
Long-term trade accounts receivable | 33,380 | 14,747 | ||
Long-term work in progress | 32,212 | 28,413 | ||
Long-term accounts receivable from related parties | 39,341 | 27,660 | ||
Prepaid expenses | 28,214 | 24,585 | ||
Other long-term accounts receivable | 7,058 | 11,159 | ||
Property, plant and equipment | 14,585 | 18,572 | ||
Intangible assets | 466,153 | 492,424 | ||
Deferred income tax asset | 11,876 | 11,057 | ||
Total non-current assets | 632,819 | 628,617 | ||
Total assets | 960,878 | 1,018,971 | ||
LIABILITIES AND EQUITY | ||||
Borrowings | 15,384 | 2,589 | ||
Bonds | 25,745 | 24,361 | ||
Trade accounts payable | 61,233 | 85,329 | ||
Accounts payable to related parties | 46,099 | 60,857 | ||
Current income tax | 1,398 | 1,122 | ||
Other accounts payable | 72,823 | 68,994 | ||
Total current liabilities | 222,682 | 243,252 | ||
Borrowings | 556 | 1,945 | ||
Long-term bonds | 299,637 | 319,549 | ||
Other long-term accounts payable | 31,477 | 52,349 | ||
Long-term accounts payable to related parties | 1,167 | 836 | ||
Deferred income tax liability | 7,010 | 8,606 | ||
Total non-current liabilities | 339,847 | 383,285 | ||
Total liabilities | 562,529 | 626,537 | ||
Equity attributable to controlling interest in the Company | 332,406 | 323,987 | ||
Non-controllinginterest | 65,943 | 68,447 | ||
Total liabilities and equity | 960,878 | 1,018,971 | ||
Operating segments [member] | Transportation infrastructure [member] | ||||
Assets.- | ||||
Cash and cash equivalent | 191,178 | 161,073 | ||
Trade accounts receivables | 226,919 | 108,706 | ||
Accounts receivable from related parties | 758 | 3,072 | ||
Other accounts receivable | 31,012 | 31,381 | ||
Inventories | 25,282 | 19,457 | ||
Prepaid expenses | 874 | 10,312 | ||
Current assets before non-current assets classified as held for sale | 476,023 | 334,001 | ||
Total current assets | 476,023 | 334,001 | ||
Long-term trade accounts receivable | 966,202 | 793,991 | ||
Prepaid expenses | 5,152 | 13,115 | ||
Other long-term accounts receivable | 64,817 | 255,179 | ||
Property, plant and equipment | 1,586 | 580 | ||
Intangible assets | 749 | 323 | ||
Total non-current assets | 1,038,506 | 1,063,188 | ||
Total assets | 1,514,529 | 1,397,189 | ||
LIABILITIES AND EQUITY | ||||
Borrowings | 209,463 | |||
Bonds | 13,422 | 12,294 | ||
Trade accounts payable | 104,652 | 81,161 | ||
Accounts payable to related parties | 65,256 | 83,841 | ||
Current income tax | 9,888 | |||
Other accounts payable | 11,677 | 27,058 | ||
Total current liabilities | 414,358 | 204,354 | ||
Long-term bonds | 598,238 | 591,363 | ||
Other long-term accounts payable | 154,756 | 349,987 | ||
Long-term accounts payable to related parties | 81,207 | 89,023 | ||
Deferred income tax liability | 37,178 | 20,789 | ||
Total non-current liabilities | 871,379 | 1,051,162 | ||
Total liabilities | 1,285,737 | 1,255,516 | ||
Equity attributable to controlling interest in the Company | 171,594 | 106,256 | ||
Non-controllinginterest | 57,198 | 35,417 | ||
Total liabilities and equity | 1,514,529 | 1,397,189 | ||
Operating segments [member] | Water treatment infrastructure [member] | ||||
Assets.- | ||||
Cash and cash equivalent | 6,700 | 4,204 | ||
Trade accounts receivables | 598 | 604 | ||
Accounts receivable from related parties | 9,930 | 8,852 | ||
Other accounts receivable | 199 | 1,922 | ||
Prepaid expenses | 135 | 164 | ||
Current assets before non-current assets classified as held for sale | 17,562 | 15,746 | ||
Total current assets | 17,562 | 15,746 | ||
Prepaid expenses | 840 | 892 | ||
Other long-term accounts receivable | 7,346 | 7,348 | ||
Property, plant and equipment | 109 | 60 | ||
Deferred income tax asset | 620 | |||
Total non-current assets | 8,915 | 8,300 | ||
Total assets | 26,477 | 24,046 | ||
LIABILITIES AND EQUITY | ||||
Trade accounts payable | 121 | 132 | ||
Accounts payable to related parties | 58 | 14 | ||
Current income tax | 226 | 161 | ||
Other accounts payable | 631 | 49 | ||
Total current liabilities | 1,036 | 356 | ||
Other long-term accounts payable | 1,656 | 158 | ||
Long-term accounts payable to related parties | 23,445 | 23,445 | ||
Deferred income tax liability | 210 | |||
Total non-current liabilities | 25,101 | 23,813 | ||
Total liabilities | 26,137 | 24,169 | ||
Equity attributable to controlling interest in the Company | 340 | (123) | ||
Total liabilities and equity | 26,477 | 24,046 | ||
Operating segments [member] | Real estate [member] | ||||
Assets.- | ||||
Cash and cash equivalent | 93,262 | 85,187 | ||
Trade accounts receivables | 63,038 | 45,897 | ||
Accounts receivable from related parties | 60,759 | 69,382 | ||
Other accounts receivable | 55,508 | 40,026 | ||
Inventories | 448,328 | 643,882 | ||
Prepaid expenses | 81 | 216 | ||
Current assets before non-current assets classified as held for sale | 720,976 | 884,590 | ||
Total current assets | 720,976 | 884,590 | ||
Long-term trade accounts receivable | 6,030 | |||
Other long-term accounts receivable | 30,268 | 9,811 | ||
Investments in associates and joint ventures | 5,604 | 1 | ||
Investment property | 29,133 | 45,687 | ||
Property, plant and equipment | 9,237 | 11,621 | ||
Intangible assets | 1,105 | 1,022 | ||
Deferred income tax asset | 17,127 | 10,316 | ||
Total non-current assets | 98,504 | 78,458 | ||
Total assets | 819,480 | 963,048 | ||
LIABILITIES AND EQUITY | ||||
Borrowings | 133,105 | 162,031 | ||
Trade accounts payable | 31,173 | 43,724 | ||
Accounts payable to related parties | 35,085 | 37,396 | ||
Current income tax | 4,219 | 45,299 | ||
Other accounts payable | 106,286 | 63,654 | ||
Provisions | 264 | 20 | ||
Total current liabilities | 310,132 | 352,124 | ||
Borrowings | 10,684 | 12,010 | ||
Other long-term accounts payable | 26,470 | 32,058 | ||
Total non-current liabilities | 37,154 | 44,068 | ||
Total liabilities | 347,286 | 396,192 | ||
Equity attributable to controlling interest in the Company | 193,483 | 217,290 | ||
Non-controllinginterest | 278,711 | 349,566 | ||
Total liabilities and equity | S/ 819,480 | S/ 963,048 |
Segment Reporting - Disclosur_4
Segment Reporting - Disclosure of Detailed Information About Operating Segment Performance (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about operating segment performance [line items] | |||
Revenue | S/ 3,899,462 | S/ 4,014,013 | S/ 4,137,309 |
Gross profit (loss) | 674,489 | 502,452 | 316,089 |
Administrative expenses | (278,433) | (322,454) | (278,303) |
Other income and expenses | (61,335) | (32,869) | (22,360) |
Gain from the sale of investments | (7) | 34,545 | 46,336 |
Operating (loss) profit | 334,714 | 181,674 | 61,762 |
Financial expenses | (247,982) | (150,777) | (198,055) |
Financial income | 50,925 | 13,742 | 18,225 |
Share of the profit or loss in associates and joint ventures | (3,709) | 473 | (590,066) |
(Loss) profit before income tax | 133,948 | 45,112 | (708,134) |
Income tax | (113,318) | (46,305) | 152,182 |
(Loss) profit from continuing operations | 20,630 | (1,193) | (555,952) |
Profit from discontinued operations | 36,785 | 210,431 | 104,354 |
(Loss) profit for the period | 57,415 | 209,238 | (451,598) |
(Loss) profit attributable to: | |||
Owners of the Company | (83,188) | 148,738 | (509,699) |
Non-controlling interest | 140,603 | 60,500 | 58,101 |
Profit (loss) for the period | 57,415 | 209,238 | (451,598) |
Parent company operations [member] | |||
Disclosure of detailed information about operating segment performance [line items] | |||
Revenue | 62,098 | 70,050 | 62,070 |
Gross profit (loss) | (10,564) | (37,771) | (171) |
Administrative expenses | (62,891) | (100,968) | (35,967) |
Other income and expenses | (47,778) | 10,512 | (5,842) |
Gain from the sale of investments | (18,672) | 46,336 | |
Operating (loss) profit | (121,233) | (146,899) | 4,356 |
Financial expenses | (121,938) | (81,310) | (116,554) |
Financial income | 38,614 | 35,431 | 20,924 |
Dividends | 8,344 | ||
Share of the profit or loss in associates and joint ventures | 84,138 | 142,595 | (1,036,888) |
(Loss) profit before income tax | (112,075) | (50,183) | (1,128,162) |
Income tax | 22,866 | 44,032 | 192,131 |
(Loss) profit from continuing operations | (89,209) | (6,151) | (936,031) |
Profit from discontinued operations | (3,708) | 123,603 | 1,423 |
(Loss) profit for the period | (92,917) | 117,452 | (934,608) |
(Loss) profit attributable to: | |||
Owners of the Company | (85,715) | 125,182 | (932,961) |
Non-controlling interest | (7,202) | (7,730) | (1,647) |
Profit (loss) for the period | (92,917) | 117,452 | (934,608) |
Elimination of intersegment amounts [member] | |||
Disclosure of detailed information about operating segment performance [line items] | |||
Revenue | (636,882) | (483,405) | (447,924) |
Gross profit (loss) | (15,612) | (43,795) | (91,885) |
Administrative expenses | 40,080 | 51,768 | 64,223 |
Other income and expenses | 660 | 560 | (3,920) |
Gain from the sale of investments | 4,215 | ||
Operating (loss) profit | 25,128 | 12,748 | (31,582) |
Financial expenses | 36,514 | 27,471 | 14,731 |
Financial income | (54,138) | (42,603) | (26,891) |
Dividends | (8,344) | ||
Share of the profit or loss in associates and joint ventures | (100,811) | (175,144) | 421,852 |
(Loss) profit before income tax | (101,651) | (177,528) | 378,110 |
Income tax | (832) | (101) | 7,232 |
(Loss) profit from continuing operations | (102,483) | (177,629) | 385,342 |
Profit from discontinued operations | (3,603) | 9,991 | 15,692 |
(Loss) profit for the period | (106,086) | (167,638) | 401,034 |
(Loss) profit attributable to: | |||
Owners of the Company | (91,810) | (140,992) | 414,423 |
Non-controlling interest | (14,276) | (26,646) | (13,389) |
Profit (loss) for the period | (106,086) | (167,638) | 401,034 |
Operating segments [member] | Engineering and construction [member] | |||
Disclosure of detailed information about operating segment performance [line items] | |||
Revenue | 1,960,863 | 2,331,907 | 2,936,831 |
Gross profit (loss) | 62,095 | 176,473 | 60,191 |
Administrative expenses | (136,066) | (188,162) | (212,048) |
Other income and expenses | (13,509) | (46,445) | (14,246) |
Gain from the sale of investments | (7) | ||
Operating (loss) profit | (87,487) | (58,134) | (166,103) |
Financial expenses | (82,861) | (46,655) | (60,806) |
Financial income | 15,122 | 8,491 | 9,987 |
Share of the profit or loss in associates and joint ventures | 11,366 | 30,982 | 16,505 |
(Loss) profit before income tax | (143,860) | (65,316) | (200,417) |
Income tax | 14,361 | 877 | 19,731 |
(Loss) profit from continuing operations | (129,499) | (64,439) | (180,686) |
Profit from discontinued operations | 44,096 | 76,837 | 87,239 |
(Loss) profit for the period | (85,403) | 12,398 | (93,447) |
(Loss) profit attributable to: | |||
Owners of the Company | (86,857) | 12,078 | (87,710) |
Non-controlling interest | 1,454 | 320 | (5,737) |
Profit (loss) for the period | (85,403) | 12,398 | (93,447) |
Operating segments [member] | Energy infrastructure [member] | |||
Disclosure of detailed information about operating segment performance [line items] | |||
Revenue | 560,506 | 436,876 | 382,211 |
Gross profit (loss) | 120,360 | 71,825 | 42,129 |
Administrative expenses | (20,898) | (15,854) | (17,260) |
Other income and expenses | 1,243 | 5,138 | 542 |
Operating (loss) profit | 100,705 | 61,109 | 25,411 |
Financial expenses | (15,631) | (13,423) | (10,801) |
Financial income | 4,593 | 1,965 | 1,040 |
Share of the profit or loss in associates and joint ventures | 1,608 | 1,584 | 1,615 |
(Loss) profit before income tax | 91,275 | 51,235 | 17,265 |
Income tax | (26,275) | (13,151) | (5,308) |
(Loss) profit from continuing operations | 65,000 | 38,084 | 11,957 |
(Loss) profit for the period | 65,000 | 38,084 | 11,957 |
(Loss) profit attributable to: | |||
Owners of the Company | 59,866 | 33,714 | 9,369 |
Non-controlling interest | 5,134 | 4,370 | 2,588 |
Profit (loss) for the period | 65,000 | 38,084 | 11,957 |
Operating segments [member] | Toll roads infrastructure [member] | |||
Disclosure of detailed information about operating segment performance [line items] | |||
Revenue | 733,148 | 642,127 | 527,104 |
Gross profit (loss) | 107,092 | 139,196 | 121,114 |
Administrative expenses | (35,626) | (32,453) | (35,084) |
Other income and expenses | (11) | 1,061 | 262 |
Operating (loss) profit | 71,455 | 107,804 | 86,292 |
Financial expenses | (28,762) | (6,892) | (7,390) |
Financial income | 4,631 | 3,257 | 2,225 |
(Loss) profit before income tax | 47,324 | 104,169 | 81,127 |
Income tax | (15,737) | (32,290) | (22,213) |
(Loss) profit from continuing operations | 31,587 | 71,879 | 58,914 |
(Loss) profit for the period | 31,587 | 71,879 | 58,914 |
(Loss) profit attributable to: | |||
Owners of the Company | 26,731 | 55,620 | 43,656 |
Non-controlling interest | 4,856 | 16,259 | 15,258 |
Profit (loss) for the period | 31,587 | 71,879 | 58,914 |
Operating segments [member] | Transportation infrastructure [member] | |||
Disclosure of detailed information about operating segment performance [line items] | |||
Revenue | 586,329 | 365,771 | |
Gross profit (loss) | 122,567 | 48,696 | |
Administrative expenses | (12,007) | (15,279) | |
Other income and expenses | 31 | 5 | |
Operating (loss) profit | 110,591 | 33,422 | |
Financial expenses | (20,604) | (8,000) | |
Financial income | 35,147 | 3,606 | |
(Loss) profit before income tax | 125,134 | 29,028 | |
Income tax | (38,018) | (9,544) | |
(Loss) profit from continuing operations | 87,116 | 19,484 | |
(Loss) profit for the period | 87,116 | 19,484 | |
(Loss) profit attributable to: | |||
Owners of the Company | 65,337 | 14,613 | |
Non-controlling interest | 21,779 | 4,871 | |
Profit (loss) for the period | 87,116 | 19,484 | |
Operating segments [member] | Water treatment infrastructure [member] | |||
Disclosure of detailed information about operating segment performance [line items] | |||
Revenue | 3,270 | 3,152 | 18,459 |
Gross profit (loss) | 592 | 445 | 5,698 |
Administrative expenses | (295) | (317) | (787) |
Operating (loss) profit | 297 | 128 | 4,911 |
Financial expenses | (50) | (37) | |
Financial income | 559 | 26 | 86 |
(Loss) profit before income tax | 856 | 104 | 4,960 |
Income tax | (517) | (228) | (1,433) |
(Loss) profit from continuing operations | 339 | (124) | 3,527 |
(Loss) profit for the period | 339 | (124) | 3,527 |
(Loss) profit attributable to: | |||
Owners of the Company | 339 | (124) | 3,527 |
Profit (loss) for the period | 339 | (124) | 3,527 |
Operating segments [member] | Real estate [member] | |||
Disclosure of detailed information about operating segment performance [line items] | |||
Revenue | 630,130 | 647,535 | 411,518 |
Gross profit (loss) | 287,959 | 147,383 | 136,539 |
Administrative expenses | (50,730) | (21,189) | (28,429) |
Other income and expenses | (1,971) | (3,700) | 835 |
Gain from the sale of investments | 49,002 | ||
Operating (loss) profit | 235,258 | 171,496 | 108,945 |
Financial expenses | (14,700) | (21,918) | (14,388) |
Financial income | 6,397 | 3,569 | 2,817 |
Share of the profit or loss in associates and joint ventures | (10) | 456 | 6,850 |
(Loss) profit before income tax | 226,945 | 153,603 | 104,224 |
Income tax | (69,166) | (35,900) | (27,054) |
(Loss) profit from continuing operations | 157,779 | 117,703 | 77,170 |
(Loss) profit for the period | 157,779 | 117,703 | 77,170 |
(Loss) profit attributable to: | |||
Owners of the Company | 28,921 | 48,647 | 22,105 |
Non-controlling interest | 128,858 | 69,056 | 55,065 |
Profit (loss) for the period | S/ 157,779 | S/ 117,703 | 77,170 |
Operating segments [member] | Electric train infrastructure [member] | |||
Disclosure of detailed information about operating segment performance [line items] | |||
Revenue | 247,040 | ||
Gross profit (loss) | 42,474 | ||
Administrative expenses | (12,951) | ||
Other income and expenses | 9 | ||
Operating (loss) profit | 29,532 | ||
Financial expenses | (2,810) | ||
Financial income | 8,037 | ||
(Loss) profit before income tax | 34,759 | ||
Income tax | (10,904) | ||
(Loss) profit from continuing operations | 23,855 | ||
(Loss) profit for the period | 23,855 | ||
(Loss) profit attributable to: | |||
Owners of the Company | 17,892 | ||
Non-controlling interest | 5,963 | ||
Profit (loss) for the period | S/ 23,855 |
Segment Reporting - Disclosur_5
Segment Reporting - Disclosure of Detailed Information About Segments by Geographical Area (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of geographical areas [line items] | |||
Revenue | S/ 3,899,462 | S/ 4,014,013 | S/ 4,137,309 |
Non-current assets | 4,197,142 | 4,775,724 | 4,717,976 |
Peru (member) | |||
Disclosure of geographical areas [line items] | |||
Revenue | 3,347,540 | 3,589,048 | 3,590,772 |
Non-current assets | 3,896,920 | 4,164,342 | 3,995,453 |
Chile (member) | |||
Disclosure of geographical areas [line items] | |||
Revenue | 226,891 | 371,986 | 163,990 |
Non-current assets | 142,383 | 407,152 | 446,998 |
Colombia (member) | |||
Disclosure of geographical areas [line items] | |||
Revenue | 325,031 | 50,829 | 363,311 |
Non-current assets | S/ 157,839 | 203,203 | 260,732 |
Guyana [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 717 | ||
Non-current assets | 878 | 862 | |
Ecuador [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 3,682 | ||
Non-current assets | 888 | ||
Bolivia (member) | |||
Disclosure of geographical areas [line items] | |||
Revenue | 2,150 | 14,837 | |
Non-current assets | S/ 149 | S/ 13,043 |
Financial Instruments - Summary
Financial Instruments - Summary of Financial Assets and Liabilities by Category (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about financial instruments [line items] | |||
Cash and cash equivalents | S/ 801,140 | S/ 626,180 | S/ 606,950 |
Accounts receivable from related parties | 34,903 | 100,752 | |
Bonds | 937,042 | 947,567 | |
Financial liabilities | 2,139,714 | 2,637,630 | |
Financial liabilities at amortised cost, category [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities | 1,169,184 | 1,561,754 | |
Finance leases | 33,488 | 128,309 | |
Bonds | 937,042 | 947,567 | |
Trade and other accounts payable (excluding non-financial liabilities) | 1,552,741 | 2,054,217 | |
Accounts payable to related parties | 77,790 | 81,128 | |
Financial liabilities | 3,770,245 | 4,772,975 | |
Financial liabilities hedging derivatives [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities | 61 | 383 | |
Loans and receivables, category [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cash and cash equivalents | 801,140 | 626,180 | |
Trade accounts receivable and other accounts receivable (excluding financial assets) | 1,302,358 | 2,029,575 | |
Work in progress | 60,750 | 90,217 | |
Financial assets related to concession agreements | 1,227,994 | 952,780 | |
Accounts receivable from related parties | 813,129 | 874,682 | |
Available-for-sale financial asset | S/ 4,205,371 | 4,573,434 | |
Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Available-for-sale financial asset | 181 | ||
Other financial asset | 181 | ||
Total | S/ 181 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Credit Quality of Financial Assets (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial assets [line items] | |||
Cash and cash equivalents | S/ 801,140 | S/ 626,180 | S/ 606,950 |
Financial assets neither past due nor impaired [member] | |||
Disclosure of financial assets [line items] | |||
Cash and cash equivalents | 796,197 | 606,914 | |
Financial assets neither past due nor impaired [member] | Banco de Crdito del Per [member] | A + [member] | |||
Disclosure of financial assets [line items] | |||
Cash and cash equivalents | 350,403 | 224,834 | |
Financial assets neither past due nor impaired [member] | Banco Continental [member] | A + [member] | |||
Disclosure of financial assets [line items] | |||
Cash and cash equivalents | 114,067 | 100,882 | |
Financial assets neither past due nor impaired [member] | Banco Scotiabank [member] | A + [member] | |||
Disclosure of financial assets [line items] | |||
Cash and cash equivalents | 73,039 | 71,608 | |
Financial assets neither past due nor impaired [member] | Citibank [member] | A- [member] | |||
Disclosure of financial assets [line items] | |||
Cash and cash equivalents | 134,990 | 110,846 | |
Financial assets neither past due nor impaired [member] | Banco de la Nacion [member] | A- [member] | |||
Disclosure of financial assets [line items] | |||
Cash and cash equivalents | 23,766 | 17,776 | |
Financial assets neither past due nor impaired [member] | Banco Santander-Peru [member] | A- [member] | |||
Disclosure of financial assets [line items] | |||
Cash and cash equivalents | 12,221 | ||
Financial assets neither past due nor impaired [member] | Banco Interbank [member] | A- [member] | |||
Disclosure of financial assets [line items] | |||
Cash and cash equivalents | 14,075 | 14,937 | |
Financial assets neither past due nor impaired [member] | Banco de Chile [member] | AAA [member] | |||
Disclosure of financial assets [line items] | |||
Cash and cash equivalents | 49 | 4,337 | |
Financial assets neither past due nor impaired [member] | Banco Interamericano de Finanzas [member] | A- [member] | |||
Disclosure of financial assets [line items] | |||
Cash and cash equivalents | 126 | 5,551 | |
Financial assets neither past due nor impaired [member] | Banco Bogota [member] | A- [member] | |||
Disclosure of financial assets [line items] | |||
Cash and cash equivalents | 16,782 | 25,609 | |
Financial assets neither past due nor impaired [member] | Banco Santander Chile [member] | AAA [member] | |||
Disclosure of financial assets [line items] | |||
Cash and cash equivalents | 3,325 | 22,041 | |
Financial assets neither past due nor impaired [member] | Banco de Crdito e Inversiones-Chile [member] | AA + [member] | |||
Disclosure of financial assets [line items] | |||
Cash and cash equivalents | 5,909 | 1,105 | |
Financial assets neither past due nor impaired [member] | Banco Scotiabank de Guyana [member] | A- [member] | |||
Disclosure of financial assets [line items] | |||
Cash and cash equivalents | 121 | ||
Financial assets neither past due nor impaired [member] | Others [member] | |||
Disclosure of financial assets [line items] | |||
Cash and cash equivalents | 8,273 | S/ 7,388 | |
Financial assets neither past due nor impaired [member] | Fondo de Inversion Alianza [member] | |||
Disclosure of financial assets [line items] | |||
Cash and cash equivalents | S/ 39,051 |
Financial Instruments - Summa_3
Financial Instruments - Summary of Credit Quality of Customers (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Trade receivables [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | S/ 2,088,645 | S/ 2,513,477 |
Trade receivables [member] | New customers/related parties (less than 6 months) [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 140,594 | 6,042 |
Trade receivables [member] | Existing customers/related parties (with more than 6 months of trade relationship) with no previous default history [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 1,762,557 | 2,313,187 |
Trade receivables [member] | Existing customers/related parties (with more than 6 months of trade relationship) with previous default history [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 185,494 | 194,248 |
Receivable from related parties [member] | Existing customers/related parties (with more than 6 months of trade relationship) with no previous default history [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | S/ 813,129 | S/ 874,682 |
Cash and Cash Equivalent- Summa
Cash and Cash Equivalent- Summary of Cash and Cash Equivalents (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Cash And Cash Equivalents [abstract] | |||
Cash on hand | S/ 1,377 | S/ 16,468 | |
Cash in-transit | 3,566 | 2,798 | |
Bank accounts | 647,832 | 493,666 | |
Time deposits | 148,365 | 113,248 | |
Total | S/ 801,140 | S/ 626,180 | S/ 606,950 |
Cash and Cash Equivalent- Sum_2
Cash and Cash Equivalent- Summary of Cash and Cash Equivalents (Parenthetical) (Detail) - PEN (S/) S/ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of cash and cash equivalents [line items] | ||
Time deposit maturity period | 90 days | |
GyM Ferrovias SA. [member] | ||
Disclosure of cash and cash equivalents [line items] | ||
Reserve fund for bond payments | S/ 133 | S/ 108 |
Norvial S.A. [member] | ||
Disclosure of cash and cash equivalents [line items] | ||
Reserve fund for bond payments | S/ 13 | S/ 16 |
Bottom of range [member] | ||
Disclosure of cash and cash equivalents [line items] | ||
Time deposit interest rate | 2.50% | |
Top of range [member] | ||
Disclosure of cash and cash equivalents [line items] | ||
Time deposit interest rate | 3.50% |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Time Deposits from Subsidiaries (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Time Deposits [line items] | ||
Time deposits | S/ 148,365 | S/ 113,248 |
Graa y Montero S.A.A. [member] | ||
Time Deposits [line items] | ||
Time deposits | 110,281 | |
GyM Ferrovias SA. [member] | ||
Time Deposits [line items] | ||
Time deposits | 32,000 | 36,757 |
GyM S A [member] | ||
Time Deposits [line items] | ||
Time deposits | 1,906 | 30,497 |
Concesionaria la Chira S.A. [member] | ||
Time Deposits [line items] | ||
Time deposits | 4,170 | |
GMP S.A. [member] | ||
Time Deposits [line items] | ||
Time deposits | 7 | 3,238 |
Viva GyM SA [member] | ||
Time Deposits [line items] | ||
Time deposits | S/ 1 | 17,879 |
CONCARSA [member] | ||
Time Deposits [line items] | ||
Time deposits | 13,611 | |
Concesion Canchaque [member] | ||
Time Deposits [line items] | ||
Time deposits | 11,000 | |
Other minors [member] | ||
Time Deposits [line items] | ||
Time deposits | S/ 266 |
Cash and Cash Equivalent- Sum_3
Cash and Cash Equivalent- Summary of Reconcile to the Amount of Cash Shown in the Statement of Cash Flow (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Of Cash And Cash Equivalents [abstract] | ||||
Cash and cash equivalent on Consolidated statement of financial position | S/ 801,140 | S/ 626,180 | S/ 606,950 | |
Bank overdrafts (Note 19) | (119) | (120) | (8,396) | |
Balances per consolidated statement of cash flows | S/ 801,021 | S/ 626,060 | S/ 598,554 | S/ 554,002 |
Other Financial Assets - Additi
Other Financial Assets - Additional Information (Detail) - PEN (S/) S/ in Thousands | 1 Months Ended | 12 Months Ended |
Apr. 30, 2016 | Dec. 31, 2016 | |
Disclosure of financial assets [line items] | ||
Cumulative amount of fair values at the date of sale as recognized in statement of other comprehensive income transfered to profits before tax | S/ (2,220) | |
Transportadora de Gas del Peru S.A [member] | ||
Disclosure of financial assets [line items] | ||
Percentage of ownership interest sold | 1.64% | |
Proceeds from sale of investment | S/ 107,300 | |
Gain on sale of investment | 46,300 | |
Available-for-sale financial assets | 117,100 | |
Cumulative amount of fair values at the date of sale as recognized in statement of other comprehensive income transfered to profits before tax | 41,500 | |
Cumulative amount of fair values at the date of sale as recognized in statement of other comprehensive income transfered to profits net of tax | 56,000 | |
Cumulative amount of fair values at the date of sale as recognized in statement of other comprehensive income transfered to profits, tax | S/ 14,600 |
Trade Accounts Receivable, Ne_2
Trade Accounts Receivable, Net - Summary of Trade Accounts Receivables (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Accounts Receivable [line items] | ||
Trade accounts receivable | S/ 1,007,828 | S/ 1,515,673 |
Trade accounts receivable | 1,020,067 | 907,587 |
Gross carrying amount [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Invoice receivables | 907,007 | 459,722 |
Unbilled receivables | 113,464 | 1,069,299 |
Trade accounts receivable | 1,020,471 | 1,529,021 |
Invoice receivables | 469,510 | 819,699 |
Unbilled receivables | 550,557 | 87,888 |
Trade accounts receivable | 1,020,067 | 907,587 |
Accumulated impairment [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Trade accounts receivable | S/ (12,643) | S/ (13,348) |
Trade Accounts Receivable, Ne_3
Trade Accounts Receivable, Net - Additional Information (Detail) - PEN (S/) S/ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Accounts Receivable [line items] | |||
Discount rate under discounted cash flows method | 7.33% | 6.33% | |
Unbilled Receivables Non Current [member] | |||
Disclosure Of Accounts Receivable [line items] | |||
Discount rate under discounted cash flows method | 1.71% | ||
Financial assets impaired [member] | |||
Disclosure Of Accounts Receivable [line items] | |||
Trade accounts receivable | S/ 3.1 | S/ 0.7 | S/ 3.1 |
At fair value [member] | |||
Disclosure Of Accounts Receivable [line items] | |||
Non current receivables | S/ 1,060.0 | S/ 835.0 |
Trade Accounts Receivable, Ne_4
Trade Accounts Receivable, Net - Schedule of Current and Non-Current Unbilled Receivables (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Accounts Receivable [line items] | ||
Unbilled receivables | S/ 664,021 | S/ 1,157,187 |
GyM S A [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Unbilled receivables | 14,455 | 581,946 |
GyM Ferrovias S.A. [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Unbilled receivables | 558,179 | 354,763 |
CONCARSA [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Unbilled receivables | 38,770 | 52,508 |
Survial S.A. [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Unbilled receivables | 19,138 | 30,647 |
GMI SA [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Unbilled receivables | 26,622 | 19,699 |
Norvial S.A. [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Unbilled receivables | 2,885 | 7,057 |
CAM Holding S.p.A. [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Unbilled receivables | 85,366 | |
Other subsidiaries [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Unbilled receivables | S/ 3,972 | S/ 25,201 |
Trade Accounts Receivable, Ne_5
Trade Accounts Receivable, Net - Summary of Aging of Trade Accounts Receivable (Detail) - Gross carrying amount [member] - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade accounts receivable | S/ 2,040,538 | S/ 2,436,608 |
Current [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade accounts receivable | 1,866,913 | 2,157,656 |
Not later than one month [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade accounts receivable | 37,750 | 118,158 |
Later than one month and not later than six months [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade accounts receivable | 25,854 | 141,120 |
Later than six months and not later than one year [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade accounts receivable | 17,660 | 1,962 |
Later than one year [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade accounts receivable | S/ 92,361 | S/ 17,712 |
Work in Progress, Net - Summary
Work in Progress, Net - Summary of Unbilled Work in Progress (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Unbilled Work In Progress [Line items] | ||
Current, Work in Progress, net | S/ 28,538 | S/ 61,804 |
Non-current, Work in Progress, net | 32,212 | 28,413 |
Unbilled receivable concessions in progress [member] | ||
Disclosure Of Unbilled Work In Progress [Line items] | ||
Non-current, Work in Progress, net | 32,212 | 28,413 |
Work in Progress [Member] | ||
Disclosure Of Unbilled Work In Progress [Line items] | ||
Current, Work in Progress, net | S/ 28,538 | S/ 61,804 |
Work in Progress, Net - Additio
Work in Progress, Net - Additional Information (Detail) - PEN (S/) S/ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
GyM S A [member] | ||
Disclosure Of Unbilled Work In Progress [Line items] | ||
Advances received from customers | S/ 13.5 | S/ 15.3 |
Transactions with Related Par_3
Transactions with Related Parties and Joint Operators - Disclosure of Transactions Between Related Parties (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [line items] | |||
Revenue from sales of goods and services | S/ 58,264 | S/ 21,505 | S/ 36,901 |
Purchase of goods and services | 2,731 | 16,967 | 3,967 |
Associates [member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenue from sales of goods and services | 1,704 | 3,367 | |
Purchase of goods and services | 2,130 | 2,776 | 739 |
Joint operations [member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenue from sales of goods and services | 56,560 | 18,138 | 36,901 |
Purchase of goods and services | S/ 601 | S/ 14,191 | S/ 3,228 |
Transactions with Related Par_4
Transactions with Related Parties and Joint Operators - Additional Information (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [line items] | |||
Key management personnel compensation | S/ 58,000 | S/ 90,500 | S/ 106,900 |
Accounts receivable from related parties maturity periods | 60 days | ||
Impairment loss | S/ 31,000 | 18,000 | |
Long-term accounts receivable from related parties | S/ 778,226 | S/ 773,930 | |
Discount rate | 7.33% | 6.33% | |
Accounts payable from related parties maturity periods | 60 days | ||
Gaseoducto Sur Peruano SA [member] | |||
Disclosure of transactions between related parties [line items] | |||
Long-term accounts receivable from related parties | S/ 773,930 | ||
Gasoducto Sur Peruano [member] | |||
Disclosure of transactions between related parties [line items] | |||
Long-term accounts receivable from related parties | S/ 524,900 | ||
Discount rate | 3.46% | ||
Discounted Value | S/ 17,800 | S/ 8,100 | |
GyM S A [member] | |||
Disclosure of transactions between related parties [line items] | |||
Long-term accounts receivable from related parties | 249,000 | ||
Consorcio Constructor Ductos del Sur [member] | |||
Disclosure of transactions between related parties [line items] | |||
Long-term accounts receivable from related parties | S/ 249,000 | ||
Discontinued operations [member] | |||
Disclosure of transactions between related parties [line items] | |||
Key management personnel compensation | S/ 25,600 | S/ 82,000 |
Transactions with Related Par_5
Transactions with Related Parties and Joint Operators - Summary of Sale Purchase of Goods Services (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | S/ 34,903 | S/ 100,752 |
Accounts payable to related parties | 55,941 | 55,174 |
Long-term accounts receivable from related parties | 778,226 | 773,930 |
Long-term accounts payable to related parties | 21,849 | 25,954 |
Gasoducto Sur Peruano S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 2,407 | |
Peru Piping Spools SAC [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 225 | 279 |
Accounts payable to related parties | 185 | |
Arturo Serna [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | 647 | |
Gasoducto Sur Peruano S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Long-term accounts receivable from related parties | 773,927 | 773,930 |
Ferrovias Participaciones [member] | ||
Disclosure of transactions between related parties [line items] | ||
Long-term accounts payable to related parties | 21,849 | 21,648 |
Other minors [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 9,215 | 12,221 |
Accounts payable to related parties | 11,323 | 7,045 |
Long-term accounts receivable from related parties | 4,299 | |
Long-term accounts payable to related parties | 4,306 | |
Consorcio GyM Conciviles [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 1,855 | 43,435 |
Consorcio Rio Urubamba [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 9,122 | 8,964 |
Consorcio Peruano de Conservacion [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 6,417 | 7,417 |
Consorcio Vial Quinua [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | 1,970 | 2,162 |
Consorcio Italo Peruano [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 3,322 | 14,536 |
Accounts payable to related parties | 4,996 | 18,849 |
Consorcio La Gloria [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 1,369 | 1,688 |
Accounts payable to related parties | 1,006 | 1,358 |
Terminales del Peru [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 459 | 3,290 |
Consorcio Rio Mantaro [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 1,134 | |
Accounts payable to related parties | 6,655 | 763 |
Consorcio Vial Sierra [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 2,355 | |
Accounts payable to related parties | 1,854 | |
Consorcio Constructor Chavimochic [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 2,138 | 1,959 |
Accounts payable to related parties | 6,199 | 5,817 |
Consorcio Ermitano [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 781 | 1,067 |
Accounts payable to related parties | 624 | 6 |
Consorcio para la Atencion y Mantenimiento de Ductos [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | 12,074 | |
Consorcio Huacho Pativilca [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | 475 | 2,377 |
Consorcio TNT Vial y Vives - DSD Chile LTDA [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | 11,804 | |
Joint operations [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 34,678 | 98,066 |
Accounts payable to related parties | 45,052 | 52,305 |
Ferrovias Argentina [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | S/ 10,242 | S/ 2,684 |
Other Accounts Receivable - Sch
Other Accounts Receivable - Schedule of Other Accounts Receivable (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current | ||
Advances to suppliers | S/ 81,719 | S/ 149,464 |
Income tax on-account payments | 91,353 | 125,176 |
VAT credit | 79,076 | 81,732 |
Guarantee deposits | (15,137) | (15,580) |
Other accounts receivable | 588,451 | 765,445 |
Other accounts receivable | 588,451 | 765,445 |
Non-current | ||
Advances to suppliers | 64,817 | 255,181 |
Income tax on-account payments | 2,607 | |
VAT credit | 26,162 | 30,680 |
Other long-term accounts receivable | 302,957 | 470,852 |
Gross carrying amount [member] | ||
Current | ||
Advances to suppliers | 81,719 | 149,464 |
Income tax on-account payments | 91,353 | 125,176 |
VAT credit | 79,076 | 81,732 |
Guarantee deposits | 167,769 | 113,429 |
Taxes receivable | 20,246 | 66,083 |
Restricted funds | 39,394 | 61,993 |
Rental and sale of equipment | 34,768 | 27,970 |
Accounts receivable from personnel | 3,479 | 8,868 |
Other minors | 16,059 | 19,018 |
Other accounts receivable | 613,285 | 766,843 |
Other accounts receivable | 613,285 | 766,843 |
Non-current | ||
Advances to suppliers | 64,817 | 255,181 |
Income tax on-account payments | 2,607 | |
VAT credit | 26,162 | 30,680 |
Guarantee deposits | 12,241 | |
Claims to third parties | 11,808 | |
Taxes receivable | 25,644 | 33,428 |
Restricted funds | 28,578 | 44,770 |
Rental and sale of equipment | 0 | 0 |
Accounts receivable from personnel | 0 | 0 |
Other minors | 7,778 | 9,196 |
Other long-term accounts receivable | 302,957 | 470,852 |
Gross carrying amount [member] | Petroleos Del Peru S. A. Petroperu S.A. [member] | ||
Current | ||
Claims to third parties | 11,953 | 3,619 |
Non-current | ||
Claims to third parties | 63,797 | 53,918 |
Gross carrying amount [member] | Consorcio Constructor Ductos del Sur [member] | ||
Non-current | ||
Claims to third parties | 52,114 | 29,264 |
Gross carrying amount [member] | Consorcio Panorama [member] | ||
Current | ||
Claims to third parties | 5,306 | |
Non-current | ||
Claims to third parties | 21,826 | |
Gross carrying amount [member] | Others [member] | ||
Current | ||
Claims to third parties | 62,163 | 109,491 |
Accumulated impairment [member] | ||
Current | ||
Other accounts receivable | (24,834) | (1,398) |
Other accounts receivable | S/ (24,834) | S/ (1,398) |
Other Accounts Receivable - Add
Other Accounts Receivable - Additional Information (Detail) S/ in Millions | 12 Months Ended |
Dec. 31, 2018PEN (S/) | |
Other Accounts Receivable [line items] | |
Claims to third parties | S/ 27.2 |
Rights for collection of penalty for termination of contract | 30.6 |
Ministry of housing [member] | |
Other Accounts Receivable [line items] | |
Reimbursement of executed benefits | 22 |
Viva GyM SA [member] | |
Other Accounts Receivable [line items] | |
Guarantee accounts for credit agreement | 11 |
Consorcio Constructor Ductos del Sur [member] | |
Other Accounts Receivable [line items] | |
Recognition of debts to subcontractors | 21.6 |
Fondo Mi Vivienda [member] | |
Other Accounts Receivable [line items] | |
Reimbursement of executed benefits | 5.2 |
Credit Suisse AG [member] | |
Other Accounts Receivable [line items] | |
Guarantee accounts for credit agreement | S/ 28.0 |
Bottom of range [member] | |
Other Accounts Receivable [line items] | |
Other non-current accounts receivable maturity period | 2 years |
Top of range [member] | |
Other Accounts Receivable [line items] | |
Other non-current accounts receivable maturity period | 5 years |
Other Accounts Receivable - S_2
Other Accounts Receivable - Schedule of Advances to Suppliers (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Accounts Receivable [line items] | ||
Current advances to suppliers | S/ 81,719 | S/ 149,464 |
Non-current advances to suppliers | 64,817 | 255,181 |
Alsthom Transporte - Linea 1 [member] | ||
Other Accounts Receivable [line items] | ||
Current advances to suppliers | 1,578 | 9,985 |
Non-current advances to suppliers | 64,817 | 223,387 |
Electromechanical works Refineria Talara [member] | ||
Other Accounts Receivable [line items] | ||
Current advances to suppliers | 4,582 | 29,814 |
Infrastructure Linea Amarilla [member] | ||
Other Accounts Receivable [line items] | ||
Current advances to suppliers | 5,545 | 40,669 |
Bombardier - Linea 1 [member] | ||
Other Accounts Receivable [line items] | ||
Non-current advances to suppliers | 29,142 | |
Advances - joint operations vendors [member] | ||
Other Accounts Receivable [line items] | ||
Current advances to suppliers | 21,647 | |
Others [member] | ||
Other Accounts Receivable [line items] | ||
Current advances to suppliers | S/ 48,367 | 68,996 |
Non-current advances to suppliers | S/ 2,652 |
Other Accounts Receivable - S_3
Other Accounts Receivable - Schedule of Income Tax Payments (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Accounts Receivable [line items] | ||
Current receivables from taxes other than income tax | S/ 91,353 | S/ 125,176 |
Non-current receivables from taxes other than income tax | 2,607 | |
GyM S A [member] | ||
Other Accounts Receivable [line items] | ||
Current receivables from taxes other than income tax | 55,377 | 84,923 |
GMI SA [member] | ||
Other Accounts Receivable [line items] | ||
Current receivables from taxes other than income tax | 3,877 | 542 |
GMP S.A. [member] | ||
Other Accounts Receivable [line items] | ||
Current receivables from taxes other than income tax | 8,511 | 19,318 |
CONCARSA [member] | ||
Other Accounts Receivable [line items] | ||
Current receivables from taxes other than income tax | 8,563 | 4,565 |
Viva GyM SA [member] | ||
Other Accounts Receivable [line items] | ||
Current receivables from taxes other than income tax | 8,114 | 6,121 |
Grana Y Montero S.A.A. [member] | ||
Other Accounts Receivable [line items] | ||
Current receivables from taxes other than income tax | 6,463 | |
GyM Ferrovias SA. [member] | ||
Other Accounts Receivable [line items] | ||
Current receivables from taxes other than income tax | 3,606 | |
Other subsidiaries [member] | ||
Other Accounts Receivable [line items] | ||
Current receivables from taxes other than income tax | S/ 448 | 6,101 |
Non-current receivables from taxes other than income tax | S/ 2,607 |
Other Accounts Receivable - S_4
Other Accounts Receivable - Schedule of Tax Credit Related to VAT on Subsidiaries (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Accounts Receivable [line items] | ||
Current value added tax receivables | S/ 79,076 | S/ 81,732 |
Non-current value added tax receivables | 26,162 | 30,680 |
GyM S A [member] | ||
Other Accounts Receivable [line items] | ||
Current value added tax receivables | 38,653 | 50,326 |
Non-current value added tax receivables | 530 | 530 |
Viva GyM SA [member] | ||
Other Accounts Receivable [line items] | ||
Current value added tax receivables | 511 | 10,894 |
Non-current value added tax receivables | 6,744 | 9,983 |
GyM Ferrovias SA. [member] | ||
Other Accounts Receivable [line items] | ||
Current value added tax receivables | 25,453 | 8,653 |
Negocias del Gas S.A. [member] | ||
Other Accounts Receivable [line items] | ||
Non-current value added tax receivables | 8,411 | 8,411 |
Concesionaria Vesur S.A. [member] | ||
Other Accounts Receivable [line items] | ||
Current value added tax receivables | 1,015 | |
Non-current value added tax receivables | 5,059 | 5,319 |
Grana Y Montero S.A.A. [member] | ||
Other Accounts Receivable [line items] | ||
Current value added tax receivables | 9,821 | 1,571 |
GMP S.A. [member] | ||
Other Accounts Receivable [line items] | ||
Current value added tax receivables | 456 | 3,992 |
CONCARSA [member] | ||
Other Accounts Receivable [line items] | ||
Current value added tax receivables | 2,382 | 1,551 |
Norvial S.A. [member] | ||
Other Accounts Receivable [line items] | ||
Non-current value added tax receivables | 1,997 | 3,209 |
Other subsidiaries [member] | ||
Other Accounts Receivable [line items] | ||
Current value added tax receivables | 785 | 4,745 |
Non-current value added tax receivables | S/ 3,421 | S/ 3,228 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of inventories [abstract] | ||
Land | S/ 230,689 | S/ 317,337 |
Work in progress - Real estate | 135,376 | 150,537 |
Finished properties | 76,027 | 203,209 |
Construction materials | 27,852 | 51,131 |
Merchandise and supplies | 53,310 | 90,504 |
Inventories gross | 523,254 | 812,718 |
Impairment of inventories | (9,207) | (42,007) |
Inventories | S/ 514,047 | S/ 770,711 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of inventories [line items] | ||
Impairment loss | S/ 31,000 | S/ 18,000 |
Capitalised financing cost | 7,900 | 5,900 |
Construction material | 27,852 | 51,131 |
Viva GyM [member] | ||
Disclosure of inventories [line items] | ||
Impairment loss | 9,200 | 0 |
GyM S A [member] | ||
Disclosure of inventories [line items] | ||
Construction material | S/ 27,800 | S/ 50,000 |
Bottom of range [member] | ||
Disclosure of inventories [line items] | ||
Interest rate | 7.00% | 7.00% |
Top of range [member] | ||
Disclosure of inventories [line items] | ||
Interest rate | 12.00% | 11.22% |
Inventories - Schedule of Inv_2
Inventories - Schedule of Inventories of Land (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of inventories [line items] | ||
Land | S/ 230,689 | S/ 317,337 |
Lurin [member] | ||
Disclosure of inventories [line items] | ||
Land | 72,080 | 103,574 |
San Isidro [member] | ||
Disclosure of inventories [line items] | ||
Land | 49,664 | 58,441 |
San Miguel [member] | ||
Disclosure of inventories [line items] | ||
Land | 28,811 | 44,126 |
Nuevo Chimbote [member] | ||
Disclosure of inventories [line items] | ||
Land | 17,262 | 17,201 |
Barranco [member] | ||
Disclosure of inventories [line items] | ||
Land | 13,585 | 11,413 |
Huancayo [member] | ||
Disclosure of inventories [line items] | ||
Land | 8,282 | 13,572 |
Ancon [member] | ||
Disclosure of inventories [line items] | ||
Land | 37,823 | |
Canta Callao [member] | ||
Disclosure of inventories [line items] | ||
Land | 12,978 | |
Piura [member] | ||
Disclosure of inventories [line items] | ||
Land | 8,105 | |
Carabayllo II [member] | ||
Disclosure of inventories [line items] | ||
Land | 14,941 | |
Others [member] | ||
Disclosure of inventories [line items] | ||
Land | S/ 8,752 | S/ 18,209 |
Inventories - Schedule of Inv_3
Inventories - Schedule of Inventories of Land (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2018ham²ParkingSpacesApartment | |
Lurin [member] | |
Disclosure of inventories [line items] | |
Area of land for industrial development and public housing | ha | 318 |
San Isidro [member] | |
Disclosure of inventories [line items] | |
Number of apartments in building | Apartment | 24 |
Number of parking spaces | ParkingSpaces | 124 |
San Miguel [member] | |
Disclosure of inventories [line items] | |
Number of apartments in building | Apartment | 248 |
Number of parking lots | ParkingSpaces | 185 |
Nuevo Chimbote [member] | |
Disclosure of inventories [line items] | |
Area of land for development of social housing project | ha | 11.5 |
Huancayo [member] | |
Disclosure of inventories [line items] | |
Area of land for development of social housing project | m² | 8.5 |
Inventories - Schedule of Real
Inventories - Schedule of Real Estate Work in Progress (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of inventories [line items] | ||
Work in progress - Real estate | S/ 135,376 | S/ 150,537 |
Los Parques de Comas [member] | ||
Disclosure of inventories [line items] | ||
Work in progress - Real estate | 69,743 | 70,647 |
Los Parques de Callao [Member] | ||
Disclosure of inventories [line items] | ||
Work in progress - Real estate | 46,697 | 53,441 |
Villa El Salvador [member] | ||
Disclosure of inventories [line items] | ||
Work in progress - Real estate | 2,141 | |
Others [member] | ||
Disclosure of inventories [line items] | ||
Work in progress - Real estate | S/ 18,936 | S/ 24,308 |
Inventories - Schedule of Inv_4
Inventories - Schedule of Inventories of Finished Properties (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of inventories [line items] | ||
Finished properties | S/ 76,027 | S/ 203,209 |
El Rancho [member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 19,314 | 82,796 |
Panorama [member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 18,481 | |
Los Parques de San Martin de Porres [Member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 4,029 | 16,687 |
Los Parques de Callao [Member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 389 | 486 |
Rivera Navarrete[member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 4,053 | 7,870 |
Los Parques de Carabayllo Second Phase [member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 942 | 3,134 |
Los Parques de Comas [member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 18,785 | 16,058 |
Los Parques de Villa El Salvador Second [member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 4,277 | 9,313 |
Klimt [member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 5,911 | 44,103 |
Real 2 [member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 556 | 3,877 |
Huancayo [member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 15,546 | |
Others [member] | ||
Disclosure of inventories [line items] | ||
Finished properties | S/ 2,225 | S/ 404 |
Investments In Associates And_3
Investments In Associates And Joint Ventures - Schedule of Amounts Recognised in Balance Sheet (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Of Investments In Associates And Joint Ventures [abstract] | ||||
Associates | S/ 250,282 | S/ 250,053 | S/ 286,403 | S/ 490,702 |
Joint ventures | 7,483 | 18,618 | S/ 103,356 | S/ 146,303 |
Investments in associates and joint ventures | S/ 257,765 | S/ 268,671 |
Investments In Associates And_4
Investments In Associates And Joint Ventures - Schedule of Amounts Recognised in Income Statement (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Investments In Associates And Joint Ventures [abstract] | |||
Associates | S/ (5,308) | S/ (5,566) | S/ 8,304 |
Joint ventures | 1,599 | 6,039 | (5,269) |
Share of profit loss of associates and joint ventures accounted for using equity method | S/ (3,709) | S/ 473 | S/ (590,066) |
Investments In Associates And_5
Investments In Associates And Joint Ventures - Summary of Detailed Information about Investment in Associates (Detail) S/ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2015 | Dec. 31, 2018PEN (S/) | Dec. 31, 2017PEN (S/) | Dec. 31, 2018USD ($) | Dec. 31, 2016PEN (S/) | Dec. 31, 2015PEN (S/) | |
Disclosure of associates and joint ventures [line items] | ||||||
Carrying amount | S/ 250,282 | S/ 250,053 | S/ 286,403 | S/ 490,702 | ||
Gasoducto Sur Peruano S.A. [member] | ||||||
Disclosure of associates and joint ventures [line items] | ||||||
Interest in capital | 20.00% | |||||
Concesionaria Chavimochic S.A.C. [member] | ||||||
Disclosure of associates and joint ventures [line items] | ||||||
Carrying amount | $ | $ 647 | |||||
Other Associates [member] | ||||||
Disclosure of associates and joint ventures [line items] | ||||||
Carrying amount | S/ 11,388 | S/ 9,584 | ||||
Common Share [member] | Gasoducto Sur Peruano S.A. [member] | ||||||
Disclosure of associates and joint ventures [line items] | ||||||
Interest in capital | 21.49% | 21.49% | ||||
Carrying amount | S/ 218,276 | S/ 218,276 | ||||
Common Share [member] | Concesionaria Chavimochic S.A.C. [member] | ||||||
Disclosure of associates and joint ventures [line items] | ||||||
Interest in capital | 26.50% | 26.50% | ||||
Carrying amount | S/ 20,524 | S/ 22,091 | ||||
Common Share [member] | Betchel Vial y Vives Servicios Complementarios Ltda [member] | ||||||
Disclosure of associates and joint ventures [line items] | ||||||
Interest in capital | 40.00% | 40.00% | ||||
Carrying amount | S/ 94 | S/ 102 |
Investments in Associates and_6
Investments in Associates and Joint Ventures - Additional Information (Detail) S/ in Thousands, $ in Thousands | Apr. 24, 2017PEN (S/) | Apr. 24, 2017USD ($) | Jan. 24, 2017PEN (S/) | Jan. 24, 2017USD ($) | Feb. 29, 2016PEN (S/) | Nov. 30, 2015PEN (S/) | Dec. 31, 2018PEN (S/) | Dec. 31, 2018USD ($) | Dec. 31, 2017PEN (S/) | Dec. 31, 2017USD ($) | Dec. 31, 2016PEN (S/) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 04, 2018 | Dec. 31, 2017USD ($) | Jan. 24, 2017USD ($) | Aug. 31, 2016PEN (S/) | Dec. 31, 2015PEN (S/) | Nov. 30, 2015USD ($) |
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||||||||||||||||
Investment in associate | S/ 250,282 | S/ 250,053 | S/ 286,403 | S/ 490,702 | |||||||||||||||
Accounts receivable from related parties | 34,903 | 100,752 | |||||||||||||||||
Net loss before taxes | 133,948 | 45,112 | (708,134) | ||||||||||||||||
Percentage of interest in property | 73.16% | ||||||||||||||||||
Investments in joint ventures | S/ 7,483 | 18,618 | 103,356 | S/ 146,303 | |||||||||||||||
Compania Operadora de Gas del Amazonas SAC [member] | |||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||||||||||||||||
Percentage of interest in property | 51.00% | 51.00% | |||||||||||||||||
Agreed selling price | S/ 69,800 | $ 21,500 | |||||||||||||||||
Construction contracts 1 [member] | |||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||||||||||||||||
Net loss before taxes | (15,200) | ||||||||||||||||||
Santiago, Chillan, Bulnes, Caravans and Conception [member] | Sistemas SEC [member] | |||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||||||||||||||||
Contract period | 16 years | 16 years | |||||||||||||||||
Gasoducto Sur Peruano S.A. [member] | |||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||||||||||||||||
Ownership interest in associate | 20.00% | ||||||||||||||||||
Percentage of performance guarantee | 21.49% | ||||||||||||||||||
Percentage of performance guarantee established in concession contract | 20.00% | ||||||||||||||||||
Performance guarantee required under concession agreement | S/ 887,000 | $ 262,500 | |||||||||||||||||
Percentage of collateral of bridge loan | 21.49% | ||||||||||||||||||
Collateral bridge loan | S/ 2,027,000 | 600,000 | |||||||||||||||||
Percentage of amount determined by audit firm | 100.00% | 100.00% | |||||||||||||||||
Value determined by audit firm as payable | $ | $ 2,602,000 | ||||||||||||||||||
Accounts receivable claim | 1,400 | $ 400 | |||||||||||||||||
Claims from fiduciary as administrator of the accounts receivable | 572,100 | $ 169,300 | |||||||||||||||||
Impairment of investment | 593,000 | $ 175,500 | |||||||||||||||||
Discount to long-term account receivable | 77,000 | 22,800 | |||||||||||||||||
Finance update and estimation of costs | 670,000 | 199,300 | |||||||||||||||||
Cash contributions | 373,900 | ||||||||||||||||||
Provision for financial assets impairment loss | 593,100 | $ 176,490 | |||||||||||||||||
Gasoducto Sur Peruano S.A. [member] | GSP Bridge Loan [member] | |||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||||||||||||||||
Guarantee obligation | S/ 435,900 | $ 129,000 | |||||||||||||||||
Gasoducto Sur Peruano S.A. [member] | Bottom of range [member] | |||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||||||||||||||||
Percentage of net book value (VCN) of concession's assets | 72.25% | 72.25% | |||||||||||||||||
Gasoducto Sur Peruano S.A. [member] | Concession Agreement [member] | |||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||||||||||||||||
Guarantee obligation | 177,400 | $ 52,500 | |||||||||||||||||
Accounts receivable from related parties | S/ 613,300 | $ 181,500 | |||||||||||||||||
Gasoducto Sur Peruano S.A. [member] | Capital Contributions [member] | |||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||||||||||||||||
Investment in associate | S/ 819,000 | $ 242,500 | |||||||||||||||||
Consorcio Constructor Ductos del Sur [member] | |||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||||||||||||||||
Ownership interest in associate | 29.00% | ||||||||||||||||||
Concesionaria Chavimochic S.A.C. [member] | |||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||||||||||||||||
Investment in associate | $ | $ 647,000 | ||||||||||||||||||
Net loss before taxes | S/ (8,455) | S/ (43,340) | |||||||||||||||||
Concession effective period | 25 years | 25 years | |||||||||||||||||
Cash contributions | 15,700 | ||||||||||||||||||
Palo Redondo Dam [member] | |||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||||||||||||||||
Percentage of work completed | 70.00% | 70.00% | |||||||||||||||||
Promocion inmobiliariadel sur SA [member] | |||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||||||||||||||||
Ownership interest in associate | 22.50% | 22.50% | |||||||||||||||||
Sale of investment in associate | S/ 81,000 | $ 25,000 | |||||||||||||||||
Dividends received | 3,800 | ||||||||||||||||||
Betchel Vial y Vives Servicios [member] | |||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||||||||||||||||
Dividends received | 6,300 | ||||||||||||||||||
Logistica Quimicos del Sur S.A. [member] | |||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||||||||||||||||
Dividends received | S/ 1,800 | 2,800 | |||||||||||||||||
Consorcio Sistemas [member] | |||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||||||||||||||||
Dividends received | 1,000 | ||||||||||||||||||
Consorcio G.S.J.V.SCC [member] | |||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||||||||||||||||
Dividends received | S/ 13,100 | S/ 3,300 | |||||||||||||||||
Tecgas N.V. [member] | |||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [line items] | |||||||||||||||||||
Percentage of additional interest by capitalizing debt | 8.00% | ||||||||||||||||||
Additional interest by capitalizing debt | S/ 8,300 | ||||||||||||||||||
Investments in joint ventures | S/ 35,900 |
Investments In Associates And_7
Investments In Associates And Joint Ventures - Summary of Financial Information for Associates (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial information of associates [line items] | |||
Assets | S/ 3,233,254 | S/ 3,891,946 | |
Liabilities | (2,891,614) | (3,549,185) | |
Assets | 4,197,142 | 4,775,724 | S/ 4,717,976 |
Liabilities | (2,048,851) | (2,529,407) | |
Revenues | 3,899,462 | 4,014,013 | 4,137,309 |
(Loss) profit before income tax | 133,948 | 45,112 | (708,134) |
Income tax | (113,318) | (46,305) | 152,182 |
Loss from continuing operations after income tax | 20,630 | (1,193) | (555,952) |
Other comprehensive loss | 14,294 | (8,280) | (20,599) |
Comprehensive income of the year | 71,709 | 200,958 | S/ (472,197) |
Gasoducto Sur Peruano S.A. [member] | |||
Disclosure of financial information of associates [line items] | |||
Assets | 6,813,938 | ||
Liabilities | (5,028,381) | ||
Net assets | 1,785,557 | ||
Revenues | 0 | ||
Other comprehensive loss | 0 | ||
Concesionaria Chavimochic S.A.C. [member] | |||
Disclosure of financial information of associates [line items] | |||
Assets | 66,052 | 73,004 | |
Liabilities | (2,183) | (1,111) | |
Assets | 13,580 | 11,809 | |
Liabilities | (342) | ||
Net assets | 77,449 | 83,360 | |
Revenues | 0 | 0 | |
(Loss) profit before income tax | (8,455) | (43,340) | |
Income tax | 2,543 | 3,185 | |
Loss from continuing operations after income tax | (5,912) | (40,155) | |
Other comprehensive loss | 0 | 0 | |
Comprehensive income of the year | S/ (5,912) | S/ (40,155) |
Investments in Associates and_8
Investments in Associates and Joint Ventures - Schedule of Movement of Investments in Associates (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial information of associates [abstract] | |||
Opening balance | S/ 250,053 | S/ 286,403 | S/ 490,702 |
Contributions received | 5,616 | 2,116 | 390,506 |
Impairment of GSP | (593,101) | ||
Dividends received | (259) | (10,149) | |
Equity interest in results | (5,308) | (5,566) | 8,304 |
Decrease in capital | (30) | (111) | (166) |
Disposal of Investment | (32,223) | ||
Conversion adjustment | (49) | 42 | 311 |
Discontinued operations | (349) | (4) | |
Final balance | S/ 250,282 | S/ 250,053 | S/ 286,403 |
Investments In Associates And_9
Investments In Associates And Joint Ventures - Summary of Detailed Information about Joint Ventures (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of associates and joint ventures [line items] | ||||
Carrying amount, joint ventures | S/ 7,483 | S/ 18,618 | S/ 103,356 | S/ 146,303 |
Common Share [member] | Sistemas SEC [member] | ||||
Disclosure of associates and joint ventures [line items] | ||||
Interest in capital, joint ventures | 49.00% | |||
Carrying amount, joint ventures | S/ 10,112 | |||
Common Share [member] | Logistica Qumicos del Sur S.A.C. [member] | ||||
Disclosure of associates and joint ventures [line items] | ||||
Interest in capital, joint ventures | 50.00% | 50.00% | ||
Carrying amount, joint ventures | S/ 7,230 | S/ 7,343 | ||
Common Share [member] | G.S.J.V. SCC [member] | ||||
Disclosure of associates and joint ventures [line items] | ||||
Interest in capital, joint ventures | 50.00% | 50.00% | ||
Carrying amount, joint ventures | S/ 878 | |||
Common Share [member] | Constructora SK-VyV Ltda. [member] | ||||
Disclosure of associates and joint ventures [line items] | ||||
Interest in capital, joint ventures | 50.00% | 50.00% | ||
Carrying amount, joint ventures | S/ 34 | S/ 49 | ||
Common Share [member] | Other joint ventures [member] | ||||
Disclosure of associates and joint ventures [line items] | ||||
Carrying amount, joint ventures | S/ 219 | S/ 236 |
Investments In Associates An_10
Investments In Associates And Joint Venture - Summary of Financial Information for Joint Ventures (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial information of joint ventures [line items] | |||
Cash and cash equivalents | S/ 801,140 | S/ 626,180 | S/ 606,950 |
Total current assets | 3,233,254 | 3,891,946 | |
Other current liabilities | (632,669) | (848,500) | |
Total current liabilities | (2,891,614) | (3,549,185) | |
Total non-currentassets | 4,197,142 | 4,775,724 | 4,717,976 |
Revenues | 3,899,462 | 4,014,013 | 4,137,309 |
(Loss) profit before income tax | 133,948 | 45,112 | (708,134) |
Income tax expense | (113,318) | (46,305) | 152,182 |
Profit from continuing operations after income tax | 20,630 | (1,193) | (555,952) |
Other comprehensive income | 14,294 | (8,280) | (20,599) |
Total comprehensive income | 71,709 | 200,958 | S/ (472,197) |
Logistica Qumicos del Sur S.A.C. [member] | |||
Disclosure of financial information of joint ventures [line items] | |||
Cash and cash equivalents | 1,520 | 2,076 | |
Other current assets | 1,549 | 1,652 | |
Total current assets | 3,069 | 3,728 | |
Other current liabilities | (3,513) | (3,104) | |
Total current liabilities | (3,513) | (3,104) | |
Total non-currentassets | 37,349 | 39,327 | |
Net assets | 14,904 | 14,267 | |
Revenues | 11,399 | 10,750 | |
Depreciation and amortization | (2,313) | (2,039) | |
Interest expense | (668) | (675) | |
(Loss) profit before income tax | 4,698 | 4,988 | |
Income tax expense | (1,482) | (1,614) | |
Profit from continuing operations after income tax | 3,216 | 3,374 | |
Other comprehensive income | 0 | 0 | |
Total comprehensive income | S/ 3,216 | S/ 3,374 |
Investments In Associates An_11
Investments In Associates And Joint Venture - Schedule of Movement of Investments in Joint Ventures (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial information of joint ventures [abstract] | |||
Opening balance | S/ 18,618 | S/ 103,356 | S/ 146,303 |
Equity interest in results | 1,599 | 6,039 | (5,269) |
Debt capitalization | 8,308 | ||
Contributions received | 6,889 | ||
Transfer to Adexus from acquisition of control | (35,870) | ||
Disposal of Investment | (10,112) | (88,556) | |
Dividends received | (1,823) | (3,758) | (17,843) |
Conversion adjustment | 79 | 334 | 2,276 |
Write-off of Investment | (878) | (1,798) | |
Discontinued operations | 1,203 | 360 | |
Final balance | S/ 7,483 | S/ 18,618 | S/ 103,356 |
Property, Plant And Equipment -
Property, Plant And Equipment - Summary of Movement in Property, Plant and Equipment Accounts and Its Related Accumulated Depreciation (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | S/ 865,735 | S/ 1,113,599 | S/ 1,111,757 |
Additions | 83,186 | 172,448 | 213,068 |
Deconsolidation, net | (292,156) | (83,441) | |
Transfers to inventories | 2,941 | ||
Transfers to intangibles (Note 18) | (169) | (1,257) | |
Deduction for sale of assets | (95,981) | (308,103) | (135,974) |
Disposals, net | (14,619) | (25,455) | |
Depreciation charge | (123,100) | (197,484) | (203,201) |
Impairment loss | (5,664) | (14,680) | (9,263) |
Depreciation for sale deductions | 57,024 | 207,765 | 88,848 |
Translations adjustments | (3,871) | 1,255 | 7,247 |
Net carrying amount | 470,554 | 865,735 | 1,113,599 |
Adexus S.A. [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of subsidiaries - Adexus | 41,988 | ||
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 1,845,331 | 2,154,316 | 2,050,644 |
Disposals, net | (24,341) | ||
Net carrying amount | 1,116,350 | 1,845,331 | 2,154,316 |
Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | (979,596) | (1,040,717) | (938,887) |
Disposals, net | 21,786 | ||
Net carrying amount | (645,796) | (979,596) | (1,040,717) |
Land [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 23,678 | 32,614 | 28,409 |
Additions | 157 | 6,238 | |
Deconsolidation, net | (3,183) | (3,713) | |
Transfers to inventories | 2,941 | ||
Deduction for sale of assets | (5,616) | (5,256) | |
Translations adjustments | (286) | 236 | 282 |
Net carrying amount | 20,209 | 23,678 | 32,614 |
Land [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 23,678 | 32,614 | 28,409 |
Net carrying amount | 20,209 | 23,678 | 32,614 |
Buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 112,961 | 195,096 | 189,565 |
Additions | 13,216 | 2,724 | 12,126 |
Deconsolidation, net | (33,989) | (26,109) | |
Reclassifications | 17,129 | 1,969 | (281) |
Deduction for sale of assets | (3,527) | (51,736) | (14,333) |
Disposals, net | (9,723) | (245) | |
Depreciation charge | (14,257) | (12,469) | (14,842) |
Impairment loss | (73) | ||
Depreciation for sale deductions | 1,189 | 3,579 | 8,113 |
Translations adjustments | 3,383 | 152 | 130 |
Net carrying amount | 86,382 | 112,961 | 195,096 |
Buildings [member] | Adexus S.A. [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of subsidiaries - Adexus | 13,913 | ||
Buildings [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 157,949 | 241,352 | 231,029 |
Disposals, net | (1,232) | ||
Net carrying amount | 112,548 | 157,949 | 241,352 |
Buildings [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | (44,988) | (46,256) | (41,464) |
Disposals, net | 2,010 | ||
Net carrying amount | (26,166) | (44,988) | (46,256) |
Machinery [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 444,270 | 533,553 | 564,685 |
Additions | 11,318 | 48,207 | 81,378 |
Deconsolidation, net | (108,993) | ||
Reclassifications | 16,626 | 12,459 | 4,423 |
Transfers to intangibles (Note 18) | 2,119 | ||
Deduction for sale of assets | (55,567) | (149,202) | (60,374) |
Disposals, net | (2,607) | (4,032) | |
Depreciation charge | (67,430) | (100,976) | (104,638) |
Impairment loss | (5,664) | (14,328) | (5,190) |
Depreciation for sale deductions | 37,452 | 115,864 | 48,266 |
Translations adjustments | (3,310) | 606 | 5,987 |
Net carrying amount | 266,095 | 444,270 | 533,553 |
Machinery [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 998,207 | 1,090,460 | 1,074,195 |
Disposals, net | (15,149) | ||
Net carrying amount | 694,284 | 998,207 | 1,090,460 |
Machinery [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | (553,937) | (556,907) | (509,510) |
Disposals, net | 14,165 | ||
Net carrying amount | (428,189) | (553,937) | (556,907) |
Vehicles [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 181,250 | 203,819 | 220,886 |
Additions | 9,377 | 36,594 | 50,574 |
Deconsolidation, net | (110,859) | (1,527) | |
Reclassifications | (1,415) | 2,888 | (1,639) |
Transfers to intangibles (Note 18) | 724 | ||
Deduction for sale of assets | (32,399) | (92,079) | (48,521) |
Disposals, net | (1,418) | (7,507) | |
Depreciation charge | (19,391) | (45,457) | (48,041) |
Impairment loss | (317) | ||
Depreciation for sale deductions | 14,868 | 84,145 | 29,536 |
Translations adjustments | (788) | (350) | 922 |
Net carrying amount | 39,225 | 181,250 | 203,819 |
Vehicles [member] | Adexus S.A. [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of subsidiaries - Adexus | 420 | ||
Vehicles [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 380,724 | 443,641 | 443,239 |
Disposals, net | (1,354) | ||
Net carrying amount | 83,345 | 380,724 | 443,641 |
Vehicles [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | (199,474) | (239,822) | (222,353) |
Disposals, net | 1,353 | ||
Net carrying amount | (44,120) | (199,474) | (239,822) |
Furniture and fixtures [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 14,984 | 20,171 | 21,177 |
Additions | 2,145 | 11,607 | 4,423 |
Deconsolidation, net | (1,539) | (2,153) | |
Reclassifications | (1,430) | 609 | 4,547 |
Deduction for sale of assets | (2,164) | (4,200) | (1,724) |
Disposals, net | (292) | (422) | |
Depreciation charge | (3,954) | (11,654) | (7,548) |
Impairment loss | (3,301) | ||
Depreciation for sale deductions | 1,813 | 1,049 | 1,026 |
Translations adjustments | (134) | (23) | 176 |
Net carrying amount | 9,429 | 14,984 | 20,171 |
Furniture and fixtures [member] | Adexus S.A. [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of subsidiaries - Adexus | 1,525 | ||
Furniture and fixtures [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 62,435 | 59,593 | 52,225 |
Disposals, net | (1,579) | ||
Net carrying amount | 57,222 | 62,435 | 59,593 |
Furniture and fixtures [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | (47,451) | (39,422) | (31,048) |
Disposals, net | 1,449 | ||
Net carrying amount | (47,793) | (47,451) | (39,422) |
Other equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 47,024 | 87,801 | 56,730 |
Additions | 14,122 | 36,179 | 24,870 |
Deconsolidation, net | (32,878) | (46,032) | |
Reclassifications | 75 | 6,579 | 14,338 |
Deduction for sale of assets | (2,200) | (5,270) | (5,766) |
Disposals, net | (461) | (9,413) | |
Depreciation charge | (18,068) | (26,928) | (28,127) |
Impairment loss | (382) | ||
Depreciation for sale deductions | 1,702 | 3,128 | 1,907 |
Translations adjustments | (2,415) | 980 | (344) |
Net carrying amount | 6,901 | 47,024 | 87,801 |
Other equipment [member] | Adexus S.A. [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of subsidiaries - Adexus | 26,130 | ||
Other equipment [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 180,409 | 246,102 | 191,238 |
Disposals, net | (4,364) | ||
Net carrying amount | 106,068 | 180,409 | 246,102 |
Other equipment [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | (133,385) | (158,301) | (134,508) |
Disposals, net | 2,809 | ||
Net carrying amount | (99,167) | (133,385) | (158,301) |
Replacement units [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 22,915 | 17,914 | 15,444 |
Additions | 925 | 553 | |
Reclassifications | (5,257) | 4,076 | 2,583 |
Deduction for sale of assets | (124) | ||
Depreciation charge | (5) | ||
Net carrying amount | 17,534 | 22,915 | 17,914 |
Replacement units [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 22,924 | 17,923 | 15,448 |
Disposals, net | (661) | ||
Net carrying amount | 17,543 | 22,924 | 17,923 |
Replacement units [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | (9) | (9) | (4) |
Net carrying amount | (9) | (9) | (9) |
In-transit units [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | (42) | 3,778 | 1,817 |
Additions | 5,577 | 22,877 | 19,312 |
Deconsolidation, net | (3,903) | ||
Reclassifications | (5,320) | (21,600) | (17,349) |
Transfers to intangibles (Note 18) | (964) | ||
Disposals, net | (230) | ||
Net carrying amount | 215 | (42) | 3,778 |
In-transit units [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | (42) | 3,778 | 1,817 |
Disposals, net | (2) | ||
Net carrying amount | 215 | (42) | 3,778 |
Work in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 18,695 | 18,853 | 13,044 |
Additions | 27,431 | 13,178 | 13,594 |
Deconsolidation, net | (715) | (4) | |
Reclassifications | (20,408) | (6,980) | (6,622) |
Transfers to intangibles (Note 18) | (2,048) | (1,257) | |
Disposals, net | (118) | (3,606) | |
Impairment loss | (352) | ||
Translations adjustments | (321) | (346) | 94 |
Net carrying amount | 24,564 | 18,695 | 18,853 |
Work in progress [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 19,047 | 18,853 | 13,044 |
Net carrying amount | 24,916 | 19,047 | S/ 18,853 |
Work in progress [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | (352) | ||
Net carrying amount | S/ (352) | S/ (352) |
Property, Plant and Equipment_3
Property, Plant and Equipment - Additional Information (Detail) S/ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 30, 2017USD ($) | Dec. 31, 2018PEN (S/) | Dec. 31, 2017PEN (S/) | Dec. 31, 2016PEN (S/) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Work in progress | S/ 28,538 | S/ 61,804 | ||
Proceeds from sale of fixed assets | $ 20.5 | 31,900 | 127,200 | S/ 70,500 |
Gain (loss) from fixed assets | $ 3.5 | (7,100) | 26,900 | 18,410 |
Operating lease period | 5-year lease period | |||
Leases expiration period | 10 years | |||
Fully depreciated property, plant and equipment | 424,000 | 154,000 | 151,600 | |
Property, plant and equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Other financial liabilities | 321,100 | 368,100 | 617,900 | |
GMP S.A. [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Work in progress | 17,300 | 11,000 | 19,000 | |
Larcomar Hotel Project [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Work in progress | S/ 15,800 | S/ 15,600 | S/ 14,400 |
Property, Plant and Equipment a
Property, Plant and Equipment and Intangible Assets - Summary of Depreciation of Fixed Assets and Investment Properties (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation related to investment property | S/ (2,319) | S/ (2,310) | S/ (2,321) |
Total depreciation of property, plant and equipment | 123,100 | 197,484 | 203,201 |
Discontinued operations [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total depreciation of property, plant and equipment | 39,085 | 90,452 | 86,690 |
Property, plant and equipment including investment property [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total depreciation of property, plant and equipment | 125,419 | 199,794 | 205,522 |
Cost of goods and services [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total depreciation of property, plant and equipment | 81,199 | 103,566 | 111,404 |
Administrative expenses [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total depreciation of property, plant and equipment | S/ 5,135 | S/ 5,776 | S/ 7,428 |
Property, Plant and Equipment_4
Property, Plant and Equipment - Summary of Net Carrying Amount of Machinery and Equipment, Vehicles and Furniture and Fixtures Acquired Under Finance Lease Agreements (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Accumulated depreciation | S/ (123,100) | S/ (197,484) | S/ (203,201) | |
Net carrying amount | 470,554 | 865,735 | 1,113,599 | S/ 1,111,757 |
Finance Lease [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Cost of acquisition | 589,269 | 650,301 | 800,927 | |
Accumulated depreciation | (329,613) | (351,447) | (386,411) | |
Net carrying amount | S/ 259,656 | S/ 298,854 | S/ 414,516 |
Property, Plant and Equipment_5
Property, Plant and Equipment - Summary of Outstanding Commitments for Non-Cancellable Operating Leases (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of finance lease and operating lease by lessee [line items] | ||
Operating lease commitment | S/ 86,862 | S/ 90,138 |
Up to 1 year [member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Operating lease commitment | 8,933 | 8,526 |
Within 2 to 5 years [member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Operating lease commitment | 47,397 | 35,161 |
Over 5 years [member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Operating lease commitment | S/ 30,532 | S/ 46,451 |
Intangible Assets - Summary of
Intangible Assets - Summary of Movement of Intangible Assets and That of Their Related Accumulated Amortization (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Goodwill [line items] | |||
Intangible assets | S/ 940,070 | S/ 960,286 | S/ 878,286 |
Additions | 100,681 | 117,290 | 171,726 |
Capitalization of interest expenses | 3,361 | 26,015 | |
Deconsolidation, net | (72,127) | (23,666) | |
Transfers from assets under construction (Note 17) | 169 | 1,257 | |
Derecognition - cost | (6,083) | (2,464) | |
Amortization | (112,072) | (86,557) | (82,743) |
Impairment | (49,609) | (54,308) | |
Translations adjustments | (6,735) | (1,394) | 16,725 |
Intangible assets | 847,095 | 940,070 | 960,286 |
Adexus S.A. [member] | |||
Disclosure Of Goodwill [line items] | |||
Acquisition of subsidiary - Adexus (Note 33 a) | 33,133 | ||
Gross carrying amount [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | 1,777,200 | 1,707,958 | 1,489,057 |
Disposals - net | (3,790) | ||
Intangible assets | 1,741,820 | 1,777,200 | 1,707,958 |
Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | (837,130) | (747,672) | (610,771) |
Intangible assets | (894,725) | (837,130) | (747,672) |
Goodwill [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | 116,804 | 144,520 | 170,232 |
Deconsolidation, net | (20,086) | (3,524) | |
Impairment | (20,068) | (38,680) | |
Translations adjustments | (3,430) | (4,124) | 12,038 |
Intangible assets | 93,288 | 116,804 | 144,520 |
Goodwill [member] | Adexus S.A. [member] | |||
Disclosure Of Goodwill [line items] | |||
Acquisition of subsidiary - Adexus (Note 33 a) | 930 | ||
Goodwill [member] | Gross carrying amount [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | 197,547 | 205,195 | 192,227 |
Intangible assets | 174,031 | 197,547 | 205,195 |
Goodwill [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | (80,743) | (60,675) | (21,995) |
Intangible assets | (80,743) | (80,743) | (60,675) |
Trademarks [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | 65,100 | 93,666 | 96,534 |
Deconsolidation, net | (8,358) | ||
Impairment | (29,541) | (15,628) | |
Translations adjustments | (4,301) | 975 | 3,672 |
Intangible assets | 52,441 | 65,100 | 93,666 |
Trademarks [member] | Adexus S.A. [member] | |||
Disclosure Of Goodwill [line items] | |||
Acquisition of subsidiary - Adexus (Note 33 a) | 9,088 | ||
Trademarks [member] | Gross carrying amount [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | 110,486 | 109,511 | 96,751 |
Intangible assets | 97,097 | 110,486 | 109,511 |
Trademarks [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | (45,386) | (15,845) | (217) |
Intangible assets | (44,656) | (45,386) | (15,845) |
Concession rights [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | 528,227 | 517,760 | 417,893 |
Additions | 23,803 | 38,156 | 118,222 |
Capitalization of interest expenses | 3,361 | 26,015 | |
Deconsolidation, net | (22,758) | (17,354) | |
Transfers from assets under construction (Note 17) | (11,217) | ||
Derecognition - cost | (16) | (537) | |
Reclasifications | 5,258 | ||
Amortization | (50,776) | (24,609) | (28,206) |
Translations adjustments | 199 | 13 | (102) |
Intangible assets | 482,040 | 528,227 | 517,760 |
Concession rights [member] | Adexus S.A. [member] | |||
Disclosure Of Goodwill [line items] | |||
Acquisition of subsidiary - Adexus (Note 33 a) | 6,090 | ||
Concession rights [member] | Gross carrying amount [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | 841,229 | 844,213 | 716,125 |
Disposals - net | (1,395) | ||
Intangible assets | 836,254 | 841,229 | 844,213 |
Concession rights [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | (313,002) | (326,453) | (298,232) |
Intangible assets | (354,214) | (313,002) | (326,453) |
Contractual relationships with clients [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | 34,265 | 32,811 | 24,194 |
Additions | 5,274 | ||
Deconsolidation, net | (8,909) | ||
Amortization | (7,996) | (4,189) | (4,376) |
Translations adjustments | (303) | 369 | 171 |
Intangible assets | 17,057 | 34,265 | 32,811 |
Contractual relationships with clients [member] | Adexus S.A. [member] | |||
Disclosure Of Goodwill [line items] | |||
Acquisition of subsidiary - Adexus (Note 33 a) | 12,822 | ||
Contractual relationships with clients [member] | Gross carrying amount [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | 98,607 | 95,127 | 82,134 |
Intangible assets | 85,482 | 98,607 | 95,127 |
Contractual relationships with clients [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | (64,342) | (62,316) | (57,940) |
Intangible assets | (68,425) | (64,342) | (62,316) |
Software and development costs [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | 17,624 | 20,021 | 10,218 |
Additions | 3,267 | 3,330 | 16,477 |
Deconsolidation, net | (10,153) | (21) | |
Transfers from assets under construction (Note 17) | 199 | 2,761 | |
Derecognition - cost | (1,941) | (1,572) | |
Reclasifications | 345 | ||
Amortization | (5,834) | (8,091) | (8,043) |
Translations adjustments | 830 | 1,196 | 1,024 |
Intangible assets | 3,992 | 17,624 | 20,021 |
Software and development costs [member] | Gross carrying amount [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | 59,913 | 60,607 | 42,761 |
Intangible assets | 16,177 | 59,913 | 60,607 |
Software and development costs [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | (42,289) | (40,586) | (32,543) |
Intangible assets | (12,185) | (42,289) | (40,586) |
Costs of development of wells [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | 116,733 | 108,722 | 134,263 |
Additions | 68,544 | 49,698 | 17,772 |
Transfers from assets under construction (Note 17) | 5,008 | ||
Derecognition - cost | (4,126) | ||
Amortization | (41,930) | (46,695) | (40,918) |
Intangible assets | 139,221 | 116,733 | 108,722 |
Costs of development of wells [member] | Gross carrying amount [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | 396,806 | 342,100 | 326,723 |
Disposals - net | (2,395) | ||
Intangible assets | 461,224 | 396,806 | 342,100 |
Costs of development of wells [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | (280,073) | (233,378) | (192,460) |
Intangible assets | (322,003) | (280,073) | (233,378) |
Development costs [member] | Gross carrying amount [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | 3,623 | 3,623 | 3,623 |
Intangible assets | 3,623 | 3,623 | 3,623 |
Development costs [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | (3,623) | (3,623) | (3,623) |
Intangible assets | (3,623) | (3,623) | (3,623) |
Land use right [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | 13,288 | 13,288 | 13,288 |
Intangible assets | 13,288 | 13,288 | 13,288 |
Land use right [member] | Gross carrying amount [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | 13,288 | 13,288 | 13,288 |
Intangible assets | 13,288 | 13,288 | 13,288 |
Other assets [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | 48,029 | 29,498 | 11,664 |
Additions | 5,067 | 20,832 | 19,255 |
Deconsolidation, net | (1,863) | (2,767) | |
Transfers from assets under construction (Note 17) | (199) | 3,617 | 1,257 |
Derecognition - cost | (355) | ||
Reclasifications | (5,603) | ||
Amortization | (5,536) | (2,973) | (1,200) |
Translations adjustments | 270 | 177 | (78) |
Intangible assets | 45,768 | 48,029 | 29,498 |
Other assets [member] | Adexus S.A. [member] | |||
Disclosure Of Goodwill [line items] | |||
Acquisition of subsidiary - Adexus (Note 33 a) | 4,203 | ||
Other assets [member] | Gross carrying amount [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | 55,701 | 34,294 | 15,425 |
Intangible assets | 54,644 | 55,701 | 34,294 |
Other assets [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Goodwill [line items] | |||
Intangible assets | (7,672) | (4,796) | (3,761) |
Intangible assets | S/ (8,876) | S/ (7,672) | S/ (4,796) |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Goodwill Allocated to Cash-Generating Units (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Goodwill [line items] | |||
Goodwill | S/ 93,288 | S/ 116,804 | S/ 144,520 |
Engineering and construction [member] | |||
Disclosure Of Goodwill [line items] | |||
Goodwill | 71,621 | 75,051 | 98,587 |
Electromechanical [member] | |||
Disclosure Of Goodwill [line items] | |||
Goodwill | 20,737 | 20,737 | 20,737 |
Mining and construction services [member] | |||
Disclosure Of Goodwill [line items] | |||
Goodwill | 13,366 | 13,366 | |
IT equipment and services [member] | |||
Disclosure Of Goodwill [line items] | |||
Goodwill | S/ 930 | 930 | 5,102 |
Telecommunications services [member] | |||
Disclosure Of Goodwill [line items] | |||
Goodwill | S/ 6,720 | S/ 6,728 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) $ in Millions | Dec. 10, 2014 | Dec. 31, 2018PEN (S/)Wells | Dec. 31, 2017PEN (S/) | Dec. 31, 2017USD ($) | Dec. 31, 2016PEN (S/) | Dec. 31, 2018USD ($) | Aug. 31, 2016PEN (S/) | Dec. 31, 2015PEN (S/) | Dec. 31, 2014PEN (S/) | Aug. 31, 2013PEN (S/) |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Impairment impact in goodwill | S/ 0 | S/ 20,100,000 | S/ 38,700,000 | |||||||
Period of operating economic activities of each CGU | 5 years | |||||||||
Impairment | (49,609,000) | (54,308,000) | ||||||||
Intangible assets | S/ 847,095,000 | 940,070,000 | 960,286,000 | S/ 878,286,000 | ||||||
Borrowing costs capitalized | 7,900,000 | 5,900,000 | ||||||||
Costs capitalized | 68,000,000 | 99,000,000 | 80,000,000 | |||||||
Dismantling wells provision | S/ 3,000,000 | S/ 50,000,000 | ||||||||
GMP S.A. [member] | Talara, Piura [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Right for exploiting oil blocks in years | 30 years | |||||||||
Total estimated investment | $ | $ 350 | |||||||||
Stracon GyM S.A. [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Percentage of ownership disposed in subsidiary | 87.59% | |||||||||
Proceeds from ownership interest disposed | S/ 248,800,000 | $ 76.8 | ||||||||
Amortisation expense of intangible assets | S/ 41,900,000 | |||||||||
Bottom of range [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Borrowings interest rate | 7.00% | 7.00% | 7.00% | |||||||
Top of range [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Borrowings interest rate | 12.00% | 11.22% | 12.00% | |||||||
Trademark [member] | Vial and Vives S.A.C. [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Impairment | S/ 29,500,000 | 15,600,000 | ||||||||
Trademark [member] | Vial and Vives S.A.C. [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Trademarks acquired | S/ 75,400,000 | |||||||||
Trademark [member] | Morelco S.A.S. [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Trademarks acquired | S/ 33,330,000 | |||||||||
Trademark [member] | Adexus S.A. [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Trademarks acquired | S/ 9,100,000 | |||||||||
Oil lots three [member] | GMP S.A. [member] | Talara, Piura [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Number of wells | Wells | 230 | |||||||||
Oil lots four [member] | GMP S.A. [member] | Talara, Piura [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Number of wells | Wells | 330 | |||||||||
Blocks I and V [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Determined useful lives of wells | 5 years | |||||||||
Blocks III and IV [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Determined useful lives of wells | 5 years | |||||||||
Concession rights [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Intangible assets | S/ 482,040,000 | 528,227,000 | S/ 517,760,000 | S/ 417,893,000 | ||||||
Road improvement charges | 20,000,000 | 17,000,000 | ||||||||
Implementation charge for road safety | 4,000,000 | 4,000,000 | ||||||||
Borrowing costs capitalized, second roadway | 310,000,000 | 0 | ||||||||
Disbursements for acquisition of properties | 5,000,000 | 5,000,000 | ||||||||
Other intangible assets contracted for concession delivery process | 5,000,000 | 4,000,000 | ||||||||
Financing costs, capitalized | 3,000,000 | 26,000,000 | ||||||||
Concession rights [member] | Contractual arrangements [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Intangible assets | S/ 70,000,000 | S/ 78,000,000 | ||||||||
Concession rights [member] | Bottom of range [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Borrowings interest rate | 7.14% | 7.14% | 7.14% | |||||||
Borrowing costs capitalized | S/ 3,000,000 | S/ 26,000,000 | ||||||||
Concession rights [member] | Top of range [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Borrowings interest rate | 8.72% | 8.72% | 8.72% | |||||||
Borrowing costs capitalized | S/ 19,000,000 | S/ 331,000,000 |
Intangible Assets - Summary o_3
Intangible Assets - Summary of Major Assumptions Used by the Group in Determining the Fair Value Less Cost of Disposal (Detail) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Engineering and construction [member] | |||
Disclosure Of Major Assumptions Used In Determining Fair Value Less Cost Of disposal And Value In Use [line items] | |||
Gross margin | 12.67% | 9.50% | |
Terminal growth rate | 3.00% | 3.00% | |
Discount rate | 12.55% | 11.18% | |
Engineering and construction [member] | Bottom of range [member] | |||
Disclosure Of Major Assumptions Used In Determining Fair Value Less Cost Of disposal And Value In Use [line items] | |||
Gross margin | 9.50% | ||
Terminal growth rate | 3.00% | ||
Discount rate | 9.66% | ||
Engineering and construction [member] | Top of range [member] | |||
Disclosure Of Major Assumptions Used In Determining Fair Value Less Cost Of disposal And Value In Use [line items] | |||
Gross margin | 12.99% | ||
Terminal growth rate | 4.00% | ||
Discount rate | 12.72% | ||
Engineering and construction [member] | Morelco S.A.S. [member] | |||
Disclosure Of Major Assumptions Used In Determining Fair Value Less Cost Of disposal And Value In Use [line items] | |||
Average revenue growth rate | 12.25% | 9.60% | 14.39% |
Terminal growth rate | 3.00% | 3.00% | 3.00% |
Discount rate | 12.55% | 11.18% | 11.85% |
Engineering and construction [member] | Vial y Vives - DSD [member] | |||
Disclosure Of Major Assumptions Used In Determining Fair Value Less Cost Of disposal And Value In Use [line items] | |||
Average revenue growth rate | 19.58% | 25.00% | 24.53% |
Terminal growth rate | 3.00% | 4.00% | 4.00% |
Discount rate | 14.00% | 14.80% | 9.87% |
Electromechanical [member] | |||
Disclosure Of Major Assumptions Used In Determining Fair Value Less Cost Of disposal And Value In Use [line items] | |||
Gross margin | 7.63% | 8.00% | 11.10% |
Terminal growth rate | 2.00% | 2.00% | 2.00% |
Discount rate | 11.44% | 11.48% | 11.01% |
IT equipment and services [member] | |||
Disclosure Of Major Assumptions Used In Determining Fair Value Less Cost Of disposal And Value In Use [line items] | |||
Gross margin | 20.00% | 20.83% | |
Terminal growth rate | 2.90% | 2.90% | |
Discount rate | 15.39% | 10.17% | 21.74% |
IT equipment and services [member] | Bottom of range [member] | |||
Disclosure Of Major Assumptions Used In Determining Fair Value Less Cost Of disposal And Value In Use [line items] | |||
Gross margin | 15.00% | ||
Terminal growth rate | 2.00% | ||
IT equipment and services [member] | Top of range [member] | |||
Disclosure Of Major Assumptions Used In Determining Fair Value Less Cost Of disposal And Value In Use [line items] | |||
Gross margin | 23.19% | ||
Terminal growth rate | 3.00% | ||
IT equipment and services [member] | Adexus S.A. [member] | |||
Disclosure Of Major Assumptions Used In Determining Fair Value Less Cost Of disposal And Value In Use [line items] | |||
Average revenue growth rate | 17.93% | 9.19% | 12.60% |
Terminal growth rate | 2.90% | 3.00% | 3.00% |
Discount rate | 12.40% | 16.63% | 16.05% |
Telecommunications services [member] | |||
Disclosure Of Major Assumptions Used In Determining Fair Value Less Cost Of disposal And Value In Use [line items] | |||
Gross margin | 4.26% | 11.75% | |
Terminal growth rate | 3.00% | 3.00% | |
Discount rate | 4.02% | 10.02% |
Intangible Assets - Summary o_4
Intangible Assets - Summary of Amortization of Intangibles (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortisation expense of intangible assets | S/ 112,072 | S/ 86,557 | S/ 82,743 |
Cost of sales and services [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortisation expense of intangible assets | 98,318 | 67,381 | 59,682 |
Administrative expenses [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortisation expense of intangible assets | 4,856 | 3,002 | 4,890 |
Discontinued operations [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortisation expense of intangible assets | S/ 8,898 | S/ 16,174 | S/ 18,171 |
Borrowings - Summary of Other F
Borrowings - Summary of Other Financial Liabilities (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | ||
Total | S/ 1,202,672 | S/ 1,690,063 |
Current borrowings | 826,474 | 1,056,764 |
Non-current borrowings | 376,198 | 633,299 |
Bank Overdrafts [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total | 119 | 120 |
Current borrowings | 119 | 120 |
Bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total | 1,023,481 | 1,561,634 |
Current borrowings | 810,188 | 990,467 |
Non-current borrowings | 213,293 | 571,167 |
Finance Leases Liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total | 33,488 | 128,309 |
Current borrowings | 13,514 | 66,177 |
Non-current borrowings | 19,974 | S/ 62,132 |
Other financial liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total | 145,584 | |
Current borrowings | 2,653 | |
Non-current borrowings | S/ 142,931 |
Borrowings - Additional informa
Borrowings - Additional information (Detail) S/ in Thousands, $ in Millions | Jun. 11, 2018PEN (S/) | Dec. 31, 2018PEN (S/) | Dec. 31, 2016PEN (S/) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Jul. 31, 2018PEN (S/) | Jul. 31, 2018USD ($) | Jun. 11, 2018USD ($) | Apr. 30, 2018PEN (S/) | Apr. 30, 2018USD ($) | Dec. 31, 2017PEN (S/) | Jul. 31, 2017PEN (S/) | Jul. 31, 2017USD ($) | Jun. 27, 2017PEN (S/) | Jun. 27, 2017USD ($) | Dec. 31, 2015USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | S/ | S/ 1,202,672 | S/ 1,690,063 | ||||||||||||||
Repayment of line of credit facility | S/ 245,800 | $ 72.7 | ||||||||||||||
Repayment of line of credit facility, addition | S/ 52,100 | $ 15.4 | ||||||||||||||
Outstanding line of credit | 200,800 | $ 59.4 | ||||||||||||||
Tranche A [member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Outstanding line of credit | 147,800 | 43.7 | ||||||||||||||
Tranche B [member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Outstanding line of credit | S/ 53,000 | 15.7 | ||||||||||||||
Norvial S.A. [member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | S/ 138,000 | $ 42.3 | ||||||||||||||
Future dividends period to receive | 7 years | |||||||||||||||
Percentage of economic rights | 48.80% | |||||||||||||||
Term Loan One [member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, maturity | June 2020 | |||||||||||||||
Term Loan One [member] | First year of repayment [member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Repayment as percentage of proceeds of asset sales | 40.00% | |||||||||||||||
Term Loan One [member] | Second year of repayment [member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Repayment as percentage of proceeds of asset sales | 30.00% | |||||||||||||||
Term Loan One [member] | Credit Suisse Syndicated Loan [member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Term loan credit agreement | $ 200 | |||||||||||||||
Initial term of loan | 5 years | |||||||||||||||
Current portion of outstanding balance | S/ 126,700 | $ 37.5 | ||||||||||||||
Term Loan One [member] | Credit Suisse Syndicated Loan [member] | three months LIBOR [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, adjustment to interest rate basis | 4.90% | 4.90% | 3.80% | |||||||||||||
Term Loan One [member] | GSP Bridge Loan [member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | S/ 214,500 | $ 63.5 | ||||||||||||||
Term Loan One [member] | Natixis, BBVA, SMBC and MUFJ [member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | S/ 256,300 | $ 78.7 | ||||||||||||||
Gasoducto Sur Peruano S.A. [member] | GSP Bridge Loan [member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Guarantee obligation | S/ 433,000 | $ 129 | ||||||||||||||
GyM S A [member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Revolving line of credit for working capital | S/ 143,900 | $ 1.6 | ||||||||||||||
Increase decrease in revolving line of credit | 14 | |||||||||||||||
Revolving line of credit for working capital | S/ 33,600 | 51.6 | ||||||||||||||
Grana Y Montero S.A.A. [member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Issuance of performance bonds | 100 | |||||||||||||||
Issuance of performance bonds, addition | $ 50 | |||||||||||||||
Bottom of range [member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 7.00% | 7.00% | 7.00% | |||||||||||||
Bottom of range [member] | Level 2 of fair value hierarchy [member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 2.40% | 2.40% | 2.40% | |||||||||||||
Bottom of range [member] | Fixed interest rate [member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 1.60% | 1.60% | 3.30% | |||||||||||||
Top of range [member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 12.00% | 12.00% | 11.22% | |||||||||||||
Top of range [member] | Level 2 of fair value hierarchy [member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 8.90% | 8.90% | 13.80% | |||||||||||||
Top of range [member] | Fixed interest rate [member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 15.80% | 15.80% | 13.90% |
Borrowings - Summary of Bank Lo
Borrowings - Summary of Bank Loan (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about borrowings [line items] | ||
Current borrowings | S/ 826,474 | S/ 1,056,764 |
Non-current borrowings | 376,198 | 633,299 |
Bank loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Current borrowings | 810,188 | 990,467 |
Non-current borrowings | 213,293 | 571,167 |
Bank loans [member] | GyM S A [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Current borrowings | 227,770 | 551,413 |
Non-current borrowings | 95,376 | |
Bank loans [member] | Grana Y Montero S.A.A. [member] | three months LIBOR [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Current borrowings | 206,836 | 113,412 |
Non-current borrowings | S/ 125,547 | 363,564 |
Bank loans [member] | GyM Ferrovias S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, maturity | 2019 | |
Current borrowings | S/ 209,463 | |
Bank loans [member] | Viva GyM SA [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Current borrowings | 129,617 | 157,592 |
Non-current borrowings | 2,102 | |
Bank loans [member] | CAM Holding S A [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Current borrowings | 22,587 | 42,911 |
Non-current borrowings | S/ 85,644 | 96,245 |
Bank loans [member] | Adexus S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 15.75% | |
Borrowings, maturity | 2019 | |
Current borrowings | S/ 13,915 | 812 |
Bank loans [member] | GMD SA [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 5.90% | |
Current borrowings | 46,552 | |
Non-current borrowings | 3,175 | |
Bank loans [member] | CONCARSA [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, maturity | 2018 | |
Current borrowings | 77,775 | |
Non-current borrowings | S/ 12,807 | |
Bottom of range [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 7.00% | 7.00% |
Bottom of range [member] | Bank loans [member] | GyM S A [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 1.63% | |
Borrowings, maturity | 2018 | |
Bottom of range [member] | Bank loans [member] | Grana Y Montero S.A.A. [member] | three months LIBOR [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 4.90% | |
Borrowings, maturity | 2018 | |
Bottom of range [member] | Bank loans [member] | Viva GyM SA [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 7.00% | |
Borrowings, maturity | 2018 | |
Bottom of range [member] | Bank loans [member] | CAM Holding S A [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 4.55% | |
Borrowings, maturity | 2018 | |
Bottom of range [member] | Bank loans [member] | GMD SA [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, maturity | 2018 | |
Bottom of range [member] | Bank loans [member] | CONCARSA [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 4.68% | |
Top of range [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 12.00% | 11.22% |
Top of range [member] | Bank loans [member] | GyM S A [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 8.91% | |
Borrowings, maturity | 2019 | |
Top of range [member] | Bank loans [member] | Grana Y Montero S.A.A. [member] | three months LIBOR [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 5.50% | |
Borrowings, maturity | 2020 | |
Top of range [member] | Bank loans [member] | GyM Ferrovias S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, adjustment to interest rate basis | 2.00% | |
Top of range [member] | Bank loans [member] | Viva GyM SA [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 12.00% | |
Borrowings, maturity | 2020 | |
Top of range [member] | Bank loans [member] | CAM Holding S A [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 6.04% | |
Borrowings, maturity | 2020 | |
Top of range [member] | Bank loans [member] | GMD SA [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, maturity | 2019 | |
Top of range [member] | Bank loans [member] | CONCARSA [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 13.76% |
Borrowings - Summary of Finance
Borrowings - Summary of Finance Lease Obligations (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | S/ 13,514 | S/ 66,177 |
Non-current finance lease liabilities | 19,974 | 62,132 |
GyM S A [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | 4,523 | 40,107 |
Non-current finance lease liabilities | 9,314 | 32,397 |
GMP S.A. [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | 4,034 | 4,013 |
Non-current finance lease liabilities | 1,522 | 5,304 |
Viva GyM SA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | 3,488 | 4,439 |
Non-current finance lease liabilities | 8,582 | 12,010 |
CONCARSA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | 1,469 | 1,777 |
Non-current finance lease liabilities | S/ 556 | 1,945 |
Adexus S.A. [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | 8,567 | |
Non-current finance lease liabilities | 4,363 | |
GMI SA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | 347 | |
CAM Holding S A [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | 6,240 | |
Non-current finance lease liabilities | 5,692 | |
CAM Servicios Peru S A [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | 687 | |
Non-current finance lease liabilities | S/ 421 | |
Bottom of range [member] | GyM S A [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 0.40% | |
Date of maturity | 2018 | |
Bottom of range [member] | GMP S.A. [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 0.25% | |
Date of maturity | 2018 | |
Bottom of range [member] | Viva GyM SA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 7.79% | |
Date of maturity | 2018 | |
Bottom of range [member] | CONCARSA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 3.65% | |
Date of maturity | 2018 | |
Bottom of range [member] | Adexus S.A. [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 3.36% | |
Date of maturity | 2018 | |
Bottom of range [member] | GMI SA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 5.56% | |
Bottom of range [member] | CAM Holding S A [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 3.01% | |
Bottom of range [member] | CAM Servicios Peru S A [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 6.79% | |
Top of range [member] | GyM S A [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 9.27% | |
Date of maturity | 2023 | |
Top of range [member] | GMP S.A. [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 4.50% | |
Date of maturity | 2021 | |
Top of range [member] | Viva GyM SA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 8.46% | |
Date of maturity | 2022 | |
Top of range [member] | CONCARSA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 5.05% | |
Date of maturity | 2020 | |
Top of range [member] | Adexus S.A. [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 12.31% | |
Date of maturity | 2022 | |
Top of range [member] | GMI SA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 6.90% | |
Date of maturity | 2018 | |
Top of range [member] | CAM Holding S A [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 14.76% | |
Date of maturity | 2018 | |
Top of range [member] | CAM Servicios Peru S A [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 7.75% | |
Date of maturity | 2018 |
Borrowings - Summary of Minimum
Borrowings - Summary of Minimum Payment by Maturity and Present Value of Finance Lease Obligations (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of finance lease and operating lease by lessor [line items] | ||
Minimum finance lease payments payable | S/ 36,734 | S/ 139,401 |
Future financial charges on finance leases | (3,246) | (11,092) |
Present value of the obligations for finance lease contracts | 33,488 | 128,309 |
Maturity Period Less than One Year [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Minimum finance lease payments payable | 15,151 | 72,864 |
Present value of the obligations for finance lease contracts | 13,514 | 66,177 |
Maturity Period Greater than One and Less than Five Year [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Minimum finance lease payments payable | 21,583 | 65,899 |
Present value of the obligations for finance lease contracts | S/ 19,974 | 61,501 |
Maturity Period Greater than Five Year [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Minimum finance lease payments payable | 638 | |
Present value of the obligations for finance lease contracts | S/ 631 |
Borrowings - Summary of Present
Borrowings - Summary of Present value of Finance Lease Obligations (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of finance lease and operating lease by lessor [line items] | ||
Present value of finance lease obligations | S/ 33,488 | S/ 128,309 |
Maturity Period Less than One Year [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Present value of finance lease obligations | 13,514 | 66,177 |
Maturity Period Greater than One and Less than Five Year [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Present value of finance lease obligations | S/ 19,974 | 61,501 |
Maturity Period Greater than Five Year [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Present value of finance lease obligations | S/ 631 |
Borrowings - Summary of Carryin
Borrowings - Summary of Carrying Amount and Fair Value of Borrowings (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | ||
Carrying amount | S/ 1,202,672 | S/ 1,690,063 |
Carrying amount [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Carrying amount | 1,202,672 | 1,690,063 |
Carrying amount [member] | Bank Overdrafts [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Carrying amount | 119 | 120 |
Carrying amount [member] | Bank Loan [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Carrying amount | 1,023,481 | 1,561,634 |
Carrying amount [member] | Finance Lease [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Carrying amount | 33,488 | 128,309 |
Carrying amount [member] | Other financial liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Carrying amount | 145,584 | |
At fair value [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Carrying amount | 1,336,987 | 1,768,160 |
At fair value [member] | Bank Overdrafts [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Carrying amount | 119 | 120 |
At fair value [member] | Bank Loan [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Carrying amount | 1,152,885 | 1,627,000 |
At fair value [member] | Finance Lease [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Carrying amount | 38,399 | S/ 141,040 |
At fair value [member] | Other financial liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Carrying amount | S/ 145,584 |
Bonds - Summary of Bonds Issued
Bonds - Summary of Bonds Issued (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about borrowings [line items] | |||
Total | S/ 937,042 | S/ 947,567 | |
Current | 39,167 | 36,655 | |
Non-current | 897,875 | 910,912 | |
GyM Ferrovias S.A. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total | 611,660 | 603,657 | S/ 604,031 |
Current | 13,422 | 12,294 | |
Non-current | 598,238 | 591,363 | |
Norvial S.A. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total | 325,382 | 343,910 | S/ 363,684 |
Current | 25,745 | 24,361 | |
Non-current | S/ 299,637 | S/ 319,549 |
Bonds - Additional Information
Bonds - Additional Information (Detail) S/ in Millions, $ in Millions | Dec. 31, 2018USD ($) | Aug. 23, 2017USD ($) | Feb. 28, 2015PEN (S/) | Dec. 31, 2018PEN (S/) | Dec. 31, 2017PEN (S/) | Dec. 31, 2016PEN (S/) |
Disclosure of detailed information about borrowings [line items] | ||||||
Maximum proforma gearing ratio | 400.00% | |||||
Fair value of bonds | S/ 1,037.0 | S/ 1,040.0 | ||||
Mizuho Bank Ltd And Sumitomo Mitsui Banking Corporation [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Working capital loan | $ | $ 80 | |||||
Working capital loan disbursed | $ | $ 62 | |||||
Top of range [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Interest rate | 12.00% | 11.22% | ||||
Top of range [member] | Concession Agreement [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Sale and purchase agreement | $ | $ 316 | |||||
Top of range [member] | Level 2 of fair value hierarchy [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Interest rate | 8.90% | 13.80% | ||||
Discounted cash flows rates | 5.45% | 6.63% | ||||
Bottom of range [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Interest rate | 7.00% | 7.00% | ||||
Bottom of range [member] | Level 2 of fair value hierarchy [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Interest rate | 2.40% | 2.40% | ||||
Discounted cash flows rates | 4.09% | 4.49% | ||||
GyM Ferrovias S.A. [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Issue of corporate bonds | S/ 629.0 | |||||
Costs of bonds issue | S/ 22.0 | |||||
Maturity period of bonds | November 2039 | |||||
Interest rate | 4.75% | |||||
Bonds amortized | S/ 67.7 | S/ 57.5 | ||||
Accrued interest and VAC adjustments payable | S/ 72.0 | S/ 60.5 | ||||
Minimum debt service coverage ratio | 120.00% | |||||
Norvial S.A. [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Issue of corporate bonds | S/ 365.0 | |||||
Minimum debt service coverage ratio | 130.00% |
Bonds - Rollforwards of Bonds (
Bonds - Rollforwards of Bonds (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about borrowings [line items] | ||
Balance at January, 1 | S/ 947,567 | |
Balance at December, 31 | 937,042 | S/ 947,567 |
GyM Ferrovias S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Balance at January, 1 | 603,657 | 604,031 |
Amortization | (10,178) | (19,141) |
Accrued interest | 48,130 | 49,132 |
Interest paid | (29,949) | (30,365) |
Balance at December, 31 | 611,660 | 603,657 |
Norvial S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Balance at January, 1 | 343,910 | 363,684 |
Amortization | (18,736) | (20,010) |
Accrued interest | 24,170 | 2,987 |
Capitalized interest | 3,361 | 26,011 |
Interest paid | (27,323) | (28,762) |
Balance at December, 31 | S/ 325,382 | S/ 343,910 |
Trade Accounts Payable - Summar
Trade Accounts Payable - Summary of Trade Accounts Payable (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Trade Accounts Payable [abstract] | ||
Invoices payable | S/ 591,619 | S/ 1,250,586 |
Unbilled services received | 378,670 | 132,514 |
Notes payable | 109,242 | 69,946 |
Trade accounts payable | S/ 1,079,531 | S/ 1,453,046 |
Trade Accounts Payable - Additi
Trade Accounts Payable - Additional Information (Detail) - PEN (S/) S/ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Trade Accounts Payable [abstract] | ||
Unbilled services received include the estimate made by Management of the valuation of the percentage of completion | S/ 378.7 | S/ 132.5 |
Other Accounts Payable - Summar
Other Accounts Payable - Summary of Other Accounts Payable (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Other Payables [line items] | ||
Advances received from customers | S/ 496,548 | S/ 726,294 |
Salaries and other payable | 97,774 | 246,916 |
Put option liability on Morelco acquisition (Note 33-b) | 103,649 | 105,418 |
Third-party loans | 11,560 | 107,314 |
Other taxes payable | 90,449 | 69,584 |
VAT payable | 42,326 | 48,095 |
Acquisition of non-controlling interest (Note 36-a) | 22,963 | 22,407 |
Supplier funding | 14,886 | |
Guarantee deposits | 15,137 | 15,580 |
Post-retirement benefits | 8,914 | |
Other accounts payables | 55,864 | 50,013 |
Other payables | 1,206,779 | 1,700,973 |
Advances received from customers, current | 301,868 | 316,891 |
Salaries and other payable, current | 97,774 | 246,916 |
Put option liability on Morelco acquisition, current | 0 | 0 |
Third-party loans, current | 11,560 | 75,256 |
Other taxes payable, current | 69,118 | 69,584 |
VAT payable, current | 42,326 | 37,544 |
Acquisition of non-controlling interest (Note 36-a), current | 22,963 | 22,407 |
Supplier funding,current | 14,886 | |
Guarantee deposits,current | 15,137 | 15,580 |
Post-retirement benefits, current | 8,914 | |
Other accounts payables, current | 36,392 | 28,791 |
Other payables, current | 632,669 | 848,500 |
Advances received from customers, not current | 194,680 | 409,403 |
Payables related parties, not current | 21,849 | 25,954 |
Put option liability on Morelco acquisition (Note 33-b), not current | 103,649 | 105,418 |
Third-party loans, not current | 32,058 | |
Other taxes payable, not current | 21,331 | |
VAT payable, not current | 10,551 | |
Supplier funding, not current | 14,886 | |
Post-retirement benefits, not current | 8,914 | |
Other accounts payables, not current | 19,472 | 21,222 |
Other payables, not current | 574,110 | 852,473 |
Consorcio Constructor Ductos del Sur [member] | ||
Disclosure Of Other Payables [line items] | ||
Payables related parties | 234,978 | 250,021 |
Payables related parties, not current | 234,978 | 250,021 |
Consorcio Rio Mantaro [member] | ||
Disclosure Of Other Payables [line items] | ||
Payables related parties | 35,531 | 35,531 |
Payables related parties, current | S/ 35,531 | S/ 35,531 |
Other Accounts Payable - Additi
Other Accounts Payable - Additional Information (Detail) S/ in Millions | Dec. 31, 2018PEN (S/) |
Construction contracts 1 [member] | |
Disclosure Of Other Payables [line items] | |
Payment obligations to main subcontractors as a consequence of termination of GSP operations | S/ 235 |
Provisions - Summary of Other P
Provisions - Summary of Other Provisions (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of other provisions [line items] | ||
Provisions | S/ 109,608 | S/ 47,417 |
Provisions, current | 6,197 | 13,503 |
Provisions, not current | 103,411 | 33,914 |
Legal proceedings provision [member] | ||
Disclosure of other provisions [line items] | ||
Provisions | 84,728 | 23,364 |
Provisions, current | 6,049 | 12,220 |
Provisions, not current | 78,679 | 11,144 |
Contingent liabilities [member] | Morelco S.A.S. [member] | ||
Disclosure of other provisions [line items] | ||
Provisions | 4,039 | 4,224 |
Provisions, not current | 4,039 | 4,224 |
Contingent liabilities [member] | Coasin and Vialy Vives-DSD [member] | ||
Disclosure of other provisions [line items] | ||
Provisions | 459 | 1,839 |
Provisions, not current | 459 | 1,839 |
Contingent liabilities [member] | Adexus S.A. [member] | ||
Disclosure of other provisions [line items] | ||
Provisions | 1,186 | |
Provisions, current | 1,186 | |
Provision for decommissioning, restoration and rehabilitation costs [member] | ||
Disclosure of other provisions [line items] | ||
Provisions | 20,382 | 16,804 |
Provisions, current | 148 | 97 |
Provisions, not current | S/ 20,234 | S/ 16,707 |
Provisions - Additional Informa
Provisions - Additional Information (Detail) S/ in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018PEN (S/) | Dec. 31, 2018USD ($) | Dec. 31, 2017PEN (S/) | Dec. 31, 2016PEN (S/) | |
Disclosure of other provisions [line items] | ||||
Other provisions | S/ 109,608 | S/ 47,417 | S/ 41,073 | |
Legal proceedings provision [member] | ||||
Disclosure of other provisions [line items] | ||||
Present value of the estimated provision | 73,500 | $ 22.3 | ||
Other provisions | 84,728 | 23,364 | S/ 15,732 | |
Legal proceedings provision [member] | Provisions for labor, taxes and civil [member] | ||||
Disclosure of other provisions [line items] | ||||
Other provisions | 19,300 | |||
Legal proceedings provision [member] | Environmental laws and regulations [member] | ||||
Disclosure of other provisions [line items] | ||||
Other provisions | S/ 5,300 | S/ 5,100 |
Provisions - Summary Gross Move
Provisions - Summary Gross Movement of Other Provisions (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of other provisions [line items] | ||
Beginning balance | S/ 47,417 | S/ 41,073 |
Additions | 78,947 | 9,510 |
Reversals of provisions | (6,218) | (1,456) |
Deconsolidation of subsidiaries | (2,340) | |
Reclasification liabilities classified as held for sale | (1,093) | |
Payments | (6,615) | (1,680) |
Translation adjustments | (490) | (30) |
Ending balance | 109,608 | 47,417 |
Legal proceedings provision [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 23,364 | 15,732 |
Additions | 75,369 | 9,510 |
Reversals of provisions | (4,875) | (235) |
Deconsolidation of subsidiaries | (2,340) | |
Payments | (6,615) | (1,680) |
Translation adjustments | (175) | 37 |
Ending balance | 84,728 | 23,364 |
Contingent liabilities [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 7,249 | 8,125 |
Reversals of provisions | (1,343) | (809) |
Reclasification liabilities classified as held for sale | (1,093) | |
Translation adjustments | (315) | (67) |
Ending balance | 4,498 | 7,249 |
Provision for decommissioning, restoration and rehabilitation costs [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 16,804 | 17,216 |
Additions | 3,578 | |
Reversals of provisions | (412) | |
Ending balance | S/ 20,382 | S/ 16,804 |
Equity - Additional Information
Equity - Additional Information (Detail) S/ / shares in Units, $ / shares in Units, S/ in Thousands, $ in Millions | Nov. 06, 2018PEN (S/)shares | Nov. 06, 2018USD ($)$ / sharesshares | Dec. 31, 2018PEN (S/)S/ / sharesshares | Dec. 31, 2017PEN (S/)S/ / sharesshares | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013PEN (S/) |
Disclosure of classes of share capital [line items] | ||||||||
Capital increase | S/ 434,000 | $ 130 | ||||||
Number of shares represents as capital | 211,864,065 | 211,864,065 | ||||||
Par value per share | (per share) | $ 0.6136 | S/ 1.00 | ||||||
Number of shares subscribed | 69,380,402 | |||||||
Number of shares represents as capital | 729,434,192 | |||||||
Number of shares registered in public registries | 660,053,790 | |||||||
Number of shares in process of registration | 69,380,402 | |||||||
Number of equity shares per American Depository Shares | S/ / shares | S/ 5 | |||||||
Quoted share price | S/ / shares | S/ 1.99 | S/ 1.87 | ||||||
Trading frequency, percentage | 91.60% | 100.00% | ||||||
Percentage of net profit transferred to legal reserve | 10.00% | |||||||
Maximum allowed percentage to legal reserve to paid-in capital | 20.00% | |||||||
Voluntary reserve | S/ | S/ 29,974 | S/ 29,974 | ||||||
Excess of total income obtained by shares issued over nominal value | S/ | S/ 68,200 | S/ 1,055,500 | ||||||
Dividend rate percentage | 6.80% | 6.80% | 4.10% | |||||
Ordinary shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares authorized | 660,053,790 | |||||||
Number of shares | 207,931,660 | 259,302,745 | ||||||
American depository shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares | 41,586,332 | 51,860,549 | ||||||
2017 and onwards [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Dividend rate percentage | 5.00% |
Equity - Summary of Company's C
Equity - Summary of Company's Corporte Structure (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of classes of share capital [line items] | |
Number of shareholders | 1,942 |
Total percentage of interest | 100.00% |
Upto one percent [member] | |
Disclosure of classes of share capital [line items] | |
Number of shareholders | 1,926 |
Total percentage of interest | 16.37% |
From one point zero one percent to five percent [member] | |
Disclosure of classes of share capital [line items] | |
Number of shareholders | 12 |
Total percentage of interest | 26.54% |
From five point zero one percent to ten percent [member] | |
Disclosure of classes of share capital [line items] | |
Number of shareholders | 2 |
Total percentage of interest | 12.47% |
Over Ten Percent [member] | |
Disclosure of classes of share capital [line items] | |
Number of shareholders | 2 |
Total percentage of interest | 44.62% |
Deferred Income Tax - Summary o
Deferred Income Tax - Summary of Deferred Income Tax (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of deferred income taxes [line items] | ||||
Deferred income tax asset | S/ 425,436 | S/ 436,697 | ||
Deferred income tax liability | (75,347) | (72,472) | ||
Deferred income tax asset, net | 350,089 | 364,225 | S/ 353,839 | S/ 48,682 |
Up to 1 year [member] | ||||
Disclosure of deferred income taxes [line items] | ||||
Deferred income tax asset | 48,889 | 73,883 | ||
Deferred income tax liability | (9,067) | (5,583) | ||
Later than one year [member] | ||||
Disclosure of deferred income taxes [line items] | ||||
Deferred income tax asset | 376,547 | 362,814 | ||
Deferred income tax liability | S/ (66,280) | S/ (66,889) |
Deferred Income Tax - Summary_2
Deferred Income Tax - Summary of Gross Movement of Deferred Income Tax Item (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | S/ 364,225 | S/ 353,839 | S/ 48,682 |
Credit to income statement (Note 30) | 25,118 | 42,599 | 263,806 |
Adjustment for changes in rates of income tax | (1,524) | 1,951 | 17,105 |
Credit to other comprehensive income | 15,004 | ||
Tax charged to equity | 159 | ||
Acquisition of a subsidiary | (40,460) | (12,160) | 10,363 |
Acquisition of joint operation | (95) | (16,804) | |
Other movements | 2,825 | (5,200) | (1,280) |
Ending balance | S/ 350,089 | S/ 364,225 | S/ 353,839 |
Deferred Income Tax - Summary_3
Deferred Income Tax - Summary of Movements of Deferred Tax Assets and Liabilities (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | S/ 364,225 | S/ 353,839 | S/ 48,682 |
(Charge) credit to P&L | 25,118 | 42,599 | 263,806 |
Charge (credit) to equity | 159 | ||
(Charge) credit to OCI | 15,004 | ||
Acquisition of subsidiary | (40,460) | (12,160) | 10,363 |
Ending balance | 350,089 | 364,225 | 353,839 |
Difference in depreciation rates [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 165,851 | 61,750 | 45,155 |
(Charge) credit to P&L | (74,679) | 104,101 | 16,595 |
Sale of subsidiaries | (16,189) | ||
Ending balance | 74,983 | 165,851 | 61,750 |
Deferred income [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
(Charge) credit to P&L | 13,574 | ||
Ending balance | 13,574 | ||
Fair value gains [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 30,684 | ||
(Charge) credit to P&L | 13,587 | ||
(Charge) credit to OCI | (15,348) | ||
Reclassification of previous years | (28,923) | ||
Deferred income tax liability work in process [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 2,530 | 8,242 | 24,723 |
(Charge) credit to P&L | 2,926 | (5,712) | (16,481) |
Ending balance | 5,456 | 2,530 | 8,242 |
Tax receivables [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 32,189 | 28,867 | 25,543 |
(Charge) credit to P&L | 689 | 3,322 | 3,324 |
Ending balance | 32,878 | 32,189 | 28,867 |
Borrowing costs capitalized [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 19,945 | 21,418 | 15,178 |
(Charge) credit to P&L | (4,229) | (1,473) | 6,240 |
Ending balance | 15,716 | 19,945 | 21,418 |
Purchase price allocation [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 15,338 | 27,118 | |
(Charge) credit to P&L | (11,699) | (11,780) | |
Reclassification of previous years | 30,187 | ||
Sale of subsidiaries | (5,201) | ||
Acquisition of subsidiary | (3,069) | ||
Ending balance | (1,562) | 15,338 | 27,118 |
Others [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 9,357 | 13,164 | 11,810 |
(Charge) credit to P&L | 7,828 | (3,724) | 2,618 |
Reclassification of previous years | (1,264) | ||
Sale of subsidiaries | (3,377) | (83) | |
Ending balance | 13,808 | 9,357 | 13,164 |
Deferred Tax Liabilities [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 245,210 | 160,559 | 153,093 |
(Charge) credit to P&L | (65,590) | 84,734 | 25,883 |
(Charge) credit to OCI | (15,348) | ||
Sale of subsidiaries | (24,767) | (83) | |
Acquisition of subsidiary | (3,069) | ||
Ending balance | 154,853 | 245,210 | 160,559 |
Provisions [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 52,439 | 105,679 | 20,949 |
(Charge) credit to P&L | 702 | (12,614) | 84,571 |
Charge (credit) to equity | (8,882) | 159 | |
Reclassification | (30,901) | ||
Sale of subsidiaries | (14,775) | (683) | |
Others | (160) | ||
Ending balance | 38,366 | 52,439 | 105,679 |
Accelerated tax depreciation [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 86,651 | 16,381 | 14,892 |
(Charge) credit to P&L | (83,561) | 79,637 | 1,489 |
Sale of subsidiaries | (2,169) | (9,367) | |
Ending balance | 921 | 86,651 | 16,381 |
Tax losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 144,089 | 153,083 | 91,313 |
(Charge) credit to P&L | 25,733 | (8,555) | 51,163 |
Sale of subsidiaries | (33,512) | (438) | |
Others | (1) | ||
Ending balance | 136,310 | 144,089 | 153,083 |
Tax losses [member] | Adexus S.A. [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Acquisition of subsidiary | 10,607 | ||
Deferred income tax asset work in process [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 39,487 | 17,614 | 24,103 |
(Charge) credit to P&L | (5,482) | 21,873 | (6,489) |
Ending balance | 34,005 | 39,487 | 17,614 |
Accrual for unpaid vacations [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 13,440 | 12,972 | 14,977 |
(Charge) credit to P&L | 1,784 | 2,166 | (2,005) |
Sale of subsidiaries | (6,215) | (1,697) | |
Others | (1) | ||
Ending balance | 9,009 | 13,440 | 12,972 |
Investments in subsidiaries [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 608 | 1,476 | |
(Charge) credit to P&L | 118 | (312) | |
Reclassification | (726) | ||
Others | (556) | ||
Ending balance | 608 | ||
Provision deterioration [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 224,780 | 172,052 | |
(Charge) credit to P&L | 35,289 | 28,593 | 172,052 |
Charge (credit) to equity | (7,493) | ||
Reclassification | 31,627 | ||
Sale of subsidiaries | (6,462) | ||
Others | 1 | ||
Ending balance | 253,607 | 224,780 | 172,052 |
Tax goodwill [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 20,413 | 20,525 | 17,522 |
(Charge) credit to P&L | (2,365) | (112) | 3,003 |
Ending balance | 18,048 | 20,413 | 20,525 |
Other [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 28,136 | 15,484 | 16,543 |
(Charge) credit to P&L | (14,096) | 18,358 | 3,322 |
Charge (credit) to equity | (95) | (347) | |
(Charge) credit to OCI | (343) | ||
Sale of subsidiaries | (944) | (236) | |
Others | 1,675 | (5,123) | (725) |
Ending balance | 14,676 | 28,136 | 15,484 |
Other [Member] | Adexus S.A. [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Acquisition of subsidiary | (3,313) | ||
Deferred Tax Asset [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 609,435 | 514,398 | 201,775 |
(Charge) credit to P&L | (41,996) | 129,464 | 306,794 |
Charge (credit) to equity | (95) | (16,722) | 159 |
(Charge) credit to OCI | (343) | ||
Sale of subsidiaries | (64,077) | (12,421) | |
Others | 1,675 | (5,284) | (1,281) |
Ending balance | S/ 504,942 | S/ 609,435 | 514,398 |
Deferred Tax Asset [member] | Adexus S.A. [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Acquisition of subsidiary | S/ 7,294 |
Deferred Income Tax - Additiona
Deferred Income Tax - Additional Information (Detail) S/ in Thousands | Dec. 31, 2018PEN (S/) |
Deferred tax assets and liabilities [abstract] | |
Tax losses | S/ 468,806 |
Deferred Income Tax -Summary Of
Deferred Income Tax -Summary Of Tax Loss Carry forward (Detail) S/ in Thousands | 12 Months Ended |
Dec. 31, 2018PEN (S/) | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | S/ 468,806 |
GyM S A [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | S/ 277,541 |
Tax Loss Aplication Method | B |
Vial y Vives - DSD [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | S/ 76,474 |
Tax Loss Aplication Method | N/A |
Graa y Montero S.A.A. [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | S/ 56,906 |
Tax Loss Aplication Method | A |
Statute of Limitations | 2022 |
GMP S.A. [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | S/ 17,225 |
Tax Loss Aplication Method | A |
Statute of Limitations | 2020 / 2021 |
TGNCA [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | S/ 15,989 |
Tax Loss Aplication Method | B |
Viva GyM SA [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | S/ 12,497 |
Tax Loss Aplication Method | B |
Consorcio Italo Peruano [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | S/ 3,870 |
Tax Loss Aplication Method | A |
Statute of Limitations | 2020 |
Consorcio Peruano de Conservacin [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | S/ 3,791 |
Tax Loss Aplication Method | A |
Statute of Limitations | 2020 / 2021 |
Consorcio Huacho Pativilca [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | S/ 1,457 |
Tax Loss Aplication Method | A |
Statute of Limitations | 2022 |
Other investment subsidiaries [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | S/ 3,055 |
Two thousand nineteen [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 72,624 |
Two thousand nineteen [member] | GyM S A [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 8,801 |
Two thousand nineteen [member] | Vial y Vives - DSD [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 11,022 |
Two thousand nineteen [member] | Graa y Montero S.A.A. [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 46,278 |
Two thousand nineteen [member] | Consorcio Italo Peruano [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 3,870 |
Two thousand nineteen [member] | Consorcio Huacho Pativilca [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 1,457 |
Two thousand nineteen [member] | Other investment subsidiaries [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 1,195 |
Two thousand twenty [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 52,442 |
Two thousand twenty [member] | GyM S A [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 19,417 |
Two thousand twenty [member] | Vial y Vives - DSD [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 13,226 |
Two thousand twenty [member] | Graa y Montero S.A.A. [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 10,628 |
Two thousand twenty [member] | GMP S.A. [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 5,786 |
Two thousand twenty [member] | Consorcio Peruano de Conservacin [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 3,243 |
Two thousand twenty [member] | Other investment subsidiaries [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 142 |
Two Thousand Twenty One and later [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 343,739 |
Two Thousand Twenty One and later [member] | GyM S A [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 249,323 |
Two Thousand Twenty One and later [member] | Vial y Vives - DSD [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 52,226 |
Two Thousand Twenty One and later [member] | GMP S.A. [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 11,438 |
Two Thousand Twenty One and later [member] | TGNCA [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 15,989 |
Two Thousand Twenty One and later [member] | Viva GyM SA [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 12,497 |
Two Thousand Twenty One and later [member] | Consorcio Peruano de Conservacin [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | 549 |
Two Thousand Twenty One and later [member] | Other investment subsidiaries [member] | |
Disclosure Of Tax Loss Carryforwards [line items] | |
Application | S/ 1,718 |
Deferred Income Tax -Summary _2
Deferred Income Tax -Summary Of Tax Loss Carry forward (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Tax Loss Carryforwards [abstract] | |
Tax loss offset period from the date the loss is incurred | 4 years |
Tax loss offset, percentage of net rent | 50.00% |
Worker's Profit Sharing - Summa
Worker's Profit Sharing - Summary of Worker's Profit Sharing (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure employees participation [line items] | |||
Workers profit sharing | S/ 7,862 | S/ 9,777 | S/ 9,844 |
Cost of sales of goods and services [member] | |||
Disclosure employees participation [line items] | |||
Workers profit sharing | 5,274 | 2,215 | 8,547 |
Administrative expenses [member] | |||
Disclosure employees participation [line items] | |||
Workers profit sharing | S/ 2,588 | S/ 7,562 | S/ 1,297 |
Expenses by Nature - Summary of
Expenses by Nature - Summary of Information about Expense by Nature (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Expense by Nature [line items] | |||
Salaries, wages and fringe benefits | S/ 922,897 | S/ 1,054,104 | S/ 1,029,397 |
Depreciation | 86,335 | 109,342 | 118,832 |
Amortization | 103,174 | 70,383 | 64,572 |
Cost of goods and services [member] | |||
Expense by Nature [line items] | |||
Services provided by third-parties | 1,064,687 | 1,268,665 | 1,417,412 |
Salaries, wages and fringe benefits | 817,392 | 919,409 | 875,470 |
Purchase of goods | 755,209 | 856,745 | 629,765 |
Impairment of accounts receivable | 45,658 | 419,584 | |
Other management charges | 375,308 | 235,102 | 256,541 |
Depreciation | 81,199 | 103,566 | 111,404 |
Amortization | 98,318 | 67,381 | 59,682 |
Impairment of inventories | 37,454 | ||
Impairment of inventories | 40,592 | ||
Taxes | 8,727 | 7,470 | 6,982 |
Impairment of property, plant and equipment | 5,468 | 11,928 | 6,926 |
Impairment of accounts receivable | 703 | ||
Inventory recovery | (26,993) | ||
Total report reclassified | 3,224,973 | 3,511,561 | 3,821,220 |
Administrative expenses [member] | |||
Expense by Nature [line items] | |||
Services provided by third-parties | 98,060 | 104,950 | 89,328 |
Salaries, wages and fringe benefits | 105,505 | 134,695 | 153,927 |
Purchase of goods | 140 | ||
Impairment of accounts receivable | 19,418 | ||
Other management charges | 43,533 | 48,057 | 21,361 |
Depreciation | 5,135 | 5,776 | 7,428 |
Amortization | 4,856 | 3,002 | 4,890 |
Taxes | 1,926 | 7,408 | 1,369 |
Impairment of property, plant and equipment | 20 | ||
Impairment of accounts receivable | 18,406 | ||
Total report reclassified | S/ 278,433 | S/ 322,454 | S/ 278,303 |
Expenses by Nature - Summary _2
Expenses by Nature - Summary of Wages, Salaries and Fringe Benefits (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Classes of employee benefits expense [abstract] | |||
Salaries | S/ 629,641 | S/ 747,195 | S/ 773,630 |
Social contributions | 80,697 | 106,797 | 87,460 |
Statutory gratification | 73,297 | 76,330 | 57,974 |
Employee's severance indemnities | 50,852 | 43,399 | 40,411 |
Others | 41,327 | 37,003 | 23,436 |
Vacations | 39,221 | 33,603 | 36,642 |
Worker's profit sharing | 7,862 | 9,777 | 9,844 |
Total | S/ 922,897 | S/ 1,054,104 | S/ 1,029,397 |
Expenses by nature - Summary _3
Expenses by nature - Summary of impairment of accounts receivable (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | |
Disclosure Of Impairment Of Accounts Receivable [line items] | ||||
Impairment of accounts receivable | S/ 65,076 | S/ 19,109 | S/ 419,584 | S/ 503,769 |
Trade receivables [member] | ||||
Disclosure Of Impairment Of Accounts Receivable [line items] | ||||
Impairment of accounts receivable | 3,065 | 724 | 3,052 | 6,841 |
Other accounts receivable [member] | ||||
Disclosure Of Impairment Of Accounts Receivable [line items] | ||||
Impairment of accounts receivable | 44,252 | 6,333 | 50,585 | |
Work in Progress [Member] | ||||
Disclosure Of Impairment Of Accounts Receivable [line items] | ||||
Impairment of accounts receivable | S/ 410,199 | 410,199 | ||
Trade receivables and due from related parties [member] | ||||
Disclosure Of Impairment Of Accounts Receivable [line items] | ||||
Impairment of accounts receivable | S/ 17,759 | S/ 18,385 | S/ 36,144 |
Financial Income and Expenses -
Financial Income and Expenses - Summary of Financial Income and Expenses (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financial income: | |||
Interest on loans to third parties | S/ 27,060 | S/ 577 | S/ 6,142 |
Fair value of accounts receivables | 9,786 | ||
Interest on short-term bank deposits | 3,811 | 5,123 | 7,277 |
Commissions and collaterals | 1,448 | 12 | |
Exchange rate gain, net | 5,603 | ||
Others | 8,820 | 2,427 | 4,806 |
Finance income | 50,925 | 13,742 | 18,225 |
Interest expense: | |||
- Bank loans | 114,376 | 93,238 | 88,828 |
- Loans from third parties | 31,296 | 6,784 | 264 |
- Commissions and collaterals | 31,668 | 15,537 | 9,156 |
- Financial lease | 2,908 | 4,722 | 5,943 |
- Bonds | 3,361 | 28,804 | 25,352 |
Exchange difference loss, net | 23,276 | 12,750 | |
Derivative financial instruments | 268 | 739 | 1,248 |
Loss by measurement of financial asset fair value | 25,796 | 8,059 | 76,864 |
Other financial expenses | 23,200 | 24,802 | 14,481 |
Less capitalized interest | (8,167) | (31,908) | (36,831) |
Finance costs | S/ 247,982 | S/ 150,777 | S/ 198,055 |
Other Income and Expenses, Ne_2
Other Income and Expenses, Net - Summary of Other Income and Expenses, Net (Detail) S/ in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018PEN (S/) | Dec. 31, 2018USD ($) | Dec. 31, 2017PEN (S/) | Dec. 31, 2016PEN (S/) | |
Other income: | ||||
Sales of property, plant and equipment | S/ 26,007 | S/ 93,013 | S/ 26,034 | |
Sale of investments | 13,475 | 46 | ||
Reversal of legal and tax provisions | 20 | 79 | 14,959 | |
Present value of the liability from put option | 6,122 | |||
Legal indemnities | 8,957 | |||
Others | 12,795 | 6,466 | 18,033 | |
Other Income | 58,419 | 99,558 | 68,029 | |
Other expenses: | ||||
Net cost of property, plant and equipment disposal | 36,931 | 78,378 | 22,305 | |
Impairment of goodwill and trademarks | 49,608 | 54,308 | ||
Loss on remeasurement of previously held interest | 6,832 | |||
Others | 9,323 | 4,441 | 6,944 | |
Other expense by nature | 119,754 | 132,427 | 90,389 | |
Other expenses | (61,335) | S/ (32,869) | S/ (22,360) | |
Legal proceedings provision [member] | ||||
Other expenses: | ||||
Legal contingency-Law 30737 (Note 23) | S/ 73,500 | $ 22.3 |
Tax Situation - Additional Info
Tax Situation - Additional Information (Detail) S/ in Thousands, $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018PEN (S/) | Dec. 31, 2018COP ($) | Dec. 31, 2017PEN (S/) | Dec. 31, 2016PEN (S/) | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Income Tax [Line items] | ||||||||||
Tax loss compensating period | 4 years | 4 years | ||||||||
Unrecognized deferred income tax assets | S/ 10,800 | |||||||||
Current income tax payable | 150,020 | S/ 168,143 | S/ 169,428 | |||||||
Proyectos Inmobiliarios Consultores S.A [member] | ||||||||||
Disclosure of Income Tax [Line items] | ||||||||||
Current income tax payable | 22,000 | |||||||||
Viva GyM SA [member] | ||||||||||
Disclosure of Income Tax [Line items] | ||||||||||
Current income tax payable | 22,000 | |||||||||
Grana Y Montero S.A.A. [member] | ||||||||||
Disclosure of Income Tax [Line items] | ||||||||||
Current income tax payable | S/ 7,000 | |||||||||
GyM Ferrovias SA. [member] | ||||||||||
Disclosure of Income Tax [Line items] | ||||||||||
Current income tax payable | 20,000 | |||||||||
Inversiones Almonte S.A [member] | ||||||||||
Disclosure of Income Tax [Line items] | ||||||||||
Current income tax payable | S/ 10,000 | |||||||||
Chile (member) | ||||||||||
Disclosure of Income Tax [Line items] | ||||||||||
Income tax rate | 27.00% | 27.00% | 25.50% | |||||||
Chile (member) | Attributed Income System [member] | ||||||||||
Disclosure of Income Tax [Line items] | ||||||||||
Income tax rate | 25.00% | 24.00% | 22.50% | 21.00% | ||||||
Chile (member) | Partially Integrated System [member] | ||||||||||
Disclosure of Income Tax [Line items] | ||||||||||
Income tax rate | 27.00% | 27.00% | 25.50% | 24.00% | 22.50% | 21.00% | ||||
Distribution as a tax credit percentage of total tax paid | 65.00% | 65.00% | ||||||||
Colombia (member) | ||||||||||
Disclosure of Income Tax [Line items] | ||||||||||
Income tax rate | 37.00% | 37.00% | 40.00% | |||||||
Effective tax rate | 33.00% | 33.00% | 34.00% | |||||||
Effective tax rate, temporary overrate | 4.00% | 4.00% | 6.00% | |||||||
Taxable income | S/ 895 | $ 800 | ||||||||
Tax rate effect of tax losses | 3.50% | 3.50% | 3.00% | |||||||
Tax loss compensating period | 12 years | 12 years | ||||||||
Special rate on dividends and interests | 5.00% | 5.00% | ||||||||
Firmness of declarations period | 3 years | 3 years | ||||||||
Colombia (member) | Bottom of range [member] | ||||||||||
Disclosure of Income Tax [Line items] | ||||||||||
VAT rate | 16.00% | 16.00% | ||||||||
Colombia (member) | Top of range [member] | ||||||||||
Disclosure of Income Tax [Line items] | ||||||||||
VAT rate | 19.00% | 19.00% | ||||||||
Colombia (member) | Qualified for transfer prices fillings [member] | ||||||||||
Disclosure of Income Tax [Line items] | ||||||||||
Firmness of declarations period | 6 years | 6 years | ||||||||
Colombia (member) | Tax losses [member] | Bottom of range [member] | ||||||||||
Disclosure of Income Tax [Line items] | ||||||||||
Firmness of declarations period | 12 years | 12 years | ||||||||
Colombia (member) | Tax losses [member] | Top of range [member] | ||||||||||
Disclosure of Income Tax [Line items] | ||||||||||
Firmness of declarations period | 15 years | 15 years | ||||||||
Peru (member) | ||||||||||
Disclosure of Income Tax [Line items] | ||||||||||
Income tax rate | 29.50% | 29.50% | 29.50% | |||||||
Tax on dividends and other forms of profit distribution | 5.00% | 5.00% | ||||||||
Percentage of undistributed profit income tax rate | 6.80% | 6.80% | ||||||||
Tax rate applicable to net assets exceeding S/1 million | 0.40% | 0.40% | ||||||||
Changes in tax rates or tax laws enacted or announced [member] | Colombia (member) | ||||||||||
Disclosure of Income Tax [Line items] | ||||||||||
Income tax rate | 30.00% | 31.00% | 32.00% | 33.00% | ||||||
Presumptive rent rate | 0.00% | 1.50% | 1.50% |
Tax Situation - Summary of Inco
Tax Situation - Summary of Income Tax Expense (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Major components of tax expense (income) [abstract] | |||
Current income tax | S/ 150,020 | S/ 168,143 | S/ 169,428 |
Deferred income tax (Note 25) | (23,594) | (44,550) | (280,911) |
PPUA | 613 | (7,789) | |
Total | 126,426 | 124,206 | (119,272) |
(-) Discontinued operations | (13,108) | (77,901) | (32,910) |
Income tax | S/ 113,318 | S/ 46,305 | S/ (152,182) |
Tax Situation - Summary of Weig
Tax Situation - Summary of Weighted-Average Income Tax Rate Applicable To Pre-tax Income (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
(Loss) profit before income tax | S/ 133,948 | S/ 45,112 | S/ (708,134) |
Income tax by applying local applicable tax rates on profit generated in the respective countries | 40,507 | 13,811 | (191,225) |
Non-taxable income | (1,691) | (4) | (1,534) |
Equity method (profit) loss | (1,094) | 394 | 3,673 |
Non-deductible expenses | 70,052 | 30,472 | 56,805 |
Unrecognized deferred tax asset income (expense) | 8,592 | 1,562 | (4,099) |
Adjustment for changes in rates of income tax | 1,524 | 27 | (18,676) |
PPUA adjustment for changes in tax rates | (611) | 4,871 | |
Change in prior years estimations | 3,235 | 9,005 | (4,471) |
Others, net | (7,807) | (8,351) | 2,474 |
Income tax | S/ 113,318 | S/ 46,305 | S/ (152,182) |
Tax Situation - Summary of We_2
Tax Situation - Summary of Weighted Average Pre-tax Profit or Loss and Applicable Income Tax Rate (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of weighted average pre-tax profit or loss and applicable income tax rate [line items] | |||
Pre - tax profit | S/ 133,948 | S/ 45,112 | S/ (708,134) |
Tax at statutory tax rate | S/ 40,507 | S/ 13,811 | S/ (191,225) |
Peru (member) | |||
Disclosure of weighted average pre-tax profit or loss and applicable income tax rate [line items] | |||
Statutory tax rate | 29.50% | 28.00% | 28.00% |
Pre - tax profit | S/ 151,627 | S/ 420,421 | S/ (1,544,221) |
Tax at statutory tax rate | S/ 44,730 | S/ 124,024 | S/ (432,382) |
Peru Norvial [member] | |||
Disclosure of weighted average pre-tax profit or loss and applicable income tax rate [line items] | |||
Statutory tax rate | 27.00% | 27.00% | 27.00% |
Pre - tax profit | S/ 21,104 | S/ 68,104 | S/ 63,583 |
Tax at statutory tax rate | S/ 5,698 | S/ 18,388 | S/ 17,167 |
Peru Gy M Ferrovias [member] | |||
Disclosure of weighted average pre-tax profit or loss and applicable income tax rate [line items] | |||
Statutory tax rate | 30.00% | 30.00% | 30.00% |
Pre - tax profit | S/ 125,136 | S/ 29,028 | S/ 34,760 |
Tax at statutory tax rate | S/ 37,541 | S/ 8,708 | S/ 10,428 |
Peru Vesur [member] | |||
Disclosure of weighted average pre-tax profit or loss and applicable income tax rate [line items] | |||
Statutory tax rate | 30.00% | 30.00% | 30.00% |
Pre - tax profit | S/ 2,951 | S/ 779 | S/ 888 |
Tax at statutory tax rate | S/ 885 | S/ 234 | S/ 267 |
Peru GMP [member] | |||
Disclosure of weighted average pre-tax profit or loss and applicable income tax rate [line items] | |||
Statutory tax rate | 29.00% | 30.00% | 30.00% |
Pre - tax profit | S/ 35,421 | S/ 20,941 | S/ 8,602 |
Tax at statutory tax rate | S/ 10,272 | S/ 6,073 | S/ 2,581 |
Chile (member) | |||
Disclosure of weighted average pre-tax profit or loss and applicable income tax rate [line items] | |||
Statutory tax rate | 27.00% | 24.00% | 24.00% |
Pre - tax profit | S/ (20,768) | S/ (93,031) | S/ (81,119) |
Tax at statutory tax rate | S/ (5,607) | S/ (23,723) | S/ (19,468) |
Colombia (member) | |||
Disclosure of weighted average pre-tax profit or loss and applicable income tax rate [line items] | |||
Statutory tax rate | 40.00% | 40.00% | |
Pre - tax profit | S/ (27,970) | S/ (27,511) | |
Tax at statutory tax rate | S/ (11,188) | S/ (11,004) | |
Bolivia (member) | |||
Disclosure of weighted average pre-tax profit or loss and applicable income tax rate [line items] | |||
Statutory tax rate | 25.00% | 25.00% | 25.00% |
Pre - tax profit | S/ (137) | S/ (2,897) | S/ (703) |
Tax at statutory tax rate | S/ (34) | (724) | (176) |
Colombia - Morelco S.A [member] | |||
Disclosure of weighted average pre-tax profit or loss and applicable income tax rate [line items] | |||
Statutory tax rate | 37.00% | ||
Pre - tax profit | S/ 11,851 | ||
Tax at statutory tax rate | S/ 4,385 | ||
Colombia - GyM S.A. Branch [member] | |||
Disclosure of weighted average pre-tax profit or loss and applicable income tax rate [line items] | |||
Statutory tax rate | 33.00% | ||
Pre - tax profit | S/ 1,984 | ||
Tax at statutory tax rate | 655 | ||
Unrealized Gain (Loss) [member] | |||
Disclosure of weighted average pre-tax profit or loss and applicable income tax rate [line items] | |||
Pre - tax profit | (195,221) | (370,263) | 837,587 |
Tax at statutory tax rate | (58,018) | (107,981) | 241,362 |
Utility [member] | |||
Disclosure of weighted average pre-tax profit or loss and applicable income tax rate [line items] | |||
Pre - tax profit | 133,948 | 45,112 | (708,134) |
Tax at statutory tax rate | S/ 40,507 | S/ 13,811 | S/ (191,225) |
Other Comprehensive Income - Su
Other Comprehensive Income - Summary of Accumulated Other Comprehensive Income Loss (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of analysis of other comprehensive income by item [line items] | |||
Beginning balance | S/ 2,589,078 | S/ 2,489,737 | S/ 3,081,912 |
Tax effects | 15,004 | ||
Ending balance | 2,489,931 | 2,589,078 | 2,489,737 |
Reserve of cash flow hedges [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Beginning balance | 371 | (87) | (926) |
Credit (charge) for the year | 160 | 650 | 1,190 |
Tax effects | (47) | (192) | (351) |
Other comprehensive income of the year | 113 | 458 | 839 |
Ending balance | 484 | 371 | (87) |
Reserve of exchange differences on translation [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Beginning balance | (63,722) | (54,556) | (64,441) |
Credit (charge) for the year | (7,875) | (9,166) | 9,885 |
Transfer to profit or loss (*) | 14,805 | ||
Other comprehensive income of the year | 6,930 | (9,166) | 9,885 |
Ending balance | (56,792) | (63,722) | (54,556) |
Reserve of gains and losses on remeasuring available-for-sale financial assets [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Beginning balance | 7,461 | 7,461 | 51,142 |
Credit (charge) for the year | (3,149) | ||
Tax effects | 929 | ||
Transfer to profit or loss (*) | (41,461) | ||
Other comprehensive income of the year | (43,681) | ||
Ending balance | 7,461 | 7,461 | 7,461 |
Reserve of change in value of foreign currency basis spreads [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Beginning balance | (1,962) | (8,455) | (17,740) |
Credit (charge) for the year | (10,800) | 9,222 | 10,965 |
Tax effects | 2,808 | (2,729) | (3,243) |
Transfer to profit or loss (*) | 1,563 | ||
Other comprehensive income of the year | (7,992) | 6,493 | 9,285 |
Ending balance | (9,954) | (1,962) | (8,455) |
Accumulated other comprehensive income [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Beginning balance | (57,852) | (55,637) | (31,965) |
Credit (charge) for the year | (18,515) | 706 | 18,891 |
Tax effects | 2,761 | (2,921) | (2,665) |
Transfer to profit or loss (*) | 14,805 | (39,898) | |
Other comprehensive income of the year | (949) | (2,215) | (23,672) |
Ending balance | S/ (58,801) | S/ (57,852) | S/ (55,637) |
Other Comprehensive Income - _2
Other Comprehensive Income - Summary of Accumulated Other Comprehensive Income Loss (Parenthetical) (Detail) S/ in Millions | 12 Months Ended |
Dec. 31, 2018PEN (S/) | |
CAM Chile S.A. [member] | |
Disclosure of analysis of other comprehensive income by item [line items] | |
Transfer to profit or loss (Note 10) | S/ 14.8 |
Other Comprehensive Income - _3
Other Comprehensive Income - Summary of Other Comprehensive Income Loss (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of analysis of other comprehensive income by item [line items] | |||
Other comprehensive income | S/ 14,294 | S/ (8,280) | S/ (20,599) |
Equity attributable to owners of parent [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Other comprehensive income | (949) | (2,215) | (23,672) |
Non-controlling interests [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Other comprehensive income | (1,346) | (3,117) | 4,194 |
Reserve of remeasurements of defined benefit plans [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Other comprehensive income | S/ 16,589 | S/ (2,948) | S/ (1,121) |
Contingencies Commitments and W
Contingencies Commitments and Warranties - Additional Information (Detail) S/ in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018PEN (S/) | Dec. 31, 2018USD ($) | Dec. 31, 2017PEN (S/) | Dec. 31, 2017USD ($) | Dec. 31, 2016PEN (S/) | |
Disclosure of commitments and contingencies [line items] | |||||
Payment of debt | S/ 31,286 | S/ 650 | |||
Letters of guarantee amount | S/ 1,593,500 | $ 471.6 | 3,114,200 | $ 959.7 | |
Guaranteeing operations amount | 46,900 | $ 13.9 | 656,100 | $ 202.2 | |
Civil lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 920 | ||||
Administrative lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 14,960 | ||||
Labor lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 17,250 | ||||
Contentious administrative lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 13,590 | ||||
GyM S A [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Determination and fine resolutions amount | 19,100 | ||||
GyM S A [member] | Civil lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 860 | ||||
GyM S A [member] | Labor lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 14,930 | ||||
GyM Ferrovias SA. [member] | Administrative lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 2,130 | ||||
GyM Ferrovias SA. [member] | Contentious administrative lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 1,080 | ||||
Morelco [member] | Civil lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 60 | ||||
Morelco [member] | Labor lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 220 | ||||
GMP S.A. [member] | Labor lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 690 | ||||
GMP S.A. [member] | Contentious administrative lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 2,850 | ||||
Las Lomas - Inmobiliaria [member] | Contentious administrative lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 20 | ||||
Consorcio Constructor Ductos del Sur [member] | Administrative lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 9,880 | ||||
Grana Y Montero S.A.A. [member] | Administrative lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 1,250 | ||||
Viva GyM SA [member] | Tax contingent liability [member] | Top of range [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 1,500 | ||||
Viva GyM SA [member] | Administrative lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 850 | ||||
GMP, Terminales del Per, Toromocho Consortium and Canchaque Concession). [member] | Administrative lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 850 | ||||
Vial y Vives - DSD [member] | Labor lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 330 | ||||
Consorcio Terminales [member] | Contentious administrative lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 9,640 | ||||
Consorcio Huacho Pativilca [member] | Labor lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 500 | ||||
Servisel [member] | Labor lawsuits [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | 580 | ||||
Peru (member) | Tax contingent liability [member] | Top of range [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | S/ 6,900 | ||||
SUNAT [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Payment of debt | 14,100 | ||||
Contingency provision | 5,000 | ||||
SUNAT [member] | Tax contingent liability [member] | Top of range [member] | |||||
Disclosure of commitments and contingencies [line items] | |||||
Contingent liabilities | S/ 2,600 | S/ 3,000 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) S/ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018PEN (S/) | Jan. 31, 2016PEN (S/) | Dec. 31, 2018PEN (S/) | Dec. 31, 2016PEN (S/) | Aug. 31, 2016PEN (S/) | Jun. 30, 2015 | Dec. 31, 2014PEN (S/) | Nov. 30, 2014 | Dec. 31, 2017PEN (S/) | Dec. 31, 2014USD ($) | Dec. 23, 2014 | |
Disclosure of detailed information about business combination [line items] | |||||||||||
Loss on remeasurement of previously held interest | S/ 6,832 | ||||||||||
Goodwill | S/ 93,288 | S/ 144,520 | S/ 116,804 | ||||||||
Estimated liability | 4,940,465 | 6,078,592 | |||||||||
Adexus S.A. [member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Interest in capital, joint ventures | 44.00% | ||||||||||
Percentage of additional interest in capital stock | 8.96% | 8.00% | 39.03% | ||||||||
Percentage of interest in capital stock | 99.99% | 52.00% | 91.03% | ||||||||
Business combination consideration transferred | S/ 14,000 | S/ 8,300 | S/ 14,000 | ||||||||
Morelco S.A.S. [member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Percentage of interest in capital stock | 70.00% | ||||||||||
Business combination consideration transferred | S/ 277,100 | $ 93.7 | |||||||||
Cash payments made for acquisition | 237,500 | 78.5 | |||||||||
Contingent liabilities recognised in business combination | 45,700 | 15.1 | |||||||||
Goodwill | S/ 105,800 | $ 36.1 | |||||||||
Non-controlling interest, ownership interest | 30.00% | ||||||||||
Morelco S.A.S. [member] | Purchased call options [member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Period over which shares of non-controlling interest be acquired | 10 years | ||||||||||
Morelco S.A.S. [member] | Written put options [member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Estimated liability | 103,700 | S/ 105,400 | |||||||||
Changes in the present value of the put option | S/ 1,770 | ||||||||||
Morelco S.A.S. [member] | Written put options [member] | From 1 to 2 years [member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Expected redemption of the non-controlling interest | 66.67% | ||||||||||
Discount rate | 2.55% | 2.03% | |||||||||
Morelco S.A.S. [member] | Written put options [member] | Later than three years and not later than four years [member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Expected redemption of the non-controlling interest | 33.33% | ||||||||||
Morelco S.A.S. [member] | Written put options [member] | Up to 1 year [member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Discount rate | 2.57% | 1.79% | |||||||||
Morelco S.A.S. [member] | Written put options [member] | Later than two years and not later than three years [member] | |||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||
Discount rate | 2.53% | 2.12% |
Earnings (Losses) Per Share - S
Earnings (Losses) Per Share - Summary of Basic Earnings Per Share (Detail) - PEN (S/) S/ / shares in Units, S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings per share [abstract] | |||
(Loss) earnings per share attributable to owners of the Company during the year | S/ (83,188) | S/ 148,738 | S/ (509,699) |
Weighted average number of shares in issue at S/1.00 each, at December 31, | 729,434,192 | 660,053,790 | 660,053,790 |
Basic (loss) earnings per share (in S/) | S/ (0.125) | S/ 0.225 | S/ (0.772) |
(Loss) earnings per share from continuing operations attributable to owners of the Company during the year | S/ (102,486) | S/ (66,577) | S/ (604,361) |
Weighted average number of shares in issue at S/1.00 each, at December 31, | 729,434,192 | 660,053,790 | 660,053,790 |
Basic (loss) earnings per share (in S/) | S/ (0.154) | S/ (0.101) | S/ (0.916) |
Earnings (Losses) Per Share -_2
Earnings (Losses) Per Share - Summary of Basic Earnings Per Share (Parenthetical) (Detail) - S/ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings per share [abstract] | |||
Weighted average number of shares issued per share | S/ 1 | S/ 1 | S/ 1 |
Weighted average number of shares issued per share | S/ 1 | S/ 1 | S/ 1 |
Transactions with non-control_3
Transactions with non-controlling interests - Additional Information (Detail) - PEN (S/) S/ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2017 | May 31, 2017 | |
Non-controlling interests [line items] | ||||||
Acquisition of non-controlling interest | S/ 22,407 | S/ 22,963 | S/ 22,407 | |||
Deconsolidation of former subsidiary | 7,801 | S/ (2,098) | ||||
Dividends distributed | 102,800 | S/ 59,700 | S/ 25,500 | |||
GyM S A [member] | ||||||
Non-controlling interests [line items] | ||||||
Deconsolidation of former subsidiary | 29,400 | |||||
Grupo Cam SA [member] | ||||||
Non-controlling interests [line items] | ||||||
Deconsolidation of former subsidiary | 18,200 | |||||
GyM S A [member] | Vial y Vives - DSD S.A [member] | ||||||
Non-controlling interests [line items] | ||||||
Percentage of capital acquired | 1.49% | 1.49% | 6.77% | 5.43% | ||
Payment for acquisition of non-controlling interest | S/ 3,800 | S/ 3,800 | S/ 25,700 | S/ 21,600 | ||
Carrying amount of non controlling interests | 3,900 | 3,900 | S/ 17,900 | S/ 13,900 | ||
Increase (Decrease) through de-recognition of non-controlling interest equity | (15,400) | |||||
Acquisition of non-controlling interest | S/ 22,000 | 23,000 | 22,000 | |||
Klimt [member] | ||||||
Non-controlling interests [line items] | ||||||
Returns of contributions | 25,300 | 8,000 | ||||
Los Parques de Comas [member] | ||||||
Non-controlling interests [line items] | ||||||
Returns of contributions | 13,400 | 6,800 | ||||
Asociacion Parques del Mar [member] | ||||||
Non-controlling interests [line items] | ||||||
Returns of contributions | S/ 27,800 | |||||
Los Parques de Callao [Member] | ||||||
Non-controlling interests [line items] | ||||||
Returns of contributions | 3,300 | |||||
Los Parques de San Martin [member] | ||||||
Non-controlling interests [line items] | ||||||
Returns of contributions | 7,500 | |||||
Los Parques de Villa El Salvador [member] | ||||||
Non-controlling interests [line items] | ||||||
Returns of contributions | 4,300 | |||||
Los Parques de Piura [member] | ||||||
Non-controlling interests [line items] | ||||||
Returns of contributions | 8,600 | |||||
Los Parques de Mar [member] | ||||||
Non-controlling interests [line items] | ||||||
Returns of contributions | 11,000 | |||||
Los Parques de Chiclayo [member] | ||||||
Non-controlling interests [line items] | ||||||
Returns of contributions | 6,200 | |||||
Los Parques de Carabayllo Three [member] | ||||||
Non-controlling interests [line items] | ||||||
Returns of contributions | S/ 8,200 |
Transactions with Non-control_4
Transactions with Non-controlling Interests - Summary of Contributions of Non-controlling Shareholders (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Non-controlling interests [line items] | ||
Contributions from other subsidiaries | S/ 15,120 | S/ 3,202 |
Decrease in equity of non controlling parties | (69,337) | (33,197) |
Vial y Vives-DSD S.A. [member] | ||
Non-controlling interests [line items] | ||
Contributions received | 3,399 | 8,654 |
Returns of contributions | (87,856) | (45,053) |
Decrease in equity of non controlling parties | S/ (84,457) | S/ (36,399) |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) S/ in Thousands, $ in Thousands | Dec. 04, 2018PEN (S/) | Dec. 04, 2018USD ($) | Mar. 28, 2018PEN (S/) | Mar. 28, 2018USD ($) | Jun. 06, 2017PEN (S/) | Jun. 06, 2017USD ($) | Dec. 31, 2018PEN (S/) | Dec. 31, 2018USD ($) | Dec. 31, 2017PEN (S/) | Dec. 31, 2017USD ($) |
Disclosure Of Discontinued Operation [line items] | ||||||||||
Percentage of interest in property | 73.16% | 73.16% | ||||||||
GMD SA [member] | ||||||||||
Disclosure Of Discontinued Operation [line items] | ||||||||||
Percentage of interest in property | 89.19% | 89.19% | ||||||||
Agreed selling price | S/ 269,900 | $ 84,700 | ||||||||
Gain loss on sale of subsidiaries | S/ 218,300 | $ 64,600 | ||||||||
CAM Chile S.A. [member] | ||||||||||
Disclosure Of Discontinued Operation [line items] | ||||||||||
Agreed selling price | S/ 51,700 | $ 15,780 | ||||||||
CAM Servicios del Peru SA [member] | ||||||||||
Disclosure Of Discontinued Operation [line items] | ||||||||||
Agreed selling price | S/ 10,400 | $ 3,000 | ||||||||
Stracon GyM member] | ||||||||||
Disclosure Of Discontinued Operation [line items] | ||||||||||
Percentage of interest in property | 87.59% | 87.59% | ||||||||
Agreed selling price | S/ 248,800 | $ 76,800 | ||||||||
Gain loss on sale of subsidiaries | $ | $ 41,900 | |||||||||
CAM Chile SA and CAM Servicios Del Peru SA [member] | ||||||||||
Disclosure Of Discontinued Operation [line items] | ||||||||||
Gain loss on sale of subsidiaries | S/ | S/ 31,700 | |||||||||
Red eagle mining corporation [member] | ||||||||||
Disclosure Of Discontinued Operation [line items] | ||||||||||
Percentage of interest in property | 6.18% | 6.18% | ||||||||
Agreed selling price | S/ 16,240 | $ 3,990 |
Discontinued Operations and Non
Discontinued Operations and Non-Current Asset Classified as Held For Sale - Summary of Non-current Assets and Liabilities Held for Sale (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | |||
Cash and cash equivalents | S/ 801,140 | S/ 626,180 | S/ 606,950 |
Trade accounts receivables, net | 1,007,828 | 1,515,673 | |
Inventories, net | 514,047 | 770,711 | |
Other accounts receivable | 588,451 | 765,445 | |
Total assets | 7,430,396 | 8,667,670 | |
Liabilities | |||
Other accounts payable | 632,669 | 848,500 | |
Deferred income tax liabilities | 75,347 | 72,472 | |
Total liabilities | 4,940,465 | S/ 6,078,592 | |
Adexus S.A. [member] | Non-current assets held for sale [member] | |||
Assets | |||
Cash and cash equivalents | 6,074 | ||
Trade accounts receivables, net | 157,351 | ||
Inventories, net | 3,999 | ||
Other accounts receivable | 80,374 | ||
Total assets | 247,798 | ||
Liabilities | |||
Other accounts payable | 71,810 | ||
Accounts payable | 148,817 | ||
Deferred income tax liabilities | 5,201 | ||
Total liabilities | 225,828 | ||
Total net assets | S/ 21,970 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Financial Performance and Cash Flow Information (Detail) - PEN (S/) S/ / shares in Units, S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Financial Performance And Cash Flow Information [line items] | |||
Revenues | S/ 3,899,462 | S/ 4,014,013 | S/ 4,137,309 |
Administrative expenses | (278,433) | (322,454) | (278,303) |
Other (expenses) income, net | (61,335) | (32,869) | (22,360) |
Gain (loss) from the sale of investments | (7) | 34,545 | 46,336 |
Operating profit (loss) | 334,714 | 181,674 | 61,762 |
Financial expenses | (247,982) | (150,777) | (198,055) |
Financial income | 50,925 | 13,742 | 18,225 |
Share of the profit or loss in associates and joint ventures | (3,709) | 473 | (590,066) |
(Loss) profit before income tax | 133,948 | 45,112 | (708,134) |
Income tax | 113,318 | 46,305 | (152,182) |
(Loss) profit from continuing operations | 20,630 | (1,193) | (555,952) |
Profit (loss) from discontinued operations | 36,785 | 210,431 | 104,354 |
Loss of the year | 57,415 | 209,238 | (451,598) |
Reclassified [member] | |||
Disclosure Of Financial Performance And Cash Flow Information [line items] | |||
Revenues | 4,014,013 | 4,137,309 | |
Operating costs | (3,511,561) | (3,821,220) | |
Gross profit (loss) | 502,452 | 316,089 | |
Administrative expenses | (322,454) | (278,303) | |
Other (expenses) income, net | (32,869) | (22,360) | |
Gain (loss) from the sale of investments | 34,545 | 46,336 | |
Operating profit (loss) | 181,674 | 61,762 | |
Financial expenses | (150,777) | (198,055) | |
Financial income | 13,742 | 18,225 | |
Share of the profit or loss in associates and joint ventures | 473 | (590,066) | |
(Loss) profit before income tax | 45,112 | (708,134) | |
Income tax | (46,305) | 152,182 | |
(Loss) profit from continuing operations | (1,193) | (555,952) | |
Profit (loss) from discontinued operations | 210,431 | 104,354 | |
Loss of the year | S/ 209,238 | S/ (451,598) | |
(Loss) earnings per share from continuing operations attributable to owners of the company during the year | S/ (0.101) | S/ (0.916) | |
Audited [member] | |||
Disclosure Of Financial Performance And Cash Flow Information [line items] | |||
Revenues | S/ 6,190,317 | ||
Operating costs | (5,633,022) | ||
Gross profit (loss) | 557,295 | ||
Administrative expenses | (382,393) | ||
Other (expenses) income, net | (13,374) | ||
Gain (loss) from the sale of investments | 46,336 | ||
Operating profit (loss) | 207,864 | ||
Financial expenses | (221,664) | ||
Financial income | 20,645 | ||
Share of the profit or loss in associates and joint ventures | (589,710) | ||
(Loss) profit before income tax | (582,865) | ||
Income tax | 119,272 | ||
(Loss) profit from continuing operations | (463,593) | ||
Profit (loss) from discontinued operations | 11,995 | ||
Loss of the year | S/ (451,598) | ||
(Loss) earnings per share from continuing operations attributable to owners of the company during the year | S/ (0.790) | ||
Restated balance [member] | |||
Disclosure Of Financial Performance And Cash Flow Information [line items] | |||
Revenues | S/ 6,080,142 | ||
Operating costs | (5,407,355) | ||
Gross profit (loss) | 672,787 | ||
Administrative expenses | (429,181) | ||
Other (expenses) income, net | (20,545) | ||
Gain (loss) from the sale of investments | 56,099 | ||
Operating profit (loss) | 279,160 | ||
Financial expenses | (185,445) | ||
Financial income | 15,407 | ||
Share of the profit or loss in associates and joint ventures | 1,327 | ||
(Loss) profit before income tax | 110,449 | ||
Income tax | (59,097) | ||
(Loss) profit from continuing operations | 51,352 | ||
Profit (loss) from discontinued operations | 157,886 | ||
Loss of the year | S/ 209,238 | ||
(Loss) earnings per share from continuing operations attributable to owners of the company during the year | S/ (0.014) | ||
Reclassification discontinued operations [member] | CAM Chile S.A. [member] | |||
Disclosure Of Financial Performance And Cash Flow Information [line items] | |||
Revenues | S/ (1,782,105) | S/ (1,939,983) | |
Operating costs | 1,656,114 | 1,714,498 | |
Gross profit (loss) | (125,991) | (225,485) | |
Administrative expenses | 73,966 | 87,855 | |
Other (expenses) income, net | (13,159) | (9,162) | |
Gain (loss) from the sale of investments | (21,554) | ||
Operating profit (loss) | (86,738) | (146,792) | |
Financial expenses | 23,913 | 18,384 | |
Financial income | (1,401) | (2,420) | |
Share of the profit or loss in associates and joint ventures | (854) | (356) | |
(Loss) profit before income tax | (65,080) | (131,184) | |
Income tax | 12,939 | 34,772 | |
(Loss) profit from continuing operations | (52,141) | (96,412) | |
Profit (loss) from discontinued operations | 52,141 | 96,412 | |
Reclassification discontinued operations [member] | Adexus S.A. [member] | |||
Disclosure Of Financial Performance And Cash Flow Information [line items] | |||
Revenues | (284,024) | (113,025) | |
Operating costs | 239,680 | 97,304 | |
Gross profit (loss) | (44,344) | (15,721) | |
Administrative expenses | 32,761 | 16,235 | |
Other (expenses) income, net | 835 | 176 | |
Operating profit (loss) | (10,748) | 690 | |
Financial expenses | 10,755 | 5,225 | |
Financial income | (264) | ||
(Loss) profit before income tax | (257) | 5,915 | |
Income tax | (147) | (1,862) | |
(Loss) profit from continuing operations | (404) | 4,053 | |
Profit (loss) from discontinued operations | 404 | (4,053) | |
Discontinued operations [member] | Adexus S.A. [member] | |||
Disclosure Of Financial Performance And Cash Flow Information [line items] | |||
Revenues | 302,936 | ||
Operating costs | (263,455) | ||
Gross profit (loss) | 39,481 | ||
Administrative expenses | (32,730) | ||
Other (expenses) income, net | (4,519) | ||
Operating profit (loss) | 2,232 | ||
Financial expenses | (12,786) | ||
Financial income | 611 | ||
(Loss) profit before income tax | (9,943) | ||
Income tax | 2,325 | ||
(Loss) profit from continuing operations | (7,618) | ||
Cash flows relating to the discontinued operations are as follows: | |||
Operating cash flows | 36,450 | 6,083 | 39,318 |
Investing cash flows | (18,141) | (19,570) | 17,639 |
Financing cash flows | (21,422) | 14,059 | 66,886 |
Net increase generated in subsidiary | (3,113) | 572 | 123,843 |
Discontinued operations [member] | CAM Servicios del Peru SA [member] | |||
Cash flows relating to the discontinued operations are as follows: | |||
Operating cash flows | 149,687 | 125,048 | |
Investing cash flows | (10,377) | (73,127) | |
Financing cash flows | (136,165) | (111,303) | |
Net increase generated in subsidiary | S/ 3,145 | S/ (59,382) | |
Discontinued operations [member] | Grupo Cam and Stracon Gym [member] | |||
Disclosure Of Financial Performance And Cash Flow Information [line items] | |||
Revenues | 1,010,739 | ||
Operating costs | (968,375) | ||
Gross profit (loss) | 42,364 | ||
Administrative expenses | (56,950) | ||
Other (expenses) income, net | 860 | ||
Operating profit (loss) | (13,726) | ||
Financial expenses | (19,971) | ||
Financial income | 6,253 | ||
(Loss) profit before income tax | (27,444) | ||
Income tax | 7,112 | ||
(Loss) profit from continuing operations | (20,332) | ||
Cash flows relating to the discontinued operations are as follows: | |||
Operating cash flows | 6,967 | ||
Investing cash flows | (11,474) | ||
Financing cash flows | 526 | ||
Net increase generated in subsidiary | S/ (3,981) |
Events After the Date of the _2
Events After the Date of the Statement of Financial Position - Additional Information (Detail) | Apr. 02, 2019$ / sharesshares | Dec. 31, 2018S/ / sharesshares | Nov. 06, 2018$ / shares |
Disclosure of non-adjusting events after reporting period [line items] | |||
Number of shares subscribed | 69,380,402 | ||
Par value per share | (per share) | S/ 1.00 | $ 0.6136 | |
Private placement [member] | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Number of shares subscribed | 142,483,663 | ||
Number of shares fully paid | 55,291,877 | ||
Number of shares not fully paid | 87,191,786 | ||
Par value per share | $ / shares | $ 0.6136 |