Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Trading Symbol | GRAM |
Entity Registrant Name | Grana & Montero S.A.A. |
Entity Central Index Key | 1,572,621 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | No |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 660,053,790 |
Entity Accounting Standard | IFRS |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalent | S/ 626,180 | S/ 606,950 |
Financial asset at fair value through profit or loss | 181 | 352 |
Trade accounts receivables, net | 992,724 | 1,031,270 |
Work in progress, net | 584,753 | 680,929 |
Accounts receivable from related parties | 100,752 | 181,664 |
Other accounts receivable | 765,445 | 649,516 |
Inventories, net | 770,711 | 1,104,293 |
Prepaid expenses | 33,478 | 51,301 |
Current assets before non-current assets classified as held for sale | 3,874,224 | 4,306,275 |
Non-current assets classified as held for sale | 17,722 | 22,385 |
Total current assets | 3,891,946 | 4,328,660 |
Non-currentassets | ||
Long-term trade accounts receivable, net | 848,590 | 667,519 |
Long-term work in progress, net | 87,410 | 197,586 |
Long-term accounts receivable from related parties | 773,930 | 531,384 |
Prepaid expenses | 38,082 | 23,526 |
Other long-term accounts receivable | 470,852 | 357,952 |
Investments in associates and joint ventures | 268,671 | 389,759 |
Investment property | 45,687 | 49,357 |
Property, plant and equipment, net | 865,735 | 1,113,599 |
Intangible assets, net | 940,070 | 960,286 |
Deferred income tax asset | 436,697 | 427,008 |
Total non-currentassets | 4,775,724 | 4,717,976 |
Total assets | 8,667,670 | 9,046,636 |
Current liabilities | ||
Borrowings | 1,056,764 | 1,961,043 |
Bonds | 36,655 | 46,091 |
Trade accounts payable | 1,453,046 | 1,276,617 |
Accounts payable to related parties | 55,174 | 80,217 |
Current income tax | 85,543 | 62,160 |
Other accounts payable | 848,500 | 1,096,307 |
Provisions | 13,503 | 14,531 |
Current liabilities excluding non-current liabilities classified as held for sale | 3,549,185 | 4,536,966 |
Total current liabilities | 3,549,185 | 4,536,966 |
Non-currentliabilities | ||
Borrowings | 633,299 | 419,395 |
Long-term bonds | 910,912 | 921,623 |
Other long-term accounts payable | 852,473 | 512,803 |
Long-term accounts payable to related parties | 25,954 | 65,320 |
Provisions | 33,914 | 26,542 |
Derivative financial instruments | 383 | 1,081 |
Deferred income tax liability | 72,472 | 73,169 |
Total non-currentliabilities | 2,529,407 | 2,019,933 |
Total liabilities | 6,078,592 | 6,556,899 |
Equity | ||
Capital | 660,054 | 660,054 |
Legal reserve | 132,011 | 132,011 |
Optional reserve | 29,974 | 29,974 |
Share Premium | 881,795 | 882,464 |
Other reserves | (169,671) | (167,456) |
Retained earnings | 589,167 | 443,377 |
Equity attributable to controlling interest in the Company | 2,123,330 | 1,980,424 |
Non-controllinginterest | 465,748 | 509,313 |
Total equity | 2,589,078 | 2,489,737 |
Total liabilities and equity | S/ 8,667,670 | S/ 9,046,636 |
Consolidated Statement of Incom
Consolidated Statement of Income - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from construction activities | S/ 3,253,199 | S/ 3,945,599 | S/ 5,501,537 |
Revenues from services provided | 1,884,950 | 1,648,041 | 1,720,110 |
Revenue from real estate and sale of goods | 941,993 | 596,677 | 361,265 |
Revenue | 6,080,142 | 6,190,317 | 7,582,912 |
Cost of construction activities | (3,029,159) | (3,751,221) | (5,342,379) |
Cost of services provided | (1,660,239) | (1,477,723) | (1,372,330) |
Cost of real estate and goods sold | (717,957) | (404,078) | (255,208) |
Cost of sales | (5,407,355) | (5,633,022) | (6,969,917) |
Gross profit | 672,787 | 557,295 | 612,995 |
Administrative expenses | (429,181) | (382,393) | (394,223) |
Other income and expenses | (20,545) | (13,374) | 54,586 |
Gain from the sale of investments | 274,363 | 46,336 | (8,289) |
Operating profit | 497,424 | 207,864 | 265,069 |
Financial expenses | (185,445) | (221,664) | (168,083) |
Financial income | 15,407 | 20,645 | 37,636 |
Share of the profit or loss in associates and joint ventures under the equity method of accounting | 1,327 | (589,710) | 7,724 |
Profit (loss) before income tax | 328,713 | (582,865) | 142,346 |
Income tax | (123,037) | 119,272 | (95,899) |
Profit (loss) for the year from continuing operations | 205,676 | (463,593) | 46,447 |
Profit for the year from discontinued operations | 3,562 | 11,995 | 9,142 |
Profit (loss) for the period | 209,238 | (451,598) | 55,589 |
Profit (loss) attributable to: | |||
Owners of the Company | 148,738 | (509,699) | 7,097 |
Non-controlling interest | 60,500 | 58,101 | 48,492 |
Profit (loss) for the year | S/ 209,238 | S/ (451,598) | S/ 55,589 |
Earnings (losses) per share from continuing operations attributable to owners of the Company during the year | S/ 0.225 | S/ (0.772) | S/ 0.011 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Profit (Loss) for the period | S/ 209,238 | S/ (451,598) | S/ 55,589 |
Items that will not be reclassified to profit or loss | |||
Remeasurement of actuarial gains and losses, net of tax | (4,031) | (1,531) | (3,860) |
Items that may be subsequently reclassified to profit or loss | |||
Cash flow hedge, net of tax | 482 | 883 | 723 |
Foreign currency translation adjustment, net of tax | (11,341) | 14,307 | (59,660) |
Change in value of available-for-sale financial assets, net of tax | (2,220) | 19,973 | |
Transfer to profit or loss from sales of available-for-sale financial assets, net of tax | (41,461) | ||
Exchange movements on translation of foreign subsidiaries, net of tax | 6,610 | 7,860 | (5,220) |
Exchange difference from foreign net investment, net of tax | 1,563 | ||
Items that may be subsequently reclassified to profit or loss | (4,249) | (19,068) | (44,184) |
Other comprenhensive income for the year, net of tax | (8,280) | (20,599) | (48,044) |
Comprehensive income of the year | 200,958 | (472,197) | 7,545 |
Comprehensive income attributable to: | |||
Owners of the Company | 143,575 | (534,492) | (25,713) |
Non-controllinginterest | 57,383 | 62,295 | 33,258 |
Total comprehensive income for the period | 200,958 | (472,197) | 7,545 |
Comprehensive income attributable to owners of the Company: | |||
Continuing operations | 140,279 | (545,627) | (34,315) |
Discontinued operations | 3,296 | 11,135 | 8,602 |
Total comprehensive income for the period | S/ 143,575 | S/ (534,492) | S/ (25,713) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity shares in Thousands, S/ in Thousands, $ in Thousands | PEN (S/) | Issued capital [member]PEN (S/)shares | Issued capital [member]USD ($)shares | Legal reserve [member]PEN (S/) | Optional reserve [member]PEN (S/)shares | Premium for issuance of shares [member]PEN (S/) | Other reserves [member]PEN (S/) | Retained earnings [member]PEN (S/)shares | Equity attributable to owners of parent [member]PEN (S/) | Non-controlling interests [member]PEN (S/) |
Beginning balance, shares at Dec. 31, 2014 | shares | 660,054 | 660,054 | ||||||||
Beginning balance at Dec. 31, 2014 | S/ 3,173,707 | S/ 660,054 | S/ 132,011 | S/ 899,311 | S/ (113,895) | S/ 1,113,696 | S/ 2,691,177 | S/ 482,530 | ||
(Loss) profit for the year | 55,589 | 7,097 | 7,097 | 48,492 | ||||||
Cash flow hedge | 723 | 687 | 687 | 36 | ||||||
Adjustment for actuarial gains and losses | (3,860) | (2,921) | (2,921) | (939) | ||||||
Foreign currency translation adjustment | (59,660) | (45,411) | (45,411) | (14,249) | ||||||
Change in value of available-for-sale financial assets | 19,973 | 19,973 | 19,973 | |||||||
Exchange difference from net investment in a foreign operation | (5,220) | (5,138) | (5,138) | (82) | ||||||
Comprehensive income of the year | 7,545 | (29,889) | S/ 4,176 | (25,713) | 33,258 | |||||
- Transfer to legal reserve | shares | 29,974 | (29,974) | ||||||||
- Transfer to legal reserve | 0 | S/ 0 | $ 0 | 0 | S/ 0 | 0 | 0 | S/ 0 | 0 | 0 |
- Dividend distribution | (109,446) | (104,911) | (104,911) | (4,535) | ||||||
- Contributions (devolution) of non-controlling shareholders, net | 10,329 | 10,329 | ||||||||
- Additional acquisition of non-controlling | (1,865) | (894) | (894) | (971) | ||||||
- Sale to non-controlling interest | 1,642 | (885) | (885) | 2,527 | ||||||
Total transactions with shareholders | (99,340) | 29,974 | (1,779) | (134,885) | (106,690) | 7,350 | ||||
Ending balance, shares at Dec. 31, 2015 | shares | 660,054 | 660,054 | ||||||||
Ending balance at Dec. 31, 2015 | 3,081,912 | S/ 660,054 | 132,011 | 29,974 | 897,532 | (143,784) | 982,987 | 2,558,774 | 523,138 | |
(Loss) profit 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 | (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 | (56,326) | (30,853) | (30,853) | (25,473) | ||||||
- Contributions (devolution) of non-controlling shareholders, net | (19,099) | (19,099) | ||||||||
- Additional acquisition of non-controlling | (51,139) | (15,167) | (15,167) | (35,972) | ||||||
- Sale to non-controlling interest | 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 | shares | 660,054 | 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 | |
(Loss) profit 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 | (59,677) | (59,677) | ||||||||
- Contributions (devolution) of non-controlling shareholders, net | (33,197) | (33,197) | ||||||||
- Additional acquisition of non-controlling | (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 | shares | 660,054 | 660,054 | ||||||||
Ending balance at Dec. 31, 2017 | S/ 2,589,078 | S/ 660,054 | S/ 132,011 | S/ 29,974 | S/ 881,795 | S/ (169,671) | S/ 589,167 | S/ 2,123,330 | S/ 465,748 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | |||
Profit (loss) before income tax | S/ 332,275 | S/ (563,404) | S/ 154,617 |
Adjustments to profit not affecting cash flows from operating activities: | |||
Depreciation | 199,794 | 205,522 | 217,070 |
Amortization of other assets | 86,557 | 82,743 | 89,355 |
Impairment of inventories | 40,908 | 36,353 | 17 |
Impairment of accounts receivable and other accounts receivable | 19,109 | 419,584 | 5,806 |
Debt condonation | (431,484) | ||
Impairment of property, plant and equipment | 14,680 | 9,263 | 3,796 |
Impairment of intangible assets | 49,609 | 54,308 | |
Financial expenses-CCDS | 7,004 | ||
Expenses for liquidation of works - CCDS | 164 | ||
Indemnification | 3,220 | (33,600) | |
Profit (loss) on fair value of financial asset at fair value through profit or loss | (34) | 31 | (2,740) |
Change in the fair value of the liability for put option | (1,400) | (984) | (18,627) |
Other Provisions | 9,510 | 9,486 | 6,398 |
Dividends income from available-for-sale financial assets | (7,215) | ||
Return receipt from Morelco | (6,658) | ||
Remeasurement of purchase consideration of Morelco | (7,166) | ||
Financial expense,net | 138,016 | 106,739 | 125,096 |
Other provisions in CCDS | 24,915 | ||
Share of the profit and loss in associates and joint ventures under the equity method of accounting | (1,327) | 589,710 | (24,993) |
Reversal of provisions | (1,044) | (17,883) | (7,796) |
Disposal of assets | 5,438 | 3,951 | 5,881 |
Disposal of investments | 106 | 1,227 | 2,755 |
Profit on sale of property, plant and equipment | (26,883) | (18,393) | (17,385) |
Loss on financial asset at fair value through profit or loss | 221 | 450 | |
Loss on sale of non-current asset held for sale | 45 | 22 | |
Profit on sale from available-for-sale financial assets | (25,768) | (46,337) | |
Loss (Profit) on sale of investments in subsidiaries | (244,313) | 8,289 | |
Loss on remeasurement of accounts receivable | 15,807 | 76,864 | |
Loss on remeasurement of investment | 6,832 | ||
Net variations in assets and liabilities: | |||
Trade accounts receivable and working in progress | (213,126) | 115,263 | (50,150) |
Other accounts receivable | 33,196 | (85,234) | (184,181) |
Other accounts receivable from related parties | (245,688) | 84,448 | (133,286) |
Inventories | 279,867 | 33,709 | (220,670) |
Pre-paid expenses and other assets | (6,494) | (99) | 11,667 |
Trade accounts payable | 463,401 | (87,553) | 199,402 |
Other accounts payable | (62,280) | 114,666 | (60,073) |
Other accounts payable to related parties | (66,819) | 45,902 | 14,777 |
Other provisions | (1,680) | (2,756) | (6,770) |
Interest payment | (173,662) | (171,572) | (110,884) |
Payments for purchases of intangibles - Concessions | (20,178) | (97,711) | (142,575) |
Payment of income tax | (144,545) | (125,619) | (150,337) |
Net cash (applied to) provided by operating activities | 456,297 | 332,474 | (292,306) |
INVESTING ACTIVITIES | |||
Sale of available-for-saleinvestment | 391,786 | 107,341 | 5,613 |
Sale of property, plant and equipment | 127,221 | 66,086 | 55,832 |
Sale of financial asset at fair value through profit or loss | 98 | 1,427 | |
Sale of non-current assets held for sale | 43,367 | 117 | (13,496) |
Refunding for price adjustment - Morelco | 6,658 | ||
Return of contributions | 1,963 | 481 | |
Interest received | 6,992 | 15,370 | 32,162 |
Dividends received | 3,758 | 27,992 | 59,175 |
Payment for purchase of investments properties | (1,183) | (17,543) | (748) |
Payments for intangible purchase | (97,112) | (45,706) | (32,883) |
Payments for purchase and contributions on investment in associate and joint ventures | (2,116) | (389,657) | (464,086) |
Payments for property, plant and equipment purchase | (123,941) | (147,732) | (193,156) |
Net cash (applied to) provided by investing activities | 348,870 | (373,684) | (551,106) |
FINANCING ACTIVITIES | |||
Loans received | 1,406,717 | 3,941,750 | 4,448,332 |
Bonds issued | 178,640 | 814,016 | |
Amortization of loans received | (2,044,256) | (3,914,570) | (4,549,000) |
Amortization of bonds issued | (39,151) | (25,281) | (16,480) |
Payment for transaction costs for debt | (31,286) | (650) | (18,516) |
Dividends paid to owners of the parent | (30,853) | (104,911) | |
Dividends paid to non-controlling interest | (43,942) | (25,473) | (4,535) |
Cash received from non-controlling shareholders | (33,197) | (19,099) | 10,329 |
Acquisition or sale of interest in a subsidiary of non-controlling shareholders | (942) | (18,702) | (223) |
Net cash provided by (applied to) financing activities | (786,057) | 85,762 | 579,012 |
(Net decrease) net increase in cash | 19,110 | 44,552 | (264,400) |
Cash and cash equivalent at the beginning of the year | 606,950 | 554,002 | 818,402 |
Cash and cash equivalent at the end of the year | 626,180 | 606,950 | 554,002 |
NON-CASHTRANSACTIONS: | |||
Debt capitalization | 8,308 | ||
Acquisition of assets through finance leases | 48,507 | 65,336 | 92,093 |
Recognition of debt as guarantor | S/ 608,247 | ||
Change in fair value of available-for-sale financial assets | 19,973 | ||
Adjustment for deconsolidation of former subsidiaries | 9,298 | ||
Establishment of joint operation - Panorama Plaza de negocios (net assets) | S/ 36,180 | ||
Dividends declared to non-controlling interest | S/ 15,735 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2017 | |
General Information | 1 GENERAL INFORMATION a) Incorporation and operations Graña y Montero S.A.A. (hereinafter the Company) was established 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 (hereinafter the Group, which includes the Company and subsidiaries) and it 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 office operating leasing 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), real estate businesses and services. See details of operating segments in Note 7. b) Authorization for issue of the financial statements The consolidated financial statements for the year ended December 31, 2017 were prepared and issued with Management and Board of Directors authorization on June 29, 2018 and will be submitted for consideration and approval at the General Shareholders’ Meeting. Management expects that the consolidated financial statements as of December 31, 2017 will be approved with no changes. The consolidated financial statements for the year ended December 31, 2016 were approved by the General Shareholders’ Meeting on June 12, 2018 c) Current situation of the Company 1) Projects conducted in association with group companies Odebrecht Our company and one of its subsidiaries participated as minority shareholder in certain entities that developed six infrastructure projects in Peru with companies belonging to the group Odebrecht (from now on Odebretch). 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 the commission of corrupt acts in connection with two of these projects (tranches 2 and 3 of the Interoceánica Sur highway (“IIRSA Sur”) and the project to construct the Tren Eléctrico). As a consequence of this agreement, the Peruvian authorities opened investigations. i) IIRSA Sur With respect to the investigations conducted in relation to IIRSA Sur, the Public Prosecutor’s Office included 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 the companies. In addition, the Peruvian authorities have requested incorporation of Graña y Montero S.A.A. as third party responsible on a civil basis and the Company has filed an opposition to the government’s motion. Oral arguments will be made to the court on a hearing that is yet to be scheduled. The Company believes that it has a solid defense and that therefore, the case would be resolved in its favor. ii) Electric Train The Peruvian authorities also requested to incorporate GyM S.A. as a third party responsible on a civil basis in the case related to the project to construct the electric train. The Company has filed an opposition. Oral arguments were made to the court on a hearing held on May 29, 2018; to date the court resolution regarding this request is pending. The management believes that the case would be resolved in its favor. 2) The Constructor Club On July 11, 2017, Commission of Free Competition (“Indecopi”) initiated an investigation against several construction companies, including GyM S.A., about the existence of an alleged cartel called the Constructor Club, Throughout the investigation, GyM S.A., has provided to the Indecopi with all the information requested. The Company’s former commercial manager is under a criminal investigation, as well as other individuals related to other construction companies. However, the Company is not included in this case. To date, the result of the case described is uncertain because it is in the preliminary phase and depends on the actions of the third parties that have been included in the investigation. Management believes that the contingency should not have a significant equity impact due to the company’s limited link with the alleged facts. 3) Anticorruption Law application to the Group Law 30737 and its regulation issued by Supreme Decree 096-2018-EF 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 and the interests in favor of the Peruvian State; • 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 is doing the preliminary work for the constitution of the trust of the alleged facts. It is also engaged in preliminary works necessary to set up the trust while it receives from the authorities the amount of the trust. Based on the standards indicated and their guidelines, management has estimated that the value of the assets that the Company and its Subsidiaries could eventually assign to the trust will amount to approximately US $ 41 million and calculates that their contingency for the cases described above should not exceed of US $ 51 million. 4) Independent Investigation related to Group business with Odebrecht. 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 investigation was conducted by outside counselor reported to the Risk, Compliance and Sustainability Committee. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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, 2016 and December 31, 2017, 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 and loss, available-for-sale The preparation of the consolidated financial statements in conformity with IFRS requires Management to make estimates and assumptions 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 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 IAS 39 “Financial Instruments: Recognition and Measurement” 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 costs and revenue 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 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 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 separated 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 hyper-inflationary 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 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 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 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 The Group classifies its financial assets in the following categories: financial assets at fair value through profit or loss, financial assets held-to-maturity, available-for-sale. As of the date of the consolidated financial statements, the Group has classified its financial assets in the following three categories: a) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are non-derivatives held-for-trading. b) Loans and accounts receivable Loans and receivables are non-derivative non-current c) Financial assets held for sale Financial assets for sale are non-derivatives non-current 2.7.2 Recognition and measurement The usual purchases and sales of financial assets are recognized at the trading date, the date on which the Group commits to buy or sell the asset. Investments are initially recognized at their acquisition value (fair value at the time of purchase). Financial assets available for sale are subsequently recorded at their fair value. Loans and accounts receivable are subsequently recorded at amortized cost using the effective interest method. Gains or losses arising from changes in the fair value of the ‘financial assets at fair value through profit or loss’ category is presented in profit or loss within “Other income and expenses, net” in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognized in the income statement as part of “Other income and expenses, net” when the Group’s right to receive payments is established. Changes in the fair value of monetary securities classified as available for sale are recognized in other comprehensive income. When a financial asset classified as available for sale is sold or impaired, the accumulated fair value adjustments recognized in equity are reclassified to profit or loss. Dividends on available-for-sale 2.8 Impairment of financial assets a) Assets carried at amortized cost At the end of each reporting period the Group assesses whether there is objective evidence that a financial asset or a group of financial assets is impaired. If a financial asset or a group of financial assets is impaired, the impairment losses are recognized only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a “loss event”) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. For the loans and receivables category, the amount of any loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced and the amount of the loss is recognized in the statement of income. If a loan or an account receivable has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. b) Assets classified as available-for-sale The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets classified as available-for-sale For equity investments, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists for available-for-sale 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 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 nominal amount which is similar to their fair values since they are short term. 2.11 Work in progress Unbilled work in progress comprises the estimation made by the Management of the Engineering and Construction segment related to the unbilled rights receivable for services rendered and not yet approved by the client (valuation based on the percentage of completion). It also 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 2.25 for detail on Revenue from construction and concession 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 based on the progress made. 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 and merchandise and supplies marketed as part of the computer services segment. 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 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, a 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) Other Activities Materials and supplies are estimated under the weighted average cost method or its replacement value, the lower. The cost of these items includes freight and non-refundable 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. The estimated useful lives of those properties range from 5 to 33 years. The investment properties held by the Group correspond to: (i) “Agustino Plaza” Shopping Center, located in the El Agustino District, (ii) the 35% participation in the “Panorama Panorama” Shopping Plaza, located in the district of Santiago de Surco and (iii) the stores located within the stations of Line 1 of the Lima Metro; the properties that are owned by the subsidiary VIVA GyM SA. Fair value is estimated to be US$34.5 million, equivalent to S/112.7 million as of December 31, 2017 (US$29.5 million, equivalent to S/99 million, as of December 31 of 2016). The sales stores of these properties have been leased as an operating lease with third parties. These investment properties have been leased under the modality of an operating lease to third parties. 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 to produce 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 50 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 date of the statement of financial position. 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 non-controlling 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 developing wells Costs incurred in preparing wells to extract hydrocarbons in Blocks I, III, IV and V, located in Talara, and are capitalized as part of intangible assets. These costs are amortized over the useful lives of the wells (estimated to be 5 years for Blocks I and V and unit of production method for Blocks III and IV), when is less than the period of the service agreement signed with Perupetro. vi) Internally generated 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 an 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 • software expense 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 8 years. vii) Rights of use of land Refers rights maintained by the subsidiary Promotora Larcomar S.A. Rights of use of land 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 Trade accounts payables 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 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. 2.18 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. 2.19 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 (Note 18-c and 15) in which the borrowing costs are capitalized. The 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 in such period 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. 2.20 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 which case, it is recognized in the statement of comprehensive income or directly in equity, respectively. The current income tax is calculated based on the tax laws enacted or substantively 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 periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. 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. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or is settled. 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 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 assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority. 2.21 Employee benefits The Group recognizes a liability when the employee has rendered services in exchange for which he is entitled to receive future payments and an expense when the Group has consumed the economic benefit from the service provided by the empl |
Adoption of New International F
Adoption of New International Financial Information Regulations (Ifrs), Amendments and Interpretations | 12 Months Ended |
Dec. 31, 2017 | |
Adoption of New International Financial Information Regulations (Ifrs), Amendments and Interpretations | 3 ADOPTION OF NEW INTERNATIONAL FINANCIAL INFORMATION REGULATIONS (IFRS), AMENDMENTS AND INTERPRETATIONS 3.1. Standards, amendments and interpretations published but not yet in force The relevant standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective. IFRS 9 “Financial Instruments” In July 2014, the IASB issued the final version of IFRS 9 Financial Instruments that replaces IAS 39 and all previous versions of IFRS 9. IFRS 9 brings together all three aspects of the accounting for financial instruments project: classification and measurement, impairment and hedge accounting. IFRS 9 is effective for annual periods beginning on or after January 1, 2018, with early application permitted. Except for hedge accounting, retrospective application is required, but the provision of comparative information is not compulsory. For hedge accounting, the requirements are generally applied prospectively, with some limited exceptions. The Group plans to adopt the new standard on the required effective date and will not restate comparative information. During 2017, the Group performed a detailed impact assessment of all three aspects of IFRS 9. This assessment is based on currently available information and may be subject to changes arising from further reasonable and supportable information being made available to the Group in 2018 when the Group will adopt IFRS 9. Overall, the Group expects no significant impact on its statement of financial position or equity from the adoption of IFRS 9. In addition, the Group will adopt changes in certain financial instruments. a) Classification and measurement Management expects to maintain the measurement at fair value for all financial assets that are currently measured at that value. There is no impact on financial liabilities. b) Impairment IFRS 9 requires the Group to record an expected credit loss for its debt instruments, loans and account receivables, regardless of the period. The Group will apply the simplified approach on all trade receivables and the general approach for accounts that originate from loans and third parties and related companies. The Group will strengthen the internal controls, processes and systems regarding the identification of the different financial instruments of accounts receivable loans so that from the moment of initial recognition these items are recognized at their recoverable value. Given the substantially current nature of these accounts and the guarantees received, the Group expects that there will be no significant impact on its consolidated financial statements as a result of the adoption of this standard. c) Hedge accounting The Group has determined that all hedge transactions that are currently designated as effective hedges will continue to qualify as hedge accounting under IFRS 9. The Group has chosen not to retrospectively apply IFRS 9 at the time of transition for those hedges designated as hedges under IAS 39. As IFRS 9 does not change the main principles of how an entity should record the effective hedges. IFRS 15 “Revenue from Contracts with Customers” IFRS 15 was issued in May 2014 and establishes a five-step model to account for revenue arising from contracts with customers. Under IFRS 15, revenue is recognized at an amount that reflects the consideration agreed with the customer. The new revenue standard will supersede all current revenue recognition requirements under IFRS. Either a full retrospective application or a modified retrospective application is required for annual periods beginning on or after January 1 2018. Early adoption is permitted. The Group plans to adopt the new standard on the required effective date using the modified retrospective method, under which the accumulated effect of applying this new standard is presented adjusting the beginning balance of accumulated results (January 1, 2018). During 2016, the Group performed a preliminary assessment of IFRS 15, which was followed by a more detailed analysis in 2017. (a) Engineering and Construction At the time of the adoption of IFRS 15, the segment considered the following: i) In the case of additional services, the Group will strengthen the internal controls, processes and systems regarding the obtaining of the valorizations approved by clients, the follow-up ii) In the case of work in progress (Note 12), the Group will strengthen the internal controls, processes and systems with respect to the support required to register adjustments for work progress and the construction contract margin as of the date of the financial statements iii) In the case of construction contracts, the Group will strengthen the internal controls, processes and systems regarding the identification of the different performance obligations agreed in the contract with the client, mainly in the Engineering, Procurement and Construction contracts (EPC by its acronym in English). During the review process of the current procedures and those required by IFRS 15, we observed a case whose current accounting treatment must be corrected in order to recognize the different performance obligations contemplated in the contract. The Group is in the process of determining the effect of this situation on its financial statements, although it estimates that it will not be significant at the date of adoption of IFRS 15 or in subsequent years iv) In the case of penalties, the Group will strengthen its policies on factual support to support that the recognition of charges is not required to the results (b) Infrastructure In the case of penalties, the Group will strengthen its policies to support the recognition at the income statement is not required. Specifically, in the contract between OTAS and PLUSPETROL, the Group will strengthen the internal controls, processes and systems regarding the identification of the different performance obligations agreed with the client. (c) Real Estate In the case of real estate sales contracts, the Group will strengthen the internal controls, processes and systems regarding the identification of the different performance obligations agreed in the contract with the client, mainly in contracts that include sale of common areas. During the review of current procedures and those required by IFRS 15, we observe a case whose current accounting treatment must be adapted in order to recognize the different performance obligations contemplated in the contract. The Group is in the process of determining the effect of this situation on its financial statements, although it estimates that it will not be significant at the date of adoption of IFRS 15 or in subsequent years (d) Presentation and disclosure requirements IFRS 15 requires the presentation and disclosure of more detailed information than required by current regulations. The presentation requirements represent a significant change in current practice and will increase the volume of disclosures required in the Group’s financial statements. In 2017, the Group continued testing its internal controls, policies and procedures necessary to collect and disclose the required information. IFRS 16 “Leases” IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance ‘low-value’ |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2017 | |
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, 2016, and 2017 this exposure is mainly concentrated in fluctuations of U.S. dollar, the Chilean and Colombian Pesos. The foreign exchange risk of the investments in Bolivia and Panama are not significant due to the volume of operations. At December 31, 2017, the consolidated statement of financial position includes assets and liabilities in foreign currency (mainly in U.S. dollars) equivalent to S/1,851.3 million and S/1,982 million, respectively (S/2,770.9 million and S/2,708.30 million, respectively, at December 31, 2016) equivalents to US$570.5 million and US$610.8 million, respectively (US$826.6 million and US$806 million, respectively, at December 31, 2016). During 2017, the Peruvian Sol, the Chilean and Colombian Pesos were exposed against the U.S. dollar. The Group’s exchange gains and losses for 2017 amounted to S/336.8 million and S/330.5 million, respectively (S/761.8 million and S/774.3 million, respectively, in 2016 and S/427.2 million and S/510.1 million, respectively, in 2015). If at December 31, 2017 the Peruvian Sol and the Chilean and Colombian Pesos had strengthened/weakened by 2% against the U.S. dollar, with all other variables held constant, the pre-tax At December 31, 2017 the consolidated statement of changes in equity comprises a foreign currency translation adjustment originated by its subsidiaries. Their financial position includes assets and liabilities in functional currency equivalent to CLP 77,199.1 million and CLP 74,447.9 million, respectively (CLP 75,561.3 million and CLP 87,221.10 million, respectively, at December 2016), COP 101,300.8 million and COP 74,319.7 million, respectively (COP 169,774.8 and COP 166,091.8 million, respectively, at December 2016). The Group’s foreign exchange translation adjustment for 2017 was negative for S/11.3 million (negative for S/14.3 million in 2016 and S/59.7 million in 2015). 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; 57.8% of total debt in 2017 (52.8% in 2016) was contracted at fixed rates and 42.2% at variable rates (47.2% in 2016) which consisted of a 22.9% fixed rate plus VAC (adjusted for inflation) and the remaining 19.3% at a variable rate (18% fixed rate + VAC and the remaining 29.2% at a variable rate in 2016). The debt subject to fixed rate plus VAC is related to a bond issued in Peruvian soles to finance the GyM Ferrovías 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 2017 and 2016 borrowings at variable rates are denominated in Peruvian Soles 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), pre-pay 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. With respect 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 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 are 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 1-2 years 2-5 More than Total At December 31, 2016 Other financial liabilities (except for finance leases) 1,936,825 128,508 173,145 — 2,238,478 Finance leases 127,496 85,989 26,780 19,506 259,771 Bonds 113,299 180,431 365,697 1,334,485 1,993,912 Trade accounts payables 1,276,617 — — — 1,276,617 Accounts payables to related parties 80,217 28,082 37,238 — 145,537 Other accounts payables 303,827 49,064 143,655 — 496,546 Other non-financial — 1,081 — — 1,081 3,838,281 473,155 746,515 1,353,991 6,411,942 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 4.2 Capital management 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, has lead Management to monitor deviations that might cause the non-compliance (Note19-a 38-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 on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including current and non-current As of December 31, 2017, and 2016, the gearing ratio is presented below indicating the Company’s strategy to keep it in a range from 0.10 to 0.70. As of December 31, the gearing ratio was as follows: 2016 2017 Total financial liabilities and bonds 3,348,152 2,637,630 Less: Cash and cash equivalent (606,950 ) (626,180 ) Net debt 2,741,202 2,011,450 Total equity 2,489,737 2,589,078 Total capital 5,230,939 4,600,528 Gearing ratio 0.52 0.44 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 at December 31, 2016 and 2017: Level 1 Level 2 Level 3 Total At December 31, 2016 Financial assets Financial assets at fair value through profit or loss 6,379 — — 6,379 Financial liabilities Derivatives used for hedging — 1,081 — 1,081 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 There were no transfers between levels 1 and 2 during the year. Financial instruments in level 3 The fair value as of December 31, 2015 of the investment held in Transportadora de Gas del Perú S.A. (TGP) classified as other financial asset was based on observable inputs in the market and unobservable inputs. The Group calculated its fair value based on its discounted cash flows as of the financial statement date. The information used to determine the fair value of this investment corresponds to Level 3 (Note 10). The following table shows the changes in fair value by the investment held in TGP for the years ended on December 31: 2015 2016 Opening balance 93,144 120,134 Unrealized gains (losses) recognized in the period 26,990 (2,996 ) Derecognition of investment sold: - Historical cost of investment — (61,105 ) - Cumulative fair value — (56,033 ) Final balance 120,134 — The carrying amounts of cash and cash equivalents correspond to their fair values. The Company considers that the carrying amount of trade accounts receivable and payable is similar to their fair values since they are short term. The fair value for long-term receivables and liabilities is disclosed in Note 11, Note 12, Note 19-c, |
Critical Accounting Estimates a
Critical Accounting Estimates and Judgements | 12 Months Ended |
Dec. 31, 2017 | |
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 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 the factors that reduce 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 to be required. In accordance with the impairment evaluations carried out by the Management, losses due to deterioration of the goodwill and of the trademarks have been recognized; they were generated by the decrease in the expected flows as a reduction of the contracts’ “backlog”. At December 31, 2016 and 2017 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 2016 2017 Goodwill Gross margin (10%) +10% (10%) +10% Mining construction services 19.18% 71.19% — — Engineering and construction (42.68%) 17.85% 81.31% 143.63% Electromechanical 32.16% 74.41% 197.30% 620.85% IT equipment and services 200.93% 289.04% 0.32% 38.87% Telecommunication services (110.85%) 176.40% 465.17% 1339.26% Discount rate: (10%) +10% (10%) +10% Mining construction services 65.94% 28.99% — — Engineering and construction 8.22% (27.56%) 146.07% 86.86% Electromechanical 74.42% 36.77% 478.08% 354.39% IT equipment and services 285.63% 212.65% 30.06% 11.25% Telecommunication services 70.31% 4.59% 2190.66% 1967.37% Terminal growth rate: (10%) +10% (10%) +10% Mining construction services 42.92% 47.55% — — Engineering and construction (16.49%) (7.84%) 107.41% 117.91% Electromechanical 51.14% 55.62% 402.19% 416.25% IT equipment and services 243.21% 247.06% 18.54% 20.52% Telecommunication services 26.14% 39.94% 2232.86% 2394.81% Trademarks Revenue growth rate: (10%) +10% (10%) +10% Morelco 22.37% 42.03% 16.37% (4.79%) Vial yVives - DSD 17.01% 43.01% (40.72%) (63.32%) Adexus (8.18%) (9.91%) 22.10% (0.10%) Discount rate: (10%) +10% (10%) +10% Morelco 53.35% 15.66% (7.21%) 22.92% Vial yVives - DSD 56.88% 10.88% (58.56%) (45.65%) Adexus 15.42% (10.59%) (2.13%) 28.02% Terminal growth rate: (10%) +10% (10%) +10% Morelco 29.19% 34.94% 8.61% 3.17% Vial yVives - DSD 23.19% 37.83% (51.36%) (54.47%) Adexus (0.12%) 1.89% 13.27% 8.86% In 2017 if the gross margin, the discount rate or terminal growth rate had been 10% below or 10% above Management’s estimates, the Group would have not recognized a provision for impairment of goodwill (in 2016 would have recognized a provision for impairment of the Engineering and Construction CGU and Telecommunication Services CGU). In 2017 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 recognized a provision for impairment of their trademarks in Morelco, Vial y Vies-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 and Vives-DSD 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 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 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/13.5. c) Percentage of completion revenue recognition Revenues from construction contracts are recognized using the percentage-of-completion As of December 31, 2015, 2016 and 2017, a sensitivity analysis was performed considering a 10% increase/decrease in the Group’s gross margins, as follows: 2015 2016 2017 Sales 5,501,537 3,945,599 3,253,199 Gross profit 159,158 194,378 224,040 % 2.89 4.93 6.89 Plus 10% 3.18 5.42 7.58 Increase in pre-tax 15,787 19,473 22,552 174,949 213,851 246,592 Less 10% 2.60 4.44 6.20 Decrease in pre-tax (15,787 ) (19,473 ) (22,552 ) 143,371 174,905 201,488 d) Provision for well closure costs At December 31, 2017 the present value of the estimated provision for closure of 144 wells located in Talara amounted to S/16.8 million (S/17.2 million as of December 31, 2016 for 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). 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 statement of financial position. The pre-tax 30-year If, at December 31, 2016 and 2017, 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 a 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 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 82.5% or 100% of the NCA to be recovered as a result of public auction, depending on several factors. In any of these scenarios, the Group would be able to recover their total investment and no additional impairment would be necessary to be recognized. Depending on the date in which the NCA is actually cashed, the Group may need to take into account additional costs ranging from S/18.95 million (US$5.64 million) to S/42.2 million (US$12.56 million), due to higher financial expense. 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 construction project estimated margin recorded as a liability (Note 2.25.i) (ii) The recoverable of work in progress relates to the minimum secured payment to be obtained from GSP. (iii) Inventories were specialized in nature assets and cannot be traded in an active market that could not be sold in an active market. 5.2 Critical judgments in applying of 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., has the power to affect the relevant activities that impact the subsidiaries’ returns, where even though the Group holds interest between 30% and 50%, has the power to affect the relevant activities that impact the subsidiaries’ returns. Additionally, the Group has de facto by a contractual agreement with the majority investor control over Promotora Larcomar S.A. of which it owns 46.55% of equity interest. Consolidation of entities in which the Group does not have joins control but have 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 to 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, 2017 | |
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) Principal 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. Stracon GyM S.A. Peru and Panama Mining contracting activities, providing mining services and carrying out drilling, demolition and any other activity related to construction and mining operations. 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 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. Name Country Economic activity Infrastructure: GMP S.A. Peru Natural 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 derivates. Concar S.A. Peru Operating and maintaining roads. GyM Ferrovías S.A. Peru Concession for the operation of the public transportation system (Metro de Lima Metropolitana). Survial S.A. Peru Concession for constructing, operating and maintaining the Section 1 of the “Southern Inter-oceanic” road. Norvial S.A. Peru Concession for restoring, operating and maintaining the “Ancón - Huacho - Pativilca” section of the Panamericana Norte road. Concesión Canchaque S.A. Peru Concession for operating and maintaining the Buenos Aires - Canchaque road. Concesionaria Vía Expresa Sur S.A. Peru Concession for designing, constructing, operating and maintaining the Via Expresa - Paseo de la República in Lima. Real estate: VIVA GyM S.A. Peru Developing and managing real estate projects directly or together with other partners. Technical services: CAM Holding S.p.A. Chile and Colombia Electric and technological services for the power industry. Coasin Instalaciones Ltda. Chile Installing and maintaining network and equipment for telecommunications. Adexus S.A. Chile, Peru, Colombia and Ecuador IT solutions services. Parent company operation: 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 selling office facilities in Peru. Negocios del Gas S.A. Peru Construction, operation and maintenance of the pipeline system to transport natural gas and liquids of natural gas. The following are the Group’s subsidiaries and related interests at December 31, 2017: Percentage of Percentage of Percentage of the Group (%) Percentage of Engineering and Construction: GyM S.A. 98.23 % — 98.23 % 1.77 % - GyM S.A. subsidiaries — 87.06 % 87.06 % 12.94 % Stracon GyM S.A. — 87.59 % 87.59 % 12.41 % GyM Chile SpA — 99.99 % 99.99 % 0.01 % Vial y Vives - 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 % Concesionaria Vía Expresa Sur S.A. 99.98 % 0.02 % 100.00 % — Real Estate: Viva GyM S.A. 63.44 % 36.10 % 99.54 % 0.46 % - Viva GyM S.A. subsidiaries — 60.51 % 60.51 % 39.49 % Services: 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. 91.03 % — 91.03 % 8.97 % 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 % — The following are the Group’s subsidiaries and related interests at December 31, 2016: Percentage of Percentage of Percentage of the Group (%) Percentage of Engineering and Construction: GyM S.A. 98.23 % — 98.23 % 1.77 % - GyM S.A. subsidiaries — 87.06 % 87.06 % 12.94 % Stracon GyM S.A. — 87.59 % 87.59 % 12.41 % GyM Chile SpA — 99.99 % 99.99 % 0.01 % Vial y Vives – 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 % 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 % — Real Estate: Viva GyM S.A. 63.44 % 36.10 % 99.54 % 0.46 % - Viva GyM S.A. subsidiaries — 60.51 % 60.51 % 39.49 % Services: GMD S.A. 89.23 % — 89.23 % 10.77 % Cam Holding S.p.A. 100.00 % — 100.00 % — Concar S.A. 99.75 % — 99.75 % 0.25 % Gestión de Servicios Digitales S.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. 91.03 % — 91.03 % 8.97 % 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 % — On November 17, 2015, Cam Holding S.p.A. sold 100% of its shares in Cam Brasil Multiservicos S.A., at a total US$300 thousand; as a result, a loss of S/8.3 million was recorded, which is shown in the statement of income, within “Profit (loss) on sale of investments” (a cash balance of S/0.98 million was presented net of the cash received for the sale of this investment in the statement of cash flow). In August 2016, the Company acquired additional interest in the share capital of Adexus S.A. to obtained control (Note 33 a) All investments in subsidiaries have been included in the consolidation. The percentage of voting rights in those subsidiaries is directly held by the Parent Company and do not significantly differ from the percentage of shares held. There are no restrictions to the access or use of the Group’s assets and liabilities. The following are the Group’s subsidiaries non-controlling 2016 2017 NON-CONTROLLING Viva GyM S.A. and subsidiaries 241,140 224,345 Viva GyM S.A. 1,700 1,576 GyM S.A. and subsidiaries 100,840 95,052 GyM S.A. 9,354 8,118 Norvial S.A. 61,349 68,419 CAM Holding S.p.A. 26,589 (6,417 ) GMP S.A. 20,879 22,263 GyM Ferrovias S.A. 30,548 35,419 Promotora Larcomar S.A. 13,539 13,395 Other 3,375 3,578 509,313 465,748 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 subsidiaries GyM S.A. and subsidiaries Norvial S.A. At December 31, At December 31, At December 31, 2016 2017 2016 2017 2016 2017 Current: Assets 1,117,065 884,591 1,849,077 1,875,231 107,838 88,077 Liabilities (515,781 ) (352,125 ) (2,050,803 ) (2,142,618 ) (49,721 ) (45,613 ) Current net assets (liabilities) 601,284 532,466 201,726 (267,387 ) 58,117 42,464 Non-current: Assets 113,594 78,457 1,326,599 1,368,460 467,449 492,803 Liabilities (104,179 ) (44,068 ) (471,424 ) (546,342 ) (339,661 ) (327,936 ) Non-current 9,415 34,389 855,175 822,118 127,788 164,867 Net assets 610,699 566,855 653,449 554,731 185,905 207,331 Summarized income statement Viva GyM S.A. and subsidiaries GyM S.A. and subsidiaries Norvial S.A. For the year ended For the year ended For the year ended 2016 2017 2016 2017 2016 2017 Revenue 411,518 647,535 4,036,226 3,184,833 216,260 149,467 Profit (loss) before income tax 104,223 153,602 (85,857 ) 18,827 63,582 68,104 Income tax (27,054 ) (35,900 ) (11,228 ) (13,482 ) (16,262 ) (18,678 ) Profit (loss) for the period 77,169 117,702 (97,085 ) 5,345 47,320 49,426 Other comprehensive Income — — 19,486 (2,641 ) — — Total comprehensive Income for the period 77,169 117,702 (77,599 ) 2,704 47,320 49,426 Dividends paid to non-controlling (36-c) 5,050 21,165 8,288 4,056 7,260 9,240 Summarized statement of cash flows Viva GyM S.A. and subsidiaries GyM S.A. and subsidiaries Norvial S.A. For the year ended For the year ended For the year ended 2016 2017 2016 2017 2016 2017 Cash flows from operating activities provided by (used in), net 44,910 164,852 224,428 239,935 (42,051 ) 25,041 Cash flows from investing activities provided by (used in), net (546 ) 79,471 (29,853 ) 44,020 — — Cash flows from financing activities provided by (used in), net (59,931 ) (203,958 ) (283,296 ) (191,689 ) 99,193 (48,010 ) Increase (decrease) in cash and cash equivalents, net (15,567 ) 38,817 (88,721 ) 92,266 57,142 (22,969 ) Cash and cash equivalents at the beginning of the year 74,459 58,892 167,620 87,294 38,276 95,418 Cash and cash equivalents at the end of the year 58,892 97,709 78,899 179,560 95,418 72,449 The information above is the amount before inter-company eliminations. b) Public services concessions The Group acts as an operator in 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). 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. The Concession was recognized under the financial asset model. In September 2016 the Concession Agreement was terminated on the grounds of counterparty’s failure to meet the required conditions (availability of assets and resources). As a result, TGNCA recognized an impairment loss of receivables amounting to S/6.3 million, which is included in the income statement as of December 31, 2016 within “cost of services provided”. The balance remaining relates to trade accounts receivable for S/17.3 million, to be received from the Ministry of Energy and Mines. This balance was classified as current assets because a favorable result was obtained with the interposed award. In all the Group concessions’, the infrastructure is returned to grantor at the end of the concession agreement. The concessions held by the Group are as follows at December 31, 2017: Name of Concession Description Estimated 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). 99.9 % 2032 Financial asset Canchaque S.A.C. This company operates and periodically maintains a 78 km road from the towns of Buenos Aires to 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$0.3 million. 99.96 % 2025 Financial asset Concesionaria. La Chira S.A. Designing, financing, constructing, operating and maintaining project called “Planta de Tratamiento de Aguas Residuales y Emisario Submarino La Chira”. The Project will treat approximately 25% of waste waters in Lima. S/250 million Transaction secured by the Peruvian Government consisting of monthly and quarterly payments settled by Sedapal´s collection trust. 50.00 % 2036 Financial asset GyM Ferrovías S.A. Concession for the operation of Line 1 of the Lima Metro, Peru’s only urban railway system in Lima city, which includes (i) operation and maintenance of the five existing trains, (ii) operation and maintenance and the acquisition of 19 trains on behalf of the Peruvian Government and (iii) design and construction of the repair yard and maintenance of railway. S/548.8 million Transaction secured by the Peruvian Government involving a quarterly payment received from MTC based on km travelled per train. 75.00 % 2041 Financial asset Name of concession Description Estimated Consideration Ordinary Concession Accounting Norvial S.A. The Company operates and maintains part of the only highway that connects Lima to the northwest of Peru. This 183 km road known as Red Vial 5 runs from the cities of Ancón to Pativilca and has three toll stations. US$ 152 million From users (self-financed concession; revenue is derived from collection of tolls). 67.00 % 2028 Intangible Vía 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 República,between Av. República de Panamá and and Panamericana highway. US$ 196.8 million Contract give 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$10 million. In June 2017, the contract was suspended temporarily for one year by agreement between Concessionaire and grantor. 99.98 % 2053 Bifurcated Recaudo Trujillo S.A.C. Design, implementation, operation, technological maintenance and renewal (estimate) of the single system of electronic collection. Design, implementation, operation and maintenance of the Clearing house Implementation of the Fleet Control Center, as well as training to personnel. US$ 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) Principal Joint Operations At December 31, 2017, the Group is a partner to 64 Joint Operations with third parties (69 at December 31, 2016). The table below lists the Group’s major Joint Operations. Percentage of interest Joint operations 2016 2017 Graña y Montero S.A.A. - Concesionaria la Chira S.A. 50.00 % 50.00 % GyM S.A. - Consorcio Constructor Alto Cayma 50.00 % 50.00 % - Consorcio Rio Pallca – Huanza 40.00 % 40.00 % - Consorcio Alto Cayma 49.00 % 49.00 % - Consorcio Lima Actividades Comerciales 50.00 % 50.00 % - Consorcio Atocongo 40.00 % 40.00 % - Consorcio Norte Pachacutec 49.00 % 49.00 % - Consorcio La Chira 50.00 % 50.00 % - Consorcio Río Urubamba 50.00 % 50.00 % - Consorcio Vial Quinua 46.00 % 46.00 % - Consorcio Rio Mantaro 50.00 % 50.00 % - Consorcio GyM – CONCIVILES 66.70 % 66.70 % - Consorcio Toromocho 55.00 % 55.00 % - Consorcio Construcciones y Montajes CCN 25.00 % 25.00 % - Consorcio HV GyM 50.00 % 50.00 % - Consorcio Stracon Motta Engil JV 50.00 % 50.00 % - Consorcio Huacho Pativilca 67.00 % 67.00 % - Consorcio Constructor Chavimochic 26.50 % 26.50 % - Consorcio Constructor Ductos del Sur 29.00 % 29.00 % - Consorcio Italo Peruano 48.00 % 48.00 % - Consorcio Menegua 50.00 % 50.00 % - Consorcio Energía y Vapor 50.00 % 50.00 % - Consorcio Ermitaño 50.00 % 50.00 % - Consorcio para la Atención y Mantenimiento de Ductos 50.00 % 50.00 % - Consorcio Lima Actividades Comerciales Sur 50.00 % 50.00 % - Consorcio CDEM — 85.00 % - Consorcio AMDP Norte — 50.00 % - Consorcio Chicama - Ascope — 50.00 % - Consorcio TNT Vial y Vives - DSD Chile LTDA — 50.00 % - Consorcio La Gloria 49.00 % 49.00 % - Consorcio GyM Sade Skanska 50.00 % 50.00 % - Constructora Incolur DSD Limitada 50.00 % 50.00 % GMP S.A. - Consorcio Terminales 50.00 % 50.00 % - Terminales del Perú 50.00 % 50.00 % Percentage of interest Joint operations 2016 2017 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 Fábrica de Software 50.00 % — - Consorcio Gestión de Procesos Electorales (ONPE) 50.00 % — - Consorcio Lima Actividades Sur 50.00 % — - Consorcio Latino de Actividades Comerciales de Clientes Especiales 50.00 % — - Consorcio Latino de Actividades Comerciales 75.00 % — - Consorcio Gestión de Procesos Junta de Gobernadores 45.00 % — - Consorcio Soluciones Digitales 38.00 % — - Consorcio de Gestión de la Información 56.00 % — - Consorcio de la Disponibilidad PKI 70.00 % — CONCAR S.A. - Consorcio Ancón-Pativilca 67.00 % 67.00 % - Consorcio Peruano de Conservación 50.00 % 50.00 % - Consorcio Manperán 67.00 % 67.00 % - Consorcio Vial Sierra 50.00 % 50.00 % 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 % All of the joint arrangements listed above operate in Peru, Chile and Colombia. The table below provides a description of the major 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 waste water treatment plant 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 carried out activities 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. Joint operations Concar provides rehabilitation service, routine and periodic maintenance of the road; and road preservation services. Viva GyM S.A. Construction of a five-star hotel with a convention center, a business center and entertainment center. CAM Holding S.p.A. Execution of outsourcing services to the electric power sector. GMD S.A. Outsourcing service of online BPO processes (Business Process Outsourcing). 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 Reportinorng
Segment Reportinorng | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reportinorng | 7 SEGMENT REPORTING Operating segments are reported consistently with the internal reports that are reviewed by the Group’ chief decision-maker; that is, the Executive Committee, which is led by the Corporate General Manager. This Committee is the chief operating decision maker, responsible for allocating resources and evaluating the performance of each operating segment. The Group’s operating segments are assessed by the activities of the following business units: (i)engineering and construction, (ii)infrastructure, (iii)real estate and (iv)technical services. As set forth under IFRS 8, reportable segments based on the level of revenue are: ‘engineering and construction’ and ‘technical services’. However, the Group has voluntarily decided to report on all its operating segments as detailed in this Note. The revenues derived from foreign operations (Chile, Colombia, Ecuador, Panama, Dominican Republic, Bolivia and Guyana) comprise 28.0% of the Group’s total revenue reported in 2017 (26.5% in 2016 and 28.0% in 2015). Sales between segments are carried out at arm’s length, are no 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 state 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 following segments set forth the principal activities of the Group: 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 four 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; and iv) services related to mining, such as earthworks, blasting, loading and hauling ore. b) Infrastructure: The Group has long-term concessions or similar contractual arrangements in Peru for three toll roads, the Lima Metro, a waste water treatment plant in Lima, four producing oil fields, and a gas processing plant. Additionally, the Group provides 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) Technical Services: The Group provides: (i) information technology (IT) services, including IT outsourcing, systems integration, application and business process outsourcing services; and (ii) electricity networks services (maintenance) in telecommunications. e) Parent Company Operation corresponds to the services which the Holding company provides, management, logistics and accounting services, among others. The Executive Committee uses a measurement of 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: 2015 2016 2017 (Profit) loss before income tax 142,345 (582,865 ) 328,713 Financial cost, net 130,447 201,019 170,038 Depreciation 217,071 205,522 199,793 Amortization 89,355 82,743 86,557 EBITDA 579,218 (93,581 ) 785,101 EBITDA for each segment is as follows: 2015 2016 2017 Engineering and construction 220,137 106,106 194,334 Infrastructure 272,230 237,752 300,935 Real state 52,794 121,421 177,285 Technical services 35,083 39,751 36,796 Parent company operations (35,591 ) (1,026,394 ) 216,666 Eliminations intercompany 34,565 427,783 (140,915 ) Total EBITDA 579,218 (93,581 ) 785,101 The “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, 2017, and the dates in which they are estimated to, is shown in the following table: Annual Backlog 2017 2018 2019 2020+ Engineering and Construction 4,727,022 2,261,700 1,320,381 1,144,941 Infrastructure 3,090,417 1,023,749 997,309 1,069,358 Real state 84,128 61,296 22,832 — Technical Services 1,493,181 687,183 390,647 415,351 Eliminations Intercompany (321,897 ) (112,237 ) (104,459 ) (105,200 ) 9,072,850 3,921,691 2,626,709 2,524,450 The table below shows the Group’s financial statements by operating segments: Operating segments financial position Segment reporting Engineering Infrastructure Parent and Energy Toll roads Transportation Water Real estate Technical Company Eliminations Consolidated As of December 31, 2016 Assets.- Cash and cash equivalent 93,543 35,396 125,853 139,414 3,229 58,892 37,675 112,398 550 606,950 Financial asset at fair value through profit or loss 352 — — — — — — — — 352 Trade accounts receivables 334,426 84,996 77,615 56,665 256 83,704 395,812 — (2,204 ) 1,031,270 Work in progress 648,851 — — 32,078 — — — — — 680,929 Accounts receivable from related parties 327,385 3,255 55,907 392 12,379 7,284 12,468 50,582 (287,988 ) 181,664 Other accounts receivable 398,666 58,235 28,779 25,895 4,841 20,198 70,769 42,133 — 649,516 Inventories 76,058 12,561 9,839 16,862 — 946,657 55,431 387 (13,502 ) 1,104,293 Prepaid expenses 9,204 2,614 2,005 17,265 167 329 19,412 305 — 51,301 Non-current 22,385 — — — — — — — — 22,385 Total current assets 1,910,870 197,057 299,998 288,571 20,872 1,117,064 591,567 205,805 (303,144 ) 4,328,660 Long-term trade accounts receivable 149 — 15,092 629,310 — — 22,968 — — 667,519 Long-term work in progress 171,752 — 24,165 — — — — — 1,669 197,586 Long-term accounts receivable from related parties — — 408 — — — 492 700,615 (170,131 ) 531,384 Prepaid expenses — — 20,554 2,029 943 — — — — 23,526 Other long-term accounts receivable 42,511 29,533 22,926 225,565 7,347 17,887 1,075 11,108 — 357,952 Investments in associates and joint ventures 116,512 8,516 — — — 31,768 9,589 2,358,918 (2,135,544 ) 389,759 Investment property — — — — — 49,357 — — — 49,357 Property, plant and equipment 592,191 176,486 23,508 193 21 13,008 195,462 130,422 (17,692 ) 1,113,599 Intangible assets 246,715 139,353 457,163 269 — 950 78,687 22,793 14,356 960,286 Deferred income tax asset 158,168 4,983 13,244 — — 623 53,003 189,230 7,757 427,008 Total non-current 1,327,998 358,871 577,060 857,366 8,311 113,593 361,276 3,413,086 (2,299,585 ) 4,717,976 Total assets 3,238,868 555,928 877,058 1,145,937 29,183 1,230,657 952,843 3,618,891 (2,602,729 ) 9,046,636 Liabilities.- Borrowings 582,260 82,063 3,014 — — 206,456 155,137 932,113 — 1,961,043 Bonds — — 25,540 20,551 — — — — — 46,091 Trade accounts payable 876,849 59,830 31,857 23,882 599 30,617 247,219 6,703 (939 ) 1,276,617 Accounts payable to related parties 119,989 3,902 38,219 33,009 237 66,190 33,749 67,685 (282,763 ) 80,217 Current income tax 30,576 3,631 3,401 — 1,064 17,944 5,544 — — 62,160 Other accounts payable 485,247 11,711 43,614 14,622 27 194,441 157,201 189,444 — 1,096,307 Provisions 6,615 6,441 — — — 131 1,344 — — 14,531 Total current liabilities 2,101,536 167,578 145,645 92,064 1,927 515,779 600,194 1,195,945 (283,702 ) 4,536,966 Borrowings 246,315 80,488 2,510 — — 16,541 73,541 — — 419,395 Long-term bonds — — 338,143 583,480 — — — — — 921,623 Other long-term accounts payable 147,839 — 44,451 246,522 — 32,000 39,558 2,433 — 512,803 Long-term accounts payable to related parties 41,672 — 408 87,200 23,445 40,074 42,259 394 (170,132 ) 65,320 Provisions 7,670 17,115 — — — — 1,757 — — 26,542 Derivative financial instruments — 1,081 — — — — — — — 1,081 Deferred income tax liability 28,278 3,546 1,525 14,482 283 15,564 9,491 — — 73,169 Total non-current 471,774 102,230 387,037 931,684 23,728 104,179 166,606 2,827 (170,132 ) 2,019,933 Total liabilities 2,573,310 269,808 532,682 1,023,748 25,655 619,958 766,800 1,198,772 (453,834 ) 6,556,899 Equity attributable to controlling interest in the Company 551,653 265,241 282,851 91,643 3,528 234,449 148,028 2,406,577 (2,003,546 ) 1,980,424 Non-controlling 113,905 20,879 61,525 30,546 — 376,250 38,015 13,542 (145,349 ) 509,313 Total liabilities and equity 3,238,868 555,928 877,058 1,145,937 29,183 1,230,657 952,843 3,618,891 (2,602,729 ) 9,046,636 Operating segments financial position Segment reporting Engineering Infrastructure Parent and Energy Toll roads Transportation Water Real estate Technical Company Eliminations Consolidated As of December 31, 2017 Assets.- Cash and cash equivalent 184,401 43,878 121,901 161,073 4,204 85,187 21,904 3,632 — 626,180 Financial asset at fair value through profit or loss 181 — — — — — — — — 181 Trade accounts receivables 368,303 64,364 128,124 108,706 604 45,897 274,103 419 2,204 992,724 Work in progress 578,723 — — — — — — 6,030 — 584,753 Accounts receivable from related parties 230,607 2,746 62,525 3,072 8,852 69,382 9,947 66,059 (352,438 ) 100,752 Other accounts receivable 518,123 55,959 66,765 31,381 1,922 40,026 38,527 12,742 — 765,445 Inventories 46,499 15,093 8,685 19,457 — 643,882 45,512 190 (8,607 ) 770,711 Prepaid expenses 4,470 1,168 2,354 10,312 164 216 14,037 757 — 33,478 Non-current 17,722 — — — — — — — — 17,722 Total current assets 1,949,029 183,208 390,354 334,001 15,746 884,590 404,030 89,829 (358,841 ) 3,891,946 Long-term trade accounts receivable — — 14,747 793,991 — — 39,852 — — 848,590 Long-term work in progress 58,997 — 28,413 — — — — — — 87,410 Long-term accounts receivable from related parties 258,479 — 27,660 — — — 474 636,941 (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 1,712 56,696 — 470,852 Investments in associates and joint ventures 111,513 7,344 — — — 1 10,113 2,206,230 (2,066,530 ) 268,671 Investment property — — — — — 45,687 — — — 45,687 Property, plant and equipment 509,700 171,226 18,572 580 60 11,621 100,936 70,627 (17,587 ) 865,735 Intangible assets 203,390 160,288 492,424 323 — 1,022 47,332 24,031 11,260 940,070 Deferred income tax asset 165,227 5,507 11,057 — — 10,316 46,470 192,088 6,032 436,697 Total non-current 1,382,336 398,282 628,617 1,063,188 8,300 78,458 246,889 3,186,613 (2,216,959 ) 4,775,724 Total assets 3,331,365 581,490 1,018,971 1,397,189 24,046 963,048 650,919 3,276,442 (2,575,800 ) 8,667,670 Liabilities.- Borrowings 591,987 46,924 2,589 — — 162,031 139,821 113,412 — 1,056,764 Bonds — — 24,361 12,294 — — — — — 36,655 Trade accounts payable 955,015 62,659 85,329 81,161 132 43,724 189,553 36,412 (939 ) 1,453,046 Accounts payable to related parties 114,198 3,664 60,857 83,841 14 37,396 14,428 88,546 (347,770 ) 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 63,654 109,904 73,992 — 848,500 Provisions 6,682 5,204 — — — 20 1,597 — — 13,503 Total current liabilities 2,189,623 132,220 243,252 204,354 356 352,124 463,603 312,362 (348,709 ) 3,549,185 Borrowings 127,773 101,549 1,945 — — 12,010 26,458 363,564 — 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 36,409 2,469 — 852,473 Long-term accounts payable to related parties 4,306 — 836 89,023 23,445 — 30,739 32,102 (154,497 ) 25,954 Provisions 8,587 16,707 — — — — 3,365 5,255 — 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 44,068 104,248 403,390 (154,497 ) 2,529,407 Total liabilities 2,735,965 259,816 626,537 1,255,516 24,169 396,192 567,851 715,752 (503,206 ) 6,078,592 Equity attributable to controlling interest in the Company 487,923 299,411 323,987 106,256 (123 ) 217,290 82,100 2,547,328 (1,940,842 ) 2,123,330 Non-controlling 107,477 22,263 68,447 35,417 — 349,566 968 13,362 (131,752 ) 465,748 Total liabilities and equity 3,331,365 581,490 1,018,971 1,397,189 24,046 963,048 650,919 3,276,442 (2,575,800 ) 8,667,670 Operating segment performance Segment Reporting Engineering Infrastructure Parent and construction Energy Toll roads Transportation Water treatment Real estate Technical services Company operations Eliminations Consolidated Year 2015 - Revenue 5,829,441 389,377 729,232 206,459 27,994 215,764 563,874 70,531 (449,760 ) 7,582,912 Gross profit (loss) 312,780 63,530 139,651 40,468 2,225 51,755 76,828 (7,004 ) (67,238 ) 612,995 Administrative expenses (289,149 ) (18,214 ) (37,934 ) (10,529 ) (310 ) (20,521 ) (60,871 ) (29,882 ) 73,187 (394,223 ) Other income and expenses 30,616 1,365 565 — — 1,759 12,135 11,114 (2,968 ) 54,586 Gain from the sale of investments — — — — — — (8,289 ) — — (8,289 ) Operating profit (loss) 54,247 46,681 102,282 29,939 1,915 32,993 19,803 (25,772 ) 2,981 265,069 Financial expenses (127,383 ) (19,953 ) (9,974 ) (5,303 ) (45 ) (11,642 ) (18,265 ) (2,818 ) 27,300 (168,083 ) Financial income 8,875 158 9,812 2,316 121 746 584 56,101 (41,077 ) 37,636 Share of the profit or loss in associates and joint ventures under the equity method of accounting (2,234 ) 944 — — — 14,888 589 (14,709 ) 8,246 7,724 (Loss) profit before income tax (66,495 ) 27,830 102,120 26,952 1,991 36,985 2,711 12,802 (2,550 ) 142,346 Income tax (55,350 ) (7,650 ) (30,157 ) (8,129 ) (520 ) (7,649 ) 20,593 (9,208 ) 2,171 (95,899 ) (Loss) profit from continuing operations (121,845 ) 20,180 71,963 18,823 1,471 29,336 23,304 3,594 (379 ) 46,447 Profit from discontinued operations — — — — — — 5,162 — 3,980 9,142 (Loss) Profit for the year (121,845 ) 20,180 71,963 18,823 1,471 29,336 28,466 3,594 3,601 55,589 (loss) Profit attributable to: Owners of the Company (131,181 ) 17,072 60,331 14,118 1,471 12,377 20,001 4,337 8,571 7,097 Non-controlling 9,336 3,108 11,632 4,705 — 16,959 8,465 (743 ) (4,970 ) 48,492 (121,845 ) 20,180 71,963 18,823 1,471 29,336 28,466 3,594 3,601 55,589 Operating segment performance Segment Reporting Engineering Infrastructure Parent and Energy Toll roads Transportation Water Real Technical Company Eliminations Consolidated Year 2016 - Revenue 4,159,538 382,211 527,104 247,040 18,459 411,518 841,121 62,070 (458,744 ) 6,190,317 Gross profit (loss) 224,621 42,129 121,114 42,473 5,698 136,540 77,304 (171 ) (92,413 ) 557,295 Administrative expenses (258,568 ) (17,260 ) (35,085 ) (12,952 ) (786 ) (28,430 ) (69,870 ) (35,740 ) 76,298 (382,393 ) Other income and expenses (9,250 ) 542 263 10 — 838 3,989 (5,843 ) (3,923 ) (13,374 ) Gain from the sale of investments — — — — — — — 46,336 — 46,336 Operating (loss) profit (43,197 ) 25,411 86,292 29,531 4,912 108,948 11,423 4,582 (20,038 ) 207,864 Financial expenses (65,138 ) (10,801 ) (7,390 ) (2,810 ) (38 ) (14,388 ) (20,170 ) (115,225 ) 14,296 (221,664 ) Financial income 11,216 1,040 2,225 8,037 86 2,816 2,991 18,688 (26,454 ) 20,645 Share of the profit or loss in associates and joint ventures under the equity method of accounting 16,501 1,615 — — — 6,850 360 (1,036,888 ) 421,852 (589,710 ) (Loss) profit before income tax (80,618 ) 17,265 81,127 34,758 4,960 104,226 (5,396 ) (1,128,843 ) 389,656 (582,865 ) Income tax (12,828 ) (5,308 ) (22,213 ) (10,904 ) (1,433 ) (27,054 ) (1,646 ) 193,425 7,233 119,272 (Loss) profit from continuing operations (93,446 ) 11,957 58,914 23,854 3,527 77,172 (7,042 ) (935,418 ) 396,889 (463,593 ) Profit from discontinued operations — — — — — — 7,851 — 4,144 11,995 (Loss) profit for the year (93,446 ) 11,957 58,914 23,854 3,527 77,172 809 (935,418 ) 401,033 (451,598 ) (Loss) profit attributable to: Owners of the Company (87,710 ) 9,370 43,656 17,891 3,527 22,106 1,546 (934,508 ) 414,423 (509,699 ) Non-controlling (5,736 ) 2,587 15,258 5,963 — 55,066 (737 ) (910 ) (13,390 ) 58,101 (93,446 ) 11,957 58,914 23,854 3,527 77,172 809 (935,418 ) 401,033 (451,598 ) Operating segment performance Segment Reporting Engineering Infrastructure Parent and Energy Toll roads Transportation Water Real Technical Company Eliminations Consolidated Year 2017 - Revenue 3,353,199 436,876 642,127 365,772 3,152 647,535 1,060,996 70,049 (499,564 ) 6,080,142 Gross profit (loss) 290,296 71,825 139,196 48,696 445 147,384 57,816 (37,771 ) (45,100 ) 672,787 Administrative expenses (231,044 ) (15,854 ) (32,454 ) (15,279 ) (317 ) (21,189 ) (74,174 ) (100,687 ) 61,817 (429,181 ) Other income and expenses (42,747 ) 5,139 1,062 5 — (3,700 ) 8,625 10,512 559 (20,545 ) Gain from the sale of investments 25,768 — — — — 49,002 — 195,378 4,215 274,363 Operating profit (loss) 42,273 61,110 107,804 33,422 128 171,497 (7,733 ) 67,432 21,491 497,424 Financial expenses (52,852 ) (13,423 ) (6,893 ) (8,000 ) (50 ) (21,917 ) (29,597 ) (80,339 ) 27,626 (185,445 ) Financial income 9,434 1,964 3,256 3,606 26 3,569 3,382 32,925 (42,755 ) 15,407 Share of the profit or loss in associates and joint ventures under the equity method of accounting 30,633 1,584 — — — 455 1,203 142,596 (175,144 ) 1,327 Profit (loss) before income tax 29,488 51,235 104,167 29,028 104 153,604 (32,745 ) 162,614 (168,782 ) 328,713 Income tax (17,091 ) (13,151 ) (32,290 ) (9,545 ) (227 ) (35,900 ) 4,763 (19,495 ) (101 ) (123,037 ) Profit (loss) from continuing operations 12,397 38,084 71,877 19,483 (123 ) 117,704 (27,982 ) 143,119 (168,883 ) 205,676 Profit from discontinued operations — — — — — — 2,317 — 1,245 3,562 Profit (loss) for the year 12,397 38,084 71,877 19,483 (123 ) 117,704 (25,665 ) 143,119 (167,638 ) 209,238 Profit (loss) attributable to: Owners of the Company 12,077 33,715 55,620 14,613 (123 ) 48,648 (18,094 ) 143,279 (140,997 ) 148,738 Non-controlling 320 4,369 16,257 4,870 — 69,056 (7,571 ) (160 ) (26,641 ) 60,500 12,397 38,084 71,877 19,483 (123 ) 117,704 (25,665 ) 143,119 (167,638 ) 209,238 Segments by geographical area 2015 2016 2017 Revenue: - Peru 5,457,577 4,547,449 4,375,760 - Chile 944,198 707,364 1,054,885 - Colombia 778,333 570,203 285,897 - Panama 206,137 346,065 361,450 - Guyana 111,924 717 — - Brasil 39,253 — — - Ecuador — 3,682 — - Bolivia 45,490 14,837 2,149 7,582,912 6,190,317 6,080,142 Non-current - Peru 3,230,288 3,995,453 4,164,342 - Chile 320,094 446,998 407,152 - Colombia 124,820 260,732 203,203 - Bolivia 15,043 13,043 149 - Ecuador — 888 — - Guyana 8,800 862 878 - Panama 584 — — 3,699,629 4,717,976 4,775,724 Until March 2017, the subsidiary Concar belonged to the ‘technical services’ segment, on April 2017, transferred its subsidiary to the ‘infrastructure’ segment. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments | 8 FINANCIAL INSTRUMENTS 8.1 Financial instruments by category At December 31 the classification of financial assets and liabilities by category is as follows: At December, 31 2016 2017 Assets according to the statement of financial position Loans and accounts receivable: - Cash and cash equivalents 600,923 626,180 - Trade accounts receivable and other accounts receivable not including advances to suppliers, net 1,329,262 1,447,629 - Work in progress 878,515 672,163 - Financial assets related to concession agreements 685,975 952,780 - Accounts receivable from related parties 713,048 874,682 4,207,723 4,573,434 Financial asset at fair value through profit or loss - Cash and cash equivalents (Mutual funds) 6,027 — - Other financial asset 352 181 6,379 181 Financial assets related to concession agreements are recorded in the consolidated statement of financial position within the line items of short-term trade accounts receivable and long-term trade accounts receivable. At December, 31 2016 2017 Financial liabilities according to the statement of financial position Other financial liabilities at amortized cost - Other financial liabilities 2,140,297 1,561,754 - Finance leases 240,141 128,309 - Bonds 967,714 947,567 - Trade and other accounts payable non-financial 1,769,444 2,054,217 - Accounts payable to related parties 145,537 81,128 5,263,133 4,772,975 Hedging derivatives: - Derivative financial instruments 1,081 383 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 to historical information about counterparty default rates. At December 31 the credit quality of financial assets is shown as follows: At December 31, 2016 2017 Cash and cash equivalents (*) Banco de Crédito del Perú (A+) 147,759 224,834 Banco Continental (A+) 136,805 100,882 Banco Scotiabank (A+) 121,480 71,608 Citibank (A) 105,812 110,846 Banco de la Nación (A) 30,007 17,776 Banco Santander - Perú (A) 17,480 — Banco Interbank (A) 6,344 14,937 Banco de Chile (AAA) 4,822 4,337 Banco Interamericano de Finanzas (A) 4,035 5,551 Banco Bogotá (A) 3,756 25,609 Larrain Vial de Chile (A) 3,514 — Banco GNB (A) 2,080 1,334 Banco Santander - Chile (AAA) 1,941 22,041 Scotiabank Chile (AAA) 1,117 3 Banco de Crédito e Inversiones - Chile (AA+) 937 1,105 Banco Scotiabank de Guyana (A) 125 116 Others 5,061 5,935 593,075 606,914 The ratings in the above table “A and AAA” represent high quality credit ratings. For banks located in Peru, the ratings were 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 were derived from risk rating agencies authorized by the Chilean stock and insurance regulator “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 6 months), B: existing customers/related parties (with more than 6 months of trade relationship) with no previous default history; and C: existing customers/related parties (with more than 6 months of trade relationship) with previous default history. 2016 2017 Trade accounts receivable (Note 11 and Note 12) Counterparties with no external risk rating A 117,797 6,042 B 2,052,356 2,313,187 C 407,151 194,248 2,577,304 2,513,477 Receivable from related parties (Note 13) B 713,048 874,682 The total balance of trade accounts receivable and receivable from related parties is in compliance with contract terms and conditions; none of them have been re-negotiated. |
CASH AND CASH EQUIVALENT
CASH AND CASH EQUIVALENT | 12 Months Ended |
Dec. 31, 2017 | |
CASH AND CASH EQUIVALENT | 9 CASH AND CASH EQUIVALENT At December 31 this account comprises: 2016 2017 Cash on hand 5,944 16,468 In-transit 7,931 2,798 Bank accounts 475,025 493,666 Time deposits 112,023 113,248 Mutual funds 6,027 — 606,950 626,180 At December 31, 2017, short-term deposits were mainly derived from subsidiaries GyM Ferrovías S.A., GyM S.A., Viva GyM S.A., Concar S.A. and Concesión Canchaque S.A.C. for S/36.7million, S/30.5million, S/17.8 million, S/13.6 millones and S/11.0 million respectively and interest rates ranged from 0.25% to 4.55% (GyM S.A., GyM Ferrovías S.A., Viva GyM S.A., and GMP S.A. for S/43.7 million, S/24.7million, S/19.6 million and S/16.4 million, respectively, at interest rates ranging from 0.10% and 4.95%, at December 31, 2016). (i) Reconciliation to 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 Cash and Cash Equivalent 606,950 626,180 Bank overdrafts (Note 19) (8,396 ) (120 ) Balances of the statement of cash flows 598,554 626,060 |
Other Financial Assets
Other Financial Assets | 12 Months Ended |
Dec. 31, 2017 | |
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 other comprehensive income was transferred to profits for the period. At 2015, dividends were received from the investments for S/7.2 million. At December 31, 2015 the fair value of the Group’s interest in TGP equals S/120.1 million based on the discounted cash flow method. The information used in the calculation was as follows: • Discounted cash flows from operating activities of TGP net of cash flows from investment activities (CAPEX). • Cash flows were estimated for a 30-year • The discount rate used was 7.5% corresponding to estimated TGP’s WACC. • The interest of the Company in TGP was 1.64%. |
Trade Accounts Receivable, Net
Trade Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2017 | |
Trade Accounts Receivable, Net | 11 TRADE ACCOUNTS RECEIVABLE, NET At December 31 this account comprises: 2016 2017 Current Non-current Current Non-current Invoices receivable 903,878 652,939 459,721 819,699 Collection rights 150,065 14,580 546,351 28,891 1,053,943 667,519 1,006,072 848,590 Impairment of receivables (22,673 ) — (13,348 ) — 1,031,270 667,519 992,724 848,590 Invoices receivable are related to estimated percentages of completion approved by customers. 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, 2017 the fair value of non-current At December 31, 2017, collection rights primarily relate to GyM Ferrovías S.A., CAM Holding S.p.A., Concar S.A., Survial S.A, CAM Servicios del Perú S.A. and GMI S.A.,amounting to S/355 million, S/85 million, S/53 million, S/31 million, S/21 million and S/20 million, respectively. (GyM Ferrovías S.A., GMD S.A., GMI S.A., Concar S.A., CAM Servicios del Perú S.A. y Survial for S/68 million, S/49 million, S/19 million, S/13 million, S/12 million and S/11 million, respectively, in 2016). Aging of trade accounts receivable is as follows: At December 31, 2016 2017 Current 1,396,040 1,575,709 Past due up to 30 days 103,617 118,158 Past due from 31 days up to 180 days 113,825 141,121 Past due from 181 days up to 360 days 29,506 1,962 Past due over 360 days 78,474 17,712 1,721,462 1,854,662 At December 31, 2017, for trade accounts receivables with maturity greater than 31 days for S/160.8 million (S/221.8 million in 2016), the Group recognized impairment of S/0.7 million (S/3.1 million in 2016) in the consolidated income statement (Note 27). The maximum exposure to credit risk at the reporting date is the carrying amount of the accounts receivable and of unbilled work in progress (Note 12). |
Work in Progress, Net
Work in Progress, Net | 12 Months Ended |
Dec. 31, 2017 | |
Work in Progress, Net | 12 WORK IN PROGRESS, NET At December 31 this account comprises: 2016 2017 Current Non-current Current Non-current Unbilled rights receivable 971,882 171,752 535,119 58,997 Rights for concessions in progress 32,078 25,834 — 28,413 Cost of work in progress 87,168 — 49,634 — 1,091,128 197,586 584,753 87,410 Impairment of work in progress (Note 5.1-f) (410,199 ) — — — 680,929 197,586 584,753 87,410 Unbilled rights receivable are the rights that were not billed by the Engineering and Construction segment. Until that revenue is billed, they are stated as unbilled rights receivable. At December 31, 2017, the book value of non-current Concession rights in progress correspond to future collection rights for public service concessions that are still in the pre-operational Costs of work in progress include all those 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, 2017 and 2016 work in progress that remained to be billed are shown net of any advances received from customers for S/15.3 million and S/10.6 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, 2017 | |
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: 2015 2016 2017 Revenue from sales of goods and services: - Associates 1,400 — 3,367 - Joint operations 52,384 36,901 18,138 53,784 36,901 21,505 Purchase of goods and services: - Associates 18 739 2,776 - Joint operations 489 3,228 14,191 507 3,967 16,967 Inter-company transactions are based on the price lists in force and terms and conditions that would be agreed with third parties. b) Key management compensation Key management includes directors (executives and non-executives), d) Balances at the end of the year were: At December 31, At December 31, 2016 2017 Receivable Payable Receivable Payable Current portion: Joint operations: Consorcio Constructor Ductos del Sur 62,834 — — — Consorcio GyM Conciviles 61,006 — 43,435 — Consorcio Rio Urubamba 9,072 — 8,964 — Consorcio Peruano de Conservación 8,784 — 7,417 — Consorcio Vial Quinua 4,198 738 — 2,162 Consorcio Italo Peruano 4,174 17,325 14,536 18,849 Consorcio La Gloria 3,521 3,080 1,688 1,358 Terminales del Perú 3,215 259 3,290 — Consorcio Rio Mantaro 3,191 6,886 1,134 763 Consorcio Vial Sierra 940 5,400 2,355 1,854 Consorcio Constructor Chavimochic 915 2,471 1,959 5,817 Consorcio Energía y Vapor 491 3,203 — 72 Consorcio Ermitaño 83 6,372 1,067 6 Consorcio Menegua 30 3,803 39 — Consorcio para la Atención y Mantenimiento de Ductos — 21,790 — 12,074 Consorcio Huacho Pativilca — 3,434 — 2,377 Other minors 10,134 2,472 12,182 6,973 172,588 77,233 98,066 52,305 At December 31, At December 31, 2016 2017 Receivable Payable Receivable Payable Other related parties: Gaseoducto Sur Peruano S.A — — 2,407 — Perú Piping Spools S.A.C. 9,076 — 279 185 Ferrovías Argentina — — — 2,684 Arturo Serna — 2,984 — — 9,076 2,984 2,686 2,869 Portion current 181,664 80,217 100,752 55,174 Non-current portion: Gasoducto Sur Peruano S.A 531,384 — 773,930 — Consorcio Constructor Ductos del Sur — 37,238 — — Ferrovías Participaciones — 20,813 — 21,648 Ferrovías Argentina — 2,835 — — Arturo Serna — 4,434 — 4,306 Portion current 531,384 65,320 773,930 25,954 Receivables and payables are mainly of current maturity 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 balances are non-interest-bearing, The non-current 16.a-i). non-current 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, 2017 | |
Other Accounts Receivable | 14 OTHER ACCOUNTS RECEIVABLE At December 31 this account comprises: 2016 2017 Current Non-current Current Non-current Advances to suppliers (a) 79,455 225,567 149,464 255,181 Income tax on-account 202,045 — 125,176 2,607 Fiscal credit (c) 80,091 52,225 81,732 30,680 Guarantee deposits (d) 95,916 — 113,429 — Claims to third parties 26,529 32,669 109,491 41,072 Restricted Fund 14,067 — 61,993 44,770 Petróleos del Perú S.A.- Petroperú S.A. 16,879 29,534 3,619 53,918 Temporary tax on net assets 21,204 — 21,934 — Taxes receivable 13,954 — 31,875 33,428 Claims to SUNAT (pre-paid 16,479 — 12,274 — Rental and sale of equipment 13,640 — 27,970 — Receivables from personnel 10,726 — 6,737 — Other 58,531 17,957 19,751 9,196 649,516 357,952 765,445 470,852 Other receivables are neither past due nor impaired. 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 In 2017, the balance mainly comprises advances that subsidiary GyM Ferrovias S.A. gave to Alstom Transporte for S/233 million (S/230 million in 2016). (b) Income tax on-account This balance mainly consists of income tax on-account (c) Fiscal credit This item is related to subsidiaries GyM S.A., Viva GyM S.A., Negocios del Gas S.A., Norvial S.A., Concesionaria Vía Expresa Sur S.A. and La Chira S.A. amounting to S/50 million, S/20 million, S/8 million, S/6 million, S/5 million and S/2 million, respectively (GyM S.A., Viva GyM S.A., Norvial S.A.,Negocios del Gas S.A., Concesionaria La Chira and Concesionaria Via Expresa Sur S.A.. for S/55 million, S/25 million, S/15 million, S/8 million, S/5 million, and S/5 million, respectively in 2016). 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 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. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventories | 15 INVENTORIES At December 31 this account comprises: 2016 2017 Land 398,120 317,337 Work in progress - Real estate 289,775 150,537 Finished properties 244,240 203,209 Construction material 114,919 51,131 Merchandise and supplies 97,860 90,504 1,144,914 812,718 Impairment of inventories (Note 5.1-f) (40,621 ) (42,007 ) 1,104,293 770,711 Land At December 31, land comprises properties for the implementation of the following projects of subsidiary Viva GyM: 2016 2017 Lurín (a) 95,634 103,574 Miraflores (b) 80,552 1,349 San Miguel (c) 70,556 44,126 San Isidro (d) 46,606 58,441 Ancón (e) 35,934 37,823 Nuevo Chimbote (f) 17,054 17,201 Huancayo (g) 11,618 13,572 Canta Callao — 12,978 Others 40,166 28,273 398,120 317,337 (a) Plot of land of 750 hectares located in the district of Lurín, province of Lima, for industrial development and public housing. (b) Land located in Av. El Ejército, Urb. Santa Cruz- Miraflores, Lima, for the development of a project consisting in a 5-star (c) Land located in San Miguel, a total of 1.4 hectares for the development of a multi-family housing project of 248 apartments and 185 parking lots. On November 6, 2017, a portion of 0.56 hectares was sold to a real estate investment fund in Larrainvial-Colliers II at S/27.8 million. (d) A plot of land in the district of San Isidro in which a 15-storey (e) A 108-hectare (f) Land located in Chimbote, 11.5 hectares, for the development of a social housing project (g) Land located in Huancayo, 8.5 hectares for the development of a land sale project. Land properties correspond to assets maintained since 2015, for which construction has not yet begun. Variance in these balances over 2017 is mainly due to engineering, license paperwork and other smaller costs. Construction in these land properties is expected to begin in late 2018 and the second half of 2019. Real estate - work in progress At December 31, real state work in progress comprises the following projects: 2016 2017 Klimt 100,751 — Los Parques de Comas 89,074 70,647 Los Parques del Callao 51,613 53,441 Real 2 17,181 — Villa El Salvador 2 12,674 2,141 Others 18,482 24,308 289,775 150,537 During 2017 the Company has capitalized financing costs of these construction projects (Note 2.19) amounting to S/5.9 million at interest rates between 7.0% and 11.22% (S/12.2 million in 2016 at interest rates between 6.75% and 8.90%; and S/4 million in 2015 at interest rates between 5.3% and 9.5%). Finished properties At December 31, the balance of finished properties consists of the following investment properties: 2016 2017 El Rancho 121,302 82,796 Panorama 33,443 18,481 Los Parques de San Martín de Porres 30,724 16,687 Los Parques de Callao 19,736 486 Rivera Navarrete 11,966 7,870 Los Parques de Carabayllo 2da etapa 7,497 3,134 Los Parques de Comas 7,336 16,058 Los Parques de Villa El Salvador II 5,951 9,313 Klimt — 44,103 Real 2 — 3,877 Others 6,285 404 244,240 203,209 Construction materials At December 31, 2017, construction materials correspond mainly to different projects such as Stracon GyM - Central de Equipos, Morelco, and electromechanical works of the subsidiary GyM S.A. for S/50 million (S/50.5 million in 2016, of which S/33.8 million corresponds to Consorcio Constructor Ductos del Sur (CCDS) impaired in 2016 (Note 5.1-f). |
Investments in Associates and J
Investments in Associates and Joint Ventures | 12 Months Ended |
Dec. 31, 2017 | |
Investments in Associates and Joint Ventures | 16 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES At December 31 this account comprises: 2016 2017 Associates 286,403 250,053 Joint ventures 103,356 18,618 389,759 268,671 The amounts recognized in the income statement are as follows: 2016 2017 Associates (584,801 ) (5,915 ) Joint ventures (4,909 ) 7,242 ) (589,710 ) 1,327 a) Investment in associates Set out below are the associates of the Group at December 31, 2016 and 2017. 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 2016 2017 2016 2017 % % Gasoducto Sur Peruano S.A. Common 20.00 21.49 218,276 218,276 Promoción Inmobiliaria del Sur S.A. Common 22.50 — 31,768 — Concesionaria Chavimochic S.A.C. Common 26.50 26.50 32,394 22,091 Betchel Vial y Vives Servicios Complementarios Ltda. Common 40.00 40.00 69 102 Others 3,896 9,584 286,403 250,053 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 (hereinafter GSP) and obtained a 29% interest in the Ductos del Sur Consortium (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 transportation system by natural gas pipelines to meet the demand of the cities of the Peruvian southern region. Additionally, GSP signed an engineering, procurement and construction (EPC) contract with the Consorcio Ductos del Sur (CCDS). The Group made an investment of US $242.5 million (S/811 million) and was required to assume 20% of the performance guarantee established in the Concession contract for US$262.5 million (equivalent to S/882 million) and 21.49% of the guarantee for the bridge loan obtained by GSP for US$600 million (equivalent to S/2,016 million). Early termination of the Concession Agreement According to a notification issued by the Ministry of Energy and Mines of Peru on January 24, 2017, the early termination of the Concession Contract was declared, 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 counter-guarantees offered by the Group to the company issuing the performance guarantee of the Concession Contract for US$52.5 million (S/176.4 million nominal value) and US$129 million (S/433.3 million nominal value) for the corporate guarantee of the bridge loan granted to GSP. On October 11, 2017, the agreement was signed for the delivery of the goods of the South Peru gas pipeline concession between GSP and the Ministry of Energy and Mines (MEM). As stated in the agreement, GSP delivered most of the Concession Assets in possession 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 company. After the termination of the contract, the Peruvian Government, in accordance with the contract, had to hire an audit entity of recognized international prestige 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 and call for auctions. In the opinion of the external and internal legal advisors, since the previous procedure had not been done 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 reviewed by an audit firm as an independent expert as of December 31, 2016 which determined a VCN of US$2,602 million. GSP as of December 4, 2017 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), and the Group registered a claim for accounts receivable in 2017 charge for US$0.4 million and the fiduciary based in its capacity as administrator accounts receivable amounting US$169.3 million. 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 to be US$176.49 million. In addition, according to the conclusions of our internal and external legal advisors, an international arbitration will be required to receive the payment from the Government. The estimated time frame for the international arbitration is 5 years. Therefore, management has applied a discount to the long-term account receivable from GSP of US$22.8 million. These two effects amounted US$199.3 million before taxes and was recorded in the income statement for the year ended December 31, 2016. In addition, at December 31, 2016, the Group evaluated the impairment of the financial statements of CCDS. As a result, a net loss before taxes of S/15.2 million was determined (Note 5.1-f), that was recognized in gross profit in the Engineering and Construction segment. Same as in the Emergency Decree 003, Law 30737 (see note 1.c-1) ii) Promoción Inmobiliaria del Sur S.A. An entity engaged in purchasing land properties to obtain gains from their subsequent appreciation and disposal in the long term. Major assets consist of plots of land of 891.08 hectares in Lurín and 2.07 hectares in Punta Hermosa, both in Lima. Based on recent appraisals of the properties, Management believes that the commercial value of these properties is higher than their carrying amount. In February 2017, the subsidiary Viva GyM S.A. signed a purchase sale contract for the total shares (representing 22.5%) in the investment in the associate Promoción Inmobiliaria del Sur S.A. The sale price was agreed in US$25 million (equivalent to S/81 million), which were paid in full. iii) Concesionaria Chavimochic S.A.C. An entity that was awarded with 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 concession effective period is 25 years and the total investment amounts US$647 million. The following table shows financial information of the principal associates: Summarized financial information for associates - Entity Gasoducto Sur Peruano S.A. Promoción Inmobiliaria del Sur S.A. Concesionaria Chavimochic S.A.C. At December, 31 At December, 31 At December, 31 2015 2016 2015 2016 2015 2016 2017 Current Assets 303,219 375,547 124,887 149,300 171,400 120,342 73,004 Liabilities (3,357,508 ) (6,747,492 ) (32,072 ) (187,380 ) (110,799 ) (3,160 ) (1,111 ) Non-current Assets 4,943,392 8,522,099 47,669 193,127 8,608 8,282 11,809 Liabilities (7,442 ) — (13,090 ) (13,855 ) (2,547 ) (1,918 ) (342 ) Net assets 1,881,661 2,150,154 127,394 141,192 66,662 123,546 83,360 Entity Gasoducto Sur Peruano S.A. Promoción Inmobiliaria del Sur S.A. Concesionaria Chavimochic S.A.C. 2015 (*) 2016 (*) 2015 2016 2015 2016 2017 Revenues 3,007,799 3,323,410 90,970 65,071 376,124 264,386 — Profit (loss) from continuing operations 69,191 (1,372,594 ) 90,618 42,281 22,995 (2,994 ) (43,340 ) Income tax (19,828 ) — (25,373 ) (11,839 ) (6,656 ) 921 3,185 Profit (loss) from operations after income tax 49,363 (1,372,594 ) 65,245 30,442 16,339 (2,073 ) (40,155 ) Other comprehensive income — — — — Total comprehensive income 49,363 (1,372,594 ) 65,245 30,442 16,339 (2,073 ) (40,155 ) (*) Gaseoducto Sur Peruano S.A. gross profit 2015 and 2016 amounting to S/257.7 million and S/0.8 million, respectively. The movement of the investments in associates is as follows: 2015 2016 2017 Opening balance 82,494 490,702 286,403 Contributions received — 390,506 2,116 Acquisition of Gasoducto Sur Peruano 437,494 — — Impairment of GSP — (593,105 ) — Panorama Project (39,180 ) — — Dividends received (9,838 ) (10,149 ) (259 ) Equity interest in results 22,800 8,304 (5,915 ) Decrease in capital — (166 ) (111 ) Sale of Investment — — (32,223 ) Derecognition of investments (2,755 ) — — Conversion adjustment (313 ) 311 42 Final balance 490,702 286,403 250,053 In addition to the GSP acquisition described in Note 16 a-i); • In 2015, the “share of the profit or loss in associates and joint ventures under the equity method” shown in the income statement includes S/17.3 million as expenses that subsidiary GyM S.A. had to pay for the execution of the letter of guarantee in JV Panama. • During 2016 cash contributions were made principally 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 Betchel Vial y Promoción Inmobiliaria del Sur S.A. amounting to S/6.3 million and S/3.8 million, respectively. In 2015 the Group received dividends from Promoción Inmobiliaria del Sur S.A. amounting to S/9.8 million. • In 2016, the Group included an impairment provision of GSP for S/593.1 million (US$176.49 million). (Note 16 a-i). • In 2017, the sale of investments refers to the sale transaction of the associate Promoción Inmobiliaria del Sur S.A. to the company Inversiones Centenario S.A.A. (Note 16 a-ii), b) Investment in Joint Ventures Set out below are the joint ventures of the Group as of December 31: Carrying amount Class of share Interest in capital At December 31, Entity 2016 2017 2016 2017 % % Tecgas N.V. Common 51.00 — 84,100 — Sistemas SEC Common 49.00 49.00 9,591 10,112 Logistica Químicos del Sur S.A.C. Common 50.00 50.00 8,515 7,343 G.S.J.V. SCC Common 50.00 50.00 861 878 Constructora SK-VyV Common 50.00 50.00 59 49 Others — — 230 236 103,356 18,618 i) Tecgas N.V. This entity provides operation and maintenance services for hydrocarbon pipelines and related activities, concentrates its activities substantially in fulfilling the obligations arising from the operation and maintenance contract of the pipeline gas transport system connected to the Concession of Gas Concession Peru SAA (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 the Operating Company of Gas del Amazonas S.A.C. (COGA). The sale price was agreed at US$21.5 million (equivalent to S/69.8), which are 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 - Chillán - Bulnes - Caravans and Conception areas. The contract was awarded in 2005 for a period of 16 years. iii) Adexus S.A. It is mainly engaged in providing specialized technological IT services and communications solutions, including system integration to companies in a wide range of industries, such as financial services, telecommunications, manufacturing, mining, retail, among others. The Group acquired control of this company since August 2016, going from a joint venture to a subsidiary (Note 33-a). The following table shows the financial information of the principal joint ventures: Summarized financial information for joint ventures Tecgas N.V. At December, 31 Entity 2016 Current Cash and cash equivalents 67 Other current assets 92,843 Total current assets 92,910 Other current liabilities (87,780 ) Total current liabilities (87,780 ) Non-current Total non-current 33,336 Total non-current (7,367 ) Net assets 31,099 Revenue 457,554 Depreciation and amortization (2,266 ) Interest income 215 Interest expense — Profit (loss) from continuing operations (3,209 ) Income tax expense (4,078 ) Post-tax (7,287 ) Other comprehensive income — Total comprehensive income 7,287 The movement of the investments in joint ventures was as follows: 2015 2016 2017 Opening balance 147,069 146,303 103,356 Debt capitalization — 8,308 — Contributions received — 6,889 — Equity interest in results 2,193 (4,909 ) 7,242 Acquisitions 44,145 — — Sale of Investment — — (88,556 ) Transfer of Adexus from acquisition of control — (35,870 ) — Dividends received (42,122 ) (17,843 ) (3,758 ) Decrease in capital (3,364 ) (1,798 ) — Conversion adjustment (1,618 ) 2,276 334 Final balance 146,303 103,356 18,618 In 2017, 2016 and 2015 the following significant movements were carried out: • The Group obtained dividends in 2017 principally from Consorcio Sistemas SEC for S/1 million and Logistica Quimicos del Sur S.A. for S/2.8 million (S/13.1 and S/3.3 million from G.S.J.V. in 2016 and S/41.1 million in 2015 from Constructora SK - VyV Ltda.). • On April 24, 2017 the Company signed a purchase-sale agreement for their total capital stock (representing 51%) held in their joint venture with Compañía 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. • On June 6, 2017 the Company signed a purchase-sale agreement for their total share of GMD S.A., which represent 89.19% of the Company’s shareholding, in favor of AI Inversiones Palo Alto II S.A.C., a company affiliated with Advent International. The value agreed for the entire participation was S/269.9 million. At the close of this report, the amount was collected in full. • In February and December 2016, a debt with Adexus was capitalized and a cash contribution was made to Tecgas N.V. for S/8.3 million and S/6.9 million, respectively. In August 2015 the Company acquired a 44% interest in the share capital of Adexus S.A. amounting to S/44.1 million. This investment includes goodwill arising from the acquisition for S/20.7 million. 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. and the balance of the investment at that date was transferred to investments in subsidiaries for S/35.9 million. Since that date, the Company consolidated the financial statements of Adexus S.A (Note 33 a). |
Property, Plant and Equipment,n
Property, Plant and Equipment,net | 12 Months Ended |
Dec. 31, 2017 | |
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, 2015, 2016 and 2017 is as follows: Furniture and Other Replacement In-transit Work in Land Buildings Machinery Vehicles fixtures equipment units units progress Total At January 1, 2015 Cost 30,675 200,450 986,487 394,077 43,146 176,869 7,245 9,177 99,831 1,947,957 Accumulated depreciation and impairment — (35,479 ) (416,029 ) (201,815 ) (27,279 ) (120,333 ) (4 ) — — (800,939 ) Net carrying amount 30,675 164,971 570,458 192,262 15,867 56,536 7,241 9,177 99,831 1,147,018 Net initial carrying amount 30,675 164,971 570,458 192,262 15,867 56,536 7,241 9,177 99,831 1,147,018 Additions — 9,021 105,575 86,923 12,684 22,802 — 16,018 44,933 297,956 CAM Brazil deconsolidation — (839 ) (1,462 ) (633 ) (70 ) — — — — (3,004 ) Reclassifications — 36,180 32,389 9,300 1,245 7,272 10,529 (23,092 ) (73,823 ) — Transfers to intangibles (Note 18) — — 68 — — — — — (36,785 ) (36,717 ) Transfers to accounts receivable — (3,635 ) — — (777 ) (4,442 ) — — (5,168 ) (14,022 ) Deduction for sale of assets (2,001 ) (1,235 ) (35,118 ) (42,464 ) (1,491 ) (7,979 ) — — (14,185 ) (104,473 ) Disposals – cost — (5,057 ) (10,224 ) (362 ) (2,299 ) (1,810 ) (2,326 ) (89 ) (1,206 ) (23,373 ) Depreciation charge — (11,780 ) (116,993 ) (54,545 ) (4,623 ) (13,141 ) — — — (201,082 ) Discontinued operations — (1,818 ) — (263 ) (533 ) (11,084 ) — — — (13,698 ) Depreciation for sale deductions — 1,003 23,907 32,566 799 7,751 — — — 66,026 Disposals – accumulated depreciation — 3,060 4,373 323 503 1,331 — — — 9,590 Translations adjustments (265 ) (306 ) (8,288 ) (2,221 ) (128 ) (506 ) — (197 ) (553 ) (12,464 ) Net final carrying amount 28,409 189,565 564,685 220,886 21,177 56,730 15,444 1,817 13,044 1,111,757 At December 31, 2015 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 Furniture and Other Replacement In-transit Work in Land Buildings Machinery Vehicles fixtures equipment units units progress 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 — 588 1,927 (1,172 ) 4,456 13,156 2,583 (17,349 ) (4,189 ) — Transfers to inventories 2,941 — — — — — — — — 2,941 Transfers to intangibles (Note 18) — — — — — — — — (1,257 ) (1,257 ) Deduction for sale of assets (5,256 ) (14,333 ) (60,374 ) (48,521 ) (1,724 ) (5,766 ) — — — (135,974 ) Disposals – cost — (1,232 ) (15,149 ) (1,354 ) (1,579 ) (4,364 ) (661 ) (2 ) — (24,341 ) Depreciation charge — (12,651 ) (104,638 ) (47,366 ) (6,947 ) (15,088 ) (5 ) — — (186,695 ) Impairment loss — (73 ) (5,190 ) (317 ) (3,301 ) (382 ) — — — (9,263 ) Discontinued operations — (2,191 ) 0 (675 ) (601 ) (13,039 ) — — — (16,506 ) Depreciation for sale deductions — 8,113 48,266 29,536 1,026 1,907 — — — 88,848 Disposals – accumulated depreciation — 939 14,430 886 1,540 3,991 — — — 21,786 Translations adjustments 282 130 5,987 922 176 (344 ) — — 94 7,247 Net final carrying amount 32,614 194,894 531,322 203,819 20,171 87,801 17,914 3,778 21,286 1,113,599 At December 31, 2016 Cost 32,614 241,150 1,088,229 443,641 59,593 246,102 17,923 3,778 21,286 2,154,316 Accumulated depreciation and impairment — (46,256 ) (556,907 ) (239,822 ) (39,422 ) (158,301 ) (9 ) — — (1,040,717 ) Net carrying amount 32,614 194,894 531,322 203,819 20,171 87,801 17,914 3,778 21,286 1,113,599 Land Buildings Machinery Vehicles Furniture and 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 of GMD (3,713 ) (26,109 ) — (1,527 ) (2,153 ) (46,032 ) 0 (3,903 ) (4 ) (-83,441 ) Reclassifications 0 1,969 12,459 2,888 609 6,579 4,076 (21,600 ) (6,980 ) — Transfers to intangibles (Note 18) — — 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 – cost — (1,869 ) (6,442 ) (7,941 ) (1,200 ) (12,592 ) — (230 ) (3,606 ) (33,880 ) Depreciation charge — (12,469 ) (100,976 ) (45,457 ) (11,654 ) (26,928 ) — — — (197,484 ) Impairment loss — — (14,328 ) — — 0 — — (352 ) (14,680 ) Depreciation for sale deductions — 3,579 115,864 84,145 1,049 3,128 — — — 207,765 Disposals – accumulated depreciation — 1,624 2,410 434 778 3,179 — — — 8,425 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 23,678 166,483 998,207 381,950 64,233 225,946 22,924 (42 ) 19,047 1,902,426 Accumulated depreciation and impairment — (53,522 ) (553,937 ) (200,700 ) (49,249 ) (178,922 ) (9 ) — -352 (1,036,691 ) Net carrying amount 23,678 112,961 444,270 181,250 14,984 47,024 22,915 (42 ) 18,695 865,735 In 2016 and 2017 additions to the carrying amount correspond to the acquisition of fixed assets under finance leases or by direct acquisition. The balance of work in progress at December 31, 2017 relates mainly to investments made by the subsidiary GMP S.A. for S/11 million (S/19 million at December 31, 2016) for the activities of oil drilling in order to increase the volume of exploitation of oil and gas. Additionally, the balance includes the construction work of Proyecto Hotel Larcomar for S/15.6 million (S/14.4 million in 2016). In 2017 fixed asset sales amounted to S/127.2 million (S/70.5 million and S/55.8 million in 2016 and 2015, respectively) resulting in profits of S/26.9 million (profits of S/18.4 and S/17.4 million in 2016 and 2015, respectively) that are shown in the statement of income within “other income and expenses, net” (Note 29), the difference between the income proceeds from disposals of fixed assets and their profit are shown within “revenue from construction activities” and “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 Depreciation of fixed assets and investment properties for the year is broken down in the statement of income as follows: 2015 2016 2017 Cost of services and goods 186,661 177,699 178,209 Administrative expenses 16,711 11,317 13,224 (+) Depreciation GMD discontinued operation — — 8,361 Total depreciation related to property, plant and equipment 203,372 189,016 199,794 (-) Depreciation related to investment property (2,290 ) (2,321 ) (2,310 ) Total depreciation related to property, plant and equipment 201,082 186,695 197,484 The amount of S/8.3 million corresponds to the depreciation recorded from January to May 2017 of the subsidiary GMD S.A. which was sold in June 2017. In 2016, the Group determined indicators of impairment of items of property, plant and equipment relating to: i) early termination of the GSP concession in respect of Consorcio Constructor Ductos del Sur (CCDS) and ii) assets under stand-by 5.1-f), At December 31, 2017 the Group has fully depreciated property, plant and equipment items that are still in use for S/154 million (S/151.6 million, at December 31, 2016). The net carrying amount of machinery and equipment, vehicles and furniture and fixtures acquired under finance lease agreements is broken down as follows: Financial Leasing At December 31, 2015 2016 2017 Cost of acquisition 735,591 800,927 650,301 Accumulated depreciation (327,465 ) (386,411 ) (351,447 ) Net carrying amount 408,126 414,516 298,854 Other financial liabilities are secured with items of property, plant and equipment for S/368.1 million (S/617.9 million in 2016). Commitment for operating leases: In relation to the sale lease contract for the corporate building located in Miraflores mentioned on the previous page, the Company has outstanding commitments for non-cancelable 2017 Not later than 1 year 8,526 Within 2 to 5 years 35,161 Later than 5 years 46,451 90,138 |
Intangible Assets.net
Intangible Assets.net | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets.net | 18 INTANGIBLE ASSETS, NET The movement of intangible assets and that of their related accumulated amortization, as of December 31, 2015, 2016 and 2017, is as follows: Goodwill Trade- Concession Contractual Internally Costs of Development Land use Other Total At January 1, 2015 Cost 202,144 102,835 561,183 86,233 32,231 281,722 3,623 13,288 14,257 1,297,516 Accumulated amortization and impairment (21,995 ) (217 ) (269,504 ) (43,243 ) (26,462 ) (150,392 ) (3,623 ) — (3,337 ) (518,773 ) Net carrying amount 180,149 102,618 291,679 42,990 5,769 131,330 — 13,288 10,920 778,743 Net initial carrying amount 180,149 102,618 291,679 42,990 5,769 131,330 — 13,288 10,920 778,743 Additions 5,418 — 165,149 — 9,141 11,842 — — 3,429 194,979 CAM Brazil Deconsolidation — — — — (129 ) — — — — (129 ) Transfers from assets under construction (Note 17) — — — (68 ) 1,562 33,396 — — 1,827 36,717 Transfers to accounts receivable — — (2,278 ) — — — — — — (2,278 ) Transfers to pre-paid — — (10,923 ) — — — — — (3,684 ) (14,607 ) Reclassifications — — — — 188 (188 ) — — (3 ) (3 ) Amortization — — (18,436 ) (14,697 ) (4,601 ) (42,117 ) — — (825 ) (80,676 ) Discontinued operations — — (7,247 ) — (1,432 ) — — — — (8,679 ) Translations adjustments (15,335 ) (6,084 ) (51 ) (4,031 ) (280 ) — — — — (25,781 ) Net final carrying amount 184,808 96,534 417,893 24,194 10,218 122,421 — 13,288 11,664 878,286 At December 31, 2015 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 Goodwill Trade- Concession Contractual Internally Costs of Development Land use 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 — — (19,646 ) (4,376 ) (7,407 ) (40,918 ) — — (1,200 ) (73,547 ) Discontinued operations — — (8,560 ) — (636 ) — — — — (9,196 ) 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 34,418 1,708,082 Accumulated amortization and impairment (60,675 ) (15,845 ) (326,453 ) (62,316 ) (40,586 ) (233,378 ) (3,623 ) — (4,920 ) (747,796 ) 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 Internally Costs of Development Land use 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 — — 64,171 5,274 3,330 49,698 — — 20,832 143,305 Deconsolidation GMD (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 193,862 110,486 879,289 100,640 66,301 396,806 3,623 13,288 51,983 1,816,278 Accumulated amortization and impairment (77,058 ) (45,386 ) (351,062 ) (66,375 ) (48,677 ) (280,073 ) (3,623 ) — (3,954 ) (876,208 ) Net cost 116,804 65,100 528,227 34,265 17,624 116,733 — 13,288 48,029 940,070 a) Goodwill Management reviews the results of its businesses based on the type of economic activity carried out. At December 31 goodwill allocated to cash-generating units (CGU) are: 2015 2016 2017 Engineering and construction 125,514 98,587 75,051 Electromechanical 20,737 20,737 20,737 Mining and construction services 13,366 13,366 13,366 IT equipment and services 4,172 5,102 6,720 Telecommunications services 6443 6,728 930 170,232 144,520 116,804 As a result of the impairment testing on goodwill performed by Management on an annual basis, the recoverable amount of the related cash-generating unit is determined based on the higher of its value in use and fair value less cost of disposal. Value in use is determined based on the future cash flows expected to be generated by the assessed CGU. As a result of these assessments an impairment was identified in 2016 and 2017 in two CGU’s, Vial y Vives—DSD, and Morelco S.A. and was accounted as of December 31st, 2016 and 2017, respectively. The loss to impairment was generated due to the decrease in the expected flows, as a result of the reduction of the contracts linked to the Backlog. The amount of the impairment it impacted the total amount of goodwill was S/20.1 in 2017(S/38.7 million in 2016). Major assumptions used by the Group in determining the fair value less cost of disposal and the value in use were as follows: Engineering and Electro- Mining and IT equipment and Telecommunication % % % % % 2016 Gross margin 9.50% - 12.99% 11.10% 12.04% 15.00% - 23.19% 11.75% Terminal growth rate 3.00% - 4.00% 2.00% 2.00% 2.00% - 3.00% 3.00% Discount rate 9.66% - 12.72% 11.01% 11.71% 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% These assumptions have been used for the analysis of each CGU included in the operating economic activities for a period of 5 years. Management determines the forecasted gross margins based on past results and market development expectations. Average growth rates are consistent with those prevailing in the industry. Discount rates used are pre-tax post-tax b) Trademarks This item mainly comprises the trademarks 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 obtained from Vial y Vives, Morelco and Adexus have indefinite lives; consequently, annual impairment tests are performed on these intangibles, as described in paragraph a) above. As a result of these tests, at December 31, 2016 and 2017, the Vial y Vives—DSD trademark was partially impaired, the amount of the impairment was S/15.6 million and S/29.5 million, respectively. No provision for impairment was performed for Stracon GYM since the Company sold its shares (87.59%) for a total of US $76.8 million, generating a profit of S/41.9 million Major assumptions used by the Group in determining the fair value less cost of disposal are as follows: Engineering and IT Equipment Morelco Vial y Vives - DSD 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 % c) Concessions The intangibles of Norvial S.A. as of December 31, 2017, they mainly comprise: i.) The EPC contract for S/78 million (S/86 million as of December 31, 2016), ii) the construction of the second section of the “Ancón-Huacho-Pativilca” d) Costs of development of wells Through one of its subsidiaries, the Group operates and extracts oil from two oil fields (Block I and Block V) located in the province of Talara in northern Peru. Both oil fields are operated under long-term service agreements by which the Group provides hydrocarbon extraction services to Perupetro. On December 10, 2014 the Peruvian Government granted subsidiary GMP S.A. a right of exploiting for 30 years the oil blocks III and IV (owned by the Peruvian government-run As part of the Group’s obligations under the relevant service agreements, certain costs will be incurred in preparing the wells in Blocks I, III, IV and V. These costs are capitalized as part of intangible assets at a carrying amount of S/99 million at December 31, 2017 (S/80 million at December 31, 2016). All blocks are amortized on the basis of the useful lives of the wells (estimated to be 5 years for Blocks I and V and unit of production method for Blocks III and IV), which is less than the total effective period of the service agreement with Perupetro. e) Amortization of intangible assets Amortization of intangibles is broken down in the income statement as follows: 2015 2016 2017 Cost of sales and services (Note 27) 74,187 66,862 74,515 Administrative expenses (Note 27) 6,489 6,685 8,227 80,676 73,547 82,742 |
Other Financial Liabilities
Other Financial Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Financial Liabilities | 19 OTHER FINANCIAL LIABILITIES At December 31 this account comprises: Total Current Non-current 2016 2017 2016 2017 2016 2017 Bank overdrafts 8,396 120 8,396 120 — — Bank loans 2,131,901 1,561,634 1,835,340 990,467 296,561 571,167 Finance leases 240,141 128,309 117,307 66,177 122,834 62,132 2,380,438 1,690,063 1,961,043 1,056,764 419,395 633,299 a) Bank loans At December 31, 2016 and 2017, this item comprises bank borrowings contracted in local and foreign currency intended for working capital. These obligations are subject to fixed interest rates ranging between 3.30% and 13.9% in 2017 and between 1.0% and 14.4% in 2016. Current Non-current Interest Date of At December, 31 At December, 31 rate maturity 2016 2017 2016 2017 GyM S.A. 3.30% / 8.73% 2018 / 2019 492,910 551,413 187,029 95,376 Graña y Montero S.A.A. Libor USD 3M + 2018 / 2020 932,114 113,412 — 363,564 Viva GyM S.A. 7.00% / 10.67% 2018 201,609 157,592 — — GMP S.A. 4.45% / 6.04% 2018 / 2020 77,857 42,911 71,453 96,245 CAM Holding S.A. 4.44% / 13.93% 2018 / 2020 69,702 77,775 24,889 12,807 Adexus S.A. 3.63% / 5.90% 2018 / 2019 42,782 46,552 13,190 3,175 CONCAR S.A. 7.50% 2018 — 812 — — CAM Servicios Perú S.A. 6.39% / 7.18% 2017 3,620 — — — GMD S.A. 6.20% / 7.47% 2017 14,746 — — — 1,835,340 990,467 296,561 571,167 i) Credit Suisse Syndicated Loan In December 2015, the Group entered into a medium-term loan credit agreement for up to US$200 million (equivalent to S/672 million), with Credit Suisse AG, Cayman Islands Branch, Credit Suisse AG, Cayman Islands Branch and Credit Suisse Securities (USA) LLC. The initial term of the loan was set at five years, with quarterly installments starting to be paid on the 18th month. The loan accrued interest at a rate of three months Libor plus 3.9% per year. The proceeds were used to finance the equity interest in GSP. As of December 2016, the outstanding balance amounted to US$148.5 (equivalent to S/498.8 million) and is included as a current part. As of December 31, 2017, the outstanding balance amounted to US$81.1 million (equivalent to S/263.2 million). On June 27, 2017, the Group renegotiated the terms of this loan to clear breaches related to the termination of the GSP concession. The new terms require repayment by December, 2020, with required prepayments to be made with the proceeds of asset sales of 40% in the first year and an additional 30% in the second year of the amendment. The syndicated loan accrues interest at LIBOR plus 4.90% per year. Under the amendment, the Group is prohibited from paying dividends until the loan is fully repaid. The loan is secured by (i) a lien on Concar’s shares; (ii) a lien on Almonte’s shares; (iii) a mortgage over certain real estate property in Surquillo; (iv) liens on certain accounts; (v) a lien on GyM’s share; (vi) a second lien on CAM Holding SPA’s shares; (vii) a second lien on CAM Servicios del Peru S.A.’s shares; and (viii) a first lien on cash flows from the sale of certain assets. The agreement contains certain covenants, including the obligation by the Company to maintain the following financial ratios during the term of the agreement: (1) the Consolidated EBITDA to Consolidated Interest Expense Ratio shall not be less than 3.5:1.0 commencing on April 1, 2018 and thereafter; (2) the Consolidated Leverage Ratio (as defined therein) shall not be greater than 3.5:1.0 at any time during the period commencing on December 31, 2016 and ending on March 31, 2017; 3.5:1.0 at any time during the period commencing on July 1, 2017 and ending on September 30, 2017; and no greater than 2.5:1.0 at any time thereafter; and (3) the Debt Service Coverage Ratio as of the last day of any fiscal quarter of the borrower, falling on or after the first anniversary of the closing date, shall not be less than 1.5:1.0, commencing on April 1, 2018 and thereafter. As of the date of this annual report, we are under default in relation to the financial ratios and as per paragraph (2) the non-delivery ii) GSP Bridge Loan At December 31, 2016, the current balance includes US$129 million (equivalent to S/433.3 million) of the corporate guarantee issued by the Company to secure the bridge loan given to GSP, which was enforceable at that date. On June 27, 2017, the Company has reached a new term loan with Natixis, BBVA, SMBC and MUFJ for US$78.7 million (equivalent to S/264.8 million), the proceeds of which were used to repay the GSP bridge loan. At December 31, 2017, the outstanding loan amount is US$72.5 million (S/235.2 million) The maturity is June, 2020, with required prepayments to be made with the proceeds of asset sales of 40% in the first year and an additional 30% in the second year. The new term contains the following covenant: the consolidated leverage ratio shall not be more than 3.5:1.0 at any time, and accrues interest at LIBOR plus 4.50% per year, which increases to 5.00% during the second year and 5.50% during the third year. Under the new term, the Group is prohibited from paying dividends until the loan is fully repaid. Also, the new term is secured by (i) a first lien on rights to receive the termination payment derived from the GSP termination (the “VCN”), (ii) a second lien on our shares of GyM S.A. and Concar S.A.; (iii) a second lien on our shares of Almonte; (iv) a second lien on certain real estate properties in Miraflores and Surquillo; (v) a second lien on our shares of CAM Holding SPA; (vi) a second lien on our shares of CAM Servicios del Peru S.A.; and (vii) a first lien on cash flows from the sale of certain assets. As of the date of this annual report, we are under defaults under the term loan with respect to the financial ratio and the non-delivery b) Finance lease obligations Current Non-current Interest Date of At December, 31 At December, 31 rate maturity 2016 2017 2016 2017 GyM S.A. 2.25% / 8.96% 2018 / 2021 80,570 40,107 58,937 32,397 Viva GyM S.A. 7.30% / 8.95% 2018 / 2022 4,847 4,439 16,541 12,010 Adexus S.A. 3.36% / 18.00% 2018 / 2021 9,884 8,567 12,287 4,363 GMP S.A. 4.22% / 4.98% 2018 / 2020 4,206 4,013 9,035 5,304 CAM Holding S.A. 3.01% / 14.76% 2018 / 2022 3,729 6,240 10,590 5,692 CONCAR S.A. 3.23% / 4.70% 2018 / 2020 3,667 1,777 3,345 1,945 CAM Servicios Perú S.A. 6.79% / 7.75% 2019 / 2020 — 687 — 421 GMI S.A. 5.56% / 6.90% 2018 — 347 — — GMD S.A. 4.99% / 7.00% 2017 10,404 — 12,099 — 117,307 66,177 122,834 62,132 The minimum payments to be made by maturity and present value of the finance lease obligations are as follows: At December 31, 2016 2017 Up to 1 year 127,496 72,864 From 1 to 5 years 112,769 65,899 Over 5 years 19,506 638 259,771 139,401 Future financial charges on finance leases (19,630 ) (11,092 ) Present value of the obligations for finance lease contracts 240,141 128,309 The present value of finance lease obligations is broken down as follows: At December 31, 2016 2017 Up to 1 year 117,307 66,177 From 1 year to 5 years 105,978 61,501 Over 5 years 16,856 631 240,141 128,309 c) Fair value of borrowings The carrying amount and fair value of borrowings are broken down as follows: Carrying amount Fair value At December, 31 At December, 31 2016 2017 2016 2017 Bank overdrafts 8,396 120 8,396 120 Bank loans 2,131,901 1,561,634 2,142,890 1,627,000 Finance leases 240,141 128,309 240,089 141,040 2,380,438 1,690,063 2,391,375 1,768,160 In 2017 fair values are determined based on discounted expected cash flows using borrowing rates between 2.4% and 13.8% (between 1.3% and 14.3% in 2016) that corresponds to level 2 of the fair value hierarchy. |
Bonds
Bonds | 12 Months Ended |
Dec. 31, 2017 | |
Bonds | 20 BONDS At December 31 this account comprises: Total Current Non-current 2016 2017 2016 2017 2016 2017 GyM Ferrovías 604,031 603,657 20,551 12,294 583,480 591,363 Norvial 363,683 343,910 25,540 24,361 338,143 319,549 967,714 947,567 46,091 36,655 921,623 910,912 GyM Ferrovías S.A. In February 2015, subsidiary GyM Ferrovías S.A. carried out an international issue of corporate bonds under the U.S. Regulation S. The issue was carried out in Soles VAC (the Spanish acronym for constant value update) for a total amount of S/629 million. The costs of issue in this transaction were S/22 million. Maturity of these bonds is November 2039 and interest is accrued at a rate of 4.75% (plus VAC adjustment); they have a risk rating of AA+ (local level) granted by Apoyo & Asociados Internacionales Clasificadora de Riesgo and a guarantee scheme that includes a mortgage on the concession to which GyM Ferrovías S.A. is the concessionaire, security interest over the shares of GyM Ferrovías S.A., Cession of the Collection Rights of the Administration Trust, a Flow and Reserve Account Trust for the Debt, Operation and Maintenance Service and Capex currently in progress. At December 31, 2017 the Group amortized a total of S/19.1 million (S/21.9 million in 2016). At December 31, 2017 the balance included accrued interest and VAC adjustments payable for S/52.3 million (S/34.5 million at December 31, 2016). As part of the process of bond structuring, GyM Ferrovías S.A. engaged to report on and verify the following covenants measured on the basis of the individual financial statements: • Maintaining debt service coverage ratio of not less than 1.2 times. • Maintaining a constant minimum balance of trust equal to a quarter of operating and maintenance costs (including VAT) • Maintaining a constant minimum balance of trust equal to two coupons as per schedule. On August 23, 2017, GyM Ferrovias S. A. and Line One CPAO Purchaser LLC entered into the Sale and Purchase Agreement and Assignment of Rights Agreement regarding the CPAO (“Pago Anual por Inversión Complementaria” in Spanish) derived from the Concession Agreement for up to US$ 316 million. As of December 31, 2017, GyM Ferrovias S. A. as Borrower, Mizuho Bank, Ltd. and Sumitomo Mitsui Banking Corporation as Lenders and Mizuho Bank, Ltd. as Administrative Agent entered into a US$80 million Working Capital loan agreement to partially finance the Expansion Project of Line 1 Lima Metro. As of December 31, 2017, the loan has not been disbursed. Norvial S.A. In July 2015, Norvial S.A. issued the First Corporate Bond Program on the Lima Stock Exchange for a total S/365 million. The first issue was for S/80 million at 5 years, bearing an interest rate of 6.75% and funds drawdown performed on July 23, 2015. The second issue was for S/285 million at 11.5 years, bearing an interest rate of 8.375%, structured in 3 disbursements: the first disbursement of S/105 million was on July 23, 2015; the second disbursement of S/100 million was on January 25, 2016; and the third disbursement of S/80 million will be made effective in July 25, 2016. The issues costs corresponding to the first issue and the first disbursement of the second issue were for S/3.9 million. Risk rating agencies Equilibrium y Apoyo & Asociados Internacionales graded this debt instrument AA. This financing transaction has been secured by (i) a cash flow trust, related to the consideration and the regulatory rate; (ii) a mortgage on the concession in which Norvial S.A. is a concessionaire; (iii) a security on shares; (iv) collection rights and (v) in general, all those additional collaterals given to the secured creditors. The capital raised is intended to finance the construction of the Second Phase of Red Vial No.5 and the financing of VAT arising from project-related expenses. At December 31, 2017 the balance included interest payables for S/4.4 million (S/4.9 million at December 31, 2016). 2016 2017 Balances as of January 1 186,223 363,684 Additions 179,977 — Transaction cost applied to additions (1,099 ) — Amortization (3,369 ) (20,010 ) Transaction cost applied to amortization 265 195 Accrued interest 3,332 2,789 Capitalized interest 22,002 26,014 Interest paid (23,382 ) (28,567 ) Transaction cost applied to paid interest (265 ) (195 ) Balances as of December 31 363,684 343,910 Less : non current portion (25,541 ) (24,361 ) Long term - bonds 338,143 319,549 As part of the process of bond structuring, Norvial S.A. engaged to report on and verify periodically the compliance of the following covenants: • Debt service coverage ratio of not less than 1.3 times. • Proforma gearing ratio lower than 4 times. As of December 31, 2016, and 2017 both Companies have complied with their covenants. Fair value of the bonds of both Companies at December 31, 2017 amounted to S/1,040 million (S/1,055 million at December 31, 2016), which was calculated under discounted cash flows method, using rates between 4.49% and 6.63% (between 4.20% and 7.99% at December 31, 2016), which are within level 2 of the fair value hierarchy. |
Trade Accounts Payable
Trade Accounts Payable | 12 Months Ended |
Dec. 31, 2017 | |
Trade Accounts Payable | 21 TRADE ACCOUNTS PAYABLE At December 31 this account comprises: 2016 2017 Unbilled services received 924,025 132,513 Invoices payable 350,559 1,250,586 Notes payable 2,033 69,947 1,276,617 1,453,046 Unbilled services received include the estimate made by Management of the valuation of the percentage of completion, amounting to S/132.5 million at December 31, 2017 (S/127.2 million at December 31, 2016). |
Other Accounts Payable
Other Accounts Payable | 12 Months Ended |
Dec. 31, 2017 | |
Other Accounts Payable | 22 OTHER ACCOUNTS PAYABLE At December 31, this account comprises: Total Current Not Current 2016 2017 2016 2017 2016 2017 Advances received from customers 810,755 726,294 510,367 316,891 300,388 409,403 Payables Consorcio Ductos del Sur — 250,021 — — — 250,021 Salaries and profit sharing payable 176,022 246,916 176,022 246,916 — — GSP performance guarantee (Note 16-a-i) 176,401 — 176,401 — — — Put option liability on Morelco acquisition (Note 33-b) 110,604 105,418 — — 110,604 105,418 Third-party loans 69,991 107,314 37,991 75,256 32,000 32,058 Other taxes payable 50,548 69,584 50,548 69,584 — — VAT payable 65,777 48,095 53,678 37,544 12,099 10,551 Payables Consorcio Rio Mantaro — 35,531 — 35,531 — — Acquisition of non-controlling 36-a) 32,102 22,407 32,102 22,407 — — Supplier funding 40,612 14,886 26,526 — 14,086 14,886 Guarantee deposits 16,799 15,580 16,799 15,580 — — Post-retirement benefits 9,088 8,914 — — 9,088 8,914 Other accounts payables 50,411 50,013 15,873 28,791 34,538 21,222 1,609,110 1,700,973 1,096,307 848,500 512,803 852,473 Advances received from customers relate mainly to construction projects and are discounted from billing under contract terms. As of December 31, 2017, other accounts payable from Consorcio Constructor Ductos del Sur corresponds mainly to payment obligations to main subcontractors for S/237 million, as a consequence of the termination of GSP operations. The fair value of the short-term payables approximates their carrying amount due to their short-term maturities. The non-current non-financial |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2017 | |
Provisions | 23 PROVISIONS At December 31 this account comprises: Total Current Not Current 2016 2017 2016 2017 2016 2017 Legal claims 15,733 23,364 13,303 12,220 2,430 11,144 Contingent liabilities from the acquisition of Morelco 5,182 4,224 — — 5,182 4,224 Contingent liabilities from the acquisition of Coasin and Vial yVives - DSD 1,815 1,839 — — 1,815 1,839 Contingent liabilities from the acquisition of Adexus 1,128 1,186 1,128 1,186 — — Provision for well closure (Note 5.1 d) 17,215 16,804 100 97 17,115 16,707 41,073 47,417 14,531 13,503 26,542 33,914 At December 31, 2017, legal claims mainly comprise provisions for labor liabilities and tax claims for S/19.3 million (S/14.7 million at December 31, 2016). Claims with the tax authority have been accounted for based on management estimates of the amounts the Group would most likely be required to pay in regard of these current court actions. Due to the fact those amounts will depend on the tax authority, the Group does not have an estimated timing of when these cash outflows would be required. This legal claim balance also includes court actions brought against the Group by the Peruvian energy regulator (OSINERGMIN) resulting from the storage of hydrocarbons and the applicable environmental laws and regulations for S/5.1 million (S/6.3 million at December 31, 2016). The gross movement of other provisions is broken down as follows: Other provisions Legal Contingent Provision Total At January 1, 2016 15,000 26,779 19,149 60,928 Additions 9,486 — 462 9,948 Acquisition of subsidiaries 1,926 1,149 — 3,075 Reversals of provisions (10,569 ) (17,883 ) (2,395 ) (30,847 ) Payments (298 ) (2,458 ) — (2,756 ) Translation adjustments 187 538 — 725 At December 31, 2016 15,732 8,125 17,216 41,073 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 The reversal corresponds to contingent liabilities that expired in 2017 from subsidiaries Morelco, for S/0.8 million, (from subsidiaries Morelco, Vial Vives—DSD y CAM Chile for S/10.1 million, S/4.0 million and S/3.8 million, respectively in 2016). |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity | 24 EQUITY a) Capital At December 31, 2016 and 2017, the authorized, subscribed and paid-in by-laws, At December 31, 2016 a total of 264,809,545 shares were represented by ADS, equivalent to 52,961,909 ADS at a ratio of 5 shares per ADS; and a total of 259,302,745 shares were represented by ADS, equivalent to 51,860,549 ADSs at December 31, 2017. As of December 31, 2017, the Company’s shareholding structure was as follows: Percentage of individual interest in capital Number of Total Up to 1.00 2,062 14.22 From 1.01 to 5.00 11 23.57 From 5.01 to 10.00 1 5.12 Over 10 2 57.09 2,076 100.00 As of December 31, 2017, the year-end b) Other reserves This item comprises legal reserve exclusively. In accordance with Peruvian Company Law, the Company’s legal reserve is formed by the transfer of 10% of the annual net profits, up to a maximum of 20% of the paid-in c) Voluntary reserve At December 31, 2016 and 2017 the balance of this reserve of S/29.97 million correspond to the excess legal reserve, which is above the limit established of 20% of paid-in d) Share premium This item comprises the excess of the total proceeds obtained for the issuance of common shares in 2013 in comparison with the nominal value of those for S/1,055,488. Also, this balance shows the difference between the par value and transaction value of the non-controlling e) Retained earnings Dividends to be distributed to shareholders other than domiciliated entities are subject to a 4.1% rate (based on 2014’s profits), 6.8% (based on 2015’s and 2016’s profits) and 5.00% (on profits for 2017 and onwards) of income tax payable by these shareholders; this tax rate should be withheld and settled by the Company. No dividends for fiscal years 2016 and 2017 were distributed (Note 34). |
Deferred Income Tax
Deferred Income Tax | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Income Tax | 25 DEFERRED INCOME TAX Deferred income tax is broken down by its estimated reversal period as follows: 2016 2017 Deferred income tax asset: Reversal expected in the following 12 months 86,990 73,883 Reversal expected after 12 months 340,018 362,814 Total deferred tax asset 427,008 436,697 Deferred income tax liability: Reversal expected in the following 12 months (166 ) (5,583 ) Reversal expected after 12 months (73,003 ) (66,889 ) Total deferred tax liability (73,169 ) (72,472 ) Deferred income tax asset, net 353,839 364,225 The gross movement of the deferred income tax item is as follows: 2015 2016 2017 Deferred income tax asset, net as of January 1 58,723 48,682 353,839 Credit to income statement (Note 30) (175 ) 263,806 42,779 Adjustment for changes in rates of income tax (2,008 ) 17,105 1,951 Credit (charge) to other comprehensive income (7,298 ) 15,004 — Tax charged to equity — 159 — Acquisition of a subsidiary — 10,363 (12,340 ) Acquisition of joint operation 1,476 — (16,804 ) Other movements (2,036 ) (1,280 ) (5,200 ) Total as of December 31 48,682 353,839 364,225 The movement of deferred tax assets and liabilities in the year, without taking into account the offsetting of balances, is as follows: Deferred income tax liability Non-taxable Difference Fair value Work in Difference in Receivables Capitalized Financing cost Purchase Others Total At January 1, 2015 14,190 36,515 13,732 14,368 10,445 — — — 21,534 110,784 (Charge) credit to P&L — 2,791 15,338 16,393 — 9,986 15,178 — 1,347 61,032 (Charge) credit to OCI — — 7,016 — — — — — 281 7,297 Reclassification of prior years (14,190 ) 5,849 (5,402 ) (6,038 ) (10,445 ) 15,557 — — (11,354 ) (26,020 ) At December 31, 2015 — 45,155 30,684 24,723 — 25,543 15,178 — 11,808 153,093 (Charge) credit to P&L — 16,595 13,587 (16,481 ) — 3,324 6,240 — 2,619 25,883 (Charge) credit to OCI — — (15,348 ) — — — — — — (15,348 ) Reclassification of prior years — — (28,923 ) — — — — 30,187 (1,264 ) — Adquisition of subsidiary (Adexus) — — — — — — — (3,069 ) — (3,069 ) At December 31, 2016 — 61,750 — 8,242 — 28,867 21,418 27,118 13,163 160,559 (Charge) credit to P&L — 104,101 — (5,712 ) — 3,322 (1,473 ) (11,780 ) (3,724 ) 84,734 Sale of subsidiary (GMD S.A.) — — — — — — — — (81 ) (81 ) At December 31, 2017 — 165,851 — 2,530 — 32,189 19,945 15,338 9,358 245,211 Deferred income tax asset Provisions Accelerated tax depreciation Tax losses Work in Accrual for vacations Investments in Impairment Tax Goodwill Other Total At January 1, 2015 25,806 23,350 59,036 23,941 16,973 11,769 — — 8,636 169,511 Charge (credit) to P&L 342 4,076 26,661 18,623 772 (13,832 ) — 17,522 4,646 58,810 Adquisition of subsidiary (Coasin) — — — — — — — — — — Adquisition of subsidiary (Morelco) — — — — — — — — — — Others — — — — — — — — — — Reclassification of prior years (5,199 ) (12,534 ) 5,615 (19,544 ) (2,768 ) 2,063 5,623 (26,744 ) At December 31, 2015 20,949 14,892 91,313 24,103 14,977 1,476 — 17,522 16,463 201,775 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 Cargo (abono) a ORI — — — — — — — — (343 ) (343 ) Adquisition of subsidiary (Adexus) — — 10,607 — — — — — (3,313 ) 7,294 Others — — — — — (556 ) — — (724 ) (1,280 ) At December 31, 2016 105,679 16,381 153,083 17,614 12,972 608 172,052 20,525 15,487 514,398 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 ) — — — — 0 (7,493 ) — (347 ) (16,722 ) Reclassification (30,901 ) — — — — (726 ) 31,627 — — — Sale of subsidiary (GMD) (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 0 224,780 20,413 28,139 609,435 At December 31, 2017, total tax losses amounted to S/494.8 million of which S/83.9 million are expected to be applied in 2018, S/10.3 million in 2019 and the remaining balance in the following fiscal years. Tax goodwill arose from a tax credit balance resulting from the reorganization of Chilean subsidiaries in 2014 under Chilean tax laws and regulations. In 2016, the arbitration process relating to Project Collahuasi was completed and an additional payment was determined to be paid to the Chilean subsidiary selling party; which resulted in a higher balance in this item. |
Expenses by Nature
Expenses by Nature | 12 Months Ended |
Dec. 31, 2017 | |
Expenses by Nature | 27 EXPENSES BY NATURE For the years ended December 31 this item comprises the following: Cost of goods Administrative and services expenses 2015 Services provided by third-parties 2,915,682 135,636 Salaries, wages and fringe benefits 2,033,316 199,635 Purchase of goods 1,072,900 7,369 Other management charges 629,799 23,873 Depreciation 186,661 16,711 Amortization of intangibles 74,187 6,489 Taxes 37,129 1,919 Impairment of accounts receivable 13,180 — Impairment of property, plant and equipment 7,063 2,591 6,969,917 394,223 2016 Services provided by third-parties 2,317,589 121,294 Salaries, wages and fringe benefits 1,423,664 217,337 Purchase of goods 901,473 — Impairment of accounts receivable 419,584 — Other management charges 267,011 24,122 Depreciation 177,699 11,317 Amortization of intangibles 66,862 6,685 Impairment (inventories and accounts receivable) 36,137 — Taxes 13,740 1,638 Impairment of property, plant and equipment 9,263 — 5,633,022 382,393 2017 Services provided by third-parties 1,674,731 121,508 Salaries, wages and fringe benefits 1,615,278 205,245 Purchase of goods 1,136,616 140 Other management charges 656,875 54,201 Depreciation 178,209 13,224 Amortization of intangibles 74,515 8,227 Impairment (inventories and accounts receivable) 40,908 — Taxes 14,860 8,210 Impairment of property, plant and equipment 14,660 20 Impairment of accounts receivable 703 18,406 5,407,355 429,181 For the year’s ended December 31 wages, salaries and fringe benefits comprise the following items: 2015 2016 2017 Salaries 1,728,410 1,233,272 1,304,893 Social contributions 164,965 139,423 128,046 Statutory bonuses 129,909 92,418 155,206 Employee’s severance indemnities 91,958 64,421 99,011 Vacations 72,719 58,411 74,759 Worker’s profit sharing (Note 26) 33,972 15,693 14,093 Others 11,018 37,363 44,515 2,232,951 1,641,001 1,820,523 |
Financial Income and Expenses
Financial Income and Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Financial Income and Expenses | 28 FINANCIAL INCOME AND EXPENSES For the years ended December 31 these items comprise the following: 2015 2016 2017 Financial income: Interest on short-term bank deposits 12,076 9,193 5,133 Interest on loans to third parties 19,749 6,142 635 Commissions and collaterals 3,026 4 12 Exchange rate gain, net — — 6,292 Others 2,785 5,306 3,335 37,636 20,645 15,407 Financial expenses: Interest expense: - Bank loans 56,974 97,953 109,366 - Bonds 3,350 25,352 28,804 - Financial lease 13,167 12,138 9,748 - Commissions and collaterals 8,574 9,166 15,648 - Loans from third parties 2,868 264 7,569 - Loans from related parties 556 3,452 — Exchange difference loss, net 82,851 12,527 — Derivative financial instruments 1,691 1,248 739 Loss by measurement of financial asset fair value — 76,864 8,059 Other financial expenses 11,205 18,134 37,420 Less capitalized interest (13,153 ) (35,434 ) (31,908 ) 168,083 221,664 185,445 |
Other Income and Expenses, Net
Other Income and Expenses, Net | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses, Net | 29 OTHER INCOME AND EXPENSES, NET For the years ended December 31 these items comprise the following: 2015 2016 2017 Other income: Sales of fixed assets 25,690 39,774 119,554 Reversal of legal and tax provisions 7,796 18,778 79 Legal indemnities — 8,957 — Sale of investments held for sale 60 46 — Disposal of non-current assets classified as held for sale 8,775 — — Present value of the liability from put option 18,627 — — Others 18,434 18,574 15,449 79,382 86,129 135,082 Other expenses: Impairment of goodwill and trademarks — 54,308 49,608 Net cost of fixed assets disposal 15,669 31,247 95,541 Loss on remeasurement of previously held interest (Note 33-a) — 6,832 — Present value of the liability from put option — 984 — Cost of sales of non-current assets classified as held for sale 8,945 — — Others 184 6,132 10,478 24,798 99,503 155,627 54,584 (13,374 ) (20,545 ) |
Tax Situation
Tax Situation | 12 Months Ended |
Dec. 31, 2017 | |
Tax Situation | 30 TAX SITUATION a) Each company in the Group is individually subject to the applicable taxes. Management considers that it has determined the taxable income under general income tax laws in accordance with the tax legislation current effective of each country. b) Changes in the Peruvian Income Tax Law - By means of Law No.30296 enacted on December 31, 2014 amendments to Income Tax Law have been made, which are effective starting in fiscal year 2015 onwards. Among these amendments, it should be noted the progressive reduction in the corporate income tax rate (on the Peruvian third-category income earners) from 30% to 28% for fiscal years 2015 and 2016; then a reduction to 27% for fiscal years 2017 and 2018; and a final reduction to 26% from fiscal year 2019 onwards. Tax on dividends and other forms of profit distribution, agreed on by any legal entities to individuals and non-domiciled By means of Legislative Decree No. 1261, enacted on December 10, 2016 the Peruvian income tax law was amended to be effective from fiscal 2017 onwards. This amendment sets forth a corporate income tax rate of 29.5%. It also sets forth an income tax rate on dividends of 5% applicable to non-domiciled c) Amendments to Income Tax Law in Chile On February 1, 2016 Law No 20899 was enacted to simplify and define the application of the above-mentioned tax reform. With respect to income tax, two systems have been established: i) Attributable income system: the tax rate of first-category applicable on entities will be progressively increased, 21% in 2014, 22.5% in 2015, 24% in 2016, up to 25% in 2017. Its choice is being restricted to companies whose partners are individuals domiciled or resident in Chile or individuals or legal persons non-domiciled non-resident ii) Partially integrated system: of first-category taxes applicable on entities will be progressively increased, 21% in 2014, 22.5% in 2015, 24% in 2016, 25.5% in 2017, up to 27% in 2018. Subject to this system are corporations and entities in which at least one of its owners is not an individual (whether domiciled or not) or non-domiciled d) Changes in the Income Tax Law in Colombia - In December 2016 Law No.1819 was published with another amendment to the tax laws, effective from fiscal 2017. Major changes are as follows: • Changes in the previous income tax rate system in place up to 2016 (three tax rates system, Income Tax + CREE + Surtax) New single rate of Income Tax of 34% and a temporary add tax of 6% for 2017; an Income Tax rate of 33% and add tax of 4% for the year 2018 onwards on a taxable income base greater than S/895 thousand (equivalent to COP800 million). • Presumed income, applicable if there are tax losses or is greater than the ordinary income. Taxable base presumed to be 3.5% of net assets (before 3%), this could be compensated with subsequent tax income. • Tax losses may be compensated in the subsequent twelve (12) years from its generation. • A rate for dividends and participations received by foreign companies will be 5%. • The VAT rate increase from 16% to 19%. • Starting fiscal year 2017, statute of limitation will be three (3) years. However, some terms may be higher, as is the case of companies that qualified for transfer prices fillings whose statute of limitation period will be six (6) years. In the case of returns with tax losses the term increases to twelve (12) up to fifteen (15) years. e) The income tax expense shown in the consolidated income statement comprises: 2015 2016 2017 Current income tax 135,036 169,428 167,154 Deferred income tax (Note 25) 2,222 (280,911 ) (44,730 ) PPUA (41,359 ) (7,789 ) 613 Income tax expense 95,899 (119,272 ) 123,037 Under Chilean Legislation, when a Company reports tax losses, it can apply for a refund of first-category taxes paid in prior years up to an amount that equals the taxes that would be levied on the tax losses, provided that no dividends have been distributed on the income obtained from the refund. The amount to be refunded by the Chilean Tax Authorities is called “provisional payment on absorbed profits - PPUA”. The Company recognizes income from income tax and an account receivable when applying for this tax refund. In 2016 the PPUA-derived income is related to the tax losses reported by of subsidiary VyV-DSD. f) The Group’s income tax differs from the theoretical amount that would have resulted from applying the weighted-average income tax rate applicable to the profit reported by of the consolidated companies, as follows: 2015 2016 2017 Profit (loss) before income tax 142,446 (582,865 ) 328,712 Income tax by applying local applicable tax rates on profit generated in the respective countries 51,503 (164,742 ) 98,902 Tax effect on: - Non-taxable (31,266 ) (1,068 ) (7,281 ) - Equity method (profit) loss 2,171 3,673 392 - Non-deductible 9,831 57,044 27,901 - Unrecognized deferred tax asset income (expense) 31,432 (4,535 ) 1,562 - Adjustment for changes in rates of income tax 2,008 (17,105 ) (1,951 ) - PPUA adjustment for changes in tax rates 15,296 4,871 (611 ) - Change in prior years estimations 12,762 (181 ) 12,200 - Others, net 2,162 2,771 (8,077 ) Income tax charge 95,899 (119,272 ) 123,037 g) The theoretical tax disclosed resulted from applying the income tax rate stipulated in the tax laws of the country in which a Group company is legally resident. Accordingly, for fiscal 2017, companies that are legally resident in Peru, Chile and Colombia applied income tax rates of 29.5%, 25.5% and 40% respectively (28%, 24% and 40% for 2016; 28%, 22.5% and 39% for 2015). Norvial, GyM Ferrovías, Vesur and GMP (Blocks III and IV) have legal stability agreements with Peruvian Government, in force for all years preserved. In this sense, the consolidated theoretical amount is obtained as a weighted average pre-tax RATES Country Rates Utility to Rent Tax to rent (A) (B) (A)*(B) 2015 Perú 28.00 % 174,432 48,841 Perú - Norvial S.A. 27.00 % 54,471 14,707 Perú - GyM Ferrovías S.A. 30.00 % 26,954 8,086 Perú – Vesur 30.00 % 2,336 701 Perú – GMP S.A. 30.00 % 15,007 4,502 Chile 22.50 % (95,284 ) (21,439 ) Colombia 39.00 % 40,900 15,951 Bolivia 25.00 % (57,382 ) (14,345 ) Unrealized gains (6,818 ) (2,371 ) Total 154,616 54,631 2016 Perú 28.00 % (1,098,327 ) (307,532 ) Perú - Norvial S.A. 27.00 % 63,583 17,167 Perú - GyM Ferrovías S.A. 30.00 % 34,760 10,428 Perú – Vesur 30.00 % 888 267 Perú – GMP S.A. 30.00 % 8,602 2,581 Chile 24.00 % (86,151 ) (20,676 ) Colombia 40.00 % (25,555 ) (10,222 ) Bolivia 25.00 % (703 ) (176 ) Unrealized gains 520,038 143,421 Total (582,865 ) (164,742 ) 2017 Perú 29.50 % 730,980 215,639 Perú - Norvial S.A. 27.00 % 68,104 18,388 Perú - GyM Ferrovías S.A. 30.00 % 29,028 8,708 Perú – Vesur 30.00 % 779 234 Perú – GMP S.A. 29.00 % 20,941 6,073 Chile 25.50 % (128,734 ) (32,827 ) Colombia 40.00 % (27,970 ) (11,188 ) Bolivia 25.00 % (2,897 ) (724 ) Unrealized gains (361,519 ) (105,401 ) Total 328,712 98,902 h) Peruvian tax authorities have the right to examine, and, if necessary, amend the income tax determined by the Company in the last four years - from January 1 of the year after the date when the tax returns are filed (open fiscal year). Therefore, years 2013 through 2017 are subject to examination by the tax authorities. Management considers that no significant liabilities will arise as a result of these possible tax examinations. Additionally, income tax returns for fiscal years 2013, 2014, 2016 and 2017 remain open for examination by the Chilean tax authorities who have the right to carry out said examination within the three years following the date the income tax returns have been filed. Fiscal years 2015 and 2016 are open for tax audit by Colombian tax authorities; fiscal 2017 will also be open for audit. Colombian tax authorities are entitled to audit two consecutive years following the date the income tax returns were filed. i) In accordance with current legislation, for determination of income tax and general sales tax, the transfer prices transactions with related companies and companies resident in territories with low or no taxation 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 authorized to request this information from the taxpayer. Based on the analysis of the Company’s operations, Management and its legal advisors estimate that the transfer prices of transactions with related companies are based on market conditions, similar to those agreed with third parties, at 31 December 2017 j) Temporary tax on net assets - ITAN The temporary tax on net assets is applied by the companies which operate in Peru, to third category income generators subject to the Peruvian Income Tax General Regime. Effective the year 2012, the tax rate is 0.4%, applicable to the amount of the net assets exceeding S/1 million. The amount effectively paid may be used as a credit against payments on account of income tax or against the provisional tax payment of the income tax of the related period. k) Unrecognized deferred income tax assets amount to S/5 million and S/30.6 million for 2016 and 2017, respectively. In 2016, the Río Mantaro Consortium obtained a profit that was applied against the tax loss and generated an adjustment to the deferred income tax asset of S/5 million. l) The current income tax payable, after applying the corresponding tax credits and whose due date reaches the first week of April of the following year, includes mainly: • CCDS S/14.9 million in 2016 • Consorcio AMDP S/ 9.3 million in 2016 • Terminales del Perú S/ 3.6 million in 2016 • Concar S/ 3.3 million in 2|016 • PICSA S/ 22 million in 2017 • Viva GyM S/ 22 million in 2017 • GMH S/ 7 million in 2017 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income | 31 ACCUMULATED OTHER COMPREHENSIVE INCOME The analysis of the movement is as follows: Exchange Foreign Increase in difference from currency fair value of net investment Cash flow translations available-for in a foreign hedge adjustment sale assets operation Total At January 31, 2015 (1,613 ) (19,030 ) 31,169 (12,602 ) (2,076 ) (Charge) credit for the year 954 (45,411 ) 26,991 (6,942 ) (24,408 ) Tax effects (267 ) (7,018 ) 1,804 (5,481 ) Other comprehensive income of the year 687 (45,411 ) 19,973 (5,138 ) (29,889 ) At December 31, 2015 (926 ) (64,441 ) 51,142 (17,740 ) (31,965 ) (Charge) credit 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 ) (Charge) credit 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 ) Amounts in the table above represent only amounts attributable to the Company’s controlling interest net of taxes. Below is the movement in Other Comprehensive Income for each year: 2015 2016 2017 Controlling interest (29,889 ) (23,672 ) (2,215 ) Non-controlling (15,235 ) 4,194 (3,117 ) Adjustment for actuarial gains and losses, net of tax (2,921 ) (1,121 ) (2,948 ) Total value in OCI (48,045 ) (20,599 ) (8,280 ) |
Contingencies, Committments and
Contingencies, Committments and Guarantees | 12 Months Ended |
Dec. 31, 2017 | |
Contingencies, Committments and Guarantees | 32 CONTINGENCIES, COMMITMENTS AND GUARANTEES In the opinion of management and its legal advisors, the provisions recorded mainly for labor and tax claims are sufficient to cover the results of these probable contingencies. (Note 23). a) Tax contingencies • For fiscal 2016 an appeal is in progress with the Peruvian Tax Court and another administrative action with the Judiciary involving the results of tax audits of VAT (IGV) and Income Tax returns performed by the Peruvian tax authorities for fiscal years 1999 to 2002. The maximum exposure amount is S/5.2 million. • With respect to our subsidiary GyM S.A., as a result of the tax audits of fiscal 1999, 2001 and 2010, SUNAT issued tax determination and tax penalties resolutions amounting to approximately S/19.1 million. • In fiscal year 2017, the tax litigation process related to 2001 was resolved, where the Tax Court orders SUNAT to recalculate the observations, determining an amount lower than initially claimed. Our subsidiary has decided to accept the conclusions of this resolution and submit fractionation requests for the payment of the debt in reference amounting to S/14.1 million. • Likewise, at the end of fiscal year 2017, the contentious-administrative process related to the 1999 fiscal year was resolved, where the Judicial Branch rejected our arguments and confirmed what was stated by SUNAT. Regarding this process, there was already a contingency provision of S/5 million. • An administrative tax process related to the 2010 fiscal year is still underway; however, its resolution will not imply economic damage since it corresponds to a greater refund of the balance in favor in 2011, already audited by the Tax Administration • Consortiums in which subsidiary GyM S.A takes part, brought claims with SUNAT against the results of the tax inspection, which had a maximum exposure at December 31, 2017 of S/3 million (S/2.8 million at December 31, 2016 and S/0.8 million at December 31, 2015). • In 2017, Viva GyM challenged the results of the audit process corresponding to the year 2009, which resulted in a maximum exposure amount of S/1.5 million as of December 31, 2017 including fines and penalties. In April 2018, the tax administration declared the claim as unsubstantiated. The company filed a challenge recourse on the Tax Court. Management expects the outcome of the other court actions will be favorable to the Company considering their nature and characteristics as well as the opinion of its legal advisor. b) Other contingencies i) Civil-court lawsuits mainly related to indemnities for damages, contract termination and workplace accidents amounting to S/90.38 million (S/90.25 million attributable to Viva GyM, S/0.09 million attributable to GyM, and; S/0.12 million attributable to Concar;). ii) Contentious administrative lawsuits for S/10.26 million, of which, S/9.7 million is related to Consorcio Terminales, and S/.0.56 million corresponds to GMP S.A. iii) Administrative lawsuits for S/3.82 million, S/1.44 million is related to 12 administrative processes of GMP S.A., Consorcio Terminales and Terminales del Peru; S/2.13 million involving GyM Ferrovías resulting from an action brought by OSITRAN, the Municipalities of Villa María del Triunfo and San Juan de Miraflores comprising the property tax; S/0.20 million against Consorcio Toromocho. iv) Labor lawsuits for a total S/6.13 million (S/2.93 million comprising actions brought against GyM; S/1.66 million against Consortiums from GyM; S/.0.65 million against GMI; S/0.32 million against Vial y Vives-DSD; v) Two securities class actions have been filed against the Company, an executive and a former executive officer in the Eastern District of New York during the first quarter of 2017. Both complaints allege false and misleading statements during the class period. In particular, they allege that the Company failed to disclose, among other things, that a) the company knew that its partner Odebrecht was engaged in illegal activities, and b) the Company profited from such activities in violation of its own corporate governance standards. All parties have agreed to unify the two lawsuits and appoint a single lead plaintiff, with one single council to control the class action. On March 6, 2018, the court appointed Treasure Finance Holding Corp. as the plaintiffs’ representative. The company must submit an exception at the latest on July 30, 2018, in which the Court will be required to dismiss the case because even assuming that the facts alleged in it were true, the plaintiffs would not have the right to sue, based on: (a) the omission to record the alleged illicit payments would not have a significant impact on the company’s financial statements even if they existed; (b) the evidence offered 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 request will be reviewed at a hearing in October 2018 and the procedural incident is expected to be resolved by the end of the first quarter of 2019. After this, the Court could dismiss the claim or admit it. Management considers that the claim will probably be dismissed by the corresponding courts due to the deficiency in the filing of the claim and believes that the risk of significant losses for the Company is not probable at this date. Management expects the outcome of the other court actions will be favorable to the Company considering their nature and characteristics as well as the opinion of its legal advisor. c) Performance Bonds and Guarantees At December 31, 2017, the Group holds current performance bonds and guarantees with a number of financial institutions to secure transactions for US$959.70 million and US$202.2 million, respectively (US$1,258.5 million and US$330.5 million, respectively, as of December 31, 2016). |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations | 33 BUSINESS COMBINATIONS a) Acquisiton of Adexus S.A. In June 2015 the Company acquired 44% interest in the capital stock of Chilean entity Adexus S.A., which is mainly engaged in providing IT solutions services. At December 31, 2015 the Company arrived at the conclusion that joint control existed and that the joint arrangement qualified as a joint venture; therefore, the investment was recorded under the equity method of accounting in the consolidated financial statements of the Group (Note 16-b). In January 2016 the Group acquired an additional interest of 8%, totaling 52% of total interest; the consideration agreed totaled S/8.3 million which was settled through debt capitalization. This larger interest did not affected the investment classification as a joint venture. Subsequently, in August 2016, the Group acquired an additional interest of 39.03% to obtain total interest in its capital stock of 91.03%; thus gaining control over this entity. The consideration agreed totaled S/14 million which was initially stated as debt and then capitalized in the same period. Upon obtaining control, the Company accounted for the transaction using the acquisition method of accounting set forth in IFRS 3 “Business Combination” and determined goodwill resulting from the acquisition. The balance at December 31, 2016 was stated at provisional values. The table below itemizes the determination of the fair value of the identifiable assets acquired, liabilities assumed, non-controlling Fair Value S/000 US$000 Purchase consideration 14,040 4,179 Fair value of previously held interest 29,039 8,643 Total consideration (a) 43,079 12,822 Fair Value S/000 US$000 Fair value of assets and liabilities of Adexus S.A.: Cash and cash equivalents 7,737 2,303 Trade receivables 107,426 31,972 Receivables from related parties 2,610 777 Other receivables 1,160 345 Inventories 1,647 490 Prepaid expenses 11,587 3,449 Long-term trade receivables 26,886 8,195 Other long-term receivables 2,063 614 Property, plant and equipment 41,988 12,496 Intangibles 32,204 9,585 Deferred income tax assets 18,115 5,198 Borrowings (108,808 ) (32,383 ) Trade payables (59,399 ) (17,678 ) Payables to related parties (15,683 ) (4,667 ) Current income tax (2,763 ) (822 ) Other payables (10,291 ) (3,063 ) Other provisions (1,926 ) (573 ) Contingent liabilities (1,149 ) (342 ) Deferred income tax liabilities (7,102 ) (2,114 ) Fair value of net identifiable assets 46,302 13,782 Non-controlling (4,153 ) (1,236 ) Fair value of net assets attributable to the Group (b) 42,149 12,546 Goodwill (Note 18) (a) - (b) 930 276 Losses arising from the re-measurement Acquisition transaction costs amounting to S/1.4 million were charged to profit or loss within administrative expenses in 2016. b) Acquisition of Morelco S.A.S. In December 23, 2014, through subsidiary GyM S.A. the Company obtained control of Morelco S.A.S. (Morelco) by acquiring 70% of its capital shares. Morelco is an entity domiciled in Colombia that is mainly engaged in providing construction and assembly services. This acquisition is part of the Group’s plan to increase its presence in markets that present high growth potential as in Colombia, and in attractive industries, such as mining and energy. At December 31, 2014 the Company determined goodwill resulting from this acquisition on the basis of an estimated purchase price of US$93.7 million (equivalent to S/277.1 million), which included cash payments made for US$78.5 million and cash payable estimated to be US$15.1 million (equivalent to S/45.7 million), which, under the agreement of the parties, would be defined after a review of the acquiree’s balance sheet, mainly working capital, cash and financial debt as well as the final carrying amount of the acquiree’s work backlog. The estimated purchase price was allocated to the provisional carrying amounts of the assets acquired and the liabilities assumed. As a result of this allocation, the balance of goodwill was determined to be US$36.1 million (equivalent to S/105.8 million). In 2015 as part of the review of the provisional allocation of the purchase price, the following situations arose: a) The balance at December 31, 2014 of the consideration payable of US$15 million (equivalent to S/46 million) was adjusted in 2015 to US$9.1 million (S/32 million) as a result of the final determination of the working capital, cash and financial debt balances, under the purchase agreement. This amount was fully paid in 2015. b) The provisional fair values of certain assets acquired and liabilities assumed were reviewed. As a result of the above, the purchase price was adjusted to US$87.5 million (equivalent to S/258.6 million); the provisional fair values of certain asset and liabilities were modified, giving rise to an adjustment of goodwill to US$35.2 million (equivalent to S/103 million). Put and call options of non-controlling Under the shareholder agreement signed for the acquisition of Morelco, the subsidiary GyM signed a purchase-sale agreement for 30% of Morelco’s capital stock held by the non-controlling non-controlling On the other hand, the subsidiary GyM obtains call option to buy those shares over a period of 10 years and at a price that is determined the same way as the put option price is determined, except for the fact the minimum amount is effective for the entire effective period of the option (call option). Under the IFRS framework, the put option is for the Company an obligation to purchase non-controlling The amount of the liability arising from the put option was estimated at the present value of the redemption amounts expected on the basis of minimum amount of the Morelco’s agreement and the exercise rights of the option. The Company expects that purchase options are to be exercised at the date following the date of transfer. The expected redemption of the non-controlling c) Acquisition of Coasin Instalaciones Ltda. In March 2014, through the subsidiary CAM Chile S.A., the Group acquired control of Coasin Instalaciones Limited with the purchase of 100% of its capital shares. Coasin is an entity incorporated in Chile and is mainly engaged in providing installation and maintenance services for networks and equipment related to the telecommunications industry. Over a period of twelve months after the acquisition, the Group reviewed the allocation of the purchase price and fair values determined provisionally for certain assets and liabilities. As a result of this process, the balance of goodwill was changed on March 2015 to US$2.2 million (equivalent to S/6.4 million). |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2017 | |
Dividends | 34 DIVIDENDS Due to loans covenants commitments no dividends will be paid for fiscal years 2016 and 2017. At the General Shareholders’ meeting held on March 29, 2016 the decision was made to distribute dividends for S/30.9 million (S/0.0467 per share), which correspond to 2015 earnings. At the General Shareholders’ meeting held on March 27, 2015 the decision was made to distribute dividends for S/104.9 million (S/0.159 per share), which correspond to 2014 earnings. |
Earnings (Losses) Per Share
Earnings (Losses) Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings (Losses) Per Share | 35 EARNINGS (LOSSES) PER SHARE Basic earnings per share are calculated by dividing the net profit of the period attributable to common shareholders of the Group by the weighted average number of common shares outstanding during the year. No diluted earnings per common share were calculated because there are no common or investment shares with potential dilutive effects (i.e., financial instruments or agreements that give the right to obtain common or investment shares); therefore, it is equal to basic earnings per share. The basic earnings per share are broken down as follows: 2015 2016 2017 Profit (Losses) attributable to the controlling interest in the Company 7,097 (509,699 ) 148,739 Weighted average number of shares in issue at S/1.00 each, at December 31, 660,053,790 660,053,790 660,053,790 Basic earnings (losses) per share (in S/) 0.011 (0.772 ) 0.225 |
Transactions with Non-Controlli
Transactions with Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2017 | |
Transactions with Non-Controlling Interests | 36 TRANSACTIONS WITH NON-CONTROLLING a) Additional acquisition of non-controlling In May, November and December 2016, GyM Chile SPA acquired 5.43%, 6.77% and 1.49% respectively additional capital stock in Vial y Vives—DSD S.A. at a purchase price of S/21.6 million, S/25.7 million and S/3.8 million, respectively. The carrying amounts of the non-controlling de-recognized non-controlling b) Disposal of interests in subsidiary without loss of control - i) In March 2015, GyM S.A. sold 0.048% (S/97) of its total 87.64% interest held in Stracon GyM for a payment of S/377. The carrying amount of this non-controlling ii) In June 2015, GyM S.A. sold 1.92% (S/385) of its total 82.04% interest held in Vial y Vives—DSD S.A. for a payment of S/385. The carrying amount of this non-controlling iii) In April 2015, CAM Holding Spa sold a 2.45% (S/2,045) of its total 75.61% interest held in CAM Chile S.A. for S/880. The carrying amount of the non-controlling c) Contributions of non-controlling This balance mainly corresponds to the contributions and returns made by the partners of subsidiary Viva GyM S.A. of their real estate projects. At December 31 this balance comprises: 2015 2016 2017 Viva GyM S.A. Contributions received 20,446 6,380 8,654 Returns of contributions (14,987 ) (27,134 ) (45,053 ) 5,459 (20,754 ) (36,399 ) Plus (less): Contributions from other subsidiaries 4,870 1,655 3,202 Increase (decrease) in equity of non controlling parties 10,329 (19,099 ) (33,197 ) Returns of contributions mainly correspond to the following projects: “Los Parques de Comas” for S/6.8 million, “Asociacion Parques del Mar” for S/27.8 million, and Klimt for S/8 million in 2017 (“Los Parques de Comas” for S/6.3 million, “Los Parques de Villa El Salvador II” for S/ 12.6 million and “Klimt for S/7.1 million in 2016) d) Dividends At December 31, 2017, 2016 and 2015 dividends were distributed for S/59.7 million, S/25.5 million, and S/4.5 million, respectively. |
Discountinued Operation
Discountinued Operation | 12 Months Ended |
Dec. 31, 2017 | |
Discountinued Operation | 37 DISCONTINUED OPERATION The Company has initiated a divestment process of non-strategic a-i) The effect in the consolidated income statement is summarized as follows: a) GMD S.A. On June 6, 2017 the Company signed a purchase-sale agreement for their total share (representing 89.19%) of GMD S.A. The selling price was agreed at US$84.7 million (equivalent to S/269.9 million), which was fully paid. The financial performance and cash flow information presented are for the five months ended May 31, 2017 and the years ended 2015 and 2016. GMD S.A. (net of intercompany transactions) From January 1 2015 2016 2017 Revenue 21,318 18,651 7,204 Operating costs (23,829 ) (24,129 ) (10,567 ) Finance costs, net (8,249 ) (9,758 ) (2,617 ) Operating loss from discontinued activities before taxation (10,760 ) (15,236 ) (5,980 ) Income tax expense (3,129 ) (7,466 ) (1,171 ) Loss from discontinued ordinary activities after taxation (13,888 ) (22,702 ) (7,151 ) Loss from discontinued activities attributable to owners of the Company (12,393 ) (20,257 ) (6,381 ) Losses per share relating to the discontinued operation are as follows: Basic (1.08 ) (1.77 ) (0.56 ) Cash flows relating to the discontinued operation are as follows: Operating cash flows (14,193 ) 78,286 10,220 Investing cash flows (17,499 ) (30,712 ) (11,189 ) Financing cash flows (53,501 ) (48,516 ) 1,618 b) TECGAS N.V. (COGA) On April 24, 2017 the Company signed a purchase-sale agreement for their total capital stock (representing 51%) held in their joint venture with Compañía 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. The financial performance presented is for the period year ended 2016. TECGAS N.V. 2016 Revenue 457,554 Finance costs 215 Operating loss from discontinued activities before taxation (3,209 ) Income tax expense (4,078 ) Loss from discontinued ordinary activities after taxation (7,287 ) |
Events After the Date of the St
Events After the Date of the Statement of Financial Position | 12 Months Ended |
Dec. 31, 2017 | |
Events After the Date of the Statement of Financial Position | 38 EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION a) Divestment process The Company has initiated a divestment process of non-strategic To date these divestments are the following: • On March 28, 2018, the subsidiary GYM sold its total share (87.59%) in Stracon GyM S.A. for a total of US $76.8 million which was fully paid. All of the inflows were used to amortize their financial obligations. The information on the financial result and the cash flow presented below correspond to Stracon GyM S.A. from the years to the periods ended December 31, 2016 and 2017, which were included in the consolidated financial statements. STRACON GyM S.A. 2015 2016 2017 Revenue 1,476,764 1,222,707 1,027,804 Operating costs (1,305,806 ) (1,099,789 ) (943,805 ) Finance costs, net (21,478 ) (3,104 ) (5,231 ) Operating profit from discontinued activities before taxation 149,480 119,814 78,768 Income tax expense (40,492 ) (32,558 ) (17,969 ) Profit from discontinued ordinary activities after taxation 108,988 87,256 60,799 Profit from discontinued activities attributable to owners of the Company 95,463 76,428 53,254 Earnings per share relating to the discontinued operation are as follows Basic 1.395 1.117 0.778 Cash flows relating to the discontinued operation are as follows: Operating cash flows 166,438 49,105 118,418 Investing cash flows (19,914 ) (31,132 ) (6,750 ) Financing cash flows (120,655 ) (71,382 ) (97,802 ) • On May 29, 2018 our company subscribed with Inversiones Concesión Vial S.A.C. (“BCI Peru”)—with the intervention of the Investment Fund BCI NV (“BCI Fund”) and BCI Management Administradora General de Fondos S.A. (“BCI Asset Management”)—an investment agreement to monetize future dividends on Norvial S.A., for US$42.3 million The net proceeds will be use to amortize their financial obligations. • On May 31st, 2018, the subsidiary Almonte signed an agreement to sell 4,208,769.24 square meters of land for the price of US$92.6 and a second agreement for the sale of additional land subject to certain conditions. b) Legal processes arising in 2018 i) Consorcio Italo Peruano On January 26, 2018, GyM S.A. (hereinafter, “GyM”) initiated an arbitration against the National Institute of Neoplastic Diseases (hereinafter, “INEN”), its claim being the approval of the Extension of Term No. 1 for a period of 62 calendar days and, recognition of expenses S/1.4 million (S/0.7 million corresponds to GyM SA). To date, the installation of the Arbitral Tribunal is pending. ii) Consorcio Norte Pachacutec. On February 8, 2018, the North Pachacutec Consortium (hereinafter, the “Consortium”) initiated an arbitration against the Drinking Water and Sewerage Service of Lima S.A. (hereinafter, “SEDAPAL”), its main claim being the determination of the final cost of the work executed by the Consortium, considering unrecognized, recognized concepts and awards previously issued and that has not yet been met with the payment in favor of the Consortium, equivalent to the sum of S/36.3 million (S/17.8 million corresponds to GyM). To date, the installation of the Arbitral Tribunal is pending. c) Deslisting procedure The New York Stock Exchange (“NYSE”) initiated the Company’s delisting procedure and determined the immediate suspension of the trading of its American Depositary Shares as a result of the Company’s delay in presenting its annual report in Form 20-F This decision was appealed by the Company on May 27, 2018. As a result of the appeal, the NYSE established that the Company must support its appeal no later than July 19, 2018 and scheduled a hearing to orally discuss the company’s arguments for October 11, 2018. Based on recent precedents and in our legal advisors’ opinion, we estimate that the delisting and suspension decision described above would be revoked upon satisfactory presentation of our annual report in form 20-F |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2016 and December 31, 2017, 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 and loss, available-for-sale The preparation of the consolidated financial statements in conformity with IFRS requires Management to make estimates and assumptions 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 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 IAS 39 “Financial Instruments: Recognition and Measurement” 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 costs and revenue 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 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 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 separated 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 hyper-inflationary 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 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 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 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 The Group classifies its financial assets in the following categories: financial assets at fair value through profit or loss, financial assets held-to-maturity, available-for-sale. As of the date of the consolidated financial statements, the Group has classified its financial assets in the following three categories: a) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are non-derivatives held-for-trading. b) Loans and accounts receivable Loans and receivables are non-derivative non-current c) Financial assets held for sale Financial assets for sale are non-derivatives non-current 2.7.2 Recognition and measurement The usual purchases and sales of financial assets are recognized at the trading date, the date on which the Group commits to buy or sell the asset. Investments are initially recognized at their acquisition value (fair value at the time of purchase). Financial assets available for sale are subsequently recorded at their fair value. Loans and accounts receivable are subsequently recorded at amortized cost using the effective interest method. Gains or losses arising from changes in the fair value of the ‘financial assets at fair value through profit or loss’ category is presented in profit or loss within “Other income and expenses, net” in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognized in the income statement as part of “Other income and expenses, net” when the Group’s right to receive payments is established. Changes in the fair value of monetary securities classified as available for sale are recognized in other comprehensive income. When a financial asset classified as available for sale is sold or impaired, the accumulated fair value adjustments recognized in equity are reclassified to profit or loss. Dividends on available-for-sale |
Impairment of financial assets | 2.8 Impairment of financial assets a) Assets carried at amortized cost At the end of each reporting period the Group assesses whether there is objective evidence that a financial asset or a group of financial assets is impaired. If a financial asset or a group of financial assets is impaired, the impairment losses are recognized only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a “loss event”) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. For the loans and receivables category, the amount of any loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced and the amount of the loss is recognized in the statement of income. If a loan or an account receivable has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. b) Assets classified as available-for-sale The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets classified as available-for-sale For equity investments, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists for available-for-sale |
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 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 nominal amount which is similar to their fair values since they are short term. |
Work in progress | 2.11 Work in progress Unbilled work in progress comprises the estimation made by the Management of the Engineering and Construction segment related to the unbilled rights receivable for services rendered and not yet approved by the client (valuation based on the percentage of completion). It also 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 2.25 for detail on Revenue from construction and concession 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 based on the progress made. |
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 and merchandise and supplies marketed as part of the computer services segment. 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 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, a 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) Other Activities Materials and supplies are estimated under the weighted average cost method or its replacement value, the lower. The cost of these items includes freight and non-refundable |
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. The estimated useful lives of those properties range from 5 to 33 years. The investment properties held by the Group correspond to: (i) “Agustino Plaza” Shopping Center, located in the El Agustino District, (ii) the 35% participation in the “Panorama Panorama” Shopping Plaza, located in the district of Santiago de Surco and (iii) the stores located within the stations of Line 1 of the Lima Metro; the properties that are owned by the subsidiary VIVA GyM SA. Fair value is estimated to be US$34.5 million, equivalent to S/112.7 million as of December 31, 2017 (US$29.5 million, equivalent to S/99 million, as of December 31 of 2016). The sales stores of these properties have been leased as an operating lease with third parties. These investment properties have been leased under the modality of an operating lease to third parties. |
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 to produce 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 50 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 date of the statement of financial position. 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 non-controlling 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 developing wells Costs incurred in preparing wells to extract hydrocarbons in Blocks I, III, IV and V, located in Talara, and are capitalized as part of intangible assets. These costs are amortized over the useful lives of the wells (estimated to be 5 years for Blocks I and V and unit of production method for Blocks III and IV), when is less than the period of the service agreement signed with Perupetro. vi) Internally generated 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 an 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 • software expense 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 8 years. vii) Rights of use of land Refers rights maintained by the subsidiary Promotora Larcomar S.A. Rights of use of land 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 |
Trade accounts payables | 2.17 Trade accounts payables 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 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 | 2.18 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 | 2.19 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 (Note 18-c and 15) in which the borrowing costs are capitalized. The 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 in such period 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 | 2.20 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 which case, it is recognized in the statement of comprehensive income or directly in equity, respectively. The current income tax is calculated based on the tax laws enacted or substantively 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 periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. 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. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or is settled. 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 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 assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority. |
Employee benefits | 2.21 Employee benefits The Group recognizes a liability when the employee has rendered services in exchange for which he 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, 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 your 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, 2016, and 2017, 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 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 services 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 the Dominican Republic and Colombia, and (iii) in the case of Chile and Bolivia, they are subject to the worker’s seniority and range from fifteen and thirty days. c) Share in profits and incentives The participation of the workers in the profits 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 matter determined by each Company of the Group, in accordance with current income tax legislation, (ii) in the case of the branch domiciled in the Dominican Republic, the worker participation rate is 10%; (iii) 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 utility, (iv) in Bolivia the participation equals one monthly salary and the total distributed cannot exceed 25% of the profits determined under local regulations, (v) in Colombia and Guyana these benefits are not provided to employees. Post-employment benefits The CAM subsidiary has pension plans for its staff. The liability recognized in the statement of financial position with respect to defined benefit plans is measured based on the present value of the obligation at the end of the reporting period less the fair value of the plan 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 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. |
Other provisions | 2.22 Other provisions a) General Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and 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 are disclosed for possible obligations that are not yet determined to be probable. Contingent assets are not recognized and only disclosed if it is probable that future economic benefits will flow to the Company. 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 said obligation measured at its fair value discounted at its present value, the valuation techniques established by IFRS 13, “Measurement of Fair Value”, simultaneously charged to the intangible account in the statement of financial position. Subsequently, the liability will increase 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 entities will 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, 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 income statement. 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 will also take into consideration if said increase corresponds to an indicator that the asset has been impaired and, if so, impairment tests are carried out (Note 2.16). |
Put option arrangement | 2.23 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 | 2.24 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, net of taxes, of the proceeds. Where any Group company purchases the 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 cancelled or reissued. Where 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 | 2.25 Revenue recognition Revenue is measured at the fair value of the consideration received or receivable. The Group recognizes revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the Group’s activities. The Group’s revenue recognition policy is described as follows: i) Revenue from construction activities Revenues from construction contracts are recognized using the percentage-of-completion When it is probable that the total costs of the contract will be above the related revenue, the expected loss will be immediately expensed. When the outcome of a construction contract cannot be estimated reliably, the associated revenue is recognized to the extent costs incurred are recoverable. Revenue is billed once approval is received by the owners of the work in progress. In the statement consolidated of financial position, the Group shows the net position of each contract as an asset or a liability. A contract is considered an asset when the costs incurred plus recognized earnings less the sum of all the recognized losses and consolidated assessments exceed work in progress billings; this asset is shown in the statement of financial position as “Unbilled work in progress”; otherwise they are presented as a liability within “Trade accounts payables”. A change order is an instruction by the customer for a change in the scope of the work to be performed under the contract that may lead to an increase or a decrease in contract revenue. A variation is included in contract revenue when it is probable that the customer will approve the variation and the amount of revenue arising from the variation; can be reliably measured. 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 negotiations have reached an advanced stage such that it is probable that the customer will accept the claim; and the amount that it is probable will be accepted by the customer can be measured reliably. ii) Revenue from engineering, advisory, consulting services and other services Revenues from service contracts are recognized in the accounting period in which they are performed using the percentage of completion method, calculated based on the percentage of costs incurred. Additionally, there are contracts whereby income is recognized as it is earned, regardless of when the related fees are received. iii) Sales Revenue from sales of real estate properties is recognized in the results of the period when sales occur, that is, when the properties are delivered and the risks and rewards inherent to ownership are transferred to the buyer and the collection of the corresponding receivables is reasonably assured. iv) Revenue from Information Technology Services (IT) The sale of computer equipment includes some services to be provided in a subsequent date to the asset sale as installation and maintenance. When sales agreements include multiple elements, the amount of the revenue is attributed to each element based on their related fair values. The fair value of each element is determined based on the market price prevailing for each element when sold separately. Revenue derived from computer equipment is recognized when the related risks and rewards are transferred to the customer, which occurs upon delivery. Revenue relating to each service element is recognized using the straight-line method. v) Interest income Interest income is recognized on a time-proportion basis, using the effective interest method. vi) Revenue for concession services Revenue from concession services is recognized according to its nature. Construction and restoration activities are accounted for applying the percentage-of-completion |
Construction contract costs | 2.26 Construction contract costs 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. |
Leases | 2.27 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 charged to 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) Group as a lessor The Group only has 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 | 2.28 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 | 2.29 Significant non-operating Significant non-operating |
Standards, amendments and interpretations published but not yet in force | 3.1. Standards, amendments and interpretations published but not yet in force The relevant standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective. IFRS 9 “Financial Instruments” In July 2014, the IASB issued the final version of IFRS 9 Financial Instruments that replaces IAS 39 and all previous versions of IFRS 9. IFRS 9 brings together all three aspects of the accounting for financial instruments project: classification and measurement, impairment and hedge accounting. IFRS 9 is effective for annual periods beginning on or after January 1, 2018, with early application permitted. Except for hedge accounting, retrospective application is required, but the provision of comparative information is not compulsory. For hedge accounting, the requirements are generally applied prospectively, with some limited exceptions. The Group plans to adopt the new standard on the required effective date and will not restate comparative information. During 2017, the Group performed a detailed impact assessment of all three aspects of IFRS 9. This assessment is based on currently available information and may be subject to changes arising from further reasonable and supportable information being made available to the Group in 2018 when the Group will adopt IFRS 9. Overall, the Group expects no significant impact on its statement of financial position or equity from the adoption of IFRS 9. In addition, the Group will adopt changes in certain financial instruments. a) Classification and measurement Management expects to maintain the measurement at fair value for all financial assets that are currently measured at that value. There is no impact on financial liabilities. b) Impairment IFRS 9 requires the Group to record an expected credit loss for its debt instruments, loans and account receivables, regardless of the period. The Group will apply the simplified approach on all trade receivables and the general approach for accounts that originate from loans and third parties and related companies. The Group will strengthen the internal controls, processes and systems regarding the identification of the different financial instruments of accounts receivable loans so that from the moment of initial recognition these items are recognized at their recoverable value. Given the substantially current nature of these accounts and the guarantees received, the Group expects that there will be no significant impact on its consolidated financial statements as a result of the adoption of this standard. c) Hedge accounting The Group has determined that all hedge transactions that are currently designated as effective hedges will continue to qualify as hedge accounting under IFRS 9. The Group has chosen not to retrospectively apply IFRS 9 at the time of transition for those hedges designated as hedges under IAS 39. As IFRS 9 does not change the main principles of how an entity should record the effective hedges. IFRS 15 “Revenue from Contracts with Customers” IFRS 15 was issued in May 2014 and establishes a five-step model to account for revenue arising from contracts with customers. Under IFRS 15, revenue is recognized at an amount that reflects the consideration agreed with the customer. The new revenue standard will supersede all current revenue recognition requirements under IFRS. Either a full retrospective application or a modified retrospective application is required for annual periods beginning on or after January 1 2018. Early adoption is permitted. The Group plans to adopt the new standard on the required effective date using the modified retrospective method, under which the accumulated effect of applying this new standard is presented adjusting the beginning balance of accumulated results (January 1, 2018). During 2016, the Group performed a preliminary assessment of IFRS 15, which was followed by a more detailed analysis in 2017. (a) Engineering and Construction At the time of the adoption of IFRS 15, the segment considered the following: i) In the case of additional services, the Group will strengthen the internal controls, processes and systems regarding the obtaining of the valorizations approved by clients, the follow-up ii) In the case of work in progress (Note 12), the Group will strengthen the internal controls, processes and systems with respect to the support required to register adjustments for work progress and the construction contract margin as of the date of the financial statements iii) In the case of construction contracts, the Group will strengthen the internal controls, processes and systems regarding the identification of the different performance obligations agreed in the contract with the client, mainly in the Engineering, Procurement and Construction contracts (EPC by its acronym in English). During the review process of the current procedures and those required by IFRS 15, we observed a case whose current accounting treatment must be corrected in order to recognize the different performance obligations contemplated in the contract. The Group is in the process of determining the effect of this situation on its financial statements, although it estimates that it will not be significant at the date of adoption of IFRS 15 or in subsequent years iv) In the case of penalties, the Group will strengthen its policies on factual support to support that the recognition of charges is not required to the results (b) Infrastructure In the case of penalties, the Group will strengthen its policies to support the recognition at the income statement is not required. Specifically, in the contract between OTAS and PLUSPETROL, the Group will strengthen the internal controls, processes and systems regarding the identification of the different performance obligations agreed with the client. (c) Real Estate In the case of real estate sales contracts, the Group will strengthen the internal controls, processes and systems regarding the identification of the different performance obligations agreed in the contract with the client, mainly in contracts that include sale of common areas. During the review of current procedures and those required by IFRS 15, we observe a case whose current accounting treatment must be adapted in order to recognize the different performance obligations contemplated in the contract. The Group is in the process of determining the effect of this situation on its financial statements, although it estimates that it will not be significant at the date of adoption of IFRS 15 or in subsequent years (d) Presentation and disclosure requirements IFRS 15 requires the presentation and disclosure of more detailed information than required by current regulations. The presentation requirements represent a significant change in current practice and will increase the volume of disclosures required in the Group’s financial statements. In 2017, the Group continued testing its internal controls, policies and procedures necessary to collect and disclose the required information. IFRS 16 “Leases” IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance ‘low-value’ |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 50 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 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 1-2 years 2-5 More than Total At December 31, 2016 Other financial liabilities (except for finance leases) 1,936,825 128,508 173,145 — 2,238,478 Finance leases 127,496 85,989 26,780 19,506 259,771 Bonds 113,299 180,431 365,697 1,334,485 1,993,912 Trade accounts payables 1,276,617 — — — 1,276,617 Accounts payables to related parties 80,217 28,082 37,238 — 145,537 Other accounts payables 303,827 49,064 143,655 — 496,546 Other non-financial — 1,081 — — 1,081 3,838,281 473,155 746,515 1,353,991 6,411,942 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 |
Schedule of Information About Gearing Ratio | As of December 31, the gearing ratio was as follows: 2016 2017 Total financial liabilities and bonds 3,348,152 2,637,630 Less: Cash and cash equivalent (606,950 ) (626,180 ) Net debt 2,741,202 2,011,450 Total equity 2,489,737 2,589,078 Total capital 5,230,939 4,600,528 Gearing ratio 0.52 0.44 |
Schedule of Assets and Liabilities Measured at Fair Value | The table below shows the Group’s assets and liabilities measured at fair value at December 31, 2016 and 2017: Level 1 Level 2 Level 3 Total At December 31, 2016 Financial assets Financial assets at fair value through profit or loss 6,379 — — 6,379 Financial liabilities Derivatives used for hedging — 1,081 — 1,081 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 |
Critical Accounting Estimates47
Critical Accounting Estimates and Judgements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Sensitivity Analysis Based on 10% Increase/Decrease in Assumptions of Gross Margin, Discount Rate, Terminal Growth Rate (Details) | At December 31, 2016 and 2017 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 2016 2017 Goodwill Gross margin (10%) +10% (10%) +10% Mining construction services 19.18% 71.19% — — Engineering and construction (42.68%) 17.85% 81.31% 143.63% Electromechanical 32.16% 74.41% 197.30% 620.85% IT equipment and services 200.93% 289.04% 0.32% 38.87% Telecommunication services (110.85%) 176.40% 465.17% 1339.26% Discount rate: (10%) +10% (10%) +10% Mining construction services 65.94% 28.99% — — Engineering and construction 8.22% (27.56%) 146.07% 86.86% Electromechanical 74.42% 36.77% 478.08% 354.39% IT equipment and services 285.63% 212.65% 30.06% 11.25% Telecommunication services 70.31% 4.59% 2190.66% 1967.37% Terminal growth rate: (10%) +10% (10%) +10% Mining construction services 42.92% 47.55% — — Engineering and construction (16.49%) (7.84%) 107.41% 117.91% Electromechanical 51.14% 55.62% 402.19% 416.25% IT equipment and services 243.21% 247.06% 18.54% 20.52% Telecommunication services 26.14% 39.94% 2232.86% 2394.81% Trademarks Revenue growth rate: (10%) +10% (10%) +10% Morelco 22.37% 42.03% 16.37% (4.79%) Vial yVives - DSD 17.01% 43.01% (40.72%) (63.32%) Adexus (8.18%) (9.91%) 22.10% (0.10%) Discount rate: (10%) +10% (10%) +10% Morelco 53.35% 15.66% (7.21%) 22.92% Vial yVives - DSD 56.88% 10.88% (58.56%) (45.65%) Adexus 15.42% (10.59%) (2.13%) 28.02% Terminal growth rate: (10%) +10% (10%) +10% Morelco 29.19% 34.94% 8.61% 3.17% Vial yVives - DSD 23.19% 37.83% (51.36%) (54.47%) Adexus (0.12%) 1.89% 13.27% 8.86% |
Summary of Sensitivity Analysis Performed Considering a 10% Increase/Decrease in Group's Gross Margins | As of December 31, 2015, 2016 and 2017, a sensitivity analysis was performed considering a 10% increase/decrease in the Group’s gross margins, as follows: 2015 2016 2017 Sales 5,501,537 3,945,599 3,253,199 Gross profit 159,158 194,378 224,040 % 2.89 4.93 6.89 Plus 10% 3.18 5.42 7.58 Increase in pre-tax 15,787 19,473 22,552 174,949 213,851 246,592 Less 10% 2.60 4.44 6.20 Decrease in pre-tax (15,787 ) (19,473 ) (22,552 ) 143,371 174,905 201,488 |
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 construction project estimated margin recorded as a liability (Note 2.25.i) (ii) The recoverable of work in progress relates to the minimum secured payment to be obtained from GSP. (iii) Inventories were specialized in nature assets and cannot be traded in an active market that could not be sold in an active market. |
Interest in Other Entities (Tab
Interest in Other Entities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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. Stracon GyM S.A. Peru and Panama Mining contracting activities, providing mining services and carrying out drilling, demolition and any other activity related to construction and mining operations. 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 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. Name Country Economic activity Infrastructure: GMP S.A. Peru Natural 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 derivates. Concar S.A. Peru Operating and maintaining roads. GyM Ferrovías S.A. Peru Concession for the operation of the public transportation system (Metro de Lima Metropolitana). Survial S.A. Peru Concession for constructing, operating and maintaining the Section 1 of the “Southern Inter-oceanic” road. Norvial S.A. Peru Concession for restoring, operating and maintaining the “Ancón - Huacho - Pativilca” section of the Panamericana Norte road. Concesión Canchaque S.A. Peru Concession for operating and maintaining the Buenos Aires - Canchaque road. Concesionaria Vía Expresa Sur S.A. Peru Concession for designing, constructing, operating and maintaining the Via Expresa - Paseo de la República in Lima. Real estate: VIVA GyM S.A. Peru Developing and managing real estate projects directly or together with other partners. Technical services: CAM Holding S.p.A. Chile and Colombia Electric and technological services for the power industry. Coasin Instalaciones Ltda. Chile Installing and maintaining network and equipment for telecommunications. Adexus S.A. Chile, Peru, Colombia and Ecuador IT solutions services. Parent company operation: 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 selling office facilities in Peru. Negocios del Gas S.A. Peru Construction, operation and maintenance of the pipeline system to transport natural gas and liquids of natural gas. |
Summary of Group's Subsidiaries and Related Interests | The following are the Group’s subsidiaries and related interests at December 31, 2017: Percentage of Percentage of Percentage of the Group (%) Percentage of Engineering and Construction: GyM S.A. 98.23 % — 98.23 % 1.77 % - GyM S.A. subsidiaries — 87.06 % 87.06 % 12.94 % Stracon GyM S.A. — 87.59 % 87.59 % 12.41 % GyM Chile SpA — 99.99 % 99.99 % 0.01 % Vial y Vives - 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 % Concesionaria Vía Expresa Sur S.A. 99.98 % 0.02 % 100.00 % — Real Estate: Viva GyM S.A. 63.44 % 36.10 % 99.54 % 0.46 % - Viva GyM S.A. subsidiaries — 60.51 % 60.51 % 39.49 % Services: 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. 91.03 % — 91.03 % 8.97 % 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 % — The following are the Group’s subsidiaries and related interests at December 31, 2016: Percentage of Percentage of Percentage of the Group (%) Percentage of Engineering and Construction: GyM S.A. 98.23 % — 98.23 % 1.77 % - GyM S.A. subsidiaries — 87.06 % 87.06 % 12.94 % Stracon GyM S.A. — 87.59 % 87.59 % 12.41 % GyM Chile SpA — 99.99 % 99.99 % 0.01 % Vial y Vives – 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 % 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 % — Real Estate: Viva GyM S.A. 63.44 % 36.10 % 99.54 % 0.46 % - Viva GyM S.A. subsidiaries — 60.51 % 60.51 % 39.49 % Services: GMD S.A. 89.23 % — 89.23 % 10.77 % Cam Holding S.p.A. 100.00 % — 100.00 % — Concar S.A. 99.75 % — 99.75 % 0.25 % Gestión de Servicios Digitales S.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. 91.03 % — 91.03 % 8.97 % 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 % — |
Summary of Group's Subsidiaries Non-controlling Interests | The following are the Group’s subsidiaries non-controlling 2016 2017 NON-CONTROLLING Viva GyM S.A. and subsidiaries 241,140 224,345 Viva GyM S.A. 1,700 1,576 GyM S.A. and subsidiaries 100,840 95,052 GyM S.A. 9,354 8,118 Norvial S.A. 61,349 68,419 CAM Holding S.p.A. 26,589 (6,417 ) GMP S.A. 20,879 22,263 GyM Ferrovias S.A. 30,548 35,419 Promotora Larcomar S.A. 13,539 13,395 Other 3,375 3,578 509,313 465,748 |
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 subsidiaries GyM S.A. and subsidiaries Norvial S.A. At December 31, At December 31, At December 31, 2016 2017 2016 2017 2016 2017 Current: Assets 1,117,065 884,591 1,849,077 1,875,231 107,838 88,077 Liabilities (515,781 ) (352,125 ) (2,050,803 ) (2,142,618 ) (49,721 ) (45,613 ) Current net assets (liabilities) 601,284 532,466 201,726 (267,387 ) 58,117 42,464 Non-current: Assets 113,594 78,457 1,326,599 1,368,460 467,449 492,803 Liabilities (104,179 ) (44,068 ) (471,424 ) (546,342 ) (339,661 ) (327,936 ) Non-current 9,415 34,389 855,175 822,118 127,788 164,867 Net assets 610,699 566,855 653,449 554,731 185,905 207,331 Summarized income statement Viva GyM S.A. and subsidiaries GyM S.A. and subsidiaries Norvial S.A. For the year ended For the year ended For the year ended 2016 2017 2016 2017 2016 2017 Revenue 411,518 647,535 4,036,226 3,184,833 216,260 149,467 Profit (loss) before income tax 104,223 153,602 (85,857 ) 18,827 63,582 68,104 Income tax (27,054 ) (35,900 ) (11,228 ) (13,482 ) (16,262 ) (18,678 ) Profit (loss) for the period 77,169 117,702 (97,085 ) 5,345 47,320 49,426 Other comprehensive Income — — 19,486 (2,641 ) — — Total comprehensive Income for the period 77,169 117,702 (77,599 ) 2,704 47,320 49,426 Dividends paid to non-controlling (36-c) 5,050 21,165 8,288 4,056 7,260 9,240 Summarized statement of cash flows Viva GyM S.A. and subsidiaries GyM S.A. and subsidiaries Norvial S.A. For the year ended For the year ended For the year ended 2016 2017 2016 2017 2016 2017 Cash flows from operating activities provided by (used in), net 44,910 164,852 224,428 239,935 (42,051 ) 25,041 Cash flows from investing activities provided by (used in), net (546 ) 79,471 (29,853 ) 44,020 — — Cash flows from financing activities provided by (used in), net (59,931 ) (203,958 ) (283,296 ) (191,689 ) 99,193 (48,010 ) Increase (decrease) in cash and cash equivalents, net (15,567 ) 38,817 (88,721 ) 92,266 57,142 (22,969 ) Cash and cash equivalents at the beginning of the year 74,459 58,892 167,620 87,294 38,276 95,418 Cash and cash equivalents at the end of the year 58,892 97,709 78,899 179,560 95,418 72,449 |
Summary of Group's Public Services Concessions | The concessions held by the Group are as follows at December 31, 2017: Name of Concession Description Estimated 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). 99.9 % 2032 Financial asset Canchaque S.A.C. This company operates and periodically maintains a 78 km road from the towns of Buenos Aires to 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$0.3 million. 99.96 % 2025 Financial asset Concesionaria. La Chira S.A. Designing, financing, constructing, operating and maintaining project called “Planta de Tratamiento de Aguas Residuales y Emisario Submarino La Chira”. The Project will treat approximately 25% of waste waters in Lima. S/250 million Transaction secured by the Peruvian Government consisting of monthly and quarterly payments settled by Sedapal´s collection trust. 50.00 % 2036 Financial asset GyM Ferrovías S.A. Concession for the operation of Line 1 of the Lima Metro, Peru’s only urban railway system in Lima city, which includes (i) operation and maintenance of the five existing trains, (ii) operation and maintenance and the acquisition of 19 trains on behalf of the Peruvian Government and (iii) design and construction of the repair yard and maintenance of railway. S/548.8 million Transaction secured by the Peruvian Government involving a quarterly payment received from MTC based on km travelled per train. 75.00 % 2041 Financial asset Name of concession Description Estimated Consideration Ordinary Concession Accounting Norvial S.A. The Company operates and maintains part of the only highway that connects Lima to the northwest of Peru. This 183 km road known as Red Vial 5 runs from the cities of Ancón to Pativilca and has three toll stations. US$ 152 million From users (self-financed concession; revenue is derived from collection of tolls). 67.00 % 2028 Intangible Vía 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 República,between Av. República de Panamá and and Panamericana highway. US$ 196.8 million Contract give 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$10 million. In June 2017, the contract was suspended temporarily for one year by agreement between Concessionaire and grantor. 99.98 % 2053 Bifurcated Recaudo Trujillo S.A.C. Design, implementation, operation, technological maintenance and renewal (estimate) of the single system of electronic collection. Design, implementation, operation and maintenance of the Clearing house Implementation of the Fleet Control Center, as well as training to personnel. US$ 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 Graña y Montero S.A.A. - Concesionaria la Chira S.A. 50.00 % 50.00 % GyM S.A. - Consorcio Constructor Alto Cayma 50.00 % 50.00 % - Consorcio Rio Pallca – Huanza 40.00 % 40.00 % - Consorcio Alto Cayma 49.00 % 49.00 % - Consorcio Lima Actividades Comerciales 50.00 % 50.00 % - Consorcio Atocongo 40.00 % 40.00 % - Consorcio Norte Pachacutec 49.00 % 49.00 % - Consorcio La Chira 50.00 % 50.00 % - Consorcio Río Urubamba 50.00 % 50.00 % - Consorcio Vial Quinua 46.00 % 46.00 % - Consorcio Rio Mantaro 50.00 % 50.00 % - Consorcio GyM – CONCIVILES 66.70 % 66.70 % - Consorcio Toromocho 55.00 % 55.00 % - Consorcio Construcciones y Montajes CCN 25.00 % 25.00 % - Consorcio HV GyM 50.00 % 50.00 % - Consorcio Stracon Motta Engil JV 50.00 % 50.00 % - Consorcio Huacho Pativilca 67.00 % 67.00 % - Consorcio Constructor Chavimochic 26.50 % 26.50 % - Consorcio Constructor Ductos del Sur 29.00 % 29.00 % - Consorcio Italo Peruano 48.00 % 48.00 % - Consorcio Menegua 50.00 % 50.00 % - Consorcio Energía y Vapor 50.00 % 50.00 % - Consorcio Ermitaño 50.00 % 50.00 % - Consorcio para la Atención y Mantenimiento de Ductos 50.00 % 50.00 % - Consorcio Lima Actividades Comerciales Sur 50.00 % 50.00 % - Consorcio CDEM — 85.00 % - Consorcio AMDP Norte — 50.00 % - Consorcio Chicama - Ascope — 50.00 % - Consorcio TNT Vial y Vives - DSD Chile LTDA — 50.00 % - Consorcio La Gloria 49.00 % 49.00 % - Consorcio GyM Sade Skanska 50.00 % 50.00 % - Constructora Incolur DSD Limitada 50.00 % 50.00 % GMP S.A. - Consorcio Terminales 50.00 % 50.00 % - Terminales del Perú 50.00 % 50.00 % Percentage of interest Joint operations 2016 2017 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 Fábrica de Software 50.00 % — - Consorcio Gestión de Procesos Electorales (ONPE) 50.00 % — - Consorcio Lima Actividades Sur 50.00 % — - Consorcio Latino de Actividades Comerciales de Clientes Especiales 50.00 % — - Consorcio Latino de Actividades Comerciales 75.00 % — - Consorcio Gestión de Procesos Junta de Gobernadores 45.00 % — - Consorcio Soluciones Digitales 38.00 % — - Consorcio de Gestión de la Información 56.00 % — - Consorcio de la Disponibilidad PKI 70.00 % — CONCAR S.A. - Consorcio Ancón-Pativilca 67.00 % 67.00 % - Consorcio Peruano de Conservación 50.00 % 50.00 % - Consorcio Manperán 67.00 % 67.00 % - Consorcio Vial Sierra 50.00 % 50.00 % 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 % All of the joint arrangements listed above operate in Peru, Chile and Colombia. The table below provides a description of the major 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 waste water treatment plant 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 carried out activities 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. Joint operations Concar provides rehabilitation service, routine and periodic maintenance of the road; and road preservation services. Viva GyM S.A. Construction of a five-star hotel with a convention center, a business center and entertainment center. CAM Holding S.p.A. Execution of outsourcing services to the electric power sector. GMD S.A. Outsourcing service of online BPO processes (Business Process Outsourcing). |
Segment Reportinorng (Tables)
Segment Reportinorng (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Profit before Income Tax Reconciles to EBITDA | Profit before income tax reconciles to EBITDA as follows: 2015 2016 2017 (Profit) loss before income tax 142,345 (582,865 ) 328,713 Financial cost, net 130,447 201,019 170,038 Depreciation 217,071 205,522 199,793 Amortization 89,355 82,743 86,557 EBITDA 579,218 (93,581 ) 785,101 |
Disclosure of Detailed Information About EBITDA for Each Segment | EBITDA for each segment is as follows: 2015 2016 2017 Engineering and construction 220,137 106,106 194,334 Infrastructure 272,230 237,752 300,935 Real state 52,794 121,421 177,285 Technical services 35,083 39,751 36,796 Parent company operations (35,591 ) (1,026,394 ) 216,666 Eliminations intercompany 34,565 427,783 (140,915 ) Total EBITDA 579,218 (93,581 ) 785,101 |
Summary of Breakdown by Operating Segments | The “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, 2017, and the dates in which they are estimated to, is shown in the following table: Annual Backlog 2017 2018 2019 2020+ Engineering and Construction 4,727,022 2,261,700 1,320,381 1,144,941 Infrastructure 3,090,417 1,023,749 997,309 1,069,358 Real state 84,128 61,296 22,832 — Technical Services 1,493,181 687,183 390,647 415,351 Eliminations Intercompany (321,897 ) (112,237 ) (104,459 ) (105,200 ) 9,072,850 3,921,691 2,626,709 2,524,450 |
Disclosure of Detailed Information About Operating Segments Financial Position | The table below shows the Group’s financial statements by operating segments: Operating segments financial position Segment reporting Engineering Infrastructure Parent and Energy Toll roads Transportation Water Real estate Technical Company Eliminations Consolidated As of December 31, 2016 Assets.- Cash and cash equivalent 93,543 35,396 125,853 139,414 3,229 58,892 37,675 112,398 550 606,950 Financial asset at fair value through profit or loss 352 — — — — — — — — 352 Trade accounts receivables 334,426 84,996 77,615 56,665 256 83,704 395,812 — (2,204 ) 1,031,270 Work in progress 648,851 — — 32,078 — — — — — 680,929 Accounts receivable from related parties 327,385 3,255 55,907 392 12,379 7,284 12,468 50,582 (287,988 ) 181,664 Other accounts receivable 398,666 58,235 28,779 25,895 4,841 20,198 70,769 42,133 — 649,516 Inventories 76,058 12,561 9,839 16,862 — 946,657 55,431 387 (13,502 ) 1,104,293 Prepaid expenses 9,204 2,614 2,005 17,265 167 329 19,412 305 — 51,301 Non-current 22,385 — — — — — — — — 22,385 Total current assets 1,910,870 197,057 299,998 288,571 20,872 1,117,064 591,567 205,805 (303,144 ) 4,328,660 Long-term trade accounts receivable 149 — 15,092 629,310 — — 22,968 — — 667,519 Long-term work in progress 171,752 — 24,165 — — — — — 1,669 197,586 Long-term accounts receivable from related parties — — 408 — — — 492 700,615 (170,131 ) 531,384 Prepaid expenses — — 20,554 2,029 943 — — — — 23,526 Other long-term accounts receivable 42,511 29,533 22,926 225,565 7,347 17,887 1,075 11,108 — 357,952 Investments in associates and joint ventures 116,512 8,516 — — — 31,768 9,589 2,358,918 (2,135,544 ) 389,759 Investment property — — — — — 49,357 — — — 49,357 Property, plant and equipment 592,191 176,486 23,508 193 21 13,008 195,462 130,422 (17,692 ) 1,113,599 Intangible assets 246,715 139,353 457,163 269 — 950 78,687 22,793 14,356 960,286 Deferred income tax asset 158,168 4,983 13,244 — — 623 53,003 189,230 7,757 427,008 Total non-current 1,327,998 358,871 577,060 857,366 8,311 113,593 361,276 3,413,086 (2,299,585 ) 4,717,976 Total assets 3,238,868 555,928 877,058 1,145,937 29,183 1,230,657 952,843 3,618,891 (2,602,729 ) 9,046,636 Liabilities.- Borrowings 582,260 82,063 3,014 — — 206,456 155,137 932,113 — 1,961,043 Bonds — — 25,540 20,551 — — — — — 46,091 Trade accounts payable 876,849 59,830 31,857 23,882 599 30,617 247,219 6,703 (939 ) 1,276,617 Accounts payable to related parties 119,989 3,902 38,219 33,009 237 66,190 33,749 67,685 (282,763 ) 80,217 Current income tax 30,576 3,631 3,401 — 1,064 17,944 5,544 — — 62,160 Other accounts payable 485,247 11,711 43,614 14,622 27 194,441 157,201 189,444 — 1,096,307 Provisions 6,615 6,441 — — — 131 1,344 — — 14,531 Total current liabilities 2,101,536 167,578 145,645 92,064 1,927 515,779 600,194 1,195,945 (283,702 ) 4,536,966 Borrowings 246,315 80,488 2,510 — — 16,541 73,541 — — 419,395 Long-term bonds — — 338,143 583,480 — — — — — 921,623 Other long-term accounts payable 147,839 — 44,451 246,522 — 32,000 39,558 2,433 — 512,803 Long-term accounts payable to related parties 41,672 — 408 87,200 23,445 40,074 42,259 394 (170,132 ) 65,320 Provisions 7,670 17,115 — — — — 1,757 — — 26,542 Derivative financial instruments — 1,081 — — — — — — — 1,081 Deferred income tax liability 28,278 3,546 1,525 14,482 283 15,564 9,491 — — 73,169 Total non-current 471,774 102,230 387,037 931,684 23,728 104,179 166,606 2,827 (170,132 ) 2,019,933 Total liabilities 2,573,310 269,808 532,682 1,023,748 25,655 619,958 766,800 1,198,772 (453,834 ) 6,556,899 Equity attributable to controlling interest in the Company 551,653 265,241 282,851 91,643 3,528 234,449 148,028 2,406,577 (2,003,546 ) 1,980,424 Non-controlling 113,905 20,879 61,525 30,546 — 376,250 38,015 13,542 (145,349 ) 509,313 Total liabilities and equity 3,238,868 555,928 877,058 1,145,937 29,183 1,230,657 952,843 3,618,891 (2,602,729 ) 9,046,636 Operating segments financial position Segment reporting Engineering Infrastructure Parent and Energy Toll roads Transportation Water Real estate Technical Company Eliminations Consolidated As of December 31, 2017 Assets.- Cash and cash equivalent 184,401 43,878 121,901 161,073 4,204 85,187 21,904 3,632 — 626,180 Financial asset at fair value through profit or loss 181 — — — — — — — — 181 Trade accounts receivables 368,303 64,364 128,124 108,706 604 45,897 274,103 419 2,204 992,724 Work in progress 578,723 — — — — — — 6,030 — 584,753 Accounts receivable from related parties 230,607 2,746 62,525 3,072 8,852 69,382 9,947 66,059 (352,438 ) 100,752 Other accounts receivable 518,123 55,959 66,765 31,381 1,922 40,026 38,527 12,742 — 765,445 Inventories 46,499 15,093 8,685 19,457 — 643,882 45,512 190 (8,607 ) 770,711 Prepaid expenses 4,470 1,168 2,354 10,312 164 216 14,037 757 — 33,478 Non-current 17,722 — — — — — — — — 17,722 Total current assets 1,949,029 183,208 390,354 334,001 15,746 884,590 404,030 89,829 (358,841 ) 3,891,946 Long-term trade accounts receivable — — 14,747 793,991 — — 39,852 — — 848,590 Long-term work in progress 58,997 — 28,413 — — — — — — 87,410 Long-term accounts receivable from related parties 258,479 — 27,660 — — — 474 636,941 (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 1,712 56,696 — 470,852 Investments in associates and joint ventures 111,513 7,344 — — — 1 10,113 2,206,230 (2,066,530 ) 268,671 Investment property — — — — — 45,687 — — — 45,687 Property, plant and equipment 509,700 171,226 18,572 580 60 11,621 100,936 70,627 (17,587 ) 865,735 Intangible assets 203,390 160,288 492,424 323 — 1,022 47,332 24,031 11,260 940,070 Deferred income tax asset 165,227 5,507 11,057 — — 10,316 46,470 192,088 6,032 436,697 Total non-current 1,382,336 398,282 628,617 1,063,188 8,300 78,458 246,889 3,186,613 (2,216,959 ) 4,775,724 Total assets 3,331,365 581,490 1,018,971 1,397,189 24,046 963,048 650,919 3,276,442 (2,575,800 ) 8,667,670 Liabilities.- Borrowings 591,987 46,924 2,589 — — 162,031 139,821 113,412 — 1,056,764 Bonds — — 24,361 12,294 — — — — — 36,655 Trade accounts payable 955,015 62,659 85,329 81,161 132 43,724 189,553 36,412 (939 ) 1,453,046 Accounts payable to related parties 114,198 3,664 60,857 83,841 14 37,396 14,428 88,546 (347,770 ) 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 63,654 109,904 73,992 — 848,500 Provisions 6,682 5,204 — — — 20 1,597 — — 13,503 Total current liabilities 2,189,623 132,220 243,252 204,354 356 352,124 463,603 312,362 (348,709 ) 3,549,185 Borrowings 127,773 101,549 1,945 — — 12,010 26,458 363,564 — 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 36,409 2,469 — 852,473 Long-term accounts payable to related parties 4,306 — 836 89,023 23,445 — 30,739 32,102 (154,497 ) 25,954 Provisions 8,587 16,707 — — — — 3,365 5,255 — 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 44,068 104,248 403,390 (154,497 ) 2,529,407 Total liabilities 2,735,965 259,816 626,537 1,255,516 24,169 396,192 567,851 715,752 (503,206 ) 6,078,592 Equity attributable to controlling interest in the Company 487,923 299,411 323,987 106,256 (123 ) 217,290 82,100 2,547,328 (1,940,842 ) 2,123,330 Non-controlling 107,477 22,263 68,447 35,417 — 349,566 968 13,362 (131,752 ) 465,748 Total liabilities and equity 3,331,365 581,490 1,018,971 1,397,189 24,046 963,048 650,919 3,276,442 (2,575,800 ) 8,667,670 |
Disclosure of Detailed Information About Operating Segment Performance | Operating segment performance Segment Reporting Engineering Infrastructure Parent and construction Energy Toll roads Transportation Water treatment Real estate Technical services Company operations Eliminations Consolidated Year 2015 - Revenue 5,829,441 389,377 729,232 206,459 27,994 215,764 563,874 70,531 (449,760 ) 7,582,912 Gross profit (loss) 312,780 63,530 139,651 40,468 2,225 51,755 76,828 (7,004 ) (67,238 ) 612,995 Administrative expenses (289,149 ) (18,214 ) (37,934 ) (10,529 ) (310 ) (20,521 ) (60,871 ) (29,882 ) 73,187 (394,223 ) Other income and expenses 30,616 1,365 565 — — 1,759 12,135 11,114 (2,968 ) 54,586 Gain from the sale of investments — — — — — — (8,289 ) — — (8,289 ) Operating profit (loss) 54,247 46,681 102,282 29,939 1,915 32,993 19,803 (25,772 ) 2,981 265,069 Financial expenses (127,383 ) (19,953 ) (9,974 ) (5,303 ) (45 ) (11,642 ) (18,265 ) (2,818 ) 27,300 (168,083 ) Financial income 8,875 158 9,812 2,316 121 746 584 56,101 (41,077 ) 37,636 Share of the profit or loss in associates and joint ventures under the equity method of accounting (2,234 ) 944 — — — 14,888 589 (14,709 ) 8,246 7,724 (Loss) profit before income tax (66,495 ) 27,830 102,120 26,952 1,991 36,985 2,711 12,802 (2,550 ) 142,346 Income tax (55,350 ) (7,650 ) (30,157 ) (8,129 ) (520 ) (7,649 ) 20,593 (9,208 ) 2,171 (95,899 ) (Loss) profit from continuing operations (121,845 ) 20,180 71,963 18,823 1,471 29,336 23,304 3,594 (379 ) 46,447 Profit from discontinued operations — — — — — — 5,162 — 3,980 9,142 (Loss) Profit for the year (121,845 ) 20,180 71,963 18,823 1,471 29,336 28,466 3,594 3,601 55,589 (loss) Profit attributable to: Owners of the Company (131,181 ) 17,072 60,331 14,118 1,471 12,377 20,001 4,337 8,571 7,097 Non-controlling 9,336 3,108 11,632 4,705 — 16,959 8,465 (743 ) (4,970 ) 48,492 (121,845 ) 20,180 71,963 18,823 1,471 29,336 28,466 3,594 3,601 55,589 Operating segment performance Segment Reporting Engineering Infrastructure Parent and Energy Toll roads Transportation Water Real Technical Company Eliminations Consolidated Year 2016 - Revenue 4,159,538 382,211 527,104 247,040 18,459 411,518 841,121 62,070 (458,744 ) 6,190,317 Gross profit (loss) 224,621 42,129 121,114 42,473 5,698 136,540 77,304 (171 ) (92,413 ) 557,295 Administrative expenses (258,568 ) (17,260 ) (35,085 ) (12,952 ) (786 ) (28,430 ) (69,870 ) (35,740 ) 76,298 (382,393 ) Other income and expenses (9,250 ) 542 263 10 — 838 3,989 (5,843 ) (3,923 ) (13,374 ) Gain from the sale of investments — — — — — — — 46,336 — 46,336 Operating (loss) profit (43,197 ) 25,411 86,292 29,531 4,912 108,948 11,423 4,582 (20,038 ) 207,864 Financial expenses (65,138 ) (10,801 ) (7,390 ) (2,810 ) (38 ) (14,388 ) (20,170 ) (115,225 ) 14,296 (221,664 ) Financial income 11,216 1,040 2,225 8,037 86 2,816 2,991 18,688 (26,454 ) 20,645 Share of the profit or loss in associates and joint ventures under the equity method of accounting 16,501 1,615 — — — 6,850 360 (1,036,888 ) 421,852 (589,710 ) (Loss) profit before income tax (80,618 ) 17,265 81,127 34,758 4,960 104,226 (5,396 ) (1,128,843 ) 389,656 (582,865 ) Income tax (12,828 ) (5,308 ) (22,213 ) (10,904 ) (1,433 ) (27,054 ) (1,646 ) 193,425 7,233 119,272 (Loss) profit from continuing operations (93,446 ) 11,957 58,914 23,854 3,527 77,172 (7,042 ) (935,418 ) 396,889 (463,593 ) Profit from discontinued operations — — — — — — 7,851 — 4,144 11,995 (Loss) profit for the year (93,446 ) 11,957 58,914 23,854 3,527 77,172 809 (935,418 ) 401,033 (451,598 ) (Loss) profit attributable to: Owners of the Company (87,710 ) 9,370 43,656 17,891 3,527 22,106 1,546 (934,508 ) 414,423 (509,699 ) Non-controlling (5,736 ) 2,587 15,258 5,963 — 55,066 (737 ) (910 ) (13,390 ) 58,101 (93,446 ) 11,957 58,914 23,854 3,527 77,172 809 (935,418 ) 401,033 (451,598 ) Operating segment performance Segment Reporting Engineering Infrastructure Parent and Energy Toll roads Transportation Water Real Technical Company Eliminations Consolidated Year 2017 - Revenue 3,353,199 436,876 642,127 365,772 3,152 647,535 1,060,996 70,049 (499,564 ) 6,080,142 Gross profit (loss) 290,296 71,825 139,196 48,696 445 147,384 57,816 (37,771 ) (45,100 ) 672,787 Administrative expenses (231,044 ) (15,854 ) (32,454 ) (15,279 ) (317 ) (21,189 ) (74,174 ) (100,687 ) 61,817 (429,181 ) Other income and expenses (42,747 ) 5,139 1,062 5 — (3,700 ) 8,625 10,512 559 (20,545 ) Gain from the sale of investments 25,768 — — — — 49,002 — 195,378 4,215 274,363 Operating profit (loss) 42,273 61,110 107,804 33,422 128 171,497 (7,733 ) 67,432 21,491 497,424 Financial expenses (52,852 ) (13,423 ) (6,893 ) (8,000 ) (50 ) (21,917 ) (29,597 ) (80,339 ) 27,626 (185,445 ) Financial income 9,434 1,964 3,256 3,606 26 3,569 3,382 32,925 (42,755 ) 15,407 Share of the profit or loss in associates and joint ventures under the equity method of accounting 30,633 1,584 — — — 455 1,203 142,596 (175,144 ) 1,327 Profit (loss) before income tax 29,488 51,235 104,167 29,028 104 153,604 (32,745 ) 162,614 (168,782 ) 328,713 Income tax (17,091 ) (13,151 ) (32,290 ) (9,545 ) (227 ) (35,900 ) 4,763 (19,495 ) (101 ) (123,037 ) Profit (loss) from continuing operations 12,397 38,084 71,877 19,483 (123 ) 117,704 (27,982 ) 143,119 (168,883 ) 205,676 Profit from discontinued operations — — — — — — 2,317 — 1,245 3,562 Profit (loss) for the year 12,397 38,084 71,877 19,483 (123 ) 117,704 (25,665 ) 143,119 (167,638 ) 209,238 Profit (loss) attributable to: Owners of the Company 12,077 33,715 55,620 14,613 (123 ) 48,648 (18,094 ) 143,279 (140,997 ) 148,738 Non-controlling 320 4,369 16,257 4,870 — 69,056 (7,571 ) (160 ) (26,641 ) 60,500 12,397 38,084 71,877 19,483 (123 ) 117,704 (25,665 ) 143,119 (167,638 ) 209,238 |
Disclosure of Geographical Areas | Segments by geographical area 2015 2016 2017 Revenue: - Peru 5,457,577 4,547,449 4,375,760 - Chile 944,198 707,364 1,054,885 - Colombia 778,333 570,203 285,897 - Panama 206,137 346,065 361,450 - Guyana 111,924 717 — - Brasil 39,253 — — - Ecuador — 3,682 — - Bolivia 45,490 14,837 2,149 7,582,912 6,190,317 6,080,142 Non-current - Peru 3,230,288 3,995,453 4,164,342 - Chile 320,094 446,998 407,152 - Colombia 124,820 260,732 203,203 - Bolivia 15,043 13,043 149 - Ecuador — 888 — - Guyana 8,800 862 878 - Panama 584 — — 3,699,629 4,717,976 4,775,724 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Financial Assets and Liabilities by Category | At December 31 the classification of financial assets and liabilities by category is as follows: At December, 31 2016 2017 Assets according to the statement of financial position Loans and accounts receivable: - Cash and cash equivalents 600,923 626,180 - Trade accounts receivable and other accounts receivable not including advances to suppliers, net 1,329,262 1,447,629 - Work in progress 878,515 672,163 - Financial assets related to concession agreements 685,975 952,780 - Accounts receivable from related parties 713,048 874,682 4,207,723 4,573,434 Financial asset at fair value through profit or loss - Cash and cash equivalents (Mutual funds) 6,027 — - Other financial asset 352 181 6,379 181 Financial assets related to concession agreements are recorded in the consolidated statement of financial position within the line items of short-term trade accounts receivable and long-term trade accounts receivable. At December, 31 2016 2017 Financial liabilities according to the statement of financial position Other financial liabilities at amortized cost - Other financial liabilities 2,140,297 1,561,754 - Finance leases 240,141 128,309 - Bonds 967,714 947,567 - Trade and other accounts payable non-financial 1,769,444 2,054,217 - Accounts payable to related parties 145,537 81,128 5,263,133 4,772,975 Hedging derivatives: - Derivative financial instruments 1,081 383 |
Summary of Credit Quality of Financial Assets | At December 31 the credit quality of financial assets is shown as follows: At December 31, 2016 2017 Cash and cash equivalents (*) Banco de Crédito del Perú (A+) 147,759 224,834 Banco Continental (A+) 136,805 100,882 Banco Scotiabank (A+) 121,480 71,608 Citibank (A) 105,812 110,846 Banco de la Nación (A) 30,007 17,776 Banco Santander - Perú (A) 17,480 — Banco Interbank (A) 6,344 14,937 Banco de Chile (AAA) 4,822 4,337 Banco Interamericano de Finanzas (A) 4,035 5,551 Banco Bogotá (A) 3,756 25,609 Larrain Vial de Chile (A) 3,514 — Banco GNB (A) 2,080 1,334 Banco Santander - Chile (AAA) 1,941 22,041 Scotiabank Chile (AAA) 1,117 3 Banco de Crédito e Inversiones - Chile (AA+) 937 1,105 Banco Scotiabank de Guyana (A) 125 116 Others 5,061 5,935 593,075 606,914 |
Summary of Credit Quality of Customers | 2016 2017 Trade accounts receivable (Note 11 and Note 12) Counterparties with no external risk rating A 117,797 6,042 B 2,052,356 2,313,187 C 407,151 194,248 2,577,304 2,513,477 Receivable from related parties (Note 13) B 713,048 874,682 |
CASH AND CASH EQUIVALENT (Table
CASH AND CASH EQUIVALENT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Cash and Cash Equivalents | At December 31 this account comprises: 2016 2017 Cash on hand 5,944 16,468 In-transit 7,931 2,798 Bank accounts 475,025 493,666 Time deposits 112,023 113,248 Mutual funds 6,027 — 606,950 626,180 |
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 Cash and Cash Equivalent 606,950 626,180 Bank overdrafts (Note 19) (8,396 ) (120 ) Balances of the statement of cash flows 598,554 626,060 |
Trade Accounts Receivable, Net
Trade Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of trade accounts receivables | At December 31 this account comprises: 2016 2017 Current Non-current Current Non-current Invoices receivable 903,878 652,939 459,721 819,699 Collection rights 150,065 14,580 546,351 28,891 1,053,943 667,519 1,006,072 848,590 Impairment of receivables (22,673 ) — (13,348 ) — 1,031,270 667,519 992,724 848,590 |
Summary of aging of trade accounts receivable | Aging of trade accounts receivable is as follows: At December 31, 2016 2017 Current 1,396,040 1,575,709 Past due up to 30 days 103,617 118,158 Past due from 31 days up to 180 days 113,825 141,121 Past due from 181 days up to 360 days 29,506 1,962 Past due over 360 days 78,474 17,712 1,721,462 1,854,662 |
Work in Progress, Net (Tables)
Work in Progress, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Work in Progress | At December 31 this account comprises: 2016 2017 Current Non-current Current Non-current Unbilled rights receivable 971,882 171,752 535,119 58,997 Rights for concessions in progress 32,078 25,834 — 28,413 Cost of work in progress 87,168 — 49,634 — 1,091,128 197,586 584,753 87,410 Impairment of work in progress (Note 5.1-f) (410,199 ) — — — 680,929 197,586 584,753 87,410 |
Transactions with Related Par54
Transactions with Related Parties and Joint Operators (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Transactions Between Related Parties | Major transactions between the Company and its related parties are summarized as follows: 2015 2016 2017 Revenue from sales of goods and services: - Associates 1,400 — 3,367 - Joint operations 52,384 36,901 18,138 53,784 36,901 21,505 Purchase of goods and services: - Associates 18 739 2,776 - Joint operations 489 3,228 14,191 507 3,967 16,967 |
Summary of Sale Purchase of Goods Services | Balances at the end of the year were: At December 31, At December 31, 2016 2017 Receivable Payable Receivable Payable Current portion: Joint operations: Consorcio Constructor Ductos del Sur 62,834 — — — Consorcio GyM Conciviles 61,006 — 43,435 — Consorcio Rio Urubamba 9,072 — 8,964 — Consorcio Peruano de Conservación 8,784 — 7,417 — Consorcio Vial Quinua 4,198 738 — 2,162 Consorcio Italo Peruano 4,174 17,325 14,536 18,849 Consorcio La Gloria 3,521 3,080 1,688 1,358 Terminales del Perú 3,215 259 3,290 — Consorcio Rio Mantaro 3,191 6,886 1,134 763 Consorcio Vial Sierra 940 5,400 2,355 1,854 Consorcio Constructor Chavimochic 915 2,471 1,959 5,817 Consorcio Energía y Vapor 491 3,203 — 72 Consorcio Ermitaño 83 6,372 1,067 6 Consorcio Menegua 30 3,803 39 — Consorcio para la Atención y Mantenimiento de Ductos — 21,790 — 12,074 Consorcio Huacho Pativilca — 3,434 — 2,377 Other minors 10,134 2,472 12,182 6,973 172,588 77,233 98,066 52,305 At December 31, At December 31, 2016 2017 Receivable Payable Receivable Payable Other related parties: Gaseoducto Sur Peruano S.A — — 2,407 — Perú Piping Spools S.A.C. 9,076 — 279 185 Ferrovías Argentina — — — 2,684 Arturo Serna — 2,984 — — 9,076 2,984 2,686 2,869 Portion current 181,664 80,217 100,752 55,174 Non-current portion: Gasoducto Sur Peruano S.A 531,384 — 773,930 — Consorcio Constructor Ductos del Sur — 37,238 — — Ferrovías Participaciones — 20,813 — 21,648 Ferrovías Argentina — 2,835 — — Arturo Serna — 4,434 — 4,306 Portion current 531,384 65,320 773,930 25,954 |
Other Accounts Receivable (Tabl
Other Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Accounting Recivables | At December 31 this account comprises: 2016 2017 Current Non-current Current Non-current Advances to suppliers (a) 79,455 225,567 149,464 255,181 Income tax on-account 202,045 — 125,176 2,607 Fiscal credit (c) 80,091 52,225 81,732 30,680 Guarantee deposits (d) 95,916 — 113,429 — Claims to third parties 26,529 32,669 109,491 41,072 Restricted Fund 14,067 — 61,993 44,770 Petróleos del Perú S.A.- Petroperú S.A. 16,879 29,534 3,619 53,918 Temporary tax on net assets 21,204 — 21,934 — Taxes receivable 13,954 — 31,875 33,428 Claims to SUNAT (pre-paid 16,479 — 12,274 — Rental and sale of equipment 13,640 — 27,970 — Receivables from personnel 10,726 — 6,737 — Other 58,531 17,957 19,751 9,196 649,516 357,952 765,445 470,852 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Inventories (Details) | At December 31 this account comprises: 2016 2017 Land 398,120 317,337 Work in progress - Real estate 289,775 150,537 Finished properties 244,240 203,209 Construction material 114,919 51,131 Merchandise and supplies 97,860 90,504 1,144,914 812,718 Impairment of inventories (Note 5.1-f) (40,621 ) (42,007 ) 1,104,293 770,711 |
Schedule of Inventories of Land | At December 31, land comprises properties for the implementation of the following projects of subsidiary Viva GyM: 2016 2017 Lurín (a) 95,634 103,574 Miraflores (b) 80,552 1,349 San Miguel (c) 70,556 44,126 San Isidro (d) 46,606 58,441 Ancón (e) 35,934 37,823 Nuevo Chimbote (f) 17,054 17,201 Huancayo (g) 11,618 13,572 Canta Callao — 12,978 Others 40,166 28,273 398,120 317,337 (a) Plot of land of 750 hectares located in the district of Lurín, province of Lima, for industrial development and public housing. (b) Land located in Av. El Ejército, Urb. Santa Cruz- Miraflores, Lima, for the development of a project consisting in a 5-star (c) Land located in San Miguel, a total of 1.4 hectares for the development of a multi-family housing project of 248 apartments and 185 parking lots. On November 6, 2017, a portion of 0.56 hectares was sold to a real estate investment fund in Larrainvial-Colliers II at S/27.8 million. (d) A plot of land in the district of San Isidro in which a 15-storey (e) A 108-hectare (f) Land located in Chimbote, 11.5 hectares, for the development of a social housing project (g) Land located in Huancayo, 8.5 hectares for the development of a land sale project. |
Schedule of Inventories of Work In Progress (Details) | At December 31, real state work in progress comprises the following projects: 2016 2017 Klimt 100,751 — Los Parques de Comas 89,074 70,647 Los Parques del Callao 51,613 53,441 Real 2 17,181 — Villa El Salvador 2 12,674 2,141 Others 18,482 24,308 289,775 150,537 |
Schedule of Inventories of Finished Properties (Details) | At December 31, the balance of finished properties consists of the following investment properties: 2016 2017 El Rancho 121,302 82,796 Panorama 33,443 18,481 Los Parques de San Martín de Porres 30,724 16,687 Los Parques de Callao 19,736 486 Rivera Navarrete 11,966 7,870 Los Parques de Carabayllo 2da etapa 7,497 3,134 Los Parques de Comas 7,336 16,058 Los Parques de Villa El Salvador II 5,951 9,313 Klimt — 44,103 Real 2 — 3,877 Others 6,285 404 244,240 203,209 |
Investments in Associates and57
Investments in Associates and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Amounts Recognised in Balance Sheet | At December 31 this account comprises: 2016 2017 Associates 286,403 250,053 Joint ventures 103,356 18,618 389,759 268,671 |
Schedule of Amounts Recognised in Income Statement | The amounts recognized in the income statement are as follows: 2016 2017 Associates (584,801 ) (5,915 ) Joint ventures (4,909 ) 7,242 ) (589,710 ) 1,327 |
Summary of Detailed Information about Associates | Set out below are the associates of the Group at December 31, 2016 and 2017. 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 2016 2017 2016 2017 % % Gasoducto Sur Peruano S.A. Common 20.00 21.49 218,276 218,276 Promoción Inmobiliaria del Sur S.A. Common 22.50 — 31,768 — Concesionaria Chavimochic S.A.C. Common 26.50 26.50 32,394 22,091 Betchel Vial y Vives Servicios Complementarios Ltda. Common 40.00 40.00 69 102 Others 3,896 9,584 286,403 250,053 |
Summary of Financial Information for Associates | Summarized financial information for associates - Entity Gasoducto Sur Peruano S.A. Promoción Inmobiliaria del Sur S.A. Concesionaria Chavimochic S.A.C. At December, 31 At December, 31 At December, 31 2015 2016 2015 2016 2015 2016 2017 Current Assets 303,219 375,547 124,887 149,300 171,400 120,342 73,004 Liabilities (3,357,508 ) (6,747,492 ) (32,072 ) (187,380 ) (110,799 ) (3,160 ) (1,111 ) Non-current Assets 4,943,392 8,522,099 47,669 193,127 8,608 8,282 11,809 Liabilities (7,442 ) — (13,090 ) (13,855 ) (2,547 ) (1,918 ) (342 ) Net assets 1,881,661 2,150,154 127,394 141,192 66,662 123,546 83,360 Entity Gasoducto Sur Peruano S.A. Promoción Inmobiliaria del Sur S.A. Concesionaria Chavimochic S.A.C. 2015 (*) 2016 (*) 2015 2016 2015 2016 2017 Revenues 3,007,799 3,323,410 90,970 65,071 376,124 264,386 — Profit (loss) from continuing operations 69,191 (1,372,594 ) 90,618 42,281 22,995 (2,994 ) (43,340 ) Income tax (19,828 ) — (25,373 ) (11,839 ) (6,656 ) 921 3,185 Profit (loss) from operations after income tax 49,363 (1,372,594 ) 65,245 30,442 16,339 (2,073 ) (40,155 ) Other comprehensive income — — — — Total comprehensive income 49,363 (1,372,594 ) 65,245 30,442 16,339 (2,073 ) (40,155 ) (*) Gaseoducto Sur Peruano S.A. gross profit 2015 and 2016 amounting to S/257.7 million and S/0.8 million, respectively. |
Schedule of Movement of Investments in Associates | The movement of the investments in associates is as follows: 2015 2016 2017 Opening balance 82,494 490,702 286,403 Contributions received — 390,506 2,116 Acquisition of Gasoducto Sur Peruano 437,494 — — Impairment of GSP — (593,105 ) — Panorama Project (39,180 ) — — Dividends received (9,838 ) (10,149 ) (259 ) Equity interest in results 22,800 8,304 (5,915 ) Decrease in capital — (166 ) (111 ) Sale of Investment — — (32,223 ) Derecognition of investments (2,755 ) — — Conversion adjustment (313 ) 311 42 Final balance 490,702 286,403 250,053 |
Summary of Detailed Information about Joint Ventures | Set out below are the joint ventures of the Group as of December 31: Carrying amount Class of share Interest in capital At December 31, Entity 2016 2017 2016 2017 % % Tecgas N.V. Common 51.00 — 84,100 — Sistemas SEC Common 49.00 49.00 9,591 10,112 Logistica Químicos del Sur S.A.C. Common 50.00 50.00 8,515 7,343 G.S.J.V. SCC Common 50.00 50.00 861 878 Constructora SK-VyV Common 50.00 50.00 59 49 Others — — 230 236 103,356 18,618 |
Summary of Financial Information for Joint Ventures | Summarized financial information for joint ventures Tecgas N.V. At December, 31 Entity 2016 Current Cash and cash equivalents 67 Other current assets 92,843 Total current assets 92,910 Other current liabilities (87,780 ) Total current liabilities (87,780 ) Non-current Total non-current 33,336 Total non-current (7,367 ) Net assets 31,099 Revenue 457,554 Depreciation and amortization (2,266 ) Interest income 215 Interest expense — Profit (loss) from continuing operations (3,209 ) Income tax expense (4,078 ) Post-tax (7,287 ) Other comprehensive income — Total comprehensive income 7,287 |
Schedule of Movement of Investments in Joint Ventures | The movement of the investments in joint ventures was as follows: 2015 2016 2017 Opening balance 147,069 146,303 103,356 Debt capitalization — 8,308 — Contributions received — 6,889 — Equity interest in results 2,193 (4,909 ) 7,242 Acquisitions 44,145 — — Sale of Investment — — (88,556 ) Transfer of Adexus from acquisition of control — (35,870 ) — Dividends received (42,122 ) (17,843 ) (3,758 ) Decrease in capital (3,364 ) (1,798 ) — Conversion adjustment (1,618 ) 2,276 334 Final balance 146,303 103,356 18,618 |
Property, Plant and Equipment58
Property, Plant and Equipment,net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2015, 2016 and 2017 is as follows: Furniture and Other Replacement In-transit Work in Land Buildings Machinery Vehicles fixtures equipment units units progress Total At January 1, 2015 Cost 30,675 200,450 986,487 394,077 43,146 176,869 7,245 9,177 99,831 1,947,957 Accumulated depreciation and impairment — (35,479 ) (416,029 ) (201,815 ) (27,279 ) (120,333 ) (4 ) — — (800,939 ) Net carrying amount 30,675 164,971 570,458 192,262 15,867 56,536 7,241 9,177 99,831 1,147,018 Net initial carrying amount 30,675 164,971 570,458 192,262 15,867 56,536 7,241 9,177 99,831 1,147,018 Additions — 9,021 105,575 86,923 12,684 22,802 — 16,018 44,933 297,956 CAM Brazil deconsolidation — (839 ) (1,462 ) (633 ) (70 ) — — — — (3,004 ) Reclassifications — 36,180 32,389 9,300 1,245 7,272 10,529 (23,092 ) (73,823 ) — Transfers to intangibles (Note 18) — — 68 — — — — — (36,785 ) (36,717 ) Transfers to accounts receivable — (3,635 ) — — (777 ) (4,442 ) — — (5,168 ) (14,022 ) Deduction for sale of assets (2,001 ) (1,235 ) (35,118 ) (42,464 ) (1,491 ) (7,979 ) — — (14,185 ) (104,473 ) Disposals – cost — (5,057 ) (10,224 ) (362 ) (2,299 ) (1,810 ) (2,326 ) (89 ) (1,206 ) (23,373 ) Depreciation charge — (11,780 ) (116,993 ) (54,545 ) (4,623 ) (13,141 ) — — — (201,082 ) Discontinued operations — (1,818 ) — (263 ) (533 ) (11,084 ) — — — (13,698 ) Depreciation for sale deductions — 1,003 23,907 32,566 799 7,751 — — — 66,026 Disposals – accumulated depreciation — 3,060 4,373 323 503 1,331 — — — 9,590 Translations adjustments (265 ) (306 ) (8,288 ) (2,221 ) (128 ) (506 ) — (197 ) (553 ) (12,464 ) Net final carrying amount 28,409 189,565 564,685 220,886 21,177 56,730 15,444 1,817 13,044 1,111,757 At December 31, 2015 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 Furniture and Other Replacement In-transit Work in Land Buildings Machinery Vehicles fixtures equipment units units progress 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 — 588 1,927 (1,172 ) 4,456 13,156 2,583 (17,349 ) (4,189 ) — Transfers to inventories 2,941 — — — — — — — — 2,941 Transfers to intangibles (Note 18) — — — — — — — — (1,257 ) (1,257 ) Deduction for sale of assets (5,256 ) (14,333 ) (60,374 ) (48,521 ) (1,724 ) (5,766 ) — — — (135,974 ) Disposals – cost — (1,232 ) (15,149 ) (1,354 ) (1,579 ) (4,364 ) (661 ) (2 ) — (24,341 ) Depreciation charge — (12,651 ) (104,638 ) (47,366 ) (6,947 ) (15,088 ) (5 ) — — (186,695 ) Impairment loss — (73 ) (5,190 ) (317 ) (3,301 ) (382 ) — — — (9,263 ) Discontinued operations — (2,191 ) 0 (675 ) (601 ) (13,039 ) — — — (16,506 ) Depreciation for sale deductions — 8,113 48,266 29,536 1,026 1,907 — — — 88,848 Disposals – accumulated depreciation — 939 14,430 886 1,540 3,991 — — — 21,786 Translations adjustments 282 130 5,987 922 176 (344 ) — — 94 7,247 Net final carrying amount 32,614 194,894 531,322 203,819 20,171 87,801 17,914 3,778 21,286 1,113,599 At December 31, 2016 Cost 32,614 241,150 1,088,229 443,641 59,593 246,102 17,923 3,778 21,286 2,154,316 Accumulated depreciation and impairment — (46,256 ) (556,907 ) (239,822 ) (39,422 ) (158,301 ) (9 ) — — (1,040,717 ) Net carrying amount 32,614 194,894 531,322 203,819 20,171 87,801 17,914 3,778 21,286 1,113,599 Land Buildings Machinery Vehicles Furniture and 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 of GMD (3,713 ) (26,109 ) — (1,527 ) (2,153 ) (46,032 ) 0 (3,903 ) (4 ) (-83,441 ) Reclassifications 0 1,969 12,459 2,888 609 6,579 4,076 (21,600 ) (6,980 ) — Transfers to intangibles (Note 18) — — 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 – cost — (1,869 ) (6,442 ) (7,941 ) (1,200 ) (12,592 ) — (230 ) (3,606 ) (33,880 ) Depreciation charge — (12,469 ) (100,976 ) (45,457 ) (11,654 ) (26,928 ) — — — (197,484 ) Impairment loss — — (14,328 ) — — 0 — — (352 ) (14,680 ) Depreciation for sale deductions — 3,579 115,864 84,145 1,049 3,128 — — — 207,765 Disposals – accumulated depreciation — 1,624 2,410 434 778 3,179 — — — 8,425 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 23,678 166,483 998,207 381,950 64,233 225,946 22,924 (42 ) 19,047 1,902,426 Accumulated depreciation and impairment — (53,522 ) (553,937 ) (200,700 ) (49,249 ) (178,922 ) (9 ) — -352 (1,036,691 ) Net carrying amount 23,678 112,961 444,270 181,250 14,984 47,024 22,915 (42 ) 18,695 865,735 |
Summary of Depreciation of Fixed Assets and Investment Properties | Depreciation of fixed assets and investment properties for the year is broken down in the statement of income as follows: 2015 2016 2017 Cost of services and goods 186,661 177,699 178,209 Administrative expenses 16,711 11,317 13,224 (+) Depreciation GMD discontinued operation — — 8,361 Total depreciation related to property, plant and equipment 203,372 189,016 199,794 (-) Depreciation related to investment property (2,290 ) (2,321 ) (2,310 ) Total depreciation related to property, plant and equipment 201,082 186,695 197,484 |
Summary of Net Carrying Amount of Machinery and Equipment, Vehicles and Furniture and Fixtures Acquired Under Finance Lease Agreements | The net carrying amount of machinery and equipment, vehicles and furniture and fixtures acquired under finance lease agreements is broken down as follows: Financial Leasing At December 31, 2015 2016 2017 Cost of acquisition 735,591 800,927 650,301 Accumulated depreciation (327,465 ) (386,411 ) (351,447 ) Net carrying amount 408,126 414,516 298,854 |
Summary Of Outstanding Commitments For Non-Cancelable Operating Leases | In relation to the sale lease contract for the corporate building located in Miraflores mentioned on the previous page, the Company has outstanding commitments for non-cancelable 2017 Not later than 1 year 8,526 Within 2 to 5 years 35,161 Later than 5 years 46,451 90,138 |
Intangible Assets.net (Tables)
Intangible Assets.net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Movement of Intangible Assets and That of Their Related Accumulated Amortization | The movement of intangible assets and that of their related accumulated amortization, as of December 31, 2015, 2016 and 2017, is as follows: Goodwill Trade- Concession Contractual Internally Costs of Development Land use Other Total At January 1, 2015 Cost 202,144 102,835 561,183 86,233 32,231 281,722 3,623 13,288 14,257 1,297,516 Accumulated amortization and impairment (21,995 ) (217 ) (269,504 ) (43,243 ) (26,462 ) (150,392 ) (3,623 ) — (3,337 ) (518,773 ) Net carrying amount 180,149 102,618 291,679 42,990 5,769 131,330 — 13,288 10,920 778,743 Net initial carrying amount 180,149 102,618 291,679 42,990 5,769 131,330 — 13,288 10,920 778,743 Additions 5,418 — 165,149 — 9,141 11,842 — — 3,429 194,979 CAM Brazil Deconsolidation — — — — (129 ) — — — — (129 ) Transfers from assets under construction (Note 17) — — — (68 ) 1,562 33,396 — — 1,827 36,717 Transfers to accounts receivable — — (2,278 ) — — — — — — (2,278 ) Transfers to pre-paid — — (10,923 ) — — — — — (3,684 ) (14,607 ) Reclassifications — — — — 188 (188 ) — — (3 ) (3 ) Amortization — — (18,436 ) (14,697 ) (4,601 ) (42,117 ) — — (825 ) (80,676 ) Discontinued operations — — (7,247 ) — (1,432 ) — — — — (8,679 ) Translations adjustments (15,335 ) (6,084 ) (51 ) (4,031 ) (280 ) — — — — (25,781 ) Net final carrying amount 184,808 96,534 417,893 24,194 10,218 122,421 — 13,288 11,664 878,286 At December 31, 2015 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 Goodwill Trade- Concession Contractual Internally Costs of Development Land use 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 — — (19,646 ) (4,376 ) (7,407 ) (40,918 ) — — (1,200 ) (73,547 ) Discontinued operations — — (8,560 ) — (636 ) — — — — (9,196 ) 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 34,418 1,708,082 Accumulated amortization and impairment (60,675 ) (15,845 ) (326,453 ) (62,316 ) (40,586 ) (233,378 ) (3,623 ) — (4,920 ) (747,796 ) 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 Internally Costs of Development Land use 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 — — 64,171 5,274 3,330 49,698 — — 20,832 143,305 Deconsolidation GMD (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 193,862 110,486 879,289 100,640 66,301 396,806 3,623 13,288 51,983 1,816,278 Accumulated amortization and impairment (77,058 ) (45,386 ) (351,062 ) (66,375 ) (48,677 ) (280,073 ) (3,623 ) — (3,954 ) (876,208 ) Net cost 116,804 65,100 528,227 34,265 17,624 116,733 — 13,288 48,029 940,070 |
Summary of Goodwill Allocated to Cash-Generating Units (CGU) | At December 31 goodwill allocated to cash-generating units (CGU) are: 2015 2016 2017 Engineering and construction 125,514 98,587 75,051 Electromechanical 20,737 20,737 20,737 Mining and construction services 13,366 13,366 13,366 IT equipment and services 4,172 5,102 6,720 Telecommunications services 6443 6,728 930 170,232 144,520 116,804 |
Summary of Major Assumptions Used by the Group in Determining the Fair Value Less Cost of Disposal | Major assumptions used by the Group in determining the fair value less cost of disposal and the value in use were as follows: Engineering and Electro- Mining and IT equipment and Telecommunication % % % % % 2016 Gross margin 9.50% - 12.99% 11.10% 12.04% 15.00% - 23.19% 11.75% Terminal growth rate 3.00% - 4.00% 2.00% 2.00% 2.00% - 3.00% 3.00% Discount rate 9.66% - 12.72% 11.01% 11.71% 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% Major assumptions used by the Group in determining the fair value less cost of disposal are as follows: Engineering and IT Equipment Morelco Vial y Vives - DSD 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 % |
Summary of Amortization of Intangibles | Amortization of intangibles is broken down in the income statement as follows: 2015 2016 2017 Cost of sales and services (Note 27) 74,187 66,862 74,515 Administrative expenses (Note 27) 6,489 6,685 8,227 80,676 73,547 82,742 |
Other Financial Liabilities (Ta
Other Financial Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Other Financial Liabilities | At December 31 this account comprises: Total Current Non-current 2016 2017 2016 2017 2016 2017 Bank overdrafts 8,396 120 8,396 120 — — Bank loans 2,131,901 1,561,634 1,835,340 990,467 296,561 571,167 Finance leases 240,141 128,309 117,307 66,177 122,834 62,132 2,380,438 1,690,063 1,961,043 1,056,764 419,395 633,299 |
Summary of Bank Loan | Current Non-current Interest Date of At December, 31 At December, 31 rate maturity 2016 2017 2016 2017 GyM S.A. 3.30% / 8.73% 2018 / 2019 492,910 551,413 187,029 95,376 Graña y Montero S.A.A. Libor USD 3M + 2018 / 2020 932,114 113,412 — 363,564 Viva GyM S.A. 7.00% / 10.67% 2018 201,609 157,592 — — GMP S.A. 4.45% / 6.04% 2018 / 2020 77,857 42,911 71,453 96,245 CAM Holding S.A. 4.44% / 13.93% 2018 / 2020 69,702 77,775 24,889 12,807 Adexus S.A. 3.63% / 5.90% 2018 / 2019 42,782 46,552 13,190 3,175 CONCAR S.A. 7.50% 2018 — 812 — — CAM Servicios Perú S.A. 6.39% / 7.18% 2017 3,620 — — — GMD S.A. 6.20% / 7.47% 2017 14,746 — — — 1,835,340 990,467 296,561 571,167 |
Summary of Finance Lease Obligations | Current Non-current Interest Date of At December, 31 At December, 31 rate maturity 2016 2017 2016 2017 GyM S.A. 2.25% / 8.96% 2018 / 2021 80,570 40,107 58,937 32,397 Viva GyM S.A. 7.30% / 8.95% 2018 / 2022 4,847 4,439 16,541 12,010 Adexus S.A. 3.36% / 18.00% 2018 / 2021 9,884 8,567 12,287 4,363 GMP S.A. 4.22% / 4.98% 2018 / 2020 4,206 4,013 9,035 5,304 CAM Holding S.A. 3.01% / 14.76% 2018 / 2022 3,729 6,240 10,590 5,692 CONCAR S.A. 3.23% / 4.70% 2018 / 2020 3,667 1,777 3,345 1,945 CAM Servicios Perú S.A. 6.79% / 7.75% 2019 / 2020 — 687 — 421 GMI S.A. 5.56% / 6.90% 2018 — 347 — — GMD S.A. 4.99% / 7.00% 2017 10,404 — 12,099 — 117,307 66,177 122,834 62,132 |
Summary of Minimum Payment by Maturity and Present Value of Finance Lease Obligations | The minimum payments to be made by maturity and present value of the finance lease obligations are as follows: At December 31, 2016 2017 Up to 1 year 127,496 72,864 From 1 to 5 years 112,769 65,899 Over 5 years 19,506 638 259,771 139,401 Future financial charges on finance leases (19,630 ) (11,092 ) Present value of the obligations for finance lease contracts 240,141 128,309 |
Summary of Carrying Amount and Fair Value of Borrowings | The carrying amount and fair value of borrowings are broken down as follows: Carrying amount Fair value At December, 31 At December, 31 2016 2017 2016 2017 Bank overdrafts 8,396 120 8,396 120 Bank loans 2,131,901 1,561,634 2,142,890 1,627,000 Finance leases 240,141 128,309 240,089 141,040 2,380,438 1,690,063 2,391,375 1,768,160 |
Obligations under finance leases [Member] | |
Summary of Present value of Finance Lease Obligations | The present value of finance lease obligations is broken down as follows: At December 31, 2016 2017 Up to 1 year 117,307 66,177 From 1 year to 5 years 105,978 61,501 Over 5 years 16,856 631 240,141 128,309 |
Bonds (Tables)
Bonds (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Bonds Issued | At December 31 this account comprises: Total Current Non-current 2016 2017 2016 2017 2016 2017 GyM Ferrovías 604,031 603,657 20,551 12,294 583,480 591,363 Norvial 363,683 343,910 25,540 24,361 338,143 319,549 967,714 947,567 46,091 36,655 921,623 910,912 |
Bonds | 2016 2017 Balances as of January 1 186,223 363,684 Additions 179,977 — Transaction cost applied to additions (1,099 ) — Amortization (3,369 ) (20,010 ) Transaction cost applied to amortization 265 195 Accrued interest 3,332 2,789 Capitalized interest 22,002 26,014 Interest paid (23,382 ) (28,567 ) Transaction cost applied to paid interest (265 ) (195 ) Balances as of December 31 363,684 343,910 Less : non current portion (25,541 ) (24,361 ) Long term - bonds 338,143 319,549 |
Trade Accounts Payable (Tables)
Trade Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Trade Accounts Payable | At December 31 this account comprises: 2016 2017 Unbilled services received 924,025 132,513 Invoices payable 350,559 1,250,586 Notes payable 2,033 69,947 1,276,617 1,453,046 |
Other Accounts Payable (Tables)
Other Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Other Accounts Payable | At December 31, this account comprises: Total Current Not Current 2016 2017 2016 2017 2016 2017 Advances received from customers 810,755 726,294 510,367 316,891 300,388 409,403 Payables Consorcio Ductos del Sur — 250,021 — — — 250,021 Salaries and profit sharing payable 176,022 246,916 176,022 246,916 — — GSP performance guarantee (Note 16-a-i) 176,401 — 176,401 — — — Put option liability on Morelco acquisition (Note 33-b) 110,604 105,418 — — 110,604 105,418 Third-party loans 69,991 107,314 37,991 75,256 32,000 32,058 Other taxes payable 50,548 69,584 50,548 69,584 — — VAT payable 65,777 48,095 53,678 37,544 12,099 10,551 Payables Consorcio Rio Mantaro — 35,531 — 35,531 — — Acquisition of non-controlling 36-a) 32,102 22,407 32,102 22,407 — — Supplier funding 40,612 14,886 26,526 — 14,086 14,886 Guarantee deposits 16,799 15,580 16,799 15,580 — — Post-retirement benefits 9,088 8,914 — — 9,088 8,914 Other accounts payables 50,411 50,013 15,873 28,791 34,538 21,222 1,609,110 1,700,973 1,096,307 848,500 512,803 852,473 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Provisions | At December 31 this account comprises: Total Current Not Current 2016 2017 2016 2017 2016 2017 Legal claims 15,733 23,364 13,303 12,220 2,430 11,144 Contingent liabilities from the acquisition of Morelco 5,182 4,224 — — 5,182 4,224 Contingent liabilities from the acquisition of Coasin and Vial yVives - DSD 1,815 1,839 — — 1,815 1,839 Contingent liabilities from the acquisition of Adexus 1,128 1,186 1,128 1,186 — — Provision for well closure (Note 5.1 d) 17,215 16,804 100 97 17,115 16,707 41,073 47,417 14,531 13,503 26,542 33,914 |
Summary Gross Movement of Other Provisions | The gross movement of other provisions is broken down as follows: Other provisions Legal Contingent Provision Total At January 1, 2016 15,000 26,779 19,149 60,928 Additions 9,486 — 462 9,948 Acquisition of subsidiaries 1,926 1,149 — 3,075 Reversals of provisions (10,569 ) (17,883 ) (2,395 ) (30,847 ) Payments (298 ) (2,458 ) — (2,756 ) Translation adjustments 187 538 — 725 At December 31, 2016 15,732 8,125 17,216 41,073 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 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Company's Shareholding Structure | As of December 31, 2017 the Company’s shareholding structure was as follows: Percentage of individual interest in capital Number of Total Up to 1.00 2,062 14.22 From 1.01 to 5.00 11 23.57 From 5.01 to 10.00 1 5.12 Over 10 2 57.09 2,076 100.00 |
Deferred Income Tax (Tables)
Deferred Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Deferred Income Tax | Deferred income tax is broken down by its estimated reversal period as follows: 2016 2017 Deferred income tax asset: Reversal expected in the following 12 months 86,990 73,883 Reversal expected after 12 months 340,018 362,814 Total deferred tax asset 427,008 436,697 Deferred income tax liability: Reversal expected in the following 12 months (166 ) (5,583 ) Reversal expected after 12 months (73,003 ) (66,889 ) Total deferred tax liability (73,169 ) (72,472 ) Deferred income tax asset, net 353,839 364,225 |
Summary of Gross Movement of Deferred Income Tax Item | The gross movement of the deferred income tax item is as follows: 2015 2016 2017 Deferred income tax asset, net as of January 1 58,723 48,682 353,839 Credit to income statement (Note 30) (175 ) 263,806 42,779 Adjustment for changes in rates of income tax (2,008 ) 17,105 1,951 Credit (charge) to other comprehensive income (7,298 ) 15,004 — Tax charged to equity — 159 — Acquisition of a subsidiary — 10,363 (12,340 ) Acquisition of joint operation 1,476 — (16,804 ) Other movements (2,036 ) (1,280 ) (5,200 ) Total as of December 31 48,682 353,839 364,225 |
Summary of Movements of Deferred Tax Assets and Liabilities | The movement of deferred tax assets and liabilities in the year, without taking into account the offsetting of balances, is as follows: Deferred income tax liability Non-taxable Difference Fair value Work in Difference in Receivables Capitalized Financing cost Purchase Others Total At January 1, 2015 14,190 36,515 13,732 14,368 10,445 — — — 21,534 110,784 (Charge) credit to P&L — 2,791 15,338 16,393 — 9,986 15,178 — 1,347 61,032 (Charge) credit to OCI — — 7,016 — — — — — 281 7,297 Reclassification of prior years (14,190 ) 5,849 (5,402 ) (6,038 ) (10,445 ) 15,557 — — (11,354 ) (26,020 ) At December 31, 2015 — 45,155 30,684 24,723 — 25,543 15,178 — 11,808 153,093 (Charge) credit to P&L — 16,595 13,587 (16,481 ) — 3,324 6,240 — 2,619 25,883 (Charge) credit to OCI — — (15,348 ) — — — — — — (15,348 ) Reclassification of prior years — — (28,923 ) — — — — 30,187 (1,264 ) — Adquisition of subsidiary (Adexus) — — — — — — — (3,069 ) — (3,069 ) At December 31, 2016 — 61,750 — 8,242 — 28,867 21,418 27,118 13,163 160,559 (Charge) credit to P&L — 104,101 — (5,712 ) — 3,322 (1,473 ) (11,780 ) (3,724 ) 84,734 Sale of subsidiary (GMD S.A.) — — — — — — — — (81 ) (81 ) At December 31, 2017 — 165,851 — 2,530 — 32,189 19,945 15,338 9,358 245,211 Deferred income tax asset Provisions Accelerated tax depreciation Tax losses Work in Accrual for vacations Investments in Impairment Tax Goodwill Other Total At January 1, 2015 25,806 23,350 59,036 23,941 16,973 11,769 — — 8,636 169,511 Charge (credit) to P&L 342 4,076 26,661 18,623 772 (13,832 ) — 17,522 4,646 58,810 Adquisition of subsidiary (Coasin) — — — — — — — — — — Adquisition of subsidiary (Morelco) — — — — — — — — — — Others — — — — — — — — — — Reclassification of prior years (5,199 ) (12,534 ) 5,615 (19,544 ) (2,768 ) 2,063 5,623 (26,744 ) At December 31, 2015 20,949 14,892 91,313 24,103 14,977 1,476 — 17,522 16,463 201,775 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 Cargo (abono) a ORI — — — — — — — — (343 ) (343 ) Adquisition of subsidiary (Adexus) — — 10,607 — — — — — (3,313 ) 7,294 Others — — — — — (556 ) — — (724 ) (1,280 ) At December 31, 2016 105,679 16,381 153,083 17,614 12,972 608 172,052 20,525 15,487 514,398 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 ) — — — — 0 (7,493 ) — (347 ) (16,722 ) Reclassification (30,901 ) — — — — (726 ) 31,627 — — — Sale of subsidiary (GMD) (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 0 224,780 20,413 28,139 609,435 |
Worker's Profit Sharing | 26 WORKERS’ PROFIT SHARING Worker’s profit sharing is broken down in the income statement as of December 31 as follows: 2015 2016 2017 Cost of sales of goods and services 27,618 15,234 6,531 Administrative expenses 7,263 1,297 7,562 34,881 16,531 14,093 |
Summary of Worker's Profit Sharing | Worker’s profit sharing is broken down in the income statement as of December 31 as follows: 2015 2016 2017 Cost of sales of goods and services 27,618 15,234 6,531 Administrative expenses 7,263 1,297 7,562 34,881 16,531 14,093 |
Expenses by Nature (Tables)
Expenses by Nature (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Information about Expense by Nature | For the years ended December 31 this item comprises the following: Cost of goods Administrative and services expenses 2015 Services provided by third-parties 2,915,682 135,636 Salaries, wages and fringe benefits 2,033,316 199,635 Purchase of goods 1,072,900 7,369 Other management charges 629,799 23,873 Depreciation 186,661 16,711 Amortization of intangibles 74,187 6,489 Taxes 37,129 1,919 Impairment of accounts receivable 13,180 — Impairment of property, plant and equipment 7,063 2,591 6,969,917 394,223 2016 Services provided by third-parties 2,317,589 121,294 Salaries, wages and fringe benefits 1,423,664 217,337 Purchase of goods 901,473 — Impairment of accounts receivable 419,584 — Other management charges 267,011 24,122 Depreciation 177,699 11,317 Amortization of intangibles 66,862 6,685 Impairment (inventories and accounts receivable) 36,137 — Taxes 13,740 1,638 Impairment of property, plant and equipment 9,263 — 5,633,022 382,393 2017 Services provided by third-parties 1,674,731 121,508 Salaries, wages and fringe benefits 1,615,278 205,245 Purchase of goods 1,136,616 140 Other management charges 656,875 54,201 Depreciation 178,209 13,224 Amortization of intangibles 74,515 8,227 Impairment (inventories and accounts receivable) 40,908 — Taxes 14,860 8,210 Impairment of property, plant and equipment 14,660 20 Impairment of accounts receivable 703 18,406 5,407,355 429,181 |
Summary of Wages, Salaries and Fringe Benefits | For the year’s ended December 31 wages, salaries and fringe benefits comprise the following items: 2015 2016 2017 Salaries 1,728,410 1,233,272 1,304,893 Social contributions 164,965 139,423 128,046 Statutory bonuses 129,909 92,418 155,206 Employee’s severance indemnities 91,958 64,421 99,011 Vacations 72,719 58,411 74,759 Worker’s profit sharing (Note 26) 33,972 15,693 14,093 Others 11,018 37,363 44,515 2,232,951 1,641,001 1,820,523 |
Financial Income and Expenses (
Financial Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Financial Income and Expenses | For the years ended December 31 these items comprise the following: 2015 2016 2017 Financial income: Interest on short-term bank deposits 12,076 9,193 5,133 Interest on loans to third parties 19,749 6,142 635 Commissions and collaterals 3,026 4 12 Exchange rate gain, net — — 6,292 Others 2,785 5,306 3,335 37,636 20,645 15,407 Financial expenses: Interest expense: - Bank loans 56,974 97,953 109,366 - Bonds 3,350 25,352 28,804 - Financial lease 13,167 12,138 9,748 - Commissions and collaterals 8,574 9,166 15,648 - Loans from third parties 2,868 264 7,569 - Loans from related parties 556 3,452 — Exchange difference loss, net 82,851 12,527 — Derivative financial instruments 1,691 1,248 739 Loss by measurement of financial asset fair value — 76,864 8,059 Other financial expenses 11,205 18,134 37,420 Less capitalized interest (13,153 ) (35,434 ) (31,908 ) 168,083 221,664 185,445 |
Other Income and Expenses, Net
Other Income and Expenses, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Other Income and Expenses, Net | For the years ended December 31 these items comprise the following: 2015 2016 2017 Other income: Sales of fixed assets 25,690 39,774 119,554 Reversal of legal and tax provisions 7,796 18,778 79 Legal indemnities — 8,957 — Sale of investments held for sale 60 46 — Disposal of non-current assets classified as held for sale 8,775 — — Present value of the liability from put option 18,627 — — Others 18,434 18,574 15,449 79,382 86,129 135,082 Other expenses: Impairment of goodwill and trademarks — 54,308 49,608 Net cost of fixed assets disposal 15,669 31,247 95,541 Loss on remeasurement of previously held interest (Note 33-a) — 6,832 — Present value of the liability from put option — 984 — Cost of sales of non-current assets classified as held for sale 8,945 — — Others 184 6,132 10,478 24,798 99,503 155,627 54,584 (13,374 ) (20,545 ) |
Tax Situation (Tables)
Tax Situation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Income Tax Expense | e) The income tax expense shown in the consolidated income statement comprises: 2015 2016 2017 Current income tax 135,036 169,428 167,154 Deferred income tax (Note 25) 2,222 (280,911 ) (44,730 ) PPUA (41,359 ) (7,789 ) 613 Income tax expense 95,899 (119,272 ) 123,037 |
Summary of Weighted-Average Income Tax Rate Applicable To Profit | f) The Group’s income tax differs from the theoretical amount that would have resulted from applying the weighted-average income tax rate applicable to the profit reported by of the consolidated companies, as follows: 2015 2016 2017 Profit (loss) before income tax 142,446 (582,865 ) 328,712 Income tax by applying local applicable tax rates on profit generated in the respective countries 51,503 (164,742 ) 98,902 Tax effect on: - Non-taxable (31,266 ) (1,068 ) (7,281 ) - Equity method (profit) loss 2,171 3,673 392 - Non-deductible 9,831 57,044 27,901 - Unrecognized deferred tax asset income (expense) 31,432 (4,535 ) 1,562 - Adjustment for changes in rates of income tax 2,008 (17,105 ) (1,951 ) - PPUA adjustment for changes in tax rates 15,296 4,871 (611 ) - Change in prior years estimations 12,762 (181 ) 12,200 - Others, net 2,162 2,771 (8,077 ) Income tax charge 95,899 (119,272 ) 123,037 |
Summary of Weighted Average Pre-tax Profit or Loss and Applicable Income Tax Rate | g) The theoretical tax disclosed resulted from applying the income tax rate stipulated in the tax laws of the country in which a Group company is legally resident. Accordingly, for fiscal 2017, companies that are legally resident in Peru, Chile and Colombia applied income tax rates of 29.5%, 25.5% and 40% respectively (28%, 24% and 40% for 2016; 28%, 22.5% and 39% for 2015). Norvial, GyM Ferrovías, Vesur and GMP (Blocks III and IV) have legal stability agreements with Peruvian Government, in force for all years preserved. In this sense, the consolidated theoretical amount is obtained as a weighted average pre-tax RATES Country Rates Utility to Rent Tax to rent (A) (B) (A)*(B) 2015 Perú 28.00 % 174,432 48,841 Perú - Norvial S.A. 27.00 % 54,471 14,707 Perú - GyM Ferrovías S.A. 30.00 % 26,954 8,086 Perú – Vesur 30.00 % 2,336 701 Perú – GMP S.A. 30.00 % 15,007 4,502 Chile 22.50 % (95,284 ) (21,439 ) Colombia 39.00 % 40,900 15,951 Bolivia 25.00 % (57,382 ) (14,345 ) Unrealized gains (6,818 ) (2,371 ) Total 154,616 54,631 2016 Perú 28.00 % (1,098,327 ) (307,532 ) Perú - Norvial S.A. 27.00 % 63,583 17,167 Perú - GyM Ferrovías S.A. 30.00 % 34,760 10,428 Perú – Vesur 30.00 % 888 267 Perú – GMP S.A. 30.00 % 8,602 2,581 Chile 24.00 % (86,151 ) (20,676 ) Colombia 40.00 % (25,555 ) (10,222 ) Bolivia 25.00 % (703 ) (176 ) Unrealized gains 520,038 143,421 Total (582,865 ) (164,742 ) 2017 Perú 29.50 % 730,980 215,639 Perú - Norvial S.A. 27.00 % 68,104 18,388 Perú - GyM Ferrovías S.A. 30.00 % 29,028 8,708 Perú – Vesur 30.00 % 779 234 Perú – GMP S.A. 29.00 % 20,941 6,073 Chile 25.50 % (128,734 ) (32,827 ) Colombia 40.00 % (27,970 ) (11,188 ) Bolivia 25.00 % (2,897 ) (724 ) Unrealized gains (361,519 ) (105,401 ) Total 328,712 98,902 |
Accumulated Other Comprehensi71
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Accumulated Other Comprehensive Income Loss | The analysis of the movement is as follows: Exchange Foreign Increase in difference from currency fair value of net investment Cash flow translations available-for in a foreign hedge adjustment sale assets operation Total At January 31, 2015 (1,613 ) (19,030 ) 31,169 (12,602 ) (2,076 ) (Charge) credit for the year 954 (45,411 ) 26,991 (6,942 ) (24,408 ) Tax effects (267 ) (7,018 ) 1,804 (5,481 ) Other comprehensive income of the year 687 (45,411 ) 19,973 (5,138 ) (29,889 ) At December 31, 2015 (926 ) (64,441 ) 51,142 (17,740 ) (31,965 ) (Charge) credit 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 ) (Charge) credit 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 ) |
Summary of Other Comprehensive Income | Below is the movement in Other Comprehensive Income for each year: 2015 2016 2017 Controlling interest (29,889 ) (23,672 ) (2,215 ) Non-controlling (15,235 ) 4,194 (3,117 ) Adjustment for actuarial gains and losses, net of tax (2,921 ) (1,121 ) (2,948 ) Total value in OCI (48,045 ) (20,599 ) (8,280 ) |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Provisional Determination of Fair Value of Identifiable Assets Acquired and Liabilities Assumed | The table below itemizes the determination of the fair value of the identifiable assets acquired, liabilities assumed, non-controlling Fair Value S/000 US$000 Purchase consideration 14,040 4,179 Fair value of previously held interest 29,039 8,643 Total consideration (a) 43,079 12,822 Fair Value S/000 US$000 Fair value of assets and liabilities of Adexus S.A.: Cash and cash equivalents 7,737 2,303 Trade receivables 107,426 31,972 Receivables from related parties 2,610 777 Other receivables 1,160 345 Inventories 1,647 490 Prepaid expenses 11,587 3,449 Long-term trade receivables 26,886 8,195 Other long-term receivables 2,063 614 Property, plant and equipment 41,988 12,496 Intangibles 32,204 9,585 Deferred income tax assets 18,115 5,198 Borrowings (108,808 ) (32,383 ) Trade payables (59,399 ) (17,678 ) Payables to related parties (15,683 ) (4,667 ) Current income tax (2,763 ) (822 ) Other payables (10,291 ) (3,063 ) Other provisions (1,926 ) (573 ) Contingent liabilities (1,149 ) (342 ) Deferred income tax liabilities (7,102 ) (2,114 ) Fair value of net identifiable assets 46,302 13,782 Non-controlling (4,153 ) (1,236 ) Fair value of net assets attributable to the Group (b) 42,149 12,546 Goodwill (Note 18) (a) - (b) 930 276 |
Earnings (Losses) Per Share (Ta
Earnings (Losses) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Basic Earnings Per Share | The basic earnings per share are broken down as follows: 2015 2016 2017 Profit (Losses) attributable to the controlling interest in the Company 7,097 (509,699 ) 148,739 Weighted average number of shares in issue at S/1.00 each, at December 31, 660,053,790 660,053,790 660,053,790 Basic earnings (losses) per share (in S/) 0.011 (0.772 ) 0.225 |
Transactions with Non-Control74
Transactions with Non-Controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Contributions of Non-controlling Shareholders | At December 31 this balance comprises: 2015 2016 2017 Viva GyM S.A. Contributions received 20,446 6,380 8,654 Returns of contributions (14,987 ) (27,134 ) (45,053 ) 5,459 (20,754 ) (36,399 ) Plus (less): Contributions from other subsidiaries 4,870 1,655 3,202 Increase (decrease) in equity of non controlling parties 10,329 (19,099 ) (33,197 ) |
Discountinued Operation (Tables
Discountinued Operation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
GMD SA [member] | |
Summary on the Financial Performance and Cash Flow Information | The financial performance and cash flow information presented are for the five months ended May 31, 2017 and the years ended 2015 and 2016. GMD S.A. (net of intercompany transactions) From January 1 2015 2016 2017 Revenue 21,318 18,651 7,204 Operating costs (23,829 ) (24,129 ) (10,567 ) Finance costs, net (8,249 ) (9,758 ) (2,617 ) Operating loss from discontinued activities before taxation (10,760 ) (15,236 ) (5,980 ) Income tax expense (3,129 ) (7,466 ) (1,171 ) Loss from discontinued ordinary activities after taxation (13,888 ) (22,702 ) (7,151 ) Loss from discontinued activities attributable to owners of the Company (12,393 ) (20,257 ) (6,381 ) Losses per share relating to the discontinued operation are as follows: Basic (1.08 ) (1.77 ) (0.56 ) Cash flows relating to the discontinued operation are as follows: Operating cash flows (14,193 ) 78,286 10,220 Investing cash flows (17,499 ) (30,712 ) (11,189 ) Financing cash flows (53,501 ) (48,516 ) 1,618 |
Tecgas N.V. [member] | |
Summary on the Financial Performance and Cash Flow Information | The financial performance presented is for the period year ended 2016. TECGAS N.V. 2016 Revenue 457,554 Finance costs 215 Operating loss from discontinued activities before taxation (3,209 ) Income tax expense (4,078 ) Loss from discontinued ordinary activities after taxation (7,287 ) |
Stracon GyM member] | |
Summary on the Financial Performance and Cash Flow Information | The information on the financial result and the cash flow presented below correspond to Stracon GyM S.A. from the years to the periods ended December 31, 2016 and 2017, which were included in the consolidated financial statements.- STRACON GyM S.A. 2015 2016 2017 Revenue 1,476,764 1,222,707 1,027,804 Operating costs (1,305,806 ) (1,099,789 ) (943,805 ) Finance costs, net (21,478 ) (3,104 ) (5,231 ) Operating profit from discontinued activities before taxation 149,480 119,814 78,768 Income tax expense (40,492 ) (32,558 ) (17,969 ) Profit from discontinued ordinary activities after taxation 108,988 87,256 60,799 Profit from discontinued activities attributable to owners of the Company 95,463 76,428 53,254 Earnings per share relating to the discontinued operation are as follows Basic 1.395 1.117 0.778 Cash flows relating to the discontinued operation are as follows: Operating cash flows 166,438 49,105 118,418 Investing cash flows (19,914 ) (31,132 ) (6,750 ) Financing cash flows (120,655 ) (71,382 ) (97,802 ) |
General Information - Additiona
General Information - Additional Information (Detail) $ in Millions | Dec. 31, 2017USD ($) |
General Information [Line Items] | |
Trust assets worth | $ 41 |
Maximum eventual liability | $ 51 |
Summary of Significant Accoun77
Summary of Significant Accounting Policies - Additional Information (Detail) S/ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017PEN (S/) | Dec. 31, 2017USD ($) | Dec. 31, 2016PEN (S/) | Dec. 31, 2016USD ($) | |
Viva GyM SA [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated fair value | S/ 112.7 | $ 34.5 | S/ 99.0 | $ 29.5 |
Morelco SAS [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Put option period | 10 years | 10 years | ||
Peru (member) | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Workers' profit sharing on taxable income, Percentage | 5.00% | 5.00% | ||
Dominican Republic (member) | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Workers' profit sharing on taxable income, Percentage | 10.00% | 10.00% | ||
Chile (member) | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Employees indemnity period | 330 days | 330 days | ||
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 | ||
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 | ||
Investment property [member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Interest in the Panorama Patio Shopping Center | 35.00% | 35.00% | ||
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 customers [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 | 5 years | 5 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] | Bolivia (member) | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Workers' profit sharing on taxable income, Percentage | 25.00% | 25.00% | ||
Top of range [member] | Contractual relationships with customers [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 | 8 years | 8 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 Accoun78
Summary of Significant Accounting Policies - Summary of Estimated Useful Life of Property, Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
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 property, plant and 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 | 50 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 property, plant and equipment [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Property, plant and equipment, estimated useful life | 10 years |
Financial Risk Management - Add
Financial Risk Management - Additional Information (Detail) $ in Thousands, $ in Thousands, $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2017PEN (S/) | Dec. 31, 2016PEN (S/) | Dec. 31, 2015PEN (S/) | Dec. 31, 2017USD ($) | Dec. 31, 2017CLP ($) | Dec. 31, 2017COP ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016CLP ($) | Dec. 31, 2016COP ($) | |
Disclosure Of Financial Risk Management [Line Items] | |||||||||
Financial liabilities | S/ 2,637,630,000 | S/ 3,348,152,000 | |||||||
Percentage of debt at fixed rate | 57.80% | 52.80% | |||||||
Percentage of debt at variable rate | 42.20% | 47.20% | |||||||
Increase / decrease in libor plus spread rate | 5.00% | ||||||||
Increase / decrease in pretax profit | S/ 490,000 | S/ 400,000 | |||||||
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% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | |
Top of range [member] | |||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||
Gearing ratio | 70.00% | 70.00% | 70.00% | 70.00% | 70.00% | 70.00% | 70.00% | 70.00% | |
Foreign exchange risk [member] | |||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||
Financial assets | S/ 1,851,300,000 | S/ 2,770,900,000 | $ 570,500 | $ 77,199,100 | $ 101,300,800 | $ 826,600 | $ 75,561,300 | $ 169,774,800 | |
Financial liabilities | 1,982,000,000 | 2,708,300,000 | $ 610,800 | $ 74,447,900 | $ 74,319,700 | $ 806,000 | $ 87,221,100 | $ 166,091,800 | |
Gains on foreign exchange | 336,800,000 | 761,800,000 | S/ 427,200,000 | ||||||
Losses on foreign exchange | S/ 330,500,000 | 774,300,000 | 510,100,000 | ||||||
Percentage change in foreign currency | 2.00% | ||||||||
Increase / decrease in pretax profit | S/ 100,000 | 300,000 | 1,700,000 | ||||||
Foreign currency translation adjustments | S/ (11,300,000) | S/ (14,300,000) | S/ (59,700,000) | ||||||
Valor Adquisitivo Constante [Member] | |||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||
Percentage of debt at fixed rate plus inflation rate | 22.90% | 18.00% | |||||||
Percentage of debt at variable rate plus inflation rate | 19.30% | 29.20% |
Financial Risk Management - Sch
Financial Risk Management - Schedule of Undiscounted Cash Flows of Financial Liabilities (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Undiscounted Cash Flows Financial Liabilities [Line Items] | ||
Other financial liabilities (except for finance leases) | S/ 1,690,063 | S/ 2,380,438 |
Bonds | 947,567 | 967,714 |
Accounts payables to related parties | 55,174 | 80,217 |
Other accounts payables | 50,013 | 50,411 |
Liquidity risk [member] | ||
Disclosure Of Undiscounted Cash Flows Financial Liabilities [Line Items] | ||
Other financial liabilities (except for finance leases) | 1,630,666 | 2,238,478 |
Finance leases | 139,401 | 259,771 |
Bonds | 1,884,728 | 1,993,912 |
Trade accounts payables | 1,453,046 | 1,276,617 |
Accounts payables to related parties | 81,128 | 145,537 |
Other accounts payables | 560,001 | 496,546 |
Other non-financial liabilities | 383 | 1,081 |
Derivative financial liabilities undiscounted cash flows | 5,749,353 | 6,411,942 |
Liquidity risk [member] | Less than1 year [member] | ||
Disclosure Of Undiscounted Cash Flows Financial Liabilities [Line Items] | ||
Other financial liabilities (except for finance leases) | 1,003,500 | 1,936,825 |
Finance leases | 72,864 | 127,496 |
Bonds | 109,746 | 113,299 |
Trade accounts payables | 1,453,046 | 1,276,617 |
Accounts payables to related parties | 55,174 | 80,217 |
Other accounts payables | 153,498 | 303,827 |
Derivative financial liabilities undiscounted cash flows | 2,847,828 | 3,838,281 |
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) | 336,913 | 128,508 |
Finance leases | 41,877 | 85,989 |
Bonds | 148,986 | 180,431 |
Accounts payables to related parties | 25,954 | 28,082 |
Other accounts payables | 34,527 | 49,064 |
Other non-financial liabilities | 383 | 1,081 |
Derivative financial liabilities undiscounted cash flows | 588,640 | 473,155 |
Liquidity risk [member] | From 2 to 5 years [member] | ||
Disclosure Of Undiscounted Cash Flows Financial Liabilities [Line Items] | ||
Other financial liabilities (except for finance leases) | 290,253 | 173,145 |
Finance leases | 24,022 | 26,780 |
Bonds | 353,349 | 365,697 |
Accounts payables to related parties | 37,238 | |
Other accounts payables | 371,976 | 143,655 |
Derivative financial liabilities undiscounted cash flows | 1,039,600 | 746,515 |
Liquidity risk [member] | Over 5 years [member] | ||
Disclosure Of Undiscounted Cash Flows Financial Liabilities [Line Items] | ||
Finance leases | 638 | 19,506 |
Bonds | 1,272,647 | 1,334,485 |
Derivative financial liabilities undiscounted cash flows | S/ 1,273,285 | S/ 1,353,991 |
Financial Risk Management - S81
Financial Risk Management - Schedule of Information About Gearing Ratio (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Gearing Ratio [Line Items] | ||||
Total financial liabilities and bonds | S/ 2,637,630 | S/ 3,348,152 | ||
Less: Cash and cash equivalent | (626,180) | (606,950) | S/ (554,002) | S/ (818,402) |
Net debt | 2,011,450 | 2,741,202 | ||
Total equity | 2,589,078 | 2,489,737 | S/ 3,081,912 | S/ 3,173,707 |
Total capital | S/ 4,600,528 | S/ 5,230,939 | ||
Gearing ratio | 0.44% | 0.52% |
Financial Risk Management - S82
Financial Risk Management - Schedule of Assets and Liabilities Measured at Fair Value (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financial liabilities | ||
Derivatives used for hedging | S/ 2,637,630 | S/ 3,348,152 |
Financial assets at fair value through profit or loss, category [member] | ||
Financial assets | ||
Financial assets | 181 | 6,379 |
Derivatives used for hedging [member] | ||
Financial liabilities | ||
Derivatives used for hedging | 383 | 1,081 |
Level 1 of fair value hierarchy [member] | Financial assets at fair value through profit or loss, category [member] | ||
Financial assets | ||
Financial assets | 181 | 6,379 |
Level 2 of fair value hierarchy [member] | Derivatives used for hedging [member] | ||
Financial liabilities | ||
Derivatives used for hedging | S/ 383 | S/ 1,081 |
Financial Risk Management - S83
Financial Risk Management - Schedule of Changes in Fair Value of Investments Held (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of financial investments [Line Items] | ||
Opening balance | S/ 120,134 | S/ 93,144 |
Unrealized gains (losses) recognized in the period | (2,996) | 26,990 |
Historical cost of investment | (61,105) | |
Cumulative fair value | S/ (56,033) | |
Final balance | S/ 120,134 |
Critical Accounting Estimates84
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, 2017 | Dec. 31, 2016 | |
Goodwill [member] | Mining and construction services [member] | ||
Disclosure Of Sensitivity Analysis [Line Items] | ||
Effect of ten percent decrease in assumptions of gross margin on percentage of recoverable amount, percent | 19.18% | |
Effect of ten percent decrease in assumptions of discount rate on percentage of recoverable amount, percent | 65.94% | |
Effect of ten percent decrease in assumptions of terminal growth rate on percentage of recoverable amount, percent | 42.92% | |
Effect of ten percent increase in assumptions of gross margin on percentage of recoverable amount, percent | 71.19% | |
Effect of ten percent increase in assumptions of discount rate on percentage of recoverable amount, percent | 28.99% | |
Effect of ten percent increase in assumptions of terminal growth rate on percentage of recoverable amount, percent | 47.55% | |
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 | 81.31% | (42.68%) |
Effect of ten percent decrease in assumptions of discount rate on percentage of recoverable amount, percent | 146.07% | 8.22% |
Effect of ten percent decrease in assumptions of terminal growth rate on percentage of recoverable amount, percent | 107.41% | (16.49%) |
Effect of ten percent increase in assumptions of gross margin on percentage of recoverable amount, percent | 143.63% | 17.85% |
Effect of ten percent increase in assumptions of discount rate on percentage of recoverable amount, percent | 86.86% | (27.56%) |
Effect of ten percent increase in assumptions of terminal growth rate on percentage of recoverable amount, percent | 117.91% | (7.84%) |
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 | 197.30% | 32.16% |
Effect of ten percent decrease in assumptions of discount rate on percentage of recoverable amount, percent | 478.08% | 74.42% |
Effect of ten percent decrease in assumptions of terminal growth rate on percentage of recoverable amount, percent | 402.19% | 51.14% |
Effect of ten percent increase in assumptions of gross margin on percentage of recoverable amount, percent | 620.85% | 74.41% |
Effect of ten percent increase in assumptions of discount rate on percentage of recoverable amount, percent | 354.39% | 36.77% |
Effect of ten percent increase in assumptions of terminal growth rate on percentage of recoverable amount, percent | 416.25% | 55.62% |
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 | 0.32% | 200.93% |
Effect of ten percent decrease in assumptions of discount rate on percentage of recoverable amount, percent | 30.06% | 285.63% |
Effect of ten percent decrease in assumptions of terminal growth rate on percentage of recoverable amount, percent | 18.54% | 243.21% |
Effect of ten percent increase in assumptions of gross margin on percentage of recoverable amount, percent | 38.87% | 289.04% |
Effect of ten percent increase in assumptions of discount rate on percentage of recoverable amount, percent | 11.25% | 212.65% |
Effect of ten percent increase in assumptions of terminal growth rate on percentage of recoverable amount, percent | 20.52% | 247.06% |
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% | (110.85%) |
Effect of ten percent decrease in assumptions of discount rate on percentage of recoverable amount, percent | 2190.66% | 70.31% |
Effect of ten percent decrease in assumptions of terminal growth rate on percentage of recoverable amount, percent | 2232.86% | 26.14% |
Effect of ten percent increase in assumptions of gross margin on percentage of recoverable amount, percent | 1339.26% | 176.40% |
Effect of ten percent increase in assumptions of discount rate on percentage of recoverable amount, percent | 1967.37% | 4.59% |
Effect of ten percent increase in assumptions of terminal growth rate on percentage of recoverable amount, percent | 2394.81% | 39.94% |
Trademark [member] | Morelco SAS [member] | ||
Disclosure Of Sensitivity Analysis [Line Items] | ||
Effect of ten percent decrease in assumptions of revenue growth rate on percentage of recoverable amount, percent | 16.37% | 22.37% |
Effect of ten percent increase in assumptions of revenue growth rate on percentage of recoverable amount, percent | (4.79%) | 42.03% |
Effect of ten percent decrease in assumptions of discount rate on percentage of recoverable amount, percent | (7.21%) | 53.35% |
Effect of ten percent decrease in assumptions of terminal growth rate on percentage of recoverable amount, percent | 8.61% | 29.19% |
Effect of ten percent increase in assumptions of discount rate on percentage of recoverable amount, percent | 22.92% | 15.66% |
Effect of ten percent increase in assumptions of terminal growth rate on percentage of recoverable amount, percent | 3.17% | 34.94% |
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 | (40.72%) | 17.01% |
Effect of ten percent increase in assumptions of revenue growth rate on percentage of recoverable amount, percent | (63.32%) | 43.01% |
Effect of ten percent decrease in assumptions of discount rate on percentage of recoverable amount, percent | (58.56%) | 56.88% |
Effect of ten percent decrease in assumptions of terminal growth rate on percentage of recoverable amount, percent | (51.36%) | 23.19% |
Effect of ten percent increase in assumptions of discount rate on percentage of recoverable amount, percent | (45.65%) | 10.88% |
Effect of ten percent increase in assumptions of terminal growth rate on percentage of recoverable amount, percent | (54.47%) | 37.83% |
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 | 22.10% | (8.18%) |
Effect of ten percent increase in assumptions of revenue growth rate on percentage of recoverable amount, percent | (0.10%) | (9.91%) |
Effect of ten percent decrease in assumptions of discount rate on percentage of recoverable amount, percent | (2.13%) | 15.42% |
Effect of ten percent decrease in assumptions of terminal growth rate on percentage of recoverable amount, percent | 13.27% | (0.12%) |
Effect of ten percent increase in assumptions of discount rate on percentage of recoverable amount, percent | 28.02% | (10.59%) |
Effect of ten percent increase in assumptions of terminal growth rate on percentage of recoverable amount, percent | 8.86% | 1.89% |
Critical Accounting Estimates85
Critical Accounting Estimates and Judgments - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2017PEN (S/)Well | Dec. 31, 2017USD ($)Well | Dec. 31, 2016PEN (S/)Well | Dec. 31, 2015 | |
Disclosure of critical accounting estimates and judgments [line items] | ||||
Maximum exposure to tax contingencies | S/ 13,500,000 | |||
Percentage of increase/ decrease in Group's gross margins considered for sensitivity analysis | 10.00% | 10.00% | 10.00% | 10.00% |
Pre-tax discount rate used for present value calculation, bond rate period description | 5 to 30-year rate used on U.S. bonds | 5 to 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 | 2.09% | 1.93% | ||
Block five [member] | ||||
Disclosure of critical accounting estimates and judgments [line items] | ||||
Pre-tax discount rate used for present value calculation | 2.27% | 1.93% | ||
Block III [member] | ||||
Disclosure of critical accounting estimates and judgments [line items] | ||||
Pre-tax discount rate used for present value calculation | 2.72% | 2.93% | ||
Block IV [member] | ||||
Disclosure of critical accounting estimates and judgments [line items] | ||||
Pre-tax discount rate used for present value calculation | 2.72% | 2.93% | ||
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% | 72.25% | ||
Bottom of range [member] | ||||
Disclosure of critical accounting estimates and judgments [line items] | ||||
Percentage of Net Carrying Amount (NCA) of the Concession assets | 72.25% | 72.25% | ||
Additional cost paid due to higher financial expense | S/ 18,950,000 | $ 5,640,000 | ||
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% | 30.00% | ||
Top of range [member] | ||||
Disclosure of critical accounting estimates and judgments [line items] | ||||
Additional cost paid due to higher financial expense | S/ 42,200,000 | $ 12,560,000 | ||
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% | 50.00% | ||
Consorcio Constructor Ductos del Sur [member] | GyM S A [member] | ||||
Disclosure of critical accounting estimates and judgments [line items] | ||||
Additional cost paid due to higher financial expense | S/ (7,004,000) | |||
Adjustment for reconcile profit (loss) | S/ (15,165,000) | |||
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% | 46.55% | |
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 | 82.50% | 82.50% | ||
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% | 100.00% | ||
Talara, Piura [member] | ||||
Disclosure of critical accounting estimates and judgments [line items] | ||||
Number of wells closed | Well | 144 | 144 | 144 | |
Present value of estimated provision for closure of wells | S/ 16,800,000 | S/ 17,200,000 |
Critical Accounting Estimates86
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Sensitivity Analysis [Line Items] | |||
Sales | S/ 3,253,199 | S/ 3,945,599 | S/ 5,501,537 |
Gross profit | 672,787 | 557,295 | 612,995 |
Profit loss before tax | 328,713 | (582,865) | 142,346 |
Sensitivity analysis [member] | |||
Disclosure Of Sensitivity Analysis [Line Items] | |||
Sales | 3,253,199 | 3,945,599 | 5,501,537 |
Gross profit | S/ 224,040 | S/ 194,378 | S/ 159,158 |
Percentage of gross profit | 6.89% | 4.93% | 2.89% |
Percentage of gross profit, Plus 10% | 7.58% | 5.42% | 3.18% |
Increase in pre-taxprofit | S/ 22,552 | S/ 19,473 | S/ 15,787 |
Profit loss before tax | S/ 246,592 | S/ 213,851 | S/ 174,949 |
Profit loss before tax, Less 10% | 6.20% | 4.44% | 2.60% |
Decrease in pre-taxprofit | S/ (22,552) | S/ (19,473) | S/ (15,787) |
Profit loss before tax on ten percentage decrease in gross margin | S/ 201,488 | S/ 174,905 | S/ 143,371 |
Critical Accounting Estimates87
Critical Accounting Estimates and Judgements - Disclosure of Adjustments of Financial Statements (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of retrospective adjustments of financial statements [Line items] | |||
Indemnification income | S/ 3,220 | S/ (33,600) | |
Inventories impairment | S/ 40,908 | 36,353 | S/ 17 |
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, 2017 | |
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] | Stracon GyM S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Name | Stracon GyM S.A. |
Country | Peru and Panama |
Economic activity | Mining contracting activities, providing mining services and carrying out drilling, demolition and any other activity related to construction and mining operations. |
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] | |
Name | GMI S.A. |
Country | Peru |
Economic activity | Advisory and consultancy services in engineering, carrying out studies and projects, managing projects and supervision of works. |
Engineering and construction [member] | Morelco SAS [member] | |
Disclosure of subsidiaries [line items] | |
Name | Morelco S.A.S |
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] | |
Name | GMP S.A. |
Country | Peru |
Economic activity | Natural 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] | |
Name | Oiltanking Andina Services S.A. |
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 derivates. |
Infrastructure [member] | CONCARSA [member] | |
Disclosure of subsidiaries [line items] | |
Name | Concar S.A. |
Country | Peru |
Economic activity | Operating and maintaining roads. |
Infrastructure [member] | GyM Ferrovias SA. [member] | |
Disclosure of subsidiaries [line items] | |
Name | GyM Ferrovías S.A. |
Country | Peru |
Economic activity | Concession for the operation of the public transportation system (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 the Section 1 of the "Southern Inter-oceanic" road. |
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 "Ancón - Huacho - Pativilca" section of the Panamericana Norte road. |
Infrastructure [member] | Concesin Canchaque S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Name | Concesión Canchaqu S.A. |
Country | Peru |
Economic activity | Concession for operating and maintaining the Buenos Aires - Canchaque road. |
Infrastructure [member] | Concesionaria Va Expresa Sur SA[member] | |
Disclosure of subsidiaries [line items] | |
Name | Concesionaria Vía Expresa Sur S.A. |
Country | Peru |
Economic activity | Concession for designing, constructing, operating and maintaining the Via Expresa - Paseo de la República 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. |
Technical services [member] | CAM Holding S.p.A. [Member] | |
Disclosure of subsidiaries [line items] | |
Name | CAM Holding S.p.A. |
Country | Chile and Colombia |
Economic activity | Electric and technological services for the power industry. |
Technical services [member] | Coasin Instalaciones Ltda [member] | |
Disclosure of subsidiaries [line items] | |
Name | Coasin Instalaciones Ltda |
Country | Chile |
Economic activity | Installing and maintaining network and equipment for telecommunications. |
Technical services [member] | Adexus S A [member] | |
Disclosure of subsidiaries [line items] | |
Name | Adexus S.A. |
Country | Chile, Peru, Colombia and Ecuador |
Economic activity | IT solutions services. |
Parent company operation [member] | Generadora Arabesco S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Name | Generadora Arabesc 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 selling office facilities 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 of natural gas. |
Interests in Other Entities -89
Interests in Other Entities - Summary of Group's Subsidiaries and Related Interests (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Engineering and construction [member] | GyM S A [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 98.23% | 98.23% |
Percentage of common shares held by the Group (%) | 98.23% | 98.23% |
Percentage of common shares held by non-controlling interests (%) | 1.77% | 1.77% |
Engineering and construction [member] | GyM SA and subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares held by Subsidiaries (%) | 87.06% | 87.06% |
Percentage of common shares held by the Group (%) | 87.06% | 87.06% |
Percentage of common shares held by non-controlling interests (%) | 12.94% | 12.94% |
Engineering and construction [member] | Stracon GyM S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares held by Subsidiaries (%) | 87.59% | 87.59% |
Percentage of common shares held by the Group (%) | 87.59% | 87.59% |
Percentage of common shares held by non-controlling interests (%) | 12.41% | 12.41% |
Engineering and construction [member] | GyM Chile S.p.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares held by Subsidiaries (%) | 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% |
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 SAS [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% |
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 (%) | 99.75% | |
Percentage of common shares held by the Group (%) | 99.75% | |
Percentage of common shares held by non-controlling interests (%) | 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 Via Expresa Sur S.A. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 99.98% | 99.98% |
Percentage of common shares held by Subsidiaries (%) | 0.02% | 0.02% |
Percentage of common shares held by the Group (%) | 100.00% | 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% |
Real estate [member] | Viva GyM S.A. and subsidiaries [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares held by Subsidiaries (%) | 60.51% | 60.51% |
Percentage of common shares held by the Group (%) | 60.51% | 60.51% |
Percentage of common shares held by non-controlling interests (%) | 39.49% | 39.49% |
Services [Member] | CONCARSA [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 99.75% | |
Percentage of common shares held by the Group (%) | 99.75% | |
Percentage of common shares held by non-controlling interests (%) | 0.25% | |
Services [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% |
Services [Member] | Coasin Instalaciones Ltda [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares held by Subsidiaries (%) | 100.00% | 100.00% |
Percentage of common shares held by the Group (%) | 100.00% | 100.00% |
Services [Member] | CAM Servicios del Peru SA [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 73.16% | 73.16% |
Percentage of common shares held by the Group (%) | 73.16% | 73.16% |
Percentage of common shares held by non-controlling interests (%) | 26.84% | 26.84% |
Services [Member] | Adexus S A [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 91.03% | |
Percentage of common shares held by the Group (%) | 91.03% | |
Percentage of common shares held by non-controlling interests (%) | 8.97% | |
Services [Member] | GMD SA [member] | ||
Disclosure of subsidiaries [line items] | ||
Percentage of common shares directly held by Parent (%) | 89.23% | |
Percentage of common shares held by the Group (%) | 89.23% | |
Percentage of common shares held by non-controlling interests (%) | 10.77% | |
Services [Member] | Gestion de Servicios Digitales S.A. [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] | 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% |
Interests in Other Entities - A
Interests in Other Entities - Additional Information (Detail) S/ in Thousands, $ in Thousands | Nov. 17, 2015PEN (S/) | Nov. 17, 2015USD ($) | Dec. 31, 2016PEN (S/) | Dec. 31, 2017PEN (S/) |
Disclosure of subsidiaries [line items] | ||||
Trade accounts receivables | S/ 1,031,270 | S/ 992,724 | ||
Ministry Of Energy And Mining [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Trade accounts receivables | 17,300 | |||
Cam Brasil Multiservicos S.A. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Percentage of shares sold by Cam Holding S.p.A. | 100.00% | |||
Proceeds from shares sold sold by Cam Holding S.p.A. | $ | $ 300 | |||
Loss from shares sold by Cam Holding S.p.A. | S/ (8,300) | |||
Cash balance | S/ 980 | |||
TGNCA [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Recognized impairment loss of receivables | S/ 6,300 |
Interests in Other Entities -91
Interests in Other Entities - Summary of Group's Subsidiaries Non-controlling Interests (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of Subsidiaries noncontrolling interests [Line Items] | ||
Non controlling interests | S/ 465,748 | S/ 509,313 |
Viva GyM S.A. and subsidiaries [member] | ||
Disclosure of Subsidiaries noncontrolling interests [Line Items] | ||
Non controlling interests | 224,345 | 241,140 |
Viva GyM SA [member] | ||
Disclosure of Subsidiaries noncontrolling interests [Line Items] | ||
Non controlling interests | 1,576 | 1,700 |
GyM SA and subsidiaries [member] | ||
Disclosure of Subsidiaries noncontrolling interests [Line Items] | ||
Non controlling interests | 95,052 | 100,840 |
GyM S A [member] | ||
Disclosure of Subsidiaries noncontrolling interests [Line Items] | ||
Non controlling interests | 8,118 | 9,354 |
Norvial S.A. [member] | ||
Disclosure of Subsidiaries noncontrolling interests [Line Items] | ||
Non controlling interests | 68,419 | 61,349 |
CAM Holding S A [member] | ||
Disclosure of Subsidiaries noncontrolling interests [Line Items] | ||
Non controlling interests | (6,417) | 26,589 |
GMP S.A. [member] | ||
Disclosure of Subsidiaries noncontrolling interests [Line Items] | ||
Non controlling interests | 22,263 | 20,879 |
GyM Ferrovias SA. [member] | ||
Disclosure of Subsidiaries noncontrolling interests [Line Items] | ||
Non controlling interests | 35,419 | 30,548 |
Promotora Larcomar S.A. [member] | ||
Disclosure of Subsidiaries noncontrolling interests [Line Items] | ||
Non controlling interests | 13,395 | 13,539 |
Others [member] | ||
Disclosure of Subsidiaries noncontrolling interests [Line Items] | ||
Non controlling interests | S/ 3,578 | S/ 3,375 |
Interests in Other Entities -92
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of summarized financial information [Line Items] | |||
Assets | S/ 3,891,946 | S/ 4,328,660 | |
Liabilities | (3,549,185) | (4,536,966) | |
Assets | 4,775,724 | 4,717,976 | S/ 3,699,629 |
Liabilities | (2,529,407) | (2,019,933) | |
Revenue | 6,080,142 | 6,190,317 | 7,582,912 |
(Loss) profit before income tax | 328,713 | (582,865) | 142,346 |
Income tax | (123,037) | 119,272 | (95,899) |
Profit (loss) for the period | 209,238 | (451,598) | 55,589 |
Other comprehensive Income | (8,280) | (20,599) | (48,044) |
Total comprehensive Income for the period | 200,958 | (472,197) | 7,545 |
Dividends paid to non-controlling interest Note (36-c) | 43,942 | 25,473 | 4,535 |
Cash flows from investing activities provided by (used in), net | 348,870 | (373,684) | (551,106) |
Cash flows from financing activities provided by (used in), net | (786,057) | 85,762 | 579,012 |
(Net decrease) net increase in cash | 19,110 | 44,552 | (264,400) |
Cash and cash equivalent at the beginning of the year | 606,950 | 554,002 | 818,402 |
Cash and cash equivalent at the end of the year | 626,180 | 606,950 | 554,002 |
Viva GyM S.A. and subsidiaries [member] | |||
Disclosure of summarized financial information [Line Items] | |||
Assets | 884,591 | 1,117,065 | |
Liabilities | (352,125) | (515,781) | |
Current net assets (liabilities) | 532,466 | 601,284 | |
Assets | 78,457 | 113,594 | |
Liabilities | (44,068) | (104,179) | |
Non-current net assets (liabilities) | 34,389 | 9,415 | |
Net assets | 566,855 | 610,699 | |
Revenue | 647,535 | 411,518 | |
(Loss) profit before income tax | 153,602 | 104,223 | |
Income tax | (35,900) | (27,054) | |
Profit (loss) for the period | 117,702 | 77,169 | |
Total comprehensive Income for the period | 117,702 | 77,169 | |
Dividends paid to non-controlling interest Note (36-c) | 21,165 | 5,050 | |
Cash flows from operating activities provided by (used in), net | 164,852 | 44,910 | |
Cash flows from investing activities provided by (used in), net | 79,471 | (546) | |
Cash flows from financing activities provided by (used in), net | (203,958) | (59,931) | |
(Net decrease) net increase in cash | 38,817 | (15,567) | |
Cash and cash equivalent at the beginning of the year | 58,892 | 74,459 | |
Cash and cash equivalent at the end of the year | 97,709 | 58,892 | 74,459 |
GyM SA and subsidiaries [member] | |||
Disclosure of summarized financial information [Line Items] | |||
Assets | 1,875,231 | 1,849,077 | |
Liabilities | (2,142,618) | (2,050,803) | |
Current net assets (liabilities) | (267,387) | 201,726 | |
Assets | 1,368,460 | 1,326,599 | |
Liabilities | (546,342) | (471,424) | |
Non-current net assets (liabilities) | 822,118 | 855,175 | |
Net assets | 554,731 | 653,449 | |
Revenue | 3,184,833 | 4,036,226 | |
(Loss) profit before income tax | 18,827 | (85,857) | |
Income tax | (13,482) | (11,228) | |
Profit (loss) for the period | 5,345 | (97,085) | |
Other comprehensive Income | (2,641) | 19,486 | |
Total comprehensive Income for the period | 2,704 | (77,599) | |
Dividends paid to non-controlling interest Note (36-c) | 4,056 | 8,288 | |
Cash flows from operating activities provided by (used in), net | 239,935 | 224,428 | |
Cash flows from investing activities provided by (used in), net | 44,020 | (29,853) | |
Cash flows from financing activities provided by (used in), net | (191,689) | (283,296) | |
(Net decrease) net increase in cash | 92,266 | (88,721) | |
Cash and cash equivalent at the beginning of the year | 78,899 | 167,620 | |
Cash and cash equivalent at the end of the year | 179,560 | 78,899 | 167,620 |
Norvial S.A. [member] | |||
Disclosure of summarized financial information [Line Items] | |||
Assets | 88,077 | 107,838 | |
Liabilities | (45,613) | (49,721) | |
Current net assets (liabilities) | 42,464 | 58,117 | |
Assets | 492,803 | 467,449 | |
Liabilities | (327,936) | (339,661) | |
Non-current net assets (liabilities) | 164,867 | 127,788 | |
Net assets | 207,331 | 185,905 | |
Revenue | 149,467 | 216,260 | |
(Loss) profit before income tax | 68,104 | 63,582 | |
Income tax | (18,678) | (16,262) | |
Profit (loss) for the period | 49,426 | 47,320 | |
Total comprehensive Income for the period | 49,426 | 47,320 | |
Dividends paid to non-controlling interest Note (36-c) | 9,240 | 7,260 | |
Cash flows from operating activities provided by (used in), net | 25,041 | (42,051) | |
Cash flows from financing activities provided by (used in), net | (48,010) | 99,193 | |
(Net decrease) net increase in cash | (22,969) | 57,142 | |
Cash and cash equivalent at the beginning of the year | 95,418 | 38,276 | |
Cash and cash equivalent at the end of the year | S/ 72,449 | S/ 95,418 | S/ 38,276 |
Interests in Other Entities -93
Interests in Other Entities - Summary of Group's Public Services Concessions (Detail) S/ in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2017PEN (S/) | Dec. 31, 2017USD ($) | |
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 from the towns of Buenos Aires to 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 waste waters in Lima. | |
Estimated investment | S/ | S/ 250 | |
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/ 548 | |
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 República,between Av. República de Panamá and and Panamericana highway. | |
Estimated investment | $ 196.8 | |
Consideration | Contract give 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 Concessionaire and grantor. | |
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 in Other Entities -94
Interests in Other Entities - Summary of Group's Major Joint Operations (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Concesionaria la Chira S.A. [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | 50.00% |
Consorcio Constructor Alto Cayma [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | 50.00% |
Consorcio Rio Pallca - Huanza [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 40.00% | 40.00% |
Consorcio Alto Cayma [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 49.00% | 49.00% |
Consorcio Lima Actividades Comerciales [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | 50.00% |
Consorcio Atocongo [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 40.00% | 40.00% |
Consorcio Norte Pachacutec [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 49.00% | 49.00% |
Consorcio La Chira [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | 50.00% |
Consorcio Ro Urubamba [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | 50.00% |
Consorcio Vial Quinua [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 46.00% | 46.00% |
Consorcio Rio Mantaro [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | 50.00% |
Consorcio GyM Conciviles [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 66.70% | 66.70% |
Consorcio Toromocho [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 55.00% | 55.00% |
Consorcio Construcciones y Montajes CCN [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 25.00% | 25.00% |
Consorcio HV GyM [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | 50.00% |
Consorcio Stracon Motta Engil JV [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | 50.00% |
Consorcio Huacho Pativilca [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 67.00% | 67.00% |
Consorcio Constructor Chavimochic [Member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 26.50% | 26.50% |
Consorcio Constructor Ductos del Sur [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 29.00% | 29.00% |
Consorcio Italo Peruano [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 48.00% | 48.00% |
Consorcio Menegua [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | 50.00% |
Consorcio Energa y Vapor [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | 50.00% |
Consorcio Ermitano [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 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% |
Consorcio Lima Actividades Comerciales Sur [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | 50.00% |
Consorcio CDEM [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 85.00% | |
Consorcio AMDP Norte [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | |
Consorcio Chicama Ascope [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | |
Consorcio TNT Vial y Vives - DSD Chile LTDA [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | |
Consorcio La Gloria [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 49.00% | 49.00% |
Consorcio GyM Sade Skanska [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | 50.00% |
Constructora Incolur DSD Limitada [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | 50.00% |
Consorcio Terminales [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | 50.00% |
Terminales del Peru [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 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 Lima Actividades Sur [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% |
Consorcio Peruano de Conservacion [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | 50.00% |
Consorcio Manperan [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 67.00% | 67.00% |
Consorcio Vial Sierra [member] | ||
Disclosure of joint operations [line items] | ||
Percentage of interest | 50.00% | 50.00% |
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% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) - Customer | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of operating segments [line items] | |||
Number of External customer that represents 10% or more of the Group's revenue | 0 | ||
Foreign countries [member] | |||
Disclosure of operating segments [line items] | |||
Percentage of revenues derived from foreign operations | 28.00% | 26.50% | 28.00% |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of operating segments [line items] | |||
(Profit) loss before income tax | S/ 328,713 | S/ (582,865) | S/ 142,346 |
Financial cost, net | 170,038 | 201,019 | 130,447 |
Depreciation | 199,794 | 205,522 | 217,071 |
Amortization | 86,557 | 82,743 | 89,355 |
EBITDA | S/ 785,101 | S/ (93,581) | S/ 579,218 |
Segment Reporting - Disclosur97
Segment Reporting - Disclosure of Detailed Information about EBITDA for Each Segment (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Breakdown By Operating Segments [line items] | |||
EBITDA | S/ 785,101 | S/ (93,581) | S/ 579,218 |
Parent company operations [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
EBITDA | 216,666 | (1,026,394) | (35,591) |
Elimination of intersegment amounts [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
EBITDA | (140,915) | 427,783 | 34,565 |
Engineering and construction [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
EBITDA | 194,334 | 106,106 | 220,137 |
Infrastructure [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
EBITDA | 300,935 | 237,752 | 272,230 |
Real estate [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
EBITDA | 177,285 | 121,421 | 52,794 |
Technical services [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
EBITDA | S/ 36,796 | S/ 39,751 | S/ 35,083 |
Segment Reporting - Summary of
Segment Reporting - Summary of Breakdown by Operating Segments (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | S/ 6,080,142 | S/ 6,190,317 | S/ 7,582,912 |
Real estate [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 215,764 | ||
Technical services [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 563,874 | ||
Elimination of intersegment amounts [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | (499,564) | S/ (458,744) | S/ (449,760) |
Annual Backlog Two Thousand Seventeen [Member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 9,072,850 | ||
Annual Backlog Two Thousand Seventeen [Member] | Engineering and construction [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 4,727,022 | ||
Annual Backlog Two Thousand Seventeen [Member] | Infrastructure [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 3,090,417 | ||
Annual Backlog Two Thousand Seventeen [Member] | Real estate [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 84,128 | ||
Annual Backlog Two Thousand Seventeen [Member] | Technical services [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 1,493,181 | ||
Annual Backlog Two Thousand Seventeen [Member] | Elimination of intersegment amounts [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | (321,897) | ||
Annual Backlog Two Thousand Eighteen [Member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 3,921,691 | ||
Annual Backlog Two Thousand Eighteen [Member] | Engineering and construction [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 2,261,700 | ||
Annual Backlog Two Thousand Eighteen [Member] | Infrastructure [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 1,023,749 | ||
Annual Backlog Two Thousand Eighteen [Member] | Real estate [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 61,296 | ||
Annual Backlog Two Thousand Eighteen [Member] | Technical services [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 687,183 | ||
Annual Backlog Two Thousand Eighteen [Member] | Elimination of intersegment amounts [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | (112,237) | ||
Annual Backlog Two Thousand Nineteen [Member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 2,626,709 | ||
Annual Backlog Two Thousand Nineteen [Member] | Engineering and construction [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 1,320,381 | ||
Annual Backlog Two Thousand Nineteen [Member] | Infrastructure [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 997,309 | ||
Annual Backlog Two Thousand Nineteen [Member] | Real estate [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 22,832 | ||
Annual Backlog Two Thousand Nineteen [Member] | Technical services [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 390,647 | ||
Annual Backlog Two Thousand Nineteen [Member] | Elimination of intersegment amounts [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | (104,459) | ||
Annual Backlog Two Thousand Twenty [Member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 2,524,450 | ||
Annual Backlog Two Thousand Twenty [Member] | Engineering and construction [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 1,144,941 | ||
Annual Backlog Two Thousand Twenty [Member] | Infrastructure [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 1,069,358 | ||
Annual Backlog Two Thousand Twenty [Member] | Technical services [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | 415,351 | ||
Annual Backlog Two Thousand Twenty [Member] | Elimination of intersegment amounts [member] | |||
Schedule Of Breakdown By Operating Segments [line items] | |||
Revenue | S/ (105,200) |
Segment Reporting - Disclosur99
Segment Reporting - Disclosure of Detailed Information About Operating Segments Financial Position (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets.- | ||||
Cash and cash equivalent | S/ 626,180 | S/ 606,950 | S/ 554,002 | S/ 818,402 |
Financial asset at fair value through profit or loss | 181 | 352 | ||
Trade accounts receivables | 992,724 | 1,031,270 | ||
Work in progress | 584,753 | 680,929 | ||
Accounts receivable from related parties | 100,752 | 181,664 | ||
Other accounts receivable | 765,445 | 649,516 | ||
Inventories | 770,711 | 1,104,293 | ||
Prepaid expenses | 33,478 | 51,301 | ||
Non-current assets classified as held for sale | 17,722 | 22,385 | ||
Total current assets | 3,891,946 | 4,328,660 | ||
Long-term trade accounts receivable | 848,590 | 667,519 | ||
Long-term work in progress | 87,410 | 197,586 | ||
Long-term accounts receivable from related parties | 773,930 | 531,384 | ||
Prepaid expenses | 38,082 | 23,526 | ||
Other long-term accounts receivable | 470,852 | 357,952 | ||
Investments in associates and joint ventures | 268,671 | 389,759 | ||
Investment property | 45,687 | 49,357 | ||
Property, plant and equipment | 865,735 | 1,113,599 | 1,111,757 | 1,147,018 |
Intangible assets | 940,070 | 960,286 | 878,286 | S/ 778,743 |
Deferred income tax asset | 436,697 | 427,008 | ||
Total non-currentassets | 4,775,724 | 4,717,976 | S/ 3,699,629 | |
Total assets | 8,667,670 | 9,046,636 | ||
LIABILITIES AND EQUITY | ||||
Borrowings | 1,056,764 | 1,961,043 | ||
Bonds | 36,655 | 46,091 | ||
Trade accounts payable | 1,453,046 | 1,276,617 | ||
Accounts payable to related parties | 55,174 | 80,217 | ||
Current income tax | 85,543 | 62,160 | ||
Other accounts payable | 848,500 | 1,096,307 | ||
Provisions | 13,503 | 14,531 | ||
Total current liabilities | 3,549,185 | 4,536,966 | ||
Borrowings | 633,299 | 419,395 | ||
Long-term bonds | 910,912 | 921,623 | ||
Other long-term accounts payable | 852,473 | 512,803 | ||
Long-term accounts payable to related parties | 25,954 | 65,320 | ||
Provisions | 33,914 | 26,542 | ||
Derivative financial instruments | 383 | 1,081 | ||
Deferred income tax liability | 72,472 | 73,169 | ||
Total non-currentliabilities | 2,529,407 | 2,019,933 | ||
Total liabilities | 6,078,592 | 6,556,899 | ||
Equity attributable to controlling interest in the Company | 2,123,330 | 1,980,424 | ||
Non-controllinginterest | 465,748 | 509,313 | ||
Total liabilities and equity | 8,667,670 | 9,046,636 | ||
Parent company operations [member] | ||||
Assets.- | ||||
Cash and cash equivalent | 3,632 | 112,398 | ||
Trade accounts receivables | 419 | |||
Work in progress | 6,030 | |||
Accounts receivable from related parties | 66,059 | 50,582 | ||
Other accounts receivable | 12,742 | 42,133 | ||
Inventories | 190 | 387 | ||
Prepaid expenses | 757 | 305 | ||
Total current assets | 89,829 | 205,805 | ||
Long-term accounts receivable from related parties | 636,941 | 700,615 | ||
Other long-term accounts receivable | 56,696 | 11,108 | ||
Investments in associates and joint ventures | 2,206,230 | 2,358,918 | ||
Property, plant and equipment | 70,627 | 130,422 | ||
Intangible assets | 24,031 | 22,793 | ||
Deferred income tax asset | 192,088 | 189,230 | ||
Total non-currentassets | 3,186,613 | 3,413,086 | ||
Total assets | 3,276,442 | 3,618,891 | ||
LIABILITIES AND EQUITY | ||||
Borrowings | 113,412 | 932,113 | ||
Trade accounts payable | 36,412 | 6,703 | ||
Accounts payable to related parties | 88,546 | 67,685 | ||
Other accounts payable | 73,992 | 189,444 | ||
Total current liabilities | 312,362 | 1,195,945 | ||
Borrowings | 363,564 | |||
Other long-term accounts payable | 2,469 | 2,433 | ||
Long-term accounts payable to related parties | 32,102 | 394 | ||
Provisions | 5,255 | |||
Total non-currentliabilities | 403,390 | 2,827 | ||
Total liabilities | 715,752 | 1,198,772 | ||
Equity attributable to controlling interest in the Company | 2,547,328 | 2,406,577 | ||
Non-controllinginterest | 13,362 | 13,542 | ||
Total liabilities and equity | 3,276,442 | 3,618,891 | ||
Elimination of intersegment amounts [member] | ||||
Assets.- | ||||
Cash and cash equivalent | 550 | |||
Trade accounts receivables | 2,204 | (2,204) | ||
Accounts receivable from related parties | (352,438) | (287,988) | ||
Inventories | (8,607) | (13,502) | ||
Total current assets | (358,841) | (303,144) | ||
Long-term work in progress | 1,669 | |||
Long-term accounts receivable from related parties | (149,624) | (170,131) | ||
Prepaid expenses | (510) | |||
Investments in associates and joint ventures | (2,066,530) | (2,135,544) | ||
Property, plant and equipment | (17,587) | (17,692) | ||
Intangible assets | 11,260 | 14,356 | ||
Deferred income tax asset | 6,032 | 7,757 | ||
Total non-currentassets | (2,216,959) | (2,299,585) | ||
Total assets | (2,575,800) | (2,602,729) | ||
LIABILITIES AND EQUITY | ||||
Trade accounts payable | (939) | (939) | ||
Accounts payable to related parties | (347,770) | (282,763) | ||
Total current liabilities | (348,709) | (283,702) | ||
Long-term accounts payable to related parties | (154,497) | (170,132) | ||
Total non-currentliabilities | (154,497) | (170,132) | ||
Total liabilities | (503,206) | (453,834) | ||
Equity attributable to controlling interest in the Company | (1,940,842) | (2,003,546) | ||
Non-controllinginterest | (131,752) | (145,349) | ||
Total liabilities and equity | (2,575,800) | (2,602,729) | ||
Operating segments [member] | Engineering and construction [member] | ||||
Assets.- | ||||
Cash and cash equivalent | 184,401 | 93,543 | ||
Financial asset at fair value through profit or loss | 181 | 352 | ||
Trade accounts receivables | 368,303 | 334,426 | ||
Work in progress | 578,723 | 648,851 | ||
Accounts receivable from related parties | 230,607 | 327,385 | ||
Other accounts receivable | 518,123 | 398,666 | ||
Inventories | 46,499 | 76,058 | ||
Prepaid expenses | 4,470 | 9,204 | ||
Non-current assets classified as held for sale | 17,722 | 22,385 | ||
Total current assets | 1,949,029 | 1,910,870 | ||
Long-term trade accounts receivable | 149 | |||
Long-term work in progress | 58,997 | 171,752 | ||
Long-term accounts receivable from related parties | 258,479 | |||
Other long-term accounts receivable | 75,030 | 42,511 | ||
Investments in associates and joint ventures | 111,513 | 116,512 | ||
Property, plant and equipment | 509,700 | 592,191 | ||
Intangible assets | 203,390 | 246,715 | ||
Deferred income tax asset | 165,227 | 158,168 | ||
Total non-currentassets | 1,382,336 | 1,327,998 | ||
Total assets | 3,331,365 | 3,238,868 | ||
LIABILITIES AND EQUITY | ||||
Borrowings | 591,987 | 582,260 | ||
Trade accounts payable | 955,015 | 876,849 | ||
Accounts payable to related parties | 114,198 | 119,989 | ||
Current income tax | 29,379 | 30,576 | ||
Other accounts payable | 492,362 | 485,247 | ||
Provisions | 6,682 | 6,615 | ||
Total current liabilities | 2,189,623 | 2,101,536 | ||
Borrowings | 127,773 | 246,315 | ||
Other long-term accounts payable | 379,043 | 147,839 | ||
Long-term accounts payable to related parties | 4,306 | 41,672 | ||
Provisions | 8,587 | 7,670 | ||
Deferred income tax liability | 26,633 | 28,278 | ||
Total non-currentliabilities | 546,342 | 471,774 | ||
Total liabilities | 2,735,965 | 2,573,310 | ||
Equity attributable to controlling interest in the Company | 487,923 | 551,653 | ||
Non-controllinginterest | 107,477 | 113,905 | ||
Total liabilities and equity | 3,331,365 | 3,238,868 | ||
Operating segments [member] | Energy infrastructure [member] | ||||
Assets.- | ||||
Cash and cash equivalent | 43,878 | 35,396 | ||
Trade accounts receivables | 64,364 | 84,996 | ||
Accounts receivable from related parties | 2,746 | 3,255 | ||
Other accounts receivable | 55,959 | 58,235 | ||
Inventories | 15,093 | 12,561 | ||
Prepaid expenses | 1,168 | 2,614 | ||
Total current assets | 183,208 | 197,057 | ||
Other long-term accounts receivable | 53,917 | 29,533 | ||
Investments in associates and joint ventures | 7,344 | 8,516 | ||
Property, plant and equipment | 171,226 | 176,486 | ||
Intangible assets | 160,288 | 139,353 | ||
Deferred income tax asset | 5,507 | 4,983 | ||
Total non-currentassets | 398,282 | 358,871 | ||
Total assets | 581,490 | 555,928 | ||
LIABILITIES AND EQUITY | ||||
Borrowings | 46,924 | 82,063 | ||
Trade accounts payable | 62,659 | 59,830 | ||
Accounts payable to related parties | 3,664 | 3,902 | ||
Current income tax | 1,282 | 3,631 | ||
Other accounts payable | 12,487 | 11,711 | ||
Provisions | 5,204 | 6,441 | ||
Total current liabilities | 132,220 | 167,578 | ||
Borrowings | 101,549 | 80,488 | ||
Provisions | 16,707 | 17,115 | ||
Derivative financial instruments | 383 | 1,081 | ||
Deferred income tax liability | 8,957 | 3,546 | ||
Total non-currentliabilities | 127,596 | 102,230 | ||
Total liabilities | 259,816 | 269,808 | ||
Equity attributable to controlling interest in the Company | 299,411 | 265,241 | ||
Non-controllinginterest | 22,263 | 20,879 | ||
Total liabilities and equity | 581,490 | 555,928 | ||
Operating segments [member] | Toll roads infrastructure [member] | ||||
Assets.- | ||||
Cash and cash equivalent | 121,901 | 125,853 | ||
Trade accounts receivables | 128,124 | 77,615 | ||
Accounts receivable from related parties | 62,525 | 55,907 | ||
Other accounts receivable | 66,765 | 28,779 | ||
Inventories | 8,685 | 9,839 | ||
Prepaid expenses | 2,354 | 2,005 | ||
Total current assets | 390,354 | 299,998 | ||
Long-term trade accounts receivable | 14,747 | 15,092 | ||
Long-term work in progress | 28,413 | 24,165 | ||
Long-term accounts receivable from related parties | 27,660 | 408 | ||
Prepaid expenses | 24,585 | 20,554 | ||
Other long-term accounts receivable | 11,159 | 22,926 | ||
Property, plant and equipment | 18,572 | 23,508 | ||
Intangible assets | 492,424 | 457,163 | ||
Deferred income tax asset | 11,057 | 13,244 | ||
Total non-currentassets | 628,617 | 577,060 | ||
Total assets | 1,018,971 | 877,058 | ||
LIABILITIES AND EQUITY | ||||
Borrowings | 2,589 | 3,014 | ||
Bonds | 24,361 | 25,540 | ||
Trade accounts payable | 85,329 | 31,857 | ||
Accounts payable to related parties | 60,857 | 38,219 | ||
Current income tax | 1,122 | 3,401 | ||
Other accounts payable | 68,994 | 43,614 | ||
Total current liabilities | 243,252 | 145,645 | ||
Borrowings | 1,945 | 2,510 | ||
Long-term bonds | 319,549 | 338,143 | ||
Other long-term accounts payable | 52,349 | 44,451 | ||
Long-term accounts payable to related parties | 836 | 408 | ||
Deferred income tax liability | 8,606 | 1,525 | ||
Total non-currentliabilities | 383,285 | 387,037 | ||
Total liabilities | 626,537 | 532,682 | ||
Equity attributable to controlling interest in the Company | 323,987 | 282,851 | ||
Non-controllinginterest | 68,447 | 61,525 | ||
Total liabilities and equity | 1,018,971 | 877,058 | ||
Operating segments [member] | Transportation infrastructure [member] | ||||
Assets.- | ||||
Cash and cash equivalent | 161,073 | 139,414 | ||
Trade accounts receivables | 108,706 | 56,665 | ||
Work in progress | 32,078 | |||
Accounts receivable from related parties | 3,072 | 392 | ||
Other accounts receivable | 31,381 | 25,895 | ||
Inventories | 19,457 | 16,862 | ||
Prepaid expenses | 10,312 | 17,265 | ||
Total current assets | 334,001 | 288,571 | ||
Long-term trade accounts receivable | 793,991 | 629,310 | ||
Prepaid expenses | 13,115 | 2,029 | ||
Other long-term accounts receivable | 255,179 | 225,565 | ||
Property, plant and equipment | 580 | 193 | ||
Intangible assets | 323 | 269 | ||
Total non-currentassets | 1,063,188 | 857,366 | ||
Total assets | 1,397,189 | 1,145,937 | ||
LIABILITIES AND EQUITY | ||||
Bonds | 12,294 | 20,551 | ||
Trade accounts payable | 81,161 | 23,882 | ||
Accounts payable to related parties | 83,841 | 33,009 | ||
Other accounts payable | 27,058 | 14,622 | ||
Total current liabilities | 204,354 | 92,064 | ||
Long-term bonds | 591,363 | 583,480 | ||
Other long-term accounts payable | 349,987 | 246,522 | ||
Long-term accounts payable to related parties | 89,023 | 87,200 | ||
Deferred income tax liability | 20,789 | 14,482 | ||
Total non-currentliabilities | 1,051,162 | 931,684 | ||
Total liabilities | 1,255,516 | 1,023,748 | ||
Equity attributable to controlling interest in the Company | 106,256 | 91,643 | ||
Non-controllinginterest | 35,417 | 30,546 | ||
Total liabilities and equity | 1,397,189 | 1,145,937 | ||
Operating segments [member] | Water treatment infrastructure [member] | ||||
Assets.- | ||||
Cash and cash equivalent | 4,204 | 3,229 | ||
Trade accounts receivables | 604 | 256 | ||
Accounts receivable from related parties | 8,852 | 12,379 | ||
Other accounts receivable | 1,922 | 4,841 | ||
Prepaid expenses | 164 | 167 | ||
Total current assets | 15,746 | 20,872 | ||
Prepaid expenses | 892 | 943 | ||
Other long-term accounts receivable | 7,348 | 7,347 | ||
Property, plant and equipment | 60 | 21 | ||
Total non-currentassets | 8,300 | 8,311 | ||
Total assets | 24,046 | 29,183 | ||
LIABILITIES AND EQUITY | ||||
Trade accounts payable | 132 | 599 | ||
Accounts payable to related parties | 14 | 237 | ||
Current income tax | 161 | 1,064 | ||
Other accounts payable | 49 | 27 | ||
Total current liabilities | 356 | 1,927 | ||
Other long-term accounts payable | 158 | |||
Long-term accounts payable to related parties | 23,445 | 23,445 | ||
Deferred income tax liability | 210 | 283 | ||
Total non-currentliabilities | 23,813 | 23,728 | ||
Total liabilities | 24,169 | 25,655 | ||
Equity attributable to controlling interest in the Company | (123) | 3,528 | ||
Total liabilities and equity | 24,046 | 29,183 | ||
Operating segments [member] | Real estate [member] | ||||
Assets.- | ||||
Cash and cash equivalent | 85,187 | 58,892 | ||
Trade accounts receivables | 45,897 | 83,704 | ||
Accounts receivable from related parties | 69,382 | 7,284 | ||
Other accounts receivable | 40,026 | 20,198 | ||
Inventories | 643,882 | 946,657 | ||
Prepaid expenses | 216 | 329 | ||
Total current assets | 884,590 | 1,117,064 | ||
Other long-term accounts receivable | 9,811 | 17,887 | ||
Investments in associates and joint ventures | 1 | 31,768 | ||
Investment property | 45,687 | 49,357 | ||
Property, plant and equipment | 11,621 | 13,008 | ||
Intangible assets | 1,022 | 950 | ||
Deferred income tax asset | 10,316 | 623 | ||
Total non-currentassets | 78,458 | 113,593 | ||
Total assets | 963,048 | 1,230,657 | ||
LIABILITIES AND EQUITY | ||||
Borrowings | 162,031 | 206,456 | ||
Trade accounts payable | 43,724 | 30,617 | ||
Accounts payable to related parties | 37,396 | 66,190 | ||
Current income tax | 45,299 | 17,944 | ||
Other accounts payable | 63,654 | 194,441 | ||
Provisions | 20 | 131 | ||
Total current liabilities | 352,124 | 515,779 | ||
Borrowings | 12,010 | 16,541 | ||
Other long-term accounts payable | 32,058 | 32,000 | ||
Long-term accounts payable to related parties | 40,074 | |||
Deferred income tax liability | 15,564 | |||
Total non-currentliabilities | 44,068 | 104,179 | ||
Total liabilities | 396,192 | 619,958 | ||
Equity attributable to controlling interest in the Company | 217,290 | 234,449 | ||
Non-controllinginterest | 349,566 | 376,250 | ||
Total liabilities and equity | 963,048 | 1,230,657 | ||
Operating segments [member] | Technical services [member] | ||||
Assets.- | ||||
Cash and cash equivalent | 21,904 | 37,675 | ||
Trade accounts receivables | 274,103 | 395,812 | ||
Accounts receivable from related parties | 9,947 | 12,468 | ||
Other accounts receivable | 38,527 | 70,769 | ||
Inventories | 45,512 | 55,431 | ||
Prepaid expenses | 14,037 | 19,412 | ||
Total current assets | 404,030 | 591,567 | ||
Long-term trade accounts receivable | 39,852 | 22,968 | ||
Long-term accounts receivable from related parties | 474 | 492 | ||
Other long-term accounts receivable | 1,712 | 1,075 | ||
Investments in associates and joint ventures | 10,113 | 9,589 | ||
Property, plant and equipment | 100,936 | 195,462 | ||
Intangible assets | 47,332 | 78,687 | ||
Deferred income tax asset | 46,470 | 53,003 | ||
Total non-currentassets | 246,889 | 361,276 | ||
Total assets | 650,919 | 952,843 | ||
LIABILITIES AND EQUITY | ||||
Borrowings | 139,821 | 155,137 | ||
Trade accounts payable | 189,553 | 247,219 | ||
Accounts payable to related parties | 14,428 | 33,749 | ||
Current income tax | 8,300 | 5,544 | ||
Other accounts payable | 109,904 | 157,201 | ||
Provisions | 1,597 | 1,344 | ||
Total current liabilities | 463,603 | 600,194 | ||
Borrowings | 26,458 | 73,541 | ||
Other long-term accounts payable | 36,409 | 39,558 | ||
Long-term accounts payable to related parties | 30,739 | 42,259 | ||
Provisions | 3,365 | 1,757 | ||
Deferred income tax liability | 7,277 | 9,491 | ||
Total non-currentliabilities | 104,248 | 166,606 | ||
Total liabilities | 567,851 | 766,800 | ||
Equity attributable to controlling interest in the Company | 82,100 | 148,028 | ||
Non-controllinginterest | 968 | 38,015 | ||
Total liabilities and equity | S/ 650,919 | S/ 952,843 |
Segment Reporting - Disclosu100
Segment Reporting - Disclosure of Detailed Information About Operating Segment Performance (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about operating segment performance [Line Items] | |||
Revenue | S/ 6,080,142 | S/ 6,190,317 | S/ 7,582,912 |
Gross profit (loss) | 672,787 | 557,295 | 612,995 |
Administrative expenses | (429,181) | (382,393) | (394,223) |
Other income and expenses | (20,545) | (13,374) | 54,586 |
Gain from the sale of investments | 274,363 | 46,336 | (8,289) |
Operating (loss) profit | 497,424 | 207,864 | 265,069 |
Financial expenses | (185,445) | (221,664) | (168,083) |
Financial income | 15,407 | 20,645 | 37,636 |
Share of the profit or loss in associates and joint ventures under the equity method of accounting | 1,327 | (589,710) | 7,724 |
(Loss) profit before income tax | 328,713 | (582,865) | 142,346 |
Income tax | (123,037) | 119,272 | (95,899) |
(Loss) profit from continuing operations | 205,676 | (463,593) | 46,447 |
Profit from discontinued operations | 3,562 | 11,995 | 9,142 |
(Loss) profit for the year | 209,238 | (451,598) | 55,589 |
(Loss) profit attributable to: | |||
Owners of the Company | 148,738 | (509,699) | 7,097 |
Non-controllinginterest | 60,500 | 58,101 | 48,492 |
(Loss) profit for the year | 209,238 | (451,598) | 55,589 |
Real estate [member] | |||
Disclosure of detailed information about operating segment performance [Line Items] | |||
Revenue | 215,764 | ||
Gross profit (loss) | 51,755 | ||
Administrative expenses | (20,521) | ||
Other income and expenses | 1,759 | ||
Operating (loss) profit | 32,993 | ||
Financial expenses | (11,642) | ||
Financial income | 746 | ||
Share of the profit or loss in associates and joint ventures under the equity method of accounting | 14,888 | ||
(Loss) profit before income tax | 36,985 | ||
Income tax | (7,649) | ||
(Loss) profit from continuing operations | 29,336 | ||
(Loss) profit for the year | 29,336 | ||
(Loss) profit attributable to: | |||
Owners of the Company | 12,377 | ||
Non-controllinginterest | 16,959 | ||
(Loss) profit for the year | 29,336 | ||
Technical services [member] | |||
Disclosure of detailed information about operating segment performance [Line Items] | |||
Revenue | 563,874 | ||
Gross profit (loss) | 76,828 | ||
Administrative expenses | (60,871) | ||
Other income and expenses | 12,135 | ||
Gain from the sale of investments | (8,289) | ||
Operating (loss) profit | 19,803 | ||
Financial expenses | (18,265) | ||
Financial income | 584 | ||
Share of the profit or loss in associates and joint ventures under the equity method of accounting | 589 | ||
(Loss) profit before income tax | 2,711 | ||
Income tax | 20,593 | ||
(Loss) profit from continuing operations | 23,304 | ||
Profit from discontinued operations | 5,162 | ||
(Loss) profit for the year | 28,466 | ||
(Loss) profit attributable to: | |||
Owners of the Company | 20,001 | ||
Non-controllinginterest | 8,465 | ||
(Loss) profit for the year | 28,466 | ||
Parent company operations [member] | |||
Disclosure of detailed information about operating segment performance [Line Items] | |||
Revenue | 70,049 | 62,070 | 70,531 |
Gross profit (loss) | (37,771) | (171) | (7,004) |
Administrative expenses | (100,687) | (35,740) | (29,882) |
Other income and expenses | 10,512 | (5,843) | 11,114 |
Gain from the sale of investments | 195,378 | 46,336 | |
Operating (loss) profit | 67,432 | 4,582 | (25,772) |
Financial expenses | (80,339) | (115,225) | (2,818) |
Financial income | 32,925 | 18,688 | 56,101 |
Share of the profit or loss in associates and joint ventures under the equity method of accounting | 142,596 | (1,036,888) | (14,709) |
(Loss) profit before income tax | 162,614 | (1,128,843) | 12,802 |
Income tax | (19,495) | 193,425 | (9,208) |
(Loss) profit from continuing operations | 143,119 | (935,418) | 3,594 |
(Loss) profit for the year | 143,119 | (935,418) | 3,594 |
(Loss) profit attributable to: | |||
Owners of the Company | 143,279 | (934,508) | 4,337 |
Non-controllinginterest | (160) | (910) | (743) |
(Loss) profit for the year | 143,119 | (935,418) | 3,594 |
Elimination of intersegment amounts [member] | |||
Disclosure of detailed information about operating segment performance [Line Items] | |||
Revenue | (499,564) | (458,744) | (449,760) |
Gross profit (loss) | (45,100) | (92,413) | (67,238) |
Administrative expenses | 61,817 | 76,298 | 73,187 |
Other income and expenses | 559 | (3,923) | (2,968) |
Gain from the sale of investments | 4,215 | ||
Operating (loss) profit | 21,491 | (20,038) | 2,981 |
Financial expenses | 27,626 | 14,296 | 27,300 |
Financial income | (42,755) | (26,454) | (41,077) |
Share of the profit or loss in associates and joint ventures under the equity method of accounting | (175,144) | 421,852 | 8,246 |
(Loss) profit before income tax | (168,782) | 389,656 | (2,550) |
Income tax | (101) | 7,233 | 2,171 |
(Loss) profit from continuing operations | (168,883) | 396,889 | (379) |
Profit from discontinued operations | 1,245 | 4,144 | 3,980 |
(Loss) profit for the year | (167,638) | 401,033 | 3,601 |
(Loss) profit attributable to: | |||
Owners of the Company | (140,997) | 414,423 | 8,571 |
Non-controllinginterest | (26,641) | (13,390) | (4,970) |
(Loss) profit for the year | (167,638) | 401,033 | 3,601 |
Operating segments [member] | Engineering and construction [member] | |||
Disclosure of detailed information about operating segment performance [Line Items] | |||
Revenue | 3,353,199 | 4,159,538 | 5,829,441 |
Gross profit (loss) | 290,296 | 224,621 | 312,780 |
Administrative expenses | (231,044) | (258,568) | (289,149) |
Other income and expenses | (42,747) | (9,250) | 30,616 |
Gain from the sale of investments | 25,768 | ||
Operating (loss) profit | 42,273 | (43,197) | 54,247 |
Financial expenses | (52,852) | (65,138) | (127,383) |
Financial income | 9,434 | 11,216 | 8,875 |
Share of the profit or loss in associates and joint ventures under the equity method of accounting | 30,633 | 16,501 | (2,234) |
(Loss) profit before income tax | 29,488 | (80,618) | (66,495) |
Income tax | (17,091) | (12,828) | (55,350) |
(Loss) profit from continuing operations | 12,397 | (93,446) | (121,845) |
(Loss) profit for the year | 12,397 | (93,446) | (121,845) |
(Loss) profit attributable to: | |||
Owners of the Company | 12,077 | (87,710) | (131,181) |
Non-controllinginterest | 320 | (5,736) | 9,336 |
(Loss) profit for the year | 12,397 | (93,446) | (121,845) |
Operating segments [member] | Energy infrastructure [member] | |||
Disclosure of detailed information about operating segment performance [Line Items] | |||
Revenue | 436,876 | 382,211 | 389,377 |
Gross profit (loss) | 71,825 | 42,129 | 63,530 |
Administrative expenses | (15,854) | (17,260) | (18,214) |
Other income and expenses | 5,139 | 542 | 1,365 |
Operating (loss) profit | 61,110 | 25,411 | 46,681 |
Financial expenses | (13,423) | (10,801) | (19,953) |
Financial income | 1,964 | 1,040 | 158 |
Share of the profit or loss in associates and joint ventures under the equity method of accounting | 1,584 | 1,615 | 944 |
(Loss) profit before income tax | 51,235 | 17,265 | 27,830 |
Income tax | (13,151) | (5,308) | (7,650) |
(Loss) profit from continuing operations | 38,084 | 11,957 | 20,180 |
(Loss) profit for the year | 38,084 | 11,957 | 20,180 |
(Loss) profit attributable to: | |||
Owners of the Company | 33,715 | 9,370 | 17,072 |
Non-controllinginterest | 4,369 | 2,587 | 3,108 |
(Loss) profit for the year | 38,084 | 11,957 | 20,180 |
Operating segments [member] | Toll roads infrastructure [member] | |||
Disclosure of detailed information about operating segment performance [Line Items] | |||
Revenue | 642,127 | 527,104 | 729,232 |
Gross profit (loss) | 139,196 | 121,114 | 139,651 |
Administrative expenses | (32,454) | (35,085) | (37,934) |
Other income and expenses | 1,062 | 263 | 565 |
Operating (loss) profit | 107,804 | 86,292 | 102,282 |
Financial expenses | (6,893) | (7,390) | (9,974) |
Financial income | 3,256 | 2,225 | 9,812 |
(Loss) profit before income tax | 104,167 | 81,127 | 102,120 |
Income tax | (32,290) | (22,213) | (30,157) |
(Loss) profit from continuing operations | 71,877 | 58,914 | 71,963 |
(Loss) profit for the year | 71,877 | 58,914 | 71,963 |
(Loss) profit attributable to: | |||
Owners of the Company | 55,620 | 43,656 | 60,331 |
Non-controllinginterest | 16,257 | 15,258 | 11,632 |
(Loss) profit for the year | 71,877 | 58,914 | 71,963 |
Operating segments [member] | Transportation infrastructure [member] | |||
Disclosure of detailed information about operating segment performance [Line Items] | |||
Revenue | 365,772 | 247,040 | 206,459 |
Gross profit (loss) | 48,696 | 42,473 | 40,468 |
Administrative expenses | (15,279) | (12,952) | (10,529) |
Other income and expenses | 5 | 10 | |
Operating (loss) profit | 33,422 | 29,531 | 29,939 |
Financial expenses | (8,000) | (2,810) | (5,303) |
Financial income | 3,606 | 8,037 | 2,316 |
(Loss) profit before income tax | 29,028 | 34,758 | 26,952 |
Income tax | (9,545) | (10,904) | (8,129) |
(Loss) profit from continuing operations | 19,483 | 23,854 | 18,823 |
(Loss) profit for the year | 19,483 | 23,854 | 18,823 |
(Loss) profit attributable to: | |||
Owners of the Company | 14,613 | 17,891 | 14,118 |
Non-controllinginterest | 4,870 | 5,963 | 4,705 |
(Loss) profit for the year | 19,483 | 23,854 | 18,823 |
Operating segments [member] | Water treatment infrastructure [member] | |||
Disclosure of detailed information about operating segment performance [Line Items] | |||
Revenue | 3,152 | 18,459 | 27,994 |
Gross profit (loss) | 445 | 5,698 | 2,225 |
Administrative expenses | (317) | (786) | (310) |
Operating (loss) profit | 128 | 4,912 | 1,915 |
Financial expenses | (50) | (38) | (45) |
Financial income | 26 | 86 | 121 |
(Loss) profit before income tax | 104 | 4,960 | 1,991 |
Income tax | (227) | (1,433) | (520) |
(Loss) profit from continuing operations | (123) | 3,527 | 1,471 |
(Loss) profit for the year | (123) | 3,527 | 1,471 |
(Loss) profit attributable to: | |||
Owners of the Company | (123) | 3,527 | 1,471 |
(Loss) profit for the year | (123) | 3,527 | S/ 1,471 |
Operating segments [member] | Real estate [member] | |||
Disclosure of detailed information about operating segment performance [Line Items] | |||
Revenue | 647,535 | 411,518 | |
Gross profit (loss) | 147,384 | 136,540 | |
Administrative expenses | (21,189) | (28,430) | |
Other income and expenses | (3,700) | 838 | |
Gain from the sale of investments | 49,002 | ||
Operating (loss) profit | 171,497 | 108,948 | |
Financial expenses | (21,917) | (14,388) | |
Financial income | 3,569 | 2,816 | |
Share of the profit or loss in associates and joint ventures under the equity method of accounting | 455 | 6,850 | |
(Loss) profit before income tax | 153,604 | 104,226 | |
Income tax | (35,900) | (27,054) | |
(Loss) profit from continuing operations | 117,704 | 77,172 | |
(Loss) profit for the year | 117,704 | 77,172 | |
(Loss) profit attributable to: | |||
Owners of the Company | 48,648 | 22,106 | |
Non-controllinginterest | 69,056 | 55,066 | |
(Loss) profit for the year | 117,704 | 77,172 | |
Operating segments [member] | Technical services [member] | |||
Disclosure of detailed information about operating segment performance [Line Items] | |||
Revenue | 1,060,996 | 841,121 | |
Gross profit (loss) | 57,816 | 77,304 | |
Administrative expenses | (74,174) | (69,870) | |
Other income and expenses | 8,625 | 3,989 | |
Operating (loss) profit | (7,733) | 11,423 | |
Financial expenses | (29,597) | (20,170) | |
Financial income | 3,382 | 2,991 | |
Share of the profit or loss in associates and joint ventures under the equity method of accounting | 1,203 | 360 | |
(Loss) profit before income tax | (32,745) | (5,396) | |
Income tax | 4,763 | (1,646) | |
(Loss) profit from continuing operations | (27,982) | (7,042) | |
Profit from discontinued operations | 2,317 | 7,851 | |
(Loss) profit for the year | (25,665) | 809 | |
(Loss) profit attributable to: | |||
Owners of the Company | (18,094) | 1,546 | |
Non-controllinginterest | (7,571) | (737) | |
(Loss) profit for the year | S/ (25,665) | S/ 809 |
Segment Reporting - Disclosu101
Segment Reporting - Disclosure of Detailed Information About Segments by Geographical Area (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about segments by geographical area [line items] | |||
Revenue | S/ 6,080,142 | S/ 6,190,317 | S/ 7,582,912 |
Non-current assets | 4,775,724 | 4,717,976 | 3,699,629 |
Peru (member) | |||
Disclosure of detailed information about segments by geographical area [line items] | |||
Revenue | 4,375,760 | 4,547,449 | 5,457,577 |
Non-current assets | 4,164,342 | 3,995,453 | 3,230,288 |
Chile (member) | |||
Disclosure of detailed information about segments by geographical area [line items] | |||
Revenue | 1,054,885 | 707,364 | 944,198 |
Non-current assets | 407,152 | 446,998 | 320,094 |
Colombia (member) | |||
Disclosure of detailed information about segments by geographical area [line items] | |||
Revenue | 285,897 | 570,203 | 778,333 |
Non-current assets | 203,203 | 260,732 | 124,820 |
Panama [member] | |||
Disclosure of detailed information about segments by geographical area [line items] | |||
Revenue | 361,450 | 346,065 | 206,137 |
Non-current assets | 584 | ||
Guyana [member] | |||
Disclosure of detailed information about segments by geographical area [line items] | |||
Revenue | 717 | 111,924 | |
Non-current assets | 878 | 862 | 8,800 |
Brasil [member] | |||
Disclosure of detailed information about segments by geographical area [line items] | |||
Revenue | 39,253 | ||
Ecuador [member] | |||
Disclosure of detailed information about segments by geographical area [line items] | |||
Revenue | 3,682 | ||
Non-current assets | 888 | ||
Bolivia (member) | |||
Disclosure of detailed information about segments by geographical area [line items] | |||
Revenue | 2,149 | 14,837 | 45,490 |
Non-current assets | S/ 149 | S/ 13,043 | S/ 15,043 |
Financial Instruments - Summary
Financial Instruments - Summary of Financial Assets and Liabilities by Category (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of detailed information about financial instruments [line items] | ||||
Cash and cash equivalents | S/ 626,180 | S/ 606,950 | S/ 554,002 | S/ 818,402 |
Accounts receivable from related parties | 100,752 | 181,664 | ||
Other financial liabilities | 1,690,063 | 2,380,438 | ||
Bonds | 947,567 | 967,714 | ||
Financial liabilities | 2,637,630 | 3,348,152 | ||
Financial liabilities at amortised cost, category [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Other financial liabilities | 1,561,754 | 2,140,297 | ||
Finance leases | 128,309 | 240,141 | ||
Bonds | 947,567 | 967,714 | ||
Trade and other accounts payable (excluding non-financial liabilities) | 2,054,217 | 1,769,444 | ||
Accounts payable to related parties | 81,128 | 145,537 | ||
Financial liabilities | 4,772,975 | 5,263,133 | ||
Financial Liabilities Hedging Derivatives [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial liabilities | 383 | 1,081 | ||
Loans and receivables, category [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Cash and cash equivalents | 626,180 | 600,923 | ||
Trade accounts receivable and other accounts receivable not including advances to suppliers, net | 1,447,629 | 1,329,262 | ||
Work in progress | 672,163 | 878,515 | ||
Financial assets related to concession agreements | 952,780 | 685,975 | ||
Accounts receivable from related parties | 874,682 | 713,048 | ||
Available-for-sale financial asset | 4,573,434 | 4,207,723 | ||
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 | 6,379 | ||
Cash and cash equivalents (Mutual funds) | 6,027 | |||
Other financial asset | 181 | 352 | ||
Total | S/ 181 | S/ 6,379 |
Financial Instruments - Summ103
Financial Instruments - Summary of Credit Quality of Financial Assets (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | S/ 626,180 | S/ 606,950 | S/ 554,002 | S/ 818,402 |
Financial assets neither past due nor impaired [member] | ||||
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | 606,914 | 593,075 | ||
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 | 224,834 | 147,759 | ||
Financial assets neither past due nor impaired [member] | Banco Continental [member] | A + [member] | ||||
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | 100,882 | 136,805 | ||
Financial assets neither past due nor impaired [member] | Banco Scotiabank [Member] | A + [member] | ||||
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | 71,608 | 121,480 | ||
Financial assets neither past due nor impaired [member] | Citibank [Member] | A- [member] | ||||
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | 110,846 | 105,812 | ||
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 | 17,776 | 30,007 | ||
Financial assets neither past due nor impaired [member] | Banco Santander-Peru [member] | A- [member] | ||||
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | 17,480 | |||
Financial assets neither past due nor impaired [member] | Banco Interbank [Member] | A- [member] | ||||
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | 14,937 | 6,344 | ||
Financial assets neither past due nor impaired [member] | Banco de Chile [Member] | AAA [Member] | ||||
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | 4,337 | 4,822 | ||
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 | 5,551 | 4,035 | ||
Financial assets neither past due nor impaired [member] | Banco Bogota [member] | A- [member] | ||||
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | 25,609 | 3,756 | ||
Financial assets neither past due nor impaired [member] | Larrain Vial de Chile [member] | A- [member] | ||||
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | 3,514 | |||
Financial assets neither past due nor impaired [member] | Banco GNB [member] | ||||
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | 1,334 | 2,080 | ||
Financial assets neither past due nor impaired [member] | Banco Santander Chile [member] | AAA [Member] | ||||
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | 22,041 | 1,941 | ||
Financial assets neither past due nor impaired [member] | Scotiabank chile S A [member] | AAA [Member] | ||||
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | 3 | 1,117 | ||
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 | 1,105 | 937 | ||
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 | 116 | 125 | ||
Financial assets neither past due nor impaired [member] | Others [member] | ||||
Disclosure of financial assets [line items] | ||||
Cash and cash equivalents | S/ 5,935 | S/ 5,061 |
Financial Instruments - Summ104
Financial Instruments - Summary of Credit Quality of Customers (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Trade receivables [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | S/ 2,513,477 | S/ 2,577,304 |
Trade receivables [member] | New customers/related parties (less than 6 months) [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 6,042 | 117,797 |
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 | 2,313,187 | 2,052,356 |
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 | 194,248 | 407,151 |
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/ 874,682 | S/ 713,048 |
Cash and Cash Equivalent- Summa
Cash and Cash Equivalent- Summary of Cash and Cash Equivalents (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of cash and cash equivalents [line items] | ||||
Cash on hand | S/ 16,468 | S/ 5,944 | ||
In-transit remittances | 2,798 | 7,931 | ||
Bank accounts | 493,666 | 475,025 | ||
Time deposits | 113,248 | 112,023 | ||
Mutual funds | 6,027 | |||
Total | S/ 626,180 | S/ 606,950 | S/ 554,002 | S/ 818,402 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) - PEN (S/) S/ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Minimum [Member] | ||
Disclosure of cash and cash equivalents [line items] | ||
Interest rate | 0.25% | 0.10% |
Maximum [Member] | ||
Disclosure of cash and cash equivalents [line items] | ||
Interest rate | 4.55% | 4.95% |
GyM Ferrovias S.A. [Member] | ||
Disclosure of cash and cash equivalents [line items] | ||
Short term deposits from subsidiaries | S/ 36.7 | S/ 24.7 |
GyM S A [member] | ||
Disclosure of cash and cash equivalents [line items] | ||
Short term deposits from subsidiaries | 30.5 | 43.7 |
Viva GyM SA [member] | ||
Disclosure of cash and cash equivalents [line items] | ||
Short term deposits from subsidiaries | 17.8 | 19.6 |
CONCARSA [member] | ||
Disclosure of cash and cash equivalents [line items] | ||
Short term deposits from subsidiaries | 13.6 | |
Concesin Canchaque S.A.C. [member] | ||
Disclosure of cash and cash equivalents [line items] | ||
Short term deposits from subsidiaries | S/ 11.0 | |
GMP S.A. [member] | ||
Disclosure of cash and cash equivalents [line items] | ||
Short term deposits from subsidiaries | S/ 16.4 |
Cash and Cash Equivalent- Su107
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of cash and cash equivalents [line items] | ||||
Cash and cash equivalent | S/ 626,180 | S/ 606,950 | S/ 554,002 | S/ 818,402 |
Bank overdrafts (Note 19) | (120) | (8,396) | ||
Balances of the statement of cash flows | S/ 626,060 | S/ 598,554 |
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 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2014 | |
Disclosure of financial assets [line items] | |||||
Available-for-sale financial assets | S/ 120,134 | S/ 93,144 | |||
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) | 19,973 | |||
Dividends received from investments | 7,200 | ||||
Discount rate used for discounted cash flows | 7.14% | 6.33% | |||
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 | S/ 120,100 | |||
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 | ||||
Percent of ownership interest | 1.64% | ||||
Transportadora de Gas del Peru S.A [member] | Discounted cash flow [member] | |||||
Disclosure of financial assets [line items] | |||||
Discounted cash flows period | 30-year term | ||||
Discount rate used for discounted cash flows | 7.50% |
Trade Accounts Receivable, N109
Trade Accounts Receivable, Net - Summary of Trade Accounts Receivables (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Accounts Receivable [line items] | ||
Trade accounts receivable | S/ 992,724 | S/ 1,031,270 |
Trade accounts receivable | 848,590 | 667,519 |
Gross carrying amount [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Invoices receivable | 459,721 | 903,878 |
Collection rights | 546,351 | 150,065 |
Trade accounts receivable | 1,006,072 | 1,053,943 |
Invoices receivable receivable | 819,699 | 652,939 |
Collection rights | 28,891 | 14,580 |
Trade accounts receivable | 848,590 | 667,519 |
Accumulated impairment [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Trade accounts receivable | S/ (13,348) | S/ (22,673) |
Trade Accounts Receivable, N110
Trade Accounts Receivable, Net - Additional Information (Detail) - PEN (S/) S/ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Accounts Receivable [line items] | ||
Discount rate under discounted cash flows method | 6.33% | 7.14% |
Financial assets neither past due nor impaired [member] | Maturity Greater Than Thirty One Days [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Trade accounts receivable | S/ 160.8 | S/ 221.8 |
Financial assets impaired [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Trade accounts receivable | 0.7 | 3.1 |
CAM Holding S.p.A. [Member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Collection rights | 85 | |
GyM Ferrovias SA. [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Collection rights | 355 | 68 |
GMD SA [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Collection rights | 49 | |
GMI SA [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Collection rights | 20 | 19 |
CONCARSA [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Collection rights | 53 | 13 |
Survial [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Collection rights | 31 | 12 |
CAM Servicios del Peru SA [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Collection rights | 21 | 11 |
At fair value [member] | ||
Disclosure Of Accounts Receivable [line items] | ||
Non current receivables | S/ 835.0 | S/ 606.0 |
Trade Accounts Receivable, N111
Trade Accounts Receivable, Net - Summary of Aging of Trade Accounts Receivable (Detail) - Gross carrying amount [member] - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade accounts receivable | S/ 1,854,662 | S/ 1,721,462 |
Current [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade accounts receivable | 1,575,709 | 1,396,040 |
Not later than one month [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade accounts receivable | 118,158 | 103,617 |
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 | 141,121 | 113,825 |
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 | 1,962 | 29,506 |
Later than one year [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade accounts receivable | S/ 17,712 | S/ 78,474 |
Work in Progress, Net - Summary
Work in Progress, Net - Summary of Unbilled Work in Progress (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current [member] | ||
Disclosure Of Unbilled Work In Progress [Line items] | ||
Unbilled work in progress | S/ 584,753 | S/ 680,929 |
Current [member] | Gross carrying amount [member] | ||
Disclosure Of Unbilled Work In Progress [Line items] | ||
Unbilled rights receivable | 535,119 | 971,882 |
Rights for concessions in progress | 32,078 | |
Cost of work in progress | 49,634 | 87,168 |
Unbilled work in progress | 584,753 | 1,091,128 |
Current [member] | Accumulated impairment [member] | ||
Disclosure Of Unbilled Work In Progress [Line items] | ||
Unbilled work in progress | (410,199) | |
Non current [member] | ||
Disclosure Of Unbilled Work In Progress [Line items] | ||
Unbilled work in progress | 87,410 | 197,586 |
Non current [member] | Gross carrying amount [member] | ||
Disclosure Of Unbilled Work In Progress [Line items] | ||
Unbilled rights receivable | 58,997 | 171,752 |
Rights for concessions in progress | 28,413 | 25,834 |
Unbilled work in progress | S/ 87,410 | S/ 197,586 |
Work in Progress, Net - Additio
Work in Progress, Net - Additional Information (Detail) - PEN (S/) S/ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Of Unbilled Work In Progress [Line items] | |||
Discount rate | 6.33% | 7.14% | |
GyM S A [member] | |||
Disclosure Of Unbilled Work In Progress [Line items] | |||
Discount rate | 1.71% | ||
Advances received from customers | S/ 15.3 | S/ 10.6 | S/ 111.7 |
Transactions with Related Pa114
Transactions with Related Parties and Joint Operators - Disclosure of Transactions Between Related Parties (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of transactions between related parties [line items] | |||
Revenue from sales of goods and services | S/ 21,505 | S/ 36,901 | S/ 53,784 |
Purchase of goods and services | 16,967 | 3,967 | 507 |
Associates [member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenue from sales of goods and services | 3,367 | 1,400 | |
Purchase of goods and services | 2,776 | 739 | 18 |
Joint operations [member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenue from sales of goods and services | 18,138 | 36,901 | 52,384 |
Purchase of goods and services | S/ 14,191 | S/ 3,228 | S/ 489 |
Transactions with Related Pa115
Transactions with Related Parties and Joint Operators - Additional Information (Detail) S/ in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017PEN (S/) | Dec. 31, 2017USD ($) | Dec. 31, 2016PEN (S/) | Dec. 31, 2015USD ($) | |
Disclosure of transactions between related parties [line items] | ||||
Key management personnel compensation | S/ 90,500 | S/ 106,900 | $ 111.7 | |
Accounts receivable from related parties maturity periods | 60 days | |||
Impairment loss | S/ 18,000 | |||
Long-term accounts receivable from related parties | S/ 773,930 | S/ 531,384 | ||
Discount rate | 6.33% | 7.14% | ||
Discounted Value | S/ 76,900 | $ 22.8 | ||
Collection rights, related parties | 244,000 | |||
Accounts payable from related parties maturity periods | 60 days | |||
Related parties [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Long-term accounts receivable from related parties | S/ 515,000 | |||
Discount rate | 2.92% |
Transactions With Related Pa116
Transactions With Related Parties and Joint Operators - Summary of Sale Purchase of Goods Services (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | S/ 100,752 | S/ 181,664 |
Accounts payable to related parties | 55,174 | 80,217 |
Long-term accounts receivable from related parties | 773,930 | 531,384 |
Long-term accounts payable to related parties | 25,954 | 65,320 |
Gaseoducto Sur Peruano SA [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 | 279 | 9,076 |
Accounts payable to related parties | 185 | |
Arturo Serna [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | 2,984 | |
Other related parties [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 2,686 | 9,076 |
Accounts payable to related parties | 2,869 | 2,984 |
Gaseoducto Sur Peruano SA [member] | ||
Disclosure of transactions between related parties [line items] | ||
Long-term accounts receivable from related parties | 773,930 | 531,384 |
Consorcio Constructor Ductos del Sur [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 62,834 | |
Long-term accounts payable to related parties | 37,238 | |
Ferrovias Participaciones [member] | ||
Disclosure of transactions between related parties [line items] | ||
Long-term accounts payable to related parties | 21,648 | 20,813 |
Ferrovias Argentina [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | 2,684 | |
Long-term accounts payable to related parties | 2,835 | |
Arturo Serna [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Long-term accounts payable to related parties | 4,306 | 4,434 |
Consorcio GyM Conciviles [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 43,435 | 61,006 |
Consorcio Rio Urubamba [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 8,964 | 9,072 |
Consorcio Peruano de Conservacion [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 7,417 | 8,784 |
Consorcio Vial Quinua [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 4,198 | |
Accounts payable to related parties | 2,162 | 738 |
Consorcio Italo Peruano [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 14,536 | 4,174 |
Accounts payable to related parties | 18,849 | 17,325 |
Consorcio La Gloria [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 1,688 | 3,521 |
Accounts payable to related parties | 1,358 | 3,080 |
Terminales del Peru [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 3,290 | 3,215 |
Accounts payable to related parties | 259 | |
Consorcio Rio Mantaro [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 1,134 | 3,191 |
Accounts payable to related parties | 763 | 6,886 |
Consorcio Vial Sierra [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 2,355 | 940 |
Accounts payable to related parties | 1,854 | 5,400 |
Consorcio Constructor Chavimochic [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 1,959 | 915 |
Accounts payable to related parties | 5,817 | 2,471 |
Consorcio Energia Y Vapor [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 491 | |
Accounts payable to related parties | 72 | 3,203 |
Consorcio Ermitano [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 1,067 | 83 |
Accounts payable to related parties | 6 | 6,372 |
Consorcio Menegua [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 39 | 30 |
Accounts payable to related parties | 3,803 | |
Consorcio para la Atencion y Mantenimiento de Ductos [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | 12,074 | 21,790 |
Consorcio Huacho Pativilca [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable to related parties | 2,377 | 3,434 |
Other minors [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 12,182 | 10,134 |
Accounts payable to related parties | 6,973 | 2,472 |
Joint operations [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts receivable from related parties | 98,066 | 172,588 |
Accounts payable to related parties | S/ 52,305 | S/ 77,233 |
Other Accounts Receivable - Sch
Other Accounts Receivable - Schedule of Other Accounts Receivable (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current | ||
Advances to suppliers (a) | S/ 149,464 | S/ 79,455 |
Income tax on-accountpayments (b) | 125,176 | 202,045 |
Fiscal credit (c) | 81,732 | 80,091 |
Guarantee deposits (d) | 113,429 | 95,916 |
Restricted Fund | 61,993 | 14,067 |
Temporary tax on net assets | 21,934 | 21,204 |
Taxes receivable | 31,875 | 13,954 |
Claims to SUNAT (pre-paidtaxes) | 33,478 | 51,301 |
Rental and sale of equipment | 27,970 | 13,640 |
Receivables from personnel | 6,737 | 10,726 |
Other | 19,751 | 58,531 |
Total | 765,445 | 649,516 |
Non-current | ||
Advances to suppliers | 255,181 | 225,567 |
Income tax on-account payments | 2,607 | |
Fiscal credit | 30,680 | 52,225 |
Guarantee deposits | 0 | 0 |
Restricted Fund | 44,770 | |
Temporary tax on net assets | 0 | 0 |
Taxes receivable | 33,428 | |
Claims to SUNAT (pre-paidtaxes) | 38,082 | 23,526 |
Rental and sale of equipment | 0 | 0 |
Receivables from personnel | 0 | 0 |
Other | 9,196 | 17,957 |
Total | 470,852 | 357,952 |
Others [member] | ||
Current | ||
Claims to third parties | 109,491 | 26,529 |
Non-current | ||
Claims to third parties | 41,072 | 32,669 |
Petroleos Del Peru S. A. Petroperu S.A. [Member] | ||
Current | ||
Claims to third parties | 3,619 | 16,879 |
Non-current | ||
Claims to third parties | 53,918 | 29,534 |
SUNAT [member] | ||
Current | ||
Claims to SUNAT (pre-paidtaxes) | 12,274 | 16,479 |
Non-current | ||
Claims to SUNAT (pre-paidtaxes) | S/ 0 | S/ 0 |
Other Accounts Receivable - Add
Other Accounts Receivable - Additional Information (Details) (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
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 - 119
Other Accounts Receivable - Schedule of Other Accounts Receivable (Parenthetical) (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Accounts Receivable [Line Items] | ||
Advances to suppliers | S/ 149,464 | S/ 79,455 |
Income tax on-account payments | 125,176 | 202,045 |
Fiscal credit | 81,732 | 80,091 |
GyM Ferrovias S.A. [Member] | ||
Other Accounts Receivable [Line Items] | ||
Advances to suppliers | 233,000 | 230,000 |
GyM S A [member] | ||
Other Accounts Receivable [Line Items] | ||
Income tax on-account payments | 85,000 | 133,000 |
Fiscal credit | 50,000 | 55,000 |
GMP S.A. [member] | ||
Other Accounts Receivable [Line Items] | ||
Income tax on-account payments | 19,000 | 17,000 |
CAM Holding S.p.A. [Member] | ||
Other Accounts Receivable [Line Items] | ||
Income tax on-account payments | 11,000 | 16,000 |
Viva GyM SA [member] | ||
Other Accounts Receivable [Line Items] | ||
Income tax on-account payments | 6,000 | 5,000 |
Fiscal credit | 20,000 | 25,000 |
Grana Y Montero S.A.A. [Member] | ||
Other Accounts Receivable [Line Items] | ||
Income tax on-account payments | 16,000 | |
GMI SA [member] | ||
Other Accounts Receivable [Line Items] | ||
Income tax on-account payments | 4,000 | |
GMD SA [member] | ||
Other Accounts Receivable [Line Items] | ||
Income tax on-account payments | 4,000 | |
Norvial S.A. [member] | ||
Other Accounts Receivable [Line Items] | ||
Fiscal credit | 6,000 | 15,000 |
Negocias del Gas S.A. [Member] | ||
Other Accounts Receivable [Line Items] | ||
Fiscal credit | 8,000 | 8,000 |
La Chira S.A. [Member] | ||
Other Accounts Receivable [Line Items] | ||
Fiscal credit | 2,000 | |
Concesionaria Via Expresa Sur S.A. [Member] | ||
Other Accounts Receivable [Line Items] | ||
Fiscal credit | S/ 5,000 | |
Concesionaria La Chira [member] | ||
Other Accounts Receivable [Line Items] | ||
Fiscal credit | 5,000 | |
Concesionaria Via Expresa Sur S.A. [member] | ||
Other Accounts Receivable [Line Items] | ||
Fiscal credit | S/ 5,000 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories of Work In Progress (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of inventories [line items] | ||
Land | S/ 317,337 | S/ 398,120 |
Work in progress - Real estate | 150,537 | 289,775 |
Finished properties | 203,209 | 244,240 |
Construction material | 51,131 | 114,919 |
Merchandise and supplies | 90,504 | 97,860 |
Inventories Gross, Total | 812,718 | 1,144,914 |
Impairment of inventories (Note 5.1-f) | (42,007) | (40,621) |
Inventories | 770,711 | 1,104,293 |
Work in progress-Real estate | 150,537 | 289,775 |
Klimt [member] | ||
Disclosure of inventories [line items] | ||
Work in progress - Real estate | 100,751 | |
Finished properties | 44,103 | |
Work in progress-Real estate | 100,751 | |
Los Parques de Comas [Member] | ||
Disclosure of inventories [line items] | ||
Work in progress - Real estate | 70,647 | 89,074 |
Finished properties | 16,058 | 7,336 |
Work in progress-Real estate | 70,647 | 89,074 |
Los Parques de Callao [Member] | ||
Disclosure of inventories [line items] | ||
Work in progress - Real estate | 53,441 | 51,613 |
Finished properties | 486 | 19,736 |
Work in progress-Real estate | 53,441 | 51,613 |
Real 2 [member] | ||
Disclosure of inventories [line items] | ||
Work in progress - Real estate | 17,181 | |
Finished properties | 3,877 | |
Work in progress-Real estate | 17,181 | |
Villa el Salvador [member] | ||
Disclosure of inventories [line items] | ||
Work in progress - Real estate | 2,141 | 12,674 |
Work in progress-Real estate | 2,141 | 12,674 |
Others [member] | ||
Disclosure of inventories [line items] | ||
Land | 28,273 | 40,166 |
Work in progress - Real estate | 24,308 | 18,482 |
Finished properties | 404 | 6,285 |
Work in progress-Real estate | S/ 24,308 | S/ 18,482 |
Inventories - Schedule of In121
Inventories - Schedule of Inventories of Land (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of inventories [line items] | ||
Land | S/ 317,337 | S/ 398,120 |
Lurin [member] | ||
Disclosure of inventories [line items] | ||
Land | 103,574 | 95,634 |
Ancon [member] | ||
Disclosure of inventories [line items] | ||
Land | 37,823 | 35,934 |
Huancayo [member] | ||
Disclosure of inventories [line items] | ||
Land | 13,572 | 11,618 |
Miraflores [member] | ||
Disclosure of inventories [line items] | ||
Land | 1,349 | 80,552 |
San Miguel [member] | ||
Disclosure of inventories [line items] | ||
Land | 44,126 | 70,556 |
San Isidro [member] | ||
Disclosure of inventories [line items] | ||
Land | 58,441 | 46,606 |
Nuevo Chimbote [member] | ||
Disclosure of inventories [line items] | ||
Land | 17,201 | 17,054 |
Canta callao [member] | ||
Disclosure of inventories [line items] | ||
Land | 12,978 | |
Others [member] | ||
Disclosure of inventories [line items] | ||
Land | S/ 28,273 | S/ 40,166 |
Inventories - Schedule of In122
Inventories - Schedule of Inventories of Land (Parenthetical) (Detail) $ in Millions | Nov. 06, 2017PEN (S/)ha | Feb. 03, 2017USD ($) | Dec. 31, 2017ham²ParkingSpacesApartmentReal_Estate_Unit |
Lurin [member] | |||
Disclosure of inventories [line items] | |||
Area of land for industrial development and public housing | 750 | ||
Ancon [member] | |||
Disclosure of inventories [line items] | |||
Number of real estate unit | Real_Estate_Unit | 13,768 | ||
Area of land for development of social housing project | 108 | ||
Chimbote [Member] | |||
Disclosure of inventories [line items] | |||
Area of land for development of social housing project | 11.5 | ||
Huancayo [member] | |||
Disclosure of inventories [line items] | |||
Area of land for development of social housing project | m² | 8.5 | ||
San Miguel [member] | |||
Disclosure of inventories [line items] | |||
Area of land for building family | 1.4 | ||
Number of apartments in building | Apartment | 248 | ||
Number of parking lots | ParkingSpaces | 185 | ||
San Isidro [member] | |||
Disclosure of inventories [line items] | |||
Number of apartments in building | Apartment | 24 | ||
Number of parking spaces | ParkingSpaces | 124 | ||
Larrainvial Colliers [member] | |||
Disclosure of inventories [line items] | |||
Area of land sold | 0.56 | ||
Real estate investment fund sold | S/ | S/ 27.8 | ||
Urbi Propiedades SA [member] | |||
Disclosure of inventories [line items] | |||
Sale of property, amount | $ | $ 50 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - PEN (S/) S/ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of inventories [line items] | |||
Capitalised financing cost | S/ 5.9 | S/ 12.2 | S/ 4.0 |
Bottom of range [member] | |||
Disclosure of inventories [line items] | |||
Interest rate | 7.00% | 6.75% | 5.30% |
Top of range [member] | |||
Disclosure of inventories [line items] | |||
Interest rate | 11.22% | 8.90% | 9.50% |
Inventories - Schedule of In124
Inventories - Schedule of Inventories of Finished Properties (Details) (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of inventories [line items] | ||
Finished properties | S/ 203,209 | S/ 244,240 |
El Rancho [Member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 82,796 | 121,302 |
Panorama [Member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 18,481 | 33,443 |
Los Parques de San Martin de Porres [Member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 16,687 | 30,724 |
Los Parques de Callao [Member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 486 | 19,736 |
Rivera Navarrete[Member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 7,870 | 11,966 |
Los Parques de Carabayllo Second Phase [Member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 3,134 | 7,497 |
Los Parques de Comas [Member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 16,058 | 7,336 |
Los Parques de Villa El Salvador Second [Member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 9,313 | 5,951 |
Klimt [member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 44,103 | |
Real 2 [member] | ||
Disclosure of inventories [line items] | ||
Finished properties | 3,877 | |
Others [member] | ||
Disclosure of inventories [line items] | ||
Finished properties | S/ 404 | S/ 6,285 |
Inventories - Additional Inf125
Inventories - Additional Information (Details) (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of inventories [line items] | ||
Construction material | S/ 51,131 | S/ 114,919 |
Impairment of inventories | (42,007) | (40,621) |
Stracon GyM member] | ||
Disclosure of inventories [line items] | ||
Construction material | S/ 50,000 | 50,500 |
Impairment of inventories | S/ 33,800 |
Investments In Associates An126
Investments In Associates And Joint Ventures - Schedule of Amounts Recognised in Balance Sheet (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||||
Associates | S/ 250,053 | S/ 286,403 | S/ 490,702 | S/ 82,494 |
Joint ventures | 18,618 | 103,356 | S/ 146,303 | S/ 147,069 |
Investments in associates and joint ventures | S/ 268,671 | S/ 389,759 |
Investments In Associates An127
Investments In Associates And Joint Ventures - Schedule of Amounts Recognised in Income Statement (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Investments in Associates and Joint Ventures [Line Items] | |||
Associates | S/ (5,915) | S/ (584,801) | |
Joint ventures | 7,242 | (4,909) | S/ 2,193 |
Share of profit loss of associates and joint ventures accounted for using equity method | S/ 1,327 | S/ (589,710) | S/ 7,724 |
Investments In Associates An128
Investments In Associates And Joint Ventures - Summary of Detailed Information about Associates (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of associates and joint ventures [line items] | ||||
Carrying amount | S/ 250,053 | S/ 286,403 | S/ 490,702 | S/ 82,494 |
Other Associates [Member] | ||||
Disclosure of associates and joint ventures [line items] | ||||
Carrying amount | S/ 9,584 | S/ 3,896 | ||
Common Share [Member] | Gasoducto Sur Peruano S A [member] | ||||
Disclosure of associates and joint ventures [line items] | ||||
Interest in capital | 21.49% | 20.00% | ||
Carrying amount | S/ 218,276 | S/ 218,276 | ||
Common Share [Member] | Promocion inmobiliariadel sur SA [member] | ||||
Disclosure of associates and joint ventures [line items] | ||||
Interest in capital | 22.50% | |||
Carrying amount | S/ 31,768 | |||
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/ 22,091 | S/ 32,394 | ||
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/ 102 | S/ 69 |
Investments In Associates An129
Investments In Associates And Joint Ventures - Additional Information (Detail) S/ in Thousands, $ in Thousands | Dec. 04, 2017USD ($) | Jun. 24, 2017PEN (S/) | Jun. 24, 2017USD ($) | Jun. 06, 2017PEN (S/) | Jun. 06, 2017USD ($) | Apr. 24, 2017PEN (S/) | Apr. 24, 2017USD ($) | Dec. 01, 2016PEN (S/) | Feb. 01, 2016PEN (S/) | Apr. 30, 2017PEN (S/) | Apr. 30, 2017USD ($) | Feb. 28, 2017PEN (S/) | Feb. 28, 2017USD ($) | Feb. 28, 2016PEN (S/) | Nov. 30, 2015PEN (S/) | Aug. 31, 2015PEN (S/) | Jun. 30, 2015 | Dec. 31, 2017PEN (S/) | Dec. 31, 2017USD ($) | Dec. 31, 2016PEN (S/)ha | Dec. 31, 2016USD ($)ha | Dec. 31, 2015PEN (S/) | Dec. 31, 2017USD ($) | Aug. 31, 2016PEN (S/) | Nov. 30, 2015USD ($) | Dec. 31, 2014PEN (S/) |
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||||||||||||||||||||||||||
Investment in associate | S/ 250,053 | S/ 286,403 | S/ 490,702 | S/ 82,494 | ||||||||||||||||||||||
Percentage of amount determined by audit firm | 100.00% | 100.00% | ||||||||||||||||||||||||
Value determined by audit firm as payable | $ | $ 2,602,000 | |||||||||||||||||||||||||
Accounts receivable claim | $ | $ 400 | |||||||||||||||||||||||||
Claims from fiduciary based activities from capacity as administrator accounts receivable | $ | $ 169,300 | |||||||||||||||||||||||||
Impairment of investment | $ | $ 176,900 | |||||||||||||||||||||||||
Discount to long-term account receivable | $ | 22,800 | |||||||||||||||||||||||||
Finance update and estimation of costs | $ | 199,300 | |||||||||||||||||||||||||
Net loss before taxes | S/ 328,713 | (582,865) | 142,346 | |||||||||||||||||||||||
Percentage of payment to withheld according to contract | 10.00% | 10.00% | ||||||||||||||||||||||||
Share of the profit or loss in associates and joint ventures under the equity method | S/ 1,327 | (589,710) | 7,724 | |||||||||||||||||||||||
Dividends received | 3,758 | 27,992 | 59,175 | |||||||||||||||||||||||
Investments in joint ventures | 18,618 | 103,356 | 146,303 | S/ 147,069 | ||||||||||||||||||||||
Compania Operadora de Gas del Amazonas SAC [member] | ||||||||||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||||||||||||||||||||||||||
Ownership interest in joint venture | 51.00% | 51.00% | ||||||||||||||||||||||||
Sale of investment in joint venture | S/ 69,800 | $ 21,500 | ||||||||||||||||||||||||
Construction contracts 1 [member] | ||||||||||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||||||||||||||||||||||||||
Net loss before taxes | S/ (15,200) | |||||||||||||||||||||||||
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% | ||||||||||||||||||||||||
Santiago, Chillan, Bulnes, Caravans and Conception [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% | |||||||||||||||||||||||||
Performance guarantee required under concession agreement | S/ 882,000 | $ 262,500 | ||||||||||||||||||||||||
Percentage of collateral of bridge loan | 20.00% | |||||||||||||||||||||||||
Collateral bridge loan | S/ 2,016,000 | 600,000 | ||||||||||||||||||||||||
Net loss before taxes | (1,372,594) | 69,191 | ||||||||||||||||||||||||
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/ 433,300 | $ 129,000 | 433,300 | $ 129,000 | ||||||||||||||||||||||
Gasoducto Sur Peruano S A [member] | Capital Contributions [member] | ||||||||||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||||||||||||||||||||||||||
Investment in associate | S/ 811,000 | $ 242,500 | ||||||||||||||||||||||||
Gasoducto Sur Peruano S A [member] | Concession Agreement [member] | ||||||||||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||||||||||||||||||||||||||
Guarantee obligation | S/ 176,400 | $ 52,500 | ||||||||||||||||||||||||
Consorcio Constructor Ductos del Sur [member] | ||||||||||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||||||||||||||||||||||||||
Ownership interest in associate | 29.00% | |||||||||||||||||||||||||
Promocion inmobiliariadel sur SA [member] | ||||||||||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||||||||||||||||||||||||||
Ownership interest in associate | 22.50% | 22.50% | ||||||||||||||||||||||||
Net loss before taxes | 42,281 | 90,618 | ||||||||||||||||||||||||
Sale of investment in associate | S/ 81,000 | $ 25,000 | ||||||||||||||||||||||||
Dividends received | S/ 3,800 | 9,800 | ||||||||||||||||||||||||
Promocion inmobiliariadel sur SA [member] | Lurin [member] | ||||||||||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||||||||||||||||||||||||||
Area of land | ha | 891.08 | 891.08 | ||||||||||||||||||||||||
Promocion inmobiliariadel sur SA [member] | Punta Hermosa [member] | ||||||||||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||||||||||||||||||||||||||
Area of land | ha | 2.07 | 2.07 | ||||||||||||||||||||||||
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/ (43,340) | S/ (2,994) | 22,995 | |||||||||||||||||||||||
Concession effective period | 25 years | 25 years | ||||||||||||||||||||||||
Cash contributions | 15,700 | |||||||||||||||||||||||||
Betchel Vial y Vives Servicios [member] | ||||||||||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||||||||||||||||||||||||||
Dividends received | 6,300 | |||||||||||||||||||||||||
GyM S A [member] | ||||||||||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||||||||||||||||||||||||||
Ownership interest in associate | 82.04% | |||||||||||||||||||||||||
Share of the profit or loss in associates and joint ventures under the equity method | 17,300 | |||||||||||||||||||||||||
Consorcio G.S.J.V.SCC [Member] | ||||||||||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||||||||||||||||||||||||||
Dividends received | S/ 1,000 | 13,100 | ||||||||||||||||||||||||
Constructora SK-VyV Ltda. [member] | ||||||||||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||||||||||||||||||||||||||
Dividends received | S/ 2,800 | 3,300 | S/ 41,100 | |||||||||||||||||||||||
Tecgas N.V. [member] | ||||||||||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||||||||||||||||||||||||||
Net loss before taxes | S/ (3,209) | |||||||||||||||||||||||||
Percentage of interest in property | 51.00% | 51.00% | ||||||||||||||||||||||||
'Agreed selling price | S/ 69,800 | $ 21,500 | ||||||||||||||||||||||||
Cash contribution | S/ 6,900 | S/ 8,300 | ||||||||||||||||||||||||
GMD SA [member] | ||||||||||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||||||||||||||||||||||||||
Percentage of interest in property | 89.19% | 89.19% | ||||||||||||||||||||||||
'Agreed selling price | S/ 269,900 | $ 84,700 | ||||||||||||||||||||||||
Adexus S A [member] | ||||||||||||||||||||||||||
Disclosure of Investments in Associates and Joint Ventures [Line Items] | ||||||||||||||||||||||||||
Percentage of capital contribution | 44.00% | |||||||||||||||||||||||||
Capital contribution | S/ 44,100 | |||||||||||||||||||||||||
Goodwill acquisition | S/ 20,700 | |||||||||||||||||||||||||
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 An130
Investments In Associates And Joint Ventures - Summary of Financial Information for Associates (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of financial information of associates [Line Items] | |||
Assets | S/ 3,891,946 | S/ 4,328,660 | |
Liabilities | (3,549,185) | (4,536,966) | |
Assets | 4,775,724 | 4,717,976 | S/ 3,699,629 |
Liabilities | (2,529,407) | (2,019,933) | |
Revenues | 6,080,142 | 6,190,317 | 7,582,912 |
Profit (loss) from continuing operations | 328,713 | (582,865) | 142,346 |
Income tax | (123,037) | 119,272 | (95,899) |
Profit (loss) from operations after income tax | 205,676 | (463,593) | 46,447 |
Other comprehensive Income | (8,280) | (20,599) | (48,044) |
Comprehensive income of the year | 200,958 | (472,197) | 7,545 |
Gasoducto Sur Peruano S A [member] | |||
Disclosure of financial information of associates [Line Items] | |||
Assets | 375,547 | 303,219 | |
Liabilities | (6,747,492) | (3,357,508) | |
Assets | 8,522,099 | 4,943,392 | |
Liabilities | (7,442) | ||
Net assets | 2,150,154 | 1,881,661 | |
Revenues | 3,323,410 | 3,007,799 | |
Profit (loss) from continuing operations | (1,372,594) | 69,191 | |
Income tax | (19,828) | ||
Profit (loss) from operations after income tax | (1,372,594) | 49,363 | |
Other comprehensive Income | 0 | 0 | |
Comprehensive income of the year | (1,372,594) | 49,363 | |
Promocion inmobiliariadel sur SA [member] | |||
Disclosure of financial information of associates [Line Items] | |||
Assets | 149,300 | 124,887 | |
Liabilities | (187,380) | (32,072) | |
Assets | 193,127 | 47,669 | |
Liabilities | (13,855) | (13,090) | |
Net assets | 141,192 | 127,394 | |
Revenues | 65,071 | 90,970 | |
Profit (loss) from continuing operations | 42,281 | 90,618 | |
Income tax | (11,839) | (25,373) | |
Profit (loss) from operations after income tax | 30,442 | 65,245 | |
Other comprehensive Income | 0 | 0 | |
Comprehensive income of the year | 30,442 | 65,245 | |
Concesionaria Chavimochic S.A.C [member] | |||
Disclosure of financial information of associates [Line Items] | |||
Assets | 73,004 | 120,342 | 171,400 |
Liabilities | (1,111) | (3,160) | (110,799) |
Assets | 11,809 | 8,282 | 8,608 |
Liabilities | (342) | (1,918) | (2,547) |
Net assets | 83,360 | 123,546 | 66,662 |
Revenues | 264,386 | 376,124 | |
Profit (loss) from continuing operations | (43,340) | (2,994) | 22,995 |
Income tax | 3,185 | 921 | (6,656) |
Profit (loss) from operations after income tax | (40,155) | (2,073) | 16,339 |
Other comprehensive Income | 0 | 0 | 0 |
Comprehensive income of the year | S/ (40,155) | S/ (2,073) | S/ 16,339 |
Investments In Associates An131
Investments In Associates And Joint Ventures - Summary of Financial Information for Associates (Parenthetical) (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of financial information of associates [Line Items] | |||
Gross profit | S/ 672,787 | S/ 557,295 | S/ 612,995 |
Gasoducto Sur Peruano S A [member] | |||
Disclosure of financial information of associates [Line Items] | |||
Gross profit | S/ 800 | S/ 257,700 |
Investments In Associates An132
Investments In Associates And Joint Ventures - Schedule of Movement of Investments in Associates (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of financial information of associates [Line Items] | |||
Opening balance | S/ 286,403 | S/ 490,702 | S/ 82,494 |
Contributions received | 2,116 | 390,506 | |
Dividends received | (3,758) | (27,992) | (59,175) |
Equity interest in results | (5,915) | (584,801) | |
Decrease in capital | (111) | (166) | |
Derecognition of investments | (2,755) | ||
Conversion adjustment | 334 | 2,276 | (1,618) |
Final balance | 250,053 | 286,403 | 490,702 |
Gasoducto Sur Peruano S A [member] | |||
Disclosure of financial information of associates [Line Items] | |||
Acquisition | 437,494 | ||
Impairment of GSP | (593,105) | ||
Panorama project [member] | |||
Disclosure of financial information of associates [Line Items] | |||
Panorama Project | (39,180) | ||
Associates [member] | |||
Disclosure of financial information of associates [Line Items] | |||
Dividends received | (259) | (10,149) | (9,838) |
Equity interest in results | (5,915) | 8,304 | 22,800 |
Sale of Investment | (32,223) | ||
Conversion adjustment | S/ 42 | S/ 311 | S/ (313) |
Investments In Associates An133
Investments In Associates And Joint Ventures - Summary of Detailed Information about Joint Ventures (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of associates [line items] | ||||
Carrying amount, joint ventures | S/ 18,618 | S/ 103,356 | S/ 146,303 | S/ 147,069 |
Common Share [Member] | Tecgas N.V. [member] | ||||
Disclosure of associates [line items] | ||||
Interest in capital, joint ventures | 51.00% | |||
Common Share [Member] | Sistemas SEC [member] | ||||
Disclosure of associates [line items] | ||||
Interest in capital, joint ventures | 49.00% | 49.00% | ||
Common Share [Member] | Logistica Qumicos del Sur S.A.C. [member] | ||||
Disclosure of associates [line items] | ||||
Interest in capital, joint ventures | 50.00% | 50.00% | ||
Common Share [Member] | G.S.J.V. SCC [member] | ||||
Disclosure of associates [line items] | ||||
Interest in capital, joint ventures | 50.00% | 50.00% | ||
Common Share [Member] | Constructora SK-VyV Ltda. [member] | ||||
Disclosure of associates [line items] | ||||
Interest in capital, joint ventures | 50.00% | 50.00% | ||
Common Share [Member] | Tecgas N.V. [member] | ||||
Disclosure of associates [line items] | ||||
Carrying amount, joint ventures | S/ 84,100 | |||
Common Share [Member] | Sistemas SEC [member] | ||||
Disclosure of associates [line items] | ||||
Carrying amount, joint ventures | S/ 10,112 | 9,591 | ||
Common Share [Member] | Logistica Qumicos del Sur S.A.C. [member] | ||||
Disclosure of associates [line items] | ||||
Carrying amount, joint ventures | 7,343 | 8,515 | ||
Common Share [Member] | G.S.J.V. SCC [member] | ||||
Disclosure of associates [line items] | ||||
Carrying amount, joint ventures | 878 | 861 | ||
Common Share [Member] | Constructora SK-VyV Ltda. [member] | ||||
Disclosure of associates [line items] | ||||
Carrying amount, joint ventures | 49 | 59 | ||
Common Share [Member] | Other joint ventures [Member] | ||||
Disclosure of associates [line items] | ||||
Carrying amount, joint ventures | S/ 236 | S/ 230 |
Investments In Associates An134
Investments In Associates And Joint Venture - Summary of Financial Information for Joint Ventures (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of financial information of joint ventures [Line Items] | ||||
Cash and cash equivalents | S/ 626,180 | S/ 606,950 | S/ 554,002 | S/ 818,402 |
Total current assets | 3,891,946 | 4,328,660 | ||
Total current liabilities | (1,056,764) | (1,961,043) | ||
Total non-currentassets | 4,775,724 | 4,717,976 | 3,699,629 | |
Total non-currentliabilities | (2,529,407) | (2,019,933) | ||
Revenue | 6,080,142 | 6,190,317 | 7,582,912 | |
Profit (loss) from continuing operations | 328,713 | (582,865) | 142,346 | |
Income tax expense | (123,037) | 119,272 | (95,899) | |
Post-tax profit (loss) from continuing operations | 205,676 | (463,593) | 46,447 | |
Other comprehensive Income | (8,280) | (20,599) | (48,044) | |
Total comprehensive income | S/ 200,958 | (472,197) | S/ 7,545 | |
Tecgas N.V. [member] | ||||
Disclosure of financial information of joint ventures [Line Items] | ||||
Cash and cash equivalents | 67 | |||
Other current assets | 92,843 | |||
Total current assets | 92,910 | |||
Other current liabilities | (87,780) | |||
Total current liabilities | (87,780) | |||
Total non-currentassets | 33,336 | |||
Total non-currentliabilities | (7,367) | |||
Net assets | 31,099 | |||
Revenue | 457,554 | |||
Depreciation and amortization | (2,266) | |||
Interest income | 215 | |||
Interest expense | 0 | |||
Profit (loss) from continuing operations | (3,209) | |||
Income tax expense | (4,078) | |||
Post-tax profit (loss) from continuing operations | (7,287) | |||
Other comprehensive Income | 0 | |||
Total comprehensive income | S/ 7,287 |
Investments In Associates An135
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of financial information of joint ventures [Line Items] | |||
Opening balance | S/ 103,356 | S/ 146,303 | S/ 147,069 |
Debt capitalization | 8,308 | ||
Contributions received | 6,889 | ||
Equity interest in results | 7,242 | (4,909) | 2,193 |
Acquisitions | 44,145 | ||
Sale of Investment | (88,556) | ||
Transfer of Adexus from acquisition of control | (35,870) | ||
Dividends received | (3,758) | (27,992) | (59,175) |
Decrease in capital | (1,798) | (3,364) | |
Conversion adjustment | 334 | 2,276 | (1,618) |
Final balance | 18,618 | 103,356 | 146,303 |
Joint ventures [member] | |||
Disclosure of financial information of joint ventures [Line Items] | |||
Dividends received | S/ (3,758) | S/ (17,843) | S/ (42,122) |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | S/ 1,113,599 | S/ 1,111,757 | S/ 1,147,018 |
Additions | 172,448 | 213,068 | 297,956 |
CAM Brazil deconsolidation | (3,004) | ||
Reclassifications Transfers from inventories | 2,941 | ||
Transfers to intangibles (Note 18) | (169) | (1,257) | (36,717) |
Transfers to accounts receivable | (14,022) | ||
Deduction for sale of assets | (308,103) | (135,974) | (104,473) |
Depreciation charge | (197,484) | (186,695) | (201,082) |
Impairment loss | (14,680) | (9,263) | |
Discontinued operations | (16,506) | (13,698) | |
Depreciation for sale deductions | 207,765 | 88,848 | 66,026 |
Translations adjustments | 1,255 | 7,247 | (12,464) |
Net carrying amount | 865,735 | 1,113,599 | 1,111,757 |
Adexus S A [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of subsidiary - Adexus Deconsolidation of GMD | (83,441) | 41,988 | |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 2,154,316 | 2,050,644 | 1,947,957 |
Disposals - accumulated depreciation | (33,880) | (24,341) | (23,373) |
Net carrying amount | 1,902,426 | 2,154,316 | 2,050,644 |
Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | (1,040,717) | (938,887) | (800,939) |
Disposals - accumulated depreciation | 8,425 | 21,786 | 9,590 |
Net carrying amount | (1,036,691) | (1,040,717) | (938,887) |
Land [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 32,614 | 28,409 | 30,675 |
Additions | 157 | 6,238 | |
Reclassifications Transfers from inventories | 0 | 2,941 | |
Deduction for sale of assets | (5,616) | (5,256) | (2,001) |
Translations adjustments | 236 | 282 | (265) |
Net carrying amount | 23,678 | 32,614 | 28,409 |
Land [member] | Adexus S A [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of subsidiary - Adexus Deconsolidation of GMD | (3,713) | ||
Land [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 32,614 | 28,409 | 30,675 |
Net carrying amount | 23,678 | 32,614 | 28,409 |
Buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 194,894 | 189,565 | 164,971 |
Additions | 2,724 | 12,126 | 9,021 |
CAM Brazil deconsolidation | (839) | ||
Reclassifications | 588 | 36,180 | |
Reclassifications Transfers from inventories | 1,969 | ||
Transfers to accounts receivable | (3,635) | ||
Deduction for sale of assets | (51,736) | (14,333) | (1,235) |
Depreciation charge | (12,469) | (12,651) | (11,780) |
Impairment loss | (73) | ||
Discontinued operations | (2,191) | (1,818) | |
Depreciation for sale deductions | 3,579 | 8,113 | 1,003 |
Translations adjustments | 152 | 130 | (306) |
Net carrying amount | 112,961 | 194,894 | 189,565 |
Buildings [member] | Adexus S A [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of subsidiary - Adexus Deconsolidation of GMD | (26,109) | 13,913 | |
Buildings [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 241,150 | 231,029 | 200,450 |
Disposals - accumulated depreciation | (1,869) | (1,232) | (5,057) |
Net carrying amount | 166,483 | 241,150 | 231,029 |
Buildings [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | (46,256) | (41,464) | (35,479) |
Disposals - accumulated depreciation | 1,624 | 939 | 3,060 |
Net carrying amount | (53,522) | (46,256) | (41,464) |
Machinery [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 531,322 | 564,685 | 570,458 |
Additions | 48,207 | 81,378 | 105,575 |
CAM Brazil deconsolidation | (1,462) | ||
Reclassifications | 1,927 | 32,389 | |
Reclassifications Transfers from inventories | 12,459 | ||
Transfers to intangibles (Note 18) | 2,119 | 68 | |
Deduction for sale of assets | (149,202) | (60,374) | (35,118) |
Depreciation charge | (100,976) | (104,638) | (116,993) |
Impairment loss | (14,328) | (5,190) | |
Discontinued operations | 0 | ||
Depreciation for sale deductions | 115,864 | 48,266 | 23,907 |
Translations adjustments | 606 | 5,987 | (8,288) |
Net carrying amount | 444,270 | 531,322 | 564,685 |
Machinery [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 1,088,229 | 1,074,195 | 986,487 |
Disposals - accumulated depreciation | (6,442) | (15,149) | (10,224) |
Net carrying amount | 998,207 | 1,088,229 | 1,074,195 |
Machinery [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | (556,907) | (509,510) | (416,029) |
Disposals - accumulated depreciation | 2,410 | 14,430 | 4,373 |
Net carrying amount | (553,937) | (556,907) | (509,510) |
Vehicles [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 203,819 | 220,886 | 192,262 |
Additions | 36,594 | 50,574 | 86,923 |
CAM Brazil deconsolidation | (633) | ||
Reclassifications | (1,172) | 9,300 | |
Reclassifications Transfers from inventories | 2,888 | ||
Transfers to intangibles (Note 18) | 724 | ||
Deduction for sale of assets | (92,079) | (48,521) | (42,464) |
Depreciation charge | (45,457) | (47,366) | (54,545) |
Impairment loss | (317) | ||
Discontinued operations | (675) | (263) | |
Depreciation for sale deductions | 84,145 | 29,536 | 32,566 |
Translations adjustments | (350) | 922 | (2,221) |
Net carrying amount | 181,250 | 203,819 | 220,886 |
Vehicles [member] | Adexus S A [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of subsidiary - Adexus Deconsolidation of GMD | (1,527) | 420 | |
Vehicles [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 443,641 | 443,239 | 394,077 |
Disposals - accumulated depreciation | (7,941) | (1,354) | (362) |
Net carrying amount | 381,950 | 443,641 | 443,239 |
Vehicles [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | (239,822) | (222,353) | (201,815) |
Disposals - accumulated depreciation | 434 | 886 | 323 |
Net carrying amount | (200,700) | (239,822) | (222,353) |
Fixtures and fittings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 20,171 | 21,177 | 15,867 |
Additions | 11,607 | 4,423 | 12,684 |
CAM Brazil deconsolidation | (70) | ||
Reclassifications | 4,456 | 1,245 | |
Reclassifications Transfers from inventories | 609 | ||
Transfers to accounts receivable | (777) | ||
Deduction for sale of assets | (4,200) | (1,724) | (1,491) |
Depreciation charge | (11,654) | (6,947) | (4,623) |
Impairment loss | (3,301) | ||
Discontinued operations | (601) | (533) | |
Depreciation for sale deductions | 1,049 | 1,026 | 799 |
Translations adjustments | (23) | 176 | (128) |
Net carrying amount | 14,984 | 20,171 | 21,177 |
Fixtures and fittings [member] | Adexus S A [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of subsidiary - Adexus Deconsolidation of GMD | (2,153) | 1,525 | |
Fixtures and fittings [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 59,593 | 52,225 | 43,146 |
Disposals - accumulated depreciation | (1,200) | (1,579) | (2,299) |
Net carrying amount | 64,233 | 59,593 | 52,225 |
Fixtures and fittings [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | (39,422) | (31,048) | (27,279) |
Disposals - accumulated depreciation | 778 | 1,540 | 503 |
Net carrying amount | (49,249) | (39,422) | (31,048) |
Other property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 87,801 | 56,730 | 56,536 |
Additions | 36,179 | 24,870 | 22,802 |
Reclassifications | 13,156 | 7,272 | |
Reclassifications Transfers from inventories | 6,579 | ||
Transfers to accounts receivable | (4,442) | ||
Deduction for sale of assets | (5,270) | (5,766) | (7,979) |
Depreciation charge | (26,928) | (15,088) | (13,141) |
Impairment loss | (382) | ||
Discontinued operations | (13,039) | (11,084) | |
Depreciation for sale deductions | 3,128 | 1,907 | 7,751 |
Translations adjustments | 980 | (344) | (506) |
Net carrying amount | 47,024 | 87,801 | 56,730 |
Other property, plant and equipment [member] | Adexus S A [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of subsidiary - Adexus Deconsolidation of GMD | (46,032) | 26,130 | |
Other property, plant and equipment [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 246,102 | 191,238 | 176,869 |
Disposals - accumulated depreciation | (12,592) | (4,364) | (1,810) |
Net carrying amount | 225,946 | 246,102 | 191,238 |
Other property, plant and equipment [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | (158,301) | (134,508) | (120,333) |
Disposals - accumulated depreciation | 3,179 | 3,991 | 1,331 |
Net carrying amount | (178,922) | (158,301) | (134,508) |
Replacement units [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 17,914 | 15,444 | 7,241 |
Additions | 925 | 553 | |
Reclassifications | 2,583 | 10,529 | |
Reclassifications Transfers from inventories | 4,076 | ||
Depreciation charge | (5) | ||
Net carrying amount | 22,915 | 17,914 | 15,444 |
Replacement units [Member] | Adexus S A [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of subsidiary - Adexus Deconsolidation of GMD | 0 | ||
Replacement units [Member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 17,923 | 15,448 | 7,245 |
Disposals - accumulated depreciation | (661) | (2,326) | |
Net carrying amount | 22,924 | 17,923 | 15,448 |
Replacement units [Member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | (9) | (4) | (4) |
Net carrying amount | (9) | (9) | (4) |
In-transit units [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 3,778 | 1,817 | 9,177 |
Additions | 22,877 | 19,312 | 16,018 |
Reclassifications | (17,349) | (23,092) | |
Reclassifications Transfers from inventories | (21,600) | ||
Transfers to intangibles (Note 18) | (964) | ||
Translations adjustments | (197) | ||
Net carrying amount | (42) | 3,778 | 1,817 |
In-transit units [Member] | Adexus S A [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of subsidiary - Adexus Deconsolidation of GMD | (3,903) | ||
In-transit units [Member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 3,778 | 1,817 | 9,177 |
Disposals - accumulated depreciation | (230) | (2) | (89) |
Net carrying amount | (42) | 3,778 | 1,817 |
Work in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 21,286 | 13,044 | 99,831 |
Additions | 13,178 | 13,594 | 44,933 |
Reclassifications | (4,189) | (73,823) | |
Reclassifications Transfers from inventories | (6,980) | ||
Transfers to intangibles (Note 18) | (2,048) | (1,257) | (36,785) |
Transfers to accounts receivable | (5,168) | ||
Deduction for sale of assets | (14,185) | ||
Impairment loss | (352) | ||
Translations adjustments | (346) | 94 | (553) |
Net carrying amount | 18,695 | 21,286 | 13,044 |
Work in progress [member] | Adexus S A [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of subsidiary - Adexus Deconsolidation of GMD | (4) | ||
Work in progress [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | 21,286 | 13,044 | 99,831 |
Disposals - accumulated depreciation | (3,606) | (1,206) | |
Net carrying amount | 19,047 | S/ 21,286 | S/ 13,044 |
Work in progress [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net carrying amount | S/ (352) |
Property, Plant and Equipmen137
Property, Plant and Equipment - Additional Information (Detail) S/ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 30, 2017USD ($) | Dec. 31, 2017PEN (S/) | Dec. 31, 2016PEN (S/) | Dec. 31, 2015PEN (S/) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Proceeds from sale of fixed assets | $ 20.5 | S/ 127,200 | S/ 70,500 | S/ 55,800 |
Profits from fixed assets | $ 3.5 | 26,900 | 18,400 | 17,400 |
Operating lease period | 5-year lease period | |||
Leases expiration period | 10 years | |||
Depreciation related to property, plant and equipment | 197,484 | 186,695 | S/ 201,082 | |
Impairment loss | (14,680) | (9,263) | ||
Fully Depreciated property, plant and equipment | 154,000 | 151,600 | ||
Other financial liabilities | 1,690,063 | 2,380,438 | ||
Property, plant and equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Other financial liabilities | 368,100 | 617,900 | ||
Consorcio Constructor Ductos del Sur [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Impairment loss | 4,100 | |||
GMP S.A. [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Work in progress | 11,000 | 19,000 | ||
Proyecto Hotel Larcomar [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Work in progress | 15,600 | S/ 14,400 | ||
GyM S A [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Impairment loss | 2,390 | |||
Stracon GyM S.A. [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Impairment loss | 2,340 | |||
GMD SA [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciation related to property, plant and equipment | S/ 8,361 |
Property Plant and Equipment, N
Property Plant and Equipment, Net - Summary Of Outstanding Commitments For Non-Cancelable Operating Leases (Detail) S/ in Thousands | Dec. 31, 2017PEN (S/) |
Disclosure of finance lease and operating lease by lessee [line items] | |
Outstanding commitments for non-cancelable operating leases | S/ 90,138 |
Less than1 year [member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Outstanding commitments for non-cancelable operating leases | 8,526 |
Later than one year and not later than five years [member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Outstanding commitments for non-cancelable operating leases | 35,161 |
Over 5 years [member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Outstanding commitments for non-cancelable operating leases | S/ 46,451 |
Property, Plant and Equipmen139
Property, Plant and Equipment - Summary of Depreciation of Fixed Assets and Investment Properties (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation related to investment property | S/ (2,310) | S/ (2,321) | S/ (2,290) |
Total depreciation related to property, plant and equipment | 197,484 | 186,695 | 201,082 |
Property, plant and equipment including investment property [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total depreciation related to property, plant and equipment | 199,794 | 189,016 | 203,372 |
GMD SA [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total depreciation related to property, plant and equipment | 8,361 | ||
GMD SA [member] | Discontinued operations [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total depreciation related to property, plant and equipment | 8,361 | ||
Cost of goods and services [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total depreciation related to property, plant and equipment | 178,209 | 177,699 | 186,661 |
Administrative expenses [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total depreciation related to property, plant and equipment | S/ 13,224 | S/ 11,317 | S/ 16,711 |
Property, Plant and Equipmen140
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Accumulated depreciation | S/ 197,484 | S/ 186,695 | S/ 201,082 | |
Net carrying amount | 865,735 | 1,113,599 | 1,111,757 | S/ 1,147,018 |
Finance Lease [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Cost of acquisition | 650,301 | 800,927 | 735,591 | |
Accumulated depreciation | (351,447) | (386,411) | (327,465) | |
Net carrying amount | S/ 298,854 | S/ 414,516 | S/ 408,126 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | S/ 960,286 | S/ 878,286 | S/ 778,743 |
Additions | 143,305 | 171,726 | 194,979 |
CAM Brazil Deconsolidation | (2,464) | (129) | |
Transfers from assets under construction (Note 17) | 169 | 1,257 | 36,717 |
Transfers to accounts receivable | (2,278) | ||
Disposals - net cost | (14,607) | ||
Reclassifications | (3) | ||
Amortization | (82,742) | (73,547) | (80,676) |
Discontinued operations | (9,196) | (8,679) | |
Impairment | (49,609) | (54,308) | |
Translations adjustments | (1,394) | 16,725 | (25,781) |
Intangible assets | 940,070 | 960,286 | 878,286 |
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 | 1,708,082 | 1,489,057 | 1,297,516 |
CAM Brazil Deconsolidation | (23,666) | ||
Disposals - net cost | (3,790) | ||
Intangible assets | 1,816,278 | 1,708,082 | 1,489,057 |
Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | (747,796) | (610,771) | (518,773) |
Intangible assets | (876,208) | (747,796) | (610,771) |
Goodwill [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | 144,520 | 170,232 | 180,149 |
Additions | 5,418 | ||
Impairment | (20,068) | (38,680) | |
Translations adjustments | (4,124) | 12,038 | (15,335) |
Intangible assets | 116,804 | 144,520 | 170,232 |
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 | 205,195 | 192,227 | 202,144 |
CAM Brazil Deconsolidation | (3,524) | ||
Intangible assets | 193,862 | 205,195 | 192,227 |
Goodwill [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | (60,675) | (21,995) | (21,995) |
Intangible assets | (77,058) | (60,675) | (21,995) |
Trademarks [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | 93,666 | 96,534 | 102,618 |
Impairment | (29,541) | (15,628) | |
Translations adjustments | 975 | 3,672 | (6,084) |
Intangible assets | 65,100 | 93,666 | 96,534 |
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 | 109,511 | 96,751 | 102,835 |
Intangible assets | 110,486 | 109,511 | 96,751 |
Trademarks [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | (15,845) | (217) | (217) |
Intangible assets | (45,386) | (15,845) | (217) |
Service concession rights [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | 517,760 | 417,893 | 291,679 |
Additions | 64,171 | 118,222 | 165,149 |
CAM Brazil Deconsolidation | (537) | ||
Transfers from assets under construction (Note 17) | (11,217) | ||
Transfers to accounts receivable | (2,278) | ||
Disposals - net cost | (10,923) | ||
Reclassifications | 5,258 | ||
Amortization | (24,609) | (19,646) | (18,436) |
Discontinued operations | (8,560) | (7,247) | |
Translations adjustments | 13 | (102) | (51) |
Intangible assets | 528,227 | 517,760 | 417,893 |
Service concession rights [member] | Adexus S A [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Acquisition of subsidiary - Adexus (Note 33 a) | 6,090 | ||
Service concession rights [member] | Gross carrying amount [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | 844,213 | 716,125 | 561,183 |
CAM Brazil Deconsolidation | (17,354) | ||
Disposals - net cost | (1,395) | ||
Intangible assets | 879,289 | 844,213 | 716,125 |
Service concession rights [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | (326,453) | (298,232) | (269,504) |
Intangible assets | (351,062) | (326,453) | (298,232) |
Contractual relationships with customers [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | 32,811 | 24,194 | 42,990 |
Additions | 5,274 | ||
Transfers from assets under construction (Note 17) | (68) | ||
Amortization | (4,189) | (4,376) | (14,697) |
Translations adjustments | 369 | 171 | (4,031) |
Intangible assets | 34,265 | 32,811 | 24,194 |
Contractual relationships with customers [member] | Adexus S A [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Acquisition of subsidiary - Adexus (Note 33 a) | 12,822 | ||
Contractual relationships with customers [member] | Gross carrying amount [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | 95,127 | 82,134 | 86,233 |
Intangible assets | 100,640 | 95,127 | 82,134 |
Contractual relationships with customers [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | (62,316) | (57,940) | (43,243) |
Intangible assets | (66,375) | (62,316) | (57,940) |
Internally generated software and development costs [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | 20,021 | 10,218 | 5,769 |
Additions | 3,330 | 16,477 | 9,141 |
CAM Brazil Deconsolidation | (1,572) | (129) | |
Transfers from assets under construction (Note 17) | 2,761 | 1,562 | |
Reclassifications | 345 | 188 | |
Amortization | (8,091) | (7,407) | (4,601) |
Discontinued operations | (636) | (1,432) | |
Translations adjustments | 1,196 | 1,024 | (280) |
Intangible assets | 17,624 | 20,021 | 10,218 |
Internally generated software and development costs [member] | Gross carrying amount [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | 60,607 | 42,761 | 32,231 |
CAM Brazil Deconsolidation | (21) | ||
Intangible assets | 66,301 | 60,607 | 42,761 |
Internally generated software and development costs [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | (40,586) | (32,543) | (26,462) |
Intangible assets | (48,677) | (40,586) | (32,543) |
Costs of development of wells [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | 108,722 | 134,263 | 131,330 |
Additions | 49,698 | 17,772 | 11,842 |
Transfers from assets under construction (Note 17) | 5,008 | 33,396 | |
Reclassifications | (188) | ||
Amortization | (46,695) | (40,918) | (42,117) |
Intangible assets | 116,733 | 108,722 | 134,263 |
Costs of development of wells [member] | Gross carrying amount [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | 342,100 | 326,723 | 281,722 |
Disposals - net cost | (2,395) | ||
Intangible assets | 396,806 | 342,100 | 326,723 |
Costs of development of wells [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | (233,378) | (192,460) | (150,392) |
Intangible assets | (280,073) | (233,378) | (192,460) |
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 intangible assets [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | 29,498 | 11,664 | 10,920 |
Additions | 20,832 | 19,255 | 3,429 |
CAM Brazil Deconsolidation | (355) | ||
Transfers from assets under construction (Note 17) | 3,617 | 1,257 | 1,827 |
Disposals - net cost | (3,684) | ||
Reclassifications | (5,603) | (3) | |
Amortization | (2,973) | (1,200) | (825) |
Translations adjustments | 177 | (78) | |
Intangible assets | 48,029 | 29,498 | 11,664 |
Other intangible assets [member] | Adexus S A [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Acquisition of subsidiary - Adexus (Note 33 a) | 4,203 | ||
Other intangible assets [member] | Gross carrying amount [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | 34,418 | 15,425 | 14,257 |
CAM Brazil Deconsolidation | (2,767) | ||
Intangible assets | 51,983 | 34,418 | 15,425 |
Other intangible assets [member] | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Intangible assets | (4,920) | (3,761) | (3,337) |
Intangible assets | S/ (3,954) | S/ (4,920) | S/ (3,761) |
Intangible Assets - Summary 142
Intangible Assets - Summary of Goodwill Allocated to Cash-Generating Units (CGU) (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Of Goodwill [Line Items] | |||
Goodwill | S/ 116,804 | S/ 144,520 | S/ 170,232 |
Engineering and construction [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Goodwill | 75,051 | 98,587 | 125,514 |
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 | 13,366 |
IT equipment and services [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Goodwill | 6,720 | 5,102 | 4,172 |
Telecommunications services [member] | |||
Disclosure Of Goodwill [Line Items] | |||
Goodwill | S/ 930 | S/ 6,728 | S/ 6,443 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) $ in Thousands | Dec. 10, 2014 | Dec. 31, 2017PEN (S/)Wells | Dec. 31, 2017USD ($)Wells | Dec. 31, 2016PEN (S/) | Dec. 31, 2015PEN (S/) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Aug. 31, 2016PEN (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/ 20,100,000 | S/ 38,700,000 | ||||||||
Period of operating economic activities of each CGU | 5 years | 5 years | ||||||||
Impairment | S/ (49,609,000) | (54,308,000) | ||||||||
Intangible assets | 940,070,000 | 960,286,000 | S/ 878,286,000 | S/ 778,743,000 | ||||||
Borrowing costs capitalized | 5,900,000 | 12,200,000 | S/ 4,000,000 | |||||||
Costs capitalized | 99,000,000 | S/ 80,000,000 | ||||||||
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 | $ | $ 560,000 | |||||||||
Stracon GyM S.A. [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Provision for impairment | S/ 0 | |||||||||
Percentage of ownership disposed in subsidiary | 87.59% | 87.59% | ||||||||
Proceeds from ownership interest disposed | S/ 41,900,000 | $ 76,800 | ||||||||
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% | 6.75% | 5.30% | 7.00% | 6.75% | |||||
Top of range [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Borrowings interest rate | 11.22% | 8.90% | 9.50% | 11.22% | 8.90% | |||||
Adexus S A [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Trademarks acquired | S/ 32,204,000 | $ 9,585 | ||||||||
Trademark [member] | Vialy Vives [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Impairment | S/ 29,500,000 | 15,600,000 | ||||||||
Trademark [member] | Vialy Vives [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Trademarks acquired | S/ 75,400,000 | |||||||||
Trademark [member] | Morelco SAS [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Trademarks acquired | 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 | |||||||||
Block III [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 | 230 | ||||||||
Block IV [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 | 330 | ||||||||
Blocks I and V [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Estimated useful lives of wells | 5 years | 5 years | ||||||||
Blocks III and IV [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Estimated useful lives of wells | 5 years | 5 years | ||||||||
Service concession rights [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Intangible assets | S/ 528,227,000 | 517,760,000 | S/ 417,893,000 | S/ 291,679,000 | ||||||
Road improvement charges | 17,000,000 | 18,000,000 | ||||||||
Implementation charge for road safety | 4,000,000 | 3,000,000 | ||||||||
Disbursements for acquisition of properties | 5,000,000 | 6,000,000 | ||||||||
Other intangible assets contracted for concession delivery process | 4,000,000 | 3,000,000 | ||||||||
Financing costs, capitalized | 26,000,000 | 22,500,000 | ||||||||
Service concession rights [member] | Contractual arrangements [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Intangible assets | 78,000,000 | 86,000,000 | ||||||||
Service concession rights [member] | Bottom of range [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Borrowing costs capitalized | S/ 26,000,000 | S/ 23,000,000 | ||||||||
Borrowings interest rate | 7.14% | 7.14% | 7.14% | 7.14% | ||||||
Service concession rights [member] | Top of range [member] | ||||||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||||||||
Borrowing costs capitalized | S/ 331,000,000 | S/ 297,000,000 | ||||||||
Borrowings interest rate | 8.72% | 8.72% | 8.72% | 8.72% |
Intangible Assets - Summary 144
Intangible Assets - Summary of Major Assumptions Used by the Group in Determining the Fair Value Less Cost of Disposal (Detail) | 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 | 9.50% | |
Terminal growth rate | 3.00% | |
Discount rate | 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] | Trademarks [member] | Morelco SAS [member] | ||
Disclosure Of Major Assumptions Used In Determining Fair Value Less Cost Of disposal And Value In Use [line items] | ||
Average revenue growth rate | 9.60% | 14.39% |
Terminal growth rate | 3.00% | 3.00% |
Discount rate | 11.18% | 11.85% |
Engineering and construction [member] | Trademarks [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 | 25.00% | 24.53% |
Terminal growth rate | 4.00% | 4.00% |
Discount rate | 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 | 8.00% | 11.10% |
Terminal growth rate | 2.00% | 2.00% |
Discount rate | 11.48% | 11.01% |
Mining and construction services [member] | ||
Disclosure Of Major Assumptions Used In Determining Fair Value Less Cost Of disposal And Value In Use [line items] | ||
Gross margin | 12.04% | |
Terminal growth rate | 2.00% | |
Discount rate | 11.71% | |
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 | 20.83% | |
Terminal growth rate | 2.90% | |
Discount rate | 10.17% | |
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% | |
Discount rate | 21.74% | |
IT equipment and services [member] | Trademarks [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 | 9.19% | 12.60% |
Terminal growth rate | 3.00% | 3.00% |
Discount rate | 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 145
Intangible Assets - Summary of Amortization of Intangibles (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortisation expense of intangible assets | S/ 82,742 | S/ 73,547 | S/ 80,676 |
Cost of sales and services [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortisation expense of intangible assets | 74,515 | 66,862 | 74,187 |
Administrative expenses [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortisation expense of intangible assets | S/ 8,227 | S/ 6,685 | S/ 6,489 |
Other Financial Liabilities - S
Other Financial Liabilities - Summary of Other Financial Liabilities (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Other Financial Liabilities [Line Items] | ||
Total | S/ 1,690,063 | S/ 2,380,438 |
Other current liabilities | 1,056,764 | 1,961,043 |
Other non current liabilities | 633,299 | 419,395 |
Bank Overdrafts [member] | ||
Disclosure Of Other Financial Liabilities [Line Items] | ||
Total | 120 | 8,396 |
Other current liabilities | 120 | 8,396 |
Bank loans [member] | ||
Disclosure Of Other Financial Liabilities [Line Items] | ||
Total | 1,561,634 | 2,131,901 |
Other current liabilities | 990,467 | 1,835,340 |
Other non current liabilities | 571,167 | 296,561 |
Finance Leases Liabilities [member] | ||
Disclosure Of Other Financial Liabilities [Line Items] | ||
Total | 128,309 | 240,141 |
Other current liabilities | 66,177 | 117,307 |
Other non current liabilities | S/ 62,132 | S/ 122,834 |
Other Financial Liabilities - A
Other Financial Liabilities - Additional information (Detail) S/ in Millions, $ in Millions | Apr. 01, 2018 | Oct. 01, 2017 | Jun. 27, 2017 | Jun. 24, 2017PEN (S/) | Jun. 24, 2017USD ($) | Sep. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2017PEN (S/) | Dec. 31, 2016PEN (S/) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017PEN (S/) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015PEN (S/) | Dec. 31, 2015USD ($) |
Credit Suisse Syndicated Loan [Member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Consolidated leverage ratio | 350.00% | |||||||||||||||
Credit Suisse Syndicated Loan [Member] | GSP Project [Member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Borrowings, maturity | December, 2020 | |||||||||||||||
Credit Suisse Syndicated Loan [Member] | GSP Project [Member] | First year of repayment [member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Repayment as percentage of proceeds of asset sales | 40.00% | |||||||||||||||
Credit Suisse Syndicated Loan [Member] | GSP Project [Member] | Second year of repayment [member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Repayment as percentage of proceeds of asset sales | 30.00% | |||||||||||||||
Credit Suisse Syndicated Loan [Member] | GSP Project [Member] | London Inter Bank Rate [Member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Borrowings, adjustment to interest rate basis | 4.90% | |||||||||||||||
Term Loan One [Member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Borrowings, maturity | June, 2020 | |||||||||||||||
Term Loan One [Member] | First year of repayment [member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Repayment as percentage of proceeds of asset sales | 40.00% | |||||||||||||||
Term Loan One [Member] | Second year of repayment [member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Repayment as percentage of proceeds of asset sales | 30.00% | |||||||||||||||
Term Loan One [Member] | London Inter Bank Rate [Member] | First year of repayment [member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Borrowings, adjustment to interest rate basis | 4.50% | 4.50% | ||||||||||||||
Term Loan One [Member] | London Inter Bank Rate [Member] | Second year of repayment [member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Borrowings, adjustment to interest rate basis | 5.00% | 5.00% | ||||||||||||||
Term Loan One [Member] | London Inter Bank Rate [Member] | Third year of repayment [member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Borrowings, adjustment to interest rate basis | 5.50% | 5.50% | ||||||||||||||
Term Loan One [Member] | Credit Suisse Syndicated Loan [Member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Term loan credit agreement | S/ 672.0 | $ 200 | ||||||||||||||
Initial term of loan | 5 years | |||||||||||||||
Current portion of outstanding balance | S/ 263.2 | S/ 498.8 | $ 81.1 | $ 148.5 | ||||||||||||
Term Loan One [Member] | Credit Suisse Syndicated Loan [Member] | three months LIBOR [Member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Borrowings, adjustment to interest rate basis | 3.90% | 3.90% | ||||||||||||||
Term Loan One [Member] | GSP Bridge Loan [member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Outstanding loan amount | S/ 235.2 | $ 72.5 | ||||||||||||||
Term Loan One [Member] | Natixis, BBVA, SMBC and MUFJ [Member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Outstanding loan amount | S/ 264.8 | $ 78.7 | ||||||||||||||
Gasoducto Sur Peruano S A [member] | GSP Bridge Loan [member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Guarantee obligation | S/ 433.3 | $ 129 | S/ 433.3 | $ 129 | ||||||||||||
Bottom of range [member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Borrowings, interest rate | 7.00% | 6.75% | 7.00% | 6.75% | 5.30% | 5.30% | ||||||||||
Bottom of range [member] | Level 2 of fair value hierarchy [member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Borrowings, interest rate | 2.40% | 1.30% | 2.40% | 1.30% | ||||||||||||
Bottom of range [member] | Subsequent Event [Member] | Credit Suisse Syndicated Loan [Member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Consolidated EBITDA to consolidated interest expense ratio | 350.00% | |||||||||||||||
Debt service coverage ratio | 150.00% | |||||||||||||||
Bottom of range [member] | Fixed interest rate [member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Borrowings, interest rate | 1.00% | 3.30% | 1.00% | 3.30% | ||||||||||||
Top of range [member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Borrowings, interest rate | 11.22% | 8.90% | 11.22% | 8.90% | 9.50% | 9.50% | ||||||||||
Top of range [member] | Level 2 of fair value hierarchy [member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Borrowings, interest rate | 13.80% | 14.30% | 13.80% | 14.30% | ||||||||||||
Top of range [member] | Credit Suisse Syndicated Loan [Member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Consolidated leverage ratio | 250.00% | 350.00% | ||||||||||||||
Top of range [member] | Term Loan One [Member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Consolidated leverage ratio | 350.00% | |||||||||||||||
Top of range [member] | Fixed interest rate [member] | ||||||||||||||||
Disclosure Of Other Financial Liabilities [Line Items] | ||||||||||||||||
Borrowings, interest rate | 14.40% | 13.90% | 14.40% | 13.90% |
Other Financial Liabilities 148
Other Financial Liabilities - Summary of Bank Loan (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Other Financial Liabilities [Line Items] | |||
Current financial liabilities | S/ 1,056,764 | S/ 1,961,043 | |
Non current financial liabilities | 633,299 | 419,395 | |
Bank loans [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Current financial liabilities | 990,467 | 1,835,340 | |
Non current financial liabilities | 571,167 | 296,561 | |
Bank loans [member] | GyM S A [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Current financial liabilities | 551,413 | 492,910 | |
Non current financial liabilities | 95,376 | 187,029 | |
Bank loans [member] | Grana Y Montero S.A.A. [Member] | three months LIBOR [Member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Current financial liabilities | 113,412 | 932,114 | |
Non current financial liabilities | S/ 363,564 | ||
Bank loans [member] | Viva GyM SA [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, maturity | 2,018 | ||
Current financial liabilities | S/ 157,592 | 201,609 | |
Bank loans [member] | GMP S.A. [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Current financial liabilities | 42,911 | 77,857 | |
Non current financial liabilities | 96,245 | 71,453 | |
Bank loans [member] | CAM Holding S A [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Current financial liabilities | 77,775 | 69,702 | |
Non current financial liabilities | 12,807 | 24,889 | |
Bank loans [member] | Adexus S A [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Current financial liabilities | 46,552 | 42,782 | |
Non current financial liabilities | S/ 3,175 | 13,190 | |
Bank loans [member] | CONCARSA [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, interest rate | 7.50% | ||
Borrowings, maturity | 2,018 | ||
Current financial liabilities | S/ 812 | ||
Bank loans [member] | CAM Servicios Peru S A [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, maturity | 2,017 | ||
Current financial liabilities | 3,620 | ||
Bank loans [member] | GMD SA [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, maturity | 2,017 | ||
Current financial liabilities | S/ 14,746 | ||
Bottom of range [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, interest rate | 7.00% | 6.75% | 5.30% |
Bottom of range [member] | Bank loans [member] | GyM S A [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, interest rate | 3.30% | ||
Borrowings, maturity | 2,018 | ||
Bottom of range [member] | Bank loans [member] | Grana Y Montero S.A.A. [Member] | three months LIBOR [Member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, adjustment to interest rate basis | 4.90% | ||
Borrowings, maturity | 2,018 | ||
Bottom of range [member] | Bank loans [member] | Viva GyM SA [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, interest rate | 7.00% | ||
Bottom of range [member] | Bank loans [member] | GMP S.A. [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, interest rate | 4.45% | ||
Borrowings, maturity | 2,018 | ||
Bottom of range [member] | Bank loans [member] | CAM Holding S A [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, interest rate | 4.44% | ||
Borrowings, maturity | 2,018 | ||
Bottom of range [member] | Bank loans [member] | Adexus S A [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, interest rate | 3.63% | ||
Borrowings, maturity | 2,018 | ||
Bottom of range [member] | Bank loans [member] | CAM Servicios Peru S A [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, interest rate | 6.39% | ||
Bottom of range [member] | Bank loans [member] | GMD SA [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, interest rate | 6.20% | ||
Top of range [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, interest rate | 11.22% | 8.90% | 9.50% |
Top of range [member] | Bank loans [member] | GyM S A [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, interest rate | 8.73% | ||
Borrowings, maturity | 2,019 | ||
Top of range [member] | Bank loans [member] | Grana Y Montero S.A.A. [Member] | three months LIBOR [Member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, adjustment to interest rate basis | 5.50% | ||
Borrowings, maturity | 2,020 | ||
Top of range [member] | Bank loans [member] | Viva GyM SA [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, interest rate | 10.67% | ||
Top of range [member] | Bank loans [member] | GMP S.A. [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, interest rate | 6.04% | ||
Borrowings, maturity | 2,020 | ||
Top of range [member] | Bank loans [member] | CAM Holding S A [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, interest rate | 13.93% | ||
Borrowings, maturity | 2,020 | ||
Top of range [member] | Bank loans [member] | Adexus S A [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, interest rate | 5.90% | ||
Borrowings, maturity | 2,019 | ||
Top of range [member] | Bank loans [member] | CAM Servicios Peru S A [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, interest rate | 7.18% | ||
Top of range [member] | Bank loans [member] | GMD SA [member] | |||
Disclosure Of Other Financial Liabilities [Line Items] | |||
Borrowings, interest rate | 7.47% |
Other Financial Liabilities 149
Other Financial Liabilities - Summary of Finance Lease Obligations (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | S/ 66,177 | S/ 117,307 |
Non-current finance lease liabilities | 62,132 | 122,834 |
GyM S A [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | 40,107 | 80,570 |
Non-current finance lease liabilities | 32,397 | 58,937 |
Viva GyM SA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | 4,439 | 4,847 |
Non-current finance lease liabilities | 12,010 | 16,541 |
Adexus S A [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | 8,567 | 9,884 |
Non-current finance lease liabilities | 4,363 | 12,287 |
GMP S.A. [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | 4,013 | 4,206 |
Non-current finance lease liabilities | 5,304 | 9,035 |
CAM Holding S A [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | 6,240 | 3,729 |
Non-current finance lease liabilities | 5,692 | 10,590 |
CONCARSA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | 1,777 | 3,667 |
Non-current finance lease liabilities | 1,945 | 3,345 |
CAM Servicios Peru S A [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | 687 | 0 |
Non-current finance lease liabilities | 421 | |
GMI SA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | S/ 347 | (8) |
GMD SA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Current finance lease liabilities | 10,404 | |
Non-current finance lease liabilities | S/ 12,099 | |
Bottom of range [member] | GyM S A [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 2.25% | |
Date of maturity | 2,018 | |
Bottom of range [member] | Viva GyM SA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 7.30% | |
Date of maturity | 2,018 | |
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 | 2,018 | |
Bottom of range [member] | GMP S.A. [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 4.22% | |
Date of maturity | 2,018 | |
Bottom of range [member] | CAM Holding S A [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 3.01% | |
Date of maturity | 2,018 | |
Bottom of range [member] | CONCARSA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 3.23% | |
Date of maturity | 2,018 | |
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% | |
Date of maturity | 2,019 | |
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] | GMD SA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 4.99% | |
Top of range [member] | GyM S A [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 8.96% | |
Date of maturity | 2,021 | |
Top of range [member] | Viva GyM SA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 8.95% | |
Date of maturity | 2,022 | |
Top of range [member] | Adexus S A [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 18.00% | |
Date of maturity | 2,021 | |
Top of range [member] | GMP S.A. [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 4.98% | |
Date of maturity | 2,020 | |
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 | 2,022 | |
Top of range [member] | CONCARSA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 4.70% | |
Date of maturity | 2,020 | |
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 | 2,020 | |
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 | 2,018 | |
Top of range [member] | GMD SA [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Interest rate | 7.00% | |
Date of maturity | 2,017 |
Other Financial Liabilities 150
Other Financial Liabilities - Summary of Minimum Payment by Maturity (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of finance lease and operating lease by lessor [line items] | ||
Minimum finance lease payments payable | S/ 139,401 | S/ 259,771 |
Future financial charges on finance leases | (11,092) | (19,630) |
Present value of the obligations for finance lease contracts | 128,309 | 240,141 |
Maturity Period Less than One Year [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Minimum finance lease payments payable | 72,864 | 127,496 |
Present value of the obligations for finance lease contracts | 66,177 | 117,307 |
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 | 65,899 | 112,769 |
Present value of the obligations for finance lease contracts | 61,501 | 105,978 |
Maturity Period Greater than Five Year [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Minimum finance lease payments payable | 638 | 19,506 |
Present value of the obligations for finance lease contracts | S/ 631 | S/ 16,856 |
Other Financial Liabilities 151
Other Financial Liabilities - Summary of Present Value of Finance Lease Obligations (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of finance lease and operating lease by lessor [line items] | ||
Present value of finance lease obligations | S/ 128,309 | S/ 240,141 |
Maturity Period Less than One Year [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Present value of finance lease obligations | 66,177 | 117,307 |
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 | 61,501 | 105,978 |
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 | S/ 16,856 |
Other Financial Liabilities 152
Other Financial Liabilities - Summary of Carrying Amount and Fair Value of Borrowings (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Carrying amount [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Carrying amount | S/ 1,690,063 | S/ 2,380,438 |
Carrying amount [member] | Bank Overdrafts [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Carrying amount | 120 | 8,396 |
Carrying amount [member] | Bank Loan [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Carrying amount | 1,561,634 | 2,131,901 |
Carrying amount [member] | Finance Lease [Member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Carrying amount | 128,309 | 240,141 |
At fair value [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Carrying amount | 1,768,160 | 2,391,375 |
At fair value [member] | Bank Overdrafts [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Carrying amount | 120 | 8,396 |
At fair value [member] | Bank Loan [member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Carrying amount | 1,627,000 | 2,142,890 |
At fair value [member] | Finance Lease [Member] | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Carrying amount | S/ 141,040 | S/ 240,089 |
Bonds - Summary of Bonds Issued
Bonds - Summary of Bonds Issued (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about borrowings [line items] | |||
Total | S/ 947,567 | S/ 967,714 | |
Current | 36,655 | 46,091 | |
Non-current | 910,912 | 921,623 | |
GyM Ferrovias S.A. [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total | 603,657 | 604,031 | |
Current | 12,294 | 20,551 | |
Non-current | 591,363 | 583,480 | |
Norvial S.A. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total | 343,910 | 363,684 | S/ 186,223 |
Current | 24,361 | 25,541 | |
Non-current | S/ 319,549 | S/ 338,143 |
Bonds - Additional Information
Bonds - Additional Information (Detail) S/ in Millions, $ in Millions | Aug. 23, 2017USD ($) | Jul. 31, 2015PEN (S/) | Feb. 28, 2015PEN (S/) | Dec. 31, 2017PEN (S/) | Dec. 31, 2016PEN (S/) | Dec. 31, 2017USD ($) | Jul. 25, 2016PEN (S/) | Jan. 25, 2016PEN (S/) | Dec. 31, 2015 | Jul. 23, 2015PEN (S/) |
Disclosure of detailed information about borrowings [line items] | ||||||||||
Maximum proforma gearing ratio | 400.00% | |||||||||
Fair value of bonds | S/ 1,040.0 | S/ 1,055.0 | ||||||||
Mizuho Bank Ltd And Sumitomo Mitsui Banking Corporation [Member] | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Working capital loan | $ | $ 80 | |||||||||
Top of range [member] | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Interest rate | 11.22% | 8.90% | 11.22% | 9.50% | ||||||
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 | 13.80% | 14.30% | 13.80% | |||||||
Discounted cash flows rates | 6.63% | 7.99% | ||||||||
Bottom of range [member] | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Interest rate | 7.00% | 6.75% | 7.00% | 5.30% | ||||||
Bottom of range [member] | Level 2 of fair value hierarchy [member] | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Interest rate | 2.40% | 1.30% | 2.40% | |||||||
Discounted cash flows rates | 4.49% | 4.20% | ||||||||
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 2,039 | |||||||||
Interest rate | 4.75% | |||||||||
Bonds amortized | S/ 19.1 | S/ 21.9 | ||||||||
Accrued interest and VAC adjustments payable | S/ 52.3 | S/ 34.5 | ||||||||
Minimum debt service coverage ratio | 120.00% | |||||||||
Norvial S.A. [member] | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Costs of bonds issue | S/ 3.9 | |||||||||
Minimum debt service coverage ratio | 130.00% | |||||||||
Interest payables | S/ 4.4 | S/ 4.9 | ||||||||
Norvial S.A. [member] | Bonds six point seven five percentage [member] | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Issue of corporate bonds | 365 | |||||||||
Costs of bonds issue | S/ 80.0 | |||||||||
Maturity period of bonds | 5 years | |||||||||
Interest rate | 6.75% | |||||||||
Norvial S.A. [member] | BondsEightPointThreeSevenFivePercentage [member] | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Costs of bonds issue | S/ 285.0 | |||||||||
Maturity period of bonds | 11.5 years | |||||||||
Interest rate | 8.375% | |||||||||
Disbursement amount | S/ 80.0 | S/ 100.0 | S/ 105.0 |
Bonds - Rollforwards of Bonds (
Bonds - Rollforwards of Bonds (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about borrowings [line items] | ||
Balances as of January 1 | S/ 967,714 | |
Balances as of December 31 | 947,567 | S/ 967,714 |
Less : non current portion | (36,655) | (46,091) |
Long term - bonds | 910,912 | 921,623 |
Norvial S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Balances as of January 1 | 363,684 | 186,223 |
Additions | 179,977 | |
Transaction cost applied to additions | (1,099) | |
Amortization | (20,010) | (3,369) |
Transaction cost applied to amortization | 195 | 265 |
Accrued interest | 2,789 | 3,332 |
Capitalized interest | 26,014 | 22,002 |
Interest paid | (28,567) | (23,382) |
Transaction cost applied to paid interest | (195) | (265) |
Balances as of December 31 | 343,910 | 363,684 |
Less : non current portion | (24,361) | (25,541) |
Long term - bonds | S/ 319,549 | S/ 338,143 |
Trade Accounts Payable - Summar
Trade Accounts Payable - Summary of Trade Accounts Payable (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Trade Accounts Payable [line items] | ||
Unbilled services received | S/ 132,513 | S/ 924,025 |
Invoices payable | 1,250,586 | 350,559 |
Notes payable | 69,947 | 2,033 |
Trade accounts payable | S/ 1,453,046 | S/ 1,276,617 |
Trade Accounts Payable - Additi
Trade Accounts Payable - Additional Information (Detail) - PEN (S/) S/ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Trade Accounts Payable [line items] | ||
Unbilled services received include the estimate made by Management of the valuation of the percentage of completion | S/ 132.5 | S/ 127.2 |
Other Accounts Payable - Summar
Other Accounts Payable - Summary of Other Accounts Payable (Detail) S/ in Thousands, $ in Millions | Dec. 31, 2017PEN (S/) | Dec. 31, 2017USD ($) | Dec. 31, 2016PEN (S/) | Dec. 31, 2016USD ($) |
Disclosure Of Other Payables [line items] | ||||
Advances received from customers | S/ 726,294 | S/ 810,755 | ||
Salaries and profit sharing payable | 246,916 | 176,022 | ||
GSP performance guarantee (Note 16-a-i) | $ 202.2 | 176,401 | $ 330.5 | |
Put option liability on Morelco acquisition | 105,418 | 110,604 | ||
Third-party loans | 107,314 | 69,991 | ||
Other taxes payable | 69,584 | 50,548 | ||
VAT payable | 48,095 | 65,777 | ||
Acquisition of non-controlling interest (Note 36-a) | 22,407 | 32,102 | ||
Supplier funding | 14,886 | 40,612 | ||
Guarantee deposits | 15,580 | 16,799 | ||
Post-retirement benefits | 8,914 | 9,088 | ||
Other accounts payables | 50,013 | 50,411 | ||
Other payables | 1,700,973 | 1,609,110 | ||
Advances received from customers, current | 316,891 | 510,367 | ||
Salaries and profit sharing payable, current | 246,916 | 176,022 | ||
GSP performance guarantee (Note 16-a-i), current | 176,401 | |||
Put option liability on Morelco acquisition, current | 0 | 0 | ||
Third-party loans, current | 75,256 | 37,991 | ||
Other taxes payable, current | 69,584 | 50,548 | ||
VAT payable, current | 37,544 | 53,678 | ||
Acquisition of non-controlling interest (Note 36-a), current | 22,407 | 32,102 | ||
Supplier funding, current | 26,526 | |||
Guarantee deposits, current | 15,580 | 16,799 | ||
Post-retirement benefits, current | 0 | 0 | ||
Other accounts payables, current | 28,791 | 15,873 | ||
Other payables, current | 848,500 | 1,096,307 | ||
Advances received from customers, not current | 409,403 | 300,388 | ||
Payables related parties, not current | 25,954 | 65,320 | ||
Put option liability on Morelco acquisition, not current | 105,418 | 110,604 | ||
Third-party loans, not current | 32,058 | 32,000 | ||
Other taxes payable, not current | 0 | 0 | ||
VAT payable, not current | 10,551 | 12,099 | ||
Supplier funding, not current | 14,886 | 14,086 | ||
Guarantee deposits, not current | 0 | 0 | ||
Post-retirement benefits, not current | 8,914 | 9,088 | ||
Other accounts payables, not current | 21,222 | 34,538 | ||
Other payables, not current | 852,473 | S/ 512,803 | ||
Consorcio Ductos del Sur [Member] | ||||
Disclosure Of Other Payables [line items] | ||||
Payables related parties | 250,021 | |||
Payables related parties, not current | 250,021 | |||
Consorcio Rio Mantaro [member] | ||||
Disclosure Of Other Payables [line items] | ||||
Payables related parties | 35,531 | |||
Payables related parties, current | S/ 35,531 |
OTHER ACCOUNTS PAYABLE- Additio
OTHER ACCOUNTS PAYABLE- Additional Information (Detail) S/ in Millions | Dec. 31, 2017PEN (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/ 237 |
Provisions - Summary of Other P
Provisions - Summary of Other Provisions (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of other provisions [line items] | ||
Provisions | S/ 47,417 | S/ 41,073 |
Provisions, current | 13,503 | 14,531 |
Provisions, no current | 33,914 | 26,542 |
Legal proceedings provision [member] | ||
Disclosure of other provisions [line items] | ||
Provisions | 23,364 | 15,733 |
Provisions, current | 12,220 | 13,303 |
Provisions, no current | 11,144 | 2,430 |
Contingent liabilities [member] | Morelco SAS [member] | ||
Disclosure of other provisions [line items] | ||
Provisions | 4,224 | 5,182 |
Provisions, no current | 4,224 | 5,182 |
Contingent liabilities [member] | Coasin and Vialy Vives-DSD [member] | ||
Disclosure of other provisions [line items] | ||
Provisions | 1,839 | 1,815 |
Provisions, no current | 1,839 | 1,815 |
Contingent liabilities [member] | Adexus S A [member] | ||
Disclosure of other provisions [line items] | ||
Provisions | 1,186 | 1,128 |
Provisions, current | 1,186 | 1,128 |
Provision for decommissioning, restoration and rehabilitation costs [member] | ||
Disclosure of other provisions [line items] | ||
Provisions | 16,804 | 17,215 |
Provisions, current | 97 | 100 |
Provisions, no current | S/ 16,707 | S/ 17,115 |
Provisions - Additional Informa
Provisions - Additional Information (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of other provisions [line items] | |||
Other provisions | S/ 47,417 | S/ 41,073 | S/ 60,928 |
Reversals | (1,456) | (30,847) | |
Legal proceedings provision [member] | |||
Disclosure of other provisions [line items] | |||
Other provisions | 23,364 | 15,732 | 15,000 |
Reversals | (235) | (10,569) | |
Legal proceedings provision [member] | Provisions for labor, taxes and civil [Member] | |||
Disclosure of other provisions [line items] | |||
Other provisions | 19,300 | 14,700 | |
Legal proceedings provision [member] | Environmental laws and regulations [member] | |||
Disclosure of other provisions [line items] | |||
Other provisions | 5,100 | 6,300 | |
Contingent liabilities [member] | |||
Disclosure of other provisions [line items] | |||
Other provisions | 7,249 | 8,125 | S/ 26,779 |
Reversals | (809) | (17,883) | |
Contingent liabilities [member] | Morelco [member] | |||
Disclosure of other provisions [line items] | |||
Reversals | S/ 800 | 10,100 | |
Contingent liabilities [member] | V y V - DSD S.A. [member] | |||
Disclosure of other provisions [line items] | |||
Reversals | 4,000 | ||
Contingent liabilities [member] | CAM Acquisition [member] | |||
Disclosure of other provisions [line items] | |||
Reversals | S/ 3,800 |
Provisions - Summary Gross Move
Provisions - Summary Gross Movement of Other Provisions (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of other provisions [line items] | ||
Beginning balance | S/ 41,073 | S/ 60,928 |
Additions | 9,510 | 9,948 |
Acquisition of subsidiaries | 3,075 | |
Reversals of provisions | (1,456) | (30,847) |
Payments | (1,680) | (2,756) |
Translation adjustments | (30) | 725 |
Ending balance | 47,417 | 41,073 |
Legal proceedings provision [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 15,732 | 15,000 |
Additions | 9,510 | 9,486 |
Acquisition of subsidiaries | 1,926 | |
Reversals of provisions | (235) | (10,569) |
Payments | (1,680) | (298) |
Translation adjustments | 37 | 187 |
Ending balance | 23,364 | 15,732 |
Contingent liabilities [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 8,125 | 26,779 |
Acquisition of subsidiaries | 1,149 | |
Reversals of provisions | (809) | (17,883) |
Payments | (2,458) | |
Translation adjustments | (67) | 538 |
Ending balance | 7,249 | 8,125 |
Provision for decommissioning, restoration and rehabilitation costs [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 17,216 | 19,149 |
Additions | 462 | |
Reversals of provisions | (412) | (2,395) |
Ending balance | S/ 16,804 | S/ 17,216 |
Equity - Additional Information
Equity - Additional Information (Detail) - PEN (S/) S/ / shares in Units, S/ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of classes of share capital [line items] | |||||
Number of equity shares per American Depository Shares | S/ 5 | ||||
Quoted share price | S/ 1.87 | S/ 4.70 | |||
Trading frequency, percentage | 100.00% | 97.60% | |||
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/ 29,970 | S/ 29,970 | |||
Nominal value of share issued | S/ 660,054 | S/ 660,054 | S/ 1,055,488 | ||
Dividend rate percentage | 6.80% | 6.80% | 4.10% | ||
2017 and Onwards [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Dividend rate percentage | 5.00% | ||||
Ordinary shares [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares authorized | 660,053,790 | 660,053,790 | |||
Par value per share | S/ 1.00 | S/ 1.00 | |||
Number of shares | 259,302,745 | 264,809,545 | |||
American depository shares [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares | 51,860,549 | 52,961,909 |
Equity - Summary of Company's S
Equity - Summary of Company's Shareholding Structure (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of classes of share capital [line items] | |
Number of shareholders | 2,076 |
Total percentage of interest | 100.00% |
Upto one percent [member] | |
Disclosure of classes of share capital [line items] | |
Number of shareholders | 2,062 |
Total percentage of interest | 14.22% |
From one point zero one percent to five percent [member] | |
Disclosure of classes of share capital [line items] | |
Number of shareholders | 11 |
Total percentage of interest | 23.57% |
From five point zero one percent to ten percent [member] | |
Disclosure of classes of share capital [line items] | |
Number of shareholders | 1 |
Total percentage of interest | 5.12% |
Over Ten Percent [member] | |
Disclosure of classes of share capital [line items] | |
Number of shareholders | 2 |
Total percentage of interest | 57.09% |
Deferred Income Tax - Summary o
Deferred Income Tax - Summary of Deferred Income Tax (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of deferred income taxes [Line Items] | ||||
Deferred income tax asset | S/ 436,697 | S/ 427,008 | ||
Deferred income tax liability | (72,472) | (73,169) | ||
Deferred income tax asset, net | 364,225 | 353,839 | S/ 48,682 | S/ 58,723 |
Less than1 year [member] | ||||
Disclosure of deferred income taxes [Line Items] | ||||
Deferred income tax asset | 73,883 | 86,990 | ||
Deferred income tax liability | (5,583) | (166) | ||
Later than one year [member] | ||||
Disclosure of deferred income taxes [Line Items] | ||||
Deferred income tax asset | 362,814 | 340,018 | ||
Deferred income tax liability | S/ (66,889) | S/ (73,003) |
Deferred Income Tax - Summar166
Deferred Income Tax - Summary of Gross Movement of Deferred Income Tax Item (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of deferred income taxes [Line Items] | |||
Beginning balance | S/ 353,839 | S/ 48,682 | S/ 58,723 |
Credit to income statement (Note 30) | 42,779 | 263,806 | (175) |
Adjustment for changes in rates of income tax | 1,951 | 17,105 | (2,008) |
Credit (charge) to other comprehensive income | 15,004 | (7,298) | |
Tax charged to equity | 159 | ||
Acquisition of a subsidiary | (12,340) | 10,363 | |
Acquisition of joint operation | (16,804) | 1,476 | |
Other movements | (5,200) | (1,280) | (2,036) |
Ending balance | S/ 364,225 | S/ 353,839 | S/ 48,682 |
Deferred Income Tax - Summar167
Deferred Income Tax - Summary of Movements of Deferred Tax Assets and Liabilities (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | S/ 353,839 | S/ 48,682 | S/ 58,723 |
(Charge) credit to P&L | 42,779 | 263,806 | (175) |
Charge (credit) to equity | 159 | ||
(Charge) credit to OCI | 15,004 | (7,298) | |
Acquisition of subsidiary | (12,340) | 10,363 | |
Ending balance | 364,225 | 353,839 | 48,682 |
Non-taxable income [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 14,190 | ||
Reclassification of prior years | (14,190) | ||
Difference in depreciation rates [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 61,750 | 45,155 | 36,515 |
(Charge) credit to P&L | 104,101 | 16,595 | 2,791 |
Reclassification of prior years | 5,849 | ||
Ending balance | 165,851 | 61,750 | 45,155 |
Fair value gains [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 30,684 | 13,732 | |
(Charge) credit to P&L | 13,587 | 15,338 | |
(Charge) credit to OCI | (15,348) | 7,016 | |
Reclassification of prior years | (28,923) | (5,402) | |
Ending balance | 30,684 | ||
Deferred income tax liability work in process [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 8,242 | 24,723 | 14,368 |
(Charge) credit to P&L | (5,712) | (16,481) | 16,393 |
Reclassification of prior years | (6,038) | ||
Ending balance | 2,530 | 8,242 | 24,723 |
Difference in depreciation rates of assets leased [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 10,445 | ||
Reclassification of prior years | (10,445) | ||
Receivables from local Governement [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 28,867 | 25,543 | |
(Charge) credit to P&L | 3,322 | 3,324 | 9,986 |
Reclassification of prior years | 15,557 | ||
Ending balance | 32,189 | 28,867 | 25,543 |
Capitalized Financing Cost [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 21,418 | 15,178 | |
(Charge) credit to P&L | (1,473) | 6,240 | 15,178 |
Ending balance | 19,945 | 21,418 | 15,178 |
Purchase price allocation [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 27,118 | ||
(Charge) credit to P&L | (11,780) | ||
Reclassification of prior years | 30,187 | ||
Ending balance | 15,338 | 27,118 | |
Purchase price allocation [member] | Adexus S A [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Acquisition of subsidiary | (3,069) | ||
Others [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 13,163 | 11,808 | 21,534 |
(Charge) credit to P&L | (3,724) | 2,619 | 1,347 |
(Charge) credit to OCI | 281 | ||
Reclassification of prior years | (1,264) | (11,354) | |
Sale of subsidiary (GMD S.A.) | (81) | ||
Ending balance | 9,358 | 13,163 | 11,808 |
Deferred Tax Liabilities [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 160,559 | 153,093 | 110,784 |
(Charge) credit to P&L | 84,734 | 25,883 | 61,032 |
(Charge) credit to OCI | (15,348) | 7,297 | |
Reclassification of prior years | (26,020) | ||
Sale of subsidiary (GMD S.A.) | (81) | ||
Ending balance | 245,211 | 160,559 | 153,093 |
Deferred Tax Liabilities [Member] | Adexus S A [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Acquisition of subsidiary | (3,069) | ||
Provisions [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 105,679 | 20,949 | 25,806 |
(Charge) credit to P&L | (12,614) | 84,571 | 342 |
Charge (credit) to equity | (8,882) | 159 | |
Others | (160) | ||
Reclassification of prior years | (30,901) | (5,199) | |
Sale of subsidiary (GMD S.A.) | (683) | ||
Ending balance | 52,439 | 105,679 | 20,949 |
Accelerated tax depreciation [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 16,381 | 14,892 | 23,350 |
(Charge) credit to P&L | 79,637 | 1,489 | 4,076 |
Reclassification of prior years | (12,534) | ||
Sale of subsidiary (GMD S.A.) | (9,367) | ||
Ending balance | 86,651 | 16,381 | 14,892 |
Tax losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 153,083 | 91,313 | 59,036 |
(Charge) credit to P&L | (8,555) | 51,163 | 26,661 |
Others | (1) | ||
Reclassification of prior years | 5,615 | ||
Sale of subsidiary (GMD S.A.) | (438) | ||
Ending balance | 144,089 | 153,083 | 91,313 |
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 | 17,614 | 24,103 | 23,941 |
(Charge) credit to P&L | 21,873 | (6,489) | 18,623 |
Reclassification of prior years | (19,544) | ||
Ending balance | 39,487 | 17,614 | 24,103 |
Accrual for unpaid vacations [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 12,972 | 14,977 | 16,973 |
(Charge) credit to P&L | 2,166 | (2,005) | 772 |
Others | (1) | ||
Reclassification of prior years | (2,768) | ||
Sale of subsidiary (GMD S.A.) | (1,697) | ||
Ending balance | 13,440 | 12,972 | 14,977 |
Investments in subsidiaries [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 608 | 1,476 | 11,769 |
(Charge) credit to P&L | 118 | (312) | (13,832) |
Charge (credit) to equity | 0 | ||
Others | (556) | ||
Reclassification of prior years | (726) | 2,063 | |
Ending balance | 0 | 608 | 1,476 |
Impairment [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 172,052 | ||
(Charge) credit to P&L | 28,593 | 172,052 | |
Charge (credit) to equity | (7,493) | ||
Others | 1 | ||
Reclassification of prior years | 31,627 | ||
Ending balance | 224,780 | 172,052 | |
Tax goodwill [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 20,525 | 17,522 | |
(Charge) credit to P&L | (112) | 3,003 | 17,522 |
Ending balance | 20,413 | 20,525 | 17,522 |
Other [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 15,487 | 16,463 | 8,636 |
(Charge) credit to P&L | 18,358 | 3,322 | 4,646 |
Charge (credit) to equity | (347) | ||
(Charge) credit to OCI | (343) | ||
Others | (5,123) | (724) | |
Reclassification of prior years | 5,623 | ||
Sale of subsidiary (GMD S.A.) | (236) | ||
Ending balance | 28,139 | 15,487 | 16,463 |
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 | 514,398 | 201,775 | 169,511 |
(Charge) credit to P&L | 129,464 | 306,794 | 58,810 |
Charge (credit) to equity | (16,722) | 159 | |
(Charge) credit to OCI | (343) | ||
Others | (5,284) | (1,280) | |
Reclassification of prior years | (26,744) | ||
Sale of subsidiary (GMD S.A.) | (12,421) | ||
Ending balance | S/ 609,435 | 514,398 | S/ 201,775 |
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 Millions | Dec. 31, 2017PEN (S/) |
Disclosure of deferred income taxes [Line Items] | |
Tax losses | S/ 494.8 |
Later than one year [member] | |
Disclosure of deferred income taxes [Line Items] | |
Tax losses | 83.9 |
From 1 to 2 years [member] | |
Disclosure of deferred income taxes [Line Items] | |
Tax losses | S/ 10.3 |
Workers Profit Sharing - Summar
Workers Profit Sharing - Summary of Workers Profit Sharing (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Workers Profit Sharing [Line items] | |||
Workers profit sharing | S/ 14,093 | S/ 15,693 | S/ 33,972 |
Cost of sales of goods and services [member] | |||
Disclosure Of Workers Profit Sharing [Line items] | |||
Workers profit sharing | 6,531 | 15,234 | 27,618 |
Administrative expenses [member] | |||
Disclosure Of Workers Profit Sharing [Line items] | |||
Workers profit sharing | S/ 7,562 | S/ 1,297 | S/ 7,263 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Expense by Nature [Line Items] | |||
Salaries, wages and fringe benefits | S/ 1,820,523 | S/ 1,641,001 | S/ 2,232,951 |
Depreciation | 199,794 | 205,522 | 217,071 |
Amortization of intangibles | 86,557 | 82,743 | 89,355 |
Cost of goods and services [member] | |||
Expense by Nature [Line Items] | |||
Services provided by third-parties | 1,674,731 | 2,317,589 | 2,915,682 |
Salaries, wages and fringe benefits | 1,615,278 | 1,423,664 | 2,033,316 |
Purchase of goods | 1,136,616 | 901,473 | 1,072,900 |
Impairment of accounts receivable | 703 | 419,584 | 13,180 |
Other management charges | 656,875 | 267,011 | 629,799 |
Depreciation | 178,209 | 177,699 | 186,661 |
Amortization of intangibles | 74,515 | 66,862 | 74,187 |
Impairment (inventories and accounts receivable) | 40,908 | 36,137 | |
Taxes | 14,860 | 13,740 | 37,129 |
Impairment of property, plant and equipment | 14,660 | 9,263 | 7,063 |
Expenses, by nature, Total | 5,407,355 | 5,633,022 | 6,969,917 |
Administrative expenses [member] | |||
Expense by Nature [Line Items] | |||
Services provided by third-parties | 121,508 | 121,294 | 135,636 |
Salaries, wages and fringe benefits | 205,245 | 217,337 | 199,635 |
Purchase of goods | 140 | 7,369 | |
Impairment of accounts receivable | 18,406 | ||
Other management charges | 54,201 | 24,122 | 23,873 |
Depreciation | 13,224 | 11,317 | 16,711 |
Amortization of intangibles | 8,227 | 6,685 | 6,489 |
Taxes | 8,210 | 1,638 | 1,919 |
Impairment of property, plant and equipment | 20 | 2,591 | |
Expenses, by nature, Total | S/ 429,181 | S/ 382,393 | S/ 394,223 |
Expenses by Nature - Summary171
Expenses by Nature - Summary of Wages, Salaries and Fringe Benefits (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Expense by Nature [Line Items] | |||
Salaries | S/ 1,304,893 | S/ 1,233,272 | S/ 1,728,410 |
Social contributions | 128,046 | 139,423 | 164,965 |
Statutory bonuses | 155,206 | 92,418 | 129,909 |
Employee's severance indemnities | 99,011 | 64,421 | 91,958 |
Vacations | 74,759 | 58,411 | 72,719 |
Worker's profit sharing (Note 26) | 14,093 | 15,693 | 33,972 |
Others | 44,515 | 37,363 | 11,018 |
Total | S/ 1,820,523 | S/ 1,641,001 | S/ 2,232,951 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financial income: | |||
Interest on short-term bank deposits | S/ 5,133 | S/ 9,193 | S/ 12,076 |
Interest on loans to third parties | 635 | 6,142 | 19,749 |
Commissions and collaterals | 12 | 4 | 3,026 |
Exchange rate gain, net | 6,292 | ||
Others | 3,335 | 5,306 | 2,785 |
Finance income | 15,407 | 20,645 | 37,636 |
Interest expense: | |||
- Bank loans | 109,366 | 97,953 | 56,974 |
- Bonds | 28,804 | 25,352 | 3,350 |
- Financial lease | 9,748 | 12,138 | 13,167 |
- Commissions and collaterals | 15,648 | 9,166 | 8,574 |
- Loans from third parties | 7,569 | 264 | 2,868 |
- Loans from related parties | 3,452 | 556 | |
Exchange difference loss, net | 12,527 | 82,851 | |
Derivative financial instruments | 739 | 1,248 | 1,691 |
Loss by measurement of financial asset fair value | 8,059 | 76,864 | |
Other financial expenses | 37,420 | 18,134 | 11,205 |
Less capitalized interest | (31,908) | (35,434) | (13,153) |
Finance costs | S/ 185,445 | S/ 221,664 | S/ 168,083 |
Other Income and Expenses, N173
Other Income and Expenses, Net - Summary of Other Income and Expenses, Net (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other income: | |||
Sales of fixed assets | S/ 119,554 | S/ 39,774 | S/ 25,690 |
Reversal of legal and tax provisions | 79 | 18,778 | 7,796 |
Legal indemnities | 8,957 | ||
Sale of investments held for sale | 46 | 60 | |
Disposal of non-current assets classified as held for sale | 8,775 | ||
Present value of the liability from put option | 18,627 | ||
Others | 15,449 | 18,574 | 18,434 |
Other Income | 135,082 | 86,129 | 79,382 |
Other expenses: | |||
Impairment of goodwill and trademarks | 49,608 | 54,308 | |
Net cost of fixed assets disposal | 95,541 | 31,247 | 15,669 |
Loss on remeasurement of previously held interest (Note 33-a) | 6,832 | ||
Present value of the liability from put option | 984 | ||
Cost of sales of non-current assets classified as held for sale | 8,945 | ||
Others | 10,478 | 6,132 | 184 |
Other expense by nature | 155,627 | 99,503 | 24,798 |
Other expenses | S/ (20,545) | S/ (13,374) | S/ 54,584 |
Tax Situation - Additional Info
Tax Situation - Additional Information (Detail) S/ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018PEN (S/) | Dec. 31, 2018COP ($) | Dec. 31, 2017PEN (S/) | Dec. 31, 2016PEN (S/) | Dec. 31, 2015PEN (S/) | Dec. 31, 2014 | |
Disclosure of Income Tax [Line items] | |||||||
Unrecognized deferred income tax assets | S/ 30,600 | S/ 5,000 | |||||
Unrecognized deferred tax asset income (expense) | 1,562 | (4,535) | S/ 31,432 | ||||
Current income tax payable | 167,154 | 169,428 | S/ 135,036 | ||||
PICSA [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 | ||||||
GMH [Member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
Current income tax payable | S/ 7,000 | ||||||
Consorcio Constructor Ductos del Sur [member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
Current income tax payable | 14,900 | ||||||
Consorcio AMDP [member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
Current income tax payable | 9,300 | ||||||
Terminales del Peru [member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
Current income tax payable | 3,600 | ||||||
Concar [member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
Current income tax payable | S/ 3,300 | ||||||
Peru (member) | |||||||
Disclosure of Income Tax [Line items] | |||||||
Income tax rate | 29.50% | 28.00% | 28.00% | 30.00% | |||
Tax on dividends and other forms of profit distribution | 6.80% | 4.10% | |||||
Tax rate applicable to net assets exceeding S/1 million | 0.40% | ||||||
Peru (member) | Changes in tax rates or tax laws enacted or announced Effective 2017 Onwards [member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
Income tax rate | 29.50% | ||||||
Tax on dividends and other forms of profit distribution | 5.00% | ||||||
Percentage of undistributed profit income tax rate | 6.80% | ||||||
Peru (member) | Changes in tax rates or tax laws enacted or announced [member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
Income tax rate | 27.00% | ||||||
Tax on dividends and other forms of profit distribution | 8.80% | ||||||
Peru (member) | Scenario, Forecast [Member] | Changes in tax rates or tax laws enacted or announced [member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
Income tax rate | 26.00% | 27.00% | 27.00% | ||||
Tax on dividends and other forms of profit distribution | 9.30% | 8.80% | 8.80% | ||||
Chile (member) | |||||||
Disclosure of Income Tax [Line items] | |||||||
Income tax rate | 25.50% | 24.00% | 22.50% | ||||
Chile (member) | Attributed Income System [Member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
Income tax rate | 24.00% | 22.50% | 21.00% | ||||
Chile (member) | Partially Integrated System [Member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
Income tax rate | 24.00% | 22.50% | 21.00% | ||||
Chile (member) | Changes in tax rates or tax laws enacted or announced [member] | Attributed Income System [Member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
Income tax rate | 25.00% | ||||||
Chile (member) | Changes in tax rates or tax laws enacted or announced [member] | Partially Integrated System [Member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
Income tax rate | 25.50% | ||||||
Percentage of tax credit on distributions | 65.00% | ||||||
Chile (member) | Scenario, Forecast [Member] | Changes in tax rates or tax laws enacted or announced [member] | Partially Integrated System [Member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
Income tax rate | 27.00% | 27.00% | |||||
Colombia (member) | |||||||
Disclosure of Income Tax [Line items] | |||||||
Income tax rate | 40.00% | 40.00% | 39.00% | ||||
Tax loss compensating period | 12 years | ||||||
Special rate on dividends and interests | 5.00% | ||||||
Statute of limitation period | 3 years | ||||||
Colombia (member) | Bottom of range [member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
VAT rate | 16.00% | ||||||
Colombia (member) | Top of range [member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
VAT rate | 19.00% | ||||||
Colombia (member) | Qualified for transfer prices fillings [member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
Statute of limitation period | 6 years | ||||||
Colombia (member) | Tax losses [member] | Bottom of range [member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
Statute of limitation period | 12 years | ||||||
Colombia (member) | Tax losses [member] | Top of range [member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
Statute of limitation period | 15 years | ||||||
Colombia (member) | Changes in tax rates or tax laws enacted or announced [member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
Effective tax rate | 34.00% | ||||||
Effective tax rate, temporary overrate | 6.00% | ||||||
Tax rate effect of tax losses | 3.50% | 3.00% | |||||
Colombia (member) | Scenario, Forecast [Member] | Changes in tax rates or tax laws enacted or announced [member] | |||||||
Disclosure of Income Tax [Line items] | |||||||
Effective tax rate | 33.00% | 33.00% | |||||
Effective tax rate, temporary overrate | 4.00% | 4.00% | |||||
Taxable income | S/ 895 | $ 800 |
Tax Situation - Summary of Inco
Tax Situation - Summary of Income Tax Expense (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of income tax expense benefit [line Items] | |||
Current income tax | S/ 167,154 | S/ 169,428 | S/ 135,036 |
Deferred income tax (Note 25) | (44,730) | (280,911) | 2,222 |
PPUA | 613 | (7,789) | (41,359) |
Income tax expense | S/ 123,037 | S/ (119,272) | S/ 95,899 |
Tax Situation - Summary of Weig
Tax Situation - Summary of Weighted-Average Income Tax Rate Applicable To Profit (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Accounting Profit Multiplied by Applicable Tax Rates [Line Items] | |||
Profit (loss) before income tax | S/ 328,712 | S/ (582,865) | S/ 142,446 |
Income tax by applying local applicable tax rates on profit generated in the respective countries | 98,902 | (164,742) | 51,503 |
Non-taxable income | (7,281) | (1,068) | (31,266) |
Equity method (profit) loss | 392 | 3,673 | 2,171 |
Non-deductibleexpenses | 27,901 | 57,044 | 9,831 |
Unrecognized deferred tax asset income (expense) | 1,562 | (4,535) | 31,432 |
Adjustment for changes in rates of income tax | (1,951) | (17,105) | 2,008 |
PPUA adjustment for changes in tax rates | (611) | 4,871 | 15,296 |
Change in prior years estimations | 12,200 | (181) | 12,762 |
Others, net | (8,077) | 2,771 | 2,162 |
Income tax charge | S/ 123,037 | S/ (119,272) | S/ 95,899 |
Tax Situation - Summary of W177
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of weighted average pre-tax profit or loss and applicable income tax rate [line items] | ||||
Pre - tax profit | S/ 328,712 | S/ (582,865) | S/ 142,446 | |
Tax at tatutory tax rate | S/ 98,902 | S/ (164,742) | S/ 51,503 | |
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% | 30.00% |
Pre - tax profit | S/ 730,980 | S/ (1,098,327) | S/ 174,432 | |
Tax at tatutory tax rate | S/ 215,639 | S/ (307,532) | S/ 48,841 | |
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/ 68,104 | S/ 63,583 | S/ 54,471 | |
Tax at tatutory tax rate | S/ 18,388 | S/ 17,167 | S/ 14,707 | |
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/ 29,028 | S/ 34,760 | S/ 26,954 | |
Tax at tatutory tax rate | S/ 8,708 | S/ 10,428 | S/ 8,086 | |
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/ 779 | S/ 888 | S/ 2,336 | |
Tax at tatutory tax rate | S/ 234 | S/ 267 | S/ 701 | |
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/ 20,941 | S/ 8,602 | S/ 15,007 | |
Tax at tatutory tax rate | S/ 6,073 | S/ 2,581 | S/ 4,502 | |
Chile (member) | ||||
Disclosure of weighted average pre-tax profit or loss and applicable income tax rate [line items] | ||||
Statutory tax rate | 25.50% | 24.00% | 22.50% | |
Pre - tax profit | S/ (128,734) | S/ (86,151) | S/ (95,284) | |
Tax at tatutory tax rate | S/ (32,827) | S/ (20,676) | S/ (21,439) | |
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% | 39.00% | |
Pre - tax profit | S/ (27,970) | S/ (25,555) | S/ 40,900 | |
Tax at tatutory tax rate | S/ (11,188) | S/ (10,222) | S/ 15,951 | |
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/ (2,897) | S/ (703) | S/ (57,382) | |
Tax at tatutory tax rate | (724) | (176) | (14,345) | |
Unrealized Gain (Loss) [member] | ||||
Disclosure of weighted average pre-tax profit or loss and applicable income tax rate [line items] | ||||
Pre - tax profit | (361,519) | 520,038 | (6,818) | |
Tax at tatutory tax rate | (105,401) | 143,421 | (2,371) | |
Utility [member] | ||||
Disclosure of weighted average pre-tax profit or loss and applicable income tax rate [line items] | ||||
Pre - tax profit | 328,712 | (582,865) | 154,616 | |
Tax at tatutory tax rate | S/ 98,902 | S/ (164,742) | S/ 54,631 |
Accumulated other Comprehens178
Accumulated other Comprehensive Income - Summary of Accumulated Other Comprehensive Income Loss (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of analysis of other comprehensive income by item [line items] | |||
Beginning balance | S/ 2,489,737 | S/ 3,081,912 | S/ 3,173,707 |
Tax effects | 15,004 | (7,298) | |
Ending balance | 2,589,078 | 2,489,737 | 3,081,912 |
Reserve of cash flow hedges [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Beginning balance | (87) | (926) | (1,613) |
(Charge) credit for the year | 650 | 1,190 | 954 |
Tax effects | (192) | (351) | (267) |
Other comprehensive income of the year | 458 | 839 | 687 |
Ending balance | 371 | (87) | (926) |
Reserve of exchange differences on translation [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Beginning balance | (54,556) | (64,441) | (19,030) |
(Charge) credit for the year | (9,166) | 9,885 | (45,411) |
Other comprehensive income of the year | (9,166) | 9,885 | (45,411) |
Ending balance | (63,722) | (54,556) | (64,441) |
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 | 51,142 | 31,169 |
(Charge) credit for the year | (3,149) | 26,991 | |
Tax effects | 929 | (7,018) | |
Transfer to profit or loss (Note 10) | (41,461) | ||
Other comprehensive income of the year | (43,681) | 19,973 | |
Ending balance | 7,461 | 7,461 | 51,142 |
Reserve of change in value of foreign currency basis spreads [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Beginning balance | (8,455) | (17,740) | (12,602) |
(Charge) credit for the year | 9,222 | 10,965 | (6,942) |
Tax effects | (2,729) | (3,243) | 1,804 |
Transfer to profit or loss (Note 10) | 1,563 | ||
Other comprehensive income of the year | 6,493 | 9,285 | (5,138) |
Ending balance | (1,962) | (8,455) | (17,740) |
Accumulated other comprehensive income [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Beginning balance | (55,637) | (31,965) | (2,076) |
(Charge) credit for the year | 706 | 18,891 | (24,408) |
Tax effects | (2,921) | (2,665) | (5,481) |
Transfer to profit or loss (Note 10) | (39,898) | ||
Other comprehensive income of the year | (2,215) | (23,672) | (29,889) |
Ending balance | S/ (57,852) | S/ (55,637) | S/ (31,965) |
Accumulated other Comprehens179
Accumulated other Comprehensive Income - Summary of Other Comprehensive Income Loss (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of analysis of other comprehensive income by item [line items] | |||
Other comprehensive Income | S/ (8,280) | S/ (20,599) | S/ (48,044) |
Equity attributable to owners of parent [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Other comprehensive Income | (2,215) | (23,672) | (29,889) |
Non-controlling interests [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Other comprehensive Income | (3,117) | 4,194 | (15,235) |
Reserve of remeasurements of defined benefit plans [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Other comprehensive Income | S/ (2,948) | S/ (1,121) | S/ (2,921) |
Contingencies Commitments and G
Contingencies Commitments and Guarantees - Additional Information (Detail) S/ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017PEN (S/) | Dec. 31, 2016PEN (S/) | Dec. 31, 2015PEN (S/) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Disclosure of commitments and contingencies [Line Items] | |||||
Payment of debt | S/ 31,286 | S/ 650 | S/ 18,516 | ||
Performance bonds amount | $ | $ 959,700 | $ 1,258,500 | |||
Performance guarantee amount | 176,401 | $ 202,200 | $ 330,500 | ||
Civil lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 90,380 | ||||
Labor lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 6,130 | ||||
Contentious administrative lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 10,260 | ||||
GMD SA [member] | Labor lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 60 | ||||
GyM S A [member] | Civil lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 90 | ||||
GyM S A [member] | Labor lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 2,930 | ||||
CONCARSA [member] | Civil lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 120 | ||||
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] | Civil lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 90,250 | ||||
GMP S.A. [member] | Administrative lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 3,820 | ||||
GMP S.A. [member] | Contentious administrative lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 560 | ||||
Consorcio Terminales And Terminales Del Peru [member] | Administrative lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 1,440 | ||||
GyM Ferrovias SA. [member] | Administrative lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 2,130 | ||||
Consorcio Toromocho [member] | Administrative lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 200 | ||||
Consortium [member] | Labor lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 1,660 | ||||
GMI SA [member] | Labor lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 650 | ||||
Vial y Vives - DSD [member] | Labor lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 320 | ||||
Stracon GyM S.A. [member] | Labor lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 260 | ||||
Morelco [member] | Labor lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 250 | ||||
Consorcio Terminales [member] | Contentious administrative lawsuits [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 9,700 | ||||
Peru (member) | Tax contingent liability [member] | Top of range [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Contingent liabilities | 5,200 | ||||
SUNAT [member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Tax penalties amount | 19,100 | ||||
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/ 3,000 | S/ 2,800 | S/ 800 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2016PEN (S/) | Jan. 31, 2016PEN (S/) | Jun. 30, 2015 | Dec. 31, 2017PEN (S/) | Dec. 31, 2016PEN (S/) | Dec. 31, 2014PEN (S/) | Dec. 31, 2016USD ($) | Dec. 31, 2015PEN (S/) | Dec. 31, 2015USD ($) | Mar. 31, 2015PEN (S/) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 23, 2014 | |
Disclosure of detailed information about business combination [line items] | |||||||||||||
Goodwill | S/ 116,804,000 | S/ 144,520,000 | S/ 170,232,000 | ||||||||||
Estimated liability | 6,078,592,000 | 6,556,899,000 | |||||||||||
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 | 39.03% | 8.00% | |||||||||||
Percentage of capital acquired | 91.03% | 52.00% | |||||||||||
Business combination consideration transferred | S/ 14,000,000 | S/ 8,300,000 | 43,079,000 | $ 12,822,000 | |||||||||
Losses arising from re-measurement at fair value of previously held interest | 6,800,000 | ||||||||||||
Acquisition transaction costs | S/ 1,400,000 | ||||||||||||
Goodwill | S/ 930,000 | $ 276,000 | |||||||||||
Non-controlling interest, ownership interest | 8.97% | ||||||||||||
Morelco SAS [member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Percentage of capital acquired | 70.00% | ||||||||||||
Business combination consideration transferred | S/ 277,100,000 | 258,600,000 | $ 87,500,000 | $ 93,700,000 | |||||||||
Cash payments made for acquisition | $ | 78,500,000 | ||||||||||||
Contingent liabilities recognised in business combination | 45,700,000 | 32,000,000 | 9,100,000 | 15,100,000 | |||||||||
Goodwill | S/ 105,800,000 | S/ 103,000,000 | $ 35,200,000 | $ 36,100,000 | |||||||||
Non-controlling interest, ownership interest | 30.00% | ||||||||||||
Morelco SAS [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 SAS [member] | Written put options [member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Estimated liability | 105,400,000 | S/ 109,900,000 | |||||||||||
Changes in the present value of the put option | S/ 5,190,000 | ||||||||||||
Morelco SAS [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 | 41.66% | ||||||||||||
Discount rate | 2.03% | 1.37% | 1.37% | ||||||||||
Morelco SAS [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 | 41.66% | ||||||||||||
Morelco SAS [member] | Written put options [member] | Less than1 year [member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Discount rate | 1.79% | 0.78% | 0.78% | ||||||||||
Morelco SAS [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 | 2.12% | 1.76% | 1.76% | ||||||||||
Coasin Instalaciones Ltda [member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Percentage of capital acquired | 100.00% | 100.00% | |||||||||||
Goodwill | S/ 6,400 | $ 2,200 |
Business Combinations - Summary
Business Combinations - Summary of Provisional Determination of Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Detail) S/ in Thousands, $ in Thousands | Dec. 31, 2017PEN (S/) | Dec. 31, 2016PEN (S/) | Dec. 31, 2016USD ($) | Aug. 31, 2016PEN (S/) | Jan. 31, 2016PEN (S/) | Dec. 31, 2015PEN (S/) |
Fair value of assets and liabilities of Adexus S.A.: | ||||||
Goodwill | S/ 116,804 | S/ 144,520 | S/ 170,232 | |||
Adexus S A [member] | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Purchase consideration | 14,040 | $ 4,179 | ||||
Fair value of previously held interest | 29,039 | 8,643 | ||||
Total consideration | 43,079 | 12,822 | S/ 14,000 | S/ 8,300 | ||
Fair value of assets and liabilities of Adexus S.A.: | ||||||
Cash and cash equivalents | 7,737 | 2,303 | ||||
Trade receivables | 107,426 | 31,972 | ||||
Receivables from related parties | 2,610 | 777 | ||||
Other receivables | 1,160 | 345 | ||||
Inventories | 1,647 | 490 | ||||
Prepaid expenses | 11,587 | 3,449 | ||||
Long-term trade receivables | 26,886 | 8,195 | ||||
Other long-term receivables | 2,063 | 614 | ||||
Property, plant and equipment | 41,988 | 12,496 | ||||
Intangibles | 32,204 | 9,585 | ||||
Deferred income tax assets | 18,115 | 5,198 | ||||
Borrowings | (108,808) | (32,383) | ||||
Trade payables | (59,399) | (17,678) | ||||
Payables to related parties | (15,683) | (4,667) | ||||
Current income tax | (2,763) | (822) | ||||
Other payables | (10,291) | (3,063) | ||||
Other provisions | (1,926) | (573) | ||||
Contingent liabilities | (1,149) | (342) | ||||
Deferred income tax liabilities | (7,102) | (2,114) | ||||
Fair value of net identifiable assets | 46,302 | 13,782 | ||||
Non-controlling interest (8.97%) | (4,153) | (1,236) | ||||
Fair value of net assets attributable to the Group | 42,149 | 12,546 | ||||
Goodwill | S/ 930 | $ 276 |
Business Combinations - Summ183
Business Combinations - Summary of Provisional Determination of Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Adexus S A [member] | |
Disclosure of detailed information about business combination [line items] | |
Non-controlling interest, ownership interest | 8.97% |
Dividends - Additional Informat
Dividends - Additional Information (Detail) - PEN (S/) | Mar. 29, 2016 | Mar. 27, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of Dividends [Line Items] | |||||
Dividends paid | S/ 0 | S/ 0 | |||
Dividend distribution | S/ 30,900,000 | S/ 104,900,000 | S/ 59,700,000 | S/ 25,500,000 | S/ 4,500,000 |
Dividend distribution, per share | S/ 0.0467 | S/ 0.159 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings per share [line items] | |||
Profit (Losses) attributable to the controlling interest in the Company | S/ 148,738 | S/ (509,699) | S/ 7,097 |
Weighted average number of shares in issue at S/1.00 each, at December 31, | 660,053,790 | 660,053,790 | 660,053,790 |
Basic earnings (losses) per share (in S/) | S/ 0.225 | S/ (0.772) | S/ 0.011 |
Earnings (Losses) Per Share 186
Earnings (Losses) Per Share - Summary of Basic Earnings Per Share (Parenthetical) (Detail) - S/ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings per share [line items] | |||
Weighted average number of shares issued per share | S/ 1.00 | S/ 1.00 | S/ 1.00 |
Transactions with non-contro187
Transactions with non-controlling interests - Additional Information (Detail) - PEN (S/) S/ in Thousands | Mar. 29, 2016 | Mar. 27, 2015 | Dec. 31, 2016 | Jun. 30, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2016 | May 31, 2016 |
Non-controlling interests [line items] | |||||||||||
Acquisition of non-controlling interest | S/ 32,102 | S/ 22,407 | S/ 32,102 | ||||||||
Carrying amount of non controlling interests | S/ 509,313 | 465,748 | 509,313 | ||||||||
Dividends distributed | S/ 30,900 | S/ 104,900 | 59,700 | S/ 25,500 | S/ 4,500 | ||||||
GyM S A [member] | |||||||||||
Non-controlling interests [line items] | |||||||||||
Interest sold | 1.92% | ||||||||||
Value of interest sold | S/ 385,000 | ||||||||||
Interest held | 82.04% | ||||||||||
Payment received for interest sold | S/ 385,000 | ||||||||||
Carrying amount of non controlling interests | S/ 3,600 | ||||||||||
Percentage of non controlling interest | 17.96% | ||||||||||
GyM S A [member] | Stracon GyM member] | |||||||||||
Non-controlling interests [line items] | |||||||||||
Interest sold | 0.048% | ||||||||||
Value of interest sold | S/ 97,000 | ||||||||||
Interest held | 87.64% | ||||||||||
Payment received for interest sold | S/ 377,000 | ||||||||||
Carrying amount of non controlling interests | S/ 23,700 | ||||||||||
Percentage of non controlling interest | 12.36% | ||||||||||
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/ 32,100 | 22,000 | 32,100 | ||||||||
CAM Holding S.p.A. [Member] | |||||||||||
Non-controlling interests [line items] | |||||||||||
Interest sold | 2.45% | ||||||||||
Value of interest sold | S/ 2,045,000 | ||||||||||
Interest held | 75.61% | ||||||||||
Payment received for interest sold | S/ 880,000 | ||||||||||
Carrying amount of non controlling interests | S/ 20,400 | ||||||||||
Percentage of non controlling interest | 24.39% | ||||||||||
Los Parques de Comas [Member] | |||||||||||
Non-controlling interests [line items] | |||||||||||
Returns of contributions | 6,800 | 6,300 | |||||||||
Asociacion Parques del Mar [member] | |||||||||||
Non-controlling interests [line items] | |||||||||||
Returns of contributions | 27,800 | ||||||||||
Klimt [member] | |||||||||||
Non-controlling interests [line items] | |||||||||||
Returns of contributions | S/ 8,000 | 7,100 | |||||||||
Los Parques de Villa El Salvador II [member] | |||||||||||
Non-controlling interests [line items] | |||||||||||
Returns of contributions | S/ 12,600 |
Transactions with Non-contro188
Transactions with Non-controlling Interests - Summary of Contributions of Non-controlling Shareholders (Detail) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Non-controlling interests [line items] | |||
Contributions from other subsidiaries | S/ 3,202 | S/ 1,655 | S/ 4,870 |
Increase (decrease) in equity of non controlling parties | (33,197) | (19,099) | 10,329 |
Vial y Vives-DSD S.A. [member] | |||
Non-controlling interests [line items] | |||
Contributions received | 8,654 | 6,380 | 20,446 |
Returns of contributions | (45,053) | (27,134) | (14,987) |
Increase (decrease) in equity of non controlling parties | S/ (36,399) | S/ (20,754) | S/ 5,459 |
Discontinued Operation - Additi
Discontinued Operation - Additional Information (Detail) S/ in Millions, $ in Millions | Jun. 06, 2017PEN (S/) | Jun. 06, 2017USD ($) | Apr. 24, 2017PEN (S/) | Apr. 24, 2017USD ($) |
GMD SA [member] | ||||
Disclosure Of Discontinued Operation [Line Items] | ||||
Percentage of interest in property | 89.19% | 89.19% | ||
Agreed selling price | S/ 269.9 | $ 84.7 | ||
Tecgas N.V. [member] | ||||
Disclosure Of Discontinued Operation [Line Items] | ||||
Percentage of interest in property | 51.00% | 51.00% | ||
Agreed selling price | S/ 69.8 | $ 21.5 |
Discontinued Operation - Summar
Discontinued Operation - Summary of Financial Performance and Cash Flow Information (Detail) - PEN (S/) S/ / shares in Units, S/ in Thousands | 5 Months Ended | 12 Months Ended | ||
May 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Financial Performance And Cash Flow Information [Line Items] | ||||
Finance costs, net | S/ (185,445) | S/ (221,664) | S/ (168,083) | |
Operating loss from discontinued activities before taxation | 3,562 | 11,995 | 9,142 | |
Loss from discontinued activities attributable to owners of the Company | S/ 148,738 | (509,699) | 7,097 | |
GMD SA [member] | ||||
Disclosure Of Financial Performance And Cash Flow Information [Line Items] | ||||
Revenue | S/ 7,204 | 18,651 | 21,318 | |
Finance costs | 10,567 | 24,129 | 23,829 | |
Finance costs, net | (2,617) | (9,758) | (8,249) | |
Operating loss from discontinued activities before taxation | (5,980) | (15,236) | (10,760) | |
Income tax expense | (1,171) | (7,466) | (3,129) | |
Loss from discontinued ordinary activities after taxation | (7,151) | (22,702) | (13,888) | |
Loss from discontinued activities attributable to owners of the Company | S/ (6,381) | S/ (20,257) | S/ (12,393) | |
Basic | S/ (0.56) | S/ (1.77) | S/ (1.08) | |
Operating cash flows | S/ 10,220 | S/ 78,286 | S/ (14,193) | |
Investing cash flows | (11,189) | (30,712) | (17,499) | |
Financing cash flows | S/ 1,618 | (48,516) | S/ (53,501) | |
Tecgas N.V. [member] | ||||
Disclosure Of Financial Performance And Cash Flow Information [Line Items] | ||||
Revenue | 457,554 | |||
Finance costs | 215 | |||
Operating loss from discontinued activities before taxation | (3,209) | |||
Income tax expense | (4,078) | |||
Loss from discontinued ordinary activities after taxation | S/ (7,287) |
Events After the Date of the191
Events After the Date of the Statement of Financial Position - Additional Information (Detail) S/ in Millions | May 29, 2018USD ($) | Mar. 31, 2018USD ($)ft² | Mar. 28, 2018USD ($) | Dec. 31, 2017PEN (S/) | Dec. 31, 2017USD ($) | Feb. 08, 2018PEN (S/) | Jan. 26, 2018PEN (S/) |
Stracon GyM S.A. [member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Percentage of ownership disposed in subsidiary | 87.59% | 87.59% | |||||
Proceeds from ownership interest disposed | S/ 41.9 | $ 76,800,000 | |||||
Subsequent Event [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Area of land agreed to sell | ft² | 4,208,769.24 | ||||||
Value of land agreed to sell | $ | $ 92,600 | ||||||
Subsequent Event [Member] | INEN [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Arbitration expenses recognised | S/ | S/ 1.4 | ||||||
Subsequent Event [Member] | GyM S A [member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Arbitration expenses recognised | S/ | S/ 17.8 | S/ 0.7 | |||||
Subsequent Event [Member] | SEDAPAL [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Arbitration expenses recognised | S/ | S/ 36.3 | ||||||
Subsequent Event [Member] | Stracon GyM S.A. [member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Percentage of ownership disposed in subsidiary | 87.59% | ||||||
Proceeds from ownership interest disposed | $ | $ 76,800,000 | ||||||
Subsequent Event [Member] | Norvial S.A. [member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Monetize future dividends | $ | $ 42,300,000 |
Events After the Date of the192
Events After the Date of the Statement of Financial Position - Summary of Financial Performance and Cash Flow Information (Detail) - PEN (S/) S/ / shares in Units, S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Financial Performance And Cash Flow Information [Line Items] | |||
Finance costs, net | S/ (185,445) | S/ (221,664) | S/ (168,083) |
Operating profit from discontinued activities before taxation | 3,562 | 11,995 | 9,142 |
Profit from discontinued activities attributable to owners of the Company | 148,738 | (509,699) | 7,097 |
Stracon GyM member] | |||
Disclosure Of Financial Performance And Cash Flow Information [Line Items] | |||
Revenue | 1,027,804 | 1,222,707 | 1,476,764 |
Operating costs | (943,805) | (1,099,789) | (1,305,806) |
Finance costs, net | (5,231) | (3,104) | (21,478) |
Operating profit from discontinued activities before taxation | 78,768 | 119,814 | 149,480 |
Income tax expense | (17,969) | (32,558) | (40,492) |
Loss from discontinued ordinary activities after taxation | 60,799 | 87,256 | 108,988 |
Profit from discontinued activities attributable to owners of the Company | S/ 53,254 | S/ 76,428 | S/ 95,463 |
Basic | S/ 0.778 | S/ 1.117 | S/ 1.395 |
Operating cash flows | S/ 118,418 | S/ 49,105 | S/ 166,438 |
Investing cash flows | (6,750) | (31,132) | (19,914) |
Financing cash flows | S/ (97,802) | S/ (71,382) | S/ (120,655) |
Supplementary Oil and Gas Infor
Supplementary Oil and Gas Information - (Unaudited) - Net Proved Oil and Natural Gas Reserves (Detail) | 12 Months Ended | |
Dec. 31, 2017MMcfMBbls | Dec. 31, 2016MMcfMBbls | |
Oil [Member] | ||
Reserve Quantities [Line Items] | ||
Reserves, beginning balance | MBbls | 25,191 | 23,727 |
Revisions of previous estimates | MBbls | 2,451 | 2,472 |
Enhanced oil recovery | MBbls | 0 | 0 |
Purchases | MBbls | 0 | 0 |
Production | MBbls | (1,146) | (1,008) |
Sales in place | MBbls | 0 | 0 |
Reserves, ending balance | MBbls | 26,496 | 25,191 |
Natural Gas [Member] | ||
Reserve Quantities [Line Items] | ||
Reserves, beginning balance | MMcf | 10,521 | 50,103 |
Revisions of previous estimates | MMcf | 17,011 | (36,543) |
Enhanced oil recovery | MMcf | 0 | 0 |
Purchases | MMcf | 0 | 0 |
Production | MMcf | (2,661) | (3,039) |
Sales in place | MMcf | 0 | 0 |
Reserves, ending balance | MMcf | 9,354 | 10,521 |
Peru (member) | Oil [Member] | ||
Reserve Quantities [Line Items] | ||
Reserves, beginning balance | MBbls | 25,191 | 23,727 |
Revisions of previous estimates | MBbls | 2,451 | 2,472 |
Enhanced oil recovery | MBbls | 0 | 0 |
Purchases | MBbls | 0 | 0 |
Production | MBbls | (1,146) | (1,008) |
Sales in place | MBbls | 0 | 0 |
Reserves, ending balance | MBbls | 26,496 | 25,191 |
Peru (member) | Natural Gas [Member] | ||
Reserve Quantities [Line Items] | ||
Reserves, beginning balance | MMcf | 10,521 | 50,103 |
Revisions of previous estimates | MMcf | 17,011 | (36,543) |
Enhanced oil recovery | MMcf | 0 | 0 |
Purchases | MMcf | 0 | 0 |
Production | MMcf | (2,661) | (3,039) |
Sales in place | MMcf | 0 | 0 |
Reserves, ending balance | MMcf | 9,354 | 10,521 |
Reserve Quantity Information (D
Reserve Quantity Information (Detail) | Dec. 31, 2017MMBblsMMcf | Dec. 31, 2016MMBblsMMcf | Dec. 31, 2015MMBblsMMcf |
Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Proved developed reserves Beginning of year | MMBbls | 8,521 | 9,168 | 2,882 |
End of year | MMBbls | 8,664 | 8,521 | 9,168 |
Proved undeveloped reserves Beginning of year | MMBbls | 16,670 | 14,562 | 1,125 |
End of year | MMBbls | 17,833 | 16,670 | 14,562 |
Natural Gas [Member] | |||
Reserve Quantities [Line Items] | |||
Proved developed reserves Beginning of year | MMcf | 10,521 | 23,384 | 11,960 |
End of year | MMcf | 9,354 | 10,521 | 23,384 |
Proved undeveloped reserves Beginning of year | MMcf | 26,719 | 4,748 | |
End of year | MMcf | 26,719 | ||
Peru (member) | Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Proved developed reserves Beginning of year | MMBbls | 8,521 | 9,168 | 2,882 |
End of year | MMBbls | 8,663 | 8,521 | 9,168 |
Proved undeveloped reserves Beginning of year | MMBbls | 16,670 | 14,562 | 1,125 |
End of year | MMBbls | 17,833 | 16,670 | 14,562 |
Peru (member) | Natural Gas [Member] | |||
Reserve Quantities [Line Items] | |||
Proved developed reserves Beginning of year | MMcf | 10,521 | 23,384 | 11,960 |
End of year | MMcf | 9,354 | 10,521 | 23,384 |
Proved undeveloped reserves Beginning of year | MMcf | 26,719 | 4,748 | |
End of year | MMcf | 26,719 |
Supplementary Information on Oi
Supplementary Information on Oil and Gas Exploration and Production (Unaudited) - Summary of Capitalized Costs for Oil and Gas Exploration and Production Activities (Detail) - PEN (S/) S/ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure of detailed information about segments by geographical area [line items] | |||||
Mineral property, wells and related equipment | S/ 84,960 | S/ 39,069 | S/ 54,582 | S/ 47,267 | S/ 44,974 |
Drilling and Works in progress and Replacement Units | 10,767 | 6,188 | 5,682 | 11,290 | 11,444 |
Total Proved Properties | 95,727 | 45,257 | 60,264 | 58,557 | 56,418 |
Unproved properties | 0 | 0 | 0 | 0 | 0 |
Total Property, Plant and Equipment | 95,727 | 45,257 | 60,264 | 58,557 | 56,418 |
Accumulated depreciation, depletion, and amortization, and valuation allowances | (36,672) | (17,774) | (17,875) | (13,735) | (13,864) |
Net capitalized costs | S/ 59,054 | S/ 27,482 | S/ 42,389 | S/ 44,822 | S/ 42,554 |
Supplementary Information on196
Supplementary Information on Oil and Gas Exploration and Production (Unaudited) - Summary of Capitalized Costs for Oil and Gas Exploration and Production Activities Include Both Amounts Expenses and Capitalized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Acquisition costs of properties | |||||
Proved | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Unproved | 0 | 0 | 0 | 0 | 0 |
Total acquisition costs | 0 | 0 | 0 | 0 | 0 |
Development costs | (22,905) | (19,161) | (17,179) | (13,126) | (13,465) |
Total | $ (22,905) | $ (19,161) | $ (17,179) | $ (13,126) | $ (13,465) |
Supplementary Information on197
Supplementary Information on Oil and Gas Exploration and Production (Unaudited) - Summary of Results of Operations from Oil and Gas Producing Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||||
Revenues | $ 67,949 | $ 50,556 | $ 57,938 | $ 59,233 | $ 58,275 |
Additional Revenues of Gas Extraction Services | 11,892 | ||||
Total Revenues | 67,949 | 50,556 | 57,938 | 59,233 | 70,167 |
Production Costs | (28,097) | (24,645) | (25,976) | (16,257) | (16,692) |
Costs of Labor | (2,008) | (1,767) | (1,660) | (1,602) | (1,715) |
Repairs and Maintenance | (2,076) | (1,563) | (1,828) | (958) | (1,024) |
Materials, supplies, and fuel consumed and supplies utilize | (10,253) | (9,540) | (10,775) | (6,486) | (7,103) |
External services, insurances, security and others | (6,634) | (6,388) | (6,938) | (3,605) | (3,297) |
Operation office and staff expenses | (7,126) | (5,388) | (4,776) | (3,607) | (3,553) |
Additional Natural Gas supply costs after price adjustment | (14,843) | ||||
Royalties | (15,016) | (7,402) | (7,982) | ||
DD&A Expenses | (19,851) | (17,223) | (16,931) | (13,672) | (13,811) |
Income (loss) before income taxes | 4,984 | 1,286 | 7,048 | 29,304 | 24,821 |
Income tax expense | (1,470) | (373) | (1,974) | (8,791) | (7,446) |
Results of operations from producing activities | $ 3,514 | $ 913 | $ 5,075 | $ 20,513 | $ 17,375 |
Percentage of income before income tax | 29.50% | 27.00% | 28.00% | 30.00% |
Supplementary Information on198
Supplementary Information on Oil and Gas Exploration and Production (Unaudited) - Summary of Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||||
Future Cash inflows | $ 1,436,101 | $ 1,106,849 | $ 1,461,565 | $ 251,695 | $ 360,386 | |
Future production costs | (776,847) | (285,608) | (507,212) | (72,857) | (107,031) | |
Future development costs | (221,557) | (463,224) | (368,873) | (37,423) | (63,643) | |
Future production and development costs | (998,404) | (748,832) | (876,085) | (110,280) | (170,674) | |
Future income tax expenses | (129,121) | (105,615) | (153,178) | (37,264) | (56,913) | |
Future Net cash flows | 308,577 | 252,402 | 432,301 | 104,151 | 132,799 | |
10% annual discount for estimates timing of cash flows | (168,224) | (115,028) | (209,039) | (29,483) | (35,325) | |
Standardized measure of discounted Future Net Cash Flows | $ 140,353 | $ 137,374 | $ 223,262 | $ 74,668 | $ 97,474 | $ 116,153 |
Supplementary Information on199
Supplementary Information on Oil and Gas Exploration and Production (Unaudited) - Summary of Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves (Parenthetical) (Detail) - $ / Barrel | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||||
Government royalties used in determining future cash inflows | 38.54 | 45.59 | 77.33 | 83.96 | 87.25 |
Supplementary Oil and Gas In200
Supplementary Oil and Gas Information - (Unaudited) - Standardized Measure of Discounted Future Net Cash Flow Changes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||||
Standardized measure of discounted Future Net Cash Flows, beginning of the year | $ 137,374 | $ 223,262 | $ 74,668 | $ 97,474 | $ 116,153 |
Revenue less production and other costs | (96,045) | (75,202) | (103,058) | (75,490) | (89,810) |
Net changes in future development costs | 94,388 | (53,464) | (185,387) | 11,497 | 24,533 |
Changes in price, net of production costs | (109,168) | 560 | (284,832) | (53,214) | (34,973) |
Development cost incurred | 22,905 | 19,161 | 17,179 | 13,126 | 13,465 |
Revisions of previous quantity estimates | 27,456 | (54,052) | 674,410 | 23,273 | 47,511 |
Accretion of discount | 70,152 | 55,438 | 67,666 | 16,836 | 23,616 |
Net change in income taxes | (85) | 21,327 | (53,715) | 9,286 | 3,593 |
Timing difference and other | (6,623) | (343) | (16,330) | 31,879 | (6,613) |
Standardized measure of discounted Future Net Cash Flows, end of the year | $ 140,353 | $ 137,374 | $ 223,262 | $ 74,668 | $ 97,474 |