UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 6-K

REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15b-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2020

Commission File Number 001-35991

GRAÑA Y MONTERO S.A.A.
(Exact name of registrant as specified in its charter)

N/A
(Translation of registrant’s name into English)

Republic of Peru
(Jurisdiction of incorporation or organization)

Avenida Paseo de la República 4667, Lima 34, Surquillo, Lima
Peru
(Address of principal executive offices)


Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
 
Form 20-F ___X____ Form 40-F _______
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
 
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
Yes _______ No ___X____
 
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.


 
 April 30, 2020










Sincerely yours,


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


GRAÑA Y MONTERO S.A.A.

By: /s/ LUIS FRANCISCO DIAZ OLIVERO
Name: Luis Francisco Diaz Olivero Title: Chief Executive Officer
Date: April 30, 2020







GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES



CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2019 (AUDITED) AND MARCH 31, 2020 (UNAUDITED)






GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES


CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2019 (AUDITED) AND MARCH 31, 2020 (UNAUDITED)




CONTENTS
 
Page
   
Consolidated Statement of Financial Position
1
   
Consolidated Statement of Income
2
   
Consolidated Statement of Comprehensive Income
3
   
Consolidated Statement of Changes in Equity
4
   
Consolidated Statement of Cash Flows
5
   
Notes to the Consolidated Financial Statements
6 - 35




S/ = Peruvian Sol
US$   =  United States dollar




GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
   
         
         
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
 
(All amounts are expressed in thousands of S/ unless otherwise stated)

 
ASSETS
           
       
As at
 
As at
       
December 31,
 
March 31,
   
Note
 
2019
 
2020
             
Current assets
           
Cash and cash equivalents
 
8
 
            948,978
 
            973,322
Trade accounts receivables, net
 
9
 
            821,737
 
            710,769
Work in progress, net
 
10
 
              49,457
 
            108,413
Accounts receivable from related parties
 
11
 
              36,658
 
              41,384
Other accounts receivable
 
12
 
            444,500
 
            414,886
Inventories, net
     
            552,573
 
            587,136
Prepaid expenses
     
              11,348
 
              18,275
       
          2,865,251
 
          2,854,185
             
Non-current assets as held for sale
     
            205,418
 
            175,780
             
Total current assets
     
          3,070,669
 
          3,029,965
             
Non-current assets
           
Trade accounts receivable, net
 
9
 
            753,202
 
            757,264
Work in progress, net
 
10
 
              23,117
 
              24,528
Accounts receivable from related parties
 
11
 
            546,941
 
            569,970
Prepaid expenses
     
              27,934
 
              30,868
Other accounts receivable
 
12
 
            300,323
 
            300,316
Investments in associates and joint ventures
 
13
 
              37,035
 
              38,163
Investment property
     
              28,326
 
              27,508
Property, plant and equipment, net
 
14
 
            443,870
 
            423,012
Intangible assets, net
 
14
 
            853,315
 
            849,168
Right-of-use assets, net
 
14
 
              78,813
 
              74,379
Deferred income tax asset
     
            240,919
 
            253,935
Total non-current assets
     
          3,333,795
 
          3,349,111
             
             
             
             
             
             
             
             
Total assets
     
          6,404,464
 
          6,379,076
 
LIABILITIES AND EQUITY
           
       
As at
 
As at
       
December 31,
 
March 31,
   
Note
 
2019
 
2020
             
Current liabilities
           
Borrowings
 
15
 
            454,260
 
            331,233
Bonds
 
16
 
              44,737
 
              43,226
Trade accounts payable
 
17
 
          1,136,121
 
          1,108,835
Accounts payable to related parties
 
11
 
              38,916
 
              41,443
Current income tax
     
              47,999
 
              50,224
Other accounts payable
 
18
 
            635,305
 
            777,133
Provisions
 
19
 
            113,483
 
              62,735
Total current liabilities
     
          2,470,821
 
          2,414,829
             
Non-current liabilities as held for sale
     
            210,025
 
            185,020
             
Total current liabilities
     
          2,680,846
 
          2,599,849
             
Non-current liabilities
           
Borrowings
 
15
 
            344,806
 
            431,730
Bonds
 
16
 
            879,305
 
            904,206
Other accounts payable
 
18
 
            273,101
 
            272,051
Accounts payable to related parties
 
11
 
              22,583
 
              22,797
Provisions
 
19
 
            214,952
 
            277,429
Derivative financial instruments
     
                    52
 
                    40
Deferred income tax liability
     
            112,734
 
            107,105
Total non-current liabilities
     
          1,847,533
 
          2,015,358
Total liabilities
     
          4,528,379
 
          4,615,207
             
Equity
           
Capital
 
20
 
            871,918
 
            871,918
Legal reserve
     
            132,011
 
            132,011
Voluntary reserve
     
              29,974
 
              29,974
Share Premium
     
          1,132,179
 
          1,132,179
Other reserves
     
(177,506)
 
(204,521)
Retained earnings
     
(510,766)
 
(541,210)
Equity attributable to controlling interest in the Company
 
          1,477,810
 
          1,420,351
Non-controlling interest
     
            398,275
 
            343,518
Total equity
     
          1,876,085
 
          1,763,869
Total liabilities and equity
     
          6,404,464
 
          6,379,076



































 
 
The accompanying notes on pages 6 to 36 are an integral part of the consolidated financial statements.

1

GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
   
     
     
CONSOLIDATED STATEMENT OF INCOME
   
(All amounts are expressed in thousands of S/ unless otherwise stated)

         
For the period
 
         
ended March 31,
 
   
Note
   
2019
   
2020
 
                   
                   
Revenues from construction activities
         
348,015
     
552,642
 
Revenues from services provided
         
243,016
     
240,487
 
Revenue from real estate and sale of goods
         
92,840
     
89,621
 
           
683,871
     
882,750
 
                       
Cost of construction activities
         
(302,873
)
   
(547,275
)
Cost of services provided
         
(205,747
)
   
(195,869
)
Cost of real estate and  sale of goods
         
(70,952
)
   
(70,778
)
     
21
     
(579,572
)
   
(813,922
)
Gross profit
           
104,299
     
68,828
 
                         
Administrative expenses
   
21
     
(44,042
)
   
(39,413
)
Other income and expenses
   
22
     
8,026
     
(8,044
)
Operating profit
           
68,283
     
21,371
 
                         
Financial expenses
           
(53,820
)
   
(48,565
)
Financial income
           
21,829
     
3,438
 
Share of the profit or loss of associates and joint ventures accounted for using the equity method
   
13
     
(696
)
   
1,164
 
Profit (loss) before income tax
           
35,596
     
(22,592
)
Income tax expense
           
(23,911
)
   
(2,290
)
Profit (loss) from continuing operations
           
11,685
     
(24,882
)
                         
Profit (loss) from discontinued operations
           
(6,364
)
   
(3,479
)
Profit (loss) for the period
           
5,321
     
(28,361
)
                         
Profit (loss) attributable to:
                       
Owners of the Company
           
(1,137
)
   
(30,444
)
Non-controlling interest
           
6,458
     
2,083
 
             
5,321
     
(28,361
)
                         
                         
Loss per share attributable to owners of the
                       
Company during the period
   
26
     
(0.002
)
   
(0.035
)
Earnings (loss) per share from continuing operations
                       
attributable to owners of the Company during the period
   
26
     
0.011
     
(0.031
)

The accompanying notes on pages 6 to 36 are an integral part of the consolidated financial statements.   


2

GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(All amounts are expressed in thousands of S/ unless otherwise stated)

   
For the period
 
   
ended March 31,
 
   
2019
   
2020
 
             
             
Profit (loss) for the period
   
5,321
     
(28,361
)
Other comprehensive income:
               
                 
Items that may be subsequently  reclassified to profit or loss
               
Cash flow hedge, net of tax
   
(12
)
   
11
 
Foreign currency translation adjustment, net of tax
   
(193
)
   
(35,182
)
Exchange difference from net investment in a foreign operation, net of tax
   
41
     
356
 
Other comprehensive income for the period, net of tax
   
(164
)
   
(34,815
)
Total comprehensive income for the period
   
5,157
     
(63,176
)
                 
Comprehensive income attributable to:
               
Owners of  the Company
   
(1,506
)
   
(57,459
)
Non-controlling interest
   
6,663
     
(5,717
)
     
5,157
     
(63,176
)
                 
Comprehensive income for the period attributable to owners of the Company:
               
Continuing operations
   
(32,900
)
   
(14,846
)
Discontinued operations
   
31,394
     
(42,613
)
     
(1,506
)
   
(57,459
)

The accompanying notes on pages 6 to 36 are an integral part of the consolidated financial statements.


3

GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
   
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED MARCH 31, 2019 AND 2020
(All amounts are expressed in thousands of S/ unless otherwise stated)

   
Attributable to the controlling interests of the Company
             
   
Number
                                                       
   
of shares
         
Legal
   
Voluntary
   
Share
   
Other
   
Retained
         
Non-controlling
       
   
In thousands
   
Capital
   
reserve
   
reserve
   
premium
   
reserves
   
earnings
   
Total
   
interest
   
Total
 
                                                             
                                                             
Balances as of January 1, 2019
   
729,434
     
729,434
     
132,011
     
29,974
     
992,144
     
(170,620
)
   
375,417
     
2,088,360
     
401,571
     
2,489,931
 
(Loss) profit for the period
   
-
     
-
     
-
     
-
     
-
     
-
     
(1,137
)
   
(1,137
)
   
6,458
     
5,321
 
Cash flow hedge
   
-
     
-
     
-
     
-
     
-
     
(11
)
   
-
     
(11
)
   
(1
)
   
(12
)
Foreign currency translation adjustment
   
-
     
-
     
-
     
-
     
-
     
(398
)
   
-
     
(398
)
   
205
     
(193
)
Exchange difference from net investment in a foreign operation
   
-
     
-
     
-
     
-
     
-
     
40
     
-
     
40
     
1
     
41
 
Comprehensive income of the period
   
-
     
-
     
-
     
-
     
-
     
(369
)
   
(1,137
)
   
(1,506
)
   
6,663
     
5,157
 
Transactions with shareholders:
                                                                               
- Dividend distribution
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(1,822
)
   
(1,822
)
- Contributions (devolution) of non-controlling shareholders, net
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(14,641
)
   
(14,641
)
Total transactions with shareholders
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(16,463
)
   
(16,463
)
Balances as of March 31, 2019
   
729,434
     
729,434
     
132,011
     
29,974
     
992,144
     
(170,989
)
   
374,280
     
2,086,854
     
391,771
     
2,478,625
 
                                                                                 
Balances as of January 1, 2020
   
871,918
     
871,918
     
132,011
     
29,974
     
1,132,179
     
(177,506
)
   
(510,766
)
   
1,477,810
     
398,275
     
1,876,085
 
                                                                                 
(Loss) profit for the period
   
-
     
-
     
-
     
-
     
-
     
-
     
(30,444
)
   
(30,444
)
   
2,083
     
(28,361
)
Cash flow hedge
   
-
     
-
     
-
     
-
     
-
     
10
     
-
     
10
     
1
     
11
 
Foreign currency translation adjustment
   
-
     
-
     
-
     
-
     
-
     
(27,386
)
   
-
     
(27,386
)
   
(7,796
)
   
(35,182
)
Exchange difference from net investment in a foreign operation
   
-
     
-
     
-
     
-
     
-
     
361
     
-
     
361
     
(5
)
   
356
 
Comprehensive income of the period
   
-
     
-
     
-
     
-
     
-
     
(27,015
)
   
(30,444
)
   
(57,459
)
   
(5,717
)
   
(63,176
)
Transactions with shareholders:
                                                                               
- Dividend distribution
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(42,602
)
   
(42,602
)
- Contributions (devolution) of non-controlling shareholders, net
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(6,438
)
   
(6,438
)
Total transactions with shareholders
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
(49,040
)
   
(49,040
)
Balances as of March 31, 2020
   
871,918
     
871,918
     
132,011
     
29,974
     
1,132,179
     
(204,521
)
   
(541,210
)
   
1,420,351
     
343,518
     
1,763,869
 

The accompanying notes on pages 6 to 36 are an integral part of the consolidated financial statements.


4


GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES
         
           
           
CONSOLIDATED STATEMENT OF CASH FLOWS
         
(All amounts are expressed in thousands of S/ unless otherwise stated)
   

                   
         
For the period
 
         
ended March 31,
 
   
Note
   
2019
   
2020
 
                   
OPERATING ACTIVITIES
                 
Profit (loss) before income tax
         
29,232
     
(27,484
)
Adjustments to  profit not affecting cash flows from
                     
operating activities:
                     
Depreciation
   
21
     
17,703
     
25,498
 
Amortization
   
21
     
24,476
     
23,950
 
Impairment of accounts receivable and other accounts receivable
     
102
     
210
 
Reversal of impairment of inventories
           
(1,272
)
   
(644
)
Debt condonation
           
-
     
(183
)
Impairment of property, plant and equipment
           
(200
)
   
(102
)
Indemnification
           
34,205
     
-
 
Change in the fair value of the liability for put option
           
-
     
309
 
Other provisions
           
560
     
8,623
 
Financial expense,net
           
25,087
     
57,924
 
Impairment of investments
           
130
     
-
 
Share of the profit and loss of associates and joint ventures accounted for using the equity method
   
13
     
696
     
(1,164
)
Reversal of provisions
           
(1,538
)
   
(3,713
)
Disposal (reversal) of assets
           
224
     
(2,323
)
(Profit) loss on sale of property, plant and equipment
           
(733
)
   
1,682
 
Profit on remeasurement of accounts receivable
           
(11,847
)
   
(2,474
)
Net variations in assets and liabilities:
                       
Trade accounts receivable and working in progress
           
247,741
     
76,852
 
Other accounts receivable
           
28,331
     
49,999
 
Other accounts receivable from related parties
           
(14,080
)
   
(27,260
)
Inventories
           
(34,241
)
   
(32,639
)
Pre-paid expenses and other assets
           
(22,764
)
   
(11,830
)
Trade accounts payable
           
(86,699
)
   
(7,887
)
Other accounts payable
           
(52,931
)
   
146,367
 
Other accounts payable to related parties
           
35,848
     
(32,441
)
Other provisions
           
(155
)
   
(1,212
)
Interest payment
           
(43,316
)
   
(34,288
)
Payments for purchases of intangibles - Concessions
           
(2,746
)
   
(655
)
Payment of income tax
           
(22,413
)
   
(17,302
)
Net cash provided by operating activities
           
149,400
     
187,813
 
                         
INVESTING ACTIVITIES
                       
Sale of property, plant and equipment
           
3,807
     
3,523
 
Interest received
           
6,514
     
1,390
 
Payment for purchase of investments properties
           
(13
)
   
(20
)
Payments for intangible purchase
           
(26,032
)
   
(26,882
)
Payments for property, plant and equipment purchase
           
(8,198
)
   
(12,482
)
Net cash applied to investing activities
           
(23,922
)
   
(34,471
)
                         
FINANCING ACTIVITIES
                       
Loans received
           
163,791
     
43,271
 
Amortization of loans received
           
(309,654
)
   
(109,116
)
Amortization of bonds issued
           
(7,203
)
   
(8,257
)
Payment for transaction costs for debt
           
-
     
20
 
Dividends paid to non-controlling interest
           
(1,822
)
   
(42,602
)
Cash received (return of contributions) from non-controlling shareholders
     
(14,641
)
   
(6,438
)
Net cash applied to financing activities
           
(169,529
)
   
(123,122
)
Net increase in cash
           
(44,051
)
   
30,220
 
Exchange difference
           
(2,591
)
   
(5,888
)
Cash and cash equivalents at the beginning of the period
           
801,021
     
948,978
 
Cash and cash equivalents at the end of the period
   
8
     
754,379
     
973,310
 
                         
NON-CASH TRANSACTIONS:
                       
Capitalization of interests
           
1,855
     
1,623
 
Acquisition of assets through finance leases
           
1,583
     
-
 
Acquisition of right-of-use assets
           
-
     
1,600
 
Acquisition of subsidiary debt
             -        17,440  

The accompanying notes on pages 6 to 36 are an integral part of the consolidated financial statements.

5


GRAÑA Y MONTERO S.A.A. AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2019 (AUDITED) AND MARCH 31, 2020 (UNAUDITED)


1.         GENERAL INFORMATION

a)
Incorporation and operations

Graña y Montero S.A.A. (hereinafter the Company) is the parent Company of the Graña y Montero Group that includes the Company and its subsidiaries (hereinafter, the “Group”) and is mainly engaged in holding investments in Group companies. Additionally, the Company provides services of strategic and functional advice and office leases space to the Group companies.

The Group is a conglomerate of companies with operations including different business activities, the most significant are engineering and construction, infrastructure (public concession ownership and operation) and real estate businesses. See details of operating segments in Note 7.

b)
Authorization for the issue of the financial statements

These condensed interim consolidated financial statements for the year ended December 31, 2019 were authorized preliminary by Management, and Board of Directors on April 30, 2020.

c)
The Impact of the Ongoing Novel Coronavirus (COVID-19) Pandemic

The ongoing COVID-19 pandemic and government measures to contain the spread of the virus are disrupting economic activity, and consequently adversely affecting our business, results of operations and financial condition. As conditions are recent, uncertain and changing rapidly, it is difficult to predict the full extent of the impact of the pandemic. If conditions persist, however, it is likely that the pandemic and the related government measures will have a material adverse effect on the Company.

Countries around the world—including Peru as well as Chile and Colombia—have adopted extraordinary measures to contain the spread of COVID-19, including imposing travel restrictions, requiring closures of non-essential businesses, establishing restrictions on public gatherings, instructing residents to practice social distancing, issuing stay-at-home orders, implementing quarantines and similar actions.

The COVID-19 pandemic and the related government measures have significantly increased economic uncertainty and are likely to cause a global recession. According to recent projections from the International Monetary Fund, during 2020, the global economy is expected to contract by 3.0%, with Latin America expected to contract 5.2% and Peru, Chile and Colombia, in particular, expected to contract 4.5%, 4.5% and 2.7%, respectively. Moreover, the impact of the pandemic on economic activity has been sudden and severe, and we cannot predict the extent to which the economies in the countries where we operate will ultimately be impacted.

Since mid-March, substantially all engineering and construction and real estate projects have been mandatorily shut down, and we cannot assure you when we will be able to resume work on these projects. Infrastructure operations, which have for the most part been declared essential businesses, have continued; however, certain of our infrastructure businesses have been adversely affected, in particular, by the sharp decline in traffic volumes and oil and gas prices (also due to the dispute in March among OPEC member countries).
6


Regarding the extent of the COVID-19 pandemic and its impact on the industries in which we operate, the full extent to which COVID-19 will impact our business, results of operations and financial condition is currently under evaluation. We believe that the severity of the impact on the company will depend, to a large extent, on how long the crisis continues.

The Company is taking significant measures to mitigate the impact of the crisis on the Group. Among other measures, we are prioritizing the health and safety of our employees, as well as the medium-term sustainability of their employment. Certain actions we are taking include: the design and implementation of protocols to return to project sites, the creation of new office layouts to be compliant with social distancing guidelines, the development of telecommuting schemes, and other cost-saving initiatives.

d)
Current situation of the Company

As a result of decisions of a previous administration, the Group is involved in a series of corruption cases mainly between 2004 and 2015, which have generated criminal investigations by the Prosecutor's Office and administrative investigations by a regulatory body. Such situations led to organizational changes, external investigations, independent of the Company’s Management, related to the Group's business with Odebrecht and the facts under criminal investigation, as well as other internal measures as explained below:

On January 9, 2017, the Board of Directors approved the performance of an independent investigation related to six projects developed in association with companies of the Odebrecht Group.

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 independently of Management. The external investigation was entrusted to the law firm Simpson, Thacher and Bartlett, who reported exclusively to the Risk, Compliance and Sustainability Committee in order to preserve the independence of the investigation.

The external investigation concluded on November 2, 2017 and found no evidence that the Group or any of its former or current directors or executives had intentionally or knowngly participated in acts of corruption related to the six projects developed in association with Odebrecht.

As new information about the cases emerged, the Company's Board of Directors continued to investigate the facts that were the subject of the criminal investigations described above, including matters that were beyond the scope of the investigation conducted by Simpson, Thacher and Barlett. After an extensive and detailed review process, the Company obtained relevant findings for the criminal investigations in process and, in line with its commitment to transparency and integrity, decided to share them in their entirety with the authorities within the framework of a plea bargain process.

As a result of its contribution to the investigations, on December 27, 2019, the Company signed a preliminary agreement whereby the Anti-Corruption Prosecutor and the Ad hoc Prosecutor's Office promise to execute a final plea bargain agreement with the Company that would provide The Company with certain regarding the contingencies it faces as a result of the above-mentioned processes. Additionally, in the aforementioned preliminary agreement, the Anti-Corruption Prosecutor and the Ad Hoc Attorney General's Office authorize the Company to disclose its existence but maintain the legal reserve on its content


7


On the other hand, over the last three years the new administration together with the new board initiated a transformation process based on the principles of Truth, Transparency and Integrity, making profound changes in the organization such as the reconfiguration of a board of directors with an independent majority, new composition shareholding, as well as the creation of new instances of government such as the Corporate Risk Management and autonomous Compliance, with direct report to the Board of Directors, among other actions.


Criminal investigations derived from projects developed in partnership with companies of the Odebrecht group

As for the Lava Jato case, the Company participated directly or through its subsidiaries as minority partner in certain entities that developed six infrastructure projects in Peru with companies belonging to the Odebrecht group (hereinafter Odebrecht).

In 2016, Odebrecht entered into a Plea Agreement with the authorities of the United States Department of Justice and the Office of the District Attorney for the Eastern District of New York by which it admitted corruption acts in connection with some of these projects in which the Company participate as minority partner.

IIRSA Sur

In relation to investigations on IIRSA Sur, the former Chairman of the Board of Directors was incorporated as investigated by collusion; a former director and a former executive for money laundering. Subsequently, Graña y Montero S.A.A. and GyM S.A. they have been incorporated as third-party civilians responsible in the process, which means that it will be assessed whether the obligation to indemnify the state for damages resulting from the facts under investigation will be imposed on these entities.

Electric Train construction project

The first Preparatory Investigation Court of the Judiciary decided to incorporate GyM S.A. as civil third party responsible in the process related to the construction of the Electric train construction Project, tranches 1 and 2. In this investigation the former Chairman of the Board, a former director and a former manager have been charged.

Gasoducto Sur Peruano (GSP)

In 2019, the Company concluded that it has an exposure to the preliminary investigation process conducted in relation to GSP (the South Peruvian Gas Pipeline project), even though as of the date hereof, it has not been indicted or incorporated as liable third party, even though the former Chairman of the Board of Directors and a former director are seeking plea bargain agreements in relation to this process, among others.

In addition to the cases described for which a provision for civil damages has been registered, there are two projects carried out in partnership with Odebrecht that are not currently under investigation. If this is initiated and some evidence is found, the maximum possible civil damage exposure estimated under Law 30737 for both projects would be S/52.7 million (US$16 million approximately).

Criminal investigations in conection to the Construction Club case

On the other hand, GyM S.A. has been incorporated, along with other construction companies, as a legal entity investigated in the criminal investigation that the Public Ministry has been carrying out for the alleged crime of corruption of officials in relation to the so-called Construction Club. Similarly, at the end of February 2020, the Public Ministry has requested the incorporation of Concar S.A., the latter is pending judicial decision.

8

On the other hand, like officials of other construction companies, a former commercial manager of GyM S.A., the former president of the Board of Directors, a former director and the former Corporate General Manager of the company have been included in the criminal investigation.

Anticorruption Law - effects on the Group

Law 30737 and its regulation issued by Supreme Decree 096-2018-EF have mitigated the Company and subsidiaries exposure to the cases described in subsections 1) and 2) above. These rules set clear guidelines to estimate the potential compensation reducing the uncertainty derived from the legal proceedings, by among other things, preventing the imposition of liens or attachments of assets that would impair its ability to operate.

The benefits of the mentioned rules are subject to the fulfillment of the following obligations:

a.
The obligation to set up a trust that will guarantee any eventual payment obligation of an eventual civil compensation in favor of the Peruvian Government;
b.
The obligation not to transfer funds abroad without the prior consent of the Ministry of Justice;
c.
The implementation of a compliance program; and
d.
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, it fully cooperates with the authorities in its investigations and has executed a trust agreement with the Ministry of Justice, under which the Company has established for an approximate amount of S/80 million (equivalent to US$24 million).

On the other hand, based on the standards indicated and their guidelines, Management has estimated that the value of the civil damages for the cases described above is S/280 millions (US$85 millions)  and has registered as of December 31st, 2019 S/153.9 million (equivalent to US$46.6 million) as net present value (Note 22).


Investigations and administrative process initiated by INDECOPI in conection to the Construction Club case

On July 11, 2017, the Peruvian National Institute for the Defense of Free Competition and the Protection of Intellectual Property (“Indecopi”) initiated an investigation against several construction companies, including GyM S.A., about the existence of an alleged cartel called the Construction Club.
Throughout the investigation, GyM S.A. has provided to Indecopi with all the information requested and continues collaborating with the ongoing investigations.

On February 11, 2020, GyM S.A. was notified by the Technical Secretariat of the Commission for the Defense of Free Competition (“Indecopi”) with the resolution that begins a sanctioning administrative procedure involving a total of 35 companies and 28 natural persons, for an alleged anticompetitive conduct in the market of Public Works. The resolution does not include the assignment of responsibilities or the result of the administrative disciplinary procedure, which will be determined at the end of said procedure. The procedure is in a probatory stage, therefore, INDECOPI has not carried out actions in order to quantifying the possible penalties that could result.

2.
BASIS OF PREPARATION

These condensed interim consolidated financial statements for the period ended March 31, 2020 have been prepared in accordance with IAS 34 "Interim Financial Reporting". The condensed interim consolidated financial statements provide comparative information regarding prior periods; however, they do not include all the information and disclosures required in the annual consolidated financial statements, so they must be read together with the audited consolidated financial statements for the year ended December 31, 2019, which have been prepared in accordance with International Standards. of Financial Information (hereinafter "IFRS").
9


The condensed interim consolidated financial statements are presented in thousands of Peruvian Soles, unless otherwise stated.

3.          SIGNIFICANT ACCOUNTING POLICIES

The accounting policies used in the preparation of these condensed interim consolidated financial statements are consistent with those applied in the preparation of the consolidated financial statements at December 31, 2019.


4.      FINANCIAL RISK MANAGEMENT

Financial risk management is carried out by the Group’s Management. Management oversees the general management of risks in specific areas, such as foreign exchange rate risk, price risk, cash flow and fair value interest rate risk, credit risk, the use of derivative and non-derivative financial instruments and the investment of excess liquidity as well as financial risks and carries out periodic supervision and monitoring.

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, 2019 and March 31, 2020, and, this  exposure is mainly concentrated in fluctuations of U.S. dollar,  the Chilean and Colombian Pesos.

ii.
Price risk

Management considers that the exposure of the Group to the price risk of its investments in 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 condensed interim 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.
10


b)
Credit risk

Credit risk arises from cash and cash equivalent and deposits with banks and financial institutions, as well as customer credit counterparties, including the outstanding balance of accounts receivable and committed transactions. For banks and financial institutions, only independently rated parties with a minimum rating of ‘A’ are accepted.

Concerning to loans to related parties, the Group has measures in place to ensure the recovery of these loans through the controls maintained by the Corporate Finance Management and the performance evaluation conducted by the Board.

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. As a consequence, the Group implemented a divestment plan and a capital rase to be able to meet the obligations resulting from this scenario, that has been fulfilled, managing to reduce these obligations in an important way.

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
     
1-2
     
2-5
   
More than
       
At December 31, 2019
 
1 year
   
years
   
years
   
5 years
   
Total
 
                                   
Other financial liabilities (except
                                 
  for finance leases and lease
                                 
  liability for right-of-use asset)
   
479,000
     
147,473
     
177,018
     
-
     
803,491
 
Finance leases
   
10,826
     
3,467
     
13,346
     
-
     
27,639
 
Lease liability for right-of-use asset
   
24,966
     
38,788
     
31,167
     
7,603
     
102,524
 
Bonds
   
115,690
     
157,516
     
358,461
     
1,077,960
     
1,709,627
 
Trade accounts payables (except
                                       
  non-financial liabilities)
   
966,620
     
-
     
-
     
-
     
966,620
 
Accounts payables to related parties
   
38,916
     
21,747
     
-
     
836
     
61,499
 
Other accounts payables (except
                                       
  non-financial liabilities)
   
200,098
     
2,505
     
194,908
     
-
     
397,511
 
Other non-financial liabilities
   
-
     
52
     
-
     
-
     
52
 
     
1,836,116
     
371,548
     
774,900
     
1,086,399
     
4,068,963
 


11


   
Less than
     
1-2
     
2-5
   
More than
       
At March 31, 2020
 
1 year
   
years
   
years
   
5 years
   
Total
 
                                   
Other financial liabilities (except
                                 
  for finance leases and lease
                                 
  liability for right-of-use asset)
   
342,112
     
236,708
     
178,653
     
-
     
757,473
 
Finance leases
   
9,443
     
3,090
     
12,238
     
-
     
24,771
 
Lease liability for right-of-use asset
   
20,960
     
39,704
     
13,352
     
25,571
     
99,587
 
Bonds
   
117,489
     
196,185
     
362,462
     
1,048,743
     
1,724,879
 
Trade accounts payables (except
                                       
  non-financial liabilities)
   
968,310
     
-
     
-
     
-
     
968,310
 
Accounts payables to related parties
   
41,443
     
21,961
     
-
     
836
     
64,240
 
Other accounts payables (except
                                       
  non-financial liabilities)
   
221,612
     
2,446
     
193,013
     
-
     
417,071
 
Other non-financial liabilities
   
-
     
40
     
-
     
-
     
40
 
     
1,721,369
     
500,134
     
759,718
     
1,075,150
     
4,056,371
 

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 tomaintain an optimal capital structure to reduce the cost of capital. From 2017 the situation of the Group, has lead Management to monitor deviations that might cause the non-compliance of covenants and may hinder renegotiation of liabilities (Note15).

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 borrowings), less cash and cash equivalents. Total capital is calculated as ‘equity’ as shown in the consolidated statement of financial position plus net debt.

As of December 31, 2019 and March 31, 2020, the gearing ratio is presented below indicating the Group’s strategy to keep it in a range from 0.10 to 0.70.

   
At
   
At
 
   
December 31,
   
March 31,
 
   
2019
   
2020
 
Total financial liabilities and bonds (Note 15 and Note 16)
   
1,723,108
     
1,710,395
 
Less: Cash and cash equivalents (Note 8)
   
(948,978
)
   
(973,322
)
Net debt
   
774,130
     
737,073
 
Total equity
   
1,876,085
     
1,763,869
 
Total capital
   
2,650,215
     
2,500,942
 
                 
Gearing ratio
   
0.29
     
0.29
 

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.


12


-
Level 1: Measurement based on quoted prices in active markets for identical assets or liabilities.
-
Level 2: Measurement based on inputs other than quoted prices included within (Level 1) that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
-
Level 3: Measurement based on inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs, generally based on internal estimates and assumptions of the Group).

The fair value of the financial assets classified as at fair value through profit or loss has been determined with observable information of Level 1.

Other financial instruments measured at fair value correspond to the interest rate swaps signed by subsidiary GMP S.A., by which a variable-interest instrument is changed to a fixed interest rate (cash flow hedge). The information used for determining the fair value of these instruments are Level 2 and has been determined based on the present value of discounted future cash flows applied to the interest- rate change projections of Citibank N.A.

The carrying amounts of cash and cash equivalents correspond to their fair values. The Group considers that the carrying amount of trade accounts receivable and payable is similar to their fair values. The fair value of financial liabilities, disclosed in Note 15, has been estimated by discounting the future contractual cash flows at the interest rate currently prevailing in the market and which is available to the Group for similar financial instruments (Level 2).

5.      CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

Estimates and judgments used are continuously evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In preparing these condensed interim consolidated financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of uncertainty were the same as those that applied to the consolidated financial statements for the year ended  December 31, 2019.


13

6.        SEASONALITY OF OPERATIONS

The Group shows no seasonality in the operations of any of its subsidiaries; operations are carried out regularly during the course of the period.

7.       OPERATING SEGMENTS

Operating segments are reported consistently with the internal reports that are reviewed by the Group’ chief decision-maker; that is, the Executive Committee, which is led by the Chief Executive Officer. This Committee is responsible for allocating resources and evaluating the performance of each operating segment.

The Group's operating segments are assessed by the activities of the following business units: (i) engineering and construction, (ii) infrastructure, and (iii) real estate.

As set forth under IFRS 8, reportable segments by significance of income are: ‘engineering and construction’ and ‘infraestructure’. However, the Group has voluntarily decided to report on all its operating segments.

Inter-segmental sales transactions are entered into at prices that are similar to those that would have been agreed to with unrelated third parties. Revenues from external customers reported are measured in a manner consistent with the basis of preparation of the financial statements.

Group sales and receivables are not concentrated on a few customers. There is no external customer that represents 10% or more of the Goup’s revenue.

The table below shows the Group’s financial statements by operating segments:


14

Operating segments financial position
Segment reporting


                           
Infrastructure
                         


As of December 31, 2019
 
Engineering and construction
   
Energy
   
Toll roads
   
Transportation
   
Water treatment
   
Real estate
   
Parent Company operations
   
Eliminations
   
Consolidated
 
                                                       
Assets.-
                                                     
Cash and cash equivalent
   
372,991
     
53,118
     
123,020
     
300,896
     
6,388
     
60,718
     
31,847
     
-
     
948,978
 
Trade accounts receivables, net
   
531,591
     
63,402
     
44,513
     
97,059
     
1,168
     
83,019
     
985
     
-
     
821,737
 
Work in progress, net
   
49,457
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
49,457
 
Accounts receivable from related parties
   
202,181
     
369
     
43,852
     
1,853
     
-
     
1,144
     
99,794
     
(312,535
)
   
36,658
 
Other accounts receivable
   
327,977
     
30,853
     
30,228
     
18,548
     
109
     
9,509
     
27,274
     
2
     
444,500
 
Inventories, net
   
57,093
     
32,366
     
7,109
     
30,594
     
-
     
437,012
     
-
     
(11,601
)
   
552,573
 
Prepaid expenses
   
6,812
     
1,271
     
2,779
     
231
     
133
     
-
     
122
     
-
     
11,348
 
     
1,548,102
     
181,379
     
251,501
     
449,181
     
7,798
     
591,402
     
160,022
     
(324,134
)
   
2,865,251
 
Non-current assets classified as held for sale
   
2,398
     
-
     
-
     
-
     
-
     
-
     
203,020
     
-
     
205,418
 
Total current assets
   
1,550,500
     
181,379
     
251,501
     
449,181
     
7,798
     
591,402
     
363,042
     
(324,134
)
   
3,070,669
 
                                                                         
Long-term trade accounts receivable, net
   
97,256
     
-
     
36,273
     
619,086
     
-
     
587
     
-
     
-
     
753,202
 
Long-term work in progress, net
   
-
     
-
     
23,117
     
-
     
-
     
-
     
-
     
-
     
23,117
 
Long-term accounts receivable from related parties
   
290,966
     
-
     
836
     
-
     
10,475
     
-
     
552,687
     
(308,023
)
   
546,941
 
Prepaid expenses
   
-
     
887
     
24,462
     
2,307
     
788
     
-
     
-
     
(510
)
   
27,934
 
Other long-term accounts receivable
   
113,879
     
63,649
     
5,156
     
-
     
7,346
     
50,449
     
59,844
     
-
     
300,323
 
Investments in associates and joint ventures
   
109,839
     
8,006
     
-
     
-
     
-
     
6,062
     
1,495,422
     
(1,582,294
)
   
37,035
 
Investment property
   
1,450
     
-
     
-
     
-
     
-
     
26,876
     
-
     
-
     
28,326
 
Property, plant and equipment, net
   
186,589
     
184,819
     
11,106
     
841
     
153
     
11,742
     
49,779
     
(1,159
)
   
443,870
 
Intangible assets, net
   
136,547
     
244,901
     
443,420
     
794
     
-
     
1,029
     
19,490
     
7,134
     
853,315
 
Right-of-use assets, net
   
5,638
     
24,038
     
3,860
     
5
     
7
     
5,048
     
55,532
     
(15,315
)
   
78,813
 
Deferred income tax asset
   
176,740
     
4,741
     
13,054
     
-
     
720
     
19,736
     
20,752
     
5,176
     
240,919
 
Total non-current assets
   
1,118,904
     
531,041
     
561,284
     
623,033
     
19,489
     
121,529
     
2,253,506
     
(1,894,991
)
   
3,333,795
 
Total assets
   
2,669,404
     
712,420
     
812,785
     
1,072,214
     
27,287
     
712,931
     
2,616,548
     
(2,219,125
)
   
6,404,464
 
                                                                         
Liabilities.-
                                                                       
Borrowings
   
180,535
     
42,760
     
2,383
     
5
     
6
     
116,231
     
121,379
     
(9,039
)
   
454,260
 
Bonds
   
-
     
-
     
28,995
     
15,742
     
-
     
-
     
-
     
-
     
44,737
 
Trade accounts payable
   
932,142
     
67,444
     
34,762
     
28,508
     
132
     
39,645
     
33,488
     
-
     
1,136,121
 
Accounts payable to related parties
   
206,907
     
2,233
     
35,554
     
21,024
     
-
     
23,437
     
58,951
     
(309,190
)
   
38,916
 
Current income tax
   
18,451
     
961
     
3,710
     
23,887
     
-
     
704
     
286
     
-
     
47,999
 
Other accounts payable
   
441,271
     
16,721
     
53,987
     
4,713
     
835
     
83,345
     
34,433
     
-
     
635,305
 
Provisions
   
6,031
     
18,459
     
6,183
     
-
     
-
     
230
     
82,580
     
-
     
113,483
 
Non-current liabilities classified as held for sale
   
-
     
-
     
-
     
-
     
-
     
-
     
210,025
     
-
     
210,025
 
Total current liabilities
   
1,785,337
     
148,578
     
165,574
     
93,879
     
973
     
263,592
     
541,142
     
(318,229
)
   
2,680,846
 
                                                                         
Borrowings
   
32,620
     
116,218
     
2,070
     
-
     
-
     
11,010
     
190,671
     
(7,783
)
   
344,806
 
Long-term bonds
   
-
     
-
     
276,550
     
602,755
     
-
     
-
     
-
     
-
     
879,305
 
Other long-term accounts payable
   
222,887
     
-
     
15,989
     
2,176
     
2,106
     
26,841
     
3,102
     
-
     
273,101
 
Long-term accounts payable to related parties
   
120,255
     
-
     
836
     
22,583
     
23,784
     
-
     
165,286
     
(310,161
)
   
22,583
 
Provisions
   
80,125
     
40,268
     
24,691
     
1,394
     
-
     
-
     
68,474
     
-
     
214,952
 
Derivative financial instruments
   
-
     
52
     
-
     
-
     
-
     
-
     
-
     
-
     
52
 
Deferred income tax liability
   
31,037
     
36,476
     
5,806
     
39,172
     
-
     
-
     
243
     
-
     
112,734
 
Total non-current liabilities
   
486,924
     
193,014
     
325,942
     
668,080
     
25,890
     
37,851
     
427,776
     
(317,944
)
   
1,847,533
 
Total liabilities
   
2,272,261
     
341,592
     
491,516
     
761,959
     
26,863
     
301,443
     
968,918
     
(636,173
)
   
4,528,379
 
Equity attributable to controlling interest in the Company
   
330,992
     
346,415
     
258,223
     
232,692
     
424
     
137,542
     
1,644,707
     
(1,473,185
)
   
1,477,810
 
Non-controlling interest
   
66,151
     
24,413
     
63,046
     
77,563
     
-
     
273,946
     
2,923
     
(109,767
)
   
398,275
 
Total liabilities and equity
   
2,669,404
     
712,420
     
812,785
     
1,072,214
     
27,287
     
712,931
     
2,616,548
     
(2,219,125
)
   
6,404,464
 


15

Operating segments financial position
Segment reporting

                           
Infrastructure
                         


As of March 31, 2020
 
Engineering and construction
   
Energy
   
Toll roads
   
Transportation
   
Water treatment
   
Real estate
   
Parent Company operations
   
Eliminations
   
Consolidated
 
                                                       
Assets.-
                                                     
Cash and cash equivalent
   
404,171
     
55,113
     
137,982
     
288,517
     
6,599
     
64,741
     
16,199
     
-
     
973,322
 
Trade accounts receivables, net
   
507,244
     
45,530
     
31,489
     
100,171
     
1,258
     
24,980
     
97
     
-
     
710,769
 
Work in progress, net
   
108,413
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
108,413
 
Accounts receivable from related parties
   
190,634
     
137
     
56,465
     
1,834
     
-
     
626
     
117,678
     
(325,990
)
   
41,384
 
Other accounts receivable
   
297,650
     
34,889
     
32,132
     
12,262
     
107
     
9,989
     
27,855
     
2
     
414,886
 
Inventories, net
   
70,094
     
35,835
     
8,655
     
31,927
     
-
     
452,237
     
-
     
(11,612
)
   
587,136
 
Prepaid expenses
   
7,580
     
1,242
     
6,555
     
2,759
     
76
     
-
     
63
     
-
     
18,275
 
     
1,585,786
     
172,746
     
273,278
     
437,470
     
8,040
     
552,573
     
161,892
     
(337,600
)
   
2,854,185
 
Non-current assets classified as held for sale
   
1,968
     
-
     
-
     
-
     
-
     
-
     
173,812
     
-
     
175,780
 
Total current assets
   
1,587,754
     
172,746
     
273,278
     
437,470
     
8,040
     
552,573
     
335,704
     
(337,600
)
   
3,029,965
 
                                                                         
Long-term trade accounts receivable, net
   
99,363
     
-
     
36,273
     
621,153
     
-
     
475
     
-
     
-
     
757,264
 
Long-term work in progress, net
   
-
     
-
     
24,528
     
-
     
-
     
-
     
-
     
-
     
24,528
 
Long-term accounts receivable from related parties
   
289,884
     
-
     
916
     
-
     
10,602
     
-
     
575,150
     
(306,582
)
   
569,970
 
Prepaid expenses
   
-
     
981
     
27,448
     
2,174
     
775
     
-
     
-
     
(510
)
   
30,868
 
Other long-term accounts receivable
   
117,321
     
66,883
     
5,674
     
-
     
7,346
     
52,675
     
50,417
     
-
     
300,316
 
Investments in associates and joint ventures
   
110,641
     
8,556
     
-
     
-
     
-
     
6,062
     
1,419,615
     
(1,506,711
)
   
38,163
 
Investment property
   
1,204
     
-
     
-
     
-
     
-
     
26,304
     
-
     
-
     
27,508
 
Property, plant and equipment, net
   
171,059
     
181,815
     
10,232
     
815
     
147
     
11,133
     
48,970
     
(1,159
)
   
423,012
 
Intangible assets, net
   
121,401
     
267,210
     
432,649
     
766
     
-
     
999
     
19,272
     
6,871
     
849,168
 
Right-of-use assets, net
   
6,562
     
21,158
     
4,738
     
-
     
3
     
4,773
     
52,517
     
(15,372
)
   
74,379
 
Deferred income tax asset
   
184,662
     
5,371
     
13,477
     
-
     
701
     
20,867
     
23,692
     
5,165
     
253,935
 
Total non-current assets
   
1,102,097
     
551,974
     
555,935
     
624,908
     
19,574
     
123,288
     
2,189,633
     
(1,818,298
)
   
3,349,111
 
Total assets
   
2,689,851
     
724,720
     
829,213