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 November 2022

Commission File Number 001-35991

AENZA 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)

Av. Petit Thouars 4957

Miraflores

Lima 34, 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 ☒ 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 ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.

November 2, 2022

SIGNATURES

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.

AENZA S.A.A.

By:	/s/ FREDY CHALCO
Name:	Fredy Chalco Aguilar
Title:	Stock Representative
Date:	November 2, 2022

AENZA S.A.A. AND SUBSIDIARIES

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (AUDITED) AND SEPTEMBER 30, 2022 (UNAUDITED)

(Free translation from the original in Spanish)

AENZA S.A.A. AND SUBSIDIARIES

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (AUDITED) AND SEPTEMBER 30, 2022 (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 - 39

Peruvian Sol

US$

United States dollar

AENZA S.A.A. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(All amounts are expressed in thousands of S/ unless otherwise stated)

			As of			As of
			December 31,			September 30,
	Note		2021			2022
ASSETS
Current assets
Cash and cash equivalents		8		957,178			998,250
Trade accounts receivables, net		9		590,280			763,642
Work in progress		10		309,063			207,938
Accounts receivable from related parties		11		20,817			29,866
Other accounts receivable		12		487,058			386,135
Inventories, net				488,326			428,495
Prepaid expenses				32,142			34,476
Total current assets				2,884,864			2,848,802

Non-current assets
Trade accounts receivable, net		9		683,306			712,032
Accounts receivable from related parties		11		643,897			570,720
Prepaid expenses				23,607			21,661
Other accounts receivable		12		201,360			385,040
Inventories, net				-			65,494
Investments in associates and joint ventures		13		31,173			21,725
Investment property		14		63,011			59,402
Property, plant and equipment, net		14		303,170			292,187
Intangible assets, net		14		743,391			754,351
Right-of-use assets, net		14		47,717			49,023
Deferred income tax asset				275,076			299,744
Total non-current assets				3,015,708			3,231,379

Total assets				5,900,572			6,080,181

LIABILITIES AND EQUITY
Current liabilities
Borrowings		15		241,340			603,565
Bonds		16		69,838			74,927
Trade accounts payable		17		980,767			975,449
Accounts payable to related parties		11		51,004			60,190
Current income tax				94,958			22,102
Other accounts payable		18		754,981			830,783
Other provisions		19		154,829			117,540
Total current liabilities				2,347,717			2,684,556

Non-current liabilities
Borrowings		15		338,560			335,050
Bonds		16		1,191,084			803,982
Other accounts payable		18		92,369			68,405
Accounts payable to related parties		11		50,712			29,817
Other provisions		19		329,497			586,181
Deferred income tax liability				97,367			122,396
Total non-current liabilities				2,099,589			1,945,831
Total liabilities				4,447,306			4,630,387

Equity		20
Capital				871,918			1,196,980
Legal reserve				132,011			132,011
Voluntary reserve				29,974			29,974
Share Premium				1,131,574			1,142,092
Other reserves				(135,947	)		(71,380	)
Retained earnings				(829,714	)		(1,230,811	)
Equity attributable to controlling interest in the Company				1,199,816			1,198,866
Non-controlling interest				253,450			250,928
Total equity				1,453,266			1,449,794
Total liabilities and equity				5,900,572			6,080,181

The accompanying notes on pages 6 to 39 are an integral part of the consolidated financial statements.

- 1 -

AENZA S.A.A. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

(All amounts are expressed in thousands of S/ unless otherwise stated)

			For the period ended
			September 30,
	Note		2021			2022
			(as restated)

Revenues from construction activities				1,572,793			1,925,218
Revenues from services provided				794,899			778,716
Revenue from real estate and sale of goods				374,632			476,129
				2,742,324			3,180,063

Cost of construction activities				(1,515,536	)		(1,876,399	)
Cost of services provided				(648,821	)		(640,028	)
Cost of real estate and sale of goods				(296,762	)		(350,380	)
		21		(2,461,119	)		(2,866,807	)
Gross profit				281,205			313,256

Administrative expenses		21		(125,795	)		(108,931	)
Other income and expenses		22		(6,572	)		(256,075	)
Operating profit (loss)				148,838			(51,750	)

Financial expenses		23		(175,047	)		(207,044	)
Financial income		23		4,077			18,950
Share of the profit or loss of associates and joint ventures accounted for using the equity method		13		2,422			1,686
Loss before income tax				(19,710	)		(238,158	)
Income tax expense				(39,233	)		(52,669	)
Loss from continuing operations				(58,943	)		(290,827	)
Loss from discontinued operations		3.2		(20,997	)		-
Loss for the period				(79,940	)		(290,827	)

(Loss) profit attributable to:
Owners of the Company				(103,486	)		(331,544	)
Non-controlling interest				23,546			40,717
				(79,940	)		(290,827	)
Loss per share attributable to owners of the
Company during the period		26		(0.119	)		(0.294	)
Loss per share from continuing operations
attributable to owners of the Company during the period		26		(0.095	)		(0.294	)

The accompanying notes on pages 6 to 39 are an integral part of the consolidated financial statements.

- 2 -

AENZA 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
	September 30,
	2021			2022
	(as restated)

Loss for the period		(79,940	)		(290,827	)
Other comprehensive income:
Items that may be subsequently reclassified to profit or loss
Foreign currency translation adjustment, net of tax		2,305			(7,008	)
Exchange difference from net investment in a foreign operation, net of tax		74			(627	)
Other comprehensive income for the period, net of tax		2,379			(7,635	)
Total comprehensive income for the period		(77,561	)		(298,462	)

Comprehensive income attributable to:
Owners of the Company		(102,354	)		(339,127	)
Non-controlling interest		24,793			40,665
		(77,561	)		(298,462	)

Comprehensive income for the period attributable to owners of the Company:
Continuing operations		(79,153	)		(339,127	)
Discontinued operations		(23,201	)		-
		(102,354	)		(339,127	)

The accompanying notes on pages 6 to 39 are an integral part of the consolidated financial statements.

- 3 -

AENZA S.A.A. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED SEPTEMBER 30, 2021 AND 2022

(All amounts are expressed in thousands of S/ unless otherwise stated)

	Attributable to the controlling interests of the Company
	Number																			Non-
	of shares				Legal		Voluntary		Share		Other			Retained						controlling
	In thousands		Capital		reserve		reserve		premium		reserves			earnings			Total			interest			Total

Balances as of January 1, 2021		871,918		871,918		132,011		29,974		1,131,574		(169,234	)		(728,637	)		1,267,606			327,690			1,595,296
(Loss) profit for the period		-		-		-		-		-		-			(103,486	)		(103,486	)		23,546			(79,940	)
Foreign currency translation adjustment		-		-		-		-		-		1,058			-			1,058			1,247			2,305
Exchange difference from net investment in a foreign operation		-		-		-		-		-		74			-			74			-			74
Comprehensive income of the period		-		-		-		-		-		1,132			(103,486	)		(102,354	)		24,793			(77,561	)
Transactions with shareholders:
- Dividend distribution		-		-		-		-		-		-			-			-			(36,250	)		(36,250	)
- Contributions (devolution) of non-controlling shareholders, net		-		-		-		-		-		-			-			-			(24,604	)		(24,604	)
Total transactions with shareholders		-		-		-		-		-		-			-			-			(60,854	)		(60,854	)
Balances as of September 30, 2021		871,918		871,918		132,011		29,974		1,131,574		(168,102	)		(832,123	)		1,165,252			291,629			1,456,881

Balances as of January 1, 2022		871,918		871,918		132,011		29,974		1,131,574		(135,947	)		(829,714	)		1,199,816			253,450			1,453,266
(Loss) profit for the period		-		-		-		-		-		-			(331,544	)		(331,544	)		40,717			(290,827	)
Foreign currency translation adjustment		-		-		-		-		-		(6,960	)		-			(6,960	)		(48	)		(7,008	)
Exchange difference from net investment in a foreign operation		-		-		-		-		-		(623	)		-			(623	)		(4	)		(627	)
Comprehensive income of the period		-		-		-		-		-		(7,583	)		(331,544	)		(339,127	)		40,665			(298,462	)
Transactions with shareholders:
- Dividend distribution		-		-		-		-		-		-			-			-			(7,111	)		(7,111	)
- Contributions (devolution) of non-controlling shareholders, net		-		-		-		-		-		-			-			-			(29,835	)		(29,835	)
- Reclasification of PUT option Morelco		-		-		-		-		-		72,150			(72,150	)		-			-			-
- Capital increase		325,062		325,062		-		-		10,518		-			-			335,580			-			335,580
- Dilution of non-controlling shareholders		-		-		-		-		-		-			2,597			2,597			(6,241	)		(3,644	)
Total transactions with shareholders		325,062		325,062		-		-		10,518		72,150			(69,553	)		338,177			(43,187	)		294,990
Balances as of September 30, 2022		1,196,980		1,196,980		132,011		29,974		1,142,092		(71,380	)		(1,230,811	)		1,198,866			250,928			1,449,794

The accompanying notes on pages 6 to 39 are an integral part of the consolidated financial statements.

- 4 -

AENZA 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
			September 30,
	Note		2021			2022

OPERATING ACTIVITIES
Loss before income tax				(42,798	)		(238,158	)
Adjustments to profit not affecting cash flows from operating activities:
Depreciation		14a)		75,804			56,482
Amortization		14b)		74,153			74,466
Impairment of inventories				-			240
Impairment of accounts receivable and other accounts receivable				1,323			5,826
Reversal of impairment of inventories				-			(241	)
Debt condonation				-			(5,296	)
Reversal of impairment of property, plant and equipment				(1,939	)		(632	)
Impairment of intangible assets				-			3,064
Reversal of impairment of accounts receivable				-			(804	)
Decrease due to renegotiation of PUT Morelco				-			(3,706	)
Other provisions				8,026			312,311
Financial expense,net				205,813			142,493
Impairment of investment				-			7,767
Share of the profit and loss of associates and joint ventures accounted for using the equity method		13		(2,422	)		(1,686	)
Reversal of provisions				(9,101	)		(1,720	)
Disposal (reversal) of assets				5,627			(1,566	)
Loss (profit) on sale of property, plant and equipment				111			(3,163	)
Loss on remeasurement of accounts receivable				69,471			93,636
Net variations in assets and liabilities:
Trade accounts receivable and working in progress				(135,177	)		(98,096	)
Other accounts receivable				(70	)		(126,360	)
Other accounts receivable from related parties				(86,556	)		(4,234	)
Inventories				9,178			(4,490	)
Pre-paid expenses and other assets				(862	)		20,119
Trade accounts payable				(61,760	)		1,476
Other accounts payable				173,132			(34,005	)
Other accounts payable to related parties				(4,097	)		(4,485	)
Other provisions				(4,681	)		(38,855	)
Interest payment				(112,109	)		(103,817	)
Payments for purchases of intangibles - Concessions				(2,280	)		-
Payment of income tax				(57,331	)		(100,281	)
Net cash provided by (applied to) operating activities				101,455			(53,715	)

INVESTING ACTIVITIES
Sale of property, plant and equipment				6,476			8,187
Interest received				1,703			8,710
Dividends received				2,236			380
Payment for purchase of investments properties				(124	)		(53	)
Payments for intangible purchase				(25,669	)		(101,952	)
Payments for property, plant and equipment purchase				(24,824	)		(41,049	)
Net cash applied to investing activities				(40,202	)		(125,777	)

FINANCING ACTIVITIES
Loans received				208,224			489,069
Bonds issued				359,890			-
Amortization of loans received				(443,425	)		(187,232	)
Amortization of bonds issued				(37,403	)		(42,046	)
Payment for transaction costs for debt				(6,534	)		(13,737	)
Dividends paid to non-controlling interest				(18,225	)		(18,606	)
Cash received (return of contributions) from non-controlling shareholders				(24,604	)		(29,835	)
Net cash provided by financing activities				37,923			197,613
Net increase in cash				99,176			18,121
Exchange difference				20,178			22,951
Cash and cash equivalents at the beginning of the period				900,168			957,178
Cash and cash equivalents at the end of the period		8		1,019,522			998,250

NON-CASH TRANSACTIONS:
Capitalization of interests				1,792			1,172
Acquisition of assets through finance leases				58			46
Dividends declared to non-controlling interest				18,025			-
Acquisition of right-of-use assets				5,707			14,578
Capitalization of convertible bonds				-			335,580

The accompanying notes on pages 6 to 39 are an integral part of the consolidated financial statements.

- 5 -

AENZA S.A.A. AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2021 (AUDITED) AND SEPTEMBER 30, 2022 (UNAUDITED)

1.	GENERAL INFORMATION

Company’s Incorporation and operations

AENZA S.A.A., (hereinafter the “Company” or “AENZA”) is the parent Company of the AENZA Corporation which comprise the Company and its subsidiaries (hereinafter, the “Corporation”) and is mainly engaged in holding investments in its subsidiaries. Additionally, the Company provides services of strategic and functional advice and office leases space to the Corporation companies.

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

Authorization for the issue of the financial statements

The condensed interim consolidated financial statements for the period ended September 30, 2022, were approved by Management and Board of Directors on November 2, 2022.

The consolidated financial statements for the year ended December 31, 2021, were prepared and issued with authorization of Management and the Board of Directors on March 4, 2022 and were approved on the General Shareholders’ Meeting held on March 31, 2022.

Collaboration and Benefits Agreement – “The Agreement”

On September 15, 2022, the Collaboration and Benefits Agreement (the “Agreement” hereinafter) was signed by the Public Ministry, the Ad Hoc Public Attorney’s Office and the Company. Through this document, the latter accepts it was utilized by certain former executives to commit illicit acts until 2016, and commits to pay a civil penalty to the Peruvian State of S/484.2 million (S/321.9 million and US$40.7 million) under the scope of application of the Law No. 30737 implementing regulation.

Pursuant to the Agreement signed the payment will be made within a term of 12 years, under a legal interest rate in Soles and US Dollars (1% and 0.20% effective interest annual rate as of September 30, 2022, respectively); in addition, the Company compromises to establish a package of guarantees after court’s approval i) a trust that includes shares issued by a subsidiary of AENZA; ii) a real state asset and iii) a guaranty account with funds equivalent to the annual fees corresponding to the following year. Among other conditions, the Agreement includes a restriction for Aenza and the subsidiaries Cumbra Peru S.A., and Unna Transporte S.A. to participate in public construction and road maintenance contracts with the Peruvian State for two (2) years, counted from the court approval. As of September 30, 2022, the Company registered S/484.2 million (see, Note 19-a).

The Agreement includes a reserve clause to readjust the amount of civil damages determined with respect to three projects, as well as the payment schedule resulting from such readjustment. This clause is to be implemented before the approval of the agreement, or within a maximum sixty (60) days term from the date of this agreement. The Company’s Management estimates that if this reserve is to be applied, the provision for civil damages could increase up to 5%.

As of September 30, 2022, issuance date of the condensed interim consolidated financial statements, in opinion of Corporate Management and its legal advisors, the civil penalty covers the total contingency to which the Company is exposed as a consequence of the investigations revealed in notes to the consolidated financial statements since year 2017. Nevertheless, the Agreement is subject to court approval and its terms and conditions are subject to confidentiality provisions in such agreement.

- 6 -

2.	BASIS OF PREPARATION

The condensed interim consolidated financial statements for the period ended as of September 30, 2022, 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 as of December 31, 2021, which have been prepared in accordance with International Standards of Financial Information (hereinafter “IFRS”).

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

SUMMARY OF 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 as of December 31, 2021.

3.1.

Standards, amendments, and interpretation adopted by the Group

Standards, amendments and interpretation that have entered in force as of January 1, 2022, have not had impact on the condensed interim consolidated financial statements as of September 30, 2022, and for this reason they have not been disclosed. The Corporation has not adopted in advance any amendment and modification that are not yet effective.

3.2.

Account balance reclassified as of September 30, 2021

Due to disposal of the Subsidiary Adexus S.A. during the period ended as of December 31, 2021 we have reclassified and disclosed Income statement information for comparison purposes as discontinued operation as of September 30, 2021.

- 7 -

As a result of this process, the amounts in the consolidated statement of income are reclassified as follows:

	For the period ended
	September 30, 2021
	Reported			Adexus			As restated

Revenues		2,864,786			(122,462	)		2,742,324
Costs		(2,580,689	)		119,570			(2,461,119	)
Gross profit		284,097			(2,892	)		281,205

Administrative expenses		(141,961	)		16,166			(125,795	)
Other income and expenses		(6,610	)		38			(6,572	)
Operating profit		135,526			13,312			148,838

Financial (expenses) income, net		(180,746	)		9,776			(170,970	)
Share of the profit or loss of associates and joint ventures accounted for using the equity method		2,422			-			2,422
(Loss) profit before income tax		(42,798	)		23,088			(19,710	)
Income tax expense		(37,142	)		(2,091	)		(39,233	)
(Loss) profit from continuing operations		(79,940	)		20,997			(58,943	)

Loss from discontinued operations		-			(20,997	)		(20,997	)
Loss for the period		(79,940	)		-			(79,940	)


(Loss) profit attributable to:
Owners of the Company		(103,486	)		-			(103,486	)
Non-controlling interest		23,546			-			23,546
		(79,940	)		-			(79,940	)

(Loss) profit attributable to owners of the Company:
Continuing operations		(103,486	)		20,997			(82,489	)
Discontinued operations		-			(20,997	)		(20,997	)
		(103,486	)		-			(103,486	)

(Loss) profit per share from continuing operations
attributable to owners of the Company during the period		(0.119	)		0.024			(0.095	)

4.	FINANCIAL RISK MANAGEMENT

Financial risk management is carried out by Corporation’s Management which oversees 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 liquidity in excess, which is supervised and monitored on periodic bases.

4.1

Financial risk factors

Corporation’s activities are exposed 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 Corporation’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Corporation’s financial performance.

Market risks

Foreign exchange risk

Corporation 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, 2021, and as of September 30, 2022, this exposure is mainly concentrated in fluctuations of Peruvian soles, Chilean and Colombian Pesos compared to U.S. dollar.

- 8 -

The balances of financial assets and liabilities denominated in foreign currencies correspond to balances in U.S. dollars, which are expressed at the published bid and ask exchange rate updated as of the report date, according to the type of currency:

	As of		As of
	December 31,		September 30,
	2021		2022

Soles (a)		3.998		3.984
Chilean Pesos (b)		844.69		960.24
Colombian Pesos (c)		3,981.16		4,532.07

(a)

Soles published by the Superintendencia de Bancos, Seguros y Administradoras de Fondos de Pensiones (“SBS” by its acronym in Spanish).

(b)

Chilean pesos published by the Banco Central de Chile.

(c)

Colombian pesos published by Banco de la Republica de Colombia.

The consolidated statement of financial position includes the following:

	As of		As of
	December 31,		September 30,
	2021		2022
	USD(000)		USD(000)

Assets		519,448		602,149
Liabilities		512,947		589,879

For the nine-month period ended as of September 30, 2021 and 2022, the Corporation’s exchange gains and losses for the Peruvian Sol, the Chilean and Colombian Pesos exposure against the U.S. dollar were:

	2021			2022

Gain		353,046			425,168
Loss		(366,702	)		(423,093	)

ii)

Price risk

Management considers that the exposure of the Corporation to the price risk of its investments in mutual funds, 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 Corporation’s interest rate risk mainly arises from its long-term borrowings. Borrowings issued at variable rates expose the Corporation to cash flow interest rate risk. Borrowings issued at fixed rates expose the Corporation to fair value interest rate risk.

- 9 -

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.

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

Management does not expect the Corporation to incur in losses arisen from the performance of these counterparties, except for those already recorded at the financial statements.

Liquidity risk

Prudent management of liquidity risk involves maintaining sufficient cash and cash equivalents, the availability of financing through an adequate number of committed sources of credit facilities and the ability to close market positions. Historically, cash flows produced by the Corporation has enabled them it to meet their obligations. The Corporation has implemented several measures to reduce its exposure to liquidity risk, and developed a financial plan based in different stages, which were designed assuming the commitment to comply within a reasonable time frame. The Financial Plan aims to enable compliance with multiply obligations by corporate and it subsidiaries.

Corporate Finance Management supervise cash flow projections performed on liquidity requirements of the Corporation to ensure there is sufficient cash to cover operational needs so that Corporation does not breach the limits of indebtedness or guarantees (covenants), if applicable, on any of its borrowing facilities. Minor financing operations are controlled by Finance Management of each subsidiary.

Such projections take into consideration Corporation’s debt financing plans, covenant compliance, internal ratio targets compliance in the consolidated statement of financial position and, if applicable, external regulatory or legal requirements, for example, foreign currency restrictions.

Surplus cash over the balance required for working capital management is invested in interest-bearing bank accounts or time deposits, selecting instruments with adequate maturities and sufficient liquidity.

The table below analyzes Corporation’s financial liabilities grouped on the basis of the period remaining as of the reporting date of these consolidated statement of financial position in regard of the date of its maturity. The amounts disclosed in the table are the contractual undiscounted cash flows, which include interest to be accrued according to the established schedule.

	Less than						More than
As of December 31, 2021	1 year		1-2 years		2-5 years		5 years		Total

Other financial liabilities (except for finance leases and lease liability for right-of-use asset)		224,503		52,751		173,392		124,320		574,966
Finance leases		5,624		4,613		296		-		10,533
Lease liability for right-of-use asset		18,817		24,295		21,993		8,086		73,191
Bonds		137,852		206,476		837,931		792,037		1,974,296
Trade accounts payables (except non-financial liabilities)		912,826		-		-		-		912,826
Accounts payables to related parties		51,004		50,712		-		-		101,716
Other accounts payables and other provisions (except non-financial liabilities)		323,070		22,941		109,383		422,666		878,060
		1,673,696		361,788		1,142,995		1,347,109		4,525,588

- 10 -

	Less than						More than
As of September 30, 2022	1 year		1-2 years		2-5 years		5 years		Total

Other financial liabilities (except for finance leases and lease liability for right-of-use asset)		630,929		69,814		177,052		71,943		949,738
Finance leases		4,633		1,676		-		-		6,309
Lease liability for right-of-use asset		19,688		29,933		31,698		-		81,319
Bonds		140,198		181,611		434,763		727,352		1,483,924
Trade accounts payables (except non-financial liabilities)		939,877		-		-		-		939,877
Accounts payables to related parties		60,190		28,097		714		1,006		90,007
Other accounts payables and other provisions (except non-financial liabilities)		282,332		19,281		89,358		408,920		799,891
		2,077,847		330,412		733,585		1,209,221		4,351,065

4.2

Capital management risk

Corporation’s objectives regarding capital management is to safeguard Corporation’s ability to continue operations as a going concern basis in order to provide returns for their shareholders, benefits for other stakeholders and maintain an optimal capital structure to minimize capital cost. Since 2017 Corporation context and situation has led Management to monitor deviations that may cause non-compliance with covenants and hinder liabilities renegotiation (see, Note 15). In extraordinary events, Corporation identifies possible deviations, requirements and establishes a plan.

In order to maintain or adjust capital structure, Corporation may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce their debt.

Corporation monitors its capital on the basis of the leverage ratio. This ratio is calculated by dividing net debt into total capital. Net debt corresponds to the total of financial obligations (including current and non-current borrowings), less cash and cash equivalents. Total capital corresponds to the ‘equity’ as shown in the consolidated statement of financial position plus net debt.

As of December 31, 2021 and September 30, 2022, the leverage ratio is presented below.

	As of			As of
	December 31,			September 30,
	2021			2022
Total financial liabilities and bonds (Note 15 and Note 16)		1,840,822			1,817,524
Less: Cash and cash equivalents (Note 8)		(957,178	)		(998,250	)
Net debt (a)		883,644			819,274
Total equity		1,453,266			1,449,794
Total capital (b)		2,336,910			2,269,068
Leverage ratio (a/b)		0.38			0.36

4.3

Fair value estimation

The following levels of measurement have been established in order to classify the type of valuation used by Corporation for on their financial instruments at fair value.

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 Corporation).

- 11 -

The table below shows Corporation’s liabilities measured at fair value:

As of December 31, 2021	Level 3

Financial liabilities
Other financial entities (Note 15-b)		165,878

As of September 30, 2022

Financial liabilities
Other financial entities (Note 15-b)		178,220

5.	CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

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

In preparing these condensed interim consolidated financial statements, the significant judgements made by management in applying Corporation’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, 2021.

6.	SEASONALITY OF OPERATIONS

The Corporation does not present seasonality in the operations of any of its subsidiaries; and develop its business during the normal course of the period.

7.	OPERATING SEGMENTS

Operating segments are reported consistently with the internal reports that are reviewed by Corporation’s, chief decision-maker; that is the Executive Committee, which is led by the Chief Executive Officer. This Committee acts as the highest authority in making operational decisions, responsible for allocating resources and evaluating the performance of each operating segment.

Corporation’s operating segments are assessed by the activities of the following business units: (i) engineering and construction, (ii) energy, (iii) infrastructure, and (iv) real estate.

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

Inter-segmental sales transactions are entered into prices similar to those that would have been agreed with unrelated third parties. Revenues from external customers reported are measured in a consistent manner under the basis for preparation of the consolidated financial statements. Sales of goods are related to real estate segment. Revenues from services are related to other segments.

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

- 12 -

The table below shows Corporation’s consolidated financial statements by operating segments:

Operating segments financial position
Segment reporting
					Infrastructure
As of December 31, 2021	Engineering and construction		Energy		Toll roads		Transportation		Water treatment		Real estate		Parent Company operations		Eliminations			Consolidated

Assets
Cash and cash equivalent		303,925		121,873		114,100		182,607		7,499		109,828		117,346		-			957,178
Trade accounts receivables, net		366,299		67,662		38,418		106,856		1,003		9,958		84		-			590,280
Work in progress		309,063		-		-		-		-		-		-		-			309,063
Accounts receivable from related parties		95,390		121		48,012		4,309		-		3,166		52,644		(182,825	)		20,817
Other accounts receivable		390,133		31,092		30,057		18,734		960		3,783		12,297		2			487,058
Inventories, net		48,192		35,489		7,662		31,949		13		366,650		-		(1,629	)		488,326
Prepaid expenses		15,838		3,575		6,531		344		52		-		5,802		-			32,142
Total current assets		1,528,840		259,812		244,780		344,799		9,527		493,385		188,173		(184,452	)		2,884,864

Long-term trade accounts receivable, net		851		-		15,654		666,801		-		-		-		-			683,306
Long-term accounts receivable from related parties		335,150		-		19,700		42		11,536		-		584,596		(307,127	)		643,897
Prepaid expenses		-		981		20,558		1,894		684		-		-		(510	)		23,607
Other long-term accounts receivable		10,448		86,815		-		-		7,346		57,243		39,508		-			201,360
Investments in associates and joint ventures		108,038		8,951		-		-		-		5,443		1,559,672		(1,650,931	)		31,173
Investment property		-		-		-		-		-		22,416		42,558		(1,963	)		63,011
Property, plant and equipment, net		142,228		153,456		7,056		749		181		6,845		1,653		(8,998	)		303,170
Intangible assets, net		142,499		257,580		322,625		351		-		733		14,575		5,028			743,391
Right-of-use assets, net		3,825		3,890		5,308		61		17		1,888		40,789		(8,061	)		47,717
Deferred income tax asset		179,319		4,717		21,304		-		644		16,960		47,038		5,094			275,076
Total non-current assets		922,358		516,390		412,205		669,898		20,408		111,528		2,330,389		(1,967,468	)		3,015,708
Total assets		2,451,198		776,202		656,985		1,014,697		29,935		604,913		2,518,562		(2,151,920	)		5,900,572

Liabilities
Borrowings		136,512		27,046		3,687		45		18		69,065		13,573		(8,606	)		241,340
Bonds		4,896		-		36,637		24,496		-		-		3,809		-			69,838
Trade accounts payable		767,792		67,686		44,210		30,637		464		30,401		38,894		683			980,767
Accounts payable to related parties		130,848		1,079		47,340		42,185		19		19,155		13,623		(203,245	)		51,004
Current income tax		59,407		15,748		17,920		-		347		1,058		478		-			94,958
Other accounts payable		560,920		23,116		38,198		9,104		791		91,342		31,510		-			754,981
Provisions		70,585		25,498		4,158		-		-		560		54,028		-			154,829
Total current liabilities		1,730,960		160,173		192,150		106,467		1,639		211,581		155,915		(211,168	)		2,347,717

Borrowings		5,382		121,693		1,721		15		-		5,315		205,244		(810	)		338,560
Long-term bonds		21,386		-		215,296		602,201		-		-		352,201		-			1,191,084
Other long-term accounts payable		54,026		-		8,163		219		2,862		24,427		2,672		-			92,369
Long-term accounts payable to related parties		25,957		-		1,006		88,213		24,671		-		197,844		(286,979	)		50,712
Provisions		56,362		55,279		33,188		3,039		-		-		181,629		-			329,497
Deferred income tax liability		18,665		31,187		-		47,515		-		-		-		-			97,367
Total non-current liabilities		181,778		208,159		259,374		741,202		27,533		29,742		939,590		(287,789	)		2,099,589
Total liabilities		1,912,738		368,332		451,524		847,669		29,172		241,323		1,095,505		(498,957	)		4,447,306
Equity attributable to controlling interest in the Company		524,807		378,653		149,904		125,271		763		139,728		1,420,221		(1,539,531	)		1,199,816
Non-controlling interest		13,653		29,217		55,557		41,757		-		223,862		2,836		(113,432	)		253,450
Total liabilities and equity		2,451,198		776,202		656,985		1,014,697		29,935		604,913		2,518,562		(2,151,920	)		5,900,572

- 13 -

Operating segments financial position
Segment reporting
					Infrastructure
As of September 30, 2022	Engineering and construction		Energy		Toll roads		Transportation		Water treatment		Real estate		Parent Company operations		Eliminations			Consolidated

Assets
Cash and cash equivalent		189,076		138,008		152,519		168,194		8,651		116,173		225,629		-			998,250
Trade accounts receivables, net		495,424		99,893		38,608		112,645		728		15,331		1,013		-			763,642
Work in progress		207,938		-		-		-		-		-		-		-			207,938
Accounts receivable from related parties		110,391		24		31,631		3,866		7,765		807		120,028		(244,646	)		29,866
Other accounts receivable		277,113		38,714		36,963		18,995		315		6,536		7,497		2			386,135
Inventories, net		38,615		31,093		9,663		41,600		-		309,107		-		(1,583	)		428,495
Prepaid expenses		9,636		2,808		6,217		6,571		249		1,055		7,940		-			34,476
Total current assets		1,328,193		310,540		275,601		351,871		17,708		449,009		362,107		(246,227	)		2,848,802

Long-term trade accounts receivable, net		18,100		-		15,786		678,146		-		-		-		-			712,032
Long-term accounts receivable from related parties		324,584		-		26,568		42		3,771		-		764,066		(548,311	)		570,720
Prepaid expenses		-		981		18,663		1,785		645		-		97		(510	)		21,661
Other long-term accounts receivable		199,481		88,373		-		-		7,346		53,308		36,532		-			385,040
Inventories, net		-		-		-		-		-		65,494		-		-			65,494
Investments in associates and joint ventures		107,830		11,298		-		-		-		2,829		1,609,558		(1,709,790	)		21,725
Investment property		-		-		-		-		-		20,280		41,085		(1,963	)		59,402
Property, plant and equipment, net		119,821		164,301		6,854		2,217		157		6,616		1,219		(8,998	)		292,187
Intangible assets, net		130,546		317,474		287,676		266		-		593		13,558		4,238			754,351
Right-of-use assets, net		1,373		9,822		6,010		32		5		174		33,636		(2,029	)		49,023
Deferred income tax asset		180,824		4,784		25,626		-		650		18,309		64,489		5,062			299,744
Total non-current assets		1,082,559		597,033		387,183		682,488		12,574		167,603		2,564,240		(2,262,301	)		3,231,379
Total assets		2,410,752		907,573		662,784		1,034,359		30,282		616,612		2,926,347		(2,508,528	)		6,080,181

Liabilities
Borrowings		21,690		35,213		3,255		28		5		46,692		498,788		(2,106	)		603,565
Bonds		4,283		-		41,078		29,566		-		-		-		-			74,927
Trade accounts payable		736,353		95,277		47,820		39,831		196		33,924		16,221		5,827			975,449
Accounts payable to related parties		441,272		3,452		34,159		30,282		24		17,559		19,619		(486,177	)		60,190
Current income tax		9,592		1,127		7,176		-		397		3,101		709		-			22,102
Other accounts payable		525,961		22,423		83,021		9,088		676		158,328		31,286		-			830,783
Provisions		71,267		15,418		3,170		-		-		557		27,128		-			117,540
Total current liabilities		1,810,418		172,910		219,679		108,795		1,298		260,161		593,751		(482,456	)		2,684,556

Borrowings		2,333		115,092		2,684		-		-		12,020		202,921		-			335,050
Long-term bonds		17,437		-		187,199		599,346		-		-		-		-			803,982
Other long-term accounts payable		58,504		-		4,246		169		2,789		-		2,697		-			68,405
Long-term accounts payable to related parties		7,330		59,760		1,006		38,817		25,434		-		209,513		(312,043	)		29,817
Provisions		18,516		66,402		11,127		3,934		-		-		486,202		-			586,181
Deferred income tax liability		17,767		46,915		-		57,714		-		-		-		-			122,396
Total non-current liabilities		121,887		288,169		206,262		699,980		28,223		12,020		901,333		(312,043	)		1,945,831
Total liabilities		1,932,305		461,079		425,941		808,775		29,521		272,181		1,495,084		(794,499	)		4,630,387
Equity attributable to controlling interest in the Company		471,071		412,189		177,706		169,188		761		139,919		1,428,424		(1,600,392	)		1,198,866
Non-controlling interest		7,376		34,305		59,137		56,396		-		204,512		2,839		(113,637	)		250,928
Total liabilities and equity		2,410,752		907,573		662,784		1,034,359		30,282		616,612		2,926,347		(2,508,528	)		6,080,181

- 14 -

Operating segment performance

Segment reporting

							Infrastructure
For the period ended September 30, 2021	Engineering and construction			Energy			Toll roads			Transportation			Water treatment			Real estate			Parent Company operations			Elimination			Consolidated

Revenue		1,783,054			376,616			374,467			260,366			2,694			144,734			50,621			(250,228	)		2,742,324
Gross profit (loss)		80,019			82,927			56,063			68,753			724			21,085			8,382			(36,748	)		281,205
Administrative expenses		(92,214	)		(10,500	)		(12,267	)		(11,493	)		(335	)		(10,941	)		(26,793	)		38,748			(125,795	)
Other income and expenses, net		(3,224	)		(2,434	)		(1,808	)		1,215			(15	)		992			(1,008	)		(290	)		(6,572	)
Operating (loss) profit		(15,419	)		69,993			41,988			58,475			374			11,136			(19,419	)		1,710			148,838
Financial expenses		(79,538	)		(9,144	)		(21,100	)		(6,806	)		(91	)		(8,804	)		(73,699	)		24,135			(175,047	)
Financial income		1,441			3,147			2,979			382			384			2,454			17,802			(24,512	)		4,077
Dividends		-			-			-			-			-			-			12,200			(12,200	)		-
Share of profit or loss in associates
and joint ventures		(1,712	)		2,046			-			-			-			830			2,331			(1,073	)		2,422
(Loss) profit before income tax		(95,228	)		66,042			23,867			52,051			667			5,616			(60,785	)		(11,940	)		(19,710	)
Income tax		7,596			(18,248	)		(6,279	)		(16,384	)		(266	)		(1,850	)		(3,770	)		(32	)		(39,233	)
(Loss) profit from continuing operations		(87,632	)		47,794			17,588			35,667			401			3,766			(64,555	)		(11,972	)		(58,943	)
Loss from discontinuing operations		-			-			-			-			-			-			(21,175	)		178			(20,997	)
(Loss) profit for the period		(87,632	)		47,794			17,588			35,667			401			3,766			(85,730	)		(11,794	)		(79,940	)

(Loss) profit from attributable to:
Owners of the Company		(84,528	)		42,838			10,989			26,750			401			(1,525	)		(85,668	)		(12,743	)		(103,486	)
Non-controlling interest		(3,104	)		4,956			6,599			8,917			-			5,291			(62	)		949			23,546
		(87,632	)		47,794			17,588			35,667			401			3,766			(85,730	)		(11,794	)		(79,940	)

- 15 -

Operating segment performance

Segment reporting

							Infrastructure
For the Period ended September 30, 2022	Engineering and construction			Energy			Toll roads			Transportation			Water treatment			Real estate			Parent Company operations			Elimination			Consolidated

Revenue		2,084,879			464,289			384,180			292,796			3,234			125,167			51,461			(225,943	)		3,180,063
Gross profit (loss)		47,702			88,183			69,418			97,627			1,704			34,218			12,065			(37,661	)		313,256
Administrative expenses		(83,104	)		(10,090	)		(11,958	)		(7,779	)		(557	)		(10,132	)		(26,531	)		41,220			(108,931	)
Other income and expenses, net		38,701			5,529			24,101			(842	)		-			(2,902	)		(318,224	)		(2,438	)		(256,075	)
Operating (loss) profit		3,299			83,622			81,561			89,006			1,147			21,184			(332,690	)		1,121			(51,750	)
Financial expenses		(54,514	)		(14,887	)		(17,720	)		(5,819	)		(85	)		(13,835	)		(143,235	)		43,051			(207,044	)
Financial income		1,629			1,117			1,982			1,889			103			8,105			50,319			(46,194	)		18,950
Dividends		-			-			-			-			-			-			9,760			(9,760	)		-
Share of profit or loss in associates and joint ventures		121			2,347			-			-			-			703			75,836			(77,321	)		1,686
(Loss) profit before income tax		(49,465	)		72,199			65,823			85,076			1,165			16,157			(340,010	)		(89,103	)		(238,158	)
Income tax		(770	)		(23,375	)		(12,818	)		(26,520	)		(404	)		(5,481	)		16,732			(33	)		(52,669	)
(Loss) profit from continuing operations		(50,235	)		48,824			53,005			58,556			761			10,676			(323,278	)		(89,136	)		(290,827	)
(Loss) profit for the period		(50,235	)		48,824			53,005			58,556			761			10,676			(323,278	)		(89,136	)		(290,827	)

(Loss) profit from attributable to:
Owners of the Company		(50,215	)		43,226			42,981			43,917			761			190			(323,282	)		(89,122	)		(331,544	)
Non-controlling interest		(20	)		5,598			10,024			14,639			-			10,486			4			(14	)		40,717
		(50,235	)		48,824			53,005			58,556			761			10,676			(323,278	)		(89,136	)		(290,827	)

- 16 -

8.	CASH AND CASH EQUIVALENTS

This account comprises:

	As of December 31,		As of September 30,
	2021		2022

Cash on hand		936		949
Deposits in-transit		2,222		1,957
Bank accounts
Current accounts		142,029		189,623
Banco de la Nacion		19,847		23,654
Time deposits and mutual funds (a)		205,364		294,213
		367,240		507,490
Escrow account (b)
Operational funds		261,001		275,690
Reserve funds		163,939		112,656
Consortium funds		78,589		98,403
Guarantee funds		83,251		1,105
		586,780		487,854
Total Cash and cash equivalents		957,178		998,250

(a)

The Corporation maintains current accounts with local and foreign financial institution that include time deposits with maturities less than 90 days and may be renewed upon maturity. As of September 30, 2022, these deposits earn interest that fluctuated between 2.28% and 7.28% (0.26% and 1.75%, as of December 31, 2021).

(b)

The Corporation maintains trust accounts in local and foreign financial institutions for the exclusive use of operations in projects and join operations.

The reserve funds for the payments of bonds issued and other obligations of the Corporation corresponds to:

	As of December 31,		As of September 30,
	2021		2022

Tren Urbano de Lima S.A.		103,269		62,867
Red Vial 5 S.A.		22,531		22,187
AENZA S.A.A.		7,386		27,602
Cumbra Ingenieria S.A.		12,760		-
Unna Energia S.A.		17,993		-
		163,939		112,656

- 17 -

9.	TRADE ACCOUNTS RECEIVABLES, NET

This caption comprises the following:

	Total				Current				Non-current
	As of		As of		As of		As of		As of		As of
	December 31,		September 30,		December 31,		September 30,		December 31,		September 30,
	2021		2022		2021		2022		2021		2022

Receivables (net) (a)		773,575		818,242		269,427		306,777		504,148		511,465
Unbilled receivables (net) - Subsidiaries (b)		209,258		349,774		209,258		333,346		-		16,428
Unbilled receivables (net) - Concessions (c)		290,753		307,658		111,595		123,519		179,158		184,139
		1,273,586		1,475,674		590,280		763,642		683,306		712,032

(a)

Accounts Receivables are shown net of impairment of S/43.9 million and discounted at present value for S/0.8 million. (S/44.4 million for impairment, and S/0.9 million for present value, as of December 31, 2021). Aging is breakdown as follows:

	As of		As of
	December 31,		September 30,
	2021		2022
Current		683,921		774,506
Past due up to 30 days		41,222		22,339
Past due from 31 days up to 90 days		11,668		3,635
Past due from 91 days up to 120 days		15,814		1,436
Past due from 121 days up to 360 days		7,070		3,063
Past due over 360 days		13,880		13,263
		773,575		818,242

As of September 30, 2022, overdue amount over 360 days mainly includes invoices receivable from subsidiaries: Cumbra Peru S.A. for S/5.6 million, Unna Transporte S.A.C. for S/6.9 million, Cumbra Ingenieria S.A. for S/0.7 million (Cumbra Peru S.A. for S/9.5 million, Unna Transporte S.A.C. for S/2.7 million and Cumbra Ingenieria S.A. for S/1.6 million, as of December 31, 2021).

(b)

The unbilled amounts correspond to Engineering and Construction segment, based on estimates of completion percentage of progress for services rendered not billed yet, and provided services pending to be billed, these are presented net of impairment for S/4 million, and discounted to present value for S/5.4 million (S/5.2 million for impairment, and S/5.9 million for present value, as of December 31, 2021), and detailed by subsidiary:

	As of		As of
	December 31,		September 30,
	2021		2022
Cumbra Peru S.A.		170,063		301,913
Cumbra Ingenieria S.A.		24,177		36,524
Unna Transporte S.A.C.		10,291		6,447
Unna Energia S.A.		4,718		4,179
Others		9		711
		209,258		349,774

- 18 -

(c)

Unbilled receivables from concessions correspond to future invoice according to Concession Contract terms, as detailed below:

	As of		As of
	December 31,		September 30,
	2021		2022
Tren Urbano de Lima S.A.		256,526		266,379
Carretera Andina del Sur S.A.C.		12,667		13,662
Red Vial 5 S.A.		16,451		23,398
Carretera Sierra Piura S.A.C.		4,489		3,491
Concesionaria La Chira S.A.		620		728
		290,753		307,658

10.	WORK IN PROGRESS

This caption comprises the following:

	As of		As of
	December 31,		September 30,
	2021		2022

Cumbra Peru S.A.		304,940		201,372
Cumbra Ingenieria S.A.		4,123		6,566
		309,063		207,938

Work in progress costs include all cost incurred related to future activities for construction contracts. The Corporation estimates that all costs incurred will be billed and collected under the normal course of business.

Main projects included in work in progress are detailed as follows:

	As of		As of
	December 31,		September 30,
	2021		2022

Vial y Vives - DSD S.A. - Modernizacion y ampliacion de la Planta Arauco (i)		139,025		-
Vial y Vives - DSD S.A. - Proyecto Quebrada Blanca		64,777		104,158
Cumbra Peru S.A. - Planta Concentradora y tunel Quellaveco		82,253		60,019
Cumbra Peru S.A. - Aeropuerto Jorge Chavez		16,602		-
Cumbra Peru S.A. - EPC Captacion agua de mar y afuentes		-		13,314
Cumbra Peru S.A. - Taller de mantenimiento refineria Toquepala		-		5,998
Cumbra Peru S.A. - Planta de Hidrogeno		-		5,693
Morelco S.A.S. - Estaciones Cenit		108		4,862
Cumbra Ingenieria S.A. - Captacion agua de mar		4,123		4,383
Cumbra Peru S.A. - CPF Quellaveco		-		4,000
Others		2,175		5,511
		309,063		207,938

i) The decrease is due to the approval of additional scope for US$36 million and project completion during the second semester of the year.

- 19 -

11.	TRANSACTIONS WITH RELATED PARTIES

Transactions with related parties

Major transactions for the periods ended September 30, 2021, and 2022 between the Company and its related parties are summarized as follows:

	2021		2022
Revenue from sales of goods and services:
- Joint operations		13,035		34,353
		13,035		34,353

Inter-company services are agreed based on market terms and conditions as if they had been agreed with third parties.

Balances of transactions with related parties

	As of December 31,				As of September 30,
	2021				2022
	Receivable		Payable		Receivable		Payable
Current portion:
Joint operations
Consorcio Rio Urubamba		9,792		-		9,775		-
Consorcio Rio Mantaro		-		7,043		-		11,542
Consorcio Inti Punku		1,865		1,733		3,293		10,408
Consorcio Constructor Chavimochic		-		9,301		-		9,851
Consorcio Manperan		1,389		4,968		2,840		3,470
Consorcio TNT Vial y Vives - DSD Chile Ltda		-		633		8,053		2,378
Consorcio Peruano de Conservacion		654		2,392		712		2,612
Consorcio Vial Quinua		-		1,947		-		1,947
Consorcio GyM Conciviles		1,479		1,074		1,474		1,250
Consorcio Italo Peruano		1,394		106		1,467		425
Consorcio CDEM		-		1,545		-		-
Otros menores		1,533		3,142		2,252		1,963
		18,106		33,884		29,866		45,846

Other related parties
Ferrovias S.A.		-		15,513		-		14,344
Peru Piping Spools S.A.C.		2,711		1,607		-		-
		2,711		17,120		-		14,344
Current portion		20,817		51,004		29,866		60,190

Non-current portion
Gasoducto Sur Peruano S.A.		643,897		-		570,720		-
Ferrovias S.A.		-		14,690		-		14,935
Ferrovias Participaciones S.A.		-		36,022		-		14,882
Non-current		643,897		50,712		570,720		29,817

Accounts receivable and payable are mainly of current maturity, except for accounts receivable from Gasoducto Sur Peruano S.A. (GSP), Ferrovias S.A. and Ferrovias Participaciones S.A., which have no specific guarantees. These balances do not generate interest considering their maturity in short term.

The non-current account receivable mainly corresponds to the obligations arising from the early termination of the GSP project. As of September 30, 2022, the balance include: (i) account receivable book value net of impairment recorded by the parent Company for S/401 million, and present value of S/144 million (S/400 million and S/77 million, as of December 31, 2021, respectively) using the discounted cash flow method, at a rate of 5.73% (2.73% in 2021), (ii) in Cumbra Peru S.A. accounts receivable and unbilled receivables balances from Consorcio Constructor Ductos del Sur (CCDS) to GSP for S/314 million, which includes S/289 million receivables from CCDS and S/25 million for loss of profits (as of December 31, 2021, S/321 million which includes S/289 million and S/32 million, respectively).

- 20 -

12.	OTHER ACCOUNTS RECEIVABLE

This caption comprises the following:

	Total						Current						Non-current
	As of			As of			As of			As of			As of			As of
	December 31,			September 30,			December 31,			September 30,			December 31,			September 30,
	2021			2022			2021			2022			2021			2022

Claims to third parties		248,770			256,516			218,892			155,799			29,878			100,717
Guarantee deposits		199,132			250,269			185,334			111,345			13,798			138,924
Credit from public institutions and recoverable taxes		139,745			137,231			100,298			100,147			39,447			37,084
Petroleos del Peru S.A.- Petroperu S.A.		106,077			106,624			19,262			18,251			86,815			88,373
Advances to suppliers		33,769			53,814			33,769			53,814			-			-
Inversiones Majes S.A.		27,193			21,246			-			-			27,193			21,246
Restricted funds		7,346			38,670			-			31,324			7,346			7,346
Accounts receivable from personneel		16,963			4,513			16,963			4,513			-			-
Other minors		38,993			34,646			38,854			34,526			139			120
		817,987			903,529			613,371			509,719			204,616			393,810
Impairment		(129,569	)		(132,354	)		(126,313	)		(123,584	)		(3,256	)		(8,770	)
		688,418			771,175			487,058			386,135			201,360			385,040

The fair value of the other short-term accounts receivable is similar to their book value due to their short-term maturity. The non-current portion corresponds mainly to non-financial assets such as claims to third parties and tax credits. Other non-current accounts receivable maintain maturities that vary between 2 and 5 years.

The maximum exposure to credit risk as of the reporting date is the carrying amount of each class of other accounts receivable mentioned.

13.	INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

This caption comprises the following:

	As of		As of
	December 31,		September 30,
	2021		2022
Associates		22,047		10,321
Joint ventures		9,126		11,404
		31,173		21,725

- 21 -

Movement of our investments in associates for the periods ended September 30, 2021, and 2022 is as follows:

	2021			2022
Balance as of January 1		35,516			31,173
Equity interest in results		2,422			1,686
Dividends received		(2,236	)		(380	)
Capital reduction		-			(2,937	)
Investment impairment		-			(7,489	)
Investment disposal		-			(278	)
Conversion adjustment		(14	)		(50	)
Balance as of September 30		35,688			21,725

Concesionaria Chavimochic S.A.C.

Concesionaria Chavimochic S.A. was the entity granted with the concession for an irrigation project in the province of La Libertad with the following main items: a) design and construction of the work required for the third-stage of the Chavimochic irrigation project; b) operation and maintenance; and c) water supply to Project users. Construction activities started in 2015, the concession period was 25 years and total investment amounts was estimated in US$647 million. The third stage scope of work of the Chavimochic Irrigation Project was structured in two phases. As to the date of this report, works comprising the first phase of the project (Palo Redondo Dam) are 70% complete.

The Grantor and the Ministry of Agriculture and Irrigation (MINAGRI by its acronym in Spanish), with the intervention of the Chavimochic Special Project, have signed an Agreement to allow MINAGRI to subrogate the ownership of the Project, within the framework of Emergency Decree N°021-2020.

During the beginning of 2017, Concesionaria Chavimochic initiated contract’s process for anticipated termination of the Concession Agreement due to Grantor´s contract breach. Due to this situation, all activities were suspended in December 2017. The Concessionaire initiated an arbitration process at the United Nations International Commercial Law Commission (CNUDI by its acronym in Spanish), which Arbitration Award is dated April 28, 2022, and notified on October 4, 2022.

Finally, as of the date of this report, the Arbitration Award is being evaluated within the framework of the CNUDI Arbitration rules and applicable regulations for the safeguarding of Concesionaria Chavimochic rights.

- 22 -

14.	INVESTMENT PROPERTY, PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND RIGHT-OF-USE ASSETS

The movement in investment property, property, plant and equipment, intangible assets and right-of-use assets accounts for the periods ended September 30, 2021, and 2022, are as follows:

				Property,
	Investment			plant and			Intangibles			Right-of-use
	property			equipment			assets			assets
	(a)			(a)			(b)			(a)

Net cost as of January 1, 2021		26,073			405,469			791,990			64,518
Additions		124			24,881			28,558			5,707
Reclassifications and disposals		(1,480	)		(2,946	)		(85	)		(425	)
Conversion adjustments		24			410			1,381			39
Deductions for sale of assets		-			(6,587	)		-			-
Depreciation, amortization		(1,789	)		(56,438	)		(74,153	)		(17,577	)
Net cost as of September 30, 2021		22,952			364,789			747,691			52,262


Net cost as of January 1, 2022		63,011			303,170			743,391			47,717
Additions		53			41,095			101,952			14,578
Reclassifications and disposals		(673	)		(731	)		(2,885	)		411
Conversion adjustments		-			(7,555	)		(13,641	)		(53	)
Deductions for sale of assets		-			(3,929	)		-			-
Depreciation, amortization		(2,989	)		(39,863	)		(74,466	)		(13,630	)
Net cost as of September 30, 2022		59,402			292,187			754,351			49,023

(a)

Investment property, property, plant and equipment and right-of-use assets

As of September 30, 2022, additions mainly correspond to energy segment, for machinery, work in progress, replacement units, buildings and other equipment totaling S/30.6 million. Likewise, additions in engineering and construction segment, for machinery and other equipment for S/5.9 million; and additions in infrastructure segment, for buildings, machinery, furniture and fixtures and other equipment for S/2.9 million (As of September 30, 2021, correspond mainly to additions in engineering and construction segment, for machinery and other equipment for a total of S/16.7 million, as well as additions in energy segment, for works in progress in S/4.2 million).

During the last quarter of 2021, the net value corresponding to the property located at Av Paseo de la Republica 4675 has been reclassified to Investment Properties due to management’s decision to lease the building to third parties.

As of September 30, 2022, additions to right-of-use assets mainly correspond to lease agreements in the energy segment, for the acquisition of vehicles, machinery, and equipment for a total of S/10.1 million (as of September 30, 2021, mainly correspond to additions in the infrastructure segment for vehicles for a total of S/1.9 million).

- 23 -

For the periods ended September 30, 2021, and 2022, depreciation of property, plant and equipment, investment property and right-of-use assets is presented in the consolidated statement of income as follows:

	2021			2022

Cost of sale of goods and services (Note 21)		63,085			52,148
Administrative expenses (Note 21)		3,886			4,334
Depreciation from discontinued operations		8,833			-
Total depreciation		75,804			56,482
(-) Depreciation related to investment property (Note 14)		(1,789	)		(2,989	)
(-) Depreciation related to right-of-use assets (Note 14)		(17,577	)		(13,630	)
Total depreciation of property, plant and equipment		56,438			39,863

(b)

Intangible assets

As of September 30, 2022, additions mainly correspond to energy segment due to investments in the preparation of wells and other assets for S/89.7 million; additions to infrastructure segment due to concessions and licenses for S/6.2 million; and additions to engineering and construction segment due to investment in software and development expenses for S/6 million (as of September 30, 2021, additions mainly correspond to energy segment due to investments in the preparation of wells for S/19 million; additions to engineering and construction segment due to investment in software and development expenses for S/4.6 million; and additions to infrastructure segment due to concessions and licenses for S/3.2 million).

For the periods ended September 30, 2021, and 2022, the breakdown of intangible amortization included in the consolidated statement of income is as follows:

	2021		2022
Cost of sale of goods and services (Note 21)		69,874		72,288
Administrative expenses (Note 21)		3,336		2,178
Amortization from discontinued operations		943		-
Total amortization for the period		74,153		74,466

- 24 -

Goodwill

Management reviews businesses results based on the type of economic activity developed. The cash-generating units are distributed in the following segments:

	2021		2022
Engineering and construction		36,345		31,815
Electromechanical		20,735		20,735
		57,080		52,550

15.	BORROWINGS

This caption comprises the following:

	Total				Current				Non-current
	As of		As of		As of		As of		As of		As of
	December 31,		September 30,		December 31,		September 30,		December 31,		September 30,
	2021		2022		2021		2022		2021		2022

Bank loans (a)		343,679		694,053		217,935		571,423		125,744		122,630
Other financial entities (b)		165,878		178,220		3,746		12,540		162,132		165,680
Lease liability for right-of-use asset		60,507		60,321		14,541		15,248		45,966		45,073
Finance leases		9,836		6,021		5,118		4,354		4,718		1,667
		579,900		938,615		241,340		603,565		338,560		335,050

(a)

Bank loans

As of December 31, 2021 and as of September 30, 2022, this item comprises bank loans in local and foreign currencies for working capital purposes. These obligations accrue fixed interest rates which fluctuate between 0.9% and 11% in 2021 and between 0.9% and 17% in 2022.

				Current				Non-current
				As of		As of		As of		As of
	Interest	Date of		December 31,		September 30,		December 31,		September 30,
	rate	maturity		2021		2022		2021		2022

AENZA S.A.A. (i)	Term SOFR 3M + from 6.26% to 8.51%		2023		-		479,616		-		-
Unna Energia S.A. (ii)	6.04% / 7.68%		2027		23,351		29,388		120,635		110,168
Viva Negocio Inmobiliario S.A. (iii)	7.00% / 11.35%		2024		64,679		43,472		583		10,353
Cumbra Peru S.A. (iv - v)	0.92% / 17.26%		2025		129,905		18,947		4,526		2,109
					217,935		571,423		125,744		122,630

AENZA S.A.A. Bridge Loan Agreement

On March 17, 2022, the Company entered into a bridge loan credit agreement for up to US$120 million, with a group of financial entities comprised by Banco BTG Pactual S.A. - Cayman Branch, Banco Santander Peru S.A., HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero HSBC, and Natixis, New York Branch. The financing will be repaid over a period of 18 months, in quarterly payments, and will be secured, subject to the fulfillment of certain precedent conditions, by a cash flow trust (first lien), a pledge on our shares in Unna Energia S.A. (first lien), and a trust fund over the shares of Viva Negocio Inmobiliario S.A. (second lien). On April 5, 2022, the Company received the full amount of the financing for US$120 million. The loan bears interest at the following interest rates: (i) for the first and second payment, Term SOFR + 6.26%; (ii) for the third and fourth payment, Term SOFR + 6.76%; (iii) for the fifth payment, Term SOFR + 7.51%; and (iv) for the sixth payment, Term SOFR + 7.51%. As of September 30, 2022, the total amount payable of S/479.6 million includes interest payable and net of deferred charges of S/1.5 million. As of September 30, 2022, the Company has complied with the corresponding covenants established in the contract loan.

- 25 -

ii)

Unna Energia S.A. Loan

Terminales del Peru (hereinafter “TP”), a joint operation of the subsidiary Unna Energia S.A., has a medium-term loan agreement with Banco de Credito del Peru (hereinafter “BCP”) up to US$30 million to finance the investments committed and up to US$70 million to finance the additional investments from the operation contract of the North and Center terminals for the period 2015 to 2019, its period of availability is until December 31, 2022, with a maximum exposure limit of US$80 million. These loans are repaid within 8 years. During 2021 additional cash transfer of US$11.6 million (equivalent to S/45.1 million) was requested for the additional investments. As of September 30, 2022, the amount of financing equivalent to the 50% interest held by the subsidiary Unna Energia S.A. amounts to US$27.5 million, equivalent to S/109.5 million (US$27.2 million, equivalent to S/108.7 million, as of December 31, 2021).

In addition, during November 2019, TP signed a loan agreement to finance the additional investments from 2019 to 2023, for a credit line amounting to US$46 million with BCP. The contract confirmed the participation of an assignee, so BD Capital (BDC) acquired 50% of the BCP contractual position through the subscription of the accession contract. As of September 30, 2022, the amount of financing equivalent to the 50% interest held by the subsidiary Unna Energia S.A. amounts to US$7.8 million, equivalent to S/31.2 million (US$9.2 million, equivalent to S/36.8 million, as of December 31, 2021).

As of December 31, 2021, and as of September 30, 2022, TP is in compliance with the ratios established in the contract loan.

iii)

Viva Negocio Inmobiliario S.A. Loan

The balance includes the following:

						As of		As of
	Interest			Date of		December 31,		September 30,
	rate			maturity		2021		2022

Banco de Credito del Peru		7.00	%		2022 - 2023		35,679		36,178
Banco Interamericano de Finanzas		11.35	%		2024		18,456		13,707
BBVA Continental		7.94	%		2023 - 2024		9,742		3,940
Eldo Peru S.A.C.		11.00	%		2022		1,385		-
							65,262		53,825

iv)

Financial Stability Framework Agreement

In July 2017, the Company and its subsidiaries (Cumbra Peru S.A., Construyendo Pais S.A., Vial y Vives - DSD S.A. and Concesionaria Via Expresa Sur S.A.) signed a Financial Stability Framework Agreement with the following financial entities: Scotiabank Peru S.A., Banco Internacional del Peru S.A.A., BBVA Banco Continental, Banco de Credito del Peru, Citibank del Peru S.A. and Citibank N.A. The objectives of the Financial Stability Framework Agreement were to guarantee Cumbra Peru S.A. a syndicated revolving line for working capital, a non-revolving line of credit to finance repayment commitments subject to performance bonds; guarantee lines of credit for the issuance of the performance bond and undertake to maintain the existing letters of credit issued at the request of Cumbra Peru S.A. As of December 31, 2021, the Company complied with the obligations and covenants established in the Financial Stability Framework Agreement.

On March 29, 2022, S/28.2 million and US$0.3 million corresponding to the total balance of the Financial Stability Framework Agreement were fully paid.

- 26 -

Banco Santander Peru S.A. Loan

On December 28, 2020, Tecnicas Reunidas enforced two letters of credit for a total amount of US$23.7 million, which had been issued by Banco Santander Peru S.A. on behalf of our subsidiary Cumbra Peru S.A. as security pursuant to a construction contract. As a result, Cumbra Peru S.A. subscribed a loan with Banco Santander for principal amount of US$23.7 million (equivalent to S/85.9 million). The loan accrued interest at an annual effective interest rate of Libor + 8%. As of December 31, 2021, the debt balance was US$20.2 million, equivalent to S/80.8 million, Cumbra Peru S.A. complied with the covenants under the Loan Agreement with Banco Santander Peru S.A.

In April 2022, Cumbra Peru S.A. paid the entire debt amounting to US$20.2 million.

(b)

Other financial entities

Corresponds to the monetization of Red Vial 5 S.A. dividends, operation carried out on May 29, 2018, for the subscription of an investment contract between the Company and Inversiones Concesiones Vial S.A.C. (“BCI Peru”) - whith the intervention of Fondo de Inversiones BCI NV (“Fondo BCI”) and BCI Management Administradora General de Fondos S.A. (“BCI” Asset Management”) - to monetize future dividends from Red Vial 5 S.A. to the Company. With the signing of this agreement, the Company obligated itself to indirectly transfer its economic rights over 48.8% of the share capital of Red Vial 5 S.A. by transferring its class B shares (equivalent to 48.8% of the capital of Red Vial S.A.) to a vehicle specially constituted for such purposes named Inversiones en Autopistas S.A. The amount of the transaction was US$42.3 million (equivalent to S/138 million) and was completed on June 11, 2018.

Likewise, it has been agreed that the Company will have purchase options on 48.8% of Red Vial 5 S.A.’s economic rights that BCI Peru will maintain through its participation in Inversiones en Autopistas S.A. These options will be subject to certain conditions such as the expiration of different terms, recovery of the investment made with the funds of the BCI Fund (according to different economic calculations) and/or that a change of control occurs.

In 2020, the Company recognized at fair value the liability amounting to US$42.1 million (equivalent to S/152.5 million).

As of September 30, 2022, the balance to be paid amounted to US$44.7 million, equivalent to S/178.2 million (as of December 31, 2021, balance was US$41.5 million, equivalent to S/165.8 million). Accrued interest amounted to S/7 million (as of September 30 2021, S/7.4 million).

(c)

Fair value of borrowings

The carrying amount and fair value of borrowings are detailed as follows:

	Carrying amount				Fair value
	As of		As of		As of		As of
	December 31,		September 30,		December 31,		September 30,
	2021		2022		2021		2022

Bank loans		343,679		694,053		372,270		694,141
Other financial entities		165,878		178,220		165,878		178,220
Lease liability for right-of-use asset		60,507		60,321		66,943		61,816
Finance leases		9,836		6,021		9,097		5,732
		579,900		938,615		614,188		939,909

As of September 30, 2022, the fair value is based on cash flows discounted using debt rates between 4.5% and 10% (between 3.9% and 10% as of December 31, 2021) and are included as Level 2 in the level of measurement, except for other financial entities which is measured within level 3.

- 27 -

16.

BONDS

This caption comprised the following:

	Total				Current				Non-current
	As of		As of		As of		As of		As of		As of
	December 31,		September 30,		December 31,		September 30,		December 31,		September 30,
	2021		2022		2021		2022		2021		2022

Tren Urbano de Lima S.A. (a)		626,697		628,912		24,496		29,566		602,201		599,346
Red Vial 5 S.A. (b)		251,933		228,277		36,637		41,078		215,296		187,199
Cumbra Peru S.A. (c)		26,282		21,720		4,896		4,283		21,386		17,437
AENZA S.A.A. (d)		356,010		-		3,809		-		352,201		-
		1,260,922		878,909		69,838		74,927		1,191,084		803,982

(a)

Tren Urbano de Lima S.A.

During February 2015, the subsidiary Tren Urbano de Lima S.A. issue corporate bonds under Regulation S of the United States of America. The issuance was made in VAC soles (adjusted for the Constant Update Value) for an amount of S/629 million. The bonds have a maturity ended in November 2039 and accrue an annual effective interest rate of 4.75% (plus the VAC adjustment), present a risk rating of AA+ (local scale) granted by Apoyo & Asociados Internacionales Clasificadora de Riesgo. As of September 30, 2022, an accumulated amortization amounting to S/121.7 million has been made (S/106.9 million as of December 31, 2021).

As of September 30, 2022, the balance includes VAC adjustments and interest payable for S/137.4 million (S/121.1 million as of December 31, 2021).

The account movement of such corporate bonds for the periods ended September 30, 2021, and 2022 is as follows:

	2021			2022

Balance as of January, 1		624,454			626,697
Amortization		(12,179	)		(14,716	)
Accrued interest		36,150			40,608
Interest paid		(22,679	)		(23,677	)
Balance as of September, 30		625,746			628,912

As of December 31, 2021, and as of September 30, 2022, Tren Urbano de Lima S.A. has complied with the corresponding covenants.

As of September 30, 2022, the fair value amounts to S/629.8 million (S/626.8 million, as of December 31, 2021), this is based on discounted cash flows using an annual effective interest rate of 6.34% (cash flows using an annual effective interest rate of 4.9% as of December 31, 2021) and corresponds to level 3 of the fair value hierarchy.

(b)

Red Vial 5 S.A.

Between 2015 and 2016, the subsidiary Red Vial 5 S.A. issued the First Corporate Bond Program on the Lima Stock Exchange for a total S/365 million. Risk rating agencies Apoyo & Asociados Internacionales graded this debt instrument AA+.

The capital raised was used to finance the construction of the second phase of Red Vial No.5 and the financing of VAT arising from a project-related expenses.

- 28 -

The account movement for the periods ended September 30, 2021, and 2022 is as follows:

	2021			2022

Balance as of January, 1		280,848			251,933
Amortization		(21,537	)		(23,518	)
Accrued interest		16,919			15,044
Interest paid		(17,023	)		(15,182	)
Balance as of September, 30		259,207			228,277

As of December 31, 2021, and as of September 30, 2022, Red Vial 5 S.A. has complied with the covenants.

As of September 30, 2022, fair value amounts to S/234.5 million (as of December 31, 2021, S/260 million), is based on discounted cash flows using an annual effective interest rate 8.2% (8.1% as of December 31, 2021) and is within level 2 of the fair value hierarchy.

(c)

Cumbra Peru S.A.

At the beginning of 2020, the subsidiary Cumbra Peru S.A. prepared the First Private Bond Program, up to a maximum amount of US$8 million.

In the first quarter of the year 2020, bonds issued amounts to US$7.8 million (equivalent to S/25.9 million) under the debt swap modality, related to its outstanding trade accounts.

The bonds mature in December 2027 and bear an annual effective interest rate of 8.5%, payment is semi-annual and have a risk rating of B-, granted by the rating company Moody’s Peru. As of September 30, 2022, the balance includes accrued interest payable for US$0.1 million, equivalent to S/0.4 million (US$0.3 million, equivalent to S/1 million, as of December 31, 2021).

The account movement for the periods ended September 30, 2021, and 2022 is as follows:

	2021			2022

Balance as of January, 1		27,457			26,282
Amortization		(3,687	)		(3,812	)
Exchange difference		3,451			(128	)
Accrued interest		1,664			1,403
Interest paid		(2,268	)		(2,025	)
Balance as of September, 30		26,617			21,720

As of September 30, 2022, the fair value amounts to S/20.8 million (S/27.1 million as of December 31, 2021), is based on discounted cash flows using a rate of 10.8% (7.4% as of December 31, 2021) and is within level 3 of the fair value hierarchy.

(d)

AENZA S.A.A.

On August 2021 13, AENZA S.A.A. issued bonds convertible (hereinafter, the “Bonds”) into common shares with voting rights. The total amount of the issue was US$89.9 million, issuing 89,970 bonds, each with a nominal value of US$ 1,000.

The placement of these bonds was executed locally and were made available to investors only in Peru pursuant to the provisions of the applicable current Peruvian legislation. The bonds maturity date was February 2024, bear an annual effective interest rate of 8%, and were payable on a quarterly basis.

- 29 -

Pursuant to the terms and conditions of the convertible bonds, issued, these may be converted into shares as of the sixth months from the date of issuance, according to the following procedure: 1) the conversion day was the last business day of each month; 2) the conversion may be totally or partially; 3) the conversion notice must be sent to the Bondholders’ Representative no later than 5 business days prior to the conversion date; and 4) the conversion price would be the minimum between (i) US$0.33 (Zero and 33/100 United States Dollars) per Share, and (ii) 80% of the average price of the transactions occurring thirty (30) days prior to the Conversion Date, weighted by the volume of each transaction. The conversion will be made by dividing the current nominal value of each bond by the conversion price.

As of December 31, 2021, the debt balance net of costs incurred amounted to US$89.9 million equivalent to S/356 million. Thereafter the Corporation converted entirely all bonds into common shares in two tranches, first on February 28, 2022, 11,000 bonds and secondly on March 31, 2022, 78,970 bonds (see, Note 20). On March 31, 2022, the balance of the debt was fully paid.

17.	TRADE ACCOUNTS PAYABLE

This caption is comprised by the following:

	As of		As of
	December 31,		September 30,
	2021		2022

Invoices payable		506,798		487,713
Cost provision (a)		468,360		482,366
Notes payable		5,609		5,370
		980,767		975,449

(a)

The cost provision include the following:

Goods and services received not invoiced amounting to S/342.1 million for the engineering and construction segment, S/36.2 million for the infrastructure segment, S/25.4 million for the energy segment, S/22.3 million for the real estate and S/14.9 million for operations of the parent company (S/296.6 million, S/42.3 million, S/24.2 million, S/20.6 million and S/16 million, respectively, as of December 31, 2021).

ii)

Estimate costs to come according to the completion percentage of projects on engineering and construction segment amounting to S/41.4 million (S/68.6 million, as of December 31, 2021).

- 30 -

18.	OTHER ACCOUNTS PAYABLE

This caption is comprised by the following:

	Total				Current				Non-current
	As of		As of		As of		As of		As of		As of
	December 31,		September 30,		December 31,		September 30,		December 31,		September 30,
	2021		2022		2021		2022		2021		2022

Advances received from customers (a)		322,680		423,943		315,644		420,874		7,036		3,069
Other taxes payable		124,004		136,011		112,737		134,994		11,267		1,017
Salaries and other payable to personnel		126,466		134,562		126,466		134,562		-		-
Arbitration payable		58,502		83,883		58,502		44,441		-		39,442
Consorcio Ductos del Sur - payable (b)		77,665		33,126		29,242		15,081		48,423		18,045
Guarantee deposits		26,017		22,523		26,017		22,498		-		25
Share purchase agreement - Inversiones Sur		15,992		15,936		-		15,936		15,992		-
Acquisition of additional non-controlling interest		25,253		11,139		25,253		11,139		-		-
Put option liability on Morelco acquisition		27,986		-		27,986		-		-		-
Other accounts payable		42,785		38,065		33,134		31,258		9,651		6,807
		847,350		899,188		754,981		830,783		92,369		68,405

(a)

Advances received from customers mainly correspond to construction projects, and are applied to progress billings, in accordance with contract terms. The increase is mainly due to advances received from the client Lima Airport Partners S.R.L. for the Intipunku consortium in S/72 million and advances received from Special National Transportation Infrastructure Project and for the concessionaire Carretera Andina del Sur S.A.in S/35 million, respectively.

	Total				Current				Non-current
	As of		As of		As of		As of		As of		As of
	December 31,		September 30,		December 31,		September 30,		December 31,		September 30,
	2021		2022		2021		2022		2021		2022

Customer advances for real estate projects		80,188		131,085		80,188		131,085		-		-
Customer advances from Consortiums		27,568		113,494		27,568		113,494		-		-
Pebbles Quebrada Blanca Phase 2 Project		120,642		85,690		120,642		85,690		-		-
Special National Transportation Infrastructure Project		19,582		55,285		12,765		52,385		6,817		2,900
Quellaveco Project		10,841		14,639		10,841		14,639		-		-
Gasoducto Piura Construction		5,745		-		5,745		-		-		-
Evaporadores Modernización y ampliación de la Planta Arauco Project		52,063		-		52,063		-		-		-
Others		6,051		23,750		5,832		23,581		219		169
		322,680		423,943		315,644		420,874		7,036		3,069

(b)

The balance of other accounts payable from Consorcio Constructor Ductos del Sur mainly corresponds to payment obligations to vendors and main subcontractors for S/33.1 million (S/77.6 million as of December 31, 2021) arisen by the subsidiary Cumbra Peru S.A. due to the termination of Gasoducto Sur Peruano S.A. operations (see Note 11).

The fair value of current accounts is approximate to their book value due to short-term maturities. The non-current part mainly includes non-financial liabilities such as advances received from customers; the remaining balance is not significant in the financial statements.

- 31 -

19.	OTHER PROVISIONS

This caption is comprised by the following:

	Total				Current				Non-current
	As of		As of		As of		As of		As of		As of
	December 31,		September 30,		December 31,		September 30,		December 31,		September 30,
	2021		2022		2021		2022		2021		2022

Legal claims (a)		364,385		584,470		117,520		91,414		246,865		493,056
Tax claims		37,466		40,527		16,776		20,818		20,690		19,709
Provision for closure (b)		82,475		78,724		20,533		5,308		61,942		73,416
		484,326		703,721		154,829		117,540		329,497		586,181

(a)

Legal contingencies are comprised by the following:

Civil compensation to Peruvian Government

Corresponds to the legal contingency estimated by management for exposure of the Company to a probable compensation in relation to their participation as minority partners in certain entities that developed infrastructure projects in Peru with companies belonging to the Odebrecht group and projects related to “Club de la Construccion”. As indicated in Note 1-c) on September 15, 2022, the collaboration and benefits agreement is signed, through which AENZA recognizes it was utilized by certain former executives to commit illicit acts until 2016, and commits to pay a civil penalty to the Peruvian State of S/484.2 million. The civil penalty will be made within a term of 12 years, under a legal interest rate in Soles and US Dollars (1% and 0.20% effective interest annual rate as of September 30, 2022, respectively); in addition, the Company compromise to establish a package of guarantees after the court approval i) a trust that includes shares issued by a subsidiary of AENZA; ii) a mortgage on a real state asset and iii) guaranty account with funds equivalent to the annual fees corresponding to the following year. Among other conditions, the Agreement includes a restriction for Aenza and the subsidiaries Cumbra Peru S.A., and Unna Transporte S.A. to participate in public construction and road maintenance contracts with the Peruvian State for two (2) years, counted from court’s approval. As of September 30, 2022, the Company recognized in its financial statements the integrity of the liability associated with the Agreement for S/484.2 million (S/321.9 million and US$40.7 million), in the caption “Other Provisions” within the consolidated statement of financial position, affecting results for the period, equivalent to the remaining portion of the total imputed, for approximately S/246.8 million in the caption “Other expenses” within the consolidated income statement. (As of December 31, 2021 was S/164.6 million and US$18.9 million equivalent to S/240.1 million).

Administrative process INDECOPI

On March 9, 2021, Cumbra Peru S.A. was notified with a Final instruction Report prepared by the Technical Secretary of the National Institute of Competence, Protection and Intellectual Property - INDECOPI (by its acronym in Spanish and INDECOPI hereinafter) in relation to the administrative sanction process against 33 construction companies and other 26 of their executives for allegedly arranging a coordination system to illegally distribute several contract tenders conducted by Provias Nacional and other govenmental entities. On November 15, 2021 INDECOPI’s – Free Competence Defense Commission, through Resolution N°080-021-CLC-INDECOPI, ruled in favor to sanction the companies and their executives, included Cumbra Peru S.A. On December 9, 2021, Cumbra Peru filed an appeal against such ruling, suspending its application including the payment of imposed fines and compliance of corrective measures dictated. The Company and its legal advisors estimated a provision amounting to S/52.4 million that was recognized as of September 30, 2022 (S/52.6 million as of December 31, 2021).

ii)

On February 7, 2022, Cumbra Peru S.A. and Unna Transporte S.A.C. were notified by INDECOPI under File 003-2020/CLC-IP, issued on Resolution 038-2021/DLC-INDECOPI of December 28, 2021, through which initiate a sanctioning administrative procedure for the alleged execution of a horizontal collusive practice in the form of concerted distribution of suppliers in the contracting market of construction workers industry across nation-wide, during the period comprehended between years 2011 to 2017. The Company and its legal advisors estimated a provision amounting to S/2.7 million recognized as of September 30, 2022 (S/4.8 million as of December 31, 2021).

- 32 -

Shareholder class action lawsuits in the Eastern District Court of New York, United States of America

During the first quarter of 2017 two collective demands were filed against the Company, and certain former employees in the Eastern District of New York attending Securities Act legislation. On July 2, 2020, the Company signed the definitive settlement agreement with plaintiffs’ counsel, whereby the parties agree to terminate the collective demand subject to Court’s approval and payment of the settlement amount by the Company. The amount settled for the termination of the class action is equivalent to US$20 million. On September 14, 2021, the settlement agreement was approved by the Eastern District Court of New York. During 2020, a payment of US$0.3 million (equivalent to S/1.1 million) and US$5 million was made and covered by the Company and by the professional liability assurance policy in accordance with the agreement signed with the insurer, respectively. The term of the agreement stablishes that the remaining US $ 14.7 million, plus 5% annual effective interest rate and 8% after June 30, 2021, must be paid by the Company before September 30, 2021.

On June 30, 2021, a first amendment to the agreement was signed, in which is stablished a payment of US$0.6 million (equivalent to S/2.2 million), amortization of the outstanding balance on September 30, 2021, and an annual effective interest rate of 8%. On October 1, 2021, the second amendment to the agreement was signed, whereby US$5.5 million (equivalent to S/22.7 million) was paid plus accrued interest of US$0.9 million (equivalent to S/3.6 million), established as a new expiration date June 30, 2022, plus accrued interest per year at an annual effective interest rate of 9% was set.

As of December 31, 2021, the Company maintains a provision of US$8.6 million, equivalent to S/34.4 million, plus interests. This provision of S/33.3 million was full paid on April 8, 2022.

(b)

Provision for closure corresponds mainly to:

Provisions for closure of wells of Unna Energia S.A. for S/66.9 million and contractual compliance with Petroperu for S/3.4 million (as of December 31, 2021, S/71.1 million and S/3.4 million, respectively);

ii)

Provision for costs associated of the subsidiary Red Vial 5 S.A., related to the closing of the concession contract and the process of claiming the tariff guarantee for toll suspension for S/5.6 million (as of December 31, 2021, S/5.1 million).

- 33 -

The account movement for the periods ended as of September 30, 2021, and 2022 are as follows:

	Legal			Tax			Provision
	claims			claims			for closure			Total

As of January 1, 2021		326,868			8,176			52,949			387,993
Additions		23,380			2,686			-			26,066
Present value		14,346			-			3,655			18,001
Reversals of provisions		(9,140	)		-			-			(9,140	)
Reclasification		(5,755	)		1,379			3,978			(398	)
Payments		(4,601	)		-			(80	)		(4,681	)
Translation adjustments / Exchange difference		22,257			-			1,271			23,528
As of September 30, 2021		367,355			12,241			61,773			441,369

As of January 1, 2022		364,385			37,466			82,475			484,326
Additions		308,816			3,495			-			312,311
Present value		(207	)		-			(3,304	)		(3,511	)
Reversals of provisions		(1,286	)		(434	)		-			(1,720	)
Reclasification		(39,588	)		-			-			(39,588	)
Payments		(38,639	)		-			(216	)		(38,855	)
Translation adjustments / Exchange difference		(9,011	)		-			(231	)		(9,242	)
As of September 30, 2022		584,470			40,527			78,724			703,721

20.

CAPITAL

On February 28, 2022, according with terms and conditions of the convertible bond, the holders of 11,000 Convertible Bonds, each with a nominal value of US$1,000 each and for a principal amount equivalent to US$11 million, communicated the decision to execute their conversion rights. As consequence, AENZA issued provisional certificates for 37,801,073 new common shares, with a nominal value of S/1.00 each, with voting rights, and they are fully subscribed and paid. Therefore, the Company increased its capital stock from S/871,917,855 to S/ 909,718,928.

Additionally, on March 31, 2022, holders of 78,970 convertible bonds, each with a nominal value of US$1,000 each and for a principal amount equivalent to US$78.9 million, communicated their decision to execute their conversion rights. As consequence AENZA converted the bonds, as well as paid the accrued interest to the bondholders who have exercised their conversion rights. The Company issued provisional certificates for 287,261,051 new common shares. Therefore, the capital stock of the Company has increased from S/909,718,928 to S/1,196,979,979. After this last operation, the convertible bonds have been fully paid (see, Note 16-d).

As of September 30, 2022, the total capital stock of the Company corresponds a total of 132,498,610 shares represented in ADS, equivalent to 26,499,722 ADSs at a rate of 5 shares per ADS.

As of December 31, 2021, the total capital stock of the Company corresponds a total of 136,637,740 shares represented in ADS, equivalent to 27,327,548 ADSs at a rate of 5 shares per ADS.

- 34 -

21.	EXPENSES BY NATURE

For the periods ended September 30, 2021, and 2022, this caption comprises the following:

	Cost
	of goods			Administrative
	and services			expenses		Total
2021
Salaries, wages and fringe benefits		944,776			74,588		1,019,364
Services provided by third-parties		754,944			31,164		786,108
Purchase of goods		493,616			-		493,616
Other management charges		131,840			12,677		144,517
Depreciation (Note 14.a)		63,085			3,886		66,971
Amortization (Note 14.b)		69,874			3,336		73,210
Impairment of accounts receivable		1,321			2		1,323
Taxes		3,600			142		3,742
Recovery of property, plant and equipment		(1,939	)		-		(1,939	)
Impairment of Inventory		2			-		2
		2,461,119			125,795		2,586,914

2022
Salaries, wages and fringe benefits		989,510			69,344		1,058,854
Services provided by third-parties		1,061,375			25,915		1,087,290
Purchase of goods		418,923			-		418,923
Other management charges		265,184			6,993		272,177
Depreciation (Note 14.a)		52,148			4,334		56,482
Amortization (Note 14.b)		72,288			2,178		74,466
(Recovery) impairment of accounts receivable		(828	)		24		(804	)
Taxes		9,299			143		9,442
Recovery of property, plant and equipment		(1,091	)		-		(1,091	)
Recovery of inventory		(1	)		-		(1	)
		2,866,807			108,931		2,975,738

22.	OTHER INCOME AND EXPENSES

For the periods ended September 30, 2021, and 2022, this item comprises:

	2021			2022
Other income:
Sale of assets		6,473			8,187
Accounts payable reversal		-			5,048
Valuation of well retairment provision		-			3,782
Change in contract of the call option		-			3,706
Recovery of provisions and impairments		5,461			1,849
Penalty income		1,005			762
Insurance compensation		2,293			144
Others		1,787			4,295
		17,019			27,773

Other expenses:
Civil penalty recognized from the Agreement (Note 19.a)		-			246,855
Administrative sanctions and legal processes		11,388			8,893
Net cost of fixed assets disposal		6,572			5,267
Asset impairment		3			16,657
Disposal of property, plant and equipment		1,724			1,964
Renegotiation of contract with suppliers		174			1,807
Valuation of well abandonment		3,024			-
Others		706			2,405
		23,591			283,848
Other expenses, net		(6,572	)		(256,075	)

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23.	FINANCIAL INCOME AND EXPENSES

For the periods ended September 30, 2021, and 2022, this item comprises:

	2021			2022

Financial income:
Interest on short-term bank deposits		557			7,317
Profit for present value of financial asset or financial liability (a)		2,267			8,165
Exchange difference gain, net		-			2,075
Interest on loans to third parties		457			700
Others		796			693
		4,077			18,950

Financial expenses:
Loss for present value of financial asset or financial liability (b)		49,564			96,776
Interest expense on:
- Bank loans		46,510			44,781
- Bonds		23,181			29,690
- Loans from third parties		8,493			4,047
- Financial lease right-of-use		2,927			3,091
- Financial lease		683			402
Commissions and collaterals		17,738			15,300
Interests from Tax Administration		12,366			10,631
Exchange difference loss, net		13,656			-
Other financial expenses		1,721			3,498
Less capitalized interest		(1,792	)		(1,172	)
		175,047			207,044

(a)

Mainly corresponds to the adjustment in the Subsidiary Viva Negocio Inmobiliario S.A. for the present value on the account receivable to Ministerio de Vivienda, Construccion y Saneamiento from the Ancon Project for S/5.8 million.

(b)

Mainly corresponds to:

Adjustment of present value of the account receivable from Gasoducto Sur Peruano S.A. for S/69.9 million, due to the variation in the discount rate, which increased from 2.73% to 5.73% (S/31.7 million due to an increase in the rate from 1.65% to 2.66% as of September 30, 2021).

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	ii)	Adjustment on the fair value of the loan of BCI at Inversiones en Autopistas S.A. for S/15.7 million (S/5.4 million as of September 30, 2021).

iii)

Present value of the Inversiones Majes S.A. account receivable at Viva Negocio Inmobiliario S.A. for S/6 million at a discount rate of 8.6%.

24.	CONTINGENCIES, COMMITTMENTS AND GUARANTEES

Under Management’s opinion and that of its legal advisors, provisions recognized mainly for civil lawsuits, labor disputes, tax claims, contentious and administrative processes are sufficient to cover the results of these probable contingencies (Note 19).

Tax contingencies

The Company considers that the maximum exposure for tax contingencies of the Corporate amounts to S/308 million (S/303.1 million as of December 2021), as described below.

Claim process at SUNAT for S/130 million (Aenza S.A.A.S/101.2 million for income tax for year 2015, Cumbra Ingenieria S.A. S/18.6 million for income tax for the years 2014 and 2015, Consorcio Constructor Chavimochic S/8.9 million for income tax for the years 2014 to 2016, Cumbra Peru S.A.S/1.3 million for income tax for the year 2016).

ii)

Appeal process at the Tax Court for S/177.9 million (Cumbra Peru S.A. S/105.2 million for income tax for the years 2012 and 2014; Aenza S.A.A. S/56.3 million for income tax for the years 2013 and 2014; Cumbra Ingenieria S.A. S/3.5 million for income tax for the years 2013 and 2016; Viva Negocio Inmobiliario S.A. S/1.6 million for income tax for the year 2009; Consorcio Constructor Ductos del Sur S/10.6 million for income tax for the year 2014; and Unna Transporte S.A. S/0.7 million for income tax and VAT).

As of September 30, 2022, and December 31, 2021, according to Management’s opinion all the afore mentioned processes will be favorable considering their characteristics and the evaluation of their legal advisors.

Other contingencies

The Company considers that the maximum exposure for other contingencies of the corporate amounts to S/60.1 million, as detailed:

Administrative processes amounting to S/13.7 million (Unna Energia S.A. for S/7.2 million, Cumbra Peru S.A. for S/5.8 million, Viva Negocio Inmobiliario S.A. for S/0.4 million and Tren Urbano de Lima S.A. for S/0.3 million).

ii)

Civil lawsuits, mainly related to indemnities for damages, contract terminations and obligations to pay a sum of money amounting to S/27.3 million (Cumbra Peru S.A. for S/21 million, Cumbra Ingenieria S.A. for S/3.8 million, Unna Transporte S.A.C. for S/1 million, Morelco S.A.S. for S/0.7 million, Red Vial 5 S.A. for S/0.5 million, and Viva Negocio Inmobiliario S.A. for S/0.3 million).

iii)

Labor claim processes amounting to approximately S/18.7 million (Morelco S.A.S for S/15.4 million, Unna Energia S.A. for S/1.6 million, Unna Transporte S.A.C for S/1.4 million and Cumbra Peru S.A. for S/0.3 million).

iv)

Contentious administrative processes amounting to S/0.3 million.

Letters bonds and guarantees

The Corporation maintains guarantees and letters of credit in force in several financial entities guaranteeing operations for US$505.3 million (US$471.9 million, as of December 31, 2021).

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25.

DIVIDENDS

In compliance with certain covenants applicable as of to this date produced by agreements subscribed by the corporation, the Company will not pay, except for transactions with non-controlling interests. Certain of our debt or other contractual obligations may restrict our ability to pay dividends in the future. Additionally, the Collaboration and Benefits Agreement does not allow the distribution of dividends until 40% of the total amount of the committed civil penalty described in Note 1 c) has been paid.

For the period ended September 30, 2022, the Corporation’s subsidiaries have paid dividends to its non-controlling interests of S/7.1 million (for period ended on September 30, 2021, the subsidiaries paid S/36.3 million).

26.	LOSS PER SHARE

The basic loss per common share has been calculated by dividing the loss of the period attributable to the Corporation’s common shareholders by the weighted average of the number of common shares outstanding during that period. No diluted loss per common share has been calculated because there is no potential diluent common or investment shares (i.e., financial instruments or agreements that entitle to obtain common or investment shares); therefore, it is the same as the loss per basic share.

For the periods ended September 30, 2021, and 2022, the basic loss per common share is as follows:

		2021			2022

Loss attributable to owners of the Company during the period			(103,486	)		(331,544	)
Weighted average number of shares in issue at S/1.00 each, from January 1 to September 30			871,917,855			1,126,470,180

Basic loss per share (in S/)	(*)		(0.119	)		(0.294	)

Loss from continuing operations attributable to owners of the Company during the period			(82,489	)		(331,544	)
Weighted average number of shares in issue at S/1.00 each, from January 1 to September 30			871,917,855			1,126,470,180

Basic loss per share (in S/)	(*)		(0.095	)		(0.294	)

(*)

The Corporation does not have common shares with dilutive effects on September 30, 2021, and 2022.

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27.	EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION

Concesionaria Chavimochic S.A.C

On October 4, 2022, within the framework of the arbitration process initiated by Chavimochic against the Peruvian State derived from the Concession Contract for the Design, Construction, Operation and Maintenance of the Major Hydraulic Works of the Chavimochic Project of May 9, 2014, the Concessionaire was notified of the Arbitration Award dated April 28, 2022. In summary, the award imposes Contract expiration due to reasons attributable to the parties, grants similar monetary rights to both parties, among other details related to Grantor and Concessionaire’s claims.

As of the conclusion of this report, the Concessionaire is analyzing the Arbitration Award and possible actions to be taken within the framework of the CNUDI Arbitration Rules and applicable regulations for the safeguarding of the Concessionaire Chavimochic S.A.C rights.

Gasoducto Sur Peruano

On October 13, 2022, on second call, the Creditors Committee of Gasoducto Sur Peruano S.A. (“GSP”), a company of which the Company is shareholder through our subsidiary Negocios de Gas S.A. decided on the designation of its authorities and on approval for the dissolution and liquidation of GSP in accordance with the General Law of the Bankruptcy System.

In a forthcoming session, the Creditors Committee must designate a Liquidator, which will be responsible for the management of assets and liabilities of GSP related to its exit from the market and subsequent liquidation.

Empresa de Generacion Electrica Machupichu S.A. (“EGEMSA”)

In relation to our subsidiary Cumbra Peru S.A. (“Cumbra”) and its Machupichu project, which consisted of the execution of rehabilitation works in the second phase of the Machupichu Hydroelectric Power Plant, through a Contract of the same name and dated April 2009, we were notified with the judicial sentence that declares unfounded the demand for Partial Annulment of the Arbitration Award filed by Cumbra.

By virtue of what is indicated in the previous paragraph and the legal report elaborated by our subsidiary, Management has decided to record a provision of US$11.2 million (S/44,6 million) in the Financial Statements of Cumbra as of September 30, 2022.

Finally, this process does not result in an immediate impact on Cumbra’s cash flow, since there are other awards related to this project pending resolution.

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