Compañía Latinoamericana De Infraestructura & Servicios S
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CLISA - Compañía Latinoamericana de Infraestructura & Servicios S.A. Legal address: Leandro N. Alem 1050, 9th Floor City of Buenos Aires Special Condensed Interim Consolidated Financial Statements for the nine-month period ended September 30, 2018, presented in comparative format CLISA - Compañía Latinoamericana de Infraestructura & Servicios S.A. Special Condensed Interim Consolidated Financial Statements For the period commenced January 1, 2018 and ended September 30, 2018, presented in comparative format Contents Special Condensed Interim Consolidated Financial Statements as of September 30, 2018 Special Condensed Interim Consolidated Statement of Income Special Condensed Interim Consolidated Statement of Other Comprehensive Income Special Condensed Interim Consolidated Balance Sheet Special Condensed Interim Consolidated Statement of Changes in Equity Special Condensed Interim Consolidated Cash Flow Statement Notes to the Special Condensed Interim Consolidated Financial Statements Summary Information Review Report on the Special Condensed Interim Consolidated Financial Statements CLISA – COMPAÑÍA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SPECIAL CONDENSED INTERIM CONSOLIDATED STATEMENT OF INCOME For the nine-month period ended September 30, 2018, presented in comparative format For the three-month For the nine-month period ended period ended 09/30/2018 09/30/2017 09/30/2018 09/30/2017 Notes CONSOLIDATED RESULTS In Pesos In Pesos In Pesos In Pesos Sales 3.6 8,314,878,320 7,028,485,777 20,684,545,487 17,826,141,998 Cost of sales 4 (6,100,951,642) (5,007,377,376) (14,703,903,751) (12,150,920,884) Gross profit 2,213,926,678 2,021,108,401 5,980,641,736 5,675,221,114 Administrative expenses 5 (997,851,862) (950,275,304) (2,499,558,641) (2,363,069,432) Selling expenses and other operating expenses 6 (715,142,048) (691,913,068) (1,593,571,582) (1,638,535,993) Other operating income and expenses, net 26,663,842 (18,527,770) 30,564,039 13,261,381 Operating Income 527,596,610 360,392,259 1,918,075,552 1,686,877,070 Financial income 7 166,829,483 (112,697,670) 621,944,215 75,355,392 Financial expenses 7 (2,896,881,553) 329,788,841 (8,146,161,199) (1,298,234,872) Net gain in associates 8 634,457 (9,312,966) 47,152,902 15,395,617 Goodwill impairment - (1,154,339) - (3,857,901) Loss before income tax (2,201,821,003) 567,016,125 (5,558,988,530) 475,535,306 Income tax 373,944,145 (261,197,820) 160,311,854 (487,379,524) NET LOSS FOR THE PERIOD (1,827,876,858) 305,818,305 (5,398,676,676) (11,844,218) Net loss for the period attributable to: - Owners of the parent (1,893,951,986) 340,113,243 (5,600,525,163) (68,505,278) - Non-controlling interests 66,075,128 (34,294,938) 201,848,487 56,661,060 (1,827,876,858) 305,818,305 (5,398,676,676) (11,844,218) Losses per share attributable to the owners of the parent during the period 9 (19.59) 3.52 (57.93) (0.71) (stated in Ps. per share) The accompanying notes are an integral part of these Special Condensed Interim Consolidated Financial Statements. These Special Condensed Interim Consolidated Financial Statements should be read with the audited Consolidated Financial Statements for the year ended December 31, 2017. 3 CLISA – COMPAÑÍA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SPECIAL CONDENSED INTERIM CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME For the nine-month period ended September 30, 2018, presented in comparative format For the three-month For the nine-month period ended period ended 09/30/2018 09/30/2017 09/30/2018 09/30/2017 OTHER CONSOLIDATED COMPREHENSIVE INCOME In Pesos In Pesos In Pesos In Pesos Net loss for the period (1,827,876,858) 305,818,305 (5,398,676,676) (11,844,218) Other comprehensive income: Items that may be reclassified subsequently to profit and loss Effect of currency translation differences 627,021,754 (165,990,971) 1,668,917,123 (61,376,383) Cash flow hedge 140,365,913 - 187,278,236 - Items that cannot be reclassified subsequently to profit and loss Gains on revaluation of property plant and equipment 424,174,814 38,208,696 3,198,787,029 224,066,768 Other comprehensive income for the period 1,191,562,481 (127,782,275) 5,054,982,388 162,690,385 Total comprehensive gain / (loss) for the period (636,314,377) 178,036,030 (343,694,288) 150,846,167 Comprehensive gain / (loss) attributable to: - Owners of the parent (768,949,239) 197,978,916 (774,776,760) 80,828,577 - Non-controlling interests 132,634,862 (19,942,886) 431,082,472 70,017,590 (636,314,377) 178,036,030 (343,694,288) 150,846,167 The accompanying notes are an integral part of these Special Condensed Interim Consolidated Financial Statements. These Special Condensed Interim Consolidated Financial Statements should be read with the audited Consolidated Financial Statements for the year ended December 31, 2017. 4 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SPECIAL CONDENSED INTERIM CONSOLIDATED BALANCE SHEET As of September 30, 2018 and as of December 31, 2017 09/30/2018 12/31/2017 ASSETS Notes In Pesos In Pesos NON-CURRENT ASSETS Property, plant and equipment 10 13,478,577,116 8,003,493,100 Intangible Assets 12 1,856,828,880 1,913,857,021 Goodwill 11 429,107,221 268,910,302 Investments in associates 13 257,412,973 223,804,308 Deferred tax assets 78,004,913 174,431,783 Other receivables 753,195,417 827,193,831 Trade receivables 198,250,144 121,303,748 Total non-current Assets 17,051,376,664 11,532,994,093 CURRENT ASSETS Other receivables 3,559,392,715 3,443,297,763 Inventories 1,144,265,450 1,074,625,545 Trade receivables 9,172,873,892 8,344,487,723 Other investments 14 80,692,177 178,805,482 Cash and cash equivalents 15 1,768,480,416 1,859,777,235 Total current Assets 15,725,704,650 14,900,993,748 Total Assets 32,777,081,314 26,433,987,841 EQUITY Attributable to the owners of the parent 755,195,281 1,529,972,041 Non-controlling interests 945,891,084 691,750,022 Total Equity 1,701,086,365 2,221,722,063 LIABILITIES NON-CURRENT LIABILITIES Bank and financial debts 16 13,427,274,379 7,643,220,827 Provisions for contingencies 18 548,417,783 556,544,233 Deferred tax liability 2,142,711,674 958,059,627 Other liabilities 1,887,370,469 2,415,975,302 Trade payables 230,943,243 169,398,659 Total non-current Liabilities 18,236,717,548 11,743,198,648 CURRENT LIABILITIES Bank and financial debts 16 3,090,581,800 3,190,389,911 Provisions for contingencies 18 79,756,716 73,790,983 Other liabilities 5,651,899,918 5,503,441,017 Trade payables 4,017,038,967 3,701,445,219 Total current Liabilities 12,839,277,401 12,469,067,130 Total Liabilities 31,075,994,949 24,212,265,778 Total Equity and Liabilities 32,777,081,314 26,433,987,841 The accompanying notes are an integral part of these Special Condensed Interim Consolidated Financial Statements. These Special Condensed Interim Consolidated Financial Statements should be read with the audited Consolidated Financial Statements for the year ended December 31, 2017. 5 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SPECIAL CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the nine-month period ended September 30, 2018, presented in comparative format Attributable to owners of the parent Non-controlling Effect of Retained Total of equity Share Capital Legal currency Cash flow Balances of earnings / interests Item Total capital Adjustment reserve translation hedge revaluation (Accumulated differences losses) Balances as of January 1, 2017 96,677,524 2,032,433,530 5,186,121 805,709,505 - 273,616,808 (2,011,849,939) 1,201,773,549 809,382,640 2,011,156,189 Net (loss) / gain for the period (68,505,278) (68,505,278) 56,661,060 (11,844,218) Other comprehensive income (72,524,556) - 221,858,411 - 149,333,855 13,356,530 162,690,385 Total Comprehensive (loss) / income - - - (72,524,556) - 221,858,411 (68,505,278) 80,828,577 70,017,590 150,846,167 Transactions with shareholders - Distribution of dividends (4,357,727) (4,357,727) - Contributions and withdrawals in joint ventures (157,079,327) (157,079,327) - Changes in ownership interests in subsidiaries 3,374,305 - 1,120,756 34,847,362 39,342,423 (93,219,439) (53,877,016) Total Transactions with shareholders - - - 3,374,305 - 1,120,756 34,847,362 39,342,423 (254,656,493) (215,314,070) Balances as of September 30, 2017 96,677,524 2,032,433,530 5,186,121 736,559,254 - 496,595,975 (2,045,507,855) 1,321,944,549 624,743,737 1,946,688,286 Balances as of January 1, 2018 96,677,524 2,032,433,530 5,186,121 806,902,749 - 740,954,972 (2,152,182,855) 1,529,972,041 691,750,022 2,221,722,063 Net (loss) / gain for the period (5,600,525,163) (5,600,525,163) 201,848,487 (5,398,676,676) Other comprehensive income 1,563,808,381 187,278,236 3,074,661,786 4,825,748,403 229,233,985 5,054,982,388 Total Comprehensive (loss) / income - - - 1,563,808,381 187,278,236 3,074,661,786 (5,600,525,163) (774,776,760) 431,082,472 (343,694,288) Reversal of revaluation (1,495,336) 1,495,336 - - - Transactions with shareholders (37,432,227) (37,432,227) - Distribution of dividends - Contributions and withdrawals in joint ventures (139,509,183) (139,509,183) Total transactions with shareholders - - - - - - - - (176,941,410) (176,941,410) Balances as of September 30, 2018 96,677,524 2,032,433,530 5,186,121 2,370,711,130 187,278,236 3,814,121,422 (7,751,212,682) 755,195,281 945,891,084 1,701,086,365 The accompanying notes are an integral part of these Special Condensed Interim Consolidated Financial Statements.