Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

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 July 2023

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 ☐

July 31, 2023

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/ FERNANDO RODRIGO BARRON
Name:	Fernando Rodrigo Barron
Title:	VP of Corporate Finance and Business Development
Date:	July 31, 2023

AENZA S.A.A. AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS AS OF JUNE 30, 2023

(Free translation from the original in Spanish)

AENZA S.A.A. AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2023 AND FOR THE THREE AND SIX-MONTHS PERIODS THEN ENDED

CONTENTS	Page

Interim Condensed Consolidated Statement of Financial Position	1
Interim Condensed Consolidated Statement of Income	2
Interim Condensed Consolidated Statement of Comprehensive Income	3
Interim Condensed Consolidated Statement of Changes in Equity	4
Interim Condensed Consolidated Statement of Cash Flows	5
Notes to the Interim Condensed Consolidated Financial Statements	6 - 53

S/	=	Peruvian Sol
US$	=	United States dollar

AENZA S.A.A. and Subsidiaries

Interim Condensed Consolidated Statement of Financial Position

As of December 31, 2022 and June 30, 2023 (unaudited)

			As of			As of
			December 31,			June 30,
In thousands of soles	Note		2022			2023
Assets
Current assets
Cash and cash equivalents		9		917,554			891,225
Trade accounts receivable, net		10		1,078,582			1,050,273
Accounts receivable from related parties		11		27,745			46,892
Other accounts receivable, net		12		393,195			387,309
Inventories, net		13		346,783			388,581
Prepaid expenses				28,098			40,541
Total current assets				2,791,957			2,804,821

Non-current assets
Trade accounts receivable, net		10		723,869			749,900
Accounts receivable from related parties		11		542,392			555,107
Other accounts receivable, net		12		285,730			310,519
Inventories, net		13		65,553			70,139
Prepaid expenses				17,293			23,551
Investments in associates and joint ventures		14		14,916			12,920
Investment property, net		15		61,924			59,997
Property, plant and equipment, net		15		284,465			280,588
Right-of-use assets, net		15		50,207			44,360
Intangible assets, net		15		787,336			803,057
Deferred tax asset		22		295,638			291,380
Total non-current assets				3,129,323			3,201,518
Total assets				5,921,280			6,006,339
Liabilities
Current liabilities
Borrowings		16		574,262			570,230
Bonds		17		77,100			82,141
Trade accounts payable		18		1,027,256			1,019,080
Accounts payable to related parties		11		53,488			50,861
Current income tax				69,652			33,773
Other accounts payable		19		705,442			888,409
Other provisions		20		132,926			123,737
Total current liabilities				2,640,126			2,768,231

Non-current liabilities
Borrowings		16		305,631			339,551
Bonds		17		792,813			764,956
Trade accounts payable		18		9,757			8,985
Accounts payable to related parties		11		27,293			27,917
Other accounts payable		19		102,319			82,163
Other provisions		20		569,027			568,107
Deferred tax liability		22		128,308			149,376
Total non-current liabilities				1,935,148			1,941,055
Total liabilities				4,575,274			4,709,286

Equity		21
Capital				1,196,980			1,196,980
Legal reserve				132,011			132,011
Voluntary reserve				29,974			29,974
Share Premium				1,142,092			1,142,092
Other reserves				(97,191	)		(87,974	)
Retained earnings				(1,342,362	)		(1,364,924	)
Equity attributable to controlling interest in the Company				1,061,504			1,048,159
Non-controlling interest		29		284,502			248,894
Total equity				1,346,006			1,297,053
Total liabilities and equity				5,921,280			6,006,339

The notes on pages 6 to 53 are an integral part of these interim condensed consolidated financial statements.

- 1 -

AENZA S.A.A. and Subsidiaries

Interim Condensed Consolidated Statement of Profit or Loss

For the three and six-month period ended June 30, 2022 and June 30, 2023 (unaudited)

		For the three						For the six
		month period ended June 30,						month period ended June 30,
In thousands of soles	Note	2022			2023			2022			2023
Revenue
Revenue from construction activities			704,393			589,395			1,248,633			1,038,038
Revenue from services provided			253,532			259,763			496,492			516,343
Revenue from real estate and sale of goods			169,746			187,763			302,472			332,678
Total revenue from ordinary activities arising from contracts with customers	23		1,127,671			1,036,921			2,047,597			1,887,059
Cost
Cost of construction activities			(589,827	)		(561,255	)		(1,185,680	)		(1,019,147	)
Cost of services provided			(195,524	)		(201,509	)		(372,359	)		(399,933	)
Cost of real estate and sale of goods			(121,538	)		(139,871	)		(223,983	)		(252,771	)
Cost of sales and services	24		(906,889	)		(902,635	)		(1,782,022	)		(1,671,851	)
Gross profit			220,782			134,286			265,575			215,208
Administrative expenses	24		(53,881	)		(57,060	)		(95,609	)		(102,923	)
Other income and expenses, net	25		3,706			568			(3,424	)		1,001
Operating profit			170,607			77,794			166,542			113,286
Financial expenses	26.A		(35,143	)		(44,625	)		(76,790	)		(86,437	)
Financial income	26.A		4,306			8,132			8,612			26,164
Interests for present value of financial asset or liability	26.B		(28,670	)		6,357			(68,265	)		20,163
Share of the profit or loss of associates and joint ventures accounted for using the equity method	14		1,494			792			1,069			1,656
Profit before income tax			112,594			48,450			31,168			74,832
Income tax expense	27		(24,123	)		(40,032	)		(21,168	)		(72,413	)
Profit for the period			88,471			8,418			10,000			2,419

Profit (loss) attributable to:
Controlling interest in the Company			72,631			(5,174	)		(15,213	)		(22,562	)
Non-controlling interest			15,840			13,592			25,213			24,981
			88,471			8,418			10,000			2,419

Profit (loss) per share attributable to controlling interest in the Company during the period	31		0.074			(0.004	)		(0.015	)		(0.019	)
Diluted profit (loss) per share attributable to controlling interest in the Company during the periodo	31		0.060			(0.004	)		(0.013	)		(0.019	)

The notes on pages 6 to 53 are an integral part of these interim condensed consolidated financial statements.

- 2 -

AENZA S.A.A. and Subsidiaries

Interim Condensed Consolidated Statement of Other Comprehensive Income

For the three-month and six-month period ended June 30, 2022 and June 30, 2023 (unaudited)

	For the three						For the six
	month period ended June 30,						month period ended June 30,
In thousands of soles	2022			2023			2022			2023
Profit for the period		88,471			8,418			10,000			2,419
Other comprehensive income:
Items that may be subsequently reclassified to profit or loss
Cash flow hedge, net of tax		163			-			163			-
Foreign currency translation adjustment, net of tax		(5,184	)		9,001			(9,773	)		9,173
Exchange difference from net investment in a foreign operation, net of tax		(631	)		(243	)		(670	)		79
Other comprehensive income for the period, net of tax		(5,652	)		8,758			(10,280	)		9,252
Total comprehensive income for the period		82,819			17,176			(280	)		11,671
Comprehensive income attributable to:
Controlling interest in the Company		67,322			2,693			(25,369	)		(13,345	)
Non-controlling interest		15,497			14,483			25,089			25,016
		82,819			17,176			(280	)		11,671

The notes on pages 6 to 53 are an integral part of these interim condensed consolidated financial statements.

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AENZA S.A.A. and Subsidiaries

Interim Condensed Consolidated Statement of Changes in Equity

For the three and six-month period ended June 30, 2022 and June 30, 2023 (unaudited)

In thousands of soles	Note		Number of shares in thousands		Capital		Legal reserve		Voluntary reserve		Share premium		Other reserves			Retained earnings			Total			Non-controlling interest			Total
Balances as of January 1, 2022				871,918		871,918		132,011		29,974		1,131,574		(68,629	)		(893,803	)		1,203,045			252,965			1,456,010
(Loss) profit for the period				-		-		-		-		-		-			(15,213	)		(15,213	)		25,213			10,000
Cash flow hedge, net of tax				-		-		-		-		-		163			-			163			-			163
Foreign currency translation adjustment				-		-		-		-		-		(9,653	)		-			(9,653	)		(120	)		(9,773	)
Exchange difference from net investment in a foreign operation				-		-		-		-		-		(666	)		-			(666	)		(4	)		(670	)
Comprehensive income of the period				-		-		-		-		-		(10,156	)		(15,213	)		(25,369	)		25,089			(280	)
Transactions with shareholders:
Dividend distribution		25		-		-		-		-		-		-			-			-			(2,310	)		(2,310	)
Acquisition of (profit distribution to) non-controlling interests, net				-		-		-		-		-		-			-			-			(22,835	)		(22,835	)
Capital increase				325,062		325,062		-		-		10,518		-			-			335,580			-			335,580
Total transactions with shareholders				325,062		325,062		-		-		10,518		-			-			335,580			(25,145	)		310,435
Balances as of June 30, 2022				1,196,980		1,196,980		132,011		29,974		1,142,092		(78,785	)		(909,016	)		1,513,256			252,909			1,766,165
Balances as of January 1, 2023				1,196,980		1,196,980		132,011		29,974		1,142,092		(97,191	)		(1,342,362	)		1,061,504			284,502			1,346,006
(Loss) profit for the period				-		-		-		-		-		-			(22,562	)		(22,562	)		24,981			2,419
Foreign currency translation adjustment				-		-		-		-		-		9,138			-			9,138			35			9,173
Exchange difference from net investment in a foreign operation				-		-		-		-		-		79			-			79			-			79
Comprehensive income of the period				-		-		-		-		-		9,217			(22,562	)		(13,345	)		25,016			11,671
Transactions with shareholders:
Dividend distribution		25		-		-		-		-		-		-			-			-			(50,735	)		(50,735	)
Acquisition of (profit distribution to) non-controlling interests, net				-		-		-		-		-		-			-			-			(9,889	)		(9,889	)
Total transactions with shareholders				-		-		-		-		-		-			-			-			(60,624	)		(60,624	)
Balances as of June 30, 2023				1,196,980		1,196,980		132,011		29,974		1,142,092		(87,974	)		(1,364,924	)		1,048,159			248,894			1,297,053

The notes on pages 6 to 53 are an integral part of these interim condensed consolidated financial statements.

- 4 -

AENZA S.A.A. and Subsidiaries

Interim Condensed Consolidated Statement of Cash Flows

For the three and six-month period ended June 30, 2022 and June 30, 2023 (unaudited)

		For the three						For the six
		month period ended June 30,						month period ended June 30,
In thousands of soles	Note	2022			2023			2022			2023

Operating activities
Profit before income tax			112,594			48,450			31,168			74,832
Adjustments to profit not affecting cash flows from operating activities:
Depreciation	15		18,288			17,442			37,183			35,378
Amortization of intangible assets	15		23,378			39,775			47,737			75,061
Impairment (reversal) of inventories			37			(385	)		99			-
Impairment of accounts receivable and other accounts receivable			-			2,180			46			2,180
Debt condonation			-			2,342			-			(192	)
Impairment of property, plant and equipment			(236	)		1,309			(236	)		1,318
Impairment of intangible assets			1,256			-			661			-
Other provisions			10,012			3,067			21,412			9,122
Renegotiation of liability for acquisition of non-controlling Morelco			3,706			-			3,706			-
Financial expense,net			76,987			16,564			69,456			46,797
Share of the profit and loss of associates and joint ventures accounted for using the equity method	14. A and B		(1,494	)		(792	)		(1,069	)		(1,656	)
Reversal of provisions			(2,856	)		(1,255	)		(3,632	)		(4,726	)
Disposal (reversal) of assets			39			(723	)		6			(1,258	)
Profit on sale of property, plant and equipment			(675	)		1,301			(638	)		881
Loss on remeasurement of accounts receivable and accounts payable			36,412			(7,781	)		70,203			(20,322	)
Net variations in assets and liabilities:
Trade accounts receivable			(210,927	)		(34,412	)		(27,833	)		1,720
Other accounts receivable			(91,445	)		7,825			(76,722	)		(16,060	)
Other accounts receivable from related parties			(25,249	)		16,090			16,476			(7,313	)
Inventories			31,112			(1,538	)		9,883			(46,094	)
Prepaid expenses and other assets			8,737			11,292			(4,456	)		(15,690	)
Trade accounts payable			11,239			16,370			(61,416	)		(8,799	)
Other accounts payable			3,364			86,817			(30,067	)		147,163
Other accounts payable to related parties			17,576			(25,772	)		(2,500	)		(5,615	)
Other provisions			(29,569	)		(1,734	)		(29,997	)		(4,960	)
Interest paid			(24,084	)		(38,120	)		(62,711	)		(79,532	)
Payments for purchases of intangible assets - Concessions			908			-			-			-
Income tax paid			(42,633	)		(26,771	)		(76,332	)		(88,474	)
Net cash (applied to) provided by operating activities			(73,523	)		131,541			(69,573	)		93,761
Investing activities
Proceeds from sale of property, plant and equipment			849			-			4,879			1,043
Interest received			3,192			7,047			3,934			13,782
Dividends received			-			3,652			-			3,652
Acquisition of investment property			(11	)		-			(11	)		(2	)
Acquisition of intangible assets			(30,801	)		(37,572	)		(44,289	)		(85,374	)
Acquisition of property, plant and equipment			(16,621	)		(10,282	)		(23,312	)		(22,311	)
Net cash applied to investing activities			(43,392	)		(37,155	)		(58,799	)		(89,210	)
Financing activities
Borrowing received			456,432			40,926			464,050			171,066
Amortization of borrowings received			(107,504	)		(35,969	)		(161,946	)		(104,793	)
Amortization of bonds issued			(12,796	)		(16,051	)		(26,837	)		(33,845	)
Payment for debt transaction costs			(11,914	)		1,819			(13,732	)		(17	)
Dividends paid to non-controlling interest			(5,825	)		(22,256	)		(9,055	)		(47,044	)
Cash received (return of contributions) from non-controlling shareholders			(20,502	)		(673	)		(22,835	)		(9,889	)
Net cash provided by (applied to) financing activities			297,891			(32,204	)		229,645			(24,522	)
Net increase (net decrease) in cash			180,976			62,182			101,273			(19,971	)
Exchange difference			42,232			3,463			8,994			(6,358	)
Cash and cash equivalents at the beginning of the period			844,237			825,580			957,178			917,554
Cash and cash equivalents at the end of the period	9		1,067,445			891,225			1,067,445			891,225
Non-cash transactions:
Capitalization of interests			(354	)		162			498			290
Acquisition of right-of-use assets			(788	)		6,304			7,988			7,988
Capitalization of convertible bonds	21		-			-			335,580			-

The notes on pages 6 to 53 are an integral part of these interim condensed consolidated financial statements.

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AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of June 30, 2023 and 2022 and December 31, 2022

General Information

A. 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 Company registered office is at Av. Petit Thouars N° 4957, Miraflores, Lima.

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.

B. Authorization for Financial Statements Issuance

The interim condensed consolidated financial statements for the period ended June 30, 2023 have been prepared and issued with authorization of Management and approved by the Board of Directors on July 31, 2023.

The consolidated financial statements for the year ended December 31, 2022 were prepared and issued with the authorization of Management and approved by the Board of Directors on May 15, 2023 and were approved by the General Shareholders’ Meeting on June 12, 2023.

C. Compliance with laws and regulations

The Company is involved in a series of criminal investigations conducted by the Public Ministry of Peru and administrative proceedings conducted by the National Institute for the Defense of Competition and Protection of Intellectual Property (INDECOPI, for its Spanish Acronym) based on events that occurred between years 2003 and 2016. Such situations led to significant changes in the Company’s corporate governance structure, the opening of independent investigations and the adoption of measures to address and clarify these situations.

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

In connection with the Lava Jato case, the Company participated as a minority partner in six infrastructure projects with Odebrecht Group, directly or through its subsidiaries, in entities or consortia. The resulting contingency from these proceedings has been determined in the Plea Agreement (“the Agreement”) signed with the Public Prosecutor’s Office and Attorney General’s Office and includes the following projects: IIRSA Sur Tranches 2 and 3, IIRSA Norte, the Electric Train Construction Project (Tranches 1 and 2) and Gasoducto Sur Peruano S.A. (GSP).

Criminal investigations in relation to the Construction Club case

Cumbra Peru S.A. has been included, along with other construction companies, in the criminal investigation that the Public Ministry has been carrying out for the alleged crime of corruption of officials in relation to the so-called ‘Construction Club’. The resulting contingency from these proceedings has been determined in the Agreement with the Public Prosecutor’s Office and the Attorney General’s Office.

Moreover, at the end of February 2020, the Public Ministry requested Unna Transporte S.A.C., be included in such criminal investigation. That request was approved in October 2021. Just like other executives of other construction companies, former officers of the Corporation have been included in these criminal investigations.

The Company’s Management cannot guarantee the finding nor rule out the possibility of authorities or third parties finding additional adverse evidence not currently known with respect to other projects executed during the period under investigation. If applicable, these new facts could be included in the Agreement entered into with the Public Prosecutor’s Office and the Attorney General’s Office.

Final Plea Agreement and Benefits

On May 21, 2021, the Company entered into an Agreement with the Special Team of Peruvian prosecutors who are committed to full dedication to the knowledge of investigations related to corruption offenses of officials and related personnel, in which the company Odebrecht and others would have incurred (the “Prosecutor’s Office”) and with the ad hoc Public Prosecutor’s Office for investigations and processes related to crimes corruption of officials, money laundering and related activities allegedly committed by the Odebrecht company and others (the “Attorney General’s Office”).

- 6 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of June 30, 2023 and 2022 and December 31, 2022

On September 15, 2022, the Agreement was entered into between the Public Prosecutor’s Office, the Attorney General’s Office and the Company, whereby AENZA accepted they were utilized by certain former executives to commit illicit acts in a series of periods until 2016, and committed to pay a civil penalty to the Peruvian State of S/ 333.3 million and US$ 40.7 million, totalling S/481.3 million as of June 30, 2023, calculated according to the formulae established by Law 30737.

According to the Agreement, payment shall be made within twelve (12) years at a legal interest rate in soles and dollars (3.8% and 1.7% annual interest as of June 30, 2023, respectively). The Company also undertakes to establish a series of guarantees after the approval (by which the judge verify that the agreement are in accordance with Law) of the Agreement, composed of i) a trust agreement that includes shares issued by a subsidiary of the Company, ii) mortgage on a property owned by the Company, and iii) a guarantee account with funds equivalent to the annual installment for the following year. Among other conditions, the Agreement includes a restriction for AENZA S.A.A. and subsidiaries Cumbra Peru S.A. and Unna Transporte S.A.C. to participate in public infrastructure and construction, and road maintenance contracts for two (2) years from the approval of the Agreement. The other member companies of the Corporation are not subject to any impediment or prohibition to contract with the Peruvian Government. As of June 30, 2023, the Company recognized in its financial statements the total liabilities associated to the Agreement for S/481.3 million (As of December 31, 2022, the balance was S/488.9 million) (see Note 20.a).

As of June 30, 2023, and as of the reporting date of the interim condensed consolidated financial statements, in the opinion of the Company’s Management and legal advisors, the civil compensation covers the total contingency to which the Company is exposed to as a result of the investigations revealed since 2017. Nevertheless, the Agreement enforceability is subject to court approval and its terms and conditions are subject to confidentiality provisions.

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

On July 11, 2017, the INDECOPI initiated an investigation against several Peruvian construction companies (including Cumbra Peru S.A.), about the existence of an alleged cartel called the Construction Club.

On February 11, 2020, the subsidiary Cumbra Peru S.A. was notified by the Technical Secretariat (the “TS”) of the Free Competition Defense Commission of INDECOPI with the resolution that begins a sanctioning administrative procedure involving a total of 35 companies and 28 natural persons, for alleged anticompetitive conduct in the market of Public Works.

On November 17, 2021, the Commission imposed a fine of approximately S/67 million against Cumbra Peru S.A., which is currently being challenged and is pending of resolution by the final administrative instance within the INDECOPI Court. As of June 30, 2023, Cumbra Peru S.A. maintains an estimated provision amounting to S/56.4 million (S/ 52.4 as of December 31, 2022).

Investigations and administrative process initiated by INDECOPI in relation to the labor recruitment market

On February 7, 2022, Cumbra Peru S.A. and Unna Transporte S.A.C. were notified with Resolution 038-2021/DLC-INDECOPI, by means of which the National Directorate of Research and Promotion of Free Competition of INDECOPI decided to initiate an administrative sanctioning procedure regarding the alleged horizontal collusive practice in the modality of concerted sharing of suppliers in the market of hiring workers in the construction sector at national level from 2011 to 2017.

On April 7, 2022, Cumbra Peru S.A. and Unna Transporte S.A.C. proposed a cease-and-desist agreement for the early termination of the sanctioning administrative procedure, where they (i) accepted the alleged conduct, (ii) committed to comply with a free competition rules compliance program during years 2022, 2023, and 2024, and (iii) committed to paying a compensation amounting to S/ 2.7 million in two installments (the first one within 60 days after the notification of the Resolution approving the cessation undertaking and the second one within 12 months). By means of Resolution 054-2022/CLC-INDECOPI dated August 19, 2022, the INDECOPI approved the proposed cease-and-desist agreement and concluded the sanctioning procedure. As of June 30, 2023, the Company maintains a provision amounting to S/1.4 million.

- 7 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of June 30, 2023 and 2022 and December 31, 2022

Basis of preparation

The interim condensed consolidated financial statements for the period ended June 30, 2023 have been prepared in accordance with IAS 34 “Interim Financial Reporting”. The interim condensed consolidated financial statements provide comparative information regarding prior year; however, they do not include all the information and disclosures required in the consolidated financial statements, so they must be read together with the annual consolidated financial statements, which have been prepared in accordance with International Standards of Financial Information (hereinafter “IFRS”). The interim condensed consolidated financial statements are presented in thousands of Peruvian Soles, unless otherwise stated.

Management continues to have a reasonable expectation that the Corporation has adequate resources to continue in operation for a reasonable period of time and that the going concern basis of accounting remains appropriate. Management believes that there are no material uncertainties that may cause significant doubt about this assumption, and that there is a reasonable expectation that the Corporation has adequate resources to continue operations for the expected future, and not less than 12 months from the end of the reporting period.

A. Immaterial corrections of previously reported balances as of June 30, 2022

In connection with the preparation of its consolidated financial statements, the Corporation identified an error in the interpretation and application of the accounting treatment of revenue and cost recognition arising from contracts with customers in the engineering and construction segment in prior periods. Management of the Corporation has evaluated and concluded that the correction of this error has resulted in non-material adjustment to the net income previously reported in the interim condensed consolidated financial statements as of June 30, 2022. It should be noted that the aforementioned adjustments had no impact on total cash flows from operating, investing or financing activities. A reconciliation between the previously reported amounts and the revised amounts as of June 30, 2022, and for the period then ended is presented below:

Interim Condensed Consolidated Statement of Financial Position:

	As of June 30, 2022
In thousands of soles	Reported		Adjustment				Revised
ASSETS
Current assets
Trade accounts receivables, net		672,380		176,726		(a)		849,106
Work in progress, net		180,916		(180,916	)	(b)		-
Other accounts receivable		385,088		13,508		(a)		398,596
Other current assets		1,624,873		-				1,624,873
Total current assets		2,863,257		9,318				2,872,575

Non-current assets
Deferred tax asset		303,510		(7,274	)	(c)		296,236
Other non-current assets		2,796,526		-				2,796,526
Total non-current assets		3,100,036		(7,274	)			3,092,762
Total assets		5,963,293		2,044				5,965,337

LIABILITIES AND EQUITY
Current liabilities
Trade accounts payable		860,151		(10,559	)	(b)		849,592
Current income tax		23,594		(1,555	)	(c)		22,039
Other provisions		132,019		5,296		(b)		137,315
Other current liabilities		1,048,626		-				1,048,626
Total current liabilities		2,064,390		(6,818	)			2,057,572

Non-current liabilities
Deferred tax liability		109,839		(150	)	(c)		109,689
Other non-current liabilities		2,031,911		-				2,031,911
Total non-current liabilities		2,141,750		(150	)			2,141,600
Total liabilities		4,206,140		(6,968	)			4,199,172

Equity
Equity attributable to controlling interest in the Company		1,503,828		9,428				1,513,256
Non-controlling interest		253,325		(416	)			252,909
Total equity		1,757,153		9,012				1,766,165
Total liabilities and equity		5,963,293		2,044				5,965,337

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AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of June 30, 2023 and 2022 and December 31, 2022

Interim Condensed Consolidated statements of profit or loss:

	For the six
	month period ended June 30, 2022
In thousands of soles	Reported			Adjustment				Revised


Revenue from construction activities		1,300,050			(51,417	)	(a)		1,248,633
Revenue from services provided		496,492			-				496,492
Revenue from real estate and sale of goods		302,472			-				302,472
		2,099,014			(51,417	)			2,047,597

Cost of construction activities		(1,265,910	)		80,230		(b)		(1,185,680	)
Cost of services provided		(388,071	)		15,712		(b)		(372,359	)
Cost of real estate and sale of goods		(223,983	)		-				(223,983	)
		(1,877,964	)		95,942				(1,782,022	)
Gross profit		221,050			44,525				265,575

Administrative expenses		(69,775	)		(25,834	)			(95,609	)
Other income and expenses		2,383			(5,807	)			(3,424	)
Operating profit		153,658			12,884				166,542

Financial expenses		(147,105	)		-				(147,105	)
Financial income		10,150			-				10,150
Share of the profit or loss of associates and joint ventures accounted for using the equity method		1,069			-				1,069
Profit before income tax		17,772			12,884				30,656
Income tax expense		(17,592	)		(3,576	)	(c)		(21,168	)
Profit for the period		180			9,308				9,488

(Loss) profit attributable to:
Controlling interest in the Company		(24,767	)		9,554				(15,213	)
Non-controlling interest		24,947			266				25,213
		180			9,820				10,000

Loss per share attributable to controlling interest
in the Company during the period		(0.023	)		0.008				(0.015	)

Total comprehensive income for the period
Comprehensive income attributable to:
Controlling interest in the Company		(31,568	)		6,199				(25,369	)
Non-controlling interest		25,020			69				25,089
		(6,548	)		6,268				(280	)

Segment information by geographic area:

	For the six
	month period ended June 30, 2022
In thousands of soles	Reported		Adjustment			Revised
Revenue
Peru		1,594,271		8,307			1,602,578
Chile		457,614		(59,564	)		398,050
Colombia		47,129		(160	)		46,969
		2,099,014		(51,417	)		2,047,597

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AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of June 30, 2023 and 2022 and December 31, 2022

As a result of this process, the balances in the interim condensed consolidated statement of cash flows were revised as follows:

	For the six
	month period ended June 30, 2022
In thousands of soles	Reported			Adjustment				Revised
Operating activities
Profit before income tax		17,772			13,396		(a, b)		31,168
Adjustments to profit not affecting cash flows from
operating activities:
Other adjustments		244,934			-				244,934
Net variations in assets and liabilities:
Trade accounts receivable and working in progress		32,688			(60,521	)	(a, b)		(27,833	)
Other accounts receivable		(65,438	)		(11,284	)	(a)		(76,722	)
Trade accounts payable		(118,798	)		57,382		(b)		(61,416	)
Other accounts payable		(26,514	)		(3,553	)	(b)		(30,067	)
Other provisions		(34,577	)		4,580		(b)		(29,997	)
Other variations		(119,640	)		-				(119,640	)
Net cash provided by operating activities		(69,573	)		-				(69,573	)

Investing activities
Net cash applied to investing activities		(58,799	)		-				(58,799	)

Financing activities
Net cash applied to financing activities		229,645			-				229,645
Net increase in cash		101,273			-				101,273
Exchange difference		8,994			-				8,994
Cash and cash equivalents at the beginning of the period		957,178			-				957,178
Cash and cash equivalents at the end of the period		1,067,445			-				1,067,445

NON-CASH TRANSACTIONS:
Capitalization of convertible bonds		335,580			-				335,580
Acquisition of right-of-use assets		8,618			-				8,618
Capitalization of interests		498			-				498

(a) Revenue from engineering and construction contracts is recognized over time as the Corporation fulfills its obligations, as there is a continuous transfer of control of the deliverable to the customer and revenue is recognized using the percentage-of-completion method for each contract through the date of the consolidated financial statements.

Revenue from additional work resulting from a modification or instruction received from the customer to make a change in the scope of work, price, or both will result in an increase in contract revenue which is also recognized using the percentage-of-completion method when the Corporation concludes that it is highly probable that there will not be a significant reversal of such revenue. Before the immaterial correction, the Corporation recognized a lower proportion of this additional revenue at the date of the consolidated financial statements depending on the status or stage in the process of obtaining formal, written approval for the additional work. After the immaterial correction, the Corporation recognized additional revenue based on the percentage of completion of the additional work, as long as the Corporation can conclude from its dealings with its clients that it is highly probable that there will not be a significant reversal of such revenue.

(b) Before the immaterial correction, the Corporation presented the net position of construction contracts as either an asset or a liability. The contract was considered an asset when the gross margin earned at the measurement date was less than the Corporation’s estimated gross margin at contract completion. This asset was presented as “Work in progress”. If the gross margin obtained was greater than the estimated gross margin at completion, it was presented as a liability under “Accounts payable - Provision for estimated contract costs” by stage of completion, both with an effect on the cost of construction activities account.

In order to correct the immaterial error, the Corporation reversed the balances of the work in progress account from assets and the provision for construction contract costs from liabilities, recognized the costs incurred in the consolidated statement of profit or loss.

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AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of June 30, 2023 and 2022 and December 31, 2022

3.	Summary of Significant Accounting Policies

The accounting policies used in the preparation of these interim condensed consolidated financial statements are consistent with those applied in the preparation of the consolidated financial statements as of December 31, 2022.

Standards, amendments, and interpretation adopted by the Corporation

Standards, amendments and interpretation that have entered in force as of January 1, 2023, have not had impact on the interim condensed consolidated financial statements as of June 30, 2023, 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.

4.	Financial Risk Management

The Corporation’s Management is responsible for managing financial risks. The corporation Management manages the general administration of financial risks such risks include currency risk, price risk, fair-value and cash-flow interest rate risks, credit risk, the use of derivative and non-derivative financial instruments, and investment of liquidity surplus, as well as financial risks; all of which are regularly supervised and monitored.

Financial risk factors

The Corporation’s activities expose it to a variety of financial risks: market risks (including currency risk, price risk, fair-value and cash-flow interest rate risks), credit risk, and liquidity risk.

The Corporation’s general program for risk management is mainly focused on financial market unpredictability and seeks to minimize potential adverse effects on the Corporation’s financial performance.

Market risks

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices. Market prices involve four types of risk: interest rate risk, exchange rate risk, commodity price risk and other price risks. Financial instruments affected by market risk include bank deposits, trade accounts receivable, other accounts receivable, other financial liabilities, bonds, trade accounts payable, other accounts payable and accounts receivable from and payable to related parties.

Currency risk

Foreign exchange risk is the risk that the fair value of future cash flows of a financial instrument will be reduced by adverse fluctuations in exchange rates. Management is responsible for identifying, measuring, controlling and reporting the exposure to foreign exchange risk.

The Corporation is exposed to foreign exchange risk arising from local transactions in foreign currencies and from its foreign operations. As of December 31, 2022 and as of June 30, 2023, this exposure is focused mainly on fluctuations of the U.S. dollar, Chilean peso, and Colombian peso. The Corporation’s management monitors this risk by analyzing the country’s macroeconomic variables.

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AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of June 30, 2023 and 2022 and December 31, 2022

The balances of financial assets and liabilities denominated in foreign currencies correspond to balances in U.S. Dollars, Chilean pesos and Colombian pesos, which are stated exchange rate published on that date, according to the currency type:

	As of December 31,				As of June 30,
	2022				2023
	suppley		demand		suppley		demand
U.S. Dollars (a)		3.808		3.820		3.624		3.633
Chilean Peso (b)		0.004449		0.004463		0.004521		0.004532
Colombian Peso (c)		0.000792		0.000794		0.000865		0.000867

(a)

U.S. Dolar as published by the Superintendencia de Bancos, Seguros y Administradoras de Fondos de Pensiones (hereinafter “SBS”).

(b)

Chilean peso as published by the Banco Central de Chile.

(c)

Colombian peso as published by Banco de la Republica de Colombia.

The consolidated statement of financial position includes the following:

	As of			As of
	December 31,			June 30,
In thousands of US dollars	2022			2023
Assets
Cash and cash equivalents		58,280			69,934
Trade accounts receivable, net		124,593			169,612
Accounts receivable from related parties		276,048			361,342
Other accounts receivable		75,536			87,606
		534,457			688,494

Liabilities
Borrowings		(215,076	)		(241,969	)
Bonds		(5,569	)		(5,064	)
Trade accounts payable		(119,104	)		(124,976	)
Accounts payable to related parties		(133,745	)		(149,624	)
Other accounts payable		(88,012	)		(32,692	)
Other provisions		(42,241	)		(42,113	)
		(603,747	)		(596,438	)

The Corporation assumes foreign exchange risk because it does not use derivative financial instruments to mitigate exchange rate fluctuations.

For the periods ended June 30, 2022 and 2023, the Corporation’s exchange gains and losses for the exposure of U.S. Dollar, the Chilean peso and the Colombian peso against the Peruvian Sol was (Note 26.A):

	For the three						For the six
	month period ended June 30,						month period ended June 30,
In thousands of soles	2022			2023			2022			2023
Gain		103,374			86,197			292,896			140,690
Loss		(102,224	)		(85,114	)		(288,593	)		(128,311	)
		1,150			1,083			4,303			12,379

- 12 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of June 30, 2023 and 2022 and December 31, 2022

The consolidated statement of changes in equity comprises a foreign currency translation adjustment originated by its subsidiaries. The consolidated statement of financial position includes the following assets and liabilities in its currency (in thousands):

	As of December 31,				As of June 30,
	2022				2023
	Assets		Liabilities		Assets		Liabilities
Chilean Peso		60,684,971		81,864,810		62,696,750		75,404,887
Colombian Peso		96,944,436		59,114,296		130,216,785		161,614,150

The Corporation’s foreign currency translation adjustment for the six-month period ended June 30, 2023 was positive by S/9.2 million (negative by S/9.8 million for the same period in 2022).

ii)

Price risk

The Corporation is exposed to the risk of hydrocarbon price fluctuations which impacts on the selling price of the products that it commercializes, which are significantly affected by changes in global economic conditions, resource availability, and the cycles of related industries. Management considers reasonable these possible fluctuations in the hydrocarbons prices, based in the Corporation´s economic market environment.

iii)

Fair-value and cash flow interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates.

The Corporation’s interest rate risk arises mainly from its long-term borrowings. Variable rate long-term financial liabilities expose the Corporation to cash-flow interest rate risk. Fixed-rate financial liabilities expose the Corporation to fair-value interest rate risk.

The Corporation assumes the interest rate risk, due to they do not use financial derivative instruments for mitigate variations in the interest rate risk.

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or commercial contract, resulting in a financial loss.

Credit risk for the Corporation arises from its operating activities due to credit exposure to customers and from its financial activities, including deposits with banks and financial institutions, foreign exchange transactions, and other financial instruments. The maximum exposure to credit risk for the consolidated financial statements as of December 31, 2022 and as of June 30, 2023 is represented by the sum of cash and cash equivalents (Note 9), trade accounts receivable (Note 10), accounts receivable from related parties (Note 11) and other accounts receivable (Note 12).

Customer credit risk is managed by Management subject to the Corporation’s established policies, procedures and control related to customer credit risk management. The credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined based on this assessment. The maximum credit risk exposure at the reporting date is the carrying value of each class of financial assets disclosed in Note 10.

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AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of June 30, 2023 and 2022 and December 31, 2022

The Corporation assesses the concentration of risk with respect to trade accounts receivable as low risk because sales are not concentrated in small customer groups and no customers account for 10% or more of the Corporation’s revenues.

Management monitors the credit risk of other receivables on an ongoing basis and assesses those receivables that show evidence of impairment to determine the required allowance for doubtful accounts.

Concerning loans 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 the performance evaluation conducted by the Board of Directors (Note 11).

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

Liquidity risk

Prudent liquidity risk management implies holding enough cash and cash equivalent, and financing available through a proper number of credit sources, and the ability to close positions in the market. Historically, the Corporation’s cash flows from operations have enabled it to meet its obligations. The Corporation has implemented various actions to reduce its exposure to liquidity risk and has developed a Financial Plan based on several steps, which were designed with a commitment to compliance within a reasonable period of time. The Financial Plan is intended to meet the various obligations at the Company and Corporation entities levels.

The Corporate Finance Office monitors the cash flow projections made on liquidity requirements of the Corporation to ensure it exists sufficient cash to meet operational needs so that the Corporation does not breach borrowing limits or covenants, where applicable, on any of its borrowing facilities. Less significant financing transactions are controlled by the Finance Management of each subsidiary.

Such forecasting takes into consideration the Corporation’s debt financing plans, covenant compliance, compliance with ratio targets in the statement of financial position and, if applicable, with external regulatory or legal requirements.

As of June 30, 2023, the Company has significant current payment obligations arising from the Plea Agreement (Note 1.C) and the Bridge Loan (Note 16.A.i). For this purpose, Management is developing a financial plan with the aim of covering the short-term part of these obligations.

Cash surplus on the amounts required for the administration of working capital are invested in checking accounts that generate interest and time deposits, selecting instruments with appropriate maturities or sufficient liquidity.

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

- 14 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of June 30, 2023 and 2022 and December 31, 2022

			Contractual cash flows
	Carrying		Less than		1-2		2-5		More than
In thousands of soles	amount		1 year		years		years		5 years		Total
As of December 31, 2022
Other financial liabilities (except for finance leases and lease liability for right-of-use asset)		819,973		599,310		71,732		216,392		-		887,434
Finance leases		835		873		-		-		-		873
Lease liability for right-of-use asset		59,085		19,075		31,705		23,386		113		74,279
Bonds		869,913		141,246		185,114		419,969		707,800		1,454,129

Trade accounts payables (except non-financial liabilities)		1,037,013		1,027,256		9,757		-		-		1,037,013
Accounts payables to related parties		80,781		53,488		25,420		697		1,176		80,781
Other accounts payables and other provisions (except non-financial liabilities)		712,071		186,326		64,307		89,868		470,129		810,630
		3,579,671		2,027,574		388,035		750,312		1,179,218		4,345,139

			Contractual cash flows
	Carrying		Less than		1-2		2-5		More than
In thousands of soles	amount		1 year		years		years		5 years		Total
As of June 30, 2023
Other financial liabilities (except for finance leases and lease liability for right-of-use asset)		861,494		597,560		171,783		189,562		-		958,905
Lease liability for right-of-use asset		48,287		18,835		68,495		862		81		88,273
Bonds		847,097		144,176		181,227		386,127		687,234		1,398,764

Trade accounts payables (except non-financial liabilities)		1,028,065		1,019,080		8,985		-		-		1,028,065
Accounts payables to related parties		78,778		50,861		26,233		678		1,006		78,778
Other accounts payables and other provisions (except non-financial liabilities)		696,351		172,653		70,830		100,107		479,823		823,413
		3,560,072		2,003,165		527,553		677,336		1,168,144		4,376,198

Capital management

The Corporation’s objective in managing capital is to safeguard its ability to continue operations as a going concern basis in order to generate returns to its shareholders, benefits to stakeholders and keep an optimal capital structure to reduce capital cost. Since 2017, due to the situation of the Corporation, Management has monitored deviations that might cause the non-compliance of covenants and may renegotiation of liabilities (Note 16.a). In special situations and events, the Corporation identifies potential deviations, requirements and establishes a plan.

The Corporation may adjust the amount of dividends payable to shareholders, return capital to shareholders, issue new shares or sell assets to reduce its debt to maintain or adjust the capital structure.

The Corporation monitors its capital based on the leverage ratio. This ratio is calculated as net debt divided by the sum of net debt plus equity. The net debt corresponds to the total financial liabilities (including current and non-current indebtedness) adding the provision for civil compensation less cash and cash equivalents.

- 15 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of June 30, 2023 and 2022 and December 31, 2022

As of December 31, 2022 and as of June 30, 2023, the leverage ratio is as follows:

		As of			As of
		December 31,			June 30,
In thousands of soles	Note	2022			2023
Total borrowing, bonds and civil compensation (*)	16 and 17		2,238,699			2,238,156
Less: Cash and cash equivalents	9		(917,554	)		(891,225	)
Net debt (a)			1,321,145			1,346,931
Total equity (b)			1,346,006			1,297,053
Total net debt plus equity (a) + (b)			2,667,151			2,643,984
Gearing ratio			0.50			0.51

(*)

The provision for civil compensation is included in other provisions (Note 20).

During the periods ended December 31, 2022 and as of June 30, 2023, there were no changes in the objectives, policies or processes related to capital management.

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 interim condensed 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, 2022.

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.

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.

The Corporation has identified four reportable segments. These operating segments are components of an enterprise for which separate financial information is available and periodically evaluated by the Corporate Governance Board to decide how to allocate resources and assess performance.

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.

The operations of Corporation in each reportable segment are as follows:

(a)

Engineering and construction: This segment includes traditional engineering services such as architectural planning, structural, civil and design engineering for advanced specialties including process design, simulation, and environmental services, as well as construction at three divisions: i) civil works, such as the construction of hydroelectric power stations and other large infrastructure facilities; (ii) electromechanical construction, such as concentrator plants, oil and natural gas pipelines, and electric transmission lines; iii) building construction, such as offices, residential buildings, hotels, and affordable housing projects, shopping centers, and industrial facilities.

- 16 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of June 30, 2023 and 2022 and December 31, 2022

(b)

Energy: This segment includes oil exploration, exploitation, production, treatment, and trade in four oil deposits, separation and trade of natural gas and its byproducts at the gas processing plant, as well as the construction and assembly of oil facilities or those linked to the oil and gas industry. It also includes storage and dispatch of fuel and oil byproducts.

(c)

Infrastructure: The Corporation has long-term concessions or similar contractual arrangements in Peru for three highways with tolls, Lima Metro, a sewage treatment plant in Lima, and operation and maintenance services for infrastructure assets.

(d)

Real Estate: The Corporation mainly develops and sells properties for low- and middle-resource sectors, which are experiencing a significant increase in available income, as well as luxury properties to a lesser degree. It also develops commercial spaces and offices.

The CODM uses the Adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) as the primary relevant measure to understand the Corporation’s operating performance and allocate resources and its operating segments.

Adjusted EBITDA is not a measurement of results based on International Financial Reporting Standards. The Corporation’s definition related to adjusted EBITDA may not be comparable to similar performance measures and disclosures from other entities.

The adjusted EBITDA is reconciled to profit as follows:

	For the three					For the six
	month period ended June 30,					month period ended June 30,
In thousands of soles	2022		2023			2022		2023
Net profit		88,471		8,418			10,000		2,419
Financial income and expenses		31,860		36,493			68,178		60,273
Interests for present value of financial asset or liability		27,647		(6,357	)		68,265		(20,163	)
Income tax		24,123		40,032			21,168		72,413
Depreciation and amortization		41,666		57,217			84,920		110,439
Adjusted EBITDA		213,767		135,803			252,531		225,381

The adjusted EBITDA per segment is as follows:

	For the three						For the six
	month period ended June 30,						month period ended June 30,
In thousands of soles	2022			2023			2022			2023
Engineering and construction		103,148			162			22,539			(29,381	)
Energy		39,027			44,996			82,428			100,841
Infrastructure		59,677			62,243			129,549			118,714
Real estate		17,665			29,097			21,247			31,145
Parent company operations		98,793			(3,719	)		50,827			(143	)
Intercompany eliminations		(104,543	)		3,024			(54,059	)		4,205
		213,767			135,803			252,531			225,381

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.

- 17 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of June 30, 2023 and 2022 and December 31, 2022

Operating segments financial position
	Engineering				Infrastructure								Parent
In thousands of soles	And construction		Energy		Toll roads		Transportation		Water treatment		Real estate		Company operations		Eliminations			Consolidated
As of December 31, 2022
Assets
Cash and cash equivalent		209,737		104,553		130,213		171,747		2,910		111,487		186,907		-			917,554
Trade accounts receivables, net		697,512		80,245		34,183		118,867		898		146,316		561		-			1,078,582
Accounts receivable from related parties		86,146		68		51,523		4,455		52		378		115,736		(230,613	)		27,745
Other accounts receivable		298,784		39,921		28,902		15,229		30		5,380		7,294		(2,345	)		393,195
Inventories, net		41,933		29,935		9,655		39,780		-		227,067		-		(1,587	)		346,783
Prepaid expenses		10,945		2,055		5,496		369		160		448		8,625		-			28,098
Total current assets		1,345,057		256,777		259,972		350,447		4,050		491,076		319,123		(234,545	)		2,791,957
Long-term trade accounts receivable, net		2,806		-		16,215		699,487		1,392		3,969		-		-			723,869
Long-term accounts receivable from related parties		299,268		-		15,858		42		14,015		-		602,004		(388,795	)		542,392
Prepaid expenses		-		826		14,549		1,731		632		-		65		(510	)		17,293
Other long-term accounts receivable		101,366		89,782		-		-		7,346		55,347		31,889		-			285,730
Inventories, net		-		-		-		-		-		65,553		-		-			65,553
Investments in associates and joint ventures		975		12,049		-		-		-		2,752		1,509,790		(1,510,650	)		14,916
Investment property, net		-		-		-		1,507		-		19,823		40,594		-			61,924
Property, plant and equipment, net		102,822		176,596		6,193		848		150		7,531		1,286		(10,961	)		284,465
Intangible assets, net		131,431		363,066		274,597		238		-		615		13,414		3,975			787,336
Right-of-use assets, net		8,745		12,795		7,106		23		143		2,580		38,485		(19,670	)		50,207
Deferred income tax asset		175,702		4,572		26,787		-		415		23,781		59,316		5,065			295,638
Total non-current assets		823,115		659,686		361,305		703,876		24,093		181,951		2,296,843		(1,921,546	)		3,129,323
Total assets		2,168,172		916,463		621,277		1,054,323		28,143		673,027		2,615,966		(2,156,091	)		5,921,280
Liabilities
Borrowings		19,191		38,612		3,844		17		6		43,118		480,735		(11,261	)		574,262
Bonds		4,554		-		41,343		31,203		-		-		-		-			77,100
Trade accounts payable		740,142		124,259		52,916		52,292		223		35,939		16,950		4,535			1,027,256
Accounts payable to related parties		297,505		2,734		46,257		22,421		296		12,227		20,291		(348,243	)		53,488
Current income tax		12,495		247		8,609		2,433		104		45,092		672		-			69,652
Other accounts payable		490,494		19,724		49,187		9,146		1,298		115,661		24,837		(4,905	)		705,442
Provisions		81,288		20,535		1,722		1,197		-		540		27,644		-			132,926
Total current liabilities		1,645,669		206,111		203,878		118,709		1,927		252,577		571,129		(359,874	)		2,640,126
Borrowings		6,480		100,597		3,462		-		138		10,852		192,435		(8,333	)		305,631
Long-term bonds		16,719		-		177,341		598,753		-		-		-		-			792,813
Long-term trade accounts payable		-		-		-		9,757		-		-		-		-			9,757
Other long-term accounts payable		94,261		-		2,243		189		2,932		-		2,694		-			102,319
Long-term accounts payable to related parties		7,886		57,300		1,176		27,294		21,663		-		189,451		(277,477	)		27,293
Provisions		11,453		49,701		11,463		4,947		-		-		491,463		-			569,027
Deferred income tax liability		16,670		53,242		-		58,396		-		-		-		-			128,308
Total non-current liabilities		153,469		260,840		195,685		699,336		24,733		10,852		876,043		(285,810	)		1,935,148
Total liabilities		1,799,138		466,951		399,563		818,045		26,660		263,429		1,447,172		(645,684	)		4,575,274
Equity attributable to controlling interest in the Company		363,404		417,970		166,678		177,208		1,483		278,501		1,165,811		(1,509,551	)		1,061,504
Non-controlling interest		5,630		31,542		55,036		59,070		-		131,097		2,983		(856	)		284,502
Total liabilities and equity		2,168,172		916,463		621,277		1,054,323		28,143		673,027		2,615,966		(2,156,091	)		5,921,280

- 18 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of June 30, 2023 and 2022 and December 31, 2022

Operating segments financial position

	Engineering				Infrastructure								Parent
In thousands of soles	and construction		Energy		Toll roads		Transportation		Water treatment		Real estate		Company operations		Eliminations			Consolidated
As of June 30, 2023
Assets
Cash and cash equivalent		178,129		41,559		145,450		119,755		2,280		217,029		187,023		-			891,225
Trade accounts receivables, net		801,390		72,268		29,319		122,857		1,401		21,982		1,056		-			1,050,273
Accounts receivable from related parties		86,338		103		44,601		3,594		344		500		306,453		(395,041	)		46,892
Other accounts receivable		312,167		31,902		17,887		15,168		356		4,995		7,179		(2,345	)		387,309
Inventories, net		52,907		41,610		9,383		44,645		-		241,679		-		(1,643	)		388,581
Prepaid expenses		19,622		4,051		7,077		1,007		80		158		8,544		2			40,541
Total current assets		1,450,553		191,493		253,717		307,026		4,461		486,343		510,255		(399,027	)		2,804,821
Long-term trade accounts receivable, net		815		-		16,832		727,076		1,339		3,838		-		-			749,900
Long-term accounts receivable from related parties		314,604		-		16,486		42		14,015		-		443,817		(233,857	)		555,107
Prepaid expenses		-		480		21,308		1,667		606		-		-		(510	)		23,551
Other long-term accounts receivable		94,793		84,792		-		-		7,346		56,702		66,886		-			310,519
Inventories, net		-		-		-		-		-		70,139		-		-			70,139
Investments in associates and joint ventures		976		10,700		-		-		-		2,103		1,446,099		(1,446,958	)		12,920
Investment property, net		-		-		-		1,467		-		18,918		39,612		-			59,997
Property, plant and equipment, net		96,587		180,892		5,580		827		229		6,361		1,073		(10,961	)		280,588
Intangible assets, net		137,792		399,645		248,319		187		-		575		13,091		3,448			803,057
Right-of-use assets, net		6,845		9,545		5,019		4		139		1,941		35,663		(14,796	)		44,360
Deferred income tax asset		180,623		5,123		26,729		-		447		21,147		52,208		5,103			291,380
Total non-current assets		833,035		691,177		340,273		731,270		24,121		181,724		2,098,449		(1,698,531	)		3,201,518
Total assets		2,283,588		882,670		593,990		1,038,296		28,582		668,067		2,608,704		(2,097,558	)		6,006,339
Liabilities
Borrowings		15,966		34,536		15,787		4		6		14,445		502,387		(12,901	)		570,230
Bonds		6,030		-		45,010		31,101		-		-		-		-			82,141
Trade accounts payable		824,346		84,910		43,565		27,332		147		24,913		12,837		1,030			1,019,080
Accounts payable to related parties		301,300		57,136		27,990		33,005		10		11,147		9,582		(389,309	)		50,861
Current income tax		8,932		2,136		1,436		6,959		79		13,509		722		-			33,773
Other accounts payable		606,427		23,066		72,218		9,742		1,425		152,161		28,275		(4,905	)		888,409
Provisions		80,244		16,850		1,218		933		-		385		24,107		-			123,737
Total current liabilities		1,843,245		218,634		207,224		109,076		1,667		216,560		577,910		(406,085	)		2,768,231
Borrowings		3,688		96,796		1,927		-		135		71,813		169,629		(4,437	)		339,551
Long-term bonds		12,367		-		154,328		598,261		-		-		-		-			764,956
Long-term trade accounts payable		-		-		-		8,985		-		-		-		-			8,985
Other long-term accounts payable		75,078		-		1,371		144		2,874		-		2,696		-			82,163
Long-term accounts payable to related parties		8,007		-		1,006		27,916		23,146		-		210,259		(242,417	)		27,917
Provisions		11,333		53,850		11,750		3,656		-		-		487,518		-			568,107
Deferred income tax liability		29,713		57,030		63		62,570		-		-		-		-			149,376
Total non-current liabilities		140,186		207,676		170,445		701,532		26,155		71,813		870,102		(246,854	)		1,941,055
Total liabilities		1,983,431		426,310		377,669		810,608		27,822		288,373		1,448,012		(652,939	)		4,709,286
Equity attributable to controlling interest in the Company		295,078		423,640		160,001		170,767		759		284,002		1,157,666		(1,443,754	)		1,048,159
Non-controlling interest		5,079		32,720		56,320		56,921		1		95,692		3,026		(865	)		248,894
Total liabilities and equity		2,283,588		882,670		593,990		1,038,296		28,582		668,067		2,608,704		(2,097,558	)		6,006,339

- 19 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of June 30, 2023 and 2022 and December 31, 2022

Operating segment performance Segment Reporting

	Engineering						Infrastructure												Parent
In thousands of soles	and construction			Energy			Toll roads			Transportation			Water treatment			Real estate			Company operations			Elimination			Consolidated
For the three month period ended June 30, 2022
Revenue		757,564			153,233			121,362			95,510			1,044			54,912			17,113			(73,067	)		1,127,671
Gross profit (loss)		120,210			25,079			21,923			32,014			588			17,636			(8,913	)		12,245			220,782
Administrative expenses		(29,379	)		(3,710	)		(4,031	)		(2,311	)		(175	)		(3,333	)		87			(11,029	)		(53,881	)
Other income and expenses, net		3,348			909			(3,028	)		(363	)		-			1,045			3,339			(1,544	)		3,706
Operating profit (loss)		94,179			22,278			14,864			29,340			413			15,348			(5,487	)		(328	)		170,607
Financial expenses		(12,426	)		(3,840	)		(5,239	)		(1,667	)		(24	)		(1,704	)		(36,656	)		26,413			(35,143	)
Financial income		(485	)		115			322			(43	)		42			360			31,778			(27,783	)		4,306
Interests for present value of financial asset or liability		(3,250	)		141			118			-			-			251			(26,901	)		971			(28,670	)
Share of profit or loss in associates and joint ventures		1,834			750			-			-			-			712			53,556			(55,358	)		1,494
Profit (loss) before income tax		79,852			19,444			10,065			27,630			431			14,967			16,290			(56,085	)		112,594
Income tax		(9,531	)		(6,415	)		(1,683	)		(8,655	)		(160	)		(4,580	)		6,906			(5	)		(24,123	)
Profit (loss) for the period		70,321			13,029			8,382			18,975			271			10,387			23,196			(56,090	)		88,471
Profit (loss) from attributable to:
Owners of the Company		69,535			11,274			6,051			14,231			271			2,374			23,211			(54,316	)		72,631
Non-controlling interest		786			1,755			2,331			4,744			-			8,013			(15	)		(1,774	)		15,840
		70,321			13,029			8,382			18,975			271			10,387			23,196			(56,090	)		88,471

- 20 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

Operating segment performance Segment Reporting

	Engineering						Infrastructure												Parent
In thousands of soles	and construction			Energy			Toll roads			Transportation			Water treatment			Real estate			Company operations			Elimination			Consolidated
For the three month period ended June 30, 2023
Revenue		639,939			146,116			125,212			102,570			1,216			76,598			23,591			(78,321	)		1,036,921
Gross profit (loss)		26,508			13,495			23,298			30,576			721			31,767			4,551			3,370			134,286
Administrative expenses		(31,037	)		(3,533	)		(4,632	)		(2,851	)		(231	)		(5,116	)		(7,819	)		(1,841	)		(57,060	)
Other income and expenses, net		(427	)		471			36			(124	)		(41	)		808			234			(389	)		568
Operating (loss) profit		(4,956	)		10,433			18,702			27,601			449			27,459			(3,034	)		1,140			77,794
Financial expenses		(17,979	)		(4,661	)		(9,334	)		(1,828	)		(111	)		(2,705	)		(19,077	)		11,070			(44,625	)
Financial income		(3,990	)		3,125			1,885			2,822			170			2,383			13,395			(11,658	)		8,132
Interests for present value of financial asset or liability		280			(575	)		(588	)		-			-			1,897			5,343			-			6,357
Share of profit or loss in associates and joint ventures		-			718			-			-			-			73			(4,138	)		4,139			792
(Loss) profit before income tax		(26,645	)		9,040			10,665			28,595			508			29,107			(7,511	)		4,691			48,450
Income tax		(1,532	)		(2,521	)		(4,880	)		(8,969	)		(156	)		(16,715	)		(5,261	)		2			(40,032	)
(Loss) profit for the period		(28,177	)		6,519			5,785			19,626			352			12,392			(12,772	)		4,693			8,418
(Loss) profit from attributable to:
Owners of the Company		(27,419	)		5,154			3,591			14,719			352			6,585			(12,805	)		4,649			(5,174	)
Non-controlling interest		(758	)		1,365			2,194			4,907			-			5,807			33			44			13,592
		(28,177	)		6,519			5,785			19,626			352			12,392			(12,772	)		4,693			8,418

- 21 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

Operating segment performance

Segment Reporting

	Engineering						Infrastructure												Parent
In thousands of soles	and construction			Energy			Toll roads			Transportation			Water treatment			Real estate			Company operations			Elimination			Consolidated
For the six month period ended June 30, 2022
Revenue		1,337,572			292,889			245,463			197,189			2,138			84,415			34,063			(146,132	)		2,047,597
Gross profit (loss)		66,195			53,153			44,522			70,329			1,162			22,642			7,930			(358	)		265,575
Administrative expenses		(53,426	)		(6,867	)		(7,697	)		(5,141	)		(371	)		(6,481	)		(18,167	)		2,541			(95,609	)
Other income and expenses, net		(6,307	)		1,359			(3,002	)		(305	)		-			1,069			2,987			775			(3,424	)
Operating profit (loss)		6,462			47,645			33,823			64,883			791			17,230			(7,250	)		2,958			166,542
Financial expenses		(30,766	)		(8,890	)		(12,003	)		(3,406	)		(50	)		(5,719	)		(28,950	)		12,994			(76,790	)
Financial income		1,770			246			1,173			1,130			59			530			19,905			(16,201	)		8,612
Interests for present value of financial asset or liability		(5,315	)		939			(1,515	)		-			-			726			(61,727	)		(1,373	)		(68,265	)
Share of profit or loss in associates and joint ventures		1,222			1,522			-			-			-			712			51,225			(53,612	)		1,069
(Loss) profit before income tax		(26,627	)		41,462			21,478			62,607			800			13,479			(26,797	)		(55,234	)		31,168
Income tax		4,754			(12,758	)		(5,369	)		(19,432	)		(295	)		(4,123	)		16,086			(31	)		(21,168	)
(Loss) profit for the period		(21,873	)		28,704			16,109			43,175			505			9,356			(10,711	)		(55,265	)		10,000
(Loss) profit from attributable to:
Owners of the Company		(20,386	)		25,297			10,346			32,381			505			1,554			(10,731	)		(54,179	)		(15,213	)
Non-controlling interest		(1,487	)		3,407			5,763			10,794			-			7,802			20			(1,086	)		25,213
		(21,873	)		28,704			16,109			43,175			505			9,356			(10,711	)		(55,265	)		10,000

- 22 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

Operating segment performance

Segment Reporting

	Engineering						Infrastructure												Parent
In thousands of soles	and construction			Energy			Toll roads			Transportation			Water treatment			Real estate			Company operations			Elimination			Consolidated
For the six month period ended June 30, 2023
Revenue		1,138,684			310,992			258,600			204,678			2,479			94,373			48,780			(171,527	)		1,887,059
Gross profit (loss)		19,417			43,201			39,613			61,993			1,483			35,417			10,498			3,586			215,208
Administrative expenses		(54,262	)		(7,945	)		(9,788	)		(5,648	)		(471	)		(9,027	)		(14,455	)		(1,327	)		(102,923	)
Other income and expenses, net		(4,956	)		639			409			51			(41	)		1,588			4,032			(721	)		1,001
Operating (loss) profit		(39,801	)		35,895			30,234			56,396			971			27,978			75			1,538			113,286
Financial expenses		(29,546	)		(10,608	)		(15,559	)		(3,628	)		(219	)		(5,940	)		(43,793	)		22,856			(86,437	)
Financial income		974			5,247			3,293			4,293			330			4,296			29,837			(22,106	)		26,164
Interests for present value of financial asset or liability		1,632			(437	)		(1,602	)		-			-			3,153			17,417			-			20,163
Share of profit or loss in associates and joint ventures		(1	)		1,585			-			-			-			73			(7,016	)		7,015			1,656
(Loss) profit before income tax		(66,742	)		31,682			16,366			57,061			1,082			29,560			(3,480	)		9,303			74,832
Income tax		(11,739	)		(9,724	)		(6,235	)		(17,651	)		(323	)		(16,856	)		(9,895	)		10			(72,413	)
(Loss) profit for the period		(78,481	)		21,958			10,131			39,410			759			12,704			(13,375	)		9,313			2,419
(Loss) profit from attributable to:
Owners of the Company		(77,881	)		18,621			5,178			29,557			759			5,501			(13,420	)		9,123			(22,562	)
Non-controlling interest		(600	)		3,337			4,953			9,853			-			7,203			45			190			24,981
		(78,481	)		21,958			10,131			39,410			759			12,704			(13,375	)		9,313			2,419

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AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

8.	Financial Instruments

Financial assets related to concession contracts are presented in the consolidated statement of financial position as “short-term trade accounts receivable” and “long-term trade accounts receivable”.

The classification of financial assets and liabilities by category is as follows:

	As of		As of
	December 31,		June 30,
In thousands of soles	2022		2023
Financial assets according to the consolidated statement of financial position
Loans and accounts receivable at amortized cost:
- Cash and cash equivalents		917,554		891,225
- Trade accounts receivable and other accounts receivable (excluding non-financial assets) (i)		1,452,606		1,391,184
- Financial assets related to concession agreements (ii)		861,190		888,595
- Accounts receivable from related parties		570,137		601,999
		3,801,487		3,773,003

	As of		As of
	December 31,		June 30,
In thousands of soles	2022		2023
Financial liabilities according to the consolidated statement of financial position
Other financial liabilities at amortized cost:
- Other financial liabilities		819,973		861,494
- Finance leases		835		-
- Lease liability for right-of-use asset		59,085		48,287
- Bonds		869,913		847,097
- Trade and other accounts payable (excluding non-financial liabilities) (iii)		1,207,739		1,186,695
- Accounts payable to related parties		80,781		78,778
		3,038,326		3,022,351
Other financial liabilities:
- Other provisions (iv)		541,345		537,721

(i)	The following non-financial assets are excluded: advances to suppliers for S/84.2 million and tax receivable for S/134 million (S/53.7 million and S/141.9 million, respectively, as of December 31, 2022).
(ii)	It’s included in the trade accounts receivable item.
(iii)	The following non-financial liabilities are excluded: advances received from customers for S/471.2 million, taxes payable for S/208.5 million, salaries and other personnel payable for S/130.3 million and others for S/1.9 million (S/365.7 million, S/165.8 million, S/99.2 million and S/6.2 million, respectively, as of December 31, 2022).
(iv)	Includes civil compensation to Peruvian Government S/481.3 million and administrative process INDECOPI for S/56.4 million (S/488.9 million and S/52.5 million, respectively, as of December 31, 2022).

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AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

9.	Cash and Cash Equivalents

This account comprises:

	As of		As of
	December 31,		June 30,
In thousands of soles	2022		2023
Cash on hand		727		1,874
Remittances in-transit		2,955		1,625
Bank accounts
Current accounts		363,134		275,889
Banco de la Nacion		19,280		8,968
Time deposits (a)		114,994		252,052
		497,408		536,909
Trust account - specific use founds
Operational funds		229,165		196,004
Consortium funds		114,050		81,092
Reserve funds (b)		71,966		72,471
Guarantee funds		1,283		1,250
		416,464		350,817
Total Cash and Cash equivalents		917,554		891,225

Current accounts are denominated in local and foreign currency, deposited in local and foreign banks with a high credit rating and are freely available. These accounts earn interest at market rates.

The Corporation maintains unrestricted trust accounts in local and foreign banks for the management of funds for specific uses that are classified as: i) operating funds and consortium funds for the exclusive management of project cash flows; and ii) reserve and guarantee funds for the payment of bonds issued and other obligations of the Corporation.

(a)

Time deposits have maturities lower than ninety (90) days and may be renewed upon maturity. As of June 30, 2023, these deposits bear interest that fluctuates between 0.9% and 7.69% (between 0.26% and 7.4%, as of December 31, 2022).

(b)

The trust accounts with reserve funds for the payment of bonds issued and other obligations of the Corporation are as follows.

	As of		As of
	December 31,		June 30,
In thousands of soles	2022		2023
Tren Urbano de Lima S.A.		49,397		49,513
Red Vial 5 S.A.		22,569		22,958
		71,966		72,471

Cash and cash equivalents do not represent a significant credit or interest rate risk; therefore, their carrying amounts approximate their fair value.

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AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

10.	Trade Accounts Receivable, net

This caption comprises the following:

	Total				Current				Non-current
	As of		As of		As of		As of		As of		As of
	December 31,		June 30,		December 31,		June 30,		December 31,		June 30,
In thousands of soles	2022		2023		2022		2023		2022		2023

Receivables (a)		894,571		887,656		366,007		339,401		528,564		548,255
Unbilled receivables - Subsidiaries (b)		584,217		583,783		584,217		583,783		-		-
Unbilled receivables - Concessions (c)		323,663		328,734		128,358		127,089		195,305		201,645
		1,802,451		1,800,173		1,078,582		1,050,273		723,869		749,900

As of December 31, 2022 and June 30, 2023, trade accounts receivable are denominated in local and foreign currency, have current maturities, do not accrue interest and do not have specific guarantees. The fair value of current accounts receivable is similar to their carrying value because their average collection period is less than sixty (60) days.

The balance of accounts receivable corresponds to:

	As of		As of
	December 31,		June 30,
In thousands of soles	2022		2023
Tren Urbano de Lima S.A.		818,354		849,933
Cumbra Peru S.A.		647,113		760,444
Viva Negocio Inmobiliario S.A. (i)		150,285		25,820
Unna Energia S.A.		80,245		72,268
Cumbra Ingenieria S.A.		53,205		41,761
Red Vial 5 S.A.		24,072		17,492
Carretera Andina del Sur S.A.C.		13,035		12,850
Unna Transporte S.A.C.		9,852		10,229
Carretera Sierra Piura S.A.C.		3,439		5,580
Concesionaria La Chira S.A.		2,290		2,740
Others		561		1,056
		1,802,451		1,800,173

As of December 31, 2022 invoices receivable mainly corresponds to the sale of a land to SEDAPAL by Inmobiliaria Almote 2 S.A.C. (located in the district of Lurin, province of Lima, with an area of 209.59 hectares for S/140 million which would be payable in 7 installments, being the last one in August 2023. As of June 30, 2023, collections has been made according to the schedule stipulated in the contract.

(a)

As of June 30, 2023, invoices receivable are recognized net of impairment for S/45.1 million, and at current value for S/0.2 million (S/44.7 million for impairment and S/0.7 million at current value, as of December 31, 2022).

The aging analysis of trade receivables is as follows:

	As of		As of
	December 31,		June 30,
In thousands of soles	2022		2023
Current		853,531		868,481
Past due up to 30 days		29,078		3,212
Past due from 31 days up to 90 days		2,049		2,953
Past due from 91 days up to 120 days		1,437		5,074
Past due from 121 days up to 360 days		4,100		2,931
Past due over 360 days		4,376		5,005
		894,571		887,656

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AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

As of June 30, 2023, the amount of due debts over three hundred and sixty (360) days mainly includes invoices receivable from subsidiaries: Unna Transporte S.A.C. for S/3.1 million, Cumbra Peru S.A. for S/1.6 million, and Cumbra Ingenieria S.A. for S/0.3 million (Cumbra Peru S.A. for S/3.4 million and Cumbra Ingenieria S.A. for S/0.9 million as of December 31, 2022). As of December 31, 2022 and June 30, 2023, Management performed the assessment of credit risk exposure on trade accounts receivable.

(b)

Contract Assets by the subsidiaries correspond to documents related to estimates for services provided that were not invoiced, valuations under preparation or approval pending. These rights are recognized net of impairment for S/3.8 million and discounted at current value for S/1.6 million (S/3.8 million for impairment, and S/2.8 million at current value, as of December 31, 2022). The following is a breakdown by subsidiary:

	As of		As of
	December 31,		June 30,
In thousands of soles	2022		2023
Cumbra Peru S.A.		533,389		538,692
Cumbra Ingenieria S.A.		38,922		34,505
Unna Transporte S.A.C.		6,192		7,117
Unna Energia S.A.		5,617		3,252
Others		97		217
		584,217		583,783

(c)

Contract Assets for Concessions correspond to future collections to the Grantor according to the terms of the concession agreement, as detailed below:

	As of		As of
	December 31,		June 30,
In thousands of soles	2022		2023
Tren Urbano de Lima S.A.		281,487		290,685
Red Vial 5 S.A.		24,072		17,492
Carretera Andina del Sur S.A.C.		12,796		12,723
Carretera Sierra Piura S.A.C.		3,018		5,580
Concesionaria La Chira S.A.		2,290		2,254
		323,663		328,734

Management, after evaluating the balances receivable at the date of the interim condensed consolidated financial statements, considers that, except for the accounts receivable provisioned, there are no accounts at risk of uncollectibility.

In the opinion of Corporate Management, the expected credit loss and allowance for trade receivables adequately cover the risk of uncollectibility as of December 31, 2022 and June 30, 2023.

11.	Transactions with Related Parties

Transactions with related parties

Major transactions for the period ended June 30, 2022 and 2023 between the Company and its related parties are summarized as follows:

	For the three				For the Six
	month period ended June 30				month period ended June 30
In thousands of soles	2022		2023		2022		2023
Revenue from sales of goods and services:
- Joint operations		12,492		21,987		22,613		28,362
		12,492		21,987		22,613		28,362

Transactions among related parties are made based on current price lists and according to the terms and conditions similar to those agreed with third parties.

- 27 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

Balances with Related parties

Balances breakdown were the following:

	As of December 31, 2022				As of June 30, 2023
In thousands of soles	Receivable		Payable		Receivable		Payable
Current portion:
Joint operations
Consorcio Inti Punku		4,030		3,104		23,412		98
Consorcio Rio Mantaro		-		12,247		-		6,960
Consorcio Constructor Chavimochic		-		9,421		-		9,358
Consorcio Rio Urubamba		9,606		-		9,369		-
Consorcio Manperan		603		4,064		2,325		761
Consorcio TNT Vial y Vives - DSD Chile Ltda		8,664		3,153		-		3,120
Consorcio Peruano de Conservacion		752		2,629		798		2,770
Consorcio Vial Quinua		-		1,945		-		1,944
Consorcio GyM Conciviles		-		1,426		-		3,584
Terminales del Peru		88		600		124		600
Consorcio GyM-Stracon		-		160		-		72
Consorcio Norte Pachacutec		57		246		121		91
Consorcio Italo Peruano		1,524		-		1,569		-
Consorcio Ermitaño		547		-		532		-
Others		1,874		1,139		8,642		548
		27,745		40,134		46,892		29,906

Other related parties
Ferrovias S.A.		-		13,354		-		20,955
		-		13,354		-		20,955
Current portion		27,745		53,488		46,892		50,861

Non-current portion
Gasoducto Sur Peruano S.A. (Note 14.i)		542,392		-		554,855		-
Ferrovias S.A.		-		15,054		-		12,512
Ferrovias Participaciones S.A.		-		12,239		-		15,405
Others		-		-		252		-
Non-current		542,392		27,293		555,107		27,917

As of December 31, 2022 and June 30, 2023 accounts receivable and payable are mainly of current maturity which have no specific guarantees. These balances do not generate interest considering their maturity in short term.

The Corporation conducts its operations with related companies under the same conditions as those with third parties; consequently, there are no differences in pricing policies or in the basis for tax settlement; with respect to payment terms, these do not differ from policies granted to third parties.

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AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

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,		June 30,		December 31,		June 30,		December 31,		June 30,
In thousands of soles	2022		2023		2022		2023		2022		2023

Guarantee deposits		194,885		191,394		110,507		111,163		84,378		80,231
Credits from public institutions and recoverable taxes		141,891		134,035		102,689		94,627		39,202		39,408
Petroleos del Peru S.A.- Petroperu S.A.		105,073		101,914		15,291		17,122		89,782		84,792
Claims to third parties		66,886		69,443		23,065		25,418		43,821		44,025
Advances to suppliers		53,657		84,187		53,657		84,187		-		-
Restricted funds		52,014		57,781		44,668		50,435		7,346		7,346
Inversiones Majes S.A.		21,081		20,245		-		-		21,081		20,245
Accounts receivable from personnel		2,359		2,183		2,359		2,183		-		-
Cumbra Peru S.A. - Refinery Talara (a)		36,266		-		36,266		-		-		-
Ministerio de Desarrollo Agrario y Riego - MIDAGRI (b)		-		34,354		-		-		-		34,354
Others		4,813		2,292		4,693		2,174		120		118
		678,925		697,828		393,195		387,309		285,730		310,519

Cumbra Peru S.A. - Talara Refinery

As of December 2022, Cumbra Peru S.A. had a lawsuit pending against Tecnicas Reunidas de Talara S.A.C. (TRT) for approximately US$ 78 million as compensation for damages suffered as a result of various contractual breaches. In turn, TRT filed a counterclaim for approximately US$ 81 million alleging that Cumbra Peru S.A. had breached the subcontract entered into between the two companies. On the other hand, on December 28, 2020, TRT executed two letters of guarantee issued by Banco Santander, the first for US$ 16 million for Fidelity Performance and the second letter of guarantee for US$ 7.7 million for advance payment of work, despite the fact that the obligations guaranteed by the letter of guarantee were being litigated in the process described in this paragraph.

In December 2022, the Company signed an agreement with TRT, in order to solve claims of both parties. As a result of this agreement, the Company impaired account receivables rights for US$ 29.6 million equivalent to S/113 million. In addition, the Company would receive payments for outstanding invoices in the amount of US$ 10.3 million (equivalent to S/36.3 million). As of January 31, 2023, the Company received full payment of the outstanding invoices.

Concesionaria Chavimochic – Ministerio de Desarrollo Agrario y Riego

The balance corresponds to the claim to the Ministry of Agrarian Development and Irrigation (“MIDAGRI”) for US$9.5 million equivalent to S/34.3 million for the execution of the total amount of the Performance Bond, derived from the arbitration process followed against the Regional Government of La Libertad and MIDAGRI for the early termination of the Concession Contract due to breach of contract by the Grantor (Note 14.i).

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.

- 29 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

13.	Inventories, Net

This caption comprises the following:

	As of			As of
	December 31,			June 30,
In thousands of soles	2022			2023
Land		114,111			116,820
Work in progress - Real estate		131,090			157,058
Finished properties		47,643			37,043
Construction materials		42,475			52,151
Merchandise and supplies		83,512			101,373
		418,831			464,445
Allowance for inventory write-downs		(6,495	)		(5,725	)
		412,336			458,720
Current		346,783			388,581
Non-current		65,553			70,139

As of June 30, 2023, the non-current portion of inventories includes S/70.14 million corresponding to land for real estate projects to be executed in the long term (S/56.56million located in the district of San Isidro in Lima and S/13.58 million located in the district of Barranco in Lima) As of December 31, 2022, the non-current portion of inventories includes S/ 65.6 million corresponding to land for real estate projects to be executed in the long term (S/ 52 million located in the district of San Isidro in Lima and S/ 13.5 million located in the district of Barranco in Lima).

Management has analyzed the inventories and has determined that there are no major indications of impairment.

14.	Investments in Associates and Joint Ventures

This caption comprises the following:

	As of		As of
	December 31,		June 30,
In thousands of soles	2022		2023
Associates		2,753		2,103
Joint ventures		12,163		10,817
		14,916		12,920

Movement of our investments in associates for the periods ended June 30, 2022, and 2023 is as follows:

	As of			As of
	June 30,			June 30,
In thousands of soles	2022			2023
Balance as of January 1		31,173			14,916
Equity interest in results		1,069			1,656
Dividends received		(2,937	)		(3,652	)
Conversion adjustment		(63	)		-
Balance as of June 30		29,242			12,920

- 30 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

The most relevant associates are described below:

Gasoducto Sur Peruano S.A

In November 2015, the Corporation acquired a 20% interest in Gasoducto Sur Peruano S.A. and obtained a 29% interest in Consorcio Constructor Ductos del Sur (hereinafter “CCDS”) through its subsidiary Cumbra Peru S.A.

On July 22, 2014, GSP signed a concession agreement with the Peruvian Government to build, operate, and maintain a pipeline transportation system of natural gas to meet the demand of cities in the south of Peru (hereinafter the “Concession Agreement”). Additionally, GSP signed an engineering, procurement and construction agreement with CCDS.

The Corporation made an investment of US$ 242.5 million (equivalent to S/811 million) and had to assume 20% of the performance bond established in the concession agreement for US$ 262.5 million and 21.49% of the guarantee for a bridge loan of US$ 600 million.

Early termination of the Concession Agreement

On January 24, 2017 the Peruvian Ministry of Energy and Mines (hereinafter “MEM”) notified the early termination of the Concession Agreement under Clause 6.7 for the failure of the concessionaire to accredit the financial closure within the contractual term, proceeding with the immediate execution of the entirety of the faithful performance guarantee.

The situation described in the previous paragraph caused Management to recognize the impairment between 2016 and 2019 of its total investment (US$242.5 million), and required the register of the account receivable resulting from the execution of the counter-guarantees granted by AENZA in favor of the entity issuing the guarantees: for US$ 52.5 million corresponding to the performance bond and US$ 129 million corresponding to the corporate guarantee on the bridge loan granted to GSP. According to the Concession Agreement, the guarantees were paid on behalf of GSP, therefore, AENZA recognized the right to collect from GSP for US$181.5 million, which were recorded in 2016 as accounts receivable from related parties. Likewise, Cumbra Peru recognized the value of accounts receivable from CCDS for US$73.5 million and lost profits for US$10 million, which correspond to receivables from GSP. (Note 11) for the balance of the account receivable from GSP.

On October 11, 2017, the agreement deed for the delivery of the assets of the south Peruvian gas pipeline concession between GSP and MEM was signed. The assets include the works, equipment, facilities and engineering studies provided for the execution of the project.

Upon termination of the Concession Agreement, and in accordance with the provisions of clause 20 thereof, the Peruvian Government had the obligation to hire an internationally recognized auditing firm to calculate the Net Book Value (hereinafter “NBV”) of the concession assets, and to call up to three auctions on GSP’s assets. However, to date, the Peruvian State continues to fail to comply with these contractual obligations. The amount of the VCN was calculated at US$2,602 million by an independent auditing firm hired by GSP as of December 31, 2016, this figure was subsequently adjusted to US$2,110 million as a result of variations in the balances related to the works carried out by the consortium, which in turn is reported in its audited financial statements as of December 31, 2017.

Collection Actions of AENZA S.A.A.

On December 21, 2018, the Company asked the Peruvian Government for direct treatment and requested the payment of NBV in favor of GSP. On October 18, 2019, the Company filed with CIADI an arbitration request. On December 27, 2019 the Company withdrew the arbitration in compliance with a preliminary plea agreement signed with the Attorney General´s Office and Ad-hoc Peruvian Public Prosecutor’s Office on the same date (Note 1). Withdrawing the arbitration before CIADI does not involve the loss of collection rights of the Company against GSP and does not restrict, limit, or impede GSP from asserting its rights against the Peruvian Government.

The Company and its internal and external legal advisors consider that the payment owed by the Government to GSP for the NBV are not within the withholding scope under Law 30737 that ensures the immediate payment of civil compensation in favor of the Peruvian Government in cases of corruption and related crimes, since this payment does not include any profit margin and/or not correspond to the sale of assets related to the project, but to a reimbursement for the investment made by the Concessionaire.

Bankruptcy of GSP

On December 4, 2017, GSP started a bankruptcy proceeding before the INDECOPI. The Company maintains receivable recognized by INDECOPI of US$0.4 million and US$169.3 million, the latter held under trust in favor of the creditors of the Company. In addition, it has indirectly recognized claims of US$11.8 million. On the other hand, the debt of Cumbra Peru S.A. is recognized in INDECOPI indirectly through the Constructor Ductos del Sur of US$88.7 million. As of the date of this report, GSP is under liquidation and AENZA S.A.A. chairs the Board of Creditors.

- 31 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

On April 11, 2023, the Liquidation Agreement was approved, which defines the framework for the liquidator’s actions. The Liquidation Agreement includes the granting of powers to the liquidator with respect to representation, administrative, contractual and other relevant powers that allow him to comply with the obligations for which he was appointed, as well as the actions he is allowed to take in order to recover GSP’s assets and in accordance with the mechanisms set forth in the General Law of the Insolvency System.

On April 13, 2023, and under the powers granted to him by the Liquidation Agreement, the Liquidator requested the MEM to initiate the Direct Treatment procedure stipulated in the Concession Agreement.

Amounts recognized in the interim condensed consolidated financial statements (note 11).

As of June 30, 2023, the net value of the account receivable from GSP is approximately US$153.1 million, equivalent to S/554.8 million (US$142.4 million equivalent to S/542.4 million at December 31, 2022), which comprises the recognition in the following entities of the Corporation: i) AENZA S.A.A. holds US$68.2 million (equivalent to S/247.2 million) discounted to present value net of impairment and the effect of the exchange difference (US$63.9 million equivalent to S/243.2 million at December 31, 2022) and; ii) Cumbra Peru S.A. holds US$84.9 million (equivalent to S/307.6 million) discounted to present value, net of the effect of the exchange difference (US$78.5 million equivalent to S/299.2 million at December 31, 2022).

The Company’s management maintains the recovery estimate in 8 years, applying a discount rate of 4.98% (recovery term of 8 years with a discount rate of 5.42% as of June 30, 2022). These estimates generated during 2023 a gain from present value effect of approximately S/17.4 million (S/37.3 million, loss from present value as of June 30, 2022) which has been recognized in the consolidated statement of profit or loss under the caption “Gain (loss) from present value of financial assets or liabilities ” (Note 26.B).

Based on management’s assessment and in conjunction with the opinion of the internal legal department and external legal counsel, the estimate of recoverability, impairment allowances and the net recognized value of the account receivable from GSP as of December 31, 2022 and as of June 30, 2023 is reasonable and sufficient as of the reporting date of the Corporation’s consolidated financial statements.

ii.

Concesionaria Chavimochic S.A.C.

In May 2014, Concesionaria Chavimochic S.A.C. (hereinafter the “Concessionaire”), in which AENZA has 26.5% of interest, signed an agreement with the Peruvian Government (hereinafter the “Concession Agreement”) for the design, construction, operation, and maintenance of major hydraulic works of Chavimochic Project (hereinafter the “Project”). The construction of the work started in 2015 with a concession term of twenty-five (25) years and a total investment of about US$ 647 million.

According to the Concession Agreement, the works of the third stage of the Project were structured in two phases. To date, the works of the first phase (Palo Redondo Dam) are 70% in progress. However, at the beginning of 2017, the procedure for early termination of the Concession Agreement was initiated due to the breach of contract by the Grantor, and all activities were suspended in December 2017. Due to the fact that no agreement was made, the Concessionaire initiated an arbitration process before the Comision de las Naciones Unidas para el Derecho Mercantil Internacional (CNUDMI).

On October 4, 2022, the Arbitration Court notified the parties with the award, which provided for the early termination of the Concession Agreement and ordered, among other things, that the Grantor pay the Concessionaire the amount of US$ 25.3 million as a consequence of its failure to provide the Project Control Delivery, and the execution of 70% of the Performance Bond or the payment of US$25 million for the Concessionaire’s failure to obtain evidence of financial closing.

Despite the requests for exclusion and integration of the award filed by the Concessionaire, the Court did not issue a decision within the deadline, and the award was consented to. As of December 31, 2022, an impairment of its total investment amounting to S/ 14.5 million was recorded.

In February 2023, the Grantor partially executed the Concessionaire’s performance bond, where AENZA was required to assume a total of US$7.5 million. Likewise, in May 2023, the Grantor requested the execution of the balance of the Concessionaire’s performance bond, where AENZA is responsible for US$2 million. The Concessionaire is currently coordinating the necessary legal actions for the full execution of the award so that the Grantor complies with the obligations arising therefrom. Likewise, the Concessionaire will initiate legal actions against the Grantor for what it considers an arbitrary execution of the balance of the performance bond without the arbitration court having granted the possibility of executing the bond for a higher amount and without a breach of contract having been attributed to the Concessionaire that would justify such execution (Note 12.b).

- 32 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

15.

Investments 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 period ended June 30, 2022 and 2023, are as follows:

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

Cost
Balance at January 1, 2022		87,222			1,261,098			98,391			1,472,506
Additions		11			23,335			8,618			44,289
Sale of assets		-			(16,505	)		-			-
Disposals		-			(4,983	)		296			(634	)
Transfers		-			(845	)		-			385
Translations adjustments		-			(18,305	)		(303	)		(15,059	)
Balance at June 30, 2022		87,233			1,243,795			107,002			1,501,487
Balance at January 1, 2023		99,557			1,234,208			119,495			1,586,462
Additions		2			22,311			2,669			85,374
Sale of assets		-			(13,052	)		-			-
Disposals		-			(5,620	)		(875	)		(5,572	)
Reclassifications		-			(1,725	)		-			-
Transfers		-			-			-			(24,863	)
Translations adjustments		1			4,740			150			6,429
Balance at June 30, 2023		99,560			1,240,862			121,439			1,647,830

Accumulated depreciation and impairment
Balance at January 1, 2022		(24,211	)		(957,928	)		(50,674	)		(729,115	)
Depreciation / amortization		(2,040	)		(26,421	)		(8,722	)		(47,737	)
Sale of assets		-			12,852			-			-
Disposals		-			4,674			-			628
Transfers		-			649			-			(271	)
Impairment		-			-			-			(661	)
Translations adjustments		-			11,725			294			4,063
Balance at June 30, 2022		(26,251	)		(954,449	)		(59,102	)		(773,093	)
Balance at January 1, 2023		(37,633	)		(949,743	)		(69,288	)		(799,126	)
Depreciation / amortization		(1,929	)		(24,851	)		(8,598	)		(75,061	)
Sale of assets		-			11,128			-			-
Disposals		-			4,615			875			5,450
Reclassifications		-			1,725			-			-
Transfers		-			-			-			24,859
Impairment		-			(313	)		-			-
Translations adjustments		(1	)		(2,835	)		(68	)		(895	)
Balance at June 30, 2023		(39,563	)		(960,274	)		(77,079	)		(844,773	)

Carrying amounts
At January 1, 2022		63,011			303,170			47,717			743,391
At June 30, 2022		60,982			289,346			47,900			728,394
At January 1, 2023		61,924			284,465			50,207			787,336
At June 30, 2023		59,997			280,588			44,360			803,057

(a)

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

As of June 30, 2023, additions to property, plant and equipment correspond mainly to the energy segment, for machinery, replacement units, work in progress, facilities other equipment furniture and fixtures for a total of S/19.6 million. Also, additions in the engineering and construction segment, for other equipment, machinery, furniture and fixtures, and buildings for S/1.9 million; and additions in the real estate and infrastructure segments for S/0.8 million (as of June 30, 2022, additions mainly correspond to energy segment, due to work in progress, machinery, replacement units and buildings in S/6.9 million, S/5.7 million, S/2 million and S/1.4 million, respectively. Likewise, additions in the engineering and construction segment of machinery and other equipment in S/2.7 million and S/1.2 million, respectively).

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AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

As of June 30, 2023, the addition of right-of-use assets corresponds to the price adjustment to the Company’s real estate lease agreement for S/2.4 million; (as of December 31, 2022, it mainly corresponds to lease agreements for the acquisition of miscellaneous equipment and vehicles in the energy segment for S/8.3 million).

For the period ended June 30, 2022 and 2023, depreciation of property, plant and equipment, investment property and right-of-use assets is presented in the interim condensed consolidated statement of income as follows:

In thousands of soles	2022			2023

Cost of sale of goods and services (Note 24)		29,589			27,488
Administrative expenses (Note 24)		7,594			7,890
Total depreciation		37,183			35,378
(-) Depreciation related to investment property		(2,040	)		(1,929	)
(-) Depreciation related to right-of-use assets		(8,722	)		(8,598	)
Total depreciation of property, plant and equipment		26,421			24,851

(b)

Intangible assets

As of June 30, 2023, the additions correspond mainly to the energy segment for investments for the preparation of wells and other assets for a total of S/81.4 million, and in the engineering and construction segment for investments in software for S/2.1 million (as of June 30, 2022, additions mainly correspond to investments in the preparation of wells in energy segment for S/34.2 million, software development of engineering and construction segment for S/5 million; and, concessions and licenses corresponding to the infrastructure segment for S/2.5 million).

For the period ended June 30, 2022 and 2023, the breakdown of intangible amortization included in the consolidated statement of income is as follows:

In thousands of soles	2022		2023
Cost of sale of goods and services (Note 24)		46,428		73,083
Administrative expenses (Note 24)		1,309		1,978
Total amortization		47,737		75,061

Goodwill

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

	As of		As of
	December 31,		June 30,
In thousands of soles	2022		2023
Engineering and construction		28,741		31,571
Electromechanical		20,736		20,736
		49,477		52,307

16.

Borrowings

This caption comprises the following:

	Total				Current				Non-current
	As of		As of		As of		As of		As of		As of
	December 31,		June 30,		December 31,		June 30,		December 31,		June 30,
In thousands of soles	2022		2023		2022		2023		2022		2023

Bank loans		651,825		691,728		548,372		527,360		103,453		164,368
Other financial entities		168,148		169,766		12,176		31,752		155,972		138,014
Lease liability for right-of-use asset		59,085		48,287		12,879		11,118		46,206		37,169
Finance leases		835		-		835		-		-		-
		879,893		909,781		574,262		570,230		305,631		339,551

- 34 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

Bank loans

As of December 31, 2022 and as of June 30, 2023, this item comprises bank loans in local and foreign currencies for working capital purposes. These obligations accrue fixed interest rates which fluctuate between 6% and 23.7% in 2023 (between 6% and 11.4% in 2022).

				As of		As of
		Date of		December 31,		June 30,
In thousands of soles	Interest rate	maturity		2022		2023

AENZA S.A.A. (i)	Term SOFR 3M + de 6.26% a 8.51%		2023		463,773		475,737
Unna Energia S.A.(ii)	6.04% / 7.68%		2027		126,064		121,920
Viva Negocio Inmobiliario S.A.C. (iii)	7.84% / 12.50%		2032		51,314		84,371
Morelco S.A.S. (iv)	17.61% / 23.65%		2024		10,674		9,700
					651,825		691,728

AENZA S.A.A. Bridge Loan Agreement

On March 17, 2022, the Company entered into a bridge loan agreement for up to US$ 120 million, with a group of financial institutions 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 eighteen (18) months, in quarterly interest installments and is secured, subject to the fulfillment of certain precedent conditions, by a flow trust (first lien), a pledge over the shares in Unna Energia S.A. (first lien), and a trust on the shares of Viva Negocio Inmobiliario S.A.C. (second lien). On April 5, 2022, the Company received a bridge loan for up to US$120 million. The loan bears interest at the following interest rates: (i) for the first and second installments, Term SOFR + 6.26%; (ii) for the third and fourth installments, Term SOFR + 6.76%; (iii) for the fifth installment, Term SOFR + 7.51%; and (iv) for the sixth installment, Term SOFR + 7.51%. As of June 30, 2023, the total amount payable is US$ 120 million, equivalent to S/446.8 million, which includes principal of S/435.9 million, plus interest and net deferred charges of S/10.8 million (as of December 31, 2022, the total amount payable was US$ 120 million, equivalent to S/463.8 million, which included principal of S/458.4 million, plus interest and net deferred charges of S/ 5.4 million). The Corporation is currently evaluating financing alternatives that allow it to cover its short-term obligations.

As of December 31, 2022 and as of June 30, 2023, the Company has complied with the covenants established in the loan agreement.

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 S.A. (hereinafter BCP) to finance investments arising from the operation agreement of North and Center terminals for 2015 to 2019 period, available up to December 31, 2022 with a maximum exposure limit of US$ 80 million. This funding is repaid within eight (8) years. In 2022 additional disbursements amounting to US$ 8.5 million (equivalent to S/ 32.7 million) were requested for additional investments.

In addition, in November 2019, TP signed a loan agreement to finance the additional investments from 2019 to 2023 for a credit line of US$ 46 million with BCP. This agreement includes an assignee as interest holder, so BD Capital (BDC) acquired 50% of the BCP contractual position through the signature of an accession agreement.

As of June 30, 2023, the amount recorded for loans equivalent to 50% of interest owned by the subsidiary Unna Energia S.A. amounts to S/121.9 million, principal net of interest and deferred charges (S/126.1 million, as of December 31, 2022).

As of December 31, 2022 and as of June 30, 2023, TP is in compliance with the covenants established in the loan agreement.

- 35 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

iii)

Viva Negocio Inmobiliario S.A.C. Loan

The balance includes the following:

					As of		As of
			Date of		December 31,		June 30,
In thousands of soles	Interest rate		maturity		2022		2023

Banco Interamericano de Desarrollo		7.84%		2032		-		72,155
Banco de Credito del Peru S.A.		12.50%		2023		36,562		8,084
Banco BBVA Peru S.A.		7.94% / 10.90%		2024		2,116		4,132
Banco Interamericano de Finanzas S.A.		11.35%		2024		12,636		-
						51,314		84,371

In December 2022, Viva Negocio Inmobiliario S.A.C. signed a loan agreement with the Banco Interamericano de Desarrollo, for the purpose of building social housing. The loan was fully disbursed in January 2023, for US$20 million (equivalent to S/72.2 million as of June 30, 2023), for ten (10) years and with two (2) years grace period for principal amortization.

AS of June 30, 2023, , the total debt with Banco Intercamericano de Finanzas for S/12.6 million was paid in full and the debt with Banco de Credito del Peru was partially repaid for S/27.6 million.

iv)

Morelco S.A.S. Loan

The balance includes the following:

						As of		As of
			Date of		Currency	December 31,		June 30,
In thousands of soles	Interest rate		maturity		Type	2022		2023

Bancolombia S.A.		17.61% / 23.65%		2024	COP		6,344		9,700
Banco de Bogota		10.39%		2023	COP		4,330		-
							10,674		9,700

Other financial entities

The balance is mainly composed of 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 Concesion 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.

As of June 30, 2023, the balance to be paid amounted to US$42.5 million, equivalent to S/154.4 million (as of December 31, 2022, balance was US$42.6 million, equivalent to S/162.8 million) and includes the effect of the fair value of S/0.3 million (as of December 31, 2022, S/16.6 million).

- 36 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

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,		June 30,		December 31,		June 30,
In thousands of soles	2022		2023		2022		2023

Bank loans		651,825		691,728		638,620		626,837
Other financial entities		168,148		169,766		168,148		170,330
Lease liability for right-of-use asset		59,085		48,287		53,394		48,602
Finance leases		835		-		776		-
		879,893		909,781		860,938		845,769

As of June 30, 2023, the fair value is based on cash flows discounted using debt rates between 4.7% and 23.7% (between 4.7% and 17.6% as of December 31, 2022) and are included as Level 2 in the level of measurement.

17.

Bonds

This caption comprised the following:

	Total				Current				Non-current
	As of		As of		As of		As of		As of		As of
	December 31,		June 30,		December 31,		June 30,		December 31,		June 30,
In thousands of soles	2022		2023		2022		2023		2022		2023

Tren Urbano de Lima S.A. (a)		629,956		629,362		31,203		31,101		598,753		598,261
Red Vial 5 S.A. (b)		218,684		199,338		41,343		45,010		177,341		154,328
Cumbra Peru S.A. (c)		21,273		18,397		4,554		6,030		16,719		12,367
		869,913		847,097		77,100		82,141		792,813		764,956

(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.

As of June 30, 2023, an accumulated amortization amounting to S/139.7 million has been made (S/126.8 million as of December 31, 2022).

As of June 30, 2023, the balance includes VAC adjustments and interest payable for S/134.8 million (S/126.5 million as of December 31, 2022).

The account movement of such corporate bonds for the periods ended June 30, 2022 and 2023 is as follows:

In thousands of soles	2022			2023

Balance at January, 1		626,697			629,956
Amortization		(9,699	)		(12,860	)
Accrued interest		26,397			28,739
Interest paid		(15,663	)		(16,473	)
Balance at June, 30		627,732			629,362

As of December 31, 2022, and as of June 30, 2023, Tren Urbano de Lima S.A. has complied with the corresponding covenants.

- 37 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

As of June 30, 2023, the fair value amounts to S/629.2 million (S/630.7 million, as of December 31, 2022), this is based on discounted cash flows using an annual effective interest rate of 4.53% (cash flows using an annual effective interest rate of 5.9% as of December 31, 2022) and corresponds to level 2 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. The bonds mature in January 2027 and bear interest at a rate of 8.38%.

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.

The account movement for the periods ended June 30, 2022, and 2023 is as follows:

In thousands of soles	2022			2023

Balance at January, 1		251,933			218,684
Amortization		(15,225	)		(19,134	)
Accrued interest		10,145			8,639
Interest paid		(10,283	)		(8,851	)
Balance at June, 30		236,570			199,338

As of December 31, 2022, and as of June 30, 2023, Red Vial 5 S.A. has complied with the covenants.

As of June 30, 2023, the fair value amounts to S/204 million (as of December 31, 2022, S/224.8 million), is based on discounted cash flows using an annual effective interest rate 8.1% as of December 31, 2022 and as of June 30, 2023 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. As of June 30, 2023, the balance includes accrued interest payable for US$0.2 million, equivalent to S/0.7 million (US$0.2 million, equivalent to S/0.8 million, as of December 31, 2022).

The account movement for the periods ended June 30, 2022, and 2023 is as follows:

In thousands of soles	2022			2023

Balance at January, 1		26,282			21,273
Amortization		(1,913	)		(1,851	)
Exchange difference		(1,014	)		(940	)
Accrued interest		948			780
Interest paid		(1,057	)		(865	)
Balance at June, 30		23,246			18,397

As of June 30, 2023, the fair value amounts to S/17.2 million (S/19.7 million as of December 31, 2022), is based on discounted cash flows using a rate of 12.6% (11.4% as of December 31, 2022) and is within level 2 of the fair value hierarchy.

- 38 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

(d)

AENZA S.A.A.

On August 13, 2021, 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.

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.

The Corporation converted entirely all the bonds into common shares in two tranches, first on February 28, 2022, and the second on March 31, 2022 for 11,000 and 78,970 bonds, respectively (See Note 21); due the conversion, the debt was fully paid as of March 31, 2022.

18.

Trade Accounts Payable

This item comprises:

	Total				Current				Non-current
	As of		As of		As of		As of		As of		As of
	December 31,		June 30,		December 31,		June 30,		December 31,		June 30,
In thousands of soles	2022		2023		2022		2023		2022		2023

Invoices payable		523,175		463,087		513,418		454,102		9,757		8,985
Unbilled goods and services received		508,448		558,690		508,448		558,690		-		-
Notes payable		5,390		6,288		5,390		6,288		-		-
		1,037,013		1,028,065		1,027,256		1,019,080		9,757		8,985

As of June 30, 2023, unbilled goods and services received amounting to S/474 million for the engineering and construction segment, S/37.6 million for the infrastructure segment, S/22 million for the energy segment, S/16.4 million for the real estate segment and S/8.6 million for operations of the parent company (S/390.2 million, S/47.6 million, S/37 million, S/20.9 million and S/12.8 million, respectively, as of December 31, 2022).

19.

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,		June 30,		December 31,		June 30,		December 31,		June 30,
In thousands of soles	2022		2023		2022		2023		2022		2023

Advances received from customers (a)		365,730		471,162		350,194		463,649		15,536		7,513
Taxes payable (b)		165,831		214,629		137,819		204,098		28,012		10,531
Salaries and other payable to personnel		99,225		130,338		99,225		130,338		-		-
Arbitration payable		73,348		65,879		34,560		23,444		38,788		42,435
Accounts payable Consorcio Ductos del Sur (c)		25,652		25,806		12,921		11,063		12,731		14,743
Guarantee deposits		18,552		18,111		18,552		18,111		-		-
Share purchase agreement - Inversiones Sur		15,280		14,532		15,280		14,532		-		-
Acquisition of additional non-controlling interest - Vial y Vives DSD		9,344		7,647		9,344		7,647		-		-
Royalties payable		9,303		7,227		9,303		7,227		-		-
Other accounts payable		25,496		15,241		18,244		8,300		7,252		6,941
		807,761		970,572		705,442		888,409		102,319		82,163

- 39 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

(a)

Advances received from customers correspond mainly to projects of the Engineering and Construction and Real Estate segments and are discounted from the invoicing made, as established in the contracts.

	Total				Current				Non-current
	As of		As of		As of		As of		As of		As of
	December 31,		June 30,		December 31,		June 30,		December 31,		June 30,
In thousands of soles	2022		2023		2022		2023		2022		2023

Viva Negocio Inmobiliario S.A.C. - Real estate projects		85,741		124,254		85,741		124,254		-		-
Cumbra Peru S.A. - Jorge Chávez Airport		88,114		101,015		88,114		93,647		-		7,368
Vial y Vives - DSD S.A. - Quebrada Blanca Project		91,107		71,799		91,107		71,799		-		-
Cumbra Peru S.A. - San Gabriel - Buenaventura Project		33,206		30,929		18,743		30,929		14,463		-
Proyecto Especial de Infraestructura de Transporte Nacional		33,879		51,944		32,995		51,799		884		145
Cumbra Peru S.A. - Concentrator Plant and Quellaveco Tunnel		5,984		-		5,984		-		-		-
Vial y Vives - DSD S.A. - Minera Spence		12,536		5,256		12,536		5,256		-		-
Vial y Vives - DSD S.A. - Refineria ENAP		9,472		8,721		9,472		8,721		-		-
Vial y Vives - DSD S.A. - Modernization and expansion - Arauco Plant		1,531		2,045		1,531		2,045		-		-
Cumbra Ingenieria S.A. - Mina Gold Fields La Cima S.A. Project		1,986		12,383		1,986		12,383		-		-
Morelco SAS - Santa Mónica Project		-		62,020		-		62,020		-		-
Otros		2,174		796		1,985		796		189		-
		365,730		471,162		350,194		463,649		15,536		7,513

The main variation corresponds to: i) Increase in Viva Negocio Inmobiliario S.A.C. for S/38.5 million in Los parques de Comas. ii) Increase in Morelco S.A.S. for S/62 million corresponding to Santa Monica project.

(b)

The main variation in taxes payable corresponds to the increase in Vial y Vives-DSD S.A. for S/ 22 million that corresponds to the payment agreement with the Tesoreria General de la Republica de Chile, increase in VAT S/11 million (Cumbra Peru S.A. for S/7 million and Unna Energia S/4 million) and the increase in other taxes for S/ 15 million (Cumbra Peru S.A. for S/11 million and Aenza Servicios Corporativos S.A.C. for S/4 million).

(c)

Other accounts payable of Consorcio Constructor Ductos del Sur correspond to payment obligations to suppliers and main subcontractors for S/25.8 million (S/25.6 million as of December 31, 2022), by the subsidiary Cumbra Peru S.A. as a consequence of the termination of the operations of Gasoducto Sur Peruano S.A. (Note 14.i).

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.

20.

Other Provisions

This item comprises:

	Total				Current				Non-current
	As of		As of		As of		As of		As of		As of
	December 31,		June 30,		December 31,		June 30,		December 31,		June 30,
In thousands of soles	2022		2023		2022		2023		2022		2023

Legal claims (a)		580,215		573,766		87,947		91,152		492,268		482,614
Tax claims (b)		53,578		48,248		33,128		24,264		20,450		23,984
Provision for well closure (c)		68,160		69,830		11,851		8,321		56,309		61,509
		701,953		691,844		132,926		123,737		569,027		568,107

- 40 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

(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/481.3 million. The civil penalty will be made within a term of 12 years, under a legal interest rate in Soles and US Dollars 3.8% and 1.7%, 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.C. to participate in public construction and road maintenance contracts with the Peruvian State for two (2) years, counted from court’s approval. As of June 30, 2023, the balance of the Agreement remains at S/333.3 million and US$40.7 million, totalling S/481.3 million approximately (as of December 31, 2022, the balance was S/488.9 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 S.A. filed an appeal against such ruling, suspending its application including the payment of imposed fines and compliance of corrective measures dictated. As of June 30, 2023, the Company maintains a provision that was recognized amounting to S/56.4 million (S/52.4 million as of December 31, 2022).

ii)

On February 7, 2022, Cumbra Peru S.A. and Unna Transporte S.A.C. were notified by INDECOPI, issued on Resolution 038-2021/CLC-INDECOPI, 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.

On April 7, 2022, Cumbra Peru S.A. and Unna Transporte S.A.C. submitted a proposal for a cease and desist agreement for the early termination of the administrative sanctioning procedure, in which (i) they acknowledged the alleged conduct, (ii) they committed to maintain in the years 2022, 2023 and 2024 a program of compliance with free competition rules, and (iii) they agreed to pay a compensation amounting to S/2.7 million in two installments (one after 60 days and the second after 12 months). By Resolution No. 054-2022/CLC-INDECOPI dated August 19, 2022, the Commission for the Defense of Free Competition of INDECOPI approved the proposed cease and desist commitment and concluded the sanctioning procedure. As of June 30, 2023 and December 31, 2022, the Company has recorded a provision amounting to S/1.4 million.

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.

- 41 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

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)

Tax contingencies:

(i)

Claim processes at the Superintendencia Nacional de Aduanas y de Administración Tributaria - SUNAT (Peruvian Customs and Tax Authorities) for S/18.4 million corresponding to AENZA S.A.A. for year 2016 income tax amounting to S/15.9 million and Cumbra Ingenieria S.A. for year 2015 income tax amounting to S/2.5 million.

(ii)

Claims at The Judiciary for S/9.7 million in AENZA S.A.A. for income tax and sales tax for the years 1998 through 2011.

(iii)

Appeal process at the Tax Court for S/14.7 million corresponding to: Cumbra Ingenieria S.A. for years 2013, 2014 and 2016 income tax amounting to S/6.7 million, AENZA S.A. for years 2014 and 2015 income tax amounting to S/4.8 million, Cumbra Peru S.A. for year 2012 income tax amounting to S/ 2.1 million, and Consorcio Constructor Chavimochic for year 2016 income tax amounting to S/ 1.1 million

(iv)

Non-contentious proceedings for S/5.4 million related to Cumbra Ingenieria S.A. for S/5.3 million and Carretera Andina del Sur S.A. for S/0.1 million.

(c)

Provision for closure corresponds mainly to:

As of December 31, 2022 and as of June 30, 2023, the provisions for well closure of the subsidiary Unna Energia S.A. are S/56.7 million and S/56.5 million, respectively; and a provision for contractual compliance with Perupetro S.A. for S/3.2 million and S/3.3 million, respectively; and

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/7.1 million (as of December 31, 2022, S/5.6 million).

- 42 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

The account movement for the period ended June 30, 2022 and 2023 are as follows:

							Provision
	Legal			Tax			for well
In thousands of soles	claims			claims			closure			Total

As of January 1, 2022		364,385			37,466			82,475			484,326
Additions		15,783			2,731			2,950			21,464
Present value		19,727			-			(1,330	)		18,397
Reversals of provisions		(3,471	)		-			-			(3,471	)
Reclasification		2,701			(213	)		-			2,488
Payments		(34,362	)		-			(215	)		(34,577	)
Translation adjustments / Exchange difference		(7,797	)		-			(1,075	)		(8,872	)
As of June 30, 2022		356,966			39,984			82,805			479,755

As of January 1, 2023		580,215			53,578			68,160			701,953
Additions		8,397			503			222			9,122
Present value		564			-			3,240			3,804
Reversals of provisions		(2,541	)		(1,637	)		(548	)		(4,726	)
Reclasification		(6	)		(4,196	)		-			(4,202	)
Payments		(4,922	)		-			(38	)		(4,960	)
Translation adjustments / Exchange difference		(7,941	)		-			(1,206	)		(9,147	)
As of June 30, 2023		573,766			48,248			69,830			691,844

21.

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, the Company issued 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 commitments 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 the Company converted the bonds, as well as paid the accrued interest to the bondholders who have exercised their conversion rights. The Company issued 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 17-d).

On December 1, 2022, the capital increases were registered and the statutes were amended, confirming that the Company's capital was S/1,196,979,979, the par value of the shares was S/1.00 each, fully subscribed and paid and with voting rights.

As of June 30, 2023, a total of 129,508,605 shares are represented in ADSs, equivalent to 8,633,907 ADSs at a ratio of 15 shares per ADS.

As of December 31, 2022, the total capital stock of the Company corresponds a total of 130,025,625 shares represented in ADS, equivalent to 8,668,375 ADSs at a rate of 15 shares per ADS.

22.	Deferred Income Tax

The changes in deferred income taxes are as follows:

	As of			As of
	June 30,			June 30,
In thousands of soles	2022			2023
Opening balance		177,939			167,330
Debit (credit) to income statement (Note 27)		21,832			(25,110	)
Reclassification		(4,399	)		-
Other movements		(8,825	)		(216	)
Total		186,547			142,004

- 43 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

23.	Revenue from Contracts with Customers

The corporation's income is derived principally from the following:

	For the three				For the six
	month period ended June 30,				month period ended June 30,
In thousands of soles	2022		2023		2022		2023
Construction activities		704,393		589,395		1,248,633		1,038,038
Services rendered		253,532		259,763		496,492		516,343
Sale of real estate and goods		169,746		187,763		302,472		332,678
Revenue from contracts with customers		1,127,671		1,036,921		2,047,597		1,887,059

- 44 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

A. Revenues from contracts with customers are mainly broken down by the following periods:

For the six month period ended June 30,	Engineering and construction				Energy				Infrastructure				Real estate				Parent Company operations				Total
In thousands of soles	2022		2023		2022		2023		2022		2023		2022		2023		2022		2023		2022		2023
Primary geographical markets
Peru		882,117		588,342		292,889		310,992		334,836		340,904		84,415		94,196		8,321		11,695		1,602,578		1,346,129
Chile		398,050		349,546		-		-		-		-		-		-		-		-		398,050		349,546
Colombia		46,969		191,384		-		-		-		-		-		-		-		-		46,969		191,384
		1,327,136		1,129,272		292,889		310,992		334,836		340,904		84,415		94,196		8,321		11,695		2,047,597		1,887,059
Major products/ service lines
Construction activities		1,248,633		1,038,038		-		-		-		-		-		-		-		-		1,248,633		1,038,038
Engineering services		78,503		91,234		-		-		-		-		-		-		-		-		78,503		91,234
Oil and gas extraction, storage and dispatching services		-		-		71,089		70,253		-		-		-		-		-		-		71,089		70,253
Transportation services		-		-		-		-		196,403		203,606		-		-		-		-		196,403		203,606
Road concession services		-		-		-		-		136,295		134,819		-		-		-		-		136,295		134,819
Water treatment service		-		-		-		-		2,138		2,479		-		-		-		-		2,138		2,479
Property rental		-		-		-		-		-		-		3,743		2,257		-		-		3,743		2,257
Parent company services and others		-		-		-		-		-		-		-		-		8,321		11,695		8,321		11,695
Sale of real estate and lots		-		-		-		-		-		-		80,672		91,939		-		-		80,672		91,939
Sale of oil and gas		-		-		221,800		240,739		-		-		-		-		-		-		221,800		240,739
		1,327,136		1,129,272		292,889		310,992		334,836		340,904		84,415		94,196		8,321		11,695		2,047,597		1,887,059
Timing of revenue recognition
Transferred at a point in time		-		-		292,889		310,992		-		-		84,415		94,196		8,321		11,695		385,625		416,883
Transferred over time		1,327,136		1,129,272		-		-		334,836		340,904		-		-		-		-		1,661,972		1,470,176
		1,327,136		1,129,272		292,889		310,992		334,836		340,904		84,415		94,196		8,321		11,695		2,047,597		1,887,059
Revenue from contracts with customers		1,327,136		1,129,272		292,889		310,992		334,836		340,904		84,415		94,196		8,321		11,695		2,047,597		1,887,059

- 45 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

For the three month period ended June 30,	Engineering and construction				Energy				Infrastructure				Real estate				Parent Company operations				Total
In thousands of soles	2022		2023		2022		2023		2022		2023		2022		2023		2022		2023		2022		2023
Primary geographical markets
Peru		518,368		356,264		153,233		146,116		166,561		170,855		54,912		76,546		4,916		6,193		897,990		755,974
Chile		202,089		184,075		-		-		-		-		-		-		-		-		202,089		184,075
Colombia		27,592		96,872		-		-		-		-		-		-		-		-		27,592		96,872
		748,049		637,211		153,233		146,116		166,561		170,855		54,912		76,546		4,916		6,193		1,127,671		1,036,921
Major products/ service lines
Construction activities		704,393		589,395		-		-		-		-		-		-		-		-		704,393		589,395
Engineering services		43,656		47,816		-		-		-		-		-		-		-		-		43,656		47,816
Oil and gas extraction, storage and dispatching services		-		-		36,399		33,754		-		-		-		-		-		-		36,399		33,754
Transportation services		-		-		-		-		95,117		102,035		-		-		-		-		95,117		102,035
Road concession services		-		-		-		-		70,400		67,604		-		-		-		-		70,400		67,604
Water treatment service		-		-		-		-		1,044		1,216		-		-		-		-		1,044		1,216
Property rental		-		-		-		-		-		-		2,000		1,145		-		-		2,000		1,145
Parent company services and others		-		-		-		-		-		-		-		-		4,916		6,193		4,916		6,193
Sale of real estate and lots		-		-		-		-		-		-		52,912		75,401		-		-		52,912		75,401
Sale of oil and gas		-		-		116,834		112,362		-		-		-		-		-		-		116,834		112,362
		748,049		637,211		153,233		146,116		166,561		170,855		54,912		76,546		4,916		6,193		1,127,671		1,036,921
Timing of revenue recognition
Transferred at a point in time		-		-		153,233		146,116		-		-		54,912		76,546		4,916		6,193		213,061		228,855
Transferred over time		748,049		637,211		-		-		166,561		170,855		-		-		-		-		914,610		808,066
		748,049		637,211		153,233		146,116		166,561		170,855		54,912		76,546		4,916		6,193		1,127,671		1,036,921
Revenue from contracts with customers		748,049		637,211		153,233		146,116		166,561		170,855		54,912		76,546		4,916		6,193		1,127,671		1,036,921

Balances of contract assets and liabilities is primarily comprised of:

			As of			As of
			December 31,			June 30,
In thousands of soles	Note		2022			2023

Receivables		10.a		894,571			887,656
Unbilled receivables		10.b and c		907,880			912,517
Guarantee deposits		12		161,948			191,394
Advances received from customers		19.a		(365,730	)		(471,162	)

Contract assets primarily relate to rights to consideration for work performed, but not billed at the reporting date. Contract liabilities relate primarily to advance consideration received from customers for which revenue is recognized over time.

- 46 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

The following is a detail of the movement of contract liabilities:

	For the three						For the six
	month period ended June 30,						month period ended June 30,
In thousands of soles	2022			2023			2022			2023

Initial balance		-			-			322,680			365,730
Advances received from customers		286,932			210,071			341,017			313,863
Compensation of customer advances		(219,280	)		(117,366	)		(311,555	)		(208,431	)
Final balance		67,652			92,705			352,142			471,162

Revenue from contract liabilities recognized as of June 30, 2023 is S/208.4 million (S/726.4 million as of June 30, 2022).

24.	Expenses by Nature

For the periods ended June 30, 2022, and 2023, this caption comprises the following:

			For the three									For the six
			month period ended June 30									month period ended June 30
			Cost									Cost
			of goods			Administrative						of goods		Administrative
In thousands of soles	Note		and services			expenses			Total			and services		expenses		Total
2022
Salaries, wages and fringe benefits				320,154			34,137			354,291			675,293		60,376		735,669
Services provided by third-parties				309,652			14,133			323,785			575,502		21,420		596,922
Purchase of goods				156,414			(248	)		156,166			287,776		-		287,776
Other management charges				79,533			1,518			81,051			162,173		4,558		166,731
Depreciation		15.a		14,949			3,339			18,288			29,589		7,594		37,183
Amortization		15.b		22,707			671			23,378			46,428		1,309		47,737
Impairment of accounts receivable				134			24			158			180		24		204
Taxes				3,356			307			3,663			4,992		328		5,320
Impairment of inventory				(10	)		-			(10	)		89		-		89
				906,889			53,881			960,770			1,782,022		95,609		1,877,631

			Cost						Cost
			of goods		Administrative				of goods		Administrative
In thousands of soles	Note		and services		expenses		Total		and services		expenses		Total
2023
Salaries, wages and fringe benefits				251,801		31,917		283,718		507,878		61,080		568,958
Services provided by third-parties				348,308		16,839		365,147		606,853		26,274		633,127
Purchase of goods				149,318		-		149,318		259,661		-		259,661
Other management charges				93,963		1,622		95,585		183,967		4,414		188,381
Depreciation		15.a		12,811		4,631		17,442		27,488		7,890		35,378
Amortization		15.b		38,787		988		39,775		73,083		1,978		75,061
Impairment of accounts receivable				1,289		891		2,180		1,289		891		2,180
Taxes				6,358		172		6,530		11,632		396		12,028
				902,635		57,060		959,695		1,671,851		102,923		1,774,774

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AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

25.	Other Income and Expenses, Net

For the periods ended June 30, 2022, and 2023, this item comprises:

	For the three				For the six
	month period ended June 30,				month period ended June 30,
In thousands of soles	2022		2023		2022		2023
Other income:
Insurance compensation		41		316		46		2,978
Recovery of provisions and impairments		1,395		557		1,473		1,900
Sale of assets		849		2,957		4,879		4,000
Change in contract of the call option		3,706		-		3,706		-
Penalty income		535		167		750		326
Supplier debt forgiveness		5,053		13		5,053		158
Others		2,227		1,619		2,708		2,757
		13,806		5,629		18,615		12,119

	2022		2023		2022			2023
Other expenses:
Administrative sanctions and legal processes		6,104		1,999		13,381			6,847
Net cost of fixed assets disposal		215		1,515		4,197			2,138
Asset impairment		661		16		661			16
Disposal of property, plant and equipment		833		378		934			580
Renegotiation of contract with suppliers		1,841		-		1,841			-
Others		446		1,153		1,025			1,537
		10,100		5,061		22,039			11,118
Other income and expenses, net		3,706		568		(3,424	)		1,001

26.	Financial Income and Expenses

Financial Income and Expenses

For the periods ended June 30, 2022 and 2023, this caption comprises the following:

	For the three				For the six
	month period ended June 30,				month period ended June 30,
In thousands of soles	2022		2023		2022		2023

Financial income:
Interest on short-term bank deposits		2,824		6,768		3,334		13,187
Exchange difference gain, net (Note 4.A.a.i)		1,150		1,083		4,303		12,379
Others		332		281		975		598
		4,306		8,132		8,612		26,164

Financial expenses:
Interest expense on:
- Bank loans (a)		16,343		23,337		25,064		44,708
- Bonds (b)		5,496		4,628		24,335		9,417
- Loans from third parties		2,370		1,988		5,321		4,819
- Financial lease right-of-use		1,008		1,168		1,944		2,476
- Financial lease		134		1		287		9
Commissions and collaterals		4,442		4,143		10,265		8,925
Interests from Tax Administration		3,834		7,417		7,222		10,483
Other financial expenses		1,516		1,943		2,352		5,600
		35,143		44,625		76,790		86,437

The increase in interest compared to the same period of the previous year corresponds to the Bridge Loan acquired in April 2022, for US$120 million, with a quarterly average effective rate of 1.75% and 2.99% for the three-month period ended June 30, 2022 and for the six-month period ended June 30, 2023, respectively.

For the six months period ended June 30, 2022, includes the interest corresponding to the AENZA bonds for US$89.9 million, which were converted into shares during the first quarter of 2022 (Note 17.d).

- 48 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

Gain (loss) from present value of financial assets or liabilities

For the periods ended June 30, 2022 and 2023, this caption comprises the following:

	For the three						For the six
	month period ended June 30,						month period ended June 30,
In thousands of soles	2022			2023			2022			2023

Profit for present value of financial asset or liability		1,290			6,910			3,085			24,549
Loss for present value of financial asset or liability		(29,960	)		(553	)		(71,350	)		(4,386	)
		(28,670	)		6,357			(68,265	)		20,163

For the six months ended June 30, 2023, there was a net increase compared to the same period of the previous year, mainly due to:

(i)

Gain from the adjustment in the present value of the account receivable from Gasoducto Sur Peruano S.A. for S/18 million due to the decrease in the discount rate applied from 5.86% to 4.98% (loss of S/37.3 million due to the increase in the rate from 2.73% to 5.42% as of June 30, 2022).

(ii)

Present value of the Civil Redress to the Peruvian State with a discount rate applied from 0.86% to 1.41% as of June 30, 2022, impacting the Company for S/18.5 million, Unna Transporte S.A.C. for S/1.4 million and Cumbra Peru S.A.C. for S/1.4 million.

27.	Income Tax

A. IR expense shown in the consolidated statement of income comprises:

	For the three				For the six
	month period ended June 30,				month period ended June 30,
In thousands of soles	2022		2023		2022			2023

Current income tax		21,073		11,289		43,000			47,303
Deferred income tax		3,050		28,743		(21,832	)		25,110
Income tax expense		24,123		40,032		21,168			72,413

B. The Corporation's income tax differs from the notional amount that would result from applying the Corporation's weighted average corporate income tax rate to consolidated pretax income as follows:

	For the three						For the six
	month period ended June 30,						month period ended June 30,
In thousands of soles	2022			2023			2022			2023

Loss before income tax		112,594			48,450			31,168			74,832
Income tax by applying local applicable tax
rates on profit generated in the respective countries		26,121			15,057			8,743			23,297
Tax effect on:
- Non-deductible expenses		15,087			6,328			4,490			8,435
- Unrecognized deferred income tax asset		(16,889	)		12,386			7,149			31,397
- Equity method (profit) loss		(440	)		(234	)		(315	)		(489	)
- Provision of tax contingencies		442			4,724			442			4,724
- Change in prior years estimations		(198	)		1,771			659			5,049
Income tax		24,123			40,032			21,168			72,413

- 49 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

December 31, 2022 and June 30, 2023

28.	Contingencies, Commitments and Guarantees

Under Management’s opinion and 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 20), and the balance of possible contingencies is S/397.1 million (S/390.1 million as of December 31, 2022).

Tax contingencies

The Company considers that the maximum exposure for tax contingencies of the Corporate amounts to S/319.6 million (S/311 million as of December 31, 2022), according to the following details:

Appeal process at Tax Court totaling S/271.8 million:

	(i)	AENZA S.A.A.’s income tax return for years 2013, 2014, and 2015 amounting to S/ 122.4 million;

	(ii)	Cumbra Peru S.A.’s income tax return for years 2012, 2014 and 2016 amounting to S/110.4 million;

	(iii)	Consorcio Constructor Ductos del Sur’s income tax return for year 2014 amounting to S/14.8 million;

	(iv)	Cumbra Ingenieria S.A.’s income tax return for years 2013, 2014 and 2016 amounting to S/12.5 million;

	(v)	Consorcio Constructor Chavimochic’s income tax return for years 2014, 2015, and 2016 amounting to S/9.3 million;

	(vi)	Viva Negocio Inmobiliario S.A.’s income tax return for year 2009 amounting to S/ 1.6 million; and

	(vii)	Unna Transporte S.A.’s income tax and sales tax returns for year 2015 amounting to S/ 0.8 million.

ii)

Claim process at SUNAT totaling S/47.8 million: AENZA S.A.A.’s income tax returns for year 2016 for S/33.8 million; Cumbra Ingeniería S.A.’s income tax returns for year 2015 for S/8.3 million; and Viva Negocio Inmobiliario S.A.C.’s income tax return for year 2020 for S/5.7 million.

In the opinion of the Corporation's management, as of June 30, 2023, all claims will be favorable considering their characteristics and the assessment of its legal advisors.

Other contingencies

As of June 30, 2023 the Company considers that the maximum exposure for other contingencies of the corporate amounts to S/77.5 million (S/79.1 million as of December 31, 2022), as detailed:

Civil lawsuits, mainly related to indemnities for damages, contract terminations, and obligations to pay a sum of money totaling S/13.1 million (S/26.9 million at the end of 2022), mainly related to Cumbra Peru S.A. for S/3.1 million, Morelco S.A.S. for S/3 million, Unna Transporte S.A.C. for S/2.4 million, Ecologia y Tecnologia Ambiental S.A. for S/2 million, Cumbra Ingenieria S.A. for S/1.8 million, Red Vial 5 S.A. for S/ 0.6 million and Viva Negocio Inmobiliario S.A. for S/ 0.2 million (Cumbra Peru S.A. for S/ 20.1 million, Cumbra Ingenieria S.A. for S/ 3.8 million, Unna Transporte S.A.C. for S/ 1.9 million, Red Vial 5 S.A. for S/ 0.6 million, Viva Negocio Inmobiliario S.A. for S/ 0.3 million, and Morelco S.A.S. for S/ 0.2 million).

ii)

Labor proceedings amounting to S/27.2 million (S/22.2 million in 2022), mailyn reltated to Morelco S.A.S. for S/24 million, Unna Energia S.A. for S/ 1.6 million, Unna Transporte S.A.C. for S/ 1.3 million and Cumbra Peru S.A. for S/ 0.3 million (in 2022, Morelco S.A.S. for S/19 million, Unna Energia S.A. for S/1.6 million, Unna Transporte S.A.C. for S/1.3 million and Cumbra Peru S.A. for S/0.3 million).

iii)

Contentious-administrative proceedings for S/25 million (S/15.3 million in 2022), mailny related to Unna Energia S.A. for S/22.3 million and Morelco S.A.S. for S/2.7 million (in 2022, Unna Energia S.A. for S/12.8 million and Morelco S.A.S. for S/2.5 million).

iv)

Administrative proceedings for S/9.5 million (S/14.7 million in 2022), mainly related to Tren Urbano de Lima S.A. for S/5.1 million, AENZA S.A.A. for S/3.5 million, Cumbra Peru S.A. for S/0.5 million, and Viva Negocio Inmobiliario S.A. for S/0.4 million (in 2022, Cumbra Peru S.A. for S/6 million, Tren Urbano de Lima S.A. for S/4.8 million, AENZA S.A.A. for S/3.5 million and Viva Negocio Inmobiliario S.A.C. for S/0.4 million).

Letters bonds and guarantees

As of June 30, 2023, the Corporation maintains guarantees and letters of credit in force in several financial entities guaranteeing operations for US$546.6 million (US$574.6 million, as of December 31, 2022).

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AENZA S.A.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2022 and June 30, 2023

29.

Non-Controlling Interests

The following table summarizes information regarding each of the Corporation's subsidiaries that have significant noncontrolling interests, prior to any intragroup elimination. any intragroup elimination.

At June 30, 2022	VIVA Negocio inmobiliario S.A. and subsidiaries			Red Vial 5 S.A.			Tren Urbano de Lima S.A.			Cumbra Ingenieria S.A. and subsidiaries			Unna Energia S.A.			Cumbra Peru S.A. and subsidiaries			Promotora Larcomar S.A.			Other individually immaterial subsidiaries			Intra-group eliminations			Total
In thousands of soles
Percentage of non-controlling interest		43.78	%		33.00	%		25.00	%		10.59	%		5.00	%		0.61	%		53.45	%
Current assets		490,258			97,603			343,745			140,434			315,589			1,187,132			301
Non-current assets		109,506			350,954			675,538			12,477			543,895			1,009,808			13,368
Current liabilities		(221,001	)		(63,709	)		(113,998	)		(120,737	)		(165,046	)		(1,558,104	)		(304	)
Non-current liabilities		(28,651	)		(205,619	)		(695,082	)		-			(257,864	)		(160,108	)		(7,756	)
Net assets		350,112			179,229			210,203			32,174			436,574			478,728			5,609
Net assets atributable to non-controlling interest		100,142			59,146			52,551			3,402			32,625			8,069			2,998			(137	)		(5,887	)		252,909
Revenues		84,415			106,018			197,189			86,434			292,889			1,251,138			-
Profit of the period		9,356			17,868			43,175			(9,505	)		28,704			(12,368	)		-
Other comprehensive income		-			-			-			12			-			(7,722	)		-			(2,570	)		-			(10,280	)
Total comprehensive income for the period		9,356			17,868			43,175			(9,493	)		28,704			(20,090	)		-
Profit of the year, allocated to non-controlling interest		7,802			5,896			10,794			(1,026	)		3,407			(461	)		17			(130	)		(1,086	)		25,213
Other comprehensive income, allocated to non-controlling interest		-			-			-			1			-			(125	)		-			-			-			(124	)

- 51 -

AENZA S.A.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2022 and June 30, 2023

At June 30, 2023	VIVA Negocio inmobiliario S.A. and subsidiaries			Red Vial 5 S.A.			Tren Urbano de Lima S.A.			Cumbra Ingenieria S.A. and subsidiaries			Unna Energia S.A.			Cumbra Peru S.A. and subsidiaries			Promotora Larcomar S.A.			Other individually immaterial subsidiaries			Intra-group eliminations		Total
In thousands of soles
Percentage of non-controlling interest		0.46	%		33.00	%		25.00	%		10.59	%		5.00	%		0.61	%		53.45	%
Current assets		486,343			91,235			307,026			132,723			191,493			1,317,830			299
Non-current assets		181,724			301,350			731,270			9,140			691,177			840,114			13,368
Current liabilities		(216,560	)		(59,547	)		(109,076	)		(108,965	)		(218,634	)		(1,750,499	)		(51	)
Non-current liabilities		(71,813	)		(162,374	)		(701,532	)		(1,298	)		(207,676	)		(138,888	)		(7,729	)
Net assets		379,694			170,664			227,688			31,600			456,360			268,557			5,887
Net assets atributable to non-controlling interest		95,692			56,319			56,922			3,341			32,720			878			3,147			(115	)		31		248,935
Revenues		94,373			102,279			204,678			99,187			310,992			1,039,497			-
Profit of the period		12,704			15,585			39,410			27			21,958			(78,508	)		58
Other comprehensive income		-			-			-			(26	)		-			(4,246	)		-			(1,165	)		-		(5,437	)
Total comprehensive income for the period		12,704			15,585			39,410			1			21,958			(82,754	)		58
Profit (loss) of the period, allocated to non-controlling interest		7,203			5,143			9,853			11			3,337			(611	)		31			(176	)		190		24,981
Other comprehensive income, allocated to non-controlling interest		-			-			-			(5	)		-			40			-			-			-		35

- 52 -

AENZA S.A.A. and Subsidiaries

Notes to the Consolidated Financial Statements

December 31, 2022 and June 30, 2023

30.

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 June 30, 2023, the Corporation’s subsidiaries have paid dividends to its non-controlling interests of S/50.7 million (for year ended on December 31, 2022, the subsidiaries paid S/2.3 million).

31.	Loss per Share

The basic loss per common share has been calculated by dividing the loss of the period attributable to the Corporate’s common shareholders by the weighted average of the number of common shares outstanding during that period.

For the periods ended June 30, 2022 and 2023, the basic loss per common share is as follows:

		For the three					For the six
		month period ended June 30,					month period ended June 30,
In thousands of soles		2022		2023			2022			2023
Profit (loss) attributable to owners of the Company during the period			72,631		(5,174	)		(15,213	)		(22,562	)

Weighted average number of shares in issue at S/1.00 each, at June 30,	(*)		1,041,821,096		1,196,979,979			1,041,821,096			1,196,979,979
Basic profit (loss) per share (in S/)	(**)		0.074		(0.004	)		(0.015	)		(0.019	)

Weighted average number of shares (diluted) in issue at S/1.00 each, at June 30,			1,196,979,979		1,196,979,979			1,196,979,979			1,196,979,979
Diluted profit (loss) per share (in S/)			0.060		(0.004	)		(0.013	)		(0.019	)

(*)

The weight average of the shares in 2022, considers the bond capitalization effect in common shares issued, performed in two tranches (February 28th and March 31st of 2022), disclosed in note 21 (weight: 59 days with 284,216,317 shares, 31 days with 155,808,214 shares and 91 days with 601,796,564 shares).

(**)	The Corporation does not have common shares with dilutive effects as of June 30, 2022 and 2023.

32.	Events after the date of the interim condensed financial statement

Between June 30, 2023 and the date of approval of the interim condensed consolidated financial statements, there have been no subsequent events that may affect the reasonableness of the financial statements issued.

- 53 -

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