2Basis of preparation of the consolidated financial statements
The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS. The financial statements comply with IFRS as issued by the International Accounting Standards Board (IASB).
The consolidated financial statements have been prepared under the historical costs convention, modified for some financial assets and financial liabilities (including derivative instruments) measured at fair value through profit or loss (where applicable).
Changes resulting from new arrangements of the Company include the effects of the Energy Assets which were transferred to NEXA on June 30, 2017. The transfer of the Energy Assets is described in Note 1 (ii) and (vii), to these financial statements. As consequence of these arrangements the Company applied the common control concept retroactively as mentioned in Note 2.1 (b). NEXA has recognized the Energy Assets for all the years presented in these consolidated financial statements.
2.1Principles of consolidation and equity accounting
The following accounting policies are applied to the preparation of the consolidated financial statements.
(a)Subsidiaries
Subsidiaries include all entities over which NEXA has direct or indirect control. NEXA controls an entity when it is exposed to, or has the right to, variable returns from its involvement with the entity and the Company has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company, except when the predecessor basis of accounting is applied. Subsidiaries are deconsolidated from the date on which that control ceases.
Transactions, balances and unrealized gains and losses between Group companies are eliminated.
The accounting policies of subsidiaries are adjusted where necessary to ensure consistency with the policies adopted by the Company.
Main companies included in the consolidated financial statements:
|
|
|
Percentage of capital |
|
|
|
|
|
|
|
||
|
|
|
2017 |
|
2016 |
|
Headquarters |
|
Control |
|
Activities |
|
|
Campos Novos Energia S.A. - “Enercan” |
|
20.98 |
|
20.98 |
|
Brazil |
|
Indirect |
|
Energy |
|
|
Capim Branco Energia |
|
12.63 |
|
12.63 |
|
Brazil |
|
Indirect |
|
Energy |
|
|
Cia . Minera Gaico S.A. |
|
93.40 |
|
93.40 |
|
Peru |
|
Indirect |
|
Holding and others |
|
|
Cia. Magistral S.A.C |
|
100.00 |
|
— |
|
Peru |
|
Indirect |
|
Holding and others |
|
|
Cia. Minera Dona Isabel Ltda. |
|
100.00 |
|
100.00 |
|
Peru |
|
Indirect |
|
Holding and others |
|
|
Cia. Minera Shalipayco S.A.C |
|
75.00 |
|
75.00 |
|
Peru |
|
Indirect |
|
Holding and others |
|
|
Nexa Resources Atacocha S.A.A. - “NEXA ATACOCHA” (formely Compañia Minera Atacocha S.A.A.) |
|
66.62 |
|
66.62 |
|
Peru |
|
Indirect |
|
Mining |
|
|
Nexa Resources Perú S.A.A. - “NEXA PERU” (formely Compañia Minera Milpo S.A.A - “Milpo”) |
|
80.23 |
|
80.23 |
|
Peru |
|
Indirect |
|
Mining |
|
|
Consórcio UHE Igarapava |
|
23.93 |
|
23.93 |
|
Brazil |
|
Indirect |
|
Energy |
|
|
InPac Holding Limited |
|
100.00 |
|
100.00 |
|
British Virgin Islands |
|
Indirect |
|
Holding and others |
|
|
Inversiones Garza Azul S.A.C |
|
100.00 |
|
100.00 |
|
Peru |
|
Indirect |
|
Holding and others |
|
|
L.D.O.S.P.E. Empreendimentos e Participações Ltda. |
|
100.00 |
|
— |
|
Brazil |
|
Indirect |
|
Energy |
|
|
L.D.Q.S.P.E. Empreendimentos e Participações Ltda. |
|
100.00 |
|
— |
|
Brazil |
|
Indirect |
|
Energy |
|
|
L.D.R.S.P.E. Empreendimentos e Participações Ltda. |
|
100.00 |
|
— |
|
Brazil |
|
Indirect |
|
Energy |
|
|
Nexa Resources El Porvenir S.A.C. (formely Milpo Andina Peru S.A.C.) |
|
99.99 |
|
99.99 |
|
Peru |
|
Indirect |
|
Mining |
|
|
Nexa Resources UK Ltd. - “NEXA UK” (formely Milpo UK Limited) |
|
100.00 |
|
100.00 |
|
United Kingdom |
|
Indirect |
|
Mining |
|
|
Minera Bongará S.A. |
|
61.00 |
|
61.00 |
|
Peru |
|
Indirect |
|
Holding and others |
|
|
Minera Cerro Colorado S.A.C |
|
99.99 |
|
99.00 |
|
Peru |
|
Indirect |
|
Holding and others |
|
|
Minera Chambará S.A.C |
|
15.00 |
|
15.00 |
|
Peru |
|
Indirect |
|
Holding and others |
|
|
Minera Pampa de Cobre S.A.C |
|
99.99 |
|
99.00 |
|
Peru |
|
Indirect |
|
Mining |
|
|
Minera Rayrock Ltda. |
|
— |
|
84.08 |
|
Chile |
|
Indirect |
|
Holding and others |
|
|
Mineração Dardanelos Ltda. |
|
70.00 |
|
70.00 |
|
Brazil |
|
Indirect |
|
Holding and others |
|
|
Mineração Santa Maria Ltda. |
|
99.99 |
|
99.99 |
|
Brazil |
|
Indirect |
|
Holding and others |
|
|
Otavi Mining Investments (Pty) Ltd. |
|
100.00 |
|
100.00 |
|
Namibia |
|
Indirect |
|
Holding and others |
|
|
Otjitombo Mining Proprietary Ltd. |
|
100.00 |
|
100.00 |
|
Namibia |
|
Indirect |
|
Holding and others |
|
|
Pollarix S.A. |
|
33.33 |
|
33.33 |
|
Brazil |
|
Indirect |
|
Holding and others |
|
|
Rayrock Antofagasta S.A.C |
|
99.99 |
|
100.00 |
|
Chile |
|
Indirect |
|
Holding and others |
|
|
SMRL CMA nº 54 |
|
100.00 |
|
100.00 |
|
Peru |
|
Indirect |
|
Holding and others |
|
|
SMRL Ltda. Pepita 1 |
|
57.50 |
|
57.50 |
|
Peru |
|
Indirect |
|
Holding and others |
|
|
Votorantim Andina S.A. - “VASA” |
|
99.99 |
|
99.99 |
|
Chile |
|
Indirect |
|
Holding and others |
|
|
Votorantim GmbH |
|
100.00 |
|
100.00 |
|
Austria |
|
Direct |
|
Holding and others |
|
|
Votorantim Investimentos Latino-Americanos S.A. - “VILA” |
|
100.00 |
|
100.00 |
|
Brazil |
|
Indirect |
|
Holding and others |
|
|
Votorantim Metais Argentina S.A. |
|
— |
|
90.00 |
|
Argentina |
|
Indirect |
|
Holding and others |
|
|
Votorantim Metais Bolívia S.R.L. |
|
— |
|
76.61 |
|
Bolivia |
|
Indirect |
|
Holding and others |
|
|
Nexa Resources Cajamarquilla S.A. - “NEXA CJM” (formely Votorantim Metais Cajamarquilla S.A. - “CJM”) |
|
99.99 |
|
99.99 |
|
Peru |
|
Direct |
|
Smelting |
|
|
Nexa Recursos Minerais S.A. - “NEXA BR” (formely Votorantim Metais Zinco S.A. - “VMZ”) |
|
100.00 |
|
100.00 |
|
Brazil |
|
Direct |
|
Mining / Smelting |
|
|
Votorantim Metals Cananda Inc. |
|
100.00 |
|
100.00 |
|
Canada |
|
Indirect |
|
Holding and others |
|
|
Votorantim Metals Namibia Ltd. |
|
100.00 |
|
100.00 |
|
Namibia |
|
Indirect |
|
Holding and others |
|
|
Votorantim US. Inc. |
|
100.00 |
|
100.00 |
|
United States |
|
Direct |
|
Holding and others |
|
(b)Business combinations
The acquisition method of accounting is used for transactions classified as business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities assumed and the equity instruments issued. The consideration transferred includes the fair value of assets or liabilities resulting from a contingent consideration arrangement, when applicable. Acquisition-related costs are expensed as they are incurred. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Company recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of the fair value of the acquiree’s identifiable net assets. The non-controlling interests to be recognized are determined upon each acquisition.
The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and the acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the subsidiary acquired, the difference is recognized directly in profit or loss as a bargain purchase.
Business combinations does not consider common control transactions.
(c)Foreign currency translation
(i)Functional and presentation currency
Items included in the consolidated financial statements of each of NEXA’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in US Dollars (“US$”), which is NEXA’s functional and reporting currency.
(ii)Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are recognized in profit or loss. They are deferred in other comprehensive income if they relate to qualifying cash flow hedges.
Foreign exchange gains and losses that relate to cash and cash equivalents and borrowing are presented in the income statement, within finance income or expenses.
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as available-for-sale financial assets are recognized in other comprehensive income.
(iii)Group companies
The results and financial position of all of the Company’s entities (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from the reporting currency are translated into the presentation currency as follows:
|
· |
Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; |
|
· |
Income and expenses for each income statement, are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rates in force on the dates of the transactions); and |
|
· |
All resulting exchange differences are recognized in other comprehensive income. |
(d)Transactions with non-controlling interests
The Company treats transactions with non-controlling interests that do not result in a loss of control as transactions with the equity owners of the Company. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiaries. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to the owners.
2.2Revision of the Financial Statements
These financial statements are considered revised and restated, as the Company identified adjustments in its Consolidated Financial Statements for the years ended December 31, 2016 and 2015, previously publicly available.
The consolidated financial statements of NEXA and its subsidiaries for the year ended December 31, 2017 were authorized to be issued in accordance with a resolution of the Board of Directors on April 30,2018.
2.2.1 Intercompany Elimination
The revised information presented correct an error related to the intercompany elimination transaction on the sale of products between NEXA PERU and NEXA CJM. These sales were previously recorded considering the Gross Revenue amount recognized in NEXA PERU, which did not consider the taxes on sales. The corrections entries were made to remove the effects of intercompany transactions in the Consolidated Financial Statements related to the taxes on sales for the period ended December 31, 2016 and December 31, 2015.
The revision has no impact in the balance sheet, statement of comprehensive income, statement of changes in equity, net income and statements of cash flows.
The Company concluded that the adjustments, analyzed individually and in aggregate, in qualitative and quantitative terms, are not significant and material.
Therefore, the original, previously issued consolidated financial statements, and revised amounts are presented below:
a) Income Statement
|
|
|
(Original) |
|
Adjustment |
|
(Revised) |
|
|
|
|
|
|
|
|
|
|
|
Net revenue from products sold |
|
1,912,813 |
|
52,028 |
|
1,964,841 |
|
|
Cost of products sold |
|
(1,387,073 |
) |
(52,028 |
) |
(1,439,101 |
) |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
525,740 |
|
— |
|
525,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Original) |
|
Adjustment |
|
(Revised) |
|
|
|
|
|
|
|
|
|
|
|
Net revenue from products sold |
|
1,824,840 |
|
40,343 |
|
1,865,183 |
|
|
Cost of products sold |
|
(1,422,947 |
) |
(40,343 |
) |
(1,463,290 |
) |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
401,893 |
|
— |
|
401,893 |
|
|
|
|
|
|
|
|
|
|
b) Composition of net revenue
|
|
|
(Original) |
|
Adjustment |
|
(Revised) |
|
|
|
|
|
|
|
|
|
|
|
Gross Revenue |
|
2,193,867 |
|
— |
|
2,193,867 |
|
|
Taxes on sales and returns |
|
(281,054 |
) |
52,028 |
|
(229,026 |
) |
|
|
|
|
|
|
|
|
|
|
Net revenue from products sold |
|
1,912,813 |
|
52,028 |
|
1,964,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Original) |
|
Adjustment |
|
(Revised) |
|
|
|
|
|
|
|
|
|
|
|
Gross Revenue |
|
2,072,439 |
|
— |
|
2,072,439 |
|
|
Taxes on sales and returns |
|
(247,599 |
) |
40,343 |
|
(207,256 |
) |
|
|
|
|
|
|
|
|
|
|
Net revenue from products sold |
|
1,824,840 |
|
40,343 |
|
1,865,183 |
|
|
|
|
|
|
|
|
|
|
c) Revenue by destination
|
|
|
(Original) |
|
Adjustment |
|
(Revised) |
|
|
|
|
|
|
|
|
|
|
|
Peru |
|
521,856 |
|
52,028 |
|
573,884 |
|
|
Brazil |
|
560,878 |
|
— |
|
560,878 |
|
|
United States |
|
156,634 |
|
— |
|
156,634 |
|
|
Luxembourg |
|
100,631 |
|
— |
|
100,631 |
|
|
Korea |
|
66,887 |
|
— |
|
66,887 |
|
|
Switzerland |
|
59,873 |
|
— |
|
59,873 |
|
|
Chile |
|
67,546 |
|
— |
|
67,546 |
|
|
Singapore |
|
42,666 |
|
— |
|
42,666 |
|
|
Germany |
|
42,560 |
|
— |
|
42,560 |
|
|
Colombia |
|
39,137 |
|
— |
|
39,137 |
|
|
Japan |
|
36,005 |
|
— |
|
36,005 |
|
|
Austria |
|
22,982 |
|
— |
|
22,982 |
|
|
Turkey |
|
19,498 |
|
— |
|
19,498 |
|
|
China |
|
12,838 |
|
— |
|
12,838 |
|
|
Italy |
|
3,608 |
|
— |
|
3,608 |
|
|
Other |
|
159,214 |
|
— |
|
159,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,912,813 |
|
52,028 |
|
1,964,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Original) |
|
Adjustment |
|
(Revised) |
|
|
|
|
|
|
|
|
|
|
|
Peru |
|
544,107 |
|
40,343 |
|
584,450 |
|
|
Brazil |
|
534,141 |
|
— |
|
534,141 |
|
|
United States |
|
99,884 |
|
— |
|
99,884 |
|
|
Luxembourg |
|
98,159 |
|
— |
|
98,159 |
|
|
Korea |
|
51,181 |
|
— |
|
51,181 |
|
|
Switzerland |
|
135,450 |
|
— |
|
135,450 |
|
|
Chile |
|
52,865 |
|
— |
|
52,865 |
|
|
Singapore |
|
72,514 |
|
— |
|
72,514 |
|
|
Germany |
|
22,348 |
|
— |
|
22,348 |
|
|
Colombia |
|
42,007 |
|
— |
|
42,007 |
|
|
Japan |
|
32,994 |
|
— |
|
32,994 |
|
|
Austria |
|
18,731 |
|
— |
|
18,731 |
|
|
Turkey |
|
23,265 |
|
— |
|
23,265 |
|
|
China |
|
639 |
|
— |
|
639 |
|
|
Italy |
|
1,399 |
|
— |
|
1,399 |
|
|
Other |
|
95,156 |
|
— |
|
95,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,824,840 |
|
40,343 |
|
1,865,183 |
|
|
|
|
|
|
|
|
|
|
d) Revenue by currency
|
|
|
(Original) |
|
Adjustment |
|
(Revised) |
|
|
|
|
|
|
|
|
|
|
|
U.S. Dollar |
|
1,362,964 |
|
52,028 |
|
1,414,992 |
|
|
Real |
|
547,537 |
|
— |
|
547,537 |
|
|
Other |
|
2,312 |
|
— |
|
2,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,912,813 |
|
52,028 |
|
1,964,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Original) |
|
Adjustment |
|
(Revised) |
|
|
|
|
|
|
|
|
|
|
|
U.S. Dollar |
|
1,294,535 |
|
40,343 |
|
1,334,878 |
|
|
Real |
|
529,218 |
|
— |
|
529,218.0 |
|
|
Other |
|
1,087 |
|
— |
|
1,087 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,824,840 |
|
40,343 |
|
1,865,183 |
|
|
|
|
|
|
|
|
|
|
e) Expenses by nature
|
|
|
(Original) |
|
Adjustment |
|
(Revised) |
|
|
|
|
|
|
|
|
|
|
|
Raw materials and consumables used |
|
904,881 |
|
52,028 |
|
956,909 |
|
|
Employee benefit expenses |
|
233,755 |
|
— |
|
233,755 |
|
|
Depreciation and amortization |
|
275,034 |
|
— |
|
275,034 |
|
|
Freight costs |
|
68,962 |
|
— |
|
68,962 |
|
|
Services, miscellaneous |
|
89,426 |
|
— |
|
89,426 |
|
|
Other Expenses |
|
32,967 |
|
— |
|
32,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,605,025 |
|
52,028 |
|
1,657,053 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation |
|
|
|
|
|
|
|
|
Cost of products sold |
|
1,387,073 |
|
52,028 |
|
1,439,101 |
|
|
Selling expenses |
|
90,647 |
|
— |
|
90,647 |
|
|
General and administrative expenses |
|
127,305 |
|
— |
|
127,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,605,025 |
|
52,028 |
|
1,657,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Original) |
|
Adjustment |
|
(Revised) |
|
|
|
|
|
|
|
|
|
|
|
Raw materials and consumables used |
|
940,190 |
|
40,343 |
|
980,533 |
|
|
Employee benefit expenses |
|
202,876 |
|
— |
|
202,876 |
|
|
Depreciation and amortization |
|
295,258 |
|
— |
|
295,258 |
|
|
Freight costs |
|
73,871 |
|
— |
|
73,871 |
|
|
Services, miscellaneous |
|
77,772 |
|
— |
|
77,772 |
|
|
Other Expenses |
|
23,838 |
|
— |
|
23,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,613,805 |
|
40,343 |
|
1,654,148 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation |
|
|
|
|
|
|
|
|
Cost of products sold |
|
1,422,947 |
|
40,343 |
|
1,463,290 |
|
|
Selling expenses |
|
84,559 |
|
— |
|
84,559 |
|
|
General and administrative expenses |
|
106,299 |
|
— |
|
106,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,613,805 |
|
40,343 |
|
1,654,148 |
|
|
|
|
|
|
|
|
|
|
f) Information by business segment and geographic area — intersegment
|
|
|
Original - 2016 |
|
||||||||
|
|
|
Mining |
|
Smelting |
|
Elimination |
|
Adjustment |
|
Total |
|
|
Revenue from products sold - third parties |
|
417,159 |
|
1,491,988 |
|
— |
|
3,666 |
|
1,912,813 |
|
|
Intersegment revenues |
|
490,266 |
|
— |
|
(490,266 |
) |
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
907,425 |
|
1,491,988 |
|
(490,266 |
) |
3,666 |
|
1,912,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold |
|
(513,135 |
) |
(1,260,519 |
) |
490,266 |
|
(103,685 |
) |
(1,387,073 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
394,290 |
|
231,469 |
|
— |
|
(100,019 |
) |
525,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revised - 2016 |
|
||||||||
|
|
|
Mining |
|
Smelting |
|
Elimination |
|
Adjustment |
|
Total |
|
|
Revenue from products sold - third parties |
|
469,187 |
|
1,491,988 |
|
— |
|
3,666 |
|
1,964,841 |
|
|
Intersegment revenues |
|
438,238 |
|
— |
|
(438,238 |
) |
— |
|
— |
|
|
Total revenue |
|
907,425 |
|
1,491,988 |
|
(438,238 |
) |
3,666 |
|
1,964,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold |
|
(513,135 |
) |
(1,260,519 |
) |
438,238 |
|
(103,685 |
) |
(1,439,101 |
) |
|
Gross Profit |
|
394,290 |
|
231,469 |
|
— |
|
(100,019 |
) |
525,740 |
|
|
|
|
Original - 2015 |
|
||||||||
|
|
|
Mining |
|
Smelting |
|
Elimination |
|
Adjustment |
|
Total |
|
|
Revenue from products sold - third parties |
|
380,320 |
|
1,421,307 |
|
— |
|
23,213 |
|
1,824,840 |
|
|
Intersegment revenues |
|
390,384 |
|
— |
|
(390,384 |
) |
— |
|
— |
|
|
Total revenue |
|
770,704 |
|
1,421,307 |
|
(390,384 |
) |
23,213 |
|
1,824,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold |
|
(532,097 |
) |
(1,170,545 |
) |
390,384 |
|
(110,689 |
) |
(1,422,947 |
) |
|
Gross Profit |
|
238,607 |
|
250,762 |
|
— |
|
(87,476 |
) |
401,893 |
|
|
|
|
Revised - 2015 |
|
||||||||
|
|
|
Mining |
|
Smelting |
|
Elimination |
|
Adjustment |
|
Total |
|
|
Revenue from products sold - third parties |
|
420,663 |
|
1,421,307 |
|
— |
|
23,213 |
|
1,865,183 |
|
|
Intersegment revenues |
|
350,041 |
|
— |
|
(350,041 |
) |
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
770,704 |
|
1,421,307 |
|
(350,041 |
) |
23,213 |
|
1,865,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold |
|
(532,097 |
) |
(1,170,545 |
) |
350,041 |
|
(110,689 |
) |
(1,463,290 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
238,607 |
|
250,762 |
|
— |
|
(87,476 |
) |
401,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
g) Information by business segment and geographic area - revenue by geographic area
|
|
|
Original - 2016 |
|
||||
|
|
|
Net revenue from |
|
Cost of products |
|
Gross profit |
|
|
Brazil |
|
714,946 |
|
(473,006 |
) |
241,940 |
|
|
Peru |
|
1,178,354 |
|
(896,940 |
) |
281,414 |
|
|
Holding |
|
19,513 |
|
(17,127 |
) |
2,386 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
1,912,813 |
|
(1,387,073 |
) |
525,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revised - 2016 |
|
||||
|
|
|
Net revenue from |
|
Cost of products |
|
Gross profit |
|
|
Brazil |
|
714,946 |
|
(473,006 |
) |
241,940 |
|
|
Peru |
|
1,230,382 |
|
(948,967 |
) |
281,415 |
|
|
Holding |
|
19,513 |
|
(17,128 |
) |
2,385 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
1,964,841 |
|
(1,439,101 |
) |
525,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Original - 2015 |
|
||||
|
|
|
Net revenue from |
|
Cost of products |
|
Gross profit |
|
|
Brazil |
|
665,573 |
|
(460,284 |
) |
205,289 |
|
|
Peru |
|
1,159,264 |
|
(962,663 |
) |
196,601 |
|
|
Holding |
|
3 |
|
— |
|
3 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
1,824,840 |
|
(1,422,947 |
) |
401,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revised - 2015 |
|
||||
|
|
|
Net revenue from |
|
Cost of products |
|
Gross profit |
|
|
Brazil |
|
665,573 |
|
(460,284 |
) |
205,289 |
|
|
Peru |
|
1,199,607 |
|
(1,003,006 |
) |
196,601 |
|
|
Holding |
|
3 |
|
— |
|
3 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
1,865,183 |
|
(1,463,290 |
) |
401,893 |
|
|
|
|
|
|
|
|
|
|
2.2.2 Earnings per share (restated)
The restated information presented correct an error to the profit used in the numerator for the earnings per share calculation. The calculation was adjusted to use Profit (loss) attributable to owners of the parent in the numerator for the years ended December 31, 2016 and 2015, as required under IAS 33 – “Earnings per share”.
The restated information has no impact in the balance sheet, statement of comprehensive income, statement of changes in equity, net income and statements of cash flows.
The previously issued and revised calculation related to earnings per share are presented below:
|
|
|
(Original) |
|
|
|
(Restated) |
|
|
|
|
2016 |
|
Adjustment |
|
2016 |
|
|
Earnings per share in US Dollars |
|
1.37 |
|
(0.22 |
) |
1.15 |
|
|
|
|
(Original) |
|
|
|
(Restated) |
|
|
|
|
2015 |
|
Adjustment |
|
2015 |
|
|
Earnings per share in US Dollars |
|
(74.60 |
) |
5.52 |
|
(69.08 |
) |
|
|
|
|
|
|
|
|
|
The presentation and disclosure of earnings per share attributable to owners of the parent is now presented in Income Statement as well as note 24 (f).