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 October 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 ☐

October 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/ CRISTIAN RESTREPO HERNANDEZ
Name:	Cristian Restrepo Hernandez
Title:	VP of Corporate Finance
Date:	October 31, 2023

AENZA S.A.A. AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2023

(Free translation from the original in Spanish)

AENZA S.A.A. AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2023 AND FOR THE THREE AND NINE-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 - 55

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 September 30, 2023

		As of			As of
		December 31,			September 30,
In thousands of soles	Note	2022			2023
Assets
Current assets
Cash and cash equivalents	9		917,554			888,615
Trade accounts receivable, net	10		1,078,582			1,107,306
Accounts receivable from related parties	11		27,745			34,879
Other accounts receivable, net	12		393,195			415,154
Inventories, net	13		346,783			393,932
Prepaid expenses			28,098			38,893
Total current assets			2,791,957			2,878,779

Non-current assets
Trade accounts receivable, net	10		723,869			764,738
Accounts receivable from related parties	11		542,392			551,429
Other accounts receivable, net	12		285,730			316,365
Inventories, net	13		65,553			70,233
Prepaid expenses			17,293			17,873
Investments in associates and joint ventures	14		14,916			12,173
Investment property, net	15		61,924			59,045
Property, plant and equipment, net	15		284,465			301,982
Right-of-use assets, net	15		50,207			43,204
Intangible assets, net	15		787,336			778,665
Deferred tax asset	22		295,638			255,616
Total non-current assets			3,129,323			3,171,323
Total assets			5,921,280			6,050,102
Liabilities
Current liabilities
Borrowings	16		574,262			606,114
Bonds	17		77,100			83,634
Trade accounts payable	18		1,027,256			1,153,391
Accounts payable to related parties	11		53,488			48,313
Current income tax			69,652			52,880
Other accounts payable	19		705,442			700,259
Other provisions	20		132,926			107,534
Total current liabilities			2,640,126			2,752,125

Non-current liabilities
Borrowings	16		305,631			343,149
Bonds	17		792,813			752,420
Trade accounts payable	18		9,757			6,472
Accounts payable to related parties	11		27,293			28,243
Other accounts payable	19		102,319			538,495
Other provisions	20		569,027			101,112
Deferred tax liability	22		128,308			171,046
Total non-current liabilities			1,935,148			1,940,937
Total liabilities			4,575,274			4,693,062

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	)		(74,588	)
Retained earnings			(1,342,362	)		(1,309,785	)
Equity attributable to controlling interest in the Company			1,061,504			1,116,684
Non-controlling interest	29		284,502			240,356
Total equity			1,346,006			1,357,040
Total liabilities and equity			5,921,280			6,050,102

The notes on pages 6 to 55 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 nine-month period ended September 30, 2022 and September 30, 2023

		For the three-month period ended						For the nine-month period ended
		September 30,						September 30,
In thousands of soles	Note	2022			2023			2022			2023
Revenue
Revenue from construction activities			642,555			703,862			1,891,188			1,741,900
Revenue from services provided			282,224			304,127			778,716			820,470
Revenue from real estate and sale of goods			173,657			207,242			476,129			539,920
Total revenue from ordinary activities arising from contracts with customers	23		1,098,436			1,215,231			3,146,033			3,102,290
Cost
Cost of construction activities			(630,582	)		(542,932	)		(1,816,262	)		(1,562,079	)
Cost of services provided			(238,106	)		(227,135	)		(610,465	)		(627,068	)
Cost of real estate and sale of goods			(126,397	)		(158,376	)		(350,380	)		(411,147	)
Cost of sales and services	24		(995,085	)		(928,443	)		(2,777,107	)		(2,600,294	)
Gross profit			103,351			286,788			368,926			501,996
Administrative expenses	24		(51,878	)		(53,209	)		(147,487	)		(156,132	)
Other income and expenses, net	25		(260,693	)		6,208			(264,117	)		7,209
Operating (loss) profit			(209,220	)		239,787			(42,678	)		353,073
Financial expenses	26.A		(34,513	)		(55,775	)		(111,303	)		(142,212	)
Financial income	26.A		2,173			(2,966	)		10,785			23,198
Interests for present value of financial asset or liability	26.B		(16,564	)		(18,652	)		(84,829	)		1,511
Share of the profit or loss of associates and joint ventures accounted for using the equity method	14		617			781			1,686			2,437
(Loss) profit before income tax			(257,507	)		163,175			(226,339	)		238,007
Income tax expense	27		(33,895	)		(91,858	)		(55,063	)		(164,271	)
(Loss) profit for the period			(291,402	)		71,317			(281,402	)		73,736

(Loss) profit attributable to:
Controlling interest in the Company			(307,013	)		55,139			(322,226	)		32,577
Non-controlling interest			15,611			16,178			40,824			41,159
			(291,402	)		71,317			(281,402	)		73,736

(Loss) profit per share attributable to controlling interest in the Company during the period	31		(0.280	)		0.046			(0.295	)		0.027
Diluted (loss) profit per share attributable to controlling interest in the Company during the period	31		(0.256	)		0.046			(0.269	)		0.027

notes on pages 6 to 55 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 nine-month period ended September 30, 2022 and September 30, 2023

	For the three-month period ended						For the nine-month period ended
	September 30,						September 30,
In thousands of soles	2022			2023			2022			2023
(Loss) profit for the period		(291,402	)		71,317			(281,402	)		73,736
Other comprehensive income:
Items that may be subsequently reclassified to profit or loss
Cash flow hedge, net of tax		(163	)		-			-			-
Foreign currency translation adjustment, net of tax		(310	)		13,742			(10,083	)		22,915
Exchange difference from net investment in a foreign operation, net of tax		43			(247	)		(627	)		(168	)
Other comprehensive income for the period, net of tax		(430	)		13,495			(10,710	)		22,747
Total comprehensive income for the period		(291,832	)		84,812			(292,112	)		96,483
Comprehensive income attributable to:
Controlling interest in the Company		(307,496	)		68,525			(332,865	)		55,180
Non-controlling interest		15,664			16,287			40,753			41,303
		(291,832	)		84,812			(292,112	)		96,483

The notes on pages 6 to 55 are an integral part of these interim condensed consolidated financial statements.

- 3 -

AENZA S.A.A. and Subsidiaries

Interim Condensed Consolidated Statement of Changes in Equity

For the three and nine-month period ended September 30, 2022 and September 30, 2023

		Number of																			Non-
		shares in				Legal		Voluntary		Share		Other			Retained						controlling
In thousands of soles	Note	Thousands		Capital		reserve		reserve		premium		reserves			earnings			Total			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			-		-		-		-		-		-			(322,226	)		(322,226	)		40,824			(281,402	)
Foreign currency translation adjustment			-		-		-		-		-		(10,016	)		-			(10,016	)		(67	)		(10,083	)
Exchange difference from net investment in a foreign operation			-		-		-		-		-		(623	)		-			(623	)		(4	)		(627	)
Comprehensive income of the period			-		-		-		-		-		(10,639	)		(322,226	)		(332,865	)		40,753			(292,112	)
Transactions with shareholders:
Dividend distribution	25		-		-		-		-		-		-			-			-			(7,111	)		(7,111	)
Acquisition of (profit distribution to) non-controlling interests, net			-		-		-		-		-		-			-			-			(29,835	)		(29,835	)
Capital increase			325,062		325,062		-		-		10,518		-			-			335,580			-			335,580
Dilution of non-controlling shareholders			-		-		-		-		-		-			2,597			2,597			(6,241	)		(3,644	)
Total transactions with shareholders			325,062		325,062		-		-		10,518		-			2,597			338,177			(43,187	)		294,990
Balances as of September 30, 2022			1,196,980		1,196,980		132,011		29,974		1,142,092		(79,268	)		(1,213,432	)		1,208,357			250,531			1,458,888
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
Profit for the period			-		-		-		-		-		-			32,577			32,577			41,159			73,736
Foreign currency translation adjustment			-		-		-		-		-		22,770			-			22,770			145			22,915
Exchange difference from net investment in a foreign operation			-		-		-		-		-		(167	)		-			(167	)		(1	)		(168	)
Comprehensive income of the period			-		-		-		-		-		22,603			32,577			55,180			41,303			96,483
Transactions with shareholders:
Dividend distribution	25		-		-		-		-		-		-			-			-			(73,271	)		(73,271	)
Acquisition of (profit distribution to) non-controlling interests, net			-		-		-		-		-		-			-			-			(12,178	)		(12,178	)
Total transactions with shareholders			-		-		-		-		-		-			-			-			(85,449	)		(85,449	)
Balances as of September 30, 2023			1,196,980		1,196,980		132,011		29,974		1,142,092		(74,588	)		(1,309,785	)		1,116,684			240,356			1,357,040

The notes on pages 6 to 55 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 nine-month period ended September 30, 2022 and September 30, 2023

		For the three-month period						For the nine-month period
		ended September 30,						ended September 30,
In thousands of soles	Note	2022			2023			2022			2023
Operating activities
(Loss) profit before income tax			(257,507	)		163,175			(226,339	)		238,007
Adjustments to profit not affecting cash flows from operating activities:
Depreciation	15		19,299			18,176			56,482			53,554
Amortization of intangible assets	15		26,729			40,054			74,466			115,115
Impairment (reversal) of inventories			(100	)		-			(1	)		-
Impairment of accounts receivable and other accounts receivable			5,780			(188	)		5,826			1,992
Debt condonation			(5,296	)		34			(5,296	)		(158	)
Impairment of property, plant and equipment			(396	)		(1,001	)		(632	)		317
Impairment of intangible assets			2,403			-			3,064			-
Reversal of impairment of accounts receivable			(804	)		-			(804	)		-
Other provisions			290,899			13,088			312,311			22,210
Renegotiation of liability for acquisition of non-controlling Morelco			(7,412	)		-			(3,706	)		-
Financial expense,net			73,037			85,336			142,493			132,133
Impairment of investment			7,767			-			7,767			-
Share of the profit and loss of associates and joint ventures accounted for using the equity method	14. A and B		(617	)		(781	)		(1,686	)		(2,437	)
Reversal of provisions			1,912			(14,032	)		(1,720	)		(18,758	)
Disposal (reversal) of assets			(1,572	)		(4,191	)		(1,566	)		(5,449	)
Profit on sale of property, plant and equipment			(2,525	)		(4,729	)		(3,163	)		(3,848	)
Loss (profit) on remeasurement of accounts receivable and accounts payable			23,433			18,811			93,636			(1,511	)
Net variations in assets and liabilities:
Trade accounts receivable			(118,992	)		(71,526	)		(146,825	)		(69,806	)
Other accounts receivable			(46,602	)		15,180			(123,324	)		(880	)
Other accounts receivable from related parties			(20,710	)		(1,431	)		(4,234	)		(8,744	)
Inventories			(14,373	)		(3,542	)		(4,490	)		(49,636	)
Prepaid expenses and other assets			24,575			9,508			20,119			(6,182	)
Trade accounts payable			95,261			131,810			33,845			123,011
Other accounts payable			(7,013	)		(215,306	)		(37,080	)		(68,143	)
Other accounts payable to related parties			(1,985	)		(2,469	)		(4,485	)		(8,084	)
Other provisions			(4,278	)		(2,676	)		(34,275	)		(7,636	)
Interest paid			(41,106	)		(39,800	)		(103,817	)		(119,332	)
Payments for purchases of intangible assets - Concessions			-			(3,681	)		-			(3,681	)
Income tax paid			(23,949	)		(28,002	)		(100,281	)		(116,476	)
Net cash provided by (applied to) operating activities			15,858			101,817			(53,715	)		195,578
Investing activities
Proceeds from sale of property, plant and equipment			3,308			5,811			8,187			6,854
Interest received			4,776			9,219			8,710			23,001
Dividends received			380			1,523			380			5,175
Acquisition of investment property			(42	)		(12	)		(53	)		(14	)
Acquisition of intangible assets			(57,663	)		(13,522	)		(101,952	)		(98,896	)
Acquisition of property, plant and equipment			(17,737	)		(25,315	)		(41,049	)		(47,626	)
Net cash applied to investing activities			(66,978	)		(22,296	)		(125,777	)		(111,506	)
Financing activities
Borrowing received			25,019			40,299			489,069			211,365
Amortization of borrowings received			(25,286	)		(86,324	)		(187,232	)		(191,117	)
Amortization of bonds issued			(15,209	)		(17,514	)		(42,046	)		(51,359	)
Payment for debt transaction costs			(5	)		(6	)		(13,737	)		(23	)
Dividends paid to non-controlling interest			(9,551	)		(22,536	)		(18,606	)		(69,580	)
Cash received (return of contributions) from non-controlling shareholders			(7,000	)		(2,289	)		(29,835	)		(12,178	)
Net cash (applied to) provided by financing activities			(32,032	)		(88,370	)		197,613			(112,892	)
(Net decrease) net increase in cash			(83,152	)		(8,849	)		18,121			(28,820	)
Exchange difference			13,957			6,239			22,951			(119	)
Cash and cash equivalents at the beginning of the period			1,067,445			891,225			957,178			917,554
Cash and cash equivalents at the end of the period	9		998,250			888,615			998,250			888,615
Non-cash transactions:
Capitalization of interests			674			271			1,172			561
Acquisition of right-of-use assets			5,960			(1,530	)		14,578			6,458
Capitalization of convertible bonds	21		-			-			335,580			-

The notes on pages 6 to 55 are an integral part of these interim condensed consolidated financial statements.

- 5 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2022 and September 30, 2023 and 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 September 30, 2023 have been prepared and issued with authorization of Management and approved by the Board of Directors on October 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

As a result of the investigations into the cases known as Club de la Construccion and Lava Jato, AENZA has entered into an effective collaboration process. 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 Government of approximately S/488 million (approximately S/333.3 million and US$ 40.7 million). The Agreement was homologated by judgment dated August 11, 2023.

According to the Agreement, payment shall be made within twelve (12) years at a legal interest rate in soles and dollars (3.9% and 1.8% annual interest as of September 30, 2023, respectively). The Company also undertakes to establish a series of guarantees after the approval 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 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 September 30, 2023, the Company maintains in its financial statements the total liability associated to the Agreement for S/488 million (As of December 31, 2022, the balance was S/488.9 million) (see Note 19.a).

Basis of preparation

The interim condensed consolidated financial statements for the period ended September 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.

- 6 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

A. Immaterial corrections of previously reported balances as of September 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 September 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 September 30, 2022, and for the period then ended is presented below:

Interim Condensed Consolidated Statement of Financial Position:

	As of September 30, 2022
In thousands of soles	Reported		Adjustment			Revised
ASSETS
Current assets
Trade accounts receivables, net		763,642		191,956	(a)		955,598
Work in progress, net		207,938		(207,938	)(b)		-
Other current assets		1,877,222		-			1,877,222
Total current assets		2,848,802		(15,982	)		2,832,820

Non-current assets
Deferred tax asset		299,744		(7,203	)(c)		292,541
Other non-current assets		2,931,635		-			2,931,635
Total non-current assets		3,231,379		(7,203	)		3,224,176
Total assets		6,080,181		(23,185	)		6,056,996

LIABILITIES AND EQUITY
Current liabilities
Trade accounts payable		975,449		(35,572	)(b)		939,877
Current income tax		22,102		(2,003	)(c)		20,099
Other provisions		117,540		5,296	(b)		122,836
Other current liabilities		1,569,465		-			1,569,465
Total current liabilities		2,684,556		(32,279	)		2,652,277

Non-current liabilities
Other non-current liabilities		1,945,831		-			1,945,831
Total non-current liabilities		1,945,831		-			1,945,831
Total liabilities		4,630,387		(32,279	)		4,598,108

Equity
Equity attributable to controlling interest in the Company		1,198,866		9,491			1,208,357
Non-controlling interest		250,928		(397	)		250,531
Total equity		1,449,794		9,094			1,458,888
Total liabilities and equity		6,080,181		(23,185	)		6,056,996

- 7 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

Interim Condensed Consolidated statements of profit or loss:

	For the three-month period ended									For the nine-month period ended
	September 30, 2022									September 30, 2022
In thousands of soles	Reported			Adjustment			Revised			Reported			Adjustment			Revised
Revenue
Revenue from construction activities		625,168			17,387	(a)		642,555			1,925,218			(34,030	)(a)		1,891,188
Revenue from services provided		282,224			-			282,224			778,716			-			778,716
Revenue from real estate and sale of goods		173,657			-			173,657			476,129			-			476,129
Total revenue from ordinary activities arising from contracts with customers		1,081,049			17,387			1,098,436			3,180,063			(34,030	)		3,146,033
Cost
Cost of construction activities		(610,489	)		(20,093	)(b)		(630,582	)		(1,876,399	)		60,137	(b)		(1,816,262	)
Cost of services provided		(251,957	)		13,851	(b)		(238,106	)		(640,028	)		29,563	(b)		(610,465	)
Cost of real estate and sale of goods		(126,397	)		-			(126,397	)		(350,380	)		-			(350,380	)
Cost of sales and services		(988,843	)		(6,242	)		(995,085	)		(2,866,807	)		89,700			(2,777,107	)
Gross profit		92,206			11,145			103,351			313,256			55,670			368,926
Administrative expenses		(39,156	)		(12,722	)		(51,878	)		(108,931	)		(38,556	)		(147,487	)
Other income and expenses, net		(258,458	)		(2,235	)		(260,693	)		(256,075	)		(8,042	)		(264,117	)
Operating (loss) profit		(205,408	)		(3,812	)		(209,220	)		(51,750	)		9,072			(42,678	)
Financial expenses		(59,939	)		-			(59,939	)		(207,044	)		(1,035	)		(208,079	)
Financial income		8,800			2,235			11,035			18,950			3,782			22,732
Share of the profit or loss of associates and joint ventures accounted for using the equity method		617			-			617			1,686			-			1,686
(Loss) profit before income tax		(255,930	)		(1,577	)		(257,507	)		(238,158	)		11,819			(226,339	)
Income tax expense		(35,077	)		1,182	(c)		(33,895	)		(52,669	)		(2,394	)(c)		(55,063	)
(Loss) profit for the period		(291,007	)		(395	)		(291,402	)		(290,827	)		9,425			(281,402	)

(Loss) profit attributable to:
Controlling interest in the Company		(306,777	)		(236	)		(307,013	)		(331,544	)		9,318			(322,226	)
Non-controlling interest		15,770			(159	)		15,611			40,717			107			40,824
		(291,007	)		(395	)		(291,402	)		(290,827	)		9,425			(281,402	)

Loss per share attributable to controlling interest in the Company during the period		(0.271	)		(0.009	)		(0.280	)		(0.294	)		(0.001	)		(0.295	)

Comprehensive income attributable to:
Controlling interest in the Company		(307,559	)		63			(307,496	)		(339,127	)		6,262			(332,865	)
Non-controlling interest		15,645			19			15,664			40,665			88			40,753
		(291,914	)		82			(291,832	)		(298,462	)		6,350			(292,112	)

Segment information by geographic area:

	For the three-month period ended							For the nine-month period ended
	September 30, 2022							September 30, 2022
In thousands of soles	Reported		Adjustment			Revised		Reported		Adjustment			Revised
Revenue
Peru		908,671		(5,470	)		903,201		2,502,942		2,837			2,505,779
Chile		134,906		22,723			157,629		592,520		(36,841	)		555,679
Colombia		37,472		134			37,606		84,601		(26	)		84,575
		1,081,049		17,387			1,098,436		3,180,063		(34,030	)		3,146,033

- 8 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

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

	For the three-month period ended									For the nine-month period ended
	September 30,									September 30,
In thousands of soles	Reported			Adjustment			Revised			Reported			Adjustment			Revised

Operating activities
(Loss) profit before income tax		(255,930	)		(1,577	)		(257,507	)		(238,158	)		11,819			(226,339	)
Adjustments to profit not affecting cash flows from operating activities:
Other adjustments		432,537			-			432,537			677,471			-			677,471
Net variations in assets and liabilities:
Trade accounts receivable and working in progress		(130,784	)		11,792			(118,992	)		(98,096	)		(48,729	)		(146,825	)
Other accounts receivable		(60,922	)		14,320			(46,602	)		(126,360	)		3,036			(123,324	)
Trade accounts payable		120,274			(25,013	)		95,261			1,476			32,369			33,845
Other accounts payable		(7,491	)		478			(7,013	)		(34,005	)		(3,075	)		(37,080	)
Other provisions		(4,278	)		-			(4,278	)		(38,855	)		4,580			(34,275	)
Other variations		(77,548	)		-			(77,548	)		(197,188	)		-			(197,188	)
Net cash provided by (applied to) operating activities		15,858			-			15,858			(53,715	)		-			(53,715	)
Investing activities
Net cash applied to investing activities		(66,978	)		-			(66,978	)		(125,777	)		-			(125,777	)
Financing activities
Net cash (applied to) provided by financing activities		(32,032	)		-			(32,032	)		197,613			-			197,613
(Net decrease) net increase in cash		(83,152	)		-			(83,152	)		18,121			-			18,121
Exchange difference		13,957			-			13,957			22,951			-			22,951
Cash and cash equivalents at the beginning of the period		1,067,445			-			1,067,445			957,178			-			957,178
Cash and cash equivalents at the end of the period		998,250			-			998,250			998,250			-			998,250
Non-cash transactions:
Capitalization of convertible bonds		-			-			-			335,580			-			335,580
Acquisition of right-of-use assets		5,960			-			5,960			14,578			-			14,578
Capitalization of interests		674			-			674			1,172			-			1,172

(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.

- 9 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

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 September 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 September 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.

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 September 30,
	2022				2023
	Suppley		Demand		Suppley		Demand
U.S. Dollars (a)		3.808		3.820		3.790		3.797
Chilean Peso (b)		0.004449		0.004463		0.004232		0.004240
Colombian Peso (c)		0.000792		0.000794		0.000935		0.000937

(a)	U.S. DolLar 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.

- 10 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

The consolidated statement of financial position includes the following:

	As of			As of
	December 31,			September 30,
In thousands of US dollars	2022			2023
Assets
Cash and cash equivalents		58,280			76,142
Trade accounts receivable, net		124,593			188,696
Accounts receivable from related parties		142,435			145,347
Other accounts receivable		75,536			87,713
		400,844			497,898

Liabilities
Borrowings		(215,076	)		(240,424	)
Bonds		(5,569	)		(4,466	)
Trade accounts payable		(119,104	)		(146,144	)
Accounts payable to related parties		(3,171	)		(3,171	)
Other accounts payable		(88,012	)		(78,129	)
Other provisions		(42,241	)		(2,039	)
		(473,173	)		(474,373	)

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

For the periods ended September 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:

	For the nine-month period ended
	September 30,
In thousands of soles	2022			2023
Gain		425,168			88,179
Loss		(423,093	)		(102,794	)
		2,075			(14,615	)

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 September 30,
	2022				2023
	Assets		Liabilities		Assets		Liabilities
Chilean Peso		60,684,971		81,864,810		50,408,562		63,043,767
Colombian Peso		96,944,436		59,114,296		174,814,614		93,177,194

The Corporation’s foreign currency translation adjustment for the nine-month period ended September 30, 2023 was positive by S/22.9 million (negative by S/10.1 million for the same period in 2022).

- 11 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2022 and September 30, 2023 and 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 September 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.

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.

- 12 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

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 September 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.

			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

- 13 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2022 and September 30, 2023 and 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 September 30, 2023
Other financial liabilities (except lease liability for right-of-use asset)		897,934		613,831		170,664		193,629		-		978,124
Lease liability for right-of-use asset		51,329		19,636		27,346		13,787		75		60,844
Bonds		836,054		144,563		180,663		372,037		674,622		1,371,885
Trade accounts payables (except non-financial liabilities)		1,159,863		1,153,391		6,472		-		-		1,159,863
Accounts payables to related parties		76,556		48,313		28,243		-		-		76,556
Other accounts payables and other provisions (except non-financial liabilities)		711,455		195,714		71,921		87,603		488,296		843,534
		3,733,191		2,175,448		485,309		667,056		1,162,993		4,490,806

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.

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

		As of			As of
		December 31,			September 30,
In thousands of soles	Note	2022			2023
Total borrowing, bonds and civil compensation (*)	16 and 17		2,238,699			2,273,274
Less: Cash and cash equivalents	9		(917,554	)		(888,615	)
Net debt (a)			1,321,145			1,384,659
Total equity (b)			1,346,006			1,357,040
Total net debt plus equity (a) + (b)			2,667,151			2,741,699
Gearing ratio			0.50			0.51

(*)

The civil compensation to the Peruvian State is S/488 million as of September 31, 2023 (S/4889 as of December 31, 2022).

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

- 14 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

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.

(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.

- 15 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

Management 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-month period ended					For the nine-month period ended
	September 30,					September 30,
In thousands of soles	2022			2023		2022			2023
Net (loss) profit		(291,402	)		71,317		(281,402	)		73,736
Financial income and expenses		32,340			58,741		100,518			119,014
Interests for present value of financial asset or liability		16,564			18,652		84,829			(1,511	)
Income tax		33,895			91,858		55,063			164,271
Depreciation and amortization		46,028			58,228		130,948			168,667
Adjusted EBITDA		(162,575	)		298,796		89,956			524,177
Adjustments to adjusted EBITDA for Other items
Impairment of accounts receivables and other accounts receivable		7,349			-		7,349			-
Impairment of investments		7,489			-		7,489			-
Impairment of goodwill		2,403			-		2,403			-
Provisions: civil compensation and legal claims		244,708			-		244,708			-
Adjusted EBITDA for other items		99,374			298,796		351,905			524,177

The adjusted EBITDA per segment is as follows:

	For the three-month period ended						For the nine-month period ended
	September 30,						September 30,
In thousands of soles	2022			2023			2022			2023
Engineering and construction		(24,317	)		140,217			(1,779	)		110,836
Energy		53,517			66,683			135,945			167,524
Infrastructure		61,550			76,861			191,100			195,575
Real estate		11,222			11,560			32,469			42,705
Parent company operations		55,020			103,819			105,847			103,676
Intercompany eliminations		(57,618	)		(100,344	)		(111,677	)		(96,139	)
		99,374			298,796			351,905			524,177

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.

- 16 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

Operating segments financial position

	Engineering				Infrastructure								Parent
In thousands of soles	and construction		Energy		Toll roads		Transportation		Water treatment		Realestate		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

- 17 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2022 and September 30, 2023 and 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 September 30, 2023
Assets
Cash and cash equivalent		197,953		39,288		130,440		135,694		3,119		199,729		182,392		-			888,615
Trade accounts receivables, net		845,322		105,788		26,412		125,279		960		2,621		924		-			1,107,306
Accounts receivable from related parties		74,894		506		60,812		3,578		494		537		326,354		(432,296	)		34,879
Other accounts receivable		331,051		29,264		27,927		13,416		-		10,458		5,383		(2,345	)		415,154
Inventories, net		58,006		41,865		10,341		45,042		-		238,692		-		(14	)		393,932
Prepaid expenses		17,861		3,431		5,796		697		265		86		10,756		1			38,893
Total current assets		1,525,087		220,142		261,728		323,706		4,838		452,123		525,809		(434,654	)		2,878,779
Long-term trade accounts receivable, net		889		-		19,986		738,873		1,312		3,678		-		-			764,738
Long-term accounts receivable from related parties		314,519		-		16,805		42		14,015		-		441,523		(235,475	)		551,429
Prepaid expenses		-		480		15,666		1,644		593		-		-		(510	)		17,873
Other long-term accounts receivable		98,771		86,229		-		-		7,346		58,057		65,962		-			316,365
Inventories, net		-		-		-		-		-		70,233		-		-			70,233
Investments in associates and joint ventures		968		9,963		-		-		-		2,103		1,546,618		(1,547,479	)		12,173
Investment property, net		-		-		-		1,447		-		18,477		39,121		-			59,045
Property, plant and equipment, net		91,738		196,893		5,354		839		223		5,969		966		-			301,982
Intangible assets, net		139,465		388,584		236,934		162		-		605		12,915		-			778,665
Right-of-use assets, net		5,778		10,022		4,128		37		124		1,617		33,817		(12,319	)		43,204
Deferred income tax asset		146,257		3,172		27,461		-		450		21,010		57,250		16			255,616
Total non-current assets		798,385		695,343		326,334		743,044		24,063		181,749		2,198,172		(1,795,767	)		3,171,323
Total assets		2,323,472		915,485		588,062		1,066,750		28,901		633,872		2,723,981		(2,230,421	)		6,050,102
Liabilities
Borrowings		27,542		35,719		15,600		38		5		13,927		524,485		(11,202	)		606,114
Bonds		4,031		-		47,655		31,948		-		-		-		-			83,634
Trade accounts payable		937,700		89,503		53,189		31,193		178		24,891		14,645		2,092			1,153,391
Accounts payable to related parties		313,057		62,209		41,042		34,499		10		11,217		12,942		(426,663	)		48,313
Current income tax		27,866		560		3,769		10,082		68		6,639		3,896		-			52,880
Other accounts payable		434,379		32,613		43,442		9,236		1,461		137,207		41,921		-			700,259
Provisions		80,666		14,730		1,064		1,208		-		197		9,669		-			107,534
Total current liabilities		1,825,241		235,334		205,761		118,204		1,722		194,078		607,558		(435,773	)		2,752,125
Borrowings		2,143		93,979		1,267		-		124		74,713		173,603		(2,680	)		343,149
Long-term bonds		12,925		-		142,449		597,046		-		-		-		-			752,420
Long-term trade accounts payable		-		-		-		6,472		-		-		-		-			6,472
Other long-term accounts payable		58,483		-		1,358		144		2,803		-		475,707		-			538,495
Long-term accounts payable to related parties		7,491		-		1,006		28,246		23,146		-		212,678		(244,324	)		28,243
Provisions		11,667		53,475		12,131		2,278		-		-		21,561		-			101,112
Deferred income tax liability		46,112		61,295		-		63,639		-		-		-		-			171,046
Total non-current liabilities		138,821		208,749		158,211		697,825		26,073		74,713		883,549		(247,004	)		1,940,937
Total liabilities		1,964,062		444,083		363,972		816,029		27,795		268,791		1,491,107		(682,777	)		4,693,062
Equity attributable to controlling interest in the Company		353,921		437,548		167,910		188,042		1,106		285,083		1,229,855		(1,546,781	)		1,116,684
Non-controlling interest		5,489		33,854		56,180		62,679		-		79,998		3,019		(863	)		240,356
Total liabilities and equity		2,323,472		915,485		588,062		1,066,750		28,901		633,872		2,723,981		(2,230,421	)		6,050,102

- 18 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2022 and September 30, 2023 and 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 September 30, 2022
Revenue		713,277			171,400			138,717			95,607			1,096			40,752			17,398			(79,811	)		1,098,436
Gross (loss) profit		(1,379	)		35,030			24,896			27,298			542			11,576			4,135			1,253			103,351
Administrative expenses		(29,678	)		(3,223	)		(4,261	)		(2,638	)		(186	)		(3,651	)		(8,364	)		123			(51,878	)
Other income and expenses, net		40,748			388			27,103			(537	)		-			(3,971	)		(321,211	)		(3,213	)		(260,693	)
Operating profit (loss)		9,691			32,195			47,738			24,123			356			3,954			(325,440	)		(1,837	)		(209,220	)
Financial expenses		(18,188	)		(4,465	)		(5,519	)		(2,413	)		(35	)		(1,357	)		(32,139	)		29,603			(34,513	)
Financial income		(379	)		263			809			759			44			256			29,959			(29,538	)		2,173
Interests for present value of financial asset or liability		(1,042	)		1,919			1,317			-			-			(166	)		(19,964	)		1,372			(16,564	)
Share of profit or loss in associates and joint ventures		(1,101	)		825			-			-			-			(9	)		55,233			(54,331	)		617
(Loss) profit before income tax		(11,019	)		30,737			44,345			22,469			365			2,678			(292,351	)		(54,731	)		(257,507	)
Income tax		(7,918	)		(10,617	)		(7,449	)		(7,088	)		(109	)		(1,358	)		645			(1	)		(33,895	)
(Loss) profit for the period		(18,937	)		20,120			36,896			15,381			256			1,320			(291,706	)		(54,732	)		(291,402	)
(Loss) profit from attributable to:
Owners of the Company		(20,511	)		17,929			32,635			11,536			256			(1,364	)		(291,690	)		(55,804	)		(307,013	)
Non-controlling interest		1,574			2,191			4,261			3,845			-			2,684			(16	)		1,072			15,611
		(18,937	)		20,120			36,896			15,381			256			1,320			(291,706	)		(54,732	)		(291,402	)

- 19 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2022 and September 30, 2023 and 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 September 30, 2023
Revenue		767,100			190,366			177,573			104,007			1,146			53,231			23,732			(101,924	)		1,215,231
Gross profit (loss)		166,241			34,474			31,768			35,180			672			13,348			1,781			3,324			286,788
Administrative expenses		(29,886	)		(3,970	)		(4,953	)		(2,980	)		(233	)		(4,195	)		(3,126	)		(3,866	)		(53,209	)
Other income and expenses, net		(767	)		161			196			1,846			-			982			(781	)		4,571			6,208
Operating profit (loss)		135,588			30,665			27,011			34,046			439			10,135			(2,126	)		4,029			239,787
Financial expenses		(27,013	)		(4,614	)		(676	)		(1,876	)		(118	)		(1,769	)		(32,429	)		12,720			(55,775	)
Financial income		(135	)		(3,409	)		2,303			700			174			333			11,226			(14,158	)		(2,966	)
Interests for present value of financial asset or liability		(1,545	)		(1,100	)		(114	)		-			-			128			(16,021	)		-			(18,652	)
Share of profit or loss in associates and joint ventures		-			781			-			-			-			-			102,422			(102,422	)		781
Profit(loss) before income tax		106,895			22,323			28,524			32,870			495			8,827			63,072			(99,831	)		163,175
Income tax		(62,810	)		(6,537	)		(7,113	)		(9,837	)		(148	)		(3,867	)		3,542			(5,088	)		(91,858	)
Profit (loss) for the period		44,085			15,786			21,411			23,033			347			4,960			66,614			(104,919	)		71,317
Profit (loss) from attributable to:
Owners of the Company		43,781			13,908			17,054			17,275			347			1,081			66,620			(104,927	)		55,139
Non-controlling interest		304			1,878			4,357			5,758			-			3,879			(6	)		8			16,178
		44,085			15,786			21,411			23,033			347			4,960			66,614			(104,919	)		71,317

- 20 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2022 and September 30, 2023 and 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 nine-month period ended September 30, 2022
Revenue		2,050,849			464,289			384,180			292,796			3,234			125,167			51,461			(225,943	)		3,146,033
Gross profit (loss)		64,816			88,183			69,418			97,627			1,704			34,218			12,065			895			368,926
Administrative expenses		(83,104	)		(10,090	)		(11,958	)		(7,779	)		(557	)		(10,132	)		(26,531	)		2,664			(147,487	)
Other income and expenses, net		34,441			1,747			24,101			(842	)		-			(2,902	)		(318,224	)		(2,438	)		(264,117	)
Operating profit (loss)		16,153			79,840			81,561			89,006			1,147			21,184			(332,690	)		1,121			(42,678	)
Financial expenses		(48,954	)		(13,355	)		(17,522	)		(5,819	)		(85	)		(7,076	)		(61,089	)		42,597			(111,303	)
Financial income		1,391			509			1,982			1,889			103			786			49,864			(45,739	)		10,785
Interests for present value of financial asset or liability		(6,357	)		2,858			(198	)		-			-			560			(81,691	)		(1	)		(84,829	)
Share of profit or loss in associates and joint ventures		121			2,347			-			-			-			703			106,458			(107,943	)		1,686
(Loss) profit before income tax		(37,646	)		72,199			65,823			85,076			1,165			16,157			(319,148	)		(109,965	)		(226,339	)
Income tax		(3,164	)		(23,375	)		(12,818	)		(26,520	)		(404	)		(5,481	)		16,731			(32	)		(55,063	)
(Loss) profit for the period		(40,810	)		48,824			53,005			58,556			761			10,676			(302,417	)		(109,997	)		(281,402	)
(Loss) profit from attributable to:
Owners of the Company		(40,897	)		43,226			42,981			43,917			761			190			(302,421	)		(109,983	)		(322,226	)
Non-controlling interest		87			5,598			10,024			14,639			-			10,486			4			(14	)		40,824
		(40,810	)		48,824			53,005			58,556			761			10,676			(302,417	)		(109,997	)		(281,402	)

- 21 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2022 and September 30, 2023 and 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 nine-month period ended September 30, 2023
Revenue		1,905,784			501,358			436,173			308,685			3,625			147,604			72,512			(273,451	)		3,102,290
Gross profit (loss)		185,658			77,675			71,381			97,173			2,155			48,765			12,279			6,910			501,996
Administrative expenses		(84,148	)		(11,915	)		(14,741	)		(8,628	)		(704	)		(13,222	)		(17,581	)		(5,193	)		(156,132	)
Other income and expenses, net		(5,723	)		800			605			1,897			(41	)		2,570			3,251			3,850			7,209
Operating profit (loss)		95,787			66,560			57,245			90,442			1,410			38,113			(2,051	)		5,567			353,073
Financial expenses		(56,559	)		(15,222	)		(16,235	)		(5,504	)		(337	)		(7,709	)		(76,222	)		35,576			(142,212	)
Financial income		839			1,838			5,596			4,993			504			4,629			41,063			(36,264	)		23,198
Interests for present value of financial asset or liability		87			(1,537	)		(1,716	)		-			-			3,281			1,396			-			1,511
Share of profit or loss in associates and joint ventures		(1	)		2,366			-			-			-			73			95,406			(95,407	)		2,437
Profit (loss) before income tax		40,153			54,005			44,890			89,931			1,577			38,387			59,592			(90,528	)		238,007
Income tax		(74,549	)		(16,261	)		(13,348	)		(27,488	)		(471	)		(20,723	)		(6,353	)		(5,078	)		(164,271	)
(Loss) profit for the period		(34,396	)		37,744			31,542			62,443			1,106			17,664			53,239			(95,606	)		73,736
(Loss) profit from attributable to:
Owners of the Company		(34,100	)		32,529			22,232			46,832			1,106			6,582			53,200			(95,804	)		32,577
Non-controlling interest		(296	)		5,215			9,310			15,611			-			11,082			39			198			41,159
		(34,396	)		37,744			31,542			62,443			1,106			17,664			53,239			(95,606	)		73,736

- 22 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

8.	Financial Instruments

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

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

	As of		As of
	December 31,		September 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		888,615
- Trade accounts receivable and other accounts receivable (excluding non-financial assets) (i)		1,452,606		1,489,468
- Financial assets related to concession agreements (ii)		861,190		902,692
- Accounts receivable from related parties		570,137		586,308
		3,801,487		3,867,083

	As of		As of
	December 31,		September 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		897,934
- Finance leases		835		-
- Lease liability for right-of-use asset		59,085		51,329
- Bonds		869,913		836,054
- Trade and other accounts payable (excluding non-financial liabilities) (iii)		1,207,739		1,814,875
- Accounts payable to related parties		80,781		76,556
		3,038,326		3,676,748
Other financial liabilities:
- Other provisions (iv)		541,345		56,443

(i)

The following non-financial assets are excluded: advances to suppliers for S/103.4 million and tax receivable for S/108 million (S/53.7 million and S/141.9 million, respectively, as of December 31, 2022).

(ii)

Included in the trade accounts receivable item.

(iii)

The following non-financial liabilities are excluded: advances received from customers for S/290.2 million, taxes payable for S/166.6 million, salaries and other personnel payable for S/114 million and others for S/12.9 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 administrative process INDECOPI for S/56.4 million (S/488.9 million and S/52.5 million, respectively, as of December 31, 2022).

- 23 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

9.	Cash and Cash Equivalents

This account comprises:

	As of		As of
	December 31,		September 30,
In thousands of soles	2022		2023
Cash on hand		727		822
Remittances in-transit		2,955		2,344
Current accounts		382,414		331,839
Trust account - specific use founds (a)		416,464		262,712
Time deposits (b)		114,994		290,898
Total Cash and Cash equivalents		917,554		888,615

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.

(a)

The Corporation maintains trust accounts in local and foreign banks for the administration 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.

	As of		As of
	December 31,		September 30,
In thousands of soles	2022		2023
Operational funds		229,165		173,369
Consortium funds		114,050		63,788
Reserve funds (i)		71,966		24,284
Guarantee funds		1,283		1,271
		416,464		262,712

(i)

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,		September 30,
In thousands of soles	2022		2023
Tren Urbano de Lima S.A.		49,397		1,069
Red Vial 5 S.A.		22,569		23,215
		71,966		24,284

(b)

Time deposits have maturities of less than ninety (90) days and are renewable at maturity. As of September 30, 2023, these deposits bear interest ranging from 0.9% to 7.4% (0.26% to 7.4% as of December 31, 2022).

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

- 24 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

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

Receivables (a)		357,704		261,185		350,929		256,618		6,775		4,567
Unbilled receivables - Subsidiaries (b)		584,217		708,831		584,217		705,763		-		3,068
Unbilled receivables - Concessions (c)		860,530		902,028		143,436		144,925		717,094		757,103
		1,802,451		1,872,044		1,078,582		1,107,306		723,869		764,738

As of December 31, 2022 and September 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,		September 30,
In thousands of soles	2022		2023
Tren Urbano de Lima S.A.		818,354		864,152
Cumbra Peru S.A. (i)		647,113		796,582
Unna Energia S.A.		80,245		105,788
Cumbra Ingenieria S.A.		53,205		49,629
Red Vial 5 S.A.		24,072		16,244
Carretera Andina del Sur S.A.C.		13,035		14,236
Unna Transporte S.A.C.		9,852		10,130
Viva Negocio Inmobiliario S.A. (ii)		150,285		6,299
Carretera Sierra Piura S.A.C.		3,439		5,788
Concesionaria La Chira S.A.		2,290		2,272
Others		561		924
		1,802,451		1,872,044

(i)	The increase at the end of September 2023 corresponds to the activities of the new project “Santa Monica” of its subsidiary Morelco, and additions in the EPC LAP3 project, related to the construction of the Jorge Chavez airport terminal (Consorcio Inti Punku).

(ii)

As of December 31, 2022 invoices receivable mainly corresponds to the sale of a land to SEDAPAL by Inmobiliaria Almote 2 S.A.C. for S/140 million (located in the district of Lurin, province of Lima, with an area of 209.59 hectares). As of September 30, 2023, collections has been made according to the schedule stipulated in the contract.

(a)

As of September 30, 2023, invoices receivable are recognized net of impairment for S/43.8 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,		September 30,
In thousands of soles	2022		2023
Current		316,664		217,158
Past due up to 30 days		29,078		11,062
Past due from 31 days up to 90 days		2,049		14,450
Past due from 91 days up to 120 days		1,437		5,751
Past due from 121 days up to 360 days		4,100		5,138
Past due over 360 days		4,376		7,626
		357,704		261,185

As of September 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/3.8 million, Cumbra Peru S.A. for S/3.3 million, and Cumbra Ingenieria S.A. for S/0.5 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 September 30, 2023, Management performed the assessment of credit risk exposure on trade accounts receivable.

- 25 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

(b)

Contract Assets by the subsidiaries correspond to documents related to estimates for services provided and valuations that were not invoiced. These rights are recognized net of impairment for S/3.3 million and discounted at current value for S/2.6 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,		September 30,
In thousands of soles	2022		2023
Cumbra Peru S.A.		533,389		659,345
Cumbra Ingenieria S.A.		38,922		39,660
Unna Transporte S.A.C.		6,192		6,319
Unna Energia S.A.		5,617		3,381
Others		97		126
		584,217		708,831

(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,		September 30,
In thousands of soles	2022		2023
Tren Urbano de Lima S.A.		818,354		864,152
Red Vial 5 S.A.		24,072		16,243
Carretera Andina del Sur S.A.C.		12,796		14,236
Carretera Sierra Piura S.A.C.		3,018		5,603
Concesionaria La Chira S.A.		2,290		1,794
		860,530		902,028

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 September 30, 2023.

11.	Transactions with Related Parties

Transactions with related parties

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

	For the three-month period ended				For the nine-month period ended
	September 30				September 30
In thousands of soles	2022		2023		2022		2023
Revenue from sales of goods and services:
- Joint operations		11,741		12,016		34,353		40,379
		11,741		12,016		34,353		40,379

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.

- 26 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

Balances with Related parties

Balances breakdown were the following:

	As of December 31, 2022				As of September 30, 2023
In thousands of soles	Receivable		Payable		Receivable		Payable
Current portion:
Joint operations
Consorcio Inti Punku		4,030		3,104		15,273		112
Consorcio Rio Mantaro		-		12,247		-		7,516
Consorcio Constructor Chavimochic		-		9,421		-		9,759
Consorcio Rio Urubamba		9,606		-		9,578		-
Consorcio Manperan		603		4,064		1,706		446
Consorcio TNT Vial y Vives - DSD Chile Ltda		8,664		3,153		-		2,383
Consorcio Peruano de Conservacion		752		2,629		800		2,753
Consorcio Vial Quinua		-		1,945		-		1,945
Consorcio GyM Conciviles		-		1,426		12		339
Terminales del Peru		88		600		59		609
Consorcio Italo Peruano		1,524		-		1,607		-
Consorcio Ermitaño		547		-		529		-
Consorcio Morelco Latamges		-		-		-		2,388
Others		1,931		1,545		5,315		3,863
		27,745		40,134		34,879		32,113

Other related parties
Ferrovias S.A.		-		13,354		-		16,200
		-		13,354		-		16,200
Current portion		27,745		53,488		34,879		48,313

Non-current portion
Gasoducto Sur Peruano S.A. (Note 14.i)		542,392		-		550,904		-
Ferrovias S.A.		-		15,054		-		12,662
Ferrovias Participaciones S.A.		-		12,239		-		15,581
Others		-		-		525		-
Non-current		542,392		27,293		551,429		28,243

As of December 31, 2022 and September 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.

- 27 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

12.	Other 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,		September 30,		December 31,		September 30,		December 31,		September 30,
In thousands of soles	2022		2023		2022		2023		2022		2023

Claims and accounts receivable from third parties (a)		251,339		256,026		68,687		41,237		182,652		214,789
Guarantee deposits (b)		194,885		225,199		110,507		141,220		84,378		83,979
Credits and recoverable taxes (c)		113,923		108,029		102,689		97,896		11,234		10,133
Advances to suppliers (d)		53,658		103,375		53,658		103,375		-		-
Restricted funds (e)		52,014		26,790		44,668		19,444		7,346		7,346
Accounts receivable from personnel		2,359		4,338		2,359		4,338		-		-
Others		10,747		7,762		10,627		7,644		120		118
		678,925		731,519		393,195		415,154		285,730		316,365

Claims and accounts receivable from third parties are as follows

	As of		As of
	December 31,		September 30,
In thousands of soles	2022		2023

Additional investments for operating contracts		105,073		104,952
Claims to the tax authorities		27,968		29,061
Real estate project receivable		26,084		28,507
Accounts receivable from joint ventures		21,100		21,835
Account receivable from out-of-court settlement with third parties (a.1)		36,266		-
Account receivable to the Ministry of Agriculture Development and Irrigation (a.2)		-		34,011
Settlement agreement with third parties		21,081		21,175
Others		13,767		16,485
		251,339		256,026

a.1)

Account receivable from out-of-court settlement with third parties: Talara Refinery - Cumbra Peru S.A.

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.

a.2)

Account receivable to the Ministry of Agriculture Development and Irrigation - Concesionaria Chavimochic

The balance corresponds to the claim to the Ministry of Agrarian Development and Irrigation (hereinafter, MIDAGRI) for US$9.5 million equivalent to S/34.1 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).

Guarantees deposits correspond to funds retained by customers for work contracts, mainly of the subsidiary Cumbra Peru S.A. These deposits are retained by customers in order to guarantee that the subsidiary performs its obligations under the contracts. The amounts withheld will be recovered upon completion of the work.

- 28 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

Credits and recoverable taxes are classified as follows:

	As of		As of
	December 31,		September 30,
In thousands of soles	2022		2023

VAT credit		50,172		47,661
Income tax on-account payments		48,729		46,627
ITAN and other recoverable taxes		15,022		13,741
		113,923		108,029

Advances to suppliers are classified as follows:

	As of		As of
	December 31,		September 30,
In thousands of soles	2022		2023

Cumbra Peru S.A. - Aeropuerto Jorge Chavez		18,353		57,846
Cumbra Peru S.A. - Projects and Consortiums		15,220		22,186
Tren Urbano de Lima S.A. - Alstom Transporte		3,691		5,467
Otros		16,394		17,876
		53,658		103,375

Al 30 de setiembre de 2023, los fondos restringidos corresponden a certificados bancarios en garantía compuestos por Cumbra Ingeniería S.A por S/ 19.4 millones y un fondo restringido de la Concesionaria La Chira S.A. por S/7.3 millones. (Al 31 de diciembre de 2022, Cumbra Perú S.A. por S/29.9 millones EPC Talara, Cumbra Ingeniería S.A por S/14.7 millones y Concesionaria La Chira S.A. por S/7.3 millones, otros S/1.7 millones).

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

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

13.	Inventories, Net

This caption comprises the following:

	As of December 31,			As of September 30,
In thousands of soles	2022			2023
Land		114,111			117,177
Work in progress - Real estate		131,090			156,899
Finished properties		47,643			35,282
Construction materials		42,475			59,469
Merchandise and supplies		83,512			100,927
		418,831			469,754
Allowance for inventory write-downs		(6,495	)		(5,589	)
		412,336			464,165
Current		346,783			393,932
Non-current		65,553			70,233

As of September 30, 2023, the non-current portion of inventories of S/70.2 million corresponds to land for real estate projects to be executed in the long term (S/56.6 million located in the district of San Isidro in Lima and S/13.6 million located in the district of Barranco in Lima). As of December 31, 2022, the non-current portion of inventories for projects to be executed in the long term amounts to S/65.6 million (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.

- 29 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

14.	Investments in Associates and Joint Ventures

This caption comprises the following:

	As of		As of
	December 31,		September 30,
In thousands of soles	2022		2023
Associates		2,753		2,103
Joint ventures		12,163		10,070
		14,916		12,173

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

	As of			As of
	September 30,			September 30,
In thousands of soles	2022			2023
Balance as of January 1		31,173			14,916
Equity interest in results		1,686			2,437
Dividends received		(380	)		(5,175	)
Capital reduction		(2,937	)		-
Investment impairment		(7,489	)		-
Investment disposal		(278	)		-
Conversion adjustment		(50	)		(5	)
Balance as of September 30		21,725			12,173

The most relevant associates are described below:

Gasoducto Sur Peruano S.A

In November 2015, the Company 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 Company 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.

- 30 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

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.

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AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

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.

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.

On September 12, 2023, INDECOPI notified GSP the resolution No. 4069-2023/CCO-INDECOPI which resolved to declare null and void the Board’s agreement approving the Liquidation Agreement because the Agreement does not expressly state that GSP does not have assets subject to realization as part of the asset liquidation process, On the contrary, the aforementioned definition implies the possibility that GSP has assets subject to realization by the liquidator, so the Agreement should have mentioned how such assets would be realized (direct sale, auction, dation, etc.).

In view of the above, INDECOPI has instructed its Technical Secretariat to grant new dates for the Meeting, so that the creditors may approve a new Liquidation Agreement and thus correct the defect declared in the aforementioned resolution. INDECOPI has assigned November 16 and 21 as the dates for the first and second call for the Creditors’ Meeting, respectively.

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

As of September 30, 2023, the net value of the account receivable from GSP is approximately US$145.3 million, equivalent to S/550.9 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$64.3 million (equivalent to S/243.9 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$81 million (equivalent to S/307 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 5.75% (recovery term of 8 years with a discount rate of 5.73% as of September 30, 2022). These estimates generated during 2023 a gain from present value effect of approximately S/1.9 million (S/63.3 million, loss from present value as of September 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 September 30, 2023 is reasonable and sufficient as of the reporting date of the Corporation’s consolidated financial statements.

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AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

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).

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 September 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			1,453,556
Additions		53			41,095			14,578			101,952
Sale of assets		-			(27,658	)		-			-
Disposals		(2,950	)		(17,194	)		-			(3,076	)
Transfers		-			(917	)		460			456
Translations adjustments		-			(19,790	)		(259	)		(17,782	)
Balance at September 30, 2022		84,325			1,236,634			113,170			1,535,106
Balance at January 1, 2023		99,557			1,234,208			119,495			1,586,462
Additions		14			47,625			6,458			102,697
Sale of assets		-			(24,489	)		-			-
Disposals		-			(5,059	)		(2,642	)		(8,968	)
Reclassifications		-			(1,938	)		-			(24,859	)
Transfers		-			-			-			(3	)
Translations adjustments		(1	)		580			130			6,424
Balance at September 30, 2023		99,570			1,250,927			123,441			1,661,753

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AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

				Property,
	Investment			plant and			Right-of-use			Intangibles
	property			equipment			assets			assets
In thousands of soles	(a)			(a)			(a)			(b)
Accumulated depreciation and impairment
Balance at January 1, 2022		(24,211	)		(957,928	)		(50,674	)		(710,165	)
Depreciation / amortization		(2,989	)		(39,863	)		(13,630	)		(74,466	)
Sale of assets		-			23,729			-			-
Disposals		2,277			16,731			-			2,536
Transfers		-			649			(49	)		(271	)
Impairment		-			-			-			(2,530	)
Translations adjustments		-			12,235			206			4,141
Balance at September 30, 2022		(24,923	)		(944,447	)		(64,147	)		(780,755	)
Balance at January 1, 2023		(37,633	)		(949,743	)		(69,288	)		(799,126	)
Depreciation / amortization		(2,891	)		(37,065	)		(13,596	)		(115,115	)
Sale of assets		-			21,483			-			-
Disposals		-			14,444			2,630			5,926
Reclassifications		-			1,938			-			24,859
Impairment		-			(317	)		-			-
Translations adjustments		(1	)		315			17			368
Balance at September 30, 2023		(40,525	)		(948,945	)		(80,237	)		(883,088	)

Carrying amounts
At January 1, 2022		63,011			303,170			47,717			743,391
At September 30, 2022		59,402			292,187			49,023			754,351
At January 1, 2023		61,924			284,465			50,207			787,336
At September 30, 2023		59,045			301,982			43,204			778,665

(a)

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

As of September 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/43.9 million. Also, additions in the engineering and construction segment, for other equipment, machinery, furniture and fixtures, and buildings for S/2.6 million; and additions in the real estate and infrastructure segments for S/1.1 million (as of September 30, 2022, additions to property, plant and equipment correspond mainly to the energy segment, for machinery, works in progress, replacement units, buildings, miscellaneous equipment and furniture and fixtures totaling S/30.6 million. Also, additions in the engineering and construction segment for machinery, miscellaneous equipment, furniture and fixtures and buildings for S/5.9 million; and additions in the infrastructure and real estate segments for S/4.6 million).

As of September 30, 2023, the additions of assets for right of use correspond mainly to the price adjustment to the Company’s real estate lease contract for S/3.6 million and to the acquisition of machinery and equipment in the energy segment for S/2.8 million (as of September 30, 2022, it corresponds mainly to the energy segment, for lease contracts for the acquisition of vehicles, machinery and equipment for S/10.1 million, also, in the infrastructure segment for the acquisition of vehicles for S/3.7 million).

For the period ended September 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)		52,148			43,718
Administrative expenses (Note 24)		4,334			9,834
Total depreciation		56,482			53,552
(-) Depreciation related to investment property		(2,989	)		(2,891	)
(-) Depreciation related to right-of-use assets		(13,630	)		(13,596	)
Total depreciation of property, plant and equipment		39,863			37,065

- 34 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

(b)

Intangible assets

As of September 30, 2023, the additions correspond mainly to the energy segment for investments in the preparation of wells and other assets for a total of S/95 million, additions in the infrastructure segment for investments in concessions for a total of S/4.6 million and additions in the engineering and construction segment for investments in software for S/3 million. (As of September 30, 2022, the additions correspond mainly to investments in the preparation of wells and other assets of the energy segment for S/89.7 million, software development in the engineering and construction segment for S/6.2 million; and additions in concessions and licenses corresponding to the infrastructure segment for S/6 million).

For the period ended September 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)		72,288		111,907
Administrative expenses (Note 24)		2,178		3,208
Total amortization		74,466		115,115

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,		September 30,
In thousands of soles	2022		2023
Engineering and construction		28,741		33,899
Electromechanical		20,736		20,736
		49,477		54,635

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

Bank loans		651,825		727,808		548,372		563,025		103,453		164,783
Other financial entities		168,148		170,126		12,176		27,922		155,972		142,204
Lease liability for right-of-use asset		59,085		51,329		12,879		15,167		46,206		36,162
Finance leases		835		-		835		-		-		-
		879,893		949,263		574,262		606,114		305,631		343,149

Bank loans

As of December 31, 2022 and as of September 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 23.8% in 2023 (between 6% and 11.4% in 2022).

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

AENZA S.A.A. (i)	Term SOFR 3M + de 6.26% a 8.51%	2023		463,773		501,006
Unna Energia S.A.(ii)	6.04% / 7.68%	2027		126,064		119,542
Viva Negocio Inmobiliario S.A.C. (iii)	7.84% / 12.50%	2032		51,314		86,974
Morelco S.A.S. (iv)	17.63% / 23.84%	2024		10,674		20,286
				651,825		727,808

- 35 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

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 September 30, 2023, the total amount payable is US$120 million, equivalent to S/470.7 million, which includes principal of S/455.6 million, plus interest and net deferred charges of S/15 million (as of December 31, 2022, the total amount payable was US$ 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).

On October 5, 2023, the term extension of the bridge loan agreement was subscribed for up to US$112 million for a twelve months period, and the prepayment of US$8 million (equivalent to S/30.5 million) was made.

As of December 31, 2022 and as of September 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 September 30, 2023, the amount recorded for loans equivalent to 50% of interest owned by the subsidiary Unna Energia S.A. amounts to S/119.5 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 September 30, 2023, TP is in compliance with the covenants established in the loan agreement.

iii)

Viva Negocio Inmobiliario S.A.C. Loan

The balance includes the following:

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

Banco Interamericano de Desarrollo	7.84%	2032		-		75,442
Banco de Credito del Peru S.A.	12.50%	2023		36,562		8,013
Banco BBVA Peru S.A.	7.94% / 10.70%	2024		2,116		3,519
Banco Interamericano de Finanzas S.A.	11.35%	2024		12,636		-
				51,314		86,974

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, for ten (10) years and with two (2) years grace period for principal amortization.

AS of September 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/28.5 million.

- 36 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

iv)

Morelco S.A.S. Loan

The balance includes the following:

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

Bancolombia S.A.	17.63% / 23.84%	2024	COP		6,344		15,209
Banco de Bogota	19.88%	2023	COP		4,330		5,077
					10,674		20,286

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 September 30, 2023, the balance to be paid amounted to US$42.5 million, equivalent to S/155.3 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/0.5 million (as of December 31, 2022, S/16.6 million).

Fair value of borrowings

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

	Carrying amount				Fair value
	As of		As of		As of		As of
	December 31,		September 30,		December 31,		September 30,
In thousands of soles	2022		2023		2022		2023

Bank loans		651,825		727,808		638,620		720,222
Other financial entities		168,148		170,126		168,148		170,580
Lease liability for right-of-use asset		59,085		51,329		53,394		50,602
Finance leases		835		-		776		-
		879,893		949,263		860,938		941,404

As of September 30, 2023, the fair value is based on cash flows discounted using debt rates between 4.7% and 22.6% (between 4.7% and 17.6% as of December 31, 2022) and are included as Level 2 in the level of measurement.

- 37 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

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

Tren Urbano de Lima S.A. (a)		629,956		628,994		31,203		31,948		598,753		597,046
Red Vial 5 S.A. (b)		218,684		190,104		41,343		47,655		177,341		142,449
Cumbra Peru S.A. (c)		21,273		16,956		4,554		4,031		16,719		12,925
		869,913		836,054		77,100		83,634		792,813		752,420

(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 September 30, 2023, an accumulated amortization amounting to S/146.3 million has been made (S/126.8 million as of December 31, 2022). As of September 30, 2023, the balance includes VAC adjustments and interest payable for S/139 million (S/126.5 million as of December 31, 2022).

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

In thousands of soles	2022			2023

Balance at January, 1		626,697			629,956
Amortization		(14,716	)		(19,407	)
Accrued interest		40,608			43,189
Interest paid		(23,677	)		(24,744	)
Balance at September, 30		628,912			628,994

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

As of September 30, 2023, the fair value amounts to S/628.8 million (S/630.7 million, as of December 31, 2022), this is based on discounted cash flows using an annual effective interest rate of 4.46% (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.

- 38 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

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

In thousands of soles	2022			2023

Balance at January, 1		251,933			218,684
Amortization		(23,518	)		(28,334	)
Accrued interest		15,044			12,730
Interest paid		(15,182	)		(12,976	)
Balance at September, 30		228,277			190,104

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

As of September 30, 2023, the fair value amounts to S/195 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 September 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 September 30, 2023, the balance includes accrued interest payable for US$32 thousand, equivalent to S/117 thousand (US$0.2 million, equivalent to S/0.8 million, as of December 31, 2022).

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

In thousands of soles	2022			2023

Balance at January, 1		26,282			21,273
Amortization		(3,812	)		(3,618	)
Exchange difference		(128	)		(214	)
Accrued interest		1,403			1,131
Interest paid		(2,025	)		(1,616	)
Balance at September, 30		21,720			16,956

As of September 30, 2023, the fair value amounts to S/15.6 million (S/19.7 million as of December 31, 2022), is based on discounted cash flows using a rate of 13.5% (11.4% as of December 31, 2022) and is within level 2 of the fair value hierarchy.

(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.

- 39 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2022 and September 30, 2023 and 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,		September 30,		December 31,		September 30,		December 31,		September 30,
In thousands of soles	2022		2023		2022		2023		2022		2023

Invoices payable		523,175		505,502		513,418		499,030		9,757		6,472
Unbilled goods and services received		508,448		648,095		508,448		648,095		-		-
Notes payable		5,390		6,266		5,390		6,266		-		-
		1,037,013		1,159,863		1,027,256		1,153,391		9,757		6,472

As of September 30, 2023, unbilled goods and services received amounting to S/557.7 million for the engineering and construction segment, S/44.6 million for the infrastructure segment, S/17.9 million for the energy segment, S/18.2 million for the real estate segment and S/9.6 million for operations of the parent company (S/390.2 million for the engineering and construction segment, S/47.6 million for the infrastructure segment, S/37 million for the energy segment, S/20.9 million for the real estate segment and S/12.8 million for operations of the parent company, 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,		September 30,		December 31,		September 30,		December 31,		September 30,
In thousands of soles	2022		2023		2022		2023		2022		2023

Civil compensation to Peruvian Government (a)		-		487,957		-		14,959		-		472,998
Advances received from customers (b)		365,730		290,249		350,194		284,833		15,536		5,416
Taxes payable		165,831		166,568		137,819		156,099		28,012		10,469
Salaries and other payable to personnel		99,225		113,980		99,225		113,980		-		-
Arbitration payable		73,348		71,034		34,560		28,292		38,788		42,742
Accounts payable for project completion		25,652		27,559		12,921		27,559		12,731		-
Guarantee deposits		18,552		19,951		18,552		19,914		-		37
Account payable under agreements with third parties		15,280		15,188		15,280		15,188		-		-
Acquisition of additional non-controlling interest		9,344		8,196		9,344		8,196		-		-
Royalties payable		9,303		12,782		9,303		12,782		-		-
Other accounts payable		25,496		25,290		18,244		18,457		7,252		6,833
		807,761		1,238,754		705,442		700,259		102,319		538,495

- 40 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

(a)

Civil compensation to Peruvian Government

Corresponds to the 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 was 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/333.3 million and US$40.7 million. The civil penalty will be made within a term of 12 years, under a legal interest rate in Soles and US Dollars 3.9% and 1.8%, 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 from the approval of the Agreement.

As of September 30, 2023, the balance reclassified from Other provisions (note 1.C), amounts to S/488 million (S/333.3 million and US$40.7 million).

(b)

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.

	As of		As of
	December 31,		September 30,
In thousands of soles	2022		2023

Vial y Vives - DSD S.A. - Quebrada Blanca Project (i)		91,107		31,790
Cumbra Peru S.A. - Jorge Chávez Airport		88,114		91,731
Viva Negocio Inmobiliario S.A.C. - Real estate projects		85,741		107,450
Proyecto Especial de Infraestructura de Transporte Nacional (ii)		33,879		20,333
Cumbra Peru S.A. - San Gabriel - Buenaventura Project		33,206		27,059
Vial y Vives - DSD S.A. - Minera Spence		12,536		3,123
Vial y Vives - DSD S.A. - Refineria ENAP		9,472		4,434
Cumbra Peru S.A. - Concentrator Plant and Quellaveco Tunnel (iii)		5,984		-
Cumbra Ingenieria S.A. - Mina Gold Fields La Cima S.A. Project		1,986		1,542
Otros		3,705		2,787
		365,730		290,249

Current		350,194		284,833
Non-current		15,536		5,416
		365,730		290,249

The main variation corresponds to: i) a decrease in Vial y Vives DSD for S/59.3 million in the Quebrada Blanca project; ii) a decrease in Provías Nacional for S/13.5 million; iii) a decrease in Cumbra Peru S.A. for S/5.9 million in the Quellaveco project.

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.

- 41 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

20.

Other Provisions

This item comprises:

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

Legal claims (a)		580,215		92,161		87,947		77,319		492,268		14,842
Tax claims (b)		53,578		49,319		33,128		24,406		20,450		24,913
Provision for well closure (c)		68,160		67,166		11,851		5,809		56,309		61,357
		701,953		208,646		132,926		107,534		569,027		101,112

(a)

Legal contingencies are comprised by the following:

Civil compensation to Peruvian Government

The Agreement accrual amounting to S/333.3 million and US$40.7 million was reclassified to Other accounts payable (note 1.C).

Administrative process INDECOPI

On March 9, 2021, Cumbra Perú S.A. was notified with the Final Instruction Report prepared by the Technical Secretariat of the INDECOPI Commission, related to the administrative sanctioning procedure against 33 construction companies and 26 of their executives for having adopted a coordination system through which they agreed to share several bids called by Provías Nacional and other entities of the Peruvian State. On November 15, 2021, the Commission by Resolution N°080-021-CLC-INDECOPI resolved to sanction in first administrative instance the above mentioned companies and their executives, including Cumbra Peru S.A. On December 9, 2021, Cumbra Peru S.A. filed an appeal against the referred resolution, suspending any execution of the resolution, including the payment of the fine imposed and the compliance with the corrective measures ordered. As of September 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).

Other legal proceedings

The corporation maintains administrative lawsuits for S/14.4 million, civil lawsuits for S/11 million, labor lawsuits for S/6.3 million and administrative lawsuits for S/4.1 million.

(b)

Tax contingencies correspond mainly to:

(i)

Appeal Process before the Tax Court for S/31.7 million belonging to AENZA S.A.A. for income tax for the years 2011, 2014, 2015 and 2016 for S/21.6 million; Cumbra Ingenieria S.A. for income tax for the years 2013, 2014 and 2016 for S/6.7 million; Cumbra Peru S.A. for income tax for the year 2012 for S/1.4 million; Consorcio Constructor Chavimochic for income tax for the year 2016 for S/1.1 million and Consorcio Vial Quinua for S/0.9 million for income tax for the year 2015.

(ii)

Claims before the Judiciary for S/9.5 million belonging to AENZA S.A.A. for income tax and VAT tax for the years 1998 to 2010.

(iii)

Claims before SUNAT for S/2.7 million corresponding to Cumbra Ingenieria S.A. for income tax for the year 2015.

(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.

- 42 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

(c)

Provision for closure corresponds mainly to:

As of December 31, 2022 and as of September 30, 2023, the provisions for well closure of the subsidiary Unna Energia S.A. are S/56.5 million and S/53.5 million, respectively; and a provision for contractual compliance with Perupetro S.A. for S/3.3 million and S/3.6 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/7.3 million (as of December 31, 2022, S/5.6 million).

The account movement for the period ended September 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		308,816			3,495			-			312,311
Present value		(207	)		-			(3,304	)		(3,511	)
Reversals of provisions		(1,286	)		(434	)		-			(1,720	)
Reclasification		(39,588	)		-			-			(39,588	)
Payments		(38,639	)		-			(216	)		(38,855	)
Translation adjustments / Exchange difference		(9,011	)		-			(231	)		(9,242	)
As of September 30, 2022		584,470			40,527			78,724			703,721

As of January 1, 2023		580,215			53,578			68,160			701,953
Additions		14,265			1,574			6,700			22,539
Present value		740			-			3,568			4,308
Reversals of provisions		(7,533	)		(1,637	)		(9,917	)		(19,087	)
Reclasification		(488,018	)		(4,196	)		-			(492,214	)
Payments		(6,523	)		-			(1,113	)		(7,636	)
Translation adjustments / Exchange difference		(985	)		-			(232	)		(1,217	)
As of September 30, 2023		92,161			49,319			67,166			208,646

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).

- 43 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

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 September 30, 2023, a total of 128,849,775 shares are represented in ADSs, equivalent to 8,589,985 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
	September 30,			September 30,
In thousands of soles	2022			2023
Opening balance		177,939			167,330
Debit (credit) to income statement (Note 27)		(13,564	)		(76,025	)
Reclassification		(4,399	)		-
Other movements		10,169			(6,735	)
Total		170,145			84,570

23.

Revenue from Contracts with Customers

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

	For the three-month period ended				For the nine-month period ended
	September 30,				September 30,
In thousands of soles	2022		2023		2022		2023

Construction activities		642,555		703,862		1,891,188		1,741,900
Services rendered		282,224		304,127		778,716		820,470
Sale of real estate and goods		173,657		207,242		476,129		539,920
Revenue from contracts with customers		1,098,436		1,215,231		3,146,033		3,102,290

- 44 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

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

For the three-month period ended September 30, In thousands	Engineering and construction					Energy				Infrastructure				Real estate				Parent Company operations				Total
of soles		2022		2023		2022		2023		2022		2023		2022		2023		2022		2023		2022		2023
Primary geographical markets
Peru			511,686		461,865		171,400		190,366		175,475		202,391		40,752		53,132		3,888		6,897		903,201		914,651
Chile			157,629		114,203		-		-		-		-		-		-		-		-		157,629		114,203
Colombia			37,606		186,377		-		-		-		-		-		-		-		-		37,606		186,377
			706,921		762,445		171,400		190,366		175,475		202,391		40,752		53,132		3,888		6,897		1,098,436		1,215,231
Major products/ service lines
Construction activities			642,555		703,862		-		-		-		-		-		-		-		-		642,555		703,862
Engineering services			64,366		58,583		-		-		-		-		-		-		-		-		64,366		58,583
Oil and gas extraction, storage and dispatching services			-		-		37,330		35,056		-		-		-		-		-		-		37,330		35,056
Transportation services			-		-		-		-		95,114		103,471		-		-		-		-		95,114		103,471
Road concession services			-		-		-		-		79,265		97,774		-		-		-		-		79,265		97,774
Water treatment service			-		-		-		-		1,096		1,146		-		-		-		-		1,096		1,146
Property rental			-		-		-		-		-		-		1,165		1,200		-		-		1,165		1,200
Parent company services and others			-		-		-		-		-		-		-		-		3,888		6,897		3,888		6,897
Sale of real estate and lots			-		-		-		-		-		-		39,587		51,932		-		-		39,587		51,932
Sale of oil and gas			-		-		134,070		155,310		-		-		-		-		-		-		134,070		155,310
			706,921		762,445		171,400		190,366		175,475		202,391		40,752		53,132		3,888		6,897		1,098,436		1,215,231
Timing of revenue recognition
Transferred at a point in time			-		-		171,400		190,366		-		-		40,752		53,132		3,888		6,897		216,040		250,395
Transferred over time			706,921		762,445		-		-		175,475		202,391		-		-		-		-		882,396		964,836
			706,921		762,445		171,400		190,366		175,475		202,391		40,752		53,132		3,888		6,897		1,098,436		1,215,231
Revenue from contracts with customers			706,921		762,445		171,400		190,366		175,475		202,391		40,752		53,132		3,888		6,897		1,098,436		1,215,231

- 45 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

For the nine-month period ended September 30, In thousands	Engineering and construction				Energy				Infrastructure				Real estate				Parent Company operations				Total
of soles	2022		2023		2022		2023		2022		2023		2022		2023		2022		2023		2022		2023
Primary geographical markets
Peru		1,393,804		1,050,207		464,289		501,358		510,310		543,295		125,167		147,328		12,209		18,592		2,505,779		2,260,780
Chile		555,679		463,749		-		-		-		-		-		-		-		-		555,679		463,749
Colombia		84,575		377,761		-		-		-		-		-		-		-		-		84,575		377,761
		2,034,058		1,891,717		464,289		501,358		510,310		543,295		125,167		147,328		12,209		18,592		3,146,033		3,102,290
Major products/ service lines
Construction activities		1,891,188		1,741,900		-		-		-		-		-		-		-		-		1,891,188		1,741,900
Engineering services		142,870		149,817		-		-		-		-		-		-		-		-		142,870		149,817
Oil and gas extraction, storage and dispatching services		-		-		108,419		105,309		-		-		-		-		-		-		108,419		105,309
Transportation services		-		-		-		-		291,517		307,078		-		-		-		-		291,517		307,078
Road concession services		-		-		-		-		215,559		232,592		-		-		-		-		215,559		232,592
Water treatment service		-		-		-		-		3,234		3,625		-		-		-		-		3,234		3,625
Property rental		-		-		-		-		-		-		4,908		3,457		-		-		4,908		3,457
Parent company services and others		-		-		-		-		-		-		-		-		12,209		18,592		12,209		18,592
Sale of real estate and lots		-		-		-		-		-		-		120,259		143,871		-		-		120,259		143,871
Sale of oil and gas		-		-		355,870		396,049		-		-		-		-		-		-		355,870		396,049
		2,034,058		1,891,717		464,289		501,358		510,310		543,295		125,167		147,328		12,209		18,592		3,146,033		3,102,290
Timing of revenue recognition
Transferred at a point in time		-		-		464,289		501,358		-		-		125,167		147,328		12,209		18,592		601,665		667,278
Transferred over time		2,034,058		1,891,717		-		-		510,310		543,295		-		-		-		-		2,544,368		2,435,012
		2,034,058		1,891,717		464,289		501,358		510,310		543,295		125,167		147,328		12,209		18,592		3,146,033		3,102,290
Revenue from contracts with customers		2,034,058		1,891,717		464,289		501,358		510,310		543,295		125,167		147,328		12,209		18,592		3,146,033		3,102,290

- 46 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

B. Balances of contract assets and liabilities is primarily comprised of:

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

Receivables	10.a		357,704			261,185
Unbilled receivables	10.b and c		1,444,747			1,610,859
Guarantee deposits	12.a		194,885			225,199
Advances received from customers	19.a		(365,730	)		(290,249	)

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.

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

	For the three-month period ended						For the nine-month period ended
	September 30,						September 30,
In thousands of soles	2022			2023			2022			2023

Initial balance		-			-			322,680			365,730
Advances received from customers		133,886			121,542			474,903			435,405
Compensation of customer advances		(62,092	)		(302,455	)		(373,647	)		(510,886	)
Final balance		71,794			(180,913	)		423,936			290,249

Revenue from contract liabilities recognized as of September 30, 2023 is S/510.8 million (S/373.6 million as of September 30, 2022).

- 47 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

24.

Expenses by Nature

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

		For the three-month period ended									For the nine-month period ended
		September 30									September 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			314,217			8,968			323,185			989,510		69,344		1,058,854
Services provided by third-parties			387,180			43,051			430,231			962,682		64,471		1,027,153
Purchase of goods			140,140			-			140,140			427,916		-		427,916
Other management charges			101,091			2,435			103,526			263,264		6,993		270,257
Depreciation	15.a		22,559			(3,260	)		19,299			52,148		4,334		56,482
Amortization	15.b		25,860			869			26,729			72,288		2,178		74,466
Impairment of accounts receivable			(180	)		-			(180	)		-		24		24
Taxes			4,307			(185	)		4,122			9,299		143		9,442
Impairment of inventory			(89	)		-			(89	)		-		-		-
			995,085			51,878			1,046,963			2,777,107		147,487		2,924,594

		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			227,918			32,458			260,376			735,796		93,538		829,334
Services provided by third-parties			348,536			14,135			362,671			955,389		40,409		995,798
Purchase of goods			187,310			-			187,310			446,971		-		446,971
Other management charges			100,801			4,175			104,976			284,768		8,589		293,357
Depreciation	15.a		16,230			1,944			18,174			43,718		9,834		53,552
Amortization	15.b		38,824			1,230			40,054			111,907		3,208		115,115
Impairment of accounts receivable			(168	)		(891	)		(1,059	)		1,121		-		1,121
Taxes			8,992			158			9,150			20,624		554		21,178
			928,443			53,209			981,652			2,600,294		156,132		2,756,426

- 48 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

25.

Other Income and Expenses, Net

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

	For the three-month period ended					For the nine-month period ended
	September 30,					September 30,
In thousands of soles	2022			2023		2022			2023
Other income:
Insurance compensation		98			4		144			2,982
Recovery of provisions and impairments		376			3,529		1,849			5,429
Sale of assets		3,308			2,902		8,187			6,902
Change in contract of the call option		-			-		3,706			-
Penalty income		12			288		762			614
Supplier debt forgiveness		(5	)		-		5,048			158
Others		1,587			6,068		4,295			8,825
		5,376			12,791		23,991			24,910

Other expenses:
Civil penalty recognized from the Agreement and fine INDECOPI		246,855			-		246,855			-
Administrative sanctions and legal processes		(228	)		2,639		13,153			9,486
Net cost of fixed assets disposal		1,070			2,296		5,267			4,434
Impairment of accounts receivable		5,826			855		5,826			871
Impairment of Intangible Assets		2,403			-		3,064			-
Impairment of Investments		7,767			-		7,767			-
Disposal of property, plant and equipment		1,030			13		1,964			593
Renegotiation of contract with suppliers		(34	)		-		1,807			-
Others		1,380			780		2,405			2,317
		266,069			6,583		288,108			17,701
Other income and expenses, net		(260,693	)		6,208		(264,117	)		7,209

- 49 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

26.

Financial Income and Expenses

Financial Income and Expenses

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

	For the three-month period ended						For the nine-month period ended
	September 30,						September 30,
In thousands of soles	2022			2023			2022		2023

Financial income:
Interest on short-term bank deposits		3,983			8,287			7,317		21,474
Exchange difference gain, net (Note 4.A.a.i)		(2,228	)		(12,379	)		2,075		-
Others		418			1,126			1,393		1,724
		2,173			(2,966	)		10,785		23,198

Financial expenses:
Interest expense on:
- Bank loans (a)		18,545			24,398			43,609		69,106
- Bonds (b)		5,355			4,438			29,690		13,855
- Loans from third parties		(1,274	)		956			4,047		5,775
- Financial lease right-of-use		1,147			1,235			3,091		3,711
- Financial lease		115			-			402		9
Commissions and collaterals		5,035			3,309			15,300		12,234
Interests from Tax Administration		4,444			5,885			11,666		16,368
Exchange difference loss, net		-			14,615			-		14,615
Other financial expenses		1,146			939			3,498		6,539
		34,513			55,775			111,303		142,212

The increase in interest with respect to the three-month period ended September 30, 2022 corresponds to the Bridge Loan for US$120 million (Note 16.a.i), due to an increase in the effective quarterly rate from 2.14% to 3.52%.

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

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

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

	For the three-month period ended						For the nine-month period ended
	September 30,						September 30,
In thousands of soles	2022			2023			2022			2023

Profit for present value of financial asset or liability		8,862			(16,929	)		11,947			7,620
Loss for present value of financial asset or liability		(25,426	)		(1,723	)		(96,776	)		(6,109	)
		(16,564	)		(18,652	)		(84,829	)		1,511

- 50 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

For the nine months ended September 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/1.9 million due to the decrease in the discount rate applied from 5.86% to 5.75% (loss of S/63.3 million due to the increase in the rate from 2.73% to 5.73% as of September 30, 2022).

(ii)

Gain on fair value adjustment of BCI’s loan in Inversiones en Autopistas S.A. for S/ 0.4 million due to the decrease in the discount rate applied from 9.97% to 9.44% (loss of S/ 15.7 million due to the increase in the rate from 8.39% to 9.95% as of September 30, 2022).

27.

Income Tax

IR expense shown in the consolidated statement of income comprises:

	For the three-month period ended					For the nine-month period ended
	September 30,					September 30,
In thousands of soles	2022			2023		2022		2023

Current income tax		(1,500	)		40,944		41,500		88,247
Deferred income tax		35,395			50,914		13,563		76,024
Income tax expense		33,895			91,858		55,063		164,271

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-month period ended						For the nine-month period ended
	September 30,						September 30,
In thousands of soles	2022			2023			2022			2023

Loss before income tax		(257,507	)		163,175			(226,339	)		238,007
Income tax by applying local applicable tax		-			-			-			-
rates on profit generated in the respective countries		(75,916	)		51,420			(67,173	)		74,717
Tax effect on:		-			-			-			-
- Non-deductible expenses		96,381			38,974			100,871			47,409
- Unrecognized deferred income tax asset		15,301			(2,626	)		22,450			28,771
- Equity method (profit) loss		(182	)		(229	)		(497	)		(718	)
- Provision of tax contingencies		236			-			678			4,724
- Change in prior years estimations		(1,925	)		4,319			(1,266	)		9,368
Income tax		33,895			91,858			55,063			164,271

- 51 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

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/410.9 million (S/390.1 million as of December 31, 2022).

Tax contingencies

The Corporation’s maximum exposure for tax contingencies amounts to S/325.3 million (S/311 million at year-end 2022) and is substantially the same as at December 31, 2022.

Appeal Process before the Tax Court totaling S/315.6 million, corresponding to: (i) Aenza S.A.A., income tax for the years 2013, 2014 and 2015 for S/161.4 million; (ii) Cumbra Peru S.A., income tax for the years 2012, 2014 and 2016 for S/111.6 million; (iii) Consorcio Constructor Ductos del Sur, income tax for the year 2014 for S/14.8 million; (iv) Cumbra Ingenieria S.A., income tax 2013, 2014 and 2016 for S/12.7 million; (v) Consorcio Constructor Chavimochic, income tax 2014, 2015 and 2016 for S/9.3 million; (iv) Viva Negocio Inmobiliario S.A.C., income tax 2009 for S/5 million; and (vii) Unna Transporte S.A.C., income tax and general sales tax for 2015 for S/0.8 million.

ii)

Claim process before SUNAT for S/8.5 million for income tax for 2015 of Cumbra Ingeniería S.A.

iii)

Claim proceeding before the Judicial Power for S/1.2 million for income tax for the year 2010 of Aenza S.A.A.

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

Other contingencies

As of September 30, 2023, the Company considers that the Corporation’s maximum exposure for other contingencies amounts to S/85.6 million (S/79.1 million at the end of 2022), as follows:

Civil lawsuits, corresponding mainly to indemnities for damages, contract terminations and obligations to give a sum of money amounting to S/25.2 million (S/26.9 million at year-end 2022), mainly by Cumbra Peru S.A. for S/14.7 million, Morelco S.A.S. for S/3.1 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, Unna Energia S.A. for S/0.4 million, and Viva Negocio Inmobiliario S.A.C. for S/0.2 million (in 2022 mainly by Cumbra Peru S.A. for S/20.1 million, Cumbra Ingenieria S.A. for S/3.8 million, and 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.C. for S/0.3 million and Morelco S.A.S. for S/0.2 million).

ii)

Labor lawsuits for S/28.4 million (S/22.2 million in 2022), mainly by Morelco S.A.S for S/25.7 million, Unna Energia S.A. for S/1.3 million, Unna Transporte S.A.C for S/1.3 million and Viva Negocio Inmobiliario S. A.C. for S/0.1 million (in 2022 mainly by 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)

Administrative lawsuits amounting to S/25.2 million (S/15.3 million in 2022), related to the subsidiaries Unna Energia S.A. for S/17.8 million, Tren Urbano de Lima S.A. for S/6.8 million, and Morelco S.A.S. for S/0.6 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 amounting to S/6.8 million (S/14.7 million in 2022), mainly related to AENZA S.A.A. for S/3.5 million, to the subsidiaries Tren Urbano de Lima S.A. for S/2.3 million, Cumbra Peru S.A. for S/0.5 million, and Viva Negocio Inmobiliario S.A.C. for S/0.5 million (in 2022, Cumbra Perú 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).

- 52 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

Letters bonds and guarantees

As of September 30, 2023, the Corporation maintains guarantees and letters of credit in force in several financial entities guaranteeing operations for US$538.8 million (US$574.6 million, as of December 31, 2022).

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 September 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		449,009			109,184			351,871			168,912			310,540			1,143,298			302
Non-current assets		167,603			335,855			682,488			7,785			597,033			1,067,571			13,368
Current liabilities		(260,161	)		(72,166	)		(108,795	)		(143,545	)		(172,910	)		(1,634,594	)		(315	)
Non-current liabilities		(12,020	)		(193,671	)		(699,980	)		-			(288,169	)		(121,887	)		(7,776	)
Net assets		344,431			179,202			225,584			33,152			446,494			454,388			5,579
Net assets atributable to non-controlling interest		96,877			59,137			56,396			3,505			34,305			3,388			2,982			(137	)		(5,922	)		250,531
Revenues		125,167			171,278			292,796			157,140			464,289			1,893,709			-
Profit of the period		10,676			30,841			58,556			(8,509	)		48,824			(32,301	)		-
Other comprehensive income		-			-			-			(6	)		-			(8,287	)		-			(2,417	)		-			(10,710	)
Total comprehensive income for the period		10,676			30,841			58,556			(8,515	)		48,824			(40,588	)		-
Profit of the year, allocated to non-controlling interest		10,486			10,178			14,639			(922	)		5,598			841			1			17			(14	)		40,824
Other comprehensive income, allocated to non-controlling interest		-			-			-			-			-			(71	)		-			-			-			(71	)

- 53 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

At September 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		452,123			99,218			323,706			127,758			246,773			1,397,329			298
Non-current assets		181,749			285,327			743,044			7,473			695,343			790,912			13,368
Current liabilities		(194,078	)		(63,654	)		(118,204	)		(101,444	)		(261,965	)		(1,723,797	)		(52	)
Non-current liabilities		(74,713	)		(150,649	)		(697,825	)		(766	)		(208,749	)		(138,055	)		(7,750	)
Net assets		365,081			170,242			250,721			33,021			471,402			326,389			5,864
Net assets atributable to non-controlling interest		79,998			56,180			62,680			3,493			33,854			1,136			3,134			(110	)		(9	)		240,356
Revenues		147,604			157,312			308,685			161,752			501,358			1,744,032			-
Profit of the period		17,664			28,813			62,443			1,443			37,744			(35,839	)		35
Other comprehensive income		-			-			-			(53	)		-			23,671			-			(871	)		-			22,747
Total comprehensive income for the period		17,664			28,813			62,443			1,390			37,744			(12,168	)		35
Profit (loss) of the period, allocated to non-controlling interest		11,082			9,508			15,611			151			5,215			(447	)		19			(178	)		198			41,159
Other comprehensive income, allocated to non-controlling interest		-			-			-			(6	)		-			150			-			-			-			144

- 54 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

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

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 September 30, 2023, the Corporation’s subsidiaries have paid dividends to its non-controlling interests of S/73.3 million (for year ended on December 31, 2022, the subsidiaries paid S/7.1 million).

31.

(Loss) gain per Share

The basic (loss) gain 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 September 30, 2022 and 2023, the basic (loss) gain per common share is as follows:

		For the three-month period ended					For the nine-month period ended
		September 30,					September 30,
In thousands of soles		2022			2023		2022			2023

(Loss) profit attributable to owners of the Company during the period			(307,013	)		55,139		(322,226	)		32,577
Weighted average number of shares in issue at S/1.00 each, at September 30,	(*)		1,094,109,072			1,196,979,979		1,094,109,072			1,196,979,979
Basic (loss) profit per share (in S/)	(**)		(0.280	)		0.046		(0.295	)		0.027
Weighted average number of shares (diluted) in issue at S/1.00 each, at September 30,			1,196,979,979			1,196,979,979		1,196,979,979			1,196,979,979
Diluted (loss) profit per share (in S/)			(0.256	)		0.046		(0.269	)		0.027

(*)

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 188,436,460 shares, 31 days with 103,301,417 shares and 91 days with 802,371,195 shares).

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

32.

Events after the date of the interim condensed financial statement

Between October 1, 2023 and the date of issuance of this report, the following significant event has occurred:

Capital increase by new monetary contributions and consequent amendment of the Company’s by-laws

On October 24, 2023, it was approved to increase the capital stock by new monetary contributions in local currency up to an amount equivalent to US$22.5 million, with a nominal value of S/ 1.00 each, at a placement value per unit equal to S/ 0.4971, in order to use the proceeds of such capital increase for the partial repayment of the Company’s financial obligations and, in general, to strengthen the equity of the Company and/or its subsidiaries.

Extension of the bridge loan agreement

On October 5, 2023, the Company signed an extension of the term of the bridge loan agreement for up to US$112 million for a period of twelve months, committing to prepay US$8 million.

- 55 -

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