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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15b-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2024

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)

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 ☐

AENZA S.A.A. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS (UNAUDITED)

(Free translation from the original in Spanish)

AENZA S.A.A. AND SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND FOR THE THREE AND SIX-MONTH PERIODS THEN ENDED (UNAUDITED)

CONTENTS		Page

Interim Condensed Consolidated Statement of Financial Position		1 - 2

Interim Condensed Consolidated Statement of Income		3

Interim Condensed Consolidated Statement of Comprehensive Income		4

Interim Condensed Consolidated Statement of Changes in Equity		5

Interim Condensed Consolidated Statement of Cash Flows		6

Notes to the Interim Condensed Consolidated Financial Statements		7 - 49

S/	=	Peruvian Sol
US$	=	United States dollar

- i -

AENZA S.A.A. and Subsidiaries

Interim Condensed Consolidated Statement of Financial Position

As of December 31, 2023, and June 30, 2024

		As of		As of
		December 31,		June 30,
In thousands of soles	Note	2023		2024
Assets
Current assets
Cash and cash equivalents	9		1,003,888		765,845
Trade accounts receivable, net	10		1,061,801		1,093,646
Accounts receivable from related parties	11		15,443		14,588
Other accounts receivable, net	12		348,072		635,543
Inventories, net	13		360,497		363,441
Prepaid expenses			29,098		22,524
Total current assets			2,818,799		2,895,587

Non-current assets
Trade accounts receivable, net	10		768,971		777,072
Accounts receivable from related parties	11		528,285		545,099
Other accounts receivable, net	12		311,404		252,286
Inventories, net	13		70,282		70,363
Prepaid expenses			14,081		3,968
Investments in associates and joint ventures	14		12,747		13,227
Investment property, net	15		58,260		56,377
Property, plant and equipment, net	15		307,165		302,826
Right-of-use assets, net	15		36,295		30,143
Intangible assets and goodwill, net	15		752,456		725,104
Deferred tax asset	22		255,763		253,643
Total non-current assets			3,115,709		3,030,108

Total assets			5,934,508		5,925,695

- 1 -

AENZA S.A.A. and Subsidiaries

Interim Condensed Consolidated Statement of Financial Position

As of December 31, 2023, and June 30, 2024

		As of			As of
		December 31,			June 30,
In thousands of soles	Note	2023			2024
Liabilities
Current liabilities
Borrowings	16		516,029			107,255
Bonds	17		81,538			94,932
Trade accounts payable	18		1,164,266			993,806
Accounts payable to related parties	11		44,372			57,676
Current income tax			38,398			17,233
Other accounts payable	19		608,828			578,738
Other provisions	20		117,086			116,631
Total current liabilities			2,570,517			1,966,271

Non-current liabilities
Borrowings	16		306,678			300,622
Bonds	17		741,387			1,401,338
Trade accounts payable	18		4,001			211
Accounts payable to related parties	11		28,564			29,204
Other accounts payable	19		509,311			510,942
Other provisions	20		98,067			105,269
Deferred tax liability	22		188,694			193,830
Total non-current liabilities			1,876,702			2,541,416
Total liabilities			4,447,219			4,507,687

Equity
Capital	21		1,371,965			1,371,965
Other reserves			(68,440	)		(73,004	)
Retained earnings			(41,148	)		(108,037	)
Equity attributable to controlling interest in the Company			1,262,377			1,190,924
Non-controlling interest	29		224,912			227,084
Total equity			1,487,289			1,418,008
Total liabilities and equity			5,934,508			5,925,695

The accompanying notes are part of the consolidated financial statements.

- 2 -

AENZA S.A.A. and Subsidiaries

Interim Condensed Consolidated Statement of Profit or Loss

For the periods ended June 30, 2023, and 2024

		For the three-month period						For the six-month period
		ended June 30,						ended June 30,
In thousands of soles	Note	2023			2024			2023			2024
Revenue
Revenue from construction activities			589,395			547,282			1,038,038			1,093,265
Revenue from services provided			259,763			253,942			516,343			532,576
Revenue from real estate and sale of goods			187,763			169,992			332,678			342,660
Total revenue from ordinary activities arising from contracts with customers	23		1,036,921			971,216			1,887,059			1,968,501
Cost
Cost of construction activities			(561,255	)		(535,388	)		(1,019,147	)		(1,082,189	)
Cost of services provided			(201,509	)		(186,615	)		(399,933	)		(379,957	)
Cost of real estate and sale of goods			(139,871	)		(133,176	)		(252,771	)		(262,319	)
Cost of sales and services	24		(902,635	)		(855,179	)		(1,671,851	)		(1,724,465	)
Gross profit			134,286			116,037			215,208			244,036
Administrative expenses	24		(57,060	)		(54,691	)		(102,923	)		(104,464	)
Other income and expenses	25		568			574			1,001			(456	)
Operating profit			77,794			61,920			113,286			139,116
Financial expenses	26.A		(44,625	)		(58,162	)		(86,437	)		(118,520	)
Financial income	26.A		8,132			5,726			26,164			13,275
Interests for present value of financial asset or liability	26.B		6,357			(12,434	)		20,163			(14,739	)
Share of the profit or loss of associates and joint ventures accounted for using the equity method	14		792			822			1,656			1,630
Profit before income tax			48,450			(2,128	)		74,832			20,762
Income tax expense	27		(40,032	)		(35,600	)		(72,413	)		(58,025	)
Profit (loss) for the period			8,418			(37,728	)		2,419			(37,263	)

Profit (loss) attributable to:
Controlling interest in the Company			(5,174	)		(51,349	)		(22,562	)		(66,889	)
Non-controlling interest			13,592			13,621			24,981			29,626
			8,418			(37,728	)		2,419			(37,263	)

Loss per share attributable to controlling interest in the Company during the period	31		(0.004	)		(0.038	)		(0.019	)		(0.049	)
Diluted loss per share attributable to controlling interest in the Company during the period	31		(0.004	)		(0.038	)		(0.019	)		(0.049	)

The accompanying notes are part of the consolidated financial statements.

- 3 -

AENZA S.A.A. and Subsidiaries

Interim Condensed Consolidated Statement of Other Comprehensive Income

For the periods ended June 30, 2023, and 2024

	For the three-month period						For the six-month period
In thousands of soles	ended June 30,						ended June 30,
	2023			2024			2023			2024
Profit (loss) for the period		8,418			(37,728	)		2,419			(37,263	)
Other comprehensive income:
Items that may be subsequently reclassified to profit or loss
Foreign currency translation adjustment, net of tax		9,001			(9,160	)		9,173			(4,575	)
Exchange difference from net investment in a foreign operation, net of tax		(243	)		-			79			(1	)
Other comprehensive income for the period, net of tax		8,758			(9,160	)		9,252			(4,576	)
Total comprehensive income for the period		17,176			(46,888	)		11,671			(41,839	)
Comprehensive income attributable to:
Controlling interest in the Company		2,693			(60,458	)		(13,345	)		(71,453	)
Non-controlling interest		14,483			13,570			25,016			29,614
		17,176			(46,888	)		11,671			(41,839	)

The accompanying notes are part of the consolidated financial statements.

- 4 -

AENZA S.A.A. and Subsidiaries

Interim Condensed Consolidated Statement of Changes in Equity

For the periods ended June 30, 2023, and 2024

		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, 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 (loss) for the period			-		-		-		-		-		-			(22,562	)		(22,562	)		24,981			2,419
Foreign currency translation adjustment			-		-		-		-		-		9,138			-			9,138			35			9,173
Exchange difference from net investment in a foreign operation			-		-		-		-		-		79			-			79			-			79
Comprehensive income of the period			-		-		-		-		-		9,217			(22,562	)		(13,345	)		25,016			11,671
Transactions with shareholders:
Dividend distribution	30		-		-		-		-		-		-			-			-			(50,735	)		(50,735	)
Acquisition of (profit distribution to) non-controlling interests, net			-		-		-		-		-		-			-			-			(9,889	)		(9,889	)
Total transactions with shareholders			-		-		-		-		-		-			-			-			(60,624	)		(60,624	)
Balances as of June 30, 2023			1,196,980		1,196,980		132,011		29,974		1,142,092		(87,974	)		(1,364,924	)		1,048,159			248,894			1,297,053
Balances as of January 1, 2024			1,371,965		1,371,965		-		-		-		(68,440	)		(41,148	)		1,262,377			224,912			1,487,289
Profit (loss) for the period			-		-		-		-		-		-			(66,889	)		(66,889	)		29,626			(37,263	)
Foreign currency translation adjustment			-		-		-		-		-		(4,564	)		-			(4,564	)		(11	)		(4,575	)
Exchange difference from net investment in a foreign operation			-		-		-		-		-		-			-			-			(1	)		(1	)
Comprehensive income of the period			-		-		-		-		-		(4,564	)		(66,889	)		(71,453	)		29,614			(41,839	)
Transactions with shareholders:
Dividend distribution	30		-		-		-		-		-		-			-			-			(24,618	)		(24,618	)
Acquisition of (profit distribution to) non-controlling interests, net			-		-		-		-		-		-			-			-			(2,824	)		(2,824	)
Total transactions with shareholders			-		-		-		-		-		-			-			-			(27,442	)		(27,442	)
Balances as of June 30, 2024			1,371,965		1,371,965		-		-		-		(73,004	)		(108,037	)		1,190,924			227,084			1,418,008

The accompanying notes are part of the consolidated financial statements.

- 5 -

AENZA S.A.A. and Subsidiaries

Interim Condensed Consolidated Statement of Cash Flows

For the periods ended June 30, 2023, and 2024

		For the three-month period						For the six-month period
		ended June 30,						ended June 30,
In thousands of soles	Note	2023			2024			2023			2024

Operating activities
Profit (loss) before income tax			48,450			(2,128	)		74,832			20,762
Adjustments to profit not affecting cash flows from operating activities:
Depreciation	15		17,442			14,874			35,378			28,494
Amortization of intangible assets	15		39,775			34,848			75,061			66,105
Reversal of impairment of inventories			(385	)		-			-			-
Impairment (reversal) of accounts receivable and other accounts receivable			4,522			(9	)		2,180			110
Debt condonation			-			-			(192	)		-
Impairment of property, plant and equipment			1,309			-			1,318			-
Other provisions			3,067			4,393			9,122			10,070
Financial expense, net			16,564			78,739			46,797			123,526
Insurance recovery			-			(51	)		-			(75	)
Share of the profit and loss of associates and joint ventures accounted for using the equity method	14		(792	)		(822	)		(1,656	)		(1,630	)
Reversal of provisions			(1,255	)		(731	)		(4,726	)		(1,300	)
Reversal of disposal of assets			(723	)		(137	)		(1,258	)		(666	)
(Profit) loss on sale of property, plant and equipment and intangible assets			1,301			(2,549	)		881			(3,036	)
(Profit) loss on remeasurement of accounts receivable and accounts payable			(7,781	)		12,533			(20,322	)		14,838
Net variations in assets and liabilities:
Trade accounts receivable			(34,412	)		40,870			1,720			(39,955	)
Other accounts receivable			7,825			(61,900	)		(16,060	)		(49,167	)
Other accounts receivable from related parties			16,090			(19,585	)		(7,313	)		(16,750	)
Inventories			(1,538	)		(8,783	)		(46,094	)		(2,508	)
Prepaid expenses and other assets			11,292			18,109			(15,690	)		23,626
Trade accounts payable			16,370			(69,266	)		(8,799	)		(188,411	)
Other accounts payable			86,817			(69,576	)		147,163			(31,785	)
Other accounts payable to related parties			(25,772	)		17,343			(5,615	)		17,078
Other provisions			(1,734	)		(3,610	)		(4,960	)		(4,855	)
Interest paid			(38,120	)		(131,611	)		(79,532	)		(172,206	)
Payments for purchases of intangible assets - Concessions			-			(1,198	)		-			(2,904	)
Income tax paid			(26,771	)		(41,086	)		(88,474	)		(74,625	)
Net cash provided by (applied to) operating activities			131,541			(191,333	)		93,761			(285,264	)
Investing activities
Proceeds from sale of property, plant and equipment and intangible assets			-			5,239			1,043			5,955
Interest received			7,047			5,703			13,782			13,223
Dividends received			3,652			1,145			3,652			1,145
Acquisition of investment property			-			-			(2	)		(51	)
Acquisition of intangible assets			(37,572	)		(33,588	)		(85,374	)		(40,169	)
Acquisition of property, plant and equipment			(10,282	)		(8,840	)		(22,311	)		(18,881	)
Net cash applied to investing activities			(37,155	)		(30,341	)		(89,210	)		(38,778	)
Financing activities
Borrowing received			40,926			29,280			171,066			70,269
Bonds issued
Amortization of borrowings received			(35,969	)		(439,244	)		(104,793	)		(493,312	)
Amortization of bonds issued			(16,051	)		(20,028	)		(33,845	)		(38,092	)
Payment for debt transaction costs			1,819			(21,062	)		(17	)		(21,261	)
Dividends paid to non-controlling interest			(22,256	)		(4,197	)		(47,044	)		(14,851	)
Cash received (return of contributions) from non-controlling shareholders			(673	)		(4,000	)		(9,889	)		(4,000	)
Net cash provided by (applied to) financing activities			(32,204	)		(459,251	)		(24,522	)		(501,247	)
Net increase (decrease) in cash			62,182			(680,925	)		(19,971	)		(825,289	)
Exchange difference			3,463			4,651			(6,358	)		1,079
Cash and cash equivalents at the beginning of the period			825,580			855,952			917,554			1,003,888
Cash and cash equivalents at the end of the period	9		891,225			179,678			891,225			179,678
Non-cash transactions:
Capitalization of interests			99			248			290			517
Dividends declared to non-controlling interest			-			17,852			-			17,852
Acquisition of right-of-use assets			985			1,879			2,669			2,375
Transfer to restricted funds			-			193,647			-			193,647

The accompanying notes are part of the consolidated financial statements.

- 6 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

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 specialized management consulting services and operational leasing of offices to the companies of the Corporation. The Company registered office is at Av. Petit Thouars N° 4957, Miraflores, Lima.

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

B. Authorization for Financial Statements Issuance

The interim condensed consolidated financial statements for the period ended June 30, 2024, have been authorized by Management and the Board of Directors on July 24, 2024.

The consolidated financial statements for the year ended December 31, 2023 were approved by the General Shareholders’ Meeting on March 27, 2024.

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 Plea Agreement (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/488.9 million (approximately S/333.3 million and US$40.7 million). Agreement was homologated by judgment dated August 11, 2023 and entered into force with its consent, which was notified to AENZA on December 11, 2023.

According to the Agreement, payment shall be made within twelve (12) years at a legal interest rate in soles and dollars (3.1% and 1.9% annual interest as of June 30, 2024, respectively). The Company also undertakes to establish a series of guarantees through a trust 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.

On December 27, 2023, the initial installment of the Civil Compensation was paid to the Peruvian Government for S/10.3 million and US$1.2 million. As of June 30, 2024, the balance amounts to S/480.9 million (S/469.8 million as of December 31, 2023) (see note 19.a).

Pursuant to the provisions of the Agreement that excludes AENZA from the scope of Law 30737, the company has requested the Ministry of Justice to exclude it from the Lists of Category 2 and 3 Subjects provided for in said law.

- 7 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

D. NYSE Delisting and SEC Deregistration of the ADSs issued by AENZA.

On October 31, 2023, AENZA’s Board of Directors decided to initiate the delisting process of shares, represented by American Depositary Securities (ADSs), on the New York Stock Exchange (NYSE), and the deregistration process of such instruments with the Securities and Exchange Commission of the United States of America (SEC) and the termination of the ADS Program.

In the opinion of Management and the Board of Directors, this decision will generate efficiencies for the Company, considering the low liquidity of the ADSs and the high annual costs of NYSE listing and SEC registration, and will not affect the Company’s long-term plans. AENZA’s shares will continue to be listed on the Lima Stock Exchange (BVL).

December 7, 2023, was the last day of trading of the ADSs on the NYSE. AENZA will file a Form 15F with the SEC to terminate its obligations under Section 13(a) and 15(d) of the U.S. Securities Act of 1933 upon compliance with the requirements of such legislation.

Basis of preparation and Summary of Material Accounting Policies

The interim condensed consolidated financial statements for the period ended June 30, 2024, 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 S/(000), 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.

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, 2023.

Standards, amendments, and interpretation adopted by the Corporation

Standards, amendments and interpretation that have entered in force as of January 1, 2024, have not had impact on the interim condensed consolidated financial statements as of June 30, 2024, 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.

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.

A. 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.

- 8 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

a) 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.

i) 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, 2023 and June 30, 2024, 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 June 30,
	2023				2024
	Buy		Sale		Buy		Sale
U.S. Dollars (a)		3.705		3.713		3.827		3.837
Chilean Peso (b)		0.004224		0.004233		0.004053		0.004063
Colombian Peso (c)		0.000969		0.000971		0.000923		0.000925

(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.

The consolidated statement of financial position as of December 31, 2023 and June 30, 2024, includes the following:

	As of			As of
	December 31,			June 30,
In thousands of US dollars	2023			2024
Assets
Cash and cash equivalents		105,542			78,643
Trade accounts receivable, net		174,305			161,724
Accounts receivable from related parties		142,435			142,435
Other accounts receivable		85,535			134,731
		507,817			517,533

Liabilities
Borrowings		(213,821	)		(98,220	)
Bonds		(3,890	)		(178,594	)
Trade accounts payable		(152,383	)		(152,828	)
Accounts payable to related parties		(3,504	)		(3,641	)
Other accounts payable		(64,277	)		(68,027	)
Other provisions		(2,032	)		(2,032	)
		(439,907	)		(503,342	)

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

- 9 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

For the periods ended June 30, 2023 and 2024, the Corporation’s exchange gains and losses (see note 26.A):

In thousands of soles	2023			2024
Gain		140,690			21,976
Loss		(128,311	)		(41,276	)
		12,379			(19,300	)

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

	As of December 31,				As of June 30,
	2023				2024
	Assets		Liabilities		Assets		Liabilities
Chilean Peso		37,715,040		53,101,695		34,685,059		36,957,835
Colombian Peso		183,305,679		125,307,739		188,387,215		137,482,759

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.

b) 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, 2023 and June 30, 2024 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.

- 10 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

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.

c) Liquidity risk

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

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

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

As of June 30, 2024, the Company has a payment obligation arising from the Plea Agreement (note 1.C). Management developed a financial plan in order to cover the aforementioned obligation and other operating cash requirements (note 18.a).

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.

- 11 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

			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, 2023
Other financial liabilities (except lease liability for right-of-use asset)		780,145		568,284		165,022		163,943		-		897,249
Lease liability for right-of-use asset		42,562		17,754		23,487		8,725		73		50,039
Bonds		822,925		140,546		177,121		345,473		679,085		1,342,225
Trade accounts payables (except non-financial liabilities)		1,168,267		1,164,266		4,001		-		-		1,168,267
Accounts payables to related parties		72,936		44,372		28,564		-		-		72,936
Other accounts payables and other provisions (except non-financial liabilities)		673,663		195,279		57,601		138,356		410,377		801,613
		3,560,498		2,130,501		455,796		656,497		1,089,535		4,332,329

As of June 30, 2024
Other financial liabilities (except lease liability for right-of-use asset)		370,697		114,368		155,446		165,606		-		435,420
Lease liability for right-of-use asset		37,180		16,378		22,842		3,842		68		43,130
Bonds		1,496,270		249,916		227,708		1,381,536		599,038		2,458,198
Trade accounts payables (except non-financial liabilities)		994,017		993,806		211		-		-		994,017
Accounts payables to related parties		86,880		57,676		29,204		-		-		86,880
Other accounts payables and other provisions (except non-financial liabilities)		671,787		184,525		55,361		144,788		404,473		789,147
		3,656,831		1,616,669		490,772		1,695,772		1,003,579		4,806,792

B. 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. The Corporation´s situation has led management to monitor deviations that could cause noncompliance with covenants and hinder the renegotiation of liabilities (note 16). 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, 2023 and June 30, 2024, the leverage ratio is as follows:

		As of			As of
		December 31,			June 30,
In thousands of soles	Note	2023			2024
Total borrowing, bonds and civil compensation (*)	16 and 17		2,115,471			2,385,080
Less: Cash and cash equivalents	9		(1,003,888	)		(765,845	)
Net debt (a)			1,111,583			1,619,235
Total equity (b)			1,487,289			1,418,008
Total net debt plus equity (a) + (b)			2,598,872			3,037,243
Gearing ratio			0.43			0.53

(*)

As of June 30, 2024, the provision for civil compensation amounts to S/480.9 million (S/469.8 as of December 31, 2023).

During the periods ended December 31, 2023 and June 30, 2024, there were no changes in the objectives, policies or processes related to capital management.

- 12 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

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, 2023, except for:

Revenue recognition by completion percentage (A.iii)

As of December 31, 2023, the Corporation recognized service revenue from construction contracts on a percentage-of-completion basis in accordance with the product method; however, given the current terms of customer contracts awarded beginning in 2024, management believes that the method that best reflects and measures the transfer of control of goods and services to its customers and full satisfaction of the performance obligation is the recourse method. Therefore, beginning in 2024, the Corporation applies the recourse method to measure the progress of all of its contractual performance obligations being satisfied over time.

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.

Operating Segments

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

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

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

The Corporation has determined 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.

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; and iii) building construction, such as offices, residential buildings, hotels, and affordable housing projects, shopping centers, and industrial facilities.

- 13 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

(b)

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

(c)

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

(d)

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

The Executive Commitee uses the Adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) as the primary relevant measure to understand the Corporation’s operating performance 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						For the six-month period
	ended June 30,						ended June 30,
In thousands of soles	2023			2024			2023			2024
Net profit (loss)		8,418			(37,728	)		2,419			(37,263	)
Financial income and expenses		36,493			52,436			60,273			105,245
Interests for present value of financial asset or liability		(6,357	)		12,434			(20,163	)		14,739
Income tax		40,032			35,600			72,413			58,025
Depreciation and amortization		57,217			49,722			110,439			94,599
Adjusted EBITDA		135,803			112,464			225,381			235,345

The adjusted EBITDA with non-recurring items per segment is as follows:

	For the three-month period						For the six-month period
	ended June 30,						ended June 30,
In thousands of soles	2023			2024			2023			2024
Engineering and construction		162			(9,660	)		(29,381	)		(29,413	)
Energy		44,996			57,098			100,841			113,928
Infrastructure		62,243			56,491			118,714			129,708
Real estate		29,097			8,146			31,145			20,063
Parent company operations		(3,719	)		31,498			(143	)		49,737
Intercompany eliminations		3,024			(31,109	)		4,205			(48,678	)
		135,803			112,464			225,381			235,345

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.

- 14 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

The following are the Corporation’s financial statements by operating segment:

	Engineering				Infrastructure								Parent
In thousands of soles	and construction		Energy		Toll roads		Transportation		Water treatment		Real estate		Company operations		Eliminations			Consolidated
As of December 31, 2023
Assets
Cash and cash equivalent		342,120		40,707		124,283		134,252		3,235		175,920		183,371		-			1,003,888
Trade accounts receivables, net		783,231		119,948		26,353		127,336		943		3,038		952		-			1,061,801
Accounts receivable from related parties		57,024		642		59,279		3,569		643		406		161,430		(267,550	)		15,443
Other accounts receivable, net		265,378		40,298		21,101		6,372		1		10,418		6,849		(2,345	)		348,072
Inventories, net		51,108		46,064		6,760		43,993		-		212,582		-		(10	)		360,497
Prepaid expenses		15,461		2,022		4,651		334		169		71		6,388		2			29,098
Total current assets		1,514,322		249,681		242,427		315,856		4,991		402,435		358,990		(269,903	)		2,818,799
Trade accounts receivable, net		744		-		6,430		756,990		1,453		3,354		-		-			768,971
Accounts receivable from related parties		298,946		-		17,157		42		14,015		-		419,282		(221,157	)		528,285
Prepaid expenses		-		480		11,920		1,611		580		-		-		(510	)		14,081
Other accounts receivable, net		102,250		77,116		-		-		7,346		59,764		64,928		-			311,404
Inventories, net		-		-		-		-		-		70,282		-		-			70,282
Investments in associates and joint ventures		968		10,536		-		-		-		2,103		1,737,129		(1,737,989	)		12,747
Investment property, net		-		-		-		1,427		-		18,203		38,630		-			58,260
Property, plant and equipment, net		83,146		211,127		5,187		1,047		233		5,562		863		-			307,165
Intangible assets and goodwill, net		143,228		370,370		225,363		138		-		617		12,740		-			752,456
Right-of-use assets, net		4,874		8,270		3,226		25		122		1,317		28,700		(10,239	)		36,295
Deferred income tax asset		153,841		5,142		24,098		-		421		15,577		56,670		14			255,763
Total non-current assets		787,997		683,041		293,381		761,280		24,170		176,779		2,358,942		(1,969,881	)		3,115,709
Total assets		2,302,319		932,722		535,808		1,077,136		29,161		579,214		2,717,932		(2,239,784	)		5,934,508
Liabilities
Borrowings		24,081		39,052		15,358		26		5		11,618		437,729		(11,840	)		516,029
Bonds		3,611		-		49,369		28,558		-		-		-		-			81,538
Trade accounts payable		928,109		111,816		48,232		38,272		121		21,622		16,094		-			1,164,266
Accounts payable to related parties		78,561		80,357		47,599		69,632		7		10,990		17,154		(259,928	)		44,372
Current income tax		19,370		677		3,159		13,160		54		323		1,655		-			38,398
Other accounts payable		416,927		26,122		34,045		10,429		1,167		86,968		33,170		-			608,828
Provisions		83,831		20,215		1,171		1,925		-		193		9,751		-			117,086
Total current liabilities		1,554,490		278,239		198,933		162,002		1,354		131,714		515,553		(271,768	)		2,570,517
Borrowings		697		84,989		594		-		123		73,058		147,399		(182	)		306,678
Bonds		10,834		-		130,750		599,803		-		-		-		-			741,387
Trade accounts payable		-		-		-		4,001		-		-		-		-			4,001
Other accounts payable		47,984		-		493		161		3,141		-		457,532		-			509,311
Accounts payable to related parties		7,481		-		1,226		28,563		23,146		-		197,485		(229,337	)		28,564
Provisions		12,366		46,287		10,002		2,228		-		-		27,184		-			98,067
Deferred tax liability		58,804		66,415		-		63,473		-		-		2		-			188,694
Total non-current liabilities		138,166		197,691		143,065		698,229		26,410		73,058		829,602		(229,519	)		1,876,702
Total liabilities		1,692,656		475,930		341,998		860,231		27,764		204,772		1,345,155		(501,287	)		4,447,219
Equity attributable to controlling interest in the Company		604,039		424,874		146,259		162,680		1,397		289,942		1,369,744		(1,736,558	)		1,262,377
Non-controlling interest		5,624		31,918		47,551		54,225		-		84,500		3,033		(1,939	)		224,912
Total liabilities and equity		2,302,319		932,722		535,808		1,077,136		29,161		579,214		2,717,932		(2,239,784	)		5,934,508

- 15 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

	Engineering				Infrastructure								Parent
In thousands of soles	and Construction		Energy		Toll roads		Transportation		Water treatment		Real estate		Company operations		Eliminations			Consolidated
As of June 30, 2024
Assets
Cash and cash equivalents		126,903		94,237		131,624		125,666		4,065		160,101		123,249		-			765,845
Trade accounts receivables, net		807,573		104,835		45,726		129,023		1,555		3,024		1,910		-			1,093,646
Accounts receivable from related parties		73,080		286		63,353		586		332		150		228,328		(351,527	)		14,588
Other accounts receivable, net		305,256		30,120		17,438		6,687		1		4,695		273,693		(2,347	)		635,543
Inventories, net		43,568		43,055		6,149		43,115		-		227,550		-		4			363,441
Prepaid expenses		9,920		5,703		2,673		2,618		95		99		1,416		-			22,524
Total current assets		1,366,300		278,236		266,963		307,695		6,048		395,619		628,596		(353,870	)		2,895,587
Trade accounts receivable, net		262		-		6,189		766,338		1,284		2,999		-		-			777,072
Accounts receivable from related parties		308,245		-		17,721		3,064		14,015		6,046		435,823		(239,815	)		545,099
Prepaid expenses		-		487		1,893		1,544		554		-		-		(510	)		3,968
Other accounts receivable, net		36,060		72,241		-		-		7,346		63,855		65,932		6,852			252,286
Inventories, net		-		-		-		-		-		70,363		-		-			70,363
Investments in associates and joint ventures		176		11,021		-		-		-		2,103		1,699,460		(1,699,533	)		13,227
Investment property, net		-		-		-		1,388		-		17,341		37,648		-			56,377
Property, plant and equipment, net		79,156		210,796		4,744		1,032		217		5,876		1,005		-			302,826
Intangible assets and goodwill, net		135,936		376,665		199,415		92		-		585		12,411		-			725,104
Right-of-use assets, net		2,536		5,734		1,861		3		117		662		24,385		(5,155	)		30,143
Deferred income tax asset		145,627		5,844		26,319		-		471		15,003		60,383		(4	)		253,643
Total non-current assets		707,998		682,788		258,142		773,461		24,004		184,833		2,337,047		(1,938,165	)		3,030,108
Total assets		2,074,298		961,024		525,105		1,081,156		30,052		580,452		2,965,643		(2,292,035	)		5,925,695
Liabilities
Borrowings		17,536		39,110		14,980		4		5		14,814		27,335		(6,529	)		107,255
Bonds		3,732		-		49,385		29,466		-		-		12,349		-			94,932
Trade accounts payable		762,526		104,348		50,432		30,587		231		21,284		24,398		-			993,806
Accounts payable to related parties		145,344		79,990		100,492		53,609		6		11,316		14,499		(347,580	)		57,676
Current income tax		906		5,853		2,775		6,077		170		943		509		-			17,233
Other accounts payable		386,252		27,990		31,992		10,286		1,155		80,931		40,132		-			578,738
Provisions		85,479		18,472		1,837		893		-		199		9,751		-			116,631
Total current liabilities		1,401,775		275,763		251,893		130,922		1,567		129,487		128,973		(354,109	)		1,966,271
Borrowings		133		76,545		-		-		121		71,713		152,110		-			300,622
Bonds		9,330		-		107,338		597,267		-		-		687,403		-			1,401,338
Trade accounts payable		-		-		-		211		-		-		-		-			211
Other accounts payable		45,119		-		493		120		2,894		-		462,316		-			510,942
Accounts payable to related parties		7,181		-		1,006		29,206		24,543		-		205,436		(238,168	)		29,204
Other provisions		13,276		50,274		11,063		2,986		-		-		27,670		-			105,269
Deferred income tax liability		61,172		68,458		-		64,200		-		-		-		-			193,830
Total non-current liabilities		136,211		195,277		119,900		693,990		27,558		71,713		1,534,935		(238,168	)		2,541,416
Total liabilities		1,537,986		471,040		371,793		824,912		29,125		201,200		1,663,908		(592,277	)		4,507,687
Equity attributable to controlling interest in the Company		530,984		454,767		118,918		192,185		927		292,234		1,298,721		(1,697,812	)		1,190,924
Non-controlling interest		5,328		35,217		34,394		64,059		-		87,018		3,014		(1,946	)		227,084
Total liabilities and equity		2,074,298		961,024		525,105		1,081,156		30,052		580,452		2,965,643		(2,292,035	)		5,925,695

- 16 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

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

- 17 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

	Engineering						Infrastructure												Parent
In thousands of soles	and construction			Energy			Toll roads			Transportation			Water treatment			Real estate			Company operations			Eliminations			Consolidated
For the three-month period ended June 30, 2024
Revenue		581,883			181,562			127,520			103,322			1,181			32,637			25,093			(81,982	)		971,216
Gross profit		15,140			33,269			18,710			31,495			667			9,728			5,291			1,737			116,037
Administrative expenses		(29,297	)		(4,062	)		(6,700	)		(2,932	)		(234	)		(3,747	)		(6,625	)		(1,094	)		(54,691	)
Other income and expenses, net		(162	)		315			(640	)		329			(1	)		489			(543	)		787			574
Operating profit (loss)		(14,319	)		29,522			11,370			28,892			432			6,470			(1,877	)		1,430			61,920
Financial expenses		198			(7,989	)		(3,349	)		(3,145	)		37			(3,124	)		(50,341	)		9,551			(58,162	)
Financial income		2,228			559			6,514			1,111			178			1,399			4,279			(10,542	)		5,726
Interests for present value of financial asset or liability		27			(1,382	)		(579	)		(14	)		-			127			(10,613	)		-			(12,434	)
Share of profit or loss in associates and joint ventures		-			822			-			-			-			-			11,356			(11,356	)		822
Profit (loss) before income tax		(11,866	)		21,532			13,956			26,844			647			4,872			(47,196	)		(10,917	)		(2,128	)
Income tax		(17,358	)		(6,741	)		(3,670	)		(8,364	)		(192	)		(1,633	)		2,346			12			(35,600	)
Profit (loss) for the period		(29,224	)		14,791			10,286			18,480			455			3,239			(44,850	)		(10,905	)		(37,728	)
Profit (loss) from attributable to:
Controlling interest in the Company		(29,198	)		12,829			6,358			13,860			455			94			(44,851	)		(10,896	)		(51,349	)
Non-controlling interest		(26	)		1,962			3,928			4,620			-			3,145			1			(9	)		13,621
		(29,224	)		14,791			10,286			18,480			455			3,239			(44,850	)		(10,905	)		(37,728	)

- 18 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

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

- 19 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

	Engineering						Infrastructure												Parent
In thousands of soles	and construction			Energy			Toll roads			Transportation			Water treatment			Real estate			Company operations			Eliminations			Consolidated
For the six-month period ended June 30, 2024
Revenue		1,162,911			353,937			296,697			205,540			2,442			76,537			49,238			(178,801	)		1,968,501
Gross profit		18,490			70,319			51,614			65,198			1,477			23,687			9,013			4,238			244,036
Administrative expenses		(54,462	)		(8,091	)		(13,341	)		(6,141	)		(469	)		(7,395	)		(11,694	)		(2,871	)		(104,464	)
Other income and expenses, net		(2,690	)		529			(323	)		333			(1	)		955			(45	)		786			(456	)
Operating profit (loss)		(38,662	)		62,757			37,950			59,390			1,007			17,247			(2,726	)		2,153			139,116
Financial expenses		(22,048	)		(14,452	)		(9,444	)		(5,351	)		(47	)		(5,445	)		(78,602	)		16,869			(118,520	)
Financial income		2,997			810			8,216			3,069			358			2,872			12,863			(17,910	)		13,275
Interests for present value of financial asset or liability		117			(1,953	)		(727	)		(11	)		-			303			(12,468	)		-			(14,739	)
Share of profit or loss in associates and joint ventures		-			1,631			-			-			-			-			27,103			(27,104	)		1,630
Profit (loss) before income tax		(57,596	)		48,793			35,995			57,097			1,318			14,977			(53,830	)		(25,992	)		20,762
Income tax		(11,509	)		(15,028	)		(10,406	)		(17,757	)		(391	)		(4,773	)		1,843			(4	)		(58,025	)
Profit (loss) for the period		(69,105	)		33,765			25,589			39,340			927			10,204			(51,987	)		(25,996	)		(37,263	)
Profit (loss) from attributable to:
Controlling interest in the Company		(68,818	)		29,893			17,332			29,505			927			2,293			(51,992	)		(26,029	)		(66,889	)
Non-controlling interest		(287	)		3,872			8,257			9,835			-			7,911			5			33			29,626
		(69,105	)		33,765			25,589			39,340			927			10,204			(51,987	)		(25,996	)		(37,263	)

- 20 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

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,		June 30,
In thousands of soles	2023		2024
Financial assets according to the consolidated statement of financial position
Loans and accounts receivable at amortized cost:
- Cash and cash equivalents		1,003,888		765,845
- Trade accounts receivable and other accounts receivable
(excluding non-financial assets) (i)		1,379,202		1,630,823
- Financial assets related to concession agreements (ii)		908,371		940,798
- Accounts receivable from related parties		543,728		559,687
		3,835,189		3,897,153

Financial liabilities according to the consolidated statement of financial position
Other financial liabilities at amortized cost:
- Bank loans and other financial liabilities		780,145		370,697
- Lease liability for right-of-use asset		42,562		37,180
- Bonds		822,925		1,496,270
- Trade and other accounts payable
(excluding non-financial liabilities) (iii)		1,785,487		1,607,080
- Accounts payable to related parties		72,936		86,880
		3,504,055		3,598,107
Other financial liabilities:
- Other provisions (iv)		56,443		58,724

(i)

The following non-financial assets are excluded: advances to suppliers for S/90.3 million and tax receivable for S/96.6 million (S/98 million and S/104.7 million, respectively, as of December 31, 2023).

(ii)

Included in the trade accounts receivable item.

(iii)

The following non-financial liabilities are excluded: advances received from customers for S/213.4 million, taxes payable for S/156 million, salaries and other personnel payable for S/99.8 million and others for S/7.5 million (S/241.5 million, S/158.1 million, S/92.2 million and S/9.1 million, respectively, as of December 31, 2023).

(iv)

Includes administrative process INDECOPI for S/58.7 million (S/56.4 million, as of December 31, 2023).

Cash and Cash Equivalents

This account comprises:

	As of		As of
	December 31,		June 30,
In thousands of soles	2023		2024
Cash on hand		1,020		758
Remittances in-transit		3,621		3,785
Current accounts (a)		263,295		132,556
Trust account - specific use funds (b)		421,149		291,454
Time deposits (c)		314,803		337,292
		1,003,888		765,845

- 21 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

(a)

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.

(b)

The Corporation maintains trust accounts in local and foreign banks for the administration of funds for specific uses that are classified as:

	As of		As of
	December 31,		June 30,
In thousands of soles	2023		2024
Operational funds		190,755		166,817
Reserve funds (i)		28,661		72,420
Consortium funds		200,473		52,217
Guarantee funds		1,260		-
		421,149		291,454

(i)

Reserve funds for the payment of bonds issued and other obligations of the Corporation are as follows:

	As of		As of
	December 31,		June 30,
In thousands of soles	2023		2024
AENZA S.A.A.		-		45,925
Red Vial 5 S.A.		24,039		24,578
Tren Urbano de Lima S.A.		4,622		1,917
		28,661		72,420

(c)

Time deposits have maturities of less than ninety (90) days and are renewable at maturity. As of June 30, 2024, these deposits bear interest ranging from 4.3% to 6.45% (4.21% to 7.32% at December 31, 2023).

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

10.

Trade Accounts Receivable, net

This caption comprises the following:

	As of		As of
	December 31,		June 30,
In thousands of soles	2023		2024

Receivables - net (a)		204,167		267,601
Unbilled receivables - Subsidiarie (b)		718,408		663,993
Unbilled receivables - Concession (c)		908,197		939,124
		1,830,772		1,870,718

Current portion		1,061,801		1,093,646
Non-current portion		768,971		777,072
		1,830,772		1,870,718

As of December 31, 2023 and as of June 30, 2024, 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 invoices receivable is similar to their carrying value because their average collection period is less than sixty (60) days.

- 22 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

The balance of accounts receivable corresponds to:

	As of		As of
	December 31,		June 30,
In thousands of soles	2023		2024
Tren Urbano de Lima S.A.		884,326		895,361
Cumbra Peru S.A.		750,109		777,740
UNNA Energia S.A.		119,948		104,835
Cumbra Ingenieria S.A.		33,866		30,095
Carretera Andina del Sur S.A.C.		14,512		29,603
UNNA Transporte S.A.C.		11,134		9,317
Red Vial 5 S.A.		1,678		7,650
Viva Negocio Inmobiliario S.A.		6,392		6,023
Carretera Sierra Piura S.A.C.		5,459		5,345
Concesionaria La Chira S.A.		2,396		2,839
Others		952		1,910
		1,830,772		1,870,718

(a)

As of December 31, 2023, and June 30, 2024, management evaluated the exposure to credit risk on trade receivables. As of June 30, 2024, invoices receivable are presented net of impairment for S/43.4 million, and discounted to present value for S/0.4 million (S/43.4 million for impairment and S/0.5 million of present value, as of December 31, 2023).

The aging analysis of trade receivables is as follows:

	As of		As of
	December 31,		June 30,
In thousands of soles	2023		2024
Current		153,678		257,629
Past due up to 30 days		29,375		2,446
Past due from 31 days up to 90 days		11,932		414
Past due from 91 days up to 120 days		317		3
Past due from 121 days up to 360 days		2,192		1,820
Past due over 360 days		6,673		5,289
		204,167		267,601

As of June 30, 2024, the amount of due debts over three hundred and sixty (360) days mainly includes invoices receivable from subsidiaries: UNNA Transporte S.A.C. for S/3.1 million, Cumbra Peru S.A. for S/1.3 million, and Cumbra Ingenieria S.A. for S/0.9 million (S/4.6 million, S/1.2 million S/0.9 million as of December 31, 2023, respectively).

(b)

Correspond to documents related to estimates for services provided and valuations that were not invoiced. These rights are recognized discounted at present value for S/2.1 million (S/2.3 million as of December 31, 2023). The following is a breakdown by subsidiary:

	As of		As of
	December 31,		June 30,
In thousands of soles	2023		2024
Cumbra Peru S.A.		683,927		633,480
Cumbra Ingenieria S.A.		20,655		19,810
UNNA Energia S.A.		7,183		7,608
UNNA Transporte S.A.C.		6,560		3,054
Others		83		41
		718,408		663,993

- 23 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

(c)

Correspond to future collections to the Grantor according to the terms of the concession agreement, as detailed below:

	As of		As of
	December 31,		June 30,
In thousands of soles	2023		2024
Tren Urbano de Lima S.A.		884,317		895,361
Carretera Andina del Sur S.A.C.		14,403		29,603
Red Vial 5 S.A.		1,637		7,181
Carretera Sierra Piura S.A.C.		5,444		5,345
Concesionaria La Chira S.A.		2,396		1,634
		908,197		939,124

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, 2023 and as of June 30, 2024.

11.

Transactions with Related Parties

A. Transactions with related parties

Major transactions for the period ended June 30, 2023 and 2024 between the Company and its related parties are summarized as follows:

	For the three-month period				For the six-month period
	ended June 30				ended June 30
In thousands of soles	2023		2024		2023		2024
Revenue from sales of goods and services:
- Joint operations		21,987		19,324		28,362		34,686
		21,987		19,324		28,362		34,686

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.

- 24 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

Balances with Related parties

The balances were the following:

	As of December 31, 2023				As of June 30, 2024
In thousands of soles	Receivable		Payable		Receivable		Payable
Current portion:
Joint operations
Consorcio Constructor Chavimochic		-		9,313		-		7,720
Consorcio Peruano de Conservacion		799		2,762		800		2,763
Consorcio GyM Conciviles		-		5,709		1,419		1,961
Consorcio Vial Quinua		-		1,945		-		1,930
Consorcio Manperan		451		1,721		838		1,307
Consorcio Inti Punku		5,647		114		4,217		7
Consorcio TNT Vial y Vives - DSD Chile Ltda		-		558		142		478
Consorcio Rio Urubamba		1,911		-		1,947		-
Consorcio Italo Peruano		1,648		-		1,647		-
Consorcio Ermitano		526		-		518		-
Others		4,461		523		3,060		22,180
		15,443		22,645		14,588		38,346

Other related parties
Ferrovias S.A.		-		21,727		-		19,330
		-		21,727		-		19,330
Current portion		15,443		44,372		14,588		57,676

Non-current portion
Gasoducto Sur Peruano S.A. (note 14.i)		527,722		-		545,099		-
Ferrovias S.A.		-		15,761		-		16,111
Ferrovias Participaciones S.A.		-		12,803		-		13,093
Others		563		-		-		-
Non-current		528,285		28,564		545,099		29,204

As of December 31, 2023 and June 30, 2024, 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.

- 25 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

12.	Other Accounts Receivable, net

This caption comprises the following:

	As of		As of
	December 31,		June 30,
In thousands of soles	2023		2024

Restricted funds (a)		106,929		367,849
Claims and accounts receivable from third parties (b)		254,750		245,657
Credits and recoverable taxes (c)		104,654		96,584
Advances to suppliers (d)		98,021		90,342
Guarantee deposits (e)		82,230		71,474
Accounts receivable from personnel		1,925		2,637
Others		10,967		13,286
		659,476		887,829

Current portion		348,072		635,543
Non-current portion		311,404		252,286
		659,476		887,829

As of June 30, 2024, the restricted funds correspond to bank guarantee certificates composed of: AENZA S.A.A. for S/263.6, Cumbra Peru S.A for S/84.1 million, Cumbra Ingenieria S.A for S/12.8 million and a restricted fund of Concesionaria La Chira S.A. for S/7.3 million (As of December 31, 2023, S/81.5 million, S/18.1 million and S/7.3 million, respectively).

The balance corresponds to the following:

	As of		As of
	December 31,		June 30,
In thousands of soles	2023		2024

Additional investments for operating contracts		98,047		94,983
Account receivable to the Ministry of Agriculture Development and Irrigation (b.1)		32,062		33,084
Claims to the tax authorities		29,976		29,958
Real estate project receivable		30,012		30,409
Settlement agreement with third parties		21,136		22,402
Accounts receivable from joint ventures		21,878		21,226
Insurance claims for losses		6,778		1,755
Others		14,861		11,840
		254,750		245,657

(b.1)

The balance corresponds to the claim to the Ministry of Agrarian Development and Irrigation (hereinafter, MIDAGRI) for US$9.5 million equivalent to S/35.1 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. As of June 30, 2024, the net present value balance amounts to US$8.6 million, equivalent to S/33.1 million (note 14.ii).

- 26 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

The balance corresponds to the following:

	As of		As of
	December 31,		June 30,
In thousands of soles	2023		2024

VAT credit		39,706		46,560
Income tax - advance payments		45,263		33,372
ITAN and other tax receivable		19,685		16,652
		104,654		96,584

Corresponds to prepayments made to suppliers, mainly for engineering and construction projects. The variation corresponds to: (i) Increase in Cumbra Peru S.A. for S/8.9 million in the project Centro Comercial la Molina, and (ii) Decrease in Cumbra Peru S.A. for S/16.6 million in the Consorcio Inti Punku for the Jorge Chavez Airport project.

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.

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			As of
	December 31,			June 30,
In thousands of soles	2023			2024
Land		117,791			116,509
Work in progress - Real estate		127,008			146,442
Finished properties		38,970			33,168
Construction materials		52,479			46,712
Merchandise and supplies		100,103			96,326
		436,351			439,157
Allowance for inventory write-downs		(5,572	)		(5,353	)
		430,779			433,804

Current		360,497			363,441
Non-current		70,282			70,363
		430,779			433,804

As of June 30, 2024, the non-current portion corresponds to land for real estate projects in Lima to be executed in the long term, S/56.7 million located in the district of San Isidro and S/13.7 million located in the district of Barranco (as of December 31, 2023, S/56.6 million and S/13.6 million, respectively).

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

- 27 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

14.	Investments in Associates and Joint Ventures

This caption comprises the following:

	As of		As of
	December 31,		June 30,
In thousands of soles	2023		2024
Associates		2,103		2,103
Joint ventures		10,644		11,124
		12,747		13,227

Movement of our investments in associates for the periods ended June 30, 2023, and 2024 is as follows:

In thousands of soles	2023			2024
Balance as of January, 1		14,916			12,747
Equity interest in results		1,656			1,630
Dividends received		(3,652	)		(1,145	)
Translation adjustment		-			(5	)
Balance as of June, 30		12,920			13,227

The most relevant associates are described below:

Gasoducto Sur Peruano S.A.

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

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

The Corporation made an investment of US$242.5 million (equivalent to S/811 million) and had to assume 21.49% of the performance bond established in the concession agreement for US$ 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 of its total investment equivalent to 21.49% of its participation (US$242.5 million) between 2016 and 2019, and required the register of the account receivable resulting from the execution of the counter-guarantees granted by AENZA in favor of the issuer of the guarantee of performance of the concession contract and in favor of the syndicate of banks that granted the bridge loan to GSP for US$52.5 million and US$129 million, respectively. 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.

- 28 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

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. Withdrawing the arbitration before CIADI does not involve the loss of collection rights of the Company against GSP and does not restrict, limit, or impede GSP from asserting its rights against the Peruvian Government.

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

Bankruptcy of GSP

On December 4, 2017, GSP started a bankruptcy proceeding before the INDECOPI. The Company maintains receivable recognized by INDECOPI of US$0.4 million and US$169.3 million, the last one 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. derived from its participation in CCDS is directly recognized in INDECOPI in the GSP Competition for 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 Ministry of Energy and Mines (MEM) to initiate the Direct Treatment procedure stipulated in the Concession Agreement.

On September 12, 2023, INDECOPI notified GSP of Resolution No. 4069-2023/CCO-INDECOPI which resolved to declare null and void the Board’s resolution approving the Liquidation Agreement because the Agreement does not the agreement does not foresee the modality and conditions of realization of the GSP assets other than the VCN (direct sale, auction, dation, etc.).

On November 21, 2023, the Meeting of Creditors was held with the purpose of correcting the defect declared in the aforementioned resolution, through the approval of a new Liquidation Agreement. However, this proposal only reached 59% of favorable votes, not reaching the qualified majority (66.67%) required by law. Likewise, on the same day, the Presidency of the Board, as well as other creditors requested INDECOPI to declare the liquidation of GSP.

- 29 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

In view of the above, on December 28, 2023, INDECOPI ordered the liquidation of GSP and on January 12, 2024 the Technical Secretariat of the Commission, convene a Single Meeting of Creditors for January 29, 2024, in order to appoint a Liquidator for the process and approve a new Liquidation Agreement. The Meeting is formed with the Creditors in attendance and approve the corresponding proposals by simple majority. Therefore, on the referred day, with 59% of the votes in attendance, the appointment of Alva Legal Asesoria Empresarial S.A.C. as GSP’s liquidator and the proposed Liquidation Agreement were approved. The liquidation process of GSP continues its course, as well as the necessary actions for the recovery of VCN.

Additionally, on April 30, 2024, by means of a public deed, the Trust Agreement for Easements, Administrative Costs and Social Works, formed by GSP and La Fiduciaria, related to the Concession Contract, was terminated. As a consequence, US$ 38.3 million U.S. dollars are currently in bank accounts of GSP, in liquidation, managed by Alva Legal Asesoria Empresarial S.A.C., the liquidator named for the liquidation process of GSP.

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

As of June 30, 2024, the net value of the account receivable from GSP is approximately US$142.4 million, equivalent to S/545.1 million (US$142.4 million equivalent to S/527.7 million at December 31, 2023), which comprises the recognition in the following entities of the Corporation: i) AENZA S.A.A. maintains US$ 63.9 million (equivalent to S/244.4 million) discounted to present value net of impairment and the effect of the exchange difference (US$63.9 million equivalent to S/236.6 million at December 31, 2023) and; ii) Cumbra Peru S.A. maintains US$ 78.5 million (equivalent to S/300.7 million) discounted to present value, net of the effect of the exchange difference (US$78.5 million equivalent to S/291.1 million at December 31, 2023).

The Company’s management maintains the recovery estimate in 8 years, applying a discount rate of 5.3% (recovery term of 8 years with a discount rate of 4.98% as of June 30, 2023).

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, 2023 and June 30, 2024 is reasonable and sufficient as of the reporting date of the Corporation’s consolidated financial statements.

ii.

Concesionaria Chavimochic S.A.C.

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

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

On October 4, 2022, the Arbitration Court notified the parties the ruling, which claim the early termination of the Concession Agreement and ordered, 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 order the execution of 70% of the Performance Bond or the payment of US$25 million for the Concessionaire’s failure to obtain the closing of the project finance.

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 ruling was consented to. As of December 31, 2022, an impairment of the investment amounting to S/14.5 million was recorded.

- 30 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

In February 2023, the Grantor executed partially the Concessionaire’s performance bond, where AENZA was required to assume a total of US$7.5 million. Likewise, the Grantor requested the execution of the balance of the Concessionaire’s performance bond, where AENZA is responsible for US$1.4 million. The Concessionaire initiated legal actions for the full execution of the ruling so the Grantor complies with the obligations arising therefrom. Likewise, the Concessionaire initiated 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 without a contract breach to attributing the Concessionaire what would justify such performance (note 12.a.1).

15.	Investment Property, Property, Plant and Equipment, Intangible Assets and Right-of-Use Assets

The movement in investment property, property, plant and equipment, intangible assets and right-of-use assets accounts for the period ended June 30, 2023 and 2024, 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, 2023		99,557			1,234,208			119,495			1,586,462
Additions		2			22,311			2,669			85,374
Sale of assets		-			(13,052	)		-			-
Disposals		-			(5,620	)		(875	)		(5,572	)
Reclassifications		-			(1,725	)		-			-
Transfers		-			-			-			(24,863	)
Translations adjustments		1			4,740			150			6,429
Balance at June 30, 2023		99,560			1,240,862			121,439			1,647,830
Balance at January 1, 2024		105,440			1,244,039			120,576			1,626,101
Additions		51			18,881			2,375			43,073
Sale of assets		-			(14,147	)		-			-
Disposals		-			(4,846	)		-			(6,312	)
Reclassifications		-			(70	)		1,046			(23,711	)
Transfers		-			(336	)		-			281
Translations adjustments		-			(5,275	)		(72	)		(5,538	)
Balance at June 30, 2024		105,491			1,238,246			123,925			1,633,894

Accumulated depreciation and impairment
Balance at January 1, 2023		(37,633	)		(949,743	)		(69,288	)		(799,126	)
Depreciation / amortization		(1,929	)		(24,851	)		(8,598	)		(75,061	)
Sale of assets		-			11,128			-			-
Disposals		-			4,615			875			5,450
Impairment		-			(313	)		-			-
Translations adjustments		(1	)		(2,835	)		(68	)		(895	)
Balance at June 30, 2023		(39,563	)		(960,274	)		(77,079	)		(844,773	)
Balance at January 1, 2024		(47,180	)		(936,874	)		(84,281	)		(873,645	)
Depreciation / amortization		(1,934	)		(18,053	)		(8,507	)		(66,105	)
Sale of assets		-			11,228			-			-
Disposals		-			4,627			-			6,274
Reclassifications		-			70			(1,046	)		23,711
Translations adjustments		-			3,582			52			975
Balance at June 30, 2024		(49,114	)		(935,420	)		(93,782	)		(908,790	)

Carrying amounts
At January 1, 2023		61,924			284,465			50,207			787,336
At June 30, 2023		59,997			280,588			44,360			803,057
At January 1, 2024		58,260			307,165			36,295			752,456
At June 30, 2024		56,377			302,826			30,143			725,104

- 31 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

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

As of June 30, 2024, additions to property, plant and equipment correspond mainly to the energy segment, for works in progress, replacement units, machinery, and other equipment for a total of S/11.9 million; additions in the engineering and construction segment, for other equipment, machinery, furniture and fixtures and buildings for S/5 million; and additions in the real estate and infrastructure segment for S/2 million (as of June 30, 2023, additions to property, plant and equipment correspond mainly to the energy segment, for machinery, replacement units, work in progress, facilities other equipment furniture and fixtures for a total of S/19.6 million; additions in the engineering and construction segment, for other equipment, machinery, furniture and fixtures, and buildings for S/1.9 million; and additions in the real estate and infrastructure segments for S/0.8 million).

As of June 30, 2024, right-of-use asset additions correspond mainly to lease agreements for the acquisition of machinery and equipment for S/1.1 million in the energy segment and the price adjustment to the Company’s real estate lease agreement for S/1 million (as of June 30, 2023, it corresponds mainly to the price adjustment to the Company’s real estate lease agreement for S/2.4 million).

For the period ended June 30, 2023, and 2024, 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	2023			2024

Cost of sale of goods and services (Note 24)		27,488			22,512
Administrative expenses (Note 24)		7,890			5,982
Total depreciation		35,378			28,494
(-) Depreciation related to investment property		(1,929	)		(1,934	)
(-) Depreciation related to right-of-use assets		(8,598	)		(8,507	)
Total depreciation of property, plant and equipment		24,851			18,053

Intangible assets

As of June 30, 2024, the additions correspond mainly to the energy segment for investments in the preparation of wells and other assets for a total of S/40 million and additions in the infrastructure segment and engineering and construction for investments in concessions and software for a total of S/3.1 million (as of June 30, 2023, the additions correspond mainly to the energy segment for investments for the preparation of wells and other assets for a total of S/81.4 million, and in the engineering and construction segment for investments in software for S/2.1 million).

For the period ended June 30, 2023, and 2024, the breakdown of intangible amortization included in the consolidated statement of income is as follows:

In thousands of soles	2023		2024
Cost of sale of goods and services (note 24)		73,083		62,962
Administrative expenses (note 24)		1,978		3,143
Total amortization		75,061		66,105

Goodwill

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

	As of		As of
	December 31,		June 30,
In thousands of soles	2023		2024
Engineering and construction		35,158		33,477
Electromechanical		20,736		20,736
		55,894		54,213

- 32 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

16.	Borrowings

This caption comprises the following:

						As of		As of
	Date of	Interest				December 31,		June 30,
In thousands of soles	maturity	rate			Curency	2023		2024
Bank loans
Banco Interamericano de Desarrollo (a)	2032		7.84	%	USD		73,802		76,362
Banco de Credito del Peru S.A. (b)	2029		6.04% / 10.58	%	USD		95,355		92,182
BD Capital SAF (b)	2026		7.68	%	USD		20,641		17,775
Bridge loan (c)			Term SOFR 3M + 9.75	%
	2024		11.25	%	USD		379,928		-
Banco de Credito del Peru S.A. (d)	2024		10.00	%	USD		29,628		-
Banco de Credito del Peru S.A.	2024		12.50	%	PEN		8,024		8,034
Banco BBVA Peru S.A.	2024		7.94	%	USD		1,486		-
Bancolombia S.A.	2025		12.01% / 16.16	%	COP		16,209		9,422
Banco de Bogota	2025		14.52% / 15.77	%	COP		3		3,364
Other financial entities
BCI Management Administradora General de Fondos S.A. (e)	2027		10.45	%	USD		140,615		148,030
Others	2025		9.70% / 13.54	%	PEN / CLP		14,454		15,528
Right-of-use-liabilities	2027		5.40% / 22.66	%	USD		42,562		37,180
							822,707		407,877

Current							516,029		107,255
Non-current							306,678		300,622
							822,707		407,877

(a)

In December 2022, Viva Negocio Inmobiliario S.A.C. signed a loan agreement with the Banco Interamericano de Desarrollo, for ten (10) years and with two (2) years grace period for principal amortization, for the purpose of building social housing. The loan was fully disbursed in January 2023, for US$20 million, equivalent to S/72.2 million. As of June 30, 2024, the total debt amounts to US$19.9 million, equivalent to S/76.4 million (US$20.2 million, equivalent to S/73.8 million, as of December 31, 2023), which includes principal of S/76.7 million, plus interest of S/0.8 million and the negative effect of deferred charges of S/1.1 million (S/74.3 million, S/0.7 million and S/1.2 million, respectively, at December 31, 2023).

As of December 31, 2023 and June 30, 2024, Viva Negocio Inmobiliario S.A.C. is in compliance with the covenants established in the loan agreement.

(b)

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.

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.

- 33 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

As of June 30, 2024, the amount recorded for the loans equivalent to the 50% interest held by the subsidiary UNNA Energia S.A. is S/110 million, which includes principal plus interest and net deferred charges (S/116 million as of 31 December 2023).

As of December 31, 2023, and as of June 30, 2024, TP is in compliance with the covenants established in the loan agreement.

(c)

In 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 October 5, 2023, and December 27, 2023, payments of US$8 million (equivalent to S/29.1 million) and US$12 million (equivalent to S/43.6 million), respectively, were made. Additionally, on December 27, 2023, the term extension of the bridge loan agreement was signed for up to US$100 million for a period of twelve months.

As of December 31, 2023, the amount of the loan was US$100 million, equivalent to S/379.9 million. On May 14, 2024, the Company repaid the entire US$100 million debt, equivalent to S/363.4 million.

(d)

On February 15, 2023, and May 15, 2023, the Ministry of Agrarian Development and Irrigation - MIDAGRI executed the bank guarantee letter for a total amount of US$ 9.5 million that had been issued by the Company on behalf of Concesionaria Chavimochic S.A.C. as a guarantee under the Concession contract. As a result, the Company entered into a short-term loan with Banco de Credito de Peru.

As of December 31, 2023, the loan was US$7.9 million, equivalent to S/29.6 million. As of June 30, 2024, the Company repaid the entire US$8 million debt, equivalent to S/30.7 million.

(e)

Corresponds to the monetization of dividends of Red Vial 5 S.A., transaction carried out on May 29, 2018, through which an investment agreement was signed between the Company and the Inversiones Concesión Vial S.A.C. (“BCI Peru”) - with the intervention of Fondo de Inversión BCI NV (“Fondo BCI”) and BCI Management Administradora General de Fondos S.A. (“BCI Asset Management”) to monetize future dividends on Red Vial 5 S.A. to be received by the Company. Upon the signature of this agreement, the Company had to indirectly transfer its economic rights over 48.8% of the share capital of Red Vial 5 S.A. by transferring its B class shares (equivalent to 48.8% of its capital) to a vehicle specially incorporated for such purposes called 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.

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

As of June 30, 2024, the loan balance payable amounts to US$38.6 million, equivalent to S/148 million (as of December 31, 2023, US$37.9 million, equivalent to S/140.6 million) and includes the positive effect of the present value of S/12.4 million (as of December 31, 2023, the negative effect of the present value of S/2.4 million).

- 34 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

(f)

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

	Carrying amount				Fair value
	As of		As of		As of		As of
	December 31,		June 30,		December 31,		June 30,
In thousands of soles	2023		2024		2023		2024

Bank loans		625,076		207,139		616,120		202,897
Other financial entities		155,069		163,558		155,069		163,558
Lease liability for right-of-use asset		42,562		37,180		43,078		37,209
		822,707		407,877		814,267		403,664

As of June 30, 2024, the fair value is based on cash flows discounted using debt rates between 4.5% and 22.7% (between 4.7% and 22.7% as of December 31, 2023) and are included as Level 2 in the level of measurement.

17.

Bonds

This caption comprised the following:

							As of		As of
	Date of		Interest				December 31,		June 30,
In thousands of soles	maturity		rate			Currency	2023		2024

Corporate bonds - Regulation S issued on the United States of America (a)		2029		12.00	%	USD		-		699,752
Corporate bonds - Regulation S issued on the United States of America (b)		2039		4.75% + VAC		PEN		628,361		626,733
Corporate Bonds - Lima Stock Exchange issued on Peru (c)		2027		8.38	%	PEN		180,119		156,723
Private bonds (d)		2027		8.50	%	USD		14,445		13,062
								822,925		1,496,270

Current portion								81,538		94,932
Non-current portion								741,387		1,401,338
								822,925		1,496,270

(a)

On May 14, 2024, the Company made a placement of corporate bonds in the international market, adhering to the guidelines established by Rule 144A and Regulation S of the United States of America. The issuance was made for an amount of US$210 million, with a 5-year bullet amortization term, culminating in the repayment of principal at maturity. The bonds have a risk rating of BB-.

These bonds include the following initial guarantees: (i) Security interest over the Company’s shares in UNNA Energia, (ii) Trust over the Company’s dividends in UNNA Energia, Tren Urbano de Lima, Red Vial 5, Carretera Andina del Sur, Carretera Sierra Piura and Concesionaria La Chira, iii) Credit rights and flows under certain loans granted by the Company to UNNA Energia from the uses of the bond, (iv) Trust of flows of UNNA Energia’s accounts receivable corresponding to Lots III and IV, and (v) Reserve account for debt service.

- 35 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

For the period ended June 30, 2024, movements in this account are as follows:

In thousands of soles			2024

Balance at January, 1				-
Additions				781,830
Accrued interest				14,218
Exchange difference				23,884
Costs and interest per issue				(120,180	)
Interest paid	(85,466	)
Debt issuance costs	(34,714	)
Balance at June, 30				699,752

As of June 30, 2024, the Company has complied with the related covenants.

(b)

In February 2015, the subsidiary Tren Urbano de Lima S.A. issued international corporate bonds under Regulation S of the United States of America. The issuance was made in VAC soles (adjusted at Constant Update Value) for an amount of S/ 629 million. The bonds have a risk rating of AA+.

These bonds include the following collateral: (i) mortgage on the concession of which Tren Urbano de Lima S.A. is the concessionaire, (ii) security interest on the shares of the Concessionaire, (iii) assignment of the Collection Rights of the Administration Trust, and (iv) a Flow Trust and Reserve Accounts for Debt Service, Operation and Maintenance and ongoing Capex. Issuance costs amounted to S/22 million. As of June 30, 2024, a principal repayment of S/13.1 million has been made (S/12.9 million in 2023).

As of June 30, 2024, an accumulated amortization amounting to S/165.9 million (S/152.8 million as of December 31, 2023) was made.

As of June 30, 2024 the balance includes VAC adjustments and interest payable for S/153.4 million (S/146.1 million as of December 31, 2023).

For the periods ended June 30, 2023 and 2024, the movement of this account is as follows:

In thousands of soles	2023			2024

Balance at January, 1		629,956			628,361
Amortization		(12,860	)		(13,078	)
Accrued interest		28,739			27,821
Interest paid		(16,473	)		(16,371	)
Balance at June, 30		629,362			626,733

As of December 31, 2023, and as of June 30, 2024, Tren Urbano de Lima S.A. has complied with the corresponding covenants.

As of June 30, 2024, the fair value amounts to S/626.7 million (S/628.4 million, as of December 31, 2023), is based on discounted cash flows using a rate of 4.7% (4.9% as of December 31, 2023) and corresponds to level 2 of the fair value hierarchy.

- 36 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

(c)

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 are rated AA+.

According to the terms of the bond issuance agreement, this financing is secured by: (i) a trust of flows from the collection rights and flows derived from the Concession, except for flows corresponding to the Remuneration and the Regulation Fee; (ii) a mortgage on the concession of which Red Vial 5 S.A. is the concessionaire; (iii) movable guarantees on shares; (iv) assignment of rights on the bank letter of guarantee and any other guarantee granted in the Construction Agreement; and (v) in general, all those additional guarantees granted in favor of the secured creditors if applicable.

The purpose of the granted funds was to finance the construction works of the second phase of Red Vial 5 and sales tax related to the execution of project expenses.

For the periods ended June 30, 2023 and 2024, the movement of this account is the following:

In thousands of soles	2023			2024

Balance at January, 1		218,684			180,119
Amortization		(19,134	)		(23,148	)
Accrued interest		8,639			6,958
Interest paid		(8,851	)		(7,206	)
Balance at June, 30		199,338			156,723

As of December 31, 2023 and as of June 30, 2024, Red Vial 5 S.A. complied with the respective covenants.

As of June 30, 2024, the fair value amounts to S/160.3 million (as of December 31, 2023, S/184.6 million), is based on discounted cash flows using an annual effective interest rate 8.1% as of December 31, 2023 and as of June 30, 2024 and is within level 2 of the fair value hierarchy.

(d)

At the beginning of 2020, the subsidiary Cumbra Peru S.A. prepared the First Private Bond Program, for US$7.8 million (equivalent to S/25.9 million), which were issued to be exchanged for a previously incurred commercial debt.

For the periods ended June 30, 2023, and 2024 the movement of this account is the following:

In thousands of soles	2023			2024

Balance at January, 1		21,273			14,445
Amortization		(1,851	)		(1,866	)
Exchange difference		(940	)		489
Accrued interest		780			628
Interest paid		(865	)		(634	)
Balance at June, 30		18,397			13,062

As of June 30, 2024, the fair value amounts to S/11.9 million (S/13.6 million as of December 31, 2023), is based on discounted cash flows using a rate of 14.3% (12% as of December 31, 2023) and is within level 2 of the fair value hierarchy.

- 37 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

18.	Trade Accounts Payable

This item comprises:

	As of		As of
	December 31,		June 30,
In thousands of soles	2023		2024
Invoices payable		571,438		471,117
Provision of contract costs		592,254		521,899
Notes payable		4,575		1,001
		1,168,267		994,017


Current portion		1,164,266		993,806
Non-current portion		4,001		211
		1,168,267		994,017

The breakdown of the balance of goods and services received but not invoiced by subsidiaries is as follows:

	As of		As of
	December 31,		June 30,
In thousands of soles	2023		2024
Cumbra Peru S.A.		475,159		406,690
Unna Energia S.A.		28,321		37,885
Unna Transporte S.A.C.		23,746		29,017
Viva Negocio Inmobiliario S.A.		13,192		15,507
Cumbra Ingenieria S.A.		17,081		14,307
Tren Urbano de Lima S.A.		20,902		9,558
Aenza S.A.A.		9,477		5,931
Aenza Servicios Corporativos S.A.C.		2,206		1,195
Red Vial 5 S.A.		1,151		842
Others		1,019		967
		592,254		521,899

- 38 -

AENZA S.A.A. and Subsidiaries

Notes to the Interim Condensed Consolidated Financial Statements

As of December 31, 2023, and June 30, 2024

19.	Other Accounts Payable

This caption is comprised by the following:

	As of		As of
	December 31,		June 30,
In thousands of soles	2023		2024
Civil compensation to Peruvian Government (a)		469,839		480,933
Advances received from customers (b)		241,469	&nb

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GRAM Gold Flora Corporation (QB)