LIMA, Peru--(BUSINESS WIRE)--Grupo Graña y Montero (NYSE:GRAM) (BVL:GRAMONC1) reported today unaudited figures for 2019. The results reflect a loss of US$ 265 million, mainly explained by the impairment of GSP account receivable and investment, the inclusion of an additional amount of civil compensation as a result of the preliminary plea agreement, and the provision for the estimate of the possible exposure of the 2017 lawsuit in New York (Class Action). Without these provisions, the Company net income would have been US$ 4.5 million.
Most of these provisions are accounting effects that do not affect the Company's cash flow or the progress of the projects of Grupo Graña y Montero. EBITDA for 2019, a key cash flow indicator, reached a total of US$193 million.
Due to the trust placed in the Company by customers, business partners, suppliers and employees, the amount of new contracts awarded during 2019 was US$ 977 million. This resulted in a total backlog plus recurrent businesses of US$ 2,094 million, representing approximately 1.7 years of sales for the Company.
During 2019, Grupo Graña y Montero continued with its plan to reduce its financial debt, achieving an 18% decrease compared to the end of 2018. Financial debt decreased from US$ 633 million to US$ 519 million, in line with the objectives set.