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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cementos Pacasmayo SAA New | NYSE:CPAC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.095 | -1.75% | 5.33 | 5.43 | 5.305 | 5.38 | 4,733 | 22:45:09 |
·
|
Sales volume
of cement, concrete and blocks decreased 12.2% primarily due to landslides, flooding and heavy rain, in the North of Peru since mid-February associated with coastal El Niño.
|
·
|
Revenues
decreased
9.3%.
|
·
|
Gross margin
of 40.3%, up 3.3 percentage points due to operational efficiencies despite lower sales volumes and increased depreciation.
|
·
|
Cement EBITDA margin
of 29.9%, up 1.8 percentage points resulting from operational efficiencies.
Consolidated EBITDA
of S/82.4 million, down 5%.
|
·
|
Net income of Continuing Operations
of S/22.4 million, down 24.1% due to lower operating profit because of increased depreciation from the Piura plant and the termination of borrowing cost capitalization following the conclusion of the Piura plant project. This is the last quarter that we should see these differences. Additionally, there was a one-off income booked in 1Q16 due to a provision for 2015 which was not executed and reverted in 1Q16.
|
·
|
Spin-off of the Company’s Phosphate Assets to FOSSAL
was effective March 1, 2017.
|
Financial and Operating Results
|
|||
1Q17
|
1Q16
|
% Var.
|
|
Financial and Operating Results
|
|||
Cement, concrete and blocks sales volume
|
521.6
|
594.4
|
-12.2%
|
In millions of S/.
|
|||
Sales of goods
|
280.1
|
308.8
|
-9.3%
|
Gross profit
|
112.9
|
114.2
|
-1.1%
|
Operating profit
|
51.8
|
63.3
|
-18.2%
|
Net income of Continuing Operations / 1
|
22.4
|
29.5
|
-24.1%
|
Net Income
|
21.7
|
27.7
|
-21.7%
|
Consolidated EBITDA
|
82.4
|
86.7
|
-5.0%
|
Cement EBITDA / 2
|
83.8
|
86.8
|
-3.5%
|
Gross Margin
|
40.3%
|
37.0%
|
3.3 pp.
|
Operating Margin
|
18.5%
|
20.5%
|
-2.0 pp.
|
Net income Margin of Continuing Operations
|
8.0%
|
9.6%
|
-1.6 pp.
|
Net Income Margin
|
7.7%
|
9.0%
|
-1.3 pp.
|
Consolidated EBITDA Margin
|
29.4%
|
28.1%
|
1.3 pp.
|
Cement EBITDA Margin
|
29.9%
|
28.1%
|
1.8 pp.
|
·
|
Talara Refinery – Cementos Pacasmayo has been contracted to provide cement, concrete and piles for this project. The Company estimates that as of March 31, 2017, approximately 91% of the total cement needed has been shipped.
|
·
|
Longitudinal de la Sierra Highway – Cementos Pacasmayo has been contracted to provide cement and concrete for this project. As of March 31, 2017, the Company estimates that approximately 57% of the total demand for the project has been shipped. Execution has been slow due to rains but we expect it to pick up in the coming months
|
Production
|
|||
1Q17
|
1Q16
|
% Var.
|
|
Planta Pacasmayo
|
267.9
|
365.0
|
-26.6%
|
Planta Rioja
|
71.4
|
77.0
|
-7.3%
|
Planta Piura
|
186.0
|
120.9
|
53.8%
|
Total
|
525.3
|
562.9
|
-6.7%
|
Production
|
|||
1Q17
|
1Q16
|
% Var.
|
|
Planta Pacasmayo
|
173.5
|
153.2
|
13.3%
|
Planta Rioja
|
51.5
|
60.8
|
-15.3%
|
Planta Piura
|
193.2
|
80.7
|
139.4%
|
Total
|
418.2
|
294.7
|
41.9%
|
Production
|
|||
1Q17
|
1Q16
|
% Var.
|
|
Pacasmayo Plant
|
41.6
|
24.2
|
71.9%
|
Utilization Rate
|
|||
1Q17
|
1Q16
|
% Var.
|
|
Cement
|
37.0%
|
50.3%
|
-13.3 pp.
|
Clinker
|
46.3%
|
40.9%
|
5.4 pp.
|
Quicklime
|
69.3%
|
40.3%
|
29.0 pp.
|
Utilization Rate
|
|||
1Q17
|
1Q16
|
% Var.
|
|
Cement
|
64.9%
|
70.0%
|
-5.1 pp.
|
Clinker
|
73.6%
|
86.8%
|
-13.2 pp.
|
Utilization Rate
|
|||
1Q17
|
1Q16
|
% Var.
|
|
Cement
|
46.5%
|
30.2%
|
16.3 pp.
|
Clinker
|
77.3%
|
32.3%
|
45.0 pp.
|
Utilization Rate
|
|||
1Q17
|
1Q16
|
% Var.
|
|
Cement
|
42.5%
|
45.6%
|
-3.1 pp.
|
Clinker
|
60.2%
|
42.4%
|
17.8 pp.
|
Income Statement
|
|||
1Q17
|
1Q16
|
% Var.
|
|
Sales of goods
|
280.1
|
308.8
|
-9.3%
|
Gross Profit
|
112.9
|
114.2
|
-1.1%
|
Total operating expenses, net
|
-61.2
|
-50.9
|
20.2%
|
Operating Profit
|
51.8
|
63.3
|
-18.2%
|
Total other expenses, net
|
-17.3
|
-20.7
|
-16.4%
|
Profit before income tax
|
34.5
|
42.6
|
-19.0%
|
Income tax expense
|
-12.0
|
-13.1
|
-8.4%
|
Profit from Continuing Operations
|
22.4
|
29.5
|
-24.1%
|
Profit from Discontinued Operations
|
-0.8
|
-1.7
|
-52.9%
|
Profit for the period
|
21.7
|
27.7
|
-21.7%
|
Cement, concrete and blocks
|
|||
1Q17
|
1Q16
|
% Var.
|
|
Sales of goods
|
245.6
|
278.5
|
-11.8%
|
Cost of Sales
|
-137.1
|
-167.9
|
-18.3%
|
Gross Profit
|
108.5
|
110.6
|
-1.9%
|
Gross Margin
|
44.2%
|
39.7%
|
4.5 pp.
|
Cement
|
|||
1Q17
|
1Q16
|
% Var.
|
|
Sales of goods
|
218.0
|
236.9
|
-8.0%
|
Cost of Sales
|
-114.2
|
-136.8
|
-16.5%
|
Gross Profit
|
103.8
|
100.1
|
3.7%
|
Gross Margin
|
47.6%
|
42.3%
|
5.3 pp.
|
Concrete
|
|||
1Q17
|
1Q16
|
% Var.
|
|
Sales of goods
|
23.0
|
33.6
|
-31.5%
|
Cost of Sales
|
-18.8
|
-25.2
|
-25.4%
|
Gross Profit
|
4.2
|
8.4
|
-50.0%
|
Gross Margin
|
18.3%
|
25.0%
|
-6.7 pp.
|
Blocks, bricks and pavers
|
|||
1Q17
|
1Q16
|
% Var.
|
|
Sales of goods
|
4.6
|
8.0
|
-42.5%
|
Cost of Sales
|
-4.1
|
-5.9
|
-30.5%
|
Gross Profit
|
0.5
|
2.1
|
-76.2%
|
Gross Margin
|
10.9%
|
26.3%
|
-15.4 pp.
|
Quicklime
|
|||
1Q17
|
1Q16
|
% Var.
|
|
Sales of goods
|
21.6
|
14.6
|
47.9%
|
Cost of Sales
|
-17.6
|
-11.2
|
57.1%
|
Gross Profit
|
4.0
|
3.5
|
14.3%
|
Gross Margin
|
18.5%
|
24.0%
|
-5.5 pp.
|
Construction Supplies
|
|||
1Q17
|
1Q16
|
% Var.
|
|
Sales of goods
|
13.0
|
14.6
|
-11.0%
|
Cost of Sales
|
-12.4
|
-14.6
|
-15.1%
|
Gross Profit
|
0.6
|
0.0
|
N/R
|
Gross Margin
|
4.6%
|
0.0%
|
4.6 pp.
|
Administrative expenses
|
|||
1Q17
|
1Q16
|
% Var.
|
|
Personnel expenses
|
26.7
|
25.0
|
6.8%
|
Third-party services
|
13.3
|
13.9
|
-4.3%
|
Board of directors compensation
|
1.6
|
1.5
|
6.7%
|
Depreciation and amortization
|
3.7
|
2.7
|
37.0%
|
Other
|
3.1
|
3.2
|
-3.1%
|
Total
|
48.4
|
46.3
|
4.5%
|
Selling and distribution expenses
|
|||
1Q17
|
1Q16
|
% Var.
|
|
Personnel expenses
|
4.9
|
4.1
|
19.5%
|
Advertising and promotion
|
5.2
|
3.4
|
52.9%
|
Other
|
2.0
|
1.6
|
25.0%
|
Total
|
12.1
|
9.1
|
33.0%
|
Consolidated EBITDA
|
|||
1Q17
|
1Q16
|
Var %.
|
|
Net Income from continuing operations
|
22.4
|
29.5
|
-24.1%
|
+ Income tax expense
|
12.0
|
13.1
|
-8.4%
|
- Finance income
|
-1.5
|
-0.2
|
N/R
|
+ Finance costs
|
17.7
|
16.8
|
5.4%
|
+/- Net (loss) gain from exchange rate
|
1.1
|
4.1
|
-73.2%
|
+ Depreciation and Amortization
|
30.7
|
23.4
|
31.2%
|
Consolidated adjusted EBITDA
|
82.4
|
86.7
|
-5.0%
|
EBITDA from Salsud *
|
1.4
|
0.1
|
N/R
|
Cement EBITDA
|
83.8
|
86.8
|
-3.5%
|
Bank
|
Amount (S/)
|
Interest rate
|
Initial Date
|
Maturity Date
|
Banco de Crédito del Perú
|
S/ 4.0
|
4.10%
|
March 31,2017
|
April 3, 2017
|
Banco de Crédito del Perú
|
S/ 1.0
|
4.10%
|
March 31,2017
|
April 3, 2017
|
S/ 5.0
|
Payments due by period
|
|||||
Less than 1 year
|
1-3 Years
|
3-5 Years
|
More than 5 Years
|
Total
|
|
Debt adjusted by hedge
|
-
|
-
|
-
|
913.3
|
913.3
|
Future interest payments
|
43.8
|
87.7
|
87.7
|
43.8
|
263.0
|
Total
|
43.8
|
87.7
|
87.7
|
957.1
|
1,176.3
|
Projects
|
3M17
|
Pacasmayo Plant Projects
|
5.0
|
Concrete and aggregates equipment
|
4.7
|
Rioja Plant Projects
|
0.4
|
Other investing activities
|
-
|
Total
|
10.1
|
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, Company performance and financial results. Also, certain reclassifications have been made to make figures comparable for the periods. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
|
Interim Condensed Consolidated Statements of Financial Position
|
||
As of March 31, 2017 (unaudited) and December 31, 2016 (audited)
|
||
Assets
|
As of mar-17
|
As of Dec-16
|
Current Assets
|
S/ (000)
|
S/ (000)
|
Cash and term deposits
|
18,544
|
80,215
|
Trade and other receivables
|
80,810
|
81,121
|
Income tax prepayments
|
40,336
|
46,546
|
Inventories
|
345,731
|
346,535
|
Prepayments
|
14,880
|
7,909
|
Total current assets
|
500,301
|
562,326
|
Assets held for distribution
|
-
|
338,411
|
As of mar-17
|
As of Dec-16
|
|
Non-current assets
|
S/ (000)
|
S/ (000)
|
Other receivables
|
24,439
|
25,120
|
Prepayments
|
937
|
1,222
|
Available-for-sale financial investments
|
21,873
|
657
|
Other financial instruments
|
46,158
|
69,912
|
Property, plant and equipment
|
2,244,757
|
2,273,048
|
Exploration and evaluation assets
|
44,726
|
43,028
|
Deferred income tax assets
|
6,781
|
6,350
|
Other assets
|
498
|
549
|
Total non-current assets
|
2,390,169
|
2,419,886
|
Total assets
|
500,799
|
562,875
|
Liabilities and equity
|
As of mar-17
|
As of Dec-16
|
Current liabilities
|
S/ (000)
|
S/ (000)
|
Trade and other payables
|
114,973
|
142,773
|
Income tax payable
|
2,803
|
3,464
|
Provisions
|
27,302
|
31,711
|
Total current liabilities
|
145,078
|
177,948
|
Liabilities directly related to assets held for distribution
|
-
|
2,704
|
As of mar-17
|
As of Dec-16
|
|
Non-current liabilities
|
S/ (000)
|
S/ (000)
|
Interest-bearing loans and borrowings
|
965,259
|
998,148
|
Other non-current provisions
|
22,042
|
22,042
|
Deferred income tax liabilities
|
134,793
|
139,752
|
Total non-current liabilities
|
1,122,094
|
1,159,942
|
Total liabilities
|
1,267,172
|
1,337,890
|
Equity
|
As of mar-17
|
As of Dec-16
|
S/ (000)
|
S/ (000)
|
|
Capital stock
|
423,868
|
531,461
|
Investment shares
|
40,279
|
50,503
|
Treasury shares
|
-119,005
|
-108,248
|
Additional paid-in capital
|
426,490
|
545,165
|
Legal reserve
|
153,349
|
188,075
|
Other reserves
|
-10,657
|
-16,602
|
Retained earnings
|
697,160
|
677,086
|
Equity attributable to equity holders of the parent
|
1,611,484
|
1,867,440
|
Non-controlling interests
|
11,814
|
112,589
|
Total equity
|
1,623,298
|
1,980,029
|
Total liabilities and equity
|
2,890,470
|
3,317,919
|
Interim condensed consolidated statements of profit or loss
|
||
For the three-month periods ended March 31, 2017 and 2016 (both unaudited)
|
||
1Q17
|
1Q16
|
|
S/ (000)
|
S/ (000)
|
|
Sales of goods
|
280,129
|
308,768
|
Cost of sales
|
-167,190
|
-194,540
|
Gross profit
|
112,939
|
114,228
|
Operating income (expenses)
|
||
Administrative expenses
|
-48,350
|
-46,401
|
Selling and distribution expenses
|
-12,139
|
-9,076
|
Other operating income (expenses), net
|
-694
|
4,548
|
Total operating expenses , net
|
-61,183
|
-50,929
|
Operating profit
|
51,756
|
63,299
|
Other income (expenses)
|
||
Finance income
|
1,530
|
266
|
Finance costs
|
-17,710
|
-16,839
|
Net (loss) gain from exchange difference
|
-1,110
|
-4,157
|
Total other expenses, net
|
-17,290
|
-20,730
|
Profit before income tax
|
34,466
|
42,569
|
Income tax expense
|
-12,021
|
-13,097
|
Profit for the year from continuing operations
|
22,445
|
29,472
|
Profit for the year from discontinued operations
|
-754
|
-1,731
|
Profit for the period
|
21,691
|
27,741
|
Attributable to:
|
||
Equity holders of the parent
|
23,305
|
28,459
|
Non-controlling interests
|
-614
|
-718
|
Net income
|
21,691
|
27,741
|
Earnings per share
|
||
Basic and diluted for continuing and discontinued operations attributable to equity holders of common
shares and investment shares of the parent (S/ per share)
|
0.04
|
0.06
|
1 Year Cementos Pacasmayo SAA Chart |
1 Month Cementos Pacasmayo SAA Chart |
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