Cementos Pacasmayo S.A.A. and Subsidiaries | |
Unaudited interim condensed consolidated financial statements
as of September 30, 2015 and for the three and nine-month periods then ended
|
Note
|
As of
September 30,
2015
|
As of
December 31,
2014
|
||||||||||
S/.(000) | S/.(000) | |||||||||||
Assets
|
||||||||||||
Current assets
|
||||||||||||
Cash and term deposits
|
3 | 405,611 | 580,499 | |||||||||
Trade and other receivables
|
4 | 126,575 | 110,843 | |||||||||
Income tax prepayments
|
29,057 | 15,042 | ||||||||||
Inventories
|
5 | 309,217 | 324,070 | |||||||||
Prepayments
|
12,538 | 4,367 | ||||||||||
882,998 | 1,034,821 | |||||||||||
Non-current assets
|
||||||||||||
Other receivables
|
4 | 62,346 | 53,948 | |||||||||
Prepayments
|
1,585 | 2,268 | ||||||||||
Available-for-sale financial investments
|
12 | 470 | 744 | |||||||||
Other financial instruments
|
12 | 108,287 | 12,251 | |||||||||
Property, plant and equipment
|
6 | 2,396,914 | 2,060,976 | |||||||||
Exploration and evaluation assets
|
77,145 | 57,740 | ||||||||||
Deferred income tax assets
|
20,485 | 17,175 | ||||||||||
Other assets
|
828 | 981 | ||||||||||
2,668,060 | 2,206,083 | |||||||||||
Total assets
|
3,551,058 | 3,240,904 | ||||||||||
Liabilities and equity
|
||||||||||||
Current liabilities
|
||||||||||||
Trade and other payables
|
7 | 300,878 | 137,569 | |||||||||
Income tax payable
|
2,467 | 8,720 | ||||||||||
Provisions
|
8 | 49,126 | 53,826 | |||||||||
352,471 | 200,115 | |||||||||||
Non-current liabilities
|
||||||||||||
Interest-bearing loans and borrowings
|
12 | 954,996 | 883,564 | |||||||||
Other non-current provisions
|
4,435 | 657 | ||||||||||
Deferred income tax liabilities
|
114,589 | 85,883 | ||||||||||
1,074,020 | 970,104 | |||||||||||
Total liabilities
|
1,426,491 | 1,170,219 | ||||||||||
Equity
|
||||||||||||
Capital stock
|
531,461 | 531,461 | ||||||||||
Investment shares
|
50,503 | 50,503 | ||||||||||
Additional paid-in capital
|
553,466 | 553,791 | ||||||||||
Legal reserve
|
170,380 | 154,905 | ||||||||||
Other components of equity
|
41,656 | 5,144 | ||||||||||
Retained earnings
|
673,058 | 696,736 | ||||||||||
Equity attributable to equity holders of the parent
|
2,020,524 | 1,992,540 | ||||||||||
Non-controlling interests
|
104,043 | 78,145 | ||||||||||
Total equity
|
2,124,567 | 2,070,685 | ||||||||||
Total liabilities and equity
|
3,551,058 | 3,240,904 |
For the three-month periods
ended September 30,
|
For the nine-month periods
ended September 30,
|
|||||||||||||||||||
Note
|
2015
|
2014
|
2015
|
2014
|
||||||||||||||||
S/.(000) | S/.(000) | S/.(000) | S/.(000) | |||||||||||||||||
Sales of goods
|
14 | 312,965 | 316,204 | 880,031 | 919,547 | |||||||||||||||
Cost of sales
|
(171,889 | ) | (187,127 | ) | (494,337 | ) | (546,260 | ) | ||||||||||||
Gross profit
|
141,076 | 129,077 | 385,694 | 373,287 | ||||||||||||||||
Operating income (expense)
|
||||||||||||||||||||
Administrative expenses
|
(51,383 | ) | (49,583 | ) | (149,145 | ) | (144,349 | ) | ||||||||||||
Selling and distribution expenses
|
(8,305 | ) | (7,553 | ) | (22,510 | ) | (23,119 | ) | ||||||||||||
Other operating income (expenses), net
|
532 | (1,514 | ) | 13,132 | (1,715 | ) | ||||||||||||||
Total operating expenses, net
|
(59,156 | ) | (58,650 | ) | (158,523 | ) | (169,183 | ) | ||||||||||||
Operating profit
|
81,920 | 70,427 | 227,171 | 204,104 | ||||||||||||||||
Other income (expenses)
|
||||||||||||||||||||
Finance income
|
1,271 | 1,252 | 2,757 | 7,231 | ||||||||||||||||
Finance costs
|
(8,411 | ) | (6,355 | ) | (25,456 | ) | (24,698 | ) | ||||||||||||
Net gain (loss) from exchange difference
|
2,013 | (6,217 | ) | 7,279 | (9,435 | ) | ||||||||||||||
Total other expenses, net
|
(5,127 | ) | (11,320 | ) | (15,420 | ) | (26,902 | ) | ||||||||||||
Profit before income tax
|
76,793 | 59,107 | 211,751 | 177,202 | ||||||||||||||||
Income tax expense
|
9 | (21,472 | ) | (18,635 | ) | (59,906 | ) | (55,933 | ) | |||||||||||
Profit for the period
|
55,321 | 40,472 | 151,845 | 121,269 | ||||||||||||||||
Attributable to:
|
||||||||||||||||||||
Equity holders of the parent
|
56,262 | 41,197 | 154,747 | 123,560 | ||||||||||||||||
Non-controlling interests
|
(941 | ) | (725 | ) | (2,902 | ) | (2,291 | ) | ||||||||||||
55,321 | 40,472 | 151,845 | 121,269 | |||||||||||||||||
Earnings per share
|
||||||||||||||||||||
Basic and diluted profit for the period attributable
to equity holders of common shares and
investment shares of the parent (S/. per share)
|
11 | 0.10 | 0.07 | 0.27 | 0.21 |
For the three-month periods
ended September 30,
|
For the nine-month periods
ended September 30,
|
|||||||||||||||||||
Note
|
2015
|
2014
|
2015
|
2014
|
||||||||||||||||
S/.(000) | S/.(000) | S/.(000) | S/.(000) | |||||||||||||||||
Profit for the period
|
55,321 | 40,472 | 151,845 | 121,269 | ||||||||||||||||
Other comprehensive income
|
||||||||||||||||||||
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
|
||||||||||||||||||||
Change in fair value of available-for-sale financial investments
|
(161 | ) | (2,198 | ) | (274 | ) | (6,694 | ) | ||||||||||||
Net gain on cash flow hedges
|
12 | 58,594 | - | 51,349 | - | |||||||||||||||
Deferred income tax related to component of other comprehensive income
|
9 | (15,194 | ) | 660 | (14,563 | ) | 2,009 | |||||||||||||
Other comprehensive income for the period, net of income tax
|
43,239 | (1,538 | ) | 36,512 | (4,685 | ) | ||||||||||||||
Total comprehensive income, net of income tax
|
98,560 | 38,934 | 188,357 | 116,584 | ||||||||||||||||
Total comprehensive income attributable to:
|
||||||||||||||||||||
Equity holders of the parent
|
99,501 | 39,659 | 191,259 | 118,875 | ||||||||||||||||
Non-controlling interests
|
(941 | ) | (725 | ) | (2,902 | ) | (2,291 | ) | ||||||||||||
98,560 | 38,934 | 188,357 | 116,584 |
Attributable to equity holders of the parent | ||||||||||||||||||||||||||||||||||||||||
Capital
stock
|
Investment
shares
|
Additional paid-in capital
|
Legal
reserve
|
Unrealized gain on available-
for-sale investments
|
Unrealized gain on derivative financial instruments |
Retained earnings
|
Total
|
Non-controlling interests
|
Total
equity
|
|||||||||||||||||||||||||||||||
S/.(000) |
S/.(000)
|
S/.(000)
|
S/.(000)
|
S/.(000)
|
S/.(000)
|
S/.(000)
|
S/.(000)
|
S/.(000)
|
S/.(000)
|
|||||||||||||||||||||||||||||||
Balance as of January 1, 2014
|
531,461 | 50,503 | 556,294 | 119,833 | 19,045 | - | 653,704 | 1,930,840 | 78,630 | 2,009,470 | ||||||||||||||||||||||||||||||
Profit for the period
|
- | - | - | - | - | - | 123,560 | 123,560 | (2,291 | ) | 121,269 | |||||||||||||||||||||||||||||
Other comprehensive income
|
- | - | - | - | (4,685 | ) | - | - | (4,685 | ) | - | (4,685 | ) | |||||||||||||||||||||||||||
Total comprehensive income
|
- | - | - | - | (4,685 | ) | - | 123,560 | 118,875 | (2,291 | ) | 116,584 | ||||||||||||||||||||||||||||
Appropriation of legal reserve
|
- | - | - | 11,267 | - | - | (11,267 | ) | - | - | - | |||||||||||||||||||||||||||||
Terminated dividends, note 7
|
- | - | - | 1,670 | - | - | - | 1,670 | - | 1,670 | ||||||||||||||||||||||||||||||
Contribution of non-controlling interests, note 1
|
- | - | - | - | - | - | - | - | 1,050 | 1,050 | ||||||||||||||||||||||||||||||
Other adjustments of non-controlling interests, note 1
|
- | - | (2,503 | ) | - | - | - | - | (2,503 | ) | 2,503 | - | ||||||||||||||||||||||||||||
Balance as of September 30, 2014
|
531,461 | 50,503 | 553,791 | 132,770 | 14,360 | - | 765,997 | 2,048,882 | 79,892 | 2,128,774 | ||||||||||||||||||||||||||||||
Balance as of January 1, 2015
|
531,461 | 50,503 | 553,791 | 154,905 | 218 | 4,926 | 696,736 | 1,992,540 | 78,145 | 2,070,685 | ||||||||||||||||||||||||||||||
Profit for the period
|
- | - | - | - | - | - | 154,747 | 154,747 | (2,902 | ) | 151,845 | |||||||||||||||||||||||||||||
Other comprehensive income
|
- | - | - | - | (204 | ) | 36,716 | - | 36,512 | - | 36,512 | |||||||||||||||||||||||||||||
Total comprehensive income
|
- | - | - | - | (204 | ) | 36,716 | 154,747 | 191,259 | (2,902 | ) | 188,357 | ||||||||||||||||||||||||||||
Appropriation of legal reserve
|
- | - | - | 15,475 | - | - | (15,475 | ) | - | - | - | |||||||||||||||||||||||||||||
Contribution of non-controlling interests, note 1
|
- | - | - | - | - | - | - | - | 28,475 | 28,475 | ||||||||||||||||||||||||||||||
Other adjustments of non-controlling interests, note 1
|
- | - | (325 | ) | - | - | - | - | (325 | ) | 325 | - | ||||||||||||||||||||||||||||
Authorized dividends, note 7
|
- | - | - | - | - | - | (162,950 | ) | (162,950 | ) | - | (162,950 | ) | |||||||||||||||||||||||||||
Balance as of September 30, 2015
|
531,461 | 50,503 | 553,466 | 170,380 | 14 | 41,642 | 673,058 | 2,020,524 | 104,043 | 2,124,567 |
For the three-month periods ended
September 30,
|
For the nine-month
periods ended
September 30,
|
|||||||||||||||||||
Note
|
2015
|
2014
|
2015
|
2014
|
||||||||||||||||
S/.(000) | S/.(000). | S/.(000) | S/.(000) | |||||||||||||||||
Operating activities
|
||||||||||||||||||||
Profit before income tax
|
76,793 | 59,107 | 211,751 | 177,202 | ||||||||||||||||
Non-cash adjustments to reconcile profit before
|
||||||||||||||||||||
income tax to net cash flows | ||||||||||||||||||||
Depreciation and amortization
|
17,656 | 16,650 | 50,930 | 47,554 | ||||||||||||||||
Unrealized exchange difference related to monetary transactions
|
10,590 | 12,794 | 40,589 | 12,794 | ||||||||||||||||
Finance costs
|
8,411 | 6,355 | 25,456 | 24,698 | ||||||||||||||||
Long-term incentive plan
|
10 | 6,151 | 1,628 | 10,511 | 4,880 | |||||||||||||||
Amortization of costs of issuance of senior notes
|
411 | 409 | 1,233 | 1,231 | ||||||||||||||||
Unwinding of discount of long-term incentive plan
|
198 | 170 | 594 | 506 | ||||||||||||||||
Unrealized exchange difference hedge
|
(13,200 | ) | - | (44,687 | ) | - | ||||||||||||||
Net (gain) loss on disposal of property, plant and Equipment
|
6 | 1,100 | - | (7,661 | ) | 1,079 | ||||||||||||||
Finance income
|
(1,271 | ) | (1,252 | ) | (2,757 | ) | (7,231 | ) | ||||||||||||
Recovery of impairment of inventories
|
- | (4 | ) | - | (21 | ) | ||||||||||||||
Other operating, net
|
477 | (770 | ) | 571 | 144 | |||||||||||||||
Working capital adjustments
|
||||||||||||||||||||
Increase in trade and other receivables
|
(1,465 | ) | (8,208 | ) | (12,390 | ) | (64,309 | ) | ||||||||||||
Decrease (increase) in prepayments
|
3,284 | 1,890 | (7,488 | ) | (3,849 | ) | ||||||||||||||
Decrease (increase) in inventories
|
11,673 | (10,396 | ) | 14,853 | 13,290 | |||||||||||||||
(Decrease) increase in trade and other payables
|
(10,633 | ) | 25,855 | (17,312 | ) | 18,617 | ||||||||||||||
110,175 | 104,228 | 264,193 | 226,585 | |||||||||||||||||
Interests received
|
675 | 1,373 | 2,123 | 12,105 | ||||||||||||||||
Interests paid
|
(22,084 | ) | (20,158 | ) | (43,158 | ) | (43,359 | ) | ||||||||||||
Income tax paid
|
(20,960 | ) | (14,141 | ) | (69,342 | ) | (49,154 | ) | ||||||||||||
Net cash flows provided from operating activities
|
67,806 | 71,302 | 153,816 | 146,177 |
For the three-month periods
ended
September 30,
|
For the nine-month
periods ended
September 30,
|
|||||||||||||||||||
Note
|
2015
|
2014
|
2015
|
2014
|
||||||||||||||||
S/.(000) | S/.(000) |
S/.(000)
|
S/.(000)
|
|||||||||||||||||
Investing activities
|
||||||||||||||||||||
Liquidation of time deposits with original maturities | ||||||||||||||||||||
greater than 90 days
|
157,750 | - | 157,750 | - | ||||||||||||||||
Purchase of property, plant and equipment
|
6 | (123,969 | ) | (208,717 | ) | (378,639 | ) | (474,089 | ) | |||||||||||
Acquisition of time deposits with original maturities | ||||||||||||||||||||
greater than 90 days
|
- | - | (157,750 | ) | - | |||||||||||||||
Purchase of evaluation and exploration assets
|
- | - | (7,888 | ) | (1,744 | ) | ||||||||||||||
Proceeds from sale of property, plant and | ||||||||||||||||||||
equipment
|
36 | - | 66 | 512 | ||||||||||||||||
Net cash provided from (used in) investing activities
|
33,817 | (208,717 | ) | (386,461 | ) | (475,321 | ) | |||||||||||||
Financing activities
|
||||||||||||||||||||
Contribution of non-controlling interests
|
1 | 28,198 | 231 | 28,475 | 1,050 | |||||||||||||||
Dividends paid
|
- | (68 | ) | (328 | ) | (213 | ) | |||||||||||||
Net cash flows provided from financing | ||||||||||||||||||||
activities
|
28,198 | 163 | 28,147 | 837 | ||||||||||||||||
Net decrease in cash and cash equivalents
|
129,821 | (137,252 | ) | (204,498 | ) | (328,307 | ) | |||||||||||||
Net foreign exchange difference
|
4,219 | 16,793 | 29,610 | 16,007 | ||||||||||||||||
Cash and cash equivalents at the beginning of the | ||||||||||||||||||||
period
|
271,571 | 785,111 | 580,499 | 976,952 | ||||||||||||||||
Cash and cash equivalents at the end of the period
|
3 | 405,611 | 664,652 | 405,611 | 664,652 | |||||||||||||||
Transactions with no effect in cash flows:
|
||||||||||||||||||||
Unrealized exchange difference related to monetary | ||||||||||||||||||||
transactions
|
9,813 | 12,794 | 39,812 | 12,794 | ||||||||||||||||
Sale of property, plant and equiptment, pending of | ||||||||||||||||||||
collect
|
- | - | 11,106 | - | ||||||||||||||||
Unpaid declared dividends
|
7 | 162,950 | - | 162,950 | - |
-
|
Amendments to IAS 19 Defined Benefit Plans: Employee Contributions
|
-
|
Annual Improvements 2010-2012 Cycle
|
-
|
Annual Improvements 2011-2013 Cycle
|
2.3 | Seasonality - |
Seasonality is not relevant for the activities of the Group. | |
3. | Cash and term deposits |
As of
September 30,
2015
|
As of
December 31,
2014
|
As of
September 30,
2014
|
||||||||||
S/.(000) | S/.(000) |
S/.(000)
|
||||||||||
Cash on hand
|
1,421 | 2,763 | 1,486 | |||||||||
Cash at banks (b)
|
72,985 | 283,568 | 287,540 | |||||||||
Short-term deposits (c)
|
331,205 | 294,168 | 375,626 | |||||||||
Cash balances included in statements of cash flows
|
405,611 | 580,499 | 664,652 |
(b) | Cash at banks is denominated in local and foreign currencies, is deposited in domestic and foreign banks and is freely available. The cash at banks interest yield is based on daily bank deposit rates. |
(c) | As of September 30, 2015, December 31, 2014 and September 30, 2014, the short-term deposits held in domestic banks were freely available and earned interest at the respective short-term market rates and have maturities of less than three months. |
For the three-month periods ended September 30,
|
For the nine-month
periods ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
S/.(000) |
S/.(000)
|
S/.(000)
|
S/.(000)
|
|||||||||||||
Current income tax expense
|
(18,458 | ) | (19,607 | ) | (49,074 | ) | (60,291 | ) | ||||||||
Deferred income tax expense
|
(3,014 | ) | 972 | (10,832 | ) | 4,358 | ||||||||||
Income tax expense recognized in the | ||||||||||||||||
consolidated statements of profit or loss
|
(21,472 | ) | (18,635 | ) | (59,906 | ) | (55,933 | ) | ||||||||
Income tax recognized in other comprehensive | ||||||||||||||||
income
|
(15,194 | ) | 660 | (14,563 | ) | 2,009 | ||||||||||
Total income tax
|
(36,666 | ) | (17,975 | ) | (74,469 | ) | (53,924 | ) |
For the three-month periods ended September 30,
|
For the nine-month
periods ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
S/.(000)
|
S/.(000)
|
S/.(000)
|
S/.(000)
|
|||||||||||||
Unrealized loss on available-for-sale financial | ||||||||||||||||
investments
|
41 | 660 | 70 | 2,009 | ||||||||||||
Unrealized gain on derivative financial instruments
|
(15,235 | ) | - | (14,633 | ) | - | ||||||||||
Total deferred income tax on OCI
|
(15,194 | ) | 660 | (14,563 | ) | 2,009 |
During the three and nine-months periods ended September 30, 2015 and 2014, the Group carried out the following main transactions with Inversiones ASPI S.A. and its related parties: |
For the three-month periods
ended September 30,
|
For the nine-month periods
ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
S/.(000) |
S/.(000)
|
S/.(000)
|
S/.(000)
|
|||||||||||||
Income
|
||||||||||||||||
Fees from land rental services
|
83 | 72 | 244 | 217 | ||||||||||||
Fees from office lease
|
85 | 70 | 247 | 176 | ||||||||||||
Fees for management and administrative services
|
125 | 93 | 374 | 280 | ||||||||||||
Expense
|
||||||||||||||||
Security services provided by Compañía Minera | ||||||||||||||||
Ares S.A.C.
|
(217 | ) | (574 | ) | (763 | ) | (1,220 | ) | ||||||||
Other transactions
|
||||||||||||||||
Unpaid declared dividends to Inversiones ASPI S.A.
|
83,004 | - | 83,004 | - |
September 30, 2015
|
December 31, 2014
|
|||||||||||||||
Accounts
receivable
|
Accounts
payable
|
Accounts
receivable
|
Accounts
payable
|
|||||||||||||
S/.(000) |
S/.(000)
|
S/.(000)
|
S/.(000)
|
|||||||||||||
Dividends payable to Inversiones ASPI S.A.
|
- | 83,004 | - | - | ||||||||||||
Inversiones ASPI S.A.
|
321 | - | 187 | - | ||||||||||||
Compañía Minera Ares S.A.C.
|
637 | - | 357 | - | ||||||||||||
Others
|
87 | - | 13 | - | ||||||||||||
1,045 | 83,004 | 557 | - |
Basic earnings per share amounts are calculated by dividing net profit for the three and nine-month periods ended September 30, 2015 and 2014 attributable to common shares and investment shares of the parent by the weighted average number of common and investment shares outstanding during those periods. |
For the three-month periods
ended September 30,
|
For the nine-month periods
ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
S/.(000) |
S/.(000)
|
S/.(000)
|
S/.(000)
|
|||||||||||||
Numerator
|
||||||||||||||||
Net profit attributable to ordinary equity holders of | ||||||||||||||||
the parent
|
56,262 | 41,917 | 154,747 | 123,560 |
For the three-month periods
ended September 30,
|
For the nine-month periods
ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Thousands
|
Thousands
|
Thousands
|
Thousands
|
|||||||||||||
Denominator
|
||||||||||||||||
Weighted average number of common and | ||||||||||||||||
investment shares
|
581,964 | 581,964 | 581,964 | 581,964 |
For the three-month periods
ended September 30,
|
For the nine-month periods
ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
S/. |
S/.
|
S/.
|
S/.
|
|||||||||||||
Basic and diluted earnings for common and | ||||||||||||||||
investment shares
|
$ | 0.10 | $ | 0.07 | $ | 0.27 | $ | 0.21 |
There have been no other transactions involving common shares or potential common shares between the reporting date and the date of completion of these interim condensed consolidated financial statements. |
12.
|
Financial instruments
|
As of
September 30,
2015
|
As of
December 31,
2014
|
|||||||
S/.(000) | S/.(000) | |||||||
Financial instruments at fair value through of other comprehensive income
|
||||||||
Derivative financial instruments (cross currency swaps)
|
108,287 | 12,251 | ||||||
Total cash flow hedge
|
108,287 | 12,251 | ||||||
Available-for-sale financial investments at fair value through other comprehensive income
|
||||||||
Quoted equity shares
|
470 | 744 | ||||||
Total available-for-sale investments
|
470 | 744 | ||||||
Total financial assets at fair value
|
108,757 | 12,995 |
(b) | Hedging activities and derivatives - |
Cash flow hedges - | |
Foreign currency risk - |
As of September 30, 2015
|
||||||||
Assets
|
Liabilities
|
|||||||
S/.(000) |
S/.(000)
|
|||||||
Cross currency swap contracts designated as hedging instruments
|
||||||||
Fair value (notional of US$300,000,000)
|
108,287 | - | ||||||
108,287 | - |
As of December 31, 2014
|
||||||||
Assets
|
Liabilities
|
|||||||
S/.(000)
|
S/.(000)
|
|||||||
Cross currency swap contracts designated as hedging instruments
|
||||||||
Fair value (notional of US$120,000,000)
|
12,251 | - | ||||||
12,251 | - |
Carrying amount
|
Fair value
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
S/.(000) |
S/.(000)
|
S/.(000)
|
S/.(000)
|
|||||||||||||
Financial assets
|
||||||||||||||||
Derivatives financial assets – Cross | ||||||||||||||||
currency swaps
|
108,287 | 12,251 | 108,287 | 12,251 | ||||||||||||
Available-for - sale financial investments
|
470 | 744 | 470 | 744 | ||||||||||||
Total financial assets – non - current
|
108,757 | 12,995 | 108,757 | 12,995 | ||||||||||||
Financial liabilities
|
||||||||||||||||
Financial obligations:
|
||||||||||||||||
Senior Notes
|
954,996 | 883,564 | 870,392 | 814,313 | ||||||||||||
Total financial liabilities
|
954,996 | 883,564 | 870,392 | 814,313 |
|
-
|
The fair value of cross currency swaps is measured by using valuation techniques where inputs are based on market data. The most frequently applied valuation techniques include swap valuation models, using present value calculations. The models incorporate various inputs, including the credit quality of counterparties, foreign exchange, forward rates and interest rate curves.
|
|
-
|
The fair value of the quoted senior notes is based on price quotations at the reporting date, net of issuance costs. The Group has not unquoted liability instruments for which fair value is disclosed as of September 30, 2015 and December 31, 2014.
|
|
-
|
Fair value of available-for-sale investments is derived from quoted market prices in active markets.
|
|
(d)
|
Fair value hierarchy-
|
Fair value measurement using
|
||||||||||||
Total
|
Quoted prices in active markets
(Level 1)
|
Significant observable inputs
(Level 2)
|
||||||||||
S/.(000) |
S/.(000)
|
S/.(000)
|
||||||||||
Assets measured at fair value:
|
||||||||||||
Derivative financial assets:
|
||||||||||||
Cross currency swaps
|
108,287 | - | 108,287 | |||||||||
Available-for-sale financial investments:
|
||||||||||||
Quoted equity shares
|
470 | 470 | - | |||||||||
Total financial assets
|
108,757 | 470 | 108,287 | |||||||||
Liabilities for which fair values are disclosed:
|
||||||||||||
Senior Notes
|
870,392 | - | 870,392 | |||||||||
Total financial liabilities
|
870,392 | - | 870,392 |
Fair value measurement using
|
||||||||||||
Total
|
Quoted prices in active markets
(Level 1)
|
Significant observable inputs
(Level 2)
|
||||||||||
S/.(000) |
S/.(000)
|
S/.(000)
|
||||||||||
Assets measured at fair value:
|
||||||||||||
Derivative financial assets:
|
||||||||||||
Cross currency swaps
|
12,251 | - | 12,251 | |||||||||
Available-for-sale financial investments:
|
||||||||||||
Quoted equity shares
|
744 | 744 | - | |||||||||
Total financial assets
|
12,995 | 744 | 12,251 | |||||||||
Liabilities for which fair values are disclosed:
|
||||||||||||
Senior Notes
|
814,313 | - | 814,313 | |||||||||
Total financial liabilities
|
814,313 | - | 814,313 |
- | Construction of a cement plant located in Piura by S/.47,995,000. |
- | Commissioning of a diatomites brick plant in the North of Peru by S/.23,000. |
- | Development activities of phosphoric rock by S/.4,183,000. |
- | Commitment for development of brine Project up to US$100,000,000, see note 1. In connection with this commitment, as of September 30, 2015 the Group has made contributions for US$18,797,000. |
- | Commitment of future sales of phosphoric rock to Mitsubishi Corporation when the project starts production. |
- | The Group maintains long-term electricity supply agreements which billings are determined taking into consideration consumption of electricity and other market variables. |
- | Since November 2013, the Group has a five-year period natural gas supply agreement for its diatomite brick plant, which billings are determined taking into account consumption of natural gas and other market variables. Also, the volumes are subject to take or pay clauses that establish minimum levels of natural gas consumption. As of September 30, 2015, the Group has accomplished the minimum requirements established in this agreement. |
- | Since July 2015, the Group has a five-year period natural gas supply agreement for a cement plant located in Piura, which billings are determined taking into account consumption of natural gas and other market variables. Also, the volumes are subject to take or pay clauses that establish minimum levels of natural gas consumption. As of September 30, 2015, the Group has accomplished the requirements established in this agreement. |
- |
4.1 percent of the profits generated until December 31, 2014.
|
- | For the profits generated from 2015 onwards, whose distribution is made after that date the percentages will be the following: |
Years open to review by Tax Authorities
|
||||||||
Entity
|
Income tax
|
Value-added tax
|
||||||
Cemento Pacasmayo S.A.A.
|
2011-2014 |
Dec. 2010-2015
|
||||||
Cementos Selva S.A.
|
2009/2011-2014 | 2011-2015 | ||||||
Distribuidora Norte Pacasmayo S.R.L.
|
2010/2012-2014 |
Dec. 2010-2015
|
||||||
Empresa de Transmisión Guadalupe S.A.C.
|
2010-2014 |
Dec. 2010-2015
|
||||||
Fosfatos del Pacífico S.A.
|
2010-2014 |
Dec. 2010-2015
|
||||||
Salmueras Sudamericanas S.A.
|
2011-2014 | 2011-2015 | ||||||
Calizas del Norte S.A.C.
|
2013-2014 | 2013-2015 | ||||||
Corianta S.A. (*)
|
2010-2011 | (**) | ||||||
Tinku Generacion S.A.C. (*)
|
2010-2011 |
Dec. 2010-2011
|
Senior Notes | |
In February 2013, the Company issued Senior Notes by US$300,000,000 with interest rate of 4.50% and maturity on 2023. During the nine-month period ended as of September 30, 2015, the Senior Notes accrued interest for S/.31,904,000. | |
In the case that the Company and Guarantee Subsidiaries requires to issue debt or equity instruments or merges with another company or dispose or rent significant assets, the Senior Notes will activate the following covenants, calculated on the Company and Guarantee Subsidiaries annual consolidated financial statements: |
14. | Segment information |
For management purposes, the Group is organized into business units based on their products and activities, and have three reportable segments as follows: |
- | Production and marketing of cement, concrete and blocks in the northern region of Peru. | |
- | Sale of construction supplies in the northern region of Peru. | |
- | Production and marketing of quicklime in the northern region of Peru. |
Total revenue from
external customers
|
Gross
margin
|
Profit (loss) before
income tax
|
Income tax
|
Profit (loss)
for the period
|
||||||||||||||||||||||||||||||||||||
September 30,
2015
|
September 30,
2014
|
September 30,
2015
|
September 30,
2014
|
September 30,
2015
|
September 30,
2014
|
September 30,
2015
|
September 30,
2014
|
September 30,
2015
|
September 30,
2014
|
|||||||||||||||||||||||||||||||
S/.(000) |
S/.(000)
|
S/.(000)
|
S/.(000)
|
S/.(000)
|
S/.(000)
|
S/.(000)
|
S/.(000)
|
S/.(000)
|
S/.(000)
|
|||||||||||||||||||||||||||||||
For the three-month periods ended
|
||||||||||||||||||||||||||||||||||||||||
Cement, concrete and blocks
|
280,153 | 276,139 | 137,541 | 126,092 | 81,138 | 63,863 | (22,689 | ) | (20,135 | ) | 58,449 | 43,728 | ||||||||||||||||||||||||||||
Construction supplies
|
17,622 | 24,713 | 377 | 808 | (345 | ) | (20 | ) | 97 | 6 | (248 | ) | (14 | ) | ||||||||||||||||||||||||||
Quicklime
|
14,725 | 15,215 | 3,039 | 2,218 | (332 | ) | (1,480 | ) | 95 | 467 | (237 | ) | (1,013 | ) | ||||||||||||||||||||||||||
Other
|
465 | 137 | 119 | (41 | ) | (3,668 | ) | (3,256 | ) | 1,025 | 1,027 | (2,643 | ) | (2,229 | ) | |||||||||||||||||||||||||
Consolidated
|
312,965 | 316,204 | 141,076 | 129,077 | 76,793 | 59,107 | (21,472 | ) | (18,635 | ) | 55,321 | 40,472 | ||||||||||||||||||||||||||||
For the nine-month periods ended
|
||||||||||||||||||||||||||||||||||||||||
Cement, concrete and blocks
|
771,099 | 801,580 | 372,560 | 365,405 | 222,704 | 191,556 | (63,005 | ) | (60,464 | ) | 159,699 | 131,092 | ||||||||||||||||||||||||||||
Construction supplies
|
54,222 | 71,625 | 1,714 | 2,333 | (347 | ) | (81 | ) | 98 | 25 | (249 | ) | (56 | ) | ||||||||||||||||||||||||||
Quicklime
|
53,896 | 45,745 | 11,284 | 5,783 | 88 | (4,824 | ) | (25 | ) | 1,523 | 63 | (3,301 | ) | |||||||||||||||||||||||||||
Other
|
814 | 597 | 136 | (234 | ) | (10,694 | ) | (9,449 | ) | 3,026 | 2,983 | (7,668 | ) | (6,466 | ) | |||||||||||||||||||||||||
Consolidated
|
880,031 | 919,547 | 385,694 | 373,287 | 211,751 | 177,202 | (59,906 | ) | (55,933 | ) | 151,845 | 121,269 |
Segment
assets
|
Other
assets
|
Total
assets
|
Segment liabilities
|
|||||||||||||
S/.(000) |
S/.(000)
|
S/.(000)
|
S/.(000)
|
|||||||||||||
September 30, 2015
|
||||||||||||||||
Cement, concrete and blocks
|
2,890,544 | - | 2,890,544 | 1,390,734 | ||||||||||||
Construction supplies
|
27,085 | - | 27,085 | 30,562 | ||||||||||||
Quicklime
|
125,541 | - | 125,541 | - | ||||||||||||
Other
|
399,131 | 108,757 | 507,888 | 5,195 | ||||||||||||
Consolidated
|
3,442,301 | 108,757 | 3,551,058 | 1,426,491 | ||||||||||||
December 31, 2014
|
||||||||||||||||
Cement, concrete and blocks
|
2,744,140 | - | 2,744,140 | 1,129,792 | ||||||||||||
Construction supplies
|
28,215 | - | 28,215 | 32,858 | ||||||||||||
Quicklime
|
129,483 | - | 129,483 | - | ||||||||||||
Other
|
326,071 | 12,995 | 339,066 | 7,569 | ||||||||||||
Consolidated
|
3,227,909 | 12,995 | 3,240,904 | 1,170,219 |