Cementos Pacasmayo S.A.A. and Subsidiaries
Unaudited interim condensed consolidated financial statements as of September 30, 2023 and for the three and nine-month periods then ended
Firmado Digitalmente por:
CARLOS JOSE MOLINELLI MATEO Fecha: 25/10/2023 06:10:30 p.m.
Cementos Pacasmayo S.A.A. and Subsidiaries
Unaudited interim condensed consolidated financial statements as of September 30, 2023 and for the three and nine-month periods then ended
Content
Report on review of interim condensed consolidated unaudited financial statements
Interim condensed consolidated unaudited financial statements
Interim condensed consolidated unaudited statements of financial position Interim condensed consolidated unaudited statements of profit or loss
Interim condensed consolidated unaudited statements of other comprehensive income Interim condensed consolidated unaudited statements of changes in equity
Interim condensed consolidated unaudited statements of cash flows
Notes to the interim condensed consolidated unaudited financial statements
Tanaka, Valdivia & Asociados
Sociedad Civil de R. L
Report on review of interim condensed consolidated unaudited financial statements
To the Board of Directors and Shareholders of Cementos Pacasmayo S.A.A.
Introduction
We have reviewed the accompanying interim condensed consolidated unaudited statement of financial position of Cementos Pacasmayo S.A.A. (a Peruvian company) and its Subsidiaries (together the "Group") as of September 30, 2023, and the related interim condensed consolidated unaudited statements of profit or loss, other comprehensive income, changes in equity and cash flows for the three and nine-month periods then ended, and explanatory notes. Management is responsible for the preparation and presentation of these interim condensed consolidated unaudited financial statements in accordance with IAS 34 Interim Financial Reporting (IAS 34). Our responsibility is to express a conclusion on these interim condensed consolidated unaudited financial statements based on our review.
Scope of review
We conducted our review in accordance with International Auditing Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of the persons responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated unaudited financial statements are not prepared, in all material respects, in accordance with IAS 34.
Lima, Peru
October 25, 2023
Countersigned by:
Manuel Arribas Zevallos
C.P.C. Register No. 45987
Lima | Lima II |
Av. Jorge Basadre 330 | |
Av. Víctor Andrés | |
San Isidro | |
Belaunde 171 | |
Tel: +51 (1) 411 4444 | |
San Isidro | |
Tel: +51 (1) 411 4444 |
Arequipa | Trujillo |
Av. Bolognesi 407 | Av. El Golf 591 Urb. Del Golf III |
Yanahuara | Víctor Larco Herrera 13009, |
Tel: +51 (54) 484 470 | Sede Miguel Ángel Quijano Doig |
La Libertad | |
Tel: +51 (44) 608 830 |
Inscrita en la partida 11396556 del Registro de Personas Jurídicas de Lima y Callao Miembro de Ernst & Young Global
Cementos Pacasmayo S.A.A. and Subsidiaries
Interim condensed consolidated unaudited statements of financial position
As of September 30, 2023 (unaudited) and December 31, 2022 (audited)
As of | As of | ||||||
September | December, | ||||||
Note | 30, 2023 | 2022 | |||||
S/(000) | S/(000) | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | 3 | 177,124 | 81,773 | ||||
Term deposits with maturity greater than ninety days | 3 | 8,500 | - | ||||
Derivative financial instruments | 15 | - | 86,893 | ||||
Trade and other receivables | 4 | 96,078 | 101,491 | ||||
Income tax prepayments | 4,369 | 8,268 | |||||
Inventories | 5 | 817,685 | 884,969 | ||||
Prepayments | 21,595 | 25,059 | |||||
__________ | __________ | ||||||
Total current asset | 1,125,351 | 1,188,453 | |||||
__________ | __________ | ||||||
Non-current assets | |||||||
Trade and other receivables | 4 | 43,928 | 43,543 | ||||
Financial instruments designated at fair value through | |||||||
other comprehensive income | 15 | 274 | 274 | ||||
Property, plant and equipment | 6 | 2,151,371 | 2,007,838 | ||||
Intangible assets | 60,882 | 56,861 | |||||
Goodwill | 4,459 | 4,459 | |||||
Deferred income tax assets | 11,220 | 9,005 | |||||
Right of use asset | 7 | 6,470 | 3,639 | ||||
Other assets | 78 | 89 | |||||
__________ | __________ | ||||||
Total non-current assets | 2,278,682 | 2,125,708 | |||||
__________ | __________ | ||||||
Total assets | 3,404,033 | 3,314,161 | |||||
__________ | __________ | ||||||
Liability and equity | |||||||
Current liabilities | |||||||
Trade and other payables | 8 | 277,535 | 284,554 | ||||
Financial obligations | 9 and 15 | 345,146 | 618,907 | ||||
Lease liabilities | 7 | 3,184 | 2,005 | ||||
Income tax payable | 9,159 | 16,340 | |||||
Provisions | 10 | 56,120 | 31,333 | ||||
__________ | __________ | ||||||
Total current liabilities | 691,144 | 953,139 | |||||
__________ | __________ | ||||||
Non-current liabilities | |||||||
Financial obligations | 9 and 15 | 1,228,637 | 974,264 | ||||
Lease liabilities | 7 | 3,804 | 2,350 | ||||
Non-current provisions | 10 | 20,675 | 47,638 | ||||
Deferred income tax liabilities | 130,082 | 141,635 | |||||
__________ | __________ | ||||||
Total non-current liabilities | 1,383,198 | 1,165,887 | |||||
__________ | __________ | ||||||
Total liability | 2,074,342 | 2,119,026 | |||||
__________ | __________ | ||||||
Equity | |||||||
Capital stock | 423,868 | 423,868 | |||||
Investment shares | 40,279 | 40,279 | |||||
Investment shares held in treasury | (121,258) | (121,258) | |||||
Additional paid-in capital | 432,779 | 432,779 | |||||
Legal reserve | 168,636 | 168,636 | |||||
Other accumulated comprehensive loss | (16,272) | (17,787) | |||||
Retained earnings | 401,659 | 268,618 | |||||
__________ | __________ | ||||||
Total equity | 1,329,691 | 1,195,135 | |||||
__________ | __________ | ||||||
Total liability and equity | 3,404,033 | 3,314,161 | |||||
__________ | __________ | ||||||
The accompanying notes are an integral part of the interim condensed consolidated unaudited financial statements.
Cementos Pacasmayo S.A.A. and Subsidiaries
Interim condensed consolidated unaudited statements of profit or loss
For the three and nine-month periods ended September 30, 2023 and September 30, 2022 (unaudited)
For the three-month period | For the nine-month period | |||||||||||
ended September 30, | ended September 30, | |||||||||||
Note | 2023 | 2022 | 2023 | 2022 | ||||||||
S/(000) | S/(000) | S/(000) | S/(000) | |||||||||
Sales of goods | 12 | 516,664 | 553,556 | 1,438,698 | 1,581,851 | |||||||
Cost of sales | (342,025) | (387,695) | (950,886) | (1,092,943) | ||||||||
_________ | _________ | _________ | _________ | |||||||||
Gross profit | 174,639 | 165,861 | 487,812 | 488,908 | ||||||||
_________ | _________ | _________ | _________ | |||||||||
Operating expense | ||||||||||||
Administrative expenses | (55,099) | (58,149) | (171,155) | (166,399) | ||||||||
Selling and distribution expenses | (17,689) | (17,242) | (50,897) | (51,237) | ||||||||
Other operating expense, net | (10,290) | (688) | (8,814) | (2,023) | ||||||||
_________ | _________ | _________ | _________ | |||||||||
Total operating expenses, net | (83,078) | (76,079) | (230,866) | (219,659) | ||||||||
_________ | _________ | _________ | _________ | |||||||||
Operating profit | 91,561 | 89,782 | 256,946 | 269,249 | ||||||||
_________ | _________ | _________ | _________ | |||||||||
Other income (expenses) | ||||||||||||
Finance income | 2,063 | 855 | 4,254 | 2,425 | ||||||||
Finance costs | (26,907) | (24,999) | (76,784) | (71,607) | ||||||||
Net profit (loss) for valuation of trading | ||||||||||||
derivative financial instruments | 15(a) | - | 62 | 19 | (2) | |||||||
Gain (loss) from exchange difference, net | 376 | (1,832) | 5,717 | (1,481) | ||||||||
_________ | _________ | _________ | _________ | |||||||||
Total other expenses, net | (24,468) | (25,914) | (66,794) | (70,665) | ||||||||
_________ | _________ | _________ | _________ | |||||||||
Profit before income tax | 67,093 | 63,868 | 190,152 | 198,584 | ||||||||
Income tax expense | 11 | (20,978) | (19,667) | (57,111) | (60,679) | |||||||
_________ | _________ | _________ | _________ | |||||||||
Profit for the period | 46,115 | 44,201 | 133,041 | 137,905 | ||||||||
_________ | _________ | _________ | _________ | |||||||||
Earnings per share | ||||||||||||
Basic profit for the period attributable to | ||||||||||||
equity holders of common shares and | ||||||||||||
investment shares of the parent (S/ per | ||||||||||||
share) | 14 | 0.11 | 0.10 | 0.31 | 0.32 |
The accompanying notes are an integral part of the interim condensed consolidated unaudited financial statements.
Cementos Pacasmayo S.A.A. and Subsidiaries
Interim condensed consolidated unaudited statements of other comprehensive income
For the three and nine-month periods ended September 30, 2023 and September 30, 2022 (unaudited)
For the three-month period | For the nine-month period | ||||||||||
ended September 30, | ended September 30, | ||||||||||
Note | 2023 | 2022 | 2023 | 2022 | |||||||
S/(000) | S/(000) | S/(000) | S/(000) | ||||||||
Profit for the period | 46,115 | 44,201 | 133,041 | 137,905 | |||||||
_________ | _________ | _________ | _________ | ||||||||
Other comprehensive income | |||||||||||
Other comprehensive income to be | |||||||||||
reclassified to profit or loss in | |||||||||||
subsequent periods: | |||||||||||
Net gain on cash flow hedges | 15(a) | - | 1,256 | 2,154 | 1,647 | ||||||
Deferred income tax | 11 | - | (370) | (634) | (486) | ||||||
_________ | _________ | _________ | _________ | ||||||||
Other comprehensive income for the | |||||||||||
period, net of income tax | - | 886 | 1,520 | 1,161 | |||||||
_________ | _________ | _________ | _________ | ||||||||
Total comprehensive income for the | |||||||||||
period, net of income tax | 46,115 | 45,087 | 134,561 | 139,066 | |||||||
_________ | _________ | _________ | _________ | ||||||||
The accompanying notes are an integral part of the interim condensed consolidated unaudited financial statements.
Cementos Pacasmayo S.A.A. and Subsidiaries
Interim condensed consolidated unaudited statements of changes in equity
For the nine-month period ended September 30, 2023 and September 30, 2022 (unaudited)
Unrealized loss | ||||||||||||||||||||||
on financial | Unrealized | |||||||||||||||||||||
Investments | instruments | gain (loss) on | ||||||||||||||||||||
Capital | Investment | shares held in | Additional | Legal | designated at | cash flow | Retained | Total | ||||||||||||||
stock | shares | treasury | paid-in capital | reserve | fair value | hedge | earnings | equity | ||||||||||||||
S/(000) | S/(000) | S/(000) | S/(000) | S/(000) | S/(000) | S/(000) | S/(000) | S/(000) | ||||||||||||||
Balance as of January 1, 2022 | 423,868 | 40,279 | (121,258) | 432,779 | 168,636 | (15,869) | (4,225) | 271,595 | 1,195,805 | |||||||||||||
Profit for the period | - | - | - | - | - | - | - | 137,905 | 137,905 | |||||||||||||
Other comprehensive income for the period, net of | ||||||||||||||||||||||
income tax | - | - | - | - | - | - | 1,161 | - | 1,161 | |||||||||||||
__________ | __________ | __________ | __________ | __________ | __________ | __________ | __________ | __________ | ||||||||||||||
Total comprehensive income | - | - | - | - | - | - | 1,161 | 137,905 | 139,066 | |||||||||||||
__________ | __________ | __________ | __________ | __________ | __________ | __________ | __________ | __________ | ||||||||||||||
Balance as of September 30, 2022 | 423,868 | 40,279 | (121,258) | 432,779 | 168,636 | (15,869) | (3,064) | 409,500 | 1,334,871 | |||||||||||||
__________ | __________ | __________ | __________ | __________ | __________ | __________ | __________ | __________ | ||||||||||||||
Balance as of January 1, 2023 | 423,868 | 40,279 | (121,258) | 432,779 | 168,636 | (16,267) | (1,520) | 268,618 | 1,195,135 | |||||||||||||
Profit for the period | - | - | - | - | - | - | - | 133,041 | 133,041 | |||||||||||||
Other comprehensive income for the period, net of | ||||||||||||||||||||||
income tax | - | - | - | - | - | - | 1,520 | - | 1,520 | |||||||||||||
Others | - | - | - | - | - | (5) | - | - | (5) | |||||||||||||
__________ | __________ | __________ | __________ | __________ | __________ | __________ | __________ | __________ | ||||||||||||||
Total comprehensive income | - | - | - | - | - | (5) | 1,520 | 133,041 | 134,556 | |||||||||||||
__________ | __________ | __________ | __________ | __________ | __________ | __________ | __________ | __________ | ||||||||||||||
Balance as of September 30, 2023 | 423,868 | 40,279 | (121,258) | 432,779 | 168,636 | (16,272) | - | 401,659 | 1,329,691 | |||||||||||||
__________ | __________ | __________ | __________ | __________ | __________ | __________ | __________ | __________ | ||||||||||||||
The accompanying notes are an integral part of the interim condensed consolidated unaudited financial statements.
Cementos Pacasmayo S.A.A. and Subsidiaries
Interim condensed consolidated unaudited statements of cash flows
For the three and nine-month period ended September 30, 2023 and September 30, 2022
For the three-month period | For the nine-month period | ||||
Note | ended September 30 | ended September 30 | |||
2023 | 2022 | 2023 | 2022 | ||
S/(000) | S/(000) | S/(000) | S/(000) | ||
Operating activities | |||||
Profit before income tax | 67,093 | 63,868 | 190,152 | 198,584 | |
Non-cash adjustments to reconcile | |||||
profit before income tax to net | |||||
cash flows : | |||||
Depreciation and amortization | 37,377 | 34,959 | 105,283 | 103,621 | |
Finance costs | 26,907 | 24,999 | 76,784 | 71,607 | |
Long-term incentive plan | 13 | 1,854 | 2,235 | 5,775 | 6,039 |
Estimate expected credit loss | 4 | 231 | - | 1,746 | 1,893 |
Net (gain) loss on the settlement of | |||||
trading derivative financial | |||||
instruments | 15(a) | - | (62) | (19) | 2 |
Unrealized exchange difference | |||||
related to monetary transactions | (725) | (3,927) | (545) | 295 | |
Net gain on disposal of property, | |||||
plant and equipment | 6 | (308) | (53) | (695) | (460) |
Finance income | (2,063) | (855) | (4,254) | (2,425) | |
Other operating, net | 1,100 | 2,428 | 2,940 | 3,345 | |
Working capital adjustments | |||||
(Increase) decrease in trade and | |||||
other receivables | (5,401) | (20,603) | 1,866 | (11,674) | |
Decrease (increase) in prepayments | 4,783 | (8,194) | (580) | (22,933) | |
Decrease (increase) in inventories | 111,814 | (92,610) | 65,669 | (209,102) | |
Increase in trade and other | |||||
payables | 59,916 | 45,770 | 4,322 | 60,406 | |
_________ | _________ | _________ | _________ | ||
302,578 | 47,955 | 448,444 | 199,198 | ||
Interests received | 2,133 | 1,900 | 4,194 | 3,188 | |
Interests paid | (31,642) | (35,447) | (77,768) | (72,761) | |
Income tax paid | (25,212) | (16,987) | (78,938) | (68,087) | |
_________ | _________ | _________ | _________ | ||
Net cash flows provided (used in) by | |||||
operating activities | 247,857 | (2,579) | 295,932 | 61,538 | |
_________ | _________ | _________ | _________ |
Interim condensed consolidated statements of cash flows (continued)
For the three-month period | For the nine-month period | |||
Note | ended September 30, | ended September 30, | ||
2023 | 2022 | 2023 | 2022 | |
S/(000) | S/(000) | S/(000) | S/(000) | |
Investing activities | ||||
Purchase of property, plant and | ||||
equipment | (94,885) | (56,239) | (243,598) | (95,155) |
Purchase of intangible assets | (3,577) | (4,438) | (10,940) | (9,590) |
Loans to third parties | (702) | - | (1,202) | (141) | |||||
Opening of term deposits with original | |||||||||
maturity greater than 90 days | (8,500) | - | (18,500) | - | |||||
Collection of loan to third parties | - | - | 150 | 149 | |||||
Proceeds from sale of property, plant and | |||||||||
equipment | 536 | 398 | 1,221 | 1,519 | |||||
Redemption of term deposits with original | |||||||||
maturity greater than 90 days | 10,000 | - | 10,000 | - | |||||
_________ | _________ | _________ | _________ | ||||||
Net cash flows used in investing | |||||||||
activities | (97,128) | (60,279) | (262,869) | (103,218) | |||||
_________ | _________ | _________ | _________ | ||||||
Financing activities | |||||||||
Loan paid | 9 | (39,091) | (69,984) | (546,429) | (228,984) | ||||
Bank overdraft paid | - | - | (85,333) | - | |||||
Payment of hedge finance cost | - | (7,708) | (7,708) | (15,390) | |||||
Payment of lease liabilities | 7 | (935) | (628) | (2,322) | (1,821) | ||||
Dividends paid | (127) | (135) | (583) | (774) | |||||
Loan received | 9 | - | 70,000 | 525,000 | 229,000 | ||||
Income from settlement of derivative | |||||||||
financial instrument | - | - | 93,323 | - | |||||
Bank overdraft | - | - | 85,333 | - | |||||
Dividends returned | 163 | 2 | 462 | 172 | |||||
_________ | _________ | _________ | _________ | ||||||
Net cash flows provided by (used in) | |||||||||
financing activities | (39,990) | (8,453) | 61,743 | (17,797) | |||||
_________ | _________ | _________ | _________ | ||||||
Net increase (decrease) in cash and cash | |||||||||
equivalents | 110,739 | (71,311) | 94,806 | (59,477) | |||||
Net foreign exchange difference | 725 | 4,971 | 545 | (2,275) | |||||
Cash and cash equivalents at the | |||||||||
beginning of the period | 65,660 | 277,990 | 81,773 | 273,402 | |||||
_________ | _________ | _________ | _________ | ||||||
Cash and cash equivalents at the end of | |||||||||
the period | 3 | 177,124 | 211,650 | 177,124 | 211,650 | ||||
_________ | _________ | _________ | _________ | ||||||
Transactions with no effect in cash flows: | |||||||||
Unrealized exchange difference related to | |||||||||
monetary transactions | (725) | (3,927) | (545) | 295 | |||||
Outstanding accounts payable related to | |||||||||
acquisition of property, plant and | |||||||||
equipment as of September 30 | 6 | 1,104 | 1,995 | 12,140 | 8,022 | ||||
Recognition of right-of-use assets and | - | ||||||||
lease liabilities during the period | 7 | 4,829 | 4,829 | 305 |
The accompanying notes are an integral part of the interim condensed consolidated unaudited financial statements.
Cementos Pacasmayo S.A.A. and Subsidiaries
Notes to interim condensed consolidated unaudited financial statements
As of September 30, 2023 and 2022, and December 31, 2022
- Economic activity
-
Economic activity -
Cementos Pacasmayo S.A.A. (hereinafter "the Company") was incorporated in 1957 and, in accordance with the Law of Peruvian Companies, is an open stock corporation, its shares are listed in the Lima and New York Stock Exchange. The Company is a subsidiary of Inversiones ASPI S.A., which holds 50.01 percent of the Company's common shares as of September 30, 2023, December 31, 2022 and September 30, 2022.
The address registered by the Company is Calle La Colonia No.150, Urbanización El Vivero, Santiago de Surco, Lima, Peru.
The main activity of the Company is the production and commercialization of cement, precast, concrete and quicklime in the northern region of Peru.
The interim condensed consolidated unaudited financial statements of the Company and its subsidiaries (hereinafter the "Group") as of September 30, 2023 and for the nine-month period then ended, were approved for issuance by the Company's Management on October 25, 2023. The consolidated audited financial statements as of December 31, 2022 have been approved by the General Meeting of Shareholders, on March 24, 2023.
-
Economic activity -
- Basis of preparation and changes to the Group's accounting policies
2.1 Basis of preparation -
The interim condensed consolidated unaudited financial statements of the Group have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and have been prepared on a historical cost basis, except for financial instruments designated at fair value through other comprehensive income (OCI) and derivatives financial instruments that have been measured at fair value. The interim condensed consolidated unaudited financial statements are presented in soles and all values are rounded to the nearest thousand (S/000), except when otherwise indicated. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. The Management consider that there are no material uncertainties that may cast doubt significant doubt over this assumption. They have formed a judgement that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the end of the reporting period.
The interim condensed consolidated unaudited financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with Group's annual consolidated financial statements as of December 31, 2022.
Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Cementos Pacasmayo SAA published this content on 25 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2023 23:20:42 UTC.