Cementos Pacasmayo S.A.A. and Subsidiaries
Unaudited interim condensed consolidated financial statements as of March 31, 2024 and for the three-month period then ended
Firmado Digitalmente por:
CARLOS JOSE MOLINELLI MATEO Fecha: 29/04/2024 06:09:17 p.m.
Cementos Pacasmayo S.A.A. and Subsidiaries
Unaudited interim condensed consolidated financial statements as of March 31, 2024 and for the three-month period 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. and its Subsidiaries (together the "Group") as of March 31, 2024, and the related interim condensed consolidated unaudited statements of profit or loss, other comprehensive income, changes in equity and cash flows for the three-month period 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.
Report on review of interim condensed consolidated unaudited financial
statements (continued)
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
April 29, 2024
Countersigned by:
Manuel Arribas
C.P.C.C. Register No. 45987
Cementos Pacasmayo S.A.A. and Subsidiaries
Interim condensed consolidated unaudited statements of financial position
As of March 31, 2024 (unaudited) and December 31, 2023 (audited)
As of | As of | ||||||
March 31, | December 31, | ||||||
Note | 2024 | 2023 | |||||
S/(000) | S/(000) | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | 3 | 55,325 | 90,193 | ||||
Trade and other receivables | 4 | 136,950 | 99,688 | ||||
Income tax prepayments | 3,474 | 4,485 | |||||
Inventories | 5 | 772,824 | 791,074 | ||||
Prepayments | 33,534 | 6,809 | |||||
__________ | __________ | ||||||
Total current asset | 1,002,107 | 992,249 | |||||
__________ | __________ | ||||||
Non-current assets | |||||||
Trade and other receivables | 4 | 43,290 | 43,397 | ||||
Financial instruments designated at fair value | |||||||
through other comprehensive income | 14 | 604 | 249 | ||||
Property, plant and equipment | 6 | 2,077,054 | 2,099,351 | ||||
Intangible assets | 62,019 | 62,920 | |||||
Goodwill | 4,459 | 4,459 | |||||
Deferred income tax assets | 12,550 | 11,428 | |||||
Right-of-use asset, net | 6,977 | 7,609 | |||||
Other assets | 71 | 73 | |||||
__________ | __________ | ||||||
Total non-current asset | 2,207,024 | 2,229,486 | |||||
__________ | __________ | ||||||
Total assets | 3,209,131 | 3,221,735 | |||||
__________ | __________ | ||||||
Liability and equity | |||||||
Current liabilities | |||||||
Trade and other payables | 7 | 222,717 | 231,511 | ||||
Financial obligations | 8 and 14 | 420,346 | 383,146 | ||||
Lease liabilities | 3,547 | 3,999 | |||||
Income tax payables | 6,185 | 14,222 | |||||
Provisions | 9 | 7,404 | 56,510 | ||||
__________ | __________ | ||||||
Total current liabilities | 660,199 | 689,388 | |||||
__________ | __________ | ||||||
Non-current liabilities | |||||||
Financial obligations | 8 and 14 | 1,151,117 | 1,189,880 | ||||
Lease liabilities | 3,875 | 4,130 | |||||
Non-current provisions | 9 | 28,255 | 27,453 | ||||
Deferred income tax liabilities | 126,239 | 120,876 | |||||
__________ | __________ | ||||||
Total non-current liabilities | 1,309,486 | 1,342,339 | |||||
__________ | __________ | ||||||
Total liability | 1,969,685 | 2,031,727 | |||||
__________ | __________ | ||||||
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 | (16,290) | (16,290) | |||||
Retained earnings | 311,432 | 261,994 | |||||
__________ | __________ | ||||||
Total equity | 1,239,446 | 1,190,008 | |||||
__________ | __________ | ||||||
Total liability and equity | 3,209,131 | 3,221,735 | |||||
__________ | __________ | ||||||
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-month period ended March 31, 2024 and March 31, 2023 (unaudited)
For the three-month period | |||||||
ended March 31, | |||||||
Note | 2024 | 2023 | |||||
S/(000) | S/(000) | ||||||
Sales of goods | 11 | 476,549 | 479,995 | ||||
Cost of sales | (302,696) | (319,400) | |||||
_________ | _________ | ||||||
Gross profit | 173,853 | 160,595 | |||||
_________ | _________ | ||||||
Operating income (expense) | |||||||
Administrative expenses | (57,187) | (57,729) | |||||
Selling and distribution expenses | (19,076) | (17,534) | |||||
Other operating income (expense), net | (2,630) | 1,403 | |||||
_________ | _________ | ||||||
Total operating expenses, net | (78,893) | (73,860) | |||||
_________ | _________ | ||||||
Operating profit | 94,960 | 86,735 | |||||
_________ | _________ | ||||||
Other income (expenses) | |||||||
Finance income | 1,327 | 1,355 | |||||
Finance costs | (25,716) | (25,721) | |||||
Net profit for valuation of trading derivative financial | |||||||
instruments | 14 (a) | - | 19 | ||||
(Loss) gain from exchange difference, net | (22) | 823 | |||||
_________ | _________ | ||||||
Total other expenses, net | (24,411) | (23,524) | |||||
_________ | _________ | ||||||
Profit before income tax | 70,549 | 63,211 | |||||
Income tax expense | 10 | (21,111) | (19,719) | ||||
_________ | _________ | ||||||
Profit for the period | 49,438 | 43,492 | |||||
_________ | _________ | ||||||
Earnings per share | |||||||
Basic profit for the period attributable to equity | |||||||
holders of common shares and investment shares | |||||||
of the parent (S/ per share) | 13 | 0.12 | 0.10 |
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-month period ended March 31, 2024 and March 31, 2023 (unaudited)
For the three-month period | |||||
ended March 31, | |||||
Note | 2024 | 2023 | |||
S/(000) | S/(000) | ||||
Profit for the period | 49,438 | 43,492 | |||
_________ | _________ | ||||
Other comprehensive income | |||||
Other comprehensive income to be reclassified to | |||||
profit or loss in subsequent periods: | |||||
Net gain on cash flow hedges | 14(a) | - | 2,154 | ||
Deferred income tax | 10 | - | (634) | ||
_________ | _________ | ||||
Other comprehensive income for the period, net of | |||||
income tax | - | 1,520 | |||
_________ | _________ | ||||
Total comprehensive income for the period, net of | |||||
income tax | 49,438 | 45,012 | |||
_________ | _________ | ||||
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 three-month period ended March 31, 2024 and March 31, 2023 (unaudited)
Unrealized loss | ||||||||||||||||||||||
on financial | ||||||||||||||||||||||
Investments | instruments | Unrealized gain | ||||||||||||||||||||
Capital | Investment | shares held in | Additional paid- | Legal | designated at | (loss) on | Retained | Total | ||||||||||||||
stock | shares | treasury | in capital | reserve | fair value | cash flow 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, 2023 | 423,868 | 40,279 | (121,258) | 432,779 | 168,636 | (16,267) | (1,520) | 268,618 | 1,195,135 | |||||||||||||
Profit for the period | - | - | - | - | - | - | - | 43,492 | 43,492 | |||||||||||||
Other comprehensive income for the period, net of | ||||||||||||||||||||||
income tax | - | - | - | - | - | - | 1,520 | - | 1,520 | |||||||||||||
Others | - | - | - | - | _________ | (5) | - | - | (5) | |||||||||||||
_________ | _________ | _________ | _________ | _________ | _________ | _________ | _________ | |||||||||||||||
Total comprehensive income | - | - | - | - | - | (5) | 1,520 | 43,492 | 45,007 | |||||||||||||
_________ | _________ | _________ | _________ | _________ | _________ | _________ | _________ | __________ | ||||||||||||||
Balance as of March 31, 2023 | 423,868 | 40,279 | (121,258) | 432,779 | 168,636 | (16,272) | - | 312,110 | 1,240,142 | |||||||||||||
_________ | _________ | _________ | _________ | _________ | _________ | _________ | _________ | __________ | ||||||||||||||
Balance as of January 1, 2024 | 423,868 | 40,279 | (121,258) | 432,779 | 168,636 | (16,290) | - | 261,994 | 1,190,008 | |||||||||||||
Profit for the period | - | - | - | - | - | - | - | 49,438 | 49,438 | |||||||||||||
_________ | _________ | _________ | _________ | _________ | _________ | _________ | _________ | _________ | ||||||||||||||
Total comprehensive income | - | - | - | - | - | - | - | 49,438 | 49,438 | |||||||||||||
_________ | _________ | _________ | _________ | _________ | _________ | _________ | _________ | __________ | ||||||||||||||
Balance as of March 31, 2024 | 423,868 | 40,279 | (121,258) | 432,779 | 168,636 | (16,290) | - | 311,432 | 1,239,446 | |||||||||||||
_________ | _________ | _________ | _________ | _________ | _________ | _________ | _________ | __________ | ||||||||||||||
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-month period ended March 31, 2024 and March 31, 2023 (unaudited)
For the three-month period | |||
Note | ended March 31, | ||
2024 | 2023 | ||
S/(000) | S/(000) | ||
Operating activities | |||
Profit before income tax | 70,549 | 63,211 | |
Non-cash adjustments to reconcile profit before | |||
income tax to net cash flows provided by | |||
operating activities | |||
Depreciation and amortization | 37,839 | 33,943 | |
Finance costs | 25,716 | 25,721 | |
Long-term incentive plan | 12 | 1,792 | 2,068 |
Estimate expected credit loss | 4 | 1,561 | 1,284 |
Unrealized exchange difference related to | |||
monetary transactions | 345 | 148 | |
Finance income | (1,327) | (1,355) | |
Net gain on disposal of property, plant and | |||
equipment | 6 | (34) | (111) |
Gain on the valuation of trading derivative financial | |||
instruments | - | (19) | |
Other items that do not generate operating flows, | |||
net | 412 | 696 | |
Working capital adjustments | |||
Increase in trade and other receivables | (38,727) | (1,177) | |
Increase in prepayments | (26,724) | (4,672) | |
Decrease (increase) in inventories | 18,022 | (45,812) | |
Decrease in trade and other payables | (40,783) | (65,162) | |
_________ | _________ | ||
48,641 | 8,763 | ||
Interest received | 1,295 | 1,370 | |
Interest paid | (41,401) | (36,274) | |
Income tax paid | (23,902) | (32,953) | |
_________ | _________ | ||
Net cash flows used in operating activities | (15,367) | (59,094) | |
_________ | _________ |
Interim condensed consolidated unaudited statements of cash flows
(continued)
For the three-month period | |||||
Note | ended March 31, | ||||
___________________________ | |||||
2024 | 2023 | ||||
S/(000) | S/(000) | ||||
Investing activities | |||||
Purchase of property, plant and equipment | (13,705) | (75,579) | |||
Purchase of intangibles assets | (2,349) | (4,027) | |||
Purchase of investments available for sale | (355) | - | |||
Proceeds from sale of property, plant and | |||||
equipment | 95 | 330 | |||
Loan to third party | - | (370) | |||
_________ | _________ | ||||
Net cash flows used in investing activities | (16,314) | (79,646) | |||
_________ | _________ | ||||
Financing activities | |||||
Paid bank loans | 8 | (153,091) | (507,338) | ||
Payment of lease liabilities | (756) | (626) | |||
Dividends paid | (184) | (263) | |||
Loan received | 8 | 151,200 | 525,000 | ||
Payment of bank overdraft | - | (85,333) | |||
Payment of hedge finance cost | - | (7,708) | |||
Proceeds from sale of derivative financial | |||||
instruments | - | 93,323 | |||
Proceeds from bank overdraft | - | 85,333 | |||
_________ | _________ | ||||
Net cash flows (used in) provided by financing | |||||
activities | (2,831) | 102,388 | |||
_________ | _________ | ||||
Net decrease in cash and cash equivalents | (34,512) | (36,352) | |||
Net foreign exchange difference | (356) | (148) | |||
Cash and cash equivalents at the beginning of the | |||||
period | 90,193 | 81,773 | |||
_________ | _________ | ||||
Cash and cash equivalents at the end of the period | 3 | 55,325 | 45,273 | ||
_________ | _________ | ||||
Transactions with no effect in cash flows: | |||||
Outstanding accounts payable related to acquisition | 6 | 7,582 | 11,415 | ||
of property, plant and equipment | |||||
Unrealized exchange difference related to monetary | |||||
transactions | 345 | 148 |
The accompanying notes are an integral part of the interim condensed consolidated unaudited financial statements.
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Cementos Pacasmayo SAA published this content on 29 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 00:25:11 UTC.