LIMA, Peru--(BUSINESS WIRE)--Cementos Pacasmayo S.A.A. and subsidiaries (NYSE: CPAC; BVL: CPACASC1) (“the Company” or “Cementos Pacasmayo”) a leading cement company serving the growing Peruvian construction industry, announced today its consolidated results for the first quarter (“1Q17”) ended March 31, 2017. These results have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are stated in nominal Peruvian Soles (S/).
Financial and Operational Highlights:
(All comparisons are to 1Q16, unless otherwise stated)
- 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.
For a full version of Cementos Pacasmayo’s First Quarter 2017 Earnings Release, please visit http://www.cementospacasmayo.com.pe/investors/.
CONFERENCE CALL INFORMATION:
Cementos Pacasmayo will host a conference call on Wednesday, April 26, 2017, to discuss these results at 10:00 a.m. Lima Time/11:00 a.m. Eastern Time.
To access the call, please dial:
+1 (866) 682-6100 (From within the U.S.)
+1 (862) 255-5401 (From outside the U.S.)
There will also be a live Audio Webcast of the event at:
About Cementos Pacasmayo S.A.A.
Cementos Pacasmayo S.A.A. is a cement company, located in the Northern region of Peru. In February 2012, the Company’s shares were listed on The New York Stock Exchange - Euronext under the ticker symbol "CPAC". With more than 58 years of operating history, the Company produces, distributes and sells cement and cement-related materials, such as concrete blocks and ready-mix concrete. Cementos Pacasmayo’s products are primarily used in construction, which has been one of the fastest-growing segments of the Peruvian economy in recent years. The Company also produces and sells quicklime for use in mining operations.
For more information, please visit: http://www.cementospacasmayo.com.pe/investors
Note: The Company presented some figures converted from Soles to U.S. Dollars for comparison purposes. The exchange rate used to convert Soles to U.S. dollars was S/ 3.356 per US$ 1.00, which was the exchange rate, reported as of December 31, 2016 by the Superintendencia de Banca, Seguros y AFP’s (SBS). The information presented in U.S. dollars is for the convenience of the reader only. Certain figures included in this report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be arithmetic aggregations of the figures presented in previous quarters.
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.