Documenti di Didattica
Documenti di Professioni
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Finanzas 2012
Corporate Presentation
3Q2013
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Company Overview
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About Cementos Pacasmayo - The Hochschild Group
UTEC: New university of engineering and technology. The campus will be the most modern in Latin
America.
TECSUP: The leading non-profit technical institute in Peru which operates 3 campuses in different cities.
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Overview of Cementos Pacasmayo
Others
9% IPSA1 Others
50.9% 49.1%
ADR Program
19%
IPSA
51%
Peruvian
Pension Funds
(AFPs) Cement
Projects
21% Division
Cement and
Construction
cement-related Quicklime Others Brine Phosphate
Supplies
materials
4
Corporate Structure
Rioja Phosphate
Distribution Brine
Cement Project
Network Deposit
Plant 5
Pacasmayo: 56 years of Experience
2,320
2,245
1,944
1,812
1,557
1,479
1,365
1118
964
888
771 770
703
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Jun-13
LTM
Recent Milestones
2011: 2012: 2013:
Partnered with Mitsubishi NYSE IPO in Private offering of US$ 300
to develop the phosphate February 2012 million in Senior Notes placed
project and signed a take or internationally in February
pay agreement 2013
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Pacasmayo is a leading cement company within an attractive
industry
Perus GDP (YoY % change) Perus Construction GDP (YoY % change)
9.8% 17.4%
8.8% 16.5%
14.8%
6.9%
6.3%
5.7%
7.9%
1.7x 6.1%
3.4%
0.9%
2008 2009 2010 2011 2012 9M2013 2008 2009 2010 2011 2012 9M2013
* UNACEM is the result of the merger between Cementos Lima and Cementos Andino in October 2012
Source: ASOCEM, INEI, ADUANET (SUNAT),
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Pacasmayo Operations
The Companys plants have combined cement production capacity of 3.3mm MT/year and clinker capacity of 1.8mm MT/year
Location: Pacasmayo 667km north of Lima Location: Rioja 468 km east of the Panamericana Norte Highway
Cement production capacity: 2.9mm MT/year Cement production capacity: 440k MT/year
Clinker production capacity: 1.5mm MT/year Clinker production capacity: 280k MT/year
9M13 Cement production: 1.6 mm MT 9M13 Cement production: 168k MT
Related Operations
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Piura: State-of-the-Art Technology
Two prestigious international firms were hired to ensure the best equipment quality
Leading engineering firm within the Market leaders in the design, manufacturing and
cement and minerals industries service of grinding roller mills
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Piura: Efficiency and Social Responsibility
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Extensive Distribution Network
Pacasmayo has developed one of the largest independent retail distribution networks for construction materials
in PeruDistribuidora Norte Pacasmayo S.R.L. (DINO)
Chimbote
(39)
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DINOs highlights
Pacasmayo buys or supplies the majority of products
offered in DINOs
Development of loyalty and incentive programs
Partnership with leading local banks to help
finance product purchases
Loyalty program: members can redeem points for
prizes
Trujillo and Pacasmayo 4 Includes the city of Cajamarca and Jaen 5 Includes the city
of Chiclayo 6 Include the city of Chimbote, 7 Includes the city of Tarapoto, Rioja and
Moyobamba.
Pacasmayos distribution network has enabled the Company to build strong brand recognition among
retailers and consumers in the Companys market
Source: Company filings
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Strong Brand Recognition
Type V
Type I
Used in concrete exposed to severe
General purposes cement
sulfate action, principally where soil
or ground water has a high sulfate
content
EXTRADURABLE
Used in concrete that is exposed to
severe sulfate action.
Recommended for port
constructions, industrial plants and
construction of sewage sites
EXTRAFORTE Type MS
Used for general purposes and Used to protect against moderate
is similar to Portland Type I sulfate action, such as drainage
cement. It is widely used in our structures, with higher-than-normal,
market due to its effectiveness but not unusually severe, sulfate
and low hydration heat concentrations in ground water
Pacasmayo places significant emphasis on research and development to ensure products meet consumer
needs and improve operational efficiency
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Phosphate Project Overview
Pacasmayo has a strategic partnership with Mitsubishi Corporation, a world-class player in the phosphate
business, to develop Fosfatos del Pacfico
Project Highlights
Estimated mineralized materials of approximately 540 mm MT with
average P205 content of 18.5%
Phosphate Rock expected production of 2.5 mm MT/year
Revenue and EBITDA generation expected to start in 2016
Partnership with Mitsubishi Corporation:
30% stake sold to Mitsubishi for US$46.1mm in December 2011
(Pacasmayo holds remaining 70%)
20 year off-take agreement for 2.0 mm MT/year
Basic engineering studies for the project are being executed by:
Mining: Golder Associates
Plant: FL Smidth Minerals-Jacobs-Golder Associates Consortium
Port: Berenguer Ingenieros
Purchase of Plant,
Basic Engineering EPC (Engineering,
Bank Feasibility Environmental Port,
completed; preliminary Procurement,
Study Impact Assesment Infrastructure &
CAPEX information Construction)
Water Equipment
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Macroeconomic Indicators
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Macroeconomic Outlook
6.2
5.5
4.5
4.2 4.2
3.8 3.6
2013
2.4 2.6 2014
1.6
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Financial Highlights
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Financial Performance
2,360
2,245
1,944 459 446
1,812
1,557
361
324
273
2009 2010 2011 2012 Sep-13 LTM 2009 2010 2011 2012 Sep-13 LTM
9%
Cement, concrete and 1
blocks
Construction supplies
Quicklime
89%
107 107
100 99
94
89
82 85
81
Construction Supplies Revenues (US$ mm) and Gross Profit Margin (%)
4% 4%
3% 3% 4% 3% 3% 3%
2%
15
14 14 14
13
12
11
9
8
40% 35%
2
2.5
Source: Company filings 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13
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Financial Performance
189
179
151 155
EBITDA (US$mm)
1
1
121
11 2
1 1 2
107 1
109
2 1
99
2
2
2
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Healthy Capital Structure
Pacasmayo has historically operated at low leverage levels, which provides needed financial flexibility to
continue executing the Companys strategy
382 300
219
186
132
84
0.8
0.11x
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Capex
During 9M13, the Company reported capital expenditures of US$ 54.6 million allocated to the
following projects:
Projects 9M13
New Plant in Piura 16.1
Phosphate Project 12.4
Concrete and aggregates equipment 6.8
Expansion of Rioja plant 5.9
Expansion of Pacasmayo plant 5.5
Construction of diatomite brick plant 3.0
Brine Project 1.0
Other investmenting activities* 3.9
Total 54.6
* Includes capital expenditures in the Pacasmayo and Rioja plants, as well as investments in
machinery, equipment and overhauls.
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Bond Issuance
On February 8, 2013, Pacasmayo successfully closed its first international bond issuance
Transaction Summary
Asset Managers
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Corporate Governance
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Corporate Governance
Board of Directors
Chairman
Eduardo Hochschild**
Former Board Former Chief Chairman of the Chairman of the Former Editor in Former Prime Former Chief Former Chairman
Member of Investment Officer Board of Arellano Board of Banco de Chief of Foreign Minister of Peru Executive Officer of Fondo Mi
Peruvian Central of the World Bank Investigacin de Credito del Peru Policy Magazine and Ambassador of Banco del Vivienda and
Bank Marketing and Host and of Peru in the Credito del Peru current CEO of
Producer of Efecto United States Cementos
Nam Pacasmayo
* Independent members ** Members of Executive Committee
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Corporate Governance
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Company Vision and Strategy
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Company Vision and Strategy
Pacasmayos goal is to continue to serve growing cement demand in the northern area of Peru, while
maximizing profitability and shareholder value
Pacasmayos goal is to be among the top cement producers in terms of profitability and
environmental protection in Latin America
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Disclaimer
This presentation may contain projections that are based on certain assumptions, including assumptions as to about
Cementos Pacasmayo's capacity to generate revenues and control costs. The projections were prepared on the basis of
management's present knowledge and assumptions which management believes to be reasonable. For purposes of
preparing the projections, management made certain assumptions about general business and economic conditions, the
outcome of which neither management nor any other person can predict with any certainty.
These assumptions and the other assumptions upon which the projections are based are inherently subject to
uncertainties which could have a significant impact on actual future results. Therefore, the projections are not necessarily
an indication of our future performance. Neither Cementos Pacasmayo nor any other person assumes any responsibility
for, nor makes any representation or warranty, expressed or implied, as to, the accuracy or completeness of the
information contained herein, and nothing contained herein is, or shall be relied upon as, a promise or representation.
Therefore, management is not making, and you should not infer, any representation about the likely existence of any
particular future set of facts or circumstances. If Cementos Pacasmayo actual results are less favorable than those shown
in the projections or if the assumptions used in the projections prove to be incorrect, Cementos Pacasmayo may not be
able to make dividend payments in the amount forecast, or at all.
This presentation may contain forward-looking statements. These statements are statements that are not historical facts,
and are based on managements current view and estimates of future economic circumstances, industry conditions,
company performance and financial results. 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.
For a description of some of the risks and uncertainties that could cause actual events, trends or results to differ from
those expected, please refer to Risk Factors on page 18 of the Companys amended registration statement on Form F-1
filed with the SEC on February 7, 2012.
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34
Cement Production Process
1 2 3
4 5 6
Rotatory Kiln Clinkerization Grinding & Additions Homogenization Silos
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Dispatching
Source: AFCP -
Asociacin de
Fabricantes de Cemento
Portland