Cementos Pacasmayo S.A.A. Announces Consolidated Results for First Quarter 2023

Rhea-AI Summary

Cementos Pacasmayo S.A.A. (NYSE: CPAC) reported its 1Q23 financial results, highlighting key figures that reflect the impact of adverse weather conditions. The company experienced an 8.6% decrease in revenues compared to 1Q22, attributed to cyclone Yaku's severe rainfall, affecting shipment capabilities. Cement sales volume declined by 16.4%, with a significant 23.4% drop in March due to ongoing weather challenges and uncertainty. Consolidated EBITDA fell to S/120.7 million, down 5.3%, although this figure remained stable compared to 4Q22. Net income also decreased by 4.8% to S/43.5 million. On a positive note, the company reported a 25.1% EBITDA margin, an increase of 0.8 percentage points from the previous year. The company paid off US$131.6 million in Senior Notes in February 2023.

Positive

• EBITDA margin increased to 25.1%, up 0.8 percentage points.
• Net income increased 11.8% compared to 4Q22.

Negative

• Revenues decreased 8.6% due to cyclone Yaku's impact.
• Sales volume of cement, concrete, and precast dropped 16.4%.
• Net income decreased 4.8% compared to 1Q22.

LIMA, Peru--(BUSINESS WIRE)-- Cementos Pacasmayo S.A.A. and subsidiaries (NYSE: CPAC; BVL: CPACASC1) (“the Company” or “Pacasmayo”) a leading cement company serving the Peruvian construction industry, announced today its consolidated results for the first quarter (“1Q23”). These results have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are stated in nominal Peruvian Soles (S/).

1Q23 FINANCIAL AND OPERATIONAL HIGHLIGHTS:

(All comparisons are to 1Q22, unless otherwise stated)

• Revenues decreased 8.6%, mainly due to the impact of cyclone Yaku, causing severe rainfall in our area of influence, affecting our ability to ship cement for some days in March. Nonetheless, if we compare only the first two months of this year with the same period in 2022, revenues only decreased a moderate 1.7%.

• Sales volume of cement, concrete and precast decreased 16.4%, mainly due to the above-mentioned reasons. Demand decreased 23.4% in March as the continued rainfall and uncertainty about its duration affects the ability to build.

• Consolidated EBITDA of S/120.7 million, a 5.3% decrease, mainly due to decreased revenues. However, this quarter’s EBITDA is similar to 4Q22.

• Consolidated EBITDA margin of 25.1%, a 0.8 percentage point increase.

• Net income of S/ 43.5 million, a 4.8% decrease mainly due to decreased revenues as mentioned above. However, when compared to 4Q22, net income increased 11.8%.

• Payment of Senior Notes - On February 8, we paid the remainder of our Senior Notes in dollars for US$131,612,000 using the Club Deal credit line.

For a full version of Cementos Pacasmayo’s First Quarter 2023 Earnings Release, please visit https://www.cementospacasmayo.com.pe/inversionistas/reportes

CONFERENCE CALL INFORMATION:

Cementos Pacasmayo will host a conference call on Thursday, April 27, 2023, to discuss these results at 10:00 a.m. Lima Time and 11:00 am Eastern Time.

To access the call, please dial:

(888)-506-0062 from within the U.S.

+1 (973) 528-0011 from outside the U.S.

Access code: 311279

There will also be a live Audio Webcast of the event at:

https://www.webcaster4.com/Webcast/Page/1644/48123

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 60 years of operating history, the Company produces, distributes, and sells cement and cement-related materials, such as concrete blocks and ready-mix concrete. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230426006076/en/

Cementos Pacasmayo S.A.A.

In Lima, Peru:

Manuel Ferreyros, CFO

Claudia Bustamante

Investor Relations Manager

+51-958699760

cbustamante@cpsaa.com.pe

Source: Cementos Pacasmayo S.A.A.

FAQ

What were the revenue results for Cementos Pacasmayo in 1Q23?

Cementos Pacasmayo reported an 8.6% decrease in revenues compared to 1Q22, primarily due to cyclone Yaku.

How did Cementos Pacasmayo's sales volume change in 1Q23?

The sales volume of cement, concrete, and precast decreased by 16.4% in 1Q23.

What was the EBITDA margin for Cementos Pacasmayo in 1Q23?

Cementos Pacasmayo recorded an EBITDA margin of 25.1% in 1Q23, which is an increase of 0.8 percentage points.

What was Cementos Pacasmayo's net income in 1Q23?

The net income for Cementos Pacasmayo in 1Q23 was S/43.5 million, reflecting a 4.8% decrease from 1Q22.

How much did Cementos Pacasmayo pay in Senior Notes in February 2023?

Cementos Pacasmayo paid off US$131.6 million in Senior Notes in February 2023.