Cementos Pacasmayo S.A.A. Announces Consolidated Results for Fourth Quarter 2014
Cementos Pacasmayo S.A.A. and subsidiaries (NYSE: CPAC; BVL: CPACASC1) (“the Company” or “Cementos Pacasmayo”) a Peruvian cement company, announced today its consolidated results for the fourth quarter (“4Q14″) and twelve months (“2014″) ended December 31, 2014. These results have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are stated in nominal Peruvian Nuevos Soles (S/.).
It is important to note the following highlights:
- Net income increased 24.0% (S/. 188.8 million in 2014 vs. S/. 152.3 million in 2013), as a result of operating efficiencies, a decrease in administrative expenses, and a lower loss from exchange rate difference.
- Operating margin increased 0.6 percentage points in 2014, compared to 2013, mainly explained by lower administrative expenses, and an extraordinary income.
- Gross margin decreased 0.5 percentage points in 2014, compared to 2013, mainly due to a lower gross profit in the concrete segment.
- Consolidated EBITDA increased 4.7% (S/. 365.3 million in 2014 vs. S/. 348.9 million in 2013).
- Cement sales volume remained flat in 2014, compared to 2013.1
- Sales increased 0.2% in 2014, compared to 2013.
- The Piura plant project, remains within the timeline and budget planned; production is scheduled to begin during the second half of 2015.
For a full version of Cementos Pacasmayo’s Fourth Quarter 2014 Earnings Release, please visit http://www.cementospacasmayo.com.pe/investors/.
CONFERENCE CALL INFORMATION:
Cementos Pacasmayo will host a conference call on Tuesday, February 17, 2015, to discuss these results at 10:00 a.m. New York time/10:00 a.m. Lima time.
|To access the call, please dial:|
+1 800 311 9401 (From within the U.S.)
+1 334 323 7224 (All other participants)
There will also be a live Audio Webcast of the event at:
Acerca de 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 56 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/.
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.
1 Cement sales volume during 2014 includes the cement used for the construction of the new Piura plant.
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