Management Comments 4T17 MANAGEMENT COMMENTS. Fourth Quarter
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1 MANAGEMENT COMMENTS Fourth Quarter
2 UNION ANDINA DE CEMENTOS S.A.A. Management Comments Fourth Quarter, as of December 31, 2017 PRODUCTION CLINKER The production of clinker increased by 91.6% during the fourth quarter of 2017 compared to the previous quarter. The increased from 844,349 t to 1,617,650 t was mainly caused by the restarted operations in kiln II in Atocongo Plant and kiln II and III in Condorcocha Plant. On the other hand, the production of clinker in 2017 decreased by 3.0% compared to 2016, mainly caused by the stoppage of the kiln II in Atocongo plant in order to reduce the high stock of clinker. CEMENT During the fourth quarter of 2017, the cement production increased by 0.5% compared with the previous quarter. Likewise, cement production in 2017 decreased by 2.5% compared to 2016 and compared to the fourth quarter of 2016 it decreased by 1.2%. In both cases, the production goes in accordance with the demand. 2
3 Production and Dispatches- Peru (in thousand tons) Period Production Dispatch Year Qtr. Clinker Cement UNACEM Peru 2016 I 1,341 1,267 1,258 2,676 II 876 1,269 1,265 2,682 III 1,098 1,290 1,285 2,738 IV 1,435 1,311 1,301 2,760 I-IV 4,750 5,138 5,109 10,857 I 1,156 1,209 1,206 2,598 II 992 1,217 1,208 2, III 844 1,288 1,290 2,770 IV 1,618 1,295 1,288 2,958 I-IV 4,610 5,010 4,993 10,891 Variation 17-I-IV/16-I-IV -3.0% -2.5% -2.3% 0.3% 17-IV/16-IV 12.7% -1.2% -1.0% 7.2% 17-IV/17-III 91.6% 0.5% -0.1% 6.8% CEMENT DISPATCHES DOMESTIC MARKET During the fourth quarter of 2017, UNACEM s cement dispatches decreased by 0.1% compared to the previous quarter from 1,290,155 tons to 1,288,458 tons. With regard to the previous year, cement dispatches decreased by 2.3% mainly due to the slowdown in the construction sector in our area of influence, and to rains and floods that affected the dispatch in Condorcocha plant mainly during the first half of this year. Peruvian cement dispatches, according to our estimates, increased by 6.8% during the fourth quarter of 2017, compared to the previous quarter, from 2,769,639 tons to 2,958,100 tons. Likewise, with regard to the previous year, the cement dispatch in Peru increased by 0.3%. 3
4 The Company s domestic market share experienced a decreased, from 46.6%, registered in the third quarter of 2017, to 43.6% in the fourth quarter of PORT OPERATIONS As of December 31, 2017, the total volume traded by Conchan pier was 943 thousand tons; 95% more than those registered as of December 2016 (484 thousand tons). This is mainly explained by the higher volume of clinker exports made during 2017, which reached 549 thousand tons (211 thousand tons in 2016). In addition, imports of coal, gypsum and slag were received during the year. FINANCIAL INFORMATION LIQUIDITY As of December 31, 2017, the Company's ability to meet short-term obligations is 1.38 per every sol owed. CAPITAL AND FUNDING SOURCES As of December 31, 2017, CAPEX totaled 130 million soles related to final disbursements of Carpapata III Hydroelectric Power Plant, improvements of infrastructure in thermal plant and other small maintenance projects in Atocongo and Condorcocha plants. The financial gross debt totaled 3,362 million soles, 13.0% lower than in December 31, 2016 due to debt payments. It is worth mentioning that 73% of such debt is in foreign currency. Likewise, 14% of the total debt is kept in short term (19% in the previous year). Finally, 64% of the debt is on bonds, 25% on loans, 10% on promissory notes, and 1% on leasing. 4
5 ECONOMIC RESULTS Cement sales in 2017 amounted S/. 1,789.2 million soles a figure 0.3% higher than the invoiced sales of This increase is mainly driven by a lower volume sold, net from a higher average price. Cost of goods sold was 1,024.8 million soles as of the fourth quarter of 2017: 1.5% higher than in 2016, mostly due to the increase of costs (mainly by the depreciation of assets) net from a lower volume of cement sold. Additionally, income from Exports increased and income from Blocks, Paving and Pavements decreased as of the fourth quarter of 2017 compared to the same period in The combined gross margin was 40.7% (41.9% in the previous year). Operating Expenses totaled million soles, being 6.9% more than the same period of the previous year. As of the fourth quarter of 2017, Other Operating Income includes earnings from the dividends paid by UNACEM ECUADOR, through Inversiones IMBABURA S.A.; Unión de Concreteras S.A.-UNICON, through Inversiones en Concreto y Afines S.A.-INVECO of Compania Electrica el Platanal - CELEPSA and other related companies, equivalent to 247 million soles (210 million soles registered in the previous year). Other expenses include amortization of intangibles and provision for devaluation of inventories according to company policies. The operating profit totaled million soles as of the fourth quarter of 2017, lower than million soles totaled in EBITDA margin was 51.2% as of 4Q17 (49.4% as of 4Q16). Financial Income increased by 55.0% in relation to the previous year, mainly due to earnings from derivative financial instruments, while financial expenses decreased by 1.2% due to a lower capitalized interests. As of the fourth quarter of 2017 foreign exchange (FX) recorded gains of 88.0 million soles (FX losses of 17.6 million soles in 2016) mainly explain by the financial debt kept in US dollars. The provision for income tax of the year was determined based on the accounting income for the period. Net profit increased by 47.4%, from million soles in 2016 to million soles in This net profit represents 24.1% of the net sales, higher than the 16.7% in
6 The most important changes in the company's balance sheet as of December 31, 2017 compared to December 31, 2016 can be observed in the following accounts: Increase of Accounts Receivable from Related Parties of million soles due to the dividends declared during the first quarter by Inversiones IMBAMBURA, INVECO and CELEPSA pending payment as of December 31, Decrease of the Inventories account in 93.4 million soles, mainly by lower stock of Clinker. Decrease of the Financial Debt by million soles due to debt payments of million soles and the FX difference of 94.6 million soles. Increase of the Global Equity owing to the profits of the period, net of paid dividends. Change of those responsible for the preparation and review of the financial information (8300) As informed in Material Facts dated January 28, 2016, the assignment of Mr. Juan Pablo Cock Castro as General Accountant was terminated. On said date, Mrs. María Fabiola Reyes Ruiz was appointed to the position of General Accountant of the Company. Information related to the market of the securities registered in the Stock Market Public Registry. (10100) The following is a summary of stock information; all figures are in current soles per share, except the number of shares: 6
7 YEAR 2017 COMMON SHARE Year - Month Opening Closure Highest Lowest Average Price YEAR 2016 COMMON SHARE Year - Month Opening Closure Highest Lowest Average Price
8 The ADS prices were as follows: American Depository Shares (ADS)* Dec. 31, 2017 Dec. 31, 2016 Number 11,356 27,356 Closing price** US$ 8.76 US$ 7.64 * 1 ADS = 1 common share **Last price as of On September 2017, the Board approved to close the ADR program. 8
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