Financial Position - As of December 31, 2024, total assets decreased to S/3,166,043, down from S/3,221,735 in 2023, reflecting a decline of approximately 1.7%[30] - Current assets remained stable at S/992,496, slightly increasing from S/992,249 in 2023[30] - Total liabilities decreased to S/1,952,945, down from S/2,031,727 in 2023, representing a reduction of about 3.9%[30] - The company reported a total equity of S/1,213,098, an increase from S/1,190,008 in 2023, reflecting a growth of approximately 1.9%[30] - Cash and cash equivalents decreased to S/72,723 from S/90,193 in 2023, a decline of about 19.4%[30] - The Group's total assets in US dollars amounted to US$11,490,000 in 2024, up from US$9,146,000 in 2023[145] - The net book value of property, plant, and equipment as of December 31, 2024, is S/2,031,139,000, reflecting a decrease from S/2,099,351,000 in 2023[158] Profitability - Sales of goods for 2024 reached S/(000) 1,978,071, a slight increase of 1.4% compared to S/(000) 1,950,075 in 2023, but a decrease of 6.5% from S/(000) 2,115,746 in 2022[31] - Gross profit for 2024 was S/(000) 728,526, representing a 5.7% increase from S/(000) 689,452 in 2023 and a 11.7% increase from S/(000) 652,031 in 2022[31] - Operating profit improved to S/(000) 391,033 in 2024, up 15.7% from S/(000) 337,555 in 2023, but down 1.2% from S/(000) 355,318 in 2022[31] - Profit for the year increased to S/(000) 198,875 in 2024, a rise of 17.7% compared to S/(000) 168,900 in 2023, and a 12.5% increase from S/(000) 176,828 in 2022[32] - Basic earnings per share rose to S 0.46 in 2024, up from S 0.39 in 2023 and S 0.41 in 2022, reflecting a 17.9% increase year-over-year[31] Cash Flow - Net cash flows from operating activities for 2024 were S/(000) 321,141, a decrease of 22.1% from S/(000) 412,323 in 2023, but a significant increase from S/(000) 111,819 in 2022[36] Expenses - The company’s total operating expenses decreased to S/(000) 337,493 in 2024, down from S/(000) 351,897 in 2023, reflecting a reduction of 4.1%[31] - The company’s finance costs for 2024 were S/(000) 100,308, a decrease of 3.5% from S/(000) 104,045 in 2023[31] - Administrative expenses for 2024 totaled S/253,383,000, up from S/231,967,000 in 2023, reflecting an increase of approximately 9.2%[198] - Selling and distribution expenses rose to S/81,410,000 in 2024, compared to S/69,569,000 in 2023, marking an increase of around 17.0%[199] - Employee benefits expenses for 2024 were S/338,921,000, which is an increase from S/292,032,000 in 2023, representing a growth of approximately 16.1%[200] Taxation - The income tax expense for 2024 was calculated at an effective rate of 33%, totaling S/97,312,000, compared to S/76,808,000 in 2023[187] - The Company has tax loss carryforwards amounting to S/92,998,000 as of December 31, 2024, up from S/44,868,000 in 2023[188] Assets and Liabilities - The total carrying amount of trade and other accounts receivable is S/135,114,000, with an expected credit loss of S/11,486,000, representing an 8.5% expected credit loss rate[155] - The total inventory as of December 31, 2024, amounts to S/773,997,000, with a provision for inventory obsolescence of S/33,880,000[156] - Trade receivables increased to S/95,419,000 in 2024 from S/83,840,000 in 2023, indicating a growth of approximately 13.5%[148] - The allowance for expected credit losses rose to S/20,520,000 in 2024 from S/18,048,000 in 2023, reflecting an increase of 8.2%[153] - Trade payables decreased to S/(000) 96,549 in 2024 from S/(000) 107,327 in 2023, representing a decline of approximately 10.5%[164] Corporate Governance - The Company has complied with all financial covenants as of December 31, 2024, and 2023, without any activation of covenants due to non-compliance[181] - The Company maintained a fixed charge covenant ratio of at least 2.5 to 1 and a consolidated debt-to-EBITDA ratio of no greater than 3.5 to 1[182] Investments and Acquisitions - The Group acquired coal concessions in January 2023 for S/34,350,000, enhancing its exploration activities in areas of interest to the cement business[161] Dividends - Declared dividends per share for 2024 remained at S/.0.41000, consistent with 2023, while total declared dividends amounted to S/175,524,000[193]
Cementos Pacasmayo(CPAC) - 2024 Q4 - Annual Report