Documente Academic
Documente Profesional
Documente Cultură
de Cementos
S.A.A
UNACEM S.A.A.
J.P. Morgan 6th Annual
Global Emerging Markets
Corporate Conference
UNACEM S.A.A.
Agenda
1.Overview
2.UNACEM Peru
3.Unicon and Firth
4.Celepsa
5.Skanon / Drake
6.UNACEM Ecuador
7.Preansa
8.Consolidated Financial Highlights
Appendix
1. Overview
1.Overview
UNACEM at a glance
Nuevas
Inversiones S.A.
57.80%
Floating
Pension Funds
21.34%
Sindicato de Inversiones
y Administracin S.A.
43.40%
24.30%
Minor floating
participation
10.96%
Cement
Concrete
Inversiones
Andino S.A.
Energy
GEA
4
Sources: Company filings as of December 31st, 2014
1.Overview
Macroeconomic environment
GDP Growth
(annual variation %)
5.8%
600
4.7%
4.8%
4.7%
4.1%
508
470
500
579
547
13.0%
420
3.9%
15.0%
11.0%
400
9.0%
2.4%
2.4%
2.2%
2.2%
1.7%
2.5%
300
7.0%
3.7%
3.4%
200
1.4%
2.8%
3.3%
1.5%
5.0%
3.0%
100
0.2%
1.0%
Peru
Chile
Colombia
Ecuador
2013
USA
Mexico
Brazil
17.2%
15.8%
2011
2014e
2012
Real GDP
-1.0%
2010
2013
2014
Inflation
15.2%
1.2
8.9%
3.6%
9.1%
3.9%
1.3%
2010
2011
Construction GDP
2012
2013
4.0
3.6
2014
2015
2.9%
2014e
Granted
1.Overview
Pipeline of infrastructure auctioned projects 2015 - 2018
N
Project
Company
Location
Investment
(USD Millions)
Construction start
Centro
5,658
2015
Graa y Montero
Lima
900
Indefinido
Lima
800
2015
4 Va Parque Rmac
OAS
Lima
750
2012
Odebrecht
Lima
590
2013
Consierra Tramo II
La Libertad, Cajamarca
552
2015
Cusco
420
2016
APM Terminals
Lima
370
2012
340
2010
300
2011
Arequipa
260
2014
Piura
227
2012
Sur
200
2015
Lima
200
2016
Lima, Ica
200
Indefinido
Ica
182
2015
Lima
150
2012
126
2013
Ica
107
2013
Lima
100
2014
Terminales Portuarios
Euroandinos
13 Panamerica Sur
14 Va Expresa Sur
Graa y Montero
Coviperu
Norvial
Total investment
12,432
6
Sources: Ositran, Proinversin, APOYO Consultora
2. UNACEM
Peru
2. UNACEM Peru
Overview
Cement Plants
Both plants have their own power generation through two hydro
power plants and one thermo power plant that provides a significant
source of energy
Atocongo
Location: Lima
Location: Junn
2,799
Progre-Sol
Commercialization
Revenue
630
EBITDA
258
Hatun-Sol
EBITDA Margin
41%
Local Ratings
APOYO: AA
Class: AAA
Durava
Condorcocha
2. UNACEM Peru
Peruvian cement market
Group: Hochschild
Group: Rizo-Patrn
Location: Pacasmayo - La Libertad
Market Share: 19% | Cement Cap: 2.9 million MT
Clinker Capacity: 1.3 million MT
Location:
Lima Atocongo Plant
Junn Condorcocha Plant
Group: Gloria
*Others: 4%
Source: Asocem, INEI, SUNAT
2.UNACEM Peru
Separated Unaudited Financial performance
Revenues
638
630
EBTIDA
EBTIDA Margin
541
258
300
457
241
250
201
200
293
215
37.8%
42.0%
41.0%
41.0%
40.0%
39.0%
37.1%
38.0%
37.0%
34.9%
150
143
36.0%
35.0%
100
34.0%
33.0%
50
32.0%
2011
2012
2013
1Q14
2Q14
3Q14
4Q14
31.0%
2011
2012
Net income
2013
2014
Net debt
(USD Millions)
(USD Millions)
129
1,276
110
97
73
609
2011
2012
2013
2014
2011
668
2012
760
2013
2014
Exchange rate from PEN to USD: 2011-2013: 2.796 PEN/USD and 2014:2.989 PEN/USD
10
3. Unicon &
Firth
Market Positioning
Commercial strategy
Specialized in
megaprojects and large
constructions
Total Assets
Revenue
300
Commercial strategy
Specialized in small to
medium projects and
constructions
Concrete Plants
58
Facilities in Lima
13
351
EBITDA
50
22
EBITDA Margin
14%
Mixer Trucks
519
Source: Unicon.
12
(USD Millions)
EBTIDA
351
312
60
15.3%
EBTIDA Margin
47
15.5%
48
247
50
50
40
15.0%
38
15.1%
14.5%
13.6%
30
14.3%
20
13.5%
10
13.0%
2011
2012
2013
2014
12.5%
2011
2012
Net income
2013
(USD Millions)
29
197
157
21
2011
Source: Unicon.
128
17
2012
2014
Net debt
(USD Millions)
16
14.0%
2013
108
2014
2011
2012
2013
2014
Exchange rate from PEN to USD: 2011-2013: 2.796 PEN/USD and 2014:2.989 PEN/USD
13
4. Celepsa
4. Celepsa
Company description
El Platanal
Location: Lima
Total Assets
378
Revenue
91
EBITDA
36
EBITDA Margin
39%
Source: Celepsa.
Company structure
90%
50%
10%
99%
99%
Hidro
Elctrica
Maraon SRL
15
4. Celepsa
Financial performance
Revenues
(USD Millions )
91
50
47
80.0%
40
45
78
EBTIDA Margin
40
40
68
35
69.2%
51.5%
70.0%
36
60.0%
40.7%
30
39.4%
25
50.0%
40.0%
20
30.0%
15
20.0%
10
10.0%
5
2011
2012
2013
2014
0.0%
2011
2012
Net income
2013
2014
Net debt
(UDS Millions)
(USD Millions)
170
16
130
13
117
106
1
2011
Source: Celepsa.
2012
2013
2014
2011
2012
2013
2014
Exchange rate from PEN to USD: 2011-2013: 2.796 PEN/USD and 2014:2.989 PEN/USD
16
5. Skanon /
Drake
5. Skanon / Drake
Company Description
There are six main competitors in the market where Drake holds
the 2nd and 3rd largest market share in concrete and cement
respectively
UNACEM took advantage of the low prices during the crisis to build
Drake Cement
Total Assets
489
Revenue
83
EBITDA
-8
Strategic
Alliances &
Partnerships
Vertical
Integration
Core Values
Vision
EBITDA Margin
-9%
18
Source: Skanon.
5. Skanon / Drake
Financial performance
Revenues
(USD Millions )
83
69
0.0 %
2011
-2
51
EBTIDA Margin
2012
-9.7%
2013
2014
-10.5%
-9.3%
-5.0%
-4
37
-10.0%
-5
-6
-15.0%
-8
-10
-7
-20.0%
-8
-25.0%
-31.8%
-12
2011
2012
2013
2014
-30.0%
-12
-14
-35.0%
Net income
Net debt
(UDS Millions)
2011
2012
2013
(USD Milliona)
2014
119
113
113
-13
105
-23
-23
-25
2011
Source: Skanon.
2012
2013
2014
19
6. UNACEM
Ecuador
6. UNACEM Ecuador
Company Description
Operations
Otavalo
The company has the widest product portfolio in the market, tailored
assets
Total Assets
Ownership structure
226
100%
Inversiones
Revenue
Imbabura S.A.
187
98.57%
EBITDA
80
99.99%
EBITDA Margin
43%
Cantyvol S.A.
99.99%
Lafarge
Servicios
Generales S.A.
21
(USD Millions )
187
EBTIDA
EBTIDA Margin
90
78
80
44. 0%
80
66
42. 0%
70
58
60
166
40. 0%
50
161
38. 0%
40
30
36. 0%
20
34. 0%
10
2011
2012
2013
2014
32. 0%
2011
2012
Net income
2014
Net debt
(USD Millions)
(USD Millions)
45
36
2013
44
43
39
37
29
25
2011
2012
2013
2014
2011
2012
2013
2014
22
7. Preansa
Production Capacity
Peru
Pillars
90 m/day
Pillars
60 m/day
Industrial
Belts
400 m/day
Industrial Belts
300 m/day
Prestresse
d light
beams
100 m/day
Prestressed light
beams
120 m/day
Prestressed
heavy beams
60 m/day
Mezzanine
Elements
300 m/day
Wall panel
80 m/day
Prestresse
d heavy
beams
220 m/day
Mezzanine
Elements
140 m/day
Chile
Ownership structure
Chile
Total
Assets
16
Revenue
Revenue
20
EBITDA
EBITDA
30%
EBITDA
Margin
Total
Assets
29
50.0%
Prefabricados
Andinos Per S.A.C.
51.0%
Prefabricados
Andinos S.A. (Chile)
100%
EBITDA
Margin
Source: Preansa.
14%
Prefabricados
Andinos Colombia
S.A.S.
24
7. PREANSA
Financial performance
Revenues
EBITDA
(USD Thousands )
Peru
(USD Thousands )
Chile
Peru
Chile
20,430
3,606
2,852
2,486
2,429
10,049
1,649
8,236
7,899
5,366
2011
2012
2013
2014
2011
2012
Net income
2014
Net debt
(USD Thousands )
(USD Thousands )
Peru
Peru
2013
Chile
Chile
3,337
1,710
3,094
2,928
1,350
1,952
827
1,564
827
418
2011
Source: Preansa.
2012
2013
2014
2011
2012
2013
2014
Exchange rate from PEN to USD: 2011-2013: 2.796 PEN/USD and 2014:2.989 PEN/USD
25
8. Consolidated
Financial
Highlights
Debt profile
(As of 4Q14)
(USD Millions )
Short term
15%
PEN, 290
Long term
85%
USD, 1,330
748
235
234
222
135
46
2015
2016
UNACEM separeted
2017
Celepsa
Unicon
2018
Skanon
2019
Preansa
From 2020
UNACEM Ecuador
27
Unin Andina
de Cementos
S.A.A UNACEM S.A.A.
Appendix
1.Overview
History
Cemento Andino
starts the
construction of the
Condorcocha plant
1916
Constitution of
Compaa Peruana
de Cemento
Portland
1956
Military government
confiscates Cemento
Andino and
Cementos Lima
1967
1974
UNICON is created
from the merger of
COPRESA and
HORMEC
1994
Cementos Lima is
privatized for a
second time,
allowing the RizoPatrn group to gain
control of the
company
1996
1999
Cementos Lima
triples its cement
production capacity
(from 1.5 million MT
to 4.5 million MT)
1.Overview
History (cont.)
Atocongo Plant
Conchan Pier
underground
conveyor belt is
completed
2007
Cemento Andino is
privatized and the
Rizo-Patrn group
recovers control of
the company
2008
Drake Cement
begins operations in
the US.
UNICON acquires
Firth
2010
Compaa Elctrica
el Platanal S.A.
(CELEPSA) hydro
power plant begins
its operations
2011
Expansion of kiln 1
from 4.5 million MT
to 5.5 million MT in
the Atocongo plant
is concluded
2012
UNACEM is founded
as a result of a
merger between
Cementos Lima and
Cemento Andino.
Condorcocha kiln IV
expansion is
concluded
2013
2014
UNACEM acquires
Lafarge in Ecuador
and is now present
in 5 countries: Peru,
Ecuador, U.S., Chile
and Colombia
North America
Skanon
South America
Colombia
Ecuador
Peru
Chile
2. UNACEM Peru
Vertical integration
Energy Supply
GEA
Carpapata
I and
Carpapata
II
UNACEM has enough limestone reserves to supply its own demand for the
next 158 years in Condorocha and 36 years in Atocongo
Atocongos plant reserves are located beside the facilities which considerably
reduces transportation costs
Carpapata
I and Carpapata
II are 2
hydroelectric power plants located in Junin that
provide part of the power to Condorcocha plant
Distribution Network
2,300,000
5 years
480,000
18 months
300,000
4 years
250,000
2 years
Tunel de Gambetta
220,000
1 year
Parques de Comas
200,000
8 months
90,000
1 year
Prolongacin Va Expresa
73,000
2 years
73,000
2 years
67,227
7 years
34
Ready-Mixed Concrete
Pumping Service
Aggregates