Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information Line Items | |
Entity Registrant Name | CEMENTOS PACASMAYO SAA |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 423,868,449 |
Amendment Flag | false |
Entity Central Index Key | 0001221029 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | true |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-35401 |
Entity Incorporation, State or Country Code | R5 |
Entity Address, Address Line One | Calle La Colonia 150 |
Entity Address, Address Line Two | Urbanización El Vivero |
Entity Address, City or Town | Lima |
Entity Address, Country | PE |
Entity Interactive Data Current | No |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Firm ID | 1315 |
Auditor Name | Oscar Mere |
Auditor Location | Lima, Peru |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | Calle La Colonia 150 |
Entity Address, Address Line Two | Urb. El Vivero |
Entity Address, City or Town | Lima |
Entity Address, Country | PE |
Contact Personnel Name | Javier Durand, Esq., General Counsel |
Local Phone Number | 317-6000 |
City Area Code | 51-1 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - PEN (S/) S/ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | S/ 273,402 | S/ 308,912 |
Trade and other receivables, net | 102,718 | 84,412 |
Income tax prepayments | 9,288 | 18,076 |
Inventories | 605,182 | 460,610 |
Prepayments | 18,800 | 5,729 |
Total current assets | 1,009,390 | 877,739 |
Non-current assets | ||
Trade and other receivables, net | 41,206 | 5,215 |
Financial investments designated at fair value through other comprehensive income | 476 | 692 |
Other financial instruments | 106,601 | 42,247 |
Property, plant and equipment, net | 1,974,931 | 2,014,508 |
Intangible assets | 50,494 | 49,640 |
Goodwill | 4,459 | 4,459 |
Deferred income tax assets | 9,446 | 15,618 |
Right of use assets | 4,668 | 6,006 |
Other assets | 101 | 160 |
Total non-current assets | 2,192,382 | 2,138,545 |
Total assets | 3,201,772 | 3,016,284 |
Current liabilities | ||
Trade and other payables | 227,554 | 187,876 |
Financial obligations | 450,964 | 65,232 |
Lease liabilities | 1,856 | 1,531 |
Income tax payable | 17,517 | 1,051 |
Provisions | 24,269 | 9,380 |
Total current liabilities | 722,160 | 265,070 |
Non-current liabilities | ||
Financial obligations | 1,094,391 | 1,203,352 |
Lease liabilities | 3,973 | 5,102 |
Other non-current provisions | 36,639 | 25,341 |
Deferred income tax liabilities | 148,804 | 149,864 |
Total non-current liabilities | 1,283,807 | 1,383,659 |
Total liability | 2,005,967 | 1,648,729 |
Equity | ||
Capital stock | 423,868 | 423,868 |
Investment shares | 40,279 | 40,279 |
Investment shares holds in treasury | (121,258) | (121,258) |
Additional paid-in capital | 432,779 | 432,779 |
Legal reserve | 168,636 | 168,636 |
Other accumulated comprehensive results | (20,094) | (33,378) |
Retained earnings | 271,595 | 456,629 |
Total equity | 1,195,805 | 1,367,555 |
Total liability and equity | S/ 3,201,772 | S/ 3,016,284 |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Sales of goods | S/ 1,937,767 | S/ 1,296,334 | S/ 1,392,701 |
Cost of sales | (1,378,336) | (921,048) | (905,806) |
Gross profit | 559,431 | 375,286 | 486,895 |
Operating income (expenses) | |||
Administrative expenses | (196,069) | (163,369) | (174,482) |
Selling and distribution expenses | (51,520) | (40,153) | (44,533) |
Other operating income, net | 6,408 | 4,346 | 2,645 |
Total operating expenses, net | (241,181) | (199,176) | (216,370) |
Operating profit | 318,250 | 176,110 | 270,525 |
Other income (expenses) | |||
Finance income | 2,891 | 2,976 | 2,576 |
Finance costs | (88,965) | (88,694) | (77,986) |
Net gain (loss) of derivative financial instruments at fair value through profit or loss | 589 | 5,337 | (1,491) |
Accumulated net loss on settlement of derivative financial instruments at fair value through profit or loss | (1,569) | ||
(Loss) gain from exchange difference, net | (7,086) | (9,831) | 729 |
Total other expenses, net | (94,140) | (90,212) | (76,172) |
Profit before income tax | 224,110 | 85,898 | 194,353 |
Income tax expense | (70,940) | (28,004) | (62,306) |
Profit for the year | S/ 153,170 | S/ 57,894 | S/ 132,047 |
Earnings per share | |||
Basic and diluted profit of the year attributable to equity holders of common shares and investment in shares of Cementos Pacasmayo S.A.A. (S/ per share) (in Nuevos Soles per share) | S/ 0.36 | S/ 0.14 | S/ 0.31 |
Consolidated Statement of Other
Consolidated Statement of Other Comprehensive Income - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statement of Other Comprehensive Income [Abstract] | |||
Profit for the year | S/ 153,170 | S/ 57,894 | S/ 132,047 |
Other comprehensive income to not be reclassified to profit or loss in subsequent periods: | |||
Change in fair value of financial instruments designated at fair value through other comprehensive income | (1,995) | (17,532) | (8,659) |
Deferred income tax | 589 | 5,172 | 2,554 |
Other comprehensive income to be reclassified to profit or loss in subsequent periods: | |||
Net gain (net loss) on cash flows hedges | 20,836 | (1,652) | (2,556) |
Deferred income tax | (6,146) | 487 | 754 |
Other comprehensive income (loss) for the year, net of income tax | 13,284 | (13,525) | (7,907) |
Total comprehensive income for the year, net of income tax | S/ 166,454 | S/ 44,369 | S/ 124,140 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - PEN (S/) S/ in Thousands | Capital stock | Investment shares | Treasury shares | Additional paid-in capital | Legal reserve | Unrealized gain (loss) on financial instruments designated at fair value | Unrealized gain (loss) on cash flow hedge | Retained earnings | Total |
Balance at Dec. 31, 2018 | S/ 423,868 | S/ 40,279 | S/ (121,258) | S/ 432,779 | S/ 168,356 | S/ 4,002 | S/ (15,948) | S/ 519,285 | S/ 1,451,363 |
Change in accounting policy | (13) | (13) | |||||||
Restated total equity | 423,868 | 40,279 | (121,258) | 432,779 | 168,356 | 4,002 | (15,948) | 519,272 | 1,451,350 |
Profit for the year | 132,047 | 132,047 | |||||||
Other comprehensive income (Loss) | (6,105) | (1,802) | (7,907) | ||||||
Total comprehensive income | (6,105) | (1,802) | 132,047 | 124,140 | |||||
Terminated dividends | 280 | 280 | |||||||
Dividends, note 18(g) | (154,119) | (154,119) | |||||||
Balance at Dec. 31, 2019 | 423,868 | 40,279 | (121,258) | 432,779 | 168,636 | (2,103) | (17,750) | 497,200 | 1,421,651 |
Profit for the year | 57,894 | 57,894 | |||||||
Other comprehensive income (Loss) | (12,360) | (1,165) | (13,525) | ||||||
Total comprehensive income | (12,360) | (1,165) | 57,894 | 44,369 | |||||
Dividends, note 18(g) | (98,465) | (98,465) | |||||||
Balance at Dec. 31, 2020 | 423,868 | 40,279 | (121,258) | 432,779 | 168,636 | (14,463) | (18,915) | 456,629 | 1,367,555 |
Profit for the year | 153,170 | 153,170 | |||||||
Other comprehensive income (Loss) | (1,406) | 14,690 | 13,284 | ||||||
Total comprehensive income | (1,406) | 14,690 | 153,170 | 166,454 | |||||
Dividends, note 18(g) | (338,204) | (338,204) | |||||||
Balance at Dec. 31, 2021 | S/ 423,868 | S/ 40,279 | S/ (121,258) | S/ 432,779 | S/ 168,636 | S/ (15,869) | S/ (4,225) | S/ 271,595 | S/ 1,195,805 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Profit before tax | S/ 224,110 | S/ 85,898 | S/ 194,353 |
Non-cash adjustments to reconcile profit before income tax to net cash flows | |||
Depreciation and amortization | 135,567 | 139,167 | 129,818 |
Finance costs | 88,965 | 88,694 | 77,986 |
Long-term incentive plan | 9,763 | 5,759 | 6,523 |
Provision of impairment of inventories, net | 3,348 | 2,451 | 2,278 |
Accumulated net loss due to settlement of derivative financial instruments at fair value through profit or loss | 1,569 | ||
Allowance for expected credit losses | 563 | 1,582 | 1,452 |
Exchange difference related to monetary transactions | (9,114) | 6,978 | (483) |
Finance income | (2,891) | (2,976) | (2,576) |
Net (gain) loss on disposal of property, plant and equipment and intangible assets | (1,775) | (2,591) | 1,846 |
Net (gain) loss of derivate financial instruments at fair value through profit or loss | (589) | (5,337) | 1,491 |
Other operating, net | 3,761 | 2,202 | 1,887 |
Working capital adjustments | |||
(Increase) decrease in trade and other receivables | (47,713) | 38,005 | (23,391) |
(Increase) decrease in prepayments | (12,956) | 4,761 | (4,383) |
(Increase) decrease in inventories | (151,530) | 54,140 | (97,657) |
Increase (decrease) in trade and other payables | 48,834 | 3,346 | (4,220) |
Adjustments to reconcile profit (loss) | 289,912 | 422,079 | 284,924 |
Interest received | 4,484 | 1,838 | 2,252 |
Interest paid | (68,433) | (68,444) | (47,155) |
Income tax paid | (55,401) | (24,108) | (34,884) |
Net cash flows from operating activities | 170,562 | 331,365 | 205,137 |
Investing activities | |||
Purchase of property, plant and equipment | (85,594) | (47,325) | (77,680) |
Loan to related party | (17,121) | ||
Purchase of intangible assets | (8,953) | (5,224) | (5,335) |
Purchase of investments available for sale | (1,779) | ||
Loans granted | (174) | (4,203) | (1,117) |
Collection of loans from related entities | 17,121 | ||
Cash flow proceeds from sale of property, plant and equipment | 4,152 | 4,634 | 4,199 |
Proceeds from loans | 524 | 3,697 | 354 |
Opening of term deposits with original maturity greater than 90 days | (208,990) | ||
Redemption of term deposits with original maturity greater than 90 days | 208,990 | ||
Net cash flows used in investing activities | (91,824) | (48,421) | (79,579) |
Financing activities | |||
Dividends paid | (336,821) | (143,623) | (120,975) |
Payment for hedging instrument | (15,214) | (15,685) | (14,935) |
Lease payments | (2,419) | (1,669) | |
Bank loans received | 220,000 | 791,270 | 638,281 |
Cash flow from settlement of derivative financial instruments | 3,879 | 1,458 | |
Dividends returned | 481 | 321 | 328 |
Payment of bank loans | (674,463) | (610,999) | |
Payment of bank overdraft | (70,921) | ||
Proceeds from bank overdraft | 70,921 | ||
Net cash flows used in financing activities | (130,094) | (43,849) | (106,842) |
Net (decrease) increase in cash and cash equivalents | (51,356) | 239,095 | 18,716 |
Net foreign exchange difference | 15,846 | 1,551 | 483 |
Cash and cash equivalents as of January 1 | 308,912 | 68,266 | 49,067 |
Cash and cash equivalents as of December 31 | 273,402 | 308,912 | 68,266 |
Transactions with no effect in cash flows: | |||
Unrealized exchange difference related to monetary transactions | (9,114) | 6,978 | (483) |
Outstanding accounts payable related to acquisition of property, plant and equipment | 7,615 | 4,830 | 8,698 |
Addition of right-of-use assets and lease liabilities | 217 | 7,504 | |
Additions of quarry rehabilitation costs | S/ 7,775 |
Corporate Information
Corporate Information | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of general information about financial statements [text block] [Abstract] | |
Corporate information | 1. Corporate information Cementos Pacasmayo S.A.A. (hereinafter “the Company”) was incorporated in 1957 and, under the Peruvian General Corporation Law, is an open stock corporation, its shares are listed in the Lima and New York Stock Exchange. The Company is a subsidiary of Inversiones ASPI S.A., which holds 50.01 percent of the Company’s common shares as of December 31, 2021, 2020 and 2019. The Company’s registered address is Calle La Colonia No.150, Urbanización El Vivero, Santiago de Surco, Lima, Peru. All the subsidiaries are domiciled and operate in Peru. The Company’s main activity is the production and marketing of cement, blocks, concrete and quicklime in La Libertad region, in the North of Peru. The issuance of the consolidated financial statements of the Company and its subsidiaries (hereinafter “the Group”) for the year ended December 31, 2021 was authorized by the Company’s Board of Directors on February 14, 2022. The consolidated financial statements as of December 31, 2020 and for the year ended that date were approved by the General Shareholders’ Meeting on March 23, 2021. As of December 31, 2021 and 2020, the consolidated financial statements comprise the financial statements of the Company and its subsidiaries: Cementos Selva S.A. and subsidiaries, Distribuidora Norte Pacasmayo S.R.L., Empresa de Transmisión Guadalupe S.A.C., Salmueras Sudamericanas S.A., Calizas del Norte S.A.C. (on liquidation), Soluciones Takay S.A.C. and 150Krea Inc. To these dates, the Company maintains a 100 percent interest in all its subsidiaries. The main activities of the subsidiaries incorporated in the consolidated financial statements are described as follows: - Cementos Selva S.A. is engaged in production and marketing of cement and other construction materials in the northeast region of Peru. Also, it holds 100 percent of the shares in Dinoselva Iquitos S.A.C. (a cement and construction materials distributor in the north of Peru, which also produces and sells precast, cement bricks and ready-mix concrete) and in Acuícola Los Paiches S.A.C. (a fish farm entity). - Distribuidora Norte Pacasmayo S.R.L. is mainly engaged in selling cement produced by the Company. Additionally, it produces and sells precast, cement bricks and ready-mix concrete. - Empresa de Transmisión Guadalupe S.A.C. is mainly engaged in providing electric energy transmission services to the Company. - Salmueras Sudamericanas S.A.(“Salmueras”) In December 2017, the Company decided not to continue with the activities related to this project of Salmueras. - Calizas del Norte S.A.C. (on liquidation). On May 31, 2016, the Company decided to liquidate the subsidiary Calizas del Norte S.A.C. - Soluciones Takay S.A.C., entity constituted on March 29, 2019 whose corporate purpose is to provide advisory services and information, promotion, acquisition, intermediation services for the management and development of real estate projects by natural and/or legal persons. - 150Krea Inc., entity constituted on June 3, 2021 whose corporate purpose is the lease of intangible assets. 1.1 COVID 19 - COVID - - - On March 15, 2020, the Peruvian government declared a nationwide state of emergency, effectively shutting down all business considered non-essential (with exception of food production and commercialization, pharmaceuticals and health). As a result, since that date, the Company shut-down its three production plants until the Peruvian government allowed it to restart production and commercial activities on May 20, 2020. During the halt period, the Company was unable to generate revenues; however, it largely returned to the operating levels prior to the shut-down as of the month of August 2020. The Group has prepared the consolidated financial statements for the financial year ended December 31, 2021 on a going concern basis, which assumes continuity of current business activities and the realization of assets and settlement of liabilities in the ordinary course of business. Regarding its financial obligations, the Company has not seen any change in its access and cost of financing; however, at the start of the state of emergency it took out a bank overdraft facility and short-term loans as a precautionary measure in order to cover its working capital needs, some of these loans have already been paid off and others are still outstanding as disclosed in note 16. During 2021, a large part of the Peruvian population has been immunized with various types of vaccines, which has allowed us to continue with the economic reactivation and the reduction of positive cases. Given the presence of the Omicron variant, the Peruvian Government has established a series of measures to prevent the spread of this variant, these measures have been applied by the Company to safeguard the integrity and health of its workers and to continue with normal operations. On January 21, 2022 the Government decided to extend the state of health emergency nationwide for 180 calendar days from March 2, 2022, to August 29, 2022 in order to continue with the prevention, control and health care actions for the protection of the population of the entire country. The Company maintains various measures to preserve the health of its employees and to prevent contagion in its administrative and operational areas, such as remote work, rigorous cleaning of work environments, distribution of personal protective equipment, test of suspicious cases and body temperature measurement. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of significant accounting policies [text block] [Abstract] | |
Significant accounting policies | 2. Significant accounting policies 2.1 Basis of preparation – The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). The consolidated financial statements have been prepared on a historical cost basis, except for financial instruments designated at fair value through other comprehensive income (OCI) and derivative financial instruments that have been measured at fair value. The carrying values of recognized assets and liabilities that are designated as hedged items in fair value hedges that would otherwise be carried at amortized cost are adjusted to record changes in fair value attributable to the risks that are being hedged in effective hedge relationships. The consolidated financial statements are presented in Soles and all values are rounded to the nearest thousand (S/000), except when otherwise indicated. The consolidated financial statements provide comparative information in respect of the previous period. There are certain standards and amendments applied for the first time by the Group during 2021 that did not require the restatement of previous financial statements, as explained in note 2.3.19. 2.2 Basis of consolidation - The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if it has: (i) power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee), (ii) exposure, or rights, to variable returns from its involvement with the investee, and (iii) the ability to use its power over the investee to affect its returns. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group´s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. 2.3 Summary of significant accounting policies - 2.3.1 Cash and cash equivalents - Cash and cash equivalents presented in the statements of cash flows comprise cash at banks and on hand and short-term deposits with original maturity of three months or less. 2.3.2 Financial instruments-initial recognition and subsequent measurement – A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (i) Financial assets - Initial recognition and measurement - Financial assets are classified at initial recognition as measured at amortized cost, fair value through other comprehensive income (OCI) or fair value through profit or loss. The Group’s financial assets include cash and cash equivalents, commercial and other receivables, available-for-sale financial investments and derivative financial instruments. Subsequent measurement - For purposes of subsequent measurement, financial assets are classified into the following categories: - Financial assets at amortized cost (debt instruments). - Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments). - Financial assets designated at fair value through OCI with not recycling of cumulative gains and losses upon derecognition (equity instruments). - Financial assets at fair value through profit or loss. The classification depends on the business model of the Company and the contractual terms of the cash flows. Financial assets at amortized cost (debt instruments) - The Group measures financial assets at amortized cost if both of the following conditions are met: - The financial asset is held within a business model with the objective to collect contractual cash flows and not sale or trade it, and if, - The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. Financial assets are not reclassified after their initial recognition, except if the Group changes its business model for its management. As of December 31, 2021 and 2020 the Group held trade and other receivables in this category. Financial assets at fair value through OCI (debt instruments) - - The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling, and - The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding The Group does not have debt instruments classified in this category. Financial assets at fair value through OCI (equity instruments) - Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. As of December 31, 2021 and 2020 the Group elected to classify irrevocably its non-listed equity investments under this category, see note 9. Financial assets at fair value through profit or loss - Financial assets at fair value through profit or loss include financial assets held for trading assets, assets from derivative financial instruments at fair value through profit or loss, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value and net changes in such fair value are presented as financial costs (net negative changes in fair value) or financial income (net positive changes in fair value) in the consolidated statement of profit or loss. As of December 31,2021 and 2020, the Group hold assets for derivate financial instruments at fair value through profit or loss classified in this category. Derecognition - A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when: - The rights to receive cash flows from the asset have expired, or - The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset When the Group has transferred its rights to receive cash flows from an asset or has entered a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of its continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. (ii) Impairment of financial assets - The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Group considers a financial asset in default when contractual payments are 360 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. (iii) Financial liabilities - Initial recognition and measurement - Financial liabilities are classified at initial recognition as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, interest-bearing loans and borrowings. Subsequent measurement - The subsequent measurement of financial liabilities depends on their classification, as described below: Financial liabilities at fair value through profit or loss - Financial liabilities at fair value through profit or loss include financial liabilities held for trading, derivative financial instruments at fair value through profit or loss and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term; gains or losses on liabilities held for trading are recognized in the statement of profit or loss. This category also includes derivative financial instruments entered by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. As of December 31, 2021 and 2020, the Group does not have instruments classified in this category. Loans and borrowings - After their initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the consolidated statement of profit or loss. As of December 31, 2021 and 2020, the Group includes trade and other payables and financial liabilities in this category, for more information refer to notes 14 and 16. Derecognition - A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amount is recognized in the consolidated statement of profit or loss. (iv) Offsetting of financial instruments - Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. (v) Derivative financial instruments and hedge accounting – Initial recognition and subsequent measurement: The Group uses derivative financial instruments, cross currency swaps (CCS), to hedge its foreign currency exchange rate risk. These derivative financial instruments are initially recognized at their fair values on the date on which the derivative contract is entered into and subsequently are remeasured at their fair value. Derivatives are accounted for as financial assets when their fair value is positive and as financial liabilities when their fair value is negative. For the purpose of hedge accounting, hedges are classified as: - Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment. - Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment. - Hedges of a net investment in a foreign operation. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Group will assess the effectiveness of changes in the hedging instrument’s fair value in offsetting the exposure to changes in the hedged item’s fair value or cash flows attributable to the hedged risk. Such hedges expect to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they have been highly effective throughout the financial reporting periods for which they were designated. A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirements: - There is ‘an economic relationship’ between the hedged item and the hedging instrument. - The effect of credit risk does not ‘dominate the value changes’ that result from that economic relationship. - The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group hedges and the quantity of the hedging instrument that the Group uses to hedge that quantity of hedged item. Hedges that meet all the qualifying criteria for hedge accounting are recorded as cash flow hedges. Cash flow hedges Any gains or losses arising from changes in the fair value of derivatives is taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognized in OCI and later reclassified to profit or loss when the hedge item affects profit or loss. For any other cash flow hedges, the amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss. In the case that the cash flow hedge is discontinued, the amount accumulated in other comprehensive income must remain in other comprehensive income accumulated if the covered cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation, once the hedged cash flows are given, any amount that remains in other comprehensive accumulated results must be recorded considering the nature of the underlying transaction. (vi) Fair value measurement - The Group measures financial instruments such as derivatives, and equity investment, at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: - In the principal market for the asset or liability, or - In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value accounting hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: - Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities - Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable - Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. The Group’s management determines the policies and procedures for recurring and non-recurring fair value measurements. At each reporting date, the Financial Management analyzes the changes in the values of the assets and liabilities that must be measured or determined on a recurring and non-recurring basis according to the Group’s accounting policies. For this analysis, Management contrasts the main variables used in the latest assessments made with updated information available from valuations included in contracts and other relevant documents. Management also compares the changes in the fair value of each asset and liability with the relevant external sources to determine whether the change is reasonable. For purposes of disclosure of fair value, the Group has determined classes of assets and liabilities based on the inherent nature, characteristics and risks of each asset and liability, and the level of the fair value accounting hierarchy as explained above. 2.3.3 Foreign currencies - The functional and presentation currency for the consolidated financial statements of the Group is soles, which is also the functional currency for its subsidiaries. Transactions and balances Transactions in foreign currencies are initially recorded at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. 2.3.4 Inventories - Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and conditions are accounted for as follows: Raw materials and supplies - Purchase cost determined using the weighted average method. Finished goods and work in progress - Cost of direct materials and supplies, services provided by third parties, direct labor and a proportion of manufacturing overheads based on normal operating capacity, excluding borrowing costs and exchange currency differences. Inventory in transit - Purchase cost. Net realizable value is the estimated selling price in the ordinary course of business, less estimated cost of completion and the estimated costs necessary to make the sale. 2.3.5 Borrowing costs - Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Where the funds used to finance a project form part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to relevant general borrowings of the Group during the period. All other borrowing costs are recognized in the consolidated statement of profit or loss in the period in which they are incurred. 2.3.6 Leases - The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee: The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right of use assets The Group recognizes right-of-use assets at the commencement date of the lease (the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, unless the ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The leased assets correspond to motorized vehicles whose useful life is 5 years. The right-of-use assets are subject to impairment assessment. Refer to accounting policies in section 2.3.12. ii) Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the assessment of an option to purchase the underlying asset, a change in the amounts expected to be paid under residual value guarantee or changes to future payments resulting from a change in an index or rate used to determine such lease payments The Group’s lease liabilities are included in “lease liabilities” in the consolidated statement of financial position. iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Group as a lessor: Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Rental income is accounted for on a straight-line basis over the lease terms and is included in other income in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. Contingent rents are recognized as revenue in the period in which they are earned. 2.3.7 Property, plant and equipment - Property, plant and equipment is stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if any. Such cost includes the cost of replacing component parts of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met (see note 2.3.5). The capitalized value of a finance lease is also included within property, plant and equipment. When significant parts of plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in profit or loss as incurred. The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met. Refer to significant accounting judgments, estimates and assumptions (note 3) and quarry rehabilitation cost provisions (note 15). Depreciation of assets is determined using the straight-line method over the estimated useful lives of such assets as follows: Years Buildings and other constructions: Administrative facilities Between 20 and 51 Main production structures Between 20 and 56 Minor production structures Between 20 and 35 Machinery and equipment: Mills and horizontal furnaces Between 24 and 45 Vertical furnaces, crushers and grinders Between 23 and 36 Electricity facilities and other minors Between 10 and 35 Furniture and fixtures 10 Transportation units: Heavy units Between 5 and 15 Light units Between 5 and 10 Computer equipment Between 3 and 10 Tools Between 5 and 10 The asset’s residual value, useful lives and methods of depreciation are reviewed at each reporting period and adjusted prospectively if appropriate. An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of profit or loss when the asset is derecognized. 2.3.8 Mining concessions - Mining concessions correspond to the exploration rights in areas of interest acquired. Mining concessions are stated at cost, net of accumulated amortization and/or accumulated impairment losses, if any, and are presented within the “Property, plant and equipment” caption of consolidated statement of financial position. Those mining concessions are amortized following the straight-line method. In the event the Group abandons the concession, the costs associated are written-off in the consolidated statement of profit or loss. As of December 31, 2021 and 2020, mining concessions of the Group correspond to areas that contain raw material necessary for cement production. 2.3.9 Quarry development costs and stripping costs - Quarry development costs - Quarry development costs incurred are stated at cost and are the next step in development of quarries after exploration and evaluation stage. Quarry development costs are, upon commencement of the production phase, presented net of accumulate |
Significant Accounting Judgment
Significant Accounting Judgments, Estimates and Assumptions | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of accounting judgements and estimates [text block] [Abstract] | |
Significant accounting judgments, estimates and assumptions | 3. Significant accounting judgments, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. The most significant estimate considered by the Company’s Management in relation to the consolidated financial statements refers to the evaluation of the impairment of long-lived assets, see notes 2.3.2, 2.3.12, 10 and 11. |
Standards Issued But Not yet Ef
Standards Issued But Not yet Effective | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of changes in accounting policies, accounting estimates and errors [text block] [Abstract] | |
Standards Issued But not Yet Effective | 4. Standards issued but not yet effective The standards and interpretations relevant to the Group, that are issued, but not yet effective, up to the date of issuance of the financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective: Amendments to IAS 1: Classification of Liabilities as Current or Non-current - What is meant by a right to defer settlement - That a right to defer must exist at the end of the reporting period - That classification is unaffected by the likelihood that an entity will exercise its deferral right - That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The Group is currently assessing the impact the amendments will have on current practice and whether existing loan agreements may require renegotiation. Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 The amendment is effective for annual reporting periods beginning on or after January 1, 2022 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment. This amendment has not had a material impact on the Group. Onerous contracts - Costs of fulfilling a contract - Amendments to IAS 37 In May 2020, the IASB issued amendments to IAS 37 to specify which costs an entity should include when assessing whether a contract is onerous or loss-making. The amendments apply a “directly related cost approach”. Costs that relate directly to a contract to provide goods or services include both incremental costs and an allocation of costs directly related to contract activities. General and administrative costs are not directly related to a contract and are excluded unless they are explicitly charged to the counterparty under the contract. The amendments are effective for annual periods beginning on or after January 1, 2022. The Group will apply these amendments to contracts for which it has not yet fulfilled all of its obligations at the beginning of the annual period in which it first applies the amendments. This amendment is not expected to have a material impact on the Group. IFRS 9 Financial Instruments – Fees in the ’10 per cent’ test for derecognition of financial liabilities The amendment is effective for annual reporting periods beginning on or after January 1, 2022 with earlier adoption permitted. The Group will apply the amendments to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. This amendment is not expected to have a material impact on the Group. Definition of Accounting Estimates - Amendments to IAS 8 In February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition of ‘accounting estimates’. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. Earlier application is permitted as long as this fact is disclosed. The amendments are not expected to have a material impact on the Group. Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ’significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after January 1, 2023 with earlier application permitted. Since the amendments to the Practice Statement 2 provide non-mandatory guidance on the application of the definition of material to accounting policy information, an effective date for these amendments is not necessary. The Group is currently assessing the impact of the amendments to determine the impact they will have on the Group’s accounting policy disclosures. |
Transactions in Foreign Currenc
Transactions in Foreign Currency | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure About The Transactions In Foreign Currency [Abstract] | |
Transactions in foreign currency | 5. Transactions in foreign currency Transactions in foreign currency take place at the open-market exchange rates published by the Superintendence of Banks, Insurance and Pension Funds Administration. As of December 31, 2021 the exchange rates for transactions in United States dollars, published by this institution, were S/3.975 for purchase and S/3.998 for sale (S/3.618 for purchase and S/3.624 for sale as of December 31, 2020). As of December 31, 2021 and 2020, the Group had the following assets and liabilities in United States dollars: 2021 2020 US$(000) US$(000) Assets Cash and cash equivalents 51,343 15,356 Advances to suppliers for work in progress 9,210 4,242 Trade and other receivables 4,946 4,587 65,499 24,185 Liabilities Trade and other payables (10,356 ) (11,314 ) Interest-bearing loans and borrowings (149,612 ) (149,612 ) (159,968 ) (160,926 ) Cross currency swap position 132,000 150,000 Net monetary position 37,531 13,259 As of December 31, 2021 and 2020, the Group has cash currency hedging agreements for its bonds (denominated in US dollars), see note 16. Of the US$132,000,000 and US$150,000,000 shown in the swap position as of December 31, 2021 and 2020, respectively, there are underlying liabilities in the amount of US$131,612,000 and the difference of US$ 388,000 and US$18,388,000 is maintained as derivative financial instruments at fair value through profit or loss. During 2021, the net loss originated by the exchange difference was approximately S/7,086,000 (the net loss from exchange difference amounted to S/9,831,000 during 2020 and net gain from exchange difference amounted to S/729,000 during 2019). All these results are presented in the caption “(Loss) gain from exchange difference, net” of the consolidated statement of income. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents | 6. Cash and cash equivalents (a) This caption was made up as follows: 2021 2020 S/(000) S/(000) Cash on hand 273 177 Cash at banks (b) 225,629 22,510 Short-term deposits (c) 47,500 286,225 273,402 308,912 (b) Cash at banks is denominated in local and foreign currency and U.S. dollars, is deposited in local and foreign bank are freely available. The demand deposits interest yield is based on daily bank deposit rates. (c) The short-term deposits held in domestic banks were freely available and earned interest at the respective short-term market rates and original maturity less than three months. |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2021 | |
Trade and Other Receivables [Abstract] | |
Trade and other receivables | 7. Trade and other receivables (a) This caption was made up as follows: Current Non-current 2021 2020 2021 2020 S/(000) S/(000) S/(000) S/(000) Trade receivables (b) 91,072 73,366 - - Other accounts receivable 5,940 1,913 - - Accounts receivable from Parent company and affiliates, note 27 1,314 2,212 - - Funds restricted to tax payments 1,314 346 - - Loans granted 1,066 1,624 83 1,688 Other receivables from sale of fixed assets 937 1,781 - - Interest receivable 636 1,375 - - Loans to employees 610 357 - - Allowance for expected credit losses (d) and (e) (5,539 ) (5,324 ) - - Financial assets classified as receivables (e) 97,350 77,650 83 1,688 Value-added tax credit 5,368 6,443 2,673 3,319 Other accounts receivable (c) - - 38,242 - Tax refund receivable - 319 9,242 9,242 Allowance for expected credit losses (d) - - (9,034 ) (9,034 ) Non-financial assets classified as receivables 5,368 6,762 41,123 3,527 102,718 84,412 41,206 5,215 (b) Trade account receivables have current maturity (30 to 90 days) and those overdue bear interest. (c) On March 22, 2021, the Company received Tax Court Resolution N° 00905-4-21 that declares the calculation of Mining Royalty should be based on gross sale of the final product (cement) for the years 2008 and 2009. This is an opposite position to what is established by the Constitutional Court in the STC Exp. N° 1043-2013-PA/TC that declares founded the writ of protection presented by the Company and its right to calculate the Mining Royalty exclusively based on the value of the mining component, without considering in any way the value of the final products derived from industrial and manufacturing processes. The Company has made, under protest, partial payments of the debts arbitrarily placed in collection. These payments as of December 31, 2021 amount to approximately S/38,242,000 and are presented in the caption “Miscellaneous receivables, net”, non-current assets. To date, the Company has initiated the corresponding legal actions to recover said payments and in the opinion of Management and its external legal advisors, it has a high probability of obtaining a favorable result. (d) The movement of the allowance for expected credit losses is as follows: 2021 2020 2019 S/(000) S/(000) S/(000) Opening balance 14,358 12,781 11,329 Additions, note 22 563 1,582 1,452 Recoveries (348 ) (5 ) - Ending balance 14,573 14,358 12,781 As of December 31, 2021, the additions include S/563,000 related to the provision for expected credit losses for trade receivables (S/1,582,000 as of December 31, 2020), which are presented in the caption “selling and distribution expenses” on the consolidated income statement, see notes 22. (e) The aging analysis of trade and other accounts receivable as of December 31, 2021 and 2020, is as follows: As of December 31, 2021 Past due but not impaired Total Neither past due nor impaired < 30 30-60 61-90 91-120 > 120 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Expected credit loss rate 5.4 % 0.0 % 0.9 % 1.7 % 3.7 % - 76.5 % Carrying amount 2021 102,972 65,314 21,233 6,112 3,672 - 6,641 Expected credit loss 5,539 28 190 105 136 - 5,080 As of December 31, 2020 Past due but not impaired Total Neither past due nor impaired < 30 30-60 61-90 91-120 > 120 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Expected credit loss rate 6.3 % 0.2 % 10.8 % 1.4 % 4.2 % - 61.2 % Carrying amount 2020 84,662 68,044 1,943 5,665 1,134 - 7,876 Expected credit loss 5,324 167 209 79 48 - 4,821 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventories [Abstract] | |
Inventories | 8. Inventories (a) This caption is made up as follows: 2021 2020 S/(000) S/(000) Goods and finished products 25,304 12,877 Work in progress 135,008 114,246 Raw materials 247,939 157,107 Packages and packing 7,466 3,614 Fuel 3,498 2,896 Spare parts and supplies 199,870 179,354 Inventory in transit 9,149 10,220 628,234 480,314 Less - Provision for inventory obsolescence (b) (23,052 ) (19,704 ) 605,182 460,610 (b) Movement in the provision for inventory obsolescence value is set forth below: 2021 2020 2019 S/(000) S/(000) S/(000) Opening balance 19,704 17,253 14,975 Additions 3,374 3,635 2,498 Recoveries (26 ) (1,184 ) (220 ) Final balance 23,052 19,704 17,253 |
Financial Investment Designated
Financial Investment Designated at Fair Value Through OCI | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of available-for-sale financial assets [text block] [Abstract] | |
Financial investment designated at fair value through OCI | 9. Financial investment designated at fair value through OCI (a) Movement in financial investment designated at fair value through OCI is as follow: 2021 2020 2019 S/(000) S/(000) S/(000) Beginning balance 692 18,224 26,883 Contribution of investment shares 1,779 - - Fair value change recorded in other comprehensive income (1,995 ) (17,532 ) (8,659 ) Ending balance 476 692 18,224 (b) As of December 31, 2021 and 2020, corresponds to 2,481,397 and 9,148,373 investment shares of Fossal S.A.A. These shares represent 8.40% and 7.76% of equity of Fossal S.A.A., respectively. The main asset held by Fossal S.A.A. correspondeds to its investment in the company Fosfatos del Pacífico S.A., a pre-operational company that has a diatomite extraction concession and is dedicated to the Fosfatos Project (a project for the exploitation and sale of phosphate rock). The Board of Directors of the company Fosfatos del Pacífico S.A. held on December 30, 2020, considering the longer time it will take for the renewal of the Environmental Impact Study (EIA) of the project and that the current international prices of phosphate rock are lower than the sales prices originally estimated at the beginning of the project, agreed to make the accounting provision due to the total devaluation of the assets related to the Phosphate Project. The Company has recognized a charge in other comprehensive income for S/1,995,000 related to updating the fair value of the financial investment maintained in Fossal S.A.A. during 2021 (S/17,532,000 and S/8,659,000 during 2020 and 2019 respectively). |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of property, plant and equipment [text block] [Abstract] | |
Property, plant and equipment | 10. Property, plant and equipment (a) The composition and movement in this caption as of the date of the consolidated statement of financial position is presented below: Mining concessions (b) Mine development costs (b) Land Buildings and other construction Machinery, equipment and related spare parts Furniture and accessories Transportation units Computer equipment and tools Quarry rehabilitation costs Capitalized interests Work in progress Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Cost As of January 1, 2020 76,135 51,705 251,655 684,338 1,667,042 32,839 123,568 50,951 1,515 64,904 47,449 3,052,101 Additions 19 2,316 - 535 8,298 197 282 1,166 7,775 - 30,644 51,232 Disposals (261 ) (5 ) - (307 ) (7,803 ) (54 ) (12,502 ) (3 ) - - (144 ) (21,079 ) Transfers, note 11 - (41 ) 535 5,976 26,608 141 1,761 531 - - (40,218 ) (4,707 ) As of December 31, 2020 75,893 53,975 252,190 690,542 1,694,145 33,123 113,109 52,645 9,290 64,904 37,731 3,077,547 Additions 21 3,435 4,254 (98 ) 16,160 191 7,523 3,731 (260 ) 103 53,120 88,180 Disposals - - - (7 ) (33,176 ) (22,786 ) (10,583 ) (23,105 ) - - (136 ) (89,793 ) Transfers, note 11 - 592 108 2,648 20,526 178 3,302 1,157 - - (28,575 ) (64 ) As of December 31, 2021 75,914 58,002 256,552 693,085 1,697,655 10,706 113,351 34,428 9,030 65,007 62,140 3,075,870 Accumulated depreciation As of January 1, 2020 12,184 10,071 - 121,196 556,147 29,380 83,227 38,812 99 5,978 - 857,094 Additions 72 196 - 18,693 95,325 723 8,357 3,537 1,517 1,521 - 129,941 Disposals - - - (32 ) (7,282 ) (54 ) (10,952 ) (1 ) - - - (18,321 ) As of December 31, 2020 12,256 10,267 139,857 644,190 30,049 80,632 42,348 1,616 7,499 - 968,714 Additions 72 217 - 18,605 93,581 589 7,350 3,198 766 1,522 - 125,900 Disposals - - - (7 ) (32,317 ) (22,767 ) (9,819 ) (23,090 ) - - - (88,000 ) As of December 31, 2021 12,328 10,484 - 158,455 705,454 7,871 78,163 22,456 2,382 9,021 - 1,006,614 Impairment (b) As of December 31, 2020 42,859 24,048 - 13,578 12,424 201 26 454 - - 735 94,325 As of December 31, 2021 42,859 24,048 - 13,578 12,424 201 26 454 - - 735 94,325 Net book value As of December 31, 2020 20,778 19,660 252,190 537,107 1,037,531 2,873 32,451 9,843 7,674 57,405 36,996 2,014,508 As of December 31, 2021 20,727 23,470 256,552 521,052 979,777 2,634 35,162 11,518 6,648 55,986 61,405 1,974,931 (b) Mining concessions mainly include net acquisition costs of S/15,488,000 related to coal concessions acquired through a purchase option executed from 2011 to 2013. The caption also includes some concessions acquired by the Group for exploration activities related to the cement business. In previous years’ Management recognized a full impairment related to the total net book value of a closed zinc mining unit which included concession costs, development costs and related facilities and equipment. From this impairment estimate, S/42,859,000 corresponds to concession costs. According to the Management´s expectation the recovery amount of this zinc mining unit is zero. (c) The Group has assessed the recoverable amount of its remaining long-term assets and did not find indicators of an impairment for these assets as of December 31, 2021 and 2020. (d) Work in progress included in property, plant and equipment as of December 31, 2021 and 2020 is mainly related to complementary facilities of the cement plants. (e) As of December 31, 2021, the Group maintains accounts payable related to the acquisition of property, plant and equipment for S/7,615,000 (S/4,830,000 as of December 31, 2020), see note 14. |
Intangible
Intangible | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of intangible assets [text block] [Abstract] | |
Intangible | 11. Intangibles (a) The composition and movement of this caption as of the date of the consolidated statement of financial position is presented below: IT applications Finite life intangible (c) Indefinite life intangible (c) Exploration cost and Total S/(000) S/(000) S/(000) S/(000) S/(000) Cost As of January 1, 2020 25,145 24,543 1,975 48,726 100,389 Additions 4,954 - - 270 5,224 Disposals (1 ) - - - (1 ) Transfers, note 10 4,173 - - 534 4,707 As of December 31, 2020 34,271 24,543 1,975 49,530 110,319 Additions 7,152 - - 1,739 8,891 Disposals - - - (54 ) (54 ) Transfers and reclassifications, note 10 - - - 64 64 As of December 31, 2021 41,423 24,543 1,975 51,279 119,220 Accumulated amortization As of January 1, 2020 9,176 3,256 71 7,051 19,554 Additions 4,168 2,454 - 1,034 7,656 As of December 31, 2020 13,344 5,710 71 8,085 27,210 Additions 4,681 2,455 - 965 8,101 Disposals - - - (54 ) (54 ) As of December 31, 2021 18,025 8,165 71 8,996 35,257 Impairment (b) Al of January 1, 2020 - - - 33,469 33,469 As of December 31, 2020 - - - 33,469 33,469 As of December 31, 2021 33,469 33,469 Net Carrying Value As of December 31, 2020 20,927 18,833 1,904 7,976 49,640 As of December 31, 2021 23,398 16,378 1,904 8,814 50,494 (b) As of December 31, 2021 and 2020, the exploration and evaluation assets include mainly capital expenditures related to the coal project and to other minor projects related to the cement business. (c) During the year 2018, the Group acquired brand and other intangibles for an amount of S/25,152,000 from a third party, which were recorded using the acquisition method reflecting their fair values at the acquisition date. (d) As of December 31, 2021 and 2020, the Group evaluated the conditions of use of the projects related to the exploration and mining evaluation costs and its other intangibles, not finding any indicators of impairment in said assets |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of goodwill [text block] [Abstract] | |
Goodwill | 12. Goodwill As of December 31, 2021 and 2020, the amount of goodwill amounts to S/4,459,000, respectively, from the acquisition of assets made by the subsidiary Distribuidora Norte Pacasmayo S.R.L. The Group has assessed the recoverable amount of goodwill held using the value in use method and cash flow projections approved by management for a medium-term projection period, cash flows beyond this period have been extrapolated using a rate consistent with long-term growth with the Peruvian economy and has determined that there is no impairment at December 31, 2021 and 2020. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of leases [text block] [Abstract] | |
Leases | 13. Leases The Group maintains lease contracts with third parties, mainly a contract for the lease of trucks for a term of 5 years. The annual incremental interest rate used for the initial recognition of the right-of-use asset and the lease liability ranges between 5.2 and 6.2 percent. The Group also leases certain minor equipment for less than 12 months, the Group has decided to apply the recognition exemption for short term leases (less than 12 months) and for leases of low value assets. The expense for this type of lease amounted to S/1,419,000 for the twelve-month period ended December 31, 2021 (2020: S/1,869,000) and was recognized in the “Administrative Expenses” caption of the interim condensed consolidated statement of profit or loss. The movement of the right of use assets recognized by the Group is shown below: Transportation units Other Total S/(000) S/(000) S/(000) Cost - Balance as of January 1, 2020 - 109 109 Additions 7,504 - 7,504 Sales and/or retirement - (71 ) (71 ) Balance as of December 31, 2020 7,504 38 7,542 Additions 217 - 217 Sales and/or retirement - (3 ) (3 ) Balance as of December 31, 2021 7,721 35 7,756 Accumulated depreciation - Balance as of January 1, 2020 - 63 63 Additions 1,501 33 1,534 Sales and/or retirement - (61 ) (61 ) Balance as of December 31, 2020 1,501 35 1,536 Additions 1,552 - 1,552 Balance as of December 31, 2021 3,053 35 3,088 Net book value As of December 31, 2020 6,003 3 6,006 As of December 31, 2021 4,668 - 4,668 The movement of the lease liabilities recognized by the Group is shown below: 2021 2020 S/(000) S/(000) Balance as of January 1 6,633 57 Additions 217 7,504 Financial interest expenses 383 409 Dues payments (2,419 ) (1,669 ) Sales and disposals - (19 ) Others 1,015 351 Balance as of December 31 5,829 6,633 Maturity Current portion 1,856 1,531 Non-current portion 3,973 5,102 Balance as of December 31 5,829 6,633 The future cash disbursements in relation to lease liabilities have been disclosed in note 30. |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of trade and other payables [text block] [Abstract] | |
Trade and other payables | 14. Trade and other payables This caption is made up as follows: 2021 2020 S/(000) S/(000) Trade payables 111,336 83,754 Interest payable 29,871 26,322 Remuneration payable 20,835 18,102 Advances from customers 14,668 14,880 Dividends payable, note 18(g) 9,550 7,686 Taxes and contributions 8,638 10,478 Accounts payable related to the acquisition of property, plant and equipment, note 10(e) 7,615 4,830 Hedge finance cost payable 6,213 6,381 Board of Directors’ fees 5,615 5,061 Guarantee deposits 4,645 4,289 Account payable to the principal and affiliates, note 27 143 1,559 Other accounts payable 8,425 4,534 227,554 187,876 Trade accounts payable result from the purchases of material, services and supplies for the Group’s operations, and mainly correspond to invoices payable to domestic suppliers. Trade payables are non-interest bearing and are normally settled on 60 to 120 days term. Other payables are non-interest bearing and have an average term of 3 months. Interest payable is normally settled semiannually throughout the financial year. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of provisions [text block] [Abstract] | |
Provisions | 15. Provisions This caption is made up as follows: Workers’ Long-term incentive plan Quarry Provision of legal contingencies Total S/(000) S/(000) S/(000) S/(000) S/(000) At January 1, 2020 13,903 8,514 1,829 1,915 26,161 Additions, note 23 9,513 5,759 7,775 1,175 24,222 Exchange difference - - 728 - 728 Unwinding of discounts, note 26 - 343 84 - 427 Payments and advances (14,036 ) (2,526 ) (255 ) - (16,817 ) At December 31, 2020 9,380 12,090 10,161 3,090 34,721 Current portion 9,380 - - - 9,380 Non-current portion - 12,090 10,161 3,090 25,341 9,380 12,090 10,161 3,090 34,721 At January 1, 2021 9,380 12,090 10,161 3,090 34,721 Additions, note 23 25,165 9,763 - - 34,928 Exchange difference - - 1,060 - 1,060 Unwinding of discounts, note 26 - 660 75 - 735 Change in estimate - - (260 ) - (260 ) Payments and advances (10,276 ) - - - (10,276 ) At December 31, 2021 24,269 22,513 11,036 3,090 60,908 Current portion 24,269 - - - 24,269 Non-current portion - 22,513 11,036 3,090 36,639 24,269 22,513 11,036 3,090 60,908 Workers’ profit sharing - In accordance with Peruvian legislation, the Group is obliged to pay between 8% and 10% of annual taxable income. Distributions to employees under the plan are based 50% on the number of days that each employee worked during the preceding year and 50% on proportionate annual salary levels. Long-term incentive plan - In 2011, the Group implemented a compensation plan for its key management. This long-term benefit is payable in cash, based on the salary of each officer and depends on the years of service of each officer in the Group. According to the latest plan update, the executive would receive the equivalent of an annual salary for each year of service beginning to accrue from 2019. This benefit accrues and accumulates for each officer and is payable in two moments: the first payment will be made on the sixth year since the creation of this bonus plan, and the last payment at the end of the ninth year from the creation of the plan. If the executive decides to voluntarily leave the Group before a scheduled distribution, they will not receive this compensation. The Group used the Projected Unit Credit Method to determine the present value of this deferred obligation and the related current deferred cost, considering the expected increases in salary base and the corresponding current government bond discount rate (risk-free rate). Quarry Rehabilitation provision - As of December 31, 2021 and 2020, it corresponds to the provision for the future costs of rehabilitating the quarries exploited in Company’s operations. The provision has been created based on studies made by internal specialists. Management believes that the assumptions used, based on current economic environment, are a reasonable basis upon which to estimate the future liability. These estimates are reviewed regularly to consider any material change to the assumptions. However, actual quarry rehabilitation costs will ultimately depend upon future market prices for the necessary decommissioning works required to reflect future economic conditions. Future cash flows have been estimated based on financial budgets approved by Management. The range of the risk-free discount rate in dollars used in the calculation of the provision as of December 31, 2021 was from 0.12 to 1.94 and the risk-free discount rate in dollars used in the calculation of the provision as of December 31 of 2020 was from 0.06 to 1.65 Management expects to incur a significant part of this obligation in the medium and long-term. The Group estimates that this liability is sufficient according to the current environmental protection laws approved by the Ministry of Energy and Mines. |
Financial Obligations
Financial Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Financial Obligations [Abstract] | |
Financial obligations | 16. Financial obligations (a) This caption is made up as follows: Currency Nominal Maturity 2021 2020 % S/(000) S/(000) Short-term promissory notes (b) Banco de Crédito del Perú US$ 1.80 % July 8,2022 71,964 Banco de Crédito del Perú US$ 2.20 % July 8,2021 - 65,232 Banco de Crédito del Perú S/ 2.62 % January 10, 2022 79,500 79,500 Banco de Crédito del Perú S/ 2.62 % January 10, 2022 79,500 79,500 Banco de Crédito del Perú S/ 1.55 % December 23, 2022 110,000 - Banco de Crédito del Perú S/ 1.55 % December 23, 2022 110,000 - 450,964 224,232 Senior Notes (c) Principal, net of issuance costs US$ 4.50 % February 8, 2023 525,420 475,491 Principal, net of issuance costs S/ 6.69 % February 1, 2029 259,563 259,502 Principal, net of issuance costs S/ 6.84 % February 1, 2034 309,408 309,359 1,094,391 1,044,352 Maturity Current portion 450,964 65,232 Non-current portion 1,094,391 1,203,352 1,545,355 1,268,584 (b) Short-term promissory notes - As of December 31, 2021 and 2020, the Company maintains two loans of S/79,500,000 each with maturity in January 2022 and with an annual effective interest rate of 2.62 percent, which have been paid with the corporate loan mentioned in section (d). Also, as of December 31, 2021, the Company maintains a loan of US$18,000,000 with maturity in July 2022 and at an effective annual interest rate of 1.80 percent. On July 1, 2021, the Company acquired two medium-term notes with Banco de Credito del Peru S.A. for S/110,000,000 each, with a maturity date of December 23, 2022 and an effective annual interest rate of 1.55 percent. (c) Senior Notes in US dollars - The General Shareholder’s Meeting held on January 7, 2013, approved that the Company complete a financing transaction. In connection with this, the Board of Directors’ Meeting held on January 24, 2013, agreed to issue Senior Notes through a private offering under Rule 144A and Regulation S of the U.S. Securities Act of 1933. Also it was agreed to list these securities on the Ireland Stock Exchange. Consequently, on February 1, 2013, the Company issued Senior Bonds with a face value of US$300,000,000, with a nominal annual interest rate of 4.50%, and maturity in 2023, obtaining total net proceeds of US$293,646,000 (S/762,067,000). The Company has used part of the net proceeds from the offering to prepay certain of its existing debt and the difference has been used in capital expenditures in connection with its cement business. The Senior Notes are guaranteed by the following Company’s subsidiaries: Cementos Selva S.A., Distribuidora Norte Pacasmayo S.R.L., Empresa de Transmisión Guadalupe S.A.C., Dinoselva Iquitos S.A.C and Calizas del Norte S.A.C. (on liquidation). The Board of Directors’ Meeting held on November 26, 2018, approved the repurchase of the senior notes in US dollars. As a result, the Company acquired senior notes for an amount of US$168,388,000. Consequently, the senior notes balance in US dollars was US$131,162,000, in periods 2018, 2019, 2020 and 2021. To finance this acquisition, the Company obtained medium-term promissory notes from Banco de Crédito del Perú (bridge loans) for a total of S/580,769,000, which were canceled with the issue of senior notes in Soles in January 2019, as explained bellow. On the other hand, as a consequence of the purchase of senior notes issued in United States dollars, the Company’s Management considers that it was not necessary to continue with all of the derivative financial instruments to hedge those liabilities. For this reason, during December 2018, the Company settled US$150,000,000 of a total of US$300,000,000. The loss obtained from this settlement amounted to S/34,887,000, which was presented in cumulative net loss on settlement of derivative financial instruments caption from consolidated statement of profit and loss for the year ended December 31, 2018. As of December 31, 2021 and 2020, the Company has hedged cash flow contracts to reduce the foreign currency risk of corporate bonds, which are in US dollars, see note 30. Senior Notes in Soles The General Shareholders’ Meeting held on January 8, 2019, approved the issuance of senior notes in soles in the local market up to the maximum amount of S/1,000,000,000 through the Second Corporate Bonds Program of Pacasmayo, whose purpose was to settle the mid-term loans described in previous paragraph. On January 31, 2019, senior notes were issued for: i) S/260,000,000 at a rate of 6.688 percent per year and maturity of 10 years and; ii) S/310,000,000 at a rate of 6.844 percent per year and maturity of 15 years. Senior Notes in soles issued in 2019 are surety guaranteed by the following Company’s subsidiaries: Cementos Selva S.A., Distribuidora Norte Pacasmayo S.R.L., Empresa de Transmisión Guadalupe S.A.C. and Dinoselva Iquitos S.A.C. Financial covenants The financial covenants related to the Senior Notes issued in US dollars and soles state that if the Company and its guarantor subsidiaries issue debt or equity instruments, merges with another company or dispose or rents significant assets, the senior notes will activate the following covenants, calculated based on the Company and Guarantee Subsidiaries annual consolidated financial statements: - The fixed charge covenant ratio would be at least 2.5 to 1. - The consolidated debt-to-EBITDA ratio would be no greater than 3.5 to 1. As of December 31, 2021 and 2020, senior notes generated interest that has been recognized in the consolidated statement of profit or loss for S/63,333,000 and S/60,857,000 respectively, see note 26. (d) Medium-term Corporate Loan under “Club deal” modality: On August 6, 2021, the Company established the conditions of a medium-term corporate loan under “Club Deal” modality with Banco de Crédito del Perú S.A. and Scotiabank Perú S.A.A. The loan amounts to S/860,000,000 that will allow the payment of all the financial obligations that the Company maintains with maturity until February 2023 and will be disbursed based on the maturity of each of these obligations. The first disbursement amounts to S/159,000,000, was made in January 2022 and was used to pay the loan mentioned in section (b). The loan conditions include a grace / availability period of 18 months from August 6 and a payment term of 7 years from the last disbursement, which is estimated for February 2023. Since that date, the loan will be paid in 22 equal quarterly installments and has an annual interest rate of 5.82 percent. As part of the loan conditions, the Company would assume the following obligations: I. Comply with the following financial safeguards: a. Debt Ratio (Financial Debt / EBITDA) <= 3.50x b. Debt Service Coverage Ratio (FCSD / SD)> = 1.15x c. Debt Service Coverage Ratio (EBITDA / SD) = 1.50x These financial safeguards will be calculated and verified at the end of each calendar quarter, considering the information of consolidated financial statements of the Company for the last 12 months, prepared in accordance with International Financial Reporting Standards - IFRS. II. It maintains the following main obligations to do: a. Subordinate any obligation the Company had or may have to this loan. b. Maintain the loan with a status equal to other senior financing of the Company. c. Keep assets in good condition and properly insured. d. Maintain all licenses, authorizations, concessions, permits, titles and rights required by government authorities. III. It maintains the following obligations not to do: a. Refrain from paying dividends, reducing capital stock or any other distribution to its shareholders if this event make the Company not comply with the obligations assumed. b. That the Company and its subsidiaries participate in processes of liquidation, transformation, corporate reorganization, acquisition of companies, merger or spin-off. c. Transfer, sell, alienate, donate or give in usufruct, lease, give in fiduciary domain, encumber their assets, income flows and / or collection rights. d. Grant financing, personal or real guarantees in favor of third parties. |
Deferred Income Tax Assets and
Deferred Income Tax Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of deferred taxes [text block] [Abstract] | |
Deferred income tax assets and liabilities | 17. Deferred income tax assets and liabilities The following is the composition of the caption according to the items that originated it: As of Effect on Effect on Additions Additions to As of Effect on Effect on As of S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Movement of deferred income tax assets: Deferred income tax assets Provision of discounts and bonuses to customers 2,032 425 - - - 2,457 (230 ) - 2,227 Provision for vacations 1,729 (159 ) - - - 1,570 335 - 1,905 Effect of tax-loss carry forward 2,614 6,656 - - - 9,270 (7,559 ) - 1,711 Allowance for expected credit losses for trade receivables 832 625 - - - 1,457 76 - 1,533 Allowance for expected credit losses for other receivables 974 - - - - 974 - - 974 Lease liabilities 14 (131 ) - 1,009 - 892 (87 ) 14 819 Legal claim contingency - 461 - - - 461 - - 461 Estimate for devaluation of spare parts and supplies - 431 - - - 431 1 - 432 Effect of differences between book and tax bases of fixed assets and in the depreciation rates used for book purposes 198 29 - - - 227 73 - 300 Effect of differences between book and tax bases of inventories 922 (867 ) - - - 55 - - 55 Other 375 (312 ) - - - 63 555 (14 ) 604 9,690 7,158 - 1,009 - 17,857 (6,836 ) - 11,021 Deferred income tax liabilities Effect of differences between book and tax bases of fixed assets and in the depreciation rates used for book purposes (2,259 ) 829 - - - (1,430 ) 486 - (944 ) Right of use assets (17 ) 217 - (1,009 ) - (809 ) 178 (17 ) (648 ) Other 5 (5 ) - - - - - 17 17 (2,271 ) 1,041 - (1,009 ) - (2,239 ) 664 - (1,575 ) Total deferred income tax assets 7,419 8,199 - - - 15,618 (6,172 ) - 9,446 Movement of deferred income tax liabilities: Deferred income tax assets Impairment on brine project assets Salmueras 17,087 476 - - - 17,563 255 - 17,818 Impairment of mining assets 7,123 (207 ) - - - 6,916 (212 ) - 6,704 Long-term incentive plan 2,511 1,055 - - - 3,566 3,075 - 6,641 Financial instruments designated at fair value through OCI 879 - 5,172 - - 6,051 - 589 6,640 Provision for spare parts and supplies obsolescence 4,963 418 - - - 5,381 327 - 5,708 Provision for vacations 3,071 187 - - - 3,258 423 - 3,681 Quarry rehabilitation provision 539 (52 ) - - 2,294 2,781 (55 ) - 2,726 Legal claim contingency - (140 ) - 1,205 - 1,065 (135 ) - 930 Allowance for expected credit losses for trade receivables 101 - - - - 101 534 - 635 Lease liabilities - 450 - - - 450 - - 450 Other 349 (74 ) - - - 275 53 - 328 36,623 2,113 5,172 1,205 2,294 47,407 4,265 589 52,261 Deferred income tax liabilities Effect of differences between book and tax bases of fixed assets and in the depreciation rates (177,448 ) (12,802 ) - - (2,294 ) (192,544 ) 2,366 - (190,178 ) Net gain on cash flow hedge (3,219 ) (220 ) 487 - - (2,952 ) 1,684 (6,146 ) (7,414 ) Effect of costs of issuance of senior notes (1,010 ) 240 - - - (770 ) (1,915 ) - (2,685 ) Right of use assets - 242 - (1,205 ) - (963 ) 217 - (746 ) Other (45 ) 3 - - - (42 ) - - (42 ) (181,722 ) (12,537 ) 487 (1,205 ) (2,294 ) (197,271 ) 2,352 (6,146 ) (201,065 ) Total deferred income tax liabilities, net (145,099 ) (10,424 ) 5,659 - - (149,864 ) 6,617 (5,557 ) (148,804 ) (2,225 ) 5,659 445 (5,557 ) The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities, and the tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority. A reconciliation between tax expenses and the product of the accounting profit multiplied by Peruvian tax rate for the years 2021, 2020 and 2019 is as follows: 2021 2020 2019 S/(000) S/(000) S/(000) Accounting profit before income tax 224,110 85,898 194,353 At statutory income tax rate of 29.5% (66,112 ) (25,340 ) (57,334 ) Permanent differences Non-deductible expenses, net (4,070 ) (1,596 ) (4,181 ) Effect of tax-loss carry forward non-recognized (758 ) (1,068 ) (791 ) At the effective income tax rate of 32% in 2021 (2020: 33% and 2019: 32%) (70,940 ) (28,004 ) (62,306 ) The income tax expenses shown for the years ended December 31, 2021, 2020 and 2019 are: 2021 2020 2019 S/(000) S/(000) S/(000) Consolidated statement of profit or loss Current (71,385 ) (25,779 ) (41,709 ) Deferred 445 (2,225 ) (20,597 ) (70,940 ) (28,004 ) (62,306 ) The income tax recorded directly to other comprehensive income represents a loss of S/5,557,000 during the year 2021, a gain of S/5,659,000 and S/3,308,000 during the years 2020 and 2019, respectively. The composition of the deferred income tax related to the items recognized in the consolidated statement of other comprehensive income and equity during the year, as follow: 2021 2020 2019 S/(000) S/(000) S/(000) Tax effect on unrealized gain on available-for-sale financial asset 589 5,172 2,554 Tax effect on unrealized gain (loss) on hedging derivative financial asset (6,146 ) 487 754 Total deferred income tax in OCI (5,557 ) 5,659 3,308 As of December 31, 2021, 2020 and 2019, it is not necessary to recognize deferred tax liability for taxes that would be payable on the unremitted earnings of the Group’s subsidiaries. The Group has determined that the timing differences will be reversed by means of dividends to be received in the future that, according to the tax rules in effect in Peru, are not subject to income tax. As of December 31, 2021, certain subsidiaries of the Group have tax loss carryforwards of S/24,085,000 (2020: S/22,230,000). These tax loss carryforwards do not expire, are related to subsidiaries that have a history of losses for some time and cannot be used to offset future taxable profits of other Group subsidiaries. No deferred assets have been recognized in relation to these tax loss carryforwards, since there are no possibilities of tax planning opportunities or other evidence of recovery in the near future. For information purposes, the temporary difference associated with investments in subsidiaries, would generate an aggregate deferred tax liability amounting to S/83,079,000 (2020: S/80,357,000), which should not be recognized in the consolidated financial statements as it is not expected to reverse in the foreseeable future and the Company is in control of such reversal. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of share capital, reserves and other equity interest [text block] [Abstract] | |
Equity | 18. Equity (a) Capital stock - As of December 31, 2021 and 2020, share capital is represented by 423,868,449 authorized common shares subscribed and fully paid, with a nominal value of one Sol per share. As from December 31, 2021 from the total outstanding common shares; 34,252,841 are listed in the New York Stock Exchange and 389,615,608 in the Lima Stock Exchange. As of December 31, 2020, 31,728,741 common shares were listed in the New York Stock Exchange and 392,139,708 in the Lima Stock Exchange. (b) Investment shares - Investment shares do not have voting rights or participate in shareholder’s meetings or the appointment of directors. Investment shares confer upon the holders thereof the right to participate in dividends distributed according to their nominal value, in the same manner as common shares. Investment shares also confer the holders thereof the right to: (i) maintain the current proportion of the investment shares in the case of capital increase by new contributions; (ii) increase the number of investment shares upon capitalization of retained earnings, revaluation surplus or other reserves that do not represent cash contributions; (iii) participate in the distribution of the assets resulting from liquidation of the Company in the same manner as common shares; and, (iv) redeem the investment shares in case of a merger and/or change of business activity of the Company. As of December 31, 2021 and 2020, the Company has 40,278,894 investment shares subscribed and fully paid, with a nominal value of one sol per share. (c) Treasury shares - As of December 31, 2021 and 2020, the Company maintains 36,040,497 investment shares held in treasury amounting to S/121,258,000. (d) Additional paid-in capital - As of December 31, 2021 and 2020, the additional capital amounts to S/432,779,000 and arises mainly as a result of the excess of total proceeds obtained versus par value in the issuance of 111,484,000 common shares and 928,000 investment shares corresponding to a public offering of American Depositary Shares (ADS) registered with the New York Stock Exchange and Lima Stock Exchange on 2012. (e) Legal reserve - Provisions of the General Corporation Law require that a minimum of 10 per cent of the distributable earnings for each period, after deducting the income tax, be transferred to a legal reserve until such is equal to 20 per cent of the capital. This legal reserve can offset losses or can be capitalized, and in both cases, there is the obligation to replenish it. (f) Other accumulated comprehensive results - This reserve records fair value changes on available-for-sale financial assets and the unrealized results on cash flow hedge. (g) Distributions made and proposed – 2021 2020 2019 Approval date by Board of Directors April 29, 2021 November 16, 2020 November 18, 2019 Declared dividends per share to be paid in cash S/. 0.790000 0.23000 0.36000 Declared dividends S/(000): 338,204 98,465 154,119 As of December 31, 2021 and 2020, dividends payable amount to S/9,550,000 and S/7,686,000, respectively, see note 14. During year 2019, in order to comply with Peruvian law requirements S/280,000, respectively corresponding to dividends payable aged greater than ten years were transferred from “Dividends payable” caption to “Legal reserve” caption in the consolidated statement of changes in equity. |
Sales of Goods
Sales of Goods | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of revenue [text block] [Abstract] | |
Sales of goods | 19. Sales of goods This caption is made up as follows: As of December 31, 2021 Cement Concrete and mortar Precast Quicklime Construction supplies Other Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Segments Sale of cement, concrete, mortar and precast 1,534,867 213,565 36,055 - - - 1,784,487 Sale of construction supplies - - - - 113,905 - 113,905 Sale of quicklime - - - 39,141 - - 39,141 Sale of other - - - - - 234 234 1,534,867 213,565 36,055 39,141 113,905 234 1,937,767 Moment of the revenue recognition Goods transferred at a point in time 1,534,867 213,565 36,055 39,141 113,905 234 1,937,767 As of December 31, 2020 Cement Concrete and mortar Precast Quicklime Construction supplies Other Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Segments Sale of cement, concrete, mortar and precast 1,023,907 126,135 35,144 - - - 1,185,186 Sale of construction supplies - - - - 78,192 - 78,192 Sale of quicklime - - - 32,473 - - 32,473 Sale of other - - - - - 483 483 1,023,907 126,135 35,144 32,473 78,192 483 1,296,334 Moment of the revenue recognition Goods transferred at a point in time 1,023,907 126,135 35,144 32,473 78,192 483 1,296,334 As of December 31, 2019 Cement Concrete and mortar Precast Quicklime Construction supplies Other Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Segments Sale of cement, concrete, mortar and precast 1,065,857 200,417 25,909 - - - 1,292,183 Sale of construction supplies - - - - 64,076 - 64,076 Sale of quicklime - - - 36,109 - - 36,109 Sale of other - - - - - 333 333 1,065,857 200,417 25,909 36,109 64,076 333 1,392,701 Moment of the revenue recognition Goods transferred at a point in time 1,065,857 200,417 25,909 36,109 64,076 333 1,392,701 For all segments, performance obligations are met at the time of delivery of the goods and the terms of payment are usually between 30 and 90 days from the date of dispatch. |
Cost of Sales
Cost of Sales | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of cost of sales [Abstract] | |
Cost of Sales | 20. Cost of sales This caption is made up as follows: 2021 2020 2019 S/(000) S/(000) S/(000) Beginning balance of goods and finished products, note 8(a) 12,877 22,133 16,832 Beginning balance of work in progress, note 8(a) 114,246 166,999 133,972 Consumption of miscellaneous supplies 566,781 295,688 284,298 Maintenance and third-party services 242,412 147,282 211,251 Shipping costs 196,064 113,054 123,989 Depreciation and amortization 118,998 122,541 115,245 Personnel expenses, note 23(b) 113,634 89,805 101,185 Costs of packaging 71,580 45,032 44,416 Other manufacturing expenses 102,056 45,637 63,750 Ending balance of goods and finished products, note 8(a) (25,304 ) (12,877 ) (22,133 ) Ending balance of work in progress, note 8(a) (135,008 ) (114,246 ) (166,999 ) 1,378,336 921,048 905,806 |
Administrative Expenses
Administrative Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of general and administrative expense [text block] [Abstract] | |
Administrative Expenses | 21. Administrative expenses This caption is made up as follows: 2021 2020 2019 S/(000) S/(000) S/(000) Personnel expenses, note 23(b) 96,891 76,291 84,359 Third-party services 59,896 48,713 53,407 Depreciation and amortization 16,569 16,626 14,573 Donations 9,067 9,188 8,796 Board of Directors compensation 6,397 5,992 6,696 Taxes 5,563 5,262 4,980 Consumption of supplies 1,686 1,297 1,671 196,069 163,369 174,482 |
Selling and Distribution Expens
Selling and Distribution Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of expenses [text block] [Abstract] | |
Selling and distribution expenses | 22. Selling and distribution expenses This caption is made up as follows: 2021 2020 2019 S/(000) S/(000) S/(000) Personnel expenses, note 23(b) 33,867 26,283 26,818 Third-party services 9,733 7,326 8,636 Advertising and promotion 5,637 3,285 6,981 Allowance for expected credit losses, note 7(d) 563 1,582 1,452 Other 1,720 1,677 646 51,520 40,153 44,533 |
Employee Benefits Expenses
Employee Benefits Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of employee benefits [text block] [Abstract] | |
Employee benefits expenses | 23. Employee benefits expenses (a) Employee benefits expenses are made up as follow: 2021 2020 2019 S/(000) S/(000) S/(000) Wages and salaries 138,754 115,630 128,809 Social contributions 28,853 26,085 25,468 Workers ‘profit sharing, note 15 25,165 9,513 15,169 Legal bonuses 19,629 17,413 16,837 Vacations 18,040 16,301 15,461 Long-term compensation, note 15 9,763 5,759 6,523 Cessation payments 2,203 858 2,044 Training 1,422 476 860 Other 563 344 1,191 244,392 192,379 212,362 (b) Employee benefits expenses are allocated as follows: 2021 2020 2019 S/(000) S/(000) S/(000) Cost of sales, note 20 113,634 89,805 101,185 Administrative expenses, note 21 96,891 76,291 84,359 Selling and distribution expenses, note 22 33,867 26,283 26,818 244,392 192,379 212,362 |
Other Operating Income (Expense
Other Operating Income (Expense), Net | 12 Months Ended |
Dec. 31, 2021 | |
Other Operating Income (Expense), Net [Abstract] | |
Other Operating Income (Expense), Net | 24. Other operating income (expense), net (a) This caption is made up as follows: 2021 2020 2019 S/(000) S/(000) S/(000) Rentals to third parties 2,328 649 - Net gain (loss) on disposal of property, plant and equipment and intangible 1,775 2,591 (1,846 ) Income from land rental and office lease, note 27 1,639 1,859 722 Recovery of expenses 491 1,166 525 Income from management and administrative services provided to related parties, note 27 305 834 1,744 Write-off for disasters - - (357 ) Expenses to counteract the COVID-19 effect, note 1.1 - (2,642 ) - Other, net (130 ) (111 ) 1,857 6,408 4,346 2,645 |
Finance Income
Finance Income | 12 Months Ended |
Dec. 31, 2021 | |
Finance Income [Abstract] | |
Finance income | 25. Finance income This caption is made up as follows: 2021 2020 2019 S/(000) S/(000) S/(000) Tax interest 1,015 - - Interest on accounts receivable 898 204 715 Interest on term deposits 834 2,243 1,014 Other finance income 144 529 847 2,891 2,976 2,576 |
Finance Costs
Finance Costs | 12 Months Ended |
Dec. 31, 2021 | |
Finance Costs [Abstract] | |
Finance costs | 26. Finance costs This caption is made up as follows: 2021 2020 2019 S/(000) S/(000) S/(000) Interest on senior notes, note 16 (c) 63,333 60,857 56,081 Finance cost on cross currency swaps 15,046 16,144 14,958 Interest on promissory notes 7,326 8,298 5,537 Counterparty credit risk in cross currency swaps 848 542 - Expenses for the purchase and amortization of issuance costs of senior notes 815 816 807 Interest on lease liabilities 383 409 - Interest for bank overdraft - 802 - Commission for prepayment of loans - 325 - Other 479 74 145 Total interest expense 88,230 88,267 77,528 Unwinding of discount of provisions, note 15 735 427 458 Total finance costs 88,965 88,694 77,986 |
Related Party Disclosure
Related Party Disclosure | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Disclosure [Abstract] | |
Related party disclosure | 27. Related party disclosure Transactions with related entities - During 2021, 2020 and 2019, the Company carried out the following transactions with its parent company Inversiones ASPI S.A. and its affiliates: 2021 2020 2019 S/(000) S/(000) S/(000) Income Inversiones ASPI S.A. (ASPI) Income from office lease 20 17 12 Fees for management and administrative services 98 88 544 Compañía Minera Ares S.A.C. (Ares) Income from land lease, note 29 1,230 1,303 344 Income from office lease 332 478 323 Fossal S.A.A. (Fossal) Income from office lease 18 19 15 Fees for management and administrative services 52 48 40 Fosfatos del Pacífico S.A. (Fospac) Income from office lease 19 24 28 Fees for management and administrative services 155 698 1,160 Asociación Sumac Tarpuy Income from office lease 20 18 - Expense Security services provided by Compañía Minera Ares 2,836 1,912 1,989 Loans Loans to Fossal S.A.A. (14,252 ) - - Loans to Fosfatos del Pacífico S.A. (2,869 ) - - Loan collection from Fossal S.A.A. 14,252 - - Loan collection from Fosfatos del Pacífico S.A. 2,869 - - As a result of these transactions, the Company had the following rights and obligations as of December 31, 2021 and 2020: 2021 2020 Accounts Accounts Accounts Accounts S/(000) S/(000) S/(000) S/(000) Fosfatos del Pacífico S.A. 1,039 37 1,449 - Compañía Minera Ares S.A.C. 199 - 678 1,348 Fossal S.A. 12 - - - Inversiones ASPI S.A. - 105 - 211 Other 64 1 85 - 1,314 143 2,212 1,559 Terms and conditions of transactions with related parties - Outstanding balances with related parties at the year-end are unsecured and interest free and settlement occurs in cash. For the years ended as of December 31, 2021, 2020 and 2019, the Group has not recorded allowance for expected credit losses relating to amounts owed by related parties. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates. Compensation of key management personnel of the Group – The compensation paid to key management personnel includes expenses for profit-sharing, compensation and other concepts for members of the Board of Directors and the key management. As of December 31, 2021, the total short-term compensation amounted to S/22,678,000 (2020: S/21,859,000 and 2019: S/23,692,000) and the total long-term compensation amounted to S/9,763,000 (2020: S/5,759,000 and 2019: S/6,523,000), and there were no post-employment or contract termination benefits or share-payments. |
Earnings Per Share (EPS)
Earnings Per Share (EPS) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share (EPS) [Abstract] | |
Earnings Per Share (EPS) | 28. Earnings per share (EPS) Basic and diluted earnings per share amounts are calculated by dividing the profit for the year by the weighted average number of common shares and investment shares outstanding during the year. The calculation of basic and diluted earnings per share is shown below: 2021 2020 2019 S/(000) S/(000) S/(000) Numerator Net profit attributable to ordinary equity holders of the Parent 153,170 57,894 132,047 Denominator Weighted average number of common and investment shares (thousands of shares) 428,107 428,107 428,107 Basic and diluted profit for common and investment shares 0.36 0.14 0.31 The Group has no dilutive potential ordinary shares as of December 31, 2021, 2020 and 2019. There have been no other transactions involving common shares or investment shares between the reporting date and the date of the authorization of these consolidated financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and contingencies | 29. Commitments and contingencies Operating lease commitments – Group as lessor As of December 31, 2021, 2020 and 2019, the Group, as lessor, has a land lease with Compañía Minera Ares S.A.C. a related party of Inversiones ASPI S.A. This lease is annually renewable, and provided an annual rent of S/1,230,000, S/1,303,000 and S/344,000, respectively; see note 27. Capital commitments As of 31 December 2021 and 2020, the Group had no significant capital commitments. Usufruct Concessions In December 2013, the Company signed an agreement with a third party, related to the use of the Virrilá concession, to carry out other non-metallic mining activities related to cement production. This agreement has a term of maturity of 30 years, with fixed annual payments of US$600,000 for the first three years and variables to the rest of the contract. The related expense as of December 31, 2021, 2020 and 2019 amounted to S/7,280,000, S/5,918,000 and S/7,039,000 respectively, and was recognized as part of the cost of inventory production. As part of this agreement, the Company is required to pay an equivalent amount to S/ 4.5 each for each metric ton of calcareous extracted that is indexed by inflation after the first year of exploitation; the annual royalty may not be less than the equivalent to 850,000 metric tons since the beginning of the fourth year of production. The Company signed with two third parties in October 2007, an agreement related to usufruct of the Bayovar 4 concession for an indefinite period to extract seashells and other minerals. As consequence, the Group made payments amounting to US$250,000 for each third party for the first five years and variable payments for the rest of the contract. The related expense as of December 31, 2021 and 2020 amounted to S/1,687,000 and S/1,547,000, respectively, and were recognized as part of the cost of inventory production. As part of this agreement, the Company is required to pay an equivalent amount to US$5.1 to each third party for every metric ton of calcareous extracted, with the minimum production level for the calculation of 20,000 metric tons every six months since the beginning of the sixth year of production. Mining royalty According with the Royalty Mining Law in force since October 1, 2011, the royalty for the exploitation of metallic and nonmetallic resources is payable on a quarterly basis in an amount equal to the greater of: (i) an amount determined in accordance with a statutory scale of rates based on operating profit margin that is applied to the quarterly operating profit, adjusted by certain items, and (ii) 1% of net sales, in each case during the applicable quarter. These amounts are estimated based on the unconsolidated financial statements of Cementos Pacasmayo S.A.A. and the subsidiaries affected by this mining royalty, prepared in accordance with IFRS. Mining royalty payments will be deductible for income tax purposes in the fiscal year in which such payments are made. Mining royalty expense paid to the Peruvian Government for 2021, 2020 and 2019 amounted to S/990,000, S/555,000 and S/1,012,000 and, respectively, and is recognized as part of the cost of inventory production. Tax situation The Company is subject to Peruvian tax law. As of December 31, 2021, 2020 and 2019, the income tax rate is 29.5 percent of the taxable profit after deducting employee participation, which is calculated at a rate of 8 to 10 percent of the taxable income. For purposes of determining income tax, transfer pricing transactions with related companies and companies resident in territories with low or no taxation, must be supported with documentation and information on the valuation methods used and the criteria considered for determination. Based on the operations of the Group, Management and its legal advisors believe that as a result of the application of these standards will not result in significant contingencies for the Group as of December 31, 2021 and 2020. The tax authority has the power to review and, if applicable, correct the income tax calculated by each company in the four years after the year of filing the tax return. It should be noted that of January 1, 2019, a series of tax benefits for Loreto region was eliminated, eliminating the tax refund of the Value Added Tax and the exemption of the Value Added Tax for the importation of goods that are destined for consumption in the Amazon. The statements of income tax and Value added tax corresponding to the years indicated in the attached table are subject to review by the tax authorities: Years open to review by Tax Authority Entity Income tax Value-added tax Cementos Pacasmayo S.A.A. 2017-2021 Dec. 2017-2021 Cementos Selva S.A. 2017-2021 Dec. 2017-2021 Distribuidora Norte Pacasmayo S.R.L. 2017-2021 Dec. 2017-2021 Empresa de Transmisión Guadalupe S.A.C. 2017-2021 Dec. 2017-2021 Salmueras Sudamericanas S.A. 2017-2021 Dec. 2017-2021 Calizas del Norte S.A.C. (on liquidation) 2017-2021 Dec. 2017-2021 Soluciones Takay S.A.C. 2019-2021 May to Dec.2019-.2021 Due to possible interpretations that the tax authority may give to legislation in effect, it is not possible to determine whether or not any of the tax audits will result in increased liabilities for the Group. For that reason, tax or surcharge that could arise from future tax audits would be applied to the income of the period in which it is determined. However, in management’s opinion and legal advisors, any possible additional payment of taxes would not have a material effect on the consolidated financial statements as of December 31, 2021 and 2020. Environmental matters The Group’s exploration and exploitation activities are subject to environmental protection standards. Environmental remediation - Law No. 28271 regulates environmental liabilities in mining activities. This Law has the objectives of ruling the identification of mining activity’s environmental liabilities and financing the remediation of the affected areas. According to this law, environmental liabilities refer to the impact caused to the environment by abandoned or inactive mining operations. In compliance with the above-mentioned laws, the Group presented environmental impact studies (EIS), declaration of environmental studies (DES) and Environmental Adaptation and Management Programs (EAMP) for its mining concessions. The Peruvian authorities approved the EIS and EAMP presented by the Group for its mining concessions and exploration projects. A detail of plans and related expenses approved is presented as follows: Project unit Resource Resolution Year of Program Operating year expense 2021 2020 2019 S/(000) S/(000) S/(000) Rioja Limestone RD186-2014-PRODUCE/DVMYPE-I/DIGGAM 2014 EIA 713 315 244 Tembladera Limestone RD304-18-PRODUCE/DVMYPE-I/DIGAAMI 2018 PAMA 298 237 189 1,011 552 433 As of December 31, 2021 and 2020, the Group had no liabilities related to environmental remediation expenses because all were liquid before the end of the year. Quarry rehabilitation provision - Additionally, Law No. 28090 regulates the obligations and procedures that must be met by the holders of mining activities for the preparation, filing and implementation of Quarries Closure Plans, as well as the establishment of the corresponding environmental guarantees to secure fulfillment of the investments that this includes, subject to the principles of protection, preservation and recovery of the environment. In connection with this obligation, as of December 31, 2021 and 2020, the Group maintains a provision for the closing of the quarries exploited in operations amounting to S/11,036,000 and S/10,161,000, respectively. The Group believes that this liability is adequate to meet the current environmental protection laws approved by the Ministry of Energy and Mines, refer to note 15. Legal claim contingency The Group has received claims from third parties in relation with its operations which in aggregate represent S/3,963,000. From this total amount, S/3,367,000 corresponded to labor claims from former employees; and S/596,000 is related to the tax assessments received from the tax administration corresponding to the 2009 tax period, which was reviewed by the tax authority during 2012. Management expects that these claims will be resolved within the next five years based on prior experience; however, the Group cannot assure that these claims will be resolved within this period because the authorities do not have a maximum term to resolve cases. The Group has been advised by its legal counsel that it is only possible, but not probable, that these actions will succeed. |
Financial Risk Management, Obje
Financial Risk Management, Objectives and Policies | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of financial risk management [text block] [Abstract] | |
Financial risk management, objectives and policies | 30. Financial risk management, objectives and policies The Group’s main financial liabilities comprise loans and borrowings, trade payables and other payables. The main purpose of these financial liabilities is to finance the Group’s operations. The Group´s main financial assets include cash and short-term deposits and trade and other receivables that derive directly from its operations. The Group also holds financial instruments designated at fair value through OCI cash flow hedges instruments and derivative financial instruments at fair value through profit or loss. The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management oversees the management of these risks. The Group’s senior management is supported by financial management that advises on financial risks and the appropriate financial risk governance framework for the Group. The financial management provides assurance to the Group’s senior management that the Group’s financial risk-taking activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group´s policies and risk objectives. Management reviews and agrees policies for managing each of these risks, which are summarized below. Market risk - Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include deposits, financial obligations, financial instruments designated at fair value through OCI and derivative financial instruments. The sensitivity analyses shown in the following sections relate to the Group’s consolidated position as of December 31, 2021 and 2020. The sensitivity analyses have been prepared on the basis that the amount of net debts and the proportion of financial instruments in foreign currencies are all constant and on the basis of the hedge designations in place as of December 31, 2021 and 2020. Interest rate risk - Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. As of December 31, 2021 and 2020, all of the Group’s borrowings are at a fixed rate of interest; consequently, the management evaluated that it is not relevant to do an interest rate sensitivity analysis. Foreign currency risk - Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange relates primarily to the Group’s operating activities (when revenue or expense is denominated in a different currency from the Group’s functional currency). The Group hedges its exposure to fluctuations on the translation into soles of its Senior Notes which are denominated in US dollars, by using cross currency swaps contracts, see note 31(a). Foreign currency sensitivity The following table demonstrates the sensitivity to a reasonably possible change in the US dollar exchange rate, with all other variables held constant. The impact on the Group’s profit before income tax is due to changes in the fair value of monetary assets and liabilities. 2021 Change in Effect on U.S. Dollar % S/(000) +5 7,502 +10 15,005 -5 (7,502 ) -10 (15,005 ) 2020 Change in Effect on U.S. Dollar % S/(000) +5 2,403 +10 4,806 -5 (2,403 ) -10 (4,806 ) Equity price risk - The Group’s listed equity securities measured at level three of the fair value hierarchy are susceptible to market price risk arising from uncertainties about future values of the investment securities, see note 31. Credit risk - Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to a credit risk from its operating activities (primarily for trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. Trade receivables Customer credit risk is managed by each business unit subject to the Group’s established policy, procedures and control relating to customer credit risk management. Credit quality of the customer is assessed, and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored and any shipments to major customers are generally covered by letters of credit. As of December 31, 2021 and 2020, the Group had 7 and 6 customers, that owed the Group more than S/3,000,000 each accounting for approximately 46% and 47% of all trade receivables outstanding, respectively. There were 22 and 16 customers with balances greater than S/700,000 and less than S/3,000,000, which accounted for approximately 34% and 30% of the total trade receivables, respectively. The evaluation for allowance for expected credit losses is updated at the date of the consolidated financial statements and individually for the main customers. This calculation is based on actual historical data incurred. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in note 7. The Group does not hold collateral as security. Cash deposits and hedging derivative financial instruments or at fair value through profit or loss- Credit risk from balances with banks and financial institutions is managed by the Group’s treasury department in accordance with the Group’s policy. Investments of surplus funds are made only with approved counterparties of first level. The limits are set to minimize the concentration of risks and therefore mitigate financial loss through potential counterparty’s failure to make payments. As of December 31, 2021 and 2020, the Group’s maximum exposure to credit risk for the components of carrying amounts as showed in note 6. The Group’s maximum exposure relating to financial derivative instruments is noted in the liquidity table therefore. Liquidity risk - The Group monitors its risk of shortage of funds using a recurring liquidity planning tool. The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans and debentures of long term. Access to sources of funding is sufficiently available and debt maturing within 12 months can be rolled over under the same conditions with existing lenders, if this is necessary. As of December 31, 2021 and 2020 no portion of Senior Notes will mature in less than one year. The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments: Less than 3 months 3 to 12 months 1 to 5 years More than 5 years Total S/(000) S/(000) S/(000) S/(000) S/(000) As of December 31, 2021 Interest-bearing loans adjusted by hedge 159,000 291,964 414,290 570,000 1,435,254 Lease liabilities 465 1,391 3,973 5,829 Interest 31,255 35,147 166,252 154,851 387,505 Hedge finance cost payable 7,821 7,821 7,821 - 23,463 Trade and other payables 175,975 42,941 - - 218,916 As of December 31, 2020 Interest-bearing loans adjusted by hedge - 65,232 572,993 570,000 1,208,225 Lease liabilities 383 1,148 5,102 - 6,633 Interest 30,033 35,056 186,607 193,454 445,150 Hedge finance cost payable 8,032 8,032 24,096 - 40,160 Trade and other payables 142,253 38,235 - - 180,488 The disclosed financial derivative instruments in the table below are the gross undiscounted cash flows. However, those amounts may be settled gross or net. The following table shows the corresponding reconciliation to those amounts to their carrying amounts: Less than 3 months 3 to 12 months 1 to 5 years Total S/(000) S/(000) S/(000) S/(000) As of December 31, 2021 Inflows - - 125,537 125,537 Outflows (1,703 ) (7,908 ) (7,992 ) (17,603 ) Net (1,703 ) (7,908 ) 117,545 107,934 Discounted at the applicable interbank rates (1,695 ) (7,716 ) 116,012 106,601 As of December 31, 2020 Inflows - - 75,936 75,936 Outflows (1,750 ) (8,112 ) (24,551 ) (34,413 ) Net (1,750 ) (8,112 ) 51,385 41,523 Discounted at the applicable interbank rates (1,743 ) (7,929 ) 51,919 42,247 Changes in liabilities arising from financing activities: Balance as of January 1, Distribution of dividends Finance cost on cross currency swaps Cash Cash Movement of foreign currency Amortization of costs of issuance of senior notes Balance as of December 31 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) 2021 Hedge finance cost payable 6,381 - 15,046 - (15,214 ) - - 6,213 Dividends payable 7,686 338,204 - 481 (336,821 ) - - 9,550 Interest-bearing loans 1,268,584 - - 220,000 - 55,955 816 1,545,355 2020 Hedge finance cost payable 5,922 - 16,144 - (15,685 ) - - 6,381 Dividends payable 52,523 98,465 - 321 (143,623 ) - - 7,686 Interest-bearing loans 1,101,904 - - 862,191 (745,384 ) 49,056 817 1,268,584 Capital management - For the purpose of the Group’s capital management, capital includes capital stock, investment shares, additional paid-in capital and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Group’s capital management is to maximize the shareholders’ value. In order to achieve this overall objective, the Group’s capital management, among other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the creditors to immediately call the senior notes. There have been no breaches in the financial covenants of Senior Notes in the current period. The Group manages its capital structure and adjusts it in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes for managing capital during the years ended December 31, 2021 and 2020. |
Fair Value Financial Assets and
Fair Value Financial Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Financial Assets and Liabilities [Abstract] | |
Fair value financial assets and liabilities | 31. Fair value financial assets and liabilities Financial assets - Except derivative financial instruments and financial instruments designated at fair value through other comprehensive income, all financial assets which included cash and cash equivalents and trade and other receivables are classified in the category of loans and receivables, are which non-derivative financial assets carried at amortized cost, held to maturity, and generate a fixed or variable interest income for the Group. The carrying value may be affected by changes in the credit risk of the counterparties. Financial liabilities - All financial liabilities of the Group including trade and other payables and interest-bearing loans and borrowings are classified as loans and borrowings and are carried at amortized cost. (a) Derivative financial instruments - Derivates asset of hedging - Foreign currency risk - As of December 31, 2021 and 2020, the Company maintains cross currency swaps agreements for a notional amount of US$132,000,000 and US$150,000,000, respectively, with maturity in 2023 and an average rate of 2.97%. Of this total, US$131,612,000 have been designated as hedging instruments for Senior notes that are denominated in U.S. dollars, with the intention of reducing the foreign exchange risk. The cash flow hedge of the expected future payments was assessed to be highly effective and an resulted in unrealized gain of S/20,836,000 for the year 2021 (unrealized loss of S/1,652,000 during 2020). The amounts retained in other comprehensive income of 2021 are expected to mature and affect the consolidated statement of profit or loss in 2023, the year of its liquidation. Assets (liabilities) from financial instruments at fair value through profit or loss - As of December 31, 2021 and 2020 the Company held cross currency swaps that do not have an underlying relationship for amounts to US$388,000 and US$18,388,000 respectively. The effect on profit or loss of the change on their fair value amounts was a gain of S/589,000 and S/5,337,000 as of December 31, 2021 and 2020 respectively). In January 2021, derivative financial instruments at fair value through profit or loss were settled in the amount of US$18,000,000, the result was a net loss amounting to S/1,569,000 presented in “Accumulated net loss on settlement of derivative financial instruments at fair value through profit or loss” caption in the consolidated statement of profit or loss. (b) Fair values and fair value accounting hierarchy - Set out below is a comparison of the carrying amounts and fair values of financial instruments as of December 31, 2021 and 2020, as well as the fair value accounting hierarchy. The dates of valuations at fair value were as of December 31, 2021 and 2020, respectively. Carrying amount Fair value Fair value hierarchy 2021 2020 2021 2020 2021/2020 S/(000) S/(000) S/(000) S/(000) Financial assets Cash and cash equivalents 273,402 308,912 273,402 308,912 Level 1 Trade and other receivables 143,924 89,627 143,924 89,627 Level 2 Derivatives financial assets – Cross currency swaps 106,601 42,247 106,601 42,247 Level 2 Financial investment at fair value through other comprehensive income 476 692 476 692 Level 3 Total financial assets 524,403 441,478 524,403 441,478 Financial liabilities Trade and other payables 227,554 187,876 227,554 187,876 Level 2 Senior notes 1,094,391 1,044,352 1,119,035 1,118,492 Level 1 Promissory notes 450,964 224,232 447,558 221,607 Level 2 Total financial liabilities 1,772,909 1,456,460 1,794,147 1,527,975 All financial instruments for which fair value is recognized or disclosed are categorized within the fair value hierarchy, based on the lowest level input that is significant to the fair value measurement as a whole. The fair value hierarchies are those described in note 2.3.2 (vi). For assets and liabilities that are recognized at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy. As of December 31, 2021 and 2020, there were no transfers between the fair value hierarchies. Management assessed that cash and term deposits; trade and other receivables and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. The following methods and assumptions were used to estimate the fair values: - The fair value of cross currency swaps is measured by using valuation techniques where inputs are based on market data and present value calculations. The models incorporate various inputs, including the credit quality of counterparties, foreign exchange, forward rates and interest rate curves. A credit valuation adjustment (CVA) is applied to the “Over-The-Counter” derivative exposures to consider the counterparty’s risk of default when measuring the fair value of the derivative. CVA is the mark-to market cost of protection required to hedge credit risk from counterparties in this type of derivatives portfolio. CVA is calculated by multiplying the probability of default (PD), the loss given default (LGD) and the expected exposure (EE) at the time of default. A debit valuation adjustment (DVA) is applied to incorporate the Group’s own credit risk in the fair value of derivatives (that is the risk that the Group might default on its contractual obligations), using the same methodology as for CVA. - The fair value of the quoted senior notes is based on the current quotations value at the reporting date. - The fair value of fixed rate promissory note it is calculated using the results of cash flow discounted at the average indebtedness rates effective as of the date of estimation. - The fair value of financial instruments designated at fair value through other comprehensive income has been determined using the income approach/discounted cash flow method. The quantitative information about the significant unobservable inputs used in level 3 fair value measurements as of December 31, 2021 and 2020 are described as follows: As of December 31, 2021 Weighted average Fair value sensitivity Earning growth factor 3.79 % 5% increase or decrease in the factor would result in an increase (decrease) in fair value of S/289,055,000 and (S/293,389,000), respectively. WACC discount rate 9.02 % 10% increase or decrease in the discount rate would result in an (decrease) increase in fair value at (S/217,435,000) and S/315,534,000, respectively. As of December 31, 2020 Weighted average Fair value sensitivity Earning growth factor 3.79 % 5% increase or decrease in the factor would result in an increase (decrease) in fair value of S/131,580,000 and (S/456,870,000), respectively. WACC discount rate 8.53 % 10% increase or decrease in the discount rate would result in an increase (decrease) in fair value at (S/390,352,000) and S/169,179,000, respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information Teaxt Block [Abstract] | |
Segment information | 32. Segment information For management purposes, the Group is organized into business units based on their products and activities and have three reportable segments as follows: - Production and marketing of cement, concrete and blocks in the northern region of Peru. - Sale of construction supplies (steel rebar and building materials) in the northern region of Peru. - Production and marketing of quicklime in the northern region of Peru. No operating segments have been aggregated to form the above reportable operating segments. Management monitors the profit before income tax of each business unit separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit before income tax and is measured consistently with profit before income tax in the consolidated financial statements. Transfer prices between operating segments are on an arm’s length basis in a manner similar to transactions with third parties. Revenues from external customers Gross profit margin Administrative expenses Selling and distribution expenses Other operating income, net Finance income Finance cost Net loss on settlement of derivate financial instruments (Loss) gain from exchange difference, net Profit before income tax Income tax expense Profit for the year S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) 2021 Cement, concrete, mortar and blocks 1,784,487 550,816 (191,132 ) (50,223 ) 6,358 2,874 (88,961 ) (980 ) (6,987 ) 221,765 (70,198 ) 151,567 Construction supplies 113,905 3,501 (2,675 ) (703 ) 47 17 (3 ) - (30 ) 154 (49 ) 105 Quicklime 39,141 5,651 (1,099 ) (289 ) - - - - (85 ) 4,178 (1,322 ) 2,856 Other (*) 234 (537 ) (1,163 ) (305 ) 3 - (1 ) - 16 (1,987 ) 629 (1,358 ) Consolidated 1,937,767 559,431 (196,069 ) (51,520 ) 6,408 2,891 (88,965 ) (980 ) (7,086 ) 224,110 (70,940 ) 153,170 2020 Cement, concrete, mortar and blocks 1,185,186 367,456 (157,491 ) (38,708 ) 4,204 2,951 (88,569 ) 5,337 (9,352 ) 85,828 (27,981 ) 57,847 Construction supplies 78,192 3,014 (2,862 ) (703 ) 154 26 (130 ) - (404 ) (905 ) 295 (610 ) Quicklime 32,473 5,012 (1,493 ) (367 ) - - - - (88 ) 3,064 (999 ) 2,065 Other (*) 483 (196 ) (1,523 ) (375 ) (12 ) (1 ) 5 - 13 (2,089 ) 681 (1,408 ) Consolidated 1,296,334 375,286 (163,369 ) (40,153 ) 4,346 2,976 (88,694 ) 5,337 (9,831 ) 85,898 (28,004 ) 57,894 2019 Cement, concrete, mortar and blocks 1,292,183 481,037 (167,503 ) (42,752 ) 2,701 2,553 (77,947 ) (1,491 ) 718 197,316 (63,256 ) 134,060 Construction supplies 64,076 2,232 (1,745 ) (445 ) (25 ) 23 (37 ) - 6 9 (3 ) 6 Quicklime 36,109 3,545 (1,745 ) (445 ) - - - - 4 1,359 (436 ) 923 Other (*) 333 81 (3,489 ) (891 ) (31 ) - (2 ) - 1 (4,331 ) 1,389 (2,942 ) Consolidated 1,392,701 486,895 (174,482 ) (44,533 ) 2,645 2,576 (77,986 ) (1,491 ) 729 194,353 (62,306 ) 132,047 (*) The “other” segment includes activities that do not meet the threshold for disclosure under IFRS 8.13 and represent non-material operations of the Group (including brine projects). Segment Other Total Operating liabilities Capital expenditure (**) Depreciation and amortization Provision of inventory net realizable value and obsolescence S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) 2021 Cement, concrete and blocks 2,940,888 106,280 3,047,168 1,930,140 97,288 (128,522 ) (3,374 ) Construction supplies 42,578 - 42,578 75,633 - (1,102 ) - Quicklime 79,383 - 79,383 - - (5,199 ) - Other 31,846 797 32,643 194 - (744 ) - Consolidated 3,094,695 107,077 3,201,772 2,005,967 97,288 (135,567 ) (3,374 ) 2020 Cement, concrete and blocks 2,806,803 37,068 2,843,871 1,590,105 63,960 (131,877 ) (3,635 ) Construction supplies 51,225 - 51,225 58,517 - (767 ) - Quicklime 83,621 - 83,621 - - (5,741 ) - Other 31,696 5,871 37,567 107 - (782 ) - Consolidated 2,973,345 42,939 3,016,284 1,648,729 63,960 (139,167 ) (3,635 ) 2019 Cement, concrete and blocks 2,714,888 - 2,714,888 1,409,598 87,086 (122,911 ) (2,498 ) Construction supplies 51,376 - 51,376 99,934 - (879 ) - Quicklime 93,812 - 93,812 - - (5,820 ) - Other 53,258 18,224 71,482 375 - (208 ) - Consolidated 2,913,334 18,224 2,931,558 1,509,907 87,086 (129,818 ) (2,498 ) (*) As of December 31, 2021, corresponds to the financial investment designated at fair value through OCI for S/476,000 and fair value of derivative financial instruments (“cross currency swap”) for S/106,601,000. As of December 31, 2020 corresponds to the financial investment designated at fair value through OCI for approximately S/692,000 and the fair value of derivative financial instruments (“cross currency swap”) for S/42,247,000. The fair value of derivative financial instruments of hedging is allocated to the segment of cement, and the financial investment designated at fair value through OCI and fair value of derivate financial instrument at fair value through profit or loss are not assigned to any segment. (**) Capital expenditure consists of S/97,288,000 and S/63,960,000 during the years ended as of December 31, 2021 and 2020, respectively, and are related to additions of property, plant and equipment, intangible and other minor non-current assets. Geographic information As of December 31, 2021 and 2020, all non-current assets are located in Peru and all revenues are from clients located in the north region of the country. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of preparation | 2.1 Basis of preparation – The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). The consolidated financial statements have been prepared on a historical cost basis, except for financial instruments designated at fair value through other comprehensive income (OCI) and derivative financial instruments that have been measured at fair value. The carrying values of recognized assets and liabilities that are designated as hedged items in fair value hedges that would otherwise be carried at amortized cost are adjusted to record changes in fair value attributable to the risks that are being hedged in effective hedge relationships. The consolidated financial statements are presented in Soles and all values are rounded to the nearest thousand (S/000), except when otherwise indicated. The consolidated financial statements provide comparative information in respect of the previous period. There are certain standards and amendments applied for the first time by the Group during 2021 that did not require the restatement of previous financial statements, as explained in note 2.3.19. |
Basis of consolidation | 2.2 Basis of consolidation - The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if it has: (i) power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee), (ii) exposure, or rights, to variable returns from its involvement with the investee, and (iii) the ability to use its power over the investee to affect its returns. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group´s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. |
Cash and cash equivalents | 2.3.1 Cash and cash equivalents - Cash and cash equivalents presented in the statements of cash flows comprise cash at banks and on hand and short-term deposits with original maturity of three months or less. |
Financial instruments-initial recognition and subsequent measurement | 2.3.2 Financial instruments-initial recognition and subsequent measurement – A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (i) Financial assets - Initial recognition and measurement - Financial assets are classified at initial recognition as measured at amortized cost, fair value through other comprehensive income (OCI) or fair value through profit or loss. The Group’s financial assets include cash and cash equivalents, commercial and other receivables, available-for-sale financial investments and derivative financial instruments. Subsequent measurement - For purposes of subsequent measurement, financial assets are classified into the following categories: - Financial assets at amortized cost (debt instruments). - Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments). - Financial assets designated at fair value through OCI with not recycling of cumulative gains and losses upon derecognition (equity instruments). - Financial assets at fair value through profit or loss. The classification depends on the business model of the Company and the contractual terms of the cash flows. Financial assets at amortized cost (debt instruments) - The Group measures financial assets at amortized cost if both of the following conditions are met: - The financial asset is held within a business model with the objective to collect contractual cash flows and not sale or trade it, and if, - The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. Financial assets are not reclassified after their initial recognition, except if the Group changes its business model for its management. As of December 31, 2021 and 2020 the Group held trade and other receivables in this category. Financial assets at fair value through OCI (debt instruments) - - The financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling, and - The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding The Group does not have debt instruments classified in this category. Financial assets at fair value through OCI (equity instruments) - Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. As of December 31, 2021 and 2020 the Group elected to classify irrevocably its non-listed equity investments under this category, see note 9. Financial assets at fair value through profit or loss - Financial assets at fair value through profit or loss include financial assets held for trading assets, assets from derivative financial instruments at fair value through profit or loss, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value and net changes in such fair value are presented as financial costs (net negative changes in fair value) or financial income (net positive changes in fair value) in the consolidated statement of profit or loss. As of December 31,2021 and 2020, the Group hold assets for derivate financial instruments at fair value through profit or loss classified in this category. Derecognition - A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when: - The rights to receive cash flows from the asset have expired, or - The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset When the Group has transferred its rights to receive cash flows from an asset or has entered a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of its continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. (ii) Impairment of financial assets - The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Group considers a financial asset in default when contractual payments are 360 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. (iii) Financial liabilities - Initial recognition and measurement - Financial liabilities are classified at initial recognition as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, interest-bearing loans and borrowings. Subsequent measurement - The subsequent measurement of financial liabilities depends on their classification, as described below: Financial liabilities at fair value through profit or loss - Financial liabilities at fair value through profit or loss include financial liabilities held for trading, derivative financial instruments at fair value through profit or loss and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term; gains or losses on liabilities held for trading are recognized in the statement of profit or loss. This category also includes derivative financial instruments entered by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. As of December 31, 2021 and 2020, the Group does not have instruments classified in this category. Loans and borrowings - After their initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in the consolidated statement of profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the consolidated statement of profit or loss. As of December 31, 2021 and 2020, the Group includes trade and other payables and financial liabilities in this category, for more information refer to notes 14 and 16. Derecognition - A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amount is recognized in the consolidated statement of profit or loss. (iv) Offsetting of financial instruments - Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. (v) Derivative financial instruments and hedge accounting – Initial recognition and subsequent measurement: The Group uses derivative financial instruments, cross currency swaps (CCS), to hedge its foreign currency exchange rate risk. These derivative financial instruments are initially recognized at their fair values on the date on which the derivative contract is entered into and subsequently are remeasured at their fair value. Derivatives are accounted for as financial assets when their fair value is positive and as financial liabilities when their fair value is negative. For the purpose of hedge accounting, hedges are classified as: - Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment. - Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment. - Hedges of a net investment in a foreign operation. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Group will assess the effectiveness of changes in the hedging instrument’s fair value in offsetting the exposure to changes in the hedged item’s fair value or cash flows attributable to the hedged risk. Such hedges expect to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they have been highly effective throughout the financial reporting periods for which they were designated. A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirements: - There is ‘an economic relationship’ between the hedged item and the hedging instrument. - The effect of credit risk does not ‘dominate the value changes’ that result from that economic relationship. - The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group hedges and the quantity of the hedging instrument that the Group uses to hedge that quantity of hedged item. Hedges that meet all the qualifying criteria for hedge accounting are recorded as cash flow hedges. Cash flow hedges Any gains or losses arising from changes in the fair value of derivatives is taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognized in OCI and later reclassified to profit or loss when the hedge item affects profit or loss. For any other cash flow hedges, the amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss. In the case that the cash flow hedge is discontinued, the amount accumulated in other comprehensive income must remain in other comprehensive income accumulated if the covered cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation, once the hedged cash flows are given, any amount that remains in other comprehensive accumulated results must be recorded considering the nature of the underlying transaction. (vi) Fair value measurement - The Group measures financial instruments such as derivatives, and equity investment, at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: - In the principal market for the asset or liability, or - In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value accounting hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: - Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities - Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable - Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. The Group’s management determines the policies and procedures for recurring and non-recurring fair value measurements. At each reporting date, the Financial Management analyzes the changes in the values of the assets and liabilities that must be measured or determined on a recurring and non-recurring basis according to the Group’s accounting policies. For this analysis, Management contrasts the main variables used in the latest assessments made with updated information available from valuations included in contracts and other relevant documents. Management also compares the changes in the fair value of each asset and liability with the relevant external sources to determine whether the change is reasonable. For purposes of disclosure of fair value, the Group has determined classes of assets and liabilities based on the inherent nature, characteristics and risks of each asset and liability, and the level of the fair value accounting hierarchy as explained above. |
Foreign currencies | 2.3.3 Foreign currencies - The functional and presentation currency for the consolidated financial statements of the Group is soles, which is also the functional currency for its subsidiaries. Transactions and balances Transactions in foreign currencies are initially recorded at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. |
Inventories | 2.3.4 Inventories - Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and conditions are accounted for as follows: Raw materials and supplies - Purchase cost determined using the weighted average method. Finished goods and work in progress - Cost of direct materials and supplies, services provided by third parties, direct labor and a proportion of manufacturing overheads based on normal operating capacity, excluding borrowing costs and exchange currency differences. Inventory in transit - Purchase cost. Net realizable value is the estimated selling price in the ordinary course of business, less estimated cost of completion and the estimated costs necessary to make the sale. |
Borrowing costs | 2.3.5 Borrowing costs - Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Where the funds used to finance a project form part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to relevant general borrowings of the Group during the period. All other borrowing costs are recognized in the consolidated statement of profit or loss in the period in which they are incurred. |
Leases | 2.3.6 Leases - The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee: The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right of use assets The Group recognizes right-of-use assets at the commencement date of the lease (the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, unless the ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The leased assets correspond to motorized vehicles whose useful life is 5 years. The right-of-use assets are subject to impairment assessment. Refer to accounting policies in section 2.3.12. ii) Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the assessment of an option to purchase the underlying asset, a change in the amounts expected to be paid under residual value guarantee or changes to future payments resulting from a change in an index or rate used to determine such lease payments The Group’s lease liabilities are included in “lease liabilities” in the consolidated statement of financial position. iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Group as a lessor: Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Rental income is accounted for on a straight-line basis over the lease terms and is included in other income in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. Contingent rents are recognized as revenue in the period in which they are earned. |
Property, plant and equipment | 2.3.7 Property, plant and equipment - Property, plant and equipment is stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if any. Such cost includes the cost of replacing component parts of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met (see note 2.3.5). The capitalized value of a finance lease is also included within property, plant and equipment. When significant parts of plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in profit or loss as incurred. The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met. Refer to significant accounting judgments, estimates and assumptions (note 3) and quarry rehabilitation cost provisions (note 15). Depreciation of assets is determined using the straight-line method over the estimated useful lives of such assets as follows: Years Buildings and other constructions: Administrative facilities Between 20 and 51 Main production structures Between 20 and 56 Minor production structures Between 20 and 35 Machinery and equipment: Mills and horizontal furnaces Between 24 and 45 Vertical furnaces, crushers and grinders Between 23 and 36 Electricity facilities and other minors Between 10 and 35 Furniture and fixtures 10 Transportation units: Heavy units Between 5 and 15 Light units Between 5 and 10 Computer equipment Between 3 and 10 Tools Between 5 and 10 The asset’s residual value, useful lives and methods of depreciation are reviewed at each reporting period and adjusted prospectively if appropriate. An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of profit or loss when the asset is derecognized. |
Mining concessions | 2.3.8 Mining concessions - Mining concessions correspond to the exploration rights in areas of interest acquired. Mining concessions are stated at cost, net of accumulated amortization and/or accumulated impairment losses, if any, and are presented within the “Property, plant and equipment” caption of consolidated statement of financial position. Those mining concessions are amortized following the straight-line method. In the event the Group abandons the concession, the costs associated are written-off in the consolidated statement of profit or loss. As of December 31, 2021 and 2020, mining concessions of the Group correspond to areas that contain raw material necessary for cement production. |
Quarry development costs and stripping costs | 2.3.9 Quarry development costs and stripping costs - Quarry development costs - Quarry development costs incurred are stated at cost and are the next step in development of quarries after exploration and evaluation stage. Quarry development costs are, upon commencement of the production phase, presented net of accumulated amortization and/or accumulated impairment losses, if any, and are presented within the property, plant and equipment caption. The amortization is calculated using the straight-line method based on useful live of the quarry to which it relates. Expenditures that significantly increase the economic life of the quarry under exploitation are capitalized. Stripping costs - Stripping costs incurred in the development of a mine before production commences are capitalized as part of mine development costs and subsequently amortized over the life of the mine on a units-of-production basis, using the proved reserves. Stripping costs incurred subsequently during the production phase of its operation are recorded as part of cost of production. |
Ore reserve and resource estimates | 2.3.11 Ore reserve and resource estimates - Ore reserves are estimates of the amount of ore that can be economically and legally extracted from the Group’s mining properties and concessions. The Group estimates its ore reserves and mineral resources, based on information compiled by appropriately qualified persons relating to the geological data on the size, depth and shape of the ore body, and requires complex geological judgments to interpret the data. The estimation of recoverable reserves is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements, and production costs along with geological assumptions and judgments made in estimating the size and grade of the ore body. Changes in the reserve or resource estimates may impact upon the carrying value of exploration and evaluation assets, provision for quarry rehabilitation and depreciation and amortization charges. |
Impairment of non-financial assets | 2.3.12 Impairment of non-financial assets – The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required (goodwill and Intangible assets with indefinite useful lives), the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of disposal and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset of CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are considered. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group supports its impairment calculation by using detailed budgets and forecast calculations, which are prepared separately for each of the Group´s CGUs to which the individual assets are allocated. Impairment losses of continuing operations, including impairment on inventories, are recognized in the consolidated statement of profit or loss in expense categories consistent with the function of the impaired asset. In addition, an assessment is made at each reporting date to determine whether there is any indication that previously recognized impairment losses may no longer exist or have decreased. If such an indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the consolidated statement of profit or loss. Exploration and evaluation assets are tested for impairment annually as of December 31, either individually or at the cash-generating unit level, as appropriate, and when circumstances indicate that the carrying value may be impaired. |
New amended standards and interpretations | 2.3.19 New amended standards and interpretations – The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after January 1, 2021. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Amendments to IFRS 7, IFRS 9, IFRS 4, IFRS 16 and IAS 39, , ● A practical expedient to require contractual changes, or changes to cash flows that are directly required by the reform, to be treated as changes to a floating interest rate, equivalent to a movement in a market rate of interest. ● Permit changes required by IBOR reform to be made to hedge designations and hedge documentation without the hedging relationship being discontinued. ● Provide temporary relief to entities from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component. These amendments had no impact on the consolidated financial statements of the Group. Amendments to IFRS 16 Covid-19-Related Rent Concessions beyond 30 June 2021 The amendment was intended to apply until June 30, 2021, but as the impact of the pandemic is continuing, on March 31, 2021, the IASB extended the period of application of the expedient until to June 30, 2022.The amendment applies to annual reporting periods beginning on or after April 1, 2021. Early application is permitted. This amendment had no impact on the Group’s consolidated financial statements. |
Intangible assets | 2.3.10 Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the economic useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit or loss in the expense category that is consistent with the function of the intangible assets. The Group’s intangible assets with finite useful lives are amortized in an average term of ten years. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. As of December 31, 2021 and 2020, the Company maintains as intangible assets with an indefinite useful the fair value of a brand acquired in 2018. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss. Exploration and evaluation assets - Exploration and evaluation activity involve the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration and evaluation activity include: - Researching and analyzing historical exploration data. - Gathering exploration data through geophysical studies. - Exploratory drilling and sampling. - Determining and examining the volume and grade of the resource. - Surveying transportation and infrastructure requirements. - Conducting market and finance studies. License costs paid in connection with a right to explore in an existing exploration area, are capitalized and amortized over the term of the license. Once the legal right to explore has been acquired, exploration and evaluation costs are charged to the consolidated statement of profit or loss, unless management concludes that a future economic benefit is more likely than not to be realized, in which case such costs are capitalized. These costs include directly attributable employee remuneration, materials and fuel used, surveying costs, drilling costs and payments made to contractors. In evaluating if costs meet the criteria to be capitalized, several different sources of information are used, including the nature of the assets, extension of the explored area and results of sampling, among others. The information that is used to determine the probability of future benefits depends on the extent of exploration and evaluation that has been performed. Exploration and evaluation costs are capitalized when the exploration and evaluation activity is within an area of interest for which it is expected that the costs will be recouped by future exploitation and active and significant operations in relation to the area are continuing or planned for the future. The main estimates and assumptions the Group uses to determine whether it is likely that future exploitation will result in future economic benefits include: expected operational costs, committed capital expenditures, expected mineral prices and mineral resources found. For this purpose, the future economic benefit of the project can reasonably be regarded as assured when mine-site exploration is being conducted to confirm resources, mine-site exploration is being conducted to convert resources to reserves or when the Group is conducting a feasibility study, based on supporting geological information. As the capitalized exploration and evaluation costs asset is not available for use, it is not amortized. These exploration costs are transferred to mine development assets once the work completed to date supports the future development of the property and such development receives appropriate approvals. In this phase, the exploration costs are amortized in accordance with the estimated useful life of the mining property from the time the commercial exploitation of the reserves begins. All capitalized exploration and evaluation costs are monitored for indications of impairment. Where a potential impairment is indicated, assessment is performed for each area of interest in conjunction with the group of operating assets (representing a cash generating unit) to which the exploration is attributed. Exploration areas in which resources have been discovered but require major capital expenditure before production can begin, are continually evaluated to ensure that commercial quantities of resources exist or to ensure that additional exploration work are under way or planned. To the extent that capitalized expenditure is no longer expected to be recovered it is charged to the consolidated statement of profit or loss. The Group assesses at each reporting date whether there is an indication that exploration and evaluation assets may be impaired. The following facts and circumstances are considered in this assessment: (i) the period for which the entity has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed. (ii) substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned. (iii) exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area. (iv) sufficient data exists to indicate that, although development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full through successful development or by sale. |
Provisions | 2.3.13 Provisions - General - Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in profit or loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as finance cost in the consolidated statement of profit or loss. Quarry rehabilitation provision - The Group records the present value of estimated costs of legal and constructive obligations required to restore operating locations in the period in which the obligation is incurred. Quarry rehabilitation costs are provided at the present value of expected costs to settle the obligation using estimated cash flows and are recognized as part of the cost of that particular asset. The cash flows are discounted at a current risk-free rate. The unwinding of the discount is expensed as incurred and recognized in the consolidated statement of profit or loss as a finance cost. The estimated future costs of quarry rehabilitation are reviewed annually and adjusted as appropriate. Changes in the estimated future costs or in the discount rate applied are added to or deducted from the cost of the asset. Environmental expenditures and liabilities - Environmental expenditures that relate to current or future revenues are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and do not contribute to current or future earnings are expensed. Liabilities for environmental costs are recognized when a clean-up is probable, and the associated costs can be reliably estimated. Generally, the timing of recognition of these provisions coincides with the commitment to a formal plan of action or, if earlier, on divestment or on closure of inactive sites. The amount recognized is the best estimate of the expenditure required. Where the liability will not be settled for a number of years, the amount recognized is the present value of the estimated future expenditure. |
Employees benefits | 2.3.14 Employees benefits - The Group has short-term obligations for employee benefits including salaries, severance contributions, legal bonuses, performance bonuses and profit sharing. These obligations are recorded monthly on an accrual basis. Additionally, the Group has a long-term incentive plan for key management. This benefit is settled in cash, measured on the salary of each officer and upon fulfilling certain conditions such as years of experience within the Group and permanency. The Group recognizes the long-term obligation at its present value at the end of the reporting period using the projected credit unit method. To calculate the present value of these long-term obligations the Group uses a government bond discount rate at the date of the consolidated financial statements. This liability is annually reviewed on the date of the consolidated financial statements, and the accrual updates and the effect of changes in discount rates are recognized in the consolidated statement of profit or loss, until the liability is extinguished. |
Revenue recognition | 2.3.15 Revenue recognition - The group is dedicated to the production and trading of cement, blocks, concrete and quicklime, as well as trade of construction supplies. These goods are sold in contracts with customers. The Group has concluded that it is principal in its sales agreements because it controls the goods or services before transferring to the customer. Revenue is measured at the fair value of the consideration received or receivable, considering contractually defined terms of payment and excluding taxes or duties. The following specific recognition criteria must also be met before revenue is recognized: Sales of goods - Revenue from sale of goods is recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the goods. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price for the sale of goods, the Group considers the effects of variable consideration, the existence of significant financing components, noncash consideration, and consideration payable to the customer (if any). Rendering of services - In the business segments cement, quicklime, concrete, blocks and construction supplies, the Group provides transportation services. These services are sold together with the sale of the goods to the customer. Transportation services are satisfied when the transport service is concluded, which coincides with the moment of delivery of the goods to the customers. Operating lease income - Income from operating lease of land and office was recognized on a monthly accrual basis during the term of the lease. Interest income - For all financial instruments measured at amortized cost and interest-bearing financial assets, interest income is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Interest income is included in finance income in the consolidated statement of profit or loss. |
Taxes | 2.3.16 Taxes - Current income tax - Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in Peru, where the Group operates and generates taxable income. Current income tax relating to items recognized directly in equity is recognized in equity and not in the consolidated statement of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred tax - Deferred tax is provided using the balance sheet method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognized for all taxable temporary differences, except in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized, except in respect of deductible temporary differences associated with investments in subsidiaries, where deferred assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax related to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Mining royalties - Mining royalties are accounted when they have the characteristics of an income tax. This is considered to be the case when they are imposed under government authority and the amount payable is based on taxable net income, rather than based on quantity produced or as a percentage of revenue, after adjustment for temporary differences. For such arrangements, current and deferred tax is provided on the same basis as described above for income tax. Obligations arising from royalty arrangements that do not satisfy these criteria are recognized as current provisions and included in results of the year. |
Investment shares held in treasury | 2.3.17 Investment shares held in treasury - Own equity instruments which are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in the consolidated statement of profit or loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments. |
Business combinations and goodwill | 2.3.18 Business combinations and goodwill - A business consists of inputs and processes applied to those inputs that have the ability to contribute to the creation of outputs. Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses of the consolidated statement of profit or loss. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognized in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognized in profit or loss. Goodwill Goodwill is the excess of the aggregate of the consideration transferred on the assets acquisitions over the fair value of the acquire assets. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. The Group perform impairment tests of goodwill annually. The impairment of goodwill is determined estimating the recoverable amount of the cash generating units related to it. When the recoverable amount of the cash generating units is lower than the carrying value, an impairment is recognized. Impairment related to goodwill cannot be reversed in future periods. |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of significant accounting policies [text block] [Abstract] | |
Schedule of estimated useful lives | Years Buildings and other constructions: Administrative facilities Between 20 and 51 Main production structures Between 20 and 56 Minor production structures Between 20 and 35 Machinery and equipment: Mills and horizontal furnaces Between 24 and 45 Vertical furnaces, crushers and grinders Between 23 and 36 Electricity facilities and other minors Between 10 and 35 Furniture and fixtures 10 Transportation units: Heavy units Between 5 and 15 Light units Between 5 and 10 Computer equipment Between 3 and 10 Tools Between 5 and 10 |
Transactions in Foreign Curre_2
Transactions in Foreign Currency (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure About The Transactions In Foreign Currency [Abstract] | |
Schedule of assets and liabilities | 2021 2020 US$(000) US$(000) Assets Cash and cash equivalents 51,343 15,356 Advances to suppliers for work in progress 9,210 4,242 Trade and other receivables 4,946 4,587 65,499 24,185 Liabilities Trade and other payables (10,356 ) (11,314 ) Interest-bearing loans and borrowings (149,612 ) (149,612 ) (159,968 ) (160,926 ) Cross currency swap position 132,000 150,000 Net monetary position 37,531 13,259 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash and cash equivalents | 2021 2020 S/(000) S/(000) Cash on hand 273 177 Cash at banks (b) 225,629 22,510 Short-term deposits (c) 47,500 286,225 273,402 308,912 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of trade and other receivables | Current Non-current 2021 2020 2021 2020 S/(000) S/(000) S/(000) S/(000) Trade receivables (b) 91,072 73,366 - - Other accounts receivable 5,940 1,913 - - Accounts receivable from Parent company and affiliates, note 27 1,314 2,212 - - Funds restricted to tax payments 1,314 346 - - Loans granted 1,066 1,624 83 1,688 Other receivables from sale of fixed assets 937 1,781 - - Interest receivable 636 1,375 - - Loans to employees 610 357 - - Allowance for expected credit losses (d) and (e) (5,539 ) (5,324 ) - - Financial assets classified as receivables (e) 97,350 77,650 83 1,688 Value-added tax credit 5,368 6,443 2,673 3,319 Other accounts receivable (c) - - 38,242 - Tax refund receivable - 319 9,242 9,242 Allowance for expected credit losses (d) - - (9,034 ) (9,034 ) Non-financial assets classified as receivables 5,368 6,762 41,123 3,527 102,718 84,412 41,206 5,215 |
Schedule of movement of the allowance for expected credit losses | 2021 2020 2019 S/(000) S/(000) S/(000) Opening balance 14,358 12,781 11,329 Additions, note 22 563 1,582 1,452 Recoveries (348 ) (5 ) - Ending balance 14,573 14,358 12,781 |
Schedule of analysis of trade and other accounts receivable | Past due but not impaired Total Neither past due nor impaired < 30 30-60 61-90 91-120 > 120 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Expected credit loss rate 5.4 % 0.0 % 0.9 % 1.7 % 3.7 % - 76.5 % Carrying amount 2021 102,972 65,314 21,233 6,112 3,672 - 6,641 Expected credit loss 5,539 28 190 105 136 - 5,080 Past due but not impaired Total Neither past due nor impaired < 30 30-60 61-90 91-120 > 120 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Expected credit loss rate 6.3 % 0.2 % 10.8 % 1.4 % 4.2 % - 61.2 % Carrying amount 2020 84,662 68,044 1,943 5,665 1,134 - 7,876 Expected credit loss 5,324 167 209 79 48 - 4,821 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventories [Abstract] | |
Schedule of inventories | 2021 2020 S/(000) S/(000) Goods and finished products 25,304 12,877 Work in progress 135,008 114,246 Raw materials 247,939 157,107 Packages and packing 7,466 3,614 Fuel 3,498 2,896 Spare parts and supplies 199,870 179,354 Inventory in transit 9,149 10,220 628,234 480,314 Less - Provision for inventory obsolescence (b) (23,052 ) (19,704 ) 605,182 460,610 |
Schedule of movement in provision for inventory obsolescence and net realizable value | 2021 2020 2019 S/(000) S/(000) S/(000) Opening balance 19,704 17,253 14,975 Additions 3,374 3,635 2,498 Recoveries (26 ) (1,184 ) (220 ) Final balance 23,052 19,704 17,253 |
Financial Investment Designat_2
Financial Investment Designated at Fair Value Through OCI (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of available-for-sale financial assets [Abstract] | |
Schedule of movement in financial instruments designated at fair value through OCI | 2021 2020 2019 S/(000) S/(000) S/(000) Beginning balance 692 18,224 26,883 Contribution of investment shares 1,779 - - Fair value change recorded in other comprehensive income (1,995 ) (17,532 ) (8,659 ) Ending balance 476 692 18,224 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of property, plant and equipment [Abstract] | |
Schedule of property, plant and equipment | Mining concessions (b) Mine development costs (b) Land Buildings and other construction Machinery, equipment and related spare parts Furniture and accessories Transportation units Computer equipment and tools Quarry rehabilitation costs Capitalized interests Work in progress Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Cost As of January 1, 2020 76,135 51,705 251,655 684,338 1,667,042 32,839 123,568 50,951 1,515 64,904 47,449 3,052,101 Additions 19 2,316 - 535 8,298 197 282 1,166 7,775 - 30,644 51,232 Disposals (261 ) (5 ) - (307 ) (7,803 ) (54 ) (12,502 ) (3 ) - - (144 ) (21,079 ) Transfers, note 11 - (41 ) 535 5,976 26,608 141 1,761 531 - - (40,218 ) (4,707 ) As of December 31, 2020 75,893 53,975 252,190 690,542 1,694,145 33,123 113,109 52,645 9,290 64,904 37,731 3,077,547 Additions 21 3,435 4,254 (98 ) 16,160 191 7,523 3,731 (260 ) 103 53,120 88,180 Disposals - - - (7 ) (33,176 ) (22,786 ) (10,583 ) (23,105 ) - - (136 ) (89,793 ) Transfers, note 11 - 592 108 2,648 20,526 178 3,302 1,157 - - (28,575 ) (64 ) As of December 31, 2021 75,914 58,002 256,552 693,085 1,697,655 10,706 113,351 34,428 9,030 65,007 62,140 3,075,870 Accumulated depreciation As of January 1, 2020 12,184 10,071 - 121,196 556,147 29,380 83,227 38,812 99 5,978 - 857,094 Additions 72 196 - 18,693 95,325 723 8,357 3,537 1,517 1,521 - 129,941 Disposals - - - (32 ) (7,282 ) (54 ) (10,952 ) (1 ) - - - (18,321 ) As of December 31, 2020 12,256 10,267 139,857 644,190 30,049 80,632 42,348 1,616 7,499 - 968,714 Additions 72 217 - 18,605 93,581 589 7,350 3,198 766 1,522 - 125,900 Disposals - - - (7 ) (32,317 ) (22,767 ) (9,819 ) (23,090 ) - - - (88,000 ) As of December 31, 2021 12,328 10,484 - 158,455 705,454 7,871 78,163 22,456 2,382 9,021 - 1,006,614 Impairment (b) As of December 31, 2020 42,859 24,048 - 13,578 12,424 201 26 454 - - 735 94,325 As of December 31, 2021 42,859 24,048 - 13,578 12,424 201 26 454 - - 735 94,325 Net book value As of December 31, 2020 20,778 19,660 252,190 537,107 1,037,531 2,873 32,451 9,843 7,674 57,405 36,996 2,014,508 As of December 31, 2021 20,727 23,470 256,552 521,052 979,777 2,634 35,162 11,518 6,648 55,986 61,405 1,974,931 |
Intangible (Tables)
Intangible (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of intangible assets [text block] [Abstract] | |
Schedule of intangible assets | IT applications Finite life intangible (c) Indefinite life intangible (c) Exploration cost and Total S/(000) S/(000) S/(000) S/(000) S/(000) Cost As of January 1, 2020 25,145 24,543 1,975 48,726 100,389 Additions 4,954 - - 270 5,224 Disposals (1 ) - - - (1 ) Transfers, note 10 4,173 - - 534 4,707 As of December 31, 2020 34,271 24,543 1,975 49,530 110,319 Additions 7,152 - - 1,739 8,891 Disposals - - - (54 ) (54 ) Transfers and reclassifications, note 10 - - - 64 64 As of December 31, 2021 41,423 24,543 1,975 51,279 119,220 Accumulated amortization As of January 1, 2020 9,176 3,256 71 7,051 19,554 Additions 4,168 2,454 - 1,034 7,656 As of December 31, 2020 13,344 5,710 71 8,085 27,210 Additions 4,681 2,455 - 965 8,101 Disposals - - - (54 ) (54 ) As of December 31, 2021 18,025 8,165 71 8,996 35,257 Impairment (b) Al of January 1, 2020 - - - 33,469 33,469 As of December 31, 2020 - - - 33,469 33,469 As of December 31, 2021 33,469 33,469 Net Carrying Value As of December 31, 2020 20,927 18,833 1,904 7,976 49,640 As of December 31, 2021 23,398 16,378 1,904 8,814 50,494 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of leases [text block] [Abstract] | |
Schedule of movement of the right of use assets recognized | Transportation units Other Total S/(000) S/(000) S/(000) Cost - Balance as of January 1, 2020 - 109 109 Additions 7,504 - 7,504 Sales and/or retirement - (71 ) (71 ) Balance as of December 31, 2020 7,504 38 7,542 Additions 217 - 217 Sales and/or retirement - (3 ) (3 ) Balance as of December 31, 2021 7,721 35 7,756 Accumulated depreciation - Balance as of January 1, 2020 - 63 63 Additions 1,501 33 1,534 Sales and/or retirement - (61 ) (61 ) Balance as of December 31, 2020 1,501 35 1,536 Additions 1,552 - 1,552 Balance as of December 31, 2021 3,053 35 3,088 Net book value As of December 31, 2020 6,003 3 6,006 As of December 31, 2021 4,668 - 4,668 |
Schedule of movement of the lease liabilities recognized | 2021 2020 S/(000) S/(000) Balance as of January 1 6,633 57 Additions 217 7,504 Financial interest expenses 383 409 Dues payments (2,419 ) (1,669 ) Sales and disposals - (19 ) Others 1,015 351 Balance as of December 31 5,829 6,633 Maturity Current portion 1,856 1,531 Non-current portion 3,973 5,102 Balance as of December 31 5,829 6,633 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of trade and other payables [text block] [Abstract] | |
Schedule of trade and other payables | 2021 2020 S/(000) S/(000) Trade payables 111,336 83,754 Interest payable 29,871 26,322 Remuneration payable 20,835 18,102 Advances from customers 14,668 14,880 Dividends payable, note 18(g) 9,550 7,686 Taxes and contributions 8,638 10,478 Accounts payable related to the acquisition of property, plant and equipment, note 10(e) 7,615 4,830 Hedge finance cost payable 6,213 6,381 Board of Directors’ fees 5,615 5,061 Guarantee deposits 4,645 4,289 Account payable to the principal and affiliates, note 27 143 1,559 Other accounts payable 8,425 4,534 227,554 187,876 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of provisions [text block] [Abstract] | |
Schedule of provisions | Workers’ Long-term incentive plan Quarry Provision of legal contingencies Total S/(000) S/(000) S/(000) S/(000) S/(000) At January 1, 2020 13,903 8,514 1,829 1,915 26,161 Additions, note 23 9,513 5,759 7,775 1,175 24,222 Exchange difference - - 728 - 728 Unwinding of discounts, note 26 - 343 84 - 427 Payments and advances (14,036 ) (2,526 ) (255 ) - (16,817 ) At December 31, 2020 9,380 12,090 10,161 3,090 34,721 Current portion 9,380 - - - 9,380 Non-current portion - 12,090 10,161 3,090 25,341 9,380 12,090 10,161 3,090 34,721 At January 1, 2021 9,380 12,090 10,161 3,090 34,721 Additions, note 23 25,165 9,763 - - 34,928 Exchange difference - - 1,060 - 1,060 Unwinding of discounts, note 26 - 660 75 - 735 Change in estimate - - (260 ) - (260 ) Payments and advances (10,276 ) - - - (10,276 ) At December 31, 2021 24,269 22,513 11,036 3,090 60,908 Current portion 24,269 - - - 24,269 Non-current portion - 22,513 11,036 3,090 36,639 24,269 22,513 11,036 3,090 60,908 |
Financial Obligations (Tables)
Financial Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Financial Obligationstext Block [Abstract] | |
Schedule of financial obligations | Currency Nominal Maturity 2021 2020 % S/(000) S/(000) Short-term promissory notes (b) Banco de Crédito del Perú US$ 1.80 % July 8,2022 71,964 Banco de Crédito del Perú US$ 2.20 % July 8,2021 - 65,232 Banco de Crédito del Perú S/ 2.62 % January 10, 2022 79,500 79,500 Banco de Crédito del Perú S/ 2.62 % January 10, 2022 79,500 79,500 Banco de Crédito del Perú S/ 1.55 % December 23, 2022 110,000 - Banco de Crédito del Perú S/ 1.55 % December 23, 2022 110,000 - 450,964 224,232 Senior Notes (c) Principal, net of issuance costs US$ 4.50 % February 8, 2023 525,420 475,491 Principal, net of issuance costs S/ 6.69 % February 1, 2029 259,563 259,502 Principal, net of issuance costs S/ 6.84 % February 1, 2034 309,408 309,359 1,094,391 1,044,352 Maturity Current portion 450,964 65,232 Non-current portion 1,094,391 1,203,352 1,545,355 1,268,584 |
Deferred Income Tax Assets an_2
Deferred Income Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of deferred taxes [text block] [Abstract] | |
Schedule of deferred income tax assets and liabilities | As of Effect on Effect on Additions Additions to As of Effect on Effect on As of S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Movement of deferred income tax assets: Deferred income tax assets Provision of discounts and bonuses to customers 2,032 425 - - - 2,457 (230 ) - 2,227 Provision for vacations 1,729 (159 ) - - - 1,570 335 - 1,905 Effect of tax-loss carry forward 2,614 6,656 - - - 9,270 (7,559 ) - 1,711 Allowance for expected credit losses for trade receivables 832 625 - - - 1,457 76 - 1,533 Allowance for expected credit losses for other receivables 974 - - - - 974 - - 974 Lease liabilities 14 (131 ) - 1,009 - 892 (87 ) 14 819 Legal claim contingency - 461 - - - 461 - - 461 Estimate for devaluation of spare parts and supplies - 431 - - - 431 1 - 432 Effect of differences between book and tax bases of fixed assets and in the depreciation rates used for book purposes 198 29 - - - 227 73 - 300 Effect of differences between book and tax bases of inventories 922 (867 ) - - - 55 - - 55 Other 375 (312 ) - - - 63 555 (14 ) 604 9,690 7,158 - 1,009 - 17,857 (6,836 ) - 11,021 Deferred income tax liabilities Effect of differences between book and tax bases of fixed assets and in the depreciation rates used for book purposes (2,259 ) 829 - - - (1,430 ) 486 - (944 ) Right of use assets (17 ) 217 - (1,009 ) - (809 ) 178 (17 ) (648 ) Other 5 (5 ) - - - - - 17 17 (2,271 ) 1,041 - (1,009 ) - (2,239 ) 664 - (1,575 ) Total deferred income tax assets 7,419 8,199 - - - 15,618 (6,172 ) - 9,446 Movement of deferred income tax liabilities: Deferred income tax assets Impairment on brine project assets Salmueras 17,087 476 - - - 17,563 255 - 17,818 Impairment of mining assets 7,123 (207 ) - - - 6,916 (212 ) - 6,704 Long-term incentive plan 2,511 1,055 - - - 3,566 3,075 - 6,641 Financial instruments designated at fair value through OCI 879 - 5,172 - - 6,051 - 589 6,640 Provision for spare parts and supplies obsolescence 4,963 418 - - - 5,381 327 - 5,708 Provision for vacations 3,071 187 - - - 3,258 423 - 3,681 Quarry rehabilitation provision 539 (52 ) - - 2,294 2,781 (55 ) - 2,726 Legal claim contingency - (140 ) - 1,205 - 1,065 (135 ) - 930 Allowance for expected credit losses for trade receivables 101 - - - - 101 534 - 635 Lease liabilities - 450 - - - 450 - - 450 Other 349 (74 ) - - - 275 53 - 328 36,623 2,113 5,172 1,205 2,294 47,407 4,265 589 52,261 Deferred income tax liabilities Effect of differences between book and tax bases of fixed assets and in the depreciation rates (177,448 ) (12,802 ) - - (2,294 ) (192,544 ) 2,366 - (190,178 ) Net gain on cash flow hedge (3,219 ) (220 ) 487 - - (2,952 ) 1,684 (6,146 ) (7,414 ) Effect of costs of issuance of senior notes (1,010 ) 240 - - - (770 ) (1,915 ) - (2,685 ) Right of use assets - 242 - (1,205 ) - (963 ) 217 - (746 ) Other (45 ) 3 - - - (42 ) - - (42 ) (181,722 ) (12,537 ) 487 (1,205 ) (2,294 ) (197,271 ) 2,352 (6,146 ) (201,065 ) Total deferred income tax liabilities, net (145,099 ) (10,424 ) 5,659 - - (149,864 ) 6,617 (5,557 ) (148,804 ) (2,225 ) 5,659 445 (5,557 ) |
Schedule of reconciliation between tax expenses and the product | 2021 2020 2019 S/(000) S/(000) S/(000) Accounting profit before income tax 224,110 85,898 194,353 At statutory income tax rate of 29.5% (66,112 ) (25,340 ) (57,334 ) Permanent differences Non-deductible expenses, net (4,070 ) (1,596 ) (4,181 ) Effect of tax-loss carry forward non-recognized (758 ) (1,068 ) (791 ) At the effective income tax rate of 32% in 2021 (2020: 33% and 2019: 32%) (70,940 ) (28,004 ) (62,306 ) |
Schedule of income tax expenses | 2021 2020 2019 S/(000) S/(000) S/(000) Consolidated statement of profit or loss Current (71,385 ) (25,779 ) (41,709 ) Deferred 445 (2,225 ) (20,597 ) (70,940 ) (28,004 ) (62,306 ) |
Schedule of composition of deferred income tax | 2021 2020 2019 S/(000) S/(000) S/(000) Tax effect on unrealized gain on available-for-sale financial asset 589 5,172 2,554 Tax effect on unrealized gain (loss) on hedging derivative financial asset (6,146 ) 487 754 Total deferred income tax in OCI (5,557 ) 5,659 3,308 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of share capital, reserves and other equity interest [text block] [Abstract] | |
Schedule of equity distribution | 2021 2020 2019 Approval date by Board of Directors April 29, 2021 November 16, 2020 November 18, 2019 Declared dividends per share to be paid in cash S/. 0.790000 0.23000 0.36000 Declared dividends S/(000): 338,204 98,465 154,119 |
Sales of Goods (Tables)
Sales of Goods (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of revenue [text block] [Abstract] | |
Schedule of sales of goods | As of December 31, 2021 Cement Concrete and mortar Precast Quicklime Construction supplies Other Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Segments Sale of cement, concrete, mortar and precast 1,534,867 213,565 36,055 - - - 1,784,487 Sale of construction supplies - - - - 113,905 - 113,905 Sale of quicklime - - - 39,141 - - 39,141 Sale of other - - - - - 234 234 1,534,867 213,565 36,055 39,141 113,905 234 1,937,767 Moment of the revenue recognition Goods transferred at a point in time 1,534,867 213,565 36,055 39,141 113,905 234 1,937,767 As of December 31, 2020 Cement Concrete and mortar Precast Quicklime Construction supplies Other Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Segments Sale of cement, concrete, mortar and precast 1,023,907 126,135 35,144 - - - 1,185,186 Sale of construction supplies - - - - 78,192 - 78,192 Sale of quicklime - - - 32,473 - - 32,473 Sale of other - - - - - 483 483 1,023,907 126,135 35,144 32,473 78,192 483 1,296,334 Moment of the revenue recognition Goods transferred at a point in time 1,023,907 126,135 35,144 32,473 78,192 483 1,296,334 As of December 31, 2019 Cement Concrete and mortar Precast Quicklime Construction supplies Other Total S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) Segments Sale of cement, concrete, mortar and precast 1,065,857 200,417 25,909 - - - 1,292,183 Sale of construction supplies - - - - 64,076 - 64,076 Sale of quicklime - - - 36,109 - - 36,109 Sale of other - - - - - 333 333 1,065,857 200,417 25,909 36,109 64,076 333 1,392,701 Moment of the revenue recognition Goods transferred at a point in time 1,065,857 200,417 25,909 36,109 64,076 333 1,392,701 |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of cost of sales [text block] [Abstract] | |
Schedule of cost of sales | 2021 2020 2019 S/(000) S/(000) S/(000) Beginning balance of goods and finished products, note 8(a) 12,877 22,133 16,832 Beginning balance of work in progress, note 8(a) 114,246 166,999 133,972 Consumption of miscellaneous supplies 566,781 295,688 284,298 Maintenance and third-party services 242,412 147,282 211,251 Shipping costs 196,064 113,054 123,989 Depreciation and amortization 118,998 122,541 115,245 Personnel expenses, note 23(b) 113,634 89,805 101,185 Costs of packaging 71,580 45,032 44,416 Other manufacturing expenses 102,056 45,637 63,750 Ending balance of goods and finished products, note 8(a) (25,304 ) (12,877 ) (22,133 ) Ending balance of work in progress, note 8(a) (135,008 ) (114,246 ) (166,999 ) 1,378,336 921,048 905,806 |
Administrative Expenses (Tables
Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of general and administrative expense [text block] [Abstract] | |
Schedule of administrative expenses | 2021 2020 2019 S/(000) S/(000) S/(000) Personnel expenses, note 23(b) 96,891 76,291 84,359 Third-party services 59,896 48,713 53,407 Depreciation and amortization 16,569 16,626 14,573 Donations 9,067 9,188 8,796 Board of Directors compensation 6,397 5,992 6,696 Taxes 5,563 5,262 4,980 Consumption of supplies 1,686 1,297 1,671 196,069 163,369 174,482 |
Selling and Distribution Expe_2
Selling and Distribution Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of expenses [text block] [Abstract] | |
Schedule of selling and distribution expenses | 2021 2020 2019 S/(000) S/(000) S/(000) Personnel expenses, note 23(b) 33,867 26,283 26,818 Third-party services 9,733 7,326 8,636 Advertising and promotion 5,637 3,285 6,981 Allowance for expected credit losses, note 7(d) 563 1,582 1,452 Other 1,720 1,677 646 51,520 40,153 44,533 |
Employee Benefits Expenses (Tab
Employee Benefits Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of employee benefits [text block] [Abstract] | |
Schedule of employee benefits expenses | 2021 2020 2019 S/(000) S/(000) S/(000) Wages and salaries 138,754 115,630 128,809 Social contributions 28,853 26,085 25,468 Workers ‘profit sharing, note 15 25,165 9,513 15,169 Legal bonuses 19,629 17,413 16,837 Vacations 18,040 16,301 15,461 Long-term compensation, note 15 9,763 5,759 6,523 Cessation payments 2,203 858 2,044 Training 1,422 476 860 Other 563 344 1,191 244,392 192,379 212,362 |
Schedule of allocation of employee benefits expenses | 2021 2020 2019 S/(000) S/(000) S/(000) Cost of sales, note 20 113,634 89,805 101,185 Administrative expenses, note 21 96,891 76,291 84,359 Selling and distribution expenses, note 22 33,867 26,283 26,818 244,392 192,379 212,362 |
Other Operating Income (Expen_2
Other Operating Income (Expense), Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Other Operating Income (Expense), Net [Abstract] | |
Schedule of other operating income (expense) | 2021 2020 2019 S/(000) S/(000) S/(000) Rentals to third parties 2,328 649 - Net gain (loss) on disposal of property, plant and equipment and intangible 1,775 2,591 (1,846 ) Income from land rental and office lease, note 27 1,639 1,859 722 Recovery of expenses 491 1,166 525 Income from management and administrative services provided to related parties, note 27 305 834 1,744 Write-off for disasters - - (357 ) Expenses to counteract the COVID-19 effect, note 1.1 - (2,642 ) - Other, net (130 ) (111 ) 1,857 6,408 4,346 2,645 |
Finance Income (Tables)
Finance Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Finance Income [Abstract] | |
Schedule of finance income | 2021 2020 2019 S/(000) S/(000) S/(000) Tax interest 1,015 - - Interest on accounts receivable 898 204 715 Interest on term deposits 834 2,243 1,014 Other finance income 144 529 847 2,891 2,976 2,576 |
Finance Costs (Tables)
Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Finance Costs [Abstract] | |
Schedule of finance costs | 2021 2020 2019 S/(000) S/(000) S/(000) Interest on senior notes, note 16 (c) 63,333 60,857 56,081 Finance cost on cross currency swaps 15,046 16,144 14,958 Interest on promissory notes 7,326 8,298 5,537 Counterparty credit risk in cross currency swaps 848 542 - Expenses for the purchase and amortization of issuance costs of senior notes 815 816 807 Interest on lease liabilities 383 409 - Interest for bank overdraft - 802 - Commission for prepayment of loans - 325 - Other 479 74 145 Total interest expense 88,230 88,267 77,528 Unwinding of discount of provisions, note 15 735 427 458 Total finance costs 88,965 88,694 77,986 |
Related Party Disclosure (Table
Related Party Disclosure (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Related Party Disclosure [Abstract] | |
Schedule of transactions with its parent company Inversiones ASPI S.A. and its affiliates | 2021 2020 2019 S/(000) S/(000) S/(000) Income Inversiones ASPI S.A. (ASPI) Income from office lease 20 17 12 Fees for management and administrative services 98 88 544 Compañía Minera Ares S.A.C. (Ares) Income from land lease, note 29 1,230 1,303 344 Income from office lease 332 478 323 Fossal S.A.A. (Fossal) Income from office lease 18 19 15 Fees for management and administrative services 52 48 40 Fosfatos del Pacífico S.A. (Fospac) Income from office lease 19 24 28 Fees for management and administrative services 155 698 1,160 Asociación Sumac Tarpuy Income from office lease 20 18 - Expense Security services provided by Compañía Minera Ares 2,836 1,912 1,989 Loans Loans to Fossal S.A.A. (14,252 ) - - Loans to Fosfatos del Pacífico S.A. (2,869 ) - - Loan collection from Fossal S.A.A. 14,252 - - Loan collection from Fosfatos del Pacífico S.A. 2,869 - - |
Schedule of rights and obligations | 2021 2020 Accounts Accounts Accounts Accounts S/(000) S/(000) S/(000) S/(000) Fosfatos del Pacífico S.A. 1,039 37 1,449 - Compañía Minera Ares S.A.C. 199 - 678 1,348 Fossal S.A. 12 - - - Inversiones ASPI S.A. - 105 - 211 Other 64 1 85 - 1,314 143 2,212 1,559 |
Earnings Per Share (EPS) (Table
Earnings Per Share (EPS) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Earnings Per Share (EPS) [Abstract] | |
Schedule of basic and diluted earnings per share | 2021 2020 2019 S/(000) S/(000) S/(000) Numerator Net profit attributable to ordinary equity holders of the Parent 153,170 57,894 132,047 Denominator Weighted average number of common and investment shares (thousands of shares) 428,107 428,107 428,107 Basic and diluted profit for common and investment shares 0.36 0.14 0.31 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Table [Abstract] | |
Schedule of income tax and Value added tax corresponding to the years | Years open to review by Tax Authority Entity Income tax Value-added tax Cementos Pacasmayo S.A.A. 2017-2021 Dec. 2017-2021 Cementos Selva S.A. 2017-2021 Dec. 2017-2021 Distribuidora Norte Pacasmayo S.R.L. 2017-2021 Dec. 2017-2021 Empresa de Transmisión Guadalupe S.A.C. 2017-2021 Dec. 2017-2021 Salmueras Sudamericanas S.A. 2017-2021 Dec. 2017-2021 Calizas del Norte S.A.C. (on liquidation) 2017-2021 Dec. 2017-2021 Soluciones Takay S.A.C. 2019-2021 May to Dec.2019-.2021 |
Schedule of plans and related expenses | Project unit Resource Resolution Year of Program Operating year expense 2021 2020 2019 S/(000) S/(000) S/(000) Rioja Limestone RD186-2014-PRODUCE/DVMYPE-I/DIGGAM 2014 EIA 713 315 244 Tembladera Limestone RD304-18-PRODUCE/DVMYPE-I/DIGAAMI 2018 PAMA 298 237 189 1,011 552 433 |
Financial Risk Management, Ob_2
Financial Risk Management, Objectives and Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of financial risk management [text block] [Abstract] | |
Schedule of changes in the fair value of monetary assets and liabilities | 2021 Change in Effect on U.S. Dollar % S/(000) +5 7,502 +10 15,005 -5 (7,502 ) -10 (15,005 ) 2020 Change in Effect on U.S. Dollar % S/(000) +5 2,403 +10 4,806 -5 (2,403 ) -10 (4,806 ) |
Schedule of maturity profile of the Group’s financial liabilities based on contractual undiscounted payments | Less than 3 months 3 to 12 months 1 to 5 years More than 5 years Total S/(000) S/(000) S/(000) S/(000) S/(000) As of December 31, 2021 Interest-bearing loans adjusted by hedge 159,000 291,964 414,290 570,000 1,435,254 Lease liabilities 465 1,391 3,973 5,829 Interest 31,255 35,147 166,252 154,851 387,505 Hedge finance cost payable 7,821 7,821 7,821 - 23,463 Trade and other payables 175,975 42,941 - - 218,916 As of December 31, 2020 Interest-bearing loans adjusted by hedge - 65,232 572,993 570,000 1,208,225 Lease liabilities 383 1,148 5,102 - 6,633 Interest 30,033 35,056 186,607 193,454 445,150 Hedge finance cost payable 8,032 8,032 24,096 - 40,160 Trade and other payables 142,253 38,235 - - 180,488 |
Schedule of financial derivative instruments in the table below are the gross undiscounted cash flows | Less than 3 months 3 to 12 months 1 to 5 years Total S/(000) S/(000) S/(000) S/(000) As of December 31, 2021 Inflows - - 125,537 125,537 Outflows (1,703 ) (7,908 ) (7,992 ) (17,603 ) Net (1,703 ) (7,908 ) 117,545 107,934 Discounted at the applicable interbank rates (1,695 ) (7,716 ) 116,012 106,601 As of December 31, 2020 Inflows - - 75,936 75,936 Outflows (1,750 ) (8,112 ) (24,551 ) (34,413 ) Net (1,750 ) (8,112 ) 51,385 41,523 Discounted at the applicable interbank rates (1,743 ) (7,929 ) 51,919 42,247 |
Schedule of Changes in liabilities arising from financing activities | Balance as of January 1, Distribution of dividends Finance cost on cross currency swaps Cash Cash Movement of foreign currency Amortization of costs of issuance of senior notes Balance as of December 31 S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) 2021 Hedge finance cost payable 6,381 - 15,046 - (15,214 ) - - 6,213 Dividends payable 7,686 338,204 - 481 (336,821 ) - - 9,550 Interest-bearing loans 1,268,584 - - 220,000 - 55,955 816 1,545,355 2020 Hedge finance cost payable 5,922 - 16,144 - (15,685 ) - - 6,381 Dividends payable 52,523 98,465 - 321 (143,623 ) - - 7,686 Interest-bearing loans 1,101,904 - - 862,191 (745,384 ) 49,056 817 1,268,584 |
Fair Value Financial Assets a_2
Fair Value Financial Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Financial Assets and Liabilities Table [Abstract] | |
Schedule of carrying amounts and fair values of financial instruments | Carrying amount Fair value Fair value hierarchy 2021 2020 2021 2020 2021/2020 S/(000) S/(000) S/(000) S/(000) Financial assets Cash and cash equivalents 273,402 308,912 273,402 308,912 Level 1 Trade and other receivables 143,924 89,627 143,924 89,627 Level 2 Derivatives financial assets – Cross currency swaps 106,601 42,247 106,601 42,247 Level 2 Financial investment at fair value through other comprehensive income 476 692 476 692 Level 3 Total financial assets 524,403 441,478 524,403 441,478 Financial liabilities Trade and other payables 227,554 187,876 227,554 187,876 Level 2 Senior notes 1,094,391 1,044,352 1,119,035 1,118,492 Level 1 Promissory notes 450,964 224,232 447,558 221,607 Level 2 Total financial liabilities 1,772,909 1,456,460 1,794,147 1,527,975 |
Schedule of significant unobservable inputs used in level 3 fair value measurements | As of December 31, 2021 Weighted average Fair value sensitivity Earning growth factor 3.79 % 5% increase or decrease in the factor would result in an increase (decrease) in fair value of S/289,055,000 and (S/293,389,000), respectively. WACC discount rate 9.02 % 10% increase or decrease in the discount rate would result in an (decrease) increase in fair value at (S/217,435,000) and S/315,534,000, respectively. As of December 31, 2020 Weighted average Fair value sensitivity Earning growth factor 3.79 % 5% increase or decrease in the factor would result in an increase (decrease) in fair value of S/131,580,000 and (S/456,870,000), respectively. WACC discount rate 8.53 % 10% increase or decrease in the discount rate would result in an increase (decrease) in fair value at (S/390,352,000) and S/169,179,000, respectively. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of entity's operating segments [text block] [Abstract] | |
Schedule of transfer prices between operating segments | Revenues from external customers Gross profit margin Administrative expenses Selling and distribution expenses Other operating income, net Finance income Finance cost Net loss on settlement of derivate financial instruments (Loss) gain from exchange difference, net Profit before income tax Income tax expense Profit for the year S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) 2021 Cement, concrete, mortar and blocks 1,784,487 550,816 (191,132 ) (50,223 ) 6,358 2,874 (88,961 ) (980 ) (6,987 ) 221,765 (70,198 ) 151,567 Construction supplies 113,905 3,501 (2,675 ) (703 ) 47 17 (3 ) - (30 ) 154 (49 ) 105 Quicklime 39,141 5,651 (1,099 ) (289 ) - - - - (85 ) 4,178 (1,322 ) 2,856 Other (*) 234 (537 ) (1,163 ) (305 ) 3 - (1 ) - 16 (1,987 ) 629 (1,358 ) Consolidated 1,937,767 559,431 (196,069 ) (51,520 ) 6,408 2,891 (88,965 ) (980 ) (7,086 ) 224,110 (70,940 ) 153,170 2020 Cement, concrete, mortar and blocks 1,185,186 367,456 (157,491 ) (38,708 ) 4,204 2,951 (88,569 ) 5,337 (9,352 ) 85,828 (27,981 ) 57,847 Construction supplies 78,192 3,014 (2,862 ) (703 ) 154 26 (130 ) - (404 ) (905 ) 295 (610 ) Quicklime 32,473 5,012 (1,493 ) (367 ) - - - - (88 ) 3,064 (999 ) 2,065 Other (*) 483 (196 ) (1,523 ) (375 ) (12 ) (1 ) 5 - 13 (2,089 ) 681 (1,408 ) Consolidated 1,296,334 375,286 (163,369 ) (40,153 ) 4,346 2,976 (88,694 ) 5,337 (9,831 ) 85,898 (28,004 ) 57,894 2019 Cement, concrete, mortar and blocks 1,292,183 481,037 (167,503 ) (42,752 ) 2,701 2,553 (77,947 ) (1,491 ) 718 197,316 (63,256 ) 134,060 Construction supplies 64,076 2,232 (1,745 ) (445 ) (25 ) 23 (37 ) - 6 9 (3 ) 6 Quicklime 36,109 3,545 (1,745 ) (445 ) - - - - 4 1,359 (436 ) 923 Other (*) 333 81 (3,489 ) (891 ) (31 ) - (2 ) - 1 (4,331 ) 1,389 (2,942 ) Consolidated 1,392,701 486,895 (174,482 ) (44,533 ) 2,645 2,576 (77,986 ) (1,491 ) 729 194,353 (62,306 ) 132,047 (*) The “other” segment includes activities that do not meet the threshold for disclosure under IFRS 8.13 and represent non-material operations of the Group (including brine projects). |
Schedule of segment reporting | Segment Other Total Operating liabilities Capital expenditure (**) Depreciation and amortization Provision of inventory net realizable value and obsolescence S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) S/(000) 2021 Cement, concrete and blocks 2,940,888 106,280 3,047,168 1,930,140 97,288 (128,522 ) (3,374 ) Construction supplies 42,578 - 42,578 75,633 - (1,102 ) - Quicklime 79,383 - 79,383 - - (5,199 ) - Other 31,846 797 32,643 194 - (744 ) - Consolidated 3,094,695 107,077 3,201,772 2,005,967 97,288 (135,567 ) (3,374 ) 2020 Cement, concrete and blocks 2,806,803 37,068 2,843,871 1,590,105 63,960 (131,877 ) (3,635 ) Construction supplies 51,225 - 51,225 58,517 - (767 ) - Quicklime 83,621 - 83,621 - - (5,741 ) - Other 31,696 5,871 37,567 107 - (782 ) - Consolidated 2,973,345 42,939 3,016,284 1,648,729 63,960 (139,167 ) (3,635 ) 2019 Cement, concrete and blocks 2,714,888 - 2,714,888 1,409,598 87,086 (122,911 ) (2,498 ) Construction supplies 51,376 - 51,376 99,934 - (879 ) - Quicklime 93,812 - 93,812 - - (5,820 ) - Other 53,258 18,224 71,482 375 - (208 ) - Consolidated 2,913,334 18,224 2,931,558 1,509,907 87,086 (129,818 ) (2,498 ) (*) As of December 31, 2021, corresponds to the financial investment designated at fair value through OCI for S/476,000 and fair value of derivative financial instruments (“cross currency swap”) for S/106,601,000. As of December 31, 2020 corresponds to the financial investment designated at fair value through OCI for approximately S/692,000 and the fair value of derivative financial instruments (“cross currency swap”) for S/42,247,000. The fair value of derivative financial instruments of hedging is allocated to the segment of cement, and the financial investment designated at fair value through OCI and fair value of derivate financial instrument at fair value through profit or loss are not assigned to any segment. (**) Capital expenditure consists of S/97,288,000 and S/63,960,000 during the years ended as of December 31, 2021 and 2020, respectively, and are related to additions of property, plant and equipment, intangible and other minor non-current assets. |
Corporate Information (Details)
Corporate Information (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Corporate Information (Details) [Line Items] | |||
Description of shares received upon spin-off | Cementos Pacasmayo S.A.A. (hereinafter “the Company”) was incorporated in 1957 and, under the Peruvian General Corporation Law, is an open stock corporation, its shares are listed in the Lima and New York Stock Exchange. | ||
Percentage of interests in subsidiary | 100.00% | ||
Inversiones ASPI S.A. [Member] | |||
Corporate Information (Details) [Line Items] | |||
Percentage of holding interests in subsidiary | 50.01% | 50.01% | 50.01% |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - Schedule of estimated useful lives | 12 Months Ended |
Dec. 31, 2021 | |
Administrative facilities [Member] | |
Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items] | |
Estimated useful lives in years | Between 20 and 51 |
Main production structures [Member] | |
Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items] | |
Estimated useful lives in years | Between 20 and 56 |
Minor production structures [Member] | |
Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items] | |
Estimated useful lives in years | Between 20 and 35 |
Mills and horizontal furnaces [Member] | |
Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items] | |
Estimated useful lives in years | Between 24 and 45 |
Vertical furnaces, crushers and grinders [Member] | |
Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items] | |
Estimated useful lives in years | Between 23 and 36 |
Electricity facilities and other minors [Member] | |
Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items] | |
Estimated useful lives in years | Between 10 and 35 |
Furniture and fixtures [Member] | |
Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items] | |
Furniture and fixtures | 10 years |
Heavy units [Member] | |
Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items] | |
Estimated useful lives in years | Between 5 and 15 |
Light units [Member] | |
Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items] | |
Estimated useful lives in years | Between 5 and 10 |
Computer equipment [Member] | |
Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items] | |
Estimated useful lives in years | Between 3 and 10 |
Tools [Member] | |
Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items] | |
Estimated useful lives in years | Between 5 and 10 |
Transactions in Foreign Curre_3
Transactions in Foreign Currency (Details) | 12 Months Ended | ||||
Dec. 31, 2021PEN (S/) | Dec. 31, 2021USD ($) | Dec. 31, 2020PEN (S/) | Dec. 31, 2020USD ($) | Dec. 31, 2019PEN (S/) | |
Disclosure About The Transactions In Foreign Currency [Abstract] | |||||
Transactions in foreign currency, description | As of December 31, 2021 the exchange rates for transactions in United States dollars, published by this institution, were S/3.975 for purchase and S/3.998 for sale (S/3.618 for purchase and S/3.624 for sale as of December 31, 2020). | As of December 31, 2021 the exchange rates for transactions in United States dollars, published by this institution, were S/3.975 for purchase and S/3.998 for sale (S/3.618 for purchase and S/3.624 for sale as of December 31, 2020). | |||
Amount of underlying liabilities | $ 131,612,000 | $ 131,612,000 | |||
Amount of swap position | 132,000,000 | 150,000,000 | |||
Derivative financial instruments | $ 388,000 | $ 18,388,000 | |||
Net loss exchange difference amount (in Nuevos Soles) | S/ | S/ 7,086,000 | S/ 9,831,000 | |||
Net gain exchange difference amount (in Nuevos Soles) | S/ | S/ 729,000 |
Transactions in Foreign Curre_4
Transactions in Foreign Currency (Details) - Schedule of assets and liabilities - USD [member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Transactions in Foreign Currency (Details) - Schedule of assets and liabilities [Line Items] | ||
Cash and cash equivalents | $ 51,343 | $ 15,356 |
Advances to suppliers for work in progress | 9,210 | 4,242 |
Trade and other receivables | 4,946 | 4,587 |
Assets | 65,499 | 24,185 |
Trade and other payables | (10,356) | (11,314) |
Interest-bearing loans and borrowings | (149,612) | (149,612) |
Liabilities | (159,968) | (160,926) |
Cross currency swap position | 132,000 | 150,000 |
Net monetary position | $ 37,531 | $ 13,259 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Description of short term deposit | The short-term deposits held in domestic banks were freely available and earned interest at the respective short-term market rates and original maturity less than three months. |
Cash and Cash Equivalents (De_2
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents - PEN (S/) S/ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |||||
Cash on hand | S/ 273 | S/ 177 | |||
Cash at banks | [1] | 225,629 | 22,510 | ||
Short-term deposits | [2] | 47,500 | 286,225 | ||
Cash and cash equivalents | S/ 273,402 | S/ 308,912 | S/ 68,266 | S/ 49,067 | |
[1] | Cash at banks is denominated in local and foreign currency and U.S. dollars, is deposited in local and foreign bank are freely available. The demand deposits interest yield is based on daily bank deposit rates. | ||||
[2] | The short-term deposits held in domestic banks were freely available and earned interest at the respective short-term market rates and original maturity less than three months. |
Trade and Other Receivables (De
Trade and Other Receivables (Details) - PEN (S/) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Trade and Other Receivables [Abstract] | ||
Miscellaneous receivable | S/ 38,242,000 | |
Additions of provision for expected credit losses for trade receivables | S/ 563,000 | S/ 1,582,000 |
Trade and Other Receivables (_2
Trade and Other Receivables (Details) - Schedule of trade and other receivables - PEN (S/) S/ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Trade receivables [Member] | |||
Trade and Other Receivables (Details) - Schedule of trade and other receivables [Line Items] | |||
Current | [1] | S/ 91,072 | S/ 73,366 |
Non-Current | [1] | ||
Other accounts receivable [Member] | |||
Trade and Other Receivables (Details) - Schedule of trade and other receivables [Line Items] | |||
Current | 5,940 | 1,913 | |
Non-Current | |||
Accounts receivable from parent company and affiliates [Member] | |||
Trade and Other Receivables (Details) - Schedule of trade and other receivables [Line Items] | |||
Current | 1,314 | 2,212 | |
Non-Current | |||
Funds restricted to tax payments [Member] | |||
Trade and Other Receivables (Details) - Schedule of trade and other receivables [Line Items] | |||
Current | 1,314 | 346 | |
Non-Current | |||
Loans granted [Member] | |||
Trade and Other Receivables (Details) - Schedule of trade and other receivables [Line Items] | |||
Current | 1,066 | 1,624 | |
Non-Current | 83 | 1,688 | |
Other receivables from sale of fixed assets [Member] | |||
Trade and Other Receivables (Details) - Schedule of trade and other receivables [Line Items] | |||
Current | 937 | 1,781 | |
Non-Current | |||
Interests receivables [Member] | |||
Trade and Other Receivables (Details) - Schedule of trade and other receivables [Line Items] | |||
Current | 636 | 1,375 | |
Non-Current | |||
Loans to employees [Member] | |||
Trade and Other Receivables (Details) - Schedule of trade and other receivables [Line Items] | |||
Current | 610 | 357 | |
Non-Current | |||
Allowance for expected credit losses for other receivables [Member] | |||
Trade and Other Receivables (Details) - Schedule of trade and other receivables [Line Items] | |||
Current | [2],[3] | (5,539) | (5,324) |
Non-Current | [2],[3] | ||
Financial assets classified as receivables [Member] | |||
Trade and Other Receivables (Details) - Schedule of trade and other receivables [Line Items] | |||
Current | [2] | 97,350 | 77,650 |
Non-Current | [2] | 83 | 1,688 |
Value-added tax credit [Member] | |||
Trade and Other Receivables (Details) - Schedule of trade and other receivables [Line Items] | |||
Current | 5,368 | 6,443 | |
Non-Current | 2,673 | 3,319 | |
Other accounts receivable net [Member] | |||
Trade and Other Receivables (Details) - Schedule of trade and other receivables [Line Items] | |||
Current | [4] | ||
Non-Current | [4] | 38,242 | |
Tax refund receivable [Member] | |||
Trade and Other Receivables (Details) - Schedule of trade and other receivables [Line Items] | |||
Current | 319 | ||
Non-Current | 9,242 | 9,242 | |
Allowance for expected credit losses [Member] | |||
Trade and Other Receivables (Details) - Schedule of trade and other receivables [Line Items] | |||
Current | [3] | ||
Non-Current | [3] | (9,034) | (9,034) |
Non-financial assets classified as receivables [Member] | |||
Trade and Other Receivables (Details) - Schedule of trade and other receivables [Line Items] | |||
Current | 5,368 | 6,762 | |
Non-Current | 41,123 | 3,527 | |
Total [Member] | |||
Trade and Other Receivables (Details) - Schedule of trade and other receivables [Line Items] | |||
Current | 102,718 | 84,412 | |
Non-Current | S/ 41,206 | S/ 5,215 | |
[1] | Trade account receivables have current maturity (30 to 90 days) and those overdue bear interest. | ||
[2] | The aging analysis of trade and other accounts receivable as of December 31, 2021 and 2020, is as follows: | ||
[3] | The movement of the allowance for expected credit losses is as follows: | ||
[4] | On March 22, 2021, the Company received Tax Court Resolution N° 00905-4-21 that declares the calculation of Mining Royalty should be based on gross sale of the final product (cement) for the years 2008 and 2009. This is an opposite position to what is established by the Constitutional Court in the STC Exp. N° 1043-2013-PA/TC that declares founded the writ of protection presented by the Company and its right to calculate the Mining Royalty exclusively based on the value of the mining component, without considering in any way the value of the final products derived from industrial and manufacturing processes. |
Trade and Other Receivables (_3
Trade and Other Receivables (Details) - Schedule of movement of the allowance for expected credit losses - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Trade and Other Receivables [Abstract] | |||
Opening balance | S/ 14,358 | S/ 12,781 | S/ 11,329 |
Additions, note 22 | 563 | 1,582 | 1,452 |
Recoveries | (348) | (5) | |
Ending balance | S/ 14,573 | S/ 14,358 | S/ 12,781 |
Trade and Other Receivables (_4
Trade and Other Receivables (Details) - Schedule of analysis of trade and other accounts receivable - PEN (S/) S/ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and Other Receivables (Details) - Schedule of analysis of trade and other accounts receivable [Line Items] | ||
Expected credit loss rate | 5.40% | 6.30% |
Carrying amount | S/ 102,972 | S/ 84,662 |
Expected credit loss | S/ 5,539 | S/ 5,324 |
Financial assets neither past due nor impaired [Member] | ||
Trade and Other Receivables (Details) - Schedule of analysis of trade and other accounts receivable [Line Items] | ||
Expected credit loss rate | 0.00% | 0.20% |
Carrying amount | S/ 65,314 | S/ 68,044 |
Expected credit loss | S/ 28 | S/ 167 |
Less than one month [Member] | Financial assets neither past due nor impaired [Member] | ||
Trade and Other Receivables (Details) - Schedule of analysis of trade and other accounts receivable [Line Items] | ||
Expected credit loss rate | 0.90% | 10.80% |
Carrying amount | S/ 21,233 | S/ 1,943 |
Expected credit loss | S/ 190 | S/ 209 |
Later than one month and not later than two months [Member] | Financial assets neither past due nor impaired [Member] | ||
Trade and Other Receivables (Details) - Schedule of analysis of trade and other accounts receivable [Line Items] | ||
Expected credit loss rate | 1.70% | 1.40% |
Carrying amount | S/ 6,112 | S/ 5,665 |
Expected credit loss | S/ 105 | S/ 79 |
Later than two months and not later than three months [Member | Financial assets neither past due nor impaired [Member] | ||
Trade and Other Receivables (Details) - Schedule of analysis of trade and other accounts receivable [Line Items] | ||
Expected credit loss rate | 3.70% | 4.20% |
Carrying amount | S/ 3,672 | S/ 1,134 |
Expected credit loss | S/ 136 | S/ 48 |
Later than three months and not later than four months [Member] | Financial assets neither past due nor impaired [Member] | ||
Trade and Other Receivables (Details) - Schedule of analysis of trade and other accounts receivable [Line Items] | ||
Expected credit loss rate | ||
Carrying amount | ||
Expected credit loss | ||
Later Than Four Months [Member] | ||
Trade and Other Receivables (Details) - Schedule of analysis of trade and other accounts receivable [Line Items] | ||
Expected credit loss rate | 76.50% | 61.20% |
Carrying amount | S/ 6,641 | S/ 7,876 |
Expected credit loss | S/ 5,080 | S/ 4,821 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of inventories - Exploration and evaluation assets [member] - PEN (S/) S/ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventories (Details) - Schedule of inventories [Line Items] | |||
Goods and finished products | S/ 25,304 | S/ 12,877 | |
Work in progress | 135,008 | 114,246 | |
Raw materials | 247,939 | 157,107 | |
Packages and packing | 7,466 | 3,614 | |
Fuel | 3,498 | 2,896 | |
Spare parts and supplies | 199,870 | 179,354 | |
Inventory in transit | 9,149 | 10,220 | |
628,234 | 480,314 | ||
Less - Provision for inventory obsolescence | [1] | (23,052) | (19,704) |
Inventories | S/ 605,182 | S/ 460,610 | |
[1] | Movement in the provision for inventory obsolescence value is set forth below: |
Inventories (Details) - Sched_2
Inventories (Details) - Schedule of movement in provision for inventory obsolescence and net realizable value - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of movement in provision for inventory obsolescence and net realizable value [Abstract] | |||
Opening balance | S/ 19,704 | S/ 17,253 | S/ 14,975 |
Additions | 3,374 | 3,635 | 2,498 |
Recoveries | (26) | (1,184) | (220) |
Final balance | S/ 23,052 | S/ 19,704 | S/ 17,253 |
Financial Investment Designat_3
Financial Investment Designated at Fair Value Through OCI (Details) - PEN (S/) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Investment Designated at Fair Value Through OCI (Details) [Line Items] | |||
Investment shares than represent of equity of Fossal S.A.A. percentage | 8.40% | 7.76% | |
Equity investments [Member] | |||
Financial Investment Designated at Fair Value Through OCI (Details) [Line Items] | |||
Investment shares than represent of equity of Fossal S.A.A. percentage | 2481397.00% | 9148373.00% | |
Charge in other comprehensive income (in Nuevos Soles) | S/ 1,995,000 | S/ 17,532,000 | S/ 8,659,000 |
Financial Investment Designat_4
Financial Investment Designated at Fair Value Through OCI (Details) - Schedule of movement in financial instruments designated at fair value through OCI - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of movement in financial instruments designated at fair value through OCI [Abstract] | |||
Beginning balance | S/ 692 | S/ 18,224 | S/ 26,883 |
Contribution of investment shares | 1,779 | ||
Fair value change recorded in other comprehensive income | (1,995) | (17,532) | (8,659) |
Ending balance | S/ 476 | S/ 692 | S/ 18,224 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - PEN (S/) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment (Details) [Line Items] | ||
Impairment charge on total book value | S/ 42,859,000 | |
Group maintains accounts payable | S/ 7,615,000 | S/ 4,830,000 |
Mining assets [member] | ||
Property, Plant and Equipment (Details) [Line Items] | ||
Net acquisition costs related to coal concessions | S/ 15,488,000 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Mining Concessions [Member] | Cost [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | [1] | S/ 75,893 | S/ 76,135 |
Ending balance | [1] | 75,914 | 75,893 |
Additions | [1] | 21 | 19 |
Disposals | [1] | (261) | |
Transfers and reclassifications | [1] | ||
Mining Concessions [Member] | Accumulated depreciation [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | [1] | 12,256 | 12,184 |
Ending balance | [1] | 12,328 | 12,256 |
Additions | [1] | 72 | 72 |
Disposals | [1] | ||
Mining Concessions [Member] | Impairment [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | [1] | 42,859 | |
Ending balance | [1] | 42,859 | |
Mining Concessions [Member] | Net book value [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | [1] | 20,778 | |
Ending balance | [1] | 20,727 | |
Mine Development [Member] | Cost [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | [1] | 53,975 | 51,705 |
Ending balance | [1] | 58,002 | 53,975 |
Additions | [1] | 3,435 | 2,316 |
Disposals | [1] | (5) | |
Transfers and reclassifications | [1] | 592 | (41) |
Mine Development [Member] | Accumulated depreciation [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | [1] | 10,267 | 10,071 |
Ending balance | [1] | 10,484 | 10,267 |
Additions | [1] | 217 | 196 |
Disposals | [1] | ||
Mine Development [Member] | Impairment [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | [1] | 24,048 | |
Ending balance | [1] | 24,048 | |
Mine Development [Member] | Net book value [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | [1] | 19,660 | |
Ending balance | [1] | 23,470 | |
Land [Member] | Cost [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 252,190 | 251,655 | |
Ending balance | 256,552 | 252,190 | |
Additions | 4,254 | ||
Disposals | |||
Transfers and reclassifications | 108 | 535 | |
Land [Member] | Accumulated depreciation [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | |||
Ending balance | |||
Additions | |||
Disposals | |||
Land [Member] | Impairment [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | [1] | ||
Ending balance | |||
Land [Member] | Net book value [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 252,190 | ||
Ending balance | 256,552 | ||
Buildings And Other Construction [Member] | Cost [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 690,542 | 684,338 | |
Ending balance | 693,085 | 690,542 | |
Additions | (98) | 535 | |
Disposals | (7) | (307) | |
Transfers and reclassifications | 2,648 | 5,976 | |
Buildings And Other Construction [Member] | Accumulated depreciation [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 139,857 | 121,196 | |
Ending balance | 158,455 | 139,857 | |
Additions | 18,605 | 18,693 | |
Disposals | (7) | (32) | |
Buildings And Other Construction [Member] | Impairment [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | [1] | 13,578 | |
Ending balance | 13,578 | ||
Buildings And Other Construction [Member] | Net book value [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 537,107 | ||
Ending balance | 521,052 | ||
Machinery, Equipment And Related Spare Parts [Member] | Cost [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 1,694,145 | 1,667,042 | |
Ending balance | 1,697,655 | 1,694,145 | |
Additions | 16,160 | 8,298 | |
Disposals | (33,176) | (7,803) | |
Transfers and reclassifications | 20,526 | 26,608 | |
Machinery, Equipment And Related Spare Parts [Member] | Accumulated depreciation [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 644,190 | 556,147 | |
Ending balance | 705,454 | 644,190 | |
Additions | 93,581 | 95,325 | |
Disposals | (32,317) | (7,282) | |
Machinery, Equipment And Related Spare Parts [Member] | Impairment [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | [1] | 12,424 | |
Ending balance | 12,424 | ||
Machinery, Equipment And Related Spare Parts [Member] | Net book value [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 1,037,531 | ||
Ending balance | 979,777 | ||
Furniture And Accessories [Member] | Cost [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 33,123 | 32,839 | |
Ending balance | 10,706 | 33,123 | |
Additions | 191 | 197 | |
Disposals | (22,786) | (54) | |
Transfers and reclassifications | 178 | 141 | |
Furniture And Accessories [Member] | Accumulated depreciation [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 30,049 | 29,380 | |
Ending balance | 7,871 | 30,049 | |
Additions | 589 | 723 | |
Disposals | (22,767) | (54) | |
Furniture And Accessories [Member] | Impairment [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | [1] | 201 | |
Ending balance | 201 | ||
Furniture And Accessories [Member] | Net book value [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 2,873 | ||
Ending balance | 2,634 | ||
Transportation Units [Member] | Cost [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 113,109 | 123,568 | |
Ending balance | 113,351 | 113,109 | |
Additions | 7,523 | 282 | |
Disposals | (10,583) | (12,502) | |
Transfers and reclassifications | 3,302 | 1,761 | |
Transportation Units [Member] | Accumulated depreciation [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 80,632 | 83,227 | |
Ending balance | 78,163 | 80,632 | |
Additions | 7,350 | 8,357 | |
Disposals | (9,819) | (10,952) | |
Transportation Units [Member] | Impairment [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | [1] | 26 | |
Ending balance | 26 | ||
Transportation Units [Member] | Net book value [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 32,451 | ||
Ending balance | 35,162 | ||
Computer Equipment and Tools [Member] | Cost [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 52,645 | 50,951 | |
Ending balance | 34,428 | 52,645 | |
Additions | 3,731 | 1,166 | |
Disposals | (23,105) | (3) | |
Transfers and reclassifications | 1,157 | 531 | |
Computer Equipment and Tools [Member] | Accumulated depreciation [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 42,348 | 38,812 | |
Ending balance | 22,456 | 42,348 | |
Additions | 3,198 | 3,537 | |
Disposals | (23,090) | (1) | |
Computer Equipment and Tools [Member] | Impairment [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | [1] | 454 | |
Ending balance | 454 | ||
Computer Equipment and Tools [Member] | Net book value [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 9,843 | ||
Ending balance | 11,518 | ||
Mine Rehabilitation Costs [Member] | Cost [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 9,290 | 1,515 | |
Ending balance | 9,030 | 9,290 | |
Additions | (260) | 7,775 | |
Disposals | |||
Transfers and reclassifications | |||
Mine Rehabilitation Costs [Member] | Accumulated depreciation [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 1,616 | 99 | |
Ending balance | 2,382 | 1,616 | |
Additions | 766 | 1,517 | |
Disposals | |||
Mine Rehabilitation Costs [Member] | Impairment [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | [1] | ||
Ending balance | |||
Mine Rehabilitation Costs [Member] | Net book value [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 7,674 | ||
Ending balance | 6,648 | ||
Capitalized Interests [Member] | Cost [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 64,904 | 64,904 | |
Ending balance | 65,007 | 64,904 | |
Additions | 103 | ||
Disposals | |||
Transfers and reclassifications | |||
Capitalized Interests [Member] | Accumulated depreciation [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 7,499 | 5,978 | |
Ending balance | 9,021 | 7,499 | |
Additions | 1,522 | 1,521 | |
Disposals | |||
Capitalized Interests [Member] | Impairment [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | [1] | ||
Ending balance | |||
Capitalized Interests [Member] | Net book value [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 57,405 | ||
Ending balance | 55,986 | ||
Works In Progress And Units In Transit [Member] | Cost [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 37,731 | 47,449 | |
Ending balance | 62,140 | 37,731 | |
Additions | 53,120 | 30,644 | |
Disposals | (136) | (144) | |
Transfers and reclassifications | (28,575) | (40,218) | |
Works In Progress And Units In Transit [Member] | Accumulated depreciation [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | |||
Ending balance | |||
Additions | |||
Disposals | |||
Works In Progress And Units In Transit [Member] | Impairment [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | [1] | 735 | |
Ending balance | 735 | ||
Works In Progress And Units In Transit [Member] | Net book value [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 36,996 | ||
Ending balance | 61,405 | ||
Total [Member] | Cost [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 3,077,547 | 3,052,101 | |
Ending balance | 3,075,870 | 3,077,547 | |
Additions | 88,180 | 51,232 | |
Disposals | (89,793) | (21,079) | |
Transfers and reclassifications | (64) | (4,707) | |
Total [Member] | Accumulated depreciation [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | 968,714 | 857,094 | |
Ending balance | 1,006,614 | 968,714 | |
Additions | 125,900 | 129,941 | |
Disposals | (88,000) | (18,321) | |
Total [Member] | Impairment [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | [1] | 94,325 | |
Ending balance | 94,325 | ||
Total [Member] | Net book value [Member] | |||
Property, Plant and Equipment (Details) - Schedule of property, plant and equipment [Line Items] | |||
Beginning balance | S/ 2,014,508 | ||
Ending balance | S/ 1,974,931 | ||
[1] | Mining concessions mainly include net acquisition costs of S/15,488,000 related to coal concessions acquired through a purchase option executed from 2011 to 2013. The caption also includes some concessions acquired by the Group for exploration activities related to the cement business. |
Intangible (Details)
Intangible (Details) | 12 Months Ended |
Dec. 31, 2018PEN (S/) | |
Disclosure of intangible assets [text block] [Abstract] | |
Other intangibles | S/ 25,152,000 |
Intangible (Details) - Schedule
Intangible (Details) - Schedule of intangible assets - Exploration and evaluation assets [member] - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Cost [Member] | |||
Cost | |||
Beginning balance | S/ 110,319 | S/ 100,389 | |
Additions | 8,891 | 5,224 | |
Disposals | (54) | (1) | |
Transfers | 64 | 4,707 | |
Ending balance | 119,220 | 110,319 | |
Accumulated amortization [member] | |||
Cost | |||
Beginning balance | 27,210 | 19,554 | |
Additions | 8,101 | 7,656 | |
Disposals | (54) | ||
Ending balance | 35,257 | 27,210 | |
Impairment of assets [Member] | |||
Cost | |||
Beginning balance | [1] | 33,469 | 33,469 |
Ending balance | [1] | 33,469 | 33,469 |
Net Carrying Value | |||
Net Value | 50,494 | 49,640 | |
IT applications [Member] | Cost [Member] | |||
Cost | |||
Beginning balance | 34,271 | 25,145 | |
Additions | 7,152 | 4,954 | |
Disposals | (1) | ||
Transfers | 4,173 | ||
Ending balance | 41,423 | 34,271 | |
IT applications [Member] | Accumulated amortization [member] | |||
Cost | |||
Beginning balance | 13,344 | 9,176 | |
Additions | 4,681 | 4,168 | |
Disposals | |||
Ending balance | 18,025 | 13,344 | |
IT applications [Member] | Impairment of assets [Member] | |||
Cost | |||
Beginning balance | [1] | ||
Ending balance | [1] | ||
Net Carrying Value | |||
Net Value | 23,398 | 20,927 | |
Finite life intangible [Member] | Cost [Member] | |||
Cost | |||
Beginning balance | [2] | 24,543 | 24,543 |
Additions | [2] | ||
Disposals | [2] | ||
Transfers | [2] | ||
Ending balance | [2] | 24,543 | 24,543 |
Finite life intangible [Member] | Accumulated amortization [member] | |||
Cost | |||
Beginning balance | [2] | 5,710 | 3,256 |
Additions | [2] | 2,455 | 2,454 |
Disposals | [2] | ||
Ending balance | [2] | 8,165 | 5,710 |
Finite life intangible [Member] | Impairment of assets [Member] | |||
Cost | |||
Beginning balance | [1],[2] | ||
Ending balance | [1],[2] | ||
Net Carrying Value | |||
Net Value | [2] | 16,378 | 18,833 |
Indefinite life intangible [Member] | Cost [Member] | |||
Cost | |||
Beginning balance | [2] | 1,975 | 1,975 |
Additions | [2] | ||
Disposals | [2] | ||
Transfers | [2] | ||
Ending balance | [2] | 1,975 | 1,975 |
Indefinite life intangible [Member] | Accumulated amortization [member] | |||
Cost | |||
Beginning balance | [2] | 71 | 71 |
Additions | [2] | ||
Disposals | [2] | ||
Ending balance | [2] | 71 | 71 |
Indefinite life intangible [Member] | Impairment of assets [Member] | |||
Cost | |||
Beginning balance | [1],[2] | ||
Ending balance | [1],[2] | ||
Net Carrying Value | |||
Net Value | [2] | 1,904 | 1,904 |
Exploration cost and mining evaluation [Member] | Cost [Member] | |||
Cost | |||
Beginning balance | [1] | 49,530 | 48,726 |
Additions | [1] | 1,739 | 270 |
Disposals | [1] | (54) | |
Transfers | [1] | 64 | 534 |
Ending balance | [1] | 51,279 | 49,530 |
Exploration cost and mining evaluation [Member] | Accumulated amortization [member] | |||
Cost | |||
Beginning balance | [1] | 8,085 | 7,051 |
Additions | [1] | 965 | 1,034 |
Disposals | [1] | (54) | |
Ending balance | [1] | 8,996 | 8,085 |
Exploration cost and mining evaluation [Member] | Impairment of assets [Member] | |||
Cost | |||
Beginning balance | [1] | 33,469 | 33,469 |
Ending balance | [1] | 33,469 | 33,469 |
Net Carrying Value | |||
Net Value | [1] | S/ 8,814 | S/ 7,976 |
[1] | As of December 31, 2021 and 2020, the exploration and evaluation assets include mainly capital expenditures related to the coal project and to other minor projects related to the cement business. | ||
[2] | During the year 2018, the Group acquired brand and other intangibles for an amount of S/25,152,000 from a third party, which were recorded using the acquisition method reflecting their fair values at the acquisition date. |
Goodwill (Details)
Goodwill (Details) | Dec. 31, 2021PEN (S/) |
Goodwill [member] | |
Goodwill (Details) [Line Items] | |
Goodwill | S/ 4,459,000 |
Leases (Details)
Leases (Details) - PEN (S/) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases (Details) [Line Items] | ||
Lease term | 5 years | |
Lease amount | S/ 1,419,000 | S/ 1,869,000 |
Bottom of range [member] | ||
Leases (Details) [Line Items] | ||
Percent of lease liability | 5.20% | |
Top of range [member] | ||
Leases (Details) [Line Items] | ||
Percent of lease liability | 6.20% |
Leases (Details) - Schedule of
Leases (Details) - Schedule of movement of the right of use assets recognized - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases (Details) - Schedule of movement of the right of use assets recognized [Line Items] | ||
Net book value | S/ 4,668 | S/ 6,006 |
Cost [Member] | ||
Leases (Details) - Schedule of movement of the right of use assets recognized [Line Items] | ||
Beginning balance | 7,542 | 109 |
Additions | 217 | 7,504 |
Sales and/or retirement | (3) | (71) |
Ending balance | 7,756 | 7,542 |
Accumulated depreciation [Member] | ||
Leases (Details) - Schedule of movement of the right of use assets recognized [Line Items] | ||
Beginning balance | 1,536 | 63 |
Additions | 1,552 | 1,534 |
Sales and/or retirement | (61) | |
Ending balance | 3,088 | 1,536 |
Transportation Units [Member] | ||
Leases (Details) - Schedule of movement of the right of use assets recognized [Line Items] | ||
Net book value | 4,668 | 6,003 |
Transportation Units [Member] | Cost [Member] | ||
Leases (Details) - Schedule of movement of the right of use assets recognized [Line Items] | ||
Beginning balance | 7,504 | |
Additions | 217 | 7,504 |
Sales and/or retirement | ||
Ending balance | 7,721 | 7,504 |
Transportation Units [Member] | Accumulated depreciation [Member] | ||
Leases (Details) - Schedule of movement of the right of use assets recognized [Line Items] | ||
Beginning balance | 1,501 | |
Additions | 1,552 | 1,501 |
Sales and/or retirement | ||
Ending balance | 3,053 | 1,501 |
Other [Member] | ||
Leases (Details) - Schedule of movement of the right of use assets recognized [Line Items] | ||
Net book value | 3 | |
Other [Member] | Cost [Member] | ||
Leases (Details) - Schedule of movement of the right of use assets recognized [Line Items] | ||
Beginning balance | 38 | 109 |
Additions | ||
Sales and/or retirement | (3) | (71) |
Ending balance | 35 | 38 |
Other [Member] | Accumulated depreciation [Member] | ||
Leases (Details) - Schedule of movement of the right of use assets recognized [Line Items] | ||
Beginning balance | 35 | 63 |
Additions | 33 | |
Sales and/or retirement | (61) | |
Ending balance | S/ 35 | S/ 35 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of movement of the lease liabilities recognized - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of movement of the lease liabilities recognized [Abstract] | ||
Balance as of January 1 | S/ 6,633 | S/ 57 |
Additions | 217 | 7,504 |
Financial interest expenses | 383 | 409 |
Dues payments | (2,419) | (1,669) |
Sales and disposals | (19) | |
Others | 1,015 | 351 |
Balance as of December 31 | 5,829 | 6,633 |
Current portion | 1,856 | 1,531 |
Non-current portion | 3,973 | 5,102 |
Balance as of December 31 | S/ 5,829 | S/ 6,633 |
Trade and Other Payables (Detai
Trade and Other Payables (Details) - Schedule of trade and other payables - PEN (S/) S/ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of trade and other payables [Abstract] | ||
Trade payables | S/ 111,336 | S/ 83,754 |
Interest payable | 29,871 | 26,322 |
Remuneration payable | 20,835 | 18,102 |
Advances from customers | 14,668 | 14,880 |
Dividends payable, note 18(g) | 9,550 | 7,686 |
Taxes and contributions | 8,638 | 10,478 |
Accounts payable related to the acquisition of property, plant and equipment, note 10(e) | 7,615 | 4,830 |
Hedge finance cost payable | 6,213 | 6,381 |
Board of Directors’ fees | 5,615 | 5,061 |
Guarantee deposits | 4,645 | 4,289 |
Account payable to the principal and affiliates, note 27 | 143 | 1,559 |
Other accounts payable | 8,425 | 4,534 |
Trade and other payables | S/ 227,554 | S/ 187,876 |
Provisions (Details)
Provisions (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Worker' Profit-Sharing [Member] | ||
Provisions (Details) [Line Items] | ||
Percentage of distributions based on number of days working in preceding year | 50.00% | |
Percentage of proportionate annual salary levels | 50.00% | |
Worker' Profit-Sharing [Member] | Bottom of range [member] | ||
Provisions (Details) [Line Items] | ||
Percentage of employee profit sharing plan | 8.00% | |
Worker' Profit-Sharing [Member] | Top of range [member] | ||
Provisions (Details) [Line Items] | ||
Percentage of employee profit sharing plan | 10.00% | |
Rehabilitation Provision [Member] | Bottom of range [member] | ||
Provisions (Details) [Line Items] | ||
Risk-free discount rate percentage | 0.12% | 0.06% |
Rehabilitation Provision [Member] | Top of range [member] | ||
Provisions (Details) [Line Items] | ||
Risk-free discount rate percentage | 1.94% | 1.65% |
Provisions (Details) - Schedule
Provisions (Details) - Schedule of provisions - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Provisions (Details) - Schedule of provisions [Line Items] | ||
Beginning Balance | S/ 34,721 | S/ 26,161 |
Ending Balance | 60,908 | 34,721 |
Current portion | 24,269 | 9,380 |
Non-current portion | 36,639 | 25,341 |
Provisions | 60,908 | 34,721 |
Additions, note 23 | 34,928 | 24,222 |
Exchange difference | 1,060 | 728 |
Unwinding of discounts, note 26 | 735 | 427 |
Change in estimate | (260) | |
Payments and advances | (10,276) | (16,817) |
Worker' Profit-Sharing [Member] | ||
Provisions (Details) - Schedule of provisions [Line Items] | ||
Beginning Balance | 9,380 | 13,903 |
Ending Balance | 24,269 | 9,380 |
Current portion | 24,269 | 9,380 |
Non-current portion | ||
Provisions | 24,269 | 9,380 |
Additions, note 23 | 25,165 | 9,513 |
Exchange difference | ||
Unwinding of discounts, note 26 | ||
Change in estimate | ||
Payments and advances | (10,276) | (14,036) |
Long-term Incentive Plan [Member] | ||
Provisions (Details) - Schedule of provisions [Line Items] | ||
Beginning Balance | 12,090 | 8,514 |
Ending Balance | 22,513 | 12,090 |
Current portion | ||
Non-current portion | 22,513 | 12,090 |
Provisions | 22,513 | 12,090 |
Additions, note 23 | 9,763 | 5,759 |
Exchange difference | ||
Unwinding of discounts, note 26 | 660 | 343 |
Change in estimate | ||
Payments and advances | (2,526) | |
Quarry rehabilitation provision [Member] | ||
Provisions (Details) - Schedule of provisions [Line Items] | ||
Beginning Balance | 10,161 | 1,829 |
Ending Balance | 11,036 | 10,161 |
Current portion | ||
Non-current portion | 11,036 | 10,161 |
Provisions | 11,036 | 10,161 |
Additions, note 23 | 7,775 | |
Exchange difference | 1,060 | 728 |
Unwinding of discounts, note 26 | 75 | 84 |
Change in estimate | (260) | |
Payments and advances | (255) | |
Provision of legal contingencies [Member] | ||
Provisions (Details) - Schedule of provisions [Line Items] | ||
Beginning Balance | 3,090 | 1,915 |
Ending Balance | 3,090 | 3,090 |
Current portion | ||
Non-current portion | 3,090 | 3,090 |
Provisions | 3,090 | 3,090 |
Additions, note 23 | 1,175 | |
Exchange difference | ||
Unwinding of discounts, note 26 | ||
Change in estimate | ||
Payments and advances |
Financial Obligations (Details)
Financial Obligations (Details) | Aug. 06, 2021 | Jul. 01, 2021 | Jan. 08, 2019 | Feb. 01, 2013 | Nov. 26, 2018 | Dec. 31, 2021PEN (S/) | Dec. 31, 2021USD ($) | Dec. 31, 2020 |
Financial Obligations (Details) [Line Items] | ||||||||
Short-term promissory, description | On July 1, 2021, the Company acquired two medium-term notes with Banco de Credito del Peru S.A. for S/110,000,000 each, with a maturity date of December 23, 2022 and an effective annual interest rate of 1.55 percent. | |||||||
Description of senior notes | the issuance of senior notes in soles in the local market up to the maximum amount of S/1,000,000,000 through the Second Corporate Bonds Program of Pacasmayo, whose purpose was to settle the mid-term loans described in previous paragraph. On January 31, 2019, senior notes were issued for: i) S/260,000,000 at a rate of 6.688 percent per year and maturity of 10 years and; ii) S/310,000,000 at a rate of 6.844 percent per year and maturity of 15 years. | Consequently, on February 1, 2013, the Company issued Senior Bonds with a face value of US$300,000,000, with a nominal annual interest rate of 4.50%, and maturity in 2023, obtaining total net proceeds of US$293,646,000 (S/762,067,000). | the Company acquired senior notes for an amount of US$168,388,000. Consequently, the senior notes balance in US dollars was US$131,162,000, in periods 2018, 2019, 2020 and 2021. To finance this acquisition, the Company obtained medium-term promissory notes from Banco de Crédito del Perú (bridge loans) for a total of S/580,769,000, which were canceled with the issue of senior notes in Soles in January 2019, as explained bellow. | the Company’s Management considers that it was not necessary to continue with all of the derivative financial instruments to hedge those liabilities. For this reason, during December 2018, the Company settled US$150,000,000 of a total of US$300,000,000. The loss obtained from this settlement amounted to S/34,887,000, which was presented in cumulative net loss on settlement of derivative financial instruments caption from consolidated statement of profit and loss for the year ended December 31, 2018. | ||||
Description of financial covenants ratio | The financial covenants related to the Senior Notes issued in US dollars and soles state that if the Company and its guarantor subsidiaries issue debt or equity instruments, merges with another company or dispose or rents significant assets, the senior notes will activate the following covenants, calculated based on the Company and Guarantee Subsidiaries annual consolidated financial statements: -The fixed charge covenant ratio would be at least 2.5 to 1. -The consolidated debt-to-EBITDA ratio would be no greater than 3.5 to 1. As of December 31, 2021 and 2020, senior notes generated interest that has been recognized in the consolidated statement of profit or loss for S/63,333,000 and S/60,857,000 respectively, see note 26. | |||||||
Description of Medium-term Corporate Loan under | the Company established the conditions of a medium-term corporate loan under “Club Deal” modality with Banco de Crédito del Perú S.A. and Scotiabank Perú S.A.A. The loan amounts to S/860,000,000 that will allow the payment of all the financial obligations that the Company maintains with maturity until February 2023 and will be disbursed based on the maturity of each of these obligations. The first disbursement amounts to S/159,000,000, was made in January 2022 and was used to pay the loan mentioned in section (b). The loan conditions include a grace / availability period of 18 months from August 6 and a payment term of 7 years from the last disbursement, which is estimated for February 2023. Since that date, the loan will be paid in 22 equal quarterly installments and has an annual interest rate of 5.82 percent.As part of the loan conditions, the Company would assume the following obligations: I.Comply with the following financial safeguards: a.Debt Ratio (Financial Debt / EBITDA) <= 3.50x b.Debt Service Coverage Ratio (FCSD / SD)> = 1.15x c.Debt Service Coverage Ratio (EBITDA / SD) = 1.50x These financial safeguards will be calculated and verified at the end of each calendar quarter, considering the information of consolidated financial statements of the Company for the last 12 months, prepared in accordance with International Financial Reporting Standards - IFRS. | |||||||
Due on January 2022 [Member] | ||||||||
Financial Obligations (Details) [Line Items] | ||||||||
Company loans | S/ | S/ 79,500,000 | |||||||
Percent of annual effective interest rate | 2.62% | 2.62% | 2.62% | |||||
Due on July 2022 [Member] | ||||||||
Financial Obligations (Details) [Line Items] | ||||||||
Percent of annual effective interest rate | 1.80% | 1.80% | ||||||
Company maintains loans | $ | $ 18,000,000 |
Financial Obligations (Detail_2
Financial Obligations (Details) - Schedule of financial obligations - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Short-term promissory notes (b) | ||
Promissory notes, total current | S/ 450,964 | S/ 224,232 |
Senior Notes (c) | ||
Promissory notes, total non current | 1,094,391 | 1,044,352 |
Maturity | ||
Maturity total | 1,545,355 | 1,268,584 |
Current Portion [Member] | ||
Maturity | ||
Maturity total | 450,964 | 65,232 |
Non-current Portion [Member] | ||
Maturity | ||
Maturity total | S/ 1,094,391 | S/ 1,203,352 |
July 8,2022 [Member] | Banco de Crédito del Perú [Member] | ||
Short-term promissory notes (b) | ||
Currency | US$ | |
Nominal interest rate | 1.80% | |
Maturity | July 8,2022 | |
Promissory notes, total current | S/ 71,964 | |
July 8,2021 [Member] | Banco de Crédito del Perú [Member] | ||
Short-term promissory notes (b) | ||
Currency | US$ | |
Nominal interest rate | 2.20% | |
Maturity | July 8,2021 | |
Promissory notes, total current | S/ 65,232 | |
January 10, 2022 [Member] | Banco de Crédito del Perú [Member] | ||
Short-term promissory notes (b) | ||
Currency | S/ | |
Nominal interest rate | 2.62% | |
Maturity | January 10, 2022 | |
Promissory notes, total current | S/ 79,500 | 79,500 |
January 10, 2022 [Member] | Banco de Crédito del Perú [Member] | ||
Short-term promissory notes (b) | ||
Currency | S/ | |
Nominal interest rate | 2.62% | |
Maturity | January 10, 2022 | |
Promissory notes, total current | S/ 79,500 | 79,500 |
December 23, 2022 [Member] | Banco de Crédito del Perú [Member] | ||
Short-term promissory notes (b) | ||
Currency | S/ | |
Nominal interest rate | 1.55% | |
Maturity | December 23, 2022 | |
Promissory notes, total current | S/ 110,000 | |
December 23, 2022 [Member] | Banco de Crédito del Perú [Member] | ||
Short-term promissory notes (b) | ||
Currency | S/ | |
Nominal interest rate | 1.55% | |
Maturity | December 23, 2022 | |
Promissory notes, total current | S/ 110,000 | |
February 8, 2023 [Member] | ||
Senior Notes (c) | ||
Currency | US$ | |
Nominal interest rate | 4.50% | |
Maturity | February 8, 2023 | |
Promissory notes, total non current | S/ 525,420 | 475,491 |
February 1, 2029 [Member] | ||
Senior Notes (c) | ||
Currency | S/ | |
Nominal interest rate | 6.69% | |
Maturity | February 1, 2029 | |
Promissory notes, total non current | S/ 259,563 | 259,502 |
February 1, 2034 [Member] | ||
Senior Notes (c) | ||
Currency | S/ | |
Nominal interest rate | 6.84% | |
Maturity | February 1, 2034 | |
Promissory notes, total non current | S/ 309,408 | S/ 309,359 |
Deferred Income Tax Assets an_3
Deferred Income Tax Assets and Liabilities (Details) - PEN (S/) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Income Tax Assets and Liabilities (Details) [Line Items] | |||
Income tax relating to components of other comprehensive income | S/ 5,557,000 | S/ 5,659,000 | S/ 3,308,000 |
Tax loss carryforward | 24,085,000 | 22,230,000 | |
Other temporary differences [member] | |||
Deferred Income Tax Assets and Liabilities (Details) [Line Items] | |||
Increase (decrease) in deferred tax liability (asset) | S/ 83,079,000 | S/ 80,357,000 |
Deferred Income Tax Assets an_4
Deferred Income Tax Assets and Liabilities (Details) - Schedule of deferred income tax assets and liabilities - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Movement of deferred income tax assets [Member] | Provision of discounts and bonuses to customers [Member] | ||
Deferred income tax assets | ||
Beginning balance | S/ 2,457 | S/ 2,032 |
Effect on profit or loss | (230) | 425 |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 2,227 | 2,457 |
Movement of deferred income tax assets [Member] | Provision for vacations [Member] | ||
Deferred income tax assets | ||
Beginning balance | 1,570 | 1,729 |
Effect on profit or loss | 335 | (159) |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 1,905 | 1,570 |
Movement of deferred income tax assets [Member] | Effect of tax-loss carry forward [Member] | ||
Deferred income tax assets | ||
Beginning balance | 9,270 | 2,614 |
Effect on profit or loss | (7,559) | 6,656 |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 1,711 | 9,270 |
Movement of deferred income tax assets [Member] | Allowance for expected credit losses for trade receivables [Member] | ||
Deferred income tax assets | ||
Beginning balance | 1,457 | 832 |
Effect on profit or loss | 76 | 625 |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 1,533 | 1,457 |
Movement of deferred income tax assets [Member] | Allowance for expected credit losses for other receivables [Member] | ||
Deferred income tax assets | ||
Beginning balance | 974 | 974 |
Effect on profit or loss | ||
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 974 | 974 |
Movement of deferred income tax assets [Member] | Lease liabilities [member] | ||
Deferred income tax assets | ||
Beginning balance | 892 | 14 |
Effect on profit or loss | (87) | (131) |
Effect on OCI | 14 | |
Additions Leases | 1,009 | |
Additions quarry rehabilitation provision | ||
Ending balance | 819 | 892 |
Movement of deferred income tax assets [Member] | Legal claim contingency [Member] | ||
Deferred income tax assets | ||
Beginning balance | 461 | |
Effect on profit or loss | 461 | |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 461 | 461 |
Movement of deferred income tax assets [Member] | Estimate for devaluation of spare parts and supplies [Member] | ||
Deferred income tax assets | ||
Beginning balance | 431 | |
Effect on profit or loss | 1 | 431 |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 432 | 431 |
Movement of deferred income tax assets [Member] | Effect of differences between book and tax bases of fixed assets and in the depreciation rates used for book purposes [Member] | ||
Deferred income tax assets | ||
Beginning balance | 227 | 198 |
Effect on profit or loss | 73 | 29 |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 300 | 227 |
Movement of deferred income tax assets [Member] | Effect of differences between book and tax bases of inventories [Member] | ||
Deferred income tax assets | ||
Beginning balance | 55 | 922 |
Effect on profit or loss | (867) | |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 55 | 55 |
Movement of deferred income tax assets [Member] | Other [Member] | ||
Deferred income tax assets | ||
Beginning balance | 63 | 375 |
Effect on profit or loss | 555 | (312) |
Effect on OCI | (14) | |
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 604 | 63 |
Movement of deferred income tax assets [Member] | Total Deferred income tax assets [Member] | ||
Deferred income tax assets | ||
Beginning balance | 17,857 | 9,690 |
Effect on profit or loss | (6,836) | 7,158 |
Effect on OCI | ||
Additions Leases | 1,009 | |
Additions quarry rehabilitation provision | ||
Ending balance | 11,021 | 17,857 |
Movement of deferred income tax assets [Member] | Effect of differences between book and tax bases of fixed assets and in the depreciation rates used for book purposes [Member] | ||
Deferred income tax assets | ||
Beginning balance | (1,430) | (2,259) |
Effect on profit or loss | 486 | 829 |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | (944) | (1,430) |
Movement of deferred income tax assets [Member] | Right-of-use assets [member] | ||
Deferred income tax assets | ||
Beginning balance | (809) | (17) |
Effect on profit or loss | 178 | 217 |
Effect on OCI | (17) | |
Additions Leases | (1,009) | |
Additions quarry rehabilitation provision | ||
Ending balance | (648) | (809) |
Movement of deferred income tax assets [Member] | Other [Member] | ||
Deferred income tax assets | ||
Beginning balance | 5 | |
Effect on profit or loss | (5) | |
Effect on OCI | 17 | |
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 17 | |
Movement of deferred income tax assets [Member] | Total Deferred income tax liabilities [Member] | ||
Deferred income tax assets | ||
Beginning balance | (2,239) | (2,271) |
Effect on profit or loss | 664 | 1,041 |
Effect on OCI | ||
Additions Leases | (1,009) | |
Additions quarry rehabilitation provision | ||
Ending balance | (1,575) | (2,239) |
Movement of deferred income tax assets [Member] | Total Deferred Income Tax Assets, Net [Member] | ||
Deferred income tax assets | ||
Beginning balance | 15,618 | 7,419 |
Effect on profit or loss | (6,172) | 8,199 |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 9,446 | 15,618 |
Movement of deferred income tax liabilities [Member] | ||
Deferred income tax assets | ||
Effect on profit or loss | 445 | (2,225) |
Effect on OCI | (5,557) | 5,659 |
Movement of deferred income tax liabilities [Member] | Provision for vacations [Member] | ||
Deferred income tax assets | ||
Beginning balance | 3,258 | 3,071 |
Effect on profit or loss | 423 | 187 |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 3,681 | 3,258 |
Movement of deferred income tax liabilities [Member] | Lease liabilities [member] | ||
Deferred income tax assets | ||
Beginning balance | 450 | |
Effect on profit or loss | 450 | |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 450 | 450 |
Movement of deferred income tax liabilities [Member] | Legal claim contingency [Member] | ||
Deferred income tax assets | ||
Beginning balance | 1,065 | |
Effect on profit or loss | (135) | (140) |
Effect on OCI | ||
Additions Leases | 1,205 | |
Additions quarry rehabilitation provision | ||
Ending balance | 930 | 1,065 |
Movement of deferred income tax liabilities [Member] | Right-of-use assets [member] | ||
Deferred income tax assets | ||
Beginning balance | (963) | |
Effect on profit or loss | 217 | 242 |
Effect on OCI | ||
Additions Leases | (1,205) | |
Additions quarry rehabilitation provision | ||
Ending balance | (746) | (963) |
Movement of deferred income tax liabilities [Member] | Impairment on brine project assets Salmueras [Member] | ||
Deferred income tax assets | ||
Beginning balance | 17,563 | 17,087 |
Effect on profit or loss | 255 | 476 |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 17,818 | 17,563 |
Movement of deferred income tax liabilities [Member] | Impairment of mining assets [Member] | ||
Deferred income tax assets | ||
Beginning balance | 6,916 | 7,123 |
Effect on profit or loss | (212) | (207) |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 6,704 | 6,916 |
Movement of deferred income tax liabilities [Member] | Long-term incentive plan [Member] | ||
Deferred income tax assets | ||
Beginning balance | 3,566 | 2,511 |
Effect on profit or loss | 3,075 | 1,055 |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 6,641 | 3,566 |
Movement of deferred income tax liabilities [Member] | Financial instruments designated at fair value through OCI [Member] | ||
Deferred income tax assets | ||
Beginning balance | 6,051 | 879 |
Effect on profit or loss | ||
Effect on OCI | 589 | 5,172 |
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 6,640 | 6,051 |
Movement of deferred income tax liabilities [Member] | Provision for spare parts and supplies obsolescence [Member] | ||
Deferred income tax assets | ||
Beginning balance | 5,381 | 4,963 |
Effect on profit or loss | 327 | 418 |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 5,708 | 5,381 |
Movement of deferred income tax liabilities [Member] | Quarry rehabilitation provision [Member] | ||
Deferred income tax assets | ||
Beginning balance | 2,781 | 539 |
Effect on profit or loss | (55) | (52) |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | 2,294 | |
Ending balance | 2,726 | 2,781 |
Movement of deferred income tax liabilities [Member] | Allowance for expected credit losses for trade receivables [Member] | ||
Deferred income tax assets | ||
Beginning balance | 101 | 101 |
Effect on profit or loss | 534 | |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 635 | 101 |
Movement of deferred income tax liabilities [Member] | Other [Member] | ||
Deferred income tax assets | ||
Beginning balance | 275 | 349 |
Effect on profit or loss | 53 | (74) |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | 328 | 275 |
Movement of deferred income tax liabilities [Member] | Total Deferred income tax assets [Member] | ||
Deferred income tax assets | ||
Beginning balance | 47,407 | 36,623 |
Effect on profit or loss | 4,265 | 2,113 |
Effect on OCI | 589 | 5,172 |
Additions Leases | 1,205 | |
Additions quarry rehabilitation provision | 2,294 | |
Ending balance | 52,261 | 47,407 |
Movement of deferred income tax liabilities [Member] | Effect of differences between book and tax bases of fixed assets and in the depreciation rates used for book purposes [Member] | ||
Deferred income tax assets | ||
Beginning balance | (192,544) | (177,448) |
Effect on profit or loss | 2,366 | (12,802) |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | (2,294) | |
Ending balance | (190,178) | (192,544) |
Movement of deferred income tax liabilities [Member] | Net gain on cash flow hedge [Member] | ||
Deferred income tax assets | ||
Beginning balance | (2,952) | (3,219) |
Effect on profit or loss | 1,684 | (220) |
Effect on OCI | (6,146) | 487 |
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | (7,414) | (2,952) |
Movement of deferred income tax liabilities [Member] | Effect of costs of issuance of senior notes [Member] | ||
Deferred income tax assets | ||
Beginning balance | (770) | (1,010) |
Effect on profit or loss | (1,915) | 240 |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | (2,685) | (770) |
Movement of deferred income tax liabilities [Member] | Other [Member] | ||
Deferred income tax assets | ||
Beginning balance | (42) | (45) |
Effect on profit or loss | 3 | |
Effect on OCI | ||
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | (42) | (42) |
Movement of deferred income tax liabilities [Member] | Total Deferred income tax liabilities [Member] | ||
Deferred income tax assets | ||
Beginning balance | (197,271) | (181,722) |
Effect on profit or loss | 2,352 | (12,537) |
Effect on OCI | (6,146) | 487 |
Additions Leases | (1,205) | |
Additions quarry rehabilitation provision | (2,294) | |
Ending balance | (201,065) | (197,271) |
Movement of deferred income tax liabilities [Member] | Total deferred income tax liabilities, net [Member] | ||
Deferred income tax assets | ||
Beginning balance | (149,864) | (145,099) |
Effect on profit or loss | 6,617 | (10,424) |
Effect on OCI | (5,557) | 5,659 |
Additions Leases | ||
Additions quarry rehabilitation provision | ||
Ending balance | S/ (148,804) | S/ (149,864) |
Deferred Income Tax Assets an_5
Deferred Income Tax Assets and Liabilities (Details) - Schedule of reconciliation between tax expenses and the product - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of reconciliation between tax expenses and the product [Abstract] | |||
Accounting profit before income tax | S/ 224,110 | S/ 85,898 | S/ 194,353 |
At statutory income tax rate of 29.5% | (66,112) | (25,340) | (57,334) |
Permanent differences | |||
Non-deductible expenses, net | (4,070) | (1,596) | (4,181) |
Effect of tax-loss carry forward non-recognized | (758) | (1,068) | (791) |
At the effective income tax rate of 32% in 2021 (2020: 33% and 2019: 32%) | S/ (70,940) | S/ (28,004) | S/ (62,306) |
Deferred Income Tax Assets an_6
Deferred Income Tax Assets and Liabilities (Details) - Schedule of income tax expenses - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of income tax expenses [Abstract] | |||
Current | S/ (71,385) | S/ (25,779) | S/ (41,709) |
Deferred | 445 | (2,225) | (20,597) |
Income tax expense | S/ (70,940) | S/ (28,004) | S/ (62,306) |
Deferred Income Tax Assets an_7
Deferred Income Tax Assets and Liabilities (Details) - Schedule of composition of deferred income tax - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of composition of deferred income tax [Abstract] | |||
Tax effect on unrealized gain on available-for-sale financial asset | S/ 589 | S/ 5,172 | S/ 2,554 |
Tax effect on unrealized gain (loss) on hedging derivative financial asset | (6,146) | 487 | 754 |
Total deferred income tax in OCI | S/ (5,557) | S/ 5,659 | S/ 3,308 |
Equity (Details)
Equity (Details) - PEN (S/) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Equity (Details) [Line Items] | ||
Share capital authorized | 423,868,449 | 423,868,449 |
Total outstanding shares | 34,252,841 | 31,728,741 |
Nominal value per share (in Nuevos Soles per share) | S/ 1 | |
Number of investment shares acquired | 36,040,497 | 36,040,497 |
Value of investment shares acquired (in Nuevos Soles) | S/ 121,258,000 | S/ 121,258,000 |
Additional paid in capitals (in Nuevos Soles) | S/ 432,779,000 | 432,779,000 |
Distributable earnings, percentage | 10.00% | |
Percentage of capital | 20.00% | |
Dividends payable (in Nuevos Soles) | S/ 9,550,000 | S/ 7,686,000 |
Description of dividend payable | During year 2019, in order to comply with Peruvian law requirements S/280,000, respectively corresponding to dividends payable aged greater than ten years were transferred from “Dividends payable” caption to “Legal reserve” caption in the consolidated statement of changes in equity. | |
Lima Stock Exchange [Member] | ||
Equity (Details) [Line Items] | ||
Total outstanding shares | 389,615,608 | 392,139,708 |
Number of investment shares acquired | 928,000 | |
Issuance of common shares | 111,484,000 | |
Investment shares [Member] | ||
Equity (Details) [Line Items] | ||
Investment shares subscribed and fully paid | 40,278,894 | 40,278,894 |
Equity (Details) - Schedule of
Equity (Details) - Schedule of equity distribution - PEN (S/) S/ / shares in Units, S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of equity distribution [Abstract] | |||
Declared dividends per share to be paid in cash S/ | S/ 0.79 | S/ 0.23 | S/ 0.36 |
Declared dividends | S/ 338,204 | S/ 98,465 | S/ 154,119 |
Sales of Goods (Details) - Sche
Sales of Goods (Details) - Schedule of sales of goods - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segments | |||
Sale of cement, concrete, mortar and precast | S/ 1,784,487 | S/ 1,185,186 | S/ 1,292,183 |
Sale of construction supplies | 113,905 | 78,192 | 64,076 |
Sale of quicklime | 39,141 | 32,473 | 36,109 |
Sale of other | 234 | 483 | 333 |
Total sales of goods | 1,937,767 | 1,296,334 | 1,392,701 |
Moment of the revenue recognition | |||
Goods transferred at a point in time | 1,937,767 | 1,296,334 | 1,392,701 |
Cement [Member] | |||
Segments | |||
Sale of cement, concrete, mortar and precast | 1,534,867 | 1,023,907 | 1,065,857 |
Sale of construction supplies | |||
Sale of quicklime | |||
Sale of other | |||
Total sales of goods | 1,534,867 | 1,023,907 | 1,065,857 |
Moment of the revenue recognition | |||
Goods transferred at a point in time | 1,534,867 | 1,023,907 | 1,065,857 |
Concrete [Member] | |||
Segments | |||
Sale of cement, concrete, mortar and precast | 213,565 | 126,135 | 200,417 |
Sale of construction supplies | |||
Sale of quicklime | |||
Sale of other | |||
Total sales of goods | 213,565 | 126,135 | 200,417 |
Moment of the revenue recognition | |||
Goods transferred at a point in time | 213,565 | 126,135 | 200,417 |
Precast [Member] | |||
Segments | |||
Sale of cement, concrete, mortar and precast | 36,055 | 35,144 | 25,909 |
Sale of construction supplies | |||
Sale of quicklime | |||
Sale of other | |||
Total sales of goods | 36,055 | 35,144 | 25,909 |
Moment of the revenue recognition | |||
Goods transferred at a point in time | 36,055 | 35,144 | 25,909 |
Quicklime [Member] | |||
Segments | |||
Sale of cement, concrete, mortar and precast | |||
Sale of construction supplies | |||
Sale of quicklime | 39,141 | 32,473 | 36,109 |
Sale of other | |||
Total sales of goods | 39,141 | 32,473 | 36,109 |
Moment of the revenue recognition | |||
Goods transferred at a point in time | 39,141 | 32,473 | 36,109 |
Construction supplies [Member] | |||
Segments | |||
Sale of cement, concrete, mortar and precast | |||
Sale of construction supplies | 113,905 | 78,192 | 64,076 |
Sale of quicklime | |||
Sale of other | |||
Total sales of goods | 113,905 | 78,192 | 64,076 |
Moment of the revenue recognition | |||
Goods transferred at a point in time | 113,905 | 78,192 | 64,076 |
Other [Member] | |||
Segments | |||
Sale of cement, concrete, mortar and precast | |||
Sale of construction supplies | |||
Sale of quicklime | |||
Sale of other | 234 | 483 | 333 |
Total sales of goods | 234 | 483 | 333 |
Moment of the revenue recognition | |||
Goods transferred at a point in time | S/ 234 | S/ 483 | S/ 333 |
Cost of Sales (Details) - Sched
Cost of Sales (Details) - Schedule of cost of sales - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of cost of sales [Abstract] | |||
Beginning balance of goods and finished products, note 8(a) | S/ 12,877 | S/ 22,133 | S/ 16,832 |
Beginning balance of work in progress, note 8(a) | 114,246 | 166,999 | 133,972 |
Consumption of miscellaneous supplies | 566,781 | 295,688 | 284,298 |
Maintenance and third-party services | 242,412 | 147,282 | 211,251 |
Shipping costs | 196,064 | 113,054 | 123,989 |
Depreciation and amortization | 118,998 | 122,541 | 115,245 |
Personnel expenses, note 23(b) | 113,634 | 89,805 | 101,185 |
Costs of packaging | 71,580 | 45,032 | 44,416 |
Other manufacturing expenses | 102,056 | 45,637 | 63,750 |
Ending balance of goods and finished products, note 8(a) | (25,304) | (12,877) | (22,133) |
Ending balance of work in progress, note 8(a) | (135,008) | (114,246) | (166,999) |
Total cost of sales | S/ 1,378,336 | S/ 921,048 | S/ 905,806 |
Administrative Expenses (Detail
Administrative Expenses (Details) - Schedule of administrative expenses - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of administrative expenses [Abstract] | |||
Personnel expenses, note 23(b) | S/ 96,891 | S/ 76,291 | S/ 84,359 |
Third-party services | 59,896 | 48,713 | 53,407 |
Depreciation and amortization | 16,569 | 16,626 | 14,573 |
Donations | 9,067 | 9,188 | 8,796 |
Board of Directors compensation | 6,397 | 5,992 | 6,696 |
Taxes | 5,563 | 5,262 | 4,980 |
Consumption of supplies | 1,686 | 1,297 | 1,671 |
Total administrative expenses | S/ 196,069 | S/ 163,369 | S/ 174,482 |
Selling and Distribution Expe_3
Selling and Distribution Expenses (Details) - Schedule of selling and distribution expenses - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of selling and distribution expenses [Abstract] | |||
Personnel expenses, note 23(b) | S/ 33,867 | S/ 26,283 | S/ 26,818 |
Third-party services | 9,733 | 7,326 | 8,636 |
Advertising and promotion | 5,637 | 3,285 | 6,981 |
Allowance for expected credit losses, note 7(d) | 563 | 1,582 | 1,452 |
Other | 1,720 | 1,677 | 646 |
Total selling and distribution expenses | S/ 51,520 | S/ 40,153 | S/ 44,533 |
Employee Benefits Expenses (Det
Employee Benefits Expenses (Details) - Schedule of employee benefits expenses - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of employee benefits expenses [Abstract] | |||
Wages and salaries | S/ 138,754 | S/ 115,630 | S/ 128,809 |
Social contributions | 28,853 | 26,085 | 25,468 |
Workers ‘profit sharing, note 15 | 25,165 | 9,513 | 15,169 |
Legal bonuses | 19,629 | 17,413 | 16,837 |
Vacations | 18,040 | 16,301 | 15,461 |
Long-term compensation, note 15 | 9,763 | 5,759 | 6,523 |
Cessation payments | 2,203 | 858 | 2,044 |
Training | 1,422 | 476 | 860 |
Other | 563 | 344 | 1,191 |
Total employee benefits expenses | S/ 244,392 | S/ 192,379 | S/ 212,362 |
Employee Benefits Expenses (D_2
Employee Benefits Expenses (Details) - Schedule of allocation of employee benefits expenses - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of allocation of employee benefits expenses [Abstract] | |||
Cost of sales, note 20 | S/ 113,634 | S/ 89,805 | S/ 101,185 |
Administrative expenses, note 21 | 96,891 | 76,291 | 84,359 |
Selling and distribution expenses, note 22 | 33,867 | 26,283 | 26,818 |
Total employee benefits expenses | S/ 244,392 | S/ 192,379 | S/ 212,362 |
Other Operating Income (Expen_3
Other Operating Income (Expense), Net (Details) - Schedule of other operating income (expense) - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of other operating income (expense) [Abstract] | |||
Rentals to third parties | S/ 2,328 | S/ 649 | |
Net gain (loss) on disposal of property, plant and equipment and intangible | 1,775 | 2,591 | (1,846) |
Income from land rental and office lease, note 27 | 1,639 | 1,859 | 722 |
Recovery of expenses | 491 | 1,166 | 525 |
Income from management and administrative services provided to related parties, note 27 | 305 | 834 | 1,744 |
Write-off for disasters | (357) | ||
Expenses to counteract the COVID-19 effect, note 1.1 | (2,642) | ||
Other, net | (130) | (111) | 1,857 |
Total other operating income (expense), net | S/ 6,408 | S/ 4,346 | S/ 2,645 |
Finance Income (Details) - Sche
Finance Income (Details) - Schedule of finance income - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of finance income [Abstract] | |||
Tax interest | S/ 1,015 | ||
Interest on accounts receivable | 898 | 204 | 715 |
Interest on term deposits | 834 | 2,243 | 1,014 |
Other finance income | 144 | 529 | 847 |
Total finance income | S/ 2,891 | S/ 2,976 | S/ 2,576 |
Finance Costs (Details) - Sched
Finance Costs (Details) - Schedule of finance costs - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of finance costs [Abstract] | |||
Interest on senior notes, note 16 (c) | S/ 63,333 | S/ 60,857 | S/ 56,081 |
Finance cost on cross currency swaps | 15,046 | 16,144 | 14,958 |
Interest on promissory notes | 7,326 | 8,298 | 5,537 |
Counterparty credit risk in cross currency swaps | 848 | 542 | |
Expenses for the purchase and amortization of issuance costs of senior notes | 815 | 816 | 807 |
Interest on lease liabilities | 383 | 409 | |
Interest for bank overdraft | 802 | ||
Commission for prepayment of loans | 325 | ||
Other | 479 | 74 | 145 |
Total interest expense | 88,230 | 88,267 | 77,528 |
Unwinding of discount of provisions, note 15 | 735 | 427 | 458 |
Total finance costs | S/ 88,965 | S/ 88,694 | S/ 77,986 |
Related Party Disclosure (Detai
Related Party Disclosure (Details) - PEN (S/) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of related party [text block] [Abstract] | |||
Short-term compensations | S/ 22,678,000 | S/ 21,859,000 | S/ 23,692,000 |
Total long-term compensations | S/ 9,763,000 | S/ 5,759,000 | S/ 6,523,000 |
Related Party Disclosure (Det_2
Related Party Disclosure (Details) - Schedule of transactions with its parent company Inversiones ASPI S.A. and its affiliates - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Inversiones ASPI S.A. (ASPI) [Member] | |||
Income | |||
Income from office lease | S/ 20 | S/ 17 | S/ 12 |
Fees for management and administrative services | 98 | 88 | 544 |
Compañía Minera Ares S.A.C. (Ares) [Member] | |||
Income | |||
Income from office lease | 332 | 478 | 323 |
Income from land lease, note 29 | 1,230 | 1,303 | 344 |
Fossal S.A.A. (Fossal) [Member] | |||
Income | |||
Income from office lease | 18 | 19 | 15 |
Fees for management and administrative services | 52 | 48 | 40 |
Fosfatos del Pacífico S.A. (Fospac)e [Member] | |||
Income | |||
Income from office lease | 19 | 24 | 28 |
Fees for management and administrative services | 155 | 698 | 1,160 |
Asociación Sumac Tarpuy [Member] | |||
Income | |||
Income from office lease | 20 | 18 | |
Expense [Member] | |||
Expense | |||
Security services provided by Compañía Minera Ares | 2,836 | 1,912 | 1,989 |
Loans to Fossal S.A.A. [Member] | |||
Loans | |||
Loans | (14,252) | ||
Loans to Fosfatos del Pacífico S.A. [Member] | |||
Loans | |||
Loans | (2,869) | ||
Loan collection from Fossal S.A.A. [Member] | |||
Loans | |||
Loans | 14,252 | ||
Loan collection from Fosfatos del Pacífico S.A. [Member] | |||
Loans | |||
Loans | S/ 2,869 |
Related Party Disclosure (Det_3
Related Party Disclosure (Details) - Schedule of rights and obligations - PEN (S/) S/ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Disclosure (Details) - Schedule of rights and obligations [Line Items] | ||
Accounts receivable | S/ 1,314 | S/ 2,212 |
Accounts payable | 143 | 1,559 |
Fosfatos del Pacífico S.A. [Member] | ||
Related Party Disclosure (Details) - Schedule of rights and obligations [Line Items] | ||
Accounts receivable | 1,039 | 1,449 |
Accounts payable | 37 | |
Compañía Minera Ares S.A.C. [Member] | ||
Related Party Disclosure (Details) - Schedule of rights and obligations [Line Items] | ||
Accounts receivable | 199 | 678 |
Accounts payable | 1,348 | |
Fossal S.A. [Member] | ||
Related Party Disclosure (Details) - Schedule of rights and obligations [Line Items] | ||
Accounts receivable | 12 | |
Inversiones ASPI S.A. [Member] | ||
Related Party Disclosure (Details) - Schedule of rights and obligations [Line Items] | ||
Accounts payable | 105 | 211 |
Other [Member] | ||
Related Party Disclosure (Details) - Schedule of rights and obligations [Line Items] | ||
Accounts receivable | 64 | 85 |
Accounts payable | S/ 1 |
Earnings Per Share (EPS) (Detai
Earnings Per Share (EPS) (Details) - Schedule of basic and diluted earnings per share - PEN (S/) S/ / shares in Units, S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator | |||
Net profit attributable to ordinary equity holders of the Parent | S/ 153,170 | S/ 57,894 | S/ 132,047 |
Denominator | |||
Weighted average number of common and investment shares (thousands of shares) | 428,107 | 428,107 | 428,107 |
Basic and diluted profit for common and investment shares | S/ 0.36 | S/ 0.14 | S/ 0.31 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | 12 Months Ended | |||
Dec. 31, 2021PEN (S/) | Dec. 31, 2021USD ($) | Dec. 31, 2020PEN (S/) | Dec. 31, 2019PEN (S/) | |
Commitments and Contingencies (Details) [Line Items] | ||||
Annual rent | S/ 1,230,000 | S/ 1,303,000 | S/ 344,000 | |
Agreement of maturity term | 30 years | 30 years | ||
Fixed annual payments (in Dollars) | $ | $ 600,000 | |||
Related expense | S/ 7,280,000 | 5,918,000 | 7,039,000 | |
Mining royalty, description | As consequence, the Group made payments amounting to US$250,000 for each third party for the first five years and variable payments for the rest of the contract. The related expense as of December 31, 2021 and 2020 amounted to S/1,687,000 and S/1,547,000, respectively, and were recognized as part of the cost of inventory production. As part of this agreement, the Company is required to pay an equivalent amount to US$5.1 to each third party for every metric ton of calcareous extracted, with the minimum production level for the calculation of 20,000 metric tons every six months since the beginning of the sixth year of production. | As consequence, the Group made payments amounting to US$250,000 for each third party for the first five years and variable payments for the rest of the contract. The related expense as of December 31, 2021 and 2020 amounted to S/1,687,000 and S/1,547,000, respectively, and were recognized as part of the cost of inventory production. As part of this agreement, the Company is required to pay an equivalent amount to US$5.1 to each third party for every metric ton of calcareous extracted, with the minimum production level for the calculation of 20,000 metric tons every six months since the beginning of the sixth year of production. | ||
Royalty expense | S/ 990,000 | S/ 555,000 | 1,012,000 | |
Applicable tax rate | 29.50% | |||
Other provision | 60,908,000 | S/ 34,721,000 | S/ 26,161,000 | |
Received claims from third parties | 3,963,000 | |||
Property tax assessment | S/ 596,000 | |||
Bottom of Range [Member] | ||||
Commitments and Contingencies (Details) [Line Items] | ||||
Percentage of employee profit sharing plan | 8.00% | 8.00% | ||
Top of Range [Member] | ||||
Commitments and Contingencies (Details) [Line Items] | ||||
Percentage of employee profit sharing plan | 10.00% | 10.00% | ||
Rehabilitation Provision [Member] | ||||
Commitments and Contingencies (Details) [Line Items] | ||||
Other provision | S/ 11,036,000 | S/ 10,161,000 | ||
Contingent Liability Arising From Post-Employment Benefit Obligations [Member] | ||||
Commitments and Contingencies (Details) [Line Items] | ||||
Agreement, description | As part of this agreement, the Company is required to pay an equivalent amount to S/ 4.5 each for each metric ton of calcareous extracted that is indexed by inflation after the first year of exploitation; the annual royalty may not be less than the equivalent to 850,000 metric tons since the beginning of the fourth year of production. | As part of this agreement, the Company is required to pay an equivalent amount to S/ 4.5 each for each metric ton of calcareous extracted that is indexed by inflation after the first year of exploitation; the annual royalty may not be less than the equivalent to 850,000 metric tons since the beginning of the fourth year of production. | ||
Legal claim contingency | S/ 3,367,000 | |||
Peruvian Government [Member] | ||||
Commitments and Contingencies (Details) [Line Items] | ||||
Description of annual royal payment | According with the Royalty Mining Law in force since October 1, 2011, the royalty for the exploitation of metallic and nonmetallic resources is payable on a quarterly basis in an amount equal to the greater of: (i) an amount determined in accordance with a statutory scale of rates based on operating profit margin that is applied to the quarterly operating profit, adjusted by certain items, and (ii) 1% of net sales, in each case during the applicable quarter. | According with the Royalty Mining Law in force since October 1, 2011, the royalty for the exploitation of metallic and nonmetallic resources is payable on a quarterly basis in an amount equal to the greater of: (i) an amount determined in accordance with a statutory scale of rates based on operating profit margin that is applied to the quarterly operating profit, adjusted by certain items, and (ii) 1% of net sales, in each case during the applicable quarter. |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of income tax and Value added tax corresponding to the years | 12 Months Ended |
Dec. 31, 2021 | |
Cementos Pacasmayo S.A.A. [Member] | |
Commitments and Contingencies (Details) - Schedule of income tax and Value added tax corresponding to the years [Line Items] | |
Income tax | 2017-2021 |
Value-added tax | Dec. 2017-2021 |
Cementos Selva S.A. [Member] | |
Commitments and Contingencies (Details) - Schedule of income tax and Value added tax corresponding to the years [Line Items] | |
Income tax | 2017-2021 |
Value-added tax | Dec. 2017-2021 |
Distribuidora Norte Pacasmayo S.R.L. [Member] | |
Commitments and Contingencies (Details) - Schedule of income tax and Value added tax corresponding to the years [Line Items] | |
Income tax | 2017-2021 |
Value-added tax | Dec. 2017-2021 |
Empresa de Transmisión Guadalupe S.A.C. [Member] | |
Commitments and Contingencies (Details) - Schedule of income tax and Value added tax corresponding to the years [Line Items] | |
Income tax | 2017-2021 |
Value-added tax | Dec. 2017-2021 |
Salmueras Sudamericanas S.A. [Member] | |
Commitments and Contingencies (Details) - Schedule of income tax and Value added tax corresponding to the years [Line Items] | |
Income tax | 2017-2021 |
Value-added tax | Dec. 2017-2021 |
Calizas del Norte S.A.C. (on Liquidation) [Member] | |
Commitments and Contingencies (Details) - Schedule of income tax and Value added tax corresponding to the years [Line Items] | |
Income tax | 2017-2021 |
Value-added tax | Dec. 2017-2021 |
Soluciones Takay S.A.C. [Member] | |
Commitments and Contingencies (Details) - Schedule of income tax and Value added tax corresponding to the years [Line Items] | |
Income tax | 2019-2021 |
Value-added tax | May to Dec.2019-.2021 |
Commitments and Contingencies_4
Commitments and Contingencies (Details) - Schedule of plans and related expenses - PEN (S/) S/ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies (Details) - Schedule of plans and related expenses [Line Items] | |||
Year expense | S/ 1,011 | S/ 552 | S/ 433 |
Rioja [Member] | |||
Commitments and Contingencies (Details) - Schedule of plans and related expenses [Line Items] | |||
Resource | Limestone | ||
Resolution Number | RD186-2014-PRODUCE/DVMYPE-I/DIGGAM | ||
Year of approval | 2014 | ||
Program approved | EIA | ||
Year expense | S/ 713 | 315 | 244 |
Tembladera [Member] | |||
Commitments and Contingencies (Details) - Schedule of plans and related expenses [Line Items] | |||
Resource | Limestone | ||
Resolution Number | RD304-18-PRODUCE/DVMYPE-I/DIGAAMI | ||
Year of approval | 2018 | ||
Program approved | PAMA | ||
Year expense | S/ 298 | S/ 237 | S/ 189 |
Financial Risk Management, Ob_3
Financial Risk Management, Objectives and Policies (Details) - Trade receivables [Member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Customers that owed the Group more than S/3,000,000 [Member] | ||
Financial Risk Management, Objectives and Policies (Details) [Line Items] | ||
Number of customer | 7 | 6 |
Percentage of entity's | 46.00% | 47.00% |
Customers that owed the Group more than S/700,000 and less S/300,000 [Member] | ||
Financial Risk Management, Objectives and Policies (Details) [Line Items] | ||
Number of customer | 22 | 16 |
Percentage of entity's | 34.00% | 30.00% |
Financial Risk Management, Ob_4
Financial Risk Management, Objectives and Policies (Details) - Schedule of changes in the fair value of monetary assets and liabilities - Foreign Currency Risk [Member] - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Change in Exchange Rate +5 [Member] | ||
Financial Risk Management, Objectives and Policies (Details) - Schedule of changes in the fair value of monetary assets and liabilities [Line Items] | ||
Change in US$ rate | 5.00% | 5.00% |
Effect on consolidated profit before tax | S/ 7,502 | S/ 2,403 |
Change in Exchange Rate +10 [Member] | ||
Financial Risk Management, Objectives and Policies (Details) - Schedule of changes in the fair value of monetary assets and liabilities [Line Items] | ||
Change in US$ rate | 10.00% | 10.00% |
Effect on consolidated profit before tax | S/ 15,005 | S/ 4,806 |
Change in Exchange Rate -5 [Member] | ||
Financial Risk Management, Objectives and Policies (Details) - Schedule of changes in the fair value of monetary assets and liabilities [Line Items] | ||
Change in US$ rate | (5.00%) | (5.00%) |
Effect on consolidated profit before tax | S/ (7,502) | S/ (2,403) |
Change in Exchange Rate -10 [Member] | ||
Financial Risk Management, Objectives and Policies (Details) - Schedule of changes in the fair value of monetary assets and liabilities [Line Items] | ||
Change in US$ rate | (10.00%) | (10.00%) |
Effect on consolidated profit before tax | S/ (15,005) | S/ (4,806) |
Financial Risk Management, Ob_5
Financial Risk Management, Objectives and Policies (Details) - Schedule of maturity profile of the Group’s financial liabilities based on contractual undiscounted payments - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financial Risk Management, Objectives and Policies (Details) - Schedule of maturity profile of the Group’s financial liabilities based on contractual undiscounted payments [Line Items] | ||
Interest-bearing loans adjusted by hedge | S/ 1,435,254 | S/ 1,208,225 |
Lease liabilities | 5,829 | 6,633 |
Interest | 387,505 | 445,150 |
Hedge finance cost payable | 23,463 | 40,160 |
Trade and other payables | 218,916 | 180,488 |
Less than 3 months [Member] | ||
Financial Risk Management, Objectives and Policies (Details) - Schedule of maturity profile of the Group’s financial liabilities based on contractual undiscounted payments [Line Items] | ||
Interest-bearing loans adjusted by hedge | 159,000 | |
Lease liabilities | 465 | 383 |
Interest | 31,255 | 30,033 |
Hedge finance cost payable | 7,821 | 8,032 |
Trade and other payables | 175,975 | 142,253 |
3 to 12 months [Member] | ||
Financial Risk Management, Objectives and Policies (Details) - Schedule of maturity profile of the Group’s financial liabilities based on contractual undiscounted payments [Line Items] | ||
Interest-bearing loans adjusted by hedge | 291,964 | 65,232 |
Lease liabilities | 1,391 | 1,148 |
Interest | 35,147 | 35,056 |
Hedge finance cost payable | 7,821 | 8,032 |
Trade and other payables | 42,941 | 38,235 |
1 to 5 years [Member] | ||
Financial Risk Management, Objectives and Policies (Details) - Schedule of maturity profile of the Group’s financial liabilities based on contractual undiscounted payments [Line Items] | ||
Interest-bearing loans adjusted by hedge | 414,290 | 572,993 |
Lease liabilities | 3,973 | 5,102 |
Interest | 166,252 | 186,607 |
Hedge finance cost payable | 7,821 | 24,096 |
Trade and other payables | ||
More than 5 years [Member] | ||
Financial Risk Management, Objectives and Policies (Details) - Schedule of maturity profile of the Group’s financial liabilities based on contractual undiscounted payments [Line Items] | ||
Interest-bearing loans adjusted by hedge | 570,000 | 570,000 |
Lease liabilities | ||
Interest | 154,851 | 193,454 |
Hedge finance cost payable | ||
Trade and other payables |
Financial Risk Management, Ob_6
Financial Risk Management, Objectives and Policies (Details) - Schedule of financial derivative instruments in the table below are the gross undiscounted cash flows - PEN (S/) S/ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Risk Management, Objectives and Policies (Details) - Schedule of financial derivative instruments in the table below are the gross undiscounted cash flows [Line Items] | ||
Inflows | S/ 125,537 | S/ 75,936 |
Outflows | (17,603) | (34,413) |
Net | 107,934 | 41,523 |
Discounted at the applicable interbank rates | 106,601 | 42,247 |
Less than 3 months [Member] | ||
Financial Risk Management, Objectives and Policies (Details) - Schedule of financial derivative instruments in the table below are the gross undiscounted cash flows [Line Items] | ||
Inflows | ||
Outflows | (1,703) | (1,750) |
Net | (1,703) | (1,750) |
Discounted at the applicable interbank rates | (1,695) | (1,743) |
3 to 12 months [[Member] | ||
Financial Risk Management, Objectives and Policies (Details) - Schedule of financial derivative instruments in the table below are the gross undiscounted cash flows [Line Items] | ||
Inflows | ||
Outflows | (7,908) | (8,112) |
Net | (7,908) | (8,112) |
Discounted at the applicable interbank rates | (7,716) | (7,929) |
1 to 5 years [Member] | ||
Financial Risk Management, Objectives and Policies (Details) - Schedule of financial derivative instruments in the table below are the gross undiscounted cash flows [Line Items] | ||
Inflows | 125,537 | 75,936 |
Outflows | (7,992) | (24,551) |
Net | 117,545 | 51,385 |
Discounted at the applicable interbank rates | S/ 116,012 | S/ 51,919 |
Financial Risk Management, Ob_7
Financial Risk Management, Objectives and Policies (Details) - Schedule of Changes in liabilities arising from financing activities - PEN (S/) S/ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Hedge finance cost payable [Member] | ||
Financial Risk Management, Objectives and Policies (Details) - Schedule of Changes in liabilities arising from financing activities [Line Items] | ||
Beginning balance | S/ 6,381 | S/ 5,922 |
Distribution of dividends | ||
Finance cost on cross currency swaps | 15,046 | 16,144 |
Cash inflow | ||
Cash outflow | (15,214) | (15,685) |
Movement of foreign currency | ||
Amortization of costs of issuance of senior notes | ||
Others | 6,213 | 6,381 |
Dividends payable [Member] | ||
Financial Risk Management, Objectives and Policies (Details) - Schedule of Changes in liabilities arising from financing activities [Line Items] | ||
Beginning balance | 7,686 | 52,523 |
Distribution of dividends | 338,204 | 98,465 |
Finance cost on cross currency swaps | ||
Cash inflow | 481 | 321 |
Cash outflow | (336,821) | (143,623) |
Movement of foreign currency | ||
Amortization of costs of issuance of senior notes | ||
Others | 9,550 | 7,686 |
Interest-bearing loans [Member] | ||
Financial Risk Management, Objectives and Policies (Details) - Schedule of Changes in liabilities arising from financing activities [Line Items] | ||
Beginning balance | 1,268,584 | 1,101,904 |
Distribution of dividends | ||
Finance cost on cross currency swaps | ||
Cash inflow | 220,000 | 862,191 |
Cash outflow | (745,384) | |
Movement of foreign currency | 55,955 | 49,056 |
Amortization of costs of issuance of senior notes | 816 | 817 |
Others | S/ 1,545,355 | S/ 1,268,584 |
Fair Value Financial Assets a_3
Fair Value Financial Assets and Liabilities (Details) | 12 Months Ended | ||||
Dec. 31, 2021PEN (S/) | Dec. 31, 2021USD ($) | Dec. 31, 2020PEN (S/) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($) | |
Disclosure of redesignated financial assets and liabilities [text block] [Abstract] | |||||
Currency swaps agreements amount | $ 132,000,000 | $ 150,000,000 | |||
Weighted average rate | 2.97% | 2.97% | |||
Hedging instruments for senior notes | $ 131,612,000 | ||||
Unrealized gain (loss) (in Nuevos Soles) | S/ | S/ 20,836,000 | S/ 1,652,000 | |||
Underlying relationship amounts | $ 388,000 | $ 18,388,000 | |||
Profit or loss of change on fair value amounts (in Nuevos Soles) | S/ | 589,000 | S/ 5,337,000 | |||
Nominal amount | $ 18,000,000 | ||||
Profit or loss of the change on fair value amounts (in Nuevos Soles) | S/ | S/ 1,569,000 |
Fair Value Financial Assets a_4
Fair Value Financial Assets and Liabilities (Details) - Schedule of carrying amounts and fair values of financial instruments - PEN (S/) S/ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other payables [Member] | Level 2 of fair value hierarchy [Member] | ||
Financial liabilities | ||
Carrying amount | S/ 227,554 | S/ 187,876 |
Fair value | 227,554 | 187,876 |
Senior notes [Member] | Level 1 of fair value hierarchy [Member] | ||
Financial liabilities | ||
Carrying amount | 1,094,391 | 1,044,352 |
Fair value | 1,119,035 | 1,118,492 |
Promissory notes [Member] | Level 2 of fair value hierarchy [Member] | ||
Financial liabilities | ||
Carrying amount | 450,964 | 224,232 |
Fair value | 447,558 | 221,607 |
Total financial liabilities [Member] | ||
Financial liabilities | ||
Carrying amount | 1,772,909 | 1,456,460 |
Fair value | 1,794,147 | 1,527,975 |
Cash and cash equivalents [Member] | Level 1 of fair value hierarchy [Member] | ||
Financial assets | ||
Carrying amount | 273,402 | 308,912 |
Fair value | 273,402 | 308,912 |
Trade and other receivables [Member] | Level 2 of fair value hierarchy [Member] | ||
Financial assets | ||
Carrying amount | 143,924 | 89,627 |
Fair value | 143,924 | 89,627 |
Derivatives financial assets – Cross currency swaps [Member] | Level 2 of fair value hierarchy [Member] | ||
Financial assets | ||
Carrying amount | 106,601 | 42,247 |
Fair value | 106,601 | 42,247 |
Financial investment at fair value through other comprehensive income [Member] | Level 3 of fair value hierarchy [Member] | ||
Financial assets | ||
Carrying amount | 476 | 692 |
Fair value | 476 | 692 |
Total financial assets [Member] | ||
Financial assets | ||
Carrying amount | 524,403 | 441,478 |
Fair value | S/ 524,403 | S/ 441,478 |
Fair Value Financial Assets a_5
Fair Value Financial Assets and Liabilities (Details) - Schedule of significant unobservable inputs used in level 3 fair value measurements - Level 3 Fair Value Measurements [Member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earning growth factor [Member] | ||
Fair Value Financial Assets and Liabilities (Details) - Schedule of significant unobservable inputs used in level 3 fair value measurements [Line Items] | ||
Weighted average | 3.79% | 3.79% |
Fair value sensitivity | 5% increase or decrease in the factor would result in an increase (decrease) in fair value of S/289,055,000 and (S/293,389,000), respectively. | 5% increase or decrease in the factor would result in an increase (decrease) in fair value of S/131,580,000 and (S/456,870,000), respectively. |
WACC discount rate [Member] | ||
Fair Value Financial Assets and Liabilities (Details) - Schedule of significant unobservable inputs used in level 3 fair value measurements [Line Items] | ||
Weighted average | 9.02% | 8.53% |
Fair value sensitivity | 10% increase or decrease in the discount rate would result in an (decrease) increase in fair value at (S/217,435,000) and S/315,534,000, respectively. | 10% increase or decrease in the discount rate would result in an increase (decrease) in fair value at (S/390,352,000) and S/169,179,000, respectively. |
Segment Information (Details)
Segment Information (Details) - PEN (S/) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Information (Details) [Abstract] | ||
Financial investment designated at fair value | S/ 476,000 | |
Fair value of derivative financial instruments | 106,601,000 | |
Total financial instruments at fair value | S/ 692,000 | |
Derivative financial assets | 42,247,000 | |
Capital expenditures | S/ 97,288,000 | S/ 63,960,000 |
Segment Information (Details) -
Segment Information (Details) - Schedule of transfer prices between operating segments - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cement, Concrete, Mortar and Blocks [Member] | ||||
Segment Information (Details) - Schedule of transfer prices between operating segments [Line Items] | ||||
Revenues from external customers | S/ 1,784,487 | S/ 1,185,186 | S/ 1,292,183 | |
Gross profit margin | 550,816 | 367,456 | 481,037 | |
Administrative expenses | (191,132) | (157,491) | (167,503) | |
Selling and distribution expenses | (50,223) | (38,708) | (42,752) | |
Other operating income, net | 6,358 | 4,204 | 2,701 | |
Finance income | 2,874 | 2,951 | 2,553 | |
Finance cost | (88,961) | (88,569) | (77,947) | |
Net loss on settlement of derivate financial instruments | (980) | 5,337 | (1,491) | |
(Loss) gain from exchange difference, net | (6,987) | (9,352) | 718 | |
Profit before income tax | 221,765 | 85,828 | 197,316 | |
Income tax expense | (70,198) | (27,981) | (63,256) | |
Profit for the year | 151,567 | 57,847 | 134,060 | |
Construction supplies [Member] | ||||
Segment Information (Details) - Schedule of transfer prices between operating segments [Line Items] | ||||
Revenues from external customers | 113,905 | 78,192 | 64,076 | |
Gross profit margin | 3,501 | 3,014 | 2,232 | |
Administrative expenses | (2,675) | (2,862) | (1,745) | |
Selling and distribution expenses | (703) | (703) | (445) | |
Other operating income, net | 47 | 154 | (25) | |
Finance income | 17 | 26 | 23 | |
Finance cost | (3) | (130) | (37) | |
Net loss on settlement of derivate financial instruments | ||||
(Loss) gain from exchange difference, net | (30) | (404) | 6 | |
Profit before income tax | 154 | (905) | 9 | |
Income tax expense | (49) | 295 | (3) | |
Profit for the year | 105 | (610) | 6 | |
Quicklime [Member] | ||||
Segment Information (Details) - Schedule of transfer prices between operating segments [Line Items] | ||||
Revenues from external customers | 39,141 | 32,473 | 36,109 | |
Gross profit margin | 5,651 | 5,012 | 3,545 | |
Administrative expenses | (1,099) | (1,493) | (1,745) | |
Selling and distribution expenses | (289) | (367) | (445) | |
Other operating income, net | ||||
Finance income | ||||
Finance cost | ||||
Net loss on settlement of derivate financial instruments | ||||
(Loss) gain from exchange difference, net | (85) | (88) | 4 | |
Profit before income tax | 4,178 | 3,064 | 1,359 | |
Income tax expense | (1,322) | (999) | (436) | |
Profit for the year | 2,856 | 2,065 | 923 | |
Other [Member] | ||||
Segment Information (Details) - Schedule of transfer prices between operating segments [Line Items] | ||||
Revenues from external customers | [1] | 234 | 483 | 333 |
Gross profit margin | [1] | (537) | (196) | 81 |
Administrative expenses | [1] | (1,163) | (1,523) | (3,489) |
Selling and distribution expenses | [1] | (305) | (375) | (891) |
Other operating income, net | [1] | 3 | (12) | (31) |
Finance income | [1] | (1) | ||
Finance cost | [1] | (1) | 5 | (2) |
Net loss on settlement of derivate financial instruments | [1] | |||
(Loss) gain from exchange difference, net | [1] | 16 | 13 | 1 |
Profit before income tax | [1] | (1,987) | (2,089) | (4,331) |
Income tax expense | [1] | 629 | 681 | 1,389 |
Profit for the year | [1] | (1,358) | (1,408) | (2,942) |
Total [Member] | ||||
Segment Information (Details) - Schedule of transfer prices between operating segments [Line Items] | ||||
Revenues from external customers | 1,937,767 | 1,296,334 | 1,392,701 | |
Gross profit margin | 559,431 | 375,286 | 486,895 | |
Administrative expenses | (196,069) | (163,369) | (174,482) | |
Selling and distribution expenses | (51,520) | (40,153) | (44,533) | |
Other operating income, net | 6,408 | 4,346 | 2,645 | |
Finance income | 2,891 | 2,976 | 2,576 | |
Finance cost | (88,965) | (88,694) | (77,986) | |
Net loss on settlement of derivate financial instruments | (980) | 5,337 | (1,491) | |
(Loss) gain from exchange difference, net | (7,086) | (9,831) | 729 | |
Profit before income tax | 224,110 | 85,898 | 194,353 | |
Income tax expense | (70,940) | (28,004) | (62,306) | |
Profit for the year | S/ 153,170 | S/ 57,894 | S/ 132,047 | |
[1] | The “other” segment includes activities that do not meet the threshold for disclosure under IFRS 8.13 and represent non-material operations of the Group (including brine projects). |
Segment Information (Details)_2
Segment Information (Details) - Schedule of segment reporting - PEN (S/) S/ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cement Concrete And Precast [Member] | ||||
Segment Information (Details) - Schedule of segment reporting [Line Items] | ||||
Segment assets | S/ 2,940,888 | S/ 2,806,803 | S/ 2,714,888 | |
Other assets | [1] | 106,280 | 37,068 | |
Total assets | 3,047,168 | 2,843,871 | 2,714,888 | |
Operating liabilities | 1,930,140 | 1,590,105 | 1,409,598 | |
Capital expenditure | [2] | 97,288 | 63,960 | 87,086 |
Depreciation and amortization | (128,522) | (131,877) | (122,911) | |
Provision of inventory net realizable value and obsolescence | (3,374) | (3,635) | (2,498) | |
Construction supplies [Member] | ||||
Segment Information (Details) - Schedule of segment reporting [Line Items] | ||||
Segment assets | 42,578 | 51,225 | 51,376 | |
Other assets | [1] | |||
Total assets | 42,578 | 51,225 | 51,376 | |
Operating liabilities | 75,633 | 58,517 | 99,934 | |
Capital expenditure | [2] | |||
Depreciation and amortization | (1,102) | (767) | (879) | |
Provision of inventory net realizable value and obsolescence | ||||
Quicklime [Member] | ||||
Segment Information (Details) - Schedule of segment reporting [Line Items] | ||||
Segment assets | 79,383 | 83,621 | 93,812 | |
Other assets | [1] | |||
Total assets | 79,383 | 83,621 | 93,812 | |
Operating liabilities | ||||
Capital expenditure | [2] | |||
Depreciation and amortization | (5,199) | (5,741) | (5,820) | |
Provision of inventory net realizable value and obsolescence | ||||
Other [Member] | ||||
Segment Information (Details) - Schedule of segment reporting [Line Items] | ||||
Segment assets | 31,846 | 31,696 | 53,258 | |
Other assets | [1] | 797 | 5,871 | 18,224 |
Total assets | 32,643 | 37,567 | 71,482 | |
Operating liabilities | 194 | 107 | 375 | |
Capital expenditure | [2] | |||
Depreciation and amortization | (744) | (782) | (208) | |
Provision of inventory net realizable value and obsolescence | ||||
Consolidated [Member] | ||||
Segment Information (Details) - Schedule of segment reporting [Line Items] | ||||
Segment assets | 3,094,695 | 2,973,345 | 2,913,334 | |
Other assets | [1] | 107,077 | 42,939 | 18,224 |
Total assets | 3,201,772 | 3,016,284 | 2,931,558 | |
Operating liabilities | 2,005,967 | 1,648,729 | 1,509,907 | |
Capital expenditure | [2] | 97,288 | 63,960 | 87,086 |
Depreciation and amortization | (135,567) | (139,167) | (129,818) | |
Provision of inventory net realizable value and obsolescence | S/ (3,374) | S/ (3,635) | S/ (2,498) | |
[1] | As of December 31, 2021, corresponds to the financial investment designated at fair value through OCI for S/476,000 and fair value of derivative financial instruments (“cross currency swap”) for S/106,601,000. As of December 31, 2020 corresponds to the financial investment designated at fair value through OCI for approximately S/692,000 and the fair value of derivative financial instruments (“cross currency swap”) for S/42,247,000. The fair value of derivative financial instruments of hedging is allocated to the segment of cement, and the financial investment designated at fair value through OCI and fair value of derivate financial instrument at fair value through profit or loss are not assigned to any segment. | |||
[2] | Capital expenditure consists of S/97,288,000 and S/63,960,000 during the years ended as of December 31, 2021 and 2020, respectively, and are related to additions of property, plant and equipment, intangible and other minor non-current assets. |