ESTADO DE SITUACION

Expresado en miles (000)

2011
VARV
ACTIVO
Activo cte
efectivo y depositos a plazo
cuentas por cobrar comerciales y
diversas, neto
inventario
gpa
pagos a cuentas del imp a las
ganancias
total activo cte
Activo no cte
cuentas por cobrar diversas, neto
inversiones en subsidiarias
inversiones financieras disponibles
para la vta
prop, planta y equipo
intangibles
otros activos
total activo no cte
Total activo
PASIVO
pasico cte
cuentas por pagar comerciales y
diversas
pasicvos financieros
imp a las ganancias por pagar
provisiones

2012

VAR H
VARV

S/.

330,316.00

19.47% S/.

415,327.00

19.49%

25.74%

S/.
S/.
S/.

85,649.00
167,571.00
9,697.00

5.05% S/.
9.88% S/.
0.57% S/.

153,189.00
238,243.00
5,493.00

7.19%
11.18%
0.26%

78.86%
42.17%
-43.35%

S/.

593,233.00

S/.
34.96% S/.

13,807.00
826,059.00

0.65%
38.76%

39.25%

S/.
S/.

11,247.00
196,328.00

0.66% S/.
11.57% S/.

29,795.00
275,269.00

1.40% 164.92%
12.92% 40.21%

34,887.00
958,158.00
6,966.00

1.64%
44.96%
0.33%

58.05%
10.39%
27.89%

S/. 1,305,075.00
S/. 2,131,134.00

61.24%
100.00%

18.27%
25.61%

S/.
22,074.00
S/.
867,966.00
S/.
5,447.00
S/.
393.00
S/. 1,103,455.00
S/. 1,696,688.00

S/.
S/.
S/.
S/.
S/.

92,541.00
125,381.00
11,077.00
23,626.00
252,625.00

pasivo no cte
pasivos financieros
S/.
424,213.00
provisiones
S/.
10,909.00
pasivo por imp a las ganancias diferido,
neto
S/.
81,415.00
S/.
516,537.00
total pasivo
S/.
769,162.00
PATRIMONIO NETO
capital
S/.
419,977.00
acciones de inversion
S/.
49,575.00
capital adicional
reserva legal
S/.
90,451.00
reserva por actualizacion de
inversiones disp para la vta
S/.
9,257.00
resultados acumulados
S/.
358,266.00
total patrimonio
S/.
927,526.00
total pasivo y patrimonio neto
S/. 1,696,688.00

1.30%
51.16%
0.32%
0.02%
65.04%
100.00%

S/.
S/.
S/.

12.03%
16.30%
1.44%
3.07%
32.84%

S/.
S/.

92,529.00
22,884.00

21.75%
5.38%

-0.01%
-81.75%

S/.
S/.

19,770.00
135,183.00

4.65%
31.78%

-16.32%
-46.49%

55.15% S/.
1.42% S/.

192,571.00
16,578.00

45.28%
3.90%

-54.61%
51.97%

10.58% S/.
67.16% S/.
100.00% S/.

81,001.00
290,150.00
425,333.00

19.04%
68.22%
100.00%

-0.51%
-43.83%
-44.70%

45.28% S/.
5.34% S/.
S/.
9.75% S/.

531,461.00
50,503.00
561,191.00
105,221.00

31.16%
2.96%
32.90%
6.17%

26.55%
1.87%

1.00% S/.
18,226.00
38.63% S/.
439,199.00
100.00% S/. 1,705,801.00
S/. 2,131,134.00

1.07%
25.75%
100.00%

96.89%
22.59%
83.91%
25.61%

16.33%

ESTADO DE RESULTADOS
Ventas netas
costo de ventas
utilidad bruta
otros ingresos (gastos) operativos
gastos de administracion
gastos de comercializacion y
distribucion
otros ingresos operativos, neto
estimacion por deterioro de activos
mineros
ganancia neta en venta de acciones de
subsidiaria
total gastos operativos,neto
utilidad operativa
otros ingresos ( gastos)
ingresos financieros
costos financieros
ingreso neto por efecto de fusion con
subsidiarias
(Perdida) ganancia neta por diferencia
en cambio
total de ingresos (gastos) netos
Utilidad antes del impuesto a las
ganancias
Impuesto a las ganancias
Utilidad neta
Utilidad basica y liluida por acciones
comunes y de inversion (s./por
accion)

2011

2012

S/.
S/.
S/.

656,659.00
-326,669.00
329,990.00

100.00% S/.
-49.75% S/.
50.25% S/.

784,576.00
-416,507.00
368,069.00

100.00%
-53.09%
46.91%

19.48%
27.50%
11.54%

S/.

-149,709.00

-22.80% S/.

-149,417.00

-19.04%

-0.20%

S/.
S/.

-11,115.00
19,526.00

-1.69% S/.
2.97% S/.

-12,202.00
12,099.00

-1.56%
1.54%

9.78%
-38.04%

S/.

-95,994.00

-14.62% S/.

S/.
S/.
S/.

87,120.00
-150,172.00
179,818.00

13.27% S/.
-22.87% S/.
27.38% S/.

-149,520.00
218,549.00

S/.
S/.

3,474.00
-18,467.00

0.53% S/.
-2.81% S/.

24,850.00
-27,047.00

S/.

33,815.00

5.15% S/.

S/.
S/.

2,699.00
21,521.00

0.41% S/.
3.28% S/.

-345.00
-2,542.00

-0.04%
-0.32%

S/.
S/.
S/.

201,339.00
-38,276.00
163,063.00

30.66% S/.
-5.83% S/.
24.83% S/.

216,007.00
-68,304.00
147,703.00

27.53%
-8.71%
18.83%

0.00%
0.00%
-19.06%
27.86%

-0.43%
21.54%

3.17% 615.31%
-3.45% 46.46%
0.00%

7.29%
78.45%
-9.42%

ESTADO SITUACION FINANCIERA

2011
ACTIVO
Activo cte
efectivo y equivalentes en efectivo
inversiones financieras
cuentas por cobrar comerciales y diversas, neto
inventarios, neto
costo diferido de preparacion de canteras
imp y gpa
Activo no cte
cuentas por cobrar comerciales y diversas, neto
inversiones en asociada
inmuebles, maquinaria y equipo, neto
intangibles, neto
costo diferido de preparacion de canteras
activo por impuesto a la renta diferido
otros activos
Total activo
PASIVO
Pasivo cte
sobregiros y prestamos bancarios
cuentas por pagar comerciales y diversas
obligaciones financieras
ingresos diferidos
impuesto a la renta por pagar
provisiones
Pasivo no cte
obligaciones financieras
instrumentos financieros derivados
pasivo por impuesto a la renta diferido
provisiones
Total pasivo
PATRIMONIO
capital social
reserva legal
perdida neta no realizada en instrumentos
financieros derivados de cobertura
resultados de conversion
resultados acumulados
patrimonio neto atribuible a los accionistas de la
controladora
participacion de los no controladores

S/.
S/.
S/.
S/.
S/.
S/.
S/.

83,557.00
170.00
290,040.00
401,677.00
23,775.00
23,476.00
822,695.00

2012

S/.
S/.
S/.
S/.
S/.
S/.
S/.

181,209.00
33.00
312,141.00
485,785.00
27,894.00
21,927.00
1,028,989.00

S/.
84,245.00 S/.
49,616.00
S/.
10,820.00 S/.
15,226.00
S/. 5,730,065.00 S/. 5,938,062.00
S/.
238,526.00 S/.
214,350.00
S/.
104,476.00 S/.
122,567.00
S/.
67,482.00 S/.
76,468.00
S/.
17,796.00 S/.
8,834.00
S/. 6,253,410.00 S/. 6,425,123.00
S/. 7,076,105.00 S/. 7,454,112.00

S/.
S/.
S/.
S/.
S/.
S/.
S/.

493,171.00
345,802.00
254,443.00
58,043.00
19,476.00
45,682.00
1,216,617.00

S/.
S/.
S/.
S/.
S/.
S/.
S/.

561,287.00
476,001.00
442,592.00
11,461.00
3,487.00
36,723.00
1,531,551.00

S/. 2,049,473.00 S/. 1,815,198.00

S/.
80,475.00 S/.
67,668.00
S/.
534,891.00 S/.
571,864.00
S/.
10,590.00 S/.
11,062.00
S/. 2,675,429.00 S/. 2,465,792.00
S/. 3,892,046.00 S/. 3,997,343.00
S/.
S/.

1,499,023.00 S/.
214,222.00 S/.

1,646,503.00
249,871.00

S/.
S/.
S/.

-60,880.00 S/.
-75,711.00 S/.
1,442,336.00 S/.

-56,321.00
-108,862.00
1,542,168.00

S/.
S/.

3,018,990.00 S/.
165,069.00 S/.

3,273,359.00
183,410.00

total patrimonio

S/. 3,184,059.00 S/. 3,456,769.00

S/. 7,076,105.00 S/. 7,454,112.00

ESTADO DE RESULTADOS
Ventas netas
costo de ventas
utilidad bruta
otros ingresos (gastos) operativos
gastos de administracion
gasto de venta
ingreso por reducciones certificadas, neto
otros ingresos operacionales, neto

S/. 2,082,720.00 S/. 2,674,696.00

S/. -1,262,323.00 S/. -1,774,933.00
S/.
820,397.00 S/.
899,763.00
S/.
S/.
S/.
S/.
S/.
S/.

-254,036.00
-81,304.00
41,205.00
26,381.00
-267,754.00
552,643.00

S/.
S/.
S/.
S/.
S/.
S/.

-236,486.00
-96,577.00
808.00
16,539.00
-315,716.00
584,047.00

S/.
S/.
S/.
S/.
S/.
S/.
S/.

9,193.00
-125,547.00
57,997.00
-58,357.00
494,286.00
-147,234.00
347,052.00

S/.
S/.
S/.
S/.
S/.
S/.
S/.

22,177.00
-135,569.00
105,333.00
-8,059.00
575,988.00
-174,771.00
401,217.00

S/.
S/.
S/.

342,634.00 S/.
4,418.00 S/.
347,052.00 S/.

398,750.00
2,467.00
401,217.00

utilidad neta por accion basica y diluida(expresada en

miles de soles)
S/.

0.212 S/.

0.244

Utilidad operativa
otros ingresos (gastos)
ingresos financieros
costo financiero
diferencia en cambio neta
Utilidad antes de imp a la Renta
imp a la renta
utilidad neta
atribuible a
accionistas de la contoladora
participacion de los no controladores

CTN
CTN DISP.

2012
2011 C.PACASMAYO C.LIMA
S/. 340,608.00 S/. 690,876.00 S/. -502,562.00
S/. 173,037.00 S/. 452,633.00 S/. -988,347.00

RATIOS
liquidez
Razon corriente
Prueba acida
Prueba de tesoreria

2011
2.35
1.65
1.31

Gestion
Rotacion del activo
Rotacion del Activo fijo neto
Rotacion del inventario
Dias inventario
Rotacion de CXC
Dias promedio de cobro
Rotacion de CXP
Dias promedio de pago
Periodo de maduracion financiero
Ciclo de caja
compras

2011
0.39
0.76
1.95
188
7.67
48
1.94
189
236
47

2012
C.PACASMAYO C.LIMA
6.11
4.31
3.07
2012
C.PACASMAYO
0.37
0.82
1.75
209
5.12
72
2.64
139
281
142

0.67
0.34
0.07

C.LIMA
0.36
0.45
3.65
100
8.57
43
2.19
167
143
-24

S/. 179,409.00 S/. 243,924.00 S/. 1,043,359.00

Solvencia

Estructura de capital
Razn de endeudamiento
Cobertura de Intereses

2011
2.21
0.45
9.74

2012
C.PACASMAYO
5.01
0.20
8.08

C.LIMA
1.86
0.54
4.31

Rentabilidad

Margen de utilidad
Rendimiento sobre la inversin (ROA)
Rendimiento sobre el patrimonio (ROE)

2012
2011 C.PACASMAYO
24.83%
18.83%
10.60%
10.26%
17.58%
8.66%

C.LIMA
15.00%
7.84%
11.61%

7.00

6.11

6.00

5.00

4.31
Razon corriente

4.00

3.00
2.00

3.07

Prueba acida

2.35

Prueba de tesoreria

1.65
1.31
0.67
0.34
0.07

1.00
0.00
2011

C.PACASMAYO

C.LIMA

RATIOS DE GESTION

-24
Ciclo de caja

139

Dias promedio de pago

43

Dias promedio de cobro

8.00
6.00

100

50

7.00

167

72

Dias inventario

-50

9.00

142

100

C.LIMA

5.00

C.PACASMAYO

4.00

2011

3.00
2.00

209
150

200

1.00
0.00

250

DIAS

9.74
10.00
9.00
8.00
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00

RATIOS DE SOLVENCIA
8.08

5.01
2.21

1.86

0.45

24.83%

0.20

0.54

Estructura de capital

Razn de endeudamiento
Cobertura de Intereses

RATIOS DE RENTABILIDAD

25.00%
20.00%

4.31

17.58%
Margen de utilidad

20.00%

17.58%
Margen de utilidad

15.00%
10.60%
10.00%

10.26%
8.66%

11.61%
7.84%

5.00%
0.00%
2011

C.PACASMAYO

C.LIMA

Rendimiento sobre la
inversin (ROA)
Rendimiento sobre el
patrimonio (ROE)

8.57
RATIOS DE ROTACION

9.00
8.00
7.00
6.00

5.12

5.00
3.00

1.75

2.00

1.00

2011

3.65

4.00

0.37
0.36

2.64
2.19

C.LIMA

0.82
0.45

0.00

Rotacion Rotacion Rotacion Rotacion

del activo del Activo
del
de CXC
fijo neto inventario

C.PACASMAYO

Rotacion
de CXP

ACTIVO NETO
UAIDI
WACC
EVA

Ao 2011
Ao 2012
S/. 1,477,120.00 S/. 1,921,256.00
S/. 141,542.00 S/. 150,245.00
8.25%
9.63%
S/.
19,656.66 S/.
-34,689.92

WACC
AO 2011
BBVA
BBVA
BCP
BCP
BBVA
BCP
PATRIMONIO
TOTAL
WACC
AO 2012
BBVA
BBVA
PATRIMONIO
TOTAL

MODELO CAPM CEMENTOS PACASMAYO

RF
RM
PRIMA DE MERCADO
BETA APALANCADA
RE (COK)

S/.
S/.
S/.
S/.
S/.
S/.
S/.
S/.

MONTOS
202,200.00
135,450.00
70,000.00
42,000.00
28,000.00
12,274.00
927,526.00
1,417,450.00

Repres.
14.27%
9.56%
4.94%
2.96%
1.98%
0.87%
65.44%
100.00%

TEA
E, FISCAL 30%
6.75%
70%
6.20%
70%
6.45%
70%
6.20%
70%
6.00%
70%
2.61%
70%
10.26%

TOTAL
0.67%
0.41%
0.22%
0.13%
0.08%
0.02%
6.71%

8.25%

E, FISCAL 30% TOTAL

MONTOS
Repres.
TEA
S/.
13,255.00
0.69%
4.31%
70%
0.02%
S/.
202,200.00
10.52%
6.75%
70%
0.50%
S/. 1,705,801.00
88.79%
10.26%
9.11%
S/. 1,921,256.00
100.00%
9.63%

ODELO CAPM CEMENTOS PACASMAYO

6.85%
9.85%
3.00%
1.136
10.26%