UNACEM Corp
2Q2024 Conference Call
August 19th, 2024
Firmado Digitalmente por:
MONICA PAUCAR TORANZO Fecha: 19/08/2024 11:36:18 a.m.
Presenting today
Pedro Lerner | Alvaro Morales |
Corporate CEO | Corporate CFO |
Disclaimer…
Please note that this presentation might disclose some forward-looking
statements related to Grupo UNACEM based on currently known facts, expectations and forecasts, circumstances and assumptions regarding future
events. Many factors could cause the future results, performance or achievements of Grupo UNACEM to be different from those expressed or assumed herein, so this should be considered for reference only
3
2Q2024
HIGHLIGHTS
- Revenues increased +7.0%
- EBITDA growth +6.3%
- Leverage ratio: 3.47x, temporaly above our target
- Second quarter consolidating full results of Tehachapi and Termochilca
Macro Dynamics
Our latin american operations continue to be affected by political
turbulence ...
Peru GDP |
Ecuador GDP
% YoY | |||||||||||||
16.0% | |||||||||||||
▪ | 2Q24 | Construction | sector | ||||||||||
upturn on the back of public | |||||||||||||
2.8% | 3.6% | 2.5% | investment | and | business | ||||||||
confidence | |||||||||||||
-0.6% | ▪ | ||||||||||||
GDP | expectations | for | 2024 | ||||||||||
decreased | compared | with | |||||||||||
-10.9% | the last report (3.0%) |
% YoY
4.2%
2.9% 2.3%
1.2%
-7.8%
0.3%
- Decline in the recovery in the construction sector mainly for lower executions.
- Private consumption slightly recover
2020 | 2021 | 2022 | 2023 | 2Q24 | 2024E |
Chile GDP |
2020 2021 2022 2023 1Q24 2024E
USA GDP
% YoY | |||||||||||||
11.7% | |||||||||||||
▪ Improvements in mining and | |||||||||||||
2.4% | 2.6% | 2.6% | manufacture supported by | ||||||||||
higher copper prices will | |||||||||||||
0.2% | |||||||||||||
create favorable conditions | |||||||||||||
for the construction sector | |||||||||||||
-6.2% | |||||||||||||
2020 | 2021 | 2022 | 2023 | 2Q24 | 2024E | ||||||||
% YoY
5.9%
2.5% | 3.1% | |||||
1.9% | 2.3% | |||||
-2.8% | |||||
2020 | 2021 | 2022 | 2023 | 2Q24 | 2024E |
- Growth supported by flat private domestic demand and improvements in residential investments.
- Slightly lower inflation and interest rates will benefit the construction sector maintaining strong demand
5
Forward looking expectations for 2024…
6
2Q24 Revenues
Revenues grew mainly due to the strengthening of operations in the U.S.
2Q24 Revenue contribution by country
PEN Million, %
1%
6%
23%
52%
9%
9%
Energy
7
2Q24 Volumes
Volumes remained strong in the U.S. and recovered in Peru and Ecuador versus the first quarter of the year
Volumes 2Q24
-2.8% +21.4% -8.4%
1
1.4 M mt 729k m3 871 GWh
-2.8% +4.8%
2
295k mt | 37k m3 |
+94.5% -5.1%-1.0%
3
321k mt | 254k m3 | 406k mt |
-11.7% +0.6%
4
3
2
1
4
Total group's capacity
12.5 M mt
5.5 M m3
9.7 M mt
271 MW
381 MW
113k mt | 170k m3 |
2Q24 COGS & SG&A
Improved gross margin was impacted by one-off charges
2Q24 COGS & gross margin | 2Q24 Administrative expenses | |
PEN Million, % | PEN Million, % | |
+6.2% | +5.2% | ||
1,165 | 1,238 | 116 | 122 |
25.2% | 25.7% | ||
2Q23 | 2Q24 | 2Q23 | 2Q24 |
Costo de Ventas | Margen Bruto |
2Q24 Selling expenses PEN Million, %
+6.5%
2931
2Q232Q24
2Q24 (Other income) and expenses, net PEN Million
33
10
2Q232Q24
6.2% COGS increase & higher gross margin:
- Decline in the cement volume in Peru and Ecuador. Compensated with fuel cost efficiencies in UNACEM Peru
- Termochilca incorporation to the portfolio lowered the energy margin with stable results
5.2% Administrative expenses increase:
- Incorporation of Tehachapi
- Higher personal expenses, workers profit sharing mainly, in cement and concrete operations in Peru
6.5% Selling expenses increase: | Other income / expenses net increase: | |
▪ | Incorporation of Tehachapi | ▪ Fine to SUNAT due to a resolution for |
▪ | Commercial efforts contributed to | 2010 Income Tax |
improved margins in UNACEM Peru |
- Stable Selling Expenses/Revenue ratio 1.8% in line with revenues,
9
2Q24 EBITDA
Efficiencies in the Peruvian cement operations and the recently incorporated U.S. operations allowed us a 6.3% EBITDA grow
2Q24 EBITDA contribution by country
PEN Million, %
EBITDA | +6.3% | EBITDA | -1% |
Mg.23.5% | Mg.23.3% |
13%
10%
11%
64%
Energy
10
Para continuar a leer este documento, haga clic aquí para la versión original.