CEMENTOS PACASMAYO SAA | CIK:0001221029 | 3

  • Filed: 4/30/2018
  • Entity registrant name: CEMENTOS PACASMAYO SAA (CIK: 0001221029)
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  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1221029/000161577418003041/0001615774-18-003041-index.htm
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    • ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory

    10. Property, plant and equipment

     

      (a) The composition and movement in this caption as of the date of the consolidated statements 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    		   Mine rehabilitation
    costs    		   Capitalized
    interests    		   Works in progress
    and units
    in transit    		   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, 2016   79,217   125,127   219,240   436,670   986,642   31,097   125,286   53,014   4,575   61,595   890,746   3,013,209  
    Additions   484   4,944   44   —   13,297   109   2,651   1,803   1,488   —   82,362   107,182  
    Capitalized interests (d)   —   —   —   —   —   —   —   —   —   3,309   —   3,309  
    Disposals   —   —   —   —   (13,661 ) (9 ) (7,020 ) (18 ) —   —   (871 ) (21,579 )
    Transfers   136   1,473   61   240,992   515,631   19   502   1,307   —   —   (758,749 ) 1,372  
    Assets held for distribution   (3,029 ) (89,959 ) —   (20,114 ) (65,525 ) (703 ) (1,711 ) (2,605 ) —   —   (28,835 ) (212,481 )
    As of December 31, 2016   76,808   41,585   219,345   657,548   1,436,384   30,513   119,708   53,501   6,063   64,904   184,653   2,891,012  
    Additions   —   2,260   9,186   232   12,696   88   10,511   1,350   —   —   32,280   68,603  
    Disposals   —   —   —   (1,171 ) (614 ) (17 ) (8,213 ) (178 ) —   —   (397 ) (10,590 )
    Transfers, note 11   —   1,402   27   20,328   142,593   817   312   3,740   26   —   (173,664 ) (4,419 )
                                                       
    As of December 31, 2017   76,808   45,247   228,558   676,937   1,591,059   31,401   122,318   58,413   6,089   64,904   42,872   2,944,606  
                                                       
    Accumulated depreciation                                                  
    As of January 1, 2016   12,233   9,457   —   52,366   229,014   26,605   57,983   37,296   1,432   14   —   426,400  
    Additions   72   296   —   17,194   76,322   852   11,104   3,572   —   1,403   —   110,815  
    Disposals   —   —   —   —   (4,613 ) (3 ) (2,866 ) (7 ) —   —   —   (7,489 )
    Assets held for distribution   (186 ) —   —   (615 ) (3,805 ) (250 ) (1,511 ) (1,389 ) —   —   —   (7,756 )
    As of December 31, 2016   12,119   9,753   —   68,945   296,918   27,204   64,710   39,472   1,432   1,417   —   521,970  
    Additions   —   506   —   17,482   85,937   728   12,966   3,629   2   1,519   —   122,769  
    Disposals   —   —   —   (633 ) (221 ) (17 ) (4,697 ) (335 ) —   —   —   (5,903 )
    Transfers, note 11   —   (509 ) —   —   —   —   —   —   —   —   —   (509 )
    As of December 31, 2017   12,119   9,750   —   85,794   382,634   27,915   72,979   42,766   1,434   2,936   —   638,327  
                                                       
    Impairment mining assets (b)                                                  
    As of December 31, 2016   41,213   24,048   258   13,837   12,166   168   26   400   3,143   —   735   95,994  
    Additions, note 1.2   1,645   —   —   —   —   33   —   54   —   —   —   1,732  
    As of December 31, 2017   42,858   24,048   258   13,837   12,166   201   26   454   3,143   —   735   97,726  
                                                       
    Net book value                                                  
                                                       
    As of December 31, 2017   21,831   11,449   228,300   577,306   1,196,259   3,285   49,313   15,193   1,512   61,968   42,137   2,208,553  
                                                       
    As of December 31, 2016   23,476   7,784   219,087   574,766   1,127,300   3,141   54,972   13,629   1,488   63,487   183,918   2,273,048  
    Assets held for distribution as of December 31, 2016   2,843   89,959   —   19,499   61,720   453   200   1,216   —   —   28,835   204,725  

     

      (b) Mining concessions mainly include net acquisition costs of S/15,367,000 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 charge of approximately S/95,994,000, related to the total net book value of a closed zinc mining unit which includes concession costs, development costs and related facilities and equipments. From this amount, S/41,213,000 corresponds to concessions costs. According to the management’s expectation the recovery amount of this zinc mining unit is zero.

     

    As of December 31, 2017, the Group has recognized an impairment on the brine project. As a consequence the Group wrote-off the concessions and other related assets for S/1,732,000. See note 1.2.

     

      (c) There were no additions under finance leases during the years 2017 and 2016.

     

      (d) During 2016 the Group capitalized borrowing costs for S/3,309,000 mainly related with the expansion of the cement plant located in Piura. The rate used to determine the amount of borrowings costs eligible for capitalization was approximately 5.00 percent as of December 31, 2016, which is the effective rate of the only borrowing the Group has as of such date. The amount of borrowing costs eligible for capitalization is determined by applying the capitalization rate to the capital expenditures incurred on qualifying assets. Since September 2015, a part of this project is operating. In February 2016, a significant part of this cement plant was launched to operations, and the Group ceased to capitalize borrowing costs.

     

      (e) The Group has assessed the recoverable amount of its remnant long-term assets and did not find an impairment of these assets as of December 31, 2017.

     

      (f) Work in progress included in property, plant and equipment as of December 31, 2017 amounted to S/42,137,000 (2016: S/183,918,000) and is mainly related to complementary facilities of the cement plants.

     

      (g) As of December 31, 2017, the Group maintains accounts payable related to the acquisition of property, plant and equipment totaling S/5,368,000 (S/7,870,000 as of December 31, 2016).