CEMENTOS PACASMAYO SAA | CIK:0001221029 | 3

  • Filed: 4/30/2018
  • Entity registrant name: CEMENTOS PACASMAYO SAA (CIK: 0001221029)
  • Generator: S2 Filings
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1221029/000161577418003041/0001615774-18-003041-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1221029/000161577418003041/cpac-20171231.xml
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  • ifrs-full:DisclosureOfRelatedPartyExplanatory

      25. Related party disclosure

     

    Transactions with related entities -

     

    During the years 2017, 2016 and 2015, the Company carried out the following transactions with its parent company Inversiones ASPI S.A. and its affiliates:

     

        2017     2016     2015  
        S/(000)     S/(000)     S/(000)  
                             
    Income                        
    Inversiones ASPI S.A. (ASPI)                        
    Income from office lease     12       13       12  
    Fees for management and administrative services     595       1,095       497  
                             
    Servicios Corporativos Pacasmayo S.A.C. (Sercopa)                        
    Income from office lease     3       13       12  
    Fees for management and administrative services     2       8       8  
                             
    Compañía Minera Ares S.A.C. (Ares)                        
    Income from land lease, note 27     336       326       330  
    Income from office lease     315       348       310  
                             
    Fossal S.A.A.  (Fossal)                        
    Income from office lease     16              
    Fees for management and administrative services     46              
                             
    Fosfatos del Pacífico S.A. (Fospac)                        
    Income from office lease     40              
    Fees for management and administrative services     917              
                             
    Expense                        
    Security services provided by Compañía Minera Ares     1,195       1,301       1,146  
                             
    Other                        
    Purchase of investments shares to Inversiones ASPI S.A.                 48,585  
    Investment shares on Fossal S.A.A. from spin-off, note 1.1 and 9     21,206              

      

    As a result of these transactions, the Company had the following rights and obligations with Inversiones ASPI S.A. and its affiliates as of December 31, 2017 and 2016:

     

        2017     2016  
        Accounts
    receivable
        Accounts
    payable
        Accounts
    receivable
        Accounts
    payable
     
        S/(000)     S/(000)     S/(000)     S/(000)  
                                     
    Inversiones ASPI S.A.     641             109        
    Compañía Minera Ares S.A.C.     339       516       569        
    Other     392             26        
                                     
          1,372       516       704        

     

    Additionally, as of December 31, 2017, the Company has dividends payable to its Parent of S/24,054,000.

     

    Terms and conditions of transactions with related parties -

     

    The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s length transactions. Outstanding balances with related parties at the year-end are unsecured and interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables. For the years ended as of December 31, 2017, 2016 and 2015, the Group has not recorded impairment of receivables relating to amounts owed by relating 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, 2017, the total short term compensation amounted to S/22,705,000 (2016: S/21,752,000, 2015: S/23,074,000) and the total long term compensation amounted to S/11,401,000 (2016: S/16,088,000, 2015: S/14,159,000). The Company does not compensate Management with post-employment or contract termination benefits or share-based payments.