Q2 2022 Union Andina de Cementos SAA Earnings Call Lima Aug 18, 2022 (Thomson StreetEvents) -- Edited Transcript of Union Andina de Cementos SAA earnings conference call or presentation Wednesday, August 17, 2022 at 3:00:00pm GMT TEXT version of Transcript ================================================================================ Corporate Participants ================================================================================ * Alvaro Morales Puppo Unacem Corp S.A.A. - Corporate VP of Finance * Monica Paucar Toranzo * Pedro Lerner Rizo Patron Unacem Corp S.A.A. - Corporate General Manager ================================================================================ Presentation -------------------------------------------------------------------------------- Operator [1] -------------------------------------------------------------------------------- Greetings. Welcome to the Unacem Corp 2Q 2022 Results Conference Call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Monica Paucar, Head of Investor Relations. You may begin. -------------------------------------------------------------------------------- Monica Paucar Toranzo, [2] -------------------------------------------------------------------------------- Thank you. Good morning, everyone, and welcome to our earnings conference call. This morning, Pedro Lerner, our CEO, will discuss the latest developments that affected our operations during the second quarter of the year. Later on, Alvaro Morales, Unacem's Corporate CFO, will present the second quarter financials in detail. Please note that we might disclose some forward-looking statements related to Unacem Corp and subsidiaries 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 Unacem Corp and subsidiaries to be different from those expressed or assumed herein. So these should be considered for reference only. Pedro, you may begin. -------------------------------------------------------------------------------- Pedro Lerner Rizo Patron, Unacem Corp S.A.A. - Corporate General Manager [3] -------------------------------------------------------------------------------- Thank you, Monica. Ladies and gentlemen, good morning. It is a pleasure once again to share with you our quarterly performance. We are proud to report another strong performance during the second quarter of '22 with EBITDA of PEN 358 million, an increase of 6.2% year-over-year on the back of a strong revenue performance of PEN 1.43 billion, up to 20% compared to the second quarter of 2021. Net debt closed at 2.13x EBITDA, once again, well below our target leverage of 3x EBITDA. On a country-by-country basis, results were mixed as a result of external factors; however, our diversified sources of growth enabled us to offset the external negative effects we faced this quarter. Peruvian GDP grew by 3.3% during the quarter, while construction GDP grew 3.7%. Inflation has increased 9.3% in the last 12 months and construction material prices rose even more, up by 13.9% in the same period. Despite of this macro environment, our market has been resilient with cement and ready-mix sales volumes up by 14% and 2%, respectively. Our cement volume has been supported mostly by self-construction, which we estimate has grown in the high single digits during the quarter and by a higher market share, as imports have decreased considerably in the past months. On the other hand, with public infrastructure investments down by 0.9% as of June, ready-mix volumes are lagging. Our Ecuadorian and Chilean operations have been affected by negative external factors. In the case of Ecuador, prioritizing workers' safety, we closed our plant operations for 18 days given the national strike declared last June. This cut our sales volume for the month to half of our initial expectations, resulting in quarterly volumes slightly below those of the second quarter of 2021. In the case of Chile, local currency depreciated 16% during the quarter, which resulted in a difficult environment affecting our volume expectations. Nevertheless, with our second mill operating since April 2022, our capacity has doubled to 600,000 metric tons and our cement sales volume has increased 24% sequentially. In the case of ready-mix, volumes were down 10% quarter-over-quarter, also affected by a particular rainy season. These somewhat challenging conditions were offset by the strong performance of our U.S. operations, where our cement volume sales were up by 16% year-over-year, with strong demand driving pricing up by 8% as of June. Demand is supported mostly by residential construction with 65,000 residential building unit permits in Arizona per year. This state ranks fifth highest countrywide in residential construction. Our energy platform, CELEPSA, has also been a strong outperformer in our portfolio, with revenues up by 30% on the back of 501 gigawatt hours sold as the company continues expanding its long-term client base. Looking ahead, with 2/3 of the year passed, I would like to share with you our expectations for 2022. Although we do expect a slowdown in the low single digits in self-construction in Peru, the strong performance so far, coupled with a sustained double-digit volume growth in U.S. operations, should result in a slightly higher 2022 EBITDA. However, our margins should be slightly lower than last year. Despite of the price increases we have implemented in all our markets and economies of scale achieved in some operations, we believe these will only partially offset higher fuel costs and inflation effects. All in all, these are very good results considering 2021 was already a record year for the Unacem Group. Finally, I would also like to comment on the progress on ESG criteria through several initiatives. Last month, Unacem Group adhered to the Peruvian road map to a low carbon economy. [HR Peru] for its acronym in Spanish, approved by FICEM, the Inter-American Cement Federation, which is aligned with the GCCA initiatives to achieve carbon zero in our industry by 2050. Starting at 607 kilograms of CO2 per ton of cement in 2019, HR Peru seeks to reduce emissions to at least 542 kilograms of CO2 per ton of cement and an additional 22 kilograms CO2 per ton of cement subject to regulation and market incentives by 2030, by implementing, first, a lower chemical content; second, a higher energy efficiency; and third, an increase in coprocessing residue generated fuel. Additionally, CELEPSA, in line with its long-term goal, has issued certificates for commitment to carbon-zero to 3 of its clients as it is certified by [IANOR] as 100% renewable energy generator. Last but not least, after evaluating the best ways in corporate climate risk in our reports and diagnostics, we have decided to initiate the implementation of TCFD in our operations. We will launch the first stage before year-end. That will be all on my side. Thank you very much for your attendance this morning. And now I will pass it over to Alvaro for a detailed analysis of our financial results. -------------------------------------------------------------------------------- Alvaro Morales Puppo, Unacem Corp S.A.A. - Corporate VP of Finance [4] -------------------------------------------------------------------------------- Thank you, Pedro. Good morning, everyone, and thank you for joining us today. As Pedro mentioned, despite the challenging environment we faced, we had a strong second quarter. I will be glad to go through the highlights of our consolidated financial results for the second quarter and for the first half of the year. Our consolidated revenues for the second quarter were PEN 1.4 billion, 19.8% higher than the second quarter of 2021. This increase is explained by the good performance of cement and ready-mix volumes in our Peruvian, Chilean and U.S. operations, together with a higher volume of energy sold, which offset lower volumes from our Ecuadorian operations. Our Peruvian cement operations maintains high volumes, dispatch and revenues, demonstrating the resilience of the self-construction segment through the sales of bagged cement. Together with a slight recovery of the demand for bulk cement, U.S. operation volumes continued their strong sequential upward trends. In addition, increased cement production capacity in Chile since the second quarter 2022 and improved ready-mix volumes in that country contribute to our revenue growth. Furthermore, all our business units recorded higher average prices across the board. Likewise, during the first half, consolidated revenues increased 23% compared to the first half of 2021. This increase is explained by the solid and sustained growth of cement, ready-mix and energy volumes sold in all of our business units. In Peru, cement dispatches registered 1.6 million tons, an increase of 13.8% versus the second quarter of 2021. Our bagged cement unit maintained its strong levels. Our bulk cement unit also improved its volume for the quarter. Likewise, dispatches for the first half of the year reached 3.2 million metric tons, outperforming the first half of 2021 by 12.2%. As you can see, the market in our area remains strong and Unacem has outperformed the Peruvian market over the last 12 months. Our ready-mix companies in Peru recorded slightly higher volumes of 1.5% during the quarter, 593,000 cubic meters compared to the second quarter of 2021. As of the first half of the year, volumes were 0.2% higher compared to the first half of 2021. We expect to improve volumes in the second half of the year with the ongoing infrastructure projects that are already contracted. UNICON and Concremax maintained their leadership in the market by supplying the most important projects in the central region of Peru. CELEPSA's second quarter 2022 volume was 26.8% higher than the second quarter 2021. Energy sales reached 501 gigawatts hours, as demand from its contracted customers, such as Unacem Peru and Electrodunas, increased. Also, new clients were added to their portfolio together with higher average prices during the period. As of the first half of 2022, CELEPSA energy sold was 25% higher, with a total volume sold of 1,000 gigawatt hours versus 800 gigawatt hours in the first half of 2022. About Ecuador. Unacem Ecuador second quarter cement volumes decreased 12.7% to 274,000 tons sold compared to the 346,000 tons sold in the first quarter 2021. The decrease was mainly due to the 18-day national strike in the country, due to the political crisis. In spite of this, thanks to the good performance in the first quarter, first half of 2022 volume decreased only 0.6% compared to 2021, while revenues in U.S. dollars increased by 1.7%, thanks to the higher average prices. On the other hand, second quarter ready-mix volumes were 13.9% higher due to the recovery in the execution of certain infrastructure projects. Meanwhile, given the weak performance during the first quarter, volumes as of the first half of 2022 were 1.1% lower compared to 2021. The U.S.A. Drake Cement reported 178,000 metric tons of cement sold during the second quarter 2022 versus 154,000 metric tons in the second quarter of 2021, a significant increase of 15.7%. Likewise, our ready-mix operations reached 280,000 cubic meters sold, 34% higher than in the second quarter 2021. Aggregates volume was 70.5% higher, amounting 914,000 metric tons with record dispatches during this period. In addition, cements volume for the first half of 2022 were 21.5% higher than in the first half of 2022 at 348,000 tons. Ready-mix in the first half recorded 504,000 cubic meters sold, a figure 28.7% higher. Aggregates outperformed for the first half with 1.6 million tons dispatched, 40.9% higher than in 2021. The market trend indicates robust demand in Arizona, which is already reflected in our first half results. About Chile. Unacem Chile had cement dispatches of 106,000 tons during the quarter, with both plants fully operating. Furthermore, cement dispatches during the first half recorded 191,000 tons. Notwithstanding, the information -- this information is not comparable with 2021 given that the San Juan plant was incorporated in the second quarter of 2021 and the San Antonio plant started operations in April 2022. Volumes are expected to continue to increase compared to 2021 as we optimize the utilization of the new assets. Ready-mix dispatches in the second quarter reached 234,000 cubic meters, 7.4% higher than in the second quarter of 2021. Year-to-date, ready-mix volumes were 29.7% higher than in the first half of 2021 with [493] cubic meters dispatched. Consolidated cost of goods sold increased 19.5% in the second quarter 2022 due to higher sales volumes and the effect of higher fuel costs, mainly in the cement and ready-mix business units. The increase in prices and the economies of scale marginally offset higher fuel and raw material costs resulting in a higher gross margin of 26.1% compared to the 25.9% achieved in the second quarter 2021. Year-to-date, cost of goods sold increased 23.7% compared to the first half of 2022, while gross margin was 28.2%, slightly lower than the 28.6% achieved in the first half of 2021. Our administrative expenses for the quarter increased 19.6% due to higher personnel expenses, such as employee profit sharing, Board fees and taxes. Selling expenses were 8.1% higher in line with the higher volumes sold. Other income rose by PEN 15.1 million, mainly due to the sale of mixer trucks in the U.S. operations. It is worth mentioning that in the second quarter 2021, a nonrecurring operating income was recorded due to dividends from associated companies, such as Ferrocarril Central and Master Building Solutions. Also, the adjustment of the badwill generated by the acquisition of Unacem Chile -- and that -- other expenses during the second quarter 2022 were PEN 26.4 million, higher than the PEN 10.9 million of the second quarter 2021, mainly due to a voluntary retirement program launched in Unacem Peru during the quarter. Similarly, as of the first half of the year, administrative expenses were 30.3% higher. Selling expenses were 12.7% higher. Other income decreased from PEN 106.2 million in the second quarter 2021 to PEN 22.5 million in the second quarter 2022. This important change is explained by the nonrecurring income explained above and the adjustment of the badwill generated by the purchase of Unacem Chile, while other expenses in the first half 2022 increased by 23.1% compared to the first half of 2021. For the reasons explained before, our consolidated operating profit in the second quarter 2022 was PEN 237 million, 19.7% higher than in the second quarter 2021. As of the first half of the year, consolidated operating profit was 0.5% lower compared to the first half of 2021. Consolidated EBITDA was up by 6.2% in the second quarter 2022, reaching PEN 357 million, compared to the PEN 337 million in the second quarter 2021. EBITDA margin in the quarter was 25%. EBITDA margin in the second quarter 2021 was 28.2%. Last 12 months EBITDA was 24.2% higher than last 12 months EBITDA recorded in the second quarter 2021, mainly explained by better volumes across all the business units and economies of scale that partially offset the effect of the higher cost of goods sold, mainly due to fuel. Administrative and selling expenses were higher due to higher operating performance and personnel expense, mostly as a result of higher workers' profit sharing and Board fees. Consolidated net debt was PEN 3.5 billion. The net debt-EBITDA ratio was 2.13x, thanks to the significant improvement in EBITDA. Therefore, we are compliant with our leverage target, which is below 3x limit. Gross debt in PEN decreased as a result of debt amortization according to the periods scheduled mainly from Unacem Peru. Foreign exchange exposure on total debt at the end of the second quarter 2022 was 15.4%. Short-term debt maturities represent only 23% of total debt. Financial expenses decreased by 11.2%, reaching PEN 47.4 million in the quarter and by 17.4% reaching PEN 93.9 million in the first half of the year, due to lower debt levels and lower average interest rates. Foreign exchange registered a loss of PEN 18 million in the second quarter 2022 versus a loss of PEN 17 million in the second quarter 2022 (sic) [2021], mostly explained by the devaluation of the Peruvian local currency. In the first half of the year, foreign exchange recorded a gain of PEN 23.6 million versus a loss of PEN 37 million in the first half of 2021. Net profit in the quarter was PEN 110.8 million versus PEN 88.1 million during the second quarter 2022 -- 2021. As of the first half of the year, net profit was PEN 302 million in the first half 2022 versus PEN 301.7 million in the first half of 2021, which is explained by the factors also mentioned before. In terms of our ongoing investments, as of the second quarter 2022, CapEx recorded PEN 151 million, higher than the PEN 115 million in the second quarter '21. The main investments are related to the project of the new automated packing system and reinforcement of the multi-silo in Unacem Peru, the integral project of the new mill and a warehouse in Drake Cement, mixer trucks in Unacem Peru, kiln #2 debottlenecking project at Unacem Ecuador, that should increase capacity marginally on the back of efficiencies in the production process and the new mobile plant of PREANSA in Chile. We expect an increase in our CapEx in the following quarters, and we should recover the pace on the execution of some important projects, mainly related to our environmental strategy as some of them are behind the planned schedule due to local government permits, especially in Peru. Thank you. That will be all from my side. Operator, please, we can now proceed to the Q&A session. ================================================================================ Questions and Answers -------------------------------------------------------------------------------- Operator [1] -------------------------------------------------------------------------------- (Operator Instructions) And in the meantime, Monica, I'm not sure if there are any questions on your side or on the webcast. -------------------------------------------------------------------------------- Monica Paucar Toranzo, [2] -------------------------------------------------------------------------------- Nothing yet in the webcast. If anyone would like to ask a question through the webcast, please feel free to write it in, and we will respond accordingly. -------------------------------------------------------------------------------- Operator [3] -------------------------------------------------------------------------------- And also just to inform you, there are no questions via the phone lines. -------------------------------------------------------------------------------- Monica Paucar Toranzo, [4] -------------------------------------------------------------------------------- Let's give a couple of minutes if someone would like to ask a question through the webcast. I will let you know, Shumali. We have our first question from the webcast. This question comes from Bianca Venegas from CrediCorp. And she is asking if we can explain the reason behind higher (inaudible) to quarter maintenance cost, energy and raw materials. Alvaro, I don't know if you can answer -- help us answer that. -------------------------------------------------------------------------------- Alvaro Morales Puppo, Unacem Corp S.A.A. - Corporate VP of Finance [5] -------------------------------------------------------------------------------- Excuse me, I have a problem with my Internet. Can you repeat the question, please? -------------------------------------------------------------------------------- Monica Paucar Toranzo, [6] -------------------------------------------------------------------------------- Yes. Bianca wants to know what is behind our higher maintenance and energy and raw material costs? And if we have any hedges? -------------------------------------------------------------------------------- Alvaro Morales Puppo, Unacem Corp S.A.A. - Corporate VP of Finance [7] -------------------------------------------------------------------------------- Well, really all the fuel cost has a very big impact in all our costs. Our fuel cost, our raw material costs, transportation costs, our ready-mix business, also the mixer truck has a higher cost because of fuel. So this is a very important impact in our -- all of our operations, and it's harder in cement and ready-mix all around. Also, that impact is also in Ecuador, Chile and the U.S. -------------------------------------------------------------------------------- Monica Paucar Toranzo, [8] -------------------------------------------------------------------------------- Thank you, Alvaro. Our next question comes from Marco Mejia. He's asking if we expect to increase prices in the rest of the 2022. -------------------------------------------------------------------------------- Alvaro Morales Puppo, Unacem Corp S.A.A. - Corporate VP of Finance [9] -------------------------------------------------------------------------------- Well, we're already -- I can say that we, this year, have increased importantly our prices compared to last year in Peru. Compared to last year, we increased prices around 11%, and we expect to maintain these prices in Peru for the rest of the year. In the case of the U.S., they increased prices in April. It was a 4.5% increased prices. So they expect to keep those prices for the rest of the year. In Ecuador, prices are slightly higher than last year. It was $1.1 per ton in Ecuador. And in the case of Chile, they have a lot of FX volatility that is -- prices are moving up and down because of the FX. We need to understand that in Chile, mainly the cement production is used in imported clinker that is linked to the U.S. dollar. That's why they have a lot of volatility. -------------------------------------------------------------------------------- Monica Paucar Toranzo, [10] -------------------------------------------------------------------------------- Our next question comes from Bianca Venegas from CrediCorp also. She would like some color about -- regarding CapEx. For example, she wants to know about the new packaging machine line and the reinforcement of the multisilo in Unacem Peru, the new project in Drake Cement. A little bit of color on what kind of projects are those? And what -- and if you can please share some guidance regarding 2022 CapEx? -------------------------------------------------------------------------------- Alvaro Morales Puppo, Unacem Corp S.A.A. - Corporate VP of Finance [11] -------------------------------------------------------------------------------- Okay. Going up to down. In the case of the U.S.A., we have an ongoing project that is the new milling facility with a warehouse. This is a total investment of $40 million. We expect to complete this investment in the first quarter of 2023. This facility will expand our milling capacity to -- from 700,000 to 1 million tons of cement. That is the main project in the U.S. In the case of Ecuador, there is an $18 million investment in the debottlenecking that is gives more efficiencies to the actual kilns in order to produce a little bit more. That we expect to have around 100,000 tons of clinker more per year. That's going to be good for ourselves. In the case of Peru, the multisilo is not a big investment. It's close to -- totally, it's close to around $7 million. Monica, can you help me in that $7 million? And this is an ongoing project that we are working in the last 2 years. We expect to finish this year. The bagging facilities, because of our strong demand, we need to increase our bagging capacity. This project -- I don't remember the amount of the investment. Monica, can you find it? And I think that's the main investment in our group. -------------------------------------------------------------------------------- Monica Paucar Toranzo, [12] -------------------------------------------------------------------------------- Yes. And just a little follow-up on that. Our guidance for 2022 CapEx will be between $150 million and $200 million. That is subject to the execution of some of our big environmental projects. As Alvaro mentioned it, some of them are delayed because of permits and we will see the pace on that. Our next question comes from Philip from Impera Capital from Turkey. He would like to know if we can give them -- give him some -- an idea about the evolution of the import prices in Peru versus our prices. -------------------------------------------------------------------------------- Alvaro Morales Puppo, Unacem Corp S.A.A. - Corporate VP of Finance [13] -------------------------------------------------------------------------------- Okay. This is public information. The last shipments that came from Asia, Vietnam, Korea, clinker -- clinker, not cement, clinker, are arriving to Peru, CIF around $92, okay? Our cement price, cement, not clinker, cement pricing in our market is around $106 per ton. So to be competitive, clinker -- to produce cement, you need to add local transportation, you have to mill, you have to add a gypsum, so that it's more expensive the cement produced with imported clinker in Peru. -------------------------------------------------------------------------------- Monica Paucar Toranzo, [14] -------------------------------------------------------------------------------- Thank you, Alvaro. The next question is from Marco Mejia. And he would like to know what volume of cement sales are we expecting for 2022? -------------------------------------------------------------------------------- Alvaro Morales Puppo, Unacem Corp S.A.A. - Corporate VP of Finance [15] -------------------------------------------------------------------------------- Okay. Well, in the U.S., as we mentioned, we are in a very good year. In the U.S., we are around an increase of 20% compared to last year. So if the market maintains its dynamic, we can have, at the end of the year, this better performance of 20% versus last year. In Ecuador, we will be slightly more than the 2021 volumes because of this 18-day national strike that affected around 60,000 tons of our potential demand. In Peru, we are willing to repeat the 2021 volumes. Remember that 2021 was a historic record for our group in terms of the cement volumes. And Chile, because of the new facility, we should have very high rates of increase in our sales. -------------------------------------------------------------------------------- Monica Paucar Toranzo, [16] -------------------------------------------------------------------------------- Thank you, Alvaro. Another follow-up question from Bianca Venegas. Regarding the higher operating expenses associated to the ongoing voluntary retirement program in Unacem Peru. Pedro, can you help us giving Bianca some color? -------------------------------------------------------------------------------- Pedro Lerner Rizo Patron, Unacem Corp S.A.A. - Corporate General Manager [17] -------------------------------------------------------------------------------- Absolutely, Monica. Bianca, thank you for your question. This voluntary retirement program was a onetime program that was aimed for the people, for our staff and operators at Unacem Peru, that were close to the retirement age. As you know, in Peru, the mandatory retirement age is 70 years. And so it was an incentive program for people who would consider having a career -- not a career change, but doing something new and consider an early retirement. So we made these incentives in order to promote and make it easy for them to make this decision. All in all, it was about 73 people who actually decided to join the program, mainly people between 60 and 67 years old. And I think that, that was an investment that has -- that it has a fine return. So it made sense from an economic standpoint, it made sense from a human standpoint, and it's a onetime program that will not be repeated in the foreseeable future. -------------------------------------------------------------------------------- Monica Paucar Toranzo, [18] -------------------------------------------------------------------------------- Thank you, Pedro. Just one follow-up question from Marco Mejia regarding what's our outlook on public investment in the next quarter? And I may have Alvaro on that, but it's undeniable that the political situation has slowed down the investment activity. However, as we already mentioned that we have some contracted projects, such as Line 2 of the Lima Metro, Chancay Port and Jorge Chavez Airport, which are starting to picking up. As you know, we have this project already contracted. So we are -- we will keep our dispatches to these important projects. And I think that's the last question. We have one more question from Philip from Impera. He wants some color regarding the debottlenecking project in Ecuador and the efficient projects in Arizona. Philip, the debottlenecking in Ecuador will increase the capacity of Ecuador around 10%. It is based on efficiencies on the process. So it's a very -- we are looking for the last mile of efficiency there. As Alvaro already mentioned it, the new mill project in Drake Cement will increase the capacity up to 1 million tons. So that will give us some space of growing and bringing significant economies of scale to that operation. And that was the last question. Thank you very much to all the participants. And now I will hand it over to Pedro for our last comments. -------------------------------------------------------------------------------- Pedro Lerner Rizo Patron, Unacem Corp S.A.A. - Corporate General Manager [19] -------------------------------------------------------------------------------- Thank you for joining us today. Overall, I would like to congratulate the team for yet another strong quarter. We are proud of what we have achieved so far, both on the financial, operating and ESG fronts. Thank you very much for your time this morning, and please do not hesitate to reach out to Monica should you have any follow-up questions. Have a nice day. -------------------------------------------------------------------------------- Operator [20] -------------------------------------------------------------------------------- And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

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