CEMENTOS PACASMAYO SAA
For the period ended Nov 2, 2026. Filed Nov 2, 2026.
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Nov 2, 2026 · Filed Nov 2, 2026
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CPAC$12.730.0%Stored close · as of Nov 6, 2026
Contents
EX-99.1 · 1. Calculation Method: Each realization factor is determined in three steps:
1. Calculation Method: Each realization factor is determined in three steps:
| ● | (i) Value Base: For inventories, the cost as of 03.31.2026, net of obsolescence allowance (S/ 19,775 thousand; Note 8(b) to separate financial statements). For other property, plant, and equipment, the net carrying amount, which already discounts accumulated depreciation and impairment (Note 10(a)). |
| ● | (ii) Liquidity Level and Haircut: In a liquidation scenario, assets are sold individually within a short timeframe to available buyers. The haircut (c) captures the discount between carrying amount and expected realization proceeds, depending on market depth. Five levels are established based on precedent valuation reports submitted to the SMV for assets of comparable liquidity. Out of 26 reports reviewed, 19 develop this methodology (Table 4). |
| ● | (iii) Realization Factor: Factor=1−c. The factor for each line item is the carrying-amount weighted average of its components’ factors (Tables 5 and 6). |
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Table 4. Liquidity Levels and Realization Haircuts in Liquidation
| Level | Asset Class | Haircut (c) | Precedents (Applied Haircut, Report Year) |
|---|---|---|---|
| A | Standard assets with broad markets: finished goods, fuel; real estate sold together with land. | 10% | Inventories: Corporación Lindley (10%, 2022), Industrias del Envase (10%, 2021), Intursa (10%, 2021), Volcan (10%, 2024). Real estate and PPE: Industrias del Envase (10%, 2021), Volcan (5%–10%, 2024). |
| B | Raw materials/inputs with limited buyers across industries; vehicles. | 20%–30% | Inventories: Agroindustrial Paramonga (30%, 2022), Modasa (30%, 2021), Nuevo Mundo (30%, 2010). Forced 30-day sale: EXSA appraisals (2% advertising + 1% revaluation + 2% commission + 15% timeframe adjustment = 20%, 2021). |
| C | Cement industry-specific assets with limited buyers. | 50% | FIMA, forced-sale machinery discount (50%, 2011) (1); Agroindustrial Paramonga, supplies (50%, 2022); Perubar, inventories (50%, 2026); Ticino, inventories and fixed assets base case (50%, 2010). |
| D | Low unit-value or rapidly obsolescent assets. | 60%–70% | Grupo BVL and CAVALI, IT equipment over 1 year old (75%, 2024); FIMA, furniture, computing, and tools (70%–96%, 2011). |
| E | Non-separable items or sunk costs. | 80%–100% | Intangibles and capitalized costs: 100% haircut in most precedents (Grupo BVL, CAVALI, Record, Mepsa, Goodyear, Nuevo Mundo, among others). |
| (1) | In FIMA, calculation started from machinery replacement cost (as new) applying two factors: physical condition (55%–60%) and forced sale (50%). For CPAC, only the forced-sale discount is applied because the base is net book value, which already deducts depreciation and impairment. Source: Valuation reports published on the SMV portal (www.smv.gob.pe). |
- Inventories: 56% Factor
Table 5. Inventories: Factor Calculation by Component (S/ thousands)
| Component | Book Value (A) | Level | Haircut (c) | Factor (B=1−c) | Liquidation Value (A×B) | Determining Characteristics |
|---|---|---|---|---|---|---|
| Finished goods | 2,111 | A | 10% | 90% | 1,900 | Bagged cement; balance represents 1 day of COGS. |
| Fuel | 2,413 | A | 10% | 90% | 2,172 | Coal and fuels with an active replacement market. |
| Raw materials | 177,080 | B | 30% | 70% | 123,956 | Limestone, gypsum, coal, and petcoke. Balance represents 9.4 months of consumption (Note 18); short-term placement requires a discount. Low-value bulk items. |
| Work in progress (clinker & raw meal) (1) | 191,166 | C | 50% | 50% | 95,583 | Clinker and raw meal (Note 8). Clinker is only purchased by grinding mills; raw meal requires an operating kiln. 87.5 days of COGS. |
| Packaging and containers | 2,844 | C | 50% | 50% | 1,422 | Bags branded with CPAC logo; recoverable only as generic raw material. |
| Spare parts and supplies | 226,173 | C | 50% | 50% | 113,087 | Kiln and mill parts of specific make/model. Represents 13 months of maintenance expense (Note 18). |
| Inventories in transit | 3,031 | B/C | 40% | 60% | 1,819 | In-transit goods without assigned class: (70%+50%)/2=60%. |
| Total Inventories (2) | 604,818 | — | — | 56% | 339,938 | Category Factor: 339,938/604,818=56.20%. |
| (1) | Note 8 does not distinguish between clinker and raw meal; the factor applies to the total balance. |
| (2) | CPAC’s inventory factor is lower than precedents with higher liquidity because 69% of its balance consists of specific spare parts and work in progress (Level C), lacking secondary markets comparable to finished goods. Source: CPAC unaudited separate financial statements as of 03.31.2026, Notes 8 & 18; Report, Annex 16.3.1. |
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- Other Property, Plant, and Equipment: 62% Factor
Table 6. Other Property, Plant, and Equipment: Factor Calculation by Component (S/ thousands)
| Component | Net Book Value (A) | Level | Haircut (c) | Factor (B=1−c) | Liquidation Value (A×B) | Determining Characteristics |
|---|---|---|---|---|---|---|
| Buildings and other structures | 568,079 | A | 10% | 90% | 511,271 | Civil works tied to land, liquidated together with it. Haircut consistent with real estate precedents. |
| Machinery, equipment, and related spare parts | 668,530 | C | 50% | 50% | 334,265 | Kilns, mills, coolers, and process equipment tailored to the plant, with no domestic secondary market. Forced-sale commercial discount (FIMA precedent). |
| Transportation units | 3,746 | B | 20% | 80% | 2,997 | Vehicles with an active resale market; haircut reflects a 30-day forced sale. |
| Furniture and fixtures | 1,260 | D | 60% | 40% | 504 | Low unit-value items; net book value represents 14.83% of original cost. |
| Computer equipment and tools | 11,245 | D | 70% | 30% | 3,374 | Rapid technological obsolescence; net book value is 30.73% of original cost. |
| Mining concessions | 47,228 | C | 50% | 50% | 23,614 | Areas containing cement raw materials (Note 2.2.8); value depends on plant proximity. Market restricted to cement producers. |
| Works in progress and units to be received (1) | 37,634 | E | 80% | 20% | 7,527 | Uncompleted works; only uninstalled machinery retains independent realization value. |
| Mine development costs | 28,300 | E | 80% | 20% | 5,660 | Quarry preparation costs; transferable only alongside the mining concession. |
| Quarry closure costs (asset) | 16,108 | E | 100% | 0% | — | Counterpart to the closure provision; financial effect reflected in decommissioning costs. |
| Capitalized interest | 55,806 | E | 100% | 0% | — | Financing costs of the Piura Plant and Kiln 4 construction (Note 10(f)); non-separable asset. |
| Total Other PPE | 1,437,936 | — | — | 62% | 889,211 | Category Factor: 889,211/1,437,936=61.84%. |
| (1) | Primarily corresponds to upgrades at cement facilities (Note 10(d)), integrated into existing structures and mostly non-separable. Figures rounded to thousands. Source: CPAC unaudited separate financial statements as of 03.31.2026, Note 10; Report, Annex 16.3.1. Elaboration: MSRA. |
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