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Annual Repor T 2018 2018 ANNUAL REPORT ANNUAL 1 CONTENTCONTENT EXIT 2018 Development ANNUAL REPORT 2018 REPORT REPORT ANNUAL Our products and services are part of the most important 2 and emblematic infrastructure works in Peru. CONTENTCONTENT Construction of Armendáriz Viaduct in Costa Verde - Miraflores, Lima EXIT VISION 2018 Leaders of the Peruvian steel market, ranked among the most profitable in ANNUAL REPORT 2018 REPORT REPORT ANNUAL the region with an active presence in the international market. 3 MISSION Offer steel solutions to our clients, through innovation, continuous improvement and human development, contributing to the growth of the country and increasing the value for our shareholders. CONTENTCONTENT EXIT STATEMENT 2018 ANNUAL REPORT ANNUAL This document contains true and sufficient information about the operations of Corporacion Aceros Arequipa S.A. in ANNUAL REPORT 2018. Without prejudice to the responsibility of the issuer, the signees are responsible for its content in accordance with the applicable legal provisions. 4 Ricardo Cillóniz Champín Tulio Silgado Consiglieri Ricardo Guzman Valenzuela Diego Hernández Siguas Chairman CEO CFO & IRO General Accountant CONTENTCONTENT February 2019 EXIT Content 2018 ANNUAL REPORT ANNUAL 1 2 3 4 5 PRESENTATION GOOD FINANCIAL – CORPORATE ANNEXES PRACTICES ECONOMIC AND PROFILE 5 ADMINISTRATIVE ASPECTS Dear Shareholders Quality Management Economic Aspects General Data Financial Statements Our Locations Environment Financial Aspects Board of Directors Report on compliance with Good Corporate Governance Expansion without Borders Social Responsibility Own Shares Senior Management Corporate Sustainability Report Subsidiaries and Affiliates Internal Control System New Steel Mill Supplemental Information Description of the Sector Business Ethics Management Application of Results of the Fis- cal Year Industrial Process Audit and Risk Committee Available Assets for Sale Appointments, Remuneration CONTENT and Human Resources Commi- Third Program of Debt Securities ttee Judicial, Administrative or Arbitra- tion Proceedings Perspectives EXIT Chapter 1 2018 ANNUAL REPORT ANNUAL ANNUAL REPORT 2018 REPORT ANNUAL 6 CONTENTCONTENT Presentation EXIT Letter to our shareholders 2018 In compliance with the provisions of the Republic. And, at economic level, the country 48,942 million, a figure that represented 8.1% Bylaws, the Board of Directors submits the was driven by a new cycle of mining investment growth compared to the same periodo of 2017. separate financial statements of Corporación and growth of the exporting agricultural sector. As a consequence, the trade balance registered a Aceros Arequipa S.A. (the “Company”) for Consequently, sectors such as construction and surplus of US$ 7,049 million. ANNUAL REPORT ANNUAL their consideration, comprising the statement non-primary manufacture became more dynamic. of financial position and the statements of Thus, Peruvian formal employment recovered The Sol depreciated with respect to the American comprehensive income, changes in shareholders’ and grew at its highest rate since 2015. However, dollar by 4.3%, being the exchange rate at the equity and cash flows in accordance with these improvements were not felt homogeneously fiscal year end of S/ 3.38. The accumulated International Financial Reporting Standards (IFRS) in the population. Considering the current fiscal inflation in 2018, measured by the variation of 7 for fiscal year 2018, duly audited by our External year, the country accumulated 20 consecutive the Consumer Price Index of Metropolitan Lima, Auditors, Paredes, Burga & Asociados S. Civil de years of growth. was 2.2%, figure within the target range of 2% R.L., representatives of EY International. established by the Central Reserve Bank of Peru. In 2018, the local cement dispatch grew 3.2% In 2018, the Peruvian economy recovered with a and the estimated public investment would The apparent steel market reached 3,140,000 MT growth rate of 4.0%. The recovery of the economy reach 7.5%, compared to 2017. Regarding in 2018, a figure 4.7% higher than that recorded took place in a not very favorable international mining investment, it should be noted that three in the previous year. This time, imports from third context, with the beginning of the moderation megaprojects (Quellaveco, Mina Justa and the parties represented 54% of the apparent market. of the global growth that was aggravated by Toromocho expansion) began preliminary works commercial conflicts among the most important during the second half of the year. Finally, we would like to express our gratitude to economies of the world. Considering the political all the Company’s personnel for their efforts and internal context, Peru experienced a governability Imports from Peru during 2018 totaled US$ 41,893 collaboration throughout fiscal year 2018. CONTENT crisis that led to the resignation of President million, 8.2% higher than those of the previous Kuczynski to his position as President of the year; exports in the same period totaled US$ EXIT Our 2018 Locations 2018 Iquitos Office ANNUAL REPORT ANNUAL ANNUAL ANNUAL REPORT Bolivia Trujillo Warehouse Warehouse Office 8 Lima Warehouses Headquarters Pisco Warehouse Plant Arequipa CONTENTCONTENT Warehouse Office EXITEXIT United States Expansion 2018 without Borders Our products ANNUAL REPORT 2018 REPORT REPORT ANNUAL comply with Puerto Rico international quality standards. Panama 9 Colombia Ecuador Peru Brazil Bolivia CONTENTCONTENT Argentina EXIT Subsidiaries and Affiliates 2018 Corporación Aceros Arequipa S.A. ANNUAL REPORT ANNUAL ANNUAL REPORT 2018 REPORT ANNUAL 100.00% 33.65% 33.65% 99.90% 99.00% 99.90% 99.92% 10.00% 10 INMOBILARIA INMOBILARIA ACEROS ACEROS DEL TECNOLOGÍA CAJAMARQUILLA ARGENTINA AREQUIPA ALTIPLANO Y SOLUCIONES IQUITOS CONSTRUCTIVAS CONTENTCONTENT EXIT Subsidiaries and Affiliates 2018 COMERCIAL DEL ACERO S.A. (COMASA) ANNUAL REPORT ANNUAL In September 2018, the Company acquired 66.35% of Comasa for S/ 84.6 million. With the acquisition, the Company increased its share, obtaining 100% ownership stake. The acquisition was financed with the Company’s cash reserves. As a result of the operation, the Company increased its market share of flat Steel products and entered into the beam market. 11 TECNOLOGÍA Y SOLUCIONES CONSTRUCTIVAS S.A.C. (TSC INNOVATION) In November 2018, the Company incorporated a new subsidiary focused on value-added services for construction, providing detail engineering services and Virtual Design and Construction and BIM (Building Information Modeling). CORPORACIÓN ACEROS DEL ALTIPLANO S.R.L. In 2016, the Company incorporated a new subsidiary in Bolivia (Santa Cruz) to optimize customer service and to CONTENT increase market share. EXIT CORPORACIÓN COMPAÑÍA ELÉCTRICA EL ACEROS AREQUIPA PLATANAL S.A. (CELEPSA) DE IQUITOS S.A.C. 2018 The Company has a 10% share in CELEPSA, a It was incorporated in 2016 in Iquitos company that operates the 222 MW El Platanal with the purpose of increasing the hydroelectric power plant in the Cañete river basin. ANNUAL REPORT ANNUAL market share of the Company’s In 2018, Celepsa represented 2.2% of the national products in its area of influence. production of the National Electric Power Grid (SEIN), and a 4% share at the level of hydroelectric generation. 12 Celepsa has two subsidiaries: (i) Celepsa Renovables S.R.L. (ex Hidro Marañón SRL), a company that operates the 19.92 MW Marañón Hydroelectric TRANSPORTES Power Plant in the Marañón river basin in Huánuco, BARCINO S.A. and which studies and develops new generators of renewable energy resources; and, (ii) Ambiental A company with several years Andina S.A., which provides meteorology and of experience in the field of hydrology services, in which Celepsa has a 50% cargo transport services, share. mainly providing services to the Company. Celepsa is also the promoter of the first private non- CONTENT profit organization, recognized by SERNANP (National Service of Natural Areas protected by the State), for the conservation of a protected natural area. EXIT 2018 Digital Transformation in ANNUAL REPORT 2018 REPORT REPORT ANNUAL Construction Projects. 13 CONTENTCONTENT EXIT Virtual Design and Construction 2018 Engineering Service with ANNUAL REPORT 2018 REPORT REPORT ANNUAL BIM Technology. 14 Arturo Merino Benítez Airport, Chile CONTENTCONTENT EXIT MEMORIA INTEGRAL 2018 15 Description of the Sector 2018 Corporación Aceros Arequipa S.A. and Empresa During 2018, consumption of long products in the Siderúrgica del Perú S.A. - Siderperú, are the only domestic market showed a growth of 4.0% over the ANNUAL REPORT ANNUAL steel producing companies in the country. Both previous year and in the case of flat and tubular companies, together with independent importers, products, this figure dropped by 6.2%. supply the domestic market with long products such as construction o rebars, merchant bars, as well as flat products such as coils, sheets, pipes and 15 galvanized corrugated sheets. With respect to world steel production, its increase was estimated in 4.6%, reaching 1,809 million MT. A significant recovery in international prices of long and flat products was observed during the current fiscal year. In the case of construction bars, the In 2018, consumption average FOB Turkey export price in 2018 was 13% of long products in the above the average price in 2017. On the other domestic market grew 4% hand, the average FOB China export price of hot- compared to 2017. rolled coil in 2018 was 12% above the average CONTENT price in 2017. EXIT Industrial
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