Cementos Tequendama S.A.S.: Business Report Generated On 26 January 2020

EMIS
CityPoint, 1 Ropemaker Street

London, EC2Y 9HT, United Kingdom
www.emis.com
Business Report Generated on 26 January 2020
CEMENTOS TEQUENDAMA S.A.S.
EMISid: 1186133
CO-NIT: 830099238
Headquarters
Cra 11 No 75-19 Bogota D.C.; Bogota D.C; Colombia;
Map
Postal Code: 0803
Tel: +57-1-317-5351
Email: asistentedecompras@cetesa.com.co
Main Activities: All Other Nonmetallic Mineral Mining
Copyright © 2020 EMIS, all rights reserved. An ISI Emerging Markets Group Company.
EMIS Business Report, Generated on 2020-01-26
Table of Contents
Table of Contents 2
Company Tear Sheet 3
Contact Information 3
NAICS Industry Classification 3
Business description 3
EMIS Financial Score 3
Key Executives 3
Ownership Details 3
Key Financial Highlights 4
Similar companies 4
Financial Statements 6
Annual Statements 6
Ratios 10
News & Reports 13

News 13
EMIS Credit Analytics 14

Summary 14
EMIS Financial Score 14
EMIS Benchmark Score 16
EMIS Credit Quota 16
EMIS Credit Analytics Assumptions 18
Disclaimer 19
Copyright © 2020 EMIS, all rights reserved. An ISI Emerging Markets Group Company. Page 2 of 19
Company Tear Sheet - Contact Information

Full name: Cementos Tequendama S.A.S. Headquarters
Cra 11 No 75-19 Bogota D.C.; Bogota D.C; Colombia;
Status: Non-Listed Map

Postal Code: 0803
Legal Form: Other non-liability limited Tel: +57-1-317-5351
Operational Status: Operational Email: asistentedecompras@cetesa.com.co

EMISid: 1186133
CO-NIT: 830099238
Incorporation Date: February 22, 2002
Company Tear Sheet - NAICS Industry Classification
Main Activities: All Other Nonmetallic Mineral Mining

(212399)
Company Tear Sheet - Business description
Company Description
La produccion y distribucion de cementos.
Company Tear Sheet - EMIS Financial Score
EMIS Financial Score

EMIS Financial Score was affected by Conditions:
Negative Net Income

Negative Operating Profit
Negative Operating Cash Generation
Negative Net Operating Cashflow

Negative Cash Flow after Financial Costs
Company Tear Sheet - Key Executives
Cortes Benavides Fidel Armando Legal Representative
Tenorio Samuel Esteban Fiscal Inspector
Company Tear Sheet - Ownership Details
Gomez Reyes 18.32%

Sebastian
Gomez Reyes Javier 18.31%

Arturo
Gomez Reyes Ivan 18.31%

Felipe
Zarate Sanchez Gabriel 10.99%

Humberto
Zarate Gutierrez Eduardo 10.99%
Zarate Gutierrez Augusto 10.99%
Ingad Construcciones Sa 10.99%
Zarate Gutierrez Isabel Cristina 1.1%
Company Tear Sheet - Key Financial Highlights
FISCAL PERIOD Y-2015 INDIV. Y-2016 INDIV. Y-2017 INDIV. Y-2018 INDIV.
Total operating revenue 138,648,358 130,468,834 105,268,380 117,667,653
Net sales revenue 143,938,976 142,261,893 111,374,812 114,792,590
Gross profit 57,241,283 44,093,847 16,521,858 17,334,711
Gross Profit Margin 39.77% 30.99% 14.83% 15.10%
Operating profit (EBIT) 5,534,241 -4,588,348 -8,116,417 -28,872,410
Operating Profit Margin (ROS) 3.84% -3.23% -7.29% -25.15%
EBITDA N/A 14,324,127 9,470,832 -10,839,102
EBITDA Margin N/A 10.07% 8.50% -9.44%
Net Profit (Loss) for the Period -54,815,230 -41,453,573 -33,673,702 -66,356,371
Net Profit Margin -38.08% -29.14% -30.23% -57.81%
Total assets 507,549,797 503,567,501 513,628,059 548,028,239
Current assets 43,559,411 38,805,515 42,162,509 113,343,350
Total liabilities 286,794,484 295,424,103 333,269,677 213,014,147
Net Debt 188,538,066 198,035,504 217,020,606 139,000,177
Net cash flow from (used in)

N/A -16,172,571 -27,681,784 -98,026,930
operating activities
Superintendencia de Superintendencia de Superintendencia de Superintendencia de

Provider
Sociedades Sociedades Sociedades Sociedades
Note: data in COP Thousands.
Company Tear Sheet - Similar companies
All Other Nonmetallic Mineral Mining

TOTAL OPERATING NET PROFIT RETURN ON RETURN ON EARNING PRICE
FISCAL
COMPANY OPERATING PROFIT (LOSS) FOR THE ASSETS (ROA) EQUITY (ROE) PER REFERENCE
YEAR
REVENUE (EBIT) PERIOD (%) (%) SHARE DATE
Cementos Tequendama
117,667,653 -28,872,410 -66,356,371 -12.11 -19.81 2018
S.A.S.
San Martin Mineria

12,608,996 823,096 264,651 3.41 7.35 2018
Colombia S.A.S.
Talcos de Yarumal S.A.S. 5,244,508 198,663 31,649 1.49 -6.79 2018
Laura Victoria Gonzalez

4,170,040 0 282,274 20.19 44.06 2018
Rocha S.A.S.
Ocean Coal S A S 3,894,652 282,542 0 N/A N/A 2018
Industria De Minerales
2,123,387 0 66,461 1.77 2.64 2018
Nacionales S.A.S.
Minera las Brisas de

1,775,484 -3,138,793 11,475,433 29.71 71.75 2018
Colombia S.A.S.
Mineral S Discovery
1,207,653 118,924 115,758 7.20 16.85 2018
Limitada
Cooperativa Productores
Carbon Provincia 622,099 210,047 162,319 13.97 37.27 2018
Valderrama
Inversiones Gravimax S A S 176,738 13,027 0 N/A N/A 2017
Note: data in COP Thousands.
Financial Statements - Annual Statements - EMIS Global Template

Source:
REPORTING DETAILS
NAME 2014 2015 2016 2017 2018
Statement type Annual, Individual Annual, Individual Annual, Individual Annual, Individual Annual, Individual
Period end date 2014-12-31 2015-12-31 2016-12-31 2017-12-31 2018-12-31
Superintendencia de Superintendencia de Superintendencia de Superintendencia de Superintendencia de

Provider
Sociedades Sociedades Sociedades Sociedades Sociedades
Units Thousands COP Thousands COP Thousands COP Thousands COP Thousands COP
Income Statement
NAME 2014 2015 2016 2017 2018
Exchange rate used for currency

1.00 1.00 1.00 1.00 1.00
conversion (IFRS)
Total operating revenue 111,757,901.00 138,648,358.00 130,468,834.00 105,268,380.00 117,667,653.00
Net sales revenue 111,757,901.00 143,938,976.00 142,261,893.00 111,374,812.00 114,792,590.00
Cost of goods sold -102,909,451.00 -86,697,693.00 -98,168,046.00 -94,852,954.00 -97,457,879.00
Gross profit 8,848,450.00 57,241,283.00 44,093,847.00 16,521,858.00 17,334,711.00
Selling and distribution expenses -11,337,195.00 -4,088,314.00 -4,327,520.00 -3,511,344.00 -14,411,485.00
Administrative expenses -10,220,131.00 -28,743,228.00 -11,839,972.00 -12,087,342.00 -14,035,131.00
Net other operating result -18,875,500.00 -32,514,703.00 -9,039,589.00 -17,760,505.00
Other operating income -5,290,618.00 -11,793,059.00 -6,106,432.00 2,875,063.00
Other operating expenses -13,584,882.00 -20,721,644.00 -2,933,157.00 -20,635,568.00
Operating profit (EBIT) -12,708,876.00 5,534,241.00 -4,588,348.00 -8,116,417.00 -28,872,410.00
EBITDA 458,719.00 14,324,127.00 9,470,832.00 -10,839,102.00
Financial result -8,598,120.00 -31,156,276.00 -29,322,195.00 -34,049,914.00 -30,804,047.00
Finance income 1,105,570.00 1,824,058.00 14,947.00 2,077,402.00
Finance Expenses -8,598,120.00 -32,261,846.00 -31,146,253.00 -34,064,861.00 -32,881,449.00
Interest expense -8,598,120.00
Net - other non-operating result -6,835,093.00 0.00 0.00 0.00 0.00
Other income 1,838,012.00
Other expenses -8,673,105.00
Profit before income tax -28,142,089.00 -25,622,035.00 -33,910,543.00 -42,166,331.00 -59,676,457.00
Income tax -1,534,063.00 -29,193,195.00 -7,543,030.00 8,492,629.00 -6,679,914.00
Profit after income tax -29,676,152.00 -54,815,230.00 -41,453,573.00 -33,673,702.00 -66,356,371.00
Net Profit (Loss) for the Period -29,676,152.00 -54,815,230.00 -41,453,573.00 -33,673,702.00 -66,356,371.00
Balance Sheet
NAME 2014 2015 2016 2017 2018

1.00 1.00 1.00 1.00 1.00
conversion (IFRS)
Total assets 451,138,511.00 507,549,797.00 503,567,501.00 513,628,059.00 548,028,239.00
Non-current assets 417,056,232.00 463,990,386.00 464,761,986.00 471,465,550.00 434,684,889.00
Property, plant and equipment 207,506,152.00 391,247,196.00 387,431,555.00 375,919,119.00 345,291,247.00
Intangible assets and goodwill 24,732,382.00 0.00 0.00 0.00 0.00
Trademarks and licenses 1,373,412.00
Other intangible assets 23,358,970.00 0.00 0.00 0.00 0.00
Long-term financial assets 5,539,884.00 0.00 13,413,820.00 13,413,820.00 15,039,791.00
Investment properties 0.00 13,413,820.00 13,413,820.00 15,039,791.00
Deferred assets 127,586,853.00 66,033,150.00 59,215,451.00 76,931,451.00 71,075,701.00
Non-current deferred tax assets 66,033,150.00 59,215,451.00 76,931,451.00 71,075,701.00
Other non-current assets 51,690,961.00 6,710,040.00 4,701,160.00 5,201,160.00 3,278,150.00
Current assets 34,082,279.00 43,559,411.00 38,805,515.00 42,162,509.00 113,343,350.00
Inventories 15,103,801.00 15,327,309.00 13,837,109.00 12,104,729.00 16,751,818.00
Raw materials 3,015,721.00
Work in progress 5,629,233.00
Finished goods 1,611,390.00
Other inventories 4,847,457.00
Trade and other receivables 17,890,165.00 14,524,708.00 20,245,169.00 25,561,654.00 90,699,814.00
Current trade receivables 4,689,943.00 8,020,171.00 11,147,185.00 14,644,949.00 77,697,089.00
Other current receivables 3,348,283.00
Doubtful receivables 593,111.00
Tax receivables 9,258,828.00 6,504,537.00 9,097,984.00 10,916,705.00 13,002,725.00
Prepayments, accrued income and other

676,591.00
deferred current assets
Cash and Cash Equivalents 411,722.00 6,743,883.00 756,653.00 887,730.00 1,180,502.00
Cash at banks and on hand 411,722.00
Other current assets 6,963,511.00 3,966,584.00 3,608,396.00 4,711,216.00
Total equity and liabilities 451,138,511.00 507,549,797.00 503,567,501.00 513,628,059.00 548,028,239.00
Total equity 180,560,419.00 220,755,313.00 208,143,398.00 180,358,382.00 335,014,092.00
Equity attributable to owners of the parent 180,560,419.00 220,755,313.00 208,143,398.00 180,358,382.00 335,014,092.00
Issued capital 331,607,210.00 332,471,930.00 352,708,270.00 352,708,270.00 575,996,616.00
Share premium 35,289,928.00 35,289,928.00 35,289,928.00 35,289,928.00 35,289,928.00
Revaluation reserve -821,518.00
Retained earnings -207,530,010.00 -267,947,160.00 -309,272,670.00 -342,946,372.00 -411,885,579.00
Profit or loss for the period -29,676,152.00 0.00 0.00 0.00 0.00
Other components of equity 51,690,961.00 120,940,615.00 129,417,870.00 135,306,556.00 135,613,127.00
Total liabilities 270,578,092.00 286,794,484.00 295,424,103.00 333,269,677.00 213,014,147.00
Non-current liabilities 201,477,545.00 197,285,481.00 214,625,808.00 269,930,752.00 167,558,198.00
Non-current loans and borrowings 195,313,576.00 157,285,481.00 169,025,622.00 195,323,867.00 133,235,868.00
Other non-current payables 0.00 40,000,000.00 45,600,186.00 74,606,885.00 34,322,330.00
Deferred revenue, accrued expenses and

3,456,624.00 0.00 0.00 0.00 0.00
other deferred non-current liabilities
Other non-current liabilities 2,707,345.00 0.00 0.00 0.00 0.00
Current liabilities 69,100,547.00 89,509,003.00 80,798,295.00 63,338,925.00 45,455,949.00
Current loans and borrowings 15,032,844.00 37,996,468.00 29,766,535.00 22,584,469.00 6,944,811.00
Trade and other payables 38,110,699.00 42,197,189.00 42,370,789.00 32,268,817.00 28,348,074.00
Current trade payables 7,078,210.00 42,197,189.00 42,370,789.00 32,268,817.00 28,348,074.00
Other current payables 31,032,489.00
Provisions for other liabilities and charges 11,129,018.00 0.00 0.00 0.00 0.00
Other current liabilities 755,328.00 2,883,926.00 993,083.00 1,267,964.00 2,819,052.00
Current income tax liabilities 4,072,658.00 6,431,420.00 7,667,888.00 7,217,675.00 7,344,012.00
Cash Flow Statement
NAME 2014 2015 2016 2017 2018

1.00 1.00 1.00 1.00 1.00
conversion (IFRS)
Net cash flow from (used in) operating

6,098,509.00 0.00 -16,172,571.00 -27,681,784.00 -98,026,930.00
activities
Net profit -29,676,152.00 0.00 -41,453,573.00 -33,673,702.00 -66,356,371.00
Cash generated from operations 13,288,466.00 0.00 24,279,338.00 3,600,350.00 37,579,029.00
Adjustments for: Depreciation and

8,432,872.00 0.00 18,912,475.00 17,587,249.00 18,033,308.00
impairment of property, plant and equipment
Adjustments for: Amortization of intangible

4,734,723.00
assets
Adjustments for: Other adjustments 0.00 5,366,863.00 -13,986,899.00 19,545,721.00
Changes in: Inventories 0.00 1,490,201.00 1,732,380.00 -4,647,089.00
Changes in: Trade and other receivables 0.00 -3,127,014.00 -3,497,764.00 -63,052,140.00
Changes in: Trade and other payables 0.00 2,638,477.00 4,156,952.00 -2,370,549.00
Changes in: Other changes 120,871.00 0.00 0.00 0.00 0.00
Income tax paid 1,534,063.00 0.00 0.00 0.00 0.00
Other operating activity cash flows 20,952,132.00 0.00 0.00 0.00 820,190.00
Net cash flow from (used in) investing activities 0.00 0.00 -19,161,393.00 -6,184,161.00 -6,956,430.00
Purchase of property, plant and equipment -46,456,021.00 0.00 -19,161,393.00 -6,184,161.00 -6,956,430.00
Purchase of intangible assets -10,034,884.00 0.00 0.00 0.00 0.00
Purchase of investment properties -63,543,515.00
Net cash flow from (used in) financing activities 54,272,849.00 0.00 29,346,734.00 33,997,022.00 105,276,132.00
Proceeds from issuance of ordinary shares 0.00 0.00 20,236,340.00 0.00 53,642,260.00
Proceeds from issuance of other equity

9,385,420.00 0.00 0.00 0.00 0.00
instruments
Proceeds from borrowings 142,991,895.00 0.00 34,656,458.00 52,921,427.00 0.00
Payments of finance lease liabilities -97,180,570.00 0.00 0.00 0.00 -88,738,851.00
Interest paid 0.00 -31,146,253.00 -33,805,251.00 -29,273,363.00
Dividends paid -923,896.00 0.00 0.00 0.00 0.00
Other financing activity cash flow 0.00 0.00 5,600,189.00 14,880,846.00 169,646,086.00
Net increase (decrease) in cash and cash

354,148.00 0.00 -5,987,230.00 131,077.00 292,772.00
equivalents
Cash at the beginning of the period 57,574.00 0.00 6,743,883.00 756,653.00 887,730.00
Cash at the end of the period 411,722.00 0.00 756,653.00 887,730.00 1,180,502.00
Free cash flow -50,392,396.00
Capital Expenditure (CapEx) 56,490,905.00 0.00 -19,161,393.00 -6,184,161.00 -6,956,430.00
OTHER INFORMATION
NAME 2014 2015 2016 2017 2018
Begin date of reporting period 2014-01-01 2015-01-01 2016-01-01 2017-01-01 2018-01-01
Period end date 2014-12-31 2015-12-31 2016-12-31 2017-12-31 2018-12-31
Original units as reported COP Thousands COP Thousands COP Thousands COP Thousands COP Thousands
Supersociedades - Supersociedades - Supersociedades - Supersociedades -

Source Supersociedades
IFRS IFRS IFRS IFRS
Financial Statements - Ratios

Source:
REPORTING DETAILS
NAME 2014 2015 2016 2017 2018
Period end date 2014-12-31 2015-12-31 2016-12-31 2017-12-31 2018-12-31
Superintendencia de Superintendencia de Superintendencia de Superintendencia de Superintendencia de

Provider
Sociedades Sociedades Sociedades Sociedades Sociedades
Units Thousands COP Thousands COP Thousands COP Thousands COP Thousands COP
Ratios
NAME 2014 2015 2016 2017 2018

1.00 1.00 1.00 1.00 1.00
conversion (IFRS)
Profitability
Return on Assets (ROA) -6.58% -10.80% -8.23% -6.56% -12.11%
Annualised Return on Assets (ROA) -6.58% -10.80% -8.23% -6.56% -12.11%
Return on Equity (ROE) -16.44% -24.83% -19.92% -18.67% -19.81%
Annualised Return on Equity (ROE) -16.44% -24.83% -19.92% -18.67% -19.81%
Return on Capital Employed -3.33% 1.32% -1.09% -1.80% -5.74%
Net Profit Margin -26.55% -38.08% -29.14% -30.23% -57.81%
Gross Profit Margin 7.92% 39.77% 30.99% 14.83% 15.10%
Operating Profit Margin (ROS) -11.37% 3.84% -3.23% -7.29% -25.15%
EBITDA Margin 0.41% 10.07% 8.50% -9.44%
Operating ROA -2.82% 1.09% -0.91% -1.58% -5.27%
Efficiency
Inventory Turnover 6.81x 5.66x 7.09x 7.84x 5.82x
Trade Receivable Turnover 23.83x 17.95x 12.76x 7.61x 1.48x
Current Asset Turnover 3.28x 3.30x 3.67x 2.64x 1.01x
Non-current Asset Turnover 0.27x 0.31x 0.31x 0.24x 0.26x
Total Asset Turnover 0.25x 0.28x 0.28x 0.22x 0.21x
Trade Payables Turnover 14.25x 2.42x 2.28x 2.89x 3.60x
Working Capital Turnover -3.19x -3.13x -3.39x -5.26x 1.69x
Export Proportion 0.00% 0.00% 0.00% 0.00% 0.00%
Valuation Figures
BookValue (BV) 155,828,037.00 220,755,313.00 208,143,398.00 180,358,382.00 335,014,092.00
Net Cash -270,166,370.00 -280,050,601.00 -294,667,450.00 -332,381,947.00 -211,833,645.00
Debt 210,346,420.00 195,281,949.00 198,792,157.00 217,908,336.00 140,180,679.00
Long term Debt 195,313,576.00 157,285,481.00 169,025,622.00 195,323,867.00 133,235,868.00
Short Term Debt 15,032,844.00 37,996,468.00 29,766,535.00 22,584,469.00 6,944,811.00
Net Debt 209,934,698.00 188,538,066.00 198,035,504.00 217,020,606.00 139,000,177.00
Working Capital -35,018,268.00 -45,949,592.00 -41,992,780.00 -21,176,416.00 67,887,401.00
Capital Employed 382,037,964.00 418,040,794.00 422,769,206.00 450,289,134.00 502,572,290.00
Liquidity
Current Ratio 0.49x 0.49x 0.48x 0.67x 2.49x
Quick Ratio 0.27x 0.32x 0.31x 0.47x 2.12x
Doom's Day Ratio 0.01x 0.08x 0.01x 0.01x 0.03x
Cash Ratio 0.01x 0.08x 0.01x 0.01x 0.03x
Operating Cash Flow Ratio 0.09x 0.00x -0.20x -0.44x -2.16x
Leverage
Debt to Total Assets Ratio 46.63% 38.48% 39.48% 42.43% 25.58%
Debt to Equity Ratio 116.50% 88.46% 95.51% 120.82% 41.84%
Long Term Debt to Capital Employed 51.12% 37.62% 39.98% 43.38% 26.51%
Debt to EBITDA 458.55x 35.29x 13.88x 23.01x -12.93x
Net Cash Flow to Debt 0.17% 0.00% -3.01% 0.06% 0.21%
Assets to Equity Ratio 249.85% 229.92% 241.93% 284.78% 163.58%
Growth Trend
Net Sales Revenue Trend 20.65% -1.17% -21.71% 3.07%
Total Operating Revenue Trend 20.65% -5.90% -19.32% 11.78%
Gross Profit Trend 578.99% -22.97% -62.53% 4.92%
EBITDA Trend -31.33% 158.83% -33.88% -214.45%
Operating Profit Trend -29.21% -182.91% 76.89% 255.73%
Net Profit Trend -12.00% -24.38% -18.77% 97.06%
Accounts Receivables Trend 72.42% 38.99% 31.38% 430.54%
Inventory Trend -11.93% -9.72% -12.52% 38.39%
Net Property, Plant and Equipment (PP&E)

25.41% -0.98% -2.97% -8.15%
Trend
Total Assets Trend 9.58% -0.78% 2.00% 6.70%
Bookvalue Trend -11.79% -5.71% -13.35% 85.75%
Shareholders' Equity Trend -10.87% -5.71% -13.35% 85.75%
Operating Cash Flow Trend -220.92% 71.17% 254.12%
Capital Expenditures Trend -23.17% -67.73% 12.49%
Coverage Ratios
Interest Coverage Ratio -1.48x
Operating Cash Flow to Debt 0.03x 0.00x -0.08x -0.13x -0.70x
Performance
Operating Cash Flow to Revenue 5.46% 0.00% -11.37% -24.85% -85.39%
Operating Cash Flow to Assets 1.35% 0.00% -3.21% -5.39% -17.89%
Operating Cash Flow to Equity 3.38% 0.00% -7.77% -15.35% -29.26%
Operating Cash Flow to EBIT -47.99% 0.00% 352.47% 341.06% 339.52%
Common-size Ratios
Cash to Total Assets 0.09% 1.33% 0.15% 0.17% 0.22%
Trade Receivables to Total Assets 1.04% 1.58% 2.21% 2.85% 14.18%
Inventories to Total Assets 3.35% 3.02% 2.75% 2.36% 3.06%
Fixed Assets to Total Assets 46.00% 77.09% 76.94% 73.19% 63.01%
Current Liabilities to Total Liabilities 25.54% 31.21% 27.35% 19.01% 21.34%
Salaries and Employee Benefits to Net sales 0.00% 0.00% 0.00% 0.00% 0.00%
Administrative Expenses to Net Sales 9.14% 19.97% 8.32% 10.85% 12.23%
Depreciation and Amortization to Net sales 0.00% 0.00% 0.00% 0.00% 0.00%
Interest paid to Net sales 7.69% 0.00% 0.00% 0.00% 0.00%
Income tax to Net sales 1.37% 20.28% 5.30% -7.63% 5.82%
Operating Cash Flow to Total Cash Flow 1,722.02% 270.12% -21,118.72% -33,482.34%
Investing Cash Flow to Total Cash Flow 0.00% 320.04% -4,717.96% -2,376.06%
Financing Cash Flow to Total Cash Flow 15,324.91% -490.16% 25,936.68% 35,958.40%
OTHER INFORMATION
NAME 2014 2015 2016 2017 2018
all ratios calculated by emis
Begin date of reporting period 2014-01-01 2015-01-01 2016-01-01 2017-01-01 2018-01-01
Period end date 2014-12-31 2015-12-31 2016-12-31 2017-12-31 2018-12-31
Original units as reported COP Thousands COP Thousands COP Thousands COP Thousands COP Thousands
Supersociedades - Supersociedades - Supersociedades - Supersociedades -

Source Supersociedades
IFRS IFRS IFRS IFRS
News & Reports - News
November 05,
2019 Colombia: Cement industry has installed capacity of 20.60mn tonnes per year M-Brain - News
Monitoring
La Republica, 05 Nov 2019, online:- The Colombian Association of Concrete Producers (Asocreto), has revealed that the industry has an installed
capacity for producing 20.60mn tonnes of cement per year. The director of Asocreto, Manuel Lascarro, adds that the volume of cement dispatches
could grow by between 3% and 6% in 2020.
October 17,
2017 Colombia: SIC investigation unveils cement cartel SABI - Business
News
The regulatory body Superintendencia de Industria y Comercio believes there are enough evidences to point cartel practices incurred by the cement
companies Argos, Cemex, Holcim from 2010 to 2012.
March 03,
2016 Colombia: Residents protest against Cementos Tequendama in Boyaca M-Brain - News
Monitoring
Radio Caracol, 02 Mar 2016, online:- Residents of Gachantiva municipality, in the Colombian department of Boyaca, organised a pacific
demonstration on 3 March 2016 against cement company Cementos Tequendama.
October 16,
2015 Colombia: Camacol and Cementos Tequendama launch Obras Escuela M-Brain - News
Monitoring
La Republica, 15 Oct 2015, Online:- Colombian Chamber of Construction (Camacol) and cement company Cementos Tequendama have launched
the free Obras Escuela adult literacy program for those that work in the construction sector.
March 28,
2015 Colombia: Tequendama boss believes the seeds have been sown SABI - Business
News
Fidel Armando Cortes Benavides, president of Cementos Tequendama , says that investment of US$60mil over the last two years in a modern
furnace and several production lines will enable the Colombian firm to take advantage of work opportunities stemming from 4G concessions.
March 25,
2015 Cementos Tequendama installs new equipment M-Brain - News
Monitoring
Colombian cement company Cementos Tequendama completed the installation of a new clinker furnace at its plant in Suesca in November 2014.
The new equipment required an investment of around USD 60mn (EUR 55.03mn) and was carried out over a two-year period.
January 08,
2015 Colombia: Protests held in Boyaca against cement companies M-Brain - News
Monitoring
Caracol Radio, 08 Jan 2015, online:- Demonstrations have been held in Boyaca (Colombia) by population from Firavitoba and Tibasosa in order to
protest against the operations of cement manufacturers Cementos del Oriente , Cementos Tequendama , Holcim and Argos .
August 29,
2009 Colombia: New players joining cement sector SABI - Business
News
The Colombian cement sector is set to gain three new, local contenders keen on battling with the multinationals Argos, Cemex and Holcim. The trio is
made up of Cementos San Marcos, featuring Gustavo and Ricardo Cobo Lloreda; Siderurgica de Occidente (Sidoc, also owner of a quarter of the
San Marcos project); and CSS, owned by the brothers Luis Hector and Carlos Alberto Solarte, also the owners of Peso$66bil in Ecopetrol shares.
more »
EMIS Credit Analytics - Summary

Fiscal year: 2018 Industry:
Companies in Industries: 87 Cemento y Concreto

Negative Net Income

EMIS Benchmark Score EMIS Trend Score EMIS Credit Quota
C Average risk C Average risk

4,065.38
This company is scored higher than Millions (COP)
P&L D
50.25
only 50.25% of companies in the
industry, which equates to C -
Average risk on the Business Scale. Balance Sheet B Expected Participation
in Customer's Credit 15%
Cash Flow D
Average Ranking: 44 in 87 companies Remarks: Remarks:
RELATIVE RELATIVE EMIS Trend Score is calculated based on the 2 Credit Quota Recommended was calculated based
latest annual company financial statements on the industry average, customer type
STRENGTHS WEAKNESSES (customized) and Financial Score.
Sales Net Income / Sales
Sales Growth
EMIS Credit Analytics - EMIS Financial Score


Negative Net Income


Criteria Weight Score Final Score
I. EMIS Benchmark Score 50% 2.65 C Average risk
SIZE RANKING SCORE GROWTH RANKING SCORE
Sales 10 89.66 Net Sales Growth Rate % 32 64.37
Assets 8 91.95 Inc. / Dec. in Assets 28 68.97
Profit 87 1.15 Inc. / Dec.in Net Income 73 17.24
Total Shareholders' Equity 6 94.25 Increase (Decrease) in Equity 3 97.70
Average Size 28 69.25 Average Growth 34 62.07
PROFITABILITY RANKING SCORE INDEBTEDNESS RANKING SCORE
Net Income / Net Sales 76 13.79 Indebtedness 36 59.77
Return On Assets 78 11.49 Leverage 40 55.17
Net Income / Net Worth 74 16.09 Total Liabilities / Sales 69 21.84
Average Profitability 76 13.79 Average Indebtedness 48 45.59
EMIS Benchmark Score 50.25
II. EMIS Trend Score 50% 2.36 C Average risk
Scoring Range: 1 - Improves, 2 - Maintains (According to the tolerance margin), 3 - Deteriorate
100%
P&L 2018 TOTAL Negative Net Income(Loss)

Sales Growth 2 2
Operating Profit / Sales 3 3
Net Income / Sales 3 3
Total P&L 2.67 2.67
D High Risk
BALANCE 2018 TOTAL
Days Receivables 3 3
Days Inventory 3 3
Current Ratio 1 1
Indebtness (Total Assets/Total Liabilities) 1 1
Total Liabilities / Sales 1 1
Total Balance 1.91 1.91
B Low Risk
CASH FLOW 2018 TOTAL
Cash from Sales 3 3
Cash for Production 2 2

Cash for Operation 3 3 Negative Cash FlowNegative Cash Flow after Financial
Costs
Net Operation Cash Generation (NOCG) 3 3
Free Cash Flow 3 3
Cash Flow After Financial Expenses 3 3
Cash Flow After Financial 3 3
Reduction in Debt 2 2
Total Cash Flow 2.80 2.80
D High Risk
III. EMIS Financial Score 100% 2.65 C Average risk
Business Scale
E D C B A
A - Very Low Risk

B - Low Risk
C - Average risk
D - High Risk
E - Very High Risk
EMIS Credit Analytics - EMIS Benchmark Score

EMIS Benchmark Score

(Against Industry)
50.25
SIZE RANKING SCORE GROWTH RANKING SCORE
Sales 10 89.66 Net Sales Growth Rate % 32 64.37
Assets 8 91.95 Inc. / Dec. in Assets 28 68.97
Profit 87 1.15 Inc. / Dec.in Net Income 73 17.24
Total Shareholders' Equity 6 94.25 Increase (Decrease) in Equity 3 97.70
Average Size 28 69.25 Average Growth 34 62.07
PROFITABILITY RANKING SCORE INDEBTEDNESS RANKING SCORE
Net Income / Net Sales 76 13.79 Indebtedness 36 59.77
Return On Assets 78 11.49 Leverage 40 55.17
Net Income / Net Worth 74 16.09 Total Liabilities / Sales 69 21.84
Average Profitability 76 13.79 Average Indebtedness 48 45.59
Average Ranking 44
EMIS Credit Analytics - EMIS Credit Quota

Key parameters affecting quota value
EMIS Credit Quota 4,065.38 Participation in credit Financial Score
(Score adjusted) Millions (COP)
15% C
COMPANY INDICATORS VALUE INDUSTRY MULTIPLIERS % MAX CALCULATED CREDIT
Assets 548,028.24 Suppliers / Assets 7.70% 42,186.78
Net Worth 335,014.09 Suppliers / Net worth 14.73% 42,522.11
Tangible Net Worth 335,014.09 Suppliers / Tangible Net Worth 17.47% 42,522.11
Net Sales 114,792.59 Suppliers / Net Sales 20.99% 24,094.67
Cost of Goods Sold 97,457.88 Suppliers / Cost of Goods Sold 27.96% 27,248.73
Operating Profit -28,872.41 Suppliers / Operating Profit 157.94% 0.00
Net Profit -66,356.37 Suppliers / Net Profit 383.19% 0.00
SUPPLIERS 28,348.07
Net Sales 114,792.59 Financial Liabilities / Net Sales 66.88% 42,522.11
Assets 548,028.24 Financial Liablities / Assets 24.53% 42,522.11
FINANCIAL LIABILITIES 140,180.68
Operating Cycle 305.54 Operating Cycle 12,693.52% 34,363.43
Suppliers Turnover 104.72 Suppliers Turnover 10,065.42% 27,248.73
AVERAGE CREDIT BASED ON INDUSTRY: 36,136.75
Source: EMIS Company

Database
Credit Quota Calculation:
AVERAGE CREDIT
(BASED ON INDUSTRY)
36,136.75 CALCULATED CREDIT
MILLIONS (COP) (AVERAGE X PARTICIPATION)
X = 5,420.51
EXPECTED PARTICIPATION MILLIONS (COP)
CREDIT QUOTA
(IN CUSTOMER'S CREDIT)
(ADJUSTED BY SCORE)
15% =
X 4,065.38
MILLIONS (COP)
FINANCIAL SCORE QUOTA ADJUSTMENTS
= 0.75
C
Score Multipliers:
QUOTA ADJUSTMENTS ACCORDING TO THE FINAL SCORE FINANCIAL SCALE MULTIPLIERS
Expanded Quota A 2
Normal Quota B 1
C 0.75
Reduced Quota
D 0.5
No Quota E 0
EMIS Credit Analytics - EMIS Credit Analytics Assumptions
Score Scale Risk Profile
Business Scale Medium Risk

Business Model has 5 risk categories: Medium Risk – for companies with standard risk.
A - Very Low Risk

B - Low Risk
C - Average risk
D - High Risk
E - Very High Risk
Vertical Weighting Financial Conditions
P&l % Conditions Score
Sales Growth 12 Negative Net Income(Loss) C
Operating Profit 12 Negative Operating Profit C
Net Profit 12 Negative Net Worth E
Sub total 36 Negative Operating Cash Generation C
Negative Cash Flow C

Balance
Negative Cash Flow after Financial Costs C
Days Receivables 10
Days Inventory 10
Final Weighting
Current Ratio 8
Indebtness 8
EMIS Benchmark Score 50%
Indebtedness/sales 8
EMIS Trend Score 50%
Balance Sub Total 44
Cash Flow
Cash From Sales 2
Cash For Production 2
Cash For Operations 2
Operating Cash Generation 5
Free Cash Flow 3
Cash Flow After Fin Ex 2
Cash Flow After Fin Result 2
Reduction In Debt 2
Cash Flow Sub Total 20
Total Vertical Weights 100%
Tolerance Margin 5%
Disclaimer
Whilst EMIS attempts at all times to ensure the accuracy and reliability of the information it provides, due to the vast quantity of processed data and the fact that some of the
third-party data cannot always be verified including information provided directly by the subject of the enquiry, EMIS does not guarantee the correctness or the effective
delivery of the information and shall not be held responsible for any errors or omissions therein.
The content and recommendations shall only be used as a reference in business decisions of EMIS clients and shall not be used for any other purposes. EMIS and its
affiliates shall not be held liable for any loss of the clients arising out of its own business decisions whether or not the making of such decision has been referred to this
content/recommendation.

Cementos Tequendama S.A.S.: Business Report Generated On 26 January 2020

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Cementos Tequendama S.A.S.: Business Report Generated On 26 January 2020

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EMIS

CityPoint, 1 Ropemaker Street

Business Report Generated on 26 January 2020

CEMENTOS TEQUENDAMA S.A.S.

Main Activities: All Other Nonmetallic Mineral Mining

NAICS Industry Classification 3

EMIS Financial Score 3

Key Financial Highlights 4

News & Reports 13

EMIS Credit Analytics 14

EMIS Financial Score 14

EMIS Benchmark Score 16

EMIS Credit Quota 16

EMIS Credit Analytics Assumptions 18

Company Tear Sheet - Contact Information

Status: Non-Listed Map

Operational Status: Operational Email: asistentedecompras@cetesa.com.co

Incorporation Date: February 22, 2002

Company Tear Sheet - NAICS Industry Classification

Main Activities: All Other Nonmetallic Mineral Mining

Company Tear Sheet - Business description

Company Tear Sheet - EMIS Financial Score

EMIS Financial Score

Negative Net Income

Negative Operating Cash Generation

Negative Net Operating Cashflow

Company Tear Sheet - Key Executives

Cortes Benavides Fidel Armando Legal Representative

Tenorio Samuel Esteban Fiscal Inspector

Company Tear Sheet - Ownership Details

Gomez Reyes 18.32%

Gomez Reyes Javier 18.31%

Gomez Reyes Ivan 18.31%

Zarate Sanchez Gabriel 10.99%

Zarate Gutierrez Eduardo 10.99%

Zarate Gutierrez Augusto 10.99%

Ingad Construcciones Sa 10.99%

Zarate Gutierrez Isabel Cristina 1.1%

Company Tear Sheet - Key Financial Highlights

Total operating revenue 138,648,358 130,468,834 105,268,380 117,667,653

Net sales revenue 143,938,976 142,261,893 111,374,812 114,792,590

Gross profit 57,241,283 44,093,847 16,521,858 17,334,711

Gross Profit Margin 39.77% 30.99% 14.83% 15.10%

Operating profit (EBIT) 5,534,241 -4,588,348 -8,116,417 -28,872,410

Operating Profit Margin (ROS) 3.84% -3.23% -7.29% -25.15%

EBITDA N/A 14,324,127 9,470,832 -10,839,102

EBITDA Margin N/A 10.07% 8.50% -9.44%

Net Profit Margin -38.08% -29.14% -30.23% -57.81%

Total assets 507,549,797 503,567,501 513,628,059 548,028,239

Current assets 43,559,411 38,805,515 42,162,509 113,343,350

Total liabilities 286,794,484 295,424,103 333,269,677 213,014,147

Net Debt 188,538,066 198,035,504 217,020,606 139,000,177

Net cash flow from (used in)

Superintendencia de Superintendencia de Superintendencia de Superintendencia de

Note: data in COP Thousands.

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Inversiones Gravimax S A S 176,738 13,027 0 N/A N/A 2017