Loma Negra, (NYSE: LOMA) ( BYMA: LOMA), (“Loma Negra” or
the “Company”), the leading cement producer in Argentina, today
announced results for the three month period ended March 31, 2020
(our “1Q20”).
The Company is reporting results of its subsidiaries by applying
International Accounting Standards 29 – IAS 29 (Financial Reporting
in Hyperinflationary Economies) (“IAS 29”).
1Q20 Key Highlights
- Net revenue decreased 29.6% YoY to Ps.7,765 million (US$122
million), mainly reflecting lower economic activity and the impact
of the Covid-19 pandemic
- Consolidated Adjusted EBITDA down 17.9% YoY to Ps.2,602 million
(US$42 million)
- Consolidated Adjusted EBITDA margin expanded by 479 basis
points YoY from 28.7% to 33.5%, mainly explained by margin
expansion of high margin cement segments
- Net Debt /LTM Adjusted EBITDA ratio of 1.26x from 0.89x in
1Q19, and 0.86x in FY19
The company has presented certain financial figures Table 1b and
Table 11 below in U.S. dollars and Pesos without giving effect to
IAS 29. The company has prepared all other financial information
herein by applying IAS 291.
Commenting on the financial and operating performance for the
first quarter of 2020, Sergio Faifman, Loma Negra’s Chief Executive
Officer, noted: “In this unprecedented Covid-19 situation, we
are proud of the resilience and ingenuity showed by our people to
avoid the obstacles faced and to keep on contributing running the
business.
2020 started with some headwinds, particularly related with the
fragile macro-economic situation of the country and a rampant
recession. By the end of the quarter the Corona Virus pandemic
outbroke, bringing additional challenges to the already adverse
background.
In this context, Cement demand in Argentina in the First quarter
contracted around 29% YoY. Our top line for the quarter decreased
also around 30% year-on-year to 7.8 billion pesos, and our adjusted
EBITDA declined by 17.9%, still we were able to expand margins by
479 basis points to 33.5%, mainly reflecting rigorous focus in cost
control and our commitment to maintaining a high productivity and
healthy profitability levels. Our core Argentine cement business
remained the principal factor behind these margin expansion.
As we announced, on March 20, and in compliance with the
government declaration of a wide-ranging lockdown, we temporarily
suspended our production facilities and the L´Amalí Expansion
project. During this situation, we have intensified our efforts to
securing working capital needs, tightening fixed cost structure,
and reformulating our capital expenditure priorities.
After the first week of April we resume production and
dispatches of cement, with the adoption of new sanitation
protocols. As of today, and after governmental permits were
granted, L´Amalí expansion works have resumed.
Still, the speed or breadth of a demand recovery is yet to be
proven, and we remain alert and cautious regarding the evolution of
the crisis”.
1) Table 1b and Table 11-- Figures in US
dollars result from the calculation of figures expressed in
Argentine pesos and the average exchange rate for each reporting
period (figures exclude the impact of IAS 29)
Table 1: Financial
Highlights
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2020
2019
% Chg.
Net revenue
7,765
11,034
-29.6%
Gross Profit
2,366
3,182
-25.6%
Gross Profit margin
30.5%
28.8%
+164 bps
Adjusted EBITDA
2,602
3,169
-17.9%
Adjusted EBITDA Mg.
33.5%
28.7%
+479 bps
Net Profit
881
1,583
-44.4%
Net Profit attributable to owners
of the Company
857
1,504
-43.0%
EPS
1.4383
2.5237
-43.0%
Shares outstanding at eop
596
596
0.0%
Net Debt
14,562
7,281
100.0%
Net Debt /LTM Adjusted EBITDA
1.26x
0.89x
0.37x
Table 1b: Financial Highlights
in Ps and in U.S. dollars
(figures exclude the impact of
IAS 29)
In million Ps.
Three-months ended March
31,
2020
2019
% Chg.
Net revenue
7,524
7,132
5.5%
Adjusted EBITDA
2,591
2,118
22.3%
Adjusted EBITDA Mg.
34.4%
29.7%
+474 bps
Net Profit
644
1,025
-37.1%
Net Debt
14,562
4,908
196.7%
Net Debt /LTM Adjusted EBITDA
1.26x
0.89x
0.37x
In million US$
Three-months ended March
31,
2020
2019
% Chg.
Ps./US$, av
61.42
38.97
57.6%
Ps./US$, eop
64.47
43.35
48.7%
Net revenue
122
183
-33.1%
Adjusted EBITDA
42
54
-22.4%
Adjusted EBITDA Mg.
34.4%
29.7%
+474 bps
Net Profit
10
26
-60.1%
Net Debt
226
113
99.5%
Net Debt /LTM Adjusted EBITDA
1.26x
0.89x
0.37x
Overview of Operations
Sales Volumes
Three-months ended March
31,
2020
2019
% Chg.
Cement, masonry &
lime
Argentina
MM Tn
1.00
1.37
-26.9%
Paraguay
MM Tn
0.13
0.15
-13.0%
Cement, masonry & lime
total
1.13
1.52
-25.5%
Argentina:
Concrete
MM m3
0.08
0.26
-70.4%
Railroad
MM Tn
0.94
1.10
-14.9%
Aggregates
MM Tn
0.13
0.29
-56.0%
2 Sales volumes include
inter-segment sales
Sales volumes of cement, masonry and lime in Argentina during
1Q20 declined 26.9% to 1.00 million tons reflecting the negative
economic momentum and further impacted by the Covid-19 lockdown. As
it has been observed in previous quarters, the bulk segment
continued to suffer further than the bag segment, impacted by the
halt in the execution in public and private infrastructure works.
In Paraguay, sales volumes decreased in the first quarter to 0.13
million tons, or 13.0% when compared to a robust 1Q19 which had
been boosted by major works. As a result, consolidated total sales
volumes of cement, masonry and lime for the quarter decreased 25.5%
YoY to 1.13 million tons.
Sales volumes in the Concrete segment and Aggregates in
Argentina plunged 70.4% and 56.0% YoY, to 0.08 million m3 and 0.13
million tons, respectively, impacted primary by the halt in public
and private projects execution.
Railroad segment volumes experienced a 14.9% decline versus the
comparable quarter in 2019, affected by lower demand in almost
every sector.
Review of Financial Results
Table 3: Consolidated
Statement of Financial Position
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2020
2019
% Chg.
Net revenue
7,765
11,034
-29.6%
Cost of sales
(5,399)
(7,853)
-31.2%
Gross Profit
2,366
3,182
-25.6%
Selling and administrative
expenses
(631)
(929)
-32.1%
Other gains and losses
45
(3)
n/a
Tax on debits and credits to bank
accounts
(102)
(165)
-37.9%
Finance costs, net
Exchange rate differences
(170)
(239)
-28.7%
Financial income
16
37
-56.0%
Financial expenses
(426)
(299)
42.5%
Gain (loss) on net monetary
position
124
301
-59.0%
Profit before taxes
1,222
1,886
-35.2%
Income tax expense
Current
(270)
(508)
-46.9%
Deferred
(72)
205
n/a
Net profit
881
1,583
-44.4%
Net majority income
857
1,504
-43.0%
Net Revenues
Net revenue decreased 29.6% to Ps.7,765 million in 1Q20,
from Ps.11.034 million in the comparable quarter last year, mainly
reflecting the negative economic momentum and further impacted by
the Covid-19 lockdown.
Revenues in Cement, masonry and lime revenues in Argentina
dropped 27.7% YoY primary as a result of the volume decline and
marginally compensated by an increase in prices of 1%. Cement
revenues in Paraguay decreased 13.5% YoY, mainly reflecting the
drop in volumes.
Concrete and Aggregate revenues plunged 73.6% and 67.1%,
respectively, as both sales volumes and prices declined impacted
mainly by the halt in public and private projects execution amid
the negative economic context and the COVID-19 limitations.
Railroad revenues decreased 24.9% YoY, impacted by lower sales
volume and a drop in prices.
Cost of sales, and Gross profit
Cost of sales decreased 31.2% YoY reaching Ps.5,399
million in 1Q20, reflecting, lower volume sold, lower energy input
costs, and previous fixed cost structure adequacy efforts.
Gross profit declined 25.6% YoY to Ps.2,366 million in
1Q20 from Ps.3,182 million in 1Q19, with gross profit margin
expanding 164 basis points YoY to 30.5%.
Selling and Administrative Expenses
Selling and administrative expenses (SG&A) in 1Q20
decreased 32.1% YoY to Ps.631 million, from Ps.929 million in 1Q19,
reflecting lower sales volumes, and previous structure adequacy
efforts. As a percentage of revenues, decreased by 29 basis points
to 8.1% from 8.4%, with first quarter 2019 including some
non-recurrent costs of structure adequacy.
Adjusted EBITDA & Margin
Table 4: Adjusted EBITDA
Reconciliation & Margin
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2020
2019
% Chg.
Adjusted EBITDA
reconciliation:
Net profit
881
1,583
-44.4%
(+) Depreciation and
amortization
822
919
-10.5%
(+) Tax on debits and credits to
bank accounts
102
165
-37.9%
(+) Income tax expense
341
302
12.9%
(+) Financial interest, net
322
232
38.5%
(+) Exchange rate differences,
net
170
239
-28.7%
(+) Other financial expenses,
net
88
30
195.3%
(+) Gain (loss) on net monetary
position
(124)
(301)
-59.0%
Adjusted EBITDA
2,602
3,169
-17.9%
Adjusted EBITDA Margin
33.5%
28.7%
+479bps
Adjusted EBITDA decreased 17.9% YoY in the first quarter
of 2020 to Ps.2,602 million, with Adjusted EBITDA margin expanding
479 basis points to 33.5% compared to 28.7% in 1Q19.
As previously reported, excluding the application of IAS 29, as
shown on Tables 1b, Adjusted EBITDA increased 22.3% YoY in the
first quarter of 2020, reaching Ps.2,591 million, with Adjusted
EBITDA margin expanding 474 basis points to 34.4% compared to 29.7%
in 1Q19.
Table 11, presenting financial Data by Segment excluding IAS 29,
shows that Adjusted EBITDA for the Cement segment in Argentina
increased during the first quarter 35.0% YoY and the margin
expanded by 656 basis points to 38.3%. The Cement segment in
Paraguay, reported a 23.0% YoY increase in Adjusted EBITDA while
Adjusted EBITDA margin was 42.2%, contracting 245 basis points
compared to the same period one year ago. In addition, the Concrete
and Aggregate segments reported a negative Adjusted EBITDA of
Ps.36.0 million and Ps.7.3 million, respectively, mainly as a
result of a sharp decline in sales volume. Adjusted EBITDA for the
Railroad segment declined by 57.0% in the first quarter of 2020,
with Adjusted EBITDA margin of 3.8% contracting 626 bps to from the
comparable period in 2019.
Finance Costs-Net
Table 5: Finance Costs,
net
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2020
2019
% Chg.
Exchange rate differences
(170)
(239)
-28.7%
Financial income
16
37
-56.0%
Financial expenses
(426)
(299)
42.5%
Gain (loss) on net monetary
position
124
301
-59.0%
Total Finance Costs,
Net
(456)
(199)
128.7%
During 1Q20, the Company reported a loss of Ps.456 million in
total finance costs-net compared to a loss of Ps.199 million in the
previous year first quarter, mainly due to a lower gain on net
monetary position and higher financial expenses as a result of
higher interest rates and debt position.
Net Financial expense increased by Ps.148 million to Ps.410
million.
Net Profit and Net Profit Attributable to Owners of the
Company
Net Profit for 1Q20, decreased 44.4% to Ps.881 million
from Ps.1,583 million in the corresponding quarter of the previous
year. The effective tax rate was 27.9% in 1Q20 and 16.0% in the
year-ago period.
Net Profit Attributable to Owners of the Company
decreased 43.0% YoY, or Ps.647 million, to Ps.857 million in 1Q20.
During the quarter, the Company reported earnings per common share
of Ps.1.4383 and earnings per ADR of Ps.7.1916, compared with
earnings per share of Ps.2.5237 and earnings per ADR of Ps.12.6185
in 1Q19.
Capitalization
Table 6: Capitalization and
Debt Ratio
(amounts expressed in millions of
pesos, unless otherwise noted)
As of March 31,
As of December, 31
2020
2019
2019
Total Debt
16,794
9,501
13,179
- Short-Term Debt
9,763
5,300
5,969
- Long-Term Debt
7,031
4,200
7,211
Cash and Cash Equivalents
2,232
2,220
2,767
Total Net Debt
14,562
7,281
10,412
Shareholders' Equity
32,379
29,020
31,615
Capitalization
49,173
38,520
44,794
LTM Adjusted EBITDA
11,514
8,157
12,080
Net Debt /LTM Adjusted EBITDA
1.26x
0.89x
0.86x
As of March 31, 2020, total cash and cash equivalents were
Ps.2,232 million compared with Ps.2,220 million as of March 31,
2019. Total debt at the close of the quarter stood at Ps.16,794
million, composed by Ps.9,763 million in short-term borrowings,
including the current portion of long-term borrowings (or 58% of
total borrowings), and Ps.7,031 million in long-term borrowings (or
42% of total borrowings).
As of March 31, 2020, 41% (or Ps.6,965 million) in Argentine
pesos, 39% (or Ps.6,557 million), Loma Negra’s total debt was
denominated in U.S. dollars, 15% (or Ps.2,487 million) in
Guaraníes, and 5% (or Ps.786 million) in Euros. The average
duration of Loma Negra’s total debt was 1.1 years.
As of March 31, 2020, Ps.12,789 million, or 76%, of the
Company’s total consolidated borrowings bore interest at floating
rates, including Ps.3,071 million of Peso-denominated borrowings
that bore interest at rates based on the Buenos Aires Deposits of
Large Amount Rate, or BADLAR, Ps.5,824 million of foreign
currency-denominated borrowings that bore interest at rates based
on Libor, and Ps.3,897 million of borrowings with other floating
interest rate.
The Net Debt to Adjusted EBITDA (LTM) ratio increased to 1.26x
as of March 31, 2020 from 0.86x as of December 31, 2019 reflecting
the use of funds in working capital needs and investing
activities.
Cash Flows
Table 7: Condensed Interim
Consolidated Statement of Cash Flows for the Three-months ended
March 31, 2020 and 2019
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2020
2019
CASH FLOWS FROM OPERATING
ACTIVITIES
Net profit for the
period
881
1,583
Adjustments to reconcile net
profit to net cash provided by operating activities
1,596
1,726
Changes in operating assets and
liabilities
(2,182)
(2,455)
Net cash generated / used in by
operating activities
295
854
CASH FLOWS FROM INVESTING
ACTIVITIES
Property, plant and equipment,
Intangible Assets, net
(4,040)
(2,801)
Others
(21)
(25)
Net cash used in investing
activities
(4,061)
(2,825)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds / Repayments from
borrowings, Interest paid
3,311
(652)
Net cash generated / used in by
financing activities
3,311
(652)
Net decrease in cash and cash
equivalents
(455)
(2,624)
Cash and cash equivalents at the
beginning of the year
2,767
4,812
Effect of the re-expression in
homogeneous cash currency ("Inflation-Adjusted")
(41)
(36)
Effects of the exchange rate
differences on cash and cash equivalents in foreign currency
(39)
67
Cash and cash equivalents at
the end of the period
2,232
2,220
During 1Q20, the Company made capital expenditures for a total
of Ps.4,061 million, of which 79% was allocated to the expansion of
production capacity of L’Amalí plant. In the 1Q20, cash flow
generated by operating activities was Ps.295 million compared to
Ps.854 million in 1Q19, explained mainly by a lower profitability
during the period and higher working capital needs.
Expansion of L’Amalí Plant.
Loma Negra is moving ahead with the capital expenditure at its
L’Amalí plant, which will add 2.7 million tons annually and drive
higher profitability. This expansion involves a total capital
expenditure, originally estimated at approximately US$350
million.
The Company continued with the overall project execution during
the quarter. All imported material of the main equipment were
received at site. In addition, civil works for main foundations,
silos and buildings structures are completed, as well as the supply
of local steel structures. Regarding the electromechanical
construction, the crusher was tested, the kiln system erection was
completed, and the raw and cement mill erection presents good
progress.
On March 20, and in compliance with the Decree 297 (COVID-19),
the expansion project had been suspended. As of the date of this
Earnings Release a permission to re-start works on the project,
under strict sanitation protocols, was granted. The company is
restarting works on-site, however the impact of the new
construction protocol, or other potential measures related to
COVID-19 pandemic may provoke additional delays to the startup of
the new production line.
1Q20 Earnings Conference Call
When: 10:00 a.m. U.S. ET (11:00 a.m. BAT), May 12, 2020
Dial-in: 0800-444-2930 (Argentina), 1-833-255-2824 (U.S.),
1-866-605-3852 (Canada), 1-412-902-6701 (International)
Password: Loma Negra Earnings Call
Webcast:
https://services.choruscall.com/links/loma200512YGDo9rmb.html
Replay: A telephone replay of the conference call will be
available between May 12, 2020 at 1:00 pm U.S. E.T. and ending on
May 19, 2020. The replay can be accessed by dialing 1-877-344-7529
(U.S. toll free), or 1-412-317-0088 (International). The passcode
for the replay is 10143738. The audio of the conference call will
also be archived on the Company’s website at www.lomanegra.com
Definitions
Adjusted EBITDA is calculated as net profit plus
financial interest, net plus income tax expense plus depreciation
and amortization plus exchange rate differences plus other
financial expenses, net plus tax on debits and credits to bank
accounts. Loma Negra believes that excluding tax on debits and
credits to bank accounts from its calculation of Adjusted EBITDA is
a better measure of operating performance when compared to other
international players.
Net Debt is calculated as borrowings less cash and cash
equivalents.
About Loma Negra
Founded in 1926, Loma Negra is the leading cement company in
Argentina, producing and distributing cement, masonry cement,
aggregates, concrete and lime, products primarily used in private
and public construction. Loma Negra is a vertically-integrated
cement and concrete company, with nationwide operations, supported
by vast limestone reserves, strategically located plants,
top-of-mind brands and established distribution channels. The
Company also owns a 51% equity stake in an integrated cement
production plant in Paraguay, which is one of two leading cement
producers in that country. Loma Negra is listed both on BYMA and on
NYSE in the U.S., where it trades under the symbol “LOMA”. One ADS
represents five (5) common shares. For more information, visit
www.lomanegra.com.
Note
The Company presented some figures converted from Pesos to U.S.
dollars for comparison purposes. The exchange rate used to convert
Pesos to U.S. dollars was the reference exchange rate
(Communication “A” 3500) reported by the Central Bank for U.S.
dollars. The information presented in U.S. dollars is for the
convenience of the reader only. Certain figures included in this
report have been subject to rounding adjustments. Accordingly,
figures shown as totals in certain tables may not be arithmetic
aggregations of the figures presented in previous quarters.
Rounding: We have made rounding adjustments to reach some of the
figures included in this annual report. As a result, numerical
figures shown as totals in some tables may not be an arithmetic
aggregation of the figures that preceded them.
Disclaimer
This release contains
forward-looking statements within the meaning of federal securities
law that are subject to risks and uncertainties. These statements
are only predictions based upon our current expectations and
projections about possible or assumed future results of our
business, financial condition, results of operations, liquidity,
plans and objectives. In some cases, you can identify
forward-looking statements by terminology such as “believe,” “may,”
“estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,”
“expect,” “predict,” “potential,” “seek,” “forecast,” or the
negative of these terms or other similar expressions. The
forward-looking statements are based on the information currently
available to us. There are important factors that could cause our
actual results, level of activity, performance or achievements to
differ materially from the results, level of activity, performance
or achievements expressed or implied by the forward-looking
statements, including, among others things: changes in general
economic, political, governmental and business conditions globally
and in Argentina, changes in inflation rates, fluctuations in the
exchange rate of the peso, the level of construction generally,
changes in cement demand and prices, changes in raw material and
energy prices, changes in business strategy and various other
factors. You should not rely upon forward-looking statements as
predictions of future events. Although we believe in good faith
that the expectations reflected in the forward-looking statements
are reasonable, we cannot guarantee that future results, levels of
activity, performance and events and circumstances reflected in the
forward-looking statements will be achieved or will occur. Any or
all of Loma Negra’s forward-looking statements in this release may
turn out to be wrong. You should consider these forward-looking
statements in light of other factors discussed under the heading
“Risk Factors” in the prospectus filed with the Securities and
Exchange Commission on October 31, 2017 in connection with Loma
Negra’s initial public offering. Therefore, readers are cautioned
not to place undue reliance on these forward-looking statements.
Except as required by law, we undertake no obligation to update
publicly any forward-looking statements for any reason after the
date of this release to conform these statements to actual results
or to changes in our expectations.
Table 8: Condensed Interim
Consolidated Statements of Financial Position as of March 31, 2020
and December 31, 2019
(amounts expressed in millions of
pesos, unless otherwise noted)
As of March 31,
As of December 31,
2020
2019
ASSETS
Non-current assets
Property, plant and equipment
48,480
48,533
Intangible assets
127
138
Investments
3
3
Goodwill
27
27
Inventories
1,457
1,691
Other receivables
812
612
Right to use assets
418
441
Trade accounts receivable
1
2
Total non-current
assets
51,324
51,447
Current assets
Inventories
7,027
5,837
Other receivables
673
668
Trade accounts receivable
2,742
2,967
Investments
1,373
1,099
Cash and banks
859
1,668
Total current assets
12,674
12,238
TOTAL ASSETS
63,998
63,686
SHAREHOLDERS' EQUITY
Capital stock and other capital
related accounts
11,916
11,916
Reserves
12,800
12,800
Retained earnings
4,996
4,139
Accumulated other comprehensive
income
297
356
Equity attributable to the owners
of the Company
30,008
29,210
Non-controlling interests
2,371
2,405
TOTAL SHAREHOLDERS'
EQUITY
32,379
31,615
LIABILITIES
Non-current
liabilities
Borrowings
7,031
7,211
Accounts payables
72
150
Provisions
606
611
Other liabilities
51
56
Debts for leases
346
367
Deferred tax liabilities
5,981
5,910
Total non-current
liabilities
14,088
14,304
Current liabilities
Borrowings
9,763
5,969
Accounts payable
6,041
9,771
Advances from customers
236
208
Salaries and social security
payables
933
1,033
Tax liabilities
365
585
Debts for leases
109
111
Other liabilities
85
90
Total current
liabilities
17,532
17,767
TOTAL LIABILITIES
31,619
32,071
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES
63,998
63,686
Table 9: Condensed Interim Consolidated Statements of Profit
or Loss and Other Comprehensive Income (unaudited)
Three-months ended March
31,
2020
2019
% Change
Net revenue
7,765
11,034
-29.6%
Cost of sales
(5,399)
(7,853)
-31.2%
Gross profit
2,366
3,182
-25.6%
Selling and administrative
expenses
(631)
(929)
-32.1%
Other gains and losses
45
(3)
n/a
Tax on debits and credits to bank
accounts
(102)
(165)
-37.9%
Finance costs, net
Exchange rate differences
(170)
(239)
-28.7%
Financial income
16
37
-56.0%
Financial expenses
(426)
(299)
42.5%
Gain (loss) on net monetary
position
124
301
-59.0%
Profit before taxes
1,222
1,886
-35.2%
Income tax expense
Current
(270)
(508)
-46.9%
Deferred
(72)
205
n/a
Net profit
881
1,583
-44.4%
Other Comprehensive
Income
Items to be reclassified through
profit and loss:
Exchange differences on
translating foreign operations
(116)
(14)
727.4%
Total other comprehensive
(loss) income
(116)
(14)
727.4%
TOTAL COMPREHENSIVE
INCOME
764
1,569
-51.3%
Net Profit (loss) for the
period attributable to:
Owners of the Company
857
1,504
-43.0%
Non-controlling interests
23
79
-70.6%
NET PROFIT FOR THE
PERIOD
881
1,583
-44.4%
Total comprehensive income
(loss) attributable to:
Owners of the Company
798
1,497
-46.7%
Non-controlling interests
(34)
72
n/a
TOTAL COMPREHENSIVE
INCOME
764
1,569
-51.3%
Earnings per share (basic and
diluted):
1.4383
2.5237
-43.0%
Table 10: Condensed Interim Consolidated Statement of
Cash Flows for the Three-months ended March 31, 2020 and 2019
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2020
2019
CASH FLOWS FROM OPERATING
ACTIVITIES
Net profit for the
period
881
1,583
Adjustments to reconcile net
profit to net cash provided by operating activities
Income tax expense
341
302
Depreciation and amortization
822
919
Provisions
54
24
Interest expense
384
427
Exchange rate differences
(12)
65
Others
-
(12)
Gain on disposal of Property,
plant and equipment
6
-
Changes in operating assets and
liabilities
Inventories
(902)
(830)
Other receivables
(188)
(80)
Trade accounts receivable
76
(855)
Advances from customers
30
(0)
Accounts payable
(496)
(270)
Salaries and social security
payables
(33)
61
Provisions
(56)
(65)
Tax liabilities
(276)
(157)
Other liabilities
(8)
252
Income tax paid
(205)
(210)
Gain on net monetary position
(124)
(301)
Net cash generated / used in by
operating activities
295
854
CASH FLOWS FROM INVESTING
ACTIVITIES
Proceeds from disposal of
Property, plant and equipment
14
10
Payments to acquire Property,
plant and equipment
(4,052)
(2,809)
Payments to acquire Intangible
Assets
(2)
(1)
Contributions to Trust
(21)
(25)
Net cash used in investing
activities
(4,061)
(2,825)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from borrowings
5,602
368
Interest paid
(814)
(381)
Repayment of borrowings
(1,447)
(613)
Debts for leases
(31)
(26)
Net cash generated / used in by
financing activities
3,311
(652)
Net decrease in cash and cash
equivalents
(455)
(2,624)
Cash and cash equivalents at the
beginning of the period
2,767
4,812
Effect of the re-expression in
homogeneous cash currency ("Inflation-Adjusted")
(41)
(36)
Effects of the exchange rate
differences on cash and cash equivalents in foreign currency
(39)
67
Cash and cash equivalents at
the end of the period
2,232
2,220
Table 11: Financial Data by Segment (2019 figures exclude the
impact of IAS 29 and 2018 figures are as previously reported)
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2020
%
2019
%
Net revenue
7,524
100.0%
7,132
100.0%
Cement, masonry cement and
lime—Argentina
5,787
76.9%
5,172
72.5%
Cement—Paraguay
915
12.2%
703
9.9%
Concrete
468
6.2%
1,186
16.6%
Railroad
742
9.9%
656
9.2%
Aggregates
62
0.8%
126
1.8%
Others
48
0.6%
32
0.4%
Eliminations
(499)
-6.6%
(742)
-10.4%
Cost of sales
4,806
100.0%
4,784
100.0%
Cement, masonry cement and
lime—Argentina
3,296
68.6%
3,252
68.0%
Cement—Paraguay
636
13.2%
472
9.9%
Concrete
524
10.9%
1,062
22.2%
Railroad
739
15.4%
587
12.3%
Aggregates
79
1.6%
136
2.8%
Others
31
0.6%
18
0.4%
Eliminations
(499)
-10.4%
(742)
-15.5%
Selling, admin. expenses and
other gains & losses
519
100.0%
572
100.0%
Cement, masonry cement and
lime—Argentina
446
85.8%
456
79.7%
Cement—Paraguay
31
6.1%
23
4.0%
Concrete
(3)
-0.6%
35
6.2%
Railroad
31
5.9%
45
7.9%
Aggregates
(4)
-0.7%
2
0.3%
Others
18
3.5%
11
2.0%
Depreciation and
amortization
393
100.0%
342
100.0%
Cement, masonry cement and
lime—Argentina
174
44.3%
179
52.4%
Cement—Paraguay
139
35.4%
105
30.8%
Concrete
17
4.3%
11
3.1%
Railroad
56
14.4%
42
12.2%
Aggregates
5
1.4%
4
1.3%
Others
1
0.3%
1
0.2%
Adjusted EBITDA
2,591
100.0%
2,118
100.0%
Cement, masonry cement and
lime—Argentina
2,219
85.7%
1,644
77.6%
Cement—Paraguay
386
14.9%
314
14.8%
Concrete
(36)
-1.4%
99
4.7%
Railroad
28
1.1%
66
3.1%
Aggregates
(7)
-0.3%
(8)
-0.4%
Others
0
0.0%
3
0.1%
Reconciling items:
Effect by translation in
homogeneous cash currency ("Inflation-Adjusted")
11
1,050
Depreciation and amortization
(822)
(919)
Tax on debits and credits banks
accounts
(102)
(165)
Finance costs, net
(456)
(199)
Income tax
(341)
(302)
NET PROFIT FOR THE
PERIOD
881
1,583
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200511005888/en/
IR Contacts
Marcos I. Gradin, Chief Financial Officer and Investor
Relations
Gastón Pinnel, Investor Relations Manager
+54-11-4319-3050 investorrelations@lomanegra.com
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