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, 2022
(our “1Q22 Results”).
1Q22 Key Highlights
- Net sales revenues decreased by 5.5% YoY to Ps. 19,310 million
(US$ 171 million), mainly explained by a decrease in Cement and
Concrete sales, partially offset by improvements in Aggregates and
in the Railway segment.
- Consolidated Adjusted EBITDA reached Ps. 6,484 million (US$ 60
million), decreasing 11.2% YoY.
- The Consolidated Adjusted EBITDA margin contracted 214 basis
points YoY from 35.7% to 33.6%, expanding 27 basis points
sequentially versus the prior quarter.
- Net Profit of Ps. 3,134 million, showing a reduction of 21.3%
versus the same period of the previous year, mainly explained by
the impact of the decrease in the operating result.
- Net Debt /LTM Adjusted EBITDA ratio of -0.15x compared with
-0.12x in FY21.
The Company has presented certain financial figures, Table 1b
and Table 11, in U.S. dollars and Pesos without giving effect to
IAS 29. The Company has prepared all other financial information
herein by applying IAS 29.
Commenting on the financial and operating performance for the
first quarter of 2022, Sergio Faifman, Loma Negra’s Chief Executive
Officer, noted: “We started the year in a very good way, the
industry continues to show very good levels of activity with a
growth of 7% in the quarter compared to the previous year. At the
current rate, cement consumption is on track to hit an all-time
high for the year, despite the challenges that the local economy is
currently facing.
In this sense, the end of the quarter showed very good levels of
profitability, with an EBITDA of 60 million dollars, 14% higher
than last year, and very good profit margins. Despite the
uncertainty in the international context, the scarcity, and the
significant increase in the price of fuels worldwide, we were able
to maintain our high levels of profitability on the back of a very
good operating performance, our productive structure, and an
adequate management of our energy matrix.
Likewise, during the month of April, and taking advantage of our
solid financial position, we have once again paid dividends of 45
million dollars, thus continuing along the path of maximizing the
return to our shareholders that we had been going before with the
share repurchase plans.
Last but not least, I would like to thank all of our people and
stakeholders for their commitment to Loma's operational excellence.
Supported by a robust and efficient production structure, a solid
balance sheet and a dedicated team, Loma is prepared to face
another challenging year.”
Table 1: Financial
Highlights
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2022
2021
% Chg.
Net revenue
19,310
20,436
-5.5%
Gross Profit
6,443
7,407
-13.0%
Gross Profit margin
33.4%
36.2%
-288 bps
Adjusted EBITDA
6,484
7,299
-11.2%
Adjusted EBITDA Mg.
33.6%
35.7%
-214 bps
Net Profit (Loss)
3,134
3,983
-21.3%
Net Profit attributable to owners
of the Company
3,168
4,034
-21.5%
EPS
5.4066
6.7716
-20.2%
Average outstanding shares
(*)
586
596
-1.6%
Net Debt
(4,145)
993
n/a
Net Debt /LTM Adjusted EBITDA
-0.15x
0.04x
n/a
(*) Net of shares repurchased
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,
2022
2021
% Chg.
Net revenue
18,263
12,635
44.5%
Adjusted EBITDA
6,343
4,632
36.9%
Adjusted EBITDA Mg.
34.7%
36.7%
-193 bps
Net Profit (Loss)
4,333
3,260
32.9%
Net Debt
(4,145)
993
n/a
Net Debt /LTM Adjusted EBITDA
-0.15x
0.04x
n/a
In million US$
Three-months ended March
31,
2022
2021
% Chg.
Ps./US$, av
106.59
88.65
20.2%
Ps./US$, eop
110.98
91.99
20.6%
Net revenue
171
143
20.2%
Adjusted EBITDA
60
52
13.9%
Adjusted EBITDA Mg.
34.7%
36.7%
-193 bps
Net Profit (Loss)
41
37
10.5%
Net Debt
(37)
11
n/a
Net Debt /LTM Adjusted EBITDA
-0.15x
0.04x
n/a
Overview of Operations
Sales Volumes
Table 2: Sales
Volumes2
Three-months ended March
31,
2022
2021
% Chg.
Cement, masonry & lime
MM Tn
1.48
1.38
6.6%
Concrete
MM m3
0.12
0.16
-25.2%
Railroad
MM Tn
1.05
0.99
6.2%
Aggregates
MM Tn
0.24
0.18
35.6%
2 Sales volumes include
inter-segment sales
Sales volumes of cement, masonry, and lime during 1Q22 increased
by 6.6% to 1.5 million tons, mainly leveraged by the growth of bulk
cement. Sales of bagged cement remained solid due to a sustained
demand from the retail sector, while bulk cement was driven by a
higher level of activity in small and medium-scale infrastructure
projects, both private and public.
Regarding the volume of the Concrete segment, it registered a
YoY drop of 25.2%. 1Q21 was positively affected by specific
infrastructure projects. The volume of concrete maintains its
trend, still below historic levels due to the lack of relevant
projects, both private and public in the markets where we operate.
On the other hand, Aggregates had an increase of 35.6% YoY
sustained mainly by the reactivation of certain roadworks in the
Buenos Aires area.
Likewise, the volumes of the Railway segment experienced an
increase of 6.2% compared to the same quarter of 2021, leveraged
mainly on the higher transported volume of construction materials
and chemicals, while there was a decrease in the transport of frac
sand.
Review of Financial Results
Table 3: Condensed Interim
Consolidated Statements of Profit or Loss and Other Comprehensive
Income
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2022
2021
% Chg.
Net revenue
19,310
20,436
-5.5%
Cost of sales
(12,867)
(13,029)
-1.2%
Gross profit
6,443
7,407
-13.0%
Share of loss of associates
-
-
n/a
Selling and administrative
expenses
(1,827)
(1,674)
9.2%
Other gains and losses
30
66
-54.6%
Impairment of property, plant and
equipment
-
-
n/a
Tax on debits and credits to bank
accounts
(191)
(194)
-1.4%
Finance gain (cost),
net
Gain on net monetary position
849
866
-2.0%
Exchange rate differences
(153)
33
n/a
Financial income
18
65
-71.5%
Financial expense
(493)
(744)
-33.8%
Profit (Loss) before
taxes
4,676
5,825
-19.7%
Income tax expense
Current
(1,892)
(2,412)
-21.5%
Deferred
351
569
-38.3%
Net profit (Loss)
3,134
3,983
-21.3%
Net Revenues
Net revenue decreased 5.5% to Ps. 19,310 million in 1Q22,
from Ps. 20,436 million in the comparable quarter last year, driven
by a decrease in Cement and Concrete, partially offset by an
improvement in Aggregates and in the Railway segment.
Cement, masonry cement and lime segment was down 6.5% YoY, with
volumes expanding 6.6% impacted by price dynamics.
Concrete registered a decrease its top line of 17.5% compared
with 1Q21, where the improvement in prices couldn't compensate for
the decrease in volume. The Aggregates segment posted a strong
revenue increase of 89.0%, as higher volume coupled with good price
performance and a positive sales mix.
Railroad revenues increased 10.8% in 1Q22 compared to the same
quarter of 2021, mainly explained by an increase in transported
volumes and the improvement in prices, which offset the slight drop
in the average transported distance because of the decrease in the
transported volume of frac sand.
Cost of sales, and Gross profit
Cost of sales decreased 1.2% YoY, reaching Ps. 12,867
million in 1Q22, mainly as a result of a lower unit cost of sales
in cement that offset the higher volume sold and the increase in
depreciations due to the impact of the new production line in
L'Amalí.
Gross Profit decreased
13.0% YoY to Ps. 6,443 million in 1Q22, from Ps. 7,407 million in
1Q21, with a gross profit margin that contracted 288 basis points
year-on-year to 33.4%, mainly reflecting the impact of a drop in
total sales.
Selling and Administrative Expenses
Selling and administrative expenses (SG&A) in 1Q22
increased by 9.2% YoY to Ps. 1,827 million, from Ps. 1,674 million
in 1Q21, mainly as a result of higher expenses in marketing, IT and
insurances compared with the previous year. As a percentage of
sales, SG&A showed an increase against 1Q21 of 127 basis
points, reaching 9.5%.
Adjusted EBITDA & Margin
Table 4: Adjusted EBITDA
Reconciliation & Margin
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2022
2021
% Chg.
Adjusted EBITDA
reconciliation:
Net profit (Loss)
3,134
3,983
-21.3%
(+) Depreciation and
amortization
1,838
1,499
22.6%
(+) Tax on debits and credits to
bank accounts
191
194
-1.4%
(+) Income tax expense
1,542
1,843
-16.3%
(+) Financial interest, net
357
584
-38.8%
(+) Exchange rate differences,
net
153
(33)
n/a
(+) Other financial expenses,
net
117
95
22.7%
(+) Gain on net monetary
position
(849)
(866)
-2.0%
(+) Share of profit (loss) of
associates
-
-
n/a
(+) Impairment of property, plant
and equipment
-
-
n/a
Adjusted EBITDA
6,484
7,299
-11.2%
Adjusted EBITDA Margin
33.6%
35.7%
-214 bps
Adjusted EBITDA decreased 11.2% YoY in the first quarter
of 2022 to Ps. 6,484 million from 7,299 in the same period last
year.
Likewise, the Adjusted EBITDA margin contracted 214 basis points
to 33.6% compared to 35.7% in 1Q21, mainly due to cement margin
compression.
In particular, the Adjusted EBITDA margin of the Cement, Masonry
and Lime segment decreased 332 bps to 37.4%, primarily due to lower
price performance partially offset by lower cost of sales.
The Adjusted EBITDA margin for Concrete showed a significant
improvement compared to 1Q21, but remaining in negative values,
reaching -0.8%, from a negative margin of 10.1% in 1Q21, supported
by price recovery and higher operating leverage.
The adjusted EBITDA margin of the Aggregates segment was
negative at 4.6% but showing an improvement of 656 basis points
compared to 1Q21, due to a strong recovery in revenues on the back
of solid price performance and a positive sales mix.
Finally, the Railroad adjusted EBITDA margin improved 351 bps to
5.9% in the first quarter, from 2.4%, mainly due to the improvement
in transported volume and a positive price performance.
Finance Costs-Net
Table 5: Finance Gain (Cost),
net
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2022
2021
% Chg.
Exchange rate differences
(153)
33
n/a
Financial income
18
65
-71.5%
Financial expense
(493)
(744)
-33.8%
Gain on net monetary position
849
866
-2.0%
Total Finance Gain (Cost),
Net
221
219
0.8%
During 1Q22, the Company reported a total net financial gain of
Ps. 221 million compared to a total net financial gain of Ps. 219
million in 1Q21, primarily explained because of a lower net
financial expense that offset the exchange rate negative
effect.
Net Profit and Net Profit Attributable to Owners of the
Company
Net Profit for 1Q22 reached Ps. 3,134 million compared to
Ps. 3,983 million in the same period last year, mainly due to the
decrease in the operational result.
Net Profit Attributable to Owners of the Company reached
Ps. 3.168 million. During the quarter, the Company reported
earnings per common share of Ps. 5,4066 and an ADR gain of Ps.
27.0332, compared to earnings per common share of Ps. 6.7716 and an
ADR gain of Ps. 33.8579 in 1Q21.
Capitalization
Table 6: Capitalization and
Debt Ratio
(amounts expressed in millions of
pesos, unless otherwise noted)
As of March 31,
As of December, 31
2022
2021
2021
Total Debt
993
10,373
2,915
- Short-Term Debt
669
9,404
2,452
- Long-Term Debt
323
969
463
Cash, Cash Equivalents and
Investments
(5,138)
(9,380)
6,118
Total Net Debt
(4,145)
993
(3,203)
Shareholder's Equity
86,721
83,110
84,162
Capitalization
87,713
93,483
87,077
LTM Adjusted EBITDA
27,855
23,639
26,840
Net Debt /LTM Adjusted EBITDA
-0.15x
0.04x
-0.12x
As of March 31, 2022, total Cash, Cash Equivalents, and
Investments were Ps. 5,138 million compared with Ps. 9,380 million
as of the March 31, 2021. Total debt at the close of the quarter
stood at Ps. 993 million, composed by Ps. 669 million in short-term
borrowings, including the current portion of long-term borrowings
(or 67.4% of total borrowings), and Ps. 323 million in long-term
borrowings (or 32.6% of total borrowings).
As of March 31, 2022, 76.7% (or Ps. 761 million) of Loma Negra’s
total debt was denominated in U.S. dollars and 23.3% (or Ps. 232
million) was in Argentine pesos. The average duration of Loma
Negra’s total debt was 0.7 years.
As of March 31, 2022, the total of the Company's consolidated
debt accrued interest at a variable rate. The debt in US dollars
bore interest at rates based on Libor, while the debt in Argentine
pesos bore interest at the short-term market rate.
The Net Debt to Adjusted EBITDA (LTM) ratio decreased to -0.15x
as of March 31, 2022, from -0.12x as of December 31, 2021, as a
result of strong cash generation and debt reduction.
Cash Flows
Table 7: Condensed Interim
Consolidated Statement of Cash Flows
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2022
2021
CASH FLOWS FROM OPERATING
ACTIVITIES
Net Profit (Loss)
3,134
3,983
Adjustments to reconcile net
profit (loss) to net cash provided by operating activities
3,458
3,250
Changes in operating assets and
liabilities
(4,285)
(2,690)
Net cash generated by
operating activities
2,307
4,543
CASH FLOWS FROM INVESTING
ACTIVITIES
Proceeds from disposal of Yguazú
Cementos S.A.
55
146
Property, plant and equipment,
Intangible Assets, net
(631)
(1,585)
Contributions to Trust
(33)
(31)
Investments, net
-
(2,595)
Net cash (used in) investing
activities
(609)
(4,066)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds / Repayments from
borrowings, Interest paid
(1,860)
(688)
Share repurchase plan
(609)
(396)
Net cash generated by (used
in) by financing activities
(2,469)
(1,084)
Net increase (decrease) in
cash and cash equivalents
(771)
(606)
Cash and cash equivalents at the
beginning of the year
3,837
7,666
Effect of the re-expression in
homogeneous cash currency ("Inflation-Adjusted")
(115)
(56)
Effects of the exchange rate
differences on cash and cash equivalents in foreign currency
65
(238)
Cash and cash equivalents at
the end of the period
3,015
6,766
In 1Q22, our operating cash generation stood at Ps. 2,547
million, compared to Ps. 4,543 million in the same period of the
previous year, reflecting a lower level of profitability and higher
working capital requirements. During this quarter, we increased our
Clinker stock to minimize the impact of natural gas shortages in
the winter months and take advantage of cost reduction
opportunities.
During 1Q22, the Company used cash in financing and investing
activities for a total of Ps. 2,469 and Ps. 603 million,
respectively. The completion of the L'Amalí expansion project
significantly reduced the cash allocations for investment.
Share Repurchase Plan.
On December 21, 2021, the Company announced the approval of the
fourth share repurchase program, in accordance with Section 64 of
Law No. 26.831 (“LMC”) and the CNV Regulations. The purpose is to
efficiently apply a portion of the Company´s cash position which
may result in a greater return of value for its shareholders
considering the attractive value of the share with the additional
possibility of allocating part of the shares acquired to implement
specific compensation plans.
The plan became effective as from December 23, 2021, for an
amount to invest up to Ps. 900 million or such lower amount that
derives from the repurchase of up to 10% of Company’s capital
stock. The maximum amount of shares or maximum percentage of the
Company’s capital stock to be repurchased shall never surpass the
limit of 10% of the capital stock in accordance with Section 64 of
LMC.
A summary of the Share Repurchase Program that ended on February
18, 2022, is shown below:
Repurchase Program IV
Maximum amount for repurchase
Ps 900 million
Maximum price
Ps. 310/ordinary share or US$
7.5/ADR
Period in force
60 days since December 23,
2021
Repurchase under the program until its
completion
Ps. 643 million
Progress
71.5%
Recent Events
Dividends Distribution
On April 14, 2022, the board of directors approved the payment
of dividends for a total amount of Ps. 5,150 million equivalents to
Ps. 8.80 per outstanding share (Ps. 43.99 per ADS), through the
partial allocation of funds from the Reserve for Future Dividends.
As of the date of the presentation of this earnings release, the
total amount of dividends was distributed.
1Q22 Earnings Conference
Call
When:
4:00 p.m. U.S. ET (5:00 p.m. BAT), May 9,
2022
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 Call
Webcast:
https://services.choruscall.com/mediaframe/webcast.html?webcastid=NKQChLSM
Replay:
A telephone replay of the conference call
will be available between May 10, 2022, at 1:00 pm U.S. E.T. and
ending on May 16, 2022. 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 10158956. 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, plus share of loss of associates, plus net Impairment of
Property, plant and equipment, and less income from discontinued
operation. 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, cash
equivalents and marketable securities.
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. 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.
--- Financial Tables Follow ---
Table 8: Condensed Interim
Consolidated Statements of Financial Position
(amounts expressed in millions of
pesos, unless otherwise noted)
As of March 31,
As of December 31,
2022
2021
ASSETS
Non-current assets
Property, plant and equipment
92,953
94,359
Right to use assets
335
360
Intangible assets
304
336
Investments
6
6
Goodwill
61
61
Inventories
3,815
3,580
Other receivables
800
807
Total non-current
assets
98,274
99,508
Current assets
Inventories
11,370
10,095
Other receivables
1,243
1,382
Trade accounts receivable
4,578
4,597
Investments
4,868
5,734
Cash and banks
270
384
Total current assets
22,329
22,193
TOTAL ASSETS
120,603
121,700
SHAREHOLDER'S EQUITY
Capital stock and other capital
related accounts
23,065
23,641
Reserves
52,683
52,683
Retained earnings
10,813
7,644
Accumulated other comprehensive
income
-
-
Equity attributable to the owners
of the Company
86,560
83,968
Non-controlling interests
160
195
TOTAL SHAREHOLDER'S
EQUITY
86,721
84,162
LIABILITIES
Non-current
liabilities
Borrowings
323
463
Accounts payables
-
-
Provisions
636
659
Salaries and social security
payables
45
59
Debts for leases
241
273
Other liabilities
158
166
Deferred tax liabilities
16,261
16,612
Total non-current
liabilities
17,665
18,230
Current liabilities
Borrowings
669
2,452
Accounts payable
7,937
9,142
Advances from customers
732
1,191
Salaries and social security
payables
2,329
2,361
Tax liabilities
4,313
3,883
Debts for leases
79
92
Other liabilities
160
186
Total current
liabilities
16,218
19,308
TOTAL LIABILITIES
33,882
37,538
TOTAL SHAREHOLDER'S EQUITY AND
LIABILITIES
120,603
121,700
Table 9: Condensed Interim
Consolidated Statements of Profit or Loss and Other Comprehensive
Income (unaudited)
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2022
2021
% Change
Net revenue
19,310
20,436
-5.5%
Cost of sales
(12,867)
(13,029)
-1.2%
Gross Profit
6,443
7,407
-13.0%
Share of loss of associates
-
-
n/a
Selling and administrative
expenses
(1,827)
(1,674)
9.2%
Other gains and losses
30
66
-54.6%
Impairment of property, plant and
equipment
-
-
n/a
Tax on debits and credits to bank
accounts
(191)
(194)
-1.4%
Finance gain (cost),
net
Gain on net monetary position
849
866
-2.0%
Exchange rate differences
(153)
33
n/a
Financial income
18
65
-71.5%
Financial expenses
(493)
(744)
-33.8%
Profit (loss) before
taxes
4,676
5,825
-19.7%
Income tax expense
Current
(1,892)
(2,412)
-21.5%
Deferred
351
569
-38.3%
Net Profit (Loss)
3,134
3,983
-21.3%
Net Profit (Loss) for the
period attributable to:
Owners of the Company
3,168
4,034
-21.5%
Non-controlling interests
(34)
(51)
-33.1%
NET PROFIT (LOSS) FOR THE
PERIOD
3,134
3,983
-21.3%
Earnings per share (basic and
diluted):
5.4066
6.7716
-20.2%
Table 10: Condensed Interim
Consolidated Statement of Cash Flows
(amounts expressed in millions of pesos,
unless otherwise noted)
Three-months ended March
31,
2022
2021
CASH FLOWS FROM OPERATING
ACTIVITIES
Net Profit (Loss)
3,134
3,983
Adjustments to reconcile net profit to
net cash provided by operating activities
Income tax expense
1,542
1,843
Depreciation and amortization
1,838
1,499
Provisions
42
(1)
Exchange rate differences
(179)
(235)
Interest expense
165
154
Share of loss of associates
-
-
Gain on disposal of property, plant and
equipment
(15)
(30)
Gain on disposal of shareholding of Yguazú
Cementos S.A.
-
-
Impairment of property, plant and
equipment
-
-
Impairment of trust fund
32
20
Share-based payment
33
-
Changes in operating assets and
liabilities
Inventories
(1,163)
(812)
Other receivables
19
(423)
Trade accounts receivable
(709)
(624)
Advances from customers
(389)
(34)
Accounts payable
(523)
261
Salaries and social security payables
291
255
Provisions
(40)
(14)
Tax liabilities
120
177
Other liabilities
(32)
(84)
Gain on net monetary position
(849)
(866)
Income tax paid
(1,011)
(526)
Net cash generated by (used in)
operating activities
2,307
4,543
CASH FLOWS FROM INVESTING
ACTIVITIES
Proceeds from disposal of Yguazú Cementos
S.A.
55
146
Proceeds from disposal of Property, plant
and equipment
1
58
Payments to acquire Property, plant and
equipment
(632)
(1,643)
Payments to acquire Intangible Assets
(0)
-
Acquire investments
-
(2,595)
Proceeds from maturity investments
-
-
Contributions to Trust
(33)
(31)
Net cash generated by (used in)
investing activities
(609)
(4,066)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from borrowings
888
137
Interest paid
(138)
(274)
Dividends paid
-
0
Debts for leases
(28)
(60)
Repayment of borrowings
(2,581)
(491)
Share repurchase plan
(609)
(396)
Net cash generated by (used in)
financing activities
(2,469)
(1,084)
Net increase (decrease) in cash and cash
equivalents
(771)
(606)
Cash and cash equivalents at the beginning
of the period
3,837
7,666
Effect of the re-expression in homogeneous
cash currency ("Inflation-Adjusted")
(115)
(56)
Effects of the exchange rate differences
on cash and cash equivalents in foreign currency
65
(238)
Cash and cash equivalents at the end of
the period
3,015
6,766
Table 11: Financial Data by Segment
(figures exclude the impact of IAS 29)
(amounts expressed in millions of pesos,
unless otherwise noted)
Three-months ended March
31,
2022
%
2021
%
Net revenue
18,263
100.0%
12,635
100.0%
Cement, masonry cement and lime
16,180
88.6%
11,317
89.6%
Concrete
1,379
7.6%
1,086
8.6%
Railroad
1,548
8.5%
914
7.2%
Aggregates
376
2.1%
129
1.0%
Others
151
0.8%
72
0.6%
Eliminations
(1,370)
-7.5%
(883)
-7.0%
Cost of sales
10,847
100.0%
7,403
100.0%
Cement, masonry cement and lime
8,958
82.6%
6,043
81.6%
Concrete
1,312
12.1%
1,160
15.7%
Railroad
1,478
13.6%
906
12.2%
Aggregates
375
3.5%
132
1.8%
Others
94
0.9%
44
0.6%
Eliminations
(1,370)
-12.6%
(883)
-11.9%
Selling, admin. expenses and other
gains & losses
1,667
100.0%
943
100.0%
Cement, masonry cement and lime
1,467
88.0%
840
89.1%
Concrete
67
4.0%
22
2.4%
Railroad
84
5.0%
55
5.8%
Aggregates
4
0.2%
2
0.2%
Others
45
2.7%
24
2.6%
Depreciation and amortization
594
100.0%
343
100.0%
Cement, masonry cement and lime
454
76.4%
253
73.6%
Concrete
11
1.8%
17
4.9%
Railroad
122
20.5%
67
19.5%
Aggregates
7
1.1%
6
1.7%
Others
1
0.2%
1
0.3%
Adjusted EBITDA
6,343
100.0%
4,632
100.0%
Cement, masonry cement and lime
6,208
97.9%
4,687
101.2%
Concrete
11
0.2%
(80)
-1.7%
Railroad
107
1.7%
20
0.4%
Aggregates
3
0.0%
1
0.0%
Others
14
0.2%
5
0.1%
Reconciling items:
Effect by translation in homogeneous cash
currency ("Inflation-Adjusted")
141
2,667
Depreciation and amortization
(1,838)
(1,499)
Tax on debits and credits banks
accounts
(191)
(194)
Finance gain (cost), net
221
219
Income tax
(1,542)
(1,843)
Share of profit of associates
-
-
Impairment of property, plant and
equipment
-
-
NET PROFIT (LOSS) FOR THE
PERIOD
3,134
3,983
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220506005502/en/
IR Contacts Marcos I. Gradin, Chief Financial Officer and
Investor Relations Diego M. Jalón, Investor Relations Manager
+54-11-4319-3050 investorrelations@lomanegra.com
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