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 June 30, 2022
(our “2Q22 Results”).
2Q22 Key Highlights
- Net sales revenues increased by 8.0% YoY to Ps. 25,268 million
(US$ 204 million), mainly explained by the increase in Cement
sales, coupled with a good performance of the other segments,
mainly Concrete and Aggregates.
- Consolidated Adjusted EBITDA reached Ps. 7,328 million (US$ 63
million), increasing 2.6% YoY.
- The Consolidated Adjusted EBITDA margin contracted 151 basis
points YoY from 30.5% to 29.0%.
- Net Profit of Ps. 2,413 million, showing an increase of Ps.
4,488 million versus the same period of the previous year, mainly
explained by a better operating result and a lower tax burden due
to the increase in the income tax rate that affected 2Q21.
- During the quarter, we granted a dividend payment of Ps. 5,150
million, Ps. 8.80 per outstanding share (Ps. 43.99 per ADR).
- Net Debt /LTM Adjusted EBITDA ratio of 0.01x 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
second quarter of 2022, Sergio Faifman, Loma Negra’s Chief
Executive Officer, noted: “We are pleased to present another
quarter with excellent results, mainly based on our cement
business. Demand is going through a very solid moment that made
this the best second quarter in history for the cement market, also
marking a maximum for the first six months of 2022. This year we
are on track to set a new historical dispatch record.
At this auspicious moment for the industry, LOMA once again
shows an excellent performance, at this auspicious moment for the
industry, LOMA once again shows an excellent performance,
demonstrating its operational capacity and flexibility, largely as
a result of the recent investments in capacity, to efficiently face
complex circumstances such as the global energy crisis or the
prevailing uncertainty in the Argentine economy. Loma maintains its
focus on results, which has allowed us to achieve high
profitability standards, achieving a record EBITDA of 63 million
dollars for a second quarter, reaching 36.5 dollars per ton.
Likewise, after having completed the second line of L'Amalí
Plant, and as a way of allocating our cash generation, this year we
decided to resume dividend payments, seeking to maximize value for
shareholders. In this sense, to the dividends payment made in April
of this year, we added a second dividend distribution in June of 81
million dollars, leveraged on the Company's solid balance sheet,
totalizing 126 million dollars for the year.
As always, I would like to thank everyone who forms the LOMA
team, who with their effort and dedication make these results
possible, always with the support of our customers, suppliers, and
the communities where we responsibly operate”
Table 1: Financial
Highlights
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended June
30,
Six-months ended June
30,
2022
2021
% Chg.
2022
2021
% Chg.
Net revenue
25,268
23,399
8.0%
47,919
47,371
1.2%
Gross Profit
7,093
7,049
0.6%
14,651
15,738
-6.9%
Gross Profit margin
28.1%
30.1%
-205 bps
30.6%
33.2%
-265 bps
Adjusted EBITDA
7,328
7,140
2.6%
14,934
15,702
-4.9%
Adjusted EBITDA Mg.
29.0%
30.5%
-151 bps
31.2%
33.1%
-198 bps
Net Profit (Loss)
2,413
(2,075)
n/a
6,090
2,597
134.5%
Net Profit attributable to owners
of the Company
2,489
(2,025)
n/a
6,206
2,707
129.2%
EPS
4.2517
(3.3967)
n/a
10.5949
4.5419
133.3%
Average outstanding shares
(*)
585
596
-1.8%
586
596
-1.7%
Net Debt
305
4,073
-92.5%
305
4,073
-92.5%
Net Debt /LTM Adjusted EBITDA
0.01x
0.12x
-0.92x
0.01x
0.12x
-0.92x
(*) 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 June
30,
Six-months ended June
30,
2022
2021
% Chg.
2022
2021
% Chg.
Net revenue
24,064
13,829
74.0%
42,327
26,464
59.9%
Adjusted EBITDA
7,409
4,484
65.2%
13,752
9,116
50.9%
Adjusted EBITDA Mg.
30.8%
32.4%
-163 bps
32.5%
34.4%
-196 bps
Net Profit (Loss)
6,516
4,628
40.8%
12,600
7,888
59.7%
Net Debt
305
4,073
-92.5%
305
4,073
-92.5%
Net Debt /LTM Adjusted EBITDA
0.01x
0.12x
-0.92x
0.01x
0.12x
-0.92x
In million US$
Three-months ended June
30,
Six-months ended June
30,
2022
2021
% Chg.
2022
2021
% Chg.
Ps./US$, av
118.03
94.09
25.4%
112.21
91.37
22.8%
Ps./US$, eop
125.22
95.73
30.8%
125.22
95.73
30.8%
Net revenue
204
147
38.7%
377
290
30.2%
Adjusted EBITDA
63
48
31.7%
123
100
22.8%
Adjusted EBITDA Mg.
30.8%
32.4%
-163 bps
32.5%
34.4%
-196 bps
Net Profit (Loss)
55
49
12.3%
112
86
30.1%
Net Debt
2
43
-94.3%
2
43
-94.3%
Net Debt /LTM Adjusted EBITDA
0.01x
0.12x
-0.92x
0.01x
0.12x
-0.92x
Overview of Operations
Sales Volumes
Table 2: Sales
Volumes2
Three-months ended June
30,
Six-months ended June
30,
2022
2021
% Chg.
2022
2021
% Chg.
Cement, masonry & lime
MM Tn
1.67
1.40
19.3%
3.15
2.79
13.0%
Concrete
MM m3
0.15
0.12
26.3%
0.26
0.27
-3.3%
Railroad
MM Tn
1.18
1.06
11.4%
2.23
2.05
8.9%
Aggregates
MM Tn
0.32
0.20
64.7%
0.57
0.38
50.8%
2 Sales volumes include
inter-segment sales
Sales volumes of cement, masonry, and lime during 2Q22 increased
by 19.3% to 1.7 million tons, mainly leveraged by the growth of
bulk cement. Sales of bagged cement maintain their trend, supported
by a strong demand from the retail sector, while bulk cement
continues to be the dispatch mode that is showing the highest
year-on-year growth, driven by a higher level of activity in
private infrastructure projects, residential and industrial,
coupled with a moderate recovery in public works at the municipal
and provincial levels.
Regarding the volume of the Concrete segment, it registered an
increase of 26.3% YoY. The volume of concrete is showing a good
performance, following the trend of bulk cement. On the other hand,
Aggregates had a strong increase of 64.7% YoY sustained mainly by
the improvement in production, which allowed accompanying the
reactivation of the concrete sector and certain road works in the
Buenos Aires area, registering a monthly dispatch record in June
for that month of the year.
Likewise, the volumes of the railway segment experienced a
growth of 11.4% compared to the same quarter of 2021, where the
strong level of activity in the construction sector translated into
a notable increase in transported volumes of stone and cement,
followed by the chemical category, while there was a decrease in
the transport of fracsand.
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 June
30,
Six-months ended June
30,
2022
2021
% Chg.
2022
2021
% Chg.
Net revenue
25,268
23,399
8.0%
47,919
47,371
1.2%
Cost of sales
(18,175)
(16,350)
11.2%
(33,268)
(31,633)
5.2%
Gross profit
7,093
7,049
0.6%
14,651
15,738
-6.9%
Share of loss of associates
-
-
n/a
-
-
n/a
Selling and administrative
expenses
(2,208)
(2,018)
9.4%
(4,350)
(3,981)
9.3%
Other gains and losses
(23)
139
n/a
12
216
-94.4%
Impairment of property, plant and
equipment
-
-
n/a
-
-
n/a
Tax on debits and credits to bank
accounts
(255)
(260)
-1.7%
(480)
(487)
-1.5%
Finance gain (cost),
net
Gain on net monetary position
629
905
-30.5%
1,625
1,920
-15.4%
Exchange rate differences
(398)
317
n/a
(578)
355
n/a
Financial income
57
146
-60.8%
77
222
-65.3%
Financial expense
(598)
(889)
-32.8%
(1,174)
(1,762)
-33.4%
Profit (Loss) before
taxes
4,298
5,389
-20.2%
9,783
12,222
-20.0%
Income tax expense
Current
(30)
(2,520)
-98.8%
(2,250)
(5,349)
-57.9%
Deferred
(1,855)
(4,944)
-62.5%
(1,443)
(4,277)
-66.3%
Net profit (Loss)
2,413
(2,075)
n/a
6,090
2,597
134.5%
Net Revenues
Net revenue increased 8.0% to Ps. 25,268 million in 2Q22,
from Ps. 23,399 million in the comparable quarter last year, driven
by an increase in Cement, coupled with a positive performance of
the other segments.
Cement, masonry cement and lime segment was up 6.2% YoY, with
volumes expanding 19.3% impacted by price dynamics.
Concrete registered an increase in its topline of 27.5% compared
with 2Q21, sustained by a 26.3% increase in volume, also
accompanied by an improvement in prices. The Aggregates segment
recorded a strong increase in revenues of 105.2%, supported by a
volume increase of 64.7% YoY combined with good price
performance.
Railroad revenues increased 5.6% in 2Q22 compared to the same
quarter of 2021, mainly explained by an increase in transported
volumes of construction materials that compensated for lower price
dynamics, in part due to the drop in the average distance
transported as a result of the decrease in the transported volume
of fracsand.
Cost of sales, and Gross profit
Cost of sales increased 11.2% YoY, reaching Ps. 18,175
million in 2Q22, mainly as a result of a higher volume sold and the
increase in depreciation due to the impact of the new production
line in L'Amalí, partially offset by the favorable evolution of
unitary costs, due to operating efficiencies and where the
increases in dollars of energy inputs saw their impact softened by
the evolution of the exchange rate.
Gross Profit remained stable, registering a slight
improvement of 0.6% YoY to Ps. 7,093 million in 2Q22, from Ps.
7,049 million in 2Q21, with a gross profit margin that contracted
205 basis points YoY to 28.1%.
Selling and Administrative Expenses
Selling and administrative expenses (SG&A) in 2Q22
increased by 9.4% YoY to Ps. 2,208 million, from Ps. 2,018 million
in 2Q21, mainly as a result of higher expenses in salaries, freight
and insurances compared to the previous year. As a percentage of
sales, SG&A showed a slight increase against 2Q21 of 11 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 June
30,
Six-months ended June
30,
2022
2021
% Chg.
2022
2021
% Chg.
Adjusted EBITDA
reconciliation:
Net profit (Loss)
2,413
(2,075)
n/a
6,090
2,597
134.5%
(+) Depreciation and
amortization
2,465
1,970
25.1%
4,621
3,729
23.9%
(+) Tax on debits and credits to
bank accounts
255
260
-1.7%
480
487
-1.5%
(+) Income tax expense
1,884
7,464
-74.8%
3,693
9,625
-61.6%
(+) Financial interest, net
387
689
-43.8%
808
1,373
-41.2%
(+) Exchange rate differences,
net
398
(317)
n/a
578
(355)
n/a
(+) Other financial expenses,
net
154
55
179.3%
289
167
73.3%
(+) Gain on net monetary
position
(629)
(905)
-30.5%
(1,625)
(1,920)
-15.4%
(+) Share of profit (loss) of
associates
-
-
n/a
-
-
n/a
(+) Impairment of property, plant
and equipment
-
-
n/a
-
-
n/a
Adjusted EBITDA
7,328
7,140
2.6%
14,934
15,702
-4.9%
Adjusted EBITDA Margin
29.0%
30.5%
-151 bps
31.2%
33.1%
-198 bps
Adjusted EBITDA increased 2.6% YoY in the second quarter
of 2022 to Ps. 7,328 million from 7,140 in the same period of the
previous year driven by our cement business and accompanied by
improvements in Concrete and Aggregates.
Likewise, the Adjusted EBITDA margin contracted 151 basis points
to 29.0% compared to 30.5% in 2Q21, mainly due to the compression
of the cement margin and the higher incidence of other businesses
with lower margins, due to the increase in their activity
levels.
In particular, the Adjusted EBITDA margin of the Cement, Masonry
and Lime segment contracted 155 bps to 32.5%, mainly due to lower
price performance partially offset by favorable cost management and
higher operating leverage.
Concrete Adjusted EBITDA margin showed a significant improvement
of 371 bps, but still remaining in negative figures, reaching
-3.1%, from a negative margin of 6.8% in 2Q21, supported by a
volume recovery and higher efficiencies operational.
The Adjusted EBITDA margin of Aggregates stood at 9.7%, showing
an improvement of 203 basis points compared to 2Q21, due to a
strong recovery in revenues due to the increase in sales volumes
and the positive performance of the price.
The Adjusted EBITDA margin of Aggregates stood at 9.7%, showing
an improvement of 203 basis points compared to 2Q21, due to a
strong recovery in revenues caused by an increase in sales volumes
and the positive performance of the price.
Finally, the Adjusted EBITDA margin of the Railroad segment
decreased 144 bps to 3.4% in the second quarter, from 4.9%, where
the improvement in the transported volumes did not manage to
compensate the negative performance of the price, mainly affected
by the reduction in the average transported distance due to changes
in the mix of transported products.
Finance Costs-Net
Table 5: Finance Gain (Cost),
net
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended June
30,
Six-months ended June
30,
2022
2021
% Chg.
2022
2021
% Chg.
Exchange rate differences
(398)
317
n/a
(578)
355
n/a
Financial income
57
146
-60.8%
77
222
-65.3%
Financial expense
(598)
(889)
-32.8%
(1,174)
(1,762)
-33.4%
Gain on net monetary position
629
905
-30.5%
1,625
1,920
-15.4%
Total Finance Gain (Cost),
Net
(310)
479
n/a
(50)
736
n/a
During 2Q22, the Company reported a total net financial cost of
Ps. 310 million compared to a total net financial income of Ps. 479
million in 2Q21, mainly explained by the effect of the variation
between the mix of assets and liabilities in foreign currency and
the evolution of the exchange rate and inflation, partially offset
by a lower net financial cost and a lower positive effect of the
result on the monetary position.
Net Profit and Net Profit Attributable to Owners of the
Company
Net Profit for 2Q22 reached Ps. 2,413 million compared to
a loss of Ps. 2,075 million in the same period last year, mainly
due to the change in the income tax rate that strongly affected the
deferred tax in 2Q21. Likewise, the current tax for 2Q22 is reduced
by the effect of the amortization of the second line of the L'Amalí
Plant.
Net Profit Attributable to Owners of the Company reached
Ps. 2,489 million. During the quarter, the Company reported
earnings per common share of Ps. 4.2517 and an ADR gain of Ps.
21.2583, compared to a loss per common share of Ps. 3.3967 and an
ADR loss of Ps. 16.9837 in 2Q21.
Capitalization
Table 6: Capitalization and
Debt Ratio
(amounts expressed in millions of
pesos, unless otherwise noted)
As of June 30,
As of December, 31
2022
2021
2021
Total Debt
13,598
8,852
3,419
- Short-Term Debt
6,375
7,939
2,876
- Long-Term Debt
7,224
914
543
Cash, Cash Equivalents and
Investments
(13,293)
(4,779)
7,177
Total Net Debt
305
4,073
(3,758)
Shareholder's Equity
98,436
94,576
98,724
Capitalization
112,034
103,429
102,143
LTM Adjusted EBITDA
30,716
33,166
31,484
Net Debt /LTM Adjusted EBITDA
0.01x
0.12x
-0.12x
As of June 30, 2022, total Cash, Cash Equivalents, and
Investments were Ps. 13,293 million compared with Ps. 4,779 million
as of the June 30, 2021. Total debt at the close of the quarter
stood at Ps. 13,598 million, composed by Ps. 6,375 million in
short-term borrowings, including the current portion of long-term
borrowings (or 46.9% of total borrowings), and Ps. 7,224 million in
long-term borrowings (or 53.1% of total borrowings).
At the end of the second quarter of 2022, 57.6% (or Ps. 7,830
million) of Loma Negra's total debt was denominated in US dollars,
while 42.4% (or Ps. 5,768 million) was in Argentine pesos. The
average duration of Loma Negra's total debt was 1.2 years.
As of June 30, 2022, 59.6% of the Company's consolidated loans
accrued interest at a variable rate. The debt denominated in
dollars with rates based on Libor, while the portion in Argentine
pesos accrued interest at the short-term market rate. The remaining
40.4% accrues interest at a fixed rate in pesos.
The Net Debt to Adjusted EBITDA (LTM) ratio increased to 0.01x
as of June 30, 2022, from -0.12x as of December 31, 2021, as a
result of an increase in the debt, partially compensated by our
strong cash generation.
Cash Flows
Table 7: Condensed Interim
Consolidated Statement of Cash Flows
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended June
30,
Six-months ended June
30,
2022
2021
2022
2021
CASH FLOWS FROM OPERATING
ACTIVITIES
Net Profit (Loss)
2,413
(2,075)
6,090
2,597
Adjustments to reconcile net
profit (loss) to net cash provided by operating activities
4,618
9,145
8,674
12,958
Changes in operating assets and
liabilities
(5,061)
(7,115)
(10,088)
(10,270)
Net cash generated by
operating activities
1,971
(45)
4,676
5,284
CASH FLOWS FROM INVESTING
ACTIVITIES
Proceeds from disposal of Yguazú
Cementos S.A.
(0)
238
65
410
Property, plant and equipment,
Intangible Assets, net
(1,099)
(2,199)
(1,839)
(4,059)
Contributions to Trust
(33)
(32)
(72)
(69)
Investments, net
(0)
(0)
(0)
(3,044)
Net cash (used in) investing
activities
(1,132)
(1,993)
(1,846)
(6,762)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds / Repayments from
borrowings, Interest paid
12,371
(2,861)
10,189
(3,667)
Dividends paid
(5,681)
(0)
(5,681)
-
Share repurchase plan
0
(838)
(714)
(1,302)
Net cash generated by (used
in) by financing activities
6,690
(3,699)
3,793
(4,970)
Net increase (decrease) in
cash and cash equivalents
7,528
(5,737)
6,624
(6,448)
Cash and cash equivalents at the
beginning of the year
3,537
7,936
4,501
8,992
Effect of the re-expression in
homogeneous cash currency ("Inflation-Adjusted")
(88)
(90)
(224)
(155)
Effects of the exchange rate
differences on cash and cash equivalents in foreign currency
(78)
(207)
(2)
(486)
Cash and cash equivalents at
the end of the period
10,898
1,903
10,898
1,903
In 2Q22, our operating cash generation stood at Ps. 1,971
million, compared to Ps. -45 million in the same period of the
previous year, reflecting a higher level of profitability and the
effect of the divestment in Yguazú Cementos that impacted the
income tax paid in 2Q21. During this quarter, we began to use our
clinker stock, although due to the sustained demand and the
availability of natural gas, we extended the operation of the kilns
by adapting the maintenance plans.
During 2Q22, the Company generated cash from financing
activities for Ps. 6,690 million, product of the loans taken in the
quarter and the application of funds for the distribution of
dividends of Ps. 5,150 million approved in April. Regarding cash
used in investing activities, the Company used a total of Ps.
1,132. The completion of the L'Amalí expansion project
significantly reduced the need for capital expenditure.
Recent Events
Dividends Distribution
On July 1, 2022, the board of directors approved the payment of
dividends for a total amount of Ps. 10,300 million equivalents to
Ps. 17.59 per outstanding share (Ps. 87.97 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.
2Q22 Earnings Conference
Call
When: 11:00 a.m. U.S. ET (12:00 a.m. BAT), August 12,
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://event.choruscall.com/mediaframe/webcast.html?webcastid=AQO4ZTqA
Replay: A telephone replay of the conference call will be
available between August 13, 2022, at 1:00 pm U.S. E.T. and ending
on August 19, 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 June 30,
As of December 31,
2022
2021
ASSETS
Non-current assets
Property, plant and equipment
107,922
110,685
Right to use assets
367
422
Intangible assets
325
394
Investments
7
7
Goodwill
71
71
Inventories
4,317
4,199
Other receivables
844
946
Total non-current
assets
113,855
116,724
Current assets
Inventories
14,441
11,842
Other receivables
1,793
1,621
Trade accounts receivable
5,935
5,393
Investments
12,522
6,726
Cash and banks
771
450
Total current assets
35,464
26,032
TOTAL ASSETS
149,319
142,757
SHAREHOLDER'S EQUITY
Capital stock and other capital
related accounts
27,050
27,731
Reserves
65,068
61,798
Retained earnings
6,206
8,967
Accumulated other comprehensive
income
-
-
Equity attributable to the owners
of the Company
98,323
98,496
Non-controlling interests
113
228
TOTAL SHAREHOLDER'S
EQUITY
98,436
98,724
LIABILITIES
Non-current
liabilities
Borrowings
7,224
543
Accounts payables
-
-
Provisions
765
772
Salaries and social security
payables
42
69
Debts for leases
261
320
Other liabilities
118
194
Deferred tax liabilities
20,929
19,486
Total non-current
liabilities
29,338
21,385
Current liabilities
Borrowings
6,375
2,876
Accounts payable
9,943
10,724
Advances from customers
954
1,398
Salaries and social security
payables
2,584
2,770
Tax liabilities
1,431
4,555
Debts for leases
85
108
Other liabilities
173
218
Total current
liabilities
21,544
22,648
TOTAL LIABILITIES
50,883
44,033
TOTAL SHAREHOLDER'S EQUITY AND
LIABILITIES
149,319
142,757
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 June
30,
Six-months ended June
30,
2022
2021
% Change
2022
2021
% Change
Net revenue
25,268
23,399
8.0%
47,919
47,371
1.2%
Cost of sales
(18,175)
(16,350)
11.2%
(33,268)
(31,633)
5.2%
Gross Profit
7,093
7,049
0.6%
14,651
15,738
-6.9%
Share of loss of associates
-
-
n/a
-
-
n/a
Selling and administrative
expenses
(2,208)
(2,018)
9.4%
(4,350)
(3,981)
9.3%
Other gains and losses
(23)
139
n/a
12
216
-94.4%
Impairment of property, plant and
equipment
-
-
n/a
-
-
n/a
Tax on debits and credits to bank
accounts
(255)
(260)
-1.7%
(480)
(487)
-1.5%
Finance gain (cost),
net
Gain on net monetary position
629
905
-30.5%
1,625
1,920
-15.4%
Exchange rate differences
(398)
317
n/a
(578)
355
n/a
Financial income
57
146
-60.8%
77
222
-65.3%
Financial expenses
(598)
(889)
-32.8%
(1,174)
(1,762)
-33.4%
Profit (loss) before
taxes
4,298
5,389
-20.2%
9,783
12,222
-20.0%
Income tax expense
Current
(30)
(2,520)
-98.8%
(2,250)
(5,349)
-57.9%
Deferred
(1,855)
(4,944)
-62.5%
(1,443)
(4,277)
-66.3%
Net Profit (Loss)
2,413
(2,075)
n/a
6,090
2,597
134.5%
Net Profit (Loss) for the
period attributable to:
Owners of the Company
2,489
(2,025)
n/a
6,206
2,707
129.2%
Non-controlling interests
(76)
(50)
49.7%
(116)
(111)
4.7%
NET PROFIT (LOSS) FOR THE
PERIOD
2,413
(2,075)
n/a
6,090
2,597
134.5%
Earnings per share (basic and
diluted):
4.2517
(3.3967)
n/a
10.5949
4.5419
133.3%
Table 10: Condensed Interim
Consolidated Statement of Cash Flows
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended June
30,
Six-months ended June
30,
2022
2021
2022
2021
CASH FLOWS FROM OPERATING
ACTIVITIES
Net Profit (Loss)
2,413
(2,075)
6,090
2,597
Adjustments to reconcile net
profit to net cash provided by operating activities
Income tax expense
1,884
7,464
3,693
9,625
Depreciation and amortization
2,465
1,970
4,621
3,729
Provisions
57
(33)
107
(35)
Exchange rate differences
(78)
(556)
(288)
(831)
Interest expense
265
348
458
529
Share of loss of associates
-
-
-
-
Gain on disposal of property,
plant and equipment
4
(87)
(14)
(123)
Gain on disposal of shareholding
of Yguazú Cementos S.A.
-
-
-
-
Impairment of property, plant and
equipment
-
-
-
-
Impairment of trust fund
26
39
64
63
Share-based payment
(6)
-
33
-
Changes in operating assets
and liabilities
Inventories
(1,698)
(154)
(3,062)
(1,107)
Other receivables
(528)
(56)
(507)
(552)
Trade accounts receivable
(1,183)
(659)
(2,015)
(1,391)
Advances from customers
153
(278)
(303)
(318)
Accounts payable
1,686
211
1,073
518
Salaries and social security
payables
159
197
501
496
Provisions
(11)
(23)
(57)
(40)
Tax liabilities
683
(324)
824
(117)
Other liabilities
(93)
(73)
(130)
(172)
Gain on net monetary position
(629)
(905)
(1,625)
(1,920)
Income tax paid
(3,601)
(5,050)
(4,788)
(5,667)
Net cash generated by (used
in) operating activities
1,971
(45)
4,676
5,284
CASH FLOWS FROM INVESTING
ACTIVITIES
Proceeds from disposal of Yguazú
Cementos S.A.
(0)
238
65
410
Proceeds from disposal of
Property, plant and equipment
24
49
25
116
Payments to acquire Property,
plant and equipment
(1,119)
(2,248)
(1,861)
(4,175)
Payments to acquire Intangible
Assets
(3)
-
(3)
-
Acquire investments
(0)
(0)
(0)
(3,044)
Proceeds from maturity
investments
-
-
Contributions to Trust
(33)
(32)
(72)
(69)
Net cash generated by (used
in) investing activities
(1,132)
(1,993)
(1,846)
(6,762)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from borrowings
13,038
610
14,079
770
Interest paid
(83)
(114)
(246)
(435)
Dividends paid
(5,681)
(0)
(5,681)
-
Debts for leases
(46)
(59)
(79)
(130)
Repayment of borrowings
(538)
(3,297)
(3,566)
(3,873)
Share repurchase plan
0
(838)
(714)
(1,302)
Net cash generated by (used
in) financing activities
6,690
(3,699)
3,793
(4,970)
Net increase (decrease) in cash
and cash equivalents
7,528
(5,737)
6,624
(6,448)
Cash and cash equivalents at the
beginning of the period
3,537
7,936
4,501
8,992
Effect of the re-expression in
homogeneous cash currency ("Inflation-Adjusted")
(88)
(90)
(224)
(155)
Effects of the exchange rate
differences on cash and cash equivalents in foreign currency
(78)
(207)
(2)
(486)
Cash and cash equivalents at
the end of the period
10,898
1,903
10,898
1,903
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 June
30,
Six-months ended June
30,
2022
%
2021
%
2022
%
2021
%
Net revenue
24,064
100.0%
13,829
100.0%
42,327
100.0%
26,464
100.0%
Cement, masonry cement and
lime
21,203
88.1%
12,392
89.6%
37,383
88.3%
23,709
89.6%
Concrete
1,949
8.1%
947
6.8%
3,328
7.9%
2,033
7.7%
Railroad
2,028
8.4%
1,194
8.6%
3,576
8.4%
2,108
8.0%
Aggregates
627
2.6%
190
1.4%
1,003
2.4%
318
1.2%
Others
157
0.7%
68
0.5%
308
0.7%
140
0.5%
Eliminations
(1,900)
-7.9%
(961)
-6.9%
(3,270)
-7.7%
(1,844)
-7.0%
Cost of sales
15,432
100.0%
8,668
100.0%
26,279
100.0%
16,071
100.0%
Cement, masonry cement and
lime
12,840
83.2%
7,268
83.8%
21,798
82.9%
13,311
82.8%
Concrete
1,910
12.4%
1,026
11.8%
3,222
12.3%
2,186
13.6%
Railroad
1,952
12.6%
1,117
12.9%
3,430
13.1%
2,022
12.6%
Aggregates
532
3.4%
169
2.0%
907
3.5%
302
1.9%
Others
99
0.6%
49
0.6%
192
0.7%
93
0.6%
Eliminations
(1,900)
-12.3%
(961)
-11.1%
(3,270)
-12.4%
(1,844)
-11.5%
Selling, admin. expenses and
other gains & losses
1,944
100.0%
1,048
100.0%
3,611
100.0%
1,992
100.0%
Cement, masonry cement and
lime
1,709
87.9%
949
90.5%
3,176
87.9%
1,789
89.8%
Concrete
78
4.0%
0
0.0%
145
4.0%
22
1.1%
Railroad
112
5.8%
72
6.9%
196
5.4%
127
6.4%
Aggregates
6
0.3%
2
0.2%
10
0.3%
4
0.2%
Others
39
2.0%
25
2.4%
84
2.3%
49
2.5%
Depreciation and
amortization
722
100.0%
371
100.0%
1,316
100.0%
714
100.0%
Cement, masonry cement and
lime
547
75.8%
277
74.7%
1,001
76.1%
530
74.2%
Concrete
23
3.2%
15
3.9%
34
2.6%
31
4.4%
Railroad
142
19.6%
70
19.0%
263
20.0%
137
19.2%
Aggregates
9
1.2%
7
2.0%
15
1.2%
13
1.8%
Others
1
0.2%
1
0.4%
2
0.2%
3
0.4%
Adjusted EBITDA
7,409
100.0%
4,484
100.0%
13,752
100.0%
9,116
100.0%
Cement, masonry cement and
lime
7,201
97.2%
4,452
99.3%
13,409
97.5%
9,139
100.3%
Concrete
(16)
-0.2%
(65)
-1.4%
(5)
0.0%
(145)
-1.6%
Railroad
106
1.4%
75
1.7%
213
1.5%
95
1.0%
Aggregates
98
1.3%
26
0.6%
101
0.7%
26
0.3%
Others
21
0.3%
(5)
-0.1%
35
0.3%
0
0.0%
Reconciling items:
Effect by translation in
homogeneous cash currency ("Inflation-Adjusted")
(82)
2,656
1,182
6,586
Depreciation and amortization
(2,465)
(1,970)
(4,621)
(3,729)
Tax on debits and credits banks
accounts
(255)
(260)
(480)
(487)
Finance gain (cost), net
(310)
479
(50)
736
Income tax
(1,884)
(7,464)
(3,693)
(9,625)
Share of profit of associates
-
-
-
-
Impairment of property, plant and
equipment
-
-
-
-
NET PROFIT (LOSS) FOR THE
PERIOD
2,413
(2,075)
6,090
2,597
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220811005722/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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