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 September 30,
2021 (our “3Q21 Results”).
3Q21 Key Highlights
- Net revenue increased by 8.5% YoY to Ps. 17,800 million (US$176
million), mainly explained by the recovery in Concrete, the
increase in Cement and the improvement in the Railway segment
- Decrease in our Consolidated Adjusted EBITDA of 9.1% YoY to Ps.
4,696 million (US$51 million)
- The Consolidated Adjusted EBITDA margin decreased 512 basis
points YoY from 31.5% to 26.4%, mainly due to the normalization of
seasonal costs. For the 9-month period ending in September, the
margin expanded 55 basis points to 30.7% from 30.2% in the same
period of 2020
- Net Profit of Ps. 1,490 million, showing a reduction of 84.9%
versus the same period of the previous year, mainly explained by
the extraordinary result in 3Q20 due to the divestment in
Paraguay
- Net Debt /LTM Adjusted EBITDA ratio of -0.02x from 0.27x in
3Q20 and 0.16x in FY20
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
third quarter of 2021, Sergio Faifman, Loma Negra’s Chief Executive
Officer, noted: “We are pleased to announce a very good quarter
in which we observe a consolidation of cement demand close to
historical highs, with world-class profitability margins supported
by our high operating standards and a recovery in the other
business segments.
The post-pandemic operational normalization and the sustained
recovery of demand, led to this quarter, unlike what happened in
the same period last year, to include the usual annual maintenance
costs, as well as an increase in energy inputs, typical of the
winter months.
Despite the seasonal effects on margins, our EBITDA in dollars
was US $ 51MM, exceeding what was achieved, both in the same period
of 2020 and in the previous quarter.
As for the L’Amalí expansion project, it already shipped cement
during the month of October. We are very satisfied with the first
results that already show its operating benefits and we hope to
begin to see its impact in the coming quarters. This new line, with
its production capacity and operational efficiency, provides us
with a robust platform on which Loma can support its development.
Likewise, it will allow us to advance on the path of
sustainability, maximizing the use of energy with low environmental
impact.
Finally, I would like to highlight the committed contribution of
all our people and stakeholders, which they make to the operational
excellence of Loma and without which these results would not have
been possible. Together with the support of our strong productive
structure and a solid balance, they are the pillars to keep Loma on
a prosperous path of growth."
Table 1: Financial
Highlights
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended September
30,
Nine-months ended September
30,
2021
2020
% Chg.
2021
2020
% Chg.
Net revenue
17,800
16,399
8.5%
49,370
38,842
27.1%
Gross Profit
4,587
4,590
-0.1%
15,076
10,685
41.1%
Gross Profit margin
25.8%
28.0%
-222bps
30.5%
27.5%
+303bps
Adjusted EBITDA
4,696
5,167
-9.1%
15,161
11,713
29.4%
Adjusted EBITDA Mg.
26.4%
31.5%
-512bps
30.7%
30.2%
+55bps
Net Profit (Loss)
1,490
9,833
-84.9%
3,220
11,538
-72.1%
Net Profit (Loss) attributable to
owners of the Company
1,364
9,813
-86.1%
3,322
11,430
-70.9%
EPS
2.3081
16.4634
-86.0%
5.6000
7.9704
-29.7%
Average outstanding shares
(*)
591
596
-0.9%
593
596
-0.5%
Net Debt
(330)
2,587
n/a
(330)
2,587
n/a
Net Debt /LTM Adjusted EBITDA
-0.02x
0.27x
n/a
-0.02x
0.27x
n/a
(*) Net of repurchased shares
Table 1b: Financial Highlights
in Ps and in U.S. dollars (figures exclude the impact of IAS
29)
In million Ps.
Three-months ended September
30,
Nine-months ended September
30,
2021
2020
% Chg.
2021
2020
% Chg.
Net revenue
17,137
10,487
63.4%
43,601
23,477
85.7%
Adjusted EBITDA
4,957
3,511
41.2%
14,073
7,445
89.0%
Adjusted EBITDA Mg.
28.9%
33.5%
-455bps
32.3%
31.7%
+57bps
Net Profit (Loss)
3,466
8,258
-58.0%
11,354
9,039
25.6%
Net Debt
(330)
2,587
n/a
(330)
2,587
n/a
Net Debt /LTM Adjusted EBITDA
-0.02x
0.27x
n/a
-0.02x
0.27x
n/a
In million US$
Three-months ended September
30,
Nine-months ended September
30,
2021
2020
%Chg.
2021
2020
%Chg.
Ps./US$, av
97.26
73.35
32.6%
93.42
67.62
38.1%
Ps./US$, eop
98.74
76.18
29.6%
98.74
76.18
29.6%
Net revenue
176
143
23.2%
467
347
34.4%
Adjusted EBITDA
51
48
6.5%
151
110
36.8%
Adjusted EBITDA Mg.
28.9%
33.5%
-455bps
32.3%
31.7%
+57bps
Net Profit (Loss)
36
113
-68.3%
122
134
-9.1%
Net Debt
(3)
34
n/a
(3)
34
n/a
Net Debt /LTM Adjusted EBITDA
-0.02x
0.27x
n/a
-0.02x
0.27x
n/a
Overview of Operations
Sales Volumes
Table 2: Sales
Volumes2
Three-months ended September
30,
Nine-months ended September
30,
2021
2020
% Chg.
2021
2020
% Chg.
Cement, masonry & lime
MM Tn
1.66
1.53
8.4%
4.45
3.54
25.6%
Concrete
MM m3
0.12
0.06
110.8%
0.39
0.15
160.5%
Railroad
MM Tn
1.15
1.06
8.2%
3.20
2.63
21.7%
Aggregates
MM Tn
0.21
0.19
7.2%
0.58
0.35
68.3%
2 Sales volumes include
inter-segment sales
Sales volumes of cement, masonry, and lime in Argentina during
3Q21 increased 8.4% to 1.7 million tons mainly leveraged by the
recovery of bulk cement, a segment that had been more restricted
during the pandemic. Bagged cement sales remain strong due to
sustained demand from the retail sector. Considering that bagged
products had a more accelerated recovery in 3Q20, in this quarter
there is a normalization of the share in this dispatch mode
compared with bulk.
Likewise, the volume of concrete showed strong YoY growth of
110.8%, still below pre-pandemic levels, mainly due to the lack of
large infrastructure projects, both private and public. Aggregates
had an increase of 7.2% with a more moderate growth due to the fact
that in 3Q20 it already showed some recovery.
The volumes of the Railway segment experienced an increase of
8.2% compared to the same quarter of 2020, mainly explained by the
recovery in the transported volumes of granite stone and
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 September
30,
Nine-months ended September
30,
2021
2020
% Chg.
2021
2020
% Chg.
Net revenue
17,800
16,399
8.5%
49,370
38,842
27.1%
Cost of sales
(13,213)
(11,810)
11.9%
(34,294)
(28,157)
21.8%
Gross profit
4,587
4,590
-0.1%
15,076
10,685
41.1%
Share of loss of associates
-
(553)
n/a
-
(553)
n/a
Selling and administrative
expenses
(1,361)
(1,262)
7.8%
(4,014)
(3,302)
21.6%
Other gains and losses
35
8
309.9%
179
88
103.6%
Impairment of property, plant and
equipment
(141)
(1,297)
n/a
(141)
(1,297)
-89.1%
Tax on debits and credits to bank
accounts
(174)
(203)
-14.3%
(498)
(492)
1.2%
Finance gain (cost),
net
Gain on net monetary position
342
163
110.0%
1,622
488
232.4%
Exchange rate differences
(341)
3,131
n/a
(105)
1,898
n/a
Financial income
21
165
-87.4%
(1,438)
(1,874)
-23.3%
Financial expense
(343)
(408)
-15.8%
89
103
-13.0%
Profit (Loss) before
taxes
2,624
4,334
-39.5%
10,769
5,743
87.5%
Income tax expense
Current
(1,047)
(1,471)
-28.8%
(4,612)
(1,792)
157.4%
Deferred
(87)
560
n/a
(2,937)
562
n/a
Net profit (loss) from
continuing operations
1,490
3,423
-56.5%
3,220
4,514
-28.7%
Income from discontinued
operations
-
6,411
n/a
-
7,024
n/a
Net profit (loss)
1,490
9,833
-84.9%
3,220
11,538
-72.1%
Net Revenues
Net revenue increased 8.5% to Ps. 17,800 million in 3Q21,
from Ps. 16,399 million in the comparable quarter last year, driven
by the recovery of the Concrete segment, the growth in cement and
the recovery of the Railway and Aggregates segment.
Cement, masonry cement and lime segment was up 2.4%, with
volumes expanding 8.4% impacted by price dynamics.
Concrete posted a revenue increase of 116.6% because the
recovery in volume was coupled by an improvement in prices. The
Aggregates segment registered a strong increase in revenues of
47.5% due to the fact that the higher volume was combined with a
good price performance and a positive sales mix.
Railroad revenues increased 25.4% in 3Q21 compared to the same
quarter of 2020, mainly explained by an increase in transported
volumes of granite stone, and frac-sand that positively boosts
sales due to their impact on average transported distance.
Cost of sales, and Gross profit
Cost of sales increased 11.9% YoY reaching Ps. 13,213
million in 3Q21, mainly as a result of the higher volumes, impacted
by higher seasonal costs of thermal and electrical inputs and
higher maintenance costs in line with normalized third quarter
operation. Typically, during the winter season, we undertake our
annual scheduled maintenance, which last year was abnormally
affected by the pandemic situation.
Gross profit decreased slightly 0.1% YoY to Ps. 4,587
million in 3Q21, from Ps. 4,590 million in 3Q20, with a gross
profit margin that contracted 222 basis points year-on-year to
25.8%, reflecting the impact of higher winter production costs and
the maintenance period, together with lower price dynamics.
Selling and Administrative Expenses
Selling and administrative expenses (SG&A) in 2Q21
increased by 7.8% YoY to Ps. 1,361 million, from Ps. 1,262 million
in 3Q20, mainly as a consequence of the higher impact of sales on
taxes and freight, and higher labor costs compared to last year. As
a percentage of sales, SG&A show a slight improvement compared
to 3Q20, reaching 7.6%.
Adjusted EBITDA & Margin
Table 4: Adjusted EBITDA
Reconciliation & Margin
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended September
30,
Nine-months ended September
30,
2021
2020
% Chg.
2021
2020
% Chg.
Adjusted EBITDA
reconciliation:
Net profit (loss)
1,490
9,833
-84.9%
3,220
11,538
-72.1%
(+) Depreciation and
amortization
1,435
1,831
-21.6%
3,920
4,242
-7.6%
(+) Tax on debits and credits to
bank accounts
174
203
-14.3%
498
492
1.2%
(+) Income tax expense
1,134
911
24.5%
7,549
1,229
514.1%
(+) Financial interest, net
231
(13)
n/a
1,146
1,226
-6.5%
(+) Exchange rate differences,
net
341
(3,131)
n/a
105
(1,898)
n/a
(+) Other financial expenses,
net
92
256
-64.2%
203
545
-62.8%
(+) Gain on net monetary
position
(342)
(163)
110.0%
(1,622)
(488)
232.4%
(+) Share of profit (loss) of
associates
-
553
n/a
-
553
n/a
(+) Impairment of property, plant
and equipment
141
1,297
-89.1%
141
1,297
-89.1%
(-) Income from discontinued
operations
-
6,411
n/a
-
7,024
n/a
Adjusted EBITDA
4,696
5,167
-9.1%
15,161
11,713
29.4%
Adjusted EBITDA Margin
26.4%
31.5%
-512bps
30.7%
30.2%
+55bps
Adjusted EBITDA decreased 9.1% YoY in the third quarter
of 2021 to Ps. 4,696 million. Typically, in the third quarters we
have the incidence of higher production costs, as we incurred in
winter energy costs and we undertake most of our annual schedule
maintenance. These effects were abnormally softer in 3Q20 due to
the pandemic situation.
Likewise, the Adjusted EBITDA margin decreased 512 basis points
to 26.4% compared to 31.5% in 3Q20, mainly due to the impact of
cement margins. For the 9-month cumulative period, the margin
expanded 55 bps to 30.7 from 30.2 in the same period last year.
In particular, the Adjusted EBITDA margin of the Cement, Masonry
and Lime segment decreased 484 bps to 29.5%, mainly due to the
seasonal increase in costs and lower price performance.
The Adjusted EBITDA margin for Concrete recovered considerably
compared to 3Q20, but still registering a negative margin of 4.0%,
as the recovery of volumes is still below pre-pandemic levels.
The adjusted EBITDA margin of the Railroad segment improved 97
basis points, mainly supported by an increase in transported
volumes and a positive effect from the product mix.
Finally, the aggregates adjusted EBITDA margin improved to 0.3%
from a negative margin in 3Q20, due to a strong recovery in
revenues as a result of a better sales mix and higher operating
leverage.
Finance Costs-Net
Table 5: Finance Gain (Cost),
net
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended September
30,
Nine-months ended September
30,
2021
2020
% Chg.
2021
2020
% Chg.
Exchange rate differences
(341)
3,131
n/a
(105)
1,898
n/a
Financial income
21
165
-87.4%
(1,438)
(1,874)
-23.3%
Financial expense
(343)
(408)
-15.8%
89
103
-13.0%
Gain on net monetary position
342
163
110.0%
1,622
488
232.4%
Total Finance Gain (Cost),
Net
(322)
3,051
n/a
168
614
-72.6%
During 3Q21, the Company reported a total net financial cost of
Ps. 322 million compared to a total net financial gain of Ps. 3,051
million in 3Q20, this variation is primarily due to an
extraordinary exchange rate difference gain in the third quarter of
2020.
Net Profit and Net Profit Attributable to Owners of the
Company
Net Profit for 3Q21 it reached Ps. 1,490 million compared
to Ps. 9,833 million in the same period of the previous year. 3Q20
was strongly impacted by the sale of the Company's stake in Yguazú
Cementos.
Additionally, considering the start-up of the new L’Amalí line
and taking into account other factors, a non-monetary loss was
recognized on the assets of the Sierras Bayas Plant that amounted
to Ps. 141 million.
Net Profit Attributable to Owners of the Company reached
Ps. 1.4 billion. During the quarter, the Company reported earnings
per common share of Ps. 2,3081 and an ADR gain of Ps. 11.5407,
compared to earnings per common share of Ps. 16.4634 and an ADR
gain of Ps. 82.3171 in 3Q20.
Capitalization
Table 6: Capitalization and
Debt Ratio
(amounts expressed in millions of
pesos, unless otherwise noted)
As of September 30,
As of December, 31
2021
2020
2020
Total Debt
3,959
9,170
8,072
- Short-Term Debt
3,480
5,906
5,729
- Long-Term Debt
479
3,265
2,343
Cash, Cash Equivalents and
Investments
4,289
6,583
5,484
Total Net Debt
(330)
2,587
2,588
Shareholders' Equity
63,888
57,250
56,886
Capitalization
67,848
66,420
64,957
LTM Adjusted EBITDA
17,756
9,762
16,640
Net Debt /LTM Adjusted EBITDA
-0.02x
0.27x
0.16x
As of September 30, 2021, total cash and cash equivalents were
Ps. 4,289 million compared with Ps. 6,583 million as of the
September 30, 2020. Total debt at the close of the quarter stood at
Ps. 3,959 million, composed by Ps. 3,480 million in short-term
borrowings, including the current portion of long-term borrowings
(or 87.9% of total borrowings), and Ps. 479 million in long-term
borrowings (or 12.1% of total borrowings).
As of September 30, 2021, 83.2% (or Ps. 3,295 million) Loma
Negra’s total debt was denominated in U.S. dollars, 9.5% (or Ps.
377 million) in Euros, and 7.3% (or Ps. 288 million) in argentine
pesos. The average duration of Loma Negra’s total debt was 0.4
years.
As of September 30, 2021, Ps. 3,280 million, or 82.9%, of the
Company’s total consolidated borrowings bore interest at rates
based on Libor, and Ps. 679 million of borrowings bore interest at
a fixed rate.
The Net Debt to Adjusted EBITDA (LTM) ratio decreased to -0.02x
as of September 30, 2021 from 0.16x as of December 31, 2020 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 September
30,
Nine-months ended September
30,
2021
2020
2021
2020
CASH FLOWS FROM OPERATING
ACTIVITIES
Net profit (loss)
1,490
9,833
3,220
11,538
Adjustments to reconcile net
profit (loss) to net cash provided by operating activities
2,889
(5,744)
11,524
(1,737)
Changes in operating assets and
liabilities
1,012
1,300
(5,832)
311
Net cash generated by
operating activities
5,391
5,389
8,912
10,112
CASH FLOWS FROM INVESTING
ACTIVITIES
Proceeds from disposal of Yguazú
Cementos S.A.
(250)
-
-
-
Property, plant and equipment,
Intangible Assets, net
(1,544)
(2,382)
(4,249)
(10,928)
Contributions to Trust
(20)
(40)
(66)
(76)
Investments
373
11,428
(1,656)
11,428
Net cash (used in) investing
activities
(1,441)
9,006
(5,971)
423
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds / Repayments from
borrowings, Interest paid
(1,748)
(15,238)
(4,192)
(10,029)
Share repurchase plan
(630)
-
(1,498)
-
Net cash generated by (used
in) by financing activities
(2,377)
(15,238)
(5,689)
(10,029)
Net increase (decrease) in
cash and cash equivalents
1,573
(843)
(2,748)
506
Cash and cash equivalents at the
beginning of the year
1,245
3,707
5,993
2,432
Effect of the re-expression in
homogeneous cash currency ("Inflation-Adjusted")
(38)
(50)
(141)
(152)
Effects of the exchange rate
differences on cash and cash equivalents in foreign currency
(300)
4,279
(624)
4,307
Cash and cash equivalents at
the end of the period
2,480
7,092
2,480
7,092
In 3Q21, our operating cash generation was Ps. 5,391 million,
benefited by lower seasonal working capital requirements.
During 3Q21, the Company used cash in financing and investing
activities for a total of Ps. 2,377 and Ps. 1,441 million,
respectively. Cash allocations to the expansion of production
capacity of L’Amalí plant accounted for a total of Ps. 552 million,
or 36% of total capital expenditures.
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$350
million.
Having already completed the start-up of the main stages of the
new line, at the end of September 2021, it is practically
completed, going through the final fine-tuning process
satisfactorily.
Share Repurchase Plan.
On September 24, 2021, the Company announced the approval of the
third share repurchase program, in accordance with Section 64 of
Law No. 26.831 (“LMC”) and the CNV Regulations. The purpose is to
efficiently apply a portion of the Company´s cash position which
may result in a greater return of value for its shareholders
considering the current attractive value of the share.
The plan became effective as from September 28, 2021, the amount
to invest will be up to AR$ 700.000.000 (Argentine Pesos Seven
Hundred 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 current Share Repurchase Programs is shown
below:
Repurchase Program III
Maximum amount for repurchase
AR$ 700 million
Maximum price
AR$ 340/ordinary share or US$
9.5/ADR
Period in force
60 days since September 28,
2021
Repurchase under the program until
November 10, 2021
AR$ 465 million
Progress
66.5%
3Q21 Earnings Conference
Call
When:
10:00 a.m. U.S. ET (12:00 a.m. BAT),
November 12, 2021
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/links/loma211112msXWsvGS.html
Replay:
A telephone replay of the conference call
will be available between November 13, 2021 at 1:00 pm U.S. E.T.
and ending on November 19, 2021. 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.
Table 8: Condensed Interim
Consolidated Statements of Financial Position
(amounts expressed in millions of
pesos, unless otherwise noted)
As of September 30,
As of December 31,
2021
2020
ASSETS
Non-current assets
Property, plant and equipment
72,497
73,351
Right to use assets
304
613
Intangible assets
214
263
Investments
5
5
Goodwill
48
48
Inventories
2,694
2,953
Other receivables
766
659
Total non-current
assets
76,527
77,891
Current assets
Inventories
7,727
7,521
Other receivables
1,217
1,667
Trade accounts receivable
4,133
4,094
Investments
3,887
5,627
Cash and banks
403
365
Total current assets
17,367
19,275
TOTAL ASSETS
93,893
97,166
SHAREHOLDERS' EQUITY
Capital stock and other capital
related accounts
19,113
20,611
Reserves
41,184
25,638
Retained earnings
3,322
15,546
Equity attributable to the owners
of the Company
63,619
61,795
Non-controlling interests
269
371
TOTAL SHAREHOLDERS'
EQUITY
63,888
62,166
LIABILITIES
Non-current
liabilities
Borrowings
479
2,561
Accounts payables
-
140
Provisions
570
668
Salaries and social security
payables
69
52
Debts for leases
234
535
Other liabilities
78
153
Deferred tax liabilities
12,902
9,965
Total non-current
liabilities
14,332
14,074
Current liabilities
Borrowings
3,480
6,261
Accounts payable
6,345
7,386
Advances from customers
798
1,002
Salaries and social security
payables
1,873
1,947
Tax liabilities
2,933
3,950
Debts for leases
86
192
Other liabilities
157
187
Total current
liabilities
15,673
20,926
TOTAL LIABILITIES
30,005
35,000
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES
93,893
97,166
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 September
30,
Nine-months ended September
30,
2021
2020
% Change
2021
2020
% Change
Net revenue
17,800
16,399
8.5%
49,370
38,842
27.1%
Cost of sales
(13,213)
(11,810)
11.9%
(34,294)
(28,157)
21.8%
Gross profit
4,587
4,590
-0.1%
15,076
10,685
41.1%
Share of loss of associates
-
(553)
n/a
-
(553)
n/a
Selling and administrative
expenses
(1,361)
(1,262)
7.8%
(4,014)
(3,302)
21.6%
Other gains and losses
35
8
309.9%
179
88
103.6%
Impairment of property, plant and
equipment
(141)
(1,297)
n/a
(141)
(1,297)
n/a
Tax on debits and credits to bank
accounts
(174)
(203)
-14.3%
(498)
(492)
1.2%
Finance gain (cost),
net
Gain on net monetary position
342
163
110.0%
1,622
488
232.4%
Exchange rate differences
(341)
3,131
n/a
(105)
1,898
n/a
Financial income
21
165
-87.4%
(1,438)
(1,874)
-23.3%
Financial expenses
(343)
(408)
-15.8%
89
103
-13.0%
Profit (loss) before
taxes
2,624
4,334
-39.5%
10,769
5,743
87.5%
Income tax expense
Current
(1,047)
(1,471)
-28.8%
(4,612)
(1,792)
157.4%
Deferred
(87)
560
n/a
(2,937)
562
n/a
Net profit (loss) from
continuing operations
1,490
3,423
-56.5%
3,220
4,514
-28.7%
Income from discontinued
operations
-
6,411
n/a
-
7,024
n/a
Net profit (loss)
1,490
9,833
-84.9%
3,220
11,538
-72.1%
Other Comprehensive Income
(Loss)
Items to be reclassified through
profit and loss:
Exchange differences on
translating foreign operations
-
(243)
n/a
-
(392)
n/a
Total other comprehensive
income (loss)
-
(243)
n/a
-
(392)
n/a
TOTAL COMPREHENSIVE INCOME
(LOSS)
1,490
9,590
-84.5%
3,220
11,146
-71.1%
Net Profit (loss) for the
period attributable to:
Owners of the Company
1,364
9,813
-86.1%
3,322
11,430
-70.9%
Non-controlling interests
126
21
508.3%
(102)
108
n/a
NET PROFIT (LOSS) FOR THE
PERIOD
1,490
9,833
-84.9%
3,220
11,538
-72.1%
Total comprehensive income
(loss) attributable to:
Owners of the Company
1,518
9,689
-84.3%
3,322
11,230
-70.4%
Non-controlling interests
(29)
(98)
-70.9%
(102)
(84)
21.9%
TOTAL COMPREHENSIVE INCOME
(LOSS)
1,490
9,590
-84.5%
3,220
11,146
-71.1%
Earnings per share (basic and
diluted):
2.3081
16.4634
-86.0%
5.6000
7.9704
-29.7%
Table 10: Condensed Interim
Consolidated Statement of Cash Flows
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended September
30,
Nine-months ended September
30,
2021
2020
2021
2020
CASH FLOWS FROM OPERATING
ACTIVITIES
Net profit (loss) from
continuing operations
1,490
3,423
3,220
4,514
Income from discontinued
operations
-
6,411
-
7,024
Net profit (loss)
1,490
9,833
3,220
11,538
Adjustments to reconcile net
profit to net cash provided by operating activities
Income tax expense
1,134
2,918
7,549
3,307
Depreciation and amortization
1,435
1,831
3,920
4,242
Provisions
5
(42)
(18)
(58)
Interest expense
66
25
307
1,426
Exchange rate differences
4
(4,107)
(550)
(3,626)
Share of loss of associates
(0)
553
(0)
553
Interest income
108
-
219
-
Gain on disposal of property,
plant and equipment
(20)
34
(102)
60
Impairment of property, plant and
equipment
141
1,297
141
1,297
Gain on disposal of shareholding
of Yguazú Cementos S.A.
-
(8,417)
-
(9,102)
Impairment of trust fund
16
164
58
164
Changes in operating assets
and liabilities
Inventories
1,057
1,501
320
1,032
Other receivables
(56)
236
(424)
116
Trade accounts receivable
(301)
(838)
(1,227)
(346)
Advances from customers
155
367
(57)
522
Accounts payable
978
892
1,323
926
Salaries and social security
payables
172
445
502
10
Provisions
(47)
(16)
(73)
(57)
Tax liabilities
348
(420)
270
(158)
Other liabilities
15
11
(100)
(36)
Gain on net monetary position
(342)
(163)
(1,622)
(488)
Income tax paid
(967)
(715)
(4,744)
(1,210)
Net cash generated by (used
in) operating activities
5,391
5,389
8,912
10,112
CASH FLOWS FROM INVESTING
ACTIVITIES
Proceeds from disposal of Yguazú
Cementos S.A.
(250)
-
-
-
Proceeds from disposal of
Property, plant and equipment
37
22
114
54
Payments to acquire Property,
plant and equipment
(1,561)
(2,403)
(4,343)
(10,976)
Payments to acquire Intangible
Assets
(20)
(1)
(20)
(6)
Investments
373
11,428
(1,656)
11,428
Contributions to Trust
(20)
(40)
(66)
(76)
Net cash generated by (used
in) investing activities
(1,441)
9,006
(5,971)
423
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from borrowings
497
(0)
1,010
17,319
Interest paid
(157)
(1,630)
(447)
(3,874)
Debts for leases
(39)
(56)
(125)
(149)
Repayment of borrowings
(2,049)
(13,552)
(4,630)
(23,325)
Share repurchase plan
(630)
-
(1,498)
-
Net cash generated by (used
in) financing activities
(2,377)
(15,238)
(5,689)
(10,029)
Net increase (decrease) in cash
and cash equivalents
1,573
(843)
(2,748)
506
Cash and cash equivalents at the
beginning of the period
1,245
3,707
5,993
2,432
Effect of the re-expression in
homogeneous cash currency ("Inflation-Adjusted")
(38)
(50)
(141)
(152)
Effects of the exchange rate
differences on cash and cash equivalents in foreign currency
(300)
4,279
(624)
4,307
Cash and cash equivalents at
the end of the period
2,480
7,092
2,480
7,092
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 September
30,
Nine-months ended September
30,
2021
%
2020
%
2021
%
2020
%
Net revenue
17,137
100.0%
10,487
100.0%
43,601
100.0%
23,477
100.0%
Cement, masonry cement and
lime
15,320
89.4%
9,801
93.5%
39,029
89.5%
21,433
91.3%
Concrete
1,115
6.5%
340
3.2%
3,147
7.2%
917
3.9%
Railroad
1,465
8.5%
770
7.3%
3,572
8.2%
2,167
9.2%
Aggregates
285
1.7%
128
1.2%
604
1.4%
202
0.9%
Others
106
0.6%
29
0.3%
246
0.6%
114
0.5%
Eliminations
(1,153)
-6.7%
(581)
-5.5%
(2,997)
-6.9%
(1,356)
-5.8%
Cost of sales
11,416
100.0%
6,688
100.0%
27,487
100.0%
15,192
100.0%
Cement, masonry cement and
lime
9,770
85.6%
5,799
86.7%
23,081
84.0%
12,831
84.5%
Concrete
1,136
9.9%
531
7.9%
3,322
12.1%
1,260
8.3%
Railroad
1,328
11.6%
753
11.3%
3,350
12.2%
2,101
13.8%
Aggregates
272
2.4%
162
2.4%
574
2.1%
278
1.8%
Others
64
0.6%
24
0.4%
157
0.6%
78
0.5%
Eliminations
(1,153)
-10.1%
(581)
-8.7%
(2,997)
-10.9%
(1,356)
-8.9%
Selling, admin. expenses and
other gains & losses
1,223
100.0%
728
100.0%
3,214
100.0%
1,774
100.0%
Cement, masonry cement and
lime
1,052
86.1%
687
94.4%
2,841
88.4%
1,606
90.5%
Concrete
27
2.2%
(8)
-1.0%
49
1.5%
1
0.0%
Railroad
101
8.2%
30
4.1%
228
7.1%
120
6.8%
Aggregates
3
0.3%
1
0.2%
7
0.2%
(2)
-0.1%
Others
39
3.2%
17
2.3%
88
2.7%
50
2.8%
Depreciation and
amortization
459
100.0%
440
100.0%
1,173
100.0%
935
100.0%
Cement, masonry cement and
lime
356
77.4%
237
53.9%
885
75.4%
570
61.0%
Concrete
16
3.4%
134
30.4%
47
4.0%
168
17.9%
Railroad
78
17.0%
62
14.1%
215
18.3%
178
19.0%
Aggregates
9
1.9%
6
1.3%
22
1.9%
16
1.7%
Others
1
0.3%
1
0.2%
4
0.3%
3
0.4%
Adjusted EBITDA
4,957
100.0%
3,511
100.0%
14,073
100.0%
7,445
100.0%
Cement, masonry cement and
lime
4,853
97.9%
3,552
101.2%
13,992
99.4%
7,566
101.6%
Concrete
(32)
-0.7%
(50)
-1.4%
(177)
-1.3%
(176)
-2.4%
Railroad
114
2.3%
49
1.4%
209
1.5%
123
1.7%
Aggregates
18
0.4%
(30)
-0.8%
45
0.3%
(57)
-0.8%
Others
4
0.1%
(10)
-0.3%
4
0.0%
(11)
-0.1%
Reconciling items:
Effect by translation in
homogeneous cash currency ("Inflation-Adjusted")
(261)
1,656
1,087
4,268
Depreciation and amortization
(1,435)
(1,831)
(3,920)
(4,242)
Tax on debits and credits banks
accounts
(174)
(203)
(498)
(492)
Finance gain (cost), net
(322)
3,051
168
614
Income tax
(1,134)
(911)
(7,549)
(1,229)
Share of profit of associates
-
(553)
-
(553)
Impairment of property, plant and
equipment
(141)
(1,297)
(141)
(1,297)
Income (loss) from discontinued
operations
-
6,411
-
7,024
NET PROFIT (LOSS) FOR THE
PERIOD
1,490
9,833
3,220
11,538
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211111006082/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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