SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________
Securities Exchange Act of 1934
(Exact Name of Registrant as Specified in its Charter)
(Translation of Registrant's name into English)
Cecilia Grierson 355, 4th Floor
Zip Code C1107CPG - Capital Federal
Republic of Argentina
|
(Address of principal executive offices)
|
Form 20-F ☒ Form 40-F ☐
Item
|
Description
| |
1
|
Relevant event
|
Date: March 8, 2023 |
By: /s/ | Marcos I. Gradin |
Name: | Marcos I. Gradin | |
Title: | Chief Financial Officer |
◾
|
Net revenues increased 1.1% YoY to Ps. 145,133 million (US$ 835 million) mainly driven by the top line performance of Concrete and Aggregates that compensated the flattish result of Cement segment.
|
◾
|
Consolidated Adjusted EBITDA reached Ps. 43,345 million, decreasing 3.8% YoY in adjusted pesos, while in dollars it reached 289 million, with an increase of 34.3% YoY.
|
◾
|
Consolidated Adjusted EBITDA margin reaching 29.9%, contracting 152 basis points from 2021.
|
◾
|
Net income was Ps. 1,807 million, showing a decrease of 85.4% YoY.
|
◾
|
During FY22, we distributed dividends for Ps. 15,450 million (US$ 126 million), Ps. 26.39 per outstanding share (Ps. 131.96 per ADR).
|
◾
|
In 2022, we repurchased shares for Ps. 1,263 million (US$ 9.7 million), currently holding 12.4 million ordinary shares (2% of the total shares).
|
◾
|
Loma Negra is presenting its second Sustainability Report for the fiscal year 2022, which seeks to share with its stakeholders the practices that it has been carrying out in environmental, social and governance matters.
|
◾
|
Net sales revenues decreased by 2.0% YoY to Ps. 36,763 million (US$ 215 million), mainly explained by the decrease in Cement sales, partially compensated by the good performance of the Concrete and Aggregates segments.
|
◾
|
Consolidated Adjusted EBITDA reached Ps. 13,173 million, increasing 5.4% YoY in adjusted pesos, while in dollars it reached 91 million, with an increase of 42.7% YoY.
|
◾
|
The Consolidated Adjusted EBITDA margin expanded 252 basis points YoY from 33.3% to 35.8%.
|
◾
|
Sale of a non-strategic property in Olavarría positively impacted Other Gains and Losses for Ps. 3,357 million, representing 913 basis points of the Consolidated Adjusted EBITDA margin. Without this effect, Consolidated Adjusted EBITDA would have stood at Ps.9,816 million.
|
◾
|
Net Profit of Ps. 7,452 million, where the sale of the non-strategic property contributed to the good operating performance.
|
◾
|
During the quarter, the Company approved a dividend payment of Ps. 3,500 million (US$ 19.5 million), Ps. 6.00 per outstanding share (Ps. 29.92 per ADR).
|
◾
|
Net Debt /LTM Adjusted EBITDA ratio of 0.37x compared with -0.12x in FY21.
|
Table 1: Financial Highlights
| |||||||
(amounts expressed in millions of pesos, unless otherwise noted)
| |||||||
Three-months ended December 31, |
Twelve-months ended December 31, | ||||||
2022
|
2021
|
% Chg.
|
2022
|
2021
|
% Chg.
| ||
Net revenue
|
36,763
|
37,512
|
-2.0%
|
145,133
|
143,501
|
1.1%
| |
Gross Profit
|
9,754
|
12,991
|
-24.9%
|
39,193
|
45,356
|
-13.6%
| |
Gross Profit margin
|
26.5%
|
34.6%
|
-810 bps
|
27.0%
|
31.6%
|
-460 bps
| |
Adjusted EBITDA
|
13,173
|
12,497
|
5.4%
|
43,345
|
45,044
|
-3.8%
| |
Adjusted EBITDA Mg.
|
35.8%
|
33.3%
|
+252 bps
|
29.9%
|
31.4%
|
-152 bps
| |
Net Profit (Loss)
|
7,452
|
5,445
|
36.9%
|
1,807
|
12,358
|
-85.4%
| |
Net Profit (Loss) attributable to owners of the Company
|
7,513
|
5,696
|
31.9%
|
2,147
|
12,829
|
-83.3%
| |
EPS
|
12.8537
|
9.6216
|
33.6%
|
3.6684
|
21.6685
|
-83.1%
| |
Average outstanding shares (*)
|
584
|
592
|
-1.3%
|
585
|
592
|
-1.1%
| |
Net Debt
|
15,859
|
(5,376)
|
n/a
|
15,859
|
(5,376)
|
n/a
| |
Net Debt /LTM Adjusted EBITDA
|
0.37x
|
-0.12x
|
n/a
|
0.37x
|
-0.12x
|
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 December 31, |
Twelve-months ended December 31, | |||||
2022
|
2021
|
% Chg.
|
2022
|
2021
|
% Chg.
| ||
Net revenue
|
34,933
|
18,746
|
86.3%
|
109,243
|
62,347
|
75.2%
| |
Adjusted EBITDA
|
14,742
|
6,379
|
131.1%
|
37,758
|
20,453
|
84.6%
| |
Adjusted EBITDA Mg.
|
42.2%
|
34.0%
|
+817 bps
|
34.6%
|
32.8%
|
+176 bps
| |
Net Profit (Loss)
|
8,962
|
4,868
|
84.1%
|
14,009
|
16,222
|
-13.6%
| |
Net Debt
|
15,859
|
(5,376)
|
n/a
|
15,859
|
(5,376)
|
n/a
| |
Net Debt /LTM Adjusted EBITDA
|
0.37x
|
-0.12x
|
n/a
|
0.37x
|
-0.12x
|
n/a
| |
In million US$
|
Three-months ended December 31, |
Twelve-months ended December 31, | |||||
2022
|
2021
|
% Chg.
|
2022
|
2021
|
% Chg.
| ||
Ps./US$, av
|
162.70
|
100.50
|
61.9%
|
130.81
|
95.16
|
37.5%
| |
Ps./US$, eop
|
177.13
|
102.75
|
72.4%
|
177.13
|
102.75
|
72.4%
| |
Net revenue
|
215
|
187
|
15.1%
|
835
|
655
|
27.5%
| |
Adjusted EBITDA
|
91
|
63
|
42.7%
|
289
|
215
|
34.3%
| |
Adjusted EBITDA Mg.
|
42.2%
|
34.0%
|
+817 bps
|
34.6%
|
32.8%
|
+176 bps
| |
Net Profit (Loss)
|
55
|
48
|
13.7%
|
107
|
170
|
-37.2%
| |
Net Debt
|
90
|
(52)
|
n/a
|
90
|
(52)
|
n/a
| |
Net Debt /LTM Adjusted EBITDA
|
0.37x
|
-0.12x
|
n/a
|
0.37x
|
-0.12x
|
n/a
|
Table 2: Sales Volumes2 | ||||||||
Three-months ended December 31, |
Twelve-months ended December 31, | |||||||
2022
|
2021
|
% Chg.
|
2022
|
2021
|
% Chg.
| |||
Cement, masonry & lime
|
MM Tn
|
1.69
|
1.68
|
0.9%
|
6.72
|
6.13
|
9.7%
| |
Concrete
|
MM m3
|
0.15
|
0.13
|
17.5%
|
0.58
|
0.52
|
11.0%
| |
Railroad
|
MM Tn
|
1.09
|
1.13
|
-3.2%
|
4.54
|
4.33
|
4.8%
| |
Aggregates
|
MM Tn
|
0.33
|
0.25
|
30.1%
|
1.24
|
0.84
|
48.1%
| |
2 Sales volumes include inter-segment sales
|
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 December 31, |
Twelve-months ended December 31, | ||||||
2022
|
2021
|
% Chg.
|
2022
|
2021
|
% Chg.
| ||
Net revenue
|
36,763
|
37,512
|
-2.0%
|
145,133
|
143,501
|
1.1%
| |
Cost of sales
|
(27,009)
|
(24,521)
|
10.1%
|
(105,940)
|
(98,145)
|
7.9%
| |
Gross profit
|
9,754
|
12,991
|
-24.9%
|
39,193
|
45,356
|
-13.6%
| |
Share of loss of associates
|
-
|
-
|
n/a
|
-
|
-
|
n/a
| |
Selling and administrative expenses
|
(3,200)
|
(3,710)
|
-13.8%
|
(12,511)
|
(12,328)
|
1.5%
| |
Other gains and losses
|
3,513
|
24
|
14459.7%
|
3,385
|
408
|
729.8%
| |
Impairment of property, plant and equipment
|
-
|
6
|
n/a
|
-
|
(298)
|
n/a
| |
Tax on debits and credits to bank accounts
|
(381)
|
(376)
|
1.3%
|
(1,455)
|
(1,446)
|
0.6%
| |
Finance gain (cost), net
| |||||||
Gain on net monetary position
|
6,119
|
715
|
756.2%
|
13,747
|
3,912
|
251.4%
| |
Exchange rate differences
|
(3,005)
|
(675)
|
345.3%
|
(7,419)
|
(3,208)
|
131.3%
| |
Financial income
|
229
|
360
|
-36.3%
|
1,626
|
1,991
|
-18.3%
| |
Financial expense
|
(2,962)
|
(679)
|
336.5%
|
(25,564)
|
(2,612)
|
878.6%
| |
Profit (Loss) before taxes
|
10,066
|
8,655
|
16.3%
|
11,003
|
31,775
|
-65.4%
| |
Income tax expense
| |||||||
Current
|
(685)
|
(3,030)
|
-77.4%
|
(4,217)
|
(12,931)
|
-67.4%
| |
Deferred
|
(1,929)
|
(180)
|
973.9%
|
(4,979)
|
(6,485)
|
-23.2%
| |
Net profit (Loss)
|
7,452
|
5,445
|
36.9%
|
1,807
|
12,358
|
-85.4%
|
Table 4: Adjusted EBITDA Reconciliation & Margin
| |||||||
(amounts expressed in millions of pesos, unless otherwise noted)
| |||||||
Three-months ended December 31, |
Twelve-months ended December 31, | ||||||
2022
|
2021
|
% Chg.
|
2022
|
2021
|
% Chg.
| ||
Adjusted EBITDA reconciliation:
| |||||||
Net profit (Loss)
|
7,452
|
5,445
|
36.9%
|
1,807
|
12,358
|
-85.4%
| |
(+) Depreciation and amortization
|
3,106
|
3,192
|
-2.7%
|
13,278
|
11,608
|
14.4%
| |
(+) Tax on debits and credits to bank accounts
|
381
|
376
|
1.3%
|
1,455
|
1,446
|
0.6%
| |
(+) Income tax expense
|
2,614
|
3,210
|
-18.6%
|
9,196
|
19,417
|
-52.6%
| |
(+) Financial interest, net
|
2,259
|
(129)
|
n/a
|
4,542
|
(788)
|
n/a
| |
(+) Exchange rate differences, net
|
3,005
|
675
|
345.3%
|
7,419
|
3,208
|
131.3%
| |
(+) Other financial expenses, net
|
474
|
447
|
6.0%
|
19,396
|
1,409
|
1276.5%
| |
(+) Gain on net monetary position
|
(6,119)
|
(715)
|
756.2%
|
(13,747)
|
(3,912)
|
251.4%
| |
(+) Share of profit (loss) of associates
|
-
|
-
|
n/a
|
-
|
-
|
n/a
| |
(+) Impairment of property, plant and equipment
|
-
|
(6)
|
n/a
|
-
|
298
|
n/a
| |
Adjusted EBITDA
|
13,173
|
12,497
|
5.4%
|
43,345
|
45,044
|
-3.8%
| |
Adjusted EBITDA Margin
|
35.8%
|
33.3%
|
+252 bps
|
29.9%
|
31.4%
|
-152 bps
|
Table 5: Finance Gain (Cost), net
| |||||||
(amounts expressed in millions of pesos, unless otherwise noted)
| |||||||
Three-months ended December 31, |
Twelve-months ended December 31, | ||||||
2022
|
2021
|
% Chg.
|
2022
|
2021
|
% Chg.
| ||
Exchange rate differences
|
(3,005)
|
(675)
|
345.3%
|
(7,419)
|
(3,208)
|
131.3%
| |
Financial income
|
229
|
360
|
-36.3%
|
1,626
|
1,991
|
-18.3%
| |
Financial expense
|
(2,962)
|
(679)
|
336.5%
|
(25,564)
|
(2,612)
|
878.6%
| |
Gain on net monetary position
|
6,119
|
715
|
756.2%
|
13,747
|
3,912
|
251.4%
| |
Total Finance Gain (Cost), Net
|
380
|
(279)
|
n/a
|
(17,609)
|
83
|
n/a
|
Table 6: Capitalization and Debt Ratio
| ||
(amounts expressed in millions of pesos, unless otherwise noted)
| ||
As of December 31,
| ||
2022
|
2021
| |
Total Debt
|
20,770
|
4,892
|
- Short-Term Debt
|
10,891
|
4,115
|
- Long-Term Debt
|
9,880
|
777
|
Cash, Cash Equivalents and Investments
|
(4,911)
|
(10,268)
|
Total Net Debt
|
15,859
|
(5,376)
|
Shareholder's Equity
|
115,947
|
141,245
|
Capitalization
|
136,718
|
146,136
|
LTM Adjusted EBITDA
|
43,345
|
45,044
|
Net Debt /LTM Adjusted EBITDA
|
0.37x
|
-0.12x
|
Table 7: Condensed Interim Consolidated Statement of Cash Flows
| |||||
(amounts expressed in millions of pesos, unless otherwise noted)
| |||||
Three-months ended December 31, |
Twelve-months ended December 31, | ||||
2022
|
2021
|
2022
|
2021
| ||
CASH FLOWS FROM OPERATING ACTIVITIES
| |||||
Net Profit (Loss)
|
7,452
|
5,445
|
1,807
|
12,358
| |
Adjustments to reconcile net profit (loss) to net cash provided by operating activities
|
6,890
|
5,306
|
48,237
|
33,468
| |
Changes in operating assets and liabilities
|
(3,092)
|
(1,093)
|
(18,682)
|
(16,510)
| |
Net cash generated by operating activities
|
11,250
|
9,659
|
31,362
|
29,316
| |
CASH FLOWS FROM INVESTING ACTIVITIES
| |||||
Proceeds from disposal of Yguazú Cementos S.A.
|
(0)
|
101
|
93
|
901
| |
Property, plant and equipment, Intangible Assets, net
|
(2,547)
|
(4,325)
|
(7,012)
|
(13,446)
| |
Contributions to Trust
|
(23)
|
(37)
|
(194)
|
(179)
| |
Investments, net
|
(414)
|
(150)
|
2,395
|
(4,506)
| |
Net cash (used in) investing activities
|
(2,984)
|
(4,412)
|
(4,717)
|
(17,230)
| |
CASH FLOWS FROM FINANCING ACTIVITIES
| |||||
Proceeds / Repayments from borrowings, Interest paid
|
(6,618)
|
(3,414)
|
(1,179)
|
(12,413)
| |
Dividends paid
|
0
|
(0)
|
(21,806)
|
0
| |
Share repurchase plan
|
(775)
|
(1,435)
|
(1,797)
|
(4,650)
| |
Net cash generated by (used in) by financing activities
|
(7,393)
|
(4,850)
|
(24,782)
|
(17,063)
| |
Net increase (decrease) in cash and cash equivalents
|
873
|
397
|
1,863
|
(4,977)
| |
Cash and cash equivalents at the beginning of the year
|
4,064
|
3,877
|
6,439
|
12,865
| |
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")
|
(133)
|
(15)
|
(3,620)
|
(3,633)
| |
Effects of the exchange rate differences on cash and cash equivalents in foreign currency
|
106
|
2,180
|
228
|
2,184
| |
Cash and cash equivalents at the end of the period
|
4,911
|
6,439
|
4,911
|
6,439
|
Repurchase Program V
| |
Maximum amount for repurchase
|
Ps. 1,000 million
|
Maximum price
|
Ps. 495/ordinary share or US$ 8/ADR
|
Period in force
|
until December 31, 2022
|
Repurchase under the program
|
Ps. 735 million
|
Current status
|
terminated
|
Amount of Issue
|
Ps. 25,636 million
|
Issue Price
|
100% of principal amount
|
Interest rate
|
BADLAR +2% per annum
|
Interest payments
|
quarterly
|
Maturity
|
Bullet - 18 months
|
When: |
10:00 a.m. U.S. ET (12:00 a.m. BAT), March 9, 2023
|
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=esg3GSv5 |
Replay: |
A telephone replay of the conference call will be available between March 10, 2023, at 1:00 pm U.S. E.T. and ending on March 16, 2023. 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 3926023. The audio of the conference call will also be archived on the Company's website at www.lomanegra.com |
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 December 31,
| ||||
2022
|
2021
| |||
ASSETS
| ||||
Non-current assets
| ||||
Property, plant and equipment
|
153,471
|
158,357
| ||
Right to use assets
|
1,051
|
604
| ||
Intangible assets
|
470
|
563
| ||
Investments
|
10
|
10
| ||
Goodwill
|
102
|
102
| ||
Inventories
|
6,380
|
6,007
| ||
Other receivables
|
1,121
|
1,354
| ||
Total non-current assets
|
162,605
|
166,998
| ||
Current assets
| ||||
Inventories
|
20,404
|
16,942
| ||
Other receivables
|
5,850
|
2,320
| ||
Trade accounts receivable
|
9,123
|
7,715
| ||
Investments
|
4,246
|
9,623
| ||
Cash and banks
|
665
|
644
| ||
Total current assets
|
40,288
|
37,245
| ||
TOTAL ASSETS
|
202,893
|
204,243
| ||
SHAREHOLDER'S EQUITY
| ||||
Capital stock and other capital related accounts
|
37,941
|
39,675
| ||
Reserves
|
75,873
|
88,414
| ||
Retained earnings
|
1,939
|
12,829
| ||
Accumulated other comprehensive income
|
-
|
-
| ||
Equity attributable to the owners of the Company
|
115,752
|
140,918
| ||
Non-controlling interests
|
195
|
327
| ||
TOTAL SHAREHOLDER'S EQUITY
|
115,947
|
141,245
| ||
LIABILITIES
| ||||
Non-current liabilities
| ||||
Borrowings
|
9,880
|
777
| ||
Accounts payables
|
-
|
-
| ||
Provisions
|
1,307
|
1,105
| ||
Salaries and social security payables
|
95
|
98
| ||
Debts for leases
|
783
|
458
| ||
Other liabilities
|
164
|
278
| ||
Deferred tax liabilities
|
32,970
|
27,879
| ||
Total non-current liabilities
|
45,199
|
30,595
| ||
Current liabilities
| ||||
Borrowings
|
10,891
|
4,115
| ||
Accounts payable
|
17,699
|
15,342
| ||
Advances from customers
|
1,761
|
2,000
| ||
Salaries and social security payables
|
4,446
|
3,963
| ||
Tax liabilities
|
2,915
|
6,517
| ||
Debts for leases
|
282
|
155
| ||
Other liabilities
|
3,752
|
312
| ||
Total current liabilities
|
41,747
|
32,403
| ||
TOTAL LIABILITIES
|
86,946
|
62,998
| ||
TOTAL SHAREHOLDER'S EQUITY AND LIABILITIES
|
202,893
|
204,243
|
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 December 31, |
Twelve-months ended December 31, | |||||||
2022
|
2021
|
% Change
|
2022
|
2021
|
% Change
| |||
Net revenue
|
36,763
|
37,512
|
-2.0%
|
145,133
|
143,501
|
1.1%
| ||
Cost of sales
|
(27,009)
|
(24,521)
|
10.1%
|
(105,940)
|
(98,145)
|
7.9%
| ||
Gross Profit
|
9,754
|
12,991
|
-24.9%
|
39,193
|
45,356
|
-13.6%
| ||
Share of loss of associates
|
-
|
-
|
n/a
|
-
|
-
|
n/a
| ||
Selling and administrative expenses
|
(3,200)
|
(3,710)
|
-13.8%
|
(12,511)
|
(12,328)
|
1.5%
| ||
Other gains and losses
|
3,513
|
24
|
14459.7%
|
3,385
|
408
|
729.8%
| ||
Impairment of property, plant and equipment
|
-
|
6
|
n/a
|
-
|
(298)
|
n/a
| ||
Tax on debits and credits to bank accounts
|
(381)
|
(376)
|
1.3%
|
(1,455)
|
(1,446)
|
0.6%
| ||
Finance gain (cost), net
| ||||||||
Gain on net monetary position
|
6,119
|
715
|
756.2%
|
13,747
|
3,912
|
251.4%
| ||
Exchange rate differences
|
(3,005)
|
(675)
|
345.3%
|
(7,419)
|
(3,208)
|
131.3%
| ||
Financial income
|
229
|
360
|
-36.3%
|
1,626
|
1,991
|
-18.3%
| ||
Financial expenses
|
(2,962)
|
(679)
|
336.5%
|
(25,564)
|
(2,612)
|
878.6%
| ||
Profit (loss) before taxes
|
10,066
|
8,655
|
16.3%
|
11,003
|
31,775
|
-65.4%
| ||
Income tax expense
| ||||||||
Current
|
(573)
|
(3,030)
|
-81.1%
|
(4,105)
|
(12,931)
|
-68.3%
| ||
Deferred
|
(2,042)
|
(180)
|
1036.4%
|
(5,091)
|
(6,485)
|
-21.5%
| ||
Net Profit (Loss)
|
7,452
|
5,445
|
36.9%
|
1,807
|
12,358
|
-85.4%
| ||
Net Profit (Loss) for the period attributable to:
| ||||||||
Owners of the Company
|
7,304
|
5,696
|
28.2%
|
1,939
|
12,829
|
-84.9%
| ||
Non-controlling interests
|
148
|
(251)
|
n/a
|
(132)
|
(471)
|
-72.0%
| ||
NET PROFIT (LOSS) FOR THE PERIOD
|
7,452
|
5,445
|
36.9%
|
1,807
|
12,358
|
-85.4%
| ||
Earnings per share (basic and diluted):
|
12.4970
|
9.6216
|
29.9%
|
3.3122
|
21.6685
|
-84.7%
|
Table 10: Condensed Interim Consolidated Statement of Cash Flows
| |||||
(amounts expressed in millions of pesos, unless otherwise noted)
| |||||
Three-months ended December 31, |
Twelve-months ended December 31, | ||||
2022
|
2021
|
2022
|
2021
| ||
CASH FLOWS FROM OPERATING ACTIVITIES
| |||||
Net Profit (Loss)
|
7,452
|
5,445
|
1,807
|
12,358
| |
Adjustments to reconcile net profit to net cash provided by operating activities
| |||||
Income tax expense
|
2,614
|
3,210
|
9,196
|
19,417
| |
Depreciation and amortization
|
3,106
|
3,192
|
13,278
|
11,608
| |
Provisions
|
334
|
531
|
1,302
|
888
| |
Exchange rate differences
|
1,937
|
(1,942)
|
4,830
|
595
| |
Interest expense
|
2,204
|
226
|
5,106
|
662
| |
Loss on transactions with securities
|
(0)
|
-
|
17,636
|
-
| |
Gain on disposal of property, plant and equipment
|
(3,365)
|
45
|
(3,367)
|
(174)
| |
Impairment of property, plant and equipment
|
-
|
(6)
|
-
|
298
| |
Impairment of trust fund
|
54
|
(28)
|
194
|
96
| |
Share-based payment
|
6
|
78
|
63
|
78
| |
Changes in operating assets and liabilities
| |||||
Inventories
|
(1,523)
|
(126)
|
(3,166)
|
560
| |
Other receivables
|
(1,199)
|
1,818
|
(3,177)
|
(1,375)
| |
Trade accounts receivable
|
(1,759)
|
(69)
|
(7,147)
|
(2,906)
| |
Advances from customers
|
36
|
370
|
241
|
248
| |
Accounts payable
|
6,946
|
(438)
|
11,164
|
1,573
| |
Salaries and social security payables
|
1,442
|
309
|
2,816
|
1,387
| |
Provisions
|
(132)
|
(180)
|
(403)
|
(337)
| |
Tax liabilities
|
1,153
|
(153)
|
5,315
|
426
| |
Other liabilities
|
79
|
138
|
56
|
57
| |
Gain on net monetary position
|
(6,119)
|
(715)
|
(13,747)
|
(3,912)
| |
Income tax paid
|
(2,015)
|
(2,047)
|
(10,634)
|
(12,231)
| |
Net cash generated by (used in) operating activities
|
11,250
|
9,659
|
31,362
|
29,316
| |
CASH FLOWS FROM INVESTING ACTIVITIES
| |||||
Proceeds from disposal of Yguazú Cementos S.A.
|
(0)
|
101
|
93
|
901
| |
Proceeds from disposal of Property, plant and equipment
|
3,268
|
315
|
3,296
|
561
| |
Payments to acquire Property, plant and equipment
|
(5,745)
|
(4,483)
|
(10,203)
|
(13,807)
| |
Payments to acquire Intangible Assets
|
(70)
|
(157)
|
(104)
|
(200)
| |
Acquire investments
|
-
|
(3,882)
|
-
|
(8,238)
| |
Proceeds from maturity investments
|
(414)
|
3,732
|
2,395
|
3,732
| |
Contributions to Trust
|
(23)
|
(37)
|
(194)
|
(179)
| |
Net cash generated by (used in) investing activities
|
(2,984)
|
(4,412)
|
(4,717)
|
(17,230)
| |
CASH FLOWS FROM FINANCING ACTIVITIES
| |||||
Proceeds from borrowings
|
650
|
268
|
51,706
|
2,436
| |
Interest paid
|
(2,010)
|
(152)
|
(4,756)
|
(1,111)
| |
Dividends paid
|
0
|
(0)
|
(21,806)
|
0
| |
Debts for leases
|
(138)
|
(75)
|
(283)
|
(344)
| |
Repayment of borrowings
|
(5,120)
|
(3,455)
|
(47,846)
|
(13,394)
| |
Share repurchase plan
|
(775)
|
(1,435)
|
(1,797)
|
(4,650)
| |
Net cash generated by (used in) financing activities
|
(7,393)
|
(4,850)
|
(24,782)
|
(17,063)
| |
Net increase (decrease) in cash and cash equivalents
|
873
|
397
|
1,863
|
(4,977)
| |
Cash and cash equivalents at the beginning of the period
|
4,064
|
3,877
|
6,439
|
12,865
| |
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")
|
(133)
|
(15)
|
(3,620)
|
(3,633)
| |
Effects of the exchange rate differences on cash and cash equivalents in foreign currency
|
106
|
2,180
|
228
|
2,184
| |
Cash and cash equivalents at the end of the period
|
4,911
|
6,439
|
4,911
|
6,439
|
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 December 31,
|
Twelve-months ended December 31,
| |||||||||
2022
|
%
|
2021
|
%
|
2022
|
%
|
2021
|
%
| |||
Net revenue
|
34,933
|
100.0%
|
18,746
|
100.0%
|
109,243
|
100.0%
|
62,347
|
100.0%
| ||
Cement, masonry cement and lime
|
30,739
|
88.0%
|
16,764
|
89.4%
|
96,499
|
88.3%
|
55,793
|
89.5%
| ||
Concrete
|
3,263
|
9.3%
|
1,317
|
7.0%
|
9,390
|
8.6%
|
4,464
|
7.2%
| ||
Railroad
|
2,727
|
7.8%
|
1,506
|
8.0%
|
8,720
|
8.0%
|
5,078
|
8.1%
| ||
Aggregates
|
988
|
2.8%
|
356
|
1.9%
|
2,775
|
2.5%
|
960
|
1.5%
| ||
Others
|
189
|
0.5%
|
136
|
0.7%
|
664
|
0.6%
|
382
|
0.6%
| ||
Eliminations
|
(2,973)
|
-8.5%
|
(1,333)
|
-7.1%
|
(8,805)
|
-8.1%
|
(4,330)
|
-6.9%
| ||
Cost of sales
|
21,877
|
100.0%
|
11,215
|
100.0%
|
69,225
|
100.0%
|
38,702
|
100.0%
| ||
Cement, masonry cement and lime
|
18,378
|
84.0%
|
9,420
|
84.0%
|
58,125
|
84.0%
|
32,501
|
84.0%
| ||
Concrete
|
3,065
|
14.0%
|
1,236
|
11.0%
|
8,925
|
12.9%
|
4,559
|
11.8%
| ||
Railroad
|
2,569
|
11.7%
|
1,463
|
13.0%
|
8,308
|
12.0%
|
4,813
|
12.4%
| ||
Aggregates
|
734
|
3.4%
|
347
|
3.1%
|
2,283
|
3.3%
|
921
|
2.4%
| ||
Others
|
103
|
0.5%
|
82
|
0.7%
|
390
|
0.6%
|
238
|
0.6%
| ||
Eliminations
|
(2,973)
|
-13.6%
|
(1,333)
|
-11.9%
|
(8,805)
|
-12.7%
|
(4,330)
|
-11.2%
| ||
Selling, admin. expenses and other gains & losses
|
(702)
|
100.0%
|
1,725
|
100.0%
|
5,397
|
100.0%
|
4,939
|
100.0%
| ||
Cement, masonry cement and lime
|
(1,005)
|
143.3%
|
1,356
|
78.6%
|
4,345
|
80.5%
|
4,197
|
85.0%
| ||
Concrete
|
89
|
-12.7%
|
4
|
0.2%
|
337
|
6.3%
|
53
|
1.1%
| ||
Railroad
|
135
|
-19.2%
|
316
|
18.3%
|
469
|
8.7%
|
544
|
11.0%
| ||
Aggregates
|
9
|
-1.3%
|
4
|
0.2%
|
33
|
0.6%
|
11
|
0.2%
| ||
Others
|
71
|
-10.1%
|
45
|
2.6%
|
211
|
3.9%
|
134
|
2.7%
| ||
Depreciation and amortization
|
985
|
100.0%
|
573
|
100.0%
|
3,137
|
100.0%
|
1,746
|
100.0%
| ||
Cement, masonry cement and lime
|
767
|
77.9%
|
451
|
78.8%
|
2,411
|
76.9%
|
1,337
|
76.5%
| ||
Concrete
|
12
|
1.2%
|
19
|
3.3%
|
57
|
1.8%
|
66
|
3.8%
| ||
Railroad
|
174
|
17.7%
|
90
|
15.7%
|
608
|
19.4%
|
305
|
17.5%
| ||
Aggregates
|
30
|
3.1%
|
12
|
2.0%
|
56
|
1.8%
|
33
|
1.9%
| ||
Others
|
1
|
0.1%
|
1
|
0.2%
|
5
|
0.2%
|
5
|
0.3%
| ||
Adjusted EBITDA
|
14,742
|
100.0%
|
6,379
|
100.0%
|
37,758
|
100.0%
|
20,453
|
100.0%
| ||
Cement, masonry cement and lime
|
14,133
|
95.9%
|
6,439
|
100.9%
|
36,440
|
96.5%
|
20,431
|
99.9%
| ||
Concrete
|
121
|
0.8%
|
95
|
1.5%
|
185
|
0.5%
|
(81)
|
-0.4%
| ||
Railroad
|
197
|
1.3%
|
(183)
|
-2.9%
|
550
|
1.5%
|
26
|
0.1%
| ||
Aggregates
|
276
|
1.9%
|
17
|
0.3%
|
515
|
1.4%
|
62
|
0.3%
| ||
Others
|
16
|
0.1%
|
11
|
0.2%
|
68
|
0.2%
|
15
|
0.1%
| ||
Reconciling items:
| ||||||||||
Effect by translation in homogeneous cash currency ("Inflation-Adjusted")
|
(1,569)
|
6,118
|
5,587
|
24,591
| ||||||
Depreciation and amortization
|
(3,106)
|
(3,192)
|
(13,278)
|
(11,608)
| ||||||
Tax on debits and credits banks accounts
|
(381)
|
(376)
|
(1,455)
|
(1,446)
| ||||||
Finance gain (cost), net
|
380
|
(279)
|
(17,609)
|
83
| ||||||
Income tax
|
(2,614)
|
(3,210)
|
(9,196)
|
(19,417)
| ||||||
Share of profit of associates
|
-
|
-
|
-
|
-
| ||||||
Impairment of property, plant and equipment
|
-
|
6
|
-
|
(298)
| ||||||
NET PROFIT (LOSS) FOR THE PERIOD
|
7,452
|
5,445
|
1,807
|
12,358
|
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Disclaimer
Loma Negra Compañía Industrial Argentina SA published this content on 09 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 March 2023 11:12:07 UTC.