Cecilia Grierson 355, 4th Floor
Zip Code C1107CPG – Capital Federal
Republic of Argentina
|
(Address of principal executive offices)
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Table of Contents | ||
Item
|
Description
|
|
1
|
Loma Negra Relevant Event
|
By:
|
/s/ Marcos I. Gradin | ||
Name: | Marcos I. Gradin | ||
Title: | Chief Financial Officer | ||
●
|
Net revenue increased by 35.4% YoY to Ps. 13,175 million (US$143 million), mainly driven by our core cement segment
|
●
|
Strong increase in our Consolidated Adjusted EBITDA of 49.6% YoY to Ps. 4,730 million (US$52 million)
|
●
|
Consolidated Adjusted EBITDA margin expanded by 341 basis points YoY from 32.3% to 35.7%, explained by higher sales of cement, masonry, and lime together with strong control over costs
|
● |
Net profit was Ps. 2,568 million representing a 104.4% YoY increase, as Gross Profit coupled with Total Financial gain
|
● |
Net Debt /LTM Adjusted EBITDA ratio of 0.04x from 1.31x in 1Q20 and 0.16x in FY20
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Table 1: Financial Highlights
|
|||
(amounts expressed in millions of pesos, unless otherwise noted)
|
|||
|
Three-months ended
March 31, |
||
|
2021
|
2020
|
% Chg.
|
Net revenue
|
13,175
|
9,734
|
35.4%
|
Gross Profit
|
4,776
|
2,966
|
61.0%
|
Gross Profit margin
|
36.2%
|
30.5%
|
+577bps
|
Adjusted EBITDA
|
4,706
|
3,145
|
49.6%
|
Adjusted EBITDA Mg.
|
35.7%
|
32.3%
|
+341bps
|
Net Profit
|
2,568
|
1,256
|
104.4%
|
Net Profit attributable to owners of the Company
|
2,601
|
1,223
|
112.7%
|
EPS
|
4.3658
|
2.0517
|
112.8%
|
Shares outstanding at eop
|
596
|
596
|
-0.1%
|
Net Debt
|
640
|
18,294
|
-96.5%
|
Net Debt /LTM Adjusted EBITDA
|
0.04x
|
1.31x
|
-1.27x
|
Table 1b: Financial Highlights in Ps and in U.S. dollars (figures exclude the impact of IAS 29)
|
||||
In million Ps.
|
Three-months ended
March 31, |
|||
|
2021
|
2020
|
% Chg.
|
|
Net revenue
|
12,635
|
6,609
|
91.2%
|
|
Adjusted EBITDA
|
4,632
|
2,205
|
110.1%
|
|
Adjusted EBITDA Mg.
|
36.7%
|
33.4%
|
+330bps
|
|
Net Profit
|
3,260
|
644
|
405.9%
|
|
Net Debt
|
640
|
18,294
|
-96.5%
|
|
Net Debt /LTM Adjusted EBITDA
|
0.04x
|
1.31x
|
-1.27x
|
|
In million US$
|
Three-months ended
March 31, |
|||
|
2021
|
2020
|
% Chg.
|
|
Ps./US$, av
|
88.65
|
61.42
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44.3%
|
|
Ps./US$, eop
|
91.99
|
64.47
|
42.7%
|
|
Net revenue
|
143
|
108
|
32.5%
|
|
Adjusted EBITDA
|
52
|
36
|
45.6%
|
|
Adjusted EBITDA Mg.
|
36.7%
|
33.4%
|
+330bps
|
|
Net Profit
|
37
|
10
|
250.5%
|
|
Net Debt
|
7
|
284
|
-97.5%
|
|
Net Debt /LTM Adjusted EBITDA
|
0.04x
|
1.31x
|
-1.27x
|
Table 2: Sales Volumes2
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|||||||
|
|
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Three-months ended
March 31, |
||||
|
|
|
2021
|
2020
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% Chg.
|
||
Cement, masonry & lime
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MM Tn
|
1.38
|
1.00
|
38.0%
|
|||
Concrete
|
MM m3
|
0.16
|
0.08
|
104.6%
|
|||
Railroad
|
MM Tn
|
0.99
|
0.94
|
5.0%
|
|||
Aggregates
|
MM Tn
|
|
0.18
|
0.13
|
42.5%
|
||
2 Sales volumes include inter-segment sales
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Table 3: Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income
|
|||
(amounts expressed in millions of pesos, unless otherwise noted)
|
|||
|
Three-months ended
March 31, |
||
|
2021
|
2020
|
% Chg.
|
Net revenue
|
13,175
|
9,734
|
35.4%
|
Cost of sales
|
(8,400)
|
(6,768)
|
24.1%
|
Gross Profit
|
4,776
|
2,966
|
61.0%
|
Selling and administrative expenses
|
(1,079)
|
(852)
|
26.6%
|
Other gains and losses
|
43
|
62
|
-31.6%
|
Tax on debits and credits to bank accounts
|
(125)
|
(146)
|
-14.2%
|
Finance gain (cost), net
|
|||
Gain on net monetary position
|
558
|
176
|
216.5%
|
Exchange rate differences
|
21
|
(239)
|
n/a
|
Financial income
|
42
|
23
|
81.0%
|
Financial expense
|
(480)
|
(531)
|
-9.7%
|
Profit before taxes
|
3,756
|
1,460
|
157.2%
|
Income tax expense
|
|||
Current
|
(1,555)
|
(364)
|
327.1%
|
Deferred
|
367
|
(97)
|
n/a
|
Net profit from continuing operations
|
2,568
|
1,000
|
156.8%
|
Income from discontinued operations
|
-
|
256
|
n/a
|
Net profit
|
2,568
|
1,256
|
104.4%
|
Table 4: Adjusted EBITDA Reconciliation & Margin
|
|||
(amounts expressed in millions of pesos, unless otherwise noted)
|
|||
|
Three-months ended
March 31, |
||
|
2021
|
2020
|
% Chg.
|
Adjusted EBITDA reconciliation:
|
|||
Net profit
|
2,568
|
1,256
|
104.4%
|
(+) Depreciation and amortization
|
967
|
968
|
-0.2%
|
(+) Tax on debits and credits to bank accounts
|
125
|
146
|
-14.2%
|
(+) Income tax expense
|
1,188
|
461
|
157.9%
|
(+) Financial interest, net
|
376
|
382
|
-1.4%
|
(+) Exchange rate differences, net
|
(21)
|
239
|
n/a
|
(+) Other financial expenses, net
|
61
|
126
|
-51.5%
|
(+) Gain on net monetary position
|
(558)
|
(176)
|
216.5%
|
(-) Income from discontinued operations
|
-
|
256
|
n/a
|
Adjusted EBITDA
|
4,706
|
3,145
|
49.6%
|
Adjusted EBITDA Margin
|
35.7%
|
32.3%
|
+341bps
|
Table 5: Finance Gain (Cost), net
|
|||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
|||||
|
|
Three-months ended
March 31, |
|
||
|
|
2021
|
2020
|
% Chg.
|
|
Exchange rate differences
|
21
|
(239)
|
n/a
|
||
Financial income
|
42
|
23
|
81.0%
|
||
Financial expense
|
(480)
|
(531)
|
-9.7%
|
||
Gain on net monetary position
|
558
|
176
|
216.5%
|
||
Total Finance Gain (Cost), Net
|
|
141
|
(570)
|
n/a
|
Table 6: Capitalization and Debt Ratio
|
||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||
|
As of March 31,
|
|
|
2021
|
2020
|
Total Debt
|
6,688
|
20,409
|
- Short-Term Debt
|
6,063
|
13,879
|
- Long-Term Debt
|
625
|
6,531
|
Cash, Cash Equivalents and Investments
|
6,048
|
2,116
|
Total Net Debt
|
640
|
18,294
|
Shareholders' Equity
|
53,582
|
46,188
|
Capitalization
|
60,270
|
66,598
|
LTM Adjusted EBITDA
|
16,558
|
13,955
|
Net Debt /LTM Adjusted EBITDA
|
0.04x
|
1.31x
|
Table 7: Condensed Interim Consolidated Statement of Cash Flows
|
|||
(amounts expressed in millions of pesos, unless otherwise noted)
|
|||
|
|
Three-months ended
March 31, |
|
|
|
2021
|
2020
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
||
Net profit
|
|
2,568
|
1,256
|
Adjustments to reconcile net profit to net cash provided by operating activities
|
|
1,537
|
1,536
|
|
|||
Changes in operating assets and liabilities
|
|
(1,176)
|
(2,633)
|
Net cash generated by operating activities
|
|
2,929
|
160
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
||
Proceeds from disposal of Yguazú Cementos S.A.
|
|
94
|
-
|
Property, plant and equipment, Intangible Assets, net
|
|
(1,022)
|
(5,729)
|
Contributions to Trust
|
|
(20)
|
(30)
|
Investments
|
(1,673)
|
-
|
|
Net cash (used in) investing activities
|
|
(2,621)
|
(5,759)
|
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
||
Proceeds / Repayments from borrowings, Interest paid
|
|
(443)
|
5,766
|
Share repurchase plan
|
(255)
|
-
|
|
Net cash generated by (used in) by financing activities
|
|
(699)
|
5,766
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
|
(391)
|
167
|
Cash and cash equivalents at the beginning of the year
|
|
4,942
|
2,006
|
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")
|
(36)
|
(58)
|
|
Effects of the exchange rate differences on cash and cash equivalents in foreign currency
|
|
(154)
|
1
|
Cash and cash equivalents at the end of the period
|
|
4,362
|
2,116
|
Repurchase Program
|
|
Maximum amount for repurchase
|
AR$ 750 million
|
Maximum price
|
AR$ 245/ordinary share or US$ 8/ADR
|
Period in force
|
90 days since February 18, 2021
|
Repurchase under the program until May 11, 2021
|
AR$ 476 million
|
Progress
|
63.5%%
|
Dial-in: |
0800-444-2930 (Argentina), 1-833-255-2824 (U.S.), 1-866-605-3852 (Canada), 1-412-902-6701 (International)
|
Replay: |
A telephone replay of the conference call will be available between May 13, 2021 at 1:00 pm U.S. E.T. and ending on May 17, 2021. The replay can be accessed by dialling 1-877-344-7529
(U.S. toll free), or 1-412-317-0088 (International). The passcode for the replay is 10155136. The audio of the conference call will also be archived on the Company’s website at www.lomanegra.com
|
IR Contacts
Marcos I. Gradin, Chief Financial Officer and Investor Relations
Gastón Pinnel, Investor Relations Manager
+54-11-4319-3050
investorrelations@lomanegra.com
|
Table 8: Condensed Interim Consolidated Statements of Financial Position
|
||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||
|
|
|
As of March 31,
|
|
|
As of December 31,
|
|
|
|
2021
|
|
|
2020
|
ASSETS
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Property, plant and equipment
|
|
60,038
|
60,494
|
|||
Right to use assets
|
|
477
|
505
|
|||
Intangible assets
|
|
198
|
217
|
|||
Investments
|
|
4
|
4
|
|||
Goodwill
|
|
39
|
39
|
|||
Inventories
|
|
2,426
|
2,435
|
|||
Other receivables
|
|
503
|
543
|
|||
Total non-current assets
|
|
|
63,685
|
64,239
|
||
Current assets
|
|
|
||||
Inventories
|
|
6,820
|
6,203
|
|||
Other receivables
|
|
1,276
|
1,375
|
|||
Trade accounts receivable
|
|
3,396
|
3,377
|
|||
Investments
|
|
5,800
|
4,641
|
|||
Cash and banks
|
248
|
301
|
||||
Total current assets
|
|
|
17,540
|
15,897
|
||
TOTAL ASSETS
|
81,225
|
80,135
|
||||
SHAREHOLDERS' EQUITY
|
|
|
||||
Capital stock and other capital related accounts
|
|
16,743
|
16,998
|
|||
Reserves
|
|
21,144
|
21,144
|
|||
Retained earnings
|
|
15,422
|
12,821
|
|||
Equity attributable to the owners of the Company
|
|
53,309
|
50,964
|
|||
Non-controlling interests
|
273
|
306
|
||||
TOTAL SHAREHOLDERS' EQUITY
|
|
|
53,582
|
51,270
|
||
LIABILITIES
|
|
|
||||
Non-current liabilities
|
|
|||||
Borrowings
|
|
625
|
2,112
|
|||
Accounts payables
|
|
-
|
116
|
|||
Provisions
|
|
537
|
551
|
|||
Salaries and social security payables
|
|
72
|
43
|
|||
Debts for leases
|
409
|
441
|
||||
Other liabilities
|
|
72
|
126
|
|||
Deferred tax liabilities
|
7,852
|
8,219
|
||||
Total non-current liabilities
|
|
|
9,567
|
11,607
|
||
Current liabilities
|
||||||
Borrowings
|
|
6,063
|
5,163
|
|||
Accounts payable
|
|
5,201
|
6,092
|
|||
Advances from customers
|
|
750
|
827
|
|||
Salaries and social security payables
|
|
1,557
|
1,606
|
|||
Tax liabilities
|
|
4,208
|
3,258
|
|||
Debts for leases
|
144
|
159
|
||||
Other liabilities
|
152
|
154
|
||||
Total current liabilities
|
|
|
18,075
|
17,258
|
||
TOTAL LIABILITIES
|
|
|
27,642
|
28,865
|
||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
|
|
|
81,225
|
80,135
|
Table 9: Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income (unaudited)
|
||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||
|
|
Three-months ended
March 31, |
||
|
|
2021
|
2020
|
% Change
|
Net revenue
|
13,175
|
9,734
|
35.4%
|
|
Cost of sales
|
(8,400)
|
(6,768)
|
24.1%
|
|
Gross profit
|
|
4,776
|
2,966
|
61.0%
|
Selling and administrative expenses
|
(1,079)
|
(852)
|
26.6%
|
|
Other gains and losses
|
43
|
62
|
-31.6%
|
|
Tax on debits and credits to bank accounts
|
(125)
|
(146)
|
-14.2%
|
|
Finance gain (cost), net
|
||||
Gain on net monetary position
|
558
|
176
|
216.5%
|
|
Exchange rate differences
|
21
|
(239)
|
n/a
|
|
Financial income
|
42
|
23
|
81.0%
|
|
Financial expenses
|
(480)
|
(531)
|
-9.7%
|
|
Profit before taxes
|
|
3,756
|
1,460
|
157.2%
|
Income tax expense
|
||||
Current
|
(1,555)
|
(364)
|
327.1%
|
|
Deferred
|
367
|
(97)
|
n/a
|
|
Net profit from continuing operations
|
|
2,568
|
1,000
|
156.8%
|
Income from discontinued operations
|
-
|
256
|
n/a
|
|
Net profit
|
|
2,568
|
1,256
|
104.4%
|
Other Comprehensive Income
|
||||
Items to be reclassified through profit and loss:
|
||||
Exchange differences on translating foreign operations
|
-
|
(166)
|
n/a
|
|
Total other comprehensive (loss)
|
|
-
|
(166)
|
n/a
|
TOTAL COMPREHENSIVE INCOME
|
|
2,568
|
1,090
|
135.6%
|
Net Profit (loss) for the period attributable to:
|
|
|||
Owners of the Company
|
2,601
|
1,223
|
112.7%
|
|
Non-controlling interests
|
(33)
|
33
|
n/a
|
|
NET PROFIT FOR THE PERIOD
|
|
2,568
|
1,256
|
104.4%
|
Total comprehensive (loss) income attributable to:
|
|
|||
Owners of the Company
|
2,601
|
1,138
|
128.5%
|
|
Non-controlling interests
|
(33)
|
(48)
|
-31.5%
|
|
TOTAL COMPREHENSIVE INCOME
|
|
2,568
|
1,090
|
135.6%
|
Earnings per share (basic and diluted):
|
|
4.3658
|
2.0517
|
112.8%
|
(amounts expressed in millions of pesos, unless otherwise noted)
|
|
||
|
|
Three-months ended
March 31, |
|
|
|
2021
|
2020
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
||
Net profit
|
2,568
|
1,256
|
|
Adjustments to reconcile net profit to net cash provided by operating activities
|
|
||
Income tax expense
|
|
1,188
|
487
|
Depreciation and amortization
|
|
967
|
968
|
Provisions
|
|
(1)
|
77
|
Interest expense
|
|
112
|
471
|
Exchange rate differences
|
(151)
|
(17)
|
|
Gain on disposal of property, plant and equipment
|
(20)
|
9
|
|
Gain on disposal of shareholding of Yguazú Cementos S.A.
|
-
|
(282)
|
|
Depreciation value of trust
|
13
|
-
|
|
Interest income
|
(13)
|
-
|
|
Gain on net monetary position
|
(558)
|
(176)
|
|
Changes in operating assets and liabilities
|
|
||
Inventories
|
|
(524)
|
(1,016)
|
Other receivables
|
|
(272)
|
(284)
|
Trade accounts receivable
|
|
(402)
|
187
|
Advances from customers
|
|
(22)
|
46
|
Accounts payable
|
|
168
|
(716)
|
Salaries and social security payables
|
|
164
|
(73)
|
Provisions
|
|
(9)
|
(79)
|
Tax liabilities
|
|
114
|
(393)
|
Other liabilities
|
|
(54)
|
(12)
|
Income tax paid
|
|
(339)
|
(293)
|
Net cash generated by operating activities
|
|
2,929
|
160
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
||
Proceeds from disposal of Yguazú Cementos S.A.
|
94
|
-
|
|
Proceeds from disposal of Property, plant and equipment
|
|
37
|
20
|
Payments to acquire Property, plant and equipment
|
|
(1,059)
|
(5,745)
|
Payments to acquire Intangible Assets
|
|
-
|
(4)
|
Contributions to Trust
|
|
(20)
|
(30)
|
Investments
|
(1,673)
|
-
|
|
Net cash used in investing activities
|
|
(2,621)
|
(5,759)
|
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
||
Proceeds from borrowings
|
|
88
|
7,992
|
Interest paid
|
|
(177)
|
(973)
|
Debts for leases
|
(39)
|
(43)
|
|
Repayment of borrowings
|
|
(316)
|
(1,209)
|
Share repurchase plan
|
(255)
|
-
|
|
Net cash generated by (used in) financing activities
|
|
(699)
|
5,766
|
Net increase (decrease) in cash and cash equivalents
|
|
(391)
|
167
|
Cash and cash equivalents at the beginning of the period
|
|
4,942
|
2,006
|
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")
|
(36)
|
(58)
|
|
Effects of the exchange rate differences on cash and cash equivalents in foreign currency
|
|
(154)
|
1
|
|
|||
Cash and cash equivalents at the end of the period
|
|
4,362
|
2,116
|
Table 11: Financial Data by Segment (figures exclude the impact of IAS 29)
|
||||||||
|
|
Three-months ended March 31,
|
||||||
|
|
2021
|
%
|
2020
|
%
|
|||
Net revenue
|
|
12,635
|
100.0%
|
6,609
|
100.0%
|
|||
Cement, masonry cement and lime
|
11,317
|
89.6%
|
5,787
|
87.6%
|
||||
Concrete
|
1,086
|
8.6%
|
468
|
7.1%
|
||||
Railroad
|
914
|
7.2%
|
742
|
11.2%
|
||||
Aggregates
|
129
|
1.0%
|
62
|
0.9%
|
||||
Others
|
72
|
0.6%
|
48
|
0.7%
|
||||
Eliminations
|
(883)
|
-7.0%
|
(499)
|
-7.5%
|
||||
Cost of sales
|
|
7,403
|
100.0%
|
4,170
|
100.0%
|
|||
Cement, masonry cement and lime
|
6,043
|
81.6%
|
3,296
|
79.0%
|
||||
Concrete
|
1,160
|
15.7%
|
524
|
12.6%
|
||||
Railroad
|
906
|
12.2%
|
739
|
17.7%
|
||||
Aggregates
|
132
|
1.8%
|
79
|
1.9%
|
||||
Others
|
44
|
0.6%
|
31
|
0.7%
|
||||
Eliminations
|
|
(883)
|
-11.9%
|
(499)
|
-12.0%
|
|||
Selling, admin. expenses and other gains & losses
|
|
943
|
100.0%
|
488
|
100.0%
|
|||
Cement, masonry cement and lime
|
840
|
89.1%
|
446
|
91.4%
|
||||
Concrete
|
22
|
2.4%
|
(3)
|
-0.7%
|
||||
Railroad
|
55
|
5.8%
|
31
|
6.3%
|
||||
Aggregates
|
2
|
0.2%
|
(4)
|
-0.7%
|
||||
Others
|
|
24
|
2.6%
|
18
|
3.7%
|
|||
Depreciation and amortization
|
|
343
|
100.0%
|
254
|
100.0%
|
|||
Cement, masonry cement and lime
|
253
|
73.6%
|
174
|
68.6%
|
||||
Concrete
|
17
|
4.9%
|
17
|
6.6%
|
||||
Railroad
|
67
|
19.5%
|
56
|
22.2%
|
||||
Aggregates
|
6
|
1.7%
|
5
|
2.1%
|
||||
Others
|
|
1
|
0.3%
|
1
|
0.4%
|
|||
Adjusted EBITDA
|
|
4,632
|
100.0%
|
2,205
|
100.0%
|
|||
Cement, masonry cement and lime
|
4,687
|
101.2%
|
2,219
|
100.7%
|
||||
Concrete
|
(80)
|
-1.7%
|
(36)
|
-1.6%
|
||||
Railroad
|
20
|
0.4%
|
28
|
1.3%
|
||||
Aggregates
|
1
|
0.0%
|
(7)
|
-0.3%
|
||||
Others
|
|
5
|
0.1%
|
0
|
0.0%
|
|||
Reconciling items:
|
||||||||
Effect by translation in homogeneous cash currency ("Inflation-Adjusted")
|
74
|
940
|
||||||
Depreciation and amortization
|
(967)
|
(968)
|
||||||
Tax on debits and credits banks accounts
|
(125)
|
(146)
|
||||||
Finance gain (cost), net
|
141
|
(570)
|
||||||
Income tax
|
(1,188)
|
(461)
|
||||||
Income from discontinued operations
|
-
|
256
|
||||||
NET (LOSS) PROFIT FOR THE PERIOD
|
|
2,568
|
1,256
|