UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 6‑K
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REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 under the
Securities Exchange Act of 1934
Securities Exchange Act of 1934
For the month of November, 2021
Commission File Number: 001-38262
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LOMA NEGRA COMPAÑÍA INDUSTRIAL ARGENTINA
SOCIEDAD ANÓNIMA
(Exact Name of Registrant as Specified in its Charter)
(Exact Name of Registrant as Specified in its Charter)
LOMA NEGRA CORPORATION
(Translation of Registrant’s name into English)
(Translation of Registrant’s name into English)
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Cecilia Grierson 355, 4th Floor
Zip Code C1107CPG – Capital Federal
Republic of Argentina
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(Address of principal executive offices)
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Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
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Relevant event
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Loma Negra Compañía Industrial Argentina Sociedad Anónima
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| Date: November 15, 2021 |
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By: /s/ | Marcos I. Gradin |
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Name:
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Marcos I. Gradin |
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Title:
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Chief Financial Officer |
3Q21-ResultsConference Call
Disclaimer and Forward-Looking Statement This presentation may contain 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 Company’s Annual Report on Form 20-F, as well as periodic filings made on Form 6-K, which are filed with or furnished to the United States Securities and Exchange Commission.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.The Company presented some figures converted from
Argentine 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.Note: Loma Negra’s financial information has been prepared in accordance with the Argentine Securities Commission (Comisión Nacional de Valores-CNV) and with International Financial
Reporting Standards. Following the categorization of Argentina as a country with a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with IFRS. Consequently, starting July
1, 2018, the Company is reporting results applying IFRS rule IAS 29. IAS 29 requires that results of operations in hyperinflationary economies are reported as if these economies were highly inflationary as of January 1, 2018, and thus
year-to-date, together with comparable results, should be restated adjusting for the change in general purchasing power of the local currency, using official indices. For comparison purposes and a better understanding of our underlying
performance, in addition to presenting ‘As Reported’ results, we are also disclosing selected figures as previously reported excluding rule IAS 29. Additional information in connection with the application of rule IAS 29 can be found in our
earnings report. 1
Cement business continues to deliver world class margin with demand reaching all time highsAs
reported resultsNet revenues 8.5% to Ps. 17.8 billion (US$ 176 million)Adjusted EBITDA -9.1% to Ps. 4.7 billion (US$ 51 million)Net Profit of Ps. 1.5 billionConsolidated Adjusted EBITDA margin contracted 512 bps to 26.4% YoY compared to an
abnormal 3Q20. For the nine-month period expanded 55 bps to 30,7%Solid balance sheet with Net Debt to LTM Adj. EBITDA ratio of -0.02xL’Amalí expansion project already delivering Note: Figures in US dollars result from the calculation of
figures expressed in Argentine pesos, as previously reported (without the application of IAS29) and the average exchange rate for each reporting period. 3Q 2021 Highlights 2
Macro & Industry contextRevenues and Volumes 3
GDP Growth1 (YoY Growth, %) Construction Activity2 & Monthly Industry Cement Sales3 (YoY
Growth, %) Monthly Industry Cement Sales3 (‘000 tons) Industry Cement Sales by Type3 (%) Apr Feb Jan Mar May Jul Nov Jun Aug Dec Sep Oct 2017 2018 2021 2019 2020 Source INDEC and BCRA (Argentina Central Bank)
Market Expectations (REM)Source INDEC: Construction activity indicator, ISAC (Indicador Sintético de la Actividad) . Based on AFCP which reports standalone cement sales, while Loma Negra reports Cement, Masonry and lime salesOct’ 21 : As of
the date of this presentation, ISAC figures were not released Cement demand near all time
highs 4 Dec’20 Oct’20 May’21 Feb’21 Abr’21 Nov’20 Jan’21 Mar’21 Jun’21 Jul’21 Ago’21 Sep’21 Oct’21 321 135 ISAC Cement Industry 4
Revenue Performance:Cement, masonry & lime: increased 2.4% YoY, with volumes expanding 8.4%
with a softer pricing dynamicConcrete: up by 116.6% YoY. Volumes keep recovering from last year´s pandemic lockdown 110.8% with a moderate increase in pricingRailroad: increased by 25.4% YoY. Volumes increase by 8.2% boosted by increase in
pricing and sales mixAggregates: surged by 47.5% YoY. Volume increase of 7.2% coupled with a recovery in pricing and a positive pricing mix Sales Volumes (1) Revenues (AR$ million) (2) Total Net Revenues 17,800 16,399 8.5% Sales
volumes include inter-segment salesSales revenues include inter-segment sales and Other segments 3Q21 3Q20 % Chg. Cement, masonry & lime MM Tn 1.66 1.53 8.4% Concrete MM m3 0.12 0.06 110.8% Railroad MM
Tn 1.15 1.06 8.2% Aggregates MM Tn 0.21 0.19 7.2% 3Q21 3Q20 % Chg. 15,703 15,329 2.4% 1,151 531 116.6% 1,511 1,204 25.4% 294 199 47.5% Growth in Cement sales with expansion across all
other segments 5
Business Performance 6
Gross Profit & Margin AR$ Million Consolidated gross profit slightly declined 0.1% YoY, with
gross margin contracting 222 bps to 25.8% mainly impacted by a normalization of seasonality effects and higher energy costsCompression in cement margin partially offset by an improvement in other segments SG&A increased by 7.8% YoY
mainly due to higher sales volume, remaining almost flat as a % of revenues at 7.6% Selling, General & Administrative AR$ Million As a % of Sales 7.6% 7.7% +7.8% Gross Margin 28.0% -0.1% 25.8% Tighter margins mainly due
the normalization of seasonal effects 7
Adjusted EBITDA & Margin AR$ Million Consolidated Adjusted EBITDA Margin contracted 512 bps
to 26.4% from 31.5% in 3Q20. For the nine-month period it expanded 55 bps to 30,7%. By segmentsArgentine Cement, masonry cement and lime segment Adjusted EBITDA margin contracted 484 bps to 29.5% due to the impact of higher seasonal energy
and maintenance inputs, coupled with softer pricingConcrete Adjusted EBITDA margin improved but remain at negative 4.0%Railroad Adjusted EBITDA margin improved to 7.3% from 6.3%Aggregates Adjusted EBITDA margin recovered significantly to
0.3% from -31.9% 48 US$ million 31.5% Adjusted EBITDA Margin Solid EBITDA of US$51 million in the 3Q21, compared to US$48 million in 3Q20Consolidated Adjusted EBITDA down 9.1% YoY mainly explained by a softer cement margin compared
to an abnormal last year’s quarter 51 -9.1% 26.4% Note: Figures in US dollars result from the calculation of figures expressed in Argentine pesos, as previously reported (without the application of IAS29) and the average exchange rate
for each reporting period. Adjusted EBITDA impacted by higher production inputs 8
Bottom line Financial performance 9
Net Profit Attributable to Owners AR$ Million US$ million Net Profit breakdown:Adjusted EBITDA
decreased by 9.1% YoYTotal finance cost of Ps.322 million in 3Q21 compared to a net gain of Ps.3,051 million in 2Q20Foreign exchange loss of Ps. 341 million in 3Q21, compared to an extraordinary result of Ps. 3,131 million gain in 3Q20Gain
on net monetary position was Ps.342 million in 3Q21 compared to Ps.163 million on 3Q20Net Financial expense, increased by Ps. 79,4 million to Ps.323 million compared to Ps. 243 in same quarter last due to lower FX depreciation effect
compared with the evolution of the inflation rate Net Profit Attributable to Owners of the Company in 3Q21 was Ps.1.4 billion, down from Ps. 9.8 billion in 3Q20, quarter impacted by the extraordinary result of divestment in
Paraguay Finance Costs, net AR$ Million 49 2 Note: Figures in US dollars result from the calculation of figures expressed in Argentine pesos, as previously reported (without the application of IAS29) and the average exchange rate
for each reporting period. Net income compared against an extraordinary base quarter 10
Debt by Currency Debt Maturity schedule Cash position of Ps. 4.3 billion and total debt at Ps.
4.0 billion as of end of 3Q21Net Cash position of Ps. 0.3 billion (US$ 3 mm) in Sep’21 with Debt reduction of US$16 million in the quarterNet Debt/ LTM Adj. EBITDA ratio of -0.02x in 3Q21 compared with 0.16x in FY20In 3Q21, Operating cash
generation was Ps. 5.4 billions with positive seasonal working capital effect Capital expenditures of Ps.1.5 billion (L’Amalí expansion represented 36%)Share Repurchased in 3Q21 amounted Ps. 630 million Cash Flow
Highlights 3Q21 3Q20 Net cash generated by operating activities 5,391 5,389 Net cash used in investing activities (1,441) 9,006 Net cash (used in) generated by financing activities (2,377) (15,238)
Cash and cash equivalents at the end of the period 2,480 7,092 Note: Figures in US dollars result from the calculation of figures expressed in Argentine pesos, as previously reported (without the application of IAS29) and the
average exchange rate for each reporting period. US$ Million Cash Position 2Q22-2023 4Q 2021 2Q 2022 18 15 7 Ps. EUR USD Solid balance sheet with sound debt profile US$40 MM 11
2021 Outlook 12
Cement demand consolidates its positive trend, exceeding our previous expectations with ten-month
accumulated figures near record levelsGrowth path for the mid-term in Argentina remains overshadow by macroeconomic challengesL´Amalí´s new line started cement dispatch in October, with preliminary performance results above expectationsOur
world-class profitability, solid cash flow generation and strong balance sheet, are the pillars in which we would support our future growth 2021 Outlook 13 Final set up process New dispatch centre L’Amalí new second line
Financial Tables 14
Adjusted EBITDA Reconciliation & Margin
Balance Sheet
Income Statement
Statement of Cash Flows
Thank you! IR ContactMarcos I. GradinChief Financial Officer and Investor RelationsDiego M.
JalónHead of Investor Relations+54 (11 ) 4319-3050investorrelations@lomanegra.com