REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
LOMA NEGRA CORPORATION |
||
(Translation of Registrant’s name into English |
(Jurisdiction of Incorporation or organization) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
* | Not for trading, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the New York Stock Exchange. |
Large accelerated filer | ☐ | ☒ | Non-accelerated filer |
☐ | Emerging growth company | |
† | The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. |
U.S. GAAP |
Accounting Standards Board ☒ |
Other ☐ |
i | ||||||
vi | ||||||
PART I | 1 | |||||
ITEM 1. | 1 | |||||
A. |
1 | |||||
B. |
1 | |||||
C. |
1 | |||||
ITEM 2. | 1 | |||||
A. |
1 | |||||
B. |
1 | |||||
ITEM 3. | 1 | |||||
A. |
1 | |||||
B. |
1 | |||||
C. |
1 | |||||
D. |
1 | |||||
ITEM 4. | 30 | |||||
A. |
30 | |||||
B. |
31 | |||||
C. |
49 | |||||
D. |
49 | |||||
ITEM 4A. | 54 | |||||
ITEM 5. | 54 | |||||
A. |
55 | |||||
B. |
82 | |||||
C. |
86 | |||||
D. |
86 | |||||
E. |
86 | |||||
ITEM 6. | 86 | |||||
A. |
86 | |||||
B. |
91 | |||||
C. |
93 | |||||
D. |
96 | |||||
E. |
96 | |||||
ITEM 7. | 97 | |||||
A. |
97 | |||||
B. |
98 | |||||
C. |
99 | |||||
ITEM 8. | 99 | |||||
A. |
99 | |||||
B. |
104 | |||||
ITEM 9. | 104 | |||||
A. |
104 | |||||
B. |
104 | |||||
C. |
104 | |||||
D. |
104 | |||||
E. |
104 | |||||
F. |
104 | |||||
ITEM 10. | 104 | |||||
A. |
104 | |||||
B. |
104 | |||||
C. |
106 |
D. |
106 | |||
E. |
109 | |||
F. |
115 | |||
G. |
115 | |||
H. |
115 | |||
I. |
115 | |||
ITEM 11. | 115 | |||
ITEM 12. | 116 | |||
A. |
116 | |||
B. |
116 | |||
C. |
116 | |||
D. |
116 | |||
PART II | 118 | |||
ITEM 13. | 118 | |||
ITEM 14. | 118 | |||
A. |
118 | |||
B. |
118 | |||
C. |
118 | |||
D. |
118 | |||
E. |
118 | |||
ITEM 15. | 118 | |||
ITEM 16. | 119 | |||
ITEM 16A. | 119 | |||
ITEM 16B. | 119 | |||
ITEM 16C. | 119 | |||
ITEM 16D. | 120 | |||
ITEM 16F. | 122 | |||
ITEM 16G. | 122 | |||
ITEM 16H. | 123 | |||
ITEM 16I. | 123 | |||
123 | ||||
ITEM 17. | 123 | |||
123 | ||||
ITEM 18. | 123 | |||
123 | ||||
ITEM 19. | 123 |
• | all references to “Loma Negra”, “our company”, “we”, “our”, “ours”, and “us”, or similar terms are to the registrant, Loma Negra Compañía Industrial Argentina Sociedad Anónima, a corporation organized as a Compa ñ í a Industrial Argentina Sociedad An ó nima |
• | all references to “our controlling shareholder” or to the “InterCement Group” are to InterCement Participações S.A. and its subsidiaries; |
• | all references to the “InterCement Brasil” are to InterCement Brasil S.A.; |
• | all references to “Yguazú Cementos” are to Yguazú Cementos S.A.; |
• | all references to “Cofesur” are to Cofesur S.A.U.; |
• | all references to “Ferrosur” or “Ferrosur Roca” are to Ferrosur Roca S.A.; |
• | all references to “Recycomb” are to Recycomb S.A.U.; |
• | all references to “Argentina” are to the Republic of Argentina; |
• | all references to “Paraguay” are to the Republic of Paraguay; |
• | all references to the “Argentine government” or the “government” are to the federal government of Argentina; |
• | all references to the “BCRA” or “Argentine Central Bank” are to the Argentine Central Bank ( Banco Central de la Rep ú blica Argentina) |
• | all references to “CNV” refers to the Argentine securities regulator (Comisión Nacional de Valores); |
• | all references to “U.S. dollars”, “dollars” or “US$” are to U.S. dollars; |
• | all references to the “peso ” , , |
• | all references to the “ Guaran í Guaran í es guaran í |
• | all references to “IFRS” are to International Financial Reporting Standards, as issued by the International Accounting Standards Board, or the IASB; and |
• | all references to “AFCP” are to the Argentine National Association of Portland Cement Producers ( Asociaci ó n de Fabricantes de Cementos Portland |
• | general economic, political and business conditions, in Argentina, including government policies; |
• | inflation, fiscal deficit, the devaluation of the peso and exchange rate risks in Argentina; |
• | restrictions on the ability to exchange peso into foreign currencies and transfer funds abroad; |
• | implementation of exchange controls and restrictions on capital inflows that limit credit availability; |
• | government intervention in the Argentine economy; |
• | developments in markets outside of Argentina that may indirectly affect the Argentine economy; |
• | the duration and severity of the 2019 novel strain of coronavirus disease (SARS-CoV-2, “COVID-19”) outbreak and its impacts on our business and on the global and Argentine economy; |
• | the cyclical nature of the cement industry; |
• | the competitive nature of the industry in which we operate; |
• | construction activity levels, particularly in the markets in which we operate; |
• | price volatility of the raw materials we sell or purchase to use in our business; |
• | the cost and availability of financing; |
• | energy costs and shortages of electricity and government responses to them; |
• | political instability or armed conflict in oil and natural gas producing regions, including the conflict in Ukraine, which increases energy costs; |
• | transportation, storage and distribution costs; |
• | our direction and future operation and implementation of our principal operating strategies; |
• | the implementation of our financing strategy and capital expenditure plans; |
• | our level of capitalization, including the levels of our indebtedness and overall leverage; |
• | legal and administrative proceedings to which we are or become party (individually or jointly with our controlling shareholder); |
• | existing and future governmental regulations, and our compliance therewith, including tax, labor, antitrust, pension and environmental laws and regulations in Argentina; |
• | the estimation mistakes about the state of our mines and mineral reserves. |
• | operational risks and insurance costs; |
• | private investment and public spending in construction projects; |
• | early termination of our public concessions; |
• | industry trends and the general level of demand for, and change in the market prices of, our products and services; |
• | market volatility and fluctuation of the price of our ADS; and |
• | ongoing costs and risks associated with compliance with the Sarbanes-Oxley Act. |
ITEM 1. |
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
A. |
Directors and Senior Management |
B. |
Advisers |
C. |
Auditors |
ITEM 2. |
OFFER STATISTICS AND EXPECTED TIMETABLE |
A. |
Offer Statistics |
B. |
Method and Expected Timetable |
ITEM 3. |
KEY INFORMATION |
A. |
[Reserved] |
B. |
Capitalization and Indebtedness |
C. |
Reasons for the Offer and Use of Proceeds |
D. |
Risk Factors |
• | aggravation of a financial crisis in several countries in the region; |
• | abrupt changes in the monetary and fiscal policies of countries with prominent economies due to macroeconomic conditions; |
• | increase in public expenses affecting the economy and fiscal deficits; |
• | inconsistent fiscal and monetary policies; |
• | uncertainty with respect to the Argentine public sector’s payment capacity and the potential for obtaining international financing; |
• | low levels of investment; |
• | changes in governmental economic or tax policies; |
• | high levels of inflation; |
• | abrupt changes in currency values; |
• | high interest rates; |
• | wage increases and price controls; |
• | exchange and capital controls; |
• | political and social unrest; |
• | the growing effects of labor unions; |
• | the significant price drop of main commodities exported by Argentina; |
• | fluctuations in the BCRA reserves; |
• | widespread illnesses or epidemics, including the COVID-19; and |
• | restrictions on exports and imports. |
• | downturns in general business and economic activity may cause demand for our products to decline; |
• | when demand falls, we may be under competitive pressure to lower our prices; and |
• | if we decide to expand our plants or construct new plants, we may do so based on an estimate of future demand that may never materialize or may materialize at levels lower than we predicted. |
• | further negatively impact demand for cement, concrete and aggregates, or further lower market prices for our products, which could result in a continued reduction of our sales, operating income and cash flows; |
• | make it more difficult or costly for us to obtain financing for our operations or investments or to refinance our debt in the future; |
• | cause us to experience an increase in costs as a result of our emergency measures, delayed payments from our customers and uncollectable accounts; |
• | impact our liquidity position and cost of and ability to access funds from financial institutions and capital markets; |
• | cause delays and disruptions in the supply chain resulting in disruptions in the commercial operation dates of certain construction projects; |
• | cause delays and disruptions in the construction of new cement facilities and the expansion of our existing facilities; |
• | impair the financial condition of some of our customers, suppliers or counterparties, thereby increasing customer bad debts or nonperformance by suppliers or counterparties; |
• | decrease the value of certain of our investments; and |
• | cause other unpredictable events. |
• | disasters or catastrophic events; |
• | extreme weather conditions; |
• | hostilities or political uncertainty; |
• | strikes or other labor difficulties; |
• | acts of terrorism; |
• | widespread illnesses or epidemics, including the COVID-19 pandemic; and |
• | other disruptions in means of transportation. |
• | actual or anticipated changes in our results of operations, or failure to meet expectations of financial market analysts and investors; |
• | investor perceptions of our prospects or our industry; |
• | operating performance of companies comparable to us |
• | increased competition in our industry; |
• | new laws or regulations or new interpretations of laws and regulations applicable to our business; |
• | general economic trends in Argentina; |
• | departures of management and key personnel; |
• | catastrophic events, such as earthquakes and other natural disasters; |
• | widespread illnesses or epidemics, including the COVID-19 pandemic; and |
• | developments and perceptions of risks in Argentina and in other countries. |
• | the notice of such meeting; |
• | voting instruction forms; and |
• | a statement as to the manner in which instructions may be given by holders (including an express indication that such instructions may be deemed given upon the terms specified below). |
• | the composition of our board of directors and, consequently, any determinations of our board with respect to our business direction and policy, including the appointment and removal of our executive officers; |
• | determinations with respect to mergers, other business combinations and other transactions, including those that may result in a change of control; |
• | whether dividends are paid or other distributions are made and the amount of any such dividends or distributions; |
• | cause us to issue additional equity securities; |
• | whether we limit the exercise of preemptive and accretion rights to holders of our ordinary shares in the event of a capital increase to the extent and terms permitted by the applicable law; |
• | sales and dispositions of our assets; and |
• | the amount of debt financing that we incur. |
ITEM 4. |
INFORMATION ON THE COMPANY |
A. |
History and Development of the Company |
B. |
Business Overview |
As of and for the Year Ended December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Operating data (million tons annually) (1) |
||||||||||||
Installed cement capacity |
||||||||||||
Total installed cement capacity |
12.3 |
9.1 |
9.1 |
|||||||||
Installed clinker capacity |
||||||||||||
Total installed clinker capacity |
7.3 |
5.2 |
5.2 |
|||||||||
Installed concrete capacity in Argentina (in m 3 ) |
0.8 | 0.9 | 1.2 | |||||||||
Installed aggregates capacity in Argentina |
2.2 | 2.2 | 2.2 | |||||||||
Installed lime capacity in Argentina |
0.5 | 0.5 | 0.5 | |||||||||
Production volume (millions of tons): |
||||||||||||
Cement, masonry and lime total |
6.0 |
5.1 |
5.4 |
|||||||||
Clinker total |
4.1 |
2.9 |
3.6 |
(1) | Annual installed capacity is based on a 365-day production per annum. |
Name |
Location |
Annual Production of Clinker |
Annual Production of Cement, Masonry Cement and Lime |
|||||||
(in millions of tons) |
||||||||||
Barker |
Benito Juárez | — | 0.1 | |||||||
Catamarca |
El Alto | 0.7 | 1.1 | |||||||
L’Amalí / LomaSer |
Olavarría/Vicente Casares |
2.6 | 2.5 | |||||||
Olavarría |
Olavarría | 0.5 | 1.5 | |||||||
San Juan |
San Juan | — | 0.2 | |||||||
Zapala |
Zapala | 0.2 | 0.3 | |||||||
Ramallo |
Ramallo | — | 0.3 | |||||||
|
|
|
|
|||||||
Total |
4.1 |
6.0 |
||||||||
|
|
|
|
Name |
Production for the Year Ended December 31, |
|||||||||||
2021 |
2020 |
2019 |
||||||||||
(in millions of tons) |
||||||||||||
Argentina: |
||||||||||||
Barker |
0.1 | 0.1 | 0.1 | |||||||||
Catamarca |
1.1 | 0.9 | 0.9 | |||||||||
L’Amalí/ LomaSer |
2.5 | 2.0 | 2.2 | |||||||||
Olavarría |
1.5 | 1.3 | 1.4 | |||||||||
San Juan |
0.2 | 0.2 | 0.1 | |||||||||
Zapala |
0.3 | 0.3 | 0.4 | |||||||||
Ramallo |
0.3 | 0.3 | 0.2 | |||||||||
Sierras Bayas (1) |
— | — | 0.1 | |||||||||
|
|
|
|
|
|
|||||||
Total |
6.0 |
5.1 |
5.4 |
|||||||||
|
|
|
|
|
|
(1) |
In 2021, considering the start-up of the new L’Amalí plant and also taking into account other micro and macroeconomic factors, the company decided to close permanently the Sierras Bayas Plant. |
Active Mining Rights |
Inactive Mining Rights |
Total Proven & Probable |
Years to Depletion |
2021 Annualized Production |
5 year Average Annualized Production |
|||||||||||||||||||||||||||||
Location |
Mining Property |
Number of quarries |
Proven (R1) |
Probable (R2) |
Probable (R2) |
|||||||||||||||||||||||||||||
(in millions of tons) |
(in thousands of tons) |
|||||||||||||||||||||||||||||||||
Limestone: |
||||||||||||||||||||||||||||||||||
Catamarca |
Doña Amalía | 1 | 53.6 | 56.2 | — | 109.8 | 81 | 1,353.2 | 1,355.1 | |||||||||||||||||||||||||
San Juan |
Piedras Blancas | 1 | 0.3 | 0.3 | — | 0.6 | 8 | 21.6 | 71.7 | |||||||||||||||||||||||||
Zapala |
El Salitral | 1 | 18.3 | 29.7 | — | 48.0 | 191 | 412.3 | 417.6 | |||||||||||||||||||||||||
Cerro Bayo | 1 | 13.2 | 18.7 | — | 31.9 | |||||||||||||||||||||||||||||
Barker |
Barker | 1 | 44.5 | 27.0 | — | 71.5 | 146 | 331.6 | 489.1 | |||||||||||||||||||||||||
Olavarría and L’Amalí |
La Pampita y Entorno (Don Gabino - Los Abriles - SASII) | 1 | 591.4 | 35.3 | — | 626.7 | 134 | 5,674.4 | 4,691.7 | |||||||||||||||||||||||||
Cerro Soltero I | — | — | — | 53.5 | 53.5 | — | — | — | ||||||||||||||||||||||||||
Cerro Soltero II | — | — | — | 111.6 | 111.6 | — | — | — | ||||||||||||||||||||||||||
El Cerro | — | — | — | 37.6 | 37.6 | — | — | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total |
721.3 |
167.1 |
202.7 |
1,091.1 |
155 |
7,792.9 |
7,025.2 |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Granitic aggregates: |
||||||||||||||||||||||||||||||||||
La Preferida |
2 | 61.8 | 54.2 | — | 116.0 | 114.9 | 960.9 | 1,009.6 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total |
61.8 |
54.2 |
— |
116.0 |
114.9 |
960.9 |
1,009.6 |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Region |
Sales |
Cumulative Sales |
||||||
(in percentages %) |
||||||||
Buenos Aires |
41 | 41 | ||||||
Center |
24 | 65 | ||||||
Northwest |
11 | 76 | ||||||
Northeast |
9 | 85 | ||||||
Cuyo |
8 | 93 | ||||||
Patagonia |
7 | 100 |
Subsidiary |
Equity Ownership Interest (%) |
Main activity | ||
Ferrosur Roca S.A. (1) |
80.00 | Rail freight | ||
Recycomb S.A.U |
100.00 | Waste recycling |
(1) |
Indirect ownership (through Cofesur S.A.U., in which we have a direct 100% equity ownership interest). |
• | Argentine National Association of Portland Cement Producers ( Asociaci ó n de Fabricantes de Cementos Portland |
• | Argentine Institute of Portland Cement ( Instituto Argentino de Cemento Portland |
• | Argentine National Concrete Association ( Asociaci ó n Argentina de Hormig ó n Elaborado |
• | Argentine National Association of Industrial Gas Consumers ( Asociaci ó n de Consumidores Industriales de Gas de la Rep ú blica Argentina |
• | Argentine National Association of Energy Power Major Users ( Asociaci ó n de Grandes Usuarios de Energ í a El é ctrica de la Rep ú blica Argentina |
• | Latin—American Railway Association (Asociación Latinoamericana de Ferrocarriles). |
• | American Chamber of Commerce of United States in Argentina (Cámara de Comercio de Estados Unidos en Argentina). |
• | Argentine Business Council for Sustainable Development (Consejo Empresario Argentino para el Desarrollo Sostenible). |
• | Argentine Chamber of Importers (Cámara Argentina de Importadores). |
• | Chamber of environmental companies (Cámara de empresas de medio ambiente). |
• | Inter-American Cement Federation (FICEM) |
• | Argentine Technology Concrete Association ( Asociación Argentina de Tecnología del Hormigón |
C. |
Organizational Structure |
(1) |
Indirect ownership (through Cofesur SAU, in which we have a direct 100% equity ownership interest) |
D. |
Property, Plants and Equipment |
Production Facility |
Type of Plant |
Location |
Commissioning Year |
|||||||||
Argentina: |
||||||||||||
North-east: |
||||||||||||
Resistencia |
Warehouse | Resistencia | 2013 | |||||||||
Center-east: |
||||||||||||
Barker |
Cement | Benito Juárez | 1956 | |||||||||
L’Amalí |
Cement | Olavarría | 2001 | |||||||||
LomaSer |
Blending/Distribution | Cañuelas | 2000 | |||||||||
Olavarría |
Cement | Olavarría | 1929 | |||||||||
Ramallo |
Grinding Mill | Ramallo | 1998 | |||||||||
Paraná |
Warehouse | Paraná | ||||||||||
Patagonia: |
||||||||||||
Zapala |
Cement | Zapala | 1970 | |||||||||
Cuyo: |
||||||||||||
San Juan |
Cement | San Juan | 1963 | |||||||||
Mendoza |
Warehouse | Palmira | 2020 | |||||||||
North-west: |
Catamarca |
Cement | El Alto | 1980 | |||
Salta |
Warehouse | Salta | 2020 | |||
Concrete plants under the Lomax brand: |
||||||
Don Torcuato |
Concrete | Greater Buenos Aires area |
1998 | |||
Sola |
Concrete | City of Buenos Aires | 1998 | |||
Llavallol |
Concrete | Greater Buenos Aires area |
1998 | |||
Uriburu |
Concrete | Rosario | 2010 | |||
San Lorenzo |
Concrete | Santa Fe area | 2016 | |||
Darsena F 1 |
Concrete | City of Buenos Aires | 2017 | |||
Darsena F 2 |
Concrete | City of Buenos Aires | 2018 | |||
Vicente Casares |
Concrete | Greater Buenos Aires area |
2018 | |||
Escobar |
Concrete | Greater Buenos Aires area |
2020 | |||
Dock Sud |
Concrete | Greater Buenos Aires area |
2021 | |||
Aggregates plant: |
||||||
La Preferida |
Aggregates | Olavarría | 2004 |
(1) | Railway segment we actively use. |
ITEM 4A. |
UNRESOLVED STAFF COMMENTS |
ITEM 5. |
OPERATING AND FINANCIAL REVIEW AND PROSPECTS |
A. |
Operating Results |
As of and for the Year Ended December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
GDP (billions of Ps.) |
688.6 | 624.5 | 693.0 | |||||||||
Real GDP growth |
10.3 | % | (9.9 | )% | (2.1 | )% | ||||||
GDP per capita (in thousands of U.S. dollars) |
10.6 | 8.6 | 9.9 | |||||||||
Private consumption growth |
10.2 | % | (13.1 | )% | (6.4 | )% | ||||||
Average Ps./U.S. dollar exchange rate (1) |
95.2 | 70.6 | 48.2 | |||||||||
CPI inflation |
50.9 | % | 36.1 | % | 53.8 | % | ||||||
Private sector salary growth |
55.2 | % | 34.4 | % | 44.3 | % | ||||||
Unemployment rate (2) |
7.0 | % | 11.0 | % | 8.9 | % |
(1) | The average rate is calculated by using the average of the BCRA’s reported exchange rates on a daily basis. |
(2) | As a percentage of Argentina’s economically active population. |
Official Nominal Exchange Rates |
||||||||||||||||
High (1) |
Low (1) |
Average (1)(2) |
Period-end (1) |
|||||||||||||
2017 |
18.8300 | 15.1742 | 16.5665 | 18.7742 | ||||||||||||
2018 |
40.8967 | 18.4158 | 28.0937 | 37.8083 | ||||||||||||
2019 |
60.0033 | 37.0350 | 48.2423 | 59.8950 | ||||||||||||
2020 |
84.1450 | 59.8152 | 70.5941 | 84.1450 | ||||||||||||
2021 |
102.7500 | 84.7033 | 95.1615 | 102.7500 | ||||||||||||
2022 |
||||||||||||||||
January 2022 |
105.0150 | 103.0400 | 103.9846 | 105.0150 | ||||||||||||
February 2022 |
107.4417 | 105.1350 | 106.3071 | 107.4417 | ||||||||||||
March 2022 |
110.9783 | 107.9350 | 109.4585 | 110.9783 | ||||||||||||
April 27, 2022 |
115.0050 | 111.1250 | 113.1100 | 115.0050 |
(1) | Reference exchange rate published by the Argentine Central Bank. |
(2) | Based on daily averages. |
• | Turnover Tax |
• | Quarry Exploitation Fee |
• | Tax on Bank Accounts Debits and Credits |
• | Stamp Tax |
• | Personal Assets Tax. |
• | Level 1: quoted (unadjusted) market prices in active markets for identical assets or liabilities that the entity can access at the measurement date; |
• | Level 2: valuation techniques for which the lowest level input that is significant to their value measurement is directly or indirectly observable; and |
• | Level 3: valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. |
(i) | we expect to realize the asset or intend to sell or consume it during its normal operation cycle; |
(ii) | we maintain the asset primarily for trading purposes; |
(iii) | we expect to realize the asset within twelve months after the reporting period; or |
(iv) | the asset is cash or cash equivalents unless the asset is restricted and may not be exchanged or used to settle a liability for at least twelve months after the reporting period. |
(i) | we expect to settle the liability during its normal operation cycle; |
(ii) | we maintain the liability primarily for trading purposes; |
(iii) | the liability must be settled within the twelve months after the reporting period; or |
(iv) | we do not have an unconditional rights to defer settlement of the liability for at least the twelve months after the reporting period. |
• | IFRS 3 Reference to the Conceptual Framework |
• | IAS 16 Proceeds before Intended Use of Property, Plant and Equipment |
• | IAS 37 Cost of Fulfilling an Onerous Contract |
• | IFRS 1—First-time Adoption of IFRS by a subsidiary |
• | IFRS 9 Fees in the ‘10 per cent’ Test for Derecognition of Financial Liabilities |
• | IFRS 16 Lease Incentives |
• | IAS 41 Taxation in Fair Value Measurement |
• | IAS 1—Classification of Liabilities as Current or Non-Current |
• | IFRS 17 Insurance Contracts |
• | IAS 1 and IFRS 2 Practice Statement—Disclosure of Accounting Policies |
• | IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors |
• | IAS 12 Income Tax |
• | IFRS 9, IFRS 7, IFRS 4, IFRS 16, and IAS 39 Interest Rate Benchmark Reform |
• | revenue recognition; |
• | goodwill; |
• | investments in other companies; |
• | leases; |
• | foreign currency and functional currency; |
• | borrowing costs; |
• | taxation; |
• | property, plant and equipment; |
• | intangible assets; |
• | impairment of tangible and intangible assets; |
• | inventories; |
• | provisions; |
• | financial instruments; |
• | financial assets; |
• | Ferrocarril Roca management trust; |
• | financial liabilities and equity instruments; |
• | environmental restoration; |
• | short- and long-term employee benefits; and |
• | stripping costs and quarry exploitation. |
• | Raw materials and spare parts: at cost using the weighted average price method. Cost is determined at each of our plants. |
• | Finished goods and work in progress: at the cost of direct materials and labor plus a proportion of manufacturing overheads based on normal operating capacity, but excluding borrowing costs. |
• | The rights to receive cash flows from the asset have expired, or |
• | We have transferred our rights to receive cash flows from the asset or have assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either: a) we have transferred substantially all risks and rewards of the asset or b) we have neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. |
• | Such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or |
• | Financial liabilities are part of a group of financial assets or liabilities or both, which is managed and whose performance is assessed on the basis of fair value, in accordance with the Group’s documented risk management or investment strategy, and information about the Group is provided internally on that basis; or |
• | They are part of a contract containing one or more embedded derivatives, and IFRS 9 allows the entire combined contract to be carried at fair value through profit and loss. |
For the Year Ended December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
(in percentages) |
||||||||||||
Salaries, wages and social security charges |
15.8 | 17.6 | 18.8 | |||||||||
Thermal energy |
13.7 | 11.1 | 16.6 | |||||||||
Depreciation |
11.8 | 12.5 | 10.2 | |||||||||
Freight |
10.3 | 8.8 | 7.1 | |||||||||
Electrical power |
9.8 | 9.3 | 10.5 | |||||||||
Preservation and maintenance costs |
9.3 | 9.3 | 9.5 | |||||||||
Contractors |
7.4 | 6.6 | 7.9 | |||||||||
Packaging |
4.1 | 4.9 | 3.9 | |||||||||
Taxes, contributions and commissions |
2.0 | 2.0 | 1.8 | |||||||||
Fees and compensation for services |
2.0 | 2.1 | 1.9 | |||||||||
Transport and travelling expenses |
0.7 | 0.7 | 0.7 | |||||||||
Security |
0.5 | 0.7 | 0.6 | |||||||||
Employee benefits |
0.4 | 0.4 | 0.4 | |||||||||
Insurance |
0.3 | 0.3 | 0.3 | |||||||||
Leases |
0.1 | 0.1 | 0.2 | |||||||||
Communications |
0.1 | 0.1 | 0.1 | |||||||||
Canon (concession fee) |
0.1 | 0.1 | 0.1 | |||||||||
Data processing |
0.0 | 0.0 | 0.1 | |||||||||
Tolls |
0.0 | 0.4 | 0.0 | |||||||||
Water, natural gas and energy services |
0.0 | 0.0 | 0.0 | |||||||||
Others |
1.4 | 1.3 | 1.3 | |||||||||
|
|
|
|
|
|
|||||||
Production expenses |
89.9 |
88.3 |
92.0 |
|||||||||
|
|
|
|
|
|
|||||||
Cost of sales |
100 |
100 |
100 |
|||||||||
|
|
|
|
|
|
For the Year Ended December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
(in percentages) |
||||||||||||
Taxes, contributions and commissions |
24.9 | 25.4 | 26.2 | |||||||||
Salaries, wages and social security charges |
22.7 | 24.8 | 29.3 | |||||||||
Freight |
15.3 | 13.2 | 9.9 | |||||||||
Managers, directors and trustees’ fees |
7.4 | 8.4 | 8.5 | |||||||||
Depreciation and amortization |
5.9 | 8.3 | 6.1 | |||||||||
Fees and compensation for services |
5.9 | 8.4 | 6.1 | |||||||||
Advertising expenses |
4.9 | 2.2 | 2.2 | |||||||||
Allowance for doubtful accounts |
3.1 | 0.2 | 1.7 | |||||||||
Data processing |
2.9 | 1.8 | 2.0 | |||||||||
Insurance |
2.3 | 2.2 | 1.5 | |||||||||
Employee benefits |
0.8 | 1.0 | 1.0 | |||||||||
Communications |
0.7 | 0.9 | 0.9 | |||||||||
Transport and travelling expenses |
0.5 | 0.6 | 1.5 | |||||||||
Leases |
0.4 | 0.4 | 0.6 | |||||||||
Preservation and maintenance costs |
0.2 | 0.3 | 0.5 | |||||||||
Security |
0.2 | 0.2 | 0.2 | |||||||||
Water, natural gas and energy services |
0.1 | 0.1 | 0.1 | |||||||||
Others |
1.7 | 1.7 | 1.7 | |||||||||
|
|
|
|
|
|
|||||||
Total selling and administrative expenses |
100 |
100 |
100 |
|||||||||
|
|
|
|
|
|
For the Year Ended December 31, |
Variation |
|||||||||||||||
2021 |
2020 |
Amount |
(%) |
|||||||||||||
(in millions of Ps., except percentages) |
||||||||||||||||
Revenue |
73,668.1 | 62,826.8 | 10,841.3 | 17.3 | ||||||||||||
Cost of sales |
(50,384.1 | ) | (43,812.9 | ) | (6,571.2 | ) | 15.0 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
23,284.0 |
19,013.9 |
4,270.1 |
22.5 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Losses from interest in companies |
0.0 | (609.5 | ) | 609.5 | n/a | |||||||||||
Selling and administrative expenses |
(6,328.7 | ) | (5,214.5 | ) | (1,114.2 | ) | 21.4 | |||||||||
Impairment of property, plant and equipment |
(152.8 | ) | (1,429.3 | ) | 1,276.5 | (89.3 | ) | |||||||||
Other gains and losses |
209.4 | 222.2 | (12.8 | ) | (5.8 | ) | ||||||||||
Tax on debits and credits to bank accounts |
(742.4 | ) | (738.7 | ) | (3.7 | ) | 0.5 | |||||||||
Finance costs, net |
||||||||||||||||
Exchange rate differences |
80.2 | 2,498.5 | (2,418.3 | ) | (96.8 | ) | ||||||||||
Gain on net monetary position |
1,867.3 | 1,266.6 | 600.7 | 47.4 | ||||||||||||
Financial income |
39.2 | 123.2 | (84.0 | ) | (68.2 | ) | ||||||||||
Financial expenses |
(1,944.1 | ) | (2,276.6 | ) | 332.5 | (14.6 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Profit before taxes |
16,312.1 |
12,855.8 |
3,456.3 |
26.9 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income tax expense |
||||||||||||||||
Current |
(6,638.5 | ) | (3,603.1 | ) | (3,035.4 | ) | 84.2 | |||||||||
Deferred |
(3,329.3 | ) | 186.5 | (3,515.8 | ) | n/a | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net profit from continuing operations |
6,344.3 |
9,439.2 |
(3,094.9 |
) |
(32.8 |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income from discontinued operations |
0.0 | 7,741.2 | (7,741.2 | ) | n/a | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net profit |
6,344.3 |
17,180.4 |
(10,836.1 |
) |
(63.1 |
) | ||||||||||
|
|
|
|
|
|
|
|
• | Cement, masonry cement and lime segment : Revenues from our cement, masonry cement and lime segment, without considering the eliminations between segments, increased Ps.8,569 million, from Ps.57,356 million in 2020 to Ps.65,925 million in 2021, mainly due to the increase of 18.7% in sales volume, and partially offset by an average sales price decrease of 3.1%. |
• | Concrete segment: COVID-19 lock-down and economic uncertainty that impacted major private and public projects. |
• | Railroad segment : Revenues from our railroad segment, without considering the eliminations between segments, increased Ps.553 million, from Ps.5,427 million in 2020 to Ps.5,980 million in 2021, mainly due to an increase of 14.1% in sales volume, mainly as a consequence of the rebound in frac-sand and building materials demand from last year drop due to Covid-19 restrictions, offseted by a decline of 3.4% in the average sales price. |
• | Aggregates segment : Revenues from our aggregates segment, without considering the eliminations between segments, increased Ps.502 million, from Ps.606 million in 2020 to Ps.1,108 million in 2021, mainly due to an increase of 47.1% in sales volume and an average price increase of 24.3%. |
• | Others segment : Revenues from Recycomb S.A.U., without considering the eliminations between segments, increased Ps.139 million, from Ps.306 million in 2020 to Ps.445 million in 2021. |
As of and for the Year Ended December 31, |
||||||||
2021 |
2020 |
|||||||
(in millions of Ps.) |
||||||||
Purchases and production expenses for the year |
50,621.5 | 42,329.3 | ||||||
(+) Inventories at the beginning of the year |
11,543.9 | 13,027.5 | ||||||
(-) Inventories at the end of the year |
11,781.3 | 11,543.9 | ||||||
|
|
|
|
|||||
Cost of sales |
50,384.1 |
43,812.9 |
||||||
|
|
|
|
• | Cement, masonry cement and lime segment : |
• | Concrete segment |
• | Railroad segment |
• | Aggregates segment: |
• | Others segment: |
For the year ended December 31, |
||||||||
2021 |
2020 |
|||||||
(amounts in millions of Ps.) |
||||||||
Profit from continuing operations before income tax expense |
16,311.9 | 12,855.8 | ||||||
Profit from discontinued operations before income tax expense |
0.0 | 10,031.1 | ||||||
Statutory rate |
35 | % | 30 | % | ||||
Income tax at statutory rate |
(5,709.2 | ) | (6,866.1 | ) | ||||
Adjustments for calculation of the effective income tax: |
||||||||
Effect of derecognition of Yguazú Cementos S.A. |
0.0 | 970.0 | ||||||
Impairment of recognized losses at Ferrosur Roca S.A. |
(237.2 | ) | (242.9 | ) | ||||
Tax revaluation and inflation adjustment for accounting and tax purposes |
(169.7 | ) | 282.5 | |||||
Change in tax rate (1) |
(3,857.9 | ) | 184.4 | |||||
Other non-taxable income or non-deductible expense net |
6.2 | (34.5 | ) | |||||
|
|
|
|
|||||
Income tax expense |
(9,967.8 |
) |
(5,706.6 |
) | ||||
|
|
|
|
|||||
Income tax expense |
||||||||
Current |
(6,638.5 | ) | (5,882.7 | ) | ||||
Deferred |
(3,329.3 | ) | 176.2 | |||||
|
|
|
|
|||||
Total |
(9,967.8 |
) |
(5,706.6 |
) | ||||
|
|
|
|
(1) |
Law No. 27.430 had set forth for the tax periods commencing as from January 1, 2020 that the tax rate payable by corporations as income tax would decrease from 30% to 25% and that the additional tax on dividends or earnings that are distributed to individuals in Argentina and abroad and foreign legal entities would rise from 7% to 13%. However, the Argentine Congress approved Law 27.630, which modifies: (i) the corporate tax rate for Argentine entities, by applying a sliding scale from 25% to 35%, depending on the accumulated net income obtained during the given year; and (ii) regardless of the applicable corporate tax rate, in all cases, dividends or profits will be levied at a 7% tax rate. |
For the Year Ended December 31, |
Variation |
|||||||||||||||
2020 |
2019 |
Amount |
(%) |
|||||||||||||
(in millions of Ps., except percentages) |
||||||||||||||||
Revenue |
62,826.8 | 72,079.3 | (9,252.5 | ) | (12.8 | ) | ||||||||||
Cost of sales |
(43,812.9 | ) | (52,386.0 | ) | 8,573.1 | (16.4 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
19,013.9 |
19,693.3 |
(679.4 |
) |
(3.4 |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from interest in companies |
(609.5 | ) | 0.0 | (609.5 | ) | n/a | ||||||||||
Selling and administrative expenses |
(5,214.5 | ) | (5,743.7 | ) | 529.2 | (9.2 | ) | |||||||||
Other gains and losses |
222.2 | 92.4 | 129.8 | 140.4 | ||||||||||||
Impairment of property, plant and equipment |
(1,429.3 | ) | 0.0 | (1,429.3 | ) | n/a | ||||||||||
Tax on debits and credits to bank accounts |
(738.7 | ) | (829.9 | ) | 91.2 | (11.0 | ) | |||||||||
Finance costs, net |
||||||||||||||||
Exchange rate differences |
2,498.5 | (2,453.3 | ) | 4,951.8 | (201.8 | ) | ||||||||||
Gain on net monetary position |
1,266.6 | 2,291.0 | (1,024.4 | ) | (44.7 | ) | ||||||||||
Financial income |
123.2 | 124.1 | (0.9 | ) | (0.7 | ) | ||||||||||
Financial expenses |
(2,276.6 | ) | (3,083.2 | ) | 806.6 | (26.2 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Profit before taxes |
12,855.8 |
10,090.7 |
2,765.1 |
27.4 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income tax expense |
||||||||||||||||
Current |
(3,603.1 | ) | (2,149.2 | ) | (1,453.9 | ) | 67.6 | |||||||||
Deferred |
186.5 | (1,171.7 | ) | 1,358.2 | n/a | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net profit from continuing operations |
9,439.2 |
6,769.8 |
2,669.4 |
39.4 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income from discontinued operations |
7,741.2 | 1,540.0 | 6,201.2 | 402.7 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net profit |
17,180.4 |
8,309.8 |
8,870.6 |
106.7 |
||||||||||||
|
|
|
|
|
|
|
|
• | Cement, masonry cement and lime segment : Revenues from our cement, masonry cement and lime segment, without considering the eliminations between segments, decreased Ps.2,856 million, from Ps.60,212 million in 2019 to Ps.57,356 million in 2020, mainly due to the decrease of 5.6% in sales volume, mostly explained by COVID-19 pandemic impacts, and partially offset by an average sales price increase of 0.9%. |
• | Concrete segment: COVID-19 lock-down and economic uncertainty impacting major private and public projects, coupled with a lower average sales price of 19.9% as a consequence of softer demand. |
• | Railroad segment : Revenues from our railroad segment, without considering the eliminations between segments, decreased Ps.2,066 million, from Ps.7,493 million in 2019 to Ps.5,427 million in 2020, mainly due to a decrease of 15.2% in sales volume, mainly as a consequence of the drop in the frac-sand and building materials transported volumes and a decline of 14.6% in the average sales price. |
• | Aggregates segment : Revenues from our aggregates segment, without considering the eliminations between segments, decreased Ps.666 million, from Ps.1,272 million in 2019 to Ps.606 million in 2020, mainly due to a decline of 47.8% in sales volume and an average price decrease of 8.6%. |
• | Others segment : Revenues from Recycomb S.A.U., without considering the eliminations between segments, decreased Ps.86 million, from Ps.392 million in 2019 to Ps.306 million in 2020. |
As of and for the Year Ended December 31, |
||||||||
2020 |
2019 |
|||||||
(in millions of Ps.) |
||||||||
Purchases and production expenses for the year |
42,329.3 | 52,522.0 | ||||||
(+) Inventories at the beginning of the year |
13,027.5 | 12,891.5 | ||||||
(-) Inventories at the end of the year |
11,543.9 | 13,027.5 | ||||||
|
|
|
|
|||||
Cost of sales |
43,812.9 |
52,386.0 |
||||||
|
|
|
|
• | Cement, masonry cement and lime segment : COVID-19 pandemic, and lower costs in preservation and maintenance costs due to an adjustment of the main equipment´s overhauling schedule. |
• | Concrete segment |
• | Railroad segment : |
• | Aggregates segment : |
• | Others segment: |
For the year ended December 31, |
||||||||
2020 |
2019 |
|||||||
(amounts in millions of Ps.) |
||||||||
Profit from continuing operations before income tax expense |
12,855.8 |
10,090.7 |
||||||
Profit from discontinued operations before income tax expense |
10,031.1 |
1,684.6 |
||||||
Statutory rate |
30 |
% |
30 |
% | ||||
|
|
|
|
|||||
Income tax at statutory rate |
(6,866.1 |
) |
(3,532.6 |
) | ||||
Adjustments for calculation of the effective income tax: |
||||||||
Effect of derecognition of Yguazú Cementos S.A. |
970.0 |
336.9 |
||||||
Impairment of recognized losses at Ferrosur Roca S.A. |
(242.9 |
) |
0.0 |
|||||
Tax revaluation |
282.5 |
(310.2 |
) | |||||
Change in tax rate (1) |
184.4 |
(578.3 |
) | |||||
Other non-taxable income or non-deductible expense net |
(34.5 |
) |
(1.7 |
) | ||||
|
|
|
|
|||||
Income tax expense |
(5,706.6 |
) |
(3,465.5 |
) | ||||
|
|
|
|
|||||
Income tax expense |
||||||||
Current |
(5,882.7 |
) |
(2,267.2 |
) | ||||
Deferred |
176.2 |
(1,198.3 |
) | |||||
|
|
|
|
|||||
Total |
(5,706.6 |
) |
(3,465.5 |
) | ||||
|
|
|
|
(1) |
Law No. 27.430 had set forth for the tax periods commencing as from January 1, 2020 that the tax rate payable by corporations as income tax would decrease from 30% to 25% and that the additional tax on dividends or earnings that are distributed to individuals in Argentina and abroad and foreign legal entities would rise from 7% to 13%. The Law No. 27,541 postpones such change in tax rates and maintains the original 30% and 7% tax rates until the fiscal years starting on January 1, 2021, inclusive. However, the Argentine Congress approved Law 27.630, which modifies: (i) the corporate tax rate for Argentine entities, by applying a sliding scale from 25% to 35%, depending on the accumulated net income obtained during the given year; and (ii) regardless of the applicable corporate tax rate, in all cases, dividends or profits will be levied at a 7% tax rate. |
B. |
Liquidity and Capital Resources |
• |
our ability to generate cash flows from our operations; |
• |
the level of our outstanding indebtedness and the interest that we are obligated to pay on our indebtedness, which affect our net financial expenses; |
• |
prevailing domestic and international interest rates, which affect our debt service requirements; and |
• |
our capital expenditure requirements, which consist primarily of investments in our operations, maintenance, equipment and plant facilities. |
• |
working capital requirements; |
• |
the servicing of our indebtedness; and |
• |
capital expenditures related to investments in our operations, maintenance, equipment and plant facilities. |
For the Year Ended December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
(in millions of Ps.) |
||||||||||||
Net cash flows provided by (used in): |
||||||||||||
Operating activities |
15,049.9 |
17,188.6 |
14,077.2 |
|||||||||
Investing activities |
(8,845.1 |
) |
(2,157.7 |
) |
(24,109.7 |
) | ||||||
Financing activities |
(8,759.6 |
) |
(15,853.9 |
) |
5,280.0 |
|||||||
Effect of restating in constant currency of cash and cash equivalents |
(219.7 |
) |
(236.7 |
) |
(332.9 |
) | ||||||
Effects of exchange rate differences on cash and cash equivalents in foreign currency |
(524.3 |
) |
4,984.1 |
397.1 |
||||||||
|
|
|
|
|
|
|||||||
Increase / (Decrease) in cash and cash equivalents |
(3,298.8 |
) |
3,924.4 |
(4,688.3 |
) | |||||||
|
|
|
|
|
|
December 31, 2021 |
||||||||||||||||||
Re. |
Company |
Rate |
Last maturity date |
Amount In millions Ps. |
||||||||||||||
Loans in foreign currency - USD |
||||||||||||||||||
Industrial and Commercial Bank of China |
(1) |
Loma Negra CIASA |
6-Month Libor + 4.25% |
Jan-22 |
91.8 |
|||||||||||||
Industrial and Commercial Bank of China |
(1) |
Loma Negra CIASA |
6-Month Libor + 4.25% |
Feb-22 |
6.4 |
|||||||||||||
Industrial and Commercial Bank of China |
(1) |
Loma Negra CIASA |
6-Month Libor + 4.25% |
Mar-22 |
41.6 |
|||||||||||||
Industrial and Commercial Bank of China |
(2) |
Loma Negra CIASA |
6-Month Libor + 7.375% |
Jan-22 |
663.2 |
|||||||||||||
Industrial and Commercial Bank of China |
(2) |
Loma Negra CIASA |
6-Month Libor + 7.375% |
Jan-22 |
731.8 |
|||||||||||||
Industrial and Commercial Bank of China |
(3) |
Loma Negra CIASA |
3-Month Libor + 7.50% |
Nov-23 |
803.4 |
|||||||||||||
|
|
|||||||||||||||||
Total loans in foreign currency |
2338.2 |
|||||||||||||||||
|
|
|||||||||||||||||
Loans in local currency |
||||||||||||||||||
Bank overdrafts |
Ferrosur Roca SA |
35.6% |
Jan-22 |
124.1 |
||||||||||||||
Bank overdrafts |
Loma Negra CIASA |
35.6% |
Jan-22 |
48.8 |
||||||||||||||
|
|
|||||||||||||||||
Total loans in local currency |
172.9 |
|||||||||||||||||
|
|
|||||||||||||||||
Total |
2511.1 |
|||||||||||||||||
|
|
(1) |
During the fiscal year ended December 31, 2020, Loma Negra C.I.A.S.A. received two disbursements of the loan agreement with Industrial and Commercial Bank of China Argentina S.A. for USD 40,919,350, the last principal payments of which maturing in January and February 2022. In addition, during the current fiscal year, we received an additional disbursement of USD 389,966, the last principal payment of which matures in March 2022. The loan accrues interest at adjusted LIBOR plus 4.25%. |
(2) |
During fiscal year 2020, Loma Negra C.I.A.S.A. signed a new loan agreement with Industrial and Commercial Bank of China for USD 13,127,766, payable upon maturity in January 2022. This loan accrues interest at adjusted LIBOR plus 7.375%, payable on a monthly basis. |
(3) |
In June 2016, Loma Negra signed a loan agreement with Industrial and Commercial Bank of China (Dubai) for a total amount of USD 50,000,000 to be paid in five equal, half-yearly installments with a one-year grace period as from the date of disbursement. Interest are accrued at a variable nominal interest rate on the basis of the LIBO rate to be paid on a quarterly basis. This loan requires the net debt / EBITDA ratio to be satisfied, which has always been satisfied from the execution of the loan. In May 2019, the Group extended the maturity dates of such loan. During the previous fiscal year we, in accordance with the lender, has amended the loan agreement and shall pay the outstanding principal in nine payments, the first one on October 2020 of USD 5,200,000 and eight more equal quarterly payments of USD 975,000, the last due in November 2023. As of December 31, 2021, the amount pending payment under this loan was Ps 803.375 million. |
Payments Due by Period |
||||||||||||||||||||
Total |
Less than 1 year |
1-3 years |
3-5 years |
More than 5 years |
||||||||||||||||
(in millions of Ps.) |
||||||||||||||||||||
Financial borrowings (1) |
2,511.1 |
2,112.4 |
398.7 |
— |
— |
|||||||||||||||
Accounts payable |
7,876.3 |
7,876.3 |
— |
— |
— |
|||||||||||||||
Taxes payable |
3,345.4 |
3,345.4 |
— |
— |
— |
|||||||||||||||
Salaries and social security contributions |
2,085.1 |
2,034.5 |
— |
50.5 |
— |
|||||||||||||||
Lease liabilities |
314.7 |
79.5 |
105.4 |
82.1 |
47.7 |
|||||||||||||||
Severance payment plans |
227.8 |
136.6 |
70.8 |
7.4 |
13.0 |
|||||||||||||||
Other debts (2) |
74.7 |
23.3 |
— |
— |
51.4 |
|||||||||||||||
Total |
16,435.1 |
15,608.1 |
574.9 |
140.0 |
112.1 |
(1) |
Includes payments of principal only. “See – Note 25 of our audited consolidated statements for the year ended December 31, 2021 and 2020”. |
(2) |
Corresponds to our internal information. |
As of and for the Year Ended December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Liquidity (1) |
1.15 |
0.92 |
0.58 |
|||||||||
Solvency (2) |
2.24 |
1.78 |
1.12 |
|||||||||
Non-current assets to total assets ratio(3) |
0.82 |
0.80 |
0.84 |
|||||||||
Profitability (4) |
0.09 |
0.27 |
0.14 |
(1) |
Current assets / Current liabilities |
(2) |
Shareholder’s equity / Total liabilities |
(3) |
Non-current assets / Total assets |
(4) |
Net profit / Average shareholder’s equity |
C. |
Research and Development, Patents and Licenses, etc. |
D. |
Trend Information |
E. |
Critical Accounting Estimates |
ITEM 6. |
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES |
A. |
Directors and Senior Management |
Name |
Age |
Position |
Independent |
Years as a Board Member as of December 31 2021 | ||||
Flávio Mendes Aidar |
46 |
President |
No |
3 | ||||
Sergio Damián Faifman |
47 |
Vice-President |
No |
10 | ||||
Livio Hagime Kuze |
42 |
Director |
No |
1 | ||||
Paulo Diniz |
64 |
Director |
No |
5 | ||||
Javier Enrique Patron |
60 |
Director |
No |
0 | ||||
Carlos Boero Hughes |
56 |
Director |
Yes |
5 | ||||
Diana Mondino |
63 |
Director |
Yes |
5 | ||||
Sergio Daniel Alonso |
59 |
Director |
Yes |
5 | ||||
Javier Graña |
51 |
Director |
Yes |
3 |
Name |
Year of Birth |
Position |
Year of first Appointment | |||
Sergio Damián Faifman |
1974 |
Chief Executive Officer |
2016 | |||
Marcos Isabelino Gradin |
1972 |
Chief Financial Officer |
2015 | |||
Dardo Ariel Damiano |
1963 |
Industrial Director |
2008 | |||
Gerardo Oscar Diez |
1967 |
Commercial and Concrete Director |
2016 | |||
Hector Fabian Gerez |
1968 |
Ferrosur Roca General Director |
2021 | |||
Lucrecia Loureiro |
1981 |
Human Resources, EHS, Legal and Corporate Affairs Director |
2022 | |||
Valeria Mara Loderer |
1973 |
Supply Chain and Logistics Director |
2021 |
B. |
Compensation |
(i) |
Stock Compensation Plan |
(ii) |
Total Shareholder Return Stock Compensation Plan |
C. |
Board Practices |
Name |
Year of Appointment |
Position Held |
Age |
|||||||||
Antonio Juan Lattuca |
2022 | Member | 77 | |||||||||
Omar Raúl Rolotti |
2022 | Member | 73 | |||||||||
Adriana Irene Calvo |
2022 | Member | 59 | |||||||||
Claudio Aldo Forti |
2022 | Alternate | 59 | |||||||||
Carlos Roberto Chiesa |
2022 | Alternate | 51 | |||||||||
José Alanis |
2022 | Alternate | 83 |
Name |
Position |
Age |
Election Date |
Condition |
||||||||||||
Carlos Boero Hughes |
Permanent | 56 | 2022 | Independent | ||||||||||||
Diana Mondino |
Permanent | 63 | 2022 | Independent | ||||||||||||
Sergio Daniel Alonso |
Permanent | 59 | 2022 | Independent | ||||||||||||
Javier Graña |
Alternate | 51 | 2022 | Independent |
D. |
Employees |
As of December 31, |
||||||||||||
Business Segment |
2021 |
2020 |
2019 |
|||||||||
Cement |
1,408 | 1,404 | 1,375 | |||||||||
Concrete |
253 | 272 | 156 | |||||||||
Aggregates |
53 | 44 | 61 | |||||||||
Railroad |
1,105 | 1,151 | 1,221 | |||||||||
Others |
30 | 29 | 31 | |||||||||
Total |
2,849 |
2,900 |
2,844 |
|||||||||
|
|
|
|
|
|
E. |
Share Ownership |
ITEM 7. |
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS |
A. |
Major Shareholders |
• | each person or group of affiliated persons that, to our knowledge, beneficially owns 5% or more of our ordinary shares; |
• | all of our directors and executive officers as a group. |
Shares Beneficially Owned |
||||||||
Name of Beneficial Owner |
Number |
Percentage of our Capital Stock |
||||||
IC Trading Inversiones Argentina, S.L. (1) |
304,233,740 | 51.0 | ||||||
Capital International Investors. (2) |
41,373,610 | 6.9 | ||||||
ANSES (3) |
30,987,880 | 5.2 | ||||||
Directors and Executive Officers as a Group |
* | * |
(1) | Based on information provided by IC Trading Inversiones. It owns and controls 100% of the voting shares of IC Trading Inversiones Argentina. InterCement Portugal S.A. owns and controls 100% of IC Trading Inversiones. InterCement Participações S.A. owns and controls 99.4% of the share capital of InterCement Portugal S.A. Mover Participações S.A. (formerly named Camargo Corrêa S.A.) owns and controls 90.58% of InterCement Participações S.A.’s voting shares. Participações Morro Vermelho S.A. owns 99.99% of the common shares and 100% of the preferred shares of Mover Participações S.A.. |
(2) | Based on Schedule 13G filed on February 11, 2022, Capital International Investors (“CII”) is a division of Capital Research and Management Company (“CRMC”), as well as its investment management subsidiaries and affiliates Capital Bank and Trust Company, Capital International, Inc., Capital International Limited, Capital International Sarl, Capital International K.K., and Capital Group Private Client Services, Inc. (together with CRMC, the “investment management entities”). CII’s divisions of each of the investment management entities collectively provide investment management services under the name “Capital International Investors |
(3) | The amount of shares owned by the National Social Security Association of Argentina ( Administración Nacional de la Seguridad Social |
* | Individually each owning less than 1% of our outstanding ordinary shares. |
B. |
Related Party Transactions |
C. |
Interests of Experts and Counsel |
ITEM 8. |
FINANCIAL INFORMATION |
A. |
Consolidated Statements and Other Financial Information |
As of December 31, 2021 |
||||||||||||
Number of proceedings |
Total Claims |
Total Provisions |
||||||||||
(in millions of Ps.) |
||||||||||||
Labor and Social Security Proceedings |
190 | 319.5 | 106.4 | |||||||||
Civil and other proceedings |
284 | 1,143.8 | 125.4 | |||||||||
|
|
|
|
|
|
|||||||
Total |
474 |
1,463.3 |
231.8 |
|||||||||
|
|
|
|
|
|
• | to comply with the legal reserve requirement; |
• | to the establishment of voluntary reserves; |
• | to pay the accrued fees of the members of our board of directors and supervisory committee; |
• | to pay dividends on preferred shares (if at any time issued and existing); |
• | to the distribution of dividends; and |
• | any remaining balance to undistributed cumulated earnings or as otherwise determined by our shareholders at the annual shareholders’ meeting. |
As of December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
(in millions of Ps.) |
||||||||||||
Legal reserve |
1,450.6 | 1,450.6 | 1,188.2 | |||||||||
Environmental reserve |
11.3 | 11.3 | 11.3 | |||||||||
Optional reserve for future dividends |
43,926.9 | 0.0 | 95.2 | |||||||||
Optional reserve |
0.0 | 26,793.5 | 23,104.4 | |||||||||
Exchange differences on translating foreign operations |
0.0 | 0.0 | 678.6 | |||||||||
|
|
|
|
|
|
|||||||
Total reserves |
45,388.8 |
28,255.4 |
25,077.7 |
|||||||||
|
|
|
|
|
|
For the year ended December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
(in millions of Ps.) |
||||||||||||
Attributable to owners |
72,342.4 | 68,104.0 | 55,682.1 | |||||||||
Non-controlling interests |
167.7 | 409.4 | 4,584.0 | |||||||||
|
|
|
|
|
|
|||||||
Total interest attributable to shareholders’ equity |
72,510.1 |
68,513.3 |
60,266.1 |
|||||||||
|
|
|
|
|
|
B. |
Significant Changes |
ITEM 9. |
THE OFFER AND LISTING |
A. |
Offer and Listing Details |
B. |
Plan of Distribution |
C. |
Markets |
D. |
Selling Shareholders |
E. |
Dilution |
F. |
Expenses of the Issue |
ITEM 10. |
ADDITIONAL INFORMATION |
A. |
Share Capital |
B. |
Memorandum and Articles of Association |
C. |
Material Contracts |
D. |
Exchange Controls |
(i) |
Prior authorization of the Argentine Central Bank is required for the access to the FX Market for the purchase of foreign currency: |
• | For portfolio investment purposes for more than $200 per calendar month by individuals; |
• | For portfolio investment purposes by legal entities, local governments, funds and trusts; |
• | By non-Argentine residents, except for certain exemptions; |
• | For payment of dividends and earnings, except that no such prior authorization is required for the payment of profits and dividends as from January 17, 2020, in an amount that (including the amount of the payment being made at the time of the access) do not exceeds 30% of the value of new capital contributions of foreign direct investments. These contributions must be made to the local company and must be transferred to Argentina and sold for Pesos through the foreign exchange market as from such date. |
• | For the pre-payment of principal and interest on foreign financial indebtedness with an anticipation of more than three business days in advance to the scheduled maturity dates, unless certain conditions are met; |
• | For the pre-payment of indebtedness for the import of goods and services, except for certain exemptions; |
• | For the payment of services with related foreign parties, except for certain exemptions, and; |
• | Until June 30, 2022 for the payment of principal under foreign financial indebtedness with related parties, except for certain exemptions. |
(ii) |
The proceeds of the disbursements of foreign financial loans incurred since September 1, 2019 must be transferred into Argentina and converted into Pesos through the FX Market in order for the Argentine resident debtor to have access to the FX Market for the payment of principal and interests under such foreign financial loan on their scheduled maturity |
(iii) |
It is prohibited to access the FX market for the purchase of foreign currency for the payment of local debts and other obligations incurred in foreign currency between Argentine residents originated as of September 1, 2019, except, among others, in the case of obligations instrumented by means of public registries or deeds dated as of August 30, 2019. |
(iv) |
The proceeds from the collections of foreign currency by Argentine residents out of Argentina for the export of the following goods since September 2, 2019 are subject to mandatory transfer into Argentina and conversion into Pesos through the FX Market, within the terms described in each case, computed from the shipment date: |
• | 15 consecutive days for crops and soybean oil; |
• | 30 consecutive days for hydrocarbons and derivatives; |
• | 60 consecutive days for exports between related parties not including the goods described above and for metal ores and precious metals; |
• | 180 consecutive days for all other goods; and |
• | 365 consecutive days for small exports under the EXPORTA SIMPLE program for medium and small companies with annual FOB exports of less than $600,000 and individual exports of less than $15,000 each. |
(v) |
The proceeds from the collection of foreign currency by Argentine residents out of Argentina for the export of services are subject to mandatory Repatriation within the five consecutive days computed from the date they are received. |
(vi) |
As a general rule, Argentine residents may access the FX Market for the payment of imports of goods. Different requirements apply for goods with customs entry registration and goods with pending customs entry registration. The Argentine importer may access the FX Market to pay imports of goods with customs entry registration registered in the import payment tracking system (“SEPAIMPO”, after its Spanish acronym), provided that certain requirements are met, including, among others, the payment is not made before the scheduled maturity date. Payments must be made to the foreign supplier. Goods with pending customs entry registration are subject to a special follow-up regime. In addition, the prior authorization of the Argentine Central Bank is required for the import of luxury goods such as luxury cars and motorbikes, and pearls and diamonds, among other luxury goods. |
(vii) |
Pursuant to Communication “A” 7001, dated April 30, 2020, as amended, in order to gain access to the FX Market for making any kind of payments, and in addition to applicable requirements, the Argentine Central Bank requires an affidavit from the requestor, (i) stating that it has not sold in Argentina securities settled against foreign currency or transferred securities to custody accounts out of Argentina within the immediately preceding 90 consecutive days; and (ii) committing not to sell in Argentina securities to be settled against foreign currency or to transfer securities to custody accounts out of Argentina within the immediately following 90 consecutive days. |
(viii) |
Communication “A” 7030 of the Argentine Central Bank, dated May 28, 2020, requires that, for purposes of accessing the FX Market for making payments of, among others things, imports of goods, services rendered by non-Argentine residents, interests in connection with the import of goods and services, dividends and other earnings distributions, principal and interest on financial debt, payment of debt securities with public registry in Argentina, or for making international portfolio investments or transactions with derivatives by legal entities, other purchases of foreign currency for specific allocation and premium, guarantees and payments on interest hedging transactions, the party will be required to file an affidavit (i) stating, that as of such date, all of such party’s holdings of foreign currency in Argentina are deposited with Argentine financial institutions and that it does not have foreign liquid disposable assets (including, among others, foreign currency, gold and savings and checking deposits in non-Argentine financial institutions) for an equivalent of more than USD$100,000; and (ii) committing to transfer into Argentina and settle for Pesos any foreign currency payments received outside of Argentina from the collection of loans granted to third parties after May 28, 2020, time deposits made after May 28, 2020, or the sale of any asset when the asset was acquired. |
(ix) |
On September 15, 2020, the Argentine Central Bank restricted the access to FX Market for the payment of principal under foreign financial debt with third parties (other than with international or multilateral credit organizations) in excess of US$2,000,000 per month in the aggregate with maturities between October 15, 2020 and June 30, 2022 to an amount equal to up to 40% of the amount originally due; and provided that the remaining unpaid principal balance is refinanced through a new foreign financial debt with an average life of at least two years, with certain limited exceptions. The Argentine Central Bank authorized the prepayment of principal and interest under foreign financial indebtedness in connection with the refinancing described in this paragraph for up to 45 consecutive days from the original stated maturity, subject to compliance with certain additional requirements. The Argentine Central Bank also allowed the precancellation of interests on foreign financial indebtedness when such precancellation is implemented in connection with the exchange of debt securities and certain additional requirements are met. In addition, pursuant to Communication “A” 7218, dated February 4, 2021, the Argentine Central Bank allowed Argentine residents to access the FX Market for the payment of principal and interest under debt securities registered outside Argentina and issued since February 5, 2021, and that are partially subscribed for in foreign currency in Argentina, subject to certain requirements. |
(x) |
Pursuant to Communication “A” 7030, the Argentine Central Bank provides that, until June 30, 2022, with certain limited exceptions, access to the FX Market for the payment of importing certain goods or the payment of principal under imports accounts payable will be subject to the prior approval of the Argentine Central Bank, except where, among other things, the party files an affidavit stating that the aggregate amount of payments of imports made by such party since January 1, 2020 (including the payment requested) does not exceed $250,000,000. Such amount is calculated as the aggregate amount of imports nationalized by the party between January 1, 2020 and the date immediately prior to the date of access to the FX Market, plus payments made for other imports not included in the forgoing calculation, less the amount of payments pending for imports with nationalization made between September 1, 2019 and December 31, 2019. |
(xi) |
The access to the FX Market for the purchase of foreign currency for any of the payments described above is subject to compliance with the foreign indebtedness information regime before the Argentine Central Bank. |
E. |
Taxation |
• |
at least 75% of its gross income is “passive income;” or |
• |
at least 50% of the average gross fair market value of its assets is attributable to assets that produce “passive income” or are held for the production of “passive income”. |
F. |
Dividends and Paying Agents |
G. |
Statement by Experts |
H. |
Documents on Display |
I. |
Subsidiary Information |
ITEM 11. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 12. |
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES |
A. |
Debt Securities |
B. |
Warrants and Rights |
C. |
Other Securities |
D. |
American Depositary Shares |
Service |
Rate | |
Issuance of ADSs ( i.e. ADS(s)-to-share(s) |
Up to US$0.05 per ADS issued | |
Cancellation of ADSs ( i.e. ADS(s)-to-share(s) |
Up to US$0.05 per ADS cancelled | |
Distribution of cash dividends or other cash distributions ( i.e. |
Up to US$0.05 per ADS held | |
Distribution of ADSs pursuant to share dividends, free share distributions or exercise of rights |
Up to US$0.05 per ADS held | |
Distribution of securities other than ADSs or rights to purchase additional ADSs ( i.e. spin-off) |
Up to US$0.05 per ADS held | |
Depositary Services |
Up to US$0.05 per ADS held |
• |
Fees for the transfer and registration of shares charged by the registrar and transfer agent for the shares in Argentina ( i.e. |
• |
Expenses incurred for converting foreign currency into U.S. dollars. |
• |
Expenses for cable, telex and fax, transmissions and for delivery of securities. |
• |
Fees and expenses incurred by the depositary bank in connection with compliance with exchange control regulations and other regulatory requirements applicable to ordinary shares, ADSs and ADRs. |
• |
Taxes and duties upon the transfer of securities ( i.e. |
• |
Fees and expenses incurred in connection with the delivery or servicing of shares on deposit. |
• |
Any applicable fees and penalties thereon. |
ITEM 13. |
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES |
ITEM 14. |
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS |
A. |
Material Modifications to the Rights of Security Holders |
B. |
Material Modifications to the Rights of any Class of Registered Securities |
C. |
Withdrawal or Substitution of a Material Amount of the Assets Securing any Class of Registered Securities |
D. |
Changes in the Trustee or Paying Agents for any Registered Securities |
E. |
Use of Proceeds |
ITEM 15. |
CONTROLS AND PROCEDURES |
ITEM 16. |
[RESERVED] |
ITEM 16A. |
AUDIT COMMITTEE FINANCIAL EXPERT |
ITEM 16B. |
CODE OF ETHICS |
ITEM 16C. |
PRINCIPAL ACCOUNTANT FEES AND SERVICES |
2021 |
2020 |
|||||||
(in thousands of Ps.) |
||||||||
Audit fees (1) (4) |
119,333.8 |
83,683.3 |
||||||
Audit related fees (2) (4) |
2,310.0 |
2,855.0 |
||||||
Tax fees (3) (4) |
950.5 |
644.9 |
||||||
Total (4) |
122,594.3 |
87,183.2 |
||||||
|
|
|
|
(1) |
Includes fees for professional services rendered by the principal accountant, in each fiscal year, for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements. It includes the audit of annual consolidated financial statements and the reviews of quarterly consolidated financial statements. |
(2) |
Includes fees for assurance and related services that are reasonably related to the performance of the audit or review of consolidated financial statements and not reported under previous category. These services include attestation services that are not required by regulation. |
(3) |
Includes fees for professional services rendered by our independent registered public accounting firm, in each fiscal year, for tax compliance, mainly related to expatriate services. |
(4) |
Nominal values not adjusted per inflation. |
ITEM 16D. |
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES |
ITEM 16E. |
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS |
Period |
(a) Total Number of Shares (or Units) Purchased |
(b) Average Price per Share (or Units) |
(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs |
(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans of Programs |
||||||||||||
2021 |
Common Shares |
ADR |
Common Shares |
ADR |
Common Shares (*) |
|||||||||||
February (from 2-18 to 2-26) |
300,900 |
— |
174.16 |
— |
300,900 |
for up to Ps.750 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
(i |
) | ||||||||
March (from 3-1 to 3-31) |
1,146,708 |
— |
175.13 |
— |
1,146,708 |
for up to Ps.750 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
(i |
) | ||||||||
April (from 4-5 to 4- 30) |
913,200 |
— |
186.03 |
— |
913,200 |
for up to Ps.750 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
(i |
) | ||||||||
May (from 5-3 to 5- 31) |
840,700 |
— |
200.72 |
— |
840,700 |
for up to Ps.750 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
(i |
) | ||||||||
June (from 6-1 to 6-18) |
672,372 |
— |
235.19 |
— |
672,372 |
for up to Ps.750 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
(i |
) | ||||||||
July (from 7-6 to 7-30) |
835,964 |
— |
266.08 |
— |
835,964 |
for up to Ps.975 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
(ii |
) | ||||||||
August (from 8-2 to 8-31) |
1,068,600 |
— |
278.67 |
— |
1,068,600 |
for up to Ps.975 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
(ii |
) | ||||||||
September (from 9-1 to 9-3) |
157,800 |
— |
276.43 |
— |
157,800 |
for up to Ps.975 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
(ii |
) | ||||||||
September (from 9-28 to 9-30) |
162,750 |
— |
275.02 |
— |
162,750 |
for up to Ps.700 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
(iii |
) | ||||||||
October (from 10-1 to 10-29) |
1,040,400 |
— |
275.92 |
— |
1,040,400 |
for up to Ps.700 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
(iii |
) | ||||||||
November (until 11-26) |
1,129,800 |
— |
291.57 |
— |
1,129,800 |
for up to Ps.900 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
(iv |
) | ||||||||
December (from 12-23 to 12-30) |
327,000 |
— |
267.99 |
— |
327,000 |
for up to Ps.900 million, or any lower amount resulting in such acquisition reaching 10% of our capital stock. |
(iv |
) |
(*) | Each ADR represents 5 common shares. |
(i) | On February 12, 2021, in accordance with Section 11 of Chapter I, Title II and Section 2, Chapter I, Title XII of the CNV Regulations (2013 revised version) our board of directors approved and we announced a share repurchase, in accordance with Section 64 of the LMC and the CNV Regulations. The plan’s purpose was to efficiently apply a portion of our company´s cash position which may result in a greater return of value for its shareholders considering the current attractive value of the share, with the additional possibility of allocating part of the acquired shares to implement specific compensation programs or plans. The share repurchase has the following terms and conditions: (a) the maximum amount to invest is up to Ps.750,000,000; (b) repurchased shares in treasury shall never surpass the limit of 10% of the capital stock in accordance with Section 64 of the LMC, and all of the shares issued by our company are fully paid; (c) the price per share is up to Ps.245 per share in ByMA and up to US$ 8.0 per ADR in the NYSE; and (d) the period in which the acquisitions will be performed is a 90-day period which will be counted after one Argentine business day has elapsed following the date of disclosure of the relevant event informing the repurchase plan to the market and subject to any period renewal or extension approved by the board of directors, which will be duly informed. On May 18, 2021, our board resolved to extend the program for 45 additional days and keep the rest of the terms and conditions originally approved by the Board. This program expired on June 18, 2021. |
(ii) | On July 2, 2021, in accordance with Section 11 of Chapter I, Title II and Section 2, Chapter I, Title XII of the CNV Regulations (2013 revised version) our board of directors approved and we announced a share repurchase, in accordance with Section 64 of the LMC and the CNV Regulations. The plan’s purpose was to efficiently apply a portion of our 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 share repurchase has the following terms and conditions: (a) the maximum amount to invest is up to Ps.975,000,000; (b) repurchased shares in treasury shall never surpass the limit of 10% of the capital stock in accordance with Section 64 of the LMC, and all of the shares issued by our company are fully paid; (c) the price per share is up to Ps.310 per share in ByMA and up to US$ 9.0 per ADR in the NYSE; and (d) the period in which the acquisitions will be performed is a 60-day period which will be counted after one Argentine business day has elapsed following the date of disclosure of the relevant event informing the repurchase plan to the market and subject to any period renewal or extension approved by the board of directors, which will be duly informed. This program expired on September 3, 2021. |
(iii) | On September 24, 2021, in accordance with Section 11 of Chapter I, Title II and Section 2, Chapter I, Title XII of the CNV Regulations (2013 revised version) our board of directors approved and we announced a share repurchase, in accordance with Section 64 of the LMC and the CNV Regulations. The plan’s purpose was to efficiently apply a portion of our cash position which may result in a greater return of value for its shareholders considering the current attractive value of the share. The share repurchase has the following terms and conditions: (a) the maximum amount to invest is up to Ps.700,000,000; (b) repurchased shares in treasury shall never surpass the limit of 10% of the capital stock in accordance with Section 64 of the LMC, and all of the shares issued by the our company are fully paid; (c) the price per share is up to Ps.340 per share in ByMA and up to US$ 9.5 per ADR in the NYSE; and (d) the period in which the acquisitions will be performed is a 60-day period which will be counted after one Argentine business day has elapsed following the date of disclosure of the relevant event informing the repurchase plan to the market and subject to any period renewal or extension approved by the board of directors, which will be duly informed. This program has expired on November 29, 2021. |
(iv) | On December 21, 2021, in accordance with Section 11 of Chapter I, Title II and Section 2, Chapter I, Title XII of the CNV Regulations (2013 revised version) our board of directors approved and announced a share repurchase, in accordance with Section 64 of the LMC and the CNV Regulations. The plan’s purpose was to efficiently apply a portion of the our cash position which may result in a greater return of value for its shareholders considering the current attractive value of the share, with the additional possibility of allocating part of the acquired shares to implement specific compensation programs or plans. The share repurchase has the following terms and conditions: (a) the maximum amount to invest is up to Ps.900,000,000; (b) repurchased shares in treasury shall never surpass the limit of 10% of the capital stock in accordance with Section 64 of the LMC, and all of the shares issued by the our company are fully paid; (c) the price per share is up to Ps.310 per share in ByMA and up to US$ 7.5 per ADR in the NYSE; and (d) the period in which the acquisitions will be performed is a 60-day period which will be counted after one Argentine business day has elapsed following the date of disclosure of the relevant event informing the repurchase plan to the market and subject to any period renewal or extension approved by the board of directors, which will be duly informed. Under this program, we additionally bought 2,029,326 common shares and 10,069 ADRs. This program has expired on February 20, 2021. |
ITEM 16F. |
CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT |
ITEM 16G. |
CORPORATE GOVERNANCE |
• | Director Independence |
• | Executive Sessions non-management directors of domestic listed companies to meet at regularly scheduled executive sessions without management being present. There is no similar requirement under Argentine law, however the recently enacted new Code of Corporate Governance of the CNV includes as a good practice the holding of board of directors meetings where only non-executive directors (including independent Directors) participate regularly. Loma Negra has adopted such practice. Under Argentine law there is a requirement that the board of directors meets at least once every three (3) months. |
• | Audit Committee 10A-3 and have at least one member with requisite accounting or related financial management expertise and each member of the audit committee must satisfy the independence and financial literacy set forth in the NYSE rules. As a foreign private issuer, we are only required to comply with Rule 10A-3. Pursuant to the LMC, and its corresponding regulations, listed companies in Argentina are required to have an audit committee consisting of at least three members of our board of directors, the majority of which must be independent directors. We have elected to voluntarily comply with all financial management expertise, independence and financial literacy requirements of the NYSE. The Audit Committee has a written charter describing its duties and responsibilities. |
• | Compensation and Nominating/Corporate Governance Committees non-independent directors. On May 9, 2019 the board of directors decided to create the following Committees: (i) Results, Finance and Strategy Committee; (ii) People and Governance Committee; and (iii) Risk and Reputation Committee. For more information, see “Item 6 C. Committees of the Board of Directors |
• | Shareholder Approval of Equity Compensation Plans. |
• | Corporate Governance Guidelines |
• | Code of Business Conduct and Ethics http://www.lomanegra.com . |
ITEM 16H. |
MINE SAFETY DISCLOSURE |
ITEM 16I. |
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS |
ITEM 17. |
FINANCIAL STATEMENTS |
ITEM 18. |
FINANCIAL STATEMENTS |
ITEM 19. |
EXHIBITS |
* | Filed herewith. |
** | Furnished herewith. |
+ | Management contract or compensatory plan, contract or arrangement. |
Date: April 29, 2022 | Loma Negra C.I.A.S.A. | |||||
[/s/ Sergio D. Faifman] | ||||||
Name: Sergio D. Faifman | ||||||
Title: Chief Executive Officer | ||||||
[/s/ Marcos I. Gradin] | ||||||
Name: Marcos I. Gradin | ||||||
Title: Chief Financial Officer |
Loma Negra Compañía Industrial Argentina Sociedad Anónima Consolidated financial statements as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019 |
F-1 |
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F-2 |
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F-3 |
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F-5 |
||||
F-8 |
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F-9 |
Continuing operations |
For the year ended December 31, |
|||||||||||||
Notes |
2021 |
2020 |
2019 |
|||||||||||
Revenues |
5 |
|||||||||||||
Cost of sales |
6 |
( |
) |
( |
) |
( |
) | |||||||
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|
|||||||||
Gross profit |
||||||||||||||
Losses from interest in companies |
19 |
— |
( |
) |
— |
|||||||||
Selling and administrative expenses |
7 |
( |
) |
( |
) |
( |
) | |||||||
Impairment of property, plant and equipment |
13 |
( |
) |
( |
) |
|||||||||
Other gains and losses |
8 |
|||||||||||||
Tax on debits and credits to bank accounts |
9 |
( |
) |
( |
) |
( |
) | |||||||
FINANCIAL RESULTS, NET |
||||||||||||||
Exchange rate differences |
10 |
( |
) | |||||||||||
Gain on net monetary position |
||||||||||||||
Financial income |
10 |
|||||||||||||
Financial expenses |
10 |
( |
) |
( |
) |
( |
) | |||||||
|
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|
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Profit before tax |
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INCOME TAX EXPENSE |
||||||||||||||
Current |
11 |
( |
) |
( |
) |
( |
) | |||||||
Deferred |
11 |
( |
) |
( |
) | |||||||||
|
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NET PROFIT FOR THE YEAR FROM CONTINUED OPERATIONS |
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DISCONTINUING OPERATIONS |
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Net profit for the year from discontinued operations |
41 |
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NET PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME |
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Items to be reclassified through profit and loss: |
||||||||||||||
Exchange differences on translating foreign operations |
( |
) |
( |
) | ||||||||||
|
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|
|||||||||
Total other comprehensive income |
( |
) |
( |
) | ||||||||||
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Total comprehensive income |
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Net income attributable to: |
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Owners of the parent company |
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Non-controlling interest |
( |
) |
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NET PROFIT |
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Total comprehensive income attributable to: |
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Owners of the parent company |
||||||||||||||
Non-controlling interest |
( |
) |
( |
) |
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Total comprehensive income |
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|
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|
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Earnings per share (basic and diluted): |
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From continued operations (in pesos) |
12 |
|||||||||||||
From continued and discontinued operations (in pesos) |
12 |
As of December 31, |
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Notes |
2021 |
2020 |
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ASSETS |
||||||||||||
Non-current assets |
||||||||||||
Property, plant and equipment |
13 |
|||||||||||
Right of use assets |
14 |
|||||||||||
Intangible assets |
15 |
|||||||||||
Investments |
16 |
|||||||||||
Goodwill |
17 |
|||||||||||
Inventories |
18 |
|||||||||||
Other receivables |
20 |
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|
|
|
|
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Total non-current assets |
||||||||||||
|
|
|
|
|||||||||
Current assets |
||||||||||||
Inventories |
18 |
|||||||||||
Other receivables |
20 |
|||||||||||
Trade accounts receivable |
21 |
|||||||||||
Investments |
16 |
|||||||||||
Cash and banks |
22 |
|||||||||||
|
|
|
|
|||||||||
Total current assets |
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|
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Total assets |
||||||||||||
|
|
|
|
As of December 31, |
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Notes |
2021 |
2020 |
||||||||||
SHAREHOLDERS’ EQUITY AND LIABILITIES |
||||||||||||
Capital stock and other capital related accounts |
23 |
|||||||||||
Reserves |
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Retained earnings |
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|
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|
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Equity attributable to owners of the parent company |
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|
|
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|
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Non-controlling interest |
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|
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|
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Total shareholders’ equity |
||||||||||||
|
|
|
|
|||||||||
LIABILITIES |
||||||||||||
Non-current liabilities |
||||||||||||
Borrowings |
25 |
|||||||||||
Lease liabilities |
14 |
|||||||||||
Accounts payable |
26 |
|||||||||||
Provisions |
27 |
|||||||||||
Salaries and social security contributions |
||||||||||||
Other liabilities |
29 |
|||||||||||
Deferred tax liabilities |
11 |
|||||||||||
|
|
|
|
|||||||||
Total non-current liabilities |
||||||||||||
|
|
|
|
|||||||||
Current liabilities |
||||||||||||
Borrowings |
25 |
|||||||||||
Lease liabilities |
14 |
|||||||||||
Accounts payable |
26 |
|||||||||||
Advances from customers |
||||||||||||
Salaries and social security contributions |
||||||||||||
Tax liabilities |
28 |
|||||||||||
Other liabilities |
29 |
|||||||||||
|
|
|
|
|||||||||
Total current liabilities |
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|
|
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|
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Total liabilities |
||||||||||||
|
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Total shareholders’ equity and liabilities |
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|
|
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|
Owners’ contributions |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital stock |
Treasury shares |
Capital adjustments |
Treasury shares adjustments |
Share premium |
Treasury stock shares premium |
Merger premium |
Cost of treasury stock |
Share-based payment plans (Note 23) |
Legal reserve |
Environmental reserve |
Optional Reserve for Future Dividends |
Retained earnings |
Shareholders’ equity attributable to owners of the parent company |
Non-controlling interest |
Total |
|||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of January 1, 2021 |
— |
— |
— |
— |
— |
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Appropriation as per Annual Shareholders’ Meeting held April 2 0 , 2021: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optional reserve |
( |
) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock (Note 19) |
( |
) |
( |
) |
( |
) |
— |
( |
) |
( |
) |
( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payment plans (Note 23) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income for the year |
( |
) |
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|||||||||||||||||||||||||||||||||
Balances as of December 31, 2021 |
( |
) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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(1) |
The reserve purpose was changed from “Optional reserve” to “Optional reserve for future dividends” by the Shareholders’ meeting held on April 20, 2021. |
Owners’ contributions |
Other comprehensive income |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock |
Capital adjustments |
Share premium |
Merger premium |
Legal reserve |
Environmental reserve |
Optional reserve |
Future dividends reserve |
Exchange differences on translation of foreign operations gain/ (losses) |
Retained earnings |
Shareholders’ equity attributable to owners of parent company |
Non-controlling interest |
Total |
||||||||||||||||||||||||||||||||||||||||
Balances as of January 1, 2020 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Appropriation as per Annual Shareholders’ Meeting held on April 16, 2020: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal reserve |
( |
) |
||||||||||||||||||||||||||||||||||||||||||||||||||
Optional reserve |
( |
) |
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Appropriation as per Annual Shareholders’ Meeting held on September 30, 2020: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of dividends |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||
Reclassification of exchange differences on translation of foreign operations (Note 41) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||
Derecognition of non-controlling interest due to sale of subsidiary (Note 41) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital contribution to Ferrosur Roca S.A.—Minority shareholders |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income for the year |
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Balances as of December 31, 2020 |
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Owners contributions |
Accumulated other comprehensive income |
|||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock |
Capital adjustments |
Share premium |
Merger premium |
Legal reserve |
Environmental reserve |
Optional reserve |
Future dividends reserve |
Exchange differences on translation of foreign operations gain/ (losses) |
Retained earnings |
Shareholders’ equity attributable to owners of the parent company |
Non-controlling interest |
Total |
||||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2019 |
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|||||||||||||||||||||||||||
Appropriation as per Annual Shareholders’ Meeting held on April 25, 2019: |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal reserve |
( |
) |
||||||||||||||||||||||||||||||||||||||||||||||||||
Optional reserve |
( |
) |
||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||
Net income for the year |
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Balance as of December 31, 2019 |
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2021 |
2020 |
2020 |
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||||||
Net profit for the year from continuing operations |
||||||||||||
Net profit for the year from discontinued operations |
||||||||||||
Net profit for the year |
||||||||||||
Adjustments to reconcile net profit to net cash generated by operating activities |
||||||||||||
Income tax expense |
||||||||||||
Depreciation and amortization |
||||||||||||
Provisions |
( |
) |
||||||||||
Exchange rate differences |
( |
) |
( |
) |
( |
) | ||||||
Interest expense |
||||||||||||
Investment losses recognized |
||||||||||||
Gain (loss) on disposal of property, plant and equipment |
( |
) |
( |
) | ||||||||
Income from the operation of Yguazú Cementos S.A. (Note 41) |
( |
) |
( |
) | ||||||||
Impairment of property, plant and equipment |
||||||||||||
Recognition of allowance for other doubtful receivables |
||||||||||||
Share-based payments |
||||||||||||
Changes in operating assets and liabilities |
||||||||||||
Inventories |
||||||||||||
Other receivables |
( |
) |
||||||||||
Trade accounts receivable |
( |
) |
( |
) |
( |
) | ||||||
Advances from customers |
( |
) | ||||||||||
Accounts payable |
( |
) |
||||||||||
Salaries and social security contributions |
||||||||||||
Provisions |
( |
) |
( |
) |
( |
) | ||||||
Tax liabilities |
( |
) |
||||||||||
Other liabilities |
( |
) |
||||||||||
Gain on net monetary position |
( |
) |
( |
) |
( |
) | ||||||
Income tax paid |
( |
) |
( |
) |
( |
) | ||||||
Net cash generated by continuing operating activities |
||||||||||||
Net cash generated by discontinued operating activities |
— |
|||||||||||
Net cash generated by operating activities |
||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||||||
Proceeds from sale of interest in Yguazú Cementos S.A. (Note 41) |
||||||||||||
Proceeds from disposal of property, plant and equipment |
||||||||||||
Payments to acquire property, plant and equipment |
( |
) |
( |
) |
( |
) | ||||||
Payments to acquire intangibles assets |
( |
) |
( |
) |
( |
) | ||||||
Payments to acquire investments |
( |
) |
||||||||||
Proceeds from maturity of investments |
||||||||||||
Contributions to FFFSFI |
( |
) |
( |
) |
( |
) | ||||||
Net cash used in continuing investing activities |
( |
) |
( |
) |
( |
) | ||||||
Net cash used in discontinued investing activities |
— |
( |
) |
( |
) | |||||||
Net cash used in investing activities |
( |
) |
( |
) |
( |
) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||||||
Proceeds from borrowings |
||||||||||||
Interest paid |
( |
) |
( |
) |
( |
) | ||||||
Dividends paid |
( |
) |
||||||||||
Lease payments |
( |
) |
( |
) |
( |
) | ||||||
Repayment of borrowings |
( |
) |
( |
) |
( |
) | ||||||
Repurchase of common stock |
( |
) |
||||||||||
Net cash (used in) generated by continuing financing activities |
( |
) |
( |
) |
||||||||
Net cash used in discontinued financing activities |
— |
( |
) |
( |
) | |||||||
Net cash (used in) generated by financing activities |
( |
) |
( |
) |
||||||||
Netdecrease in cash and cash equivalents |
( |
) |
( |
) |
( |
) | ||||||
Less: Net effect of discontinued operation |
— |
|||||||||||
Cash and cash equivalents at the beginning of the year |
||||||||||||
Effect of restating in constant currency of cash and cash equivalents |
( |
) |
( |
) |
( |
) | ||||||
Effects of exchange rate differences on cash and cash equivalents in foreign currency |
( |
) |
||||||||||
Cash and cash equivalents at the end of the year |
||||||||||||
• | Registration of the bylaws: August 5, 1926, under No 38, Book 46. |
• | Last amendment registered to the bylaws: July 13, 2021, under No 10,675, book 103, Corporations Volume. |
• | Correlative Number of Registration with the Inspección General de Justicia (local regulatory agency): 1,914,357. |
• | Tax identification number (CUIT): 30-50053085-1. |
• | Date of expiration: July 3, 2116. |
• | Level 1 quoted (unadjusted) prices in active markets for identical assets and liabilities to which the entity has access as at the measurement date; |
• | Level 2 valuation techniques for which the lowest level input that is significant to their value measurement is directly or indirectly observable; and |
• | Level 3 valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. |
a) | expects to realize the asset or intends to sell or consume it during its normal operating cycle; |
b) | holds the asset primarily for the purpose of trading; |
c) | expects to realize the asset within twelve months after the end of the reporting period; or |
d) | the asset is cash or cash equivalent unless it is restricted and cannot be exchanged or used to settle a liability for at least twelve months after the end of the reporting period. |
a) | expects to settle the liability during its normal operating cycle; |
b) | holds the liability primarily for the purpose of trading; |
c) | the liability is due to be settled within twelve months after the end of the reporting period; or |
d) | fails to have an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period. |
• | IFRS 3 - Reference to the Conceptual Framework |
• | IAS 16 Proceeds before intended use of Property, plant and equipment |
• | IAS 37 Cost of Fulfilling an Onerous Contract |
• | IFRS 1 First-time Adoption of IFRS by a subsidiary |
• | IFRS 9 Fees in the ‘10 per cent’ test for derecognition of financial liabilities |
• | IFRS 16 Lease Incentives |
• | IAS 41 Taxation in Fair Value Measurements |
• | IAS 1 Classification of Liabilities as Current or Non-Current |
• | IFRS 17 Insurance Contracts |
• | IAS 1 and IFRS 2 Practice Statement - Disclosure of Accounting Policies |
• | IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors |
• | IAS 12 Income Tax |
• | IFRS 9, IFRS 7, IFRS 4, IFRS 16, and IAS 39 Interest Rate Benchmark Reform |
• | The Group’s voting right ownership percentage vis-à-vis |
• | Potential voting rights held by the Group, other shareholders or other parties; |
• | Rights arising from contractual arrangements; and |
• | Any and all additional events or circumstances that indicate that the Group has, or fails to have, the current ability to direct the relevant activities of the investee when decisions need to be made, including voting patterns at previous shareholders’ meetings. |
Subsidiary |
Main business |
Country |
% of direct and indirect interest as of |
|||||||||||||||
December 31, 2021 |
December 31, 2020 |
December 31, 2019 |
||||||||||||||||
Cofesur S.A.U. |
||||||||||||||||||
Ferrosur Roca S.A. (1) |
||||||||||||||||||
Recycomb S.A.U. |
(1) | Directly controlled by Cofesur S.A.U. |
2021 |
2020 |
|||||||
Current assets |
||||||||
Non-current assets |
||||||||
Current liabilities |
||||||||
Non-current liabilities |
||||||||
Shareholders’ equity attributable to owners of the parent company |
||||||||
Non-controlling interest |
2021 |
2020 |
2019 |
||||||||||
Revenues |
||||||||||||
Financial results, net |
( |
) |
( |
) | ||||||||
Depreciation |
( |
) |
( |
) |
( |
) | ||||||
Income tax |
( |
) |
||||||||||
Net losses for the year (*) |
( |
) |
( |
) |
( |
) |
(*) | As of December 31, 2021, 2020, and 2019 net losses include an income for elimination of intragroup transactions of |
2021 |
2020 |
2019 |
||||||||||
Net cash generated by operating activities |
||||||||||||
Net cash generated by (used in) investing activities |
( |
) |
( |
) |
||||||||
Net cash generated by/(used in) financing activities |
( |
) |
( |
) | ||||||||
Effects of the exchange rate differences on cash and cash equivalents in foreign currency |
( |
) |
( |
) |
• | Raw materials and spare parts: at the acquisition cost according to the Weighted Average Price method. Cost is calculated for each of the plants owned by the Group. |
• | Finished goods and work in progress: at the acquisition cost of direct materials and labor plus a proportion omanufacturing overheads based on normal operating capacity, but excluding borrowing costs. Cost is calculated for each of the plants owned by the Group. |
• | Financial Assets at amortized cost |
• | Financial assets at fair value through profit or loss |
i) | Classification as debt or equity: |
ii) | Equity instruments: |
iii) | Financial liabilities: |
a) | It is acquired or incurred principally for the purpose of selling or repurchasing it in the near term; or |
b) | It is part of a portfolio of identified financial instruments that are managed together and, at a later date, there arises evidence for the first time of a recent actual pattern of short-term profit taking; or |
c) | It is a derivative that has not been designated and is not effective as a hedging instrument or financial guarantee. |
• | Such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or |
• | Financial liabilities are part of a group of financial assets or liabilities or both, which is managed and whose performance is assessed on the basis of fair value, in accordance with the Group’s documented risk management or investment strategy, and information about the Group is provided internally on that basis; or |
• | They are part of a contract containing one or more embedded derivatives, and IFRS 9 allows the entire combined contract to be carried at fair value through profit and loss. |
Useful life | ||
Fields | ||
Quarries - Stripping cost | ||
Buildings | ||
Machinery | ||
Furniture and fixtures | ||
Tools | ||
Software | ||
Transportation and load vehicles |
2021 |
2020 |
2019 |
||||||||||
Sale of products |
||||||||||||
- Domestic market |
||||||||||||
- External customers |
||||||||||||
Services rendered |
||||||||||||
(-) Bonuses / Discounts |
( |
) |
( |
) |
( |
) | ||||||
Total |
||||||||||||
2021 |
2020 |
2019 |
||||||||||||||||||||||
Inventories at the beginning of the year |
||||||||||||||||||||||||
Finished products |
||||||||||||||||||||||||
Products in progress |
||||||||||||||||||||||||
Raw materials, materials, fuel, and spare parts |
||||||||||||||||||||||||
Purchases and production expenses for the year |
||||||||||||||||||||||||
Inventories at the end of the year |
( |
) |
( |
) |
( |
) | ||||||||||||||||||
Finished products |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Products in progress |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Raw materials, materials, fuel, and spare parts |
( |
( |
) |
( |
) |
|||||||||||||||||||
Cost of sales |
||||||||||||||||||||||||
2021 |
2020 |
2019 |
||||||||||
Fees and compensation for services |
||||||||||||
Salaries, wages, and social security contributions |
||||||||||||
Transport and traveling expenses |
||||||||||||
Data processing |
||||||||||||
Taxes, duties, contributions, and commissions |
||||||||||||
Depreciation and amortization |
||||||||||||
Preservation and maintenance costs |
||||||||||||
Communications |
||||||||||||
Leases |
||||||||||||
Employee benefits |
||||||||||||
Water, natural gas, and energy services |
||||||||||||
Freight |
||||||||||||
Fuels |
||||||||||||
Insurance |
||||||||||||
Packaging |
||||||||||||
Electric power |
||||||||||||
Contractors |
||||||||||||
Tolls |
||||||||||||
Canon (concession fee) |
||||||||||||
Security |
||||||||||||
Others |
||||||||||||
Total |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Managers and directors’ compensation fees |
||||||||||||
Fees and compensation for services |
||||||||||||
Salaries, wages, and social security contributions |
||||||||||||
Transport and traveling expenses |
||||||||||||
Data processing |
||||||||||||
Advertising expenses |
||||||||||||
Taxes, duties, contributions, and commissions |
||||||||||||
Depreciation and amortization |
||||||||||||
Preservation and maintenance |
||||||||||||
Communications |
||||||||||||
Leases |
||||||||||||
Employee benefits |
||||||||||||
Water, natural gas, and energy services |
||||||||||||
Freight |
||||||||||||
Insurance |
||||||||||||
Allowance for doubtful accounts |
||||||||||||
Security |
||||||||||||
Others |
||||||||||||
Total |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Gain (loss) on disposal of property, plant and equipment |
( |
) |
||||||||||
Donations |
( |
) |
( |
) |
( |
) | ||||||
Technical services and assistance |
||||||||||||
Personal asset tax – Substitute taxpayer |
( |
) |
( |
) | ||||||||
Gain over tax credit assignment |
||||||||||||
Contingencies |
( |
) |
( |
) |
( |
) | ||||||
Leases |
||||||||||||
Service fee from ADS Depositary bank |
— |
|||||||||||
Collection of loss |
— |
|||||||||||
Miscellaneous |
( |
) |
||||||||||
Total |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Exchange rate differences: |
||||||||||||
Profit from operations with securities (Note 41) |
— |
|||||||||||
Foreign exchange gains |
||||||||||||
Foreign exchange losses |
( |
) |
( |
) |
( |
) | ||||||
Total |
( |
) | ||||||||||
Financial income |
||||||||||||
Unwinding of discounts on provisions and liabilities |
||||||||||||
Total |
||||||||||||
Financial expenses |
||||||||||||
Interest on borrowings |
( |
) |
( |
) |
( |
) | ||||||
Interest from short-term investments |
( |
) |
( |
) |
( |
) | ||||||
Tax interest |
( |
) |
( |
) |
( |
) | ||||||
Interest on leases |
( |
) |
( |
) |
( |
) | ||||||
Unwinding of discounts on receivables |
— |
( |
) |
( |
) | |||||||
Others |
( |
) |
( |
) |
( |
) | ||||||
Total |
( |
) |
( |
) |
( |
) | ||||||
2021 |
2020 |
2019 |
||||||||||
Profit before income tax expenses |
||||||||||||
Profit before income tax from discontinued operations |
||||||||||||
Accounting income before income tax |
||||||||||||
Income tax rate |
% |
% |
% | |||||||||
Income tax a statutory tax ratet the |
( |
) |
( |
) |
( |
) | ||||||
Adjustments for calculation of the effective income tax: |
||||||||||||
Effect of derecognition of Yguazú Cementos S.A. |
||||||||||||
Impairment of tax losses recognized in Ferrosur Roca S.A. |
( |
) |
( |
) |
— |
|||||||
Effects of the fiscal revaluation and inflation adjustments for accounting and tax purposes |
( |
) |
||||||||||
Effect of change in tax rate |
( |
) |
( |
) | ||||||||
Other non-taxable income or non-deductible expense, net |
( |
) |
( |
) | ||||||||
Total income tax |
( |
) |
( |
) |
( |
) | ||||||
Income tax |
||||||||||||
Current |
( |
) |
( |
) |
( |
) | ||||||
Deferred |
( |
) |
( |
) | ||||||||
Total |
( |
) |
( |
) |
( |
) | ||||||
Income tax included in the statement of other comprehensive income |
( |
) |
( |
) |
( |
) | ||||||
Income tax from discontinued operations |
( |
) |
( |
) |
2021 |
2020 |
2019 |
||||||||||
Assets |
||||||||||||
Loss carryforward |
||||||||||||
Leases |
||||||||||||
Provisions |
||||||||||||
Other receivables |
— |
|||||||||||
Accounts Payable |
— |
— |
||||||||||
Salaries and social security contributions |
— |
|||||||||||
Other liabilities |
— |
|||||||||||
Trade receivables |
||||||||||||
Others |
||||||||||||
Total deferred tax assets |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Liabilities |
||||||||||||
Investments |
( |
) |
( |
) |
( |
) | ||||||
Other receivables |
— |
( |
) | |||||||||
Property, plant and equipment |
( |
) |
( |
) |
( |
) | ||||||
Borrowings |
( |
) |
( |
) |
( |
) | ||||||
Inventories |
( |
) |
( |
) |
( |
) | ||||||
Other liabilities |
— |
( |
) | |||||||||
Taxes payable (tax inflation adjustment) |
( |
) |
( |
) |
( |
) | ||||||
Others |
( |
) |
( |
) |
( |
) | ||||||
Total deferred tax liabilities |
( |
) |
( |
) |
( |
) | ||||||
Total net deferred tax liabilities |
( |
) |
( |
) |
( |
) | ||||||
2021 |
2020 |
2019 |
||||||||||
Subsidiaries |
( |
) | ||||||||||
Others |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Total |
( |
) | ||||||||||
|
|
|
|
|
|
2021 |
2020 |
2019 |
||||||||||
Profit attributable to the owners of the parent company used in the calculation of basic and diluted earnings per share |
||||||||||||
- From continued operations |
||||||||||||
|
|
|
|
|
|
|||||||
- Net income for the year |
||||||||||||
|
|
|
|
|
|
|||||||
Weighted average number of ordinary shares for the purposes of basic and diluted earnings per share (in thousands of shares) |
||||||||||||
|
|
|
|
|
|
|||||||
Basic and diluted earnings per share |
||||||||||||
- From continued operations (in pesos) |
||||||||||||
|
|
|
|
|
|
|||||||
- From continued and discontinued operations (in pesos) |
||||||||||||
|
|
|
|
|
|
2021 |
2020 |
|||||||
Cost |
||||||||
Accumulated depreciation |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
|||||
Lands |
||||||||
Plant and buildings |
||||||||
Machinery, equipment and spare parts |
||||||||
Transportation and load vehicles |
||||||||
Furniture and fixtures |
||||||||
Quarries |
||||||||
Tools |
||||||||
Construction in process |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
Lands |
Buildings |
Machinery, equipment and spare parts |
Transportation and load vehicles |
Furniture and fixtures |
Quarries |
Tools |
Works in process |
Total |
||||||||||||||||||||||||||||
Balance as of January 1, 2020 |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Additions |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||
Disposal |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
— |
— |
( |
) | ||||||||||||||||||||||
Transfers |
( |
) |
— |
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance as of December 31, 2020 |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Additions |
— |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||||||
Disposal |
( |
) |
( |
) |
( |
) |
— |
( |
) |
— |
— |
( |
) | |||||||||||||||||||||||
Transfers |
— |
( |
) |
— |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance as of December 31, 2021 |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buildings |
Machinery, equipment and spare parts |
Transportation and load vehicles |
Furniture and fixtures |
Quarries |
Tools |
Total |
||||||||||||||||||||||
Balance as of January 1, 2020 |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Impairment |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||
Disposal |
— |
|||||||||||||||||||||||||||
Depreciation |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of December 31, 2020 |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Impairment |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||
Disposal |
— |
— |
||||||||||||||||||||||||||
Depreciation charge |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of December 31, 2021 |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
2020 |
|||||||
Lease liabilities: |
||||||||
As of the beginning of the year |
||||||||
Additions |
||||||||
Financial restatements |
||||||||
Foreign Exchange gain /(losses) |
( |
) |
||||||
Decrease |
( |
) |
||||||
Payments |
( |
) |
( |
) | ||||
|
|
|
|
|||||
As of the end of the year |
||||||||
|
|
|
|
|||||
Right of use assets: |
||||||||
As of the beginning of the year |
||||||||
Additions |
||||||||
Decrease |
( |
) |
||||||
Depreciation |
( |
) |
( |
) | ||||
|
|
|
|
|||||
As of the end of the year |
||||||||
|
|
|
|
2021 |
2020 |
|||||||
Software |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
Cost: |
Software |
|||
Balance as of January 1, 2020 |
||||
Additions |
||||
|
|
|||
Balance as of January 1, 2020 |
||||
Additions |
||||
|
|
|||
Balance as of January 1, 2021 |
||||
|
|
|||
Accumulated amortization: |
||||
Balance as of January 1, 2020 |
( |
) | ||
Amortization |
( |
) | ||
|
|
|||
Balance as of January 1, 2020 |
( |
) | ||
Amortization |
( |
) | ||
|
|
|||
Balance as of January 1, 2021 |
( |
) | ||
|
|
2021 |
2020 |
|||||||
Non-Current |
||||||||
Investments in other companies: |
||||||||
- Cementos del Plata S.A. |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
|||||
Current |
||||||||
Short-term investments: |
||||||||
- Mutual fund in pesos |
||||||||
- T i me |
||||||||
- Government securities in pesos |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
2021 |
2020 |
|||||||
Cost |
||||||||
Recycomb S.A.U. |
||||||||
Total |
||||||||
2021 |
2020 |
|||||||
Non-Current |
||||||||
Spare Parts |
||||||||
Allowance for obsolete inventories |
( |
) |
( |
) | ||||
Total |
||||||||
Current |
||||||||
Finished products |
||||||||
Production in progress |
||||||||
Raw materials, materials and spare parts |
||||||||
Fuels |
||||||||
Total |
||||||||
2021 |
2020 |
|||||||
Related parties: |
||||||||
InterCement Brasil S.A. |
||||||||
Accounts payable |
( |
) |
( |
) | ||||
InterCement Trading e Inversiones S.A. |
||||||||
Other receivables |
||||||||
Accounts payable |
( |
) |
( |
) | ||||
Intercement Participações S.A. |
||||||||
Other receivables |
||||||||
Accounts payable |
( |
) |
( |
) |
2021 |
2020 |
|||||||
Other receivables |
||||||||
Accounts payable |
( |
) |
( |
) |
2021 |
2020 |
2019 |
||||||||||
InterCement Brasil S.A. - purchases of goods and services |
( |
) |
||||||||||
InterCement Trading e Inversiones S.A. - services provided |
||||||||||||
InterCement Portugal S.A. - services received |
( |
) |
||||||||||
Intercement Participações S.A. - services received |
( |
) |
( |
) |
— |
|||||||
Intercement Participações S.A. - services provided |
— |
2021 |
2020 |
|||||||
Non-Current |
||||||||
Advances to suppliers |
||||||||
Receivable for sale of interest in Yguazú Cementos S.A. (Note 41) |
— |
|||||||
Tax credits |
||||||||
Contributions to the Trust Fund to Strengthen the Inter-urban Railroad System (F.F.F.S.F.I.) |
||||||||
Prepaid expenses |
||||||||
Guarantee deposits |
||||||||
Miscellaneous |
— |
|||||||
Subtotal |
||||||||
Allowance for other doubtful accounts |
( |
) |
( |
) | ||||
Total |
||||||||
Current |
||||||||
Turnover tax credits |
||||||||
Receivable for sale of interest in Yguazú Cementos S.A. (Note 41) |
||||||||
Related party receivables (Note 19) |
||||||||
Prepaid expenses |
||||||||
Guarantee deposits |
||||||||
Reimbursements receivable |
||||||||
Advance payments to suppliers |
||||||||
Salaries advances and loans to employees |
||||||||
Receivables from sales of property, plant and equipment |
||||||||
Miscellaneous |
||||||||
Total |
||||||||
2021 |
2020 |
|||||||
Accounts receivable |
||||||||
Accounts receivable in litigations |
||||||||
Notes receivable |
||||||||
Foreign customers |
||||||||
Subtotal |
||||||||
Allowance for doubtful accounts |
( |
) |
( |
) | ||||
Total |
||||||||
2021 |
2020 |
|||||||
To expire |
||||||||
Past due: |
||||||||
0 to 30 days |
||||||||
31 to 60 days |
||||||||
61 to 90 days |
||||||||
More than 90 days |
||||||||
Total |
||||||||
2021 |
2020 |
|||||||
Past due: |
||||||||
0 to 30 days |
||||||||
31 to 60 days |
||||||||
61 to 90 days |
||||||||
More than 90 days |
||||||||
Total |
||||||||
Average age of overdue balances (in days) |
2021 |
2020 |
|||||||
Past due: |
||||||||
More than 90 days |
||||||||
Total |
||||||||
Balance as of January 1, 2020 |
||||
Increases |
||||
Decreases (*) |
( |
) | ||
Balance as of December 31, 2020 |
||||
Increases |
||||
Decreases (*) |
( |
) | ||
Balance as of December 31, 2021 |
||||
(*) | Includes allocation of provisions for specific purposes and inflation adjustment effect. |
2021 |
2020 |
|||||||
In Pesos |
||||||||
In Dollars |
||||||||
In Reales |
— |
|||||||
In Euros |
||||||||
Total |
||||||||
2021 |
2020 |
|||||||
Capital stock |
||||||||
Capital adjustment |
||||||||
Treasury shares |
( |
) |
||||||
Share premium |
||||||||
Merger premium |
||||||||
Share-based payment plans |
||||||||
Total |
||||||||
The issued, paid-in and registered capital stock consists of: |
||||||||
Common stock with a face value of $ |
||||||||
and entitled to paid-in (in thousands) |
||||||||
• | Approved on February 12, 2021, for a period of |
• | Approved on July 2, 2021, for a period of |
• | Approved on September 24, 2021, for a period of |
• | Approved on December 21, 2021, for a period of |
2021 |
2020 |
|||||||
Accrual for translation of operations in foreign operations |
||||||||
Balance at the beginning of the year |
||||||||
Foreign exchange losses due to translation of operations in foreign currencies |
( |
) | ||||||
Reclassification to foreign exchange gains of items previously recognized in other comprehensive income |
( |
) | ||||||
|
|
|
|
|||||
Balance at the end of the year |
||||||||
|
|
|
|
2021 |
2020 |
|||||||
Borrowings |
||||||||
- In foreign currency |
||||||||
- In local currency |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
|||||
Non-current borrowings |
||||||||
Current borrowings |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
2021 |
2020 |
|||||||||||||||||||
Re. |
Company |
Rate |
Last maturity date |
Amount |
Amount |
|||||||||||||||
Borrowings in foreign currency - USD |
||||||||||||||||||||
Industrial and Commercial Bank of China |
(1 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Industrial and Commercial Bank of China |
(1 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Industrial and Commercial Bank of China |
(1 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Industrial and Commercial Bank of China |
(1 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Industrial and Commercial Bank of China |
(1 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Industrial and Commercial Bank of China |
(1 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Industrial and Commercial Bank of China |
(1 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Industrial and Commercial Bank of China |
(1 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Industrial and Commercial Bank of China |
(1 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Industrial and Commercial Bank of China |
(1 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Industrial and Commercial Bank of China |
(1 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Industrial and Commercial Bank of China |
(1 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Industrial and Commercial Bank of China |
(1 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Industrial and Commercial Bank of China |
(2 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Industrial and Commercial Bank of China |
(2 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Industrial and Commercial Bank of China (Dubai) |
(3 |
) |
Loma Negra C.I.A.S.A. |
2021 |
2020 |
|||||||||||||||||||
Re. |
Company |
Rate |
Last maturity date |
Amount |
Amount |
|||||||||||||||
Borrowings in foreign currency - EUR |
||||||||||||||||||||
Banco Itaú S.A. |
(4 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Banco Itaú S.A. |
(4 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Banco Itaú S.A. |
(4 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Banco Itaú S.A. |
(4 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Banco Itaú S.A. |
(4 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Banco Itaú S.A. |
(4 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
Banco Itaú S.A. |
(4 |
) |
Loma Negra C.I.A.S.A. |
|||||||||||||||||
|
|
|
|
|||||||||||||||||
Total borrowings in foreign currency |
||||||||||||||||||||
|
|
|
|
|||||||||||||||||
2021 |
2020 |
|||||||||||||||||||
Re. |
Company |
Rate |
Last maturity date |
Amount |
Amount |
|||||||||||||||
Borrowings in local currency |
|
|
|
|
|
|
||||||||||||||
Bank overdrafts |
Ferrosur Roca S.A. |
|||||||||||||||||||
Bank overdrafts |
Loma Negra C.I.A.S.A. |
|||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Total borrowings in local currency |
||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Total |
||||||||||||||||||||
|
|
|
|
|
|
(1) | During the fiscal year ended December 31, 2020, Loma Negra C.I.A.S.A. received two disbursements of the loan agreement with Industrial and Commercial Bank of China Argentina S.A. for USD |
(2) | During fiscal year 2020, Loma Negra C.I.A.S.A. signed a new loan agreement with Industrial and Commercial Bank of China for USD |
(3) | In June 2016, Loma Negra C.I.A.S.A. semi-annual installments with a one-year grace period as from the date of disbursement. Interest are accrued at a variable nominal interest rate on the basis of the LIBO rate to be paid on a quarterly basis. This loan requires the net debt / EBITDA ratio to be satisfied, which has always been satisfied from the execution of the loan. In May 2019, the Group extended the maturity dates of such loan. During the previous fiscal year the Company, in accordance with the lender, has amended the loan agreement and shall pay the outstanding principal in |
(4) | In March 2019, Loma Negra C.I.A.S.A. entered into a loan agreement for EUR fully repaid as of December 31, 2021. |
2021 |
2020 |
|||||||
Total of borrowings by company: |
||||||||
- Loma Negra C.I.A.S.A. |
||||||||
- Ferrosur Roca S.A. |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
Balances as of January 1, 2021 |
||||
|
|
|||
New borrowings and financing |
||||
Accrued interest |
||||
Effects of foreign exchange rate variation |
( |
) | ||
Interest payments |
( |
) | ||
Principal payments |
( |
) | ||
|
|
|||
Balances as of January 1, 202 1 |
||||
|
|
Fiscal year |
||||
2023 |
||||
|
|
|||
Total |
||||
|
|
2021 |
2020 |
|||||||
Non-current |
||||||||
Accounts payable for investments in property, plant and equipment |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
|||||
Current |
||||||||
Suppliers |
||||||||
Related parties (Note 19) |
||||||||
Accounts payable for investments in property, plant and equipment |
||||||||
Provisions for expenses |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
2021 |
2020 |
|||||||
Labor and social security |
||||||||
Environmental restoration |
||||||||
Civil and other |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
Labor and social security |
Environmental restoration |
Civil and other |
Total |
|||||||||||||
Balance as of January 1, 2020 |
||||||||||||||||
Increases (*) |
( |
) |
( |
) |
( |
) | ||||||||||
Decreases (**) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance as of December 31, 2020 |
||||||||||||||||
Increases / Recoveries (*) (***) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Decreases (**) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance as of December 31, 2021 |
||||||||||||||||
|
|
|
|
|
|
|
|
(*) | Includes the inflation adjustment effect. |
(**) | Includes uses of provisions for specific purposes. |
(***) | The recovery of the environmental provision is net of the increase resulting from changes in the measurement of liabilities arising from the estimated restoration schedule and the discount rates used as of December 31, 2021, the effect of which has adjusted the cost of the relevant assets. |
2021 |
2020 |
|||||||
Income tax |
||||||||
Value added tax |
||||||||
Turnover tax |
||||||||
Other taxes, withholdings and taxes collected at source |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
2021 |
2020 |
|||||||
Non-current |
||||||||
Benefit plans |
— |
|||||||
Termination payment plans |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
|||||
Currents |
||||||||
Termination payment plans |
||||||||
Dividends payable to minority shareholders |
||||||||
Others |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
2021 |
2020 |
2019 |
||||||||||
Cash and banks (Note 22) |
||||||||||||
Short-term investments (Note 16) |
||||||||||||
|
|
|
|
|
|
|||||||
Cash and cash equivalents |
||||||||||||
|
|
|
|
|
|
2021 |
2020 |
2019 |
||||||||||
- Acquisition of financed property, plant and equipment |
||||||||||||
- Right of use assets and lease liabilities |
||||||||||||
- Sale of interest in Yguazú Cementos S.A. |
— |
— |
i) | Cement, masonry cement and lime: this segment includes profit or loss from the cement, masonry cement and lime business in Argentina, from procurement of raw materials in quarries, the manufacturing process of clinker and quicklime and their subsequent grinding with certain aggregates for the production of cement, masonry cement and lime. |
ii) | Concrete: this segment includes profits or loss from the production and sale of ready-mix concrete. It also includes the delivery of the product at the worksite and, depending on the circumstances, the pumping of concrete up to the place of destination. |
iii) | Aggregates: this segment includes the profits or loss from the aggregates business, from obtaining to crushing the stone. |
iv) | Rail Services: this segment includes profits or loss from the provision of the rail transportation service. |
v) | Others: this segment includes profits or loss from the industrial waste treatment and recycling business for use as fuel. |
2021 |
2020 |
2019 |
||||||||||
Revenues |
||||||||||||
Cement, masonry cement and lime |
||||||||||||
Concrete |
||||||||||||
Rail services |
||||||||||||
Aggregates |
||||||||||||
Others |
||||||||||||
Segment-to-segment |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
Reconciliation - effect from restatement in constant currency |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
|
|
|
|
|
|
2021 |
2020 |
2019 |
||||||||||
Cost of sales |
||||||||||||
Cement, masonry cement and lime |
||||||||||||
Concrete |
||||||||||||
Rail services |
||||||||||||
Aggregates |
||||||||||||
Others |
||||||||||||
Segment-to-segment |
( |
) |
( |
) |
( |
) | ||||||
Total |
||||||||||||
Reconciliation—effect from restatement in constant currency |
||||||||||||
Total |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Selling, administrative and other expenses |
||||||||||||
Cement, masonry cement and lime |
||||||||||||
Concrete |
||||||||||||
Rail services |
||||||||||||
Aggregates |
( |
) |
( |
) | ||||||||
Others |
||||||||||||
Total |
||||||||||||
Reconciliation—effect from restatement in constant currency |
||||||||||||
Total |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Depreciation and amortization |
||||||||||||
Cement, masonry cement and lime |
||||||||||||
Concrete |
||||||||||||
Rail services |
||||||||||||
Aggregates |
||||||||||||
Others |
||||||||||||
Total |
||||||||||||
Reconciliation—effect from restatement in constant currency |
||||||||||||
Total |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Revenues less cost of sales, selling and administrative expenses, and other gains and losses |
||||||||||||
Cement, masonry cement and lime |
||||||||||||
Concrete |
( |
) |
( |
) |
||||||||
Rail services |
( |
) |
( |
) |
||||||||
Aggregates |
( |
) |
( |
) | ||||||||
Others |
( |
) |
( |
) | ||||||||
Total |
||||||||||||
Reconciliation—Effect from restatement in constant currency |
( |
) |
||||||||||
Total |
||||||||||||
Reconciling items |
||||||||||||
Tax on debits and credits to bank accounts |
( |
) |
( |
) |
( |
) | ||||||
Loss from interest in companies |
— |
( |
) |
— |
||||||||
Asset impairment - Cement |
( |
) |
— |
— |
||||||||
Asset impairment—Rail Services |
— |
( |
) |
— |
||||||||
Asset impairment—Aggregates |
— |
( |
) |
— |
||||||||
Financial results (loss), net |
( |
) | ||||||||||
Income tax |
( |
) |
( |
) |
( |
) | ||||||
Net profit for the year from discontinued operations |
— |
|||||||||||
Net profit for the year |
||||||||||||
2021 |
2020 |
|||||||
Debt (i) |
||||||||
Cash and current investment |
||||||||
Net debt |
( |
) |
||||||
Shareholders’ Equity (ii) |
||||||||
Net debt-to-equity |
( |
) |
||||||
2021 |
2020 |
|||||||
Financial Assets |
||||||||
At amortized cost: |
||||||||
Cash and banks |
||||||||
Investments |
||||||||
Accounts receivable and other receivables |
||||||||
At fair value through profit or loss: |
||||||||
Investments |
2021 |
2020 |
|||||||
Financial Liabilities |
||||||||
Amortized cost |
2021 |
2020 |
|||||||
Liabilities: |
||||||||
United States Dollars |
||||||||
Euros |
||||||||
Reales |
2021 |
2020 |
|||||||
Assets: |
||||||||
United States Dollars |
||||||||
Euros |
||||||||
Reales |
— |
US Dollar effect |
Euro effect |
|||||||
Loss for the year |
||||||||
Decrease in of shareholders’ equity |
2021 |
2020 |
|||||||
Financial Assets: |
||||||||
Investments held to maturity (1) |
||||||||
Investments at fair value through profit or loss (2) |
||||||||
Financial Liabilities: |
||||||||
Amortized cost (3) |
(1) | Fixed-term deposits at fixed rates. |
(2) | Short-term investments at floating rates. |
(3) | Related to borrowings, as detailed in Note 25. |
Borrowings |
Weighted average effective interest rate % |
Less than 1 month |
From 1 to 3 months |
From 3 months to 1 year |
From 1 to 3 years |
From 3 to 6 years |
Total |
|||||||||||||||||||||
As of December 31, 2021 |
% |
|||||||||||||||||||||||||||
As of December 31, 2020 |
% |
Leases |
Weighted average effective interest rate % |
Less than 1 month |
From 1 to 3 months |
From 3 months to 1 year |
From 1 to 3 years |
From 3 to 6 years |
More than 6 years |
Total |
||||||||||||||||||||||||
As of December 31, 2021 |
( |
*) |
||||||||||||||||||||||||||||||
As of December 31, 2020 |
( |
*) |
Fair value at: |
Hierarchy level |
|||||||||||
Financial assets / (financial liabilities) |
2021 |
2020 |
||||||||||
Assets: |
||||||||||||
Mutual Funds |
2020 |
2019 |
|||||||
Revenues |
||||||||
Operating costs and expense s |
( |
) |
( |
) | ||||
Financial results, net |
( |
) |
( |
) | ||||
Reclassification of foreign exchange gains /(losses) recognized in other comprehensive income |
— |
|||||||
Gain on disposal of discontinued operations (*) |
— |
|||||||
Profit (loss) before income tax |
||||||||
Income tax |
( |
) |
( |
) | ||||
Net profit for the year from discontinued operations |
||||||||
Net profit for the year from discontinued operations attributable to: |
||||||||
Owners of the parent company |
||||||||
Non-controlling interest |
||||||||
Net profit for the year from discontinued operations per (basic and diluted) share attributable to: |
||||||||
Owners of the parent company (in pesos) |
||||||||
Non-controlling interest (in pesos) |
(*) | It is the agreed-upon price of the transaction, which amounted to |
2020 |
2019 |
|||||||
Net cash generated by operating activities |
||||||||
Net cash used in investing activities |
( |
) |
( |
) | ||||
Net cash used in financing activities |
( |
) |
( |
) | ||||
Effects of exchange rate differences on cash and cash equivalents in foreign currency |
( |
) |
||||||
Total cash used during the fiscal year for discontinued operations |
( |
) |
( |
) | ||||
Exhibit 12.1
CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO EXCHANGE ACT RULES 13A-14(D) AND 15D-14(A)
AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Sergio Faifman, certify that:
1. | I have reviewed this Annual Report on Form 20-F of Loma Negra C.I.A.S.A. |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; |
4. | The companys other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the companys disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the companys internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the companys internal control over financial reporting; and |
5. | The companys other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the companys auditors and the audit committee of the companys board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the companys ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the companys internal control over financial reporting. |
Dated: April 29, 2022 | /s/ Sergio D. Faifman | |||||
Name: | Sergio D. Faifman | |||||
Title: | Chief Executive Officer (Principal Executive Officer) |
Exhibit 12.2
CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER
PURSUANT TO EXCHANGE ACT RULES 13A-14(A) AND 15D-14A
AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Marcos Gradin, certify that:
1. | I have reviewed this Annual Report on Form 20-F of Loma Negra C.I.A.S.A.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report; |
4. | The companys other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles |
(c) | Evaluated the effectiveness of the companys disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the companys internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the companys internal control over financial reporting; and |
5. | The companys other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the companys auditors and the audit committee of the companys board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the companys ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the companys internal control over financial reporting. |
Dated: April 29, 2022 | /s/ Marcos I. Gradin | |||||
Name: | Marcos I. Gradin | |||||
Title: | Chief Financial Officer (Principal Financial Officer) |
Exhibit 13.1
CERTIFICATION OF THE PRINCIAL EXECUTIVE OFFICER AND THE PRINCIPAL FINANCIAL
OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report of Loma Negra C.I.A.S.A. (the Company) on Form 20-F for the year ended December 31, 2021 (the Report), each of the undersigned officers of the Company, pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of Title 18, United States Code), does hereby certify to his knowledge:
(i) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated: April 29, 2022 | /s/ Sergio D. Faifman | |||||
Name: | Sergio D. Faifman | |||||
Title: | Chief Executive Officer (Principal Executive Officer) | |||||
/s/ Marcos I. Gradin | ||||||
Name: | Marcos I. Gradin | |||||
Title: | Chief Financial Officer (Principal Executive Officer) |
Exhibit 15.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the Share Incentive Program and Share Incentive Program Subject to TSR of Loma Negra Compañía Industrial Argentina Sociedad Anónima (File No. 333-260599) of our report dated April 29, 2022, with respect to the consolidated financial statements of Loma Negra Compañía Industrial Argentina Sociedad Anónima included in this Annual Report (Form 20-F) of Loma Negra Compañía Industrial Argentina Sociedad Anónima for the year ended December 31, 2021.
/s/ PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L.
Member of Ernst & Young Global Limited
City of Buenos Aires, Argentina
April 29, 2022
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$ in Thousands12 Months Ended
Profit or loss [abstract]
Revenues
$ 73,668,146
$ 62,826,821
$ 72,079,294
Cost of sales
(50,384,121)
(43,812,889)
(52,386,043)
Gross profit
23,284,025
19,013,932
19,693,251
Losses from interest in companies
(609,489)
Selling and administrative expenses
(6,328,722)
(5,214,491)
(5,743,654)
Impairment of property, plant and equipment
(152,848)
(1,429,348)
0
Other gains and losses
209,440
222,164
92,406
Tax on debits and credits to bank accounts
(742,448)
(738,656)
(829,851)
FINANCIAL RESULTS, NET
Exchange rate differences
80,174
2,498,510
(2,453,300)
Gain on net monetary position
1,867,269
1,266,565
2,290,954
Financial income
39,183
123,192
124,083
Financial expenses
(1,944,143)
(2,276,562)
(3,083,236)
Profit before tax
16,311,930
12,855,817
10,090,653
INCOME TAX EXPENSE
Current
(6,638,518)
(3,603,146)
(2,149,225)
Deferred
(3,329,288)
186,492
(1,171,697)
NET PROFIT FOR THE YEAR FROM CONTINUED OPERATIONS
6,344,124
9,439,163
6,769,731
Net profit for the year from discontinued operations
0
7,741,194
1,539,990
NET PROFIT FOR THE YEAR
6,344,124
17,180,357
8,309,721
Items to be reclassified through profit and loss:
Exchange differences on translating foreign operations
0
(432,313)
(370,833)
Total other comprehensive income
0
(432,313)
(370,833)
Total comprehensive income
6,344,124
16,748,044
7,938,888
Net income attributable to:
Owners of the parent company
6,585,821
17,133,423
7,889,255
Non-controlling interest
(241,697)
46,934
420,466
NET PROFIT FOR THE YEAR
6,344,124
17,180,357
8,309,721
Total comprehensive income attributable to:
Owners of the parent company
6,585,821
16,912,935
7,700,124
Non-controlling interest
(241,697)
(164,891)
238,764
Total comprehensive income
$ 6,344,124
$ 16,748,044
$ 7,938,888
Earnings per share (basic and diluted):
From continued operations (in pesos)
$ 11.1238
$ 16.3960
$ 11.9186
From continued and discontinued operations (in pesos)
$ 11.1238
$ 28.7461
$ 13.2364
$ in Thousands
Beginning balance at Dec. 31, 2018
$ 52,327,166
$ 59,603
$ 7,193,371
$ 13,096,405
$ 2,365,749
$ 328,653
$ 11,323
$ 6,773,239
$ 95,232
$ 867,702
$ 17,190,649
$ 47,981,926
$ 4,345,240
Appropriation as per Annual Shareholders' Meeting held
Legal reserve
859,533
(859,533)
Optional reserve
16,331,116
(16,331,116)
Other comprehensive income
(370,833)
(189,131)
(189,131)
(181,702)
Net income for the year
8,309,721
7,889,255
7,889,255
420,466
Ending balance at Dec. 31, 2019
60,266,054
59,603
7,193,371
13,096,405
2,365,749
1,188,186
11,323
23,104,355
95,232
678,571
7,889,255
55,682,050
4,584,004
Appropriation as per Annual Shareholders' Meeting held
Legal reserve
262,409
(262,409)
Optional reserve
7,626,846
(7,626,846)
Distribution of dividends
(4,032,933)
(3,937,701)
(95,232)
(4,032,933)
Other comprehensive income
(432,313)
(220,487)
(220,487)
(211,826)
Reclassification of exchange differences on translation of foreign operation (Note 41)
(458,084)
(458,084)
(458,084)
Derecognition of non-controlling interest due to sale of subsidiary
(4,619,227)
(4,619,227)
Capital contribution to Ferrosur Roca S.A.—Minority shareholders
609,490
609,490
Net income for the year
17,180,357
17,133,423
17,133,423
46,934
Ending balance at Dec. 31, 2020
68,513,344
59,603
7,193,371
13,096,405
2,365,749
1,450,595
11,323
26,793,500
$ 0
$ 0
17,133,423
68,103,969
409,375
Appropriation as per Annual Shareholders' Meeting held
Optional reserve
17,133,423
(17,133,423)
Acquisition of treasury stock
(2,387,251)
(860)
$ 860
(103,746)
$ 103,746
(1,764,358)
$ 1,764,358
$ (2,387,251)
(2,387,251)
Share-based payment plans
39,870
$ 39,870
39,870
Net income for the year
6,344,124
6,585,821
6,585,821
(241,697)
Ending balance at Dec. 31, 2021
$ 72,510,087
$ 58,743
$ 860
$ 7,089,625
$ 103,746
$ 11,332,047
$ 1,764,358
$ 2,365,749
$ (2,387,251)
$ 39,870
$ 1,450,595
$ 11,323
$ 43,926,923
$ 6,585,821
$ 72,342,409
$ 167,678
12 Months Ended
Text block [abstract]
Legal Information
•
•
•
•
•
12 Months Ended
Text block [abstract]
Basis Of Preparation Of The Consolidated Financial Statements
•
•
•
a)
b)
c)
d)
a)
b)
c)
d)
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
2021
2020
2019
(1)
(*)
12 Months Ended
Text block [abstract]
Summary of significant accounting policies
•
•
•
•
i)
ii)
iii)
a)
b)
c)
•
•
•
12 Months Ended
Text block [abstract]
Critical Accounting Judgments And Key Sources For Estimating Uncertainty
Fields
50 to 100 years
Quarries - Stripping cost
Based on estimated tons
Buildings
5 to 50 years
Machinery
8 to 35 years
Furniture and fixtures
3 to 10 years
Tools
5 years
Software
5 years
Transportation and load vehicles
4 to 32 years
12 Months Ended
Text block [abstract]
Revenues
12 Months Ended
Text block [abstract]
Cost of Sales
12 Months Ended
Text block [abstract]
Selling and Administrative Expenses
12 Months Ended
Text block [abstract]
Other Gains And Losses
12 Months Ended
Text block [abstract]
Tax on Debits And Credits to Bank Accounts
12 Months Ended
Text block [abstract]
Financial Results, Net
12 Months Ended
Text block [abstract]
Income Tax Expenses
12 Months Ended
Profit or loss [abstract]
Earnings Per Share
12 Months Ended
Text block [abstract]
Property, Plant and Equipment
equipment and
spare parts
and load
vehicles
and fixtures
process
equipment and
spare parts
and load
vehicles
fixtures
12 Months Ended
Right Of Use Asset And Lease Liability [Abstract]
Right Of Use Assets And Lease Liabilities
12 Months Ended
Text block [abstract]
Intangible Assets
12 Months Ended
Text block [abstract]
Investments
12 Months Ended
Text block [abstract]
Goodwill
12 Months Ended
Text block [abstract]
Inventories
12 Months Ended
Text block [abstract]
Parent Company, Other shareholders, Associates and Other Related Parties Balances and Tansactions
12 Months Ended
Text block [abstract]
Other Receivables
12 Months Ended
Text block [abstract]
Trade Receivables
(*)
12 Months Ended
Text block [abstract]
Cash and Banks
12 Months Ended
Text block [abstract]
Capital Stock and Other Related Accounts
•
•
•
•
12 Months Ended
Text block [abstract]
Accumulated Other Comprehensive Income
12 Months Ended
Text block [abstract]
Borrowings
date
Jan-22
Jan-22
Nov-23
date
date
(1)
(2)
(3)
(4)
12 Months Ended
Text block [abstract]
Accounts Payable
12 Months Ended
Text block [abstract]
Provisions
social security
(*)
(**)
(***)
12 Months Ended
Text block [abstract]
Taxes Liabilities
12 Months Ended
Text block [abstract]
Other Liabilities
12 Months Ended
Text block [abstract]
Cash and Cash Equivalents
12 Months Ended
Text block [abstract]
Non-Cash Transactions
12 Months Ended
Text block [abstract]
Segment Information
i)
ii)
iii)
iv)
v)
12 Months Ended
Text block [abstract]
Financial Instruments
(1)
(2)
(3)
average
effective
interest rate %
month
months
months to
6 years
average
effective
interest rate %
than 1
month
to 3
months
months to
1 year
6 years
6 years
12 Months Ended
Text block [abstract]
Guarantees Granted to Subsidiaries
12 Months Ended
Investments accounted for using equity method [abstract]
Restricted Assets
12 Months Ended
Text block [abstract]
Commitments
12 Months Ended
Text block [abstract]
Investment Projects
12 Months Ended
Text block [abstract]
Administration Of Trust
12 Months Ended
Text block [abstract]
Restrictions to Dividend Distribution
12 Months Ended
Text block [abstract]
Ferrosur Roca S.A. Concession - Argentine Railway Law
12 Months Ended
Text block [abstract]
Sale Of Interest In Yguazu Cementos S.A.-Discontinued Operations
(*)
12 Months Ended
Disclosure Of Claims And Benefits Paid Explanatory [Abstract]
Complaints Brought Against the Group and Others in the United States
12 Months Ended
Text block [abstract]
The Argentine Economic Context
12 Months Ended
Text block [abstract]
Effects Of Covid-19 On The Group
12 Months Ended
Text block [abstract]
Subsequent Events
12 Months Ended
Text block [abstract]
Statement of compliance with the International Financial Reporting Standards (IFRS) and bases of preparation of these financial statements
Financial information presented in constant currency
Applicable accounting standards
•
•
•
a)
b)
c)
d)
a)
b)
c)
d)
Standards and interpretations issued but not yet effective
•
•
•
•
•
•
•
•
•
•
•
•
•
Basis of consolidation
•
•
•
•
2021
2020
2019
(1)
(*)
Revenue recognition
Sale of goods
Goodwill
Investments in other companies
Leases
Foreign currency and functional currency
Borrowing costs
Taxes
Property, plant and equipment
Intangible assets
Impairment of tangible and intangible assets
Inventories
•
•
Provisions
Financial instruments
Financial assets
•
•
Ferrocarril Roca Management Trust
Financial Liabilities and Equity Instruments
i)
ii)
iii)
a)
b)
c)
•
•
•
Short- and long-term employee benefits
Stripping costs and quarry exploitation
12 Months Ended
Statement [LineItems]
Summary of Significant Investments in Subsidiaries
2021
2020
2019
(1)
Summary of Financial Information of Subsidiaries with Material Non-controlling Interests
(*)
12 Months Ended
Text block [abstract]
Disclosure of Estimated Useful Life for Property Plant and Equipment and Other Intangible Assets
Fields
50 to 100 years
Quarries - Stripping cost
Based on estimated tons
Buildings
5 to 50 years
Machinery
8 to 35 years
Furniture and fixtures
3 to 10 years
Tools
5 years
Software
5 years
Transportation and load vehicles
4 to 32 years
12 Months Ended
Text block [abstract]
Disclosure of Net Revenues From Sales
12 Months Ended
Text block [abstract]
Disclosure of Cost of Sale
Disclosure of Expenses
12 Months Ended
Text block [abstract]
Disclosure of selling, general and administrative expenses
12 Months Ended
Text block [abstract]
Summary of Detailed Information About Other Income and Expenses Net
12 Months Ended
Text block [abstract]
Summary of Net Financing Income/(Loss)
12 Months Ended
Text block [abstract]
Summary of Income Tax Expense
Summary of Deffered Income Tax
Summary of Unrecognized Taxable Temporary Difference Associated with Investments
12 Months Ended
Profit or loss [abstract]
Summary of Earnings and Weighted Average Number of Ordinary Shares used in Calculation of Basic Earnings per Share
12 Months Ended
Text block [abstract]
Summary of Property, Plant and Equipment
equipment and
spare parts
and load
vehicles
and fixtures
process
equipment and
spare parts
and load
vehicles
fixtures
12 Months Ended
Right Of Use Asset And Lease Liability [Abstract]
Summary of effect of initial application of IFRS 16
Changes in right of use assets and lease liabilities as of December 31, 2021 and 2020 are as follows:
12 Months Ended
Text block [abstract]
Schedule of Intangible Assets
Summary of Changes in Intangible Assets
12 Months Ended
Text block [abstract]
Summary of Investments
12 Months Ended
Text block [abstract]
Summary of Goodwill
12 Months Ended
Text block [abstract]
Summary of Inventories
12 Months Ended
Text block [abstract]
Schedule of Outstanding Balances Between the Group and the Related Party Tansactions and Balances
The balances between the Group and related parties as of December 31, 2021 and 2020 are as follows:
Summary of Balances of Related Party Transactions
Disclosure of Transactions Between the Group and Parent Companies, Associates and Related Parties
12 Months Ended
Text block [abstract]
Summary of Other Receivables
12 Months Ended
Text block [abstract]
Summary of Trade Accounts Receivables
Summary of Maturities of Accounts Receivable
Summary of Financial Assets That Are Either Past Due or Impaired
Summary of Changes in Allowance for Doubtful Accounts
(*)
12 Months Ended
Text block [abstract]
Schedule of cash and banks
12 Months Ended
Text block [abstract]
Disclosure of detailed information of capital stock and other capital related accounts
12 Months Ended
Text block [abstract]
Schedule of Accumulated Other Comprehensive Income
12 Months Ended
Text block [abstract]
Summary of Composition of Borrowings
Composition of borrowings
Summary of detail information of loans
date
Jan-22
Jan-22
Nov-23
date
date
(1)
(2)
(3)
(4)
Schedule of Movements of Loans
Maturity Schedule of Long-term Borrowings
12 Months Ended
Text block [abstract]
Summary of Accounts Payable
12 Months Ended
Text block [abstract]
Summary of Other Provisions
Summary of Changes in Provisions
social security
(*)
(**)
(***)
12 Months Ended
Investments accounted for using equity method [abstract]
Summary of Taxes Liabilities
12 Months Ended
Text block [abstract]
Disclosure of Other Liabilities
12 Months Ended
Text block [abstract]
Disclosure of Detailed Information About Cash and Cash Equivalents
12 Months Ended
Text block [abstract]
Summary of Non-Cash transactions
12 Months Ended
Text block [abstract]
Summary of Segment Reporting
12 Months Ended
Text block [abstract]
Summary of Net Debt to Equity Ratio
Summary of Financial Instruments
Summary of Monetary Assets and Liabilities Denominated in Foreign Currency
Disclosure of Foreign Currency Sensitivity Analysis
Summary of Interest Rate Risk Management
(1)
(2)
(3)
Schedule of Contractual Maturity for Non-derivative Financial Liabilities with Agreed Repayment Periods
The contractual maturity is based on the earliest date on which the Group may be required to pay.
average
effective
interest rate %
month
months
months to
6 years
average
effective
interest rate %
than 1
month
to 3
months
months to
1 year
6 years
6 years
Schedule of Financial Assets and Financial Liabilities are Measured at Fair Value on a Recurring Basis
12 Months Ended
Text block [abstract]
Summary of Income Statement From Continuing and Discontinued Operations
(*)
Summary of Cash Flows From Continuing and Discontinued Operations
12 Months Ended
Disclosure of subsidiaries [line items]
Terms for deemed hyperinflation of functional currency
(i) analysis of general population behavior, prices, interest rate, and salaries in the face of changes in price indexes and the loss of purchasing power in currency and (ii) as a quantitative feature, which is the condition more frequently considered in practice, the existence of a cumulative three-year inflation rate that approximates or exceeds 100%.
Variation of index used for restatement of financial statements
50.94
36.14
53.83
Accumulated price index movements in the three years
100.00%
12 Months Ended
Disclosure of subsidiaries [line items]
Percentage of direct and indirect equity interest rate
16.00%
Cofesur S.A. [member]
Disclosure of subsidiaries [line items]
Main activity
Investment
Place of incorporation and principle place of business
Argentina
Percentage of direct and indirect equity interest rate
100.00%
100.00%
100.00%
Ferrosur Roca S.A. [member]
Disclosure of subsidiaries [line items]
Main activity
[1]
Rail freight transportation
Place of incorporation and principle place of business
[1]
Argentina
Percentage of direct and indirect equity interest rate
[1]
80.00%
80.00%
80.00%
Recycomb S.A.U. [member]
Disclosure of subsidiaries [line items]
Main activity
Waste recycling
Place of incorporation and principle place of business
Argentina
Percentage of direct and indirect equity interest rate
100.00%
100.00%
100.00%
[1]
Directly controlled by Cofesur S.A.U.
$ in Thousands12 Months Ended
Disclosure of subsidiaries [line items]
Current assets
$ 19,120,046
$ 21,243,390
Non-current assets
85,730,938
85,843,494
Current liabilities
16,634,535
23,062,728
Non-current liabilities
15,706,362
15,510,812
Shareholders' equity attributable to owners of the parent company
72,342,409
68,103,969
Non-controlling interests
167,678
409,375
Revenues
73,668,146
62,826,821
$ 72,079,294
Financial results, net
42,483
1,611,705
(3,121,499)
Income tax
9,967,806
5,706,563
3,465,540
Net Losses for the year
6,344,124
17,180,357
8,309,721
Net cash generated by operating activities
15,049,853
18,452,858
16,358,985
Net cash generated by (used in) investing activities
(8,845,081)
(2,364,819)
(24,183,533)
Net cash generated by/(used in) financing activities
(8,759,587)
(19,737,926)
2,908,728
Effects of the exchange rate differences on cash and cash equivalents in foreign currency
(524,285)
4,984,114
397,129
Ferrosur Roca S.A. [member]
Disclosure of subsidiaries [line items]
Current assets
1,071,012
1,466,751
Non-current assets
1,836,954
2,397,389
Current liabilities
1,536,215
1,327,014
Non-current liabilities
533,371
490,251
Shareholders' equity attributable to owners of the parent company
670,703
1,637,501
Non-controlling interests
167,676
409,375
Revenues
5,979,825
5,427,309
7,493,132
Financial results, net
(57,992)
566,262
(1,293,678)
Depreciations
(1,103,103)
(1,233,502)
(1,269,555)
Income tax
(12,667)
143,855
121,491
Net Losses for the year
(1,208,497)
(1,666,540)
(1,670,519)
Net cash generated by operating activities
472,442
363,042
608,156
Net cash generated by (used in) investing activities
(589,526)
(623,386)
112,207
Net cash generated by/(used in) financing activities
91,664
(1,016,648)
(1,187,017)
Effects of the exchange rate differences on cash and cash equivalents in foreign currency
$ (19,023)
$ 1,270,924
$ (27,349)
$ in Thousands12 Months Ended
Ferrosur Roca SA [member] | Intragroup [Member]
Disclosure of subsidiaries [line items]
Intergroup transactions with related party
$ 16,751
$ 17,912
$ 712,991
12 Months Ended
Disclosure of significant accounting policies [line items]
Goodwill impairment loss
$ 0
$ 0
$ 0
Applicable tax rate
35.00%
30.00%
30.00%
Personal assets tax rate
0.25%
Receivables
$ 48,521,000
$ 58,649,000
Legal reserve allowed proportion of subscribed capital adjustment
20.00%
Proportion of ownership interest in subsidiary
16.00%
Percentage of tax rate on dividends distributions
7.00%
Recycomb S.A.U. [member]
Disclosure of significant accounting policies [line items]
Goodwill impairment loss
$ 52,403,000
Law number two seven five four one
Disclosure of significant accounting policies [line items]
Applicable tax rate
30.00%
Deferred tax sssets and liabilities [member] | Law number two seven five four one | Tax year two thousand and twenty two and upwards
Disclosure of significant accounting policies [line items]
Applicable tax rate
25.00%
Top of range [member]
Disclosure of significant accounting policies [line items]
Legal reserve as percentage of net income
5.00%
Period of credit given to customers
35 days
Top of range [member] | Law Number Two Seven Two Six Zero
Disclosure of significant accounting policies [line items]
Applicable tax rate
35.00%
Bottom of range [member]
Disclosure of significant accounting policies [line items]
Period of credit given to customers
20 days
Bottom of range [member] | Law Number Two Seven Two Six Zero
Disclosure of significant accounting policies [line items]
Applicable tax rate
25.00%
Weighted average [member] | Law Number Two Seven Two Six Zero
Disclosure of significant accounting policies [line items]
Applicable tax rate
30.00%
Ferrosur Roca S.A. [member]
Disclosure of significant accounting policies [line items]
Proportion of ownership interest in subsidiary
[1]
80.00%
80.00%
80.00%
Non-controlling Interest [member] | Ferrosur Roca S.A. [member]
Disclosure of significant accounting policies [line items]
Proportion of ownership interest in subsidiary
(20.00%)
2020 and onwards [member] | Argentina [member] | Deferred tax sssets and liabilities [member] | Law Number Two Seven Four Three Zero
Disclosure of significant accounting policies [line items]
Applicable tax rate
25.00%
2019 [member] | Argentina [member] | Deferred tax sssets and liabilities [member]
Disclosure of significant accounting policies [line items]
Applicable tax rate
30.00%
[1]
Directly controlled by Cofesur S.A.U.
$ in Thousands
Reconciliation of changes in goodwill [abstract]
Goodwill impairment loss
$ 0
$ 0
$ 0
12 Months Ended
Software [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life for property plant and equipment and other intangible assets
5 years
Quarries – Stripping cost
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life for property plant and equipment and other intangible assets
Based on estimated tons
Tools [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life for property plant and equipment and other intangible assets
5 years
Bottom of Range [member] | Fields [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life for property plant and equipment and other intangible assets
50
Bottom of Range [member] | Buildings [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life for property plant and equipment and other intangible assets
5
Bottom of Range [member] | Machinery [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life for property plant and equipment and other intangible assets
8
Bottom of Range [member] | Furniture and fixtures [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life for property plant and equipment and other intangible assets
3
Bottom of Range [member] | Transport and load vehicles [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life for property plant and equipment and other intangible assets
4
Top of range [member] | Fields [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life for property plant and equipment and other intangible assets
100 years
Top of range [member] | Buildings [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life for property plant and equipment and other intangible assets
50 years
Top of range [member] | Machinery [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life for property plant and equipment and other intangible assets
35 years
Top of range [member] | Furniture and fixtures [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life for property plant and equipment and other intangible assets
10 years
Top of range [member] | Transport and load vehicles [member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life for property plant and equipment and other intangible assets
32 years
$ in Thousands12 Months Ended
Revenue [abstract]
Sale of products
$ 101,184,148
$ 84,911,070
$ 76,427,014
- Domestic market
101,117,545
84,837,488
76,247,508
- External customers
66,603
73,582
179,506
Services rendered
3,329,855
3,084,579
4,437,963
(-) Bonuses / Discounts
(30,845,857)
(25,168,828)
(8,785,683)
Total
$ 73,668,146
$ 62,826,821
$ 72,079,294
$ in Thousands12 Months Ended
Disclosure of cost of sales [line items]
Inventories at the beginning of the year
$ 11,543,920
$ 13,027,497
$ 12,891,539
Finished products
711,003
927,973
1,146,634
Products in progress
1,358,417
2,897,582
2,825,951
Raw materials, materials, fuel and spare parts
9,474,500
9,201,942
8,918,954
Purchases and production expenses for the year
50,621,503
42,329,312
52,522,001
Inventories at the end of the year
(11,781,302)
(11,543,920)
(13,027,497)
Cost of sales
50,384,121
43,812,889
52,386,043
Cost of sales [member]
Disclosure of cost of sales [line items]
Finished products
(595,160)
(711,003)
(927,973)
Products in progress
(2,005,445)
(1,358,417)
(2,897,583)
Raw materials, materials, fuel and spare parts
(9,180,697)
(9,474,500)
(9,201,941)
Cost of sales
$ 50,384,121
$ 43,812,889
$ 52,386,043
$ in Thousands12 Months Ended
Disclosure of expenses by nature [line items]
Fees and compensation for services
$ 1,009,314
$ 936,419
$ 1,007,246
Salaries, wages and social security contributions
7,941,120
7,690,165
9,834,389
Transport and traveling expenses
359,324
290,723
363,473
Data processing
19,862
19,673
36,938
Taxes, duties, contributions and commissions
1,025,143
879,175
926,184
Depreciation and amortization
5,960,340
5,462,914
5,342,021
Preservation and maintenance costs
4,675,311
4,083,674
4,961,317
Communications
48,327
53,907
58,173
Leases
55,647
43,484
104,593
Employee benefits
219,090
168,860
217,276
Water, natural gas and energy services
10,279
12,899
23,257
Freight
5,193,784
3,848,274
3,720,711
Fuels
6,897,140
4,846,912
8,717,708
Insurance
156,575
144,848
172,399
Packaging
2,067,200
2,135,570
2,043,161
Electric power
4,924,492
4,083,680
5,484,345
Contractors
3,751,954
2,870,360
4,120,619
Tolls
13,810
164,780
6,539
Canon (concession fee)
39,526
57,820
58,339
Security
253,448
290,867
310,046
Others
685,571
588,832
693,429
Total
$ 45,307,257
$ 38,673,836
$ 48,202,163
$ in Thousands12 Months Ended
Disclosure of selling and administrative expenses [line items]
Total
$ 6,328,722
$ 5,214,491
$ 5,743,654
Selling and administrative expenses [member]
Disclosure of selling and administrative expenses [line items]
Managers and directors' compensation fees
465,247
440,421
487,374
Fees and compensation for services
370,860
436,313
352,649
Salaries, wages and social security contributions
1,438,159
1,293,074
1,680,871
Transport and traveling expenses
33,779
28,779
86,502
Data processing
185,719
94,951
117,350
Advertising expenses
311,901
116,845
125,217
Taxes, duties, contributions and commissions
1,578,868
1,324,788
1,504,247
Depreciation and amortizations
371,822
430,422
347,899
Preservation and maintenance
14,399
16,836
25,935
Communications
42,261
45,394
53,687
Leases
25,676
18,548
32,211
Employee benefits
53,738
49,940
59,886
Water, natural gas and energy services
3,753
6,226
7,751
Freight
971,101
690,054
566,778
Insurance
145,568
114,015
88,150
Allowance for doubtful accounts
196,384
9,059
96,284
Security
13,341
12,015
10,919
Others
106,146
86,811
99,944
Total
$ 6,328,722
$ 5,214,491
$ 5,743,654
$ in Thousands12 Months Ended
Analysis of income and expense [abstract]
Gain (loss) on disposal of property, plant and equipment
$ 89,110
$ (61,421)
$ 7,029
Donations
(45,038)
(46,158)
(52,706)
Technical services and assistance
9,878
10,900
23,123
Personal asset tax – Substitute taxpayer
0
(6,037)
(22,056)
Gain over tax credit assignment
92,210
13,366
14,457
Contingencies
(59,148)
(45,786)
(83,255)
Leases
109,731
195,701
183,136
Service fee from ADS Depositary bank
50,456
60,564
Collection of loss
0
85,177
Miscellaneous
(37,759)
15,858
22,678
Total
$ 209,440
$ 222,164
$ 92,406
12 Months Ended
Statement [LineItems]
General tax rate for credits and debits
0.60%
0.60%
0.60%
Percentage of other taxes applied on amounts credited and debited as payment
33.00%
$ in Thousands12 Months Ended
Exchange rate differences
Profit from operations with securities (Note 41)
$ 0
$ 4,805,680
Foreign exchange gains
358,318
133,229
$ 88,554
Foreign exchange losses
(278,144)
(2,440,399)
(2,541,854)
Total
80,174
2,498,510
(2,453,300)
Financial income
Unwinding of discounts on provisions and liabilities
39,183
123,192
124,083
Total
39,183
123,192
124,083
Financial expenses
Interest on borrowings
(337,858)
(597,530)
(1,830,296)
Interest from short-term investments
(1,113,116)
(536,422)
(100,200)
Tax interest
(57,501)
(87,824)
(347,853)
Interest on leases
(43,185)
(75,468)
(80,959)
Unwinding of discounts on receivables
(359,110)
(162,250)
Others
(392,483)
(620,208)
(561,678)
Total
$ (1,944,143)
$ (2,276,562)
$ (3,083,236)
$ in Thousands12 Months Ended
Major components of tax expense (income) [abstract]
Profit before income tax expenses
$ 16,311,930
$ 12,855,817
$ 10,090,653
Profit before income tax from discontinued operations
0
10,031,102
1,684,608
Accounting income before income tax
$ 16,311,930
$ 22,886,919
$ 11,775,261
Income tax rate
35.00%
30.00%
30.00%
Income tax at the statutory tax rate
$ (5,709,176)
$ (6,866,076)
$ (3,532,579)
Adjustments for calculation of the effective income tax:
Effect of derecognition of Yguazú Cementos S.A.
0
970,024
336,921
Impairment of tax losses recognized in Ferrosur Roca S.A.
(237,161)
(242,869)
Effects of the fiscal revaluation and inflation adjustments for accounting and tax purposes
(169,746)
282,501
310,182
Effect of change in tax rate
(3,857,875)
184,375
(578,357)
Other non-taxable income or non-deductible expense, net
6,152
(34,518)
(1,707)
Total Income tax
(9,967,806)
(5,706,563)
(3,465,540)
Total iIncome tax
Current
(6,638,518)
(5,882,722)
(2,267,192)
Deferred
(3,329,288)
176,159
(1,198,348)
Total Income tax
(9,967,806)
(5,706,563)
(3,465,540)
Income tax included in the statement of other comprehensive income
(9,967,806)
(3,416,654)
(3,320,921)
Income tax from discontinued operations
$ 0
$ (2,289,909)
$ (144,619)
$ in Thousands
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets
$ 519,480
$ 463,243
$ 1,076,837
Deferred tax liabilities
(14,831,440)
(11,445,915)
(12,246,000)
Total
(14,311,960)
(10,982,672)
(11,169,163)
Loss carryforward [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets
257,201
216,201
552,439
Leases [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets
2,951
37,258
84,961
Provisions [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets
83,012
81,631
191,631
Investments [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities
(8,352)
(35,295)
(9,047)
Other receivables [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets
66,642
44,243
Deferred tax liabilities
0
(82,022)
Property, plant and equipment [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities
(12,012,202)
(8,081,322)
(9,195,705)
Borrowings [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities
(1,710)
(4,495)
(2,228)
Inventories [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities
(1,296,372)
(1,142,049)
(1,221,079)
Other Liabilities [members]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets
73,617
Deferred tax liabilities
0
(5,360)
Taxes payable (tax inflation adjustment) [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liabilities
(1,512,637)
(2,182,347)
(1,730,538)
Accounts payable [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets
206,321
Salaries and social security contributions [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets
29,908
14,440
Trade receivables [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets
1,745
25,819
25,636
Other [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets
34,216
Deferred tax liabilities
(167)
(407)
(21)
Others [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax assets
$ 4,404
$ 9,435
$ 15,850
$ in Thousands
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total
$ 233,038
$ 133,054
$ (124,956)
Subsidiaries [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total
234,845
134,332
(123,689)
Other [member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Total
$ (1,807)
$ (1,278)
$ (1,266)
$ / shares in Units, $ in Thousands12 Months Ended
Earnings per share [abstract]
- From continued operations
$ 6,585,821
$ 9,772,472
$ 7,103,831
- Net income for the year
$ 6,585,821
$ 17,133,423
$ 7,889,255
Weighted average number of ordinary shares for the purposes of basic and diluted earnings per share
592,046,422
596,026,490
596,026,490
- From continued operations (in pesos)
$ 11.1238
$ 16.3960
$ 11.9186
- From continued and discontinued operations (in pesos)
$ 11.1238
$ 28.7461
$ 13.2364
12 Months Ended
Earnings per share [abstract]
Weighted average number of outstanding shares
592,046,422
596,026,490
596,026,490
$ in Thousands
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
$ 81,295,192
$ 80,839,908
Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
190,774,032
184,479,011
$ 177,945,666
Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
(109,478,840)
(103,639,103)
(96,777,344)
Lands [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
1,025,307
1,025,307
Lands [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
1,025,307
1,025,307
1,025,619
Plant and buildings [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
13,718,257
14,617,744
Machinery, equipment and spare parts [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
57,942,520
19,112,267
Machinery, equipment and spare parts [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
100,307,246
59,633,103
58,829,491
Machinery, equipment and spare parts [member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
(42,364,726)
(40,520,836)
(38,836,262)
Transportation and load vehicles [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
1,487,535
1,911,807
Transportation and load vehicles [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
12,461,248
12,429,556
12,278,561
Transportation and load vehicles [member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
(10,973,713)
(10,517,749)
(8,868,709)
Furniture and fixtures [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
94,973
77,992
Furniture and fixtures [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
3,520,779
3,473,576
3,431,610
Furniture and fixtures [member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
(3,425,806)
(3,395,584)
(3,337,394)
Quarries [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
5,028,566
5,733,256
Tools [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
103,074
81,326
Tools [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
686,931
634,749
603,466
Tools [member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
(583,857)
(553,423)
(519,710)
Construction in process [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
1,894,960
38,280,209
Construction in process [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment
$ 1,894,960
$ 38,280,209
$ 34,686,421
$ in Thousands12 Months Ended
Disclosure of detailed information about property, plant and equipment [line items]
Interest and exchange rate differences capitalized
$ 1,119,369
Interest and exchange rate differences capitalized | %
7.00%
Impairment loss, property plant and equipment
$ 152,848
$ 1,429,348
Reversal of impairment loss
$ 245,289
Cement masonry cement and lime cash generating unit [member]
Disclosure of detailed information about property, plant and equipment [line items]
Discount rate, cash flow projections
13.43%
Impairment loss, cash generating unit
$ 152,848
Concrete cash generating unit [member]
Disclosure of detailed information about property, plant and equipment [line items]
Discount rate, cash flow projections
13.43%
Aggregates cash generating units [member]
Disclosure of detailed information about property, plant and equipment [line items]
Discount rate, cash flow projections
13.30%
Rail services cash generating unit [member]
Disclosure of detailed information about property, plant and equipment [line items]
Discount rate, cash flow projections
14.20%
Impairment loss, cash generating unit
$ 1,184,059
$ in Thousands12 Months Ended
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
$ 80,839,908
Impairment
152,848
$ 1,429,348
Ending balance
81,295,192
80,839,908
Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
184,479,011
177,945,666
Additions
6,861,355
6,871,583
Disposal
(566,334)
(338,238)
Ending balance
190,774,032
184,479,011
Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
(103,639,103)
(96,777,344)
Impairment
(152,848)
(1,429,348)
Disposal
399,200
191,771
Depreciation charge
(6,086,089)
(5,624,172)
Ending balance
(109,478,840)
(103,639,103)
Land [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
1,025,307
Ending balance
1,025,307
1,025,307
Land [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
1,025,307
1,025,619
Disposal
0
(312)
Transfers
0
Ending balance
1,025,307
1,025,307
Buildings [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
49,195,351
48,263,593
Disposal
(154,337)
(19,364)
Transfers
576,400
951,122
Ending balance
49,617,414
49,195,351
Buildings [member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
(34,577,607)
(32,458,572)
Impairment
(70,455)
(794,788)
Disposal
28,689
19,364
Depreciation charge
(1,279,784)
(1,343,611)
Ending balance
(35,899,157)
(34,577,607)
Machinery, equipment and spare parts [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
19,112,267
Ending balance
57,942,520
19,112,267
Machinery, equipment and spare parts [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
59,633,103
58,829,491
Disposal
(102,136)
(64,452)
Transfers
40,776,279
868,064
Ending balance
100,307,246
59,633,103
Machinery, equipment and spare parts [member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
(40,520,836)
(38,836,262)
Impairment
(82,084)
(176,728)
Disposal
96,511
63,195
Depreciation charge
(1,858,317)
(1,571,041)
Ending balance
(42,364,726)
(40,520,836)
Transport and Load Vehicles [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
1,911,807
Ending balance
1,487,535
1,911,807
Transport and Load Vehicles [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
12,429,556
12,278,561
Disposal
(278,730)
(220,682)
Transfers
310,422
371,677
Ending balance
12,461,248
12,429,556
Transport and Load Vehicles [member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
(10,517,749)
(8,868,709)
Impairment
0
(426,997)
Disposal
274,000
75,772
Depreciation charge
(729,964)
(1,297,815)
Ending balance
(10,973,713)
(10,517,749)
Furniture and fixtures [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
77,992
Ending balance
94,973
77,992
Furniture and fixtures [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
3,473,576
3,431,610
Disposal
0
Transfers
47,203
41,966
Ending balance
3,520,779
3,473,576
Furniture and fixtures [member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
(3,395,584)
(3,337,394)
Impairment
0
(25,294)
Disposal
0
Depreciation charge
(30,222)
(32,896)
Ending balance
(3,425,806)
(3,395,584)
Quarries [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
19,807,160
18,826,905
Disposal
(31,131)
(33,428)
Transfers
1,484,118
1,013,683
Ending balance
21,260,147
19,807,160
Quarries [member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
(14,073,904)
(12,756,697)
Impairment
0
(2,951)
Disposal
0
33,430
Depreciation charge
(2,157,677)
(1,347,686)
Ending balance
(16,231,581)
(14,073,904)
Tools [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
81,326
Ending balance
103,074
81,326
Tools [Member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
634,749
603,466
Transfers
52,182
31,283
Ending balance
686,931
634,749
Tools [Member] | Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
(553,423)
(519,710)
Impairment
(309)
(2,590)
Depreciation charge
(30,125)
(31,123)
Ending balance
(583,857)
(553,423)
Works in process [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
38,280,209
Ending balance
1,894,960
38,280,209
Works in process [member] | Gross carrying amount [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance
38,280,209
34,686,421
Additions
6,861,355
6,871,583
Transfers
(43,246,604)
(3,277,795)
Ending balance
$ 1,894,960
$ 38,280,209
$ in Thousands12 Months Ended
Lease liabilities:
As of the beginning of the year
$ 801,211
$ 907,963
Additions
57,236
7,026
Financial restatements
43,185
75,468
Foreign Exchange gain /(losses)
(107,287)
32,806
Payments
(176,737)
(222,052)
As of the end of the year
314,724
801,211
Decrease
(302,884)
0
Right of use assets:
As of the beginning of the year
675,333
838,306
Additions
57,236
7,026
Decrease
(280,639)
0
Depreciation
(142,049)
(169,999)
As of the end of the year
$ 309,881
$ 675,333
Local currency [member]
Discolsure Of Right Of Use Asset And Lease Liability [Line Items]
Average incremental rates
46.20%
Foreign currency [member]
Discolsure Of Right Of Use Asset And Lease Liability [Line Items]
Average incremental rates
8.40%
$ in Thousands
Disclosure of detailed information about intangible assets [line items]
Intangible assets
$ 289,083
$ 290,311
Software [member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets
$ 289,083
$ 290,311
$ in Thousands12 Months Ended
Disclosure of detailed information about intangible assets [line items]
Beginning balance
$ 290,311
Ending balance
289,083
$ 290,311
Software [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance
290,311
Ending balance
289,083
290,311
Software [member] | Gross carrying amount [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance
1,085,539
954,879
Additions
102,796
130,660
Ending balance
1,188,335
1,085,539
Software [member] | Accumulated depreciation and amortisation [member]
Disclosure of detailed information about intangible assets [line items]
Beginning balance
(795,228)
(696,063)
Amortization
(104,024)
(99,165)
Ending balance
$ (899,252)
$ (795,228)
$ in Thousands
Non-current
Total
$ 5,254
$ 5,254
Short-term investments
2,974,967
6,202,075
$ 2,095,224
Total
4,940,317
6,202,075
Cementos del Plata S.A. [member]
Non-current
Investments in other companies
5,254
5,254
Mutual funds in pesos [member]
Non-current
Short-term investments
1,215,045
3,572,328
Time deposit in pesos
Non-current
Short-term investments
1,759,922
2,629,747
Government securities in pesos [Member]
Non-current
Short-term investments
$ 1,965,350
$ 0
12 Months Ended
In Argentina Pesos [member]
Disclosure of detailed information about investment property [line items]
Accrued interest annual nominal rate
23.80%
31.50%
$ in Thousands
Disclosure of information for cash-generating units [line items]
Total
$ 52,403
$ 52,403
Recycomb S.A.U. [member]
Disclosure of information for cash-generating units [line items]
Total
$ 52,403
$ 52,403
$ in Thousands
Classes of current inventories [abstract]
Spare parts
$ 3,259,090
$ 3,368,536
Allowance for obsolete inventories
(175,110)
(114,002)
Total
3,083,980
3,254,534
Finished products
595,160
711,003
Production in progress
2,005,445
1,358,417
Raw materials, materials and spare parts
5,198,918
5,297,693
Fuels
897,799
922,273
Total
$ 8,697,322
$ 8,289,386
$ in Thousands
Disclosure of transactions between related parties [line items]
Other receivables
$ 441,100
$ 390,394
Accounts payable
(393,664)
(432,510)
InterCement Brasil S.A. [member]
Disclosure of transactions between related parties [line items]
Accounts payable
(99,417)
(132,991)
InterCement Trading e Inversiones S.A. [member]
Disclosure of transactions between related parties [line items]
Other receivables
264,158
320,910
Accounts payable
(21,772)
(29,065)
Intercement Participações S.A.[member]
Disclosure of transactions between related parties [line items]
Other receivables
176,942
69,484
Accounts payable
$ (272,475)
$ (270,454)
$ in Thousands
Outstanding balances for related party transactions [abstract]
Other receivables
$ 441,100
$ 390,394
Accounts payable
$ (393,664)
$ (432,510)
$ in Thousands12 Months Ended
InterCement Brasil S.A. [member]
Disclosure of transactions between related parties [line items]
purchase of goods and services
$ 0
$ (197)
$ 21,995
InterCement Portugal S.A. [member]
Disclosure of transactions between related parties [line items]
purchase of goods and services
0
(345,538)
664,101
InterCement Trading e Inversiones S.A. [member]
Disclosure of transactions between related parties [line items]
services provided
3,952
71,164
$ 166,984
Intercement Participações S.A.[member]
Disclosure of transactions between related parties [line items]
purchase of goods and services
(709,364)
(322,892)
services provided
$ 135,831
$ 71,145
$ / shares in Units, $ in Thousands
12 Months Ended
Disclosure of transactions between related parties [line items]
Provision for guarantees granted or recevied over outstanding balances
$ 0
Key Management fees
361,918
$ 323,275
Key management personnel compensation, other long-term employee benefits
49,182
33,946
Loss from Interest in Companies
(609,489)
Dividends Paid
$ 4,032,933
Expense recognised during period for Bad or doubtful debts fro related party transactions
0
Dividends paid, ordinary shares per share
$ 6.77
Common Class A and Class B [member]
Disclosure of transactions between related parties [line items]
Loss from Interest in Companies
$ (609,489)
Ferrosur Roca S.A. [member]
Disclosure of transactions between related parties [line items]
Capital Contributions
$ 3,047,447
Cofesur S.A.U [member]
Disclosure of transactions between related parties [line items]
Percentage of Capital Commitments
100.00%
Percentage of Capital Commitments But Subscribed Only Maximum Limit of Issued Shares
80.00%
$ in Thousands
Non-current
Advances to suppliers
$ 483,630
$ 468,397
Receivable for sale of interest in Yguazú Cementos S.A.
63,474
Tax credits
82,713
57,846
Contributions to the Trust Fund to Strengthen the Inter-urban Railroad System (F.F.F.S.F.I.)
181,506
198,917
Prepaid expenses
128,742
123,291
Guarantee deposits
60
2,063
Miscellaneous
10,680
Subtotal
876,651
924,668
Allowance for other doubtful accounts
(181,506)
(198,917)
Total
695,145
725,751
Current
Turnover tax credits
100,332
174,491
Receivable for sale of interest in Yguazú Cementos S.A.
308,008
825,165
Related party receivables
441,100
390,394
Prepaid expenses
236,567
274,387
Guarantee deposits
856
277
Reimbursements receivable
11,994
47,977
Advance payments to suppliers
18,385
35,067
Salaries advances and loans to employees
9,629
1,845
Receivables from sales of property, plant and equipment
10,439
42,238
Miscellaneous
53,540
45,405
Total
$ 1,190,850
$ 1,837,246
$ in Thousands
Trade and other receivables [abstract]
Accounts receivable
$ 4,124,836
$ 4,403,116
Accounts receivable in litigations
62,125
85,690
Notes receivable
30,701
25,292
Foreign customers
2,965
100,723
Subtotal
4,220,627
4,614,821
Allowance for doubtful accounts
(259,802)
(102,587)
Total
$ 3,960,825
$ 4,512,234
$ in Thousands
To expire [member]
Disclosure of accounts receivable [line items]
Financial assets
$ 2,474,113
$ 2,579,843
Trade receivables [member]
Disclosure of accounts receivable [line items]
Financial assets
4,220,627
4,614,821
Trade receivables [member] | Past due 0 to 30 days [member]
Disclosure of accounts receivable [line items]
Financial assets
951,356
1,062,273
Trade receivables [member] | 31 to 60 days [member]
Disclosure of accounts receivable [line items]
Financial assets
143,691
75,539
Trade receivables [member] | 61 to 90 days [member]
Disclosure of accounts receivable [line items]
Financial assets
69,165
24,619
Trade receivables [member] | More than 90 days [member]
Disclosure of accounts receivable [line items]
Financial assets
$ 582,302
$ 872,547
$ in Thousands12 Months Ended
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets
$ 4,220,627
$ 4,614,821
Past due 0 to 30 days [member]
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets
951,356
1,062,273
31 to 60 days [member]
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets
143,691
75,539
61 to 90 days [member]
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets
69,165
24,619
More than 90 days [member]
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets
582,302
872,547
Financial assets past due but not impaired [member]
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets
$ 1,486,712
$ 1,932,391
Average age
38 days
47 days
Financial assets past due but not impaired [member] | Past due 0 to 30 days [member]
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets
$ 951,356
$ 1,062,273
Financial assets past due but not impaired [member] | 31 to 60 days [member]
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets
143,691
75,539
Financial assets past due but not impaired [member] | 61 to 90 days [member]
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets
69,165
24,619
Financial assets past due but not impaired [member] | More than 90 days [member]
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets
322,500
769,960
Financial assets impaired [member]
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets
259,802
102,587
Financial assets impaired [member] | More than 90 days [member]
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets
$ 259,802
$ 102,587
$ in Thousands12 Months Ended
Disclosure of financial assets [line items]
Beginning balance
$ 102,587
$ 130,076
Increases
9,059
Increases
196,384
Decreases
[1]
(39,169)
(36,548)
Ending balance
$ 259,802
$ 102,587
[1]
Includes allocation of provisions for specific purposes and inflation adjustment effect.
$ in Thousands
Disclosure of cash and cash equivalents [line items]
Cash and banks
$ 330,732
$ 402,449
$ 584,816
In pesos [member]
Disclosure of cash and cash equivalents [line items]
Cash and banks
266,621
381,047
In US Dollars [member]
Disclosure of cash and cash equivalents [line items]
Cash and banks
62,866
19,777
In Reales [member]
Disclosure of cash and cash equivalents [line items]
Cash and banks
6
In Euros [member]
Disclosure of cash and cash equivalents [line items]
Cash and banks
$ 1,245
$ 1,619
12 Months Ended
Disclosure of capital stock and other capital related accounts [abstract]
Capital stock
$ 59,602,649
$ 59,603,000
Capital adjustment
7,193,371,000
7,193,371,000
Treasury shares
(2,387,251,000)
0
Share premium
13,096,405,000
13,096,405,000
Merger premium
2,365,749,000
2,365,749,000
Share-based payment plans
39,870,000
0
Total
$ 20,367,747,000
$ 22,715,128,000
shares in Thousands
Disclosure of capital stock and other capital related accounts [abstract]
Common stock with a face value of $ 0.10 per share and entitled to 1 vote each, fully paid-in (in thousands)
596,026
596,026
12 Months Ended
Disclosure of capital stock and other capital related accounts [abstract]
Par value per share | $ / shares
$ 0.10
Number of votes per share | Vote
1
$ in Thousands
12 Months Ended
Disclosure of capital stock and other capital related accounts [line items]
Percentage of Treasury stock limitation on capital stock Markets
10.00%
Purchase of treasury shares
$ 750,000
Treasury stock acquisition Plan period
90 days
Share-based payment plans
$ 39,870
$ 39,870
$ 0
Treasury shares [member]
Disclosure of capital stock and other capital related accounts [line items]
Number of shares in entity held by entity
10,625,520
10,625,520
Increase (decrease) through treasury share transactions, equity
$ 2,949,860
Second treasury stock acquisition plan [Member]
Disclosure of capital stock and other capital related accounts [line items]
Treasury stock acquisition Plan period
60 days
Third treasury stock acquisition plan [Member]
Disclosure of capital stock and other capital related accounts [line items]
Treasury stock acquisition Plan period
60 days
Fourth treasury stock acquisition plan [Member]
Disclosure of capital stock and other capital related accounts [line items]
Treasury stock acquisition Plan period
60 days
Top of range [member]
Disclosure of capital stock and other capital related accounts [line items]
Treasury stock acquisition Plan period
45 days
Top of range [member] | Second treasury stock acquisition plan [Member]
Disclosure of capital stock and other capital related accounts [line items]
Purchase of treasury shares
$ 975,000
Top of range [member] | Third treasury stock acquisition plan [Member]
Disclosure of capital stock and other capital related accounts [line items]
Purchase of treasury shares
$ 700,000
Top of range [member] | Fourth treasury stock acquisition plan [Member]
Disclosure of capital stock and other capital related accounts [line items]
Purchase of treasury shares
$ 900,000
Bottom of range [member] | Second treasury stock acquisition plan [Member]
Disclosure of capital stock and other capital related accounts [line items]
Purchase of treasury shares
$ 563,800
Bottom of range [member] | Third treasury stock acquisition plan [Member]
Disclosure of capital stock and other capital related accounts [line items]
Purchase of treasury shares
$ 661,200
Bottom of range [member] | Fourth treasury stock acquisition plan [Member]
Disclosure of capital stock and other capital related accounts [line items]
Purchase of treasury shares
$ 643,000
ADR shares [Member]
Disclosure of capital stock and other capital related accounts [line items]
Number of shares issued
10,069
10,069
Issue of equity
$ 6,816
$ in Thousands12 Months Ended
Disclosure of reserves and accumulated others comprehensive income [line items]
Foreign exchange losses due to translation of operations in foreign currencies
$ 0
$ (432,313)
$ (370,833)
Reserve for conversion of transactions in foreign currency [member]
Disclosure of reserves and accumulated others comprehensive income [line items]
Balance at the beginning of the year
0
678,571
Foreign exchange losses due to translation of operations in foreign currencies
0
(220,487)
Reclassification to foreign exchange gains of items previously recognized in other comprehensive income
0
(458,084)
Balance at the end of the year
$ 0
$ 0
$ 678,571
$ in Thousands
Disclosure of detailed information about borrowings [line items]
Non-current borrowings
$ 398,714
$ 2,821,980
Current borrowings
2,112,431
6,899,930
Loans
2,511,145
9,721,910
In Foreign Currency [Member]
Disclosure of detailed information about borrowings [line items]
Loans
2,338,204
9,674,353
In Local Currency [Member]
Disclosure of detailed information about borrowings [line items]
Loans
$ 172,941
$ 47,557
$ in Thousands12 Months Ended
Disclosure of detailed information about borrowings [line items]
Amount
$ 2,511,145
$ 9,721,910
Loma Negra C.I.A.S.A. [member]
Disclosure of detailed information about borrowings [line items]
Amount
2,387,032
9,701,024
Ferrosur Roca S.A. [member]
Disclosure of detailed information about borrowings [line items]
Amount
$ 124,113
20,886
United States Dollars [member] | Industrial And Commercial Bank of China [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 5.00% [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate basis
3-Month Libor + 5%
Borrowings adjustment to interest rate basis
5.00%
Due date
Nov-23
Amount
$ 803,375
990,769
United States Dollars [member] | Industrial And Commercial Bank of China [member] | Loma Negra C.I.A.S.A. [member] | LIBRO plus 7.375% [Member]
Disclosure of detailed information about borrowings [line items]
Due date
January 2022
United States Dollars [member] | Industrial and Commercial Bank of China one [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate basis
6-Month Libor + 4.25%
Borrowings adjustment to interest rate basis
4.25%
Due date
Mar-21
Amount
$ 0
328,708
United States Dollars [member] | Industrial and Commercial Bank of China two [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate basis
6-Month Libor + 4.25%
Borrowings adjustment to interest rate basis
4.25%
Due date
Apr-21
Amount
$ 0
385,727
United States Dollars [member] | Industrial and Commercial Bank of China three [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate basis
6-Month Libor + 4.25%
Borrowings adjustment to interest rate basis
4.25%
Due date
May-21
Amount
$ 0
1,071,261
United States Dollars [member] | Industrial and Commercial Bank of China four [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate basis
6-Month Libor + 4.25%
Borrowings adjustment to interest rate basis
4.25%
Due date
Jun-21
Amount
$ 0
257,479
United States Dollars [member] | Industrial and Commercial Bank of China five [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate basis
6-Month Libor + 4.25%
Borrowings adjustment to interest rate basis
4.25%
Due date
Jul-21
Amount
$ 0
63,407
United States Dollars [member] | Industrial and Commercial Bank of China six [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate basis
6-Month Libor + 4.25%
Borrowings adjustment to interest rate basis
4.25%
Due date
Aug-21
Amount
$ 0
1,345,182
United States Dollars [member] | Industrial and Commercial Bank of China seven [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate basis
6-Month Libor + 4.25%
Borrowings adjustment to interest rate basis
4.25%
Due date
Sep-21
Amount
$ 0
213,289
United States Dollars [member] | Industrial and Commercial Bank of China eight [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate basis
6-Month Libor + 4.25%
Borrowings adjustment to interest rate basis
4.25%
Due date
Oct-21
Amount
$ 0
437,852
United States Dollars [member] | Industrial and Commercial Bank of China nine [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate basis
6-Month Libor + 4.25%
Borrowings adjustment to interest rate basis
4.25%
Due date
Nov-21
Amount
$ 0
561,573
United States Dollars [member] | Industrial and Commercial Bank of China ten [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate basis
6-Month Libor + 4.25%
Borrowings adjustment to interest rate basis
4.25%
Due date
Dec-21
Amount
$ 0
396,652
United States Dollars [member] | Industrial and Commercial Bank of China eleven [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate basis
6-Month Libor + 4.25%
Borrowings adjustment to interest rate basis
4.25%
Due date
Jan-22
Amount
$ 91,751
113,478
United States Dollars [member] | Industrial and Commercial Bank of China twelve [Member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate basis
6-Month Libor + 4.25%
Borrowings adjustment to interest rate basis
4.25%
Due date
Feb-22
Amount
$ 6,394
59,412
United States Dollars [member] | Industrial and Commercial Bank of China thirteen [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 4.25% [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate basis
6-Month Libor + 4.25%
Borrowings adjustment to interest rate basis
4.25%
Due date
Mar-22
Amount
$ 41,643
0
United States Dollars [member] | Industrial and Commercial Bank of China fourteen [member] | Loma Negra C.I.A.S.A. [member] | LIBRO plus 7.375% [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate basis
6-Month Libor + 7.375%
Borrowings adjustment to interest rate basis
7.375%
Due date
Jan-22
Amount
$ 663,235
820,947
United States Dollars [member] | Industrial And Commercial Bank Of China Fifteen [Member] | Loma Negra C.I.A.S.A. [member] | LIBRO plus 7.375% [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate basis
6-Month Libor + 7.375%
Borrowings adjustment to interest rate basis
7.375%
Due date
Jan-22
Amount
$ 731,806
905,823
Euro [member] | Loma Negra C.I.A.S.A. [member]
Disclosure of detailed information about borrowings [line items]
Amount
$ 2,338,204
9,674,353
Euro [member] | Banco Itaú S.A. [member] | Loma Negra C.I.A.S.A. [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate
4.00%
Due date
Apr-21
Amount
$ 0
210,623
Euro [member] | Banco Itaú S.A. one [member] | Loma Negra C.I.A.S.A. [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate
4.00%
Due date
May-21
Amount
$ 0
50,248
Euro [member] | Banco Itaú S.A. two [member] | Loma Negra C.I.A.S.A. [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate
4.00%
Due date
Jun-21
Amount
$ 0
266,984
Euro [member] | Banco Itaú S.A. three [member] | Loma Negra C.I.A.S.A. [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate
4.00%
Due date
Jul-21
Amount
$ 0
677,570
Euro [member] | Banco Itaú S.A. four [member] | Loma Negra C.I.A.S.A. [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate
4.00%
Due date
Aug-21
Amount
$ 0
59,909
Euro [member] | Banco Itaú S.A. five [member] | Loma Negra C.I.A.S.A. [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate
4.00%
Due date
Sep-21
Amount
$ 0
2,847
Euro [member] | Banco Itaú S.A. six [member] | Loma Negra C.I.A.S.A. [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate
4.00%
Due date
Oct-21
Amount
$ 0
454,613
Local currency [member]
Disclosure of detailed information about borrowings [line items]
Amount
$ 172,941
47,557
Local currency [member] | Advances in current account one [member] | Ferrosur Roca S.A. [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate
35.60%
Due date
Jan-22
Amount
$ 124,113
20,886
Local currency [member] | Advances in current account two [member] | Loma Negra C.I.A.S.A. [member]
Disclosure of detailed information about borrowings [line items]
Borrowings interest rate
35.60%
Due date
Jan-22
Amount
$ 48,828
$ 26,671
$ in Thousands
Disclosure of detailed information about borrowings [line items]
Amount
$ 2,511,145
$ 9,721,910
Ferrosur Roca S.A. [member]
Disclosure of detailed information about borrowings [line items]
Amount
124,113
20,886
Loma Negra C.I.A.S.A. [member]
Disclosure of detailed information about borrowings [line items]
Amount
$ 2,387,032
$ 9,701,024
$ in Thousands, $ in Thousands1 Months Ended
12 Months Ended
Disclosure of detailed information about borrowings [line items]
Borrowings
$ 9,721,910
$ 2,511,145
Borrowings Maturity Due on February 2022 Member [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate basis
4.25
Industrial And Commercial Bank Of China Argentina [member] | Borrowings Maturity Due on February 2022 Member [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings
$ 40,919,350
Borrowings, maturity
February 2022
Industrial And Commercial Bank Of China Argentina [member] | LIBOR plus 4.25% [member] | Borrowings Maturity Due on February 2022 Member [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings
389,966
Borrowings, maturity
March 2022
Loma Negra C.I.A.S.A. [member]
Disclosure of detailed information about borrowings [line items]
Borrowings
$ 9,701,024
2,387,032
In Argentina Pesos [member] | Loma Negra C.I.A.S.A. [member] | Industrial And Commercial Bank Of China Argentina [member] | Fixed interest rate [member] | Amended Loan Agreement [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings
803,375
In US Dollars [member] | Loma Negra C.I.A.S.A. [member] | Industrial And Commercial Bank of China [member] | Fixed interest rate [member] | Amended Loan Agreement [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings, maturity
November 2023
In US Dollars [member] | Loma Negra C.I.A.S.A. [member] | Industrial And Commercial Bank of China [member] | LIBOR plus 3.75 [member]
Disclosure of detailed information about borrowings [line items]
Face amount
$ 13,127,766
In US Dollars [member] | Loma Negra C.I.A.S.A. [member] | Industrial And Commercial Bank of China [member] | LIBOR plus 7.375% [member]
Disclosure of detailed information about borrowings [line items]
Borrowings, maturity
January 2022
In US Dollars [member] | Loma Negra C.I.A.S.A. [member] | Industrial And Commercial Bank Of China Argentina [member] | Fixed interest rate [member]
Disclosure of detailed information about borrowings [line items]
Borrowings first periodic repayment amount
$ 5,200,000
In US Dollars [member] | Loma Negra C.I.A.S.A. [member] | Industrial And Commercial Bank Of China Argentina [member] | Fixed interest rate [member] | Amended Loan Agreement [Member]
Disclosure of detailed information about borrowings [line items]
Number of quarterly installments | Agreement
8
Number of installments for loan repayment | Installment
9
Borrowings remaining quaterly installments repayment amount
$ 975,000
In US Dollars [member] | Loma Negra C.I.A.S.A. [member] | Industrial And Commercial Bank Of China Argentina [member] | LIBOR plus 3.75 [member]
Disclosure of detailed information about borrowings [line items]
Face amount
$ 50,000,000
Borrowings interest rate
7.375%
7.375%
Euro [member] | Loma Negra C.I.A.S.A. [member]
Disclosure of detailed information about borrowings [line items]
Borrowings
$ 9,674,353
$ 2,338,204
Euro [member] | Loma Negra C.I.A.S.A. [member] | Industrial And Commercial Bank Of China Argentina [member] | LIBOR plus 3.75 [member]
Disclosure of detailed information about borrowings [line items]
Face amount
$ 10,880,903
Euro [member] | Loma Negra C.I.A.S.A. [member] | Banco Itaú Unibanco S.A [member] | Floating interest rate [member]
Disclosure of detailed information about borrowings [line items]
Maturity period
2 years
Borrowings interest rate
4.00%
$ in Thousands12 Months Ended
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance
$ 9,721,910
New borrowings and financing
1,250,530
Accrued interest
337,858
Effects of foreign exchange rate variation
(1,353,024)
Interest payments
(570,181)
Principal payments
(6,875,948)
Ending balance
$ 2,511,145
$ in Thousands
Disclosure of detailed information about borrowings [line items]
Borrowings
$ 398,714
$ 2,821,980
2023 [member]
Disclosure of detailed information about borrowings [line items]
Borrowings
$ 398,714
$ in Thousands
Non-Current
Accounts payable for investments in Property, plant and equipment
$ 0
$ 154,617
Total
0
154,617
Current
Suppliers
4,124,029
4,833,691
Related parties (Note 19)
393,664
432,510
Accounts payable for Investments in Property, plant and equipment
1,666,010
1,602,064
Provisions for expenses
1,692,572
1,272,041
Total
$ 7,876,275
$ 8,140,306
$ in Thousands
Disclosure of other provisions [line items]
Non current provisions
$ 567,332
$ 735,788
$ 1,145,561
Labor and social security [member]
Disclosure of other provisions [line items]
Non current provisions
106,367
151,056
179,019
Environmental restoration [member]
Disclosure of other provisions [line items]
Non current provisions
335,519
437,875
805,173
Civil and other [member]
Disclosure of other provisions [line items]
Non current provisions
$ 125,446
$ 146,857
$ 161,369
$ in Thousands12 Months Ended
Disclosure of other provisions [line items]
Beginning balance
$ 735,788
$ 1,145,561
Increases
(31,178)
(339,005)
Decreases
(137,278)
(70,768)
Ending balance
567,332
735,788
Labor and social security [member]
Disclosure of other provisions [line items]
Beginning balance
151,056
179,019
Increases
(10,816)
(19,070)
Decreases
(33,873)
(8,893)
Ending balance
106,367
151,056
Environmental restoration [member]
Disclosure of other provisions [line items]
Beginning balance
437,875
805,173
Increases
(19,884)
(331,433)
Decreases
(82,472)
(35,865)
Ending balance
335,519
437,875
Civil and other [member]
Disclosure of other provisions [line items]
Beginning balance
146,857
161,369
Increases
(478)
11,498
Decreases
(20,933)
(26,010)
Ending balance
$ 125,446
$ 146,857
$ in Millions
Disclosure of other provisions [line items]
Estimated amount of cash flow for uncertain contingencies
$ 968.6
Tax contingencies [member]
Disclosure of other provisions [line items]
Estimated amount of cash flow for uncertain contingencies
284.8
Labor contingencies [member]
Disclosure of other provisions [line items]
Estimated amount of cash flow for uncertain contingencies
169.2
Administrative and other proceedings [member]
Disclosure of other provisions [line items]
Estimated amount of cash flow for uncertain contingencies
$ 514.6
$ in Thousands
Current tax liabilities
Current tax liabilities
$ 3,345,412
$ 4,353,246
Income tax [member]
Current tax liabilities
Current tax liabilities
2,524,197
3,418,707
Value added tax [member]
Current tax liabilities
Current tax liabilities
502,226
615,408
Turnover tax [member]
Current tax liabilities
Current tax liabilities
156,011
153,710
Other taxes, withholdings and perceptions [member]
Current tax liabilities
Current tax liabilities
$ 162,978
$ 165,421
$ in Thousands
Miscellaneous liabilities [abstract]
Benefit plans
$ 51,449
Termination payment plans
91,183
$ 168,710
Total
142,632
168,710
Termination payment plans
136,632
159,460
Dividends payable to minority shareholders
11,818
22,744
Others
11,481
24,076
Total
$ 159,931
$ 206,280
$ in Thousands
Cash and cash equivalents [abstract]
Cash and banks (Note 22)
$ 330,732
$ 402,449
$ 584,816
Short-term investments (Note 16)
2,974,967
6,202,075
2,095,224
Cash and cash equivalents
$ 3,305,699
$ 6,604,524
$ 2,680,040
$ 7,368,435
$ in Thousands12 Months Ended
Disclosure of significant non cash transaction [line items]
Acquisition of financed property, plant and equipment
$ 1,577,004
$ 1,423,720
$ 6,247,178
Right of use assets and lease liabilities
$ 57,236
7,026
$ 1,003,345
Yguazu Cementos S.A. [member]
Disclosure of significant non cash transaction [line items]
Sale of interest in Yguazú Cementos S.A.
$ 888,639
$ in Thousands12 Months Ended
Disclosure of operating segments [line items]
Revenue before effect from restatement in constant currency
$ 62,347,281
$ 36,259,046
$ 28,637,977
Reconciliation—effect from restatement in constant currency
11,320,865
26,567,775
43,441,317
Revenue
73,668,146
62,826,821
72,079,294
Cost of sales before effect from restatement in constant currency
38,702,101
22,781,664
19,290,640
Reconciliation—effect from restatement in constant currency
11,682,020
21,031,225
33,095,403
Cost of sales
50,384,121
43,812,889
52,386,043
Reconciliation - effect from restatement in constant currency
1,180,485
2,343,532
3,528,235
Selling administrative and other expenses
6,119,282
4,992,327
5,651,247
Depreciation and amortization expense
5,817,250
5,849,457
5,517,403
Reconciliation - effect from restatement in constant currency
4,070,901
4,582,170
4,530,949
Reconciliation - Effect from restatement in constant currency
(1,541,640)
3,193,018
6,817,679
Net revenues less cost of sales, selling and administrative expenses, and other gains and losses
17,164,743
14,021,605
14,042,003
Tax on debits and credits to bank accounts
(742,448)
(738,656)
(829,851)
Loss from interest in companies
(609,489)
Financial results (loss), net
42,483
1,611,705
(3,121,499)
Income tax
(9,967,806)
(3,416,654)
(3,320,921)
Net profit for the year from discontinued operations
0
7,741,194
1,539,990
NET PROFIT FOR THE YEAR
6,344,124
17,180,357
8,309,721
Cement Segment [member]
Disclosure of operating segments [line items]
Asset Impairment
(152,848)
Rail Services Segment [member]
Disclosure of operating segments [line items]
Asset Impairment
(1,184,059)
Aggregates Segment [member]
Disclosure of operating segments [line items]
Asset Impairment
(245,289)
Operating segments [member]
Disclosure of operating segments [line items]
Selling administrative and other expenses before effect from restatement in constant currency
4,938,797
2,648,795
2,123,013
Depreciation and amortization expense before effect from restatement in constant currency
1,746,349
1,267,287
986,454
Net revenues less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency
18,706,383
10,828,587
7,224,324
Operating segments [member] | Cement masonry cement and lime segment [member]
Disclosure of operating segments [line items]
Revenue before effect from restatement in constant currency
55,792,874
33,127,520
24,006,607
Cost of sales before effect from restatement in constant currency
32,500,945
19,192,151
15,250,255
Selling administrative and other expenses before effect from restatement in constant currency
4,197,058
2,380,026
1,770,540
Depreciation and amortization expense
1,336,560
801,603
721,976
Net revenues less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency
19,094,871
11,555,343
6,985,812
Operating segments [member] | Concrete Segment [member]
Disclosure of operating segments [line items]
Revenue before effect from restatement in constant currency
4,464,045
1,799,175
3,953,907
Cost of sales before effect from restatement in constant currency
4,558,508
2,291,800
3,761,272
Selling administrative and other expenses before effect from restatement in constant currency
53,122
30,491
119,696
Depreciation and amortization expense
66,112
188,627
61,987
Net revenues less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency
(147,585)
(523,116)
72,939
Operating segments [member] | Rail Services Segment [member]
Disclosure of operating segments [line items]
Revenue before effect from restatement in constant currency
5,078,130
3,088,837
2,981,609
Cost of sales before effect from restatement in constant currency
4,813,326
3,031,098
2,610,253
Selling administrative and other expenses before effect from restatement in constant currency
543,948
168,615
181,658
Depreciation and amortization expense
305,121
250,098
183,342
Net revenues less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency
(279,144)
(110,876)
189,698
Operating segments [member] | Aggregates Segment [member]
Disclosure of operating segments [line items]
Revenue before effect from restatement in constant currency
960,039
356,863
498,112
Cost of sales before effect from restatement in constant currency
920,621
439,325
525,504
Selling administrative and other expenses before effect from restatement in constant currency
11,134
(1,247)
(7,733)
Depreciation and amortization expense
33,478
22,533
18,879
Net revenues less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency
28,284
(81,215)
(19,659)
Operating segments [member] | All other segments [member]
Disclosure of operating segments [line items]
Revenue before effect from restatement in constant currency
381,820
173,917
157,252
Cost of sales before effect from restatement in constant currency
238,328
114,556
102,866
Selling administrative and other expenses before effect from restatement in constant currency
133,535
70,910
58,852
Depreciation and amortization expense
5,078
4,426
270
Net revenues less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency
9,957
(11,549)
(4,466)
Segment-to-segment deletions [member]
Disclosure of operating segments [line items]
Revenue before effect from restatement in constant currency
(4,329,627)
(2,287,266)
(2,959,510)
Cost of sales before effect from restatement in constant currency
$ (4,329,627)
$ (2,287,266)
$ (2,959,510)
12 Months Ended
Disclosure of operating segments [line items]
Percentage of entity's revenue
10.00%
10.00%
10.00%
Number of customers contributing more than ten percent of revenue
0
0
0
$ in Thousands12 Months Ended
Disclosure of net debt equity ratio [abstract]
Debt
$ 2,511,145
$ 9,721,910
Cash and current investment
5,271,049
6,604,524
Net debt
(2,759,904)
3,117,386
Shareholders' Equity
$ 72,510,087
$ 68,513,344
$ 60,266,054
$ 52,327,166
Net debt to equity ratio and shareholders' equity
(0.04)
0.05
$ in Thousands
Disclosure of detailed information about financial instruments [line items]
Financial liabilities at amortised cost
$ 16,492,683
$ 25,750,301
Cash And Banks [member]
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortised cost
330,732
402,449
Investment [member]
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortised cost
3,725,272
2,629,747
Financial assets at fair value through profit or loss
1,215,045
3,572,328
Accounts receivable and other receivables [member]
Disclosure of detailed information about financial instruments [line items]
Financial assets at amortised cost
$ 4,786,822
$ 5,939,907
$ in Thousands
In United States Dollars [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities
$ 4,178,698
$ 9,610,352
Financial assets
1,120,861
1,764,349
In Euros [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities
121,653
2,470,036
Financial assets
18,040
30,373
In Reales [member]
Disclosure of detailed information about financial instruments [line items]
Financial liabilities
$ 47
62
Financial assets
$ 6
$ in Thousands12 Months Ended
Disclosure of interest rate risk [line items]
Percentage of increase in foreign currency exchange rate
25.00%
Financial loans at amortized cost
$ 16,492,683
$ 25,750,301
Level 1 of fair value hierarchy [member]
Disclosure of interest rate risk [line items]
Financial loans at amortized cost
$ 2,507,217
$ 9,784,886
BADLAR Plus 1 [member]
Disclosure of interest rate risk [line items]
Borrowing interest rate basis
1.00%
Increase in financial expense
$ 451,000
Average interest rate [member]
Disclosure of interest rate risk [line items]
Borrowing interest rate basis
1.00%
Increase in financial expense
$ 38,739
$ in Thousands12 Months Ended
In US Dollars [member]
Disclosure foreign currency sensitivity analysis [line items]
Loss for the year
$ 764,459
Decrease in of shareholders' equity
764,459
In Euro [member]
Disclosure foreign currency sensitivity analysis [line items]
Loss for the year
25,903
Decrease in of shareholders' equity
$ 25,903
$ in Thousands
Disclosure of interest rate risk [line items]
Amortized cost
$ 16,492,683
$ 25,750,301
Interest rate risk [member] | Financial assets, class [member]
Disclosure of interest rate risk [line items]
Investments held to maturity
3,725,272
2,629,747
Investments measured at fair value through profit or loss
1,215,045
3,572,328
Interest rate risk [member] | Financial liabilities, class [member]
Disclosure of interest rate risk [line items]
Amortized cost
$ 2,511,145
$ 9,721,910
$ in Thousands
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings
$ 2,582,861
$ 10,198,528
Leases
$ 401,197
$ 1,102,389
Weighted average [member]
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Weighted average effective interest rate %
15.90%
42.50%
Less than 1 month [member]
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings
$ 1,664,505
$ 127,728
Leases
8,816
20,179
1-3 months [member]
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings
164,045
462,322
Leases
17,296
40,169
3 months to 1 year [member]
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings
334,457
6,624,933
Leases
58,530
163,874
1 to 3 years [member]
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings
419,854
2,983,545
Leases
184,581
290,543
3-6 years [member]
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings
0
0
Leases
131,974
406,816
More than 6 years [member]
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Leases
$ 0
$ 180,807
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Weighted average effective interest rate %
15.90%
42.50%
Lease liabilities [member] | In Pesos [member]
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Weighted average effective interest rate %
46.20%
49.10%
Lease liabilities [member] | In US Dollars [member]
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Weighted average effective interest rate %
8.40%
10.80%
$ in Thousands12 Months Ended
Disclosure of fair value measurement of assets [line items]
Fair value
$ 104,850,984
$ 107,086,884
Investment funds [member] | Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member]
Disclosure of fair value measurement of assets [line items]
Fair value
$ 1,215,045
$ 3,572,328
Fair value hierarchy
Level 1
$ in Thousands
Disclosure of detailed information about borrowings [line items]
Amount
$ 2,511,145
$ 9,721,910
Ferrosur Roca S.A. [member]
Disclosure of detailed information about borrowings [line items]
Amount
124,113
$ 20,886
Guarantees [member] | Ferrosur Roca S.A. [member] | Current Account Advances [member]
Disclosure of detailed information about borrowings [line items]
Line of credit
124,113
Guarantees [member] | Ferrosur Roca S.A. [member] | Top of range [member]
Disclosure of detailed information about borrowings [line items]
Amount
$ 1,250,000
$ in Thousands
Disclosure of restricted assets [line items]
Judicial deposits
$ 4,689
€ in Millions, $ in Millions, $ in Millions
Disclosure of commitments [line items]
Contractual commitments to purchase slag, estimated undiscounted future cash flows
$ 378.8
Contractual commitment to purchase limestone
2.5
Sinoma International Engenieering Co. Ltd. [member]
Disclosure of commitments [line items]
Commitment due to agreement
30.6
$ 0.8
€ 0.3
$ 2,215.4
$ 107.7
€ 41.3
2021 [member]
Disclosure of commitments [line items]
Provision of natural gas commitment
1,280.5
Electrical energy consumption commitment annual payment
14,538.9
2022 [member]
Disclosure of commitments [line items]
Electrical energy consumption commitment annual payment
1,454.5
2022 [member]
Disclosure of commitments [line items]
Electrical energy consumption commitment annual payment
$ 11,629.9
$ in Thousands
Disclosure of detailed information about investment property [line items]
New cement plant capacity per day | t
5,800
Investment property | $
$ 38,999,982
$ in Thousands12 Months Ended
Disclosure of management trust [line items]
Contributions | $
$ 91,913
$ 132,613
$ 60,633
Monte Division [member] | Bottom of Range [member]
Disclosure of management trust [line items]
Improved distance of railway completed
295
Monte Division [member] | Top of Range [member]
Disclosure of management trust [line items]
Improved distance of railway completed
305
12 Months Ended
Disclosure restrictions to dividends distribution [line items]
Legal reserve percentage with respect to net income subscribed capital plus adjustment to capital
20.00%
Restrictions to dividends distribution ratio before occurrence of substantial event
3.50
Restrictions to dividends distribution ratio after occurrence of substantial event
4.50
Bottom of Range [member]
Disclosure restrictions to dividends distribution [line items]
Legal reserve percentage with respect to net income
5.00%
12 Months Ended
Disclosue Of Concession [line items]
Proportion of ownership interest in subsidiary
16.00%
Actual term for concession agreements
30 years
Expiration period for concession agreements
March 2023
Number of private concessions contract still in force
3
Cofesur S.A.U [member]
Disclosue Of Concession [line items]
Proportion of ownership interest in subsidiary
80.00%
National State [member]
Disclosue Of Concession [line items]
Proportion of ownership interest in subsidiary
16.00%
Workers of Ferrosur Roca S.A. [member]
Disclosue Of Concession [line items]
Proportion of ownership interest in subsidiary
4.00%
Top of range [member]
Disclosue Of Concession [line items]
Extension term for concession agreements
10 years
12 Months Ended
Statement [line items]
Proportion of ownership interest in subsidiary
16.00%
Yguazu Cementos S.A. [member] | Discontinued operations [member]
Statement [line items]
Proportion of ownership interest in subsidiary
51.00%
Percentage of total consideration collected
97.00%
Yguazu Cementos S.A. [member] | Discontinued operations [member] | Bottom of Range [member]
Statement [line items]
Number of monthly installments due
March 2022
Yguazu Cementos S.A. [member] | Discontinued operations [member] | Top of range [member]
Statement [line items]
Number of monthly installments due
December 2022
$ / shares in Units, $ in Thousands12 Months Ended
Disclosure of analysis of single amount of discontinued operations [line items]
Revenues
$ 73,668,146
$ 62,826,821
$ 72,079,294
Financial results, net
42,483
1,611,705
(3,121,499)
Reclassification of foreign exchange gains /(losses) recognized in other comprehensive income
458,084
Profit (loss) before income tax
16,311,930
12,855,817
10,090,653
Income tax
9,967,806
5,706,563
3,465,540
Net profit for the year from discontinued operations
$ 0
$ 7,741,194
$ 1,539,990
Net profit for the year from discontinued operations per (basic and diluted) share attributable to:
Basic and diluted earnings (loss) per share from discontinued operations
$ 11.1238
$ 28.7461
$ 13.2364
Equity attributable to owners of parent [member]
Disclosure of analysis of single amount of discontinued operations [line items]
Reclassification of foreign exchange gains /(losses) recognized in other comprehensive income
$ 458,084
Discontinued operations [member] | Loma Yguazu Cementos S.A. [Member]
Disclosure of analysis of single amount of discontinued operations [line items]
Revenues
4,482,151
$ 7,964,274
Operating costs and expenses
(3,376,174)
(5,684,741)
Financial results, net
(240,886)
(594,924)
Reclassification of foreign exchange gains /(losses) recognized in other comprehensive income
458,084
Gain on disposal of discontinued operations
8,707,928
Profit (loss) before income tax
10,031,103
1,684,608
Income tax
(2,289,909)
(144,619)
Net profit for the year from discontinued operations
7,741,194
1,539,990
Net profit for the year from discontinued operations attributable to:
Owners of the parent company
7,360,951
785,420
Non-controlling interest
$ 380,243
$ 754,569
Discontinued operations [member] | Loma Yguazu Cementos S.A. [Member] | Equity attributable to owners of parent [member]
Net profit for the year from discontinued operations per (basic and diluted) share attributable to:
Basic and diluted earnings (loss) per share from discontinued operations
$ 12.3500
$ 1.3177
Discontinued operations [member] | Loma Yguazu Cementos S.A. [Member] | Non-controlling Interest [member]
Net profit for the year from discontinued operations per (basic and diluted) share attributable to:
Basic and diluted earnings (loss) per share from discontinued operations
$ 0.6380
$ 1.2659
$ in Thousands12 Months Ended
Disclosure of analysis of single amount of discontinued operations [line items]
Consideration paid in cash
$ 13,604,997
Gains (losses) on disposals of investments
88,957
Bottom of Range [member]
Disclosure of analysis of single amount of discontinued operations [line items]
Investments in subsidiaries
$ 4,808,111
$ in Thousands12 Months Ended
Disclosure Of Cash Flows From Continuing And Discontinued Operation [Line Items]
Net cash generated by operating activities
$ 1,264,272
$ 2,281,809
Net cash used in investing activities
(207,133)
(73,795)
Net cash used in financing activities
(3,884,074)
(2,371,270)
Effects of exchange rate differences on cash and cash equivalents in foreign currency
$ (524,285)
4,984,114
397,129
Discontinued operations [member] | Loma Yguazu Cementos S.A. [Member]
Disclosure Of Cash Flows From Continuing And Discontinued Operation [Line Items]
Net cash generated by operating activities
1,264,272
2,281,809
Net cash used in investing activities
(207,133)
(73,795)
Net cash used in financing activities
(3,884,074)
(2,371,270)
Effects of exchange rate differences on cash and cash equivalents in foreign currency
(23,548)
Total cash used during the fiscal year for discontinued operations
$ (2,850,483)
$ (163,256)
12 Months Ended
Statement [line items]
Growth rate during the period
10.00%
Number of people involved in poverty national wide
18,800,000
Poverty rate
40.60%
Number of Basis Points
1718.00%
INDEC [member]
Statement [line items]
Percentage of increase decrease in inflation rate
50.94%
$ / shares in Units, $ in Millions, $ in Millions
Major business combination [member] | InterCement [member]
Disclosure of non-adjusting events after reporting period [line items]
Transfer of ownership interest, Percent
8.00%
Events After Reporting Period [Member]
Disclosure of non-adjusting events after reporting period [line items]
Dividends Payable Equivalent Per Share | $ / shares
$ 8.797388907640520
Nominal Value Allocated To Optional Reserve For Future Dividends
$ 6,586
Dividends payable allocated to optional reserve for future dividends distribution
$ 5,150
Events After Reporting Period [Member] | Parent Company [Member] | United States of America, Dollars | LIBOR Plus Eight Percentage [Member] | Industrial And Commercial Bank Of China(Dubai Branch) [Member]
Disclosure of non-adjusting events after reporting period [line items]
Notional amount
$ 56
Events After Reporting Period [Member] | InterCement [member]
Disclosure of non-adjusting events after reporting period [line items]
Percentage of borrowings guaranteed by beneficial owners
51.00%
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