Loma Negra, (NYSE: LOMA; BYMA: LOMA), (“Loma Negra” or
the “Company”), the leading cement producer in Argentina, today
announced results for the three-month period ended June 30, 2021
(our “2Q21 Results”).
2Q21 Key Highlights
- Net revenue increased by 46.6% YoY to Ps. 14,269 million
(US$147 million), mostly explained by our core cement segment
- Strong increase in our Consolidated Adjusted EBITDA of 74.1%
YoY to Ps. 4,354 million (US$48 million)
- Consolidated Adjusted EBITDA margin expanded by 483 basis
points YoY from 25.7% to 30.5%, driven by higher sales of cement,
masonry, and lime together with higher operational leverage
- Net loss of Ps. 1,265 million as a consequence of a one-off
effect in deferred taxes as a result of the recent tax reform
- Net Debt /LTM Adjusted EBITDA ratio of 0.13x from 1.30x in 2Q20
and 0.16x in FY20
The Company has presented certain financial figures, Table 1b
and Table 11, in U.S. dollars and Pesos without giving effect to
IAS 29. The Company has prepared all other financial information
herein by applying IAS 29.
Commenting on the financial and operating performance for the
second quarter of 2021, Sergio Faifman, Loma Negra’s Chief
Executive Officer, noted: “We are pleased to announce another
quarter with an excellent performance. Demand continues with a
strong momentum, and after several quarters of recovery is now
exceeding pre-pandemic levels.
On the back of our revenues growth and a higher operational
leverage is that we increased our EBITDA by 74%YoY and expanded our
margin by 483 bps, reaching one of the best second quarters in
recent years with Adjusted EBITDA in the quarter of US$ 48
million.
Additionally, during the quarter, we posted a net loss impacted
by one-off income tax effect derived from the recent tax reform.
Still, for the first half of the year, Net profit stood at Ps.
1,583 million.
Regarding our expansion project, last June we inaugurated the
new kiln and is now producing clinker and contributing to our
world-class operation. Additionally, the new Cement mill and
dispatch center are close to commissioning.
For the second half, we expect strong recovery to continue and
an expansion vis-à-vis pre-pandemic levels, as seasonality and
public works should begin to contribute positively. Yet we remain
cautious as macroeconomic context could affect the recovery and
some degree of uncertainty remains in relation to the pandemic.
Last but not least, I would like to thank all our people, and
stakeholders, for their commitment to Loma´s operational
excellence, without whom this set of solid results would have been
much harder to achieve. Supported by a robust and efficient
productive footprint, a solid capital structure, and a dedicated
team, Loma has the base to continue thriving in the years to
come.”
Table 1: Financial
Highlights
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended June
30,
Six-months ended June
30,
2021
2020
% Chg.
2021
2020
% Chg.
Net revenue
14,269
9,735
46.6%
28,888
20,536
40.7%
Gross Profit
4,299
2,286
88.0%
9,598
5,578
72.1%
Gross Profit margin
30.1%
23.5%
+664bps
33.2%
27.2%
+606bps
Adjusted EBITDA
4,354
2,501
74.1%
9,576
5,990
59.9%
Adjusted EBITDA Mg.
30.5%
25.7%
+483bps
33.1%
29.2%
+398bps
Net Profit
(1,265)
166
n/a
1,583
1,560
1.5%
Net Profit attributable to owners
of the Company
(1,235)
123
n/a
1,651
1,480
11.6%
EPS
(2.0747)
0.2060
n/a
2.7770
2.0022
38.7%
Shares outstanding at eop
596
596
-0.1%
596
596
-0.1%
Net Debt
2,484
18,853
-86.8%
2,484
18,853
-86.8%
Net Debt /LTM Adjusted EBITDA
0.13x
1.30x
-1.17x
0.13x
1.30x
-1.17x
Table 1b: Financial Highlights
in Ps and in U.S. dollars (figures exclude the impact of IAS
29)
In million Ps.
Three-months ended June
30,
Six-months ended June
30,
2021
2020
% Chg.
2021
2020
% Chg.
Net revenue
13,829
6,382
116.7%
26,464
12,990
103.7%
Adjusted EBITDA
4,484
1,729
159.3%
9,116
3,934
131.7%
Adjusted EBITDA Mg.
32.4%
27.1%
+528bps
34.4%
30.3%
+414bps
Net Profit
4,628
137
3276.2%
7,888
781
909.3%
Net Debt
2,484
18,853
-86.8%
2,484
18,853
-86.8%
Net Debt /LTM Adjusted EBITDA
0.13x
1.30x
-1.17x
0.13x
1.30x
-1.17x
In million US$
Three-months ended June
30,
Six-months ended June
30,
2021
2020
% Chg.
2021
2020
% Chg.
Ps./US$, av
94.09
67.71
39.0%
91.37
64.59
41.5%
Ps./US$, eop
95.73
70.46
35.9%
95.73
70.46
35.9%
Net revenue
147
94
55.9%
290
201
44.0%
Adjusted EBITDA
48
26
86.3%
100
61
63.7%
Adjusted EBITDA Mg.
32.4%
27.1%
+528bps
34.4%
30.3%
+414bps
Net Profit
49
2
2329.4%
86
12
613.5%
Net Debt
26
268
-90.3%
26
268
-90.3%
Net Debt /LTM Adjusted EBITDA
0.13x
1.30x
-1.17x
0.13x
1.30x
-1.17x
Overview of Operations
Sales Volumes
Table 2: Sales
Volumes2
Three-months ended June
30,
Six-months ended June
30,
2021
2020
% Chg.
2021
2020
% Chg.
Cement, masonry & lime
MM Tn
1.40
1.01
39.5%
2.79
2.01
38.7%
Concrete
MM m3
0.12
0.02
583.6%
0.27
0.09
191.5%
Railroad
MM Tn
1.06
0.63
69.2%
2.05
1.57
30.8%
Aggregates
MM Tn
0.20
0.03
620.1%
0.38
0.15
145.4%
2 Sales volumes include
inter-segment sales
Sales volumes of cement, masonry, and lime in Argentina during
2Q21 increased 39.5% to 1.40 million tons, with the robust bagged
cement sales driven by strong household and retail demand growing
above pre-pandemic levels of 2Q19. Bulk cement is still falling
behind pre-pandemic levels, yet volume dispatched in this format
have recovered vigorously in a year over year basis, as COVID-19
second wave restrictions have been less severe than in the same
period last year.
Likewise, Concrete and Aggregates volumes presented a strong YoY
recovery of 583.6% and 620.1%, respectively, yet absolute figures
are still far from pre-pandemic levels.
Railroad segment volumes experienced a 69.2% increase versus the
comparable quarter in 2020, with a positive effect of the recovery
in building materials and frac-sand transported volumes.
Review of Financial Results
Table 3: Condensed Interim
Consolidated Statements of Profit or Loss and Other Comprehensive
Income
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended June
30,
Six-months ended June
30,
2021
2020
% Chg.
2021
2020
% Chg.
Net revenue
14,269
9,735
46.6%
28,888
20,536
40.7%
Cost of sales
(9,971)
(7,449)
33.8%
(19,290)
(14,958)
29.0%
Gross Profit
4,299
2,286
88.0%
9,598
5,578
72.1%
Selling and administrative
expenses
(1,231)
(920)
33.7%
(2,428)
(1,866)
30.1%
Other gains and losses
85
3
2440.9%
132
73
81.6%
Impairment of property, plant and
equipment
-
-
n/a
-
-
n/a
Tax on debits and credits to bank
accounts
(158)
(103)
53.1%
(297)
(265)
12.0%
Finance gain (cost),
net
Gain on net monetary position
552
102
442.1%
1,171
297
293.7%
Exchange rate differences
193
(864)
n/a
217
(1,129)
n/a
Financial income
414
15
2661.4%
135
41
232.7%
Financial expense
(868)
(850)
2.1%
(1,074)
(1,439)
-25.3%
Profit before taxes
3,286
(331)
n/a
7,453
1,289
478.1%
Income tax expense
Current
(1,537)
111
n/a
(3,262)
(293)
1013.3%
Deferred
(3,015)
109
n/a
(2,608)
2
n/a
Net profit from continuing
operations
(1,265)
(111)
1042.5%
1,583
998
58.6%
Income from discontinued
operations
-
277
n/a
-
561
n/a
Net profit
(1,265)
166
n/a
1,583
1,560
1.5%
Net Revenues
Net revenue increased 46.6% to Ps. 14,269 million in
2Q21, from Ps. 9,735 million in the comparable quarter last year,
reflecting the COVID-19 pandemic restriction of 2Q20 and the
positive momentum experienced by our core cement business, together
with sales recovery across all segments.
Cement, masonry cement and lime segment was up 43.4%, with
volumes expanding 39.5% and good pricing performance.
Concrete posted a revenues increase of 491.7% as strong volume
recovery more than offset soft prices. Aggregates posted a revenue
surge of 1000.1% as higher volume sales were coupled with a
positive sales mix.
Railroad revenues increased 23.5% in 2Q21 versus the same
quarter in 2020, as the higher transported volumes more than offset
the effect of the transported product mix.
Cost of sales, and Gross profit
Cost of sales increased 33.8% YoY reaching Ps. 9,971
million in 2Q21 largely explained by the increase in volume sold,
impacting in higher thermal and electrical input charges, and
higher freight cost.
Gross profit increased 88.0% YoY to Ps. 4,299 million in
2Q21 from Ps. 2,286 million in 2Q20, with gross profit margin
expanding 664 basis points YoY to 30.1%, reflecting the recovery of
cement sales volumes coupled with good cost performance and higher
operational leverage.
Selling and Administrative Expenses
Selling and administrative expenses (SG&A) in 2Q21
increased by 33.7% YoY to Ps. 1,231 million, from Ps. 920 million
in 2Q20, mainly as a consequence of higher cement sales and higher
labor cost compare to last year´s level, affected by COVID-19
restriction. As a percentage of revenues, SG&A decreased 83
basis points to 8.6% in 2Q21, from 9.5% in 2Q20 mostly explained by
higher sales volumes.
Adjusted EBITDA & Margin
Table 4: Adjusted EBITDA
Reconciliation & Margin
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended June
30,
Six-months ended June
30,
2021
2020
% Chg.
2021
2020
% Chg.
Adjusted EBITDA
reconciliation:
Net profit
(1,265)
166
n/a
1,583
1,560
1.5%
(+) Depreciation and
amortization
1,201
1,132
6.2%
2,274
2,206
3.1%
(+) Tax on debits and credits to
bank accounts
158
103
53.1%
297
265
12.0%
(+) Income tax expense
4,551
(220)
n/a
5,870
291
1917.8%
(+) Financial interest, net
420
711
-40.9%
837
1,134
-26.2%
(+) Exchange rate differences,
net
(193)
864
n/a
(217)
1,129
n/a
(+) Other financial expenses,
net
34
124
-72.9%
102
264
-61.6%
(+) Gain on net monetary
position
(552)
(102)
442.1%
(1,171)
(297)
293.7%
(-) Income from discontinued
operations
-
277
n/a
-
561
n/a
Adjusted EBITDA
4,354
2,501
74.1%
9,576
5,990
59.9%
Adjusted EBITDA Margin
30.5%
25.7%
+483bps
33.1%
29.2%
+398bps
Adjusted EBITDA increased 74.1% YoY in the second quarter
of 2021 to Ps. 4,354 million, mostly explained by our cement
business. Likewise, Adjusted EBITDA margin expanded by 483 basis
points to 30.5% compared to 25.7% in 2Q20 largely on the back of
cement margins expansion.
In particular, Cement, masonry cement and lime segment Adjusted
EBITDA margin expanded by 472 bps to 34.0%, mainly due to the
increase in sales volume and higher operational leverage.
Concrete Adjusted EBITDA recovered by 4.4% compared to 2Q20, yet
posted a negative margin of 6.8%, as softer pricing outweighed the
increase in sales volumes and the reduction in unitary costs of
sales.
Railroad Adjusted EBITDA margin deteriorated to 4.9%, mainly
impacted by product mix with costs reduction less than proportional
to revenues partially offset by higher transported volume and
SG&A expenses as a percentage of revenues.
Finally, Aggregates Adjusted EBITDA margin improved to 7.7%, as
strong volume recovery coupled with better pricing mix and higher
operational leverage.
Finance Costs-Net
Table 5: Finance Gain (Cost),
net
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended June
30,
Six-months ended June
30,
2021
2020
% Chg.
2021
2020
% Chg.
Exchange rate differences
193
(864)
n/a
217
(1,129)
n/a
Financial income
414
15
2661.4%
135
41
232.7%
Financial expense
(868)
(850)
2.1%
(1,074)
(1,439)
-25.3%
Gain on net monetary position
552
102
442.1%
1,171
297
293.7%
Total Finance Gain (Cost),
Net
292
(1,597)
n/a
449
(2,230)
n/a
During 2Q21, the Company reported a total finance gain, net of
Ps. 292 million compared to a total finance cost, net of Ps. 1,597
million in 2Q20, mainly due to higher exchange rate difference gain
of Ps. 193 million due to a lower net debt denominated in foreign
currency and a real appreciation of the Peso during the period.
Net Profit and Net Profit Attributable to Owners of the
Company
Net Profit for 2Q21 was severely impacted with an
extraordinary charge equivalent to Ps. 3.0 billion of additional
deferred tax charges, related to the recent tax reform resulting in
a Net loss of Ps. 1.3 billion. The accumulated net profit for the
year was Ps. 1.6 billion.
Net Profit Attributable to Owners of the Company
decreased to negative Ps. 1,2 billion. During the quarter, the
Company reported a loss per common share of Ps. 2.0747 and loss per
ADR of Ps. 10.3736, compared with earnings per common share of Ps.
0.2060 and earnings per ADR of Ps. 1.0299 in 2Q20.
Capitalization
Table 6: Capitalization and
Debt Ratio
(amounts expressed in millions of
pesos, unless otherwise noted)
As of June 30,
As of December, 31
2021
2020
2020
Total Debt
5,398
22,245
8,072
- Short-Term Debt
4,841
14,766
5,729
- Long-Term Debt
557
7,478
2,343
Cash, Cash Equivalents, and
Investments
2,915
3,392
5,484
Total Net Debt
2,484
18,853
2,588
Shareholders' Equity
57,675
51,461
56,886
Capitalization
63,073
73,706
64,957
LTM Adjusted EBITDA
18,493
14,495
16,640
Net Debt /LTM Adjusted EBITDA
0.13x
1.30x
0.16x
As of June 30, 2021, total cash and cash equivalents were Ps.
2,915 million compared with Ps. 3,392 million as of the June 30,
2020. Total debt at the close of the quarter stood at Ps. 5,398
million, composed by Ps. 4,841 million in short-term borrowings,
including the current portion of long-term borrowings (or 89.7% of
total borrowings), and Ps. 557 million in long-term borrowings (or
10.3% of total borrowings).
As of June 30, 2021, 82.5% (or Ps. 4,452 million) Loma Negra’s
total debt was denominated in U.S. dollars, 17.1% (or Ps. 926
million) in Euros, and 0.4% (or Ps. 21 million) in argentine pesos.
The average duration of Loma Negra’s total debt was 0.5 years.
As of June 30, 2021, Ps. 4,473 million, or 82.9%, of the
Company’s total consolidated borrowings bore interest at rates
based on Libor, and Ps. 926 million of borrowings bore interest at
a fixed rate.
The Net Debt to Adjusted EBITDA (LTM) ratio decreased to 0.13x
as of June 30, 2021 from 0.16x as of December 31, 2020 as the cash
used in investing and financing activities outweighed the cash
generated by operating activities.
Cash Flows
Table 7: Condensed Interim
Consolidated Statement of Cash Flows
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended June
30,
Six-months ended June
30,
2021
2020
2021
2020
CASH FLOWS FROM OPERATING
ACTIVITIES
Net profit
(1,265)
166
1,583
1,560
Adjustments to reconcile net
profit to net cash provided by operating activities
5,577
1,766
7,902
3,666
Changes in operating assets and
liabilities
(4,339)
2,212
(6,263)
(905)
Net cash generated by
operating activities
(28)
4,144
3,222
4,322
CASH FLOWS FROM INVESTING
ACTIVITIES
Proceeds from disposal of Yguazú
Cementos S.A.
156
-
250
-
Property, plant and equipment,
Intangible Assets, net
(1.341)
(1.464)
(2.475)
(7.820)
Contributions to Trust
(20)
(0)
(42)
(33)
Investments
(0)
-
(1.856)
-
Net cash (used in) investing
activities
(1,205)
(1,464)
(4,124)
(7,853)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds / Repayments from
borrowings, Interest paid
(1,745)
(1,632)
(2,236)
4,766
Share repurchase plan
(511)
-
(794)
-
Net cash generated by (used
in) by financing activities
(2,256)
(1,632)
(3,031)
4,766
Net increase (decrease) in
cash and cash equivalents
(3,488)
1,049
(3,932)
1,234
Cash and cash equivalents at the
beginning of the year
4,829
2,347
5,484
2,225
Effect of the re-expression in
homogeneous cash currency ("Inflation-Adjusted")
(55)
(29)
(95)
(94)
Effects of the exchange rate
differences on cash and cash equivalents in foreign currency
(126)
25
(297)
26
Cash and cash equivalents at
the end of the period
1,160
3,392
1,160
3,392
In the 2Q21, our operating cash generation was largely dedicated
to income tax payments and to seasonal working capital
requirements. Typically, in the second quarter previous year´s
income tax payment are scheduled, in particular, 2Q21 payment of
3.0 billion pesos included 1.5 billion pesos charge related to last
year´s divestment in Paraguay.
By contrast, last year´s second quarter working capital levels
were very low as several initiatives aiming to preserve liquidity
under the pandemic uncertainty were taken.
During 2Q21, the Company had used cash in financing and
investing activities for a total of Ps. 2,256 and Ps. 1,205
million, respectively. Cash allocations to the expansion of
production capacity of L’Amalí plant accounted for a total of Ps.
292 million, or 22% of total capital expenditures.
Expansion of L’Amalí Plant.
Loma Negra is moving ahead with the capital expenditure at its
L’Amalí plant, which will add 2.7 million tons annually and drive
higher profitability. This expansion involves a total capital
expenditure, originally estimated at approximately US$350
million.
As of the end of June 2021, the project presents an overall
Progress of 99%. All detailed engineering is completed, all
equipment and materials supplies has been delivered to site. In
previous quarters, commissioning and start-up had been completed at
crushing department and raw mill department. Last June it was
inaugurated the new kiln, which is now operational and producing
clinker.
Additionally, new Cement mill and dispatch center are planned to
start up by end of September.
Share Repurchase Plan.
On July 2, 2021, the Company announced the approval of the
second share repurchase program, in accordance with Section 64 of
Law No. 26.831 (“LMC”) and the CNV Regulations. The purpose is to
efficiently apply a portion of the Company´s cash position which
may result in a greater return of value for its shareholders
considering the current attractive value of the share.
The plan became effective as from July 6, 2021, the amount to
invest will be up to AR$ 975.000.000 (Argentine Pesos Nine Hundred
Seventy Five Million) or such lower amount that derives from the
repurchase of up to 10% of Company’s capital stock. The maximum
amount of shares or maximum percentage of the Company’s capital
stock to be repurchased shall never surpass the limit of 10% of the
capital stock in accordance with Section 64 of LMC.
A summary of current Share Repurchase Programs is shown
below:
Repurchase Program II
Maximum amount for repurchase
AR$ 975 million
Maximum price
AR$ 310/ordinary share or US$
9/ADR
Period in force
60 days since July 6, 2021
Repurchase under the program until
August 11, 2021
AR$ 320 million
Progress
32.8%
2Q21 Earnings Conference
Call
When:
10:00 a.m. U.S. ET (11:00 a.m. BAT),
August 12, 2021
Dial-in:
0800-444-2930 (Argentina), 1-833-255-2824
(U.S.), 1-866-605-3852 (Canada), 1-412-902-6701 (International)
Password:
Loma Negra Earnings Call
Webcast:
https://services.choruscall.com/links/loma210812gcV4Odjo.html
Replay:
A telephone replay of the conference call
will be available between August 13, 2021 at 1:00 pm U.S. E.T. and
ending on August 17, 2021. The replay can be accessed by dialing
1-877-344-7529 (U.S. toll free), or 1-412-317-0088 (International).
The passcode for the replay is 10158956. The audio of the
conference call will also be archived on the Company’s website at
www.lomanegra.com
Definitions
Adjusted EBITDA is calculated as net profit plus
financial interest, net plus income tax expense plus depreciation
and amortization plus exchange rate differences plus other
financial expenses, net plus tax on debits and credits to bank
accounts, plus share of loss of associates, plus net Impairment of
Property, plant and equipment, and less income from discontinued
operation. Loma Negra believes that excluding tax on debits and
credits to bank accounts from its calculation of Adjusted EBITDA is
a better measure of operating performance when compared to other
international players.
Net Debt is calculated as borrowings less cash, cash
equivalents and marketable securities.
About Loma Negra
Founded in 1926, Loma Negra is the leading cement company in
Argentina, producing and distributing cement, masonry cement,
aggregates, concrete and lime, products primarily used in private
and public construction. Loma Negra is a vertically-integrated
cement and concrete company, with nationwide operations, supported
by vast limestone reserves, strategically located plants,
top-of-mind brands and established distribution channels. Loma
Negra is listed both on BYMA and on NYSE in the U.S., where it
trades under the symbol “LOMA”. One ADS represents five (5) common
shares. For more information, visit www.lomanegra.com.
Note
The Company presented some figures converted from Pesos to U.S.
dollars for comparison purposes. The exchange rate used to convert
Pesos to U.S. dollars was the reference exchange rate
(Communication “A” 3500) reported by the Central Bank for U.S.
dollars. The information presented in U.S. dollars is for the
convenience of the reader only. Certain figures included in this
report have been subject to rounding adjustments. Accordingly,
figures shown as totals in certain tables may not be arithmetic
aggregations of the figures presented in previous quarters.
Rounding: We have made rounding adjustments to reach some of the
figures included in this annual report. As a result, numerical
figures shown as totals in some tables may not be an arithmetic
aggregation of the figures that preceded them.
Disclaimer
This release contains
forward-looking statements within the meaning of federal securities
law that are subject to risks and uncertainties. These statements
are only predictions based upon our current expectations and
projections about possible or assumed future results of our
business, financial condition, results of operations, liquidity,
plans and objectives. In some cases, you can identify
forward-looking statements by terminology such as “believe,” “may,”
“estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,”
“expect,” “predict,” “potential,” “seek,” “forecast,” or the
negative of these terms or other similar expressions. The
forward-looking statements are based on the information currently
available to us. There are important factors that could cause our
actual results, level of activity, performance or achievements to
differ materially from the results, level of activity, performance
or achievements expressed or implied by the forward-looking
statements, including, among others things: changes in general
economic, political, governmental and business conditions globally
and in Argentina, changes in inflation rates, fluctuations in the
exchange rate of the peso, the level of construction generally,
changes in cement demand and prices, changes in raw material and
energy prices, changes in business strategy and various other
factors. You should not rely upon forward-looking statements as
predictions of future events. Although we believe in good faith
that the expectations reflected in the forward-looking statements
are reasonable, we cannot guarantee that future results, levels of
activity, performance and events and circumstances reflected in the
forward-looking statements will be achieved or will occur. Any or
all of Loma Negra’s forward-looking statements in this release may
turn out to be wrong. You should consider these forward-looking
statements in light of other factors discussed under the heading
“Risk Factors” in the prospectus filed with the Securities and
Exchange Commission on October 31, 2017 in connection with Loma
Negra’s initial public offering. Therefore, readers are cautioned
not to place undue reliance on these forward-looking statements.
Except as required by law, we undertake no obligation to update
publicly any forward-looking statements for any reason after the
date of this release to conform these statements to actual results
or to changes in our expectations.
Table 8: Condensed Interim
Consolidated Statements of Financial Position
(amounts expressed in millions of
pesos, unless otherwise noted)
As of June 30,
As of December 31,
2021
2020
ASSETS
Non-current assets
Property, plant and equipment
66,464
67,120
Right to use assets
314
561
Intangible assets
198
241
Investments
4
4
Goodwill
44
44
Inventories
2,587
2,702
Other receivables
609
603
Total non-current
assets
70,220
71,274
Current assets
Inventories
7,909
6,883
Other receivables
1,195
1,525
Trade accounts receivable
3,819
3,746
Investments
2,576
5,149
Cash and banks
338
334
Total current assets
15,838
17,638
TOTAL ASSETS
86,059
88,912
SHAREHOLDERS' EQUITY
Capital stock and other capital
related accounts
18,066
18,860
Reserves
37,686
23,460
Retained earnings
1,651
14,226
Equity attributable to the owners
of the Company
57,402
56,546
Non-controlling interests
272
340
TOTAL SHAREHOLDERS'
EQUITY
57,675
56,886
LIABILITIES
Non-current
liabilities
Borrowings
557
2,343
Accounts payables
-
128
Provisions
562
611
Salaries and social security
payables
68
48
Debts for leases
242
489
Other liabilities
67
140
Deferred tax liabilities
11,727
9,119
Total non-current
liabilities
13,223
12,878
Current liabilities
Borrowings
4,841
5,729
Accounts payable
5,261
6,759
Advances from customers
615
917
Salaries and social security
payables
1,694
1,782
Tax liabilities
2,523
3,614
Debts for leases
91
176
Other liabilities
136
171
Total current
liabilities
15,160
19,149
TOTAL LIABILITIES
28,384
32,027
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES
86,059
88,912
Table 9: Condensed Interim Consolidated Statements of Profit or
Loss and Other Comprehensive Income (unaudited)
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended June
30,
Six-months ended June
30,
2021
2020
% Change
2021
2020
% Change
Net revenue
14,269
9,735
46.6%
28,888
20,536
40.7%
Cost of sales
(9,971)
(7,449)
33.8%
(19,290)
(14,958)
29.0%
Gross profit
4,299
2,286
88.0%
9,598
5,578
72.1%
Selling and administrative
expenses
(1,231)
(920)
33.7%
(2,428)
(1,866)
30.1%
Other gains and losses
85
3
2440.9%
132
73
81.6%
Tax on debits and credits to bank
accounts
(158)
(103)
53.1%
(297)
(265)
12.0%
Finance gain (cost),
net
Gain on net monetary position
552
102
442.1%
1,171
297
293.7%
Exchange rate differences
193
(864)
n/a
217
(1,129)
n/a
Financial income
414
15
2661.4%
135
41
232.7%
Financial expenses
(868)
(850)
2.1%
(1,074)
(1,439)
-25.3%
Profit (loss) before
taxes
3,286
(331)
n/a
7,453
1,289
478.1%
Income tax expense
Current
(1,537)
111
n/a
(3,262)
(293)
1013.3%
Deferred
(3,015)
109
n/a
(2,608)
2
n/a
Net profit (loss) from
continuing operations
(1,265)
(111)
1042.5%
1,583
998
58.6%
Income from discontinued
operations
-
277
n/a
-
561
n/a
Net profit (loss)
(1,265)
166
n/a
1,583
1,560
1.5%
Other Comprehensive Income
(Loss)
Items to be reclassified through
profit and loss:
Exchange differences on
translating foreign operations
-
48
n/a
-
(137)
n/a
Total other comprehensive
income (loss)
-
48
n/a
-
(137)
n/a
TOTAL COMPREHENSIVE INCOME
(LOSS)
(1,265)
214
n/a
1,583
1,423
11.3%
Net Profit (loss) for the
period attributable to:
Owners of the Company
(1,235)
123
n/a
1,651
1,480
11.6%
Non-controlling interests
(31)
43
n/a
(67)
80
n/a
NET PROFIT (LOSS) FOR THE
PERIOD
(1,265)
166
n/a
1,583
1,560
1.5%
Total comprehensive income
(loss) attributable to:
Owners of the Company
(1,235)
147
n/a
1,651
1,410
17.1%
Non-controlling interests
(31)
67
n/a
(67)
13
n/a
TOTAL COMPREHENSIVE INCOME
(LOSS)
(1,265)
214
n/a
1,583
1,423
11.3%
Earnings per share (basic and
diluted):
(2.0747)
0.2060
n/a
2.7770
2.0022
38.7%
Table 10: Condensed Interim Consolidated Statement of Cash
Flows
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended June
30,
Six-months ended June
30,
2021
2020
2021
2020
CASH FLOWS FROM OPERATING
ACTIVITIES
Net profit (loss) from
continuing operations
(1,265)
(111)
1,583
998
Income from discontinued
operations
-
277
-
561
Net profit (loss)
(1,265)
166
1,583
1,560
Adjustments to reconcile net
profit to net cash provided by operating activities
Income tax expense
4,551
(184)
5,870
356
Depreciation and amortization
1,201
1,132
2,274
2,206
Provisions
(20)
(99)
(21)
(14)
Interest expense
96
760
220
1,282
Exchange rate differences
(339)
458
(507)
440
Interest income
116
-
102
-
Gain on disposal of property,
plant and equipment
(53)
13
(75)
23
Gain on disposal of shareholding
of Yguazú Cementos S.A.
-
(313)
-
(626)
Depreciation value of trust
24
-
38
-
Changes in operating assets
and liabilities
Inventories
(94)
699
(675)
(429)
Other receivables
(34)
205
(337)
(110)
Trade accounts receivable
(402)
242
(848)
450
Advances from customers
(170)
91
(194)
142
Accounts payable
129
825
315
31
Salaries and social security
payables
120
(317)
302
(398)
Provisions
(14)
51
(24)
(37)
Tax liabilities
(198)
676
(71)
240
Other liabilities
(45)
(29)
(105)
(43)
Gain on net monetary position
(552)
(102)
(1,171)
(297)
Income tax paid
(3,080)
(128)
(3,456)
(453)
Net cash generated by (used
in) operating activities
(28)
4,144
3,222
4,322
CASH FLOWS FROM INVESTING
ACTIVITIES
Proceeds from disposal of Yguazú
Cementos S.A.
156
-
250
-
Proceeds from disposal of
Property, plant and equipment
30
8
71
30
Payments to acquire Property,
plant and equipment
(1,371)
(1,471)
(2,546)
(7,845)
Payments to acquire Intangible
Assets
-
(1)
-
(4)
Investments
(0)
-
(1,856)
-
Contributions to Trust
(20)
(0)
(42)
(33)
Net cash generated by (used
in) investing activities
(1,205)
(1,464)
(4,124)
(7,853)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from borrowings
372
6,981
470
15,848
Interest paid
(69)
(974)
(265)
(2,054)
Debts for leases
(36)
(37)
(79)
(85)
Repayment of borrowings
(2,011)
(7,601)
(2,362)
(8,943)
Share repurchase plan
(511)
-
(794)
-
Net cash generated by (used
in) financing activities
(2,256)
(1,632)
(3,031)
4,766
Net increase (decrease) in cash
and cash equivalents
(3,488)
1,049
(3,932)
1,234
Cash and cash equivalents at the
beginning of the period
4,829
2,347
5,484
2,225
Effect of the re-expression in
homogeneous cash currency ("Inflation-Adjusted")
(55)
(29)
(95)
(94)
Effects of the exchange rate
differences on cash and cash equivalents in foreign currency
(126)
25
(297)
26
Cash and cash equivalents at
the end of the period
1,160
3,392
1,160
3,392
Table 11: Financial Data by Segment (figures exclude the impact
of IAS 29)
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended June
30,
Six-months ended June
30,
2021
%
2020
%
2021
%
2020
%
Net revenue
13,829
100.0%
6,382
100.0%
26,464
100.0%
12,990
100.0%
Cement, masonry cement and
lime
12,392
89.6%
5,844
91.6%
23,709
89.6%
11,632
89.5%
Concrete
947
6.8%
109
1.7%
2,033
7.7%
577
4.4%
Railroad
1,194
8.6%
655
10.3%
2,108
8.0%
1,397
10.8%
Aggregates
190
1.4%
12
0.2%
318
1.2%
74
0.6%
Others
68
0.5%
37
0.6%
140
0.5%
85
0.7%
Eliminations
(961)
-6.9%
(276)
-4.3%
(1,844)
-7.0%
(775)
-6.0%
Cost of sales
8,668
100.0%
4,335
100.0%
16,071
100.0%
8,504
100.0%
Cement, masonry cement and
lime
7,268
83.8%
3,735
86.2%
13,311
82.8%
7,031
82.7%
Concrete
1,026
11.8%
205
4.7%
2,186
13.6%
729
8.6%
Railroad
1,117
12.9%
609
14.1%
2,022
12.6%
1,348
15.9%
Aggregates
169
2.0%
38
0.9%
302
1.9%
116
1.4%
Others
49
0.6%
24
0.6%
93
0.6%
55
0.6%
Eliminations
(961)
-11.1%
(276)
-6.4%
(1,844)
-11.5%
(775)
-9.1%
Selling, admin. expenses and
other gains & losses
1,048
100.0%
559
100.0%
1,992
100.0%
1,047
100.0%
Cement, masonry cement and
lime
949
90.5%
473
84.6%
1,789
89.8%
919
87.8%
Concrete
0
0.0%
12
2.1%
22
1.1%
8
0.8%
Railroad
72
6.9%
60
10.7%
127
6.4%
90
8.6%
Aggregates
2
0.2%
(0)
0.0%
4
0.2%
(4)
-0.4%
Others
25
2.4%
15
2.7%
49
2.5%
33
3.2%
Depreciation and
amortization
371
100.0%
241
100.0%
714
100.0%
495
100.0%
Cement, masonry cement and
lime
277
74.7%
158
65.7%
530
74.2%
332
67.2%
Concrete
15
3.9%
17
7.1%
31
4.4%
34
6.8%
Railroad
70
19.0%
59
24.5%
137
19.2%
115
23.3%
Aggregates
7
2.0%
5
2.2%
13
1.8%
11
2.2%
Others
1
0.4%
1
0.5%
3
0.4%
2
0.4%
Adjusted EBITDA
4,484
100.0%
1,729
100.0%
9,116
100.0%
3,934
100.0%
Cement, masonry cement and
lime
4,452
99.3%
1,795
103.8%
9,139
100.3%
4,014
102.0%
Concrete
(65)
-1.4%
(90)
-5.2%
(145)
-1.6%
(126)
-3.2%
Railroad
75
1.7%
45
2.6%
95
1.0%
74
1.9%
Aggregates
26
0.6%
(20)
-1.2%
26
0.3%
(28)
-0.7%
Others
(5)
-0.1%
(1)
0.0%
0
0.0%
(1)
0.0%
Reconciling items:
Effect by translation in
homogeneous cash currency ("Inflation-Adjusted")
(130)
772
459
2,057
Depreciation and amortization
(1,201)
(1,132)
(2,274)
(2,206)
Tax on debits and credits banks
accounts
(158)
(103)
(297)
(265)
Finance gain (cost), net
292
(1,597)
449
(2,230)
Income tax
(4,551)
220
(5,870)
(291)
Income (loss) from discontinued
operations
-
277
-
561
NET PROFIT (LOSS) FOR THE
PERIOD
(1,265)
166
1,583
1,560
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210811005861/en/
IR Contacts Marcos I. Gradin, Chief Financial Officer and
Investor Relations Gastón Pinnel, Investor Relations Manager
+54-11-4319-3050 investorrelations@lomanegra.com
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