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 March 31, 2023
(our “1Q23 Results”).
1Q23 Key Highlights
- Net sales revenues increased by 2.9% YoY to Ps. 40,590 million
(US$ 197 million), mainly explained by the good top line
performance of the Concrete and Aggregates segments that
compensated the decrease of the Cement segment.
- Consolidated Adjusted EBITDA reached Ps. 10,636 million,
decreasing 19.7% YoY in adjusted pesos, while in dollars it reached
63 million, with an increase of 5.8% YoY.
- The Consolidated Adjusted EBITDA margin stood at 26.2%,
contracting 738 basis points YoY from 33.6%.
- Net Profit of Ps. 5,208 million, showing a reduction of 18.7%
versus the same period of the previous year, mainly explained by
the decrease in the operating result and a higher financial
cost.
- During the quarter, the Company distributed a dividend payment
of Ps. 3,500 million (US$ 19.5 million), Ps. 6.00 per outstanding
share (Ps. 29.92 per ADR).
- The Company issued its Class 1 of domestic bonds in the total
principal amount of Ps. 25.6 billion with maturity in August
2024.
- Net Debt /LTM Adjusted EBITDA ratio of 0.46x compared with
0.37x in FY22.
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
first quarter of 2023, Sergio Faifman, Loma Negra’s Chief Executive
Officer, noted: “We started the year in a very good shape, with
solid operating result and cash flow generation together with a
very robust financial position.
Despite the challenging macro scenario and the economic
disorders, the cement demand remains strong, posting a 3.1% growth
in spite of the high base of comparison, and LOMA showed even
higher growth figures.
During the quarter, we continued optimizing value for our
shareholders, with a dividend payment of US$ 19.5 million.
Moreover, we recently approved a second dividend payment, to be
distributed in kind for the equivalent of Ps.22.2 billion. We also
completed our first issuance of corporate bonds with high success
and with great support from the market, which demonstrates the
confidence that investors place in our company. This gave us the
possibility of refinancing our short-term debt in Pesos and further
strengthening our balance sheet.
For the remainder of the year, we are cautiously optimistic that
we will continue to see healthy dynamics in our markets although at
slower rates as we approach the presidential elections.”
Table 1: Financial
Highlights
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2023
2022
% Chg.
Net revenue
40,590
39,449
2.9%
Gross Profit
11,143
13,162
-15.3%
Gross Profit margin
27.5%
33.4%
-591 bps
Adjusted EBITDA
10,636
13,247
-19.7%
Adjusted EBITDA Mg.
26.2%
33.6%
-738 bps
Net Profit (Loss)
5,208
6,403
-18.7%
Net Profit (Loss) attributable to
owners of the Company
5,272
6,473
-18.6%
EPS
9.0337
11.0456
-18.2%
Average outstanding shares
(*)
584
586
-0.4%
Net Debt
22,858
(8,075)
n/a
Net Debt /LTM Adjusted EBITDA
0.46x
-0.15x
n/a
(*) Net of shares repurchased
Table 1b: Financial Highlights
in Ps and in U.S. dollars (figures exclude the impact of IAS
29)
In million Ps.
Three-months ended March
31,
2023
2022
% Chg.
Net revenue
37,955
18,263
107.8%
Adjusted EBITDA
12,118
6,343
91.1%
Adjusted EBITDA Mg.
31.9%
34.7%
-280 bps
Net Profit (Loss)
6,921
6,043
14.5%
Net Debt
22,858
(8,075)
n/a
Net Debt /LTM Adjusted EBITDA
0.46x
-0.15x
n/a
In million US$
Three-months ended March
31,
2023
2022
% Chg.
Ps./US$, av
192.45
106.59
80.5%
Ps./US$, eop
208.99
110.98
88.3%
Net revenue
197
171
15.1%
Adjusted EBITDA
63
60
5.8%
Adjusted EBITDA Mg.
31.9%
34.7%
-280 bps
Net Profit (Loss)
36
57
-36.6%
Net Debt
109
(73)
n/a
Net Debt /LTM Adjusted EBITDA
0.46x
-0.15x
n/a
Overview of Operations
Sales Volumes
Table 2: Sales
Volumes2
Three-months ended March
31,
2023
2022
% Chg.
Cement, masonry & lime
MM Tn
1.54
1.48
4.3%
Concrete
MM m3
0.15
0.12
26.2%
Railroad
MM Tn
0.97
1.05
-7.4%
Aggregates
MM Tn
0.36
0.24
47.1%
2 Sales volumes include
inter-segment sales
Sales volumes of Cement, masonry, and lime during 1Q23 increased
by 4.3% to 1.5 million tons, mainly leveraged by the significant
growth of bulk cement that maintain the positive trend on the back
of Concrete and Distributors growth supported by private
construction and public works. Sales of bagged cement showed a
contraction YoY in the quarter, although maintaining a solid
level.
Regarding the volume of the Concrete segment, it registered an
increase of 26.2% YoY. The volume of concrete continues the upwards
trend. The segment remains as one of the pillars of the growth in
bulk cement shipments. The Concrete segment growth was mainly
supported by demand from the private sector, coupled with an
increase in public works. Likewise, Aggregates segment showed a
sharp increase of 47.1% YoY, driven mainly by the Concrete sector
and sustained by the good production and logistics performance.
On the other hand, the volumes of the Railway segment
experienced a contraction of 7.4% compared to the same quarter of
2022, where the strong transported volumes of aggregates partially
offset the decrease in cement and fracsand.
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 March
31,
2023
2022
% Chg.
Net revenue
40,590
39,449
2.9%
Cost of sales
(29,447)
(26,287)
12.0%
Gross profit
11,143
13,162
-15.3%
Share of loss of associates
-
-
n/a
Selling and administrative
expenses
(3,660)
(3,732)
-1.9%
Other gains and losses
(102)
61
n/a
Impairment of property, plant and
equipment
-
-
n/a
Tax on debits and credits to bank
accounts
(434)
(391)
11.0%
Finance gain (cost),
net
Gain on net monetary position
7,337
1,212
505.6%
Exchange rate differences
(3,125)
(690)
352.7%
Financial income
1,311
642
104.3%
Financial expense
(5,542)
(711)
679.0%
Profit (Loss) before
taxes
6,928
9,552
-27.5%
Income tax expense
Current
(1,537)
(3,866)
-60.2%
Deferred
(183)
717
n/a
Net profit (Loss)
5,208
6,403
-18.7%
Net Revenues
Net revenue increased 2.9% to Ps. 40,590 million in 1Q23,
from Ps. 39,449 million in the comparable quarter last year, where
the good top line performance of Concrete and Aggregates was
partially offset with the decline in Cement and Railroad.
Cement, masonry cement and lime segment was down 3.5% YoY, with
volumes expanding 4.3% that partially offset the softer price
dynamics.
Concrete registered an increase in its topline of 32.8% compared
with 1Q22, sustained by a 26.2% increase in volume, coupled with an
improvement in prices. The Aggregates segment recorded a sharp
increase in revenues of 65.3%, supported by a volume increase of
47.1% YoY and positive price performance.
Railroad revenues decreased 5.7% in 1Q23 compared to the same
quarter of 2022, where the transported volume decreased 7.4% in the
quarter, affected by the decrease in transported volumes of
fracsand and cement, partially compensated by the better
performance of aggregates. The effect of lower volumes was
partially compensated by a positive price performance, despite the
effect of the decrease in transported volumes of fracsand that
affects the price performance due to its impact on the average
transported distance.
Cost of sales, and Gross profit
Cost of sales increased 12.0% YoY, reaching Ps. 29,447
million in 1Q23, mainly due to the increase in sales volumes of the
Cement and Concrete segments. Regarding Cement cost of sales, the
increase was mainly because of higher thermal energy costs driven
by the stimulus plans to increase natural gas production and higher
freights. These effects saw their impact softened by lower
electrical energy inputs and lower depreciation.
Gross Profit registered a decline of 15.3% YoY to Ps.
11,143 million in 1Q21, from Ps. 13,162 million in 1Q22, with a
gross profit margin that contracted 591 basis points YoY to
27.5%.
Selling and Administrative Expenses
Selling and administrative expenses (SG&A) in 1Q23
decreased by 1.9% YoY to Ps. 3,660 million, from Ps. 3,732 million
in 1Q22, mainly due to a decrease in salaries and freights,
partially compensated with an increase in marketing expenses. As a
percentage of sales, SG&A showed a decrease against 1Q22 of 44
basis points, reaching 9.0%.
Adjusted EBITDA & Margin
Table 4: Adjusted EBITDA
Reconciliation & Margin
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2023
2022
% Chg.
Adjusted EBITDA
reconciliation:
Net profit (Loss)
5,208
6,403
-18.7%
(+) Depreciation and
amortization
3,254
3,756
-13.4%
(+) Tax on debits and credits to
bank accounts
434
391
11.0%
(+) Income tax expense
1,721
3,149
-45.4%
(+) Financial interest, net
3,279
(429)
n/a
(+) Exchange rate differences,
net
3,125
690
352.7%
(+) Other financial expenses,
net
952
498
91.0%
(+) Gain on net monetary
position
(7,337)
(1,212)
505.6%
(+) Share of profit (loss) of
associates
-
-
n/a
(+) Impairment of property, plant
and equipment
-
-
n/a
Adjusted EBITDA
10,636
13,247
-19.7%
Adjusted EBITDA Margin
26.2%
33.6%
-738 bps
Adjusted EBITDA decreased 19.7% YoY in the first quarter
of 2023 to Ps. 10,636 million from 13,247 million in the same
period of the previous year, mainly affected by lower adjusted
EBITDA generated by our cement business. The better performance of
the Aggregates segment partially compensated the decrease of the
other businesses.
Likewise, the Adjusted EBITDA margin contracted 738 basis points
to 26.2% compared to 33.6% in 1Q22, mainly due to the compression
of the cement margin and the higher incidence of other businesses
with lower margins, due to the increase in their activity
levels.
In particular, the Adjusted EBITDA margin of the Cement, Masonry
and Lime segment contracted 625 bps to 31.2%, mainly due to a lower
price performance and an increase in costs driven by higher thermal
energy inputs and higher freights costs, partially compensated by
lower electrical energy inputs.
Concrete Adjusted EBITDA margin contracted 33 bps, and stood in
a negative 1.2%, from negative 0.8% in 1Q22, where the good
performance in price and volumes couldn’t compensate the increase
in costs, mainly impacted by aggregates and freights.
The Adjusted EBITDA margin of Aggregates jumped to 17.6%, from a
negative 4.6% in 1Q22, mainly leveraged on the strong increase in
volume that allowed a better dilution of fixed costs and a good
price performance.
Finally, the Adjusted EBITDA margin of the Railroad segment
contracted 715 bps to negative 1.2% in the first quarter, from 5.9%
in 1Q22, principally affected by costs increase and lower
transported volumes, partially compensated by positive price
performance.
Finance Costs-Net
Table 5: Finance Gain (Cost),
net
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2023
2022
% Chg.
Exchange rate differences
(3,125)
(690)
352.7%
Financial income
1,311
642
104.3%
Financial expense
(5,542)
(711)
679.0%
Gain on net monetary position
7,337
1,212
505.6%
Total Finance Gain (Cost),
Net
(19)
452
n/a
During 1Q23, the Company reported a total net financial cost of
Ps. 19 million compared to a total net financial gain of Ps. 452
million in 1Q22, where the positive effect of the result on the
monetary position partially compensated the increase of the net
financial expense, due to the higher debt position, and the higher
negative effect of the exchange rate.
Net Profit and Net Profit Attributable to Owners of the
Company
Net Gain of Ps. 5,208 million in 1Q23 compared to a Net
Gain of Ps. 6,403 million in the same period of the previous year,
where the lower operational result and the higher financial cost
was partially compensated by positive income tax effect.
Net Gain Attributable to Owners of the Company stood at
Ps. 5,272 million. During the quarter, the Company reported a gain
per common share of Ps. 9.0337 and an ADR gain of Ps. 45.1686,
compared to earnings per common share of Ps. 11.0456 and earnings
per ADR of Ps. 55.2280 in 1Q23.
Capitalization
Table 6: Capitalization and
Debt Ratio
(amounts expressed in millions of
pesos, unless otherwise noted)
As of March 31,
As of December, 31
2023
2022
2022
Total Debt
42,277
1,934
25,284
- Short-Term Debt
8,870
1,304
13,257
- Long-Term Debt
33,406
630
12,027
Cash, Cash Equivalents and
Investments
(19,419)
(10,009)
(5,978)
Total Net Debt
22,858
(8,075)
19,306
Shareholder's Equity
146,384
168,926
141,145
Capitalization
188,661
170,860
166,430
LTM Adjusted EBITDA
50,154
53,168
52,765
Net Debt /LTM Adjusted EBITDA
0.46x
-0.15x
0.37x
As of March 31, 2023, total Cash, Cash Equivalents, and
Investments were Ps. 19,419 million compared with Ps. 10,009
million as of March 31, 2022. Total debt at the close of the
quarter stood at Ps. 42,277 million, composed by Ps. 8,870 million
in short-term borrowings, including the current portion of
long-term borrowings (or 21.0% of total borrowings), and Ps. 33,406
million in long-term borrowings (or 79.0% of total borrowings). In
the quarter the company issued a domestic bond in the total
principal amount of Ps. 25.6 billion with maturity in 3Q24. The
proceeds of the issuance were primarily used for refinancing the
debt in Pesos and working capital.
At the close of the first quarter of 2023, 30.1% (or Ps. 12,725
million) of Loma Negra’s total debt was denominated in U.S. dollars
(and a not material amount in Euros), and 69.7% (or Ps. 9,925
million) was in Pesos. The average duration of Loma Negra’s total
debt was 1.2 years.
As of March 31, 2023, 99.6% of the Company's consolidated loans
accrued interest at a variable rate. The debt denominated in
dollars with rates based on Libor, while the portion in Argentine
pesos principally accrued interest based on BADLAR. The remaining
0.4% accrues interest at a fixed rate in foreign currency.
The Net Debt to Adjusted EBITDA (LTM) ratio increased to 0.46x
as of March 31, 2023, from 0.37x as of December 31, 2022, as a
result of an increase in the debt, partially compensated by our
strong cash generation.
Cash Flows
Table 7: Condensed Interim
Consolidated Statement of Cash Flows
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2023
2022
CASH FLOWS FROM OPERATING
ACTIVITIES
Net Profit (Loss)
5,208
6,403
Adjustments to reconcile net
profit (loss) to net cash provided by operating activities
11,674
7,316
Changes in operating assets and
liabilities
(12,239)
(8,109)
Net cash generated by
operating activities
4,643
5,611
CASH FLOWS FROM INVESTING
ACTIVITIES
Proceeds from disposal of Yguazú
Cementos S.A.
101
113
Property, plant and equipment,
Intangible Assets, net
(1,764)
(1,289)
Contributions to Trust
(95)
(68)
Net cash (used in) investing
activities
(1,759)
(1,243)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds / Repayments from
borrowings, Interest paid
16,730
(3,800)
Dividends paid
(4,262)
-
Share repurchase plan
-
(1,244)
Net cash generated by (used
in) by financing activities
12,467
(5,044)
Net increase (decrease) in
cash and cash equivalents
15,352
(677)
Cash and cash equivalents at the
beginning of the year
5,978
7,839
Effect of the re-expression in
homogeneous cash currency ("Inflation-Adjusted")
(2,059)
(1,070)
Effects of the exchange rate
differences on cash and cash equivalents in foreign currency
147
966
Cash and cash equivalents at
the end of the period
19,419
7,058
In 1Q23, our operating cash generation stood at Ps. 4,354
million, compared to Ps. 5,611 million in the same period of the
previous year, where the increase in the net profit adjusted to
reconcile to net cash provided by operating activities partially
compensated the negative effect of the changes in operating assets
and liabilities.
During 1Q23, the Company generated cash in financing activities
for Ps. 12,467 million, mainly due to the issuance of the Class 1
bond with the consequent cancellation of the short-term debt in
Pesos, and the dividend payment. Regarding cash used in investing
activities, the Company used a total of Ps. 1,470 million, mainly
due to maintenance capex.
Dividends Distribution
On December 27, 2022, the board of directors approved the
payment of dividends for a total amount of Ps. 3,500 million
equivalents to Ps. 5.99 per outstanding share (Ps. 29.98 per ADS),
through the partial allocation of funds from the Reserve for Future
Dividends. The total amount of dividends was distributed in January
2023.
Domestic Bond Issuance
On February 22, 2023, the Company issued its Class 1 of domestic
bonds in the total principal amount of Ps. 25.6 billion. Terms of
the issue are as outlined below.
Amount of Issue
Ps. 25,636 million
Issue Price
100% of principal amount
Interest rate
BADLAR +2% per annum
Interest payments
quarterly
Maturity
Bullet - 18 months
Recent Events
Dividends Distribution
On May 2, 2023, the board of directors approved the partial
withdraw of the Reserve for Future Dividends in the amount of Ps.
22,200 million and to distribute dividends in kind as follows:
25,590,778,098 National Treasury Bills of the Argentine Republic in
Pesos at a discount maturing on July 30, 2023 (“LEDE” S30J3 – ISIN
ARARGE520D98), at a ratio of 43.86 Treasury Bills per outstanding
share (219.29 Treasury Bills per ADR). The dividend distribution
will be made available pursuant to the terms detailed in the Notice
of Payment.
1Q23 Earnings Conference Call
When:
10:00 a.m. U.S. ET (11:00 a.m. BAT), May
8, 2023
Dial-in:
0800-444-2930 (Argentina), 1-833-255-2824
(U.S.), 1-866-605-3852 (Canada), 1-412-902-6701 (International)
Password:
Loma Negra Call
Webcast:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=fq8RnRst
Replay:
A telephone replay of the conference call
will be available between May 9, 2023, at 1:00 pm U.S. E.T. and
ending on May 15, 2023. The replay can be accessed by dialing
1-877-344-7529 (U.S. toll free), or 1-412-317-0088 (International).
The passcode for the replay is 2353704. 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.
--- Financial Tables Follow ---
Table 8: Condensed Interim
Consolidated Statements of Financial Position
(amounts expressed in millions of
pesos, unless otherwise noted)
As of March 31,
2023
2022
ASSETS
Non-current assets
Property, plant and equipment
185,303
186,824
Right to use assets
1,202
1,279
Intangible assets
553
572
Investments
12
12
Goodwill
124
124
Inventories
9,553
7,767
Other receivables
1,159
1,365
Total non-current
assets
197,907
197,943
Current assets
Inventories
24,980
24,838
Other receivables
5,802
7,121
Trade accounts receivable
11,304
11,106
Investments
18,139
5,169
Cash and banks
1,279
809
Total current assets
61,504
49,044
TOTAL ASSETS
259,412
246,987
SHAREHOLDER'S EQUITY
Capital stock and other capital
related accounts
46,217
46,186
Reserves
92,362
92,362
Retained earnings
7,632
2,360
Accumulated other comprehensive
income
-
-
Equity attributable to the owners
of the Company
146,211
140,908
Non-controlling interests
173
237
TOTAL SHAREHOLDER'S
EQUITY
146,384
141,145
LIABILITIES
Non-current
liabilities
Borrowings
33,406
12,027
Accounts payables
-
-
Provisions
1,604
1,591
Salaries and social security
payables
69
115
Debts for leases
876
953
Other liabilities
167
200
Deferred tax liabilities
40,318
40,135
Total non-current
liabilities
76,442
55,022
Current liabilities
Borrowings
8,870
13,257
Accounts payable
17,299
21,546
Advances from customers
1,793
2,144
Salaries and social security
payables
5,000
5,413
Tax liabilities
3,018
3,549
Debts for leases
324
344
Other liabilities
282
4,567
Total current
liabilities
36,586
50,820
TOTAL LIABILITIES
113,027
105,842
TOTAL SHAREHOLDER'S EQUITY AND
LIABILITIES
259,412
246,987
Table 9: Condensed Interim
Consolidated Statements of Profit or Loss and Other Comprehensive
Income (unaudited)
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2023
2022
% Change
Net revenue
40,590
39,449
2.9%
Cost of sales
(29,447)
(26,287)
12.0%
Gross Profit
11,143
13,162
-15.3%
Share of loss of associates
-
-
n/a
Selling and administrative
expenses
(3,660)
(3,732)
-1.9%
Other gains and losses
(102)
61
n/a
Impairment of property, plant and
equipment
-
-
n/a
Tax on debits and credits to bank
accounts
(434)
(391)
11.0%
Finance gain (cost),
net
Gain on net monetary position
7,337
1,212
505.6%
Exchange rate differences
(3,125)
(690)
352.7%
Financial income
1,311
642
104.3%
Financial expenses
(5,542)
(711)
679.0%
Profit (loss) before
taxes
6,928
9,552
-27.5%
Income tax expense
Current
(1,537)
(3,866)
-60.2%
Deferred
(183)
717
n/a
Net Profit (Loss)
5,208
6,403
-18.7%
Net Profit (Loss) for the
period attributable to:
Owners of the Company
5,272
6,473
-18.6%
Non-controlling interests
(64)
(70)
-8.5%
NET PROFIT (LOSS) FOR THE
PERIOD
5,208
6,403
-18.7%
Earnings per share (basic and
diluted):
9.0337
11.0456
-18.2%
Table 10: Condensed Interim
Consolidated Statement of Cash Flows
(amounts expressed in millions of
pesos, unless otherwise noted)
Three-months ended March
31,
2023
2022
CASH FLOWS FROM OPERATING
ACTIVITIES
Net Profit (Loss)
5,208
6,403
Adjustments to reconcile net
profit to net cash provided by operating activities
Income tax expense
1,721
3,149
Depreciation and amortization
3,254
3,756
Provisions
457
248
Exchange rate differences
2,178
270
Interest expense
4,199
(140)
Loss on transactions with
securities
-
-
Gain on disposal of property,
plant and equipment
29
(31)
Impairment of property, plant and
equipment
-
-
Impairment of trust fund
(194)
65
Share-based payment
31
-
Changes in operating assets
and liabilities
Inventories
(1,867)
(2,375)
Other receivables
1,479
69
Trade accounts receivable
(2,483)
(1,449)
Advances from customers
(157)
(795)
Accounts payable
(532)
(1,050)
Salaries and social security
payables
430
595
Provisions
(65)
(81)
Tax liabilities
(890)
246
Other liabilities
269
10
Gain on net monetary position
(7,337)
(1,212)
Income tax paid
(1,086)
(2,066)
Net cash generated by (used
in) operating activities
4,643
5,611
CASH FLOWS FROM INVESTING
ACTIVITIES
Proceeds from disposal of Yguazú
Cementos S.A.
101
113
Proceeds from disposal of
Property, plant and equipment
74
3
Payments to acquire Property,
plant and equipment
(1,806)
(1,292)
Payments to acquire Intangible
Assets
(32)
(0)
Acquire investments
-
-
Proceeds from maturity
investments
-
-
Contributions to Trust
(95)
(68)
Net cash generated by (used
in) investing activities
(1,759)
(1,243)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from non-convertible
negotiable obligations
27,604
-
Proceeds from borrowings
1,873
1,813
Interest paid
(2,836)
(283)
Dividends paid
(4,262)
-
Debts for leases
(95)
(57)
Repayment of borrowings
(9,817)
(5,273)
Share repurchase plan
-
(1,244)
Net cash generated by (used
in) financing activities
12,467
(5,044)
Net increase (decrease) in cash
and cash equivalents
15,352
(677)
Cash and cash equivalents at the
beginning of the period
5,978
7,839
Effect of the re-expression in
homogeneous cash currency ("Inflation-Adjusted")
(2,059)
(1,070)
Effects of the exchange rate
differences on cash and cash equivalents in foreign currency
147
966
Cash and cash equivalents at
the end of the period
19,419
7,058
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 March
31,
2023
%
2022
%
Net revenue
37,955
100.0%
18,263
100.0%
Cement, masonry cement and
lime
33,145
87.3%
16,180
88.6%
Concrete
3,688
9.7%
1,379
7.6%
Railroad
2,960
7.8%
1,548
8.5%
Aggregates
1,247
3.3%
376
2.1%
Others
173
0.5%
151
0.8%
Eliminations
(3,257)
-8.6%
(1,370)
-7.5%
Cost of sales
23,312
100.0%
10,847
100.0%
Cement, masonry cement and
lime
19,049
81.7%
8,958
82.6%
Concrete
3,572
15.3%
1,312
12.1%
Railroad
2,827
12.1%
1,478
13.6%
Aggregates
990
4.2%
375
3.5%
Others
131
0.6%
94
0.9%
Eliminations
(3,257)
-14.0%
(1,370)
-12.6%
Selling, admin. expenses and
other gains & losses
3,322
100.0%
1,667
100.0%
Cement, masonry cement and
lime
2,878
86.6%
1,467
88.0%
Concrete
147
4.4%
67
4.0%
Railroad
213
6.4%
84
5.0%
Aggregates
10
0.3%
4
0.2%
Others
73
2.2%
45
2.7%
Depreciation and
amortization
797
100.0%
594
100.0%
Cement, masonry cement and
lime
666
83.5%
454
76.4%
Concrete
16
2.0%
11
1.8%
Railroad
89
11.2%
122
20.5%
Aggregates
25
3.2%
7
1.1%
Others
1
0.1%
1
0.2%
Adjusted EBITDA
12,118
100.0%
6,343
100.0%
Cement, masonry cement and
lime
11,883
98.1%
6,208
97.9%
Concrete
(16)
-0.1%
11
0.2%
Railroad
9
0.1%
107
1.7%
Aggregates
271
2.2%
3
0.0%
Others
(29)
-0.2%
14
0.2%
Reconciling items:
Effect by translation in
homogeneous cash currency ("Inflation-Adjusted")
(1,483)
6,904
Depreciation and amortization
(3,254)
(3,756)
Tax on debits and credits banks
accounts
(434)
(391)
Finance gain (cost), net
(19)
452
Income tax
(1,721)
(3,149)
Share of profit of associates
-
-
Impairment of property, plant and
equipment
-
-
NET PROFIT (LOSS) FOR THE
PERIOD
5,208
6,403
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230505005495/en/
IR Contacts Marcos I. Gradin, Chief Financial Officer and
Investor Relations Diego M. Jalón, Investor Relations Manager
+54-11-4319-3050 investorrelations@lomanegra.com
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