Loma Negra Compania Industrial Argentina Sociedad Anonima 6-K, filed Aug 17, 2022
Loma Negra Compania Industrial Argentina Sociedad Anonima (LOMA)
6-K
2022-08-17
For: 2022-08-16
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April 12, 2026
About this 6-K
Loma Negra Compania Industrial Argentina Sociedad Anonima filed this 6-K on August 17, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6‑K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 under the
Securities Exchange Act of 1934
Securities Exchange Act of 1934
For the month of August, 2020
Commission File Number: 001-38262
LOMA NEGRA COMPAÑÍA INDUSTRIAL ARGENTINA SOCIEDAD ANÓNIMA
(Exact Name of Registrant as Specified in its Charter)
(Exact Name of Registrant as Specified in its Charter)
LOMA NEGRA CORPORATION
(Translation of Registrant’s name into English)
(Translation of Registrant’s name into English)
Cecilia Grierson 355, 3th Floor
Zip Code 1107 – Capital Federal
Republic of Argentina
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Table of Contents
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Description
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1
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Loma Negra Relevant Event
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Loma Negra Compañía Industrial Argentina Sociedad Anónima
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Date: August 16, 2020
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By:
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/s/
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Marcos I. Gradin
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Name:
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Marcos I. Gradin |
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Title:
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Chief Financial Officer |
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2Q22-Results Conference Call
Disclaimer and Forward-Looking Statement This presentation may contain forward-looking statements
within the meaning of federal securities law that are subject to risks and uncertainties. These statements are only predictions based upon our current expectations and projections about possible or assumed future results of our business,
financial condition, results of operations, liquidity, plans and objectives. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,”
“plan,” “expect,” “predict,” “potential,” “seek,” “forecast,” or the negative of these terms or other similar expressions. The forward-looking statements are based on the information currently available to us. There are important factors
that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including,
among others things: changes in general economic, political, governmental and business conditions globally and in Argentina, changes in inflation rates, fluctuations in the exchange rate of the peso, the level of construction generally,
changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy and various other factors. You should not rely upon forward-looking statements as predictions of future events. Although we
believe in good faith that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking
statements will be achieved or will occur. Any or all of Loma Negra’s forward-looking statements in this release may turn out to be wrong. You should consider these forward-looking statements in light of other factors discussed under the
heading “Risk Factors” in Company’s Annual Report on Form 20-F, as well as periodic filings made on Form 6-K, which are filed with or furnished to the United States Securities and Exchange Commission. Except as required by law, we
undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations. The Company presented some figures
converted from Argentine pesos to U.S. dollars for comparison purposes. The exchange rate used to convert Pesos to U.S. dollars was the reference exchange rate (Communication “A” 3500) reported by the Central Bank for U.S. dollars. The
information presented in U.S. dollars is for the convenience of the reader only. Certain figures included in this report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be arithmetic
aggregations of the figures presented in previous quarters. Note: Loma Negra’s financial information has been prepared in accordance with the Argentine Securities Commission (Comisión Nacional de Valores-CNV) and with International
Financial Reporting Standards. Following the categorization of Argentina as a country with a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with IFRS. Consequently,
starting July 1, 2018, the Company is reporting results applying IFRS rule IAS 29. IAS 29 requires that results of operations in hyperinflationary economies are reported as if these economies were highly inflationary as of January 1, 2018,
and thus year-to-date, together with comparable results, should be restated adjusting for the change in general purchasing power of the local currency, using official indices. For comparison purposes and a better understanding of our
underlying performance, in addition to presenting ‘As Reported’ results, we are also disclosing selected figures as previously reported excluding rule IAS 29. Additional information in connection with the application of rule IAS 29 can be
found in our earnings report. 1
Cement business achieving record level in terms of EBITDA generation for a second quarter on the back
of solid demand momentum As reported results Net revenues increased 8.0% to Ps. 25.3 billion (US$ 204 million; +38.7%) Adjusted EBITDA up 2.6% to Ps. 7.3 billion (US$ 63 million; +31.7%) Net Profit of Ps. 2.4 billion Consolidated
Adjusted EBITDA margin reached 29.0%, contracting 151 bps YoY Solid balance sheet with Net Debt to LTM Adj. EBITDA ratio of 0.01x Returning value to our shareholders. Following the dividend distributed in April of US$ 45 million, in July
LOMA paid an additional US$ 81 million dividend Note: Figures in US dollars result from the calculation of figures expressed in Argentine pesos, as previously reported (without the application of IAS29) and the average exchange rate for
each reporting period. LOMA delivers another strong quarter 2
Macro & Industry context Revenues and Volumes 3
GDP Growth1 (YoY Growth, %) Construction Activity2 & Monthly Industry Cement Sales3 (YoY Growth,
%) Monthly Industry Cement Sales3 (‘000 tons) Industry Cement Sales by Type3 (%) Apr Feb Jan Mar May Jul Nov Jun Aug Dec Sep Oct 2018 2021 2019 2020 Source INDEC and BCRA (Argentina Central Bank) Market Expectations
(REM) Source INDEC: Construction activity indicator, ISAC (Indicador Sintético de la Actividad) . Based on AFCP which reports standalone cement sales, while Loma Negra reports Cement, Masonry and lime sales Jul’ 22 : As of the date of
this presentation, ISAC figures were not released Solid demand. Industry in record figures 4 Ene’22 Jun’21 Jul’21 Ago’21 Sep’21 Feb’22 Oct’21 Nov’21 Dic’21 Mar’22 Apr’22 ISAC Cement Industry 4 2022 Jun’22 Jul’22 May’22
Revenue Performance: Cement, masonry & lime: increased 6.2% YoY, with volumes expanding 19.3%
with a softer pricing dynamic Concrete: up 27.5% YoY. Volumes up 26.3% coupled with good pricing performance Railroad: increased by 5.6% YoY. Volumes expanding by 11.4%, with pricing performance affected by product mix Aggregates: surged
by 105.2% YoY. Volume increase of 64.7% coupled with a strong pricing momentum Sales Volumes (1) Revenues (AR$ million) (2) Total Net Revenues 25,268 23,399 8.0% Sales volumes include inter-segment sales Sales revenues include
inter-segment sales and Other segments 2Q22 2Q21 % Chg. Cement, masonry & lime MM Tn 1.67 1.40 19.3% Concrete MM m3 0.15 0.12 26.3% Railroad MM Tn 1.18 1.06 11.4% Aggregates MM
Tn 0.32 0.20 64.7% 2Q22 2Q21 % Chg. 22,269 20,969 6.2% 2,042 1,602 27.5% 2,132 2,019 5.6% 657 320 105.2% Cement volumes in positive momentum Revenue up 8.0% 5
Business Performance 6
Consolidated gross profit slightly improved 0.6% YoY, with gross margin contracting 205 bps to 28.1%
mainly impacted by lower price performance and higher depreciations due to the completion of L’Amalí second line, partially offset by proper cost management. Compression in Cement and Railroad margins partially offset by an improvement in
Concrete and Aggregates SG&A increased by 9.4% YoY, reaching 8.7% as % of sales increasing 11 bps YoY Gross profit stable with tighter margins on 2Q22 7 Gross Profit & Margin Gross Margin 28.1% 30.1% +0.6% Selling,
General & Administrative As a % of Sales 8.6% 8.7% +9.4% AR$ Million AR$ Million
Adjusted EBITDA & Margin AR$ Million Consolidated Adjusted EBITDA Margin reached 29.0%, down
151 bps YoY, mainly due to cement margin contraction By segments Cement, masonry cement and lime segment Adjusted EBITDA margin stood at 32.5%, contracting 155 bps YoY primarily due to lower price performance and higher energy
inputs Concrete Adjusted EBITDA margin recovered 371 bps reaching -3.1% from -6.8% in 2Q21 Railroad Adjusted EBITDA margin contracted 144 bps YoY to 3.4% due to lower pricing partially compensated by growth in transported
volumes. Aggregates Adjusted EBITDA margin improved 203 bps reaching 9,7% from 7.7% in 2Q21 48 US$ million 30.5% Adjusted EBITDA Margin Consolidated Adjusted EBITDA of US$ 63 million in the 2Q22, up 2.6% when measured in
Ps. 63 2.6% Note: Figures in US dollars result from the calculation of figures expressed in Argentine pesos, as previously reported (without the application of IAS29) and the average exchange rate for each reporting period. EBITDA
generation remains strong Up 31.7% in US$ 8 29.0%
Bottom line Financial performance 9
Net Profit Attributable to Owners AR$ Million Net Profit breakdown: Adjusted EBITDA increased by
2.6% YoY Total finance cost of Ps. 310 million in 2Q22 compared to a net gain of Ps. 479 million in 2Q21 Foreign exchange loss of Ps. 398 million in 2Q22, compared to Ps. 317 million gain in 2Q21 Gain on net monetary position was Ps. 629
million in 2Q22 compared to Ps. 905 million on 2Q21 Net Financial expense, improved by Ps. 203 million to Ps. 541 million compared to Ps. 744 million YoY due to the variations of debt and cash positions, and a lower interest rate compared
with the evolution of the inflation rate Net Profit Attributable to Owners of the Company in 2Q22 was Ps. 2.5 billion, up from Ps. -2.0 billion in 2Q21. Finance Gain (Costs), net AR$ Million 49 2 Note: Figures in US dollars result
from the calculation of figures expressed in Argentine pesos, as previously reported (without the application of IAS29) and the average exchange rate for each reporting period. Net Profit improvement supported by better operating
performance 10
Debt by Currency Debt Maturity schedule Cash position and Investments of Ps. 13.3 billion and total
debt at Ps. 13.6 billion as of end of 2Q22 Net Debt of Ps. 0.3 billion (US$ 2 MM) with a Debt increased of US$100 million in the quarter Net Debt/ LTM Adj. EBITDA ratio of 0.01x in 2Q22 compared with -0.12x in FY21 In 2Q22, Operating
cash generation reached Ps. 1.9 billions from Ps. -45 millions in 2Q21 mainly due to the increase in the income tax rate that impacted 2Q21 Capital expenditures of Ps.1.1 billion in 2Q22, showing a strong reduction after the completion of
L’Amalí expansion Dividend distributed in 2Q22 amounted Ps. 5.2 billion, Ps. 8.8 per share outstanding (Ps. 44.0 per ADR). Additional dividend of US$ 81MM, in July 2022 amounts expressed in millions of pesos 2Q22 2Q21 Net cash
generated by operating activities 1,971 (45) Net cash used in investing activities (1,132) (1,993) Net cash (used in) generated by financing activities 6,690 (3,699) Cash and cash equivalents at the end of the period
10,898 1,903 Note: Figures in US dollars result from the calculation of figures expressed in Argentine pesos, as previously reported (without the application of IAS29) and the average exchange rate for each reporting period. US$
Million Cash Position 1Q 2023 4Q 2022 3Q 2022 2023/2024 47 USD Ps. Robust balance sheet & strong dividend distribution US$ 109 MM 11 Cash Flow Highlights
2022 Outlook 12
The first seven months of 2022 are showing an outstanding momentum for the construction market,
surpassing our initial expectations for the year. Even though the global energy crisis remains in place and affecting the sector, we are showing LOMA’s unique capabilities to avoid this impact, maintaining solid results and world class
margins of profitability. For the next quarters, we expect this positive trend of cement demand to continue, amid local political and macro economical situation remains a big challenge and adds uncertainty for the months to come. 2022
Outlook 13
Financial Tables 14
Adjusted EBITDA Reconciliation & Margin
Balance Sheet
Income Statement
Statement of Cash Flows
Thank you! IR Contact Marcos I. Gradin Chief Financial Officer and Investor Relations Diego M.
Jalón Head of Investor Relations +54 (11 ) 4319-3050 investorrelations@lomanegra.com