Loma Negra Compania Industrial Argentina Sociedad Anonima 6-K, filed Mar 9, 2023

Loma Negra Compania Industrial Argentina Sociedad Anonima (LOMA)

6-K 2023-03-09 For: 2023-03-08

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Added on July 04, 2026

About this 6-K

Loma Negra Compania Industrial Argentina Sociedad Anonima filed this 6-K on March 9, 2023.

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Date: March 8, 2023	By: /s/	Marcos I. Gradin
	Name:	Marcos I. Gradin
	Title:	Chief Financial Officer

Table 1: Financial Highlights
(amounts expressed in millions of pesos, unless otherwise noted)
	Three-months ended December 31,			Twelve-months ended December 31,
	2022	2021	% Chg.	2022	2021	% Chg.
Net revenue	36,763	37,512	-2.0%	145,133	143,501	1.1%
Gross Profit	9,754	12,991	-24.9%	39,193	45,356	-13.6%
Gross Profit margin	26.5%	34.6%	-810 bps	27.0%	31.6%	-460 bps
Adjusted EBITDA	13,173	12,497	5.4%	43,345	45,044	-3.8%
Adjusted EBITDA Mg.	35.8%	33.3%	+252 bps	29.9%	31.4%	-152 bps
Net Profit (Loss)	7,452	5,445	36.9%	1,807	12,358	-85.4%
Net Profit (Loss) attributable to owners of the Company	7,513	5,696	31.9%	2,147	12,829	-83.3%
EPS	12.8537	9.6216	33.6%	3.6684	21.6685	-83.1%
Average outstanding shares (*)	584	592	-1.3%	585	592	-1.1%
Net Debt	15,859	(5,376)	n/a	15,859	(5,376)	n/a
Net Debt /LTM Adjusted EBITDA	0.37x	-0.12x	n/a	0.37x	-0.12x	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 December 31,			Twelve-months ended December 31,
	2022	2021	% Chg.	2022	2021	% Chg.
Net revenue	34,933	18,746	86.3%	109,243	62,347	75.2%
Adjusted EBITDA	14,742	6,379	131.1%	37,758	20,453	84.6%
Adjusted EBITDA Mg.	42.2%	34.0%	+817 bps	34.6%	32.8%	+176 bps
Net Profit (Loss)	8,962	4,868	84.1%	14,009	16,222	-13.6%
Net Debt	15,859	(5,376)	n/a	15,859	(5,376)	n/a
Net Debt /LTM Adjusted EBITDA	0.37x	-0.12x	n/a	0.37x	-0.12x	n/a

In million US$	Three-months ended December 31,			Twelve-months ended December 31,
	2022	2021	% Chg.	2022	2021	% Chg.
Ps./US$, av	162.70	100.50	61.9%	130.81	95.16	37.5%
Ps./US$, eop	177.13	102.75	72.4%	177.13	102.75	72.4%
Net revenue	215	187	15.1%	835	655	27.5%
Adjusted EBITDA	91	63	42.7%	289	215	34.3%
Adjusted EBITDA Mg.	42.2%	34.0%	+817 bps	34.6%	32.8%	+176 bps
Net Profit (Loss)	55	48	13.7%	107	170	-37.2%
Net Debt	90	(52)	n/a	90	(52)	n/a
Net Debt /LTM Adjusted EBITDA	0.37x	-0.12x	n/a	0.37x	-0.12x	n/a

Table 2: Sales Volumes²

		Three-months ended December 31,			Twelve-months ended December 31,
		2022	2021	% Chg.	2022	2021	% Chg.
Cement, masonry & lime	MM Tn	1.69	1.68	0.9%	6.72	6.13	9.7%
Concrete	MM m3	0.15	0.13	17.5%	0.58	0.52	11.0%
Railroad	MM Tn	1.09	1.13	-3.2%	4.54	4.33	4.8%
Aggregates	MM Tn	0.33	0.25	30.1%	1.24	0.84	48.1%
²Sales volumes include inter-segment sales

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 December 31,			Twelve-months ended December 31,
	2022	2021	% Chg.	2022	2021	% Chg.
Net revenue	36,763	37,512	-2.0%	145,133	143,501	1.1%
Cost of sales	(27,009)	(24,521)	10.1%	(105,940)	(98,145)	7.9%
Gross profit	9,754	12,991	-24.9%	39,193	45,356	-13.6%
Share of loss of associates	-	-	n/a	-	-	n/a
Selling and administrative expenses	(3,200)	(3,710)	-13.8%	(12,511)	(12,328)	1.5%
Other gains and losses	3,513	24	14459.7%	3,385	408	729.8%
Impairment of property, plant and equipment	-	6	n/a	-	(298)	n/a
Tax on debits and credits to bank accounts	(381)	(376)	1.3%	(1,455)	(1,446)	0.6%
Finance gain (cost), net
Gain on net monetary position	6,119	715	756.2%	13,747	3,912	251.4%
Exchange rate differences	(3,005)	(675)	345.3%	(7,419)	(3,208)	131.3%
Financial income	229	360	-36.3%	1,626	1,991	-18.3%
Financial expense	(2,962)	(679)	336.5%	(25,564)	(2,612)	878.6%
Profit (Loss) before taxes	10,066	8,655	16.3%	11,003	31,775	-65.4%
Income tax expense
Current	(685)	(3,030)	-77.4%	(4,217)	(12,931)	-67.4%
Deferred	(1,929)	(180)	973.9%	(4,979)	(6,485)	-23.2%
Net profit (Loss)	7,452	5,445	36.9%	1,807	12,358	-85.4%

Table 4: Adjusted EBITDA Reconciliation & Margin
(amounts expressed in millions of pesos, unless otherwise noted)
	Three-months ended December 31,			Twelve-months ended December 31,
	2022	2021	% Chg.	2022	2021	% Chg.
Adjusted EBITDA reconciliation:
Net profit (Loss)	7,452	5,445	36.9%	1,807	12,358	-85.4%
(+) Depreciation and amortization	3,106	3,192	-2.7%	13,278	11,608	14.4%
(+) Tax on debits and credits to bank accounts	381	376	1.3%	1,455	1,446	0.6%
(+) Income tax expense	2,614	3,210	-18.6%	9,196	19,417	-52.6%
(+) Financial interest, net	2,259	(129)	n/a	4,542	(788)	n/a
(+) Exchange rate differences, net	3,005	675	345.3%	7,419	3,208	131.3%
(+) Other financial expenses, net	474	447	6.0%	19,396	1,409	1276.5%
(+) Gain on net monetary position	(6,119)	(715)	756.2%	(13,747)	(3,912)	251.4%
(+) Share of profit (loss) of associates	-	-	n/a	-	-	n/a
(+) Impairment of property, plant and equipment	-	(6)	n/a	-	298	n/a
Adjusted EBITDA	13,173	12,497	5.4%	43,345	45,044	-3.8%
Adjusted EBITDA Margin	35.8%	33.3%	+252 bps	29.9%	31.4%	-152 bps

Table 5: Finance Gain (Cost), net
(amounts expressed in millions of pesos, unless otherwise noted)
	Three-months ended December 31,			Twelve-months ended December 31,
	2022	2021	% Chg.	2022	2021	% Chg.
Exchange rate differences	(3,005)	(675)	345.3%	(7,419)	(3,208)	131.3%
Financial income	229	360	-36.3%	1,626	1,991	-18.3%
Financial expense	(2,962)	(679)	336.5%	(25,564)	(2,612)	878.6%
Gain on net monetary position	6,119	715	756.2%	13,747	3,912	251.4%
Total Finance Gain (Cost), Net	380	(279)	n/a	(17,609)	83	n/a

Table 6: Capitalization and Debt Ratio
(amounts expressed in millions of pesos, unless otherwise noted)
	As of December 31,
	2022	2021

Total Debt	20,770	4,892
- Short-Term Debt	10,891	4,115
- Long-Term Debt	9,880	777
Cash, Cash Equivalents and Investments	(4,911)	(10,268)
Total Net Debt	15,859	(5,376)
Shareholder's Equity	115,947	141,245
Capitalization	136,718	146,136
LTM Adjusted EBITDA	43,345	45,044
Net Debt /LTM Adjusted EBITDA	0.37x	-0.12x

Table 7: Condensed Interim Consolidated Statement of Cash Flows
(amounts expressed in millions of pesos, unless otherwise noted)
	Three-months ended December 31,		Twelve-months ended December 31,
	2022	2021	2022	2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit (Loss)	7,452	5,445	1,807	12,358
Adjustments to reconcile net profit (loss) to net cash provided by operating activities	6,890	5,306	48,237	33,468

Changes in operating assets and liabilities	(3,092)	(1,093)	(18,682)	(16,510)
Net cash generated by operating activities	11,250	9,659	31,362	29,316

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of Yguazú Cementos S.A.	(0)	101	93	901
Property, plant and equipment, Intangible Assets, net	(2,547)	(4,325)	(7,012)	(13,446)
Contributions to Trust	(23)	(37)	(194)	(179)
Investments, net	(414)	(150)	2,395	(4,506)
Net cash (used in) investing activities	(2,984)	(4,412)	(4,717)	(17,230)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds / Repayments from borrowings, Interest paid	(6,618)	(3,414)	(1,179)	(12,413)
Dividends paid	0	(0)	(21,806)	0
Share repurchase plan	(775)	(1,435)	(1,797)	(4,650)
Net cash generated by (used in) by financing activities	(7,393)	(4,850)	(24,782)	(17,063)

Net increase (decrease) in cash and cash equivalents	873	397	1,863	(4,977)
Cash and cash equivalents at the beginning of the year	4,064	3,877	6,439	12,865
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")	(133)	(15)	(3,620)	(3,633)
Effects of the exchange rate differences on cash and cash equivalents in foreign currency	106	2,180	228	2,184
Cash and cash equivalents at the end of the period	4,911	6,439	4,911	6,439

	Repurchase Program V
Maximum amount for repurchase	Ps. 1,000 million
Maximum price	Ps. 495/ordinary share or US$ 8/ADR
Period in force	until December 31, 2022
Repurchase under the program	Ps. 735 million
Current status	terminated

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

Table 8: Condensed Interim Consolidated Statements of Financial Position
(amounts expressed in millions of pesos, unless otherwise noted)
	As of December 31,
	2022	2021
ASSETS
Non-current assets
Property, plant and equipment	153,471	158,357
Right to use assets	1,051	604
Intangible assets	470	563
Investments	10	10
Goodwill	102	102
Inventories	6,380	6,007
Other receivables	1,121	1,354
Total non-current assets	162,605	166,998
Current assets
Inventories	20,404	16,942
Other receivables	5,850	2,320
Trade accounts receivable	9,123	7,715
Investments	4,246	9,623
Cash and banks	665	644
Total current assets	40,288	37,245
TOTAL ASSETS	202,893	204,243
SHAREHOLDER'S EQUITY
Capital stock and other capital related accounts	37,941	39,675
Reserves	75,873	88,414
Retained earnings	1,939	12,829
Accumulated other comprehensive income	-	-
Equity attributable to the owners of the Company	115,752	140,918
Non-controlling interests	195	327
TOTAL SHAREHOLDER'S EQUITY	115,947	141,245
LIABILITIES
Non-current liabilities
Borrowings	9,880	777
Accounts payables	-	-
Provisions	1,307	1,105
Salaries and social security payables	95	98
Debts for leases	783	458
Other liabilities	164	278
Deferred tax liabilities	32,970	27,879
Total non-current liabilities	45,199	30,595
Current liabilities
Borrowings	10,891	4,115
Accounts payable	17,699	15,342
Advances from customers	1,761	2,000
Salaries and social security payables	4,446	3,963
Tax liabilities	2,915	6,517
Debts for leases	282	155
Other liabilities	3,752	312
Total current liabilities	41,747	32,403
TOTAL LIABILITIES	86,946	62,998
TOTAL SHAREHOLDER'S EQUITY AND LIABILITIES	202,893	204,243

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 December 31,			Twelve-months ended December 31,
	2022	2021	% Change	2022	2021	% Change
Net revenue	36,763	37,512	-2.0%	145,133	143,501	1.1%
Cost of sales	(27,009)	(24,521)	10.1%	(105,940)	(98,145)	7.9%
Gross Profit	9,754	12,991	-24.9%	39,193	45,356	-13.6%
Share of loss of associates	-	-	n/a	-	-	n/a
Selling and administrative expenses	(3,200)	(3,710)	-13.8%	(12,511)	(12,328)	1.5%
Other gains and losses	3,513	24	14459.7%	3,385	408	729.8%
Impairment of property, plant and equipment	-	6	n/a	-	(298)	n/a
Tax on debits and credits to bank accounts	(381)	(376)	1.3%	(1,455)	(1,446)	0.6%
Finance gain (cost), net
Gain on net monetary position	6,119	715	756.2%	13,747	3,912	251.4%
Exchange rate differences	(3,005)	(675)	345.3%	(7,419)	(3,208)	131.3%
Financial income	229	360	-36.3%	1,626	1,991	-18.3%
Financial expenses	(2,962)	(679)	336.5%	(25,564)	(2,612)	878.6%
Profit (loss) before taxes	10,066	8,655	16.3%	11,003	31,775	-65.4%
Income tax expense
Current	(573)	(3,030)	-81.1%	(4,105)	(12,931)	-68.3%
Deferred	(2,042)	(180)	1036.4%	(5,091)	(6,485)	-21.5%
Net Profit (Loss)	7,452	5,445	36.9%	1,807	12,358	-85.4%
Net Profit (Loss) for the period attributable to:
Owners of the Company	7,304	5,696	28.2%	1,939	12,829	-84.9%
Non-controlling interests	148	(251)	n/a	(132)	(471)	-72.0%
NET PROFIT (LOSS) FOR THE PERIOD	7,452	5,445	36.9%	1,807	12,358	-85.4%
Earnings per share (basic and diluted):	12.4970	9.6216	29.9%	3.3122	21.6685	-84.7%

Table 10: Condensed Interim Consolidated Statement of Cash Flows
(amounts expressed in millions of pesos, unless otherwise noted)
	Three-months ended December 31,		Twelve-months ended December 31,
	2022	2021	2022	2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit (Loss)	7,452	5,445	1,807	12,358
Adjustments to reconcile net profit to net cash provided by operating activities
Income tax expense	2,614	3,210	9,196	19,417
Depreciation and amortization	3,106	3,192	13,278	11,608
Provisions	334	531	1,302	888
Exchange rate differences	1,937	(1,942)	4,830	595
Interest expense	2,204	226	5,106	662
Loss on transactions with securities	(0)	-	17,636	-
Gain on disposal of property, plant and equipment	(3,365)	45	(3,367)	(174)
Impairment of property, plant and equipment	-	(6)	-	298
Impairment of trust fund	54	(28)	194	96
Share-based payment	6	78	63	78
Changes in operating assets and liabilities
Inventories	(1,523)	(126)	(3,166)	560
Other receivables	(1,199)	1,818	(3,177)	(1,375)
Trade accounts receivable	(1,759)	(69)	(7,147)	(2,906)
Advances from customers	36	370	241	248
Accounts payable	6,946	(438)	11,164	1,573
Salaries and social security payables	1,442	309	2,816	1,387
Provisions	(132)	(180)	(403)	(337)
Tax liabilities	1,153	(153)	5,315	426
Other liabilities	79	138	56	57
Gain on net monetary position	(6,119)	(715)	(13,747)	(3,912)
Income tax paid	(2,015)	(2,047)	(10,634)	(12,231)
Net cash generated by (used in) operating activities	11,250	9,659	31,362	29,316

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of Yguazú Cementos S.A.	(0)	101	93	901
Proceeds from disposal of Property, plant and equipment	3,268	315	3,296	561
Payments to acquire Property, plant and equipment	(5,745)	(4,483)	(10,203)	(13,807)
Payments to acquire Intangible Assets	(70)	(157)	(104)	(200)
Acquire investments	-	(3,882)	-	(8,238)
Proceeds from maturity investments	(414)	3,732	2,395	3,732
Contributions to Trust	(23)	(37)	(194)	(179)
Net cash generated by (used in) investing activities	(2,984)	(4,412)	(4,717)	(17,230)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings	650	268	51,706	2,436
Interest paid	(2,010)	(152)	(4,756)	(1,111)
Dividends paid	0	(0)	(21,806)	0
Debts for leases	(138)	(75)	(283)	(344)
Repayment of borrowings	(5,120)	(3,455)	(47,846)	(13,394)
Share repurchase plan	(775)	(1,435)	(1,797)	(4,650)
Net cash generated by (used in) financing activities	(7,393)	(4,850)	(24,782)	(17,063)
Net increase (decrease) in cash and cash equivalents	873	397	1,863	(4,977)
Cash and cash equivalents at the beginning of the period	4,064	3,877	6,439	12,865
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")	(133)	(15)	(3,620)	(3,633)
Effects of the exchange rate differences on cash and cash equivalents in foreign currency	106	2,180	228	2,184

Cash and cash equivalents at the end of the period	4,911	6,439	4,911	6,439

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 December 31,				Twelve-months ended December 31,
	2022	%	2021	%	2022	%	2021	%
Net revenue	34,933	100.0%	18,746	100.0%	109,243	100.0%	62,347	100.0%
Cement, masonry cement and lime	30,739	88.0%	16,764	89.4%	96,499	88.3%	55,793	89.5%
Concrete	3,263	9.3%	1,317	7.0%	9,390	8.6%	4,464	7.2%
Railroad	2,727	7.8%	1,506	8.0%	8,720	8.0%	5,078	8.1%
Aggregates	988	2.8%	356	1.9%	2,775	2.5%	960	1.5%
Others	189	0.5%	136	0.7%	664	0.6%	382	0.6%
Eliminations	(2,973)	-8.5%	(1,333)	-7.1%	(8,805)	-8.1%	(4,330)	-6.9%
Cost of sales	21,877	100.0%	11,215	100.0%	69,225	100.0%	38,702	100.0%
Cement, masonry cement and lime	18,378	84.0%	9,420	84.0%	58,125	84.0%	32,501	84.0%
Concrete	3,065	14.0%	1,236	11.0%	8,925	12.9%	4,559	11.8%
Railroad	2,569	11.7%	1,463	13.0%	8,308	12.0%	4,813	12.4%
Aggregates	734	3.4%	347	3.1%	2,283	3.3%	921	2.4%
Others	103	0.5%	82	0.7%	390	0.6%	238	0.6%
Eliminations	(2,973)	-13.6%	(1,333)	-11.9%	(8,805)	-12.7%	(4,330)	-11.2%
Selling, admin. expenses and other gains & losses	(702)	100.0%	1,725	100.0%	5,397	100.0%	4,939	100.0%
Cement, masonry cement and lime	(1,005)	143.3%	1,356	78.6%	4,345	80.5%	4,197	85.0%
Concrete	89	-12.7%	4	0.2%	337	6.3%	53	1.1%
Railroad	135	-19.2%	316	18.3%	469	8.7%	544	11.0%
Aggregates	9	-1.3%	4	0.2%	33	0.6%	11	0.2%
Others	71	-10.1%	45	2.6%	211	3.9%	134	2.7%
Depreciation and amortization	985	100.0%	573	100.0%	3,137	100.0%	1,746	100.0%
Cement, masonry cement and lime	767	77.9%	451	78.8%	2,411	76.9%	1,337	76.5%
Concrete	12	1.2%	19	3.3%	57	1.8%	66	3.8%
Railroad	174	17.7%	90	15.7%	608	19.4%	305	17.5%
Aggregates	30	3.1%	12	2.0%	56	1.8%	33	1.9%
Others	1	0.1%	1	0.2%	5	0.2%	5	0.3%
Adjusted EBITDA	14,742	100.0%	6,379	100.0%	37,758	100.0%	20,453	100.0%
Cement, masonry cement and lime	14,133	95.9%	6,439	100.9%	36,440	96.5%	20,431	99.9%
Concrete	121	0.8%	95	1.5%	185	0.5%	(81)	-0.4%
Railroad	197	1.3%	(183)	-2.9%	550	1.5%	26	0.1%
Aggregates	276	1.9%	17	0.3%	515	1.4%	62	0.3%
Others	16	0.1%	11	0.2%	68	0.2%	15	0.1%
Reconciling items:
Effect by translation in homogeneous cash currency ("Inflation-Adjusted")	(1,569)		6,118		5,587		24,591
Depreciation and amortization	(3,106)		(3,192)		(13,278)		(11,608)
Tax on debits and credits banks accounts	(381)		(376)		(1,455)		(1,446)
Finance gain (cost), net	380		(279)		(17,609)		83
Income tax	(2,614)		(3,210)		(9,196)		(19,417)
Share of profit of associates	-		-		-		-
Impairment of property, plant and equipment	-		6		-		(298)
NET PROFIT (LOSS) FOR THE PERIOD	7,452		5,445		1,807		12,358

Item		Description
1		Relevant event