Loma Negra Compania Industrial Argentina Sociedad Anonima 6-K, filed Nov 8, 2022

Loma Negra Compania Industrial Argentina Sociedad Anonima (LOMA)

6-K 2022-11-08 For: 2022-11-08

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Added on April 12, 2026

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Loma Negra Compania Industrial Argentina Sociedad Anonima filed this 6-K on November 8, 2022.

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	Loma Negra Compañía Industrial Argentina Sociedad Anónima



Date: November 8, 2022		By:	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 September 30,			Nine-months ended September 30,
	2022	2021	% Chg.	2022	2021	% Chg.
Net revenue	33,942	32,580	4.2%	92,392	90,362	2.2%
Gross Profit	7,228	8,396	-13.9%	25,098	27,593	-9.0%
Gross Profit margin	21.3%	25.8%	-448 bps	27.2%	30.5%	-337 bps
Adjusted EBITDA	7,508	8,595	-12.7%	25,724	27,748	-7.3%
Adjusted EBITDA Mg.	22.1%	26.4%	-426 bps	27.8%	30.7%	-287 bps
Net Profit (Loss)	(12,241)	2,726	n/a	(4,813)	5,893	n/a
Net Profit (Loss) attributable to owners of the Company	(12,144)	2,779	n/a	(4,574)	6,081	n/a
EPS	(20.7442)	4.7026	n/a	(7.8113)	10.2497	n/a
Average outstanding shares (*)	585	591	-0.9%	586	593	-1.3%
Net Debt	19,699	(604)	n/a	19,699	(604)	n/a
Net Debt /LTM Adjusted EBITDA	0.54x	-0.02x	n/a	0.54x	-0.02x	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 September 30,			Nine-months ended September 30,
	2022	2021	% Chg.	2022	2021	% Chg.
Net revenue	31,983	17,137	86.6%	74,310	43,601	70.4%
Adjusted EBITDA	9,264	4,957	86.9%	23,016	14,073	63.5%
Adjusted EBITDA Mg.	29.0%	28.9%	+4 bps	31.0%	32.3%	-130 bps
Net Profit (Loss)	(7,521)	3,466	n/a	5,077	11,354	-55.3%
Net Debt	19,699	(604)	n/a	19,699	(604)	n/a
Net Debt /LTM Adjusted EBITDA	0.54x	-0.02x	n/a	0.54x	-0.02x	n/a

In million US$	Three-months ended September 30,			Nine-months ended September 30,
	2022	2021	% Chg.	2022	2021	% Chg.
Ps./US$, av	135.78	97.26	39.6%	120.41	93.42	28.9%
Ps./US$, eop	147.32	98.74	49.2%	147.32	98.74	49.2%
Net revenue	236	176	33.7%	617	467	32.2%
Adjusted EBITDA	68	51	33.9%	191	151	26.9%
Adjusted EBITDA Mg.	29.0%	28.9%	+4 bps	31.0%	32.3%	-130 bps
Net Profit (Loss)	(55)	36	n/a	42	122	-65.3%
Net Debt	134	(6)	n/a	134	(6)	n/a
Net Debt /LTM Adjusted EBITDA	0.54x	-0.02x	n/a	0.54x	-0.02x	n/a

Table 2: Sales Volumes²

		Three-months ended September 30,			Nine-months ended September 30,
		2022	2021	% Chg.	2022	2021	% Chg.
Cement, masonry & lime	MM Tn	1.88	1.66	12.9%	5.02	4.45	13.0%
Concrete	MM m3	0.17	0.12	35.6%	0.43	0.39	8.8%
Railroad	MM Tn	1.21	1.15	5.5%	3.44	3.20	7.7%
Aggregates	MM Tn	0.34	0.21	65.0%	0.91	0.58	55.9%
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 September 30,			Nine-months ended September 30,
	2022	2021	% Chg.	2022	2021	% Chg.
Net revenue	33,942	32,580	4.2%	92,392	90,362	2.2%
Cost of sales	(26,714)	(24,184)	10.5%	(67,294)	(62,769)	7.2%
Gross profit	7,228	8,396	-13.9%	25,098	27,593	-9.0%
Share of loss of associates	-	-	n/a	-	-	n/a
Selling and administrative expenses	(2,631)	(2,491)	5.6%	(7,938)	(7,347)	8.0%
Other gains and losses	(124)	63	n/a	(109)	327	n/a
Impairment of property, plant and equipment	-	(259)	n/a	-	(259)	n/a
Tax on debits and credits to bank accounts	(330)	(318)	4.0%	(916)	(912)	0.4%
Finance gain (cost), net
Gain on net monetary position	3,687	38	9723.6%	6,504	2,726	138.6%
Exchange rate differences	(885)	(276)	220.9%	(3,763)	(2,159)	74.3%
Financial income	106	160	-33.8%	1,226	1,390	-11.8%
Financial expense	(18,183)	(510)	3462.1%	(19,304)	(1,649)	1070.9%
Profit (Loss) before taxes	(11,134)	4,803	n/a	798	19,711	-95.9%
Income tax expense
Current	(267)	(1,917)	-86.1%	(3,011)	(8,441)	-64.3%
Deferred	(840)	(160)	426.6%	(2,600)	(5,376)	-51.6%
Net profit (Loss)	(12,241)	2,726	n/a	(4,813)	5,893	n/a

Table 4: Adjusted EBITDA Reconciliation & Margin
(amounts expressed in millions of pesos, unless otherwise noted)
	Three-months ended September 30,			Nine-months ended September 30,
	2022	2021	% Chg.	2022	2021	% Chg.
Adjusted EBITDA reconciliation:
Net profit (Loss)	(12,241)	2,726	n/a	(4,813)	5,893	n/a
(+) Depreciation and amortization	3,035	2,627	15.6%	8,672	7,175	20.9%
(+) Tax on debits and credits to bank accounts	330	318	4.0%	916	912	0.4%
(+) Income tax expense	1,107	2,076	-46.7%	5,612	13,817	-59.4%
(+) Financial interest, net	2,631	43	6001.4%	1,946	(562)	n/a
(+) Exchange rate differences, net	885	276	220.9%	3,763	2,159	74.3%
(+) Other financial expenses, net	15,446	308	4918.2%	16,132	820	1866.9%
(+) Gain on net monetary position	(3,687)	(38)	9723.6%	(6,504)	(2,726)	138.6%
(+) Share of profit (loss) of associates	-	-	n/a	-	-	n/a
(+) Impairment of property, plant and equipment	-	259	n/a	-	259	n/a
Adjusted EBITDA	7,508	8,595	-12.7%	25,724	27,748	-7.3%
Adjusted EBITDA Margin	22.1%	26.4%	-426 bps	27.8%	30.7%	-287 bps

Table 5: Finance Gain (Cost), net
(amounts expressed in millions of pesos, unless otherwise noted)
	Three-months ended September 30,			Nine-months ended September 30,
	2022	2021	% Chg.	2022	2021	% Chg.
Exchange rate differences	(885)	(276)	220.9%	(3,763)	(2,159)	74.3%
Financial income	106	160	-33.8%	1,226	1,390	-11.8%
Financial expense	(18,183)	(510)	3462.1%	(19,304)	(1,649)	1070.9%
Gain on net monetary position	3,687	38	9723.6%	6,504	2,726	138.6%
Total Finance Gain (Cost), Net	(15,276)	(589)	2492.0%	(15,337)	308	n/a

Table 6: Capitalization and Debt Ratio
(amounts expressed in millions of pesos, unless otherwise noted)
	As of September 30,		As of December, 31
	2022	2021	2021

Total Debt	23,164	7,247	4,170
- Short-Term Debt	14,795	6,370	3,508
- Long-Term Debt	8,369	877	662
Cash, Cash Equivalents and Investments	(3,465)	(7,851)	8,754
Total Net Debt	19,699	(604)	(4,583)
Shareholder's Equity	96,139	116,935	120,420
Capitalization	119,303	124,182	124,590
LTM Adjusted EBITDA	36,379	39,592	38,403
Net Debt /LTM Adjusted EBITDA	0.54x	-0.02x	-0.12x

Table 7: Condensed Interim Consolidated Statement of Cash Flows
(amounts expressed in millions of pesos, unless otherwise noted)
	Three-months ended September 30,		Nine-months ended September 30,
	2022	2021	2022	2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit (Loss)	(12,241)	2,726	(4,813)	5,893
Adjustments to reconcile net profit (loss) to net cash provided by operating activities	24,671	8,204	35,251	24,009

Changes in operating assets and liabilities	(987)	(617)	(13,292)	(13,144)
Net cash generated by operating activities	11,443	10,314	17,146	16,759

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of Yguazú Cementos S.A.	0	182	79	682
Property, plant and equipment, Intangible Assets, net	(1,563)	(2,825)	(3,806)	(7,776)
Contributions to Trust	(57)	(37)	(146)	(121)
Investments, net	2,395	0	2,395	(3,713)
Net cash (used in) investing activities	774	(2,679)	(1,478)	(10,928)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds / Repayments from borrowings, Interest paid	7,245	(3,199)	19,673	(7,672)
Dividends paid	(11,661)	0	(18,591)	0
Loss on transactions with securities	(15,036)	-	(15,036)	-
Share repurchase plan	0	(1,152)	(871)	(2,741)
Net cash generated by (used in) by financing activities	(19,452)	(4,351)	(14,825)	(10,413)

Net increase (decrease) in cash and cash equivalents	(7,235)	3,284	844	(4,582)
Cash and cash equivalents at the beginning of the year	13,293	2,321	5,490	10,968
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")	(2,700)	(2,895)	(2,973)	(3,084)
Effects of the exchange rate differences on cash and cash equivalents in foreign currency	107	596	104	3
Cash and cash equivalents at the end of the period	3,465	3,305	3,465	3,305

	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 until November 7, 2022	Ps. 317 million
Progress	31.7%

When:	10:00 a.m. U.S. ET (12:00 p.m. BAT), November 9, 2022
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=jOvcwIJo
Replay:	A telephone replay of the conference call will be available between November 10, 2022, at 1:00 pm U.S. E.T. and ending on November 16, 2022. 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 7065542. The audio of the conference call will also be archived on the Company’s website at www.lomanegra.com

Table 8: Condensed Interim Consolidated Statements of Financial Position
(amounts expressed in millions of pesos, unless otherwise noted)
	As of September 30,	As of December 31,
	2022	2021
ASSETS
Non-current assets
Property, plant and equipment	130,530	135,010
Right to use assets	421	515
Intangible assets	381	480
Investments	9	9
Goodwill	87	87
Inventories	5,173	5,122
Other receivables	824	1,154
Total non-current assets	137,425	142,376
Current assets
Inventories	15,840	14,444
Other receivables	4,063	1,978
Trade accounts receivable	7,608	6,578
Investments	2,406	8,205
Cash and banks	1,059	549
Total current assets	30,975	31,753
TOTAL ASSETS	168,400	174,130
SHAREHOLDER'S EQUITY
Capital stock and other capital related accounts	33,003	33,825
Reserves	67,670	75,379
Retained earnings	(4,574)	10,937
Accumulated other comprehensive income	-	-
Equity attributable to the owners of the Company	96,099	120,142
Non-controlling interests	40	278
TOTAL SHAREHOLDER'S EQUITY	96,139	120,420
LIABILITIES
Non-current liabilities
Borrowings	8,369	662
Accounts payables	-	-
Provisions	961	942
Salaries and social security payables	78	84
Debts for leases	292	391
Other liabilities	114	237
Deferred tax liabilities	26,368	23,768
Total non-current liabilities	36,183	26,084
Current liabilities
Borrowings	14,795	3,508
Accounts payable	13,544	13,080
Advances from customers	1,594	1,705
Salaries and social security payables	3,079	3,379
Tax liabilities	2,750	5,556
Debts for leases	95	132
Other liabilities	223	266
Total current liabilities	36,078	27,626
TOTAL LIABILITIES	72,262	53,710
TOTAL SHAREHOLDER'S EQUITY AND LIABILITIES	168,400	174,130

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 September 30,			Nine-months ended September 30,
	2022	2021	% Change	2022	2021	% Change
Net revenue	33,942	32,580	4.2%	92,392	90,362	2.2%
Cost of sales	(26,714)	(24,184)	10.5%	(67,294)	(62,769)	7.2%
Gross Profit	7,228	8,396	-13.9%	25,098	27,593	-9.0%
Share of loss of associates	-	-	n/a	-	-	n/a
Selling and administrative expenses	(2,631)	(2,491)	5.6%	(7,938)	(7,347)	8.0%
Other gains and losses	(124)	63	n/a	(109)	327	n/a
Impairment of property, plant and equipment	-	(259)	n/a	-	(259)	n/a
Tax on debits and credits to bank accounts	(330)	(318)	4.0%	(916)	(912)	0.4%
Finance gain (cost), net
Gain on net monetary position	3,687	38	9723.6%	6,504	2,726	138.6%
Exchange rate differences	(885)	(276)	220.9%	(3,763)	(2,159)	74.3%
Financial income	106	160	-33.8%	1,226	1,390	-11.8%
Financial expenses	(18,183)	(510)	3462.1%	(19,304)	(1,649)	1070.9%
Profit (loss) before taxes	(11,134)	4,803	n/a	798	19,711	-95.9%
Income tax expense
Current	(267)	(1,917)	-86.1%	(3,011)	(8,441)	-64.3%
Deferred	(840)	(160)	426.6%	(2,600)	(5,376)	-51.6%
Net Profit (Loss)	(12,241)	2,726	n/a	(4,813)	5,893	n/a
Net Profit (Loss) for the period attributable to:
Owners of the Company	(12,144)	2,779	n/a	(4,574)	6,081	n/a
Non-controlling interests	(97)	(52)	85.8%	(239)	(187)	27.4%
NET PROFIT (LOSS) FOR THE PERIOD	(12,241)	2,726	n/a	(4,813)	5,893	n/a
Earnings per share (basic and diluted):	(20.7442)	4.7026	n/a	(7.8113)	10.2497	n/a

Table 10: Condensed Interim Consolidated Statement of Cash Flows
(amounts expressed in millions of pesos, unless otherwise noted)
	Three-months ended September 30,		Nine-months ended September 30,
	2022	2021	2022	2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit (Loss)	(12,241)	2,726	(4,813)	5,893
Adjustments to reconcile net profit to net cash provided by operating activities
Income tax expense	1,107	2,076	5,612	13,817
Depreciation and amortization	3,035	2,627	8,672	7,175
Provisions	694	347	825	304
Exchange rate differences	2,818	3,177	2,467	2,163
Interest expense	1,916	(273)	2,474	372
Loss on transactions with securities	15,036	-	15,036	-
Gain on disposal of property, plant and equipment	15	(37)	(2)	(187)
Impairment of property, plant and equipment	-	259	-	259
Impairment of trust fund	41	29	119	105
Share-based payment	8	-	49	-
Changes in operating assets and liabilities
Inventories	2,334	1,935	(1,400)	585
Other receivables	(1,068)	(2,049)	(1,686)	(2,723)
Trade accounts receivable	(2,135)	(722)	(4,593)	(2,418)
Advances from customers	544	284	175	(104)
Accounts payable	2,287	1,083	3,596	1,714
Salaries and social security payables	560	314	1,172	919
Provisions	(162)	(85)	(231)	(134)
Tax liabilities	2,543	636	3,549	493
Other liabilities	140	142	(19)	(69)
Gain on net monetary position	(4,522)	(383)	(6,504)	(2,726)
Income tax paid	(1,509)	(1,770)	(7,349)	(8,683)
Net cash generated by (used in) operating activities	11,443	10,314	17,146	16,759

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of Yguazú Cementos S.A.	0	182	79	682
Proceeds from disposal of Property, plant and equipment	(7)	68	24	210
Payments to acquire Property, plant and equipment	(1,531)	(2,856)	(3,801)	(7,949)
Payments to acquire Intangible Assets	(26)	(37)	(29)	(37)
Acquire investments	0	0	-	(3,713)
Proceeds from maturity investments	2,395	-	2,395	-
Contributions to Trust	(57)	(37)	(146)	(121)
Net cash generated by (used in) investing activities	774	(2,679)	(1,478)	(10,928)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings	26,356	909	43,529	1,849
Interest paid	(2,041)	(287)	(2,341)	(817)
Dividends paid	(11,661)	0	(18,591)	0
Loss on transactions with securities	(15,036)	-	(15,036)	-
Debts for leases	(28)	(71)	(124)	(229)
Repayment of borrowings	(17,042)	(3,750)	(21,391)	(8,474)
Share repurchase plan	0	(1,152)	(871)	(2,741)
Net cash generated by (used in) financing activities	(19,452)	(4,351)	(14,825)	(10,413)
Net increase (decrease) in cash and cash equivalents	(7,235)	3,284	844	(4,582)
Cash and cash equivalents at the beginning of the period	13,293	2,321	5,490	10,968
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")	(2,700)	(2,895)	(2,973)	(3,084)
Effects of the exchange rate differences on cash and cash equivalents in foreign currency	107	596	104	3

Cash and cash equivalents at the end of the period	3,465	3,305	3,465	3,305

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 September 30,				Nine-months ended September 30,
	2022	%	2021	%	2022	%	2021	%
Net revenue	31,983	100.0%	17,137	100.0%	74,310	100.0%	43,601	100.0%
Cement, masonry cement and lime	28,377	88.7%	15,320	89.4%	65,760	88.5%	39,029	89.5%
Concrete	2,799	8.8%	1,115	6.5%	6,127	8.2%	3,147	7.2%
Railroad	2,418	7.6%	1,465	8.5%	5,994	8.1%	3,572	8.2%
Aggregates	784	2.5%	285	1.7%	1,787	2.4%	604	1.4%
Others	168	0.5%	106	0.6%	476	0.6%	246	0.6%
Eliminations	(2,562)	-8.0%	(1,153)	-6.7%	(5,832)	-7.8%	(2,997)	-6.9%
Cost of sales	21,069	100.0%	11,416	100.0%	47,348	100.0%	27,487	100.0%
Cement, masonry cement and lime	17,948	85.2%	9,770	85.6%	39,747	83.9%	23,081	84.0%
Concrete	2,637	12.5%	1,136	9.9%	5,859	12.4%	3,322	12.1%
Railroad	2,309	11.0%	1,328	11.6%	5,739	12.1%	3,350	12.2%
Aggregates	642	3.0%	272	2.4%	1,549	3.3%	574	2.1%
Others	94	0.4%	64	0.6%	287	0.6%	157	0.6%
Eliminations	(2,562)	-12.2%	(1,153)	-10.1%	(5,832)	-12.3%	(2,997)	-10.9%
Selling, admin. expenses and other gains & losses	2,487	100.0%	1,223	100.0%	6,098	100.0%	3,214	100.0%
Cement, masonry cement and lime	2,175	87.4%	1,052	86.1%	5,351	87.7%	2,841	88.4%
Concrete	103	4.2%	27	2.2%	249	4.1%	49	1.5%
Railroad	138	5.6%	101	8.2%	335	5.5%	228	7.1%
Aggregates	14	0.6%	3	0.3%	24	0.4%	7	0.2%
Others	56	2.3%	39	3.2%	140	2.3%	88	2.7%
Depreciation and amortization	837	100.0%	459	100.0%	2,152	100.0%	1,173	100.0%
Cement, masonry cement and lime	644	76.9%	356	77.4%	1,645	76.4%	885	75.4%
Concrete	11	1.3%	16	3.4%	45	2.1%	47	4.0%
Railroad	170	20.4%	78	17.0%	434	20.1%	215	18.3%
Aggregates	10	1.2%	9	1.9%	25	1.2%	22	1.9%
Others	1	0.1%	1	0.3%	4	0.2%	4	0.3%
Adjusted EBITDA	9,264	100.0%	4,957	100.0%	23,016	100.0%	14,073	100.0%
Cement, masonry cement and lime	8,898	96.0%	4,853	97.9%	22,307	96.9%	13,992	99.4%
Concrete	69	0.7%	(32)	-0.7%	64	0.3%	(177)	-1.3%
Railroad	141	1.5%	114	2.3%	354	1.5%	209	1.5%
Aggregates	138	1.5%	18	0.4%	239	1.0%	45	0.3%
Others	18	0.2%	4	0.1%	53	0.2%	4	0.0%
Reconciling items:
Effect by translation in homogeneous cash currency ("Inflation-Adjusted")	(1,756)		3,638		2,708		13,675
Depreciation and amortization	(3,035)		(2,627)		(8,672)		(7,175)
Tax on debits and credits banks accounts	(330)		(318)		(916)		(912)
Finance gain (cost), net	(15,276)		(589)		(15,337)		308
Income tax	(1,107)		(2,076)		(5,612)		(13,817)
Share of profit of associates	-		-		-		-
Impairment of property, plant and equipment	-		(259)		-		(259)
NET PROFIT (LOSS) FOR THE PERIOD	(12,241)		2,726		(4,813)		5,893

Item		Description
1		Relevant event