Loma Negra Compania Industrial Argentina Sociedad Anonima 6-K, filed Aug 11, 2022

Loma Negra Compania Industrial Argentina Sociedad Anonima (LOMA)

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

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Added on April 12, 2026

About this 6-K

Loma Negra Compania Industrial Argentina Sociedad Anonima filed this 6-K on August 11, 2022.

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Date: August 11, 2022	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 June 30,			Six-months ended June 30,
	2022	2021	% Chg.	2022	2021	% Chg.
Net revenue	25,268	23,399	8.0%	47,919	47,371	1.2%
Gross Profit	7,093	7,049	0.6%	14,651	15,738	-6.9%
Gross Profit margin	28.1%	30.1%	-205 bps	30.6%	33.2%	-265 bps
Adjusted EBITDA	7,328	7,140	2.6%	14,934	15,702	-4.9%
Adjusted EBITDA Mg.	29.0%	30.5%	-151 bps	31.2%	33.1%	-198 bps
Net Profit (Loss)	2,413	(2,075)	n/a	6,090	2,597	134.5%
Net Profit attributable to owners of the Company	2,489	(2,025)	n/a	6,206	2,707	129.2%
EPS	4.2517	(3.3967)	n/a	10.5949	4.5419	133.3%
Average outstanding shares (*)	585	596	-1.8%	586	596	-1.7%
Net Debt	305	4,073	-92.5%	305	4,073	-92.5%
Net Debt /LTM Adjusted EBITDA	0.01x	0.12x	-0.92x	0.01x	0.12x	-0.92x
(*) 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 June 30,			Six-months ended June 30,
	2022	2021	% Chg.	2022	2021	% Chg.
Net revenue	24,064	13,829	74.0%	42,327	26,464	59.9%
Adjusted EBITDA	7,409	4,484	65.2%	13,752	9,116	50.9%
Adjusted EBITDA Mg.	30.8%	32.4%	-163 bps	32.5%	34.4%	-196 bps
Net Profit (Loss)	6,516	4,628	40.8%	12,600	7,888	59.7%
Net Debt	305	4,073	-92.5%	305	4,073	-92.5%
Net Debt /LTM Adjusted EBITDA	0.01x	0.12x	-0.92x	0.01x	0.12x	-0.92x

In million US$	Three-months ended June 30,			Six-months ended June 30,
	2022	2021	% Chg.	2022	2021	% Chg.
Ps./US$, av	118.03	94.09	25.4%	112.21	91.37	22.8%
Ps./US$, eop	125.22	95.73	30.8%	125.22	95.73	30.8%
Net revenue	204	147	38.7%	377	290	30.2%
Adjusted EBITDA	63	48	31.7%	123	100	22.8%
Adjusted EBITDA Mg.	30.8%	32.4%	-163 bps	32.5%	34.4%	-196 bps
Net Profit (Loss)	55	49	12.3%	112	86	30.1%
Net Debt	2	43	-94.3%	2	43	-94.3%
Net Debt /LTM Adjusted EBITDA	0.01x	0.12x	-0.92x	0.01x	0.12x	-0.92x

Table 2: Sales Volumes²

		Three-months ended June 30,			Six-months ended June 30,
		2022	2021	% Chg.	2022	2021	% Chg.
Cement, masonry & lime	MM Tn	1.67	1.40	19.3%	3.15	2.79	13.0%
Concrete	MM m3	0.15	0.12	26.3%	0.26	0.27	-3.3%
Railroad	MM Tn	1.18	1.06	11.4%	2.23	2.05	8.9%
Aggregates	MM Tn	0.32	0.20	64.7%	0.57	0.38	50.8%
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 June 30,			Six-months ended June 30,
	2022	2021	% Chg.	2022	2021	% Chg.
Net revenue	25,268	23,399	8.0%	47,919	47,371	1.2%
Cost of sales	(18,175)	(16,350)	11.2%	(33,268)	(31,633)	5.2%
Gross profit	7,093	7,049	0.6%	14,651	15,738	-6.9%
Share of loss of associates	-	-	n/a	-	-	n/a
Selling and administrative expenses	(2,208)	(2,018)	9.4%	(4,350)	(3,981)	9.3%
Other gains and losses	(23)	139	n/a	12	216	-94.4%
Impairment of property, plant and equipment	-	-	n/a	-	-	n/a
Tax on debits and credits to bank accounts	(255)	(260)	-1.7%	(480)	(487)	-1.5%
Finance gain (cost), net
Gain on net monetary position	629	905	-30.5%	1,625	1,920	-15.4%
Exchange rate differences	(398)	317	n/a	(578)	355	n/a
Financial income	57	146	-60.8%	77	222	-65.3%
Financial expense	(598)	(889)	-32.8%	(1,174)	(1,762)	-33.4%
Profit (Loss) before taxes	4,298	5,389	-20.2%	9,783	12,222	-20.0%
Income tax expense
Current	(30)	(2,520)	-98.8%	(2,250)	(5,349)	-57.9%
Deferred	(1,855)	(4,944)	-62.5%	(1,443)	(4,277)	-66.3%
Net profit (Loss)	2,413	(2,075)	n/a	6,090	2,597	134.5%

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,
	2022	2021	% Chg.	2022	2021	% Chg.
Adjusted EBITDA reconciliation:
Net profit (Loss)	2,413	(2,075)	n/a	6,090	2,597	134.5%
(+) Depreciation and amortization	2,465	1,970	25.1%	4,621	3,729	23.9%
(+) Tax on debits and credits to bank accounts	255	260	-1.7%	480	487	-1.5%
(+) Income tax expense	1,884	7,464	-74.8%	3,693	9,625	-61.6%
(+) Financial interest, net	387	689	-43.8%	808	1,373	-41.2%
(+) Exchange rate differences, net	398	(317)	n/a	578	(355)	n/a
(+) Other financial expenses, net	154	55	179.3%	289	167	73.3%
(+) Gain on net monetary position	(629)	(905)	-30.5%	(1,625)	(1,920)	-15.4%
(+) Share of profit (loss) of associates	-	-	n/a	-	-	n/a
(+) Impairment of property, plant and equipment	-	-	n/a	-	-	n/a
Adjusted EBITDA	7,328	7,140	2.6%	14,934	15,702	-4.9%
Adjusted EBITDA Margin	29.0%	30.5%	-151 bps	31.2%	33.1%	-198 bps

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,
	2022	2021	% Chg.	2022	2021	% Chg.
Exchange rate differences	(398)	317	n/a	(578)	355	n/a
Financial income	57	146	-60.8%	77	222	-65.3%
Financial expense	(598)	(889)	-32.8%	(1,174)	(1,762)	-33.4%
Gain on net monetary position	629	905	-30.5%	1,625	1,920	-15.4%
Total Finance Gain (Cost), Net	(310)	479	n/a	(50)	736	n/a

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

Total Debt	13,598	8,852	3,419
- Short-Term Debt	6,375	7,939	2,876
- Long-Term Debt	7,224	914	543
Cash, Cash Equivalents and Investments	(13,293)	(4,779)	7,177
Total Net Debt	305	4,073	(3,758)
Shareholder's Equity	98,436	94,576	98,724
Capitalization	112,034	103,429	102,143
LTM Adjusted EBITDA	30,716	33,166	31,484
Net Debt /LTM Adjusted EBITDA	0.01x	0.12x	-0.12x

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,
	2022	2021	2022	2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit (Loss)	2,413	(2,075)	6,090	2,597
Adjustments to reconcile net profit (loss) to net cash provided by operating activities	4,618	9,145	8,674	12,958

Changes in operating assets and liabilities	(5,061)	(7,115)	(10,088)	(10,270)
Net cash generated by operating activities	1,971	(45)	4,676	5,284

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of Yguazú Cementos S.A.	(0)	238	65	410
Property, plant and equipment, Intangible Assets, net	(1,099)	(2,199)	(1,839)	(4,059)
Contributions to Trust	(33)	(32)	(72)	(69)
Investments, net	(0)	(0)	(0)	(3,044)
Net cash (used in) investing activities	(1,132)	(1,993)	(1,846)	(6,762)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds / Repayments from borrowings, Interest paid	12,371	(2,861)	10,189	(3,667)
Dividends paid	(5,681)	(0)	(5,681)	-
Share repurchase plan	0	(838)	(714)	(1,302)
Net cash generated by (used in) by financing activities	6,690	(3,699)	3,793	(4,970)

Net increase (decrease) in cash and cash equivalents	7,528	(5,737)	6,624	(6,448)
Cash and cash equivalents at the beginning of the year	3,537	7,936	4,501	8,992
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")	(88)	(90)	(224)	(155)
Effects of the exchange rate differences on cash and cash equivalents in foreign currency	(78)	(207)	(2)	(486)
Cash and cash equivalents at the end of the period	10,898	1,903	10,898	1,903

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,
	2022		2021
ASSETS
Non-current assets
Property, plant and equipment		107,922		110,685
Right to use assets		367		422
Intangible assets		325		394
Investments		7		7
Goodwill		71		71
Inventories		4,317		4,199
Other receivables		844		946
Total non-current assets		113,855		116,724
Current assets
Inventories		14,441		11,842
Other receivables		1,793		1,621
Trade accounts receivable		5,935		5,393
Investments		12,522		6,726
Cash and banks		771		450
Total current assets		35,464		26,032
TOTAL ASSETS		149,319		142,757
SHAREHOLDER'S EQUITY
Capital stock and other capital related accounts		27,050		27,731
Reserves		65,068		61,798
Retained earnings		6,206		8,967
Accumulated other comprehensive income		-		-
Equity attributable to the owners of the Company		98,323		98,496
Non-controlling interests		113		228
TOTAL SHAREHOLDER'S EQUITY		98,436		98,724
LIABILITIES
Non-current liabilities
Borrowings		7,224		543
Accounts payables		-		-
Provisions		765		772
Salaries and social security payables		42		69
Debts for leases		261		320
Other liabilities		118		194
Deferred tax liabilities		20,929		19,486
Total non-current liabilities		29,338		21,385
Current liabilities
Borrowings		6,375		2,876
Accounts payable		9,943		10,724
Advances from customers		954		1,398
Salaries and social security payables		2,584		2,770
Tax liabilities		1,431		4,555
Debts for leases		85		108
Other liabilities		173		218
Total current liabilities		21,544		22,648
TOTAL LIABILITIES		50,883		44,033
TOTAL SHAREHOLDER'S EQUITY AND LIABILITIES		149,319		142,757

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,
	2022			2021			% Change			2022			2021			% Change
Net revenue		25,268			23,399			8.0	%		47,919			47,371			1.2	%
Cost of sales		(18,175	)		(16,350	)		11.2	%		(33,268	)		(31,633	)		5.2	%
Gross Profit		7,093			7,049			0.6	%		14,651			15,738			-6.9	%
Share of loss of associates		-			-			n/a			-			-			n/a
Selling and administrative expenses		(2,208	)		(2,018	)		9.4	%		(4,350	)		(3,981	)		9.3	%
Other gains and losses		(23	)		139			n/a			12			216			-94.4	%
Impairment of property, plant and equipment		-			-			n/a			-			-			n/a
Tax on debits and credits to bank accounts		(255	)		(260	)		-1.7	%		(480	)		(487	)		-1.5	%
Finance gain (cost), net
Gain on net monetary position		629			905			-30.5	%		1,625			1,920			-15.4	%
Exchange rate differences		(398	)		317			n/a			(578	)		355			n/a
Financial income		57			146			-60.8	%		77			222			-65.3	%
Financial expenses		(598	)		(889	)		-32.8	%		(1,174	)		(1,762	)		-33.4	%
Profit (loss) before taxes		4,298			5,389			-20.2	%		9,783			12,222			-20.0	%
Income tax expense
Current		(30	)		(2,520	)		-98.8	%		(2,250	)		(5,349	)		-57.9	%
Deferred		(1,855	)		(4,944	)		-62.5	%		(1,443	)		(4,277	)		-66.3	%
Net Profit (Loss)		2,413			(2,075	)		n/a			6,090			2,597			134.5	%
Net Profit (Loss) for the period attributable to:
Owners of the Company		2,489			(2,025	)		n/a			6,206			2,707			129.2	%
Non-controlling interests		(76	)		(50	)		49.7	%		(116	)		(111	)		4.7	%
NET PROFIT (LOSS) FOR THE PERIOD		2,413			(2,075	)		n/a			6,090			2,597			134.5	%
Earnings per share (basic and diluted):		4.2517			(3.3967	)		n/a			10.5949			4.5419			133.3	%

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,
	2022			2021			2022			2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit (Loss)		2,413			(2,075	)		6,090			2,597
Adjustments to reconcile net profit to net cash provided by operating activities
Income tax expense		1,884			7,464			3,693			9,625
Depreciation and amortization		2,465			1,970			4,621			3,729
Provisions		57			(33	)		107			(35	)
Exchange rate differences		(78	)		(556	)		(288	)		(831	)
Interest expense		265			348			458			529
Share of loss of associates		-			-			-			-
Gain on disposal of property, plant and equipment		4			(87	)		(14	)		(123	)
Gain on disposal of shareholding of Yguazú Cementos S.A.		-			-			-			-
Impairment of property, plant and equipment		-			-			-			-
Impairment of trust fund		26			39			64			63
Share-based payment		(6	)		-			33			-
Changes in operating assets and liabilities
Inventories		(1,698	)		(154	)		(3,062	)		(1,107	)
Other receivables		(528	)		(56	)		(507	)		(552	)
Trade accounts receivable		(1,183	)		(659	)		(2,015	)		(1,391	)
Advances from customers		153			(278	)		(303	)		(318	)
Accounts payable		1,686			211			1,073			518
Salaries and social security payables		159			197			501			496
Provisions		(11	)		(23	)		(57	)		(40	)
Tax liabilities		683			(324	)		824			(117	)
Other liabilities		(93	)		(73	)		(130	)		(172	)
Gain on net monetary position		(629	)		(905	)		(1,625	)		(1,920	)
Income tax paid		(3,601	)		(5,050	)		(4,788	)		(5,667	)
Net cash generated by (used in) operating activities		1,971			(45	)		4,676			5,284

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of Yguazú Cementos S.A.		(0	)		238			65			410
Proceeds from disposal of Property, plant and equipment		24			49			25			116
Payments to acquire Property, plant and equipment		(1,119	)		(2,248	)		(1,861	)		(4,175	)
Payments to acquire Intangible Assets		(3	)		-			(3	)		-
Acquire investments		(0	)		(0	)		(0	)		(3,044	)
Proceeds from maturity investments		-			-
Contributions to Trust		(33	)		(32	)		(72	)		(69	)
Net cash generated by (used in) investing activities		(1,132	)		(1,993	)		(1,846	)		(6,762	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings		13,038			610			14,079			770
Interest paid		(83	)		(114	)		(246	)		(435	)
Dividends paid		(5,681	)		(0	)		(5,681	)		-
Debts for leases		(46	)		(59	)		(79	)		(130	)
Repayment of borrowings		(538	)		(3,297	)		(3,566	)		(3,873	)
Share repurchase plan		0			(838	)		(714	)		(1,302	)
Net cash generated by (used in) financing activities		6,690			(3,699	)		3,793			(4,970	)
Net increase (decrease) in cash and cash equivalents		7,528			(5,737	)		6,624			(6,448	)
Cash and cash equivalents at the beginning of the period		3,537			7,936			4,501			8,992
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")		(88	)		(90	)		(224	)		(155	)
Effects of the exchange rate differences on cash and cash equivalents in foreign currency		(78	)		(207	)		(2	)		(486	)

Cash and cash equivalents at the end of the period		10,898			1,903			10,898			1,903

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,
	2022			%			2021			%			2022			%			2021			%
Net revenue		24,064			100.0	%		13,829			100.0	%		42,327			100.0	%		26,464			100.0	%
Cement, masonry cement and lime		21,203			88.1	%		12,392			89.6	%		37,383			88.3	%		23,709			89.6	%
Concrete		1,949			8.1	%		947			6.8	%		3,328			7.9	%		2,033			7.7	%
Railroad		2,028			8.4	%		1,194			8.6	%		3,576			8.4	%		2,108			8.0	%
Aggregates		627			2.6	%		190			1.4	%		1,003			2.4	%		318			1.2	%
Others		157			0.7	%		68			0.5	%		308			0.7	%		140			0.5	%
Eliminations		(1,900	)		-7.9	%		(961	)		-6.9	%		(3,270	)		-7.7	%		(1,844	)		-7.0	%
Cost of sales		15,432			100.0	%		8,668			100.0	%		26,279			100.0	%		16,071			100.0	%
Cement, masonry cement and lime		12,840			83.2	%		7,268			83.8	%		21,798			82.9	%		13,311			82.8	%
Concrete		1,910			12.4	%		1,026			11.8	%		3,222			12.3	%		2,186			13.6	%
Railroad		1,952			12.6	%		1,117			12.9	%		3,430			13.1	%		2,022			12.6	%
Aggregates		532			3.4	%		169			2.0	%		907			3.5	%		302			1.9	%
Others		99			0.6	%		49			0.6	%		192			0.7	%		93			0.6	%
Eliminations		(1,900	)		-12.3	%		(961	)		-11.1	%		(3,270	)		-12.4	%		(1,844	)		-11.5	%
Selling, admin. expenses and other gains & losses		1,944			100.0	%		1,048			100.0	%		3,611			100.0	%		1,992			100.0	%
Cement, masonry cement and lime		1,709			87.9	%		949			90.5	%		3,176			87.9	%		1,789			89.8	%
Concrete		78			4.0	%		0			0.0	%		145			4.0	%		22			1.1	%
Railroad		112			5.8	%		72			6.9	%		196			5.4	%		127			6.4	%
Aggregates		6			0.3	%		2			0.2	%		10			0.3	%		4			0.2	%
Others		39			2.0	%		25			2.4	%		84			2.3	%		49			2.5	%
Depreciation and amortization		722			100.0	%		371			100.0	%		1,316			100.0	%		714			100.0	%
Cement, masonry cement and lime		547			75.8	%		277			74.7	%		1,001			76.1	%		530			74.2	%
Concrete		23			3.2	%		15			3.9	%		34			2.6	%		31			4.4	%
Railroad		142			19.6	%		70			19.0	%		263			20.0	%		137			19.2	%
Aggregates		9			1.2	%		7			2.0	%		15			1.2	%		13			1.8	%
Others		1			0.2	%		1			0.4	%		2			0.2	%		3			0.4	%
Adjusted EBITDA		7,409			100.0	%		4,484			100.0	%		13,752			100.0	%		9,116			100.0	%
Cement, masonry cement and lime		7,201			97.2	%		4,452			99.3	%		13,409			97.5	%		9,139			100.3	%
Concrete		(16	)		-0.2	%		(65	)		-1.4	%		(5	)		0.0	%		(145	)		-1.6	%
Railroad		106			1.4	%		75			1.7	%		213			1.5	%		95			1.0	%
Aggregates		98			1.3	%		26			0.6	%		101			0.7	%		26			0.3	%
Others		21			0.3	%		(5	)		-0.1	%		35			0.3	%		0			0.0	%
Reconciling items:
Effect by translation in homogeneous cash currency ("Inflation-Adjusted")		(82	)					2,656						1,182						6,586
Depreciation and amortization		(2,465	)					(1,970	)					(4,621	)					(3,729	)
Tax on debits and credits banks accounts		(255	)					(260	)					(480	)					(487	)
Finance gain (cost), net		(310	)					479						(50	)					736
Income tax		(1,884	)					(7,464	)					(3,693	)					(9,625	)
Share of profit of associates		-						-						-						-
Impairment of property, plant and equipment		-						-						-						-
NET PROFIT (LOSS) FOR THE PERIOD		2,413						(2,075	)					6,090						2,597

Item		Description
1		Relevant event