Loma Negra Compania Industrial Argentina Sociedad Anonima 6-K, filed May 25, 2022

Loma Negra Compania Industrial Argentina Sociedad Anonima (LOMA)

6-K 2022-05-25 For: 2022-05-24

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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 May 25, 2022.

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Date: May 24, 2022	By: /s/	Marcos I. Gradin
	Name:	Marcos I. Gradin
	Title:	Chief Financial Officer

		Three months
	Notes		03.31.2022		03.31.2021

Revenues	4		19,309,788		20,436,019
Cost of sales	5		(12,866,977	)	(13,028,676	)
Gross profit			6,442,811		7,407,343

Selling and administrative expenses	6		(1,826,857	)	(1,673,602	)
Other gains and losses	7		30,101		66,245

Tax on bank accounts debits and credits	8		(191,375	)	(193,998	)

FINANCIAL RESULTS, NET
Exchange rate differences	9		(153,471	)	32,630
Gain on net monetary position			848,580		865,534
Financial income	9		18,483		64,948
Financial expenses	9		(492,557	)	(743,774	)
Profit before tax			4,675,715		5,825,326

INCOME TAX EXPENSE
Current	10		(1,892,386	)	(2,411,512	)
Deferred	10		350,813		568,691
NET PROFIT FOR THE PERIOD			3,134,142		3,982,505

Net income attributable to:
Owners of the parent company			3,168,431		4,033,725
Non-controlling interest			(34,289	)	(51,220	)
Net profit			3,134,142		3,982,505


Earnings per share (basic and diluted) in pesos	11		5.4067		6.7716

	Notes	03.31.2022	12.31.2021
ASSETS
Non-current assets
Property, plant and equipment	12	92,952,941	94,359,075
Right of use of assets	16	334,818	359,678
Intangible assets		304,016	335,538
Investments	18	6,098	6,098
Goodwill		60,824	60,824
Inventories	13	3,814,945	3,579,566
Other receivables	15	800,292	806,853
Total non-current assets		98,273,934	99,507,632

Current assets
Inventories	13	11,370,372	10,094,954
Other receivables	15	1,243,213	1,382,216
Trade accounts receivable	17	4,577,523	4,597,317
Investments	18	4,867,752	5,734,210
Cash and banks		270,320	383,880
Total current assets		22,329,180	22,192,577
Total assets		120,603,114	121,700,209

	Notes	03.31.2022	12.31.2021
SHAREHOLDERS’ EQUITY AND LIABILITIES
Capital stock and other capital related accounts	19	23,065,063	23,640,782
Reserves		52,682,686	52,682,686
Retained earnings		10,812,576	7,644,145
Equity attributable to the owners of the Company		86,560,325	83,967,613
Non-controlling interests		160,332	194,621
Total shareholders’ equity		86,720,657	84,162,234

LIABILITIES
Non-current liabilities
Borrowings	20	323,452	462,786
Provisions	22	636,354	658,500
Salaries and social security payables		45,147	58,664
Lease liabilities	16	240,964	272,975
Other liabilities		157,933	165,553
Deferred tax liabilities	10	16,261,034	16,611,847
Total non-current liabilities		17,664,884	18,230,325

Current liabilities
Borrowings	20	669,296	2,451,892
Accounts payable	21	7,936,548	9,141,968
Advances from customers		732,041	1,191,424
Salaries and social security payables		2,328,622	2,361,400
Tax liabilities	23	4,312,504	3,883,009
Lease liabilities	16	78,988	92,324
Other liabilities		159,574	185,633
Total current liabilities		16,217,573	19,307,650
Total liabilities		33,882,457	37,537,975
Total shareholders’ equity and liabilities		120,603,114	121,700,209

	Owners contributions
	Capital stock			Treasury shares			Capital adjustments			Treasury shares adjustments			Share premium			Treasury stock shares premium			Treasury stocks trading premium		Merger premium		Cost of treasury stock			Share-based payment plans (Note 23)			Legal reserve		Environmental reserve		Optional Reserve for Future Dividends		Retained earnings		Shareholders’ equity attributable to owners of the parent company			Non-controlling interest			Total
Balances as of January 1, 2022		58,743			860			8,238,345			120,556			13,153,072			2,047,885			-		2,745,918		(2,770,875	)		46,278			1,683,701		13,143		50,985,842		7,644,145		83,967,613			194,621			84,162,234

Acquisition of treasury stock (Note 19)		(203	)		203			(28,460	)		28,460			(483,450	)		483,450					-		(609,074	)													(609,074	)					(609,074	)

Share-based payment plans (Note 14)																											33,355											33,355						33,355

Granting of share-based plans		5			(5	)		706			(706	)		11,994			(11,994	)		8,243				7,624			(15,867	)										-						-

Net income for the period																																				3,168,431		3,168,431			(34,289	)		3,134,142
Balances as of March 31, 2022		58,545			1,058			8,210,591			148,310			12,681,616			2,519,341			8,243		2,745,918		(3,372,325	)		63,766			1,683,701		13,143		50,985,842		10,812,576		86,560,325			160,332			86,720,657

	Owners contributions
	Capital			Capital corresponding to treasury shares		Capital Adjustments			Capital adjustments of own shares		Share premium			Share premium for treasury shares		Merger premium		Cost of treasury shares			Legal reserve		Environmental reserve		Optional reserve		Retained earnings		Equity attributable to owners of the Company			Non-controlling interests			Total
Balances as of January 1, 2021		59,603			-		8,358,901			-		15,200,957			-		2,745,918		-			1,683,701		13,143		31,099,132		19,886,710		79,048,065			475,161			79,523,226

Purchase of treasury shares (Note 19)		(145	)		145		(20,301	)		20,301		(344,866	)		344,866				(395,872	)										(395,872	)					(395,872	)

Income for the period																												4,033,725		4,033,725			(51,220	)		3,982,505
Balances as of March 31, 2021		59,458			145		8,338,600			20,301		14,856,091			344,866		2,745,918		(395,872	)		1,683,701		13,143		31,099,132		23,920,435		82,685,918			423,941			83,109,859


	03.31.2022		03.31.2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net profit for the period	3,134,142		3,982,505
Adjustments to reconcile net profit to net cash generated by operating activities
Income tax expense	1,541,573		1,842,821
Depreciation and amortization	1,838,371		1,499,465
Provisions	42,429		(1,352	)
Exchange rate differences	(179,158	)	(234,570	)
Interest expense	164,539		154,241
Share-based payments	33,355		-
Income on disposal of property, plant and equipment	(15,298	)	(30,420	)
Allowance for contributions paid to the Trust Fund to Strengthen the Inter-urban Railroad System	31,883		20,054
Changes in operating assets and liabilities
Inventories	(1,162,597	)	(812,266	)
Other receivables	18,502		(422,536	)
Trade accounts receivable	(709,385	)	(623,536	)
Advances from customers	(389,204	)	(34,134	)
Accounts payable	(522,512	)	261,259
Salaries and social security payables	291,288		254,934
Provisions	(39,749	)	(14,367	)
Tax liabilities	120,189		176,655
Other liabilities	(31,779	)	(84,498	)
Gain on net monetary position	(848,580	)	(865,533	)
Income tax paid	(1,011,343	)	(525,855	)
Net cash generated by operating activities	2,306,666		4,542,867

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the operation of Yguazu Cementos S.A.	55,432		146,063
Proceeds from disposal of property, plant and equipment	1,446		57,536
Payments to acquire property, plant and equipment	(632,448	)	(1,642,995	)
Payments to acquire investments	-		(2,595,144	)
Contributions to F.F.F.S.F.I.	(33,063	)	(30,989	)
Net cash used in investing activities	(608,633	)	(4,065,529	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings	887,580		136,883
Interest paid	(138,300	)	(273,940	)
Lease liabilities	(27,894	)	(59,953	)
Repayment of borrowings	(2,581,259	)	(490,671	)
Purchase of treasury shares	(609,074	)	(395,872	)
Net cash used in financing activities	(2,468,947	)	(1,083,553	)

Net decrease in cash and cash equivalents	(770,914	)	(606,215	)
Cash and cash equivalents at the beginning of the period	3,836,914		7,665,850
Effect of restating in constant currency of cash and cash equivalents	(115,295	)	(55,633	)
Effects of the exchange rate differences on cash and cash equivalents in foreign currency	64,597		(238,187	)
Cash and cash equivalents at the end of the period	3,015,302		6,765,815

	Main business	Country	% of direct and indirect ownership as of
			03.31.22	12.31.21	03.31.21
Subsidiary name:
Cofesur S.A.U.	Investment	Argentina	100.00	100.00	100.00
Ferrosur Roca S.A. (1)	Rail freight transportation	Argentina	80.00	80.00	80.00
Recycomb S.A.U.	Waste recycling	Argentina	100.00	100.00	100.00

(1) Directly controlled by Cofesur S.A.U.

	03.31.2022		03.31.2021
Three-month period
Sales revenues	1,636,522		1,476,904
Financial results, net	44,856		31,859
Depreciations	(385,130	)	(292,774	)
Income tax	86,404		(15,297	)
Loss for the period (*)	(171,447	)	(256,111	)

(*) The net loss as of March 31, 2022 includes a gain of 5,407 from eliminations of intragroup transactions.

	03.31.2022		03.31.2021

Total profit before income tax expense	4,675,715		5,825,325
Statutory income tax rate	35	%	30	%
Income tax at statutory rate	(1,636,500	)	(1,747,598	)
Adjustments for calculation of the effective income tax:
Effects of the fiscal revaluation and adjustment to reflect inflation for accounting and tax purposes	101,341		175,877
Change in tax rate	-		(249,706	)
Other non-taxable income or non-deductible expense, net	(6,414	)	(21,394	)
Total income tax expense	(1,541,573	)	(1,842,821	)


INCOME TAX
Current	(1,892,386	)	(2,411,512	)
Deferred	350,813		568,691
Total	(1,541,573	)	(1,842,821	)

	03.31.2022		12.31.2021
Deferred tax assets
Loss carryforward from subsidiary	253,031		298,533
Leases	-		3,426
Provisions	94,060		96,352
Other receivables	64,172		77,352
Salaries and social security payables	37,130		34,714
Other liabilities	99,691		85,448
Trade accounts receivable	4,828		2,025
Others	3,919		5,111
Total deferred tax assets	556,831		602,961


Deferred tax liabilities
Investments	(37,903	)	(9,694	)
Property, plant and equipment	(14,019,733	)	(13,942,526	)
Inventories	(1,676,260	)	(1,504,695	)
Taxes payable (adjustment to reflect inflation for tax purposes)	(1,077,254	)	(1,755,714	)
Others	(6,715	)	(2,179	)
Total deferred tax liabilities	(16,817,865	)	(17,214,808	)
Total net deferred tax liabilities	(16,261,034	)	(16,611,847	)

	03.31.2022		12.31.2021

Cost	221,944,839		221,430,822
Accumulated depreciation	(128,991,898	)	(127,071,747	)
Total	92,952,941		94,359,075

Land	1,190,071		1,190,071
Plant and buildings	15,587,622		15,922,736
Machinery, equipment and spare parts	66,461,421		67,253,702
Transport and load vehicles	1,614,847		1,726,578
Furniture and fixtures	98,929		110,234
Quarries	5,554,048		5,836,641
Tools	110,092		119,639
Construction in progress	2,335,911		2,199,474
Total	92,952,941		94,359,075

	03.31.2022		12.31.2021
Non-current
Spare parts	4,023,353		3,782,816
Allowance for obsolete inventories	(208,408	)	(203,250	)
Total	3,814,945		3,579,566

Current
Finished products	659,758		690,801
Production in progress	3,554,290		2,327,714
Raw materials, materials and spare parts	6,100,481		6,034,368
Fuels	1,055,843		1,042,071
Total	11,370,372		10,094,954

	03.31.2022		12.31.2021
Related companies:
InterCement Brasil S.A.
Accounts payable	(104,540	)	(115,393	)
InterCement Trading e Inversiones S.A.
Other receivables	281,629		306,607
Accounts payable	(22,896	)	(25,271	)
Intercement Participações S.A.
Other receivables	202,603		205,376
Accounts payable	(533,325	)	(316,261	)

	03.31.2022		03.31.2021

InterCement Participações S.A. – Sales of services	11,375		43,940
InterCement Participações S.A. – Services received	(183,918	)	(202,871	)

Item		Description
1		Relevant event

	03.31.2022		03.31.2021
Three-month period
Sales of goods	26,309,806		27,738,959
Domestic market	26,301,614		27,725,688
External customers	8,192		13,271

Services rendered	911,124		819,032

(-) Bonus / Discounts	(7,911,142	)	(8,121,972	)
Total	19,309,788		20,436,019

	03.31.2022	03.31.2021
Three-month period
Fees and service fees	271,499	278,509
Salaries, wages and social security contributions	2,219,636	2,204,509
Transport and travelling expenses	94,591	91,221
Data processing	7,165	6,843
Taxes, contributions and commissions	261,815	283,597
Depreciation and amortizations	1,903,669	1,529,572
Preservation and maintenance costs	1,115,888	1,808,109
Communications	6,340	16,122
Leases	21,695	14,839
Employee benefits	56,591	56,057
Water, natural gas and energy services	3,747	2,715
Freight	1,440,821	1,363,323
Fuel	1,807,787	1,489,783
Insurance	43,448	40,505
Packaging	411,254	615,441
Electrical power	1,348,478	1,338,455
Contractors	1,093,474	1,043,627
Tolls	-	5,251
Canon (concession fee)	13,529	13,311
Security	75,980	62,478
Others	214,106	183,963
Total	12,411,513	12,448,230

	03.31.2022	03.31.2021
Three-month period
Managers and directors compensation and fees	121,415	106,419
Fees and compensation for services	149,185	136,800
Salaries, wages and social security contributions	449,914	428,789
Transport and travelling expenses	16,961	12,042
Data processing	78,589	54,023
Advertising expenses	69,847	36,985
Taxes, contributions and commissions	419,106	428,857
Depreciation and amortizations	116,612	100,469
Preservation and maintenance costs	3,972	8,611
Communications	11,823	13,855
Leases	5,292	2,847
Employee benefits	15,970	11,084
Water, natural gas and energy services	856	1,139
Freight	279,780	263,403
Insurance	62,108	38,185
Allowance for doubtful accounts	6,158	-
Security	4,120	3,537
Others	15,149	26,557
Total	1,826,857	1,673,602

	03.31.2022		12.31.2021

Lease liabilities:
At the beginning of the period / year	365,299		929,962
Additions	1,081		66,434
Interest accrued in the period / year	7,739		50,125
Foreign exchange gain	(26,273	)	(124,527	)
Decrease	-		(351,557	)
Payments	(27,894	)	(205,138	)
At the end of the period / year	319,952		365,299

Right of use assets:
At the beginning of the period / year	359,678		783,856
Additions	1,081		66,434
Depreciations	(25,941	)	(164,876	)
Decrease	-		(325,736	)
At the end of the period / year	334,818		359,678

	03.31.2022		12.31.2021

Accounts receivable	4,763,497		4,780,672
Accounts receivable in litigation	68,233		72,109
Notes receivable	23,443		35,634
Foreign customers	-		3,442
Subtotal	4,855,173		4,891,857
Allowance for doubtful accounts	(277,650	)	(294,540	)
Total	4,577,523		4,597,317

The issued, paid-in and registered capital, consists of:
Common stock with a face value of $ 0.1 per share and entitled to 1 vote each, fully paid-in (in thousand)			596,026				596,026

	03.31.2022				12.31.2021
	Company	Interest rate	Maturity date	Amount	Amount
Borrowings in foreign currency – USD
Industrial and Commercial Bank of China	Loma Negra C.I.A.S.A.	6 Month-Libor + 4.25%	Jan-22	-	106,495
Industrial and Commercial Bank of China	Loma Negra C.I.A.S.A	6 Month-Libor + 4.25%	Feb-22	-	7,422
Industrial and Commercial Bank of China	Loma Negra C.I.A.S.A	6 Month Libor + 7,375%	Jan-22	-	849,405
Industrial and Commercial Bank of China	Loma Negra C.I.A.S.A	6 Month Libor + 7,375%	Jan-22	-	769,815
Industrial and Commercial Bank of China	Loma Negra C.I.A.S.A	6 Month-Libor + 4.25%	Mar-22	-	48,334
Industrial and Commercial Bank of China (Dubai)	Loma Negra C.I.A.S.A.	3-Month Libor + 7,5%	Nov-23	761,038	932,474
Total borrowings in foreign currency				761,038	2,713,945

Summary of borrowings by Company:	03.31.2022	12.31.2021

Loma Negra C.I.A.S.A.	761,686	2,770,620
Ferrosur Roca S.A.	231,062	144,058
Total	992,748	2,914,678

Balances as of January 1, 2022	2,914,678
New borrowings	887,580
Interest accrued	(1,606	)
Effect of exchange rate differences	(88,345	)
Interest payments	(138,300	)
Principal payments	(2,581,259	)
Balances as of March 31, 2022	992,748

	03.31.2022	12.31.2021

Suppliers	4,133,508	4,786,748
Related parties (Note 14)	660,761	456,925
Accounts payable for investments in property, plant and equipment and intangible assets	1,406,207	1,933,732
Expenses accrual	1,736,072	1,964,563
Total	7,936,548	9,141,968

	03.31.2022	12.31.2021

Labor and social security	121,904	123,461
Environmental restoration	373,765	389,435
Civil and others	140,685	145,604
Total	636,354	658,500

	Labor and social security			Environmental restoration			Civil and others			Total

Balances as of January 1, 2022		123,461			389,435			145,604			658,500
Increases (*)		1,839			(14,779	)		9,283			(3,657	)
Uses (**)		(3,396	)		(891	)		(14,202	)		(18,489	)
Balances as of March 31, 2022		121,904			373,765			140,685			636,354

	03.31.2022		12.31.2021

Debt (i)	992,748		2,914,678
Cash and cash equivalents	5,138,072		6,118,090
Net debt	(4,145,324	)	(3,203,412	)
Equity (ii)	86,720,657		84,162,234
Net debt to equity ratio	(0.05	)	(0.04	)

	03.31.2022	12.31.2021
Financial assets At amortized cost:
Cash and banks	270,320	383,880
Investments	2,122,770	4,323,911
Accounts receivable	5,458,536	5,556,050
At fair value through profit and loss:
Investments	2,744,982	1,410,299

Financial liabilities
Amortized cost	16,253,028	19,076,203

	Effect of US Dollars		Effect of Euro

Loss for the period		339,617		23,109
Decrease in of shareholder's Equity		339,617		23,109

	03.31.2022	03.31.2021

- Acquisitions of property, plant and equipment financed with trade payables	56,584	962,019
- Right of use of assets	1,081	3,923

	03.31.2022		03.31.2021
Sales revenue
Cement, masonry cement and lime	16,179,556		11,317,458
Concrete	1,379,350		1,086,045
Railroad	1,547,650		913,801
Aggregates	375,509		128,860
Others	151,172		71,620
Inter-segment eliminations	(1,369,964	)	(882,906	)
Subtotal	18,263,273		12,634,878
Reconciliation - Effect from restatement in constant currency	1,046,515		7,801,141
Total	19,309,788		20,436,019

	03.31.2022	03.31.2021
Selling, administrative expenses and other gains and losses
Cement, masonry cement and lime	1,467,041	840,303
Concrete	67,192	22,336
Railroad	84,024	54,984
Aggregates	4,020	1,600
Others	44,589	24,135
Subtotal	1,666,866	943,358
Reconciliation - Effect from restatement in constant currency	129,890	663,999
Total	1,796,756	1,607,357

	03.31.2022		03.31.2021
Sales revenue less cost of sales, selling, administrative expenses and other gains and losses
Cement, masonry cement and lime	5,754,486		4,434,110
Concrete	37		(96,655	)
Railroad	(14,514	)	(46,985	)
Aggregates	(3,773	)	(5,200	)
Others	12,886		3,588
Subtotal	5,749,122		4,288,858
Reconciliation - Effect from restatement in constant currency	(1,103,067	)	1,511,128
Total	4,646,055		5,799,986

Reconciling items:
Tax on bank accounts debits and credits	(191,375	)	(193,998	)
Financial results, net	221,035		219,337
Income tax	(1,541,573	)	(1,842,820	)
Net profit for the year	3,134,142		3,982,505

	03.31.2022	03.31.2021	03.31.2020	03.31.2019	03.31.2018
Current assets	22,329,180	27,205,701	24,657,135	26,068,550	31,654,353
Non-current assets	98,273,934	98,778,967	99,638,275	85,012,179	60,760,603
Total assets	120,603,114	125,984,668	124,295,410	111,080,729	92,414,956

Current liabilities	16,217,573	28,035,565	26,768,836	35,952,487	25,743,145
Non-current liabilities	17,664,884	14,839,248	18,003,351	15,645,185	18,918,165
Total liabilities	33,882,457	42,874,813	44,772,187	51,597,672	44,661,310

Non-controlling interests	160,332	423,937	475,159	478,387	643,804
Shareholders’ equity attributable to owners of the company	86,560,325	82,685,918	79,048,064	59,004,670	47,109,842
Total shareholders’ equity	86,720,657	83,109,855	79,523,223	59,483,057	47,753,646