Loma Negra Compania Industrial Argentina Sociedad Anonima 6-K, filed Jun 27, 2023

Loma Negra Compania Industrial Argentina Sociedad Anonima (LOMA)

6-K 2023-06-27 For: 2023-06-27

View Original

Added on July 04, 2026

About this 6-K

Loma Negra Compania Industrial Argentina Sociedad Anonima filed this 6-K on June 27, 2023.

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Date: June 27, 2023	By: /s/	Marcos I. Gradin
	Name:	Marcos I. Gradin
	Title:	Chief Financial Officer


		Three months
	Notas	03.31.2023	03.31.2022

Net revenues	4	40,589,714	39,449,226
Cost of sales	5	(29,446,531)	(26,286,787)
Gross profit		11,143,183	13,162,439

Selling and administrative expenses	6	(3,659,771)	(3,732,205)
Other gains and losses	7	(101,608)	61,495

Tax on bank accounts debits and credits	8	(434,157)	(390,972)

FINANCIAL RESULTS, NET
Exchange rate differences	9	(3,124,901)	(690,355)
Gain on net monetary position		7,336,929	1,211,600
Financial income	9	1,310,875	641,773
Financial expenses	9	(5,542,070)	(711,453)
Profit before tax		6,928,480	9,552,322

INCOME TAX EXPENSE
Current	10	(1,537,499)	(3,866,079)
Deferred	10	(183,102)	716,700
NET PROFIT FOR THE PERIOD		5,207,879	6,402,943

Net profit for the period attributable to:
Owners of the Company		5,271,958	6,472,993
Non-controlling interests		(64,079)	(70,050)
NET PROFIT FOR THE PERIOD		5,207,879	6,402,943

Earnings per share (basic and diluted) in Argentine pesos	11	9.0337	11.0456


	Notes	03.31.2023	12.31.2022
ASSETS
Non-current assets
Property, plant and equipment	12	185,303,148	186,824,262
Right of use of assets	16	1,202,438	1,278,845
Intangible assets		553,218	571,999
Investments	18	12,458	12,458
Goodwill		124,262	124,262
Inventories	13	9,552,829	7,766,652
Other receivables	15	1,158,925	1,364,777
Total non-current assets		197,907,278	197,943,255

Current assets
Inventories	13	24,980,033	24,838,269
Other receivables	15	5,801,557	7,121,389
Trade accounts receivable	17	11,304,323	11,105,852
Investments	18	18,139,066	5,169,132
Cash and banks		1,279,463	809,039
Total current assets		61,504,442	49,043,681
Total assets		259,411,720	246,986,936


	Notes	03.31.2023	12.31.2022
SHAREHOLDERS’ EQUITY AND LIABILITIES
Capital stock and other capital related accounts	19	46,217,370	46,186,268
Reserves		92,361,876	92,361,876
Retained earnings		7,631,954	2,359,996
Equity attributable to the owners of the Company		146,211,200	140,908,140
Non-controlling interests		173,083	237,162
Total shareholders’ equity		146,384,283	141,145,302

LIABILITIES
Non-current liabilities
Borrowings	20	33,406,462	12,026,778
Provisions	22	1,604,135	1,591,225
Salaries and social security payables		69,266	115,043
Lease liabilities	16	876,455	953,451
Other liabilities		166,987	199,945
Deferred tax liabilities	10	40,318,455	40,135,353
Total non-current liabilities		76,441,760	55,021,795

Current liabilities
Borrowings	20	8,870,279	13,257,474
Accounts payable	21	17,298,861	21,545,896
Advances from customers		1,792,737	2,144,066
Salaries and social security payables		4,999,504	5,412,668
Tax liabilities	23	3,018,148	3,548,588
Lease liabilities	16	324,374	343,681
Other liabilities		281,774	4,567,466
Total current liabilities		36,585,677	50,819,839
Total liabilities		113,027,437	105,841,634
Total shareholders’ equity and liabilities		259,411,720	246,986,936


			Owners contributions
	Capital Stock	reasury 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, 2023	58,359	1,244		16,781,398	357,710	25,000,640	6,054,386	16,840	5,609,813	(7,833,356)	139,234	3,439,742	26,850	88,895,284	2,359,996	140,908,140	237,162	141,145,302


Share-based payment plans (Note 14)											31,102					31,102		31,102

Granting of share-based plans	9	(9)		2,512	(2,512)	42,520	(42,520)	32,221		26,040	(58,261)					-		-



Net income for the period															5,271,958	5,271,958	(64,079)	5,207,879
Balances as of March 31, 2023	58,368	1,235		16,783,910	355,198	25,043,160	6,011,866	49,061	5,609,813	(7,807,316)	112,075	3,439,742	26,850	88,895,284	7,631,954	146,211,200	173,083	146,384,283


Cecilia Grierson 355, 4th Floor Zip Code C1107CPG – Capital Federal Republic of Argentina
(Address of principal executive offices)


			Loma Negra Compañía Industrial Argentina Sociedad Anónima



	03.31.2023	03.31.2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net profit for the period	5,207,879	6,402,943
Adjustments to reconcile net profit to net cash generated by operating activities
Income tax expense	1,720,601	3,149,379
Depreciation and amortization	3,253,759	3,755,729
Provisions	456,644	247,903
Exchange rate differences	2,177,632	269,541
Interest expense / gain	4,199,396	(140,185)
Share-based payments	31,102	-
Income (loss) on disposal of property, plant and equipment	28,844	(31,133)
Recovery / Loss for derecognition of property plant and equipment	(193,545)	65,137
Allowance for contributions paid to the Trust Fund to Strengthen the Inter-urban Railroad System
Changes in operating assets and liabilities
Inventories	(1,867,337)	(2,375,146)
Other receivables	1,479,222	69,132
Trade accounts receivable	(2,483,152)	(1,449,249)
Advances from customers	(157,062)	(795,131)
Accounts payable	(532,031)	(1,049,931)
Salaries and social security payables	430,100	595,092
Provisions	(65,103)	(81,205)
Tax liabilities	(890,209)	245,541
Other liabilities	268,612	9,841
Gain on net monetary position	(7,336,929)	(1,211,600)
Income tax paid	(1,085,514)	(2,066,138)
Net cash generated by operating activities	4,642,909	5,610,520

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the operation of Yguazu Cementos S.A.	100,676	113,246
Proceeds from disposal of property, plant and equipment	73,560	2,953
Payments to acquire property, plant and equipment	(1,805,631)	(1,292,069)
Payments to acquire intangible	(31,775)	-
Contributions to F.F.F.S.F.I.	(95,395)	(67,547)
Net cash used in investing activities	(1,758,565)	(1,243,417)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings	1,873,230	1,813,294
Proceeds from negotiables obligations	27,603,894	-
Interest paid	(2,836,040)	(282,541)
Dividends paid	(4,262,150)	-
Lease liabilities	(94,655)	(56,987)
Repayment of borrowings	(9,816,853)	(5,273,422)
Purchase of treasury shares	-	(1,244,317)
Net cash generated by (used in) financing activities	12,467,426	(5,043,973)

Net increase (decrease) in cash and cash equivalents	15,351,770	(676,870)
Cash and cash equivalents at the beginning of the period	5,978,171	7,838,682
Effect of restating in constant currency of cash and cash equivalents	(2,058,689)	(1,069,797)


Effects of the exchange rate differences on cash and cash equivalents in foreign currency	147,277	966,225
Cash and cash equivalents at the end of the period	19,418,529	7,058,240


	Main business	Country	% of direct and indirect ownership as of
			03.31.23	12.31.22	03.31.22
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.


	03.31.2023		03.31.2022
Three-month period
Sales revenues	3,153,190		3,343,370
Financial results, net	91,705		91,639
Depreciations	(233,389)		(786,808)
Income tax	(100,020)		176,520
Loss for the period	(320,711)		(350,260)

		03.31.2023		03.31.2022
Three-month period
Net cash generated by operating activities		299,476		283,051
Net cash used in investing activities		(636,706)		(457,942)
Net cash generated by financing activities		329,753		206,910
Financial and holding results used in cash		(17,519)		(8,264)


	03.31.2023	03.31.2022

Total profit before income tax expense	6,928,480	9,552,322
Statutory income tax rate	35%	35%
Income tax at statutory rate	(2,424,968)	(3,343,313)
Adjustments for calculation of the effective income tax:
Use of tax loss carryforwards	260,344	-
Effects of the fiscal revaluation and adjustment to reflect inflation for accounting and tax purposes	476,010	207,037
Change in tax rate	(2,613)	985
Impairment of tax losses recognized in subsidiaries	(18,181)	-
Other non-taxable income or non-deductible expense, net	(11,193)	(14,088)
Total income tax expense	(1,720,601)	(3,149,379)
INCOME TAX
Current	(1,537,499)	(3,866,079)
Deferred	(183,102)	716,700
Total	(1,720,601)	(3,149,379)


	03.31.2023	12.31.2022
Deferred tax assets
Loss carryforward from subsidiary	4,783,589	5,925,863
Leases	-	6,399
Provisions	380,653	359,206
Accounts payable	69,021	80,976
Salaries and social security payables	50,313	69,844
Other liabilities	157,975	167,395
Trade accounts receivable	32,992	1,953
Others	15,324	1,598
Allowance for tax loss carryforwards	(4,398,968)	(5,465,965)
Total deferred tax assets	1,090,899	1,147,269

	03.31.2023	12.31.2022
Deferred tax liabilities
Investments	(195)	(7,897)
Property, plant and equipment	(36,476,821)	(36,082,043)
Inventories	(4,097,307)	(3,807,949)
Other receivables	(135,048)	(30,847)
Taxes payable (adjustment to reflect inflation for tax purposes)	(649,501)	(1,319,008)
Borrowings	(49,919)	(34,878)
Leases	(563)	-
Total deferred tax liabilities	(41,409,354)	(41,282,622)
Total net deferred tax liabilities	(40,318,455)	(40,135,353)


	03.31.2023	12.31.2022

Cost	462,702,153	461,217,001
Accumulated depreciation	(277,399,005)	(274,392,739)
Total	185,303,148	186,824,262

Land	2,427,589	2,427,589
Plant and buildings	30,902,592	30,956,368
Machinery, equipment and spare parts	135,251,208	136,675,457
Transport and load vehicles	2,834,176	2,804,270
Furniture and fixtures	207,875	224,436
Quarries	11,668,896	11,512,041
Tools	194,440	212,316
Construction in progress	1,816,372	2,011,785
Total	185,303,148	186,824,262


	03.31.2023	12.31.2022
Non-current
Spare parts	9,910,114	8,137,303
Allowance for obsolete inventories	(357,285)	(370,651)
Total	9,552,829	7,766,652

Current
Finished products	1,528,650	2,046,804
Production in progress	7,055,735	5,850,651
Raw materials, materials and spare parts	12,359,117	13,076,201
Fuels	4,036,531	3,864,613
Total	24,980,033	24,838,269


Item			Description
1			Relevant event


	03.31.2023	03.31.2022
Three-month period
Sales of goods	57,592,226	53,750,017
Domestic market	57,567,446	53,733,281
External customers	24,780	16,736

Services rendered	1,581,703	1,861,396

(-) Bonus / Discounts	(18,584,215)	(16,162,187)
Total	40,589,714	39,449,226


	03.31.2023	03.31.2022
Three-month period
Fees and service fees	587,161	554,663
Salaries, wages and social security contributions	4,622,568	4,534,638
Transport and travelling expenses	228,254	193,246
Data processing	11,758	14,637
Taxes, contributions and commissions	543,544	534,879
Depreciation and amortizations	3,091,872	3,889,129
Preservation and maintenance costs	2,321,087	2,279,721
Communications	25,476	12,953
Leases	54,634	44,322
Employee benefits	157,758	115,613
Water, natural gas and energy services	1,087	7,656
Freight	3,421,904	2,943,547
Fuel	4,735,576	3,693,245
Insurance	62,396	88,762
Packaging	984,745	840,177
Electrical power	2,481,527	2,754,893
Contractors	2,256,051	2,233,929
Canon (concession fee)	28,629	27,639
Security	104,685	155,224
Others	347,065	437,411
Total	26,067,777	25,356,284


	03.31.2023	03.31.2022
Three-month period
Managers and directors compensation and fees	256,181	248,047
Fees and compensation for services	345,487	304,780
Salaries, wages and social security contributions	802,297	919,159
Transport and travelling expenses	35,719	34,650
Data processing	103,140	160,555
Advertising expenses	291,452	142,696
Taxes, contributions and commissions	813,388	856,220
Depreciation and amortizations	176,828	238,233
Preservation and maintenance costs	9,284	8,114
Communications	17,939	24,153
Leases	9,069	10,811
Employee benefits	43,807	32,626
Water, natural gas and energy services	1,425	1,749
Freight	448,785	571,582
Insurance	201,191	126,885
Allowance for doubtful accounts	2,531	12,581
Security	8,491	8,416
Others	92,757	30,948
Total	3,659,771	3,732,205


	03.31.2023	31.12.2022
Related companies:
InterCement Brasil S.A.
Accounts payable	(36,159)	(36,626)
InterCement Trading e Inversiones S.A.
Other receivables	438,475	510,787
Accounts payable	(199,354)	(201,928)
Intercement Participações S.A.
Other receivables	460,412	463,652
Accounts payable	(1,314,541)	(901,622)
InterCement Trading e Inversiones Argentina S.L.
Other receivables	34,694	103,695
Other liabilities - dividends payable	-	(2,220,808)
Summary of balances as of March 31, 2023 and December 31, 2022 is as follows:
	03.31.2023	12.31.2022

Other receivables	933,581	1,078,134
Accounts payable	(1,550,054)	(1,140,176)
Other liabilities - dividends payable	-	(2,220,808)


	03.31.2023	03.31.2022

InterCement Participações S.A. – Sales of services	10,222	23,239
InterCement Participações S.A. – Sales of services	(388,889)	(375,738)
InterCement Trading e Inversiones Argentina S.L. – dividend payment	(2,220,808)	-


	03.31.2023	12.31.2022

Lease liabilities:
At the beginning of the period / year	1,297,132	746,294
Additions	-	844,371
Interest accrued in the period / year	36,137	113,093
Foreign exchange gain	203,489	363,806
Gain on net monetary position	(241,274)	(425,662)
Payments	(94,655)	(344,770)
At the end of the period / year	1,200,829	1,297,132


Right of use assets:
At the beginning of the period / year	1,278,845	734,808
Additions	-	844,371
Depreciations	(76,407)	(300,334)
At the end of the period / year	1,202,438	1,278,845


	03.31.2023	12.31.2022

Accounts receivable	11,308,456	11,109,176
Accounts receivable in litigation	486,261	502,686
Notes receivable	5,322	6,568
Foreign customers	4,411	6,987
Subtotal	11,804,450	11,625,417
Allowance for doubtful accounts	(500,127)	(519,565)
Total	11,304,323	11,105,852


	03.31.2023	12.31.2022

Capital	59,603	59,603
Adjustment to capital	17,139,108	17,139,108
Cost of treasury stock	(7,807,316)	(7,833,356)
Share-based payment plans	112,075	139,234
Treasury stocks trading premium	49,061	16,840
Share premium	31,055,026	31,055,026
Merger premium	5,609,813	5,609,813
Total	46,217,370	46,186,268


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


		03.31.2023				12.31.2022
	Ref	Company	Interest rate	Maturity date	Amount	Amount
Borrowings in foreign currency – USD
Industrial and Commercial Bank of China (Dubai)		Loma Negra C.I.A.S.A.	3 Month Libor + 7.50%	Nov-22	613,914	839,825
Industrial and Commercial Bank of China (Dubai)		Loma Negra C.I.A.S.A.	3 Month Libor + 8.00%	Jul-22	11,996,404	12,314,536
Banco Patagonia	(1)	Loma Negra C.I.A.S.A.	16.00%	May-22	35,080	-
Banco Patagonia	(1)	Loma Negra C.I.A.S.A.	16.00%	Jun-22	51,076	-
Banco Patagonia		Ferrosur Roca S.A.	13.50%	Feb-23	-	52,375
Banco Patagonia		Ferrosur Roca S.A.	15.00%	Feb-23	-	6,019
Banco Patagonia		Ferrosur Roca S.A.	37.00%	Feb-23	-	2,352
Banco Patagonia		Ferrosur Roca S.A.	19.00%	Mar-23	-	3,470
Banco Patagonia		Ferrosur Roca S.A.	15.00%	May-23	26,286	26,062
Banco Patagonia		Ferrosur Roca S.A.	36.00%	May-23	2,686	2,537
Borrowings in foreign currency – EUR
Banco Patagonia	(1)	Loma Negra C.I.A.S.A.	16.00%	Abr-23	11,363	-
Banco Patagonia	(1)	Loma Negra C.I.A.S.A.	16.00%	May-23	62,872	-
Total borrowings in foreign currency					12,799,681	13,247,176
		03.31.2023				12.31.2022
		Company	Interest rate	Maturity date	Amount	Amount
Borrowings in local currency
Overdrafts		Ferrosur Roca S.A.	72.00%	abr-23	1,901,923	1,510,388
Overdrafts		Loma Negra C.I.A.S.A.	69.25%	feb-23	102,808	1,173,017
Overdrafts		Loma Negra C.I.A.S.A.	52.00%	jan-23	-	3,676,502
Overdrafts		Loma Negra C.I.A.S.A.	69.00%	jan-23	-	2,464,922
Stock surety		Loma Negra C.I.A.S.A.	64.99%	jan-23	-	3,212,247
Total borrowings in local currency					2,004,731	12,037,076


Summary of borrowings by Company:	03.31.2023	12.31.2022

Loma Negra C.I.A.S.A.	40,345,846	23,681,049
Ferrosur Roca S.A.	1,930,895	1,603,203
Total	42,276,741	25,284,252



Balances as of January 1, 2023												25,284,252
New borrowings												1,873,230
New negotiable obligations												27,603,894
Interest accrued												4,163,259
Gain on net monetary position												(6,116,420)
Effect of exchange rate differences												2,121,419
Interest payments												(2,836,040)
Principal payments												(9,816,853)
Balances as of March 31, 2023												42,276,741


	03.31.2023	12.31.2022

Suppliers	11,420,727	15,246,894
Related parties (Note 14)	1,550,054	1,140,176
Accounts payable for investments in property, plant and equipment and intangible assets	802,944	1,038,603
Expenses accrual	3,525,136	4,120,223
Total	17,298,861	21,545,896


	03.31.2023	12.31.2022

Labor and social security	526,160	540,416
Environmental restoration	820,256	867,659
Civil and others	257,719	183,150
Total	1,604,135	1,591,225


	31.03.2023	31.12.2022

Debt (i)	42,276,741	25,284,252
Cash and cash equivalents	19,418,529	5,978,171
Net debt	22,858,212	19,306,081

Equity (ii)	146,384,282	141,145,301
Net debt to equity ratio	0.16	0.14


(i) Debt is defined as current and non-current borrowings.
(ii) Shareholders’ equity includes all the non-controlling interests, which are managed as capital.


	03.31.2023	12.31.2022
Financial assets At amortized cost:
Cash and banks	1,279,463	809,039
Investments	6,711,431	4,360,710
Accounts receivable and other receivables	13,070,843	13,054,685
At fair value through profit and loss:
Investments	11,427,635	808,422

Financial liabilities
Amortized cost	69,312,111	61,970,988


	Effect of US Dollars	Effect of Euro

Loss for the period	3,277,755	66,025
Decrease in of shareholder's Equity	3,277,755	66,025


	03.31.2023	03.31.2022

- Right of use of assets	-	2,208
- Acquisitions of property, plant and equipment financed with trade payables	408,721	115,599
- Share-based payment plans - benefit plan	5,062	35,727


	03.31.2023	03.31.2022
Sales revenue
Cement, masonry cement and lime	33,144,552	16,179,556
Concrete	3,688,069	1,379,350
Railroad	2,960,021	1,547,650
Aggregates	1,246,779	375,509
Others	172,841	151,172
Inter-segment eliminations	(3,257,321)	(1,369,964)
Subtotal	37,954,941	18,263,273
Reconciliation - Effect from restatement in constant currency	2,634,773	21,185,953
Total	40,589,714	39,449,226


	03.31.2023	03.31.2022
Selling, administrative expenses and other gains and losses
Cement, masonry cement and lime	2,878,337	1,467,041
Concrete	147,489	67,192
Railroad	213,145	84,024
Aggregates	10,424	4,020
Others	72,715	44,589
Subtotal	3,322,110	1,666,866
Reconciliation - Effect from restatement in constant currency	439,269	2,003,844
Total	3,761,379	3,670,710


	03.31.2023		03.31.2022
Sales revenue less cost of sales, selling, administrative expenses and other gains and losses
Cement, masonry cement and lime	11,217,400	5,754,486
Concrete	(31,376)	37
Railroad	(80,163)	(14,514)
Aggregates	246,049	(3,773)
Others	(30,661)	12,886
Subtotal	11,321,249	5,749,122
Reconciliation - Effect from restatement in constant currency	(3,939,445)	3,742,607
Total	7,381,804	9,491,729

Reconciling items:
Tax on bank accounts debits and credits	(434,157)	(390,972)
Financial results, net	(19,167)	451,565
Income tax	(1,720,601)	(3,149,379)
Net profit for the year	5,207,879	6,402,943