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Loma Negra Reports 1Q23 results

Loma Negra, (NYSE: LOMA; BYMA: LOMA), (“Loma Negra” or the “Company”), the leading cement producer in Argentina, today announced results for the three-month period ended March 31, 2023 (our “1Q23 Results”).

1Q23 Key Highlights

  • Net sales revenues increased by 2.9% YoY to Ps. 40,590 million (US$ 197 million), mainly explained by the good top line performance of the Concrete and Aggregates segments that compensated the decrease of the Cement segment.
  • Consolidated Adjusted EBITDA reached Ps. 10,636 million, decreasing 19.7% YoY in adjusted pesos, while in dollars it reached 63 million, with an increase of 5.8% YoY.
  • The Consolidated Adjusted EBITDA margin stood at 26.2%, contracting 738 basis points YoY from 33.6%.
  • Net Profit of Ps. 5,208 million, showing a reduction of 18.7% versus the same period of the previous year, mainly explained by the decrease in the operating result and a higher financial cost.
  • During the quarter, the Company distributed a dividend payment of Ps. 3,500 million (US$ 19.5 million), Ps. 6.00 per outstanding share (Ps. 29.92 per ADR).
  • The Company issued its Class 1 of domestic bonds in the total principal amount of Ps. 25.6 billion with maturity in August 2024.
  • Net Debt /LTM Adjusted EBITDA ratio of 0.46x compared with 0.37x in FY22.

The Company has presented certain financial figures, Table 1b and Table 11, in U.S. dollars and Pesos without giving effect to IAS 29. The Company has prepared all other financial information herein by applying IAS 29.

Commenting on the financial and operating performance for the first quarter of 2023, Sergio Faifman, Loma Negra’s Chief Executive Officer, noted: “We started the year in a very good shape, with solid operating result and cash flow generation together with a very robust financial position.

Despite the challenging macro scenario and the economic disorders, the cement demand remains strong, posting a 3.1% growth in spite of the high base of comparison, and LOMA showed even higher growth figures.

During the quarter, we continued optimizing value for our shareholders, with a dividend payment of US$ 19.5 million. Moreover, we recently approved a second dividend payment, to be distributed in kind for the equivalent of Ps.22.2 billion. We also completed our first issuance of corporate bonds with high success and with great support from the market, which demonstrates the confidence that investors place in our company. This gave us the possibility of refinancing our short-term debt in Pesos and further strengthening our balance sheet.

For the remainder of the year, we are cautiously optimistic that we will continue to see healthy dynamics in our markets although at slower rates as we approach the presidential elections.”

Table 1: Financial Highlights

(amounts expressed in millions of pesos, unless otherwise noted)

 

Three-months ended

March 31,

 

2023

2022

% Chg.

Net revenue

40,590

39,449

2.9%

Gross Profit

11,143

13,162

-15.3%

Gross Profit margin

27.5%

33.4%

-591 bps

Adjusted EBITDA

10,636

13,247

-19.7%

Adjusted EBITDA Mg.

26.2%

33.6%

-738 bps

Net Profit (Loss)

5,208

6,403

-18.7%

Net Profit (Loss) attributable to owners of the Company

5,272

6,473

-18.6%

EPS

9.0337

11.0456

-18.2%

Average outstanding shares (*)

584

586

-0.4%

Net Debt

22,858

(8,075)

n/a

Net Debt /LTM Adjusted EBITDA

0.46x

-0.15x

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

March 31,

 

2023

2022

% Chg.

Net revenue

37,955

18,263

107.8%

Adjusted EBITDA

12,118

6,343

91.1%

Adjusted EBITDA Mg.

31.9%

34.7%

-280 bps

Net Profit (Loss)

6,921

6,043

14.5%

Net Debt

22,858

(8,075)

n/a

Net Debt /LTM Adjusted EBITDA

0.46x

-0.15x

n/a

 

In million US$

Three-months ended

March 31,

 

2023

2022

% Chg.

Ps./US$, av

192.45

106.59

80.5%

Ps./US$, eop

208.99

110.98

88.3%

Net revenue

197

171

15.1%

Adjusted EBITDA

63

60

5.8%

Adjusted EBITDA Mg.

31.9%

34.7%

-280 bps

Net Profit (Loss)

36

57

-36.6%

Net Debt

109

(73)

n/a

Net Debt /LTM Adjusted EBITDA

0.46x

-0.15x

n/a

Overview of Operations

Sales Volumes

Table 2: Sales Volumes2

 

 

 

Three-months ended

March 31,

 

 

2023

2022

% Chg.

Cement, masonry & lime

MM Tn

1.54

1.48

4.3%

Concrete

MM m3

0.15

0.12

26.2%

Railroad

MM Tn

0.97

1.05

-7.4%

Aggregates

MM Tn

0.36

0.24

47.1%

2 Sales volumes include inter-segment sales

Sales volumes of Cement, masonry, and lime during 1Q23 increased by 4.3% to 1.5 million tons, mainly leveraged by the significant growth of bulk cement that maintain the positive trend on the back of Concrete and Distributors growth supported by private construction and public works. Sales of bagged cement showed a contraction YoY in the quarter, although maintaining a solid level.

Regarding the volume of the Concrete segment, it registered an increase of 26.2% YoY. The volume of concrete continues the upwards trend. The segment remains as one of the pillars of the growth in bulk cement shipments. The Concrete segment growth was mainly supported by demand from the private sector, coupled with an increase in public works. Likewise, Aggregates segment showed a sharp increase of 47.1% YoY, driven mainly by the Concrete sector and sustained by the good production and logistics performance.

On the other hand, the volumes of the Railway segment experienced a contraction of 7.4% compared to the same quarter of 2022, where the strong transported volumes of aggregates partially offset the decrease in cement and fracsand.

Review of Financial Results

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

March 31,

 

2023

2022

% Chg.

Net revenue

40,590

39,449

2.9%

Cost of sales

(29,447)

(26,287)

12.0%

Gross profit

11,143

13,162

-15.3%

Share of loss of associates

-

-

n/a

Selling and administrative expenses

(3,660)

(3,732)

-1.9%

Other gains and losses

(102)

61

n/a

Impairment of property, plant and equipment

-

-

n/a

Tax on debits and credits to bank accounts

(434)

(391)

11.0%

Finance gain (cost), net

Gain on net monetary position

7,337

1,212

505.6%

Exchange rate differences

(3,125)

(690)

352.7%

Financial income

1,311

642

104.3%

Financial expense

(5,542)

(711)

679.0%

Profit (Loss) before taxes

6,928

9,552

-27.5%

Income tax expense

Current

(1,537)

(3,866)

-60.2%

Deferred

(183)

717

n/a

Net profit (Loss)

5,208

6,403

-18.7%

Net Revenues

Net revenue increased 2.9% to Ps. 40,590 million in 1Q23, from Ps. 39,449 million in the comparable quarter last year, where the good top line performance of Concrete and Aggregates was partially offset with the decline in Cement and Railroad.

Cement, masonry cement and lime segment was down 3.5% YoY, with volumes expanding 4.3% that partially offset the softer price dynamics.

Concrete registered an increase in its topline of 32.8% compared with 1Q22, sustained by a 26.2% increase in volume, coupled with an improvement in prices. The Aggregates segment recorded a sharp increase in revenues of 65.3%, supported by a volume increase of 47.1% YoY and positive price performance.

Railroad revenues decreased 5.7% in 1Q23 compared to the same quarter of 2022, where the transported volume decreased 7.4% in the quarter, affected by the decrease in transported volumes of fracsand and cement, partially compensated by the better performance of aggregates. The effect of lower volumes was partially compensated by a positive price performance, despite the effect of the decrease in transported volumes of fracsand that affects the price performance due to its impact on the average transported distance.

Cost of sales, and Gross profit

Cost of sales increased 12.0% YoY, reaching Ps. 29,447 million in 1Q23, mainly due to the increase in sales volumes of the Cement and Concrete segments. Regarding Cement cost of sales, the increase was mainly because of higher thermal energy costs driven by the stimulus plans to increase natural gas production and higher freights. These effects saw their impact softened by lower electrical energy inputs and lower depreciation.

Gross Profit registered a decline of 15.3% YoY to Ps. 11,143 million in 1Q21, from Ps. 13,162 million in 1Q22, with a gross profit margin that contracted 591 basis points YoY to 27.5%.

Selling and Administrative Expenses

Selling and administrative expenses (SG&A) in 1Q23 decreased by 1.9% YoY to Ps. 3,660 million, from Ps. 3,732 million in 1Q22, mainly due to a decrease in salaries and freights, partially compensated with an increase in marketing expenses. As a percentage of sales, SG&A showed a decrease against 1Q22 of 44 basis points, reaching 9.0%.

Adjusted EBITDA & Margin

Table 4: Adjusted EBITDA Reconciliation & Margin

(amounts expressed in millions of pesos, unless otherwise noted)

 

Three-months ended

March 31,

 

2023

2022

% Chg.

Adjusted EBITDA reconciliation:

Net profit (Loss)

5,208

6,403

-18.7%

(+) Depreciation and amortization

3,254

3,756

-13.4%

(+) Tax on debits and credits to bank accounts

434

391

11.0%

(+) Income tax expense

1,721

3,149

-45.4%

(+) Financial interest, net

3,279

(429)

n/a

(+) Exchange rate differences, net

3,125

690

352.7%

(+) Other financial expenses, net

952

498

91.0%

(+) Gain on net monetary position

(7,337)

(1,212)

505.6%

(+) Share of profit (loss) of associates

-

-

n/a

(+) Impairment of property, plant and equipment

-

-

n/a

Adjusted EBITDA

10,636

13,247

-19.7%

Adjusted EBITDA Margin

26.2%

33.6%

-738 bps

Adjusted EBITDA decreased 19.7% YoY in the first quarter of 2023 to Ps. 10,636 million from 13,247 million in the same period of the previous year, mainly affected by lower adjusted EBITDA generated by our cement business. The better performance of the Aggregates segment partially compensated the decrease of the other businesses.

Likewise, the Adjusted EBITDA margin contracted 738 basis points to 26.2% compared to 33.6% in 1Q22, mainly due to the compression of the cement margin and the higher incidence of other businesses with lower margins, due to the increase in their activity levels.

In particular, the Adjusted EBITDA margin of the Cement, Masonry and Lime segment contracted 625 bps to 31.2%, mainly due to a lower price performance and an increase in costs driven by higher thermal energy inputs and higher freights costs, partially compensated by lower electrical energy inputs.

Concrete Adjusted EBITDA margin contracted 33 bps, and stood in a negative 1.2%, from negative 0.8% in 1Q22, where the good performance in price and volumes couldn’t compensate the increase in costs, mainly impacted by aggregates and freights.

The Adjusted EBITDA margin of Aggregates jumped to 17.6%, from a negative 4.6% in 1Q22, mainly leveraged on the strong increase in volume that allowed a better dilution of fixed costs and a good price performance.

Finally, the Adjusted EBITDA margin of the Railroad segment contracted 715 bps to negative 1.2% in the first quarter, from 5.9% in 1Q22, principally affected by costs increase and lower transported volumes, partially compensated by positive price performance.

Finance Costs-Net

Table 5: Finance Gain (Cost), net

(amounts expressed in millions of pesos, unless otherwise noted)

 

 

Three-months ended

March 31,

 

 

 

2023

2022

% Chg.

 

Exchange rate differences

(3,125)

(690)

352.7%

Financial income

1,311

642

104.3%

Financial expense

(5,542)

(711)

679.0%

Gain on net monetary position

7,337

1,212

505.6%

Total Finance Gain (Cost), Net

 

(19)

452

n/a

 

During 1Q23, the Company reported a total net financial cost of Ps. 19 million compared to a total net financial gain of Ps. 452 million in 1Q22, where the positive effect of the result on the monetary position partially compensated the increase of the net financial expense, due to the higher debt position, and the higher negative effect of the exchange rate.

Net Profit and Net Profit Attributable to Owners of the Company

Net Gain of Ps. 5,208 million in 1Q23 compared to a Net Gain of Ps. 6,403 million in the same period of the previous year, where the lower operational result and the higher financial cost was partially compensated by positive income tax effect.

Net Gain Attributable to Owners of the Company stood at Ps. 5,272 million. During the quarter, the Company reported a gain per common share of Ps. 9.0337 and an ADR gain of Ps. 45.1686, compared to earnings per common share of Ps. 11.0456 and earnings per ADR of Ps. 55.2280 in 1Q23.

Capitalization

Table 6: Capitalization and Debt Ratio

(amounts expressed in millions of pesos, unless otherwise noted)

 

As of March 31,

 

As of December, 31

 

2023

2022

2022

 

Total Debt

42,277

1,934

25,284

- Short-Term Debt

8,870

1,304

13,257

- Long-Term Debt

33,406

630

12,027

Cash, Cash Equivalents and Investments

(19,419)

(10,009)

(5,978)

Total Net Debt

22,858

(8,075)

 

19,306

Shareholder's Equity

146,384

168,926

141,145

Capitalization

188,661

170,860

 

166,430

LTM Adjusted EBITDA

50,154

53,168

 

52,765

Net Debt /LTM Adjusted EBITDA

0.46x

-0.15x

 

0.37x

As of March 31, 2023, total Cash, Cash Equivalents, and Investments were Ps. 19,419 million compared with Ps. 10,009 million as of March 31, 2022. Total debt at the close of the quarter stood at Ps. 42,277 million, composed by Ps. 8,870 million in short-term borrowings, including the current portion of long-term borrowings (or 21.0% of total borrowings), and Ps. 33,406 million in long-term borrowings (or 79.0% of total borrowings). In the quarter the company issued a domestic bond in the total principal amount of Ps. 25.6 billion with maturity in 3Q24. The proceeds of the issuance were primarily used for refinancing the debt in Pesos and working capital.

At the close of the first quarter of 2023, 30.1% (or Ps. 12,725 million) of Loma Negra’s total debt was denominated in U.S. dollars (and a not material amount in Euros), and 69.7% (or Ps. 9,925 million) was in Pesos. The average duration of Loma Negra’s total debt was 1.2 years.

As of March 31, 2023, 99.6% of the Company's consolidated loans accrued interest at a variable rate. The debt denominated in dollars with rates based on Libor, while the portion in Argentine pesos principally accrued interest based on BADLAR. The remaining 0.4% accrues interest at a fixed rate in foreign currency.

The Net Debt to Adjusted EBITDA (LTM) ratio increased to 0.46x as of March 31, 2023, from 0.37x as of December 31, 2022, as a result of an increase in the debt, partially compensated by our strong cash generation.

Cash Flows

Table 7: Condensed Interim Consolidated Statement of Cash Flows

(amounts expressed in millions of pesos, unless otherwise noted)

 

 

Three-months ended

March 31,

 

 

2023

2022

CASH FLOWS FROM OPERATING ACTIVITIES

 

Net Profit (Loss)

 

5,208

6,403

Adjustments to reconcile net profit (loss) to net cash provided by operating activities

 

11,674

7,316

Changes in operating assets and liabilities

 

(12,239)

(8,109)

Net cash generated by operating activities

 

4,643

5,611

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

Proceeds from disposal of Yguazú Cementos S.A.

 

101

113

Property, plant and equipment, Intangible Assets, net

 

(1,764)

(1,289)

Contributions to Trust

 

(95)

(68)

Net cash (used in) investing activities

 

(1,759)

(1,243)

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

Proceeds / Repayments from borrowings, Interest paid

 

16,730

(3,800)

Dividends paid

(4,262)

-

Share repurchase plan

-

(1,244)

Net cash generated by (used in) by financing activities

 

12,467

(5,044)

 

Net increase (decrease) in cash and cash equivalents

 

15,352

(677)

Cash and cash equivalents at the beginning of the year

 

5,978

7,839

Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")

(2,059)

(1,070)

Effects of the exchange rate differences on cash and cash equivalents in foreign currency

 

147

966

Cash and cash equivalents at the end of the period

 

19,419

7,058

In 1Q23, our operating cash generation stood at Ps. 4,354 million, compared to Ps. 5,611 million in the same period of the previous year, where the increase in the net profit adjusted to reconcile to net cash provided by operating activities partially compensated the negative effect of the changes in operating assets and liabilities.

During 1Q23, the Company generated cash in financing activities for Ps. 12,467 million, mainly due to the issuance of the Class 1 bond with the consequent cancellation of the short-term debt in Pesos, and the dividend payment. Regarding cash used in investing activities, the Company used a total of Ps. 1,470 million, mainly due to maintenance capex.

Dividends Distribution

On December 27, 2022, the board of directors approved the payment of dividends for a total amount of Ps. 3,500 million equivalents to Ps. 5.99 per outstanding share (Ps. 29.98 per ADS), through the partial allocation of funds from the Reserve for Future Dividends. The total amount of dividends was distributed in January 2023.

Domestic Bond Issuance

On February 22, 2023, the Company issued its Class 1 of domestic bonds in the total principal amount of Ps. 25.6 billion. Terms of the issue are as outlined below.

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

Recent Events

Dividends Distribution

On May 2, 2023, the board of directors approved the partial withdraw of the Reserve for Future Dividends in the amount of Ps. 22,200 million and to distribute dividends in kind as follows: 25,590,778,098 National Treasury Bills of the Argentine Republic in Pesos at a discount maturing on July 30, 2023 (“LEDE” S30J3 – ISIN ARARGE520D98), at a ratio of 43.86 Treasury Bills per outstanding share (219.29 Treasury Bills per ADR). The dividend distribution will be made available pursuant to the terms detailed in the Notice of Payment.

1Q23 Earnings Conference Call

When:

10:00 a.m. U.S. ET (11:00 a.m. BAT), May 8, 2023

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=fq8RnRst

Replay:

A telephone replay of the conference call will be available between May 9, 2023, at 1:00 pm U.S. E.T. and ending on May 15, 2023. 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 2353704. The audio of the conference call will also be archived on the Company’s website at www.lomanegra.com

Definitions

Adjusted EBITDA is calculated as net profit plus financial interest, net plus income tax expense plus depreciation and amortization plus exchange rate differences plus other financial expenses, net plus tax on debits and credits to bank accounts, plus share of loss of associates, plus net Impairment of Property, plant and equipment, and less income from discontinued operation. Loma Negra believes that excluding tax on debits and credits to bank accounts from its calculation of Adjusted EBITDA is a better measure of operating performance when compared to other international players.

Net Debt is calculated as borrowings less cash, cash equivalents and marketable securities.

About Loma Negra

Founded in 1926, Loma Negra is the leading cement company in Argentina, producing and distributing cement, masonry cement, aggregates, concrete and lime, products primarily used in private and public construction. Loma Negra is a vertically-integrated cement and concrete company, with nationwide operations, supported by vast limestone reserves, strategically located plants, top-of-mind brands and established distribution channels. Loma Negra is listed both on BYMA and on NYSE in the U.S., where it trades under the symbol “LOMA”. One ADS represents five (5) common shares. For more information, visit www.lomanegra.com.

Note

The Company presented some figures converted from Pesos to U.S. dollars for comparison purposes. The exchange rate used to convert Pesos to U.S. dollars was the reference exchange rate (Communication “A” 3500) reported by the Central Bank for U.S. dollars. The information presented in U.S. dollars is for the convenience of the reader only. Certain figures included in this report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be arithmetic aggregations of the figures presented in previous quarters. Rounding: We have made rounding adjustments to reach some of the figures included in this annual report. As a result, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

Disclaimer

This release contains forward-looking statements within the meaning of federal securities law that are subject to risks and uncertainties. These statements are only predictions based upon our current expectations and projections about possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “seek,” “forecast,” or the negative of these terms or other similar expressions. The forward-looking statements are based on the information currently available to us. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including, among others things: changes in general economic, political, governmental and business conditions globally and in Argentina, changes in inflation rates, fluctuations in the exchange rate of the peso, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy and various other factors. You should not rely upon forward-looking statements as predictions of future events. Although we believe in good faith that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Any or all of Loma Negra’s forward-looking statements in this release may turn out to be wrong. You should consider these forward-looking statements in light of other factors discussed under the heading “Risk Factors” in the prospectus filed with the Securities and Exchange Commission on October 31, 2017 in connection with Loma Negra’s initial public offering. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations.

--- Financial Tables Follow ---

Table 8: Condensed Interim Consolidated Statements of Financial Position

(amounts expressed in millions of pesos, unless otherwise noted)

 

 

 

As of March 31,

 

 

 

2023

 

 

2022

ASSETS

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

Property, plant and equipment

185,303

186,824

Right to use assets

1,202

1,279

Intangible assets

553

572

Investments

12

12

Goodwill

124

124

Inventories

9,553

7,767

Other receivables

1,159

1,365

Total non-current assets

197,907

197,943

Current assets

Inventories

24,980

24,838

Other receivables

5,802

7,121

Trade accounts receivable

11,304

11,106

Investments

18,139

5,169

Cash and banks

1,279

809

Total current assets

61,504

49,044

TOTAL ASSETS

259,412

246,987

SHAREHOLDER'S EQUITY

Capital stock and other capital related accounts

46,217

46,186

Reserves

92,362

92,362

Retained earnings

7,632

2,360

Accumulated other comprehensive income

-

-

Equity attributable to the owners of the Company

146,211

140,908

Non-controlling interests

173

237

TOTAL SHAREHOLDER'S EQUITY

146,384

141,145

LIABILITIES

Non-current liabilities

Borrowings

33,406

12,027

Accounts payables

-

-

Provisions

1,604

1,591

Salaries and social security payables

69

115

Debts for leases

876

953

Other liabilities

167

200

Deferred tax liabilities

40,318

40,135

Total non-current liabilities

76,442

55,022

Current liabilities

Borrowings

8,870

13,257

Accounts payable

17,299

21,546

Advances from customers

1,793

2,144

Salaries and social security payables

5,000

5,413

Tax liabilities

3,018

3,549

Debts for leases

324

344

Other liabilities

282

4,567

Total current liabilities

36,586

50,820

TOTAL LIABILITIES

113,027

105,842

TOTAL SHAREHOLDER'S EQUITY AND LIABILITIES

259,412

246,987

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

March 31,

 

 

2023

2022

% Change

Net revenue

40,590

39,449

2.9%

Cost of sales

(29,447)

(26,287)

12.0%

Gross Profit

 

11,143

13,162

-15.3%

Share of loss of associates

-

-

n/a

Selling and administrative expenses

(3,660)

(3,732)

-1.9%

Other gains and losses

(102)

61

n/a

Impairment of property, plant and equipment

-

-

n/a

Tax on debits and credits to bank accounts

(434)

(391)

11.0%

Finance gain (cost), net

Gain on net monetary position

7,337

1,212

505.6%

Exchange rate differences

(3,125)

(690)

352.7%

Financial income

1,311

642

104.3%

Financial expenses

(5,542)

(711)

679.0%

Profit (loss) before taxes

 

6,928

9,552

-27.5%

Income tax expense

Current

(1,537)

(3,866)

-60.2%

Deferred

(183)

717

n/a

Net Profit (Loss)

 

5,208

6,403

-18.7%

Net Profit (Loss) for the period attributable to:

Owners of the Company

5,272

6,473

-18.6%

Non-controlling interests

(64)

(70)

-8.5%

NET PROFIT (LOSS) FOR THE PERIOD

 

5,208

6,403

-18.7%

Earnings per share (basic and diluted):

 

9.0337

11.0456

-18.2%

Table 10: Condensed Interim Consolidated Statement of Cash Flows

(amounts expressed in millions of pesos, unless otherwise noted)

 

 

 

Three-months ended

March 31,

 

 

2023

2022

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Net Profit (Loss)

5,208

6,403

Adjustments to reconcile net profit to net cash provided by operating activities

 

Income tax expense

 

1,721

3,149

Depreciation and amortization

 

3,254

3,756

Provisions

 

457

248

Exchange rate differences

2,178

270

Interest expense

 

4,199

(140)

Loss on transactions with securities

-

-

Gain on disposal of property, plant and equipment

29

(31)

Impairment of property, plant and equipment

-

-

Impairment of trust fund

(194)

65

Share-based payment

31

-

Changes in operating assets and liabilities

 

Inventories

 

(1,867)

(2,375)

Other receivables

1,479

69

Trade accounts receivable

(2,483)

(1,449)

Advances from customers

(157)

(795)

Accounts payable

(532)

(1,050)

Salaries and social security payables

 

430

595

Provisions

 

(65)

(81)

Tax liabilities

 

(890)

246

Other liabilities

 

269

10

Gain on net monetary position

(7,337)

(1,212)

Income tax paid

 

(1,086)

(2,066)

Net cash generated by (used in) operating activities

 

4,643

5,611

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

Proceeds from disposal of Yguazú Cementos S.A.

101

113

Proceeds from disposal of Property, plant and equipment

 

74

3

Payments to acquire Property, plant and equipment

(1,806)

(1,292)

Payments to acquire Intangible Assets

 

(32)

(0)

Acquire investments

-

-

Proceeds from maturity investments

-

-

Contributions to Trust

 

(95)

(68)

Net cash generated by (used in) investing activities

 

(1,759)

(1,243)

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

Proceeds from non-convertible negotiable obligations

 

27,604

-

Proceeds from borrowings

1,873

1,813

Interest paid

 

(2,836)

(283)

Dividends paid

(4,262)

-

Debts for leases

(95)

(57)

Repayment of borrowings

(9,817)

(5,273)

Share repurchase plan

-

(1,244)

Net cash generated by (used in) financing activities

 

12,467

(5,044)

Net increase (decrease) in cash and cash equivalents

 

15,352

(677)

Cash and cash equivalents at the beginning of the period

 

5,978

7,839

Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")

(2,059)

(1,070)

Effects of the exchange rate differences on cash and cash equivalents in foreign currency

 

147

966

 

Cash and cash equivalents at the end of the period

 

19,419

7,058

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 March 31,

 

 

2023

%

2022

%

Net revenue

 

37,955

100.0%

18,263

100.0%

Cement, masonry cement and lime

33,145

87.3%

16,180

88.6%

Concrete

3,688

9.7%

1,379

7.6%

Railroad

2,960

7.8%

1,548

8.5%

Aggregates

1,247

3.3%

376

2.1%

Others

173

0.5%

151

0.8%

Eliminations

(3,257)

-8.6%

(1,370)

-7.5%

Cost of sales

 

23,312

100.0%

10,847

100.0%

Cement, masonry cement and lime

19,049

81.7%

8,958

82.6%

Concrete

3,572

15.3%

1,312

12.1%

Railroad

2,827

12.1%

1,478

13.6%

Aggregates

990

4.2%

375

3.5%

Others

131

0.6%

94

0.9%

Eliminations

 

(3,257)

-14.0%

(1,370)

-12.6%

Selling, admin. expenses and other gains & losses

 

3,322

100.0%

1,667

100.0%

Cement, masonry cement and lime

2,878

86.6%

1,467

88.0%

Concrete

147

4.4%

67

4.0%

Railroad

213

6.4%

84

5.0%

Aggregates

10

0.3%

4

0.2%

Others

 

73

2.2%

45

2.7%

Depreciation and amortization

 

797

100.0%

594

100.0%

Cement, masonry cement and lime

666

83.5%

454

76.4%

Concrete

16

2.0%

11

1.8%

Railroad

89

11.2%

122

20.5%

Aggregates

25

3.2%

7

1.1%

Others

 

1

0.1%

1

0.2%

Adjusted EBITDA

 

12,118

100.0%

6,343

100.0%

Cement, masonry cement and lime

11,883

98.1%

6,208

97.9%

Concrete

(16)

-0.1%

11

0.2%

Railroad

9

0.1%

107

1.7%

Aggregates

271

2.2%

3

0.0%

Others

 

(29)

-0.2%

14

0.2%

Reconciling items:

Effect by translation in homogeneous cash currency ("Inflation-Adjusted")

(1,483)

6,904

Depreciation and amortization

(3,254)

(3,756)

Tax on debits and credits banks accounts

(434)

(391)

Finance gain (cost), net

(19)

452

Income tax

(1,721)

(3,149)

Share of profit of associates

-

-

Impairment of property, plant and equipment

-

-

NET PROFIT (LOSS) FOR THE PERIOD

 

5,208

6,403

 

Contacts

IR Contacts

Marcos I. Gradin, Chief Financial Officer and Investor Relations

Diego M. Jalón, Investor Relations Manager

+54-11-4319-3050

investorrelations@lomanegra.com

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