Loma Negra Reports 1Q24 Results
Loma Negra, the leading cement producer in Argentina, reported 1Q24 results with net sales revenues of Ps. 114,851 million, a YoY decrease of 27.0%. The Consolidated Adjusted EBITDA reached Ps. 25,961 million, down 37.1% YoY. Net profit increased by 151.0% to Ps. 50,703 million. Despite lower sales volumes affecting all segments, the company aims for a gradual recovery in upcoming quarters.
Net profit increased by 151.0% YoY to Ps. 50,703 million.
Consolidated Adjusted EBITDA margin remained almost flat despite volume decrease.
Company's financial gain improved significantly, mainly due to the inflation adjustment on the net monetary position.
Net sales revenues decreased by 27.0% YoY to Ps. 114,851 million.
Adjusted EBITDA decreased by 37.1% YoY to Ps. 25,961 million.
Gross profit margin contracted by 217 basis points YoY to 25.3%.
BUENOS AIRES, ARGENTINA / ACCESSWIRE / May 9, 2024 / 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, 2024 (our "1Q24 Results").
1Q24 Key Highlights
- Net sales revenues stood at Ps. 114,851 million (US
$ 123 million ), and decreased by27.0% YoY, mainly explained by a decrease of 31,3% in the Cement segment sales volumes, with the other businesses following the same trend. - Consolidated Adjusted EBITDA reached Ps. 25,961 million, decreasing
37.1% YoY in adjusted pesos, while in dollars it reached 42 million, down33.9% from 1Q23. - The Consolidated Adjusted EBITDA margin stood at
22.6% , contracting 360 basis points YoY from26.2% . On a sequential basis, the margin remained almost flat despite the decrease in volume, contracting by only 21 basis points. - Net Profit of Ps. 50,703 million, up
151.0% from Ps. 20,200 million in the same period of the previous year, mainly explained by the net total finance gain. - Net Debt stood at Ps. 177.323 million (US
$ 207 million ), representing a Net Debt/LTM Adjusted EBITDA ratio of 1.30x compared with 1.40x in FY23.
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 2024, Sergio Faifman, Loma Negra's Chief Executive Officer, noted: "We are starting a year full of new challenges, while the country is also entering a new stage in its quest for economic stabilization and growth. The stabilization plan being carried out by the new government after the sharp devaluation in December has quickly succeeded in significantly reducing inflation and achieving a fiscal surplus. However, economic activity remains in negative territory, affecting the construction industry. We understand that we are going through a transition period and that soon we will begin to see the positive effects of a normalized economy, setting the stage for sustainable growth.
In this context, I'm glad to present our results for the first quarter. Despite the complexity of the situation, marked by a significant drop in shipments, we have managed to close a positive quarter for the company. This achievement was mainly supported by the pillars of LOMA's robustness: our leadership position, backed by our production efficiency, expertise, and flexibility.
Diving into the quarterly results, we managed to post an Adjusted EBITDA of US
Looking ahead, we are cautiously optimistic that we have likely seen the worst part of this transition period in terms of activity levels, and we expect to see a gradual recovery in the upcoming quarters."
Table 1: Financial Highlights | ||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted) | ||||||||||||
Three-months ended March 31, | ||||||||||||
2024 | 2023 | % Chg. | ||||||||||
Net revenue | 114,851 | 157,435 | - | |||||||||
Gross Profit | 29,036 | 43,221 | - | |||||||||
Gross Profit margin | -217 bps | |||||||||||
Adjusted EBITDA | 25,961 | 41,252 | - | |||||||||
Adjusted EBITDA Mg. | -360 bps | |||||||||||
Net Profit (Loss) | 50,703 | 20,200 | ||||||||||
Net Profit (Loss) attributable to owners of the Company | 50,752 | 20,448 | ||||||||||
EPS | 86.9834 | 35.0390 | ||||||||||
Average outstanding shares (*) | 583 | 584 | ||||||||||
Net Debt | 177,323 | 88,660 | ||||||||||
Net Debt /LTM Adjusted EBITDA | 1.30x | 0.46x | 1.84x | |||||||||
(*) 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, | |||||||||||
2024 | 2023 | % Chg. | ||||||||||
Net revenue | 102,534 | 37,955 | ||||||||||
Adjusted EBITDA | 34,699 | 12,118 | ||||||||||
Adjusted EBITDA Mg. | +191 bps | |||||||||||
Net Profit (Loss) | 16,717 | 7,402 | ||||||||||
Net Debt | 177,323 | 88,660 | ||||||||||
Net Debt /LTM Adjusted EBITDA | 1.30 | x | 0.46 | x | 1.84 | x | ||||||
In million US$ | Three-months ended March 31, | |||||||||||
2024 | 2023 | %Chg. | ||||||||||
Ps./US$, av | 833.72 | 192.45 | ||||||||||
Ps./US$, eop | 857.42 | 208.99 | ||||||||||
Net revenue | 123 | 197 | - | |||||||||
Adjusted EBITDA | 42 | 63 | -33.9 | |||||||||
Adjusted EBITDA Mg. | +191 bps | |||||||||||
Net Profit (Loss) | 20 | 38 | - | |||||||||
Net Debt | 207 | 424 | - | |||||||||
Net Debt /LTM Adjusted EBITDA | 1.30 | x | 0.46 | x | 1.84 | x |
Overview of Operations
Sales Volumes
Table 2: Sales Volumes2 | |||||||||||||||||
Three-months ended March 31, | |||||||||||||||||
2024 | 2023 | % Chg. | |||||||||||||||
Cement, masonry & lime | MM Tn | 1.06 | 1.54 | -31.3 | % | ||||||||||||
Concrete | MM m3 | 0.08 | 0.14 | -41.7 | % | ||||||||||||
Railroad | MM Tn | 0.70 | 0.97 | -28.1 | % | ||||||||||||
Aggregates | MM Tn | 0.22 | 0.36 | -38.7 | % | ||||||||||||
2 Sales volumes include inter-segment sales |
Sales volumes of Cement, masonry, and lime during 1Q24 decreased by
In terms of the volume of the Concrete segment, it exhibited a decrease of
The Railway segment experienced a contraction of
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, | ||||||||||||||
2024 | 2023 | % Chg. | ||||||||||||
Net revenue | 114,851 | 157,435 | -27.0 | % | ||||||||||
Cost of sales | (85,814 | ) | (114,214 | ) | -24.9 | % | ||||||||
Gross profit | 29,036 | 43,221 | -32.8 | % | ||||||||||
Share of loss of associates | - | - | n/a | |||||||||||
Selling and administrative expenses | (13,239 | ) | (14,195 | ) | -6.7 | % | ||||||||
Other gains and losses | 89 | (394 | ) | n/a | ||||||||||
Impairment of property, plant and equipment | - | - | n/a | |||||||||||
Tax on debits and credits to bank accounts | (1,246 | ) | (1,684 | ) | -26.0 | % | ||||||||
Finance gain (cost), net | ||||||||||||||
Gain on net monetary position | 99,232 | 28,458 | 248.7 | % | ||||||||||
Exchange rate differences | (8,258 | ) | (12,121 | ) | -31.9 | % | ||||||||
Financial income | 229 | 5,084 | -95.5 | % | ||||||||||
Financial expense | (25,006 | ) | (21,496 | ) | 16.3 | % | ||||||||
Profit (Loss) before taxes | 80,836 | 26,873 | 200.8 | % | ||||||||||
Income tax expense | ||||||||||||||
Current | (11,647 | ) | (5,963 | ) | 95.3 | % | ||||||||
Deferred | (18,486 | ) | (710 | ) | 2502.9 | % | ||||||||
Net profit (Loss) | 50,703 | 20,200 | 151.0 | % |
Net Revenues
Net revenue decreased
The Cement, masonry cement, and lime segment was down
Concrete registered a decrease in its revenue of
Railroad revenues decreased by
Cost of sales, and Gross profit
Cost of sales decreased by
Gross Profit decreased
Selling and Administrative Expenses
Selling and administrative expenses (SG&A) decreased
Adjusted EBITDA & Margin
Table 4: Adjusted EBITDA Reconciliation & Margin | ||||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted) | ||||||||||||||
Three-months ended March 31, | ||||||||||||||
2024 | 2023 | % Chg. | ||||||||||||
Adjusted EBITDA reconciliation: | ||||||||||||||
Net profit (Loss) | 50,703 | 20,200 | ||||||||||||
(+) Depreciation and amortization | 10,075 | 12,620 | - | |||||||||||
(+) Tax on debits and credits to bank accounts | 1,246 | 1,684 | - | |||||||||||
(+) Income tax expense | 30,133 | 6,674 | ||||||||||||
(+) Financial interest, net | 17,254 | 12,719 | ||||||||||||
(+) Exchange rate differences, net | 8,258 | 12,121 | - | |||||||||||
(+) Other financial expenses, net | 7,524 | 3,693 | ||||||||||||
(+) Gain on net monetary position | (99,232 | ) | (28,458 | ) | ||||||||||
Adjusted EBITDA | 25,961 | 41,252 | - | |||||||||||
Adjusted EBITDA Margin | -360 bps |
Adjusted EBITDA decreased
Likewise, the Adjusted EBITDA margin contracted 360 basis points to
In particular, the Adjusted EBITDA margin of the Cement, Masonry and Lime segment contracted 356 bps to
Concrete Adjusted EBITDA margin contracted 883 bps, and stood at negative
The Adjusted EBITDA margin of Aggregates contracted to negative
Finally, the Adjusted EBITDA margin of the Railroad segment improved 161 bps to
Finance Costs-Net
Table 5: Finance Gain (Cost), net | |||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted) | |||||||||||||
Three Months Ended | |||||||||||||
2024 | 2023 | % Chg. | |||||||||||
Exchange rate differences | (8,258 | ) | (12,121 | ) | -31.9 | % | |||||||
Financial income | 229 | 5,084 | -95.5 | % | |||||||||
Financial expense | (25,006 | ) | (21,496 | ) | 16.3 | % | |||||||
Gain on net monetary position | 99,232 | 28,458 | 248.7 | % | |||||||||
Total Finance Gain (Cost), Net | 66,196 | (74 | ) | n/a |
During 1Q24, the Company reported a total Net Financial Gain of Ps. 66,196 million compared to a total net financial cost of Ps. 74 million in 1Q23, primarily resulting from the inflation adjustment on the net monetary position. This effect was partially offset by a higher net financial expense due to the increased debt position and lower financial income resulting from the decreased cash position.
Net Profit and Net Profit Attributable to Owners of the Company
Net Profit of Ps. 50,7 billion in 1Q24 compared to a net profit of Ps. 20,2 billion in the same period of the previous year. The higher total financial gain, primarily due to the positive effect of inflation on the net monetary position is the main reason for the variation, which was partially offset by the lower operational result and higher income tax expense.
Net Profit Attributable to Owners of the Company stood at Ps. 50,7 billion. During the quarter, the Company reported a gain per common share of Ps. 86.9834 and an ADR gain of Ps. 434.9171, compared to a gain per common share of Ps. 35.0390 and a gain per ADR of Ps. 175.1950 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 | ||||||||||||
2024 | 2023 | 2023 | |||||||||||
Total Debt | 183,134 | 163,978 | 223,446 | ||||||||||
- Short-Term Debt | 65,914 | 34,405 | 56,441 | ||||||||||
- Long-Term Debt | 117,219 | 129,573 | 167,005 | ||||||||||
Cash, Cash Equivalents and Investments | (5,811 | ) | (75,318 | ) | (10,210 | ) | |||||||
Total Net Debt | 177,323 | 88,660 | 213,235 | ||||||||||
Shareholder's Equity | 496,494 | 567,779 | 446,104 | ||||||||||
Capitalization | 679,627 | 731,758 | 669,550 | ||||||||||
LTM Adjusted EBITDA | 136,863 | 194,530 | 152,154 | ||||||||||
Net Debt /LTM Adjusted EBITDA | 1.30 | x | 0.46 | x | 1.40 | x |
As of March 31, 2024, total Cash, Cash Equivalents, and Investments were Ps. 5,811 million compared with Ps. 75,318 million as of March 31, 2023. Total debt at the close of the quarter stood at Ps. 183,134 million, composed by Ps. 65,914 million in short-term borrowings, including the current portion of long-term borrowings (or
At the close of the first quarter of 2024,
As of March 31, 2024,
By the end of the quarter, the average duration of Loma Negra's total debt was 1.3 years.
The Net Debt to Adjusted EBITDA (LTM) ratio stood at 1.30x as of March 31, 2024, down from 1.40x as of December 31, 2023. The Company's debt maturity profile remains very comfortable, with no foreign-denominated debt maturing this year.
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, | ||||||||
2024 | 2023 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net Profit (Loss) | 50,703 | 20,200 | ||||||
Adjustments to reconcile net profit (loss) to net cash provided by operating activities | (32,424 | ) | 16,824 | |||||
Changes in operating assets and liabilities | (26,013 | ) | (19,015 | ) | ||||
Net cash generated by (used in) operating activities | (7,734 | ) | 18,008 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Proceeds from disposal of Yguaz?? Cementos S.A. | - | 390 | ||||||
Property, plant and equipment, Intangible Assets, net | (8,486 | ) | (6,841 | ) | ||||
Contributions to Trust | (49 | ) | (370 | ) | ||||
Net cash used in investing activities | (8,535 | ) | (6,821 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds / Repayments from borrowings, Interest paid | 16,463 | 64,889 | ||||||
Dividends paid | - | (16,532 | ) | |||||
Share repurchase plan | (414 | ) | - | |||||
Net cash generated by (used in) by financing activities | 16,049 | 48,357 | ||||||
Net increase (decrease) in cash and cash equivalents | (220 | ) | 59,545 | |||||
Cash and cash equivalents at the beginning of the year | 10,210 | 23,187 | ||||||
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted") | (4,465 | ) | (7,985 | ) | ||||
Effects of the exchange rate differences on cash and cash equivalents in foreign currency | 285 | 571 | ||||||
Cash and cash equivalents at the end of the period | 5,811 | 75,318 |
In 1Q24, the cash used in operating activities stood at Ps. 7,734 million, compared to a cash generation of Ps. 18,008 million in the same period of the previous year, where the decrease in the net profit adjusted to reconcile to net cash provided by operating activities was coupled with higher working capital needs, mainly due to the increase in clinker inventories that will be used during the upcoming winter. This will allow minimizing production during the coming months, avoiding the higher energy costs of the winter period.
During 1Q24, the Company generated cash in financing activities for Ps. 16,049 million, mainly from proceeds from borrowings net of repayment and interests. Regarding cash used in investing activities, The Company used a total of Ps. 8,535 million, primarily for maintenance capex.
1Q24 Earnings Conference Call
When: 10:00 a.m. U.S. ET (12:00 p.m. BAT), May 10, 2024
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=LWBQYPBx
Replay: A telephone replay of the conference call will be available until May 17, 2024. 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 9762627. 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 short-term investments.
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.
IR Contacts:
Marcos I. Gradin, Chief Financial Officer and Investor Relations
Diego M. Jalón, Investor Relations Manager
+54-11-4319-3050
investorrelations@lomanegra.com
Table 8: Condensed Interim Consolidated Statements of Financial Position | |||||||||
(amounts expressed in millions of pesos, unless otherwise noted) | |||||||||
As of March 31, | As of December, 31 | ||||||||
2024 | 2023 | ||||||||
ASSETS | |||||||||
Non-current assets | |||||||||
Property, plant and equipment | 727,545 | 731,011 | |||||||
Right to use assets | 3,602 | 3,861 | |||||||
Intangible assets | 2,190 | 2,404 | |||||||
Investments | 48 | 48 | |||||||
Goodwill | 482 | 482 | |||||||
Inventories | 35,891 | 34,373 | |||||||
Other receivables | 2,606 | 2,802 | |||||||
Total non-current assets | 772,364 | 774,982 | |||||||
Current assets | |||||||||
Inventories | 139,589 | 115,969 | |||||||
Other receivables | 20,566 | 32,974 | |||||||
Trade accounts receivable | 35,346 | 34,493 | |||||||
Investments | 1,878 | 2,593 | |||||||
Cash and banks | 3,933 | 7,617 | |||||||
Total current assets | 201,312 | 193,647 | |||||||
TOTAL ASSETS | 973,676 | 968,629 | |||||||
SHAREHOLDER'S EQUITY | |||||||||
Capital stock and other capital related accounts | 184,629 | 184,942 | |||||||
Reserves | 250,764 | 250,764 | |||||||
Retained earnings | 61,178 | 10,425 | |||||||
Accumulated other comprehensive income | - | - | |||||||
Equity attributable to the owners of the Company | 496,571 | 446,131 | |||||||
Non-controlling interests | (77 | ) | (27 | ) | |||||
TOTAL SHAREHOLDER'S EQUITY | 496,494 | 446,104 | |||||||
LIABILITIES | |||||||||
Non-current liabilities | |||||||||
Borrowings | 117,219 | 167,005 | |||||||
Accounts payables | - | - | |||||||
Provisions | 7,620 | 10,222 | |||||||
Salaries and social security payables | 176 | 799 | |||||||
Debts for leases | 2,726 | 4,204 | |||||||
Other liabilities | 550 | 725 | |||||||
Deferred tax liabilities | 180,114 | 161,628 | |||||||
Total non-current liabilities | 308,406 | 344,582 | |||||||
Current liabilities | |||||||||
Borrowings | 65,914 | 56,441 | |||||||
Accounts payable | 70,098 | 86,811 | |||||||
Advances from customers | 3,737 | 6,644 | |||||||
Salaries and social security payables | 13,831 | 13,455 | |||||||
Other liabilities - Related companies | - | - | |||||||
Tax liabilities | 7,927 | 4,474 | |||||||
Debts for leases | 1,296 | 1,842 | |||||||
Other liabilities | 5,973 | 8,275 | |||||||
Total current liabilities | 168,776 | 177,943 | |||||||
TOTAL LIABILITIES | 477,182 | 522,524 | |||||||
TOTAL SHAREHOLDER'S EQUITY AND LIABILITIES | 973,676 | 968,629 |
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, | |||||||||||||
2024 | 2023 | % Change | |||||||||||
Net revenue | 114,851 | 157,435 | -27.0 | % | |||||||||
Cost of sales | (85,814 | ) | (114,214 | ) | -24.9 | % | |||||||
Gross Profit | 29,036 | 43,221 | -32.8 | % | |||||||||
Share of loss of associates | - | - | n/a | ||||||||||
Selling and administrative expenses | (13,239 | ) | (14,195 | ) | -6.7 | % | |||||||
Other gains and losses | 89 | (394 | ) | n/a | |||||||||
Impairment of property, plant and equipment | - | - | n/a | ||||||||||
Tax on debits and credits to bank accounts | (1,246 | ) | (1,684 | ) | -26.0 | % | |||||||
Finance gain (cost), net | |||||||||||||
Gain on net monetary position | 99,232 | 28,458 | 248.7 | % | |||||||||
Exchange rate differences | (8,258 | ) | (12,121 | ) | -31.9 | % | |||||||
Financial income | 229 | 5,084 | -95.5 | % | |||||||||
Financial expenses | (25,006 | ) | (21,496 | ) | 16.3 | % | |||||||
Profit (loss) before taxes | 80,836 | 26,873 | 200.8 | % | |||||||||
Income tax expense | |||||||||||||
Current | (11,647 | ) | (5,963 | ) | 95.3 | % | |||||||
Deferred | (18,486 | ) | (710 | ) | 2502.9 | % | |||||||
Net Profit (Loss) | 50,703 | 20,200 | 151.0 | % | |||||||||
Net Profit (Loss) for the period attributable to: | |||||||||||||
Owners of the Company | 50,752 | 20,448 | 148.2 | % | |||||||||
Non-controlling interests | (49 | ) | (249 | ) | -80.1 | % | |||||||
NET PROFIT (LOSS) FOR THE PERIOD | 50,703 | 20,200 | 151.0 | % | |||||||||
Earnings per share (basic and diluted): | 86.9834 | 35.0390 | 148.2 | % |
Table 10: Condensed Interim Consolidated Statement of Cash Flows | ||||||||||
(amounts expressed in millions of pesos, unless otherwise noted) | ||||||||||
Three-months ended March 31, | ||||||||||
2024 | 2023 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||
Net Profit (Loss) | 50,703 | 20,200 | ||||||||
Adjustments to reconcile net profit to net cash provided by operating activities | ||||||||||
Income tax expense | 30,133 | 6,674 | ||||||||
Depreciation and amortization | 10,075 | 12,620 | ||||||||
Provisions | 1,029 | 1,771 | ||||||||
Exchange rate differences | 8,089 | 8,446 | ||||||||
Interest expense | 17,349 | 16,288 | ||||||||
Loss on transactions with securities | - | - | ||||||||
Gain on disposal of property, plant and equipment | (17 | ) | 112 | |||||||
Gain on net monetary position | (99,232 | ) | (28,458 | ) | ||||||
Impairment of trust fund | 49 | (751 | ) | |||||||
Share-based payment | 101 | 121 | ||||||||
Changes in operating assets and liabilities | ||||||||||
Inventories | (22,139 | ) | (7,243 | ) | ||||||
Other receivables | 8,438 | 5,737 | ||||||||
Trade accounts receivable | (15,237 | ) | (9,631 | ) | ||||||
Advances from customers | (2,199 | ) | (609 | ) | ||||||
Accounts payable | 11,980 | (2,064 | ) | |||||||
Salaries and social security payables | 4,919 | 1,668 | ||||||||
Provisions | (51 | ) | (253 | ) | ||||||
Tax liabilities | (7,139 | ) | (3,453 | ) | ||||||
Other liabilities | (1,922 | ) | 1,042 | |||||||
Income tax paid | (2,663 | ) | (4,210 | ) | ||||||
Net cash generated by (used in) operating activities | (7,734 | ) | 18,008 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||
Proceeds from disposal of Yguazu Cementos S.A. | - | 390 | ||||||||
Proceeds from disposal of Property, plant and equipment | 314 | 285 | ||||||||
Payments to acquire Property, plant and equipment | (8,799 | ) | (7,003 | ) | ||||||
Payments to acquire Intangible Assets | - | (123 | ) | |||||||
Acquire investments | - | - | ||||||||
Proceeds from maturity investments | - | - | ||||||||
Contributions to Trust | (49 | ) | (370 | ) | ||||||
Net cash generated by (used in) investing activities | (8,535 | ) | (6,821 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||
Proceeds from non-convertible negotiable obligations | - | 107,067 | ||||||||
Proceeds from borrowings | 80,375 | 7,266 | ||||||||
Loss on transactions with securities | - | - | ||||||||
Interest paid | (18,588 | ) | (11,000 | ) | ||||||
Dividends paid | - | (16,532 | ) | |||||||
Debts for leases | (382 | ) | (367 | ) | ||||||
Repayment of borrowings | (44,942 | ) | (38,077 | ) | ||||||
Share repurchase plan | (414 | ) | - | |||||||
Net cash generated by (used in) financing activities | 16,049 | 48,357 | ||||||||
Net increase (decrease) in cash and cash equivalents | (220 | ) | 59,545 | |||||||
Cash and cash equivalents at the beginning of the period | 10,210 | 23,187 | ||||||||
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted") | (4,465 | ) | (7,985 | ) | ||||||
Effects of the exchange rate differences on cash and cash equivalents in foreign currency | 285 | 571 | ||||||||
Cash and cash equivalents at the end of the period | 5,811 | 75,318 |
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, | ||||||||||||||||
2024 | % | 2023 | % | |||||||||||||
Net revenue | 102,534 | 100.0 | % | 37,955 | 100.0 | % | ||||||||||
Cement, masonry cement and lime | 91,491 | 89.2 | % | 33,145 | 87.3 | % | ||||||||||
Concrete | 8,087 | 7.9 | % | 3,688 | 9.7 | % | ||||||||||
Railroad | 8,855 | 8.6 | % | 2,960 | 7.8 | % | ||||||||||
Aggregates | 2,746 | 2.7 | % | 1,247 | 3.3 | % | ||||||||||
Others | 802 | 0.8 | % | 173 | 0.5 | % | ||||||||||
Eliminations | (9,447 | ) | -9.2 | % | (3,257 | ) | -8.6 | % | ||||||||
Cost of sales | 58,116 | 100.0 | % | 23,312 | 100.0 | % | ||||||||||
Cement, masonry cement and lime | 47,757 | 82.2 | % | 19,049 | 81.7 | % | ||||||||||
Concrete | 8,100 | 13.9 | % | 3,572 | 15.3 | % | ||||||||||
Railroad | 8,636 | 14.9 | % | 2,827 | 12.1 | % | ||||||||||
Aggregates | 2,590 | 4.5 | % | 990 | 4.2 | % | ||||||||||
Others | 481 | 0.8 | % | 131 | 0.6 | % | ||||||||||
Eliminations | (9,447 | ) | -16.3 | % | (3,257 | ) | -14.0 | % | ||||||||
Selling, admin. expenses and other gains & losses | 10,961 | 100.0 | % | 3,322 | 100.0 | % | ||||||||||
Cement, masonry cement and lime | 9,872 | 90.1 | % | 2,878 | 86.6 | % | ||||||||||
Concrete | 535 | 4.9 | % | 147 | 4.4 | % | ||||||||||
Railroad | 270 | 2.5 | % | 213 | 6.4 | % | ||||||||||
Aggregates | 29 | 0.3 | % | 10 | 0.3 | % | ||||||||||
Others | 254 | 2.3 | % | 73 | 2.2 | % | ||||||||||
Depreciation and amortization | 1,242 | 100.0 | % | 797 | 100.0 | % | ||||||||||
Cement, masonry cement and lime | 783 | 63.0 | % | 666 | 83.5 | % | ||||||||||
Concrete | 50 | 4.1 | % | 16 | 2.0 | % | ||||||||||
Railroad | 354 | 28.5 | % | 89 | 11.2 | % | ||||||||||
Aggregates | 53 | 4.3 | % | 25 | 3.2 | % | ||||||||||
Others | 2 | 0.1 | % | 1 | 0.1 | % | ||||||||||
Adjusted EBITDA | 34,699 | 100.0 | % | 12,118 | 100.0 | % | ||||||||||
Cement, masonry cement and lime | 34,644 | 99.8 | % | 11,883 | 98.1 | % | ||||||||||
Concrete | (497 | ) | -1.4 | % | (16 | ) | -0.1 | % | ||||||||
Railroad | 303 | 0.9 | % | 9 | 0.1 | % | ||||||||||
Aggregates | 181 | 0.5 | % | 271 | 2.2 | % | ||||||||||
Others | 68 | 0.2 | % | (29 | ) | -0.2 | % | |||||||||
Reconciling items: | ||||||||||||||||
Effect by translation in homogeneous cash currency ("Inflation-Adjusted") | (8,738 | ) | 29,134 | |||||||||||||
Depreciation and amortization | (10,075 | ) | (12,620 | ) | ||||||||||||
Tax on debits and credits banks accounts | (1,246 | ) | (1,684 | ) | ||||||||||||
Finance gain (cost), net | 66,196 | (74 | ) | |||||||||||||
Income tax | (30,133 | ) | (6,674 | ) | ||||||||||||
Share of profit of associates | - | - | ||||||||||||||
Impairment of property, plant and equipment | - | - | ||||||||||||||
NET PROFIT (LOSS) FOR THE PERIOD | 50,703 | 20,200 |
SOURCE: Loma Negra Compañía Industrial Argentina Sociedad
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