Loma Negra Reports 4Q20 results
Loma Negra (NYSE: LOMA) reported 4Q20 results showcasing a net revenue growth of 20.6% YoY to Ps. 13,263 million (US$160 million) and a remarkable 40.8% YoY increase in Adjusted EBITDA to Ps. 4,725 million (US$58 million). The company achieved a net profit of Ps. 2,958 million, up 136.1% YoY. For FY20, net revenue declined 12.8% YoY to Ps. 41,623 million, while net profit increased 106.8% YoY to Ps. 11,382 million, largely due to the sale of its Paraguayan operations. The net debt to EBITDA ratio improved to 0.16x, reflecting a strong balance sheet.
- 4Q20 net revenue increased 20.6% YoY to Ps. 13,263 million, driven by strong cement sales.
- Adjusted EBITDA rose 40.8% YoY to Ps. 4,725 million, with a margin expansion of 513 bps to 35.6%.
- Net profit for 4Q20 was Ps. 2,958 million, a 136.1% YoY increase.
- Net debt decreased significantly, resulting in a net debt/EBITDA ratio of 0.16x, down from 0.83x in FY19.
- FY20 net revenue declined 12.8% YoY to Ps. 41,623 million, primarily due to lower activity levels.
- Cement, masonry and lime sales volumes dropped 5.6% YoY for FY20, reflective of strict lockdown impacts.
- Concrete segment volumes fell 62.5% YoY, significantly impacted by project delays due to the pandemic.
Loma Negra, (NYSE: LOMA) (BYMA: LOMA), (“Loma Negra” or the “Company”), the leading cement producer in Argentina, today announced results for the three-month and twelve-month period ended December 31, 2020 (our “4Q20 and FY20 Results”).
4Q20 Key Highlights
-
Net revenue increased by
20.6% YoY to Ps. 13,263 million (US$160 million ), driven by our core cement segment -
Strong increase in our Consolidated Adjusted EBITDA of
40.8% YoY to Ps. 4,725 million (US$58 million ) -
Consolidated Adjusted EBITDA margin expanded by 513 basis points YoY from
30.5% to35.6% , explained by higher sales of cement, masonry, and lime together with strong control over costs - Dividend payment of Ps. 2,664 million related to the extraordinary income from the sale of our stake in Yguazú Cementos S.A. in Paraguay
-
Net profit from continuing operations was Ps. 2,958 million representing a
136.1% YoY increase - Net Debt /LTM Adjusted EBITDA ratio of 0.16x from 0.12x in 3Q20 and 0.83x in FY19
FY20 Key Highlights
-
Net revenue down
12.8% YoY to Ps. 41,623 million (US$514 million ) mainly affected by a lower activity level -
Consolidated Adjusted EBITDA up
2.5% YoY to Ps. 13,277 million (US$171 million ) and EBITDA margin expanding 476 bps up to31.9% - During 2020, the sale of our operation in Paraguay represented an income from discontinued operations of Ps. 5,129 million
-
Net profit from continuing operations was Ps. 6,254 million representing a
39.4% YoY increase
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 fourth quarter of 2020, Sergio Faifman, Loma Negra’s Chief Executive Officer, noted: “We finished the year in a very good way, when considering the unprecedented scenario that was presented since the beginning of the year. At that point in time, the fragile macroeconomic environment in the country was impacted by the emergence of the COVID-19 pandemic, making the future uncertain and blurred. More than ever, it was in that challenging context that we lean on our competitive strengths.
At the beginning of the crisis, we focused on managing our cash position and cash generation, and we sought to optimize our productive structure. As the market began to pull in demand, we relied on our value chain to speed up sales, especially of bagged cement. All of this allowed us to expand our profitability, and enhanced our already solid balance sheet.
Additionally, we accomplished the seamless sale of our Paraguayan operation, an excellent deal in terms of value generation and timing, and continue executing our strategic expansion project in L´Amalí plant.
In the fourth quarter, our cement business continued to drive our solid results. Bag segment has confirmed the strong recovery, on the back of household and retail demand. Bulk cement posted a volume increase, as previous COVID-19 restrictions began to be lifted.
Looking into 2021, we believe the construction activity will be one of the key sectors to drive the expected economic turnaround. We remain focused on balancing growth and profitability.
We must feel proud of the results obtained in 2020, especially during this unprecedented times, which reflect the responsibility and values of our people, and stakeholders. Let´s keep moving forward together!”
Table 1: Financial Highlights |
|||||||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted) |
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|
Three-months ended
|
|
Twelve-months ended
|
||||||||||||||
|
2020 |
2019 |
% Chg. |
|
2020 |
2019 |
% Chg. |
||||||||||
Net revenue |
13,263 |
|
11,002 |
|
20.6 |
% |
41,623 |
|
47,753 |
|
-12.8 |
% |
|||||
Gross Profit |
4,795 |
|
3,282 |
|
46.1 |
% |
12,597 |
|
13,047 |
|
-3.4 |
% |
|||||
Gross Profit margin |
36.2 |
% |
29.8 |
% |
+632 bps |
30.3 |
% |
27.3 |
% |
+294 bps |
|||||||
Adjusted EBITDA |
4,725 |
|
3,355 |
|
40.8 |
% |
13,277 |
|
12,958 |
|
2.5 |
% |
|||||
Adjusted EBITDA Mg. |
35.6 |
% |
30.5 |
% |
+513 bps |
31.9 |
% |
27.1 |
% |
+476 bps |
|||||||
Net Profit |
2,958 |
|
1,532 |
|
93.0 |
% |
11,382 |
|
5,505 |
|
106.8 |
% |
|||||
Net Profit attributable to owners of the Company |
3,006 |
|
1,429 |
|
110.3 |
% |
11,351 |
|
5,227 |
|
117.2 |
% |
|||||
EPS |
5.0429 |
|
2.3976 |
|
110.3 |
% |
19.0445 |
|
8.7692 |
|
117.2 |
% |
|||||
Shares outstanding at eop |
596 |
|
596 |
|
0.0 |
% |
596 |
|
596 |
|
0.0 |
% |
|||||
Net Debt |
2,065 |
|
10,762 |
|
-80.8 |
% |
2,065 |
|
10,762 |
|
-80.8 |
% |
|||||
Net Debt /LTM Adjusted EBITDA |
0.16x |
0.83x |
-0.67x |
0.16x |
0.83x |
-0.67x |
|||||||||||
Table 1b: Financial Highlights in Ps and in U.S. dollars (figures exclude the impact of IAS 29) |
|||||||||||||
In million Ps. |
Three-months ended
|
Twelve-months ended
|
|||||||||||
|
2020 |
2019 |
% Chg. |
2020 |
2019 |
% Chg. |
|||||||
Net revenue |
12,782 |
|
7,757 |
|
64.8 |
% |
36,259 |
|
28,638 |
|
26.6 |
% |
|
Adjusted EBITDA |
4,651 |
|
2,501 |
|
86.0 |
% |
12,096 |
|
8,211 |
|
47.3 |
% |
|
Adjusted EBITDA Mg. |
36.4 |
% |
32.2 |
% |
+415 bps |
33.4 |
% |
28.7 |
% |
+469 bps |
|||
Net Profit |
3,694 |
|
972 |
|
279.9 |
% |
12,733 |
|
2,378 |
|
435.5 |
% |
|
Net Debt |
2,065 |
|
10,762 |
|
-80.8 |
% |
2,065 |
|
10,762 |
|
-80.8 |
% |
|
Net Debt /LTM Adjusted EBITDA |
0.16x |
0.83x |
-0.67x |
0.16x |
0.83x |
-0.67x |
|||||||
In million US$ |
Three-months ended
|
Twelve-months ended
|
|||||||||||
|
2020 |
2019 |
%Chg. |
2020 |
2019 |
%Chg. |
|||||||
Ps./US$, av |
79.92 |
|
57.24 |
|
39.6 |
% |
70.59 |
|
47.72 |
|
47.9 |
% |
|
Ps./US$, eop |
84.15 |
|
60.22 |
|
39.7 |
% |
84.15 |
|
60.22 |
|
39.7 |
% |
|
Net revenue |
160 |
|
136 |
|
18.0 |
% |
514 |
|
600 |
|
-14.4 |
% |
|
Adjusted EBITDA |
58 |
|
44 |
|
33.2 |
% |
171 |
|
172 |
|
-0.4 |
% |
|
Adjusted EBITDA Mg. |
36.4 |
% |
32.2 |
% |
+415 bps |
33.4 |
% |
28.7 |
% |
+469 bps |
|||
Net Profit |
46 |
|
17 |
|
172.1 |
% |
180 |
|
50 |
|
262.0 |
% |
|
Net Debt |
25 |
|
179 |
|
-86.3 |
% |
25 |
|
179 |
|
-86.3 |
% |
|
Net Debt /LTM Adjusted EBITDA |
0.16x |
0.83x |
-0.67x |
0.16x |
0.83x |
-0.67x |
|||||||
Overview of Operations |
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Sales Volumes |
||||||||||
Table 2: Sales Volumes2 |
||||||||||
|
|
Three-months ended
|
|
Twelve-months ended
|
||||||
|
|
2020 |
2019 |
% Chg. |
|
2020 |
2019 |
% Chg. |
||
Cement, masonry & lime |
MM Tn |
1.62 |
1.28 |
26.9 |
% |
5.16 |
5.47 |
-5.6 |
% |
|
Concrete |
MM m3 |
0.15 |
0.13 |
12.8 |
% |
0.30 |
0.80 |
-62.5 |
% |
|
Railroad |
MM Tn |
1.17 |
1.12 |
4.5 |
% |
3.79 |
4.47 |
-15.2 |
% |
|
Aggregates |
MM Tn |
0.22 |
0.25 |
-9.5 |
% |
0.57 |
1.09 |
-47.8 |
% |
|
2 Sales volumes include inter-segment sales |
||||||||||
Sales volumes of cement, masonry, and lime in Argentina during 4Q20 increased
Likewise, Concrete segment was also positively impacted by some specific infrastructure projects, with sales volumes increasing
Railroad segment volumes experienced a
Aggregates during the quarter declined by
For FY20, our core segment, Cement, masonry, and lime reported a
Concrete and Aggregates segments, declined by
Railroad segment volumes fell
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
|
|
Twelve-months ended
|
||||||||||
|
2020 |
2019 |
% Chg. |
|
2020 |
2019 |
% Chg. |
||||||
Net revenue |
13,263 |
|
11,002 |
|
20.6 |
% |
41,623 |
|
47,753 |
|
-12.8 |
% |
|
Cost of sales |
(8,468 |
) |
(7,720 |
) |
9.7 |
% |
(29,026 |
) |
(34,706 |
) |
-16.4 |
% |
|
Gross Profit |
4,795 |
|
3,282 |
|
46.1 |
% |
12,597 |
|
13,047 |
|
-3.4 |
% |
|
Share of loss of associates |
- |
|
- |
|
n/a |
|
(404 |
) |
- |
|
n/a |
|
|
Selling and administrative expenses |
(1,044 |
) |
(992 |
) |
5.2 |
% |
(3,455 |
) |
(3,805 |
) |
-9.2 |
% |
|
Other gains and losses |
83 |
|
42 |
|
96.4 |
% |
147 |
|
61 |
|
140.4 |
% |
|
Impairment of property, plant and equipment |
- |
|
- |
|
n/a |
|
(947 |
) |
- |
|
n/a |
|
|
Tax on debits and credits to bank accounts |
(130 |
) |
(136 |
) |
-4.4 |
% |
(489 |
) |
(550 |
) |
-11.0 |
% |
|
Finance gain (cost), net |
|||||||||||||
Gain on net monetary position |
483 |
|
120 |
|
300.7 |
% |
839 |
|
1,518 |
|
-44.7 |
% |
|
Exchange rate differences |
270 |
|
480 |
|
-43.8 |
% |
1,655 |
|
(1,625 |
) |
n/a |
|
|
Financial income |
351 |
|
- |
|
n/a |
|
82 |
|
82 |
|
-0.7 |
% |
|
Financial expense |
(484 |
) |
(789 |
) |
-38.6 |
% |
(1,508 |
) |
(2,043 |
) |
-26.2 |
% |
|
Profit before taxes |
4,324 |
|
2,007 |
|
115.4 |
% |
8,517 |
|
6,685 |
|
27.4 |
% |
|
Income tax expense |
|||||||||||||
Current |
(1,079 |
) |
(472 |
) |
128.6 |
% |
(2,387 |
) |
(1,424 |
) |
67.6 |
% |
|
Deferred |
(287 |
) |
(283 |
) |
1.5 |
% |
124 |
|
(776 |
) |
n/a |
|
|
Net profit from continuing operations |
2,958 |
|
1,253 |
|
136.1 |
% |
6,254 |
|
4,485 |
|
39.4 |
% |
|
Income from discontinued operations |
- |
|
280 |
|
n/a |
|
5,129 |
|
1,020 |
|
402.7 |
% |
|
Net profit |
2,958 |
|
1,532 |
|
93.0 |
% |
11,382 |
|
5,505 |
|
106.8 |
% |
|
Net Revenues
Net revenue increased
Railroad revenues decreased
Concrete revenues declined by
For FY20, net revenues decreased
Cost of sales, and Gross profit
Cost of sales increased
Gross profit increased
During FY20, gross profit decreased
Selling and Administrative Expenses
Selling and administrative expenses (SG&A) in 4Q20 increased
During FY20, SG&A fell by
Adjusted EBITDA & Margin
Table 4: Adjusted EBITDA Reconciliation & Margin |
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(amounts expressed in millions of pesos, unless otherwise noted) |
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|
Three-months ended
|
|
Twelve-months ended
|
||||||||||
|
2020 |
2019 |
% Chg. |
|
2020 |
2019 |
% Chg. |
||||||
Adjusted EBITDA reconciliation: |
|||||||||||||
Net profit |
2,958 |
|
1,532 |
|
93.0 |
% |
11,382 |
|
5,505 |
|
106.8 |
% |
|
(+) Depreciation and amortization |
891 |
|
1,023 |
|
-12.9 |
% |
3,988 |
|
3,655 |
|
9.1 |
% |
|
(+) Tax on debits and credits to bank accounts |
130 |
|
136 |
|
-4.4 |
% |
489 |
|
550 |
|
-11.0 |
% |
|
(+) Income tax expense |
1,366 |
|
755 |
|
81.0 |
% |
2,264 |
|
2,200 |
|
2.9 |
% |
|
(+) Financial interest, net |
(36 |
) |
582 |
|
n/a |
|
859 |
|
1,563 |
|
-45.0 |
% |
|
(+) Exchange rate differences, net |
(270 |
) |
(480 |
) |
-43.8 |
% |
(1,655 |
) |
1,625 |
|
n/a |
|
|
(+) Other financial expenses, net |
169 |
|
207 |
|
-18.5 |
% |
567 |
|
397 |
|
42.7 |
% |
|
(+) Gain on net monetary position |
(483 |
) |
(120 |
) |
300.7 |
% |
(839 |
) |
(1,518 |
) |
-44.7 |
% |
|
(+) Share of loss of associates |
- |
|
- |
|
n/a |
|
404 |
|
- |
|
n/a |
|
|
(+) Impairment of property, plant and equipment |
- |
|
- |
|
n/a |
|
947 |
|
- |
|
n/a |
|
|
(-) Income from discontinued operations |
- |
|
280 |
|
n/a |
|
5,129 |
|
1,020 |
|
402.7 |
% |
|
Adjusted EBITDA |
4,725 |
|
3,355 |
|
40.8 |
% |
13,277 |
|
12,958 |
|
2.5 |
% |
|
Adjusted EBITDA Margin |
35.6 |
% |
30.5 |
% |
+513 bps |
31.9 |
% |
27.1 |
% |
+476 bps |
|||
Adjusted EBITDA increased
In particular, Cement, masonry cement and lime segment Adjusted EBITDA margin expanded by 604 bps to
Railroad Adjusted EBITDA margin deteriorated to -
Concrete Adjusted EBITDA declined compared to 4Q19, with margin worsening to -
Finally, Aggregates Adjusted EBITDA margin decreased to -
During FY20, Adjusted EBITDA increased
Finance Costs-Net |
||||||||||||||
Table 5: Finance Gain (Cost), net |
||||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted) |
||||||||||||||
|
|
Three-months ended
|
|
Twelve-months ended
|
||||||||||
|
|
2020 |
2019 |
% Chg. |
|
2020 |
2019 |
% Chg. |
||||||
Exchange rate differences |
270 |
|
480 |
|
-43.8 |
% |
1,655 |
|
(1,625 |
) |
n/a |
|
||
Financial income |
351 |
|
- |
|
n/a |
|
82 |
|
82 |
|
-0.7 |
% |
||
Financial expense |
(484 |
) |
(789 |
) |
-38.6 |
% |
(1,508 |
) |
(2,043 |
) |
-26.2 |
% |
||
Gain on net monetary position |
483 |
|
120 |
|
300.7 |
% |
839 |
|
1,518 |
|
-44.7 |
% |
||
Total Finance Gain (Cost), Net |
|
619 |
|
(189 |
) |
n/a |
|
1,068 |
|
(2,068 |
) |
n/a |
|
|
During 4Q20, the Company reported a total finance gain, net of Ps. 619 million compared to a total finance cost, net of Ps. 189 million in 4Q19, mainly due to lower Net Financial expenses, net which decreased by Ps. 656 million to negative Ps. 133 million resulting from a lower financial debt position.
During FY20, total finance gain, net was Ps. 1,068 million compared to a total finance cost, net of Ps. 2,068 million in FY19, mainly as a result of a foreign exchange gain, a lower Financial expenses due to a lower debt position, and partially compensated by a lower gain on net monetary position.
Net Profit and Net Profit Attributable to Owners of the Company
Net Profit for 4Q20 increased by Ps. 1,425 million to Ps. 2,958 million, mostly explained by a higher gross profit, which was further enhanced by a higher finance gain, net.
During FY20, Net Profit stood at Ps. 11,382 million, increasing
Net Profit Attributable to Owners of the Company increased by Ps. 1,577 million YoY, to Ps. 3,006 million in 4Q20. During the quarter, the Company reported earnings per common share of Ps. 5.0429 and earnings per ADR of Ps. 25.2144, compared with earnings per common share of Ps. 2.3976 and earnings per ADR of Ps. 11.9878 in 4Q19.
During FY20, Net Profit attributable to owners of the Company increased
Capitalization |
||
Table 6: Capitalization and Debt Ratio |
||
(amounts expressed in millions of pesos, unless otherwise noted) |
||
|
As of December 31, |
|
|
2020 |
2019 |
Total Debt |
6,441 |
12,538 |
- Short-Term Debt |
4,571 |
6,971 |
- Long-Term Debt |
1,870 |
5,567 |
Cash and Cash Equivalents |
4,376 |
1,776 |
Total Net Debt |
2,065 |
10,762 |
Shareholders' Equity |
45,391 |
39,927 |
Capitalization |
51,831 |
52,465 |
LTM Adjusted EBITDA |
13,277 |
12,958 |
Net Debt /LTM Adjusted EBITDA |
0.16x |
0.83x |
As of December 31, 2020, total cash and cash equivalents were Ps. 4,376 million compared with Ps. 1,776 million as of the December 31, 2019. Total debt at the close of the quarter stood at Ps. 6,441 million, composed by Ps. 4,571 million in short-term borrowings, including the current portion of long-term borrowings (or
As of December 31, 2020,
As of December 31, 2020, Ps. 5,268 million, or
The Net Debt to Adjusted EBITDA (LTM) ratio decreased to 0.16x as of December 31, 2020 from 0.83x as of December 31,2019 as the cashflow from operating activities and the proceeds from the sale our stake in Yguazú Cementos S.A. outweighed the cash used in our expansion project and the dividend paid out in October.
Cash Flows |
|||||||||
Table 7: Condensed Interim Consolidated Statement of Cash Flows |
|||||||||
(amounts expressed in millions of pesos, unless otherwise noted) |
|||||||||
|
|
Three-months ended
|
Twelve-months
|
||||||
|
|
2020 |
2019 |
2020 |
2019 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
||||||||
Net profit (loss) from continuing operations |
|
2,958 |
|
1,253 |
|
6,254 |
|
4,485 |
|
Income from discontinued operations |
- |
|
280 |
|
5,129 |
|
1,020 |
|
|
Net profit |
2,958 |
|
1,532 |
|
11,382 |
|
5,505 |
|
|
Adjustments to reconcile net profit to net cash provided by operating activities |
|
2,212 |
|
202 |
|
943 |
|
5,833 |
|
Changes in operating assets and liabilities |
|
(1,165 |
) |
876 |
|
(937 |
) |
(2,012 |
) |
Net cash generated by / used in by operating activities |
|
4,005 |
|
2,611 |
|
11,388 |
|
9,326 |
|
|
|||||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
||||||||
Proceeds from disposal of Yguazú Cementos S.A. |
|
- |
|
- |
|
8,344 |
|
- |
|
Property, plant and equipment, Intangible Assets, net |
|
(1,706 |
) |
(3,161 |
) |
(9,686 |
) |
(15,933 |
) |
Contributions to Trust |
|
(32 |
) |
28 |
|
(88 |
) |
(40 |
) |
Net cash generated by / used in investing activities |
|
(1,739 |
) |
(3,133 |
) |
(1,429 |
) |
(15,973 |
) |
|
|||||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
||||||||
Proceeds / Repayments from borrowings, Interest paid |
|
(517 |
) |
1,066 |
|
(7,840 |
) |
3,498 |
|
Dividends paid |
(2,664 |
) |
- |
|
(2,664 |
) |
- |
|
|
Net cash generated by / used in by financing activities |
|
(3,180 |
) |
1,066 |
|
(10,503 |
) |
3,498 |
|
|
|||||||||
Net increase (decrease) in cash and cash equivalents |
|
(914 |
) |
544 |
|
(545 |
) |
(3,149 |
) |
Cash and cash equivalents at the beginning of the year |
|
5,179 |
|
925 |
|
1,776 |
|
4,882 |
|
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted") |
(46 |
) |
(54 |
) |
(157 |
) |
(221 |
) |
|
Effects of the exchange rate differences on cash and cash equivalents in foreign currency |
|
157 |
|
361 |
|
3,302 |
|
263 |
|
|
|||||||||
Cash and cash equivalents at the end of the period |
|
4,376 |
|
1,776 |
|
4,376 |
|
1,776 |
|
In the 4Q20, our cash flow generated by operating activities was Ps. 4,005 million compared to Ps. 2,611 million in 4Q19 as higher Adjusted EBITDA growth more than offset the working capital needs. During 4Q20, the Company made capital expenditures for a total of Ps. 1,706 million, mostly allocated to the expansion of production capacity of L’Amalí plant.
During FY20, the Company made capital expenditures for a total of Ps. 9,686 million, of which
Expansion of L’Amalí Plant.
Loma Negra is moving ahead with the capital expenditure at its L’Amalí plant, which will add 2.7 million tons annually and drive higher profitability. This expansion involves a total capital expenditure, originally estimated at approximately US
As of the end of 2020, the project presents an overall Progress of
Construction works executed
Share Repurchase Plan.
On February 12, 2021, the Company announced the approval of a share repurchase plan, in accordance with Section 64 of Law No. 26.831 (“LMC”) and the CNV Regulations. The purpose is to efficiently apply a portion of the Company´s cash position which may result in a greater return of value for its shareholders considering the current attractive value of the share, with the additional possibility of allocating part of the acquired shares to implement specific compensation programs or plans.
The plan became effective as from February 18, 2021, the amount to invest will be up to AR
The source of funding shall be carried out with realized and liquid earnings as per the Financial Statements as of September 30, 2020 which were approved by Board’s Resolution of November 10, 2020. The Company has the liquidity needed to carry out the aforementioned acquisitions without affecting its solvency. The Company will carry out the share repurchase for a 90 (ninety) day period which will be counted since February 18, and will be subject to any period renewal or extension approved by the Board of Directors, which will be duly informed.
4Q20 Earnings Conference Call
When: 10:00 a.m. U.S. ET (12:00 a.m. BAT), March 11, 2021
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 Earnings Call
Webcast: https://services.choruscall.com/links/loma210311nyV2G3X1.html
Replay: A telephone replay of the conference call will be available between March 11, 2021 at 1:00 pm U.S. E.T. and ending on March 17, 2021. 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 10152387. 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 and cash equivalents.
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.
Table 8: Condensed Interim Consolidated Statements of Financial Position |
||||||
(amounts expressed in millions of pesos, unless otherwise noted) |
||||||
|
|
|
As of December 31, |
|||
|
|
|
2020 |
|
|
2019 |
ASSETS |
|
|
|
|
|
|
Non-current assets |
|
|
||||
Property, plant and equipment |
|
53,557 |
53,775 |
|||
Right to use assets |
|
447 |
555 |
|||
Intangible assets |
|
192 |
171 |
|||
Investments |
|
3 |
6,021 |
|||
Goodwill |
|
35 |
35 |
|||
Inventories |
|
2,156 |
2,038 |
|||
Other receivables |
|
481 |
765 |
|||
Total non-current assets |
|
|
56,872 |
63,361 |
||
Current assets |
|
|
||||
Inventories |
|
5,492 |
6,593 |
|||
Other receivables |
|
1,217 |
765 |
|||
Trade accounts receivable |
|
2,989 |
3,232 |
|||
Investments |
|
4,109 |
1,388 |
|||
Cash and banks |
267 |
387 |
||||
Total current assets |
|
|
14,074 |
12,365 |
||
TOTAL ASSETS |
70,946 |
75,726 |
||||
SHAREHOLDERS' EQUITY |
|
|
||||
Capital stock and other capital related accounts |
|
15,049 |
15,049 |
|||
Reserves |
|
18,719 |
16,165 |
|||
Retained earnings |
|
11,351 |
5,227 |
|||
Accumulated other comprehensive income |
|
- |
450 |
|||
Equity attributable to the owners of the Company |
|
45,119 |
36,890 |
|||
Non-controlling interests |
271 |
3,037 |
||||
TOTAL SHAREHOLDERS' EQUITY |
|
|
45,391 |
39,927 |
||
LIABILITIES |
|
|
||||
Non-current liabilities |
|
|||||
Borrowings |
|
1,870 |
5,567 |
|||
Accounts payables |
|
102 |
190 |
|||
Provisions |
|
487 |
759 |
|||
Salaries and social security payables |
|
38 |
- |
|||
Debts for leases |
390 |
463 |
||||
Other liabilities |
|
112 |
70 |
|||
Deferred tax liabilities |
7,276 |
7,400 |
||||
Total non-current liabilities |
|
|
10,276 |
14,448 |
||
Current liabilities |
||||||
Borrowings |
|
4,571 |
6,971 |
|||
Accounts payable |
|
5,393 |
11,891 |
|||
Advances from customers |
|
732 |
260 |
|||
Salaries and social security payables |
|
1,422 |
1,278 |
|||
Tax liabilities |
|
2,884 |
699 |
|||
Debts for leases |
140 |
139 |
||||
Other liabilities |
137 |
113 |
||||
Total current liabilities |
|
|
15,279 |
21,351 |
||
TOTAL LIABILITIES |
|
|
25,555 |
35,799 |
||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES |
|
|
70,946 |
75,726 |
||
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
|
|
Twelve-months ended
|
||||||||||
|
2020 |
2019 |
% Change |
|
2020 |
2019 |
% Change |
||||||
Net revenue |
13,263 |
|
11,002 |
|
20.6 |
% |
41,623 |
|
47,753 |
|
-12.8 |
% |
|
Cost of sales |
(8,468 |
) |
(7,720 |
) |
9.7 |
% |
(29,026 |
) |
(34,706 |
) |
-16.4 |
% |
|
Gross profit |
4,795 |
|
3,282 |
|
46.1 |
% |
12,597 |
|
13,047 |
|
-3.4 |
% |
|
Share of loss of associates |
- |
|
- |
|
n/a |
|
(404 |
) |
- |
|
n/a |
|
|
Selling and administrative expenses |
(1,044 |
) |
(992 |
) |
5.2 |
% |
(3,455 |
) |
(3,805 |
) |
-9.2 |
% |
|
Other gains and losses |
83 |
|
42 |
|
96.4 |
% |
147 |
|
61 |
|
140.4 |
% |
|
Impairment of property, plant and equipment |
- |
|
- |
|
n/a |
|
(947 |
) |
- |
|
n/a |
|
|
Tax on debits and credits to bank accounts |
(130 |
) |
(136 |
) |
-4.4 |
% |
(489 |
) |
(550 |
) |
-11.0 |
% |
|
Finance gain (cost), net |
|||||||||||||
Gain on net monetary position |
483 |
|
120 |
|
300.7 |
% |
839 |
|
1,518 |
|
-44.7 |
% |
|
Exchange rate differences |
270 |
|
480 |
|
-43.8 |
% |
1,655 |
|
(1,625 |
) |
n/a |
|
|
Financial income |
351 |
|
- |
|
n/a |
|
82 |
|
82 |
|
-0.7 |
% |
|
Financial expenses |
(484 |
) |
(789 |
) |
-38.6 |
% |
(1,508 |
) |
(2,043 |
) |
-26.2 |
% |
|
Profit before taxes |
4,324 |
|
2,007 |
|
115.4 |
% |
8,517 |
|
6,685 |
|
27.4 |
% |
|
Income tax expense |
|||||||||||||
Current |
(1,079 |
) |
(472 |
) |
128.6 |
% |
(2,387 |
) |
(1,424 |
) |
67.6 |
% |
|
Deferred |
(287 |
) |
(283 |
) |
1.5 |
% |
124 |
|
(776 |
) |
n/a |
|
|
Net profit from continuing operations |
2,958 |
|
1,253 |
|
136.1 |
% |
6,254 |
|
4,485 |
|
39.4 |
% |
|
Income from discontinued operations |
- |
|
280 |
|
n/a |
|
5,129 |
|
1,020 |
|
402.7 |
% |
|
Net profit |
2,958 |
|
1,532 |
|
93.0 |
% |
11,382 |
|
5,505 |
|
106.8 |
% |
|
Other Comprehensive Income |
|||||||||||||
Items to be reclassified through profit and loss: |
|||||||||||||
Exchange differences on translating foreign operations |
- |
|
(512 |
) |
n/a |
|
(286 |
) |
(246 |
) |
16.6 |
% |
|
Total other comprehensive (loss) |
- |
|
(512 |
) |
n/a |
|
(286 |
) |
(246 |
) |
16.6 |
% |
|
TOTAL COMPREHENSIVE INCOME |
2,958 |
|
1,020 |
|
189.9 |
% |
11,096 |
|
5,260 |
|
111.0 |
% |
|
Net Profit (loss) for the period attributable to: |
|||||||||||||
Owners of the Company |
3,006 |
|
1,429 |
|
110.3 |
% |
11,351 |
|
5,227 |
|
117.2 |
% |
|
Non-controlling interests |
(48 |
) |
103 |
|
n/a |
|
31 |
|
279 |
|
-88.8 |
% |
|
NET PROFIT FOR THE PERIOD |
2,958 |
|
1,532 |
|
93.0 |
% |
11,382 |
|
5,505 |
|
106.8 |
% |
|
Total comprehensive (loss) income attributable to: |
|||||||||||||
Owners of the Company |
3,006 |
|
1,168 |
|
157.4 |
% |
11,205 |
|
5,101 |
|
119.6 |
% |
|
Non-controlling interests |
(48 |
) |
(148 |
) |
-67.5 |
% |
(109 |
) |
158 |
|
n/a |
|
|
TOTAL COMPREHENSIVE INCOME |
2,958 |
|
1,020 |
|
189.9 |
% |
11,096 |
|
5,260 |
|
111.0 |
% |
|
Earnings per share (basic and diluted): |
5.0429 |
|
2.3976 |
|
100.3 |
% |
19.0445 |
|
8.7692 |
|
117.2 |
% |
|
Table 10: Condensed Interim Consolidated Statement of Cash Flows |
|||||||||
(amounts expressed in millions of pesos, unless otherwise noted) |
|
|
|
||||||
|
|
Three-months ended
|
Twelve-months ended
|
||||||
|
|
2020 |
2019 |
2020 |
2019 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
||||||||
Net profit from continuing operations |
2,958 |
|
1,253 |
|
6,254 |
|
4,485 |
|
|
Income from discontinued operations |
|
- |
|
280 |
|
5,129 |
|
1,020 |
|
Net profit |
2,958 |
|
1,532 |
|
11,382 |
|
5,505 |
|
|
Adjustments to reconcile net profit to net cash provided by operating activities |
|
||||||||
Income tax expense |
|
1,366 |
|
776 |
|
3,781 |
|
2,296 |
|
Depreciation and amortization |
|
891 |
|
1,023 |
|
3,988 |
|
3,655 |
|
Provisions |
|
(51 |
) |
(57 |
) |
(93 |
) |
68 |
|
Interest expense |
|
146 |
|
428 |
|
1,187 |
|
1,349 |
|
Exchange rate differences |
(174 |
) |
(1,677 |
) |
(2,821 |
) |
(415 |
) |
|
Share of loss of associates |
- |
|
- |
|
404 |
|
- |
|
|
Gain on disposal of property, plant and equipment |
(3 |
) |
9 |
|
41 |
|
(5 |
) |
|
Gain on disposal of shareholding of Yguazú Cementos S.A. |
- |
|
(301 |
) |
(6,646 |
) |
(1,116 |
) |
|
Impairment of property, plant and equipment |
- |
|
- |
|
947 |
|
- |
|
|
Depreciation value of trust |
37 |
|
- |
|
157 |
|
- |
|
|
Changes in operating assets and liabilities |
|
||||||||
Inventories |
|
35 |
|
316 |
|
789 |
|
88 |
|
Other receivables |
|
7 |
|
784 |
|
92 |
|
603 |
|
Trade accounts receivable |
|
(289 |
) |
(35 |
) |
(541 |
) |
(906 |
) |
Advances from customers |
|
145 |
|
12 |
|
526 |
|
(36 |
) |
Accounts payable |
|
(925 |
) |
332 |
|
(249 |
) |
1,372 |
|
Salaries and social security payables |
|
508 |
|
246 |
|
515 |
|
482 |
|
Provisions |
|
(7 |
) |
(64 |
) |
(48 |
) |
(148 |
) |
Tax liabilities |
|
15 |
|
(25 |
) |
(100 |
) |
343 |
|
Other liabilities |
|
182 |
|
(6 |
) |
156 |
|
86 |
|
Gain on net monetary position |
(483 |
) |
(120 |
) |
(839 |
) |
(1,518 |
) |
|
Income tax paid |
|
(354 |
) |
(563 |
) |
(1,237 |
) |
(2,378 |
) |
Net cash generated by / used in by operating activities |
|
4,005 |
|
2,611 |
|
11,388 |
|
9,326 |
|
|
|||||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
||||||||
Proceeds from disposal of Yguazú Cementos S.A. |
- |
|
- |
|
8,344 |
|
- |
|
|
Proceeds from disposal of Property, plant and equipment |
|
0 |
|
40 |
|
40 |
|
89 |
|
Payments to acquire Property, plant and equipment |
|
(1,625 |
) |
(3,166 |
) |
(9,639 |
) |
(15,946 |
) |
Payments to acquire Intangible Assets |
|
(82 |
) |
(36 |
) |
(87 |
) |
(76 |
) |
Contributions to Trust |
|
(32 |
) |
28 |
|
(88 |
) |
(40 |
) |
Net cash generated by / used in investing activities |
|
(1,739 |
) |
(3,133 |
) |
(1,429 |
) |
(15,973 |
) |
|
|||||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
||||||||
Proceeds from borrowings |
|
46 |
|
3,924 |
|
12,692 |
|
12,928 |
|
Interest paid |
|
(80 |
) |
(756 |
) |
(2,909 |
) |
(2,638 |
) |
Debts for leases |
(38 |
) |
(39 |
) |
(147 |
) |
(137 |
) |
|
Repayment of borrowings |
|
(445 |
) |
(2,064 |
) |
(17,476 |
) |
(6,654 |
) |
Dividends paid |
(2,664 |
) |
- |
|
(2,664 |
) |
- |
|
|
Net cash generated by / used in by financing activities |
|
(3,180 |
) |
1,066 |
|
(10,503 |
) |
3,498 |
|
Net increase (decrease) in cash and cash equivalents |
|
(914 |
) |
544 |
|
(545 |
) |
(3,149 |
) |
Cash and cash equivalents at the beginning of the period |
|
5,179 |
|
925 |
|
1,776 |
|
4,882 |
|
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted") |
(46 |
) |
(54 |
) |
(157 |
) |
(221 |
) |
|
Effects of the exchange rate differences on cash and cash equivalents in foreign currency |
|
157 |
|
361 |
|
3,302 |
|
263 |
|
|
|||||||||
Cash and cash equivalents at the end of the period |
|
4,376 |
|
1,776 |
|
4,376 |
|
1,776 |
|
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
|
|
Twelve-months ended
|
|
|||||||||||||||||||||
|
2020 |
|
% |
2019 |
|
% |
|
2020 |
|
% |
2019 |
|
% |
|
|||||||||||
Net revenue |
12,782 |
|
100.0 |
% |
7,757 |
|
100.0 |
% |
36,259 |
|
100.0 |
% |
28,638 |
|
100.0 |
% |
|
||||||||
Cement, masonry cement and lime |
11,695 |
|
91.5 |
% |
6,744 |
|
86.9 |
% |
33,128 |
|
91.4 |
% |
24,007 |
|
83.8 |
% |
|
||||||||
Concrete |
883 |
|
6.9 |
% |
767 |
|
9.9 |
% |
1,799 |
|
5.0 |
% |
3,954 |
|
13.8 |
% |
|
||||||||
Railroad |
922 |
|
7.2 |
% |
834 |
|
10.8 |
% |
3,089 |
|
8.5 |
% |
2,982 |
|
10.4 |
% |
|
||||||||
Aggregates |
155 |
|
1.2 |
% |
119 |
|
1.5 |
% |
357 |
|
1.0 |
% |
498 |
|
1.7 |
% |
|
||||||||
Others |
59 |
|
0.5 |
% |
47 |
|
0.6 |
% |
174 |
|
0.5 |
% |
157 |
|
0.5 |
% |
|
||||||||
Eliminations |
(931 |
) |
-7.3 |
% |
(754 |
) |
-9.7 |
% |
(2,287 |
) |
-6.3 |
% |
(2,960 |
) |
-10.3 |
% |
|
||||||||
Cost of sales |
7,589 |
|
100.0 |
% |
4,931 |
|
100.0 |
% |
22,782 |
|
100.0 |
% |
19,291 |
|
100.0 |
% |
|
||||||||
Cement, masonry cement and lime |
6,362 |
|
83.8 |
% |
4,001 |
|
81.1 |
% |
19,192 |
|
84.2 |
% |
15,250 |
|
79.1 |
% |
|
||||||||
Concrete |
1,032 |
|
13.6 |
% |
782 |
|
15.9 |
% |
2,292 |
|
10.1 |
% |
3,761 |
|
19.5 |
% |
|
||||||||
Railroad |
930 |
|
12.3 |
% |
741 |
|
15.0 |
% |
3,031 |
|
13.3 |
% |
2,610 |
|
13.5 |
% |
|
||||||||
Aggregates |
161 |
|
2.1 |
% |
130 |
|
2.6 |
% |
439 |
|
1.9 |
% |
526 |
|
2.7 |
% |
|
||||||||
Others |
36 |
|
0.5 |
% |
31 |
|
0.6 |
% |
115 |
|
0.5 |
% |
103 |
|
0.5 |
% |
|
||||||||
Eliminations |
(931 |
) |
-12.3 |
% |
(754 |
) |
-15.3 |
% |
(2,287 |
) |
-10.0 |
% |
(2,960 |
) |
-15.3 |
% |
|
||||||||
Selling, admin. expenses and other gains & losses |
874 |
|
100.0 |
% |
580 |
|
100.0 |
% |
2,649 |
|
100.0 |
% |
2,123 |
|
100.0 |
% |
|
||||||||
Cement, masonry cement and lime |
774 |
|
88.5 |
% |
501 |
|
86.4 |
% |
2,380 |
|
89.9 |
% |
1,771 |
|
83.4 |
% |
|
||||||||
Concrete |
30 |
|
3.4 |
% |
29 |
|
5.0 |
% |
30 |
|
1.2 |
% |
120 |
|
5.6 |
% |
|
||||||||
Railroad |
48 |
|
5.5 |
% |
42 |
|
7.3 |
% |
169 |
|
6.4 |
% |
182 |
|
8.6 |
% |
|
||||||||
Aggregates |
1 |
|
0.1 |
% |
(11 |
) |
-1.9 |
% |
(1 |
) |
0.0 |
% |
(8 |
) |
-0.4 |
% |
|
||||||||
Others |
21 |
|
2.3 |
% |
19 |
|
3.3 |
% |
71 |
|
2.7 |
% |
59 |
|
2.8 |
% |
|
||||||||
Depreciation and amortization |
333 |
|
100.0 |
% |
255 |
|
100.0 |
% |
1,267 |
|
100.0 |
% |
986 |
|
100.0 |
% |
|
||||||||
Cement, masonry cement and lime |
232 |
|
69.7 |
% |
184 |
|
72.0 |
% |
802 |
|
63.3 |
% |
722 |
|
73.2 |
% |
|
||||||||
Concrete |
21 |
|
6.3 |
% |
17 |
|
6.6 |
% |
189 |
|
14.9 |
% |
62 |
|
6.3 |
% |
|
||||||||
Railroad |
72 |
|
21.8 |
% |
52 |
|
20.3 |
% |
250 |
|
19.7 |
% |
183 |
|
18.6 |
% |
|
||||||||
Aggregates |
6 |
|
1.9 |
% |
5 |
|
1.9 |
% |
23 |
|
1.8 |
% |
19 |
|
1.9 |
% |
|
||||||||
Others |
1 |
|
0.3 |
% |
(2 |
) |
-0.9 |
% |
4 |
|
0.3 |
% |
0 |
|
0.0 |
% |
|
||||||||
Adjusted EBITDA |
4,651 |
|
100.0 |
% |
2,501 |
|
100.0 |
% |
12,096 |
|
100.0 |
% |
8,211 |
|
100.0 |
% |
|
||||||||
Cement, masonry cement and lime |
4,791 |
|
103.0 |
% |
2,425 |
|
97.0 |
% |
12,357 |
|
102.2 |
% |
7,708 |
|
93.9 |
% |
|
||||||||
Concrete |
(158 |
) |
-3.4 |
% |
(27 |
) |
-1.1 |
% |
(334 |
) |
-2.8 |
% |
135 |
|
1.6 |
% |
|
||||||||
Railroad |
16 |
|
0.3 |
% |
103 |
|
4.1 |
% |
139 |
|
1.2 |
% |
373 |
|
4.5 |
% |
|
||||||||
Aggregates |
(1 |
) |
0.0 |
% |
5 |
|
0.2 |
% |
(59 |
) |
-0.5 |
% |
(1 |
) |
0.0 |
% |
|
||||||||
Others |
4 |
|
0.1 |
% |
(5 |
) |
-0.2 |
% |
(7 |
) |
-0.1 |
% |
(4 |
) |
-0.1 |
% |
|
||||||||
Reconciling items: |
|||||||||||||||
Effect by translation in homogeneous cash currency ("Inflation-Adjusted") |
74 |
|
855 |
|
1,181 |
|
4,747 |
|
|||||||
Depreciation and amortization |
(891 |
) |
(1,023 |
) |
(3,988 |
) |
(3,655 |
) |
|||||||
Tax on debits and credits banks accounts |
(130 |
) |
(136 |
) |
(489 |
) |
(550 |
) |
|||||||
Finance gain (cost), net |
619 |
|
(189 |
) |
1,068 |
|
(2,068 |
) |
|||||||
Income tax |
(1,366 |
) |
(755 |
) |
(2,264 |
) |
(2,200 |
) |
|||||||
Share of profit of associates |
- |
|
- |
|
(404 |
) |
- |
|
|||||||
Impairment of property, plant and equipment |
- |
|
- |
|
(947 |
) |
- |
|
|||||||
Income from discontinued operations |
- |
|
280 |
|
5,129 |
|
1,020 |
|
|||||||
NET (LOSS) PROFIT FOR THE PERIOD |
2,958 |
|
1,532 |
|
11,382 |
5,505 |
|
|
|||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20210310005902/en/
FAQ
What were Loma Negra's key financial highlights for 4Q20?
How much did Loma Negra's net profit increase in 4Q20?
What was the net revenue trend for Loma Negra in FY20?
How did Loma Negra's net debt change by the end of 2020?
What factors influenced Loma Negra's financial performance in 2020?
