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Loma Negra Reports 1Q21 Results

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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, 2021 (our "1Q21 Results").

1Q21 Key Highlights

  • Net revenue increased by 35.4% YoY to Ps. 13,175 million (US$143 million), mainly driven by our core cement segment

  • Strong increase in our Consolidated Adjusted EBITDA of 49.6% YoY to Ps. 4,730 million (US$52 million)

  • Consolidated Adjusted EBITDA margin expanded by 341 basis points YoY from 32.3% to 35.7%, explained by higher sales of cement, masonry, and lime together with strong control over costs

  • Net profit was Ps. 2,568 million representing a 104.4% YoY increase, as Gross Profit coupled with Total Financial gain

  • Net Debt /LTM Adjusted EBITDA ratio of 0.04x from 1.31x in 1Q20 and 0.16x in FY20

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 2021, Sergio Faifman, Loma Negra’s Chief Executive Officer, noted: "We started the year in a very good shape, with a solid operating cashflow generation together with a very robust financial position. Furthermore, given the higher operational leverage and our strong focus in cost management is that we have achieved world-class profitability levels.

Bearing in mind that due to the COVID-19 lockdown demand for cement had bottomed in April last year and since then sale volume has recovered steadily, in this first quarter it has stabilized in values comparable to pre-pandemic levels of 1Q19. By contrast, our other business segments continue to recover from a relatively worst situation, and are still far from pre-pandemic levels.

The expansion of L´Amalí plant full commissioning is scheduled within next months, and the clinker line start-up is programmed for the coming days.

Moreover, given the strong operational cashflow generation of the company and our competitive strengths, we have not only moved forward with our Capital expenditures in L´Amalí plant and reduced our Net Debt, but also build the foundations to rely on in the years to come.

With cement demand stabilizing around pre-pandemic levels, we expect a moderate growth perspectives for the remainder of the year, as the macroeconomic context together with Covid-19 second wave could increase the uncertainty and affect large construction projects resumption."

Table 1: Financial Highlights

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

Three-months ended
March 31,

2021

2020

% Chg.

Net revenue

13,175

9,734

35.4%

Gross Profit

4,776

2,966

61.0%

Gross Profit margin

36.2%

30.5%

+577bps

Adjusted EBITDA

4,706

3,145

49.6%

Adjusted EBITDA Mg.

35.7%

32.3%

+341bps

Net Profit

2,568

1,256

104.4%

Net Profit attributable to owners of the Company

2,601

1,223

112.7%

EPS

4.3658

2.0517

112.8%

Shares outstanding at eop

596

596

-0.1%

Net Debt

640

18,294

-96.5%

Net Debt /LTM Adjusted EBITDA

0.04x

1.31x

-1.27x

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,

2021

2020

% Chg.

Net revenue

12,635

6,609

91.2%

Adjusted EBITDA

4,632

2,205

110.1%

Adjusted EBITDA Mg.

36.7%

33.4%

+330bps

Net Profit

3,260

644

405.9%

Net Debt

640

18,294

-96.5%

Net Debt /LTM Adjusted EBITDA

0.04x

1.31x

-1.27x

In million US$

Three-months ended
March 31,

2021

2020

% Chg.

Ps./US$, av

88.65

61.42

44.3%

Ps./US$, eop

91.99

64.47

42.7%

Net revenue

143

108

32.5%

Adjusted EBITDA

52

36

45.6%

Adjusted EBITDA Mg.

36.7%

33.4%

+330bps

Net Profit

37

10

250.5%

Net Debt

7

284

-97.5%

Net Debt /LTM Adjusted EBITDA

0.04x

1.31x

-1.27x

Overview of Operations

Sales Volumes

Table 2: Sales Volumes2

Three-months ended
March 31,

2021

2020

% Chg.

Cement, masonry & lime

MM Tn

1.38

1.00

38.0%

Concrete

MM m3

0.16

0.08

104.6%

Railroad

MM Tn

0.99

0.94

5.0%

Aggregates

MM Tn

0.18

0.13

42.5%

2 Sales volumes include inter-segment sales

Sales volumes of cement, masonry, and lime in Argentina during 1Q21 increased 38.0% to 1.38 million tons, with the robust bagged cement sales driven by strong household and retail demand are stabilizing around pre-pandemic levels. Bulk cement is still falling behind pre-pandemic levels, yet volume dispatched in this format have increased of approximately 47% YoY, as COVID-19 second wave restrictions have been less severe than in the same period last year.

Likewise, Concrete and Aggregates volumes presented a strong YoY growth of 104.6% and 42.5%, respectively, yet absolute figures are far from pre-pandemic levels. The beginning of 2021 presents a scenario of slow recovery, especially with some dynamic coming from the private work.

Railroad segment volumes experienced a 5.0% increase versus the comparable quarter in 2020, with a positive effect of the recovery in building materials and frac-sand transported volumes, and negatively affected by other segments affected by lower demand.

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,

2021

2020

% Chg.

Net revenue

13,175

9,734

35.4%

Cost of sales

(8,400)

(6,768)

24.1%

Gross Profit

4,776

2,966

61.0%

Selling and administrative expenses

(1,079)

(852)

26.6%

Other gains and losses

43

62

-31.6%

Tax on debits and credits to bank accounts

(125)

(146)

-14.2%

Finance gain (cost), net

Gain on net monetary position

558

176

216.5%

Exchange rate differences

21

(239)

n/a

Financial income

42

23

81.0%

Financial expense

(480)

(531)

-9.7%

Profit before taxes

3,756

1,460

157.2%

Income tax expense

Current

(1,555)

(364)

327.1%

Deferred

367

(97)

n/a

Net profit from continuing operations

2,568

1,000

156.8%

Income from discontinued operations

-

256

n/a

Net profit

2,568

1,256

104.4%

Net Revenues

Net revenue increased 35.4% to Ps. 13,175 million in 1Q21, from Ps. 9,734 million in the comparable quarter last year, reflecting both the beginning of the COVID-19 pandemic by the end of 1Q20 and the positive momentum experienced by our core cement business which is now stabilizing around pre-pandemic levels.

Cement, masonry cement and lime segment was up 38.4%, with volumes expanding 38.0% with stable pricing.

Concrete posted a revenues increase of 64.8% continuing with the mild recovery path but yet distant from pre-pandemic levels and with a negative pricing environment.

By contrast, Aggregates posted a revenue increase of 47.3% as higher volume sales were coupled with a positive pricing mix.

Railroad revenues decreased 12.7% in 1Q21 versus the same quarter in 2020, as the higher transported volumes were more than offset by poor pricing performance.

Cost of sales, and Gross profit

Cost of sales increased 24.1% YoY reaching Ps. 8,400 million in 1Q21 mainly as a result of the higher volume sold but limited by higher efficiencies and lower unitary energy costs measured in US dollars and partially offset by higher freight and maintenance expenditures.

Gross profit increased 61.0% YoY to Ps. 4,776 million in 1Q21 from Ps. 2,966 million in 1Q20, with gross profit margin expanding 577 basis points YoY to 36.2%, reflecting the recovery of cement sales volumes coupled with good cost performance and higher operational leverage.

Selling and Administrative Expenses

Selling and administrative expenses (SG&A) in 1Q21 increased 26.6% YoY to Ps. 1,079 million, from Ps. 852 million in 1Q20, mainly as a consequence of higher cement sales and higher labor cost compare to last year´s level, which was affected by COVID-19 lock-down measures. As a percentage of revenues, SG&A decreased 57 basis points to 8.2% in 1Q21, from 8.8% in 1Q20 mostly explained by higher sales volumes.

Adjusted EBITDA & Margin

Table 4: Adjusted EBITDA Reconciliation & Margin

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

Three-months ended
March 31,

2021

2020

% Chg.

Adjusted EBITDA reconciliation:

Net profit

2,568

1,256

104.4%

(+) Depreciation and amortization

967

968

-0.2%

(+) Tax on debits and credits to bank accounts

125

146

-14.2%

(+) Income tax expense

1,188

461

157.9%

(+) Financial interest, net

376

382

-1.4%

(+) Exchange rate differences, net

(21)

239

n/a

(+) Other financial expenses, net

61

126

-51.5%

(+) Gain on net monetary position

(558)

(176)

216.5%

(-) Income from discontinued operations

-

256

n/a

Adjusted EBITDA

4,706

3,145

49.6%

Adjusted EBITDA Margin

35.7%

32.3%

+341bps

Adjusted EBITDA increased 49.6% YoY in the first quarter of 2021 to Ps. 4,706 million, mostly explained by bagged cement. Likewise, Adjusted EBITDA margin expanded by 341 basis points to 35.7% compared to 32.3% in 1Q20 on the back of cement margins expansion.

In particular, Cement, masonry cement and lime segment Adjusted EBITDA margin expanded by 322 bps to 40.8%, mainly due to the increase in sales volume and the improved energy inputs.

Concrete Adjusted EBITDA decreased 63% compared to 1Q20, as softer pricing and higher SG&A costs outweighed the increase in sales volumes and the reduction in unitary costs of sales.

Railroad Adjusted EBITDA margin deteriorated to 2.4%, mainly impacted by pricing mix and costs reduction less than proportional to revenues partially offset by higher transported volume and lower unitary costs.

Finally, Aggregates Adjusted EBITDA margin improved to -11.2% from -25.2%, with better pricing being outweighed by still depressed sales volume and low operational leverage.

Finance Costs-Net

Table 5: Finance Gain (Cost), net

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

Three-months ended
March 31,

2021

2020

% Chg.

Exchange rate differences

21

(239)

n/a

Financial income

42

23

81.0%

Financial expense

(480)

(531)

-9.7%

Gain on net monetary position

558

176

216.5%

Total Finance Gain (Cost), Net

141

(570)

n/a

During 1Q21, the Company reported a total finance gain, net of Ps. 141 million compared to a total finance cost, net of Ps. 570 million in 1Q20, mainly due to higher gain on net monetary position of Ps. 558 million and an increase in Exchange rate difference gain of Ps. 21 million due to a lower net debt denominated in foreign currency and a real appreciation of the Peso.

Net Profit and Net Profit Attributable to Owners of the Company

Net Profit for 1Q21 increased by Ps. 2,568 million to Ps. 1,256 million, mostly explained by a higher gross profit, which was further enhanced by a finance gain, net.

Net Profit Attributable to Owners of the Company increased by Ps. 1,378 million YoY, to Ps. 2,601 million in 1Q21. During the quarter, the Company reported earnings per common share of Ps. 4.3633 and earnings per ADR of Ps. 21.8163, compared with earnings per common share of Ps. 2.0517 and earnings per ADR of Ps. 10.2587 in 1Q20.

Capitalization

Table 6: Capitalization and Debt Ratio

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

As of March 31,

2021

2020

Total Debt

6,688

20,409

- Short-Term Debt

6,063

13,879

- Long-Term Debt

625

6,531

Cash, Cash Equivalents and Investments

6,048

2,116

Total Net Debt

640

18,294

Shareholders' Equity

53,582

46,188

Capitalization

60,270

66,598

LTM Adjusted EBITDA

16,558

13,955

Net Debt /LTM Adjusted EBITDA

0.04x

1.31x

As of March 31, 2021, total cash and cash equivalents were Ps. 6,048 million compared with Ps. 2,116 million as of the March 31, 2020. Total debt at the close of the quarter stood at Ps. 6,688 million, composed by Ps. 6,063 million in short-term borrowings, including the current portion of long-term borrowings (or 91.0% of total borrowings), and Ps. 625 million in long-term borrowings (or 9.0% of total borrowings).

As of March 31, 2021, 81.6% (or Ps. 5,460 million) Loma Negra’s total debt was denominated in U.S. dollars, 17.8% (or Ps. 1,192 million) in Euros, and 0.5% (or Ps. 36 million) in argentine pesos. The average duration of Loma Negra’s total debt was 0.6 years.

As of March 31, 2021, Ps. 5,496 million, or 82.2%, of the Company’s total consolidated borrowings bore interest at rates based on Libor, and Ps. 1,192 million of borrowings bore interest at a fixed rate.

The Net Debt to Adjusted EBITDA (LTM) ratio decreased to 0.04x as of March 31, 2021 from 0.16x as of December 31, 2020 as the cashflow from operating activities outweighed the cash used in investing and financing activities.

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,

2021

2020

CASH FLOWS FROM OPERATING ACTIVITIES

Net profit

2,568

1,256

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

1,537

1,536

Changes in operating assets and liabilities

(1,176)

(2,633)

Net cash generated by operating activities

2,929

160

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from disposal of Yguazú Cementos S.A.

94

-

Property, plant and equipment, Intangible Assets, net

(1,022)

(5,729)

Contributions to Trust

(20)

(30)

Investments

(1,673)

-

Net cash (used in) investing activities

(2,621)

(5,759)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds / Repayments from borrowings, Interest paid

(443)

5,766

Share repurchase plan

(255)

-

Net cash generated by (used in) by financing activities

(699)

5,766

Net increase (decrease) in cash and cash equivalents

(391)

167

Cash and cash equivalents at the beginning of the year

4,942

2,006

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

(36)

(58)

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

(154)

1

Cash and cash equivalents at the end of the period

4,362

2,116

In the 1Q21, our cash flow generated by operating activities was Ps. 3,499 million compared to Ps. 336 million in 1Q20 as higher Adjusted EBITDA growth more than offset working capital needs. During 1Q21, the Company made capital expenditures for a total of Ps. 1,022 million, mostly allocated to the expansion of production capacity of L’Amalí plant.

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$350 million.

As of the end of March 2021, the project presents an overall Progress of 98%. All detailed engineering is completed, all equipment and materials supplies has been delivered to site. While commissioning and start-up has been completed at crushing department and new primary crusher is fully operational, raw mill department is already commissioned and commissioning and start-up at clinker line are in progress and scheduled for the end of the month.

Construction work executed at 98%. Works in progress are electromechanical erection works at cement mill and dispatch areas. Inauguration date is expected the second quarter 2021.

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$ 750.000.000 (Argentine Pesos Seven Hundred Fifty Million) or such lower amount that derives from the repurchase of up to 10% of Company’s capital stock. The maximum amount of shares or maximum percentage of the Company’s capital stock to be repurchased shall never surpass the limit of 10% of the capital stock in accordance with Section 64 of LMC.

A summary of current Share Repurchase Programs is shown below:

Repurchase Program

Maximum amount for repurchase

AR$ 750 million

Maximum price

AR$ 245/ordinary share or US$ 8/ADR

Period in force

90 days since February 18, 2021

Repurchase under the program until May 11, 2021

AR$ 476 million

Progress

63.5%%

1Q21 Earnings Conference Call

When:

10:00 a.m. U.S. ET (11:00 a.m. BAT), May 13, 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/loma210513I038f9N1.html

Replay:

A telephone replay of the conference call will be available between May 13, 2021 at 1:00 pm U.S. E.T. and ending on May 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 10155136. 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.

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,

2021

2020

ASSETS

Non-current assets

Property, plant and equipment

60,038

60,494

Right to use assets

477

505

Intangible assets

198

217

Investments

4

4

Goodwill

39

39

Inventories

2,426

2,435

Other receivables

503

543

Total non-current assets

63,685

64,239

Current assets

Inventories

6,820

6,203

Other receivables

1,276

1,375

Trade accounts receivable

3,396

3,377

Investments

5,800

4,641

Cash and banks

248

301

Total current assets

17,540

15,897

TOTAL ASSETS

81,225

80,135

SHAREHOLDERS' EQUITY

Capital stock and other capital related accounts

16,743

16,998

Reserves

21,144

21,144

Retained earnings

15,422

12,821

Equity attributable to the owners of the Company

53,309

50,964

Non-controlling interests

273

306

TOTAL SHAREHOLDERS' EQUITY

53,582

51,270

LIABILITIES

Non-current liabilities

Borrowings

625

2,112

Accounts payables

-

116

Provisions

537

551

Salaries and social security payables

72

43

Debts for leases

409

441

Other liabilities

72

126

Deferred tax liabilities

7,852

8,219

Total non-current liabilities

9,567

11,607

Current liabilities

Borrowings

6,063

5,163

Accounts payable

5,201

6,092

Advances from customers

750

827

Salaries and social security payables

1,557

1,606

Tax liabilities

4,208

3,258

Debts for leases

144

159

Other liabilities

152

154

Total current liabilities

18,075

17,258

TOTAL LIABILITIES

27,642

28,865

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES

81,225

80,135

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,

2021

2020

% Change

Net revenue

13,175

9,734

35.4%

Cost of sales

(8,400)

(6,768)

24.1%

Gross profit

4,776

2,966

61.0%

Selling and administrative expenses

(1,079)

(852)

26.6%

Other gains and losses

43

62

-31.6%

Tax on debits and credits to bank accounts

(125)

(146)

-14.2%

Finance gain (cost), net

Gain on net monetary position

558

176

216.5%

Exchange rate differences

21

(239)

n/a

Financial income

42

23

81.0%

Financial expenses

(480)

(531)

-9.7%

Profit before taxes

3,756

1,460

157.2%

Income tax expense

Current

(1,555)

(364)

327.1%

Deferred

367

(97)

n/a

Net profit from continuing operations

2,568

1,000

156.8%

Income from discontinued operations

-

256

n/a

Net profit

2,568

1,256

104.4%

Other Comprehensive Income

Items to be reclassified through profit and loss:

Exchange differences on translating foreign operations

-

(166)

n/a

Total other comprehensive (loss)

-

(166)

n/a

TOTAL COMPREHENSIVE INCOME

2,568

1,090

135.6%

Net Profit (loss) for the period attributable to:

Owners of the Company

2,601

1,223

112.7%

Non-controlling interests

(33)

33

n/a

NET PROFIT FOR THE PERIOD

2,568

1,256

104.4%

Total comprehensive (loss) income attributable to:

Owners of the Company

2,601

1,138

128.5%

Non-controlling interests

(33)

(48)

-31.5%

TOTAL COMPREHENSIVE INCOME

2,568

1,090

135.6%

Earnings per share (basic and diluted):

4.3658

2.0517

112.8%

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

Three-months ended
March 31,

2021

2020

CASH FLOWS FROM OPERATING ACTIVITIES

Net profit

2,568

1,256

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

Income tax expense

1,188

487

Depreciation and amortization

967

968

Provisions

(1)

77

Interest expense

112

471

Exchange rate differences

(151)

(17)

Gain on disposal of property, plant and equipment

(20)

9

Gain on disposal of shareholding of Yguazú Cementos S.A.

-

(282)

Depreciation value of trust

13

-

Interest income

(13)

-

Gain on net monetary position

(558)

(176)

Changes in operating assets and liabilities

Inventories

(524)

(1,016)

Other receivables

(272)

(284)

Trade accounts receivable

(402)

187

Advances from customers

(22)

46

Accounts payable

168

(716)

Salaries and social security payables

164

(73)

Provisions

(9)

(79)

Tax liabilities

114

(393)

Other liabilities

(54)

(12)

Income tax paid

(339)

(293)

Net cash generated by operating activities

2,929

160

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from disposal of Yguazú Cementos S.A.

94

-

Proceeds from disposal of Property, plant and equipment

37

20

Payments to acquire Property, plant and equipment

(1,059)

(5,745)

Payments to acquire Intangible Assets

-

(4)

Contributions to Trust

(20)

(30)

Investments

(1,673)

-

Net cash used in investing activities

(2,621)

(5,759)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from borrowings

88

7,992

Interest paid

(177)

(973)

Debts for leases

(39)

(43)

Repayment of borrowings

(316)

(1,209)

Share repurchase plan

(255)

-

Net cash generated by (used in) financing activities

(699)

5,766

Net increase (decrease) in cash and cash equivalents

(391)

167

Cash and cash equivalents at the beginning of the period

4,942

2,006

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

(36)

(58)

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

(154)

1

Cash and cash equivalents at the end of the period

4,362

2,116

Table 11: Financial Data by Segment (figures exclude the impact of IAS 29)

Three-months ended March 31,

2021

%

2020

%

Net revenue

12,635

100.0%

6,609

100.0%

Cement, masonry cement and lime

11,317

89.6%

5,787

87.6%

Concrete

1,086

8.6%

468

7.1%

Railroad

914

7.2%

742

11.2%

Aggregates

129

1.0%

62

0.9%

Others

72

0.6%

48

0.7%

Eliminations

(883)

-7.0%

(499)

-7.5%

Cost of sales

7,403

100.0%

4,170

100.0%

Cement, masonry cement and lime

6,043

81.6%

3,296

79.0%

Concrete

1,160

15.7%

524

12.6%

Railroad

906

12.2%

739

17.7%

Aggregates

132

1.8%

79

1.9%

Others

44

0.6%

31

0.7%

Eliminations

(883)

-11.9%

(499)

-12.0%

Selling, admin. expenses and other gains & losses

943

100.0%

488

100.0%

Cement, masonry cement and lime

840

89.1%

446

91.4%

Concrete

22

2.4%

(3)

-0.7%

Railroad

55

5.8%

31

6.3%

Aggregates

2

0.2%

(4)

-0.7%

Others

24

2.6%

18

3.7%

Depreciation and amortization

343

100.0%

254

100.0%

Cement, masonry cement and lime

253

73.6%

174

68.6%

Concrete

17

4.9%

17

6.6%

Railroad

67

19.5%

56

22.2%

Aggregates

6

1.7%

5

2.1%

Others

1

0.3%

1

0.4%

Adjusted EBITDA

4,632

100.0%

2,205

100.0%

Cement, masonry cement and lime

4,687

101.2%

2,219

100.7%

Concrete

(80)

-1.7%

(36)

-1.6%

Railroad

20

0.4%

28

1.3%

Aggregates

1

0.0%

(7)

-0.3%

Others

5

0.1%

0

0.0%

Reconciling items:

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

74

940

Depreciation and amortization

(967)

(968)

Tax on debits and credits banks accounts

(125)

(146)

Finance gain (cost), net

141

(570)

Income tax

(1,188)

(461)

Income from discontinued operations

-

256

NET (LOSS) PROFIT FOR THE PERIOD

2,568

1,256

View source version on businesswire.com: https://www.businesswire.com/news/home/20210512006052/en/

Contacts

IR Contacts
Marcos I. Gradin, Chief Financial Officer and Investor Relations
Gastón Pinnel, Investor Relations Manager
+54-11-4319-3050
investorrelations@lomanegra.com