Reconquista 1088, 7th Floor
Zip Code C1003ABQ – Ciudad Autónoma de Buenos Aires
Republic of Argentina
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(Address of principal executive offices)
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Item
|
Description
|
1
|
Press release, dated March 8, 2018, announcing fourth quarter 2017 results for Loma Negra C.I.A.S.A.
|
§
|
Cement, masonry & lime sales volume in Argentina up 14.0% YoY driven by continued market recovery.
|
§
|
Net revenue up 57.1% YoY to Ps.4,452 million (US$254 million) on volume and price increases.
|
§
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Gross profit up 56.8%, with margin relatively stable YoY at 29.1%.
|
§
|
Adjusted EBITDA increased 56.8% YoY to Ps.1,199 million (US$68 million). Adjusted EBITDA margin flat YoY at 26.9%, and up 280 basis points from 24.1% in 3Q17. Excluding one-time gains in both quarters, Adjusted EBITDA margin would have increased 137 bps to 25.4%.
|
§
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Net Debt at year-end down 66.8% to Ps.1,184 million (US$63 million) with Net Debt/Adjusted EBITDA ratio of 0.30x compared with 1.50x a year ago, reflecting Ps.1,867 million in net IPO proceeds.
|
§
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Total cement, masonry & lime sales volume up 18.6%, with Argentine operations increasing 8.9% to 6.42 million tons, while Yguazu Cementos in Paraguay contributed with 0.57 million tons.
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§
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Net revenue up 54.8% to Ps.15,287 million (US$923 million) driven by continued market recovery.
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§
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Gross profit increased 70.0%, with gross margin expanding 259 basis points year-over-year to 29.0%.
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§
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Adjusted EBITDA up 67.7% to Ps.3,942 million (US$238 million) and Adjusted EBITDA margin expanded 199 basis points to 25.8%.
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Table 1: Financial Highlights
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||||||||||||||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||||||||||||||||||||
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Three-months ended
December 31, |
Year ended
December 31, |
||||||||||||||||||||||
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2017
|
2016
|
% Chg.
|
2017
|
2016
|
% Chg.
|
||||||||||||||||||
Net Revenue
|
4,452
|
2,834
|
57.1
|
%
|
15,287
|
9,874
|
54.8
|
%
|
||||||||||||||||
Gross Profit
|
1,295
|
826
|
56.8
|
%
|
4,436
|
2,610
|
70.0
|
%
|
||||||||||||||||
Gross Profit margin
|
29.1
|
%
|
29.1
|
%
|
-5 bps
|
29.0
|
%
|
26.4
|
%
|
+259 bps
|
||||||||||||||
Adjusted EBITDA
|
1,199
|
765
|
56.8
|
%
|
3,942
|
2,350
|
67.7
|
%
|
||||||||||||||||
Adjusted EBITDA Mg.
|
26.9
|
%
|
27.0
|
%
|
-6 bps
|
25.8
|
%
|
23.8
|
%
|
+199 bps
|
||||||||||||||
Net profit
|
692
|
225
|
207.7
|
%
|
1.700
|
502
|
238.7
|
%
|
||||||||||||||||
Net Profit attributable to owners of the Company
|
665
|
207
|
221.2
|
%
|
1,591
|
491
|
223.9
|
%
|
||||||||||||||||
EPS
|
1.14
|
0.37
|
210.3
|
%
|
2.79
|
0.87
|
221.1
|
%
|
||||||||||||||||
Shares outstanding at eop
|
596
|
566
|
5.3
|
%
|
596
|
566
|
5.3
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%
|
||||||||||||||||
Net Debt
|
1,184
|
3,536
|
-66.5
|
%
|
1,184
|
3,536
|
-66.5
|
%
|
||||||||||||||||
Net Debt /Adjusted EBITDA
|
0.30
|
1.50
|
-1.20
|
x
|
0.30
|
1.50
|
-1.20
|
x
|
Table 1b: Financial Highlights in U.S. Dollars
|
||||||||||||||||||||||||
(amounts expressed in millions of U.S. dollars, unless otherwise noted)
|
||||||||||||||||||||||||
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Three-months ended
December 31, |
Year ended
December 31, |
||||||||||||||||||||||
|
2017
|
2016
|
% Change
|
2017
|
2016
|
% Change
|
||||||||||||||||||
Ps./US$, average
|
17.56
|
15.45
|
13.7
|
%
|
16.56
|
14.78
|
12.1
|
%
|
||||||||||||||||
Ps./US$, end of period
|
18.88
|
15.93
|
18.5
|
%
|
18.88
|
15.93
|
18.5
|
%
|
||||||||||||||||
Net revenue
|
254
|
183
|
38.2
|
%
|
923
|
668
|
38.1
|
%
|
||||||||||||||||
Adjusted EBITDA
|
68
|
49
|
37.9
|
%
|
238
|
159
|
49.7
|
%
|
||||||||||||||||
Net Profit
|
39
|
15
|
170.7
|
%
|
103
|
34
|
202.2
|
%
|
||||||||||||||||
Net Profit attributable to owners of the Company
|
38
|
13
|
182.6
|
%
|
96
|
33
|
189.0
|
%
|
||||||||||||||||
Net Debt
|
63
|
222
|
-71.7
|
%
|
63
|
222
|
-71.7
|
%
|
||||||||||||||||
Net Debt /Adjusted EBITDA
|
0.30
|
1.50
|
-1.20
|
x
|
0.30
|
1.50
|
-1.20
|
x
|
Overview of Operations
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Table 2: Loma Negra Sales Volumes
|
|||||||||||||||||||||||||
|
Three-months ended
December 31, |
Year ended
December 31, |
|||||||||||||||||||||||
|
2017
|
2016
|
% Change
|
2017
|
2016
|
% Change
|
|||||||||||||||||||
Cement, masonry & lime
|
|||||||||||||||||||||||||
Argentina
|
MM Tn
|
1.76
|
1.54
|
14.0
|
%
|
6.42
|
5.89
|
8.9
|
%
|
||||||||||||||||
Paraguay
|
MM Tn
|
0.13
|
-
|
n.m.
|
0.57
|
-
|
n.m.
|
||||||||||||||||||
Cement, masonry & lime total
|
1.89
|
1.54
|
22.5
|
%
|
6.99
|
5.89
|
18.6
|
%
|
|||||||||||||||||
Argentina:
|
|||||||||||||||||||||||||
Concrete
|
MM m3
|
0.24
|
0.16
|
53.8
|
%
|
0.82
|
0.60
|
36.6
|
%
|
||||||||||||||||
Railroad
|
MM Tn
|
1.29
|
1.22
|
6.3
|
%
|
4.98
|
4.64
|
7.2
|
%
|
||||||||||||||||
Aggregates
|
MM Tn
|
0.28
|
0.26
|
7.2
|
%
|
1.07
|
0.97
|
10.1
|
%
|
Table 3: Consolidated Statement of Profit or Loss
|
||||||||||||||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted)
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||||||||||||||||||||||||
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Three-months ended
December 31, |
Year ended
December 31, |
||||||||||||||||||||||
|
2017
|
2016
|
% Change
|
2017
|
2016
|
% Change
|
||||||||||||||||||
Net revenue
|
4,452
|
2,834
|
57.1
|
%
|
15,287
|
9,874
|
54.8
|
%
|
||||||||||||||||
Cost of sales
|
(3,157
|
)
|
(2,008
|
)
|
57.2
|
%
|
(10,850
|
)
|
(7,265
|
)
|
49.4
|
%
|
||||||||||||
Gross Profit
|
1,295
|
826
|
56.8
|
%
|
4,436
|
2,610
|
70.0
|
%
|
||||||||||||||||
Share of profit (loss) of associates
|
-
|
(9
|
)
|
-100.0
|
%
|
-
|
37
|
-100.0
|
%
|
|||||||||||||||
Selling and administrative expenses
|
(347
|
)
|
(303
|
)
|
14.6
|
%
|
(1,199
|
)
|
(929
|
)
|
29.0
|
%
|
||||||||||||
Other gains and losses
|
82
|
109
|
-25.0
|
%
|
79
|
124
|
-36.5
|
%
|
||||||||||||||||
Tax on debits and credits to bank accounts
|
(59
|
)
|
(34
|
)
|
73.3
|
%
|
(188
|
)
|
(140
|
)
|
34.3
|
%
|
||||||||||||
Finance costs, net
|
||||||||||||||||||||||||
Exchange rate differences
|
(98
|
)
|
(60
|
)
|
63,1
|
%
|
(313
|
)
|
(261
|
)
|
19,9
|
%
|
||||||||||||
Financial income
|
65
|
15
|
334,2
|
%
|
104
|
41
|
152,3
|
%
|
||||||||||||||||
Financial expenses
|
(134
|
)
|
(186
|
)
|
-28,2
|
%
|
(633
|
)
|
(721
|
)
|
-12,3
|
%
|
||||||||||||
Profit before tax
|
805
|
359
|
124,4
|
%
|
2,286
|
760
|
200,9
|
%
|
||||||||||||||||
Income tax expense
|
||||||||||||||||||||||||
Current
|
(194
|
)
|
(126
|
)
|
54,1
|
%
|
(651
|
)
|
(239
|
)
|
172,8
|
%
|
||||||||||||
Deferred
|
82
|
(8
|
)
|
n.m.
|
66
|
(19
|
)
|
n.m.
|
||||||||||||||||
Net profit
|
692
|
225
|
207,7
|
%
|
1,700
|
502
|
238,7
|
%
|
||||||||||||||||
Net Profit attributable to owners of the Company
|
665
|
207
|
221,2
|
%
|
1,591
|
491
|
223,9
|
%
|
||||||||||||||||
On December 22, 2016 Loma Negra acquired an additional 16% of the outstanding shares of its subsidiary Yguazu Cementos, achieving control and 51% of ownership in the Paraguayan cement company. Accordingly, considering that the consolidation was not deemed significant for the 10-day period ended December 31, 2016, until December 31, 2016, Loma Negra’s ownership in Yguazu Cementos was accounted for by the equity method and results of operations of Yguazú Cementos were recorded under the line item “Share of profit (loss) of associates”. Starting January 1, 2017, Loma Negra began to fully consolidate Yguazu Cementos’ results on a line by line basis. |
Table 4: Adjusted EBITDA Reconciliation & Margin
|
||||||||||||||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||||||||||||||||||||
|
Three-months ended
December 31, |
Year ended
December 31, |
||||||||||||||||||||||
|
2017
|
2016
|
% Change
|
2017
|
2016
|
% Change
|
||||||||||||||||||
Adjusted EBITDA reconciliation:
|
||||||||||||||||||||||||
Net profit
|
692
|
225
|
207.7
|
%
|
1,700
|
502
|
238.7
|
%
|
||||||||||||||||
(+) Financial interest. net
|
63
|
116
|
-46.2
|
%
|
441
|
572
|
-22.9
|
%
|
||||||||||||||||
(+) Income tax expense
|
112
|
134
|
-16.0
|
%
|
586
|
258
|
127.2
|
%
|
||||||||||||||||
(+) Depreciation and amortization
|
168
|
140
|
19.9
|
%
|
626
|
509
|
22.9
|
%
|
||||||||||||||||
(+) Exchange rate differences
|
98
|
60
|
63.1
|
%
|
313
|
261
|
19.9
|
%
|
||||||||||||||||
(+) Other financial expenses. net
|
6
|
55
|
-88.6
|
%
|
88
|
108
|
-18.4
|
%
|
||||||||||||||||
(+) Tax on debits and credits to bank accounts
|
59
|
34
|
73.3
|
%
|
188
|
140
|
34.3
|
%
|
||||||||||||||||
Adjusted EBITDA
|
1,199
|
765
|
56.8
|
%
|
3,942
|
2,350
|
67.7
|
%
|
||||||||||||||||
Adjusted EBITDA Margin
|
26.9
|
%
|
27.0
|
%
|
-6bps
|
25.8
|
%
|
23.8
|
%
|
+199bps
|
Table 5: Adjusted EBITDA By Geography
|
||||||||||||||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||||||||||||||||||||
|
Three-months ended December 31,
|
Year ended December 31,
|
||||||||||||||||||||||
|
2017
|
2016
|
% Change
|
2017
|
2016
|
% Change
|
||||||||||||||||||
Argentina
|
||||||||||||||||||||||||
Net Revenue
|
4,169
|
2,834
|
47.1
|
%
|
14,134
|
9,874
|
43.1
|
%
|
||||||||||||||||
Adjusted EBITDA
|
1,078
|
765
|
41.0
|
%
|
3,465
|
2,350
|
47.4
|
%
|
||||||||||||||||
Adjusted EBITDA Margin
|
25.9
|
%
|
27.0
|
%
|
-111 bps
|
24.5
|
%
|
23.8
|
%
|
+72 bps
|
||||||||||||||
Paraguay
|
||||||||||||||||||||||||
Net Revenue
|
284
|
-
|
n.m.
|
1,153
|
-
|
n.m.
|
||||||||||||||||||
Adjusted EBITDA
|
120
|
-
|
n.m.
|
477
|
-
|
n.m.
|
||||||||||||||||||
Adjusted EBITDA Margin
|
42.4
|
%
|
-
|
n.m.
|
41.4
|
%
|
-
|
n.m.
|
Table 6: Capitalization and Debt Ratio
|
||||||||
|
As of December 31,
|
|||||||
|
2017
|
2016
|
||||||
Total Debt
|
4,364
|
4,339
|
||||||
- Short-Term Debt
|
1,760
|
3,062
|
||||||
- Long-Term Debt
|
2,604
|
1,277
|
||||||
Cash and Cash Equivalents
|
3,180
|
803
|
||||||
Total Net Debt
|
1,184
|
3,536
|
||||||
Shareholders' Equity
|
4,416
|
1,131
|
||||||
Capitalization
|
8,780
|
5,470
|
||||||
Adjusted EBITDA
|
3,942
|
2,350
|
||||||
Net Debt / Adjusted EBITDA
|
0.30x
|
1.50x
|
Table 7: Consolidated Statement of Cash Flows
|
||||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||||
|
Year ended December 31,
|
|||||||
|
2017
|
2016
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net profit for the year
|
1,700
|
502
|
||||||
Adjustments to reconcile net profit to net cash provided by operating activities
|
2,053
|
1,489
|
||||||
Changes in operating assets and liabilities:
|
(533
|
)
|
(379
|
)
|
||||
Net cash generated by operating activities
|
3,220
|
1,613
|
||||||
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Property, plant and equipment, Intangible Assets, net
|
(1,261
|
)
|
(647
|
)
|
||||
Others
|
2
|
184
|
||||||
Net cash used in investing activities
|
(1,258
|
)
|
(463
|
)
|
||||
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Proceeds from / Repayments off borrowings, Interest paid
|
(1,126
|
)
|
156
|
|||||
Dividends paid
|
(443
|
)
|
(853
|
)
|
||||
Proceeds from initial public offering, net of issuance costs
|
1,867
|
|||||||
Net cash generated by (used in) financing activities
|
298
|
(697
|
)
|
|||||
|
||||||||
Net decrease in cash and cash equivalents
|
2,260
|
453
|
||||||
Cash and cash equivalents at the beginning of the year
|
803
|
328
|
||||||
Effects of the exchange rate differences on cash and cash equivalents in foreign currency
|
116
|
22
|
||||||
|
||||||||
Cash and cash equivalents at the end of the year
|
3,180
|
803
|
Recent Events
|
4Q17 Earnings Conference Call
|
Dial-in: |
0800-444-2930 (Argentina), 1-866-807-9684 (U.S.), 1-866-605-3852 (Canada) or 1-412-317-5415 (International).
|
Replay: |
A telephone replay of the conference call will be available between March 8, 2018 at 1:00 pm U.S. E.T. and ending on March 16, 2018. 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 10117407. The audio of the conference call will also be archived on the Company’s website at www.lomanegra.com.ar.
|
|
IR Contact
Marcos I. Gradin
Chief Financial Officer and Investor Relations Officer +54-11-4319-3050
investorrelations@lomanegra.com
|
Table 8: Consolidated Statements of Financial Position
|
||||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||||
|
As of December 31,
|
|||||||
|
2017
|
2016
|
||||||
ASSETS
|
||||||||
Non-Current assets
|
||||||||
Property, plant and equipment
|
5,979
|
4,881
|
||||||
Intangible assets
|
75
|
57
|
||||||
Investments
|
0
|
0
|
||||||
Goodwill
|
39
|
39
|
||||||
Inventories
|
215
|
176
|
||||||
Other receivables
|
145
|
229
|
||||||
Trade accounts receivable
|
-
|
78
|
||||||
Total non-current assets
|
6,454
|
5,461
|
||||||
Current assets
|
||||||||
Inventories
|
1,834
|
1,717
|
||||||
Other receivables
|
242
|
226
|
||||||
Trade accounts receivable
|
1.263
|
629
|
||||||
Investments
|
2.991
|
694
|
||||||
Cash and banks
|
189
|
234
|
||||||
Total current assets
|
6,519
|
3,501
|
||||||
TOTAL ASSETS
|
12,972
|
8,962
|
||||||
SHAREHOLDERS´EQUITY
|
||||||||
Capital stock and other capital related accounts
|
1,922
|
87
|
||||||
Reserves
|
59
|
44
|
||||||
Retained earnings
|
1,591
|
460
|
||||||
Accumulated other comprehensive income
|
250
|
149
|
||||||
Equity attributable to the owners of the Company
|
3,823
|
740
|
||||||
Non-controlling interests
|
593
|
390
|
||||||
Total shareholders´equity
|
4,416
|
1,131
|
||||||
LIABILITIES
|
||||||||
Non-current liabilities
|
||||||||
Borrowings
|
2,604
|
1,277
|
||||||
Accounts payable
|
71
|
82
|
||||||
Provisions
|
161
|
121
|
||||||
Tax liabilities
|
0
|
1
|
||||||
Other liabilities
|
16
|
28
|
||||||
Deferred tax liabilities
|
229
|
293
|
||||||
Total non-current liabilities
|
3,082
|
1,802
|
||||||
Current liabilities
|
||||||||
Borrowings
|
1,760
|
3,062
|
||||||
Accounts payable
|
2,362
|
2,226
|
||||||
Advances from customers
|
206
|
107
|
||||||
Salaries and social security payables
|
542
|
380
|
||||||
Tax liabilities
|
573
|
225
|
||||||
Other liabilities
|
32
|
29
|
||||||
Total current liabilities
|
5,474
|
6,030
|
||||||
TOTAL LIABILITIES
|
8,556
|
7,832
|
||||||
TOTAL SHAREHOLDERS´EQUITY AND LIABILITIES
|
12,972
|
8,962
|
Table 9: Consolidated Statement of Profit or Loss and Other Comprehensive Income
|
||||||||||||||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||||||||||||||||||||
|
Three-months ended
December 31, |
Year ended
December 31, |
||||||||||||||||||||||
|
2017
|
2016
|
% Change
|
2017
|
2016
|
% Change
|
||||||||||||||||||
Net revenue
|
4,452
|
2,834
|
57.1
|
%
|
15,287
|
9,874
|
54.8
|
%
|
||||||||||||||||
Cost of sales
|
(3,157
|
)
|
(2,008
|
)
|
57.2
|
%
|
(10,850
|
)
|
(7,265
|
)
|
49.4
|
%
|
||||||||||||
Gross Profit
|
1,295
|
826
|
56.8
|
%
|
4,436
|
2,610
|
70.0
|
%
|
||||||||||||||||
Share of profit (loss) of associates
|
-
|
(9
|
)
|
-100.0
|
%
|
-
|
37
|
-100.0
|
%
|
|||||||||||||||
Selling and administrative expenses
|
(347
|
)
|
(303
|
)
|
14.6
|
%
|
(1,199
|
)
|
(929
|
)
|
29.0
|
%
|
||||||||||||
Other gains and losses
|
82
|
109
|
-25.0
|
%
|
79
|
124
|
-36.5
|
%
|
||||||||||||||||
Tax on debits and credits to bank accounts
|
(59
|
)
|
(34
|
)
|
73.3
|
%
|
(188
|
)
|
(140
|
)
|
34.3
|
%
|
||||||||||||
Finance costs, net
|
||||||||||||||||||||||||
Exchange rate differences
|
(98
|
)
|
(60
|
)
|
63.1
|
%
|
(313
|
)
|
(261
|
)
|
19.9
|
%
|
||||||||||||
Financial income
|
65
|
15
|
334.2
|
%
|
104
|
41
|
152.3
|
%
|
||||||||||||||||
Financial expenses
|
(134
|
)
|
(186
|
)
|
-28.2
|
%
|
(633
|
)
|
(721
|
)
|
-12.3
|
%
|
||||||||||||
Profit before tax
|
805
|
359
|
124.4
|
%
|
2.286
|
760
|
200.9
|
%
|
||||||||||||||||
Income tax expense
|
||||||||||||||||||||||||
Current
|
(194
|
)
|
(126
|
)
|
54.1
|
%
|
(651
|
)
|
(239
|
)
|
172.8
|
%
|
||||||||||||
Deferred
|
82
|
(8
|
)
|
n.m.
|
66
|
(19
|
)
|
n.m.
|
||||||||||||||||
Net profit
|
692
|
225
|
207.7
|
%
|
1,700
|
502
|
238.7
|
%
|
||||||||||||||||
Net Profit attributable to owners of the Company
|
||||||||||||||||||||||||
Other Comprehensive Income
|
||||||||||||||||||||||||
Items to be reclassified through profit and loss:
|
93
|
(2
|
)
|
n.m.
|
198
|
34
|
477.5
|
%
|
||||||||||||||||
Exchange differences on translating foreign operations
|
-
|
-
|
n.m.
|
-
|
(54
|
)
|
-100.0
|
%
|
||||||||||||||||
Cash flow hedges
|
93
|
(2
|
)
|
n.m.
|
198
|
(20
|
)
|
n.m.
|
||||||||||||||||
Total other comprehensive income (loss)
|
785
|
223
|
252.4
|
%
|
1,899
|
482
|
294.0
|
%
|
||||||||||||||||
TOTAL COMPREHENSIVE INCOME
|
||||||||||||||||||||||||
Net Profit (loss) for the period attributable to:
|
665
|
207
|
221.2
|
%
|
1,591
|
491
|
223.9
|
%
|
||||||||||||||||
Owners of the Company
|
27
|
18
|
51.1
|
%
|
110
|
11
|
909.9
|
%
|
||||||||||||||||
Non-controlling interests
|
692
|
225
|
207.7
|
%
|
1,700
|
502
|
238.7
|
%
|
||||||||||||||||
NET PROFIT FOR THE YEAR
|
||||||||||||||||||||||||
Net Profit (loss) for the period attributable to:
|
713
|
205
|
247.8
|
%
|
1,692
|
471
|
259.1
|
%
|
||||||||||||||||
Owners of the Company
|
27
|
18
|
51.1
|
%
|
207
|
11
|
1.806.1
|
%
|
||||||||||||||||
Non-controlling interests
|
740
|
223
|
232.0
|
%
|
1,899
|
482
|
294.0
|
%
|
||||||||||||||||
TOTAL COMPREHENSIVE INCOME
|
1.14
|
0.37
|
210.3
|
%
|
2,79
|
0,87
|
221.1
|
%
|
||||||||||||||||
Earnings per share (basic and diluted):
|
4,452
|
2,834
|
57.1
|
%
|
15,287
|
9.874
|
54.8
|
%
|
||||||||||||||||
Table 10: Consolidated Statement of Cash Flows for the year Ended December 31, 2017 and 2016
|
||||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||||
|
Year ended December 31,
|
|||||||
|
2017
|
2016
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net profit for the year
|
1,700
|
502
|
||||||
Adjustments to reconcile net profit to net cash provided by operating activities
|
||||||||
Income tax expense
|
586
|
258
|
||||||
Depreciation and amortization
|
626
|
509
|
||||||
Provisions
|
61
|
36
|
||||||
Interest
|
533
|
595
|
||||||
Share of profit (loss) of associates
|
-
|
(37
|
)
|
|||||
Investment income recognized in profit
|
261
|
272
|
||||||
Exchange rate differences
|
(8
|
)
|
(112
|
)
|
||||
Gain on disposal of Property, plant and equipment
|
(6
|
)
|
(31
|
)
|
||||
Changes in operating assets and liabilities
|
||||||||
Inventories
|
(88
|
)
|
(562
|
)
|
||||
Other receivables
|
41
|
(141
|
)
|
|||||
Trade accounts receivable
|
(535
|
)
|
(165
|
)
|
||||
Advances from customers
|
99
|
33
|
||||||
Accounts payable
|
133
|
450
|
||||||
Salaries and social security payables
|
160
|
113
|
||||||
Provisions
|
(32
|
)
|
(17
|
)
|
||||
Tax liabilities
|
(17
|
)
|
57
|
|||||
Other liabilities
|
(12
|
)
|
19
|
|||||
Income tax paid
|
(285
|
)
|
(167
|
)
|
||||
Net cash generated by operating activities
|
3,220
|
1,613
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Proceeds from disposal of Property, plant and equipment
|
14
|
22
|
||||||
Payments to acquire Property, plant and equipment
|
(1,246
|
)
|
(643
|
)
|
||||
Payments to acquire Intangible Assets
|
(28
|
)
|
(26
|
)
|
||||
Interest received
|
-
|
208
|
||||||
Contributions to F.F.F.S.F.I.
|
(28
|
)
|
(24
|
)
|
||||
Cash from business combination under common control
|
30
|
-
|
||||||
Net cash used in investing activities
|
(1,258
|
)
|
(463
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Proceeds from borrowings
|
2,928
|
1,597
|
||||||
Interest paid
|
(532
|
)
|
(601
|
)
|
||||
Dividends paid
|
(443
|
)
|
(853
|
)
|
||||
Repayment of borrowings
|
(3,522
|
)
|
(840
|
)
|
||||
Proceeds from initial public offering, net of issuance costs
|
1,867
|
-
|
||||||
Net cash generated by (used in) financing activities
|
298
|
(697
|
)
|
|||||
Net increase in cash and cash equivalents
|
2,260
|
453
|
||||||
Cash and cash equivalents at the beginning of the year
|
803
|
328
|
||||||
Effects of the exchange rate differences on cash and cash equivalents in foreign currency
|
116
|
22
|
||||||
Cash and cash equivalents at the end of the year
|
3,180
|
803
|
Table 11: Financial Data by Segment
|
||||||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||||||||||||
|
Year ended December 31,
|
|||||||||||||||
|
2017
|
%
|
2016
|
%
|
||||||||||||
Net revenue
|
15,287
|
100.0
|
%
|
9,874
|
100.0
|
%
|
||||||||||
Cement, masonry cement and lime—Argentina
|
11,649
|
76.2
|
%
|
8,314
|
84.2
|
%
|
||||||||||
Cement—Paraguay
|
1,153
|
7.5
|
%
|
-
|
0.0
|
%
|
||||||||||
Concrete
|
1,903
|
12.5
|
%
|
1,045
|
10.6
|
%
|
||||||||||
Railroad
|
1,608
|
10.5
|
%
|
1,224
|
12.4
|
%
|
||||||||||
Aggregates
|
261
|
1.7
|
%
|
189
|
1.9
|
%
|
||||||||||
Others
|
133
|
0.9
|
%
|
76
|
0.8
|
%
|
||||||||||
Eliminations
|
(1,421
|
)
|
-9.3
|
%
|
(973
|
)
|
-9.9
|
%
|
||||||||
Cost of sales
|
10,850
|
100.0
|
%
|
7,265
|
100.0
|
%
|
||||||||||
Cement, masonry cement and lime—Argentina
|
7,986
|
73.6
|
%
|
6,046
|
83.2
|
%
|
||||||||||
Cement—Paraguay
|
803
|
7.4
|
%
|
-
|
0.0
|
%
|
||||||||||
Concrete
|
1,795
|
16.5
|
%
|
968
|
13.3
|
%
|
||||||||||
Railroad
|
1,352
|
12.5
|
%
|
1,012
|
13.9
|
%
|
||||||||||
Aggregates
|
267
|
2.5
|
%
|
177
|
2.4
|
%
|
||||||||||
Others
|
67
|
0.6
|
%
|
36
|
0.5
|
%
|
||||||||||
Eliminations
|
(1,421
|
)
|
-13.1
|
%
|
(973
|
)
|
-13.4
|
%
|
||||||||
Selling, admin. expenses and other gains & losses
|
1,120
|
100.0
|
%
|
805
|
100.0
|
%
|
||||||||||
Cement, masonry cement and lime—Argentina
|
851
|
75.9
|
%
|
726
|
90.1
|
%
|
||||||||||
Cement—Paraguay
|
44
|
3.9
|
%
|
-
|
0.0
|
%
|
||||||||||
Concrete
|
78
|
7.0
|
%
|
49
|
6.1
|
%
|
||||||||||
Railroad
|
105
|
9.4
|
%
|
(4
|
)
|
-0.5
|
%
|
|||||||||
Aggregates
|
4
|
0.4
|
%
|
5
|
0.6
|
%
|
||||||||||
Others
|
38
|
3.4
|
%
|
29
|
3.6
|
%
|
||||||||||
Depreciation and amortization
|
626
|
100.0
|
%
|
509
|
100.0
|
%
|
||||||||||
Cement, masonry cement and lime—Argentina
|
343
|
54.7
|
%
|
433
|
85.0
|
%
|
||||||||||
Cement—Paraguay
|
171
|
27.3
|
%
|
-
|
0.0
|
%
|
||||||||||
Concrete
|
25
|
3.9
|
%
|
12
|
2.5
|
%
|
||||||||||
Railroad
|
75
|
12.0
|
%
|
55
|
10.8
|
%
|
||||||||||
Aggregates
|
11
|
1.7
|
%
|
7
|
1.4
|
%
|
||||||||||
Others
|
2
|
0.4
|
%
|
2
|
0.4
|
%
|
||||||||||
Adjusted EBITDA
|
3,942
|
100.0
|
%
|
2,350
|
100.0
|
%
|
||||||||||
Cement, masonry cement and lime—Argentina
|
3,155
|
80.0
|
%
|
1,975
|
84.1
|
%
|
||||||||||
Cement—Paraguay
|
477
|
12.1
|
%
|
-
|
0.0
|
%
|
||||||||||
Concrete
|
55
|
1.4
|
%
|
40
|
1.7
|
%
|
||||||||||
Railroad
|
225
|
5.7
|
%
|
271
|
11.5
|
%
|
||||||||||
Aggregates
|
1
|
0.0
|
%
|
15
|
0.6
|
%
|
||||||||||
Others
|
30
|
0.8
|
%
|
13
|
0.5
|
%
|
||||||||||
Share of profit (loss) of associates
|
-
|
0.0
|
%
|
37
|
1.6
|
%
|
||||||||||
Reconciling items:
|
||||||||||||||||
Depreciation and amortization
|
(626
|
)
|
(509
|
)
|
||||||||||||
Tax on debits and credits banks accounts
|
(188
|
)
|
(140
|
)
|
||||||||||||
Finance costs, net
|
(842
|
)
|
(941
|
)
|
||||||||||||
Income tax
|
(586
|
)
|
(258
|
)
|
||||||||||||
NET PROFIT FOR THE YEAR
|
1,700
|
502
|
SIGNATURES
|
Loma Negra Compañía Industrial Argentina Sociedad Anónima | |||
Date: March 8, 2018
|
By:
|
/s/ Marcos I. Gradin | |
Name: | Marcos I. Gradin | ||
Title: | Chief Financial Officer | ||
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