0001157523-18-001791.txt : 20180809 0001157523-18-001791.hdr.sgml : 20180809 20180809171319 ACCESSION NUMBER: 0001157523-18-001791 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20180809 FILED AS OF DATE: 20180809 DATE AS OF CHANGE: 20180809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Loma Negra Compania Industrial Argentina Sociedad Anonima CENTRAL INDEX KEY: 0001711375 STANDARD INDUSTRIAL CLASSIFICATION: CEMENT, HYDRAULIC [3241] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38262 FILM NUMBER: 181006313 BUSINESS ADDRESS: STREET 1: RECONQUISTA 1088, 7TH FLOOR CITY: BUENOS AIRES STATE: C1 ZIP: C1003ABQ BUSINESS PHONE: 54 114-319-3000 MAIL ADDRESS: STREET 1: RECONQUISTA 1088, 7TH FLOOR CITY: BUENOS AIRES STATE: C1 ZIP: C1003ABQ 6-K 1 a51850896.htm LOMA NEGRA CORP. 6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
_______________
 
FORM 6‑K
 _______________

REPORT OF FOREIGN PRIVATE ISSUER
 
Pursuant to Rule 13a-16 or 15d-16 under the
 Securities Exchange Act of 1934
 
For the month of August, 2018
 
Commission File Number: 001-38262
_______________
 
LOMA NEGRA COMPAÑÍA INDUSTRIAL ARGENTINA
SOCIEDAD ANÓNIMA
(Exact Name of Registrant as Specified in its Charter)
 
LOMA NEGRA CORPORATION
(Translation of Registrant’s name into English)
_______________
 
Cecilia Grierson 355, 3th Floor
Zip Code 1107 – Capital Federal
Republic of Argentina
(Address of principal executive offices)
_______________
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F  ☒    Form 40-F  ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐
 
 
Table of Contents
 
Item
  
Description
1
  
Press release, dated August 9, 2018, announcing second quarter 2018 results for Loma Negra C.I.A.S.A


 
 
 
Loma Negra Reports 2Q18 Results


 
Buenos Aires, August 9, 2018 – Loma Negra, (NYSE: LOMA; BYMA: LOMA), (“Loma Negra” or the “Company”), the leading cement producer in Argentina, today announced results for the three and six-month periods ended June 30, 2018.
 
2Q18 Key Highlights
 
§
Net revenue up 37.2% YoY to Ps.4,757 million (US$202 million) mainly driven by growth in core business Cement, masonry & lime in Argentina and Concrete
§
Argentina Cement, masonry & lime net revenues up 33.4% despite relatively flat sales volumes
§
Consolidated Adjusted EBITDA rose 26.9% YoY to Ps.1,153 million (US$49 million), mainly driven by the 36.6% increase in Adjusted EBITDA from the Cement, masonry, and lime segment in Argentina to Ps. 982 million (US$42 million).
§
Adjusted EBITDA margin of the Cement, masonry, and lime segment in Argentina expanded by 65 basis points YoY to 28.0%, while consolidated Adjusted EBITDA margin contracted by 197 basis points from 26.2% to 24.2%.
§
Net Debt /LTM Adjusted EBITDA ratio of 0.83x from 1.44x in 2Q17 and 0.3x in FY17
 
 
Commenting on the financial and operating performance for the second quarter of 2018, Sergio Faifman, Loma Negra’s Chief Executive Officer, noted: “Our core business, Cement  in Argentina, continued to deliver a solid performance, posting both revenue growth and EBITDA margin expansion despite the current challenging macroeconomic environment in the country.  This was achieved despite relatively flat volumes year-on-year, as we continue with our strategy of balancing profitability and market position. Sustained growth in concrete volume demand, by contrast, was supported by ongoing implementation of public infrastructure projects in our key markets.”
 
“As such, despite the improving margins in our core business, the consolidated Adjusted EBITDA margin contracted in the period, mainly reflecting a poor railway performance and strong growth of the lower margin concrete business.”
 
“Looking ahead, we remain cautiously optimistic with the outlook of the cement demand in Argentina. Despite the potential impact of an adverse macro environment in the second half of the year, and given current market conditions, we believe the industry could reach similar record volumes achieved last year.”
 
“We also have confidence in the long-term prospects for our business, supported by our leading market position and strong balance sheet, and we continue to move ahead and make progress with the expansion of our L’Amalí plant that will drive profitability gains and provide additional capacity.”
 
 
Table 1: Financial Highlights
(amounts expressed in millions of pesos, unless otherwise noted)
 
Three-months ended    
June 30,
 
Six-months ended      
 June 30, 
 
2018
2017
% Chg.
 
2018
2017
% Chg.
Net revenue
4,757
3,467
37.2%
  
9,291
6,669
39.3%
Gross Profit
1,331
1,035
28.5%
  
2,631
1,978
33.0%
Gross Profit margin
28.0%
29.9%
-189bps
  
28.3%
29.7%
-133bps
Adjusted EBITDA
1,153
909
26.9%
  
2,319
1,738
33.4%
Adjusted EBITDA Mg.
24.2%
26.2%
-197bps
  
25.0%
26.1%
-110bps
Net Profit 
178
293
-39.3%
  
727
692
5.0%
Net Profit attributable to owners of the Company
179
276
-35.0%
  
706
630
11.9%
EPS
0.3010
0.4878
-38.3%
  
1.1838
1.1135
6.3%
Shares outstanding at eop1
596
566
5.3%
  
596
566
5.3%
Net Debt
3,772
4,446
-15.2%
  
3,772
4,446
-15.2%
Net Debt /LTM Adjusted EBITDA
0.83x
1.44x
-0.61x
  
0.83x
1.44x
-0.61x
1After IPO total Shares outstanding are 596 million
 
 
Table 1b: Financial Highlights in U.S. dollars
(amounts expressed in millions of U.S. dollars, unless otherwise noted)
 
Three-months ended    
June 30,
 
Six-months ended       
June 30, 
 
2018
2017
% Chg.
 
2018
2017
% Chg.
Ps./US$, av
23.54
15.74
49.5%
  
21.61
15.71
37.5%
Ps./US$, eop
28.86
16.60
73.9%
  
28.86
16.60
73.9%
Net revenue
202
220
-8.2%
  
430
424
1.3%
Adjusted EBITDA
49
58
-15.1%
  
107
111
-3.0%
Net Profit
8
19
-59.4%
  
34
44
-23.6%
Net Debt
131
268
-51.2%
  
131
268
-51.2%
Net Debt /LTM Adjusted EBITDA
0.83x
1.44x
-0.61x
  
0.83x
1.44x
-0.61x

 
Overview of Operations
Sales Volumes
 
 
Table 2: Sales Volumes2
  
                 
 
 
Three-months ended
 June 30,
 
Six-months ended
 June 30, 
 
 
2018
2017
% Chg.
 
2018
2017
% Chg.
Cement, masonry & lime
                
Argentina 
MM Tn
1.49
1.50
-0.6%
  
3.07
2.94
4.4%
Paraguay 
MM Tn
0.13
0.13
-2.4%
  
0.27
0.28
-3.9%
Cement, masonry & lime total 
1.61
1.62
-0.7%
  
3.34
3.22
3.7%
Argentina:
                
Concrete
MM m3
0.25
0.20
23.7%
  
0.50
0.38
33.5%
Railroad
MM Tn
1.16
1.23
-6.1%
  
2.32
2.46
-5.5%
Aggregates
MM Tn
0.25
0.27
-7.4%
 
0.54
0.51
6.6%
2Sales volumes include inter-segment sales

The challenging macroenviorenment in 2Q18 prevented sales volumes of cement, masonry and lime in Argentina to grow, remaining almost flat YoY at 1.49 million tons. Sales volumes in Paraguay fell 2.4% in the period to 0.13 million tons, mainly due to the high utilization rate and the lower inventory levels compared to the prior year.  As a result, consolidated total sales volumes of cement, masonry and lime for the quarter  decreased 0.7% YoY to 1.61 million tons.
 
Concrete volumes in Argentina, increased 23.7% YoY to 0.25  million m3 mainly driven by a good progress in public infrastructure works, principally in the metropolitan area of Buenos Aires.
 
In 2Q18, aggregate volumes declined 7.4% YoY to 0.25 million tons. This also affected volumes at Ferrosur, which declined 6.1% to 1.16 million tons principally reflecting lower transported volumes of own and third-party aggregates.
 
 
Review of Financial Results
 
Table 3: Consolidated Statement of Financial Position
(amounts expressed in millions of pesos, unless otherwise noted)
          
 
Three-months ended June 30,
 
Six-months ended June 30, 
 
2018
2017
% Chg.
 
2018
2017
% Chg.
Net revenue 
4,757
3,467
37.2%
  
9,291
6,669
39.3%
Cost of sales 
(3,426)
(2,432)
40.9%
  
(6,659)
(4,691)
41.9%
Gross Profit 
1,331
1,035
28.5%
  
2,631
1,978
33.0%
Selling and administrative expenses 
(365)
(273)
33.6%
  
(692)
(542)
27.7%
Other gains and losses 
(8)
1
n/a
  
(4)
1
-381.1%
Tax on debits and credits to bank accounts 
(31)
(39)
-20.6%
  
(96)
(79)
21.3%
Finance costs, net
              
Exchange rate differences 
(515)
(130)
295.3%
  
(625)
(43)
1348.4%
Financial income 
63
16
295.1%
  
171
20
768.5%
Financial expenses 
(219)
(178)
22.7%
  
(368)
(320)
15.1%
Profit before taxes 
256
432
-40.6%
  
1,018
1,015
0.3%
Income tax expense
              
Current 
5
(130)
-103.6%
  
(195)
(312)
-37.5%
Deferred 
(83)
(9)
781.2%
  
(97)
(11)
752.1%
Net profit 
178
293
-39.3%
  
727
692
5.0%
Net majority income
179
276
-35.0%
  
706
630
11.9%

 
Net Revenues
 
Net revenue increased 37.2% to Ps.4,757 million in 2Q18, from Ps.3,467 million in the comparable quarter last year, mainly driven by revenue growth in the Cement, masonry and lime segments in Argentina and Paraguay, and further supported by continued growth in the Concrete segment.
 
Cement, masonry and lime revenues in Argentina were up 33.4% YoY, to Ps.3,503 million despite volumes remaining almost flat. Cement revenues in Paraguay increased 49.2%, reaching Ps.369 million in the quarter as the 2.4% YoY decline in volume was more than offset by Paraguayan Guarani appreciation against the Argentine peso and better local pricing.
 
Concrete revenues rose 80.3% YoY to Ps.790 million driven by volume growth and higher prices. In addition, Railroad revenues rose 24.9% to Ps.485 million, slightly below inflation mainly reflecting lower transported volumes, partially compensated by higher prices. Aggregates revenues were up 6.0% to Ps.69 million during the period, reflecting a 7,4% decline in volumes and a significantly higher share of FOB sales in the quarter.
 
Cost of sales increased 40.9% YoY reaching Ps.3,426 million in 2Q18. In Cement, masonry and lime in Argentina cost of sales increased 31.7% YoY, principally reflecting the impact of the peso depreciation on the Company’s cost structure, mainly in thermal and electricity costs.
 
Gross profit rose 28.5% YoY to Ps.1,331 million in the second quarter of 2018 from Ps.1,035 million in same quarter of last year, with gross profit margin contracting 189 basis points YoY to 28.0%. The Cement, masonry and lime segment in Argentina reported an YoY improvement of 88 basis points in gross margin reaching 33.4%, that was more than offset by lower transported volumes in the Railroad segment, robust growth in the lower-margin Concrete segment, and a slight decrease in gross profit of the Cement segment in Paraguay.
 
 
Selling and Administrative Expenses
 
Selling and administrative expenses (SG&A) in 2Q18 rose 33.6% YoY to Ps.365 million, from Ps.273 million in 2Q17, affected by expenses resulting from the obligations of beigna publicly listed company. Notwithstanding, as a percentage of revenues, SG&A declined 20 basis points to 7.7% in 2Q18 from 7.9% in 2Q17 principally due to higher cost dilution along with a reduction in the effective sales tax rate.
 
 
Adjusted EBITDA & Margin
 
Table 4: Adjusted EBITDA Reconciliation & Margin
  
(amounts expressed in millions of pesos, unless otherwise noted)
  
 
  
Three-months ended
June 30,
  
 
Six-months ended
June 30,
 
 
  
2018
    
2017
    
% Chg.
  
 
2018
    
2017
    
% Chg.
  
Adjusted EBITDA reconciliation:
                                  
Net profit 
    
178
      
293
      
-39.3
%
    
727
      
692
      
5.0
%
(+) Financial interest, net  
    
124
      
151
      
-18.1
%
    
139
      
266
      
-47.7
%
(+) Income tax expense 
    
79
      
139
      
-43.5
%
    
292
      
323
      
-9.8
%
(+) Depreciation and amortization 
    
195
      
145
      
34.0
%
    
384
      
301
      
27.6
%
(+) Exchange rate differences
    
515
      
130
      
295.3
%
    
625
      
43
      
1348.4
%
(+) Other financial expenses, net
    
32
      
11
      
189.1
%
    
58
      
35
      
68.0
%
(+) Tax on debits and credits to bank accounts
    
31
      
39
      
-20.6
%
    
96
      
79
      
21.3
%
Adjusted EBITDA 
    
1,153
      
909
      
26.9
%
    
2,319
      
1,738
      
33.4
%
Adjusted EBITDA Margin 
    
24.2
%
    
26.2
%
  
-197
 bps     
25.0
%
    
26.1
%
  
-110
 bps

 
Adjusted EBITDA increased 26.9% year-over-year in the second quarter of 2018 to Ps.1,153 million, mainly driven by the Cement segments in Argentina and Paraguay.
 
Adjusted EBITDA Margin, however, declined 197 basis points to 24.2% compared to 26.2% in 2Q17, mostly as a result a poor Railroad segment performance and strong growth in lower margin-Concrete revenues during the period.
 
Adjusted EBITDA for the Cement segment in Argentina, which represented 85% of the consolidated adjusted EBITDA in 2Q18, increased 36.6% YoY to Ps.982 million. Adjusted EBITDA margin expanded 65 basis points to 28.0% during the period.
 
The Cement segment in Paraguay, reported a 33.7% increase in Adjusted EBITDA reaching Ps.125 million, while the  Adjusted EBITDA margin contracted 395 basis points to 33.9%, due to a temporary purchase of third-party clinker. Furthermore, while the Concrete segment reported a 49.2% increase in Adjusted EBITDA reaching Ps.27 million, the Adjusted EBITDA margin contracted 71 basis points.
 
By contrast, Adjusted EBITDA for the Railroad segment fell 76.4% to Ps.16 million in the second quarter of 2018, with Adjusted EBITDA margin contracting to 3.2% from 17.1% in 2Q17 as a result of lower dilution of fixed costs primarily due to a decline in transported volumes of aggregates.
 
 
Finance Costs-Net
 
Table 5: Finance Costs-Net
       
(amounts expressed in millions of pesos, unless otherwise noted)
                          
 
  
Three-months ended
June 30,
    
Six-months ended
June 30,
 
 
  
2018
    
2017
    
% Chg.
    
2018
    
2017
    
% Chg.
  
                                     
Exchange rate differences 
    
(515
)
    
(130
)
    
295.3
%
    
(625
)
    
(43
)
    
1348.4
%
Financial income 
    
63
      
16
      
295.1
%
    
171
      
20
      
768.5
%
Financial expenses 
    
(219
)
    
(178
)
    
22.7
%
    
(368
)
    
(320
)
    
15.1
%
Total Finance Costs-Net
    
(671
)
    
(292
)
    
129.3
%
    
(822
)
    
(343
)
    
139.4
%

 
During 2Q18, total finance costs-net increased by 129.3% YoY to Ps.671 million, principally as a result of higher foreign exchange differences, resulting from the peso depreciation in the period.
 
In 2Q18, the Company reported foreign exchange loss of Ps.515 million, mostly driven by non-cash losses, as a result of the 43.3% peso depreciation in the net debt position in foreign currency, as compared to a Ps.130 million loss in 2Q17 when the peso depreciated 7.9%.
 
Net Financial expense, decreased by Ps.7 million as a result of increases in both the cash balance and interest rates.
 
 
Net Profit and Net Profit Attributable to Owners of the Company
 
Net Profit for the second quarter of 2018, decreased 39,3% to Ps.178 million from Ps.293 million in 2Q17. The effective tax rate declined to 30.7% in 2Q18 from 32.2% in the year-ago period, as a result of the adjustment in deferred taxes in Argentina from the Tax Reform enacted on December 2017 which reduced the income tax rate from 35% to 30% in 2018 and 2019, and to 25% thereafter.
 
Net Profit Attributable to Owners of the Company declined 35% YoY, or Ps.97 million, to Ps.179 million in 2Q18. During the quarter, the Company reported earnings per common share of Ps.0.3010 and earnings per ADR of Ps.1.5500, compared with earnings per share of Ps.0.4878 and earnings per ADR of Ps.2.4390 in 2Q17.
 
 
Capitalization
 
Table 6: Capitalization and Debt Ratio
      
(amounts expressed in millions of pesos, unless otherwise noted)
    
 
As of June 30,
 
As of FY ended
December,
 
2018
2017
 
2017
         
Total Debt
5,390
4,744
  
4,364
- Short-Term Debt
2,872
3,017
  
1,760
- Long-Term Debt
2,518
1,728
  
2,604
Cash and Cash Equivalents
1,618
298
  
3,180
Total Net Debt
3,772
4,446
  
1,184
Shareholders' Equity
5,690
1,383
  
4,416
Capitalization
11,080
6,128
  
8,780
LTM Adjusted EBITDA
4,523
3,083
  
3,942
Net Debt /LTM Adjusted EBITDA
0.83x
1.44x
  
0.30x
 
 
As of June 30, 2018, total cash and cash equivalents were Ps.1,618 million down from Ps.3,180 million as of the end of 2017 mainly due to increased capex investments along with seasonally higher working capital needs. Total debt at the close of the quarter was Ps.5,390 million, composed by Ps.2,872 million in short-term borrowings, including the current portion of long-term borrowings (or 53% of total borrowings), and Ps.2,518 million in long-term borrowings (or 47% of total borrowings).
 
As of June 30, 2018, 38.5%, or Ps.2,077 million, Loma Negra’s total debt was denominated in U.S. dollars, 39.6% (or Ps.2,135 million) in Guaraníes, and 21.9% (or Ps.1,178 million) in Argentine pesos, with an average duration of 1.9 years.
 
At the close of 2Q18, Ps.2,895 million, or 53.7%, of the Company’s total consolidated borrowings bore interest at floating rates, including Ps.205 million of Peso-denominated borrowings that bore interest at rates based on the Buenos Aires Deposits of Large Amount Rate, or BADLAR, Ps.2,033 million of foreign currency-denominated borrowings that bore interest at rates based on Libor, and Ps.657 million of borrowings with other floating interest rate.
 
The Net Debt to Adjusted EBITDA (LTM) ratio declined to 0.83x in 2Q18 from 1.44x as of June 30, 2017 reflecting the IPO proceeds and the use of funds in operations and investing activities.
 
 
Cash Flows
 
Table 7: Condensed Interim Consolidated Statement of Cash Flows for the Six-months and Three-months
 Ended June 30, 2018 and 2017
  
(amounts expressed in millions of pesos, unless otherwise noted)
                        
 
  
Three-months ended June 30,
    
Six-months ended June 30,
  
 
  
2018
    
2017
    
2018
    
2017
  
CASH FLOWS FROM OPERATING ACTIVITIES
                        
Net profit for the period
    
178
      
293
      
727
      
692
  
Adjustments to reconcile net profit to net cash provided by operating activities
    
887
      
557
      
1,504
      
945
  
                                 
Changes in operating assets and liabilities:
    
(999
)
    
(377
)
    
(2,078
)
    
(1,079
)
Net cash generated by operating activities
    
66
      
473
      
153
      
558
  
                                 
CASH FLOWS FROM INVESTING ACTIVITIES
                                
Property, plant and equipment, Intangible Assets, net
    
(461
)
    
(207
)
    
(1,314
)
    
(676
)
Others
    
(10
)
    
(40
)
    
(19
)
    
(13
)
                                 
Net cash used in investing activities
    
(471
)
    
(247
)
    
(1,334
)
    
(689
)
                                 
CASH FLOWS FROM FINANCING ACTIVITIES
                                
Proceeds / Repayments from borrowings, Interest paid
    
(634
)
    
211
      
(790
)
    
25
  
Dividends paid
    
-
      
(442
)
    
-
      
(442
)
                                 
Net cash (used in) generated by financing activities
    
(634
)
    
(232
)
    
(790
)
    
(417
)
                                 
Net decrease in cash and cash equivalents
    
(1,039
)
    
(6
)
    
(1,971
)
    
(547
)
Cash and cash equivalents at the beginning of the year
    
2,294
      
265
      
3,180
      
803
  
Effects of the exchange rate differences on cash and cash equivalents in foreign currency
    
363
      
38
      
410
      
15
  
                                 
Cash and cash equivalents at the end of the period
    
1,618
      
298
      
1,618
      
298
  
 
 
During the six-month period ended June 30, 2018, total capital expenditures were Ps.1,314 million, 52% directed to the expansion of production capacity of L´Amalí plant. Cash flow generated by operating activities as of June 30, 2018 was Ps.153 million compared to Ps.558 million in the year ago period explained mainly by higher working capital needs this quarter, mainly regarding inventories higher replacement cost and maintenance stoppage schedule requirements.
 
 
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 of approximately US$350 million, and is expected to be completed early 2020.
 
For this project, the Company contracted Sinoma International Engineering Co. Ltd. (“Sinoma”) for the construction of the new cement production line with a capacity of 5,800 tons per day of clinker. The agreement includes the engineering, provision and shipment of all the equipment for the plant and its construction.
 
Basic engineering of the new plant and study of soil in situ was completed in 4Q17. The Company continued to make progress with overall project execution during the quarter. First equipments are to arrive before 2018YE. The local manufacturer for the steel structure was contracted. Electromechanical construction works are under final selection process. Civil works for major equipment remain on schedule. Additions to Property, Plant and Equipment related to this project during 2Q18 amounted to Ps.154 million.
 
 
Recent Events

Argentina to become Hyperinflationary economy
Inflation indices of Argentina were released showing a three-year cumulative rate in excess of 100 percent, indicating that the Argentinian economy is, as defined by IAS 29, hyperinflationary.
In light of the stated preferences in IAS 29 that all entities apply inflation accounting from the same time and using the same general price index, the use of inflation accounting will be applied in respect of Argentinian peso functional operations for periods ending after July 1st,  2018.
The Company is evaluating the effects on the interim financial statements which will be considered for subsequent reporting periods

 
2Q18 Earnings Conference Call
 
When:
10:00 a.m. U.S. ET (11:00 a.m. BAT), August 10, 2018
 
Dial-in:
0800-444-2930 (Argentina), 1-866-807-9684 (U.S.), 1-866-605-3852 (Canada), 1-412-317-5415 (International)
 
Password:
Loma Negra Earnings Call
 
Webcast:
https://services.choruscall.com/links/loma180810rmgzeNa5.html
 
Replay:
A telephone replay of the conference call will be available between August 10, 2018 at 1:00 pm U.S. E.T. and ending on August 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 10122124. 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. 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.  The Company also owns a 51% equity stake in an integrated cement production plant in Paraguay, which is one of two leading cement producers in that country.  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.

 
Disclaimer
 This release contains forward-looking statements within the meaning of federal securities law that are subject to risks and uncertainties.  These statements are only predictions based upon our current expectations and projections about possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives.  In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “seek,” “forecast,” or the negative of these terms or other similar expressions.  The forward-looking statements are based on the information currently available to us.  There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including, among others things: changes in general economic, political, governmental and business conditions globally and in Argentina, changes in inflation rates, fluctuations in the exchange rate of the peso, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy and various other factors. You should not rely upon forward-looking statements as predictions of future events.  Although we believe in good faith that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur.  Any or all of Loma Negra’s forward-looking statements in this release may turn out to be wrong.  You should consider these forward-looking statements in light of other factors discussed under the heading “Risk Factors” in the prospectus filed with the Securities and Exchange Commission on October 31, 2017 in connection with Loma Negra’s initial public offering.  Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations.
 
 
 
IR Contacts
Marcos I. Gradin, Chief Financial Officer and Investor Relations
 
Gastón Pinnel, Investor Relations Manager
+54-11-4319-3050
investorrelations@lomanegra.com
 
--- Financial Tables Follow ---
 
 
Table 8: Condensed Interim Consolidated Statements of Financial Position as of June 30, 2018 and December 31, 2017 (Unaudited)
  
(amounts expressed in millions of pesos, unless otherwise noted)
  
 
  
As of June 30,
    
As of December 31,
  
 
  
2018
    
2017
  
ASSETS
            
Non-Current assets
            
Property, plant and equipment
    
7,482
      
5,979
  
Intangible assets
    
72
      
75
  
Investments
    
0
      
0
  
Goodwill
    
39
      
39
  
Inventories
    
266
      
215
  
Other receivables
    
-
      
145
  
Trade accounts receivable
    
625
      
-
  
Total non-current assets
    
8,486
      
6,454
  
Current assets
                
Inventories
    
2,777
      
1,834
  
Other receivables
    
436
      
242
  
Trade accounts receivable
    
1,697
      
1,263
  
Investments
    
1,250
      
2,991
  
Cash and banks
    
368
      
189
  
Total current assets
    
6,528
      
6,519
  
TOTAL ASSETS
    
15,014
      
12,972
  
SHAREHOLDERS' EQUITY
                
Capital stock and other capital related accounts
    
1,922
      
1,922
  
Reserves
    
1,650
      
59
  
Retained earnings
    
706
      
1,591
  
Accumulated other comprehensive income
    
530
      
250
  
Equity attributable to the owners of the Company
    
4,807
      
3,823
  
Non-controlling interests
    
883
      
593
  
TOTAL SHAREHOLDERS' EQUITY
    
5,690
      
4,416
  
LIABILITIES
                
Non-current liabilities
                
Borrowings
    
2,518
      
2,604
  
Accounts payable
    
85
      
71
  
Provisions
    
196
      
161
  
Tax liabilities
    
-
      
0
  
Other liabilities
    
14
      
16
  
Deferred tax liabilities
    
330
      
229
  
Total non-current liabilities
    
3,142
      
3,082
  
Current liabilities
                
Borrowings
    
2,872
      
1,760
  
Accounts payable
    
2,336
      
2,362
  
Advances from customers
    
156
      
206
  
Salaries and social security payables
    
430
      
542
  
Tax liabilities
    
359
      
573
  
Other liabilities
    
29
      
32
  
Total current liabilities
    
6,181
      
5,474
  
TOTAL LIABILITIES
    
9,324
      
8,556
  
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
    
15,014
      
12,972
  
 
 
Table 9: Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income for the six months ended June 30, 2018 and 2017 (Unaudited)
  
(amounts expressed in millions of pesos, unless otherwise noted)
                    
 
  
Three-months ended
June 30,
    
Six-months ended
June 30,
  
 
  
2018
    
2017
    
% Change
    
2018
    
2017
    
% Change
  
Net revenue
    
4,757
      
3,467
      
37.2
%
    
9,291
      
6,669
      
39.3
%
Cost of sales
    
(3,426
)
    
(2,432
)
    
40.9
%
    
(6,659
)
    
(4,691
)
    
41.9
%
Gross profit
    
1,331
      
1,035
      
29
%
    
2,631
      
1,978
      
33
%
                                                 
Selling and administrative expenses
    
(365
)
    
(273
)
    
33.6
%
    
(692
)
    
(542
)
    
27.7
%
Other gains and losses
    
(8
)
    
1
      
n/a
      
(4
)
    
1
      
-381.1
%
Tax on debits and credits to bank accounts
    
(31
)
    
(39
)
    
-20.6
%
    
(96
)
    
(79
)
    
21.3
%
Finance costs, net
                                                
Exchange rate differences
    
(515
)
    
(130
)
    
295.3
%
    
(625
)
    
(43
)
    
1348.4
%
Financial income
    
63
      
16
      
295.1
%
    
171
      
20
      
768.5
%
Financial expenses
    
(219
)
    
(178
)
    
22.7
%
    
(368
)
    
(320
)
    
15.1
%
Profit before taxes
    
256
      
432
      
-41
%
    
1,018
      
1,015
      
0
%
Income tax expense
                                                
Current
    
5
      
(130
)
    
-103.6
%
    
(195
)
    
(312
)
    
-37.5
%
Deferred
    
(83
)
    
(9
)
    
781.2
%
    
(97
)
    
(11
)
    
752.1
%
Net profit
    
178
      
293
      
-39
%
    
727
      
692
      
5
%
                                                 
Other Comprehensive Income
                                                
Items to be reclassified through profit and loss:
                                                
Exchange differences on translating foreign operations
    
464
      
4
      
n/a
      
548
      
21
      
2517.1
%
Cash flow hedges1
    
-
      
-
      
n/a
      
-
      
-
      
n/a
  
Total other comprehensive (loss) income
    
464
      
4
      
n/a
      
548
      
21
      
n/a
  
TOTAL COMPREHENSIVE INCOME
    
642
      
296
      
n/a
      
1,274
      
713
      
n/a
  
Net Profit (loss) for the period attributable to:
                                                
Owners of the Company
    
179
      
276
      
-35.0
%
    
706
      
630
      
11.9
%
Non-controlling interests
    
(2
)
    
17
      
n/a
      
21
      
62
      
n/a
  
NET PROFIT FOR THE PERIOD
    
178
      
293
      
-39.3
%
    
727
      
692
      
5.0
%
Total comprehensive income (loss) attributable to:
                                                
Owners of the Company
    
416
      
288
      
44.3
%
    
985
      
651
      
51.2
%
Non-controlling interests
    
226
      
54
      
n/a
      
289
      
62
      
n/a
  
TOTAL COMPREHENSIVE INCOME
    
642
      
342
      
n/a
      
1,274
      
713
      
n/a
  
Earnings per share (basic and diluted):
    
0.3010
      
0.4878
      
-38.3
%
    
1.1838
      
1.1135
      
6.3
%
 
 
Table 10: Condensed Interim Consolidated Statement of Cash Flows for the Six-months and Three-months Ended June 30, 2018 and 2017 (Unaudited)
              
(amounts expressed in millions of pesos, unless otherwise noted)
              
 
  
Three-months ended
June 30,
    
Six-months ended
June 30,
  
 
  
2018
    
2017
    
2018
    
2017
  
CASH FLOWS FROM OPERATING ACTIVITIES
                        
Net profit for the period
    
178
      
293
      
727
      
692
  
Adjustments to reconcile net profit to net cash provided by operating activities
                                
Income tax expense
    
79
      
139
      
292
      
323
  
Depreciation and amortization
    
195
      
146
      
384
      
301
  
Provisions
    
28
      
14
      
35
      
26
  
Interest expense
    
179
      
141
      
298
      
263
  
Share of profit of associates
    
-
      
-
      
-
      
-
  
Interest income
    
(88
)
    
82
      
-
      
(4
)
Exchange rate differences
    
496
      
41
      
496
      
42
  
Gain on disposal of Property, plant and equipment
    
-
      
(5
)
    
-
      
(5
)
Changes in operating assets and liabilities
                                
Inventories
    
(492
)
    
(105
)
    
(867
)
    
(372
)
Other receivables
    
(53
)
    
(47
)
    
(135
)
    
(26
)
Trade accounts receivable
    
(82
)
    
(26
)
    
(363
)
    
(335
)
Advances from customers
    
10
      
(86
)
    
(51
)
    
(6
)
Accounts payable
    
93
      
52
      
(124
)
    
(168
)
Salaries and social security payables
    
(134
)
    
(82
)
    
(115
)
    
(52
)
Provisions
    
(5
)
    
(5
)
    
(10
)
    
(7
)
Tax liabilities
    
16
      
(2
)
    
15
      
7
  
Other liabilities
    
(0
)
    
(3
)
    
(3
)
    
(5
)
Income tax paid
    
(351
)
    
(73
)
    
(427
)
    
(115
)
Net cash generated by operating activities
    
66
      
473
      
153
      
558
  
                                 
CASH FLOWS FROM INVESTING ACTIVITIES
                                
Proceeds from disposal of Property, plant and equipment
    
2
      
13
      
5
      
13
  
Payments to acquire Property, plant and equipment
    
(408
)
    
(218
)
    
(768
)
    
(680
)
Payment of advances of Property, plant and equipment
    
(53
)
    
-
      
(548
)
    
-
  
Payments to acquire Intangible Assets
    
(2
)
    
(2
)
    
(3
)
    
(9
)
Interest collected
    
-
      
(27
)
    
-
      
-
  
Contributions to Trust
    
(10
)
    
(13
)
    
(19
)
    
(13
)
Net cash used in investing activities
    
(471
)
    
(247
)
    
(1,334
)
    
(689
)
                                 
CASH FLOWS FROM FINANCING ACTIVITIES
                                
Proceeds from borrowings
    
236
      
1,303
      
418
      
1,487
  
Interest paid
    
(144
)
    
(111
)
    
(302
)
    
(267
)
Dividends paid
    
-
      
(442
)
    
-
      
(442
)
Repayment of borrowings
    
(727
)
    
(982
)
    
(906
)
    
(1,194
)
Net cash used in financing activities
    
(634
)
    
(232
)
    
(790
)
    
(417
)
Net decrease in cash and cash equivalents
    
(1,039
)
    
(6
)
    
(1,971
)
    
(547
)
Cash and cash equivalents at the beginning of the year
    
2,294
      
265
      
3,180
      
803
  
Effects of the exchange rate differences on cash and cash equivalents in foreign currency
    
363
      
38
      
410
      
15
  
                                 
Cash and cash equivalents at the end of the period
    
1,618
      
298
      
1,618
      
298
  
 
 
Table 11: Financial Data by Segment
                              
(amounts expressed in millions of pesos, unless otherwise noted)
              
   
Three-months ended June 30,
    
Six-months ended June 30,
  
 
  
2018
    
%
    
2017
    
%
    
2018
    
%
    
2017
    
%
  
Net revenue
    
4,757
      
100.0
%
    
3,467
      
100.0
%
    
9,291
      
100.0
%
    
6,669
      
100.0
%
Cement, masonry cement and lime—Argentina
    
3,503
      
73.6
%
    
2,626
      
75.7
%
    
6,903
      
74.3
%
    
5,035
      
75.5
%
Cement—Paraguay
    
369
      
7.8
%
    
247
      
7.1
%
    
715
      
7.7
%
    
528
      
7.9
%
Concrete
    
790
      
16.6
%
    
438
      
12.6
%
    
1,497
      
16.1
%
    
798
      
12.0
%
Railroad
    
485
      
10.2
%
    
388
      
11.2
%
    
926
      
10.0
%
    
747
      
11.2
%
Aggregates
    
69
      
1.4
%
    
65
      
1.9
%
    
137
      
1.5
%
    
117
      
1.8
%
Others
    
28
      
0.6
%
    
37
      
1.1
%
    
53
      
0.6
%
    
67
      
1.0
%
Eliminations
    
(487
)
    
-10.2
%
    
(334
)
    
-9.6
%
    
(939
)
    
-10.1
%
    
(623
)
    
-9.3
%
Cost of sales
    
3,426
      
100.0
%
    
2,432
      
100.0
%
    
6,659
      
100.0
%
    
4,691
      
100.0
%
Cement, masonry cement and lime—Argentina
    
2,332
      
68.1
%
    
1,771
      
72.8
%
    
4,610
      
69.2
%
    
3,439
      
73.3
%
Cement—Paraguay
    
284
      
8.3
%
    
187
      
7.7
%
    
521
      
7.8
%
    
371
      
7.9
%
Concrete
    
744
      
21.7
%
    
406
      
16.7
%
    
1,420
      
21.3
%
    
740
      
15.8
%
Railroad
    
466
      
13.6
%
    
320
      
13.2
%
    
880
      
13.2
%
    
621
      
13.2
%
Aggregates
    
71
      
2.1
%
    
65
      
2.7
%
    
138
      
2.1
%
    
115
      
2.4
%
Others
    
15
      
0.5
%
    
17
      
0.7
%
    
29
      
0.4
%
    
29
      
0.6
%
Eliminations
    
(487
)
    
-14.2
%
    
(334
)
    
-13.7
%
    
(939
)
    
-14.1
%
    
(623
)
    
-13.3
%
Selling, admin. expenses and other gains & losses
    
373
      
100.0
%
    
272
      
100.0
%
    
696
      
100.0
%
    
541
      
100.0
%
Cement, masonry cement and lime—Argentina
    
283
      
76.0
%
    
213
      
78.4
%
    
527
      
75.7
%
    
410
      
75.8
%
Cement—Paraguay
    
16
      
4.3
%
    
9
      
3.2
%
    
29
      
4.2
%
    
18
      
3.4
%
Concrete
    
27
      
7.2
%
    
19
      
7.0
%
    
51
      
7.3
%
    
36
      
6.7
%
Railroad
    
36
      
9.7
%
    
19
      
7.2
%
    
68
      
9.8
%
    
55
      
10.1
%
Aggregates
    
1
      
0.4
%
    
1
      
0.5
%
    
3
      
0.4
%
    
3
      
0.5
%
Others
    
9
      
2.5
%
    
10
      
3.8
%
    
18
      
2.6
%
    
19
      
3.5
%
Depreciation and amortization
    
195
      
100.0
%
    
145
      
100.0
%
    
384
      
100.0
%
    
301
      
100.0
%
Cement, masonry cement and lime—Argentina
    
94
      
48.3
%
    
77
      
53.3
%
    
191
      
49.8
%
    
174
      
57.8
%
Cement—Paraguay
    
56
      
28.8
%
    
42
      
29.0
%
    
111
      
28.8
%
    
77
      
25.5
%
Concrete
    
8
      
4.0
%
    
5
      
3.1
%
    
16
      
4.0
%
    
8
      
2.7
%
Railroad
    
33
      
17.0
%
    
18
      
12.5
%
    
60
      
15.7
%
    
36
      
12.0
%
Aggregates
    
3
      
1.6
%
    
2
      
1.7
%
    
5
      
1.3
%
    
5
      
1.7
%
Others
    
1
      
0.3
%
    
1
      
0.4
%
    
1
      
0.3
%
    
1
      
0.4
%
Adjusted EBITDA
    
1,153
      
100.0
%
    
909
      
100.0
%
    
2,319
      
100.0
%
    
1,738
      
100.0
%
Cement, masonry cement and lime—Argentina
    
982
      
85.2
%
    
719
      
79.1
%
    
1,957
      
84.4
%
    
1,360
      
78.3
%
Cement—Paraguay
    
125
      
10.9
%
    
94
      
10.3
%
    
275
      
11.9
%
    
216
      
12.4
%
Concrete
    
27
      
2.3
%
    
18
      
2.0
%
    
42
      
1.8
%
    
31
      
1.8
%
Railroad
    
16
      
1.4
%
    
67
      
7.3
%
    
37
      
1.6
%
    
107
      
6.2
%
Aggregates
    
(0
)
    
0.0
%
    
1
      
0.1
%
    
1
      
0.0
%
    
4
      
0.3
%
Others
    
4
      
0.3
%
    
10
      
1.1
%
    
7
      
0.3
%
    
20
      
1.1
%
Reconciling items:
                                                                
Depreciation and amortization
    
(195
)
            
(145
)
            
(384
)
            
(301
)
        
Tax on debits and credits banks accounts
    
(31
)
            
(39
)
            
(96
)
            
(79
)
        
Finance costs, net
    
(671
)
            
(292
)
            
(822
)
            
(343
)
        
Income tax
    
(79
)
            
(139
)
            
(292
)
            
(323
)
        
NET PROFIT FOR THE PERIOD
    
178
              
293
              
727
              
692
          
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
Loma Negra Compañía Industrial Argentina Sociedad Anónima
 
 
 
 
 
 
 
 
 
 
 
 
Date: August 9, 2018
 
By:
/s/ Marcos I. Gradin
 
 
Name:
Marcos I. Gradin
 
 
Title:
Chief Financial Officer
 
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