Cecilia Grierson 355, 3th Floor
Zip Code 1107 – Capital Federal
Republic of Argentina
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(Address of principal executive offices)
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Item
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Description
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1
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Loma Negra Relevant Event
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Loma Negra Compañía Industrial Argentina Sociedad Anónima
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Date: November 7, 2019
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By: /s/ Marcos I. Gradin |
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Name: Marcos I. Gradin
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Title: Chief Financial Officer |
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◾
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Net revenue decreased 7.6% YoY to Ps.9,178 million (US$172 million)
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◾
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Consolidated Adjusted EBITDA up 2.7% YoY to Ps.2,645 million (US$52 million), principally driven by the Cement and Railroad segment, and partially offset by non-recurrent production-footprint adequacy costs of
approximately Ps.61 million (US$1.2 million).
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◾
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Excluding this non-recurrent charge, Adjusted EBITDA would have been Ps.2,707 million (US$53 million)
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◾
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Consolidated Adjusted EBITDA margin expanded by 289 basis points YoY from 25.9% to 28.8%, excluding non-recurrent production-footprint adequacy costs, Consolidated Adjusted EBITDA would have been 29.5%,
expanding 356 basis points
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◾
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Net Debt /LTM Adjusted EBITDA ratio of 0.87x from 0.43x in FY18
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2)
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Table 1b and Table 11—Figures in US dollars result from the calculation of figures expressed in Argentine pesos and the average exchange rate for each reporting period (2019 figures exclude the impact of IAS 29 and 2018 figures are as
previously reported)
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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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|||||||
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Three-months ended
September 30, |
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Nine-months ended
September 30, |
||||
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2019
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2018
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% Chg.
|
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2019
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2018
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% Chg.
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Net revenue
|
9,178
|
9,931
|
-7.6%
|
26,744
|
27,362
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-2.3%
|
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Gross Profit
|
2,439
|
2,273
|
7.3%
|
7,237
|
6,594
|
9.8%
|
|
Gross Profit margin
|
26.6%
|
22.9%
|
+368bps
|
27.1%
|
24.1%
|
+296bps
|
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Adjusted EBITDA
|
2,645
|
2,575
|
2.7%
|
7,447
|
6,832
|
9.0%
|
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Adjusted EBITDA Mg.
|
28.8%
|
25.9%
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+289bps
|
27.8%
|
25.0%
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+287bps
|
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Net Profit
|
60
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(144)
|
n/a
|
2,612
|
944
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176.8%
|
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Net Profit attributable to owners of the Company
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50
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(182)
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n/a
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2,497
|
836
|
198.8%
|
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EPS
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0.0836
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(0.3060)
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n/a
|
4.1893
|
1.4020
|
198.8%
|
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Shares outstanding at eop
|
596
|
596
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0.0%
|
596
|
596
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0.0%
|
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Net Debt
|
9,062
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7,022
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29.1%
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9,062
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7,022
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29.1%
|
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Net Debt /LTM Adjusted EBITDA
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0.87x
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0.74x
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0.13x
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0.87x
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0.74x
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0.13x
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Table 1b: Financial Highlights in Ps and in U.S. dollars (2019 figures exclude the impact of IAS 29 and 2018 figures are as previously reported)
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|||||||
In million Ps.
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Three-months ended
September 30, |
Nine-months ended
September 30, |
|||||
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2019
|
2018
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% Chg.
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2019
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2018
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% Chg.
|
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Net revenue
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8,720
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6,131
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42.2%
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23,115
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15,422
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49.9%
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Adjusted EBITDA
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2,615
|
1,699
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54.0%
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6,691
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4,018
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66.5%
|
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Adjusted EBITDA Mg.
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30.0%
|
27.7%
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+229bps
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28.9%
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26.1%
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+289bps
|
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Net Profit
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(400)
|
118
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n/a
|
1,405
|
845
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66.4%
|
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Net Debt
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9,062
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4,573
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98.2%
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9,062
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4,573
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98.2%
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Net Debt /LTM Adjusted EBITDA
|
0.87x
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0.74x
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0.13x
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0.87x
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0.74x
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0.13x
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In million US$
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Three-monthsended
September30, |
Nine-monthsended
September30, |
|||||
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2019
|
2018
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%Chg.
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2019
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2018
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%Chg.
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Ps./US$, av
|
50.59
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31.98
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58.2%
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44.60
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25.18
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77.2%
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Ps./US$, eop
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57.56
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40.90
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40.7%
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57.56
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40.90
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40.7%
|
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Net revenue
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172
|
192
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-10.1%
|
518
|
613
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-15.4%
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Adjusted EBITDA
|
52
|
53
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-2.7%
|
150
|
160
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-6.0%
|
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Adjusted EBITDA Mg.
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30.0%
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27.7%
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+229bps
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28.9%
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26.1%
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+289bps
|
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Net Profit
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(8)
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4
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n/a
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32
|
34
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-6.1%
|
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Net Debt
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157
|
112
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40.8%
|
157
|
112
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40.8%
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Net Debt /LTM Adjusted EBITDA
|
0.87x
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0.74x
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0.13x
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0.87x
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0.74x
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0.13x
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Table 2: Sales Volumes2
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||||||||
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Three-months ended
September 30, |
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Nine-months ended
September 30, |
||||
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2019
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2018
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% Chg.
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2019
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2018
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% Chg.
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Cement, masonry & lime
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||||||||
Argentina
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MM Tn
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1.49
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1.61
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-7.5%
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4.19
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4.68
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-10.4%
|
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Paraguay
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MM Tn
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0.15
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0.15
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-1.1%
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0.43
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0.42
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1.8%
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Cement, masonry & lime total
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1.64
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1.76
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-7.0%
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4.62
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5.10
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-9.4%
|
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Argentina:
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||||||||
Concrete
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MM m3
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0.19
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0.29
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-33.9%
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0.67
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0.80
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-16.0%
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Railroad
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MM Tn
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1.13
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1.23
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-7.9%
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3.36
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3.55
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-5.3%
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Aggregates
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MM Tn
|
0.26
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0.25
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4.7%
|
|
0.85
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0.79
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7.2%
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2 Sales volumes include inter-segment sales
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Table 3: Consolidated Statement of Financial Position
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|||||||
(amounts expressed in millions of pesos, unless otherwise noted)
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|||||||
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Three-months ended
September 30, |
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Nine-months ended
September 30, |
||||
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2019
|
2018
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% Chg.
|
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2019
|
2018
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% Chg.
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Net revenue
|
9,178
|
9,931
|
-7.6%
|
26,744
|
27,362
|
-2.3%
|
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Cost of sales
|
(6,740)
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(7,658)
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-12.0%
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(19,507)
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(20,768)
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-6.1%
|
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Gross Profit
|
2,439
|
2,273
|
7.3%
|
7,237
|
6,594
|
9.8%
|
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Selling and administrative expenses
|
(605)
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(676)
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-10.5%
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(1,923)
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(2,006)
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-4.2%
|
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Other gains and losses
|
21
|
32
|
-33.7%
|
5
|
25
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-79.8%
|
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Tax on debits and credits to bank accounts
|
(90)
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(90)
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-0.4%
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(272)
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(273)
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-0.2%
|
|
Finance costs, net
|
|||||||
Exchange rate differences
|
(1,510)
|
(1,310)
|
15.3%
|
(1,382)
|
(2,147)
|
-35.6%
|
|
Financial income
|
77
|
-
|
n/a
|
88
|
1
|
n/a
|
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Financial expenses
|
(409)
|
(298)
|
37.2%
|
(1,060)
|
(694)
|
52.8%
|
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Gain (loss) on net monetary position
|
276
|
168
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64.4%
|
919
|
237
|
287.8%
|
|
Profit before taxes
|
198
|
98
|
101.7%
|
3,611
|
1,736
|
108.0%
|
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Income tax expense
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|||||||
Current
|
133
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(340)
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n/a
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(665)
|
(728)
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-8.6%
|
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Deferred
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(270)
|
97
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n/a
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(334)
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(65)
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415.0%
|
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Net profit
|
60
|
(144)
|
n/a
|
2,612
|
944
|
176.8%
|
|
Net majority income
|
50
|
(182)
|
n/a
|
2,497
|
836
|
198.8%
|
Table 4: Adjusted EBITDA Reconciliation & Margin
|
|||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
|||||||
|
Three-months ended
September 30, |
|
Nine-months ended
September 30, |
||||
|
2019
|
2018
|
% Chg.
|
|
2019
|
2018
|
% Chg.
|
Adjusted EBITDA reconciliation:
|
|||||||
Net profit
|
60
|
(144)
|
n/a
|
2,612
|
944
|
176.8%
|
|
(+) Depreciation and amortization
|
791
|
946
|
-16.4%
|
2,128
|
2,220
|
-4.2%
|
|
(+) Tax on debits and credits to bank accounts
|
90
|
90
|
-0.4%
|
272
|
273
|
-0.2%
|
|
(+) Income tax expense
|
138
|
242
|
-43.2%
|
999
|
793
|
26.1%
|
|
(+) Financial interest, net
|
301
|
247
|
21.6%
|
849
|
564
|
50.6%
|
|
(+) Exchange rate differences, net
|
1,510
|
1,310
|
15.3%
|
1,382
|
2,147
|
-35.6%
|
|
(+) Other financial expenses, net
|
32
|
51
|
-37.9%
|
123
|
129
|
-4.6%
|
|
(+) Gain (loss) on net monetary position
|
(276)
|
(168)
|
64.4%
|
(919)
|
(237)
|
287.8%
|
|
Adjusted EBITDA
|
2,645
|
2,575
|
2.7%
|
7,447
|
6,832
|
9.0%
|
|
Adjusted EBITDA Margin
|
28.8%
|
25.9%
|
+289 bps
|
27.8%
|
25.0%
|
+287 bps
|
Table 5: Finance Costs, net
|
||||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||||
|
|
Three-months ended
September 30, |
|
Nine-months ended
September 30, |
||||
|
|
2019
|
2018
|
% Chg.
|
|
2019
|
2018
|
% Chg.
|
Exchange rate differences
|
(1,510)
|
(1,310)
|
15.3%
|
(1,382)
|
(2,147)
|
-35.6%
|
||
Financial income
|
77
|
-
|
n/a
|
88
|
1
|
n/a
|
||
Financial expenses
|
(409)
|
(298)
|
37.2%
|
(1,060)
|
(694)
|
52.8%
|
||
Gain (loss) on net monetary position
|
276
|
168
|
64.4%
|
919
|
237
|
287.8%
|
||
Total Finance Costs, Net
|
|
(1,567)
|
(1,440)
|
8.8%
|
(1,435)
|
(2,603)
|
-44.9%
|
Table 6: Capitalization and Debt Ratio
|
||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||
|
As of September 30,
|
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As of December, 31
|
|
|
2019
|
2018
|
|
2018
|
Total Debt
|
10,415
|
11,260
|
8,210
|
|
- Short-Term Debt
|
4,991
|
6,011
|
4,620
|
|
- Long-Term Debt
|
5,424
|
5,249
|
3,590
|
|
Cash and Cash Equivalents
|
1,353
|
4,238
|
3,996
|
|
Total Net Debt
|
9,062
|
7,022
|
4,215
|
|
Shareholders' Equity
|
25,580
|
21,830
|
22,793
|
|
Capitalization
|
35,995
|
33,091
|
31,003
|
|
LTM Adjusted EBITDA
|
10,419
|
9,475
|
9,805
|
|
Net Debt /LTM Adjusted EBITDA
|
0.87x
|
0.74x
|
0.43x
|
Table 7: Condensed Interim Consolidated Statement of Cash Flows for the Nine-months and Three-months ended September 30, 2019 and 2018
|
|||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
|||||
|
|
Three-months ended
September 30, |
Nine-months
ended September 30, |
||
|
|
2019
|
2018
|
2019
|
2018
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
||||
Net profit for the period
|
|
60
|
(144)
|
2,612
|
944
|
Adjustments to reconcile net profit to net cash provided by operating activities
|
|
2,318
|
3,162
|
4,600
|
5,697
|
Changes in operating assets and liabilities
|
|
1,199
|
8
|
(1,802)
|
(3,903)
|
Net cash generated / used in by operating activities
|
|
3,577
|
3,026
|
5,410
|
2,738
|
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
||||
Property, plant and equipment, Intangible Assets, net
|
|
(3,115)
|
(597)
|
(8,429)
|
(3,105)
|
Others
|
|
(19)
|
(7)
|
(45)
|
(42)
|
|
|||||
Net cash used in investing activities
|
|
(3,134)
|
(604)
|
(8,474)
|
(3,147)
|
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
||||
Proceeds / Repayments from borrowings, Interest paid
|
|
(477)
|
(440)
|
566
|
(1,889)
|
Net cash generated / used in by financing activities
|
|
(477)
|
(440)
|
566
|
(1,889)
|
|
|||||
Net decrease in cash and cash equivalents
|
|
(34)
|
1,981
|
(2,499)
|
(2,298)
|
Cash and cash equivalents at the beginning of the year
|
|
1,316
|
2,835
|
3,996
|
6,464
|
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")
|
(37)
|
(51)
|
(109)
|
(99)
|
|
Effects of the exchange rate differences on cash and cash equivalents in foreign currency
|
|
108
|
(526)
|
(34)
|
172
|
|
|||||
Cash and cash equivalents at the end of the period
|
|
1,353
|
4,238
|
1,353
|
4,238
|
When:
|
10:00 a.m. U.S. ET (12:00 p.m. BAT), November 8, 2019
|
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/loma1911087LLMVjQj.html
|
Replay:
|
A telephone replay of the conference call will be available between November 8, 2019 at 1:00 pm U.S. E.T. and ending on November 15, 2019. 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 10136375. The audio of the conference call will also be archived on the Company’s website at www.lomanegra.com
|
IR Contacts
Marcos I. Gradin, Chief Financial Officer and Investor Relations
Gastón Pinnel, Investor Relations Manager
+54-11-4319-3050
investorrelations@lomanegra.com
|
Table 8: Condensed Interim Consolidated Statements of Financial Position as of September 30, 2019 and December 31, 2018
|
||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||
|
|
|
As of September 30,
|
|
|
As of December 31,
|
|
|
|
2019
|
|
|
2018
|
ASSETS
|
|
|
|
|
|
|
Non-current assets
|
|
|
||||
Property, plant and equipment
|
|
38,985
|
30,125
|
|||
Intangible assets
|
|
312
|
301
|
|||
Investments
|
|
2
|
2
|
|||
Goodwill
|
|
23
|
23
|
|||
Inventories
|
|
916
|
933
|
|||
Other receivables
|
|
822
|
1,297
|
|||
Right to use assets
|
|
358
|
-
|
|||
Trade accounts receivable
|
|
4
|
6
|
|||
Total non-current assets
|
|
|
41,422
|
32,686
|
||
Current assets
|
|
|
||||
Inventories
|
|
5,412
|
5,202
|
|||
Other receivables
|
|
860
|
528
|
|||
Trade accounts receivable
|
|
2,799
|
2,843
|
|||
Investments
|
|
406
|
2,885
|
|||
Cash and banks
|
947
|
1,111
|
||||
Total current assets
|
|
|
10,423
|
12,568
|
||
TOTAL ASSETS
|
51,845
|
45,255
|
||||
SHAREHOLDERS' EQUITY
|
|
|
||||
Capital stock and other capital related accounts
|
|
9,894
|
9,894
|
|||
Reserves
|
|
10,628
|
3,140
|
|||
Retained earnings
|
|
2,497
|
7,488
|
|||
Accumulated other comprehensive income
|
|
467
|
378
|
|||
Equity attributable to the owners of the Company
|
|
23,486
|
20,900
|
|||
Non-controlling interests
|
2,094
|
1,893
|
||||
TOTAL SHAREHOLDERS' EQUITY
|
|
|
25,580
|
22,793
|
||
LIABILITIES
|
|
|
||||
Non-current liabilities
|
|
|||||
Borrowings
|
|
5,424
|
3,590
|
|||
Accounts payables
|
|
133
|
533
|
|||
Provisions
|
|
421
|
403
|
|||
Other liabilities
|
|
46
|
11
|
|||
Debts for leases
|
333
|
-
|
||||
Deferred tax liabilities
|
4,723
|
4,387
|
||||
Total non-current liabilities
|
|
|
11,081
|
8,924
|
||
Current liabilities
|
||||||
Borrowings
|
|
4,991
|
4,620
|
|||
Accounts payable
|
|
8,518
|
6,683
|
|||
Advances from customers
|
|
167
|
232
|
|||
Salaries and social security payables
|
|
794
|
873
|
|||
Tax liabilities
|
|
554
|
1,073
|
|||
Debts for leases
|
82
|
-
|
||||
Other liabilities
|
78
|
56
|
||||
Total current liabilities
|
|
|
15,184
|
13,537
|
||
TOTAL LIABILITIES
|
|
|
26,265
|
22,462
|
||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
|
|
|
51,845
|
45,255
|
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
September 30, |
|
Nine-months ended
September 30, |
|||||
|
2019
|
2018
|
% Change
|
|
2019
|
2018
|
% Change
|
|
Net revenue
|
9,178
|
9,931
|
-7.6%
|
26,744
|
27,362
|
-2.3%
|
||
Cost of sales
|
(6,740)
|
(7,658)
|
-12.0%
|
(19,507)
|
(20,768)
|
-6.1%
|
||
Gross profit
|
2,439
|
2,273
|
7.3%
|
7,237
|
6,594
|
9.8%
|
||
Selling and administrative expenses
|
(605)
|
(676)
|
-10.5%
|
(1,923)
|
(2,006)
|
-4.2%
|
||
Other gains and losses
|
21
|
32
|
-33.7%
|
5
|
25
|
-79.8%
|
||
Tax on debits and credits to bank accounts
|
(90)
|
(90)
|
-0.4%
|
(272)
|
(273)
|
-0.2%
|
||
Finance costs, net
|
||||||||
Exchange rate differences
|
(1,510)
|
(1,310)
|
15.3%
|
(1,382)
|
(2,147)
|
-35.6%
|
||
Financial income
|
77
|
-
|
n/a
|
88
|
1
|
n/a
|
||
Financial expenses
|
(409)
|
(298)
|
37.2%
|
(1,060)
|
(694)
|
52.8%
|
||
Gain (loss) on net monetary position
|
276
|
168
|
64.4%
|
919
|
237
|
287.8%
|
||
Profit before taxes
|
198
|
98
|
101.7%
|
3,611
|
1,736
|
108.0%
|
||
Income tax expense
|
||||||||
Current
|
133
|
(340)
|
n/a
|
(665)
|
(728)
|
-8.6%
|
||
Deferred
|
(270)
|
97
|
n/a
|
(334)
|
(65)
|
415.0%
|
||
Net profit
|
60
|
(144)
|
n/a
|
2,612
|
944
|
176.8%
|
||
Other Comprehensive Income
|
||||||||
Items to be reclassified through profit and loss:
|
||||||||
Exchange differences on translating foreign operations
|
490
|
802
|
-38.9%
|
175
|
1,429
|
-87.7%
|
||
Total other comprehensive (loss) income
|
490
|
802
|
-38.9%
|
175
|
1,429
|
-87.7%
|
||
TOTAL COMPREHENSIVE INCOME
|
550
|
658
|
-16.3%
|
2,787
|
2,373
|
17.5%
|
||
Net Profit (loss) for the period attributable to:
|
||||||||
Owners of the Company
|
50
|
(182)
|
n/a
|
2,497
|
836
|
198.8%
|
||
Non-controlling interests
|
11
|
38
|
-72.3%
|
115
|
108
|
6.6%
|
||
NET PROFIT FOR THE PERIOD
|
60
|
(144)
|
n/a
|
2,612
|
944
|
176.8%
|
||
Total comprehensive income (loss) attributable to:
|
||||||||
Owners of the Company
|
227
|
32.2%
|
2,586
|
1,565
|
65.3%
|
|||
Non-controlling interests
|
431
|
-41.9%
|
201
|
808
|
-75.1%
|
|||
TOTAL COMPREHENSIVE INCOME
|
550
|
658
|
-16.3%
|
2,787
|
2,373
|
17.5%
|
||
Earnings per share (basic and diluted):
|
0.0836
|
(0.3060)
|
n/a
|
4.1893
|
1.4020
|
198.8%
|
Table 10: Condensed Interim Consolidated Statement of Cash Flows for the Nine-months and Three-months ended September 30, 2019 and 2018
|
|||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
|
|
|
||
|
|
Three-months ended
September 30, |
Nine-months ended
September 30, |
||
|
|
2019
|
2018
|
2019
|
2018
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
||||
Net profit for the period
|
|
60
|
(144)
|
2,612
|
944
|
Adjustments to reconcile net profit to net cash provided by operating activities
|
|
||||
Income tax expense
|
|
138
|
242
|
999
|
793
|
Depreciation and amortization
|
|
791
|
946
|
2,128
|
2,220
|
Provisions
|
|
(0)
|
31
|
82
|
91
|
Interest expense
|
|
621
|
66
|
819
|
338
|
Exchange rate differences
|
|
792
|
1,884
|
571
|
2,265
|
Others
|
(14)
|
(8)
|
9
|
(9)
|
|
Gain on disposal of Property, plant and equipment
|
(9)
|
-
|
(9)
|
-
|
|
Changes in operating assets and liabilities
|
|
||||
Inventories
|
|
690
|
593
|
(158)
|
(541)
|
Other receivables
|
|
(115)
|
(150)
|
(128)
|
(364)
|
Trade accounts receivable
|
|
(68)
|
(434)
|
(666)
|
(1,019)
|
Advances from customers
|
|
5
|
9
|
(31)
|
(109)
|
Accounts payable
|
|
908
|
140
|
749
|
(434)
|
Salaries and social security payables
|
|
83
|
170
|
153
|
(33)
|
Provisions
|
|
38
|
(76)
|
(56)
|
(121)
|
Tax liabilities
|
|
554
|
271
|
226
|
270
|
Other liabilities
|
|
7
|
5
|
234
|
(31)
|
Income tax paid
|
|
(564)
|
(1,060)
|
(1,207)
|
(1,283)
|
Gain on net monetary position
|
(341)
|
539
|
(918)
|
(237)
|
|
Net cash generated / used in by operating activities
|
|
3,577
|
3,026
|
5,410
|
2,738
|
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
||||
Proceeds from disposal of Property, plant and equipment
|
|
22
|
(1)
|
32
|
6
|
Payments to acquire Property, plant and equipment
|
|
(3,131)
|
(591)
|
(8,433)
|
(3,099)
|
Payments to acquire Intangible Assets
|
|
(6)
|
(6)
|
(28)
|
(12)
|
Contributions to Trust
|
|
(19)
|
(7)
|
(45)
|
(42)
|
Net cash used in investing activities
|
|
(3,134)
|
(604)
|
(8,474)
|
(3,147)
|
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
||||
Proceeds from borrowings
|
|
2,485
|
951
|
5,919
|
1,733
|
Interest paid
|
|
(760)
|
(421)
|
(1,516)
|
(989)
|
Repayment of borrowings
|
|
(2,173)
|
(971)
|
(3,773)
|
(2,633)
|
Debts for leases
|
(29)
|
-
|
(65)
|
-
|
|
Net cash generated / used in by financing activities
|
|
(477)
|
(440)
|
566
|
(1,889)
|
Net decrease in cash and cash equivalents
|
|
(34)
|
1,981
|
(2,499)
|
(2,298)
|
Cash and cash equivalents at the beginning of the period
|
|
1,316
|
2,835
|
3,996
|
6,464
|
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")
|
(37)
|
(51)
|
(109)
|
(99)
|
|
Effects of the exchange rate differences on cash and cash equivalents in foreign currency
|
|
108
|
(526)
|
(34)
|
172
|
|
|||||
Cash and cash equivalents at the end of the period
|
|
1,353
|
4,238
|
1,353
|
4,238
|
Table 11: Financial Data by Segment (2019 figures exclude the impact of IAS 29 and 2018 figures are as previously reported)
|
||||||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||||||
|
Three-months ended September 30,
|
|
Nine-months ended September 30,
|
|||||||
|
2019
|
%
|
2018
|
%
|
|
2019
|
%
|
2018
|
%
|
|
Net revenue
|
8,720
|
100.0%
|
6,131
|
100.0%
|
23,115
|
100.0%
|
15,422
|
100.0%
|
||
Cement, masonry cement and lime—Argentina
|
6,638
|
76.1%
|
4,501
|
73.4%
|
17,263
|
74.7%
|
11,403
|
73.9%
|
||
Cement—Paraguay
|
891
|
10.2%
|
588
|
9.6%
|
2,234
|
9.7%
|
1,303
|
8.4%
|
||
Concrete
|
987
|
11.3%
|
1,027
|
16.8%
|
3,187
|
13.8%
|
2,524
|
16.4%
|
||
Railroad
|
783
|
9.0%
|
561
|
9.1%
|
2,147
|
9.3%
|
1,486
|
9.6%
|
||
Aggregates
|
120
|
1.4%
|
77
|
1.3%
|
379
|
1.6%
|
214
|
1.4%
|
||
Others
|
44
|
0.5%
|
31
|
0.5%
|
110
|
0.5%
|
84
|
0.5%
|
||
Eliminations
|
(742)
|
-8.5%
|
(653)
|
-10.7%
|
(2,205)
|
-9.5%
|
(1,593)
|
-10.3%
|
||
Cost of sales
|
5,950
|
100.0%
|
4,278
|
100.0%
|
15,886
|
100.0%
|
10,937
|
100.0%
|
||
Cement, masonry cement and lime—Argentina
|
4,340
|
72.9%
|
2,965
|
69.3%
|
11,249
|
70.8%
|
7,575
|
69.3%
|
||
Cement—Paraguay
|
589
|
9.9%
|
402
|
9.4%
|
1,526
|
9.6%
|
923
|
8.4%
|
||
Concrete
|
936
|
15.7%
|
956
|
22.3%
|
2,979
|
18.8%
|
2,376
|
21.7%
|
||
Railroad
|
676
|
11.4%
|
497
|
11.6%
|
1,869
|
11.8%
|
1,377
|
12.6%
|
||
Aggregates
|
120
|
2.0%
|
93
|
2.2%
|
396
|
2.5%
|
232
|
2.1%
|
||
Others
|
31
|
0.5%
|
18
|
0.4%
|
72
|
0.5%
|
47
|
0.4%
|
||
Eliminations
|
(742)
|
-12.5%
|
(653)
|
-15.3%
|
(2,205)
|
-13.9%
|
(1,593)
|
-14.6%
|
||
Selling, admin. expenses and other gains & losses
|
545
|
100.0%
|
391
|
100.0%
|
1,613
|
100.0%
|
1,087
|
100.0%
|
||
Cement, masonry cement and lime—Argentina
|
435
|
79.9%
|
294
|
75.1%
|
1,269
|
78.7%
|
820
|
75.5%
|
||
Cement—Paraguay
|
32
|
5.9%
|
10
|
2.5%
|
70
|
4.4%
|
39
|
3.6%
|
||
Concrete
|
21
|
3.9%
|
37
|
9.4%
|
91
|
5.6%
|
87
|
8.0%
|
||
Railroad
|
41
|
7.5%
|
39
|
10.1%
|
139
|
8.6%
|
108
|
9.9%
|
||
Aggregates
|
(0)
|
0.0%
|
1
|
0.4%
|
3
|
0.2%
|
4
|
0.4%
|
||
Others
|
15
|
2.8%
|
10
|
2.6%
|
40
|
2.5%
|
28
|
2.6%
|
||
Depreciation and amortization
|
390
|
100.0%
|
236
|
100.0%
|
1,075
|
100.0%
|
620
|
100.0%
|
||
Cement, masonry cement and lime—Argentina
|
185
|
47.6%
|
106
|
44.9%
|
538
|
50.1%
|
297
|
48.0%
|
||
Cement—Paraguay
|
132
|
33.9%
|
80
|
33.8%
|
343
|
31.9%
|
190
|
30.7%
|
||
Concrete
|
18
|
4.7%
|
8
|
3.2%
|
45
|
4.2%
|
23
|
3.7%
|
||
Railroad
|
48
|
12.3%
|
38
|
15.9%
|
132
|
12.3%
|
98
|
15.8%
|
||
Aggregates
|
5
|
1.2%
|
5
|
1.9%
|
14
|
1.3%
|
9
|
1.5%
|
||
Others
|
1
|
0.2%
|
1
|
0.3%
|
2
|
0.2%
|
2
|
0.3%
|
||
Adjusted EBITDA
|
2,615
|
100.0%
|
1,699
|
100.0%
|
6,691
|
100.0%
|
4,018
|
100.0%
|
||
Cement, masonry cement and lime—Argentina
|
2,048
|
78.3%
|
1,348
|
79.4%
|
5,283
|
78.9%
|
3,306
|
82.3%
|
||
Cement—Paraguay
|
402
|
15.4%
|
256
|
15.1%
|
981
|
14.7%
|
532
|
13.2%
|
||
Concrete
|
48
|
1.8%
|
42
|
2.5%
|
162
|
2.4%
|
84
|
2.1%
|
||
Railroad
|
114
|
4.3%
|
61
|
3.6%
|
270
|
4.0%
|
99
|
2.5%
|
||
Aggregates
|
5
|
0.2%
|
(13)
|
-0.8%
|
(6)
|
-0.1%
|
(13)
|
-0.3%
|
||
Others
|
(1)
|
-0.1%
|
4
|
0.2%
|
1
|
0.0%
|
11
|
0.3%
|
||
Reconciling items:
|
||||||||||
Effect by translation in homogeneous cash currency ("Inflation-Adjusted")
|
30
|
876
|
755
|
2,814
|
||||||
Depreciation and amortization
|
(791)
|
(946)
|
(2,128)
|
(2,220)
|
||||||
Tax on debits and credits banks accounts
|
(90)
|
(90)
|
(272)
|
(273)
|
||||||
Finance costs, net
|
(1,567)
|
(1,440)
|
(1,435)
|
(2,603)
|
||||||
Income tax
|
(138)
|
(242)
|
(999)
|
(793)
|
||||||
NET PROFIT FOR THE PERIOD
|
60
|
(144)
|
2,612
|
944
|