0001157523-20-001164.txt : 20200810 0001157523-20-001164.hdr.sgml : 20200810 20200810165128 ACCESSION NUMBER: 0001157523-20-001164 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200810 FILED AS OF DATE: 20200810 DATE AS OF CHANGE: 20200810 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: 201090086 BUSINESS ADDRESS: STREET 1: CECILIA GRIERSON 355, 4TH FLOOR CITY: BUENOS AIRES STATE: C1 ZIP: C1107CPG BUSINESS PHONE: 54 114-319-3000 MAIL ADDRESS: STREET 1: CECILIA GRIERSON 355, 4TH FLOOR CITY: BUENOS AIRES STATE: C1 ZIP: C1107CPG 6-K 1 a52264185.htm LOMA NEGRA CORPORATION 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, 2020
 
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, 4th Floor
Zip Code C1107CPG – 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
 
Loma Negra Relevant Event


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 10, 2020
 
By:
/s/
Marcos I. Gradin
 
 
 
Name:
Marcos I. Gradin
 
 
 
Title:
Chief Financial Officer
 



Buenos Aires, August 10, 2020 – Loma Negra, (NYSE: LOMA; BYMA: LOMA), (“Loma Negra” or the “Company”), the leading cement producer in Argentina, today announced results for the three-month and six-month period ended June 30, 2020 (our “2Q20”).
 
2Q20 Key Highlights
 
Net revenue decreased 30.1% YoY to Ps.7,453 million (US$108 million), reflecting the full impact of the COVID-19 pandemic and the extended lockdown
Consolidated Adjusted EBITDA down 24.6% YoY to Ps.2,077 million (US$32 million)
Consolidated Adjusted EBITDA margin expanded by 204 basis points YoY from 25.8% to 27.9%, driven by cost control efforts and efficiency enhancement from previous structure adequacy efforts
Net Debt /LTM Adjusted EBITDA ratio of 1.17x from 1.26x in 1Q20 and 0.86x in FY19
 
The company has presented certain financial figures, Table 1b and Table 11, in U.S. dollars and Pesos without giving effect to IAS 29. The company has prepared all other financial information herein by applying IAS 29.
 
Commenting on the financial and operating performance for the second quarter of 2020, Sergio Faifman, Loma Negra’s Chief Executive Officer, noted: “As a consequence of the COVID-19 pandemic, we entered the second quarter amid  an unprecedented nation-wide lockdown which negatively impacted our businesses. Along the quarter, and depending on how the sanitation situation developed in each jurisdiction, some of these restrictions were softened, or even lifted. In anticipation of the effects of COVID-19, we took proactive measures with special focus on adopting strict biosafety protocols in our operations and maintaining our financial strength on our balance sheet.
 
Cement demand in Argentina in the Second quarter contracted around 32% YoY and around 4% when compared sequentially with the previous quarter. Taking a closer look on the behavior of our demand, we observed that the initial plummeting of sales in April was followed by a strong recovery since May in the bag segment across the country.
 
Our top line for the quarter decreased also around 30% year-on-year to 7.5 billion pesos, and our adjusted EBITDA declined by 24.6% to 2.1 billion pesos. Our EBITDA margin expanded by  204 basis points to 27.9%, mainly reflecting our efforts in cost control and our commitment to maintaining a healthy productivity and efficiency levels. Our core cement business remained the principal factor behind these margin expansion.
 
As previously anticipated, works on L´Amalí project were resumed on late April after the temporarily restrictions due to the COVID-19 were lifted. Certainly, this suspension together with the biosafety protocols adopted have delayed the inauguration date of the project, which is now expected to be at the beginning of 2021.
 
We remain alert and cautious regarding the evolution of this worldwide crisis, which ending seems hard to predict.
 
I would finally like to thank our people who, in this unprecedented COVID-19 situation, showed a great responsibility and resourcefulness in order to overcome difficulties and to keep on running the business.”

Table 1: Financial Highlights
(amounts expressed in millions of pesos, unless otherwise noted)
 
Three-months ended
June 30,
 
Six-months ended
June 30,
 
2020
2019
% Chg.
 
2020
2019
% Chg.
Net revenue
7,453
10,664
-30.1%
 
15,635
22,291
-29.9%
Gross Profit
1,800
2,737
-34.2%
 
4,293
6,089
-29.5%
Gross Profit margin
24.1%
25.7%
-151bps
 
27.5%
27.3%
+14bps
Adjusted EBITDA
2,077
2,754
-24.6%
 
4,819
6,093
-20.9%
Adjusted EBITDA Mg.
27.9%
25.8%
+204bps
 
30.8%
27.3%
+349bps
Net Profit
111
1,570
-93.0%
 
1,038
3,238
-67.9%
Net Profit attributable to owners of the Company
82
1,521
-94.6%
 
985
3,106
-68.3%
EPS
0.1371
2.5511
-94.6%
 
1.6528
5.2104
-68.3%
Shares outstanding at eop
596
596
0.0%
 
596
596
0.0%
Net Debt
14,123
7,281
94.0%
 
14,123
7,281
94.0%
Net Debt /LTM Adjusted EBITDA
1.17x
0.58x
0.60x
 
1.17x
0.58x
0.60x
 

Table 1b: Financial Highlights in Ps and in U.S. dollars (figures exclude the impact of IAS 29)
In million Ps.
Three-months ended
June 30,
 
Six-months ended
June 30,
 
2020
2019
% Chg.
 
2020
2019
% Chg.
Net revenue
7,334
7,262
1.0%
 
14,857
14,395
3.2%
Adjusted EBITDA
2,133
1,958
9.0%
 
4,724
4,076
15.9%
Adjusted EBITDA Mg.
29.1%
27.0%
+213bps
 
31.8%
28.3%
+348bps
Net Profit
644
1,025
-37.1%
 
644
1,025
-37.1%
Net Debt
14,123
4,908
187.8%
 
14,123
4,908
187.8%
Net Debt /LTM Adjusted EBITDA
1.17x
0.58x
0.60x
 
1.17x
0.58x
0.60x
               
In million US$
Three-monthsended
June30,
 
Six-monthsended
June30,
 
2020
2019
%Chg.
 
2020
2019
%Chg.
Ps./US$, av
67.71
44.04
53.7%
 
64.59
41.46
55.8%
Ps./US$, eop
70.46
42.45
66.0%
 
70.46
42.45
66.0%
Net revenue
108
165
-34.3%
 
230
347
-33.7%
Adjusted EBITDA
32
44
-29.1%
 
73
98
-25.6%
Adjusted EBITDA Mg.
29.1%
27.0%
+213bps
 
31.8%
28.3%
+348bps
Net Profit
10
23
-59.1%
 
10
25
-59.6%
Net Debt
200
116
73.4%
 
200
116
73.4%
Net Debt /LTM Adjusted EBITDA
1.17x
0.58x
0.60x
 
1.17x
0.58x
0.60x

2

Overview of Operations

Sales Volumes
 
Table 2: Sales Volumes2
                 
 
 
Three-months ended
June 30,
 
Six-months ended
June 30,
 
 
2020
2019
% Chg.
 
2020
2019
% Chg.
Cement, masonry & lime
               
Argentina
MM Tn
1.01
1.33
-24.5%
 
2.01
2.70
-25.7%
Paraguay
MM Tn
0.13
0.12
0.8%
 
0.26
0.28
-6.8%
Cement, masonry & lime total
1.13
1.46
-22.3%
 
2.26
2.98
-24.0%
Argentina:
               
Concrete
MM m3
0.02
0.22
-92.3%
 
0.09
0.47
-80.4%
Railroad
MM Tn
0.63
1.13
-44.3%
 
1.57
2.23
-29.8%
Aggregates
MM Tn
0.03
0.30
-90.9%
 
0.15
0.59
-73.9%
2 Sales volumes include inter-segment sales
           
 
Sales volumes of cement, masonry and lime in Argentina during 2Q20 declined 24.5% to 1.01 million tons  reflecting the full impact of the COVID-19 lockdown and the negative economic momentum in the country. Bag segment was more resilient, presenting a very strong recovery dynamic since May, including some positive growth rates when compared to the year ago quarter. On the other hand, bulk segment was heavily impacted by the absence of private and public works, particularly in those jurisdictions where the COVID-19 restriction was stricter.
 
In Paraguay, the impact of COVID-19 lock-down affected heavily sales volumes in April. Afterwards, our sales rebounded vigorously, achieving in June a record high level. Consequently, sales volumes in the second quarter grew to reached 0.13 million tons, or 0.8% when compared to 2Q19.
 
As a result, consolidated total sales volumes of cement, masonry and lime for the quarter decreased 22.3% YoY to 1.13 million tons.
 
Sales volumes in the Concrete segment and Aggregates in Argentina plummeted 92.3% and 90.9% YoY, to 0.02 million m3 and 0.03 million tons, respectively, heavily affected by the strict lock-down and the consequent impact in private and public projects.
 
Railroad segment volumes experienced a 44.3% decline versus the comparable quarter in 2019, mainly explained by the volume drop of building materials and frac-sand, as well as a decline in most other transported products.
 
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,
 
2020
2019
% Chg.
 
2020
2019
% Chg.
Net revenue
7,453
10,664
-30.1%
 
15,635
22,291
-29.9%
Cost of sales
(5,653)
(7,928)
-28.7%
 
(11,342)
(16,202)
-30.0%
Gross Profit
1,800
2,737
-34.2%
 
4,293
6,089
-29.5%
Selling and administrative expenses
(641)
(694)
-7.6%
 
(1,305)
(1,672)
-21.9%
Other gains and losses
4
(17)
n/a
 
51
(20)
n/a
Tax on debits and credits to bank accounts
(69)
(58)
19.5%
 
(177)
(231)
-23.6%
Finance costs, net
             
Exchange rate differences
(560)
414
n/a
 
(739)
162
n/a
Financial income
40
(25)
n/a
 
31
14
117.5%
Financial expenses
(655)
(511)
28.0%
 
(1,077)
(826)
30.3%
Gain (loss) on net monetary position
68
499
-86.4%
 
198
816
-75.7%
Profit before taxes
(12)
2,345
n/a
 
1,275
4,332
-70.6%
Income tax expense
             
Current
49
(478)
n/a
 
(235)
(1,013)
-76.8%
Deferred
73
(297)
n/a
 
(2)
(81)
-97.5%
Net profit
111
1,570
-93.0%
 
1,038
3,238
-67.9%
Net majority income
82
1,521
-94.6%
 
985
3,106
-68.3%

3

Net Revenues
 
Net revenue decreased 30.1% to Ps. 7,453 million in 2Q20, from Ps. 10,664 million in the comparable quarter last year, reflecting the full impact of the COVID-19 lockdown and the negative economic momentum.
 
Revenues in Cement, masonry and lime in Argentina declined by 25.8% YoY, as a result of the sharp volume drop particularly in the bulk segment. Cement revenues in Paraguay improved 3.3% YoY, as more flexible conditions were imposed to control the COVID-19 situation.
 
Railroad revenues decreased 36.1% YoY versus the comparable quarter in 2019, mainly explained by the drop in building materials, frac-sand, and most other transported products, and marginally compensated by higher services rendered.
 
Concrete and Aggregate revenues plummeted 92.6% and 94.0%, respectively. Both sales volumes and prices declined when compared to the 2Q in the year ago period. These segments were much more impacted by the COVID-19 restrictions as they are strongly related to private and public infrastructure works and have a higher exposure to main urban centers.
 
Cost of sales, and Gross profit
 
Cost of sales decreased 28.7% YoY reaching Ps.5,653 million in 2Q20 mainly as a result of the lower volume sold coupled with higher efficiencies and lower unitary energy costs measured in US dollars. Additionally, structure costs benefitted by previous footprint adequacy efforts.
 
Gross profit declined 34.2% YoY to Ps.1,800 million in 2Q20 from Ps.2,737 million in 2Q19, with gross profit margin contracting 151 basis points YoY to 24.1%, affected by the full impact of COVID-19 and a higher burden of depreciations and amortizations.
 
Selling and Administrative Expenses
 
Selling and administrative expenses (SG&A) in 2Q20 decreased 7.6% YoY to Ps.641 million, from Ps.694 million in 2Q19. As a percentage of revenues, SG&A increased 209 basis points to 8.6% in 2Q20, from 6.5% in 2Q19 negatively impacted by the strong decline in revenues.
 
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,
 
2020
2019
% Chg.
 
2020
2019
% Chg.
Adjusted EBITDA reconciliation:
             
Net profit
111
1,570
-93.0%
 
1,038
3,238
-67.9%
(+) Depreciation and amortization
914
728
25.5%
 
1,780
1,697
4.9%
(+) Tax on debits and credits to bank accounts
69
58
19.5%
 
177
231
-23.6%
(+) Income tax expense
(123)
775
n/a
 
237
1,093
-78.3%
(+) Financial interest, net
581
468
24.1%
 
920
721
27.7%
(+) Exchange rate differences, net
560
(414)
n/a
 
739
(162)
n/a
(+) Other financial expenses, net
34
68
-50.5%
 
126
92
37.9%
(+) Gain (loss) on net monetary position
(68)
(499)
-86.4%
 
(198)
(816)
-75.7%
Adjusted EBITDA
2,077
2,754
-24.6%
 
4,819
6,093
-20.9%
Adjusted EBITDA Margin
27.9%
25.8%
+204bps
 
30.8%
27.3%
+349bps

Adjusted EBITDA decreased 24.6% YoY in the second quarter of 2020 to Ps. 2,077 million. While EBITDA was significantly impacted by the sharp decline in revenues, our Adjusted EBITDA margin expanded by 204 basis points to 27.9% compared to 25.8% in 2Q19, which had been impacted by non-recurrent costs related to production footprint adequacy efforts.
 
Table 11, presenting financial Data by Segment (Excluding IAS 29), shows that for the Cement, masonry and lime segment in Argentina Adjusted EBITDA margin expanded by 155 basis points to 30.7% during the second quarter. The Cement segment in Paraguay, presents an Adjusted EBITDA margin of 42.4%, expanding 104 basis points compared to the same period one year ago.
 
In addition, the Concrete and Aggregates segments reported a sharp decline in Adjusted EBITDA margin posting a negative 82.7% and 173%, respectively, as a consequence of the virtually non-existing private or public infrastructure works.
4

In line with the sharp decline in building material transportation and in the overall economic activity in this second quarter, Railroad segment Adjusted EBITDA margin contracted to 6.9% from 12.8% in the comparable period in 2019.
 
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,
 
2020
2019
% Chg.
 
2020
2019
% Chg.
Exchange rate differences
(560)
414
n/a
 
(739)
162
n/a
Financial income
40
(25)
n/a
 
31
14
117.5%
Financial expenses
(655)
(511)
28.0%
 
(1,077)
(826)
30.3%
Gain (loss) on net monetary position
68
499
-86.4%
 
198
816
-75.7%
Total Finance Costs, Net
(1,106)
377
n/a
 
(1,587)
166
n/a

During 2Q20, the Company reported a loss of Ps.1,106 million in total finance costs-net compared to a gain of Ps. 377 million in the previous year second quarter, mainly due to a loss in foreign exchange differences as a consequence of the exchange rate depreciation during the quarter.
 
Net Financial expense increased by Ps.78 million to Ps.615 million resulting from a higher gross debt position together with higher interest rates.
 
Net Profit and Net Profit Attributable to Owners of the Company
 
Net Profit for 2Q20, decreased 93.0% to Ps.111 million from Ps.1,570 million in the corresponding quarter of the previous year, heavily impacted by foreign exchange loss.
 
Net Profit Attributable to Owners of the Company decreased 94.6% YoY, or Ps.1,439 million, to Ps.82 million in 2Q20. During the quarter, the Company reported earnings per common share of Ps.0.1371 and earnings per ADR of Ps.0.6857, compared with earnings per common share of Ps.2.5511 and earnings per ADR of Ps.12.7553 in 2Q19.
 
Capitalization
 
Table 6: Capitalization and Debt Ratio
     
(amounts expressed in millions of pesos, unless otherwise noted)
   
 
As of
June 30,
 
As of December, 31
 
2020
2019
 
2019
         
Total Debt
           17,506
             9,501
 
           13,888
- Short-Term Debt
             9,923
             5,300
 
             6,289
- Long-Term Debt
             7,583
             4,200
 
             7,598
Cash and Cash Equivalents
             3,383
             2,220
 
             2,916
Total Net Debt
          14,123
            7,281
 
          10,972
Shareholders' Equity
           34,262
           29,020
 
           33,314
Capitalization
          51,767
          38,520
 
          47,202
LTM Adjusted EBITDA
          12,053
          12,627
 
          12,730
Net Debt /LTM Adjusted EBITDA
1.17x
0.58x
 
0.86x

As of June 30, 2020, total cash and cash equivalents were Ps.3,383 million compared with Ps.2,916 million as of the December 31, 2019. Total debt at the close of the quarter stood at Ps.17,506 million, composed by Ps.9,923 million in short-term borrowings, including the current portion of long-term borrowings (or 57% of total borrowings), and Ps.7,583 million in long-term borrowings (or 43% of total borrowings).
 
As of June 30, 2020, 48% (or Ps.8,421 million) Loma Negra’s total debt was denominated in Argentine pesos, 32% (or Ps.5,515 million) in U.S. dollars, 15% (or Ps.2,696 million) in Guaraníes, and 5% (or Ps.874 million) in Euros. The average duration of Loma Negra’s total debt was 1.2 years.
5

As of June 30, 2020, Ps.13,223 million, or 76%, of the Company’s total consolidated borrowings bore interest at floating rates, including Ps.7,035 million of Peso-denominated borrowings that bore interest at rates based on the Buenos Aires Deposits of Large Amount Rate, or BADLAR, Ps.4,802 million of foreign currency-denominated borrowings that bore interest at rates based on Libor, and Ps.1,387 million of borrowings with other floating interest rate.
 
The Net Debt to Adjusted EBITDA (LTM) ratio decreased to 1.17x as of June 30, 2020 from 1.26x as of March 31,2020 as a result of cash management and liabilities actions taken during the quarter. Compared to December 31, 2019 the ratio increased from 0.86x reflecting the use of funds in investing activities.
 
Cash Flows
 
Table 7: Condensed Interim Consolidated Statement of Cash Flows for the Three-months and Six-months ended June 30, 2020 and 2019
(amounts expressed in millions of pesos, unless otherwise noted)
     
 
Three-months ended
March 31,
Six-months
 ended
March 31,
 
2020
2019
2020
2019
CASH FLOWS FROM OPERATING ACTIVITIES
       
Net profit for the period
111
1,570
1,038
3,238
Adjustments to reconcile net profit to net cash provided by operating activities
1,604
1,077
3,286
2,896
Changes in operating assets and liabilities
1,416
(1,221)
(883)
(3,808)
Net cash generated by operating activities
3,131
1,427
3,442
2,326
         
CASH FLOWS FROM INVESTING ACTIVITIES
       
Property, plant and equipment, Intangible Assets, net
(1,013)
(3,793)
(5,270)
(6,744)
Others
(0)
(8)
(22)
(33)
         
Net cash used in investing activities
(1,013)
(3,800)
(5,292)
(6,777)
         
CASH FLOWS FROM FINANCING ACTIVITIES
       
Proceeds / Repayments from borrowings, Interest paid
(1,088)
1,955
2,401
1,323
Net cash generated (used) in by financing activities
(1,088)
1,955
2,401
1,323
         
Net increase (decrease) in cash and cash equivalents
1,031
(419)
551
(3,129)
Cash and cash equivalents at the beginning of the year
2,352
2,394
2,916
5,071
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")
(19)
(54)
(62)
(92)
Effects of the exchange rate differences on cash and cash equivalents in foreign currency
19
(252)
(22)
(181)
         
Cash and cash equivalents at the end of the period
3,383
1,670
3,383
1,670

In the 2Q20, amid the COVID-19 situation, our cash flow generated by operating activities was Ps.3,131 million compared to Ps.1,427 million in 2Q19 as we remained focused on operational and financial actions that resulted in lower working capital requirements for the quarter. During 2Q20, the Company made capital expenditures for a total of Ps.1,013 million, mostly allocated to the expansion of production capacity of L’Amalí plant.
6

Expansion of L’Amalí Plant.
 
Loma Negra is moving ahead with the capital expenditure at its L’Amalí plant, which will add 2.7 million tons annually and drive higher profitability. This expansion involves a total capital expenditure, originally estimated at approximately US$350 million.
 
On March 20, and in compliance with the Decree 297 (COVID-19), the expansion project had been temporarily suspended provoking a delay on the project execution. On April, permission to re-start works on the project was granted. Construction works stopped for approximately 45 days and then restarted with restricted manpower following biosafety protocols.
 
In the quarter, all detailed engineering was completed, all equipment and materials supplies has been delivered to site, and commissioning and start-up has been completed at crushing department.
 
Certainly, the impact of the delay, the adoption of new construction protocol, or any other potential measures related to COVID-19 pandemic may provoke additional delays to the startup of the new production line, which is now expected to be at the beginning of 2021.
7

2Q20 Earnings Conference Call

When:               10:00 a.m. U.S. ET (11:00 a.m. BAT), August 11, 2020
 
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/loma200810MHm4I5mn.html
 
Replay:
A telephone replay of the conference call will be available between August 11, 2020 at 1:00 pm U.S. E.T. and ending on August 17, 2020. 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 10145890. 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.
Rounding: We have made rounding adjustments to reach some of the figures included in this annual report. As a result, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

Disclaimer
This release contains forward-looking statements within the meaning of federal securities law that are subject to risks and uncertainties.  These statements are only predictions based upon our current expectations and projections about possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives.  In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “seek,” “forecast,” or the negative of these terms or other similar expressions.  The forward-looking statements are based on the information currently available to us.  There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including, among others things: changes in general economic, political, governmental and business conditions globally and in Argentina, changes in inflation rates, fluctuations in the exchange rate of the peso, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy and various other factors. You should not rely upon forward-looking statements as predictions of future events.  Although we believe in good faith that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur.  Any or all of Loma Negra’s forward-looking statements in this release may turn out to be wrong.  You should consider these forward-looking statements in light of other factors discussed under the heading “Risk Factors” in the prospectus filed with the Securities and Exchange Commission on October 31, 2017 in connection with Loma Negra’s initial public offering.  Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations.
 
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 ---
8

 
Table 8: Condensed Interim Consolidated Statements of Financial Position as of June 30, 2020 and December 31, 2019
(amounts expressed in millions of pesos, unless otherwise noted)
 
As of June 30,
 
As of December 31,
 
2020
 
2019
ASSETS
 
 
 
Non-current assets
     
Property, plant and equipment
50,955
 
51,141
Intangible assets
120
 
146
Investments
3
 
3
Goodwill
29
 
29
Inventories
1,890
 
1,782
Other receivables
568
 
645
Right to use assets
419
 
464
Trade accounts receivable
-
 
3
Total non-current assets
53,984
 
54,212
Current assets
     
Inventories
6,402
 
6,150
Other receivables
794
 
703
Trade accounts receivable
2,708
 
3,126
Investments
2,012
 
1,158
Cash and banks
1,371
 
1,758
Total current assets
13,287
 
12,896
TOTAL ASSETS
67,271
 
67,108
SHAREHOLDERS' EQUITY
     
Capital stock and other capital related accounts
12,557
 
12,557
Reserves
17,849
 
13,487
Retained earnings
985
 
4,361
Accumulated other comprehensive income
329
 
375
Equity attributable to the owners of the Company
31,719
 
30,780
Non-controlling interests
2,543
 
2,534
TOTAL SHAREHOLDERS' EQUITY
34,262
 
33,314
LIABILITIES
     
Non-current liabilities
     
Borrowings
7,583
 
7,598
Accounts payables
81
 
158
Provisions
674
 
643
Other liabilities
51
 
58
Debts for leases
369
 
386
Deferred tax liabilities
6,229
 
6,228
Total non-current liabilities
14,986
 
15,073
Current liabilities
     
Borrowings
9,923
 
6,289
Accounts payable
6,197
 
10,296
Advances from customers
306
 
219
Salaries and social security payables
719
 
1,089
Tax liabilities
689
 
617
Debts for leases
117
 
117
Other liabilities
73
 
95
Total current liabilities
18,023
 
18,722
TOTAL LIABILITIES
33,009
 
33,794
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
67,271
 
67,108

9


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
June 30,
 
Six-months ended
June 30,
 
2020
2019
% Change
 
2020
2019
% Change
Net revenue
7,453
10,664
-30.1%
 
15,635
22,291
-29.9%
Cost of sales
(5,653)
(7,928)
-28.7%
 
(11,342)
(16,202)
-30.0%
Gross profit
1,800
2,737
-34.2%
 
4,293
6,089
-29.5%
Selling and administrative expenses
(641)
(694)
-7.6%
 
(1,305)
(1,672)
-21.9%
Other gains and losses
4
(17)
n/a
 
51
(20)
n/a
Tax on debits and credits to bank accounts
(69)
(58)
19.5%
 
(177)
(231)
-23.6%
Finance costs, net
             
Exchange rate differences
(560)
414
n/a
 
(739)
162
n/a
Financial income
40
(25)
n/a
 
31
14
117.5%
Financial expenses
(655)
(511)
28.0%
 
(1,077)
(826)
30.3%
Gain (loss) on net monetary position
68
499
-86.4%
 
198
816
-75.7%
(Loss) Profit before taxes
(12)
2,345
n/a
 
1,275
4,332
-70.6%
Income tax expense
             
Current
49
(478)
n/a
 
(235)
(1,013)
-76.8%
Deferred
73
(297)
n/a
 
(2)
(81)
-97.5%
Net profit
111
1,570
-93.0%
 
1,038
3,238
-67.9%
               
Other Comprehensive Income
             
Items to be reclassified through profit and loss:
         
Exchange differences on translating foreign operations
32
(385)
n/a
 
(91)
(400)
-77.2%
Total other comprehensive (loss) income
32
(385)
n/a
 
(91)
(400)
-77.2%
TOTAL COMPREHENSIVE (LOSS) INCOME
142
1,185
-88.0%
 
947
2,839
-66.6%
Net Profit (loss) for the period attributable to:
         
Owners of the Company
82
1,521
-94.6%
 
985
3,106
-68.3%
Non-controlling interests
29
49
-41.6%
 
53
133
-59.8%
NET (LOSS) PROFIT FOR THE PERIOD
111
1,570
-93.0%
 
1,038
3,238
-67.9%
Total comprehensive (loss) income attributable to:
       
Owners of the Company
98
1,324
-92.6%
 
939
2,902
-67.7%
Non-controlling interests
44
(139)
n/a
 
9
(63)
n/a
TOTAL COMPREHENSIVE (LOSS) INCOME
142
1,185
-88.0%
 
947
2,839
-66.6%
Earnings per share (basic and diluted):
0.1371
2.5511
-94.6%
 
1.6528
5.2104
-68.3%

10

 
Table 10: Condensed Interim Consolidated Statement of Cash Flows for the Three-months and Six-months ended June 30, 2020 and 2019
(amounts expressed in millions of pesos, unless otherwise noted)
 
 
 
 
Three-months ended
June 30,
Six-months ended
June 30,
 
2020
2019
2020
2019
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
Net profit for the period
111
1,570
1,038
3,238
Adjustments to reconcile net profit to net cash provided by operating activities
       
Income tax expense
(123)
775
237
1,093
Depreciation and amortization
914
728
1,780
1,697
Provisions
(66)
79
(9)
105
Interest expense
565
(172)
970
278
Exchange rate differences
305
(349)
293
(281)
Others
-
16
-
4
Gain on disposal of Property, plant and equipment
9
(0)
15
(0)
Changes in operating assets and liabilities
       
Inventories
527
(201)
(424)
(1,076)
Other receivables
154
67
(45)
(17)
Trade accounts receivable
92
142
173
(758)
Advances from customers
62
(45)
94
(46)
Accounts payable
515
82
(8)
(202)
Salaries and social security payables
(225)
24
(260)
89
Provisions
34
(51)
(25)
(119)
Tax liabilities
454
(251)
163
(416)
Other liabilities
(20)
22
(29)
287
Income tax paid
(108)
(511)
(325)
(733)
Gain on net monetary position
(68)
(499)
(198)
(816)
Net cash generated by operating activities
3,131
1,427
3,442
2,326
         
CASH FLOWS FROM INVESTING ACTIVITIES
       
Proceeds from disposal of Property, plant and equipment
5
2
20
12
Payments to acquire Property, plant and equipment
(1,018)
(3,768)
(5,287)
(6,728)
Payments to acquire Intangible Assets
(0)
(26)
(3)
(28)
Contributions to Trust
(0)
(8)
(22)
(33)
Net cash used in investing activities
(1,013)
(3,800)
(5,292)
(6,777)
         
CASH FLOWS FROM FINANCING ACTIVITIES
       
Proceeds from borrowings
4,648
3,971
10,551
4,358
Interest paid
(650)
(578)
(1,507)
(959)
Repayment of borrowings
(5,061)
(1,417)
(6,585)
(2,030)
Debts for leases
(25)
(20)
(57)
(47)
Net cash generated (used) in by financing activities
(1,088)
1,955
2,401
1,323
Net increase (decrease) in cash and cash equivalents
1,031
(419)
551
(3,129)
Cash and cash equivalents at the beginning of the period
2,352
2,394
2,916
5,071
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")
(19)
(54)
(62)
(92)
Effects of the exchange rate differences on cash and cash equivalents in foreign currency
19
(252)
(22)
(181)
         
Cash and cash equivalents at the end of the period
3,383
1,670
3,383
1,670

11


Table 11: Financial Data by Segment (figures exclude the impact of IAS 29)
(amounts expressed in millions of pesos, unless otherwise noted)
           
 
Three-months ended June 30,
 
Six-months ended June 30,
 
2020
%
2019
%
 
2020
%
2019
%
Net revenue
7,334
100.0%
7,262
100.0%
 
14,857
100.0%
14,395
100.0%
Cement, masonry cement and lime—Argentina
5,844
79.7%
5,453
75.1%
 
11,632
78.3%
10,625
73.8%
Cement—Paraguay
952
13.0%
641
8.8%
 
1,867
12.6%
1,343
9.3%
Concrete
109
1.5%
1,014
14.0%
 
577
3.9%
2,200
15.3%
Railroad
655
8.9%
708
9.8%
 
1,397
9.4%
1,365
9.5%
Aggregates
12
0.2%
134
1.8%
 
74
0.5%
259
1.8%
Others
37
0.5%
35
0.5%
 
85
0.6%
66
0.5%
Eliminations
(276)
-3.8%
(721)
-9.9%
 
(775)
-5.2%
(1,463)
-10.2%
Cost of sales
5,015
100.0%
5,151
100.0%
 
9,821
100.0%
9,936
100.0%
Cement, masonry cement and lime—Argentina
3,735
74.5%
3,658
71.0%
 
7,031
71.6%
6,909
69.5%
Cement—Paraguay
680
13.6%
466
9.0%
 
1,316
13.4%
937
9.4%
Concrete
205
4.1%
981
19.0%
 
729
7.4%
2,043
20.6%
Railroad
609
12.1%
607
11.8%
 
1,348
13.7%
1,193
12.0%
Aggregates
38
0.7%
140
2.7%
 
116
1.2%
276
2.8%
Others
24
0.5%
23
0.4%
 
55
0.6%
41
0.4%
Eliminations
(276)
-5.5%
(721)
-14.0%
 
(775)
-7.9%
(1,463)
-14.7%
Selling, admin. expenses and other gains & losses
584
100.0%
497
100.0%
 
1,104
100.0%
1,068
100.0%
Cement, masonry cement and lime—Argentina
473
80.9%
379
76.2%
 
919
83.2%
834
78.1%
Cement—Paraguay
25
4.3%
15
3.1%
 
57
5.2%
38
3.6%
Concrete
12
2.0%
34
6.9%
 
8
0.7%
69
6.5%
Railroad
60
10.2%
53
10.7%
 
90
8.2%
98
9.2%
Aggregates
(0)
0.0%
2
0.3%
 
(4)
-0.3%
4
0.3%
Others
15
2.6%
13
2.7%
 
33
3.0%
25
2.3%
Depreciation and amortization
398
100.0%
343
100.0%
 
791
100.0%
685
100.0%
Cement, masonry cement and lime—Argentina
158
39.8%
174
50.6%
 
332
42.0%
353
51.5%
Cement—Paraguay
157
39.5%
106
30.8%
 
296
37.5%
211
30.8%
Concrete
17
4.3%
16
4.7%
 
34
4.3%
27
3.9%
Railroad
59
14.8%
42
12.3%
 
115
14.6%
84
12.2%
Aggregates
5
1.3%
5
1.4%
 
11
1.4%
9
1.3%
Others
1
0.3%
1
0.2%
 
2
0.3%
2
0.2%
Adjusted EBITDA
2,133
100.0%
1,958
100.0%
 
4,724
100.0%
4,076
100.0%
Cement, masonry cement and lime—Argentina
1,795
84.1%
1,590
81.2%
 
4,014
85.0%
3,234
79.3%
Cement—Paraguay
404
18.9%
265
13.5%
 
790
16.7%
579
14.2%
Concrete
(90)
-4.2%
16
0.8%
 
(126)
-2.7%
114
2.8%
Railroad
45
2.1%
90
4.6%
 
74
1.6%
157
3.8%
Aggregates
(20)
-1.0%
(3)
-0.2%
 
(28)
-0.6%
(11)
-0.3%
Others
(1)
0.0%
(1)
0.0%
 
(1)
0.0%
3
0.1%
Reconciling items:
                 
Effect by translation in homogeneous cash currency ("Inflation-Adjusted")
(56)
 
796
   
95
 
2,017
 
Depreciation and amortization
(914)
 
(728)
   
(1,780)
 
(1,697)
 
Tax on debits and credits banks accounts
(69)
 
(58)
   
(177)
 
(231)
 
Finance costs, net
(1,106)
 
377
   
(1,587)
 
166
 
Income tax
123
 
(775)
   
(237)
 
(1,093)
 
NET (LOSS) PROFIT FOR THE PERIOD
111
 
1,570
   
1,038
 
3,238
 


12
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