Cecilia Grierson 355, 4th Floor
Zip Code C1107CPG – Capital Federal
Republic of Argentina
|
(Address of principal executive offices)
|
Item
|
Description
|
1
|
Loma Negra Relevant Event
|
◾
|
Net revenue decreased by 4.5% YoY to Ps.10,756 million (US$143 million), with robust rebound in our core segment, but negatively impacted by
other segments
|
◾
|
Consolidated Adjusted EBITDA up 11.6% YoY to Ps.3,389 million (US$48 million)
|
◾
|
Consolidated Adjusted EBITDA margin expanded by 454 basis points YoY from 27.0% to 31.5%, driven by higher cement, masonry and lime sales and
strong focus on cost control
|
◾
|
Net profit was Ps.6,449 million including the divestment in Paraguay
|
◾
|
Income from discontinued operations in Paraguay was Ps.4,204 million for the three-months period
|
◾
|
Railway segment impacted by of Ps.1,068 million, due to non-cash losses an impairment of property, plant and equipment and other non-recurrent
losses
|
◾
|
Net Debt /LTM Adjusted EBITDA ratio of 0.12x from 1.17x in 2Q20 and 0.86x in FY19
|
Table 1: Financial Highlights
|
||||||||||||||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||||||||||||||||||||
|
Three-months ended
September 30, |
Nine-months ended
September 30, |
||||||||||||||||||||||
|
2020
|
2019
|
% Chg.
|
2020
|
2019
|
% Chg.
|
||||||||||||||||||
Net revenue
|
10,756
|
11,260
|
-4.5
|
%
|
25,475
|
33,012
|
-22.8
|
%
|
||||||||||||||||
Gross Profit
|
3,010
|
2,898
|
3.9
|
%
|
7,008
|
8,771
|
-20.1
|
%
|
||||||||||||||||
Gross Profit margin
|
28.0
|
%
|
25.7
|
%
|
+225bps
|
27.5
|
%
|
26.6
|
%
|
+94bps
|
||||||||||||||
Adjusted EBITDA
|
3,389
|
3,037
|
11.6
|
%
|
7,682
|
8,626
|
-10.9
|
%
|
||||||||||||||||
Adjusted EBITDA Mg.
|
31.5
|
%
|
27.0
|
%
|
+454bps
|
30.2
|
%
|
26.1
|
%
|
+403bps
|
||||||||||||||
Net Profit
|
6,449
|
83
|
7715.7
|
%
|
7,567
|
3,569
|
112.0
|
%
|
||||||||||||||||
Net Profit attributable to owners of the Company
|
6,436
|
68
|
9356.1
|
%
|
7,496
|
3,411
|
119.7
|
%
|
||||||||||||||||
EPS
|
10.7977
|
0.1142
|
9356.1
|
%
|
12.5770
|
5.7234
|
119.7
|
%
|
||||||||||||||||
Shares outstanding at eop
|
596
|
596
|
0.0
|
%
|
596
|
596
|
0.0
|
%
|
||||||||||||||||
Net Debt
|
1,454
|
12,380
|
-88.3
|
%
|
1,454
|
12,380
|
-88.3
|
%
|
||||||||||||||||
Net Debt /LTM Adjusted EBITDA
|
0.12
|
x
|
1.05
|
x
|
-0.93
|
x
|
0.12
|
x
|
1.05
|
x
|
-0.93
|
x
|
Table 1b: Financial Highlights in Ps and in U.S. dollars (figures exclude the impact of IAS 29)
|
||||||||||||||||||||||||
In million Ps.
|
Three-months ended
September 30, |
Nine-months ended
September 30, |
||||||||||||||||||||||
|
2020
|
2019
|
% Chg.
|
2020
|
2019
|
% Chg.
|
||||||||||||||||||
Net revenue
|
10,487
|
7,830
|
33.9
|
%
|
23,477
|
20,881
|
12.4
|
%
|
||||||||||||||||
Adjusted EBITDA
|
3,511
|
2,213
|
58.6
|
%
|
7,445
|
5,710
|
30.4
|
%
|
||||||||||||||||
Adjusted EBITDA Mg.
|
33.5
|
%
|
28.3
|
%
|
+521bps
|
31.7
|
%
|
27.3
|
%
|
+436bps
|
||||||||||||||
Net Profit
|
8,258
|
(448
|
)
|
n/a
|
9,039
|
1,405
|
543.2
|
%
|
||||||||||||||||
Net Debt
|
1,454
|
12,380
|
-88.3
|
%
|
1,454
|
12,380
|
-88.3
|
%
|
||||||||||||||||
Net Debt /LTM Adjusted EBITDA
|
0.12
|
x
|
1.05
|
x
|
-0.93
|
x
|
0.12
|
x
|
1.05
|
x
|
-0.93
|
x
|
||||||||||||
In million US$
|
Three-months ended
September 30, |
Nine-months ended
September 30, |
||||||||||||||||||||||
|
2020
|
2019
|
% Chg.
|
2020
|
2019
|
% Chg.
|
||||||||||||||||||
Ps./US$, av
|
73.35
|
50.59
|
45.0
|
%
|
67.62
|
44.60
|
51.6
|
%
|
||||||||||||||||
Ps./US$, eop
|
76.18
|
57.56
|
32.3
|
%
|
76.18
|
57.56
|
32.3
|
%
|
||||||||||||||||
Net revenue
|
143
|
155
|
-7.6
|
%
|
347
|
468
|
-25.8
|
%
|
||||||||||||||||
Adjusted EBITDA
|
48
|
44
|
9.4
|
%
|
110
|
128
|
-14.0
|
%
|
||||||||||||||||
Adjusted EBITDA Mg.
|
33.5
|
%
|
28.3
|
%
|
+521bps
|
31.7
|
%
|
27.3
|
%
|
+436bps
|
||||||||||||||
Net Profit
|
113
|
(9
|
)
|
n/a
|
134
|
32
|
324.2
|
%
|
||||||||||||||||
Net Debt
|
19
|
215
|
-91.1
|
%
|
19
|
215
|
-91.1
|
%
|
||||||||||||||||
Net Debt /LTM Adjusted EBITDA
|
0.12
|
x
|
1.05
|
x
|
-0.93
|
x
|
0.12
|
x
|
1.05
|
x
|
-0.93
|
x
|
Table 2: Sales Volumes2
|
|||||||||||||||||||||||||
|
|
Three-months ended
September 30, |
Nine-months ended
September 30, |
||||||||||||||||||||||
|
|
2020
|
2019
|
% Chg.
|
2020
|
2019
|
% Chg.
|
||||||||||||||||||
Cement, masonry & lime
|
MM Tn
|
1.53
|
1.49
|
2.9
|
%
|
3.54
|
4.19
|
-15.5
|
%
|
||||||||||||||||
Concrete
|
MM m3
|
0.06
|
0.19
|
-70.2
|
%
|
0.15
|
0.67
|
-77.4
|
%
|
||||||||||||||||
Railroad
|
MM Tn
|
1.06
|
1.13
|
-5.8
|
%
|
2.63
|
3.36
|
-21.7
|
%
|
||||||||||||||||
Aggregates
|
MM Tn
|
0.19
|
0.26
|
-25.2
|
%
|
0.35
|
0.85
|
-59.0
|
%
|
||||||||||||||||
2 Sales volumes include inter-segment sales
|
Table 3: Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income
|
||||||||||||||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||||||||||||||||||||
|
Three-months ended
September 30, |
Nine-months ended
September 30, |
||||||||||||||||||||||
|
2020
|
2019
|
% Chg.
|
2020
|
2019
|
% Chg.
|
||||||||||||||||||
Net revenue
|
10,756
|
11,260
|
-4.5
|
%
|
25,475
|
33,012
|
-22.8
|
%
|
||||||||||||||||
Cost of sales
|
(7,746
|
)
|
(8,362
|
)
|
-7.4
|
%
|
(18,467
|
)
|
(24,241
|
)
|
-23.8
|
%
|
||||||||||||
Gross Profit
|
3,010
|
2,898
|
3.9
|
%
|
7,008
|
8,771
|
-20.1
|
%
|
||||||||||||||||
Share of loss of associates
|
(363
|
)
|
-
|
n/a
|
(363
|
)
|
-
|
n/a
|
||||||||||||||||
Selling and administrative expenses
|
(828
|
)
|
(791
|
)
|
4.6
|
%
|
(2,165
|
)
|
(2,527
|
)
|
-14.3
|
%
|
||||||||||||
Other gains and losses
|
6
|
40
|
-86.1
|
%
|
58
|
17
|
238.8
|
%
|
||||||||||||||||
Impairment of property, plant and equipment
|
(851
|
)
|
-
|
n/a
|
(851
|
)
|
-
|
n/a
|
||||||||||||||||
Tax on debits and credits to bank accounts
|
(133
|
)
|
(123
|
)
|
8.1
|
%
|
(323
|
)
|
(372
|
)
|
-13.1
|
%
|
||||||||||||
Finance costs, net
|
||||||||||||||||||||||||
Gain on net monetary position
|
107
|
376
|
-71.6
|
%
|
320
|
1,255
|
-74.5
|
%
|
||||||||||||||||
Exchange rate differences
|
2,054
|
(2,064
|
)
|
n/a
|
1,245
|
(1,891
|
)
|
n/a
|
||||||||||||||||
Financial income
|
218
|
104
|
108.9
|
%
|
67
|
119
|
-43.7
|
%
|
||||||||||||||||
Financial expenses
|
(377
|
)
|
(463
|
)
|
-18.4
|
%
|
(1,229
|
)
|
(1,171
|
)
|
4.9
|
%
|
||||||||||||
(Loss) Profit before taxes
|
2,843
|
(22
|
)
|
n/a
|
3,767
|
4,202
|
-10.4
|
%
|
||||||||||||||||
Income tax expense
|
||||||||||||||||||||||||
Current
|
(965
|
)
|
205
|
n/a
|
(1,175
|
)
|
(855
|
)
|
37.4
|
%
|
||||||||||||||
Deferred
|
367
|
(363
|
)
|
n/a
|
369
|
(443
|
)
|
n/a
|
||||||||||||||||
Net profit (loss) from continuing operations
|
2,245
|
(180
|
)
|
n/a
|
2,960
|
2,903
|
2.0
|
%
|
||||||||||||||||
Income from discontinued operations
|
4,204
|
262
|
1502.5
|
%
|
4,607
|
665
|
592.5
|
%
|
||||||||||||||||
Net profit (loss)
|
6,449
|
83
|
7715.7
|
%
|
7,567
|
3,569
|
112.0
|
%
|
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, |
||||||||||||||||||||||
|
2020
|
2019
|
% Chg.
|
2020
|
2019
|
% Chg.
|
||||||||||||||||||
Adjusted EBITDA reconciliation:
|
||||||||||||||||||||||||
Net profit
|
6,449
|
83
|
7715.7
|
%
|
7,567
|
3,569
|
112.0
|
%
|
||||||||||||||||
(+) Depreciation and amortization
|
1,201
|
890
|
34.9
|
%
|
2,782
|
2,365
|
17.7
|
%
|
||||||||||||||||
(+) Tax on debits and credits to bank accounts
|
133
|
123
|
8.1
|
%
|
323
|
372
|
-13.1
|
%
|
||||||||||||||||
(+) Income tax expense
|
598
|
158
|
278.6
|
%
|
806
|
1,298
|
-37.9
|
%
|
||||||||||||||||
(+) Financial interest, net
|
(9
|
)
|
289
|
n/a
|
804
|
881
|
-8.7
|
%
|
||||||||||||||||
(+) Exchange rate differences, net
|
(2,054
|
)
|
2,064
|
n/a
|
(1,245
|
)
|
1,891
|
n/a
|
||||||||||||||||
(+) Other financial expenses, net
|
168
|
70
|
141.8
|
%
|
358
|
171
|
109.5
|
%
|
||||||||||||||||
(+) Gain on net monetary position
|
(107
|
)
|
(376
|
)
|
-71.6
|
%
|
(320
|
)
|
(1,255
|
)
|
-74.5
|
%
|
||||||||||||
(+) Share of loss of associates
|
363
|
-
|
n/a
|
363
|
-
|
n/a
|
||||||||||||||||||
(+) Impairment of property, plant and equipment
|
851
|
-
|
n/a
|
851
|
-
|
n/a
|
||||||||||||||||||
(-) Income from discontinued operations
|
4,204
|
262
|
1502.5
|
%
|
4,607
|
665
|
592.5
|
%
|
||||||||||||||||
Adjusted EBITDA
|
3,389
|
3,037
|
11.6
|
%
|
7,682
|
8,626
|
-10.9
|
%
|
||||||||||||||||
Adjusted EBITDA Margin
|
31.5
|
%
|
27.0
|
%
|
+454bps
|
30.2
|
%
|
26.1
|
%
|
+403bps
|
Table 5: Finance Costs, net
|
||||||||||||||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||||||||||||||||||||
|
Three-months ended
September 30, |
Nine-months ended
September 30, |
||||||||||||||||||||||
|
2020
|
2019
|
% Chg.
|
2020
|
2019
|
% Chg.
|
||||||||||||||||||
Exchange rate differences
|
2,054
|
(2,064
|
)
|
n/a
|
1,245
|
(1,891
|
)
|
n/a
|
||||||||||||||||
Financial income
|
218
|
104
|
108.9
|
%
|
67
|
119
|
-43.7
|
%
|
||||||||||||||||
Financial expenses
|
(377
|
)
|
(463
|
)
|
-18.4
|
%
|
(1,229
|
)
|
(1,171
|
)
|
4.9
|
%
|
||||||||||||
Gain on net monetary position
|
107
|
376
|
-71.6
|
%
|
320
|
1,255
|
-74.5
|
%
|
||||||||||||||||
Total Finance Costs, Net
|
2,001
|
(2,046
|
)
|
n/a
|
403
|
(1,688
|
)
|
n/a
|
Table 6: Capitalization and Debt Ratio
|
||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||||||||
|
As of September 30,
|
As of December, 31
|
||||||||||
|
2020
|
2019
|
2019
|
|||||||||
Total Debt
|
6,105
|
14,229
|
11,262
|
|||||||||
- Short-Term Debt
|
3,932
|
6,819
|
6,262
|
|||||||||
- Long-Term Debt
|
2,173
|
7,411
|
5,001
|
|||||||||
Cash and Cash Equivalents
|
4,652
|
1,849
|
1,595
|
|||||||||
Total Net Debt
|
1,454
|
12,380
|
9,667
|
|||||||||
Shareholders' Equity
|
38,115
|
34,948
|
35,864
|
|||||||||
Capitalization
|
44,221
|
49,177
|
47,127
|
|||||||||
LTM Adjusted EBITDA
|
11,992
|
11,785
|
11,640
|
|||||||||
Net Debt /LTM Adjusted EBITDA
|
0.12
|
x
|
1.05
|
x
|
0.83
|
x
|
Table 7: Condensed Interim Consolidated Statement of Cash Flows for the Three-months and Nine-months ended September 30, 2020 and 2019
|
||||||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||||||||||||
|
Three-months ended
September 30, |
Nine-months
ended September 30, |
||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||||||
Net profit (loss) from continuing operations
|
2,245
|
(180
|
)
|
2,960
|
2,903
|
|||||||||||
Income from discontinued operations
|
4,204
|
262
|
4,607
|
665
|
||||||||||||
Net profit
|
6,449
|
83
|
7,567
|
3,569
|
||||||||||||
Adjustments to reconcile net profit to net cash provided by operating activities
|
(3,964
|
)
|
2,350
|
(1,139
|
)
|
5,058
|
||||||||||
Changes in operating assets and liabilities
|
852
|
1,501
|
204
|
(2,595
|
)
|
|||||||||||
Net cash generated by / used in by operating activities
|
3,337
|
3,933
|
6,632
|
6,032
|
||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||||||
Property, plant and equipment, Intangible Assets, net
|
(1,563
|
)
|
(4,232
|
)
|
(7,167
|
)
|
(11,472
|
)
|
||||||||
Contributions to Trust
|
(26
|
)
|
(26
|
)
|
(50
|
)
|
(62
|
)
|
||||||||
Proceeds from disposal of Yguazú Cementos S.A.
|
7,495
|
-
|
7,495
|
-
|
||||||||||||
Net cash generated by / used in investing activities
|
5,906
|
(4,258
|
)
|
278
|
(11,534
|
)
|
||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||||||
Proceeds / Repayments from borrowings, Interest paid
|
(9,994
|
)
|
101
|
(6,578
|
)
|
2,185
|
||||||||||
Net cash generated by / used in by financing activities
|
(9,994
|
)
|
101
|
(6,578
|
)
|
2,185
|
||||||||||
Net increase (decrease) in cash and cash equivalents
|
(750
|
)
|
(223
|
)
|
332
|
(3,317
|
)
|
|||||||||
Cash and cash equivalents at the beginning of the year
|
2,628
|
1,087
|
1,595
|
4,385
|
||||||||||||
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")
|
(33
|
)
|
(51
|
)
|
(100
|
)
|
(149
|
)
|
||||||||
Effects of the exchange rate differences on cash and cash equivalents in foreign currency
|
2,806
|
18
|
2,825
|
(88
|
)
|
|||||||||||
Cash and cash equivalents at the end of the period
|
4,652
|
831
|
4,652
|
831
|
Dial-in: |
0800-444-2930 (Argentina), 1-833-255-2824 (U.S.), 1-866-605-3852 (Canada), 1-412-902-6701 (International)
|
Replay: |
A telephone replay of the conference call will be available between November 11, 2020 at 1:00 pm U.S. E.T. and ending on November 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 10149478. 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, 2020 and December 31, 2019
|
||||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||||
|
As of September 30,
|
As of December 31,
|
||||||
|
2020
|
2019
|
||||||
ASSETS
|
||||||||
Non-current assets
|
||||||||
Property, plant and equipment
|
47,524
|
48,303
|
||||||
Right to use assets
|
424
|
499
|
||||||
Intangible assets
|
114
|
154
|
||||||
Investments
|
3
|
5,409
|
||||||
Goodwill
|
31
|
31
|
||||||
Inventories
|
1,962
|
1,831
|
||||||
Other receivables
|
426
|
687
|
||||||
Total non-current assets
|
50,483
|
56,914
|
||||||
Current assets
|
||||||||
Inventories
|
4,980
|
5,922
|
||||||
Other receivables
|
1,130
|
687
|
||||||
Trade accounts receivable
|
2,665
|
2,903
|
||||||
Investments
|
4,383
|
1,247
|
||||||
Cash and banks
|
269
|
348
|
||||||
Total current assets
|
13,427
|
11,107
|
||||||
TOTAL ASSETS
|
63,910
|
68,021
|
||||||
SHAREHOLDERS' EQUITY
|
||||||||
Capital stock and other capital related accounts
|
13,518
|
13,518
|
||||||
Reserves
|
16,815
|
14,520
|
||||||
Retained earnings
|
7,496
|
4,695
|
||||||
Accumulated other comprehensive income
|
-
|
404
|
||||||
Equity attributable to the owners of the Company
|
37,829
|
33,136
|
||||||
Non-controlling interests
|
287
|
2,728
|
||||||
TOTAL SHAREHOLDERS' EQUITY
|
38,115
|
35,864
|
||||||
LIABILITIES
|
||||||||
Non-current liabilities
|
||||||||
Borrowings
|
2,173
|
5,001
|
||||||
Accounts payables
|
90
|
170
|
||||||
Provisions
|
718
|
682
|
||||||
Debts for leases
|
375
|
416
|
||||||
Other liabilities
|
50
|
63
|
||||||
Deferred tax liabilities
|
6,278
|
6,647
|
||||||
Total non-current liabilities
|
9,684
|
12,978
|
||||||
Current liabilities
|
||||||||
Borrowings
|
3,932
|
6,262
|
||||||
Accounts payable
|
5,848
|
10,681
|
||||||
Advances from customers
|
558
|
233
|
||||||
Salaries and social security payables
|
979
|
1,148
|
||||||
Tax liabilities
|
2,178
|
628
|
||||||
Debts for leases
|
126
|
125
|
||||||
Other liabilities
|
2,491
|
102
|
||||||
Total current liabilities
|
16,111
|
19,178
|
||||||
TOTAL LIABILITIES
|
25,795
|
32,156
|
||||||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
|
63,910
|
68,021
|
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, |
||||||||||||||||||||||
|
2020
|
2019
|
% Change
|
2020
|
2019
|
% Change
|
||||||||||||||||||
Net revenue
|
10,756
|
11,260
|
-4.5
|
%
|
25,475
|
33,012
|
-22.8
|
%
|
||||||||||||||||
Cost of sales
|
(7,746
|
)
|
(8,362
|
)
|
-7.4
|
%
|
(18,467
|
)
|
(24,241
|
)
|
-23.8
|
%
|
||||||||||||
Gross profit
|
3,010
|
2,898
|
3.9
|
%
|
7,008
|
8,771
|
-20.1
|
%
|
||||||||||||||||
Share of loss of associates
|
(363
|
)
|
-
|
n/a
|
(363
|
)
|
-
|
n/a
|
||||||||||||||||
Selling and administrative expenses
|
(828
|
)
|
(791
|
)
|
4.6
|
%
|
(2,165
|
)
|
(2,527
|
)
|
-14.3
|
%
|
||||||||||||
Other gains and losses
|
6
|
40
|
-86.1
|
%
|
58
|
17
|
238.8
|
%
|
||||||||||||||||
Impairment of property, plant and equipment
|
(851
|
)
|
-
|
n/a
|
(851
|
)
|
-
|
n/a
|
||||||||||||||||
Tax on debits and credits to bank accounts
|
(133
|
)
|
(123
|
)
|
8.1
|
%
|
(323
|
)
|
(372
|
)
|
-13.1
|
%
|
||||||||||||
Finance costs, net
|
||||||||||||||||||||||||
Gain on net monetary position
|
107
|
376
|
-71.6
|
%
|
320
|
1,255
|
-74.5
|
%
|
||||||||||||||||
Exchange rate differences
|
2,054
|
(2,064
|
)
|
n/a
|
1,245
|
(1,891
|
)
|
n/a
|
||||||||||||||||
Financial income
|
218
|
104
|
108.9
|
%
|
67
|
119
|
-43.7
|
%
|
||||||||||||||||
Financial expenses
|
(377
|
)
|
(463
|
)
|
-18.4
|
%
|
(1,229
|
)
|
(1,171
|
)
|
4.9
|
%
|
||||||||||||
Profit (Loss) before taxes
|
2,843
|
(22
|
)
|
n/a
|
3,767
|
4,202
|
-10.4
|
%
|
||||||||||||||||
Income tax expense
|
||||||||||||||||||||||||
Current
|
(965
|
)
|
205
|
n/a
|
(1,175
|
)
|
(855
|
)
|
37.4
|
%
|
||||||||||||||
Deferred
|
367
|
(363
|
)
|
n/a
|
369
|
(443
|
)
|
n/a
|
||||||||||||||||
Net profit (loss) from continuing operations
|
2,245
|
(180
|
)
|
n/a
|
2,960
|
2,903
|
2.0
|
%
|
||||||||||||||||
Income from discontinued operations
|
4,204
|
262
|
1502.5
|
%
|
4,607
|
665
|
592.5
|
%
|
||||||||||||||||
Net profit
|
6,449
|
83
|
7715.7
|
%
|
7,567
|
3,569
|
112.0
|
%
|
||||||||||||||||
Other Comprehensive Income
|
||||||||||||||||||||||||
Items to be reclassified through profit and loss:
|
||||||||||||||||||||||||
Exchange differences on translating foreign operations
|
(159
|
)
|
669
|
n/a
|
(257
|
)
|
239
|
n/a
|
||||||||||||||||
Total other comprehensive (loss) income
|
(159
|
)
|
669
|
n/a
|
(257
|
)
|
239
|
n/a
|
||||||||||||||||
TOTAL COMPREHENSIVE INCOME
|
6,290
|
752
|
736.6
|
%
|
7,310
|
3,808
|
92.0
|
%
|
||||||||||||||||
Net Profit (loss) for the period attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
6,436
|
68
|
9356.1
|
%
|
7,496
|
3,411
|
119.7
|
%
|
||||||||||||||||
Non-controlling interests
|
14
|
14
|
-6.3
|
%
|
71
|
157
|
-54.9
|
%
|
||||||||||||||||
NET PROFIT FOR THE PERIOD
|
6,449
|
83
|
7715.7
|
%
|
7,567
|
3,569
|
112.0
|
%
|
||||||||||||||||
Total comprehensive (loss) income attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
6,354
|
409
|
1452.0
|
%
|
7,365
|
3,533
|
108.4
|
%
|
||||||||||||||||
Non-controlling interests
|
(64
|
)
|
342
|
n/a
|
(55
|
)
|
275
|
n/a
|
||||||||||||||||
TOTAL COMPREHENSIVE INCOME
|
6,290
|
752
|
736.6
|
%
|
7,310
|
3,808
|
92.0
|
%
|
||||||||||||||||
Earnings per share (basic and diluted):
|
10.7977
|
0.1142
|
9356.0
|
%
|
12.5770
|
5.7234
|
119.7
|
%
|
Table 10: Condensed Interim Consolidated Statement of Cash Flows for the Three-months and Nine-months ended September 30, 2020 and 2019
|
||||||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted)
|
||||||||||||||||
|
Three-months ended
September 30, |
Nine-months ended
September 30, |
||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||||||
Net profit (loss) from continuing operations
|
2,245
|
(180
|
)
|
2,960
|
2,903
|
|||||||||||
Income from discontinued operations
|
4,204
|
262
|
4,607
|
665
|
||||||||||||
Net profit
|
6,449
|
83
|
7,567
|
3,569
|
||||||||||||
Adjustments to reconcile net profit to net cash provided by operating activities
|
||||||||||||||||
Income tax expense
|
1,960
|
225
|
2,169
|
1,365
|
||||||||||||
Depreciation and amortization
|
1,201
|
890
|
2,782
|
2,365
|
||||||||||||
Provisions
|
(28
|
)
|
(1
|
)
|
(38
|
)
|
112
|
|||||||||
Interest expense
|
16
|
347
|
935
|
827
|
||||||||||||
Exchange rate differences
|
(2,694
|
)
|
1,427
|
(2,378
|
)
|
1,134
|
||||||||||
Share of loss of associates
|
568
|
(527
|
)
|
363
|
(732
|
)
|
||||||||||
Gain on disposal of property, plant and equipment
|
22
|
(12
|
)
|
39
|
(12
|
)
|
||||||||||
Gain on disposal of shareholding of Yguazú Cementos S.A.
|
(5,970
|
)
|
-
|
(5,970
|
)
|
-
|
||||||||||
Impairment of property, plant and equipment
|
851
|
-
|
851
|
-
|
||||||||||||
Depreciation value of trust
|
108
|
-
|
108
|
-
|
||||||||||||
Changes in operating assets and liabilities
|
||||||||||||||||
Inventories
|
984
|
823
|
677
|
(205
|
)
|
|||||||||||
Other receivables
|
155
|
(177
|
)
|
76
|
(163
|
)
|
||||||||||
Trade accounts receivable
|
(549
|
)
|
(91
|
)
|
(227
|
)
|
(782
|
)
|
||||||||
Advances from customers
|
241
|
7
|
342
|
(42
|
)
|
|||||||||||
Accounts payable
|
585
|
1,189
|
607
|
935
|
||||||||||||
Salaries and social security payables
|
292
|
120
|
6
|
212
|
||||||||||||
Provisions
|
(11
|
)
|
52
|
(37
|
)
|
(76
|
)
|
|||||||||
Tax liabilities
|
(276
|
)
|
793
|
(104
|
)
|
330
|
||||||||||
Other liabilities
|
7
|
11
|
(23
|
)
|
82
|
|||||||||||
Gain on net monetary position
|
(107
|
)
|
(376
|
)
|
(320
|
)
|
(1,255
|
)
|
||||||||
Income tax paid
|
(469
|
)
|
(848
|
)
|
(794
|
)
|
(1,631
|
)
|
||||||||
Net cash generated by / used in by operating activities
|
3,337
|
3,933
|
6,632
|
6,032
|
||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||||||
Proceeds from disposal of Yguazú Cementos S.A.
|
7,495
|
-
|
7,495
|
-
|
||||||||||||
Proceeds from disposal of Property, plant and equipment
|
14
|
30
|
36
|
43
|
||||||||||||
Payments to acquire Property, plant and equipment
|
(1,576
|
)
|
(4,255
|
)
|
(7,199
|
)
|
(11,480
|
)
|
||||||||
Payments to acquire Intangible Assets
|
(1
|
)
|
(7
|
)
|
(4
|
)
|
(36
|
)
|
||||||||
Contributions to Trust
|
(26
|
)
|
(26
|
)
|
(50
|
)
|
(62
|
)
|
||||||||
Net cash generated by / used in investing activities
|
5,906
|
(4,258
|
)
|
278
|
(11,534
|
)
|
||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||||||
Proceeds from borrowings
|
0
|
3,395
|
11,359
|
8,087
|
||||||||||||
Interest paid
|
(1,069
|
)
|
(855
|
)
|
(2,541
|
)
|
(1,691
|
)
|
||||||||
Debts for leases
|
(36
|
)
|
(56
|
)
|
(98
|
)
|
(88
|
)
|
||||||||
Repayment of borrowings
|
(8,888
|
)
|
(2,384
|
)
|
(15,298
|
)
|
(4,123
|
)
|
||||||||
Net cash generated by / used in by financing activities
|
(9,994
|
)
|
101
|
(6,578
|
)
|
2,185
|
||||||||||
Net increase (decrease) in cash and cash equivalents
|
(750
|
)
|
(223
|
)
|
332
|
(3,317
|
)
|
|||||||||
Cash and cash equivalents at the beginning of the period
|
2,628
|
1,087
|
1,595
|
4,385
|
||||||||||||
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")
|
(33
|
)
|
(51
|
)
|
(100
|
)
|
(149
|
)
|
||||||||
Effects of the exchange rate differences on cash and cash equivalents in foreign currency
|
2,806
|
18
|
2,825
|
(88
|
)
|
|||||||||||
Cash and cash equivalents at the end of the period
|
4,652
|
831
|
4,652
|
831
|
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 September 30,
|
Nine-months ended September 30,
|
||||||||||||||||||||||||||||||
|
2020
|
%
|
2019
|
%
|
2020
|
%
|
2019
|
%
|
||||||||||||||||||||||||
Net revenue
|
10,487
|
100.0
|
%
|
7,830
|
100.0
|
%
|
23,477
|
100.0
|
%
|
20,881
|
100.0
|
%
|
||||||||||||||||||||
Cement, masonry cement and lime
|
9,801
|
93.5
|
%
|
6,638
|
84.8
|
%
|
21,433
|
91.3
|
%
|
17,263
|
82.7
|
%
|
||||||||||||||||||||
Concrete
|
340
|
3.2
|
%
|
987
|
12.6
|
%
|
917
|
3.9
|
%
|
3,187
|
15.3
|
%
|
||||||||||||||||||||
Railroad
|
770
|
7.3
|
%
|
783
|
10.0
|
%
|
2,167
|
9.2
|
%
|
2,147
|
10.3
|
%
|
||||||||||||||||||||
Aggregates
|
128
|
1.2
|
%
|
120
|
1.5
|
%
|
202
|
0.9
|
%
|
379
|
1.8
|
%
|
||||||||||||||||||||
Others
|
29
|
0.3
|
%
|
44
|
0.6
|
%
|
114
|
0.5
|
%
|
110
|
0.5
|
%
|
||||||||||||||||||||
Eliminations
|
(581
|
)
|
-5.5
|
%
|
(742
|
)
|
-9.5
|
%
|
(1,356
|
)
|
-5.8
|
%
|
(2,205
|
)
|
-10.6
|
%
|
||||||||||||||||
Cost of sales
|
6,688
|
100.0
|
%
|
5,361
|
100.0
|
%
|
15,192
|
100.0
|
%
|
14,359
|
100.0
|
%
|
||||||||||||||||||||
Cement, masonry cement and lime
|
5,799
|
86.7
|
%
|
4,340
|
81.0
|
%
|
12,831
|
84.5
|
%
|
11,249
|
78.3
|
%
|
||||||||||||||||||||
Concrete
|
531
|
7.9
|
%
|
936
|
17.5
|
%
|
1,260
|
8.3
|
%
|
2,979
|
20.7
|
%
|
||||||||||||||||||||
Railroad
|
753
|
11.3
|
%
|
676
|
12.6
|
%
|
2,101
|
13.8
|
%
|
1,869
|
13.0
|
%
|
||||||||||||||||||||
Aggregates
|
162
|
2.4
|
%
|
120
|
2.2
|
%
|
278
|
1.8
|
%
|
396
|
2.8
|
%
|
||||||||||||||||||||
Others
|
24
|
0.4
|
%
|
31
|
0.6
|
%
|
78
|
0.5
|
%
|
72
|
0.5
|
%
|
||||||||||||||||||||
Eliminations
|
(581
|
)
|
-8.7
|
%
|
(742
|
)
|
-13.8
|
%
|
(1,356
|
)
|
-8.9
|
%
|
(2,205
|
)
|
-15.4
|
%
|
||||||||||||||||
Selling, admin. expenses and other gains & losses
|
728
|
100.0
|
%
|
513
|
100.0
|
%
|
1,774
|
100.0
|
%
|
1,543
|
100.0
|
%
|
||||||||||||||||||||
Cement, masonry cement and lime
|
687
|
94.4
|
%
|
435
|
84.9
|
%
|
1,606
|
90.5
|
%
|
1,269
|
82.3
|
%
|
||||||||||||||||||||
Concrete
|
(8
|
)
|
-1.0
|
%
|
21
|
4.2
|
%
|
1
|
0.0
|
%
|
91
|
5.9
|
%
|
|||||||||||||||||||
Railroad
|
30
|
4.1
|
%
|
41
|
8.0
|
%
|
120
|
6.8
|
%
|
139
|
9.0
|
%
|
||||||||||||||||||||
Aggregates
|
1
|
0.2
|
%
|
(0
|
)
|
0.0
|
%
|
(2
|
)
|
-0.1
|
%
|
3
|
0.2
|
%
|
||||||||||||||||||
Others
|
17
|
2.3
|
%
|
15
|
3.0
|
%
|
50
|
2.8
|
%
|
40
|
2.6
|
%
|
||||||||||||||||||||
Depreciation and amortization
|
440
|
100.0
|
%
|
257
|
100.0
|
%
|
935
|
100.0
|
%
|
732
|
100.0
|
%
|
||||||||||||||||||||
Cement, masonry cement and lime
|
237
|
53.9
|
%
|
185
|
72.0
|
%
|
570
|
61.0
|
%
|
538
|
73.6
|
%
|
||||||||||||||||||||
Concrete
|
134
|
30.4
|
%
|
18
|
7.1
|
%
|
168
|
17.9
|
%
|
45
|
6.2
|
%
|
||||||||||||||||||||
Railroad
|
62
|
14.1
|
%
|
48
|
18.6
|
%
|
178
|
19.0
|
%
|
132
|
18.0
|
%
|
||||||||||||||||||||
Aggregates
|
6
|
1.3
|
%
|
5
|
1.9
|
%
|
16
|
1.7
|
%
|
14
|
1.9
|
%
|
||||||||||||||||||||
Others
|
1
|
0.2
|
%
|
1
|
0.4
|
%
|
3
|
0.4
|
%
|
2
|
0.3
|
%
|
||||||||||||||||||||
Adjusted EBITDA
|
3,511
|
100.0
|
%
|
2,213
|
100.0
|
%
|
7,445
|
100.0
|
%
|
5,710
|
100.0
|
%
|
||||||||||||||||||||
Cement, masonry cement and lime
|
3,552
|
101.2
|
%
|
2,048
|
92.5
|
%
|
7,566
|
101.6
|
%
|
5,283
|
92.5
|
%
|
||||||||||||||||||||
Concrete
|
(50
|
)
|
-1.4
|
%
|
48
|
2.2
|
%
|
(176
|
)
|
-2.4
|
%
|
162
|
2.8
|
%
|
||||||||||||||||||
Railroad
|
49
|
1.4
|
%
|
114
|
5.1
|
%
|
123
|
1.7
|
%
|
270
|
4.7
|
%
|
||||||||||||||||||||
Aggregates
|
(30
|
)
|
-0.8
|
%
|
5
|
0.2
|
%
|
(57
|
)
|
-0.8
|
%
|
(6
|
)
|
-0.1
|
%
|
|||||||||||||||||
Others
|
(10
|
)
|
-0.3
|
%
|
(1
|
)
|
-0.1
|
%
|
(11
|
)
|
-0.1
|
%
|
1
|
0.0
|
%
|
|||||||||||||||||
Reconciling items:
|
||||||||||||||||||||||||||||||||
Effect by translation in homogeneous cash currency ("Inflation-Adjusted")
|
(122
|
)
|
823
|
237
|
2,916
|
|||||||||||||||||||||||||||
Depreciation and amortization
|
(1,201
|
)
|
(890
|
)
|
(2,782
|
)
|
(2,365
|
)
|
||||||||||||||||||||||||
Tax on debits and credits banks accounts
|
(133
|
)
|
(123
|
)
|
(323
|
)
|
(372
|
)
|
||||||||||||||||||||||||
Finance costs, net
|
2,001
|
(2,046
|
)
|
403
|
(1,688
|
)
|
||||||||||||||||||||||||||
Income tax
|
(598
|
)
|
(158
|
)
|
(806
|
)
|
(1,298
|
)
|
||||||||||||||||||||||||
Share of profit of associates
|
(363
|
)
|
-
|
(363
|
)
|
-
|
||||||||||||||||||||||||||
Impairment of property, plant and equipment
|
(851
|
)
|
-
|
(851
|
)
|
-
|
||||||||||||||||||||||||||
Income from discontinued operations
|
4,204
|
262
|
4,607
|
665
|
||||||||||||||||||||||||||||
NET (LOSS) PROFIT FOR THE PERIOD
|
6,449
|
83
|
7,567
|
3,569
|
Date: November 10, 2020
|
By:
|
/s/ Marcos I. Gradin | |
Name: |
Marcos I. Gradin | ||
Title: | Chief Financial Officer | ||