Loma Negra Reports 3Q19 Results

BUENOS AIRES, Argentina–(BUSINESS WIRE)–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 nine-month period ended September 30, 2019 (our “3Q19”).

3Q19 Key Highlights

  • Net revenue decreased 7.6% YoY to Ps.9,178 million (US$172 million)
  • 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).
  • Excluding this non-recurrent charge, Adjusted EBITDA would have been Ps.2,707 million (US$53 million)
  • 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
  • Net Debt/LTM Adjusted EBITDA ratio of 0.87x from 0.43x in FY18

The Company is reporting results of its subsidiaries by applying International Accounting Standards 29 – IAS 29 (Financial Reporting in Hyperinflationary Economies) (“IAS 29”), and certain financial figures1 Table 1b and Table 11 below were prepared in U.S. dollars and Pesos without giving effect to IAS 29.

Commenting on the financial and operating performance for the third quarter of 2019, Sergio Faifman, Loma Negra’s Chief Executive Officer, noted: ”The unexpected result in the August primary elections lead to a high financial and economic volatility that eroded the incipient recovery previously observed in some of the macroeconomic variables.

In this context, Cement demand was softer than expected, thus we remained focused on executing cost-control initiatives oriented towards optimizing our production footprint, as our project in L´Amalí continues as scheduled to kick in 2Q20.

Given this situation, our business kept delivering both Adjusted EBITDA margin expansion and Adjusted EBITDA growth.

Looking ahead, an important factor will be the policies adopted by the new administration in order to reestablish financial stability and economic growth.”

  1. 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)

Table 1: Financial Highlights

(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.

Net revenue

9,178

9,931

-7.6%

26,744

27,362

-2.3%

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

Adjusted EBITDA

2,645

2,575

2.7%

7,447

6,832

9.0%

Adjusted EBITDA Mg.

28.8%

25.9%

+289bps

27.8%

25.0%

+287bps

Net Profit

60

(144)

n/a

2,612

944

176.8%

Net Profit attributable to owners of the Company

50

(182)

n/a

2,497

836

198.8%

EPS

0.0836

(0.3060)

n/a

4.1893

1.4020

198.8%

Shares outstanding at eop

596

596

0.0%

596

596

0.0%

Net Debt

9,062

7,022

29.1%

9,062

7,022

29.1%

Net Debt /LTM Adjusted EBITDA

0.87x

0.74x

0.13x

0.87x

0.74x

0.13x

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)

In million Ps.

Three-months ended
September 30,

Nine-months ended
September 30,

 

2019

2018

% Chg.

2019

2018

% Chg.

Net revenue

8,720

6,131

42.2%

23,115

15,422

49.9%

Adjusted EBITDA

2,615

1,699

54.0%

6,691

4,018

66.5%

Adjusted EBITDA Mg.

30.0%

27.7%

+229bps

28.9%

26.1%

+289bps

Net Profit

(400)

118

n/a

1,405

845

66.4%

Net Debt

9,062

4,573

98.2%

9,062

4,573

98.2%

Net Debt /LTM Adjusted EBITDA

0.87x

0.74x

0.13x

0.87x

0.74x

0.13x

 

In million US$

Three-months ended
September 30
,

Nine-months ended
September 30
,

 

2019

2018

%Chg.

2019

2018

%Chg.

Ps./US$, av

50.59

31.98

58.2%

44.60

25.18

77.2%

Ps./US$, eop

57.56

40.90

40.7%

57.56

40.90

40.7%

Net revenue

172

192

-10.1%

518

613

-15.4%

Adjusted EBITDA

52

53

-2.7%

150

160

-6.0%

Adjusted EBITDA Mg.

30.0%

27.7%

+229bps

28.9%

26.1%

+289bps

Net Profit

(8)

4

n/a

32

34

-6.1%

Net Debt

157

112

40.8%

157

112

40.8%

Net Debt /LTM Adjusted EBITDA

0.87x

0.74x

0.13x

0.87x

0.74x

0.13x

Overview of Operations

Sales Volumes

Table 2: Sales Volumes2

 

 

Three-months ended
September 30,

 

Nine-months ended
September 30,

 

 

2019

2018

% Chg.

 

2019

2018

% Chg.

Cement, masonry & lime

Argentina

MM Tn

1.49

1.61

-7.5%

4.19

4.68

-10.4%

Paraguay

MM Tn

0.15

0.15

-1.1%

0.43

0.42

1.8%

Cement, masonry & lime total

1.64

1.76

-7.0%

4.62

5.10

-9.4%

Argentina:

Concrete

MM m3

0.19

0.29

-33.9%

0.67

0.80

-16.0%

Railroad

MM Tn

1.13

1.23

-7.9%

3.36

3.55

-5.3%

Aggregates

MM Tn

0.26

0.25

4.7%

 

0.85

0.79

7.2%

2 Sales volumes include inter-segment sales

Sales volumes of cement, masonry and lime in Argentina during 3Q19 declined by 7.5% YoY to 1.49 million tons, as demand was affected amid of a higher macroeconomic volatility. In contrast with previous quarters, the bag segment experienced a softer decline than the bulk segment.

In Paraguay, sales volumes decreased by 1.1% YoY in the third quarter to 0.15 million tons, mostly underpinned by the private sector and affected by a slower than expected public works execution. As a result, consolidated total sales volumes of cement, masonry and lime for the quarter decreased 7.0% YoY to 1.64 million tons.

Sales volumes in the Concrete segment in Argentina were down almost 34% YoY to 0.19 million m3, as the major infrastructure public works and private projects slowed down or put on hold.

Despite the strong increase in the volume of transported frac-sand, the volumes of the railway segment decrease around 8% compared to the same quarter in 2018, affected by a lower volume transported in most of the other segments. By contrast, Aggregate volumes in 3Q19 increased by almost 5% YoY to 0.26 million tons.

Review of Financial Results

Table 3: Consolidated Statement of Financial Position

(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.

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%

Net majority income

50

(182)

n/a

2,497

836

198.8%

Net Revenues

Net revenue decreased 7.6% to Ps. 9,178 million in 3Q19, from Ps. 9,931 million in the comparable quarter last year, mostly due to the impact of lower revenues in Concrete and Cement, masonry and lime in Argentina.

Revenues in Cement, masonry and lime in Argentina were down 4.0% YoY, mainly as a result of the volume drop, partially offset by higher prices. Cement revenues in Paraguay decreased by 1.7% YoY, mostly as a consequence of the lower volume sold.

Concrete segment presented a decline in both sales volumes and prices when compared to the strong third quarter last year, resulting in revenues dropping 37.7% YoY. Railroad revenues decreased 9.4% YoY, as price decreased in real term and sales volume declined 7.9%. By contrast, Aggregate revenues were up 2.0% YoY during the period, driven by improving sales volume.

Cost of sales, and Gross profit

Cost of sales declined 12.0% YoY reaching Ps. 6,740 million in 3Q19 mainly reflecting a lower volume of sales and the production-footprint adequacy efforts achieved in the second quarter this year.

In the search to further improve our production-footprint, during the quarter, San Juan facility was reconverted to a grinding and distribution center, incurring in approximately Ps. 61 million of non-recurrent costs.

Gross profit increased 7.3% YoY to Ps. 2,439 million in 3Q19 from Ps. 2,273 million in 3Q18, with gross profit margin expanding 368 basis points YoY to 26.6%. If non-recurrent costs associated to the production-footprint adequacy are excluded, gross profit margin would have expanded by 435 basis points to 27.2%.

Selling and Administrative Expenses

Selling and administrative expenses (SG&A) in 3Q19 decreased 10.5% YoY to Ps. 605 million, from Ps. 676 million in 3Q18. As a percentage of revenues, SG&A decreased 22 basis points to 6.6% in 3Q19, from 6.8% in 3Q18 positively impacted by structure adequacy measures adopted earlier this year in addition to a further reduction in the effective sales tax rate.

Adjusted EBITDA & Margin

Table 4: Adjusted EBITDA Reconciliation & Margin

(amounts expressed in millions of pesos, unless otherwise noted)

 

Three-months ended
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

Adjusted EBITDA increased 2.7% YoY in the third quarter of 2019 to Ps. 2,645 million, with Adjusted EBITDA margin expanding 289 basis points to 28.8% compared to 25.9% in 3Q18.

Excluding the application of IAS 29, as shown on Tables 1b, Adjusted EBITDA increased 54.0% YoY in the third quarter of 2019, reaching Ps. 2,615 million, mainly driven by the Cement and Railroad segments, with Adjusted EBITDA margin expanding 229 basis points to 30.0% compared to 27.7% in 3Q18. Excluding non-recurrent costs from production-footprint adequacy, Adjusted EBITDA would have reached Ps. 2,677 million, with an EBITDA margin of 30.7%.

Table 11, presenting financial Data by Segment (Excluding IAS 29), shows that Adjusted EBITDA for the Cement segment in Argentina increased during the third quarter 51.9% YoY and the margin expanded by 90 basis points to 30.9%. The Cement segment in Paraguay, reported a 56.9% YoY increase in Adjusted EBITDA while Adjusted EBITDA margin was 45.1%, expanding 156 basis points compared to the same period one year ago.

In addition, the Concrete segment reported an increase in Adjusted EBITDA reaching Ps. 47.8 million, with the margin expansion of 73 basis points, from 4.1% to 4.8%, mainly as a result of a cost structure adequacy. Moreover, Railroad segment improved almost Ps. 52.3 million in the third quarter of 2019, and the Adjusted EBITDA margin expanded to 14.5% from 11.0% in the comparable period in 2018, as a result of cost adequacy efforts. Aggregates Adjusted EBITDA margin for the 3Q19 recover to 4.1% mostly explained by higher costs dilution.

Finance Costs-Net

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%

During 3Q19, the company reported a loss of Ps. 1,567 million in total finance costs-net compared to a loss of Ps. 1,440 million in the previous year third quarter, mainly due to a higher loss in foreign exchange differences as a result of the exchange rate depreciation during the quarter, partly compensated by a higher gain on net monetary position.

Net Profit and Net Profit Attributable to Owners of the Company

Net Profit for 3Q19, recovered to Ps. 60 million from a loss of Ps.144 million in the corresponding quarter of the previous year.

Net Profit Attributable to Owners of the Company improved 232 million, to Ps. 50 million in 3Q19. During the quarter, the Company reported earnings per common share of Ps. 0.0836 and earnings per ADR of Ps. 0.4179, compared with a loss per common share of Ps. 0.3060 and a loss per ADR of Ps. 1.5299 in 3Q18.

Capitalization

Table 6: Capitalization and Debt Ratio

(amounts expressed in millions of pesos, unless otherwise noted)

 

As of September 30,

 

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

As of September 30, 2019, total cash and cash equivalents were Ps. 1,353 million compared with Ps. 4,238 million as of the December 31, 2018 mainly due to increased capex investments. Total debt at the close of the quarter stood at Ps. 10,415 million, composed by Ps.4,991 million in short-term borrowings, including the current portion of long-term borrowings (or 48% of total borrowings), and Ps.5,424 million in long-term borrowings (or 52% of total borrowings).

As of September 30, 2019, 42% (or Ps.4,351 million) Loma Negra’s total debt was denominated in U.S. dollars, 28% (or Ps. 2,873 million) in Guaraníes, 26% (or Ps.2,682 million) in Argentine pesos, and 5% (or Ps.509 million) in Euros. The average duration of Loma Negra’s total debt was 1.4 years.

As of September 30, 2019, Ps.6,421 million, or 62%, of the Company’s total consolidated borrowings bore interest at floating rates, including Ps.3,738 million of foreign currency-denominated borrowings that bore interest at rates based on Libor, and Ps.2,682 million of borrowings with other floating interest rate.

The Net Debt to Adjusted EBITDA (LTM) ratio increased to 0.87x as of September 30, 2019 from 0.43x as of December 31, 2018 reflecting the use of funds in investing activities.

Cash Flows

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

In the 3Q19, cash flow generated by operating activities was Ps.3,577 million compared to Ps.3,026 million in 3Q18, explained mainly by a higher profitability during the period and lower working capital needs. During 3Q19, the Company made capital expenditures for a total of Ps.3,134 million, mostly allocated to the expansion of production capacity of L’Amalí plant.

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. Start-up date is projected for the second quarter of next year.

The Company continued with the overall project execution during the quarter. Main equipment and materials were already manufactured in China and Europe and almost fully delivered to site. In addition, the supply of local steel structures is in progress, and deliveries are in line with installation requirements. Electromechanical of kiln erection is completed, final welding is in progress, and works of preassembly and erection are progressing. Civil works for main foundations, silos and buildings structures are close to be finished. Additions to Property, Plant and Equipment related to this project during 3Q19 amounted to approximately Ps.2,336 million.

3Q19 Earnings Conference Call

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

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.

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

Contacts

IR Contacts
Marcos I. Gradin, Chief Financial Officer and Investor Relations

Gastón Pinnel, Investor Relations Manager

+54-11-4319-3050

investorrelations@lomanegra.com

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