Loma Negra Reports 1Q24 Results
Loma Negra Reports 1Q24 Results
BUENOS AIRES, ARGENTINA / ACCESSWIRE / May 9, 2024 / Loma Negra, (NYSE:LOMA)(BYMA:LOMA), ("Loma Negra" or the "Company"), the leading cement producer in Argentina, today announced results for the three-month period ended March 31, 2024 (our "1Q24 Results").
阿根廷布宜諾斯艾利斯/ACCESSWIRE/2024年5月9日/阿根廷領先的水泥生產商洛馬內格拉(紐約證券交易所代碼:LOMA)(BYMA: LOMA)(“洛馬內格拉” 或 “公司”)今天公佈了截至2024年3月31日的三個月業績(我們的 “24年第一季度業績”)。
1Q24 Key Highlights
24 年第一季度主要亮點
- Net sales revenues stood at Ps. 114,851 million (US$ 123 million), and decreased by 27.0% YoY, mainly explained by a decrease of 31,3% in the Cement segment sales volumes, with the other businesses following the same trend.
- Consolidated Adjusted EBITDA reached Ps. 25,961 million, decreasing 37.1% YoY in adjusted pesos, while in dollars it reached 42 million, down 33.9% from 1Q23.
- The Consolidated Adjusted EBITDA margin stood at 22.6%, contracting 360 basis points YoY from 26.2%. On a sequential basis, the margin remained almost flat despite the decrease in volume, contracting by only 21 basis points.
- Net Profit of Ps. 50,703 million, up 151.0% from Ps. 20,200 million in the same period of the previous year, mainly explained by the net total finance gain.
- Net Debt stood at Ps. 177.323 million (US$ 207 million), representing a Net Debt/LTM Adjusted EBITDA ratio of 1.30x compared with 1.40x in FY23.
- 淨銷售收入爲1148.51億披索(1.23億美元),同比下降27.0%,這主要是由於水泥板塊的銷量下降了31,3%,其他業務也呈同樣的趨勢。
- 經調整的合併息稅折舊攤銷前利潤達到259.61億披索,經調整後的披索同比下降37.1%,而按美元計算則達到4200萬披索,較23年第一季度下降33.9%。
- 調整後的合併息稅折舊攤銷前利潤率爲22.6%,從26.2%同比收縮360個點子。儘管交易量下降,但利潤率連續保持不變,僅收縮了21個點子。
- 淨利潤爲507.03億披索,較去年同期的202億披索增長151.0%,這主要是由淨財務收益總額所致。
- 淨負債爲1.77323億披索(2.07億美元),淨負債/LTM調整後息稅折舊攤銷前利潤率爲1.30倍,而23財年爲1.40倍。
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.
該公司以美元和披索列報了某些財務數據,即表1b和表11,但未執行《國際會計準則》第29號。公司已通過應用IAS 29在此處準備了所有其他財務信息。
Commenting on the financial and operating performance for the first quarter of 2024, Sergio Faifman, Loma Negra's Chief Executive Officer, noted: "We are starting a year full of new challenges, while the country is also entering a new stage in its quest for economic stabilization and growth. The stabilization plan being carried out by the new government after the sharp devaluation in December has quickly succeeded in significantly reducing inflation and achieving a fiscal surplus. However, economic activity remains in negative territory, affecting the construction industry. We understand that we are going through a transition period and that soon we will begin to see the positive effects of a normalized economy, setting the stage for sustainable growth.
洛馬內格拉首席執行官塞爾吉奧·費夫曼在評論2024年第一季度的財務和經營業績時指出: “我們開始了充滿新挑戰的一年,而該國在尋求經濟穩定和增長的過程中也進入了一個新階段。新政府在12月大幅貶值後實施的穩定計劃很快成功地顯著降低了通貨膨脹,實現了財政盈餘。但是,經濟活動仍處於負值區間,影響了建築業。我們知道我們正在經歷一個過渡期,不久我們將開始看到正常化經濟的積極影響,爲可持續增長奠定基礎。
In this context, I'm glad to present our results for the first quarter. Despite the complexity of the situation, marked by a significant drop in shipments, we have managed to close a positive quarter for the company. This achievement was mainly supported by the pillars of LOMA's robustness: our leadership position, backed by our production efficiency, expertise, and flexibility.
在這種情況下,我很高興介紹我們第一季度的業績。儘管情況很複雜,出貨量大幅下降,但我們還是設法結束了該公司的一個積極的季度。這一成就主要得益於LOMA穩健的支柱:我們的領導地位,以我們的生產效率、專業知識和靈活性爲後盾。
Diving into the quarterly results, we managed to post an Adjusted EBITDA of US$42 million, maintaining a solid US$39 per ton, at a similar level when compared year-on-year and on a sequential basis. We have focused on protecting our profitability while maintaining a solid balance sheet.
深入了解季度業績,我們設法公佈調整後的息稅折舊攤銷前利潤爲4,200萬美元,保持穩定的每噸39美元,與去年同期和連續相比均處於類似水平。我們一直專注於保護我們的盈利能力,同時保持穩健的資產負債表。
Looking ahead, we are cautiously optimistic that we have likely seen the worst part of this transition period in terms of activity levels, and we expect to see a gradual recovery in the upcoming quarters."
展望未來,我們謹慎樂觀地認爲,就活動水平而言,我們可能已經看到了過渡期最糟糕的時期,我們預計未來幾個季度將逐步復甦。”
Table 1: Financial Highlights |
||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted) | ||||||||||||
Three-months ended March 31, |
||||||||||||
2024 | 2023 | % Chg. | ||||||||||
Net revenue |
114,851 | 157,435 | -27.0% | |||||||||
Gross Profit |
29,036 | 43,221 | -32.8% | |||||||||
Gross Profit margin |
25.3% | 27.5% | -217 bps | |||||||||
Adjusted EBITDA |
25,961 | 41,252 | -37.1% | |||||||||
Adjusted EBITDA Mg. |
22.6% | 26.2% | -360 bps | |||||||||
Net Profit (Loss) |
50,703 | 20,200 | 151.0% | |||||||||
Net Profit (Loss) attributable to owners of the Company |
50,752 | 20,448 | 148.2% | |||||||||
EPS |
86.9834 | 35.0390 | 148.2% | |||||||||
Average outstanding shares (*) |
583 | 584 | 0.0% | |||||||||
Net Debt |
177,323 | 88,660 | 100.0% | |||||||||
Net Debt /LTM Adjusted EBITDA | 1.30x | 0.46x | 1.84x | |||||||||
(*) Net of shares repurchased |
表 1:財務摘要 |
||||||||||||
(除非另有說明,否則金額以百萬披索表示) | ||||||||||||
三個月已結束 3月31日 |
||||||||||||
2024 | 2023 | % Chg。 | ||||||||||
淨收入 |
114,851 | 157,435 | -27.0% | |||||||||
毛利 |
29,036 | 43,221 | -32.8% | |||||||||
毛利率 |
25.3% | 27.5% | -217 個點子 | |||||||||
調整後 EBITDA |
25,961 | 41,252 | -37.1% | |||||||||
調整後的息稅折舊攤銷前利潤 Mg |
22.6% | 26.2% | -360 bps | |||||||||
淨利潤(虧損) |
50,703 | 20,200 | 151.0% | |||||||||
歸屬於本公司所有者的淨利潤(虧損) |
50,752 | 20,448 | 148.2% | |||||||||
EPS |
86.9834 | 35.0390 | 148.2% | |||||||||
平均已發行股數 (*) |
583 | 584 | 0.0% | |||||||||
淨負債 |
177,323 | 88,660 | 100.0% | |||||||||
淨負債/LTM 調整後息稅折舊攤銷前利潤 | 1.30 倍 | 0.46 倍 | 1.84 倍 | |||||||||
(*) 扣除回購的股份 |
Table 1b: Financial Highlights in Ps and in U.S. dollars (figures exclude the impact of IAS 29) | ||||||||||||
In million Ps. |
Three-months ended March 31, |
|||||||||||
2024 | 2023 | % Chg. | ||||||||||
Net revenue |
102,534 | 37,955 | 170.1% | |||||||||
Adjusted EBITDA |
34,699 | 12,118 | 186.3% | |||||||||
Adjusted EBITDA Mg. |
33.8% | 31.9% | +191 bps | |||||||||
Net Profit (Loss) |
16,717 | 7,402 | 125.8% | |||||||||
Net Debt |
177,323 | 88,660 | 100.0% | |||||||||
Net Debt /LTM Adjusted EBITDA | 1.30 | x | 0.46 | x | 1.84x | |||||||
In million US$ |
Three-months ended March 31, |
|||||||||||
2024 | 2023 | %Chg. | ||||||||||
Ps./US$, av |
833.72 | 192.45 | 333.2% | |||||||||
Ps./US$, eop |
857.42 | 208.99 | 310.3% | |||||||||
Net revenue |
123 | 197 | -37.6% | |||||||||
Adjusted EBITDA |
42 | 63 | -33.9 | |||||||||
Adjusted EBITDA Mg. |
33.8% | 31.9% | +191 bps | |||||||||
Net Profit (Loss) |
20 | 38 | -47.9% | |||||||||
Net Debt |
207 | 424 | -51.3% | |||||||||
Net Debt /LTM Adjusted EBITDA | 1.30x | 0.46x | 1.84x |
表 1b:以毛利率和美元計算的財務概要(數字不包括《國際會計準則》29的影響) | ||||||||||||
以百萬Ps爲單位 |
三個月已結束 3月31日 |
|||||||||||
2024 | 2023 | % Chg。 | ||||||||||
淨收入 |
102,534 | 37,955 | 170.1% | |||||||||
調整後 EBITDA |
34,699 | 12,118 | 186.3% | |||||||||
調整後的息稅折舊攤銷前利潤 Mg |
33.8% | 31.9% | +191 個點子 | |||||||||
淨利潤(虧損) |
16,717 | 7,402 | 125.8% | |||||||||
淨負債 |
177,323 | 88,660 | 100.0% | |||||||||
淨負債/LTM 調整後息稅折舊攤銷前利潤 | 1.30 | x | 0.46 | x | 1.84 倍 | |||||||
以百萬美元計 |
三個月已結束 3月31日 |
|||||||||||
2024 | 2023 | %Chg。 | ||||||||||
附言。/美元,av |
833.72 | 192.45 | 333.2% | |||||||||
附言。/美元,eop |
857.42 | 208.99 | 310.3% | |||||||||
淨收入 |
123 | 197 | -37.6% | |||||||||
調整後 EBITDA |
42 | 63 | -33.9 | |||||||||
調整後的息稅折舊攤銷前利潤 Mg |
33.8% | 31.9% | +191 個點子 | |||||||||
淨利潤(虧損) |
20 | 38 | -47.9% | |||||||||
淨負債 |
207 | 424 | -51.3% | |||||||||
淨負債/LTM 調整後息稅折舊攤銷前利潤 | 1.30 倍 | 0.46 倍 | 1.84 倍 |
Overview of Operations
Sales Volumes
運營概述
銷量
Table 2: Sales Volumes2 | |||||||||||||||||
Three-months ended March 31, |
|||||||||||||||||
2024 | 2023 | % Chg. | |||||||||||||||
Cement, masonry & lime |
MM Tn |
1.06 | 1.54 | -31.3% | |||||||||||||
Concrete |
MM m3 |
0.08 | 0.14 | -41.7% | |||||||||||||
Railroad |
MM Tn |
0.70 | 0.97 | -28.1% | |||||||||||||
Aggregates |
MM Tn |
0.22 | 0.36 | -38.7% | |||||||||||||
2 Sales volumes include inter-segment sales |
表 2:銷量2 | |||||||||||||||||
三個月已結束 3月31日 |
|||||||||||||||||
2024 | 2023 | % Chg。 | |||||||||||||||
水泥、石灰和石灰 |
MM Tn |
1.06 | 1.54 | -31.3% | |||||||||||||
混凝土 |
嗯 m3 |
0.08 | 0.14 | -41.7% | |||||||||||||
鐵路 |
MM Tn |
0.70 | 0.97 | -28.1% | |||||||||||||
總量 |
MM Tn |
0.22 | 0.36 | -38.7% | |||||||||||||
2 銷量包括分部間銷售 |
Sales volumes of Cement, masonry, and lime during 1Q24 decreased by 31.3% to 1.1 million tons. The lower level of activity in the industry, amid the fallout of the stabilization plan set by the new administration, deepened in March in part due to unfavorable weather conditions, especially during the first half of the month, affecting shipments in regions where cement consumption is highest. Although the decrease in volume affected both dispatch modes, the bulk mode was more affected by the political transition, the halt in public works, and the economic environment.
水泥、石灰和石灰的銷售量在24年第一季度下降了31.3%,至110萬噸。在新政府制定的穩定計劃的影響下,該行業的活動水平在3月份有所加深,部分原因是天氣條件不利,尤其是在上半月,影響了水泥消費量最高地區的出貨量。儘管運量的減少影響了兩種調度模式,但批量模式受政治轉型、公共工程停工和經濟環境的影響更大。
In terms of the volume of the Concrete segment, it exhibited a decrease of 41.7% YoY. Segment volumes followed the trend of bulk cement dispatches. Concrete producers were among the most affected in the quarter due to the lower activity levels in the construction sector, which was also impacted by unfavorable weather conditions. Public sector works remain at a standstill, while ongoing private sector projects have slowed down, and new projects are waiting for the stabilization of the new macro scenario. Similarly, volumes for the Aggregates segment declined by 38.7%.
就混凝土板塊的銷量而言,它同比下降了41.7%。細分市場的銷量遵循了散裝水泥的發貨趨勢。混凝土生產商是本季度受影響最大的生產商之一,這是由於建築業的活動水平降低,這也受到不利天氣條件的影響。公共部門工程仍處於停頓狀態,而正在進行的私營部門項目有所放緩,新項目正在等待新的宏觀情景的穩定。同樣,總量板塊的交易量下降了38.7%。
The Railway segment experienced a contraction of 28.1% compared to the same quarter of 2023. The reduced activity in the construction sector affected our main cargo shippers, particularly in construction materials and chemicals, partially offset by an improvement in fracsand.
與2023年同期相比,鐵路板塊收縮了28.1%。建築業活動的減少影響了我們的主要貨運承運人,尤其是建築材料和化學品,但水泥沙的改善部分抵消了這一點。
Review of Financial Results
財務業績回顧
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 March 31, |
||||||||||||||
2024 | 2023 | % Chg. | ||||||||||||
Net revenue |
114,851 | 157,435 | -27.0% | |||||||||||
Cost of sales |
(85,814) | (114,214) | -24.9% | |||||||||||
Gross profit |
29,036 | 43,221 | -32.8% | |||||||||||
Share of loss of associates |
- | - | n/a | |||||||||||
Selling and administrative expenses |
(13,239) | (14,195) | -6.7% | |||||||||||
Other gains and losses |
89 | (394) | n/a | |||||||||||
Impairment of property, plant and equipment |
- | - | n/a | |||||||||||
Tax on debits and credits to bank accounts |
(1,246) | (1,684) | -26.0% | |||||||||||
Finance gain (cost), net |
||||||||||||||
Gain on net monetary position |
99,232 | 28,458 | 248.7% | |||||||||||
Exchange rate differences |
(8,258) | (12,121) | -31.9% | |||||||||||
Financial income |
229 | 5,084 | -95.5% | |||||||||||
Financial expense |
(25,006) | (21,496) | 16.3% | |||||||||||
Profit (Loss) before taxes |
80,836 | 26,873 | 200.8% | |||||||||||
Income tax expense |
||||||||||||||
Current |
(11,647) | (5,963) | 95.3% | |||||||||||
Deferred |
(18,486) | (710) | 2502.9% | |||||||||||
Net profit (Loss) |
50,703 | 20,200 | 151.0% |
表 3:簡明中期合併損益表和其他綜合收益表 | ||||||||||||||
(除非另有說明,否則金額以百萬披索表示) | ||||||||||||||
三個月已結束 3月31日 |
||||||||||||||
2024 | 2023 | % Chg。 | ||||||||||||
淨收入 |
114,851 | 157,435 | -27.0% | |||||||||||
銷售成本 |
(85,814) | (114,214) | -24.9% | |||||||||||
毛利 |
29,036 | 43,221 | -32.8% | |||||||||||
關聯公司損失的份額 |
- | - | 不適用 | |||||||||||
銷售和管理費用 |
(13,239) | (14,195) | -6.7% | |||||||||||
其他收益和損失 |
89 | (394) | 不適用 | |||||||||||
不動產、廠房和設備的減值 |
- | - | 不適用 | |||||||||||
對銀行賬戶的借記和抵免徵稅 |
(1,246) | (1,684) | -26.0% | |||||||||||
財務收益(成本),淨額 |
||||||||||||||
淨貨幣頭寸收益 |
99,232 | 28,458 | 248.7% | |||||||||||
匯率差異 |
(8,258) | (12,121) | -31.9% | |||||||||||
財務收入 |
229 | 5,084 | -95.5% | |||||||||||
財務開支 |
(25,006) | (21,496) | 16.3% | |||||||||||
稅前利潤(虧損) |
80,836 | 26,873 | 200.8% | |||||||||||
所得稅支出 |
||||||||||||||
當前 |
(11,647) | (5,963) | 95.3% | |||||||||||
已推遲 |
(18,486) | (710) | 2502.9% | |||||||||||
淨利潤(虧損) |
50,703 | 20,200 | 151.0% |
Net Revenues
淨收入
Net revenue decreased 27.0% to Ps. 114,851 million in 1Q24, from Ps. 157,435 million in the comparable quarter last year, mainly due to a lower top line performance of the Cement business, followed by the rest of the segments.
淨收入從去年同期的1574.35億披索下降了27.0%,至24年第一季度的1148.51億披索,這主要是由於水泥業務的收入表現下降,其次是其他細分市場。
The Cement, masonry cement, and lime segment was down 25.4% YoY, with volumes contracting by 31.3%. Even though lower demand affected both modes of dispatches, bulk cement was more impacted by the political transition and the economic environment, as well as adverse weather conditions, especially during March. However, this effect was partially offset by a positive price dynamic.
水泥、石灰水泥和石灰板塊同比下降25.4%,銷量收縮31.3%。儘管需求減少影響了兩種配送方式,但散裝水泥受政治轉型和經濟環境以及惡劣天氣條件的影響更大,尤其是在3月份。但是,這種影響被積極的價格動態部分抵消。
Concrete registered a decrease in its revenue of 41.0% compared to 1Q23. This was due to lower volumes, which decreased by 41.7%. Similarly, the Aggregates segment posted a decrease in revenue of 40.5%, mainly due to lower sales volumes.
與23年第一季度相比,混凝土的收入下降了41.0%。這是由於銷量減少,下降了41.7%。同樣,Aggregates板塊的收入下降了40.5%,這主要是由於銷量下降。
Railroad revenues decreased by 19.7% in 1Q24 compared to the same quarter of 2023, primarily due to a lower transported volume, which decreased by 28.1% in the quarter, mainly affected by the decrease in transported volumes of aggregates and chemicals, partially offset by an increase in fracsand. The positive price dynamic partially offset this effect, boosted by an increase in the average transported distance.
與2023年同期相比,24年第一季度的鐵路收入下降了19.7%,這主要是由於運輸量減少,該季度下降了28.1%,主要受骨料和化學品運輸量減少的影響,但碎砂的增加部分抵消了這一點。在平均運輸距離增加的推動下,積極的價格動態部分抵消了這種影響。
Cost of sales, and Gross profit
銷售成本和毛利
Cost of sales decreased by 24.9% YoY, reaching Ps. 85,814 million in 1Q24, mainly due to the decrease in sales volumes across all segments and the lower impact of depreciations in the Cement segment. Regarding the cost of sales for Cement, the segment posted an increase on a per-ton basis mainly due to a lower fixed cost absorption, partially compensated by lower energy inputs. Additionally, there was lower depreciation than that registered in 1Q23.
銷售成本同比下降24.9%,在24年第一季度達到858.14億披索,這主要是由於所有細分市場的銷量下降以及水泥板塊折舊的影響降低。關於水泥的銷售成本,該細分市場公佈了每噸的增長,這主要是由於固定成本吸收率降低,而能源投入的減少在一定程度上彌補了這一點。此外,折舊率低於23年第一季度的折舊。
Gross Profit decreased 32.8% YoY to Ps. 29,036 million in 1Q24, from Ps. 43,221 million in 1Q23, with a gross profit margin contraction of 217 basis points YoY to 25.3%.
毛利從23年第一季度的432.21億披索同比下降32.8%至24年第一季度的290.36億披索,毛利率同比下降217個點子至25.3%。
Selling and Administrative Expenses
銷售和管理費用
Selling and administrative expenses (SG&A) decreased 6.7% to Ps. 13,239 million in 1Q24, from Ps. 14,195 million in 1Q23, mainly due to lower turnover tax and freights related to lower volume, and a decrease in insurance and marketing expenses. As a percentage of sales, SG&A showed an YoY increase of 251 basis points, reaching 11.5% due to the decrease in the top line.
銷售和管理費用(SG&A)從23年第一季度的141.95億披索下降了6.7%,至24年第一季度的132.39億披索,這主要是由於與銷量減少相關的營業稅和運費減少,以及保險和營銷費用減少。按銷售額的百分比計算,SG&A同比增長了251個點子,由於收入下降,達到11.5%。
Adjusted EBITDA & Margin
調整後的息稅折舊攤銷前利潤和利
Table 4: Adjusted EBITDA Reconciliation & Margin | ||||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted) | ||||||||||||||
Three-months ended March 31, |
||||||||||||||
2024 | 2023 | % Chg. | ||||||||||||
Adjusted EBITDA reconciliation: |
||||||||||||||
Net profit (Loss) |
50,703 | 20,200 | 151.0% | |||||||||||
(+) Depreciation and amortization |
10,075 | 12,620 | -20.2% | |||||||||||
(+) Tax on debits and credits to bank accounts |
1,246 | 1,684 | -26.0% | |||||||||||
(+) Income tax expense |
30,133 | 6,674 | 351.5% | |||||||||||
(+) Financial interest, net |
17,254 | 12,719 | 35.7% | |||||||||||
(+) Exchange rate differences, net |
8,258 | 12,121 | -31.9% | |||||||||||
(+) Other financial expenses, net |
7,524 | 3,693 | 103.7% | |||||||||||
(+) Gain on net monetary position |
(99,232) | (28,458) | 248.7% | |||||||||||
Adjusted EBITDA |
25,961 | 41,252 | -37.1% | |||||||||||
Adjusted EBITDA Margin |
22.6% | 26.2% | -360 bps |
表 4:調整後的息稅折舊攤銷前利潤對賬和利潤率 | ||||||||||||||
(除非另有說明,否則金額以百萬披索表示) | ||||||||||||||
三個月已結束 3月31日 |
||||||||||||||
2024 | 2023 | % Chg。 | ||||||||||||
調整後的息稅折舊攤銷前利潤對賬: |
||||||||||||||
淨利潤(虧損) |
50,703 | 20,200 | 151.0% | |||||||||||
(+) 折舊和攤銷 |
10,075 | 12,620 | -20.2% | |||||||||||
(+) 銀行賬戶借記和貸記稅 |
1,246 | 1,684 | -26.0% | |||||||||||
(+) 所得稅支出 |
30,133 | 6,674 | 351.5% | |||||||||||
(+) 財務利息,淨額 |
17,254 | 12,719 | 35.7% | |||||||||||
(+) 匯率差額,淨額 |
8,258 | 12,121 | -31.9% | |||||||||||
(+) 其他財務費用,淨額 |
7,524 | 3,693 | 103.7% | |||||||||||
(+) 淨貨幣頭寸收益 |
(99,232) | (28,458) | 248.7% | |||||||||||
調整後 EBITDA |
25,961 | 41,252 | -37.1% | |||||||||||
調整後的息稅折舊攤銷前利潤率 |
22.6% | 26.2% | -360 bps |
Adjusted EBITDA decreased 37.1% YoY in the first quarter of 2024 to Ps. 25,961 million from Ps. 41,252 million in the same period of the previous year, mainly affected by lower adjusted EBITDA generated by our cement business, also followed by the other businesses, with the exception of the Railroad segment.
調整後的息稅折舊攤銷前利潤從去年同期的412.52億披索同比下降了37.1%,至259.61億披索,這主要是受我們的水泥業務產生的調整後息稅折舊攤銷前利潤減少的影響,其他業務也隨之下降,鐵路板塊除外。
Likewise, the Adjusted EBITDA margin contracted 360 basis points to 22.6% compared to 26.2% in 1Q23. On a sequential basis, the margin remained almost flat despite the decrease in volume, contracting by only 21 basis points.
同樣,調整後的息稅折舊攤銷前利潤率收縮了360個點子,至22.6%,而23年第一季度爲26.2%。儘管交易量下降,但利潤率連續保持不變,僅收縮了21個點子。
In particular, the Adjusted EBITDA margin of the Cement, Masonry and Lime segment contracted 356 bps to 26.1%. The positive price performance and lower energy inputs partially offset the higher incidence of fixed costs due to the lower sales volume.
特別是,水泥、石灰和石灰板塊調整後的息稅折舊攤銷前利潤率收縮了356個點子,至26.1%。良好的價格表現和較低的能源投入在一定程度上抵消了由於銷售量減少而導致的固定成本的上升。
Concrete Adjusted EBITDA margin contracted 883 bps, and stood at negative 10.0%, from negative 1.2% in 1Q23. The sharp drop in sales volumes took a toll on the segment's profitability.
具體調整後的息稅折舊攤銷前利潤率從23年第一季度的負1.2%收縮了883個點子,爲負10.0%。銷量的急劇下降損害了該細分市場的盈利能力。
The Adjusted EBITDA margin of Aggregates contracted to negative 1.1%, from 17.6% in 1Q23, mainly due to lower dilution of fixed costs resulting from decreased volumes, coupled with a softer price performance.
調整後的總息稅折舊攤銷前利潤率從23年第一季度的17.6%收縮至負1.1%,這主要是由於銷量減少導致固定成本攤薄降低,加上價格表現疲軟。
Finally, the Adjusted EBITDA margin of the Railroad segment improved 161 bps to 0.4% in the first quarter, from negative 1.2% in 1Q23, primarily due to the positive price performance and a better result in other gains that deflected the cost increase.
最後,鐵路板塊調整後的息稅折舊攤銷前利潤率從23年第一季度的負1.2%提高了161個點子至第一季度的0.4%,這主要是由於良好的價格表現以及扭轉成本增長的其他收益的改善。
Finance Costs-Net
財務成本淨額
Table 5: Finance Gain (Cost), net | |||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted) | |||||||||||||
Three Months Ended | |||||||||||||
2024 | 2023 | % Chg. | |||||||||||
Exchange rate differences |
(8,258) | (12,121) | -31.9% | ||||||||||
Financial income |
229 | 5,084 | -95.5% | ||||||||||
Financial expense |
(25,006) | (21,496) | 16.3% | ||||||||||
Gain on net monetary position |
99,232 | 28,458 | 248.7% | ||||||||||
Total Finance Gain (Cost), Net |
66,196 | (74) | n/a |
表 5:淨財務收益(成本) | |||||||||||||
(除非另有說明,否則金額以百萬披索表示) | |||||||||||||
三個月已結束 | |||||||||||||
2024 | 2023 | % Chg。 | |||||||||||
匯率差異 |
(8,258) | (12,121) | -31.9% | ||||||||||
財務收入 |
229 | 5,084 | -95.5% | ||||||||||
財務開支 |
(25,006) | (21,496) | 16.3% | ||||||||||
淨貨幣頭寸收益 |
99,232 | 28,458 | 248.7% | ||||||||||
總財務收益(成本),淨額 |
66,196 | (74) | 不適用 |
During 1Q24, the Company reported a total Net Financial Gain of Ps. 66,196 million compared to a total net financial cost of Ps. 74 million in 1Q23, primarily resulting from the inflation adjustment on the net monetary position. This effect was partially offset by a higher net financial expense due to the increased debt position and lower financial income resulting from the decreased cash position.
在24年第一季度,該公司報告的淨財務收益總額爲661.96億披索,而23年第一季度的總淨財務成本爲7400萬披索,這主要是由於淨貨幣狀況的通貨膨脹調整所致。債務狀況增加導致的淨財務支出增加以及現金狀況下降導致的財務收入減少,部分抵消了這種影響。
Net Profit and Net Profit Attributable to Owners of the Company
歸屬於本公司所有者的淨利潤和淨利潤
Net Profit of Ps. 50,7 billion in 1Q24 compared to a net profit of Ps. 20,2 billion in the same period of the previous year. The higher total financial gain, primarily due to the positive effect of inflation on the net monetary position is the main reason for the variation, which was partially offset by the lower operational result and higher income tax expense.
24年第一季度的淨利潤爲50,7億披索,而去年同期的淨利潤爲20,2億披索。總體財務收益的增加主要是由於通貨膨脹對淨貨幣狀況的積極影響,而較低的經營業績和較高的所得稅支出部分抵消了這種變化。
Net Profit Attributable to Owners of the Company stood at Ps. 50,7 billion. During the quarter, the Company reported a gain per common share of Ps. 86.9834 and an ADR gain of Ps. 434.9171, compared to a gain per common share of Ps. 35.0390 and a gain per ADR of Ps. 175.1950 in 1Q23.
歸屬於公司所有者的淨利潤爲50,7億披索。在本季度,該公司報告普通股每股收益爲86.9834披索,ADR收益爲434.9171披索,而23年第一季度普通股每股收益爲35.0390披索,每股ADR的收益爲175.1950披索。
Capitalization
資本化
Table 6: Capitalization and Debt Ratio | |||||||||||||
(amounts expressed in millions of pesos, unless otherwise noted) | |||||||||||||
As of March 31, | As of December, 31 | ||||||||||||
2024 | 2023 | 2023 | |||||||||||
Total Debt |
183,134 | 163,978 | 223,446 | ||||||||||
- Short-Term Debt |
65,914 | 34,405 | 56,441 | ||||||||||
- Long-Term Debt |
117,219 | 129,573 | 167,005 | ||||||||||
Cash, Cash Equivalents and Investments |
(5,811) | (75,318) | (10,210) | ||||||||||
Total Net Debt |
177,323 | 88,660 | 213,235 | ||||||||||
Shareholder's Equity |
496,494 | 567,779 | 446,104 | ||||||||||
Capitalization |
679,627 | 731,758 | 669,550 | ||||||||||
LTM Adjusted EBITDA |
136,863 | 194,530 | 152,154 | ||||||||||
Net Debt /LTM Adjusted EBITDA |
1.30x | 0.46x | 1.40x |
表 6:資本和債務比率 | |||||||||||||
(除非另有說明,否則金額以百萬披索表示) | |||||||||||||
截至3月31日, | 截至12月31日 | ||||||||||||
2024 | 2023 | 2023 | |||||||||||
債務總額 |
183,134 | 163,978 | 223,446 | ||||||||||
-短期債務 |
65,914 | 34,405 | 56,441 | ||||||||||
-長期債務 |
117,219 | 129,573 | 167,005 | ||||||||||
現金、現金等價物和投資 |
(5,811) | (75,318) | (10,210) | ||||||||||
淨負債總額 |
177,323 | 88,660 | 213,235 | ||||||||||
股東權益 |
496,494 | 567,779 | 446,104 | ||||||||||
資本化 |
679,627 | 731,758 | 669,550 | ||||||||||
LTM 調整後稅折舊攤銷前利潤 |
136,863 | 194,530 | 152,154 | ||||||||||
淨負債/LTM 調整後息稅折舊攤銷前利潤 |
1.30 倍 | 0.46 倍 | 1.40 倍 |
As of March 31, 2024, total Cash, Cash Equivalents, and Investments were Ps. 5,811 million compared with Ps. 75,318 million as of March 31, 2023. Total debt at the close of the quarter stood at Ps. 183,134 million, composed by Ps. 65,914 million in short-term borrowings, including the current portion of long-term borrowings (or 36% of total borrowings), and Ps. 117,219 million in long-term borrowings (or 64% of total borrowings).
截至2024年3月31日,現金、現金等價物和投資總額爲58.11億披索,而截至2023年3月31日爲753.18億披索。截至本季度末,債務總額爲1831.34億披索,其中包括659.14億披索的短期借款,包括長期借款的當前部分(佔借款總額的36%),以及1172.19億披索的長期借款(佔借款總額的64%)。
At the close of the first quarter of 2024, 65% (or Ps. 118,767 million) of Loma Negra's total debt was denominated in U.S. dollars, and 35% (or Ps. 64,367 million) was in Pesos.
截至2024年第一季度末,洛馬內格拉債務總額中有65%(合1187.67億披索)以美元計價,35%(合643.67億披索)以披索計價。
As of March 31, 2024, 21% of the Company's consolidated loans accrued interest at a variable rate, primarily based on BADLAR, as it is debt in pesos. The remaining 79% accrues interest at a fixed rate in foreign currency.
截至2024年3月31日,公司21%的合併貸款按浮動利率應計利息,主要基於BADLAR,因爲它是以披索計算的債務。其餘79%按固定外幣利率應計利息。
By the end of the quarter, the average duration of Loma Negra's total debt was 1.3 years.
到本季度末,Loma Negra總債務的平均期限爲1.3年。
The Net Debt to Adjusted EBITDA (LTM) ratio stood at 1.30x as of March 31, 2024, down from 1.40x as of December 31, 2023. The Company's debt maturity profile remains very comfortable, with no foreign-denominated debt maturing this year.
截至2024年3月31日,淨負債與調整後息稅折舊攤銷前利潤(LTM)的比率爲1.30倍,低於2023年12月31日的1.40倍。該公司的債務到期日狀況仍然非常舒適,今年沒有外幣計價的債務到期。
Cash Flows
現金流
Table 7: Condensed Interim Consolidated Statement of Cash Flows |
||||||||
(amounts expressed in millions of pesos, unless otherwise noted) |
||||||||
Three-months ended March 31, |
||||||||
2024 | 2023 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
Net Profit (Loss) |
50,703 | 20,200 | ||||||
Adjustments to reconcile net profit (loss) to net cash provided by operating activities |
(32,424) | 16,824 | ||||||
Changes in operating assets and liabilities |
(26,013) | (19,015) | ||||||
Net cash generated by (used in) operating activities |
(7,734) | 18,008 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||
Proceeds from disposal of Yguaz?? Cementos S.A. |
- | 390 | ||||||
Property, plant and equipment, Intangible Assets, net |
(8,486) | (6,841) | ||||||
Contributions to Trust |
(49) | (370) | ||||||
Net cash used in investing activities |
(8,535) | (6,821) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
Proceeds / Repayments from borrowings, Interest paid |
16,463 | 64,889 | ||||||
Dividends paid |
- | (16,532) | ||||||
Share repurchase plan |
(414) | - | ||||||
Net cash generated by (used in) by financing activities |
16,049 | 48,357 | ||||||
Net increase (decrease) in cash and cash equivalents |
(220) | 59,545 | ||||||
Cash and cash equivalents at the beginning of the year |
10,210 | 23,187 | ||||||
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted") |
(4,465) | (7,985) | ||||||
Effects of the exchange rate differences on cash and cash equivalents in foreign currency |
285 | 571 | ||||||
Cash and cash equivalents at the end of the period |
5,811 | 75,318 |
表 7:簡明中期合併現金流量表 |
||||||||
(除非另有說明,否則金額以百萬披索表示) |
||||||||
三個月已結束 3月31日 |
||||||||
2024 | 2023 | |||||||
來自經營活動的現金流 |
||||||||
淨利潤(虧損) |
50,703 | 20,200 | ||||||
調整以將淨利潤(虧損)與經營活動提供的淨現金進行對賬 |
(32,424) | 16,824 | ||||||
經營資產和負債的變化 |
(26,013) | (19,015) | ||||||
(用於)經營活動產生的淨現金 |
(7,734) | 18,008 | ||||||
來自投資活動的現金流 |
||||||||
出售Yguaz的收益?Cementos S.A. |
- | 390 | ||||||
不動產、廠房和設備,無形資產,淨額 |
(8,486) | (6,841) | ||||||
對信託的捐款 |
(49) | (370) | ||||||
用於投資活動的淨現金 |
(8,535) | (6,821) | ||||||
來自融資活動的現金流量 |
||||||||
借款收益/還款額,已付利息 |
16,463 | 64,889 | ||||||
已支付的股息 |
- | (16,532) | ||||||
股票回購計劃 |
(414) | - | ||||||
融資活動產生(用於)的淨現金 |
16,049 | 48,357 | ||||||
現金和現金等價物的淨增加(減少) |
(220) | 59,545 | ||||||
年初的現金和現金等價物 |
10,210 | 23,187 | ||||||
以同質現金貨幣重新表達的影響(“通貨膨脹調整後”) |
(4,465) | (7,985) | ||||||
匯率差異對現金和外幣現金等價物的影響 |
285 | 571 | ||||||
期末的現金和現金等價物 |
5,811 | 75,318 |
In 1Q24, the cash used in operating activities stood at Ps. 7,734 million, compared to a cash generation of Ps. 18,008 million in the same period of the previous year, where the decrease in the net profit adjusted to reconcile to net cash provided by operating activities was coupled with higher working capital needs, mainly due to the increase in clinker inventories that will be used during the upcoming winter. This will allow minimizing production during the coming months, avoiding the higher energy costs of the winter period.
在24年第一季度,用於經營活動的現金爲77.34億披索,而去年同期的現金產生量爲180.08億披索,經調整後與經營活動提供的淨現金對賬的淨利潤減少以及營運資金需求的增加,這主要是由於即將到來的冬季將使用的熟料庫存增加。這將允許在未來幾個月內最大限度地減少產量,避免冬季更高的能源成本。
During 1Q24, the Company generated cash in financing activities for Ps. 16,049 million, mainly from proceeds from borrowings net of repayment and interests. Regarding cash used in investing activities, The Company used a total of Ps. 8,535 million, primarily for maintenance capex.
在24年第一季度,公司在融資活動中產生了160.49億披索的現金,主要來自扣除還款和利息後的借款收益。關於用於投資活動的現金,該公司共使用了853.5億披索,主要用於維護資本支出。
1Q24 Earnings Conference Call
24 年第一季度業績電話會議
When: 10:00 a.m. U.S. ET (12:00 p.m. BAT), May 10, 2024
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 Call
Webcast:
Replay: A telephone replay of the conference call will be available until May 17, 2024. 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 9762627. The audio of the conference call will also be archived on the Company's website at .
時間:美國東部時間上午 10:00(英國夏令時間下午 12:00),2024 年 5 月 10 日
撥入:0800-444-2930(阿根廷)、1-833-255-2824(美國)、1-866-605-3852(加拿大)、1-412-902-6701(國際)
密碼:Loma Negra Call
網絡直播:
重播:電話會議的電話重播將持續到2024年5月17日。撥打 1-877-344-7529(美國免費電話)或 1-412-317-0088(國際)即可觀看重播。重播的密碼是 9762627。電話會議的音頻也將存檔在公司的網站上,網址爲。
Definitions
定義
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, plus share of loss of associates, plus net Impairment of Property, plant and equipment, and less income from discontinued operation. 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.
調整後的息稅折舊攤銷前利潤計算方法爲淨利潤加上財務利息,淨額加上所得稅支出加上折舊和攤銷加上匯率差額加上其他財務費用,淨額加上銀行賬戶的借方和貸項所得稅,加上關聯公司的虧損份額,加上財產、廠房和設備的淨減值,減去已終止業務的收入。Loma Negra認爲,與其他國際公司相比,在調整後息稅折舊攤銷前利潤的計算中不包括銀行賬戶借記和抵免稅,是衡量經營業績的更好標準。
Net Debt is calculated as borrowings less cash, cash equivalents and short-term investments.
淨負債的計算方法是借款減去現金、現金等價物和短期投資。
About Loma Negra
關於 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. 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 .
Loma Negra 成立於 1926 年,是阿根廷領先的水泥公司,生產和分銷水泥、磚石水泥、骨料、混凝土和石灰,產品主要用於私人和公共建築。Loma Negra是一家垂直整合的水泥和混凝土公司,業務遍及全國,由龐大的石灰石儲量、地理位置優越的工廠、頂級品牌和成熟的分銷渠道提供支持。Loma Negra在美國BYMA和紐約證券交易所上市,其交易代碼爲 “LOMA”。一份 ADS 代表五 (5) 股普通股。欲了解更多信息,請訪問。
Note
注意
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.
爲了比較起見,該公司提供了一些從披索兌換成美元的數字。用於將披索兌換成美元的匯率是中央銀行報告的美元參考匯率(“A” 3500號通信)。以美元顯示的信息僅爲方便讀者而提供。本報告中的某些數字經過了四捨五入調整。因此,某些表格中以總數顯示的數字可能不是前幾個季度所列數字的算術彙總。四捨五入:我們進行了四捨五入調整,以達到本年度報告中包含的部分數字。因此,在某些表格中顯示爲總數的數字可能不是先前數字的算術彙總。
Disclaimer
免責聲明
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.
本新聞稿包含聯邦證券法所指的前瞻性陳述,這些陳述受風險和不確定性影響。這些陳述僅是基於我們當前預期的預測,以及對我們業務可能或假設的未來業績、財務狀況、經營業績、流動性、計劃和目標的預測。在某些情況下,您可以通過諸如 “相信”、“可能”、“估計”、“繼續”、“預測”、“打算”、“應該”、“計劃”、“期望”、“預測”、“潛在”、“尋找”、“預測” 等術語或這些術語的否定詞或其他類似表述來識別前瞻性陳述。前瞻性陳述基於我們目前獲得的信息。有一些重要因素可能導致我們的實際業績、活動水平、業績或成就與前瞻性陳述所表達或暗示的結果、活動水平、業績或成就存在重大差異,其中包括:全球和阿根廷總體經濟、政治、政府和商業狀況的變化、通貨膨脹率的變化、披索匯率的波動、總體建築水平、水泥需求和價格的變化、原材料的變化以及能源價格,業務戰略的變化和其他各種因素。您不應依賴前瞻性陳述作爲對未來事件的預測。儘管我們真誠地相信前瞻性陳述中反映的預期是合理的,但我們不能保證前瞻性陳述中反映的未來業績、活動水平、業績以及事件和情況將會實現或將會發生。Loma Negra在本新聞稿中的任何或全部前瞻性陳述都可能被證明是錯誤的。您應根據2017年10月31日向美國證券交易委員會提交的與Loma Negra首次公開募股相關的招股說明書中 “風險因素” 標題下討論的其他因素來考慮這些前瞻性陳述。因此,提醒讀者不要過分依賴這些前瞻性陳述。除非法律要求,否則在本新聞稿發佈之日之後,我們沒有義務出於任何原因公開更新任何前瞻性陳述,以使這些陳述符合實際業績或我們的預期變化。
IR Contacts:
投資者關係聯繫人:
Marcos I. Gradin, Chief Financial Officer and Investor Relations
Diego M. Jalón, Investor Relations Manager
+54-11-4319-3050
investorrelations@lomanegra.com
Marcos I. Gradin,首席財務官兼投資者關係
迭戈·賈隆,投資者關係經理
+54-11-4319-3050
investorrelations@lomanegra.com
Table 8: Condensed Interim Consolidated Statements of Financial Position | |||||||||
(amounts expressed in millions of pesos, unless otherwise noted) | |||||||||
As of March 31, | As of December, 31 | ||||||||
2024 | 2023 | ||||||||
ASSETS |
|||||||||
Non-current assets |
|||||||||
Property, plant and equipment |
727,545 | 731,011 | |||||||
Right to use assets |
3,602 | 3,861 | |||||||
Intangible assets |
2,190 | 2,404 | |||||||
Investments |
48 | 48 | |||||||
Goodwill |
482 | 482 | |||||||
Inventories |
35,891 | 34,373 | |||||||
Other receivables |
2,606 | 2,802 | |||||||
Total non-current assets |
772,364 | 774,982 | |||||||
Current assets |
|||||||||
Inventories |
139,589 | 115,969 | |||||||
Other receivables |
20,566 | 32,974 | |||||||
Trade accounts receivable |
35,346 | 34,493 | |||||||
Investments |
1,878 | 2,593 | |||||||
Cash and banks |
3,933 | 7,617 | |||||||
Total current assets |
201,312 | 193,647 | |||||||
TOTAL ASSETS |
973,676 | 968,629 | |||||||
SHAREHOLDER'S EQUITY |
|||||||||
Capital stock and other capital related accounts |
184,629 | 184,942 | |||||||
Reserves |
250,764 | 250,764 | |||||||
Retained earnings |
61,178 | 10,425 | |||||||
Accumulated other comprehensive income |
- | - | |||||||
Equity attributable to the owners of the Company |
496,571 | 446,131 | |||||||
Non-controlling interests |
(77) | (27) | |||||||
TOTAL SHAREHOLDER'S EQUITY |
496,494 | 446,104 | |||||||
LIABILITIES |
|||||||||
Non-current liabilities |
|||||||||
Borrowings |
117,219 | 167,005 | |||||||
Accounts payables |
- | - | |||||||
Provisions |
7,620 | 10,222 | |||||||
Salaries and social security payables |
176 | 799 | |||||||
Debts for leases |
2,726 | 4,204 | |||||||
Other liabilities |
550 | 725 | |||||||
Deferred tax liabilities |
180,114 | 161,628 | |||||||
Total non-current liabilities |
308,406 | 344,582 | |||||||
Current liabilities |
|||||||||
Borrowings |
65,914 | 56,441 | |||||||
Accounts payable |
70,098 | 86,811 | |||||||
Advances from customers |
3,737 | 6,644 | |||||||
Salaries and social security payables |
13,831 | 13,455 | |||||||
Other liabilities - Related companies |
- | - | |||||||
Tax liabilities |
7,927 | 4,474 | |||||||
Debts for leases |
1,296 | 1,842 | |||||||
Other liabilities |
5,973 | 8,275 | |||||||
Total current liabilities |
168,776 | 177,943 | |||||||
TOTAL LIABILITIES |
477,182 | 522,524 | |||||||
TOTAL SHAREHOLDER'S EQUITY AND LIABILITIES |
973,676 | 968,629 |
表 8:簡明中期合併財務狀況表 | |||||||||
(除非另有說明,否則金額以百萬披索表示) | |||||||||
截至3月31日, | 截至12月31日 | ||||||||
2024 | 2023 | ||||||||
資產 |
|||||||||
非流動資產 |
|||||||||
不動產、廠房和設備 |
727,545 | 731,011 | |||||||
使用資產的權利 |
3,602 | 3,861 | |||||||
無形資產 |
2,190 | 2,404 | |||||||
投資 |
48 | 48 | |||||||
善意 |
482 | 482 | |||||||
庫存 |
35,891 | 34,373 | |||||||
其他應收賬款 |
2,606 | 2,802 | |||||||
非流動資產總額 |
772,364 | 774,982 | |||||||
流動資產 |
|||||||||
庫存 |
139,589 | 115,969 | |||||||
其他應收賬款 |
20,566 | 32,974 | |||||||
貿易應收賬款 |
35,346 | 34,493 | |||||||
投資 |
1,878 | 2,593 | |||||||
現金和銀行 |
3,933 | 7,617 | |||||||
流動資產總額 |
201,312 | 193,647 | |||||||
總資產 |
973,676 | 968,629 | |||||||
股東權益 |
|||||||||
股本和其他資本相關賬戶 |
184,629 | 184,942 | |||||||
儲備 |
250,764 | 250,764 | |||||||
留存收益 |
61,178 | 10,425 | |||||||
累計其他綜合收益 |
- | - | |||||||
歸屬於本公司所有者的權益 |
496,571 | 446,131 | |||||||
非控股權益 |
(77) | (27) | |||||||
股東權益總額 |
496,494 | 446,104 | |||||||
負債 |
|||||||||
非流動負債 |
|||||||||
借款 |
117,219 | 167,005 | |||||||
應付賬款 |
- | - | |||||||
規定 |
7,620 | 10,222 | |||||||
工資和社會保障應付賬款 |
176 | 799 | |||||||
租賃債務 |
2,726 | 4,204 | |||||||
其他負債 |
550 | 725 | |||||||
遞延所得稅負債 |
180,114 | 161,628 | |||||||
非流動負債總額 |
308,406 | 344,582 | |||||||
流動負債 |
|||||||||
借款 |
65,914 | 56,441 | |||||||
應付賬款 |
70,098 | 86,811 | |||||||
來自客戶的預付款 |
3,737 | 6,644 | |||||||
工資和社會保障應付賬款 |
13,831 | 13,455 | |||||||
其他負債-關聯公司 |
- | - | |||||||
納稅負債 |
7,927 | 4,474 | |||||||
租賃債務 |
1,296 | 1,842 | |||||||
其他負債 |
5,973 | 8,275 | |||||||
流動負債總額 |
168,776 | 177,943 | |||||||
負債總額 |
477,182 | 522,524 | |||||||
股東權益和負債總額 |
973,676 | 968,629 |
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 March 31, |
|||||||||||||
2024 | 2023 | % Change | |||||||||||
Net revenue |
114,851 | 157,435 | -27.0% | ||||||||||
Cost of sales |
(85,814) | (114,214) | -24.9% | ||||||||||
Gross Profit |
29,036 | 43,221 | -32.8% | ||||||||||
Share of loss of associates |
- | - | n/a | ||||||||||
Selling and administrative expenses |
(13,239) | (14,195) | -6.7% | ||||||||||
Other gains and losses |
89 | (394) | n/a | ||||||||||
Impairment of property, plant and equipment |
- | - | n/a | ||||||||||
Tax on debits and credits to bank accounts |
(1,246) | (1,684) | -26.0% | ||||||||||
Finance gain (cost), net |
|||||||||||||
Gain on net monetary position |
99,232 | 28,458 | 248.7% | ||||||||||
Exchange rate differences |
(8,258) | (12,121) | -31.9% | ||||||||||
Financial income |
229 | 5,084 | -95.5% | ||||||||||
Financial expenses |
(25,006) | (21,496) | 16.3% | ||||||||||
Profit (loss) before taxes |
80,836 | 26,873 | 200.8% | ||||||||||
Income tax expense |
|||||||||||||
Current |
(11,647) | (5,963) | 95.3% | ||||||||||
Deferred |
(18,486) | (710) | 2502.9% | ||||||||||
Net Profit (Loss) |
50,703 | 20,200 | 151.0% | ||||||||||
Net Profit (Loss) for the period attributable to: |
|||||||||||||
Owners of the Company |
50,752 | 20,448 | 148.2% | ||||||||||
Non-controlling interests |
(49) | (249) | -80.1% | ||||||||||
NET PROFIT (LOSS) FOR THE PERIOD |
50,703 | 20,200 | 151.0% | ||||||||||
Earnings per share (basic and diluted): |
86.9834 | 35.0390 | 148.2% |
表 9:簡明中期合併損益表和其他綜合收益表(未經審計) | |||||||||||||
(除非另有說明,否則金額以百萬披索表示) | |||||||||||||
三個月已結束 3月31日 |
|||||||||||||
2024 | 2023 | % 變化 | |||||||||||
淨收入 |
114,851 | 157,435 | -27.0% | ||||||||||
銷售成本 |
(85,814) | (114,214) | -24.9% | ||||||||||
毛利 |
29,036 | 43,221 | -32.8% | ||||||||||
關聯公司損失的份額 |
- | - | 不適用 | ||||||||||
銷售和管理費用 |
(13,239) | (14,195) | -6.7% | ||||||||||
其他收益和損失 |
89 | (394) | 不適用 | ||||||||||
不動產、廠房和設備的減值 |
- | - | 不適用 | ||||||||||
對銀行賬戶的借記和抵免徵稅 |
(1,246) | (1,684) | -26.0% | ||||||||||
財務收益(成本),淨額 |
|||||||||||||
淨貨幣頭寸收益 |
99,232 | 28,458 | 248.7% | ||||||||||
匯率差異 |
(8,258) | (12,121) | -31.9% | ||||||||||
財務收入 |
229 | 5,084 | -95.5% | ||||||||||
財務費用 |
(25,006) | (21,496) | 16.3% | ||||||||||
稅前利潤(虧損) |
80,836 | 26,873 | 200.8% | ||||||||||
所得稅支出 |
|||||||||||||
當前 |
(11,647) | (5,963) | 95.3% | ||||||||||
已推遲 |
(18,486) | (710) | 2502.9% | ||||||||||
淨利潤(虧損) |
50,703 | 20,200 | 151.0% | ||||||||||
該期間的淨利潤(虧損)歸因於: |
|||||||||||||
公司所有者 |
50,752 | 20,448 | 148.2% | ||||||||||
非控股權益 |
(49) | (249) | -80.1% | ||||||||||
該期間的淨利潤(虧損) |
50,703 | 20,200 | 151.0% | ||||||||||
每股收益(基本收益和攤薄收益): |
86.9834 | 35.0390 | 148.2% |
Table 10: Condensed Interim Consolidated Statement of Cash Flows | ||||||||||
(amounts expressed in millions of pesos, unless otherwise noted) | ||||||||||
Three-months ended March 31, |
||||||||||
2024 | 2023 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||||
Net Profit (Loss) |
50,703 | 20,200 | ||||||||
Adjustments to reconcile net profit to net cash provided by operating activities |
||||||||||
Income tax expense |
30,133 | 6,674 | ||||||||
Depreciation and amortization |
10,075 | 12,620 | ||||||||
Provisions |
1,029 | 1,771 | ||||||||
Exchange rate differences |
8,089 | 8,446 | ||||||||
Interest expense |
17,349 | 16,288 | ||||||||
Loss on transactions with securities |
- | - | ||||||||
Gain on disposal of property, plant and equipment |
(17) | 112 | ||||||||
Gain on net monetary position |
(99,232) | (28,458) | ||||||||
Impairment of trust fund |
49 | (751) | ||||||||
Share-based payment |
101 | 121 | ||||||||
Changes in operating assets and liabilities |
||||||||||
Inventories |
(22,139) | (7,243) | ||||||||
Other receivables |
8,438 | 5,737 | ||||||||
Trade accounts receivable |
(15,237) | (9,631) | ||||||||
Advances from customers |
(2,199) | (609) | ||||||||
Accounts payable |
11,980 | (2,064) | ||||||||
Salaries and social security payables |
4,919 | 1,668 | ||||||||
Provisions |
(51) | (253) | ||||||||
Tax liabilities |
(7,139) | (3,453) | ||||||||
Other liabilities |
(1,922) | 1,042 | ||||||||
Income tax paid |
(2,663) | (4,210) | ||||||||
Net cash generated by (used in) operating activities |
(7,734) | 18,008 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||||
Proceeds from disposal of Yguazu Cementos S.A. |
- | 390 | ||||||||
Proceeds from disposal of Property, plant and equipment |
314 | 285 | ||||||||
Payments to acquire Property, plant and equipment |
(8,799) | (7,003) | ||||||||
Payments to acquire Intangible Assets |
- | (123) | ||||||||
Acquire investments |
- | - | ||||||||
Proceeds from maturity investments |
- | - | ||||||||
Contributions to Trust |
(49) | (370) | ||||||||
Net cash generated by (used in) investing activities |
(8,535) | (6,821) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||||
Proceeds from non-convertible negotiable obligations |
- | 107,067 | ||||||||
Proceeds from borrowings |
80,375 | 7,266 | ||||||||
Loss on transactions with securities |
- | - | ||||||||
Interest paid |
(18,588) | (11,000) | ||||||||
Dividends paid |
- | (16,532) | ||||||||
Debts for leases |
(382) | (367) | ||||||||
Repayment of borrowings |
(44,942) | (38,077) | ||||||||
Share repurchase plan |
(414) | - | ||||||||
Net cash generated by (used in) financing activities |
16,049 | 48,357 | ||||||||
Net increase (decrease) in cash and cash equivalents |
(220) | 59,545 | ||||||||
Cash and cash equivalents at the beginning of the period |
10,210 | 23,187 | ||||||||
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted") |
(4,465) | (7,985) | ||||||||
Effects of the exchange rate differences on cash and cash equivalents in foreign currency |
285 | 571 | ||||||||
Cash and cash equivalents at the end of the period |
5,811 | 75,318 |
表 10:簡明中期合併現金流量表 | ||||||||||
(除非另有說明,否則金額以百萬披索表示) | ||||||||||
三個月已結束 3月31日 |
||||||||||
2024 | 2023 | |||||||||
來自經營活動的現金流 |
||||||||||
淨利潤(虧損) |
50,703 | 20,200 | ||||||||
調整以將淨利潤與經營活動提供的淨現金進行對賬 |
||||||||||
所得稅支出 |
30,133 | 6,674 | ||||||||
折舊和攤銷 |
10,075 | 12,620 | ||||||||
規定 |
1,029 | 1,771 | ||||||||
匯率差異 |
8,089 | 8,446 | ||||||||
利息支出 |
17,349 | 16,288 | ||||||||
證券交易損失 |
- | - | ||||||||
處置不動產、廠房和設備的收益 |
(17) | 112 | ||||||||
淨貨幣頭寸收益 |
(99,232) | (28,458) | ||||||||
信託基金減值 |
49 | (751) | ||||||||
基於股份的支付 |
101 | 121 | ||||||||
經營資產和負債的變化 |
||||||||||
庫存 |
(22,139) | (7,243) | ||||||||
其他應收賬款 |
8,438 | 5,737 | ||||||||
貿易應收賬款 |
(15,237) | (9,631) | ||||||||
來自客戶的預付款 |
(2,199) | (609) | ||||||||
應付賬款 |
11,980 | (2,064) | ||||||||
工資和社會保障應付賬款 |
4,919 | 1,668 | ||||||||
規定 |
(51) | (253) | ||||||||
納稅負債 |
(7,139) | (3,453) | ||||||||
其他負債 |
(1,922) | 1,042 | ||||||||
繳納的所得稅 |
(2,663) | (4,210) | ||||||||
(用於)經營活動產生的淨現金 |
(7,734) | 18,008 | ||||||||
來自投資活動的現金流 |
||||||||||
出售Yguazu Cementos S.A. 的收益 |
- | 390 | ||||||||
處置財產、廠房和設備的收益 |
314 | 285 | ||||||||
購置財產、廠房和設備的款項 |
(8,799) | (7,003) | ||||||||
收購無形資產的款項 |
- | (123) | ||||||||
收購投資 |
- | - | ||||||||
到期投資的收益 |
- | - | ||||||||
對信託的捐款 |
(49) | (370) | ||||||||
(用於)投資活動產生的淨現金 |
(8,535) | (6,821) | ||||||||
來自融資活動的現金流量 |
||||||||||
不可兌換的可轉讓債務的收益 |
- | 107,067 | ||||||||
借款收益 |
80,375 | 7,266 | ||||||||
證券交易損失 |
- | - | ||||||||
已付利息 |
(18,588) | (11,000) | ||||||||
已支付的股息 |
- | (16,532) | ||||||||
租賃債務 |
(382) | (367) | ||||||||
償還借款 |
(44,942) | (38,077) | ||||||||
股票回購計劃 |
(414) | - | ||||||||
(用於)融資活動產生的淨現金 |
16,049 | 48,357 | ||||||||
現金和現金等價物的淨增加(減少) |
(220) | 59,545 | ||||||||
期初的現金和現金等價物 |
10,210 | 23,187 | ||||||||
以同質現金貨幣重新表達的影響(“通貨膨脹調整後”) |
(4,465) | (7,985) | ||||||||
匯率差異對現金和外幣現金等價物的影響 |
285 | 571 | ||||||||
期末的現金和現金等價物 |
5,811 | 75,318 |
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 March 31, | ||||||||||||||||
2024 | % | 2023 | % | |||||||||||||
Net revenue |
102,534 | 100.0% | 37,955 | 100.0% | ||||||||||||
Cement, masonry cement and lime |
91,491 | 89.2% | 33,145 | 87.3% | ||||||||||||
Concrete |
8,087 | 7.9% | 3,688 | 9.7% | ||||||||||||
Railroad |
8,855 | 8.6% | 2,960 | 7.8% | ||||||||||||
Aggregates |
2,746 | 2.7% | 1,247 | 3.3% | ||||||||||||
Others |
802 | 0.8% | 173 | 0.5% | ||||||||||||
Eliminations |
(9,447) | -9.2% | (3,257) | -8.6% | ||||||||||||
Cost of sales |
58,116 | 100.0% | 23,312 | 100.0% | ||||||||||||
Cement, masonry cement and lime |
47,757 | 82.2% | 19,049 | 81.7% | ||||||||||||
Concrete |
8,100 | 13.9% | 3,572 | 15.3% | ||||||||||||
Railroad |
8,636 | 14.9% | 2,827 | 12.1% | ||||||||||||
Aggregates |
2,590 | 4.5% | 990 | 4.2% | ||||||||||||
Others |
481 | 0.8% | 131 | 0.6% | ||||||||||||
Eliminations |
(9,447) | -16.3% | (3,257) | -14.0% | ||||||||||||
Selling, admin. expenses and other gains & losses |
10,961 | 100.0% | 3,322 | 100.0% | ||||||||||||
Cement, masonry cement and lime |
9,872 | 90.1% | 2,878 | 86.6% | ||||||||||||
Concrete |
535 | 4.9% | 147 | 4.4% | ||||||||||||
Railroad |
270 | 2.5% | 213 | 6.4% | ||||||||||||
Aggregates |
29 | 0.3% | 10 | 0.3% | ||||||||||||
Others |
254 | 2.3% | 73 | 2.2% | ||||||||||||
Depreciation and amortization |
1,242 | 100.0% | 797 | 100.0% | ||||||||||||
Cement, masonry cement and lime |
783 | 63.0% | 666 | 83.5% | ||||||||||||
Concrete |
50 | 4.1% | 16 | 2.0% | ||||||||||||
Railroad |
354 | 28.5% | 89 | 11.2% | ||||||||||||
Aggregates |
53 | 4.3% | 25 | 3.2% | ||||||||||||
Others |
2 | 0.1% | 1 | 0.1% | ||||||||||||
Adjusted EBITDA |
34,699 | 100.0% | 12,118 | 100.0% | ||||||||||||
Cement, masonry cement and lime |
34,644 | 99.8% | 11,883 | 98.1% | ||||||||||||
Concrete |
(497) | -1.4% | (16) | -0.1% | ||||||||||||
Railroad |
303 | 0.9% | 9 | 0.1% | ||||||||||||
Aggregates |
181 | 0.5% | 271 | 2.2% | ||||||||||||
Others |
68 | 0.2% | (29) | -0.2% | ||||||||||||
Reconciling items: |
||||||||||||||||
Effect by translation in homogeneous cash currency ("Inflation-Adjusted") |
(8,738) | 29,134 | ||||||||||||||
Depreciation and amortization |
(10,075) | (12,620) | ||||||||||||||
Tax on debits and credits banks accounts |
(1,246) | (1,684) | ||||||||||||||
Finance gain (cost), net |
66,196 | (74) | ||||||||||||||
Income tax |
(30,133) | (6,674) | ||||||||||||||
Share of profit of associates |
- | - | ||||||||||||||
Impairment of property, plant and equipment |
- | - | ||||||||||||||
NET PROFIT (LOSS) FOR THE PERIOD |
50,703 | 20,200 |
表 11:按細分市場劃分的財務數據(數字不包括國際會計準則29的影響) |
||||||||||||||||
(除非另有說明,否則金額以百萬披索表示) | ||||||||||||||||
截至3月31日的三個月中 | ||||||||||||||||
2024 | % | 2023 | % | |||||||||||||
淨收入 |
102,534 | 100.0% | 37,955 | 100.0% | ||||||||||||
水泥、石膏水泥和石灰 |
91,491 | 89.2% | 33,145 | 87.3% | ||||||||||||
混凝土 |
8,087 | 7.9% | 3,688 | 9.7% | ||||||||||||
鐵路 |
8,855 | 8.6% | 2,960 | 7.8% | ||||||||||||
總量 |
2,746 | 2.7% | 1,247 | 3.3% | ||||||||||||
其他 |
802 | 0.8% | 173 | 0.5% | ||||||||||||
淘汰 |
(9,447) | -9.2% | (3,257) | -8.6% | ||||||||||||
銷售成本 |
58,116 | 100.0% | 23,312 | 100.0% | ||||||||||||
水泥、石膏水泥和石灰 |
47,757 | 82.2% | 19,049 | 81.7% | ||||||||||||
混凝土 |
8,100 | 13.9% | 3,572 | 15.3% | ||||||||||||
鐵路 |
8,636 | 14.9% | 2,827 | 12.1% | ||||||||||||
總量 |
2,590 | 4.5% | 990 | 4.2% | ||||||||||||
其他 |
481 | 0.8% | 131 | 0.6% | ||||||||||||
淘汰 |
(9,447) | -16.3% | (3,257) | -14.0% | ||||||||||||
銷售、管理費用和其他損益 |
10,961 | 100.0% | 3,322 | 100.0% | ||||||||||||
水泥、石膏水泥和石灰 |
9,872 | 90.1% | 2,878 | 86.6% | ||||||||||||
混凝土 |
535 | 4.9% | 147 | 4.4% | ||||||||||||
鐵路 |
270 | 2.5% | 213 | 6.4% | ||||||||||||
總量 |
29 | 0.3% | 10 | 0.3% | ||||||||||||
其他 |
254 | 2.3% | 73 | 2.2% | ||||||||||||
折舊和攤銷 |
1,242 | 100.0% | 797 | 100.0% | ||||||||||||
水泥、石膏水泥和石灰 |
783 | 63.0% | 666 | 83.5% | ||||||||||||
混凝土 |
50 | 4.1% | 16 | 2.0% | ||||||||||||
鐵路 |
354 | 28.5% | 89 | 11.2% | ||||||||||||
總量 |
53 | 4.3% | 25 | 3.2% | ||||||||||||
其他 |
2 | 0.1% | 1 | 0.1% | ||||||||||||
調整後 EBITDA |
34,699 | 100.0% | 12,118 | 100.0% | ||||||||||||
水泥、石膏水泥和石灰 |
34,644 | 99.8% | 11,883 | 98.1% | ||||||||||||
混凝土 |
(497) | -1.4% | (16) | -0.1% | ||||||||||||
鐵路 |
303 | 0.9% | 9 | 0.1% | ||||||||||||
總量 |
181 | 0.5% | 271 | 2.2% | ||||||||||||
其他 |
68 | 0.2% | (29) | -0.2% | ||||||||||||
對賬項目: |
||||||||||||||||
同質現金貨幣折算的影響(“經通貨膨脹調整後”) |
(8,738) | 29,134 | ||||||||||||||
折舊和攤銷 |
(10,075) | (12,620) | ||||||||||||||
借記和信貸銀行賬戶稅 |
(1,246) | (1,684) | ||||||||||||||
財務收益(成本),淨額 |
66,196 | (74) | ||||||||||||||
所得稅 |
(30,133) | (6,674) | ||||||||||||||
聯營公司的利潤份額 |
- | - | ||||||||||||||
不動產、廠房和設備的減值 |
- | - | ||||||||||||||
該期間的淨利潤(虧損) |
50,703 | 20,200 |
SOURCE: Loma Negra Compañía Industrial Argentina Sociedad
來源:阿根廷洛馬·內格拉工業公司協會
譯文內容由第三人軟體翻譯。