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Loma Negra Announces 4Q17 YoY Growth of 57% in Revenues and 208% in Net Profit

Nachrichtenquelle: Business Wire (engl.)
09.03.2018, 00:08  |  439   |   |   

Loma Negra (NYSE: LOMA) (BYMA: LOMA) (“Loma Negra” or the “Company”), the leading cement producer in Argentina, today announced results for the three- and twelve-month periods ended December 31, 2017.

4Q17 Key Highlights1

  • Cement, masonry & lime sales volume in Argentina up 14.0% YoY driven by continued market recovery.
  • Net revenue up 57.1% YoY to Ps.4,452 million (US$254 million) on volume and price increases.
  • Gross profit up 56.8%, with margin relatively stable YoY at 29.1%.
  • Adjusted EBITDA increased 56.8% YoY to Ps.1,199 million (US$68 million). Adjusted EBITDA margin flat YoY at 26.9%, and up 280 basis points from 24.1% in 3Q17. Excluding one-time gains in both quarters, Adjusted EBITDA margin would have increased 137 bps to 25.4%.
  • Net Debt at year-end down 66.8% to Ps.1,184 million (US$63 million) with Net Debt/Adjusted EBITDA ratio of 0.30x compared with 1.50x a year ago, reflecting Ps.1,867 million in net IPO proceeds.

FY17 Key Highlights1

  • Total cement, masonry & lime sales volume up 18.6%, with Argentine operations increasing 8.9% to 6.42 million tons, while Yguazu Cementos in Paraguay contributed with 0.57 million tons.
  • Net revenue up 54.8% to Ps.15,287 million (US$923 million) driven by continued market recovery.
  • Gross profit increased 70.0%, with gross margin expanding 259 basis points year-over-year to 29.0%.
  • Adjusted EBITDA up 67.7% to Ps.3,942 million (US$238 million) and Adjusted EBITDA margin expanded 199 basis points to 25.8%.

Commenting on 2017, Sergio Faifman, Loma Negra’s Chief Executive Officer, noted: “2017 was a pivotal year for Loma Negra marked by achieving significant milestones. Key events for the Company last year included; volume and sales expansion benefitting from the economic momentum in Argentina, record EBITDA, commenced expansion of the L’Amalí plant and ending the year with the successful Initial Public Offering (IPO) – the largest Argentine IPO in almost 25 years and the largest ever for a cement company.”

“Loma Negra’s 4Q17 cement segment in Argentina sales volume was up 14% compared to the same period of 2016, accelerating pace from the 9% expansion in the previous quarter. This volume growth, combined with higher prices, ongoing cost control, along with scale and efficiency gains, resulted in a 57% increase in EBITDA.”

“We enter 2018 with good momentum as we expect the Argentinean economic recovery to continue, particularly the construction sector – both private and infrastructure - driving increasing demand for cement, albeit not as fast following the significant recovery experienced in 2017, sustaining our expansion plans.”

“With the proceeds from the IPO, the Company’s financial position has been enhanced and we are moving ahead with the expansion of the L’Amalí plant. This project will expand cement production capacity by 40% when completed in the beginning of 2020, further strengthening our competitive position with improved efficiency and profitability and ability to participate in the many infrastructure projects being undertaken in Argentina.”

1 Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with International Accounting Standard No. 34 “Interim Financial Reporting” and represent comparisons between the three- and twelve-month periods ended December 31, 2017, and the equivalent three- and twelve-month periods ended December 31, 2016. Tables state figures in millions of pesos, unless otherwise noted. Adjusted EBITDA, Adjusted EBITDA Margin and Net Debt are non-IFRS measures. Definition of Adjusted EBITDA and Net Debt included in the Definitions section of the report.

Table 1: Financial Highlights
(amounts expressed in millions of pesos, unless otherwise noted)
    Three-months ended
December 31,
      Year ended
December 31,
      2017     2016     % Chg. 2017     2016     % Chg.
Net Revenue     4,452     2,834     57.1% 15,287     9,874     54.8%
Gross Profit     1,295     826     56.8% 4,436     2,610     70.0%
Gross Profit margin     29.1%     29.1%     -5 bps 29.0%     26.4%     +259 bps
Adjusted EBITDA     1,199     765     56.8% 3,942     2,350     67.7%
Adjusted EBITDA Mg.     26.9%     27.0%     -6 bps 25.8%     23.8%     +199 bps
Net profit     692     225     207.7%


    502     238.7%
Net Profit attributable to owners of the Company     665     207     221.2% 1,591     491     223.9%
EPS     1.14     0.37     210.3% 2.79     0.87     221.1%
Shares outstanding at eop     596     566     5.3% 596     566     5.3%
Net Debt     1,184     3,536     -66.5% 1,184     3,536     -66.5%
Net Debt /Adjusted EBITDA     0.30     1.50     -1.20x 0.30     1.50     -1.20x
Table 1b: Financial Highlights in U.S. Dollars
(amounts expressed in millions of U.S. dollars, unless otherwise noted)
    Three-months ended
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