Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document and entity information [abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Trading Symbol | LOMA |
Entity Registrant Name | Loma Negra Compania Industrial Argentina Sociedad Anonima |
Entity Central Index Key | 0001711375 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Common Stock, Shares Outstanding | 596,026,490 |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss and Other Comprehensive Income - ARS ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Profit or loss [abstract] | ||||
Net revenue | $ 26,806,931,524 | $ 24,838,612,883 | $ 19,334,389,117 | |
Cost of sales | (19,982,794,052) | (18,509,939,802) | (15,154,175,473) | |
Gross profit | 6,824,137,472 | 6,328,673,081 | 4,180,213,644 | |
Share of profit (loss) of associates | 76,243,433 | |||
Selling and administrative expenses | (1,934,080,499) | (1,969,073,208) | (1,856,769,603) | |
Other gains and losses | 109,259,420 | 116,355,791 | 231,622,904 | |
Tax on debits and credits to bank accounts | (254,200,939) | (304,817,393) | (277,325,855) | |
FINANCE COSTS, NET | ||||
Exchange rate differences | (1,241,872,624) | (124,425,132) | (209,421,741) | |
Gain on net monetary position | 213,728,844 | 342,273,974 | 218,369,511 | |
Financial income | 26,911,769 | 28,278,507 | 65,733,795 | |
Financial expenses | (661,346,403) | (517,523,474) | (492,039,946) | |
Profit before tax | 3,082,537,040 | 3,899,742,146 | 1,936,626,142 | |
INCOME TAX EXPENSE | ||||
Current | (1,049,399,775) | (1,062,455,589) | (470,613,337) | |
Deferred | (82,555,558) | 840,509,392 | (179,209,747) | |
NET PROFIT | 1,950,581,707 | 3,677,795,949 | 1,286,803,058 | |
Items to be reclassified through profit and loss: | ||||
Exchange differences on translating foreign operations | 471,709,769 | (9,597,263) | (60,098,536) | |
Cash flow hedges | [1] | (134,910,246) | ||
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME | 471,709,769 | (9,597,263) | (195,008,782) | |
TOTAL COMPREHENSIVE INCOME | 2,422,291,476 | 3,668,198,686 | 1,091,794,276 | |
Net Profit for the year attributable to: | ||||
Owners of the Company | 1,799,871,980 | 3,509,779,198 | 1,270,870,542 | |
Non-controlling interests | 150,709,727 | 168,016,751 | 15,932,516 | |
NET PROFIT | 1,950,581,707 | 3,677,795,949 | 1,286,803,058 | |
Total comprehensive income attributable to: | ||||
Owners of the Company | 2,040,451,837 | 3,504,884,434 | 1,075,861,760 | |
Non-controlling interests | 381,839,639 | 163,314,252 | 15,932,516 | |
TOTAL COMPREHENSIVE INCOME | $ 2,422,291,476 | $ 3,668,198,686 | $ 1,091,794,276 | |
Earnings per share (basic and diluted) | $ 3.0198 | $ 6.1464 | $ 2.2452 | |
[1] | Net of income tax effect (Note 24). |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Non-current assets | ||
Property, plant and equipment | $ 21,877,937,396 | $ 18,310,023,378 |
Intangible assets | 218,534,693 | 224,682,237 |
Investments | 1,661,984 | 2,453,846 |
Goodwill | 16,577,250 | 16,577,250 |
Inventories | 677,267,295 | 635,483,801 |
Other receivables | 942,236,337 | 214,344,022 |
Trade accounts receivable | 4,049,342 | |
Total non-current assets | 23,738,264,297 | 19,403,564,534 |
Current assets | ||
Inventories | 3,777,797,369 | 3,195,131,937 |
Other receivables | 383,289,600 | 366,973,120 |
Trade accounts receivable | 2,064,627,828 | 1,865,369,895 |
Investments | 2,095,150,895 | 4,415,951,166 |
Cash and banks | 806,708,433 | 278,717,518 |
Total current assets | 9,127,574,125 | 10,122,143,636 |
Total assets | 32,865,838,422 | 29,525,708,170 |
SHAREHOLDERS' EQUITY AND LIABILITIES | ||
Capital stock and other capital related accounts | 7,185,726,939 | 7,185,726,939 |
Reserves | 2,280,327,615 | 136,865,757 |
Retained earnings | 5,438,107,418 | 5,781,697,296 |
Accumulated other comprehensive income | 274,489,686 | 33,909,829 |
Equity attributable to the owners of the Company | 15,178,651,658 | 13,138,199,821 |
Non-controlling interests | 1,374,578,107 | 992,738,468 |
Total shareholders' equity | 16,553,229,765 | 14,130,938,289 |
Non-current liabilities | ||
Borrowings | 2,607,359,542 | 3,845,105,806 |
Accounts payable | 387,161,929 | 105,402,112 |
Provisions | 292,635,253 | 237,851,125 |
Tax liabilities | 505,256 | |
Other liabilities | 7,900,093 | 23,240,492 |
Deferred tax liabilities | 3,186,099,237 | 3,100,058,633 |
Total non-current liabilities | 6,481,156,054 | 7,312,163,424 |
Current liabilities | ||
Borrowings | 3,355,317,884 | 2,597,969,452 |
Accounts payable | 4,853,225,349 | 3,486,711,682 |
Advances from customers | 168,655,637 | 304,681,544 |
Salaries and social security payables | 633,912,846 | 799,986,781 |
Tax liabilities | 779,550,251 | 846,133,165 |
Other liabilities | 40,790,636 | 47,123,833 |
Total current liabilities | 9,831,452,603 | 8,082,606,457 |
Total liabilities | 16,312,608,657 | 15,394,769,881 |
Total shareholders' equity and liabilities | $ 32,865,838,422 | $ 29,525,708,170 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - ARS ($) | Total | Capital Stock [member] | Adjustment to Capital [member] | Share Premium [member] | Other capital adjustments [member] | Merger Premium [member] | Legal reserve [member] | Environmental reserve [member] | Facultative reserve [member] | Future Dividends Reserve [member] | Reserve of exchange differences on translation and cash flow hedging reserve [member] | Retained Earnings [member] | Equity Attributable to Owners of the Company [member] | Non-controlling Interests [member] |
Beginning balance at Dec. 31, 2015 | $ 9,445,683,135 | $ 56,602,649 | $ 2,233,241,965 | $ 2,103,321,500 | $ 748,383,542 | $ 103,158,151 | $ 3,581,947 | $ 1,034,035,487 | $ 233,813,375 | $ 2,745,500,578 | $ 9,261,639,194 | $ 184,043,941 | ||
Resolution of the Ordinary Shareholders' Meeting held on March 23, 2016, March 23, 2017, April 25, 2018 | ||||||||||||||
- Distribution of cash dividends | (944,044,322) | (944,044,322) | (944,044,322) | |||||||||||
- Partial release of optional reserve for future dividends | (1,032,390,689) | (1,032,390,689) | (1,032,390,689) | |||||||||||
Other comprehensive income | (195,008,782) | (195,008,782) | (195,008,782) | |||||||||||
Business combination under common control | (96,245,381) | $ (743,298,310) | (743,298,310) | 647,052,929 | ||||||||||
Net profit for the year | 1,286,803,058 | 1,270,870,542 | 1,270,870,542 | 15,932,516 | ||||||||||
Ending balance at Dec. 31, 2016 | 8,464,797,019 | 56,602,649 | 2,233,241,965 | 2,103,321,500 | (743,298,310) | 748,383,542 | 103,158,151 | 3,581,947 | 1,644,798 | 38,804,593 | 3,072,326,798 | 7,617,767,633 | 847,029,386 | |
Resolution of the Ordinary Shareholders' Meeting held on March 23, 2016, March 23, 2017, April 25, 2018 | ||||||||||||||
- Distribution of cash dividends | (771,927,839) | (771,927,839) | (771,927,839) | |||||||||||
- Increase in optional reserve for future dividends | 28,480,861 | (28,480,861) | ||||||||||||
Issuance of common stock from initial public offering, net of issuance costs | 2,842,735,344 | 3,000,000 | 1,568,537 | 2,838,166,807 | 2,842,735,344 | |||||||||
Other comprehensive income | (9,597,263) | (4,894,764) | (4,894,764) | (4,702,499) | ||||||||||
Acquisition of Cofesur S.A.U. shares | (72,864,921) | (55,259,751) | (55,259,751) | (17,605,170) | ||||||||||
Net profit for the year | 3,677,795,949 | 3,509,779,198 | 3,509,779,198 | 168,016,751 | ||||||||||
Ending balance at Dec. 31, 2017 | 14,130,938,289 | 59,602,649 | 2,234,810,502 | 4,941,488,307 | (798,558,061) | 748,383,542 | 103,158,151 | 3,581,947 | 30,125,659 | 33,909,829 | 5,781,697,296 | 13,138,199,821 | 992,738,468 | |
Resolution of the Ordinary Shareholders' Meeting held on March 23, 2016, March 23, 2017, April 25, 2018 | ||||||||||||||
- Increase in Legal reserve | 808,425 | (808,425) | ||||||||||||
- Increase in Facultative reserve | $ 2,142,653,433 | (2,142,653,433) | ||||||||||||
- Absorption of Other capital adjustments | (798,558,061) | $ 798,558,061 | ||||||||||||
Other comprehensive income | 471,709,769 | 240,579,857 | 240,579,857 | 231,129,912 | ||||||||||
Net profit for the year | 1,950,581,707 | 1,799,871,980 | 1,799,871,980 | 150,709,727 | ||||||||||
Ending balance at Dec. 31, 2018 | $ 16,553,229,765 | $ 59,602,649 | $ 2,234,810,502 | $ 4,142,930,246 | $ 748,383,542 | $ 103,966,576 | $ 3,581,947 | $ 2,142,653,433 | $ 30,125,659 | $ 274,489,686 | $ 5,438,107,418 | $ 15,178,651,658 | $ 1,374,578,107 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net profit for the year | $ 1,950,581,707 | $ 3,677,795,949 | $ 1,286,803,058 |
Adjustments to reconcile net profit to net cash generated by operating activities | |||
Income tax expense | 1,131,955,333 | 221,946,198 | 649,823,084 |
Depreciation and amortization | 2,121,389,879 | 1,742,376,905 | 1,797,588,261 |
Provisions | 70,564,176 | 38,230,361 | 10,912,659 |
Interest | 416,034,778 | 378,973,612 | 298,049,800 |
Share of profit (loss) of associates | (76,243,433) | ||
Investment income recognized in profit | 8,662,979 | 72,404,397 | |
Exchange rate differences | 175,129,891 | (254,305,002) | (15,384,397) |
Others | (5,618,854) | ||
Gain on disposal of Property, plant and equipment | (16,851,191) | (7,576,956) | (61,818,196) |
Changes in operating assets and liabilities | |||
Inventories | (391,110,755) | 395,110,160 | (486,691,497) |
Other receivables | 30,387,553 | 98,754,511 | (400,477,068) |
Trade accounts receivable | (708,537,181) | (830,626,094) | (364,423,422) |
Advances from customers | (100,429,265) | 133,465,893 | 25,359,612 |
Accounts payable | 667,425,624 | 95,013,164 | 1,165,368,907 |
Salaries and social security payables | 67,058,995 | 244,628,491 | 210,469,085 |
Provisions | (110,783,802) | (41,582,654) | (40,869,592) |
Tax liabilities | (35,831,578) | (15,204,821) | 168,564,819 |
Other liabilities | 216,533,656 | (19,342,891) | 68,559,734 |
Gain on net monetary position | (213,728,844) | (342,273,972) | (218,369,509) |
Cash generated by operations | 5,264,170,122 | 5,524,045,833 | 4,089,626,302 |
Income tax paid | (1,085,399,660) | (447,075,001) | (416,800,400) |
Net cash generated by operating activities | 4,178,770,462 | 5,076,970,832 | 3,672,825,902 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Proceeds from disposal of Property, plant and equipment | 4,982,456 | 24,880,158 | 49,148,717 |
Payments to acquire Property, plant and equipment | (3,416,958,950) | (2,216,628,238) | (1,638,802,425) |
Payments to acquire intangible assets | (22,472,093) | (45,973,237) | (58,567,174) |
Advance payments to acquire Property, plant and equipment | (743,192,153) | ||
Interest received | 54,411,343 | ||
Contributions to F.F.F.S.F.I. | (46,267,586) | (45,503,852) | (47,667,549) |
Cash from business combinations under common control | 383,117,765 | ||
Net cash used in investing activities | (4,223,908,326) | (2,228,813,826) | (1,312,770,666) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from borrowings | 1,449,050,076 | 4,796,517,511 | 3,254,318,553 |
Interest paid | (924,237,440) | (853,414,310) | (1,184,736,811) |
Dividends paid | (771,495,750) | (2,119,511,043) | |
Repayment of borrowings | (2,915,170,732) | (5,702,182,604) | (1,630,895,342) |
Proceeds from initial public offering, net of issuance costs | 2,842,735,345 | ||
Net cash generated by (used in) financing activities | (2,390,358,096) | 312,160,192 | (1,680,824,643) |
Net increase (decrease) in cash and cash equivalents | (2,435,495,960) | 3,160,317,198 | 679,230,593 |
Cash and cash equivalents at the beginning of the year | 4,694,668,684 | 1,480,095,848 | 814,392,377 |
Effect of translation in homogeneous cash currency | (97,896,006) | (50,926,966) | (53,392,758) |
Effects of the exchange rate differences on cash and cash equivalents in foreign currency | 740,582,610 | 105,182,604 | 39,865,636 |
Cash and cash equivalents at the end of the year | $ 2,901,859,328 | $ 4,694,668,684 | $ 1,480,095,848 |
Legal Information
Legal Information | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Legal Information | 1. LEGAL INFORMATION Loma Negra Compañía Industrial Argentina S.A. (hereinafter “Loma Negra”, the “Company” or “the Group”) is a stock company organized according to Argentine Law. Legal address The address of its registered office is Boulevard Cecilia Grierson 355 – 4 th Fiscal year number: Fiscal year number 94, which began on January 1, 2018. Principal business of the Company: The main activity of the Company is the manufacturing and marketing of cement and its by-products, The Company has 9 factories in Argentina, in the provinces of Buenos Aires, Neuquén, San Juan and Catamarca. It also has 20 concrete plants. In addition, the Company, through its subsidiary Cofesur S.A.U., has a controlling interest in Ferrosur Roca S.A., a company operating the rail freight network of the Roca Railroad under a concession granted by the Argentine government in 1993 for a period of 30 years, which allows access from several of Loma Negra’s cement production plants to the rail network. On March 8, 2018 and with the due approval of its majority shareholder (Cofesur S.A.U.), Ferrosur Roca S.A. requested the Enforcement Authority an extension of the concession for an additional term of 10 years, pursuant to the provisions in the Bidding Terms and Conditions and the Concession Agreement. The Company also owns Recycomb S.A.U., a corporation engaged in the treatment and recycling of industrial waste intended to be used as fuel or raw material, and Yguazú Cementos S.A., a company organized in the Republic of Paraguay dedicated to the manufacture and marketing of cement. Date of registration in the Public Registry of Commerce and General Inspection of Justice Inscription of the bylaws: August 5 th Last amendment registered to the bylaws: August 29 th Correlative Number of Registration with the Inspección General de Justicia: 1,914,357. Tax identification number (CUIT): 30-50053085-1. Date of expiration: July 3 rd The Company was founded in 1926 and on August 5, 1926 it was registered as a “sociedad anónima” (stock company according to Argentine Law), originally under the name “Compañía Argentina Ganadera Agrícola Comercial e Industrial S.A.” being registered with the Public Registry of Commerce of Azul, Province of Buenos Aires, under the Number 38, Folio 46. On August 25, 1927, the Company adopted its current name and on August 27, 1984, the Company was also registered with the General Office of Legal Entities of the Province of Buenos Aires under the Number 747. The Company´s date of expiration is July 3, 2116. The Ordinary and Extraordinary General Assembly of July 3, 2017 resolved: i) to transfer the legal address of the Company from Cuartel No. VIII Loma Negra, Olavarría, Province of Buenos Aires to Reconquista 1088 - 7th floor, City of Buenos Aires, place where the central administration office was located, ii) extend the period of duration of the Company expiring accordingly on July 3, 2116, iii) update the corporate purpose that according to Article 4 of its bylaws, includes the execution of commercial, industrial, real estate and financial activities, being also authorized to mining activities and construction industry as well as being the concessionaire of transportation concessions and public services, iv) replacing the nominative shares by book entry and its reduction of nominal value, v) update and adapt the operation of the administration to the public offering regime, vi) creation of the auditing committee, vii) updating and adaptation of the Supervisory Committee, viii) updating and adaptation of the functioning of the governing body to the public offering regime and other updates. On August 29, 2017, said modifications were registered in the General Inspection of Justice (“I.G.J.”) under Number 17557 of book 85, volume - of companies by shares. The correlative number of I.G.J. of the Company is 1,914,357. Parent company As of December 31, 2017, the parent company was Loma Negra Holding GmbH, with 51.0437% of the Company’s shares and votes. On October 25, 2018, Loma Negra Holding GmbH transferred all of all its shares in Loma Negra C.I.A.S.A. in favor of its 100% direct parent company, Cauê Austria Holding GmbH. The ultimate parent company is MOVER Participações S.A. Capital structure: The subscribed for and paid in capital amounts to $ 59,602,649, represented by 596,026,490 book-entry common shares with a nominal value of $ 0.10 each, and each entitling to one vote. |
Basis of Preparation of the Con
Basis of Preparation of the Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Basis of Preparation of the Consolidated Financial Statements | 2. BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS 2.1 Statement of compliance with the International Financial Reporting Standards (IFRS) and bases of preparation of these financial statements These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These Consolidated financial statements comprehensively recognize the effects of variations in the purchasing power of currency through the application of the method to restate financial statements in constant currency established by the International Accounting Standard 29 (“IAS 29”). For comparative purposes, these Consolidated financial statements include figures and other details corresponding to the fiscal years ended on December 31, 2017 and 2016, which are an integral part of the above-mentioned Consolidated financial statements and are presented in order for them to be solely interpreted in conformity with the figures and other details corresponding to this fiscal year. These figures have been restated in this fiscal year’s end-of-period These consolidated financial statements have been approved by the Board of Directors in the meeting held on April 25, 2019. 2.2 Financial information presented in constant currency Inflation levels in Argentina have been high these past years and the inflation rate accumulated over these past three years has exceeded 100% without the expectation of a significant decrease in the short-term. In addition, the presence of high-inflation qualitative indicators set forth in the International Accounting Standard No. 29 (IAS 29) showed concurrent evidence. For all these reasons on September 29, 2018, The Argentine Federetion of Professional Councils in Economic Sciences (FACPCE) issued its Resolution JG No. 539/18, approved by Professional Council in Economic Sciences of the City of Buenos Aires (CPCECABA) pursuant to the Resolution of the Board No. 107/18, setting forth, amongst other matters, that Argentina must be considered a hyperinflationary economy in the terms of professional accounting standards starting on July 1, 2018, in line with the opinion of international organizations. IAS 29 sets forth that given a high inflation context, financial statements must be presented in a current unit of measurement, that is, in constant currency as of the end of the period being reported. This notwithstanding, the Company could not file its restated financial statements because Decree No. 664/03 of the Argentine Executive Branch prohibited governmental agencies (including the Argentine Securities Commission) from receiving financial statements adjusted to reflect the effects of inflation. Pursuant to Law No. 27,468, published on December 4, 2018 in Argentina’s Official Gazette, the Argentine Executive Branch’s Decree 1269/02 and the decrees that later on modified it (including the Argentine Executive Branch’s Decree No. 664 already mentioned) were repealed. The provisions under Law No. 27,468 came into force on December 28, 2018, which was the date of publication of the Argentine Securities Commission (CNV) General Resolution No. 777/18, which established that the annual financial statements for interim and special periods coming to a close as from December 31, 2018, inclusive, must be filed with such oversight agency in constant currency. In accordance with IAS29, the amounts in the financial statements that have not been stated in currency current as at the end of the reporting period must be restated by application of a general price index. To that end and in the manner established in FACPCE’s Resolution JG No. 539/18, coefficients have been applied that are calculated on the basis of indices published by the Federation, resulting from combining national consumer prices published by INDEC starting on January 1, 2017 and, looking back, domestic wholesale prices (IPIM) prepared by said Institute or, if none is available, consumer price indices published by the General Directorate of Statistics and Censuses in the Autonomous City of Buenos Aires. The variation in the index applied to restate these financial statements has been 47.65% in the fiscal year ended on December 31, 2018 and 24.80% in the preceding fiscal year. Also, the Company applied the provisions of the guide issued by the FACPCE to apply IAS 29 in the first application of such standard. Applicable accounting standards The consolidated financial statements have been prepared on a historical cost basis, which has been restated in end-of-period non-monetary non-current Fair value is the price that would be received if an asset were sold or the price that would be paid if a liability were transferred in a transaction ordered between market participants as of the date of measurement, irrespective of whether such price is directly observable or estimated using another valuation technique. Upon estimating the fair value of an asset or a liability, the Group takes into consideration the characteristics of the asset or the liability when market participants do take these features into consideration when valuing the asset or the liability at the date of measurement. Fair value for purposes of measurement and/or disclosure in these consolidated financial statements is determined on that basis, except for the transactions consisting in share-based payments that are within the scope of IFRS 2, lease transactions within the scope of IAS 17 and the measurements that have certain points in common with fair value but are not fair value such as net realization value in IAS2 or value in use in IAS36. Besides, for financial reporting purposes, fair value measurements are categorized as Level 1, 2 or 3 on the basis of the degree to which fair value measurement inputs are observable and the impact of inputs for fair value measurements overall, which are described below: • Level 1 inputs are (unadjusted) quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date. • Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and • Level 3 inputs are unobservable inputs for the asset or liability. Current and non-current The presentation in the statement of financial position makes a distinction between current and non-current 12-month Fiscal year-end The Company’s fiscal year begins on January 1 and ends on December 31, each year. Currency Consolidated information attached is stated in Pesos ($), Argentine’s legal currency, based on the financial information of Loma Negra and its subsidiaries, presented in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”). Use of estimates The preparation of financial statements at a certain date requires the Management to make estimates and assessments affecting the amount of assets and liabilities recorded, contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual future results might differ from the estimates and assessments made at the date of preparation of these consolidated financial statements. The description of any significant estimates and accounting judgments made by Management in applying the accounting policies, as well as the main estimates and areas with greater degree of complexity and which require more critical judgments, are disclosed in Note 4. The principal accounting policies are described below. Application of new and revised International Financial Reporting Standards • Adoption of new and revised standards The Company has adopted all of the new and revised standards and interpretations issued by the IASB that are relevant to its operations and that are mandatorily effective at December 31, 2018. The application of these amendments has had no impact on the disclosures or amounts recognized in the Company´s consolidated financial statements. New and amended IFRS Standards that are effective for the current year Impact of initial application of IFRS 9 Financial Instruments In the current year, the Group has applied IFRS 9 Financial Instruments (as revised in July 2014) and the related consequential amendments to other IFRS Standards that are effective for an annual period that begins on or after 1 January 2018. The transition provisions of IFRS 9 allow an entity not to restate comparatives. Accordingly the Group has elected not to restate comparatives in respect of the classification and measurement of financial instruments. The application of IFRS 9 does not have material impact on the Group´s consolidated financial statements. Impact of initial application of IFRS 15 Revenue from Contracts with Customers In the current year, the Group has applied IFRS 15 Revenue from Contracts with Customers (as amended in April 2016) which is effective for an annual period that begins on or after 1 January 2018. IFRS 15 introduced a 5-step In the current year, the Group has applied a number of amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board (IASB) that are effective for an annual period that begins on or after 1 January 2018. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. IFRIC 22 Foreign Currency Transactions and Advance Consideration IFRIC 22 addresses how to determine the ‘date of transaction’ for the purpose of determining the exchange rate to use on initial recognition of an asset, expense or income, when consideration for that item has been paid or received in advance in a foreign currency which resulted in the recognition of a non-monetary non-monetary a non-refundable non-monetary non-monetary • New accounting pronouncements The Company has not applied the following new and revised IFRSs that have been issued but are not yet mandatorily effective: IFRS 16 Leases 1 IFRIC 23 Uncertainty over Income Tax Treatments 1 IFRS 17 Insurance Contracts Amendments to IFRS 9 1 Prepayment Features with Negative Compensation Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures 1 Amendments to IFRS 3 and11 and IAS 12 and 23 Annual improvements 2015-2017 Cycle 1 Amendments to IAS 19 Employee benefits 1 Amendments to IFRS 3 2 Amendments to IAS 1 and IAS 8 Improvememts in the Conceptual Framework of IFRS Stnadards, including amendments to IFRS 2, IFRS 3, IFRS 6, IFRS 14, IAS 1, IAS 8, IAS 34, IAS 37, IAS 38, IFRIC 12, IFRIC 19, IFRIC 20 and IFRIC 22 2 1 Effective for annual periods beginning on or after January 1, 2019. 2 Effective for annual periods beginning on or after January 1, 2020. • In November 2009, the International Accounting Standards Board (IASB) issued IFRS 9, which introduced new requirements for the classification and measurement of financial assets. IFRS 9 was subsequently amended in October 2010 to include requirements for the classification and measurement of financial liabilities and for derecognition, and in November 2013 to include the new requirements for general hedge accounting. On July 24, 2014, the IASB published the final version of IFRS 9 ‘Financial Instruments’. IFRS 9, as revised in July 2014, introduces a new expected credit loss impairment model. The expected credit loss model requires an entity to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition. In other words, it is no longer necessary for a credit event to have occurred before credit losses are recognized. Also limited changes to the classification and measurement requirements for financial assets by introducing a ‘fair value through other comprehensive income’ (FVTOCI) measurement category for certain simple debt instruments. Based on the analysis of the Company’s financial assets and financial liabilities as of December 31, 2018 on the basis of the facts and circumstances that exists at that date, the directors of the Company have performed a preliminary assessment of the impact of IFRS 9 to the Company’s consolidated financial statements as follows: • Classification and measurement: all financial assets and financial liabilities will continue to be measured on the same bases as is currently adopted under IAS 39 • Impairment: the Group expects to apply the simplified approach to recognize lifetime expected credit losses for is trade receivables, as required or permitted by IFRS 9. As regards to listed bonds, the directors of the Company consider that they have low credit risk given the credit rating. In relation to financial guarantees to related parties, the directors have assess that there is not an increase in the credit risk of these transactions • Hedge accounting: the management of the Company does not anticipate that the application of the IFRS 9 Hedge accounting requirements will have a material impact on the Company’s consolidated financial statements Based on these assessments, the directors do not anticipate that the application of IFRS 9 will have a material impact in the financial statements of the Company. It should be noted that the above assessment was made based on an analysis of the Company’s financial assets and financial liabilities as of December 31, 2018 on the bases of the facts and circumstances that existed at that date. This new standard is effective for periods beginning on or after January 1, 2018. IFRS 16 issued in January 2016 specifies how issuers shall recognize, measure and disclose lease agreements in the financial statements. The standard sets forth that most of the lease agreements in lessees’ accounts are to be accounted for using a single model, suppressing the distinction between operating and financial leases. It also sets forth the duty to recognize the assets and liabilities corresponding to all the lease agreements except if the term of the lease is 12 months or less and/or except if the asset underlying the lease is low value. This notwithstanding, lessors’ accounts remain virtually unaltered and the distinction between operating and financial leases is kept. IFRS 16 replaces IAS 17 and related interpretations. Besides, IFRS 16 enhances the information to be disclosed. IAS 17 does not demand recognition of rights of use or liabilities for future payments for these leases. If these agreements meet the criteria to be defined as leases under IFRS 16, the Company must recognize an asset for the right to use and a liability for them unless they can be classified as low value or short-term lease through the enforcement of IFRS 16. The standard comes into force for the annual periods starting on January 1, 2019 at the latest. Early enforcement is permitted if IFRS 15 has also been applied. The Company did not elect early enforcement and estimates an effect of more assets and liabilities for $296 million mainly as a result of leases of office space and office equipment. • On June 7, 2017, the IASB published IFRIC 23 “Uncertainty over Income Tax Treatments”, which was developed by the IFRS Interpretations Committee to clarify the accounting for uncertainties in income taxes. The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12. The interpretation specifically considers: • Whether tax treatments should be considered collectively • Assumptions for taxation authorities’ examinations • The determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates • The effect of changes in facts and circumstances The interpretation is effective for annual periods beginning on or after January 1, 2019. Early adoption is permitted. The management of the Company does not anticipate that the application of this interpretation will have a material impact on the Company’s consolidated financial statements. The Company has not opted for early application. • The IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 Insurance Contracts. The Standard outlines a General Model, which is modified for insurance contracts with direct participation features, described as the Variable Fee Approach. The General Model is simplified if certain criteria are met by measuring the liability for remaining coverage using the Premium Allocation Approach. Since the Company is not engaged in Insurance Industry, Management of the Company does not anticipate that the application of these standard will have impact on the Group´s Consolidated Financial Statements. • On September 11, 2014, the IASB issued amendments to IFRS 10 and IAS 28. These amendments clarify the treatment of the sale or contribution of assets from an investor to its associate or joint venture, as follows: • require full recognition in the investor’s financial statements of gains and losses arising on the sale or contribution of assets that constitute a business (as defined in IFRS 3 Business Combinations); • require the partial recognition of gains and losses where the assets do not constitute a business, i.e. a gain or loss is recognized only to the extent of the unrelated investors’ interests in that associate or joint venture. These requirements apply regardless of the legal form of the transaction, e.g. whether the sale or contribution of assets occurs by an investor transferring shares in any subsidiary that holds the assets (resulting in loss of control of the subsidiary), or by the direct sale of the assets themselves. On December 17, 2015, the IASB issued an amendment that defers the effective date of the September 2014 amendments to these standards indefinitely until the research project on the equity method has been concluded. Earlier application of the September 2014 amendments continues to be permitted. • On October 12, 2017, the IASB published the amendment to IAS 28 “Long-term Interests in Associates and Joint Ventures”. This amendment clarifies that an entity applies IFRS 9 Financial Instruments to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied. The amendments are effective for periods beginning on or after 1 January 2019. Earlier application is permitted. The management of the Company does not anticipate that the application of this interpretation will have a material impact on the Company’s consolidated financial statements. The Company has not opted for early application. • On October 12, 2017, the IASB published the amendment to IFRS 9 “Prepayment Features with Negative Compensation”. This amendment modifies the existing requirements in IFRS 9 regarding termination rights in order to allow measurement at amortized cost (or, depending on the business model, at fair value through other comprehensive income) even in the case of negative compensation payments. Under the amendments, the sign of the prepayment amount is not relevant, i. e. depending on the interest rate prevailing at the time of termination, a payment may also be made in favor of the contracting party effecting the early repayment. The calculation of this compensation payment must be the same for both the case of an early repayment penalty and the case of an early repayment gain. The final amendments also contain (in the Basis for Conclusions) a clarification regarding the accounting for a modification or exchange of a financial liability measured at amortized cost that does not result in the derecognition of the financial liability. The IASB clarifies that an entity recognizes any adjustment to the amortized cost of the financial liability arising from a modification or exchange in profit or loss at the date of the modification or exchange. A retrospective change of the accounting treatment may therefore become necessary if in the past the effective interest rate was adjusted and not the amortized cost amount. The amendments are effective for periods beginning on or after January 1, 2019. Earlier application is permitted. The management of the Company does not anticipate that the application of this interpretation will have a material impact on the Company’s consolidated financial statements. The Company has not opted for early application. • On December 12, 2017, the IASB issued amendments to the following standards as result of the IASB’s annual improvements 2015-2017 project: • IFRS 3 (Business combinations): clarifies that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. • IFRS 11 (Joint arrangements): clarifies that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business. • IAS 12 (Income tax): clarifies that all income tax consequences of dividends (i.e. distribution of profits) should be recognized in profit or loss, regardless of how the tax arises. • IAS 23 (Borrowing costs): clarifies that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalization rate on general borrowings. The management of the Company does not anticipate that the application of these amendments will have a material impact on the Group’s consolidated financial statements. The amendments are all effective for annual periods beginning on or after January 1, 2019. 2.3 Basis of consolidation These consolidated financial statements include the consolidated financial position, results of operations and cash flows of the Company and its consolidated subsidiaries. Control is achieved where the company has the power over the investee; exposure, or rights, to variable returns from its involvement with the investee and the ability to use its power over the investee to affect the amount of the returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power, including: a) the size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; b) potential voting rights held by the Company, other vote holders or other parties; c) rights arising from other contractual arrangements; and d) any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company losses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income for since the date the Company gains control until the date when the Company ceases to control its subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling non-controlling non-controlling When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group´s accounting policies. Acquired companies are accounted for under the acquisition method whereby they are included in the consolidated financial statements from their acquisition date. The income (loss) of subsidiaries acquired or disposed of are included in the consolidated statement of comprehensive income from the date of acquisition until the effective date of disposal, if applicable. All intercompany transactions and balances between the Company and its subsidiaries have been eliminated in the consolidation process. Detailed below are the subsidiaries whose financial statements have been included in these consolidated financial statements: Main activity Place of % of direct and indirect equity interest as of 12-31-2018 12-31-2017 12-31-2016 Subsidiaries: Cofesur S.A.U. (1) Holding Argentina 100.00 100.00 97.64 Ferrosur Roca S.A. (2) Train cargo transportation Argentina 80.00 80.00 78.12 Recycomb S.A.U. Waste recycling Argentina 100.00 100.00 100.00 Yguazú Cementos S.A. (3) Manufacture and marketing of cement and construction materials Paraguay 51.00 51.00 51.00 (1) As of December 2016, Loma Negra C.I.A.S.A. had advance funds for the purchase of an additional equity interest of 2.36%. This acquisition needed to be authorized by the Argentine State. On March 6, 2017, the transaction aforementioned was finally approved. (2) Controlled directly by Cofesur S.A.U. (3) Company controlled due to the business combination under common control made on December 22, 2016 (note 16). As a result, the statement of financial position line items of Yguazú Cementos S.A. as of December 31, 2016 were included in the consolidated statement of financial position of the Company as of December 31, 2016; in the case of the consolidated statement of profit or loss and other comprehensive income, the equity in profit or loss of Yguazú Cementos S.A. is presented in the line “Share of profit (loss) of associates” in each of the years presented since the consolidation of results for the 10-day Summarized financial information in respect of each of the Group’s subsidiaries that has material non-controlling a) Yguazú Cementos S.A. As of 12.31.2018 12.31.2017 Current assets (1) 1,278,327,160 730,825,333 Non-current 4,118,220,214 3,482,599,805 Current liabilities (2) 750,929,946 569,154,594 Non-current 2,141,955,405 1,967,426,624 Equity attributable to the owners of the Company 1,276,909,432 855,218,394 Non-controlling 1,226,752,592 821,625,525 (1) Includes 570,921,230 and 165,280,282 of cash and cash equivalents as of December 31, 2018 and December 31, 2017, respectively. (2) Includes the financial loans described in note 25. The summarized figures presented for Yguazú Cementos S.A. as of December 31, 2018 (as a consolidated subsidiary) reflect the book values of the assets and liabilities (see Note 16.1) and adjustments to conform to the Company’s accounting policies. For the year ended 12.31.2018 12.31.2017 Net revenue 2,341,209,828 1,701,773,301 Finance cost, net (226,732,359 ) (107,405,382 ) Depreciation (341,286,473 ) (252,098,033 ) Income tax (31,734,545 ) (18,184,484 ) Profit for the year 355,108,341 325,840,272 For the year ended 12.31.2018 12.31.2017 Net cash generated by operating activities 752,656,876 414,108,341 Net cash used in investing activities (79,747,134 ) (82,487,836 ) Net cash used in financing activities (315,318,864 ) (543,362,464 ) b) Ferrosur Roca S.A. As of 12.31.2018 12.31.2017 Current assets 707,915,038 710,726,928 Non-current 1,808,071,617 1,917,145,118 Current liabilities 1,614,662,438 1,238,481,096 Non-current 121,151,045 486,220,086 Equity attributable to the owners of the Company 595,607,854 684,451,766 Non-controlling 145,901,963 171,112,942 For the year ended 12.31.2018 12.31.2017 12.31.2016 Net revenue 2,587,464,615 2,619,954,825 2,414,868,460 Finance costs, net (90,551,880 ) (23,085,904 ) (88,780,125 ) Depreciation (377,618,154 ) (278,544,476 ) (254,637,141 ) Income tax 143,552,241 (53,207,420 ) (77,744,862 ) Profit or (loss) for the year (111,054,891 ) (55,970,669 ) 74,648,200 For the year ended 12.31.2018 12.31.2017 12.31.2016 Net cash (used in) generated by operating activities (173,232,788 ) 249,905,667 497,567,822 Net cash used in investing activities (270,847,398 ) (420,408,029 ) (263,999,071 ) Net cash (used in) generated by financing activities 438,763,277 166,865,291 (219,807,442 ) 2.3.1. Business combination between entities under common control A business combination involving entities or businesses under common control is a business combination in which all of the combining entities or businesses are ultimately controlled by the same party or parties both before and after the business combination and the control is not transitory. The transactions between entities under common control are scoped out of IFRS 3 and there is no authoritative literature for these transactions under IFRS. As a result, the Group adopted an accounting practice in which the assets and liabilities of the acquired entity are recognized at the book values recorded in the ultimate parent entity’s consolidated financial statements. The components of equity of the acquired companies are added to the same components within Group equity except that any share capital and investments in the books of the acquiring entity is cancelled and the differences, if any, is adjusted in the Other capital adjustments. The Company has elected to not restate the information for any of the periods presented in its consolidated financial statements. In accordance with IAS 8, Management has adopted an accounting practice on which the predecessor basis of accounting is used to record the carrying amount of the net assets acquired. 2.3.2. Changes in the Group’s ownership interests in existing subsidiaries Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling non-controlling When the Group loses control of a subsidiary, a gain or loss is recognized in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling recognition for subsequent accounting under IAS 39, when applicable, the cost on initial recognition of an investment in an associate or a joint venture. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 3.1 Revenue recognition The group recognises revenue from the following major sourse: • Sales of goods • Services rendered • Income from dividends and interest income Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer. 3.1.1 Sale of goods Revenue from the sale of goods is recognized at time all the following conditions are satisfied: • the Group has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the Group; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. The amounts were restated through the application to the original amounts of the coefficients corresponding to the month of accrual following the adjustment procedure described in Note 2.2. 3.1.2 Services rendered Transportation revenues are recognized at the time the service is provided. The amounts were restated by application to the original amounts of the coefficients corresponding to the month of accrual by application of the adjustment mechanism described in Note 2.2. 3.1.3 Income from dividends and interest income Where they exist, income from investment dividends are recognized after the shareholders’ rights to receive payment thereof are established (provided there is a probability that the economic benefits will flow to the company and the ordinary revenues may be reliably measured). Interest income was recognized after determining the probability that the Group should receive the economic benefits associated with the transaction and that the amount thereof should be reliably measured. Interest income was recorded on a short-term basis with reference to the principal outstanding and the applicable effective interest rate, which is the discount rate that perfectly matches the cash flows receivable or payable estimated over the expected life of the financial instrument with the net book value of financial assets or liabilities with regard to the initial recognition. Financial income is presented net of the effects of inflation on the assets and liabilities that generated such income. 3.2 Goodwill The Goodwill booked by the company corresponds to the acquisition of Recycomb S.A.U. and it is measured at cost restated in end-of-period Goodwill, in accordance with the applicable standard at the time of recognition, corresponds to the amount of the transferred consideration, the amount of any non-controlling Goodwill is not amortized but tested for impairment. For purposes of conducting the impairment test, goodwill is assigned to each of the Group’s cash generating units expected to benefit from the synergies of the relevant combination. The cash generating units to which goodwill is assigned are subject to annual, or more frequent, impairment tests, when there are indicators of impairment. If the recoverable amount of the cash generating unit is lower than the unit’s book amount, the impairment loss is firstly applied to reducing the carrying amount of goodwill assigned to the unit, and is then applied proportionately to the unit’s other assets. The carrying amount of each asset in the reporting unit is used as basis. The impairment loss recognized for goodwill is not reversed in any subsequent period. Any impairment loss for goodwill is recognized directly in profit or loss. On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. The Company has not recognized any impairment loss in the years ended December 31, 2018 and 2017. The Group’s policy for goodwill arising on the acquisition of an associate is described at note 3.3.1 below. 3.3 Investments in associates and other companies 3.3.1 Investments in associates An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those investees. The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5. Under the equity method, an investment in an associate is initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Group’s share of the profit or loss and other comprehensive income of the associate. When the Group’s share of losses of an associate exceeds the Group’s interest in that associate (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate), the Group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. An investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognized immediately in profit or loss in the period in which the investment is acquired. The requirements of IAS 39 are applied to determine whether it is necessary to recognize any impairment loss with respect to the Group’s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount, Any impairment loss recognized forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases The Group discontinues the use of the equity method from the date when the investment ceases to be an associate, or when the investment is classified as held for sale. When the Group retains an interest in the former associate and the retained interest is a financial asset, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with IAS 39. The difference between the carrying amount of the associate at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the associate is included in the determination of the gain or loss on disposal of the associate or joint venture. In addition, the Group accounts for all amounts previously recognized in other comprehensive income in relation to that associate or joint venture on the same basis as would be required if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognized in other comprehensive income by that associate or joint venture would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when the equity method is discontinued. When the Group reduces its ownership interest in an associate or a joint venture but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognized in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. 3.3.2 Investment in other company It is an investment in a company where the Group has not significant influence. Since this equity investment does not have a quoted market price in an active market and its fair value cannot be reliably measured such unquoted equity investment is measured at the cost restated at the end of the fiscal year minus the impairment losses identified at the end of each period being reported. 3.4 Leasing Leases are classified as finance leases whenever the terms of the lease substantially transferred all the risks and rewards of the ownership to lessee. All other leases are classified as operating leases. The Group as lessor Amounts due from lessees under finance leases are recognized as receivables at the amount of the Group’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group’s net investment outstanding in respect of the leases. Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term. The Group as lessee Assets held under finance leases are initially recognized as assets of the Group at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the consolidated statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognized immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalized in accordance with the Group´s general policy on borrowing costs. Contingent rentals are recognized as expenses in the periods in which they are incurred. Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognized as an expense in the period in which they are incurred. In the event that lease incentives are received to enter into operating leases, such incentives are recognized as a liability. The aggregate benefit of incentives is recognized as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Total future minimum payments stemming from operating leases that may not be cancelled as of December 31, 2018 amount to $ 36,830,396 up to a year and $ 171,437,429 from one to five years. 3.5 Foreign currency and functional currency These consolidated financial statements are presented in Argentine pesos (legal currency of Argentina), which is also the functional currency (currency of the main economic environment in which a company operates) for all the companies with legal address in Argentina. In the case of the subsidiary Yguazú Cementos S.A., located in Paraguay, its functional currency is Guarani. For purposes of presentation of these consolidated financial statements, the assets and liabilities from the Group’s operations abroad are converted to Pesos by application of the foreign exchange rates in force at the end of each fiscal year being reported. Income and expense entries are converted at the average foreign exchange rate for each month, taking into account that the exchange rates oscillate significantly during that period. When this is the case, the exchange rates prevailing on the dates of the transactions are used then restated by application of the coefficients corresponding to the month they are accrued by application of the adjustment procedure described in Note 2.2. The foreign exchange gains/(losses), when applicable, are recognized as Other comprehensive income and are accumulated in Shareholders’ equity (and are attributed to minority interests, as applicable). Exchange differences on monetary items are recognized in profit or loss in the year, net of the effect of inflation on the items that generated them, except those which resulted from foreign-currency denominated borrowings related to the assets under construction for their future productive use, which were included in the cost of such assets as they are considered as an adjustment to the interest expense related to such foreign-currency denominated borrowings. In the consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated into Argentine pesos using exchange rates prevailing at the end of each fiscal year. There are not Goodwill and adjustments to fair value arising from the acquisition of subsidiaries. When an investment is sold or disposed of, any exchange difference is recognized in the statement of income as a gain or loss on sale/disposal. 3.6 Borrowing costs Borrowing costs, net of the effect of inflation directly attributed attributable to the acquisition, construction or production of qualified assets that necessarily take a substantial period of time to get ready for their intended use or sale are capitalized as part of the cost of the pertinent asset, until such time as the assets are substantially ready for their intended use or sale. Income earned on short-term investments in specific outstanding borrowings to be used in qualified assets is deducted from the costs of borrowings that may qualify for capitalization. All the other borrowing costs are recognized in profit or loss in the period in which they are incurred, net of the effect of inflation on the liabilities that generated them. 3.7 Taxation Argentina The Group recognizes income tax applying the liability method, which considers the effect of temporary differences between the carrying amount and tax bases of assets and liabilities and the tax loss carry forwards and other tax credits, which may be used to offset future taxable income, at the current statutory rate of 30% or 25% if used in 2020 or after. Additionally, upon the determination of taxable profit, the Group calculates tax on minimum presumed income applying the current 1% tax rate to taxable assets as of the end of each year. This tax complements income tax. The Group’s tax liability will be the higher of the determination of tax on minimum presumed income and the Group’s tax liability related to income tax, calculated applying the current 30% income tax rate to taxable income for the year. However, if the tax on minimum presumed income exceeds income tax during one tax year, such excess may be computed as prepayment of any income tax excess over the tax on minimum presumed income that may be generated in the next ten years. Under Law No. 25,063, dividends distributed, either in cash or in kind, in excess of accumulated taxable income as of the end of the year immediately preceding the dividend payment or distribution date, shall be subject to a 35% income tax withholding as a sole and final payment, except for those distributed to shareholders resident in countries benefited from treaties for the avoidance of double taxation, which will be subject to a minor tax rate. Additionally, on September 20, 2013, Law No. 26,893 was enacted, establishing changes to the Income Tax Law, and determining, among other things, an obligation respecting such tax as a single and final payment of 10% on dividends paid in cash or in kind (except in shares) to foreign beneficiaries and individuals residing in Argentina, in addition to the 35% retention mentioned above. The dispositions of this Law came in force on September 23, 2013, the date of its publication in the Official Gazette. On July 22, 2016, Law No. 27,260 was enacted and, among other things, removed the aforementioned requirement. Income tax expense represents the amount of the tax currently payable and deferred tax. Paraguay The Group recognizes income tax applying the liability method, which considers the effect of temporary differences between the carrying amount and tax bases of assets and liabilities and the tax loss carry forwards and other tax credits, which may be used to offset future taxable income, at the current statutory rate of 10%. 3.7.1.1 Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the Consolidated Statement of Comprehensive Income because of items of income, or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the fiscal year. 3.7.1.2 Deferred tax Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill. The carrying amount of deferred tax assets is reviewed at the end of each fiscal year and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the fiscal year. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the fiscal year, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset only if a) there is a legally enforceable right to offset by the tax authority and b) deferred tax assets and liabilities relate to income taxes levied by the same tax authority, having the Group the intention of settle assets and liabilities on a net basis. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. 3.7.1.3 Current and deferred tax Current and deferred tax are recognized in profit or loss, and included in comprehensive income. Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. 3.7.2. Personal assets tax – Substitute responsible In Argentina, individuals and foreign entities, as well as their undistributed estates, regardless of whether they are domiciled or located in Argentina or abroad, are subject to personal assets tax of 0.25% of the value of any shares issued by Argentine entities, held at December 31 of each year. The tax is levied on the Argentine issuers of such shares, which must pay this tax in substitution of the relevant shareholders, and is based on the equity value (following the equity method), or the book value of the shares derived from the latest financial statements at December 31 of each year. Pursuant to the Personal Assets Tax Law, the Group is entitled to seek reimbursement of such paid tax from the applicable shareholders, using the method the Group considers appropriate. In September 2016, the tax authority approved the exemption request for this tax payment for 2016, 2017 and 2018 for being a compliant taxpayer under Law N° 27,260/2016. As of December 31, 2018 and 2017, the Company carries the following receivables in this respect 5,014,497 and 224,639, respectively. 3.7.3 Tax reform in Argentina On December 29, 2017, Argentina enacted a comprehensive tax reform (Law No. 27,430) through publication in the Official Gazette. The Law is effective from January 1, 2018. Specifically, introduces amendments to income tax (both at corporate and individual levels), value added tax (VAT), tax procedural law, criminal tax law, social security contributions, excise tax, tax on fuels, and tax on the transfer of real estate. At a corporate level, the law decreases the corporate income tax rate from 35% to 30% for fiscal years starting January 1, 2018 to December 31, 2019, and to 25% for fiscal years starting January 1, 2020 and onwards. The Law also establishes dividend withholding tax rates of 7% for profits accrued during fiscal years starting January 1, 2018 to December 31, 2019, and 13% for profits accrued in fiscal years starting January 1, 2020 and onwards. The new withholding rates apply to distributions made to shareholders qualifying as resident individuals or nonresidents. Even though the combined effective rate for shareholders on distributed income (corporate income tax rates plus dividend withholding rates on the after tax profit) will be close to the prior 35% rate, this change is aimed at promoting the reinvestment of profits. Additionally, the Law repeals the “equalization tax” (i.e., 35% withholding applicable to dividends distributed in excess of the accumulated taxable income) for income accrued from January 1, 2018. The Group has measured its deferred tax assets and liabilities as of December 31, 2018 by application of 30% or 25% tax rates according to the fiscal year in which the Group estimates that the timing differences that have been recognized shall be reverted. In addition, the tax reform also introduced changes when it comes to the treatment of the levy of taxes on dividends. Law No. 27,260 was promulgated on July 22, 2016 which repealed the tax that would have been established in the year 2013 through Law No. 26,893 as Income tax as a one-off Revaluation of certain assets for tax porppuses: The tax reform reinstates a tax on the dividends or earnings distributed to individuals, undivided estates and/or foreign beneficiaries applicable in accordance with the following guidelines: • When distributed dividends or earnings are generated in fiscal years starting from January 1, 2018 and December 31, 2019: such dividends are levied with a 7% tax rate. • When distributed dividends or earnings are generated in fiscal years starting as from January 1, 2020, such dividends are levied with a 13% tax rate. Lastly, the so-called Pursuant to Law No. 27,430, the Tax Reform Law, an optional regime was established pursuant to which the Companies shall be allowed to revalue, for tax purposes, exceptionally and on a one-off The exercise of the tax revaluation option shall be levied with a Special Tax to be applied on the amount of the revaluation, concerning all the revalued assets, through the application of the following tax rates: • Real property that are not inventories: 8% • Real property that are inventories: 15% • Personal property susceptible of depreciation and the rest of the assets: 10% In order to calculate Income Tax, the special tax that must be paid shall not be deductible as an expense and the income generated by the revaluation amount shall be exempted and shall not be computed for purposes of the Equalization Tax. In much, the same manner the revaluation amount shall not be computable in the assessment of the minimum presumed income tax concerning fiscal period 2018, which was the last year when the tax was levied. As regards the assessment of Income tax for the fiscal periods following the option period (fiscal period 2017) the increase in the depreciation of revalued assets may be deducted as an expense, if applicable, determined in conformity with the years, quarters, unit values of exhaustion or other parameters calculated on the basis of the type of asset and method adopted in due time for assessing Income tax, remaining at the end of the option period. In addition, the respective asset can continue to be depreciated until total exhaustion of value or up to the moment of disposal based on the value of origin, method and useful life adopted in due time to assess Income tax. In addition, the exercise of the option allows the value of fixed assets revalued as from fiscal 2018 to continue to be updated on the basis of the variation in the consumer price index – general level. Should a revalued asset be sold, the residual value of the original value acquired or constructed plus the residual value of the revaluation amount may be deducted as cost for tax purposes. This notwithstanding, if the disposal takes place in any of two fiscal periods immediately following the period of the option, the amount of the revaluation (net of depreciations) will be reduced by 60% or 30%, depending on whether the asset has been sold in the first fiscal year or the second fiscal year, respectively. The exercise of the tax revaluation option implies waiving the right to bring actions in court or before administrative authorities whereby a claim is asserted for tax purposes for the enforcement of update procedures of any nature, concerning the fiscal period when the option is exercised of the fiscal periods in which the revaluation amount is computed or included as a computable cost in the assessment of Income Tax. (see note 43) 3.8 Property, plant and equipment Property, plant and equipment held for being used in the production or supply of goods and services, or for administrative purposes, are carried at cost, restated in end-of-period The Company holds spare parts that will be used to replace parts of property, plant and equipment and that used to increase the asset’s useful life when it exceeds 12 months. These spare parts are classified in property, plant and equipment and not in invento Lands were not depreciated. Properties under construction for administrative, production, supply or other purposes are carried at cost, at cost restated in end-of-period Depreciation is recognized so as to write-off The assets maintained under finance lease are depreciated over their useful life estimated equal to useful life of the assets under the lease, or, if the latter is shorter, over the term of the corresponding lease. Gain or loss derived of the write-off end-of-period 3.9 Intangible assets Intangible assets with finite useful lives, acquired separately, are carried at cost, restated in end-of-period The method of amortization of Mining exploitation rights will be determined at the time it become used by the Company. The estimated useful life and amortization method are reviewed at the end of the fiscal year, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives, acquired separately, are carried at cost, restated cost in end-of-period Derecognition of intangible assets An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized. 3.10 Impairment of tangible and intangible assets At the end of the fiscal year, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indications exist, the recoverable amounts of the assets is estimated in order to determine the impairment loss (if any). The Group estimated the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax year-end Intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss. When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. 3.11 Inventories Inventories are stated at the lower of acquisition cost restated in end-of-period 3.12 Provisions Provisions are recognized when the Group have a present obligation (legal or constructive) as a result of a past event and it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation, at the end of the fiscal year, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the estimated cash flow for repayment of the existing obligation, its book value represents the current value of such cash flow. When some or all of the economic benefits required to settle a provision are expected to be recovered, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. 3.13 Environmental restoration Under legal provisions, the land used for mining and quarries is subject to environmental restoration in Argentina. The estimated present value of the asset retirement obligation is recorded as a long-term liability, with a corresponding increase in the carrying amount of the related asset, subject to depreciation. The liability recorded is increased each fiscal period due to the passage of time and this change is charged to net profit or loss. The asset retirement obligation can also increase or de |
Critical Accounting Judgments a
Critical Accounting Judgments and Key Sources Used for Estimating Uncertaint | 12 Months Ended |
Dec. 31, 2018 | |
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Critical Accounting Judgments and Key Sources Used for Estimating Uncertaint | 4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES USED FOR ESTIMATING UNCERTAINT In the application of the Group’s accounting policies, which are described in note 2, the directors of the Company are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fiscal year. 4.1 Critical judgements in applying accounting policies The following are the critical judgements, apart from those involving estimations (see note 4.2 below), that the directors have made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognized in the consolidated financial statements. 4.1.1 Concession of Ferrosur Roca S.A. The directors have reviewed the Group’s participation in Ferrosur Roca S.A. based on the guidelines of IFRIC 12, which gives guidance on the accounting by operators for public-to-private Based on the fact that the grantor does not control or regulates what services the operator must provide with the infrastructure or to whom it must provide them and at what price, the Directors concluded that the concession of Ferrosur Roca S.A. is out of scope and, therefore, the Company does not apply the provisions of IFRIC 12. Accordingly, the Company has recorded the assets received from the concession and those subsequently acquired under IAS 16 “Property, plant and equipment”. 4.2 Key sources of estimation uncertainty The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fiscal year). 4.2.1 Impairment of goodwill Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which goodwill has been allocated. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Where the actual future cash flows are less than expected, a material impairment loss may arise. The carrying amount of goodwill was 16,577,250 at 31 December 2018 and 2017. There was no impairment of goodwill in 2018, 2017 and 2016 4.2.2 Property, plant and equipment and other intangible assets The following is the estimated useful life for each component of Property, plant and equipment and other intangible assets: Useful life Quarries 100 years Quarries – Cost of surface excavations Units of production Plants and buildings 25 to 50 years Machinery, equipment and spare parts 10 to 35 years Furniture and fixtures 10 years Tools and devices 5 years Software 5 years Transport and load vehicles 5 years The assets affected by the concession of Ferrosur Roca (Note 1) are depreciated according to the respective useful life with the limit of the remaining concession years. As described in Notes 3.2, 3.8 and 3.9, the Group annually revises the tangible and intangible assets estimate useful life, respectively. 4.2.3 Provisions for lawsuits and other contingencies The final settlement cost of complaints and litigation may vary since estimates are based on different interpretations of rules, opinions and final assessment of damages. Therefore, any change in the circumstances related to this type of contingencies may have a significant impact on the amount of the provision for contingencies accounted for by the Company. The Company makes judgments and estimates to assess whether it is necessary to record costs and set up provisions for environmental cleanup and remediation works based on the current information related to costs and expected remediation plans. In the case of environmental provisions, the costs may differ from the estimates due to changes in legislation, regulations, discovery and analysis of the local conditions, as well as changes in cleanup technologies. Therefore, any change in the factors or circumstances related to this type of provisions, as well as any amendment to the rules and regulations may thus have a significant impact on the provisions recorded in these consolidated financial statements. 4.2.4 Income tax and deferred income tax assets and liabilities The proper assessment of income tax expenses depends on several factors, including interpretations related to tax treatment for transactions and/or events that are not expressly provided for by current tax law, as well as estimates of the timing and realization of deferred income taxes. The actual collection and payment of income tax expenses may differ from these estimates due to, among others, changes in applicable tax regulations and/or their interpretations, as well as unanticipated future transactions impacting the Group´s tax balances. In order to determine the effect of deferral on the investment in controlled or associate companies, the Board of Directors have reviewed the Company’s business plans and concluded that they will not be sold in the foreseeable and, therefore, no deferred tax liability has been recorded for such investments. |
Net Revenue
Net Revenue | 12 Months Ended |
Dec. 31, 2018 | |
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Net Revenue | 5. NET REVENUE 12.31.2018 12.31.2017 12.31.2016 Sales of goods 26,562,884,939 24,428,156,360 19,156,011,665 Domestic market 26,549,183,632 24,421,046,495 19,150,390,183 External customers 13,701,307 7,109,865 5,621,482 Services rendered 1,501,523,693 1,590,351,169 1,166,644,033 (-) Bonus / Discounts (1,257,477,108 ) (1,179,894,646 ) (988,266,581 ) Total 26,806,931,524 24,838,612,883 19,334,389,117 |
Cost of Sales
Cost of Sales | 12 Months Ended |
Dec. 31, 2018 | |
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Cost of Sales | 6. COST OF SALES 12.31.2018 12.31.2017 12.31.2016 Inventories at the beginning of the year 3,830,615,739 4,122,232,515 3,306,816,211 Finished products 206,308,504 268,151,753 227,757,010 Products in progress 919,201,091 1,169,754,059 562,533,941 Raw materials, materials, spare parts, fuels and inventory in transit 2,705,106,144 2,684,326,703 2,516,525,260 Acquisition of inventories from business combination under common control (Note 16) — — 334,968,425 Currency translation differences 97,007,100 (8,531,548 ) — Purchases and production expenses for the year 20,510,235,877 18,226,854,574 15,634,623,354 Inventories at the end of the year (4,455,064,664 ) (3,830,615,739 ) (4,122,232,517 ) Finished products (387,427,380 ) (206,308,504 ) (268,151,754 ) Products in progress (1,076,713,866 ) (919,201,091 ) (1,169,754,059 ) Raw materials, materials, spare parts, fuels and inventory in transit (2,990,923,418 ) (2,705,106,144 ) (2,684,326,704 ) Cost of sales 19,982,794,052 18,509,939,802 15,154,175,473 The detail of production expenses is as follows: 12.31.2018 12.31.2017 12.31.2016 Fees and compensation for services 338,361,431 240,188,021 93,169,996 Salaries, wages and social security charges 3,378,324,270 3,394,584,722 2,920,013,396 Transport and travelling expenses 154,985,074 143,049,709 115,920,422 Data processing 16,022,004 13,462,402 10,071,056 Taxes, contributions and commissions 297,520,458 273,981,570 235,008,269 Depreciation 2,168,377,652 1,778,059,159 1,745,929,546 Preservation and maintenance costs 1,925,898,405 2,026,701,131 1,718,296,176 Communications 17,380,962 16,139,712 16,348,437 Leases 50,627,223 40,083,823 46,386,600 Employee benefits 73,886,824 78,909,050 64,774,031 Water, natural gas and energy services 5,864,370 6,011,499 5,242,619 Freight 1,741,333,971 1,756,121,044 865,177,629 Thermal energy 3,174,560,678 2,468,858,624 2,332,106,394 Insurance 42,604,268 37,350,338 38,288,531 Packaging 711,820,053 607,452,248 683,413,507 Electrical power 2,038,236,493 1,562,375,458 1,507,985,880 Contractors 1,490,539,443 1,203,451,827 1,101,169,172 Tolls 3,981,497 7,366,963 19,973,426 Canon (Concession fee) 18,081,077 18,256,120 17,725,138 Security 118,815,399 130,126,322 114,647,519 Others 228,022,708 261,092,583 218,399,693 Total 17,995,244,260 16,063,622,325 13,870,047,437 |
Selling and Administrative Expe
Selling and Administrative Expenses | 12 Months Ended |
Dec. 31, 2018 | |
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Selling and Administrative Expenses | 7. SELLING AND ADMINISTRATIVE EXPENSES 12.31.2018 12.31.2017 12.31.2016 Managers, directors and trustees’ fees 102,204,259 130,234,357 111,667,562 Fees and compensation for services 142,807,004 89,012,999 77,199,109 Salaries, wages and social security charges 576,815,218 620,849,259 662,320,186 Transport and travelling expenses 28,064,980 29,649,530 25,470,650 Data processing 33,971,446 20,486,648 19,629,163 Advertising expenses 44,272,385 48,359,984 42,849,615 Taxes, contributions and commissions 549,644,411 606,880,524 492,260,100 Depreciation and amortization 63,087,201 42,713,063 51,658,715 Preservation and maintenance costs 8,781,240 11,072,951 8,321,575 Communications 18,748,577 14,074,808 14,345,467 Leases 45,137,895 26,710,961 27,142,250 Employee benefits 29,678,024 31,577,630 22,589,798 Water, natural gas and energy services 2,926,120 1,616,827 953,419 Freight 207,557,402 237,140,824 237,431,168 Insurance 27,114,431 11,523,103 7,763,508 Allowance for doubtful accounts 5,412,245 (1,035,908 ) 14,521,545 Security 4,155,262 3,946,484 2,176,997 Others 43,702,399 44,259,164 38,468,776 Total 1,934,080,499 1,969,073,208 1,856,769,603 |
Other Gains and Losses
Other Gains and Losses | 12 Months Ended |
Dec. 31, 2018 | |
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Other Gains and Losses | 8. OTHER GAINS AND LOSSES 12.31.2018 12.31.2017 12.31.2016 Gain on disposal of Property, plant and equipment 13,589,670 7,576,956 61,034,176 Donations (20,487,621 ) (25,085,755 ) (28,183,329 ) Technical assistance and services provided 4,297,212 1,264,139 15,024,440 Gain on tax credits acquired 2,133,626 3,356,327 7,705,768 Canon recovery - Ferrosur Roca S.A. (Note 39) — — 155,588,061 Contingencies (7,528,507 ) (29,360,043 ) (6,909,723 ) Result from U.E.P.F.P. - Ferrosur Roca S.A. (Note 38) — 12,503,826 — Service fee from ADS Depositary bank 100,334,962 102,251,124 — Leases 30,973,702 36,320,027 33,725,495 Miscellaneous (14,053,624 ) 7,529,190 (6,361,984 ) Total 109,259,420 116,355,791 231,622,904 |
Tax on Debits and Credits to Ba
Tax on Debits and Credits to Bank Accounts | 12 Months Ended |
Dec. 31, 2018 | |
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Tax on Debits and Credits to Bank Accounts | 9. TAX ON DEBITS AND CREDITS TO BANK ACCOUNTS During 2018, the general tax rate on bank credits and debits is 0.6% for the amounts credited and debited in the Company’s bank accounts. For the amounts credited and debited, 33% of both items may be taken as payment on account of Other taxes. The 67% of credits and debits are included in this line of the statement of comprehensive income. During 2016 and 2017, the general tax rate is 0.6% (six per thousand) for credits and 0.6% (six per thousand) for debits in the amounts credited to or debited from the Company’s bank accounts. On the amount levied on credits, 0.2% may be considered as a payment to be taken into account when calculating the Income Tax. The 0.4% on credits and 0.6% on debits is included in this line of profit or loss. |
Finance Costs, Net
Finance Costs, Net | 12 Months Ended |
Dec. 31, 2018 | |
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Finance Costs, Net | 10. FINANCE COSTS, NET 12.31.2018 12.31.2017 12.31.2016 Exchange rate differences Foreign exchange gains 406,979,707 103,099,801 — Foreign exchange losses (1,648,852,331 ) (227,524,933 ) (209,421,741 ) Total (1,241,872,624 ) (124,425,132 ) (209,421,741 ) Financial income Interest from loans to related parties — 5,339,942 27,656,145 Unwinding of discounts on provisions and liabilities 26,911,769 22,938,565 38,077,650 Total 26,911,769 28,278,507 65,733,795 Financial expenses Interest on borrowings (386,601,388 ) (378,431,485 ) (284,624,784 ) Tax interest (84,878,380 ) — — Interest from short-term investments (29,535,986 ) (27,276,229 ) (27,346,411 ) Interest with related parties (6,911,320 ) (11,318,872 ) (13,395,193 ) Unwinding of discounts on receivables (31,683,921 ) (26,400,719 ) (70,006,684 ) Others (121,735,408 ) (74,096,169 ) (96,666,874 ) Total (661,346,403 ) (517,523,474 ) (492,039,946 ) |
Income Tax Expense
Income Tax Expense | 12 Months Ended |
Dec. 31, 2018 | |
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Income Tax Expense | 11. INCOME TAX EXPENSE 12.31.2018 12.31.2017 12.31.2016 Profit before income tax expense 3,082,537,040 3,899,742,146 1,936,626,142 Statutory rate 30 % 35 % 35 % Income tax at statutory rate (924,761,112 ) (1,364,909,751 ) (677,819,150 ) Adjustments for calculation of the effective income tax: Effect of different statutory income tax rate in Paraguay (*) 77,368,577 97,038,700 — Effect of restatement on homogeneous cash currency, non impacting income tax (291,318,298 ) (244,119,361 ) 7,278,345 Share of profit (loss) of associates — — 26,685,202 Effect of change in tax rate (note 3.7.3) (5,434,606 ) 1,197,502,640 — Other non-taxable non-deductible 12,190,106 92,541,575 (5,967,481 ) Income tax expense (1,131,955,333 ) (221,946,197 ) (649,823,084 ) (*) Statutory income tax rate in Argentina in 2018 was 30% while in Paraguay was 10%. In 2017 and 2016, such rate was 35% and 10% in Argentina and Paraguay, respectively. (1) Disclosed in Equity, along with the Capital increase INCOME TAX EXPENSE 12.31.2018 12.31.2017 12.31.2016 Current (1,049,399,775 ) (1,062,455,589 ) (470,613,337 ) Deferred (82,555,558 ) 840,509,392 (179,209,747 ) Total (1,131,955,333 ) (221,946,197 ) (649,823,084 ) 11.1) The deferred income tax with charge in profit or loss is composed as follows: 12.31.2018 12.31.2017 12.31.2016 Deferred tax - Assets Carryforward subsidiary tax losses 136,335,733 28,470,551 — Provisions 15,681,562 34,746,760 40,542,949 Trade accounts receivable 940,042 1,409,236 46,711,354 Others 5,809,051 11,140,039 800,656 Sub-total 158,766,388 75,766,586 88,054,959 Deferred tax - Liabilities Investments (2,915,246 ) (26,463,897 ) — Other receivables (21,359,668 ) (2,895,083 ) (113,307,501 ) Property, plant and equipment and intangible assets (3,018,540,501 ) (2,895,012,630 ) (3,688,195,896 ) Inventories (284,484,027 ) (226,845,381 ) — Others (17,566,183 ) (24,608,228 ) (222,172,672 ) Sub-total (3,344,865,625 ) (3,175,825,219 ) (4,023,676,069 ) Total (3,186,099,237 ) (3,100,058,633 ) (3,935,621,110 ) 11.2) Unrecognized taxable temporary difference associated with investments 12.31.2018 12.31.2017 12.31.2016 Taxable temporary differences in relation to investments in subsidiaries and associates for which deferred tax liabilities have not been recognized are attributable to the following: - Subsidiaries (289,115,277 ) (206,478,679 ) (277,457,196 ) - Others (590,719 ) (590,719 ) (800,180 ) Total (289,705,996 ) (207,069,398 ) (278,257,376 ) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Profit or loss [abstract] | |
Earnings Per Share | 12. EARNINGS PER SHARE Basic and diluted earnings per share The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows: 12.31.2018 12.31.2017 12.31.2016 Profit attributable to the Owners of the parent company used in the calculation of earnings per share – basic and diluted 1,799,871,980 3,509,779,198 1,270,870,542 Weighted average number of ordinary shares for purposes of basic and diluted earnings per share (1) 596,026,490 571,026,490 566,026,490 Basic and diluted earnings per share 3.0198 6.1464 2.2452 (1) The weighted average number of outstanding shares was 596,026,490, 571,026,490 and 566,026,490 as of December 31, 2018, 2017 and 2016, respectively, for the purposes of calculating both the basic and diluted earnings per share, since there are not outstanding debt securities convertible into shares as of December 31, 2018, 2017 and 2016. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
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Property, Plant and Equipment | 13. PROPERTY, PLANT AND EQUIPMENT 12.31.2018 12.31.2017 Cost 52,422,111,789 46,425,106,096 Accumulated depreciation (30,544,174,393 ) (28,115,082,718 ) Total 21,877,937,396 18,310,023,378 Land 327,070,487 323,943,737 Plant and buildings 5,100,738,768 4,932,787,638 Machinery, equipment and spare parts 9,885,974,153 9,279,695,285 Transport and load vehicles 1,215,437,338 1,271,671,749 Furniture and fixtures 40,559,310 42,301,414 Quarries 1,898,243,828 1,569,948,844 Tools and devices 27,070,606 29,446,978 Work in progress 3,382,842,906 860,227,733 Total 21,877,937,396 18,310,023,378 Cost Land Plants and Machinery, Transport and Furniture Quarries Tools and Work in progress Total Balances as of January 1, 2017 324,133,888 14,221,822,462 20,536,034,291 3,266,324,622 1,066,431,887 3,897,934,723 161,910,143 989,972,682 44,464,564,698 Effect of foreign currency exchange differences (190,151 ) (1,733 ) (57,994,506 ) (105,234 ) (44,272 ) (3,957,509 ) — (1,020,104 ) (63,313,509 ) Additions — — — 364,425,397 10,026,555 652,071,734 11,710,871 1,047,113,699 2,085,348,256 Disposals — — — (61,493,349 ) — — — — (61,493,349 ) Transfers — 191,708,725 984,129,819 — — — — (1,175,838,544 ) — Balances as of December 31, 2017 323,943,737 14,413,529,454 21,462,169,604 3,569,151,436 1,076,414,170 4,546,048,948 173,621,014 860,227,733 46,425,106,096 Effect of foreign currency exchange differences 3,126,750 9,507 1,064,079,736 1,436,288 1,070,025 65,075,094 — 20,490,022 1,155,287,422 Additions — 24,023,327 — 217,860,298 10,139,704 814,066,479 7,851,827 3,827,360,247 4,901,301,882 Disposals — — (46,237,635 ) (13,345,976 ) — — — — (59,583,611 ) Transfers — 515,839,032 809,396,064 — — — — (1,325,235,096 ) — Balances as of December 31, 2018 327,070,487 14,953,401,320 23,289,407,769 3,775,102,046 1,087,623,899 5,425,190,521 181,472,841 3,382,842,906 52,422,111,789 Accumulated depreciation Land Plants and Machinery, Transport and Furniture and Quarries Tools and Total Balances as of January 1, 2017 — (9,175,958,874 ) (11,447,254,525 ) (2,147,256,065 ) (1,020,996,916 ) (2,452,867,673 ) (134,139,822 ) (26,378,473,875 ) Effect of foreign currency exchange differences — 1,733 348,587 39,166 42,544 2,339 — 434,369 Depreciation charge — (304,784,675 ) (735,568,381 ) (209,397,386 ) (13,158,384 ) (523,234,770 ) (10,034,214 ) (1,796,177,810 ) Disposals — — — 59,134,598 — — — 59,134,598 Balances as of December 31, 2017 — (9,480,741,816 ) (12,182,474,319 ) (2,297,479,687 ) (1,034,112,756 ) (2,976,100,104 ) (144,174,036 ) (28,115,082,718 ) Effect of foreign currency exchange differences — (9,507 ) (266,858,333 ) (1,197,069 ) (509,498 ) (17,596,765 ) — (286,171,172 ) Depreciation charge — (371,911,229 ) (1,000,338,599 ) (274,333,928 ) (12,442,335 ) (533,249,824 ) (10,228,199 ) (2,202,504,114 ) Disposals — — 46,237,635 13,345,976 — — — 59,583,611 Balances as of December 31, 2018 — (9,852,662,552 ) (13,403,433,616 ) (2,559,664,708 ) (1,047,064,589 ) (3,526,946,693 ) (154,402,235 ) (30,544,174,393 ) |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Intangible Assets | 14. INTANGIBLE ASSETS 12.31.2018 12.31.2017 Software 80,378,851 86,526,395 Mining exploitation rights 138,155,842 138,155,842 Total 218,534,693 224,682,237 Cost Software Mining exploitation rights Total Balances as of January 1, 2017 202,375,261 138,155,842 340,531,103 Effect of foreign currency exchange differences (64,844 ) — (64,844 ) Additions 45,988,383 — 45,988,383 Disposals (186,075 ) — (186,075 ) Balances as of December 31, 2017 248,112,725 138,155,842 386,268,567 Effect of foreign currency exchange differences 1,245,778 — 1,245,778 Additions 22,472,093 — 22,472,093 Disposals — — — Balances as of December 31, 2018 271,830,596 138,155,842 409,986,438 Accumulated amortization Balances as of January 1, 2017 (136,747,674 ) — (136,747,674 ) Effect of foreign currency exchange differences 1,790,687 — 1,790,687 Amortization (26,815,418 ) — (26,815,418 ) Disposals 186,075 — 186,075 Balances as of December 31, 2017 (161,586,330 ) — (161,586,330 ) Effect of foreign currency exchange differences (836,435 ) — (836,435 ) Amortization (29,028,980 ) — (29,028,980 ) Disposals — — — Balances as of December 31, 2018 (191,451,745 ) — (191,451,745 ) The Company classifies mining exploitation rights as intangible assets, which are valued at the cost. The use of mining exploitation rights has not started as of December 31, 2018. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Investments | 15. INVESTMENTS 12.31.2018 12.31.2017 Non-current In other companies Cementos del Plata S.A. 1,661,984 2,453,846 Total 1,661,984 2,453,846 Current Short-term investments In pesos (1) 1,139,888,100 2,927,749,499 In foreign currency (2) 955,262,795 1,488,201,667 Total 2,095,150,895 4,415,951,166 (1) The Group holds short-term investments denominated in pesos represented principally by participation in Mutual Funds (297,761,281 and 1,072,737,762 as of December 31, 2018 and 2017, respectively), fixed term deposits (842,126,819 as of December 31, 2018) and Bonds issued by the Central Bank of the Argentine Republic (1,855,011,737 as of December 31, 2017). Such investments accrue interest at an annual nominal rate of approximately 54% and 27% as of December 31, 2018 and 2017, respectively. (2) The Group holds short-term investments denominated in US Dollars represented by Money Market Mutual Funds for a total amount of 955,262,795 and 1,488,201,667 as of December 31, 2018 and 2017, respectively, which accrue interest at an annual nominal interest rate of 2.3% and 1.8% as of December 31, 2018 and 2017, respectively. These short-term investments are maintained for investment purposes and are made for variable periods ranging from one to three months, depending on the Group’s fund needs and strategy. |
Business Combination Under Comm
Business Combination Under Common Control | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Business Combination Under Common Control | 16. BUSINESS COMBINATION UNDER COMMON CONTROL Business combination during the year 2016 Name Principal Activity Principal place Proportion of ownership 12.31.2018 12.31.2017 12.31.2016 Yguazú Cementos S.A. Manufacture and marketing of cement Paraguay 51 % 51 % 51 % In November 2012, Loma Negra C.I.A.S.A. acquired 5,411 non-endorsable paid-in On December 22, 2016, Loma Negra C.I.A.S.A. acquired from InterCement Brasil S.A., its Parent company, 3,834 non-endorsable paid-in As of the consolidated financial statements date, as a result of such acquisition, the Company holds a 51.0017% on the capital of Yguazú Cementos S.A. Acquisition of Yguazú Cementos S.A. has been recognized at book value of the acquirer’s assets and liabilities. The difference between the purchase price paid and book value of the net assets transferred was recorded as other capital adjustments. 16.1 Book-value of assets and liabilities transferred (in pesos): For purposes of recognition of the assets and liabilities transferred from this business combination, the Company has considered in its consolidated financial statements the balances from Yguazú Cementos S.A. recorded by its parent considering other classification adjustment to conform with Company´s policies as of December 31, 2016. 12.31.2016 Current assets Inventories 334,968,425 Trade accounts receivable 168,696,333 Other receivables 70,306,386 Cash and cash equivalents 383,117,765 Non-current Property, plant and equipment 3,567,695,547 Intangible assets 624,754 Trade accounts receivable 154,890 Other receivables 147,072,362 Current liabilities Trade and other payables (588,216,706 ) Borrowings (2,720,945,978 ) Payroll and social security payables (9,095,047 ) Tax liabilities (20,353,819 ) Non-current Deferred tax liabilities (13,463,738 ) Net Assets 1,320,561,174 16.2 Net cash generated by acquisition of subsidiaries 12.31.2016 Consideration paid in cash — Less: Cash and cash equivalents acquired 383,117,765 Net cash received from acquisition of subsidiaries 383,117,765 Other capital adjustments resulting from the purchase (in pesos) 12.31.2016 Consideration 954,610,145 Plus: Previous equity interest 462,196,412 Plus: Non-controlling 647,052,931 Less: Net assets at book value (1,320,561,177 ) Other capital adjustments 743,298,311 There is no contingent consideration. 16.3 Effect of acquisitions on the Group’s income Included in the profit for the year ended December 31, 2016 is 76,243,433 attributable to the Share of profit (loss) for the participation of 35% that the Company held in Yguazú Cementos S.A. Since the additional acquisition of the 16.0017% shares of Yguazú Cementos S.A. was consummated on December 22, 2016, the Company has evaluated that the consolidation of the results of Yguazú Cementos S.A. for the 10-day Should the acquisition has been effected on January 1, 2016, considering a 51% participation during 2016, the additional profit for the year ended December 31, 2016 should have increased for approx. 31 millons, amounting to 743 millons and revenue should have increased for about 1,842 millons amounting to 21,142 millons for the same period. 16.4 Non-controlling Non-controlling Non-controllong |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Goodwill | 17. GOODWILL 12.31.2018 12.31.2017 Cost Recycomb S.A.U. 16,577,250 16,577,250 Total 16,577,250 16,577,250 Allocation of goodwill to cash-generating units For purposes of impairment testing, goodwill was allocated to Others cash generating unit (Note 32 v) : The recoverable amount of this cash-generating unit is determined based on a value in use calculation which uses cash flow projections based on financial budgets approved by the directors that cover a five-year period. The key assumptions used in the value in use calculations are as follows: • Production volume: Average production volume in the period immediately before the budget period. The values assigned to the assumption reflect past experience. The directors believe that the budgeted volume for the next five years is reasonably achievable. • Cash flow projections during the budget period are based on the same expected gross margins and raw materials throughout the budget period and beyond that five-year period. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Inventories | 18. INVENTORIES 12.31.2018 12.31.2017 Non-current Spare parts 706,104,589 658,647,259 Allowance for obsolete inventories (28,837,294 ) (23,163,458 ) Total 677,267,295 635,483,801 Current Finished products 387,427,380 206,308,504 Products in progress 1,076,713,866 919,201,091 Raw materials, materials and spare parts 1,864,881,423 1,622,044,796 Inventory in transit — 759,306 Fuels 448,774,700 446,818,240 Total 3,777,797,369 3,195,131,937 |
Parent Company, Other Sharehold
Parent Company, Other Shareholders, Associates and Other Related Parties Balances and Transactions | 12 Months Ended |
Dec. 31, 2018 | |
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Parent Company, Other Shareholders, Associates and Other Related Parties Balances and Transactions | 19. PARENT COMPANY, OTHER SHAREHOLDERS, ASSOCIATES AND OTHER RELATED PARTIES BALANCES AND TRANSACTIONS Balances and transactions between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below. The outstanding balances between the Group and the Parent company, other shareholders, associates and other related parties as of December 31, 2018 and 2017 are as follows: 12.31.2018 12.31.2017 Related companies InterCement Brasil S.A. Accounts payable (70,721,829 ) (4,019,486 ) Loma Negra Holding GmbH Other receivables 4,897,103 — Cimpor Trading e Inversiones S.A. Trade accounts receivables — 8,620,086 Other receivables 4,190,711 — Accounts payable (8,021,979 ) (287,626,698 ) InterCement Portugal, S.A. Trade accounts receivable — 20,475,521 Accounts payable (189,356,958 ) (94,704,178 ) Sacopor S.A. Accounts payable — (20,898,026 ) Summary of balances as of December 31, 2018 and 2017 is as follows: Trade accounts receivable — 29,095,607 Other receivables 9,087,814 — Accounts payable (268,100,226 ) (407,248,388 ) The transactions between the Group and parent companies, associates and related parties for the years ended December 31, 2018, 2017 and 2016 are detailed as follows: Associates 12.31.2018 12.31.2017 12.31.2016 InterCement Brasil S.A. Interest and Exchange rate differences 7,569,170 14,469,575 (86,622,923 ) InterCement Brasil S.A. Purchase of Goods and Services (107,028,203 ) (30,830,685 ) (1,114,049,021 ) Cimpor Trading e Inversiones S.A. Exchange rate differences 60,190,985 2,708,445 (3,804,020 ) Cimpor Trading e Inversiones S.A. Purchase of Goods and Services (63,336,270 ) (149,471,817 ) (400,515,308 ) Cimpor Trading e Inversiones S.A. Services provided 47,908,302 8,624,287 48,217,743 InterCement Portugal, S.A. Exchange rate differences (3,126,013 ) 2,549,625 — InterCement Portugal, S.A. Services received (229,818,677 ) (98,689,606 ) — InterCement Portugal, S.A. Services provided — 12,920,788 8,790,801 Sacopor S.A. Exchange rate differences 2,359,392 (470,651 ) — Sacopor S.A. Purchase of Goods 262,876 (35,962,291 ) — Yguazú Cementos S.A. Exchange rate differences — — (9,617,402 ) Yguazú Cementos S.A. Services provided — — 7,747,255 On August 17, 2017 Loma Negra C.I.A.S.A. accepted the offer letter received InterCement Portugal, S.A. (formerly, Cimpor - Serviços De Apoio à Gestão De Empresas S.A., or Cimpor Services), for the transfer of technical know-how Dividends approved 12.31.2018 12.31.2017 12.31.2016 InterCement Brasil S.A. — 767,641,862 958,367,142 Third parties — 4,285,977 114,294,585 Total — 771,927,839 1,072,661,727 The dividends approved by the Company were paid during 2017. The amount recognized in the statement of comprehensive income related to Key Management fees amounted to 78,886,088, 124,674,058 and 111,677,797 for the years ended December 31, 2018, 2017 and 2016, respectively. The fees are short-term benefits The Group did not recognize any expense in the current year or in prior years regarding bad or doubtful accounts related to amounts owed by related parties. |
Other Recievables
Other Recievables | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Other Recievables | 20. OTHER RECEIVABLES 12.31.2018 12.31.2017 Non-current Tax credits 86,629,147 119,406,933 Canon - Ferrosur Roca S.A. (Note 39) 55,913,277 73,979,035 Prepaid expenses 47,394,851 — Advances to suppliers 747,513,033 4,293,073 Guarantee deposits 4,786,029 11,743,462 Miscellaneous — 4,921,519 Total 942,236,337 214,344,022 Current Tax credits 130,034,424 185,312,252 Related parties receivables (Note 19) 9,087,814 — Prepaid expenses 76,109,046 90,103,624 Guarantee deposits 4,916,900 5,571,350 Reimbursement receivables 19,134,950 22,959,198 Advances to suppliers 25,676,349 38,502,156 Salaries advances and loans to employees 8,170,619 7,979,088 ADSs Program 76,923,077 — Receivables from sales of Property, plant and equipment 23,992,098 7,782,575 Miscellaneous 9,244,323 8,762,877 Total 383,289,600 366,973,120 |
Trade Accounts Receivable
Trade Accounts Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Trade Accounts Receivable | 21. TRADE ACCOUNTS RECEIVABLE 12.31.2018 12.31.2017 Non-current Accounts receivable 8,958,516 — Allowance for doubtful accounts (4,909,174 ) — Total 4,049,342 — Current Accounts receivable 1,929,015,405 1,660,486,662 Related parties (Note 19) — 29,095,607 Receivable with U.E.P.F.P. – Ferrosur Roca S.A. (Note 38) 133,044,253 173,346,267 Accounts receivable in litigation 19,791,240 28,087,052 Notes receivables 180,946 58,010 Foreign customers 3,248,539 2,383,349 Subtotal 2,085,280,383 1,893,456,947 Allowance for doubtful accounts (20,652,555 ) (28,087,052 ) Total 2,064,627,828 1,865,369,895 Trade receivables are valued at amortized cost. Interest are recognized on overdue Trade accounts receivable at current market rates. The Group measures the Allowance for bad debts for an amount equal to losses expected throughout the life of the receivable. The determination of the loss expected to be recognized is calculated on the basis of a percentage of uncollectibility for ranges of maturity dates for each receivable. This historical percentage must contemplate the expectations of future collectability of receivables and, for such reason, such estimated changes in behaviors. Before accepting any new customer, the Group conducts an internal credit analysis to evaluate the potential customer’s credit quality and define its credit limit. The limits and ratings attributed to the main customers are reviewed at least once a year. The Trade accounts receivable disclosed in the preceding paragraphs include the amounts (see below the aging analysis) which are overdue as of December 31, 2018 and 2017. The maturities of accounts receivable are as follows: 12.31.2018 12.31.2017 To become due 1,699,026,131 1,557,123,305 Past due 0 to 30 days 262,486,585 242,261,984 31 to 60 days 48,397,498 30,054,194 61 to 90 days 33,078,450 8,739,612 More than 91 days 51,250,235 55,277,852 Total 2,094,238,899 1,893,456,947 Trade receivables disclosed above include certain amounts (see below for aged analysis) that are past due at the end of the reporting period for which the Group has not recognized an allowance for doubtful debts because there has not been a significant change in credit quality and the amounts are still considered recoverable. Age of receivables that are past due but not impaired 12.31.2018 12.31.2017 Past due 0 to 30 days 262,486,585 242,261,984 31 to 60 days 48,397,498 30,054,194 61 to 90 days 33,078,450 8,739,612 More than 91 days 25,688,506 27,190,800 Total 369,651,039 308,246,590 Average age (days) 32 27 Age of impaired trade receivables 12.31.2018 12.31.2017 Past due More than 91 days 25,561,729 28,087,052 Total 25,561,729 28,087,052 In determining the recoverability of a trade receivable, the Group considers any change in the credit quality of the trade receivable from the date the credit was initially granted up to the end of the reporting period. The concentration of credit risk is limited due to the fact that the customer base is large and unrelated. The allowance for doubtful debts is determined based on an individual analysis of the outstanding balances of receivables; accordingly, all the amount of the allowance refers to individual customers. The impairment recognized represents the difference between the carrying amount of these trade accounts receivables and the present value of the expected liquidation proceeds. The Group does not hold any collateral over these balances. Changes in the allowance for doubtful accounts were as follows: Balances as of January 1, 2017 42,118,764 Increases 2,121,584 Effect of foreign currency exchange difference (140,616 ) Uses (*) (16,012,679 ) Balances as of December 31, 2017 28,087,053 Effect of foreign currency exchange difference 924,727 Increases 5,488,433 Uses (*) (8,938,484 ) Balances as of December 31, 2018 25,561,729 (*) The uses mainly corresponds to the insolvency procedures of a client, and effect of restated inflation. |
Cash and Banks
Cash and Banks | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Cash and Banks | 22. CASH AND BANKS 12.31.2018 12.31.2017 In Pesos 232,338,020 103,015,342 In US Dollars 36,881,387 22,189,356 In Reales 89,320 89,495 In Guarani 536,456,045 151,964,872 In Euros 943,661 1,458,453 Total 806,708,433 278,717,518 |
Capital Stock and Other Capital
Capital Stock and Other Capital Related Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Capital Stock and Other Capital Related Accounts | 23. CAPITAL STOCK AND OTHER CAPITAL RELATED ACCOUNTS 12.31.2018 12.31.2017 Capital stock 59,602,649 59,602,649 Adjustment to capital 2,234,810,502 2,234,810,502 Share premium 4,142,930,246 4,941,488,308 Other capital adjustments (Note 16) — (798,558,062 ) Merger premium 748,383,542 748,383,542 Total 7,185,726,939 7,185,726,939 The issued, paid-in 12.31.2018 12.31.2017 Common stock with a face value of $ 0.1 per share and entitled to 1 vote each, fully paid-in 596,026,490 596,026,490 On November 1, 2017, Loma Negra CIASA made a public offering of shares on the New York and Buenos Aires Stock Exchanges. The Company offered a subscription of ordinary, book-entry shares with a par value of $ 0.10 each and one vote per share for a total of up to 30,000,000 common shares to be issued in accordance with the capital increase provided by the competent bodies of the society. The new shares were offered to the investing public in Argentina simultaneously with the public offering of the new shares represented in American Depositary Shares (“ADSs”) in the United States and together with the public offering of existing shares of Loma Negra Holding GmbH. After the pre-emptive By virtue of the facts described in the preceding paragraph, as of November 1, 2017, the capital of the Company amounted to 59,602,649, represented by 596,026,490 common shares of $ 0.10 par value each and one vote per share. The Company accounted for the acquisition of the 2.36% of equity share in Cofesur S.A.U., which was approved by Government in March 2017. Since the Company had acquired such participation from Camargo Correa S.A., it applied its accounting policy for acquisitions of entities under common control and recognized the participation at their carrying amount, being the excess of the purchase price over such amount disclosed in Equity under the caption Other capital adjustments. |
Reserves and Accumulated Other
Reserves and Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
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Reserves and Accumulated Other Comprehensive Income | 24. RESERVES AND ACCUMULATED OTHER COMPREHENSIVE INCOME 12.31.2018 12.31.2017 12.31.2016 Reserves Legal reserve 103,966,576 103,158,151 103,158,151 Environmental reserve 3,581,947 3,581,947 3,581,947 Facultative reserve 2,142,653,433 — — Future dividensds reserve 30,125,659 30,125,659 1,644,798 Total 2,280,327,615 136,685,757 108,384,896 Accumulated others comprehensive income attributable to owners of the company Exchange differences on translating foreign operations (1) Balances at the beginning of the year 33,909,829 38,804,593 98,903,130 Exchange differences on translating foreign operations of the year attributable to the owners of the Company 240,579,857 (4,894,764 ) (60,098,536 ) Balances at the end of the year 274,489,686 33,909,829 38,804,594 (1) Net of income tax effect |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Borrowings | 25. BORROWINGS 25.1 Composition of borrowings 12.31.2018 12.31.2017 Borrowings In foreign currency 5,057,883,926 4,948,727,383 In local currency 904,793,500 1,494,347,875 Total 5,962,677,426 6,443,075,258 Non-current 2,607,359,542 3,845,105,806 Current 3,355,317,884 2,597,969,452 Total 5,962,677,426 6,443,075,258 Secured borrowings are included as it is detailed in Note 34. 25.2 Detail of borrowings 12.31.2018 12.31.2017 Company Ref. Rate Due-Date Amount Amount Borrowings in foreign currency – US$ Banco Patagonia S.A. Ferrosur Roca S.A. (8) 5.75% Jul-18 — 131,855,553 Banco Latinoamericano de Comercio Exterior S.A Ferrosur Roca S.A. (10) 3 Month Libor + 1.95% Aug-19 569,442,236 — Industrial and Commercial Bank of China (Dubai) Loma Negra C.I.A.S.A. (6) 3 Month Libor + 3.75% May-20 1,478,671,514 1,813,722,924 Industrial and Commercial Bank of China (Dubai) Loma Negra C.I.A.S.A. (4) 3 Month Libor + 3.4% Jun-19 376,733,180 832,690,815 Borrowings in foreign currency - Guarani Banco Continental S.A.E.C.A. Yguazú Cementos S.A. (11) 8.5% Aug-25 1,543,896,984 1,310,988,011 Sudameris Bank S.A.E.C.A. Yguazú Cementos S.A. (11) 9.0% Aug-25 1,014,897,585 859,470,080 Banco Itaú Paraguay S.A. Yguazú Cementos S.A. (12) 5.80% Feb-19 74,242,427 — Total in foreign currency 5,057,883,926 4,948,727,383 Borrowings in local currency Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. (1) BADLAR + 4% Sep-18 — 24,133,851 Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. (3) BADLAR + 2% Mar-19 17,996,494 132,276,634 Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. (3) BADLAR + 2% Jun-19 36,909,247 160,569,109 Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. (3) BADLAR + 2% Jul-19 5,594,225 22,344,124 HSBC Bank Argentina S.A. Loma Negra C.I.A.S.A. (5) 21.75% Apr-19 157,865,753 233,081,823 HSBC Bank Argentina S.A. Ferrosur Roca S.A. (9) 21.75% Apr-19 157,865,753 233,081,823 Banco Patagonia S.A. Loma Negra C.I.A.S.A. (2) BADLAR corrected + 1.65% Jul-18 — 103,930,653 Banco Patagonia S.A. Ferrosur Roca S.A. (7) BADLAR corrected + 0.5% Oct-18 — 89,735,411 Banco Santander Rio S.A. Loma Negra C.I.A.S.A. (2) BADLAR corrected + 4% Jul-18 — 129,281,810 Bank overdrafts Loma Negra C.I.A.S.A. 63.08% Jan-19 5,192,506 19,003,976 Bank overdrafts Recycomb S.A.U. 62.94% Jan-19 6,460,720 463,710 Bank overdrafts Ferrosur Roca S.A. 62.94% Jan-19 516,908,802 346,444,951 Total in local currency 904,793,500 1,494,347,875 Total 5,962,677,426 6,443,075,258 12.31.2018 12.31.2017 Summary of borrowings by Company: Loma Negra C.I.A.S.A. 2,078,962,919 3,471,035,718 Ferrosur Roca S.A. 1,244,216,791 801,117,737 Recycomb S.A.U. 6,460,720 463,712 Yguazú Cementos S.A. 2,633,036,996 2,170,458,091 Total 5,962,677,426 6,443,075,258 Loma Negra C.I.A.S.A.: (1) On September 30, 2013, the Company subscribed a loan agreement with Banco Provincia de Buenos Aires for a total amount of $ 80,000,000. This loan was agreed to be settled in ten semiannual, equal and consecutive installments, accruing a fixed interest rate up to the third year, and a BADLAR corrected based floating interest rate for the remaining period. (2) On July 21 and July 22, 2015, the Company subscribed loans agreements with Banco Patagonia S.A. and Banco Santander Rio S.A. for total amounts of $ 200,000,000 and $ 250,000,000, respectively. Both loans were agreed to be settled in nine quarterly, equal and consecutive installments, overcoming the first one twelve months after the disbursement and accruing a BADLAR corrected based floating interest rate with quarterly repayments. (3) In March and June 2016, the Company subscribed two loan agreements with Banco Provincia de Buenos Aires for a total amount of $ 150,000,000 each. Both loans were agreed to be settled in twenty-five monthly, equal and consecutive installments, overcoming the first one twelve month after the disbursement and accruing a BADLAR corrected based floating interest rate with monthly repayments. Additionally, on June 2016, the Company subscribed another loan agreement with Banco Provincia de Buenos Aires for a total amount of $ 20,000,000 under the same aforementioned conditions. (4) In June 2016, the Company subscribed a loan agreement with Industrial and Commercial Bank of China (Dubai) for a total amount of US$ 50,000,000 to be settled in five semi-annual, equal and consecutive installments, with a twelve month grace period after the disbursement, accruing a nominal floating interest rate based on Libor, with quarterly repayments. This loan requires the compliance of the Net Debt / EBITDA ratio, which has been satisfied from execution of the loan until the date of issuance of these financial statements. (5) On April 6, 2017, the Company subscribed a loan agreement with HSBC Bank Argentina S.A. amounting to $ 150,000,000 accruing a nominal fixed interest rate with quarterly repayments. This loan requires the compliance with the Financial debt / EBITDA ratio, which has been satisfied from execution of the loan until the date of issuance of these financial statements. (6) In May 2017, the Company subscribed a loan agreement with Industrial and Commercial Bank of China (Dubai) for a total amount of US$ 65,000,000 to be settled in five semi-annual, equal and consecutive installments, accruing a nominal floating interest rate based on Libor. The first installment was due 365 days after the disbursement. This loan requires the compliance of the Net Debt / EBITDA ratio, which has been satisfied from execution of the loan until the date of issuance of these financial statements. Ferrosur Roca S.A.: (7) On October 21, 2015, Ferrosur Roca S.A. subscribed a loan agreement with Banco Patagonia S.A. for a total amount of $ 130,000,000 to be settled in nine quarterly, equal and consecutive installments, overcoming the first one twelve months after the disbursement date, and accruing interests at a nominal floating interest rate based on BADLAR private corrected (BADCOR). Loma Negra C.I.A.S.A. guarantee the loan. (8) On August 5, 2016, Ferrosur Roca S.A. subscribed a loan agreement with Banco Patagonia S.A. for a total amount of US$ 4,700,000, to be settled in three quarterly, equal, consecutive installments, overcoming the first one on January 25, 2018, and accruing interests at a nominal fixed interest rate. (9) In 2017, Ferrosur Roca S.A. subscribed a loan agreement with HSBC Bank Argentina S.A. amounting to $ 150,000,000 accruing a nominal fixed interest rate with quarterly repayments. This loan requires the compliance with the Financial debt / EBITDA ratio, which has been satisfied from execution of the loan until the date of issuance of these financial statements. (10) In August 2018, Ferrosur Roca S.A. subscribed a new loan agreement with Banco Latinoamericano de Comercio Exterior S.A. “BLADEX” for a total amount of US$ 15,000,000, for a term of 365 days at a 3-month Yguazú Cementos S.A.: (11) On August 8, 2017, Yguazú Cementos S.A. entered into two loan agreements with two Paraguayan Banks and agreed the following terms: Banco Continental S.A.E.C.A.: Principal amount: Guaraníes 255,000,000,000 Maturity: 8 years Interest Rate: 8.5% for the first year. After the first anniversary, the interest rate shall be adjusted according to an average of rates published by the Banco Central de Paraguay plus 0.32%. In no case the interest rate shall be lower than 8.5%. Interests will be paid every six months starting in February 2018. Payment of principal: 15 equal and consecutive installments on a semiannual basis, starting in August 2018. Sudameris Bank S.A.E.C.A. Principal Amount: Guaraníes 168,000,000,000 Maturity: 8 years Interest Rate: 9% for the first year. After the first anniversary, the interest rate shall be adjusted according to an average of rates published by the Banco Central de Paraguay, plus 0.82% in no case the interest rate shall be lower than 9%. Interests will be paid every six months starting in February 2018. Payment of principal: 15 equal and consecutive installments on a semiannual basis, starting in August 2018. These loans require Yguazú Cementos S.A. to comply with the EBITDA/ interest on Borrowings and Liabilities/Net equity ratios, which have been satisfied from execution of the loans until the date of issuance of these financial statements. In addition, as a security interest to guarantee payment Yguazú Cementos S.A. raised in favor of the two Paraguayan banks, mortgages and pledges over its property (Villa Hayes plant and Cantera Itapucumí) and equipment for up to a total sum of Guaraníes 423,000,000,000, equivalent to the amount of the two loans granted. (12) In August 2018, Yguazú Cementos S.A. suscribed two new loans for Guaraníes 11,500,000, each one with Banco Itaú de Paraguay for a term of three and six months at a fixed interest rate of 5.65% and 5.80%, respectively. 25.3 Movements of borrowings The movements of borrowings for the year ended December 31, 2018 are outlined below: Balances as of January 1, 2018 6,443,075,258 New borrowings 1,449,050,076 Interest accrual 386,601,388 Effect of exchange differences on translating foreign operations 572,410,096 Effect of exchange rate differences 921,517,549 Interest payments (894,806,209 ) Principal payments (2,915,170,732 ) Balances as of December 31, 2018 5,962,677,426 As of December 31, 2018, the long-term borrowings have the following maturity schedule: Year 2020 841,972,137 2021 353,077,481 2022 353,077,481 2023 and following 1,059,232,443 Total 2,607,359,542 |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Accounts Payable | 26. ACCOUNTS PAYABLE 12.31.2018 12.31.2017 Non-current Accounts payable for investments in Property, plant and equipment 387,161,929 105,402,112 Total 387,161,929 105,402,112 Current Suppliers 2,069,974,054 1,830,175,759 Related parties (Note 19) 268,100,226 407,248,388 Accounts payable for acquisitions of Property, plant and equipment 1,660,381,074 346,975,126 Expenses accrual 854,769,995 902,312,409 Total 4,853,225,349 3,486,711,682 Accounts payable in investments in Property, plant and equipment include the accounts payable associated to the Investment Project in the L´Amalí plant. These balances contain the interest accrued, in accordance with the term payments agreed upon. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Provisions | 27. PROVISIONS 12.31.2018 12.31.2017 Non-current Labor and Social Security 47,808,492 65,236,094 Environmental restoration 186,119,946 119,005,448 Civil and others 58,706,815 53,609,583 Total 292,635,253 237,851,125 Changes in the provisions were as follows: Labor and Environmental Civil and Total Balances as of January 1, 2017 53,907,144 109,845,604 58,612,854 222,365,602 Increases 20,403,689 10,542,174 26,346,034 57,291,897 Uses (*) (9,074,739 ) (1,382,330 ) (31,349,305 ) (41,806,374 ) Balances as of December 31, 2017 65,236,094 119,005,448 53,609,583 237,851,125 Increases 15,610,373 113,543,802 37,085,005 166,239,180 Uses (*) (33,037,975 ) (46,429,304 ) (31,987,773 ) (111,455,052 ) Balances as of December 31, 2018 47,808,492 186,119,946 58,706,815 292,635,253 (*) Includes the application of provisions to their specific purposes and the effect of the inflation adjustment. The provision for Labor and Social Security represents the best estimate of the future outflow of economic benefits that will be required under the Group´s Labor and social security obligations for the final settlement cost of complaints and litigations. All the claims provisioned are of a similar nature and are not individually material. The provision for Environmental restoration represents the present value of the estimated costs for environmental cleanup and remediation works mainly relating to quarries and plants and based on the current information related to costs and expected remediation plans. The provision for Civil and others represents the present value of the best estimate of the future outflow of economic benefits that will be required under the Group´s obligations for the final settlement cost of complaints and litigations derived from tax claims and damages. All the claims provisioned under tax or damages, respectively, are of a similar nature and are not individually material. Based on management best estimates, and considering the opinion of the company external counsels, as of December 31, 2018 there are claims against the Company classified as uncertain contingencies. The estimated cash flow derived from these contingencies amounts to $ 139.9 million, including $ 71.5 million related to tax obligations and $ 46.2 million related to labor obligation and $ 22.2 million related to administrative obligations. At the date of issuance of these consolidated financial statements, the Group understands that there are no elements to determine other contingencies that could have a negative impact on the consolidated financial statements. |
Tax Liabilities
Tax Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Investments accounted for using equity method [abstract] | |
Tax Liabilities | 28. TAX LIABILITIES 12.31.2018 12.31.2017 Non-current Facilities payment plans — 505,256 Total — 505,256 Current Income tax expense 368,221,928 496,476,565 Value added tax 94,335,822 221,280,756 Turnover tax 47,093,466 56,928,469 Other taxes, withholdings and perceptions 269,899,035 71,447,375 Total 779,550,251 846,133,165 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Other Liabilities | 29. OTHER LIABILITIES 12.31.2018 12.31.2017 Non-current Termination payment plans 7,900,093 23,240,492 Total 7,900,093 23,240,492 Current Termination payment plans 28,836,528 31,524,178 Dividends with minority shareholders 6,330,598 11,734,897 Others 5,623,510 3,864,758 Total 40,790,636 47,123,833 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Cash and Cash Equivalents | 30. CASH AND CASH EQUIVALENTS For the purposes of the consolidated statement of cash flows, cash and cash equivalents include cash, bank accounts and short-term investments with high liquidity (with maturities of less than 90 days from the date of acquisition). Cash and cash equivalents at the end of the fiscal year as shown in the consolidated statement of cash flows can be reconciled to the related items in the consolidated statement of financial position as follows: 12.31.2018 12.31.2017 12.31.2016 Cash and Banks 806,708,433 278,717,518 430,871,412 Short-term investments (Note 15) 2,095,150,895 4,415,951,166 1,049,224,436 Cash and cash equivalents 2,901,859,328 4,694,668,684 1,480,095,848 |
Non-cash Transactions
Non-cash Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Non-cash Transactions | 31. NON-CASH Below is a list of transactions that did not involve cash flow movements in the fiscal year of acquisition: 12.31.2018 12.31.2017 12.31.2016 - Acquisition of Property, plant and equipment financed with trade payables 804,233,159 — 33,620,568 - Acquisition of 2.36% of interest in Cofesur S.A.U. (*) — 52,316,833 - Acquisition of interest in Yguazú Cementos S.A. cancelled with the settlement of loans with InterCement Brasil S.A. (Note 16) — 144,077,417 954,610,144 - Settlement of account payable for purchases to InterCement Brasil S.A. with other receivables — 51,576,882 -Account payable settlement with amount receivable under financial leasing (317,986,070 ) (*) The Company applied the 52,316,833 advance that it had as of December 31, 2016 to the acquisition of a 2.36% ownership interest in Cofesur S.A.U. approved by the Argentine Government in March 2017. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Segment Information | 32. SEGMENT INFORMATION The Company has adopted IFRS 8 - Operating segments, that require operating segments to be identified on the basis of internal reports regarding components of the Company that are regularly reviewed by the Executive Committee, chief operating decision maker, in order to allocate resources to the segments and to assess their performance. This analysis is based on monthly information concerning historical figures of the identified segments. The information reviewed by the main decision maker basically consists in the historical details corresponding to each month accumulated until the end of the period analyzed. It is for this reason that they differ from the inflation-adjusted figures as described in Note 2.2. For the purposes of managing its business both financially and operatively, the Company has classified its businesses as follows: i) Cement, masonry cement and lime: this segment includes results from the cement, masonry cement and lime business, and comprises the procurement of the raw materials from quarries, the manufacturing process of clinker / quicklime and their subsequent grinding with certain additions in order to obtain the cement, masonry cement and lime. ii) Concrete: this segment includes the results generated from the production and sale of ready-mix iii) Aggregates: this segment includes the results generated from the production and sale of granitic aggregates. iv) Railroad: this segment includes the results generated from the provision of the railroad transportation service. v) Others: this segment includes the results of the industrial waste treatment and recycling business to produce materials for use as fuel o raw material. 12.31.2018 12.31.2017 12.31.2016 Net revenue Cement, masonry cement and lime – Argentina 16,282,614,057 11,649,136,962 8,314,392,402 Cement – Paraguay 1,959,634,979 1,152,606,929 — Concrete 3,657,338,674 1,903,346,280 1,044,559,627 Railroad 2,136,181,737 1,608,080,671 1,223,681,686 Aggregates 334,206,557 261,292,612 189,491,197 Others 117,898,203 133,109,926 75,636,911 Eliminations (2,325,008,399 ) (1,421,038,454 ) (973,318,615 ) Subtotal 22,162,865,808 15,286,534,926 9,874,443,208 Reconciliation - Effect from restatement in constant currency 4,644,065,716 9,552,077,957 9,459,945,909 Total 26,806,931,524 24,838,612,883 19,334,389,117 Cost of sales Cement, masonry cement and lime - Argentina 10,619,291,608 7,986,358,455 6,045,620,325 Cement – Paraguay 1,379,208,675 803,220,686 — Concrete 3,421,580,967 1,795,052,472 968,360,040 Railroad 1,913,366,156 1,352,375,734 1,011,559,523 Aggregates 360,465,602 266,721,854 176,603,548 Others 67,056,625 67,374,539 35,697,635 Eliminations (2,325,008,399 ) (1,421,038,454 ) (973,318,615 ) Subtotal 15,435,961,234 10,850,065,286 7,264,522,456 Reconciliation - Effect from restatement in constant currency 4,546,832,818 7,659,874,517 7,889,653,017 Total 19,982,794,052 18,509,939,802 15,154,175,473 Selling, administrative expenses and other gains and losses Cement, masonry cement and lime - Argentina 1,084,762,773 850,722,982 726,012,191 Cement – Paraguay 64,315,992 43,633,705 — Concrete 117,877,891 77,974,017 49,143,560 Railroad 149,809,534 105,192,391 (4,235,303 ) Aggregates (4,173,225 ) 4,411,761 5,217,097 Others 39,610,163 38,471,541 29,341,972 Subtotal 1,452,203,128 1,120,406,397 805,479,517 Reconciliation - Effect from restatement in constant currency 372,617,951 732,311,020 819,667,182 Total 1,824,821,079 1,852,717,417 1,625,146,699 Depreciation and amortization Cement, masonry cement and lime - Argentina 415,892,004 342,614,418 432,545,694 Cement - Paraguay 279,997,274 170,931,104 — Concrete 32,222,290 24,544,240 12,492,535 Railroad 137,274,165 74,821,293 54,995,174 Aggregates 24,139,262 10,505,708 7,115,732 Others 2,669,087 2,463,945 1,924,745 Subtotal 892,194,082 625,880,708 509,073,880 Reconciliation - Effect from restatement in constant currency 1,229,195,797 1,116,496,197 1,288,514,381 Total 2,121,389,879 1,742,376,905 1,797,588,261 Net revenue less cost of sales, selling, administrative expenses and other gains and losses Cement, masonry cement and lime - Argentina 4,578,559,676 2,812,055,527 1,542,759,886 Cement - Paraguay 516,110,312 305,752,538 — Concrete 117,879,816 30,319,791 27,056,027 Railroad 73,006,047 150,512,546 216,357,466 Aggregates (22,085,820 ) (9,841,002 ) 7,670,552 Others 11,231,415 27,263,846 10,597,304 Subtotal 5,274,701,446 3,316,063,246 1,804,441,235 Reconciliation - Effect from restatement in constant currency (275,385,053 ) 1,159,892,418 750,625,710 Total 4,999,316,393 4,475,955,664 2,555,066,945 Reconciling items: Share of profit (loss) of associates — — 76,243,433 Tax on debits and credits to banks accounts (254,200,939 ) (304,817,393 ) (277,325,855 ) Finance costs, net (1,662,578,414 ) (271,396,125 ) (417,358,381 ) Income tax expense (1,131,955,333 ) (221,946,197 ) (649,823,084 ) Total 1,950,581,707 3,677,795,949 1,286,803,058 Geographical information 12.31.2018 12.31.2017 Non-current Argentina 19,620,044,082 15,920,964,729 Paraguay 4,118,220,215 3,482,599,805 For these purposes, non-current Net revenues for the years ended December 31, 2018 and 2017 are derived from business in Argentina and Paraguay, while for the year ended December 31, 2016 they are derived from business in Argentina only. No single customer contributed on 10% or more of the Group´s revenue for 2018, 2017 and 2016. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Financial Instruments | 33. FINANCIAL INSTRUMENTS 33.1 Capital management The Group manages its capital to ensure that entities that comprise it will be able to continue as a going concern while maximizing the return to shareholders through the optimization of debt and equity balances. The Group’s overall strategy did not have changes in 2018 and 2017. The Company and its subsidiaries participate in operations involving financial instruments, which are recorded in financial position accounts, which used to face their needs, as well as to reduce exposure to market, currency and interest rate risks. The management of these risks, as well as their respective instruments, is performed by defining strategies, establishing control systems and determining exposure limits. The capital structure of the Group consists of net debt (borrowings, as detailed in note 25 offset by cash and cash equivalents balances, as detailed in note 30) and Shareholders’ Equity of the Group (comprising issued capital stock and other capital related accounts, reserves, retained earnings, accumulated other comprehensive income and non-controlling The Group is not subject to any externally imposed capital requirements. The Group´s risk management committee reviews the capital structure of the Group. Net debt to equity ratio The net debt to equity ratio of the years ended on December 31, 2018 and 2017 is as follows: 12.31.2018 12.31.2017 Debt (i) 5,962,677,426 6,443,075,258 Cash and cash equivalents 2,901,859,328 4,694,668,684 Net debt 3,060,818,098 1,748,406,574 Equity (ii) 16,553,229,765 14,130,938,289 Net debt to equity ratio 0.18 0.12 (i) Debt is defined as current and non-current (ii) Equity includes all reserves and capital of the Group, which are managed as capital. 33.2 Categories of financial instruments 12.31.2018 12.31.2017 Financial assets Cash and banks 806,708,433 278,717,518 Investments measured at fair value through profit or loss 297,761,281 2,560,939,429 Held to maturity investments 1,797,389,614 1,855,011,738 Receivables 2,216,762,361 1,927,110,875 Financial liabilities Measured at amortized cost 12,665,218,530 11,752,178,580 At the end of the reporting period, there are not significant concentrations of credit risk for loans and receivables designated at fair value through profit or loss. The carrying amount reflected above represents the Group’s maximum exposure to credit risk for such loans and receivables. 33.3 Objectives of financial risk management The Treasury function offers services to business, coordinates access to domestic and international financial markets, monitors and manages the financial risks related to the Group’s operations through internal risk reports, which analyze exposures depending on the degree and extent thereof. These risks include market risk (including currency risk, interest rates at fair value risk and price risk), credit risk and liquidity risk. The Company and its subsidiaries do not employ or traded derivative financial instruments for speculative purposes. Monitoring compliance with these provisions policy is made by the executive committee and the internal audit team. 33.4 Exchange risk management The Group carries out transactions in foreign currency; and is hence exposed to exchange rate fluctuations. Exposures in the exchange rate are managed within approved policy parameters using foreign exchange contracts. The amounts of monetary assets and liabilities denominated in foreign currency at the end of 2018 and 2017 are as follows: 12.31.2018 12.31.2017 Liabilities US Dollars 3,817,240,870 3,181,875,135 Guarani 2,816,895,658 2,328,388,863 Euro 347,533,959 299,110,017 Real 24,610 21,391 Assets US Dollars 1,125,128,279 1,577,569,349 Guarani 903,635,402 487,476,775 Euro 1,091,046 9,381,578 Real 89,320 89,495 Foreign currency sensitivity analysis The Group is mainly exposed to the US dollar and to Guaraní. The following table shows the sensitivity of the Group to an increase in the US dollar and the Guaraní exchange rate. The sensitivity rate is that used when reporting to the top executive level and represents the management’s assessment of a possible reasonable change in exchange rates. The sensitivity analysis only includes outstanding foreign-currency monetary items and adjusts translation of such items on the balance sheet date considering a reasonably possible 25% increase in the exchange rate. US Dollar effect Guaraní effect (in thousands of pesos) (in thousands of pesos) 12.31.2018 12.31.2018 Loss for the year 673,028 — Decrease in net equity 673,028 625,916 33.5 Forward foreign exchange contracts It is the policy of the Group to enter into forward foreign exchange contracts to cover specific foreign currency payments and receipts from time to time. The Group may also enter into forward foreign exchange contracts to manage the risk associated with anticipated sales and purchase transactions. Basis adjustments are made to the carrying amounts of non-financial There are not outstanding transactions related with forward foreign exchange contracts as of December 31, 2018 and 2017. 33.6 Interest rate risk management The Group is exposed to the risk of significant fluctuations in interest rates, given that the companies in the Group have borrowings at both, fixed and floating rates. The risk is managed by the Group by having an appropriate mix between loans with fixed and floating rates. Hedging activities are evaluated regularly to align with interest rates and risk defined, ensuring that the most profitable coverage strategies are applied. 12.31.2018 12.31.2017 Financial assets Held to maturity investments (1) 1,797,389,614 1,855,011,738 Investments measured at fair value through profit or loss (2) 297,761,281 2,560,939,429 Financial liabilities Measured at amortized cost (3) 5,962,677,426 6,443,075,258 (1) Fixed term deposits at fixed rates. (2) Short-term investments at floating rates. (3) Includes borrowings, as detailed in Note 25. 33.6.1 Interest rate sensitivity analysis The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative In the event that the average BADLAR rate applicable to our financial assets and indebtedness during the year ended December 31, 2018 was 1.0% higher than the average interest rate during such period, our financial expenses in the same period would have increased by approximately $ 2.1 million. In the event that the average LIBO rate applicable to our financial liabilities during the year ended December 31, 2018 was 1.0% higher than the average interest rate during such period, our financial expenses in the same period would have increased by approximately US$ 0.8 million. With respect to our financial assets, an increase of 1.0% in the average interest rate during the year ended December 31, 2018, would have increased our financial income by $10.7 million and US$ 0.3. 33.6.2 Interest rate swap contracts Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to mitigate the risk of changing interest rates on the fair value of issued fixed rate debt and the cash flow exposures on the issued variable rate debt. The fair value of interest rate swaps at the end of the reporting period is determined by discounting the future cash flows, using the curves at the end of the reporting period and the credit risk inherent in the contract, and is disclosed below. The average interest rate is based on the outstanding balances at the end of the reporting period. 33.7 Credit risk management Credit risk refers to the risk that one party fails to comply with its contractual obligations resulting in a financial loss for the Group. The Group has adopted a policy of only solvent parties involved and get sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. Credit exposure is controlled by counterparty limits that are reviewed and approved periodically. Trade receivables are composed of a large number of customers. Continuous credit assessment is performed on the financial condition of accounts receivable. The credit risk on liquid funds and derivative financial instruments is limited, because the counterparties are banks with high credit ratings assigned by credit rating agencies. The carrying amount of financial assets recognized in the consolidated financial statements, which is net of impairment losses, represents the maximum exposure to credit risk without considering collateral accounts or other credit enhancements. 33.8 Liquidity risk management The Board has the ultimate responsibility for the liquidity risk management, having established an appropriate framework for liquidity management so that management can handle financing requirements in short, medium and long-term as well as management Group liquidity. The Group manages liquidity risk by maintaining reserves, adequate financial and loan facilities, continuously monitoring the projected and real cash flows and reconciling the maturity profiles of financial assets and liabilities. The Company deploys careful liquidity risk management and therefore, it maintains Cash and bank balances, liquid instruments and available funds. As of December 31, 2018, the Consolidated financial statements reflect a negative working capital equivalent to $703,878,478. Given the nature of the Company’s activities, which has foreseeable cash flows, it can operate with negative working capital. This condition is not related to insolvency. Rather, it is a strategic decision. Taking into account that the Group has a low level of indebtedness, the Board of Directors is analyzing long-term financing alternatives. The Company’s Management considers that exposure to liquidity risk is low because the Company has generated cash flows from its operating activities due to its good performance; it has access to loans and financial resources in the manner explained in Note 25. The following tables detail the Group’s remaining contractual maturity for its non-derivative Weighted Less than 1-3 3 months to 1-3 3-6 Total % 31 December 2018 Borrowings 26.2 % 560,539,871 431,001,246 2,622,245,214 2,013,702,556 1,230,413,717 6,857,902,604 31 December 2017 Borrowings 23.3 % 563,741,567 438,138,090 2,015,296,273 3,293,507,578 1,351,973,464 7,662,656,972 33.9 Fair value measurements This note provides information about how the Group determines fair values of various financial assets and financial liabilities. 33.9.1 Fair value of the Group’s financial assets and financial liabilities that are measured at fair value on a recurring basis Some of the Group’s financial assets and financial liabilities are measured at fair value at the end of each reporting period. The following table gives information about how the fair values of these financial assets and financial liabilities are determined (in particular, the valuation technique(s) and inputs used). Financial assets/ financial liabilities Fair value as of Fair value hierarchy Valuation technique(s) and key input(s) 12.31.2018 12.31.2017 Investments in Mutual funds 297,761,281 2,560,939,429 Level 1 Quoted bid prices in an active market 33.9.2 Fair value of financial assets and financial liabilities that are not measured at fair value (but fair value disclosures are required) The directors consider that the carrying amounts of financial assets and financial liabilities recognized in the consolidated financial statements approximate their fair values. |
Guarantees Granted to Subsidiar
Guarantees Granted to Subsidiaries | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Guarantees Granted to Subsidiaries | 34. GUARANTEES GRANTED TO SUBSIDIARIES In April 2017, Ferrosur Roca S.A. subscribed a loan with HSBC Bank Argentina S.A. for an amount of $ 150,000,000. Such loan was guaranteed by Loma Negra C.I.A.S.A., and the outstanding balance as of December 31, 2018 amounts to $ 157,865,753. In August 2018, Ferrosur Roca S.A. took a new 365 days loan for US$ 15,000,000 with Banco Latinoamericano de Comercio Exterior S.A. “BLADEX” at a three-month LIBOR + 1.95% interest rate with quarterly interest payments. Loma Negra granted security and surety in favor of BLADEX for up to the amount of the loan plus interest and expenses, and also signed the promissory notes issued by Ferrosur Roca S.A. in favor of that entity. As of December 31, 2018, Ferrosur Roca owes $ 569,442,236 under that loan. In addition, Loma Negra C.I.A.S.A. guarantees the bank overdrafts of Ferrosur Roca S.A. As of December 31, 2018, the outstanding balances of such bank overdrafts amounted to 516,908,802. |
Restricted Assets
Restricted Assets | 12 Months Ended |
Dec. 31, 2018 | |
Investments accounted for using equity method [abstract] | |
Restricted Assets | 35. RESTRICTED ASSETS As of December 31, 2018, the Group has judicial deposits for a total amount of $ 6,186,319, which are shown within other current and non-current On August 8, 2017, Yguazú Cementos S.A. entered into two loan agreements with Banco Continental S.A.E.C.A. and Sudameris Bank S.A.E.C.A. for a total amount of Guaraníes 255,000,000 and Guaraníes 168,000,000, respectively. In order to guarantee the payment of the new loans, Yguazú Cementos S.A. created liens (pledge and mortgage) over land and property (Villa Hayes Plant, Itapucumí quarry site and equipment) in favor of the local banks for up to Guaraníes 423,000,000,000, equivalent to the amount of both loans. The balance owed for both loans as of December 31, 2018 is Guaraníes 405,610,391,703 ($ 2,558,794,569). |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Commitments | 36. COMMITMENTS The Group has certain contractual commitments to purchase slag, which are effective until 2022. The estimated undiscounted future cash flows amount to approximately $ 594.7 million between 2019 and 2022. In addition, the Company has contractual commitment to purchase limestone for an average annual amount of $ 2.5 million until 2025. The Company has also signed several contracts for the procurement of natural gas, assuming firm commitments for a total amount of $ 692.2 million and $ 53 million payable during the 2019 and 2020, respectively. Additionally, the Company has entered into agreements with some electricity suppliers for a total amount of $ 477.7 million and $ 534 million for 2019 and 2020, respectively, and $ 534 million to be annually paid between 2021 and 2037. Due to the agreement signed with Sinoma International Engineering Co. Ltd. to build a new cement plant, Loma Negra C.I.A.S.A. assumed in the course of 2017 new Commitments totaling $ 2,167,648,300 plus US$ 107,414,700 and Euro 41,574,600. Taking into account that, in the manner agreed upon, Peso-denominated values ($ 2,167,648,300) are subject to periodical adjustments in accordance with an adjustment formula, the amount committed as of December 31, 2018 is US$ 61,416,924, Euro 30,904,861 and $ 2,506,019,275. |
Investment Projects
Investment Projects | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Investment Projects | 37. INVESTMENT PROJECTS On July 21, 2017, the Board accepted the Offer received from the Chinese company Sinoma International Engineering Co. Ltd. (“Sinoma”) for the construction of a new cement plant with a production capacity of 5,800 tons per day of clinker. The offer includes the engineering, provision and shipment of all the equipment for the plant and its construction. The work will be executed in two phases: a) Phase 1: basic engineering of the new plant and study of soil in situ (5 months). b) Phase 2: equipment provision and plant construction (26 months). The Company has the right to notify Sinoma to start-up Total cost of the project amounts to 5,000,000,000 (2,167,648,300 plus US$ 107,414,700 plus Euros 41,574,600). The costs in local currency will be adjusted periodically in accordance with an agreed formula. As of the date of issuance of the financial statements, Phase 2 is under construction. |
Receivable From Railway Program
Receivable From Railway Program Execution Unit | 12 Months Ended |
Dec. 31, 2018 | |
Investments accounted for using equity method [abstract] | |
Receivable From Railway Program Execution Unit | 38. RECEIVABLE FROM RAILWAY PROGRAM EXECUTION UNIT On September 11, 1998, the subsidiary Ferrosur Roca S.A. started a legal action to request compensation for the use of the railway by the Provincial Railway Program Execution Unit against the Province of Buenos Aires and the Provincial Railway Program Execution Unit. On November 12, 2013, the complaint was successful and the court handed down a final judgment, favorable to the Company. On October 31, 2017, the Judge approved the expert witness report that determined the amount to be collected by Ferrosur Roca for an amount of $117,407,006. On September 26, 2018, the Company filed in the framework of these proceedings a request to have the debt paid and the judgement enforced. The opposing party has been already notified of this request. On November 9, 2018, the opposing party filed an answer to the demand for debt payment: although the court ruled that the opposing party had to be notified, the notice has not been served as of the date hereof. The company considered all the evidence available and concluded that the valuation of the asset amounts to $133,044,253 as of December 31, 2018. According to the opinion of the indirect controlled company’s local legal advisors, the period estimated for collection shall be over the next twelve months. |
Trust of Administration
Trust of Administration | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Trust of Administration | 39. TRUST OF ADMINISTRATION Since 2008, the subsidiary Ferrosur Roca S.A. must make annual fee contributions (canon) of the 3% of its total revenues to a fund for the improvement of the interurban railroad system. However, until 2013, the procedure for contributing the amounts accrued had not been established. On February 5, 2013, a trust agreement was signed between Ferrosur Roca S.A. and Banco de la Nación Argentina (the Bank) in order to fulfill the formalization process necessary to manage the funds paid by Ferrosur Roca S.A. as payment for the investment works intended to strengthen the interurban rail system. Until December 31, 2015, the amounts transferred to the Trust were considered contingent assets since, although the amounts were deposited in a Trust, there was a significant uncertainty in relation to the fact that the future economic benefits were expected to flow to the entity. On July 27, 2016, the Ministry of Transportation issued the Rule N° 218, establishing a procedure for the certification of proposed works by rail concessionaires. Based on the new regulation, the Company recognized all the amounts transferred to the Trust under the line Other receivables from Trust of Administration. The contributions of the year ended December 31, 2018 amounted to 46.267.585 On the understanding that the use of the proceeds must be approved by the regulatory authority, the Company is not empowered to lead the relevant activities. In the course of this fiscal year, the first works proposed to the State came to an end with the contributions made by the controlled company into FFFSFI. These works consisted in the heavy improvement of railway structure and automated treatment of 29.215 km of railway between Parish Sur - Azul Norte Km. 259 and Km. 288.215 progressives in the Cañuelas-Olavarría branch. |
Restrictions to Dividends Distr
Restrictions to Dividends Distribution | 12 Months Ended |
Dec. 31, 2018 | |
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Restrictions to Dividends Distribution | 40. RESTRICTIONS TO DIVIDENDS DISTRIBUTION In accordance with the provisions of Companies´ Law No. 19,550, the Company has to appropriate to the legal reserve no less than 5% of the sum of net income for the year adjusted by any amount that could have been transferred form accumulated other comprehensive income (loss) to retained earnings plus any adjustment recognized directly in retained earnings, until such reserve reaches 20% of the subscribed capital plus adjustment to capital. In addition, the Company is subject to customary restrictions on the payment of dividends upon the occurrence of an event of default within the framework of certain agreements or if such payment could otherwise result in an event of default. The restrictions mentioned in the previous paragraph arise from the loan agreements that the Company entered into with the Industrial and Commercial Bank of China (Dubai). According to these, the borrower (Loma Negra) will not allow any dividend payment to be made unless: (a) no default or event of default has occurred and continues or occurs as a result of such payment; and (b) the borrower complies, both before and after the payment of dividends, with the ratio of net debt to EBITDA. This reason must not exceed the end of each year of: (a) 3.50: 1.00 at any time before the occurrence of a “substantial event”; and (b) 4.50: 1.00 at any time on or after the occurrence of a “substantial event”. In order to clarify the aforementioned, a “substantial event” with respect to the Company is defined as one or more of the following events: (a) the beginning of the construction of a new cement plant; (b) the consummation of an acquisition of any entity (limited liability companies, joint-stock company, joint venture, association, trust or any other company); or (c) the performance of any other investment by Loma Negra. As of the date of issuance of these financial statements, the Company is not affected by the restrictions mentioned in the preceding paragraphs. |
Ferrosur Roca S.A. Concession -
Ferrosur Roca S.A. Concession - Argentine Railway Law | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Ferrosur Roca S.A. Concession - Argentine Railway Law | 41. FERROSUR ROCA S.A. CONCESSION – ARGENTINE RAILWAY LAW The Argentine Executive Branch’s Decree 1027/2018, regulatory of Law No. 27,136, was published in the Official Gazette on November 7, 2018. The highlights of this law are: re-adjustment The Negotiating Committee will be created. It will be made up by a member who belongs to each one of the following agencies: ADIF, Secretary of Transportation Planning and Railway Transportation Under-secretariat. As of the date of issuance of these financial statements neither the procedures nor the interpretations, clarifications and amendments mentioned in the preceding paragraphs have been implemented. It is therefore impossible to determine with certainty the final impact of the resolution of these processes. As a consequence, the Company’s financial statements do not include adjustments and/or reclassifications, if any, as may be required if the final resolution of such circumstances became known. |
Complaints Brought Against the
Complaints Brought Against the Company and Others in the United States | 12 Months Ended |
Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |
Complaints Brought Against the Company and Others in the United States | 42. COMPLAINTS BROUGHT AGAINST THE COMPANY AND OTHERS IN THE UNITED STATES In the course of 2018, the following complaints were brought against the Company, its directors and parent company in the United States of America at the time of the Company’s initial public offering, dated 2017. As of the date of issuance of these financial statements, none of the complaints has yet been certified as a class action by the judges hearing these cases. 1. Kohl v. Loma Negra CIASA, et al. (Index No. 653114/2018 - Supreme Court of the State of New York, County of New York) The complaint was filed in June 2018 by Dan Kohl –a shareholder who acquired ADSs issued by the Company during its 2017 initial public offering– with the state courts of New York. The banks that placed the ADSs have also been sued. In its complaint, the plaintiff alleges assumed violations of the United States’ Federal Securities Laws on grounds of allegedly false representations contained in the Offering Memorandum and/or failure to include relevant information. On March 13, 2019, the company filed a response to the second addendum filed by the plaintiff in January 2019. 2. Carmona v. Loma Negra CIASA, et al (1:18-cv-11323-LLS The complaint was filed in December 2018 by Eugenio Carmona –a shareholder who acquired ADSs issued by the Company during its 2017 initial public offering– with the US federal courts sitting in New York. In its complaint, the plaintiff alleges assumed violations of the United States’ Federal Securities Law on grounds analogous to those used in the first complaint. As of the date of issuance of these financial statements, the amendment to this complaint has not yet been filed by the plaintiff. Based on the information available, the Company has concluded that as of December 31, 2018 and based on IAS37, no provision is to be raised. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Subsequent Events | 43. SUBSEQUENT EVENTS The Group has considered the events following December 31, 2018 to evaluate if there is a need for recognizing them or for their potential disclosure in these consolidated financial statements. The evaluation of these events continued until April 25, 2019, which was the date when these financial statements were available for issuance. In connection with the tax revaluation described in 3.7.3, the Company opted for a tax revaluation of the personal property subject to depreciation held as of December 31, 2017. The deadline for exercising such option and paying the special tax was March 29, 2019. On such date, the Company has paid an advance of the special tax. The financial impact of this option was an increase in equity of $ 109 million. |
Basis of Preparation of the C_2
Basis of Preparation of the Consolidated Financial Statements (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Statement of compliance with the International Financial Reporting Standards (IFRS) and bases of preparation of these financial statements | 2.1 Statement of compliance with the International Financial Reporting Standards (IFRS) and bases of preparation of these financial statements These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These Consolidated financial statements comprehensively recognize the effects of variations in the purchasing power of currency through the application of the method to restate financial statements in constant currency established by the International Accounting Standard 29 (“IAS 29”). For comparative purposes, these Consolidated financial statements include figures and other details corresponding to the fiscal years ended on December 31, 2017 and 2016, which are an integral part of the above-mentioned Consolidated financial statements and are presented in order for them to be solely interpreted in conformity with the figures and other details corresponding to this fiscal year. These figures have been restated in this fiscal year’s end-of-period These consolidated financial statements have been approved by the Board of Directors in the meeting held on April 25, 2019. |
Financial information presented in constant currency | 2.2 Financial information presented in constant currency Inflation levels in Argentina have been high these past years and the inflation rate accumulated over these past three years has exceeded 100% without the expectation of a significant decrease in the short-term. In addition, the presence of high-inflation qualitative indicators set forth in the International Accounting Standard No. 29 (IAS 29) showed concurrent evidence. For all these reasons on September 29, 2018, The Argentine Federetion of Professional Councils in Economic Sciences (FACPCE) issued its Resolution JG No. 539/18, approved by Professional Council in Economic Sciences of the City of Buenos Aires (CPCECABA) pursuant to the Resolution of the Board No. 107/18, setting forth, amongst other matters, that Argentina must be considered a hyperinflationary economy in the terms of professional accounting standards starting on July 1, 2018, in line with the opinion of international organizations. IAS 29 sets forth that given a high inflation context, financial statements must be presented in a current unit of measurement, that is, in constant currency as of the end of the period being reported. This notwithstanding, the Company could not file its restated financial statements because Decree No. 664/03 of the Argentine Executive Branch prohibited governmental agencies (including the Argentine Securities Commission) from receiving financial statements adjusted to reflect the effects of inflation. Pursuant to Law No. 27,468, published on December 4, 2018 in Argentina’s Official Gazette, the Argentine Executive Branch’s Decree 1269/02 and the decrees that later on modified it (including the Argentine Executive Branch’s Decree No. 664 already mentioned) were repealed. The provisions under Law No. 27,468 came into force on December 28, 2018, which was the date of publication of the Argentine Securities Commission (CNV) General Resolution No. 777/18, which established that the annual financial statements for interim and special periods coming to a close as from December 31, 2018, inclusive, must be filed with such oversight agency in constant currency. In accordance with IAS29, the amounts in the financial statements that have not been stated in currency current as at the end of the reporting period must be restated by application of a general price index. To that end and in the manner established in FACPCE’s Resolution JG No. 539/18, coefficients have been applied that are calculated on the basis of indices published by the Federation, resulting from combining national consumer prices published by INDEC starting on January 1, 2017 and, looking back, domestic wholesale prices (IPIM) prepared by said Institute or, if none is available, consumer price indices published by the General Directorate of Statistics and Censuses in the Autonomous City of Buenos Aires. The variation in the index applied to restate these financial statements has been 47.65% in the fiscal year ended on December 31, 2018 and 24.80% in the preceding fiscal year. Also, the Company applied the provisions of the guide issued by the FACPCE to apply IAS 29 in the first application of such standard. Applicable accounting standards The consolidated financial statements have been prepared on a historical cost basis, which has been restated in end-of-period non-monetary non-current Fair value is the price that would be received if an asset were sold or the price that would be paid if a liability were transferred in a transaction ordered between market participants as of the date of measurement, irrespective of whether such price is directly observable or estimated using another valuation technique. Upon estimating the fair value of an asset or a liability, the Group takes into consideration the characteristics of the asset or the liability when market participants do take these features into consideration when valuing the asset or the liability at the date of measurement. Fair value for purposes of measurement and/or disclosure in these consolidated financial statements is determined on that basis, except for the transactions consisting in share-based payments that are within the scope of IFRS 2, lease transactions within the scope of IAS 17 and the measurements that have certain points in common with fair value but are not fair value such as net realization value in IAS2 or value in use in IAS36. Besides, for financial reporting purposes, fair value measurements are categorized as Level 1, 2 or 3 on the basis of the degree to which fair value measurement inputs are observable and the impact of inputs for fair value measurements overall, which are described below: • Level 1 inputs are (unadjusted) quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date. • Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and • Level 3 inputs are unobservable inputs for the asset or liability. |
Current and non-current classification | Current and non-current The presentation in the statement of financial position makes a distinction between current and non-current 12-month Fiscal year-end The Company’s fiscal year begins on January 1 and ends on December 31, each year. Currency Consolidated information attached is stated in Pesos ($), Argentine’s legal currency, based on the financial information of Loma Negra and its subsidiaries, presented in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”). |
Use of estimates | Use of estimates The preparation of financial statements at a certain date requires the Management to make estimates and assessments affecting the amount of assets and liabilities recorded, contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual future results might differ from the estimates and assessments made at the date of preparation of these consolidated financial statements. The description of any significant estimates and accounting judgments made by Management in applying the accounting policies, as well as the main estimates and areas with greater degree of complexity and which require more critical judgments, are disclosed in Note 4. The principal accounting policies are described below. |
Application of new and revised International Financial Reporting Standards | Application of new and revised International Financial Reporting Standards • Adoption of new and revised standards The Company has adopted all of the new and revised standards and interpretations issued by the IASB that are relevant to its operations and that are mandatorily effective at December 31, 2018. The application of these amendments has had no impact on the disclosures or amounts recognized in the Company´s consolidated financial statements. New and amended IFRS Standards that are effective for the current year Impact of initial application of IFRS 9 Financial Instruments In the current year, the Group has applied IFRS 9 Financial Instruments (as revised in July 2014) and the related consequential amendments to other IFRS Standards that are effective for an annual period that begins on or after 1 January 2018. The transition provisions of IFRS 9 allow an entity not to restate comparatives. Accordingly the Group has elected not to restate comparatives in respect of the classification and measurement of financial instruments. The application of IFRS 9 does not have material impact on the Group´s consolidated financial statements. Impact of initial application of IFRS 15 Revenue from Contracts with Customers In the current year, the Group has applied IFRS 15 Revenue from Contracts with Customers (as amended in April 2016) which is effective for an annual period that begins on or after 1 January 2018. IFRS 15 introduced a 5-step In the current year, the Group has applied a number of amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board (IASB) that are effective for an annual period that begins on or after 1 January 2018. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. IFRIC 22 Foreign Currency Transactions and Advance Consideration IFRIC 22 addresses how to determine the ‘date of transaction’ for the purpose of determining the exchange rate to use on initial recognition of an asset, expense or income, when consideration for that item has been paid or received in advance in a foreign currency which resulted in the recognition of a non-monetary non-monetary a non-refundable non-monetary non-monetary • New accounting pronouncements The Company has not applied the following new and revised IFRSs that have been issued but are not yet mandatorily effective: IFRS 16 Leases 1 IFRIC 23 Uncertainty over Income Tax Treatments 1 IFRS 17 Insurance Contracts Amendments to IFRS 9 1 Prepayment Features with Negative Compensation Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures 1 Amendments to IFRS 3 and11 and IAS 12 and 23 Annual improvements 2015-2017 Cycle 1 Amendments to IAS 19 Employee benefits 1 Amendments to IFRS 3 2 Amendments to IAS 1 and IAS 8 Improvememts in the Conceptual Framework of IFRS Stnadards, including amendments to IFRS 2, IFRS 3, IFRS 6, IFRS 14, IAS 1, IAS 8, IAS 34, IAS 37, IAS 38, IFRIC 12, IFRIC 19, IFRIC 20 and IFRIC 22 2 1 Effective for annual periods beginning on or after January 1, 2019. 2 Effective for annual periods beginning on or after January 1, 2020. • In November 2009, the International Accounting Standards Board (IASB) issued IFRS 9, which introduced new requirements for the classification and measurement of financial assets. IFRS 9 was subsequently amended in October 2010 to include requirements for the classification and measurement of financial liabilities and for derecognition, and in November 2013 to include the new requirements for general hedge accounting. On July 24, 2014, the IASB published the final version of IFRS 9 ‘Financial Instruments’. IFRS 9, as revised in July 2014, introduces a new expected credit loss impairment model. The expected credit loss model requires an entity to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition. In other words, it is no longer necessary for a credit event to have occurred before credit losses are recognized. Also limited changes to the classification and measurement requirements for financial assets by introducing a ‘fair value through other comprehensive income’ (FVTOCI) measurement category for certain simple debt instruments. Based on the analysis of the Company’s financial assets and financial liabilities as of December 31, 2018 on the basis of the facts and circumstances that exists at that date, the directors of the Company have performed a preliminary assessment of the impact of IFRS 9 to the Company’s consolidated financial statements as follows: • Classification and measurement: all financial assets and financial liabilities will continue to be measured on the same bases as is currently adopted under IAS 39 • Impairment: the Group expects to apply the simplified approach to recognize lifetime expected credit losses for is trade receivables, as required or permitted by IFRS 9. As regards to listed bonds, the directors of the Company consider that they have low credit risk given the credit rating. In relation to financial guarantees to related parties, the directors have assess that there is not an increase in the credit risk of these transactions • Hedge accounting: the management of the Company does not anticipate that the application of the IFRS 9 Hedge accounting requirements will have a material impact on the Company’s consolidated financial statements Based on these assessments, the directors do not anticipate that the application of IFRS 9 will have a material impact in the financial statements of the Company. It should be noted that the above assessment was made based on an analysis of the Company’s financial assets and financial liabilities as of December 31, 2018 on the bases of the facts and circumstances that existed at that date. This new standard is effective for periods beginning on or after January 1, 2018. IFRS 16 issued in January 2016 specifies how issuers shall recognize, measure and disclose lease agreements in the financial statements. The standard sets forth that most of the lease agreements in lessees’ accounts are to be accounted for using a single model, suppressing the distinction between operating and financial leases. It also sets forth the duty to recognize the assets and liabilities corresponding to all the lease agreements except if the term of the lease is 12 months or less and/or except if the asset underlying the lease is low value. This notwithstanding, lessors’ accounts remain virtually unaltered and the distinction between operating and financial leases is kept. IFRS 16 replaces IAS 17 and related interpretations. Besides, IFRS 16 enhances the information to be disclosed. IAS 17 does not demand recognition of rights of use or liabilities for future payments for these leases. If these agreements meet the criteria to be defined as leases under IFRS 16, the Company must recognize an asset for the right to use and a liability for them unless they can be classified as low value or short-term lease through the enforcement of IFRS 16. The standard comes into force for the annual periods starting on January 1, 2019 at the latest. Early enforcement is permitted if IFRS 15 has also been applied. The Company did not elect early enforcement and estimates an effect of more assets and liabilities for $296 million mainly as a result of leases of office space and office equipment. • On June 7, 2017, the IASB published IFRIC 23 “Uncertainty over Income Tax Treatments”, which was developed by the IFRS Interpretations Committee to clarify the accounting for uncertainties in income taxes. The interpretation is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments under IAS 12. The interpretation specifically considers: • Whether tax treatments should be considered collectively • Assumptions for taxation authorities’ examinations • The determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates • The effect of changes in facts and circumstances The interpretation is effective for annual periods beginning on or after January 1, 2019. Early adoption is permitted. The management of the Company does not anticipate that the application of this interpretation will have a material impact on the Company’s consolidated financial statements. The Company has not opted for early application. • The IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 Insurance Contracts. The Standard outlines a General Model, which is modified for insurance contracts with direct participation features, described as the Variable Fee Approach. The General Model is simplified if certain criteria are met by measuring the liability for remaining coverage using the Premium Allocation Approach. Since the Company is not engaged in Insurance Industry, Management of the Company does not anticipate that the application of these standard will have impact on the Group´s Consolidated Financial Statements. • On September 11, 2014, the IASB issued amendments to IFRS 10 and IAS 28. These amendments clarify the treatment of the sale or contribution of assets from an investor to its associate or joint venture, as follows: • require full recognition in the investor’s financial statements of gains and losses arising on the sale or contribution of assets that constitute a business (as defined in IFRS 3 Business Combinations); • require the partial recognition of gains and losses where the assets do not constitute a business, i.e. a gain or loss is recognized only to the extent of the unrelated investors’ interests in that associate or joint venture. These requirements apply regardless of the legal form of the transaction, e.g. whether the sale or contribution of assets occurs by an investor transferring shares in any subsidiary that holds the assets (resulting in loss of control of the subsidiary), or by the direct sale of the assets themselves. On December 17, 2015, the IASB issued an amendment that defers the effective date of the September 2014 amendments to these standards indefinitely until the research project on the equity method has been concluded. Earlier application of the September 2014 amendments continues to be permitted. • On October 12, 2017, the IASB published the amendment to IAS 28 “Long-term Interests in Associates and Joint Ventures”. This amendment clarifies that an entity applies IFRS 9 Financial Instruments to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied. The amendments are effective for periods beginning on or after 1 January 2019. Earlier application is permitted. The management of the Company does not anticipate that the application of this interpretation will have a material impact on the Company’s consolidated financial statements. The Company has not opted for early application. • On October 12, 2017, the IASB published the amendment to IFRS 9 “Prepayment Features with Negative Compensation”. This amendment modifies the existing requirements in IFRS 9 regarding termination rights in order to allow measurement at amortized cost (or, depending on the business model, at fair value through other comprehensive income) even in the case of negative compensation payments. Under the amendments, the sign of the prepayment amount is not relevant, i. e. depending on the interest rate prevailing at the time of termination, a payment may also be made in favor of the contracting party effecting the early repayment. The calculation of this compensation payment must be the same for both the case of an early repayment penalty and the case of an early repayment gain. The final amendments also contain (in the Basis for Conclusions) a clarification regarding the accounting for a modification or exchange of a financial liability measured at amortized cost that does not result in the derecognition of the financial liability. The IASB clarifies that an entity recognizes any adjustment to the amortized cost of the financial liability arising from a modification or exchange in profit or loss at the date of the modification or exchange. A retrospective change of the accounting treatment may therefore become necessary if in the past the effective interest rate was adjusted and not the amortized cost amount. The amendments are effective for periods beginning on or after January 1, 2019. Earlier application is permitted. The management of the Company does not anticipate that the application of this interpretation will have a material impact on the Company’s consolidated financial statements. The Company has not opted for early application. • On December 12, 2017, the IASB issued amendments to the following standards as result of the IASB’s annual improvements 2015-2017 project: • IFRS 3 (Business combinations): clarifies that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. • IFRS 11 (Joint arrangements): clarifies that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business. • IAS 12 (Income tax): clarifies that all income tax consequences of dividends (i.e. distribution of profits) should be recognized in profit or loss, regardless of how the tax arises. • IAS 23 (Borrowing costs): clarifies that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalization rate on general borrowings. The management of the Company does not anticipate that the application of these amendments will have a material impact on the Group’s consolidated financial statements. The amendments are all effective for annual periods beginning on or after January 1, 2019. |
Basis of consolidation | 2.3 Basis of consolidation These consolidated financial statements include the consolidated financial position, results of operations and cash flows of the Company and its consolidated subsidiaries. Control is achieved where the company has the power over the investee; exposure, or rights, to variable returns from its involvement with the investee and the ability to use its power over the investee to affect the amount of the returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power, including: a) the size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; b) potential voting rights held by the Company, other vote holders or other parties; c) rights arising from other contractual arrangements; and d) any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company losses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income for since the date the Company gains control until the date when the Company ceases to control its subsidiary. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling non-controlling non-controlling When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group´s accounting policies. Acquired companies are accounted for under the acquisition method whereby they are included in the consolidated financial statements from their acquisition date. The income (loss) of subsidiaries acquired or disposed of are included in the consolidated statement of comprehensive income from the date of acquisition until the effective date of disposal, if applicable. All intercompany transactions and balances between the Company and its subsidiaries have been eliminated in the consolidation process. Detailed below are the subsidiaries whose financial statements have been included in these consolidated financial statements: Main activity Place of % of direct and indirect equity interest as of 12-31-2018 12-31-2017 12-31-2016 Subsidiaries: Cofesur S.A.U. (1) Holding Argentina 100.00 100.00 97.64 Ferrosur Roca S.A. (2) Train cargo transportation Argentina 80.00 80.00 78.12 Recycomb S.A.U. Waste recycling Argentina 100.00 100.00 100.00 Yguazú Cementos S.A. (3) Manufacture and marketing of cement and construction materials Paraguay 51.00 51.00 51.00 (1) As of December 2016, Loma Negra C.I.A.S.A. had advance funds for the purchase of an additional equity interest of 2.36%. This acquisition needed to be authorized by the Argentine State. On March 6, 2017, the transaction aforementioned was finally approved. (2) Controlled directly by Cofesur S.A.U. (3) Company controlled due to the business combination under common control made on December 22, 2016 (note 16). As a result, the statement of financial position line items of Yguazú Cementos S.A. as of December 31, 2016 were included in the consolidated statement of financial position of the Company as of December 31, 2016; in the case of the consolidated statement of profit or loss and other comprehensive income, the equity in profit or loss of Yguazú Cementos S.A. is presented in the line “Share of profit (loss) of associates” in each of the years presented since the consolidation of results for the 10-day Summarized financial information in respect of each of the Group’s subsidiaries that has material non-controlling a) Yguazú Cementos S.A. As of 12.31.2018 12.31.2017 Current assets (1) 1,278,327,160 730,825,333 Non-current 4,118,220,214 3,482,599,805 Current liabilities (2) 750,929,946 569,154,594 Non-current 2,141,955,405 1,967,426,624 Equity attributable to the owners of the Company 1,276,909,432 855,218,394 Non-controlling 1,226,752,592 821,625,525 (1) Includes 570,921,230 and 165,280,282 of cash and cash equivalents as of December 31, 2018 and December 31, 2017, respectively. (2) Includes the financial loans described in note 25. The summarized figures presented for Yguazú Cementos S.A. as of December 31, 2018 (as a consolidated subsidiary) reflect the book values of the assets and liabilities (see Note 16.1) and adjustments to conform to the Company’s accounting policies. For the year ended 12.31.2018 12.31.2017 Net revenue 2,341,209,828 1,701,773,301 Finance cost, net (226,732,359 ) (107,405,382 ) Depreciation (341,286,473 ) (252,098,033 ) Income tax (31,734,545 ) (18,184,484 ) Profit for the year 355,108,341 325,840,272 For the year ended 12.31.2018 12.31.2017 Net cash generated by operating activities 580,112,372 414,108,341 Net cash used in investing activities (79,747,134 ) (82,487,836 ) Net cash used in financing activities (315,318,864 ) (543,362,464 ) b) Ferrosur Roca S.A. As of 12.31.2018 12.31.2017 Current assets 707,915,038 710,726,928 Non-current 1,808,071,617 1,917,145,118 Current liabilities 1,614,662,438 1,238,481,096 Non-current 121,151,045 486,220,086 Equity attributable to the owners of the Company 595,607,854 684,451,766 Non-controlling 145,901,963 171,112,942 For the year ended 12.31.2018 12.31.2017 12.31.2016 Net revenue 2,587,464,615 2,619,954,825 2,414,868,460 Finance costs, net (90,551,880 ) (23,085,904 ) (88,780,125 ) Depreciation (377,618,154 ) (278,544,476 ) (254,637,141 ) Income tax 143,552,241 (53,207,420 ) (77,744,862 ) Profit or (loss) for the year (111,054,891 ) (55,970,669 ) 74,648,200 For the year ended 12.31.2018 12.31.2017 12.31.2016 Net cash (used in) generated by operating activities (173,232,788 ) 249,905,667 497,567,822 Net cash used in investing activities (270,847,398 ) (420,408,029 ) (263,999,071 ) Net cash (used in) generated by financing activities 438,763,277 166,865,291 (219,807,442 ) 2.3.1. Business combination between entities under common control A business combination involving entities or businesses under common control is a business combination in which all of the combining entities or businesses are ultimately controlled by the same party or parties both before and after the business combination and the control is not transitory. The transactions between entities under common control are scoped out of IFRS 3 and there is no authoritative literature for these transactions under IFRS. As a result, the Group adopted an accounting practice in which the assets and liabilities of the acquired entity are recognized at the book values recorded in the ultimate parent entity’s consolidated financial statements. The components of equity of the acquired companies are added to the same components within Group equity except that any share capital and investments in the books of the acquiring entity is cancelled and the differences, if any, is adjusted in the Other capital adjustments. The Company has elected to not restate the information for any of the periods presented in its consolidated financial statements. In accordance with IAS 8, Management has adopted an accounting practice on which the predecessor basis of accounting is used to record the carrying amount of the net assets acquired. 2.3.2. Changes in the Group’s ownership interests in existing subsidiaries Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling non-controlling When the Group loses control of a subsidiary, a gain or loss is recognized in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling recognition for subsequent accounting under IAS 39, when applicable, the cost on initial recognition of an investment in an associate or a joint venture. |
Revenue recognition | 3.1 Revenue recognition The group recognises revenue from the following major sourse: • Sales of goods • Services rendered • Income from dividends and interest income Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer. |
Sale of goods | 3.1.1 Sale of goods Revenue from the sale of goods is recognized at time all the following conditions are satisfied: • the Group has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the Group; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. The amounts were restated through the application to the original amounts of the coefficients corresponding to the month of accrual following the adjustment procedure described in Note 2.2. |
Services rendered | 3.1.2 Services rendered Transportation revenues are recognized at the time the service is provided. The amounts were restated by application to the original amounts of the coefficients corresponding to the month of accrual by application of the adjustment mechanism described in Note 2.2. |
Income from dividends and interest income | 3.1.3 Income from dividends and interest income Where they exist, income from investment dividends are recognized after the shareholders’ rights to receive payment thereof are established (provided there is a probability that the economic benefits will flow to the company and the ordinary revenues may be reliably measured). Interest income was recognized after determining the probability that the Group should receive the economic benefits associated with the transaction and that the amount thereof should be reliably measured. Interest income was recorded on a short-term basis with reference to the principal outstanding and the applicable effective interest rate, which is the discount rate that perfectly matches the cash flows receivable or payable estimated over the expected life of the financial instrument with the net book value of financial assets or liabilities with regard to the initial recognition. Financial income is presented net of the effects of inflation on the assets and liabilities that generated such income. |
Goodwill | 3.2 Goodwill The Goodwill booked by the company corresponds to the acquisition of Recycomb S.A.U. and it is measured at cost restated in end-of-period Goodwill, in accordance with the applicable standard at the time of recognition, corresponds to the amount of the transferred consideration, the amount of any non-controlling Goodwill is not amortized but tested for impairment. For purposes of conducting the impairment test, goodwill is assigned to each of the Group’s cash generating units expected to benefit from the synergies of the relevant combination. The cash generating units to which goodwill is assigned are subject to annual, or more frequent, impairment tests, when there are indicators of impairment. If the recoverable amount of the cash generating unit is lower than the unit’s book amount, the impairment loss is firstly applied to reducing the carrying amount of goodwill assigned to the unit, and is then applied proportionately to the unit’s other assets. The carrying amount of each asset in the reporting unit is used as basis. The impairment loss recognized for goodwill is not reversed in any subsequent period. Any impairment loss for goodwill is recognized directly in profit or loss. On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. The Company has not recognized any impairment loss in the years ended December 31, 2018 and 2017. The Group’s policy for goodwill arising on the acquisition of an associate is described at note 3.3.1 below. |
Investments in associates | 3.3.1 Investments in associates An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those investees. The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5. Under the equity method, an investment in an associate is initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Group’s share of the profit or loss and other comprehensive income of the associate. When the Group’s share of losses of an associate exceeds the Group’s interest in that associate (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate), the Group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. An investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognized immediately in profit or loss in the period in which the investment is acquired. The requirements of IAS 39 are applied to determine whether it is necessary to recognize any impairment loss with respect to the Group’s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount, Any impairment loss recognized forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases The Group discontinues the use of the equity method from the date when the investment ceases to be an associate, or when the investment is classified as held for sale. When the Group retains an interest in the former associate and the retained interest is a financial asset, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with IAS 39. The difference between the carrying amount of the associate at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the associate is included in the determination of the gain or loss on disposal of the associate or joint venture. In addition, the Group accounts for all amounts previously recognized in other comprehensive income in relation to that associate or joint venture on the same basis as would be required if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognized in other comprehensive income by that associate or joint venture would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when the equity method is discontinued. When the Group reduces its ownership interest in an associate or a joint venture but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognized in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. |
Investment in other company | 3.3.2 Investment in other company It is an investment in a company where the Group has not significant influence. Since this equity investment does not have a quoted market price in an active market and its fair value cannot be reliably measured such unquoted equity investment is measured at the cost restated at the end of the fiscal year minus the impairment losses identified at the end of each period being reported. |
Leasing | 3.4 Leasing Leases are classified as finance leases whenever the terms of the lease substantially transferred all the risks and rewards of the ownership to lessee. All other leases are classified as operating leases. The Group as lessor Amounts due from lessees under finance leases are recognized as receivables at the amount of the Group’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group’s net investment outstanding in respect of the leases. Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term. The Group as lessee Assets held under finance leases are initially recognized as assets of the Group at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the consolidated statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognized immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalized in accordance with the Group´s general policy on borrowing costs. Contingent rentals are recognized as expenses in the periods in which they are incurred. Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognized as an expense in the period in which they are incurred. In the event that lease incentives are received to enter into operating leases, such incentives are recognized as a liability. The aggregate benefit of incentives is recognized as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Total future minimum payments stemming from operating leases that may not be cancelled as of December 31, 2018 amount to $ 36,830,396 up to a year and $ 171,437,429 from one to five years. |
Foreign currency and functional currency | 3.5 Foreign currency and functional currency These consolidated financial statements are presented in Argentine pesos (legal currency of Argentina), which is also the functional currency (currency of the main economic environment in which a company operates) for all the companies with legal address in Argentina. In the case of the subsidiary Yguazú Cementos S.A., located in Paraguay, its functional currency is Guarani. For purposes of presentation of these consolidated financial statements, the assets and liabilities from the Group’s operations abroad are converted to Pesos by application of the foreign exchange rates in force at the end of each fiscal year being reported. Income and expense entries are converted at the average foreign exchange rate for each month, taking into account that the exchange rates oscillate significantly during that period. When this is the case, the exchange rates prevailing on the dates of the transactions are used then restated by application of the coefficients corresponding to the month they are accrued by application of the adjustment procedure described in Note 2.2. The foreign exchange gains/(losses), when applicable, are recognized as Other comprehensive income and are accumulated in Shareholders’ equity (and are attributed to minority interests, as applicable). Exchange differences on monetary items are recognized in profit or loss in the year, net of the effect of inflation on the items that generated them, except those which resulted from foreign-currency denominated borrowings related to the assets under construction for their future productive use, which were included in the cost of such assets as they are considered as an adjustment to the interest expense related to such foreign-currency denominated borrowings. In the consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated into Argentine pesos using exchange rates prevailing at the end of each fiscal year. There are not Goodwill and adjustments to fair value arising from the acquisition of subsidiaries. When an investment is sold or disposed of, any exchange difference is recognized in the statement of income as a gain or loss on sale/disposal. |
Borrowing costs | 3.6 Borrowing costs Borrowing costs, net of the effect of inflation directly attributed attributable to the acquisition, construction or production of qualified assets that necessarily take a substantial period of time to get ready for their intended use or sale are capitalized as part of the cost of the pertinent asset, until such time as the assets are substantially ready for their intended use or sale. Income earned on short-term investments in specific outstanding borrowings to be used in qualified assets is deducted from the costs of borrowings that may qualify for capitalization. All the other borrowing costs are recognized in profit or loss in the period in which they are incurred, net of the effect of inflation on the liabilities that generated them. |
Taxation | 3.7 Taxation Argentina The Group recognizes income tax applying the liability method, which considers the effect of temporary differences between the carrying amount and tax bases of assets and liabilities and the tax loss carry forwards and other tax credits, which may be used to offset future taxable income, at the current statutory rate of 30% or 25% if used in 2020 or after. Additionally, upon the determination of taxable profit, the Group calculates tax on minimum presumed income applying the current 1% tax rate to taxable assets as of the end of each year. This tax complements income tax. The Group’s tax liability will be the higher of the determination of tax on minimum presumed income and the Group’s tax liability related to income tax, calculated applying the current 30% income tax rate to taxable income for the year. However, if the tax on minimum presumed income exceeds income tax during one tax year, such excess may be computed as prepayment of any income tax excess over the tax on minimum presumed income that may be generated in the next ten years. Under Law No. 25,063, dividends distributed, either in cash or in kind, in excess of accumulated taxable income as of the end of the year immediately preceding the dividend payment or distribution date, shall be subject to a 35% income tax withholding as a sole and final payment, except for those distributed to shareholders resident in countries benefited from treaties for the avoidance of double taxation, which will be subject to a minor tax rate. Additionally, on September 20, 2013, Law No. 26,893 was enacted, establishing changes to the Income Tax Law, and determining, among other things, an obligation respecting such tax as a single and final payment of 10% on dividends paid in cash or in kind (except in shares) to foreign beneficiaries and individuals residing in Argentina, in addition to the 35% retention mentioned above. The dispositions of this Law came in force on September 23, 2013, the date of its publication in the Official Gazette. On July 22, 2016, Law No. 27,260 was enacted and, among other things, removed the aforementioned requirement. Income tax expense represents the amount of the tax currently payable and deferred tax. Paraguay The Group recognizes income tax applying the liability method, which considers the effect of temporary differences between the carrying amount and tax bases of assets and liabilities and the tax loss carry forwards and other tax credits, which may be used to offset future taxable income, at the current statutory rate of 10%. 3.7.1.1 Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the Consolidated Statement of Comprehensive Income because of items of income, or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the fiscal year. 3.7.1.2 Deferred tax Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill. The carrying amount of deferred tax assets is reviewed at the end of each fiscal year and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the fiscal year. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the fiscal year, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset only if a) there is a legally enforceable right to offset by the tax authority and b) deferred tax assets and liabilities relate to income taxes levied by the same tax authority, having the Group the intention of settle assets and liabilities on a net basis. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. 3.7.1.3 Current and deferred tax Current and deferred tax are recognized in profit or loss, and included in comprehensive income. Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. 3.7.2. Personal assets tax – Substitute responsible In Argentina, individuals and foreign entities, as well as their undistributed estates, regardless of whether they are domiciled or located in Argentina or abroad, are subject to personal assets tax of 0.25% of the value of any shares issued by Argentine entities, held at December 31 of each year. The tax is levied on the Argentine issuers of such shares, which must pay this tax in substitution of the relevant shareholders, and is based on the equity value (following the equity method), or the book value of the shares derived from the latest financial statements at December 31 of each year. Pursuant to the Personal Assets Tax Law, the Group is entitled to seek reimbursement of such paid tax from the applicable shareholders, using the method the Group considers appropriate. In September 2016, the tax authority approved the exemption request for this tax payment for 2016, 2017 and 2018 for being a compliant taxpayer under Law N° 27,260/2016. As of December 31, 2018 and 2017, the Company carries the following receivables in this respect 5,014,497 and 224,639, respectively. 3.7.3 Tax reform in Argentina On December 29, 2017, Argentina enacted a comprehensive tax reform (Law No. 27,430) through publication in the Official Gazette. The Law is effective from January 1, 2018. Specifically, introduces amendments to income tax (both at corporate and individual levels), value added tax (VAT), tax procedural law, criminal tax law, social security contributions, excise tax, tax on fuels, and tax on the transfer of real estate. At a corporate level, the law decreases the corporate income tax rate from 35% to 30% for fiscal years starting January 1, 2018 to December 31, 2019, and to 25% for fiscal years starting January 1, 2020 and onwards. The Law also establishes dividend withholding tax rates of 7% for profits accrued during fiscal years starting January 1, 2018 to December 31, 2019, and 13% for profits accrued in fiscal years starting January 1, 2020 and onwards. The new withholding rates apply to distributions made to shareholders qualifying as resident individuals or nonresidents. Even though the combined effective rate for shareholders on distributed income (corporate income tax rates plus dividend withholding rates on the after tax profit) will be close to the prior 35% rate, this change is aimed at promoting the reinvestment of profits. Additionally, the Law repeals the “equalization tax” (i.e., 35% withholding applicable to dividends distributed in excess of the accumulated taxable income) for income accrued from January 1, 2018. The Group has measured its deferred tax assets and liabilities as of December 31, 2018 by application of 30% or 25% tax rates according to the fiscal year in which the Group estimates that the timing differences that have been recognized shall be reverted. In addition, the tax reform also introduced changes when it comes to the treatment of the levy of taxes on dividends. Law No. 27,260 was promulgated on July 22, 2016 which repealed the tax that would have been established in the year 2013 through Law No. 26,893 as Income tax as a one-off Revaluation of certain assets for tax porppuses: The tax reform reinstates a tax on the dividends or earnings distributed to individuals, undivided estates and/or foreign beneficiaries applicable in accordance with the following guidelines: • When distributed dividends or earnings are generated in fiscal years starting from January 1, 2018 and December 31, 2019: such dividends are levied with a 7% tax rate. • When distributed dividends or earnings are generated in fiscal years starting as from January 1, 2020, such dividends are levied with a 13% tax rate. Lastly, the so-called Pursuant to Law No. 27,430, the Tax Reform Law, an optional regime was established pursuant to which the Companies shall be allowed to revalue, for tax purposes, exceptionally and on a one-off The exercise of the tax revaluation option shall be levied with a Special Tax to be applied on the amount of the revaluation, concerning all the revalued assets, through the application of the following tax rates: • Real property that are not inventories: 8% • Real property that are inventories: 15% • Personal property susceptible of depreciation and the rest of the assets: 10% In order to calculate Income Tax, the special tax that must be paid shall not be deductible as an expense and the income generated by the revaluation amount shall be exempted and shall not be computed for purposes of the Equalization Tax. In much, the same manner the revaluation amount shall not be computable in the assessment of the minimum presumed income tax concerning fiscal period 2018, which was the last year when the tax was levied. As regards the assessment of Income tax for the fiscal periods following the option period (fiscal period 2017) the increase in the depreciation of revalued assets may be deducted as an expense, if applicable, determined in conformity with the years, quarters, unit values of exhaustion or other parameters calculated on the basis of the type of asset and method adopted in due time for assessing Income tax, remaining at the end of the option period. In addition, the respective asset can continue to be depreciated until total exhaustion of value or up to the moment of disposal based on the value of origin, method and useful life adopted in due time to assess Income tax. In addition, the exercise of the option allows the value of fixed assets revalued as from fiscal 2018 to continue to be updated on the basis of the variation in the consumer price index – general level. Should a revalued asset be sold, the residual value of the original value acquired or constructed plus the residual value of the revaluation amount may be deducted as cost for tax purposes. This notwithstanding, if the disposal takes place in any of two fiscal periods immediately following the period of the option, the amount of the revaluation (net of depreciations) will be reduced by 60% or 30%, depending on whether the asset has been sold in the first fiscal year or the second fiscal year, respectively. The exercise of the tax revaluation option implies waiving the right to bring actions in court or before administrative authorities whereby a claim is asserted for tax purposes for the enforcement of update procedures of any nature, concerning the fiscal period when the option is exercised of the fiscal periods in which the revaluation amount is computed or included as a computable cost in the assessment of Income Tax. (see note 43) |
Property, plant and equipment | 3.8 Property, plant and equipment Property, plant and equipment held for being used in the production or supply of goods and services, or for administrative purposes, are carried at cost, restated in end-of-period The Company holds spare parts that will be used to replace parts of property, plant and equipment and that used to increase the asset’s useful life when it exceeds 12 months. These spare parts are classified in property, plant and equipment and not in invento Lands were not depreciated. Properties under construction for administrative, production, supply or other purposes are carried at cost, at cost restated in end-of-period Depreciation is recognized so as to write-off The assets maintained under finance lease are depreciated over their useful life estimated equal to useful life of the assets under the lease, or, if the latter is shorter, over the term of the corresponding lease. Gain or loss derived of the write-off end-of-period |
Intangible assets | 3.9 Intangible assets Intangible assets with finite useful lives, acquired separately, are carried at cost, restated in end-of-period The method of amortization of Mining exploitation rights will be determined at the time it become used by the Company. The estimated useful life and amortization method are reviewed at the end of the fiscal year, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives, acquired separately, are carried at cost, restated cost in end-of-period Derecognition of intangible assets An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized. |
Impairment of tangible and intangible assets | 3.10 Impairment of tangible and intangible assets At the end of the fiscal year, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indications exist, the recoverable amounts of the assets is estimated in order to determine the impairment loss (if any). The Group estimated the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax year-end Intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss. When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. |
Inventories | 3.11 Inventories Inventories are stated at the lower of acquisition cost restated in end-of-period |
Provisions | 3.12 Provisions Provisions are recognized when the Group have a present obligation (legal or constructive) as a result of a past event and it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation, at the end of the fiscal year, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the estimated cash flow for repayment of the existing obligation, its book value represents the current value of such cash flow. When some or all of the economic benefits required to settle a provision are expected to be recovered, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. |
Environmental restoration | 3.13 Environmental restoration Under legal provisions, the land used for mining and quarries is subject to environmental restoration in Argentina. The estimated present value of the asset retirement obligation is recorded as a long-term liability, with a corresponding increase in the carrying amount of the related asset, subject to depreciation. The liability recorded is increased each fiscal period due to the passage of time and this change is charged to net profit or loss. The asset retirement obligation can also increase or decrease due to changes in the estimated timing of cash flows, changes in the discount rate and/or changes in the original estimated undiscounted costs. Increases or decreases in the obligation will result in a corresponding change in the carrying amount of the related asset. Actual costs incurred upon settlement of the asset retirement obligation are charged against the asset retirement obligation to the extent of the liability recorded. The Company discounts the costs related to asset retirement obligations using the discount rate that reflects the current market assessment of the time value of money and risks specific to the liabilities that have not been reflected in the cash flow estimates. Asset retirement obligations are remeasured at each reporting period in order to reflect the discount rates in effect at that time. In addition, the Group follows the practice of progressively restoring the spaces freed by the removal of quarries using the allowances created for such purposes. |
Financial instruments | 3.14 Financial instruments Financial assets and financial liabilities are recognized when a group entity becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financials assets and financial liabilities (other than financial assets and liabilities at fair value through profit or loss) are added or deducted from the fair value of the financial assets of financial liabilities, as appropriate, on initial recognition. Transactions costs directly attributable to the acquisition of financial assets of financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. |
Financial assets | 3.15 Financial assets Financial assets are classified into the following specified categories: financial assets ‘at fair value through profit or loss’ (FVTPL), ‘held-to-maturity’ ‘available-for-sale’ i) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss (“FVTPL”) are financial assets held for trading. Financial assets are included in this category whether acquired primarily to be sold in the immediate future. Financial assets at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any dividend or interest earned on the financial asset and is included in the ‘other gains and losses’ line item. Fair value is determined in the manner described in note 34. ii) Effective interest method The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Income is recognized on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL. iii) Loans and receivables The loans and receivables are non-derivative non-current The assets under accounts receivable are recorded at their amortized cost by applying the effective interest method, net of any allowance for impairment, if applicable. iv) Financial assets held-to-maturity These are non-derivative Subsequent to initial recognition, held-to-maturity v) Unconsolidated Ferrocarril Roca Management Trust The 100% interest in the Ferrocarril Roca Management Trust is valued at cost, restated in end-of-year This unconsolidated structured entity refers to the entity which is not controlled by the Company (Note 39). As of December 31, 2018 and 31, 2017, the Company´s participation in the unconsolidated trust is as follows: As of 12.31.2018 12.31.2017 12.31.2016 Current assets 55,987,087 75,465,680 Current liabilities 73,810 1,486,645 Equity 55,913,277 73,979,035 Loss for the year (1) (5,667,035 ) (28,982,971 ) (16,737,111 ) (1) Considering the effect of aplication of IAS 29 vi) Financial assets available for sale Financial assets that are either designated as assets held for sale (“AFS”) or are not classified as (a) loans and receivables, (b) held-to-maturity Such financial assets are measured at fair value, with any gain or loss recognized under other comprehensive income. Upon sale or impairment of the asset, the accumulated gain or loss previously recognized in other comprehensive income is reclassified under income for the year. These financial assets are classified as other non-current vii) Impairment of financial asset Financial assets other than those valued at fair value with changes to profit or loss, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected. The objective impairment evidence should include: • Significant financial difficulties of the issuer or obligor; or • Default on contract clauses, such as non-payment • The borrower is likely to file for bankruptcy or any other form of financial reorganization; or • The disappearance of an active market for that financial asset because of financial difficulties. For certain categories of financial assets, such as trade receivables, where the impairment test on the asset has been assessed on an individual basis and found that the asset is not individually impaired, such asset is to be included in the collective impairment test. The objective evidence of an accounts receivable portfolio being impaired includes the past experience of the Company regarding receivable collection, as well as any changes that are evident in the local and national economic conditions related to payment default. For financial assets carried at amortized cost, the amount of the impairment loss recognized is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. For financial assets that are carried at cost, the amount of the impairment loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods. The carrying amount of the financial assets is directly written down by the impairment loss, except for trade receivables where the book value is written down through an allowance for bad debts. Where a trade receivable is considered a bad debt, it is written off against the allowance. The changes in the carrying value of the allowance for bad debts is recognized in the statement of comprehensive income. For financial assets measured at amortized cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. viii) Derecognition of a financial asset The Company shall derecognize a financial asset only when the contractual rights on the financial assets cash flows expire and transfer the substantial risks and advantages inherent to ownership of the financial asset. If the Company does not transfer or retain substantially all the risks and advantages inherent to the ownership and retains the control over the asset transferred, the Company shall recognize its interest in the asset and the associated obligation at the amounts payable. If the Company retains substantially all the risks and advantages inherent to property on the transferred financial asset, the Company shall continue to recognize the financial asset and shall also recognize a collateral loan for the receipts. On derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity is recognized in profit or loss. On derecognition of a financial asset other than in its entirety (e.g. when the Group retains an option to repurchase part of a transferred asset), the Group allocates the previous carrying amount of the financial asset between the part it continues to recognize under continuing involvement, and the part it no longer recognized on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognized and the sum of the consideration received for the part no longer recognized and any cumulative gain or loss allocated to it that had been recognized in other comprehensive income is recognized in profit or loss. A cumulative gain or loss that had been recognized in other comprehensive income is allocated between the part that continues to be recognized and the part that is no longer recognized on the basis of the relative fair values of those parts. |
Financial liabilities and equity instruments | 3.16 Financial liabilities and equity instruments i) Classification as debt or equity Debt and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement and the definitions of a financial liability and an equity instrument. ii) Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by a group entity are recognized at the proceeds received, net of direct issue costs. Repurchase of the Company’s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments. Capital stock and other capital related accounts a) Capital stock and share premium It is composed by contributions made by the shareholders. Capital stock is represented by shares and includes subscribed shares at their nominal value. b) Adjustment to capital Adjustment to capital recognize the effects of changes in the purchasing power of the Argentine peso until December 31, 2018 applying the procedure described in Note 2.2. Capital stock account has been maintained at its nominal value and the adjustment deriving from the restatement mentioned before, has been disclosed in Adjustment to capital account. Adjustment to capital may not be distributed in cash or in kind. However, it can be capitalized by issuing additional shares. In addition, this adjustment may be used to settle accumulated losses, according to absorption of cumulative losses order, as explained below, in “Accumulated earnings”. c) Merger premiums These pertain to the recognition of the premiums originated in mergers, mainly from the merger with Ecocemento S.A. and Compañía de Servicios a la Construcción S.A. in 2002 and 2010, respectively. The balances as of December 31, 2014 derives from merges prior to the adoption of IFRS. The merger for 2015 was recognized to book values. Merger premium balances were restated in year-end d) Other capital adjustments In the year ended December 31, 2016, it was included in this caption an amount of 743,298,310 related to the excess of the consideration for the 16% equity interest –in Yguazú Cementos S.A. acquired to InterCement Brasil S.A. (related party) over the book values recorded by such entity (Note 16). During the year ended December 31, 2017, the Company accounted for the acquisition of the 2.36% of equity share in Cofesur S.A.U., which was approved by Government in March 2017. Since the Company had acquired such participation from Camargo Correa S.A., it applied its accounting policy for acquisitions of entities under common control and recognized the participation at their carrying amount, being the excess of the purchase price over such amount disclosed in Equity under the caption adjustments in Owners´ contributions. Legal reserve In accordance with the provisions of Law No. 19,550, the Company has to appropriate to the legal reserve no less than 5% of the sum of net income for the year adjusted by any amount that could have been transferred form accumulated other comprehensive income (loss) to retained earnings plus any adjustment recognized directly in retained earnings, until such reserve reaches 20% of the subscribed capital plus adjustment to capital. The Legal reserve has been maintained at nominal value at January 1, 2016 and, as from that moment, it has been restated in end-of-year Environmental reserve and Future dividends reserve Corresponds to the allocation made by the Company´s Shareholders’ meeting, whereby a specific amount is transferred to the reserve environmental issues and for future dividends, respectively. These two reserves have been maintained at nominal value at January 1, 2016 and, as from that moment, they have been restated in end-of-year Other comprehensive income Includes income and expenses recognized directly in equity accounts and the transfer of such items from equity accounts to the income statement of the year or to retained earnings, as defined by IFRS. a) Cash flow hedging reserve Corresponds to the reserve generated by the financial instruments designated as hedging. b) Exchange differences on translating foreign operations Corresponds to the reserve generated by the conversion of the financial statements of the subsidiary Yguazú Cementos S.A. into the Company’s presentation currency, as indicated in note 3.5. Retained earnings Includes accumulated gains or losses without a specific appropriation that being positive can be distributed upon the decision of the Shareholders’ meeting, while not subject to legal restrictions. Additionally, it includes the net profit of previous years that was not distributed, the amounts transferred from other comprehensive income and adjustments to income of previous years produced by the application of new accounting standards. Unappropriated results as of January 1, 2016 were determined by detracting them from shareholders’ equity and from then onwards they were stated in end-of-year Non-controlling Corresponds to the interest in the net assets acquired and net income of: • As of December 31, 2018 and 2017: Yguazú Cementos S.A. (49%) and Ferrosur Roca S.A. (20%), representing the rights on shares that are not owned by Loma Negra C.I.A.S.A. iii) Financial liabilities Financial liabilities are classified as either financial liabilities at FVTPL or other financial liabilities. Financial liabilities at fair value through profit or loss A financial liability at fair value with changes through profit or loss is a financial liability classified either as held for trading or at fair value with changes through profit or loss. A financial liability is classified as held for trading if: a) It is acquired or incurred principally for the purpose of selling or repurchasing it in the near term; or b) It is part of a portfolio of identified financial instruments that are managed together and, at a later date, there arises evidence for the first time of a recent actual pattern of short-term profit taking; or c) It is a derivative, except for a derivative that is a designated and effective hedging instrument. Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any interest paid on the financial liability and is included in the ‘other gains and losses’ line item. Fair value is determined in the manner described in note 34. A financial liability other than a financial liability held for trading or contingent consideration that may be paid by an acquirer as part of a business combination may be designated as at FVTPL upon initial recognition if: • such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or • the financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Group’s documented risk management or investment strategy, and information about the grouping is provided internally on that basis; or • it forms part of a contract containing one or more embedded derivatives, and IAS 39 permits the entire combined contract to be designated as at FVTPL. Other financial liabilities Other financial liabilities, including borrowings and trade and other payables, are initially recognized at fair value, net of costs directly attributable to their acquisition (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) Subsequent to initial recognition, other financial liabilities are measured at amortized cost using the effective interest method, with interest income recognized based on the effective yield. Financial liabilities are classified as current liabilities unless the Company has an unconditional right to defer its settlement for more than 12 months from the balance sheet date. Incentive program On February 24, 2018, the Board of Directors approved the implementation of an incentive program calculated on the basis of the Company’s ADS (the “Program”). The purpose of this Program is to attract and retain certain high-ranking employees who satisfy certain admissibility criteria, in the search for aligning the Company’s and its shareholders’ long-term interest. The Program consists in granting options over a quantity of the Company’s virtual ADS (which shall not be shares issued in the terms of the Argentine General Companies’ Law) (the “Virtual Shares”) granted in the framework of an annual plan to grant options (the “Plan”) together with the option to exercise the benefits granted under the Program with respect to the quantity of Virtual Shares granted (the “Option”) which is formalized through the execution and delivery of the plan by the Company and the participant (the “Date of Grant”). The Purpose of Granting the Plan shall be an economic benefit on a given quantity of Virtual Shares that consists in the difference between the value of each Virtual Share in US Dollars at the date of exercising the Option minus the value of each Virtual Share in US Dollars at each Date of Option Grant, multiplied by the quantity of Virtual Shares exercised and converted into Argentine Pesos in accordance with the average of the official quotation between the purchase and sale of the last 60 days before the date of payment of the benefit. The Date of exercise of the Options may be from the Date of Grant and at the expiration of the second anniversary up to 34%; after the third anniversary 67% and at the end of the fourth anniversary, 100%. The term for exercising the options shall be of up to a maximum term of 5 years from the Date of Grant and the Economic Benefit shall have established certain limits for each Participant defined in each Plan. In addition, the Program establishes grounds for forfeiture of the Options as, for instance, resignation, dismissal for cause, retirement or no-cause With respect to the 2018 Plan, the Board of Directors approved the grant of 215,307 Virtual Shares amongst several Participants, establishing limits on exercise in each one of the cases, which was communicated to the participant in 2019. iv) Financial liabilities in foreign currency The fair value of financial liabilities denominated in foreign currency is determined in that foreign currency and then translated at the exchange rate prevailing at the end of each reporting period. The foreign currency component forms part of its profit or loss at fair value. As regards financial liabilities classified as fair value with changes through profit or loss, the foreign currency component is recognized in profit and loss. In the case of debt instruments denominated in foreign currency classified at amortized cost, determination of exchange differences is based on the asset amortized cost and recognized under “Exchange differences” (note 10), “Financial income” to the Statement of Comprehensive Income. v) Derecognition of a financial liability The Company shall derecognized a financial liability if, and only if, the Company’s liabilities expire, are discharged or satisfied. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. |
Derivative financial instruments | 3.17 Derivative financial instruments Liabilities are recognized for the benefits accrued in favor of employees with respect to the salaries and wages, annual vacations and leaves of absence due to diseases in the period in which the service is rendered in connection with the non-discounted Liabilities are recognized in connection with short-term employee benefits measured at the non-discounted The liabilities recognized with respect to other long-term employee benefits (termination payment plans, which stem from plans that are specific to the employees who leave the Company and receive a compensation agreed to be paid in installments) are measured at the present value of estimated future cash outflows expected to be realized by the Group. |
Basis of Preparation of the C_3
Basis of Preparation of the Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Summary of Significant Investments in Subsidiaries | Detailed below are the subsidiaries whose financial statements have been included in these consolidated financial statements: Main activity Place of % of direct and indirect equity interest as of 12-31-2018 12-31-2017 12-31-2016 Subsidiaries: Cofesur S.A.U. (1) Holding Argentina 100.00 100.00 97.64 Ferrosur Roca S.A. (2) Train cargo transportation Argentina 80.00 80.00 78.12 Recycomb S.A.U. Waste recycling Argentina 100.00 100.00 100.00 Yguazú Cementos S.A. (3) Manufacture and marketing of Paraguay 51.00 51.00 51.00 (1) As of December 2016, Loma Negra C.I.A.S.A. had advance funds for the purchase of an additional equity interest of 2.36%. This acquisition needed to be authorized by the Argentine State. On March 6, 2017, the transaction aforementioned was finally approved. (2) Controlled directly by Cofesur S.A.U. (3) Company controlled due to the business combination under common control made on December 22, 2016 (note 16). As a result, the statement of financial position line items of Yguazú Cementos S.A. as of December 31, 2016 were included in the consolidated statement of financial position of the Company as of December 31, 2016; in the case of the consolidated statement of profit or loss and other comprehensive income, the equity in profit or loss of Yguazú Cementos S.A. is presented in the line “Share of profit (loss) of associates” in each of the years presented since the consolidation of results for the 10-day |
Yguazu Cementos S.A. [member] | |
Statement [LineItems] | |
Summary of Financial Information on Ferrosur Roca S A | a) Yguazú Cementos S.A. As of 12.31.2018 12.31.2017 Current assets (1) 1,278,327,160 730,825,333 Non-current 4,118,220,214 3,482,599,805 Current liabilities (2) 750,929,946 569,154,594 Non-current 2,141,955,405 1,967,426,624 Equity attributable to the owners of the Company 1,276,909,432 855,218,394 Non-controlling 1,226,752,592 821,625,525 (1) Includes 570,921,230 and 165,280,282 of cash and cash equivalents as of December 31, 2018 and December 31, 2017, respectively. (2) Includes the financial loans described in note 25. The summarized figures presented for Yguazú Cementos S.A. as of December 31, 2018 (as a consolidated subsidiary) reflect the book values of the assets and liabilities (see Note 16.1) and adjustments to conform to the Company’s accounting policies. For the year ended 12.31.2018 12.31.2017 Net revenue 2,341,209,828 1,701,773,301 Finance cost, net (226,732,359 ) (107,405,382 ) Depreciation (341,286,473 ) (252,098,033 ) Income tax (31,734,545 ) (18,184,484 ) Profit for the year 355,108,341 325,840,272 For the year ended 12.31.2018 12.31.2017 Net cash generated by operating activities 752,656,876 414,108,341 Net cash used in investing activities (79,747,134 ) (82,487,836 ) Net cash used in financing activities (315,318,864 ) (543,362,464 ) |
Ferrosur Roca S.A. [member] | |
Statement [LineItems] | |
Summary of Financial Information on Ferrosur Roca S A | As of 12.31.2018 12.31.2017 Current assets 707,915,038 710,726,928 Non-current 1,808,071,617 1,917,145,118 Current liabilities 1,614,662,438 1,238,481,096 Non-current 121,151,045 486,220,086 Equity attributable to the owners of the Company 595,607,854 684,451,766 Non-controlling 145,901,963 171,112,942 For the year ended 12.31.2018 12.31.2017 12.31.2016 Net revenue 2,587,464,615 2,619,954,825 2,414,868,460 Finance costs, net (90,551,880 ) (23,085,904 ) (88,780,125 ) Depreciation (377,618,154 ) (278,544,476 ) (254,637,141 ) Income tax 143,552,241 (53,207,420 ) (77,744,862 ) Profit or (loss) for the year (111,054,891 ) (55,970,669 ) 74,648,200 For the year ended 12.31.2018 12.31.2017 12.31.2016 Net cash (used in) generated by operating activities (173,232,788 ) 249,905,667 497,567,822 Net cash used in investing activities (270,847,398 ) (420,408,029 ) (263,999,071 ) Net cash (used in) generated by financing activities 438,763,277 166,865,291 (219,807,442 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Disclosure of information about unconsolidated structured entities controlled by investment entity | As of December 31, 2018 and 31, 2017, the Company´s participation in the unconsolidated trust is as follows: As of 12.31.2018 12.31.2017 12.31.2016 Current assets 55,987,087 75,465,680 Current liabilities 73,810 1,486,645 Equity 55,913,277 73,979,035 Loss for the year (1) (5,667,035 ) (28,982,971 ) (16,737,111 ) (1) Considering the effect of aplication of IAS 29 |
Critical Accounting Judgments_2
Critical Accounting Judgments and Key Sources Used for Estimating Uncertaint (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Disclosure of Estimated Useful Life for Property Plant and Equipment and Other Intangible Assets | The following is the estimated useful life for each component of Property, plant and equipment and other intangible assets: Useful life Quarries 100 years Quarries – Cost of surface excavations Units of production Plants and buildings 25 to 50 years Machinery, equipment and spare parts 10 to 35 years Furniture and fixtures 10 years Tools and devices 5 years Software 5 years Transport and load vehicles 5 years |
Net Revenue (Tables)
Net Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Disclosure of Net Revenue | 12.31.2018 12.31.2017 12.31.2016 Sales of goods 26,562,884,939 24,428,156,360 19,156,011,665 Domestic market 26,549,183,632 24,421,046,495 19,150,390,183 External customers 13,701,307 7,109,865 5,621,482 Services rendered 1,501,523,693 1,590,351,169 1,166,644,033 (-) Bonus / Discounts (1,257,477,108 ) (1,179,894,646 ) (988,266,581 ) Total 26,806,931,524 24,838,612,883 19,334,389,117 |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Disclosure of Cost of Sale | 12.31.2018 12.31.2017 12.31.2016 Net revenue Cement, masonry cement and lime – Argentina 16,282,614,057 11,649,136,962 8,314,392,402 Cement – Paraguay 1,959,634,979 1,152,606,929 — Concrete 3,657,338,674 1,903,346,280 1,044,559,627 Railroad 2,136,181,737 1,608,080,671 1,223,681,686 Aggregates 334,206,557 261,292,612 189,491,197 Others 117,898,203 133,109,926 75,636,911 Eliminations (2,325,008,399 ) (1,421,038,454 ) (973,318,615 ) Subtotal 22,162,865,808 15,286,534,926 9,874,443,208 Reconciliation - Effect from restatement in constant currency 4,644,065,716 9,552,077,957 9,459,945,909 Total 26,806,931,524 24,838,612,883 19,334,389,117 Cost of sales Cement, masonry cement and lime - Argentina 10,619,291,608 7,986,358,455 6,045,620,325 Cement – Paraguay 1,379,208,675 803,220,686 — Concrete 3,421,580,967 1,795,052,472 968,360,040 Railroad 1,913,366,156 1,352,375,734 1,011,559,523 Aggregates 360,465,602 266,721,854 176,603,548 Others 67,056,625 67,374,539 35,697,635 Eliminations (2,325,008,399 ) (1,421,038,454 ) (973,318,615 ) Subtotal 15,435,961,234 10,850,065,286 7,264,522,456 Reconciliation - Effect from restatement in constant currency 4,546,832,818 7,659,874,517 7,889,653,018 Total 19,982,794,052 18,509,939,802 15,154,175,474 Selling, administrative expenses and other gains and losses Cement, masonry cement and lime - Argentina 1,084,762,773 850,722,982 726,012,191 Cement – Paraguay 64,315,992 43,633,705 — Concrete 117,877,891 77,974,017 49,143,560 Railroad 149,809,534 105,192,391 (4,235,303 ) Aggregates (4,173,225 ) 4,411,761 5,217,097 Others 39,610,163 38,471,541 29,341,972 Subtotal 1,452,203,128 1,120,406,397 805,479,517 Reconciliation - Effect from restatement in constant currency 372,617,951 732,311,020 819,667,182 Total 1,824,821,079 1,852,717,417 1,625,146,699 Depreciation and amortization Cement, masonry cement and lime - Argentina 415,892,004 342,614,418 432,545,694 Cement - Paraguay 279,997,274 170,931,104 — Concrete 32,222,290 24,544,240 12,492,535 Railroad 137,274,165 74,821,293 54,995,174 Aggregates 24,139,262 10,505,708 7,115,732 Others 2,669,087 2,463,945 1,924,745 Subtotal 892,194,082 625,880,708 509,073,880 Reconciliation - Effect from restatement in constant currency 1,229,195,797 1,116,496,197 466,523,151 Total 2,121,389,879 1,742,376,905 975,597,031 Net revenue less cost of sales, selling, administrative expenses and other gains and losses Cement, masonry cement and lime - Argentina 4,578,559,676 2,812,055,527 1,542,759,886 Cement - Paraguay 516,110,312 305,752,538 — Concrete 117,879,816 30,319,791 27,056,027 Railroad 73,006,047 150,512,546 216,357,466 Aggregates (22,085,820 ) (9,841,002 ) 7,670,552 Others 11,231,415 27,263,846 10,597,304 Subtotal 5,274,701,446 3,316,063,246 1,804,441,235 Reconciliation - Effect from restatement in constant currency (275,385,053 ) 1,159,892,418 750,625,710 Total 4,999,316,393 4,475,955,664 2,555,066,945 Reconciling items: Share of profit (loss) of associates — — 76,243,433 Tax on debits and credits to banks accounts (254,200,939 ) (304,817,393 ) (277,325,855 ) Finance costs, net (1,662,578,414 ) (271,396,125 ) (417,358,381 ) Income tax expense (1,131,955,333 ) (221,946,197 ) (649,823,084 ) Total 1,950,581,707 3,677,795,949 1,286,803,058 |
Disclosure of Expenses | The detail of production expenses is as follows: 12.31.2018 12.31.2017 12.31.2016 Fees and compensation for services 338,361,431 240,188,021 93,169,996 Salaries, wages and social security charges 3,378,324,270 3,394,584,722 2,920,013,396 Transport and travelling expenses 154,985,074 143,049,709 115,920,422 Data processing 16,022,004 13,462,402 10,071,056 Taxes, contributions and commissions 297,520,458 273,981,570 235,008,269 Depreciation 2,168,377,652 1,778,059,159 1,745,929,546 Preservation and maintenance costs 1,925,898,405 2,026,701,131 1,718,296,176 Communications 17,380,962 16,139,712 16,348,437 Leases 50,627,223 40,083,823 46,386,600 Employee benefits 73,886,824 78,909,050 64,774,031 Water, natural gas and energy services 5,864,370 6,011,499 5,242,619 Freight 1,741,333,971 1,756,121,044 865,177,629 Thermal energy 3,174,560,678 2,468,858,624 2,332,106,394 Insurance 42,604,268 37,350,338 38,288,531 Packaging 711,820,053 607,452,248 683,413,507 Electrical power 2,038,236,493 1,562,375,458 1,507,985,880 Contractors 1,490,539,443 1,203,451,827 1,101,169,172 Tolls 3,981,497 7,366,963 19,973,426 Canon (Concession fee) 18,081,077 18,256,120 17,725,138 Security 118,815,399 130,126,322 114,647,519 Others 228,022,708 261,092,583 218,399,693 Total 17,995,244,260 16,063,622,325 13,870,047,437 |
Selling and Administrative Ex_2
Selling and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Disclosure of selling, general and administrative expenses | 12.31.2018 12.31.2017 12.31.2016 Net revenue Cement, masonry cement and lime – Argentina 16,282,614,057 11,649,136,962 8,314,392,402 Cement – Paraguay 1,959,634,979 1,152,606,929 — Concrete 3,657,338,674 1,903,346,280 1,044,559,627 Railroad 2,136,181,737 1,608,080,671 1,223,681,686 Aggregates 334,206,557 261,292,612 189,491,197 Others 117,898,203 133,109,926 75,636,911 Eliminations (2,325,008,399 ) (1,421,038,454 ) (973,318,615 ) Subtotal 22,162,865,808 15,286,534,926 9,874,443,208 Reconciliation - Effect from restatement in constant currency 4,644,065,716 9,552,077,957 9,459,945,909 Total 26,806,931,524 24,838,612,883 19,334,389,117 Cost of sales Cement, masonry cement and lime - Argentina 10,619,291,608 7,986,358,455 6,045,620,325 Cement – Paraguay 1,379,208,675 803,220,686 — Concrete 3,421,580,967 1,795,052,472 968,360,040 Railroad 1,913,366,156 1,352,375,734 1,011,559,523 Aggregates 360,465,602 266,721,854 176,603,548 Others 67,056,625 67,374,539 35,697,635 Eliminations (2,325,008,399 ) (1,421,038,454 ) (973,318,615 ) Subtotal 15,435,961,234 10,850,065,286 7,264,522,456 Reconciliation - Effect from restatement in constant currency 4,546,832,818 7,659,874,517 7,889,653,018 Total 19,982,794,052 18,509,939,802 15,154,175,474 Selling, administrative expenses and other gains and losses Cement, masonry cement and lime - Argentina 1,084,762,773 850,722,982 726,012,191 Cement – Paraguay 64,315,992 43,633,705 — Concrete 117,877,891 77,974,017 49,143,560 Railroad 149,809,534 105,192,391 (4,235,303 ) Aggregates (4,173,225 ) 4,411,761 5,217,097 Others 39,610,163 38,471,541 29,341,972 Subtotal 1,452,203,128 1,120,406,397 805,479,517 Reconciliation - Effect from restatement in constant currency 372,617,951 732,311,020 819,667,182 Total 1,824,821,079 1,852,717,417 1,625,146,699 Depreciation and amortization Cement, masonry cement and lime - Argentina 415,892,004 342,614,418 432,545,694 Cement - Paraguay 279,997,274 170,931,104 — Concrete 32,222,290 24,544,240 12,492,535 Railroad 137,274,165 74,821,293 54,995,174 Aggregates 24,139,262 10,505,708 7,115,732 Others 2,669,087 2,463,945 1,924,745 Subtotal 892,194,082 625,880,708 509,073,880 Reconciliation - Effect from restatement in constant currency 1,229,195,797 1,116,496,197 466,523,151 Total 2,121,389,879 1,742,376,905 975,597,031 Net revenue less cost of sales, selling, administrative expenses and other gains and losses Cement, masonry cement and lime - Argentina 4,578,559,676 2,812,055,527 1,542,759,886 Cement - Paraguay 516,110,312 305,752,538 — Concrete 117,879,816 30,319,791 27,056,027 Railroad 73,006,047 150,512,546 216,357,466 Aggregates (22,085,820 ) (9,841,002 ) 7,670,552 Others 11,231,415 27,263,846 10,597,304 Subtotal 5,274,701,446 3,316,063,246 1,804,441,235 Reconciliation - Effect from restatement in constant currency (275,385,053 ) 1,159,892,418 750,625,710 Total 4,999,316,393 4,475,955,664 2,555,066,945 Reconciling items: Share of profit (loss) of associates — — 76,243,433 Tax on debits and credits to banks accounts (254,200,939 ) (304,817,393 ) (277,325,855 ) Finance costs, net (1,662,578,414 ) (271,396,125 ) (417,358,381 ) Income tax expense (1,131,955,333 ) (221,946,197 ) (649,823,084 ) Total 1,950,581,707 3,677,795,949 1,286,803,058 |
Other Gains and Losses (Tables)
Other Gains and Losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Detailed Information About Other Gains and Losses | 12.31.2018 12.31.2017 12.31.2016 Gain on disposal of Property, plant and equipment 13,589,670 7,576,956 61,034,176 Donations (20,487,621 ) (25,085,755 ) (28,183,329 ) Technical assistance and services provided 4,297,212 1,264,139 15,024,440 Gain on tax credits acquired 2,133,626 3,356,327 7,705,768 Canon recovery - Ferrosur Roca S.A. (Note 39) — — 155,588,061 Contingencies (7,528,507 ) (29,360,043 ) (6,909,723 ) Result from U.E.P.F.P. - Ferrosur Roca S.A. (Note 38) — 12,503,826 — Service fee from ADS Depositary bank 100,334,962 102,251,124 — Leases 30,973,702 36,320,027 33,725,495 Miscellaneous (14,053,624 ) 7,529,190 (6,361,984 ) Total 109,259,420 116,355,791 231,622,904 |
Finance Costs, Net (Tables)
Finance Costs, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Finance Costs | 12.31.2018 12.31.2017 12.31.2016 Exchange rate differences Foreign exchange gains 406,979,707 103,099,801 — Foreign exchange losses (1,648,852,331 ) (227,524,933 ) (209,421,741 ) Total (1,241,872,624 ) (124,425,132 ) (209,421,741 ) Financial income Interest from loans to related parties — 5,339,942 27,656,145 Unwinding of discounts on provisions and liabilities 26,911,769 22,938,565 38,077,650 Total 26,911,769 28,278,507 65,733,795 Financial expenses Interest on borrowings (386,601,388 ) (378,431,485 ) (284,624,784 ) Tax interest (84,878,380 ) — — Interest from short-term investments (29,535,986 ) (27,276,229 ) (27,346,411 ) Interest with related parties (6,911,320 ) (11,318,872 ) (13,395,193 ) Unwinding of discounts on receivables (31,683,921 ) (26,400,719 ) (70,006,684 ) Others (121,735,408 ) (74,096,169 ) (96,666,874 ) Total (661,346,403 ) (517,523,474 ) (492,039,946 ) |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Income Tax Expense | 12.31.2018 12.31.2017 12.31.2016 Profit before income tax expense 3,082,537,040 3,899,742,146 1,936,626,142 Statutory rate 30 % 35 % 35 % Income tax at statutory rate (924,761,112 ) (1,364,909,751 ) (677,819,150 ) Adjustments for calculation of the effective income tax: Effect of different statutory income tax rate in Paraguay (*) 77,368,577 97,038,700 — Effect of restatement on homogeneous cash currency, non impacting income tax (291,318,298 ) (244,119,361 ) 7,278,345 Share of profit (loss) of associates — — 26,685,202 Effect of change in tax rate (note 3.7.3) (5,434,606 ) 1,197,502,640 — Other non-taxable non-deductible 12,190,106 92,541,575 (5,967,481 ) Income tax expense (1,131,955,333 ) (221,946,197 ) (649,823,084 ) (*) Statutory income tax rate in Argentina in 2018 was 30% while in Paraguay was 10%. In 2017 and 2016, such rate was 35% and 10% in Argentina and Paraguay, respectively. (1) Disclosed in Equity, along with the Capital increase |
Summary of Income Tax Expense, Current and Deferred | INCOME TAX EXPENSE 12.31.2018 12.31.2017 12.31.2016 Current (1,049,399,775 ) (1,062,455,589 ) (470,613,337 ) Deferred (82,555,558 ) 840,509,392 (179,209,747 ) Total (1,131,955,333 ) (221,946,197 ) (649,823,084 ) |
Summary of Deffered Income Tax | 11.1) The deferred income tax with charge in profit or loss is composed as follows: 12.31.2018 12.31.2017 12.31.2016 Deferred tax - Assets Carryforward subsidiary tax losses 136,335,733 28,470,551 — Provisions 15,681,562 34,746,760 40,542,949 Trade accounts receivable 940,042 1,409,236 46,711,354 Others 5,809,051 11,140,039 800,656 Sub-total 158,766,388 75,766,586 88,054,959 Deferred tax - Liabilities Investments (2,915,246 ) (26,463,897 ) — Other receivables (21,359,668 ) (2,895,083 ) (113,307,501 ) Property, plant and equipment and intangible assets (3,018,540,501 ) (2,895,012,630 ) (3,688,195,896 ) Inventories (284,484,027 ) (226,845,381 ) — Others (17,566,183 ) (24,608,228 ) (222,172,672 ) Sub-total (3,344,865,625 ) (3,175,825,219 ) (4,023,676,069 ) Total (3,186,099,237 ) (3,100,058,633 ) (3,935,621,110 ) |
Summary of Unrecognized Taxable Temporary Difference Associated with Investments | 11.2) Unrecognized taxable temporary difference associated with investments 12.31.2018 12.31.2017 12.31.2016 Taxable temporary differences in relation to investments in subsidiaries and associates for which deferred tax liabilities have not been recognized are attributable to the following: - Subsidiaries (289,115,277 ) (206,478,679 ) (277,457,196 ) - Others (590,719 ) (590,719 ) (800,180 ) Total (289,705,996 ) (207,069,398 ) (278,257,376 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Profit or loss [abstract] | |
Summary of Earnings and Weighted Average Number of Ordinary Shares used in Calculation of Basic Earnings per Share | The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows: 12.31.2018 12.31.2017 12.31.2016 Profit attributable to the Owners of the parent company used in the calculation of earnings per share – basic and diluted 1,799,871,980 3,509,779,198 1,270,870,542 Weighted average number of ordinary shares for purposes of basic and diluted earnings per share (1) 596,026,490 571,026,490 566,026,490 Basic and diluted earnings per share 3.0198 6.1464 2.2452 (1) The weighted average number of outstanding shares was 596,026,490, 571,026,490 and 566,026,490 as of December 31, 2018, 2017 and 2016, respectively, for the purposes of calculating both the basic and diluted earnings per share, since there are not outstanding debt securities convertible into shares as of December 31, 2018, 2017 and 2016. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | 12.31.2018 12.31.2017 Cost 52,422,111,789 46,425,106,096 Accumulated depreciation (30,544,174,393 ) (28,115,082,718 ) Total 21,877,937,396 18,310,023,378 Land 327,070,487 323,943,737 Plant and buildings 5,100,738,768 4,932,787,638 Machinery, equipment and spare parts 9,885,974,153 9,279,695,285 Transport and load vehicles 1,215,437,338 1,271,671,749 Furniture and fixtures 40,559,310 42,301,414 Quarries 1,898,243,828 1,569,948,844 Tools and devices 27,070,606 29,446,978 Work in progress 3,382,842,906 860,227,733 Total 21,877,937,396 18,310,023,378 Cost Land Plants and Machinery, Transport and Furniture Quarries Tools and Work in progress Total Balances as of January 1, 2017 324,133,888 14,221,822,462 20,536,034,291 3,266,324,622 1,066,431,887 3,897,934,723 161,910,143 989,972,682 44,464,564,698 Effect of foreign currency exchange differences (190,151 ) (1,733 ) (57,994,506 ) (105,234 ) (44,272 ) (3,957,509 ) — (1,020,104 ) (63,313,509 ) Additions — — — 364,425,397 10,026,555 652,071,734 11,710,871 1,047,113,699 2,085,348,256 Disposals — — — (61,493,349 ) — — — — (61,493,349 ) Transfers — 191,708,725 984,129,819 — — — — (1,175,838,544 ) — Balances as of December 31, 2017 323,943,737 14,413,529,454 21,462,169,604 3,569,151,436 1,076,414,170 4,546,048,948 173,621,014 860,227,733 46,425,106,096 Effect of foreign currency exchange differences 3,126,750 9,507 1,064,079,736 1,436,288 1,070,025 65,075,094 — 20,490,022 1,155,287,422 Additions — 24,023,327 — 217,860,298 10,139,704 814,066,479 7,851,827 3,827,360,247 4,901,301,882 Disposals — — (46,237,635 ) (13,345,976 ) — — — — (59,583,611 ) Transfers — 515,839,032 809,396,064 — — — — (1,325,235,096 ) — Balances as of December 31, 2018 327,070,487 14,953,401,320 23,289,407,769 3,775,102,046 1,087,623,899 5,425,190,521 181,472,841 3,382,842,906 52,422,111,789 Accumulated depreciation Land Plants and Machinery, Transport and Furniture and Quarries Tools and Total Balances as of January 1, 2017 — (9,175,958,874 ) (11,447,254,525 ) (2,147,256,065 ) (1,020,996,916 ) (2,452,867,673 ) (134,139,822 ) (26,378,473,875 ) Effect of foreign currency exchange differences — 1,733 348,587 39,166 42,544 2,339 — 434,369 Depreciation charge — (304,784,675 ) (735,568,381 ) (209,397,386 ) (13,158,384 ) (523,234,770 ) (10,034,214 ) (1,796,177,810 ) Disposals — — — 59,134,598 — — — 59,134,598 Balances as of December 31, 2017 — (9,480,741,816 ) (12,182,474,319 ) (2,297,479,687 ) (1,034,112,756 ) (2,976,100,104 ) (144,174,036 ) (28,115,082,718 ) Effect of foreign currency exchange differences — (9,507 ) (266,858,333 ) (1,197,069 ) (509,498 ) (17,596,765 ) — (286,171,172 ) Depreciation charge — (371,911,229 ) (1,000,338,599 ) (274,333,928 ) (12,442,335 ) (533,249,824 ) (10,228,199 ) (2,202,504,114 ) Disposals — — 46,237,635 13,345,976 — — — 59,583,611 Balances as of December 31, 2018 — (9,852,662,552 ) (13,403,433,616 ) (2,559,664,708 ) (1,047,064,589 ) (3,526,946,693 ) (154,402,235 ) (30,544,174,393 ) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Intangible Assets | 12.31.2018 12.31.2017 Software 80,378,851 86,526,395 Mining exploitation rights 138,155,842 138,155,842 Total 218,534,693 224,682,237 |
Summary of Changes in Intangible Assets | Cost Software Mining exploitation rights Total Balances as of January 1, 2017 202,375,261 138,155,842 340,531,103 Effect of foreign currency exchange differences (64,844 ) — (64,844 ) Additions 45,988,383 — 45,988,383 Disposals (186,075 ) — (186,075 ) Balances as of December 31, 2017 248,112,725 138,155,842 386,268,567 Effect of foreign currency exchange differences 1,245,778 — 1,245,778 Additions 22,472,093 — 22,472,093 Disposals — — — Balances as of December 31, 2018 271,830,596 138,155,842 409,986,438 Accumulated amortization Balances as of January 1, 2017 (136,747,674 ) — (136,747,674 ) Effect of foreign currency exchange differences 1,790,687 — 1,790,687 Amortization (26,815,418 ) — (26,815,418 ) Disposals 186,075 — 186,075 Balances as of December 31, 2017 (161,586,330 ) — (161,586,330 ) Effect of foreign currency exchange differences (836,435 ) — (836,435 ) Amortization (29,028,980 ) — (29,028,980 ) Disposals — — — Balances as of December 31, 2018 (191,451,745 ) — (191,451,745 ) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Investments | 12.31.2018 12.31.2017 Non-current In other companies Cementos del Plata S.A. 1,661,984 2,453,846 Total 1,661,984 2,453,846 Current Short-term investments In pesos (1) 1,139,888,100 2,927,749,499 In foreign currency (2) 955,262,795 1,488,201,667 Total 2,095,150,895 4,415,951,166 (1) The Group holds short-term investments denominated in pesos represented principally by participation in Mutual Funds (297,761,281 and 1,072,737,762 as of December 31, 2018 and 2017, respectively), fixed term deposits (842,126,819 as of December 31, 2018) and Bonds issued by the Central Bank of the Argentine Republic (1,855,011,737 as of December 31, 2017). Such investments accrue interest at an annual nominal rate of approximately 54% and 27% as of December 31, 2018 and 2017, respectively. (2) The Group holds short-term investments denominated in US Dollars represented by Money Market Mutual Funds for a total amount of 955,262,795 and 1,488,201,667 as of December 31, 2018 and 2017, respectively, which accrue interest at an annual nominal interest rate of 2.3% and 1.8% as of December 31, 2018 and 2017, respectively. |
Business Combination Under Co_2
Business Combination Under Common Control (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [LineItems] | |
Summary of Transactions Recognised Separately From Acquisition of Assets and Assumption of Liabilities in Business Combination | 12.31.2016 Current assets Inventories 334,968,425 Trade accounts receivable 168,696,333 Other receivables 70,306,386 Cash and cash equivalents 383,117,765 Non-current Property, plant and equipment 3,567,695,547 Intangible assets 624,754 Trade accounts receivable 154,890 Other receivables 147,072,362 Current liabilities Trade and other payables (588,216,706 ) Borrowings (2,720,945,978 ) Payroll and social security payables (9,095,047 ) Tax liabilities (20,353,819 ) Non-current Deferred tax liabilities (13,463,738 ) Net Assets 1,320,561,174 |
Summary of Cash Generated by Acquisition of Subsidiaries | Net cash generated by acquisition of subsidiaries 12.31.2016 Consideration paid in cash — Less: Cash and cash equivalents acquired 383,117,765 Net cash received from acquisition of subsidiaries 383,117,765 Other capital adjustments resulting from the purchase (in pesos) 12.31.2016 Consideration 954,610,145 Plus: Previous equity interest 462,196,412 Plus: Non-controlling 647,052,931 Less: Net assets at book value (1,320,561,177 ) Other capital adjustments 743,298,311 |
Yguazu Cementos S.A. [member] | |
Statement [LineItems] | |
Summary of Business Combination | Business combination during the year 2016 Name Principal Activity Principal place Proportion of ownership 12.31.2018 12.31.2017 12.31.2016 Yguazú Cementos S.A. Manufacture and marketing of cement Paraguay 51 % 51 % 51 % |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Goodwill | 12.31.2018 12.31.2017 Cost Recycomb S.A.U. 16,577,250 16,577,250 Total 16,577,250 16,577,250 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Inventories | 12.31.2018 12.31.2017 Non-current Spare parts 706,104,589 658,647,259 Allowance for obsolete inventories (28,837,294 ) (23,163,458 ) Total 677,267,295 635,483,801 Current Finished products 387,427,380 206,308,504 Products in progress 1,076,713,866 919,201,091 Raw materials, materials and spare parts 1,864,881,423 1,622,044,796 Inventory in transit — 759,306 Fuels 448,774,700 446,818,240 Total 3,777,797,369 3,195,131,937 |
Parent Company, Other Shareho_2
Parent Company, Other Shareholders, Associates and Other Related Parties Balances and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Outstanding Balances Between the Group and the Parent Company, Other Shareholders, Associates and Other Related Parties | The outstanding balances between the Group and the Parent company, other shareholders, associates and other related parties as of December 31, 2018 and 2017 are as follows: 12.31.2018 12.31.2017 Related companies InterCement Brasil S.A. Accounts payable (70,721,829 ) (4,019,486 ) Loma Negra Holding GmbH Other receivables 4,897,103 — Cimpor Trading e Inversiones S.A. Trade accounts receivables — 8,620,086 Other receivables 4,190,711 — Accounts payable (8,021,979 ) (287,626,698 ) InterCement Portugal, S.A. Trade accounts receivable — 20,475,521 Accounts payable (189,356,958 ) (94,704,178 ) Sacopor S.A. Accounts payable — (20,898,026 ) |
Summary of Balances of Related Party Transactions | Summary of balances as of December 31, 2018 and 2017 is as follows: Trade accounts receivable — 29,095,607 Other receivables 9,087,814 — Accounts payable (268,100,226 ) (407,248,388 ) |
Disclosure of Transactions Between the Group and Parent Companies, Associates and Related Parties | The transactions between the Group and parent companies, associates and related parties for the years ended December 31, 2018, 2017 and 2016 are detailed as follows: Associates 12.31.2018 12.31.2017 12.31.2016 InterCement Brasil S.A. Interest and Exchange rate differences 7,569,170 14,469,575 (86,622,923 ) InterCement Brasil S.A. Purchase of Goods and Services (107,028,203 ) (30,830,685 ) (1,114,049,021 ) Cimpor Trading e Inversiones S.A. Exchange rate differences 60,190,985 2,708,445 (3,804,020 ) Cimpor Trading e Inversiones S.A. Purchase of Goods and Services (63,336,270 ) (149,471,817 ) (400,515,308 ) Cimpor Trading e Inversiones S.A. Services provided 47,908,302 8,624,287 48,217,743 InterCement Portugal, S.A. Exchange rate differences (3,126,013 ) 2,549,625 — InterCement Portugal, S.A. Services received (229,818,677 ) (98,689,606 ) — InterCement Portugal, S.A. Services provided — 12,920,788 8,790,801 Sacopor S.A. Exchange rate differences 2,359,392 (470,651 ) — Sacopor S.A. Purchase of Goods 262,876 (35,962,291 ) — Yguazú Cementos S.A. Exchange rate differences — — (9,617,402 ) Yguazú Cementos S.A. Services provided — — 7,747,255 |
Disclosure of Dividend | Dividends approved 12.31.2018 12.31.2017 12.31.2016 InterCement Brasil S.A. — 767,641,862 958,367,142 Third parties — 4,285,977 114,294,585 Total — 771,927,839 1,072,661,727 |
Other Recievables (Tables)
Other Recievables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Other Receivables | 12.31.2018 12.31.2017 Non-current Tax credits 86,629,147 119,406,933 Canon - Ferrosur Roca S.A. (Note 39) 55,913,277 73,979,035 Prepaid expenses 47,394,851 — Advances to suppliers 747,513,033 4,293,073 Guarantee deposits 4,786,029 11,743,462 Miscellaneous — 4,921,519 Total 942,236,337 214,344,022 Current Tax credits 130,034,424 185,312,252 Related parties receivables (Note 19) 9,087,814 — Prepaid expenses 76,109,046 90,103,624 Guarantee deposits 4,916,900 5,571,350 Reimbursement receivables 19,134,950 22,959,198 Advances to suppliers 25,676,349 38,502,156 Salaries advances and loans to employees 8,170,619 7,979,088 ADSs Program 76,923,077 — Receivables from sales of Property, plant and equipment 23,992,098 7,782,575 Miscellaneous 9,244,323 8,762,877 Total 383,289,600 366,973,120 |
Trade Accounts Receivable (Tabl
Trade Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Trade Accounts Receivables | 12.31.2018 12.31.2017 Non-current Accounts receivable 8,958,516 — Allowance for doubtful accounts (4,909,174 ) — Total 4,049,342 — Current Accounts receivable 1,929,015,405 1,660,486,662 Related parties (Note 19) — 29,095,607 Receivable with U.E.P.F.P. - Ferrosur Roca S.A. (Note 38) 133,044,253 173,346,267 Accounts receivable in litigation 19,791,240 28,087,052 Notes receivables 180,946 58,010 Foreign customers 3,248,539 2,383,349 Subtotal 2,085,280,383 1,893,456,947 Allowance for doubtful accounts (20,652,555 ) (28,087,052 ) Total 2,064,627,828 1,865,369,895 |
Summary of Maturities of Accounts Receivable | The maturities of accounts receivable are as follows: 12.31.2018 12.31.2017 To become due 1,699,026,131 1,557,123,305 Past due 0 to 30 days 262,486,585 242,261,984 31 to 60 days 48,397,498 30,054,194 61 to 90 days 33,078,450 8,739,612 More than 91 days 51,250,235 55,277,852 Total 2,094,238,899 1,893,456,947 |
Summary of Financial Assets That Are Either Past Due or Impaired | Age of receivables that are past due but not impaired 12.31.2018 12.31.2017 Past due 0 to 30 days 262,486,585 242,261,984 31 to 60 days 48,397,498 30,054,194 61 to 90 days 33,078,450 8,739,612 More than 91 days 25,688,506 27,190,800 Total 369,651,039 308,246,590 Average age (days) 32 27 Age of impaired trade receivables 12.31.2018 12.31.2017 Past due More than 91 days 25,561,729 28,087,052 Total 25,561,729 28,087,052 |
Summary of Changes in Allowance for Doubtful Accounts | Changes in the allowance for doubtful accounts were as follows: Balances as of January 1, 2017 42,118,764 Increases 2,121,584 Effect of foreign currency exchange difference (140,616 ) Uses (*) (16,012,679 ) Balances as of December 31, 2017 28,087,053 Effect of foreign currency exchange difference 924,727 Increases 5,488,433 Uses (*) (8,938,484 ) Balances as of December 31, 2018 25,561,729 (*) The uses mainly corresponds to the insolvency procedures of a client, and effect of restated inflation. |
Cash and Banks (Tables)
Cash and Banks (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of cash and banks | 12.31.2018 12.31.2017 In Pesos 232,338,020 103,015,342 In US Dollars 36,881,387 22,189,356 In Reales 89,320 89,495 In Guarani 536,456,045 151,964,872 In Euros 943,661 1,458,453 Total 806,708,433 278,717,518 |
Capital Stock and Other Capit_2
Capital Stock and Other Capital Related Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Disclosure of detailed information of capital stock and other capital related accounts | 12.31.2018 12.31.2017 Capital stock 59,602,649 59,602,649 Adjustment to capital 2,234,810,502 2,234,810,502 Share premium 4,142,930,246 4,941,488,308 Other capital adjustments (Note 16) — (798,558,062 ) Merger premium 748,383,542 748,383,542 Total 7,185,726,939 7,185,726,939 |
Disclosure of issued paid in and registered capital | The issued, paid-in 12.31.2018 12.31.2017 Common stock with a face value of $ 0.1 per share and entitled to 1 vote each, fully paid-in 596,026,490 596,026,490 |
Reserves and Accumulated Othe_2
Reserves and Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Accumulated Other Comprehensive Income | 12.31.2018 12.31.2017 12.31.2016 Reserves Legal reserve 103,966,576 103,158,151 103,158,151 Environmental reserve 3,581,947 3,581,947 3,581,947 Facultative reserve 2,142,653,433 — — Future dividensds reserve 30,125,659 30,125,659 1,644,798 Total 2,280,327,615 136,685,757 108,384,896 Accumulated others comprehensive income attributable to owners of the company Exchange differences on translating foreign operations (1) Balances at the beginning of the year 33,909,829 38,804,593 98,903,130 Exchange differences on translating foreign operations of the year attributable to the owners of the Company 240,579,857 (4,894,764 ) (60,098,536 ) Balances at the end of the year 274,489,686 33,909,829 38,804,594 (1) Net of income tax effect |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Composition of Borrowings | Composition of borrowings 12.31.2018 12.31.2017 Borrowings In foreign currency 5,057,883,926 4,948,727,383 In local currency 904,793,500 1,494,347,875 Total 5,962,677,426 6,443,075,258 Non-current 2,607,359,542 3,845,105,806 Current 3,355,317,884 2,597,969,452 Total 5,962,677,426 6,443,075,258 |
Summary of Detail Information of Borrowings | Detail of borrowings 12.31.2018 12.31.2017 Company Ref. Rate Due-Date Amount Amount Borrowings in foreign currency – US$ Banco Patagonia S.A. Ferrosur Roca S.A. (8) 5.75% Jul-18 — 131,855,553 Banco Latinoamericano de Comercio Exterior S.A Ferrosur Roca S.A. (10) 3 Month Libor + 1.95% Aug-19 569,442,236 — Industrial and Commercial Bank of China (Dubai) Loma Negra C.I.A.S.A. (6) 3 Month Libor + 3.75% May-20 1,478,671,514 1,813,722,924 Industrial and Commercial Bank of China (Dubai) Loma Negra C.I.A.S.A. (4) 3 Month Libor + 3.4% Jun-19 376,733,180 832,690,815 Borrowings in foreign currency - Guarani Banco Continental S.A.E.C.A. Yguazú Cementos S.A. (11) 8.5% Aug-25 1,543,896,984 1,310,988,011 Sudameris Bank S.A.E.C.A. Yguazú Cementos S.A. (11) 9.0% Aug-25 1,014,897,585 859,470,080 Banco Itaú Paraguay S.A. Yguazú Cementos S.A. (12) 5.80% Feb-19 74,242,427 — Total in foreign currency 5,057,883,926 4,948,727,383 Borrowings in local currency Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. (1) BADLAR + 4% Sep-18 — 24,133,851 Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. (3) BADLAR + 2% Mar-19 17,996,494 132,276,634 Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. (3) BADLAR + 2% Jun-19 36,909,247 160,569,109 Banco Provincia de Buenos Aires Loma Negra C.I.A.S.A. (3) BADLAR + 2% Jul-19 5,594,225 22,344,124 HSBC Bank Argentina S.A. Loma Negra C.I.A.S.A. (5) 21.75% Apr-19 157,865,753 233,081,823 HSBC Bank Argentina S.A. Ferrosur Roca S.A. (9) 21.75% Apr-19 157,865,753 233,081,823 Banco Patagonia S.A. Loma Negra C.I.A.S.A. (2) BADLAR corrected + 1.65% Jul-18 — 103,930,653 Banco Patagonia S.A. Ferrosur Roca S.A. (7) BADLAR corrected + 0.5% Oct-18 — 89,735,411 Banco Santander Rio S.A. Loma Negra C.I.A.S.A. (2) BADLAR corrected + 4% Jul-18 — 129,281,810 Bank overdrafts Loma Negra C.I.A.S.A. 63.08% Jan-19 5,192,506 19,003,976 Bank overdrafts Recycomb S.A.U. 62.94% Jan-19 6,460,720 463,710 Bank overdrafts Ferrosur Roca S.A. 62.94% Jan-19 516,908,802 346,444,951 Total in local currency 904,793,500 1,494,347,875 Total 5,962,677,426 6,443,075,258 12.31.2018 12.31.2017 Summary of borrowings by Company: Loma Negra C.I.A.S.A. 2,078,962,919 3,471,035,718 Ferrosur Roca S.A. 1,244,216,791 801,117,737 Recycomb S.A.U. 6,460,720 463,712 Yguazú Cementos S.A. 2,633,036,996 2,170,458,091 Total 5,962,677,426 6,443,075,258 Loma Negra C.I.A.S.A.: (1) On September 30, 2013, the Company subscribed a loan agreement with Banco Provincia de Buenos Aires for a total amount of $ 80,000,000. This loan was agreed to be settled in ten semiannual, equal and consecutive installments, accruing a fixed interest rate up to the third year, and a BADLAR corrected based floating interest rate for the remaining period. (2) On July 21 and July 22, 2015, the Company subscribed loans agreements with Banco Patagonia S.A. and Banco Santander Rio S.A. for total amounts of $ 200,000,000 and $ 250,000,000, respectively. Both loans were agreed to be settled in nine quarterly, equal and consecutive installments, overcoming the first one twelve months after the disbursement and accruing a BADLAR corrected based floating interest rate with quarterly repayments. (3) In March and June 2016, the Company subscribed two loan agreements with Banco Provincia de Buenos Aires for a total amount of $ 150,000,000 each. Both loans were agreed to be settled in twenty-five monthly, equal and consecutive installments, overcoming the first one twelve month after the disbursement and accruing a BADLAR corrected based floating interest rate with monthly repayments. Additionally, on June 2016, the Company subscribed another loan agreement with Banco Provincia de Buenos Aires for a total amount of $ 20,000,000 under the same aforementioned conditions. (4) In June 2016, the Company subscribed a loan agreement with Industrial and Commercial Bank of China (Dubai) for a total amount of US$ 50,000,000 to be settled in five semi-annual, equal and consecutive installments, with a twelve month grace period after the disbursement, accruing a nominal floating interest rate based on Libor, with quarterly repayments. This loan requires the compliance of the Net Debt / EBITDA ratio, which has been satisfied from execution of the loan until the date of issuance of these financial statements. (5) On April 6, 2017, the Company subscribed a loan agreement with HSBC Bank Argentina S.A. amounting to $ 150,000,000 accruing a nominal fixed interest rate with quarterly repayments. This loan requires the compliance with the Financial debt / EBITDA ratio, which has been satisfied from execution of the loan until the date of issuance of these financial statements. (6) In May 2017, the Company subscribed a loan agreement with Industrial and Commercial Bank of China (Dubai) for a total amount of US$ 65,000,000 to be settled in five semi-annual, equal and consecutive installments, accruing a nominal floating interest rate based on Libor. The first installment was due 365 days after the disbursement. This loan requires the compliance of the Net Debt / EBITDA ratio, which has been satisfied from execution of the loan until the date of issuance of these financial statements. Ferrosur Roca S.A.: (7) On October 21, 2015, Ferrosur Roca S.A. subscribed a loan agreement with Banco Patagonia S.A. for a total amount of $ 130,000,000 to be settled in nine quarterly, equal and consecutive installments, overcoming the first one twelve months after the disbursement date, and accruing interests at a nominal floating interest rate based on BADLAR private corrected (BADCOR). Loma Negra C.I.A.S.A. guarantee the loan. (8) On August 5, 2016, Ferrosur Roca S.A. subscribed a loan agreement with Banco Patagonia S.A. for a total amount of US$ 4,700,000, to be settled in three quarterly, equal, consecutive installments, overcoming the first one on January 25, 2018, and accruing interests at a nominal fixed interest rate. (9) In 2017, Ferrosur Roca S.A. subscribed a loan agreement with HSBC Bank Argentina S.A. amounting to $ 150,000,000 accruing a nominal fixed interest rate with quarterly repayments. This loan requires the compliance with the Financial debt / EBITDA ratio, which has been satisfied from execution of the loan until the date of issuance of these financial statements. (10) In August 2018, Ferrosur Roca S.A. subscribed a new loan agreement with Banco Latinoamericano de Comercio Exterior S.A. “BLADEX” for a total amount of US$ 15,000,000, for a term of 365 days at a 3-month Yguazú Cementos S.A.: (11) On August 8, 2017, Yguazú Cementos S.A. entered into two loan agreements with two Paraguayan Banks and agreed the following terms: Banco Continental S.A.E.C.A.: Principal amount: Guaraníes 255,000,000,000 Maturity: 8 years Interest Rate: 8.5% for the first year. After the first anniversary, the interest rate shall be adjusted according to an average of rates published by the Banco Central de Paraguay plus 0.32%. In no case the interest rate shall be lower than 8.5%. Interests will be paid every six months starting in February 2018. Payment of principal: 15 equal and consecutive installments on a semiannual basis, starting in August 2018. Sudameris Bank S.A.E.C.A. Principal Amount: Guaraníes 168,000,000,000 Maturity: 8 years Interest Rate: 9% for the first year. After the first anniversary, the interest rate shall be adjusted according to an average of rates published by the Banco Central de Paraguay, plus 0.82% in no case the interest rate shall be lower than 9%. Interests will be paid every six months starting in February 2018. Payment of principal: 15 equal and consecutive installments on a semiannual basis, starting in August 2018. These loans require Yguazú Cementos S.A. to comply with the EBITDA/ interest on Borrowings and Liabilities/Net equity ratios, which have been satisfied from execution of the loans until the date of issuance of these financial statements. In addition, as a security interest to guarantee payment Yguazú Cementos S.A. raised in favor of the two Paraguayan banks, mortgages and pledges over its property (Villa Hayes plant and Cantera Itapucumí) and equipment for up to a total sum of Guaraníes 423,000,000,000, equivalent to the amount of the two loans granted. (12) In August 2018, Yguazú Cementos S.A. suscribed two new loans for Guaraníes 11,500,000, each one with Banco Itaú de Paraguay for a term of three and six months at a fixed interest rate of 5.65% and 5.80%, respectively. |
Schedule of Movements of Borrowings | The movements of borrowings for the year ended December 31, 2018 are outlined below: Balances as of January 1, 2018 6,443,075,258 New borrowings 1,449,050,076 Interest accrual 386,601,388 Effect of exchange differences on translating foreign operations 572,410,096 Effect of exchange rate differences 921,517,549 Interest payments (894,806,209 ) Principal payments (2,915,170,732 ) Balances as of December 31, 2018 5,962,677,426 |
Maturity Schedule of Long-term Borrowings | As of December 31, 2018, the long-term borrowings have the following maturity schedule: Year 2020 841,972,137 2021 353,077,481 2022 353,077,481 2023 and following 1,059,232,443 Total 2,607,359,542 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Accounts Payable | 12.31.2018 12.31.2017 Non-current Accounts payable for investments in Property, plant and equipment 387,161,929 105,402,112 Total 387,161,929 105,402,112 Current Suppliers 2,069,974,054 1,830,175,759 Related parties (Note 19) 268,100,226 407,248,388 Accounts payable for acquisitions of Property, plant and equipment 1,660,381,074 346,975,126 Expenses accrual 854,769,995 902,312,409 Total 4,853,225,349 3,486,711,682 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Other Provisions | 12.31.2018 12.31.2017 Non-current Labor and Social Security 47,808,492 65,236,094 Environmental restoration 186,119,946 119,005,448 Civil and others 58,706,815 53,609,583 Total 292,635,253 237,851,125 |
Summary of Changes in Provisions | Changes in the provisions were as follows: Labor and Environmental Civil and Total Balances as of January 1, 2017 53,907,144 109,845,604 58,612,854 222,365,602 Increases 20,403,689 10,542,174 26,346,034 57,291,897 Uses (*) (9,074,739 ) (1,382,330 ) (31,349,305 ) (41,806,374 ) Balances as of December 31, 2017 65,236,094 119,005,448 53,609,583 237,851,125 Increases 15,610,373 113,543,802 37,085,005 166,239,180 Uses (*) (33,037,975 ) (46,429,304 ) (31,987,773 ) (111,455,052 ) Balances as of December 31, 2018 47,808,492 186,119,946 58,706,815 292,635,253 (*) Includes the application of provisions to their specific purposes and the effect of the inflation adjustment. |
Tax Liabilities (Tables)
Tax Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments accounted for using equity method [abstract] | |
Summary of Tax Liabilities | 12.31.2018 12.31.2017 Non-current Facilities payment plans — 505,256 Total — 505,256 Current Income tax expense 368,221,928 496,476,565 Value added tax 94,335,822 221,280,756 Turnover tax 47,093,466 56,928,469 Other taxes, withholdings and perceptions 269,899,035 71,447,375 Total 779,550,251 846,133,165 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Disclosure of Other Liabilities | 12.31.2018 12.31.2017 Non-current Termination payment plans 7,900,093 23,240,492 Total 7,900,093 23,240,492 Current Termination payment plans 28,836,528 31,524,178 Dividends with minority shareholders 6,330,598 11,734,897 Others 5,623,510 3,864,758 Total 40,790,636 47,123,833 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Disclosure of Detailed Information About Cash and Cash Equivalents | 12.31.2018 12.31.2017 12.31.2016 Cash and Banks 806,708,433 278,717,518 430,871,412 Short-term investments (Note 15) 2,095,150,895 4,415,951,166 1,049,224,436 Cash and cash equivalents 2,901,859,328 4,694,668,684 1,480,095,848 |
Non-cash Transactions (Tables)
Non-cash Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Non-cash Transactions | Below is a list of transactions that did not involve cash flow movements in the fiscal year of acquisition: 12.31.2018 12.31.2017 12.31.2016 - Acquisition of Property, plant and equipment financed with trade payables 804,233,159 — 33,620,568 - Acquisition of 2.36% of interest in Cofesur S.A.U. (*) — 52,316,833 - Acquisition of interest in Yguazú Cementos S.A. cancelled with the settlement of loans with InterCement Brasil S.A. (Note 16) — 144,077,417 954,610,144 - Settlement of account payable for purchases to InterCement Brasil S.A. with other receivables — 51,576,882 -Account payable settlement with amount receivable under financial leasing (317,986,070 ) (*) The Company applied the 52,316,833 advance that it had as of December 31, 2016 to the acquisition of a 2.36% ownership interest in Cofesur S.A.U. approved by the Argentine Government in March 2017. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Segment Information | 12.31.2018 12.31.2017 12.31.2016 Net revenue Cement, masonry cement and lime – Argentina 16,282,614,057 11,649,136,962 8,314,392,402 Cement – Paraguay 1,959,634,979 1,152,606,929 — Concrete 3,657,338,674 1,903,346,280 1,044,559,627 Railroad 2,136,181,737 1,608,080,671 1,223,681,686 Aggregates 334,206,557 261,292,612 189,491,197 Others 117,898,203 133,109,926 75,636,911 Eliminations (2,325,008,399 ) (1,421,038,454 ) (973,318,615 ) Subtotal 22,162,865,808 15,286,534,926 9,874,443,208 Reconciliation - Effect from restatement in constant currency 4,644,065,716 9,552,077,957 9,459,945,909 Total 26,806,931,524 24,838,612,883 19,334,389,117 Cost of sales Cement, masonry cement and lime - Argentina 10,619,291,608 7,986,358,455 6,045,620,325 Cement – Paraguay 1,379,208,675 803,220,686 — Concrete 3,421,580,967 1,795,052,472 968,360,040 Railroad 1,913,366,156 1,352,375,734 1,011,559,523 Aggregates 360,465,602 266,721,854 176,603,548 Others 67,056,625 67,374,539 35,697,635 Eliminations (2,325,008,399 ) (1,421,038,454 ) (973,318,615 ) Subtotal 15,435,961,234 10,850,065,286 7,264,522,456 Reconciliation - Effect from restatement in constant currency 4,546,832,818 7,659,874,517 7,889,653,017 Total 19,982,794,052 18,509,939,802 15,154,175,473 Selling, administrative expenses and other gains and losses Cement, masonry cement and lime - Argentina 1,084,762,773 850,722,982 726,012,191 Cement – Paraguay 64,315,992 43,633,705 — Concrete 117,877,891 77,974,017 49,143,560 Railroad 149,809,534 105,192,391 (4,235,303 ) Aggregates (4,173,225 ) 4,411,761 5,217,097 Others 39,610,163 38,471,541 29,341,972 Subtotal 1,452,203,128 1,120,406,397 805,479,517 Reconciliation - Effect from restatement in constant currency 372,617,951 732,311,020 819,667,182 Total 1,824,821,079 1,852,717,417 1,625,146,699 Depreciation and amortization Cement, masonry cement and lime - Argentina 415,892,004 342,614,418 432,545,694 Cement - Paraguay 279,997,274 170,931,104 — Concrete 32,222,290 24,544,240 12,492,535 Railroad 137,274,165 74,821,293 54,995,174 Aggregates 24,139,262 10,505,708 7,115,732 Others 2,669,087 2,463,945 1,924,745 Subtotal 892,194,082 625,880,708 509,073,880 Reconciliation - Effect from restatement in constant currency 1,229,195,797 1,116,496,197 1,288,514,381 Total 2,121,389,879 1,742,376,905 1,797,588,261 Net revenue less cost of sales, selling, administrative expenses and other gains and losses Cement, masonry cement and lime - Argentina 4,578,559,676 2,812,055,527 1,542,759,886 Cement - Paraguay 516,110,312 305,752,538 — Concrete 117,879,816 30,319,791 27,056,027 Railroad 73,006,047 150,512,546 216,357,466 Aggregates (22,085,820 ) (9,841,002 ) 7,670,552 Others 11,231,415 27,263,846 10,597,304 Subtotal 5,274,701,446 3,316,063,246 1,804,441,235 Reconciliation - Effect from restatement in constant currency (275,385,053 ) 1,159,892,418 750,625,710 Total 4,999,316,393 4,475,955,664 2,555,066,945 Reconciling items: Share of profit (loss) of associates — — 76,243,433 Tax on debits and credits to banks accounts (254,200,939 ) (304,817,393 ) (277,325,855 ) Finance costs, net (1,662,578,414 ) (271,396,125 ) (417,358,381 ) Income tax expense (1,131,955,333 ) (221,946,197 ) (649,823,084 ) Total 1,950,581,707 3,677,795,949 1,286,803,058 |
Summary of Geographical Information | Geographical information 12.31.2018 12.31.2017 Non-current Argentina 19,620,044,082 15,920,964,729 Paraguay 4,118,220,215 3,482,599,805 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Net Debt to Equity Ratio | The net debt to equity ratio of the years ended on December 31, 2018 and 2017 is as follows: 12.31.2018 12.31.2017 Debt (i) 5,962,677,426 6,443,075,258 Cash and cash equivalents 2,901,859,328 4,694,668,684 Net debt 3,060,818,098 1,748,406,574 Equity (ii) 16,553,229,765 14,130,938,289 Net debt to equity ratio 0.18 0.12 (i) Debt is defined as current and non-current (ii) Equity includes all reserves and capital of the Group, which are managed as capital. |
Summary of Financial Instruments | Categories of financial instruments 12.31.2018 12.31.2017 Financial assets Cash and banks 806,708,433 278,717,518 Investments measured at fair value through profit or loss 297,761,281 2,560,939,429 Held to maturity investments 1,797,389,614 1,855,011,738 Receivables 2,216,762,361 1,927,110,875 Financial liabilities Measured at amortized cost 12,665,218,530 11,752,178,580 |
Summary of Monetary Assets and Liabilities Denominated in Foreign Currency | The amounts of monetary assets and liabilities denominated in foreign currency at the end of 2018 and 2017 are as follows: 12.31.2018 12.31.2017 Liabilities US Dollars 3,817,240,870 3,181,875,135 Guarani 2,816,895,658 2,328,388,863 Euro 347,533,959 299,110,017 Real 24,610 21,391 Assets US Dollars 1,125,128,279 1,577,569,349 Guarani 903,635,402 487,476,775 Euro 1,091,046 9,381,578 Real 89,320 89,495 |
Disclosure of Foreign Currency Sensitivity Analysis | US Dollar effect Guaraní effect (in thousands of pesos) (in thousands of pesos) 12.31.2018 12.31.2018 Loss for the year 673,028 — Decrease in net equity 673,028 625,916 |
Summary of Interest Rate Risk Management | 12.31.2018 12.31.2017 Financial assets Held to maturity investments (1) 1,797,389,614 1,855,011,738 Investments measured at fair value through profit or loss (2) 297,761,281 2,560,939,429 Financial liabilities Measured at amortized cost (3) 5,962,677,426 6,443,075,258 (1) Fixed term deposits at fixed rates. (2) Short-term investments at floating rates. (3) Includes borrowings, as detailed in Note 25. |
Schedule of Contractual Maturity for Non-derivative Financial Liabilities with Agreed Repayment Periods | The tables include both interest and principal cash flows. Given that interest flows are at floating rates, the undiscounted amount is derived from interest rate curves at the end of the reporting period. Weighted Less than 1-3 3 months to 1-3 3-6 Total % 31 December 2018 Borrowings 26.2 % 560,539,871 431,001,246 2,622,245,214 2,013,702,556 1,230,413,717 6,857,902,604 31 December 2017 Borrowings 23.3 % 563,741,567 438,138,090 2,015,296,273 3,293,507,578 1,351,973,464 7,662,656,972 |
Schedule of Financial Assets and Financial Liabilities are Measured at Fair Value on a Recurring Basis | Financial assets/ financial liabilities Fair value as of Fair value hierarchy Valuation technique(s) and key input(s) 12.31.2018 12.31.2017 Investments in Mutual funds 297,761,281 2,560,939,429 Level 1 Quoted bid prices in an active market |
Legal Information - Additional
Legal Information - Additional Information (Detail) | Oct. 25, 2018 | Nov. 01, 2017ARS ($)Vote$ / sharesshares | Dec. 31, 2018ARS ($)VotePlantFacility$ / sharesshares | Dec. 31, 2017ARS ($)Vote$ / sharesshares | Dec. 31, 1993 |
Disclosure of general information about financial statements [line items] | |||||
Fiscal year | 94 years | ||||
Number of factories | Facility | 9 | ||||
Number of plants | Plant | 20 | ||||
Name of ultimate parent company | Loma Negra Holding GmbH | ||||
Capital stock | $ | $ 59,602,649 | $ 59,602,649 | $ 59,602,649 | ||
Number of common shares issued | shares | 596,026,490 | 596,026,490 | 596,026,490 | ||
Par value per share | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | ||
Number of votes per share | Vote | 1 | 1 | 1 | ||
Ferrosur Roca S.A. [member] | |||||
Disclosure of general information about financial statements [line items] | |||||
Concession extension period | 10 years | ||||
Concession period | 30 years | ||||
Loma Negra Holding GmbH [member] | |||||
Disclosure of general information about financial statements [line items] | |||||
Percentage of ownership held by parent company | 51.0437% | ||||
Caue Austria Holding GmbH [member] | |||||
Disclosure of general information about financial statements [line items] | |||||
Percentage of shares transfer | 100.00% |
Basis of Preparation of the C_4
Basis of Preparation of the Consolidated Financial Statements - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2018ARS ($) | Dec. 31, 2017 | |
Disclosure of subsidiaries [line items] | ||
Variation of index used for restatement of financial statements | 0.4765 | 0.2480 |
IFRS 16 [member] | ||
Disclosure of subsidiaries [line items] | ||
Nature of impending change in accounting policy | It also sets forth the duty to recognize the assets and liabilities corresponding to all the lease agreements except if the term of the lease is 12 months or less and/or except if the asset underlying the lease is low value. | |
IFRS 16 [member] | Office equipment [member] | ||
Disclosure of subsidiaries [line items] | ||
Recognized effect of assets and liabilities on lease | $ 296 |
Basis of Preparation of the C_5
Basis of Preparation of the Consolidated Financial Statements - Summary of Significant Investments in Subsidiaries (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cofesur S.A. [member] | |||
Disclosure of subsidiaries [line items] | |||
Main activity | Holding | ||
Place of incorporation and principle place of business | Argentina | ||
Percentage of direct and indirect equity interest rate | 100.00% | 100.00% | 97.64% |
Ferrosur Roca S.A. [member] | |||
Disclosure of subsidiaries [line items] | |||
Main activity | Train cargo transportation | ||
Place of incorporation and principle place of business | Argentina | ||
Percentage of direct and indirect equity interest rate | 80.00% | 80.00% | 78.12% |
Recycomb S.A.U. [member] | |||
Disclosure of subsidiaries [line items] | |||
Main activity | Waste recycling | ||
Place of incorporation and principle place of business | Argentina | ||
Percentage of direct and indirect equity interest rate | 100.00% | 100.00% | 100.00% |
Yguazu Cementos S.A. [member] | |||
Disclosure of subsidiaries [line items] | |||
Main activity | Manufacture and marketing of cement and construction materials | ||
Place of incorporation and principle place of business | Paraguay | ||
Percentage of direct and indirect equity interest rate | 51.00% | 51.00% | 51.00% |
Basis of Preparation of the C_6
Basis of Preparation of the Consolidated Financial Statements - Summary of Significant Investments in Subsidiaries (Parenthetical) (Detail) | Mar. 31, 2017 |
Cofesur S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Interest acquired | 2.36% |
Basis of Preparation of the C_7
Basis of Preparation of the Consolidated Financial Statements - Summary of Financial Information on Yguazu Cementos S A (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of subsidiaries [line items] | |||
Current assets | $ 9,127,574,125 | $ 10,122,143,636 | |
Non-current assets | 23,738,264,297 | 19,403,564,534 | |
Current liabilities | 9,831,452,603 | 8,082,606,457 | |
Non-current liabilities | 6,481,156,054 | 7,312,163,424 | |
Equity attributable to the owners of the Company | 15,178,651,658 | 13,138,199,821 | |
Non-controllinginterests | 1,374,578,107 | 992,738,468 | |
Net revenue | 26,806,931,524 | 24,838,612,883 | $ 19,334,389,117 |
Finance cost, net | (1,662,578,414) | (271,396,125) | (417,358,381) |
Income tax | (1,131,955,333) | (221,946,197) | (649,823,084) |
Profit for the year | 1,950,581,707 | 3,677,795,949 | 1,286,803,058 |
Net cash generated by operating activities | 4,178,770,462 | 5,076,970,832 | 3,672,825,902 |
Net cash used in investing activities | (4,223,908,326) | (2,228,813,826) | (1,312,770,666) |
Net cash used in financing activities | (2,390,358,096) | 312,160,192 | $ (1,680,824,643) |
Yguazu Cementos S.A. [member] | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 1,278,327,160 | 730,825,333 | |
Non-current assets | 4,118,220,214 | 3,482,599,805 | |
Current liabilities | 750,929,946 | 569,154,594 | |
Non-current liabilities | 2,141,955,405 | 1,967,426,624 | |
Equity attributable to the owners of the Company | 1,276,909,432 | 855,218,394 | |
Non-controllinginterests | 1,226,752,592 | 821,625,525 | |
Net revenue | 2,341,209,828 | 1,701,773,301 | |
Finance cost, net | (226,732,359) | (107,405,382) | |
Depreciation | (341,286,473) | (252,098,033) | |
Income tax | (31,734,545) | (18,184,484) | |
Profit for the year | 355,108,341 | 325,840,272 | |
Net cash generated by operating activities | 752,656,876 | 414,108,341 | |
Net cash used in investing activities | (79,747,134) | (82,487,836) | |
Net cash used in financing activities | $ (315,318,864) | $ (543,362,464) |
Basis of Preparation of the C_8
Basis of Preparation of the Consolidated Financial Statements - Summary of Financial Information on Yguazu Cementos S A (Parenthetical) (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of subsidiaries [line items] | ||||
Cash and cash equivalents | $ 2,901,859,328 | $ 4,694,668,684 | $ 1,480,095,848 | $ 814,392,377 |
Yguazu Cementos S.A. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Cash and cash equivalents | $ 570,921,230 | $ 165,280,282 |
Basis of Preparation of the C_9
Basis of Preparation of the Consolidated Financial Statements - Summary of Financial Information on Ferrosur Roca S A (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of subsidiaries [line items] | |||
Current assets | $ 9,127,574,125 | $ 10,122,143,636 | |
Non-current assets | 23,738,264,297 | 19,403,564,534 | |
Current liabilities | 9,831,452,603 | 8,082,606,457 | |
Non-current liabilities | 6,481,156,054 | 7,312,163,424 | |
Equity attributable to the owners of the Company | 15,178,651,658 | 13,138,199,821 | |
Non-controllinginterests | 1,374,578,107 | 992,738,468 | |
Net revenue | 26,806,931,524 | 24,838,612,883 | $ 19,334,389,117 |
Finance costs, net | (1,662,578,414) | (271,396,125) | (417,358,381) |
Income tax | (1,131,955,333) | (221,946,197) | (649,823,084) |
Profit or (loss) for the year | 1,950,581,707 | 3,677,795,949 | 1,286,803,058 |
Net cash (used in) generated by operating activities | 4,178,770,462 | 5,076,970,832 | 3,672,825,902 |
Net cash used in investing activities | (4,223,908,326) | (2,228,813,826) | (1,312,770,666) |
Net cash (used in) generated by financing activities | (2,390,358,096) | 312,160,192 | (1,680,824,643) |
Ferrosur Roca S.A. [member] | |||
Disclosure of subsidiaries [line items] | |||
Current assets | 707,915,038 | 710,726,928 | |
Non-current assets | 1,808,071,617 | 1,917,145,118 | |
Current liabilities | 1,614,662,438 | 1,238,481,096 | |
Non-current liabilities | 121,151,045 | 486,220,086 | |
Equity attributable to the owners of the Company | 595,607,854 | 684,451,766 | |
Non-controllinginterests | 145,901,963 | 171,112,942 | |
Net revenue | 2,587,464,615 | 2,619,954,825 | 2,414,868,460 |
Finance costs, net | (90,551,880) | (23,085,904) | (88,780,125) |
Depreciation | (377,618,154) | (278,544,476) | (254,637,141) |
Income tax | 143,552,241 | (53,207,420) | (77,744,862) |
Profit or (loss) for the year | (111,054,891) | (55,970,669) | 74,648,200 |
Net cash (used in) generated by operating activities | (173,232,788) | 249,905,667 | 497,567,822 |
Net cash used in investing activities | (270,847,398) | (420,408,029) | (263,999,071) |
Net cash (used in) generated by financing activities | $ 438,763,277 | $ 166,865,291 | $ (219,807,442) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - ARS ($) | Feb. 24, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 |
Disclosure of significant accounting policies [line items] | |||||
Goodwill impairment loss | $ 0 | $ 0 | |||
Current statutory rate | 30.00% | 35.00% | |||
Tax rate at the end of each year | 1.00% | ||||
Income tax withholding rate | 35.00% | ||||
Percentage of single and final tax payment on dividend | 10.00% | ||||
Applicable tax rate | 30.00% | 35.00% | 35.00% | ||
Personal assets tax rate | 0.25% | ||||
Receivables | $ 5,014,497 | $ 224,639 | |||
Dividend withholding percentage | 7.00% | ||||
Percentage of levy of taxes on dividends | 10.00% | ||||
Business combination under common control | $ (96,245,381) | ||||
Legal reserve allowed proportion of subscribed capital adjustment | 20.00% | ||||
Maximum options exercise, term | 5 years | ||||
Number of virtual shares granted | 215,307 | ||||
Real property [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Applicable tax rate | 8.00% | ||||
Inventories [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Applicable tax rate | 15.00% | ||||
Rest of assets [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Applicable tax rate | 10.00% | ||||
Top of range [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Legal reserve as percentage of net income | 5.00% | ||||
Cofesur S.A. [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Interest acquired | 2.36% | ||||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | 97.64% | ||
Yguazu Cementos S.A. [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Proportion of ownership interest in subsidiary | 51.00% | 51.00% | 51.00% | ||
Ferrosur Roca S.A. [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Proportion of ownership interest in subsidiary | 80.00% | 80.00% | 78.12% | ||
Other capital adjustments [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Business combination under common control | $ (743,298,310) | ||||
Non-controlling Interests [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Business combination under common control | 647,052,929 | ||||
Non-controlling Interests [member] | Yguazu Cementos S.A. [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Proportion of ownership interest in subsidiary | 49.00% | ||||
Non-controlling Interests [member] | Ferrosur Roca S.A. [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Proportion of ownership interest in subsidiary | 20.00% | ||||
Yguazu Cementos S.A. [member] | Other capital adjustments [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Business combination under common control | $ (743,298,310) | ||||
Proportion of equity interest in subsidiary | 16.00% | ||||
Paraguay [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Applicable tax rate | 10.00% | 10.00% | 10.00% | ||
Ferrosur Roca Management Trust [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Proportion of ownership interest in subsidiary | 100.00% | ||||
2020 and onwards [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Current statutory rate | 25.00% | ||||
Dividend withholding percentage | 13.00% | ||||
2020 and onwards [member] | Deferred tax sssets and liabilities [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Applicable tax rate | 25.00% | ||||
2019 [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Current statutory rate | 30.00% | ||||
Dividend withholding percentage | 7.00% | ||||
2019 [member] | Deferred tax sssets and liabilities [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Applicable tax rate | 30.00% | ||||
Up to a year [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Future minimum payments stemming from operating leases that may not be cancelled | $ 36,830,396 | ||||
One to five years [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Future minimum payments stemming from operating leases that may not be cancelled | $ 171,437,429 | ||||
2020 [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Percentage of levy of taxes on dividends | 7.00% | ||||
2021 and beyond [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Percentage of levy of taxes on dividends | 13.00% | ||||
First Fiscal Year [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Percentage of reduction on residual value of revalued asset | 60.00% | ||||
Second fiscal year [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Percentage of reduction on residual value of revalued asset | 30.00% | ||||
Second anniversary [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Percentage of exercise of granting options | 34.00% | ||||
Third anniversary [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Percentage of exercise of granting options | 67.00% | ||||
Fourth anniversary [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Percentage of exercise of granting options | 100.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Disclosure of Information About Unconsolidated Structured Entities Controlled by Investment Entity (Detail) - ARS ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of information about unconsolidated structured entities controlled by investment entity [line items] | ||||
Current assets | $ 9,127,574,125 | $ 10,122,143,636 | ||
Current liabilities | 9,831,452,603 | 8,082,606,457 | ||
Equity | 16,553,229,765 | 14,130,938,289 | $ 8,464,797,019 | $ 9,445,683,135 |
Loss for the year | 1,950,581,707 | 3,677,795,949 | 1,286,803,058 | |
Ferrosur Roca Management Trust [member] | ||||
Disclosure of information about unconsolidated structured entities controlled by investment entity [line items] | ||||
Current assets | 55,987,087 | 75,465,680 | ||
Current liabilities | 73,810 | 1,486,645 | ||
Equity | 55,913,277 | 73,979,035 | ||
Loss for the year | $ (5,667,035) | $ (28,982,971) | $ (16,737,111) |
Critical Accounting Judgments_3
Critical Accounting Judgments and Key Sources Used for Estimating Uncertain - Additional Information (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Reconciliation of changes in goodwill [abstract] | |||
Goodwill | $ 16,577,250 | $ 16,577,250 | |
Goodwill impairment loss | $ 0 | $ 0 | $ 0 |
Critical Accounting Judgement a
Critical Accounting Judgement and Key Sources used for Estimating Uncertaint - Disclosure of Estimated Useful Life for Property Plant and Equipment and Other Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Software [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 5 years |
Quarries [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 100 years |
Quarries - Cost of surface excavations [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | Units of production |
Furniture and fixtures [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 10 years |
Tools and Devices [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 5 years |
Transport and Load Vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 5 years |
Bottom of Range [member] | Plants and Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 25 years |
Bottom of Range [member] | Machinery, Equipment and Spare Parts [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 10 years |
Top of range [member] | Plants and Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 50 years |
Top of range [member] | Machinery, Equipment and Spare Parts [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life for property plant and equipment and other intangible assets | 35 years |
Net Revenue - Disclosure of Net
Net Revenue - Disclosure of Net Revenue (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue [abstract] | |||
Sales of goods | $ 26,562,884,939 | $ 24,428,156,360 | $ 19,156,011,665 |
Domestic market | 26,549,183,632 | 24,421,046,495 | 19,150,390,183 |
External customers | 13,701,307 | 7,109,865 | 5,621,482 |
Services rendered | 1,501,523,693 | 1,590,351,169 | 1,166,644,033 |
(-) Bonus / Discounts | (1,257,477,108) | (1,179,894,646) | (988,266,581) |
Total | $ 26,806,931,524 | $ 24,838,612,883 | $ 19,334,389,117 |
Cost of Sales - Disclosure of C
Cost of Sales - Disclosure of Cost of Sale (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of cost of sales [line items] | |||
Cost of sales | $ 19,982,794,052 | $ 18,509,939,802 | $ 15,154,175,473 |
Inventories | 3,830,615,739 | 4,122,232,515 | 3,306,816,211 |
Finished products | 206,308,504 | 268,151,753 | 227,757,010 |
Products in progress | 919,201,091 | 1,169,754,059 | 562,533,941 |
Raw materials, materials, spare parts, fuels and inventory in transit | 2,705,106,144 | 2,684,326,703 | 2,516,525,260 |
Acquisition of inventories from business combination under common control (Note 16) | 334,968,425 | ||
Cost of sales [member] | |||
Disclosure of cost of sales [line items] | |||
Currency translation differences | 97,007,100 | (8,531,548) | |
Purchases and production expenses for the year | 20,510,235,877 | 18,226,854,574 | 15,634,623,354 |
Cost of sales | $ 19,982,794,052 | $ 18,509,939,802 | $ 15,154,175,473 |
Cost of Sales - Disclosure of P
Cost of Sales - Disclosure of Production Expenses (Detail) - Cost of sales [member] - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of expenses by nature [line items] | |||
Fees and compensation for services | $ 338,361,431 | $ 240,188,021 | $ 93,169,996 |
Salaries, wages and social security charges | 3,378,324,270 | 3,394,584,722 | 2,920,013,396 |
Transport and travelling expenses | 154,985,074 | 143,049,709 | 115,920,422 |
Data processing | 16,022,004 | 13,462,402 | 10,071,056 |
Taxes, contributions and commissions | 297,520,458 | 273,981,570 | 235,008,269 |
Depreciation | 2,168,377,652 | 1,778,059,159 | 1,745,929,546 |
Preservation and maintenance costs | 1,925,898,405 | 2,026,701,131 | 1,718,296,176 |
Communications | 17,380,962 | 16,139,712 | 16,348,437 |
Leases | 50,627,223 | 40,083,823 | 46,386,600 |
Employee benefits | 73,886,824 | 78,909,050 | 64,774,031 |
Water, natural gas and energy services | 5,864,370 | 6,011,499 | 5,242,619 |
Freight | 1,741,333,971 | 1,756,121,044 | 865,177,629 |
Thermal energy | 3,174,560,678 | 2,468,858,624 | 2,332,106,394 |
Insurance | 42,604,268 | 37,350,338 | 38,288,531 |
Packaging | 711,820,053 | 607,452,248 | 683,413,507 |
Electrical power | 2,038,236,493 | 1,562,375,458 | 1,507,985,880 |
Contractors | 1,490,539,443 | 1,203,451,827 | 1,101,169,172 |
Tolls | 3,981,497 | 7,366,963 | 19,973,426 |
Canon (Concession fee) | 18,081,077 | 18,256,120 | 17,725,138 |
Security | 118,815,399 | 130,126,322 | 114,647,519 |
Others | 228,022,708 | 261,092,583 | 218,399,693 |
Total | $ 17,995,244,260 | $ 16,063,622,325 | $ 13,870,047,437 |
Selling and Administrative Ex_3
Selling and Administrative Expenses - Disclosure Of Selling General And Administrative Expenses Table (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of selling and administrative expenses [line items] | |||
Total | $ 1,934,080,499 | $ 1,969,073,208 | $ 1,856,769,603 |
Selling and administrative expenses [member] | |||
Disclosure of selling and administrative expenses [line items] | |||
Managers, directors and trustees' fees | 102,204,259 | 130,234,357 | 111,667,562 |
Fees and compensation for services | 142,807,004 | 89,012,999 | 77,199,109 |
Salaries, wages and social security charges | 576,815,218 | 620,849,259 | 662,320,186 |
Transport and travelling expenses | 28,064,980 | 29,649,530 | 25,470,650 |
Data processing | 33,971,446 | 20,486,648 | 19,629,163 |
Advertising expenses | 44,272,385 | 48,359,984 | 42,849,615 |
Taxes, contributions and commissions | 549,644,411 | 606,880,524 | 492,260,100 |
Depreciation and amortization | 63,087,201 | 42,713,063 | 51,658,715 |
Preservation and maintenance costs | 8,781,240 | 11,072,951 | 8,321,575 |
Communications | 18,748,577 | 14,074,808 | 14,345,467 |
Leases | 45,137,895 | 26,710,961 | 27,142,250 |
Employee benefits | 29,678,024 | 31,577,630 | 22,589,798 |
Water, natural gas and energy services | 2,926,120 | 1,616,827 | 953,419 |
Freight | 207,557,402 | 237,140,824 | 237,431,168 |
Insurance | 27,114,431 | 11,523,103 | 7,763,508 |
Allowance for doubtful accounts | 5,412,245 | (1,035,908) | 14,521,545 |
Security | 4,155,262 | 3,946,484 | 2,176,997 |
Others | 43,702,399 | 44,259,164 | 38,468,776 |
Total | $ 1,934,080,499 | $ 1,969,073,208 | $ 1,856,769,603 |
Other Gains and Losses - Summar
Other Gains and Losses - Summary of Other Gains And Losses (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Analysis of income and expense [abstract] | |||
Gain on disposal of Property, plant and equipment | $ 13,589,670 | $ 7,576,956 | $ 61,034,176 |
Donations | (20,487,621) | (25,085,755) | (28,183,329) |
Technical assistance and services provided | 4,297,212 | 1,264,139 | 15,024,440 |
Gain on tax credits acquired | 2,133,626 | 3,356,327 | 7,705,768 |
Canon recovery-Ferrosur Roca S.A. (Note 39) | 155,588,061 | ||
Contingencies | (7,528,507) | (29,360,043) | (6,909,723) |
Result from U.E.P.F.P.-Ferrosur Roca S.A. (Note 38) | 12,503,826 | ||
Service fee from ADS Depositary bank | 100,334,962 | 102,251,124 | |
Leases | 30,973,702 | 36,320,027 | 33,725,495 |
Miscellaneous | (14,053,624) | 7,529,190 | (6,361,984) |
Total | $ 109,259,420 | $ 116,355,791 | $ 231,622,904 |
Tax on Debits and Credits to _2
Tax on Debits and Credits to Bank Accounts - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Tax on debits and credits to bank accounts [abstract] | |||
General tax rate for credits and debits | 0.60% | 0.60% | 0.60% |
Percentage of other taxes applied on amounts credited and debited as payment | 33.00% | ||
Percentage of credits included in comprehensive income | 67.00% | ||
Percentage of debits included in comprehensive income | 67.00% | ||
Percentage of amount levied on credits payment to be taken into account for income tax calculation | 0.20% | 0.20% | |
Percentage of credits included in profit or loss | 0.40% | 0.40% | |
Percentage of debits included in profit or loss | 0.60% | 0.60% |
Finance Costs, Net - Summary of
Finance Costs, Net - Summary of Finance Income Costs (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Exchange rate differences | |||
Foreign exchange gains | $ 406,979,707 | $ 103,099,801 | |
Foreign exchange losses | (1,648,852,331) | (227,524,933) | $ (209,421,741) |
Total | (1,241,872,624) | (124,425,132) | (209,421,741) |
Financial income | |||
Interest from loans to related parties | 5,339,942 | 27,656,145 | |
Unwinding of discounts on provisions and liabilities | 26,911,769 | 22,938,565 | 38,077,650 |
Total | 26,911,769 | 28,278,507 | 65,733,795 |
Financial expenses | |||
Interest on borrowings | (386,601,388) | (378,431,485) | (284,624,784) |
Tax interest | (84,878,380) | ||
Interest from short-term investments | (29,535,986) | (27,276,229) | (27,346,411) |
Interest with related parties | (6,911,320) | (11,318,872) | (13,395,193) |
Unwinding of discounts on receivables | (31,683,921) | (26,400,719) | (70,006,684) |
Others | (121,735,408) | (74,096,169) | (96,666,874) |
Total | $ (661,346,403) | $ (517,523,474) | $ (492,039,946) |
Income Tax Expense - Summary of
Income Tax Expense - Summary of Income Tax Expense (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Major components of tax expense (income) [abstract] | |||
Profit before income tax expense | $ 3,082,537,040 | $ 3,899,742,146 | $ 1,936,626,142 |
Statutory rate | 30.00% | 35.00% | 35.00% |
Income tax at statutory rate | $ (924,761,112) | $ (1,364,909,751) | $ (677,819,150) |
Adjustments for calculation of the effective income tax: | |||
Effect of different statutory income tax rate in Paraguay | 77,368,577 | 97,038,700 | |
Effect of restatement on homogeneous cash currency, non impacting income tax | (291,318,298) | (244,119,361) | 7,278,345 |
Share of profit (loss) of associates | 26,685,202 | ||
Effect of change in tax rate (note 3.7.3) | (5,434,606) | 1,197,502,640 | |
Other non-taxable income or non-deductible expense, net | 12,190,106 | 92,541,575 | (5,967,481) |
Income tax expense | $ (1,131,955,333) | $ (221,946,197) | $ (649,823,084) |
Income Tax Expense - Summary _2
Income Tax Expense - Summary of Income Tax Expense (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of income taxes [line items] | |||
Statutory rate | 30.00% | 35.00% | 35.00% |
Argentina [member] | |||
Disclosure of income taxes [line items] | |||
Statutory rate | 30.00% | 35.00% | 35.00% |
Paraguay [member] | |||
Disclosure of income taxes [line items] | |||
Statutory rate | 10.00% | 10.00% | 10.00% |
Income Tax Expense - Summary _3
Income Tax Expense - Summary of Income Tax Expense, Current and Deferred (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Major components of tax expense (income) [abstract] | |||
Current | $ (1,049,399,775) | $ (1,062,455,589) | $ (470,613,337) |
Deferred | (82,555,558) | 840,509,392 | (179,209,747) |
Income tax expense | $ (1,131,955,333) | $ (221,946,197) | $ (649,823,084) |
Income Tax Expense - Summary _4
Income Tax Expense - Summary of Deferred Income Tax (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax - Assets | $ 158,766,388 | $ 75,766,586 | $ 88,054,959 |
Deferred tax - Liabilities | (3,344,865,625) | (3,175,825,219) | (4,023,676,069) |
Total | (3,186,099,237) | (3,100,058,633) | (3,935,621,110) |
Carryforward subsidiary tax losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax - Assets | 136,335,733 | 28,470,551 | |
Provisions [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax - Assets | 15,681,562 | 34,746,760 | 40,542,949 |
Trade accounts receivable [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax - Assets | 940,042 | 1,409,236 | 46,711,354 |
Others [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax - Assets | 5,809,051 | 11,140,039 | 800,656 |
Investments [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax - Liabilities | (2,915,246) | (26,463,897) | |
Other receivables [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax - Liabilities | (21,359,668) | (2,895,083) | (113,307,501) |
Property, plant and equipment and intangible assets [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax - Liabilities | (3,018,540,501) | (2,895,012,630) | (3,688,195,896) |
Inventories [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax - Liabilities | (284,484,027) | (226,845,381) | |
Others [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax - Liabilities | $ (17,566,183) | $ (24,608,228) | $ (222,172,672) |
Income Tax Expense - Summary _5
Income Tax Expense - Summary of Unrecognized Taxable Temporary Difference Associated with Investments (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total | $ (289,705,996) | $ (207,069,398) | $ (278,257,376) |
Subsidiaries [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total | (289,115,277) | (206,478,679) | (277,457,196) |
Others [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total | $ (590,719) | $ (590,719) | $ (800,180) |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings and Weighted Average Number of Ordinary Shares used in Calculation of Basic Earnings per Share (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings per share [abstract] | |||
Profit attributable to the Owners of the parent company used in the calculation of earnings per share - basic and diluted | $ 1,799,871,980 | $ 3,509,779,198 | $ 1,270,870,542 |
Weighted average number of ordinary shares for purposes of basic and diluted earnings per share | 596,026,490 | 571,026,490 | 566,026,490 |
Basic and diluted earnings per share | $ 3.0198 | $ 6.1464 | $ 2.2452 |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Earnings and Weighted Average Number of Ordinary Shares used in Calculation of Basic Earnings per Share (Parenthetical) (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings per share [abstract] | |||
Weighted average number of outstanding shares | 596,026,490 | 571,026,490 | 566,026,490 |
Property of Plant and Equipment
Property of Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | $ 21,877,937,396 | $ 18,310,023,378 | |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 52,422,111,789 | 46,425,106,096 | $ 44,464,564,698 |
Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (30,544,174,393) | (28,115,082,718) | (26,378,473,875) |
Land [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 327,070,487 | 323,943,737 | |
Land [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 327,070,487 | 323,943,737 | 324,133,888 |
Plant and buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 5,100,738,768 | 4,932,787,638 | |
Plant and buildings [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 14,953,401,320 | 14,413,529,454 | 14,221,822,462 |
Plant and buildings [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (9,852,662,552) | (9,480,741,816) | (9,175,958,874) |
Machinery, equipment and spare parts [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 9,885,974,153 | 9,279,695,285 | |
Machinery, equipment and spare parts [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 23,289,407,769 | 21,462,169,604 | 20,536,034,291 |
Machinery, equipment and spare parts [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (13,403,433,616) | (12,182,474,319) | (11,447,254,525) |
Transport and Load Vehicles [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 1,215,437,338 | 1,271,671,749 | |
Transport and Load Vehicles [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 3,775,102,046 | 3,569,151,436 | 3,266,324,622 |
Transport and Load Vehicles [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (2,559,664,708) | (2,297,479,687) | (2,147,256,065) |
Furniture and fixtures [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 40,559,310 | 42,301,414 | |
Furniture and fixtures [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 1,087,623,899 | 1,076,414,170 | 1,066,431,887 |
Furniture and fixtures [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (1,047,064,589) | (1,034,112,756) | (1,020,996,916) |
Quarries [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 1,898,243,828 | 1,569,948,844 | |
Quarries [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 5,425,190,521 | 4,546,048,948 | 3,897,934,723 |
Quarries [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (3,526,946,693) | (2,976,100,104) | (2,452,867,673) |
Tools and Devices [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 27,070,606 | 29,446,978 | |
Tools and Devices [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 181,472,841 | 173,621,014 | 161,910,143 |
Tools and Devices [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | (154,402,235) | (144,174,036) | (134,139,822) |
Work in progress [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | 3,382,842,906 | 860,227,733 | |
Work in progress [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property Plant and Equipment | $ 3,382,842,906 | $ 860,227,733 | $ 989,972,682 |
Property of Plant and Equipme_2
Property of Plant and Equipment - Summary of Breakdown of Property, Plant and Equipment (Detail) - ARS ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | $ 18,310,023,378 | |
Ending balance | 21,877,937,396 | $ 18,310,023,378 |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 46,425,106,096 | 44,464,564,698 |
Effect of foreign currency exchange differences | 1,155,287,422 | (63,313,509) |
Additions | 4,901,301,882 | 2,085,348,256 |
Disposals | (59,583,611) | (61,493,349) |
Ending balance | 52,422,111,789 | 46,425,106,096 |
Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (28,115,082,718) | (26,378,473,875) |
Effect of foreign currency exchange differences | (286,171,172) | 434,369 |
Depreciation charge | (2,202,504,114) | (1,796,177,810) |
Disposals | 59,583,611 | 59,134,598 |
Ending balance | (30,544,174,393) | (28,115,082,718) |
Land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 323,943,737 | |
Ending balance | 327,070,487 | 323,943,737 |
Land [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 323,943,737 | 324,133,888 |
Effect of foreign currency exchange differences | 3,126,750 | (190,151) |
Ending balance | 327,070,487 | 323,943,737 |
Plant and buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 4,932,787,638 | |
Ending balance | 5,100,738,768 | 4,932,787,638 |
Plant and buildings [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 14,413,529,454 | 14,221,822,462 |
Effect of foreign currency exchange differences | 9,507 | (1,733) |
Additions | 24,023,327 | |
Transfers | 515,839,032 | 191,708,725 |
Ending balance | 14,953,401,320 | 14,413,529,454 |
Plant and buildings [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (9,480,741,816) | (9,175,958,874) |
Effect of foreign currency exchange differences | (9,507) | 1,733 |
Depreciation charge | (371,911,229) | (304,784,675) |
Ending balance | (9,852,662,552) | (9,480,741,816) |
Machinery, equipment and spare parts [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 9,279,695,285 | |
Ending balance | 9,885,974,153 | 9,279,695,285 |
Machinery, equipment and spare parts [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 21,462,169,604 | 20,536,034,291 |
Effect of foreign currency exchange differences | 1,064,079,736 | (57,994,506) |
Disposals | (46,237,635) | |
Transfers | 809,396,064 | 984,129,819 |
Ending balance | 23,289,407,769 | 21,462,169,604 |
Machinery, equipment and spare parts [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (12,182,474,319) | (11,447,254,525) |
Effect of foreign currency exchange differences | (266,858,333) | 348,587 |
Depreciation charge | (1,000,338,599) | (735,568,381) |
Disposals | 46,237,635 | |
Ending balance | (13,403,433,616) | (12,182,474,319) |
Transport and Load Vehicles [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,271,671,749 | |
Ending balance | 1,215,437,338 | 1,271,671,749 |
Transport and Load Vehicles [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 3,569,151,436 | 3,266,324,622 |
Effect of foreign currency exchange differences | 1,436,288 | (105,234) |
Additions | 217,860,298 | 364,425,397 |
Disposals | (13,345,976) | (61,493,349) |
Ending balance | 3,775,102,046 | 3,569,151,436 |
Transport and Load Vehicles [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (2,297,479,687) | (2,147,256,065) |
Effect of foreign currency exchange differences | (1,197,069) | 39,166 |
Depreciation charge | (274,333,928) | (209,397,386) |
Disposals | 13,345,976 | 59,134,598 |
Ending balance | (2,559,664,708) | (2,297,479,687) |
Furniture and fixtures [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 42,301,414 | |
Ending balance | 40,559,310 | 42,301,414 |
Furniture and fixtures [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,076,414,170 | 1,066,431,887 |
Effect of foreign currency exchange differences | 1,070,025 | (44,272) |
Additions | 10,139,704 | 10,026,555 |
Ending balance | 1,087,623,899 | 1,076,414,170 |
Furniture and fixtures [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (1,034,112,756) | (1,020,996,916) |
Effect of foreign currency exchange differences | (509,498) | 42,544 |
Depreciation charge | (12,442,335) | (13,158,384) |
Ending balance | (1,047,064,589) | (1,034,112,756) |
Quarries [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,569,948,844 | |
Ending balance | 1,898,243,828 | 1,569,948,844 |
Quarries [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 4,546,048,948 | 3,897,934,723 |
Effect of foreign currency exchange differences | 65,075,094 | (3,957,509) |
Additions | 814,066,479 | 652,071,734 |
Ending balance | 5,425,190,521 | 4,546,048,948 |
Quarries [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (2,976,100,104) | (2,452,867,673) |
Effect of foreign currency exchange differences | (17,596,765) | 2,339 |
Depreciation charge | (533,249,824) | (523,234,770) |
Ending balance | (3,526,946,693) | (2,976,100,104) |
Tools and Devices [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 29,446,978 | |
Ending balance | 27,070,606 | 29,446,978 |
Tools and Devices [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 173,621,014 | 161,910,143 |
Additions | 7,851,827 | 11,710,871 |
Ending balance | 181,472,841 | 173,621,014 |
Tools and Devices [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (144,174,036) | (134,139,822) |
Depreciation charge | (10,228,199) | (10,034,214) |
Ending balance | (154,402,235) | (144,174,036) |
Work in progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 860,227,733 | |
Ending balance | 3,382,842,906 | 860,227,733 |
Work in progress [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 860,227,733 | 989,972,682 |
Effect of foreign currency exchange differences | 20,490,022 | (1,020,104) |
Additions | 3,827,360,247 | 1,047,113,699 |
Transfers | (1,325,235,096) | (1,175,838,544) |
Ending balance | $ 3,382,842,906 | $ 860,227,733 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 218,534,693 | $ 224,682,237 |
Software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 80,378,851 | 86,526,395 |
Mining rights [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 138,155,842 | $ 138,155,842 |
Intangible Assets - Summary of
Intangible Assets - Summary of Changes in Intangible Assets (Detail) - ARS ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | $ 224,682,237 | |
Ending balance | 218,534,693 | $ 224,682,237 |
Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 386,268,567 | 340,531,103 |
Effect of foreign currency exchange differences | 1,245,778 | (64,844) |
Additions | 22,472,093 | 45,988,383 |
Disposals | (186,075) | |
Ending balance | 409,986,438 | 386,268,567 |
Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (161,586,330) | (136,747,674) |
Effect of foreign currency exchange differences | (836,435) | 1,790,687 |
Amortization | (29,028,980) | (26,815,418) |
Disposals | 186,075 | |
Ending balance | (191,451,745) | (161,586,330) |
Software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 86,526,395 | |
Ending balance | 80,378,851 | 86,526,395 |
Software [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 248,112,725 | 202,375,261 |
Effect of foreign currency exchange differences | 1,245,778 | (64,844) |
Additions | 22,472,093 | 45,988,383 |
Disposals | (186,075) | |
Ending balance | 271,830,596 | 248,112,725 |
Software [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (161,586,330) | (136,747,674) |
Effect of foreign currency exchange differences | (836,435) | 1,790,687 |
Amortization | (29,028,980) | (26,815,418) |
Disposals | 186,075 | |
Ending balance | (191,451,745) | (161,586,330) |
Mining rights [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 138,155,842 | |
Ending balance | 138,155,842 | 138,155,842 |
Mining rights [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 138,155,842 | 138,155,842 |
Ending balance | $ 138,155,842 | $ 138,155,842 |
Investments- Summary of Investm
Investments- Summary of Investments (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Non-current | |||
In other companies Cementos del Plata S.A. | $ 1,661,984 | $ 2,453,846 | |
Total | 1,661,984 | 2,453,846 | |
Short-term investments | 2,095,150,895 | 4,415,951,166 | $ 1,049,224,436 |
Total | 2,095,150,895 | 4,415,951,166 | |
In US Dollars [member] | |||
Non-current | |||
Short-term investments | 955,262,795 | 1,488,201,667 | |
In Argentina Pesos [member] | |||
Non-current | |||
Short-term investments | $ 1,139,888,100 | $ 2,927,749,499 |
Investments- Summary of Inves_2
Investments- Summary of Investments (Parenthetical) (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about investment property [line items] | |||
Short-term investments | $ 2,095,150,895 | $ 4,415,951,166 | $ 1,049,224,436 |
In US Dollars [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Short-term investments | 955,262,795 | 1,488,201,667 | |
In US Dollars [member] | Mutual funds [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Short-term investments | $ 955,262,795 | $ 1,488,201,667 | |
Accrued interest annual nominal rate | 2.30% | 1.80% | |
In Argentina Pesos [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Short-term investments | $ 1,139,888,100 | $ 2,927,749,499 | |
Accrued interest annual nominal rate | 54.00% | 27.00% | |
In Argentina Pesos [member] | Mutual funds [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Short-term investments | $ 297,761,281 | $ 1,072,737,762 | |
In Argentina Pesos [member] | Fixed term deposits [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Short-term investments | $ 842,126,819 | ||
In Argentina Pesos [member] | Bonds [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Short-term investments | $ 1,855,011,737 |
Investments- Additional Informa
Investments- Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Bottom of Range [member] | |
Disclosure of detailed information about investment property [line items] | |
Short term investment period | 1 month |
Top of range [member] | |
Disclosure of detailed information about investment property [line items] | |
Short term investment period | 3 months |
Business Combination Under Co_3
Business Combination Under Common Control - Summary of Business Combination (Detail) - Yguazu Cementos S.A. [member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about business combination [line items] | |||
Principal Activity | Manufacture and marketing of cement | ||
Principal place of business | Paraguay | ||
Proportion of ownership interest/voting right held by the Group | 51.00% | 51.00% | 51.00% |
Business Combination Under Co_4
Business Combination Under Common Control - Additional Information (Detail) | Dec. 22, 2016ARS ($)Acquisition | Nov. 30, 2012Acquisition | Dec. 31, 2016ARS ($) | Dec. 31, 2018ARS ($)$ / shares | Dec. 31, 2017ARS ($)$ / shares | Nov. 01, 2017$ / shares | Dec. 22, 2016₲ / shares |
Disclosure of detailed information about business combination [line items] | |||||||
Nominal value per share acquired | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | ||||
Share of profit (loss) of associates | $ 76,243,433 | ||||||
Non-controlling interests | $ 1,374,578,107 | $ 992,738,468 | |||||
Subsidiaries [member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Business acquisition transaction amount | 954,610,145 | ||||||
Contingent consideration | $ 0 | ||||||
Non-controlling interest | $ 647,052,931 | ||||||
Yguazu Cementos S.A. [member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Business acquisition number of shares acquired | Acquisition | 5,411 | ||||||
Percentage of subscribed and paid-in share capital acquired | 35.00% | ||||||
Proportion of ownership interest held | 51.00% | 51.00% | 51.00% | ||||
Share of profit (loss) of associates | $ 76,243,433 | ||||||
Business acquisition percentage of ownership interests acquired | 35.00% | ||||||
Purchases of additional share acquired | 16.0017% | ||||||
Business acquisition percentage of ownership interests acquired, assumed beginning of the annual reporting period | 51.00% | ||||||
Increase in additional profit acquired | $ 31,000,000 | ||||||
Additional profit acquired | 743,000,000 | ||||||
Increase in revenue | 1,842,000,000 | ||||||
Net revenue | 21,142,000,000 | ||||||
Non-controlling interest | $ 351,172,141 | $ 1,374,578,107 | $ 992,738,468 | ||||
InterCement Brasil S.A. [member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Business acquisition number of shares acquired | Acquisition | 3,834 | ||||||
Percentage of subscribed and paid-in share capital acquired | 16.0017% | ||||||
Nominal value per share acquired | ₲ / shares | ₲ 10,000,000 | ||||||
Business acquisition transaction amount | $ 518,091,291 | ||||||
Transaction amount settled with loan proceeds | 412,435,636 | ||||||
Acquisition costs | $ 0 |
Business Combination Under Co_5
Business Combination Under Common Control - Transactions Recognised Separately from Acquisition of Assets and Assumption of Liabilities in Business Combination (Detail) | Dec. 31, 2016ARS ($) |
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | |
Inventories | $ 334,968,425 |
Yguazu Cementos S.A. [member] | |
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items] | |
Inventories | 334,968,425 |
Trade accounts receivable | 168,696,333 |
Other receivables | 70,306,386 |
Cash and cash equivalents | 383,117,765 |
Property, plant and equipment | 3,567,695,547 |
Intangible assets | 624,754 |
Trade accounts receivable | 154,890 |
Other receivables | 147,072,362 |
Trade and other payables | (588,216,706) |
Borrowings | (2,720,945,978) |
Payroll and social security payables | (9,095,047) |
Tax liabilities | (20,353,819) |
Deferred tax liabilities | (13,463,738) |
Net Assets | $ 1,320,561,174 |
Business Combination Under Co_6
Business Combination Under Common Control - Summary of Cash Generated by Acquisition of Subsidiaries (Detail) - ARS ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | |
Disclosure Of Cash Generated By Acquisition Of Subsidiaries [line items] | ||
Other capital adjustments | $ (798,558,062) | |
Subsidiaries [member] | ||
Disclosure Of Cash Generated By Acquisition Of Subsidiaries [line items] | ||
Consideration paid in cash | $ 0 | |
Less: Cash and cash equivalents acquired | 383,117,765 | |
Net cash received from acquisition of subsidiaries | 383,117,765 | |
Consideration | 954,610,145 | |
Plus: Previous equity interest | 462,196,412 | |
Plus: Non-controlling interest | 647,052,931 | |
Less: Net assets at book value | (1,320,561,177) | |
Other capital adjustments | $ 743,298,311 |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of information for cash-generating units [line items] | ||
Total | $ 16,577,250 | $ 16,577,250 |
Recycomb S.A.U. [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Total | $ 16,577,250 | $ 16,577,250 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Classes of current inventories [abstract] | ||
Spare parts | $ 706,104,589 | $ 658,647,259 |
Allowance for obsolete inventories | (28,837,294) | (23,163,458) |
Total | 677,267,295 | 635,483,801 |
Finished products | 387,427,380 | 206,308,504 |
Products in progress | 1,076,713,866 | 919,201,091 |
Raw materials, materials and spare parts | 1,864,881,423 | 1,622,044,796 |
Inventory in transit | 759,306 | |
Fuels | 448,774,700 | 446,818,240 |
Total | $ 3,777,797,369 | $ 3,195,131,937 |
Parent Company, Other Shareho_3
Parent Company, Other Shareholders, Associates and Other Related Parties Balances and Transactions - Schedule of Outstanding Balances Between the Group and the Parent Company, Other Shareholders, Associates and Other Related Parties (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of transactions between related parties [line items] | ||
Trade accounts receivable | $ 29,095,607 | |
Other receivables | $ 9,087,814 | |
Accounts payable | (268,100,226) | (407,248,388) |
InterCement Brasil S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable | (70,721,829) | (4,019,486) |
Loma Negra Holding GmbH [member] | ||
Disclosure of transactions between related parties [line items] | ||
Other receivables | 4,897,103 | |
Cimpor Trading e Inversiones S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts receivable | 8,620,086 | |
Other receivables | 4,190,711 | |
Accounts payable | (8,021,979) | (287,626,698) |
InterCement Portugal, S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Trade accounts receivable | 20,475,521 | |
Accounts payable | $ (189,356,958) | (94,704,178) |
Sacopor S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Accounts payable | $ (20,898,026) |
Parent Company, Other Shareho_4
Parent Company, Other Shareholders, Associates and Other Related Parties Balances and Transactions - Summary of Balances of Related Party Transactios (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Outstanding balances for related party transactions [abstract] | ||
Trade accounts receivable | $ 29,095,607 | |
Other receivables | $ 9,087,814 | |
Accounts payable | $ (268,100,226) | $ (407,248,388) |
Parent Company, Other Shareho_5
Parent Company, Other Shareholders, Associates and Other Related Parties Balances and Transactions - Disclosure of Transactions Between the Group and Parent Companies, Associates and Related Parties (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
InterCement Brasil S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest and Exchange rate differences | $ 7,569,170 | $ 14,469,575 | $ (86,622,923) |
Purchase of Goods and Services | (107,028,203) | (30,830,685) | (1,114,049,021) |
Cimpor Trading e Inversiones S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest and Exchange rate differences | 60,190,985 | 2,708,445 | (3,804,020) |
Purchase of Goods and Services | (63,336,270) | (149,471,817) | (400,515,308) |
Services provided | 47,908,302 | 8,624,287 | 48,217,743 |
InterCement Portugal, S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest and Exchange rate differences | (3,126,013) | 2,549,625 | |
Purchase of Goods and Services | (229,818,677) | (98,689,606) | |
Services provided | 12,920,788 | 8,790,801 | |
Sacopor S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest and Exchange rate differences | 2,359,392 | (470,651) | |
Purchase of Goods and Services | $ 262,876 | $ (35,962,291) | |
Yguaz Cementos S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest and Exchange rate differences | (9,617,402) | ||
Services provided | $ 7,747,255 |
Parent Company, Other Shareho_6
Parent Company, Other Shareholders, Associates and Other Related Parties Balances and Transactions - Additional Information (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related party transactions [abstract] | |||
Percentage of charge equivalent to net sales for service received | 1.00% | ||
Service agreement term | 3 years | ||
Key Management fees | $ 78,886,088 | $ 124,674,058 | $ 111,677,797 |
Parent Company, Other Shareho_7
Parent Company, Other Shareholders, Associates and Other Related Parties Balances and Transactions - Disclosure of Dividend (Detail) - ARS ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [line items] | ||
Dividends approved | $ 771,927,839 | $ 1,072,661,727 |
InterCement Brasil S.A. [member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends approved | 767,641,862 | 958,367,142 |
Third parties [member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends approved | $ 4,285,977 | $ 114,294,585 |
Other Receivables - Summary of
Other Receivables - Summary of Other Receivables (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Non-current | ||
Tax credits | $ 86,629,147 | $ 119,406,933 |
Canon - Ferrosur Roca S.A. (Note 39) | 55,913,277 | 73,979,035 |
Prepaid expenses | 47,394,851 | |
Advances to suppliers | 747,513,033 | 4,293,073 |
Guarantee deposits | 4,786,029 | 11,743,462 |
Miscellaneous | 4,921,519 | |
Total | 942,236,337 | 214,344,022 |
Current | ||
Tax credits | 130,034,424 | 185,312,252 |
Related parties receivables (Note 19) | 9,087,814 | |
Prepaid expenses | 76,109,046 | 90,103,624 |
Guarantee deposits | 4,916,900 | 5,571,350 |
Reimbursement receivables | 19,134,950 | 22,959,198 |
Advances to suppliers | 25,676,349 | 38,502,156 |
Salaries advances and loans to employees | 8,170,619 | 7,979,088 |
ADSs Program | 76,923,077 | |
Receivables from sales of Property, plant and equipment | 23,992,098 | 7,782,575 |
Miscellaneous | 9,244,323 | 8,762,877 |
Total | $ 383,289,600 | $ 366,973,120 |
Trade Accounts Receivable - Sum
Trade Accounts Receivable - Summary of Trade Accounts Receivables (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Trade and other receivables [abstract] | ||
Accounts receivable | $ 8,958,516 | |
Allowance for doubtful accounts | (4,909,174) | |
Total | 4,049,342 | |
Accounts receivable | 1,929,015,405 | $ 1,660,486,662 |
Related parties (Note 19) | 29,095,607 | |
Receivable with U.E.P.F.P. - Ferrosur Roca S.A. (Note 38) | 133,044,253 | 173,346,267 |
Accounts receivable in litigation | 19,791,240 | 28,087,052 |
Notes receivables | 180,946 | 58,010 |
Foreign customers | 3,248,539 | 2,383,349 |
Subtotal | 2,085,280,383 | 1,893,456,947 |
Allowance for doubtful accounts | (20,652,555) | (28,087,052) |
Total | $ 2,064,627,828 | $ 1,865,369,895 |
Trade Accounts Receivable - S_2
Trade Accounts Receivable - Summary of Maturities of Accounts Receivable (Detail) - Trade receivables [member] - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of accounts receivable [line items] | ||
Financial assets | $ 2,094,238,899 | $ 1,893,456,947 |
0 to 30 days [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | 262,486,585 | 242,261,984 |
31 to 60 days [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | 48,397,498 | 30,054,194 |
61 to 90 days [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | 33,078,450 | 8,739,612 |
More than 91 days [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | 51,250,235 | 55,277,852 |
To become due [member] | ||
Disclosure of accounts receivable [line items] | ||
Financial assets | $ 1,699,026,131 | $ 1,557,123,305 |
Trade Accounts Receivable - S_3
Trade Accounts Receivable - Summary of Financial Assets That Are Either Past Due or Impaired (Detail) - Trade receivables [member] | 12 Months Ended | |
Dec. 31, 2018ARS ($)d | Dec. 31, 2017ARS ($)d | |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 2,094,238,899 | $ 1,893,456,947 |
0 to 30 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 262,486,585 | 242,261,984 |
31 to 60 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 48,397,498 | 30,054,194 |
61 to 90 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 33,078,450 | 8,739,612 |
More than 91 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 51,250,235 | 55,277,852 |
Financial assets past due but not impaired [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 369,651,039 | $ 308,246,590 |
Average age | d | 32 | 27 |
Financial assets past due but not impaired [member] | 0 to 30 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 262,486,585 | $ 242,261,984 |
Financial assets past due but not impaired [member] | 31 to 60 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 48,397,498 | 30,054,194 |
Financial assets past due but not impaired [member] | 61 to 90 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 33,078,450 | 8,739,612 |
Financial assets past due but not impaired [member] | More than 91 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 25,688,506 | 27,190,800 |
Financial assets impaired [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 25,561,729 | 28,087,052 |
Financial assets impaired [member] | More than 91 days [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | $ 25,561,729 | $ 28,087,052 |
Trade Accounts Receivable - S_4
Trade Accounts Receivable - Summary of Changes in Allowance for Doubtful Accounts (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial assets [line items] | |||
Effect of foreign currency exchange difference | $ (740,582,610) | $ (105,182,604) | $ (39,865,636) |
Trade receivables [member] | |||
Disclosure of financial assets [line items] | |||
Beginning balance | 28,087,053 | 42,118,764 | |
Effect of foreign currency exchange difference | 924,727 | ||
Increases | 5,488,433 | 2,121,584 | |
Effect of foreign currency exchange difference | (140,616) | ||
Uses | (8,938,484) | (16,012,679) | |
Ending balance | $ 25,561,729 | $ 28,087,053 | $ 42,118,764 |
Cash and Banks - Schedule of Ca
Cash and Banks - Schedule of Cash and Banks (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of cash and cash equivalents [line items] | |||
Cash and banks | $ 806,708,433 | $ 278,717,518 | $ 430,871,412 |
In Argentina Pesos [member] | |||
Disclosure of cash and cash equivalents [line items] | |||
Cash and banks | 232,338,020 | 103,015,342 | |
In US Dollars [member] | |||
Disclosure of cash and cash equivalents [line items] | |||
Cash and banks | 36,881,387 | 22,189,356 | |
In Reales [member] | |||
Disclosure of cash and cash equivalents [line items] | |||
Cash and banks | 89,320 | 89,495 | |
In Guarani [member] | |||
Disclosure of cash and cash equivalents [line items] | |||
Cash and banks | 536,456,045 | 151,964,872 | |
In Euros [member] | |||
Disclosure of cash and cash equivalents [line items] | |||
Cash and banks | $ 943,661 | $ 1,458,453 |
Capital Stock and Other Capit_3
Capital Stock and Other Capital Related Accounts - Summary of Capital Stock and Other Capital Related Accounts (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 01, 2017 |
Disclosure of capital stock and other capital related accounts [abstract] | |||
Capital stock | $ 59,602,649 | $ 59,602,649 | $ 59,602,649 |
Adjustment to capital | 2,234,810,502 | 2,234,810,502 | |
Share premium | 4,142,930,246 | 4,941,488,308 | |
Other capital adjustments (Note 16) | (798,558,062) | ||
Merger premium | 748,383,542 | 748,383,542 | |
Total | $ 7,185,726,939 | $ 7,185,726,939 |
Capital Stock and Other Capit_4
Capital Stock and Other Capital Related Accounts - Summary of Issued, Paid-in and Registered Capital (Detail) - shares | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 01, 2017 |
Disclosure of capital stock and other capital related accounts [abstract] | |||
Common stock with a face value of $ 0.1 per share and entitled to 1 vote each, fully paid-in | 596,026,490 | 596,026,490 | 596,026,490 |
Capital Stock and Other Capit_5
Capital Stock and Other Capital Related Accounts - Summary of Issued, Paid-in and Registered Capital (Parenthetical) (Detail) | Nov. 01, 2017Vote$ / shares | Dec. 31, 2018Vote$ / shares | Dec. 31, 2017Vote$ / shares |
Disclosure of capital stock and other capital related accounts [abstract] | |||
Par value per share | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 |
Number of votes per share | Vote | 1 | 1 | 1 |
Capital Stock and Other Capit_6
Capital Stock and Other Capital Related Accounts - Additional Information (Detail) | Nov. 01, 2017ARS ($)Vote$ / sharesshares | Dec. 31, 2018ARS ($)Vote$ / sharesshares | Dec. 31, 2017ARS ($)Vote$ / sharesshares | Nov. 03, 2017$ / shares | Nov. 03, 2017$ / shares | Mar. 31, 2017 |
Disclosure of capital stock and other capital related accounts [line items] | ||||||
Maximum amount of shares issued | 30,000,000 | |||||
Par value per share | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | |||
Number of votes per share | Vote | 1 | 1 | 1 | |||
Proceeds from initial public offering, net of issuance costs | $ | $ 1,866,725,717 | |||||
Capital stock | $ | $ 59,602,649 | $ 59,602,649 | $ 59,602,649 | |||
Number of common shares issued | 596,026,490 | 596,026,490 | 596,026,490 | |||
Local Offer [member] | ||||||
Disclosure of capital stock and other capital related accounts [line items] | ||||||
Number of shares awarded | 20,940,252 | |||||
Subscription price per share | (per share) | $ 66.78 | $ 3.80 | ||||
International Offer [member] | ||||||
Disclosure of capital stock and other capital related accounts [line items] | ||||||
Number of shares awarded | 9,000,000 | |||||
Number of ordinary shares per ADS | 5 | |||||
International Offer [member] | American Depository Scheme [member] | ||||||
Disclosure of capital stock and other capital related accounts [line items] | ||||||
Number of shares awarded | 1,800,000 | |||||
Subscription price per share | (per share) | $ 333.89 | $ 19 | ||||
Cofesur S.A. [member] | ||||||
Disclosure of capital stock and other capital related accounts [line items] | ||||||
Interest acquired | 2.36% |
Reserves and Accumulated Othe_3
Reserves and Accumulated Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of reserves and accumulated others comprehensive income [line items] | |||
Reserves | $ 2,280,327,615 | $ 136,865,757 | $ 108,384,896 |
Balances at the beginning of the year | 33,909,829 | ||
Ending balance | 274,489,686 | 33,909,829 | |
Reserve of change in value of foreign currency basis spreads [member] | |||
Disclosure of reserves and accumulated others comprehensive income [line items] | |||
Balances at the beginning of the year | 33,909,829 | 38,804,594 | 98,903,130 |
Exchange differences on translating foreign operations of the year attributable to the owners of the Company | 240,579,857 | (4,894,764) | (60,098,536) |
Ending balance | 274,489,686 | 33,909,829 | 38,804,594 |
Legal reserve [member] | |||
Disclosure of reserves and accumulated others comprehensive income [line items] | |||
Reserves | 103,966,576 | 103,158,151 | 103,158,151 |
Environmental Reserve [member] | |||
Disclosure of reserves and accumulated others comprehensive income [line items] | |||
Reserves | 3,581,947 | 3,581,947 | 3,581,947 |
Facultative reserve [member] | |||
Disclosure of reserves and accumulated others comprehensive income [line items] | |||
Reserves | 2,142,653,433 | ||
Future Dividends Reserve [member] | |||
Disclosure of reserves and accumulated others comprehensive income [line items] | |||
Reserves | $ 30,125,659 | $ 30,125,659 | $ 1,644,798 |
Borrowings - Summary of Composi
Borrowings - Summary of Composition of Borrowings (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | ||
Non-current | $ 2,607,359,542 | $ 3,845,105,806 |
Current | 3,355,317,884 | 2,597,969,452 |
Borrowings | 5,962,677,426 | 6,443,075,258 |
US Dollar and Guarani [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 5,057,883,926 | 4,948,727,383 |
In Argentina Pesos [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 904,793,500 | $ 1,494,347,875 |
Borrowings - Summary of Detail
Borrowings - Summary of Detail Information of Borrowings (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Aug. 08, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about borrowings [line items] | |||
Amount | $ 5,962,677,426 | $ 6,443,075,258 | |
Loma Negra C.I.A.S.A. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 2,078,962,919 | 3,471,035,718 | |
Ferrosur Roca S.A. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 1,244,216,791 | 801,117,737 | |
Yguazu Cementos S.A. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 2,633,036,996 | 2,170,458,091 | |
Recycomb S.A.U. [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | $ 6,460,720 | 463,712 | |
In US Dollars [member] | Banco Patagonia S.A. [member] | Ferrosur Roca S.A. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 5.75% | ||
Due date | Jul-18 | ||
Amount | 131,855,553 | ||
In US Dollars [member] | Banco Latinoamericano de Comercio Exterior S.A [member] | Ferrosur Roca S.A. [member] | LIBOR plus 1.95% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 3 Month Libor + 1.95% | ||
Borrowings adjustment to interest rate basis | 1.95% | ||
Due date | Aug-19 | ||
Amount | $ 569,442,236 | ||
In US Dollars [member] | Industrial And Commercial Bank Of China [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 3.75 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 3 Month Libor + 3.75% | ||
Borrowings adjustment to interest rate basis | 3.75% | ||
Due date | May-20 | ||
Amount | $ 1,478,671,514 | 1,813,722,924 | |
In US Dollars [member] | Industrial And Commercial Bank Of China [member] | Loma Negra C.I.A.S.A. [member] | LIBOR plus 3.4 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | 3 Month Libor + 3.4% | ||
Borrowings adjustment to interest rate basis | 3.40% | ||
Due date | Jun-19 | ||
Amount | $ 376,733,180 | 832,690,815 | |
In Guarani [member] | Banco Continental S.A.E.C.A. [member] | Yguazu Cementos S.A. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 8.50% | 8.50% | |
Due date | Aug-25 | ||
Amount | $ 1,543,896,984 | 1,310,988,011 | |
In Guarani [member] | Sudameris Bank S.A.E.C.A. [member] | Yguazu Cementos S.A. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 9.00% | 9.00% | |
Due date | Aug-25 | ||
Amount | $ 1,014,897,585 | 859,470,080 | |
In Guarani [member] | Banco Ita S.A.- Paraguay [member] | Yguazu Cementos S.A. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 5.80% | ||
Due date | Feb-19 | ||
Amount | $ 74,242,427 | ||
US Dollar and Guarani [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | 5,057,883,926 | 4,948,727,383 | |
In Argentina Pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Amount | $ 904,793,500 | 1,494,347,875 | |
In Argentina Pesos [member] | Banco Patagonia S.A. [member] | Loma Negra C.I.A.S.A. [member] | BADLAR corrected plus 1.65 % [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | BADLAR corrected + 1.65% | ||
Borrowings adjustment to interest rate basis | 1.65% | ||
Due date | Jul-18 | ||
Amount | 103,930,653 | ||
In Argentina Pesos [member] | Banco Patagonia S.A. [member] | Ferrosur Roca S.A. [member] | BADLAR corrected plus 0.5 % [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | BADLAR corrected + 0.5% | ||
Borrowings adjustment to interest rate basis | 0.50% | ||
Due date | Oct-18 | ||
Amount | 89,735,411 | ||
In Argentina Pesos [member] | Banco Provincia de Buenos Aires [member] | Loma Negra C.I.A.S.A. [member] | BADLAR corrected plus 4% [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | BADLAR corrected + 4% | ||
Borrowings adjustment to interest rate basis | 4.00% | ||
Due date | Sep-18 | ||
Amount | 24,133,851 | ||
In Argentina Pesos [member] | Banco Provincia de Buenos Aires One [member] | Loma Negra C.I.A.S.A. [member] | BADLAR corrected plus 2 % [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | BADLAR corrected + 2% | ||
Borrowings adjustment to interest rate basis | 2.00% | ||
Due date | Mar-19 | ||
Amount | $ 17,996,494 | 132,276,634 | |
In Argentina Pesos [member] | Banco Provincia de Buenos Aires two [member] | Loma Negra C.I.A.S.A. [member] | BADLAR corrected plus 2 % [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | BADLAR corrected + 2% | ||
Borrowings adjustment to interest rate basis | 2.00% | ||
Due date | Jun-19 | ||
Amount | $ 36,909,247 | 160,569,109 | |
In Argentina Pesos [member] | Banco Provincia de Buenos Aires three [member] | Loma Negra C.I.A.S.A. [member] | BADLAR corrected plus 2 % [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | BADLAR corrected + 2% | ||
Borrowings adjustment to interest rate basis | 2.00% | ||
Due date | Jul-19 | ||
Amount | $ 5,594,225 | 22,344,124 | |
In Argentina Pesos [member] | HSBC Bank Argentina S.A [member] | Loma Negra C.I.A.S.A. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 21.75% | ||
Due date | Apr-19 | ||
Amount | $ 157,865,753 | 233,081,823 | |
In Argentina Pesos [member] | HSBC Bank Argentina S.A [member] | Ferrosur Roca S.A. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 21.75% | ||
Due date | Apr-19 | ||
Amount | $ 157,865,753 | 233,081,823 | |
In Argentina Pesos [member] | Banco Santander Rio S.A. [member] | Loma Negra C.I.A.S.A. [member] | BADLAR corrected plus 4 % [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | BADLAR corrected + 4% | ||
Borrowings adjustment to interest rate basis | 4.00% | ||
Due date | Jul-18 | ||
Amount | 129,281,810 | ||
In Argentina Pesos [member] | Bank overdrafts [member] | Loma Negra C.I.A.S.A. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 63.08% | ||
Borrowings interest rate basis | Daily Overdraft Rate | ||
Due date | Jan-19 | ||
Amount | $ 5,192,506 | 19,003,976 | |
In Argentina Pesos [member] | Bank overdrafts [member] | Ferrosur Roca S.A. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 62.94% | ||
Due date | Jan-19 | ||
Amount | $ 516,908,802 | 346,444,951 | |
In Argentina Pesos [member] | Bank overdrafts [member] | Recycomb S.A.U. [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate | 62.94% | ||
Due date | Jan-19 | ||
Amount | $ 6,460,720 | $ 463,710 |
Borrowings - Summary of borrowi
Borrowings - Summary of borrowings by Company (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | ||
Amount | $ 5,962,677,426 | $ 6,443,075,258 |
Ferrosur Roca S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | 1,244,216,791 | 801,117,737 |
Recycomb S.A.U. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | 6,460,720 | 463,712 |
Yguazu Cementos S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | 2,633,036,996 | 2,170,458,091 |
Loma Negra C.I.A.S.A. [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount | $ 2,078,962,919 | $ 3,471,035,718 |
Borrowings - Additional Informa
Borrowings - Additional Information - Loma Negra C.I.A.S.A. (Detail) - Loma Negra C.I.A.S.A. [member] | Jul. 22, 2015ARS ($)Installment | Jul. 21, 2015ARS ($)Installment | Sep. 30, 2013ARS ($)Installment | May 31, 2017USD ($)Installment | Jun. 30, 2016ARS ($)Installment | Mar. 31, 2016ARS ($)Installment | Apr. 06, 2017ARS ($) | Jun. 30, 2016USD ($) |
In Argentina Pesos [member] | Banco Provincia de Buenos Aires [member] | BADLAR corrected plus 4% [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Face amount | $ 80,000,000 | |||||||
Number of semi-annual installments | Installment | 10 | |||||||
In Argentina Pesos [member] | Banco Patagonia S.A. [member] | BADLAR corrected plus 1.65 % [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Face amount | $ 200,000,000 | |||||||
Number of quarterly installments | Installment | 9 | |||||||
In Argentina Pesos [member] | Banco Santander Rio S.A. [member] | BADLAR corrected plus 4 % [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Face amount | $ 250,000,000 | |||||||
Number of quarterly installments | Installment | 9 | |||||||
In Argentina Pesos [member] | Banco Provincia de Buenos Aires One [member] | BADLAR corrected plus 2 % [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Face amount | $ 150,000,000 | |||||||
Number of monthly installments | Installment | 25 | |||||||
In Argentina Pesos [member] | Banco Provincia de Buenos Aires two [member] | BADLAR corrected plus 2 % [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Face amount | $ 150,000,000 | |||||||
Number of monthly installments | Installment | 25 | |||||||
In Argentina Pesos [member] | Banco Provincia de Buenos Aires three [member] | BADLAR corrected plus 2 % [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Face amount | $ 20,000,000 | |||||||
Number of monthly installments | Installment | 25 | |||||||
In Argentina Pesos [member] | HSBC Bank Argentina S.A [member] | Fixed interest rate [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Face amount | $ 150,000,000 | |||||||
In US Dollars [member] | Industrial And Commercial Bank Of China [member] | LIBOR plus 3.4 [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Face amount | $ 50,000,000 | |||||||
Number of semi-annual installments | Installment | 5 | |||||||
In US Dollars [member] | Industrial And Commercial Bank Of China [member] | LIBOR plus 3.75 [member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Face amount | $ 65,000,000 | |||||||
Number of semi-annual installments | Installment | 5 |
Borrowings - Additional Infor_2
Borrowings - Additional Information - Ferrosur Roca S.A. (Detail) - Ferrosur Roca S.A. [member] | Aug. 05, 2016USD ($)Installment | Oct. 21, 2015ARS ($)Installment | Aug. 31, 2018USD ($) | Dec. 31, 2017ARS ($) | Apr. 30, 2017ARS ($) |
In US Dollars [member] | Banco Latinoamericano de Comercio Exterior S.A [member] | LIBOR plus 1.95% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowing term | 365 days | ||||
Guarantees [member] | In Argentina Pesos [member] | Banco Patagonia S.A. [member] | BADLAR corrected plus 0.5 % [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount | $ 130,000,000 | ||||
Number of quarterly installments | Installment | 9 | ||||
Guarantees [member] | In Argentina Pesos [member] | HSBC Bank Argentina S.A [member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount | $ 150,000,000 | $ 150,000,000 | |||
Guarantees [member] | In US Dollars [member] | Banco Patagonia S.A. [member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount | $ 4,700,000 | ||||
Number of quarterly installments | Installment | 3 | ||||
Guarantees [member] | In US Dollars [member] | Banco Latinoamericano de Comercio Exterior S.A [member] | LIBOR plus 1.95% [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount | $ 15,000,000 |
Borrowings - Additional Infor_3
Borrowings - Additional Information - Yguazu Cementos S.A. (Detail) - In Guarani [member] - Yguazu Cementos S.A. [member] | Aug. 08, 2018Installment | Aug. 08, 2017PYG (₲)BankAgreement | Aug. 31, 2018PYG (₲)Agreement | Dec. 31, 2018PYG (₲) |
Paraguayan banks [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Number of loan agreements | Agreement | 2 | |||
Number of banks | Bank | 2 | |||
Face amount | ₲ 423,000,000,000 | |||
Banco Continental S.A.E.C.A. [member] | Fixed interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount | ₲ 255,000,000,000 | |||
Maturity period | 8 years | |||
Borrowings interest rate | 8.50% | 8.50% | ||
Number of equal installments | Installment | 15 | |||
Banco Continental S.A.E.C.A. [member] | Prime rate plus 0.32 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings adjustment to interest rate basis | 0.32% | |||
Sudameris Bank S.A.E.C.A. [member] | Fixed interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount | ₲ 168,000,000,000 | |||
Maturity period | 8 years | |||
Borrowings interest rate | 9.00% | 9.00% | ||
Number of equal installments | Installment | 15 | |||
Sudameris Bank S.A.E.C.A. [member] | Prime rate plus 0.82 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings adjustment to interest rate basis | 0.82% | |||
Banco Itau de Paraguay [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Number of loan agreements | Agreement | 2 | |||
Banco Itau de Paraguay [member] | Five point six five percentage fixed interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount | ₲ 11,500,000 | |||
Borrowings interest rate | 5.65% | |||
Banco Itau de Paraguay [member] | Five point eight percentage fixed interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount | ₲ 11,500,000 | |||
Borrowings interest rate | 5.80% |
Borrowings - Schedule of Moveme
Borrowings - Schedule of Movements of Borrowings (Detail) - Long-term borrowings [member] | 12 Months Ended |
Dec. 31, 2018ARS ($) | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |
Beginning balance | $ 6,443,075,258 |
New borrowings | 1,449,050,076 |
Interest accrual | 386,601,388 |
Effect of exchange differences on translating foreign operations | 572,410,096 |
Effect of exchange rate differences | 921,517,549 |
Interest payments | (894,806,209) |
Principal payments | (2,915,170,732) |
Ending balance | $ 5,962,677,426 |
Borrowings - Maturity Schedule
Borrowings - Maturity Schedule of Long-term Borrowings (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 2,607,359,542 | $ 3,845,105,806 |
2020 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 841,972,137 | |
2021 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 353,077,481 | |
2022 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 353,077,481 | |
2023 and beyond [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 1,059,232,443 |
Accounts Payable - Summary of A
Accounts Payable - Summary of Accounts Payable (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Non-current | ||
Accounts payable for investments in Property, plant and equipment | $ 387,161,929 | $ 105,402,112 |
Total | 387,161,929 | 105,402,112 |
Current | ||
Suppliers | 2,069,974,054 | 1,830,175,759 |
Related parties (Note 19) | 268,100,226 | 407,248,388 |
Accounts payable for acquisitions of Property, plant and equipment | 1,660,381,074 | 346,975,126 |
Expenses accrual | 854,769,995 | 902,312,409 |
Total | $ 4,853,225,349 | $ 3,486,711,682 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of other provisions [line items] | |||
Non current provisions | $ 292,635,253 | $ 237,851,125 | $ 222,365,602 |
Labor and social security [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | 47,808,492 | 65,236,094 | 53,907,144 |
Environmental restoration [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | 186,119,946 | 119,005,448 | 109,845,604 |
Civil and others [member] | |||
Disclosure of other provisions [line items] | |||
Non current provisions | $ 58,706,815 | $ 53,609,583 | $ 58,612,854 |
Provisions - Summary of Changes
Provisions - Summary of Changes in Provisions (Detail) - ARS ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of other provisions [line items] | ||
Beginning balance | $ 237,851,125 | $ 222,365,602 |
Increases | 166,239,180 | 57,291,897 |
Uses | (111,455,052) | (41,806,374) |
Ending balance | 292,635,253 | 237,851,125 |
Labor and social security [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 65,236,094 | 53,907,144 |
Increases | 15,610,373 | 20,403,689 |
Uses | (33,037,975) | (9,074,739) |
Ending balance | 47,808,492 | 65,236,094 |
Environmental restoration [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 119,005,448 | 109,845,604 |
Increases | 113,543,802 | 10,542,174 |
Uses | (46,429,304) | (1,382,330) |
Ending balance | 186,119,946 | 119,005,448 |
Civil and others [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 53,609,583 | 58,612,854 |
Increases | 37,085,005 | 26,346,034 |
Uses | (31,987,773) | (31,349,305) |
Ending balance | $ 58,706,815 | $ 53,609,583 |
Provisions - Additional Informa
Provisions - Additional Information (Detail) $ in Millions | Dec. 31, 2018ARS ($) |
Disclosure of other provisions [line items] | |
Estimated amount of cash flow for uncertain contingencies | $ 139.9 |
Tax obligations [member] | |
Disclosure of other provisions [line items] | |
Estimated amount of cash flow for uncertain contingencies | 71.5 |
Labor obligation [member] | |
Disclosure of other provisions [line items] | |
Estimated amount of cash flow for uncertain contingencies | 46.2 |
Administrative obligations [member] | |
Disclosure of other provisions [line items] | |
Estimated amount of cash flow for uncertain contingencies | $ 22.2 |
Tax Liabilities - Summary of Ta
Tax Liabilities - Summary of Tax Liabilities (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Non-current tax liabilities | ||
Non-current tax liabilities | $ 505,256 | |
Current tax liabilities | ||
Current tax liabilities | $ 779,550,251 | 846,133,165 |
Facilities payment plans [member] | ||
Non-current tax liabilities | ||
Non-current tax liabilities | 505,256 | |
Income tax expense [member] | ||
Current tax liabilities | ||
Current tax liabilities | 368,221,928 | 496,476,565 |
Value added tax [member] | ||
Current tax liabilities | ||
Current tax liabilities | 94,335,822 | 221,280,756 |
Turnover tax [member] | ||
Current tax liabilities | ||
Current tax liabilities | 47,093,466 | 56,928,469 |
Other taxes, withholdings and perceptions [member] | ||
Current tax liabilities | ||
Current tax liabilities | $ 269,899,035 | $ 71,447,375 |
Other Liabilities - Disclosure
Other Liabilities - Disclosure of Other Liabilities (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Miscellaneous liabilities [abstract] | ||
Termination payment plans | $ 7,900,093 | $ 23,240,492 |
Total | 7,900,093 | 23,240,492 |
Termination payment plans | 28,836,528 | 31,524,178 |
Dividends with minority shareholders | 6,330,598 | 11,734,897 |
Others | 5,623,510 | 3,864,758 |
Total | $ 40,790,636 | $ 47,123,833 |
Cash and Cash Equivalents - Dis
Cash and Cash Equivalents - Disclosure of Detailed Information About Cash and Cash Equivalents (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents [abstract] | ||||
Cash and banks | $ 806,708,433 | $ 278,717,518 | $ 430,871,412 | |
Short-term investments (Note 15) | 2,095,150,895 | 4,415,951,166 | 1,049,224,436 | |
Cash and cash equivalents | $ 2,901,859,328 | $ 4,694,668,684 | $ 1,480,095,848 | $ 814,392,377 |
Non-cash Transactions - Summary
Non-cash Transactions - Summary of Non-cash Transactions (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of significant non cash transaction [line items] | |||
Acquisition of Property, plant and equipment financed with trade payables | $ 804,233,159 | $ 33,620,568 | |
Acquisition of 2.36% of interest in Cofesur S.A.U. | $ 52,316,833 | ||
Settlement of account payable for purchases to InterCement Brasil S.A. with other receivables | 51,576,882 | ||
Account payable settlement with amount receivable under financial leasing | (317,986,070) | ||
InterCement Brasil S.A. [member] | |||
Disclosure of significant non cash transaction [line items] | |||
Acquisition of interest in Yguazu Cementos S.A. cancelled with the settlement of loans with InterCement Brasil S.A. (Note 16) | $ 144,077,417 | $ 954,610,144 |
Non-cash Transactions - Summa_2
Non-cash Transactions - Summary of Non-cash Transactions (Parenthetical) (Detail) - ARS ($) | 1 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2017 | |
Disclosure of significant non cash transaction [line items] | ||
Advance investment | $ 52,316,833 | |
Cofesur S.A. [member] | ||
Disclosure of significant non cash transaction [line items] | ||
Advance investment | $ 52,316,833 | |
Interest acquired | 2.36% |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Detail) - ARS ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of operating segments [line items] | |||
Revenue before effect from restatement in constant currency | $ 22,162,865,808 | $ 15,286,534,926 | $ 9,874,443,208 |
Reconciliation - Effect from restatement in constant currency | 4,644,065,716 | 9,552,077,957 | 9,459,945,909 |
Revenue | 26,806,931,524 | 24,838,612,883 | 19,334,389,117 |
Cost of sales before effect from restatement in constant currency | 15,435,961,234 | 10,850,065,286 | 7,264,522,456 |
Reconciliation - Effect from restatement in constant currency | 4,546,832,818 | 7,659,874,517 | 7,889,653,017 |
Cost of sales | 19,982,794,052 | 18,509,939,802 | 15,154,175,473 |
Selling administrative expenses and other gains and losses | 1,824,821,079 | 1,852,717,417 | 1,625,146,699 |
Depreciation and amortization expense | 2,121,389,879 | 1,742,376,905 | 1,797,588,261 |
Net revenue less cost of sales selling administrative expenses and other gains and losses before effect from restatement in constant currency | 5,274,701,446 | 3,316,063,246 | 1,804,441,235 |
Reconciliation - Effect from restatement in constant currency | (275,385,053) | 1,159,892,418 | 750,625,710 |
Net revenue less cost of sales selling administrative expenses and other gains and losses | 4,999,316,393 | 4,475,955,664 | 2,555,066,945 |
Share of profit (loss) of associates | 76,243,433 | ||
Tax on debits and credits to banks accounts | (254,200,939) | (304,817,393) | (277,325,855) |
Finance costs, net | (1,662,578,414) | (271,396,125) | (417,358,381) |
Income tax expense | (1,131,955,333) | (221,946,197) | (649,823,084) |
NET PROFIT | 1,950,581,707 | 3,677,795,949 | 1,286,803,058 |
Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Selling administrative expenses and other gains and losses before effect from restatement in constant currency | 1,452,203,128 | 1,120,406,397 | 805,479,517 |
Reconciliation - Effect from restatement in constant currency | 372,617,951 | 732,311,020 | 819,667,182 |
Depreciation and amortization expense before effect from restatement in constant currency | 892,194,082 | 625,880,708 | 509,073,880 |
Reconciliation - Effect from restatement in constant currency | 1,229,195,797 | 1,116,496,197 | 1,288,514,381 |
Operating segments [member] | Cement masonry cement and lime segment [member] | Argentina [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 16,282,614,057 | 11,649,136,962 | 8,314,392,402 |
Cost of sales | 10,619,291,608 | 7,986,358,455 | 6,045,620,325 |
Selling administrative expenses and other gains and losses | 1,084,762,773 | 850,722,982 | 726,012,191 |
Depreciation and amortization expense | 415,892,004 | 342,614,418 | 432,545,694 |
Net revenue less cost of sales selling administrative expenses and other gains and losses | 4,578,559,676 | 2,812,055,527 | 1,542,759,886 |
Operating segments [member] | Cement Segment [member] | Paraguay [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,959,634,979 | 1,152,606,929 | |
Cost of sales | 1,379,208,675 | 803,220,686 | |
Selling administrative expenses and other gains and losses | 64,315,992 | 43,633,705 | |
Depreciation and amortization expense | 279,997,274 | 170,931,104 | |
Net revenue less cost of sales selling administrative expenses and other gains and losses | 516,110,312 | 305,752,538 | |
Operating segments [member] | Concrete Segment [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 3,657,338,674 | 1,903,346,280 | 1,044,559,627 |
Cost of sales | 3,421,580,967 | 1,795,052,472 | 968,360,040 |
Selling administrative expenses and other gains and losses | 117,877,891 | 77,974,017 | 49,143,560 |
Depreciation and amortization expense | 32,222,290 | 24,544,240 | 12,492,535 |
Net revenue less cost of sales selling administrative expenses and other gains and losses | 117,879,816 | 30,319,791 | 27,056,027 |
Operating segments [member] | Railroad segment [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 2,136,181,737 | 1,608,080,671 | 1,223,681,686 |
Cost of sales | 1,913,366,156 | 1,352,375,734 | 1,011,559,523 |
Selling administrative expenses and other gains and losses | 149,809,534 | 105,192,391 | (4,235,303) |
Depreciation and amortization expense | 137,274,165 | 74,821,293 | 54,995,174 |
Net revenue less cost of sales selling administrative expenses and other gains and losses | 73,006,047 | 150,512,546 | 216,357,466 |
Operating segments [member] | Aggregates Segment [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 334,206,557 | 261,292,612 | 189,491,197 |
Cost of sales | 360,465,602 | 266,721,854 | 176,603,548 |
Selling administrative expenses and other gains and losses | (4,173,225) | 4,411,761 | 5,217,097 |
Depreciation and amortization expense | 24,139,262 | 10,505,708 | 7,115,732 |
Net revenue less cost of sales selling administrative expenses and other gains and losses | (22,085,820) | (9,841,002) | 7,670,552 |
Operating segments [member] | All other segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 117,898,203 | 133,109,926 | 75,636,911 |
Cost of sales | 67,056,625 | 67,374,539 | 35,697,635 |
Selling administrative expenses and other gains and losses | 39,610,163 | 38,471,541 | 29,341,972 |
Depreciation and amortization expense | 2,669,087 | 2,463,945 | 1,924,745 |
Net revenue less cost of sales selling administrative expenses and other gains and losses | 11,231,415 | 27,263,846 | 10,597,304 |
Elimination of intersegment amounts [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | (2,325,008,399) | (1,421,038,454) | (973,318,615) |
Cost of sales | $ (2,325,008,399) | $ (1,421,038,454) | $ (973,318,615) |
Segment Information - Summary_2
Segment Information - Summary of Geographical Information (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of geographical areas [line items] | ||
Non current assets | $ 23,738,264,297 | $ 19,403,564,534 |
Argentina [member] | ||
Disclosure of geographical areas [line items] | ||
Non current assets | 19,620,044,082 | 15,920,964,729 |
Paraguay [member] | ||
Disclosure of geographical areas [line items] | ||
Non current assets | $ 4,118,220,215 | $ 3,482,599,805 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Operating segments [member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of operating segments [line items] | |||
Percentage of entity's revenue | 10.00% | 10.00% | 10.00% |
Number of customers contributing more than ten percent of revenue | 0 | 0 | 0 |
Financial Instruments - Summary
Financial Instruments - Summary of Net Debt to Equity Ratio (Detail) | 12 Months Ended | |||
Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) | Dec. 31, 2016ARS ($) | Dec. 31, 2015ARS ($) | |
Disclosure of net debt equity ratio [abstract] | ||||
Debt | $ 5,962,677,426 | $ 6,443,075,258 | ||
Cash and cash equivalents | 2,901,859,328 | 4,694,668,684 | $ 1,480,095,848 | $ 814,392,377 |
Net debt | 3,060,818,098 | 1,748,406,574 | ||
Equity | $ 16,553,229,765 | $ 14,130,938,289 | $ 8,464,797,019 | $ 9,445,683,135 |
Net debt to equity ratio | 0.18 | 0.12 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Financial Instruments (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about financial instruments [line items] | |||
Cash and banks | $ 806,708,433 | $ 278,717,518 | $ 430,871,412 |
Investments measured at fair value through profit or loss | 297,761,281 | 2,560,939,429 | |
Held to maturity investments | 1,797,389,614 | 1,855,011,738 | |
Receivables | 2,216,762,361 | 1,927,110,875 | |
Financial liabilities, class [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Measured at amortized cost | $ 12,665,218,530 | $ 11,752,178,580 |
Financial Instruments - Summa_3
Financial Instruments - Summary of Monetary Assets and Liabilities Denominated in Foreign Currency (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
In US Dollars [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | $ 3,817,240,870 | $ 3,181,875,135 |
Financial assets | 1,125,128,279 | 1,577,569,349 |
In Guarani [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 2,816,895,658 | 2,328,388,863 |
Financial assets | 903,635,402 | 487,476,775 |
In Euros [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 347,533,959 | 299,110,017 |
Financial assets | 1,091,046 | 9,381,578 |
In Reales [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 24,610 | 21,391 |
Financial assets | $ 89,320 | $ 89,495 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - 12 months ended Dec. 31, 2018 $ in Millions | ARS ($) | USD ($) |
Disclosure of interest rate risk [line items] | ||
Percentage of increase in foreign currency exchange rate | 25.00% | 25.00% |
Increase in financial expense | $ 0.8 | |
Increase in financial expense | $ 10,700,000 | $ 0.3 |
Increase (decrease) in working capital | $ (703,878,478) | |
BADLAR Plus 1 [member] | ||
Disclosure of interest rate risk [line items] | ||
Borrowing interest rate basis | 1.00% | 1.00% |
Increase in financial expense | $ 2,100,000 | |
LIBOR [member] | ||
Disclosure of interest rate risk [line items] | ||
Borrowing interest rate basis | 1.00% | 1.00% |
Average interest rate [member] | ||
Disclosure of interest rate risk [line items] | ||
Borrowing interest rate basis | 1.00% | 1.00% |
Financial Instruments - Disclos
Financial Instruments - Disclosure of Foreign Currency Sensitivity Analysis - (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2018ARS ($) | |
US Dollar to Pesos [member] | |
Disclosure foreign currency sensitivity analysis [line items] | |
Loss for the year | $ 673,028 |
Decrease in net equity | 673,028 |
Guarani to Pesos [member] | |
Disclosure foreign currency sensitivity analysis [line items] | |
Decrease in net equity | $ 625,916 |
Financial Instruments - Summa_4
Financial Instruments - Summary of Interest Rate Risk Management (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of interest rate risk [line items] | ||
Held to maturity investments | $ 1,797,389,614 | $ 1,855,011,738 |
Investments measured at fair value through profit or loss | 297,761,281 | 2,560,939,429 |
Financial liabilities, class [member] | ||
Disclosure of interest rate risk [line items] | ||
Measured at amortized cost | 12,665,218,530 | 11,752,178,580 |
Interest rate risk [member] | Financial assets, class [member] | ||
Disclosure of interest rate risk [line items] | ||
Held to maturity investments | 1,797,389,614 | 1,855,011,738 |
Investments measured at fair value through profit or loss | 297,761,281 | 2,560,939,429 |
Interest rate risk [member] | Financial liabilities, class [member] | ||
Disclosure of interest rate risk [line items] | ||
Measured at amortized cost | $ 5,962,677,426 | $ 6,443,075,258 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Contractual Maturity for Non-derivative Financial Liabilities with Agreed Repayment Periods (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | $ 6,857,902,604 | $ 7,662,656,972 |
Weighted average [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Weighted average effective interest rate % | 26.20% | 23.30% |
Not later than 1 month [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | $ 560,539,871 | $ 563,741,567 |
1-3 months [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 431,001,246 | 438,138,090 |
3 months to 1 year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 2,622,245,214 | 2,015,296,273 |
1 to 3 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | 2,013,702,556 | 3,293,507,578 |
3-6 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Borrowings | $ 1,230,413,717 | $ 1,351,973,464 |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Financial Assets and Financial Liabilities are Measured at Fair Value on a Recurring Basis (Detail) - ARS ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of fair value measurement of assets [line items] | ||
Fair value | $ 32,865,838,422 | $ 29,525,708,170 |
Investment funds [member] | Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Fair value | $ 297,761,281 | $ 2,560,939,429 |
Fair value hierarchy | Level 1 | |
Valuation technique(s) and key input(s) | Quoted bid prices in an active market |
Guarantees Granted to Subsidi_2
Guarantees Granted to Subsidiaries - Additional Information (Detail) | Dec. 31, 2018ARS ($) | Aug. 31, 2018USD ($) | Dec. 31, 2017ARS ($) | Apr. 30, 2017ARS ($) |
Disclosure of detailed information about borrowings [line items] | ||||
Loan outstanding amount | $ 5,962,677,426 | $ 6,443,075,258 | ||
Ferrosur Roca S.A. [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Loan outstanding amount | 1,244,216,791 | 801,117,737 | ||
In Argentina Pesos [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Loan outstanding amount | 904,793,500 | 1,494,347,875 | ||
In Argentina Pesos [member] | Ferrosur Roca S.A. [member] | HSBC Bank Argentina S.A [member] | Fixed interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Loan outstanding amount | 157,865,753 | 233,081,823 | ||
In US Dollars [member] | Ferrosur Roca S.A. [member] | Banco Latinoamericano de Comercio Exterior S.A [member] | LIBOR plus 1.95% [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Loan outstanding amount | 569,442,236 | |||
Guarantees [member] | In Argentina Pesos [member] | Ferrosur Roca S.A. [member] | Fixed interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Bank overdrafts | $ 516,908,802 | |||
Guarantees [member] | In Argentina Pesos [member] | Ferrosur Roca S.A. [member] | HSBC Bank Argentina S.A [member] | Fixed interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount | $ 150,000,000 | $ 150,000,000 | ||
Guarantees [member] | In US Dollars [member] | Ferrosur Roca S.A. [member] | Banco Latinoamericano de Comercio Exterior S.A [member] | LIBOR plus 1.95% [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount | $ 15,000,000 |
Restricted Assets - Additional
Restricted Assets - Additional Information (Detail) | Dec. 31, 2018ARS ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018PYG (₲) | Aug. 08, 2017PYG (₲) |
Disclosure of restricted assets [line items] | ||||
Judicial deposits | $ | $ 6,186,319 | |||
Yguazu Cementos S.A. [member] | ||||
Disclosure of restricted assets [line items] | ||||
Land and property pledged as security | ₲ 423,000,000,000 | |||
Remaining balance of loans owned | $ 2,558,794,569 | ₲ 405,610,391,703 | ||
In Guarani [member] | Yguazu Cementos S.A. [member] | Banco Continental S.A.E.C.A. [member] | Fixed interest rate [member] | ||||
Disclosure of restricted assets [line items] | ||||
Face amount | 255,000,000,000 | |||
In Guarani [member] | Yguazu Cementos S.A. [member] | Sudameris Bank S.A.E.C.A. [member] | Fixed interest rate [member] | ||||
Disclosure of restricted assets [line items] | ||||
Face amount | ₲ 168,000,000,000 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) | Dec. 31, 2018ARS ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017ARS ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) |
Disclosure of commitments [line items] | ||||||
Contractual commitments to purchase slag, estimated undiscounted future cash flows | $ 594,700,000 | |||||
Contractual commitment to purchase limestone | 2,500,000 | |||||
Sinoma International Engenieering Co. Ltd. [member] | ||||||
Disclosure of commitments [line items] | ||||||
Commitment due to agreement | (2,506,019,275) | $ 61,416,924 | € 30,904,861 | $ 2,167,648,300 | $ 107,414,700 | € 41,574,600 |
2019 [member] | ||||||
Disclosure of commitments [line items] | ||||||
Provision of natural gas commitment | 692,200,000 | |||||
Electrical energy consumption commitment annual payment | 477,700,000 | |||||
2020 [member] | ||||||
Disclosure of commitments [line items] | ||||||
Provision of natural gas commitment | 53,000,000 | |||||
Electrical energy consumption commitment annual payment | 534,000,000 | |||||
2021 and beyond [member] | ||||||
Disclosure of commitments [line items] | ||||||
Electrical energy consumption commitment annual payment | $ 534,000,000 |
Investment Projects - Additiona
Investment Projects - Additional Information (Detail) | Jul. 21, 2017T | Dec. 31, 2018ARS ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) |
Disclosure of detailed information about investment property [abstract] | ||||
New cement plant capacity per day | T | 5,800 | |||
Total project cost | $ | $ 5,000,000,000 | |||
Project cost translation adjustment | $ 2,167,648,300 | $ 107,414,700 | € 41,574,600 |
Receivable from Railway Progr_2
Receivable from Railway Program Execution Unit - Additional Information (Detail) - ARS ($) | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2017 |
Disclosure of receivables [abstract] | |||
Receivable from railway program execution unit | $ 117,407,006 | ||
Valuation of asset | $ 133,044,253 | $ 173,346,267 |
Trust of Administration - Addit
Trust of Administration - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018ARS ($)m | Dec. 31, 2017ARS ($) | Dec. 31, 2016ARS ($) | |
Disclosure trust of administration [line items] | |||
Annual fee contributions percentage | 3.00% | ||
Contributions | $ | $ 46,267,586 | $ 45,503,852 | $ 47,667,549 |
Improvement of railway | 29,215 | ||
Parish Sur - Azul Norte [member] | |||
Disclosure trust of administration [line items] | |||
Improvement of railway | 259,000 | ||
Cauelas-Olavarra branch [member] | |||
Disclosure trust of administration [line items] | |||
Improvement of railway | 288,215 |
Restrictions to Dividends Dis_2
Restrictions to Dividends Distribution - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure restrictions to dividends distribution [line items] | |
Legal reserve percentage with respect to net income subscribed capital plus adjustment to capital | 20.00% |
Restrictions to dividends distribution ratio before occurrence of substantial event | 3.50 |
Restrictions to dividends distribution ratio after occurrence of substantial event | 4.50 |
Bottom of Range [member] | |
Disclosure restrictions to dividends distribution [line items] | |
Legal reserve percentage with respect to net income | 5.00% |
Ferrosur Roca S.A. Concesion -
Ferrosur Roca S.A. Concesion - Argentine Railway Law - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Top of range [member] | |
Disclosue Of Concession [line items] | |
Extension term for concession agreements | 10 years |
Subsequent Events - Additional
Subsequent Events - Additional information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Changes in tax rates or tax laws enacted or announced [member] | |
Disclosure of non-adjusting events after reporting period [line items] | |
Increase in equity | $ 109 |